)RUP 1R FP µ 5HF\FOHU9 ,WVHYHWlYl UXRKRQOHLNNXUL 0DOOLQUR DONDHQ ³ 0DOOLQUR DONDHQ ³ .l\WWlMlQ RSDV 6XRPL ),
6LVlOW| 6LVlOW| -RKGDQWR 7XUYDRKMHHW 5XRKRQOHLNNXULQ \OHLVHW WXUYDRKMHHW blQHQSDLQH blQLWHKR 9lUlKWHO\Q WDVR
+(1*(19$$5$ LOPDLVHH HULWWlLQ YDNDYDD XKNDD MRVWD RQ VHXUDXNVHQD YDNDYD WDSDWXUPD WDL MRSD NXROHPD MRV VXRVLWHOWXMD YDUR RKMHLWD HL QRXGDWHWD bOl OHLNNDD UXRKRD MRV LKPLVLl MD YDUVLQNLQ ODSVLD WDL OHPPLNNLHOlLPLl RQ OlKLVW|OOl 3\Vl\Wl UXRKRQOHLNNXUL MRV MRNX WXOHH OlKHOOH 9$$5$ LOPDLVHH XKNDD MRVWD VDDWWDD ROOD VHXUDXNVHQD YDNDYD WDSDWXUPD WDL MRSD NXROHPD MRV VXRVLWHOWXMD YDUR RKMHLWD HL QRXGDWHWD 9DNDYLD RQQHWWRPXXNVLD YRL VDWWXD MRV Nl\WWlMl HL ROH YDOSSDDQD ODVWHQ OlVQlROOHVVD 5XRKRQOHL
bOl ODLWD NlVLl WDL MDONRMD S\|ULYLHQ RVLHQ OlKHOOH WDL DOOH bOl PLOORLQNDDQ PHQH KHLWWRDXNRQ HWHHQ 7DUNLVWD DLQD HQQHQ Nl\WW|l VLOPlPllUlLVHVWL HWWl WHUlW WHULHQ SXOWLW MD LWVH OHLNNXUL HLYlW ROH NXOXQHHW WDL YDXULRLWXQHHW 9DLKGD NXOXQHHW WDL YDXULRLWXQHHW WHUlW MD SXOWLW NRNRQDLVHQD VDUMDQD MRWWD WDVDSDLQR VlLO\\ bOl PLOORLQNDDQ QRVWD UXRKRQOHLNNXULD PDDVWD WDL NDQQD VLWl NXQ PRRWWRUL RQ Nl\QQLVVl 2OH PRQLWHUlLVLl NRQHLWD NlVLWHOOHVVlVL YDURYDLQHQ VLOOl \KGHQ WHUlQ S\|ULWWlPLQHQ YRL V
5XRKRQOHLNNXULQ WHUlW RYDW WHUlYLl MD YRLYDW DLKHXWWDD KDDYRMD .llUL WHUl W NDQNDDVHHQ WDL Nl\Wl NlVLQHLWl MD QRXGDWD HULW\LVWl YDURYDLVXXWWD WHULHQ KXROORVVD $QQD PRRWWRULQ MllKW\l HQQHQ NXLQ YLHW VHQ VlLO\W\NVHHQ VXOMHWWXXQ WLODDQ 3LGl PRRWWRUL llQHQYDLPHQQLQ DNNXWLOD MD EHQVLLQLQ VlLO\W\VWLOD SXKWDDQD UXRKRVWD OHKGLVWl WDL \OLPllUlLVHVWl UDVYDVWD WXOLSDORYDDUDQ YlKHQWlPLVHNVL bOl PXXWD PRRWWRULQ NHVNLSDNRVllWLPHQ DVHWXNVLD WDL Nl\Wl PRRWWRULD \OLNLHUURNVLOOD 9DLKGD NXOXQHHW WDL YDXUL
3\V\ WXUYDOOLVHQ PDWNDQ SllVVl NRQHHVWD gOM\ 3\V\ WXUYDOOLVHQ PDWNDQ SllVVl UXRKRQOHLNNXULVWD 3llOOl Nl\QQLVVl 6LQNRXWXYLD WDL OHQWlYLl HVLQHLWl ³ NRNR NHKR YDDUDVVD .\WNHQWl 6LQNRXWXYLD WDL OHQWlYLl HVLQHLWl ³ S\|ULYl VLYXNLLQQLWWHLQHQ UXRKRQOHLNNXUL 3LGl UXRKRQRKMDLPHQ VXRMXV SDLNRLOODDQ 9DSDXWXV 3\Vl\Wl PRRWWRUL HQQHQ NXLQ SRLVWXW Nl\WWlMlQ SDLNDOWD $NXQ ODWDXV .l\QWLWXQWLPLWWDUL NXOXQHHW Nl\QWLWXQQLW 3ROWWRDLQH 1RSHD 9DSDD +LGDV YDLKGH 9lKHQQ\V OLVl\V YDLKGH
5DVYDXVNRKWD YDLKGH 0RRWWRULQ Nl\QQLVW\V /HLNNDDYD RVD ³ SHUXVPHUNLQWl 0RRWWRULQ VDPPXWXV /HLNNDDYD RVD ³ NRUNHXGHQ VllW| 5LNDVWLQ .llQQl DYDLQWD YLUWDOXNRVVD .lVLV\|WW|SXPSSX DXWWDD Nl\QQLVW\NVHVVl /LLNNHHQ RKMDXV 3DLQD NlVLV\|WW|SXPSSXD NROPH NHUWDD 9HGl QDUXVWD +lYLWl DNXW DVLDQPXNDLVHVWL 3\|Ul 7\|QQl DYDLQ YLUWDOXNNRRQ 3\|UlYHWR
.RNRRQSDQR +XRPDD 0llULWl UXRKRQOHLNNXULQ YDVHQ MD RLNHD SXROL VHLVRPDOOD QRUPDDOLVVD Nl\WW|DVHQQRVVD 5XRKRQOHLNNXULSDNNDXNVHQ DYDDPLQHQ 7\|QQl \OlNDKYDQ SllW DODNDKYDQ SllOOH VLWHQ HWWl NDKYRMHQ SllW PHQHYlW VLVlNNlLQ NXYD 7b5.(bb 2OH HULWWlLQ YDURYDLQHQ DYDWHVVDVL SDNNDXVWD MD NlVLWHOOHVVlVL UXRKRQOHLNNXULD MD \OlNDKYDD MRWWD YDLMHULW HLYlW YHQ\ Mll SXULVWXNVLLQ WDL YDXULRLGX 3RLVWD Wl\WWHHW ODDWLNRVWD MD MlWl NDKYDQ \OlRVD QRMDDPDDQ UXRKRQOHLNNXULQ \OlRVDD YDVWHQ 2WD UXRKR
+HLWWRVXSSLORQ SHLWLQNDQQHQ DVHQQXV 3llVWl KHLWWROXXNXQ NDKYDVWD LUWL MROORLQ SHLWLQNDQQHQ \OlRVD OXNLWWXX SDLNDOOHHQ .DQQHQ LUURWXV 3\Vl\Wl PRRWWRUL MD RGRWD HWWl NDLNNL OLLNNXYDW RVDW S\VlKW\YlW $ 6LLUUl KHLWWROXXNXQ NDKYDD WDDNVHSlLQ MD NRKRWD VDPDOOD MRXVLSLGLNHWWl SHLWLQNDQQHQ DODRVDVWD $YDD KHLWWROXXNNX VLLUWlPlOOl VHQ NDKYDD WDDNVHSlLQ NXYD % .XQ SHLWLQNDQVL RQ DXNL SRLVWD VH KHLWWRVXSSLORVWD $NXQ DVHQQXV 9DLQ VlKN|Nl\QQLVWLQPDOOLW 3RLVWD DNNX SDNNDXNVHVWDDQ
.l\QQLVW\VYDOPLVWHOXW 7b5.(bb bOl OLVll NDPSLNDPPLRRQ OLLNDD |OM\l MD Nl\Wl PRRWWRULD VLOOl VHXUDXNVHQD YRL ROOD PRRWWRULYDXULR 7\KMHQQl OLLND|OM\ SRLV NXQQHV PLWWDWLNXQ |OM\QSLQWD RQ )XOO PHUNLVVl gOM\Q OLVllPLQHQ NDPSLNDPPLRRQ 7\|QQl PLWWDWLNNX Wl\WW|DXNNRRQ MD NLHUUl NRUNNLD P\|WlSlLYllQ NLHUURVWD .DPSLNDPPLRRQ PDKWXX OLWUDD XQVVLD |OM\l .l\Wl YDLQ NRUNHDODDWXLVWD 6$( WDL : |OM\l MROOD RQ $3, $PHULFDQ 3HWUROHXP ,QVWLWXWH ´KXROWROXRNLWXVµ ³ 6) 6* 6+ WDL 6- %HQVLLQLWD
3XKGLVWD EHQVLLQLWDQNLQ NRUNLQ \PSlULVW| NXYD 9$$5$ 0$+'2//,1(1 8+.$ 3ROWWRDLQHWWD RWHWWDHVVD YRL WLHW\LVVl RORLVVD V\QW\l VWDDWWLVWD VlKN|l MRND V\W\WWll EHQVLLQLQ 0,7b 92, 7$3$+78$ %HQVLLQLQ DLKHXWWDPDVWD WXOLSDORVWD WDL UlMlKG\NVHVWl YRL WXOOD SDORYDPPRMD MD RPDLVXXVYDKLQNRMD P .XYD 8+.$1 9b/77b0,1(1 /DLWD DLQD EHQVLLQLDVWLDW PDDKDQ SRLV DMRQHXYRVWD HQQHQ WDQNNDDPLVWD bOl Wl\Wl EHQVLLQLDVWLRLWD DMRQHXYRQ VLVlOOl WDL NXRUPD DXWRQ WDL SHUlYDXQXQ ODYDOOD VLOOl VLVlP
0RRWWRULQ Nl\QQLVW\V +XRPDD -RV PRRWWRUL HL Nl\QQLVW\ NROPHOOD \ULW\NVHOOl WRLVWD NRKGDW $VHQQD V\W\W\VWXOSDQ MRKWR SDLNDOOHHQ 0RRWWRULQ S\Vl\W\V 3DLQD NlVLV\|WW|SXPSSXD NROPH NHUWDD MD RGRWD NDNVL VHNXQWLD NXQNLQ SDLQDOOXNVHQ YlOLVVl NXYD 3llVWl WHUlQ KDOOLQWDVDQJDVWD LUWL 6HNl PRRWWRULQ HWWl WHUlQ WXOHH S\VlKW\l -RV QH HLYlW S\VlKG\ NXQQROOD RWD \KWH\V YDOWXXWHWWXXQ KXROWRRQ +XRPDD -RV OlPS|WLOD RQ E& E) WDL DOOH SDLQD NlVLV\|WW|SXPSSXD YLLVL NHUWDD MD RGRWD NDNVL VHNX
6LLUUl UXRKRQOHLNNXUL QXUPLNROOH HQQHQ PRRWWRULQ Nl\QQLVWlPLVWl /RSHWD UXRKRQOHLNNXULQ VLLUWR NXQ YDVHPPDVVD WDNDS\|UlVVl ROHYDQ 6PDUW:KHHOZ NXYLRQ NLUMDLPHW RYDW S\VW\VVl NXYD 9HUWDD UXRKRQ NlUNLl S\|UlVVl ROHYLLQ NLUMDLPLLQ 6PDUW :KHHO NXYLRQ DYXOOD NXYD 5XRKRQOHKWLHQ NlUNLl YDVWDDYD 6PDUW:KHHO NXYLRQ NLUMDLQ RQ RLNHD OHLNNXXNRUNHXV ( '& % $ 3DLQD UXRKRQOHLNNXULQ OHLNNXXNRUNHXGHQ YLSXD S\|Ull NRKWL MD VLLUUl VH UXRKRQOHLNNXULNRWHORVVD ROHYDQ YDVWDDYDQ NLUMDLPHQ NRKGDOOH NXY
5XRKRQNRNRRMDQ Nl\WW| -RVNXV UXRKRQNRNRRMDQ Nl\WW| YRL ROOD WDUSHHQ SLWNlQ MD UHKHYlQ UXRKRQ WDL OHKWLHQ NHUXXVHHQ 5XRKRQNRNRRMDQ DVHQQXV 3\Vl\Wl PRRWWRUL MD RGRWD HWWl NDLNNL OLLNNXYDW RVDW S\VlKW\YlW 9DUPLVWD HWWl KHLWWROXXNXQ NDKYD RQ NRNRQDDQ HGHVVl MD HWWl WDSSL NRVNHWWDD VDOSDD NXYD .XYD 7DSSL OXNLWWXQD NRNRRMDQ ORYHHQ 5XRKRQOHLNNXULQ NRWHORQ KHLWWROXXNNX RQ Q\W DXNL 5XRKRQOHLNNXX UXRKRQNRNRRMDOOD 9$$5$ 0$+'2//,1(1 8+.$ .
9$$5$ /HLNNDD YDLQ NXLYDD UXRKRD WDL OHKWLl 0lUNl UXRKR MD PlUlW OHKGHW PXRGRVWDYDW OlMLl QXUPLNROOH MD QH YRLYDW WXNNLD UXRKRQOHLNNXULQ WDL VDPPXWWDD PRRWWRULQ 0$+'2//,1(1 8+.$ (VLQHLWl YRL VLQNRXWXD LOPDDQ MRV KHLWWROXXNNX HL VXONHXGX Wl\VLQ 9$52,786 0,7b 92, 7$3$+78$ 6LQNRXWXQHHW HVLQHHW YRLYDW DLKHXWWDD YDNDYDQ WDSDWXUPDQ WDL KHQJHQYDDUDQ 0$+'2//,1(1 9$$5$ 0lUlOOl UXRKROOD WDL PlUNLHQ OHKWLHQ SllOOl YRLW OLXNDVWXD MD RVXD WHUllQ 8+.
$VHWD HWXS\|ULHQ OHLNNXXNRUNHXV \KWl S\NlOll DOHPPDNVL NXLQ WDNDS\|ULVVl 6llGl HVLPHUNLNVL HWXS\|UlW & S\NlOllQ MD WDNDS\|UlW ' S\NlOllQ -RV QXUPLNROOD RQ HQHPPlQ NXLQ FP µ OHKWLl DVHWD HWXS\|UlW \KWl WDL NDKWD S\NlOll WDNDS\|ULl NRUNHDPPDOOH 1lLQ OHKGHW PHQHYlW KHOSRPPLQ UXRKRQOHLNNXULQ DOOH /HKWLHQ VLOSSXDPLQHQ +LGDVWD OHLNNXXQRSHXWWD MRV UXRKRQOHLNNXUL HL VLOSSXD OHKWLl ULLWWlYlVWL 9DUPLVWD QXUPLNRQOHLNNXXQ MlONHHQ HWWl SXROHW QXUPLNRVWD QlN\\ VLOSXWXQ OHKWLSHLWWHHQ DOWD 9RLW MRX
+XROWRNRKGH $LQD HQQHQ WXQQLQ Nl\WW|l YlOHLQ +XROWRWRLPL WXQQLQ YlOHLQ WXQQLQ YlOHLQ WXQQLQ YlOHLQ 7HUlMDUUX 7DUNDVWD S\VlKW\PLVDLND Nl\WW|WXQQLQ YlOHLQ WDL HQQHQ OHLNNXXNDXWWD 7HUlQ Wl\W\\ S\VlKW\l NROPHVVD VHNXQQLVVD VDQJDQ YDSDXWWDPLVHQ MlONHHQ -RV VH HL S\VlKG\ NRUMDXWD VH YDOWXXWHWXVVD KXROORVVD ; 9HWRODLWH 6llGl YDLMHUL MD UDVYDD WDNDNRUNHXGHQ VllW|NDQQDWWLPHW ; 3ROWWRDLQHMlUMHV WHOPl 7DUNDVWD YXRWRMHQ MD WDL KHLNHQW\QHHQ SROWWRDLQHOHWNXQ YDUDOWD 9DLKGD RVDW WDUYLWWD
+XRPDD 9DLKGD |OM\ Nl\WW|WXQQLQ YlOHLQ NXQ UXRKRQOHLNNXULD NXRUPLWHWDDQ NRYDVWL WDL OlPS|WLOD RQ NRUNHD -RV UXRKRQOHLNNXULVVD RQ UXRKRQNRNRRMD VXOMH UXRKRQOHLNNXULQ NRWHORQ OXXNNX MD SRLVWD NRNRRMD 7\KMHQQl EHQVLLQL WDQNLVWD NDWVR %HQVLLQLWDQNLQ W\KMHQQ\V VLYXOWD ,UURWD V\W\W\VWXOSDQ MRKWR NXYD .XYD 3RLVWD DYDLQ VlKN|Nl\QQLVWLPHOOl YDUXVWHWXQ PDOOLQ YLUWDOXNRVWD 9DVWLQSDODW 3RLVWD PLWWDWLNNX |OM\QWl\WW|SXWNHVWD MD ODLWD W\KMHQQ\VDVWLD UXRKRQOHLNNXULQ YLHU
-RV UXRKRQOHLNNXULQ DODSLQWDDQ RQ NHUW\Q\W NRYDVWL UXRKRD WRLPL VHXUDDYDVWL /LLWl V\W\W\VWXOSDQ MRKWR SDLNDOOHHQ .LLQQLWl OHWNX SHVXOLLWWLPHHQ ,OPDQVXRGDWWLPHQ KXROWR $YDD YHGHQWXOR Wl\VLOOH 3XKGLVWD LOPDQVXRGDWLQ NHUUDQ OHLNNXXNDXGHOOD WDL Nl\WW|WXQQLQ YlOHLQ 3XKGLVWD WDL YDLKGD SDSHUL HOHPHQWWL Nl\WW|WXQQLQ YlOHLQ WDL MRND NHVl MD XVHDPPLQ S|O\LVLVVl WDL OLNDLVLVVD RORLVVD .l\QQLVWl UXRKRQOHLNNXUL MD DQQD VHQ Nl\Gl NDNVL PLQXXWWLD 3\Vl\Wl PRRWWRUL MD RGRWD HWWl NDLNNL
/HLNNXXWHUlQ NXQQRVVDSLWR .l\Wl DLQD WHUlYll WHUll MRND OHLNNDD VLLVWLVWL UHSLPlWWl WDL VLOSRPDWWD UXRKRQOHKWLl W\OVlQ WHUlQ WDYRLQ $ 7\KMHQQl EHQVLLQLWDQNNL NDWVR NRKGDW MDNVRVWD %HQVLLQLWDQNLQ W\KMHQQ\V VLYXOWD % ,UURWD V\W\W\VWXOSDQ MRKWR NXYD -RV UXRKRQOHLNNXULVVD RQ UXRKRQNRNRRMD VXOMH UXRKRQOHLNNXULQ NRWHORQ OXXNNX MD SRLVWD NRNRRMD .DOOLVWD UXRKRQOHLNNXUL YDVHPPDOOH N\OMHOOHHQ NXYD & 7b5.
7HUlQ WHURLWXV 9LLODD WHUlQ \OlSXROL VHQ DONXSHUlLVHQ OHLNNXXNXOPDQ VlLO\WWlPLVHNVL NXYD 7HUl S\V\\ WDVDSDLQRVVD MRV SRLVWDW VDPDQ PllUlQ DLQHWWD PROHPPLVWD OHLNNXXVlUPLVWl P .XYD 9DLMHULQ YDLSSD 0XWWHUL 9DLMHULQ WXNL
/DLWD NlVLNl\WW|LQHQ UDVYDSXPSSX NXKXQNLQ QLSSDDQ MD SXPSSDD QLLKLQ NHY\HVWL SDUL NHUWDD OLWLXPSRKMDLVWD \OHLVUDVYDD QUR PP µ 7b5.(bb
$NXQ ODWDXV 6XODNNHHQ YDLKWR 9DLQ VlKN|Nl\QQLVWLPHOOl YDUXVWHWXW PDOOLW 9DLQ VlKN|Nl\QQLVWLPHOOl YDUXVWHWXW PDOOLW /DWDD XXWWD DNNXD WXQWLD \KWlMDNVRLVHVWL MRWWD VH YDUDXWXX Wl\WHHQ /DWDD DNNX HQQHQ SLWNLl YDUDVWRLQWLMDNVRMD MD QLLGHQ MlONHHQ 1RUPDDOLQ Nl\W|Q DLNDQD PRRWWRULQ ODWXUL SLWll DNXQ ODGDWWXQD 6XODNH VXRMDD VlKN|MlUMHVWHOPlQ ODWDXVSLLULl -RV DNNX HL S\V\ ODWDXNVHVVD VXODNH VDDWWDD ROOD SDODQXW .l\Wl $ Q OLLWLQW\\SSLVWl VXODNHWWD ,UURWD SDODQXW VXODNH MD KHLWl VH SRLV 3\Vl
9LDQHWVLQWl 7RUR RQ VXXQQLWHOOXW MD YDOPLVWDQXW UXRKRQOHLNNXULQ VLWHQ HWWl VH WRLPLVL PRLWWHHWWRPDVWL 7DUNDVWD VHXUDDYDW RVDW MD NRKGDW KXROHOOLVHVWL -RV RQJHOPD MDWNXX RWD \KWH\V YDOWXXWHWWXXQ KXROWRRQ 2QJHOPD 0RRWWRUL HL Nl\QQLVW\ \ \ .RUMDXVWRLPL 7l\Wl EHQVLLQLWDQNNL WXRUHHOOD EHQVLLQLOOl 6LLUUl NDDVXYLSX DVHQWRRQ QRSHD 3DLQD NlVLV\|WW|SXPSSXD NROPH NHUWDD 6\W\W\VWXOSSD /LLWl V\W\W\VWXOSDQ MRKWR SDLNDOOHHQ 3XKGLVWD V\W\W\VWXOSSD WDUNDVWD VHQ NlUNLYlOL MD YDLKGD WXOSSD MRV VH RQ YD
6lLO\W\V $VHQQD V\W\W\VWXOSSD PXWWD lOl OLLWl MRKWRD V\W\W\VWXOSSDDQ 9DOPLVWHOH UXRKRQOHLNNXUL VlLO\W\VWl YDUWHQ NDXGHQ SllWWHHNVL WHNHPlOOl VXRVLWHOOXW NXQQRVVDSLWRWRLPHW .DWVR .XQQRVVDSLWR VLYXOWD
.l\WW||QRWWR YDUDVWRLQQLQ MlONHHQ 1RVWD \OlNDKYD YDURYDVWL \O|V NXQQHV VH PHQHH VLVlNNlLQ DODNDKYDQ NDQVVD MD NLULVWl UXXYLHQ YDVWDNDSSDOHHW 7b5.(bb 2OH K\YLQ YDURYDLQHQ WDLWWDHVVDVL NDKYDD DXNL MRWWHW YHQ\Wl YDLMHUHLWD WDL MlWl QLLWl SXULVWXNVLLQ WDL YDXULRLWD QLLWl PLOOllQ WDYDOOD 7DUNDVWD MD NLULVWl NDLNNL NLLQQLWWLPHW ,UURWD V\W\W\VWXOSSD NXYD MD S\|ULWl PRRWWRULD QRSHDVWL Nl\QQLVWLQQDUXVWD MRWWD \OLPllUlLQHQ |OM\ SRLVWXX V\OLQWHULVWl 3XKGLVWD V\W\W\VWXOSSD WDL YDLKGD VH MRV VH RQ