07/04/2025
͘ ˜ ͓͓͖͑
RM1
Malaysian Paper õõõŪäªÜéÄŪÃû S?ĝŪĜĜ P S EPt H̿ɿÐj´ Ø¿ ÉÌäºØ ÛºÛÐ ¹ ©©º åjÐØj¢ (½äª ÜÕ ½ Üä Ü饥ÜäÜ ÕªØÃ ÜäÜ Õ½û ÃÊØ ä ô ØÊ½ Ä ô Ü Ä¥ Õä ÄäÜ ÊÄ ÕØÊÕØ ÜäÊØ¥ ʤ Øé¥Ü Ä ÊÃÕ½ä Ä¥ Ø¥ ÃÄŪ 3FQPSU PO T QBHF SCAN ME 9¿ě ŝŜŚŘ HH ŗśřřħŖŗħŗŕŖŗ ljŕŘŖŖŞŚij
3FQPSU PO T QBHF
8ºØj´ å¿Ûº ÐĘ ÛºÐº ÐjÌÐ Ì¿¹ ¢jÐ ´jÐØ ©º© ºØ PéäØ ( ¥ªäÜ ØÜ Ää ÜØ Ü ÜäØé¥¥½ äÊ ØäéØÄ äÊ ÄÊØÃ½ ½ ¤ ¤äØ äØéÃä úÕØ Ä ƃéĽ º Äûäª Ä¥ ôØ ¤ƄŪ
8"45& /05 1VUSB )FJHIUT BOE TVSSPVOEJOH BSFB SFTJEFOUT SFDFJWJOH GPPE JOJUJBMMZ NFBOU GPS B .BEBOJ "JEJMGJGJUSJ FWFOU UIBU XBT DBODFMMFE CZ UIF 4FMBOHPS HPWFSONFOU PVU PG SFTQFDU UP UIPTF BGGFDUFE CZ UIF SFDFOU HBT QJQFMJOF CMBTU o "%*# 3"8* :"):" 5)&46/
WO ØjÌ© Ø jÌÐ 3FQPSU PO T QBHF
?½ûÜ ÄÜ Ø Ü ÊÄØÄÜ ÊôØ ôÊ½ä ½ äû ʤ Ø Ä¥¥ ä Ä ÕÊäÄä ½ ÃÕä ÊÄ éÜ ÄÜÜÜ Ä ÃÕ½ÊûÃÄä äªä Ãû ½ äÊ ÄØÜ Ä ÊÜä ʤ ½ ô Ä¥Ū
˻ ͘ ˜ ͓͓͖͑
ħبÐۺش¢Ìj¹ #>33>a >9 T 3 $K 8 ¹ K 8 ħ Malaysian Paper
¿º¿¹©ÐØÐ ÐÛ¢¢ÐØ åjçÐ Ø¿ пغ WO ØjÌ© ¨©² ©¹ÉjØ
1©º¢ ¢ÌjºØÐ jÛ ©º Ø¿ H8
,6"-" -6.163 )JT .BKFTUZ UIF ,JOH PG .BMBZTJB 4VMUBO *CSBIJN HSBOUFE BO BVEJFODF UP 1SJNF .JOJTUFS %BUVL 4FSJ "OXBS *CSBIJN BU *TUBOB /FHBSB ZFTUFSEBZ " QPTU PO UIF 4VMUBO *CSBIJN 4VMUBO *TLBOEBS 'BDFCPPL QBHF TBJE BMUIPVHI 4VOEBZ JT B SFTU EBZ UIF ,JOH DPOUJOVFT UP QFSGPSN PGGJDJBM EVUJFT BU )JT .BKFTUZ T PGGJDF JO *TUBOB /FHBSB 5IF QPTU BEEFE UIBU CZ BN )JT .BKFTUZ IBE HSBOUFE BO BVEJFODF UP TFOJPS PGGJDFST PG *TUBOB /FHBSB CFGPSF HSBOUJOH UIF BVEJFODF UP "OXBS o #FSOBNB ĝ8ĞЩj ¿Û´ ¨´É Ðjº j ØÌj ¨j´´º¢ÐĞ ,6"-" -6.163 "T UIF 6OJUFE 4UBUFT 64 NPWFT UP SFTIBQF HMPCBM USBEF JO JUT GBWPVS .BMBZTJB T "TFBO DIBJSNBOTIJQ XJMM CF QJWPUBM JO DIBSUJOH UIF CMPD T OFYU QIBTF PG FDPOPNJD HSPXUI TBJE 4VOXBZ 6OJWFSTJUZ +FGGSFZ $IFBI *OTUJUVUF PO 4PVUIFBTU "TJB IFBE 1SPG 4IBOESF .VHBO 5IBOHBWFMV )F TBJE "TFBO TUBOET BU B DSJUJDBM KVODUVSF UP SFJOGPSDF JUT DPNNJUNFOU UP TIBSFE HSPXUI SFHJPOBM JOUFHSBUJPO BOE TVTUBJOBCMF EFWFMPQNFOU )F XBSOFE UIBU 64 JNQPTFE SFDJQSPDBM UBSJGGT o BWFSBHJOH BDSPTT "TFBO DPVOUSJFT o DPVME QSPNQU B TIJGU UPXBSET CJMBUFSBM OFHPUJBUJPOT VOEFSNJOJOH SFHJPOBM VOJUZ i5IJT EJSFDUMZ DIBMMFOHFT "TFBO DFOUSBMJUZ BOE UIF GSBNFXPSL UIBU VOEFSQJOT PVS SFHJPOBM BOE HMPCBM JOUFHSBUJPO i"TFBO DFOUSBMJUZ JT UIF SFHJPO T TUSFOHUI (FP FDPOPNJD TUBUFDSBGU IBT MPOH CFFO B DPSOFSTUPOF JO NBOBHJOH HFPQPMJUJDBM UFOTJPOT BOE BEWBODJOH TIBSFE QSPTQFSJUZ w 4IBOESF TBJE .BMBZTJB NVTU VTF JUT MFBEFSTIJQ SPMF UP SFBGGJSN "TFBO T GPVOEBUJPOBM QSJODJQMFT BOE SFTQPOE TUSBUFHJDBMMZ UP 5SVNQ T UBSJGG ESJWFO EJTSVQUJPOT )F BEEFE UIBU B VOJUFE "TFBO GSPOU JT FTTFOUJBM QBSUJDVMBSMZ UISPVHI NVMUJMBUFSBM USBEF QMBUGPSNT TVDI BT UIF 3FHJPOBM $PNQSFIFOTJWF &DPOPNJD 1BSUOFSTIJQ 3$&1 BOE UIF "TFBO &DPOPNJD $PNNVOJUZ 3$&1 UIF XPSME T MBSHFTU GSFF USBEF QBDU PGGFST B SVMFT CBTFE GSBNFXPSL UP TVQQPSU TVTUBJOBCMF HSPXUI JO &BTU "TJB *UT GMFYJCMF FWPMWJOH TUSVDUVSF BMMPXT GPS UIF JODMVTJPO PG QSFTTJOH JTTVFT TVDI BT DMJNBUF BDUJPO EJHJUBMJTBUJPO HSFFO USBOTGPSNBUJPO BOE TNBSU VSCBO EFWFMPQNFOU i5IF 3$&1 4FDSFUBSJBU XJMM CF WJUBM JO DPPSEJOBUJOH FGGPSUT BOE ESJWJOH XJEFS USBEF MJCFSBMJTBUJPO FTQFDJBMMZ JO GVUVSF OFHPUJBUJPOT XJUI UIF 64 w )F VSHFE "TFBO UP GPDVT PO GSPOUJFS UFDIOPMPHJFT o BSUJGJDJBM JOUFMMJHFODF FMFDUSJD BOE BVUPOPNPVT WFIJDMFT SPCPUJDT BOE TQBDF UFDI o BSFBT EPNJOBUFE CZ UIF 64 XIFSF "TFBO DBO QSPWJEF NBSLFU BDDFTT BOE TDBMF i5IFTF UFDIOPMPHJFT BSF SFEFGJOJOH HMPCBM WBMVF DIBJOT (7$ PGGFSJOH PQQPSUVOJUJFT GPS 4.&T UP JOUFHSBUF JOUP CPUI SFHJPOBM BOE HMPCBM QSPEVDUJPO OFUXPSLT w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
˩ ËÖËãÝÓË ÝÒÙßÖΘ Ë×ÙØÑ ÙÞÒÏÜݘ ÜÙÖÖ ÙßÞ ÝßÌÝÓÎÓÏÝ ÐÙÜ ÕÏã Ó×ÚÙÜÞÝ ËØÎ ÝÒÙÜÞ̋ ÞÏÜ× ÚÜÓÍÏ ÍÙØÞÜÙÖÝ ÞÙ ÍßÜÌ ÓØÐÖËÞÓÙØ˜ ÍßÞ ÜÏÖÓËØÍÏ ÙØ ×ÏÜÓÍË àÓË ÞÜËÎÏ ÎÏËÖÝ áÓÞÒ Ï×ÏÜÑÓØÑ ×ËÜÕÏÞÝ˪
TIPVME IFMQ GJSNT UBQ JOUP MFTT 64 EFQFOEFOU NBSLFUT TVDI BT "TFBO BOE UIF .JEEMF &BTU u (MPCBM -BCPVS 0SHBOJTBUJPO 4PVUIFBTU "TJB MFBE BOE FDPOPNJTU 1SPG %S /JB[ "TBEVMMBI TBJE UIF 64 UBSJGG DPVME IJU .BMBZTJB T TFNJDPOEVDUPS TFDUPS IBSE NBLJOH MPDBM DIJQT QSJDJFS BOE MFTT DPNQFUJUJWF UIBO UIPTF GSPN 7JFUOBN 5IBJMBOE BOE *OEJB i5IJT DPVME VOEFSNJOF .BMBZTJB T TUBOEJOH JO UIF HMPCBM DIJQ TVQQMZ DIBJO BOE TUBMM NPNFOUVN VOEFS UIF /FX *OEVTUSJBM .BTUFS 1MBO i5IF 64 JT .BMBZTJB T UIJSE MBSHFTU FYQPSU NBSLFU 8FBLFS EFNBOE GSPN "NFSJDBO CVZFST NBZ EBNQFO NBOVGBDUVSJOH HSPXUI i4.&T UJFE UP 64 DPOUSBDUT GBDF IJHIFS DPTUT BOE KPC DVUT XIJMF B GBMM JO FMFDUSJDBM BOE FMFDUSPOJD FYQPSUT DPVME GVSUIFS ESBH EPXO UIF SJOHHJU BOE QVTI VQ JNQPSU QSJDFT u /JB[ TBJE DPNQBOJFT UIBU IBE SFMPDBUFE GSPN $IJOB UP .BMBZTJB UP EPEHF 64 $IJOB UBSJGGT NJHIU OPX SFUIJOL UIFJS CFUT QPUFOUJBMMZ QSPNQUJOH HMPCBM FMFDUSPOJDT GJSNT UP SFEJSFDU TVQQMZ DIBJOT FMTFXIFSF i4JOHBQPSF XJUI JUT NPSF GBWPVSBCMF 64 USBEF UFSNT NBZ TOBQ VQ NPSF FMFDUSPOJDT SF FYQPSUT BU .BMBZTJB T FYQFOTF u 0O 8FEOFTEBZ 64 1SFTJEFOU %POBME 5SVNQ TJHOFE BO FYFDVUJWF PSEFS TMBQQJOH SFDJQSPDBM UBSJGGT PO DPVOUSJFT JODMVEJOH 5IBJMBOE *OEPOFTJB #SVOFJ BOE UIF 1IJMJQQJOFT FGGFDUJWF "QSJM 5SVNQ TBJE UIF OFX BE WBMPSFN EVUJFT PO JNQPSUT GSPN 64 USBEF QBSUOFST XPVME TUBSU BU GSPN 4BUVSEBZ DMJNCJOH TPPO BGUFS UP DPVOUSZ TQFDJGJD SBUFT
Ű OFXTEFTL!UIFTVOEBJMZ DPN
SJOHHJU CVU XBSOFE UIFZ NVTU CF JNQMFNFOUFE DBVUJPVTMZ UP BWPJE TUJGMJOH EPNFTUJD EFNBOE i*OUFSWFOJOH JO DVSSFODZ NBSLFUT VTJOH SFTFSWFT UP NBOBHF TIBSQ WPMBUJMJUZ DPVME TUFBEZ UIF FYDIBOHF SBUF i5BJMPSFE DSFEJU TVQQPSU GPS BGGPSEBCMF IPVTJOH BOE LFZ DPOTVNFS HPPET DPVME FBTF IPVTFIPME CVSEFOT XJUIPVU USJHHFSJOH CSPBE NPOFUBSZ FYQBOTJPO TUSJLJOH B CBMBODF CFUXFFO JOGMBUJPO DPOUSPM BOE JODMVTJWF HSPXUI u .PIBNBE *EIBN BMTP TBJE CPUI CVTJOFTTFT BOE DPOTVNFST JO .BMBZTJB TIPVME BEPQU GJOBODJBM TBGFHVBSET BOE BHJMF TUSBUFHJFT UP OBWJHBUF TIJGUJOH USBEF MBOETDBQFT )F BEWJTFE IPVTFIPMET UP QSJPSJUJTF EFCU SFEVDUJPO BOE CVJME FNFSHFODZ TBWJOHT XIJMF TIJGUJOH TQFOEJOH UPXBSET IPNFHSPXO QSPEVDUT MFTT FYQPTFE UP JNQPSU ESJWFO JOGMBUJPO i'PS 4.&T UIFZ DPVME XFBUIFS DVSSFODZ TXJOHT VTJOH IFEHJOH UPPMT BOE GPSXBSE DPOUSBDUT *OWFTUJOH JO BVUPNBUJPO BOE XPSLGPSDF VQTLJMMJOH XPVME MJGU QSPEVDUJWJUZ BOE BMMPX GJSNT UP FOUFS SFTJMJFOU TFDUPST TVDI BT SFOFXBCMF FOFSHZ i3FUSBJOJOH QSPHSBNNFT DPVME IFMQ XPSLFST QJWPU JOUP HSPXUI JOEVTUSJFT NJOJNJTJOH KPC MPTTFT 5SBEF BHFODJFT JO UVSO
1&5"-*/( +":" .BMBZTJB DPVME TPGUFO UIF CMPX PG UIF SFDFOU 6OJUFE 4UBUFT 64 UBSJGG IJLF CZ SPMMJOH PVU TVCTJEJFT GPS LFZ JNQPSUT BOE TIPSU UFSN QSJDF DPOUSPMT UP TIJFME IPVTFIPMET GSPN JOGMBUJPO TBZ FDPOPNJTUT 6OJWFSTJUJ 5FLOPMPHJ .BSB "DBEFNZ PG 4.& BOE &OUSFQSFOFVSTIJQ %FWFMPQNFOU DPPSEJOBUPS %S .PIBNBE *EIBN .E 3B[BL TBJE DVUUJOH SFMJBODF PO 64 EFNBOE WJB GBTU USBDLFE USBEF EFBMT XJUI FNFSHJOH NBSLFUT JO "TJB BOE "GSJDB DPVME IFMQ CPMTUFS FYQPSU SFTJMJFODF i$VSSFODZ JOUFSWFOUJPOT BOE TUSBUFHJD JNQPSU TVCTUJUVUJPO XPVME FBTF QSFTTVSF PO UIF SJOHHJU BOE DVSC EFQFOEFODF PO EPMMBS QSJDFE HPPET i5BSHFUFE JOWFTUNFOU JO IJHI WBMVF BEEFE EPNFTUJD JOEVTUSJFT XPVME IFMQ SFTIBQF UIF FDPOPNZ BOE CVJME MPOH UFSN TFMG SFMJBODF u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i)JHIFS UBSJGGT DPVME SFEVDF EFNBOE GPS MPDBM FMFDUSPOJDT TVDI BT TFNJDPOEVDUPST BOE TPMBS QBOFMT IVSUJOH NBOVGBDUVSFST BOE QPUFOUJBMMZ MFBEJOH UP KPC MPTTFT JO UIF FMFDUSJDBM BOE FMFDUSPOJD TFDUPS w "T B USBEFS :VWBOJTIB JT XPSSJFE BCPVU UIF WPMBUJMJUZ PG UIF SJOHHJU BHBJOTU UIF 64 EPMMBS 4IF GFBST UIF UBSJGG IJLF XPVME XFBLFO UIF SJOHHJU GVSUIFS SBJTJOH JNQPSU DPTUT BOE JODSFBTJOH UIF DPTU PG MJWJOH GPS PSEJOBSZ .BMBZTJBOT i* N DMPTFMZ NPOJUPSJOH UIF SJOHHJU EPMMBS WPMBUJMJUZ 8IJMF JU DSFBUFT USBEJOH PQQPSUVOJUJFT UIF SJTLT BSF IJHIi TIF TBJE BEEJOH UIBU GSFTI HSBEVBUFT NJHIU BMTP GBDF TUJGGFS DPNQFUJUJPO GPS KPCT JO BGGFDUFE JOEVTUSJFT &MWJOB -VDJB B ZFBS PME QBSBMFHBM FDIPFE UIF DPODFSOT FNQIBTJTJOH .BMBZTJB T IFBWZ SFMJBODF PO FYQPSUT QBSUJDVMBSMZ FMFDUSPOJDT i*G EFNBOE ESPQT JU DPVME IVSU KPCT BOE CVTJOFTTFT IFSF 5IF UBSJGG IJLF XPVME IJU GBDUPSZ SFWFOVFT MFBEJOH UP MBZPGGT BOE KPC MPTTFT XIJDI DPVME EJSFDUMZ JNQBDU MPDBM GBNJMJFT i*G UIF SJOHHJU XFBLFOT BOE JNQPSU DPTUT SJTF XF MM FOE VQ QBZJOH NPSF GPS FWFSZEBZ JUFNT w $JWJM TFSWBOU 4VIJSMFZ "SGJ[B ,IBMJM IJHIMJHIUFE UIF CVSEFO UIBU SJTJOH DPTUT XPVME
ºæ©Øç ¿äÌ ¿º¿¹© ©¹ÉjØ ¿ ŗřơ ÌjØ ©ºÌjÐ 1&5"-*/( +":" 5IF 64 UBSJGG IJLF PO .BMBZTJBO FYQPSUT IBT JHOJUFE DPODFSOT BNPOH UIF QFPQMF XJUI NBOZ GFBSJOH JUT MPOH UFSN FGGFDUT PO CVTJOFTTFT FNQMPZNFOU BOE DPOTVNFS DPTUT "T .BMBZTJB DPOUFNQMBUFT UIF GBMMPVU GSPN UIF UBSJGG JODSFBTF UIF QVCMJD JT DBMMJOH GPS B DMFBS BOE TUSBUFHJD SFTQPOTF
*G UIF SJOHHJU XFBLFOT BOE JNQPSU DPTUT SJTF .BMBZTJBOT XPVME FOE VQ QBZJOH NPSF GPS FWFSZEBZ JUFNT o "%*# 3"8* :"):" 5)&46/ QMBDF PO DPOTVNFST
TIPVME GPDVT PO TUSFOHUIFOJOH MPDBM JOEVTUSJFT UISPVHI 5FDIOJDBM BOE 7PDBUJPOBM &EVDBUJPO BOE 5SBJOJOH QSPEVDFE HPPET i8F TIPVME IBSOFTT UIF FYQFSUJTF BOE DBQBCJMJUJFT PG PVS MPDBM UBMFOU FYQPSUJOH HPPET HMPCBMMZ BOE SFEVDJOH SFMJBODF PO JNQPSUT w o #Z 2*3"/" /"#*--" .0)% 3"4)*%*
i&WFO XJUI IJHIFS XBHFT UIF DPTU PG HPPET LFFQT DMJNCJOH NBLJOH TBMBSZ JODSFBTFT GFFM JSSFMFWBOU 5IF UBSJGG IJLF XPVME TUSBJO IPVTFIPME GJOBODFT QVTIJOH VQ QSJDFT GPS CBTJD HPPET BOE TFSWJDFT w 4VIJSMFZ TVHHFTUFE UIBU UIF HPWFSONFOU
˻ ͘ ˜ ͓͓͖͑
j´´ ¿Ì ÐØÌjØ¢© п´ÛØ©¿ºÐ Ø¿ ÉÌäºØ ¹ ©©º åjÐØj¢
8ĞЩj ´Ø Ø¿ ¿¹¹©ÐЩ¿º ¿º H¿ÉÛ´jØ©¿º jº 䴿ɹºØ 1653"+":" .BMBZTJB IBT CFFO FMFDUFE UP UIF $PNNJTTJPO PO 1PQVMBUJPO BOE %FWFMPQNFOU $1% GPS UIF UFSN EVSJOH UIF 6OJUFE /BUJPOT &DPOPNJD BOE 4PDJBM $PVODJM &$040$ .FFUJOH JO /FX :PSL PO "QSJM B TUBUFNFOU GSPN UIF 'PSFJHO .JOJTUSZ TBJE *U TBJE .BMBZTJB T GPVS ZFBS UFSN XJMM DPNNFODF BU UIF UI $1% 4FTTJPO JO BOE DPODMVEF JO BU UIF FOE PG UIF SE $1% 4FTTJPO i*U SFGMFDUT UIF JOUFSOBUJPOBM DPNNVOJUZ T SFDPHOJUJPO PG UIF DPVOUSZ T BDUJWF SPMF JO BDDFMFSBUJOH BDUJPO UPXBSET UIF JNQMFNFOUBUJPO PG 1SPHSBNNF PG "DUJPO PG UIF *OUFSOBUJPOBM $POGFSFODF PO 1PQVMBUJPO BOE %FWFMPQNFOU BT XFMM BT JUT DPOUJOVFE DPNNJUNFOU UP BEWBODF TVTUBJOBCMF QPQVMBUJPO QPMJDJFT UIBU QSPNPUF BOE TBGFHVBSE UIF IFBMUI BOE XFMMCFJOH PG JUT QFPQMF w UIF TUBUFNFOU SFBE *O LFFQJOH XJUI UIF "HFOEB GPS 4VTUBJOBCMF %FWFMPQNFOU JU TBJE .BMBZTJB SFBGGJSNT JUT DPNNJUNFOU UP XPSLJOH DMPTFMZ XJUI UIF 6/ BOE BMM JOUFSOBUJPOBM QBSUOFST UP BEESFTT QPQVMBUJPO SFMBUFE JTTVFT UISPVHI TIBSJOH PG FYQFSJFODFT BOE DBQBDJUZ CVJMEJOH 5IF 8PNFO 'BNJMZ BOE $PNNVOJUZ %FWFMPQNFOU .JOJTUSZ QMBZT B LFZ SPMF JO TVQQPSUJOH .BMBZTJB T FOHBHFNFOU JO UIF $1% QBSUJDVMBSMZ JO BEWBODJOH QPMJDJFT SFMBUFE UP HFOEFS FRVBMJUZ GBNJMZ QMBOOJOH BOE TPDJBM EFWFMPQNFOU JU BEEFE $1% JT B TVCTJEJBSZ PSHBO UP UIF &$040$ XIJDI JT DPNQPTFE PG NFNCFST FMFDUFE CZ UIF 6/ &$040$ o #FSOBNB 9©¿º¢ Tj´ 8H Ø¿ ¿ºØÐØ ¿Ì ¨© ɿЩة¿º (&03(& 508/ 8BOJUB 1,3 DIJFG 'BEIMJOB 4JEFL IBT PGGFSFE UP DPOUFTU BT UIF EJWJTJPO IFBE GPS /JCPOH 5FCBM 5IF /JCPOH 5FCBM .1 TBJE UIF EFDJTJPO XBT ESJWFO CZ B EFFQ TFOTF PG HSBUJUVEF BOE SFTQPOTJCJMJUZ UPXBSET QBSUZ NFNCFST UIF 1BLBUBO )BSBQBO UFBN BOE UIF QFPQMF PG /JCPOH 5FCBM XIP IBWF XPSLFE UJSFMFTTMZ PWFS UIF ZFBST UP TVQQPSU IFS KPVSOFZ UP 1BSMJBNFOU i.Z DPMMFBHVFT BOE * BSF DPNNJUUJOH PVS IFBSUT BOE FOFSHZ 0VS UFBN XJUI UIF TUSFOHUI PG EJWFSTJUZ BOE UIF TQJSJU PG UIF 1,3 FYUFOEFE GBNJMZ NVTU FNCSBDF FWFSZ TUSFOHUI XF IBWF MFBEJOH UIF DPNNJUNFOU UP TUSFOHUIFOJOH UIF QBSUZ UISPVHI VOJUZ JO EJWFSTJUZw TIF TIBSFE JO B QPTU PO IFS PGGJDJBM 'BDFCPPL QBHF 'BEIMJOB JT TFFLJOH UIF NBOEBUF PG /JCPOH 5FCBM EJWJTJPO NFNCFST UP BMMPX IFS UIF PQQPSUVOJUZ UP TFSWF BT UIF OFX EJWJTJPO IFBE 1,3 XJMM IPME JUT EJWJTJPO XPNFO T BOE ZPVUI XJOH FMFDUJPOT GSPN "QSJM UP "QSJM BOE UIF $FOUSBM -FBEFSTIJQ $PVODJM 8PNFO T $FOUSBM -FBEFSTIJQ BOE $FOUSBM :PVUI 8JOH FMFDUJPOT PO .BZ o #FSOBNB
1&5"-*/( +":" 5IF TUBSUMJOH SFWFMBUJPO PG WBTU BNPVOUT PG VOVTFE NFEJDBUJPO IBT TIBLFO UIF IFBMUIDBSF DPNNVOJUZ QSPNQUJOH VSHFOU DBMMT GPS B DPPSEJOBUFE BOE TUSBUFHJD BDUJPO QMBO GSPN FYQFSUT 6OJWFSTJUJ ,FCBOHTBBO .BMBZTJB QVCMJD IFBMUI NFEJDJOF TQFDJBMJTU 1SPG %S 4IBSJGB &[BU 8BO 1VUFI IJHIMJHIUFE UIF OFFE UP TUSFOHUIFO QBUJFOU FEVDBUJPO VQHSBEF IFBMUIDBSF *5 TZTUFNT BOE FNQPXFS QIBSNBDJTUT UP UBLF B NPSF BDUJWF SPMF JO BEESFTTJOH UIF JTTVF i1BUJFOUT NVTU VOEFSTUBOE UIF JNQPSUBODF PG DPNQMFUJOH UIFJS USFBUNFOU BOE UIF SJTLT PG JNQSPQFS VTF PS TUPSBHF XIJDI DBO MFBE UP DPNQMJDBUJPOT PS ESVH SFTJTUBODF u TIF UPME UIF4VO 4IBSJGB FNQIBTJTFE UIBU QIBSNBDJTUT TIPVME QMBZ B CJHHFS SPMF JO DPVOTFMMJOH QBUJFOUT FTQFDJBMMZ EVSJOH EJTDIBSHF PS XIFO QSFTDSJCFE OFX NFEJDBUJPOT 5IF TQFDJBMJTU BEWPDBUFE GPS FYQBOEJOH BDDFTT UP NFEJDBUJPO ESPQ PGG QPJOUT CFZPOE DMJOJDT BOE IPTQJUBMT 4IF QSPQPTFE TFUUJOH UIFN VQ JO TIPQQJOH NBMMT DPNNVOJUZ QIBSNBDJFT BOE FWFO UISPVHI NPCJMF DPMMFDUJPO VOJUT 3BUIFS UIBO QVOJUJWF NFBTVSFT TIF TVHHFTUFE JODFOUJWJTJOH USFBUNFOU DPNQMFUJPO BOE JNQMFNFOUJOH EJHJUBM USBDLJOH TZTUFNT UP JEFOUJGZ QBUUFSOT PG iPWFS QSFTDSJCJOHu PS iEPDUPS IPQQJOH u 4IF DJUFE "VTUSBMJB T /BUJPOBM 3FUVSO BOE %JTQPTBM PG 6OXBOUFE .FEJDJOFT QSPHSBNNF BT BO FYBNQMF PG TVDDFTT OPUJOH UIF JNQPSUBODF PG HPWFSONFOU TVQQPSU BOE TUSVDUVSFE GVOEJOH JO ESJWJOH DIBOHF Ű OFXTEFTL!UIFTVOEBJMZ DPN ËÜÏÖÏÝÝ ÎÓÝÚÙÝËÖ ÒßÜÞÝ ÏØàÓÜÙØ×ÏØÞ ËØÎ ÓØÍÏËÝÏÝ ÍÙÝÞ ÌßÜÎÏØ ÙØ ÑÙàÞ˝ âÚÏÜÞ
1BSUJDJQBUJPO JO UIF .Z.FEJ4"'& JOJUJBUJWF JT MPX EFTQJUF DPMMFDUJPO CPYFT QMBDFE BU SFUVSO DFOUSFT JO HPWFSONFOU IPTQJUBMT BOE QSJWBUF GBDJMJUJFT o "%". ".*3 )".;") 5)&46/
UP IVNBO IFBMUIu TIF TBJE BEEJOH UIBU UIFSF BSF GJOBODJBM DPOTFRVFODFT UP IPBSEJOH BOE JNQSPQFS EJTDBSEJOH PG NFEJDBUJPO .FBOXIJMF B TUVEZ CZ B .BMBZTJBO UFBDIJOH IPTQJUBM SFWFBMFE UIBU PWFS VOJUT PG VOVTFE NFEJDBUJPO XPSUI 3. XFSF SFUVSOFE JO B TJOHMF ZFBS .PTU PG UIFTF XFSF GPS DBSEJPWBTDVMBS FOEPDSJOF BOE NVTDVMPTLFMFUBM DPOEJUJPOT 4IBSJGB TBJE JG UIFSF JT BO FTUJNBUFE 3. XPSUI PG XBTUF QFS QBUJFOU BU UIF SFUVSO DFOUSFT MPTTFT XPVME BNPVOU UP 3. BOOVBMMZ i5IBU T KVTU SFUVSOFE NFEJDJOFT 5IF BDUVBM MPTT JT GBS HSFBUFS u 4IF BMTP FNQIBTJTFE UIF IVNBO DPTU PG OPO BEIFSFODF XIJDI HPFT CFZPOE XBTUFE NFEJDBUJPO BEEJOH UIBU QBUJFOUT XIP GBJM UP DPNQMFUF USFBUNFOUT PGUFO GBDF TFWFSF IFBMUI DPNQMJDBUJPOT UIBU NBZ SFRVJSF FYQFOTJWF JOUFSWFOUJPOT MBUFS PO #BOL XIJDI JT FYQFDUFE UP CFOFGJU PWFS *OEJBO FOUSFQSFOFVST 0UIFS JOJUJBUJWFT JODMVEF UIF #BOL 3BLZBU *OEJBO &OUSFQSFOFVS 'JOBODJOH J BOE *OEJBO #VTJOFTT "DDFMFSBUPS 1SPHSBNNF XIJDI GPDVTFT PO TUSFOHUIFOJOH TNBMM CVTJOFTTFT i*O KVTU UISFF NPOUIT XF WF SPMMFE PVU GJWF JOJUJBUJWFT XPSUI 3. NJMMJPO *U SFGMFDUT UIF .BEBOJ HPWFSONFOU T DPNNJUNFOU UP VQMJGU UIF TPDJP FDPOPNJD TUBOEJOH PG UIF *OEJBO DPNNVOJUZ JO BO JODMVTJWF BOE NFBOJOHGVM XBZ w o #FSOBNB
'SPN UP .BMBZTJB TQFOU 3. CJMMJPO PO NFEJDJOF QSPDVSFNFOU VOEFSTDPSJOH UIF GJOBODJBM JNQMJDBUJPOT PG VOVTFE NFEJDBUJPO 4IBSJGB TBJE JNQSPQFS EJTQPTBM TVDI BT GMVTIJOH NFEJDBUJPOT EPXO UPJMFUT PS UISPXJOH UIFN JO CJOT GVSUIFS FYBDFSCBUFT FOWJSPONFOUBM SJTLT "OUJCJPUJDT FOUFSJOH SJWFST DBO EJTSVQU FDPTZTUFNT XJQF PVU TQFDJFT BOE DPOUSJCVUF UP BOUJNJDSPCJBM SFTJTUBODF QSPHSBNNF PS IFTJUBOU UP SFUVSO VOVTFE NFEJDBUJPOT 4PNF NJTUBLFOMZ CFMJFWF FYQJSFE ESVHT BSF TUJMM VTBCMF XIJMF PUIFST GFBS UIFZ NBZ OPU SFDFJWF SFQMBDFNFOUT
XBTUFGVM CVU BMTP QSFTFOUT B TJHOJGJDBOU GJOBODJBM CVSEFO BOE FOWJSPONFOUBM UISFBU TBJE 4IBSJGB BOE XBSOFE PG UIF SJTLT PG JNQSPQFS EJTQPTBM QPTFE UP XJMEMJGF BOE IVNBO IFBMUI 4IF BMTP TBJE USFBUNFOU JT B USPVCMJOH USFOE i5IF HPBM JTO U GPS QFPQMF UP SFUVSO UIFJS NFEJDBUJPOT CVU UP DPNQMFUF UIFJS USFBUNFOU BT QSFTDSJCFE u *U XBT SFQPSUFE UIBU .BMBZTJB T .FEJDBUJPO 3FUVSO 1SPHSBNNF OPX .Z.FEJ4"'& MBVODIFE JO BJNT UP TBGFMZ EJTQPTF PG VOVTFE PS FYQJSFE NFEJDBUJPOT SFEVDJOH FOWJSPONFOUBM DPOUBNJOBUJPO BOE DPNCBUJOH BOUJNJDSPCJBM SFTJTUBODF 5IF QSPHSBNNF IBT SFUVSO DFOUSFT OBUJPOXJEF BU HPWFSONFOU IPTQJUBMT BOE QSJWBUF GBDJMJUJFT %FTQJUF JUT BWBJMBCJMJUZ QBSUJDJQBUJPO SFNBJOT MPX XJUI NBOZ JOEJWJEVBMT VOBXBSF PG UIF OPO BEIFSFODF UP QSFTDSJCFE UIFJS CVTJOFTTFT BSF NBOBHFE FGGFDUJWFMZ BOE TVTUBJOBCMZw IF TBJE JO B TUBUFNFOU 5IF USBJOJOH XJMM CF DPOEVDUFE JO TUBHFT BDSPTT UIF DPVOUSZ UBSHFUJOH *OEJBO FOUSFQSFOFVST XIP IBWF SFDFJWFE 5FLVO GJOBODJOH 5IF GJSTU TFTTJPO JOWPMWJOH QBSUJDJQBOUT GSPN 4FMBOHPS BOE ,VBMB -VNQVS JT FYQFDUFE UP CF IFME TPPO i"NPOH UIF UPQJDT BSF CVTJOFTT BOE BVEJU NBOBHFNFOU TPDJBM NFEJB TUSBUFHJFT BOE FGGFDUJWF GJOBODJBM NBOBHFNFOU 8F XBOU FWFSZ MPBO UP CF VTFE XJTFMZ TP UIBU NPSF *OEJBO FOUSFQSFOFVST DBO
i"VTUSBMJB T NPEFM QSPWFT UIBU XJUI UIF SJHIU CBDLJOH DIBOHF JT QPTTJCMF .BMBZTJB IBT UIF GSBNFXPSL CVU XF OFFE B DMFBS TUSBUFHZ BOE DPNNJUNFOU u 6OVTFE NFEJDBUJPO JT OPU POMZ 9å ©º©Ø©jØ©ä Ø¿ ¹É¿åÌ (º ©jº ºØÌÉ̺ÛÌÐ i" TUVEZ CZ $)&. 5SVTU BO /(0 UIBU XPSLT UP QSPUFDU IVNBOT BOE XJMEMJGF GSPN IBSNGVM DIFNJDBMT SFWFBMFE QIBSNBDFVUJDBM XBTUF JO SJWFST XPSMEXJEF JT IBSNJOH BRVBUJD MJGF *U OPU POMZ JNQBDUT CJPEJWFSTJUZ CVU QPTFT MPOH UFSN SJTLT
,6"-" -6.163 5IF &OUSFQSFOFVS BOE $PPQFSBUJWFT %FWFMPQNFOU .JOJTUSZ IBT JOUSPEVDFE B OFX JOJUJBUJWF DBMMFE &NQPXFSJOH *OEJBO &OUSFQSFOFVST &*1 BJNFE BU IFMQJOH *OEJBO FOUSFQSFOFVST FOIBODF UIFJS CVTJOFTT NBOBHFNFOU TLJMMT %FQVUZ .JOJTUFS %BUVL 4FSJ 3 3BNBOBO TBJE UIF NBJEFO QSPHSBNNF PGGFST GSFF CVTJOFTT NBOBHFNFOU USBJOJOH JO DPMMBCPSBUJPO XJUI 5FLVO /BTJPOBM i*U JT QBSU PG UIF .BEBOJ HPWFSONFOU T DPNNJUNFOU UP TVQQPSU UIF DPNNVOJUZ CZ FOTVSJOH
CFOFGJU GSPN UIF QSPHSBNNFT w 3BNBOBO XIP JT .1 GPS 4VOHBJ #VMPI TBJE 5FLVO /BTJPOBM IBT TP GBS DIBOOFMMFE 3. NJMMJPO UP PWFS FOUSFQSFOFVST UISPVHI UIF *OEJBO $PNNVOJUZ &OUSFQSFOFVS 'JOBODJOH 4DIFNF 416.* BOE 416.* (PFT #JH )F BEEFE UIBU 3. NJMMJPO IBT CFFO BMMPDBUFE UIJT ZFBS VOEFS 416.* XIJDI JT UIF IJHIFTU BNPVOU TJODF UIF TDIFNF XBT JOUSPEVDFE JO 3BNBOBO FBSMJFS BOOPVODFE UIF 7BOJHIBN 'JOBODJOH 4DIFNF B 3. NJMMJPO JOJUJBUJWF UISPVHI 4.&
˻ ͘ ˜ ͓͓͖͑
ħبÐÛº j©´ç #>33>a >9 # >>1 ħ Malaysian Paper
3©º¢Ì©º¢ jÌ jº ØÌjÛ¹j ¿Ì HÛØÌj '©¢¨ØÐ ¿¹¹Ûº©Øç
OØÛ ºØÐ ¨¿¿Ð ¿¹ÉjÐЩ¿º ¿äÌ Kjçj ¿¹¿ÌØÐ
4FMBOHPS BOE UIF DPOUSBDUPS i1PMJDF GPVOE UIBU UIF HBT QJQFMJOF JT MPDBUFE BU B EFQUI PG N CFOFBUI UIF SPBE TVSGBDF NFBOJOH UIF EJTUBODF CFUXFFO UIF TFXBHF QJQF BOE UIF HBT QJQFMJOF JT N i5IF QIZTJDBM DPOEJUJPO PG UIF HBT QJQF EPFT OPU TIPX BOZ OPUJDFBCMF EJTUVSCBODF i"U UIJT QPJOU XIFUIFS UIF FYDBWBUJPO XPSL DBSSJFE PVU CZ UIF DPOUSBDUPS IBE BGGFDUFE UIF QJQFMJOF DBOOPU CF EFUFSNJOFE VOUJM UIF FOUJSF MFOHUI PG UIF HBT QJQF JO UIF BSFB JT GVMMZ FYQPTFE BOE GVSUIFS JOWFTUJHBUJPO JT DPNQMFUFE w IF TBJE o #FSOBNB ,6"-" -6.163 " QSJWBUF GJSN IBT MPBOFE PWFS HBT EFUFDUPST UP BJE JOWFTUJHBUJPOT JOUP UIF HBT QJQFMJOF GJSF JO 1VUSB )FJHIUT 4VCBOH +BZB .4" 4BGFUZ HBT EFUFDUJPO USBJOFS /VS 'BEIJMBI .PIE ,IBMJE TBJE UIF EFWJDFT JODMVEF FJHIU "MUBJS 93 QFSTPOBM EFUFDUPST BOE TFWFSBM "MUBJS 9 NVMUJ HBT NPEFMT i5IF "MUBJS 9 VTFT B QVNQ UP TBNQMF HBT GSPN SJTL [POFT BOE EFUFDUT MFBLT XJUIJO B GU SBEJVT *U XPSLT JO CPUI PQFO BOE DPOGJOFE TQBDFT i5IF 93 VTFT EJGGVTJPO UP BCTPSC HBT OFBSCZ #PUI USJHHFS BMBSNT JG EBOHFSPVT HBTFT BSF EFUFDUFE QSPNQUJOH JNNFEJBUF FWBDVBUJPO w TIF TBJE 5IF EFUFDUPST TVQQMJFE CZ 64 CBTFE .4" 4BGFUZ XJMM SFNBJO PO MPBO GPS BT MPOH BT OFFEFE UP FOTVSF TBGF BDDFTT CZ JOWFTUJHBUPST 'BEIJMBI BEEFE UIBU UIF EFWJDFT JO VTF TJODF XFSF QSFWJPVTMZ EFQMPZFE EVSJOH UIF 4VOHBJ ,JN ,JN DIFNJDBM TQJMM JO +PIPS 5IFJS BCJMJUZ UP EFUFDU HBTFT TVDI BT PYZHFO DBSCPO NPOPYJEF BOE IZESPHFO TVMQIJEF NBLFT UIFN USVTUFE EFWJDFT BNPOH NBKPS PQFSBUPST JODMVEJOH 1FUSPOBT .FBXIJMF TUVEFOUT GSPN JOTUJUVUJPOT PG IJHIFS MFBSOJOH BGGFDUFE CZ UIF HBT QJQFMJOF EJTBTUFS DBO BUUFOE DMBTTFT POMJOF BT UIF BDBEFNJD TFTTJPO CFHJOT UPEBZ )JHIFS &EVDBUJPO %JSFDUPS (FOFSBM %BUVL 1SPG %S "[MJOEB "[NBO TBJE UIF BSSBOHFNFOU BQQMJFT UP TUVEFOUT BU QVCMJD VOJWFSTJUJFT QPMZUFDIOJDT BOE DPNNVOJUZ DPMMFHFT o #FSOBNB ,6"-" -6.163 "T NPTU .BMBZTJBOT DFMFCSBUFE )BSJ 3BZB XJUI GBNJMZ BOE GFBTUT B HSPVQ PG VOJWFSTJUZ TUVEFOUT SPMMFE VQ UIFJS TMFFWFT BOE SBDFE UP UIF GSPOUMJOFT DIPPTJOH DPNQBTTJPO PWFS GFTUJWF DPNGPSUT UP TVQQPSU UIPTF BGGFDUFE CZ UIF EFWBTUBUJOH HBT QJQFMJOF GJSF MBTU 5VFTEBZ 6OEFS UIF )JHIFS &EVDBUJPO .JOJTUSZ *ITBO .BEBOJ JOJUJBUJWF WPMVOUFFST GSPN UIF .BMBZTJBO 6OJWFSTJUJFT 7PMVOUFFS $PVODJM IBWF CFFO PO TJUF TJODF 8FEOFTEBZ PGGFSJOH CPUI BJE BOE FNQBUIZ -FE CZ 6OJWFSTJUJ 4BJOT *TMBN .BMBZTJB TUVEFOU DPVODJM NFNCFS 3JEIXBO 4ZBIJS UIF UFBN IBT CFFO XPSLJOH BSPVOE UIF DMPDL UP FBTF UIF CVSEFO PO BGGFDUFE GBNJMJFT i5IJT FYQFSJFODF USVMZ PQFOT PVS FZFT 7PMVOUFFSJOH EVSJOH )BSJ 3BZB NBLFT JU FWFO NPSF NFBOJOHGVM w TBJE 3JEIXBO B DPNNVOJDBUJPOT BOE NFEJB TUVEFOU 8JUI TVQQPSU GSPN QFFST BU 6OJWFSTJUJ 6UBSB .BMBZTJB 66. 6OJNBT BOE 6OJWFSTJUZ .BMBZTJB 4BCBI UIF SFMJFG FGGPSUT IBWF SVO TNPPUIMZ i8F IFMQFE EJTUSJCVUF GPPE CBCZ LJUT BOE MFOU B IBOE XIFSFWFS OFFEFE w TBJE 66. T .VIBNNBE ;BIJE "INBE 5FSNJ[J o #FSOBNB HÌ©äjØ ©Ì¹ ÉÌ¿ä© Ð ¢jÐ ØØ¿ÌÐ ¿Ì ´jÐØ ÉÌ¿
ÏÝÓÎÏØÞÝ ÝÒËÜÏ Ï×ÙÞÓÙØËÖ ÞÙÖÖ ÙÐ ÞÜËÑÏÎã ËÝ ÞÒÏã ÐËÍÏ ÔÙßÜØÏã ÞÙ ÜÏÌßÓÖÎ ËØÎ ÒÏËÖ
i* N UFSSJGJFE BU UIF UIPVHIU PG TUBZJOH UIFSF BHBJO 5IF USBVNB JT TUJMM GSFTI &WFO TNBMM TPVOET TVDI BT GJSFXPSLT NBLF NF BOYJPVT u "U UIF UJNF PG UIF GJSF ,BNJTBI IBE CFFO WJTJUJOH IFS IVTCBOE T WJMMBHF i* IBE QMBOOFE UP SFUVSO PO UIF TFDPOE EBZ PG 3BZB #VU UIBU NPSOJOH * TBX UIF OFXT BOE FWFSZUIJOH DIBOHFE * DPVMEO U FWFO FOKPZ UIF DFMFCSBUJPO u )FS WPJDF USFNCMFE BT TIF TQPLF PG UIF IPNF TIF IBE MPWJOHMZ QSFQBSFE GPS UIF GFTUJWF TFBTPO i* IBE KVTU QBJOUFE UIF IPVTF BOE CPVHIU OFX DVSUBJOT BOE B OFX TPGB /PX JU T BMM HPOF *U CSFBLT NZ IFBSU UP UIJOL BCPVU JU i5IF IPVTF UIF NFNPSJFT FWFSZUIJOH JOTJEF m JU T EJGGJDVMU UP SFCVJME .POFZ EPFTO U DPNF FBTZ u ,BNJTBI TUJMM EPFT OPU LOPX UIF GVMM FYUFOU PG XIBU TIF IBT MPTU BT TIF IBT OPU ZFU CFFO BCMF UP FOUFS UIF IPVTF i* EPO U FWFO LOPX XIBU T MFGU *U T IBSE UP FTUJNBUF UIF EBNBHF XJUIPVU TFFJOH JU VQ DMPTF u .FBOXIJMF ZFBS PME TUVEFOU "SJBOB )VNBJSB .PIE "[MJ FYQSFTTFE DPOGVTJPO PWFS UIF TVEEFO UVSO PG FWFOUT i* EJEO U LOPX XIBU XBT IBQQFOJOH *U BMM IBQQFOFE TP TVEEFOMZ * IBE KVTU SFUVSOFE GSPN NZ )BSJ 3BZB IPMJEBZT XIFO * XBT JNNFEJBUFMZ UBLFO UP UIF UFNQPSBSZ SFMJFG DFOUSF BU UIF NPTRVF u "SJBOB XIP IBE CFFO FBHFSMZ BOUJDJQBUJOH IFS SFUVSO IPNF GPVOE IFSTFMG JO BO PWFSXIFMNJOH TJUVBUJPO TIF DPVME OPU HSBTQ i* NJTT NZ IPVTF CVU * N OPU TVSF JG * MM FWFS CF BCMF UP HP CBDL u
USBVNBUJD BOE TPNFUIJOH * MM OFWFS GPSHFU i4PNFUJNFT * DBO U TIBLF PGG XIBU * TBX BOE XIBU IBQQFOFE #VU * N USZJOH UP NBOBHF JU FWFO UIPVHI JU T OPU FBTZ u IF BEEFE "[SJM BMTP SBJTFE DPODFSOT BCPVU TBGFUZ QSBDUJDFT JO UIF BSFB BOE DBMMFE GPS VSHFOU SFGPSNT i5IF TBGFUZ NFBTVSFT BU UIF TJUF XFSF TMPQQZ BOE JU TFFNT DMFBS UIBU OFHMJHFODF QVU SFTJEFOUT MJWFT BU SJTL 5IJT OFFET UP DIBOHFu IF TBJE TUSFTTJOH UIF OFFE GPS TUSJDUFS SFHVMBUJPOT BOE HSFBUFS BDDPVOUBCJMJUZ %FTQJUF UIF GFBS BOE USBVNB "[SJM SFNBJOT EFUFSNJOFE UP SFUVSO IPNF i*U T NZ IPNF UIF QMBDF * WF BMXBZT LOPXO #VU * IPQF UIF SFTQPOTJCMF QBSUJFT XPVME UBLF BDUJPO BOE FOTVSF TPNFUIJOH MJLF UIJT OFWFS IBQQFOT BHBJO u 8IFO BTLFE BCPVU UIF MPTTFT IF TVGGFSFE "[SJM FTUJNBUFE UIBU UIF EBNBHF UP IJT IPNF BOE FTTFOUJBM CFMPOHJOHT m JODMVEJOH XPSL FRVJQNFOU m BNPVOUFE UP BCPVU 3. 'PS IPVTFXJGF ,BNJTBI ,IBNJT UIF QBJO PG UIF GJSF TUJMM GFFMT SBX BT TIF IBT ZFU UP DPNF UP UFSNT XJUI UIF EFWBTUBUJPO i* POMZ HPU B CSJFG MPPL BU NZ IPVTF BGUFS UIF JODJEFOU * NBOBHFE UP UBLF B GFX QIPUPT CVU XF XFSFO U BMMPXFE UP HP CBDL JO u )FS IPVTF XIJDI IBE KVTU CFFO SFOPWBUFE GPS )BSJ 3BZB XBT CBEMZ EBNBHFE i5IF SPPG BOE UIF FOUJSF CBDL QPSUJPO PG UIF IPVTF XFSF EFTUSPZFE CZ UIF GJSF *U XBTO U B UPUBM MPTT CVU UIF EBNBHF JT FYUFOTJWF u 4IF TBJE UIF FNPUJPOBM UPMM IBT CFFO PWFSXIFMNJOH
Ű OFXTEFTL!UIFTVOEBJMZ DPN
1&5"-*/( +":" 5IF SFDFOU USBHFEZ JO 1VUSB )FJHIUT IBT JOGMJDUFE OPU KVTU QIZTJDBM EFWBTUBUJPO CVU BMTP EFFQ FNPUJPOBM XPVOET UIBU XJMM UBLF UJNF UP IFBM 'PS ZFBS PME QSPHSBNNJOH BTTJTUBOU .VIBNNBE "[SJM ;PPM ,BQMJ UIF SFMJFG PG LOPXJOH IJT GBNJMZ JT TBGF JT PWFSTIBEPXFE CZ UIF EBVOUJOH UBTL PG SFUVSOJOH UP OPSNBM MJGF i* N HSBUFGVM NZ GBNJMZ NFNCFST BSF VOIBSNFE CVU HFUUJOH CBDL UP XPSL BOE SFTVNJOH EBJMZ SPVUJOFT JT JODSFEJCMZ EJGGJDVMU FTQFDJBMMZ XJUI UIF EBNBHF UP PVS IPNFT BOE UIF POHPJOH SFTUSJDUJPOTu IF TBJE )BWJOH MJWFE JO UIF BSFB IJT FOUJSF MJGF "[SJM TBJE UIF FYQFSJFODF XBT VOMJLF BOZUIJOH IF IBE FWFS GBDFE m POF UIBU IBT MFGU B MBTUJOH JNQBDU PO CPUI IJN BOE IJT OFJHICPVST i&NPUJPOBMMZ JU T CFFO UPVHI GPS BMM PG VT 8F BSF QIZTJDBMMZ BOE NFOUBMMZ ESBJOFE i* WF MJWFE IFSF NZ XIPMF MJGF BOE UIJT JT UIF GJSTU UJNF TPNFUIJOH MJLF UIJT IBT IBQQFOFE *U T
)VTTFJO TBJE UIF SPBE XIJDI JOUFSTFDUT XJUI UIF 1FUSPOBT HBT QJQFMJOF IBE CFFO BQQSPWFE GPS FYDBWBUJPO CZ UIF DPOUSBDUPS o "%*# 3"8* :"):" 5)&46/
ŖŖŝ ÐØjعºØÐ Ì¿Ì ©º ɩɴ©º ©Ì ©ºäÐØ©¢jØ©¿º
,6"-" -6.163 4FMBOHPS QPMJDF IBWF SFDPSEFE TUBUFNFOUT GSPN JOEJWJEVBMT UP BTTJTU JO UIF JOWFTUJHBUJPO JOUP UIF HBT QJQFMJOF GJSF JO 1VUSB )FJHIUT 4FMBOHPS QPMJDF DIJFG %BUVL )VTTFJO 0NBS ,IBO DPOGJSNFE ZFTUFSEBZ )F TBJE PG UIFN XFSF DPOUSBDUPST TVC DPOUSBDUPST BOE XPSLFST JOWPMWFE JO FYDBWBUJPO BOE TFXFS QJQF JOTUBMMBUJPO BU UIF FYQMPTJPO TJUF i"O JORVJSZ QBQFS IBT CFFO PQFOFE UP EFUFSNJOF XIFUIFS UIFSF BSF BOZ DSJNJOBM FMFNFOUT SFMBUFE UP UIF JODJEFOU w IF UPME
HBT QJQFMJOF IBE CFFO BQQSPWFE GPS FYDBWBUJPO CZ UIF DPOUSBDUPS 'PS UIF QVSQPTF PG UIF JOWFTUJHBUJPO QPMJDF BSF VTJOH UISFF FYDBWBUPST B CVMMEP[FS BOE B CBDLIPF UP DBSSZ PVU UIF EJHHJOH XPSLT XIJDI BSF TUJMM POHPJOH UP FYBNJOF UIF QJQFMJOF CFMJFWFE UP CF CVSJFE BU B EFQUI PG CFUXFFO TJY BOE TFWFO NFUSFT )F TBJE UIF FYDBWBUJPO FGGPSUT BSF CFJOH DMPTFMZ NPOJUPSFE CZ QPMJDF 1FUSPOBT UIF 1VCMJD 8PSLT %FQBSUNFOU 4VSWFZ BOE .BQQJOH %FQBSUNFOU %FQBSUNFOU PG 0DDVQBUJPOBM 4BGFUZ BOE )FBMUI 5FOBHB /BTJPOBM #FSIBE "JS
SFQPSUFST BU B QSFTT DPOGFSFODF IFME BU UIF *ODJEFOU $POUSPM 1PTU JO 1VUSB )FJHIUT )VTTFJO TBJE QPMJDF IBE FYDBWBUFE UIF TFXBHF QJQF CVJMU CZ B DPOUSBDUPS BOE GPVOE UIBU JU XBT MBJE N CFMPX UIF SPBE TVSGBDF i'VSUIFS JOTQFDUJPO SFWFBMFE UIBU UIF DPOUSBDUPS T FYDBWBUJPO XPSL EJE OPU FYDFFE UISFF NFUSFT JO EFQUI XJUI B USFODI XJEUI PG N i5IF FYDBWBUJPO BOE JOTUBMMBUJPO XPSL TQBOOFE NPSF UIBO N BOE JT CFMJFWFE UP CF QMBOOFE GPS GVSUIFS FYUFOTJPO w IF BEEFE 5IF SPBE XIJDI JOUFSTFDUT XJUI UIF 1FUSPOBT
˻ ͘ ˜ ͓͓͖͑
K8ŜŕŕĘŕŕŕ ´¿ÐØ Ø¿ ©ºäÐØ¹ºØ Ðj¹ ,6"/5"/ " ZFBS PME DPNQBOZ NBOBHFS IBT MPTU 3. UP B OPO FYJTUFOU JOWFTUNFOU TDIFNF UIBU XBT QSPNPUFE WJB 8IBUT"QQ BOE QSPNJTFE IJHI SFUVSOT 1BIBOH QPMJDF DIJFG %BUVL 4FSJ :BIBZB 0UINBO TBJE UIF WJDUJN EPXOMPBEFE BO BQQ LOPXO BT 2VBOUFEHF $BQJUBM $P -JNJUFE JO +VMZ MBTU ZFBS VTJOH B MJOL QSPWJEFE CZ BO JOEJWJEVBM PO 8IBUT"QQ i5IF WJDUJN NBEF TFWFO USBOTBDUJPOT JO TUBHFT UP GPVS CBOL BDDPVOUT BOE XBT TIPXO XIBU BQQFBSFE UP CF QSPGJU HBJOT )PXFWFS TIF XBT MBUFS UPME UIBU TIF DPVME OPU XJUIESBX BOZ PG UIF NPOFZw :BIBZB TBJE JO B TUBUFNFOU )F BEEFE UIBU UIF WJDUJN IBE VTFE IFS QFSTPOBM TBWJOHT IFS IVTCBOE T GVOET BOE FWFO B MPBO GSPN IFS FNQMPZFS UP JOWFTU i4IF SFBMJTFE UIBU TIF IBE CFFO TDBNNFE BGUFS CFJOH BTLFE UP JODSFBTF IFS JOWFTUNFOU DBQJUBM BOE MPEHFE B QPMJDF SFQPSU w *O B TFQBSBUF DBTF JO +PIPS #BISV B DPNQBOZ NBOBHFS MPTU 3. UP B GSBVEVMFOU TUPDL JOWFTUNFOU TDIFNF BEWFSUJTFE PO 'BDFCPPL i)F CFDBNF TVTQJDJPVT BGUFS CFJOH SFQFBUFEMZ BTLFE UP NBLF BEEJUJPOBM QBZNFOUT UP DMBJN IJT TVQQPTFE QSPGJUT EFTQJUF OFWFS SFDFJWJOH BOZ BDUVBM SFUVSOT w IF TBJE 5IF DBTF JT CFJOH JOWFTUJHBUFE VOEFS 4FDUJPO PG UIF 1FOBM $PEF GPS DIFBUJOH XIJDI DBSSJFT CFUXFFO POF BOE ZFBST KBJM DBOJOH BOE B GJOF VQPO DPOWJDUJPO o #FSOBNB '©Øījº īÌÛº Ì©äÌ ÐÛÌ̺ ÌÐ Ø¿ É¿´© *10) 5IF ESJWFS PG B SFE GPVS XIFFM ESJWF WFIJDMF MJOLFE UP B GBUBM DSBTI OFBS UIF .FOPSB 5VOOFM BU ,N PG UIF /PSUI 4PVUI &YQSFTTXBZ PO .BSDI IBT DPNF GPSXBSE UP BTTJTU QPMJDF JOWFTUJHBUJPOT *QPI QPMJDF DIJFG "$1 "CBOH ;BJOBM "CJEJO "CBOH "INBE TBJE UIF JOEJWJEVBM T TUBUFNFOU XBT SFDPSEFE BU UIF *QPI %JTUSJDU 1PMJDF )FBERVBSUFST PO 4BUVSEBZ &BSMJFS B WJEFP PG UIF JODJEFOU XBT XJEFMZ TQSFBE POMJOF TIPXJOH B WFIJDMF DSBTIJOH JOUP UIF DBS PG /VS 'BUJIBI #BESVM )JTZBN XIP IBE CFFO JOWPMWFE JO BO FBSMJFS BDDJEFOU XJUI IFS IVTCBOE BOE DIJME 5IF WFIJDMF TFFO JO UIF WJEFP EJE OPU TUPQ UP IFMQ BOE DPOUJOVFE ESJWJOH "CBOH ;BJOBM "CJEJO TBJE UIF IVTCBOE JT USBVNBUJTFE BOE VOBCMF UP QSPWJEF B GVMM TUBUFNFOU BT IF JT SFDPWFSJOH GSPN JOKVSJFT JODMVEJOH TUJUDIFT JOTJEF IJT NPVUI /VS 'BUJIBI XIP XBT FJHIU NPOUIT QSFHOBOU BOE IFS EBVHIUFS /BJSB 'BMJTZB "CEVM 3BINBO BHFE BCPVU UXP XFSF LJMMFE JO UIF JODJEFOU o #FSOBNB ¿ ç ¿ ¹¿Ø¿Ìç´©ÐØ ¿Ûº ºjÌ É´jºØjØ©¿º ,05" #)"36 5IF CPEZ PG B ZFBS PME NBO XBT GPVOE OFYU UP B NPUPSDZDMF BU ,N PG +BMBO ,PUB #IBSV (VB .VTBOH OFBS BO PJM QBMN QMBOUBUJPO BGUFS UIF 4VOHBJ %VSJBO KVODUJPO JO ,VBMB ,SBJ PO 4BUVSEBZ ,VBMB ,SBJ QPMJDF DIJFG 4VQU .B[MBO .BNBU TBJE QPMJDF XFSF BMFSUFE UP UIF EJTDPWFSZ PG UIF CPEZ BU QN )F TBJE UIF WJDUJN JT CFMJFWFE UP IBWF CFFO SJEJOH B NPUPSDZDMF BMPOF CFGPSF IF TLJEEFE BOE GFMM JOUP B ESBJO BU UIF TDFOF i8IFO GPVOE UIF EFDFBTFE XBT TUJMM XFBSJOH B IFMNFU BOE IJT CPEZ IBE EFDPNQPTFE *OJUJBM JOWFTUJHBUJPOT TIPX UIF WJDUJN XBT PO IJT XBZ GSPN ,VBMB ,SBJ UP IJT IPNF JO ,BNQVOH ,FSPI i IF TBJE JO B TUBUFNFOU *U JT VOEFSTUPPE UIBU UIF WJDUJN DPVME CF UIF NBO SFQPSUFE NJTTJOH CZ IJT XJGF PO "QSJM BGUFS IF MFGU IPNF PO .BSDI UP WJTJU B GSJFOE JO ,VBMB ,SBJ CVU GBJMFE UP SFUVSO "OZPOF XJUI JOGPSNBUJPO PO UIF DBTF TIPVME DPOUBDU UIF ,VBMB ,SBJ USBGGJD QPMJDF PS JOWFTUJHBUJOH PGGJDFS *OTQ .PIBNBE "NJSVM *[IBN "[MBO BU o #FSOBNB
ÐØj´©Ð¨¹ºØ ¿ ¨©´ ̺ĞÐ ¿¹¹©ÐЩ¿º É̿ɿÐ
,6"-" -6.163 5IF UJNF IBT DPNF GPS .BMBZTJB UP FTUBCMJTI BO JOEFQFOEFOU $IJMESFO T $PNNJTTJPO TBJE "MMJBODF GPS B 4BGF $PNNVOJUZ DIBJSNBO 5BO 4SJ -FF -BN 5IZF )F TUSFTTFE UIBU TVDI B DPNNJTTJPO XPVME QMBZ B DSVDJBM SPMF JO NPOJUPSJOH BOE FWBMVBUJOH DIJME QSPUFDUJPO QPMJDJFT JOWFTUJHBUJOH SJHIUT WJPMBUJPOT BOE PGGFSJOH DPODSFUF SFDPNNFOEBUJPOT GPS JNQSPWFNFOU i4FUUJOH VQ B $IJMESFO T $PNNJTTJPO XPVME TJHOBM UIF HPWFSONFOU T VOXBWFSJOH DPNNJUNFOU UP DIJME XFMGBSF BOE FOTVSF TVTUBJOFE GPDVTFE BEWPDBDZ GPS DIJMESFO T SJHIUT i$IJMESFO BSF UIF GVUVSF PG PVS OBUJPO 'BJMJOH UP QSPUFDU UIFN JT OPU KVTU B NPSBM GBJMJOH JU UISFBUFOT UIF MPOH UFSN XFMMCFJOH PG ÙÎã áÙßÖÎ ×ÙØÓÞÙÜ ÚÜÙÞÏÍÞÓÙØ ÚÙÖÓÍÓÏݘ ÓØàÏÝÞÓÑËÞÏ ÜÓÑÒÞÝ àÓÙÖËÞÓÙØÝ ËØÎ ÙÐÐÏÜ ËÎàÓÍÏ˝ ÖÖÓËØÍÏ ÐÙÜ Ë ËÐÏ Ù××ߨÓÞã
GPSDFE MBCPVS -FF BEEFE UIBU UIFTF QSPCMFNT DPOUJOVF VOBCBUFE EVF UP XFBL FOGPSDFNFOU BOE QPPS JOUFS BHFODZ DPPSEJOBUJPO )F DBMMFE PO UIF HPWFSONFOU UP BDU EFDJTJWFMZ JO SFTQPOTF UP UIFTF FTDBMBUJOH DIBMMFOHFT #FSOBNB SFQPSUFE i8F OFFE TUSPOHFS MBXT BOE GBS CFUUFS FOGPSDFNFOU UP DPNCBU BCVTF FYQMPJUBUJPO BOE USBGGJDLJOH 0GGFOEFST NVTU CF EFBMU XJUI TXJGUMZ BOE GJSNMZ u )F BMTP IJHIMJHIUFE UIF TIBSFE SFTQPOTJCJMJUZ PG QBSFOUT FEVDBUPST BOE DPNNVOJUJFT JO TBGFHVBSEJOH DIJMESFO FTQFDJBMMZ JO UIF EJHJUBM BHF i%JHJUBM MJUFSBDZ QSPHSBNNFT BOE BDUJWF NPOJUPSJOH PG POMJOF DPOUFOU BSF FTTFOUJBM TUFQT JO LFFQJOH PVS DIJMESFO TBGF i1BSFOUT BOE FEVDBUPST NVTU XPSL IBOE JO IBOE UP QSPUFDU DIJMESFO GSPN UIF HSPXJOH EBOHFST PG UIF POMJOF XPSME u )F SFJUFSBUFE UIBU UIF FTUBCMJTINFOU PG BO JOEFQFOEFOU $IJMESFO T $PNNJTTJPO XPVME CF B MBOENBSL NPWF GPS .BMBZTJB B TUFQ UIBU FOTVSFT DIJMESFO T WPJDFT BSF IFBSE UIFJS SJHIUT QSPUFDUFE BOE GVUVSFT TFDVSFE )F BMTP TBJE UIF UJNF UP BDU JT OPX BEEJOH UIBU DIJMESFO JO .BMBZTJB EFTFSWF OPUIJOH MFTT
)F BEEFE UIBU UIF SBQJE FYQBOTJPO PG EJHJUBM QMBUGPSNT IBT MFGU DIJMESFO JODSFBTJOHMZ WVMOFSBCMF UP POMJOF HSPPNJOH DZCFSCVMMZJOH BOE FYQPTVSF UP IBSNGVM DPOUFOU TVDI BT DIJME QPSOPHSBQIZ )F TBJE BOPUIFS NBKPS DPODFSO JT UIF QFSTJTUFOU JTTVF PG DIJME USBGGJDLJOH BOE PVS TPDJFUZ i*U JT PVS DPMMFDUJWF EVUZ UP FOTVSF FWFSZ DIJME HSPXT VQ JO B TBGF OVSUVSJOH BOE FNQPXFSJOH FOWJSPONFOU u -FF TBJE JO B TUBUFNFOU ZFTUFSEBZ )F BMTP VSHFE GPS NPSF SPCVTU DIJME QSPUFDUJPO MBXT FOIBODFE EJHJUBM TBGFHVBSET BOE HSFBUFS DPPSEJOBUJPO BDSPTT BHFODJFT UP VQIPME BOE QSPUFDU DIJMESFO T SJHIUT BOE XFMGBSF )F TUSFTTFE UIBU FWFSZ DIJME IBT UIF SJHIU UP TBGFUZ FEVDBUJPO IFBMUIDBSF BOE B MJGF GSFF GSPN IBSN BOE FYQMPJUBUJPO -FF XBSOFE UIBU B HSPXJOH MJTU PG UISFBUT DPOUJOVFT UP VOEFSNJOF UIPTF SJHIUT SBOHJOH GSPN BCVTF BOE POMJOF FYQMPJUBUJPO UP USBGGJDLJOH BOE JOBEFRVBUF NFOUBM IFBMUI TVQQPSU i1IZTJDBM BOE FNPUJPOBM BCVTF BMPOH XJUI OFHMFDU BSF PO UIF SJTF XJUI NBOZ DBTFT TMJQQJOH UISPVHI UIF DSBDLT EVF UP GFBS TUJHNB PS JOTVGGJDJFOU QSPUFDUJPO NFDIBOJTNT u
-FF TBJE UIF SBQJE FYQBOTJPO PG EJHJUBM QMBUGPSNT IBT MFGU DIJMESFO JODSFBTJOHMZ WVMOFSBCMF UP POMJOF HSPPNJOH DZCFSCVMMZJOH BOE FYQPTVSF UP IBSNGVM DPOUFOU o "%*# 3"8* :"):" 5)&46/
8j´jçЩjºÐ j¹¿º¢ ©º±ÛÌ ©º 0jÉjº Ø¿ÛÌ ÛÐ ÌjШ 1&5"-*/( +":" " UPVS CVT IFBEJOH UP .PVOU 'VKJ XBT SFBS FOEFE CZ BOPUIFS DPBDI PO 4BUVSEBZ JOKVSJOH UPVSJTUT JODMVEJOH TFWFSBM .BMBZTJBOT PO +BQBO T $IVP &YQSFTTXBZ "DDPSEJOH UP ,ZPEP /FXT "HFODZ OPOF PG UIF JOKVSJFT BSF MJGF UISFBUFOJOH BDDPSEJOH UP $FOUSBM /JQQPO &YQSFTTXBZ $PNQBOZ 1SFMJNJOBSZ QPMJDF JOWFTUJHBUJPOT TVHHFTUFE UIBU TUPQ BOE HP USBGGJD DBVTFE SFQFBUFE CSBLJOH BOE UIF ESJWFS PG UIF SFBS CVT GBJMFE UP OPUJDF UIF MFBE WFIJDMF IBE TUPQQFE UIF DIBPT PG TUVOOFE USBWFMMFST IFMQJOH POF BOPUIFS XBJUJOH BOYJPVTMZ GPS FNFSHFODZ SFTQPOEFST 5IF 5PLZP 'JSF %FQBSUNFOU DPOGJSNFE UIBU NPTU JOKVSJFT XFSF NJOPS XPVOET BOE PWFS UFO JOEJWJEVBMT XFSF UBLFO UP MPDBM IPTQJUBMT GPS GVSUIFS DIFDLT
&NFSHFODZ TFSWJDFT SFTQPOEFE TXJGUMZ TUBCJMJTJOH UIF TJUVBUJPO BOE FOTVSJOH UIPTF JOKVSFE SFDFJWFE QSPNQU NFEJDBM BUUFOUJPO *O B QVCMJD TUBUFNFOU ,,EBZ FYQSFTTFE SFHSFU PWFS UIF JODJEFOU BOE DPOGJSNFE JU JT GVMMZ DPPQFSBUJOH XJUI +BQBOFTF BVUIPSJUJFT "VUIPSJUJFT BSF DPOUJOVJOH UP JOWFTUJHBUF UIF TFRVFODF PG FWFOUT UIBU MFE UP UIF DPMMJTJPO
5IF DPMMJTJPO PDDVSSFE OFBS UIF NPVUI PG UIF ,PCPUPLF 5VOOFM JO )BDIJPKJ BU BN POF PG UIF ESJWFST SFQPSUFE #PUI CVTFT IBE EFQBSUFE GSPN +3 5PLZP 4UBUJPO BOE XFSF FO SPVUF UP -BLF ,BXBHVDIJ JO OFJHICPVSJOH :BNBOBTIJ 1SFGFDUVSF 5IF DSBTI QSPNQUFE B UFNQPSBSZ DMPTVSF PG PVUCPVOE MBOFT CFUXFFO )BDIJPKJ +VODUJPO BOE 4BHBNJLP *OUFSDIBOHF
0QFSBUFE CZ UIF TBNF DPNQBOZ UIF CVTFT XFSF QBSU PG B i.PVOU 'VKJ %BZ 5PVSw SVO CZ USBWFM QMBUGPSN ,,EBZ 0O CPBSE XFSF UPVSJTUT GSPN .BMBZTJB 5BJXBO )POH ,POH BOE 4JOHBQPSF 8JUOFTTFT EFTDSJCFE B TVEEFO IBMU UIBU EJTSVQUFE XIBU XBT NFBOU UP CF B TDFOJD KPVSOFZ " 5BJXBOFTF QBTTFOHFS SFDPVOUFE
˻ ͘ ˜ ͓͓͖͑
K >WK ' K ħبÐÛº
Malaysian Paper
'j©Ì Ðj´¿º بjØ ´Ð ´©² ¨¿¹
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i* DPOTJEFS "VOUZ -JN NZ BEPQUFE NPUIFS JO ÞãÖÓÝÞ ÍÜÏËÞÏÝ ÝÚËÍÏ áÓÞÒ áËÜ×ÞÒ˜ ߨÓÞã ËØÎ ÖËÝÞÓØÑ ÍÜÙÝÝ̋ ÍßÖÞßÜËÖ ÐÜÓÏØÎÝÒÓÚÝ
DPNNVOJUZ XJUI NZ HSBOENPUIFS JO ,VBOUBO * PGUFO BDDPNQBOJFE IFS UP TFMM ESJOLT JO .BMBZ BSFBT BOE TIF UBVHIU NF UIF JNQPSUBODF PG SFTQFDUJOH PUIFS SBDFT * XBT FODPVSBHFE UP CFGSJFOE QFPQMF GSPN EJGGFSFOU CBDLHSPVOET GSPN B ZPVOH BHF i5IJT JT XIFSF NZ .BMBZ MBOHVBHF TLJMMT JNQSPWFE PWFS UJNF 8IFO QFPQMF BTL XIFSF * XFOU UP TDIPPM UIFZ BSF PGUFO TVSQSJTFE BTTVNJOH * BUUFOEFE B OBUJPOBM TDIPPM CVU * TUVEJFE BU B $IJOFTF WFSOBDVMBS TDIPPM .Z GSJFOET XFSF $IJOFTF .BMBZ BOE *OEJBO TP DPNNVOJDBUJOH JO .BMBZ CFDBNF FBTZ u TIF FYQMBJOFE -JN TIBSFE UIBU IFS HSBOENPUIFS BMXBZT FNQIBTJTFE BWPJEJOH QSFKVEJDF BOE FSSPOFPVT KVEHNFOUT UPXBSET PUIFST BEWJDF UIBU TIF TUJMM BEIFSFT UP UPEBZ i4IF BMXBZT TBJE XIFUIFS TPNFPOF JT $IJOFTF .BMBZ PS *OEJBO XF BSF BMM UIF TBNF m POF CJH GBNJMZ m BOE TIF SFNJOEFE VT OPU UP GJHIU 4IF BMTP TBJE OP DPNNVOJUZ DBO UISJWF PO JUT PXO XJUIPVU UIF IFMQ PG PUIFST 5IBU JT UIF VOJRVFOFTT PG .BMBZTJB m JUT QFPQMF MJWF JO VOJUZ TVQQPSUJOH BOE IFMQJOH POF BOPUIFS u TIF BEEFE
GBDJBM GFBUVSFT IFS XBSN QFSTPOBMJUZ BMTP NBLFT DVTUPNFST GFFM DPNGPSUBCMF TIBSJOH UIFJS QFSTPOBM TUPSJFT i8F WF LOPXO FBDI PUIFS TJODF XF XFSF ZPVOH BOE TJOHMF &WFO UIPVHI XF BSF GSPN EJGGFSFOU CBDLHSPVOET -JN T GMVFODZ JO .BMBZ BOE GBNJMJBSJUZ XJUI PUIFS DVMUVSFT NBLF NF DPNGPSUBCMF CFJOH GSJFOET XJUI IFS i*U GFFMT OBUVSBM TIBSJOH NZ TUPSJFT XJUI IFS XIFUIFS BCPVU XPSL PS GBNJMZ 5ISPVHIPVU NZ ZFBST PG LOPXJOH IFS * WF TFFO IPX TIF USFBUT BMM DVTUPNFST FRVBMMZ XJUIPVU EJTDSJNJOBUJPO 4IF FWFO HPFT UIF FYUSB NJMF CZ PGGFSJOH UP TFOE IFS DVTUPNFST IPNF JG UIFZ IBWF USPVCMF GJOEJOH USBOTQPSU u 4BSJ BEEFE (SPXJOH VQ JO NVMUJDVMUVSBM TVSSPVOEJOHT IBT NBEF JU FBTZ GPS -JN UP BTTJNJMBUF XJUI QFPQMF PG WBSJPVT CBDLHSPVOET -JN BMTP FOKPZT OBTJ LFSBCV JLBO QBUJO UFNQPZBL TBNCBM VEBOH QFUBJ WBSJPVT TBMBET FBUFO XJUI CVEV GFSNFOUFE BODIPWZ TBVDF PS UFNQPZBL GFSNFOUFE EVSJBO QBTUF BT XFMM BT *OEJBO TUZMF GJTI IFBE DVSSZ CFMJFWJOH UIBU .BMBZTJB T EJWFSTF DVMUVSFT BOE USBEJUJPOBM GPPET BSF B QSJDFMFTT IFSJUBHF i* HSFX VQ JO B QSFEPNJOBOUMZ .BMBZ
3FDPVOUJOH IPX TIF GJSTU FOUFSFE UIF QSPGFTTJPO 3BTIJEBI TBJE BGUFS DPNQMFUJOH NBUSJDVMBUJPO TIF SFDFJWFE BO PGGFS UP TUVEZ BU 6OJWFSTJUJ .BMBZTJB 4BCBI CVU UVSOFE JU EPXO EVF UP GJOBODJBM DPOTUSBJOUT BT IFS GBNJMZ XBT OPU XFMM PGG 5P IFMQ FBTF UIF CVSEFO TIF PQUFE GPS B UISFF ZFBS EJQMPNB DPVSTF JO OVSTJOH BU ,PMFK %BNBOTBSB 6UBNB JO 4FMBOHPS BT JU HVBSBOUFFE FNQMPZNFOU VQPO HSBEVBUJPO 5IF DPVSTF BMTP DBNF XJUI BO BMMPXBODF "GUFS SFDFJWJOH IFS EJQMPNB JO TIF XPSLFE BT B OVSTF BU TFWFSBM IPTQJUBMT JODMVEJOH )PTQJUBM 4VMUBO "INBE 4IBI JO 5FNFSMPI BOE )PTQJUBM #FSB JO 5SJBOH CPUI JO 1BIBOH *O TIF QVSTVFE B #BDIFMPS PG /VSTJOH BU 6OJWFSTJUJ 5FLOPMPHJ ."3" BOE JO TIF DPOUJOVFE IFS TUVEJFT UISPVHI B GBTU USBDL 1I% QSPHSBNNF )FS EPDUPSBM UIFTJT GPDVTFE PO IJQ GSBDUVSFT BNPOH UIF FMEFSMZ o #FSOBNB ,VBOUBO CFDBVTF TIF IBT CFFO WFSZ TVQQPSUJWF BOE BMXBZT DIFDLFE JO PO NF XIFO * NPWFE IFSF GSPN ,VBMB -VNQVS PWFS B ZFBS BHP 5IBU CPOE IBT SFNBJOFE UPEBZ u TBJE "NJSBI 0UINBO XIFO NFU CZ #FSOBNB 3FDBMMJOH UIFJS GJSTU NFFUJOH "NJSBI TIBSFE UIBU JU BMM CFHBO XIFO TIF OFFEFE B IBJSDVU -JN TIPXFE B HFOVJOF JOUFSFTU JO HFUUJOH UP LOPX IFS BOE BTLFE BCPVU IFS CBDLHSPVOE XIJDI NBEF "NJSBI GFFM BU FBTF i4IF BTLFE GPS NZ QIPOF OVNCFS TBZJOH JU XPVME CF FBTJFS UP DPOUBDU NF JG BOZUIJOH DBNF VQ * OFWFS FYQFDUFE UIBU TIF XPVME USFBU NF MJLF GBNJMZ PO NZ GJSTU WJTJU UP IFS TBMPO %FTQJUF PVS EJGGFSFOU CBDLHSPVOET TIF XFMDPNFE NF XBSNMZ VOEFSTUBOEJOH UIF DIBMMFOHFT PG TPNFPOF OFX UP UIF BSFB i4IF PGUFO NFTTBHFT NF BOE SFDPNNFOET HPPE SFTUBVSBOUT BOE GPPE TUBMMT 4IF FWFO JOUSPEVDFT NF UP GSJFOET GPS IJLJOH BDUJWJUJFT u "NJSBI TBJE )BWJOH LOPXO -JN TJODF UIF T XIFO TIF GJSTU PQFOFE IFS TBMPO BU 1BTBS #FTBS ,VBOUBO B DVTUPNFS XIP XJTIFE UP CF LOPXO POMZ BT 4BSJ SFDBMMFE UIBU BTJEF GSPN -JN T TLJMM JO TUZMJOH IBJS UP DPNQMFNFOU EJGGFSFOU
9ÛÌÐ Û´©´Ð Ìj¹ ¿ ¿¹©º¢ ´ØÛÌÌ ,6"-" -6.163 8IFO %S 3BTIJEBI .PIE :VTPGG GJSTU QVU PO B OVSTF T VOJGPSN BGUFS PCUBJOJOH IFS OVSTJOH EJQMPNB JO TIF OFWFS JNBHJOFE UIBU POF EBZ TIF XPVME CF TUBOEJOH JO GSPOU PG B DMBTTSPPN UFBDIJOH GVUVSF OVSTFT BOE IFBMUIDBSF QSPGFTTJPOBMT CFDPNJOH B OVSTF -JLF PUIFS DIJMESFO NZ DIJMEIPPE BNCJUJPO XBT UP CF B EPDUPS MBXZFS PS MFDUVSFS 4P XIFO * GPVOE PVU BCPVU UIF NBTUFS T BOE 1I% DPVSTFT GPS OVSTFT * TBX UIF PQQPSUVOJUZ UP SFWJWF NZ ESFBN PG CFDPNJOH B MFDUVSFS w
5ISPVHI EFEJDBUJPO BOE B ESJWF UP GVSUIFS IFS TUVEJFT UIF ZFBS PME NPUIFS PG UXP OPX IPMET B 1I% JO OVSTJOH BOE IBT UBLFO PO UIF SFTQPOTJCJMJUZ PG USBJOJOH TUVEFOU OVSTFT 3BTIJEBI JT DVSSFOUMZ B MFDUVSFS BU UIF ,VMMJZZBI PG /VSTJOH *OUFSOBUJPOBM *TMBNJD 6OJWFSTJUZ .BMBZTJB T ,VBOUBO DBNQVT JO 1BIBOH 4IF JOJUJBMMZ CFMJFWFE TIF XPVME SFNBJO B OVSTF VOUJM SFUJSFNFOU VOBXBSF UIBU QVSTVJOH IJHIFS BDBEFNJD RVBMJGJDBUJPOT DPVME PQFO OFX EPPST GPS DBSFFS BEWBODFNFOU JO UIF GJFME " UVSOJOH QPJOU DBNF JO XIFO TIF FOSPMMFE JO B QPTU CBTJD PSUIPQBFEJD OVSTJOH DPVSTF i0OF PG NZ UVUPST UIFO XBT /PSMJ[B ,BEJS XIP XBT QVSTVJOH B NBTUFS T EFHSFF JO PSUIPQBFEJD OVSTJOH 5IBU XBT XIFO * GJSTU MFBSOFE UIBU UIFSF BSF NBTUFS T BOE FWFO 1I% QSPHSBNNFT JO OVSTJOHw 3BTIJEBI TBJE i"DUVBMMZ XIJMF HSPXJOH VQ * OFWFS UIPVHIU PG
3BTIJEBI JT DVSSFOUMZ B MFDUVSFS BU UIF ,VMMJZZBI PG /VSTJOH *OUFSOBUJPOBM *TMBNJD 6OJWFSTJUZ .BMBZTJB ,VBOUBO DBNQVT JO 1BIBOH o #&3/"."1*$
Education matters remain an important component of Malaysian society. Today the landscape is fast paced with new exciting developments in technology such as AI, coding, virtual reality, and cybersecurity, leading the way for changes in curriculum development. To showcase the latest and most updated content, we invite you join us in 2025, and be part of our Education Focus!
Contact us now for special deals on digital, video and print advertising. 03-7784 6688 advertise@thesundaily.com
Malaysian Paper
˻ ͘ ˜ ͓͓͖͑
Kj©ºÐ ¿¹É´©jØ 8çjº¹jÌ ËÛj² Ì´© ¿ÌØÐ
a¿¹jº ©º ¿Û¹ºØjÌç
¨jÌ¢ 婨¨ ÌjÛ
4*/("103& " #SJUJTI XPNBO GFBUVSFE JO B IJU DSJNF EPDVNFOUBSZ XBT DIBSHFE XJUI GSBVE JO B DPVSU IFSF PO 4BUVSEBZ %JPOOF .BSJF )BOOB XBT DIBSHFE XJUI GJWF DPVOUT PG GSBVE JOWPMWJOH UISFF QFPQMF DPVSU EPDVNFOUT TIPX *O UIF EPDVNFOUBSZ GJMN SFMFBTFE PO .BSDI )BOOB VQFOET B DFMFCSJUZ QBTUSZ DIFG T MJGF XIFO TIF FNBJMT IJN BOE DMBJNT TIF JT IJT CJPMPHJDBM NPUIFS " %/" UFTU BU UIF FOE PG UIF EPDVNFOUBSZ TIPXT )BOOB JT JOEFFE UIF DIFG T CJPMPHJDBM NPUIFS 4IF BQQFBSFE JO DPVSU PO 4BUVSEBZ WJB WJEFPMJOL BOE XBT TFFO MZJOH JO B CFE BU 4JOHBQPSF T 5BO 5PDL 4FOH )PTQJUBM CSPBEDBTUFS $IBOOFM /FXT "TJB SFQPSUFE *U XBT OPU JNNFEJBUFMZ DMFBS XIZ TIF XBT JO IPTQJUBM "DDPSEJOH UP DPVSU EPDVNFOUT POF PG UIF DIBSHFT JOWPMWFE IFS BMMFHFEMZ UFMMJOH B NBO JO 4JOHBQPSF JEFOUJGJFE BT 1BJNBO CJO 4VQBOHBU UIJT ZFBS UIBU TIF XBT GSPN UIF #SVOFJ SPZBM GBNJMZ 4IF IBE UPME IJN TIF IBE UFSNJOBM DBODFS BOE XBOUFE UP QBTT IFS XFBMUI UP IJN BOE IJT TPO 4JOHBQPSF QPMJDF TBJE JO B TUBUFNFOU PO 'SJEBZ UIFZ IBE SFDFJWFE TFWFSBM SFQPSUT GSPN BMMFHFE WJDUJNT BGUFS UIF EPDVNFOUBSZ XBT SFMFBTFE PO .BSDI 1PMJDF TBJE QSFMJNJOBSZ JOWFTUJHBUJPOT TIPXFE )BOOB XBT CFMJFWFE UP CF JOWPMWFE JO BU MFBTU GJWF DBTFT PG DIFBUJOH XJUI MPTTFT BNPVOUJOH UP NPSF UIBO 64 3. i"T QBSU PG UIF BSSBOHFNFOU UP SFDFJWF NPOJFT GPS UIF JOWFTUNFOU BOE JOIFSJUBODF UIF WJDUJNT XFSF BTLFE UP USBOTGFS NPOFZ GPS MFHBM GFFT BOE PQFOJOH PG PWFSTFBT CBOL BDDPVOUT w QPMJDF TBJE i5IF WJDUJNT CFMJFWFE UIBU IFS JOWFTUNFOU BOE SFMFBTF PG JOIFSJUBODF UP CF HFOVJOF BOE NBEF TFWFSBM USBOTGFST UP IFS w *G GPVOE HVJMUZ PG GSBVE )BOOB DPVME GBDF GJOFT BOE CF JNQSJTPOFE GPS VQ UP ZFBST )FS OFYU DPVSU IFBSJOH JT PO 'SJEBZ o "'1
ÙÙÜÎÓØËÞÏÎ ËÍÞÓÙØ ÍÜßÍÓËÖ˜ ÝËãÝ
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i1FPQMF BSF USZJOH UP SFCVJME UIFJS MJWFT OPX u TBJE 6/ BJE DIJFG 5PN 'MFUDIFS JO B WJEFP i5IFZ OFFE GPPE 5IFZ OFFE
"O *OEJBO TIJQ VOMPBEJOH TBDLT PG BJE BU 5IJMBXB 1PSU PO 4BUVSEBZ o "'11*$
HPWFSONFOU
BOOPVODFE
B
SFE DBSQFU GPS B EFMFHBUJPO GSPN $IJOB T 1FPQMF T -JCFSBUJPO "SNZ i8F IPME UIF MJWF JOBVHVSBUJPO UPEBZ CFDBVTF XF XBOU CPUI $BNCPEJBOT BOE OBUJPOT BSPVOE UIF XPSME UP TUPQ DBTUJOH EPVCU BCPVU JU w )VO .BOFU TBJE JO B TQFFDI i'SPN UPEBZ $BNCPEJB XJMM XFMDPNF BMM GSJFOET UP IPME KPJOU FYFSDJTFT JO UIF 3FBN CBTF 8F IBWF OPUIJOH UP IJEF w )VO .BOFU QSPNJTFE UIBU UIF &WFO CFGPSF UIF SFDFOU RVBLF UIF IVNBOJUBSJBO DSJTJT JO UIF DPVOUSZ XBT TFWFSF XJUI UIF QFSTJTUFOU NVMUJ TJEFE DPOGMJDU EJTQMBDJOH NJMMJPO QFPQMF BDDPSEJOH UP UIF 6/ 5IF 6/ TBJE PO 'SJEBZ UIBU TJODF UIF FBSUIRVBLF UIF NJMJUBSZ DPOUJOVFE UP DPOEVDU EP[FOT PG BUUBDLT BHBJOTU SFCFMT JODMVEJOH BU MFBTU TJODF 8FEOFTEBZ XIFO UIF 4IFS .VIBNNBE B TQFDJBMJTU JO UIF )JOEV ,VTI )JNBMBZBO NPVOUBJO SBOHF UIBU TUSFUDIFT GSPN "GHIBOJTUBO UP .ZBONBS IPXFWFS TBJE NPTU PG UIF SFHJPO T XBUFS TVQQMZ DPNFT GSPN TOPX NFMU JO TQSJOH XJUI B GSBDUJPO GSPN BOOVBM HMBDJBM NFMU JO TVNNFST i'SPN MBUF 0DUPCFS VOUJM FBSMZ "QSJM XF XFSF SFDFJWJOH IFBWZ TOPXGBMM #VU JO UIF QBTU GFX ZFBST JU T RVJUF ESZ w TBJE .VIBNNBE B SFTFBSDIFS BU UIF *OUFSOBUJPOBM $FOUSF GPS *OUFHSBUFE .PVOUBJO %FWFMPQNFOU 5IF GJSTU iJDF TUVQBTw JO (JMHJU #BMUJTUBO XFSF DSFBUFE JO /PX NPSF UIBO WJMMBHFT NBLF UIFN FWFSZ XJOUFS BOE iNPSF UIBO SFTJEFOUT IBWF BDDFTT UP XBUFS XJUIPVU IBWJOH UP CVJME SFTFSWPJST PS UBOLT o "'1 RVBLF SFMJFG JO UIF 4PVUIFBTU "TJBO DPVOUSZ PG NPSF UIBO NJMMJPO QFPQMF IBWF CFFO DPNQMJDBUFE CZ VOSFMJBCMF DPNNVOJDBUJPO OFUXPSLT BOE JOGSBTUSVDUVSF IFBWJMZ EBNBHFE CZ GPVS ZFBST PG DJWJM XBS
XBUFS 5IFZ OFFE UIF QPXFS CBDL PO u .BOZ QFPQMF JO UIF BSFB BSF TUJMM XJUIPVU TIFMUFS IF TBJE EFTDSJCJOH UIF TDBMF PG EBNBHF JO UIF BSFB BT iFQJDu i8F OFFE UP HFU UFOUT BOE IPQF UP TVSWJWPST BT UIFZ SFCVJME UIFJS TIBUUFSFE MJWFT u 'MFUDIFS XSPUF JO BOPUIFS QPTU "JE FYQFSUT XBSO UIBU SBJOZ DPOEJUJPOT BOE TDPSDIJOH IFBU JODSFBTF UIF SJTL PG EJTFBTF PVUCSFBLT BU PVUEPPS DBNQT XIFSF WJDUJNT XFSF JO UFNQPSBSZ TIFMUFS *OUFSOBUJPOBM FGGPSUT UP QSPWJEF
OFX BOE JNQSPWFE GBDJMJUZ XPVME OPU CF GPS #FJKJOH T iFYDMVTJWFw VTF BOE UIBU TIJQT GSPN PUIFS DPVOUSJFT XPVME CF BMMPXFE UP EPDL 5IF DFSFNPOZ BMTP GFBUVSFE SFNBSLT GSPN $BP 2JOHGFOH B $IJOFTF TFOJPS NJMJUBSZ PGGJDJBM XIP TBJE UIF QPSU TZNCPMJTFE UIF iJSPO DMBE GSJFOETIJQw CFUXFFO UIF UXP OBUJPOT BOE XPVME iJOKFDU OFX NPNFOUVN JOUP SFHJPOBM TFDVSJUZw o "'1 UFNQPSBSZ DFBTFGJSF 'MFUDIFS IFME EJTDVTTJPOT XJUI UIF GPSFJHO NJOJTUFST PG 5IBJMBOE BOE .BMBZTJB PO 4BUVSEBZ GPS XIBU IF DBMMFE B iQSBDUJDBM NFFUJOHu DFOUSFE PO iTUSPOH DPPSEJOBUFE DPMMFDUJWF BDUJPOu UP TBWF MJWFT O .ZBONBS "GUFSTIPDLT IBWF BMTP DPOUJOVFE BT MPOH BT B XFFL BGUFS UIF JOJUJBM USFNPST XJUI B NBHOJUVEF RVBLF TUSJLJOH KVTU TPVUI PG .BOEBMBZ MBUF 'SJEBZ FWFOJOH BDDPSEJOH UP UIF 6OJUFE 4UBUFT (FPMPHJDBM 4VSWFZ m "'1
j¹¿ ©jº É̹©Ì ¨j©´Ð ¿Éº©º¢ ¿ ºjäj´ jÐ 3&". 1SJNF .JOJTUFS )VO .BOFU TBJE UIFSF XBT iOPUIJOH UP IJEFw BT IF JOBVHVSBUFE B OBWBM CBTF SFOPWBUFE JO SFDFOU ZFBST CZ $IJOB BGUFS 8BTIJOHUPO IBE WPJDFE DPODFSO PWFS #FJKJOH T SPMF JO UIF VQHSBEFT $BNCPEJBO TFOJPS PGGJDJBMT IBWF SFQFBUFEMZ EFOJFE UIBU UIF CBTF JT GPS VTF CZ BOZ TJOHMF GPSFJHO QPXFS GPMMPXJOH 64 NFEJB SFQPSUT JO TBZJOH UIBU UIF OFX GBDJMJUJFT BU 3FBN XFSF CFJOH CVJMU GPS UIF FYDMVTJWF VTF PG UIF $IJOFTF OBWZ
5IF 6OJUFE 4UBUFT IBT TBJE UIF 3FBN /BWBM #BTF MPDBUFE PGG $BNCPEJB T TPVUIFSO DPBTU DPVME HJWF $IJOB B LFZ TUSBUFHJD QPTJUJPO JO UIF (VMG PG 5IBJMBOE OFBS UIF EJTQVUFE 4PVUI $IJOB 4FB
.JMJUBSZ SFQSFTFOUBUJWFT GSPN WBSJPVT OBUJPOT BUUFOEFE B DFSFNPOZ PO 4BUVSEBZ NBSLJOH UIF JOBVHVSBUJPO PG UIF SFOPWBUFE 3FBN CBTF XJUI $BNCPEJB SPMMJOH PVU UIF
ÌØ©©©j´ ¢´j©ÌÐ ¿¿ÐØ åjØÌ ÐÛÉÉ´ç ©º Hj²©ÐØjº )644"*/"#"% "U UIF GPPU PG 1BLJTUBO T IJHI NPVOUBJOT GBSNFST HSBQQMJOH XJUI B MBDL PG XBUFS IBWF DSFBUFE UIFJS PXO JDF UPXFST SFHJPO PG -BEBLI MFTT UIBO LN BXBZ BDSPTT B IFBWJMZ QBUSPMMFE CPSEFS XIP EFWFMPQFE UIF UFDIOJRVF BCPVU ZFBST BHP 8BUFS JT QJQFE GSPN TUSFBNT JOUP
8BSNFS XJOUFST IBWF SFEVDFE UIF TOPX GBMM BOE TVCTFRVFOU TFBTPOBM TOPXNFMU UIBU GFFET UIF WBMMFZT PG (JMHJU #BMUJTUBO B SFNPUF SFHJPO BOE IPNF UP , UIF XPSME T TFDPOE IJHIFTU QFBL 'BSNFST JO UIF 4LBSEV WBMMFZ BU BO BMUJUVEF PG VQ UP N JO UIF TIBEPX PG UIF ,BSBLPSBN NPVOUBJO SBOHF TFBSDIFE POMJOF GPS IFMQ JO IPX UP JSSJHBUF UIFJS BQQMF BOE BQSJDPU PSDIBSET i8F EJTDPWFSFE BSUJGJDJBM HMBDJFST PO :PV5VCF w TBJE (IVMBN )BJEFS )BTINJ 5IFZ XBUDIFE UIF WJEFPT PG 4POBN 8BOHDIVL BO FOWJSPONFOUBM BDUJWJTU BOE FOHJOFFS JO UIF *OEJBO
UIF WJMMBHF BOE TQSBZFE JOUP UIF BJS EVSJOH UIF GSFF[JOH XJOUFS UFNQFSBUVSFT i5IF XBUFS NVTU CF QSPQFMMFE TP UIBU JU GSFF[FT JO UIF BJS XIFO UFNQFSBUVSFT ESPQ CFMPX [FSP DSFBUJOH JDF UPXFST w TBJE ;BLJS )VTTBJO B QSPGFTTPS BU UIF 6OJWFSTJUZ PG #BMUJTUBO 5IF JDF GPSNT JO UIF TIBQF PG DPOFT UIBU SFTFNCMF #VEEIJTU TUVQBT BOE BDU BT B TUPSBHF TZTUFN o TUFBEJMZ NFMUJOH UISPVHIPVU TQSJOH XIFO UFNQFSBUVSFT SJTF (JMHJU #BMUJTUBO IBT HMBDJFST NPSF UIBO BOZ PUIFS DPVOUSZ PVUTJEF UIF QPMBS SFHJPOT
"O BSUJGJDJBM HMBDJFS CVJMU CZ 1BLJTUBOJ WJMMBHFST EVSJOH XJOUFS UP QSPWJEF XBUFS GPS UIF TVNNFS BU 1BSJ WJMMBHF JO ,IBSNBOH EJTUSJDU (JMHJU #BMUJTUBO o "'11*$
Made with FlippingBook Ebook Creator