Till innehåll på sidan
Sveriges Riksdags logotyp, tillbaka till startsidan

Miljöbalksutbildningen - dokumentation, utvärdering och förslag - del 4

Statens offentliga utredningar 2000:142

%LODJD .RQVXOWUDSSRUW

6WUDWHJL I|U DWW IUlPMD HQ WLOOlPSQLQJ DY PLOM|EDONHQ Vn PLOM|PnO XSSQnV

DY 3HJJ\ /HUPDQ /DJWRONHQ 3/ $% 2NWREHU

%LODJD WLOO EHWlQNDQGH DY .RPPLWWpQ RP XWELOGQLQJ LQI|U

LNUDIWWUlGDQGHW DY PLOM|EDONHQ

)|URUG 628
   

)|URUG DY 3HJJ\ /HUPDQ

0LOM|EDONVXWELOGQLQJHQ VND XWYHFNOD HQ VWUDWHJL VRP NDQ IUlPMD DWW PLOM|EDONHQ WLOOlPSDV Vn DWW PLOM|PnO QnV 0LWW XSSGUDJ KDU YDULW DWW JH NRPPLWWpQ XQGHUODJ I|U DWW IRUPXOHUD HQ VWUDWHJL

'HW ILQQV LQWH QnJRQ XWWU\FNOLJ IRUPHOO NRSSOLQJ PHOODQ PLOM|EDONHQV UHJHOYHUN RFK GH PLOM|PnO P P VRP EHVOXWDGHV DY ULNVGDJHQ L DSULO 'lUHPRW YLVDU I|UDUEHWHQD DWW PLOM|EDONHQ EnGH I|UYlQWDV IUlPMD PLOM|PnOHQ RFK DWW GHQ EHWUDNWDV VRP HWW UlWWVOLJW LQVWUXPHQW I|U DWW Qn PnOHQ 0nOHQ I|UYlQWDV n VLQ VLGD EOL HWW VW|G I|U EHVOXWVIDWWDUQD L EDONHQV WLOOlPSQLQJ 'HW lU HWW |PVHVLGLJW VDPVSHO PHG DQGUD RUG

6WUDWHJLQ VND KDQGOD RP EDONHQ VRP HWW LQVWUXPHQW I|U DWW Qn PLOM|PnOHQ 'HW NDQ H[HPSHOYLV RPIDWWD JHQHUHOOD LQIRUPDWLRQVnWJlUGHU I|U DWW EDONHQ VND In VW|UUH JHQRPVODJ HIWHUVRP GHW NDQ DQWDV JH |NDG PLOM|KlQV\Q VRP L VLQ WXU LQGLUHNW IUlPMDU ROLND PLOM|PnO +HOD NRPPLWWpQV DUEHWH PHG XWELOGQLQJ RFK NXQVNDSV XWYHFNOLQJ NDQ HJHQWOLJHQ VlJDV YDUD HWW OHG L HQ VnGDQ VWUDWHJL 6WUDWHJLQ NDQ RFNVn LQULNWDV GLUHNW Sn PLOM|PnOHQ RFK XWJn IUnQ P|MOLJKHWHU VRP |SSQDV RP GHVVD NRPPHU LQ W\GOLJW L WLOOlPSQLQJHQ DY EDONHQ -DJ KDU YDOW GHWWD DQJUHSSVVlWW

5DSSRUWHQ IRNXVHUDU GlUI|U WlQNEDUD NRSSOLQJDU PHOODQ PLOM|EDONHQ RFK PLOM|PnOHQ VRP NDQ ELGUD WLOO VDPVSHO PHOODQ GHP 'HW EHU|U EHVOXWVUHGVNDS VRP ILQQV LQRP PLOM|EDONHQ PHQ RFNVn PLOM|EDONHQV WLOOlPSQLQJ L DQNQXWQD ODJDU KXYXGVDNOLJHQ SODQ RFK E\JJODJHQ

3URSRVLWLRQHQ 6YHQVND PLOM|PnO WDU XSS |YHUJULSDQGH PLOM|PnO

PLOM|NYDOLWHWVPnO PHG YLVVD GHOPnO VDPW ULNWOLQMHU RFK nWJlUGVVWUDWHJLHU -DJ DQYlQGHU RUGHW PLOM|PnO VRP VDPPDQIDWWQLQJ I|U DOOW GHWWD

, WH[WHUQD ILQQV FLWDW IUnQ UHJOHU RFK I|UDUEHWHQ GlU MDJ VMlOY KDU PDUNHUDW YLVVD GHODU PHG XQGHUVWU\NQLQJDU

)|UXWRP GHQ IRUPHOOD WLOOlPSQLQJHQ DY PLOM|EDONHQ VRP XSSGUDJHW JlOOHU ILQQV GHW HWW RWDO VLWXDWLRQHU GlU PLOM|EDONHQ I|UYlQWDV SnYHUND DOOD RFK HQYDU Vn DWW KnOOEDU XWYHFNOLQJ IUlPMDV 'H nWJlUGHU VRP I|UHVOnV ELGUDU VDQQROLNW WLOO DWW PLOM|PnOHQ XSSPlUNVDPPDV L K|JUH JUDG lYHQ L GHVVD IDOO

1lWWUDE\ GHQ RNWREHU

3HJJ\ /HUPDQ /DJWRONHQ 3/ $%

.UnNYlJHQ

6 1b775$%< WHO ID[ ±

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

,QQHKnOO

6DPPDQIDWWQLQJ

8WJnQJVSXQNWHU

6DPVSHO PHOODQ EDON RFK PLOM|PnO

1lU lU VDPVSHO YLNWLJW"

9DG EHK|YV I|U DWW VWDUWD HWW VDPVSHO"

+XU NDQ VDPVSHO Jn WLOO"

)|UVODJ WLOO nWJlUGHU

1lU NDQ EDONHQ RFK PLOM|PnOHQ VDPVSHOD

gYHUVLNW DY VSHOSODQHQ

*HPHQVDPPD XWJnQJVSXQNWHU

6DPRUGQLQJ

+lQV\QVUHJOHUQD

0LOM|NYDOLWHWVQRUPHU

6N\GGVEHVOXW

3U|YQLQJ RFK NRQWUROO DY YHUNVDPKHWHU

3ODQHULQJ

0LOM|NRQVHNYHQVEHVNULYQLQJDU

7LOOVWnQG

'ULIW

0\QGLJKHWHUV WLOOV\Q |YHU EDONHQ

1RUPJLYQLQJ

.XQVNDS

6DPKlOOVSODQHULQJ

*HPHQVDPPD XWJnQJVSXQNWHU lYHQ I|U SODQHULQJHQ

5HJOHUD JHQRP SODQ

/|V NRQIOLNWHU JHQRP SODQ

9DG EHK|YV I|U DWW In HWW VDPVSHO"

)UnJHVWlOOQLQJDU

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

3RUWDOSDUDJUDIHQ RFK PLOM|PnOHQ

)|UDUEHWHQ VRP VW|G I|U WLOOlPSQLQJHQ

)|UVWlUNWD NRSSOLQJDU

7LOOlPSQLQJ

+D NXQVNDS WLOO KDQGV RFK EHDNWD GHQ

+XU VHU PLOM|PnO XW VRP YlJOHGHU PLOM|EDONHQ

5LNVGDJHQV VWDUWVNRWW

%HK|YV HWW VlUVNLOW V\VWHP I|U NXQVNDSVI|UV|UMQLQJ"

3ODQHULQJ VRP UHGVNDS I|U DWW XWYHFNOD PLOM|PnO

(UIDUHQKHWHUQD DY DOOPlQQD UnG

)|UVODJ WLOO nWJlUGHU

bQGUD UHJOHUQD Vn DWW PnOHQ EOLU V\QOLJD

.RSSOD XWWU\FNOLJHQ PLOM|PnOHQ RFK PLOM| EDONHQ

.UlY DWW NXQVNDS RP PLOM|PnOHQ ILQQV WLOOJlQJOLJ RFK EHDNWDV

.RQVHNYHQVEHVNULY DOOD VODJ DY I|UHVNULIWHU

,QIRUPHUD EHVOXWVIDWWDUH

6SULG|YHUVNnGOLJRFKOlWWLOOJlQJOLJNXQVNDS RP DWW PnOHQ ILQQV

$QYlQG PHWRGHU VRP ILQQV RFK YlQWD LQWH Sn ´GHQ HQGD PHWRGHQ´

8WYHFNOD YlJOHGQLQJHQ

%HVOXWVDQSDVVD LQIRUPDWLRQHQ Vn DWW GHQ NRPPHU WLOO DQYlQGQLQJ

)RUWVlWW XWYHFNOD PnOHQ

%LODJRU

%LODJD gYHUVLNW DY PLOM|PnO P P

%LODJD 6DPPDQVWlOOQLQJ DY PnO KRW RFK nWJlUGHU

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

6DPPDQIDWWQLQJ VRP XQGHUODJ I|U VWUDWHJL

7\GOLJJ|U DWW PLOM|EDONHQ RFK PLOM|PnOHQ VND VDPVSHOD

)|UDUEHWHQD WLOO PLOM|EDONHQ RFK GH VYHQVND PLOM|PnOHQ I|UXWVlWWHU HWW VDPVSHO GHP HPHOODQ 'HW ILQQV HPHOOHUWLG LQWH W\GOLJD NRSSOLQJDU PHOODQ EDONHQ RFK PLOM|PnOHQ VRP YLVDU VDPVSHOHW 3RUWDOSDUDJUDIHQ EHVNULYHU KnOOEDUKHW PHQ GHW JHU YDUNHQ HQW\GLJW VW|G I|U DWW nEHURSD PLOM|PnOHQ HOOHU QnJRW KLQGHU PRW DWW DQYlQGH GHP

0LOM|PnOHQ IUlPMDV L OLWHQ XWVWUlFNQLQJ DY EDONHQ RP LQWH GHW lU NODUW I|U WLOOlPSDUQD DWW GHWWD lU PHQLQJHQ 'HQ I|UVWD nWJlUGHQ I|U DWW IUlPMD VDPVSHOHW EOLU GlUI|U DWW W\GOLJJ|UD PnOHQ L EDONHQV UHJHOYHUN 'HWWD NDQ J|UDV JHQRP DWW PLOM|PnOHQ Sn |YHUJULSDQGH QLYn UlNQDV XSS L EDONHQV SRUWDOSDUDJUDI RFK DWW NXQVNDS RP PnOHQ NUlYV LQI|U EHVOXW

6DPVSHO NDQ EOL PHQLQJVIXOOW L PnQJD VDPPDQKDQJ ± YlOM GH YLN WLJDVWH

0LOM|PnOHQ NDQ NRPPD LQ L WLOOlPSQLQJHQ DY PLOM|EDONHQ L PnQJD ROLND VDPPDQKDQJ PHG YDULHUDQGH VW\UND RFK IXQNWLRQ )|U DWW In LJnQJ VDPVSHOHW EHK|YV LQIRUPDWLRQ WLOO DNW|UHUQD RP KXU GHW NDQ Jn WLOO RFK I|U GHQ SUDNWLVND WLOOlPSQLQJHQ EHK|YV XWYHFNOLQJ DY NXQVNDS RFK PHWRGHU .RPPLWWpQV VWUDWHJL EHK|YHU SHND XW GH YLNWLJDVWH VLWXD WLRQHUQD VRP JUXQG I|U DWW SULRULWHUD GHW IRUWVDWWD DUEHWHW

'H JHQHUHOOD KlQV\QVUHJOHUQD lU L VLJ VWUDWHJLHU I|U DWW Qn PLOM| PnOHQ 'HW JlOOHU H[HPSHOYLV DWW VNDIID NXQVNDS RP PnOHQ EHJUlQVD LQYHUNDQ VRP PRWYHUNDU PnOHQ RFK EHG|PD ORNDOLVHULQJ XWLIUnQ KXU PnOHQ IUlPMDV +lQV\QVUHJOHUQD lU GlUPHG YLNWLJD UHGVNDS I|U PnOHQ YLG SU|YQLQJHQ ± RFK RPSU|YQLQJHQ DY YHUNVDPKHWHU 0LOM|PnOHQ NDQ JH VW|G I|U DUEHWHW PHG PLOM|NRQVHNYHQVEHVNULYQLQJDU RFK YLVD YLOND IUnJRU VRP lU YLNWLJD DWW EHG|PD L EHVOXWHW RFK WD PHG L YLOONRU 0nOHQ NDQ IXQJHUD EnGH VRP ´VW\UPHGHO´ RFK EHG|PQLQJVJUXQG 'HWWD lU HQOLJW PLQ EHG|PQLQJ GHQ YLNWLJDVWH P|MOLJKHWHQ WLOO VDPVSHO RFK GHW lU KlU LQVDWVHUQD L I|UVWD KDQG E|U J|UDV I|U DWW XWYHFNOD EHVOXWVKMlOS PHGHO RFK LQIRUPDWLRQ WLOO DNW|UHUQD L EHVOXWVSURFHVVHUQD

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

1lU QRUPHU XWIlUGDV ± ODJDU I|URUGQLQJDU RFK I|UHVNULIWHU ± JlOOHU GH DOOPlQQD KlQV\QVUHJOHUQD RP PHU lQ I|UVXPEDU PLOM|SnYHUNDQ NDQ I|UXWVHV (Q NRQVHNYHQVDQDO\V VRP WDU XSS PLOM|PnOHQ EHK|YV Gn 'HWWD lU HQ VWUDWHJLVNW YLNWLJ IUnJD I|U DWW V\QOLJJ|UD PnOHQ RFK JH GHP WURYlUGLJKHW 'HW NUlYHU UHJHOlQGULQJDU

6DPKlOOVSODQHULQJHQ ± VRP RIWD LQQHElU WLOOlPSQLQJ DY IOHUD GHODU DY EDONHQ lU EHW\GHOVHIXOO I|U DWW XQGYLND YLVVD PLOM|SUREOHP VnYlO VRP 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 'HW SnJnU PnQJD ROLND XWYHFNOLQJVDUEHWHQ I|U DWW In LQ PLOM|Q L SODQHULQJHQ 'HQ VWUDWHJLVND IUnJDQ lU GlUI|U VQDUDUH DWW VNDIID |YHUEOLFN GUD VOXWVDWVHU DY HUIDUHQ KHWHUQD RFK VSULGD GHP WLOO UlWW DNW|U

'LUHNWD JHQRPI|UDQGHPHGHO ILQQV L IOHUD IRUPHU L EDONHQ RFK lU JLYHWYLV HQ YLNWLJ GHO DY VWUDWHJLQ 5HJOHU RP UHVHUYDW VWUDQGVN\GG RFK I|URUHQDGH RPUnGHQ lU QnJUD H[HPSHO 0LOM|PnOHQ NDQ WlQNDV JH VW|G I|U DWW EHG|PD YLOND W\SHU DY EHVOXW VRP E|U WDV L I|UVWD KDQG L ROLND UHJLRQHU QlU NQDSSD UHVXUVHU I|UGHODV LQRP P\QGLJKHWHUQD 5HJ OHULQJVEUHY WLOO P\QGLJKHWHUQD NDQ SnPLQQD RP GH ORNDOW DQSDVVDGH PnOHQV EHW\GHOVH I|U DWW SULRULWHUD )UDPWLGD LQIRUPDWLRQ WLOO EHVOXWV IDWWDUQD NDQ WD XSS lYHQ GHQQD IXQNWLRQ KRV PnOHQ

.XQVNDSVIO|GHW lU VWRUW ± VnOOD XW GHW DQYlQGEDUD

)|U DWW PnOHQ VND NXQQD EHDNWDV L RFK YlJOHGD EDONHQ PnVWH GHW ILQQDV NXQVNDS VRP SDVVDU I|U GHW 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 EDONHQ

'HW lU HPHOOHUWLG LQWH VMlOYNODUW YDG I|U VODJV NXQVNDS VRP EHK|YV L W H[ DUEHWHW PHG 0.% HOOHU YLG SU|YQLQJHQ DY YHUNVDPKHWHU .RQNUHWD I|UV|N DWW DQYlQGD PLOM|PnO KDU HPHOOHUWLG JHQRPI|UWV L IRUVNQLQJHQ VnYlO VRP L GHQ SUDNWLVND YDUGDJHQ )|U IOHUD DY PnOHQ KDU GHQ NRP PXQDOD |YHUVLNWVSODQHULQJHQ DQYlQWV VRP HQ UDP I|U XWYHFNOLQJVDUEHWH

6OXWVDWVHU DY DOOW GHWWD YRUH YlUGHIXOOW DWW VDPOD SU|YD RFK VSULGD WLOO EHVOXWVIDWWDUQD VRP HWW I|UVWD NRQNUHW VW|G I|U KXU PnOHQ NDQ NRPPD LQ L EDONHQV WLOOlPSQLQJ 'HW NDQ RFNVn JH XQGHUODJ I|U DWW EHG|PD LQULNW QLQJ Sn NRPPDQGH XWYHFNOLQJVDUEHWHQ

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

6SULG GDJHQV PHWRGHU ± YlQWD LQWH Sn GHQ HQGD UlWWD

'HW lU JLYHW DWW PHWRGHU VWlQGLJW EHK|YHU XWYHFNODV I|U EHVOXWVIDWWDQGHW 'HW ILQQV HPHOOHUWLG UHGDQ Vn P\FNHW DWW WD VW|G L Vn GHW LQWH ILQQV DQ OHGQLQJ DWW YlQWD Sn GHQ ´SHUIHNWD´ PHWRGHQ

(Q VDPPDQVWlOOQLQJ RFK EHVNULYQLQJ DY HUIDUHQKHWHUQD DY DUEHWHW PHG PLOM|IUnJRU L GHQ I\VLVND SODQHULQJHQ L PLOM|NRQVHNYHQVEHVNULY QLQJDU PLOM|OHGQLQJVV\VWHP RFK IOHUD DQGUD VDPPDQKDQJ VNXOOH JH YLNWLJW VW|G I|U DWW YlJOHGD EHVOXWVIDWWDUH UHGDQ LGDJ

/lQVVW\UHOVHU NRPPHU L I|UVWD KDQG

'HW lU PnQJD VRP lU DNW|UHU QlU PnOHQ VND WLOOlPSDV L EDONHQ 'H VRP IUlPVW EHU|UV L GH VLWXDWLRQHU MDJ SULRULWHUDW lU YHUNVDPKHWVXW|YDUH OlQVVW\UHOVHU NRPPXQHU RFK EHVOXWVP\QGLJKHWHU VRP 0LOM|GRPVWRODU RFK 0LOM|SU|YQLQJVGHOHJDWLRQHU

/lQVVW\UHOVHQ NDQ YDUD HQ ULPOLJ LQJnQJ WLOO VDPWOLJD RFK nWJlUGHU VRP ULNWDV WLOO GHP E|U GlUI|U WDV L I|UVWD KDQG

8WJnQJVSXQNWHU

6DPVSHO PHOODQ EDON RFK PLOM|PnO

0LOM|EDONHQ ODGHV IUDP I|U ULNVGDJHQ GU\JD KDOYnUHW I|UH SURSRVLWLRQHQ 6YHQVND PLOM|PnO 'HW YDU GlUPHG LQWH SUDNWLVNW P|MOLJW DWW L PLOM| EDONHQV UHJOHU VNDSD XWWU\FNOLJD NRSSOLQJDU PHOODQ WLOOlPSQLQJHQ DY EDONHQ RFK PLOM|PnOHQ %nGH I|UDUEHWHQD WLOO PLOM|EDONHQ RFK WLOO PLOM|PnOHQ YLVDU HPHOOHUWLG DWW HWW VDPVSHO GHP HPHOODQ lU DYVHWW 0LOM|PnO lU YLNWLJD I|U HWW HIIHNWLYW VDPRUGQDW UHJHOYHUN 5lWWVOLJD LQ VWUXPHQW lU YLNWLJD I|U DWW Qn PLOM|PnOHQ &LWDWHQ LOOXVWUHUDU VDPVSHOHW

3URS 0LOM|EDON GHO

6LG )|U DWW ODJVWLIWQLQJHQ VNDOO NXQQD IXQJHUD HIIHNWLYW NUlYV DWW GHW ILQQV W\GOLJD PnO I|U PLOM|SROLWLNHQ 5HJHULQJHQ DYVHU DWW L GHQ PLOM| SROLWLVND SURSRVLWLRQ VRP OlPQDV WLOO ULNVGDJHQ YnUHQ EO D EHKDQGOD IUnJDQ RP I|UVODJ WLOO Q\D QDWLRQHOOD PLOM|PnO 0HG Q\D PLOM|PnO EOLU PLOM|SROLWLNHQ OlWWDUH DWW |YHUEOLFND RFK GHVV LQULNWQLQJ NDQ EHVNULYDV lQQX

3URS 0LOM|EDON 3URS 6YHQVND PLOM|PnO

(Q |YHUVLNW DY PLOM|NYDOLWHWVPnOHQ ILQQV L ELODJD

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

W\GOLJDUH %DONHQ XWJ|U HQ VDPPDQKnOOHQ RFK |YHUJULSDQGH ODJVWLIWQLQJ

I|U KHOD PLOM|RPUnGHW GlU PLOM|WLOOVWnQGHW PLOM|NUDYHQ RFK PLOM|PnOHQ XW

J|U JUXQG I|U PLOM|DUEHWHW

6LG 0LOM|EDONHQV XWIRUPQLQJ PHG |YHUJULSDQGH PnO DOOPlQQD KlQ V\QVUHJOHU RFK Q\D LQVWUXPHQW VRP W H[ PLOM|NYDOLWHWVQRUPHU PHGI|U I|U ElWWUDGH I|UXWVlWWQLQJDU DWW DQYlQGD ODJVWLIWQLQJHQ VRP LQVWUXPHQW I|U DWW VW\UD PRW DY ULNVGDJHQ IDVWVWlOOGD PLOM|PnO

3URS 0LOM|EDON GHO

6LG $Y ULNVGDJHQ IDVWVWlOOGD PLOM|PnO JHU OHGQLQJ YLG WLOOlPSQLQJHQ DY EDONHQ DYVHHQGH EHG|PQLQJHQ DY YDG HQ KnOOEDU XWYHFNOLQJ LQQHElU 6nGDQD PLOM|PnO NDQ DYVH PLOM|NYDOLWHW RFK NDQ Gn VHV VRP HQ SUHFLVHULQJ DY PLOM|EDONHQV PnO L HWW YLVVW DYVHHQGH 0LOM|PnOHQ NDQ RFNVn DQJH YLOND XWVOlSSVEHJUlQVQLQJDU HOOHU DQGUD nWJlUGHU VRP PnVWH JHQRPI|UDV , VnGDQD IDOO NDQ GHVVD JH OHGQLQJ EHWUlIIDQGH YLOND NUDY VRP E|U VWlOODV Sn GHQ VRP EHGULYHU HQ YHUNVDPKHW HOOHU YLGWDU HQ nWJlUG ´ ´'HW lU DY EHW\GHOVH DWW PLOM|EDONHQ WLOOlPSDV Sn HWW VnGDQW VlWW DWW GHQ L NRPELQDWLRQ PHG DQGUD VW\UPHGHO JHU HQ RSWLPDO HIIHNW L VWUlYDQ DWW nVWDGNRPPD HQ KnOOEDU XWYHFN OLQJ

3URS 6YHQVND PLOM|PnO

6LG $QJ PnOHW IULVN OXIW 'HVVD I|UHVNULIWHU NDQ L IUDPWLGHQ XWIRUPDV VRP PLOM|NYDOLWHWVQRUPHU PHG VW|G DY PLOM|EDONHQ QlU GHQ WUlGHU L NUDIW

1lU lU VDPVSHO YLNWLJW"

9LOND VDPPDQKDQJ L PLOM|EDONHQ lU EHW\GHOVHIXOOD I|U PLOM|PnOHQ"

0HVW UHOHYDQWD lU HQOLJW PLQ EHG|PQLQJ EDONHQV KlQV\QVUHJOHU

VN\GGVEHVOXW PLOM|NYDOLWHWVQRUPHU PLOM|NRQVHNYHQVEHVNULYQLQJDU

WLOOVWnQGVSU|YQLQJ RPSU|YQLQJ WLOOV\Q RFK HJHQNRQWUROO 'HW EHVNULYHU

MDJ PHUD L NDSLWHO

9DG EHK|YV I|U DWW VWDUWD HWW VDPVSHO"

(WW VDPVSHO I|UXWVlWWHU DWW GHW ILQQV QnJRQ IRUP DY NRSSOLQJ PHOODQ EDONHQ RFK PLOM|PnOHQ (Q I|UVWD IUnJD lU GlUI|U YLONHQ NRSSOLQJ VRP KDU VNDSDWV RFK RP GHQ EHK|YHU I|UVWlUNDV )OHUD VODJ DY NRSSOLQJDU lU WHRUHWLVNW WlQNEDUD DOOW IUnQ XWWU\FNOLJD NUDY L UHJOHUQD DWW PnOHQ VND WLOOlPSDV HOOHU L YDUW IDOO EHDNWDV YLG WLOOlPSQLQJHQ WLOO XWYHFNODGH

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

UHVRQHPDQJ L I|UDUEHWHQ VRP YlJOHGQLQJ I|U EHG|PQLQJDU -DJ GLVNX

WHUDU NRSSOLQJDU L NDSLWHO

+XU NDQ VDPVSHO Jn WLOO"

9LONHW NXQVNDSVVW|G EHK|YV I|U DWW PLOM|PnOHQ VND NXQQD IXQJHUD L

ROLND VLWXDWLRQHU L PLOM|EDONHQ" 'HW JlOOHU IDNWD RP PnOHQ VRP J|U DWW

GH NDQ EHDNWDV L EHVOXWHQ HOOHU JH DQQDQ YlJOHGQLQJ I|U EDONHQ 'HW WDU

MDJ XSS L NDSLWHO

)|UVODJ WLOO nWJlUGHU

2P YL YHW QlU VDPVSHO lU OlPSOLJW YDG VRP VWDUWDU HWW VDPVSHO RFK KXU PLOM|PnOHQ NDQ NRPPD LQ NRQNUHW Vn NDQ VOXWVDWVHUQD ELOGD I|UVODJ RP nWJlUGHU VRP XQGHUODJ I|U HQ VWUDWHJL -DJ I|U IUDP GH nWJlUGHU MDJ EH G|PW YLNWLJD L NDSLWHO

6OXWVDWVHU XU DOOD NDSLWOHQ KDU VWlOOV VDPPDQ WLOO HWW XQGHUODJ I|U HQ VWUDWHJL L E|UMDQ DY UDSSRUWHQ

1lU NDQ EDONHQ RFK PLOM|PnOHQ VDPVSHOD

gYHUVLNW DY VSHOSODQHQ

3URS 0LOM|EDON GHO

6LG 0LOM|EDONHQV XWIRUPQLQJ PHG |YHUJULSDQGH PnO DOOPlQQD KlQ V\QVUHJOHU RFK Q\D LQVWUXPHQW VRP W H[ PLOM|NYDOLWHWVQRUPHU PHGI|U I|U ElWWUDGH I|UXWVlWWQLQJDU DWW DQYlQGD ODJVWLIWQLQJHQ VRP LQVWUXPHQW I|U DWW VW\UD PRW DY ULNVGDJHQ IDVWVWlOOGD PLOM|PnO

0nQJD DY EDONHQV LQVWUXPHQW NDQ GLUHNW DQYlQGDV VRP JHQRPI|UDQGH PHGHO I|U DWW IUlPMD PLOM|PnO PHGDQ DQGUD YHUNDU LQGLUHNW 2OLND VN\GGVIRUPHU ± UHVHUYDW RFK VWUDQGVN\GG H[HPSHOYLV NDQ KLQGUD H[ SORDWHULQJ DY YlUGHIXOOD ELRWRSHU RFK Sn Vn VlWW IUlPMD IOHUD PnO GlU H[HPSHOYLV ELRORJLVN PnQJIDOG lU HQ YLNWLJ DVSHNW 9HUNVDPKHWHUV

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

VW|UQLQJDU WLOO I|OMG DY ORNDOLVHULQJ RFK XWVOlSS NDQ UHJOHUDV YLG I|U KDQGVSU|YQLQJ RFK YLG WLOOV\Q RFK GHW ELGUDU WLOO ElWWUH OXIWNYDOLWHW 'HW O|SDQGH WLOOV\QVDUEHWHW PHG I|UHVNULIWHU RFK UnGJLYQLQJ NDQ WD PnOHQ VRP HWW VW|G I|U DWW SULRULWHUD LQVDWVHU HOOHU PRWLYHUD LQJULSDQGHQ 3n PRWVYDUDQGH VlWW NDQ PnOHQ GLUHNW JH VW|G I|U EHG|PQLQJDU L EHVOXW XQGHU EDONHQ

2P PLOM|EDONHQV VN\GGV RFK SU|YQLQJVUHGVNDS VHV WLOOVDPPDQV PHG RFK NRPSOHWWHUDV DY DQNQXWQD ODJDU VRP KDQWHUDU VDPKlOOV SODQHULQJ EOLU P|MOLJKHWHUQD DWW IUlPMD PnOHQ lQ VW|UUH 'HW KDQGODU EnGH RP P|MOLJKHWHQ DWW I|UHE\JJD YLVV QHJDWLY LQYHUNDQ RFK DWW VW\UD XWYHFNOLQJHQ )|UDUEHWHQD O\IWHU IUDP SODQHULQJHQ VRP UHGVNDS VlUVNLOW QlU GHW JlOOHU WUDILNHQ RFK GHVV VDPEDQG PHG EHE\JJHOVHXWYHFNOLQJHQ

3URS 6YHQVND PLOM|PnO

6LG DQJ PnOHW RP IULVN OXIW (IWHUVRP GHW ILQQV W\GOLJD VDPEDQG PHOODQ EHE\JJHOVHVWUXNWXU RFK WUDQVSRUWEHKRY lU RFNVn VDPKlOOV SODQHULQJHQ HWW YHUNVDPW VW\UPHGHO I|U DWW PLQVND ELOEHURHQGHW RFK GlUPHG PLQVND RFK I|UHE\JJD XWVOlSS IUnQ YlJWUDILNHQ

(Q |YHUVLNW |YHU WlQNEDUD VLWXDWLRQHU IXQNWLRQHU L EDONHQ VRP NDQ OHGD WLOO DWW QnJUD DY PLOM|PnOHQ QnV YLVDU I|OMDQGH WDEHOO 2EVHUYHUD DWW GHW EDUD lU H[HPSHO Sn IXQNWLRQHU RFK DWW GHW LQWH KHOOHU lU JLOWLJW I|U DOOD PLOM|PnOHQ )OHUD DY IXQNWLRQHUQD XWYHFNODU MDJ PHUD L IRUWVlWW QLQJHQ DY NDSLWOHW

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

7DEHOO ± gYHUVLNW DY WlQNEDUD VDPVSHO PHOODQ EDON RFK PLOM|PnO

([HPSHO Sn P|MOLJD VDPVSHO

%DONHQV IXQNWLRQHU

$ *HQHUHOOD IXQNWLRQHU

*HPHQVDPPD XWJnQJVSXQNWHU L VDN RFK SURFHGXU I|U EHVOXW

6DPRUGQLQJ DY EHVOXWVIDWWDQGHW

%HW\GHOVH I|U PnOHQ

'HW EOLU OlWWDUH DWW VW\UD HWW VWRUW DQWDO EHVOXWVIDWWDUH nW HWW DQJLYHW KnOO

%LOOLJDUH RFK HIIHNWLYDUH EHVOXWVSURFHVVHU |NDU

P|MOLJKHWHUQD DWW EHDNWD PnOHQ GHW lU OlWWDUH DWW

VW\UD nW DQJLYHW KnOO

  +lQV\QVNUDY Sn NXQVNDS I|UVLNWLJ   'HW JHU GLUHNWD VWUDWHJLHU I|U DWW Qn PnOHQ
  KHW ORNDOLVHULQJ WHNQLNYDO KXVKnOO    
  QLQJ nWHUEUXN HWF EO D RFK    
  NDS 0%    
  0LOM|NYDOLWHWVQRUPHU HQGDVW I|U   'LUHNW PHGHO I|U DWW IUlPMD QnJUD PnO 0nOHQ NDQ L
  OXIWNYDOLWHW I|U QlUYDUDQGH   VLQ WXU YLVD YLOND VODJ DY QRUPHU VRP L I|UVWD KDQG
      E|U XWYHFNODV GYV SULRULWHUD DUEHWHW
% ´6N\GGVEHVOXW´  
  6N\GG RFK UHJOHULQJ DY YlUGHIXOOD   'LUHNWD JHQRPI|UDQGHPHGHO I|U DWW IUlPMD PnOHQ
  HOOHU DQYlQGEDUD RPUnGHQ HOOHU YlUGH   0nOHQ NDQ L VLQ WXU JH SULRULWHW QlU GHW lU NRQ
  I|U NXOWXU DUWHU P P EO D   NXUUHQV RP UHVXUVHU I|U DWW VN\GGD
  NDS 0%    
& +DQWHULQJ DY YHUNVDPKHWHU RFK nWJlUGHU  
  )|USU|YQLQJ RFK RPSU|YQLQJ   6WlQGLJW ElWWUH I|UHWDJ |NDU KlQV\Q WLOO PLOM|Q RFK
      IUlPMDU DWW PnOHQ QnV 0nOHQ NDQ YLVD YLOND VODJ
      DY RPSU|YQLQJDU VRP E|U SULRULWHUDV
  3ODQHULQJ DY YHUNVDPKHWHQ   'HW lU VW|UUH P|MOLJKHW DWW VW\UD WLGLJW L EHVOXWV
      SURFHVVHQ RFK DWW Gn In LQ KlQV\Q WLOO PnOHQ
  0LOM|NRQVHNYHQVEHVNULYQLQJ   0nOHQ NDQ JH PHWRGVW|G I|U DUEHWHW RFK 0.%
      NDQ V\QOLJJ|UD NRQVHNYHQVHUQD I|U PnOHQ
  3U|YQLQJ RP YHUNVDPKHWHQ lU WLOOnWHQ   0nOHQ NDQ JH VW|G I|U DWW EHG|PD YDG VRP E|U
      JRGWDV RFK LQWH
  9LOONRU I|U YHUNVDPKHWHQ   'LUHNW VW\UPHGHO I|U DWW IUlPMD PnOHQ 0nOHQ NDQ
      SULRULWHUD SHND XW ± YDG VRP lU YLNWLJW DWW UHJOHUD
      L YLOONRU
  7LOOV\Q RFK NRQWUROO DY YHUNVDPKHWHQ   6W\UPHGHO I|U DWW VWlQGLJW K|MD ULEEDQ ± OLNVRP DWW
      I|OMD DWW ODJG ULEED OLJJHU 0nOHQ NDQ JH VW|G I|U
      DWW SULRULWHUD LQULNWQLQJHQ DY WLOOV\QVDUEHWHW
  (JHQNRQWUROOHQ   .DQ I|UDQNUD PnOHQV EHW\GHOVH I|U YHUNVDPKHWHQ
      LQWHUQW RFK LQGLUHNW VW\UD
  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

' 0\QGLJKHWHUV QRUPJLYQLQJ WLOOV\Q

1RUPHU ODJDU I|URUGQLQJDU I|UH VNULIWHU

.XQVNDSVXWYHFNOLQJ

5nGJLYQLQJ

8WYlUGHULQJ

1RUPHU VRP EHDNWDU PLOM|PnOHQ NDQ IUlPMD GHP RFK JH VW\UQLQJ nW HWW YLVVW KnOO 0nOHQ NDQ JH PHWRGVW|G YLG NRQVHNYHQVEHVNULYQLQJ DY QRUPHUQD

.XQVNDSVI|UV|UMQLQJ I|U EDONHQ NDQ RPIDWWD

PLOM|PnOHQ RFK GlUPHG VlWWD IRNXV Sn GHP V\Q

OLJJ|UD GHP RFK VW|GMD GHW NRQNUHWD EHVOXWV

IDWWDQGHW PHG KMlOS DY PnOHQ

*HQRP DWW WD PHG PnOHQ Vn ´VP|UMHU´ PDQ V\V

WHPHW

0nOHQ NDQ SHND Sn DQJHOlJQD IUnJRU DWW WD XSS RFK YDUD HWW VW|G I|U DWW EHG|PD KXU EDONHQ I|U lQGUDU EHVOXWVIDWWDQGHW RFK YHUNOLJKHWHQ

*HPHQVDPPD XWJnQJVSXQNWHU

6DPRUGQLQJ

3URS 0LOM|EDON GHO

6LG )|U GHW IMlUGH lU EDONHQ HQ VDPPDQKnOOHQ ODJVWLIWQLQJ VRP LQQH IDWWDU RFK VDPRUGQDU VnYlO WUDGLWLRQHOOD PLOM|UHJOHU VRP UHJOHU RP PDUN DQYlQGQLQJ RFK UHVXUVKXVKnOOQLQJ 'HWWD PHGI|U VDPRUGQLQJVYLQVWHU RFK HQ |NDG HQKHWOLJKHW L UHJHOV\VWHPHW VRP I|UElWWUDU I|UXWVlWWQLQJDUQD I|U DWW VW\UD PRW JHPHQVDPPD PnO

(IIHNWLY VW\UQLQJ PHG VDPPD EDV RFK VDPPD PnO

*HQRP DWW PLOM|EDONHQ JHU JHPHQVDPPD XWJnQJVSXQNWHU ± I|UXWVlWW QLQJDU ± I|U L VWRUW VHWW DOOD EHVOXW VRP SnYHUNDU PLOM|Q PLQVNDU ULVNHQ I|U DWW EHVOXWHQ RPHGYHWHW PRWYHUNDU GH JHPHQVDPPD PnOHQ 'HQ JHPHQVDPPD XWJnQJVSXQNWHQ RPIDWWDU IUnJRU RP EnGH PLOM|VN\GG PDUNDQYlQGQLQJ RFK KXVKnOOQLQJ 'HW |NDU P|MOLJKHWHUQD DWW DOOD EH VOXWVIDWWDUH XWJnU IUnQ HQ ´KHOKHW´ 'HW NDQ YLGJD SHUVSHNWLYHQ MlPI|UW PHG WLGLJDUH Vn DWW IUnJRU EHKDQGODV W\GOLJW L HWW VDPPDQKDQJ 'HW NDQ JlOOD DOWHUQDWLYD O|VQLQJDU YlUGHULQJHQ DY PRWVWnHQGH LQWUHVVHQ HOOHU OnQJVLNWD I|OMGHU Sn DQGUD SODWVHU DY DWW WD HWW YLVVW RPUnGH L DQVSUnN 1DWXUUHVXUVODJHQV DPELWLRQ DWW In HQ EUHG RFK JHPHQVDP JUXQG I|U DOOD SU|YQLQJDU InU GlUPHG RUGHQWOLJW JHQRPVODJ PHG PLOM|EDONHQ

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

6W\UQLQJHQ NDQ PHG PLOM|PnOHQ VRP ULNWQLQJVYLVDUH EOL HIIHNWLY

I|UXWVDWW DWW PnOHQ LQWH lU PRWVWULGLJD

+lQV\QVUHJOHUQD

3URS 0LOM|EDON GHO

6LG )|U GHW DQGUD LQQHKnOOHU EDONHQ Q\D DOOPlQQD KlQV\QVUHJOHU VRP JlOOHU I|U DOOD RFK VRP LQQHKnOOHU HQ VN\OGLJKHW DWW EHDNWD DOOPlQQD SULQFLSHU I|U PLOM|DUEHWHW VRP W H[ I|UVLNWLJKHWVSULQFLSHQ NUHWVORSSVSULQFLSHQ RFK SURGXNWYDOVSULQFLSHQ %DONHQ LQQHKnOOHU GlUPHG VnGDQD VWUDWHJLHU VRP EHK|YV I|U DWW Qn PLOM|PnOHQ

+lQV\QVUHJOHUQD VRP VWUDWHJLHU I|U PLOM|PnOHQ

'HQ JHQHUHOOD WLOOlPSQLQJHQ DY KlQV\QVUHJOHUQD JHU VWRUD P|MOLJKHWHU I|U GH GHODU DY PLOM|PnOHQ VRP InU VW|G DY SULQFLSHUQD )|UDUEHWHQD YLVDU RFNVn W\GOLJW DWW GHWWD lU HQ YLNWLJ SRlQJ

+lQV\QVUHJOHUQDV EHW\GHOVH I|U PnOHQ YDULHUDU HPHOOHUWLG VWRUW EH URHQGH Sn YDG PnOHW RPIDWWDU RFK YLOND I|UHWHHOVHU VRP KRWDU GHP 7DEHOOHQ Sn QlVWD VLGD JHU HQ JHQHUHOO |YHUVLNW DY KXU VDPVSHOHW PHOODQ KlQV\QVUHJOHU RFK PnO NDQ IXQJHUD

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

7DEHOO ± +lQV\QVUHJOHUQD VRP VWUDWHJLHU I|U DWW Qn PnOHQ

+lQV\QVUHJOHUQD VRP VWUDWHJLHU I|U DWW Qn PnOHQ

NDS † 0% 0HG WLOOUlFNOLJ NXQVNDS PRWYHUNDV PnOHQ LQWH RPHGYHWHW
  RFK NDQ IUlPMDV PHG HQNODUH PHGHO
.XQVNDS .XQVNDS RP KXU PnOHQ SnYHUNDV NDQ ULPOLJHQ NUlYDV QlU
  nWJlUGHQ LQWH lU DY I|UVXPEDU EHW\GHOVH I|U DWW PnOHQ VND
  QnV 'X EHK|YHU GlUI|U WLGLJW WD UHGD Sn RP nWJlUGHQ lU
  UHOHYDQW DOOV L I|UKnOODQGH WLOO PnOHQ YLOND PnO VRP lU
  SULRULWHUDGH L GH RPUnGHQ VRP EHU|UV RFK YLOND nWJlUGHU
  VRP NRPPXQHQ ORNDOW I|URUGDW NDQVNH L VLQ $JHQGD
NDS † 0% 0HG I|UVLNWLJKHW NDQ RQ|GLJ QHJDWLY LQYHUNDQ Sn PnOHQ
  XQGYLNDV
)|UVLNWLJKHW )|UVLNWLJKHWVPnWW VRP EHK|YV PHG WDQNH Sn PnOHQ
  EHK|YHU GX DOOWLG |YHUYlJD 'X NDQ lYHQ PRWLYHUD YDOHW
  DY XWIRUPQLQJ RFK EHJUlQVDQGH nWJlUGHU XWLIUnQ PnOHQ
NDS † 0% 3n OlPSOLJ SODWV IUlPMDV PnQJD PnO VDPWLGLJW
/RNDOLVHULQJ 9DG VRP lU OlPSOLJ SODWV EHG|PV XWLIUnQ EO D PnOHQ
  'HW NDQ YDUD ULPOLJW DWW GX lJQDU H[WUD RPVRUJ nW DOWHU
  QDWLY L GH RPUnGHQ VRP PnOHQ YlUQDU RP +XU SnYHUNDV
  GHQ JRGD EHE\JJGD PLOM|Q" 'HQ OHYDQGH VNlUJnUGHQ"
  %HG|PQLQJHQ I|UXWVlWWHU I|UPRGOLJHQ DWW NRPPXQHQ
  EHDUEHWDW PnOHQ L GHQ I\VLVND SODQHULQJHQ
NDS † 0% *RG KXVKnOOQLQJ EHDNWDU IOHUD PnO VDPWLGLJW
+XVKnOOQLQJ PP 5LPOLJW YDO DY UnYDUD SURFHVVHU HWF EHURU lYHQ Sn
  PnOHQ *RG NYDOLWp ± VRP VN|QD WLQJ ± lU JRG KXVKnOO
  QLQJ L PnQJD IDOO lYHQ RP GHW lU G\UDUH 'HW NDQ YDUD
  ULPOLJW DWW GX OlJJHU OLWH H[WUD P|GD Sn GH ´UnYDURU´ VRP
  PnOHQ SHNDU XW 7LGVSHUVSHNWLYHW NDQ EHK|YD WlQMDV XW DY
  KlQV\Q WLOO KXU OnQJW PnOHQ VWUlFNHU VLJ
NDS † 0% %UD YDO I|UXWVlWWHU DWW GHW ILQQV QnJRW DWW YlOMD Sn
3URGXNWYDO 'H NHPLVND SURGXNWHU VRP XWSHNDV VRP KRW XWLIUnQ
  PnOHQ lU VlUVNLOW DQJHOlJQD DWW E\WD 'HW NDQ YDUD ULPOLJW
  DWW NUlYD OLWH H[WUD DUEHWH DY GLJ I|U DWW ILQQD HUVlWWQLQJ
  I|U GH lPQHQ PnOHQ DQJHU gNDG HIWHUIUnJDQ VNDSDU HQ
  PDUNQDG I|U VlNUDUH SURGXNWHU
L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

([HPSHO PnOHW RP JUXQGYDWWHQ DY JRG NYDOLWp

3URS 6YHQVND PLOM|PnO

6LG ´*UXQGYDWWQHW VNDOO JH HQ VlNHU RFK KnOOEDU GULFNVYDWWHQI|UV|UMQLQJ VDPW ELGUD WLOO HQ JRG OLYVPLOM| I|U Yl[WHU RFK GMXU L VM|DU RFK YDWWHQGUDJ ´

6LG *UXQGYDWWQHWV NYDOLWHW VNDOO VnOHGHV LQWH SnYHUNDV QHJDWLYW DY PlQVNOLJD DNWLYLWHWHU VnVRP PDUNDQYlQGQLQJ XWWDJ DY QDWXUJUXV WLOOI|UVHO DY I|URUHQLQJDU P P

7DQNHPRGHOOHQ I|U KXU PnOHQ NDQ YlJOHGD WLOOlPSQLQJHQ DY KlQV\QV UHJOHUQD NDQ LOOXVWUHUDV DY HQ SODQHUDG JUXVWlNW VRP NDQ SnYHUND JUXQGYDWWQHW -DJ ERUWVHU IUnQ DQGUD NUDY L PLOM|EDONHQ VRP JlOOHU I|U XWVlWWQLQJDUQD I|U WlNW 6n KlU NDQ PLOM|PnOHQ SnYHUND YDG HQ HQVNLOG VND WD XSS QlU KlQV\QVUHJOHUQD VND I|OMDV L VLQ YHUNVDPKHWVSODQHULQJ

'X SODQHUDU HQ YHUNVDPKHW VRP EO D DQYlQGHU QDWXUJUXV 9DU NDQ JUXVWlNW OlPSOLJHQ VNH" 9LOND NUDY NDQ VDPKlOOHW ULPOLJHQ VWlOOD Sn GLJ" 'X EHK|YHU I|U GHW I|UVWD NXQVNDS RP JUXVI|UV|UMQLQJHQ PHQ RFNVn RP JUXQGYDWWHQWLOOJnQJHQ L UHJLRQHQ +DU NRPPXQHQ L |YHUVLNWV SODQHQ YLVDW YLOND PDUNRPUnGHQ VRP NDQ NRPPD DWW EHK|YDV I|U GHQ IUDPWLGD YDWWHQI|UV|UMQLQJHQ bU GHW MXVW JUXVnVDU VRP lU EHW\GHOVHIXOOD I|U DWW In WLOOUlFNOLJW PHG YDWWHQ" /LJJHU WlQNEDUD WlNWRPUnGHQ L LQ VWU|PQLQJVRPUnGHQ WLOO HYHQWXHOOD IUDPWLGD YDWWHQWlNWHU" 9LOND I|U VLNWLJKHWVPnWW NDQ GX YLGWD I|U DWW LQWH LQYHUND Sn IUDPWLGD YDWWHQ LQWUHVVHQ" 6ND GX EHJUlQVD EU\WQLQJ WLOO YLVV QLYn" )LQQV GHW QnJRQ OlPSOLJ SODWV DOOV I|U WlNW" bU DQYlQGQLQJHQ DY QDWXUJUXV HJHQWOLJHQ PRWLYHUDG GYV KDU GX JMRUW HWW KXVKnOODQGH YDO DY UnYDUD" .DQ HUVlWW QLQJVPDWHULDO NRPPD LIUnJD"

1\KHWHU |NDG V\VWHPDWLN W\GOLJDUH UHVRQHPDQJ RFK VW|UUH YLNW YLG YDWWHQ"

7DQNHPRGHOOHQ lU HJHQWOLJHQ LQWH Q\ 5HVRQHPDQJHW NDQ E\JJDV XSS SUHFLV VRP WLGLJDUH PHG VW|G DY QDWXUYnUGVODJHQ PLOM|VN\GGVODJHQ RFK GHVV NRSSOLQJ WLOO QDWXUUHVXUVODJHQ RFK SODQ RFK E\JJODJHQ

(Q VNLOOQDG NDQ HPHOOHUWLG YDUD DWW NUDYHQ Sn KlQV\Q EOLU W\GOLJDUH PHG V\VWHPDWLNHQ L NDS 0nOHQ VWU\NHU GHVVXWRP XQGHU DWW GHW lU YLNWLJW DWW I|UD GHWWD UHVRQHPDQJ RFK DWW J|UD GHW XWWU\FNOLJHQ 0nKlQGD JHV YDWWHQIUnJDQ GHVVXWRP |NDG EHW\GHOVH" 6DQQROLNW EOLU GHW VYnUDUH DWW In WD QDWXUJUXV WLOO ´RQ|GLJ´ DQYlQGQLQJ" 'HW VLVWQlPQGD InU HPHOOHUWLG EHW\GOLJW VW|UUH VW|G DY GH lQGUDGH UHJOHUQD RP WlNW L NDS 0% lQ DY KlQV\QVUHJOHUQD RFK PLOM|PnOHQ

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

0LOM|NYDOLWHWVQRUPHU

3URS 6YHQVND PLOM|PnO

6LG 'HVVD I|UHVNULIWHU DQP RP VYDYHOGLR[LG VRW NYlYHGLR[LG NDQ L IUDPWLGHQ XWIRUPDV VRP PLOM|NYDOLWHWVQRUPHU PHG VW|G DY PLOM|EDONHQ QlU GHQ WUlGHU L NUDIW

1RUPHUQD VW\U GLUHNW PRW PLOM|PnO RP OXIWNYDOLWHW

)|U YLVVD PLOM|PnO NDQ I|UHVNULIWHU L IRUP DY PLOM|NYDOLWHWVQRUPHU YDUD GLUHNWD JHQRPI|UDQGHPHGHO )|U QlUYDUDQGH ILQQV HQGDVW QRUPHU VRP KDQGODU RP PnOHW IULVN OXIW ,QGLUHNW ELGUDU GDJHQV QRUPHU HPHOOHUWLG lYHQ WLOO DWW DQGUD PnO QnV HIWHUVRP QHGIDOO IUnQ OXIWHQ SnYHUNDQ PDUN YDWWHQ Yl[WHU GMXU E\JJQDGHU HWF

<WWHUOLJDUH QRUPHU RP OXIWNYDOLWHW YDWWHQIO|GHQ P P lU XQGHU XW YHFNOLQJ LQRP 1DWXUYnUGVYHUNHW

1RUPHUQD KDU HPHOOHUWLG lQQX LQWH NRPPLW WLOO SUDNWLVN DQYlQGQLQJ L QnJRQ XWVWUlFNQLQJ L EHVOXWVIDWWDQGHW 'HW ILQQV W H[ lQQX LQWH QnJUD EHVOXW RP nWJlUGVSURJUDP 'HW lU P\FNHW VYnUW DWW LGDJ I|UXWVH KXU QRUPHUQD NDQ NRPPD DWW YHUND RFK KXU GH NDQ I|UKnOOD VLJ WLOO ROLND PnO

8WYlUGHUD QRUPHUQD PHG WDQNH Sn PLOM|PnOHQ

1lU GHW JlOOHU QRUPHUQD VRP PHGHO I|U PLOM|PnOHQ KDQGODU GHW PHUD RP PHWRGXWYHFNOLQJ RFK HUIDUHQKHW lQ GH IRUPHOOD I|UXWVlWWQLQJDUQD (Q YLNWLJ GHO DY XSSI|OMQLQJHQ DY PLOM|EDONHQ lU GlUPHG ± XU PnOHQV SHUVSHNWLY ± DWW XWYlUGHUD QRUPHUQD VRP UHGVNDS MXVW I|U DWW Qn PnOHQ

6N\GGVEHVOXW

5HVHUYDW VWUDQGVN\GG RFK DQQDW EHYDUDQGH I|U DWW Qn PLOM|PnOHQ

, PLOM|EDONHQV RFK NDS ILQQV VN\GGVIRUPHU VRP XSSHQEDUOLJHQ NDQ YHUND GLUHNW VRP JHQRPI|UDQGHPHGHO I|U DWW Qn IOHUD DY PnOHQ 5HVHUYDWVEHVOXW PHG I|UHVNULIWHU RP VN|WVHO RFK DQYlQGQLQJ NDQ H[HP

)|URUGQLQJ RP PLOM|NYDOLWHWVQRUPHU

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

SHOYLV IUlPMD OHYDQGH VM|DU P\OOUDQGH YnWPDUNHU RFK OHYDQGH VNRJDU

'HWVDPPD JlOOHU VWUDQGVN\GG ELRWRSVN\GG YDWWHQVN\GGVRPUnGH RFK

I|UHVNULIWHU RP GMXU RFK Yl[WDUWHU

0LOM|ULVNRPUnGHQ RFK DQQDQ UHJOHULQJ VRP KLQGUDU DWW PLOM| PnOHQ PRWYHUNDV

%HVOXW RP PLOM|VN\GGVRPUnGHQ I|URUHQDGH RPUnGHQ RFK PLOM|ULVN

RPUnGHQ NDS 0% lU Sn PRWVYDUDQGH VlWW GLUHNWD PHGHO L EDONHQ

I|U DWW VN\GGD HQ UHVXUV HOOHU I|UKLQGUD DWW VW|UQLQJDU VSULGV

3ULRULWHULQJ PHG KMlOS DY PLOM|PnOHQ

3URS 0LOM|EDON GHO

6LG , DY VWDWVPDNWHUQD DQWDJQD PLOM|PnO DQJHV QlUPDUH YDG PLOM|DUEHWHW L ODQGHW E|U LQULNWDV Sn RFK YLONHQ PnOVlWWQLQJ VRP HIWHUVWUlYDV LQRP YDUMH VHNWRU RFK LQRP YDUMH SUREOHPRPUnGH

%nGD W\SHUQD DY VN\GGVEHVOXW lU YlO DQSDVVDGH I|U DWW IXQJHUD VRP UHG VNDS I|U PnOHQ , YLONHQ XWVWUlFNQLQJ GH L UHDOLWHWHQ OHGHU PRW PnOHQ EHURU I|UPRGOLJHQ WLOO VWRU GHO Sn WLOOJlQJOLJD UHVXUVHU

0HG WDQNH Sn GH NQDSSD UHVXUVHU WLG RFK SHQJDU VRP VWnU WLOO I|U IRJDQGH Vn lU GHW YlUGHIXOOW RP PnOHQ NDQ ELGUDU WLOO DWW SULRULWHUD PHOODQ ROLND IUnJRU SUREOHP REMHNW HOOHU RPUnGHQ 'H VDNIUnJRU VRP PnOHQ RPIDWWDU NDQ YDUD VRP HQ I|UVWD ´VnOO´ DY YDG P\QGLJKHWHU VND LQULNWD DUEHWHW Sn 'HW I|UXWVlWWHU VDQQROLNW HQ ORNDO PHGYHWHQ EHDUEHW QLQJ RFK KDQWHULQJ DY PnOHQ Vn DWW GHW lU W\GOLJW YDG VRP lU YLNWLJD IUnJRU L ROLND UHJLRQHU $QQDUV lU PnOHQ NQDSSDVW DQYlQGEDUD LQI|U SULRULWHULQJVEHVOXW L EXGJHW RFK YHUNVDPKHWVSODQHULQJ L |YULJW KRV P\QGLJKHWHUQD

0nOHQ NDQ RFNVn J|UD GHW W\GOLJW JHQHUHOOW DWW GHW lU DQJHOlJHW DWW P\QGLJKHWHU DYVlWWHU UHVXUVHU I|U DWW KDQWHUD I|U YLVVD IUnJRU *UXQG YDWWHQ DY JRG NYDOLWHW I|UXWVlWWHU W H[ DWW YLNWLJD I|UHNRPVWHU VN\GGDV PRW VNDGOLJ PDUNDQYlQGQLQJ I|U K|JW YDWWHQXWWDJ JUXVXWWDJ RFK I|U RUHQLQJDU 6N\GGVRPUnGHQ NDQ GlUI|U EHK|YD VHV |YHU RFK Q\D I|UH VNULIWHU DQWDV

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

3U|YQLQJ RFK NRQWUROO DY YHUNVDPKHWHU

0nOHQ NDQ NRPPD LQ L IOHUD VNHGHQ QlU GHW JlOOHU YHUNVDPKHWHU RFK nWJlUGHU ,QQDQ QnJRW J|UV ± YLG SODQHULQJHQ DY YHUNVDPKHWHQ ± OLNVRP YLG SU|YQLQJHQ RFK RPSU|YQLQJHQ HQOLJW PLOM|EDONHQ HOOHU DQNQXWQD ODJDU RFK XQGHU JHQRPI|UDQGHW GULIWHQ RFK QHGOlJJQLQJ

0LOM|EDONHQV SU|YQLQJVV\VWHP JHU HQ EHVOXWVPRGHOO VRP lU YlO OlPSDG I|U PnOHQ XWLIUnQ GH WDQNDU VRP I|UDUEHWHQD UHGRYLVDW 0HG PLOM|NRQVHNYHQVEHVNULYQLQJDU RFK DOWHUQDWLYNUDY PnVWH YL ´WlQND HIWHU I|UH´ Sn GH IUnJRU VRP VDPKlOOHW SHNDW XW VRP OnQJVLNWLJW YLNWLJD /lQVVW\UHOVHQV VDPRUGQDQGH UROO RFK VDPYHUNDQ PHOODQ WLOOV\QVP\Q GLJKHWHU JHU P|MOLJKHWHU DWW WD YDUD Sn HUIDUHQKHWHUQD RFK VDPRUGQD LQVDWVHUQD I|U DWW VW\UD nW UlWW KnOO (JHQNRQWUROOHQ NDQ I|UDQNUD PnOHQ L YDUGDJHQ

'HQ NRPSOHWWHULQJ VRP NDQ EHK|YDV L SURFHGXUHQ I|U DWW IXOOI|OMD WDQNHNHGMDQ KDQGODU RP EHVOXWVIDWWDUHQV KDQWHULQJ DY PnOHQ YLG EH G|PQLQJDUQD RFK L EHVOXWHQ 'HW EHVNULYHU MDJ PHUD L I|OMDQGH NDSLWHO )DNWDPlVVLJW EHK|YV HQ ORNDO EHDUEHWQLQJ DY PnOHQ

-DJ EHVNULYHU QX GH ROLND VNHGHQD OLWH QlUPDUH

3ODQHULQJ

7LGLJW L SODQHULQJHQ VW\U PLOM|PnOHQ nW UlWW KnOO

9LG SODQHULQJHQ DY YHUNVDPKHWHU VRP VND SU|YDV lU GHW QDWXUOLJW DWW PnOHQ NRPPHU XSS WLGLJW L DUEHWHW PHG PLOM|NRQVHNYHQVEHVNULYQLQJHQ HOOHU L DQGUD IDOO PHG DQV|NDQ 0nOHQ EOLU Gn HQ VW\UDQGH IDNWRU I|U XW YHFNOLQJHQ DY YHUNVDPKHWHQ ± L KlQV\QVWDJDQGH ULNWQLQJ ± RFK GHWWD ELGUDU lYHQ WLOO GHQ VDPRUGQLQJ VRP EHVNUHYV RYDQ

1lU GHW JlOOHU VDPKlOOHWV SODQHULQJ lU GHW HPHOOHUWLG HQGDVW PLOM| EDONHQV RFK NDS 0% KXVKnOOQLQJ RFK QRUPHU RP PLOM| NYDOLWHW VRP VND WLOOlPSDV L EHVOXW HQOLJW SODQ RFK E\JJODJHQ ,QJHQ GHO DY 0% VND WLOOlPSDV L EHVOXW HQOLJW E\JJQDGVYHUNVODJHQ 'HW LQQH ElU DWW SODQHULQJ I|U ROLND YHUNVDPKHWHU LQWH VNHU XWLIUnQ ORNDOLVHULQJV UHJHOQ L NDS 0% XWDQ HQGDVW KlQV\QVUHJOHU L SODQ RFK E\JJODJHQ 0nOHQ ± OLNVRP KlQV\QVNUDYHQ ± NDQ HPHOOHUWLG WLOO VWRU GHO OlVDV LQ L GH LQOHGDQGH NDSLWOHQ L SODQ RFK E\JJODJHQ Vn VNLOOQDGHQ EOLU L WHRULQ LQWH Vn VWRU , SUDNWLNHQ EHURU XWIDOOHW Sn NRPPXQHQV EHG|PQLQJDU

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

1lU GHW JlOOHU E\JJDQGHW NDQ PLOM|PnOHQV ULNWOLQMHU RP NHPLNDOLHU H[HPSHOYLV I|U 3&% HOOHU IODPVN\GGVPHGHO L E\JJQDGVPDWHULDO LQWH DNWXDOLVHUDV L E\JJSURFHVVHQ YLD PLOM|EDONHQ XWDQ JUXQGHUQDV ILQQV GLUHNW L SODQ RFK E\JJODJHQ VDPW E\JJQDGVYHUNVODJHQ 'HW ILQQV nW VNLOOLJW VW|G I|U PLOM|PnOHQ lYHQ L GHVVD UHJHOYHUN

-DJ YLOO HPHOOHUWLG SnPLQQD RP DWW PLOM|EDONHQV KlQV\QVNUDY JlOOHU I|U GHQ VRP E\JJHU /LWH H[WUD KlQV\Q NDQ GlUI|U EHK|YD YLVDV XQGHU E\JJDQGHW RP GHW YLVDU VLJ Q|GYlQGLJW L GHW HQVNLOGD IDOOHW lYHQ RP GHW LQWH NUlYWV L GH NRPPXQDOD EHVOXWHQ

0LOM|NRQVHNYHQVEHVNULYQLQJDU

3URS 6YHQVND PLOM|PnO

6LG 'H Q\D XWPDQLQJDUQD VWlOOHU NUDY Sn Q\D DUEHWVIRUPHU 'HW lU DQJHOlJHW DWW XWIRUPD EHVOXWVPRGHOOHU VRP L |NDG XWVWUlFNQLQJ WDU YDUD Sn P|MOLJKHWHQ DWW OlUD DY HUIDUHQKHWHUQD RFK ¶WlQND HIWHU I|UH¶

0LOM|NRQVHNYHQVEHVNULYQLQJDU VRP EHVOXWVPRGHOO XSSI\OOHU YlO I|U

YlQWQLQJDUQD L FLWDWHW RYDQ 0LOM|PnOHQ lU EHW\GHOVHIXOOD Sn IOHUD ROLND

VlWW RFK L PnQJD VNHGHQ DY DUEHWHW PHG 0.%

$UEHWHW InU PHWRGVW|G DY PLOM|PnOHQ

%HK|YV 0.%" )|U GH IDOO GHW LQWH lU REOLJDWRULVNW DWW J|UD HQ 0.% NDQ PnOHQ SnYHUND EHG|PQLQJHQ RP LQYHUNDQ lU EHW\GHOVHIXOO RFK HQ 0.% GlUI|U VND J|UDV EHKRYVEHG|PQLQJHQ 'HW NDQ JlOOD ORNDOL VHULQJ WLOO HWW RPUnGH GlU IOHUD PnO lU L IDUR]RQHQ RFK YHUNVDPKHWHQV I|OMGHU NDQ PRWYHUNDU PnOHQ 'HW NDQ J|UD DWW GHW YlJHU |YHU I|U DWW 0.% EHK|YV

9DG VND WDV XSS L DUEHWHW PHG 0.%" , GHW LQOHGDQGH DUEHWHW RFK L GHW WLGLJD VDPUnGHW YlFNV QRUPDOW PnQJD IUnJRU RP HWW VWRUW DQWDO WlQN EDUD NRQVHNYHQVHU 9DG lU VWRUW RFK YDG lU VPnWW" 0nOHQ NDQ JH YLNW nW ROLND VODJV NRQVHNYHQVHU RFK GlUPHG YLVD YLOND IUnJRU VRP L I|UVWD KDQG EHK|YHU EHO\VDV DYJUlQVQLQJHQ 0nOHQ EOLU HQ ´VnOO´ I|U DWW SULRULWHUD YDG VRP VND DQDO\VHUDV

%HK|YV HQ IRUPHOO VDPUnGVSURFHGXU PLOM|NRQVHNYHQVEHG|PQLQJ " 3n PRWVYDUDQGH VlWW VRP YLG EHKRYVEHG|PQLQJ RFK DYJUlQVQLQJ NDQ

6H ELODJD WLOO I|URUGQLQJHQ RP PLOM|NRQVHNYHQVEHVNULYQLQJDU

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

PnOHQ JH VW|G QlU OlQVVW\UHOVHQ VND DYJ|UD RP GHW lU Vn RPIDWWDQGH

NRQVHNYHQVHU DWW GHW VND DQVHV EOL EHW\GDQGH PLOM|SnYHUNDQ

/lQVVW\UHOVHUQD lU ´VSLQGHOQ L QlWHW´ I|U 0.% RFK GHW JHU JRGD I|U

XWVlWWQLQJDU I|U DWW HUIDUHQKHWHUQD DY PnOHQ L DUEHWHW PHG 0.% NDQ WDV

WLOOYDUD

9lUGHULQJDU PHG DUJXPHQW IUnQ PLOM|PnOHQ

0nOHQ NDQ RFNVn DQYlQGDV I|U DWW YlUGHUD NRQVHNYHQVHU GYV KXU EH W\GHOVHIXOOD lU NRQVHNYHQVHUQD L HWW VDPKlOOVSHUVSHNWLY .RQVHNYHQVHU DY DYJ|UDQGH EHW\GHOVH I|U PnOHQ PnVWH ULPOLJHQ YDUD YLNWLJD bYHQ VnGDQW VRP LQWH U|U PnOHQ NDQ JLYHWYLV YDUD DY K|JVWD YLNW PHQ PnOHQ lU L DOOD IDOO HQ DY RPVWlQGLJKHWHUQD VRP NDQ JH YLNW 0nOHQ NDQ IXQJHUD VRP HQ JURY ´NRPSDVV´ YLG EHG|PQLQJHQ 'HQQD PHWRG KDU OLNKHWHU PHG 6YHQVND NRPPXQI|UEXQGHWV ULNWQLQJVDQDO\V

5HJHOQ VRP FLWHUDV QHGDQ JHU VW|G I|U GHWWD EHG|PD LQYHUNDQ

'RNXPHQWHW UHGRYLVDU LQYHUNDQ Sn PLOM|PnOHQ

(Q UHGRYLVQLQJ DY PnOHQ RFK YHUNVDPKHWHQV LQYHUNDQ Sn GHP NDQ

VDQQROLNW NUlYDV UHGDQ LGDJ ,QYHUNDQ Sn YLNWLJD PLOM|DVSHNWHU VND UH

GRYLVDV ± GYV GHQ KXYXGVDNOLJD LQYHUNDQ ± RFK GHW E|U VMlOYNODUW RP

IDWWD MXVW GH DVSHNWHU VRP ULNVGDJHQ SHNDW XW VRP QDWLRQHOOW YLNWLJD

6W|G I|U GHWWD ILQQV L I|OMDQGH UHJHO

0% NDS †

GH XSSJLIWHU VRP NUlYV I|U DWW SnYLVD RFK EHG|PD GHQ KXYXGVDNOLJD

LQYHUNDQ Sn PlQQLVNRUV KlOVD PLOM|Q RFK KXVKnOOQLQJHQ PHG PDUN RFK

YDWWHQ VDPW DQGUD UHVXUVHU VRP YHUNVDPKHWHQ HOOHU nWJlUGHQ NDQ DQWDV PHG

I|UD

6YHQVND NRPPXQI|UEXQGHWV PLQLUDSSRUWVHULH

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

7LOOVWnQG

9LOONRU RFK I|UXWVlWWQLQJDU PHMVODV XW PHG PLOM|PnOHQ

8QGHU SU|YQLQJHQ DY YHUNVDPKHWHQ lU GHW JLYHW DWW PnOHQ NDQ ELGUD WLOO DWW IRUPXOHUD I|UXWVlWWQLQJDUQD I|U WLOOnWOLJKHW OLNVRP NUDYHQ Sn YHUN VDPKHWHQ W H[ L IRUP DY YLOONRU HOOHU NRQWUROOSURJUDP &LWDWHQ YLVDU YDG I|UDUEHWHQD I|UYlQWDU VLJ VND SULRULWHUDV YLG SU|YQLQJDU DY YDWWHQ YHUNVDPKHW RFK QlU GHW JlOOHU NHPLNDOLHU

3URS 0LOM|EDON GHO

6LG 0LOM|PnOHQ NDQ RFNVn DQJH YLOND XWVOlSSVEHJUlQVQLQJDU HOOHU DQGUD nWJlUGHU VRP PnVWH JHQRPI|UDV , VnGDQD IDOO NDQ GHVVD JH OHGQLQJ EHWUlI IDQGH YLOND NUDY VRP E|U VWlOODV Sn GHQ VRP EHGULYHU HQ YHUNVDPKHW HOOHU YLGWDU HQ nWJlUG

3URS 6YHQVND PLOM|PnO

6LG 6M|DUV VWUlQGHUV RFK YDWWHQGUDJV VWRUD YlUGHQ I|U QDWXU RFK NXOWXU XSSOHYHOVHU VDPW EDG RFK IULOXIWVOLY YlUQDV Vn OnQJW P|MOLJW

6LG 5HJHULQJHQV EHG|PQLQJ lU DWW L GH IDOO YDWWHQNUDIWVXWE\JJQDG VNHU PnVWH GHW VNH PHG RPVRUJ RP GHQ ELRORJLVND PnQJIDOGHQ RFK PLOM|Q L |YULJW «GH VNDGRU VRP IUDJPHQWHULQJHQ DY YDWWHQV\VWHP JHQRP XWE\JJ QDG DY YDWWHQNUDIW LQQHEXULW E|U PRWYHUNDV

6LG 9DQGUDQGH ILVNDUWHU E|U KD P|MOLJKHW DWW NXQQD WD VLJ XSS L YDWWHQ

GUDJ LQRP VLWW QDWXUOLJD XWEUHGQLQJVRPUnGH

6LG 2UJDQLVND DY PlQQLVNDQ IUDPVWlOOGD lPQHQ VRP lU OnQJOLYDGH RFK ELRDFNXPXOHUEDUD I|UHNRPPHU L SURGXNWLRQVSURFHVVHU HQGDVW RP I|UH WDJHW YLVDU DWW KlOVD HOOHU PLOM| LQWH NRPPHU WLOO VNDGD 7LOOVWnQG RFK YLOONRU HQOLJW PLOM|EDONHQ lU XWIRUPDGH Vn DWW GHQQD ULNWOLQMH NDQ VlNHUVWlOODV

2PSU|YQLQJDU SULRULWHUDV DY PLOM|PnOHQ

2PSU|YQLQJ lU HWW YLNWLJW VW\UPHGHO I|U DWW |ND NUDYHQ Sn EHILQWOLJD

YHUNVDPKHWHU RFK GHW NDQ IUlPMD ULNWOLQMHU RP UHVXUVHIIHNWLYLWHW VnYlO

VRP PnO RP IULVN OXIW JRG YDWWHQNYDOLWHW RFK IOHUD DQGUD 0LOM|PnOHQ

NDQ YLVD YLOND VDNRPUnGHQ VRP E|U SULRULWHUDV YLG P\QGLJKHWHUQDV

DUEHWH PHG DWW LQOHGD RPSU|YQLQJDU RFK Sn Vn VlWW YLOND YHUNVDPKHWHU

VRP E|U WDV I|UVW

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

3URS 6YHQVND PLOM|PnO

6LG 5HJHULQJHQ YLOO XQGHUVWU\ND EHW\GHOVHQ DY DWW DUEHWHW PHG RP SU|YQLQJ GULYV YLGDUH )|U GHW IRUWVDWWD DUEHWHW PHG RPSU|YQLQJ DY LQ GXVWULHOOD YHUNVDPKHWHU lU GHW JLYHWYLV DY VW|UVWD YLNW DWW RPSU|YQLQJDUQD LQULNWDV PRW VnGDQ YHUNVDPKHW VRP KDU VW|UVW EHW\GHOVH I|U DWW Qn GH Q\D PLOM|PnOHQ

'ULIW

7LOOV\QHQV LQULNWQLQJ VW\UV DY PLOM|PnOHQ

1lU YHUNVDPKHWHQ E\JJV RFK GULYV NDQ PnOHQ JH XQGHUODJ I|U DWW SULR ULWHUD YLOND IUnJRU VRP P\QGLJKHWHUV WLOOV\Q VND LQULNWDV Sn 3n VDPPD VlWW lU PnOHQ YLNWLJD I|U YHUNVDPKHWVXW|YDUHQV HJHQNRQWUROO 0nOHQ NDQ JH VW|G I|U DWW XWYHFNOD I|UHWDJHWV HJQD PLOM|PnO RFK SULRULWHULQJDU

0LOM|EDONHQV UHJOHU RP HJHQNRQWUROO JHU HQ IRUPHOO XWJnQJVSXQNW RFK O\IWHU W\GOLJW IUDP GHW LQWHUQD DQVYDUHW 2P PnOHQ NRPPHU LQ VRP HQ NRQNUHWLVHULQJ DY PLOM|EDONHQ J|U HJHQNRQWUROOHQV V\VWHP PHG RUJDQLVDWRULVNW DQVYDU UXWLQHU RFK NRQWUROOHU DWW PnOHQ InU HWW P\FNHW VWRUW JHQRPVODJ L YDUGDJHQ

6DPYHUNDQ PHOODQ ROLND DNW|UHU lU KlU HQ YLNWLJ GHO DY DUEHWHW YLONHW I|U P\QGLJKHWHUQDV GHO RFNVn XWWU\FNV GLUHNW L HQ DY ULNWOLQMHUQD

3URS 6YHQVND PLOM|PnO

6LG *HQRP GHVVD nWJlUGHU DQP LQWHUQDWLRQHOOW VDPDUEHWH RFK GHW I|U VODJ WLOO VDPODG PLOM|ODJVWLIWQLQJ L HQ Q\ PLOM|EDON VRP UHJHULQJHQ ODGH IUDP L GHFHPEHU I|UUD nUHW JHV I|UXWVlWWQLQJDU I|U NRPPXQHU I|UHWDJ RFK DQGUD YHUNVDPKHWVXW|YDUH DWW VMlOYD GULYD Sn XWYHFNOLQJHQ XW|YHU GH VWDGJDGH ODJ NUDYHQ RFK DWW GlULJHQRP GHOWD L LQWHJUHUDGH PLOM|GULYQD QlWYHUN

6LG 5HJHULQJHQ OlJJHU L GHQQD SURSRVLWLRQ IUDP I|UVODJ VRP DYVHU DWW

VNDSD I|UXWVlWWQLQJDU I|U HWW Q\WW RFK PHU HIIHNWLYW I|UKnOOQLQJVVlWW GlU VMlOY

UHJOHULQJ RFK HJHQNRQWUROO L HWW Q\WW PnO RFK UHVXOWDWV\VWHP NRPSOHWWHUDU GH

VW\ULQVWUXPHQW VRP IUlPVW HQ PLOM|EDON RFK DQGUD VW\UPHGHO XWJ|U

6LG 5LNWOLQMH I|U PLOM|DQSDVVDG VDPKlOOVSODQHULQJ 6WDWOLJD RFK NRP PXQDOD P\QGLJKHWHU IUlPMDU L VDPYHUNDQ HQ JRG PLOM| RFK HQ HNRORJLVNW KnOOEDU XWYHFNOLQJ

0% NDS VDPW I|URUGQLQJHQ RP YHUNVDPKHWVXW|YDUHV HJHQNRQWUROO

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

0\QGLJKHWHUV WLOOV\Q |YHU EDONHQ

7LOOV\Q RPIDWWDU PnQJD VODJV nWJlUGHU VRP VND IUlPMD DWW EDONHQ WLOO OlPSDV Vn DWW EDONHQV HJQD PnO QnV 'HW KDQGODU RP WLOOV\Q |YHU GH I\VLVND YHUNVDPKHWHUQD PHQ RFNVn XWYlUGHULQJ DY UHJHOYHUNHWV IXQNWLRQ NRPSOHWWHULQJ PHG Q\D UHJOHU XWYHFNOLQJ DY NXQVNDSVXQGHUODJ RFK LQIRUPDWLRQ 0nOHQ NDQ NRPPD LQ L DOOD OHGHQ

'ULIWVWLOOV\Q RFK PLOM|NYDOLWHWVQRUPHU KDU MDJ UHGDQ WDJLW XSS RFK KlU EHVNULYHU MDJ EDUD QRUPJLYQLQJ RFK NXQVNDSVI|UV|UMQLQJ DOOPlQW -DJ nWHUNRPPHU PHUD WLOO NXQVNDSVXQGHUODJ RFK V\VWHP I|U GHWWD L NDSLWHO

1RUPJLYQLQJ

.RQVHNYHQVEHVNULY UHJOHU Vn LQYHUNDQ Sn PLOM|PnOHQ V\QV

)|UHVNULIWHU GYV QRUPHU L IRUP DY ODJDU I|URUGQLQJDU RFK P\QGLJ KHWVI|UHVNULIWHU lU ELQGDQGH RFK NDQ GlUPHG YDUD HWW VWDUNW PHGHO I|U DWW IUlPMD PnOHQ +lQV\QVUHJOHUQD L NDS 0% VND I|OMDV DY DOOD RFK HQ YDU YLG nWJlUGHU VRP NDQ WlQNDV JH PHU lQ REHW\GOLJ PLOM|SnYHUNDQ 8WIlUGDQGHW DY I|UHVNULIWHU NDQ L PnQJD IDOO DQVHV OHGD WLOO EHW\GDQGH PLOM|SnYHUNDQ 'HW lU GlUPHG QDWXUOLJW DWW DUEHWHW PHG DOOD VODJ DY I|UHVNULIWHU lYHQ XWWU\FNOLJHQ EHDNWDU GH NUDY Sn KlQV\Q VRP VWlOOV L PLOM|EDONHQ

)|UHVNULIWHU XWDQI|U EDONHQ NDQ JLYHWYLV WlQNDV PRWYHUND PLOM|PnOHQ bYHQ I|UHVNULIWHU LQRP EDONHQ NDQ HPHOOHUWLG WlQNDV PRWYHUND QnJRW PnO PHG XWJnQJVSXQNWHQ DWW PnO NDQ YDUD PRWVWULGLJD 'HW YRUH GlUI|U EUD DWW YHWD NRQVHNYHQVHUQD DY I|UHVNULIWHQ LQQDQ GHQ EHVOXWDV

0\QGLJKHWHUV I|UHVNULIWHU VND L SULQFLS DOOWLG NRQVHNYHQVEHVNULYDV ± EO D GHVV LQYHUNDQ Sn PLOM|Q ± RFK I|UHVNULIWHQV LQYHUNDQ Sn PLOM| PnOHQ ERUGH YDUD HQ VMlOYNODU GHO DY NRQVHNYHQVEHVNULYQLQJHQ 'H DOOPlQQD UnG VRP ILQQV NDQ NRPSOHWWHUDV I|U DWW J|UD GHWWD W\GOLJW

2P I|UVODJHQ WLOO ODJDU RFK I|URUGQLQJDU I|UVHV PHG XWWU\FNOLJD NRQVHNYHQVEHVNULYQLQJDU LQI|U EHVOXW DY ULNVGDJ HOOHU UHJHULQJ VNXOOH GHW PHGYHUND WLOO W\GOLJD GHEDWWHU RP UHJOHUQDV EHW\GHOVH I|U ROLND PnO

59 .RQVHNYHQVXWUHGQLQJ I|U I|UHVNULIWHU RFK DOOPlQQD UnG

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

(* GLUHNWLY RP VnGDQD NRQVHNYHQVEHVNULYQLQJDU KDU EHUHWWV XQGHU

WDOHW PHQ I|U QlUYDUDQGH ILQQV HQGDVW I|UVODJ WLOO GLUHNWLY RP NRQVHNYHQVEHVNULYQLQJDU I|U YLVVD SODQHU RFK SURJUDP

6DPUnG lYHQ PHG PLOM|NXQQLJ P\QGLJKHW

)|U DWW In HQ GLDORJ L VDN QlU GHW JlOOHU PLOM|IUnJRUQD EHK|YV VDPUnG

PHG UlWW DNW|UHU 5HJOHUQD RP VDPUnG I|U NRQVHNYHQVEHVNULYQLQJDU

XWJnU LGDJ IUnQ GH HNRQRPLVND NRQVHNYHQVHUQD RFK GH EHK|YHU GlUI|U

NRPSOHWWHUDV PHG NUDY Sn VDPUnG PHG PLOM|NXQQLJ P\QGLJKHW

'HW EHK|YV lQGUDGH UHJOHU I|U DWW WD IUDP UHJOHU

%nGH UHJHODUEHWHW RFK GHW XQGHUODJ VRP EHK|YV LQI|U EHVOXWHQ RP UHJ OHU NDQ PHG HQNOD PHGHO I|UElWWUDV Vn DWW PLOM|PnOHQ ± RFK EDONHQ ± InU W\GOLJDUH IlVWH 'HW VNXOOH |ND PHGYHWHQKHWHQ RP PnOHQ RFK VDQQROLNW ELGUD EHW\GOLJW WLOO DWW GH NDQ QnV

.XQVNDS

.XQVNDSVXWYHFNOLQJ DY PLOM|PnOHQ VW|GMHU EDONHQV WLOOlPSQLQJ

0\QGLJKHWHUV NXQVNDSVXWYHFNOLQJ lU HQ YLNWLJ GHO DY WLOOV\QHQ |YHU EDO NHQ bYHQ NXQVNDSHQ RP PnOHQ EHK|YHU XWYHFNODV I|U DWW YL VND In SUDNWLVND UHGVNDS VRP YlJOHGHU EHVOXWVIDWWDQGHW 'HW SnJnU HWW RP IDWWDQGH P\QGLJKHWVDUEHWH I|U DWW XWYHFNOD GHOPnO RFK VWUDWHJLHU 7LOOV\QVP\QGLJKHWHUQD NDQ L VLWW IRUWVDWWD DUEHWHW EHDNWD EHVOXWV P\QGLJKHWHUQDV EHKRY DY VW|G IUnQ PLOM|PnOHQ

5nGJLYQLQJ VP|UMHU NXJJKMXOHQ Vn EDONHQ UXOODU IUDPnW

(Q DQQDQ DQJHOlJHQ WLOOV\QVXSSJLIW lU DWW ELGUD PHG LQIRUPDWLRQ RFK UnG PHOODQ P\QGLJKHWHU RFK WLOO DOOPlQKHWHQ 5nGJLYQLQJ RP PLOM| PnOHQ RFK GHVV DQYlQGQLQJ NRPPHU VDQQROLNW DWW EOL YLNWLJ I|U DWW In HQ HIIHNWLY WLOOlPSQLQJ LQRP EDONHQ )|U DWW In HQ HIIHNWLY RFK HQKHWOLJ UnGJLYQLQJ EHK|YV JHPHQVDPW PDWHULDO

FRP FRP

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

6DPKlOOVSODQHULQJ

3URS 6YHQVND PLOM|PnO

6LG DQJ PnOHW RP IULVN OXIW (IWHUVRP GHW ILQQV W\GOLJD VDPEDQG PHOODQ EHE\JJHOVHVWUXNWXU RFK WUDQVSRUWEHKRY lU RFNVn VDPKlOOV SODQHULQJHQ HWW YHUNVDPW VW\UPHGHO I|U DWW PLQVND ELOEHURHQGHW RFK GlUPHG PLQVND RFK I|UHE\JJD XWVOlSS IUnQ YlJWUDILNHQ 6H VLG

6LG 2OLND W\SHU DY SODQHULQJVLQVDWVHU NRPPHU DWW KD VWRU EHW\GHOVH I|U

DWW DQJLYQD PLOM|PnO I|U IMlOOHQ VNDOO NXQQD QnV 'HQ NRPPXQDOD |YHUVLNWV

SODQHULQJHQ HQOLJW SODQ RFK E\JJODJHQ KDU VWRU EHW\GHOVH L DU

EHWHW PHG DWW Qn HQ KnOOEDU XWYHFNOLQJ L IMlOOHQ 5HJLRQDOD RFK ORNDOD nW

JlUGHU I|U DWW XSSI\OOD PLOM|NYDOLWHWVPnOHW E|U XWIRUPDV PRW EDNJUXQG DY HQ

KHOKHWVELOG DY PLOM| RFK KXVKnOOQLQJVSUREOHPHQ L UHJLRQHQ RFK GHQ L

NRPPXQHUQDV SODQHULQJ DYVHGGD PDUN RFK YDWWHQDQYlQGQLQJHQ 'H EH

U|UGD OlQVVW\UHOVHUQD KDU EO D JHQRP VLQD XSSGUDJ RP KnOOEDU XWYHFNOLQJ L

ODQGHWV IMlOORPUnGHQ HQ YLNWLJ UROO L DUEHWHW PHG DWW VNDSD HQ VnGDQ KHOKHWV

ELOG YLONHQ OlPSOLJHQ E|U XWYHFNODV L VDPDUEHWH PHOODQ OlQVVW\UHOVHU RFK

NRPPXQHU

6LG $QJ JRG EHE\JJG PLOM| 0LOM|NYDOLWHWVPnOHW lU DY FHQWUDO EH W\GHOVH I|U VDPKlOOVSODQHULQJHQ RFK I|UXWVlWWHU VDPRUGQLQJ PHOODQ ROLND VDPKlOOVVHNWRUHU RFK VDPYHUNDQ PHOODQ EHU|UGD DNW|UHU

6LG $QJ ULNWOLQMHU I|U VDPKlOOVSODQHULQJ 'H QDWLRQHOOD PLOM|NYDOL WHWVPnOHQ VNDOO WLOOVDPPDQV PHG |YULJD QDWLRQHOOD PnO YDUD YlJOHGDQGH I|U I\VLVN SODQHULQJ RFK VDPKlOOVE\JJDQGH 'H QDWLRQHOOD PLOM|NYDOLWHWV PnOHQ E|U DUEHWDV LQ L OlQVVW\UHOVHUQDV VWUDWHJLHU I|U UHJLRQDO PLOM|675$0

)|UDUEHWHQD YLVDU DWW VDPKlOOVSODQHULQJ RFK GHQ I\VLVND SODQHULQJHQ

I|UYlQWDV PHGYHUND WLOO DWW IUlPMD PnOHQ Sn IOHUD VlWW 0LOM|EDONHQ EH

U|U HPHOOHUWLG EDUD GHOYLV VDPKlOOVSODQHULQJHQ 'HW JlOOHU L SULQFLS EDUD

GH IDOO PDUNDQYlQGQLQJHQ VND SU|YDV HQOLJW KXVKnOOQLQJVUHJOHUQD L

RFK NDS HOOHU Gn KlQV\QVUHJOHUQD L NDS VND WLOOlPSDV YLG SU|YQLQJHQ

HQOLJW DQQDQ ODJ 'HW LQQHElU DWW PnOHQV EHW\GHOVH I|U SODQHULQJHQ GlU

XW|YHU IDOOHU XWDQI|U XWUHGQLQJVXSSGUDJHW -DJ EHVNULYHU QHGDQ QnJUD

YLNWLJD P|MOLJKHWHU WLOO VDPVSHO PHG GHQQD EHJUlQVQLQJ

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

*HPHQVDPPD XWJnQJVSXQNWHU lYHQ I|U SODQHULQJHQ

+XVKnOOQLQJHQ lU HQ LQJnQJ I|U QnJUD PLOM|PnO

1nJUD YLNWLJD ODJDU VRP KDQWHUDU VDPKlOOVSODQHULQJ NRSSODV W\GOLJW VDPPDQ JHQRP PLOM|EDONHQ 3ODQ RFK E\JJODJHQ OLNVRP LQIUD VWUXNWXUODJDUQD YlJ MlUQYlJ U|UOHGQLQJ P IO KDU L RFK NDS 0% OLNVRP WLGLJDUH JHPHQVDPPD I|UXWVlWWQLQJDU I|U DWW lQGUD DQYlQG QLQJHQ DY PDUN HOOHU YDWWHQRPUnGHQ 'HVVD UHJOHU RP KXVKnOOQLQJ JHU GlUPHG HQ JRG XWJnQJVSXQNW I|U DWW VDPRUGQD IUnJRU RFK VW\UD PRW JHPHQVDPPD PnO 'H PLOM|PnO VRP KlQJHU VDPPDQ PHG PDUNDQYlQG QLQJHQ KDU VnOHGHV HWW UHGVNDS L GHVVD UHJOHU 5HVRQHPDQJHQ MDJ I|UGH XQGHU DYVQLWW NDQ GlUI|U DQYlQGDV lYHQ QlU GHW JlOOHU DQNQXWQD SODQHULQJVODJDU

+lQV\QVNUDYHQ NDQ VW|GMD DQGUD PLOM|PnO

)|U PnO VRP LQWH GLUHNW KlQJHU VDPPDQ PHG KXVKnOOQLQJHQ PHG PDUN RFK YDWWHQRPUnGHQ NDQ KlQV\QVNUDYHQ L NDS 0% JH HQ YLVV VW\UQLQJ DY SODQHULQJHQ 6W\UQLQJHQ lU HPHOOHUWLG VYDJDUH HIWHUVRP PnOHQ WLOO VNLOOQDG IUnQ GH DOOPlQQD LQWUHVVHQD L RFK NDS 0% NDQ YlOMDV ERUW 0nOHQ NDQ RFNVn YDUD PHU HOOHU PLQGUH UHOHYDQWD EHURHQGH Sn SODQ IUnJDQ )|U DWW In HQ VWDUNDUH VW\UQLQJ DY SODQHULQJHQ PRW PnOHQ EHK|YV I|UPRGOLJHQ EnGH W\GOLJDUH NRSSOLQJDU L EDONHQ WLOO PnOHQ RFK NRQNUHWD EHVNULYQLQJDU DY KXU PnOHQ NDQ WLOOI|UD NYDOLWpHU L ROLND SODQHULQJV VLWXDWLRQHU

0nQJD UHGVNDS I|U VDPPD IUnJD ± XWYHFNOLQJ HOOHU GXEEHODUEHWH"

)|UDUEHWHQD WLOO PLOM|PnOHQ YLVDU DWW GHW ILQQV HWW P\FNHW VWRUW DQWDO SODQHULQJVUHGVNDS VRP VND DQYlQGV DY VDPPD HOOHU ROLND DNW|UHU Sn ROLND QLYnHU PHQ I|U VDPPD HOOHU OLNQDQGH IUnJRU )|UXWRP NRPPXQDO I\VLVN |YHUVLNWVSODQHULQJ UHJLRQDOD VWUDWHJLHU I|U PLOM|Q UHJLRQDOD PLOM| RFK KXVKnOOQLQJVSURJUDP ILQQV lYHQ WLOOYl[WDYWDO UHJLRQDO XW YHFNOLQJVSODQHULQJ UHJLRQDO YDWWHQSODQHULQJ RFK DQGUD EHVOXWVIRUPHU VRP DOOD VND EHKDQGOD IUnJRU RP PLOM| RFK PDUNDQYlQGQLQJ RFK VDP KlOOVSODQHULQJ

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

(Q DOOPlQ VOXWVDWV MDJ YLOO XQGHUVWU\ND lU DWW GHWWD VDQQROLNW I|U VYnUDU I|U EHVOXWVIDWWDUQD LQRP PLOM|EDONHQ DWW In JUHSS RP YDG VRP JlOOHU LQWH PLQVW L I|UKnOODQGH WLOO PLOM|PnOHQ

5HJOHUD JHQRP SODQ

NDS † 0%

7LOOVWnQG HOOHU GLVSHQV InU LQWH PHGGHODV L VWULG PRW GHWDOMSODQ HOOHU RP UnGHVEHVWlPPHOVHU HQOLJW SODQ RFK E\JJODJHQ 0LQGUH DY YLNHOVHU InU GRFN J|UDV RP V\IWHW PHG SODQHQ HOOHU EHVWlPPHOVHUQD LQWH PRWYHUNDV

3ODQ RFK E\JJODJHQ JH HQ ELQGDQGH WLOOlPSQLQJ DY PLOM|PnOHQ L YLVVD IDOO )|U IOHUD PnO XWSHNDV PDUNDQYlQGQLQJHQ VRP HQ DY GH YLNWLJD Sn YHUNDQGH IDNWRUHUQD .RPPXQHQ NDQ L YLVVD IDOO In MXVW IUnJDQ RP IUDPWLGD PDUNDQYlQGQLQJ DYJMRUG PHG UlWWVNUDIW JHQRP DWW J|UD HQ GHWDOMSODQ HOOHU RPUnGHVEHVWlPPHOVH I|U RPUnGHW 0HG VW|G DY PLOM| EDONHQV UHJOHU ELQGHU SODQEHVOXWHW lYHQ DQGUD EHVOXWVIDWWDUH , GH IDOO PLOM|PnOHQ EHURU DY PDUNDQYlQGQLQJ I|U EHE\JJHOVH HOOHU DQQDUV lU UHJOHUEDUW JHQRP SODQ RFK E\JJODJHQ JHU GHWWD PHG DQGUD RUG HQ P|MOLJKHW I|U NRPPXQHQ DWW GLUHNW ELGUD WLOO DWW PnOHQ QnV

0|MOLJKHWHQ DWW IUlPMD PnOHQ PHG KMlOS DY NDS † 0% lU HPHOOHUWLG DY EHJUlQVDG EHW\GHOVH 'HQ I|UXWVlWWHU IOHUD VDNHU 0nOHQ VND SnYHUNDV DY VnGDQ PDUNDQYlQGQLQJ VRP NDQ KDQWHUDV PHG VW|G DY SODQ RFK E\JJODJHQ NRPPXQHQ VND EHG|PD DWW GHW lU HQ YLNWLJ IUnJD DWW EHVOXWD RP RFK HYHQWXHOOD |YHUSU|YDQGH P\QGLJKHWHU VND GHOD NRPPXQHQV EHG|PQLQJ L VDNIUnJDQ 7LOOlPSQLQJHQ I|UXWVlWWHU DWW NXQ VNDSHQ RP PnOHQ XWYHFNODV Vn DWW GH lU DQYlQGEDUD L SODQHULQJHQ GYV DWW GH InU HQ JHRJUDILVN RFK I\VLVN NRSSOLQJ

(Q VLVWD EHJUlQVQLQJ YlUG DWW IUDPKnOOD lU DWW SODQHULQJHQ KLQGUDU YLVV PDUNDQYlQGQLQJ VDPW VNDSDU P|MOLJKHWHU I|U YLVV PDUNDQYlQGQLQJ PHQ JDUDQWHUDU LQWH DWW GHQ NRPPHU WLOO

([HPSHO PnO RP JUXQGYDWWHQ L GHWDOMSODQHU

3URS 6YHQVND PLOM|PnO

6LG ´*UXQGYDWWQHWV NYDOLWHW VNDOO VnOHGHV LQWH SnYHUNDV QHJDWLYW DY PlQVNOLJD DNWLYLWHWHU VnVRP PDUNDQYlQGQLQJ XWWDJ DY QDWXUJUXV WLOOI|UVHO DY I|URUHQLQJDU P P ´ ´6WRUD XWWDJ NDQ VSHFLHOOW L YLVVD NXVW RFK VNlU JnUGVRPUnGHQ I|URUVDND LQWUlQJQLQJ DY VDOWYDWWHQ 5HJHULQJHQ DQVHU DWW

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

I|UEUXNQLQJ HOOHU DQQDQ PlQVNOLJ SnYHUND LQWH InU VlQND JUXQGYDWWHQQLYnQ Vn DWW WLOOJnQJ RFK NYDOLWHW lYHQW\UDV´

6LG ´9LG DOO SODQHULQJ DY EHE\JJHOVH RFK DQGUD DQOlJJQLQJDU E|U |NDG KlQV\Q WDV WLOO JUXQGYDWWHQI|UKnOODQGHQD EO D E|U DOOWLG XWUHGDV KXU YDWWHQ I|UV|UMQLQJHQ I|U Q\D EHE\JJHOVHRPUnGHQ VNDOO RUGQDV ´

)UnJDQ RP KlQV\Q WLOO JUXQGYDWWHQ UHJOHUDV L RFK I|U VLJ XWWU\FNOLJHQ L SODQ RFK E\JJODJHQ PHQ PnOHW NDQ VlJDV VWU\ND XQGHU KXU YLNWLJW GHW lU DWW NRPPXQHQ EHKDQGODU IUnJDQ PHG RPVRUJ .RQNUHW NDQ DUEHWHW PHG PnOHW L SODQHULQJHQ LQQHElUD DWW NRPPXQHQ I|U SUREOHPRPUnGHQ EHJUlQVDU E\JJQDGVDUHDQ Vn DWW SHUPDQHQWERHQGH PRWYHUNDV 'HW VNXOOH L VLQ WXU LQQHElU DWW EHKRYHW DY GULFNVYDWWHQ PLQVNDU L RPUnGHW

/|V NRQIOLNWHU JHQRP SODQ

bYHQ L GH IDOO GHW ILQQV PRWVWULGLJD DOOPlQQD LQWUHVVHQ HQOLJW RFK NDS 0% NDQ NRPPXQHQ LEODQG In WLOO VWnQG HWW DYJ|UDQGH RP PDUN DQYlQGQLQJHQ JHQRP GHWDOMSODQHULQJ HOOHU RPUnGHVEHVWlPPHOVHU

(WW H[HPSHO DY EHW\GHOVH I|U PnOHQ NDQ YDUD HQ WRUYWlNW DY ULNV LQWUHVVH GlU EU\WQLQJ NRQNXUUHUDU PHG ULNVLQWUHVVHW QDWXUYnUG RFK lYHQ PRWYHUNDU PnOHW RP P\OOUDQGH YnWPDUNHU gYHUVLNWVSODQHQ NDQ YLVD SUREOHPHW RFK GH VWlOOQLQJVWDJDQGHQ NRPPXQ RFK VWDW JHQRP OlQV VW\UHOVHQ J|U RFK GH UHNRPPHQGDWLRQHU VRP NRPPXQHQ JHU RP DQ YlQGQLQJHQ 2PUnGHVEHVWlPPHOVHU NXQGH ELQGDQGH SU|YD YDG VRP VND SULRULWHUDV DY GHVVD NRQNXUUHUDQGH LQWUHVVHQ 2P GHQ OnQJVLNWLJD EH G|PQLQJHQ YDU WLOO QDWXUYnUGHQV I|UGHO VNXOOH RPUnGHW GlUPHG In HWW VN\GG PRW WlNW RFK DQQDQ lQGUDG PDUNDQYlQGQLQJ 'lUHPRW VN\GGDU GHW JLYHWYLV LQWH PRW I|UVXUQLQJ HOOHU |YHUJ|GQLQJ VRP RFNVn NDQ |GH OlJJD YlUGHQD L YnWPDUNHQ

6H W H[ SODQ RFK E\JJODJHQ NDS †† NDS †

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

9DG EHK|YV I|U DWW In HWW VDPVSHO"

)UnJHVWlOOQLQJDU

)|UUD NDSLWOHWV EHVNULYQLQJDU DY VLWXDWLRQHU L EDONHQ GlU VDPVSHO lU P|MOLJD KDU YLVDW DWW GHVVD JLYHWYLV lU DY P\FNHW ROLND VODJ (Q JHPHQ VDP IDNWRU ILQQV HPHOOHUWLG QnJRQ IRUP DY NRSSOLQJ EHK|YV PHOODQ EHVOXWVV\VWHPHQ I|U EDONHQ RFK I|U PnOHQ I|U DWW VWDUWD XSS VDPVSHOHW 'HW lU WYn YLNWLJD IUnJRU DWW VWlOOD GHOV YDG NRSSOLQJHQ VND LQQHElUD GHOV KXU NRSSOLQJHQ VND J|UDV 6YDUHQ YDULHUDU EHURHQGH Sn YLONHQ IXQNWLRQ L EDONHQ GHW JlOOHU

1nJUD H[HPSHO NDQ LOOXVWUHUD 2P PnOHQ VND EHDNWDV XWWU\FNOLJHQ L EHVOXWHQ HQOLJW EDONHQ NDQVNH VRP HQ GHO DY DQDO\VHQ DY KlQV\QV NUDYHQ NDQ GHW EHK|YDV HQ VWDUN IRUPHOO NRSSOLQJ JHQRP H[HPSHOYLV XWWU\FNOLJD KlQYLVQLQJDU L EDONHQ WLOO PLOM|PnOHQ 2P PnOHQ L YDUW IDOO VND YDUD NlQGD DY EHVOXWVIDWWDUHQ I|UH EHVOXWHW NDQ UHJOHUQD NUlYD DWW IDNWD RP PnOHQ L OLNKHW PHG NRPPXQDOD SODQHU VND ILQQDV WLOOJlQJOLJD LQI|U EHVOXWHW (Q PLQGUH VWDUN NRSSOLQJ lU DWW I|UDUEHWHQ ± VRP QX J|UV

± KlQYLVDU WLOO GHW |PVHVLGLJD VDPVSHOHW RFK DWW VWDWHQ VHGDQ DQYlQGHU LQIRUPDWLRQ I|U DWW IO\WWD IUDP SRVLWLRQHUQD I|U PnOHQ

8U PLOM|PnOHQV SHUVSHNWLY NDQ EDONHQ VRP UHGVNDS H[HPSHOYLV EOL HQ DY I|UXWVlWWQLQJDUQD I|U DUEHWHW PHG DWW XWYHFNOD NXQVNDSVXQGHUODJ RP PnOHQ 'HQQD NRSSOLQJ NDQ XWWU\FNDV L XSSGUDJ IUnQ UHJHULQJHQ RFK L ULNVGDJHQV EHVOXW RP PnOHQ

, GHWWD NDSLWHO WDU MDJ JHQHUHOOW XSS WlQNEDUD NRSSOLQJDU RFK UHVR QHUDU RP GHUDV I|U RFK QDFNGHODU XWLIUnQ ROLND IXQNWLRQHU HOOHU UHGVNDS L EDONHQ

3RUWDOSDUDJUDIHQ RFK PLOM|PnOHQ

'HW ILQQV HQ WlQNEDU IRUPHOO JUXQG L PLOM|EDONHQV UHJOHU UHGDQ LGDJ I|U DWW nEHURSD PLOM|PnOHQ L WLOOlPSQLQJHQ DY PLOM|EDONHQ 'HW lU SRUWDO SDUDJUDIHQ VRP E\JJV XSS NULQJ EHJUHSSHW KnOOEDU XWYHFNOLQJ RFK VRP GlUPHG |YHUODSSDU XWJnQJVSXQNWHQ I|U PnO RFK ULNWOLQMHU L 6YHQVND PLOM|PnO

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

3RUWDOHQ lU JUXQGHQ I|U DOO WLOOlPSQLQJ DY EDONHQ

0LOM|EDONHQV PnO L NDS † SRUWDOSDUDJUDIHQ lU JUXQGHQ I|U WLOO OlPSQLQJHQ DY VDPWOLJD UHJOHU L EDONHQ RFK GlUPHG lYHQ I|U DQNQXWQD ODJDU I|URUGQLQJDU RFK P\QGLJKHWVI|UHVNULIWHU 0nOHW L PLOM|EDONHQ KnOOEDU XWYHFNOLQJ DQJHU LQULNWQLQJHQ Sn GH DYYlJQLQJDU RFK WRON QLQJDU VRP VWlQGLJW EHK|YHU J|UDV L WLOOlPSQLQJHQ 1lU ROLND UHVXOWDW lU P|MOLJD VND UHJOHUQD GlUPHG WLOOlPSDV Vn DWW KlOVD RFK PLOM| VN\GGDV YlUGHIXOOD PLOM|HU YnUGDV ELRORJLVN PnQJIDOG EHYDUDV JRG KXVKnOOQLQJ PHG GHQ I\VLVND PLOM|Q WU\JJDV HWF

)|UDUEHWHQD WLOO SRUWDOSDUDJUDIHQ VlJHU DWW UHJOHUQD VND WLOOlPSDV Sn HWW VnGDQW VlWW DWW EDONHQV PnO RFK V\IWH ElVW WLOOJRGRVHV RFK YLG WYHN VDPKHW VND GHW YlOMDV VRP PHVW VDQQROLNW J\QQDU XWKnOOLJ XWYHFNOLQJ

'HW ILQQV HPHOOHUWLG LQWH QnJRW HQW\GLJW VW|G L UHJOHUQD I|U DWW Sn GHWWD VlWW YlOMD GHQ I|U PLOM|Q ElVWD DY IOHUD EUD O|VQLQJDU 'lUHPRW lU GHW NODUW DWW HQ O|VQLQJ VRP IUlPMDU PnOHQ L EDONHQ JnU I|UH GHQ VRP LQWH J|U GHW 3RUWDOSDUDJUDIHQ L PLOM|EDONHQ lU lYHQ PHG GHQ EHJUlQVDGH WRONQLQJ VRP MDJ J|U XSSHQEDUOLJHQ HQ P\FNHW EHW\GHOVHIXOO UHJHO I|U PLOM|SROLWLNHQ RFK GHQ VNXOOH |SSQD PnQJD G|UUDU I|U PLOM|PnOHQ

.DQ PLOM|PnOHQ OlVDV LQ L SRUWDOHQ"

9LONHW VW|G ILQQV I|U DWW OlVD LQ PLOM|PnOHQ L SRUWDOSDUDJUDIHQ" )|U DUEHWHQD DQJHU DWW PLOM|PnOHQ NDQ JH OHGQLQJ MXVW I|U DWW EHG|PD YDG KnOOEDU XWYHFNOLQJ LQQHElU 'HW EHVNULYHU MDJ VWUD[ PHUD 0HQ I|UVWD IUnJDQ lU RP ODJWH[WHQ L VLJ NDQ JH QnJRW VW|G I|U DWW GLUHNW In LQ PLOM| PnOHQ L WLOOlPSQLQJHQ 8WJnQJVSXQNWHQ lU Gn UHJHOQV O\GHOVH

, SDUDJUDIHQ XWWU\FNV L NODUWH[W GHODU DY PLOM|SURSRVLWLRQHQV PnO RFK ULNWOLQMHU I|U PLOM|SROLWLNHQ , WDEHOO KDU OLNDUWDGH EHJUHSS VWUXNLWV XQGHU 0LOM|SURSRVLWLRQHQ XWWU\FNHU L VLQ WXU VDPPD |QVNHPnO VRP U\PV L PLOM|EDONHQV PnO PHQ RIWD PHG IOHUD RFK DQQRUOXQGD RUG RFK LEODQG XQGHUI|UVWnWW ([HPSHOYLV LQU\PV EHYDUDQGHW DY ELRORJLVN PnQJ IDOG SXQNWHQ L NDS † 0% L GH IOHVWD PLOM|NYDOLWHWVPnOHQ RFK IUlPMDV DY W H[ ULNWOLQMHU RP NHPLNDOLHEHJUlQVQLQJ PHQ PnQJIDOGHQ ILQQV LQWH PHG VRP HJHW EHJUHSS L NYDOLWHWVPnOHQ

'HWWD JHU YLVVW VW|G I|U DWW SnVWn DWW SRUWDOHQV EHJUHSS KnOOEDU XW YHFNOLQJ RPIDWWDU VDPPD I|UHWHHOVHU VRP PLOM|SURSRVLWLRQHQV EHJUHSS

3URS GHO VLG

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

7DEHOO ± -lPI|UHOVH PHOODQ SRUWDOHQ RFK PLOM|PnOHQ

  -lPI|UHOVH PHOODQ SRUWDOHQ RFK PLOM|PnOHQ
0LOM|EDONHQ   0LOM|SURSRVLWLRQHQ

0% NDS † %HVWlPPHOVHUQD L GHQQD EDON gYHUJULS (NRORJLVNW KnOOEDU XWYHFNOLQJ

V\IWDU WLOO DWW IUlPMD HQ KnOOEDU XWYHFNOLQJ VRP LQQHElU DWW QXYDUDQGH RFK NRPPDQGH 6N\GG DY PLOM|Q

JHQHUDWLRQHU WLOOI|UVlNUDV HQ KlOVRVDP RFK +nOOEDU I|UV|UMQLQJ

JRG PLOM|

(IIHNWLY DQYlQGQLQJ

(Q VnGDQ XWYHFNOLQJ E\JJHU Sn LQVLNWHQ DWW QDWXUHQ KDU HWW VN\GGVYlUGH RFK DWW PlQ QLVNDQV UlWW DWW I|UlQGUD RFK EUXND QDWXUHQ lU I|UHQDG PHG HWW DQVYDU I|U DWW I|UYDOWD QDWXUHQ YlO

0LOM|EDONHQ VNDOO WLOOlPSDV Vn DWW

5LNWOLQMH

6WDWOLJD RFK NRPPXQDOD P\QGLJKHWHU IUlPMDU L VDPYHUNDQ HQ JRG PLOM| RFK HQ HNRORJLVNW KnOOEDU XWYHFNOLQJ

0LOM|NYDOLWHWVPnO

PlQQLVNRUV KlOVD RFK PLOM|Q VN\GGDV PRW )ULVN OXIW JUXQGYDWWHQ DY JRG NYDOLWHW OHYDQGH
VNDGRU RFK ROlJHQKHWHU RDYVHWW RP GHVVD VM|DU RFK YDWWHQGUDJ P\OOUDQGH YnWPDUNHQ KDY L
RUVDNDV DY I|URUHQLQJDU HOOHU DQQDQ SnYHU EDODQV VDPW OHYDQGH VNlUJnUG LQJHQ |YHUJ|G
NDQ QLQJ EDUD QDWXUOLJ I|UVXUQLQJ OHYDQGH VNRJDU
YlUGHIXOOD QDWXU RFK NXOWXUPLOM|HU VN\G HWW ULNW RGOLQJVODQGVNDS VWRUVODJHQ IMlOOPLOM|
JRG EHE\JJG PLOM| JLIWIUL PLOM| VlNHU VWUnOPLOM|
GDV RFK YnUGDV
VN\GGDQGH R]RQVNLNW EHJUlQVDG NOLPDWSnYHUNDQ
 
GHQ ELRORJLVND PnQJIDOGHQ EHYDUDV  
PDUN YDWWHQ RFK I\VLVN PLOM| L |YULJW DQ 5LNWOLQMHU
YlQGV Vn DWW HQ IUnQ HNRORJLVN VRFLDO NXOWX (IIHNWLYDUH RFK OnQJVLNWLJW KnOOEDU UHVXUV
UHOO RFK VDPKlOOVHNRQRPLVN V\QSXQNW OnQJ
DQYlQGQLQJ IUlPMDV
VLNWLJW JRG KXVKnOOQLQJ WU\JJDV RFK
 
nWHUDQYlQGQLQJ RFK nWHUYLQQLQJ OLNVRP 0DUNDQYlQGQLQJHQ XWIRUPDV I|U PLQVNDW
WUDQVSRUWEHKRY RFK HIIHNWLY KXVKnOOQLQJ PHG
DQQDQ KXVKnOOQLQJ PHG PDWHULDO UnYDURU RFK
HQHUJL IUlPMDV Vn DWW HWW NUHWVORSS XSSQnV HQHUJL RFK QDWXUUHVXUVHU
 
  9DURU RFK SURGXNWLRQVSURFHVVHU VND YDUD IULD
  IUnQ YLVVD W\SHU DY IDUOLJD lPQHQ LQRP nU

%HJUHSSHW KnOOEDU XWYHFNOLQJ lU VYnUInQJDW

'HW |YHUJULSDQGH V\IWHW ´KnOOEDU XWYHFNOLQJ´ XWWU\FNV QnJRW ROLND L PLOM|EDONHQ RFK PLOM|SURSRVLWLRQHQ 2UGHW ´HNRORJLVN´ ILQQV LQWH PHG L PLOM|EDONHQV SRUWDOSDUDJUDI

2IWD EHVNULYV KnOOEDUKHW XWLIUnQ VnYlO HNRORJLVND VRP VRFLDOD RFK VDPKlOOVHNRQRPLVND DVSHNWHU 0LOM|EDONHQ VSHFLILFHUDU LQWH EHJUHSSHW RFK GHW NDQ L RFK I|U VLJ WDOD I|U DWW EHJUHSSHW GlU lU YLGDUH lQ PLOM|SURSRVLWLRQHQV SUHFLVHUDGH HNRORJLVND KnOOEDUKHW bYHQ GHW IDN

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

WXP DWW PLOM|EDONHQV PnOSDUDJUDI LQU\PPHU VN\GG DY DOOPlQQD

NRPPXQLNDWLRQV XWYLQQLQJV RFK I|UVYDUVLQWUHVVHQ WDODU I|U GHQ YLGDUH

EHW\GHOVHQ , NDS † S 0% DQJHV VnOHGHV DWW DQYlQGQLQJHQ DY GHQ

I\VLVND PLOM|Q XQGHUI|UVWnWW I|U H[SORDWHULQJ HOOHU EHYDUDQGH VND VNH

XWLIUnQ EO D HNRORJLVND RFK VDPKlOOVHNRQRPLVND DVSHNWHU

)|UDUEHWHQD EHVNULYHU HPHOOHUWLG KXU DOOD GHVVD DVSHNWHU EHK|YHU

YlJDV PRW YDUDQGUD YLG EHG|PQLQJDU DY HNRORJLVN KnOOEDUKHW RFK DWW

PLOM|PnOHQ VND JH OHGQLQJ I|U DWW L EDONHQ EHG|PD YDG KnOOEDU XWYHFN

OLQJ LQQHElU 'HWWD NDQ WDOD I|U DWW VDPPD I|UHWHHOVHU WURWV DOOW DYVHV

'LVNXVVLRQHQ RP GHILQLWLRQHQ DY KnOOEDUKHW ± PHG YDULHUDQGH EH

JUHSS ± KDU I|UWV |YHU KHOD YlUOGHQ L PnQJD nU 'HW lU KlU LQWH ULPOLJW ±

HOOHU PHQLQJVIXOOW DWW GUD I|U OnQJWJnHQGH VOXWVDWVHU DY DWW EHJUHSSHQ

LQWH DQYlQGV GLVWLQNW

'HW ILQQV YDUNHQ W\GOLJW VW|G HOOHU KLQGHU L SRUWDOHQ

6OXWVDWVHQ EOLU DWW YL PHG GHQQD RW\GOLJD EHJUHSSVDQYlQGQLQJ NQDSSDVW NDQ WD SRUWDOSDUDJUDIHQ VRP HQVDPW VW|G I|U DWW YLVD DWW GHW lU MXVW PLOM|PnOHQ VRP VND DQJH YDG KnOOEDUKHW lU L PLOM|EDONHQ 0HQ n DQGUD VLGDQ NDQ GHQ PRWVlJHOVHIXOOD DQYlQGQLQJHQ DY EHJUHSSHQ LQWH DQVHV KLQGUD DWW PLOM|SURSRVLWLRQHQV EHVNULYQLQJ DY HNRORJLVN KnOOEDUKHW PHG VW|G DY I|UDUEHWHQD DQYlQGV I|U DWW NRPSOHWWHUD RFK NRQNUHWLVHUD KnOOEDU XWYHFNOLQJ L PLOM|EDONHQV SRUWDOSDUDJUDI

'HW VWnU EHVOXWVIDWWDUQD IULWW DWW WD VW|G DY PnOHQ PHQ GH PnVWH LQWH 'HW LQQHElU I|UPRGOLJHQ DWW GHW lU SDUWHUQDV DUJXPHQWDWLRQ KXU NRQNUHW RFK XQGHUE\JJG GHQ lU VRP DYJ|U L YLONHQ XWVWUlFNQLQJ PnOHQ NRPPHU LQ L WLOOlPSQLQJHQ DY SRUWDOHQ L EHVOXWVIDWWDQGHW

)|UDUEHWHQ VRP VW|G I|U WLOOlPSQLQJHQ

9lJOHGQLQJ NDQ ILQQDV L PnQJD VDPPDQKDQJ

)|UDUEHWHQD DQYlQGHU ´YlJOHGD´ HOOHU PRWVYDUDQGH EHJUHSS I|U DWW EH VNULYD KXU PLOM|PnOHQ VND NRPPD LQ L WLOOlPSQLQJHQ DY PLOM|EDONHQ 2HUK|UW P\FNHW JHU HPHOOHUWLG OHGQLQJ L EHVOXWVIDWWDQGHW /HGQLQJ I|U WRONQLQJHQ DY UHJOHU NDQ ILQQDV L I|UDUEHWHQ RFK L SUD[LVEHVOXW 6W|G I|U DWW EHG|PD RP GHW ILQQV HQ HOOHU IOHUD OlPSOLJD O|VQLQJDU I|U DWW XSS I\OOD HQ UHJHO NDQ ILQQDV L P\QGLJKHWHUV LFNH ELQGDQGH DOOPlQQD UnG

6H SURS GHO VLG RFK SURS VLG

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

)DNWDVDPPDQVWlOOQLQJDU H[HPSHOYLV |YHU JUXQGYDWWQHWV IOXNWXDWLRQHU |YHU WLGHQ NDQ JH OHGQLQJ I|U DWW EHG|PD XSSJLIWHUQD L HQ DQV|NDQ )RUVNQLQJHQ NDQ SHND Sn DWW QnJRW EHK|YHU RPYlUGHUDV HWW WUHQGEURWW %HVOXWVIDWWDUHV HJQD HUIDUHQKHWHU PHQ RFNVn YlUGHULQJDU DQYlQGV YLG YlJYDO RFK EHG|PQLQJDU

9lJOHGQLQJ NDQ GlUPHG YDUD DY P\FNHW ROLND NDUDNWlU REMHNWLY VXEMHNWLY YHWHQVNDSOLJ SROLWLVN XWWU\FNOLJ XQGHUI|UVWnGG RFK PHU HOOHU PLQGUH ELQGDQGH

)|UDUEHWHQ YlJOHGHU YLG DOOPlQQD HOOHU RNODUD UHJOHU

)|UDUEHWHQ VRP SURSRVLWLRQHU RFK ULNVGDJVWU\FN KDU HQ MlPI|UHOVHYLV VWDUN SRVLWLRQ VRP YlJOHGDUH 'H DQYlQGV EnGH I|U DWW WROND RNODUD RFK I|U DWW NRQNUHWLVHUD DOOPlQW KnOOQD UHJOHU )|UDUEHWHQ NDQ HPHOOHUWLG LQWH lQGUD GHQ WRONQLQJ VRP NODUD RFK HQW\GLJD UHJOHU JHU 'H NDQ LQWH KHOOHU WLOOI|UD QnJRW NUDY XW|YHU GHW VRP IUDPJnU DY HQ UHJHO

0LOM|EDONHQV ´UDPUHJOHU´ JHU JLYHWYLV VWRUW XWU\PPH I|U YlJOHGQLQJ DY I|UDUEHWHQ *HQRP DWW MlPI|UD GHQ DNWXHOOD VLWXDWLRQHQ PHG LOOXVWUH UDQGH H[HPSHO RFK UHVRQHPDQJ L I|UDUEHWHQD NDQ EHVOXWVIDWWDUHQ RFNVn In PHUD NRQNUHW VW|G I|U DWW EHG|PD VLWW IDOO lQ YDG HQ DOOPlQJLOWLJ UHJHO QnJRQVLQ VNXOOH NXQQD JH

, GHWWD IDOO ILQQV NRQNUHWLVHULQJDUQD L HQ DQQDQ SURSRVLWLRQ lQ GHQ VRP K|U WLOO EDONHQ 'HW NDQ L RFK I|U VLJ LQJH IRUPHOOD EHWlQNOLJKHWHU 'HW lU HPHOOHUWLG NODUW DWW ODJVWLIWDUHQ DYVnJ DWW VW|G WLOO PLOM|EDONHQ VNXOOH JHV lYHQ DY GHQ VHQDUH SURSRVLWLRQHQ RP PLOM|PnO bYHQ I|UDU EHWHQD WLOO PLOM|PnOHQ E|U ULPOLJHQ XSSIDWWDV VRP VW|G DY EHVOXWV IDWWDUQD

'HW lU HPHOOHUWLG HQ WlPOLJHQ O|V PHQ IUDPI|UDOOW VYnUXSSWlFNW NRSSOLQJ YLONHW XWJ|U SUDNWLVND KLQGHU 'HW SHNDU Sn EHKRYHW DY HQ W\GOLJDUH NRSSOLQJ RFK HOOHU W\GOLJ LQIRUPDWLRQ WLOO EHVOXWVIDWWDUQD

5LNVGDJHQV PLOM|PnO lU YDFNUD PHQ DEVWUDNWD

)UnJDQ lU RFNVn L YLONHQ XWVWUlFNQLQJ PLOM|PnOHQ VRP GH EHVNULYV L SURSRVLWLRQHQ L SUDNWLNHQ NDQ JH YlJOHGQLQJ DOOV I|U EHVOXWVIDWWDUQD PHG WDQNH Sn GHQ |YHUJULSDQGH RFK DEVWUDNWD QLYnQ 0LOM|PnOHQV IRUPXOHULQJ JHU LQVSLUHUDQGH DVVRFLDWLRQHU PHQ LQJD VYDU QlU EHG|P QLQJDU VND J|UDV L NRQNUHWD lUHQGHQ

'HW NUlYHU VWRU NXQVNDS KRV EHVOXWVIDWWDUQD I|U DWW NXQQD RPVlWWD PLOM|PnOHQ WLOO SUDNWLVN OHGQLQJ bYHQ GHWWD SHNDU VnOHGHV Sn EHKRYHW

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

DY LQIRUPDWLRQ ± EnGH XWELOGQLQJ RFK W\GOLJD EHVOXWVXQGHUODJ ± PHQ RFNVn Sn WLOOJnQJ WLOO EUHG NRPSHWHQV L EHVOXWVSURFHVVHUQD

'HOPnOHQV VWDWXV lU RVlNHU

0LOM|PnOHQ VND NRQNUHWLVHUDV DY RFK NRPSOHWWHUDV PHG GHOPnO (WW VWRUW DQWDO P\QGLJKHWHU GHOWDU L HWW RPIDWWDQGH DUEHWH I|U DWW XWYHFNOD GHOPnO VDPW \WWHUOLJDUH LOOXVWUHUD KXU PLOM|PnOHQ VND NXQQD QnV

'HQQD XWYHFNOLQJ DY PLOM|PnOHQ LQJnU HPHOOHUWLG LQWH L SURSRVL WLRQHQ RFK lU LQWH JLYHQ VRP YlJOHGQLQJ DY VDPPD VWDWXV L EHVOXWV IDWWDQGHW 'HW ILQQV I|U GHW I|UVWD LQJHW W\GOLJW VW|G L I|UDUEHWHQD I|U DWW PnOEHVNULYQLQJDU Sn GHVVD QLYnHU YDU WlQNWD DWW DQYlQGDV GLUHNW L EH VOXWVIDWWDQGHW 'HW YDU ± RFK lU ± RFNVn RP|MOLJW DWW I|UXWVH KXU GHWWD DUEHWH NRPPHU DWW XWYHFNODV RFK RP UHVXOWDWHW lU OlPSOLJW HOOHU HQV P|MOLJW DWW DQYlQGD L SU|YQLQJVEHVOXW P P HQOLJW EDONHQ

, ULNVGDJVEHKDQGOLQJHQ lQGUDGHV HPHOOHUWLG UHJHULQJHQV I|UVODJ DQ JnHQGH GHOPnOHQ RFK GHW VORJV IDVW DWW lYHQ GHOPnOHQ VND JRGNlQQDV DY ULNVGDJHQ 'HWWD NDQ LQQHElUD DWW GHOPnO VRP L IUDPWLGHQ JRGWDV DY ULNVGDJHQ NDQ NRPPD DWW nEHURSDV VRP YlJOHGQLQJ L EHVOXWVIDWWDQGHW L PLOM|EDONHQ RP GH lU OlPSOLJD I|U GHW

.RQNXUUHUDQGH PnO E|U EHG|PDV L HWW VDPPDQKDQJ

3URS 6YHQVND PLOM|PnO

6LG 1nJUD LQVWDQVHU SnSHNDU DWW NOLPDWPnOHW NDQ NRPPD L NRQIOLNW PHG DQGUD PLOM|NYDOLWHWVPnO +|JW ELREUlQVOHXWWDJ NDQ W H[ PRWYHUND HWW KnOO EDUW VNRJVEUXN VDPW I|UVlPUD OXIWNYDOLWHWHQ 2PIDWWDQGH XWE\JJQDG DY YLQGNUDIW PRWYHUNDU PnOHW RP RH[SORDWHUDGH IMlOORPUnGHQ RFK XWE\JJG YDWWHQNUDIW VWnU L NRQIOLNW PHG PLOM|NYDOLWHWVPnOHW I|U VM|DU RFK YDWWHQGUDJ

0RWVWULGLJD PnO RFK VNLOGD YlUGHULQJDU LQRP ROLND VHNWRUHU lU SUREOHP VRP NDQ I|UVWlUNDV YLG XWYHFNOLQJHQ DY PnOHQ RFK VRP EHVOXWVIDWWDUH LQWH E|U VlWWDV DWW O|VD IUnQ IDOO WLOO IDOO 'HW E|U DYJ|UDV L HWW |YHU JULSDQGH VDPPDQKDQJ

6H 0LOM| RFK MRUGEUXNVXWVNRWWHWV EHWlQNDQGH 0-8 VDPW ULNVGDJHQV EHVOXW GHQ DSULO SURWRNROO

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

0LOM|PnOHQ NDQ NRPPD LQ PHG VW|G DY I|UDUEHWHQD PHQ EHK|YHU VW|GMDV

6OXWVDWVHQ lU DWW I|UDUEHWHQDV EHVNULYQLQJ DY PnOHQ L RFK I|U VLJ NDQ DQYlQGDV DY EHVOXWVIDWWDUQD VRP WRONQLQJVVW|G PHQ DWW GHWWD EDUD lU HQ DY IOHUD RPVWlQGLJKHWHU VRP JHU OHGQLQJ $QYlQGQLQJHQ DY PnOHQ EHURU VRP MDJ WLGLJDUH QlPQW I|UPRGOLJHQ IUlPVW Sn SDUWHUQDV I|UPnJD DWW I|UD LQ PnOHQ W\GOLJW L VLQ DUJXPHQWDWLRQ 0nOHQ EHK|YHU VRP VDJW RFNVn NRQNUHWLVHUDV RFK XWYHFNODV I|U DWW JH SUDNWLVN OHGQLQJ

)|UVWlUNWD NRSSOLQJDU

7LOOlPSQLQJ

'HQ VWDUNDVWH NRSSOLQJHQ YRUH HQ UHJHO L PLOM|EDONHQ PHG NUDY DWW PLOM|PnOHQ GLUHNW VNXOOH WLOOlPSDV YLG EHVOXW HQOLJW PLOM|EDONHQ 'HW NDQ H[HPSHOYLV JlOOD SU|YQLQJ DY YHUNVDPKHWHU PLOM|NRQVHNYHQV EHVNULYQLQJDU WLOOV\Q HOOHU NXQVNDSVI|UV|UMQLQJ I|U EHVOXW

7LOOlPSQLQJ NUlYHU KlQYLVQLQJ

'HWWD NUlYHU HQ XWWU\FNOLJ KlQYLVQLQJ L PLOM|EDONHQV UHJOHU WLOO HQ I|U RUGQLQJ HOOHU DQQDQ I|UHVNULIW GlU PLOM|PnOHQ SUHFLVHUDV 'H PLOM| DVSHNWHU VRP EHKDQGODV L PnOHQ NXQGH GlUPHG XWSHNDV VRP VlUVNLOW KlQV\QVNUlYDQGH HOOHU WLOO RFK PHG VRP VWRSSJUlQVHU DWW MlPI|UD PHG PLOM|NYDOLWHWVQRUPHU

(Q VnGDQ NRSSOLQJ lU HPHOOHUWLG LQWH P|MOLJ LGDJ DY KlQV\Q WLOO I|U XWVHEDUKHW RFK UlWWVVlNHUKHW 0nOHQ LQWH lU WLOOUlFNOLJ SUHFLVHUDGH I|U DWW NODUD HQ UHHOO WLOOlPSQLQJ

'HW ILQQV LQWH KHOOHU QnJRW L I|UDUEHWHQD VRP DQW\GHU DWW HQ JHQHUHOO NRSSOLQJ DY GHWWD VODJ HIWHUVWUlYDV HOOHU lU OlPSOLJ VH FLWDWHW QHGDQ 'HQQD P|MOLJKHW OlPQDV GlUPHG

0|MOLJKHWHQ DWW In HQ WLOOlPSQLQJ DY PLOM|PnOHQ YLD SODQ RFK E\JJODJHQ KDU MDJ EHVNULYLW L DYVQLWW

3URS 0LOM|EDON GHO

6LG 1lU GHW JlOOHU IUnJDQ RP YLOND PLOM|SROLWLVND PnO VRP E|U LQJn L EDONHQ NDQ I|UVW NRQVWDWHUDV DWW lYHQ RP ODJVWLIWQLQJHQ KDU HQ FHQWUDO UROO lU GHQ LQWH GHW HQGD LQVWUXPHQWHW I|U DWW UHDOLVHUD HQ HNRORJLVNW KnOOEDU XW YHFNOLQJ 'lUWLOO NRPPHU DWW DOOPlQW KnOOQD PnO NDQ YDUD VYnUD DWW LQRUGQD L RFK OlJJD WLOO JUXQG I|U HWW UlWWVOLJW V\VWHP VRP VNDOO YDUD VW\UDQGH I|U GHQ

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

HQVNLOGHV KDQGODQGH L HQVNLOGD IDOO RFK VRP lU VDQNWLRQHUDW PHG VWUDII RP UHJOHUQD LQWH I|OMV 7URWV GHWWD lU GHW JLYHWYLV DY DYJ|UDQGH EHW\GHOVH DWW EDONHQ IXQJHUDU VRP HWW YHUNW\J I|U JHQRPI|UDQGH DY GH PLOM|SROLWLVND PnOHQ

+D NXQVNDS WLOO KDQGV RFK EHDNWD GHQ

(Q PLQGUH VWDUN NRSSOLQJ PHQ W\GOLJDUH lQ HQEDUW YlJOHGQLQJ DY I|U DUEHWHQ lU HWW NUDY DWW NXQVNDS RP PnOHQ REOLJDWRULVNW VNXOOH ILQQDV WLOOJlQJOLJ I|U EHVOXWVIDWWDUH RFK EHDNWDV YLG YLVVD VODJ DY EHVOXW HQOLJW EDONHQ

9LG WLOOlPSQLQJHQ DY UHJOHU VND P\QGLJKHWHQ QRUPDOW EHDNWD YLVVD IDNWD HOOHU RPVWlQGLJKHWHU VRP JHU DUJXPHQW I|U YLOND VOXWVDWVHU PDQ NDQ GUD QlU UHJHOQ WLOOlPSDV 2PVWlQGLJKHWHUQD JHU PHG DQGUD RUG NXQ VNDS VRP ´VlWWHU N|WW Sn UHJHOEHQHQ´ 6nGDQD RPVWlQGLJKHWHU NDQ H[ HPSHOYLV ILQQDV L V|NDQGHQV LQODJRU \WWUDQGHQ IUnQ VDNlJDUH RFK P\QGLJKHWHU HOOHU L SODQHU HQOLJW SODQ RFK E\JJODJHQ

$WW QnJRW VND EHDNWDV LQQHElU DWW P\QGLJKHWHQ LQWH InU ERUWVH IUnQ NXQVNDSHQ YLG VLQ DQDO\V Gn UHJOHUQD WLOOlPSDV H[HPSHOYLV I|U DWW EH G|PD RP HQ YHUNVDPKHW lU WLOOnWHQ 'lUHPRW PnVWH P\QGLJKHWHQ LQWH JH HQ RPVWlQGLJKHW VDPPD W\QJG HOOHU GUD VDPPD VOXWVDWV VRP W H[ KDU JMRUWV L HWW \WWUDQGH

-lPI|U NUDYHW DWW KD SODQHU WLOOJlQJOLJD

(WW OLNQDQGH NUDY ILQQV LGDJ QlU GHW JlOOHU SODQHU HQOLJW SODQ RFK E\JJODJHQ VRP VND EHO\VD KXVKnOOQLQJHQ PHG PDUN YDWWHQ RFK GHQ I\VLVND PLOM|Q L |YULJW 'H EHVOXW VRP IDWWDV HQOLJW DQNQXWQD ODJDU VND GHVVXWRP YLVD KXU GH lU I|UHQOLJD PHG KXVKnOOQLQJVUHJOHUQD RFK PHG SODQHUQD .UDYHW DWW EHDNWD PLOM|NRQVHNYHQVEHVNULYQLQJDU lU HWW DQQDW H[HPSHO

0% NDS †

-lPI|U † I|URUGQLQJHQ RP KXVKnOOQLQJ PHG PDUN RFK YDWWHQRPUnGHQ P P

0% NDS † ""

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

'HW VRP V\QV GHW ILQQV

(Q NRSSOLQJ DY GHWWD VODJ NXQGH LQQHElUD DWW IDNWD DY EHW\GHOVH I|U PnOHQ DOOWLG EOHY HQ DY GH RPVWlQGLJKHWHU VRP SnYHUNDGH DYYlJ QLQJDUQD LQI|U EHVOXWHQ 'HW ILQQV HPHOOHUWLG LQWH W\GOLJD XWWDODQGHQ L I|UDUEHWHQD DWW HQ VnGDQ NRSSOLQJ DYVHWWV HOOHU SODQHUDV <WWHUOLJDUH UH VRQHPDQJ RP GHW lU OlPSOLJW I|UV L NDS

+XU VHU PLOM|PnO XW VRP YlJOHGHU PLOM|EDONHQ

5LNVGDJHQV VWDUWVNRWW

0nOHQV IRUPXOHULQJ L ULNVGDJHQV EHVOXW lU VN|Q PHG DEVWUDNW 5HGDQ L SURSRVLWLRQHQ XWYHFNODV QnJUD GHOPnO WLOO GH |YHUJULSDQGH PLOM|PnOHQ PHG ULNWOLQMHU HWF PHQ GHW lU lQGn EDUD HQ E|UMDQ Sn GHW Q\D V\VWHPHW I|U DWW KDQWHUD PnOHQ bYHQ RP PLOM|PnO IXQQLWV RFK XWYHFNODWV L PnQJD nU Vn lU WDQNHQ DWW GHW QX VND VNH L DQGUD IRUPHU +lU WDV EDUD IUnJRU XSS VRP MDJ EHG|PW YLNWLJD I|U DWW PLOM|PnOHQ VND NRPPD LQ VRP HWW W\GOLJW VW|G I|U PLOM|EDONHQV WLOOlPSQLQJ

3URS 6YHQVND PLOM|PnO

6LG ´5HJHULQJHQ J|U EHG|PQLQJHQ DWW GHQ Q\D PLOM|EDONHQ RFK GH Q\D QDWLRQHOOD PLOM|NYDOLWHWVPnOHQ PHG GHQ DQVYDUVI|UGHOQLQJ I|U PnOXSS I\OOHOVH VRP I|UHVOnV WLOOVDPPDQV VNDSDU \WWHUOLJDUH I|UXWVlWWQLQJDU I|U HQ GHFHQWUDOLVHULQJ DY PLOM|DUEHWHW ´

6LG )OHUD UHPLVV LQVWDQVHU NRPPHQWHUDU RFNVn EHW\GHOVHQ DY DWW PnOHQ lU IRUPXOHUDGH RFK SUHVHQWHUDGH Sn HWW OlWWEHJULSOLJW VlWW Vn DWW GH NDQ I|UDV XW L VDPKlOOHW RFK EOL HWW YHUNW\J L PLOM|DUEHWHW

6LG 0LOM|NYDOLWHWVPnOHQ ELOGDU VnOHGHV XWJnQJVSXQNWHU I|U IRUWVDWW SUH FLVHULQJ VDPW VHNWRUVYLV RFK JHRJUDILVN DQSDVVQLQJ

6LG )|U DWW NXQQD I|OMD XSS GH QDWLRQHOOD PLOM|PnOHQ NUlYV HWW IXOOJRWW LQIRUPDWLRQVXQGHUODJ 8QGHUODJ I|U XSSI|OMQLQJ DQDO\V RFK XWYlUGHULQJ DY PLOM|PnOHQ E|U GlUI|U SULRULWHUDV WLOOVDPPDQV PHG LQWHUQDWLRQHOO UDSSRU WHULQJ 'HW lU GlUI|U YLNWLJW DWW ILQQD HIIHNWLYD PHWRGHU I|U XSSI|OMQLQJ

6LG 9LGDUH VNDOO HQ DQDO\V JHQRPI|UDV DY KXU EHILQWOLJD VW\UPHGHO Vn VRP WLOOV\Q WLOOVWnQGVSU|YQLQJ HQOLJW PLOM|EDONHQ RFK LQIRUPDWLRQ Sn ElVWD VlWW NDQ DQYlQGDV I|U DWW nVWDGNRPPD HQ VNlUSW NRQWUROO DY GH lPQHQ VRP

L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

RPIDWWDV DY ULNWOLQMHUQD RFK JH I|UVODJ WLOO YLOND \WWHUOLJDUH UHGVNDS VRP NDQ EHK|YDV

)|U DWW PnOHQ VND NXQQD VW|GMD WLOOlPSQLQJHQ DY PLOM|EDONHQ EHK|YHU GH ± I|UXWRP IRUPHOOW NRUUHNWD NRSSOLQJDU ± lYHQ YDUD OlWW WLOOJlQJOLJD I|U EHVOXWVIDWWDUQD L HQ DQYlQGEDU IRUP 6RP IUDPJnU DY FLWDWHQ RYDQ I|UXWVlWWHU ODJVWLIWDUHQ RFNVn DWW PnOHQ VND XWYHFNODV Sn ROLND VlWW Vn GH NRPPHU EHVOXWVIDWWDUQD QlUD

'HW ILQQV LQJD GHWDOMHUDGH EHVNULYQLQJDU L I|UDUEHWHQD DY KXU V\V WHPHQ I|U XWYHFNOLQJ HOOHU XSSI|OMQLQJ DY PLOM|PnOHQ NDQ WlQNDV VH XW 'HW lU YLNWLJW DWW VH WLOO DWW EHVOXWHQ HQOLJW PLOM|EDONHQ EOLU HQ QDWXUOLJ GHO DY GHW XWYlUGHULQJVDUEHWHW 'HW NDQ JH HQ UHIHUHQVUDP I|U XWYlUGH ULQJDU DY WLOOVWnQGHQ Sn SDSSHUHW RFK WLOOVWnQGHW L YHUNOLJKHWHQ 'HW J|U GHW RFNVn P|MOLJW DWW XWYHFNOD PLOM|PnOHQ Vn GH JHU DOOW ElWWUH VW|G I|U EDONHQV EHVOXW

'HW QlPQGD P\QGLJKHWVDUEHWHW VRP SnJnWW XQGHU I|U DWW XW YHFNOD PnOHQ lU LQWH VSHFLILNW LQULNWDW Sn DWW PnOHQ VND NXQQD DQYlQGDV L EHVOXWVIDWWDQGHW 6DQQROLNW NDQ GlUI|U \WWHUOLJDUH EHDUEHWQLQJDU DY GHW PDWHULDOHW HOOHU VlUVNLOGD VDPPDQVWlOOQLQJDU EHK|YDV )|U DWW Qn GHQ GHFHQWUDOLVHULQJ VRP IUDPKnOOV L SURSRVLWLRQHQ lU GHW RFNVn Q|GYlQGLJW DWW DUEHWHW I|UV lYHQ Sn ORNDO QLYn I|UHWUlGHVYLV JHQRP NRPPXQHUQD

%HK|YV HWW VlUVNLOW V\VWHP I|U NXQVNDSVI|UV|UMQLQJ"

8WJnQJVSXQNWHUQD L I|UDUEHWHQD YLVDU YLOND DVSHNWHU VRP ULNVGDJHQ DQ VHWW YLNWLJD L GHQ DOOPlQQD NXQVNDSVXWYHFNOLQJHQ DY PLOM|PnOHQ )UnJDQ lU RP GHW NDQ YDUD PRWLYHUDW DWW KD HWW VlUVNLOW V\VWHP I|U DWW XWYHFNOD NXQVNDS RP PLOM|PnOHQ MXVW I|U GHVV DQYlQGQLQJ LQRP EDONHQ 'HW ILQQV HWW UHJOHUDW V\VWHP I|U IUnJRU RP KXVKnOOQLQJHQ PHG PDUN RFK YDWWHQRPUnGHQ P P +DQWHULQJHQ DY GH DOOPlQQD LQWUHVVHQD L |YHU VLNWVSODQHULQJHQ RFK PLOM|PnOHQV WLOOlPSQLQJ L EDONHQ KDU IOHUD SDUDO

OHOOHU (Q MlPI|UHOVH lU YLNWLJ I|U DWW GUD Q\WWD DY JMRUGD HUIDUHQKHWHU +XVKnOOQLQJVUHJOHUQD L RFK NDS 0% OLNVRP SRUWDOHQ RP KnOOEDU

XWYHFNOLQJ lU DOOPlQW KnOOQD RFK LQWH P|MOLJD DWW WLOOlPSD XWDQ \WWHU OLJDUH EHVOXWVXQGHUODJ gYHUVLNWVSODQHQ VND DOOWLG YLVD YDU ± JHRJUDILVNW

± GHW ILQQV DOOPlQQD LQWUHVVHQ VRP EHU|UV DY KXVKnOOQLQJVUHJOHUQD

6H lYHQ VLG I L SURS 6YHQVND PLOM|PnO

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

.RPPXQHQ VND L SODQHQ EHVNULYD ULNVLQWUHVVHQ RFK UHGRYLVD VLQ EH G|PQLQJ DY KXU LQWUHVVHNRQIOLNWHU VND EHG|PDV RFK ULNVLQWUHVVHQ WLOO JRGRVHV

+DQWHULQJHQ L |YHUVLNWVSODQHULQJHQ JHU HQ SROLWLVN I|UDQNULQJ DY IUnJRUQD 6WDWHQ VND JHQRP OlQVVW\UHOVHQ UHGRYLVD RP EHG|PQLQJHQ lU GHQVDPPD HOOHU HQ DQQDQ gYHUVLNWVSODQHULQJHQV VNDOD RFK PnQJIDOG DY IUnJRU OLNVRP GHQ JHRJUDILVND NRSSOLQJHQ JHU EUHGD XQGHUODJ I|U DWW DYYlJD XWLIUnQ HQ PHUD OnQJVLNWLJ ´KHOKHW´ 'HW NDQ JH W\GOLJD VWlOO QLQJVWDJDQGHQ VRP VW|G I|U DQGUD DNW|UHUV EHVOXW

<WWHUOLJDUH NXQVNDS XW|YHU |YHUVLNWVSODQHQ EHK|YV , HWW SU|YQLQJV lUHQGH HQOLJW QnJRQ DY GH ODJDU GlU RFK NDS 0% VND WLOOlPSDV VND V|NDQGHQ UHGRYLVD KXU GHQ WlQNWD PDUNDQYlQGQLQJHQ SnYHUNDU EHU|UGD DOOPlQQD LQWUHVVHQ 'HW J|UV L HQ PLOM|NRQVHNYHQVEHVNULYQLQJ RP Vn GDQ VND ILQQDV HOOHU DQQDUV L DQV|NDQ

'HW LQQHElU DWW KXVKnOOQLQJVUHJOHUQD PnVWH NRPSOHWWHUDV PHG NXQ VNDS RP YDU LQWUHVVHQD ILQQV YDG VRP lU DY LQWUHVVH YDG VRP SULRUL WHUDV ORNDOW RFK QDWLRQHOOW RFK KXU LQWUHVVHQD SnYHUNDV DY GHQ WlQNWD I|UlQGULQJHQ 3n PRWVYDUDQGH VlWW NDQ KnOOEDU XWYHFNOLQJ ± PLOM|PnOHQ

± WlQNDV In VLQ NRQNUHWLVHULQJ JHQRP NXQVNDS RP YLOND PnO VRP lU SULRULWHUDGH L RPUnGHW 'HW JlOOHU YHWHQVNDSOLJD VnYlO VRP SROLWLVND EH G|PQLQJDU RP KXU GH NDQ IUlPMDV RFK YDG VRP KRWDU GHP YLOND EH G|PQLQJDU ROLND DNW|UHU J|U RFK KXU GHW WlQNWD SURMHNWHW SnYHUNDU GHVVD IUnJRU gYHUVLNWVSODQHULQJHQ NXQGH GlUPHG WlQNDV OnQD VLQ IRUP lYHQ WLOO NXQVNDSVI|UV|UMQLQJHQ I|U PLOM|PnOHQ /lPSOLJKHWHQ DY GHWWD GLVNXWHUDU MDJ L QlVWD DYVQLWW

.XQVNDSVI|UV|UMQLQJHQ I|U KXVKnOOQLQJ HQOLJW RFK NDS 0% lU HPHOOHUWLG HWW VYnUW V\VWHP EnGH L VDN WHNQLVNW RFK UHJHOPlVVLJW )|U RUGQLQJHQ WLOO NDSLWOHW JHU UDPDUQD I|U SURFHGXUHQ RFK DQVYDUVI|UGHO QLQJHQ PHQ YLNWLJD GHODU DY V\VWHPHW ILQQV L HQ KHOW DQQDQ ODJVWLIWQLQJ QlPOLJHQ NDS SODQ RFK E\JJODJHQ $QVYDUHW YDQGUDU IUnQ GHQ QDWLRQHOOD WLOO UHJLRQDOD RFK ORNDOD DNW|UHU 6DPRUGQLQJHQ VNHU Sn GHQ UHJLRQDOD QLYnQ PHQ EHVOXWVXQGHUODJHW WDV VOXWOLJW IUDP ORNDOW 'HW lU VYnUW DWW |YHUEOLFND KXU SURFHGXUHQ VND Jn WLOO OLNVRP KXU DQVYDUVI|U GHOQLQJHQ lU PHOODQ ROLND P\QGLJKHWHU 'HW I|UXWVlWWHU HJHQWOLJHQ NXQ VNDS IUnQ WLGLJDUH I|UDUEHWHQ WLOO QDWXUUHVXUVODJHQ ± LQNOXVLYH GHQ I\VLVND ULNVSODQHULQJHQ ± VDPW LQVLNW RP LQVWUXNWLRQHU I|U P\QGLJKHWHU FHQWUDOW VnYlO VRP UHJLRQDOW

6H EO D NDS RFK † SODQ RFK E\JJODJHQ

)|URUGQLQJHQ RP KXVKnOOQLQJ PHG PDUN RFK YDWWHQRPUnGHQ P P

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

0LQ VOXWVDWV lU DWW GHW lQQX LQWH NDQ DQVHV PRWLYHUDW DWW VNDSD HWW PRWVYDUDQGH NRPSOLFHUDW V\VWHP I|U PLOM|PnOHQ lYHQ RP GHVVD VDQQROLNW lU OLND NRPSOH[D VRP KDQWHULQJHQ DY GH DOOPlQQD LQWUHVVHQD

3ODQHULQJ VRP UHGVNDS I|U DWW XWYHFNOD PLOM|PnO

3URS 6YHQVND PLOM|PnO

6LG 'HW lU JHQRP GHQ NRPPXQDOD SODQHULQJHQ VRP GHW EOLU P|MOLJW DWW YlJD LQ ORNDOD DVSHNWHU Sn PDUNDQYlQGQLQJHQ PLOM|IUnJRU RFK VRFLDOD I|U KnOODQGHQ 3n NRPPXQDO QLYn ILQQV I|UXWVlWWQLQJDU DWW L VDPYHUNDQ PHOODQ EHU|UGD SDUWHU ILQQD SUDNWLVNW IXQJHUDQGH O|VQLQJDU Sn GH XWYHFNOLQJVIUnJRU VRP lU NQXWQD WLOO ORNDOVDPKlOOHWV PLOM| RUJDQLVDWLRQ RFK IXQNWLRQHU

'HW lU RFNVn DQJHOlJHW DWW PLOM|SROLWLNHQV JHRJUDILVND GLPHQVLRQ Yl[HU IUDP JHQRP HWW XWYHFNODW VDPDUEHWH PHOODQ VWDW RFK NRPPXQ +lULJHQRP NDQ PLOM|PnO I|OMDV XSS RFK ULNVLQWUHVVHQ WDV WLOO YDUD L IRUPHU VRP I|UHQDU UHVSHNW I|U ULNVGDJVEHVOXW RFK LQWHUQDWLRQHOOD nWDJDQGHQ PHG KlQV\Q WLOO ORNDOD I|UXWVlWWQLQJDU RFK ORNDO GHPRNUDWL

6LG 'HQ NRPPXQDOD |YHUVLNWVSODQHULQJHQ HQOLJW SODQ RFK E\JJODJHQ

KDU VWRU EHW\GHOVH L DUEHWHW PHG HQ KnOOEDU XWYHFNOLQJ (Q XW YHFNODG NRPPXQDO |YHUVLNWVSODQHULQJ JHU PHG VW|G DY QDWXUUHVXUVODJHQV KXVKnOOQLQJVEHVWlPPHOVHU YHUNQLQJVIXOOD PHGHO I|U NRPPXQHUQD DWW EH KDQGOD EO D IUnJRU RP HQ KnOOEDU XWYHFNOLQJ L VNlUJnUGDUQD

6LG 6RP VW|G I|U HQ PLOM|DQSDVVDG VDPKlOOVSODQHULQJ E|U GH DQ SDVVDGH PLOM|PnOHQ nVNnGOLJJ|UDV L NRPPXQHUQDV |YHUVLNWVSODQHULQJ

6LG )|U RPUnGHQ PHG VlUVNLOW IUDPWUlGDQGH PLOM| RFK KXVKnOO QLQJVSUREOHP ILQQV HWW EHKRY DY DWW I|OMD XSS PLOM|NYDOLWHWVPnOHQ RFK DQ SDVVD GHQ VWDWOLJD VHNWRUVSODQHULQJHQ WLOO UHJLRQDOD RFK ORNDOD I|UXWVlWW QLQJDU (WW DUEHWH PHG UHJLRQDOD PLOM| RFK KXVKnOOQLQJVSURJUDP E|U LQ OHGDV L VnGDQD RPUnGHQ

)|UDUEHWHQD WLOO PLOM|PnOHQ XWWU\FNHU I|UYlQWQLQJDU Sn ROLND SODQHULQJV UHGVNDS RFK VlUVNLOW Sn NRPPXQHUQD RFK GHQ I\VLVND SODQHULQJHQ YLO NHW NDQ JH GHQ JHRJUDILVND RFK GHQ ORNDOD DQSDVVQLQJHQ )|UDUEHWHQD SHNDU VSHFLILNW XW |YHUVLNWVSODQHULQJHQ VRP HQ NXJJH L NXQVNDSV XWYHFNOLQJHQ I|U PLOM|PnOHQ

0LOM|IUnJRU ± RFK PLOM|PnO ± KDU XQGHU IOHUD nU YDULW HQ GHO DY |YHU VLNWVSODQHULQJHQ RFK GHW lU QDWXUOLJW DWW IRUWVlWWD GHW XWYHFNOLQJVDUEHWHW 3ODQ RFK E\JJODJHQ KDU RFNVn lQGUDWV IOHUD JnQJHU I|U DWW PDUNHUD

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

PLOM|IUnJRUQDV |NDGH EHW\GHOVH %RYHUNHW KDU L IOHUD XWYHFNOLQJV

DUEHWHQ RFK UDSSRUWHU EHVNULYLW IUnJRUQD

'HW lU HPHOOHUWLG WLOO VWRU GHO XSS WLOO NRPPXQHQ DWW DYJ|UD

DPELWLRQVQLYnQ OLNVRP RPIDWWQLQJHQ DY ROLND VODJV UHGRYLVQLQJDU L WH[W

RFK Sn NDUWD bYHQ RP IOHUWDOHW PnO NDQ WlQNDV XWYHFNODV YlO L DUEHWHW

PHG SODQHQ Vn lU GHWWD PHG DQGUD RUG LQJHW IDVW V\VWHP I|U NXQVNDSV

I|UV|UMQLQJ I|U PnOHQ

(UIDUHQKHWHUQD DY DOOPlQQD UnG

3URS 0LOM|EDON GHO

6LG , NRUWKHW LQQHElU PnO RFK UHVXOWDWVW\UQLQJHQ DWW VWDWHQ VW\U PHG KMlOS DY XSSVWlOOGD PnO XWDQ DWW L GHWDOM UHJOHUD YDG VRP VNDOO J|UDV I|U DWW Qn GLW )|OMDNWOLJHQ JHV P\QGLJKHWHU RFK DQGUD DNW|UHU VWRU IULKHW DWW YlOMD YlJ I|U DWW Qn PnOHQ 6W\UQLQJHQ I|UXWVlWWHU DWW EHU|UGD DNW|UHU UHGRYLVDU UHVXOWDWHW DY VLQ YHUNVDPKHW RFK DWW PnOHQ NDQ I|OMDV XSS 1DWLRQHOOD PLOM| PnO DY |YHUJULSDQGH NDUDNWlU PnVWH EU\WDV QHG I|U DWW EOL YHUNVDPPD VRP PnO L HQ SURFHVV DY PnO RFK UHVXOWDWVW\UQLQJ

0LOM|PnOHQV IXQNWLRQ L I|UKnOODQGH WLOO EHVOXWVIDWWDQGHW XQGHU EDONHQ

YLVDU PnQJD OLNKHWHU PHG P\QGLJKHWHUV DOOPlQQD UnG 0LOM|PnOHQ NDQ

OLNVRP DOOPlQQD UnG YLVD KXU PDQ OlPSOLJHQ EHWHU VLJ I|U DWW XSSI\OOD

NUDYHQ L ELQGDQGH UHJOHU HOOHU DQJH YLONHQ ´ULEED´ VRP VND SDVVHUDV

0HQ DNW|UHUQD KDU IULKHW DWW YlOMD YlJ 'HWWD lU RIWD HWW NRVWQDGV

HIIHNWLYW VlWW DWW VW\UD HIWHUVRP OnVQLQJDU XQGYLNV VRP NDQ KLQGUD XW

YHFNOLQJHQ DY Q\D VPDUWD O|VQLQJDU

(UIDUHQKHWHUQD DY DUEHWH PHG DOOPlQQD UnG LQRP W H[ E\JJVHNWRUQ

NDQ GlUI|U VDQQROLNW JH VW|G L DUEHWHW PHG PnOHQ I|U DWW In PDWHULDO VRP

SDVVDU EHVOXWVVLWXDWLRQHU L EDONHQ

6H W H[ NDS † NDS †† NDS †† NDS †† SODQ RFK E\JJODJHQ

6H H[HPSHOYLV %RNHQ RP |YHUVLNWVSODQ *RGD H[HPSHO I|U |YHUVLNWVSODQHULQJHQ

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

)|UVODJ WLOO nWJlUGHU

'H WLGLJDUH NDSLWOHQ KDU OHWW IUDP WLOO VOXWVDWVHU RP WlQNEDUD nWJlUGHU I|U DWW NRPPD YLGDUH RFK In PLOM|EDONHQV WLOOlPSQLQJ DWW IUlPMD PLOM| PnOHQ RFK PLOM|PnOHQ DWW YlJOHGD WLOOlPSQLQJHQ DY EDONHQ , GHWWD NDSLWHO VDPODU MDJ RFK EHG|PHU GH PHVW DQJHOlJQD nWJlUGHUQD

bQGUD UHJOHUQD Vn DWW PnOHQ EOLU V\QOLJD

.RSSOD XWWU\FNOLJHQ PLOM|PnOHQ RFK PLOM| EDONHQ

'HW ILQQV LQJD IRUPHOOD NRSSOLQJDU L PLOM|EDONHQV UHJHOYHUN WLOO PLOM|

PnOHQ 'HQ DYVHGGD VDPYHUNDQ IUDPJnU HQEDUW DY I|UDUEHWHQ 'HW LQQH

ElU DWW P\QGLJKHWHU RFK EHVOXWVIDWWDUH VDQQROLNW XSSIDWWDU PnOHQ VRP HQ

DVSHNW DWW EHG|PD VRP DOOD DQGUD L GHQ XWVWUlFNQLQJ SDUWHUQD RFK DQGUD

DNW|UHU JHU DUJXPHQW XWLIUnQ PLOM|PnOHQ

(Q W\GOLJDUH XSSPDQLQJ WLOO EDONHQV WLOOlPSDUH YRUH HQ KlQYLVQLQJ L

PLOM|EDONHQV SRUWDOSDUDJUDI VRP YLVDU YDG VDPKlOOHW SULRULWHUDU I|U DWW

Qn KnOOEDU XWYHFNOLQJ (Q I|URUGQLQJ NDQ O|SDQGH XSSGDWHUD YLOND PnO

GHW KDQGODU RP

NDS † VW 0%

5LNVGDJHQ DQWDU PLOM|PnO VRP JHU OHGQLQJ I|U DWW EHG|PD YDG KnOOEDU XW

YHFNOLQJ LQQHElU 'H |YHUJULSDQGH PLOM|PnOHQ lU IULVN OXIW«

.UlY DWW NXQVNDS RP PLOM|PnOHQ ILQQV WLOOJlQJOLJ RFK EHDNWDV

'HW lU LQWH OlPSOLJW DWW NUlYD DWW PLOM|PnOHQ GLUHNW VND WLOOlPSDV L PLOM|EDONHQ 'lUHPRW E|U NXQVNDS RP PLOM|PnOHQ DOOWLG ILQQDV WLOO JlQJOLJ I|U DWW GHW VND YDUD P|MOLJW DWW EHG|PD KXU KDQWHULQJHQ XQGHU EDONHQ SnYHUNDU PLOM|PnOHQ

2P PLOM|PnOHQ VND EHDNWDV XWWU\FNOLJHQ L EHVOXWVIDWWDQGHW VNXOOH GHW DYVHYlUW |ND PLOM|PnOHQV EHW\GHOVH VRP YlJOHGDUH 'HW VNXOOH

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

VDQQROLNW RFNVn XWYHFNOD EHVOXWVIDWWDQGHW LQRP PLOM|EDONHQ L KlQV\QV WDJDQGH ULNWQLQJ

.UDYHW Sn LQQHKnOOHW L HQ PLOM|NRQVHNYHQVEHVNULYQLQJ NDQ lYHQ I|U W\GOLJDV L VDPPD V\IWH

NDS † 0%

9DUMH P\QGLJKHW VRP VNDOO WLOOlPSD GHQQD EDON VNDOO VH WLOO DWW VnGDQD SODQHU HQOLJW SODQ RFK E\JJODJHQ RFK VnGDQW SODQHULQJVXQGHUODJ VRP EHK|YV I|U DWW EHO\VD IUnJRU RP KXVKnOOQLQJHQ PHG PDUN RFK YDWWHQ ILQQV WLOOJlQJOLJD L PnOHW HOOHU lUHQGHW 'HWVDPPD JlOOHU NXQVNDSVXQGHUODJ VRP EHK|YV I|U DWW EHO\VD LQYHUNDQ Sn PLOM|PnO VRP DQWDJLWV DY ULNVGDJHQ

NDS † VW 0%

9LG SU|YQLQJHQ DY DQV|NDQ VNDOO P\QGLJKHWHQ EHDNWD LQQHKnOOHW L PLOM|

NRQVHNYHQVEHVNULYQLQJHQ RFK UHVXOWDWHW DY VDPUnG RFK \WWUDQGHQ HQOLJW

RFK †† VDPW GH PLOM|PnO VRP DQWDJLWV DY ULNVGDJHQ

)|URUGQLQJHQ [[ [[ RP PLOM|PnO

; †

'HQ P\QGLJKHW VRP VNDOO WLOOlPSD EHVWlPPHOVHUQD L NDS PLOM|EDONHQ L HWW lUHQGH VNDOO L EHVOXWHW DQJH KXU GH PHGJLYQD nWJlUGHUQD JnU DWW I|UHQD PHG DY ULNVGDJHQ DQWDJQD PLOM|PnO

NDS † 0%

GH XSSJLIWHU VRP NUlYV I|U DWW SnYLVD RFK EHG|PD GHQ KXYXGVDNOLJD LQYHUNDQ Sn PlQQLVNRUV KlOVD PLOM|Q RFK KXVKnOOQLQJHQ PHG PDUN RFK YDWWHQ VDPW DQGUD UHVXUVHU VRP YHUNVDPKHWHQ HOOHU nWJlUGHQ NDQ DQWDV PHGI|UD PHG VlUVNLOG XSSJLIW RP KXU PLOM|PnO VRP DQWDJLWV DY ULNVGDJHQ KDU DQYlQWV YLG EHG|PQLQJDUQD

.RQVHNYHQVEHVNULY DOOD VODJ DY I|UHVNULIWHU

,GDJ ILQQV NUDY Sn XWWU\FNOLJD NRQVHNYHQVEHVNULYQLQJDU HQGDVW I|U P\QGLJKHWVI|UHVNULIWHU 'HW E|U VWlOODV VDPPD NUDY Sn EHVOXW RP DQGUD I|UHVNULIWHU GYV ODJDU RFK I|URUGQLQJDU 0RWLYHW lU GHOV GHQ JHQHUHOOD WLOOlPSQLQJHQ DY KlQV\QVUHJOHUQD L NDS 0% PHQ IUlPVW DWW GHVVD |YHUJULSDQGH QRUPHU ELQGHU P\QGLJKHWHUQDV I|UHVNULIWHU RFK GlUPHG VW\U GH QHJDWLYD RFK SRVLWLYD NRQVHNYHQVHUQD 0\QGLJKHWHUQDV NRQ VHNYHQVEHVNULYQLQJDU lU GlUI|U DY DYVHYlUW PLQGUH EHW\GHOVH lQ GH Sn |YHUJULSDQGH QLYn

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

,QYHUNDQ Sn PnOHQ EHK|YHU LQJn L NRQVHNYHQVEHVNULYQLQJHQ RFK

GHWWD NUDY NDQ DQJHV L HQ JHQHUHOO I|UIDWWQLQJ RP NRQVHNYHQV

EHVNULYQLQJ 'HWWD OLJJHU L OLQMH PHG GHQ XWYHFNOLQJ VRP VNHU LQRP (8

QlU GHW JlOOHU VWUDWHJLVND PLOM|EHG|PQLQJDU (UIDUHQKHWHU DWW WD VW|G DY

ILQQV EO D L 'DQPDUN GlU NUDYHW IXQQLWV L IOHUD nU RFK L )LQODQG

6DPUnG PHG PLOM|NRPSHWHQW P\QGLJKHW YRUH HQ YLNWLJ GHO DY DU

EHWHW PHG NRQVHNYHQVEHVNULYQLQJHQ I|U DWW W\GOLJW In LQ PnOHQ RFK GH

DOOPlQQD UnG RFK KDQGE|FNHU RP P\QGLJKHWHUV I|UIDWWQLQJVDUEHWH VRP

UHGDQ ILQQV NDQ NRPSOHWWHUDV PHG UHNRPPHQGDWLRQHU RP GHWWD

,QIRUPHUD EHVOXWVIDWWDUH

6SULG |YHUVNnGOLJ RFK OlWWLOOJlQJOLJ NXQVNDS RP DWW PnOHQ ILQQV

%HVOXWVIDWWDUQD EHK|YHU |YHUVNnGOLJ DNWXHOO RFK UHOHYDQW LQIRUPDWLRQ RP PnOHQ GHW lU HQ JUXQGOlJJDQGH I|UXWVlWWQLQJ I|U DWW PnOHQ DOOV VND NRPPD LQ L WLOOlPSQLQJHQ

0HG GH IRUPHOOD NRSSOLQJDUQD VNDSDV HQ PHGYHWHQKHW RP DWW PnOHQ ILQQV PHQ GHW EHK|YV I|UPRGOLJHQ \WWHUOLJDUH NXQVNDS I|U DWW PnOHQ VND NRPPD DWW LQYHUND Sn EHVOXWVIDWWDQGHW

.RPPLWWpQ KDU UHGDQ VSULGLW NXQVNDS RP PnOHQ JHQRP GH XWELOG QLQJDU VRP JHQRPI|UWV RFK GHW LQIRUPDWLRQVPDWHULDO VRP WDJLWV IUDP )|U IUDPWLGHQ EHK|YV HPHOOHUWLG HQ O|SDQGH LQIRUPDWLRQ WLOO EHVOXWV IDWWDUH RP GH Q\D PLOM|PnO VRP DQWDV DY ULNVGDJHQ RFK HYHQWXHOOW \WWHUOLJDUH PLOM|PnO VRP NDQ NRPPD DWW NRSSODV WLOO EHVOXWVIDWWDQGHW

1lU GHW JlOOHU SU|YQLQJHQ DY YHUNVDPKHWHU NDQ DNWXHOO NXQVNDS RP PnOHQ EHJlUDV WLOO PLOM|NRQVHNYHQVEHVNULYQLQJHQ 1lU GHW JlOOHU P\QGLJKHWHUV VN\GGVEHVOXW WLOOV\Q HOOHU DUEHWH PHG I|UHVNULIWHU NXQ VNDSVXWYHFNOLQJ RFK UnGJLYQLQJ EHK|YV HPHOOHUWLG HWW RIIHQWOLJW V\VWHP I|U NXQVNDSVI|UPHGOLQJHQ

559 .RQVHNYHQVXWUHGQLQJ I|U P\QGLJKHWHUV I|UHVNULIWHU RFK DOOPlQQD UnG 'V 0\QGLJKHWHUV I|UHVNULIWHU KDQGERN L I|UIDWWQLQJVVNULYQLQJ

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

$QYlQG PHWRGHU VRP ILQQV RFK YlQWD LQWH Sn ´GHQ HQGD PHWRGHQ´

0HWRGHU I|U KXU PnOHQ VND DQYlQGDV VRP YlJOHGQLQJ EHK|YHU VlNHUW XWYHFNODV PHQ L I|UVWD KDQG E|U DUEHWHW LQULNWDV Sn DWW VDPOD RFK EH VNULYD EHILQWOLJD PHWRGHU RFK VSULGD GHWWD WLOO EHVOXWVIDWWDUQD

7LGLJDUH KDU MDJ QlPQW 6YHQVND NRPPXQI|UEXQGHWV ULNWQLQJVDQDO\V VRP JHU HWW DQJUHSSVVlWW 'HW DUEHWH VRP EHGULYV LQRP %RYHUNHW RFK 1DWXUYnUGVYHUNHW RP PLOM|LQGLNDWRUHU L SODQHULQJHQ NDQ JH \WWHUOLJDUH DQJUHSSVVlWW (Q IRUVNQLQJVUDSSRUW RP PLOM|NRQVHNYHQVEHVNULYQLQJDU L SODQHULQJHQ WDU XSS IUnJDQ RP PnO VRP PnWWVWRFN YLONHW NDQ JH \WWHU OLJDUH XWJnQJVSXQNWHU I|U DWW DQYlQGD PLOM|PnOHQ <WWHUOLJDUH HQ IRUVNQLQJVUDSSRUW RP EDODQVHULQJ NDQ JH PHWRGVW|G 0\QGLJKHWHUQDV DUEHWH PHG DWW XWYHFNOD PLOM|PnOHQ LQQHKnOOHU VDQQROLNW lYHQ UHVR QHPDQJ RP PHWRGHU VRP NDQ JH VW|G I|U EHVOXWVIDWWDUQDV DQYlQGQLQJ DY PnOHQ

8WYHFNOD YlJOHGQLQJHQ

%HVOXWVDQSDVVD LQIRUPDWLRQHQ Vn DWW GHQ NRPPHU WLOO DQYlQGQLQJ

%HVOXWVP\QGLJKHWHUQD EHK|YHU VW|G L IRUP DY NXQVNDSVXQGHUODJ I|U DWW

NXQQD DQYlQGD PnOHQ VRP YlJOHGQLQJ H[HPSHOYLV QlU IUnJRU RP KnOO

EDU XWYHFNOLQJ EHG|PV HOOHU YLOONRU IDVWVWlOOV )DNWDVDPPDQVWlOOQLQJDU

NDQ YLVD YDG GHW KDQGODU RP GYV NRQNUHWLVHUD PnOHQ RFK DQJH YLNWLJD

KRW RFK SULRULWHUD nWJlUGHU VRP IUlPMDU PnOHQ 'HW ILQQV UHGDQ LGDJ

XQGHUODJ L SURSRVLWLRQHQ 6YHQVND PLOM|PnO I|U DWW J|UD HQ I|UVWD VDP

PDQVWlOOQLQJ (Q NRUW VNLVV XWLIUnQ QnJUD PnO ILQQV L ELODJD (Q HQNHO

RFK |YHUVLNWOLJ VDPPDQVWlOOQLQJ KDU JMRUWV DY NRPPLWWpQ PHG VNRORU

VRP PnOJUXSS

'HW lU V\QQHUOLJHQ DQJHOlJHW DWW VDPPDQVWlOOQLQJHQ lU |YHUVNnGOLJ

Vn DWW GHQ NDQ NRPPD WLOO SUDNWLVN DQYlQGQLQJ 'HQ NDQ GlUI|U

NQDSSDVW WD XSS DOOD GH GHOPnO RFK NRPSOHWWHULQJDU VRP QX KnOOHU Sn DWW

(YD $VSOXQG RFK 7XLMD +LOGLQJ 5\GHYLN .XQVNDS PLOM| IUDPWLG ,661

;

(OVD *ULS $QQH /LH 0nUWHQVVRQ (ULN 6NlUElFN .DUVWHQ cVWU|P ´'HQ VRP WDU VND JH LJHQ´ %DODQVHULQJ ± HWW UlWWYLVW V\VWHP I|U PLOM|KlQV\Q L VDPKlOOVE\JJDQGHW" ,6%1

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

XWYHFNODV $UEHWHW EOLU HQ EDODQVJnQJ PHOODQ DWW YDUD |YHUVNnGOLJ RFK

IXOOVWlQGLJ

(Q EHW\GDQGH GHO DY EHVOXWHQ XQGHU PLOM|EDONHQ NRPPHU DWW IDWWDV

XWDQ GLUHNW VW|G DY PLOM|NRPSHWHQV 6DPPDQVWlOOQLQJHQ EHK|YHU GlU

PHG YDUD DQYlQGEDU lYHQ I|U EHVOXWVIDWWDUH VRP LQWH KDU XWWDODG PLOM|

NRPSHWHQV 'HW NDQ W H[ LQQHElUD DWW GHW W\GOLJW IUDPJnU YLONHW VODJV

NRPSHWHQV VRP KDQWHUDU ROLND IUnJRU Vn DWW UlWW VW|G NDQ HIWHUIUnJDV L

EHVOXWVSURFHVVHUQD

'HW lU WlQNEDUW DWW GHW EHK|YV IOHUD VODJ DY NXQVNDSVXQGHUODJ DQ

SDVVDGH HIWHU ROLND EHVOXWVVLWXDWLRQHU RFK ROLND EHVOXWVIDWWDUHV VSHFLHOOD

NRPSHWHQV

)RUWVlWW XWYHFNOD PnOHQ

0nOHQ EHK|YHU IRUWVDWW DQSDVVDV EO D JHRJUDILVNW RFK ORNDOW 0HQ GHW lU YLNWLJW DWW LQWH OlJJD WLG Sn DWW nWHUXSSILQQD KMXOHW HOOHU NDVWD ERUW JDPOD UHVXOWDW EDUD I|U DWW PnOHQ VW|SV RP RFK VND KDQWHUDV L Q\ IRUP

$UEHWH KDU SnJnWW OlQJH L EO D OlQVVW\UHOVHUQDV 675$0 HOOHU PLOM| RFK KXVKnOOQLQJVSURJUDP L NRPPXQHUQDV HQJDJHPDQJ PHG $JHQGD

OLNVRP L |YHUVLNWVSODQHULQJHQ 5LNVGDJHQV PLOM|PnO NDQ Gn VHV VRP HQ EHNUlIWHOVH Sn DWW GHWWD DUEHWH lU HQ JHPHQVDP DQJHOlJHQKHW RFK DWW GHW lU YLNWLJW DWW GHW IRUWVlWWHU 0HQ PLOM|PnOHQ InU LQWH XSSIDWWDV VRP HQ DQPRGDQ DWW E|UMD RP Sn Q\WW GHQ WLGHQ ILQQV LQWH

6WLPXODQV WLOO DWW IRUWVlWWD DUEHWHW VNDSDV JLYHWYLV JHQRP GH VW|G IRUPHU VRP VlUVNLOW IUlPMDU PLOM|DQSDVVQLQJ W H[ ´NUHWVORSSV PLOMDUGHU´ RFK ORNDOD LQYHVWHULQJVSURJUDP

0HQ lYHQ GHW GDJOLJD DUEHWHW PHG XSSI|OMQLQJ XWYlUGHULQJ RFK NXQ VNDSVnWHUI|ULQJ PHOODQ P\QGLJKHWHU FHQWUDOW UHJLRQDOW RFK ORNDOW lU YLNWLJW I|U DWW VP|UMD V\VWHPHW RFK GHWWD InU LQWH XQGHUYlUGHUDV 'HW NDQ EHK|YD O\IWDV IUDP L H[HPSHOYLV UHJHULQJHQV UHJOHULQJVEUHY WLOO P\QGLJKHWHU HOOHU L VlUVNLOGD XSSGUDJ

bYHQ I|U DWW XQGYLND RQ|GLJW PnQJD NXQVNDSVXQGHUODJ RFK EHJUHSS L GHW UHGDQ YLGO\IWLJD DUEHWHW PHG PLOM|EDONHQ RFK PLOM|PnOHQ E|U L I|UVWD KDQG NXQVNDS RP PnOHQ VSULGDV JHQRP EHILQWOLJD YlO NlQGD RFK DFFHSWHUDGH I|UHWHHOVHU (Q |YHUVLNWOLJ VDPPDQVWlOOQLQJ NDQ YLVD KXU ROLND GHODU DY PLOM|EDONHQ NDQ VDPVSHOD PHG PnOHQ 'HW NDQ YDUD HWW VlWW DWW In LQ PnOHQ ´XQGHU VNLQQHW´ Sn EHVOXWVIDWWDUH RFK EHUHGD YlJHQ I|U DWW WLOOlPSQLQJHQ DY EDONHQ OnWHU VLJ YlJOHGDV DY PnOHQ

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

)|UXWRP GHWWD NDQ GHW lYHQ KDQGOD RP DOOPlQQD UnG IUnQ HQ FHQWUDO P\QGLJKHW )|U DWW IRUPHQ DOOPlQW UnG VND YDUD OlPSOLJ I|UXWVlWWV HPHOOHUWLG DWW PDWHULDOHW KnOOV NRUW RFK I|UHWUlGHVYLV L SXQNWIRUP RFK VWULNW I|OMHU GHILQLWLRQHQ DY DOOPlQW UnG RFK LQWH XWIRUPDV VRP HQ KDQGERN JHQHUHOO NXQVNDSV|YHUVLNW HOOHU SROLF\

1lU GHW JlOOHU |YHUVLNWVSODQHULQJHQ VRP SURFHGXU RFK IRUP I|U XW YHFNOD PLOM|PnOHQ KDU MDJ RYDQ EHVNULYLW EnGH NRPPXQHQV PHUD O|VW UHJOHUDGH DUEHWH PHG PLOM|IUnJRU RFK GHQ REOLJDWRULVND NXQVNDSV I|UV|UMQLQJHQ I|U KXVKnOOQLQJVUHJOHUQD 0|MOLJKHWHQ I|U NRPPXQHU DWW IRUWVlWWD XWYHFNOD PLOM|IUnJRUQD L SODQHULQJHQ lU VRP VDJW YLNWLJ 'lU HPRW lU GHW WYHNVDPW RP |YHUVLNWVSODQHULQJHQV V\VWHP I|U NXQVNDSV I|UV|UMQLQJ I|U KXVKnOOQLQJVUHJOHUQD E|U DQYlQGDV I|U PnOHQ

'HW lU HWW NRPSOLFHUDW V\VWHP (UIDUHQKHWHUQD YLVDU RFNVn DWW GHW KDIW V\QQHUOLJHQ VYnUW DWW In JHQRPVODJ L WLOOlPSQLQJHQ 3n DOOD QLYnHU I|UHNRPPHU PLVVXSSIDWWQLQJDU RP KXU V\VWHPHW VND IXQJHUD RFK LQWH KHOOUH EHVOXWVIDWWDUQD KDU WLOO IXOOR XSSIDWWDW VLQ SOLNW DWW WLOOlPSD KXV KnOOQLQJVUHJOHUQD RFK XWWU\FNOLJHQ EHVNULYD GHW L VLQD EHVOXW bYHQ RP GHW NDQ YDUD HIIHNWLYW DWW DQYlQGD EHILQWOLJD V\VWHP lU GHW lQGn PHG GHVVD HUIDUHQKHWHU WYHNVDPW RP HWW Vn VRILVWLNHUDW V\VWHP VND YlOMDV I|U In IUDP NXQVNDS RP PnOHQ WLOO EHVOXWVIDWWDUQD 6lUVNLOW PHG WDQNH Sn DWW GHW UHGDQ lU EHW\GOLJW IOHUD DNW|UHU LQEODQGDGH L PnODUEHWHW lQ QlU GHW JlOOHU KXVKnOOQLQJVIUnJRUQD Vn lU ULVNHQ I|U DWW GHW LQWH VND IXQJHUD EH W\GDQGH

'lUHPRW NDQ LQWH QRJ XQGHUVWU\NDV KXU YLNWLJW GHW lU DWW WD WLOOYDUD GH PnQJD ROLND NXQVNDSVSURFHVVHU VRP SnJnU L VDPKlOOHW ± $JHQGD

|YHUVLNWVSODQHULQJ KXVKnOOQLQJVSURJUDP 675$0 PLOM|DQDO\VHU HWF ± VRP VW|G I|U DWW XWYHFNOD XQGHUODJHW RP PnOHQ

6OXWVDWVHQ lU DWW GHW VRP L I|UVWD KDQG EHK|YV lU HQ VDPRUGQDQGH P\QGLJKHW VRP VWlOOHU VDPPDQ NXQVNDSVXQGHUODJHQ RFK L OlPSOLJ IRUP VSULGHU GHW VDPODW WLOO EHVOXWVIDWWDUQD 'n NDQ lYHQ HUIDUHQKHWHUQD DY WLOOlPSQLQJHQ DY PLOM|EDONHQ DQYlQGDV

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

%LODJD gYHUVLNW DY PLOM|PnO P P

gYHUJULSDQGH PnO ± (NRORJLVNW KnOOEDU XWYHFNOLQJ JHQRP

œ6N\GG DY PLOM|Q

œ+nOOEDU I|UV|UMQLQJ

œ(IIHNWLY DQYlQGQLQJ

0LOM|NYDOLWHWVPnO

)ULVN OXIW

*UXQGYDWWHQ DY JRG NYDOLWHW

/HYDQGH VM|DU RFK YDWWHQGUDJ

0\OOUDQGH YnWPDUNHU

+DY L EDODQV VDPW OHYDQGH NXVW RFK VNlUJnUG

,QJHQ |YHUJ|GQLQJ

%DUD QDWXUOLJ I|UVXUQLQJ

/HYDQGH VNRJDU

(WW ULNW RGOLQJVODQGVNDS

6WRUVODJHQ IMlOO PLOM|

*RG EHE\JJG PLOM|

*LIWIUL PLOM|

6lNHU VWUnOPLOM|

6N\GGDQGH R]RQVNLNW

%HJUlQVDG NOLPDWSnYHUNDQ

  L AGT OLKEN  
  .RQVXOWUDSSRUW WLOO 628
5LNWOLQMHU I|U DWW Qn PnOHQ  
$ )UlPMD HIIHNWLYDUH RFK OnQJVLNWLJW KnOOEDU UHVXUVDQYlQGQLQJ  
% 9DURU RFK KHOD SURGXNWLRQVSURFHVVHU lU L KXYXGVDN IULD IUnQ YLVVD  
  W\SHU DY IDUOLJD lPQHQ LQRP nU  

& 0LOM|DQSDVVDG VDPKlOOVSODQHULQJ LQQHElU DWW VWDWOLJD RFK

NRPPXQDOD P\QGLJKHWHU IUlPMDU L VDPYHUNDQ HQ JRG PLOM| RFK

HQ HNRORJLVNW KnOOEDU XWYHFNOLQJ

' 0DUNDQYlQGQLQJHQ XWIRUPDV I|U PLQVNDW WUDQVSRUWEHKRY RFK

HIIHNWLY KXVKnOOQLQJ PHG HQHUJL RFK QDWXUUHVXUVHU

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

%LODJD 6DPPDQVWlOOQLQJ DY PnO KRW RFK nWJlUGHU

)ULVN OXIW KDOWHUQD DY OXIWI|URUHQLQJDU |YHUVNULGHU LQWH IDVW VWlOOGD OnJULVNQLYnHU I|U FDQFHU |YHUNlQVOLJKHW RFK DOOHUJLHU HOOHU I|U VMXNGRPDU L OXIWYlJDUQD KDOWHUQD DY PDUNQlUD R]RQ |YHU VNULGHU LQWH GH JUlQVYlUGHQ VRP VDWWV I|U DWW KLQGUD VNDGRU Sn PlQQLVNRUV KlOVD GMXU Yl[WHU NXOWXUYlUGHQ RFK PDWHULDO

&DQFHUIUDPNDOODQGH lPQHQ XWVOlSS L WlWRUWHU E|U KD KDOYHUDWV WLOO nU UlNQDW IUnQ nUV QLYn

)O\NWLJD RUJDQLVND lPQHQ XWVOlSS IUnQ WUDQVSRUWHU L 6YHULJH E|U KD PLQVNDW PHG PLQVW WLOO nU UlNQDW IUnQ nUV QLYn

)O\NWLJD RUJDQLVND lPQHQ XWVOlSS LQRP |YULJD VHNWRUHU EHK|YHU \WWHUOLJDUH nWJlUGHU L V\IWH DWW PLQVND XWVOlSSHQ WLOO VnGDQD QLYnHU DWW PLOM|Q LQWH VNDGDV

3nYHUNDQGH IDNWRUHU WUDILN VPnVNDOLJ YHGHOGQLQJ LQGXVWULDQOlJJ QLQJDU HQHUJLDQOlJJQLQJDU

,QVDWVHU

œ0LQVND XWVOlSS DY NYlYHR[LGHU RFK IO\NWLJD RUJDQLVND lPQHQ

œ$QDO\VHUD RFK ULVNEHG|P VDPEDQGHQ PHOODQ H[SRQHULQJ RFK HIIHNWHU

*UXQGYDWWHQ DY JRG NYDOLWHW ELGUDU WLOO HQ JRG OLYVPLOM| I|U Yl[WHU RFK GMXU L VM|DU RFK YDWWHQGUDJ

6N\GGD JUXQGYDWWHQI|UHNRPVWHU NYDOLWpQ RFK NYDQWLWHWHQ I|U VlPUDV LQWH Sn VLNW JHQRP PDUNH[SORDWHULQJ HOOHU DQQDQ Sn YHUNDQ

L AGT OLKEN  

.RQVXOWUDSSRUW WLOO 628

.UDY Sn GHSRQLHU VDPWOLJD DYIDOOVGHSRQLHU E|U VHQDVW KD XSSQnWW HQ HQKHWOLJ VWDQGDUG RFK XSSI\OOD K|JW VWlOOGD PLOM|NUDY

3nYHUNDQGH IDNWRUHU PlQVNOLJD DNWLYLWHWHU VRP YDWWHQI|UEUXNQLQJ PDUNDQYlQGQLQJ XWWDJ DY QDWXUJUXV WLOOI|UVHO DY I|URUHQLQJDU

,QVDWVHU

œ9DWWHQI|UEUXNQLQJHQ PLQVNDU L RPUnGHQ PHG EULVW HOOHU ULVN I|U VDOWYDWWHQLQWUlQJQLQJ IUnQ KDYHW

œ-RUGEUXNHW ± RGOLQJVLQWHQVLYD RPUnGHQ nWJlUGDV PHG DYVHHQGH Sn NYlYH RFK IRVIRU KlOVRULVNHU

œ'HSRQLHU ± LQILOWUDWLRQHQ DY I|URUHQDW YDWWHQ OlFNHU LQWH WLOO JUXQG YDWWQHW

œ1DWXUJUXV ± DYODJULQJDU DY VWRUW YlUGH I|U GULFNVYDWWHQI|UV|UMQLQJHQ EHYDUDV RFK DQYlQGQLQJHQ DY JUXV PLQVNDV YDWWHQUHVHUYRDU RFK YDWWHQUHQDUH

œ1HGIDOO DY VYDYHO RFK NYlYHI|UHQLQJDU PLQVNDV VXUW YDWWHQ XWO|VHU PHWDOOHU L PDUN RFK JHU NRUURVLRQ L OHGQLQJVQlWHQ

œ5DGRQ OXIWDV ERUW KlOVRHIIHNWHU

œ.XQVNDSVXQGHUODJ RP JUXQGYDWWHQI|UKnOODQGHQD I|UElWWUDV WLOO I\VLVN SODQHULQJ RFK WLOO nWJlUGVSURJUDP I|U PLOM|SUREOHPHQ

œ1\D V\VWHP RFK Q\ WHNQLN XWYHFNODV I|U DWW In UHVXUVVQnO RFK NUHWV ORSSVDQSDVVDG KDQWHULQJ DY YDWWHQI|UV|UMQLQJ DYORSS RFK DYIDOO

/HYDQGH VM|DU RFK YDWWHQGUDJ 1DWXUOLJ SURGXNWLRQVI|UPnJD ELRORJLVN PnQJIDOG NXOWXUPLOM|YlUGHQ VDPW ODQGVNDSHWV HNR ORJLVND RFK YDWWHQKXVKnOODQGH IXQNWLRQ VND EHYDUDV VDPWLGLJW VRP I|UXWVlWWQLQJDU I|U IULOXIWVOLY YlUQDV

6M|DU RFK YDWWHQGUDJ E|U NXQQD DQYlQGDV VRP GULFNVYDWWHQWlNW ± KXYXGGHOHQ NDQ GHW UHGDQ L GDJ

%LRWRSHU VRP lU YLNWLJD I|U GHQ ELRORJLVND PnQJIDOGHQ L VM|DU RFK YDWWHQGUDJ VDPW L GHUDV QlUD RPJLYQLQJ E|U VN\GGDV L P|M OLJDVWH PnQ

  L AGT OLKEN

.RQVXOWUDSSRUW WLOO 628

%LRWRSHU VRP lU YLNWLJD I|U GHQ ELRORJLVND PnQJIDOGHQ L Sn YHUNDGH VM|DU RFK YDWWHQGUDJ VDPW L GHUDV QlUD RPJLYQLQJ E|U nWHUVNDSDV L P|MOLJDVWH PnQ

+RWDGH DUWHU E|U JHV HQ P|MOLJKHW DWW VSULGD VLJ WLOO Q\D ORNDOHU LQRP VLQD QDWXUOLJD XWEUHGQLQJVRPUnGHQ Vn DWW OnQJVLNWLJW OLYV NUDIWLJD SRSXODWLRQHU VlNUDV

9DQGUDQGH ILVNDUWHU E|U KD P|MOLJKHW DWW NXQQD WD VLJ XSS L YDWWHQGUDJ LQRP VLWW QDWXUOLJD XWEUHGQLQJVRPUnGH

3nYHUNDQGH IDNWRUHU I|URUHQLQJDU |YHUJ|GQLQJ I|UVXUQLQJ YDWWHQ NUDIWXWE\JJQDG LQWURGXNWLRQ DY IUlPPDQGH DUWHU

,QVDWVHU

œ)|URUHQLQJDU RFK E\JJDQGH L YDWWHQ EHJUlQVDV

œ3nYHUNDGH YDWWHQGUDJ UHVWDXUHUDV

œ9DWWHQNUDIW ± VNDSD ILVNYlJDU |ND PLQYDWWHQI|ULQJ RFK ULYD GDPPDU

œ3ODQ I|U RPUnGHVVN\GG DY V|WYDWWHQPLOM|HU

0\OOUDQGH YnWPDUNHU 9nWPDUNHU lU YLNWLJD ELRWRSHU 'H lU EHW\GHOVHIXOOD I|U HNRORJLVND IXQNWLRQHU L ODQGVNDSHW RFK GHVV YDWWHQKXVKnOODQGH IXQNWLRQHU QlUVDOWVIlOORU 'lU ILQQV YlUGHQ I|U NXOWXUPLOM| RFK IULOXIWVOLY

6N\GGD KRWDGH DUWHU GH E|U JHV P|MOLJKHW DWW VSULGD VLJ WLOO Q\D ORNDOHU LQRP VLQD QDWXUOLJD XWEUHGQLQJVRPUnGHQ Vn DWW OnQJVLNWLJW OLYVNUDIWLJD SRSXODWLRQHU VlNUDV

6N\GGD ELRWRSHQ P\UPDUN PLQVW DY REMHNWHQ L 1DWXU YnUGVYHUNHWV P\UVN\GGVSODQ VND VN\GGDV VRP UHVHUYDW HOOHU EH YDUDV JHQRP DYWDO RFK DQGUD nWJlUGHU

3nYHUNDQGH IDNWRUHU PDUNDYYDWWQLQJ GUlQHULQJ I|UVXUQLQJ |YHU J|GQLQJ NDONQLQJ WRUYWlNWHU YlJE\JJHQ RFK DQQDQ H[SORDWHULQJ %LRORJLVND PnQJIDOGHQ KRWDV DY IUlPPDQGH DUWHU RFK JHQHWLVNW PRGL ILHUDGH RUJDQLVPHU

Tillbaka till dokumentetTill toppen