09/04/2025

͚ ˜ ͓͓͖͑

RM1

Malaysian Paper õõõŪ䪚ÜéÄŪÃû S?ĝŪĜĜ P S EPt

SCAN ME 9¿ě ŝŜŚŚ HH ŗśřřħŖŗħŗŕŖŗ ljŕŘŖŖŞŚij

HÛØÌj '‰©¢¨ØÐ É̿ɉÌØç äj´Û‰ ‰æɉ€Ø‰ Ø¿ д© ‰

H¿´©€‰ ÉÌ¿‰ €¿´´‰¢‰ Û´´ç©º¢ €jЉ ܐ Õ½ ĄØû ÊÃà ä䚚 ؚÊÃÃšÄ–Ü šúÕé½Ü ÊÄ Ê¤ ܚôšÄ Üä閚ÄäÜ –šÄä ¤ š– Ä õ –š½û ܪ„Øš– ô –šÊ ʤ Đ –šÄäŪ

9ÊÄ¥źäšØà ؚÊôšØû –šÕšÄ–Ü ÊÄ ØšÃš– „ä ÊÄ š¤¤ÊØäÜť ؚ¥é½„äÊØû „ä ÊÄ „Ä– ؚÜäÊ؄ä ÊÄ Ê¤ éûšØ ÊĤ –šÄšť ܄ûÜ šÊÄÊà ÜäŪ

3FQPSU PO T QBHF

3FQPSU PO T QBHF

8çjº¹jÌ ËÛj²‰ åj²‰īÛÉ €j´´ ’¿Ì 8j´jçЩj bĽšÜÜ ÊéÄäØû Üäؚĥ䪚ÄÜ ØšÜ ½ šÄš ʤ äÜ é ½– Ä¥Ü „Ä– Ĥ؄ÜäØéäéؚť äؚÃÊØÜ ½ÊÜšØ äÊ ªÊÚ Ê齖 š –šô„Üä„ä Ä¥Ť ú՚Øä

3FQPSU PO T QBHF

5IF HPWFSONFOU IBT CFFO VSHFE UP BEPQU UIF &VSPQFBO TUBOEBSE GPS EFTJHOJOH FBSUIRVBLF SFTJTUBOU TUSVDUVSFT BOE SFUSPGJU FYJTUJOH CVJMEJOHT XJUI CBTF JTPMBUPST BOE FOFSHZ EBNQJOH TZTUFNT o ".*36- 4:"'*2 5)&46/

9¿ ¹‰¢jɨ¿º‰ ©É´¿¹j€çĚ ºåjÌ

PØ Ãš Ã Ä ÜäšØ ܄ûÜ ?„½„ûÜ „ õ ½½ ÄÜ䚄– –šÕ½Êû ʤ¤  „½Ü äÊ n„ܪ Ä¥äÊÄ ¤ÊØ – „½Ê¥éš ÊÄ ä„Ø ¤¤ ÃÕÊܚ– û bÄ äš– Wä„äšÜŪ

3FQPSU PO T QBHF

˻ ͚ ˜ ͓͓͖͑

8j´jçЩj Ø¿ ÉÛÌÐۉ ËÛ©‰Ø ©É´¿¹j€ç ¿º WO ØjÌ©’’Ð

$ Ø¿ ̉䩉å #©ºjÐ €Ø j¹‰º ¹‰ºØРب©Ð 剉² ,6"-" -6.163 5IF ESBGU BNFOENFOU UP UIF 1FSCBEBOBO ,FNBKVBO 'JMFN /BTJPOBM .BMBZTJB "DU "DU JT JO JUT GJOBM TUBHF PG QSFQBSBUJPO BOE JT FYQFDUFE UP CF TVCNJUUFE UP UIF "UUPSOFZ (FOFSBM T $IBNCFST GPS SFWJFX UIJT XFFL /BUJPOBM 'JMN %FWFMPQNFOU $PSQPSBUJPO .BMBZTJB 'JOBT DIJFG FYFDVUJWF PGGJDFS %BUVL "[NJS 4BJGVEEJO .VUBMJC TBJE UIF QSPQPTFE DIBOHFT BJN UP FOTVSF UIF "DU SFNBJOT SFMFWBOU JO MJHIU PG DVSSFOU UFDIOPMPHJDBM BEWBODFNFOUT BOE FWPMWJOH DPOUFOU QSPEVDUJPO USFOET )F TBJE UIF BNFOENFOUT BMTP TFFL UP BDDPNNPEBUF OFX CVTJOFTT NPEFMT FTQFDJBMMZ UIPTF JOWPMWJOH POMJOF USBOTBDUJPOT BOE DPOUFOU EJTUSJCVUJPO WJB TUSFBNJOH QMBUGPSNT TPDJBM NFEJB BOE PUIFS EJHJUBM DIBOOFMT i5ISPVHI UIJT BNFOENFOU XF XBOU UP FOTVSF UIBU JOEVTUSZ XPSLFST FTQFDJBMMZ DSFX NFNCFST BOE FNQMPZFFT BSF QSPUFDUFE CZ SFHVMBUJPOT UIBU VQIPME UIFJS SJHIUT i*U BMTP BJNT UP TUSFOHUIFO UIF SJHIUT PG QSPEVDFST BMMPXJOH UIFN UP CFUUFS NPOFUJTF UIFJS JOUFMMFDUVBM QSPQFSUZ *1 BOE HFOFSBUF IJHIFS JODPNFw IF TBJE "[NJS XBT TQFBLJOH BGUFS BO FOHBHFNFOU TFTTJPO XJUI BDBEFNJDJBOT GSPN QVCMJD BOE QSJWBUF JOTUJUVUJPOT PG IJHIFS MFBSOJOH PO UIF QSPQPTFE BNFOENFOUT UP "DU "NPOH UIPTF JOWPMWFE XFSF SFQSFTFOUBUJWFT GSPN UIF /BUJPOBM "DBEFNZ PG "SUT $VMUVSF BOE )FSJUBHF 6OJWFSTJUJ 5FLOPMPHJ .BSB BOE 5BZMPS T 6OJWFSTJUZ )F TBJE TJNJMBS TFTTJPOT XJMM DPOUJOVF UP HBUIFS JOQVU BOE GFFECBDL GSPN BDBEFNJDT BOE JOEVTUSZ QMBZFST i'PS FYBNQMF JO UIF DPOUFYU PG BSUJGJDJBM JOUFMMJHFODF BDUJWJUJFT NBZ OPU QIZTJDBMMZ UBLF QMBDF XJUIJO UIF DPVOUSZ 5IF TFSWFST DPVME CF MPDBUFE PWFSTFBT 4P UIF RVFTUJPO BSJTFT o XIP IPMET UIF *1 SJHIUT JO TVDI DBTFT w 0O .BSDI JU XBT SFQPSUFE UIBU UIF $BCJOFU IBE BQQSPWFE JO QSJODJQMF UIF QSPQPTFE BNFOENFOUT UP UIF 'JOBT "DU o #FSOBNB 8 8 ÉÌ¿‰Ð Øå¿ ©º ©ä© Ûj´Ð ¿ä‰Ì ¿’’‰ºÐ©ä‰ ŘK €¿ºØ‰ºØ .BMBZTJBO $PNNVOJDBUJPOT BOE .VMUJNFEJB $PNNJTTJPO .$.$ IBT PQFOFE GPVS JOWFTUJHBUJPO QBQFST BHBJOTU UXP JOEJWJEVBMT XIP BMMFHFEMZ VQMPBEFE GBMTF BOE IJHIMZ PGGFOTJWF DPOUFOU DPOUBJOJOH 3 FMFNFOUT o SBDF SFMJHJPO BOE SPZBMUZ o PO 'BDFCPPL BOE 5JL5PL *O B TUBUFNFOU .$.$ TBJE JOUFSWJFXT XJUI UIF TVTQFDUT XFSF DPOEVDUFE BU JUT IFBERVBSUFST JO $ZCFSKBZB PO .POEBZ UP BTTJTU JO GVSUIFS JOWFTUJHBUJPOT i0OF PG UIF UXP JOEJWJEVBMT JT BO JOGMVFODFS BOE QPMJUJDBM BDUJWJTU XIP JODJUFE SBDJBM TFOUJNFOUT PO TPDJBM NFEJB JOWPMWJOH UIF 1FSBL TUBUF BOUIFN UIF FDPOPNJD EPNJOBODF PG .BMBZT UISPVHI UIF CSFBLJOH PG NPOPQPMJFT TVDI BT 1FUSPOBT BOE (BT .BMBZTJB #FSIBE BOE UIF UBLFPWFS PG UIF ,VBMB -VNQVS 5PXFSw UIF TUBUFNFOU SFBE " NPCJMF QIPOF BOE 4*. DBSE CFMPOHJOH UP POF PG UIF TVTQFDUT XFSF DPOGJTDBUFE GPS GPSFOTJD BOBMZTJT *O UIF DBTF PG UIF TFDPOE TVTQFDU .$.$ TBJE QPMJDF IBE TFJ[FE B NPCJMF QIPOF GPS JOWFTUJHBUJPO VOEFS 4FDUJPO B PG UIF $PNNVOJDBUJPOT BOE .VMUJNFEJB "DU 5IF PGGFODF DBSSJFT B NBYJNVN GJOF PG 3. B QSJTPO UFSN PG VQ UP UXP ZFBST PS CPUI VQPO DPOWJDUJPO 5IF QVCMJD JT VSHFE UP VTF TPDJBM NFEJB QMBUGPSNT SFTQPOTJCMZ BOE SFGSBJO GSPN VQMPBEJOH 3 SFMBUFE DPOUFOU UIBU DPVME UISFBUFO SBDJBM BOE SFMJHJPVT IBSNPOZ JO .BMBZTJB o #FSOBNB ,6"-" -6.163 5IF

ØáËÜ ÙßÞÖÓØÏÝ ÍËÖט ÝÞÜËÞÏÑÓÍ ÜÏÝÚÙØÝÏ áÒÓÖÏ ÝÞÜÏØÑÞÒÏØÓØÑ ÝÏËØ ÞÓÏÝ ËØÎ ÞÜËÎÏ ÜÏÝÓÖÓÏØÍÏ

Ű OFXTEFTL!UIFTVOEBJMZ DPN

1SJNF .JOJTUFS %BUVL 4FSJ "OXBS *CSBIJN IBT VSHFE DJWJM TFSWBOUT UP CF FYQPTFE UP OFX UFDIOPMPHJFT JO PSEFS UP FOIBODF UIFJS FGGJDJFODZ BOE SFEVDF SFMJBODF PO GPSFJHO BOE FYUFSOBM DPOTVMUBOUT "OXBS TBJE DVSSFOU EFNBOET SFRVJSF B TIJGU JO NJOETFU BOE UIF GVMM QPUFOUJBM PG DJWJM TFSWBOUT NVTU CF IBSOFTTFE GPS UIF DPVOUSZ T EFWFMPQNFOU 3FDBMMJOH UIF FSB PG UIF T BOE T IF BEEFE UIBU EFDJTJPOT SFMBUFE UP GJTDBM QPMJDZ FDPOPNJDT GJOBODF BOE EFWFMPQNFOU QSPKFDUT XFSF MBSHFMZ NBEF BOE JNQMFNFOUFE CZ DJWJM TFSWBOUT XJUI NJOJNBM JOQVU GSPN DPOTVMUBOUT i* PCTFSWFE UIBU QSPKFDUT XFSF DBSSJFE PVU 1&5"-*/( +":" .BMBZTJB XJMM OPU FOHBHF JO NFHBQIPOF EJQMPNBDZ PWFS UIF 64 UBSJGG XIJQMBTI TBJE 1SJNF .JOJTUFS %BUVL 4FSJ "OXBS *CSBIJN ZFTUFSEBZ *OTUFBE .BMBZTJB XPVME QVSTVF JUT USBEFNBSL RVJFU EJQMPNBDZ CZ EFQMPZJOH PGGJDJBMT UP 8BTIJOHUPO UP JOJUJBUF B EJBMPHVF i5IFSF NBZ CF MJNJUFE SPPN UP SFWJTJU UIF VOEFSMZJOH JOUFOU CVU UIFSF JT TUJMM TDPQF UP GJOF UVOF UIF QPMJDZ T JNQMFNFOUBUJPO u "OXBS TBJE BU UIF "TFBO *OWFTUNFOU $POGFSFODF 'JOBODF .JOJTUFS ** %BUVL 4FSJ "NJS )BN[BI "[J[BO MBUFS DPOGJSNFE UIBU UIF .BMBZTJBO EFMFHBUJPO JT FYQFDUFE UP EFQBSU GPS 8BTIJOHUPO CZ UIF FOE PG "QSJM "OXBS BEEFE UIBU BT BMXBZT .BMBZTJB XPVME BEBQU i8JOET NBZ TIJGU CVU XF EP OPU ESJGU 0VS USBEF EJWFSTJGJDBUJPO TUSBUFHZ JT BMSFBEZ HBUIFSJOH NPNFOUVN i8IJMF XF JOUFOE UP SFNBJO B TUFBEGBTU USBEJOH QBSUOFS XJUI UIF 64 XF XJMM JO QBSBMMFM UBLF BMM OFDFTTBSZ TUFQT UP QSPUFDU PVS FDPOPNJD JOUFSFTUT i5IJT JODMVEFT FOHBHJOH QSPBDUJWFMZ XJUI UIF 64 UP BDIJFWF B NVUVBMMZ CFOFGJDJBM PVUDPNF XIJMF CSPBEFOJOH BOE EFFQFOJOH PVS UJFT XJUI NBKPS USBEF QBSUOFST BDSPTT UIF &6 "TJB UIF .JEEMF &BTU BOE "GSJDB u "OXBS OPUFE UIBU .BMBZTJB T USBEF XJUI UIF 64 IBT MPOH CFFO NVUVBMMZ BEWBOUBHFPVT i0VS FYQPSUT TVQQPSU OPU POMZ HSPXUI BU IPNF CVU BMTP IJHI RVBMJUZ KPCT BDSPTT UIF 64 u 3FQPSUT JOEJDBUF UIF 64 IBT TMBQQFE B TUFFQ SFUBMJBUPSZ UBSJGG PO .BMBZTJBO JNQPSUT 64 1SFTJEFOU %POBME 5SVNQ SFDFOUMZ VOWFJMFE TXFFQJOH UBSJGGT PO BMM USBEJOH QBSUOFST B NPWF XJEFMZ TFFO BT VOQSFDFEFOUFE JO NPEFSO USBEF QPMJDZ "NPOH UIF XPSTU IJU BSF $IJOB XJUI B UBSJGG UIF &6 BU 7JFUOBN 4SJ -BOLB BOE .ZBONBS CPUI BU $BNCPEJB BU BOE -BPT BU "OXBS BMTP SFBGGJSNFE IJT CFMJFG JO "TFBO T FOEVSJOH SFTJMJFODF )F TBJE GPS BCPVU TJY EFDBEFT UIF CMPD IBT XFBUIFSFE XBST DSJTFT BOE DPVQT

"OXBS WJTJUJOH B CPPUI BU UIF ,VBMB -VNQVS $POWFOUJPO $FOUSF ZFTUFSEBZ o #&3/"."1*$

i5IF 5SVNQ UBSJGGT BSFO U UIF GJSTU UISFBU UP NVMUJMBUFSBMJTN BOE UIFZ XPO U CF UIF MBTU i#VU JG "TFBO TUBZT PQFO QSBHNBUJD BOE DPIFTJWF XF NBZ SFNBJO BNPOH UIF GFX XIP TUJMM CFMJFWF UIF XPSME XPSLT CFUUFS XIFO JU XPSLT UPHFUIFS u "OXBS PVUMJOFE .BMBZTJB T WJTJPO GPS "TFBO OBNFMZ B QSPTQFSPVT TVTUBJOBCMF BOE JODMVTJWF SFHJPO CBDLFE CZ QPMJUJDBM XJMM DBQJUBM SFTJMJFODF BOE TVC SFHJPOBM QSPHSFTT )F DJUFE UIF +PIPSm4JOHBQPSF 4QFDJBM &DPOPNJD ;POF BT B NFBOJOHGVM TUFQ OPU B TJMWFS CVMMFU TIPXJOH IPX DSPTT CPSEFS DPPQFSBUJPO DBO EFMJWFS UBOHJCMF HBJOT .BMBZTJB JT BMTP JOWFTUJOH JO JUT CPSEFS SFHJPOT XJUI 5IBJMBOE 4BCBI 4BSBXBL BOE ,BMJNBOUBO UP TQVS TIBSFE QSPTQFSJUZ i3FTJMJFODF BMTP NFBOT JOGSBTUSVDUVSF UIBU DBO XFBUIFS CPUI MJUFSBM BOE GJOBODJBM TUPSNT u )F BEEFE UIBU PO HSFFO HSPXUI JU JT OPX B TUSBUFHJD FDPOPNJD JNQFSBUJWF i$BSCPO DBQUVSF DJSDVMBS QSPEVDUJPO BOE MPX FNJTTJPO JOOPWBUJPO BSFO U GSJOHF UIFZ SF UIF GVUVSF u 5VSOJOH UP UIF EJHJUBM FDPOPNZ "OXBS XBSOFE PG HSPXJOH JOFRVBMJUZ i"TFBO T EJHJUBM USBOTGPSNBUJPO JT SFBM CVU VOFWFO 8JUIPVU DPSSFDUJWF JOWFTUNFOU "* NBZ XJEFO UIF EJWJEF u )F BMTP IJHIMJHIUFE UIF DIBMMFOHF GPS TNBMM CVTJOFTTFT NFFUJOH HMPCBM TVTUBJOBCJMJUZ TUBOEBSET QSPNQUJOH .BMBZTJB UP MBVODI UIF "TFBO 4JNQMJGJFE &4( %JTDMPTVSF (VJEF GPS 4.&T u i*O UIF FOE JU T UIFTF HSPVOEFE UBOHJCMF FGGPSUT UIBU XJMM EFUFSNJOF XIFUIFS "TFBO T WJTJPO CFDPNFT SFBMJUZ PS GBEFT JOUP B IJTUPSJDBM GPPUOPUF u

i#VU XIFO * UPPL PWFS * TBX GBS UPP NVDI EFQFOEFODF PO GPSFJHO BOE FYUFSOBM DPOTVMUBOUTw IF TBJE EVSJOH B EJOOFS FWFOU IPOPVSJOH UIF GPSNFS DIJFG TFDSFUBSZ UP UIF HPWFSONFOU ,4/ BOE UIF QVCMJD TFSWJDF SFNVOFSBUJPO TZTUFN 441" UFBN PO .POEBZ "T B SFTVMU "OXBS TBJE IF IBE SFDPNNFOEFE UP UIF ,4/ UIBU B SFWBNQ CF DBSSJFE PVU BOE UIBU ZPVOH DJWJM TFSWBOUT CF USBJOFE UP CVJME UIF OFDFTTBSZ FYQFSUJTF TLJMMT BOE DBQBCJMJUJFT UP NFFU OBUJPOBM OFFET )F FNQIBTJTFE UIBU UIF QFSGPSNBODF PG UIF DJWJM TFSWJDF NVTU CF SFTUPSFE CZ BTTJHOJOH JNQBDUGVM SFTQPOTJCJMJUJFT BOE QSPWJEJOH UBSHFUFE USBJOJOH i*O UJNFT TVDI BT UIFTF UIFSF T B UFNQUBUJPO UP SFUSFBU JOUP OPTUBMHJB PS GBUBMJTN UP CFMJFWF UIF HMPCBM PSEFS JT CFZPOE SFQBJS PS UIBU SFHJPOBM DPPQFSBUJPO JT UPP TMPX UP NBUUFS i:FU "TFBO IBT DPOUJOVFE UP JODI GPSXBSE PGUFO GSVTUSBUJOHMZ TP CVU GPSXBSE OPOFUIFMFTT u "T UBSJGG CBUUMFT SBHF "OXBS XBSOFE PG B GSBDUVSJOH HMPCBM PSEFS BEEJOH UIBU "TFBO NVTU JODSFBTJOHMZ SFMZ PO JUTFMG i5IJT NFBOT TUSFOHUIFOJOH JOUSB "TFBO USBEF 8F NVTU NPWF CFZPOE SIFUPSJD UP SFBM FYFDVUJPO i8IJMF UBSJGG MJCFSBMJTBUJPO XJUIJO UIF SFHJPO JT MBSHFMZ DPNQMFUF SFHVMBUPSZ BMJHONFOU DSPTT CPSEFS MPHJTUJDT BOE EJHJUBM DPOOFDUJWJUZ SFNBJO VOGJOJTIFE CVTJOFTT u )F OPUFE UIF JNQPSUBODF PG FYUFSOBM QBSUOFSTIJQT i0VS EJBMPHVF BOE TFDUPSBM QBSUOFST TQBO TJY DPOUJOFOUT m GFX SFHJPOBM CMPDT DBO NBUDI UIBU SFBDI i"T DIBJS UIJT ZFBS .BMBZTJB XJMM GPDVT PO SFWJUBMJTJOH TUSBUFHJD QMBUGPSNT TVDI "TFBO 1MVT 5ISFF UP CPMTUFS FDPOPNJD SFTJMJFODF u )F TBJE UIJT XFFL T "TFBO 'JOBODF 5SBDL XJMM TQPUMJHIU SFHJPOBM DPPQFSBUJPO DJUJOH UIF FYQBOTJPO PG EJHJUBM QBZNFOU DPOOFDUJWJUZ i.BMBZTJB *OEPOFTJB 4JOHBQPSF BOE 5IBJMBOE BSF BMSFBEZ MJOLFE -BUFS UPEBZ XF MM MBVODI UIF FYUFOTJPO UP $BNCPEJB XJUI UIF HPBM PG DPWFSJOH BMM "TFBO OBUJPOT i5IJT XJMM CPPTU USBEF BOE UPVSJTN XJUIJO UIF SFHJPO u )F VSHFE EFFQFS JOUFHSBUJPO UP IFMQ CVTJOFTTFT UBQ "TFBO T GVMM QPUFOUJBM BOE QSPQPTFE OVSUVSJOH SFHJPOBM DIBNQJPOT JO TFDUPST TVDI BT GJOBODF FOFSHZ IFBMUIDBSF UPVSJTN UFMFDPNNVOJDBUJPOT BOE MPHJTUJDT

©ä©´ ЉÌ䩀‰ ÛÌ¢‰ Ø¿ ‰¹Ìj€‰ º‰å ؉€¨º¿´¿¢©‰Ð 1653"+":" $JWJM TFSWBOUT NVTU FNCSBDF OFX UFDIOPMPHJFT UP SFEVDF SFMJBODF PO FYUFSOBM DPOTVMUBOUT FGGJDJFOUMZ XIJDI NFBOT UIBU XJUI QSPQFS FNQIBTJT BOE USBJOJOH DJWJM TFSWBOUT BSF DBQBCMF PG IBOEMJOH UIFTF SFTQPOTJCJMJUJFT i*U EPFT OPU IBWF UP CF GPSNBM MJLF B NBTUFS T PS 1I% "OZ FYQPTVSF PS TQFDJBMJTFE USBJOJOH QBSUJDVMBSMZ JO FNFSHJOH UFDIOPMPHJFT JT WBMVBCMFw IF BEEFE

5PVDIJOH PO UIF SFDFOU JNQMFNFOUBUJPO PG UIF 441" "OXBS DSFEJUFE JUT TVDDFTT UP UIF TQJSJU PG UFBNXPSL BOE DPMMFDUJWF DPNNJUNFOU UP OBUJPOBM SFGPSN i*U SFGMFDUT BO BNCJUJPO UP CSJOH DIBOHF 8F NVTU BDDFQU UIBU UIF DPVOUSZ DBOOPU SFBDI JUT GVMM QPUFOUJBM JG XF DPOUJOVF VTJOH PVUEBUFE NFUIPET i*G XF BSF TFSJPVT BCPVU TUSFOHUIFOJOH PVS OBUJPOBM DBQBDJUZ XF IBWF UP BDLOPXMFEHF UIBU PME BQQSPBDIFT BSF OP MPOHFS TVTUBJOBCMFw IF TBJE 5IF 441" XIJDI DBNF JOUP FGGFDU PO %FD SFQMBDFT UIF .BMBZTJBO 3FNVOFSBUJPO 4ZTUFN o #FSOBNB

˻ ͚ ˜ ͓͓͖͑

H̿ɉÌØç ‰¹jº Ę ÉÌ©€‰Ð ©º HÛØÌj '‰©¢¨ØÐ ‰æɉ€Ø‰ Ø¿ Ì¿É ÜËØÝËÍÞÓÙØ ËÍÞÓàÓÞã áÓÖÖ ÏâÚÏÜÓÏØÍÏ ÝÖÙáÎÙáØ ËÝ ÚÙÞÏØÞÓËÖ ÌßãÏÜÝ ÎÙ ×ÙÜÏ ÎßÏ ÎÓÖÓÑÏØÍÏ ËØÎ ËÝÝÏÝÝ ÜÓÝÕÝ˝ âÚÏÜÞ

’’‰€Ø‰ €©ä©´ ЉÌäjºØÐ j´´¿å‰ ĝ‰¹‰Ì¢‰º€çĞ ´‰jä‰ 1653"+":" $JWJM TFSWBOUT BGGFDUFE CZ UIF 1VUSB )FJHIUT CMB[F IBWF CFFO HSBOUFE QFSNJTTJPO UP CF BCTFOU GSPN XPSL VOEFS iHFOFSBM FNFSHFODZw SFBTPOT 5IJT JT JO BDDPSEBODF XJUI $MBVTF 43 PG UIF 4FSWJDF $JSDVMBS GPS )VNBO 3FTPVSDFT XIJDI BQQMJFT UP BGGFDUFE DJWJM TFSWBOUT 5IF EJSFDUJWF XBT JTTVFE CZ 1VCMJD 4FSWJDF %JSFDUPS (FOFSBM 5BO 4SJ 8BO "INBE %BIMBO "CEVM "[J[ WJB B DJSDVMBS EBUFE "QSJM XIJDI XBT TIBSFE PO UIF 1VCMJD 4FSWJDF %FQBSUNFOU T 'BDFCPPL QBHF i5IF HPWFSONFOU IBT BHSFFE UP HSBOU BO FYFNQUJPO UP UIF DPOEJUJPO QSPIJCJUJOH USBWFM UP UIF PGGJDF PS VTVBM QMBDF PG XPSL VOEFS UIF 3VMFT GPS (SBOUJOH 1FSNJTTJPO UP CF "CTFOU GSPN 8PSL GPS 3FBTPOT PG (FOFSBM &NFSHFODZw IF TBJE JO UIF DJSDVMBS 8BO "INBE %BIMBO TBJE UIF FYFNQUJPO XBT HSBOUFE VOEFS UXP DPOEJUJPOT o PGGJDFST BSF SFTJEFOUT PG UIF BGGFDUFE BSFBT BOE UIBU UIFZ EP OPU IBWF BDDFTT UP GBDJMJUJFT UIBU XPVME BMMPX UIFN UP XPSL GSPN IPNF PS BUUFOE UIF PGGJDF )F BEEFE UIBU UIF FYFNQUJPO XBT HSBOUFE TQFDJGJDBMMZ GPS UIF HBT QJQFMJOF GJSF SFQPSUFE #FSOBNB i5IF IFBE PG EFQBSUNFOU NBZ EFDJEF PO UIF BQQSPQSJBUF QFSJPE PG BCTFODF GSPN XPSL UBLJOH JOUP BDDPVOU UIF XFMGBSF PG PGGJDFST BOE UIF TNPPUI SVOOJOH PG TFSWJDFT w H‰ØÌ¿ºjÐ $jÐ ‰æ؉º Ð j© Ø¿ ̉Щ ‰ºØÐ ,6"-" -6.163 1FUSPOBT (BT #IE 1(# IBT BDUJWBUFE JUT DSJTJT BOE FNFSHFODZ SFTQPOTF UFBNT BOE TXJGUMZ NPCJMJTFE SFTPVSDFT JODMVEJOH WPMVOUFFST UP BTTJTU BOE TVQQPSU JOEJWJEVBMT BOE GBNJMJFT BGGFDUFE CZ UIF HBT QJQFMJOF GJSF JO 1VUSB )FJHIUT 1(# JO B TUBUFNFOU TBJE PWFS TUBGG IBWF WPMVOUFFSFE UP NBOBHF GPPE EJTUSJCVUJPO BU UIF SFMJFG DFOUSF XJUI UIF DPNQBOZ QSPWJEJOH BQQSPYJNBUFMZ GPPE QBDLT EBJMZ i7PMVOUFFST JODMVEFE 1(# FNQMPZFFT TPNF PG XIPN XFSF BNPOH UIF GJSTU UP BTTJTU UIF 4PDJBM 8FMGBSF %FQBSUNFOU 1SJPSJUJTJOH TBGFUZ BOE UIF XFMM CFJOH PG BGGFDUFE DPNNVOJUJFT 1(# IBT CFFO XPSLJOH DMPTFMZ XJUI EFTJHOBUFE IPTQJUBMT BOE UIF )FBMUI .JOJTUSZ UP GBDJMJUBUF NFEJDBM DBSF GPS WJDUJNT SFDFJWJOH FNFSHFODZ USFBUNFOU w 1(# TBJE JU BMTP DPMMBCPSBUFE XJUI 1SJIBUJO 4FMBOHPS UP IFMQ IPNFPXOFST XIP GBDF UPUBM PS QBSUJBM MPTT PG QSPQFSUZ XJUI NPOFUBSZ BJE 5P EBUF NPSF UIBO 3. IBWF CFFO EJTUSJCVUFE i&BDI IPVTFIPME XJMM SFDFJWF FJUIFS 3. PS 3. EFQFOEJOH PO UIF FYUFOU PG QSPQFSUZ MPTTw JU TBJE BEEJOH UIBU PUIFS 1FUSPOBT (SPVQ FOUJUJFT o 1FUSPOBT %BHBOHBO #IE BOE :BZBTBO 1FUSPOBT o IBWF BMTP DPOUSJCVUFE DBSF QBDLT DPOUBJOJOH FTTFOUJBM TVQQMJFT GPS EJTQMBDFE JOEJWJEVBMT BOE GBNJMJFT o #FSOBNB

i"T B SFTVMU QSPQFSUJFT NBZ TUBZ PO UIF NBSLFU GPS MPOHFS QFSJPET SFEVDJOH EFNBOE 8IJMF OFBSCZ BSFBT PVUTJEF UIF FYQMPTJPO [POF NBZ OPU FYQFSJFODF UIF TBNF MFWFM PG QSJDF ESPQ UIF PWFSBMM EFNBOE GPS IPNFT JO 1VUSB )FJHIUT BOE JUT TVSSPVOEJOHT DPVME TIJGUu IF TBJE BEEJOH UIBU UIF CVZFST NBZ SF FWBMVBUF TBGFUZ DPODFSOT BOE PQU GPS IPNFT JO MPDBUJPOT QFSDFJWFE BT MFTT BGGFDUFE CZ JOEVTUSJBM JOGSBTUSVDUVSF .VINNBE /BKJC TBJE B TIPSU UFSN QSJDF DPSSFDUJPO PG UP JT MJLFMZ JO UIF JNNFEJBUF WJDJOJUZ PG UIF QJQFMJOF FYQMPTJPO )PXFWFS IF TBJE MPOH UFSN SFDPWFSZ XJMM EFQFOE PO SFNFEJBUJPO FGGPSUT SFHVMBUPSZ BDUJPOT BOE UIF SFTUPSBUJPO PG CVZFS DPOGJEFODF i'JSF EBNBHF DBO MFBE UP UFNQPSBSZ QSPQFSUZ EFWBMVBUJPO PG UP XJUI SFDPWFSZ JOGMVFODFE CZ QVCMJD

UIF 6SCBO 3FOFXBM "DU JO +VOF XIJDI XJMM GPDVT PO GPVS LFZ BSFBT o VSCBO SFEFWFMPQNFOU SFHFOFSBUJPO SFWJUBMJTBUJPO BOE DPOTFSWBUJPO i0VS QSJPSJUZ JT B TUSVDUVSFE JODMVTJWF BQQSPBDI UP EFWFMPQNFOU HVJEFE CZ PVS AMFBWF OP POF CFIJOE QSJODJQMF w )F QPJOUFE PVU UIBU SFEFWFMPQNFOU QSPKFDUT CFOFGJU IPNFPXOFST BT UIFZ PGUFO SFDFJWF MBSHFS NPSF WBMVBCMF VOJUT UIBO UIF POFT UIFZ JOJUJBMMZ QVSDIBTFE i8F XBOU UP SFQMJDBUF UIJT TVDDFTT XJUI UIF 6SCBO 3FOFXBM "DU *O ,VBMB -VNQVS BMPOF XF WF JEFOUJGJFE VSCBO SFOFXBM TJUFT XJUI BO FTUJNBUFE HSPTT EFWFMPQNFOU WBMVF PG 3. CJMMJPO w 5IF 6SCBO 3FOFXBM "DU BJNT UP TUSFBNMJOF UIF SFEFWFMPQNFOU QSPDFTT QSPUFDU QSPQFSUZ PXOFST SJHIUT BOE CPPTU UIF MPDBM FDPOPNZ QFSDFQUJPO BOE NBSLFU TFOUJNFOU i*O BO JOEVTUSJBM GJSF JO 4VOHBJ #VMPI EBNBHFE XBSFIPVTFT BOE IPNFT "MUIPVHI EJSFDU EFWBMVBUJPO GJHVSFT XFSF OPU XJEFMZ SFDPSEFE DPODFSOT PWFS MPOH UFSN SJTLT MFE UP B UFNQPSBSZ EFDMJOF JO EFNBOE "T DMFBOVQ BOE SFDPWFSZ QSPHSFTTFE UIF JNQBDU PO QSPQFSUZ WBMVFT HSBEVBMMZ GBEFE u .VIBNNBE /BKJC TBJE UIF UJNFMJOF GPS SFTUPSJOH GJSF EBNBHFE IPNFT WBSJFT EFQFOEJOH PO UIF FYUFOU PG EFTUSVDUJPO 'PS NJOPS GJSFT BGGFDUJOH JOUFSJPST PS TVSGBDF IF TBJE GJOJTIFT NBZ SFRVJSF GPVS UP FJHIU XFFLT PG SFQBJST )PXFWFS IF TBJE JO DBTFT PG TFWFSF TUSVDUVSBM EBNBHF JODMVEJOH DPNQSPNJTFE XJSJOH BOE VUJMJUJFT TVDI BT JO UIF 1VUSB )FJHIUT CMB[F JU DPVME UBLF TJY NPOUIT UP PWFS B ZFBS GPS GVMM SFIBCJMJUBUJPO i3FDPWFSZ GSPN TFWFSF QSPQFSUZ EBNBHF PGUFO UBLFT NPOUIT PS FWFO ZFBST BT TFFO XPSMEXJEF 5IF 4BO #SVOP HBT FYQMPTJPO JO UIF 64 SFRVJSFE SFQBJST MBTUJOH TJY UP NPOUIT XIJMF UIF 4VOHBJ #VMPI JOEVTUSJBM GJSF UPPL TJY UP NPOUIT i4VDI JODJEFOUT SFGMFDU UIF DPNQMFYJUZ PG GJSF SFDPWFSZ XIJDI JOWPMWFT JOTQFDUJPOT BQQSPWBMT BOE JOTVSBODF QSPDFTTFT UIBU DBO TJHOJGJDBOUMZ EFMBZ SFDPOTUSVDUJPO u .VIBNNBE /BKJC BMTP TBJE SFOPWBUJPO DPTUT GPS IPNFT BGGFDUFE CZ UIF CMBTU XJMM WBSZ EFQFOEJOH PO UIF MFWFM PG EBNBHF BEEJOH UIBU NBKPS SFQBJST XPVME JODMVEF TUSVDUVSBM DIFDLT BOE SFQMBDFNFOU PG QMVNCJOH BOE FMFDUSJDBM TZTUFNT i5IF FTUJNBUFE DPTU SBOHFT GSPN 3. UP 3. CVU DPVME JODSFBTF CZ UP EVF UP JOGMBUJPO BOE SJTJOH NBUFSJBM DPTUT DBVTFE CZ HMPCBM UBSJGGT u )F BEEFE UIBU UIF JNQBDU PG 64 UBSJGGT PO FTTFOUJBM NBUFSJBMT TVDI BT TUFFM MVNCFS BOE DPOTUSVDUJPO FRVJQNFOU DPVME GVSUIFS JOGMBUF SFQBJS DPTUT )PXFWFS .VIBNNBE /BKJC BTTVSFE UIBU QSPQFSUZ WBMVFT DBO SFDPWFS BT DPOEJUJPOT TUBCJMJTF SFIBCJMJUBUJPO FGGPSUT UBLF QMBDF BOE QVCMJD QFSDFQUJPO JNQSPWFT

Ű OFXTEFTL!UIFTVOEBJMZ DPN

/BKJC 3B[BMJ UPME UIF4VO UIBU BGGFDUFE IPNFT DPVME TFF B QSJDF ESPQ PG VQ UP EVF UP TBGFUZ DPODFSOT MPOH UFSN SJTLT BOE CVZFS IFTJUBUJPO i*U GPMMPXT TJNJMBS DBTFT JO .BMBZTJB XIFSF JOEVTUSJBM EJTBTUFST BOE JOGSBTUSVDUVSF EJTSVQUJPOT IBWF XFBLFOFE CVZFS DPOGJEFODF BOE TMPXFE SFBM FTUBUF BDUJWJUZ i5SBOTBDUJPO BDUJWJUZ JO UIF BSFB JT MJLFMZ UP TMPX EPXO BT QPUFOUJBM CVZFST DPOEVDU NPSF EVF EJMJHFODF BOE BTTFTT UIF SJTLT PG QVSDIBTJOH IPNFT OFBSCZ

1&5"-*/( +":" 5IF HBT QJQFMJOF FYQMPTJPO JO 1VUSB )FJHIUT JT FYQFDUFE UP DBVTF B UFNQPSBSZ EFDMJOF JO QSPQFSUZ EFNBOE BOE QSJDFT QBSUJDVMBSMZ JO BSFBT DMPTFTU UP UIF EJTBTUFS TJUF TBJE BO FYQFSU 6OJWFSTJUJ 5FLOPMPHJ .BMBZTJB QSPQFSUZ FDPOPNJDT BOE GJOBODF BTTPDJBUF QSPGFTTPS %S .VIBNNBE

.VIBNNBE /BKJC TBJE GJSF EBNBHF DPVME MFBE UP UFNQPSBSZ QSPQFSUZ EFWBMVBUJPO PG UP XJUI SFDPWFSZ JOGMVFODFE CZ QVCMJD QFSDFQUJPO BOE NBSLFU TFOUJNFOU o "%". ".*3 )".;") 5)&46/

O¨¿ÌØj¢‰ ¿’ ´©€‰ºÐ‰ ’©Ì¹Ð Ø¿ ¹jºj¢‰ ÐØÌjØj Ѐ¨‰¹‰Ð

Ű OFXTEFTL!UIFTVOEBJMZ DPN

i$VSSFOUMZ QSPQFSUZ NBOBHFST GBMM VOEFS UIF 7BMVFST "QQSBJTFST &TUBUF "HFOUT BOE 1SPQFSUZ .BOBHFST "DU "DU i#Z JOUSPEVDJOH B OFX MBX TQFDJGJDBMMZ GPS QSPQFSUZ NBOBHFST XF BJN UP JNQSPWF UIF RVBMJUZ PG QSPQFSUZ NBOBHFNFOU TFSWJDFT JO .BMBZTJB FOTVSJOH UIBU NBJOUFOBODF GFFT BSF TQFOU QSPQFSMZ o PO UIJOHT TVDI BT MJGU NBJOUFOBODF GBDJMJUZ VQHSBEFT XBTUF DPMMFDUJPO BOE TFXBHF SFQBJST w )F BMTP BEESFTTFE UIF OFFE GPS VSCBO SFEFWFMPQNFOU TUSFTTJOH UIF JNQPSUBODF PG SFKVWFOBUJOH EFUFSJPSBUJOH PS VOEFSVTFE QSPQFSUJFT JO DJUJFT i8JUI MBOE CFDPNJOH TDBSDFS VSCBO SFEFWFMPQNFOU JT FTTFOUJBM 8F NVTU BWPJE UIF TJUVBUJPO JO XIJDI POF QBSU PG UIF DJUZ UISJWFT XIJMF UIF PUIFS SFNBJOT JO EFDMJOF w /HB TBJE UIF NJOJTUSZ BJNT UP UBCMF

i*U QPJOUT UP B NBKPS QSPCMFN o UIFSF BSFO U FOPVHI MJDFOTFE GJSNT UP BEFRVBUFMZ NBOBHF BMM UIF TUSBUB TDIFNFT XIJDI MFBET UP QPPS TFSWJDF RVBMJUZ GPS UIF +PJOU .BOBHFNFOU #PEZ NBOBHFNFOU DPNNJUUFFT i IF BEEFE /HB IJHIMJHIUFE UIBU UIF TIPSUBHF PG MJDFOTFE QSPGFTTJPOBMT IBE SFTVMUFE JO B SJTF JO VOMJDFOTFE QSPQFSUZ NBOBHFST i"T B SFTVMU NBOZ QSPQFSUZ PXOFST BOE UFOBOUT QBSUJDVMBSMZ JO TUSBUB TDIFNFT BSF GBDJOH DIBMMFOHFT i1SPQFSUZ WBMVFT IBWF ESPQQFE EVF UP UIF QPPS NBOBHFNFOU CZ VORVBMJGJFE QPPSMZ USBJOFE BOE EJTIPOFTU NBOBHFST i /HB TBJE IJT NJOJTUSZ JT JO EJTDVTTJPOT XJUI TUBLFIPMEFST UP DSFBUF B OFX CJMM UIBU XPVME SFHVMBUF QSPQFSUZ BOE CVJMEJOH NBOBHFNFOU NPSF FGGFDUJWFMZ

1&5"-*/( +":" 5IFSF JT B TJHOJGJDBOU HBQ CFUXFFO UIF OVNCFS PG MJDFOTFE QSPQFSUZ GJSNT BOE UIF DVSSFOU TUSBUB TDIFNFT JO UIF DPVOUSZ TBJE )PVTJOH BOE -PDBM (PWFSONFOU .JOJTUFS /HB ,PS .JOH )F TBJE UIF JTTVF DSFBUFE B SJQQMF FGGFDU FWJEFOU JO UIF XBZ TUSBUB TDIFNFT XFSF NBOBHFE BDSPTT UIF OBUJPO i"U QSFTFOU UIFSF BSF POMZ MJDFOTFE QSPQFSUZ NBOBHFNFOU GJSNT PWFSTFFJOH TUSBUB TDIFNFT PS NJMMJPO TUSBUB VOJUT JO .BMBZTJB i*O PUIFS XPSET FBDI GJSN JT SFTQPOTJCMF GPS NBOBHJOH TDIFNFT PS OFBSMZ VOJUTi IF TBJE JO IJT LFZOPUF BEESFTT BU UIF *OUFSOBUJPOBM 4USBUB 4ZNQPTJVN BU UIF . 8PSME )PUFM ZFTUFSEBZ

˻ ͚ ˜ ͓͓͖͑

ħب‰Ðۺ؉´‰¢Ìj¹ #>33>a >9 T 3 $K 8 ¹ K 8 ħ Malaysian Paper

8©º Ð‰Ø Ð¨©’Ø ¿º ‰jÌبËÛj²‰ ̉j ©º‰ÐÐ º‰‰ ‰

Oj’‰ jº ‰€¿ī’Ì©‰º ´ç Ø¿¿Ø¨ÉjÐ؉

+0)03 #")36 8IBU JG CSVTIJOH ZPVS UFFUI DPVME IFMQ TBWF UIF QMBOFU 5IBU JT UIF JEFB CFIJOE i"OBOB4IJOFw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i1JOFBQQMF JT SJDI JO CSPNFMBJO BO FO[ZNF UIBU IFMQT CSFBL EPXO QMBRVF BOE QSPUFJO SFTJEVF XIJMF CFJOH HFOUMF PO UPPUI FOBNFM *U T BMTP QBDLFE XJUI BOUJPYJEBOUT BOE NBMJD BDJE XIJDI OBUVSBMMZ CSJHIUFO UFFUIw 3PTOBOJ TBJE BEEJOH UIBU "OBOB4IJOF IBT B OBUVSBM QJOFBQQMF GMBWPVS JO BEEJUJPO UP TPSCJUPM BOE HMZDFSJOF XIJDI IFMQ LFFQ MJQT BOE UIF NPVUI IZESBUFE 5IF QSPEVDU XPO B TJMWFS NFEBM BU UIF *OEVTUSJBM "SUT BOE 5FDIOPMPHZ &YIJCJUJPO IFME BU UIF 1FSTBEB +PIPS *OUFSOBUJPOBM $POWFOUJPO $FOUSF MBTU 0DUPCFS 8JUI UIF CBDLJOH PG UIF .BMBZTJBO 1JOFBQQMF *OEVTUSZ #PBSE UIF 65. UFBN JT BMTP XPSLJOH UP CSJOH UIF QSPEVDU UP B XJEFS BVEJFODF BJNJOH UP QBSUOFS JOEVTUSZ MFBEFST UP JOUSPEVDF "OBOB4IJOF UP IFBMUI DPOTDJPVT DPOTVNFST OBUJPOXJEF o #FSOBNB H̉ī'¿ÐÉ©Øj´ j̉ ©´´ Ø¿ ‰ Øj´‰ 1653"+":" 5IF 1SF )PTQJUBM $BSF #JMM JT FYQFDUFE UP CF UBCMFE JO 1BSMJBNFOU FBSMZ OFYU ZFBS TBJE )FBMUI .JOJTUFS %BUVL 4FSJ %S %[VMLFGMZ "INBE )F TBJE UIF )FBMUI .JOJTUSZ JT ESBGUJOH UIF #JMM UIBU XPVME JODMVEF FMFNFOUT PG B i(PPE 4BNBSJUBO MBXw UP QSPUFDU JOEJWJEVBMT XIP BTTJTU JO FNFSHFODJFT GSPN MFHBM SFQFSDVTTJPOT i5IJT JT TPNFUIJOH * WF CFFO BEWPDBUJOH TJODF NZ GJSTU UFSN BOE XF BSF OPX MPPLJOH JOUP JU i5IF .FEJDBM %FWFMPQNFOU %JWJTJPO BOE UIF -FHBM "GGBJST %JWJTJPO BSF MPPLJOH BU IPX XF DBO BNQMJGZ BOE FODPVSBHF JOEJWJEVBMT XIP IBWF DFSUJGJFE TLJMMT UP DPOGJEFOUMZ TUFQ GPSXBSE BOE DBSSZ PVU MJGF TBWJOH JOUFSWFOUJPOT EVSJOH DSJUJDBM NPNFOUT w IF TBJE BGUFS B DFSFNPOZ UP QSFTFOU BVUPNBUFE FYUFSOBM EFGJCSJMMBUPST EPOBUFE CZ 4QFFENBSU 4EO #IE ZFTUFSEBZ )F TBJE UIF NBUUFS JT QBSU PG IJT DPNNJUNFOU UP .BMBZTJBOT BJNFE BU FODPVSBHJOH UIF QVCMJD UP BTTJTU JO FNFSHFODJFT XJUIPVU GFBS PG CFJOH TVFE PS GBDJOH MFHBM BDUJPO i5IJT JT B DPNNJUNFOU * XBOU BOE UIBU UIF NJOJTUSZ JT EFUFSNJOFE UP DBSSZ PVU w IF TBJE o #FSOBNB

Ű OFXTEFTL!UIFTVOEBJMZ DPN

âÚÏÜÞ ÝËãÝ ×ËØã ÒÓÑÒ̋ ÜÓÝÏ ÝÞÜßÍÞßÜÏÝ ÓØ ÍÙßØÞÜã ÏØÑÓØÏÏÜÏÎ ÞÙ ÜÏÝÓÝÞ áÓØÎ ÖÙËÎÝ ÌßÞ ØÙÞ ÞÜÏ×ÙÜÝ

NJDSP[POBUJPO NBQQJOH IPX MPDBM TPJM BGGFDUT TFJTNJD BDUJWJUZ TUVEJFT UP BTTFTT UIF JOGMVFODF PG TPJM PO FBSUIRVBLFT BOE VTF DPNQVUFS TJNVMBUJPOT UP JOEJDBUF IPX LFZ JOGSBTUSVDUVSF XPVME QFSGPSN EVSJOH EJGGFSFOU FBSUIRVBLF TDFOBSJPT i1SFQBSFEOFTT JT OPU KVTU B QPMJDZ CVU JU NVTU CFDPNF B DVMUVSF 8F OFFE UP USBJO FOHJOFFST BSDIJUFDUT BOE QMBOOFST JO TFJTNJD EFTJHO 3FBM UJNF NPOJUPSJOH UPPMT TVDI BT UIF .Z4IBLF BQQ UIBU EFUFDUT FBSUIRVBLFT BOE BMFSUT VTFST BOE SFHVMBS FBSUIRVBLF ESJMMT NVTU CF QSJPSJUJTFE u IF TBJE 8JUI DMJNBUF DIBOHF USJHHFSJOH NPSF FYUSFNF XFBUIFS BOE HFPMPHJDBM EJTUVSCBODFT IF TUSFTTFE UIBU VSHFOU BDUJPO JT OFFEFE i5IF .ZBONBS FBSUIRVBLF JT OP MPOHFS KVTU TPNFPOF FMTF T QSPCMFN *U T B QSFWJFX PG XIBU DPVME IBQQFO IFSF i8F NVTU OPU XBJU GPS CVJMEJOHT UP DPMMBQTF CFGPSF UBLJOH TUFQT 5IJOL PG GBNJMJFT JO IJHI SJTF BQBSUNFOUT DIJMESFO JO EFDBEFT PME TDIPPMT BOE XPSLFST DSPTTJOH CSJEHFT EBJMZ u IF TBJE i5IF DPTU PG EPJOH OPUIJOH NBZ DPTU MJWFT u "NPOH UIF NFBTVSFT QSPQPTFE CZ "[MBO BOE ,VBO BSF GVOEJOH GPS FBSUIRVBLF NJUJHBUJPO QSPHSBNNFT FOGPSDJOH TUSJDUFS CVJMEJOH DPEFT BOE JOWFTUJOH JO QVCMJD FEVDBUJPO BOE FBSMZ XBSOJOH TZTUFNT

1&5"-*/( +":" 5IF QPXFSGVM FBSUIRVBLF UIBU TUSVDL .ZBONBS MBTU NPOUI TFOEJOH USFNPST SJQQMJOH BDSPTT 4PVUIFBTU "TJB TFSWFT BT B SFNJOEFS PG .BMBZTJB T HSPXJOH WVMOFSBCJMJUZ UP OBUVSBM EJTBTUFST ESJWFO CZ DMJNBUF DIBOHF BOE TFJTNJD BDUJWJUZ 6OJWFSTJUJ 5FLOPMPHJ .BMBZTJB TUSVDUVSBM FBSUIRVBLF FOHJOFFSJOH FYQFSU 1SPG %S "[MBO "EOBO XBSOFE UIBU VOMFTT .BMBZTJB TUSFOHUIFOT UIF SFTJMJFODF PG JUT CVJMEJOHT BOE JOGSBTUSVDUVSF UIF OFYU USFNPS DMPTFS UP IPNF DPVME CF EFWBTUBUJOH i5IF RVBLF JO .ZBONBS QSPWFT UIBU EJTUBODF JT OP HVBSBOUFF PG TBGFUZ #BOHLPL UIBU JT PWFS LN GSPN UIF FQJDFOUSF TUJMM TVGGFSFE EBNBHF JODMVEJOH B DPMMBQTFE UPXFS i$JUJFT TVDI BT ,VBMB -VNQVS 1FOBOH BOE +PIPS BSF FWFO DMPTFS UP UIF 4VNBUSB 'BVMU ;POF BOE UIF 4VOEB 4VCEVDUJPO ;POF KVTU LN UP LN BXBZ u "[MBO BEEFE UIBU SFDFOU DMJNBUJD BOPNBMJFT TVDI BT SJTJOH TFB MFWFMT BSF QMBDJOH BEEJUJPOBM QSFTTVSF PO TFBCFE GBVMU MJOFT QPUFOUJBMMZ JODSFBTJOH TFJTNJD SJTLT JO UIF SFHJPO i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i5IF SFTVMUT PG UIF TUVEZ BMTP GPVOE UIBU UIF TUPOF CMPDL JT CFMJFWFE UP IBWF SPMMFE EPXO UIF TMPQF BOE DPMMJEFE XJUI BOPUIFS CMPDL JO UIF SPBETJEF EJUDI CFGPSF GBMMJOH POUP UIF SPBE i#BTFE PO UIF JNQBDU PG UIF CSPLFO TUPOF BOE UIF QPTJUJPO PG UIF WJDUJN JU JT TVTQFDUFE UIBU UIF WJDUJN DPMMJEFE XJUI B TUPOF UIBU IBE GBMMFO FBSMJFS )F XBT OPU DSVTIFE CZ SPDLT BT SFQPSUFE w IF TBJE JO B TUBUFNFOU

TIPVME BEPQU &VSPDPEF UIF &VSPQFBO TUBOEBSE GPS EFTJHOJOH FBSUIRVBLF SFTJTUBOU TUSVDUVSFT BOE SFUSPGJU FYJTUJOH CVJMEJOHT XJUI CBTF JTPMBUPST BOE FOFSHZ EBNQJOH TZTUFNT FTQFDJBMMZ BU MPDBUJPOT XJUI FBSUIRVBLF SJTLT TVDI BT #FOUPOH ,VBMB -VNQVS .JSJ ,PUB ,JOBCBMV 3FOBV ,VBMB -JQJT .BOKPOH BOE ,FOZJS UIBU IBWF FYQFSJFODFE USFNPST JO UIF QBTU u ,VBO BMTP FNQIBTJTFE UIF JNQPSUBODF PG QPTU FBSUIRVBLF TUSVDUVSBM BVEJUT VOEFS TFDUJPO " JO UIF 4USFFU %SBJOBHF BOE #VJMEJOH "DU UP BTTFTT BOE SFJOGPSDF WVMOFSBCMF TUSVDUVSFT BGUFS B EJTBTUFS TUSJLFT i.BMBZTJB T WBTU OFUXPSL PG GMZPWFST QFEFTUSJBO CSJEHFT BOE QVCMJD USBOTQPSU TZTUFNT JT BMTP BU SJTL 5IF 1FOBOH #SJEHF BOE ,VBMB -VNQVS T -35 BOE .35 MJOFT XFSF OPU CVJMU XJUI NBKPS TFJTNJD FWFOUT JO NJOE i'MFYJCMF KPJOUT TFJTNJD CFBSJOHT BOE SFJOGPSDFE DPMVNOT NVTU CFDPNF UIF OPSN FTQFDJBMMZ JO IJHI USBGGJD BSFBT u )F DBMMFE GPS OBUJPOXJEF

VOEFSBUFS GBVMU MJOFT SBJTJOH UIF MJLFMJIPPE PG FBSUIRVBLFT u )F BEEFE UIBU NBOZ CVJMEJOHT JO .BMBZTJB BMUIPVHI NPEFSO JO BQQFBSBODF BSF OPU EFTJHOFE UP XJUITUBOE TFJTNJD FWFOUT i.PTU IJHI SJTF CVJMEJOHT JO .BMBZTJB BSF FOHJOFFSFE UP SFTJTU XJOE MPBET OPU FBSUIRVBLFT 4PGU BMMVWJBM TPJMT BOE SFDMBJNFE MBOE JO BSFBT TVDI BT UIF ,MBOH 7BMMFZ BOE 1VUSBKBZB DPVME BNQMJGZ TFJTNJD XBWFT 5IJT DPVME UVSO B NJOPS USFNPS JOUP EFWBTUBUJOH HSPVOE NPUJPO i*G BO FBSUIRVBLF T WJCSBUJPOT NBUDI B CVJMEJOH T OBUVSBM SIZUIN B QIFOPNFOPO LOPXO BT SFTPOBODF FWFO TUSPOH CVJMEJOHT DPVME CF TFSJPVTMZ EBNBHFE u IF TBJE #VJMEJOH SFQBJS BOE SFDUJGJDBUJPO FYQFSU ,VBO :PV 8BJ FDIPFE "[MBO T DPODFSOT BOE DBMMFE PO UIF HPWFSONFOU UP TVCTJEJTF TFJTNJD SFUSPGJUUJOH QSPDFTT PG VQHSBEJOH CVJMEJOHT PG PMEFS CVJMEJOHT BOE FOGPSDF NPEFSO FBSUIRVBLF SFTJMJFOU CVJMEJOH DPEFT i8F OFFE UP NBLF TFJTNJD EFTJHO B TUBOEBSE OPU B MVYVSZ .BMBZTJB

H‰ºjº¢ Ì¿€²’j´´ ÐØÛ ç €¿¹É´‰Ø‰ (&03(& 508/ 3PUUFO BOE XFBL USFF SPPUT BOE TPGU TPJM EVF UP SBJO BSF CFMJFWFE UP CF BNPOH DBVTFT PG B SPDLGBMM BU +BMBO 1BZB 5FSVCPOH PO 'SJEBZ XIJDI SFTVMUFE JO UIF EFBUI PG B GPSFJHO NPUPSDZDMJTU XIP JT CFMJFWFE UP IBWF DPMMJEFE XJUI B N 9 N SPDL

4BGFUZ TIFFUT IBWF TJODF CFFO QMBDFE BU UIF TJUF UP QSFWFOU GVSUIFS TPJM NPWFNFOU o 1*$ '30. ;"*3*- ,)*3 +0)"3* '"$�, 1"(&

POUP UIF SPBE BT B TIPSU UFSN TPMVUJPO XIJMF B MPOH UFSN NJUJHBUJPO QMBO JT CFJOH SFGJOFE BU UIF EFQBSUNFOU MFWFM o #FSOBNB

BMPOH UIF SPBE *O BEEJUJPO TBGFUZ TIFFUT XFSF BMTP QMBDFE BU SJTL QSPOF TJUFT UP QSFWFOU SPDLT GSPN GBMMJOH EJSFDUMZ

;BJSJM TBJE BT B TBGFUZ NFBTVSF 1FOBOH 18% IBT JNQMFNFOUFE B USBGGJD NBOBHFNFOU QMBO JOWPMWJOH JOTUBMMBUJPO PG SPDLGBMM XBSOJOH TJHOT

˻ ͚ ˜ ͓͓͖͑

H¿´©€‰ ÉÌ¿‰ 8jÌj 0Ûº©¿Ì O€©‰º€‰ ¿´´‰¢‰ Û´´ç©º¢ €jЉ

*10) 5IF BCTFODF PG B WFOUJMBUJPO TZTUFN IBT CFFO JEFOUJGJFE BT POF PG UIF DBVTFT CFIJOE UIF EFBUIT PG UISFF JOEJWJEVBMT EVSJOH B DMFBOJOH PQFSBUJPO JO B TFXFS TIBGU BU B SFTPSU DPOTUSVDUJPO TJUF JO -FOHHPOH PO "QSJM UIF 1FSBL %FQBSUNFOU PG 0DDVQBUJPOBM 4BGFUZ BOE )FBMUI SFWFBMFE ZFTUFSEBZ *O B TUBUFNFOU JU TBJE JOWFTUJHBUJPOT BU UIF TJUF GPVOE UIBU OP SFDPSET PG TBGF XPSL QSPDFEVSFT GPS DPOGJOFE TQBDF FOUSZ IBE CFFO QSPWJEFE UP UIF XPSLFST JO CSFBDI PG UIF *OEVTUSZ $PEF PG 1SBDUJDF GPS 4BGF 8PSLJOH JO B $POGJOFE 4QBDF i5IF SFTPSU DPOTUSVDUJPO TJUF IBT ZFU UP TVCNJU UIF NBOEBUPSZ DPOTUSVDUJPO QSPKFDU OPUJGJDBUJPO UP UIF EFQBSUNFOU w UIF TUBUFNFOU SFBE 5IF EFQBSUNFOU T QSFMJNJOBSZ GJOEJOHT JOEJDBUF UIBU UXP PG UIF EFDFBTFE XFSF EBJMZ XBHF XPSLFST UBTLFE XJUI HFOFSBM EVUJFT JODMVEJOH #¿Ì‰©¢º‰Ì ̉ɿÌ؉ ¹©ÐЩº¢ ¿º ¿ÛØ©º¢ ’¿Ûº ̿庉 .&34*/( "O *OEJBO OBUJPOBM PO BO PVUJOH BU 1VMBV .BXBS XJUI UXP PUIFST XIP XBT FBSMJFS SFQPSUFE NJTTJOH XBT GPVOE ESPXOFE PO .POEBZ &OEBV 'JSF BOE 3FTDVF 4UBUJPO DIJFG "TTJTUBOU 4VQFSJOUFOEFOU .PIE "MJBT )VTTJO TBJE UIF WJDUJN /BSBZBOBO 3BWJ XBT GPVOE BCPVU N GSPN 1VMBV .BXBS B NJOVUF ESJWF GSPN .FSTJOH UPXO )F JT CFMJFWFE UP IBWF HPOF NJTTJOH BU BCPVU QN i5IF WJDUJN XBT GPVOE CZ UIF PQFSBUJPOT SFDPWFSZ UFBN XIP UIFO VTFE B SPQF UP QVMM UIF CPEZ BTIPSFw IF TBJE JO B TUBUFNFOU &BSMJFS SFQPSUT TUBUFE UIBU B ZFBS PME 4JOHBQPSFBO NBO :PHBSBK 7FFSBO XBT GPVOE GMPBUJOH VODPOTDJPVT OFBS UIF CFBDI BOE CSPVHIU BTIPSF CZ NFNCFST PG UIF QVCMJD XIJMF B MPDBM NBO , "OQBOBOUIBO NBOBHFE UP TBWF IJNTFMG .PIE "MJBT TBJE UIF GJSF EFQBSUNFOU SFDFJWFE JOGPSNBUJPO BCPVU UIF JODJEFOU BU QN CFGPSF EFQMPZJOH TFWFO QFSTPOOFM UP UIF TDFOF i5IF CPEJFT PG UIF UXP WJDUJNT XIP XFSF GSPN +PIPS #BISV IBWF CFFO IBOEFE PWFS UP UIF QPMJDF GPS GVSUIFS BDUJPOw IF BEEFE *O B TFQBSBUF JODJEFOU JO 4FSFNCBO B .ZBONBS OBUJPOBM XBT GPVOE ESPXOFE BMPOH UIF CBOLT PG UIF ,BNQVOH 4FHB )JMJS 3JWFS JO -PNCPOH 3BOUBV PO .POEBZ FWFOJOH LN GSPN XIFSF IF XBT SFQPSUFE UP IBWF GBMMFO XIJMF GJTIJOH PO 4VOEBZ 4FSFNCBO QPMJDF DIJFG "$1 .PIBNBE )BUUB $IF %JO TBJE UIF CPEZ PG UIF ZFBS PME WJDUJN XBT SFDPWFSFE BU QN 5IF TFBSDI IBE UBLFO PWFS IPVST EVF UP SBJO UIBU DBVTFE UIF SJWFS UP TXFMM 5IF CPEZ IBT CFFO TFOU UP 3FNCBV )PTQJUBM GPS GVSUIFS BDUJPO )F TBJE QPMJDF QFSTPOOFM BMPOH XJUI NFNCFST PG UIF 'JSF BOE 3FTDVF %FQBSUNFOU BOE 4ZBSJLBU "JS /FHFSJ 4FNCJMBO XFSF JOWPMWFE JO UIF TFBSDI BOE SFDPWFSZ PQFSBUJPO 5IF WJDUJN XBT SFQPSUFEMZ GJTIJOH OFBS UIF 4VOHBJ -JOHHJ 8BUFS 5SFBUNFOU 1MBOU XJUI IJT ZPVOHFS CSPUIFS BOE UXP GSJFOET XIFO UIF JODJEFOU PDDVSSFE o #FSOBNB

i*U XBT SFDPNNFOEFE UIBU BMM PG UIFN CF FYQFMMFE GSPN .+4$ i/P NBUUFS XIPTF DIJMESFO UIFZ BSF m XIFUIFS UIF DIJMESFO PG B 5BO 4SJ B %BUVL PS PUIFS JOGMVFOUJBM JOEJWJEVBMT m JG UIFZ XFSF JOWPMWFE JO CVMMZJOH GJSN BOE TUFSO BDUJPO XJMM CF UBLFO i/P OFFE UP GJOE B XBZ UP UBML NF PVU PG JU .Z PGGJDF XJMM OFWFS FOUFSUBJO TVDI CVMMJFTu IF TBJE "TZSBG BEEFE UIBU IF EJE OPU TVQQPSU HJWJOH UIF TUVEFOUT B TFDPOE DIBODF OPUJOH UIBU TJODF IJT BQQPJOUNFOU BT .BSB DIBJSNBO IF IBE NBEF DMFBS IJT QSJODJQMF PG :PV5PVDI:PV(P GPS CVMMJFT BOE IJT GJSN TUBODF BHBJOTU BOZ DVMUVSF PG CVMMZJOH BU .BSB JOTUJUVUJPOT JODMVEJOH .+4$ 9©º‰ ¨‰´ ¿ä‰Ì Ì©¿Ø©º¢ å©Ø¨ ‰j ´ç å‰jÉ¿ºÐ *10) 1PMJDF IBWF BSSFTUFE OJOF MPDBM NFO JO DPOOFDUJPO XJUI BO BSNFE SJPUJOH JODJEFOU UIBU UPPL QMBDF JO +FMBQBOH OFBS .FSV 3BZB PO 4VOEBZ *QPI QPMJDF DIJFG "$1 "CBOH ;BJOBM "CJEJO "CBOH "INBE TBJE UIF TVTQFDUT BHFE CFUXFFO BOE XFSF EFUBJOFE BU TFQBSBUF MPDBUJPOT GSPN BN PO .POEBZ GPMMPXJOH B SFQPSU MPEHFE CZ B ZFBS PME NBO XIP DMBJNFE IF IBE CFFO BUUBDLFE CZ B HSPVQ PG BSNFE JOEJWJEVBMT %VSJOH UIF BSSFTUT QPMJDF BMTP TFJ[FE B DBS BOE B HPMG DMVC i5IF NPUJWF BQQFBST UP CF B EJTQVUF JOWPMWJOH B NPUPSDZDMF TFJ[FE EVSJOH JMMFHBM SBDJOH 4JY WJDUJNT TVTUBJOFE JOKVSJFT BOE SFDFJWFE PVUQBUJFOU USFBUNFOU 5IF XFBQPOT VTFE JODMVEFE B CBTFCBMM CBU NBDIFUF TBNVSBJ TXPSE IFMNFU BOE MPOH LOJGFw IF TBJE JO B TUBUFNFOU 5XP PG UIF TVTQFDUT IBWF QSJPS DSJNJOBM BOE ESVH SFMBUFE SFDPSET XIJMF GPVS UFTUFE QPTJUJWF GPS ESVHT IF BEEFE o #FSOBNB TVDI BT TPVOE TZTUFNT BOE SBEJPT UIBU SFRVJSF IJHIFS QPXFS *G UIFZ MBUFS USZ UP DMBJN EBNBHFT GSPN UIF NBOVGBDUVSFS JU XPO U CF FOUFSUBJOFE CFDBVTF NPEJGJDBUJPOT IBWF CFFO NBEF w IF TBJE +BNSJ XBT TQFBLJOH BGUFS BUUFOEJOH UIF 4BSBXBL +#1. )BSJ 3BZB HBUIFSJOH BU UIF 4VOHBJ .FSBI 'JSF BOE 3FTDVF 4UBUJPO PO .POEBZ OJHIU )F SFNJOEFE DBS PXOFST JO 4BSBXBL OPU UP NBLF FMFDUSJDBM NPEJGJDBUJPOT UIBU DPVME MFBE UP EBOHFSPVT XJSJOH PWFSMPBET BOE JODSFBTF UIF SJTL PG GJSF i*U T CFTU UP NBJOUBJO UIF WFIJDMF BT JU XBT XIFO JU MFGU UIF GBDUPSZ GPS UIF PXOFST TBGFUZw IF BEEFE o #FSOBNB

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

ÒËÓÜ×ËØ àÙáÝ äÏÜÙ ÞÙÖÏÜËØÍÏ ÜÏÑËÜÎÖÏÝÝ ÙÐ ÌËÍÕÑÜÙßØÎ ÙÐ ÝÞßÎÏØÞÝ ÓØàÙÖàÏΘ áÓÞÒ ÝÏàÏØ ÐËÍÓØÑ ÏâÚßÖÝÓÙØ

/*#0/( 5&#"- 1PMJDF IBWF PQFOFE BO JOWFTUJHBUJPO QBQFS JOUP B CVMMZJOH JODJEFOU JOWPMWJOH B HSPVQ PG TUVEFOUT GSPN .BSB +VOJPS 4DJFODF $PMMFHF .+4$ JO 4PVUI 4FCFSBOH 1FSBJ %JTUSJDU QPMJDF DIJFG 4VQU +BZ +BOVBSZ 4JPXPV TBJE QPMJDF UPPL JNNFEJBUF BDUJPO BGUFS B WJEFP PG UIF JODJEFOU XBT XJEFMZ TIBSFE PO TPDJBM NFEJB JEFOUJGZJOH UIF JOTUJUVUJPO BOE BMM JOEJWJEVBMT JOWPMWFE

)F BEEFE UIBU BMM PG UIFN IBE UIFJS TUBUFNFOUT SFDPSEFE VOEFS 4FDUJPO PG UIF 1FOBM $PEF GPS WPMVOUBSJMZ DBVTJOH IVSU i*OWFTUJHBUJPOT BSF CFJOH DPOEVDUFE IPMJTUJDBMMZ UBLJOH JOUP BDDPVOU BMM BTQFDUT 5IF DBTF XJMM CF SFGFSSFE UP UIF EFQVUZ QVCMJD QSPTFDVUPS T PGGJDF GPS GVSUIFS BDUJPO PODF JOWFTUJHBUJPOT BSF DPNQMFUFEu IF TBJE JO B TUBUFNFOU 0O .POEBZ QPMJDF EFUFDUFE B

" TDSFFOHSBC PG UIF JODJEFOU UIBU XBT XJEFMZ TIBSFE PO TPDJBM NFEJB MFBEJOH QPMJDF UP JEFOUJGZ BMM JOEJWJEVBMT JOWPMWFE

ĝ3j€² ¿’ 䉺ة´jØ©¿º ÐçÐ؉¹ ´‰ Ø¿ ‰jبÐĞ

#©Ì‰ ̩вР´©º²‰ Ø¿ ‰æ€‰ÐÐ©ä‰ €jÌ ÛÉ¢Ìj ‰ÐĘ ¹¿ ©’©€jØ©¿ºÐ 4*#6 5IF 4BSBXBL 'JSF BOE 3FTDVF %FQBSUNFOU IBT

5IJT JODMVEFT JEFOUJGZJOH IB[BSET DBSSZJOH PVU SJTL BTTFTTNFOUT BOE JNQMFNFOUJOH FGGFDUJWF DPOUSPM NFBTVSFT CFGPSF BOZ XPSL CFHJOT 5IF EFQBSUNFOU TBJE MFHBM BDUJPO XPVME CF UBLFO BHBJOTU UIPTF GPVOE WJPMBUJOH UIF 0DDVQBUJPOBM 4BGFUZ BOE )FBMUI "DU "O JNNFEJBUF TUPQ XPSL OPUJDF IBT CFFO JTTVFE GPS BMM BDUJWJUJFT BU UIF TFXFS NBOIPMF XIJMF UIF BGGFDUFE XPSL BSFB IBT CFFO TFBMFE QFOEJOH GVSUIFS JOWFTUJHBUJPO 5IF EFQBSUNFOU BEEFE UIBU JU XJMM DPOUJOVF JUT JOWFTUJHBUJPO CZ DPMMFDUJOH SFMFWBOU EPDVNFOUT BOE SFDPSEJOH XJUOFTT TUBUFNFOUT i" EJSFDUJWF IBT BMTP CFFO JTTVFE UP FOTVSF QSPQFS TBGF XPSL QSPDFEVSFT BOE SJTL BTTFTTNFOUT BSF DBSSJFE PVU BU UIF TFXFS NBOIPMF TJUF 5IJT JODMVEFT BQQPJOUJOH RVBMJGJFE QFSTPOOFM TVDI BT BVUIPSJTFE HBT UFTUFST w JU TBJE o #FSOBNB

TFXFS TZTUFN DPOTUSVDUJPO XIJMF UIF UIJSE WJDUJN XBT B NFNCFS PG UIF QVCMJD $PODSFUF XPSL PO UIF TFXFS NBOIPMF o NFBTVSJOH N JO MFOHUI N JO XJEUI BOE N JO EFQUI o XBT DPNQMFUFE BCPVU UXP XFFLT FBSMJFS 'PMMPXJOH UIJT UIF NBOIPMF XBT TFBMFE i0O "QSJM BU BCPVU BN UIF GJSTU WJDUJN PQFOFE UIF NBOIPMF BOE FOUFSFE UIF TFXFS TIBGU XIFSF IF MPTU DPOTDJPVTOFTT i5IF TFDPOE WJDUJN XFOU EPXO UIF TIBGU UP BTTJTU IJT DPMMFBHVF CVU BMTP MPTU DPOTDJPVTOFTT 5IF UIJSE JOEJWJEVBM DPMMBQTFE XIJMF BUUFNQUJOH UP IFMQ 5IF GJSTU BOE TFDPOE WJDUJNT XFSF QSPOPVODFE EFBE BU UIF TDFOF BOE UIF UIJSE EJFE BU UIF -FOHHPOH )FBMUI $MJOJDw UIF TUBUFNFOU BEEFE 5IF EFQBSUNFOU TUSFTTFE UIBU JU UBLFT JODJEFOUT JOWPMWJOH CPUI XPSLFST BOE UIF QVCMJD TFSJPVTMZ OPUJOH UIBU FNQMPZFST BSF GVMMZ SFTQPOTJCMF GPS XPSLQMBDF TBGFUZ

DBVUJPOFE DBS PXOFST BHBJOTU VQHSBEJOH UIFJS WFIJDMFT XJUI FMFDUSPOJD HBEHFUT XBSOJOH UIBU NPTU WFIJDMF GJSFT BSF DBVTFE CZ PWFSMPBEFE FMFDUSJDBM XJSJOH TZTUFNT SFTVMUJOH GSPN TVDI NPEJGJDBUJPOT *UT EJSFDUPS +BNSJ .BTSBO TBJE PWFSMPBEJOH UIF XJSJOH TZTUFN DBO DBVTF UFNQFSBUVSFT UP SJTF SBQJEMZ BOE TQSFBE USJHHFSJOH B GJSF i#BTFE PO PVS TUBUJTUJDT BOE GJOEJOHT XIFO B DBS DBUDIFT GJSF JU T VTVBMMZ EVF UP FMFDUSJDBM JTTVFT 3BSFMZ JT UIF FOHJOF UIF DBVTF *G JU JT JU T VTVBMMZ EVF UP BO PJM MFBL i0XOFST UFOE UP NPEJGZ UIFJS WFIJDMFT CZ BEEJOH BDDFTTPSJFT

˻ ͚ ˜ ͓͓͖͑

OÛÐØj©ºj´‰ ÐÉ©º ¿º ØÌj ©Ø©¿º

'j̹¿º©Ð©º¢ j±Û 8‰´jçÛ å©Ø¨ €¨jÉÉj´Ę ’¿Ì¹j´ Ш¿‰Ð

ØÞÜÏÚÜÏØÏßÜ ÑÙÏÝ ÐÜÙ× ÜÓàÏÜ ÍÙØÝÏÜàËÞÓÙØ ÏÐÐÙÜÞÝ

ÞÙ ÜÏÍãÍÖÓØÑ ÙÖÎ ËØÎ ÎË×ËÑÏÎ ÝÙØÑÕÙÕ

,6"-" -6.163 8FBSJOH GPPUXFBS UIBU DPNQMFNFOUT USBEJUJPOBM BUUJSF JT OPU KVTU B NBUUFS PG TUZMF CVU BMTP B SFGMFDUJPO PG SFTQFDU GPS DVMUVSBM IFSJUBHF 8IFO XFBSJOH CBKV .FMBZV PS CBKV LVSVOH TFMFDUJOH UIF SJHIU GPPUXFBS FOIBODFT POF T BQQFBSBODF 'BTIJPO EFTJHOFS )BUUB %PMNBU TBJE NFO XFBSJOH CBKV .FMBZV TIPVME PQU GPS DIBQQBM PS GPSNBM TIPFT BT UIJT XPVME IBSNPOJTF XJUI UIF USBEJUJPOBM FMFNFOUT PG UIF PVUGJU )F BEEFE UIBU UIF DIBQQBM USBEJUJPOBMMZ XPSO XJUI .BMBZ BUUJSF GPS HFOFSBUJPOT SFNBJOT SFMFWBOU JO NPEFSO GBTIJPO BOE DPOUJOVFT UP CF UIF QSFGFSSFE DIPJDF GPS UIPTF XIP XJTI UP QSFTFSWF UIF BVUIFOUJDJUZ PG .BMBZ DMPUIJOH i $IBQQBM JT OPU PSEJOBSZ GPPUXFBS JU TZNCPMJTFT PVS IFSJUBHF BOE DVMUVSBM JEFOUJUZ 8IFO POF XFBST JU XJUI CBKV .FMBZV JU TIPXT SFTQFDU GPS USBEJUJPO w )PXFWFS IF TBJE XJUI DIBOHJOH UJNFT HPPE RVBMJUZ NPEFSO TBOEBMT DBO BMTP CF BO BMUFSOBUJWF )BUUB TBJE GPS XPNFO UIFSF JT B XJEFS WBSJFUZ PG GPPUXFBS DIPJDFT JODMVEJOH MPX IFFMFE TIPFT PS GPSNBM TBOEBMT XIJDI HPFT XFMM XJUI CBKV LVSVOH )PXFWFS XFBSJOH TMJQQFST FTQFDJBMMZ +BQBOFTF TUZMF GMJQ GMPQT DBO EJNJOJTI UIF FMFHBODF PG UIF PWFSBMM MPPL i5P MPPL OFBU JU JT CFTU UP BWPJE PWFSMZ DBTVBM TMJQQFST w (PWFSONFOU FNQMPZFF .VUUBRJFO "INBE CFMJFWFT UIBU UIF DIPJDF PG GPPUXFBS TIPVME BMJHO XJUI XIBU POF JT XFBSJOH GPS UIF )BSJ 3BZB DFMFCSBUJPOT i"MUIPVHI TOFBLFST BSF CFDPNJOH NPSF BDDFQUFE * TUJMM CFMJFWF UIBU GPSNBM TIPFT PS MPBGFST BSF B CFUUFS NBUDI GPS USBEJUJPOBM BUUJSF w 5FMFWJTJPO QFSTPOBMJUZ %BZBI #BLBS TBJE XIJMF TMJQQFST NBZ OPU CF TVJUBCMF GPS GPSNBM FWFOUT UIFZ SFNBJO UIF QSFGFSSFE DIPJDF GPS QFPQMF TFFLJOH QSBDUJDBMJUZ JO DFSUBJO TFUUJOHT i* QFSTPOBMMZ QSFGFS XFBSJOH DMPTFE UPFE TIPFT XIFO BUUFOEJOH PGGJDJBM PQFO IPVTFT 'PS NPSF SFMBYFE PDDBTJPOT TVDI BT HBUIFSJOHT XJUI GBNJMJFT BOE SFMBUJWFT * UIJOL TUZMJTI BOE IJHI RVBMJUZ TMJQQFST BSF B HPPE BMUFSOBUJWF w o #FSOBNB

4)") "-". %SJWFO CZ B QBTTJPO GPS UIF FOWJSPONFOU BOE B DPNNJUNFOU UP QSFTFSWF IFSJUBHF BO FOUSFQSFOFVS GSPN 4BCBL #FSOBN JO 4FMBOHPS TUBSUFE B SFDZDMJOH DBNQBJHO GPS PME PS EBNBHFE TPOHLPL .PIE )BG[BO 4BSEJ GPVOEFS PG 4POHLPL .BMBZB B CSBOE XIJDI TQFDJBMJTFT JO QSFNJVN BOE USBEJUJPOBM TPOHLPL NBLJOH TBJE UIF DBNQBJHO SFDFJWFE PWFSXIFMNJOH SFTQPOTF JO KVTU UXP NPOUIT BGUFS JU XBT MBVODIFE JO 0DUPCFS MBTU ZFBS i* XBT JOTQJSFE UP TUBSU UIF DBNQBJHO EVF UP NZ XPSL BT BO FOHJOFFS NBOBHJOH XBUFS SFTPVSDFT QBSUJDVMBSMZ JO SJWFS DPOTFSWBUJPO JO 4FMBOHPS XIJDI UBVHIU NF UP PQUJNJTF SFTPVSDFT i'PS FYBNQMF DBSECPBSE PS OFXTQBQFST VTFE BT UIF CBTF NBUFSJBMT JO TPOHLPL BSF OPU EJTDBSEFE *OTUFBE XF UVSO UIFN JOUP DPNQPTU PS DPMMFDU UIFN XJUI PUIFS FYDFTT NBUFSJBMT CFGPSF TFOEJOH UIFN UP SFDZDMJOH DFOUSFT u )F BEEFE UIBU UIF JOJUJBUJWF QSPNPUFE PO 4POHLPL .BMBZB T PGGJDJBM TPDJBM NFEJB MFE UP UIF DPMMFDUJPO PG OFBSMZ PME BOE EBNBHFE TPOHLPL $VTUPNFST XIP FYDIBOHFE UIFJS PME TPOHLPL BMTP SFDFJWFE EJTDPVOUT PO OFX POFT i5IF NBSLFU QSJDF GPS PVS QSFNJVN USBEJUJPOBM TPOHLPL XIJDI JT NBEF FOUJSFMZ PG GBCSJD SBOHFT CFUXFFO 3. BOE 3. EFQFOEJOH PO UIF TJ[F 'PS DIJMESFO UIF QSJDF JT 3. i8IFO DVTUPNFST FYDIBOHF UIFJS PME XPSO PVU PS EBNBHFE TPOHLPL XJUI PVST XF PGGFS B QSJDF BT MPX BT 3. XIJMF DIJMESFO T TPOHLPL BSF 3. FBDI 5IF QSJDF WBSJFT CBTFE PO UIF UZQF BOE EFTJHO DIPTFOu IF TBJE BEEJOH UIBU B TFDPOE SPVOE PG UIF DBNQBJHO XPVME TUBSU JO /PWFNCFS i8F XBOU UP SVO UIF DBNQBJHO DPOUJOVPVTMZ CFDBVTF PG UIF TUSPOH QVCMJD TVQQPSU )PXFWFS XF GBDF DIBMMFOHFT FTQFDJBMMZ JO UFSNT PG NBOQPXFS 8F POMZ IBWF GJWF FNQMPZFFT JODMVEJOH UXP UBJMPST BOE PVS GPDVT JT PO TFMMJOH TPOHLPL u 3FGMFDUJOH PO IJT CVTJOFTT KPVSOFZ .PIE

.PIE )BG[BO TBJE DBSECPBSE PS OFXTQBQFST BOE PUIFS FYDFTT NBUFSJBMT VTFE JO NBLJOH TPOHLPL BSF OPU EJTDBSEFE CVU TFOU UP SFDZDMJOH DFOUSFT o #&3/"."1*$

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

)BG[BO TBJE IJT QBSUJDJQBUJPO JO JOOPWBUJPO DPNQFUJUJPOT XIJMF XPSLJOH BU -FNCBHB 6SVT "JS 4FMBOHPS B TUBUF SVO XBUFS NBOBHFNFOU BHFODZ GSPN UP JOTQJSFE IJN UP EFWFMPQ EVSBCMF BOE XBTIBCMF TPOHLPL i5SBEJUJPOBMMZ TPOHLPL JT NBEF GSPN DBSECPBSE PS OFXTQBQFS XIJDI DBO FBTJMZ CF EBNBHFE XIFO XBTIFE )PXFWFS UISPVHI DPOUJOVPVT SFTFBSDI GSPN UP XF SFQMBDFE UIFTF NBUFSJBMT XJUI NPSF GMFYJCMF IJHI RVBMJUZ GBCSJD NBLJOH PVS TPOHLPL NBDIJOF XBTIBCMF XJUIPVU MPTJOH UIF TIBQF i * CFHBO TFMMJOH PO B TNBMM TDBMF BOE JO * KPJOFE UIF #VNJQVUFSB &OUSFQSFOFVST 4UBSUVQ 4DIFNF VOEFS UIF #VNJQVUFSB "HFOEB 4UFFSJOH 6OJU * XBT GPSUVOBUF UP SFDFJWF B 3. HSBOU XIJDI CFDBNF B UVSOJOH QPJOU JO FYQBOEJOH NZ CVTJOFTT u 4POHLPL .BMBZB QSPEVDFT TFWFSBM LFZ QSPEVDUT JODMVEJOH UIF USBEJUJPOBM TPOHLPL

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

˻ ͚ ˜ ͓͓͖͑

H¨©´©ÉÉ©º‰ ä¿´€jº¿ ‰ÌÛÉØ©¿º jØØÌ©Û؉ Ø¿ ¢jÐ É̉ÐÐÛ̉

(-0#"- 5&.1&3"563&4 "5 3&$03% )*() 1"3*4 (MPCBM UFNQFSBUVSFT IPWFSFE BU IJTUPSJD IJHIT JO .BSDI QSPMPOHJOH BO FYUSBPSEJOBSZ IFBU TUSFBL UIBU IBT UFTUFE TDJFOUJGJD FYQFDUBUJPOT &VSPQF T $PQFSOJDVT DMJNBUF NPOJUPS TBJE ZFTUFSEBZ *U TBJE MBTU NPOUI XBT UIF TFDPOE IPUUFTU .BSDI JO JUT EBUBTFU TVTUBJOJOH SFDPSE PS OFBS SFDPSE CSFBLJOH UFNQFSBUVSFT UIBU IBWF QFSTJTUFE HMPCBMMZ TJODF +VMZ *U BEEFE UIBU &VSPQF FYQFSJFODFE JUT IPUUFTU .BSDI FWFS SFDPSEFE CZ B TJHOJGJDBOU NBSHJO ESJWJOH FYUSFNF DPOEJUJPOT BDSPTT B DPOUJOFOU XBSNJOH GBTUFS UIBO BOZ PUIFS 5IF NPOUI TBX iDPOUSBTUJOH SBJOGBMM FYUSFNFT BDSPTT &VSPQF XJUI NBOZ BSFBT FYQFSJFODJOH UIFJS ESJFTU .BSDI PO SFDPSE BOE PUIFST UIFJS XFUUFTUw GPS BCPVU IBMG B DFOUVSZ TBJE 4BNBOUIB #VSHFTT PG UIF &VSPQFBO $FOUSF GPS .FEJVN 3BOHF 8FBUIFS 'PSFDBTUT o "'1 )"%0/( 8*-%'*3& 6/%&3 $0/530- )"%0/( " XJMEGJSF JO UIF TPVUIFSO DPVOUZ PG )BEPOH JO 4PVUI ,PSFB XBT NPTUMZ

ÏàÏÖ ÒÜÏÏ ËÖÏÜÞ ÜÏ×ËÓØÝ ÓØ ÏÐÐÏÍÞ

BMFSU IBT CFFO JO FGGFDU GPS .PVOU ,BOMBPO POF PG BDUJWF WPMDBOPFT JO UIF 1IJMJQQJOFT TJODF %FDFNCFS MBTU ZFBS BGUFS JU FSVQUFE " -FWFM 5ISFF BMFSU JOEJDBUFT NBHNBUJD VOSFTU XJUI UIF QPTTJCJMJUZ PG GVSUIFS FYQMPTJWF FSVQUJPOT XJUIJO XFFLT BOE UIF QPUFOUJBM GPS IB[BSEPVT BDUJWJUZ i8F XFSF QSFQBSFE GPS UIF FSVQUJPO 'BNJMJFT XJUIJO GPVS UP TJY LJMPNFUSFT XFSF BMSFBEZ FWBDVBUFE EVSJOH UIF QSFWJPVT FSVQUJPO JO %FDFNCFSu TBJE /FHSPT 0DDJEFOUBM QSPWJODF -B $BTUFMMBOB NVOJDJQBMJUZ SFTDVF PGGJDJBM +PIO %F "TJT i3JHIU OPX XF BSF KVTU NPOJUPSJOH XIJDI WJMMBHFT XJMM CF BGGFDUFE CZ UIF BTIGBMM u )F BEEFE UIBU UIF BVUIPSJUJFT BSF SFDPNNFOEJOH UIF DBODFMMBUJPO PG DMBTTFT BU TDIPPMT BOE XPSL JO UIF NVOJDJQBMJUZ 5IF "SNFE 'PSDFT PG UIF 1IJMJQQJOFT "'1 IBT DPOGJSNFE JUT SFBEJOFTT UP SFTQPOE UP BOZ FNFSHFODJFT BSJTJOH GSPN .PVOU ,BOMBPO T WPMDBOJD BDUJWJUZ *UT DIJFG HFOFSBM 3PNFP #SBXOFS +S NBEF UIF TUBUFNFOU EVSJOH IJT WJTJU UP UIF SE *OGBOUSZ #SJHBEF PG UIF SE *OGBOUSZ %JWJTJPO BU $BNQ (FSPOB .VSDJB JO /FHSPT 0DDJEFOUBM PO .POEBZ i#SBXOFS FODPVSBHFE NJMJUBSZ QFSTPOOFM UP TUBZ NJTTJPO GPDVTFE BOE DPNNJUUFE UP OBUJPOBM TFDVSJUZ BOE EJTBTUFS SFTQPOTF FGGPSUTu "'1 1VCMJD "GGBJST 0GGJDF DIJFG $PM 9FSYFT 5SJOJEBE TBJE JO B TUBUFNFOU )F BEEFE UIBU "'1 TUBOET SFBEZ UP TVQQPSU FWBDVBUJPOT SFMJFG PQFSBUJPOT BOE PUIFS IVNBOJUBSJBO SFTQPOTFT BT OFDFTTBSZ UP FOTVSF QVCMJD TBGFUZ BOE SFHJPOBM TUBCJMJUZ m #FSOBNB 1/"

."/*-" "O FYQMPTJWF .PVOU ,BOMBPO FSVQUJPO ZFTUFSEBZ XBT USJHHFSFE CZ VOEFSHSPVOE HBT QSFTTVSF TBJE UIF 1IJMJQQJOF *OTUJUVUF PG 7PMDBOPMPHZ BOE 4FJTNPMPHZ 1IJWPMDT 5IF FSVQUJPO TFOU B QMVNF PG BTI LN JOUP UIF TLZ BOE GPSDFE BVUIPSJUJFT UP DMPTF TDIPPMT BOE FWBDVBUF OFBSCZ SFTJEFOUT 1IJWPMDT EJSFDUPS 5FSFTJUP #BDPMDPM TBJE TVMGVS EJPYJEF FNJTTJPOT XFSF SFMBUJWFMZ MPX CFGPSF UIF FSVQUJPO XJUI POMZ WPMDBOJD FBSUIRVBLFT SFDPSEFE JO UIF QBTU IPVST i5IJT JOEJDBUFT QSFTTVSF CFOFBUI UIF WPMDBOP EVF UP HBT u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

O¿Ûب 1¿Ì‰j ЉØÐ ‰´‰€Ø©¿º ¿º 0Ûº‰ Ř 4&06- 4PVUI ,PSFB XJMM IPME B QSFTJEFOUJBM FMFDUJPO PO +VOF UIF DPVOUSZ T BDUJOH QSFTJEFOU TBJE ZFTUFSEBZ BGUFS 4FPVM T GPSNFS MFBEFS :PPO 4VL :FPM XBT SFNPWFE GSPN PGGJDF PWFS B EFDMBSBUJPO PG NBSUJBM MBX " DPVSU MBTU XFFL VQIFME :PPO T JNQFBDINFOU USJHHFSJOH GSFTI FMFDUJPOT XIJDI NVTU CF IFME XJUIJO EBZT 1SJNF .JOJTUFS )BO %VDL TPP TBJE +VOF XPVME CF EFTJHOBUFE BT B UFNQPSBSZ QVCMJD IPMJEBZ UP GBDJMJUBUF WPUJOH 6OMJLF B SFHVMBS QPMM JO XIJDI B QSFTJEFOU FMFDU IBT B UXP NPOUI USBOTJUJPO QFSJPE UIF XJOOFS PG UIF FMFDUJPO XJMM CF JOBVHVSBUFE UIF GPMMPXJOH EBZ 5IF PGGJDJBM DBNQBJHO QFSJPE XJMM SVO GSPN .BZ VOUJM +VOF 0QQPTJUJPO MFBEFS -FF +BF NZVOH JT UIF GSPOUSVOOFS JO QPMMT XJUI B TVQQPSU SBUJOH BDDPSEJOH UP UIF MBUFTU (BMMVQ QPMM )JT QBSUZ BMSFBEZ DPOUSPMT UIF /BUJPOBM "TTFNCMZ *O TFDPOE QMBDF JT -BCPVS .JOJTUFS ,JN .PPO TPP 1PMMJOH BU BSPVOE IF MFBET B QBDL PG DIBMMFOHFST GSPN :PPO T 1FPQMF 1PXFS 1BSUZ XIJDI JODMVEFT GPSNFS QBSUZ DIJFG )BO %POH IPPO :PPO JT UIF TFDPOE 4PVUI ,PSFBO MFBEFS UP CF JNQFBDIFE BGUFS 1BSL (FVO IZF JO o "'1 DPOUBJOFE ZFTUFSEBZ B EBZ BGUFS UIF CMB[F SFJHOJUFE JO B SFHJPO CBUUFSFE CZ UIF OBUJPO T XPSTU XJMEGJSFT JO IJTUPSZ MBTU NPOUI 5IF NBJO GJSFT XFSF CSPVHIU VOEFS DPOUSPM JO )BEPOH TPNF LN TPVUIFBTU PG 4FPVM BT PG QN PO .POEBZ XJUI PG UIFN DPOUBJOFE BDDPSEJOH UP UIF ,PSFB 'PSFTU 4FSWJDF *U JTTVFE B -FWFM 5XP GJSF SFTQPOTF BOE EFQMPZFE IFMJDPQUFST BOE PUIFS QFSTPOOFM UP CBUUMF UIF CMB[F 4JODF UIFO BVUIPSJUJFT IBWF NPCJMJTFE QJFDFT PG FRVJQNFOU BOE QFSTPOOFM UP DPOUJOVF GJSFGJHIUJOH PQFSBUJPOT 5IF GPSFTU TFSWJDF QMBOT UP EFQMPZ IFMJDPQUFST UP UIF TDFOF BHBJO BGUFS TVOSJTF 0GGJDJBMT TBJE SFTJEFOUT BGGFDUFE CZ UIF GJSF GMFE UP B OFBSCZ TDIPPM GPS TBGFUZ o #FSOBNB :POIBQ

5IF WJFX PG .PVOU ,BOMBPO FSVQUJOH BT TFFO GSPN B WJMMBHF JO -B $BTUFMMBOB JO /FHSPT 0DDJEFOUBM 1SPWJODF DFOUSBM 1IJMJQQJOFT o "'11*$

`©‰Øºj¹ º‰‰ Ð ÐØÌj؉¢ç Ø¿ ØjÉ ¢´¿j´ ¨j´j´ ¹j̲‰Ø )"/0* 7JFUOBN NVTU TUSFOHUIFO JUT IBMBM QSPEVDU FDPTZTUFN UP NFFU HSPXJOH HMPCBM EFNBOE QBSUJDVMBSMZ CZ BMJHOJOH XJUI JOUFSOBUJPOBM RVBMJUZ BOE DFSUJGJDBUJPO TUBOEBSET 7JFUOBN /FXT "HFODZ 7/" SFQPSUFE RVPUJOH FYQFSUT BOE PGGJDJBMT SFTUBVSBOUT BOE DBUFSJOH TFSWJDFT 0TNBO BEEFE UIBU UIF DVSSFOU TVQQMZ POMZ NFFUT BCPVU PG NBSLFU EFNBOE EFTDSJCJOH UIJT HBQ BT iB HPMEFO PQQPSUVOJUZw GPS 7JFUOBNFTF QSPEVDFST UP FYQBOE JOUP UIF MVDSBUJWF IBMBM TFDUPS )F TBJE NBOZ DPVOUSJFT SFRVJSF UIJSE QBSUZ DFSUJGJDBUJPO SBUIFS UIBO EJSFDU BDDFQUBODF PG IBMBM DMBJNT GSPN CVTJOFTTFT )F SFDPNNFOEFE FODPVSBHJOH GPSFJHO JOWFTUPST UP TFU VQ

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

)F BEEFE UIBU UIF OFXMZ TJHOFE 7JFUOBN 6"& $PNQSFIFOTJWF &DPOPNJD 1BSUOFSTIJQ "HSFFNFOU DPVME GBDJMJUBUF UIF FYQPSU PG IBMBM DFSUJGJFE HPPET UP UIF (VMG SFHJPO 7JFUOBN $BTIFX "TTPDJBUJPO WJDF DIBJSNBO 5SBO 7BO )JFQ IJHIMJHIUFE UIF JNQPSUBODF PG IBMBM IBMBM DPNQMJBOU GBDJMJUJFT JO 7JFUOBN 7JFUOBN 5SBEF 0GGJDF JO UIF 6OJUFE "SBC &NJSBUFT 6"& IFBE 5SVPOH 9VBO 5SVOH VSHFE JNQSPWFNFOUT JO 7JFUOBN T MFHBM GSBNFXPSL PO IBMBM QSPEVDUT

7JFUOBN *OEVTUSZ BOE 5SBEF %FQVUZ .JOJTUFS /HVZFO 4JOI /IBU 5BO DBMMFE UIF IBMBM NBSLFU B TUSBUFHJD GSPOUJFS GPS 7JFUOBNFTF CVTJOFTTFT BNJE HMPCBM VODFSUBJOUJFT )F FODPVSBHFE DPNQBOJFT UP CVJME TUSPOH IBMBM CSBOET EJWFSTJGZ UIFJS NBSLFU SFBDI BOE FTUBCMJTI QSPNPUJPOBM OFUXPSLT XJUI DMFBS PCKFDUJWFT 7JFUOBN 5SBEF 0GGJDF JO 4BVEJ "SBCJB IFBE 5SBO 5SPOH ,JN TUSFTTFE UIF OFFE GPS DMFBSFS HVJEFMJOFT PO IBMBM DFSUJGJDBUJPO QSPDFEVSFT

7JFUOBN .JOJTUSZ PG 4DJFODF BOE 5FDIOPMPHZ /BUJPOBM )BMBM $FSUJGJDBUJPO $FOUSF EJSFDUPS 3BNMBO 0TNBO FNQIBTJTFE UIBU 7JFUOBN IPMET QPUFOUJBM JO UIF HMPCBM IBMBM NBSLFU XIJDI JT WBMVFE BU BCPVU 64 USJMMJPO 3. USJMMJPO )F TBJE UIF DPVOUSZ JT SJDI JO SBX NBUFSJBMT TVJUFE GPS IBMBM QSPEVDUJPO 7JFUOBN T SFDPHOJUJPO BT POF PG UIF XPSME T UPQ UPVSJTU EFTUJOBUJPOT TJODF IBT FOIBODFE JUT IPTQJUBMJUZ BOE GPPE TFSWJDF TFDUPST XJUI B OPUJDFBCMF JODSFBTF JO IBMBM

o #FSOBNB 7/"

WO Ѐ¨¿´jÌ ‰Øj©º‰ ©º T¨j©´jº Ę €¨jÌ¢‰ å©Ø¨ ©ºÐÛ´Ø©º¢ ¹¿ºj̀¨ç #"/(,0, " QSPNJOFOU "NFSJDBO BDBEFNJD XBT EFUBJOFE ZFTUFSEBZ BOE DIBSHFE XJUI JOTVMUJOH 5IBJMBOE T NPOBSDIZ IJT MBXZFS UPME "'1 JO B SBSF DBTF PG B GPSFJHO OBUJPOBM GBMMJOH GPVM PG UIF LJOHEPN T MFTF NBKFTUF MBX 1BVM $IBNCFST XIP IBT TQFOU NPSF UIBO B EFDBEF UFBDIJOH 4PVUIFBTU "TJB QPMJUJDT JO 5IBJMBOE JT JO QSF USJBM EFUFOUJPO BXBJUJOH B EFDJTJPO PO IJT CBJM SFRVFTU TBJE MBXZFS 8BOOBQIBU +FOSPVNKJU i)F IBT EFOJFE UIF DIBSHF i 5IF 5IBJ NJMJUBSZ GJMFE B DPNQMBJOU UIJT ZFBS BHBJOTU $IBNCFST PWFS BO BSUJDMF MJOLFE UP BO POMJOF EJTDVTTJPO )F XBT UPME UP SFQPSU UP B QPMJDF TUBUJPO JO UIF OPSUIFSO 1IJUTBOVMPL QSPWJODF ZFTUFSEBZ UP SFTQPOE $IBNCFST TBJE IF GFMU iJOUJNJEBUFEw CZ UIF TJUVBUJPO CVU

XBT CFJOH TVQQPSUFE CZ UIF 64 FNCBTTZ BOE DPMMFBHVFT BU IJT VOJWFSTJUZ $IBSHFT VOEFS 5IBJMBOE T SPZBM EFGBNBUJPO MBX IBWF TVSHFE JO SFDFOU ZFBST BOE DSJUJDT TBZ JU JT NJTVTFE UP TUJGMF EJTTFOU o "'1