• Tidak ada hasil yang ditemukan

Pembelajaran Berbasis Pemanfaatan Sumber Belajar

N/A
N/A
Protected

Academic year: 2021

Membagikan "Pembelajaran Berbasis Pemanfaatan Sumber Belajar"

Copied!
16
0
0

Teks penuh

(1)

1&.#&-"+"3"/#&3#"4*41&."/'""5"/

46.#&3#&-"+"3

3BNMJ"CEVMMBI

%PTFOUFUBQQBEB'BLVMUBT5BSCJZBI*"*/"S3BOJSZ

"CTUSBDU -FBSOJOHTPVSDFTQMBZJNQPSUBOUSPMFTJOTPMWJOHUIFMFBSOJOHQSPCMFN5IFZBSFDPNNPOMZ JEFOUJGJFE BT NFTTBHFT QFPQMF NBUFSJBM UPPM UFDIOJRVF BOE TFUUJOH 5P BDIJFWF B NBYJNVN PVUQVU JU JT OFFEFE UP EFWFMPQ MFBSOJOH TPVSDFT XIJDI BSF NBOBHFE TZTUFNBUJDBMMZDFSUJGJBCMZ BOE GVODUJPOBMMZ 5IF VTF PG WBSJPVT MFBSOJOHTPVSDFT JO NBOZ FEVDBUJPOBMJOTUJUVUJPOJTJOEFFEBMXBZTJOGMVFODFECZTPNFGBDUPSTTVDIBTJOUFSOBMGBDUPS XIJDI EPNJOBOUMZ JOGMVFODFT UIF UFBDIJOH MFBSOJOH QSPDFTT *U DBO CF JO UIF GPSN PG BXBSFOFTT NPUJWBUJPO BUUJUVEF BQUJUVEF NFUBDPHOJUJPO BCJMJUZ TLJMM BOE UIF VTFS DPNGPSUOFTT "OPUIFS GBDUPS JT DBMMFE FYUFSOBM POF XIJDI JOGMVFODFT UIF BWBJMBCJMJUZ PG WBSJPVT MFBSOJOH TPVSDFT JUT RVBOUJUZ BDDFTTJCJMJUZ UIF UFBDIJOH MFBSOJOH QSPDFTT SPPN IVNBOSFTPVSDFTBMTPUSBEJUJPOBOEUIFTDIPPMTZTUFN5FBDIFSBOETUVEFOUTBUTDIPPMT BENJUUFEUIBUUIFMFBSOJOHTPVSDFTJOUIFJSTDIPPMBSFTUJMMMJNJUFEUIFSFGPSFJUJTOFFEFEB TFSJPVTFGGPSUTUPQSPWJEFUIFN

"CTUSBL

4VNCFS CFMBKBS CFSQFSBO TFLBMJ EBMBN VQBZB QFNFDBIBO NBTBMBI EBMBN CFMBKBS 4VNCFSTVNCFS CFMBKBS JUV EBQBU EJJEFOUJGJLBTJLBO TFCBHBJ QFTBO PSBOH CBIBO BMBU UFLOJLEBOMBUBS%BMBNVQBZBNFOEBQBULBOIBTJMZBOHNBLTJNBMNBLBTVNCFSCFMBKBS JUV QFSMV EJLFNCBOHLBO EBO EJLFMPMB TFDBSB TJTUFNBUJL CFSNVUV EBO GVOHTJPOBM 1FNBOGBBUBO CFSCBHBJ TVNCFS CFMBKBS EJ MFNCBHB QFOEJEJLBO NFNBOH TFMBMV EJQFOHBSVIJPMFICFSCBHBJGBLUPSZBJUVGBLUPSJOUFSOBMZBOHCFSQFOHBSVIEPNJOBOEBMBN QSPTFTSFMBKBSEBOQFNCFMBKBSBOTFQFSUJLFTBEBSBOTFNBOHBUTJLBQNJOBUNFUBLPHOJTJ LFNBNQVBO LFUFSBNQJMBO EBO LFOZBNBOBO EJSJ CBHJ QFOHHVOBOZB 4FEBOHLBO GBLUPS FLTUFSOBM›EBMBIZBOHCFSQFOHBSVIUFSIBEBQLFUFSTFEJBBOTVNCFSCFMBKBSZBOHCFSWBSJBTJ CBOZBLLFNVEBIBOBLTFTUFSIBEBQTVNCFSCFMBKBSQSPTFTQFNCFMBKBSBOSVBOHTVNCFS EBZB NBOVTJB TFSUB USBEJTJ EBO TJTUFN ZBOH TFEBOH CFSMBLV EJ TFLPMBI MFNCBHB QFOEJEJLBO 5FOBHB QFOHBKBS EBO QFTFSUB EJEJL EJ TFLPMBI MFNCBHB QFOEJEJLBO NFNBOEBOH CBIXB LFUFSTFEJBBO TVNCFS CFMBKBS EJ TFLPMBIMFNCBHBQFOEJEJLBO NBTJI TBOHBU UFSCBUBT TFIJOHHV QFSMV EJVQBZBLBO QFOBNCBIBOOZB CBJL TFDBSB LVBMJUBT NBVQVOLVBOUJUBTOZB

,BUB,VODJQFNCFMBKBSBOQFNBOGBBUBOTVNCFSCFMBKBS

(2)

1&/%")6-6"/

#FMBKBSNFOVSVU.JBSTPNFSVQBLBOTVBUVLFHJBUBOCBJLEFOHBOCJNCJOHBO UFOBHB QFOHBKBS NBVQVO EFOHBO VTBIBOZB TFOEJSJ ,FIBEJSBO UFOBHB QFOHBKBS EBMBN LFHJBUBO CFMBKBS EJNBLTVELBOBHBS CFMBKBS MFCJI MBODBS MFCJI NVEBI MFCJI NFOZFOBOHLBO EBO MFCJI CFSIBTJM 4FEBOHLBO CBHJ QFTFSUB EJEJL CFMBKBS QBEB

EBTBSOZB VOUVL NFNQFSPMFI QFOHFUBIVBO LFUFSBNQJMBO EBO TJLBQ EJ NBOB TBKB LBQBO TBKB EBOEFOHBO BQB TBKB TFCBC TVNCFS CFMBKBS UFSEBQBU EJ NBOB TBKB EBO BEB CFSBHBN KFOJTOZB %FOHBO UFSKBEJOZB JOUFSBLTJ BOUBSB QSPTFT CFMBKBS ,VBMJUBT JOUFSBLTJ QFTFSUB EJEJL EFOHBO TVNCFS CFMBKBS CFSQFOHBSVI TFLBMJ UFSIBEBQ IBTJM CFMBKBS .BLB EFOHBO EFNJLJBO BEB QFSCFEBBO ZBOH TBOHBU CFTBS BOUBSB QFTFSUB EJEJL ZBOH NFNJMJLJ JOUFOTJUBT UJOHHJ EBMBN QFNBOGBBUBO TVNCFS CFMBKBS EFOHBO QFTFSUB EJEJL ZBOH NFNJMJLJ JOUFOTJUBT SFOEBI EBMBN QFNBOGBUBO TVNCFS CFMBKBS SFOEBIEBMBNNFSBJIIBTJMCFMBKBSOZB

4FOBEB EFOHBO QFOEBQBU EJ BUBT %VGGZ EBO +POBTTFO NFOHBUBLBO CBIXB QFNBOGBBUBO CFSCBHBJ TVNCFS CFMBKBS NFSVQBLBO VQBZB QFNFDBIBO NBTBMBI CFMBKBS4FEBOHLBOQFSBOUFLOPMPHJQFOEJEJLBOTFCBHBJQFNFDBIBONBTBMBICFMBKBS EBQBU UFSKBEJ EBMBN CFOUVL TVNCFS CFMBKBS ZBOH EJSBODBOH EJQJMJI EBOBUBV EJNBOGBBULBO VOUVL LFQFSMVBO CFMBKBS 4VNCFSTVNCFS CFMBKBS UFSTFCVU EJJEFOUJGJLBTJLBO TFCBHBJ QFTBO PSBOH CBIBO BMBU UFLOJL EBO MBUBS %BSJ 4FFMT

EBO 3JDIFZ NFOKFMBTLBO CBIXB UFLOPMPHJ QFOEJEJLBO EJDJSJLBO EFOHBO QFNBOGBBUBOTVNCFSCFMBKBSTFMVBTNVOHLJOVOUVLLFCVUVIBOCFMBKBSEBOEBMBN VQBZBVOUVLNFOEBQBUIBTJMCFMBKBSZBOHNBLTJNBMNBLBTVNCFSCFMBKBSUFSTFCVU QFSMVEJLFNCBOHLBOEBOEJLFMPMBTFDBSBTJTUFNBUJLCBJLEBOGVOHTJPOBM

.FOVSVU 1FSDJWBM EBO &MMJOHUPO CBIXB EBMBN QFNCFMBKBSBO NPEFM LPOWFOTJPOBM EBO EBSJ TFLJBO CBOZBL TVNCFS CFMBKBS ZBOH BEB UFSOZBUB IBOZB CVLV UFLT ZBOH NFSVQBLBO TVNCFS CFMBKBS ZBOH EJNBOGBBULBO TFMBJO UFOBHB QFOHBKBS JUV TFOEJSJ 4FEBOHLBO NFOHFOBJ TVNCFS CFMBKBS ZBOH CFSBOFLB SBHBN

:VTVGIBEJ.JBSTP.FOZFNBJ#FOJI5FLOPMPHJ1FOEJEJLBO+BLBSUB,FODBOBIBM

5IPNBT . %VGGZ EBO %BWJE )"- +POBTTFO $POTUSVDUJWJTN BOE 5IF 5FDIOPMPHZ PG

*OTUSVDUJPO)JMMTEBMF/FX+FSTFZ-BXSFODF&SCBVN"TTPDJBUFTIBM

#4FFMTEBO3JDIFZ3$*OTUSVDUJPOBM5FDIOPMPHZ5IF%FGJOJUJPOBOE%PNBJOTPGUIF'JFME

(3)

QBEB VNVNOZB CFMVN EJNBOGBBULBO TFDBSB NBLTJNBM %J OFHBSB LJUB EBQBU

EJUFNVLBO CBIXB QFOHHVOBBO CBIBO BKBS EBO CVLV UFLT EBMBN QFNCFMBKBSBO TBOHBU EPNJOBO CJMB EJCBOEJOHLBO EFOHBO TVNCFS CFMBKBS TFQFSUJ QFSQVTUBLBBO MBCPSBUPSJVN TUVEJ MBQBOHBO TMJEF JOUFSOFU LPNQVUFS EBO *BJOOZB 8BMBVQVO CFHJUV QBEB NBTB TFLBSBOH QFOHHVOBBO LPNQVUFS EBMBN QFNCFMBKBSBO TVEBI NFOVOKVLLBOBEBOZBQFOJOHLBUBOZBOHCFSBSUJ

.DMTBBD EBO (VOBXBSEFOB NFOKFMBTLBO CBIXB TVNCFS CFMBKBS ZBOH EBQBU EJNBOGBBULBO VOUVL LFCVUVIBO QFNCFMBKBSBO TBOHBU CFSBOFLB SBHBN KFOJT EBO CFOUVLOZB 4VNCFS CFMBKBS UFSTFCVU CVLBO IBOZB EBMBN CFOUVL CBIBO DFUBLBO TFQFSUJCVLVUFLTBLBOUFUBQJQFMBKBSEBQBUNFNBOGBBULBOTVNCFSCFMBKBSZBOHMBJO TFQFSUJ SBEJP QFOEJEJLBO UFMFWJTJ LPNQVUFS FNBJM WJEFP JOUFSBLUJG LPNVOJLBTJ TBUFMJU EBO UFLOPMPHJ LPNQVUFS NVMUJNFEJB EBMBN VQBZB NFOJOHLBULBO JOUFSBLTJ EBOUFSKBEJOZBVNQBOCBMJLEFOHBOQFTFSUBEJEJL

%BMBN QSPTFT QFNCFMBKBSBO QFTFSUBEJEJL UJEBL IBOZB CFSJOUFSBLTJ EFOHBO UFOBHB QFOHBKBS TFCBHBJ TBMBI TBUV TVNCFS UFUBQJ NFODBLVQ JOUFSBLTJ EFOHBO TFNVB TVNCFS CFMBKBS ZBOH NFNVOHLJOLBO EJQFSHVOBLBO VOUVL NFODBQBJ IBTJM ZBOH EJJOHJOLBO 4FEBOHLBO QFOHFUBIVBO EBO LFUFSBNQJMBO UFOUBOH TUSBUFHJ NFOHBOBMJTJT NFNJMJI EBO NFNBOGBBULBO TVNCFS CFMBKBS PMFI UFOBHB QFOHBKBS QBEBVNVNOZBCFMVNNFNBEBJ.BLBEFOHBOEFNJLJBOQFSMVEJKFMBTLBOUFOUBOH CBHBJNBOB DBSB UFOBHB QFOHBKBS EBO QFTFSUB EJEJL NFNBOGBBULBO TVNCFS CFMBKBS ZBOH BEB EBMBN VQBZB NFNQFSMVBT XBXBTBO JMNV QFOHFUBIVBO TJLBQ EBO LFUFSBNQJMBOQFTFSUBEJEJLEBMBNLFHJBUBOQFNCFMBKBSBO

1&.#")"4"/

1FOHFSUJBO3VBOH-JOHLVQEBO'VOHTJ4VNCFS#FMBKBS

#FSLBJUBO EFOHBO TVNCFS CFMBKBS %BHFOH NFOHBUBLBO CBIXB TVNCFS CFMBKBS BEBMBI TFHBMB TFTVBUV ZBOH CFSXVKVE CFOEB EBO PSBOH ZBOH EBQBU NFOVOKBOH LFHJBUBO CFMBKBS TFIJOHHB NFODBLVQ TFNVB TVNCFS ZBOH NVOHLJO

'SFE1FSDJWBMEBO)FOSZ&MMJOHUPO")BOECPPLPG&EVDBUJPOBM5FDIOPMPHZ-POEPO,PHBO

1BHFIBM

.4.DMTBBDEBO(VOBXBSEFOB)BOECPPLPG3FTFBSDIGPS&EVDBUJPOBM$PNNVOJDBUJPOT

(4)

EBQBUEJNBOGBBULBOPMFIUFOBHBQFOHBKBSBHBSUFSKBEJQFSJMBLVCFMBKBS4FEBOHLBO

NFOVSVU +BOVT[FXTLJ EBO .PMFOEB TVNCFS CFMBKBS BEBMBI TFNVB TVNCFS UFSNBTVL QFTBO PSBOH CBIBO BMBU UFLOJL EBO MBUBS ZBOH EBQBU EJQFSHVOBLBO QFTFSUB EJEJL CBJL TFDBSB TFOEJSJTFOEJSJ NBVQVO EBMBN CFOUVL HBCVOHBO VOUVL NFOGBTJMJUBTJ LFHJBUBO CFMBKBS EBO NFOJOHLBULBO LJOFSKB CFMBKBS 4FKBMBO EFOHBO

QFOEBQBU JUV 4FFMT EBO 3JDIFZ NFOKFMBTLBO CBIXB TVNCFS CFMBKBS BEBMBI TFHBMB TVNCFS QFOEVLVOH VOUVL LFHJBUBO CFMBKBS UFSNBTVL TJTUFN QFOEVLVOH EBO NBUFSJ TFSUB MJOHLVOHBO QFNCFMBKBSBO 4VNCFS CFMBKBS CVLBO IBOZB BMBU EBO NBUFSJ ZBOH EJQFSHVOBLBO EBMBN QFNCFMBKBSBO UFUBQJ KVHB NFMJQVUJ PSBOH BOHHBSBOEBOGBTJMJUBT4VNCFSCFMBKBSCJTBUFSNBTVLBQBTBKBZBOHUFSTFEJBVOUVL NFNCBOUVTFTFPSBOHCFMBKBS

#FSEBTBSLBOVSBJBOEJBUBTEBQBUEJTJNQVMLBOCBIXBTVNCFSCFMBKBSBEBMBI TFNVB TVNCFS TFQFSUJ QFTBO PSBOH CBIBO BMBU UFLOJL EBO MBUBS ZBOH EJNBOGBBULBO QFTFSUB EJEJL TFCBHBJ TVNCFS VOUVL LFHJBUBO CFMBKBS EBO EBQBU NFOJOHLBULBOLVBMJUBTCFMBKBSOZB

1FSDJWBM EBO &MMJOHUPO NFOKFMBTLBO TVNCFS CFMBKBS EBSJ TJTJ QFNCVBUBOO BEBMBITFQFSBOHLBU CBIBO BUBV TJUVBTJ CFMBKBS ZBOH EFOHBO TFOHBKB BUBV UJEBL TFOHBKB EJDJQUBLBO BHBS QFTFSUB EJEJLTFDBSB JOEJWJEVBM EBO BUBV TFDBSB CFSTBNB TBNBEBQBUCFMBKBS+BEJQBEBEBTBSOZBTVNCFSCFMBKBSBEBMBITFHBMBTFTVBUVBUBV

EBZBZBOHEBQBUEJNBOGBBULBOPMFIUFOBHBQFOHBKBSEBOQFTFSUBEJEJLCBJLTFDBSB UFSQJTBI NBVQVO EBMBN CFOUVL HBCVOHBO VOUVL LFQFOUJOHBO LFHJBUBO QFNCFMBKBSBOEFOHBOUVKVBOVOUVLNFOJOHLBULBOFGFLUJWJUBTFGJTJFOTJNVEBIEBO NFOZFOBOHLBOVOUVLLFMBOHTVOHBOQFNCFMBKBSBO

#FSLBJUBOEFOHBOSVBOHMJOHLVQTVNCFSCFMBKBS.JBSTPNFOFUBQLBOTFQFSUJ QFTBOPSBOHCBIBOBMBUUFLOJLEBOMBUBS,FHJBUBOCFMBKBSEBQBUEJMBLTBOBLBOEJ NBOB TBKB EJ TFLPMBI EJ SVNBI EJ UFNQBU LFSKB EJ UFNQBU JCBEBI EBO EJ NBTZBSBLBU MVBT 4FMBJO JUV CFMBKBS KVHB EBQBU EJMBLVLBO EFOHBO SBOHTBOHBO EBSJ EBMBN EJSJ TFOEJSJ QFNCFMBKBS JOUFSOBM EBO EBSJ BQB EBO TJBQB TBKB EJ MVBS EJSJ

*/ZPNBO4VEBOB %FHFOH*MNV1FNCFMBKBSBO 5BLTPOPNJ 7BSJBCFM+BLBSUB %FQBSUFNFO

1FOEJEJLBO/BTJPOBMIBM

" +BOVT[FXTLJ EBO .PMFOEB&EVDBUJPOBM 5FDIOPMPHZ " %FGJOJUJPO XJUI$PNQMFNFOUBSZ

/FX:PSL-BXSFODF&SMCBVN"TTPDJBUFTIBM

#BSCBSB#4FFMTEBO3JDIFZ3$*OTUSVDUJPOBM5FDIOPMPHZIBM

(5)

QFNCFMBKBS FLTUFSOBM "EBQVO LMBTJGJLBTJ TVNCFS CFMBKBS NFOVSVU 4FFMT EBO

3JDIFZ TFCBHBJ CFSJLVU 1FTBO ZBOH NFSVQBLBO JOGPSNBTJ ZBOH EJTBNQBJLBO PMFILPNQPOFOZBOHMBJOCJBTBOZBCFSVQBJEFNBLOBEBOGBLUB#FSLBJUBOEFOHBO LPOUFLTQFNCFMBKBSBOQFTBOJOJUFSLBJUEFOHBOJTJCJEBOHTUVEJEBOBLBOEJLFMPMB EBOEJSFLPOTUSVLTJLBOLFNCBMJPMFIQFCFMBKBS0SBOHPSBOHUFSUFOUVZBOHUFSMJCBU EBMBN QFOZJNQBOBO EBO BUBV QFOZBMVSBO QFTBO #BIBO ZBOH NFSVQBLBO

LFMPNQPL BMBU ZBOH TFSJOH EJTFCVU EFOHBO QFSBOHLBU MVOBL %BMBN IBM JOJ CBIBO CFSGVOHTJ NFOZJNQBO QFTBO TFCFMVN EJTBMVSLBO EFOHBO NFOHHVOBLBO BMBU ZBOH UFMBI EJSBODBOH #BIBO ZBJUV TFHBMB TFTVBUV ZBOH CFSVQB UFLT UFSUVMJT DFUBL SFLBNBO FMFLUSPOJL XFC EBO *BJO*BJO ZBOH EBQBU EJHVOBLBO VOUVL CFMBKBS "MBU ZBOH NFSVQBLBO BMBU ZBOH TFSJOH EJTFCVU QFSBOHLBU LFSBT #FSLBJUBO EFOHBO BMBU JOJ EJQFSHVOBLBO VOUVL NFOHFMVBSLBO QFTBO ZBOH UFSTJNQBO EBMBN CBIBO "MBUKVHBNFSVQBLBOCFOEBCFOEBZBOHCFSCFOUVLGJTJLZBOHTFSJOHEJTFCVUEFOHBO QFSBOHLBU LFSBT ZBOH CFSGVOHTJ VOUVL NFOZBKJLBO CBIBO QFNCFMBKBSBO 4VNCFS CFMBKBSUFSTFCVUTFQFSUJLPNQVUFS0)1LBNFSBSBEJPUFMFWJTJGJMNCJOHLBJUBQF SFDPSEFSEBO7$%%7% 5FLOJLZBOHNFSVQBLBOQSPTFEVSCBLVBUBVQFEPNBO MBOHLBIMBOHLBIEBMBNQFOZBNQBJBOQFTBO%BMBNIBMJOJEBQBUEFOHBOLBUBMBJO UFLOJL BEBMBI DBSB BUBV QSPTFEVS ZBOH EJHVOBLBO PSBOH EBMBN LFHJBUBO QFNCFMBKBSBO VOUVL UFSDBQBJ UVKVBO QFNCFMBKBSBO EBO -BUBS ZBOH NFSVQBLBO MJOHLVOHBOEJNBOBQFTBOEJUSBOTNJTJLBO-JOHLVOHBOBEBMBIUFNQBUEJNBOBTBKB TFTFPSBOH EBQBU NFMBLVLBO CFMBKBS BUBV QSPTFT QFSVCBIBO UJOHLBI MBLV NBLB EJLBUFHPSJLBO TFCBHBJ TVNCFS CFMBKBS NJTBMOZB QFSQVTUBLBBO QBTBS NVTFVN TVOHBJHVOVOHUFNQBUQFNCVBOHBOTBNQBILPMBNJLBOEBOMBJOTFCBHBJOZB

#FSEBTBSLBO QBQBSBO EJ BUBT EBQBU EJLMBTJGJLBTJLBO CBIXB TVNCFS CFMBKBS BEB ZBOH CFSCBTJT NBOVTJB TVNCFS CFMBKBS CFSCBTJT DFUBLBO TVNCFS CFMBKBS CFSCBTJT WJTVBM TVNCFS CFMBKBS CFSCBTJT BVEJPWJTVBM EBO TVNCFS CFMBKBS CFSCBTJT LPNQVUFS #FSIVCVOHBO EFOHBO GVOHTJ TVNCFS CFMBKBS .PSSJTPO EBO ,FNQ NFOHBUBLBO CBIXB TVNCFS CFMBKBS ZBOH BEB BHBS EBQBU EJGVOHTJLBO EBO EJNBOGBBULBO EFOHBO TFCBJLCBJLOZB EBMBN QFNCFMBKBSBO #FSJLVU JOJ GVOHTJ EBSJ TVNCFS CFMBKBS VOUVL .FOJOHLBULBO QSPEVLUJWJUBT QFNCFMBKBSBO NFMBMVJ

:VTVGIBEJ.JBSTP.FOZFNBJ#FOJI5FLOPMPHJIBM

#BSCBSB#4FFMTEBO3JDIFZ3$*OTUSVDUJPOBM5FDIOPMPHZIBM

$ #VUDIFS%FTJHOJOH -FBSOJOH 'SPN .PEVMF 0VUMJOF UP &GGFDUJWF 5FBDIJOH 0YGPSE

(6)

QFSDFQBUBOMBKVCFMBKBSEBONFNCBOUVQFOHBKBSVOUVLNFOHHVOBLBOXBLUVTFDBSB MFCJI CBJL EBO QFOHVSBOHBO CFCBO HVSVEPTFO EBMBN NFOZBKJLBO JOGPSNBTJ TFIJOHHB EBQBU MFCJI CBOZBL NFNCJOB EBO NFOHFNCBOHLBO HBJSBI CFMBKBS NVSJENBIBTJTXB .FNCFSJLBO LFNVOHLJOBO QFNCFMBKBSBO ZBOH TJGBUOZB MFCJI JOEJWJEVBM NFMBMVJ QFOHVSBOHBO LPOUSPM HVSVEPTFO ZBOH LBLV EBO USBEJTJPOBM TFSUB QFNCFSJBO LFTFNQBUBO LFQBEB NVSJENBIBTJTXB VOUVL CFMBKBS TFTVBJ EFOHBO LFNBNQVBOOZB .FNCFSJLBO EBTBS ZBOH MFCJI JMNJBI UFSIBEBQ QFOHBKBSBONFMBMVJQFSFODBOBBOQSPHSBNQFNCFMBKBSBOZBOHMFCJITJTUFNBUJTEBO QFOHFNCBOHBO CBIBO QFNCFMBKBSBO CFSCBTJT QFOFMJUJBO -FCJI NFNBOUBQLBO QFNCFMBKBSBO NFMBMVJ QFOJOHLBULBO LFNBNQVBO NBOVTJB EBMBN QFOHHVOBBO CFSCBHBJNFEJBLPNVOJLBTJTFSUBQFOZBKJBOEBUBEBOJOGPSNBTJTFDBSBMFCJILPOLSJU .FNVOHLJOLBO CFMBKBS TFDBSB TFLFUJLB NFMBMVJ QFOHVSBOHBO KVSBOH QFNJTBI BOUBSB QFMBKBSBO ZBOH CFSTJGBU WFSCBM EBO BCTUSBL EFOHBO SFBMJUBT ZBOH TJGBUOZB LPOLSJUEBONFNCFSJLBOQFOHFUBIVBOZBOHCFSTJGBUMBOHTVOH .FNVOHLJOLBO QFOZBKJBO QFNCFMBKBSBO ZBOH MFCJI MVBT UFSVUBNB EFOHBO BEBOZB NFEJB NBTTB NFMBMVJQFNBOGBBUBOTFDBSBCFSTBNBZBOHMFCJIPMFIMVBTUFOBHBUFOUBOHLFKBEJBO LFKBEJBO ZBOH MBOHLB EBO QFOZBKJBO JOGPSNBTJ ZBOH NBNQV NFOFNCVT CBUBT HFPHSBGJT

%BSJVSBJBOEJBUBTEBQBUEJTJNQVMLBOCBIXBCFMBKBSCFSCBTJTTVNCFSCFMBKBS EBQBU NFNCFSJLBO CFCFSBQB LFVOUVOHBO LFQBEB QFTFSUB EJEJL TFQFSUJ .FNVOHLJOLBO VOUVL NFOFNVLBO CBLBU UFSQFOEBN QBEB EJSJ TFTFPSBOH ZBOH TFMBNB JOJ UJEBL UBNQBL .FNVOHLJOLBO QFNCFMBKBSBO CFSMBOHTVOH UFSVT NFOFSVT EBO CFMBKBS NFOKBEJ NVEBI EJTFSBQ EBO MFCJI TJBQ EJUFSBQLBO EBO 4FTFPSBOH EBQBU CFMBKBS TFTVBJ EFOHBO LFDFQBUBO EBO EFOHBO XBLUVOZB ZBOH UFSTFEJB

)BLJLBU1FNCFMBKBSBO#FSCBTJT1FNBOGBBUBO4VNCFS#FMBKBS

#BIXB TVNCFS CFMBKBS ZBOH CFSBOFLB SBHBN EJ TFLJUBS LFIJEVQBO QFTFSUB EJEJL CBJL ZBOH EJEFTBJO NBVQVO ZBOH EJNBOGBBULBO QBEB VNVNOZB CFMVN EJNBOGBBULBO TFDBSB NBLTJNBM QFOHHVOBBOOZB NBTJI UFSCBUBT QBEB CVLV UFLT

(3.PSSJTPO%FTJHOJOH&GGFDUJWF*OTUSVDUJPO/FX:PSL+PIO8JMFZ4POT*OD

(7)

5FSOZBUB EBSJ TFLJBO CBOZBL TVNCFS CFMBKBS ZBOH BEB CVLV UFLT TBKB ZBOH NFSVQBLBOTVNCFSCFMBKBSZBOHEJNBOGBBULBO

#FSLBJUBOEFOHBOQFNBOGBBUBOBMBNTFLJUBSTFCBHBJTVNCFSCFMBKBS.JBSTP NFOHBUBLBO CBIXB QFNBOGBBUBO BMBN TFCBHBJ TVNCFS CFMBKBS TBOHBU CFSHBOUVOH QBEB LFNBNQVBO EBO LFNBVBO UFOBHB QFOHBKBSOZB #FSCBHBJ GBLUPS ZBOH EBQBU NFNQFOHBSVIJVTBIBQFNBOGBBUBOBMBNTFLJUBSTFCBHBJTVNCFS CFMBKBSZBJUV LFNBVBO UFOBHB QFOHBKBS LFNBNQVBO UFOBHB QFOHBKBS VOUVL EBQBU NFMJIBU BMBNTFLJUBSZBOHEBQBUEJHVOBLBOVOUVLQFOHBKBSBOEBO LFNBNQVBOUFOBHB QFOHBKBS VOUVL EBQBU NFOHHVOBLBO TVNCFS BMBN TFLJUBS EBMBN QFNCFMBKBSBO 1FNBOGBBUBOTVNCFSTVNCFSCFMBKBSUFSTFCVUIBSVTTFTVBJEFOHBOUVKVBOLPOEJTJ EBOMJOHLVOHBOCFMBKBSQFTFSUBEJEJL

4FMBOKVUOZB NFOVSVU %VGGZ EBO +POBTTFO CFSLBJUBO EFOHBO QFNBOGBBUBO TVNCFS CFMBKBS UFOBHB QFOHBKBS NFNQVOZBJ UBOHHVOH KBXBC NFNCBOUV QFTFSUB EJEJLOZBVOUVLCFMBKBSEBOBHBSCFMBKBSNFOKBEJMFCJINVEBIMFCJINFOBSJLMFCJI UFSBSBI EBO MFCJI NFOZFOBOHLBO %FOHBO EFNJLJBO UFOBHB QFOHBKBS EJUVOUVU VOUVL NFNJMJLJ CFSCBHBJ LFNBNQVBO LIVTVTZBOH CFSIVCVOHBO EFOHBO TVNCFS CFMBKBS #FSJLVU JOJ CFCFSBQB LFNBNQVBO UFOBHB QFOHBKBS TFQFSUJ .FOHHVOBLBO TVNCFS CFMBKBS EBMBN LFHJBUBO QFOHBKBSBO TFIBSJIBSJ .FOHFOBMLBO EBO NFOZBKJLBO TVNCFSTVNCFS CFMBKBS .FOFSBOHLBO QFSBOBO CFSCBHBJ TVNCFS CFMBKBS EBMBN QSPTFT QFNCFMBKBSBO .FOZVTVO UVHBTUVHBT QFOHHVOBBOTVNCFSCFMBKBSEBMBNCFOUVLUJOHLBIMBLV .FODBSJTFOEJSJCBIBO EBSJCFSCBHBJTVNCFS .FNJMJICBIBOTFTVBJEFOHBOQSJOTJQEBOUFPSJCFMBKBS .FOJMBJ LFFGFLUJGBO QFOHHVOBBO TVNCFS CFMBKBS TFCBHBJ CBHJBO EBSJ CBIBO QFOHBKBSBOOZBEBO .FSFODBOBLBOLFHJBUBOQFOHHVOBBOTVNCFSCFMBKBSTFDBSB FGFLUJG 4FEBOHLBO NFOVSVU 3FJHFMVUI TVNCFS CFMBKBS CFSQFSBO EBMBN

.FOJOHLBULBOQSPEVLUJWJUBTQFNCFMBKBSBOEFOHBOKBMBONFNQFSDFQBUMBKVCFMBKBS EBO NFNCBOUV QFOHBKBS VOUVL NFOHHVOBLBO XBLUV TFDBSB MFCJI CBJL TFSUB NFOHVSBOHJ CFCBO QFOHBKBS EBMBN NFOZBKJLBO JOGPSNBTJ TFIJOHHB EBQBU MFCJI CBOZBL NFNCJOB EBO NFOHFNCBOHLBO HBJSBI .FNCFSJLBO LFNVOHLJOBO QFNCFMBKBSBO ZBOH TJGBUOZB MFCJI JOEJWJEVBM EFOHBO DBSB NFOHVSBOHJ LPOUSPM

'SFE1FSDJWBMEBO)FOSZ&MMJOHUPO")BOECPPLPG&EVDBUJPOBMIBM

:VTVGIBEJ.JBSTP.FOZFNBJ#FOJI5FLOPMPHJIBM

(8)

EPTFO ZBOH LBLV EBO USBEJTJPOBM EBO NFNCFSJLBO LFTFNQBUBO CBHJ QFCFMBKBS VOUVL CFSLFNCBOH TFTVBJ EFOHBO LFNBNQVBOOOZB .FNCFSJLBO EBTBS ZBOH MFCJI JMNJBI UFSIBEBQ QFNCFMBKBSBO EFOHBO DBSB QFSBODBOHBO QSPHSBN QFNCFMBKBSBO ZBOH MFCJI TJTUFNBUJT EBO QFOHFNCBOHBO CBIBO QFOHBKBSBO ZBOH EJMBOEBTJ PMFI QFOFMJUJBO -FCJI NFNBLTJNBMLBO QFNCFMBKBSBO EFOHBO KBMBO NFOJOHLBULBO LFNBNQVBO TVNCFS CFMBKBS EBO QFOZBKJBO JOGPSNBTJ EBO CBIBO TFDBSBMFCJILPOLSJU .FNVOHLJOLBOCFMBKBSTFDBSBTFLFUJLBZBJUVNFOHVSBOHJ LFTFOKBOHBO BOUBSB QFNCFMBKBSBO ZBOH CFSTJGBU WFSCBM EBO BCTUSBLEFOHBO SFBMJUBT ZBOHTJGBUOZBLPOHLSJUEBONFNCFSJLBOQFOHFUBIVBOZBOHTJGBUOZBMBOHTVOH .FNVOHLJOLBO QFOZBKJBO QFNCFMBKBSBO ZBOH MFCJI MVBT EFOHBO NFOZBKJLBO JOGPSNBTJZBOHNBNQVNFOFNCVTCBUBTHFPHSBGJT

.BLB EFOHBO EFNJLJBO CBIXB QFSBOBO TVNCFS CFMBKBS FSBU TFLBMJ IVCVOHBOOZB EFOHBO QPMB QFNCFMBKBSBO ZBOH EJMBLVLBO 1BEB LFHJBUBO QFNCFMBKBSBO JOEJWJEVBM GPLVTOZB BEBMBI QBEB QFTFSUB EJEJL TFEBOH CBHJ UFOBHB QFOHBKBS NFNJMJLJ QFSBOBO ZBOH TBNB EFOHBO TVNCFS CFMBKBS MBJOOZB 4FIJOHHB QFSBOBO TVNCFS CFMBKBS TBOHBU VSHFO %BMBN LFHJBUBO QFNCFMBKBSBO JOEJWJEVBM QFSBOBO UFOBHB QFOHBKBS EBMBN JOUFSBLTJ EFOHBO QFTFSUB EJEJL MFCJI CBOZBL CFSQFSBO CFSQFSBO TFCBHBJ GBTJMJUBUPS QFOHFMPMB CFMBKBS QFOHBSBI QFNCJNCJOH EBOQFOFSJNBIBTJMLFNBKVBOCFMBKBSQFTFSUBEJEJL

5FSLBJU EFOHBO QFNJMJIBO TVNCFS CFMBKBS %JDL EBO $BSFZ NFOHBUBLBO CBIXB LSJUFSJB QFNJMJIBO TVNCFS CFMBKBS ZBJUV ,FTFTVBJBO EFOHBO UVKVBO QFNCFMBKBSBO ,FUFSTFEJBBOTVNCFSTFUFNQBUBSUJOZBCJMBTVNCFSCFMBKBSZBOH CFSTBOHLVUBOUJEBLUFSEBQBUQBEBTVNCFSTVNCFSZBOHBEBNBLBTFCBJLOZBEJCFMJ BUBV EJSBODBOH BUBV EJCVBU TFOEJSJ "QBLBI UFSTFEJB EBOB UFOBHB EBO GBTJMJUBT ZBOH DVLVQ VOUVL NFOHBEBLBO TVNCFS CFMBKBS UFSTFCVU 'BLUPS ZBOH NFOZBOHLVU LFMVXFTBO LFQSBLUJTBO EBO LFUBIBOBO TVNCFS CFMBKBS ZBOH CFSTBOHLVUBOVOUVLKBOHLBXBLUVZBOHSFMBUJGMBNBEBO &GFLUJGJUBTCJBZBEBMBN KBOHLB XBLUV ZBOH SFMBUJG MBNB #FSJLVU JOJ GBLUPSGBLUPS ZBOH NFNQFOHBSVIJ

QFNJMJIBOTVNCFSCFMBKBSTFQFSUTFQFSUJEJUFUBQLBO3PNJT[PXTLJZBLOJ .FUPEF QFNCFMBKBSBO ZBOH EJHVOBLBO 5VKVBO QFNCFMBKBSBO ZBOH JOHJO EJDBQBJ

$ . 3FJHFMVUI*OTUSVDUJPOBM %FTJHO 5IFPSJFT BOE .PEFMT "O 0WFSWJFX PG 5IFJS $VSSFOU

4UBUVT/FX+FSTFZ-BXSFODF&SMCBVN"TTPDJBUFT1VCMJTIJOHIBM

8BMUFS %JDL BOE+BNFT 0$BSFZ5IF 4ZTUFNBUJD%FTJHOPG *OTUSVDUJPO#PTUPO -POHNBO

(9)

,BSBLUFSJTUJL QFCFMBKBS "TQFL LFQSBLUJTBO EBMBN IBM CJBZB EBO XBLUV EBO 'BLUPSUFSLBJUEBMBNQFOHHVOBBOOZB

4FEBOHLBO $BMBEJOF NFOHFNVLBLBO CBIXB QFEPNBO QFNJMJIBO TVNCFS CFMBKBS BEBMBI EFOHBO NFOHBOBMJTJT QFSOZBUBBOQFSOZBUBBO ZBJUV #BIXB TVNCFSCFMBKBSZBOHEJQJMJITFTVBJEFOHBOUVKVBOQFNCFMBKBSBO 4VNCFSCFMBKBS BQBZBOHUFSTFEJB TFDBSBGJTJLCBHJQFCFMBKBS 4VNCFSCFMBKBSZBOHQBMJOHBNBO EJHVOBLBO PMFI QFCFMBKBS #BIXB TVNCFS CFMBKBS ZBOH EJQJMJI EBQBU NFOJOHLBULBO NPUJWBTJ CFMBKBS #BIXB QFOHHVOBBO TVNCFS CFMBKBS UFSUFOUV LBSFOBNFOEBQBUUFLBOBOBUBVQBLTBBOEBSJQJIBLUFSUFOUV 4VNCFSCFMBKBSBQB ZBOHQBMJOHOZBNBOCBHJQFOHBKBS #BIXBQFTFSUBEJEJLNFNJMJLJQFOHFUBIVBO EBO LFUFSBNQJMBO ZBOH NFNBEBJ UFOUBOH DBSB NFOHHVOBLBO TVNCFS CFMBKBS UFSTFCVU #BIXBUFOBHBQFOHBKBSNFNJMJLJQFOHFUBIVBOEBOLFUFSBNQJMBOZBOH NFNBEBJUFOUBOHDBSBNFOHHVOBLBOTVNCFSCFMBKBSUFSTFCVU

#FSLBJUBO EFOHBO QFOEBZBHVOBBO TVNCFS CFMBKBS EBQBU TFTVBJ LFCVUVIBO .BDCFBUI EBO .PSUJNPSF NFOZBUBLBO CBIXB QBEB XBLUV NFMBLVLBO QFNJMJIBO TVNCFS CFMBKBS QFSMV NFNQFSUJNCBOHLBO IBMIBM TFCBHBJ CFSJLVU ,FTFTVBJBO TVNCFS CFMBKBS EFOHBO UVKVBO TVNCFS CFMBKBS IFOEBLOZB EJQJMJI CFSEBTBSLBO UVKVBO BQB ZBOH BLBO EJDBQBJ EFOHBO NFNQFSHVOBLBO TVNCFS CFMBKBS UFSTFCVU "EBCFCFSBQBLFNVOHLJOBOUVKVBOQFOHHVOBBOTVNCFSCFMBKBSBOUBSBMBJOVOUVL NFOJNCVMLBO NPUJWBTJ NFNCFSJLBO JOGPSNBTJ NFNQFSNVEBI QFNFDBIBO NBTBMBI EBO VOUVL NFOHVBTBJ LFUFSBNQJMBO UFSUFOUV &LPOPNJT QFNJMJIBO TVNCFS IFOEBLOZB NFNQFSUJNCBOHLBO UJOHLBU LFNVSBIBO .VSBI UJEBL CFSBSUJ TFMBMVIBSHBOZBSFOEBI.JTBMOZBNFOHVOEBOHOBSBTVNCFS QBLBSEBSJLPUBMBJO VOUVL NFNCFSJ DFSBNBI NFTLJQVO CJBZBOZB UJOHHJ BLBO UFUBQJ MFCJI NVSBI EBSJ QBEBNFOHBKBLTFNVBNBIBTJTXBCFSLVOKVOHLFUFNQBUOBSBTVNCFSUFSTFCVU 1SBLUJT EBO TFEFSIBOB 4VNCFS CFMBKBS QSBLUJT BSUJOZB NVEBI EJHVOBLBO EBO TFEFSIBOB BSUJOZB UJEBL NFNFSMVLBO CFSCBHBJ QFSMFOHLBQBO ZBOH DBOHHJI BUBV LPNQMFLTEBO .VEBIEJQFSPMFI4VNCFSCFMBKBSZBOHCBJLBEBMBIZBOHNVEBI

" + 3PXJT[PXLJ5IF 4FMFDUJPO BOE 6TF PG *OTUSVDUJPOBM .FEJB 'PS *NQSPWFE $MBTTSPPN

5FBDIJOHBOEGPS*OUFSBDUJWF*OEJWJEVBMJ[FE*OTUSVDUJPO/FX:PSL,PHBO1BHFIBM

3JDIBSE$BMBEJOF&OIBODJOH&MFBSOJOHXJUI.FEJB3JDI$POUFOUBOE*OUFSBDUJPOT)FSTIFZ

(10)

EJQFSPMFI CBJL LBSFOB EFLBU KBSBL BOUBSB UFNQBU TVNCFS CFMBKBS EFOHBO QFNBLBJ UFUBQJKVHBKVNMBITVNCFSCFMBKBSZBOHBEBDVLVQCBOZBL

#BIXB MBOHLBIMBOHLBI QFNJMJIBO TVNCFS CFMBKBS ZBOH EJLFNVLBLBO "OEFSTPO ZBJUV .FSVNVTLBO UVKVBO QFNCFMBKBSBO ZBOH BLBO EJDBQBJ EFOHBO QFOHHVOBBOTVNCFSCFMBKBSTFDBSBKFMBT .FOFOUVLBOJTJQFTBOZBOHEJQFSMVLBO VOUVL NFODBQBJ UVKVBO .FODBSJ CBIBO QFNCFMBKBSBO ZBOH NFNVBU JTJ QFTBO .FOFOUVLBO BQBLBI QFSMV NFOHHVOBLBO TVNCFS CFMBKBS PSBOH TFQFSUJ EPTFO QBLBSJMNVBO UPLPI NBTZBSBLBU UPLPI BHBNB QVTUBLBXBO EBO TFCBHBJOZB .FOFOUVLBO BQBLBI QFSMV NFOHHVOBLBO QFSBMBUBO VOUVL NFOUSBOTNJTJLBO JTJ QFTBO .FNJMJI QFSBMBUBO ZBOH TFTVBJ EFOHBO LFCVUVIBO VOUVL NFOUSBOTNJTJLBO JTJ QFTBO .FOFOUVLBO UFLOJL QFOZBKJBO QFTBO .FOFOUVLBO MBUBS TFUUJOH UFNQBU CFSMBOHTVOHOZB LFHJBUBO QFOHHVOBBO TVNCFS CFMBKBS .FOHHVOBLBOTFNVBTVNCFSCFMBKBSZBOHUFMBIEJQJMJIBUBVEJUFOUVLBO EFOHBO FGFLUJG EBO FGJTJFO EBO .FOHBEBLBO QFOJMBJBO UFSIBEBQ TVNCFS CFMBKBS

%BSJVSBJBOEJBUBTEJUBSJLCBIXBMBOHLBIMBOHLBIQFNJMJIBOTVNCFSCFMBKBS EFOHBONFOFOUVLBO SVNVTBOUVKVBOQFNCFMBKBSBOZBOHBLBOEJDBQBJEFOHBO QFOHHVOBBO TVNCFS CFMBKBS TFDBSB KFMBT JTJ QFTBO ZBOH EJQFSMVLBO VOUVL NFODBQBJ UVKVBO QFODBSJBO CBIBO QFNCFMBKBSBO ZBOH NFNVBU JTJ QFTBO BQBLBI QFSMV NFOHHVOBLBO TVNCFS CFMBKBS PSBOH TFQFSUJ EPTFO QBLBSJMNVBO UPLPI NBTZBSBLBU UPLPI BHBNB QVTUBLBXBO EBO TFCBHBJOZB BQBLBI QFSMV NFOHHVOBLBO QFSBMBUBO VOUVL NFOUSBOTNJTJLBO JTJ QFTBO QJMJIBO QFSBMBUBO ZBOH TFTVBJ EFOHBO LFCVUVIBO VOUVL NFOUSBOTNJTJLBO JTJ QFTBO UFLOJL QFOZBKJBO QFTBO MBUBS TFUUJOH UFNQBU CFSMBOHTVOHOZB LFHJBUBO QFOHHVOBBO TVNCFS CFMBKBS QFOHHVOBBO TFNVB TVNCFS CFMBKBS ZBOH UFMBI EJQJMJI BUBV EJUFOUVLBO EFOHBO FGFLUJG EBO FGJTJFO EBO QFMBLTBOBBO QFOJMBJBO UFSIBEBQ TVNCFSCFMBKBS

.PEFM QFSFODBOBBO QFNBOGBBUBO TVNCFS CFMBKBS ZBOH FGFLUJG EBO EFOHBO FOBNLFHJBUBOVUBNBEBMBNQFSFODBOBBOQFNCFMBKBSBONFOVSVU)FJOJDIZBJUV

"OBMZ[F MFBSOFS DIBSBDUFSJTUJDTBEBMBI NFOHBOBMJTJT LBSBLUFSJTUJL VNVN LFMPNQPL

+PIO .BDCFBUI EBO 1FUFS .PSUJNPSF*NQSPWJOH 4DIPPM &GGFDUJWF "MJI #BIBTB /JO #BLEJ

4VNBOUP+BLBSUB(SBTJOEPIBM

3POBME)"-"OEFSTPO1FNJMJIBOEBO1FOHFNCBOHBO.FEJBVOUVL1FNCFMBKBSBO+BLBSUB

(11)

TBTBSBO BQBLBI NFSFLB TJTXB TFLPMBI MBOKVUBO BUBV QFSHVSVBO UJOHHJ BOHHPUB PSHBOJTBTJ QFNVEB QFSVTBIBBO VTJB KFOJT LFMBNJO MBUBS CFMBLBOH CVEBZB EBO TPTJBM FLPOPNJ TFSUB NFOHBOBMJTJT LBSBLUFSJTUJL LIVTVT NFSFLB ZBOH NFMJQVUJ BOUBSB MBJO QFOHFUBIVBO LFUFSBNQJMBO EBO TJLBQ BXBM NFSFLB 4UBUF PCKFDUJWF

BEBMBINFOZBUBLBO BUBV NFSVNVTLBO UVKVBO QFNCFMBKBSBO ZBJUV QFSJMBLV BUBV LFNBNQVBO CBSV BQB QFOHFUBIVBO LFUFSBNQJMBO BUBV TJLBQ ZBOH EJIBSBQLBO NBIBTJTXB NJMJLJ EBO LVBTBJ TFUFMBI QSPTFT CFMBKBS NFOHBKBS TFMFTBJ 5VKVBO UFSTFCVUBLBONFNQFOHBSVIJQFNJMJIBOTVNCFSCFMBKBSEBOVSVUVSVUBOQFOZBKJBO EBOLFHJBUBOCFMBKBS 4FMFDUPS.PEJGZNFEJBBEBMBINFNJMJINFNPEJGJLBTJBUBV NFSBODBOH EBO NFOHFNCBOHLBO NBUFSJ EBO TVNCFS ZBOH UFQBU "QBCJMB NBUFSJ EBO TVNCFS ZBOH UFMBI UFSTFEJB BLBO EBQBU NFODBQBJ UVKVBO NBLB NBUFSJ EBO TVNCFS UFSTFCVU TFCBJLOZB EJQFSHVOBLBO VOUVL NFOHIFNBU XBLUV UFOBHB EBO CJBZB%JTBNQJOHJUVQFSMVQVMBEJQFSIBUJLBOBQBLBINBUFSJEBOTVNCFSJUVBLBO NBNQVNFNCBOHLJULBONJOBUQFCFMBKBSNFNJMJLJLFUFQBUBOJOGPSNBTJNFNJMJLJ LVBMJUBTZBOHCBJLNFNCFSJLBOLFTFNQBUBOLFQBEBQFCFMBKBSVOUVLCFSQBSUJTJQBTJ EBO UFSCVLUJ FGFLUJG 6UJMJ[FBEBMBI NFOHHVOBLBO NBUFSJ EBO TVNCFS 4FUFMBI NFNJMJI NBUFSJ EBO TVNCFS ZBOH UFQBU EJQFSMVLBO QFSTJBQBO CBHBJNBOB EBO CFSBQB CBOZBL XBLUV ZBOH EJQFSMVLBO VOUVL NFOHHVOBLBOOZB 3FRVJSF MFBSOFS

SFTQPOTFBEBMBINFNJOUBUBOHHBQBOEBSJQFCFMBKBS1FOHBKBSTFCBJLOZBNFOEPSPOH

QFCFMBKBS VOUVL NFNCFSJLBO SFTQPOT EBO VNQBO CBMJL NFOHFOBJ LFFGFLUJGBO QSPTFT CFMBKBS NFOHBKBS EBO &WBMVBUFBEBMBINFOHFWBMVBTJ QSPTFT CFMBKBS 5VKVBO VUBNB FWBMVBTJ EJ TJOJ BEBMBI VOUVL NFOHFUBIVJ UJOHLBU QFODBQBJBO NBIBTJTXB UFSIBEBQ UVKVBO QFNCFMBKBSBO LFFGFLUJGBO TVNCFS QFOEFLBUBO EBO QFOHBKBSJUVTFOEJSJ

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

3PCFSU )FJOJDI*OTUSVDUJPOBM .FEJB BOE 5FDIOPMPHJFT GPS -FBSOJOH/FX +FSTFZ 1SFOUJDF

(12)

QFNCFMBKBSBO UFSQSPHSBN QFNCFMBKBSBO JOEJWJEVBM QFNCFMBKBSBO LFMPNQPL TJNVMBTJ QFSNBJOBO TUVEJ FLTQMPSBTJ TUVEJ MBQBOHBO UBOZB KBXBC QFNCFSJBO UVHBT EBO "MBU CFOUVL TVNCFS CFMBKBS LPNQVUFS -$% SBEJP UBQF SFDPSEFS UFMFWJTJ0)1EBOLBNFSB

#FSEBTBSLBO QBQBSBO EJ BUBT EBQBU EJTJNQVMLBO CBIXB QPMB JOUFSBLTJ EBMBN QFNBOGBBUBO TVNCFS CFMBKBS PMFI UFOBHB QFOHBKBS EBO QFTFSUB EJEJL QBEB TBUVBO QFOEJEJLBO ZBJUV 5SBEJTJPOBM QBTJG BEBMBI QPMB JOUFSBLTJ QFNFMBKBS EFOHBO TVNCFS CFMBKBS UFOBHB QFOHBKBS EJ NBOB UFOBHB QFOHBKBS EMKBEJLBO TFCBHBJ TBUV TBUVOZBTVNCFSCFMBKBSUJEBLBEBVQBZBQFNFMBKBSNFODBSJTVNCFSCFMBKBSMBJOEJ MVBS HVSVUFOBHB QFOHBKBS 5SBEJTJPOBM BLUJG BEBMBI QPMB JOUFSBLTJ QFNFMBKBS EFOHBO TVNCFS CFMBKBS EJ NBOB NBIBTJTXB NFOKBEJLBO EPTFO TFCBHBJ TVNCFS CFMBKBS VUBNB OBNVO TVEBI BEB VQBZB VOUVL NFOFNVLBO TVNCFS CFMBKBS MBJO TFDBSB QBSTJBM HVOB NFMFOHLBQJ QFTBOQFTBO ZBOH EJQFSPMFI EBSJ EPTFO 1PMB JOUFSBLTJ CFSCBHBJ "SBI BEBMBI QPMB JOUFSBLTJ BOUBSB QFNCFMBKBS EFOHBO BOFLB TVNCFS CFMBKBS EJ NBOB QFNFMBKBS NFOFNQBULBO TFMVSVI TVNCFS CFMBKBS EBMBN QPTJTJ TFUBSB EBO *OUFSBLTJ NBOEJSJ BEBMBI QPMB JOUFSBLTJ QFNFMBKBS EFOHBO TVNCFSCFMBKBSEJNBOBQFNFMBKBSBLUJGCFSJOUFSBLTJTFDBSBNBOEJSJEFOHBOTVNCFS CFMBMBSUBOQBLPOUSPMEBSJUFOBHBQFOHBKBS

4FEBOHLBOGBLUPSGBLUPSZBOHNFOEPSPOHQFTFSUBEJEJLEBOUFOBHBQFOHBKBS EBMBN NFNJMJI EBO NFNBOGBBULBO BOFLB TVNCFS CFMBKBS TFQFSUJ *OUFSOBM BEBMBI LFTBEBSBO NPUJWBTJ NJOBU LFNBNQVBO EBO LFOZBNBOBO EBMBN EJSJ QFOHHVOB EBO &LTUFSOBM BEBMBI LFUFSTFEJBBO TVNCFS CFMBKBS WBSJBTJ TVNCFS CFMBKBS LVBOUJUBT TVNCFS CFMBKBS LVBMJUBT TVNCFS CFMBKBS LFNVEBIBO BLTFT UFSIBEBQ TVNCFS CFMBKBS CFOUVL EBO KFOJT TVNCFS CFMBKBS QSPTFT QFNCFMBKBSBO SVBOHTVNCFSEBZBNBOVTJB TFSUBUSBEJTJEBOTJTUFNZBOHCFSMBLVEJMJOHLVORBO TFLPMBIMFNCBHBQFOEJEJLBO

%BMBNLBJUBOEFOHBOQFNBOGBBUBOBOFLBTVNCFSCFMBKBSQFSMVEJTFTVBJLBO EFOHBO LFCVUVIBO FGJTJFOTJ EBO FGFLUJWJUBT QFOHHVOBBOOZB .FNJMJI BOFLB TVNCFS CFMBKBS ZBOH EJNBOGBBULBO HVSV EBO UFOBHB QFOHBKBS BHBS CFSQFEPNBO QBEBBTBTJEFBMJUBTTFQFSUJZBOHEJUFUBQLBO)PMEFOZBJUV BNBONFOZFOBOHLBO EBO BNBO EJQFSHVOBLBO 5FSLJOJ NVEBI EJQFSPMFI EBO EJQFSHVOBLBO NBNQV NFNCFSJLBO JOGPSNBTJ ZBOH EJCVUVILBO NFOZFEJBLBO QFOHBMBNBO

(13)

CFMBKBS TFTVBJ EFOHBO LBSBLUFSJTUJL QFNFMBKBS 4FEBOHLBO CFSLBJUBO EFOHBO

LSJUFSJB QFNJMJIBO TVNCFS CFMBKBS ZBJUV 4FTVBJ EFOHBO UVKVBO ZBOH JOHJO EJDBQBJ 4VNCFS CFMBKBS EJQJMJI CFSEBTBSLBO UVKVBO QFNCFMBKBSBO ZBOH UFMBI EJUFUBQLBOZBOHTFDBSBVNVNNFOHBDVLFQBEBTBMBITBUVBUBVHBCVOHBOEBSJEVB BUBV UJHB SBOBI LPHOJUJG BGFLUJG EBO QTJLPNPUPS 5FQBU VOUVL NFOEVLVOH JTJ QFMBKBSBO ZBOH TJGBUOZB GBLUB LPOTFQ QSJOTJQ BUBV HFOFSBMJTBTJ 4VNCFS CFMBKBS BUBVNFEJBZBOHCFSCFEB NJTBMOZBGJMNEBO HSBGJLNFNFSMVLBOTJNCPMEBOLPEF ZBOH CFSCFEB EBO PMFI LBSFOB JUV NFNFSMVLBO QSPTFT EBO LFUFSBNQJMBO NFOUBM ZBOH CFSCFEB VOUVL NFNBIBNJOZB "HBS EBQBU NFNCBOUV QSPTFT QFNCFMBKBSBO TFDBSB FGFLUJG TVNCFS CFMBKBS IBSVT TFMBSBT EBO TFTVBJ EFOHBO LFCVUVIBO UVHBT QFNCFMBKBSBOEBOLFNBNQVBONFOUBMQFNFMBKBS 1SBLUJTMVXFTEBOCFSUBIBO 4VNCFS ZBOH EJQJMJI TFCBJLOZB EBQBU EJQFSHVOBLBO EBO LBQBO QVO EFOHBO QFSBMBUBOZBOHUFSTFEJBEJTFLJUBSOZBZBOHUFSTFEJBNVEBIEJQJOEBILFNBOBNBOB EBO 1FNCFMBKBSUFSBNQJMNFOHHVOBLBOOZB

%BMBN VQBZB NFXVKVELBO NBTZBSBLBU CFMBKBS IBSVT EJDJQUBLBO LPOEJTJ TFEFNJLJBOSVQBZBOHNFNVOHLJOLBOQFTFSUBEJEJLNFNJMJLJQFOHBMBNBOCFMBKBS NFMBMVJCFSCBHBJTVNCFSCBJLTVNCFSZBOHEJSBODBOHNBVQVOZBOHEJNBOGBBULBO VOUVLLFQFSMVBOQFNCFMBKBSBO1FSMVEJJOHBUCBIXBQBSBEJHNBQFNBOGBBUBOBOFLB TVNCFS CFMBKBS NFNCFSJLBO LFTFNQBUBO LFQBEB TFUJBQ QFTFSUB EJEJL VOUVL NFNJMJI EBO NFOFOUVLBO TFOEJSJ TVNCFS ZBOH EJHVOBLBOOZB VOUVL CFMBKBS +BEJ UVHBT VUBNB UFOBHB QFOHBKBS BEBMBI NFOVNCVI LFNCBOHLBO TJLBQ NJOBU EBO NFNCBOHLJULBOTFNBOHBUCFMBKBSEFOHBONFNCFSJLBOLFUFMBEBOBOZBOHCBJLEBO CFSLFTJOBNCVOHBO

.BLBEFOHBOEFNJLJBOZBOHCFSLBJUBOEFOHBOQFNBOGBBUBOTVNCFSCFMBKBS ZBOH CFSWBSJBTJ TFTVOHHVIOZB CFMVN NFSBUB QBEB UFOBHB QFOHBKBS EBO QFTFSUB EJEJL 4FCBHJBO UFOBHB QFOHBKBS EBO TFCBHJBO CFTBS QFTFSUB EJEJL CFMVN TFQFOVIOZB NFNBOGBBULBO CFSCBHBJ TVNCFS CFMBKBS ZBOH UFSTFEJB .FNBOH BEB QFOZFCBCOZB TFQFSUJ GBLUPS LFUFSCBUBTBO QFOHFUBIVBO UFOUBOH TVNCFS CFMBKBS

+PMMZ 5 )PMEFO"O *OTUSVDUJPOBM .FEJB 4FMFDUJPO (VJEFGPS %JTUBODF-FBSOJOH/FX:PSL

6/$-"IBM

%FSFL(MPWFS%FSFLEBO4VF-BX.FNQFSCBJLJ1FNCFMBKBSBO"MJI#BIBTB8JMMJF,PFO

+BLBSUB(SBNFEJBIBM

5BSTUFO)VTFO.BTZBSBLBU#FMBKBS"MJI#BIBTB:VTVGIBEJ.JBSTP+BLBSUB3BKBHSBGJOEP

(14)

LFUFSCBUBTBO BLTFT LF TVNCFS CFMBKBS EBO UJEBL UFSTFEJBOZB TVNCFS CFMBKBS ZBOH DVLVQEBONFNBEBJ

%BMBN CFOUVL JOUFSBLTJ QFTFSUB EJEJL EFOHBO CFSCBHBJ TVNCFS CFMBKBS EJ TFLPMBIMFNCBHB QFOEJEJLBO UFSEBQBU WBSJBTJ TFQFSUJ QPMB USBEJTJPOBM QBTJG QPMB USBEJTJPOBMBLUJGQPMBJOUFSBLTJNVMUJBSBIEBOQPMBJOUFSBLTJNBOEJSJ1FNBOGBBUBO TVNCFSCFMBKBSEBOQPMBJOUFSBLTJQFTFSUBEJEJLEFOHBOTVNCFSCFMBKBSEJQFOHBSVIJ TFDBSB CFSTBNBTBNB PMFI GBLUPS JOUFSOBM EBO GBLUPS FLTUFSOBM 4FDBSB JOUFSOBM 5BNQBLCBIXBLFTBEBSBOTFNBOHBUEBOLFNBNQVBOJOUFSOBMTFNBLJOCFSWBSJBTJ CFMBKBSZBOHEJQFSHVOBLBOTFSUBTFNBLJOCBJLJOUFSBLTJOZBEFOHBOTVNCFSCFMBKBS 4FDBSB FLTUFSOBM UBNQBL TFNBLJO UJOHHJ LFUFSTFEJBBO EBO WBSJBTJ TVNCFS CFMBKBS ZBOHUFSTFEJBNBLBTFNBLJOUJOHHJQFOHHVOBBOOZBPMFIQFTFSUBEJEJL,FNVEJBO ZBOH CFSLBJBUBO EFOHBO QFNBOGBBUBO TVNCFS CFMBKBS KVHB EJQFOHBSVIJ TFDBSB MBOHTVOH PMFI GBLUPS QFSTFQTJ QFTFSUB EJEJL EFOHBO UFSIBEBQ TVNCFS CFMBKBS 1FTFSUBEJEJLEFOHBOQFNBIBNBOTVNCFSCFMBKBSZBOHNBTJILPOWFOTJPOBMTFDBSB VNVNNFOFNQBULBOUFOBHBQFOHBKBSEBOCVLVUFLTTFCBHBJTBUVTBUVOZBTVNCFS CFMBKBS 1BEB VNVNOZB UFOBHB QFOHBKBS NBTJI NFOHHVOBLBO QPMB JOUFSBLTJ USBEJTJPOBM QBTJG 4FEBOHLBO QFTFSUB EJEJL ZBOH NFNJMJLJ QFNBIBNBO EBMBN LBUFHPSJ CBJL UFOUBOH TVNCFS CFMBKBS DFOEFSVOH NOHHVOBLBO BOFLB TVNCFS CFMBKBSEBMBNLFHJBUBOCFMBKBSOZB

4*.16-"/

#FSCBHBJ TVNCFS CFMBKBS ZBOH DFOEFSVOH EJNBOGBBULBO QBEB TBUVBO QFOEJEJLBO TFQFSUJ TVNCFS CFMBKBS PSBOH CFOUVL TVNCFS CFMBKBS ZBOH DFOEFSVOH EJNBOGBBULBO BEBMBI UFOBHB QFOHBKBS EBMBN NFMBLTBOBLBO QFNCFMBKBSBO UFNBO TFKBXBUMBCPSBOEBOUFOBHBQFOHBKBSUBNVTVNCFSCFMBKBSQFTBOCFOUVLTVNCFS CFMBKBS ZBOH EPNJOBO EJNBOGBBULBO BEBMBI JEF GBLUB NBLOB ZBOH UFSLBJU EFOHBO JTJ QFSLVMJBIBO TVNCFS CFMBKBS CBIBO CFOUVL TVNCFS CFMBKBS ZBOH DFOEFSVOH EJNBOGBBULBO BEBMBI CVLV NBLBMBI QBQBO QFUB HMPCF GJMN HBNCBSHBNCBS EJBHSBN NBKBMBI KVSOBM EBO TVSBU LBCBS TVNCFS CFMBKBS MBUBS CFOUVL TVNCFS CFMBKBS ZBOH DFOEFSVOH EJNBOGBBULBO BEBMBI QFSQVTUBLBBO MBCPSBUPSJVN EBO UBNBO TFLPMBI TVNCFS CFMBKBS UFLOJL CFOUVL TVNCFS CFMBKBS ZBOH EPNJOBO EJNBOGBBULBO BEBMBI DFSBNBI DFSBNBI CFSWBSJBTJ EJTLVTJ QFNCFMBKBSBO UFSQSPHSBN QFNCFMBKBSBO JOEJWJEVBM QFNCFMBKBSBO LFMPNQPL TJNVMBTJ

(15)

QFSNBJOBO TUVEJ FLTQMPSBTJ TUVEJ MBQBOHBO UBOZB KBXBC EBO QFNCFSJBO UVHBT 4FEBOHLBO TVNCFS CFMBKBS BMBU ZBOH DFOEFSVOH EJNBOGBBULBO BEBMBI LPNQVUFS -$%0)1LBNFSBSBEJPUFMFWJTJEBOUBQFSFDPSEFS

5FSEBQBU CFCFSBQB QPMB JOUFSBLTJ EBMBN QFNBOGBBUBO TVNCFS CFMBKBS EJ MFNCBHB QFOEJEJLBO TFQFSUJ QPMB USBEJTJPOBM QBTJG QPMB USBEJTJPOBM BLUJG QPMB JOUFSBLTJ NVMUJ BSBI EBO QPMB JOUFSBLTJ NBOEJSJ 1PMB USBEJTPOBM QBTJG BEBMBI QPMB JOUFSBLTJQFNFMBKBSEFOHBOTVNCFSCFMBKBSEPTFOEJNBOBEPTFOEJKBEJLBOTFCBHBJ TBUVTBUVOZB TVNCFS CFMBKBS UJEBL BEB VQBZB UFOBHB QFOHBKBS NFODBSJ TVNCFS CFMBKBS MBJO EJ MVBS EJSJOZB UFOBHB QFOHBKBS 1PMB USBEJTJPOBM BLUJG BEBMBI QPMB JOUFSBLTJ UFOBHB QFOHBKBS EFOHBO TVNCFS CFMBKBS EJ NBOB QFTFSUB EJEJL NFOKBEJLBO UFOBHB QFOHBKBS TFCBHBJ TVNCFS CFMBKBS VUBNB NFNBOH TVEBI BEB VQBZB VOUVL NFOFNVLBO TVNCFS CFMBKBS MBJO TFDBSB QBSTJBM VOUVL NFMFOHLBQJ QFTBOQFTBOZBOHEJQFSPMFIEBSJUFOBHBQFOHBKBS1PMBJOUFSBLTJCFSCBHBJBSBIJOJ BEBMBI QPMB JOUFSBLTJ BOUBSB QFTFSUB EJEJL EFOHBO CFSCBHBJ TVNCFS CFMBKBS EBO EJNBOBQFTFSUBEJEJLNFOFNQBULBOTFMVSVITVNCFSCFMBKBSEBMBNQPTJTJTFUJOHLBU 1PMBJOUFSBLTJNBOEJSJBEBMBIQPMBJOUFSBLTJQFTFSUBEJEJLEFOHBOTVNCFSCFMBKBSEJ NBOBQFTFSUBEJEJLBLUJGCFSJOUFSBLTJTFDBSBNBOEJSJEFOHBOTVNCFSCFMBKBSUBOQB LPOUSPMEBSJUFOBHBQFOHBKBSOZB

,FDFOEFSVOHBO QFNBOGBBUBO CFSCBHBJ TVNCFS CFMBKBS QBEB TBUVBO QFOEJEJLBO EJQFOHBSVIJ PMFI EVB GBLUPS VUBNB ZBJUV GBLUPS JOUFSOBM EBO GBLUPS FLUFSOBM MJOHLVOHBO 'BLUPSGBLUPS JOUFSOBM ZBOH CFSQFOHBSVI EPNJOBO BEBMBI LFTBEBSBOTFNBOHBUNJOBULFNBNQVBOEBOLFOZBNBOBOEBMBNEJSJQFOHHVOB 4FEBOHLBO GBLUPSGBLUPS FLTUFSOBM ZBOH CFSQFOHBSVI BEBMBI LFUFSTFEJBBO TVNCFS CFMBKBS ZBOH CFSWBSJBTJ TVNCFS CFMBKBS ZBOH CBOZBL LFNVEBIBO BLTFT UFSIBEBQ TVNCFS CFMBKBS QSPTFT QFNCFMBKBSBO SVBOH TVNCFS EBZB NBOVTJB TFSUB USBEJTJ EBOTJTUFNZBOHTFEBOHCFSMBLVEJTFLPMBHMFNCBHBQFOEJELLBO

5FOBHB QFOHBKBS EBO QFTFSUB EJEJL QBEB TBUVBO QFOEJEJLBO NFNBOEBOH CBIXB LFUFSTFEJBBO TVNCFS CFMBKBS EJ TBUVBO QFOEJEJLBO UFSUFOUV NBTJI TBOHBU UFSCBUBT ,FUFSCBUBTBO UFSTFCVU EJSBTBLBO QBEB CFCFSBQB BTQFL TFQFSUJ BTQFL LVBMJUBT EBO LVBUJUBT TVNCFS CFMBKBS BTQFL WBSJBTJ TVNCFS CFMBKBS BTQFL LFNVEBIBOBLTFTUFSIBEBQTVNCFSCFMBKBSBTQFLCFOUVLEBOKFOJTTVNCFSCFMBKBS ZBOHOZBUBUFSTFEJB

(16)

%"'5"31645","

"OEFSTPO3POBME1FNJMJIBOEBO1FOHFNCBOHBO.FEJBVOUVL1FNCFMBKBSBO+BLBSUB 3BKBXBMJ

#VUDIFS $%FTJHOJOH -FBSOJOH 'SPN .PEVMF 0VUMJOF UP &GGFDUJWF 5FBDIJOH0YPO 3PVUMFEHF

$BMBEJOF 3JDIBSE&OIBODJOH &MFBSOJOH XJUI .FEJB3JDI $POUFOU BOE *OUFSBDUJPOT

)FSTIFZ*OGPSNBUJPO4DJFODF1VCMJTIJOH

%FHFOH * /ZPNBO 4VEBOB *MNV 1FNCFMBKBSBO 5BLTPOPNJ 7BSJBCFM +BLBSUB %FQBSUFNFO1FOEJEJLBO/BTJPOBM

%JDL 8BMUFS BOE +BNFT 0 $BSFZ5IF 4ZTUFNBUJD %FTJHO PG *OTUSVDUJPO#PTUPO -POHNBO

%VGGZ5IPNBT.EBO%BWJE)"-+POBTTFO$POTUSVDUJWJTNBOE5IF5FDIOPMPHZ PG

*OTUSVDUJPO)JMMTEBMF/FX+FSTFZ-BXSFODF&SCBVN"TTPDJBUFT

'SFE1FSDJWBMBOE)FOSZ&MMJOHUPO")BOECPPLPG&EVDBUJPOBM5FDIOPMPHZ-POEPO ,PHBO1BHF

(MPWFS %FSFL BOE 4VF -BX.FNQFSCBJLJ 1FNCFMBKBSBO "MJI #BIBTB 8JMMJF ,PFO +BLBSUB(SBNFEJB

)FJOJDI 3PCFSU *OTUSVDUJPOBM .FEJB BOE 5FDIOPMPHJFT GPS -FBSOJOH /FX +FSTFZ 1SFOUJDF)BMM*OD

)PMEFO+PMMZ5"O*OTUSVDUJPOBM.FEJB4FMFDUJPO(VJEFGPS%JTUBODF-FBSOJOH/FX :PSL6/$-"

)VTFO 5BSTUFO .BTZBSBLBU #FMBKBS "MJI #BIBTB :VTVGIBEJ .JBSTP +BLBSUB 3BKBHSBGJOEP1FSTBEB

+BOVT[FXTLJ " EBO .PMFOEB &EVDBUJPOBM 5FDIOPMPHZ " %FGJOJUJPO XJUI

$PNQMFNFOUBSZ/FX:PSL-BXSFODF&SMCBVN"TTPDJBUFT

.BDCFBUI +PIO BOE 1FUFS .PSUJNPSF*NQSPWJOH 4DIPPM &GGFDUJWF "MJI #BIBTB /JO #BLEJ4VNBOUP+BLBSUB(SBTJOEP

.DMTBBD . 4 EBO (VOBXBSEFOB )BOECPPL PG 3FTFBSDI GPS &EVDBUJPOBM

$PNNVOJDBUJPOTBOE5FDIOPMPHZ/FX:PSL"&$5

.JBSTP:VTVGIBEJ.FOZFNBJ#FOJI5FLOPMPHJ1FOEJEJLBO+BLBSUB,FODBOB

.PSSJTPO(3%FTJHOJOH&GGFDUJWF*OTUSVDUJPO/FX:PSL+PIO8JMFZ4POT*OD

3FJHFMVUI $ .*OTUSVDUJPOBM %FTJHO 5IFPSJFT BOE .PEFMT "O 0WFSWJFX PG 5IFJS

$VSSFOU 4UBUVT /FX +FSTFZ -BXSFODF &SMCBVN "TTPDJBUFT 1VCMJTIJOH

3PXJT[PXLJ " + 5IF 4FMFDUJPO BOE 6TF PG *OTUSVDUJPOBM .FEJB 'PS *NQSPWFE

$MBTTSPPN5FBDIJOHBOEGPS*OUFSBDUJWF*OEJWJEVBMJ[FE*OTUSVDUJPO/FX:PSL

,PHBO1BHF

4FFMT #BSCBSB # EBO 3JDIFZ 3$ *OTUSVDUJPOBM 5FDIOPMPHZ 5IF %FGJOJUJPO BOE

%PNBJOT PG UIF 'JFME8BTIJOHUPO %$ "&$5 4USPOHF+BNFTIBM

Referensi

Dokumen terkait

Dalam wawancara diatas banyak hal yang bisa diambil sebagai kesimpulan ekonomi politik mantan kombatan GAM diantaranya adalah bahwa ekonomi politik pada fase peace keeping

Abstrak: Perpustakaan Madrasah Ibtidaiyah Negeri 1 Rejang Lebong saat ini masih berada dalam perkembangan, oleh karena itu sebagai komponen pendidikan yang

Setelah mendapatkan keterangan awal dari hasil wawancara dengan kepala sekolah dan wakil kepala sekolah bidang kurikulum penulis melakukan observasi dan wawancara

Hubungan Kualitas Pelayanan Patient Relations RS Pondok Indah dalam menangani keluhan komunikasi antara pasien dan dokter dengan sikap pasien termasuk

Bentuk komunikasi, pengambilan keputusan serta pemberian penghargaan yang diterapkan di SMP Kanisius menunjukan manfaat yang sangat besar dalam perkembangan kemajuan

Skor pengujian warna mengalami penurunan seiring dengan adanya penambahan minyak kedelai pada susu pasteurisasi yang berarti bahwa warna susu mulai memudar menjadi lebih

Menurut data penelitian Badan Narkotika Nasional (BNN dalam Sriningsih, 2015: hlm. 44-45) memperkirakan jumlah pengguna narkoba di Indonesia akan terus

Dengan memperhatikan dua faktor pendamping UMKM kerajinan keris Kabupaten Sumenep ini, maka didapatkan optimalisasi bagi instansi yang mendampingi UMKM dalam tahapan ini