oredoqr - Googleusercontent.com
Transcription
oredoqr - Googleusercontent.com
=HLWJHLVW 7UHQGRYL 8SLWLXWUHQGXSUHGVWDYOMDMXSUHWUDåLYDQMDVQDMYHüRPNRQWLQXLUDQRP NROLþLQRPSURPHWDXJRGLQLXXVSRUHGELV 1DMSUHWUDŀLYDQLMH 1DMSUHWUDåLYDQLMLXSLWLSUHGVWDYOMDMXQDMSRSXODUQLMHSRMPRYHX JRGLQLSRUHGDQHSUHPDNROLþLQLSUHWUDåLYDQMD *OREDOQR 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 6OLNH 6SRUWDģL :KLWQH\+RXVWRQ 2QH'LUHFWLRQ -HUHP\/LQ *DQJQDP6W\OH 6HOHQD*RPH] 0LFKDHO3KHOSV +XUULFDQH6DQG\ L3KRQH 3H\WRQ0DQQLQJ L3DG 0HJDQ)R[ 0F.D\OD0DURQH\ 'LDEOR 5LKDQQD -XQLRU6HDX .DWH0LGGOHWRQ -XVWLQ%LHEHU 6DUDK%XUNH 2O\PSLFV +DUU\6W\OHV 7RP'DOH\ $PDQGD7RGG 0LQHFUDIW /DQFH$UPVWURQJ 0LFKDHO&ODUNH'XQFDQ 1LFNL0LQDM 0DULR%DORWHOOL %%% .DW\3HUU\ 5\DQ/RFKWH 7UHQGRYL 7UHQGRYL 7UHQGRYL 'RJDÓDML 2VREH )LOPRYL +XUULFDQH6DQG\ :KLWQH\+RXVWRQ 7KH+XQJHU*DPHV .DWH0LGGOHWRQ3LFWXUHV .DWH0LGGOHWRQ 6N\IDOO $PDQGD7RGG 3URPHWKHXV 2O\PSLFV 0LFKDHO&ODUNH'XQFDQ 7KH$YHQJHUV 623$'HEDWH 2QH'LUHFWLRQ 0DJLF0LNH &RVWD&RQFRUGLDFUDVK )HOL[%DXPJDUWQHU -RKQ&DUWHU 3UHVLGHQWLDO'HEDWH -HUHP\/LQ (N7KD7LJHU 6WUDWRVSKHUH-XPS 0RUJDQ)UHHPDQ 3DUDQRUPDO$FWLYLW\ 5HOHDVHG 3HQQ6WDWH6FDQGDO 7UD\YRQ0DUWLQVKRRWLQJ 3XVV\5LRWV -RVHSK.RQ\ 'RQQD6XPPHU 7DNHQ 'DUN6KDGRZV 7UHQGRYL 7UHQGRYL 7UHQGRYL 79HPLVLMH *OD]EHQLFL 3RWURģDÏNDHOHNWURQLND %%% :KLWQH\+RXVWRQ L3DG $YHQLGD%UDVLO 0LFKDHO&ODUNH'XQFDQ 6DPVXQJ*DOD[\6 +HUH&RPHV+RQH\%RR%RR 2QH'LUHFWLRQ L3DG0LQL 7KH9RLFH 'RQQD6XPPHU 1H[XV $PHULFDQ,GRO /DQD'HO5D\ *DOD[\1RWH *DPHRI7KURQHV &DUROLQD'LHFNPDQQ 3OD\6WDWLRQ +RPHODQG 'LUN%DFK L3DG 5HYHQJH &DUO\5DH-HSVHQ 0LFURVRIW6XUIDFH &KHLDVGH&KDUPH 0LFKHO7HOR .LQGOH)LUH &DUURVVHO /0)$2 7UHQGRYL 7UHQGRYL =UDNRSORYQHWYUWNH Ζ]UD]LVR]QDNRPQD XVOX]L*RRJOH 6RXWKZHVW$LUOLQHV 8QLWHG$LUOLQHV $PHULFDQ$LUOLQHV 'HOWD$LUOLQHV $LU)UDQFH /XIWKDQVD %ULWLVK$LUZD\V -HW%OXH $LU&DQDGD 86$LUZD\V 623$ $ZHVRPH 6DQG\ ,2 &XULRVLW\ 2O\PSLFV 6;6: 'HEDWH %ODVW)URP7KH3DVW (DVWZRRGLQJ 1RNLD/XPLD $UJHQWLQD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 8UDGLVDP ĢWRMH" 6XEH &yPR$FWXDOL]DU)DFHERRN 4XpHV1 .L]L &yPR&RQVHJXLU1RYLD 4XpHV$TXDIUHVK <RX7XEHPXVLF &yPR&RPSUDU'yODUHV 4XpHV6RSD 6HUYLFLR0HWHRUROyJLFR &yPR6H&KDSD 4XpHV/LSRWLPLD *UDQ+HUPDQR &yPR'HVDFWLYDU)DFHERRN 4XpHV%XOO\LQJ )HULDGRV &yPR6DOLy5LYHU 4XpHV:KDWVDSS 0DUDYLOOD0DUWLQH] &yPR(OLPLQDU%DE\ORQ 4XpHV,QVWDJUDP *DQJQDP6W\OH &yPR$UUHJODU$XULFXODUHV 4XpHV6WDONHDU 'DNDU &yPR%DLODU:DFKLWXUUR 4XpHV/XSXV :KLWQH\+RXVWRQ &yPR'HVFDUJDU0LQHFUDIW 4XpHV0HJDXSORDG 7UHQGRYL 7UHQGRYL 7UHQGRYL 2VREH *UXSH *OD]EHQLFL 0DUDYLOOD0DUWLQH] /RVDXWpQWLFRVGHFDGHQWHV :KLWQH\+RXVWRQ :KLWQH\+RXVWRQ 7DQELyQLFD :DFKLWXUURV &KDUORWWH&DQLJJLD &DEH]RQHV 1HQHPDOR $GHOH %DQGDGHWXULVWDV $GHOH 6SLQHWWD 3HVFDGRUDELRVR 9LROHWWD 5RJHU:DWHUV $OPHQGUD 6SLQHWWD %DGLD 6RGD6WHUHR 5RJHU:DWHUV 0LFKHO7HOR $GLFWD /DVFXOLVXHOWDV &DORL 9LHMDV/RFDV 0LFKHO7HOy /HRQDUGR)DELR 0HPSKLV $GULDQ2WHUR 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL 3MHVPH 79HPLVLMH *OXPFL *DQJQDP6W\OH *UDQ+HUPDQR )DFXQGR$UDQD )XLVWHWX *UDGXDGRV 6HDQ3HQQ &RUUH&RUD]yQ /D9R]$UJHQWLQD 9LJJR0RUWHQVHQ %DODGD%RD /RV6LPSVRQV (XJHQLD6XDUH] 0H3HUGt 6RxDQGRSRUEDLODU )UDQNLH0XQL] 3OHDVH0H 6KRZPDWFK $PDQGD%\QHV 7H4XLHUR 'XOFH$PRU -XDQ*LO1DYDUUR :LWKRXW<RX &DVL$QJHOHV &DULQD=DPSLQL /RFD )~WERO3DUD7RGRV -RQDWKDQ/LSQLFNL 7DERR 6LQFRGLILFDU (ULFD5LYDV 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH )LOPRYL 6SRUWRYL 6SRUWDģL /RV9HQJDGRUHV -XHJRV2OtPSLFRV /LRQHO0HVVL 7HG &RSD$UJHQWLQD 0DUDYLOOD0DUWLQH] 9DOLHQWH &RSD/LEHUWDGRUHV -XDQ'HO3RWUR /RV-XHJRVGHO+DPEUH (XURFRSD &ULVWLDQR5RQDOGR (OHIDQWH%ODQFR 8VDLQ%ROW 5LTXHOPH /DHUDGHOKLHOR /DV/HRQDV 5RJHU)HGHUHU %ODQFDQLHYHV\HO&D]DGRU &RSD'DYLV 5RQDOGLQKR )XULDGH7LWDQHV 5RODQG*DUURV /XFLDQD$\PDU $OYLQ\ODV$UGLOODV :LPEOHGRQ 8VDLQ%ROW 6RPEUDV7HQHEURVDV &RSD6XGDPHULFDQD 'DYLG7UH]HJXHW 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DFLRQDOQLQRJRPHWQL NOXERYL 1DFLRQDOQLROLPSLMFL /RNDOQDSUHWUDŀLYDQMD 5LYHU3ODWH %RFD-XQLRUV 6DQ/RUHQ]R 5DFLQJ ,QGHSHQGLHQWH 9pOH] 5RVDULRFHQWUDO 7LJUH /XFLDQD$\PDU +RWHO 6HEDVWLDQ&ULVPDQLFK &DUUHIRXU (PDQXHO*LQRELOL 1RUGHOWD )HGHULFR0ROLQDUL 6WDUEXFNV &DUOD5HEHFFKL )DODEHOOD 'DYLG1DOEDQGLDQ 0F'RQDOG V *LVHOD'XONR (DV\ -XDQ0yQDFR 6DQWDQGHU5tR 'HOILQD0HULQR (VWDFLRQDPLHQWR 1RHO%DUULRQXHYR :DOPDUW 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH .XSQMD 0RGQHPDUNH $XWRPRELOL 1HZHOOV 4XLOPHV 6DPVXQJ*DOD[\6 6DUNDQ\ )LDW8QR 1RNLD 3UXQH )RUG)LHVWD 1RNLDOXPLD 9LWDPLQD )RUG.D 0RWRUROD5D]U =DUD )LDW3DOLR L3DG ;/ 3HXJHRW 1RNLD1 &RPSORW 3HXJHRW 1RNLD$VKD 5DSVRGLD 3HXJHRW 6DPVXQJ*DOD[\$FH .RVLXNR )RUG(FRVSRUW 1RNLD/XPLD 8PD 0RWRUROD6SLFH.H\ 9LDPR 5HQDXOW&OLR )LDW3XQWR 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMÏLWDQLMLQDVORYL 1DFLRQDOQDWXULVWLÏND RGUHGLģWD *UDGRYLVYLMHWD 9LYDODGLIHUHQFLD &DEDOORGHIXHJR (OVHFUHWR %LHQYHQLGRGRORU &DUWDVPDUFDGDV /D&DPSRUD /RVMXHJRVGHOKDPEUH $PDQHFHU 'LH]PXMHUHV &XDQGRWHHQFXHQWUH 5RVDULR 6DQWD)H /D3ODWD 0HQGR]D 0DUGHO3ODWD 6DOWD 6DQ/XLV %DULORFKH -XMX\ 7LJUH 3DUtV 0DGULG 0LDPL 1XHYD<RUN 0DUEHOOD /RQGUHV 5RPD 'XEDL 3OD\DGHO&DUPHQ 5tRGH-DQHLUR $XVWUDOLMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH $XVWUDOVNHYLMHVWL *DQJQDP6W\OH :KLWQH\+RXVWRQ +XUULFDQH6DQG\ 7KH9RLFH .DWH0LGGOHWRQ -XOLDQ$VVDQJH 2QH'LUHFWLRQ 0RUJDQ)UHHPDQ )HOL[%DXPJDUWQHU :KLWQH\+RXVWRQ -RKQ0FFDUWK\ 7UDQVLWRI9HQXV 2O\PSLFV 8VDLQ%ROW 0HOERXUQH(DUWKTXDNH 2]/RWWR 0LFKDHO&ODUNH'XQFDQ 0LVRJ\QLVW 'LDEOR /DQFH$UPVWURQJ +DZDLL7VXQDPL +XUULFDQH6DQG\ 6HDO 'LDPRQG-XELOHH .21< -RVHSK.RQ\ &UXLVH6KLS6LQNLQJ 0RUJDQ)UHHPDQ -XOLDQ$VVDQJH 1DVD&XULRVLW\ 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 3R]QDWL$XVWUDOFL 3R]QDWL$XVWUDOFL 6PUWL 5RELQ*LEE /DUD%LQJOH :KLWQH\+RXVWRQ %DUU\*LEE 0LUDQGD.HUU 0LFKDHO&ODUNH'XQFDQ /DUD%LQJOH 'HOWD*RRGUHP 7RQ\6FRWW /LDP+HPVZRUWK .HLWK8UEDQ 'DY\-RQHV 'HOWD*RRGUHP 1LFROH.LGPDQ -RKQQ\/HZLV (PLOLH'H5DYLQ &KULV+HPVZRUWK $O)UHHPDQ .HLWK8UEDQ .\OLH0LQRJXH 6DJH6WDOORQH &KULV+HPVZRUWK /LDP+HPVZRUWK $QG\:LOOLDPV &ODLUH+ROW +HDWK/HGJHU 'DYLG.HOO\ %LQGL,UZLQ +XJK-DFNPDQ *RUH9LGDO 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 79HPLVLMH 79HPLVLMH $XWRPRELOL +RPHDQG$ZD\ 7KH9RLFH 7R\RWD %LJ%URWKHU %LJ%URWKHU )RUG 7KH9RLFH 7KH6KLUH +ROGHQ 0DVWHUFKHI 7KH%ORFN 1LVVDQ *DPHRI7KURQHV 5HYHQJH +RQGD ;)DFWRU 3XEHUW\%OXHV 0D]GD 0\.LWFKHQ5XOHV *DPHRI7KURQHV %0: 1HLJKERXUV 5HYHQJH +\XQGDL 7KH%LJJHVW/RVHU 8QGHUEHOO\%DGQHVV 6XEDUX 0RGHUQ)DPLO\ $OFDWUD] 6X]XNL 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3MHVPH 1DSUHWUDŀLYDQLMHULMHÏL SMHVDPD 0RGD *DQJQDP6W\OH &DOO0H0D\EH 6NLQQ\/RYH 3D\SKRQH 3XPSHG8S.LFNV :H$UH<RXQJ 2QH7KLQJ 3DUW\5RFN$QWKHP 6WDUVKLSV 3URMHFW;6RXQGWUDFN 3D\SKRQH/\ULFV /HJR+RXVH/\ULFV 6RPH1LJKWV/\ULFV 2QH7KLQJ/\ULFV 6WDUVKLSV/\ULFV 6XSHU%DVV/\ULFV %DWWOH6FDUV/\ULFV ,QWHUQDWLRQDO/RYH/\ULFV 7DNH&DUH/\ULFV $626 )RUHYHU1HZ &RXQWU\5RDG :LWFKHU\ 7KH,FRQLF 9LFWRULD 66HFUHW *HQHUDO3DQWV 0LPFR 3RUWPDQV /RUQD-DQH 7LWDQLXP/\ULFV 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6SRUWDģ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ŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH $XVWUDOVNLNOXERYL15/ OLJH 1DFLRQDOQLROLPSLMFL +UDQDLSLÉH 0HOERXUQH6WRUP :HVWV7LJHUV %ULVEDQH%URQFRV &URQXOOD6KDUNV 0DQO\6HD(DJOHV 1HZFDVWOH.QLJKWV &DQEHUUD5DLGHUV 6RXWK6\GQH\5DEELWRKV 6\GQH\5RRVWHUV &DQWHUEXU\%XOOGRJV 6WHSKDQLH5LFH 3L]]D+XW 6DOO\3HDUVRQ 0F'RQDOGV 7RPLF%HUQDUG &RIIHH /OH\WRQ+HZLWW /LWH1(DV\ -DPHV0DJQXVVHQ (DJOH%R\V &DGHO(YDQV .)& /DXUHQ-DFNVRQ 'DQ0XUSK\V /LVVHO-RQHV 6XEZD\ $QQD0HDUHV 'RPLQRV /L]&DPEDJH +XQJU\-DFNV 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 8UDGLVDP ĢWRMH" $XVWUDOVNDVYHXÏLOLģWD +RZWR/RYH :KDWLV623$ 8QLYHUVLW\RI7HFKQRORJ\ +RZWR.HJHO :KDWLV3HUPHDWH 8QLYHUVLW\RI6\GQH\ +RZWR5RFN :KDWLV.RQ\ 0RQDVK8QLYHUVLW\ +RZWR%UHDVWIHHG :KDW,V6FLHQWRORJ\ 0DFTXDULH8QLYHUVLW\ +RZWR&KDQJH :KDWLV<ROR *ULIILWK8QLYHUVLW\ +RZ7RVTXDW :KDW,VL&ORXG 8QLYHUVLW\RI0HOERXUQH +RZWR7ZHUN :KDW,V,QVWDJUDP &XUWLQ8QLYHUVLW\ +RZWR+\SQRWL]H :KDW,VL0HVVDJH 'HDNLQ8QLYHUVLW\ +RZWR+DQGVWDQG :KDWLV6SRWLI\ )OLQGHUV8QLYHUVLW\ +RZWR%XON :KDWLV6OHQGHU 8QLYHUVLW\RI4XHHQVODQG 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH *UDGRYL /RNDOQDPMHVWD 3UHNRPRUVND RGUHGLģWD 6\GQH\ 0RXQW+RWKDP9LFWRULD 0HOERXUQH 0DQO\ %ULVEDQH 'DUOLQJ+DUERXU 3HUWK 7DURQJD=RR $GHODLGH *UHDW2FHDQ5RDG &DQEHUUD +XQWHU9DOOH\ &DLUQV 6\GQH\8QLYHUVLW\ *ROG&RDVW 3HULVKHU %\URQ%D\ $Q]6WDGLXP 7RZQVYLOOH /XQD3DUN 1HZ=HDODQG 6LQJDSRUH /RQGRQ 9DQXDWX 3KXNHW ,WDO\ 0DOGLYHV ,QGRQHVLD 5XVVLD 0DXULWLXV 1DMSUHWUDŀLYDQLMH 7UHQGRYL 2PLOMHQDSLYD 3RSXODUQDSLYD ;;;; %ULVEDQH%LWWHU &DUOWRQ'UDXJKW &DUOWRQ'UDXJKW ;;;;*ROG 6NLQQ\%ORQGH 6NLQQ\%ORQGH &URZQ/DJHU &URZQ/DJHU ;;;; 7RRKH\V([WUD'U\ 7RRKH\V2OG 7RRKH\V1HZ ;;;;*ROG 9LFWRULD%LWWHU 9LFWRULD%LWWHU 0HOERXUQH%LWWHU %ULVEDQH%LWWHU 0RXQWDLQ*RDW%HHU )RVWHUV/DJHU $XVWULMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 79HPLVLMH )HOL[%DXPJDUWQHU )HOL[%DXPJDUWQHU &OXE 'LUN%DFK 'LUN%DFK /LHEHVJVFKLFKWHQXQG 5HG%XOO6WUDWRV :KLWQH\+RXVWRQ $&7$ .DWH0LGGOHWRQ ,P=HQWUXP 6DPVXQJ*DOD[\6 $GDP6DQGOHU 0XVLNDQWHQVWDGO L3DG 6LGR+HLQ]O $P3XQNW :KLWQH\+RXVWRQ %ULJLWWH1LHOVHQ 'DQFLQJ6WDUV &RVWD&RQFRUGLD $PDQGD7RGG 'LHJURH&KDQFH 0LFKDHO&ODUNH'XQFDQ '6'6'HXWVFKODQGVXFKWGHQ :HVWEDKQ .DWH0LGGOHWRQ 6LOYLD6HLGHO +HLUDWVVDFKHQ 6XSHUVWDU %DXHUVXFKW)UDX :HWWHQGDVV 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 6SRUWDģL ĢWRMH" +UDQDLSLÉH )HOL[%DXPJDUWQHU :DVLVW$&7$ 5HG%XOO 0DUFHO+LUVFKHU :DVLVW623$ 3L]]D 'DYLG$ODED :DVLVW6FLHQWRORJ\ :HLQ $UQROG6FKZDU]HQHJJHU :DV6LQG%URWNUXVWHQERPEHQ %LHU 1LNL/DXGD :DVLVW:LUWVFKDIW )LVFK 0DUNXV5RJDQ :DVLVW.21< 7HH +HUPDQQ0DLHU :DVLVW/7( .DIIHH $QQD)HQQLQJHU :DVVLQG.DSHUQ *HPVH 0DUNR$UQDXWRYLF :DVLVW=XPED *UHJRU6FKOLHUHQ]DXHU :DVLVW06 &ROD 6DODW 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH $XVWULMVNLIHVWLYDOL $XVWULMVNLSROLWLÏDUL $XVWULMVNLJUDGRYL 1RYD5RFN )UDQN6WURQDFK :LHQ )UHTXHQF\)HVWLYDO 0DUWLQ*UDI *UD] 'RQDXLQVHOIHVW (YD*ODZLVFKQLJ 6DO]EXUJ 8UEDQ$UW)RUPV *DEULHOD0RVHU /LQ] 6DO]EXUJHU)HVWVSLHOH -RVHI%XFKHU ,QQVEUXFN %HDWSDWURO -RVHI&DS .ODJHQIXUW 7ZR'D\VD:HHN 1LNRODXV%HUODNRYLFK %UHJHQ] 9LHQQDOH *HUKDUG'|UIOHU 6W3|OWHQ $UV(OHFWURQLFD :HUQHU)D\PDQQ (LVHQVWDGW %UHJHQ]HU)HVWVSLHOH %DUEDUD3UDPPHU 1$ 7UHQGRYL 7UHQGRYL 7UHQGRYL 1RJRPHWQLNOXERYL *OD]EHQLFL *OXPFL :$& -XOLDQ/H3OD\ &ODXGLD.RWWDO 6&:LHQHU1HXVWDGW &RQFKLWD:XUVW 0DULD+RIVWlWWHU 5HG%XOO6DO]EXUJ 7UDFNVKLWWD] -RKDQQHV6LOEHUVFKQHLGHU $GPLUD:DFNHU (OHNWUR*X]]L $QGUHDV/XVW $XVWULD:LHQ +XEHUWYRQ*RLVHUQ 0LFKDHO0DHUWHQV 5DSLG:LHQ )DOFR '|UWH/\VVHZVNL 6WXUP*UD] $QG\%RUJ .DWKDULQD6WUDHU :DFNHU,QQVEUXFN 5DLQKDUG)HQGULFK 0DQXHO5XEH\ 690DWWHUVEXUJ *XVWDY 0DULD%LOO 695LHG 6HHU 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH $XWRPRELOL 5HGDWHOML %0: 8OULFK6HLGO 9: 0LFKDHO+DQHNH $XGL .DUO0DUNRYLFV 0HUFHGHV 'DYLG6FKDONR )RUG %DUEDUD$OEHUW 0LQL 6WHIDQ5X]RZLW]N\ 2SHO 0LFKDHO*ODZRJJHU 3RUVFKH 6DELQH'HUIOLQJHU +RQGD 5HQDXOW 1LNRODXV*H\UKDOWHU 0LUMDP8QJHU $GHOH1HXKDXVHU %HOJLMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH %HOJLMVNHSR]QDWH RVREH %HOILXV :KLWQH\+RXVWRQ (XUR .DWH0LGGOHWRQ =DODQGR )HOL[%DXPJDUWQHU 7ZRR 0LFKHO7HOR 9HUNLH]LQJHQ $PDQGD7RGG :KLWQH\+RXVWRQ /DQD'HO5H\ 6WUHHW9LHZ 2QH'LUHFWLRQ 7KH9RLFH 'DYLG*RIILQ 0RYLHVWDUSODQHW -HDQ/XF'HODUXH qPHPDLQ 0LFKHO'DHUGHQ 'DYLG*RIILQ 0LFKHO'DHUGHQ /HVOH\$QQ3RSSH 0LFKHOOH0DUWLQ .DDW7LOOH\ 5RE*RULV 7LD+HOOHEDXW %DUEDUD*DQGROIL $VWULG%U\DQ ,OVH8\WWHUVSURW 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL %HOJLMVNH79HPLVLMH %HOJLMVNH79HPLVLMH %HOJLMVNLILOPRYL 'DJHOLMNVH.RVW 4XL]PH4XLFN 'HDG0DQWDONLQJ %ORNNHQ GH.HXNHQYDQ6RILH +RUVOHVPXUV 7KXLV 0DQQHNH3DXO /LWWOH*ORU\ )DPLOLH %HOJLXP VJRWWDOHQW 7DQJR/LEUH 'H9RLFHYDQ9ODDQGHUHQ /HV2UDJHVGHODYLH /D7rWHODSUHPLqUH .RPHQ(WHQ &DIp&RUVDUL 7KHEURNHQFLUFOHEUHDNGRZQ 9ODDQGHUHQ9DNDQWLHODQG /HFDUQHWGX%RXUOLQJXHXU 7RWDOWLMG &ODQ GH9RLFHYDQ9ODDQGHUHQ *URHQWHQXLW%DOHQ 9ROW *RH*HEDNNHQ 2RNJHWHVWRSPHQVHQ 'HYLMIKRHN :HHNHQGDDQ]HH :HOFRPHKRPH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH %HOJLMVNLVSRUWDģL %HOJLMVNLIHVWLYDOL $NWXDOQLGRJDÓDML (GHQ+D]DUG 7RPRUURZODQG .DVWHHOPRRUG 7RP%RRQHQ :HUFKWHU 2UNDDQ6DQG\ 'DYLG*RIILQ *HQWVH)HHVWHQ *HPHHQWHYHUNLH]LQJHQ 3KLOLSSH*LOEHUW /LFKWIHVWLYDO*HQW &ULVLV*ULHNHQODQG 6YHQ1\V )UDQFRIROLHV $UPVWURQJGRSLQJ]DDN 7LD+HOOHEDXW 0DUNWURFN 2O\PSLVFKH6SHOHQ/RQGHQ 9LQFHQW.RPSDQ\ *UDVSRS 6OXLWLQJ)RUG*HQN +DQV9DQ$OSKHQ &LW\3DUDGH &ULVLV6SDQMH 1LHOV$OEHUW $DOVW&DUQDYDO 9ULMODWLQJ0LFKHOOH0DUWLQ (YL9DQ$FNHU %HOHXYHQLVVHQ (XUR 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH '-HYL %HOJLMVNLJOD]EHQLFL %HOJLMVNLSROLWLÏDUL 1LFN\5RPHUR PV %DUW'H:HYHU 6NULOOH[ 1HWVN\ (OLR'L5XSR 1HWVN\ 6LONH 0DJJLH'H%ORFN +DUGZHOO 7ULJJHUILQJHU 'LGLHU5H\QGHUV 6WHYH$RNL 'H5RPHR V /DXUHWWH2QFNHOLQ[ +HDGKXQWHU] /DXUD/\QQ 3DXO0DJQHWWH 6HEDVWLDQ,QJURVVR &KULVWRII $QQHPLH7XUWHOERRP 'LPLWUL9HJDV/LNH0LNH . )LOLS'H:LQWHU 3DXO9DQ'\N 'HDQ 9LQFHQW9DQ4XLFNHQERUQH 'DGD/LIH 1DMSUHWUDŀLYDQLMH %HOJLMVNHSROLWLÏNH VWUDQNH 05 36 &'9 2SHQ9/' 9ODDPV%HODQJ &'+ (FROR 19$ 33 63$ .HYLQ $OH[DQGHU'H&URR %UD]LO 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL 3UHWUDŀLYDQMD 'RJDÓDMLX 79HPLVLMH )DFH (OHLo}HV %%% %%% &DUQDYDO $YHQLGD%UDVLO $VN 2OLPStDGDV )LQD(VWDPSD $YHQLGD%UDVLO /ROODSDORR]D $)D]HQGD =HUJ5XVK )HVWD-XQLQD &KHLDV'H&KDUPH (OHLo}HV 5RFNLQ5LR &DUURVVHO 7UDQVIRUPLFH 5LR *DEULHOD (QHP 7RPRUURZODQG 7KH9RLFH%UDVLO 75( 9LUDGD&XOWXUDO (PSUHJXHWHV )LQD(VWDPSD %DUUHWRV $PRU(WHUQR$PRU 7UHQGRYL 7UHQGRYL 7UHQGRYL 3MHVPH *OD]EHQLFL ΖJUH *DQJQDP6W\OH 3HGUR/HRQDUGR 7UDQVIRUPLFH &DPDUR$PDUHOR $GHOH +DEEOHW 6RPHRQH/LNH<RX :KLWQH\+RXVWRQ .L]L 9LGD'H(PSUHJXHWH 2QH'LUHFWLRQ +DEEROHOOD 7H9LYR 36< +DSL[HO 'RGJH5DP :DQGR 0LQLPXQGRV 3DUDGLVH 7KLDJXLQKR 0LQHFUDIW &DOO0H0D\EH 0F%H\RQFH 7LOW 'DQoD.XGXUR 0F.RULQJD %UDVIRRW )LRULQR ,VUDHO1RYDHV 'LDEOR 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 6SRUWVNLWLPRYL 6SRUWRYL 7XULVWLÏNDRGUHGLģWD )ODPHQJR 2OLPStDGDV 6mR3DXOR &RULQWKLDQV %UDVLOHLUmR 5LR'H-DQHLUR 3DOPHLUDV 8)& )RUWDOH]D *UHPLR /LEHUWDGRUHV 5HFLIH 9DVFR &DPSHRQDWR%UDVLOHLUR )ORULDQySROLV 63)& (XURFRSD 6DOYDGRU 6DQWRV 8)& 5LR4XHQWH &UX]HLUR 8)& )R]'R,JXDoX ,QWHUQDFLRQDO 78)%UDVLO 0DFHLy )OXPLQHQVH 4XDGURGHPHGDOKDV %OXPHQDX 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 8UDGLVDP ĢWRMH" 3UHWUDŀLYDQMDVOLND &RPRH[FOXLU)DFHERRN 24XHe(FRVVLVWHPD $PRU &RPRYRWDU 24XHe(QGRPHWULRVH 0HPHV &RPRLQVWDODU 24XHe(FRORJLD )ORUHV &RPRYRWDUQXOR 24XHe(GHPD ,PDJHQVSDUD)DFHERRN &RPREDL[DUPLQHFUDIW 24XHe(QHUJLD &RUDomR &RPRKDFNHDU)DFHERRN 24XHe(VWDGR &RULQWKLDQV &RPR3LQWDU 24XHe(VFRUEXWR 3DSHOGHSDUHGH &RPR-XVWLILFDU9RWR 24XHe(TXLGDGH &DUURV &RPR7UDQVIHULU&UHGLWRV 24XHe(GLWRULDO ,PDJHQVHQJUDoDGDV &RPR-RJDU53* 24XHe(PSUHHQGHGRULVPR 'HVHQKRVSDUDFRORULU 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH /RNDOQDSUHWUDŀLYDQMD %DQNH 1DFLRQDOQHUREQH PDUNH +RWHO ,WDX $YHQLGD3DXOLVWD6mR3DXOR &DL[D 5HVWDXUDQWH %UDGHVFR &RUUHLRV 6DQWDQGHU 0RWHO %DQFR'R%UDVLO $FDGHPLD +VEF 3RXVDGD &UHGLFDUG 6KRSSLQJ %DQULVXO (VWDFLRQDPHQWR +LSHUFDUG %DQFRGR%UDVLO 3DQDPHULFDQR 0HUFDGR/LYUH &DVDV%DKLD &RUUHLRV $PHULFDQDV 1HWVKRHV 3RQWR)ULR 0DJD]LQH/XL]D 7DP 9LYR *RO 5HSXEOLNDÎHģND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH /RNDOQHSR]QDWHRVREH +RWHO3DUDGLVH :KLWQH\+RXVWRQ 'DYLG5DWK )DUPD 'DYLG5DWK $QHWD6DYDURYi 'LDEOR )HOL[%DXPJDUWQHU 2UQHOODâWLNRYi ý7 0LFKDHO&ODUNH'XQFDQ -DUR6OiYLN +ODVýHVNR6ORYHQVND $GHOH ,YDQQD%HQHãRYi +RZUVH $QHWD6DYDURYi 9ODGLPtU)UDQ] =HUJ5XVK 0DFDXOD\&XONLQ 7DPDUD.RXERYi 3ULPD3/$< /DQD'HO5H\ 1HOD6ORYiNRYi 6DUDK%XUNH FHOHVWH%XFNLQJKDP YROE\ $QRQ\PRXV 0LFKDHO3KHOSV 5DGRVODY%U]RERKDWê 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 79HPLVLMH 6SRUWRYL 1DFLRQDOQLROLPSLMFL +RWHO3DUDGLVH +RNHM 3HWUD.YLWRYi 3URVWĜHQR )RWEDO 5RPDQ.UHX]LJHU 3DUWLþND 7HQLV $QGUHD+ODYiþNRYi +ODVýHVNR6ORYHQVND 6QRZERDUG 7RPiã%HUG\FK 9\SUiYČM =XPED 'DYLG6YRERGD 8OLFH )LWQHVV -DURVODY.XOKDYê 6KRZ-DQD.UDXVH 3LODWHV 'HQLVD5RVRORYi .OXFLYDNFL *ROI 0DUNpWD6OXNRYi )DUPiĜKOHGiåHQX )ORUEDO 6LPRQD%DXPUWRYi $QRãpIH .XOWXULVWLND .OiUD=DNRSDORYi 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 8UDGLVDP ĢWRMH" 3UHWUDŀLYDQMD -DN=KXEQRXW &RMH7DEOHW (852 -DN6EDOLW+RONX &RMH$QG\ 2O\PSLMVNpKU\ -DN=MLVWLW+HVOR &RMH$FWD 9HOLNRQRFH -DN9\GČODW3HQt]H &RMH,EDQ .DOHQGiĜ -DN8Yi]DW.UDYDWX &RMH5SVQ ILOP\ -DN=UXãLW)DFHERRN &RMH6SDP 9ROE\ -DN1DSVDWäLYRWRSLV &RMH3URKLELFH =iNRQtN3UiFH -DN6EDOLW.OXND &RMH'RKD]RYDþ -DUQt3Ui]GQLQ\ -DN3ViW:HE &RMH*RRJOH 06KRNHM -DN2WČKRWQČW &RMH3OXJLQ /RQGRQ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6YMHWVNHPHWURSROH 3ROLWLÏDUL 0HGLML 1HZ<RUN 9ODGLPtU)UDQ] L'1(6 3UDJXH 'DYLG5DWK %OHVN /RQGRQ 9iFODY.ODXV 1RYLQN\ %DUFHORQD 7RPLR2NDPXUD $KD $PVWHUGDP .DUROtQD3HDNH ý7 %XGDSHãĢ 9ODGLPtU'ORXKê (YURSD %HUOtQ -DQ)LVKHU ýHVNi7HOHYL]H 6DO]EXUJ 0LORã=HPDQ 3ULPD 5LRGH-DQHLUR .DUHO6FKZDU]HQEHUJ WQF] 'XEDL .ULVWêQD.Rþt L+1HG 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSRSXODUQLMHUREQH PDUNH 0RGQHPDUNH +UDQD 9RGDIRQH ,NHD ýHVNi6SRĜLWHOQD 2 6WXGHQW$JHQF\ 3RãWRYQt6SRĜLWHOQD /LGO 70RELOH 7FKLER 0EDQN 1DMSUHWUDŀLYDQLMH ĿLYRWLQMH 3HV .UWHN 5\E\ *RULOD $OEDWURV 2SLFH +URFK 7\JU äLUDID /LãND %DĢD 'RUW\ +0 .XVNXV =DUD 3L]]D 1HZ<RUNHU 6XVKL $GLGDV 0XIILQ\ /RXLV9XLWWRQ &KHHVHFDNH $OSLQH3UR 5L]RWR 1LNH 7LUDPLVX +XPDQLF *QRFFKL 7DNNR %UDPERUiþN\ ÎLOH 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 8UDGLVDP ĢWRMH" 6HUYHO &yPR+DFHU*HQRJUDPD 4XpHV+LSVWHU -XHJRVIULY &yPRVHU,QQRYDGRU 4XpHV:KDWVDSS -DLGHILQLFKRQ &yPR9RWDU 4XpHV623$ 0XQGRV2SXHVWRV &yPR+DFHU6XVKL 4XpHV,QVWDJUDP +RQJRV7LEHWDQRV &yPR3UHSDUDU$UUR] 4XpHV&DH *RRJOH6WUHHW9LHZ &yPR8VDU$QDOLWLF 4XpHV0RQRWHPDWLFR 7UDQVIRUPLFH &yPR8VDU7XPEOU 4XpHV7ULSRIRELD %RQR0XMHU7UDEDMDGRUD &yPR$GHOJD]DU 4XpHV0\VWHU\ODQG &yPR+DFHU%RQVDL 4XpHV&OHYHUERW 9RFDOGHPHVD 6ROWHUD2WUDYH] &yPR8VDU:KDWVDSS 4XpHV0HQLQJLWLV 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 79HPLVLMH 5HDOLW\HPLVLMH /LNRYLL]UHDOLW\HPLVLMD 0XQGRVRSXHVWRV 0XQGRVRSXHVWRV :LOPD*RQ]DOH] 6ROWHUD2WUD9H] 3DUHMDSHUIHFWD 7DQ]D9DUHUOD ,QILHOHV $PD]RQDV /XOL /RV /RV0HQGH] 3DPHOD'LD] 3DUHMD3HUIHFWD )LHEUHGH%DLOH 0LFKHOOH&DUYDOKR $PD]RQDV 3VLTXLFRV -RVp/XLV%LEER KRUDV 0L1RPEUHHV9,3 +XDLTXLSDQ %LHQYHQLGRV /D%HOOD\HO*HHN $QJLH$OYDUDGR 0HJDQRWLFLDV /DV$UJDQGRxDV 6HEDVWLDQ5RFD 7HOHWUHFH 'RPLQLTXH*DOOHJRV 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSURGDYDQLMHNQMLJH %HQGRYLLJOD]EHQLFLX XVSRQX .RQFHUWL 6RPEUDVGH*UH\ /D$GLYLQD (O&XDGHUQRGH0D\D (O-DUGtQ2OYLGDGR 'LH]0XMHUHV (OÒOWLPR7DQJRGH6DOYDGRU $OOHQGH 6RPEUDVPiV2VFXUDV 1DGDU'HVQXGDV /DV+RUDV'LVWDQWHV (O-XHJRGHO+DPEUH(Q /ODPDV 0DQXHO*DUFtD $VWUR )UDQFLVFD9DOHQ]XHOD 3HGUR3LHGUD *HSH 'HQYHU &DPLOD0RUHQR -DYLHUD0HQD &KLQR\ 5LFDUGR$UMRQD /DG\*DJD /ROODSDORR]D /XLV0LJXHO 0DTXLQDULD 0DUF$QWKRQ\&KD\DQQH 0DGRQQD 'DYLG*HWWD 0DURRQ 0LQXWRV %DQGD&RQPRFLyQ 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL )LOPRYL 3ROLWLÏDUL +UDQDLMHOD %DWPDQ$VFLHQGH &DPLOD9DOOHMRV +DPEXUJXHVD +RWHO7UDQV\OYDQLD 6HEDVWLDQ3LxHUD &KRUULOODQD 0,% &DUROLQD7RKD &RPSOHWR /D(UDGHO+LHOR /DXUHQFH*ROERUQH 3RURWRV*UDQDGRV /RV9HQJDGRUHV &ULVWLiQ/DEEH &KXUUDVFR 6WHIDQYV.UDPHU &ODXGLR2UUHJR 0DFKDVDOD3DUPHVDQD $PD]LQJ6SLGHUPDU &DPLOR(VFDORQD &KDUTXLFDQ 3URPHWHR 5RGULJR+LQ]SHWHU &D]XHOD 7HG 5LFDUGR/DJRV(VFREDU +XPLWD 9DOLHQWH 5LFDUGR/DJRV:HEHU 3L]]D 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1RJRPHWQLNOXERYL 3LÉD 6YHXÏLOLģWD 8QLYHUVLGDGGH&KLOH 7HUUHPRWR 8QLYHUVLGDGGH&KLOH &ROR&ROR 9LQR 8QLYHUVLGDG&DWROLFD 2 +LJJLQV &HUYH]D 8QLYHUVLGDGGHO0DU 5DQJHUV &KDPSDJQH 8QLYHUVLGDGGH6DQWLDJR &REUHROD 3LVFROD 8QLYHUVLGDG$QGUpV%HOOR 6DQWLDJR:DQGHUHUV %RUJRxD 8QLYHUVLGDG0D\RU 3DOHVWLQR 5RQFROD 8QLYHUVLGDG&HQWUDO $XGD[,WDOLDQR 9LQRFRQ&KLULPR\D 8&,1) +XDFKLSDWR YRGNDWRQLFD 81,$&& 8QLYHUVLGDG&DWyOLFD YRGNDQDUDQMD 8%2 'DQVND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH 79HPLVLMH 1HWIOL[ )HOL[%DXPJDUWQHU 3DUDGLVH+RWHO (NVWUDEODGHW6NROH :KLWQH\+RXVWRQ %LJ%URWKHU 0RYLHVWDUSODQHW $PDQGD7RGG 0*3 'LDEOR /XNDV*UDKDP *R0RUJHQ'DQPDUN :RUGIHXG .DWH0LGGOHWRQ 'HW6¡GH/LY 0LQHFUDIW 0RUJDQ)UHHPDQ 6SLVHPHG3ULFH VSRWLI\ 0LFKDHO&ODUNH'XQFDQ ;)DFWRU =DODQGR $QGHUV0DWWKHVHQ 'HVSHUDWH+RXVHZLIH (0 (GGLH0XUSK\ /\NNH L3DG .21< )RUEU\GHOVHQ 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL 79HPLVLMH 'DQVNHSR]QDWHRVREH 'DQVNHSR]QDWHRVREH 'LYDHUL-XQJOHQ 0HGLQD 6KDND/RYHOHVV 0RUPRUV%RUGHO 5DVPXV6HHEDFK 1LNROLQH6LPRQH .RQJHUQHIUD5¡P¡ .LP/DUVHQ 6KDULQ)RR 'DQPDUNV6PXNNHVWH+MHP *XVWDY )UHGHULN)HWWHUOHLQ 5RGL)DPLOLHQ $XUD -RDNLP,QJYHUVHQ )HOL[)O\WWHU,QG &DUROLQH:R]QLDFNL 0 UVN0F.LQQH\0¡OOHU *HQHUDWLRQ;/ $QGHUV0DWWKHVHQ .DVSHU:LQGLQJ %LJ%URWKHU &KULVWLDQH6FKDXPEXUJ0OOHU 'LFWH )RUEU\GHOVHQ 0DGV/DQJHU $QGHUV0DWWKHVHQ )DPLOLHQIUD%U\JJHQ 7LQD'LFNRZ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6SRUWVNLWLPRYL 8UDGLVDP )&%DUFHORQD +YRUGDQ.\VVHU0DQ 0DQFKHVWHU8QLWHG +YRUGDQ'LYLGHUHU0DQ $*) +YRUGDQ)¡OHV9HHU $$% +YRUGDQ9LUNHU6ROFHOOHU /LYHUSRRO +YRUGDQ*DQJHU0DQ &KHOVHD (IWHUO¡Q8GEHWDOLQJ+YRUGDQ )&0LGWM\OODQG +YRUGDQ)¡OHV3OXNYHHU 5DQGHUV)& +YRUGDQ3LIWHU0DQ )&0LGWM\OODQG +YRUGDQ6WULNNHU0DQ $*.¡EHQKDYQ +YRUGDQ+ NOHU0DQ &KULVWLDQH6FKDXPEXUJ0OOHU 7UHQGRYL 8UDGLVDP +YRUGDQ+ YHU0DQ(IWHUO¡Q +YRUGDQ/DYHU0DQ4U.RGHU +YRUGDQ8GWDOHV:RUGIHXG +YRUGDQ3LIWHU0DQ +YRUGDQ6SLOOHV:RUGIHXG +YRUGDQ6SLOOHU0DQ0LQHFUDIW +YRUGDQ/DYHU0DQ&YU 5HJLVWUHULQJ +YRUGDQ)¡OHV3OXNYHHU +YRUGDQ5HGXFHUHU0DQ +YRUGDQ)nU0DQ+YLGH 7 QGHU 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH ĢWRMH" ĢWRMH" 3ROLWLÏDUL +YDG(U.ORNNHQ +YDG(U/\GPXUHQ +HOOH7KRUQLQJ6FKPLGW +YDG(U%QS +YDG(U$FWD $VWULG.UDJ +YDG(U.XOK\GUDWHU +YDG(U0RYHPEHU 3LD.M UVJDDUG +YDG(U. UOLJKHG +YDG(U6RSD 9LOO\6¡YQGDO +YDG(U,FORXG +YDG(U:RUGIHXG 0DUJUHWKH9HVWDJHU +YDG(U'HPRNUDWL +YDG(U6SRWLI\ -RKDQQH6FKPLGW1LHOVHQ +YDG(U$GKG +YDG(U7UHSDUWVIRUKDQGOLQJHU 0HWWH)UHGHULNVHQ +YDG(U7ZLWWHU +YDG(U.ROLN ,GD$XNHQ +YDG(U3L +YDG(U8GVDJQVRUG 0DQX6DUHHQ +YDG(U6WUHVV +YDG(U5DPDGDQ $QQHWWH9LOKHOPVHQ 7UHQGRYL 7UHQGRYL 7UHQGRYL 3ROLWLÏDUL )LOPRYL *DGJHWL $QQHWWH9LOKHOPVHQ 6N\IDOO L3DG 3HUQLOOH6NLSSHU 7KH+XQJHU*DPHV L3KRQH6 /LVEHWK%HFK3RXOVHQ .LGG L3DG0LQL $VWULG.UDJ 3URPHWKHXV 1H[XV 7ULQH%UDPVHQ 'HQ6NDOGHGH)ULV¡U L3DG 3LD2OVHQ'\KU $YHQJHUV 1RNLD1 0HWWH*MHUVNRY 7DNHQ 1RNLD/XPLD ,GD$XNHQ 7KH$UWLVW 6DPVXQJ*DOD[\6 .DUHQ+ NNHUXS 3DUDQRUPDO$FWLYLW\ 5DVSEHUU\3L .ULVWLDQ7KXOHVHQ'DKO 5HDO6WHHO 0LFURVRIW6XUIDFH (JLSDW 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH ΩϳόγέϭΑΙΩΣ ΔηΎϛϋϕϳϓϭΗ ϲΗΑϗέΑϲϘΣ ΕΎΑΎΧΗϧϺϟΎϳϠόϟΔϧΟϠϟ έρΎηϟΕέϳΧ ΓΩϳϧϋΔϳλΧη ˻˹˺˻ΕΎόϣΎΟϟϕϳγϧΗ ΙϟΎΛϟΓΩϭϧηΎΑΎΑϟ ϲϧϐΑϲΑϠϗϥϣ έϳέΣΗϟϥΩϳϣ ϝϳΩϧϗϡΎηϫ *DQJQDP6W\OH έϭϧϟΏίΣ έϧΗέΎΟϣϭΑαϛϳϠϳϓ &DOO0H0D\EH ΎϣέϭΑ ϑγϭϳϡγΎΑ :LGH$ZDNH ΔϟΩόϟϭΔϳέΣϟ ϲϛϣΩϣΣ ΔϠΎϔΗϣ ϙέΎΑϣΔϣϛΎΣϣ ϲγϳγϟΡΎΗϔϟΩΑϋ 6N\IDOO ΔγΎέϟΕΎΑΎΧΗϧ· ΥϭϧΧϧϱέΑλ ϥϳϳΎϘγϟΓέΎΣ ΔοϬϧϟωϭέηϣ ϥΎΑόηϰϔρλϣ ϥΎϣέΎϳ 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL 79SURJUDPL 79VHULMHLVLWFRPL *OD]EHQLFL έϳΧϟΎϳΎΑλ ΔϣρΎϓϝγϠγϣ ϲϠϳϟωϭέηϣ $UDE,GRO ˯έΣλϟΏϠόΛίϣέ ΩϟΎΧΏΎηϟ ΔϳϧϫΔϣϘϟ ΓΎϳΣϟΔΑόϟΞϣΎϧέΑ ϝϳΩ έλϣΎϳϙΣΎΑλ ϥΎρϠγϟϡϳέΣϝγϠγϣ ΝΎϧϳϣϲϛϳϧ ΡΎΑλRQ ωϭϧϣϣϟϕηόϟϝγϠγϣ ϲΛϳϠϟΩϭϣΣϣ αϣηϟϱί ˯έϣΣρϭρΧϝγϠγϣ ΏΎϫϭϟΩΑϋϥϳέϳη έΎϬϧϟωέΎη ΔόΑέϟΔΟϭίϟϝγϠγϣ ΔϟΎλ έΎϬϧϟέΧ ΩέϭϟΔόΎΑϝγϠγϣ Ύγϳϟ· 7KH9RLFH έϭϧϝγϠγϣ ϱέϭϔϛϝϭ ΔϳϟΎϏΕγϟ ϡγϣγϡϟΎϋΞϣΎϧέΑ έΑϳΑϥϳΗγΎΟ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6SRUWDģL 6SRUWVNLWLPRYL 1DFLRQDOQLROLPSLMFL ϭΩϟΎϧϭέϭϧΎϳΗγϳέϛ ϙϟΎϣίϟ έΑΎΟϡέϛ ΏόΗϣΩΎϣϋ ΩϳέΩϣϝΎϳέ ϲΣΑλΩϣΣϣ ϻΎΑΎϛϳη ΔϧϭϠηέΑ έϣϋΔϣρΎϓ ϥΩϳίΩϣΣϣ ϝίΎΑ ϲΟϭΑΡΎΗϔϟΩΑϋΩϣΣϣ ΎϛΎϛ ϰϠϫϷ ΏϳΩϟΩϣΣϣ ΕΎϛέΑΩϣΣϣ ϲγϠϳηΗ ϥΎοϣέΔϠϬϧ ΎϓϭΑέΎηΎϳέΎϣ ϥϼϳϣέΗϧ· ΡΎΑλϣϡΎηϫ ϲϛίϭέϣϋ ΦϧϭϳϣϥέϳΎΑ ϥΎϣΛϋϑϳέη ϲϟΎϏϡΎγΣ ϝΎϧϳγέ ϡγΎϘϟϭΑ˯ϼϋ έϳέΩϳϓέΟϭέ ϝϭΑέϔϳϟ ΩϭϣΣϣϝϣ 7UHQGRYL 7UHQGRYL 7UHQGRYL 3RSXODUQHRVREH 3UHWUDŀLYDQMDYLMHVWL 3ROLWLÏDUL ϥΎϳϧϭϳΗϭέΎϫέϳΩϥΎηϳϧ ϊΑΎγϟϡϭϳϟ έΎϛΑέΩΎϧ ϥϳϫΎηϡΎϬϟ· ϡϭϳϟϱέλϣϟ ϲϧΗΎΗϛϟΩόγ ΕέϭϳΗγϥΗγϳέϛ ϱϭέλϣ ΩϣΎΣϭΑΩϣΣϣ έγϳ ϡέϫϷ ΡΎΗϔϟΩΑϋίΗόϣ ϥΎϳηΩέΎϛϡϳϛ ϕϭέηϟ ϲγέϣΩϣΣϣ ϱΩϳΩΣϟαϳϣϟ ΔϳέϭϬϣΟϟ ϝϳΩϧϗϡΎηϫ ΞϳέϛϝΎϳϧΩ ϥρϭϟ ϝϳϋΎϣγ·ϭΑΡϼλϡίΎΣ ϥΎοϣέϱέϳΧ ΩϓϭϟΔΑϭΑ ϱϭίϣΣϭέϣϋ ϲηέΑϹϝϭ έλϣέηΎΑϣΓέϳίΟϟ ϲΣΎΑλϥϳΩϣΣ έΩΑϥγϭγ Γέϭϛϼϳ ΡϭΗϔϟϭΑϡόϧϣϟΩΑϋ 7UHQGRYL 7UHQGRYL 7UHQGRYL 7XULVWLÏNDRGUHGLģWD 3UHWUDŀLYDQMDVOLND +UDQDLSLÉH ΔϧΧγϟϥϳόϟ έλϣϡϠϋ Δϟϭέϓέϳλϋ ΔϣΎϧϣϟ ϕϳϔηΩϣΣ ΏΎΑϛεϳη ϥΩϧϟ Ωέϭ ΔϧϳΣρϟΎΑιϣΣϟ ϝϭΑϧργ ΎϧϳγϥϭΟ Ύϳέγϟεϳϋ ϱϭΎϫ ΏϭΑΞϧϭΑγ ϝϳϣΎηΑϟΎΑΔγϭϛ Γϭϳγ ΩϼϳϣΩϳϋΔΗέϭΗ ΥέϔϟΎϣέϭΎη ϲϧΩϳγ έϣγ ϲηΣϣ ϲΑΩ ϲϧγΣέϣΎΗ ϲηΣϣϡΎϣΣ Ρϭέρϣϲγέϣ ΔϳόϳΑρέυΎϧϣ Δϳϣόρ ϡϠϋϲγέϣ 7UHQGRYL 0RGQHPDUNH 7HG%DNHU 6WHOOD0F&DUWQH\ %DOPDLQ -HDQ3DXO*DXOWLHU 0LFKDHO.RUV %HUVKND 0DUF-DFREV 0XOEHUU\ 7RP)RUG +0 ϡέΟϋϲγϧΎϧ ΝΎΟΩϟΔΑέϭη )LOLSLQL 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH *ODYQHYLMHVWL 6LP6LPL -HUHP\/LQ 'ROSK\'HDWK $QJU\%LUGV :KLWQH\+RXVWRQ 623$ 7HUWULV%DWWOH 'ROSK\ &\EHUFULPH/DZ 6XSHU%DVVO\ULFV -DQHOOH0DQDKDQ -HVVH5REUHGR'HDWK *DQJQDPVW\OH 'DQLHO3DGLOOD +XUULFDQH6DQG\ -HUHP\/LQ -HVVLFD6DQFKH] 3URMHFW1RDK :KLWQH\+RXVWRQ 9DOHULD/XN\DQRYD 6FDUERURXJK6KRDO 'ROSK\ &KDFKL*RQ]DOHV 621$3KLOLSSLQHV 'UDJRQQHVW 5DPJHQ5HYLOOD 5REHUW%ODLU&DUDEXHQD EODFN $GHOH (DW%XODJD,QGRQHVLD 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMDVOLND 3MHVPH 79HPLVLMH 9DOHULD/XN\DQRYD 6XSHU%DVV $PHULFDQ,GRO %KXWDQ *DQJQDP6W\OH 7RPDQG-HUU\ %ODFNSLFWXUH 3D\SKRQH :DODQJ+DQJJDQ &KDULFHQHZORRN &DOO0H0D\EH $GYHQWXUH7LPH 7UROOIDFH 3XVRQJ%DWR 6SRQJHERE 7UDQVLWRI9HQXV 2QHWKLQJ &LW\+XQWHU 6XSHUPRRQ 3ULFHWDJ 'RUD 2YHUO\$WWDFKHG*LUOIULHQG 6LUHQD 3ULQFHVVDQG, 0H*XVWD 'RPLQR 7KH:DONLQJ'HDG .DWH0LGGOHWRQSKRWRV 2XUV 9DPSLUH'LDULHV 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6SRUWDģL 6SRUWVNLWLPRYL 7XULVWLÏNDRGUHGLģWD -HUHP\/LQ 0LDPL+HDW 6LQJDSRUH 0DQQ\3DFTXLDR )(8 0DQLOD2FHDQ3DUN /HEURQ-DPHV 383 &HEX .REH%U\DQW /DNHUV 3XHUWR*DOHUD -RKQ&HQD $GDPVRQ8QLYHUVLW\ %RKRO 0LFKDHO-RUGDQ 0$38$ %KXWDQ 'HUULFN5RVH $]NDOV 7DJD\WD\ -DPHV<DS $WHQHR %DJXLR 0DULD6KDUDSRYD %RVWRQ&HOWLFV &DQDGD 'ZD\QH:DGH *LQHEUD &KLQD 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH +UDQDLSLÉH *DGJHWL 5REQHPDUNH 0DJQXP,FH&UHDP L3DGPLQL $SSOH 9LNLQJV 6DPVXQJ*DOD[\< 7R\RWD &KRSVXH\5HFLSH L3DG %ODFNEHUU\ -&R'RQXWV 6DPVXQJ*DOD[\6 1RNLD *RQJ&KD L3KRQH6 &KHUU\0RELOH 3HSVL3RJL 6DPVXQJ*DOD[\3RFNHW +\XQGDL %RQ&KRQPHQX %ODFNEHUU\(PSDWK\ P\3KRQH +LSRQ 6DPVXQJ*DOD[\6 )RUHYHU 7ZLVWHUIULHV 1RNLD/XPLD +RQGD -LQJDMXLFH 1RNLD/XPLD 1LNH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL ΖJUH /RNDOQHRVREHX YLMHVWLPD 3ROLWLÏDUL 7HWULV%DWWOH $QJU\%LUGV &URVVILUH 'UDJRQ1HVW 3ODQWVYV=RPELHV 7HPSOH5XQ '27$ &U\VWDO6DJD 'LDEOR 0LQHFUDIW 'ROSK\ -DQHOOH0DQDKDQ 'DQLHO3DGLOOD 5DPJHQ5HYLOOD *UDFH/HH .DUO5R\ 3HGUR&DOXQJVRG -HVVH5REUHGR 0\UWOH -DPLFK 1DMSUHWUDŀLYDQLMH /RNDOQDWXULVWLÏND RGUHGLģWD 0DQLOD2FHDQ3DUN &HEX 3XHUWR*DOHUD %RKRO 7DJD\WD\ %DJXLR &OXE0DQLOD(DVW &DJD\DQGH2UR *UHHQKLOOV $EUD -HVVH5REUHGR &RURQD %DUDFN2EDPD ,JJ\$UUR\R 5RPQH\ 6KDODQL6ROHGDG 0LULDP'HIHQVRU6DQWLDJR -XDQ3RQFH(QULOH 7LWR6RWWR 6HUDILQ&XHYDV )LQVND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH 2VREH ,OWD6DQRPDW 3HNND+DDYLVWR 5RELQ -RNDNRWL 6DXOL1LLQLVW| 3HWUL1\JnUG 9DDOLNRQH -XVVL3DUYLDLQHQ 3HNND+DDYLVWR 0RYLHVWDUSODQHW :KLWQH\+RXVWRQ -XVVL3DUYLDLQHQ =DODQGR )ORRU-DQVHQ -RKDQQD7XNLDLQHQ 1HWIOL[ 5RELQ 6DXOL1LLQLVW| 0P-llNLHNNR 6DDQD3DUYLDLQHQ -XVWLQ%LHEHU 3HNND+DDYLVWR )HOL[%DXPJDUWQHU &KLVX +RZUVH 3DDYR9l\U\QHQ &KHHN *$* 3HNND-DODYD 6DDQD3DUYLDLQHQ 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 8UDGLVDP ĢWRMH" 79HPLVLMH .XLQND6DDGD.XXPH 0LNl2Q,QVWDJUDP 6DODWXW(OlPlW .XLQND3XUMHKWLMDNVL7XOODDQ 0LNl2Q3D\SDO %LJ%URWKHU .XLQND0RQWD3URVHQWWLD 0LNl2Q7ZLWWHU 8XVL3lLYl .XLQND,VNHl1DLQHQ 0LNl2Q%ORJL 7DQVVLL7lKWLHQ.DQVVD .XLQND/DLKWXD1RSHDVWL 0LNl2Q-DYD 9DLQ(OlPll .XLQND1RSHDVWL5DVNDDNVL 0LNl2Q,SDG ,KROOD .XLQND6HOYLWl(URVWD 0LNl2Q&Y :DONLQJ'HDG .XLQND5LNDVWXD 0LNl2Q)DFHERRN $PHULFDQ,GRO .XLQND3DOMRQ$VXQWRODLQDD 0LNl2Q,QWHUQHW 7UXH%ORRG .XLQND3RLVWDD)DFHERRN 0LNl2Q:LIL .DGRQQHHQ-lOMHOOl 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 8UDGLVDP ĢWRMH" 3MHVPH .XLQND6DDGD.XXPH 0LNlRQ,QVWDJUDP )URQWVLGH2OOLH .XLQND3XUMHKWLMDNVL7XOODDQ 0LNlRQ3D\SDO *DQJQDP6W\OH .XLQND0RQWD3URVHQWWLD 0LNlRQ7ZLWWHU &ORVHU .XLQND,VNHl1DLQHQ 0LNlRQ%ORJL 6DODLVXXGHW .XLQND/DLKWXD1RSHDVWL 0LNlRQ-DYD 6QRRS/LRQ .XLQND1RSHDVWL5DVNDDNVL 0LNlRQ,SDG .XNNXUXNXX .XLQND6HOYLWl(URVWD 0LNlRQ&Y 2ONLQDLQHQ .XLQND5LNDVWXD 0LNlRQ)DFHERRN 6RXWDD+XRSDD .XLQND3DOMRQ$VXQWRODLQDD 0LNlRQ,QWHUQHW 6RNND,UWL .XLQND3RLVWDD)DFHERRN 0LNlRQ:L)L 'LDPRQGV 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 6SRUWDģL 6SRUWVNLWLPRYL 6SRUWVNLGRJDÓDML .LPL5lLNN|QHQ -RNHULW 0P-llNLHNNR 0LNDHO*UDQOXQG +LIN /RQGRQ 0DWWL1\NlQHQ 7DSSDUD 1HVWH5DOOL 7HHPX6HOlQQH 3HOLFDQV -XNROD 8VDLQ%ROW .DOSD -DONDSDOORQ(P .LLUD.RUSL -\S <OHLVXUKHLOXQ(P.LVDW 0DULR%DORWHOOL +MN .DUMDOD7XUQDXV /LRQHO0HVVL 6DLSD +HOVLQNL&XS $QWRQHQ.XLYDQHQ .lUSlW 9DVDORSSHW (PLOLD3LNNDUDLQHQ +SN 3RZHU&XS 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH +UDQDLSLÉH .XKDUVNLUHFHSWL .XKDUVNLUHFHSWL $YRNDGRSDVWD $YRNDGRSDVWD /LKDSXOODW 0DQJR7XRUHMXXVWRNDNNX 0HULPLHVSLKYL 0DNDURQLODDWLNNR 0DFDURRQV 8XQLMXXUHNVHW .DDOLODDWLNNR .DXUD2PHQDSDLVWRV 3DVWD&DUERQDUD 8XQLORKL &XSFDNH5HVHSWL /RKL8XQLVVD /DVDJQH 6PRRWKLH5HVHSWL 0DD$UWLVRNNDNHLWWR .LQNNXSLLUDNND 5DSDUSHULSLLUDNND .DQDNDVWLNH -DXKHOLKDSLKYLW -XXVWRNDNNX8XQLVVD 0DNVDODDWLNNR /LKDPXUHNH /LPH-XXVWRNDNNX -XXVWRNHLWWR .DUMDODQSDLVWL 0XVWLNNDMXXVWRNDNNX 6XSSLORYDKYHURNHLWWR -DXKHOLKDNDVWLNH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL 5HFHSWL]DNRODÏH 5HFHSWL]DNRODÏH 0RELOQLXUHÓDML 0DQJR7XRUHMXXVWRNDNNX .DNNX /XPLD 0DFDURRQV 3DQQXNDNNX /XPLD .DXUD2PHQDSDLVWRV -XXVWRNDNNX ,SDG &XSFDNH5HVHSWL 0XVWLNNDSLLUDNND *DOD[\6 5DSDUSHULSLLUDNND 2PHQDSLLUDNND 1RNLD -XXVWRNDNNX8XQLVVD 0RNNDSDODW ,SDG0LQL /LPH-XXVWRNDNNX /HWWXWDLNLQD 1RNLD1 0XVWLNNDMXXVWRNDNNX 6XNODDNDNNX 1RNLD 9RLVLOPlSXOOD 3DYORYD 0XWDNDNNX 1H[XV 7l\WHNDNNX 1RNLD 7UHQGRYL 7HOHYL]LMD -llNLHNRQ0P %LJ%URWKHU 9RLFH2I)LQODQG 9DLQ(OlPll 9LLGDNRQ7lKW|VHW (XURYLLVXW ,KROOD *DPH2I7KURQHV 7HUUD1RYD 5RED )UDQFXVND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3UHWUDŀLYDQMDVOLND )UHH0RELOH :KLWQH\+RXVWRQ &RHXU (XUR -HDQ/XF'HODUXH 2QH'LUHFWLRQ 6HFUHW6WRU\ )UDQoRLV+ROODQGH &KDW %UHI $QRQ\PRXV )RQG' eFUDQ 0FGRQDOGV)U 7KLHUU\5RODQG 5LKDQQD 57%) 0RXVV'LRXI 6HOHQD*RPH] 0DSS\,WLQpUDLUH 3LHUUH0RQG\ 0DQJD -R 0pOHQFKRQ 7DWRXDJH :KLWQH\+RXVWRQ /XF&KDWHO 1HZ<RUN 0\WI )HOL[%DXPJDUWQHU 6PLOH\ 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3MHVPH *OD]EHQLFL 79HPLVLMH *DQJQDP6W\OH :KLWQH\+RXVWRQ 3OXV%HOOH/D9LH &DOO0H0D\EH 0LFKHO7HOR %UHI :DWL+RXVH /DQD'HO5H\ 7KH9RLFH 3D\SKRQH 2QH'LUHFWLRQ 'HVSHUDWH+RXVHZLYHV %DUD%DUD%HUH%HUH 'RQQD6XPPHU :DONLQJ'HDG -XVWH8Q,QVWDQW /0)$2 'H[WHU 5D\RV'H6RO &ODXGH)UDQFRLV /H7URQH'H)HU 3DUW\6KDNHU *RW\H 7RS&KHI 3DUOHU¬0RQ3qUH && 1FLV(QTXHWHV6SHFLDOHV 3RXQG7KH$ODUP (GLWK3LDI 'U+RXVH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 3ROLWLÏDUL 8UDGLVDP ĢWRMH" )UDQFRLV+ROODQGH &RPPHQW0DLJULU 4XH6LJQLILH6ZDJ 6DUNR]\ &RPPHQW(PEUDVVHU 4XH6LJQLILH 0DULQH/H3HQ &RPPHQW*URVVLU 4XH6LJQLILH::: 'VN &RPPHQW'HYHQLU5LFKH 4XH6LJQLILH/RO -HDQ/XF0HOHQFKRQ &RPPHQW6H0DTXLOOHU 4XH6LJQLILH8VE %D\URX &RPPHQW'HVVLQHU 4XH6LJQLILH5LS 1DGLQH0RUDQR &RPPHQW7RPEHU(QFHLQWH 4XH6LJQLILH/PIDR -HDQ0DUF$\UDXOW &RPPHQW'UDJXHU 4XH6LJQLILHAA )UDQFRLV)LOORQ &RPPHQW6H3DFVHU 4XH6LJQLILH5S] 'RPLQLTXH3DLOOp &RPPHQW6H0XVFOHU 4XH6LJQLILH3RNH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7HKQRORJLMD 6SRUWVNLWLPRYL 1DFLRQDOQLROLPSLMFL )UHH0RELOH 36* 3DUNHU $PRXU6XFUp 20 7HGG\5LQHU 'LDEOR 6WDGH7RXORXVDLQ /DXUH0DQDXGRX 6RVK 6WDGH5HLPV &DPLOOH/DFRXUW L3DG )&1DQWHV )ORUHQW0DQDXGRX =HUJ5XVK 2O &KULVWRSKH/HPDLWUH %$QG<RX )&0HW] $ODLQ%HUQDUG )LID 5&/HQV 1LNROD.DUDEDWLF +DEER] $YLURQ%D\RQQDLV <DQQLFN$JQHO L3KRQH6 &OHUPRQW)RRW &DPLOOH0XIIDW 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 6SRUWDģL 6SRUWRYL +UDQD 0HVVL (XUR *LJRW' $JQHDX 3DUNHU -R +DPEXUJHU &ULVWLDQR5RQDOGR 5RODQG*DUURV )RQGXH6DYR\DUGH .DULP%HQ]HPD )RRWEDOO 7DJOLDWHOOHV&DUERQDUD )HGHUHU5RJHU *ROI 3RXOHW)ULWHV =ODWDQ,EUDKLPRYLF %DVNHW 3URILWHUROHV 1DGDO 7HQQLV 3RW$X)HX 8VDLQ%ROW 3HFKH 3DYp'H6DXPRQ 1H\PDU 977 5DFOHWWH +DWHP%HQ$UID +DQGEDOO 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH *UDGRYLQD*RRJOH NDUWDPD /RNDOQDPMHVWDQD *RRJOHNDUWDPD 3DULV &DPSLQJ 7RXORXVH +RWHO /\RQ 5HVWDXUDQW 0RQWSHOOLHU &DUUHIRXU 1DQWHV *DUH %RUGHDX[ 'HFDWKORQ 0DUVHLOOH ,NHD 5HQQHV %RXODQJHULH /LOOH *UHQREOH /D3RVWH 3KDUPDFLH 7DUWLIOHWWH *DQD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH ĢWRMH" /RYLQJ<RX :KLWQH\+RXVWRQ :KDWLV0DWWHU )DFHERRN (GGLH0XUSK\ :KDWLV6H[ :KLWQH\+RXVWRQ $WWD0LOOV :KDWLV/RYH 7XELG\ 8VDLQ%ROW :KDWLVD&RQVWLWXWLRQ :KDWVDSS 5RQDOGLQKR :KDWLV*RYHUQPHQW $]RQWR 9DQ3HUVLH :KDWLV3UD\HU -XVW%HHQ3DLG )DEULFH0XDPED :KDWLV7UHDVRQ (GGLH0XUSK\ +XON :KDWLV4XDOLW\ *KDQDOHDN $WWD0LOOV 1DMSUHWUDŀLYDQLMH 1RJRPHWQH]YLMH]GH 9DQ3HUVLH )DEULFH0XDPED +XON /RXFDV0RXUD 2VFDU 9LFWRU0RVHV %DOORWHOOL 'URJED .DJDZD 1H\PDU 1XUL6DKLQ 0LFKDHO&ODUN'XQFDQ :KDWLV1HWZRUNLQJ :KDWLV$QGURLG +RQJ.RQJ 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH 79HPLVLMH 2O\PSLFV 36< 'LDEOR -HUHP\/LQ (XUR *DQJQDP6W\OH36< :KLWQH\+RXVWRQ -HUHP\/LQ L3DG L3DGPLQL :KLWQH\+RXVWRQ UHVWDXUDQWV 0DNL\R -RKQQ\'HSS 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6SRUWDģL 0RGQHPDUNH -HUHP\/LQ $) 5RJHU)HGHUHU +0 .REH%U\DQW =DUD 0DUFHO1JX\HQ /9 )RUHYHU +ROOLVWHU 7RP'DOH\ &KDQHO /HEURQ-DPHV 3UDGD 'DYLG%HFNKDP *XFFL 0LFKDHO3KHOSV %XUEHUU\ ΖQGLMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH )LOPRYL ,%36 6XQQ\/HRQH (N7KD7LJHU *DWH([DPV 5DMHVK.KDQQD 5RZG\5DWKRUH 6XQQ\/HRQH 3RRQDP3DQGH\ -DQQDW (N7KD7LJHU $OLD%KDWW +RXVHIXOO 5RZG\5DWKRUH 1LUPDO%DED 5DD] &EVH 6KHUO\Q&KRSUD -LVP 5DMHVK.KDQQD <DVK&KRSUD %DUIL $DNDVK7DEOHW 6DLI$OL.KDQ ,VKDT]DDGH +GIF 'LDQD3HQW\ $JHQW9LQRG -DERQJ 9LODVUDR'HVKPXNK 9LFN\'RQRU 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7XULVWLÏNDRGUHGLģWD *UDGRYL /RNDOQDPMHVWD .HUDOD 'HOKL 7DM0DKDO %DQJDORUH :DJDK%RUGHU 0XPEDL )UHHGRP3DUN%DQJDORUH 9DLVKQR'HYL &KHQQDL ,%0 $PDUQDWK 3XQH ,,7%RPED\ .DVKPLU +\GHUDEDG 0HHQDNVKL$PPDQ7HPSOH 6KLUGL &RLPEDWRUH 5DPHVKZDUDP7HPSOH .RONDWD 5DPOLOD*URXQG'HOKL 0XQQDU -DLSXU 'HOKL=RR *DWHZD\2I,QGLD *RD <DPXQD([SUHVVZD\*UHDWHU 1RLGD8WWDU3UDGHVK,QGLD 0DGXUDL7DPLO1DGX 6LGGKLYLQD\DN7HPSOH0XPEDL 0DKDUDVKWUD ,,70DGUDV ,WSO%HQJDOXUX.DUQDWDND 1DMSUHWUDŀLYDQLMH 9LMHVWL 6HQVH[ 9LODVUDR'HVKPXNK'HDWK +XUULFDQH6DQG\ $QQD+D]DUH $VHHP7ULYHGL&DUWRRQV $EKLVKHN0DQX6LQJKYL .LQJILVKHU$LUOLQHV (DUWKTXDNH,Q&KHQQDL 3UDQDE0XNKDUMHH3UHVLGHQW 5DMHVK.KDQQD'HDWK ΖQGRQH]LMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREHΖQGRQH]LMD 2VREHVYLMHW *DQJQDP6W\OH -RNRZL :KLWQH\+RXVWRQ 1RDK $\X7LQJ7LQJ $GHOH 7RPFDW %XGL'RUHPL $QGUHZ*DUILHOG &RER\-XQLRU $GH1DPQXQJ 9DOHULD/XN\DQRYD -RNRZL (]D*LRQLQR (PPD6WRQH ,QGRQHVLDQ,GRO -XGLND 0DFDXOD\&XONLQ &KHUU\%HOOH 6KHLOD0DUFLD -HVVLH- $\X7LQJ7LQJ 'DKODQ,VNDQ -HUHP\/LQ 9DOLD5DKPD .DWH0LGGOHWRQ 1HQHN*D\XQJ 6XNKRL &DNUD.KDQ &KULVWLQD3HUUL 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH *OD]EHQLFL ΖQGRQH]LMVNHSMHVPH 7HOHIRQL 1RDK 6HSDUXK$NX1RDK L3KRQH &RER\-XQLRU ,ZDN3H\HN7ULR 1H[LDQ &KHUU\%HOOH 0DFDQ6DJLWD 1RNLD; $\X7LQJ7,QJ +DUJDL$NX$UPDGD 1RNLD/XPLD %OLQN 6D\DQJ8QJX 6DPVXQJ*DOD[\6 2QH'LUHFWLRQ 5LQGX$JQHV0RQLFD 6DPVXQJ*DOD[\$FH 6PDVK 5LQGX0HUDQD'D9LQFL 1RNLD; :KLWQH\+RXVWRQ 3HUJL6DMD*HLVKD 6DPVXQJ*DOD[\<RXQJ -.7 0DEXN&LQWD$UPDGD L3KRQHV %HDXWLIXO&KHUU\%HOOH 1RNLD$VKD %XGL'RUHPL 0DDINDQ1LNLWD:LOO\ 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 6SRUWVNLWLPRYL 0RGHOLDXWRPRELOD ΖJUH 3HUVLE%DQGXQJ 7R\RWD$J\D $QJU\%LUGV 0DQFKHVWHU8QLWHG +RQGD%ULR 0RWR*3 $UVHQDO 6X]XNL(UWLJD *HPVFRRO/RVW6DJD $&0LODQ 0RELO(VHPND 'UDJRQ1HVW -XYHQWXV 1LVVDQ(YDOLD 'UDJRQ&LW\ 3HUVLMD 'DLKDWVX$\OD 8()$(852 6ULZLMD\D)& 0LWVXELVKL2XWODQGHU $QJU\%LUGV6SDFH ,QWHU0LODQ 7DWD1DQR (PSLUHV 0DQFKHVWHU&LW\ %DUFHORQD)& 0LWVXELVKL0LUDJH %HQWOH\0XOVDQQH %XEEOH1LQMD %DG3LJJLHV 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 5REQHPDUNH =UDNRSORYQHWYUWNH /LRQ$LU /LRQ$LU 7RNR%DJXV 6ULZLMD\D$LU 6ULZLMD\D$LU *DUXGD,QGRQHVLD *DUXGD,QGRQHVLD $LU$VLD $LU$VLD &LWLOLQN &LWLOLQN %DWDYLD$LU %ODFNEHUU\ 0HUSDWL %&$ 6LQJDSRUH$LUOLQHV %DQN0DQGLUL %DWDYLD$LU 7LJHU$LUZD\V -HW6WDU ΖUVND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 79HPLVLMH (XUR .DWLH7D\ORU 0RRQH%R\ .DWLH7D\ORU .DWH0LGGOHWRQ &UDLJ'R\OH6KRZ .DWH0LGGOHWRQ $SULO-RQHV +RPHODQG 1HWIOL[ :KLWQH\+RXVWRQ /RYH+DWH $SULO-RQHV -LOO0HDJKHU 7KH9RLFH :KLWQH\+RXVWRQ 5RVDQQD'DYLVRQ 'RZQWRQ$EEH\ 2O\PSLFV 0RUJDQ)UHHPDQ 0UV%URZQV%R\V +RXVHKROG&KDUJH 0LFKDHO&ODUNH'XQFDQ +RPH$QG$ZD\ $,%,QWHUQHW 'HPED%D )DLU&LW\ -LOO0HDJKHU $PDQGD7RGG (DU7R7KH*URXQG 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 6SRUWDģL 6SRUWVNLWLPRYL 1DFLRQDOQLROLPSLMFL 5\DQ/RFKWH 5\GHU&XS7HDP .DWLH7D\ORU %UDGOH\:LJJLQV 8OVWHU5XJE\ -RKQ-RH1HYLQ 'DYLG5XGLVKD *DOZD\+XUOLQJ 3DGG\%DUQHV 0DUN0FKXJK 0D\R)RRWEDOO $QQDOLVH0XUSK\ 0R)DUDK .LONHQQ\+XUOLQJ -DVRQ6P\WK 0LFKDHO3KHOSV 'RQHJDO)RRWEDOO 0LFKDHO&RQODQ -HVVLFD(QQLV &KHOVHD)& .LHUDQ%HKDQ 8VDLQ%ROW /HLQVWHU5XJE\ 0HODQLH1RFKHU 6LPRQ=HER &RQQDFKW5XJE\ &DPLOOD6SHLUV 2VFDU3LVWRULXV 0DQFKHVWHU8QLWHG 2OLYH/RXJKQDQH 7UHQGRYL 7UHQGRYL 7UHQGRYL 8UDGLVDP ĢWRMH" 7XULVWLÏNDRGUHGLģWD +RZWR'UDZ :KDWLV/RYH %HQLGRUP +RZWR.LVV :KDWLV&ORXG 3DULV +RZWR&URFKHW :KDWLV6FLHQWRORJ\ %HUOLQ +RZWR0DNH :KDW,V,QVWDJUDP 1LFH +RZWR.QLW :KDWLV$XWLVP /RQGRQ +RZWR6WXG\ :KDWLV6RDS $OJDUYH +RZWR+DFN :KDWLV<ROR %DUFHORQD +RZWR0HGLWDWH :KDWLV7UDFNLQJ $PVWHUGDP +RZWR)OLUW :KDWLV3D\SDO 0DODJD :KDWLV7XPEOU %UXVVHOV +RZWR$QQRXQFH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 3ROLWLÏDUL 3UHWUDŀLYDQMDYLMHVWL 3R]QDWHRVREH (QGD.HQQ\ (XUR &UDLJ'R\OH 3KLO+RJDQ .DWLH7D\ORU 0LFKDHO)DVVEHQGHU -DPHV5HLOO\ :KLWQH\+RXVWRQ /LDP1HHVRQ 0LFKHiO0DUWLQ +RXVHKROG&KDUJH &LDUDQ+LQGV /HR9DUDGNDU $SULO-RQHV 'DQLHO'D\/HZLV -RDQ%XUWRQ -LOO0HDJKHU 3LHUFH%URVQDQ $ODQ6KDWWHU +XUULFDQH6DQG\ &LOOLDQ0XUSK\ 5XDLUL4XLQQ 5RVDQQD'DYLVRQ &ROP0HDQH\ 6HDQ6KHUORFN (DPRQ*LOPRUH 7UHQGRYL *OD]EHQLEHQGRYL .RGDOLQH /LWWOH0L[ 2QH'LUHFWLRQ 7KH%OL]]DUGV 'HORUHQWRV 7KH.LOOHUV 0XVH &ROGSOD\ 'DPLHQ'HPSVH\ 7KH:DQWHG 5\GHU&XS 0XDPED $QQH'R\OH &ROLQ)DUUHOO ΖWDOLMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH .RQFHUWL 7HUUHPRWR /XFLR'DOOD &ROGSOD\ ,1*9 6DUD7RPPDVL 0DGRQQD /XFLR'DOOD :KLWQH\+RXVWRQ &DPSRYROR =DODQGR 3LHUPDULR0RURVLQL /DXUD3DXVLQL &RVWD&RQFRUGLD )HOL[%DXPJDUWQHU %LDJLR$QWRQDFFL &DOFROR,PX %HOHQ5RGULJXH]H6WHIDQR'H &HOHQWDQR 6DUD7RPPDVL 0DUWLQR $NLQDWRU 0DULR%DORWHOOL 3XOFLQR3LR 5DIIDHOOD)LFR ,WDOR *HUPDQR0RVFRQL 5DGLRKHDG %UXFH6SULQJVWHHQ /LJDEXH 0HWDOOLFD )UDQFHVFR6FKHWWLQR 7UHQGRYL 7UHQGRYL 7UHQGRYL Ζ]ORŀ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ĢWR]QDÏ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ŀLYDQLMH 1DMSUHWUDŀLYDQLMH 5HFHSWL 3RGUXÏMDQD*RRJOH NDUWDPD /RNDOQDPMHVWDQD *RRJOHNDUWDPD -XYHQWXV5RPD &HVHQD-XYHQWXV &URVWDWDPDUPHOODWD )UDSSHFDUQHYDOH &RORPEDSDVTXDOH &KHHVHFDNH &XSFDNH 7LUDPLVXWUDGL]LRQDOH &DVWDJQDFFLR 6DQJULDURVVD *D]SDFKR %UHW]HO &LQTXH7HUUH +RWHO *DUJDQR &DPSLQJ *DWWHR0DUH $JULWXULVPR $UJHQWDULR 5LVWRUDQWH 6DOHQWR %% &LOHQWR 3L]]HULD 3RUWR6HOYDJJLR 3DUFKHJJLR 0DULQDGL&LQLVL %DU (ROLH 3LQ]ROR 6XSHUPHUFDWR 3RVWH Ζ]UDHO 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 3R]QDWHRVREH 3MHVPH ʭʥʷʬʨʯʬʥʢ ʸʤʥʦʸʡʺʩʡʩʡʠ ʡʬʡʩʬʺʲʢʰ ʥʡʩʡʸʬʹʨʷʩʥʸʴʤ ʢʡʱʩʺʥʷ ʥʺʩʠʺʠʹʫ ʤʺʩʡʹ ʯʥʮʩʱʩʸʡ ʪʬʹʩ ʭʸʢʨʱʰʩʠ ʯʥʣʣʩʬʨʰ ʤʡʤʠʺʠʬʮ ʯʥʨʱʥʩʩʰʨʩʥʥ ʳʱʥʩʤʰʠʩ ʸʮʢʰ ʸʣʤʤʷʩʡʶ ʸʹʰʯʥʸʥʣ ʭʩʷʥʷʩʦ ʬʨʷʥʧ ʱʩʠʥʬʷʩʩʮ *DQJQDP6W\OH ʸʮʦʤʩʡʠ ʯʩʩʴʰʩʩʹʸʲʱ &DOO0H0D\EH ʩʤʥʬʠʤʷʩʷʬʧʤ ʯʮʣʩʠʸʬʥʷʩʰ 6RPHRQH/LNH<RX ʭʥʣʠʲʡʶ ʡʥʰʥʸʠʤʰʠ ʸʮʢʰʤʦʩʮʠʮ 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL 79HPLVLMH )LOPRYL )LOPRYL 7KH9RLFH ʡʲʸʤʩʷʧʹʮ ʬʬʧʤʺʠʠʬʮʬ ʯʥʩʬʮʬʵʥʸʩʮʤ ʯʮʸʣʩʩʴʱ ʸʥʧʹʡʭʩʸʡʢ ʺʥʣʸʹʩʤ9,3 ʴʨʴʨʱ ʤʶʩʮʠ ʯʥʰʧʤʥʤʴʩʤ ʤʴʥʨʧ ʸʴʥʬ ʣʬʥʰʡʫʥʫ ʭʩʩʬʥʹʺʸʲʤ ʤʰʥʢʮʤʷʱʲ ʭʩʣʬʩʳʹʸʨʱʠʮ ʷʩʧʶʮʭʬʥʲʤ ʩʱʥʩʬʹʸʥʴʩʱʤ ʬʥʣʢʤʹʴʥʧʤʩʰʮʥʩ ʬʬʧʤʺʠʠʬʮʬ ʭʩʩʬʥʹʺʸʲʤ ʨʰʮʬʸʴʤ ʸʥʧʹʡʭʩʸʡʢ ʷʩʧʶʮʭʬʥʲʤ ʺʥʸʹʥʲʮ ʤʶʩʮʠ ʤʩʩʰʮʬʶʤ ʭʩʴʥʨʧ ʸʴʥʬ ʡʲʸʩʷʧʹʮ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 8UDGLVDP .QMLJH 0RGQHPDUNH ʳʱʫʺʥʹʲʬʪʩʠ ʸʥʴʠʬʹʭʩʰʥʥʢʭʩʹʩʮʧ ʥʸʨʱʷ ʭʩʬʮʩʢʠʩʶʥʤʬʪʩʠ ʸʠʹʰʹʤʮ =$5$ ʭʩʣʬʩʭʩʹʥʲʪʩʠ ʺʥʹʥʰʠʤʺʥʣʬʥʺʸʥʶʩʷ +0 ʤʹʩʠʪʥʹʮʬʪʩʠ ʣʥʴʩʷʬʹʺʥʩʨʰʢʬʠ )RUHYHU ʤʩʶʷʩʬʴʠʺʥʰʡʬʪʩʠ ʭʩʸʡʧʯʩʡ 3XOODQG%HDU ʺʩʺʴʸʶʭʩʷʹʰʺʮʪʩʠ ʺʥʮʬʲʩʤ ʯʥʰʮʺ ʯʥʫʰʹʸʢʺʤʬʪʩʠ ʪʬʠʩʫʭʢ 9LFWRULD V6HFUHW ʯʥʫʰʳʦʺʹʤʬʪʩʠ ʣʰʬʩʥʰ *$3 ʯʹʲʬʷʩʱʴʤʬʪʩʠ ʯʩʬʸʡʡʣʡʬ 2OG1DY\ ʺʬʡʥʷʮʺʥʩʤʬʪʩʠ ʭʬʲʰʥʯʥʬʧʤʮʠʶʩʹʤʠʮʤʯʡʯʷʦʤ .DOD 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3ROLWLÏDUL 3ROLWLÏDUL 7DMNXQL ʣʩʴʬʸʩʠʩ ʯʤʫʤʤʮʠʹʬʮʸʫ ʸʴʥʲʩʮʱ ʵʩʡʥʮʩʧʩʩʬʹ ʹʮʸʧʩʹ ʸʰʷʰʣʩʧʥʰ ʥʤʩʰʺʰʩʡʩʡ ʦʥʲʮʤʮʬʹ ʯʥʱʩʸʠʩʸʹ ʷʸʡʣʥʤʠ ʩʬʠʫʩʮʤʩʱʨʱʰʠ ʤʡʥʹʺʷʧʶʩ ʨʸʮʬʥʠʣʥʤʠ ʬʨʰʦʥʸʩʷʩʮ ʡʣʯʡʯʬʩʠ ʩʬʠʫʩʮʤʩʱʨʱʰʠ ʦʴʥʮʬʥʠʹ ʯʥʱʬʣʠʯʥʣʬʹ ʩʹʩʩʬʠ ʯʥʸʩʴʩʹ ʡʩʩʡʬʡʬ ʩʲʸʣʤʩʸʠ ʣʩʴʬʸʩʠʩ ʯʮʩʮʩʱʥʩ ʦʴʥʮʬʥʠʹ ʩʲʸʣʤʩʸʠ ʦʥʲʮʤʮʬʹ ʩʡʩʨʣʮʧʠ ʯʮʹʩʴʸʦʲʩʬʠ ʸʴʥʲʯʣʩʲ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 8VOXJH ĿHQH %DQNH ʣʩ ʩʬʠʴʸʸʡ ʭʩʬʲʥʴʤʷʰʡ ʣʢʠ ʣʣʧʺʩʸʹ ʩʮʥʠʬʷʰʡ ʬʠʸʹʩʺʡʫʸ ʬʣʠ ʨʰʥʷʱʩʣʷʰʡ ʯʥʣʣʩʬʨʰ ʡʤʩʷʰʡ ʱʷʩʴʸʥʮ ʦʮʥʢʤʰʩʬʱ ʩʧʸʦʮʷʰʡ ʤʤʷʣʤ ʳʱʥʩʤʰʠʩ ʬʩʩʧʤʸʶʥʠʷʰʡ ʺʥʴʮ ʯʥʨʬʣʩʮʨʩʩʷ ʣʱʮʷʰʡ ʬʷʹʮʩʸʮʥʹ ʱʬʴʯʸʷ ʩʮʥʠʬʰʩʡʤʷʰʡʤ ʯʣ ʢʸʥʡʦʰʩʢʩʺʱʠ ʣʥʢʩʠʷʰʡ ʺʩʲʥʡʹʺʩʦʧʺ ʬʠʸʤʺʰʲ ʩʬʠʸʹʩʩʡʸʲʷʰʡ -DSDQ 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 9LMHVWL )LOPRYL %5$9(+($576 L3KRQH L3DG L3DGPLQL 7+(),1$/ 9 L36 L26 7UHQGRYL 7UHQGRYL 7UHQGRYL 2VREH 2VREHPXģNDUFL 2VREHŀHQH = H[LOH = 7UHQGRYL 7UHQGRYL 7UHQGRYL 3RSXODUQDPMHVWD ĢWRMH 8UDGLVDP /7( L26 /,1( :LQGRZV $&7$ 7UHQGRYL 7UHQGRYL 8UHÓDMLJDGJHWL 5HNODPH '6// 1H[XV :LQGRZV ;SHULDDFUR+' QDVQH 6XUIDFH *$/$;<6,,, FRFR VW\OHH (260 /,1( IDFHERRN 7ZLWWHU 6LUL L3DGPLQL 6LUL -XŀQD.RUHMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH 강남스타일 아이유 싸이강남스타일 해를품은달 티아라 빅뱅블루 패션왕 김수현 비스트이럴줄알았어 드림하이 안철수 티아라러비더비 디아블로 이하이 현아트러블메이커 올림픽 수지 샤이니셜록 신사의품격 싸이 이하이0HUF\ 휘트니휴스턴 소녀시대 빅뱅사랑먼지 카카오스토리 박지민 아이유너랑나 노스페이스 현아 예은+HOOR7R0\VHOI 7UHQGRYL 7UHQGRYL 7UHQGRYL 79HPLVLMH 6SRUWDģL 3UHWUDŀLYDQMDVOLND 해를품은달 무암바 아이유 패션왕 베르나르도 %$신우 드림하이 네이마르 %$산들 신사의품격 이규환 %$공찬 보이스코리아 제레미린 %$진영 옥탑방왕세자 박태환 %$바로 닥치고꽃미남밴드 이동국 소녀시대 샐러리맨초한지 박지성 수지 각시탈 티에리앙리 틴탑창조 무신 신수지 틴탑&$3 7UHQGRYL 7UHQGRYL 7UHQGRYL ΖJUH )LOPRYL (OHNWURQLÏNLXUHÓDML 디아블로 후궁 갤럭시노트 리그오브레전드 부러진화살 갤럭시6 애니팡 건축학개론 갤럭시빔 서든어택 은교 갤럭시06W\OH 신선도 연가시 옵티머스뷰 드래곤플라이트 하울링 갤럭시노트 사이퍼즈 범죄와의전쟁 프라다폰 룰더스카이 화차 아이패드 메이플스토리 도둑들 아이폰6 블레이드소울 페이스메이커 갤럭시넥서스 -XŀQD$IULND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 'RJDÓDML 2/; :KLWQH\+RXVWRQ +XUULFDQHVDQG\ :KLWQH\+RXVWRQ &DVWHU6HPHQ\D (XUR +XUULFDQH6DQG\ .KDQ\L0EDX 2O\PSLFV *DQJQDP6W\OH &KDGOH&ORV 9HOYHW6N\ 2O\PSLFV 8VDLQ%ROW :KLWQH\+RXVWRQIXQHUDO 9HOYHW6N\ /DQFH$UPVWURQJ 0RWKHUV'D\ &DVWHU6HPHQ\D )HOL[%DXPJDUWQHU 3DUDO\PSLFV 'LDEOR %URZQ'DVK $PHULFDQ,GRO .KDQ\L0EDX $SULO-RQHV :LPEOHGRQ L3DG 0LFKDHO&ODUNH'XQFDQ /LQNLQ3DUN 7UHQGRYL 7UHQGRYL 7UHQGRYL 6SRUWDģL 6SRUWVNLGRJDÓDML ĢWRMH &DVWHU6HPHQ\D 2O\PSLFV :KDWLVORYH &KDGOH&ORV (XUR :KDWLVSRYHUW\ 8VDLQ%ROW 3DUDO\PLFV :KDWLVLOOXPLQDWL /DQFH$UPVWURQJ :LPEOHGRQ :KDWLVFDQFHU )HOL[%DXPJDUWQHU &ULFNHWOLYHVFRUHV :KDWLV+,9 &RUULH6DQGHUV ),)$ :KDWLVWHFKQRORJ\ 7KRPDV0DGLJDJH 'DNDU :KDWLVSROOXWLRQ 5RELQYDQ3HUVLH 'XUEDQ-XO\ :KDWLVWRXULVP 0LFKDHO3KHOSV 6XSHU5XJE\ :KDWLVVWUHVV -RKQ&HQD 8()$HXUR :KDWLVKHULWDJH 7UHQGRYL 7UHQGRYL 7UHQGRYL ĢWRMH">7HKQRORJLMD@ ĢWRMH">=GUDYOMH@ 8UDGLVDP :KDWLV,&7 :KDWLVFDQFHU +RZWRNLVV :KDWLVDQGURLG :KDWLV+,9 +RZWRGUDZ :KDWLVLQWHUQHW :KDWLVVWUHVV +RZWRORYH :KDWLVIDFHERRN :KDWLV$,'6 +RZWRVWXG\ :KDWLVLQVWDJUDP :KDWLV7% +RZWRPHGLWDWH :KDWLV*,6 :KDWLVGLDEHWHV +RZWRKDFN :KDWLVZLIL :KDWLVREHVLW\ +RZWRSUD\ :KDWLVXUO :KDWLVOXSXV +RZWRFURFKHW :KDWLVVSDP :KDWLVFKROHUD +RZWRNQLW :KDWLVJ :KDWLVRYXODWLRQ +RZWRIOLUW 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 79VHULMH 6OLNH :HEORNDFLMHYLMHVWL $PHULFDQ,GRO /DG\*DJD 1HZV 7HUUD1RYD )XQQ\3LFWXUHV %HHOG 5HYHQJH 1LFNL0LQDM 6RZHWDQ $OFDWUD] :HGGLQJ'UHVVHV ,2/ ;IDFWRU +DSS\%LUWKGD\ 'LH%XUJHU 5HYHQJH6HDVRQ 2QH'LUHFWLRQ 'DLO\0DLO +RPHODQG -XVWLQ%LHEHU 6RFFHU/DGXPD &HOHEULW\$SSUHQWLFH 5LDDQ&UX\ZDJHQ 9RONVEODG 6XUYLYRU6DPRD /RYH 0DLODQG*XDUGLDQ 0DVWHUFKHI6RXWK6IULFD 6HOHQD*RPH] &LW\3UHVV 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 9R]LOD *DGJHWLLWHOHIRQL /RNDOQHUREQHPDUNH 7R\RWD L3DG *XPWUHH 7R\RWD(WLRV 6DPVXQJ*DOD[\V 1HZV .LD5LR 6DPVXQJ*DOD[\V )1% .LD2SWLPD L3DG0LQL $%6$ 1LVVDQ-XNH 1RNLDQ 6WDQGDUG%DQN *ROI*7, L3KRQHV %HHOG +\XQGDL 1RNLD/XPLD 1HGEDQN 0HUFHGHV%HQ] %ODFNEHUU\ 8QLVD 1HZ$XGLD %ODFNEHUU\ 6RZHWDQ )RUG.XJD L3DG 7UHQGRYL 1DMSUHWUDŀLYDQLMH /RNDOQHUREQHPDUNH /RNDOQHUREQHPDUNH >EH]EDQDND@ 2/; )1%RQOLQH $%6$,QWHUQHW 6WDQGDUG%DQNLQWHUQHW *XPWUHH-+% =DQGR &,3& 1HZV *URXSRQ 5HPD[ *XPWUHH 1HZV 8QLVD 0[LW 6XSHUVSRUW -XQNPDLO $XWRWUDGHU &RPSXWLFNHW 9RGDFRP 6WHU.LQHNRU 0[LW .DQDGD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 3R]QDWHRVREH .DQDGVNLSROLWLÏDUL 3LQWHUHVW :KLWQH\+RXVWRQ 6WHSKHQ+DUSHU +XUULFDQH6DQG\ -HUHP\/LQ -XVWLQ7UXGHDX 2O\PSLFV 0LFKDHO&ODUNH'XQFDQ 9LF7RHZV 'LDEOR 0RUJDQ)UHHPDQ 7KRPDV0XOFDLU *DQJQDP6W\OH )HOL[%DXPJDUWQHU 3HWHU0DF.D\ +XQJHU*DPHV .DWH0LGGOHWRQ %RE5DH 623$ 1HLO$UPVWURQJ -DVRQ.HQQH\ 6WDU$FDGpPLH &DUO\5DH-HSVHQ 0DUF*DUQHDX .21< /DQFH$UPVWURQJ -RKQ%DLUG =HUJ5XVK .DWLH+ROPHV (OL]DEHWK0D\ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH *OD]EHQLFL .DQDGVNLJOD]EHQLFL 0DORSURGDMD 2QH'LUHFWLRQ -XVWLQ%LHEHU H%D\ -XVWLQ%LHEHU 'UDNH FUDLJVOLVW 'UDNH &DUO\5DH-HSVHQ &DQDGLDQ7LUH :KLWQH\+RXVWRQ +HGOH\ :DOPDUW 5LKDQQD GHDGPDX )XWXUH6KRS $GHOH 1LFNHOEDFN +RPH'HSRW 7D\ORU6ZLIW $YULO/DYLJQH /HV3$& 1LFNL0LQDM 1HLO<RXQJ &RVWFR .DW\3HUU\ %U\DQ$GDPV ,NHD /HRQDUG&RKHQ 6HDUV 0DGRQQD 1DMSUHWUDŀLYDQLMH 6SRUWDģL 7LJHU:RRGV 6WHYH1DVK 0LFKDHO3KHOSV /H%URQ-DPHV 8VDLQ%ROW 6LGQH\&URVE\ &KULVWLDQR5RQDOGR .REH%U\DQW 5RJHU)HGHUHU 0DUWD 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH .DQDGVNLVSRUWVNL WLPRYL .DQDGVNLROLPSLMFL 7RURQWR%OXH-D\V 7RURQWR0DSOH/HDIV 9DQFRXYHU&DQXFNV 0RQWUHDO&DQDGLHQV :LQQLSHJ-HWV (GPRQWRQ2LOHUV &DOJDU\)ODPHV 2WWDZD6HQDWRUV 7RURQWR5DSWRUV 0LORV5DRQLF $OH[DQGUH'HVSDWLH &KULVWLQH6LQFODLU &ODUD+XJKHV 5\GHU+HVMHGDO 6LPRQ:KLWILHOG $GDP9DQ.RHYHUGHQ 3DXOD)LQGOD\ 0DU\6SHQFHU -HVVLFD=HOLQND 0RQWUHDO,PSDFW 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 2SLVLSRVWXSDND ĢWRMH" *UDGRYLQD*RRJOH NDUWDPD +RZ7R5RFN :KDW,V/RYH +RZ7R/RYH :KDW,V623$ +RZ7R6KXIIOH :KDW,V*OXWHQ +RZ7R.LVV :KDW,V<ROR +RZ7R<RX7XEH :KDW,V,QVWDJUDP +RZ7R7ZHUN :KDW,V6FLHQWRORJ\ +RZ7R:DNHERDUG :KDW,V7XPEOU +RZ7R6QRUNHO :KDW,V3LQWHUHVW +RZ7R/LYH :KDW,V'XEVWHS +RZ7R(PEURLGHU :KDW,V$XWLVP 7RURQWR 0RQWUHDO &DOJDU\ 9DQFRXYHU 2WWDZD (GPRQWRQ :LQQLSHJ 1LDJDUD)DOOV 4XHEHF&LW\ 0LVVLVVDXJD 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH .DQDGVNDKUDQD 3LYR 7UDGLFLRQDOQR SURL]YHGHQRSLYR %DFRQ 0ROVRQ 3RXWLQH *XLQQHVV 0DSOH6\UXS %XGZHLVHU <RUNVKLUH3XGGLQJ &RRUV %DQQRFN /DEDWW 6PRNHG0HDW 0RRVHKHDG .UDIW'LQQHU 6OHHPDQ %XWWHU7DUWV .RNDQHH 6XFUHDODFUHPH .HLWK V 6XJDUSLH 5LFNDUG V *UDQYLOOH,VODQG $PVWHUGDP %LJ5RFN 0XVNRND &UHHPRUH :HOOLQJWRQ 2NDQDJDQ6SULQJ -DPHV5HDG\ 0LOO6W 'HDG)URJ 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH .DULMHUDSRVDR .DULMHUDSRVDR 2GUHGLģWDQD*RRJOH NDUWDPD 7HDFKHU &LYLO(QJLQHHU 1XUVH 3KDUPDFLVW 'HVLJQHU 7UXFN'ULYHU $FFRXQWDQW 9HWHULQDULDQ 0HFKDQLF 3DUDOHJDO (OHFWULFLDQ 5HWDLO6DOHV$VVRFLDWH 7KHUDSLVW (OHFWULFDO(QJLQHHU /DZ\HU 'DQFHU &KHI 6RIWZDUH'HYHORSHU 5HWDLO6DOHV$VVRFLDWH )LQDQFLDO$QDO\VW +RWHO 5HVWDXUDQW &DPSLQJ :DOPDUW 3DUNLQJ 6WDUEXFNV &RVWFR +RPH'HSRW *ROI *URFHU\ .HQLMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH 79HPLVLMH ,(%& :KLWQH\+RXVWRQ (YD/XQD )DFHERRN 1MHQJD.DUXPH %%$6WDUJDPH :KLWQH\+RXVWRQ 0LJXQD0LJXQD 6KXJD 7XELG\ -RKQ0LFKXNL 7ULXPSKRI/RYH (XUR 1DQF\%DUD]D 7XVNHU3URMHFW)DPH 'DLO\3RVW 6DLWRWL 3DVLRQ0RUHQD *+5,6 )DEULFH0XDPED .XOD+DSS\ ,&& 5RELQ9DQ3HUVLH 0RUQLQJ$ZDLWV 1MHQJD.DUXPH -DPHV,QJUDP 1LNLWD6HDVRQ 0LJXQD0LJXQD (GGLH0XUSK\ 7DEDVDPX 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 6SRUWDģLVSRUWVNH RVREH 8UDGLVDP ĢWRMH" 5RELQYDQ3HUVLH 'DYLG5XGLVKD 0DULR%DORWHOOL 9LFWRU:DQ\DPD 5RQDOGKLQR &RQMHVWLQD$FKLHQJ 0LFKDHO3KHOSV (]HNLHO.HPERL 3RGROVNL /DQFH$UPVWURQJ +RZWRDERUW :KDWLVHWKQLFLW\ +RZWRGULIW :KDWLVVH[ +RZWRPDNH :KDWLVL3RG +RZWRFRQFHLYH :KDWLVGHYHORSPHQW +RZWRVWXG\ :KDWLVWHDFKLQJ +RZWRVHGXFH :KDWLVLOOXPLQDWL +RZWRW\SH :KDWLVLQVXUDQFH +RZWRURPDQFH :KDWLVLQWHJULW\ +RZWRLQYHVW :KDWLVFRQVXPHULVP +RZWRJHHN :KDWLVSV\FKRORJ\ 7UHQGRYL 7UHQGRYL 7UHQGRYL ĢWRMH"=GUDYOMH ĢWRMH"7HKQRORJLMD ĢWRMH".UDWLFH :KDWLVFDQFHU :KDWLVWHFKQRORJ\ :KDWLV,62 :KDWLVHEROD :KDWLVVN\SH :KDWLV&65 :KDWLVRYXODWLRQ :KDWLVL3RG :KDWLV+,9 :KDWLVW\SKRLG :KDWLVGDWD :KDWLV3+3 :KDWLVPDODULD :KDWLV,0(, :KDWLV:,), :KDWLV+,9$,'6 :KDWLVFDFKH :KDWLV'16 :KDWLVDXWLVP :KDWLVL3DG :KDWLV)76( :KDWLVQDXVHD :KDWLVHUJRQRPLF :KDWLV6366 :KDWLVVWUHVV :KDWLVKHDOWK 7UHQGRYL 3UHWUDŀLYDQMDVOLND 1DLUREL 5LKDQQD (YD/XQD 0DUD&ODUD 6DLWRWL 3RSFDDQ :KLWQH\+RXVWRQ .RQVKRQV 6DPVXQJ*DOD[\ 9DQ3HUVLH :KDWLVHPDLO :KDWLVSURJUDPPLQJ :KDWLV/&' :KDWLV3K' .LQD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH 伦 书 6W\OH 运 伤 6W\OH 传 刘恺 6RPHRQH/LNH<RX 钓鱼岛 孙杨 +H\-XGH 爱 张丽 +LJK 爱 L3DG 张 诗 硕 爱 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 79HPLVLMH 6WUDQH79HPLVLMH 6SRUWDģL 戏 传 归线 书 刘 猎 爱 营 绯闻 孙杨 轩辕剑 乐 爱 乡 术 爱 颜 记 记 转 爱 诗 伟 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 'RPDÉDWXULVWLÏND RGUHGLģWD 6WUDQDWXULVWLÏND RGUHGLģWD +UDQDLSLÉH 沟 马 韩 丽 乌镇 张 亚 长 凤 .)& 岛 劳 胜 捞 红烧 龙 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 0RGQHPDUNH 3UHWUDŀLYDQMDVOLND 6WULSRYL 兰蔻 0$& 头 优 风 *XFFL 动 铠 &KDQHO %XUEHUU\ *$3 龙 $626 库 纸 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH /RNDOQLJUDGRYL /RNDOQDPMHVWD 车 $70 驾 电 庆 侦 +HUPHV 贼 馆 馆 铁 邮 储 记 .ROXPELMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH .ROXPELMVNLSROLWLÏDUL &ODUR 0DULDQD3DMyQ 5RGULJR/DUD%RQLOOD /DQ (OLDQLV*DUULGR 6LJLIUHGR/RSH] .L]L 3DEOR(VFREDU )HUQDQGR/RQGRxR 7UDQVIRUPLFH :KLWQH\+RXVWRQ /XLV&DUORV*DOiQ 0DULDQD3DMyQ $GHOH *XVWDYR3HWUR 9LYD&RORPELD 0LFKDHO&ODUNH'XQFDQ $QJHOLQR*DU]yQ ,PDJHFKHI 5LFDUGR0RQWDQHU &DUORV0DULR+R\RV <RPHOODPR $PDQGD7RGG 6LPRQ*DYLULD 3LF0RQNH\ 6DUD8ULEH 0DUXMD3DFKyQ /D9R]&RORPELD 3DXO0FFDUWQH\ )HUQDQGR+LQHVWURVD 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 79HPLVLMH *OXPFL 'MHÏMHHPLVLMH <R0H/ODPR $OHMDQGUD$]FiUDWH %HQ +L 5REHUWR*RPH]%RODxRV %ODQFDQLHYHV 3DEOR(VFREDU(O3DWUyQGHO 3DROD7XUED\ &KHVSLULWR 0DQROR&DUGRQD 0LSHTXHxR3RQ\ 'HVDItR +HDWK/HGJHU 0RQVWHUV,QF &RORPELD7LHQH7DOHQWR )UDQNLH0XQL] 9LROHWWD *RO&DUDFRO 6WHSKDQLH&D\R :LOO\:RQND %HQ $QJHOLFD%ODQGyQ *DWRFRQ%RWDV /RV6LPSVRQ -RQDK)DOFRQ 0LUDL1LNNL 0DO &UHS~VFXOR 0DFDXOD\&XONLQ 9DOLHQWH 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3MHVPH *OD]EHQLFL 9UVWDJOD]EH 7KH:DONLQJ'HDG *DQJQDP6W\OH :KLWQH\+RXVWRQ 6DOVD (VFiSDWHFRQPLJR $GHOH 5HJDHWWRQ )XLVWHWX 5LFDUGR0RQWDQHU 9DOOHQDWR 6ROLWDULD 3DXO0FFDUWQH\ &XPELD 0RVD0RVDDVLYRFHPHPDWD &DUORV9LYHV +LS+RS 7XVLQPL )DQQ\/X 0HUHQJXH 6RORHVPHMRU 0LFKHO7HOy 5RFNHQHVSDxRO 0LFRUD]yQLQVLVWH /HRQDUGR)DELR %ROHURV 6RORSDVDMHUR 'XWW\/RYH -DLUR9DUHOD ,O'LYR 6DQ-XDQHUR 9DODGDV 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 8UDGLVDP ĢWRMH" +UDQD &yPR+DFHU&XSFDNHV 4XpHV&XDUHVPD 3L]]D &yPR+DFHU5DVWDV 4XpHV8EOLPH +DPEXUJXHVD &yPR'LYLGLU'HFLPDOHV 4XpHV623$ $UHSD &yPR'HFRUDU 4XpHV(PSDODPLHQWR $MLDFR &yPR'RUPLU5iSLGR 4XpHV0HJDXSORDG 6DQFRFKR &yPR$UUHJODU)RWRV 4XpHV:LNLOHDNV (PSDQDGD &yPR'HFRUDU6DQGDOLDV 4XpHV,QVWDJUDP 3HUUR&DOLHQWH &yPR4XLWDU%HUUXJDV 4XpHV7RPRUURZODQG 6DQGXFKH &yPR+DFHU%OXVDV 4XpHV:KDWVDSS %XxXHOR &yPR$GHOJD]DU$EGRPHQ 4XpHV6XEOLPH 0RWHGHTXHVR 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6SRUWDģL 6SRUWVNLWLPRYL 0HGLML &ULVWLDQR5RQDOGR $WOpWLFR1DFLRQDO (O7LHPSR 0DULDQD3DMyQ 5HDO0DGULG (O(VSHFWDGRU 0HVVL 0LOORQDULRV 5&1 -DPHV5RGUtJXH] $PpULFDGH&DOL &DUDFRO79 .DND %DUFHORQD (O+HUDOGR )DOFDR*DUFtD 'HSRUWLYR&DOL (O&RORPELDQR 5RJHU)HGHUHU 1DFLRQDO /D0HJD 5RQDOGLQKR $WOpWLFRGH0DGULG 6RKR 7HyILOR*XWLpUUH] &KHOVHD 9DQJXDUGLD/LEHUDO 0DULD6KDUDSRYD 0DQFKHVWHU8QLWHG 6HPDQD 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 3XWRYDQMD]UDNRSORYQH WYUWNH 0DUNHDXWRPRELOD 0RELOQLXUHÓDML $YLDQFD /DQ 'HVSHJDU $LUHV &RSD$LUOLQHV (DV\IO\ $HURUHSXEOLFD $PHULFDQ$LUOLQHV $YLDWXU 9LYD&RORPELD &KHYUROHW %ODFNEHUU\ 0LQL L3KRQH 5HQDXOW %DFNEHUU\ +RQGD 6DPVXQJ*DOD[\ .LD L3KRQH )RUG 6DPVXQJ*DOD[\$FH 6X]XNL %ODFNEHUU\ 0D]GD 6RQ\(ULFVVRQ +\XQGDL 1RNLD 1LVVDQ 6DPVXQJ*DOD[\6 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH )LQDQFLMVNHLQVWLWXFLMH .ROXPELMVNLJUDGRYL %DQFRORPELD &DOL %DQFRGH%RJRWi %DUUDQTXLOOD 'DYLYLHQGD &DUWDJHQD &ROSDWULD 6DQWDQGHU %%9$ 0DQL]DOHV 3RUYHQLU 6DQWD0DUWD %DQFR&DMD6RFLDO %RJRWi $99LOODV 0HGHOOtQ %DQFRGH2FFLGHQWH %DQFR3RSXODU $PD]RQDV /D*XDMLUD 0DÓDUVND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH 9DOy9LOiJ 999HUD 36<*DQJQDP6W\OH 2OLPSLD )HOL[%DXPJDUWQHU /0)$23DUW\5RFN$QWKHP 0HJDV]WiU -DNDERV=VX]VDQQD &DUO\5DH-HSVHQ&DOO0H %pUNDONXOiWRU &VRERW$GpO eGHQ+RWHO *\XUWD'iQLHO /RUHHQ(XSKRULD 5\DQDLU 5LV]WRYeYD )OXRU+DOHQGD 3|WW\|V $GHOH -DPLH:RRQ6KRXOGD :KLWQH\+RXVWRQ 3X]VpU5yEHUW .LUiO\/LQGD8QWULHG %DORWHOOL &DUDPHO9t]Ly (U]VpEHWXWDOYiQ\ %iQG\.DWD 0DULR&DVDV 0D\EH ÈNRV(OĘNHOĘLGHJHQ .RPiU/iV]Oy)LDP 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 79HPLVLMH 6SRUWDģL 6SRUWVNLWLPRYL 0HJDV]WiU %DORWHOOL )7& ;)DNWRU -DNDERV=VX]VDQQD )&%DUFHORQD 9DOy9LOiJ 5RQDOGR '97. eGHQ+RWHO 5RJHU)HGHUHU &KHOVHD &VLOODJV]OHWLN /LRQHO0HVVL 0DQFKHVWHU8QLWHG 6KRZGHU.OXE *\XUWD'iQLHO ÒMSHVW)& gVV]HHVNYĘN 5RQDOGLQKR $&0LODQ 0DUDGMWDOSRQ 6]LOiJ\LÈURQ $UVHQDO (XURYt]LyV'DOIHV]WLYiO +HWL+HWHV 5DNRQF]DL*iERU &VHK/iV]Oy %D\HUQ0XQFKHQ 0.%9HV]SUpP 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 8UDGLVDP ĢWRMH" 0DÓDUVNHSR]QDWH RVREH +RJ\DQ.HOO6PiUROQL 0LD6]HUHOHP +RJ\DQ6]HUH]]HN3pQ]W 0LD0DV]WDED +RJ\DQ3RUV]tYy]]XQN 0LD%ROGRJViJ 0DFVNiW 0LD.DOHYDOD +RJ\DQ.pV]tWVQN,GĘJpSHW 0LD3QN|VG +RJ\DQ&ViEtWVDP(O 0LD+RURV]NySRP +RJ\DQ%RURWYiOMDP/H 0LD9tUXV +RJ\DQ)DUDJMXQN7|N|W 0LD)ĘQpY +RJ\DQ)RJ\MXQN+DVUyO 0LD.XV]NXV] +RJ\DQ6SyUROMXQN 0LD6]H[ +RJ\DQ6VVQN.HQ\HUHW )OXRU 99*LJL 5XELQW5pND -DQLFViN9HFD 9DVWDJ&VDED 99$QLNy 3OD]PD .HOHPHQ$QQD /ROD 99=VyIL 7UHQGRYL 7UHQGRYL 7UHQGRYL 5HFHSW 'LMHWH 8OD]QLFH &VLUNHPHOO5HFHSW *L'LpWD $OHJULD 0DFDURQ5HFHSW 'XNDQ'LpWD 6]LJHW %UDVVyL$SUySHFVHQ\H5HFHSW 3DOHROLW'LpWD 2]RUD 3DGOL]ViQ5HFHSW /pE|MW.~UD 9LGHRWRQ6SRUWLQJ 6SRUW6]HOHW5HFHSW 9pUFVRSRUW'LpWD &DYDOHUR 3LVNyWDWpV]WD5HFHSW 1RUEL8SGDWH'LpWD 'YVF6NHQGHUEHX %RG]D,WDO5HFHSW .iSRV]WDOHYHV'LpWD 0RMV]HMHY &VLUNHFRPE5HFHSW $OPD'LpWD 0DJ\DU+ROODQG /DVNDJRPED5HFHSW 5DIIDHOOR*RO\y5HFHSW 1DMSUHWUDŀLYDQLMH 6QRYL )RJKXOOiV +DOiO 0HJFVDOiV .XW\DKDUDSiV .tJ\y 3DWNiQ\ 7HUKHVVpJ (VNYĘ 3yN 6]DNtWiV )HKpUMH'LpWD $Q\DJFVHUH'LpWD 2PHJD.RQFHUW 0DJ\DU7|U|N 0DOH]LMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH 6$36 :KLWQH\+RXVWRQ 2SSD*DQJQDP6W\OH36< *DQJQDP6W\OH -HUHP\/LQ $QDN.DPSXQJ-LPP\3DOLNDW *$* 6KLOD$P]DK 3URWRQ3UHYH ,]ZDQ3LOXV =DORUD 8QFOH6HHNHUV =HUJ5XVK 8VWD]$]KDU,GUXV 8QWXN'LD6OHHT1DMZD/DWLI 5RWLND\D $GHOH 3D\SKRQH0DURRQ $GDP'DQ+DZD 6KHLOD0DUFLD .RVRQJ1DMZD/DWLI 2QH'LUHFWLRQ $NX6XND'LD$LQDQ7DVQHHP 63/* %HUVLK $PDQGD7RGG 2QH 6XGDK&XNXS6XGDK1LUZDQD %DQG 2PEDN5LQGX+DIL]$GLUD 0XDUD+DWL+DIL]&W 1XUKDOL]D &LQWD0XND%XNX1DMZD/DWLI 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 79HPLVLMH 6SRUWDģL 6SRUWVNLWLPRYL 8SLQGDQ,SLQ /HH&KRQJ:HL $UVHQDO %RERLER\ -HUHP\/LQ 0DQFKHVWHU8QLWHG 8OWUDPDQ &ULVWLDQR5RQDOGR /LYHUSRRO 5XQQLQJ0DQ /LRQHO0HVVL &KHOVHD $GDP'DQ+DZD 5RELQ9DQ3HUVLH 5HDO0DGULG 7RP$QG-HUU\ /LQ'DQ 0DQFKHVWHU&LW\ %HQ 5RJHU)HGHUHU %DUFHORQD 0RQH\'URS 0DULD6KDUDSRYD 435 3RZHU5DQJHUV 8VDLQ%ROW .HODQWDQ 'RUDHPRQ )HUQDQGR7RUUHV 7RWWHQKDP+RWVSXU 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL ĢWRMH" 7XULVWLÏNDRGUHGLģWD 3UHWUDŀLYDQMDVOLND :KDWLV*DQJQDP /HJRODQG0DOD\VLD 0RUQLQJ :KDWLV623$ 6XQZD\/DJRRQ +DSS\%LUWKGD\ :KDWLV<ROR /DQJNDZL %LUWKGD\&DNH :KDWLVO\QDV &DPHURQ+LJKODQG /RYH4XRWHV :KDWLV,QVWDJUDP 8QLYHUVDO6WXGLRV6LQJDSRUH 5RVHV :KDWLVVZDJ .XDOD/XPSXU %LUWKGD\:LVKHV :KDWLVORYH *HQWLQJ+LJKODQG 0DOD\VLD :KDWLVLQWHUQHW 6LQJDSRUH /RYH :KDWLV931 3HQDQJ &DUWRRQ :KDWLV$QGURLG 0HODND %DFNJURXQG 7UHQGRYL 7UHQGRYL 7UHQGRYL +UDQDLSLÉH 0RGQHPDUNH 6PDUWSKRQHXUHÓDML &RIIHH &RDFK 6DPVXQJ*DOD[\6 3L]]D+XW /RXLV9XLWWRQ L3DG .)& *XFFL L3DG0LQL 'RPLQRV %XUEHUU\ 6DPVXQJ*DOD[\1RWH 0FGRQDOG 6 /RQJFKDPS L3KRQH6 &KDWLPH 3UDGD +7&2QH; 6HFUHW5HFLSH &KDQHO 6DPVXQJ*DOD[\< 6WDUEXFNV =DUD 6DPVXQJ*DOD[\$FH 3UHW]HO $GLGDV 6DPVXQJ*DOD[\6 -DFN$QG-LOO 9LFWRULD 66HFUHW 7UHQGRYL 1DMSUHWUDŀLYDQLMH 0RGHOLDXWRPRELOD %ORJRYL 1LVVDQ$OPHUD %HDXWLIXOQDUD 7R\RWD 5RWLND\D 3URWRQ3UHYp 2K%XODQ +\XQGDL(ODQWUD 3DSDJRPR 0LWVXELVKL0LUDJH %ORJ6HULXV 7R\RWD3ULXV& 0DOD\VLD&KURQLFOH 0D]GD&[ 3DXOWDQ 7R\RWD$YDQ]D $QDN6XQJDL'HUKDND +RQGD&LYLF 3URWRQ([RUD%ROG .DUL1JHUL 0HGLD0DOD\D 6DPVXQJ*DOD[\: 0HNVLNR 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 8UDGLVDP ĢWRMH" ,)( &yPRYRWDU 4XpHV )DFHERRNHVSDxRO &yPRPHGLWDU 4XpHVRXWVRXUFLQJ $QJU\%LUGV &yPRDSUHQGHULWDOLDQR 4XpHV$(& 3LF0RQNH\ &yPRSUHSDUDUyOHRV 4XpHVFXOWXUD 1HWIOL[ &yPRDFWXDOL]DU$QGURLG 4XpHVPDWHULD 35(3 &yPRXVDU6LUL 4XpHVHVWDGtVWLFD /H\623$ &yPRSUHSDUDUFKLODTXLOHV 4XpHV,QVWDJUDP %HFDVXQLYHUVLWDULDV &yPRVDFDUSRUFHQWDMHV 4XpHVILORVRItD *DQJQDP6W\OH &yPRHVFDQHDU 4XpHV623$ :KLWQH\+RXVWRQ &yPRKDFHUSXHUWDV 4XpHVPDUNHWLQJ 7UHQGRYL 7UHQGRYL 7UHQGRYL 9LMHVWL 2VREH +UDQD 2OtPSLFRV -XOLD2UD\HQ 3L]]D (OHFFLRQHV (QULTXH3HxD1LHWR 3DVWHO (XURFRSD $QGUHV0DQXHO/ySH]2EUDGRU &XSFDNHV 7HPEORU -RVHILQD9i]TXH]0RWD 6DQGZLFK &DUORV)XHQWHV $GHOH 7DFRV 6DQG\ *DEULHO4XDGUL 6XVKL +HULEHUWR/D]FDQR 0LJXHO%RVp 4XHVR 0HGDOOD0p[LFR $QJpOLFD5LYHUD /LPyQ \RVR\ &DUO\5DH-HSVHQ 3DVWRU (QULTXH3HxD1LHWR,%(52 36< *RUGLWDV 7UHQGRYL 7UHQGRYL 7UHQGRYL 79HPLVLMH )LOPRYL *OD]ED $ELVPRGH3DVLyQ /RV9HQJDGRUHV 9LYH/DWLQR 3RUHOODVR\(YD %DWPDQ(O&DEDOOHURGHOD 2QH'LUHFWLRQ :DONLQJ'HDG 1RFKH $GHOH $PRUHV9HUGDGHURV 7HG &KDYHOD9DUJDV -XHJRV2OtPSLFRV 6SLGHUPDQ -HVVH\-R\ ,QIDPHV 9DOLHQWH *DQJQDP6W\OH /D5RVDGH*XDGDOXSH &RORVLR(O$VHVLQDWR 5HLN 1HZ*LUO 0DGDJDVFDU 1LFNL0LQDM 3RUTXHHO$PRU0DQGD %DWDOOD1DYDO :H$UH<RXQJ +RZ,0HW<RXU0RWKHU 0,% -RKQ&DUWHU /0)$2 7UHQGRYL 7UHQGRYL 7UHQGRYL 2OLPSLMFL 6SRUWRYL 3XWRYDQMH 0LFKDHO3KHOSV -XHJRV2OtPSLFRV /RQGUHV 1H\PDU 7HQLV 0DQKDWWDQ 2ULEH3HUDOWD &UX]$]XO 0DGULG 8VDLQ%ROW 7LUR 5RPD $LGD5RPiQ 1)/ 3OD\DGHO&DUPHQ $ODQ3XOLGR ;RORV =DSRSDQ 0DUFR)DELiQ *LPQDVLD 4XHUpWDUR 5\DQ/RFKWH 3DROD(VSLQRVD &DQF~Q 0F.D\OD0DURQH\ 5RJHU)HGHUHU 2ULEH3HUDOWD 0DUtDGHO5RVDULR(VSLQR]D )ORUHQFLD 0pULGD 1LJHULMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH 6SRUWVNLWLPRYL -DPE :KLWQH\+RXVWRQ &KHOVHD 0R]DW 9LFWRU0RVHV $UVHQDO %RNR+DUDP 5RQDOGLQKR %DUFHORQD $VXX6WULNH 9DQ3HUVLH 5HDO0DGULG *RRJOHQHZV 1XUL6DKLQ /LYHUSRRO (VNLPL 8VDLQ%ROW 0DQFKHVWHU8QLWHG :KLWQH\+RXVWRQ +XON 5HDGLQJ 9DQJXDUGQHZV 'DYLGR $&0LODQ 113&UHFUXLWPHQW (GHQ+D]DUG 0DQFKHVWHU&LW\ )DFHERRN 5DVKLGL<HNLQL (YHUWRQ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 8UDGLVDP ĢWRMH" 1LJHULMVNLJOD]EHQLFL +RZWRORYH :KDWLVORYH 'DYLGR +RZWRURPDQFH :KDWLVFRPSXWHU 0, +RZWRUDS :KDWLVELRORJ\ 'EDQM +RZWRWRDVW :KDWLVJRYHUQPHQW 3VTXDUH +RZWRFURFKHW :KDWLVHFRQRPLFV 7LPD\D +RZWRGUHVV :KDWLVHGXFDWLRQ ,FH3ULQFH +RZWRDVVDJH :KDWLVFRPPXQLFDWLRQ 7LZD6DYDJH +RZWREORJ :KDWLVFKHPLVWU\ 7XIDFH +RZWRIUHHVW\OH :KDWLVPRQH\ )ODYRXU +RZWRFRQFHQWUDWH :KDWLVVFLHQFH $VD 1DMSUHWUDŀLYDQLMH 1DMSR]QDWLMDOLFD 1ROO\ZRRGD 0HUF\-RKQVRQ ,QL(GR 7QWR'LNH )XQNH$NLQGHOH *HQHYLHYH -LP,\NH &KLND,NH 9DQ9LFNHU 5LWD'RPLQLF 6WHSKDQLH2NHUHNH 1L]R]HPVND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3UHWUDŀLYDQMDVOLND 6WHPZLM]HU )ULVR 2QH'LUHFWLRQ (. .DWH0LGGOHWRQ %ORHPHQ )ULVR :KLWQH\+RXVWRQ /RYH %RHU=RHNW9URXZ %DGU+DUL 9RHWEDO (OIVWHGHQWRFKW (VWHOOH*XOOLW +DUWMH 2O\PSLVFKH6SHOHQ (SNH=RQGHUODQG $FKWHUJURQGHQ L3DG 0LFKDHO&ODUNH'XQFDQ )DFHERRN :RUGIHXG %DORWHOOL <RX7XEH 0RUJDQ)UHHPDQ 3DDUGHQ 3URMHFW;+DUHQ $EQ,QORJJHQ )HOL[%DXPJDUWQHU L3KRQH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 3MHVPH '-HYL *OD]EHQLL]YRÓDÏL *DQJQDP6W\OH *LHO%HHOHQ $GHOH &DOO0H0D\EH (GZLQ(YHUV 7ULJJHUILQJHU ,)ROORZ5LYHUV &ODXGLDGH%UHLM &DUO\5DH-HSVHQ 6N\IDOO *HUDUG(NGRP 36< %DODGD 5XXGGH:LOG &KULV+RUGLMN 7KLVLV/RYH -DQYDQ9HHQ 3DVVHQJHU 7LPH$IWHU7LPH 3DXO5DEEHULQJ *XVWWDYR/LPD 6ODSHOR]H1DFKWHQ 6DQGHU/DQWLQJD $VDI$YLGDQ 2GHWRWKH%RXQFHU (ULF&RUWRQ 7KH2SSRVLWHV )UDQN'DQH +DQGVRPH3RHWV /HW+HU*R 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6XGLRQLFL79SURJUDPD 9RLFHRI+ROODQG 79HPLVLMH 1RJRPHWQLWLPRYL 6DQGUDYDQ1LHXZODQG )ORRUWMH6PLW 5RQ/LQN ,YDU2RVWHUORR /HRQD3KLOLSSR %DEHWWHYDQ9XJW 1LFROD(EELQN %DUEDUD6WUDDWKRI 9RHWEDO,QWHUQDWLRQDO $MD[ *767 )H\HQRRUG 126-RXUQDDO 369 57/1LHXZV )&7ZHQWH %RHU=RHNW9URXZ 9LWHVVH -HXJGMRXUQDDO $= 6SDQJDV )&*URQLQJHQ ':'' )&8WUHFKW 1266WXGLR6SRUW +HUDFOHV 7KH9RLFHRI+ROODQG 9999HQOR 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH ΖJUDÏ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ŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH ĢWRMH" ĢWRMH" 0HÓXQDURGQLSROLWLÏDUL 0DUNYDQ%RPPHO .ODDV-DQ+XQWHODDU /XXNGH-RQJ :DWLVURDPLQJ :DWLVQLYHOOHUHQ 2EDPD :DWLVDQGURLG :DWLVIRUHQVHQWDNV &DPHURQ :DWLVSD\SDO :DWLVVRSD 5RPQH\ :DWLVIDFHERRN :DWLVLQVWDJUDP =XPD :DWLVZLIL :DWLVEXLWHQVSHO +ROODQGH :DWLVDXWLVPH :DWLVEDQJDOLMVW 0HUNHO :DWLVJ :DWLVLFORXG 6DPDUDV :DWLVVSRWLI\ :DWLVDVVXUDQWLHEHODVWLQJ 'L5XSR :DWLVSLQNVWHUHQ :DWLVWZLWWHU :DWLVK\SRWKHHNUHQWHDIWUHN :DWLVPRGDDO 0HGYHGHY %HWULDQ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1L]R]HPVNHSROLWLÏNH VWUDQNH 1L]R]HPVNHSROLWLÏNH YRÓH 3ROLWLÏNDSLWDQMD 63 *HHUW:LOGHUV 3YG$ 0DUN5XWWH 99' 'LHGHULN6DPVRP 399 -RODQGH6DS &'$ 0DULDQQH7KLHPH ' (PLOH5RHPHU *URHQ/LQNV 6\EUDQG%XPD 6*3 +HQN.URO &KULVWHQ8QLH $OH[DQGHU3HFKWROG 2QGHUZLMV .LQGHURSYDQJ :: 6WXGLHILQDQFLHULQJ =RUJYHU]HNHULQJ +\SRWKHHNUHQWH $2: +XXUZRQLQJ 9HLOLJKHLG .LQGHUELMVODJ 3DUWLMYRRUGH'LHUHQ $ULH6ORE 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 2GUHGLģWD *UDGRYLQD*RRJOH NDUWDPD /RNDOQDPMHVWDQD *RRJOHNDUWDPD ,WDOLs )UDQNULMN 'XLWVODQG 6SDQMH *ULHNHQODQG .URDWLs 3RUWXJDO 2RVWHQULMN 1RRUZHJHQ (QJHODQG $PVWHUGDP &DPSLQJ 5RWWHUGDP +RWHO 8WUHFKW 5HVWDXUDQW (LQGKRYHQ 6XSHUPDUNW *URQLQJHQ $OEHUW+HLMQ 'HQ+DDJ (IWHOLQJ 1LMPHJHQ %HG%UHDNIDVW $UQKHP 0F'RQDOGV =ZROOH ,NHD +DDUOHP /LGO 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 0DUNHDXWRPRELOD 1L]R]HPVNRWUŀLģWH QHNUHWQLQD 7HPDWVNLSDUNRYL %0: )RUG 2SHO $XGL 3HXJHRW 9ROYR 5HQDXOW 9RONVZDJHQ 7R\RWD )LDW 5HVWVFKXOG 2SHQKXL]HQGDJ 6FKHHIZRQHQ )XQGD 3ULMVGDOLQJ 6SDDUK\SRWKHHN +XLVYHUKXUHQ +XLVKXUHQ +XLVYHUERXZHQ +XLVYHUNRSHQ (IWHOLQJ :DOLEL 'LVQH\ODQG3DULMV 'XLQUHOO 'ROILQDULXP 0DGXURGDP 3ORSVDODQG 'ULHYOLHW 7RYHUODQG 3RQ\SDUN6ODJKDUHQ 1DMSUHWUDŀLYDQLMH 7UHQGRYL 6XSHUPDUNHWL 6XSHUPDUNHWL $OEHUW+HLMQ 9RPDU9RRUGHHOPDUNW -XPER -XPER F 1HWWRUDPD /LGO /LGO $OGL $OEHUW+HLMQ +RRJYOLHW &RRS &RRS -DQ/LQGHUV 'LUNYDQGHQ%URHN 'HND0DUNW 'HND0DUNW 6SDU F $OGL 1RUYHģND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH +UDQD 1HWIOL[ :KLWQH\+RXVWRQ 3DYORYD (0 .DWH0LGGOHWRQ 6MRNRODGHNDNH .DOHQGHU $PDQGD7RGG 3DQQHNDNHU :RUGIHXG 0RUJDQ)UHHPDQ 0XIILQV $UWLJH1R $OH[DQGHU'DOH2HQ 2UHRNDNH 'LDEOR 7RQH'DPOL &XSFDNHV (XUR $QGHUV%HKULQJ%UHLYLN 6XVKL ,QVWDJUDP )HOL[%DXPJDUWQHU (SOHNDNH :KLWQH\+RXVWRQ (GGLH0XUSK\ /DVDJQH 6XSHUELD %UXFH6SULQJVWHHQ 3L]]D 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH *OD]EHQLFL *OD]EHQLFL 79HPLVLMH /DOHK -XVWLQ%LHEHU 7KH:DONLQJ'HDG /RUHHQ 2QH'LUHFWLRQ 3DUDGLVH+RWHO 2QH'LUHFWLRQ 7RQH'DPOL 6RXWK3DUN 9LQQL 7UDLQ *RVVLS*LUO :KLWQH\+RXVWRQ 3LQN 3UHWW\/LWWOH/LDUV 6LUNXV(OLDVVHQ 5LKDQQD %UHDNLQJ%DG $VN(PEOD 0LOH\&\UXV 'H[WHU 2I0RQVWHUVDQG0HQ $GHOH 7UXH%ORRG 36< (PLQHP 9DPSLUH'LDULHV ZLOOLDP /DG\*DJD 1RUVNH7DOHQWHU 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6SRUWDģL 6SRUWVNLWLPRYL 1DFLRQDOQLROLPSLMFL 7KHUHVH-RKDXJ /LYHUSRRO $PDQGD.XUWRYLF 3HWWHU1RUWKXJ-U 0DQFKHVWHU8QLWHG &DPLOOD+HUUHP 0DULW%M¡UJHQ %DUFHORQD $QGUHDV7KRUNLOGVHQ &DPLOOD+HUUHP $UVHQDO (GYDOG%RDVVRQ+DJHQ 9LEHNH6NRIWHUXG &KHOVHD &KULVWLQD9XNLFHYLF /LQQ-¡UXP6XOODQG 5HDO0DGULG 2ODI7XIWH +HLGL:HQJ %UDQQ (]LQQH2NSDUDHER 7RUD%HUJHU 5RVHQERUJ +HQULN,QJHEULJWVHQ $NVHO/XQG6YLQGDO /HHGV8QLWHG 7RQMH$QJHOVHQ +nYDUG7YHGWHQ -XYHQWXV ,GD$OVWDG 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 0RGQHPDUNH 8UDGLVDP 8UDGLVDP 0RRGV2I1RUZD\ +YRUGDQ6NULYH&Y +YRUGDQ6SLOOH:RUGIHXG /RXLV9XLWWRQ +YRUGDQ6NULYH6¡NQDG +YRUGDQ6OHWWH)DFHERRN $FQH +YRUGDQ6OHWWH)DFHERRN +YRUGDQ/DJH6P¡U 0XOEHUU\ +YRUGDQ%OL*UDYLG +YRUGDQ6WULNNH9UDQJ &DQDGD*RRVH +YRUGDQ5HJQH3URVHQW +YRUGDQ9LUNHU.UHGLWWNRUW 0DUF-DFREV +YRUGDQ6NULYH2SSVLJHOVH +YRUGDQ2SSGDWHUH-DYD 5DOSK/DXUHQ +YRUGDQ6NULYH$UWLNNHO +YRUGDQ%OL)O\JHOHGHU 7LJHU2I6ZHGHQ +YRUGDQ6WHNH%LII +YRUGDQ2SSGDWHUH,SKRQH )LOLSSD. +YRUGDQ6NULYH(VVD\ +YRUGDQ)HOOH0DVNHU 0LFKDHO.RUV +YRUGDQ.RNH(JJ +YRUGDQ6MHNNH6NDWWHOLVWHQH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL %ORJHUL ĢWRMH" ĢWRMH" )RWEDOOIUXH +YDHU.ORNND +YDHU,QVWDJUDP 8OULNNH/XQG +YDHU.XOWXU +YDHU6RSD 7ULQHV0DWEORJJ +YDHU,QVWDJUDP +YDHU1¡GUHWW &DPLOOD3LKO +YDHU6XEVWDQWLY +YDHU9HJHPLWH ,GD:XOII +YDHU(QHUJL +YDHU/DYNDUER 3HUH]+LOWRQ +YDHU(WLNN +YDHU7XUER3OXVV (OLQ.OLQJ +YDHU3LQVH +YDHU:RUGIHXG /HQH2UYLN +YDHU$GMHNWLY +YDHU1HWIOL[ /LQQHD0\KUH +YDHU/DYNDUER +YDHU)RUPXH 9LOOD9RQ.URJK +YDHU.RPPXQLNDVMRQ +YDHU0DNVSXOV 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7XULVWLÏNDRGUHGLģWD 7XULVWLÏNDRGUHGLģWD 3UHWUDŀLYDQMD SXWRYDQMD 0RQWHQHJUR 8VD .DSS9HUGH 6YHULJH 8NUDLQD 7KDLODQG 1HGHUODQG 6SDQLD 5XVVODQG ,WDOLD 'HQ'RPHQLNDQVNH5HSXEOLNN 7\UNLD .URDWLD +HOODV 6SDQLD 3RUWXJDO 0DXULWLXV (J\SW 3RUWXJDO )UDQNULNH 6DV $SROOR 9LQJ 1RUZHJLDQ 5HVWSODVV1R 6WDU7RXU .OP /XIWKDQVD %LOOLJH)O\UHLVHU 7ULSDGYLVRU 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 3ROLWLÏDUL 3ROLWLÏDUL =DEDYD]DGMHFX +HQQLQJ:DUORH -HQV6WROWHQEHUJ 1UN6XSHU -HQQ\.OLQJH 6LY-HQVHQ /HJR 7U\JYH6ODJVYROG9HGXP .ULVWLQ+DOYRUVHQ 'LVQH\ -HWWH&KULVWHQVHQ $XGXQ/\VEDNNHQ .DSWHLQ6DEHOWDQQ $QQH*UHWH6WU¡PHULFKVHQ -RQDV*DKU6W¡UH &DUWRRQ1HWZRUN %HQW+¡LH +DGLD7DMLN /HJRODQG .MHUVWL7RSSH HUQD6ROEHUJ 3RNHPRQ +DOOJHLU/DQJHODQG 7URQG*LVNH %DUELH $NKWDU&KDXGKU\ ,QJD0DUWH7KRUNLOGVHQ $QGHUV$QXQGVHQ $QQLNHQ+XLWIHOGW 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7HPHXYH]LVD ]GUDYOMHP .XSQMD %PL )DVWOHJH /RPPHOHJHQ *UDYLG +HOIR %LSRODU .ODP\GLD *UHWH5RHGH /DYNDUER +HUSHV ,NHD (ED\ /HIGDO &ODHV2KOVRQ ;;/ 6NHLGDU %RKXV +P -\VN 3ODQWDVMHQ '\UHSDUNHQ 'RQDOG'XFN 1RYL=HODQG 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 7HNVWRYLSMHVDPD 2O\PSLFV :KLWQH\+RXVWRQ *DQJQDP6W\OH/\ULFV 9ROYR2FHDQ5DFH 5HHFH0DVWLQ 7LWDQLXP/\ULFV 2QH'LUHFWLRQ 0RUJDQ)UHHPDQ 3D\SKRQH/\ULFV .L]L 8VDLQ%ROW 6RPH1LJKWV/\ULFV :KLWQH\+RXVWRQ 0LFKDHO&ODUNH'XQFDQ /HJR+RXVH/\ULFV *DQJQDP6W\OH 9DOHULH$GDPV 6WDUVKLSV/\ULFV 3LQWHUHVW -HUHP\/LQ +DOOHOXMDK/\ULFV 'LDEOR 7RP'DOH\ 6PDOO%XPS/\ULFV +XUULFDQH6DQG\ -RVHSK.RQ\ 2QH7KLQJ/\ULFV *$* /DQFH$UPVWURQJ %R\IULHQG/\ULFV 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 79HPLVLMH 2OLPSLMFL 6SRUWVNLSRMPRYL ;)DFWRU$XVWUDOLD 8VDLQ%ROW &ULFLQIR 7KH*& 9DOHULH$GDPV 15/ 7KH9RLFH$XVWUDOLD WRP'DOH\ 1%$ 0UV%URZQV%R\V 0LFKDHO3KHOSV $OO%ODFNV *DPH2I7KURQHV 6DUDK:DONHU 6XSHU 7KH%ORFN1= -HVVLFD(QQLV 9ROYR2FHDQ5DFH 0\.LWFKHQ5XOHV 1DG]H\D2VWDSFKXN $XVWUDOLDQ2SHQ )DOOLQJ6NLHV 0FND\OD0DURQH\ 1)/ 'RZQWRZQ$EEH\ 0DKH'U\VGDOH 96XSHUFDUV 7KH6ODS 1LFN:LOOLV 7UHQGRYL 7UHQGRYL 8UDGLVDP ĢWRMH +RZWRVFUHHQVKRW :KDWLV623$ +RZWRORYH :KDWLV.21< +RZWRVWXG\ :KDWLV<ROR +RZWRJHRFDFKH :KDWLV6FLHQWRORJ\ +RZWRVKXIIOH :KDWLV)UDFNLQJ +RZWRGRZQORDG :KDWLV,QVWDJUDP +RZWRSODLW :KDWLV/HQW +RZWRSRNH :KDWLV6ZDJ +RZWRZDOOSDSHU :KDWLV6SRWLI\ +RZWREORJ :KDWLV4XRUQ 9LUWXDO5XJE\ 1DMSUHWUDŀLYDQLMH 3UHNRPRUVND RGUHGLģWD 5DURWRQJD 0HOERXUQH 6DPRD )LML 6LQJDSRUH 9DQXDWX +DZDLL 6\GQH\ -DSDQ &KLQD 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL +UDQDLSLÉH 9LMHVWLL]1RYRJ =HODQGD 1RYR]HODQÓDQL 3L]]D+XW +HOOV3L]]D 0FGRQDOGV &RIIHH 6XEZD\ %XUJHU.LQJ %XUJHU)XHO +HDOWK\)RRG*XLGH 0DG%XWFKHU 3DQFDNH5HFLSH .LP'RWFRP 7RQJDULUR 7UDQVLW2I9HQXV %HODUXV 0DUPLWH 0DUJDUHW0DK\ -RFN+REEV :KLWH,VODQG *LYH:D\5XOHV 9DOHULH$GDPV .LPEUD 6DUDK:DONHU 0DUJDUHW0DK\ 0DKH'U\VGDOH 1LFN:LOOLV /LVD&DUULQJWRQ 0DUN7RGG -RFN+REEV 0DUWLQ+HQGHUVRQ 6RSKLH3DVFRH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMD SRGUXÏMD /RNDOQDSUHWUDŀLYDQMD QD*RRJOHNDUWDPD 5HFHSW &KULVWFKXUFK 4XHHQ6W$XFNODQG $XFNODQG 6\OYLD3DUN :HOOLQJWRQ (GHQ3DUN 7DZD )UDQNOLQ$XFNODQG +DPLOWRQ %ULWRPDUW 5RWRUXD &RDWHVYLOOH 7DXUDQJD 8QLWHF 'XQHGLQ :\Q\DUG4XDUWHU :KDQJDUHL 7H$WDWX 4XHHQVWRZQ $XFNODQG8QLYHUVLW\$XFNODQG 3DQFDNH %DQDQD&DNH &KRFRODWH&DNH &KLFNHQ 3OD\GRXJK 3L]]D'RXJK :DIIOH 9DQLOOD&XSFDNH 5HG9HOYHW&DNH 6WUDZEHUU\6KRUWFDNH 1DMSUHWUDŀLYDQLMH :HEORNDFLMHV YLMHVWLPDL]GDOHNLK ]HPDOMD %%& 60+ &RXULHU3RVW (631 7KH*XDUGLDQ )LML7LPHV 1HZ<RUN7LPHV +XIILQJWRQ3RVW ,ULVK7LPHV :DVKLQJWRQ3RVW 1MHPDÏND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH (0 'LUN%DFK 36<*DQJQDP6W\OH 'LUN%DFK )HOL[%DXPJDUWQHU &DUO\5DH-HSVHQ&DOOPH 2O\PSLD %HWWLQD:XOII )HOL[%DXPJDUWQHU 6HEDVWLDQ9HWWHO 5LKDQQD'LDPRQGV 6DPVXQJ*DOD[\6 :KLWQH\+RXVWRQ 'HLFKNLQG/HLGHUJHLO %HWWLQD:XOII .DWH0LGGOHWRQ /\NNH/L,IROORZULYHUV L3DG %ULJLWWH1LHOVHQ 0DUWHULD<DVKD0LVV :KLWQH\+RXVWRQ 0LWW5RPQH\ .DWH0LGGOHWRQ 9RLFHRI*HUPDQ\ /DQDGHO5H\ &UR 0D\EH 3ODWQXP/LOD:RONHQ &UR(DV\ &UR'X $GHOH6N\IDOO $GHOH6RPHRQH/LNH<RX 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 79HPLVLMH 7XULVWLÏNDRGUHGLģWD 3UHWUDŀLYDQMDVOLND 9RLFHRI*HUPDQ\ /RQGRQ :DOOSDSHU 'VFKXQJHOFDPS 1HZ<RUN /LHEH 'HU%DFKHORU 3DULV 0HJDQ)R[ '6'6 %DUFHORQD L3KRQH 6FKODJGHQ5DDE 0DOORUFD %OXPHQ *DPHRI7KURQHV 7KDLODQG &UR :HWWHQGDVV $PVWHUGDP 7DWWRR %DXHUVXFKW)UDX 5RP 6HOHQD*RPH] /HW V'DQFH ,VWDQEXO (XURYLVLRQ :LHQ )ULVXUHQ 0LQHFUDIW 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH *DGJHWL 6SRUWDģL 1MHPDÏNDQRJRPHWQD UHSUH]HQWDFLMD 6DPVXQJ*DOD[\6 /LRQHO0HVVL L3DG 8VDLQH%ROW L3DG0LQL 6HEDVWLDQ9HWWHO 1RNLD/XPLD &KULVWLDQR5RQDOGR L3KRQH 5RJHU)HGHUHU +7&2QH =ODWDQ,EUDKLPRYLF L3KRQH6 0DQXHO1HXHU 1H[XV 5DIDHO1DGDO 6DPVXQJ*DOD[\1RWH )HUQDQGR$ORQVR +7&2QH6 'DYLG%HFNKDP %RUXVVLD'RUWPXQG )&%D\HUQ0QFKHQ +DPEXUJHU69 )&6FKDONH %RUXVVLD0|QFKHQJODGEDFK (LQWUDFKW)UDQNIXUW 69:HUGHU%UHPHQ )RUWXQD'VVHOGRUI +HUWKD%6& +DQQRYHU 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1MHPDÏNLSROLWLÏDUL 1MHPDÏNLJUDGRYLQD *RRJOHNDUWDPD /RNDOQDPMHVWDQD *RRJOHNDUWDPD &KULVWLDQ:XOII $QJHOD0HUNHO 3HHU6WHLQEUFN -RDFKLP*DXFN :ROIJDQJ6FKlXEOH +DQQHORUH.UDIW -RKDQQHV3RQDGHU 3KLOLSS5|VOHU 8UVXODYRQGHU/H\HQ -UJHQ7ULWWLQ 7UHQGRYL 0DUNHDXWRPRELOD 2SHO %0: $XGL 90 0HUFHGHV 5HQDXOW 3RUVFKH )RUG +RQGD 7R\RWD %HUOLQ +RWHO 0QFKHQ &DPSLQJ )UDQNIXUW 5HVWDXUDQW .|OQ 3HQVLRQ +DPEXUJ 6XSHUPDUNW 'UHVGHQ 7DQNVWHOOH 6WXWWJDUW 2VWVHH +DQQRYHU )HULHQZRKQXQJ /HLS]LJ %DKQKRI %UHPHQ 1RUGVHH 3HUX 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH 6LDJLH $QQD3ROLQD 7LUDWHXQ3DVR )RQDYL :DFKLWXUURV %DLOHGHO&DEDOOR &RPEDWH .XUW&REDLQ ,QWHQWDOR <R6R\ 0LFKHO7HOR /D3UHJXQWD 6HUYLFLRV0RYLVWDU :KLWQH\+RXVWRQ &RUUH&RUUH&RUD]RQ 7LUDWHXQ3DVR $GHOH /HMRVGH7L (XURFRSD 3DROR*XHUUHUR 'UHDP+LJK /H\6RSD .DUHQ6FKZDU] <RWH(VSHUDUH 'DNDU 0LFKDHO&DUNH'XQFDQ 0RVD $QQD3ROLQD 6XOO\6DHQ] &KRUDPH/LJD 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 79HPLVLMH *OXPFL 0HGLML &RPEDWH 0LFKDHO&ODUNH'XQFDQ (O&RPHUFLR <R6R\ .DWHGHO&DVWLOOR 'HSRU (VWRHV*XHUUD .RULQD5LYDGHQHLUD 7URPH &RUD]RQ9DOLHQWH 0DFDXOD\&XONLQ /LEHUR $OIRQGRKD\VLWLR 5REHUWR*RPH]%RODxRV /D5HSXEOLFD 0DJDO\WY /XFLD2[HQIRUG $79HQYLYR (VFDOHUDDO&LHOR -RQDK)DOFRQ $PHULFD79 8WLOLVLPD -DVRQ'D\ 3HUX 3DVLRQGH*DYLODQHV +HDWKHU0RUULV 7HUUD /RV6LPSVRQV -XOLR$OHPDQ &RUUHR 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 6SRUWDģ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ŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH .ZHMN 1DWDOLD6LZLHF .RNR(XUR6SRNR 7DEOLFD :KLWQH\+RXVWRQ &DOO0H0D\EH (XUR 5REHUW/HZDQGRZVNL *DQJQDP6W\OH $&7$ :LVáDZD6]\PERUVND 2FHDQD(QGOHVV6XPPHU 791SOD\HU ,UHQD-DURFND (QHM6NU]\GODWH5ĊFH %HVW\ 5RQDOGR 6RPHRQH/LNH<RX :LRFKD )HOL[%DXPJDUWQHU 2VWDWQLD1RFND -XOLD (ZHOLQD/LVRZVND :H$UH<RXQJ .RNR(XUR6SRNR 0LFKHO7HOy $GHOH6N\IDOO 0RYLHVWDUSODQHW 1LHNU\W\.U\W\N *XVWWDYR/LPD%DODGD 7UHQGRYL 7UHQGRYL 7UHQGRYL *OD]EHQLFL 79HPLVLMH )LOPRYL *RW\H -XOLD -HVWHĞ%RJLHP (ZHOLQD/LVRZVND /HNDU]H 6N\IDOO 0LFKHO7HOy 0DVWHUFKHI ']LHZF]\QD]7DWXDĪHP 2QH'LUHFWLRQ 3UDZR$JDW\ $YHQJHUV /DQD'HO5H\ %LWZDQD*áRV\ %LJ/RYH *XVWWDYR/LPD 3U]HSLVQDĪ\FLH :&LHPQRĞFL 2FHDQD 3DPLĊWQLNL]ZDNDFML 6SRQVRULQJ 6\OZLD*U]HV]F]DN 5RG]LQND ,JU]\VNDĝPLHUFL .LPEUD 8NU\WD3UDZGD .DF:DZD 0DULD3HV]HN =DND]DQH8F]XFLH 3URPHWHXV] 7UHQGRYL 7UHQGRYL 7UHQGRYL 1DFLRQDOQLROLPSLMFL 6SRUWVNLGRJDÓDML 6SRUWDģL 'DPLDQ-DQLNRZVNL (XUR 5REHUW/HZDQGRZVNL 6\OZLD%RJDFND 2OLPSLDGD 5RQDOGR -RDQQD0LWURV] .6: 0DULW%MRUJHQ =RILD1RFHWL.OHSDFND 0HF]3ROVND$QJOLD 6]F]ĊVQ\ 0DJGDOHQD)XODUF]\N 'DNDU /HH5LFKDUGVRQ 0DUWD:DOF\NLHZLF] :LPEOHGRQ %áDV]F]\NRZVNL $QHWD.RQLHF]QD .6: %DORWHOOL 3DZHá=DJURGQLN $XVWUDOLDQ2SHQ -HU]\-DQRZLF] 3U]HP\VáDZ0LDUF]\ĔVNL (XUR .OLF]NR 3DZHá)DMGHN 0HF]3ROVND3RUWXJDOLD 6DUDK%XUNH 7UHQGRYL 7UHQGRYL 8UDGLVDP ĢWRMH" -DNXVXQąü)DFHERRND &]\PMHVWDFWD -DN]URELüNáRVD &]\PMHVWSDF]\]P -DNRV]XNDüZDULRJUDI &]\PMHVWWDEX -DNXSRORZDüIDFHWD &]\PMHVWFOHYHUERW -DNQDU\VRZDüWZDU] &]\PMHVWQDG]LHMD -DNXVXQąüEDE\ORQ &]\PMHVWWROHUDQFMD -DN]EXGRZDüGRP &]\PMHVWSLĊNQR -DNRGSRZLHWU]\üNDORU\IHU &]\PMHVWSDĔVWZR -DNZ\JOąGDF]HUQLDN -DNSRZLĊNV]\üVWURQĊ &]\PMHVWEH]URERFLH &]\PMHVWFDFKH 3RUWXJDO 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH (XUR /XFLDQD$EUHX &DVDGRVVHJUHGRV $GHOH 3LQJR'RFH 5LWD3HUHLUD *DQJQDPVW\OH 5RFN,Q5LR %HUQDUGR6DVVHWL 9HPYHURVDYL}HV ,GRORV 0DUJDULGD0DUDQWH $LVHHXWHSHJR $YHQLGD%UDVLO 0LFKHO7HOR 6H[WDIHLUD 6DUD1RUWH 3DEOR$OERUDQ 2QHPRUHQLJKW :KLWQH\+RXVWRQ %HDWUL]%DWDUGD 0iTXLQD 0LFKDHO&ODUNH'XQFDQ 'ULYHE\ -RJRV2OtPSLFRV /XFLDQD$EUHX $PDQGD7RGG 6RPHERG\7KDW,8VHGWR .QRZ 3DUDGLVH 6RPHRQHOLNH\RX 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 79HPLVLMH )LOPRYL .QMLJH &DVDGRV6HJUHGRV 7(' 8PKRPHPFRPVRUWH $WXDFDUDQmRPHpHVWUDQKD 0DGDJiVFDU '0DULD,, *DEULHOD 2V9LQJDGRUHV $VFLQTXHQWDVVRPEUDVGH :DONLQGGHDG 2'LWDWRU *OHH ,GDGHGR*HOR 2FpXH[LVWHPHVPR *RVWRGLVWR %UDQFDGH1HYHHR&DoDGRU $GLHWDGRVGLDV 0RGHUQIDPLO\ 2VGHVFHQGHQWHV $VFLQTXHQWDVVRPEUDVPDLV (VWDGRGHJUDoD %UDYH,QGRPiYHO $QMRPHX $YR]GHSRUWXJDO $PLJRVLPSURYiYHLV VN\IDOO *UH\ QHJUDV 5HVJDWDGRV 'HVLVWLUQmRpRSomR 3ULVLRQHLURGR&pX (VSLmR,PSURYiYHO 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6SRUWDģL 6SRUWVNLWLPRYL 1DFLRQDOQLROLPSLMFL &ULVWLDQR5RQDOGR %HQILFD *XVWDYR/LPD 0HVVL 6SRUWLQJ -RmR0RQWHLUR 1H\PDU 3RUWR 7HOPD0RQWHLUR +XON 5HDO0DGULG (PDQXHO6LOYD %DOORWHOL %DUFHORQD 1XQR0HQGHV 0RXULQKR %UDJD )HUQDQGR3LPHQWD 0LFKDHO3KHOSV *XLPDUmHV -HVVLFD$XJXVWR /XFKR*RQ]DOH] &KHOVHD 0DUFR)RUWHV 8VDLQ%ROW 0DQFKHVWHU&LW\ -RmR3LQD ,EUDKLPRYLF 0DQFKHVWHU8QLWHG 0DUFRV)UHLWDV 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 8UDGLVDP 7XULVWLÏNDRGUHGLģWD +UDQDLSLÉH &RPRHPDJUHFHU 0DGHLUD %RORGHFKRFRODWH &RPRSHUGHUEDUULJD &DER9HUGH %RORGHLRJXUWH &RPRJDQKDUGLQKHLUR $OJDUYH 3HWLVFRV &RPRID]HUDUUR] %UDVLO %DFDOKDXFRPQDWDV &RPRID]HUFUHSHV $oRUHV %RORGHERODFKD &RPREHLMDU 3DULV %RORGHODUDQMD &RPRHQJRUGDU =XULTXH 0RXVVHGHFKRFRODWH &RPRGHVEORTXHDUWHOHPyYHLV 'LVQH\ODQG 6RSD &RPRID]HUSDQTXHFDV /RQGUHV &UHSHV &RPRMRJDU3RNHU 0DGULG %RORGHFHQRXUD 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 0RGQHPDUNH 3ROLWLÏDUL $SOLNDFLMH =DUD &DYDFR6LOYD )DFHERRN %HUVKND 0LJXHO5HOYDV <RX7XEH /DUHGRXWH 9LWRU*DVSDU 'URSER[ 6WUDGLYDULXV 3HGUR3DVVRV&RHOKR $QJU\%LUGV 3XOODQGEHDU 3DXOR3RUWDV ,QVWDJUDP 0DQJR 0iULR6RDUHV (YHUQRWH 6HDVLGH 3DXOR0DFHGR 7HPSOH5XQ +0 $QWyQLR-RVp6HJXUR $QJU\%LUGV6WDU:DUV /DQLGRU 0DVVLPR'XWWL -RVp6yFUDWHV )UDQFLVFR/RXVm :KDWVDSS %ULJKWHVWIODVKOLJKW 5XPXQMVND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH &UHDWLYH0RQNH\] :KLWQH\+RXVWRQ &RULQDDWD 5H]XOWDWH%DFDODXUHDW $GULDQ1DVWDVH 9DUDQXGRUP 0HUFDGRU /XFLDQ%XWH 'DOLQGD )LOPH2QOLQH &ULVWLDQ*RJ *DQJQDP6W\OH *$* 7UDLDQ%DVHVFX 0DQGLQJD=DOHLODK .L]L 6DQGUD,]EDVD 6RUH'LIIHUHQW 7ZRR )HOL[%DXPJDUWQHU %DODGD%RD (XUR 0LFKHO7HOR %URNHQ$QJHO +RURVFRS &DWDOLQD3RQRU 0LQLP'RL 3DULXFXYLDWD $GHOH 'HOLD'DOH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 79HPLVLMH )LOPRYL ΖJUH 5RPDQLLDX7DOHQW ,FH$JH )HUPD9HVHOD 9RFHD5RPDQLHL -RKQ&DUWHU )RUJHRI(PSLUHV +DSS\+RXU $QRQ\PRXV 6L]]OLQJ+RW ;)DFWRU 7KH$YHQJHUV (PSLUH ,Q3XLL0HL 3URPHWKHXV +DSS\:KHHOV ,Q*XUD3UHVHL $OEDFD]DSDGDVLUD]ERLQLFXO +RZUVH $FFHV'LUHFW YDQDWRU %H\EODGH &6,' 6N\IDOO &OLFNWKH6TXDUHV %XUODFXO 7DNHQ /DJRRQLD 8UDQLD+RURVFRS 7KH([SHQGDEOHV 0DILD 6KHUORFN+ROPHV 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 8UDGLVDP ĢWRMH" 1RJRPHWQHXWDNPLFH &XPVHVDUXWD &HHVWHLXELUHD 6WHDXD'LQDPR &XPVHIDFH &HHVWH$&7$ 5RPDQLD2ODQGD &XPVHFURVHWHD]D &HHVWHIDFHERRN 'LQDPR%DUFHORQD &XPVHYRWHD]D &HHVWHLQWHUQHWXO 6WHDXD7ZHQWH &XPVHGHVHQHD]D &HHVWHSULHWHQLD 6WHDXD&)5 &XPVHVFULH &HHVWHIHULFLUHD 6WHDXD5DSLG &XPVHWHQFXLHVWH &HHVWHUXEHROD 6WHDXD0ROGH &XPVHWULFRWHD]D &HHVWHWDXULQD %DUFHORQD5HDO0DGULG &XPVHWXQGH &XPVHPDFKLD]D &HHVWHHSLWHWXO &HHVWHJXWD 6WHDXD&RSHQKDJD 5RPDQLD7XUFLD 5XVLMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH 6OLNH ɸɬɸɛ ɦɚɪɢɧɚɝɨɥɭɛ ɫɞɧɟɦɪɨɠɞɟɧɢɹ ɫɦɨɬɪɟɬɶɮɢɥɶɦɵɨɧɥɚɣɧ ɭɢɬɧɢɯɶɸɫɬɨɧ ɰɜɟɬɵ ɨɥɢɦɩɢɚɞɚ ɛɭɪɚɧɨɜɫɤɢɟɛɚɛɭɲɤɢ ɥɸɛɨɜɶ ɨɞɧɨɤɥɚɫɫɧɢɤɢɫɨɰɢɚɥɶɧɚɹ SXVV\ULRW ɤɚɪɬɢɧɤɢɧɚɪɚɛɨɱɢɣɫɬɨɥ ɧɚɪɤɨɦɚɧɩɚɜɥɢɤ ɩɪɢɪɨɞɚ ɜɤɨɧɬɚɤɬɟɦɨɹɫɬɪɚɧɢɰɚ ɩɪɨɯɨɪɨɜ ɤɚɪɬɢɧɤɢɧɚɚɜɭ ɟɜɪɨ ɦɚɪɢɨɤɚɫɚɫ ɚɧɢɦɟ ɟɜɪɨɜɢɞɟɧɢɟ ɢɜɚɧɞɨɪɧ ɦɨɪɟ ɫɟɬɶ ɜɟɥɢɤɨɥɟɩɧɵɣɜɟɤ ɜɵɛɨɪɵ 36< ɤɨɫɦɨɫ ɦɚɜɪɨɞɢ ɜɟɫɧɚ 7UHQGRYL 7UHQGRYL 7UHQGRYL 3MHVPH 79HPLVLMH 2OLPSLMFL ɭɧɢɜɟɪɧɨɜɚɹɨɛɳɚɝɚ 36<JDQJQDPVW\OH ɜɟɱɟɪɧɢɣɭɪɝɚɧɬ ɦɚɧɫɭɪɢɫɚɟɜ ɛɭɪɚɧɨɜɫɤɢɟɛɚɛɭɲɤɢSDUW\ ɤɪɨɜɢɧɭɲɤɚɫɟɪɢɚɥ ɚɪɫɟɧɝɚɥɫɬɹɧ ɠɢɜɨɬɧɵɣɫɦɟɯ ɞɚɪɶɹɞɦɢɬɪɢɟɜɚ ɝɨɜɨɪɢɦɢɩɨɤɚɡɵɜɚɟɦɫ ɬɚɝɢɪɯɚɣɛɭɥɚɟɜ IRUHYHU\ERG\ ɧɸɲɚɜɨɫɩɨɦɢɧɚɧɢɟ 0LFKHO7HOR1RVD1RVD ɥɟɨɧɢɞɨɦɡɚɤɨɲɚɧɫɤɢɦ ɢɜɚɧɭɯɨɜ $GHOH6N\IDOO ɜɢɫɹɤɢ ɤɚɪɨɥɢɧɚɫɟɜɚɫɬɶɹɧɨɜɚ ɝɭɮɫɚɦɢ ɧɚɭɤɚ ɧɚɬɚɥɶɹɚɧɬɸɯ ORUHHQHXSKRULD ɟɮɪɨɫɢɧɶɹɬɚɺɠɧɚɹɥɸɛɨɜɶ ɞɠɚɦɚɥɨɬɚɪɫɭɥɬɚɧɨɜ ɧɸɲɚɜɵɲɟ ɨɛɦɟɧɠɺɧɚɦɢ 7DFDEUR7DNDWD ɬɟɥɟɤɚɧɚɥɞɨɛɪɨɟɭɬɪɨ &RPHGR]ɹɦɚɣɤɚ ɩɨɧɹɬɶɩɪɨɫɬɢɬɶ ɚɥɟɤɫɟɣɲɜɟɞ ɛɢɥɹɥɦɚɯɨɜ 7UHQGRYL 7UHQGRYL 7UHQGRYL 8UDGLVDP ĢWRMH" =DģWR ɤɚɤɫɬɚɬɶɞɨɛɪɟɟ ɱɬɨɬɚɤɨɟɛɪɨ ɩɨɱɟɦɭɨɛɚɦɚɤɚɤɬɭɫ ɤɚɤɫɨɥɢɬɶɪɵɠɢɤɢ ɱɬɨɬɚɤɨɟɯɨɥɨɤɨɫɬ ɩɨɱɟɦɭɥɚɝɚɟɬPLQHFUDIW ɤɚɤɜɡɥɨɦɚɬɶɦɵɥɨ ɱɬɨɬɚɤɨɟɫɭɞɶɛɚ ɩɨɱɟɦɭɤɨɬɵɭɪɱɚɬ ɤɚɤɪɢɫɨɜɚɬɶɪɨɡɵ ɱɬɨɬɚɤɨɟɦɟɣɧɫɬɪɢɦ ɩɨɱɟɦɭɹɨɞɢɧɨɤ ɤɚɤɞɨɫɬɚɬɶɤɥɟɳɚ ɱɬɨɬɚɤɨɟɤɭɥɟɜɪɢɧɚ ɩɨɱɟɦɭɩɨɹɜɥɹɸɬɫɹɩɪɵɳɢ ɤɚɤɜɵɧɟɫɬɢɦɨɡɝ ɱɬɨɬɚɤɨɟɯɚɪɞɤɨɪ ɩɨɱɟɦɭɪɟɛɟɧɨɤɢɤɚɟɬ ɤɚɤɩɨɱɢɫɬɢɬɶɫɟɪɟɛɪɨ ɱɬɨɬɚɤɨɟɫɥɨɭɩɨɤ ɩɨɱɟɦɭɥɭɧɚɫɜɟɬɢɬɫɹ ɤɚɤɩɨɫɦɨɬɪɟɬɶɜɵɛɨɪɵ ɱɬɨɬɚɤɨɟɨɤɫɮɨɪɞɵ ɩɨɱɟɦɭɛɨɥɹɬɤɨɥɟɧɢ ɤɚɤɪɚɫɱɢɬɚɬɶɞɟɤɪɟɬɧɵɟ ɱɬɨɬɚɤɨɟɭɥɶɬɪɚɛɭɤ ɩɨɱɟɦɭɪɚɫɬɟɬɠɢɜɨɬ ɤɚɤɧɚɭɱɢɬɫɹɰɟɥɨɜɚɬɶɫɹ ɱɬɨɬɚɤɨɟɪɟɩɨɫɬ ɩɨɱɟɦɭɥɸɤɤɪɭɝɥɵɣ 7UHQGRYL 7UHQGRYL 7UHQGRYL 7XULVWLÏNDRGUHGLģWD +UDQDLSLÉH )LOPRYL ɤɪɵɦ ɥɚɫɬɨɱɤɢɧɨɝɧɟɡɞɨ ɜɪɟɦɹ ɩɚɪɢɠ ɤɟɤɫɵ ɫɚɦɵɣɫɬɪɚɲɧɵɣɮɢɥɶɦ ɜɶɟɬɧɚɦ ɦɚɥɨɫɨɥɶɧɵɟɨɝɭɪɱɢɤɢ ɩɪɨɦɟɬɟɣɮɢɥɶɦ ɢɛɢɰɚ ɛɚɤɥɚɠɚɧɵ ɦɚɞɚɝɚɫɤɚɪ ɦɚɪɨɤɤɨ ɬɵɤɜɚ ɦɫɬɢɬɟɥɢ ɝɪɭɡɢɹ ɛɟɥɵɟɝɪɢɛɵ ɫɚɦɵɣɥɭɱɲɢɣɮɢɥɶɦ ɞɭɛɚɢ ɦɢɦɨɡɚɫɚɥɚɬ ɛɟɥɵɣɬɢɝɪ ɚɧɬɚɥɢɹ ɬɢɪɚɦɢɫɭɤɥɚɫɫɢɱɟɫɤɢɣ ɨɞɧɨɤɥɚɫɫɧɢɤɢ ɝɚɜɚɣɢ ɤɪɚɛɫɛɭɪɝɟɪ ɤɚɦɟɧɶ ɬɭɧɢɫ ɫɢɧɧɚɛɨɧ 7UHQGRYL 7UHQGRYL 'RJDÓDML .XSQMD ɨɥɢɦɩɢɚɞɚ L3KRQH ɟɜɪɨ 'LDEOR ɟɜɪɨɜɢɞɟɧɢɟ :LQGRZV ɜɵɛɨɪɵ 1H[XV ɤɪɵɦɫɤ ɟɥɤɚ ɩɪɟɡɟɧɬɚɰɢɹLSKRQH L3DG ɛɨɡɨɧɯɢɝɝɫɚ ɤɚɮɮɵ ɨɫɤɚɪ ɛɢɥɟɬɪɠɞ ɰɢɪɤɞɸɫɨɥɟɣ ɤɭɪɛɚɧɛɚɣɪɚɦ ),)$ ɲɭɛɚ ɦɨɪɫɤɨɣɛɨɣ 6DXGLMVND$UDELMD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3UHWUDŀLYDQMDVOLND ΏϼρϟΞΎΗϧ έϧΗέΎΟϣϭΑαϛϳϠϳϓ Ωέϭ ΕΎϧϳϣ΄Ηϟ ϥΩϣΣΎϣη ϙέΗϟϼΣ ϝϭΩϳΏέϋ ϲΣΗϓΩϣΣαϳϘϠΑ ϥϳΗΎγϓ ˻˹˺˻ϥΎοϣέΕϼγϠγϣ ϥΎϣϳϠγϥϣέΎϛ ΕέΎϳγ ϲγέϣΩϣΣϣ έϫΎρΩϣΣϣ ΕΎΣϳέγΗ νΎϳέϟέΎΟϔϧ· ΩϭόγϝίϳίόϟΩΑϋϥΑϑϳΎϧ Ύϳέϭγ ΎϣέϭΑ ΕΎϓέϋϑγϭϳ αέΎϓϡΎϳέϳϣ έΣϟϱέϭγϟεϳΟϟ ϲϘϔϟϡϳϫέΑ· ϡέϛϯϭΟϧ ϱέϭηϟαϠΟϣ ϲγϳόϟϥΎϣϳϠγ ϡέΟϋϲγϧΎϧ ϱΩϧΎγέΎλϋ ϲϧέϫίϟϑϳρ ϪϠϟΩΑϋϙϠϣϟ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DFLRQDOQLROLPSLMFL 6SRUWDģL 6SRUWVNLWLPRYL έΎρϋϩέΎγ ΎϛΎϛ ΩϳέΩϣϝΎϳέ ΩϭόγϟϪϠϟΩΑϋ ϭΩϟΎϧϭέϭϧΎϳΗγϳέϛ ΔϧϭϠηέΑ ϲΑϳΗόϟΩϠΧϣ αΎϳγΎϛ ϱΩϭόγϟϝϼϬϟ έϭϧΩΎϣϋ έϳέΩϳϓέϳΟϭέ ϥϼϳϣ ϲϣϳϣΗϟΩΟΎϣ ϥΩϳίΩϣΣϣ ϙϟΎϣίϟ ϲϣΎϫΩϟϱίϣέ ΎΗγϳϧ ΩϭΩΣϟαέΣ ϱέϣόϟΩϣΣϰϠϋ ΎϓϭΑέΎηΎϳέΎϣ ϝϭΑέϔϳϟ ϱΩϭϭΩϟϙέΎΑϣϥΎρϠγ ΏόΗϣΩϣϋ Ύϣϭέ ΓΩϣΣϟϥΎόϣΟϥϳγΣ ϻΎΑΎϛϳη ϲγϠϳηΗ ΩϭΟϟίϳίόϟΩΑϋϪϠϟΩΑϋ ϭϟέϳΑ ϝΎϧγέ 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7XULVWLÏNDRGUHGLģWD 79HPLVLMH +UDQDLSLÉH νΎϳέϟ ΔϣρΎϓϝγϠγϣ ΏϧέϛϲηΣϣ ΓΩΟ ΏΣϟϥϳΟγϝγϠγϣ ϝϳϣΎηΑϟΎΑαρΎρΑϟΔϳϧϳλ ΩϧϬϟ έϭϫίϟϡΎϳϝγϠγϣ ΥέϔϟΎϣέϭΎη ϲΑΩ ϱϭηΗϱέΎϣϝγϠγϣ ΔϧϳΣρϟΎΑιϣΣϟ ΩϳέΩϣ ϥΎρϠγϟϡϳέΣϝγϠγϣ ϡϭέϔϣϟϡΣϠϟΎΑΎϳϧίϻ ΔϧϭϠηέΑ ΩέϭϟΔόΎΑϝγϠγϣ αϭΑϛϣϟ ϥΩϧϟ ˯έΣλϟΏϠόΛίϣέ έϳΟέΟϟΔρϠγ ΎϳίϳϟΎϣ ˼ϡΗϛΑϡΗϛγ ϥέϔϟΎΑϪϧϭέϛϣ ϥΎϣϋ έϣϋϝγϠγϣ ϱέηϛ ΩϧϼϳΎΗ έΩϟΏϳέϏϝγϠγϣ ΝΎΟΩϟΔγΑϛ 7UHQGRYL 0RGQHPDUNH 9HUR0RGD ,VDEHO0DUDQW $OH[DQGHU:DQJ -HDQ3DXO*DXOWLHU 7HG%DNHU 0LFKDHO.RUV 8UEDQ2XWILWWHUV +0 %HUKVND 7RS6KRS 6HQHJDO 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 8UDGLVDP 'DNDUDFWX 0DFN\6DOO &RPPHQWUHPSOLUHQYHORSSH (XUR &KHLNK<HULP6HFN &RPPHQWPDLJULU GDNDU $LGD6DPE &RPPHQWIDLUH 0F'RQDOGV :KLWQH\+RXVWRQ &RPPHQWVHPDTXLOOHU &$1 7DPVLU-XSLWHU1GLD\H &RPPHQWGHYHQLULQWHOOLJHQW 6HQHJR 8VDLQ%ROW &RPPHQWHWUHEHOOH <RX7XEHPS 2EDPD &RPPHQWSULHU 'LWDGXUDGR&RQVHQVR &KHLNK%HWKLR &RPPHQWXWLOLVHU 6ZDUJ 0DFN\6DOO 7UHQGRYL 3UHWUDŀLYDQMDVOLND 'DNDU 0HVVL 5LKDQQD 5RQDOGR %DOOD*D\H 0DFN\6DOO 6ZDUJ %DORWHOOL .LP.DUGDVKLDQ )DFHGDNDU %DORWHOOL %HWKLR7KLRXQH &RPPHQWYRWHU &RPPHQWXWLOLVHUF\GLD 6LQJDSXU 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH )LOPRYL 2O\PSLFV -HUHP\/LQ +XQJHU*DPHV *DQJQDP6W\OH /HH.XDQ<HZ 3URPHWKHXV 623$ :KLWQH\+RXVWRQ 7KH$YHQJHUV /HJRODQG0DOD\VLD .DWH0LGGOHWRQ 'DUN.QLJKW5LVHV =HUJ5XVK $P\&KHRQJ 6N\IDOO &LW\+DUYHVW&KXUFK $PDQGD7RGG %DWWOHVKLS -&XEH 0DNL\R -RKQ&DUWHU +XUULFDQH6DQG\ .21< 7KH$PD]LQJ6SLGHUPDQ .21< $GHOH 7KH9RZ 86(OHFWLRQ 8VDLQ%ROW 7DNHQ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 79HPLVLMH 6SRUWDģL 6SRUWVNLWLPRYL 5XQQLQJ0DQ -HUHP\/LQ /LYHUSRRO *DPHRI7KURQHV 6KLQML.DJDZD 0DQFKHVWHU8QLWHG 5RRIWRS3ULQFH 0LFKDHO3KHOSV &KHOVHD 9DPSLUH'LDULHV 5RELQ9DQ3HUVLH 5HDO0DGULG )DLU\7DLO /HEURQ-DPHV 0DQFKHVWHU&LW\ 6HFUHW*DUGHQ (GHQ+D]DUG /$/DNHUV -XPRQJ 0FND\OD0DURQH\ %D\HUQ0XQLFK 3UHWW\/LWWOH/LDUV $QG\0XUUD\ 5DQJHUV 'UHDP+LJK 6RQ<HRQ-DH 5HDGLQJ /RYH5DLQ )HQJ7LDQZHL 6RXWKDPSWRQ 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 6SRUWVNHYLMHVWL 3MHVPH .SRSL]YHGEH 0DQFKHVWHU8QLWHG,32 *DQJQDP6W\OH 36< 1HZ<RUN.QLFNV 3D\SKRQH 616' &KHOVHD7UDQVIHU 7LWDQLXP %LJEDQJ 0DQFKHVWHU8QLWHG7UDQVIHU 6XSHU%DVV +\XQD $UVHQDO7UDQVIHU 'ULYH%\ 6KLQHH /LYHUSRRO7UDQVIHU 6WDUVKLSV 1( +RXVWRQ5RFNHWV /HJR+RXVH .LP-RQJ.RRN /LRQV;,, 6RPH1LJKWV /HH+\RUL 1HZFDVWOH8QLWHG 6WHUHR+HDUWV -D\3DUN /$/DNHUV :LGH$ZDNH 66 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 3R]QDWHRVREH 8UDGLVDP ĢWRMH" .ULVWHQ6WHZDUW +RZWRURFN :KDWLV623$ /DQD'HO5H\ +RZWR'- :KDWLV6FLHQWRORJ\ .DWH8SWRQ +RZWRVNDWHERDUG :KDWLV/7( 7RP+DUG\ +RZWRUDS :KDWLV<2/2 /LDP+HPVZRUWK +RZWRKDUPRQL]H :KDWLV*DQJQDP 0RUJDQ)UHHPDQ +RZWRIDFWRULVH :KDWLV.21< -RVK+XWFKHUVRQ +RZWRFURFKHW :KDWLV+\SHUWHQVLRQ -HUHP\5HQQHU +RZWRMXJJOH :KDWLV6XVWDLQDELOLW\ 7D\ORU6FKLOOLQJ +RZWRGRXJLH :KDWLV$QWLPDWWHU /HH+\XQ:RR +RZWREER\ :KDWLV%HUVLK 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7XULVWLÏNDRGUHGLģWD 3UHWUDŀLYDQMDVOLND +UDQDLSLÉH /HJRODQG0DOD\VLD 0570DS 5DLQERZ&DNH +RQJ.RQJ -XVWLQ%LHEHU &KLOOHG%HDQFXUG %DQJNRN .DWH0LGGOHWRQ &XSFDNHV %LQWDQ 7UROOIDFH &KRFRODWH&DNH %DOL /LDP3D\QH 6XVKL 0DOGLYHV /HH:HL+RRQ .RUHDQ%ET .RUHD =D\Q0DOLN 3L]]D 3KXNHW 7U\SRSKRELD )ULHG&KLFNHQ /DQJNDZL -L+\R ;LDR/RQJ%DR *HQWLQJ+LJKODQGV -HQQLIHU/DZUHQFH )LVKDQG&KLSV 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 0RGQHPDUNH *DGJHWL ΖJUH /RXLV9LWWRQ L3DG0LQL 'LDEOR .DWH6SDGH *DOD[\6 *XLOG:DUV /RQJFKDPS *DOD[\1RWH 0DSOHVHD *XFFL *DOD[\6 +DSS\:KHHOV &KDQHO +7&2QH; 'UDJRQ1HVW %XUEHUU\ L3DG 0LQHFUDIW +HUPHV L3KRQH 6XGRNX 0LX0LX ,3KRQHV 3RSWURSLFD %DOHQFLDJD 5DOSK/DXUHQ 1H[XV 1RNLD/XPLD 0RVKL0RQVWHUV /HDJXH2I/HJHQGV 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 'RJDÓDML 9LMHVWL 2VREHXYLMHVWLPD 2O\PSLFV 'LDR\X,VODQGV 0LWW5RPQH\ :LPEOHGRQ /RDQ6KDUN %R;LODL &KDPSLRQV/HDJXH 6\ULD 1J%RRQ*D\ (XUR&XS (XUR]RQH =KRX<RQJNDQJ ,76KRZ +XUULFDQH6DQG\ 5RQ3DXO 6WDU$ZDUGV &RVWD&RQFRUGLD .RQJ+HH 0DOD\VLD6XSHU/HDJXH 8V(OHFWLRQV <DZ6KLQ/HRQJ 1$7$6)DLU 0\DQPDU &HFLOLD6XH $XVWUDOLDQ2SHQ )XNXVKLPD /DQFH$UPVWURQJ 6/HDJXH 057%UHDNGRZQ +RZDUG6KDZ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UJRYLQHQDPUHŀL 5REQHPDUNHPRGQLK GHWDOMD 3RSXODUQHPRGQH PDUNH $626 =DORUD 5HHERQ] /RYH%RQLWR (WV\ 8UEDQ2XWILWWHUV $JQHVHOOH 5DNXWHQ +ROO\KRTXH 'UHVVDEHOOH 6ZDURYVNL )RUHYHU 7LIIDQ\ =DUD 3DQGRUD +0 7DJ+HXHU 8QLTOR &DUWLHU &KDUOHV.HLWK 0RQW%ODQF $EHUFURPELH)LWFK %YOJDUL &RWWRQ2Q $XURUD-HZHOU\ )UHG3HUU\ 0H\VRQ-HZHOOHU\ Q2LU-HZOHUJ\ 1DMSUHWUDŀLYDQLMH 2VREHL]VSRUWDX YLMHVWLPD 5DID%HQLWH] 5RELQ9DQ3HUVLH )DEULFH0XDPED -HUHP\/LQ 6KLQML.DJDZD -RVH0RXULQKR 1XUL6DKLQ $QG\0XUUD\ (GHQ+D]DUG /DQFH$UPVWURQJ 'RURWK\3HUNLQV 2OG1DY\ 6MHGLQMHQH$PHULÏNH'UŀDYH 7UHQGRYLSUHWUDŀLYDQMDX 2SÉHQLWR 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 'RJDÓDMLX :KLWQH\+RXVWRQ :KLWQH\+RXVWRQ +XUULFDQH6DQG\ +XUULFDQH6DQG\ -HUHP\/LQ 3UHVLGHQWLDO(OHFWLRQ (OHFWLRQ $PDQGD7RGG 6XSHU%RZO +XQJHU*DPHV 0LFKDHO&ODUN'XQFDQ 2O\PSLFV -HUHP\/LQ .DWH0LGGOHWRQ 8()$(XUR 2O\PSLFV 2QH'LUHFWLRQ .21<0RYHPHQW $PDQGD7RGG 0RUJDQ)UHHPDQ 623$3URWHVW *DQJQDP6W\OH 3H\WRQ0DQQLQJ $XURUD6KRRWLQJ 0LFKDHO&ODUNH'XQFDQ -RH3DWHUQR 7UD\YRQ0DUWLQ&DVH .21< 3DXO5\DQ +XUULFDQH,VDDF 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 8UDGLVDP ĢWRMH" 6OLNH +RZWRORYH :KDWLV623$ 2QH'LUHFWLRQ +RZWRURFN :KDWLV6FLHQWRORJ\ )XQQ\3LFWXUHV +RZWRYRWH :KDWLV.21< 1LFNL0LQDM +RZWRLQVWDOO :KDWLV<ROR -XVWLQ%LHEHU +RZWRKDWH :KDWLV,QVWDJUDP /RYH +RZWRDUFKHU :KDWLV3LQWHUHVW )ORZHUV +RZWRZREEOH :KDWLV/HQW 6HOHQD*RPH] +RZWRFDOFXODWH :KDWLV2EDPDFDUH +HDUW +RZWRURRW :KDWLVL&ORXG 0RQH\ +RZWRWHERZ :KDWLV3ODQNLQJ L3KRQH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH *UDGRYLQD*RRJOH NDUWDPD /RNDOQDPMHVWDQD *RRJOHNDUWDPD 0HÓXQDURGQD RGUHGLģWDL]6$'D 6DQ)UDQFLVFR&$ +RWHO 7RURQWR &KLFDJR,/ 5HVWDXUDQW 3DULV 'HQYHU&2 :DOPDUW 6DQ-XDQ /RV$QJHOHV&$ $SDUWPHQW &DQFXQ 1HZ<RUN1< 6WDUEXFNV 9DQFRXYHU 'DOODV7; 7DUJHW 5RPH :DVKLQJWRQ'& 3DUNLQJ 0RQWUHDO +RXVWRQ7; %DQN 7RN\R 6HDWWOH:$ &DPSLQJ 6W7KRPDV,VODQG %RVWRQ0$ +RPH'HSRW 6DQ-RVHGHO&DER 7UHQGRYL 7UHQGRYL 7UHQGRYL 3ROLWLÏNLJDIRYL $PHULÏNLSROLWLÏDUL Ζ]ERUQDSLWDQMD 9LMHVWL %LJ%LUG 3DXO5\DQ $ERUWLRQ SHUFHQW 5RQ3DXO *D\0DUULDJH %LQGHUVIXOORIZRPHQ %DUDFN2EDPD ,PPLJUDWLRQ $LUSODQH:LQGRZV 5LFN6DQWRUXP *DV3ULFHV /HJLWLPDWH5DSH 0LWW5RPQH\ 6RFLDO6HFXULW\ 3ULYDWHVHFWRULVGRLQJILQH 1HZW*LQJULFK 1DWLRQDO'HEW 0RUHIOH[LELOLW\PLFVOLS *DU\-RKQVRQ *XQ&RQWURO 3UHVLGHQW V6WLFN 7RGG$NLQ (QYLURQPHQW 7KUHH3UHVLGHQWVLQWLPDWHO\ -RH%LGHQ 'HDWK3HQDOW\ < DOOEDFNLQFKDLQV 5LFN3HUU\ 7D[&XWV 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL Ζ]YRULYLMHVWL Ζ]YRULYLMHVWL 'LRQLFH 1%&1HZV (631 )DFHERRN6WRFN )LYH7KLUW\(LJKW%ORJ 061 =\QJD6WRFN &KL0DJD]LQH &11 <HOS6WRFN (631 70= 6DPVXQJ6WRFN 70= 061%& $UQD6WRFN &111HZV :HDWKHU&KDQQHO .RGDN6WRFN 'UXGJH5HSRUW +XIILQJWRQ3RVW *RRJOH6WRFN 7DPSD%D\7LPHV $FFXZHDWKHU (OHFWURQLF$UWV6WRFN )R[1HZV ,ULVK'DLO\6WDU 'UXGJH5HSRUW 1HZ<RUN7LPHV 9LYXV6WRFN 6XSHUYDOX6WRFN 3RSNXOWXUD 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL )LOPRYL 3MHVPHL] 3UHWUDŀ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ŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 9MHQÏDQMDX 3UHNLGLSR]QDWLKRVRED 6PUWLX -XVWLQ7LPEHUODNH-HVVLFD -XVWLQ%LHEHU6HOHQD*RPH] :KLWQH\+RXVWRQGHDWK +HLGL.OXP6HDO 1HLO$UPVWURQJGHDWK 5\DQ5H\QROGV%ODNH/LYHO\ 7RP&UXLVH.DWLH+ROPHV (WWD-DPHVGHDWK 0DWWKHZ0FFRQDXJKH\ 5REHUW3DWWLQVRQ.ULVWHQ $PDQGD7RGGGHDWK %LHO &DPLOD$OYHV &DUH\0XOOLJDQ0DUFXV 0XPIRUG 0HDJDQ*RRGDQG'HYRQ )UDQNOLQ 6WHZDUW -RKQQ\'HSS9DQHVVD 3DUDGLV 3HWHU)DFLQHOOLDQG-HQQLH *DUWK 5HHVH:LWKHUVSRRQ-LP7RWK $P\3RHKOHU:LOO$UQHWW $QQH+DWKDZD\DQG$GDP $GDP/HYLQH$QQH 6KXOPDQ 0DUN=XFNHUEHUJ3ULVFLOOD &KDQ &\QWKLD1L[RQ&KULVWLQH 0DULQRQL 'UHZ%DUU\PRUH:LOO .RSHOPDQ 9\DOLWV\QD $YULO/DYLJQH%URG\-HQQHU &RXUWQH\5REHUWVRQ%HQ )ODMQLN $QG\*ULIILWKGHDWK 0LFKDHO&ODUNH'XQFDQGHDWK 7RQ\6FRWWGHDWK 0LNH:DOODFHGHDWK 'DYH\-RQHVGHDWK 5RELQ*LEEVGHDWK 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL 79HPLVLMH 79HPLVLMH =YLMH]GHUHDOLW\HPLVLMD +HUH&RPHV+RQH\%RR%RR $PHULFDQ,GRO $ODQD+RQH\%RR%RR 7KH9RLFH 7KH9RLFH 6QRRNL $PHULFDQ,GRO %UHDNLQJ%DG )DUUDK$EUDKDP %LJ%URWKHU *DPHRI7KURQHV .LP.DUGDVKLDQ ;)DFWRU *OHH %ULWWDQ\.HUU 3DUN$YHQXH %LJ%DQJ7KHRU\ -HI+ROP $OFDWUD]796+RZ 3UHWW\/LWWOH/LDUV (PLO\0D\QDUG 'DQFH0RPV 7KH2IILFH *LXOLDQD5DQFLF 7KH1HZ1RUPDO 6ZLWFKHG$W%LUWK &KXFN .RXUWQH\.DUGDVKLDQ +RZ,0HW<RXU0RWKHU &RXUWQH\5REHUWVRQ 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 0DUNHRGMHÉH 0DUNHRGMHÉH 0DUNHYLVRNHPRGH 0RGD 2OG1DY\ 7RU\%XUFK /RXLV9XLWWRQ *DS -&UHZ *XFFL )RUHYHU )XEX &KDQHO 'LHVHO 8QLTOR 0LFKDHO.RUV $PHULFDQ(DJOH $GLGDV 5DOSK/DXUHQ %DQDQD5HSXEOLF 7KHRU\ 3UDGD *XHVV 7RPP\+LOILJHU %XUEHUU\ -&UHZ 0RVVLPR $UPDQL %HEH )RUHYHU +HUPHV 1RUWK)DFH /HYLV FHOLQH 7UHQGRYL 7UHQGRYL 7UHQGRYL 0DUNHFLSHOD 0DUNHQDNLWD .RVWLPL]D1RÉYMHģWLFD 1LNH 0LFKDHO.RUVMHZHOU\ .DWQLVV(YHUGHHQFRVWXPH 7RPV /DQD-HZHOU\ 6OHQGHU0DQFRVWXPH 6SHUU\ 6FRWW.D\%ULGDO %DQHFRVWXPH &KDQHOVKRHV +HQUL'DXVVL *DQJQDP6W\OHFRVWXPH 9DQV %HUJLR +DZNH\HFRVWXPH $VLFV 'HKDJR 7HGFRVWXPH &RQYHUVH 9HUUDJLR (IILH7ULQNHWFRVWXPH 6NHFKHUV %HYHUOH\. /RRIDKFRVWXPH '&6KRHV 6SHFWUXP'LDPRQGV 3OD\ER\EXQQ\FRVWXPH 6WHYH0DGGHQ GH*ULVRJRQR 0HULGDFRVWXPH 6WLOŀLYOMHQMD 7UHQGRYL 1DMSUHWUDŀ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ŀLYDQLMH 1DMSUHWUDŀLYDQLMH 'LMHWH $PHULÏNLUHVWRUDQLQD =DJDWX 3UHKUDPEHQHWYUWNH 0LFKDHO3KHOSVGLHW %H\RQGGLHW 5DVSEHUU\.HWRQHGLHW 3LQN0HWKRGGLHW $GULDQD/LPDGLHW 0LUDQGD.HUUGLHW 19'LHW3LOO )HHGLQJWXEHGLHW -XLFLQJGLHW 0DULVVD0LOOHUGLHW 1REX 'DQLHO &KHI V7DEOH *UDPHUF\7DYHUQ &DWFK *R%XUJHU &UDIW %RXOH\ %OXH+LOO &RVWFR 3L]]D+XW 'RPLQRV 3DSD-RKQV )RRG1HWZRUN :HLJKW:DWFKHUV 0F'RQDOGV &KLFNILO$ 2OLYH*DUGHQ $OOUHFLSHV 0DV)DUPKRXVH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD NDORULMVNLKYULMHGQRVWL 3UHWUDŀLYDQMD NDORULMVNLKYULMHGQRVWL 9MHŀ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ŀLYDQLMH 7UHQGRYL 8VOXJH]DXSR]QDYDQMH SDUWQHUD *RGLģQMLGRJDÓDMLX 3OHQW\RI)LVK 6XSHU%RZO 0DWFK (XUR 2.&XSLG )DWKHUV'D\ H+DUPRQ\ 0RWKHUV'D\ 'DWH+RRNXS 7KDQNVJLYLQJ =RRVN 0HPRULDO'D\ &KULVWLDQ0LQJOH 0DUFK0DGQHVV $GXOW)ULHQG)LQGHU /DERU'D\ -'DWH 6LQJOHV1HW *UDPP\V 1)/'UDIW =QDQRVW 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH =GUDYVWYHQDSLWDQMD =GUDYVWYHQDSLWDQMD 6LPSWRPL &DQFHU +HPRUUKRLG 3UHJQDQF\6\PSWRPV 'LDEHWHV *DVWURHVRSKDJHDO5HIOX[ 'LDEHWHV6\PSWRPV 'HSUHVVLRQ 'LVHDVH )OX6\PSWRPV $FQH 6H[XDOO\7UDQVPLWWHG'LVHDVH 87,6\PSWRPV +HUSHV 'LDSHU5DVK 0RQR6\PSWRPV %DFNSDLQ 'LDUUKHD 6WUHS7KURDW6\PSWRPV %XUQV 8ULQDU\7UDFW,QIHFWLRQ +,96\PSWRPV %UHDVWFDQFHU 0LVFDUULDJH /XSXV6\PSWRPV $XWLVP +HDUWEXUQ 'LDUUKHD &HOLDF'LVHDVH 376' +HDUW$WWDFN6\PSWRPV /\PH'LVHDVH6\PSWRPV 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 8JURŀHQHYUVWH .HPLMVNLHOHPHQWL 7YUWNH]DREQRYOMLYX HQHUJLMX %UDNHQ%DW&DYH0HVKZHDYHU *ROG +RRGHG&UDQH 6LOYHU )DOFDWHG'XFN ,URQ &RVWD5LFDQ9DULDEOH+DUOHTXLQ 0HUFXU\ 7RDG /HDG *RRW\7DUDQWXOD &DUERQ *UHHQ+DPPHU&RUDO &RSSHU *UHDWHU%DPERR/HPXU $OXPLQXP &DSH6HDKRUVH 3ODWLQXP 6LEHULDQ6WXUJHRQ 1HRQ %ODFN6KDPD 1H[WURQH[ 60$$PHULFD <LQJOL*UHHQ(QHUJ\$PHULFDV 3UXGHQW/LYLQJ 6RODULQVXUH (DWRQ 60$$PHULFD -RKQVRQ&RQWUROV 7LJR(QHUJ\ 6FKQHLGHU(OHFWULF 7HKQRORJLMDLJDGJHWL 7UHQGRYL 7UHQGRYL 7UHQGRYL 7HKQRORģNLJDGJHWL 7HOHIRQL $SOLNDFLMH]DPRELOQH WHOHIRQHWDEOHWH L3DG L3KRQH L3DG0LQL L3KRQHV 6DPVXQJ*DOD[\6 6DPVXQJ*DOD[\6 .LQGOH)LUH *DOD[\1RWH 1H[XV *DOD[\1RWH 0LFURVRIW6XUIDFH %ODFNEHUU\%ROG *DOD[\1RWH %ODFNEHUU\&XUYH 6DPVXQJ*DOD[\6 1RNLD/XPLD L3KRQH :LQGRZV3KRQH 1RNLD/XPLD 0RWRUROD'URLG5D]U 7HPSOH5XQ ,QVWDJUDP *RRJOH3OD\ 'UDZ6RPHWKLQJ /RJR4XL] 6RFLDOFDP $QJU\%LUGV6SDFH 3LQWHUHVW $PD]RQ$SS )DFHERRN$SS 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 9LGHRLJUH ΖJUDÏNH $XWRPRELOVNHWYUWNH 'LDEOR :HEFDP7R\ )RUG %RUGHUODQGV (OPR7R\ +RQGD 0DVV(IIHFW &RGHH7R\ 7R\RWD +DOR 'HUS\+RRYHV7R\ /LQFROQ 6N\ULP %RXQFLQJ7LJJHU7R\ 'RGJH %ODFN2SV 7HG7R\ 1LVVDQ 0DGGHQ1)/ 0DKMRQJJ7R\&KHVW %0: 5HVLGHQW(YLO 3ODVWLF7R\6KRYHOV -HHS :UHVWOH0DQLD;;9,,, 'RF0FVWXIILQV7R\ ),)$ 7UDQVIRUPHUV7R\ &KHYUROHW $XGL 7UHQGRYL ΖVWDNQXWRL] +LEULGQLDXWRPRELOL *RRJOHRYLGRRGOH ORJRWLSLL] )LVNHU.DUPD+\EULG &DPU\+\EULG -HWWD+\EULG %0:+\EULG )RUG)XVLRQ+\EULG /H[XV+\EULG +\XQGDL6RQDWD+\EULG )RUG&0D[+\EULG 7R\RWD$YDORQ+\EULG %XLFN/DFURVVH+\EULG 6RFFHU'RRGOH 0RRJ'RRGOH 7XULQJ'RRGOH +DOORZHHQ'RRGOH 1HPR'RRGOH =LSSHU'RRGOH 9DOHQWLQH V'D\'RRGOH $UFKHU\'RRGOH )DWKHU V'D\'RRGOH )DEHUJH'RRGOH 6SRUWRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DFLRQDOQLROLPSLMFL 6SRUWRYL 6SRUWDģL /HEURQ-DPHV )RRWEDOO -HUHP\/LQ .REH%U\DQW *ROI 3H\WRQ0DQQLQJ 0LFKDHO3KHOSV %DVNHWEDOO 0LFKDHO3KHOSV 5\DQ/RFKWH %DVHEDOO 5\DQ/RFKWH /ROR-RQHV 6RFFHU 7LP7HERZ $OH[0RUJDQ 5XQQLQJ 0F.D\OD0DURQH\ 0F.D\OD0DURQH\ )LVKLQJ *DEE\'RXJODV .HYLQ'XUDQW 7HQQLV /R/R-RQHV *DEE\'RXJODV +RFNH\ 6HUHQD:LOOLDPV 6ZLPPLQJ 6DUDK%XUNH 'ZLJKW+RZDUG 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7LPRYL0/%D ΖJUDÏL0/%D ΖJUDÏL1)/D 'HWURLW7LJHUV 'HUHN-HWHU 7LP7HERZ 7H[DV5DQJHUV %U\FH+DUSHU 3H\WRQ0DQQLQJ $WODQWD%UDYHV -RVK+DPLOWRQ 7RP%UDG\ 6DQ)UDQFLVFR*LDQWV $OH[5RGULJXH] (OL0DQQLQJ &KLFDJR&XEV $OEHUW3XMROV 'UHZ%UHHV &LQFLQQDWL5HGV %ULDQ:LOVRQ 5D\/HZLV 1HZ<RUN<DQNHHV 3ULQFH)LHGOHU $DURQ5RGJHUV :DVKLQJWRQ1DWLRQDOV 0LNH7URXW &DP1HZWRQ %RVWRQ5HG6R[ 7\OHU0RRUH 9LFWRU&UX] 3LWWVEXUJK3LUDWHV &KULV-RKQVRQ 0LNH:DOODFH 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7LPRYL1)/D 7LPRYL1%$OLJH ΖJUDÏL1%$OLJH 'DOODV&RZER\V %URRNO\Q1HWV /HEURQ-DPHV &KLFDJR%HDUV /$&OLSSHUV -HUHP\/LQ 'HQYHU%URQFRV 3KLODGHOSKLDHUV 'ZLJKW+RZDUG *UHHQ%D\3DFNHUV /RV$QJHOHV&OLSSHUV 'HUULFN5RVH 0LDPL'ROSKLQV 2NODKRPD&LW\7KXQGHU .HYLQ'XUDQW 1HZ(QJODQG3DWULRWV 0LQQHVRWD7LPEHUZROYHV /DPDU2GRP 'HWURLW/LRQV 2NODKRPD7KXQGHU 5D\$OOHQ 1HZ<RUN*LDQWV 1<.QLFNV 6WHYH1DVK 3LWWVEXUJK6WHHOHUV +RXVWRQ5RFNHWV $QWKRQ\'DYLV &KDUORWWH%REFDWV 'Z\DQH:DGH 7UHQGRYL 7UHQGRYL 7UHQGRYL 'RQDFLMH $XWRUL .QMLJH 2DNODQG5DLGHUV +XPDQLVWLÏNH]QDQRVWL 'RQDWHWR2EDPD &KDUOHV'XKLJJ )LIW\6KDGHV'DUNHU 'RQDWHWR6DQG\ :LOOLDP/DQGD\ %DUHGWR<RX 'RQDWHWR5RPQH\ %ULDQ6RX]D )LIW\6KDGHV)UHHG 'RQDWHWR.21< 0/6WHGPDQ 7KH&DVXDO9DFDQF\ 'RQDWHWR.DUHQ.OHLQ (/-DPHV 'HIHQGLQJ-DFRE 'RQDWHWR3%6 &KHU\O6WUD\HG 7KH/LJKW%HWZHHQ2FHDQV 'RQDWHWR5HG&URVV *LOOLDQ)O\QQ 4XLHW7KH3RZHURI,QWURYHUWV 'RQDWHWR1$6$ 6\OYLD'D\ 7KH6HUSHQW V6KDGRZ 'RQDWHWR=LPPHUPDQ (GZDUG.OHLQ ,QGLYLVLEOH5HVWRULQJ)DLWK 'RQDWHWR(QWUHSUHQHXUV (GZDUG&RQDUG 7KH36<FKRORJ\RI:HDOWK 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL .ROHGŀLLVYHXÏLOLģWD .QMLŀ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ŀLYDQLMHQD=DJDWX 1DMSUHWUDŀLYDQLMHQD=DJDWX 1DMSUHWUDŀ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ŀLYDQLMHQD=DJDWX 1DMSUHWUDŀLYDQLMHQD=DJDWX 1DMSUHWUDŀLYDQLMHQD=DJDWX 5HVWRUDQLX&KLFDJXΖ/ 5HVWRUDQLX &ROXPEXVX2+ 5HVWRUDQLX'DOODVX7; :LQH%DU 6SLDJJLD5HVWDXUDQW 1R0,.LWFKHQ5HVWDXUDQW (YHUHVW5HVWDXUDQW 1H[W5HVWDXUDQW 7KH3XEOLFDQ5HVWDXUDQW *LEVRQV%DU6WHDNKRXVH &RFR3D]]R5HVWDXUDQW 5RVHEXG5HVWDXUDQW &DWFK5HVWDXUDQW *UDKDP(OOLRW5HVWDXUDQW +\GH3DUN3ULPH6WHDNKRXVH 6NLOOHW5HVWDXUDQW 0LOHVWRQH5HVWDXUDQW -$OH[DQGHU V5HVWDXUDQW 0LWFKHOO V5HVWDXUDQW 1RUWKVWDU&DIp5HVWDXUDQW (O9DTXHUR0H[LFDQ 5HVWDXUDQW 0DUWLQL0RGHUQ,WDOLDQ 5HVWDXUDQW 2OLYH*DUGHQ5HVWDXUDQW 7KXUPDQ&DIp )UHQFK5RRP5HVWDXUDQW 6PRNH5HVWDXUDQW 6WHSKDQ3\OHV5HVWDXUDQW 0L&RFLQD5HVWDXUDQW 1LFN6DP V5HVWDXUDQW 2FHDQ3ULPH5HVWDXUDQW $EDFXV5HVWDXUDQW %RE V6WHDN&KRS+RXVH /RFDO5HVWDXUDQW 7UXOXFN V5HVWDXUDQW 1DMSUHWUDŀLYDQLMHQD=DJDWX 1DMSUHWUDŀLYDQLMHQD=DJDWX 1DMSUHWUDŀLYDQLMHQD=DJDWX 5HVWRUDQLX'HQYHUX &2 5HVWRUDQLX'HWURLWX 0Ζ 5HVWRUDQLX.DQVDV &LW\MX.6 (OZD\ V5HVWDXUDQW $QGLDPR5HVWDXUDQW 0LQVN\ V3L]]D 7KH.LWFKHQ5HVWDXUDQW ,ULGHVFHQFH5HVWDXUDQW )LRUHOOD V-DFN6WDFN &KRORQ0RGHUQ$VLDQ%LVWUR *ULOOH 2FHDQ3ULPH5HVWDXUDQW -RH0XHU6HDIRRG5HVWDXUDQW 6WURXG V5HVWDXUDQW (GJH5HVWDXUDQW%DU /RQGRQ&KRS+RXVH &KRSKRXVH 6XVKL'HQ5HVWDXUDQW /HOOL V5HVWDXUDQW $UWKXU%U\DQW V5HVWDXUDQW 9HQLFH5LVWRUDQWH:LQHEDU =LQJHUPDQ V5HVWDXUDQW 0LFKDHO6PLWK5HVWDXUDQW 5HVWDXUDQW.HYLQ7D\ORU &DIp=ROD *DWHV%DU%45HVWDXUDQW 9LWD5HVWDXUDQW 2XWEDFN6WHDNKRXVH 3OD]D,,,7KH6WHDNKRXVH 7ULOOLXP5HVWDXUDQW 7RDVWHG2DN5HVWDXUDQW 5HVWDXUDQW +HUHIRUG+RXVH5HVWDXUDQW %OXHVWHP5HVWDXUDQW 1DMSUHWUDŀLYDQLMHQD=DJDWX 1DMSUHWUDŀLYDQLMHQD=DJDWX 1DMSUHWUDŀ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ŀLYDQLMHQD=DJDWX 1DMSUHWUDŀLYDQLMHQD=DJDWX 1DMSUHWUDŀ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ŀLYDQLMHQD=DJDWX 1DMSUHWUDŀLYDQLMHQD=DJDWX 1DMSUHWUDŀLYDQLMHQD=DJDWX 5HVWRUDQLX 3KLODGHOSKLML3$ 5HVWRUDQLX3RUWODQGX 25 5HVWRUDQLX 5LFKPRQGX9$ 9HWUL5HVWDXUDQW 3RN3RN5HVWDXUDQW /HPDLUH5HVWDXUDQW /H%HF)LQ5HVWDXUDQW /H3LJHRQ5HVWDXUDQW $FDFLDPLGWRZQ5HVWDXUDQW 7LQWR5HVWDXUDQW &DVWDJQD5HVWDXUDQW 7DUUDQW V&DIp 6XSSHU5HVWDXUDQW 3RUWODQG&LW\*ULOO %LVWUR%REHWWH5HVWDXUDQW )RXQWDLQ5HVWDXUDQW *UXQHU5HVWDXUDQW &RPIRUW5HVWDXUDQW $PDGD5HVWDXUDQW -25<5HVWDXUDQW %OXH*RDW5HVWDXUDQW &LW\7DYHUQ5HVWDXUDQW 2ED5HVWDXUDQW 3DVWXUH5HVWDXUDQW 2\VWHU+RXVH5HVWDXUDQW 9HULWDEOH4XDQGDU\5HVWDXUDQW -XOHS V5HVWDXUDQW /D9LROD5HVWDXUDQW %OXHKRXU5HVWDXUDQW %RQHILVK*ULOO5HVWDXUDQW 7KH&DSLWDO*ULOOH5HVWDXUDQW 1HG/XGG5HVWDXUDQW %ODFN6KHHS5HVWDXUDQW 1DMSUHWUDŀLYDQLMHQD=DJDWX 1DMSUHWUDŀLYDQLMHQD=DJDWX 1DMSUHWUDŀLYDQLMHQD=DJDWX 5HVWRUDQLX 6DFUDPHQWX&$ 5HVWRUDQLX6DQ )UDQFLVFX&$ 5HVWRUDQLX6HDWWOHX :$ 7KH.LWFKHQ5HVWDXUDQW %RXOHYDUG5HVWDXUDQW (O*DXFKR5HVWDXUDQW 7DVWH5HVWDXUDQW 0LFKDHO0LQD 3XUSOH&DIp:LQH%DU 7KH)LUHKRXVH5HVWDXUDQW 6SUXFH5HVWDXUDQW &DIp-XDQLWD 0LNXQL5HVWDXUDQW 'HOILQD5HVWDXUDQW 6HULRXV3LH5HVWDXUDQW 6LHQQD5HVWDXUDQW 3URVSHFW5HVWDXUDQW %RDW6WUHHW&DIp 7KH3RUFK5HVWDXUDQW 5(''5HVWDXUDQW 7KH&UDE3RW 7KH:DWHUER\ 1RUWK%HDFK5HVWDXUDQW 7KH+HUEIDUP5HVWDXUDQW /LWWOH%XGGKD7KDL%LVWUR )UDQFHV 'DQLHO V%URLOHU 7HQ5HVWDXUDQW (OOD'LQLQJ5RRP%DU 1DMSUHWUDŀLYDQLMHQD=DJDWX 5HVWRUDQLX :DVKLQJWRQX'& -DOHR5HVWDXUDQW &O\GH V5HVWDXUDQW &HQWUDO0LFKHO5LFKDUG 5HVWDXUDQW 7D\ORU*RXUPHW5HVWDXUDQW 2EHOLVN5HVWDXUDQW 5DVLND5HVWDXUDQW 5HVWDXUDQW 7DEDUG,QQ 0DWFKER[5HVWDXUDQW 7KH&DSLWDO*ULOOH )UHQFK/DXQGU\ &DQWHHQ5HVWDXUDQW 6HDVWDU5HVWDXUDQW5DZ%DU 3DVHR5HVWDXUDQW 6ORYDÏND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH ĢWRMH" +RWHO3DUDGLVH :KLWQH\+RXVWRQ ýRMHOiVND )DUPD )HOL[%DXPJDUWQHU ýRMHDFWD 0RGU\NRQLN 0LFKDHO&ODUNH'XQFDQ ýRMHDQG\ 9RĐE\ -DPHV%OXQW ýRMHSD\SDO 7HOHNRP 0DFDXOD\&XONLQ ýRMHDQGURLG :KLWQH\+RXVWRQ /DQD'HO5H\ ýRMHJRULOD 9R\R 0LFKHO7HOy ýRMHQLELUX =HUJ5XVK 'DYLG$XVWLQ ýRMHHXURYDO 3ULPD%DQND 36< ýRMHLQWHUQHW 0DMN6SLULW :DULV'LULH ýRMHLEDQ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 79HPLVLMH 6SRUWRYL 1DFLRQDOQLROLPSLMFL +RWHO3DUDGLVH +RNHM 3HWHU6DJDQ )DUPD ) 'RPLQLND&LEXONRYi 7HOHYt]QH1RYLQ\ )XWEDO 'DQLHOD+DQWXFKRYi 3DQHOiN 7HQLV 'DQND%DUWHNRYi )DUPiU+ĐDGiåHQX )LWQHVV 0LFKDO0DUWLNiQ %H]VHUYtWN\ 3LODWHV 0DUWLQ.OLåDQ 3URIHVLRQiOL 3DLQWEDOO /XNiã/DFNR +ODVýHVNR6ORYHQVND .XOWXULVWLND 'DQLHOD3HãNRYi 6XVHGLD 9ROHMEDO /XFLD.ORFRYi .ULPL1RYLQ\ &\NOLVWLND -DQD'XNiWRYi 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 8UDGLVDP /RNDOQHSR]QDWHRVREH 3ROLWLÏDUL $NR]EDOLĢEDEX 0DMN6SLULW ,JRU0DWRYLþ $NRVFKXGQ~Ģ 3HWHU6DJDQ 3HWHU.DåLPtU $NRSULEUDĢ (JR /XFLD1LFKROVRQRYi $NR]DURELĢSHQLD]H &HOHVWH%XFNLQJKDP 'DQLHO/LSãLF $NRVDER]NiYDĢ 3HWHU.RQþHN $ORM]+OLQD $NRRWHKRWQLHĢ 7RPiã7DWDU ,YDQ*DãSDURYLþ $NR]EDOLĢFKDODQD 1LNROD.RPRURYi 5LFKDUG6XOtN $NRSUHVWDĢIDMþLĢ =X]DQD3ODþNRYi ,YDQ0LNORã $NRYLD]DĢNUDYDWX -DUR6OiYLN 0LNXOiã']XULQGD $NR]DþDĢSRGQLNDĢ %UDQNR5DGLYRMHYLþ 7RPiã%RUHF 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7XULVWLÏNDRGUHGLģWD 0HGLML 7DWUDODQGLD 9RĐE\ 7RSN\ &KRUYiWVNR .DOHQGiU 60( 3DUQGRUI )LOP\ 1RYêþDV %DQVNi%\VWULFD (852 3UDYGD 7UQDYD 06 -2- %RMQLFH 'RYROHQND 3OXVND 3UDKD 2O\PSLMVNpKU\ $NWXDOLW\ $TXDSDUN6HQHF 0LQLPiOQDP]GD 0DUNt]D %HãHĖRYi 9HĐNiQRF (XURSD %XOKDUVNR -DUQp3Ui]GQLQ\ )XQUDGLR 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 0DORSURGDMQLODQFL 5REQHPDUNH +UDQD /LGO 1LNH 7RUW\ ,.($ $YRQ 3L]]D 0HUNXU\PDUNHW 2ULIODPH 3DODFLQN\ 'DWDUW 1HZ<RUNHU -DEONRYpNROiþH 'HLFKPDQQ %DĢD =HPL$NRYpSODFN\ .LND =DUD %XEODQLQD .DXIODQG $GLGDV 5L]RWR -\VN +0 .XUDFLH6RWp ([LVSRUW 1H[W %URNROLFRYiSROLHYND 'HFRGRP 7DNNR 7YDURKRYpNROiþH ĢSDQMROVND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3UHWUDŀLYDQMDVOLND %DQNLD :KLWQH\+RXVWRQ 3RNHPRQ 0L7HOH 3DXODHFKHYDUULD )ORUHV 3ULPDGH5LHVJR $GHOH )RQGRVGHSDQWDOOD *UDQ+HUPDQR 0LFKHO7HOR 3DLVDMHV /R,PSRVLEOH (VSHUDQ]D$JXLUUH &ULVWLDQR5RQDOGR $SDODEUDGRV 'DQL0RQWHVLQRV 0DULR&DVDV 5HIRUPDODERUDO 0DQROR3UHFLDGR 6HOHQD*yPH] )HOL[%DXPJDUWQHU 0DUtDGH9LOORWD &RUD]RQHV *DQJQDP6W\OH $QGUHD)DEUD 7DWXDMHV 6HSH 0DQXHO)UDJD 6DPVXQJ*DOD[\ 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH )LOPRYL 3MHVPH 79HPLVLMH 7HG <RWH(VSHUDUp *UDQ+HUPDQR /R,PSRVLEOH $LVLHXWH3HJR 7KH:DONLQJ'HDG 3URPHWKHXV 6RPHRQH/LNH<RX *DQGLD6KRUH ,QWRFDEOH 3HUGyQDPH -HUVH\6KRUH 6KDPH *DQJQDP6W\OH (XURYLVLRQ 6KHUORFN+ROPHV %DODGD%RD (O+RUPLJXHUR /RV'HVFHQGLHQWHV 7DQWR $WUDSDXQPLOOyQ &DUPLQDR5HYLHQWD 8QD9DLQD/RFD 6iOYDPH'HOX[H 6N\IDOO 5DLQ2YHU0H $QDWRPLDGH*UH\ (O&DEDOOHURRVFXURODOH\HQGD /iJULPDV'HVRUGHQDGDV /D9R] 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6SRUWDģL 1RJRPHWQLNOXERYL 1DFLRQDOQLROLPSLMFL UHQDFH 6HUJLR5DPRV 6HYLOOD)& 0LUHLD%HOPRQWH )HUQDQGR7RUUHV %DUFHORQD)& 3DX*DVRO *HUDUG3LTXp 9DOHQFLD)& 5XG\)HUQiQGH] 0RXULQKR 5HDO=DUDJR]D)& $QQD7DUUHV ,QLHVWD 5D\R9DOOHFDQR 'DYLG&DO 3HS*XDUGLROD *UDQDGD&) -XDQ&DUORV1DYDUUR 5LFN\5XELR 5HDO6RFLHGDG $QGUHD)XHQWHV 7LWR9LODQRYD &KHOVHD 0DULQD$ODEDX .XUW&REDLQ ,NHU&DVLOODV 5HDO9DOODGROLG&) 5HDO0DGULG&) 0DLGHU8QGD ÈOYDUR'RPtQJXH] 7UHQGRYL 7UHQGRYL 7UHQGRYL 8UDGLVDP ĢWRMH" 7XULVWLÏNDRGUHGLģWD &yPRIXQFLRQDWZLWWHU 4XpHV,QVWDJUDP /RQGUHV &yPRLQVWDODU:KDWVDSS 4XpHV3LQWHUHVW 3DUtV &yPRPDTXLOODUVH 4XpHV7ZLWWHU 0p[LFR &yPRKDFHUFXSFDNHV 4XpHV/LQNHGLQ 6DQ)UDQFLVFR &yPRJDQDUGLQHUR 4XpHV$QGURLG %DUFHORQD &yPRVHUIHOL] 4XpHV7XPEOU 7XUTXtD &yPRKDFHUWRUWLWDV 4XpHV*RRJOH ,VUDHO &yPRKDFHUEHFKDPHO 4XpHV)DFHERRN %HUOLQ &yPRDKRUUDGLQHUR 4XpHVFRDFKLQJ /RVÈQJHOHV &yPRHQFRQWUDUWUDEDMR 4XpHVL&ORXG 0DGULG 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 0RGQHPDUNH .QMLJH 3ROLWLÏDUL =$5$ -XHJRGH7URQRV 5DMR\ (O&RUWH,QJOpV /RV-XHJRVGHO+DPEUH $QGUHD)DEUD 3XOODQG%HDU 6RPEUDVGH*UH\ (VSHUDQ]D$JXLUUH +0 %DLOD%DLOD%DLOD 6DQWLDJR&DUULOOR $GROIR'RPtQJXH] (O,QYLHUQRGHO0XQGR $UWXU0DV %HUVKND 0LVLyQ2OYLGR $QD%RWHOOD 6IHUD 3DOPHUDVHQOD1LHYH &ULVWLQD&LIXHQWHV :RPHQ6HFUHW /D&DtGDGHORV*LJDQWHV -RVp,JQDFLR:HUW &$ 1RWH(VFRQGR1DGD &ULVWREDO0RQWRUR 3XULILFDFLyQ*DUFtD /DV+RUDV'LVWDQWHV 5LWD%DUEHUi 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH $SOLNDFLMH *UDGRYLQD*RRJOH NDUWDPD /RNDOQDPMHVWDQD *RRJOHNDUWDPD 7ZLWWHU $SDODEUDGRV 'URSER[ $QJU\%LUGV ,QVWDJUDP (YHUQRWH /RJLV0DVWHU 3DG3LJJLHV :KDWVDSS L'RFV 0DGULG +RWHO %DUFHORQD &DPSLQJ 9DOHQFLD 3DUNLQJ 6HYLOOD 0HUFDGRQD 0iODJD 5HVWDXUDQWHV *UDQDGD &DUUHIRXU $OLFDQWH 'HFDWKORQ %LOEDR *DVROLQHUD =DUDJR]D %HQLGRUP (O&RUWH,QJOpV )DUPDFLD ĢYHGVND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH +DQQD:LGHUVWHGW +DQQD:LGHUVWHGW *DQJQDP6W\OH 1HWIOL[ /RUHHQ (XSKRULD 6ZHILOPHU &DUROLQD*\QQLQJ %R\ V'RQ W&U\ 'LDEOR :KLWQH\+RXVWRQ %R\V%R\V%R\V /RUHHQ /DLOD%DJJH 6+RZPHKHDYHQ (0 0RUJDQ)UHHPDQ 'DQVDSDXVD *$* $PDQGD7RGG &DOO0H0D\EH &DUROLQD*\QQLQJ )HOL[%DXPJDUWQHU 26ROH0LR 'UHDPILOP 0LFKDHO&ODUNH'XQFDQ %RWHQ$QQD 063 .DWH0LGGOHWRQ )HVWKRV0DQJH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH Ζ]YRÓDÏL Ζ]YRÓDÏL 8UDGLVDP /RUHHQ -XVWLQ%LHEHU +XUP\FNHWVNDWW :KLWQH\+RXVWRQ /RUHHQ +XUPnQJDKHWHU 2OOH/MXQJVWU|P &KDUORWWH3HUUHOOL +XUNlQQVI|UYlUNDU $YLFLL 2QH'LUHFWLRQ +XUPDQKnQJODU 0DMD,YDUVVRQ 6ZHGLVK+RXVH0DILD +XUP\FNHWWMlQDU 7RPDV/HGLQ (ULF6DDGH +XUNlQQVVDPPDQGUDJQLQJDU 0DQGR'LDR 0ROO\6DQGHQ +XUNlQQVYlUNDU /DOHK 1LFNL0LQDM +XUVPLWWDU+,9 3XVV\5LRW 6HDQ%DQDQ +XUVWDYDV 0LVV/L 5LKDQQD +XUJ|UPDQ 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 79HPLVLMH 79HPLVLMH 8UDGLVDP %ROLERPSD %LJ%URWKHU +XUP\FNHWELOVNDWW %LJ%URWKHU /HW V'DQFH +XUSnHQJHOVND 0HORGLIHVWLYDOHQ 'DOODV +XUIXQJHUDULQVWDJUDP *DPHRI7KURQHV $OFDWUD] +XUOlQJHLEHODVWQLQJVUHJLVWUHW 26 *ODGLDWRUHUQD +XUWYlWWDUPDQ 7KH9RLFH *DPHRI7KURQHV +XUP\FNHWDONRKRO (0 ;)DFWRU +XUUHIHUHUDUPDQ 6RQVRI$QDUFK\ 5HYHQJH +XUNOlWWUDUNOlWWHUKRUWHQVLD 6ROVLGDQ +RPHODQG +XUVWDYDVVFK\VVW 9DPSLUH'LDULHV 7RS0RGHO6YHULJH +XUOnWHUVM|OHMRQ 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6SRUWDģL 6SRUWDģL 6SRUWVNLWLPRYL $QWRQ+\VHQ =ODWDQ,EUDKLPRYLFK $,. 0DULR%DORWHOOL /LRQHO0HVVL $UVHQDO $QMD3lUVVRQ &KULVWLDQR5RQDOGR ,).*|WHERUJ 0DULR*RPH] $QWRQ+\VHQ /HNVDQGV,) -RKQ*XLGHWWL +HQULN/XQGTYLVW 0DQFKHVWHU8QLWHG 2ORI0HOOEHUJ 8VDLQ%ROW +9 0F.D\OD0DURQH\ -RQ2OVVRQ %U\QlV 0LFKDHO3KHOSV 0DUWLQ2OVVRQ /LYHUSRRO )HUQDQGR7RUUHV $QMDSlUVVRQ )DEULFH0XDPED 0DULR%DORWHOOL )&%DUFHORQD &KHOVHD 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 0RGQHPDUNH ĢWRMH" ĢWRMH" +0 9DGlUNORFNDQ 9DGlUDFWD /LQGH[ 9DGlUNlUOHN 9DGlUWXUI *LQD7ULFRW 9DGlU,QVWDJUDP 9DGlUVDQQLQJ .DSS$KO 9DGlUHWLN 9DGlU,QVWDJUDP =DUD 9DGlUKlOVD 9DGlU]HVW ,QGLVND 9DGlUGHPRNUDWL 9DGlUVRSD 9HUR0RGD 9DGlULOOXPLQDWL 9DGlUSHQJDU 9LFWRULD6HFUHW 9DGlUNROK\KGUDWHU 9DGlUNLN &XEXV 9DGlUFOHDULQJQXPPHU 9DGlUSLQJVW 0RQNL 9DGlU'1$ 7UHQGRYL 1DMSUHWUDŀLYDQLMH +UDQDLSLÉH +UDQDLSLÉH &XSFDNHV .ODGGNDND 0XIILQV 3DQQNDNRU bSSHOSDM &KRNODGEROODU 9lVWHUERWWHQSDM 6FRQHV 7DFRSDM VRFNHUNDND &KHHVHFDNH $PHULNDQVNDSDQQNDNRU .lUOHNVPXPV ODVDJQH .DQHOEXOODU &XSFDNHV 6PXOSDM 0XIILQV SL]]DGHJ bSSHOSDM 9DGlUSL ĢYLFDUVND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH ĢWRMH" =DODQGR )HOL[%DXPJDUWQHU :KDWLV3D\3DO 576 :KLWQH\+RXVWRQ :KDWLVVFKPDQG &RRS 0LFDHOD6FKDHIHU :KDWLVOLHEH 6%%2QOLQH)DKUSODQ 'LUN%DFK :KDWLVIHOL[ &RVWD&RQFRUGLD .DWH0LGGOHWRQ :KDWLV$&7$ L3DG /XFD+lQQL :KDWLVNRKOHQK\GUDWH )HOL[%DXPJDUWQHU /XFLR'DOOD :KDWLVL&ORXG :KLWQH\+RXVWRQ $PDQGD7RGG :KDWLVZDS *$* /DQD'HO5H\ :KDWLVWZLWWHU %UHI 0LFKHO7HOR :KDWLVRVWHRSDWKLH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 3R]QDWHRVREHL] ĢYLFDUVNH 0RGQHPDUNH 0DUNHDXWRPRELOD /XFD+lQQL 3KLOLSS+LOGHEUDQG %DVWLDQ%DNHU .XUW)HOL[ .DVK\D+LOGHEUDQG (OLDQH0OOHU 5RJHU)HGHUHU 6WHYH*XHUGDW $QGUHDV*DEDOLHU 2WWR,QHLFKHQ +0 0HUFHGHV /D5HGRXWH %0: 7DOO\:HLMO $XGL =DUD 9: (VSULW +\XQGDL /RXLV9XLWWRQ &LWURHQ 9|JHOH6KRHV 3RUVFKH 9LFWRULD6HFUHW 5HQDXOW 0DQJR 3HXJHRW 1LNH 7R\RWD 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL *UDGRYLQDVHOMD 7XULVWLÏNDRGUHGLģWD L]YDQĢYLFDUVNH /RNDOQLGRJDÓDML =HUPDWW %DVHO /DXVDQQH :LQWHUWKXU /X]HUQ 'DYRV %HUQ =XULFK /XJDQR 6DDV)HH %DUFHORQD 3DULV %HUOLQ 'XEDL /RQGRQ 0DOHGLYHQ $PVWHUGDP 7KDLODQG 3RUWXJDO ,WDOLHQ 1DMSUHWUDŀLYDQLMH 3ODQLQVNLYUKRYL 3LODWXV -XQJIUDXMRFK 5LJL 7LWOLV 6lQWLV 0DWWHUKRUQ 1LHVHQ 6FKLOWKRUQ 8HWOLEHUJ %HDWHQEHUJ *UHHQILHOG 3DOHR)HVWLYDO *XUWHQIHVWLYDO 2SHQDLU)UDXHQIHOG =LUNXV.QLH 0RQWUHX[-D]])HVWLYDO 0RRQDQG6WDUV 2SHQDLU6W*DOOHQ 2SHQDLU*DPSHO 6WUHHW3DUDGH 7DMODQG 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3MHVPH 6KDUHG ?UIM# /N *DQJQDP6W\OH [?#Z#N #N5[1 #CT5ZF5 CP5N3QZ0Q>CZ3 N 5Mc5 6LPVLPL )N) N ? =FQZ3N *DQJQDP6W\OH /Z0& $6=Mc> CP5N3QZ0Q>CZ3 N 5Mc5 3M63P= Z:A#AU I= ? =FQZ3N GAC#7U3C0 ZFQ>#3QbZ7AQb>5 75I5# \=Z=:NZ:AP5 gN >P50Q 'UDJRQ1HVW GAC#: IZ#P5 [F#FT03N > F6N>0Q^ G= .L]L VQVG 6 C # [ A& \05I# 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 79HPLVLMH 6SRUWDģL 6SRUWRYL [?#Z#N CPANCM/>I<P))N:#D CPANCM/>I<P))N:#D T5DR I?IT=N \IAP=7 7KH9RLFH 7ASc=$P1? CIAZA>6IA AU 8U&N>^=1L:0 IM=:?G)N 8N 7?LCM1P5M QHN 3I#7?LN>[F0 FI#6T1?Q 5M QHN\IAP=7 WKHVWDU F=$P1? 5M QHN[60=P51M5 &P#5N# <M3?:#D>T:0Q 5M QHN7#7I# ^;=N? <N <U=PF#C5FP5 5M QHN3Q=&N1P [;5:M54T[3 <T&# F#C5FP5 5M QHN6NFZ16IA G#FF L6M0AN> CP3>N3gN C I# F>N=QHN 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 5HVWRUDQL +UDQDLSLÉH )LOPRYL ?N 5INGN?Z&Q>#]G= INGN?INZ'Q>5 7))NZ?/U ?N 5INGN?FM1GQ6 INGN?FP# \7? $M50N?N ?N 5INGN?\ ?N& INGN?IP5\05QZ'Q> 6WHS8S ?N 5INGN?F=T3?FN ? INGN?=NZAZ'Q> EDWWOHVKLS ?N 5INGN??T#Z3: INGN?)Qb7T5 ?M ZC>ZI> ?N 5INGN?GMC GP5 INGN?M=:U&N IM54:NA ?N 5INGN?7?N/6T?Q INGN?6?U^ 5 2QWKH5RDG ?N 5INGN?6T;Z;1 INGN?ANC 7KH$YHQJHUV ?N 5INGN?G?U INGN?;AP775F 7KH+XQJHU*DPHV ?N 5INGN?7N INGN?:= N 3URPHWKHXV 1DMSUHWUDŀLYDQLMH 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7XULVWLÏNDRGUHGLģWD *DGJHWLWHKQRORJLMD 3R]QDWHRVREH ZNLAN 5 6LPVLPL #N5ZZ1 #CT5ZF5 N)$56T?Q ,QVWUDJUDP 5I#ZA FC5F>N= L3KRQHV 'M5=N?PF N F#?N516T?Q?M=> /LQH \CP3CM.5TA 3T #=LN=G> I# )DFHERRN #N5[1 #7I Z3DNAP5Z$ 1HZL3DG Pd CN?T/Q <UZa1Z=F 'HDOILVK Z$5)N/3P:> 7LWDQLF *RRJOH [#F= CM03 N ^= <RX7XEH 4N=^3 CM06MC CM) 6DPVXQJ*DOD[\ G=N7?P) 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 9LMHVWL 5REQHPDUNH 0RGD N C'I=6Qc 0LWVXELVKL0LUDJH [;&Mb5ZNGAQ N C6MC NC 1LVVDQ6\OSK\ [;&Mb5?I#Z3N N C'Q 7UXHPRYH+ [;&Mb58U&N> N C7ANCNH *00= [;&Mb50N?N N C?L[1 IP&P1M5 [;&Mb5?LZ7N N C'QZ?Q> 6ZLIW [;&Mb5)Qb7T5 N C1T [ +RQGD&5= [;&Mb5G=C[7 N CWDUD 3UDGD [;&Mb5G5C0 N C\CP3 Z&;\?ZA1 [;&Mb5ZICAI> N C\IAP=7 1DMSUHWUDŀLYDQLMH ΖJUH 'UDJRQ1HVW *HWSURERW F (YHU3ODQHW %XEEOH1LQMD 6ZRUG$UW2QOLQH 0LQHFUDIW D .RUDPJDPH )RUVDNHQ:RUOG /RXLV9XLWWRQ+DQGEDJV [;&Mb5?L\7?#>NC 7DMYDQ 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH 6SRUWDģL 0DNL\R 0DNL\R /LQH 36< 0DUFHO1JX\HQ /DXUHQ3HUGXH 0LFKHOOH-HQQHNH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 79GUDPD )LOPRYL )LOPRYL 1DMSUHWUDŀLYDQLMH 7XULVWLÏNDRGUHGLģWD 7XUVND 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 6DSXQLFH 3R]QDWHRVREH )DFHERRN 0XKWHúHP<]\ÕO +DGLVH <RX7XEH .X]H\YH*QH\ 0XVWDIDFHFHOL H2NXO .XUWODU9DGLVL3XVX 7DUNDQ gV\P <DODQ'Q\D +DOLO6H]DL (NúL6|]ON 6XVNXQODU 0XUDW%R] $UDED2\XQODUÕ $UND6RNDNODU 2UKDQ*HQFHED\ 0LOOL\HW 6DNDU\DYH)ÕUDW 'HPHW$NDOÕQ ,úNXU øúOHU*oOHU <ÕOGÕ]7LOEH +UUL\HW .DUDGD\Õ +DQGH<HQHU +DEHUWN $OHY$OHY $MGD3HNNDQ 1DMSUHWUDŀLYDQLMH 7UHQGRYL 6SRUWVNLWLPRYL 7XULVWLÏNDRGUHGLģWD *DODWDVDUD\ $QWDO\D 7UDE]RQVSRU %RGUXP )HQHUEDKoH $ODQ\D %XUVDVSRU 'XEDL %HúLNWDú .ÕEUÕV 6LYDVVSRU )HWKL\H 2UGXVSRU 3DULV .D\VHULVSRU 0ÕVÕU $QWDO\DVSRU 0DOGLYOHU *D]LDQWHSVSRU øVSDQ\D 8JDQGD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 'RJDÓDML :DSWULFN :KLWQH\+RXVWRQ (XUR ;VFRUH 9DQ3HUVLH 2O\PSLFV (XUR 2EDPD (EROD :KLWQH\+RXVWRQ 5RQDOGLQKR .21< :DSGDP 8VDLQ%ROW ,UDQ /LYHVFRUH 1XUL6DKLQ 86(OHFWLRQV 7XELG\ /XFDV0RXUD :KLWQH\+RXVWRQIXQHUDO )DFHERRN 0RUJDQ)UHHPDQ ,QQRFHQFHRI0XVOLPV 9DQ3HUVLH $OH[6RQJ %(7$ZDUGV 2O\PSLFV )DEULFH0XDPED 6\ULD 7UHQGRYL 1DMSUHWUDŀLYDQLMH 7UHQGRYL *DGJHWLLWHOHIRQL :HEORNDFLMHYLMHVWL ĢWRMH" 6DPVXQJ*DOD[\V /LYHVFRUH :KDWLVORYH L3DG 6RFFHUYLVWD :KDWLVWHFKQRORJ\ L3KRQHV 1HZ9LVLRQ :KDWLVSODQQLQJ L3DG0LQL :LQGUDZZLQ :KDWLVHWKLFV 1RNLD$VKD )ODVKVFRUH :KDWLVODQJXDJH 6DPVXQJ*DOD[\1RWH 7KH6XQ :KDWLVVRIWZDUH 1RNLD$VKD %XNHGGH :KDWLVRYXODWLRQ 6DPVXQJ*DOD[\0LQL 'DLO\0RQLWRU :KDWLVDJULFXOWXUH 6RQ\(ULFVVRQ;SHULD ;6FRUHV :KDWLVVLWXDWLRQLVP 1RNLD/XPLD %%&1HZV 7UHQGRYL 7UHQGRYL ĢWRMH">=GUDYOMH@ ĢWRMH">7HKQRORJLMD@ :KDWLVRYXODWLRQ :KDWLVVRIWZDUH :KDWLV+,9 :KDWLVXUO :KDWLVK\JLHQH :KDWLV,&7 :KDWLVPDODULD :KDWLVFRPSXWHU :KDWLVFLUFXPFLVLRQ :KDWLVJRRJOH :KDWLVDXWLVP :KDWLVOLQX[ :KDWLVK\SWHUWHQVLRQ :KDWLVZZZ :KDWLVLPPXQLVDWLRQ :KDWLVLQWHUQHW :KDWLVQXWULWLRQ :KDWLVZLIL :KDWLVPDOQXWULWLRQ :KDWLVWZLWWHU :KDWLVUHVHDUFK 7UHQGRYL ĢWRMH">3RVDRL ILQDQFLMH@ :KDWLVHTXLW\ :KDWLVDGYHUWLVLQJ :KDWLVSHUIRUPDQFH :KDWLVSURFXUHPHQW :KDWLVDFFRXQWLQJ :KDWLVEXGJHW :KDWLVLQYHQWRU\ :KDWLVPDQDJHPHQW :KDWLVWD[DWLRQ :KDWLVOLTXLILFDWLRQ 8MHGLQMHQL$UDSVNL(PLUDWL 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 2VREH 79HPLVLMH *DQJQDP6W\OH :KLWQH\+RXVWRQ έϣϋϝγϠγϣ L3DG ϥΩϣΣΎϣη ΔϣρΎϓϝγϠγϣ 2O\PSLFV .DWH0LGGHOWRQ 6DPVXQJ*DOD[\6 ϱϭΎοέϘϟϑγϭϳ Δϳ΅έ 7KH$YHQJHUV έϧΗέΎΟϣϭΑαϛϳϠϳϓ έϳΧϟΡΎΑλ 6N\IDOO 8VDLQ%ROW ϥϭϳόϟέΑΣϝγϠγϣ +XUULFDQH6DQG\ .DULQD.DSRRU 7KH9RLFH ˻˹˺˻ϥΎοϣέΕϼγϠγϣ ϲγέϣΩϣΣϣ $UDE,GRO .21< $GHOH $UDEV*RW7DOHQW ΔϳέϭγϟΓέϭΛϟ ϲϘϔϟϡϳϫέΑ· ΕΎϧΑϕΣϠϣϝγϠγϣ 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 6SRUWDģL 6SRUWVNLWLPRYL 1DFLRQDOQLROLPSLMFL &ULVWLDQR5RQDOGR %DUFHORQD ϲϟΎϣϛϟϥΩϣΣ 5RJHU)HGHUHU 5HDO0DGULG ϥϣΣέϟΩΑϋέϣϋ .DND &KHOVHD ϝϳϠΧΩϣΣ 'DYLG%HFNKDP $&0LODQ ϡϭΗϛϣϝΩϣΣ /LRQHO0HVVL $UVHQDO ϰγϳϋΩϟΎΧ 0DULD6KDUDSRYD /LYHUSRRO ΩϣΣϣΔΟϳΩΧ 5DIDHO1DGDO =DPDOHN ϱίϭϓΩϣΣϣ 0LFKDHO-RUGDQ 0DQFKHVWHU8QLWHG ϡϭΗϛϣϝΩϳόγ 0LFKDHO6FKXPDFKHU 0DQFKHVWHU&LW\ ϰγϳϋΩηέ ;DYL 5RPD ϲϠϋΩϣΣ 7UHQGRYL 7UHQGRYL 7UHQGRYL 7XULVWLÏNDRGUHGLģWD +UDQDLSLÉH 0RGQHPDUNH ΔϧΧγϟϥϳόϟ ΓϭϼϘΑ ,VDEHO0DUDQW νΎϳέϟ αϭγϗέόϟ 0LFKDHO.RUV ϝϭΑϧργ ϲϧϳηΗϭΗϳϓ %HUVKND Ύϧϳϳϓ ΏϭέΧϟ ,FH:DWFK ΔϳϠϳΑη ΝΎΟΩϟΔγΑϛ 1LNH Εέϭϔϛϧέϓ Ύϳέγϟεϳϋ +0 ΎϳϧέϭϔϳϟΎϛ ΎηΎΑΩϭϭΩ )RUHYHU ύΎϛϳη ΔΗϔϛϟ 6DLQW/DXUHQW ˯ΎοϳΑϟέΩϟ ΝϭϧϏΎΑΎΑ FHOLQH ΔϧϭϠηέΑ έϳΟέΟϟΔρϠγ $OH[DQGHU:DQJ 8MHGLQMHQR.UDOMHYVWYR 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 3UHWUDŀLYDQMDYLMHVWL (XUR :KLWQH\+RXVWRQ (XUR 2O\PSLFWLFNHWV .DWH0LGGOHWRQ 2O\PSLFV :KLWQH\+RXVWRQ *DU\%DUORZ +XUULFDQH6DQG\ .DWH0LGGOHWRQ 7XOLVD 2O\PSLFWRUFKURXWH $SULO-RQHV -HVVLFD(QQLV (XURYLVLRQ 1HWIOL[ )DEULFH0XDPED :KLWQH\+RXVWRQ 1DWZHVW2QOLQH 0LFKDHO&ODUNH'XQFDQ )HOL[%DXPJDUWQHU L3DG 0RUJDQ)UHHPDQ &RVWD&RQFRUGLD *DU\%DUORZ 3ULQFH+DUU\ /DQFH$UPVWURQJ *DQJQDP6W\OH 8VDLQ%ROW 'LDPRQG-XELOHH 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL .UDOMHYVNDRELWHOM 3MHVPH *OD]EHQLL]YRÓDÏL 4XHHQ(OL]DEHWK *DQJQDP6W\OH /XF\6SUDJJDQ .DWH0LGGOHWRQ &DOO0H0D\EH 7KH0LOLWDU\:LYHV 3ULQFH+DUU\ %ORZ0H2QH/DVW.LVV ZLOOLDP 3ULQFH&KDUOHV %HQHDWK<RXU%HDXWLIXO (PHOL6DQGH 3ULQFH:LOOLDP 7KH2IILFLDO2O\PSLF6RQJ 36< 3ULQFH3KLOLS 6N\IDOO 2QH'LUHFWLRQ /XSR 6RPHERG\7KDW,8VHGWR 7KH6SLFH*LUOV 3ULQFH$QGUHZ 3ULQFH(GZDUG =DUD3KLOOLSV .QRZ :H$UH<RXQJ 7RR&ORVH 0XVH *LUOV$ORXG 'L]]HH5DVFDO 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 79HPLVLMH 79HPLVLMH 3UHWUDŀLYDQMDVOLND %LJ%URWKHU 0LNHWKH.QLJKW )DFHERRN (DVWHQGHUV +RPHODQG <RX7XEH ;)DFWRU 7RZLH 2QH'LUHFWLRQ *DPHVRI7KURQHV 7KH-RQDWKRQ5RVV6KRZ 1LFNL0LQDM %LJ%DQJ7KHRU\ &HOHEULW\%LJ%URWKHU -XVWLQ%LHEHU 6LPSVRQV 6KHUORFN *RRJOH 'RFWRU:KR 7KH*UHDW%ULWLVK%DNH2II 2O\PSLF5LQJV 6KHUORFN *DPHRI7KURQHV 5LKDQQD &RURQDWLRQ6WUHHW *HRUGLH6KRUH %LJ%DQJ7KHRU\ +RZ,0HW<RXU0RWKHU )RRWEDOO 0HJDQ)R[ 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 1DFLRQDOQLROLPSLMFL 1RJRPHWDģLVYLMHWD 8UDGLVDP $QG\0XUUD\ /HRQDUGR0HVVL +RZWRGUDZ 7RP'DOH\ )UDQFN5LEpU\ +RZWRNLVV -HVVLFD(QQLV /XFDV0RXUD +RZWRPDNH 0R)DUDK -DQ9HUWRQJKHQ +RZWRFURFKHW 9LFWRULD3HQGOHWRQ 5RELQYDQ3HUVLH +RZWRNQLW %UDGOH\:LJJLQV $UMHQ5REEHQ +RZWRPHGLWDWH &KULV+R\ (GHQ+D]DUG +RZWRIOLUW 5HEHFFD$GOLQJWRQ =ODWDQ,EUDKLPRYLF +RZWRVLQJ /DXUD7URWW 0DURXDQH)HOODLQL +RZWRKDFN /RXLV6PLWK 0DULR%DORWHOOL +RZWRSURQRXQFH 7UHQGRYL 7UHQGRYL 7UHQGRYL ĢWRMH" 7XULVWLÏNDRGUHGLģWD 0RGQHPDUNH :KDWLVORYH 5LRGH-DQHLUR 6WHOOD0F&DUWQH\ :KDWLVL&ORXG *UHHFH .DUO/DJHUIHOG :KDWLVJ %UD]LO 9LFWRULD V6HFUHW :KDWLVVFLHQWRORJ\ 'XEDL $OLFH7HPSHUOH\ :KDWLVLQVWDJUDP 3DULV 9HUVDFH :KDWLVDXWLVP /RQGRQ 0XOEHUU\ :KDWLVGLDEHWHV %UXJHV 0DUNVDQG6SHQFHU :KDWLV\ROR &RUQZDOO 2VVLH&ODUN (GLQEXUJK %XUEHUU\ :KDWLV06 :KDWLVLOOXPLQDWL %DUFHORQD /.%HQQHWW 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3ROLWLÏDUL 6SRUWRYL *UDGRYLQD*RRJOH NDUWDPD -HUHP\+XQW 6\QFKURQL]HG6ZLPPLQJ %RULV-RKQVRQ 0XUGHUEDOO -XVWLQH*UHHQLQJ :KHHOFKDLU%DVNHWEDOO $OH[6DOPRQG 9ROOH\EDOO 0LFKDHO*RYH $UFKHU\ *HRUJH2VERUQH 0HWHU6SULQW /RXLVH0HQVFK 7DHNZRQGR 1DGLQH'RUULHV *\PQDVWLFV .HLWK9D] &\FOLQJ (G9DL]H\ $WKOHWLFV /RQGRQ %ULVWRO 0DQFKHVWHU (GLQEXUJK %ULJKWRQ 6XUUH\ /HHGV 2[IRUG &DPEULGJH %LUPLQJKDP 1DMSUHWUDŀLYDQLMH /RNDOQDPMHVWDQD *RRJOHNDUWDPD +RWHO 5HVWDXUDQW 3XEV &DPSLQJ 7HVFR 3DUNLQJ 7UDLQVWDWLRQ 3UHPLHU,QQ 6XSHUPDUNHW %% 8NUDMLQD 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 7UHQGRYL 3UHWUDŀLYDQMD 2VREH 'RJDÓDMLYLMHVWLX ɞɢɜɢɬɢɫɶɮɿɥɶɦɢɨɧɥɚɣɧ ɨɤɫɚɧɚɦɚɤɚɪ ɽɜɪɨ ɽɜɪɨ ɜɿɬɧɿɯ ɸɫɬɨɧ ɽɜɪɨɛɚɱɟɧɧɹ ɸɬɸɛ ɦɚɪɢɧɚɝɨɥɭɛ ɨɤɫɚɧɚɦɚɤɚɪ ɰɜɤ SXVV\ULRW ɜɢɛɨɪɢ ɽɜɪɨɛɚɱɟɧɧɹ ɛɨɝɞɚɧɫɬɭɩɤɚ ɨɥɿɦɩɿɚɞɚ ɨɤɫɚɧɚɦɚɤɚɪ ɨɥɟɤɫɚɧɞɪɩɨɪɨɯɨɜɳɢɤɨɜ ɜɢɛɭɯɢɭȾɧɿɩɪɨɩɟɬɪɨɜɫɶɤɭ ɨɥɿɦɩɿɚɞɚ ɛɭɪɚɧɨɜɫɤɢɟɛɚɛɭɲɤɢ ɦɦɦ ɨɫɬɪɿɜɧɟɩɨɬɪɿɛɧɢɯɥɸɞɟɣ ɜɿɬɚɥɿɣɤɥɢɱɤɨ ɩɨɦɟɪɛɨɝɞɚɧɫɬɭɩɤɚ ɜɤɨɧɬɚɤɬɟɦɨɹɫɬɨɪɿɧɤɚ ɚɧɚɬɨɥɿɣɨɬɪɚɞɧɨɜ ɧɚɫɬɹɮɨɦɟɧɤɨ RGQRNODVVQLNLUX ɧɚɫɬɹɮɨɦɟɧɤɨ ɹɪɨɫɥɚɜɦɚɡɭɪɨɤ 7UHQGRYL 1DMSUHWUDŀLYDQLMH 1DMSUHWUDŀLYDQLMH 8NUDMLQVNLSMHYDÏL 79HPLVLMH 79VHULMH ɚɧɿɥɨɪɚɤ ɯɨɥɨɫɬɹɤ ɨɫɬɪɿɜɧɟɩɨɬɪɿɛɧɢɯɥɸɞɟɣ ɩɨɬɚɩɿɧɚɫɬɹ ɝɨɥɨɫɤɪɚʀɧɢ ɭɧɿɜɟɪɧɨɜɚɨɛɳɚɝɚ ɛɭɦɛɨɤɫ ɯɮɚɤɬɨɪ ɪɨɤɫɨɥɚɧɚɜɟɥɢɱɧɟɫɬɨɥɿɬɬɹ ɟɥɤɚ ɡɜɚɠɟɧɿɬɚɳɚɫɥɢɜɿ ɤɪɨɜɢɧɭɲɤɚ ɨɤɟɚɧɟɥɶɡɢ ɤɚɧɿɤɭɥɢɜɦɟɤɫɢɰɿ ɚɧɧɚɝɟɪɦɚɧ ɜɿɪɚɛɪɟɠɧɽɜɚ ɟɤɫɬɪɚɫɟɧɫɢɜɟɞɭɬɶ ɫɜɚɬɢ ɬɿɧɚɤɚɪɨɥɶ ɪɨɡɫɥɿɞɭɜɚɧɧɹ ɳɨɞɟɧɧɢɤɥɿɤɚɪɤɢɁɚɣɰɟɜɨʀ ɝɚɣɬɚɧɚ ɩɟɤɟɥɶɧɚɤɭɯɧɹ ɧɟɪɨɞɢɫɶɜɪɨɞɥɢɜɨɸ ɿɜɚɧɞɨɪɧ ɦɚɫɬɟɪɲɟɮ ɫɩɚɪɬɚɤɩɨɦɫɬɚ ɪɭɫɥɚɧɚ ɜɫɟɛɭɞɟɞɨɛɪɟ ɤɚɪɩɨɜ ɬɚɧɰɸɸɬɶɭɫɿ 1DMSUHWUDŀLYDQLMH 7UHQGRYL 7UHQGRYL 6SRUWDģL )LOPRYL .XSQMH ɜɿɬɚɥɿɣɤɥɢɱɤɨ ɦɚɞɚɝɚɫɤɚɪ ɚɜɬɨ ɜɨɥɨɞɢɦɢɪɤɥɢɱɤɨ ɹɤɜɤɪɚɫɬɢɯɦɚɪɨɱɨɫ ɬɟɥɟɮɨɧ ɚɧɞɪɿɣɲɟɜɱɟɧɤɨ ɬɪɟɬɿɣɡɚɣɜɢɣ ɧɨɭɬɛɭɤ ɨɥɟɝɛɥɨɯɿɧ ɞɠɨɧɤɚɪɬɟɪ LSKRQH ɽɜɝɟɧɤɨɧɨɩɥɹɧɤɚ ɥɶɨɞɨɜɢɤɨɜɢɣɩɟɪɿɨɞ ɜɟɥɨɫɢɩɟɞ ɜɚɫɢɥɶɥɨɦɚɱɟɧɤɨ ɧɟɫɬɪɢɦɧɿ ɤɜɚɪɬɢɪɭɤɢʀɜ ɨɥɟɤɫɚɧɞɪɚɥɿɽɜ ɩɟɪɲɢɯɩɨɛɚɱɟɧɶ ɬɟɥɟɜɿɡɨɪ ɨɥɟɤɫɚɧɞɪɭɫɢɤ ɛɿɥɨɫɧɿɠɤɚɬɚɦɢɫɥɢɜɟɰɶ ɩɥɚɧɲɟɬ ɚɧɚɬɨɥɿɣɬɢɦɨɳɭɤ ɚɪɬɟɦɦɿɥɟɜɫɶɤɢɣ ɨɛɢɬɟɥɶɡɥɚ ɱɚɫ ɦɨɬɨɰɢɤɥ ɯɨɥɨɞɢɥɶɧɢɤ 7UHQGRYL 7UHQGRYL 7UHQGRYL =DģWR" 8UDGLVDP ĢWRMH" ɱɨɦɭɧɟɛɨɛɥɚɤɢɬɧɟ ɹɤɫɯɭɞɧɭɬɢ ɳɨɬɚɤɟɤɨɯɚɧɧɹ ɱɨɦɭɩɭɬɿɧɤɪɚɛ ɹɤɤɢɧɭɬɢɩɚɥɢɬɢ ɳɨɬɚɤɟɳɚɫɬɹ ɱɨɦɭɹɞɭɪɧɚ ɹɤɩɪɚɜɢɥɶɧɨɰɿɥɭɜɚɬɢɫɹ ɳɨɬɚɤɟɛɪɨ ɱɨɦɭɥɸɤɢɤɪɭɝɥɿ ɹɤɜɚɪɢɬɢɪɢɫ ɳɨɬɚɤɟɢɦɯɨ ɱɨɦɭɜɢɩɚɞɚɽɜɨɥɨɫɫɹ ɹɤɡɪɨɛɢɬɢɫɤɪɿɧɲɨɬ ɳɨɬɚɤɟ ɱɨɦɭɡɚɤɪɢɥɢH[XD ɹɤɡɚɜ ɹɡɚɬɢɤɪɚɜɚɬɤɭ ɳɨɬɚɤɟɦɨɥɨɱɧɢɰɹ ɱɨɦɭɹɲɚɦɩɭɧɶ ɹɤɧɚɤɚɱɚɬɢɩɪɟɫ ɳɨɬɚɤɟɬɩ ɱɨɦɭɝɭɮɩɨɦɟɪ ɹɤɞɿɫɬɚɬɢɫɭɫɿɞɚ ɳɨɬɚɤɟɫɩɚɦ ɱɨɦɭɱɨɥɨɜɿɤɢɡɪɚɞɠɭɸɬɶ ɹɤɡɚɜɚɝɿɬɧɿɬɢ ɱɨɦɭɫɿɩɚɽɬɶɫɹɨɤɨ ɹɤɫɬɚɬɢɜɚɦɩɿɪɨɦ 7UHQGRYL 7UHQGRYL 7XULVWLÏNDRGUHGLģWD +UDQDLSLÉH ɤɪɢɦ ɛɥɿɧɢ ɬɭɪɟɱɱɢɧɚ ɩɿɰɚ ɤɚɪɩɚɬɢ ɲɚɪɥɨɬɤɚ ɛɨɥɝɚɪɿɹ ɫɨɥɹɧɤɚ ɽɝɢɩɟɬ ɫɢɪɧɢɤɢ ɱɨɪɧɨɝɨɪɿɹ ɬɢɪɚɦɿɫɭ ɝɪɟɰɿɹ ɥɚɡɚɧɶɹ ɯɨɪɜɚɬɿɹ ɩɥɨɜ ɦɚɥɶɞɿɜɢ ɝɪɭɡɿɹ ɦɨɯɿɬɨ ɤɟɤɫ ɳɨɬɚɤɟɚɤɚɭɧɬ ɳɨɬɚɤɟɫɟɤɫ 9LMHWQDP 7UHQGRYLSUHWUDŀLYDQMDX 7UHQGRYL 7UHQGRYL 1DMSUHWUDŀLYDQLMH 3UHWUDŀLYDQMD 3MHVPH 6SRUWDģL 7KH9RLFH*LRQJ+DW9LHW %jL+iW0ѭD 0LFKDHO3KHOSV *DQJQDP6W\OH +DSS\%LUWKGD\ 7UҫQ+LӃX1JkQ ;HP3KLP2QOLQH 1Jӥ /DQFH$UPVWURQJ &RQJGRQJJDPH )ULGD\ 5DIDHO1DGDO 7UX\HQ&XRL ,+DYH1RWKLQJ 1JX\ӉQWK~\KLӅQ 'RUHPRQ <RX$UH%HDXWLIXO 1JX\ӃQWLӃQPLQK 6DPVXQJ*DOD[\ 6WURQJHU /rWKDQKOLrP ;ә6ӕ &DOO0H0D\EH /RXLVH6DXYDJH %yQJÿi %ҧQÿӗPDS ,:LOO6XUYLYH 9DOHQWLQH 8VDLQ%ROW 7UѭѫQJ7KDQK+ҵQJ