Konsep Manajemen Dalam Perspektif Al-qur\u27an: Suatu Analisis Dalam Bidang Administrasi Pendidikan

,0/4&1."/"+&.&/%"-".1&341&,5*'"-263"/4VBUV"OBMJTJTEBMBN#JEBOH

"ENJOJTUSBTJ1FOEJEJLBO

.:BDPFC

%PTFO'BLVMUBT*MNV5BSCJZBIEBO,FHVSVBO*"*/"S3BOJSZ#BOEB"DFI "CTUSBDU $VSSJDVMVNJTPOFPGJNQPSUBOUFMFNFOUTJOFEVDBUJPO5IFSFPGJEFBMMZBOZFEVDBUJPOBM JOTUJUVUJPOEFWFMPQTDVSSJDVMBCBTFEPOUIFOFFEUPGPMMPXUIFQSJODJQMFJOSFMFWBODFUPUIF DJSDVNTUBODFTBOEOFFETPGUIFDPNNVOJUZ5PNFFUUIFOFFETUIFSFBSFUISFFNPEFSO QBUUFSOT JO PSHBOJ[JOH UIF DVSSJDVMVN 4FQBSBUFE 4VCKFDU $VSSJDVMVN $PSSFMBUFE $VSSJDVMVN BOE *OUFHSBUFE $VSSJDVMVN CFDPNF B NJOJNBM QBUSPO GPS UIF FEVDBUJPOBM TUBLFIPMEFSJONBOBHJOHUIFDVSSJDVMVN)PXFWFSUIFSFBSFTPNFBTQFDUTXIJDINVTUCF DPOTJEFSFE BT UIF TUSFOHUI BOE UIF XFBLOFTTFT #FTJEFT JU JT JO MJOF XJUI UIF QBUUFSO BQQMJFE UP FOTVSF UIBU UIF DVSSJDVMVN JT BMTP BDDPNQBOJFE CZ DPNQFUFOU UFBDIFST JO BQQMZJOHUIFDVSSJDVMVN"TJUJTTFFOGSPNUIFQBUUFSTQFSTQFDUJWFBSFTUJMMCFGPVOETPNF XFBLOFTTTVDIBT$PSSFMBUFE$VSSJDVMVN*OUFHSBUFE$VSSJDVMVN5IJTNPEFMSFRVJSFTUIBU B UFBDIFS JT BCMF UP DPOOFDU BOE DPNCJOF BOE JOUFHSBUF BNPOH POF TVCKFDU XJUI PUIFS TVCKFDUT

"CTUSBL

"M2VSBOBMLBSJNTFCBHBJLJUBCTVDJCBHJVNBU*TMBNBOUBSBMBJOCFSGVOHTJTFCBHBJIVEB ZBOH TBSBU EFOHBOCFSCBHBJ QFUVOKVLCBHJ NBOVTJB BHBS NFOKBEJ LIBMJGBI ZBOHCBJL EJ NVLB CVNJ JOJ 6OUVL NFNQFSPMFI QFUVOKVL UFSTFCVU EJQFSMVLBO TUVEJ MFCJI MBOKVU UFOUBOH QFOHLBKJBO UFSIBEBQ BM2VSBO TFIJOHHB VNBU *TMBN CFOBSCFOBS EBQBU NFOHBNCJM NBOGBBU EBSJ QBEB JTJ LBOEVOHBO BM2VSBO ZBOH EJ EBMBNOZB NFNCBIBT QFSNBTBMBIBOQFSNBTBMBIBO ZBOH TVEBI UFSKBEJ TFEBOH UFSKBEJ NBVQVO ZBOH CFMVN UFSKBEJ TFDBSB LPNQSFIFOTJG 4FNVB IBM ZBOH CFSLBJUBO EFOHBO LFIJEVQBO NBOVTJB NBVQVO FLTJTUFOTJ BMBN JOJ TVEBI UFSNVBU EBMBN BM2VSBO UFSNBTVL QFSNBTBMBIBO BTBM EBO QSPTFT LFKBEJBO NBOVTJB TBNQBJ LFQBEB BLUJWJUBT ZBOH EJMBLVLBO NBOVTJB #FHJUV QVMB EFOHBO LBKJBO UFOUBOH NBOBKFNFO QFOEJEJLBO IBM UFSTFCVU KVHB TVEBI UFSUVMJTEJEBMBN"M2VSBO

,BUB,VODJ.BOBKFNFO1FOEJEJLBOEBO"M2VS›O

1&/%")6-6"/

,BUB iNBOBKFNFOw NFOVSVU CBIBTB CFSBSUJ iQFNJNQJO EJSFLTJ QFOHVSVT

ZBOH EJBNCJM EBSJ LBUB LFSKBNBOBHF ZBOH CFSBSUJ NFOHFNVEJLBO NFOHVSVT EBO

NFNFSJOUBIw

"EBQVO EFGJOJTJ NBOBKFNFO NFOVSVU )BEBSJ /BXBXJ BEBMBI i,FHJBUBOZBOHEJMBLVLBOPMFITFUJBQNBOBKFSEBMBNNFNFOFKPSHBOJTBTJMFNCBHB

NBVQVO QFSVTBIBBOw

%BSJ EFGJOJTJ UFSTFCVU EBQBU EJQBIBNJ CBIXB NBOBKFNFO QFOEJEJLBO*TMBNNFSVQBLBOBLUJWJUBTVOUVLNFNPCJMJTBTJEBONFNBEVLBOTFHBMB TVNCFS EBZB QFOEJEJLBO EBMBN SBOHLB NFODBQBJ UVKVBO QFOEJEJLBO *TMBN ZBOH UFMBIEJUFUBQLBOTFCFMVNOZB

4VNCFS EBZB ZBOH EJNPCJMJTBTJ EBO EJQBEVLBO VOUVL NFODBQBJ UVKVBO

QFOEJEJLBOUFSTFCVUUFOUVOZBNFMJQVUJ. NBONPOFZNFUIPENBUFSJBMNBDIJOF

EBONBSLFUEBOTFNVBJUVUJEBLIBOZBUFSCBUBTZBOHBEBEJTFLPMBINBESBTBIBUBV

QFSHVSVBOUJOHHJ*TMBN .FNCBOHVOLPNVOJLBTJEBOLFSKBTBNBEFOHBOCFSCBHBJ QJIBL ZBOH UFSLBJU CBJL LFEBMBN NBVQVO LFMVBS TBOHBU NFNCBOUV EBO NFOFOUVLBOLFNBKVBOMFNCBHBQFOEJEJLBOZBOHEJQJNQJOOZB

4JUVBTJ JUVMBI NFSVQBLBO QSPTFT ZBOH IBSVT EJMBMVJ EBMBN LPOTFQ NBOBKFNFO 6OUVL NFXVKVELBO BTQFL UFSTFCVU UJEBL UFSMFQBT EBSJ QFSNBTBMBIBO NBOBKFNFO"EBQVOLPOTFQNBOBKFNFOTFTVOHHVIOZBTVEBIEJKFMBTLBOEBMBNBM 2VSBO #JMB JOHJO EJUFMVTVSJ MFCJI MBOKVU VOUVL NFNBIBNJ EBO NFOHBOBMJTJT BTQFLBTQFL UFSTFCVU EBQBUMBI EJQBIBNJ CBIXB NBOBKFNFO BEBMBI MBOHLBI VOUVL NFOHFUBIVJ BSBI EBO TBTBSBO ZBOH BLBO EJUVKV CFSCBHBJ QFSTPBMBO ZBOH BLBO EJIBEBQBJTFKVNMBILFLVBUBOZBOHIBSVTEJKBMBOLBOEBOUFIOJLQFOHFMPMBBOZBOH NBNQV NFODJQUBLBO SBTB BNBO EBMBN MJOHLVOHBO LFSKB TFIJOHHB NBNQV NFOJOHLBULBOQSPEVLUJWJUBTLFSKB

%BSJ QBQBSBO UFSTFCVU EBQBU EJHBSJTCBXBIJ CBIXB LBQBTJUBT BLBM EBMBN NFNBIBNJBM2VS‘OUJEBLQFSOBINFOKBEJIBMZBOHNVUMBLBLBOUFUBQJQFSTPBMBO BLBMEBOLVBMJUBTOZBEBMBNNFNBIBNJBM2VSBOTFDBSBUFQBUIBOZBEBMBNLPOUFLT UFSUFOUV 6OUVL NBLTVE UFSTFCVU EBMBN UVMJTBO JOJ QFOVMJT NFODPCB NFOTJOFSHJLBO TFLBMJHVT NFOEFTLSJQTJLBO CBIXB NBOBKFNFO QFOEJEJLBO *TMBN

_{8PKPXBSTJUP 1VSXBEBSNJOUB,BNVT -FOHLBQ *OEPOFTJB*OHHSJT +BLBSUB )BTUB IBM}

TFTVOHHVIOZBEBQBUEJJOUFSQSFUBTJLBOEFOHBOBM2VSBO,BSFOBTFTVOHHVIOZBBM 2VSBOTFOEJSJTVEBINFOKFMBTLBOUFOUBOHLPOTFQUFSTFCVU

1&.#")"4"/

,PNQPOFO.BOBKFNFO1FOEJEJLBO*TMBNEBMBN,BOEVOHBO"M2VSBO

%BMBN UJOKBVBO NBOBKFNFO UFSEBQBU CFCFSBQB BTQFL ZBOH UJEBL CJTB MFQBT

EFOHBO FNQBU LPNQPOFO ZBOH BEB ZBJUV QMBOOJOH PSHBOJ[JOH BDUVBUJOH EBO

DPOUSPMMJOH %BMBN QBOEBOHBO QFOVMJT LPNQPOFO UFSTFCVU EJKFMBTLBO EBMBN

CFCFSBQB BZBU BM2VSBO 6OUVL MFCJI KFMBTOZB QFOKFMBTBO UFSTFCVU BLBO QFOVMJT QBQBSLBOTFCBHBJCFSJLVU

1FSFODBOBBO QMBOOJOH

4FUJBQ LFHJBUBO ZBOH BLBO EJHFSBLLBO IFOEBLOZB NFNJMJLJ QFSTJBQBO EBO QFSFODBOBBO ZBOH NBUBOH #BILBO *TMBN NFOHJOUSVLTJLBO LFQBEB TFHFOBQ

QFOHBOVUOZB VOUVL NFOEBIVMVLBOOJBUEBSJ TFMVSVI EJNFOTJ LFHJBUBO ,POUFLT

OJBU UJEBL IBOZB EJUFSBQLBO EBMBN BTQFL SJUVBM TBKB OBNVO KVHB EBQBU EJSFBMJTBTJLBOQBEBTFUJBQEJNFOTJLFIJEVQBO

1FSFODBOBBOBEBMBIi,FTFMVSVIBOQSPTFTEBO QFOFOUVBOLFQVUVTBOTFDBSB NBUBOH UFOUBOH IBMIBM ZBOH BLBO EJLFSKBLBO EJ NBTB BLBO EBUBOH EBMBN SBOHLB

QFODBQBJBOUVKVBO

%FOHBOEFNJLJBOBQBCJMBEJLBJULBOEFOHBOTJTUFNQFOEJEJLBO EBMBN TVBUV PSHBOJTBTJ LFQFOEJEJLBO NBLB QFSFODBOBBO QFOEJEJLBO EBQBU EJEFGJOJTJLBO TFCBHBJ i1FOHHVOBBO BOBMJTJT ZBOH CFSTJGBU SBTJPOBM EBO TJTUFNBUJT UFSIBEBQ QSPTFT QFOHFNCBOHBO QFOEJEJLBO ZBOH CFSUVKVBO VOUVL NFODJQUBLBO QSPHSBNQSPHSBNQFOEJEJLBONFOKBEJMFCJIFGFLUJGEBOFGJTJFOEBMBNNFOBOHHBQJ

LFCVUVIBOEBOUVKVBOQFTFSUBEJEJLTFSUBLFCVUVIBONBTZBSBLBUw

%BMBN QFSFODBOBBO TBUV IBM ZBOH QBMJOH VSHFO BEBMBI BQB ZBOH IBSVT EJMBLVLBO EBO TJBQB ZBOH BLBO NFMBLVLBO 4FIJOHHB EBQBU EJQBIBNJ CBIXB QFSFODBOBBO EBMBN UVMJTBO JOJ CFSBSUJ NFNJMJI TFLVNQVMBO LFHJBUBO EBO QFNVUVTBO TFMBOKVUOZB BQB ZBOH IBSVT EJMBLVLBO LBQBO CBHBJNBOB EBO PMFI TJBQB 1FSFODBOBBO ZBOH CBJL EBQBU EJDBQBJ EFOHBO NFNQFSUJNCBOHLBO LPOEJTJ

_{"88JEKBZB1FSFODBOBBO4FCBHBJ'VOHTJ.BOBKFNFO+BLBSUB#JOB"LTBSBIBM 45 7FNCSJBSUP1FOHBOUBS 1FSFODBOBBO 1FOEJEJLBO &EVDBUJPOBM 1MBOOJOH :PHZBLBSUB} "OEJ0GGTFUIBM

XBLUV ZBOH BLBO EBUBOH ZBOH NFOFOUVLBO UFOUBOH LBQBO QFSFODBOBBO EBO LFHJBUBOUFSTFCVUBLBOEJQVUVTLBOEBOEJMBLTBOBLBO

4FMBJO JUV QFSFODBOBBO NFSVQBLBO BTQFL QFOUJOH EBSJ QBEB NBOBKFNFO ,FQFSMVBO NFSFODBOBLBO JOJ UFSMFUBL QBEB LFOZBUBBO CBIXB NBOVTJB EBQBU NFOHVCBI NBTB EFQBO NFOVSVU LFIFOEBLOZB .BOVTJB UJEBL CPMFI NFOZFSBI QBEB LFBEBBO EBO NBTB EFQBO ZBOH NFOFOUV UFUBQJ NBOVTJB JUV TFOEJSJ IBSVT NBNQV NFODJQUBLBO NBTB EFQBO .BTB EFQBO BEBMBI BLJCBU EBSJ LFBEBBO NBTB MBNQBV LFBEBBO TFLBSBOH EBO EJTFSUBJ EFOHBO VTBIBVTBIB ZBOH BLBO LJUB MBLTBOBLBO

%FOHBO EFNJLJBO MBOEBTBO QFSFODBOBBO BEBMBI LFNBNQVBO NBOVTJB TFDBSB TBEBS VOUVL NFNJMJI BMUFSOBUJG NBTB EFQBO ZBOH EJLFIFOEBLJ TFMBOKVUOZB CFSVQBZBVOUVLNFXVKVELBONBTBEFQBOZBOHEJQJMJIOZBTFIJOHHBTVBUVSFODBOB

EBQBU EJSFBMJTBTJLBO EFOHBO CBJL

%BSJ EFTLSJQTJ EJ BUBT KFMBTMBI CBIXB LFHJBUBO NFSFODBOBLBONFSVQBLBOMBOHLBIBXBMEBSJQPMBNBOBKFNFOVOUVLNFOFOUVLBO UVKVBO EBO TBTBSBO ZBOH BLBO EJDBQBJ %J BOUBSB LFHVOBBO QFSFODBOBBO BEBMBI TFCBHBJCFSJLVU

B NFOFUBQLBO UVKVBO BUBV NFNGPSNVMBTJLBO UVKVBO ZBOH EJQJMJI VOUVL EJDBQBJ NBLB QFSFODBOBBO IBSVTMBI CJTB NFNCFEBLBO QPJO QFSUBNB ZBOH BLBOEJMBLTBOBLBOUFSMFCJIEBIVMV CNFOHFUBIVJUVKVBOUVKVBOZBOHBLBO EJDBQBJ EBO D NFNVEBILBO VOUVL NFOHJEFOUJGJLBTJLBO IBNCBUBO

IBNCBUBOZBOHBLBONVOHLJOUJNCVMEBMBNVTBIBNFODBQBJUVKVBO

%FOHBO EFNJLJBO SVNVTBO QFSFODBOBBO IFOEBLOZB NFOKBEJ GPLVT EBTBS CBHJ TFUJBQ NBOBKFS EBMBN QFODBQBJBO UBSHFU PSHBOJTBTJ "EBQVO VQBZB VOUVL NFOJOHLBULBO FGFLUJWJUBT EBO FGJTJFOTJ EBMBN PSHBOJTBTJ QFOEJEJLBO TFCBJLOZB EBMBNNFSVNVTLBOCVUJSCVUJSQFSFODBOBBOEBMBNPSHBOJTBTJQFOEJEJLBOUFSMFCJI EBIVMV NFNCVBU CFSCBHBJ NBDBN QFSIJUVOHBO TFDBSB MFCJI UFMJUJ 6OUVL NFNFOVIJUVOUVUBOUFSTFCVUNBLBCFSMBLVQSJOTJQQSJOTJQQFSFODBOBBOZBJUV

B 1FSFODBOBBO IBSVT CFSTJGBU LPNQSFIFOTJG C QFSFODBOBBO QFOEJEJLBO IBSVT CFSTJGBU JOUFHSBM D QFSFODBOBBO QFOEJEJLBO IBSVT NFNQFSIBUJLBO BTQFLBTQFLLVBMJUBUJG EQFSFODBOBBOQFOEJEJLBOIBSVTNFSVQBLBOSFODBOB

_{.#VLIBSJELL"[BT"[BT.BOBKFNFO:PHZBLBSUB"EJUZB.FEJBIBM .#VLIBSJELL"[BT"[BTIBM}

KBOHLB QBOKBOH EBO LPOUJOZV F QFSFODBOBBO QFOEJEJLBO IBSVT EJEBTBSLBO QBEB FGJTJFOTJ G QFSFODBOBBO QFOEJEJLBO IBSVT NFNQFSIJUVOHLBO TFNVB TVNCFSTVNCFS ZBOH BEB BUBV ZBOH EBQBU EJBEBLBO EBO H QFSFODBOBBO QFOEJEJLBOIBSVTEJCBOUVPMFIPSHBOJTBTJBENJOJTUSBTJZBOHFGJTJFOEBOEBUB

ZBOHEBQBUEJBOEBMLBO

%BSJ QBQBSBO EJ BUBT EBQBUMBI EJQBIBNJ CBIXB PSJFOUBTJ VOUVL NFODBQBJ

UVKVBONFSVQBLBOMBOEBTBOVOUVLNFNCFEBLBOBOUBSBQMBOOJOHEFOHBOTQFLVMBTJ

ZBOH TFLFEBS EJCVBU TFDBSB TFSBNQBOHBO 4FCBHBJ TVBUV DJSJ VUBNB EBSJ MBOHLBI

UJOEBLBOFLTFLVUJGQBEBTFNVBUJOHLBUPSHBOJTBTJQFOEJEJLBOQMBOOJOHNFSVQBLBO

TVBUV QSPTFT JOUFMFLUVBM ZBOH NFOZBOHLVU CFSCBHBJ UJOHLBU KBMBO QFNJLJSBO ZBOH

LSFBUJGEBOQFNBOGBBUBOTFDBSBJNBKJOBUJGBUBTWBSJBCFMWBSJBCFMZBOHBEB

%BMBN QFSFODBOBBO NFNVOHLJOLBO TFPSBOH BENJOJTUSBUPS VOUVL

NFMBLVLBOQSPHOPTJTTFDBSBKJUVLFNVOHLJOEBOSFTJLPZBOHNVODVMEBSJCFSCBHBJ LFLVBUBO TFIJOHHB EBQBU NFNQFOHBSVIJ EBO TFEJLJU CBOZBL NFOHPOUSPM BSBI

UFSKBEJOZB QFSVCBIBO ZBOH EJLFIFOEBLJw

%BMBN QSPTFT QFSFODBOBBO UFSIBEBQ QSPHSBN QFOEJEJLBO ZBOH BLBO EJMBLTBOBLBO LIVTVTOZB EBMBN MFNCBHB QFOEJEJLBO *TMBN NBLB QSJOTJQ QFSFODBOBBO IBSVT NFODFSNJOLBO OJMBJOJMBJ LFJTMBNBO ZBOH CFSTVNCFSLBO QBEB BM2VSBO EBO IBEJT %BMBN UJOKBVBO

QFSFODBOBBO UFSTFCVU BM2VSBO NFOHBKBSLBOCBIXB i EBO CFSCVBUMBI LFCBKJLBO

TVQBZBLBNVNFOEBQBULBOLFCFSVOUVOHBOw 24

%JTBNQJOHJUVUFSEBQBUQVMBBZBUMBJOOZBZBOHNFOHBOKVSLBOLFQBEBQBSB NBOBKFS BUBV QFNJNQJO VOUVL NFOFOUVLBO TJLBQ EBMBN QSPTFT QFSFODBOBBO

QFOEJEJLBO 4BMBI TBUV BZBU EBMBN BM2VSBO NFOHBUBLBO CBIXBi4FTVOHHVIOZB

"MMBI NFOZVSVI LBNV CFSMBLV BEJM EBO CFSCVBU LFCBKJLBO NFNCFSJ LFQBEB LBVN LFSBCBU EBO "MMBI NFMBSBOH QFSCVBUBO ZBOH LFKJ NVOHLBS EBO QFSNVTVIBO %JB

NFNCFSJQFMBKBSBOLFQBEBNVBHBSLBNVEBQBUNFOHBNCJMQFMBKBSBOw 24

"ZBUBZBU MBJO ZBOH CFSLFTJOBNCVOHBO EFOHBO QFSFODBOBBO BEBMBI EBMBN

24 "ZBU JOJ NFOKFMBTLBO CBIXB iBQBLBI NBOVTJB NFOHJSB JB EJCJBSLBO TBKB

UBOQB QFSUBOHHVOH KBXBCBO w EBO TFMBOKVUOZB BM2VSBO NFOKFMBTLBO i%BO

_{%KVNSBOTKBI *OEBS1FSFODBOBBO 1FOEJEJLBO 4USBUFHJ EBO *NQMFNFOUBTJOZB 4VSBCBZB} ,BSZB"CEJUBNBIBM

_{1JFU"4BIFSUJBO%JNFOTJ"ENJOJTUSBTJ1FOEJEJLBO4VSBCBZB6TBIB/BTJPOBMIBM}

KBOHBOMBILBNVNFOHJLVUJBQBZBOHLBNVUJEBLNFNQVOZBJQFOHFUBIVBOUFOUBOHOZB 4FTVOHHVIOZB QFOEFOHBSBO QFOHMJIBUBO EBO IBUJ TFNVBOZB JUV BLBO EJNJOUB

QFSUBOHHVOHBO KBXBCOZBw 24 "ZBU UFSTFCVU NFSVQBLBO TVBUV IBM ZBOH

TBOHBU QSJOTJQJM ZBOH UJEBL CPMFI EJUBXBS EBMBN QSPTFT QFSFODBOBBO QFOEJEJLBO BHBS UVKVBO ZBOH JOHJO EJDBQBJ EBQBU UFSDBQBJ EFOHBO TFNQVSOB %J TBNQJOH JUV QVMBJOUJTBSJBZBUUFSTFCVUNFOEFTLSJQTJLBOUFOUBOHQFSCFEBBONBOBKFNFOTFDBSB VNVNEFOHBONBOBKFNFOEBMBNQFSTQFLUJG*TMBNZBOHTBSBUEFOHBOOJMBJ

1FOHPSHBOJTBTJBO PSHBOJ[JOH

"LUJWJUBT NBOBKFNFO UJEBL BLBO CFSBLIJS TFUFMBI QFSFODBOBBO UFSTVTVO ,FHJBUBO TFMBOKVUOZB BEBMBI JNQMFNFOUBTJ QFSFODBOBBO UFSTFCVU TFDBSB QSPQPSTJPOBM 4BMBITBUV LFHJBUBONBOBKFNFO EBMBNQFMBLTBOBBOSFODBOBEJTFCVU

PSHBOJ[JOH BUBV QFOHPSHBOJTBTJBO 0SHBOJTBTJ BEBMBI TJTUFN LFSKBTBNB EFOHBO

TFLFMPNQPL PSBOH VOUVL NFODBQBJ UVKVBO CFSTBNB -BOHLBI QFSUBNB EBMBN QFOHPSHBOJTBTJBO EJXVKVELBO NFMBMVJ QFSFODBOBBO EFOHBO NFOFUBQLBO CJEBOH CJEBOH BUBV GVOHTJGVOHTJ BENJOJTUSBTJ ZBOH NFODBLVQ SVBOH MJOHLVQ LFHJBUBO ZBOH BLBO EJTFMFOHHBSBLBO PMFI TVBUV LFMPNQPL LFSKBTBNB UFSUFOUV ,FTFMVSVIBO CJEBOHLFSKBTFCBHBJTVBUVLFTBUVBONFSVQBLBOUPUBMTJTUFNZBOHCFSHFSBLLFBSBI TBUVUVKVBO

%FOHBOEFNJLJBOTFUJBQCJEBOHLFSKBEBQBUEJUFNQBULBOTFCBHBJTVCTJTUFN ZBOH NFOHFNCBO TFKVNMBI UVHBT ZBOH TFKFOJT TFCBHBJ CBHJBO EBSJ LFTFMVSVIBO LFHJBUBO ZBOH EJFNCBO PMFI LFMPNQPLLFMPNQPL LFSKBTBNB 1FNCBHJBO BUBV QFNCJEBOHBO LFSKB IBSVT EJTVTVO EBMBN TVBUV TUSVLUVS ZBOH LPNQBL EFOHBO IVCVOHBO LFSKB ZBOH KFMBT BHBS BOUBSB TBUV EFOHBO MBJOOZB NBNQV NFMFOHLBQJ EBMBN SBOHLB NFODBQBJ UVKVBO 4USVLUVS PSHBOJTBTJ UFSTFCVU EJJTUJMBILBO EFOHBO iTFHJ GPSNBMw EBMBN LPNQPOFO QFOHPSHBOJTBTJBO LBSFOB NFSVQBLBO LFSBOHLB ZBOH UFSEJSJ EBSJ TBUVBOTBUVBO LFSKB BUBV GVOHTJGVOHTJ ZBOH NFNJMJLJ XFXFOBOH EBOUBOHHVOHKBXBCZBOHCFSTJGBUIJFSBSLJCFSUJOHLBU

%J BOUBSB TBUVBOTBUVBO LFSKB UFSTFCVU EJUFUBQLBO IVCVOHBO LFSKB GPSNBM EBMBN NFOZFMBOHHBSBLBO LFSKBTBNB TBUV EFOHBO ZBOH MBJO TFTVBJ EFOHBO XFXFOBOH EBO UBOHHVOH KBXBCOZB NBTJOHNBTJOH %J TBNQJOH TFHJ GPSNBM JUV TVBUV TUSVLUVS PSHBOJTBTJ NFOHBOEVOH LFNVOHLJOBO EJXVKVELBOOZB iIVCVOHBO JOGPSNBMwZBOHEBQBUNFOJOHLBULBOFGJTJFOTJQFODBQBJBOUVKVBO4FHJJOGPSNBMJOJ EJXVKVELBO EBMBN CFOUVL IVCVOHBO LFSKB ZBOH NVOHLJO EJLFNCBOHLBO LBSFOB

IVCVOHBO QSJCBEJ BOUBS QFSTPOBM ZBOH NFNJLVM CFCBO LFSKB EFOHBO XFXFOBOH EBO UBOHHVOH KBXBC NBTJOHNBTJOH 4BUVBO LFSKB ZBOH EJUFUBQLBO CFSEBTBSLBO QFNCJEBOHBO LFHJBUBO ZBOH EJFNCBO PMFI TVBUV LFMPNQPL LFSKBTBNB QBEB EBTBSOZB NFSVQBLBO QFNCBHJBO UVHBT ZBOH NFOHBOEVOH TFKVNMBI QFLFSKBBO TFKFOJT

0MFILBSFOBJUVTFUJBQVOJULFSKBBLBONFOHHBNCBSLBOKFOJTKFOJTBLUJWJUBT ZBOH NFOKBEJ LFXBKJCBOOZB VOUVL EJXVKVELBO "EBQVO XVKVE EBSJ QFMBLTBOBBO

PSHBOJ[JOHJOJBEBMBIUBNQBLOZBLFTBUVBOZBOHVUVILFLPNQBLBOLFTFUJBLBXBOBO

EBOUFSDJQUBOZBNFLBOJTNFZBOHTFIBUTFIJOHHBLFHJBUBOMBODBSTUBCJMEBONVEBI

VOUVLNFODBQBJUVKVBOZBOHEJUFUBQLBO

1SPTFTPSHBOJ[JOH ZBOH NFOFLBOLBO QFOUJOHOZB LFTBUVBO EBMBN TFHBMB

UJOEBLBOEBMBNIBMJOJBM2VSBOUFMBINFOZFCVULBOCFUBQBQFOUJOHOZBUJOEBLBO LFTBUVBO ZBOH VUVI NVSOJ EBO CVMBU EBMBN TVBUV PSHBOJTBTJ 4FMBOKVUOZB BM 2VSBO NFNCFSJLBO QFUVOKVL BHBS EBMBN TVBUV XBEBI UFNQBU QFSTBVEBSBBO JLBUBOPSHBOJTBTJ LFMPNQPLKBOHBOMBINFOJNCVMLBOQFSUFOUBOHBOQFSTFMJTJIBO QFSDFLDPLBO ZBOH NFOHBLJCBULBO IBODVSOZB LFTBUVBO TFSUB SVOUVIOZB NFLBOJTNF LFQFNJNQJOBO ZBOH UFMBI EJCJOB )BM JOJ TFTVBJ EFOHBO GJSNBO/ZB

i%BO UBBUJMBI "MMBI EBO 3BTVM/ZB KBOHBMBI LBNV CFSCBOUBICBOUBIBO ZBOH

NFOZFCBCLBO LBNV NFOKBEJ HFOUBS IJMBOH LFLVBUBONV EBO CFSTBCBSMBI

TFTVOHHVIOZB"MMBICFTFSUBPSBOHPSBOHZBOHTBCBSw 24

1FOHHFSBLBOQFMBLTBOBBO BDUVBUJOH

'VOHTJBDUVBUJOHNFSVQBLBO CBHJBO EBSJ QSPTFT LFMPNQPL BUBV PSHBOJTBTJ

ZBOH UJEBL EBQBU EJQJTBILBO "EBQVO JTUJMBI ZBOH EBQBU EJLFMPNQPLLBO EBMBN

GVOHTJ JOJ BEBMBI EJSFDUJOH DPNNBOEJOH MFBEJOHEBO DPPSEJOBUJOH

,FUFSLBJUBO

JTUJMBI JOJ TBOHBU OZBUB LBSFOB UJOEBLBOBDUVBUJOHTFCBHBJNBOB UFSTFCVU EJ BUBT

NBLBQSPTFTJOJKVHBNFNCFSJLBONPUJWBUJOHVOUVLNFNCFSJLBOQFOHHFSBLBOEBO

LFTBEBSBO UFSIBEBQ EBTBS EBSJ QBEB QFLFSKBBOZBOH BLBO EJMBLVLBO ZBJUV NFOVKV UVKVBO ZBOH UFMBI EJUFUBQLBO EJTFSUBJ EFOHBO NFNCFSJ NPUJWBTJNPUJWBTJ CBSV CJNCJOHBO BUBV QFOHBSBIBO TFIJOHHB NFOJNCVMLBO LFTBEBSBO EBO LFNBVBO

_{+BXBIJS5BOUIPXJ6OTVS6OTVS.BOBKFNFO.FOVSVU"KBSBO"M2VShBO+BLBSUB1VTUBLBBM} )VTOBIBM

VOUVLCFLFSKBEFOHBOUFLVOEBOCBJL"EBQVOCJNCJOHBONFOVSVU)BEBSJ/BXBXJ CFSBSUJiNFNFMJIBSBNFOKBHBEBONFNBKVLBOPSHBOJTBTJPMFITFUJBQQFSTPOBMCBJL TFDBSB TUSVLUVSBM NBVQVO GVOHTJPOBM BHBS TFUJBQ LFHJBUBOOZB UJEBL UFSMFQBT EBSJ

VTBIBNFODBQBJUVKVBOw

%BMBNSFBMJUBTOZBLFHJBUBOCJNCJOHBOEBQBUCFSCFOUVL TFCBHBJCFSJLVU

B .FNCFSJLBO EBO NFOKFMBTLBO QFSJOUBI C NFNCFSJLBO QFUVOKVL NFMBLTBOBLBO LFHJBUBO D NFNCFSJLBO LFTFNQBUBO NFOJOHLBULBO QFOHFUBIVBO LFUFSBNQJMBOLFDBLBQBO EBO LFBIMJBO BHBS MFCJI FGFLUJG EBMBN NFMBLTBOBLBOCFSCBHBJLFHJBUBOPSHBOJTBTJ ENFNCFSJLBOLFTFNQBUBOJLVU TFSUB NFOZVNCBOHLBO UFOBHB EBO GJLJSBO VOUVL NFNBKVLBO PSHBOJTBTJ CFSEBTBSLBO JOJTJBUJG EBO LSFBUJWJUBT NBTJOHNBTJOH EBO E NFNCFSJLBO

LPSFLTJBHBSTFUJBQQFSTPOBMNFMBLVLBOUVHBTUVHBTOZBTFDBSBFGJTJFO

"M2VSBO EBMBN IBM JOJ UFMBI NFNCFSJLBO GPOEBTJ EBTBS UFSIBEBQ QSPTFT CJNCJOHBO EBO QFOHBSBIBO BUBVQVO NFNCFSJLBO QFSJOHBUBO EBMBN CFOUVL

BDUVBUJOHJOJ%FTLSJQTJUFSTFCVUTFTVBJEFOHBOGJSNBO"MMBI4VC BOBIVXB5B MB

i4FCBHBJCJNCJOHBOZBOHMVSVTVOUVLNFNQFSJOHBULBOTJLTBBOZBOHTBOHBUQFEJIEBSJ

TJTJ "MMBI EBO NFNCFSJ CFSJUB HFNCJSB LFQBEB PSBOHPSBOH ZBOH CFSJNBO ZBOH

NFOHFSKBLBO BNBM TBMFI CBIXB NFSFLB BLBO NFOEBQBU QFNCBMBTBO ZBOH CBJLw

24%FOHBOEFNJLJBOEBQBUMBIEJQBIBNJCBIXBBDUVBUJOHBEBMBINFOHFMPMB

MJOHLVOHBOPSHBOJTBTJZBOHNFMJCBULBOMJOHLVOHBOEBOPSBOHMBJOEFOHBOUBUBDBSB ZBOHCBJL

'BLUPSNFNCJNCJOHEBONFNCFSJQFSJOHBUBOTFCBHBJIBMQFOVOKBOHEFNJ TVLTFTOZBSFODBOBTFCBCKJLBIBMJUVEJBCBJLBOBLBONFNCFSJLBOQFOHBSVIZBOH

LVSBOH CBJL UFSIBEBQ LFMBOHTVOHBO TVBUV PSHBOJTBTJ "EBQVO QSPTFTBDUVBUJOH

BEBMBI NFNCFSJLBO QFSJOUBI QFUVOKVL QFEPNBO EBO OBTFIBU TFSUB LFUFSBNQJMBO

EBMBN CFSLPNVOJLBTJ

"DUVBUJOH NFSVQBLBO JOUJ EBSJ NBOBKFNFO ZBOH

NFOHHFSBLLBOVOUVLNFODBQBJIBTJM4FEBOHLBOJOUJEBSJBDUVBUJOHBEBMBIMFBEJOH

IBSVT NFOFOUVLBO QSJOTJQQSJOTJQ FGJTJFOTJ LPNVOJLBTJ ZBOH CBJL EBO QSJOTJQ NFOKBXBCQFSUBOZBBO

_{)BEBSJ/BXBXJ"ENJOJTUSBTJ1FOEJEJLBO+BLBSUB(VOVOH"HVOHIBM )BEBSJ/BXBXJ"ENJOJTUSBTJ1FOEJEJLBOIBM}

_{4POEBOH 1 4JBHJBO4JTUFN *OGPSNBTJ VOUVL .FOHBNCJM ,FQVUVTBO+BLBSUB (VOVOH} "HVOHIBM

&WBMVBTJ DPOUSPMMJOH

&WBMVBTJ EBMBN LPOUFLT NBOBKFNFO BEBMBI QSPTFT VOUVL NFNBTUJLBO CBIXB BLUJWJUBT ZBOH EJMBLTBOBLBO CFOBSCFOBS TFTVBJ EFOHBO QFSFODBOBBO TFCFMVNOZB &WBMVBTJ EBMBN NBOBKFNFO QFOEJEJLBO *TMBN JOJ NFNQVOZBJ EVB

CBUBTBO ZBJUV1FSUBNB FWBMVBTJ NFSVQBLBO QSPTFT LFHJBUBO VOUVL NFOFOUVLBO

LFNBKVBO QFOEJEJLBO EJCBOEJOHLBO EFOHBO UVKVBO ZBOH UFMBI EJUFOUVLBOLFEVB

FWBMVBTJZBOHBEBMBIVTBIBVOUVLNFNQFSPMFIJOGPSNBTJCFSVQBVNQBOCBMJL GFFE

CBDL EBSJ LFHJBUBO ZBOH UFMBI EJMBLVLBO &WBMVBTJ EBMBN NBOBKFNFO QFOEJEJLBO

*TMBN JOJ NFODBLVQ EVB LFHJBUBO ZBJUV QFOJMBJBO EBO QFOHVLVSBO 6OUVL EBQBU NFOFOUVLBO OJMBJ EBSJ TFTVBUV NBLB EJMBLVLBO QFOHVLVSBO EBO XVKVE EBSJ QFOHVLVSBOJUVBEBMBIQFOHVKJBO

%BMBNCJOHLBJJMNVBENJOJTUSBTJDPOUSPMMJOHNFSVQBLBOKFNCBUBOUFSBLIJS

EBMBN SBOUBJ GVOHTJPOBM EBSJ LFHJBUBOLFHJBUBO NBOBKFNFO 1FOHFOEBMJBO NFSVQBLBOTBMBITBUVDBSBQBSBNBOBKFSVOUVLNFOHFUBIVJBQBLBIUVKVBOUVKVBO PSHBOJTBTJUFSDBQBJBUBVUJEBLEBONFOHBQBUFSDBQBJBUBVUJEBLUFSDBQBJ4FMBJOJUV

DPOUSPMMJOH BEBMBI LPOTFQ QFOHFOEBMJBO QFNBOUBVBO FGFLUJWJUBT EBSJ QFSFODBOBBO

QFOHPSHBOJTBTJBO EBO LFQFNJNQJOBO TFSUB QFOHBNCJMBO LFQVUVTBO QBEB TBBU

EJCVUVILBO "EBQVO BZBU BM2VSBO ZBOH CFSLBJUBO EFOHBO FWBMVBTJ DPOUSPMMJOH

EBQBU EJUFSKFNBILBO EBMBN BM2VSBO TFCBHBJ CFSJLVU i1BEBIBM TFTVOHHVIOZB CBHJ

LBNV UFSEBQBU CFCFSBQB NBMBJLBU ZBOH NFOHBXBTJ QFLFSKBBONV ZBOH NVMJB EJ TJTJ "MMBI EBO NFODBUBU QFLFSKBBOQFLFSKBBONV JUV .FSFLB NFOHFUBIVJ BQB ZBOH LBNV LFSKBLBOw

,POTFQ.BOBKFNFO1FOEJEJLBO*TMBN.FOVSVU1FSTQFLUJGBM2VSBO

%BMBN UJOKBVBO QFOVMJT LPOTFQ NBOBKFNFO QFOEJEJLBO *TMBN EBMBN QFSTQFLUJG BM2VSBO ZBJUV GMFLTJCFM FGFLUJG FGJTJFO UFSCVLB LPPQFSBUJG EBO QBSUJTJQBUJG6SBJBOMFCJIMBOKVUEBQBUQFOVMJTLFNVLBLBOTFCBHBJCFSJLVU

'MFLTJCFM

'MFLTJCFM ZBOH EJNBLTVE BEBMBI UJEBL LBLV MFOUVS .FOVSVU QFOEBQBU *NBN 4VQSBZPHP CBIXB i4FLPMBI BUBV NBESBTBI BLBO EBQBU NFSBJI QSFTUBTJ

VOHHVM KVTUSV LBSFOB GMFLTJCJMJUBT QFOHFMPMBBOOZB EBMBN NFOKBMBOLBO UVHBT

UVHBTOZB

4FMBOKVUOZBCFMJBVNFNCFSJLBOQFOKFMBTBOCBIXB

+JLB EJQFSMVLBO QFOHFMPMB IBSVT CFSBOJ NFOHBNCJM LFCJKBLBO BUBV NFNVUVTLBO IBMIBM ZBOH CFSCFEB EFOHBO UVOUVUBOQFUVOKVL GPSNBM EBSJ BUBT 0MFI LBSFOB JUVN VOUVL NFOHIJEVQLBO LSFBUJGJUBT QBSB QFOHFMPMB MFNCBHB QFOEJEJLBO NBLB QFSMV EJLFNCBOHLBO FWBMVBTJ ZBOH UJEBL TFNBUB NBUB CFSPSJFOUBTJ QBEB QSPTFT NFMBJOLBO EBQBU EJQBIBNJ QBEB QSPEVL EBO IBTJM ZBOH BLBO EJDBQBJ +JLB QBOEBOHBO JOJ EJQBIBNJ NBLB NBOBKFNFO EBMBNIBMJOJLJOFSKBNBOBKFSBUBVQFNJNQJOQFOEJEJLBOUJEBLIBOZBEJVLVS EFOHBO JOEJLBUPS UFMBI UFSMBLTBOBOZB QSPHBNQSPHSBN ZBOH BEB BLBO UFUBQJ MFCJI EBSJ JUV BEBMBI TFKBVI NBOB QFMBLTBOBBO UFSTFCVU NFMBIJSLBO QSPEVL

QSPEVLZBOHEJJOHJOLBOPMFICFSCBHBJQJIBL

1FUVOKVL BM2VSBO NFOHFOBJ GMFLTJCJMJUBT JOJ BOUBSB MBJO TFQFSUJ ZBOH

UFSDBOUVN EBMBN BM2VSBO ZBJUV i%BO CFSKJIBEMBI LBNV QBEB KBMBO "MMBI EFOHBO

KJIBE ZBOH TFCFOBSCFOBSOZB %JB UFMBI NFNJMJI LBNV EBO EJB TFLBMJLBMJ UJEBL

NFOKBEJLBO VOUVL LBNV EBMBN BHBNB TVBUV LFTFNQJUBOw 24 4FMBJO JUV

QFUVOKVLBO GMFLTJCJMJUBT KVHB UFSEBQBU EBMBN BM2VSBO ZBJUV i"MMBI NFOHJOHJOLBO

LFNVEBIBOCBHJNVEBOUJEBLNFOHJOHJOLBOLFTVLBSBOCBHJNVw 24

&GFLUJGEBOFGJTJFO

.FOVSVU %S 8BZBO 4JEBSUB CBIXB QFLFSKBBO ZBOH FGFLUJG JBMBI i1FLFSKBBO ZBOHNFNCFSJLBOIBTJMTFQFSUJSFODBOBTFNVMBTFEBOHLBOQFLFSKBBOZBOHFGJTJFO BEBMBIQFLFSKBBOZBOHNFHFMVBSLBOCJBZBTFTVBJEFOHBOSFODBOBTFNVMBBUBVMFCJI SFOEBIZBOHEJNBLTVEEFOHBOCJBZBBEBMBIVBOHXBLUVUFOBHBPSBOHNBUFSJBM

NFEJB EBO TBSBOBw

,FEVB LBUB iFGFLUJGw EBO iFGJTJFOw TFMBMV EJQBLBJ CFSHBOEFOHBO EBMBN NBOBKFNFO LBSFOB NBOBKFNFO ZBOH FGFLUJG TBKB TBOHBU NVOHLJO UFSKBEJOZB QFNCPSPTBO TFEBOHLBO NBOBKFNFO ZBOH FGJTJFO TBKB CJTB CFSBLJCBUUJEBLUFSDBQBJOZBUVKVBOBUBVSFODBOBZBOHUFMBIEJUFUBQLBO

"EBQVO BZBUBZBU BM2VSBO ZBOH EBQBU EJKBEJLBO BDVBO LFEVB IBM UFSTFCVU

BEBMBIUFSEBQBUEBMBNTVSBIBM,BIGJBZBUZBJUVi,BUBLBOMBI"QBLBIBLBO

,BNJ CFSJUBIVLBO LFQBEBNV UFOUBOH PSBOHPSBOH ZBOH QBMJOH NFSVHJ QFSCVBUBOOZB :BJUV PSBOHPSBOH ZBOH UFMBI TJBTJB QFSCVBUBOOZB EBMBN LFIJEVQBO EVOJB JOJ

TFEBOHLBONFSFLBNFOZBOHLBCBIXBNFSFLBCFSCVBUTFCBJLCBJLOZBw 24

_{*NBN4VQSBZPHP3FGPSNVMBTJ7JTJ1FOEJEJLBO*TMBN.BMBOH45"*/.BMBOH1SFTT} IBM

_{*NBN4VQSBZPHP3FGPSNVMBTJ7JTJ1FOEJEJLBO*TMBNIBM}

"EBQVO BZBU MBJOOZB ZBOH NFOHJTZBSBULBO UFOUBOH QFLFSKBBO ZBOH FGFLUJG EBO FGJTJFOEJBOUBSBOZBEBMBNTVSBIBM*TSBBBZBUZBOHNFOHFNVLBLBOCBIXB

i%BO CFSJLBOMBI LFQBEB LFMVBSHBLFMVBSHB ZBOH EFLBU BLBO IBLOZB LFQBEB PSBOH

NJTLJO EBO PSBOH ZBOH EBMBN QFSKBMBOBO EBO KBOHBOMBI LBNV NFOHIBNCVS IBNCVSLBO IBSUBNV TFDBSB CPSPT 4FTVOHHVIOZB QFNCPSPTQFNCPSPT JUV BEBMBI

4BVEBSBTBVEBSB TZBJUBO EBO TZBJUBO JUV BEBMBI TBOHBU JOHLBS LFQBEB 5VIBOOZBw

24 5FSCVLB

:BOH EJNBLTVE EFOHBO UFSCVLB EJ TJOJ CVLBO TBKB UFSCVLB EBMBN NFNCFSJLBOJOGPSNBTJZBOHCFOBSUFUBQJKVHBNBVNFNCFSJEBONFOFSJNBTBSBO BUBVQFOEBQBUPSBOHMBJOUFSCVLBLFTFNQBUBOLFQBEBTFNVBQJIBLUFSVUBNBTUBG VOUVL NFOHFNCBOHLBO EJSJ TFTVBJ EFOHBO LFNBNQVBOOZB CBJL EBMBN KBCBUBO NBVQVO CJEBOH MBJOOZB "M2VSBO UFMBI NFNCFSJLBO MBOEBTBO LFQBEB LBVN NVTMJN VOUVL CFSMBLV KVKVS EBO BEJM )BM JOJ NFSVQBLBO LVODJ LFUFSCVLBBO LBSFOB UJEBL EBQBU EJMBLVLBO LFUFSCVLBBO BQBCJMB LFEVB VOTVS UFSTFCVU UJEBL UFSQBEV

"EBQVO BZBU BM2VSBO ZBOH NFOZVSVIVNBUNBOVTJB VOUVL CFSMBLV KVKVS EBO BEJM ZBOH LFEVBOZB NFSVQBLBO LVODJ LFUFSCVLBBO BOUBSB MBJO UFSEBQBUEBMBN

TVSBIBO/JTBBZBUZBOHNFOHVOHLBQLBOCBIXBi4FTVOHHVIOZB"MMBINFOZVSVI

LBNV NFOZBNQBJLBO BNBOBU LFQBEB ZBOH CFSIBL NFOFSJNBOZB EBO NFOZVSVI LBNV BQBCJMB NFOFUBQLBO IVLVN EJ BOUBSB NBOVTJB TVQBZB LBNV NFOFUBQLBO EFOHBOBEJM 4FTVOHHVIOZB"MMBINFNCFSJQFOHBKBSBOZBOHTFCBJLCBJLOZBLFQBEBNV

4FTVOHHVIOZB"MMBIBEBMBI.BIBNFOEFOHBSMBHJ.BIB.FMJIBUw 24

.FOVSVU +FBOF ) #BMMBOUJOF EBMBN CVLVOZB 4PDJPMPHZ PG &EVDBUJPOBM

NFOHBUBLBOCBIXBi1SJODJQBMTIBWFQPXFSUPJOGMVFODFTDIPPMFWFDUJWFOFTTUISPVHIUIFJS

MFBEFSTIJQBOEJOUFSBDUJPO*OUIFTVDDFTTGVMTDIPPMQSJODJQBMTNFUUFBDIFSTSFHVMBSMZBTL GPSTVHHFTUJPOTBOEHJWFUFBDIFSJOGPSNBUJPODPODFSOJOHFGGFDUJGJOFTTQSJODJQBMTSBSFMZBDU BMPOFw

%BSJ QFSOZBUBBO EJ BUBT KFMBT CBIXB TFPSBOH NBOBKFS NFNQVOZBJ

LFLVBTBBO VOUVL NFNQFOHBSVIJ LFFGFLUJGBO PSHBOJTBTJ QFOEJEJLBO NFMBMVJ LFQFNJNQJOBOEBOJOUFSBLTJNFSFLB

_{+FBOOF ) #BMMBOUJOF4PDJPMPHZ PG &EVDBUJPOBM &OHMFXPPE $MFGG 8SJHI 4UBUF 6OJWFSTJUZ} 1SFOUJDF)BMMIBM

4FSUB PSHBOJTBTJ ZBOH CFSIBTJM EJ TBNQJOH NFOHBEBLBO QFSUFNVBO TFDBSB SVUJO KVHB TFPSBOH NBOBKFS NFOFSJNB EBO NFNJOUB NBTVLBO EBSJ TUBG TFLPMBI EBO KBSBOH NFMBLVLBO QFLFSKBBOOZB TFOEJSJ 4FEBOHLBO NFOVSVU .BMBZV )BTJCVBO EBMBN NBOBKFNFO UFSCVLB TFCFMVN NFOHBNCJM TVBUV LFQVUVTBO UFSMFCJI EBIVMV NFNCFSJLBO LFTFNQBUBO LFQBEB LBSZBXBO NFNCFSJLBO TBSBO QFOEBQBUQFOEBQBUUFHBTOZBNBOBKFSNFOHBKBLLBSZBXBOVOUVL

B *LVU TFSUB NFNJLJSLBO LFTVMJUBO PSHBOJTBTJ EBO VTBIBVTBIB QFOHFNCBOHBOOZB C NFSFLB UBIV BSBI ZBOH EJBNCJM PSHBOJTBTJ TFIJOHHB UJEBL SBHVSBHV MBHJ EBMBN NFMBLTBOBLBOOZB D MFCJI CFSQBSUJTJQBTJ EBMBN NBTJOHNBTJOHUVHTOZB ENFOJNCVMLBOTVBUVZBOHTFIBUTBNCJMCFSMPNCB

MPNCBNFOHFNCBOHLBOJOJTJBUJGEBOEBZBJOPWBUJGOZB

,PPQFSBUJGEBOQBSUJTJQBUJG

%BMBN SBOHLB NFMBLTBOBLBO UVHBTOZB NBOBKFS QFOEJEJLBO *TMBN IBSVT LPPQFSBUJG EBO QBSUJTJQBUJG )BM JOJ EJTFCBCLBO UFSEBQBU CFCFSBQB IBM ZBOH NFOZFCBCLBO LBSFOB EBMBN LFIJEVQBO JOJ LJUB UJEBL CJTB NFMFQBTLBO EJSJ EBSJ CFCFSBQB MJNJUBTJ LFUFSCBUBTBOZBOHNFOVSVU$IFTUFS*#FSOBSEJNJUBTJUFSTFCVU NFMJQVUJ

B-JNJUBTJQIZTJD BMBNNJTBMOZBVOUVLNFNFOVIJLFCVUVIBONBLBOBOJB

IBSVTNFOBOBNEBOJOJTFSJOHEJMBLVLBOPSBOHMBJOBUBVCFSTBNBPSBOHMBJO

C MJNJUBTJ 1TIZDIPMPHZ JMNV KJXB .BOVTJB BLBO NFOHIBSHBJ EBO

NFOHIPSNBUJOZB DMJNJUBTJTPDJPMPHZ.BOVTJBUJEBLBLBOEBQBUIJEVQUBOQB

PSBOH MBJO EBO E MJNJUBTJ CJPMPHJT .BOVTJB TFDBSB CJPMPHJT UFSNBTVL NBLIMVL MFNBI TFIJOHHB VOUVL NFNQFSLVBU EBO NFNQFSUBIBOLBO EJSJOZB NBOVTJB IBSVT CFLFSKB TBNB TBMJOH NFNCFSJ EBO NFOFSJNB CFSTBUV EBO

NFOHBEBLBOJLBUBOEFOHBONBOVTJB

"ZBUBM2VSBOZBOHCFSLFOBBOEFOHBOLPPQFSBUJGEBOQBSUJTJQBUJGJOJBOUBSB

MBJO TVSBI BM.BJEBI BZBU ZBOH NFOEFTLSJQTJLBO CBIXB i#FSUPMPOHNFOPMPOHMBI

LBNV EBMBN CFSCVBU LFCBKJLBO EBO UBRXB EBO KBOHBOMBI LBNV CFSUPMPOHNFOPMPOH

EBMBNQFSCVBUBOEPTBEBOQFSNVTVIBOw 24

"HBS UVKVBO QFOEJEJLBO*TMBN CJTB EJDBQBJ TFTVBJ EFOHBO ZBOHEJIBSBQLBO NBLBEJQFSMVLBOBEBOZBNBOBKFSZBOHIBOEBMZBOHNBNQVNFNCVBUQFSFODBOBBO ZBOH CBJL NFOHPSHBOJTJS NFOHHFSBLLBO EBO NFMBLVLBO LPOUSPM TFSUB UBIV

LFLVBUBO TUSFOHUI LFMFNBIBO XFBLOFTT LFTFNQBUBO QFMVBOH PQQPSUVOJUZ EBO

_{.BMBZV )BTJCVBO.BOBKFNFO %BTBS 1FOHFSUJBO EBO .BTBMBI +BLBSUB )BKJ .BT (VT} IBM

BODBNBO UISFBU NBLB PSBOH ZBOH EJCFSJ BNBOBU VOUVL NFNFOFK MFNCBHB QFOEJEJLBO*TMBNIFOEBLOZBTFTVBJEFOHBOBM2VSBO

.FOVSVU 5BOUIPXJ EBMBN CVLVOZB 6OTVS6OTVS .BOBHFNFO .FOVSVU

"KBSBOBM2VSBONFOHBUBLBOCBIXBLPNQPOFOZBOHIBSVTEJNJMJLJPMFINBOBKFS

EBMBN NFOHFMPMB MFNCBHB QFOEJEJLBO *TMBN BEBMBI TFCBHBJ CFSJLVU i B #FSQFOHFUBIVBO MVBT LSFBUJG JOJTJBUJG QFLB MBQBOH EBEB EBO TFMBMV UBOHHBQ C CFSUJOEBL BEJM EBO KVKVS TFSUB LPOTFLVFO D CFSUBOHHVOH KBXBC E TFMFLUJG UFSIBEBQ JOGPSNBTJ F NFNCFSJ QFSJOHBUBO EBO G NFNCFSJ QFUVOKVL EBO

QFOHBSBIBO

,FUFSBOHBO MFCJI MBOKVU UFOUBOH VSBJBO UFSTFCVU EBQBU QFOVMJT KFMBTLBOTFCBHBJCFSJLVU

B #FSQFOHFUBIVBO MVBT LSFBUJG JOJTJBUJG QFLB MBQBOH EBEB EBO TFMBMV UBOHHBQ

,POEJTJ JOJ TFTVBJ EFOHBO GJSNBO "MMBI 4VC BOBIV XB 5B MB EBMBN BM

2VSBO ZBOH NFOHVOHLBQLBO CBIXB i)BJ PSBOHPSBOH CFSJNBO BQBCJMB LBNV

EJLBUBLBO LFQBEBNV i#FSMBQBOHMBQBOHMBI EBMBN NBKFMJTw NBLB MBQBOHLBOMBI OJTDBZB"MMBIBLBONFNCFSJLFMBQBOHBOVOUVLNV%BOBQBCJMBEJLBUBLBOi#FSEJSJMBI LBNVwNBLBCFSEJSJMBIOJTDBZB"MMBIBLBONFOJOHHJLBOPSBOHPSBOHZBOHCFSJNBOEJ BOUBSBNVEBOPSBOHPSBOHZBOHEJCFSJJMNVQFOHFUBIVBOCFCFSBQBEFSBKBU%BO"MMBI

.BIB.FOHFUBIVJBQBZBOHLBNVLFSKBLBOw 24

C #FSUJOEBLBEJMEBOKVKVSTFSUBLPOTFLVFO

)BMJOJTFTVBJEFOHBOGJSNBO"MMBI4VC BOBIVXB5B MBEBMBNBM2VSBO

ZBOH NFOHJTZBSBULBO CBIXB i4FTVOHHVIOZB "MMBI NFOZVSVI LBNV NFOZBNQBJLBO

BNBOBULFQBEBZBOHCFSIBLNFOFSJNBOZBEBONFOFUBQLBOIVLVNEJBOUBSBNBOVTJB TVQBZBLBNVNFOFUBQLBOEFOHBOBEJM4FTVOHHVIOZB"MMBINFNCFSJQFOHBKBSBOZBOH TFCBJLCBJLOZB LFQBEBNV 4FTVOHHVIOZB "MMBI BEBMBI .BIB .FOEFOHBS MBHJ .BIB

.FMJIBUw 24

D #FSUBOHHVOHKBXBC

)BMJOJTFTVBJEFOHBOGJSNBO"MMBI4VC BOBIVXB5B MBEBMBNBM2VSBO

ZBOHNFOHVOHLBQLBOCBIXBi,BUBLBOMBIi"QBLBIBLVBLBONFODBSJ5VIBOTFMBJO

"MMBIQBEBIBM%JBBEBMBI5VIBOCBHJTFHBMBTFTVBUV%BOUJEBLMBITFPSBOHNFNCVBU

EPTB NFMBJOLBO LFNVEIBSBUBOOZB LFNCBMJ LFQBEB EJSJOZB TFOEJSJ EBO TFPSBOH ZBOH CFSEPTB UJEBL BLBO NFNJLVM EPTB PSBOH MBJO ,FNVEJBO LFQBEB 5VIBONVMBI LBNV

LFNCBMJ EBO BLBO EJCFSJUBLBO/ZB LFQBEBNV BQB ZBOH LBNV QFSTFMJTJILBOw

24

E 4FMFLUJGUFSIBEBQJOGPSNBTJ

)BMJOJTFTVBJEFOHBOGJSNBO"MMBI4VC BOBIVXB5B MBEBMBNBM2VSBO

ZBOHNFOKFMBTLBOi)BJPSBOHPSBOHZBOHCFSJNBOKJLBEBUBOHLFQBEBNVPSBOHGBTJL

NFNCBXB TVBUV CFSJUB NBLB QFSJLTBMBI EFOHBO UFMJUJ BHBS LBNV UJEBL NFOJNQBLBO TVBUVNVTJCBILFQBEB TVBUVLBVNUBOQBNFOHFUBIVJLFBEBBOOZBZBOHNFOZFCBCLBO

LBNVNFOZFTBMBUBTQFSCVBUBONVJUVw 24

F .FNCFSJQFSJOHBUBO

)BMJOJTFTVBJEFOHBOGJSNBO"MMBI4VC BOBIVXB5B MBEBMBNBM2VSBO

ZBOH NFOHFNVLBLBO i%BO UFUBQMBI NFNCFSJ QFSJOHBUBO ,BSFOB TFTVOHHVIOZB

QFSJOHBUBOJUVCFSNBOGBBUCBHJPSBOHPSBOHZBOHCFSJNBOw 24

G .FNCFSJQFUVOKVLEBOQFOHBSBIBO

)BMJOJTFTVBJEFOHBOGJSNBO"MMBI4VC BOBIVXB5B MBEBMBNBM2VSBO

ZBOHNFOHVOHLBQLBOi%BO,BNJKBEJLBOEJBOUBSBNFSFLBJUVQFNJNQJOQFNJNQJO

ZBOHNFNCFSJQFUVOKVLEFOHBOQFSJOUBI,BNJLFUJLBNFSFLBTBCBS%BOBEBMBINFSFLB

NFZBLJOJ BZBUBZBU ,BNJw 24 %FOHBO NFNBIBNJ LPNQPOFOLPNQPOFO

TFCBHBJNBOBUFSTFCVUEJBUBTNBLBQFODBQBJBOUVKVBOPSHBOJTBTJQFOEJEJLBO*TMBN BLBO MFCJI NVEBI UFSDBQBJ MFCJI UFSBSBI EBO MFCJI GPLVT EBMBN QFMBLTBOBBO QSPHSBNQSPHSBN QFOEJEJLBO *TMBN ,POEJTJ TFEFNJLJBO SVQB BLBO MFCJI TFNQVSOB BQBCJMB TFMVSVI NBOBKFS EBMBN TFUJBQ PSHBOJTBTJ QFOEJEJLBO NFOFSBQLBOLPNQPOFOLPNQPOFOUFSTFCVUEBMBNPSHBOJTBTJZBOHEJQJNQJOOZB

4*.16-"/

%BSJLFTFMVSVIBOQFNCBIBTBOEJBUBTEBQBUEJTJNQVMLBOCBIXBNBOBKFNFO QFOEJEJLBO EBMBN UJOKBVBO BM2VSBO BEBMBI BLUJWJUBT VOUVL NFNPCJMJTBTJ EBO NFNBEVLBO TFHBMB TVNCFS EBZB QFOEJEJLBO EBMBN SBOHLB NFODBQBJ UVKVBO QFOEJEJLBO *TMBN ZBOH UFMBI EJUFUBQLBO TFCFMVNOZB %BMBN NFNBIBNJ NBOBKFNFO QFOEJEJLBO *TMBN UFSEBQBU CFCFSBQB LPNQPOFO ZBOH IBSVT

EJQFSIBUJLBO PMFI TFUJBQ NBOBKFS ZBJUV QMBOOJOH PSHBOJ[JOH BDUVBUJOH EBO

DPOUSPMMJOH

,FFNQBU LPNQPOFO UFSTFCVU NFNCVUVILBO QSPTFT EBMBN UBIBQBO JNQMFNFOUBTJ QSPHSBNQSPHSBN PSHBOJTBTJ #FHJUV QVMB LPOEJTJOZB EBMBN PSHBOJTBTJ QFOEJEJLBO LPNQPOFO UFSTFCVU NFSVQBLBO QFNBIBNBO EBTBS QBSB NBOBKFSEBMBNNFOFSKFNBILBONBLOBBENJOJTUSBTJEBMBNBTQFLNBOBKFSJBM"HBS UVKVBO QFOEJEJLBO *TMBN CJTB EJDBQBJ TFTVBJ EFOHBO ZBOH EJIBSBQLBO NBLB EJQFSMVLBOBEBOZBNBOBKFSZBOHIBOEBMZBOHNBNQVNFNCVBUQFSFODBOBBOZBOH CBJL NFOHPSHBOJTJS NFOHHFSBLLBO EBO NFMBLVLBO LPOUSPM TFSUB UBIV LFLVBUBO

TUSFOHUI LFMFNBIBO XFBLOFTT LFTFNQBUBOQFMVBOH PQQPSUVOJUZ EBO BODBNBO

UISFBU NBLB PSBOH ZBOH EJCFSJ BNBOBU VOUVL NFNFOFK MFNCBHB QFOEJEJLBO

%"'5"31645","

#BMMBOUJOF +FBOOF )4PDJPMPHZ PG &EVDBUJPOBM 8SJHI 4UBUF 6OJWFSTJUZ 1SFOUJDF

)BMM&OHMFXPPE$MJGG

#VLIBSJ.ELL"[BT"[BT.BOBKFNFO:PHZBLBSUB"EJUZB.FEJB

)BTJCVBO .BMBZV.BOBKFNFO %BTBS 1FOHFSUJBO EBO .BTBMBI +BLBSUB )BKJ .BT

(VT

*OEBS %KVNSBOTKBI 1FSFODBOBBO 1FOEJEJLBO 4USBUFHJ EBO *NQMFNFOUBTJOZB

4VSBCBZB,BSZB"CEJUBNB

/BXBXJ)BEBSJ"ENJOJTUSBTJ1FOEJEJLBO4VSBCBZB)BKJ.BT"HVOH

@@@@@@"ENJOJTUSBTJ1FOEJEJLBO+BLBSUB(VOVOH"HVOH

4BIFSUJBO 1JFU " %JNFOTJ "ENJOJTUSBTJ 1FOEJEJLBO4VSBCBZB 6TBIB /BTJPOBM

4JBHJBO4POEBOH14JTUFN*OGPSNBTJVOUVL.FOHBNCJM,FQVUVTBO+BLBSUB(VOVOH

"HVOH

4JEBSUB.BEF.BOBKFNFO1FOEJEJLBO*OEPOFTJB#JOB"LTBSB+BLBSUB

4VQSBZPHP*NBN3FGPSNVMBTJ7JTJ1FOEJEJLBO*TMBN.BMBOH45"*/1SFTT

5BOUIPXJ +BXBIJS6OTVS6OTVS .BOBKFNFO .FOVSVU "KBSBO "M2VSBO +BLBSUB

1VTUBLBBM)VTOB

8JEKBZB"81FSFODBOBBO4FCBHBJ'VOHTJ.BOBKFNFO+BLBSUB#JOB"LTBSB

8PKPXBSTJUP 1VSXBEBSNJOUB ,BNVT -FOHLBQ *OEPOFTJB*OHHSJT +BLBSUB )BTUB

7FNCSJBSUP1FOHBOUBS 1FSFODBOBBO 1FOEJEJLBO &EVDBUJPOBM 1MBOOJOH :PHZBLBSUB

"OEJ0GGTFU