Suunnitelma pohjoisen kuusisiemenviljelyksen kloonivalinnaksi

Transkriptio

1 Metlan työraportteja 5 ISBN ISSN X Suunnitelma pohjoisen kuusisiemenviljelyksen kloonivalinnaksi Seppo Ruotsalainen ja Teijo Nikkanen

2 :RUNLQJ3DSHUVRIWKH)LQQLVK)RUHVW5HVHDUFK,QVWLWXWH VDUMDVVDMXONDLVWDDQWXWNLPXVWHQHQQDNNRWXORNVLDMDHQQDNNRWXORVWHQ OXRQWHLVLDVHOYLW\NVLl6DUMDVVDYRLGDDQMXONDLVWDP\ VHVLWHOPLlMD NRNRXVNRRVWHLWD\PV 6DUMDVVDHLNl\WHWlWLHWHHOOLVWlWDUNDVWXVPHQHWWHO\l.LUMRLWXNVHWOXRNLWHOODDQ 0HWODQMXONDLVXWRLPLQQDVVDVDPDDQU\KPllQPRQLVWHLGHQNDQVVD 6DUMDQMXONDLVXWRYDWVDDWDYLVVDSGIPXRGRVVDVDUMDQ,QWHUQHWVLYXLOWD KWWSZZZPHWODILMXONDLVXWZRUNLQJSDSHUV,661; 7RLPLWXV 8QLRQLQNDWX$ +HOVLQNL SXK IDNVL VlKN SRVWLMXONDLVXWRLPLWXV#PHWODIL -XONDLVLMD 0HWVlQWXWNLPXVODLWRV 8QLRQLQNDWX$ +HOVLQNL SXK IDNVL VlKN SRVWLLQIR#PHWODIL KWWSZZZPHWODIL

3 7HNLMlW 5XRWVDODLQHQ6HSSR 1LNNDQHQ7HLMR 1LPHNH 6XXQQLWHOPDSRKMRLVHQNXXVLVLHPHQYLOMHO\NVHQNORRQLYDOLQQDNVL 9XRVL 6LYXPllUl,6%1,661 ; <NVLNN 7XWNLPXVRKMHOPD+DQNNHHW 3XQNDKDUMXQWXWNLPXVDVHPD-DORVWXVK\ W\MDJHQHHWWLQHQPRQLPXRWRLVXXVMDORVWHWXVVD PHWVlQYLOMHO\DLQHLVWRVVD +\YlNV\Q\W -XKDQL+lJJPDQWXWNLPXVDVHPDQMRKWDMD 7LLYLVWHOPl 7lVVl UDSRUWLVVD NXYDWDDQ NORRQLDLQHLVWRQ YDOLQWDD )RUHOLD 2\Q 7\UQlYlOOH VXXQQLWWHOHPDD NXXVHQ VLHPHQYLOMHO\VWl YDUWHQ VHNl WDUNDVWHOODDQ \OHLVHPPLQNLQ VLHPHQYLOMHO\NVHQ NRRVWDPLVHQ SHULDDWWHLWD 6XXQQLWHOOXQYLOMHO\NVHQWDUNRLWXNVHQDRQWXRWWDDPHWVlQYLOMHO\PDWHULDDOLDOlKLQQl/DSLQOllQLQDOXHHOOH OlKW LV\\VDOXHLOOHMD.ORRQLYDOLQQDQSHUXVWHLQDNl\WHWWLLQDONXSHUlQSRKMRLVXXGHQOLVlNVLMlONHOlLV NRNHLVWD VDDWXD NDVYX MD NHVWlY\\VWLHWRD VHNl VLHPHQYLOMHO\NVLOWl PLWDWWXD VLHPHQWXRWWRN\N\l 1lLGHQ RPLQDLVXXNVLHQ \KGLVWlPLQHQ HL ROOXW DLYDQ RQJHOPDWRQWD VLOOl VLHPHQWXRWDQWR ROL MRVVDLQ PllULQ NllQWHLVHVVlULLSSXYXXVVXKWHHVVDNDVYXQMDNHVWlY\\GHQNDQVVD2OLVLLVYDLNHDO \WllVHOODLVLDNORRQHMD MRWND ROLVLYDW ROOHHW K\YLl NDLNNLHQ QlLGHQ RPLQDLVXXNVLHQ VXKWHHQ 6LHPHQYLOMHO\NVHQ SHUXVWDPLVWD YDUWHQYDOLWWLLQSOXVSXXNORRQLQMRXNNRMRNDRQQ\N\LVLLQVLHPHQYLOMHO\NVLLQYHUUDWWXQDSDUHPSLVHNl MlONHOlLVWHQNDVYXQMDNHVWlY\\GHQHWWlP\ VVLHPHQWXRWDQQRQVXKWHHQ(VLWHWW\NORRQLHQOXNXPllUlRQ QLLQ VXXUL HWWl VH WDNDD ULLWWlYlQ JHQHHWWLVHQ PRQLPXRWRLVXXGHQ WXRWHWXVVD PHWVlQYLOMHO\DLQHLVWRVVD.ORRQLHQOXNXPllUlVWlYRLGDDQMRSDWLQNLlMRVVLLKHQRQWDUYHWWDHVLPHUNLNVLYDUWWDPLVHVVDLOPHQHYLHQ RQJHOPLHQ YXRNVL $OXVWDYDVVD VLHPHQYLOMHO\NVHQ Nl\WW DOXHHQ PllULWWHO\VVl WRGHWWLLQ HWWl Q\N\LVLQ Nl\W VVlROHYDWRKMHHWHLYlWVRYHOOXVHOODLVHQDDQWHVWDXNVHQSHUXVWHHOODYDOLWXLVWDNORRQHLVWDSHUXVWHOXLOOH VLHPHQYLOMHO\NVLOOHMRWNDSHUXVWHWDDQQ\N\LVLlVLHPHQYLOMHO\NVLlSRKMRLVHPPDNVL5DSRUWLVVDSRKGLWDDQ RKMHLVWXNVHQNHKLWWlPLVPDKGROOLVXXNVLD $VLDVDQDW PHWVlQMDORVWXVNXXVLVLHPHQYLOMHO\VJHQHHWWLQHQPRQLPXRWRLVXXVMDORVWXVK\ W\3RKMRLV6XRPL -XONDLVXQYHUNNRRVRLWH 7lPlMXONDLVXNRUYDDMXONDLVXQ 7lPlMXONDLVXRQNRUYDWWXMXONDLVXOOD <KWH\GHQRWRW 6HSSR5XRWVDODLQHQ0HWVlQWXWNLPXVODLWRV3XQNDKDUMXQWXWNLPXVDVHPD)LQODQGLDQWLH 3XQNDKDUMX6lKN SRVWLVHSSRUXRWVDODLQHQ#PHWODIL 0XLWDWLHWRMD

4 -RKGDQWR 7lPlQW\ QWDYRLWWHHQDRQYDOLWDNORRQLDLQHLVWR)RUHOLD2\Q7\UQlYlOOH 1 ( P PS\ OlPS VXPPD GG >YXRVLHQ NHVNLDUYR@ SHUXVWHWWDYDD NXXVHQ VLHPHQYLOMHO\VWl YDUWHQ 9LOMHO\NVHQ WDUNRLWXNVHQD RQ WXRWWDD PHWVlQYLOMHO\PDWHULDDOLD OlKLQQl /DSLQ OllQLLQ OlKW LV\\VDOXHLOOH MD 6H WXOHH ROHPDDQ 6XRPHQ SRKMRLVLQ NXXVHQ VLHPHQ YLOMHO\V HOOHL RWHWD KXRPLRRQ 7HUYRODDQ OXYXOOD SHUXVWHWWXD SLHQWl NRHOXRQWRLVWD VLHPHQ YLOMHO\VWl MRND OXRNLWHOODDQ Q\N\llQ NORRQLNRNRHOPDNVL VY 6DPDOOD VH RQ HQVLPPlLQHQ 3RKMRLV6XRPHQ DONXSHUll ROHYD SXROHQWRLVWD SROYHQ NXXVHQ VLHPHQYLOMHO\V MD NROPDV NXXVHQ SXROHQWRLVWDSROYHQVLHPHQYLOMHO\VNRNR6XRPHVVD-XNND$QWROD0HWODVXXOOLQHQWLHGRQDQWR 7lPlQ NRQNUHHWWLVHQ WDYRLWWHHQ OLVlNVL WDUNDVWHOODDQ \OHLVHPPLQ NORRQLYDOLQWDDQ MD VLHPHQ YLOMHO\NVHQNl\WW DOXHHQPllULWWHO\\QOLLWW\YLlN\V\P\NVLl.ORRQLNRNRRQSDQRQNRRVWDPLVWDYDUWHQHLNHUlWW\XXWWDDLQHLVWRDYDDQVLLQlRQNl\WHWW\K\YlNVL 0HWODQ NHUllPLl MlONHOlLVNRHDLQHLVWRMD MD VLHPHQYLOMHO\VWHQ VDWRWLHWRMD VHNl PHWVlJHQHHWWLVHQ UHNLVWHULQWLHWRMD$LQHLVWRQW\ VWlPLQHQWlKlQWDUNRLWXNVHHQRQROOXW+HLNNL3DDMDVHQYDVWXXOOD MD UDSRUWWLLQ VLVlOW\YlQ NDUWWDNXYDQ RQ WXRWWDQXW.DDUOR.DUYLQHQ (VNR 2NVD RQ DYXVWDQXW DLQHLVWRQNlVLWWHO\VVlMDUHNLVWHULWLHWRMHQKDXVVD $LQHLVWRW 3HUXVWHWWDYDQVLHPHQYLOMHO\NVHQNORRQLYDOLQQDQOlKW PDWHULDDOLQDNl\WHWWLLQYDQKRMDNRNHLVVDMD VLHPHQYLOMHO\NVLOOl PXNDQD ROHYLD SRKMRLVVXRPDODLVLD MDORVWXVY\ K\NNHHW SOXVNXXVLD.ORRQLYDOLQWDDYDUWHQNl\WLLQOlSLNRNRVHMlONHOlLVNRHDLQHLVWRMRNDRQPXNDQDSRKMRLVVXRPD ODLVLVVD MlONHOlLVNRNHLVVD \KWHHQVl NRHWWD VHNl NDNVL UXRWVDODLVWHQ SHUXVWDPDD NXXVHQ MlONHOlLVNRHWWD MRLVVD RQ PXNDQD P\ V VXRPDODLVLD SOXVNXXVLD 6XRPDODLVHW NRNHHW VLMDLWVHYDW 2XOXQ OllQLQ SRKMRLVRVDVVD MD /DSLQ OllQLVVl MD QH ROL PLWDWWX NDVYXNDXGHQ LlOOl 5XRWVDODLQHQ 1LNNDQHQ 5XRWVDODLVWHQ SHUXVWDPDW NRNHHW VLMDLWVHYDW.RODULVVD MD 5XRWVLQ<OLWRUQLROODMDQHROLPLWDWWXNDVYXNDXGHQLlOOl.RNHLVWD ROL PLWDWWX WDLPLHQ SLWXXV MD ODVNHWWX MlOMHOOl ROHYLHQ WDLPLHQ SHUXVWHHOOD HOlY\\V <KGHVWlQXRUHVWDMlONHOlLVNRNHHVWDROLNl\WHWWlYLVVlYDLQHOlY\\V7RLVDDOWDUXRWVDODLVLVWDMlONH OlLVNRNHLVWD Nl\WHWWLLQ YDLQ SLWXXVWLHWR VLOOl \NVLSXXUXXWXNRNHLVWD HL YRLQXW ODVNHD Nl\WW NHO SRLVWDHOlY\\VWXQQXVWD.ORRQLHQVLHPHQWXRWWRN\N\lNRVNHYDDUYLRSHUXVWXXVLHPHQYLOMHO\NVLOOlMDY WHKW\\QNORRQHLWWDLVHHQNlY\QNHUl\NVHHQMDNDULVWXNVHHQDLQHLVWRQRVDOWDNV1LNNDQHQ 6LHPHQWXRWWRN\N\l NXYDDYDQD WXQQXNVHQD Nl\WHWWLLQ NORRQLQ NHVNLPllUlLVWl YDUWHNRKWDLVWD VLHPHQWXRWDQWRDJYDUWH

5 .DLNNLDDQWDUNDVWHOXQNRKWHHQDROLMDORVWXVY\ K\NNHLGHQSOXVNXXVWD-lONHOlLVNRHWLHGRW ROLYDW VDDWDYLVVD MD VLHPHQVDWRWLHGRW NORRQLVWD 0ROHPPDW WLHGRW ROLYDW Nl\WHWWlYLVVl NORRQLVWD 7l\GHOOLVHW WLHGRW ROLYDW Nl\WHWWlYLVVl Y\ K\NNHLOWl YDOLWXLVWD QV YDQKRLVWDSOXVSXLVWDYUW5XRWVDODLQHQ 9HQlOlLQHQ.l\WlQQ VVlMXXULWlPlQHQHPSll YDQKRMDNXXVHQSOXVSXLWDHLWlOOlDOXHHOODROHNl\WHWWlYLVVlNllQVLOOlORSSXMDSXLWDHLROHYDUWHWWX VLHPHQYLOMHO\NVLLQ 3LWNlQWlKWl\NVHQ«.ROPHQ ODVNHQQDVVD PXNDQD ROOHHQ VLHPHQ YLOMHO\NVHQ OLVlNVL VYQ VLHPHQVDWRWLHWRMD Nl\WHWWLLQ K\YlNVL PXXWDPDQ PXLOWD YLOMHOPLOWl SXXWWXYDQNORRQLQRVDOWD7lPlQYLOMHO\NVHQVLHPHQVDWRROLNXLWHQNLQYYDUVLQDOKDLVHOOD WDVROODNJKDMRWHQVLWlHLPXXWHQNl\WHWW\VLHPHQVDGRQWDUNDVWHOXVVD 3OXVSXLWDNRVNHYDWVLMDLQWLMDPXXWWDXVWDWLHGRWVDDWLLQ0HWODQPHWVlJHQHHWWLVHVWlUHNLVWHULVWl /DVNHQWDPHQHWHOPlW 0HQHVW\VWDVRQODVNHQWD.RNHLGHQSLWXXVMDHOlY\\VWLHGRWVHNlVLHPHQYLOMHO\VWHQVDWRWLHGRWSLWL\KWHLVPLWDOOLVWDDHQQHQ NORRQLNRKWDLVWHQ NHVNLDUYRMHQ ODVNHQWDD NRVND NRNHHW MD VLHPHQYLOMHO\NVHW HURVLYDW WRLVLVWDDQ PLWDWWXMHQ WXQQXVWHQ NHVNLDUYRMHQ MD KDMRQWRMHQ VXKWHHQ 7lKlQ Nl\WHWWLLQ QV PHQHVW\VWDVR WXQQXVWD07MRNDVWDQGDUGRLKDYDLQQRWVHXUDDYDVWL [ [ 07 = + PLVVl V [RQ\NVLWWlLVHQHUlQNHVNLDUYR [ RQNRNRDLQHLVWRQNHVNLDUYRMDVRQHUlNHVNLDUYRMHQYlOLQHQ KDMRQWD +DYDLQWRMHQ OXNXPllULHQ YDLNXWXVWD SDLQRWHWWLLQ QV 3XNNDODQ NDDYDOOD 1LNNDQHQ 3XNNDOD VHXUDDYDVWL Z 07 = 07 Q + Z PLVVl07 Z RQSDLQRWHWWXPHQHVW\VWDVRQRQNORRQLNHVNLDUYRQODVNHQQDVVDNl\WHWW\MHQKDYDLQ WRMHQNRNHLGHQVLHPHQYLOMHO\VWHQPllUlMDZRQHPSLLULVHVWLPllUl\W\YlNHUURLQ.HUWRLPHQZ DUYRROLNRNHLGHQNRKGDOODMDVLHPHQYLOMHO\VWHQNRKGDOOD +DYDLQWRMHQ OXNXPllUlOOl WHKWlYl SDLQRWXV W\ QWll XVHDDQ KDYDLQWRRQ SHUXVWXYLD NORRQL NHVNLDUYRMDNDXHPPDVDLQHLVWRQNRNRQDLVNHVNLDUYRVWD 7lWlYRLGDDQSHUXVWHOODVLOOlHWWl XVHDDQKDYDLQWRRQSHUXVWXYDNORRQLNHVNLDUYRRQOXRWHWWDYDPSLNXLQ\KWHHQSHUXVWXYDMRWHQVHQ SRLNNHDPLVHOOH NRNRQDLVNHVNLDUYRVWD RQ V\\Wl DQWDD VXXUHPSL SDLQRDUYR.l\WHWW\ ODVNHQWD PHQHWWHO\ QRXGDWWDD YDUVLQ SLWNlOOH PlQQ\Q WHVWDXVWXORVUHNLVWHULVVl NV 9HQlOlLQHQ\P 9HQlOlLQHQ 5XRWVDODLQHQ MD VLHPHQYLOMHO\VWHQ KDUYHQQXVRKMHOPDVVD 1LNNDQHQ 3XNNDODNl\WHWW\MlPHQHWHOPLlMDSHUXVWXXPHQHVW\VWDVRPHQHWHOPlQRVDOWD+DWFKHULQ\P MXONDLVXXQ

6 .l\ww DOXHLGHQPllULWWHO\.XXVHQ VLHPHQYLOMHO\VVLHPHQHQ Nl\WW DOXHHQ NHVNLPllUlLQHQ OlPS VXPPD RQ PllULWHOW\ 1LNNDVHQ\PPXNDDQVHXUDDYDVWL $3 [.$ = $ PLVVl $3 RQ VLHPHQYLOMHO\NVHQNORRQLHQ DONXSHUlOlPS VXPPLHQ NHVNLDUYR MD 69 RQ VLHPHQYLOMHO\N VHQVLMDLQWLSDLNDQNHVNLPllUlLQHQOlPS VXPPD.XXVHOODVLHPHQYLOMHO\NVHQNl\WW DOXHMRNDRQ ODDMXXGHOWDDQGG\NVLNN lxorwwxxolps VXPPDNHVNLDUYRVWDGG\NVLNN lolpslplp SllQMDGG\NVLNN ln\ophpsllqvxxqwddq1lnndqhq\p 9DLKWRHKWRLVHVWLNl\WW DOXHHQNHVNLPllUlLVHQOlPS VXPPDQODVNHQQDVVDNl\WHWWLLQNDDYDD MRVWDVLLUWRMDUUXROLSRLVWHWWXNRNRQDDQHOLNl\WW DOXHHQOlPS VXPPDNHVNLDUYRODVNHWWLLQDONX SHUlMDVLMDLQWLOlPS VXPPLHQSDLQRWHWWXQDNHVNLDUYRQDVHXUDDYDVWL [.$ = $ DORVWXVK\ G\QODVNHQWD.ORRQLYDOLQQDQDYXOODVDDYXWHWWDYDMDORVWXVK\ W\*ODVNHWWLLQNDDYDQDYXOOD * = K 6 PLVVlK RQKHULWDELOLWHHWWLMD6RQYDOLQWDHUR)DOFRQHU 0DFND\.ORRQLYDOLQWD.ORRQLYDOLQQDVVD Nl\WHWWLLQ K\YlNVL SLWXXGHQ MD VLHPHQVDGRQ PHQHVW\VWDVRDUYRMD NDDYD QLLGHQNHVNLDUYRQD PXRGRVWHWWXD LQGHNVLOXNXD VHNl MRVVDLQ PllULQ P\ V HOlY\\GHQ PHQHVW\V WDVRD1lLGHQPXXWWXMLHQSHUXVWHHOODNORRQLWOXRNLWHOWLLQWDXOXNRQPXNDLVLLQOXRNNLLQ 6LHPHQYLOMHO\NVHQ NORRQLYDOLQWDD WHKWlHVVl MlUMHVWHWWLLQ NORRQLW SDUHPPXXVMlUMHVW\NVHHQ MD WlPlQMlONHHQUXYHWWLLQOLVllPllQNORRQHMDNXYLWWHHOOLVHHQYLOMHO\NVHHQ\NVLWHOOHQSDUKDLPPDVWD SllVWl 6DPDOOD ODVNHWWLLQ MRNDLVHQ OLVlW\Q NORRQLQ NRKGDOOD NRNR VLLKHQ PHQQHVVl PXNDDQ RWHWXQNORRQLMRXNRQNHVNLDUYRWHGHOOlPDLQLWXLOOHYDOLQWDSHUXVWHLQDNl\WHW\LOOHPXXWWXMLOOHVHNl DONXSHUlQ OlPS VXPPDOOH NXYD.ORRQLHQ OLVllPLQHQ WDSDKWXL VHXUDDYDVVD MlUMHVW\NVHVVl HQVLQOXRNDQNORRQLWLQGHNVLQPXNDLVHVWLVLWWHQOXRNNLHQNORRQLWSLWXXGHQ07 Z PXNDL VHVWL OXRNNDUDMRLVWD SLLWWDDPDWWD MD ORSXNVL OXRNDW MD NXNLQ HULNVHHQ SLWXXWHQVD PXNDLVHVVDMlUMHVW\NVHVVl$OXVWDYDQWDUNDVWHOXQMlONHHQUDMDWWLLQDLQHLVWRVWDSRLV2XOXQOllQLQ SXROHOWD HKGROOD ROHYDW NORRQLW VHNl \NVL NORRQL MRND ROL PXNDQD YDLQ \KGHVVl MlONHOlLV NRNHHVVD 1lPl SRLVWRW WHKWLLQ\KWHQlLVHQ DONXSHUlDOXHHQ VDDYXWWDPLVHNVL MD WXORVWHQ OXRWHWWD YXXGHQSDUDQWDPLVHNVL

7 7XORNVHW 9DOLQQDVVDPXNDQDROHYLHQRPLQDLVXXNVLHQULLSSXYXXGHW 9DOLQQDQ SHUXVWHHQD ROHYLHQ WXQQXVWHQ YlOLOOl WRGHWWLLQ ROHYDQ VHOYLl ULLSSXYXXVVXKWHLWD MRLOOD RQPHUNLW\VWlNORRQLYDOLQQDQNDQQDOWDWDXOXNNR9DOLQWDW\ QNDQQDOWDRQK\YlHWWlSLWXXGHQ MD HOlY\\GHQ YlOLOOl ROL YDKYD WLODVWROOLVHVWL PHUNLWVHYl SRVLWLLYLQHQ ULLSSXYXXV 6HQ VLMDDQ KDQNDODPSDD RQ HWWl NDVYXQ MD VLHPHQVDGRQ YlOLOOl ROL WLODVWROOLVHVWL PHUNLWVHYl MRVNLQ LWVHLV DUYROWDDQOLHYlQHJDWLLYLQHQNRUUHODDWLRNXYD2QVLLVYDLNHDO \WllVHNlNDVYXQHWWlVLHPHQ VDGRQ VXKWHHQ K\YLl NORRQHMD 1lPl NDLNNL NORRQHLVWD PLWDWXW WXQQXNVHW ROLYDW P\ V VHOYlVVl ULLSSXYXXVVXKWHHVVD DONXSHUlQ OlPS VXPPDDQ OlPSLPlPPlQ DOXHHQ NORRQLW ROLYDW MlONHOlLV WHQVl SLWXXGHQ MD HOlY\\GHQ VXKWHHQ N\OPHPPlQ DOXHHQ NORRQHMD KXRQRPSLD PXWWD WXRWWLYDW UXQVDDPPLQVLHPHQWl 7DXOXNNR 3OXVSXXNORRQLHQ DONXSHUlOlPS VXPPDQ VHNl SLWXXGHQ HOlY\\GHQ MD VLHPHQVDGRQ PHQHVW\VWDVRDUYRMHQYlOLVHWNRUUHODDWLRW 3LWXXV (OlY\\V 6LHPHQVDWR /lps VXPPD 3LWXXV (OlY\\V 6LHPHQWXRWDQWR07Z 3LWXXV07Z.XYD 6LHPHQWXRWDQQRQ MD SLWXXGHQ YlOLQHQ ULLSSXYXXV VLHPHQYLOMHO\NVHQ NRRVWDPLVHHQ Nl\WHW\VVl NORRQLMRXNRVVDMDHULOXRNNLLQNXXOXYDWNORRQLWOXRNLWXVNVWDXOXNNR

8 .ORRQLYDOLQWD.DLNNLDDQNORRQLDOXRNLWHOWLLQNl\WW NHOSRLVLNVLVLHPHQYLOMHO\VWlNRRVWHWWDHVVDPXWWD MRVMlWHWllQWDUNDVWHOXVWDSRLVNHVWlY\\GHOWllQKXRQRWNORRQLWPllUlSXWRDDDQ9DLQ NORRQLDROL\OLNHVNLDUYRQVHNlNDVYXOWDDQHWWlVLHPHQVDGROWDDQWDXOXNNR/LVlWWl HVVl NORRQHMD ODVNHYDVVD MlUMHVW\NVHVVl HKGRWHWWXXQ YLOMHO\NVHHQ HULW\LVHVWL VLHPHQVDGRQ WDVR ODVNHH M\UNlVWL NXYD $OXHHOOLVHQ WDUNDVWHOXQ MD WHVWDXVWLODQWHHQ SHUXVWHHOOD WHKW\ NDUVLQWD SXGRWWL PDKGROOLVWHQ MRXNRVWD SRLV NORRQLD MRLVWD \NVL NXXOXL KXLSSXNORRQLHQ MRXNNRRQ PXLGHQROOHVVDSllRVLQK\YlNDVYXLVLDHWHOlLVLlNORRQHMD 7DXOXNNR6LHPHQYLOMHO\NVHQNORRQLYDOLQWDDYDUWHQWHKG\VVlWDUNDVWHOXVVDNl\WHW\WOXRNDWQLLGHQNULWHHULW MDNORRQLHQOXNXPllUlWNXVVDNLQOXRNDVVD /XRNND /XRNDQNXYDXV 07 Z DODUDMD.ORRQLHQ 3LWXXV 6LHPHQVDWR OXNXPllUl +XLSSXNORRQLW.DVYXNORRQLW 6LHPHQWXRWWDMDW.HVNLQNHUWDLVHW.DVYXK\YlVDWRHSlYDUPD " +XLSSXNORRQLNHVWlY\\VHSlLO\WWll.DVYXNORRQLNHVWlY\\VHSlLO\WWll 6DWRLVDNHVWlY\\VHSlLO\WWll +\OlW\WNORRQLW (LWl\Wl\KWlWDLXVHDPSDDNULWHHULl <KWHHQVl 0HQHVW\VWDVR07Z«.ORRQLQMlUMHVW\VQUR 6LHPHQVDWR07Z 3LWXXV07Z,QGHNVL07Z +XLSSXMHQUDMD 9DOLWWXMHQUDMD /lps VXPPD.XYD 3LWXXGHQ VLHPHQVDGRQ QlPl \KGLVWlYlQ LQGHNVLQ VHNl DONXSHUlQ OlPS VXPPDQ NHVNLDUYRMHQ PXXWWXPLQHQ RWHWWDHVVD PXNDDQ XXVLD NORRQHMD VLHPHQYLOMHO\NVHHQ 3\VW\YLLYDW UDMDDYDW YDOLWWXMHQ KXLSSXNORRQLHQNSOMDNDLNNLHQVLHPHQYLOMHO\NVHHQHKGRWHWWXMHQNORRQLHQNSODOXHHQ /lps VXPPDGG

9 .XYDWXOOD WDYDOOD VLHPHQYLOMHO\NVHOOH YDOLWXW NORRQLW NSO RQ OXHWHOWX OLLWWHHVVl MD QLLGHQ DONXSHUlLVHWNRWLSDLNDWRQNXYDWWXNDUWWDPXRGRVVDOLLWWHHVVl.ORRQHLVWDROLNHVNLPllUlLVWl SDUHPSLDVHNlNDVYXOWDDQHWWlVLHPHQWXRWROWDDQOXRNNDPXXWROLYDWSLWXXVNDVYXOWDDQK\YLl PXWWD VLHPHQWXRWROWDDQ MRQNLQ YHUUDQ NHVNLPllUlLVWl KXRQRPSLD OXRNDW MD \KWHHQVl NORRQLDWDLVLHPHQWXRWDQQRVWDHLROOXWYHUWDLOXNHOSRLVWDWLHWRDOXRNNDNORRQL$OXHHOOLVHVWL YDOLWXW NORRQLW MDNDXWXLYDW VLWHQ HWWl HWHOlLVLPPlOWl MDORVWXVY\ K\NNHHOWl WXOL PXNDDQ NORRQLDY\ K\NNHHOWlQHOMlNORRQLDVHNlNORRQLDY\ K\NNHHOWl.DLNNL YDOLWXW NORRQLW RYDW ROOHHW PXNDQD YlKLQWllQ NDKGHVVD MlONHOlLVNRNHHVVD MRLVVD RQ PLWDWWXMlONHOlLVWHQNDVYXDMDLQYHQWRLWXHOlY\\WWl7lOWlRVLQDLQHLVWRWl\WWllVLLVPHWVlQYLOMHO\ DLQHLVWRQOXRNDQ WHVWDWWX YlKLPPlLVYDDWLPXNVHW1HXYRVWRQGLUHNWLLYL(<.l\WW DOXH (KGRWHWXQVLHPHQYLOMHO\NVHQ\NVLWWlLVWHQNORRQLHQDONXSHUlOlPS VXPPDWMDOlPS VXPPDNHVNL DUYR HUL NORRQLPllULOOl RQ HVLWHWW\ NXYDVVD (KGRWHWXOOD NORRQLNRNRRQSDQROOD NRRVWHWXOOH VLHPHQYLOMHO\NVHOOHWHKWLLQNl\WW DOXHNDUWWDMRVWDLOPHQHHNORRQLHQVLMDLQWLVHNlPXRGRVWHWWDYDQ YLOMHO\NVHQ SHUXVWLHGRW OLLWH 1\N\Nl\WlQQ Q PXNDLQHQ.HVNL6XRPHVVD VLMDLWVHYLOOH HQVLPPlLVHQ SROYHQ VLHPHQYLOMHO\NVLOOH WDUNRLWHWWX PHQHWHOPl DQWDD Nl\WW DOXHHNVL VXXULQ SLLUWHLQ MD GGQ YlOLOOl VLMDLWVHYDQ DOXHHQ PLNl RQ VDPD NXLQ Q\N\LVLVWl NXXVHQ VLHPHQYLOMHO\NVLVWlNl\WW DOXHHOWDDQSRKMRLVLPPDQVYQ0HWVl,KDODNl\WW DOXH /lps VXPPDGG 9DOLQWDUDMD.ORRQLQMlUMHVW\VQUR.XYD 6LHPHQYLOMHO\NVHQ DONXSHUlOlPS VXPPDQ PLQLPLQ PDNVLPLQ MD NHVNLDUYRQ PXXWRNVHW VHNl \NVLWWlLVWHQ NORRQLHQ OlPS VXPPDW OLVlWWlHVVl NORRQHMD YDOLQWDNULWHHUHLGHQ PXNDLVHVVD MlUMHVW\NVHVVl 3\VW\YLLYDNHUWRRPLVVlRQVDDYXWHWWXVLHPHQYLOMHO\NVHOOHYDOLWWDYLHQNORRQLHQPllUlNSO

10 6HHWWlNl\WW DOXHVlLO\LVDPDQDVXXQQLWHOOXQVLHPHQYLOMHO\NVHQKXRPDWWDYDVWLSRKMRLVHPPDVWD VLMDLQQLVWD KXROLPDWWD MRKWXX NDKGHVWD VHLNDVWD (QVLQQlNLQ VXXQQLWHOWX VLHPHQYLOMHO\V RQ NORRQLNRNRRQSDQROWDDQMRQNLQYHUUDQ0HWVl,KDODDHWHOlLVHPSLDONXSHUlOlPS VXPPDWGG YVGGMDWRLVHNVLVLHPHQYLOMHO\NVHQVLMDLQWLSDLNND7\UQlYlOOlOlKHOOlPHUWDRQSRKMRLVHVWD VLMDLQQLVWDDQ KXROLPDWWD YDLQ MRQNLQ YHUUDQ.HVNL6XRPHD N\OPHPSL VLMDLQWLOlPS VXPPDW GG YV GG -RV Nl\WW DOXHHQ ODVNHQWDNDDYDVWD MlWHWllQ QV VLLUWRMDUUX SRLV VLLUW\LVL Nl\WW DOXHGGWlSRKMRLVHPPDNVLHOLROLVLMDGGQYlOLQHQDOXH.ORRQLYDOLQQDQYDLNXWXNVHW.ORRQLYDOLQQDQ WXORNVHQD VDDYXWHWWLLQ VHOYll SDUDQQXVWD VHNl YDOLQQDQ NRKWHHQD ROOHLVVD RPL QDLVXXNVLVVDSLWXXVMDVLHPHQVDWRHWWlP\ VHOlY\\GHVVlYHUUDWWXQDVHNlNRNRDLQHLVWRRQHWWl PDKGROOLVLLQ NDQGLGDDWWHLKLQ WDXOXNNR /RSXOOLVHQ YDOLQQDQ \KWH\GHVVl WHKW\ HWHOlLVLPSLHQ NORRQLHQSRLVWRHLYDLNXWWDQXWSLWXXVNHVNLDUYRRQSDUDQVLDDYLVWXNVHQYHUUDQHOlY\\WWlMDDOHQVL KLHPDQ VLHPHQVDWRD MD LQGHNVLl YDLKWRHKGRW,QGHNVL MD SLWXXV MD /RSXOOLQHQ YDOLQWD WDXOX NRVVD$ONXSHUlOlPS VXPPLHQNHVNLDUYRDOHQLP\ VKLHPDQ-RVVLHPHQYLOMHO\NVHQNORRQL PllUl ROLVL VHOYlVWL DOOH YRLWDLVLLQ NRRWD VLHPHQWXRWWRN\Y\OWllQ VHOYlVWL HKGRWHWWXD SDUHPSL VLHPHQYLOMHO\VMRNDHLPXLOWDRPLQDLVXXNVLOWDDQPHUNLWWlYlVWLSRLNNHDLVLQ\WHKGRWHWXVWDHVLP YDLKWRHKWR,QGHNVL WDXOXNRVVD 7DXOXNNR 6LHPHQYLOMHO\NVHQ NRRVWDPLVHVVD Nl\WHW\Q DLQHLVWRQ VHNl VLLWl HUL WDYRLQ PXRGRVWHWWXMHQ VLHPHQYLOMHO\VWHQWXQQXVWHQNHVNLDUYRMD 5DMDXVSHUXVWH $LQHLVWRQ NRNR 0HQHVW\VWDVRNHVNLDUYRW07Z $ONXSHUl OlPS VXPPD 3LWXXV (OlY\\V 6LHPHQVDWR,QGHNVL GG.DLNNL 0DKGROOLVHW,QGHNVL,QGHNVLMDSLWXXV /RSXOOLQHQYDOLQWD 7DXOXNNR/DVNHOPD7\UQlYlQVLHPHQYLOMHO\NVHQNORRQLYDOLQQDOODVDDYXWHWWDYDVWD MDORVWXVK\ G\VWlNDDYD 3LWXXVGP (OlY\\V 9DOLWXQDLQHLVWRQ07NHVNLDUYR 9DOLQWDHUR6NHVNLKDMRQWDQD.HVNLKDMRQWD 3 9DLKWHOXNHUURLQ 3HUKHKHULWDELOLWHHWWLK -DORVWXVK\ G\W* $EVROXXWWLQHQ 6XKWHHOOLQHQ

11 7HKG\OOl NORRQLYDOLQQDOOD ROL SRVLWLLYLQHQ YDLNXWXV VHNl YLOMHO\PDWHULDDOLQ NDVYXXQ HWWl NHVWl Y\\WHHQ PXWWD VDDYXWHWXQ MDORVWXVK\ G\Q VXXUXXGHVWD YRLGDDQ HVLWWll YDLQ NDUNHLWD DUYLRLWD.l\WWlPlOOl K\YlNVL SRKMRLVVXRPDODLVHVWD NRHDLQHLVWRVWD 5XRWVDODLQHQ 1LNNDQHQ ODVNHWWXMD SHUKHNHVNLDUYRMHQ KDMRQWRMD VHNl VDPRLVWD NRNHLVWD ODVNHWWXMD NRHNRKWDLVLD SHUKH KHULWDELOLWHHWWLDUYRMD5XRWVDODLQHQ 1LNNDQHQVDDGDDQNORRQLYDOLQQDQMDORVWXVK\ G\NVL SLWXXGHVVDDMDHOlY\\GHVVl\NVLNN lwdxoxnnr 7DUNDVWHOX.ORRQLYDOLQQDQOXRWHWWDYXXV 3llDVLDOOLVLQD YDOLQWDNULWHHUHLQl Nl\WHW\LVWl MlONHOlLVWHQ SLWXXVNDVYXVWD MD YDUWWHLGHQ VLHPHQ WXRWDQQRVWDRQHQVLQPDLQLWWXDSLGHWWlYlVHOYlVWLOXRWHWWDYDPPLQVHOYLWHWW\Ql3LWXXVNDVYXWLHWR ROLVDDWDYLVVDNHVNLPllULQOlKHVNROPHVWDNRNHHVWD NXQVHQVLMDDQVLHPHQVDWRWLHWRROL\OHHQVl VDDWXYDLQ\KGHOWlVLHPHQYLOMHO\NVHOWlXVHLPPLWHQVY3DURQHQMD\KGHOWlYXRGHOWD.\VHLQHQ NXNLQWDYXRVL HGXVWDD VLHPHQYLOMHO\VWHQ YDUKDLVWD NHKLW\VYDLKHWWD HOL RQ PDKGROOLVWD HWWlN\VHLVHQYXRGHQVDGRQSHUXVWHHOODWHKW\YDOLQWDVXRVLLVLHPHQWXRWDQQRQDLNDLVLQDORLWWDYLD NORRQHMD7lPlOLHQHHWRLYRWWDYDRPLQDLVXXVVLHPHQYLOMHO\NVHQVLHPHQWXRWDQQRQNDQQDOWD.RVNDNXXVHQNHVWlY\\VRQ3RKMRLV6XRPHVVDYDUVLQK\Yl5XRWVDODLQHQ 1LNNDQHQHL HOlY\\WWlRWHWWXNORRQLYDOLQQDVVDYDUVLQDLVHNVLYDOLQWDPXXWWXMDNVLYDDQMlONHOlLVNRNHLGHQRVDOWD YDOLQWD SHUXVWXL SLWXXWHHQ.XLWHQNLQ YDOLWWXMHQ NORRQLHQ RVDOWD WDUNDVWHWWLLQ HWWHLYlW QH ROOHHW HOlY\\GHOWllQ KXRQRMD 6LHPHQYLOMHO\NVHHQ NHOSXXWHWWLLQ NXLWHQNLQ NDNVL NORRQLD 3 MD 3YDLNNDQLLGHQHOlY\\GHQPHQHVW\VWDVRWROLYDWNLQKXRPDWWDYDQDOKDLVHW3HUXVWHOXQDRQ HWWl QLLGHQ DOKDLQHQ HOlY\\GHQ PHQHVW\VWDVR MRKWXL KXRQRVWD PHQHVW\PLVHVWl VXRWXLVLPPDQ LOPDVWRQMlONHOlLVNRNHLVVD PLVVlHOlY\\VROLNDLNHQNDLNNLDDQNRUNHD7lOO LQPXXWDPDQ SUR VHQWLQ VDWWXPDQYDUDLQHQ SXGRWXV NORRQLQ HOlY\\GHVVl VDDWWRL ODVNHD VHQ PHQHVW\VWDVRD KXRPDWWDYDVWL.ORRQLPllUl 7lVVl VXXQQLWHOPDVVD HKGRWHWWX VLHPHQYLOMHO\V RQ NORRQLPllUlOWllQ VHOYlVWL SLHQHPSL NXLQ Q\N\LVHW NXXVHQ VLHPHQYLOMHO\NVHW PXWWD Wl\WWll K\YLQ YDVWDDYLOOH PlQQ\Q VLHPHQYLOMHO\NVLOOH DVHWHWXW NORRQLPllUlYDDWLPXNVHW 1LNNDQHQ $QWROD 2Q PRQLD SHUXVWHOXMD VLOOH HWWl VLHPHQYLOMHO\NVLOOlYRLGDDQNl\WWllDOKDLVHPSDDNORRQLPllUllNXLQDLHPPLQ(QVLQQlNLQYLLPH YXRVLQDRQV\QW\Q\WQlNHP\VHWWlOLVl\VSRSXODDWLRVVDVRVLHPHQYLOMHO\NVHOOlHLWDUYLWDNRYLQ VXXUWD NORRQLPllUll MRWWD WXRWDQWRSRSXODDWLRVVD YLOMHO\Q WXORNVHQD V\QW\YlVVl PHWVlVVl VDD YXWHWDDQULLWWlYlPRQLPXRWRLVXXV1LNNDQHQ5XRWVDODLQHQ3LWNlQDLNDYlOLQMDORV WXNVHQ WDUYLWVHPDVWD PRQLPXRWRLVXXGHVWD KXROHKGLWDDQ MDORVWXVDLQHLVWRVVD 7RLVHNVL VLHPHQ YLOMHO\NVHOOH WXOHYD WDXVWDS O\W\V NDVYDWWDD V\QW\YlQ YLOMHO\DLQHLVWRQ PRQLPXRWRLVXXWWD 1LNNDQHQ.ROPDQQHNVLQ\WSHUXVWHWWDYDQVLHPHQYLOMHO\NVHQNORRQLWRYDWVLHPHQWXRWDQ QROWDDQ WDVDLVHPSLD NXLQ DONXSHUlLQHQ IHQRW\\SSLVHVWL YDOLWWX SOXVSXXMRXNNR MRWHQ NORRQLHQ

12 YlOLQHQVLHPHQWXRWDQQRQYDLKWHOXHLDOHQQDWHKRLVDDNORRQLPllUllVDPDVVDPllULQNXLQHQVLP PlLVHQSROYHQVLHPHQYLOMHO\NVLOOl1HOMlQQHNVLSLHQHPSLNORRQLPllUlRQSHUXVWHOWDYLVVDP\ V VLNlOL HWWl NDLNNL NORRQLW RQ YDOLWWX MlONHOlLVNRNHLGHQ SHUXVWHHOOD MRWHQ QLLKLQ OLLWW\Yl WXKR MD NDVYXWDSSLRULVNLRQSLHQHPSLNXLQWXQWHPDWWRPDOODPDWHULDDOLOOD (KGRWHWWXD NORRQLQ MRXNNRD YRLGDDQ VLLV SLWll VLHPHQYLOMHO\NVHQ PDNVLPLNRNRQD MRND PDKGROOLVWDDMRLGHQNLQNORRQLHQMllPLVHQSRLVHVLPYDUWWDPLVYDLNHXNVLHQYXRNVLWDLP\ KHP PlQKDUYHQQXNVHQHVLPKXRQRQNXNLQQDQSHUXVWHHOOD0LNlOLKDOXWDDQHGHOOHHQNRKRWWDDVDDWD YDQVLHPHQVDGRQJHQHHWWLVWlWDVRDNDYHQWDPDWWDOLLNDDVHQPRQLPXRWRLVXXWWDYRLGDDQKXLSSX NORRQLHQ RVXXWWD OLVlWl MD YDVWDDYDVWL KHLNRLPSLHQ RVXXWWD SLHQHQWll 7lOOl QV VXKWHHOOLVWHQ NORRQLRVXXNVLHQPHQHWHOPlOOlOLQHDUGHSOR\PHQWYRLGDDQMDORVWXVK\ W\PDNVLPRLGDWLHW\OOl JHQHHWWLVHQPRQLPXRWRLVXXGHQWDVROOD/LQGJUHQ\P/LQGJUHQ.l\WW DOXH 9RLGDDQ ROHWWDD HWWl YHUUDWWXQD.HVNL6XRPHVVD VLMDLWVHYLLQ VLHPHQYLOMHO\NVLLQ 7\UQlYlOOH SHUXVWHWWDYD VLHPHQYLOMHO\V WXRWWDD WDXVWDS O\W\NVHQVl SXROHVWD MRQNLQ YHUUDQ NHVWlYlPSll YLOMHO\PDWHULDDOLD -RV NHVWlY\\GHQ SDUDQWXPLQHQ RQ VXRUDVVD VXKWHHVVD YLOMHO\NVHQ VLMDLQWL SDLNDQOlPS VXPPDDQHLHURROHNRYLQPHUNLWWlYl7\UQlYllLOPDVWROOLVHVWLVHOYlVWLN\OPHP PlVVlVLMDLWVHYD7HUYRODQNORRQLNRNRHOPDVYVHQVLMDDQWXRWWDDMlONHOlLVNRNHLGHQPXNDDQ NHVNLVXRPDODLVLD VLHPHQYLOMHO\NVLl NHVWlYlPSll YLOMHO\DLQHLVWRD 5XRWVDODLQHQ 1LNNDQHQ 1\WSHUXVWHLOODROHYDQVLHPHQYLOMHO\NVHQNl\WW DOXHHQPllULWWHO\\QOLLWW\\NDNVLHULN\V\P\VWl MRWNDYDDWLYDWWDUNHPSDDSRKGLQWDD(QVLPPlLQHQQLLVWlNRVNHHNl\WW DOXHHQPllULWWHO\lWLODQ WHHVVDMRVVDVLHPHQYLOMHO\VSHUXVWHWDDQVHOYlVWLQ\N\LVLlVLHPHQYLOMHO\NVLl.HVNL6XRPLSRK MRLVHPPDNVLMDWRLQHQYDOLRVLHPHQYLOMHO\NVLlMRWNDSHUXVWHWDDQNl\WW DOXHHQUDMDXNVHQNDQQDOWD PHUNLW\NVHOOLVHHQRPLQDLVXXWHHQYDLNXWWDYDQYDOLQQDQSRKMDOWD 1\N\llQ Nl\W VVl ROHYD VLHPHQYLOMHO\VWHQ Nl\WW DOXHLGHQ PllULWWHO\\Q Nl\WHWW\ PHQHWHOPl 1LNNDQHQ \P SHUXVWXX VLHPHQYLOMHO\NVHQ DONXSHUlDOXHHQ MD VLMDLQWLSDLNDQ OlPS VXPPLLQ 3RKMRLV6XRPHQ RVDOWD Nl\WHWW\\Q NDDYDDQ NDDYD RQ OLVlWW\ QV VLLUWRMDUUX MRQND DYXOODNl\WW DOXHHWRQVDDWXYDVWDDPDDQDLHPSLDMlONHOlLVNRNHLGHQWXORNVLLQSHUXVWXYLDNl\WW DOXHLWD -RV VLHPHQYLOMHO\V VLMDLWVHH VHOYlVWL.HVNL6XRPHD N\OPHPPlVVl LOPDVWRVVD NDDYD DQWDD HSlORRJLVHQ WXORNVHQ VLLUWRMDUUX YDLNXWWDD QLLQ WHKRNNDDVWL HWWl SRKMRLVHOOD PDWHULDDOLOOD SRKMRLVLLQRORLKLQSHUXVWHWXQVLHPHQYLOMHO\NVHQNl\WW DOXHMlLVLNDXDVYLOMHO\NVHQVLMDLQWLSDLNDQ HWHOlSXROHOOH.ORRQLYDOLQQDOODDLNDDQVDDGXQNHVWlY\\GHQSDUDQWXPLVHQKXRPLRLPLQHQNl\WW DOXHHQPllULW WHO\VVlRQYDLNHDPSLRQJHOPD(UlVPDKGROOLVXXVROLVLVXKWHXWWDDYDOLQQDQWXORNVHQDWDSDKWXQXW NHVWlY\\GHQOLVl\VDONXSHUlQOlPS VXPPDDQMDVLWlNDXWWDPXXQWDDYDOLQQDQYDLNXWXVNl\WW DOXHHQ PXXWRNVHNVL 7lOODLVLD XXGHQW\\SSLVLl MD XXVLLQ RORVXKWHLVLLQ SHUXVWHWWDYLD VLHPHQYLOMH

13 O\NVLl YDUWHQ RQ VHOYLWHWWlYl WDUNHPPLQ PLWHQ Nl\WW DOXHHW YRLGDDQ SDUKDLWHQ OXRWHWWDYDVWL PllULWWll 1\W SHUXVWHWWDYDQ VLHPHQYLOMHO\NVHQ WDSDXNVHVVD ORSXOOLQHQ MD OXRWHWWDYD YDVWDXV Nl\WW DOXHHQ SRKMRLVUDMDVWD VDDGDDQ YDVWD N\VHLVHQ VLHPHQYLOMHO\NVHQ PDWHULDDOLOOD SHUXVWHWWDYLOOD NHQWWl NRNHLOOD VLOOl WLODQQH SRLNNHDD QLLQ PRQHVVD VXKWHHVVD DLHPPLVWD VLHPHQYLOMHO\NVLVWl HWWl SllWHOPLHQ WHNR YDQKRMHQ NRNHPXVWHQ SHUXVWHHOOD RQ HSlYDUPDD.RNHLWD SLWlLVL SHUXVWDD NXXVHQ VLHPHQYLOMHO\VPDWHULDDOLOOD DUYLRLGXQ Nl\WW DOXHHQ SRKMRLVUDMDQ WXQWXPDDQ XVHLVLLQ SDLNNRLKLQ VLOOl NXXVHQ YLOMHO\Q RQQLVWXPLVHVVD UDWNDLVHYLQWD RQ YLOMHO\SDLNDQ SLHQLOPDVWR HL QLLQNllQDOXHHQVXXULOPDVWR5RVYDOO\P9RLGDDQNXLWHQNLQSLWllYDUPDQDHWWlYLOMHO\N VHQNl\WW DOXHWXOHHROHPDDQQ\N\PHQHWHOPlOOlPllULWHOW\lSRKMRLVHPSL (KGRWHWXOODNORRQLNRNRRQSDQROODSHUXVWHWWDYDVLHPHQYLOMHO\VWXOHHWXRWWDPDDQQ\N\LVWlSDUHP PLQNDVYDYDDNXXVHQYLOMHO\PDWHULDDOLD3RKMRLV6XRPHHQNl\WW DOXHHOOHMRQNDWlVPlOOLVHWUDMDW PllULWHOOllQ P\ KHPPLQ NXYD 9LOMHO\NVHQ VLHPHQVDWR WXOHH P\ V ROHPDDQ SDUHPSL NXLQ DLHPPLQSHUXVWHWXLOODVLHPHQYLOMHO\NVLOOl.XYD 3RKMRLVWD DONXSHUll ROHYDQ NXXVHQ VLHPHQYLOMHO\NVHQ +HLQlPlNL VLHPHQHOOl SHUXVWHWWX NXXVHQMlONHOlLVNRHQUR3HOORVVDNDVYXNDXGHQLlOOl.RHVLMDLWVHHVXXQQLWHOOXQVLHPHQYLOMHO\NVHQ NHVNHLVHOOlNl\WW DOXHHOOD.XYD7HLMR1LNNDQHQ

14 /lkwhhw.lumdoolvhwolkwhhw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lQWXWNLPXVODLWRNVHQWLHGRQDQWRMDVRVDMXON 1LNNDQHQ 7 $QWROD - 0lQQ\Q YDOLRVLHPHQYLOMHO\VWHQ SHUXVWDPLVSHULDDWWHHW 0HWVlWLHWHHQ DLNDNDXVNLUMD)ROLD)RUHVWDOLD 1LNNDQHQ 7 3XNNDOD 7 6LHPHQYLOMHO\VWHQ KDUYHQQXVVXXQQLWHOPDQ ODDWLPLQHQ $7. RKMHOPLVWROOD6XPPDU\0DNLQJDWKLQQLQJSODQIRUVHHGRUFKDUGVXVLQJDFRPSXWHUSURJUDP)) V 1LNNDQHQ 7 5XRWVDODLQHQ69DULDWLRQ LQ IORZHULQJ DEXQGDQFH DQG LWV LPSDFW RQ WKHJHQHWLF GLYHUVLW\RIWKHVHHGFURSLQD1RUZD\VSUXFHVHHGRUFKDUG6LOYD)HQQLFD 1LNNDQHQ 7.DUYLQHQ..RVNL 9 5XVDQHQ 0 <UMlQl.HWROD /.XXVHQ MD PlQQ\Q VLHPHQYLOMHO\NVHWMDQLLGHQNl\WW DOXH0HWVlQWXWNLPXVODLWRNVHQWLHGRQDQWRMDV 3LWNlQWlKWl\NVHQ PHWVlQMDORVWXVRKMHOPD 0HWVlQMDORVWXNVHQ WDUNHQQXVW\ U\KPl 0HWVlKDOOLWXV 0RQLVWHV 5RVYDOO2$QGHUVVRQ% (ULFVVRQ7%HVOXWVXQGHUODJI UYDODYVNRJVRGOLQJVPDWHULDOLQRUUD 6YHULJHPHGWUlGVODJVYLVDJXLGHU6NRJIRUVN5HGRJ UHOVHQUV 5XRWVDODLQHQ60DQDJLQJEUHHGLQJVWRFNLQWKHLQLWLDWLRQRIDORQJWHUPWUHHEUHHGLQJSURJUDP 6HORVWH -DORVWXVDLQHLVWRQ KDOOLQWD SLWNlQWlKWl\NVHQ PHWVlQMDORVWXVRKMHOPDQ Nl\QQLVWlPLVHVVl 0HWVlQWXWNLPXVODLWRNVHQWLHGRQDQWRMDVRVDMXON 5XRWVDODLQHQ6 1LNNDQHQ7.XXVHQVLHPHQYLOMHO\VDLQHLVWRQPHQHVW\PLQHQ3RKMRLV6XRPHVVD 6XPPDU\ 6XUYLYDO DQG JURZWK RI 1RUZD\ VSUXFH VHHG RUFKDUG PDWHULDO LQ QRUWKHUQ )LQODQG 0HWVlQWXWNLPXVODLWRNVHQWLHGRQDQWRMDV 5XRWVDODLQHQ6 1LNNDQHQ76XUYLYDODQGJURZWKRI1RUZD\VSUXFHVHHGRUFKDUGSURJHQLHV,Q 5DSLG JHQHUDWLRQ WXUQRYHU LQ WKH EUHHGLQJ SRSXODWLRQ DQG ORZLQWHQVLW\ EUHHGLQJ 'HVLUHG UHODWLRQVKLSEHWZHHQMXYHQLOHDQGPDWXUHSHUIRUPDQFH3URFHHGLQJVIURPWKH616PHHWLQJ-XO\ LQ 8SSVDOD 6ZHGHQ 6ZHGLVK 8QLYHUVLW\ RI $JULFXOWXUDO 6FLHQFHV 'HSDUWPHQW RI )RUHVW *HQHWLFV5HVHDUFK1RWHV 5XRWVDODLQHQ 6 9HQlOlLQHQ 0 6HORQWHNR NXXVHQ WHVWDXVWLODQWHHVWD 0HWVlQWXWNLPXVODLWRV 0RQLVWHV 9HQlOlLQHQ 0 5XRWVDODLQHQ 6 3URFHGXUH IRU PDQDJLQJ ODUJHVFDOH SURJHQ\ WHVW GDWD D FDVH VWXG\RI6FRWVSLQHLQ)LQODQG6LOYD)HQQLFD 9HQlOlLQHQ 0 $QQDOD 0/.RVRQHQ ( 5DQWDQHQ + 7\QNN\QHQ + 3OXVPlQW\MHQ WHVWDXVWXORVUHNLVWHULMDMDORVWXVK\ W\0HWVlQWXWNLPXVODLWRNVHQWLHGRQDQWRMDV 7LHWRYHUNNROlKWHHW 1HXYRVWRQ GLUHNWLLYL (< (XURRSDQ \KWHLV MHQ YLUDOOLQHQ OHKWL V 6DDWDYLVVD KWWSHXURSDHXLQWHXUOH[SULILRMGDWOBOBILSGI>/XHWWX@

15

16 /LLWH 7\UQlYlOOH VXXQQLWHOOXQ NXXVLVLHPHQYLOMHO\NVHQ NORRQLHQ VLMDLQWLWLHGRW MD 1LNNDVHQ \P PXNDDQVLOOHPllULWHOW\Nl\WW DOXH7RGHOOLQHQNl\WW DOXHWXOHHROHPDDQMRQNLQYHUUDQSRKMRLVHPSL