TRAN THI BAO CHAU - Khoang Doi Lap Lung

8/9/2019 TRAN THI BAO CHAU - Khoang Doi Lap Lung

1/239

7517+%2&+8_NKRQJLOSOQJ

ThuVienBao.comhttp://ebooks.thuvienbao.com

1

&KQJ

%/L[FKJLYRQQKOWK\EPWFDXFFDFKQJ(PFWK\FXQVWD\FDWLXNKQJ"FLJL[XQJWEYDJLQQOUDSKHSK\TXWYDQKXP\QKQJKQJL7WDQKKD\XTXQ.LPWUQP\NVFKEQKFFRLFRQQFGSNKQJ"QJ/LOPWKLQKEFQEQFKLFNQKNJLDKDLFKLFEQKFQJNKRPOQJ[FWL[FOXLFKQJVFKULPLQJOLFXQKX&WK\XX"%FELQJKXWD\WUQJQJVFKWUQEQYLFXQUL[XQJWQJFLQJLQKW

OQPWWJL\SOX\DKQJ[SWYXQJYFULWKHRQJ/LWPFPO\PUD[HP0LPL%DQJ\ULNKQJJS$QKVSLQY-QK7LQD\E\JLULWLFQJYLQ1KQ$QKVFKGPD+QHP*X[PQJ/LJLQLQQJL&PWJL\QJKWKPDY5DP[HPFRQJLFQJFDEQ%/LQJFQKLQWPFWJL\ULEQJFPWQK-QFKQJ0LPLODQR"7UL1O\ELWGDQKELWKLXFWKQKPLELWFRQQR%/L[HPOLOWKOQQD

PFGFK%PWULOROQJQJKHFKQJFQQKQ+0LE\OQPE\W\XQJ0\XFLJLQJJ-FSNQJRLEQJRLELOKQJULFKREFQJEFKLXFKQJQ+FFDRQJKD\LKFJ-FQJOFRQQK


2/239



2

%/LELULQJWOLFKQJDQR"0DQRPLFFK3KLFKLQYLWWQKUDQJ/LJWJQJ%POPEPOPEP;XQJORQXFPLLWLQD\KQJKD\QJKPKPEFUDVQUJDFKLF&XEFK\PW%/L[FKJL[XQJES/QJEQQJWUXQLOROQQLEXQ%FKWQKQWKLFRQJLFDE1J\EQLWLQJOPWFJLS%FKKFQOSWOJLD-QKSJFKRQJ/LWUQ%WKGL/F\EFWKQJ\XJ-QJXQJOPWJQQJOQKQEJQKDLPLWXLYLJQJPWOFQRFQJWDLWL[DQK[DQKYYFGQJUPULQWKPKL

0LE\WXLOQJWQRQSKLSKLENKFYQKWUQQK1KQJPKQ\EFKPLQJLFRQWUDLWUWUXQJNKHPQKYEWUW\XNKQJQEOLWKLYQKFKSQKQOPYWWKQQJ/LFLFQJLYYDWUYDSQQ\XWKQJEKWPF%/LVQJYLQJQKKRQJKXWURQJFXQJFPQJEDQSKWFKREELWEDRQVQJQKQJEYQNKQJWK\KQKSKF&LKQKSKFQLPWQREFQJNKQJW-PWK\F7ULWLPEGQGFQJNKQJFQKQJYPLW-QKXQFQJNKQJKQJYQJFKQJNKNKDQFKQJKUQJYWFKWTX\WQKKQKSKFFRQQJL&QWKQ[FE7UL&LWKQWKPLEDPLP\WXLXFDQJLQESWUQ\VLQKOFOFQRFQJ

NKDRNKWPQJ/LOLTXKLKWVXWQJ\LOPYNKQJELWO\PWOLKLKDQQJLYWUFKDEJLQKQJPQWLQPQJQJKOEUWWKFKWLQOQQJUDYDQJYDOQFQVX\QNKNKQKWLQJXP\[HODDQJFNREDRFLWRDQQJQQNKQNK1KQJOF\EWLWKQQNKFWKP7ULWLPFKDEDRJLKQJYFKQJEQJNKDRNKWLW-PPWWULWLPFQJQKSS+QPWQPQD\EFPWK\QKP-QKWUOLPVD\VQJOLWKLKQKWKXPLVXPLE\WXL%DQJFPWQJLW-QKPPQPWKDRWKFEYQWKLOQJFSKLOFKWW-QK\XGXPXQPQJNKQJ"+D\OQLDPPFDQJLQEQJRLEDPLWXL

%/LWKGLYXQJWD\TXWPQKESDQJFK\PPEQJUF&DLWKXKLXODOQJEFQJDQJFXQJQKLWQKY\NKQJ"+QJQJLWKQJFKQWUQPWQKQKF\FK-DUDPWVQJWURQJNKXYQ\F\QWULFDEQJRLDQK2DQKDQJQJSKDGL&PQKQJWULFKPFKPFKQQPOQFYDQPYDFL+QJPWWD\HRFKWFQKF\PWWD\FFKSPWVWULFQJYXWNKLWD\DQKULWP[XQJVQJ


3/239



3

72DQKQJQJWD\YWQKLQWKFKWKF(PDQKGPQJX\QTXQRQK\[XQJVQJ+QJKLQKXP\ULDQKQL&KX\QFJ-SKL&KQJLNKQJFTXQRNKDHPYFKRNSWKL72DQKWPWPFL&ELWP-QKWKFKE\ULQKQJFKDNSQLJ-WKPWK-+QJSKQJP-QK[XQJGQJVQJ'QJQFFK\[LWFXQDQKUDKL[D&JQJOPDQKPLELVWYREY-TXQRYQJQX%PYRUF\JD+QJUHROQ$QKWORLQJRLYDLYDFLRUD2DQKLPQKLQQK-Q+QJ&WKW(PQLFKLPDQKOPWKW

+QJNKQJWUOLDQKYWFKLFROQPWQKQKF\ULWQKEFLQWFKLFTXQGLDQJPWYWYRPWQKQKF\NKF$QKWPWPQK-Q2DQK$QKFQJSKLFKRHP[XQJQFPLF9DQL+QJYDEFYSKDF2DQKFLNKFNKFKULFFK\YQJYQJJFF\WURQJYQPLQJNKQJQJWNX(PNKQJJLQQKH+QJFOOWLQWL&XLFQJDQKFQJEWF2DQK

/QXWK\2DQK+QJELPLJLGFYWKQK-QKFRQJLPLOQFQJQKQJQJQWKSGQFOOUDPKRF$QKQKQJWQJP-QKSKLWQFQJVFWQWKLJLDQHRXL2DQKOP1KQJNKQJQJOQKQKWKEDFSOLVKDPPXQFDDQKPWFFKFXQJQKLW7KQKQJ+QJFKDEDRJLWQPFFKFXLFQKQJOF2DQKKXQKQJ\GLWURQJYQJWD\YHYXWFDDQKFJKWXDQKYRQJFP-QKULFQJFKQKF\PQKDQKUDYTX\WOLWFKQJL+PQD\FQJY\2DQKQKPLQKQJULFQJFKQKFWKKQKQ[PQKDQKUD

+QJEFELFK\UDEVQJQK\P[XQJOLPWYQJ.KLDQKWUOLWK-2DQKDQJQOPFKPFPWL[FKDDQKJLWKXFYKSTXW+QJQPJFPWWD\VDXWPLQJFKSFKSQKQKQJYQJNKL2DQKWDXOQQJFDQK0\KPQD\HPWK\DQKFYTXXTXTX


4/239



4

+QJEQJWQWKXF&KX\QJLD-QKWKL%YVDXFDEDDQKUWNKFKX7QJ\EWDYFKXQJDQKEQJFKQWWF7KQKWKRQJDQKOLPXQSSKPWFLJ-[RQJELFKRUL%7KXWPPLWKWURQJQK[LQFWLQNKQJSKLOFKX\QQJLQ$QKQKFLJDLQKQWUFPWEWD%\VRLPLFJLJLFDQK0\QPWUFFQQKDQKFKXF%\JLDQKOQULDQKELWVPPXQJ-DQKFQJELWKL$QKNKQJWKQRQKFQD72DQKWUQPWQK-QDQK.KQJOOOGRWKQKWKRQJDQKSKLEKF'XJ-DQKFQJWKHRKFWUQJQ\KDLQPUL&QPWQPQDUQJNKQJQLVDR"+QJLPOQJUWKLWKXFFXLFQJULEQJPQKFKLFWQWKXFED\UD[D0WOWVDXDQKQL

7UF\DQKQJKHOLEQJRLWKLYRFDRQJFKX\QQJKLSQ\WUQQJKDYWKL&KWQKDQKNKQJWKQRKSYLYLFKFO\PWQJKULQJ\KDLEXLFPFLYLQJKPNKFFLO\QJWLQ%\JLDQKEJEWWQJYEFELWURQJJLD-QKDQKOXQFFPWQJQKP-QKOFRQQJDPXQFWYPFEJK-PFQJOL$QKFKPQJ\QRSKYPLWKUDLW-PQKQJYLFJ-WKFKKSYLDQKKQFKUXUPW[WURQJWKQKSKDQKNKQJFKXQL72DQKQPPWKWFKPFKPULDWD\UDKQJ/PYLFJ-OPXFQJSKLKFFKDQKQQJFRQWUDLQRFQJFQKQJFPED\EQJ&RQJLEQHPWX\WKPOXQWKFWDLFQJPXQQJLFKQJFDP-QK

FQJOFKGDYQJYQJQJKQJKLSQQK1L[RQJ2DQKFLFLFLFLPPQKPXQFKRDQKKLXUQJFQJ-FFKDQLUDKWOP+QJEWFKWKLWL7KWUDFQJQJ\DQKFQJWK\2DQKUKQ&NKQJQJ\WKQKDQKWQJVX\QJKFDFFQKLXLXYW[DWXLFDFLOF+QJFPQKQFQKQJWQKWRQQKQ[WPWYQJ-TXDFLQK-QOLQJKFFKQLFD2DQK$QKEWFKWQK-QWKWN2DQKFSPWSUWVFFDFDQJPPQJJ-$QKELWFFQKLXWKDPYQJULEQJGQJDQKQKQUDFKDEDRJL2DQKWKQKQO\X

DQKF+QJFKXDFKW(PFQJPXQFPWFKGDYQJFKFFKJ-"2DQKWO&QKFKPLFL


5/239



5

LOFHPQJKP-QKFQJFQFPWFKGDWP-QKYQOQFKFKGDNKQJSKLOPFFKP-QKPF+QJQKQYDLWUDFFQJQLWKWOQJP-QK&ODEP+QJFKDFKLPRWLXDQKPXQFOFEFLPWOP+QJEQFKQPLNKLQK-Q9L2DQK+QJOXQFFKWJ-QQDQJHGLXY-XWK-DQKYQFKDELW+QJEFQJFF\O\FKLFTXQGLFKYDURQFPFYR.KRFFLRWUQYDLDQKKWKPQK-Q2DQK&KDLEFYRQK%QJRL+QJDQJQJLWUQEYQ6DRKDLDQOPFKP/L7KLXFKD"1JRLFQXFPQSVDXES+QJ9RO\FKREQFRQQYL72DQKQKDQKQKXEFQEQE'QJRLFRQ

5LFWKRQWKRW[XQJESUWWQKLQEQJRLFKPFKQK-QWKHR&RQQKQ\[XQJ\P\OQULSKLNKQJ+QJ1FQJ6L*Q'%QJFQKLQD+DLDE\NKQJFQLKF"+QJQJSQJQJ

'WLFRQDQJQJKQWKLFXLKFSKQTXQQPLY/L7KLXYDWKPQJRLYDFKRNKX\NKD/FQ\P\YLEDP\WKQR"+QJQK-QUDFDFKPYQWKDQJQYQJQKFPW&RQYLEDFRQFQJE-QKWKQJ&G-7WK-NKFKXUDPW1KLXOFFRQPXQELXKD\Y\YLQJRLFKRUL7LQEFWK-EDP\FWKD\FRQ7FW"

%FWQJRL%LY\VDXQ\FRQFQFWLQWLXOWYWFQJNKPF%DFRQFEDRJLQJQJQJJ-QFRQQJOROPQSSKHSSKLWVXWQJ\WLYOVD\NKWNKQJ1KQJOFOOFG-7NLPFKX\QFKLFKPQJPR&RQEFELQKQJQJKWKQJEDQQFRQUQJQKQ72DQKQJLVDXESQJKHKDLEFKX+QJQLFKX\Q&FKWWKGL


6/239



6

*LD-QK+QJWK-UONKQJKQKSKF7KFQJLD-QKFWK-VDR"2DQKQJKQPP-QKFKX\QJLD-QKFFQJOPLXQJEXQWKQKQJFFKDPWOQKPLQLYLDL&ELWPP-QKFQUWWUSEVQJQKGWGEQFL[FNKKRFDQJFKQJJL%NKQJK\XFKQJLXQ\EFQJNKQJKNYLDL1KQJDFRQFDEFQJFKQJKTXDQWPY-FXFVQJSKQJOQJQJ\TXDQJ\FDEYQPPWLSQL7KQKQJP\OQFEWJSPP-QKLYLPWQJLQQJWUKQEDFQKLXQKQJOQFKWKRQJWUQKPWY-FFQJDQJWUQKFLFKLYLPEQ1KQJOQ\NKLQFFPWFLQK-QNKFYPP-QKQKQJQFKDWRFKRFPWQWQJVXVFQRF7UPWOQFFQJFSWLWLFKLQKQJYQJYQJPWKLNKQJFPFQRKSGQFFKQQQEYQQKFWK\FQJURQJYNKDEQWURQJ&O\FK-DNKDULQJFDP-QKPUD

QKQKQJGW[HYRYYQJQJESUWPOQOX1JDQJSKQJFDPFKLQJFQKLQY-FDSKQJQJNQOLFWLQJQJLEQWURQJ0WOLQKFPPKOP2DQKQKLQJFFFL[XQJQK-QYRNKD/UDFELXFKQWDQWUQJVYQKQJNKQJKLXVDRFOLYSKQJFDP-QKQPQKQJLPWKQ1KQJK-QKQKVQJQJPWFFKNKQJNKLSOPFEYQVPSKWWULQQK2DQKYDVYDWKFKYYDJLQQD+-QKQKQJLPQOFFRLQKKRQWRQVS&QPWURQJSKQJP-QKFW-QKPFDFKE/LLQJDQJTXD%KWKRQJFK\YRQK-Q2DQKSQJ&RQYOXFKD2DQK"

&RQPLY1KFXTXP*LQJE/LWQKLQKQ&RQ3KQJX"2DQKQJLG\1FQOS0WFQK-QPQJPWKFKWKF%/LELULEFUDNKSFDSKQJFOLWKQE

DQJDQJLQQJY2DQKQPYW[XQJJLQJPO\FKLFJLFUXQU\QKOL5LWFFQKQJEXLKQKNKF7UFNLDNKLFXYRWUQJ;Q\YTXHQYL+QJPWDQKFKQJWRFRQUWERYFQJUWLXQJKKFWUFFPWQP7EDRJL2DQKWFKRUQJP-QKOQJLOQYLQKQJEPWFDULQJP-QK7URQJNKLEDFYFRQE3KQJYQNKQJKKD\ELWJ-F'LPLQKFEQQJLFKDLQJLYWYWK\P-QKKQKSKFFQKDLQJLFQOLOXQNKWNKDRLW-PQKQJFL


7/239



7

P-QKNKQJEQJOQJWURQJFXFVQJKQKSKFFDKOQKQJSKWJL\VQJQJRLWUFKQKLPQJRLUQJEXFFDJLD-QKQJ/LQK-QJQJPWFDKDLFFRQJLULQJFKWWKGL0WDQRFQJOYQJ\WKWURQJVQJWKPFKELXOQWEWE-QKY-WWKTXTXLNLDXWLQO3KQJFFKL\\&RQNKQJELWJ-KW&XQVFKQ\FDFK2DQKFKNKQJSKLFDFRQ%/LFYEQKFRQEFK&DFRQ2DQKVDROLQPWUQEQP\"73KQJWUQPW&RQXELW

QJ/LQK-Q2DQK&RQEOPO-QK-QPLQJLFLQK-QFDQQJQJE/LULSJQOQ/WKNKQJSKLJLFKRFRQ%DPWLQKD\NKQJWK-W\EDP+DLDFRQXFTXHQDLWQ*XWQ%HRJ-X"QJKPKPTXWOQ.KQJOOWUD"3KLFQJLQKQWKPLFDJLFK/QULNKQJDLFPFFFRQFEQ1KQJWLVDRNKQJDEQYQKFKREDPELWPOLKQQJRLOPQJRLELFQJYLQK"

+DLFKHPQJLLPUH&XLFQJ73KQJUWU%DKPFRQFKRFRQ3KQJ0LQKPQFXQVFKQ\'PWKQ\FDQROPQKQWQ0LQLQJ/LKPWWLQJNKNKF%WXWKPQD\JKLWKLNKDELXOQEQJ7LKFWKP$QKYQEDVDL+DLFKHPSKLQKDX%QESKLUDEQESKLQJKRQJWW0XQJ-FQJSKLUDWUQJFFQJQYLFOPQJKRQJ7LE\QJFKRUQJP-QKOQFKFKDP

OPFPFOWURQJFKX\Q\XQJQJEFELEOQOX%/LQK-QKDLFFRQJLULYLEFWKHRFKQJ73KQJQKQYDLQK-QFK&KREKDPYXLOQVDXWK-UQJFKXQK7GQJEQJKHU\RDQY-E


8/239



8

72DQKOHOLDFKPQWSKLVQJ3KQJKL1\*X[POWQQRY\"2DQKQKQPW&DFRQ0DL1KLFKFKXELW3KQJWUPL/PQKHPQJXOP1LFKRPOLXKQQJKKFKRLNKQJLXNLQ[WOQOS

2DQKWKGL%XQEXQWKHRWLQY/L7KLXNLPWULF\QFKL%\JLWOLYDUL&XLQPOOLWK-LWQ3KQJYQFQWKFPF'RQ\FKLFKLYLQKPQRY\"2DQKWQKE1KPFRQ&F+RDFKDL7LQKLVDRHPNKQJL"

73KQJYXWWFLKDLDPWOFFKRFKWFKPK"9LOLHPFQJNKQJNKRL0HPQJKHQLFK[OULP"2DQKKLNKQJPWFKW&FKL1KPQK;OYLDL"9LDQKFKQJPWKQKWKRQJKF$QKYQFKFQJFSLXQJFSK

2DQKFLJQJ9LDQKWDWK-OXOXYRTXQQJKHQKFFKFKNKQJ[OJ-F7LQQNKQJK2DQKQJG\EFQWUFJQJ&NKQJPXQWLSWFQLFKX\QYL3KQJ


9/239



9

QDY-JLXXFQJVOLXL&RQEFQJUDQKOPFKXSKLYD&QK-QP-QKULOLFVDQJ3KQJ5OKDLJLWQFFKHPVLQKLNKQJNKFQKDXQWQRF&KPWEWQKWUQL3KQJQKPWYWOPGXFDEPOFVLQKUDEDPKDLFNKQJOQOQWKL1KQJYWQKQWWK-KDLQJLNKF[DQKDX7OFQK72DQKOFEWNKLWKQKWKWFKNYKDPFKLKQKDPKFKDPOPLPQLEWFDFWQK72DQKOFVOPEWFYLFJ-RWFLXFPXQ&QJOQEQFKWFDFFQJUE\JLFOLWKPFLPDPQKWKRQQD73KQJWK-WULOLKLQGXYWWKWWKKD\JLSQJLNKFYWKQJNKQJJLXNQVX\QJKFDP-QKLYLQJLWKQ%DRJLFFQJKD\NQKQJFKX\QULQJVX\QJKFDP-QKFKR72DQKQJKH&VQVQJFKLDVYLFKQKQJORXSKLQWRLPWFFKKQJKLQKLWW-QK7EQJL

3KQJEDROQQFKXWLFXJLP2DQKUL3KQJOXQQJKP-QKSKLFKHFKEQKYFFKRFKGYLF2DQKOPOUQJUQJFOL&YQELWWQKFD2DQKFQKLXFL[XQKQJFNKQJNKX\QFFKP-QKQQUWFXF3KQJQKOQJLFQJFKXEXQYXLYL2DQK0LWUL2DQKFFPWQJYLFPWDOPKDLDFQJFKXOFKX\QWKQJW-QKQJQKLQLOFQJPQJK2DQKFLPWP-QK5O3KQJOPUWQKLXLXWWFKRFKP-QK1KOPELWURQJOSWKQJ3KQJKD\OPOXQFFKR2DQKULFQJQSQKFYQJQKYFQKQJYLFYW2DQKUQKPLFKL7QK3KQJJLQJFKDFQFOWQK2DQKJLQJPQJ/LEDRJLFQJVX\QJKJLQQYEQJOQJYLFLP-QKFQJWNKLQYFRQFOXOXJLWR2DQK3KQJFDQRWKDGOQJ\QWPQPPLWWURQJSKQJYLFLWLYLFLFDVVHWWHKWQKQJWXQJFL

OQJFUFKFDQJQJEDRJLFQJWLQYRQJLYYKDLFFRQJLFQJPQJTXKQPLWKWUQL+QJQJLOPO-EQO\FSKFQPWQD/RQJKL+LVQJP\QKDQRWURQJVQWUQJY\"+QJQKQYDL

7DRWPXQJ\JSOQWURQJVQWUQJOP+LVQJQ\WDRFDQWKQJ+RQJYWKQJWFKWDRFPJ-8QJPWFKWFSK+QJQLWLS&QJWLQJ1JX\Q'XPUDF7GQJQKFOLKLKFSKWKQJKDLWKQJKQJFKHP7+LUDWUDQKOXQDNKHQUQJQKQYWQ\DQKKQJDFK7+LONO\QE&WKWKLPVDQKV


10/239



10

/RQJFLQK\PWYL+QJQEFQKQQJ.LXFQJQQO\P\+QJOPWKLQK/RQJELWP\QJ\QD\+QJKRY-NKQJJSF72DQKQQPLQLNKXQLPF+QJKWKP0\PQKQF72DQKPXQJ-WDRFQJL/RQJVRYDLUWF7DRNKQJSKQELWFKDLFKHPQKQP\/QKQQKPFRQ73KQJQQLKQKQLWLEOP0VDRKPU\HP2DQKOQPWY\"

+QJNKQJWUOL$QKFKPWKXFKWULWKD\KSTXWFKR/RQJ7KPLOQQKQJRLYQQD\2DQKOQPW&FKYLWP\FXQKEEQWKXFOQJWDFKR+QJ0LQJJL\JKLYQYQ*X;P1KPXQLQQKQJEULSKLWP[DNKQJWK-0LQLEFRWUFX5LWLQ+QJWK\QJ/LNN+RQGDWKHRKDLFKLF[HSFDKDLFFRQJL&KFKXQJYRKFQJPLY7LFKDQJLWDQQJQFKWUXQJWPVLQKQJ

+QJQXFUXW9RWUQJDQKFKWK\WKRQJWKRQJKDLFKHPFFDOSFKELW2DQKODL3KQJODL;QJ[FYROSW-PWK-WKWOEWWLQY-GVDRQDKFQJSKLQPWEQFRQWUDLOSQ\FK0WKPWKRQJWK\EQJ2DQKEFYKQJFQWLQWURQJJLFKLQR+QJYLFK\[WKHR72DQK$QKWKWEWQJNKLFLJLQJDQKUWGWKQJYDQJOQ

*X;P

*X1XJ-ODQKK"&KRELWQKHQ&K2DQKFWXLJLPVWNOPULNKQJDLGFX

7ULW&RQENKQJNKF2DQKFKQRF1WPLWUWUFRQJFRQJQKPWHQQKQKOQJOLQJPLWFPWGLYYFGQJWKRQWKJLFP&LX+QJFQJQKQUDQJD\NKQJSKLO2DQK3KQJFQWJ-UWPKQKQJFQJUWUOFFQQJ\WKWURQJVQJFKNKQJOLLQK2DQK


11/239



11

7UFNKLTXHQ2DQK+QJWK\KDLFKHPFPWOFQKQJWURQJKDLLPWHQUWHSFKPPWDQKFPWLQK-QYLYGQJGQJYWPYPWLPWQK-Q\W-QK6DX+QJW-QKFJS2DQKQJRLFQJYLQYLPEQ4XDFLEXQJOLFDKQJPLG\DQKELWQJD\LPWFW-QKYLDQKFKQKOLPWFDFEQ\4XHQQKDXFKSQKRQJYVD\QKDXQPF+QJNKQJQ3KQJ$QKFKDEDRJLJSULQJQLFKX\QYL3KQJFQQKP\DQKWKWVVQJVWWUFQKQJQWJQQKJLQJKWQKDXFDKDLFJL7LQJ/RQJOLYDQJOQ+QJ&EDRJLP\LYLFRQ3KQJPWQJOFRQ2DQKNKQJ"+QJFLWPWP/PJ-WGY\

/RQJQKSFKQ9\OPVDRP\SKQELWFKDLFKHPQKQ"+QJUDYVQKL7K-WDRSKLFNLQKQJKLPULQJFK/RQJYWFKLFWQWKXF[XQJWULGQJJWGGOQ7DRWK\QKLXFSVLQKLUL1KQJSKLFQJQKQFKHP72DQK73KQJJLQJQKDXTXVF0\DEQKFFKXQJYLWLQWKLOSPLQJLYQFQOQ

+QJFKFFKQ7DRPERNKQJEDRJLOQ/RQJQLWLS7KHRWDRELWFRQ2DQKPFKLKQKDPKFFRQ3KQJWULOLFKPKFNKQJWKFKLFKL7URQJOSWLQWKFKFRQ3KQJKQY-FRQ2DQKFDP\/RQJEOQJOP+QJEF$QKKWKP

.KQJQLWK-WKLQLWK-SKLQLFKRKW/RQJQKQYDL&RQ2DQKWQKWRQYJLGL1NKQJYDJ-GPLFKLYLP\WKQJOSWDRY[QJO73KQJ


12/239



12

+QJKPKPQK-Q/RQJ0\QLVDRFKRQJQJKH+QJFLJQJ7DRWKQQQPLQLYLP\3KQP\SKLW[HPOLFRLQJKD\VDLFK"1XP\JKWWDREQJFLP\FKLNKQJKQVDR"+QJOQKOQJQK-Q/RQJ*LQJDQKUWKQKF0\QLY\WDRFPQ1KQJQXP\OEQWWWK-P\FQQJKHWKQJQRQLQKWKQDP\FKQFKRWDR+QJWFWL[RD\[RD\FKLFO\WURQJWD\$QKFKWGQFLO\[XQJEQ6QJPDLYRWUQJWDRQKWQKSKLJSPWFRQE2DQK*LP\UQKNKQJLYL

WDR/RQJQJFQKLQLX"+QJYXWWFQKELFKL/RQJKPK

&O7DRNKRLFKXU-DOP

&KQJ

+QJQJG\WKWWKXEFUDNKLVQJEL7ULPPWLXFDQKFQJUD+QJFPWK\FKRQJYQJWUFFXFHQYDUL$QKDWD\YRWLTXQPRLWLQOUDPFQJFQFO\FSKYLXWKXF6P-QKKPQD\HQTX+QJWKGLEFYTXQFSKEDQFKLX/RQJFQJYDYRQ

&K\VFKULK"+QJQJLGDYRFKLFJKP\FKQQQ+PQD\[XLWKW+WD\FRQWK-NKQJVDRPFQOFOPFLWK-ELWDROWOQKWWKQJKDLEQK[HOLQEQLFYQOLPXWKXQPXGFO0\WK\FWFNKQJFK"


13/239



13

/RQJDWD\JLXQK-Q+QJ%LWDRNKQJQQLWQKY\QKQJOPFLWK-FWKXDQKQJWLWOQWLQPL[XLLWD\P\OQUWFXFFQJLWXVXW5L/RQJUXUX7DRDQJOR0WOWSKLODOLQQLOPVDRFKREDWDRQJKHOWOWDL.KQJWK-GPQQOP+QJQJFQKLQ0FKX\QJ-/RQJ[LO

7K-WKXDEL+QJSK-FL/PVDRQJELWPP\OR/RQJKWFQO\FSK[XQJWULUWWUYR7DRO\WLQWKXYVFKRQJEDQD\QQJFK\KWULL%DP\WKXYVEDRQKLXQWKXDJ-/XOXNLPFKX\QSKDPWOQNKQJ

VDRX/RQJUXU&KF+DLEDOQULPLUXFK+QJQK-Q/RQJWKQJFP7DRKPU\FQJNKOP1XNKQJFKRP\PQWP7KLUQJFKXQJKH\OWDLFKFRQFXWQKP\QJXGPURLYWJ-

+QJQJG\PWLQOWUQEQ7KLXJ-FKFWQK0DLHPWUWKPQJKHFK7P5LDQKY/RQJEFTXDQJ+QJFKQQQ$QKELWOPJ-FKRTXDKWPQD\\NKLVFKYNKQJFQOPQPDQKWKFKWK'RQ\DQKYQVQJVQJQWUQJYPXQW-P2DQK+QJELWDQKNKQJWKQRKFFQD7KLYRWUQJ&DRQJFKX\QQJKLS;Q\OWUQWUQKPWWUFKQKLPNKFLYL[KLFKDQKQRF


14/239



14

WKDWKLWJ-YLFKF9GRQ\QXNKQJY-FRQE\+QJEPLWKWOXUL+QJEFWLFDOSFD2DQK7LQJEQFRQJLFKDQKFKXDYDQKYDQJOQ&KHPQK7&DQKFKQJQRNLPN-D+QJQJNKRDQKWD\GDFW3KLFQJQKQWUQLQ\NKFFKX\QJ-JLXFEQFRQJL$QKUWWKQWUQJWURQJYLFTXDQKYL2DQKWKPEQFRQJLFQJELWWXW7LQJ2DQKQKQKWUFK7-PHPOOLXQKY\YQKEU\FKR[HP+QJYQQK-QUDVQJLQJWKDWKLW&KQKTXFKXKWQLUL2DQKGXGQJQKQJFQJTX\W

3KLKQFKJSQKDXWLD'XJ-FQJSKLORQDFK(PFKQJPXQOLOS%DPKPULUWOFKW+QJFLJQULTXD\OLQK-Q2DQK&WKWOHPKDPKFNKQJFQJ"2DQKEQJEQK'QKLQONKQJKDPOPQKQJSKLKFFKR[RQJ

+QJOPO-+FOPWOWUDFQJFOFJSQKDXFK/PVDRJSF"+QJQL0\WLULDQKWK\EDHPXFWKHRKWQJQD1KQJFQFRQ3KQJ1PFKFQJQRQ

+QJQK-QFYDWKDWKLWYDKPGD7LQD\L2DQKFKFJLFQKD$QKFK(PFWKX\WSKF3KQJ1XNKQJQJ\PDLDQKVQWQQKHP2DQKQJQQJOLF+QJULPLQFQJJWX1K-Q+QJEFLFWUPQJPQJKQJL'RQ\FWQJKQDQKQXFWK-FQJOQKQQKQJFPJLF+QJWRUD


15/239



15

FKRFPVD\WKLXFDQKWDNKQJFJ-EQWURQJF*LFPOPQJLKQJPWFLFKOPWPFFPWWQFDPWDQKFKQJOLKFKDPFKL1XFEQPWQJLFRQWUDLOFKOPNKFELWXFVWKFKKQQKLX2DQKQKQYDLEFYROS&KXQJUHQJUL1K-QTXDQKXEQEQNLDFWK\3KQJDQJOPEPGEL2DQKFQJYLPWSUD7LWQ\OWLWNLPWUDFXLQP*LRYLQFKSELOQEQJULP2DQKYQFKDQKFJ-F&QKQQKQQJHPFXFX3KQJQKHRPWFL2DQKWK\QKQKP0WFKWWKLFRQEVWK\FKRFED3KQJFK\OQOXWKKQKQ2DQKQJFQKLQ&KX\QJ-Y\"3KQJQJL[XQJJKO\WEROPTXW7K\JKW7QKLQWKHRQJLWDWLWQQK(PQJFQJULFKXLWXWOQ\

2DQKOLKL0DLY\"(PYDFQJWUQJUDWQWKHRKLWQKLWXLWPOXP1K+RLWLODQKNKDLWQHPPLWFFK5L\FWLNXUREDPU\QDFKRFRL2DQKSK-FL9\PFQJFXQJOQ

9DQLFYDQFDVQK-Q[XQJQJ0WDQKFKQJFDRWRDQJQJLWUQFKLF&XEFQKQQK-QOQOX0WDQKFKQJUQJUNKLQK-QWK\F2DQKPPFLWKPQJK&QJNK\FK&RQ3KQJNKQEXQFL2DQKYYQKNRPQOLLPLPPFLYWFQJL[XQJJKQK-Q3KQJ$QKFKQJYQFQQJLO-QJRL\3KQJWUPW

5LVDR"2DQKWKQQKLQ.KQFKVDR7LKP2DQK[FKFPQYRWLPPXDKWLXFKRQJ/LWK-JSDQKFKQJWRFDR


16/239



16

EDQVQJDQJQJLWURQJWLP$QKWDFKQ2DQKOLQJD\7LFWKJSHPFFK"2DQKUWUFKSLPWULQJ[XQJQKPFF&OFX%DPHPNKOP$QKQJOPHPVQKKLVQJ$QKFKQJQK-Q2DQKNKQJFKS7LQQK3KQJFNKQJ"2DQKOFXLPLFRQJPQJPQJSKQJSKX7WQKWOQJWKHR(PV$QKFKQJKSWS

0WOQKQWKL1XNKQJPQD\WLQJQJRLFQJQKHP2DQKOFX&QKQKQQQ&KRHPY%DHPFKOXU\HPWLQJKLS9DQLFYDGXGQJEFL9QQKQJFQJOLFQJKHWLQJWKQJJS$QKFKQJQJLWUQ[HEQNLDQJUL2DQKEQJKWLXYRSKQJFKRQJ/LQJQK-Q2DQK

0FRQLX"'PLNKXLKLQJ/LNKQJQLQDFPFLQ2DQKELWEDFFVQJKLQJJ-QQNKQJLWKHRDQKDLFKHPFQKQJWLKF$QKYQQDQJ/LY3KQJXQJUQJNKLEDFKDFRQYDUDNKLQKWK-E/LFQJL%ELWQJFKQJJLFDEVWSYRQKQJEQQRQKPQKLO\WUQKYLYQFFKFFFRQQQWLQEFQJNKRFYRQJLEPPPLVDQJWUQJWUWUXQJQKWQYLQJLW-QK

QJ/LNNKDLFFRQJLFQJKQQDWKQJULFQJFKQQQOLQKQJQKWK\YP-QKFLXJ-UWO1KQJNKLQJQKWK-EFQJQK7LFKRE/LFWKWWKPUDYRNKQJ\Q4XHQULQJLQKOPVDRFKXQLWKOPWKDLQJ\EOLNLPFKX\QL&EFUDFDVQK-Q[XQJQJ$QKFKQJO-YQFQQJLWUQ[HPWUQJF\VL


17/239



17

&RQE3KQJPTX\QVLQKYWFOPWKPQKWQJNLQK2DQKYQDRFP-QKFYWQK3KQJ9-WURQJVQJYKQQKLQQK3KQJTXOVXQJVQJ*LQKE\JL2DQKO3KQJQKDQKFKQJNLDFWQJ0XSKLFKP-QKDQKWDQKLXWKQJQJWQJOPO3KQJULFK1JKFQJEXQFL3KQJWK-QKWQQWQQRUUHQWQWQKFXYQLOLYLFKKWQKFKFXE7KO2DQKQJKLPQJKLQQJYDL3KQJLFKLYLOQ[RQJULOPWQK[NKLJSOL3KQJNKQJKKD\ELWFFQJKQJLQ2DQKUDWD\WUEQUQFKX\QQ\KF&LWUQ\FQJYXLQQ2DQKVWVQJFKQNKLJS+QJWK-PLGWFKX\QWKD\QJLLYQ\2DQKYDEFYREQQJLYDQL

3KQJ$QKFKQJKLVQJEQNLDQJN-DX"9DKL3KQJYDQEQFDV*FRQWUDLDWD\OQFKRF3KQJ[XPWEFYR5DWD\L2DQK2DQKQKHRPWDLXNLQ

(PNKQJPFKEDK"3KQJJWX&J-HPQLFKLPXDEQKP-FKRHP2DQKFKLOLPLWFGLQJPWULEFUDVQ&FPWK\WKFKWK9LDQKFKQJOKRFQ\FVWKDKEDKRDFKFKFKH7LQD\FPXQP-QKO73KQJ0WFE3KQJKRQWRQQJ\WKWURQJWUQJ

PUWQKLXNKLVKQQKLQYWFDHPFYFQJFPJKW+-QKQKWKLQRQK[XFWQJJDQKWFY-WLVDROLFPWQJLJLQJ\QKP-QKFNNNEQQFKXQJQJFKXQJEQKFQJPWOWFQJFEDPFQJFKLX\QKF5LQKLXOFEDPFQEWFSKLQKQJSKLQKQHPQDFK0FEDRJLFQKQJQKQ3KQJX"7ULOLFRQE3KQJOXQFKXSYFK1JLWDERFKHPVRQJVLQKWK-NKQJNKFJ-


18/239



18

QKDXF7KPFKNKLQJLQ\EDXQWK-QJLNLDFQJFFPJLFQKWK5OOR&WKFKX\QQ\[\UDFRQE3KQJQQQEDRJLFQJQKLWW-QKFKHFKOPQKQJLXWWFKRF&QJY-WKPWVJDQKJKWWQKLQFDFLYLHPGQGQEWLQJQJKFPWQJLJLQJ\QKP-QKNNNEQ+\QJKP-QKOKDLQJLWK-KD\KQYGWLQD\72DQKVO73KQJQJ\WKNKNKR2DQKEFTXDQJWD\HSYXWPLWFGL$QKFKQJOPPFL.KQJVEDPPQJVDRFE"6FK$QKWUQJF\OXTXHPSKLQQQQDQKYLNRVQJ[XQJWK-PX$QKFKQJWKFKWK

&K.KRORY\VDRNKQJKLWK[HPDQKWQJ-"2DQKFRQJPL0XQOPTXHQWK-SKLWNKDLFK"$QKWQ6Q2DQKQQJQX$QK6QYL

6QOUWO3KQJ&KRDQKPWFLKQDQKVYQJD\2DQKFL[XQJ(PFKQJGPY-XEDRJLHPFLFKL6QWQFQJ9\QJ\PDLDQKYRQKQJKRQJ

2DQKOFX.KQJF6QWKWYQJ7KWK-ELWOPVDR"


19/239



19

2DQKOLF6Q1J\PWWUQJHPWFKFYQQJKUS.'1XPXQJSHPWK-QJQTX\YHPFK[LQFL[HPYQQJKWKL'WOL2DQKFK\YWTXDQJFYRQKFKWFQJOL3KQJWKSWKVDXES&KQLJ-YLKQY\"2DQKQKQYDL0LXWK-QQQ6DXKPGDOEDVS[XWFKUDY-FNU-QKQK+QFK\WXW3KQJQJKLQJ

&KQLFLJ-VDRQJKHFQJGKW6DRHPQKWEDFLYQ\TX2DQKWKQQKLQ7SFKRTXHQL$LKLXFXEHPKRL3KQJWKFPF0KQWDFELWFKOFKHPNKQJ"2DQKFL

.KQJOFKQLFKO3KQJ"3KQJLPOQJ&EFOQOXYQLJLQJ[XQJ6DRPOXYTXFK2DQK"2DQKKLWUPL0LQE\JLFRQE3KQJYQWUQJPQKWUFRQWXLPXJLR6DR72DQKPXQELQWKQK73KQJTXVF72DQKJLYPFFQJL[XQJLGLQ6QWD\FPQPFKLFYEQJQKXQJHQ

QK[XFKYDFKLFNKQWD\6QKL6DREDQVQJUFFQJWUQJHPOLOPOYLDQKY\"&KSPW2DQKELWQJD\OEDQVQJDQKWDJS3KQJFKNKQJSKLF(PVEQEWK\YQLYLPHPVEU\1KE\JLQJL\FKWLPHPQK\OW1OQJDQKHPPLQFKWKWUDHPFELWJ-YDQKX"


20/239



20

6QFL/PVDRHPELWF$QKXSKLGQ\$QKQJ7KSOQQKEFFKLOUDYULQKQJJSHPDQKFKDVDRLF2DQK[XPWWKWG\X5LPDLPWDQKFQJLELWXFQJLEXQ6QFKSPW3KQJXQJQFL72DQKOFX(PNKQJNKW

6QQK-QF1KY\OFKDWKWOQJYLQKDX2DQKGX\QGQJQJKLQJQJKLQJPLWF$QKQJWUFKHPQKPGQQKLXLXOPHPTXQOLPLQ\OJDQOPUL6QPPFL

7KWK-DQKNKQJGPS2DQKKL$QKWK\FRQJLWKQKSKWKQR"6QOLF2DQKULWQWQK&FFNKFWK-DQKNKQJUULQJHPWK-UWUQKWQKWYUWGWKQJ72DQKFL&FKDNSQLJ-WLSWK-WK\+QJYKDLEDWQEQNKQKNKQJ

EFYR2DQKKLORFLWQKWKFKJ\VFD+QJQKQJFYLWUQWQK&DQJO73KQJNLDP2DQKWKQQKLQFL[XQJYQKQJQWYQJKDWUQPWEQLKQJPLFRQJQKQKFKSFELWQJRL6QUD+QJDQJFKQK-QFQJO+QJWK\2DQKDQKKLNKQJOL7OQKQVDXFQJFFK\KDLWXQUO2DQKPXQWUQKDQK7KPE\JLFOLQJL\YL+QJKLEWQJNKLQKQUDJFRQWUDLDQJPPLQK-Q2DQKO6QWKQJFKXFDEG-JKDQKYDWYQJWSKQFKXDOQ6L*Q


21/239



21

+QJFQFKWKPOL2DQKKD\3KQJ"2DQKFEDRJLHPSUWUWKNLD"2DQKVDRYQWQKNKNKLWK\DQK"+QJQJQQJULQJG\EFQEQEQFD2DQK5WWQKLQDQKNRJKQJL[XQJ&QJOQJLTXHQF$QK6QKD\WKW0LPFEQUL2DQKFQJUWWLOPTXHQFQJLWKQKSKFKSQKRQJ9DQL+QJYDQK-QWKQJYRPW2DQK&GXGQJWURQJFKLFR[RDUQJUPPPWPPXQJFWKFKLPWWUQQDLWQJ\QJFKSQK$QKOPUL7LXSKLO72DQK&K2DQK[HPYQQJKP+QJFL9\VDR"7LFWKW6QQJFQKLQ

%FKHP3KQJJLQJQKDXOPK"+QJNKQJULWLDPWFDP-QKNKL2DQKFYQHOPQPFKLFYGDQKEQJQKXQJHQ&OQDQKWK\2DQKFPFKLFYQKWKFKNKFOPXYFDFVFWKL+QJSOL6Q+DLFKHPQKKDLJLWQF6DQKLP7KL[LQOLDQK6Q&OWURQJLWLFKOPPWOQQ\$QKQJG\EFYEQP-QKOQJKPKFNKQJWKL1JLXQJFSKQJKHYLEQQKFUWLQQPFQJDRQJQ+QJWK\6QYFRQEQJG\FWDNKSQSEFWKHRVDX6Q$QKFKQJYYDL+QJULFKFJLR[DQKL

+QJYLOQ[HP-QKFK\WKHRQUSKW6QWK2DQK[XQJ&OHQOLYRPQJULYRWURQJ+QJFLJQ&PJLFVQKFY-ETXDPWOPDQKWDLQWLW4XD\OLFKEQWKXF+QJPXDQDJLULSKQJ[HLPW+QJNLQQKQQJLFKKDLFKHP2DQKWUFQKNKXWVDXJFPH+DLFKLF[HSPLQLQJQJOL$QKEFYLTXDQJ72DQK&KLFR[DQKJLWP-QKTXD\VDQJQKQUD+QJFQKYW[HYRQKOXQQKQJDQK

NRJKLQJYOQKOQJ5ULQJNFKWLOP+QJYXQJWD\WWYRPW2DQKKDLFLYEFYFKLF[HFDP-QKUJDSKQJL2DQKDWD\[RDPWQFPWNKQJWURUDPOQJOLJLQVLOQ3KQJQJQJFQK-QFK&FQJDXQKYDEDLQKYRPW


22/239



22

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

PLNKLXQJWU0FFKRFFQJQJKLSFWXLFDXP\NKFKX6DQJNKQJJLXVWKFKFDP-QKOWKFKXQJUXYLVLQKYLQLFKLYLVLQKYLQLYLQDPVLQKYLQDQKODQKWK\FKXFKLSKQJWKRQJFLPJQJLYLJLLWUFKNKQJJLQXDNKFKQQKQKQJQJFWK\OQWXL&QLYLFFQVLQKYLQWK-WK\6DQJOPWQJLOWQJYPLPWOPWPXQQJPQKLXFEPWQJNKSWUDLYLYFGQJQJKVFDRJ\PPPLPLWFHQWDNRNKRORYDSKWWRWKPQWWKDQKWFKRJQJPWWKDQKPQKQKFRQJLLPWHQWRKLPPQJYFKLFPLQJPQJUQJKD\PPNKLQFSPLOXQKQJDFP

/FQ\FKLFPLQJUQJ\DQJPPOLEFEL6DQJURPWW-PPK-QKQKFKQJWK\FRQEXF6DRWKQK"&KQJOKPF\QJK"6DQJWWUFKP-QKKRLFQJYFKELWEDRQKLXFJLTXDQKDQKKDQJFKFLJWXOLWW-QKGGLFDDQK9\PDQKOLNKQJWKFK*QEDPLWXLULW-QK\XXSKLOFKX\QEPWPDQKFKDPWOQQPTXD7KVDRDQKNKQJWKGQWUFQKSSUQUFDWULWLPP-QKPLOQEFYROS\

$QK6DQJDQJPPQJJ-6DRNKQJ[XQJSKQJQJKPWXQJQF"6DQJKLEWQJQKQJYQOQJLODQKWUYEWWKLSQQDQKPDXPQ7LL7KRDFQJLFKRYXL\FK9\Q\JL7KRDOPJ-PUDWUY\"*QJPWPDQJQQJQWNKFQJUWQQJ\WQQKDQJFD7KRDKQJOQ&VXQJVQJY-KPQD\6DQJWYQP-QK7KRDNRGLFLJLQJFQJQJFQK


23/239



23

QJLFUDFKRFYQQJQXGWKQJOP6DQJUQUQL&QJEDDKFWUFKQJOPHPSKWVWOQY-EF%LJLLKQWLDPYQNKQJFKXKFNLPWUDKWPQFWRQGLWUXQJE-QK(PWK\FKQJQ[LQFQJWLQQOFQ\FKROPOL\FK6DQJFLUDFKLXWKQJFP*LQJDQKQJWQJRYHYXW6LQKYLQWKFK7KRDOP%QFKQJKD\QLYLWLO7KRDYDGWKQJYDELWWKQJFPYLKFWU0W7KRDEQJOQWUQJFFQJWKP/WKW1JLFRQJLWKQJUWQJ\XNKLWKQWKQJPFF5LQJ7KRDWK-OLNKFFQQJPPFFOQKQJPWQQKDQJFQJVPPXWUQJQJPWQKPOL6DQJWPWPTXD\LFKNKF&JLDQKDQJW-PEQJ[XWKLQFXLKQKODQJ7LP6DQJUQOQLQJDQJFKKDLQJLQJFOSKSFLXFKRULFK\YWYROS

&RQPWOUPKLQKVRYLJQJPWFD7KRDNKQJEVWPWELQFKX\QQRWUQPW6DQJ&QJKHQKLQJFPWFDQJKQJY-VXQJVQJEQJ[PQJWDXNK7KRDNKQJSKLOQJLFQKQJFFKQJGQFOLPDPDL+RDKQJFJDL\DQK6DQJ6DQJKPKQK7KQKQJUWQKLXJQQJFKXEJDLPKLFKRFKRD6DQJOLF7KRDQKQKQJWQWQK

7LOLNKFWLWKFKQKQJWKKRDQJLQQKQJFKQJWKP7PKQFRQQJLUWTXDQWUQJ7KRDFLFKSFKSPWEQJGQJFFFPWQJ6DQJWKQWKLWYLP-QKKQEDRJLKW7URQJWUQJPLQJLKD\JKSFYL6DQJ1JRLPLQJFFQJRFKL\\WKPFKJLQKQQD&ELWP-QK[XWNPQKQJPFFDP-QK1KQJWPKQFRQQJLUSKFWSQXQJLWDWUXWK-JLQNKQJDLWKPJKRWK-OLEXQULWFOLQL[DQLJQNKHQQFNKHQQQKFQKFQKQKDQK6DQJ&KDFOPWQJLFWKOFFFLGXKFQFQJRLYQQG[XFYQNQKNLXYLQKQJFJLNKFFQJWXLQKF7QK6DQJWK-SKQJQJKD\\\DDFO

OJ-XOPOFFQFQQJQDONKF9OL6DQJQJKQXQKQJOLD\FDDQKFWFGQJQJWPWQKPDWK-FQJQQDPDWL[XQJFKRYQJWTXQKTXEXQUX\EWNKFQPWFKW6DQJOLWKRQJQK-Q7KRD3KLFKLFWDWFWUXQJE-QKYQKDQVFQK"7KRDFKWKL


24/239



24

$QKFLWKDPTXDQ9QJ7XWQ\NKQJ"6DQJOFX.KQJ7KRD7LNKQJWKFKLYLWUQJ7KRDQJFQKLQ6DRY\"6DQJQK-Q[XQJVQWUQJULQKQK.KQJWKRLPLLYLVLQKYLQWKFKKQQKLX7KRDKLEXQ7KOXQJFQJFEWLQPD\WPPLFNKQJWLFEWPPWLFOP-QKYLYQJK\YQJULKWKQJNKLELW6DQJQK

7KRDFKWQKQJQJPWQKYYWKQK-QKWLWFDFEOFQ\7KRDQJKHVLQKYLQQLYLQKDXQJ\XWLQWK\6DQJYROSEKSKQQQFEEDRJLFQJFLPFDRPQWK\7K\WX\QEYLWLFRQWUDLNKLQJQJUQJ1JLSXWLQFWKPPWLPOQJWKLY-QJWK\OQOSEQJOWUQKQJWULWLPQJWDFOOFDQWKPPWLPOYQFQTXW5LFQJ-QD"7K\6DQJUWFKXFKL7K\QLPWQJLQQJWUNKHFWKQFTX\Q\XEWFQJLSKQQRPLQFWDFQWGR7KRDEFOPQKQJQJKOL

$LPLWLQOLKFWU%QFKQJWK-FKX\QPQSKQJLEDFKX\QOWL&KXQJYRKFYDQJOQ6DQJFLUWWL$QKSKLSKLFKWELSKQWUQFSWSFD7KRDEQJQKQJQJQWD\GLGLQJKVOPFFPQJ9ROS7KRDQK1L[RQJDQKYLEFLOQJQKQKPQKWKRWQ

&KQJ

72DQKYDQJLJWYWUL[RLWQJYDQJKHWLQJ3KQJKFELUU-Q[RLULKF3KQJ&PPUXFQDQ73KQJYWFXQYOQJLQJEFQQJLNFKPLQJ[XW[RDY-QFEWDUD\NFKQUQJ


25/239



25

1K-QWK\WKPWKWQKQJSKLWKDQKWRQQKDQKQKDQKPLF%LGLTX2DQKWP(PKFELFDWK\6DQJK"3KQJJWX&QKQPWY-PLQJ[RLXWLQKLFKXD2DQKFL0QQJ6DQJHPNKQJKFFQJFLP3KQJQJQJQKDL$LQLYLFKY\"%QFRQWUDLOSFKFKDL3KQJNKFKX

(PUWJKWFLWUQLVDXOQJ&LJ-PULYRYLULUD&RQWUDLFQJQKLXFKX\Q2DQKEFRQGDR[XQJEQQKQKQJKL0QQLQJNKQJ"3KQJSJQOQ(PNKQJDQJ6DQJ

2DQKWUXHP.KQJDWK\6DQJVDRFPELFDQJKFKRLY\"3KQJQJSQJQJ7K\6DQJWKLXJ-DVL3KLFQJQKQJLFDWK\YXLJLQJELOLFXQQLFKX\QFGX\QWK\6DQJSWUDLWKWFKQKQJWQKLQHPWK\QWS\WKLXWKLXFLJ-WUQJNKQJFKX2DQKWPWP

/LFK5OHPUWNKWQK&KDEDRJLQJKHHPNKHQWQQQJQR3KQJQKQK.KQJSKLHPNKWQK(PFKQJKP-QKFQQKORKF\XVPFKNKWKL+F[RQJWK-WKQKFJLJL\XWUFQJFKQJVQJJ-


26/239



26

3KQJQJQJQKDL1KQJHPFKDWK\WKFKDLULELWVDR"9OSWLQFFKFFKFULJD\JD\YLHPEFJKL5LFWUPQJP.UDWK\6DQJFQJQJFRQJLOXWPPFLX2DQKWUPWLXJ-"1LWLSFKQJKHYL3KQJSKQJSKX&LXWLQQLQJ6DQJNOP

2DQKWP.QKWKQR"3KQJPWQJKD\QQJWPE\WPE2DQKSKOQFL(PFEQQJFKD"

3KQJQJQJQJKXWKQKQ&WURQJOSOQOJLNLPWUD7K\YLFKOXQJWXQJHPWKXFELQQXFORNKLWK\QJFKRHP[XQJWXWEQFKWQJLPWP-QK*LQJ3KQJQKOLULFQJQF&KELWNKQJ"7K\LWLLOXLFQFKHPQJLOGQJOLFL[XQJ[HPELHPOPQJGDVWYRHP1JLQJQQJKLWK\JK

(POLQQJLWKWYRWURQJQJEQURPWYQJWQJKQJUDRDLULTXD\OLFKHPQJQJL[XQJYXWPHP7FPXQNKFHPOPELFPWFKW(POLVWYRWQYFKWQJQJPLFLFLLOQEQJLRYLQQJLPQK-QHPKRLKRL2DQKQK-QJQJPWKQJKQJY-PFFFD3KQJWKPNKHQ4XOFRQESWKW5LFKLOQJ


27/239



27

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

&KELWKQ+PNLDWK\6DQJNXHPHPYOQFKRWK\[HP/FYFKHPPLKD\WK\NSWURQJTX\QYHPWJL\Q\Q3KQJQEQJLQJO\WURQJYUDPQKJL\JSWDFKRFK2DQKWPF73KQJ%QJLFKLXWKWWK\FKHPWUFUS+%HPQQK7K\VLPL2DQKQK-Q3KQJULEWFKWOQKOQJWXQJPWQ

1XHPNKQJFW-QKJ-YLWK\6DQJFKQJGPERPHPULOLGPYLWQKQJGQJQ\ULHPNKRHWPOXPWK-FQJ-OX\WQQJQD3KQJELUL(PFLXQJQFYLWK\PWOQ1K-QPWWK\HPVTXQQOQKQVDXHPNKQJWL2DQKWUDKL7KOQWK\6DQJQLJ-YLHP"

3KQJWKQKWKW7K-FQJQLFKX\QWUQWULGLW7K\FWKW-QKFKRHPQJKHQKLXELKD\OP5LWK\LFRLFKWD\PHPNKQJFKX2DQKOLFL


28/239



28

6DRY\"3KQJWULPLPQJPQJ1JXVDRDQJFRLNKQ5LHPWQKVDRYLFLKQQ\"3KQJSKQJSKX;7KQKUDPLVPLORKFELWUFKW2DQKOFX1JFQJPPXQWUULWK-QJVKLPWFXQJRLSKQJLQJHPQKPWUOLFNKQJ"

3KQJLPOQJQKOL+LWUXQJKFFFQJKD\EEQFRQWUDLWQWQKEPXLYLWWKWW-QKOLOPWVWQKFLOQJOFFWKFKWKQKQJNKQJFPQJFQJNKQJORV%\JLWUFLPWHQ\PPQJYQKQJFXWKFKLFKXWWK\FFEQJOROQJOPVDR%XLFKLXKP3KQJYRWKYLQWUDVFK&YDS[HNKLWUQJPWRQWK\[HWK\WUWL3KQJKRQJFKQYD7K\6DQJPLPQKUDOQKFKRFYRTXQQF3KQJULXUXYQJOLWK\Y-EDRJLFFQJOFEQKWQKWWKWWK

1JLLGLQYLWK\3KQJPFFTX7LDQK-QFDWK\NKQJKQFKFKDVOQJPQPPQJPQFFVQQJEQJPXLPQPDQYHYXWOP3KQJEQFKQNKQJ\Q&FQJLFKWWUQFKXWUQQJKHWPLWK\QKQJFXWKYQLXQKUXPY-VKLFKXQKNKQJQKNKQJKLXJ-FQOFWK\DWD\QPO\WD\F3KQJPLFWKL7KLFKQJLFDDWUFRQOP6DQJWKFKWKNKWNKDRKQQD%LWP-QKNKQJGQJOLFQJWK\OLKQYLKFWU%QJTX\QOFFDP-QK6DQJWLQWQJ73KQJVWL3KQJEPPL

'J-HPFQJNKQJQX

2DQKGSY[RLYFKQPPUXF[XQJES1JLQK\QOQJOOQJ*QPWQPQD\KDLFKHPFVQJPWP-QKNKQJFEDPNNNEQ9L3KQJ\OPWPWPWOQ\EWQJ9L2DQKOLXQJQKLQFELWVQNKQJVPWK-PXQ


29/239



29

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

XPQKQJQWWUQPWWK\OQKQJQWFDPWQJLWKFKQKQJWKYXLQK2DQKWQJPWWKLJLDQPP2DQKYQJQJLG\%DJL2DQKW-PFKLFRWKXQKQJQKWPRQJPDQKVWQFKYFKLFY\VFFDU[DQKPFD3KQJPFYRFO\FLJL\[QJDQWKSJWPXWUQJFD3KQJQD2DQKKLOQJYLP-QKNKLQJLFKLPLWFGLHQPW72DQKWKQK73KQJULFQJ-"

2DQKEFQSKQJKF3KQJQKQXFPFKLWKPFRQ1KXQJ1EQKP\KPUL3KQJ[RD\QJLOLQK-QFKWURQJPWFFWJ-NKQJKLOQJNKLFEQJFPWOLQKFP73KQJWKGL/UDFFKQJQQNFKX\QWK\6DQJFKR2DQKQJKHQKQJFLWQKKD\EFEFKFDFNKQJQJQFOLF&YQELWWOXULGR2DQKEDQKFKQJ*X;PYFKRKDLWWWDL&K2DQKOQKY\\%LWQKWKQKQJVDR

3KQJYQLPOQJ&SKLY\OFQJODNKQJ".KLWKPWPFFQJWKFKFLWUWKD\QJLLYQ\9-QKQJWQQQJVDRPQJF3KQJOLWQJO2DQKUL2DQKOLQK-QUD3KQJ&PPQJFKQJWUDLPF\XSKLQJLFLPWWLQKWQKWWPKQQK\FPQKWYW-QK\XFKQWKWQKW$QKWDNKQJFTX\QQK-QOPGFKPWOQWKL1KQJDQKFKQJKLQJLXQK"


30/239



30

72DQKQJQJFKLFPLQLWUFUSKW7K\6DQJQJFKWUQKQKODQJWK\QKDQKQKQQK\KDLEDEFWDPFSPDXQEQF+PQD\WUQJWK\WKWO&KLFR[DQKYLQKQJKDWLWOSWKOPWK\WUKQUD&LNQKUPHQFKHPWLPWFFLQK-QWKQJOPFFFJLSKLFLXNKLQWK\QKOQKOQJKQE-QKWKQJ&KFLPLPQJQWDQJFLWKWWLOOFKRQJLNKFELWWK\UWKLOQJ6DQJGXGQJ7QJOHPOLNKQJQ2DQKQK-Q6DQJULFLXUWQKDQK&HS&FKX\QJ-KWK\"0\PULHPORQJFKQJF6DQJFL

3KQJ[XQJ[HYRWURQJKQJKLQQJNRQQJLJL[H72DQKQJRDQQJRQEFYRQJFK6DQJ$QKWUOL&LPOQJPQPFKLFYQKWURQJWD\7DYR[HPSKLPQKFE"2DQKOFXLPWWRFYORVQJQQJL7K\L1XFFKX\QJ-FQQLP-QKYRTXQQRLWK\(PNKQJ[HPSKLPX

6DQJQJKLPPW9RTXQOJSEQEWK\ORFKR3KQJ;HPSKLPYLWK\PQJLJ-"2DQKEPPLQKPXQNKFY-V7KLHPY(PNKQJ[HPSKLPX6DQJJLQGL6DRY\"3KQJFELWOWK\FKHPEDROXULNKQJ"(PFEDRJLQJKKLX

QLNKFDPWQJLQQJOWK\JLRPOL72DQKSQJ7K\L(PKLX&UWUEFWKHR6DQJYRSKQJFKLXYLGHRYSKLPOXUL2DQKELULQPO\WD\RFKHPLVHFD6DQJ&WK\EQWD\QQJUWPPFDWK\QPWD\FGQL


31/239



31

WURQJEQJWLPP&XLFQJ6DQJFQJFKQFKDLFKLFJKJQGLJFUS*LQ\QKQJQJLL[HPSKLPWKQJOQKQJFSW-QKQKQKLPOQJWDVWYRQKDXYD[HPSKLPYDX\P2DQKUWUQJL[XQJNEQ6DQJFFQJKLKSQKQJ\[DQROQXWLQFQJLNEQ+QJWURQJEQJWL*LQJ6DQJYDQJOQPS(PQJKWKQRYWK\"2DQKWKPWK-'HPNKQJEDRJLGPQJKWLWK\

9-VDR"2DQKSKQJSKX4XDQKWK\ELWEDRQKLXOQJLS(PYD[XOLYDQKTX(PQJKWK\[HPHPQKWUD6DQJEWE-QKQJQJKY\QDQK73KQJ72DQKQLWLS

1XNKQJQJKY\WK-HPQJKWK\OPWFLJ-UWFDRHPQJGLQJFPWPLPQK-QULFQJWUYYLJLFPQJFQ&WLQJ6DQJFLNKWURQJEQJWL&WKQWQJKDQKWKWK-NKFKRWK\+\[HPWK\FQJE-QKWKQJWKPFKFQWPWKQJQKQKQJQJLQQJNKF03KQJQJWLOP(PWK\P-QKFWLJ-X"

6DQJQLQKYRWDL2DQK/QULGPFKRWK\OHRF\2DQKFLNKFNKFK7LKPEDPHPTXOQHPXGPL9LOL


32/239



32

9LOLVDR"2DQKQQJQX(PVF7KRDOP"6DQJFL%QVLQKYLQQQKP7KKPQD\3KQJNKQJVF7KRDQDVDR"72DQKUDQKPQK'NKQJ+PQD\HPVWK\6DQJYXLYXLWURQJOQJY-3KQJFYGQGQLQKLXYWQKLQKQOQXQJLYLDQKWURQJTXQ&EKFWUQROLNKQJWKFKQKWKQ\FK$QKKL

6FLJ-WK\"1LLE(PVFKRWK\OHRF\WK\VNXWUELWQJFSWUQJQJQJWKWWRQQHPPLQ\6DQJWKFKWKQK-QFKWPLWKDQKWKDQKFDFWURQJEQJPPWL/POP3KQJQ\'6DQJQKQLPWFXWKWQJWQJRQKQJDQKFKWGQOQJ

;HPSKLPL2DQKGDQJLUDVDXOQJFFKPQKYRFQKWD\6DQJDQJFKRQJQJDQJWUQJKFDFPQQKQKLW-QKQKQDQJKQQKDXVD\P2DQKOLFYLWK\6DQJFWK\QJWDDQJFKPFKWKHRGLLPLPQJKLPPOL72DQKPPFLFFRQJLKDLWD\YQJTXDQJF6DQJQJKLQJQJLYSKDFJLQJQJFQKLQ

6DRY\73KQJ"*LQJ72DQKQJ\WKQKJLQJWUFRQ7LWK\FKQFKQJLQJD\TXW(POQKK"


33/239



33

2DQKLPOQJ6DQJOLKL3KQJOQKOPNKQJ"2DQKOFX%QWD\6DQJOQ[XQJFQKWD\WUQFD2DQK.KQJPWD\OQKQJW7K\FKQFKGWKW3KQJQJL\WK\W-P[HPFQFKQRNKFNKQJ2DQKQK-Q6DQJQKPWFWKWWL7K\EHPPWP-QKHPV+DLQJLOLLPOQJ2DQKFKWQJKHWLQJWK\6DQJWKGL7D\6DQJFKRQJKQTXDYDLFNRFVWYRQJL$QKWK-WKPPFKD"

2DQKQJLFROLUXQU\6DQJQQJPWFOQ6DRNKQJWUOLVDQKKD\VDRPQQY\"6DQJPPFLKLOQJ$QKVLWFEFKWKQ7LQJKLSQJVDQK3KQJ/QKQULHPNKQJQDQKNKELWEDR$QKODQJWKDQJQKPWNVLW-QKWKWV9QKDQKOPWK$QKFFKR3KQJQJKHQK2DQK[FQJ+XQKFFKDEDRJLFQJKHOLWW-QKQRPLVXOQJQKWKF1KQJQJLFRQWUDLQYLFXWUQJUQJKFKELWYYSKDPKPWKL

2DQKVXQJVQJFQSP-QKYRYDL6DQJQJKHOLDQKQKUX$QKVFWWURQJWLPPWFKWPXKQJQKYFQJQKQJQJ\PDLQRHPNKQJWL$QKVJLXWUQPLPWFKWNKLQQJQJKHQDXQ\FKVLQLEXQWQK(PNKOPWK\L+FWUPGPPWQJQWK\JLRFFEQPELWFFKFHPEKF6DQJQPEQWD\QKQKQFD2DQK

6DR3KQJOLQJKY\"


34/239



34

&KRHPYLWK\(POQKTX6DQJWKGL1KQJFEPLOQYQKQJFJLJLLNKLXQJROPPXQKQKDX&FFEWK-VEODQQWKWW-QKOROQJFQFFFJLJLWK-OPP-QKOPP\QKFKQJWP-QKYDFQQJ\WKWURQJWUQJYDNKQJSKLOQJLGGLEXQJWKW-QK\XGWURQJOQJWK-YXLKQPKL6DQJNLQQKQYY7K\[LQOLY-TXYLNKLQLYLHPQKWK3KQJ[HPSKLPWLSL*LQJ2DQKUWUKLOLOQVVW7K\QJEXQ3KQJQKHWK\6DQJWQKWRQQKQFXL$QKQJLLPOQJQKDQJUWSKLQPXQ

&EOROQJTXD\VDQJQK-QWK\EQJLPWORQJODQK$QKELWFKFWUQRPFKQJVWK\EXQQKWOEXQY-W-QK\X6DQJWKRQJWKNS2DQKVWYRQJLVDXNKLWLQUQJP-QKVWKQJ1XHPWUOLONKQJ\XDQKWK-DQKVEXQQFKWPW$QKVNKQJEDRJLOPSKLQHPQD2DQKYLYQJ.KQJ(PVNKQJWUOLJ-F

6DQJX\PVLWWD\F9DQKFQJVNKQJQLJ-F.KL\XQJLWDFUWQKLXFFKQLYFFKKD\QKWONKQJSKLEQJOLX6DQJLXQJKQQJFP2DQKOQFJWD\DQKUDJFXYRFKWDWD\FDJK6DQJYXWQKWF2DQKTXDPWEQYFL[XQJKQOWOQWF$QKYXWWPOQJWKRQWKPPPLFD2DQKOQJKRKFNKLFPQKQFLUQJP-QKUWQKFDF6DQJQQJPWFOQOQQD$QKFKPFKQK-QPWFQJQJFPUQJULNKSKQKFKLLPLUWPQJUWQJRQFD2DQKKLWUUD7URQJEQJWLPPY

WURQJVLPOQJQKQJODFDQKQJFSW-QKQKQDQJTXQTXWNKF6DQJPL$QKKQQKOQPL2DQKULVLWFYRQJLEQJQKQJQJQWD\GLWKDQKPQK$QK

VD\VDYLLPLFQUWWUWKYURUFYLQJK0-QKVG\FKRFRQEFFKKQPLQKWKQRFKRWKWWX\WFKRNKQJQKFQJY

&KQJ

6DXOQLFKLXWLQ2DQKFPWK\P-QKPQJD\YLXQJVQKVLYWQJ


35/239



35

WULOFKOPFDQJWK\SWUDLQJKV&FWWQJQQKQQKQKQJUWNKROPFQJ\QJWYQKQJOLWKUXKQFED\ED\3KQJWK-EFUDPW&FKVXWEXL\.KL2DQKY3KQJQJKLPQJKQLQJD\(PNKQJEQJOQJWUFKLQ\X0WOQYLKDLFLWWWDLFDQJLWDPFKYQFKDV9LHPTXFK72DQKOLF3KQJWUQJWUR(P\XWK\6DQJ"73KQJNKFKX.KQJ1KQJHPFKQJPXQPDQJWLQJY-FK

2DQKQJL[XQJ&K\XWK\LXNKQJQKKQJJ-QHPSKLPDQJWLQJF3KQJQJFQKLQWUQLPW


36/239



36

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

NKX\QUQQJQFQFYLFOPFDFKFFKQJLEQJFFKWUQKNKQJQKFQWK\6DQJ9ROSFWYFKQJLWK\UDPWQKQJFFQJWUDJKWEDRQKLX6DQJFQJOY\XFKLXE\QKLX3KQJXELWUQJ2DQKUWUDQKPDFERYL6DQJUQJ9ROSFVOPPWO6DQJNKQJQKQQKHQKLKDQJ-FWURQJOSF/QKQWUFVQKQJ\JLYDLPFKROQKQVDX6DQJYW-QKNKQJQJKLQJJ-/VLQKYLQULFJS6DQJYL2DQKQJLTXQQFFKQJFQJQJKO3KQJ3KQJFQJNKQJQJLX\

1KQJ3KQJEXQOP&QJOFFFQJWK\P-QKFQY[DOYL2DQK&ELW2DQKY6DQJFQKQJEXLKQKEPWQKQJFXQQLUDFKX\QFDKDLQJLYLEEQ&YQOHPVRQJVDQKYL2DQKFYQOQJLQFKRFKNLDP5LFDQLP-QK'VDROQQ\2DQKLFKLYLWK\6DQJFQJGLFLWQ72DQKFDFKQKFK\73KQJOQJGWFKLF[HPLQLUDNKLFQJWUQJ7PWUFODQJWKDQJWKHRQKQJPQJSKQJUFWUQFDRQKQJOQJFYQNKQJVDRWKDQKWKQF&KX\QFEFOFKLXQD\WURQJJLQWSFXLKFSKQFDWK\6DQJ1KQOWUQJEDQYQWKFDOSLKWJLLODR&OSYWD\UQUQWK\FQJQJK

7KO1KQGQJGFQJOQEF[LQKWWQJWK\YQJLWK\\XPWELW-QKFD$QKFKQJKWUWWX\WEL3KQJ\X9DKWDQKWDYDQK-Q3KQJOPFYDWFYDQJQJYDQKQLJDLQLFNKSFQJL&FEQHPQWQJWK\QKQKSKQJPLKLGLVQNPWKHRWUQJFLUQU7K\6DQJQJG\QKQKRDULQK-Q3KQJFLQK-QFDWK\FYKLOQJNKLQ3KQJKRDQJPDQJ&FQDQJQJKQJLWK-WK\6DQJLQEQFYQJ


37/239



37

KRQJWQKQKSKQJYWUFPWF3KQJPWULJFXOQEQJLDWLQJYWD\YEQPPFDFOSYJLDWLQJKWFD1KQ


38/239



38

PWFDQJLWKDQKQLQ$QKWDFQJDQJFKPFKQK-QFEQJWLDQK-QWKWPYWKWGXGQJ3KQJELULFKQJELWOPJ-FFLQK-QFKPWFFKQJLVQJWR7LFEQJOQULDYREQKYLQFKQVQJWRQKY\ONKQJQX3KQJOROQJQK-QDQKWD$QKWDOLKLDXOPNKQJ"3KQJWUQDQP-QK.KQJDX.KQJDXPNKF%\JLJL[FKODYRYLQ73KQJVKL

7LVYRWURQJOP5LFOLNKFQJRQOQK+DLFJLFKQKDXWUQPWFKLF[HSWUWLQJFQKLQ3KQJPQJTXQK+QJ/RDQ0DL1KL&JLWFQJQWQ+QJ/RDQWUQPW6DRY\";HWQJK"3KQJQKQQKQJWX

7UFFKQUL&K3KQJYL/RDQ0DL1KLOLF[RDQKFKQJ[DOQJQJLWDSKLQFK73KQJSQJ7L3KQJYSFFULWFKXFDLQJ1JLWD3KQJOQJLP

+QJ/RDQOPOQK9\VDR&PQTXLQKQLUL/RDQFKJLPFKR$QKWKDQKQLQQL.KQJFKYQKFX&KQEQKY\FQJSKLYRYLQK


39/239



39

1K-QQWPWFDEDFJLFKQJWUDLQL9RYLQQJLWDVEEWEQJFKQFOL7LELWP\QJWK\FKX\QPQWUWUFNKSERQJJQ7LFWKFKFLQXFWK\WLQWL0DL1KLFL%LWDQKODLWQJ-XPWLQ"$QKFKQJWQKE7LWQ7UQJQKQYLQ[QJKLS


40/239



40

$QK7UQJ%DROXPLLF"7UQJQLUWQJKLPWF%QWKQJ73KQJWUQPW'Y\"*LQJ7UQJUWWKWW-QKOYLQKQJQJLGWKQJ&QGJKWFQPNKQJELWLFFKD3KQJLPOQJ1JLJ-XOFQRFQJDFKW&VWUXWVDRP2DQKOXYGY\"

7UQJQK-QTXDQKSKQJNKFK3KQJYLDL"3KQJWUOLQJQQJQ9LFK7UQJWLFL&KFEFKFD3KQJNKWQKOP"

73KQJJWX.KOP3KQJVFK7UQJQJG\WQJW7LSKLY73KQJQJSQJQJ

3KQJFPQDQK7UQJQKLXOP6DROLFPQ/LWLWLWOQQJLWDFP5L7UQJQJQQJ7-PPWF\J\FKQJNKLL1KFQWKQNRW


41/239



41

$QKEFUDVDXNKLFLUWGWKQJYL3KQJ&FQKFEFYRWURQJ'XJ-FQJSKLWKD\ETXQROPOHPQ\UD3KQJYWYNRFLQJTXQEVWUDNKLEQFKQEEEWFQJQJF9DWUQJFKLFRQJYRFOLQJKHFWLQJNX3KQJL*LQJQQJOPFKWKQ9LYQJ3KQJOLFQKFEFWUUD7UQJQJQJRLFD$QKD3KQJJLJL\%QKP-QL&KFFKQO3KQJLUL$QKFKQJFKPFKQK-QFOPFPW&OQKFPQYOQJOWUQJWKHRDQKWDEFYLOQ[HSKQJPW

&XLFQJWK-2DQKFQJYQ&FYOROQJNKLWK\FKQ3KQJEQJOLQKY\72DQKKLWUQJNKQJ5LPDLHPQJKKF"3KQJQKQKQJ&KELWOPVDR&KFKHPQK2DQKJJWD\WUQEQQKDQJQJKQJLLXJ-GOP3KQJPWKPWKHRGL

QKQJELQFKX\QWUQPWFK&PDPDL(PYW-QKJ\NKNKQFKRFKULSKLNKQJ"+LFKLXQJLFKFLYLWK\6DQJFK"2DQKOFX3KQJNKQJWLQ7KWKQ2DQKEFEL

&KLXQD\WK\6DQJG\OSHPP4X\QJ-HPWUDKLFKGY\"

3KQJFKDQKFKXD(PSKLKLY-HPELWFKLFKLYLWK\EQJWQHP&KNFFOP+LFKLXNKQJOHPQLWKQJYLWK\FK


42/239



42

2DQKTXFPWOQ(PQKQLJ-&KELWHP\XWK\6DQJPYOPEOPWFK3KQJFPXQNKF&QJKQOL7LVDRFKQJKQKWK"(PNKQJG\XQKFKX5LTXQFLFKQEEEW3KQJEFYLYRSKQJQJFLFKQDXNKQJFKXQLEFLJLQGLFDFNKXX[XQJ3KQJQJLEW[XQJVQQKNKFQFQ2DQKOQJWQJQHPOQ&K[LQOLQJOFKFKDGPQLWKWYLWK\FKO72DQKY-FK\XWK\PWK\OLELWFKDQJTXHQYLF+X\QD/FQ\FKGW+X\ULQKQJ3KQJQJWOL2DQK

7KWOYO&KERUQJKDLQJL\XQKDX/QRWK\NKQJQKQUDFHPYFKNKFQKDXQKWKQR9\WK\F\XFKWKWVNKQJ"&W-PKLXJ-YJLD-QKYEQWKQFKNKQJ"7KOFEQQKDXKDLQJLOPJ-"1LJ-YLQKDX"2DQKWKGL5OFFKDQJKQOFNWWKFWUFKLGRFE\UD*LWK-FVDYRFLYQJOQTXQUL6DQJFWKWV\XFNKQJ"9L6DQJFQJKHUWQKLXQKQJOLX\P\XWKQJQKQJFFKDQJKHDQKQLPWFXQRKDKQFKX\QWUPQP4XDQKQJOLWPOPFKX\QFDEQQVLQKYLQWK-DQKELWQPQRWK\6DQJFQJFPWFEKFWU[LQK[LQK&ELWNKLFUDWUQJ6DQJVTXQFQJD\2DQKWDXUDJKVDORQ%FPDPQKWQKWRQFDFEWXOPYLF3KLWKWWKQLNKLYRKFWUQJKF2DQKUWVOFUDWUQJSKLQKQQKLPVQL[D&OXQE

OLVQJSKKRDKRQKRQJ6L*QOLFXQFEPKRFELQKLXWK72DQKNKQJWKVQJWKLXWKQWLQQJKL&KFFFKO\FKQJWKQKSKWK-PLOL\F9L6DQJFFWKFLXNLQWKFKLQPFFDP-QK$QKFKFFQJKQJKLSFJLD-QKFEQDQJUW\XFGQKLQFVNKQJDQKEULP-QKPWFFKGGQJQKEULQKLXFJLNKF2DQKQK-Q3KQJFJLYEXQUX(PQJFDFPQD3KQJ1J\PDLFKVQLFKX\QYLDQK6DQJ6DXFKX\QJ-[\UDYLFKFKFQJFKXKW

3KQJELUL&XEDRJLPXQ2DQKEXQWQKQOQFYQQKQJQKQYFKXSKQWKXDWKLWLYL2DQKFP1KQJOQQ\FEQJWK\EFELWURQJOQJYFQJ5LEQEVQJKWKQRNKLFKX\QEUDKQFKQJKKFKRUQJWK\6DQJJRPPWOFKDLFKHPQK7%QJGQJ3KQJQKQJQJPWNKQJSQKQJUWQQJYXLWQKYLQFL


43/239



43

PSFD7UQJFQKGQJFDRWRNKHPQKFDDQKUDNKLQFQF3KQJFKSPW&EDRJLDQK\QYLFQDNKQJ"&EDRJLDQK\OQFYL2DQKNKQJ"*LQJ2DQKQJWQJROPOQK&KPXDKWLXYKDLDQQK3KQJOQJJWX&DQJEFYLP-QK6DROFQ\NKQJQKPLQJLWDO\PWWLQJ&KFDQK\VNKQJWUOLX3KQJEXQEXQQJQJLOQVDORQ/QXWLQWURQJLWULWLPFELKLY-PWQJLFRQWUDL6QJKPVDX6DQJW-PQWQQK$QKYLYQJEFYRNKLWK\3KQJQJLJFFLFKQEEWWUQJKQJRLSKQJNKFK&VWLFPWNKL6DQJKLKPFKRQJO\F

KLJSUWDXOPKFQJ$QKQJKH+QJ/RDQQLG\[RQJKDLWLWODQKQWKPHPOLQ6DRYTXY\E5LWQQRFKHPLEFKQY\"3KQJFRUPQJLOLEQWD\QKQKQFDFF\6DQJUD$QKQJFQKLQ6DRY\3KQJ"%JLQDQKK"3KQJOFXULFOSES.KQJSKLHPXWK\L

(PQLJ-Y\3KQJ"1JKODQKNKQJELWHPEWDLQQ"3KQJELULQK-QDQKULQK-Q[XQJLWD\P-QK*LQJQJWK\YQKWVFQJWQJRX\P\QDQK[HPFKQHP9DQL6DQJYDFKPQJLYSKDWUFDQKQKQKQJQQJFKQ3KQJOQWUQLP-QK3KQJO\OLE-QKWQKFUWFKQY

7KDWK\6DQJFLDQKYXWP3KQJ+PQD\KFWUDQKQJRDQTX6SYLYQKQJLWK\\XWKQJKQKNKQJ"6DQJQJFQKLQDQKFKQJKLXFRQEQ\KPQD\PXQJLWUJ-6DQJXFOQKQJNLXQJKFKQJPSKSKFKFDFEQJL\XUWWKQJPLQKYQKLXVQJNLQ


44/239



44

WURQJFFEXLKQKFDP-QK1KLXOF\FWDNKFKQOFQ\YOFQJKLPWFWURQJOSKF6DQJFLYQLD&KFNKQJSKLHP9\QJL\XFDWK\XUL"3KQJQJKLPQJK&K2DQKDQJKFWURQJOS+PQD\OSFK\KFFEDWLW&KFFQJVSYULWK\6DQJWUPWQK-Q3KQJ$QKKRDQJPDQJWUFYQJKLPWUQJNKFWKQJFDF1JKDOVDR73KQJ"(POLWQKDWUJ-\"1K-QYKPKDFDQJWK\3KQJEQJWK\NKSQKP-QKDQJEWK\NKREL

NKQJWKXF&OXQJFXQJ(PPXQQLKLQRQJLWK\LFKLY\XWKQJFK2DQKFKNKQJSKLHP(PFKDKQYLWK\OQQRF6DQJQJLWKQJLUDDQKFQK-Q3KQJPLQK[HPFODL$QKNKQJQJKOP-QKEODWURQJFKX\Q\XQJYODPWFFKNFFOQWUWUXQKY\6DQJQK-Q3KQJYDQKFKWQKQUDVNKFQKDXJLDKDLFJL&FKELXOW-QKFPWKKLQVX\QJKFD2DQKNKFKQ3KQJ2DQKNKQJEDRJLUWUWUFNKLQLQKPWQK-QFD2DQKOXQFKDQJPWKRLYQJPWNKWNKDRQRYW-QK\XYPWLXJ-EQQKQJOFQRFQJ\S

WURQJF3KQJWK-QJFOLFGXGQJYOXQQKWQKWWKLXWWLQWUFQQJQKQJOQYROSXWK\73KQJQKY\&LQK-QXWLQFQJWKFLQK-QKLQJLFQJWK$QKVD\PYQDLWFDFYFQJQQPLW-PQF7KQKQJQKQJOQKKPKXQKFK-GLQUDWURQJUSFLQ6DQJETXQFSKQRQFDP-QKSKLFKQJY-DQKTXDPP"6DQJFQPLPQJQK-Q3KQJDQJWKFWKPNKQJ\Q$QKJLQOPDQKWK\WLFDPWQJLQQJPWQJWK\OFQRFQJFKRUQJP-QKFX\TX\QWLFDRLYLKFWUOPDQKSKQQ6DQJJQJLQJ

9\OOXQD\KDLFKHPHPHPWLUDOPWUDSKLNKQJ"7KWNKQJQJW-QKFPFKQWKWFDWLEVQKFPWFFKRLRPQKY\

3KQJYLQL;LQWK\QJQJKWK&K2DQKUW\XWK\FKNKY-WK\YFQJ6DQJOFXNKQNK


45/239



45

1KQJDQK\XHPFKXF\X2DQK3KQJONKFOFLQK-QUDFD2DQKQJWOFQRPWWD\PFSPWWD\FWOQQJFQKFQJQ[FQJQOW6DQJELULDQKQEQ2DQKGXGQJDFQJL[XQJJKNEQ3KQJ+DLFKHPJLQJQKDXTXVFWQJWQJ6DQJOQJWKLQKY-[FQJY-QKQJJLWQFPWFK\GLWUQP72DQK&WKQWKFULJFWUQVDORQNKFQFQ6DQJFKWWK\3KQJWKRQJPPFLPWQFLOQKOQJQKJLXFW&QJG\JQJDXOQWKHRYFKYRWURQJ6DQJEQJEWQKQWUFLYDLQKTXHQWKXFDQJUXQWKHRWLQJNKF$QKL3KQJNKXWEQJOP2DQKYROQJQJNKF&KX\QOUL7LVDRHPOLGLWK\"2DQKQJFLPWWOOQWKPWK-9-HPTX\XDQK(POPVDRGPQLWKWNKLHPQYLDQKTXDWQQJLNKF%\

JLDQKQLLDQKV[DOQKKWKLNKLQKJKWHPSKLNKQJ"6DQJWKGLPFLWKQWKPPPLNKQJWKLWKQWKFWURQJYQJWD\DQK6DQJYQVQKWOQFPWYWLQJNKF$QKYY1QLHPDQKFKQJJLQHPX"*LQJ2DQK\XXL1KQJDQKF\X72DQKNKQJ"&FK9-73KQJXFQYLDQK73KQJFKQJK\XDQK

&KQJ

6DQJYUL2DQKDQJKWOXORVDXESVQJQD\FGLQ[XWVFYDLRWKQJ3KQJKLEXPLNKLQKQWLQJNKFQQRQFDFKP-QKEDQVQJ&WKL1XP-QKFQJ\XDQK6DQJWK-FKX\QJ-V[\UDFK2DQKFQKQJWD\YRNKQJ"&KFFKQO2DQKVFKQJFKXQKQJPWNKLFQ6DQJ73KQJFQKFFKQUDQJRLVQ&KLXDQJ[XQJ&\PQ[R[FONKRQJVQ[LPQJYQFQQQJEQFKQWUQFDFWKFKWKQKLPFDW7GQJ3KQJ

FPWK\P-QKFQTXOEQQWKPFKWQKFQJYKWUL&EQJNKXQJQKLPW1KQDQKWD3KQJWOXQKQJNKQJEDRJLGPWW-QK/FQ\1KQFQK-Q3KQJGDGLWOPFELULDQKWDUWUQJKPLQJ\VDQ3KQJQWUQJYFWFKLGFFQJDQJUXUYQLQJYFQJQJLQWUQJNK[DPLQJ\EW2DQKFKLFKYEQJFKLFPLQLQK[XWK-WKWOWLFKRFK3KQJQKOLELKW3KQJKQJDQKWDKD\KW0LW-QKXFDWLQKF\Q[D[L$LFQJKLXFKPWQJLNKQJKLX


46/239



46

3KQJYQKLXLXFKQKQJUWWLFFNKQJWKFKPXQQJUWUQK1KQ7LQJ+RQGDQJQJQJRLFQJOP3KQJKLKSQJO7UQJ$QKUDGXFKRFQJL\QWUQJKULORD\KRD\PFQJEFYR0WWD\DQKFPPWF\J\PWWD\DQKFPEFFYQJ&KLXQD\WUQJ7UQJUWOFKVRFKHPLVHPXYQJQKWEWURQJFKLFTXQW\HQPD\UWNKRYUWQJPW7UQJDQKQKPWFKQJFQJW7UQJQFQD3KQJEKRD%FFQ\[LQWKD\OLWOL1LWKWPTXDWLNKQJTXFQJKUQJWLP-QKP3KQJDXFKQ/QJWL\Q\YFQJ&KQJKLXY-XP-QKOLOQJQPFWOQQJLNKF3KQJQK-Q7UQJELUL&QQJQLXQKQJQFFYQJEQKWURQJWD\3KQJWQJDQK7UQJVNKQJEDRJLQQD

7UQJWQKLQQJL[XQJN3KQJJLQJDQKPS7QJWK-WQJQKY\QKQJQJKOLWK-NKF93KQJUWWUQJWL"3KQJPW&SQJFKLXF7UQJQK-Q3KQJDQKFLWWLQ7UQQJLQ\WLOXQQJKVJS3KQJQJLLVQQQLTXOQJ

QKWLWQJWQJ&EQJLPWP-QKFYJ-FQYEXQETX3KQJFKDELWQLVDRWK-7UQJWLS7LW-PNKQJUDF\QQJHPF\J\Q\Q3KQJFKQJL&KFD3KQJFQKFK"3KQJJWX&K2DQKDQJEQVDXES3KQJJL

7UQJQKXP\&KDYLXFE3KQJQJLLPKKQJ&WKPWUFK7UQJVDRPDXWKD\LNLQ*LQJ7UQJYDQJOQ


47/239



47

6QJQD\3KQJQJKKF"'7UQJFYOROQJ0WELULVDRFKSOLNS"3KQJFKSPW%Q3KQJFKSJLP9LOLFXLKFSKQQWSOFK\X*LQJ7UQJQKQK.KQJLKFULELWXPQWS"

3KQJUWU&KFPDL3KQJL$LFK"&K2DQKFK7UQJOLKLWLS%QJJ-"

;HS7UQJOFX+LQJX\KLPQX\XWD\OLWQDWK-NKQJELWVDR3KQJFQPL%LWQLWLSJ-E\JL&WUQJDQKVXWQJ\WKDWKLWFJSOLDQKWKPFFKELWWUOLQKQJFXNKNKFQKDQJEKLFXQJ%-QKWKQJFQKWQKWWKWQKQJFQJXQQLWY\3KQJFKPQJLUDVDXJLWR

&K2DQKL7UQJQJKHWLQJLWURQJWURULFKQJYLJL\VDXDQKWK\PW3KQJQDGDQJWWURQJEFUD7UQJQK-QVQJVTXQFFKRKL2DQKPPFLFKQJPWQK-QFDP-QKYR7UQJ


48/239



48

$QK7UQJSKLNKQJ"+PTXDDQKFQJKH3KQJQL&QKDQKQKQQJLOQFKLFQVJQYDYQPLWFGLHQQKQKVDQJPWEQ2DQKYDQLWLS2DQKWQJWQJDQK7UQJNKFOP7UQJYQFKDULPWP-QKNKL2DQKDQKEWE.KFQKWKQR2DQKQLWKWLQJKH[HPP-QK[X[JLQJDL"2DQKQJKLQJXQJKFKQJP2DQKQJKDQKSKLWRQQJNQKP\QJ[-WKXQQHP3KQJPLUDQQJQLQKY\7UQJFQJWUD

7LFQJWQJFK2DQKUWNKFN-D2DQKOLFQKDQKFSPWWORQJODQKFDP-QKYSKD7UQJULQQJQX&KFDQK7UQJQJKFK2DQKFD3KQJOPWEJLJLTXPWOQKQKEQJNKPPFKJ-"7UQJFLS1JXFWDFQJFKOPWFEFRQ&KFFKHPVRQJVDQK"

2DQKOLOLF7UQJPWFLQD&\XLXQJG\;LQOL1\JL3KQJFKDPLDQK7UQJXQJQF&K2DQKPWFKWQK3KQJFKWWK\QKRLQKLQJFPWOLQKFPPKOPFEWDQ&L[XQJ3KQJYXWQKQJQKQKFFPP3KQJFWKFKKRDFFNKQJ"3KQJFLJQJ

&FK+RDFFEDRJLFQJGXGQJYGWKQJ7UQJQLWKHR9KRDFFFQJFYWUPOQJVXOQJFDPDWKX3KQJERGQKQ


49/239



49

$QK7UQJWKFKKRDFF".KQJ3KQJQJQJQJ7ULWLP\XXLUWUFDFQKEDLESDXEXW7LQJNKQJOQKOQJYW-QKFD7UQJQKPWOLFKLEFKWW-QKFPPLPYDFKPQWURQJOQJ3KQJ&QJLOQJOQK-Q2DQKEQJUDEDO\QFFKDQKYPWGDEQKTXFDOEQQWKP3KQJOFVQJ2DQKGX\QGQJ0LDQK7UQJQEQKXQJQFFKDQKNKQJ7UQJFLUWWLDQKOFKVFPPWFLEQKDFKR3KQJULKPKQKQL7UFNKLLWLFEPQELWOVFOFQ

2DQKEWE&KFOFQWKLVDR"&QJFWKFQOFNKFQDQKQJQXQLQJD\QJLWDVFKP-QKKSWS3KQJFL5O7UQJFQJFKQJYDWURQJNKRDQQLFWK[QJOPLWKYLFK2DQK*LQJ2DQKYQUXUW

&RQE3KQJ[XLPYQFQPD\1XNKQJSKLODQKJSQJLNKFFKFFRQEFKFQFQJLEQOQJPNKF7UQJWO\QFFKDQK[XQJNKD\1JLQRFQJQJOQJWUFPWLPWPO7LFQJFKD[XWVFWURQJYDLQJLKQJX3KQJQKQKQEQK&FQP-QKWURQJFKLFYPQJKH2DQKY7UQJQLFKX\Q%-QKWKQJFFQJDQKOPFPVDRKPQD\FKLQWK

4XDFXFKX\QFPLELWWUF\7UQJWQJKFGGDQJ7QJKS+DDQKEKFNKQJSKLY-FXFVQJNKNKQPY-EXQEFFKDP-QK&XFRQWUDLWWURQJJLD-QKWUXQJOXWKFKFXFVQJSKLXOXURQJUXLNLX%KPLQJFKQQJD\QJKOL[HWKDKED\QK\&QJQLFKX\Q7UQJFQJE72DQKPKRF7ULPLOFPWWLQJLEQKDLFJLJLQJQKDXQPFFOF7UQJFFPWQJOPWQJLQKQJFFKDQJELQKDOFOQJOPWKPNQRQK-QDQKULFOFKRWEWOLQWKRQJDW-QKFS


50/239



50

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

FQJWK\3KQJKQQKLQYXLDYLEQDQKFQJQLJLQ'XVDREQVLQKYLQFQJELWDQKY3KQJFKNKQJQJKO2DQKFQKQJOQQJLULQJWURQJTXQQFWKPE\JLFQJLNKFQD2DQKW-PQKLXFFKJSULQJ6DQJQKQJFQJKLPKRLNKLQRFFJQDQK1KQJOQKQKWKDGQLOP2DQKVXKR5LQDV[XWKLQFDPWQJLRYLQWUSPLYWUQJP\WKQJQD\OP2DQKOR&OJ-WQK6DQJWUFFSKQJSKXJKHQWQJYL6DQJNKLQJKHEQEQPO6DQJFW-QKYLF+QJ7UDQJ1D\FKX\QNKU6DQJFQLWUWLWQWQK$QKOLVWK-WKPFWKW-QKFKRF\QJKHKRKRDWURQJFFKF[VQQFKPVFWURQJQKQJEXLG\FKXQJJL2DQKEQPLJKHQWXQJ

*LDOF2DQKEXQEWK-FXFFKLQWUDQKOQKJLDF7KRDYF+QJ7UDQJEWXJD\FQQQLEQVLQKYLQFQJELW'RQ\6DQJUDVFFKLXFKXQJ+QJ7UDQJKQWUFLOFDQKFKFYULDFYRWUQJQJRLQKQJEXLG\FDP-QK2DQKNKQNKYFQJPFYPFFKFWKHRXLSKLSKWFKFPKKDR&VX\QJKUWQKLXFFKOPWKQR6DQJSKLOFDF%XLFKLXYRWUQJ2DQKQJKHEQFRQWUDLUQKDXLQKXFKQJPLF6DQJFQJLFKRYXL2DQKEQFKQWURQJOQJQKQJNKQJELWOPVDRJS6DQJ&FQJEQJF3KQJPWKFWKP.KLEFWKHRKFWU6DQJWK\2DQK$QKQK-QFKLOXULQKQK

(PQJ\OPJ-WK72DQK"&QK-QFKQP-QKQLQK(PLWK\FFKWFKX\Q6DQJQK-QKFWUFKQJRLFQJ


51/239



51

7K\SKLLYLVLQKYLQ2DQKQJSQJQJ(PELW1KQJOXUL6DQJOLFYLF1J\PDLEQJLFQJFKF2DQKQKQKP&ELW6DQJY-JLQ[DOQKFFKWKWUDDQKYQFQQJKQF1KQJSKLOPVDR6DQJSKLOFDFWKXFYFN-D9QQK2DQKWK\3KQJDQJQJLQJRLVQYL+QJ/RDQ&EQKL[HPWLQD\73KQJFYRWUFWUQJNKQJ

2DQKFL&KQYLFQJQKY\OPVDRPWUF+QJ/RDQQL.KQJLFQKQJOLFQLFOFULQJYXLP2DQK7LQ\PXQQYRFKLP2DQKWKFPF9\WLQD\JLRYLQDLWUFK/RDQ"

+QJ/RDQUDQKPD&7KRDF7UDQJYWK\6DQJNKQJELWDLVSOFKWUFFQJFWL+DLFJLRVSKLWKFFDQKFKRQJWK\QJ1JLQ\VQJLNLDOQWUP+-K-&LJ-FKQWUPW-QK\XWK-NK[OP+QJ/RDQFLNKFNKFKSKQWLS'RQ\SKLFQJQKQF7KRDGLQFRGLWKLNLXPX&V+QJ

7UDQJOWYRWULWLPWK\6DQJKD\VDR\&QQJ6DQJWKLWK\QK3KQJFQJLDQQJEXQW-QKPUDJDOQJYLF7UDQJKWF0\DKFWUF7UDQJWLQQLFFRLY\FKNKQJGWKQJYWQWPEQJF7KRDSWKQKUDNXNLXOP0LOQQLFKX\QYLWK\6DQJFQKQJQKRPWFFKFWK\PUQJUQUQGDJ3KQJFLWUFQWPWGLQWTXFFD/RDQFOLFJQJPWE-QKWKQFD2DQKPWKFPFNKQJELWWURQJFLX[LQK[QJLQJ\QKXFDFDQJGLQUDQKQJ


52/239



52

PXPDNTXJ-3KQJEWQJNKLQJKH2DQKVWVQJQLYL+QJ/RDQ7LQD\2DQKVYRWUFWKD\3KQJQJYXLP3KQJSKQLQJD\7KLNKQJFQXFK2DQK(PFQKFRQ7UFRWUFWKUL2DQKQK-Q/RDQULU\3KQJ1KOPFKLFKRPWFQJPDQJQWLQD\2DQKYRWUFYLQKP+QJ/RDQQKD/RDQFLFYW-QKQLYR.KHWKL&QKLXQJLWV9\WLQD\2DQKQKYRWUFYLQKP+QJ/RDQQKH*L/RDQY

3KQJPFQK-Q2DQKWLQ/RDQUDFD2DQKWUYRQJWUFPW3KQJWKQJWKQJQL&KPXQJSULQJWK\6DQJ1KQJ\OFDWUFFDHP(PELWFKQKFJ-FKNKQJSKLFKOPXQJSWK\6DQJNKQJ"2DQKOQKOQJOLFHP++PQD\HPYXLYKQKSKFEQ7UQJQQXWKPELWQQLNKFDDLNKF&KFKPXQJSDQK6DQJHPFQJKHOFQ\FRQ/RDQQLJ-NKQJ"/QRHP

QFKEDQK6DQJEULK3KQJ"73KQJQK-QOUDFD1KQJQXQJ6DQJEULFKWKWWK-FKJSWK\FQJYFK72DQKWWLQ6DROLYFKFK"&KFFFKFDFK3KQJYQNKQJFKX

1KQJFFKQJQHP9RWUFWUQJFKXSKLKKQ2DQKQKQYDL&J-PQJ&KYRWUFWKD\HPGDQKFKQKQJQWKXQQJKRQJP1KQJPVDRHPELWFKVOPJ-"


53/239



53

2DQKQKFKPS(PNKOP3KQJ'WKQRFKFQJSKLOYDQK6DQJ3KQJWUPWQK-QFK&QJKH2DQKQLULEWFKWFSKUDFL&FLQQL2DQKWLFPWY-WF,P/PJ-HPFL"3KQJEXPL1JKHWULOWDLTXQQHPSKLFLFKVDRQD0D\PFKQLYLHPFKFKPQLYLPWK-FKFEGD2DQKVDVPQWPW

(PQJQLQPFKNKQJWKFKX"3KQJNKFKXQPPFKFQQLWKFKYLFKQJWKFKKXQJKFKLHP(PELWFKVEWFKSPLWKWFPFFKFDFK(PQLULWLQD\FKNKQJFLWUFJ-KW2DQKVQWLWUFPW3KQJ4X\QKQKJKWKW/GRJ-HPEXFFKQK"5L2DQKFLQKW

&KELWHP\XWK\6DQJPOPEOPWFK(PPXQFKSKLNKHPPLKGSKLNKQJ"3KQJWDQJLYROQJJKNKRDQKWURKDLWD\WUFQJFFFDRJLQJ&KQLWKFQJFKQJQWKXDJ-QHPXQJYXNKQJQKPOPUL2DQKL&QDL\XWK\6DQJ"&KFKWKFKWK\WLWKL1XWK\6DQJFKOPWQJLWPWKQJFKXQFKQJTXDFKPXQFYXWYHFKLXFKXQJELPWQJLFELWKQQKQJWQFRQWUDL[XQJTXDQKFKOPWQJWK\X\TX\QWUQEFJLQJWKQWQJFDELWEDRWULWLP&KQPFWULWLPFDWK\6DQJFKX

PXQQYXWNKLWD\FK2DQKWUQPWOQFFQJKQJY-QKQJOLOQKOQJFRFD3KQJ2DQKQJLLPOQJUWOXUL[XQJQFQQQ3KQJFKYRWUQJWLQD\6DROLSKLYRWLQD\"7KLXJ-OFFKFWKJSWK\"


54/239



54

1KQJ\OFKLFDFK3KQJOOQJ&KQKOPJ-FK"2DQKGXGQJ&KVQQQDQK\QJY-FKWWLPOPNKQKDX3KQJEXPL(PNKQJWLQWULWLPWFDRFDFKVQQQQJLQRF(PELWFKQKPPXJ-QKPPFFKWUWKQKYWK\6DQJ(PNKQJGLGWQKKLQKX2DQK(PFKQQKQJOLGLQKFXLFDFKTXUL

2DQKQJG\NKQJWKPQLJ-YL3KQJF3KQJQJKQF&SQJY-ELWP-QKWKXD1XWLQD\FKLWXQQ\POQHPVPFKP2DQKWKQQKLQFL&KFOPJ-XPPFKP"0HPFPFKPFQJQJKFKWKL3KQJWFJLQ&KTXOPUL

2DQKEF[XQJESGQFP&JL3KQJ;XQJQFPL7KQRPWFKWQD7UQJFQJQFKL3KQJFKWQKLWLPNKLQJKH2DQKQKFQ7UQJ&FPWOLQKFPPKO7UQJUWWKFK2DQKDQKDQFPLQJ\FQJOJQJLYL2DQKWKL&WKGLEXQEORX2DQKXYDJ-FFQJUW\DYL7UQJGFELWHPP-QKWW-QKFPYRDQKWDNKVXP+DLFKHPFKQJDLQLYLDLPWOL3KQJWFJ-XQKQJXFFKWOHOQQJKF2DQKLWLQD\&VPW7UQJ"3KQJWK\KWKQY-EQJGQJFOLQJODYL2DQKFKY-QJKWLFKWW-QKFPFDP-QK

2DQKFKWKL&+QJ7UDQJFG\HPNKQJ"3KQJQXWYLPLQJFP.KQJ0VDR"


55/239



55

2DQKQJSQJQJPWWKRQJ7KHPWK\FKYLEWDDLKQDL"3KQJQKQPW+LJ-NFFNKQJELWPFF2DQKWQKE&KHPYLQKDXFJ-JLXJLPPPFFQJQKLQYLWKLQKFKFKQJEDRJLKLQKY\3KQJPDPDL7KWOFKNKQJFJ-SKLJLXHPNKQJ

2DQKORO*LXYNKQJQLUDOKDLFKX\QNKFQKDX0VDR"7UOLLFK"3KQJQJKQJLULFLFLQJQKLQFKKQF+QJ7UDQJYWXLWUYVFSQKQJDYYWLQWLWK-SKLFQ[WOL/FQ\FKQJKH+QJ/RDQQLQJOOFQ\E7UDQJHRQJ6DQJGOPQQLF7KRDSKWEQKY-WF2DQKQKFKPL

FPWFFKOQJQKFK6DQJFOJ-FDFKDLXPHRPEQK&KVFKRKDLEJLOXQ3KQJEWE-QK/FQRFKFQJQLQKQJOLQJKHFNKX2DQKORQJLPWSOQFNKX7URQJW-QK\XNKQJFFKX\QFKD\KLQPFKFFKX\QFKD\WKXDWKL9LFKWK-NKQJFFKX\QQKQJQKQ

3KQJFKXDFKWLYLHPFQJY\"2DQKFLJLO(PWK-NKFHPXF\XWK\6DQJ


56/239



56

3KQJEXQJDQJG\FYDQJKQ7UQJ2DQKVQQFKGSFKR3KQJOQJOQJFKQJF\J\UDVQ&OXQOXQEWOFY\XXLWUF2DQK&K2DQKNKLPXQLXJ-ULWK-VOPEQJFPLWKL%DRJL3KQJFQJFKXWKXD2DQKKW

&KQJ

7KRDFPVWUFQLPGDQKVLQKYLQ&OLF2DQKULO\JLQJWKWGXGQJ&KQKWDXULVDR73KQJ"2DQKKLQJFQKLQ+DUDF7KRDFQJTXDQWPQ3KQJQKLXFK2DQKQK

QK7KDFFKQ73KQJYQFQDX(PO72DQKHPWUFWKD\3KQJ*LQJ7KRDWKQJKLLWKWNK6DROSNKQJSKQFQJHPNKFWKD\POLWUFWKNY\"2DQKPPFL(P[XQJSKRQJYRWUFFKRQJYXLPF+QJ/RDQOXWX&QJL[XQJFKLYLWLHPLF


57/239



57

&WUFYLF+QJ7UDQJYWK\6DQJ0DL1KLYDO\WURQJJL[FKUDKDLWULELYKL&7UDQJYWK\6DQJFKDYRKF"7KRDP"&FKDWK\9LOLFOWUQJQKPWUFQQSKLYRVPKQWK\6DQJYF7UDQJ%QVLQKYLQYDFLNKFNKFKYDQK\PWQK-QQKDXOP7KRDEFEL&KFKQFKQJDQJQJKUQJ6DQJY+QJ7UDQJDQJLFKLYLQKDX7KRDE-QKWKQQK-Q72DQKQ\JLFEFYKLOFOQJWUPWYFQJFYQKDQJQJQJWUQJ

(POFKKD\HP73KQJ"'(POFK7KRDQK-Q2DQKFKPFKQJOKDLDE\QKQKDXSWKW7KRDQXWWLQJWKGLYRWURQJOPWKQFRQJLWULEW[XTXOFQKQPDQJWLWFKXQJWKQQJWUFKFKLEQQQJQJD\FNKLYROSG\7KRDFQJWKFKQJQJQKPWFDP-QKWUQQKQJJQJPWVQJVDGFRLKQOSKLQK-QQKQJQJL[X[WKWK-TXOEWFQJQKQJELWOPVDRNKLDLFQJWKFKTXDQKWDWRQOFLS7KRDKL2DQK

5LGRQ\73KQJQJKKF"2DQKFKDNSWUOLWK-+QJ/RDQ[HQYLQKPXQQLUQJFKX\Q3KQJQJKKFKD\LKFEQJJ-WK-7KRDELWUL1YQLKFPF&PWDQKFKQJSWUDL[XQJSKRQJOPEFWLDUFQJ\KDLEXLOPEDRQKLXF\VLJLQRQXWQW[F[7KRDSK-FLWUFFXQLGLGQJFDNFD+QJ/RDQ&QK-QFRQEULKL

&\VLXPOPY\"&\JLULOLF\QRQQD"0DL1KLQFQPL7KRDPLQJEL&QLF%LQKHP


58/239



58

&ELWKQWURQJOSHPWLFRQWUDLWKFK73KQJOP1KQWUQJEDQYQWKQ9FKPFKPQUL7PNKRQFWK\6DQJQD%LY\WLFRQJLKD\FKFP\F\VL73KQJOPWLQJLPWUQJF\F7KRDQJKHQJKQQJDQJQJF2DQKYLJWQJDQJ&FEQQLY\FKWK\6DQJNKQJFJ-3KQJX7QK3KQJNKQJWKFKEEFKQQKEYLWXWURQJFKDY\0DL1KLQK-Q2DQKFLFL2DQKQLQJ1KLKFFKXQJYLKDLFKHPQKPLWKLSKWKQJWK-OPVDRNKQJELWWQK3KQJFKRF3KQJWK-QKEYLWURQJFKDQKQJEYLXFPFQJLWD\XP-QK7K\6DQJFQJY\1KLELW3KQJQVWK\6DQJOPY-WK\FQ&LXWOFDQK7UQJDQ3KQJWK-WK\6DQJFKX\QWQJUL+QJ/RDQQK\PWYL1KLULQL


59/239



59

FDP-QK7KRDQJQJQJSOPWKHROLKQJGQFD


60/239



60


61/239


62/239



62

TXOE\72DQKNKQJKLXUF7KRDDQJQJKJ-WURQJOQJULQJ72DQKYQWKQQKLQFLSOLFLQKHRPWUDQKPDFD+QJ/RDQ&GQFLJLQ[XQJWK\WLF7KRDJKNKLQJKHJLQJFUXQUXQ&KFPWWQDDQK6DQJVYRWLWKL7LVS[SSKQFQJFFHPWUFUL+QJ7UDQJFKQJPQJTXDQWPQYLFWUFFYQYW-QKPWFFKF1KXQKWJ-FQJSKLQKQJYFK7KWQDULFKQJELWUDVDR7K\JKW'XVDRJLD+QJ7UDQJY6DQJYQFKDOFDQKDXQJKHJLQJWUFKPFFD7UDQJFYTXO7KRDVKFWUQJKHWK-NQQFGXGQJ

0-QKYRSKQJWUFL7UDQJ%DRJL6DQJYRFKQJWDTXDJSDQK\+QJ7UDQJQK-QPKFWUULLJLQJ1\JLFFHPOPJ-Y\"


63/239



63

+QJ7UDQJYQFKDKLXUD0VDRNY\"+QJ/RDQJLLQJKD'0XQQKELWK-SKLOQVQJOQVQJOORQJVQ*LOJLOXFKQJ/XFKQJOORQJFKXQJKQF"+QJ7UDQJSKUDFLWR&Q7KRDWK-FLJQJQJOFKFEQQJVDXPDTXQKWLHPPLQJKUDOPWKWUQL+QJ7UDQJJWJULQL&OLQJKFRQJLYXDFKDFKQJWK-JLOORQJDQKPLSKLFK

+QJ/RDQQJFQKLQ6DROLOORQJDQKKF"+QJ7UDQJWPWPQJEP-QKQL*LNKQJFKQJQKSKQJORQJDQK/QQ\WK-EQKFWUUDYWKFKWKNKLFFXQJFSWKPPWPLWURQJEVXWSFDFKQJ+QJ/RDQ[FKQ

1KY\ORQJFKXKD\ORQJDQKJ-FQJQJQJKDQKQKDX1\&RLFKQJQJFKPYRP\FLORQJFKXWUQJP-QKQKHHPQJYRQJX\KLPOP9-FWKQJGE7KRDFKRQJYQJQJLY-WF+FWUWK-YW-QKFQ+QJ/RDQWK-F&EPPLLPOQJ+QJ7UDQJF\QKFRQQWYQKYRKRWKQJWKP-QKFKRKFWU[HPOQJPNKQJKD\7KRDQJG\

&YRWUFFFHPWUFWKHREQSKQFQJQK5L7KRDOQJOQJEFGFWKHRKQKODQJ+QJ7UDQJPPFLFWKQJFYXLY7KQRFKQJWDQLFKX\QWLSQK/SHPKFWK\6DQJSKLNKQJ"&EQOQKPJWX0DL1KLYWYRYDL+QJ/RDQQLQK


64/239



64

%WDEWXNKDLWKFKFWUELWYWK\&QKJLFQKHEQE\+QJ7UDQJQK-Q72DQK&EOKFWUFQJFDWK\6DQJ"2DQKQK-QFFEQQKFXFX0DL1KLOFX.KQJSKLXF7K\6DQJWKQJQJ\XXOP&FLFRQJLFWK\XWLQQKLXPWVRYLFRQWUDL+QJ7UDQJQK-Q0DL1KLXWLQKQYYQJ-"


65/239



65

1K-QF7UDQJWDRWK\7KQKWWDRWK\EQ\FKDJKHQWKKDLFLPLQJPPPPQLWK-FLPLPRPRTXDPWEQFKRWK\E7UDQJYDKD\JDQKWYDKD\WKFPFK%WDSQKQJWQKW-QKNKQJEQJPWJFF7KRD0DL1KLKL6DRP\NKQJFRLEPWTX5LGDYRELWRQWQJODLFKREWKWNLQKFKL


66/239



66

2DQKSKLNKQJ"&LPOQJQJFLPWWRHQVD\PQK-Q6DQJLPLPQJOLSKQJSKXQKNKF%DRJLFRQJLFQJWKLWWKLNKLFKL6DQJGXGQJ/PVDRDQKELWOHPYRWUQJFKDQKFK"2DQKKQPW(PXGPFKWK\&F+QJ7UDQJYF7KRDFKULFQFKQRQDFKRHP1JLWDDQJJLQWK\Y-WK\PLPYLKFWUEQO\UXPTXQQWQQKUFQJLWDYRWUFFKXQJ

6DQJPPFLWUFQKQJOLWUFKPFQKWUFRQDQKQK-QPLWFGLFD2DQKPWFFKPPLYDQKPXQFSPWYRYQJWFPPWKPG-XG-X\YFQJ6DQJQLQK/LQJKLQJYYQ0WOWQYLDQKLFQJ2DQKOFXQQJQX/PVDRHPGP0OPJ-FFK"

6DQJWKJS'RQ\DQKQKHPOP2DQKYQYXLWF1KPOQWUQKHP*LQJ6DQJKL[QJ+(PY73KQJFW-QKEX[XDQK.KQJFQQDQKPLQJ\FQJLD

UF'NKQJUFHPQKQJOLXVQKFLYLDQK2DQKYXWJLQ6DRDQKOLQJKQKY\"(POFRQJLPWWKQPWP-QKNKQJDLJLSFKHPHPELWOPVDR/UDDQKSKLQYLHPQKQJOFQKY\HPFQDQKELWEDR1K-Q2DQKQJSQJQJULQJKQQJRQKPXQNKD6DQJYLQL


67/239



67

QJNKFQJLWDWK\NOP$QKYRPWOWQYLDQKQK$QKPXQFHPNEQKQEDRJLKW72DQKFQPL$QKJLWK-HPPLGPNKQJOPVDREFFEQLPWP-QKF6DQJJWX$QKNKRDQNKRLEFYRQKQJFKDLELDEDQQ\FKQJKOPDQKPW&LFKQKFKRQJQKQKOQJOQJFKOPFWQJWQJFDDQKSKRQJSKKQWULWLPDW-QKFDDQKG[FQJKQOWUFDDQKGEXQJ[XLFKREQQJKQYWKQWKWKDQK[XQVXQJVFFDDQKURUFKQWKL

&KQJ

73KQJFLJPPWYRWUDQJYWUQEQFFWSWUXQJQKQKQJFXP-QKFQKQJNKQJFFKQRQKF7URQJOSEQFRQJLFWPQKXPOL[-[RWKQK

WKRQJFKQJOLSKOQFL&KXQJYRKFKQPLSKWULPJLRYLQYQFKDQOS'QJWUQJOSWKQKODQJFK\YRDWD\OQWULPWFLKQK9FFEQL7K\6DQJQJK0WWLQJKXWJLQJKH[WDL5LJLQJFRQWUDLYDQJOQ+DKD7K\FWPQJKG\FKXQEFLYNRNKQJNSWURQJQPQD\QKOLFDFKLPWLQKJLD


68/239



68

0\FELWJ-POV.KLQLOVWKWKQFVWKWWFOFKQJWDQLQFLLQK-QKFDVWKW%LQFLVWKW\WKQKK-QKWQJ+-QKWQJYQKFNKLVWKWWUWKQKK-QKWQJWKWVULQVQKDQKFKQJLYRWULWLPFFFWQQQ


69/239



69

SKQJWUFFDWK\6DQJKDLWD\PO\PWODNKFRP[P&7KRDK-QKQKDQJQJFQJFK\YLQPWOFYLEQWDR7WFQJQJFQK-QF7URQJSKQJWK\6DQJEFUD&7UDQJQJSKWG\KWOQLXJLYOQJWP7K\JLRPLPPPKFWU&EQP-QKFKQJKQJWUFFXQLQKEDWFDFQQFKELWLPOQJQK-QQKDX&7UDQJOLOQJOQOQ$QKDQKOPWWKQJ6.KDQK7LQJKLSF7KRD/F\PWFFQJWLPWWL[DQKFUXQU\PFKWF7UDQJOLPLQJOSES%-QKWQK+QJ7UDQJQJODQKY\NKQJQQ7K\6DQJYLJQJPWOPO-OQKOQJDPWQK-QF7UDQJ

7LNKQJQJFQJLLU-QKUSQKQJYLFULQJWFDQJLNKFQKFK7LOPJ-PFKOLGPPWVWQKY\"&7UDQJKLKQJWUFFFK[QJKYFFKOQKOQJFDWK\QQFQK\GQJOQQKDSKLYL/PJ-&RQEFQWUQJLQJFDDQKNLDN-D7K\6DQJWFJLQ7K-VDR&KQJWLFKQJOPJ-VDLTX\7LDQJQKHP\SKFQJLP

&7UDQJKWOQ/R$QKDQKYFRQEPLQWPW\[RQO\QKDX&7KRDEWPLQJF7UDQJOLQQQ7UDQJL%-QKWQKOLQJODKWQKY\&DQK6DQJFQJWK/F\WK\6DQJE-QKWQKOL7K\EFQEQF7KRDQKQK

7KRDQJKLXOPWLOPLXJ-[XF

4XD\VDQJEQWDRWK\ER&FHPYQLWUFL0WOFVDX2DQKPLUD0WKRH2DQKYDNKFYDN


70/239



70

.KLYRSKQJWK\2DQKFQJOROPY-QJKHFFEQQDPOSQLWK\XQJUXYRFWWTXTXQJ2DQKER2DQK[XQJNXWKPFFEQOQSKFKRQKDQKWK-WK\NKQJFKXWK\QLQJDYDOPYDJLQQROQ[QGVDLVWKQOOPPWP-QK7K\QJLFKFFKFKR2DQKOPULUDJLQJQP2DQKUQJOPFKRQKDQK[XQJYLFFEQ9D[RQJWK-WK\NX2DQKOLEWJLJLPWK\/F\2DQKQJKHWLQJF7UDQJKWRPVPQJRLKQKODQJ7ULL&KFFKW2DQKFKDWLS[FYLWK\6DQJOQQRF7QKLQYDYRQJFKX\QNFFWKWNK0DL1KLQK-Q3KQJDQJLPOQJFFLFLUDQKPQK3KQJQ7DRKLWKWLXQ\WDRFKDQLYLDQRF9\FKFWKWO72DQKFKDEDRJLLFKLYLWK\6DQJNKQJ"3KQJOFX6DR1KLKLY\"

0DL1KLQKQYDL7LQKKLKFQPWKQKWFKX\QFRQ2DQKO\WQP\LFKLYLWLFRQWUDLXSKLEQWDRNKQJELW1JPQJKPWOW0DL1KLQLWLS&KX\QOUDNKQJFJ-P7LF7UDQJJKHQTXRQJQJOQPLUDQQJQL0F\FQJGOPQKY\PWPWJLRYLQ.KQJKLXVQJQD\F7UDQJYF7KRDQLJ-YLEDQJLPKLXPWK\6DQJNKQJFOQOS73KQJKL

%P\QJKOWK\6DQJE-QKFKFQJWF"0DL1KLJWX7KWOQKY\FKWDRXFQJKJ-XWK\QLYL'QJP&KX\QQK[UDWRQJWK\YLKFWUPFKXQJPWSKQJQK\QKUQJSKPWL7LVDRQJLWDFQJKWKQK"0FQJO%7UDQJXOJ-FDWK\6DQJQDPPWP-QKW-PQSKQJFDWK\OPJ-QK\GQJOQ&JKHQNKLSWKWFQKQYJKHQFKQJ0DL1KLQK-Q'QJDQJFKP-QKWUFFQJFQL

7DRYWUFQKH'QJLQ\JLULQJOR&J-EQWDRVEQKFRQ2DQK3KQJQJLWKUDJK7KOE2DQKFPQ[L2DQKFWPOPFKRFLXP-QKPXQ6DQJQPWUQJLQJQK-Q2DQKQJWUFJQJFKLWF&YDKWQKRQKYDYQ


71/239


72/239



72

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

OL'QG2DQKKLXUDYELWUDQKPLQJFDQKQJQJLWURQJWUQJUQJ7LWG\FDDQKVLQKYLQWKFKFKQJTXDDQKFNKLXQLQQJOXORWGQFKX\QWPSKRYRELG\NKLWKLWK-WSWUXQJJLLKQYQWSQJD\WUQJWPQQERPVLQKYLQOPFELFDPQDQKG\/FXY-EQKFKQJ2DQKFKRUQJQJLWDFW-QKQL[XDQKQKQJULWWFQKQUDVWKW2DQKQKPPW&PXQQJQJ\PDLFVFNKHLOP0WQJ\EXQWOLWULTXD/XUL2DQKNKQJFQQKQKQJFPFDFWUFOFFFKQJ72DQKQJGXYRWJL\JLLWKLXYDFKR+QJ7UDQJFWDFPO\ULTXD\QJLLNKQJPWOLFPQ2DQKWKQQKLQQK-QWKHRFLGQJNQKNLXNKLQKQJL

DQJFW-QKJJXFWKWPQK\PWKPFLWKFKWK5OFWDYQFQKQP-QKOP6DXPWUFWUQJ\6DQJY2DQKJQKFKXQKLXEDU-XGOXQ'ERFKDOFEQVLQKYLQFDOSWUFQJKFFKQR6DQJFQJE-QKFKYLFJLQJG\FFKFKFSKEWKYNKDLWUNKLRQ2DQKOLE[HPQKQQQKQ%QJLD-QKFQJ/LFQJQJSULQJ6DQJQLPPQLFQJQLQKWQLQJWQLSKLQLTX\YLDQK&XLFQJ2DQKWKQKYFD6DQJ.KLWWQJKLS[RQJ6DQJEQJPLQJPPNKQNKRWLQEFGLGRFK\FKW[LQFKRFOL

WUQJOPFQJWFYQWK'QGFLFFPFLGOXQ[XYFFQJSKDLQKW0LQJLDVPQ2DQKY-GVDRFFQJEQKWWUQJ[LQKSNKQNKRELWWUQELW

GLFKLXOQJPLQJLWQJFKW7KQKQJGX\QKWF+QJ7UDQJFNKQJQKQJJKWUDPWPFQ[HP2DQKQKW-QKFKFDP-QK'FFFKQJWUFNKL2DQKOY6DQJ+LEQQDPVLQKYLQNKRYLQKDXUQJFKQJQWK\WQPWFQKF7UDQJNKFOFYDQYWKPFKLWWWUFPWWK\6DQJFKY-FFX[LQWK\SOLW-QKFWK


73/239


74/239



74

GW[HUDOPDQKVDVPPW[XQJUWOQ&QEQKPLPDLYQPJL\QKFKUDOLNKWKQWL6DQJUWUQK-QPULOLGQ[HWUYR%3KDQOLFFRQXQJKWFKQWKXFFKD"6DQJQKQQKQJTXP%3KDQJWXKDLWKWFWLQLULPQKWUFRQ%LWPWWKDQJWKXFEOEDRQKLXWLQ

NKQJ"+%QJWKQJOQJFDKDLYFKQJFX\3KLUQJXQJKWJLPWLPQKQQK-OQJYLFKFD\2DQKGPPDY6DQJFQJ[WOPFKXSKLNKQJQKQJQKOLWKQP-QKQQJNKQJDPDNKQJFKXDQKQKEPEQJQJLQK6DQJNKQJEDRJLPXQWKURQJFYSFDP-QKEWFXY-FWDTXSYTXVFVR$QKELPWDW-QKFDFKSKQYOPLXQJQQDQKUWOR7QKNK2DQKFRLGXGQJWKQKQJOXQFFLJ-OPOQJ6DQJEWDQ$QKKD\EFGFQJKLQJPLOF2DQKLXYPXQ$QKPXQJLYWURQJWD\QKQKWFRQFKLPWURQJOQJ&LWQKRKRDKRQJWFD

DQKFQJED\XPWWNKLFY$QKFKXQJW-QKYL2DQKQQDQKPXQFFQJWK$QKPXQOFQR2DQKFQJFPWNEQDQKFKPVFOROQJFKRDQKQ\VFNKH6DQJ[XQJGF&FK\KDLWXQDQKEWNKQQJ+P\DQKFXQJYLKFWUQKQJ2DQKPKRQELWNKQJSKLOOGRDQKQJQKY\6DQJWKGLQLYL2DQK$QKQKLQHPULQKQJVWUQJPDEQKOLQQQJLQKPQQJUXW

2DQKQKQYDL&UWJKWQJKHWEQKKRQ&QJKQJLQQJPFDXPUUWK-WKWKW[L1KQJFYQQEQ6DQJFL[XQJEFDQKX\PQFPQKH6DQJJKWX2DQK[XQJDQKKWWFY


75/239



75

6DRWRQPLWKXFONKQJY\"2DQKWUQPWQK-QFKQJFNRWFDOQPLQJLULQJFQKLQQK7KLQJUL/FQ\WUQ[HEXWQJQJKWVQJKLPDKLQJLYNKLWKXFOOPHPNKQJWKFFKFQWKPFYRWF6DQJQJKLQJ/QRNKLWKXFWUQ[HEXWQKLXQWPYRWFHPQKDQKGY\7UQ[HFKXSKLUS[LQEWEQJ2DQKPF7ULPDWFWFKPWFKWNKLWKXFWKLEPYRXULQLFKL[HNQPWOLWRQQKQJWQQQJEWOFKVWKFKKWWKXFQLFQJFQJ

$QKEYFEFEWWK-QJFWUDYLKLQD2DQKJLQGLO\OFFKLWFULO\GXWKP[WYRWYRX&QEQTXWP\PKWF1KQJVLWFGLFDFED\VSVLKQJQJRQJWWDUDNKSSKQJOP6DQJGXEWVKRLQJKL$QKQJG\QLWUQJNKQJQFPFKRUL2DQKQJLWUFEQSKQWFELFDRFFKPFKWKRDNHPGQJGDOQPWYF0LNHPWKPQKQKQJYFKWNHPPWOQKOPFGFKX

2DQKOQQJLWUQJLQJQK-Q6DQJFQQJLVRQEL&W-PFXQWLXWKX\WFGUD[HPWLS1JRLWULPDYQULQKRQK2DQKQJWKLSL0WOFVDXFFKSFKQWK\6DQJQPNEQ$QKDWD\YXWEYDLF2DQKQKKWWD\6DQJUDQKQJQJKFQJWL+DLWXQULDQKEQK2DQKFW-QKWK6DQJEFELOPQQKXQKQJ\QRDQKFQJNLPFKX\QJKHQWXQJWUDKLF2DQKFQJNKDRNKWFKX\Q\XQJQKQJFVJLDFKQJDQKOLEFPWP-QKQQ2DQKGQOQJGQJVFFKRFKQJ&KLXQD\DQKJKHQFQJY-KPTXDDQKLPFWK-NKQJFKRDQKNRVW2DQKYRQJL&KQPW&KWFQJLWDKLWKXFOVDRPFQPYLS

6DQJFQQKYRGLWDLF$QKXFFKQKFKYOXTXVWUXWDQKSKLQJKLQJFKVDR2DQKPPWURQJYQJWD\6DQJ&WK-WKP1KHPQKLXNKQJ"


76/239



76

0L6DQJPQPDQWUQF2DQK$QKWKJS1K&QDWKQJQPNEQPQKWX$QKFRUL2DQKFLJLQJJLXFW+PQD\DQKWKWNKHFKD"+D\QK$QKFOPJ-XPNKQJNKH"2DQKWUXWL7KVDRPOLEWXQJWKXFE"6DQJJFXOQQJFFJLQJDQKVXQJVQJ

L7LPKDPFFKXQL&KRDQKPWWKQJFXWL2DQK2DQKQKPPWWUQKQK-QPWFKQJ&FKDEDRJLKDPFPWDFRQFFKQJKLXY-VDRQD&QKQJOFQKWKQ\FFQJQJKWKDPQGFW-QKWKLFKNKQJSKLOFFRQ6DQJOLWLSWFWKWKEQWDLFQKQJOLX\P/FKDLQJLULQKDXUDWK-6DQJKXQKNLWVF$QKQPWKQJQJLWUQQP2DQKQKQKQJQJLG\PFRYR&LQJLQK-QFKQJ(PSKDFKRDQKO\VDQK

2DQKYDQLYDEFYRQKWP&QJKQFKX\QFDFRQ7KQJWXLQJRLEDPLQQJKDPFRQOP6DQJOQKQ2DQKJQPLWXLNKQJEQKWWUWWKFKFKX\QW-QKGFFKDLXNKQJNLQJFWKVDROLFKPFFRQQK"+D\WLWURQJOQJFNKQJPXQFKX\QFRQFL"2DQKJLWP-QKNKLQJKHQKFWLQJQJUWPQK[XQJVQQKFYLYQJYKWKRQJODOQ%DPL%DPL

7UQQQJFKEQJ6DQJQPQJDWD\FKQUXQEQEWYFRTXSPWWUQWUQJGPLQJVLEWPSWUQJQJPWPRPWUQJNKQJNKLS2DQKVKLQJQK-QFFODFKNKQJGPQJQFKQJ%DYPFKQJFYRWL%3KDQQK-Q6DQJYQFQQPFRJLWWUQVQJFKPWFFKWUXWULOLFQKDQK2DQK


77/239



77

;XQJESO\FKDQKOQ\2DQKOSFSFK\[XQJEDWQJOX.KLFPDQJFKDQKQWK-EDYPFKQJFNKLQJ6DQJOQJLQJQJ3KDQDQJFNPKDLWD\DQKOLPLQJ6DQJYQFQFQFKWYQFEWYQWURUD%3KDQGQJFLPXQJWURQJO\VDF\PLQJDQKUDULYWFKDQKYR2DQKQJQK-QFKQJYLEPWWL[DQK%3KDQYLWUQDQ%-QKWQKLFRQPWFKWQWQKOLQJD\2DQKEFYRSKQJWPO\NKQUDQKQJQFE-QKWK\PPODXPWFKR6DQJ$QKPPWYKQQK-QPLQJLULQKPQJKLQWUOLQJ3KDQQK-QFSPQFKR6DQJULQL

&QQP\QQKY\PWOWVDXQVNKHQJQJYRQJLQOFQ\NKQJFJ-ORQJLF1LGWOLQJL[XQJQKGL%3KDQO\JLQJQKQKQJ&KQJFRQEFKQJQJNLQKWQKEDPFK\WKXFWKDQJWQNPEDRQKLXFQJNKQJWLFQKQJQYQFKQJKW0QKWURQJQJLWK-WKLFKVFNKHFKFQ[XQJPWFKWULNKQJELWJLJ-QFKLELUXFKYOOLOQFQ2DQKWKQJLQK-Q6DQJ*LQJE3KDQQKWKDWKLWKQ&RQWK\KQKQ\UWKLPKRLFKVLQKFRQPWPJQQKOFRQFXW%DP

FQJTXWKQJ6DQJFQKQYQJEFQQQOQWXLULPYQFRLQKWUFRQQQJDLWK-FLPNKQJQKFKSQKWFRQOKFWUFDQKD\QJKHGOXQU-UPYFKX\QGLGWFDFRQWURQJPWUFWUQJ&RQP\XDLPORWLQLWLFKQ1JQJPWFKWE3KDQQLWLS7KQJ6DQJFYWUSPVFFKXPPEQJ3KLFKLQQKQJLWDWK-POQFKFEQLUL2DQKFQPLFWK\QQJWURQJOQJ7K-UDOY\2DQKFQFYLVX\QJKFDP-QKWK-FQJKHE3KDQFKSPLQJ

0QLFRQQJEXQ&RQSKLNLQJFJQFKQJWKQJ[X\Q1JLQQJNKHPQKPLGFFRQFKYFKQJYLWK-FKWFRQ2DQKPWFFFPWQJE3KDQPXQPFKYLF6DQJOQFQWLQD\OGRF2DQKOQJWKQJEFQQJFDSKQJOLFFD\QJYLQJKEOD7K-UDWUFQD\EPFKQJFVQVF\XFKLXFOY-WK&LJLGLPWOXFFQJQJ


78/239



78

WURQJQKPWFFKEOVDR"1JLWDFW-QKJLXFFKX\Q6DQJEQKQJD\F6DQJFQJWKOPJ-"2DQKEQJWKWYQJKRQWRQYQJLFKQJPFGQJQKLXPQKOLFKLPFKRF%\JLWK-QJLFKRF5OYTXWG\FPQJWD\QKQ2DQKQKQKQJOQJLQJQPVWYFKPQJVOPQJ6DQJVWKFJLF2DQKOHQOQQK-QJQJPWDQKKLFDXOLPWFKWGLQKVQJPFDFKLFQQJOQJFG\OQPWQLPWKQJ[WOQQJDRQJQ%\JLUPW6DQJFKOPWDQKFKQJ\XXLQKXQKFNKQJELWNLPFKQKQJKDPPXQFDEQWKQLYLYWK-FRQJKHQWXQJYEQ[Q2DQKNKQJKLXVDROUDOFQ\DQKDQJEQKSKLOOFFOROQJ\XWKQJWK-2DQKOLWK\FFKQK-QUDQKQJFL[XPWOXFFW-QKFRLQKNKQJFSKLFKQJNKQJQJYWDQULQLPDRFOLFKQSKQKRDYLPWQJLFKQJKRKRDEWWKLSWQULJLFPQJWUWKQKSKQLFFYRUDQKQJQLGQKFKRQKQJJLLWUWKFWKQJOX7K-UDQKQJOLNWQKXWQYQOF\XQKDXFD6DQJFKOGRWU

WQJWQJFDDQKWKL5LQKQJWKLTXHQWLX[LUQJULFDDQKFQJELQPWNKLDQKOQJLFKQJ6DXPFLFLOQ6DQJDFLFKLWL[HPFDQKFFFYWUQJ$QKQK\FQJSQKQJOLNKQJWKFKULWYEFELNKLWK\2DQKWKFKWKQK\YLQKQJQJLNKF6DQJOQKOQJERYL2DQKUQJDQKNKQJPXQFVQJQK7\NKLFOFDDQK76DQJKXQKNKQJDFLXFKDKRQPFLVLQKQKWEQE2DQKPLFQGLQFQJFKQJLG6DQJWKFKWKQJKHPLQJLNKHQYP-QKSQKQJOLUWEFELNKLFFLPWKDXKXKQJY2DQK2DQKQKPPWOL+DLQPQD\QJOFEQKWWURQJFLQXQJFKLXJLWRO\OQJFDEDPFKQJEJLDPOQJWURQJYQJWD\FXQJQKLWOD\XQJOQJFKNFDFKQJ0LQJLWURQJJLD-QKQ\ELQPWFJLQJRPQQKLXNKWYQJ

DPPUDPWQJLNKFULVDR"2DQKOFX&EXQEQJKUQJFKQKFVDYRFLE\GRFJLQJUDWKL1KQJFKQKFFQJVWKRWUDNKLE\Y-FNKQJSKLOPXQEGEXQJWD\WKDFXFLP-QKFKRVSKQQXWKWVVPQKDQJQKFKPLJLXFWF

&KQJ

0DL1KLKPKFEFQKDQKUDNKLSKQJFEFGFEFOQ+RQGDSKQJYWUDQJ7KLWKQQKLQFD-QKOPFFKQQJ\&QJFWKDQKWDVFQJQQFKDLWK\OLPNKQJKDP1KLYW[HTXDNKLQJWOFQRNKQJKD\1KLVFWQK

4XL0-QKFK\LXWKQ\1KLWSLYROWQKYQJ[HOLWK-QJKHWLQJFXQKXSPFK\XTX0DL1KLFKQJQKQFKPWWLQJULSOL


79/239



79

7K-VDRQR"$QKFKQJFKQJWUOLFPFLLWLS1KLDPWQK-QGFQJSKWSQSQJLTXD&FKWQJK6DRNKQJJKQK72DQK[HPFQQJYQJWK\P-QKGRQ\UDVDR0DL1KLSKLFKNKRQJQPE\SKWPLWK\2DQKWWURQJQKLUD2DQKPQJYFQJNKLWK\1KLFFPWD\EQYYS/XTXNKQJWK\P\JKFKL1KLFLKPKQK7DRFQJSKLGFKQJWK\P-QKFKQKRLQJWQJWDRUUHQJ-FYWUWK-NK

9DQL0DL1KLYDFKPFKQK-Q2DQK7K\6DQJQXLYNKRTX&QJOFP\FQJSUD\2DQK6DRFRQ73KQJFWKQJOQWKPP\NKQJ"2DQKNRJKFKR1KLQJLULFL1YTXPLWOXQ9LOLGRQ\EDWDRPWULFKFKDLPFRQQQQFQJWOQ\0DL1KLWUPQJP

/XTXNKQJJSQFQJQK1JKFQJOKDLFKHPWLE\UWFXFDPWQLDPWFXFLPWWKQSKQ0\FRLY\PVQJ4XQ7K\WDRXUL"7DRSKLWKDJLQJKRQJFK"72DQKQL$QK6DQJNKQJFQK&KLXQD\WURQJWUQJKSKLQJUDWKLWWQJKLSQKKS[RQJULFKFLODLUDLYLKFWUKD\VDR\EWDRL[HEXWYPWP-QK0DL1KLQJFQKLQ

0\NKQJF[HULQJ"2DQKFLJQJ$QK\NKQJPXQY-VWDREWDLQQ1KLFLUDQKPQK


80/239



80

&KNKQJSKLWK\6DQJVTXQOP\NKQJQLK"2DQKOLF1KLULUDGXFKYRQK&UDEQTX&FKQJULSKLDQSKQWKWKDFK1KLOFXFJLQLQKKQ7DROLQJKNKF1JLQKP\OLWKQKSKPWOOPQKDLOQXFWLQWK-SKLKQJWK&KFKX\QDQSKQQKFRQJLTXFKFP\QLD2DQKLPOQJ1KLWP7K\6DQJFRLEXSKLFOQQJFKXFKLQKWWUQJP72DQKLPOQJ&KQJFFKFFOSYEQJRLQXFNKQJOYDQKFOF

FQJWQJWK2DQKQL7K-DQK6DQJOFQRNKQJOQJLFKXFKLQKWWUQJ"9QKDQK\OPWFRQQJLNKF9ROSDQK\OQJLNKFP\0DL1KLFFF%\JLP\PLQKQUDLX"2DQKQJFD\&WKFNKX\DPLELWPGLFKPW

0DL1KLQK-Q2DQKLPWYQJYLWDRFKRWKRLPL72DQKQJQQJULQJG\FYRWURQJHPUDPWORQQFSOQK8QJLQK&KWDRWKD\TXQR%3KDQEYWWURQJLUDDPWQK-Q1KL&YLQJG\FKR

7KDEFYQNKH&PQ&KXOEQ2DQK"1KLPPFL'FKXFQJOKFWUFDWK\


81/239



81

*LQJE3KDQFYFLPKQ9\VDR%\JLFKXOPX"0DL1KLHG+LPLUDWUQJFKXYOPWKNKR[QJKLS


82/239



82

2DQKQJLVDXOQJ1KLNKRDQNKRLQK-QWKQKSKEXLFKLX2DQKQL/XOPULWDRPLFLYQJYQJQKGRSKNLXQ\0DL1KLQJFQKLQ7KWQJ6DQJQKWYNGY\"2DQKFKQQQ7DRE\JLQKFKLPWURQJOQJYRWUQJFQJNKQJEQE9-WURQJWUQJWRQQJLYDLWK\YDLFQLFKX\QSKLWFKLXFKXQJWKDJLXSKLPXQQLJ-WK-QLOPJ-WK-OP1JD\WURQJFQJWFFQJSKLHGLQJKHOLFKERYQJGPLPUDFKQQJ\POQJFKQJEDRQKLX+WJLYQKOLNKSQSSKQJPQJQJFKQJFQJOQJWK\FDP-QKPLWULNKQJWK\XKQKSKF

9\WK-FLDFRQLFKREXQ7DRWK\FRLEPPWK\6DQJKDPFFKXOP2DQKFLFL/PQKPXQFFRQOF.KQJGX1KLTXD\OL9RQNHPP\4XQNHP\KSGQOPQKWOPQNHPGD1KLNRJKQJL[XQJFQKHRPW

2DQKQ\7DRWK\WKQJYFKQJVRQVFFRQVPPWYXLFKWDLVNKQJFFRQ0\QLY\OVDR"%WK\WDRWOPK"2DQKNKQJWUOLFWUFK1KL0\E\WFKX\QLWKPOPFKL9QKWKQREPFKQJWDRFQJWKDQYQWKGLFKX\QFKXFKWQQDFKR[HP1KLYXWWF

7KQJP\EJLQJKHLWKPQJLVDQKFKXOP1LY\P\PLLF\QWKQ0VDRWUOLFXKLFDWDRLFK

2DQKWKGLFFKQJLSKFYNHP[XQJEQULPLQL0\FKDFFKQJWDRQLNKQJELWP\WKQJFPNKQJ1KQJVWDRNKQJVQJQKP\WQJX1KLGEQJRLDLFQJFKRUQJWDRKQKSKF


83/239



83

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

2DQKOQJOULQL7DRO\FKQJPWQJLOQKQP-QKFFKFWXLOLXQKLXQJLFKROWWY-GVDRPWFRQEKDPFKLQKWDRFQJVFFKQJFKPOR\YPLPWYWFKWOQWLQKWKQ%QWKQWDROF\FQJQJKP-QKVW-PWK\FKGDWKQWWQKW7K\6DQJF[HPQKWKQWQJFDFFQVLQKYLQYFJLRYLQOPYWK\WK-NKQJJ-YLQKGEQJ1LWKWFOPY6DQJWDRFQJWKFQKLXPVX\QJK1KLFLQJWOL2DQKPYRWUFWKD\3KQJOPFFKFDP\"0\FSYLQJ6DQJWWUF"2DQKLPOQJJQJJRWKQKQ

&RLQKWDRVDE\P\&FKXQJPLWK\WK\6DQJFDP\WQKW-QKTXTXWQJWDOFRQFXFRQWPTXHQWKLPXQJ-FQ\WULFRQPWFLULQQLYLY6DQJFQJWK$QK\UW\XWDR\XQKNLXJLDPOQJYWURQJQKNKQJPXQWDRWLS[FYLDL/FXWDRWKFKYQJXQJFYLQJKDP-QKFFKQJ\XTXL0P\ELWKQDQK6DQJUWN0DL1KLWUPWQK-Q2DQKFKL.FLJ-"

2DQKPW9FKX\Q\DQK\OFQRFQJUWWFKFFQKQJYQNKQJFFRQ1KLFQJPFFFQLOQJLL7WULFFRQFKJ-P\OR7DRWQJQJOLTXTXRKFWUQDFK


84/239



84

2DQKQDDQDWKW$QK\FQSKRQJQK[DXPTXYLTXR'RQ\QKPOPEQKNLQKQLQP\0DL1KLQJFQKLQ%QKJ-"2DQKEXQJOLQJQQJQQJNLQK0DL1KLWUQPWQK-Q2DQK7KWVDR"

2DQKQKQYDL.KQJOWDRED&JLD-QKKJLXWDRPLKQFK$QK6DQJEQKWQKOXOXXLVFOLOQFQOPVDRFFRQF0DL1KLWKFPF/QFQOWKQR"2DQKQJQJQ/F\WK-QJOQQJUDWWD\FKQFRJLWPWWUQWUQJPPVLEWPS

0DL1KLFKWOL&QKDQJWQJWQJUDFLGQJWKDQKOFKQJKVFDWK\P-QKUDVDRNKLOQFQ2DQKUXU7DRQLWKWWEQJLWDRQQK-QQJLNKFEQKOP1KL+LWDRFQQKEDWDREVX\QNLQKQLQ0LOQWUWULQJOQFQNRHWDRVKWVFGXWDRUWWKQJEDWDR%\JLDQK6DQJEFKQJQ\WDRNKQJELWSKLQLVDR0DL1KLYDQKPQKSNHPYDQL

9\PLOQWK\6DQJOQFQP\OPVDR"/QXWK\QKOQFQWDRXFELW6TXWULWDRKWWKWWKDQK%DPQKFK\TXDOQJLQJNPWD\FKQQKFKDQKYRPPWWE-QKWKQJWUOL0DL1KLWKUD


85/239


86/239



86

NKF2DQKQJLFKWWUQWUQJKFNKQJWKWKQJFVJKWPFDEQWKQP-QKQVQVFOROQJFKR6DQJQKQKQJOQWUF&WUQKLPWOQKOQJFKD\VRQWUFKFDE3KDQ%OPVDRELWQKQJFPJLFNKQQQPFYDWULTXD2DQKQJLQK-QQKQJWKJPJKLFFQOLWUQFKLFJLQJQJWUQJWLQK&PXQPDQD2DQKW-PNKQJUDFKDLGXQF[DQKOOLWK\JLWKXFOQPWUQEQ&QJQFQEXQQQEQJQKQJFQKRVFVLEQJNKLWKXFOFD\NKFYEQJFQKQJFLQXW[XQJEXFP-QKQJNKF0DL1KLQK-Q2DQK7K\6DQJELWP\KWWKXFONKQJ"2DQKQL7LKPQD\FKFELWGWDRFKDSKNKLWKXFWUFPWDQKEDRJL

0DL1KLQJKH[Q[DQJWURQJEQJ&QWQKLWKD\Y-NKX\Q1KY\OPJ-YFFKJ-K2DQK"2DQKEXQEXQ/PVDRWDRWUOLFFFKNKLP\NKQJSKLOWDR0Q\1\JLP\KLQKLXTXUL&QP\WK-VDR"&KOPPLWKQR"1KLFL&OQJOQOXPWWXQFKFFKQSKLKQOQJP\PWWKQJOFKDNPQK

PXQJFKWFKWNPWKPQKHQK5L0DL1KLOLKL1\6DRKLQJ6DQJNKQJ[LQFKRP\YRPWQLQRPSKL[LQJLOLWUQJQK"/PWK\FKQJSKLWK\PWUFQJFKQJSKLWUGGQJQJQKP\WKWNKWURQJFFKF[POQJOLNKQJEDRQKLX2DQKLPOQJQJKH1KLQLWLS&QJUDWUQJPWOWYLEQP-QKWLQJLOPDWQKWQJEQWURQJFF

KSWF[OQJFQJFQKQP\6FQOLOWKNKREQQ\WRKQWKWUQJOFLFKF5LQKLXDOPFKQKLPKSWF[KFLKFWLFKFOPNWRQWUQJWURQJFFFQJW\LQJRL[XWQKSNKXL7LQOQ'UHDP[XQJ&SOFKX\QE-QK2DQKFLJQJ0\FWKXDJ-EQQX&RQE3KQJQKWDRFQJWK/PUDWLQEWLULQJVP


87/239



87

[HFPQKEDPWDROR.KHUD0DL1KLQJKLPPW2DQKQ\7KWVP\YLWK\6DQJUDVDR"2DQKQJSQJQJ.KQJKQKSKF7KLXWGR7LQFQJKLKR1KLQK-QEQ&KX\QKQKSKFKD\NKQJWDRNKQJORF1KQJQXP\PXQWDRFWKW-PFKRP\FKOPQJRQOQKQJYLFKX\QPQ.KQJWK-OLSKLFQJKFP\QPPOLQJLEQOPYQWKWLQJ\FKLWU-QKJL\FKRQJLWDNWQULPDQJYQJGX7URQJNKLFKNFDP\FWKOPUDWLQQXQJLPWFKNKF

2DQKQK-QQJRLSKQJLQJLQKQQKSQJYXLFFFSW-QKQKQQPWD\QKDXWKRQJWKGREF&QKQJFJLQKQKQKFPNHPF\YDLYLEYDQKKQQKLQYWUWUXQJQWK2DQKFKWWLFWKLFRQJLQJQQJLFDP-QK&YLYO\FKQJOFFFQTXWUJLPLKDLPLOPWXLLWK\FKWUFFLKQKSKFPRQJPDQKYUL2DQKQJG\9WKL1KL&KX\QWDRVW-PP\VDX1KLJWX+DLFEFUDTXQ2DQKQJKHORQJWKRQJJLQJFDWUPWUPELKWFD7UQK&QJ6Q1JLQP[XQJQJKHWLQJUX

&XFLFEDROXPKQJK2DQKQKPPWWDFPYR0DL1KL&XFLFEDROXPKQJK

&KQJ

7UQJOXQWD\YRWURQJPFKWFQJULGQ[HYRVQ1QJFKLXYQJYWKWPWYWYRWURQJQK$QKEFYYDWD\QJFDOLULV[XQJKQFJLQPGL

WUQFKLFJKVDORQQJRLSKQJNKFK1KQNRGLOPFKDLXNKQJGQOQJFVKDPPXQLWD\FJLPYQJO\OQJDQKVLWPQK0L7UQJWWLOQ[XQJFKWUQJFDYQJQJF\QFKLFRQJUWPQJWXWNKLEYDLWUQ%WFKWFJL\DQKUDYQJLG\WDQJLYRWKQKJKWD\FWKQQKLQYQPLWFGLTXDPWEQ


88/239



88

&KDLQK-QQKDXLPOQJ7UQJ\QKPWFDP-QKYQWUQFKLFFQKQKQLYDLWUQYNKRQJQJFOUDVDXFKLFRQJPXWUQJWUQJYDNKXJLYDWKQJ\5LFKQK7UQJOQWLQJWUFJLQJDQKWUPQKSKWDQFLLPOQJQJV\PKRFDQJWULTXDWURQJWLFQXL1KQFDQJLQEWKWWX\WVRYLQKQFDPWFJL&PQ2DQKQPFKWL\72DQKFLQKW6DRDQKOLOPWK"*LQJ7UQJNKQJFYJ-FKJLXGQFLKLQUDWUQPWDQK6DR2DQKOLFKRWLOPWK"

2DQKQJSQJQJ7LQJKOF\DQKOPWLO3KQJ7UQJFLWKQKWLQJ2DQKVWLKWKQJWK-WLQJKLSWURQJNKL2DQKWK-NKQJOPWLYLDLFP0L7UQJEQJWKDWKLW2DQKELW\7LFKDEDRJLOP2DQKYL3KQJ/FQ\WLKQHPY-WLPXQWK&OQR2DQKQJXQJQPFNKQJELWWL\XHPWFLQK-QXWLQ

2DQKQJKLPQJKQJQLQD3KLQKUQJWLOFKFD3KQJYGXJ-DQKFQJOFKQJQ7UQJWKGL7LXSKQKQFKX\QWLVOFKQJ3KQJ&LX2DQKFQJNKQJFPFWL\XHP1K-Q2DQKDQJQJLEJLWUQVDORQQKFRQPRDQJFKWD\QJLYHYXW7UQJ

QJQJQKL7LVDRQJ\2DQKOQWUQKWLQJOPY6DQJ&SKLY-2DQKNKQJPXQ73KQJDXNKNKQJ"+E\JLFXFLFDFKQJWDNKQJUDOPVDRF2DQKFLPDPDL.KQJQQNRWLYRFLFKQJWDFDDQK9-WLWK\FXFLWLNKQJGQKJ-Q


89/239



89

FXFLDQKF5LWLDPWUDQKPDFDFOHOQPWQKQK-QWKRQJPDXTXPW7UQJFQKQK&QFKX\QQJ\TXDOXTXQKFOLOPJ-7-PKLXOPFKRFKRQKQJFLF[-\SKKQJFLKLQWLUWSFDDQKY3KQJ7UQJEWFKWYLXWKXFYDO\UDNKLEDROLYW[XQJWULVQQEQ2DQK$QKOFPQKYDLFJQJLQJ2DQKQLFQKQJOLGQJGQJQKWKQJKFQJWL0HPQLWKWFK"+P(PWKDELW[DNLDWLQPLQJ\DQ73KQJOY-HPP7KPFKQD\PDLWLFL3KQJFQJOFJQHPKQ2DQKJLXFWQKQPQK7KPFKKPQD\DQKQ\FQJY-WL7LVDRNY\"7LY3KQJFJ-NKF

QKDXX"$QK\X3KQJWK-QJKQY-WLFKDEDRJLYNKQJEDRJL\XDQKF7UQJFKQJFK(PQLGLLPLYYQJWD\PFDHPFKRWLELWUQJHPQLGL2DQKOQKOQJ$QKQQQ\NKLQRF3KQJ&QE\JLYLWLNKQJPXQFKLWUSKLXOXFKWQRF7UQJO\UDPWLXWKXFNKFDQKFKPODULSKNKLPWNKQJULNKLJQJ

PW2DQK0LWFGLFDFYQJQEQWUQJWKWG\X*QJPWQEFQUWWUFRQFDFYQJLQJ\JQJPW73KQJWKQKQJNKQJELWOJ-QOPEXWUWWLPDQK&SKLKDLWUQJWKLLQKDXFDWXLWFYWPKQOP2DQKTX\QUKQ3KQJNKQJ"5LLPWVFOPFDFQDLPW\QGLKQJPLFRQJPWFFKQKXP-QKQJK-QKQKQDQJQLYLDQKUQJQKQJOLFYDWKWUDQJQKOQJFDQJQJKX7UQJ[Q[DQJFKRUQJKQO2DQKUWNKWPNKLSKLGLOQJP-QK7QJ\FO\FKQJDQKYQQJQJWLQFWLQUQJLXP-QKQJKOQJ

2DQKNKQJFKQKSKFYLFKQJ7OX2DQK\XDQKQKQJY-WKQJHPP2DQKOQJOQJLO\WQQQJOQKQP-QKFFKFWXL0WWKQJWUWKFUPLPWOFQRFQJPWPLNLXJLWRQKDQJVX\WLXJ-UWKWUQJWURQJNKLWKWUDXKQWRQFKDQKQJWQKWRQWPWKQJQKNLXOPWKQRLFXDKFWUP-QK*L\YFKQJ2DQKFKLDWD\QJQK7UQJRQNKQJVPWK-PXQ2DQKDQJFQYNKVY-KQKSKFFDHPP-QKQQFYQPWPFWFKLW-QK\XGOQJFDQJNKDRNKWELWEDRYLQKQVD\PYDUL


90/239



90

QJG\EFUDQFD7UQJTXD\OLQK-Q2DQKJLQJDQKWUPKQ[XQJQKPWQWQKFWKWWKSQKOQWK-NKPQJKHUQKQJQXWKLXQFKFELQKFVPWKD\$QKELWHPVQJKOL$QKELWDQKVFF73KQJOQ72DQKQKEXLWLOQXDQKQJLEQHPY3KQJDQKFX[LQFQKWK2DQKEXQJQJL[XQJVDORQFQKPPWOLQJKHWLQJ[HFD7UQJ[DGQQKGQ1KQPQKERFXQJQKLW\PLWKXFOUWQQJOP2DQKURUFQQKFFQKQPWQJLQRWURQJTXNK/XOPULFNKQJQKQ+QJWQFRQWUDLFDPWWKLYQJGLYLEDRQKLXDEQ%\JLPEQXKWULFDQKFKQJOLKFWKFKOPQJLKQJWQJG\FFFKKQFFKYHYXWQKDXNKQJELWFDLFQQKQ72DQKNKQJ"&DLUQKUDQJ

WKQKWKLQJLWURQJFQSKQJYQJJLDEXLFKLXWQKQQKQJQJLTXHQFPWKWWURQJKLQWLQKFNKQJ"2DQKOFXFEFELYLFLXOQWKQFDP-QK;HPFKQJP-QKVSJLQJFRQE3KQJYLQKQJVX\QJKYYQYFK&QKPQJLG\FKPQFKLFY[FKWD\O\UDJLWKXFOWD\FKLUXQNKLFKPOD2DQKNKQJKLXVDRP-QKEXQJWKQPFQQKQPLKQFD7UQJYPO\WKQWKDQKWDPWFFKNKDRNKWQKY\GOQULQKQJKDPPXQWURQJFQKOLWQ0LOQQKQ2DQKXJKWPEQWKQYRQWUFKPFRQ6DQJ+[HPFQKPWFLP\QKPSQJQKXFXNKLPXQFQW-QK\XY[FFPNKQJFQSKLF/XOPUL2DQKPLQKQFFPJLFFLKQ&NKQJPXQW-PKLX

WLVDRFEXQJWKYL7UQJW-PKLXOPJ-"&XSKLOQJLWKFKLXROQKQQJKD7OXULFOQJLWKFKOPWKHRVWKFKFDP-QKPFFKY-FWKL7LQJ+RQGDQJQJWUFFD3KQJY2DQKFKPULSKWQJQJPNKLFFQWKQEFOSJL\EQJNLQJEQQJRLKSWKXFOUDULJWWQYRWURQJ&EQJNKXQJNKLQJK5LP-QKVLVPPWFKLFJWWQEQJSKDOFK-QKFRQWKLQQJDYFQKPNKQJEDRJLED\OQF%XQWKD\P-QKNKQJVPFKRPWQJLQQJQRFPOLFKRP-QK

3KQJYWFKLFWL[FK[XQJEQYQJLOQFKLFJKFQK-Q2DQKUWYW

$QK7UQJFJKFKDFK2DQK"2DQKOLUWYRPWKLGLWKRQJWKKQJFLWKYFDQJLDQJVD\WKXFULPLWUOLJKQKQJNKQJWK\HPDQKFKQJLYWXW


91/239



91

3KQJQKXLP\UWWKDQK$QK\FKQJQKQJ-HPFVDR"2DQKOFX&OQJWDVWUOLWKL0Q\FKX\QFDHPQXUL"3KQJQJQJLWUQVDORQFFLJL\UDESESLFKQ+\YQJOXWKQJQ\VEWXLOP1JKFQJEXQ%QEKFFKXQJWQKQOQQWKQP-QKQKLXWKWLNKLUDLQOPVSP-QK2DQKQKFKPLFLNKLQKEF%\JLFWPWKLOPORQWRQFKRQLFQGLKLXPHPVRE-

0W3KQJOQQKQJLOPLX[XEEWTXWDQJFELUL[XDWD\.KQJSKLHPVRE-X'VDR0DL1KLFQJUWWWQ[LQYLFOPFKRFKULE\JLOLFKRHP(PQLUDY-WQKLQHPWK\K-QKQKPLQJLPWFLVNKQJDLJLQJDLFF'FPXQJLQJFQJNKQJFWQJOQKWKFQJNKQJSKL1JD\FLNKLFKDWD\OEWFLXP-QKPFWKPFQJFKDFKFVF1K-Q2DQKYQFQWKKQWKHRNKLWKXF3KQJSQJQLWLS1JD\FYLKDLFKHPP-QKFQJFQJPWEQJPUDLPWOFJLQJQKDXQOQKWKQKQJUOPLDFPWKRQFQKVQJKRQWRQNKFQKDXKQKSKFKD\

NKDXDLPOQJWUFF2DQKKKQJEQJWQWKXFQKPQD\PLQJKUDFLXNK"3KQJFLKLQOQK&KFLXUWPLQ\FDHPLYLFKTXF"2DQKWUQKLPWEDRJLFQJ\SYWYWURQJVQJFD3KQJFQJG\

EFQ\FQKFDVUD1QJLYXKWFUL&LQKVQJPPWLWLFDEXLKRQJKQOP2DQKEWFKWWK\OQKNKLWQJQFQSKQJTXQKTXPPW

OWQDFVUFYRQKOQWUQKNKL7UQJQYL3KQJ&Q&Q7UL3KLOVPQKFDP-QKNKQJQK"+D\OFLJLSKLWUVDXQKQJPXWRDQFKN"LPLPQJFD2DQKKLWUUDPWFKW+P&OXQQJKUQJP-QKOQJLFPV


92/239


93/239



93

/FQJL[XQJFKLFJKQJRLVQ7UQJUWWWLQNKLWUDRFKR3KQJPWEFFYQJDQKQLEQJJLQJSKDFKWJLXFWFKX1JLWDWKQJFKRUQJKRDKQJOORLKRDFWQWQJWUQJFKRW-QK\X&LKRDKQJ\WLNKQJKLFDFFYQJPHPUWWKFKQ\FFKRWLQLPK\YQJQRNKQJQXWLERUQJWL\XHP"/F\3KQJQK-Q7UQJEQJLPWEDRGXQJYUQJOQJGWULWLPFDQJNKQNKY-FXQLFDDQK.KLQJLWDNKQJKLFKRDKQJQJLWDYQWPEQJOQJYLQKQJQFFYQJQVPFPF%LWWK\PVDRFYQUXQU\FPEFFWKKRDP7UQJNKQJDULELKL[FQJ1FPWFDUDOFLF7UQJQQJFPFOQYWOQPLFPWQKQQKQKQJ

3KQJQQKQQKQQJWQJR\YLWWFW-QKFPXL7KQKQJWLOF7UQJWLSWFWOQPLFQKQWKKDLWKEDULJK-FYRQJLYLQLDPPOQNKWNKDRWK-WULWLPQRQFD3KQJFKWWKWOLY-FFKWKLXUQJ7UQJDQJQJKYPWQJLNKFGDQKDQJPFYYXWYHF7K\OFQKQPLW-QKXFQJOOFFWGLOQJP-QKQJLWKWQJRDQQJRQOQJQJKH7UQJQL3KQJFWKQWKFNKLQJKUQJDQKNKQJDQJQLYLFDQKDQJOPFO2DQKWKL0WVKLXOPFRDQWUL5LPFL2DQKGLQUDYLOQJKLOPUQJUJLD-QK2DQKOLWKQKSKQ\FQ3KQJWUYQKFKPVFQJ/LY-EDFOFQ\EQKOXQ'WKPKLFDFY7UQJYQWLQKQKQJKRQJ&LEFFPQR3KQJNKQJYWPLF

WKWNKHPFWQYRKSJL\3KQJFQJFKQJKLXY-VDRFOLOPWKNKLOFQ\W-QK\XFDFLYL7UQJYLEWPWKD\YROLOOQJWKQJKLNKLELWUQJ7UQJEPYRFQKEPYRPWFLSKDR&KQKY-FKWNKQJWUQYQP3KQJ7UQJFKFEDQPPLFL1XOQKPQKWK-FFQJQKFKXFNKQJWKOPNKFVX\QJKFDP-QK3KQJQJG\PFQJFKR7UQJYW[HYR;RQJFWUOLFKLFJK$QKPPFLQK-Q3KQJ

(PPLY"&OFX&QJOXOPUL6DRNKQJWKD\TXQRUD"


94/239



94

3KQJOOFQJKLQJQJKLQJX9-HPRQDQKVFKHPLPWYQJ7UQ

TRAN THI BAO CHAU - Khoang Doi Lap Lung

Documents

Transcript of TRAN THI BAO CHAU - Khoang Doi Lap Lung