)RUP 1R &&5Z *76X &&5Z *76X /XPLOLQNR 0DOOLQUR ³ VWl DONDHQ 0DOOLQUR ³ VWl DONDHQ 0DOOLQUR ³ VWl DONDHQ 0DOOLQUR ³ VWl DONDHQ .l\WW|RSDV 6XRPL 6)
6LVlOW| -RKGDQWR 7XUYDRKMHHW /XPLOLQJRQ \OHLVHW WXUYDRKMHHW 7RUR OXPLOLQJRQ WXUYDRKMHHW blQHQSDLQHHQ WDVR blQLWHKRQ WDVR 9lULQlWDVR 6\PEROLW
9DOPLVWHOXW 9$52,786 LOPDLVHH XKNDD MRVWD VDDWWDD ROOD VHXUDXNVHQD SLHQL WDL NRKWDODLQHQ WDSDWXUPD MRV VXRVLWHOOXW YDUR RKMHHW O\|GllQ ODLPLQ 7XWNL WDUNDVWL DOXH MRVVD ODLWHWWD WXOODDQ Nl\WWlPllQ MD SRLVWD NDLNNL RYLPDWRW NHONDW ODXGDW MRKGRW MD PXXW HVLQHHW /LVlNVL WlVVl Nl\WW|RKMHHVVD Nl\WHWllQ VHXUDDYDD NDKWD WHUPLl WLHWRMHQ NRURVWDPLVHNVL 7lUNHll NLLQQLWWll KXRPLRWD PHNDDQLVLLQ HULNRLVWLHWRLKLQ MD +XRPDXWXV NRURVWDD HULW\LVKXRPLRQ DQVDLWVHYLD \OHLVWLHWRMD 9DSDXWD NDLNNL N\WNLPHW MD YD
.DWVR DLQD WlUNHLWl \NVLW\LVNRKWLD WlVWl Nl\WW|RKMHHVWD MRV OXPLOLQNR DLRWDDQ YDUDVWRLGD SLWNlNVL DMDNVL 3\Vl\Wl PRRWWRUL DLQD NXQ SRLVWXW Nl\WW|SDLNDOWD HQQHQ WXNRVWHQ SRLVWDPLVWD NLHUXNNDWHUlQ WDL VLLSLS\|UlQ NRWHORVWD WDL KHLWWRVXSSLORVWD MD HQQHQ NRUMDXVWHQ VllW|MHQ WDL WDUNLVWXVWHQ WHNHPLVWl 3LGl WXUYD MD Nl\WW|RKMHNLOYHW K\YlVVl NXQQRVVD MD YDLKGD QH WDUYLWWDHVVD 9DUPLVWD HQQHQ SXKGLVWXVWD NRUMDXVWD WDL WDUNLVWXVWD HWWl NLHUXNNDWHUl VLLSLS\|Ul WDL URRWWRULQ VLLYHW MD NDLNNL OLLNNX
blQHQSDLQHHQ WDVR 6XRULWD DLQRDVWDDQ WlVVl Nl\WW|RKMHHVVD HVLWHWW\Ml NXQQRVVDSLWRWRLPLD (QQHQ NXQQRVVDSLWR KXROWR WDL VllW|WRLPLHQ VXRULWWDPLVWD VDPPXWD PRRWWRUL SRLVWD YLUWD DYDLQ MD YHGl MRKWR LUWL V\W\W\VWXOSDVWD MD SLGl VH NDXNDQD WXOSDVWD YDKLQNRNl\QQLVW\NVHQ HVWlPLVHNVL -RV WDUYLWDDQ VXXUHKNRMD NRUMDXNVLD RWD \KWH\V YDOWXXWHWWXXQ KXROWRRQ 0DOOHLVVD MD Nl\WWlMlQ NRUYDDQ NRKGLVWXX G% $ llQHQYRLPDNNXXV 0DOOLHQ MD llQHQYRLPDNNXXV G% $ 7XORNVHW SRKMDXWXYDW YDVW
3\Vl\Wl PRRWWRUL MD SRLVWD YLUWD DYDLQ HQQHQ KXROWR WDL NRUMDXVW|LGHQ WHNHPLVWl 6LQNRXWXYLD WDL OHQWlYLl HVLQHLWl ² NRNR NHKR YDDUDVVD 3\Vl\Wl PRRWWRUL MD SRLVWD YLUWD DYDLQ HQQHQ Nl\WWlMlQ SDLNDOWD SRLVWXPLVWD ² \NVLYDLKHLQHQ OXPLOLQNR 6lKN|LVNX ² VlKN|LVNXQ YDDUD 3\Vl\Wl PRRWWRUL MD SRLVWD YLUWD DYDLQ HQQHQ Nl\WWlMlQ SDLNDOWD SRLVWXPLVWD ² NDNVLYDLKHLQHQ OXPLOLQNR -DODQ NDWNHDPLQHQ WDL WDNHUWXPLQHQ ² S\|ULYl NLHUXNNDWHUl 6RUPLHQ WDL NlGHQ VLOSRXWXPLQHQ ² VLLSLS\|UlQ WHUl 6lKN|Nl\QQLVW\V .
.RQHHQ NXONXVXXQWD ² HWHHQSlLQ .\WNHQWl .RQHHQ NXONXVXXQWD ² WDDNVHSlLQ 9DSDXWXV 3llOOH Nl\QQLVW\V 5LNDVWLQ 3RLV SllOWl S\Vl\W\V 0RRWWRULQ QRSHXV NDDVX 1RSHD 9DSDD +LGDV /XPLOLQJRQ NRNRRMDNLHUXNND VLLSL S\|Ul 9lKHQQ\V OLVl\V /XNLWXV 0RRWWRULQ Nl\QQLVW\V $XNL
0RRWWRULQ S\Vl\W\V 9LSXNl\WW| /XPLOLQJRQ VXSSLORQ VXXQWD 9LSXNl\WW| .lVLV\|WW|SXPSSX Nl\QQLVW\VDSX /\LM\W|Q SROWWRDLQH .lVLV\|WW|SXPSXQ Nl\WW| 6RUPLHQ WDL N GHQ NDWNHDPLQHQ .DDVXQ Nl\WW| -DODQ NDWNHDPLQHQ 9RLPDQVLLUWRNl\WW| +LKQDQ NXONX
.RNRRQSDQR +XRPDD 0llULWl OXPLOLQJRQ YDVHQ MD RLNHD SXROL VHLVRPDOOD QRUPDDOLVVD Nl\WW|DVHQQRVVD ,UUDOOLVHW RVDW .89$86 .3/ /\K\W YlOLNDSSDOH RLNHD SXROL 3LWNl YlOLNDSSDOH YDVHQ SXROL 7\|QW|PXWWHULW 3\|UlW /XNNRSXOWLW /XNNRPXWWHULW $OXVODDWDW +HLWWRVXSSLOR 6XSSLORNDKYD YDLQ PDOOLW MD 0XRYLKRONNL .DQWDUXXYLW /XNNRPXWWHULW 6XSSLORNDPSL MD DVHQQXVNDQQDWLQ 1XSLW -RXVLDOXVODDWDW .DDSHOLQRKMDLQ .
3\|ULHQ DVHQQXV .DKYDQ DVHQQXV .llQQl OXPLOLQNR YDVHPPDOOH VLYXOOHHQ MD DVHWD SXXNDSSDOH YDVHPPDQ DNVHOLSllG\Q DOOH .XYD .DWNDLVH VLGH MRND VLWRR RKMDXVNDDSHOLQ DODNDKYDDQ $VHQQD RKMDXVSDONNL NXWHQ NXYDVVD PDOOLW MD WDL NXYDVVD PDOOLW MD P .XYD P .XYD 7\|QW|PXWWHUL 2KMDXVSDONNL
+HLWWRVXSSLORQ DVHQQXV .RKGLVWD VXSSLORQ WDNDQD ROHYD DXNNR UHQNDDQ NHVNXVDXNNRRQ .XYD 9DLQ PDOOLW MD $VHQQD OXNNRSXOWWL MD OXNNRPXWWHUL NHVNXVDXNNRMHQ OlYLWVH VLWHQ HWWl OXNNRPXWWHUL Mll XONRSXROHOOH .XYD $VHWD VXSSLORNDKYD VXSSLORUHQNDDQ SllOOH .XYD +XRPDD 6XSSLORUHQJDVWD YRLGDDQ S\|ULWWll NRNRDPLVHQ KHOSRWWDPLVHNVL $VHQQD OXNNRSXOWLW MD OXNNRPXWWHULW MlOMHOOl ROHYLHQ DXNNRMHQ OlSL VLWHQ HWWl OXNNRPXWWHULW MllYlW XONRSXROHOOH .
2KMDXVNDDSHOLQ DVHQQXV 9DLQ PDOOLW MD 9DLQ PDOOLW MD 7\|QQl RKMDXVNDDSHOLQ \OlSll RKMDXVSDONLQ NDQQDWWLPHQ DOD DXNNRRQ /LLWH NXYDVVD .XOMHWD RKMDXVNDDSHOL OXPLOLQJRQ YDVHPPDOOD SXROHOOD ROHYDQ NDDSHOLQRKMDLPHQ OlYLWVH .XYD .XYD P .XYD
+XRPDD .l\Wl SROWWRDLQHHQ VWDELORLQWL OLVlDLQHWWD NDLNNLHQ EHQVLLQLNl\WW|LVWHQ 7RUR WXRWWHLGHQ Nl\WW||Q MD VlLO\W\NVHHQ 6WDELORLQWL WDL OLVlDLQH SXKGLVWDD PRRWWRULD Nl\W|Q DLNDQD MD HVWll OLLPDPDLVWD KDUWVLD NHUllQW\PlVWl PRRWWRULLQ YDUDVWRLQQLQ DLNDQD 3ROWWRDLQHHQ VWDELORLQWL OLVlDLQHWWD WRLPLL SDUKDLWHQ WXRUHHVHHQ EHQVLLQLLQ VHNRLWHWWXQD -RV Nl\WlW 7RUR +HDY\ 'XW\ $OO 6HDVRQ WDKWL PRRWWRUL|OM\l MD VWDELORLQWLDLQHWWD SROWWRDLQHHQ VWDELORLQWL MD OLVlDLQHWWD HL WDUYLWVH OLVlWl 9$$5$ 0$+'2//
3ROWWRDLQHVlLOL|Q Wl\WWlPLQHQ EHQVLLQLQ MD |OM\Q VHRNVHOOD 1DUXNl\QQLVWLQ 3LWHOH OXPLOLQNRD WRLVHOOD NlGHOOl MD YHGl Nl\QQLVW\VQDUXVWD YRLPDNNDDVWL WRLVHOOD NlGHOOl 6lKN|Nl\QQLVW\V 7b5.(bb bOl Wl\Wl SROWWRDLQHVlLOL|Wl OLLDQ Wl\WHHQ %HQVLLQLQ MD |OM\Q VHRNVHOOD RQ ROWDYD WLODD ODDMHQWXD $ /LLWl YLUWDMRKWR OXPLOLQNRRQ MD VWDQGDUGLHQ PXNDLVHHQ YLUWDOlKWHHVHHQ 3XKGLVWD SROWWRDLQHVlLOL|Q NRUNLQ \PSlULVW| 9$52 ,UURWD SROWWRDLQHVlLOL|Q NRUNNL MD Wl\Wl SROWWRDLQHVlLOL| EHQVLLQLQ MD |OM\Q VHR
+HLWWRVXSSLORQ VllWlPLQHQ /LQNRXVYLKMHLWl 9DLQ PDOOLW MD 9$52,786 6llGl OXPLU\|S\Q VXXQWDD NllQWlPlOOl VXSSLORNDKYDD RLNHDOOH MD YDVHPPDOOH .XYD +HLWWRVXSSLORQ SllOOl ROHYD VXXQWDLPHQ NDKYD RKMDD OXPLU\|S\Q NRUNHXWWD bOl \OLNLULVWl VXSSLORQ VXXQWDLPHQ DVHQQXVOXNNRPXWWHUHLWD 0$+'2//,1(1 8+.$ .LYHW OHOXW MD PXXW YLHUDDW HVLQHHW YRLYDW MRXWXD URRWWRULQ VLLSLLQ MD VLQNRXWXD LOPDDQ 0,7b 92, 7$3$+78$ 6LQNRXWXQHHW HVLQHHW YRLYDW DLKHXWWDD YDNDYDQ WDSDWXUPDQ Nl\WWlMlOOH WDL VLYXVW
.XQQRVVDSLWR .XQQRVVDSLGRQ VXRVLWXVWDXOXNNR +XROWR NRKGH +XROWRWRLPL (QVL Nl\WW| 9XRWXL QHQ .RPPHQWWHMD .LULVWl NLULVWLPHW 7DUNLVWD HWWHLYlW NLULVWLPHW ROH O|\VlOOl .LULVWl WDUYLWWDHVVD ; ; .LULVWl NLULVWLPHW WDUYLWWDHVVD 2KMDXV NDDSHOL 7DUNLVWD RKMDXVNDDSHOL 6llGl WDUYLWWDHVVD ; ; 7DUNLVWD MD VllGl WDUYLWWDHVVD 7\|QW|OHY\ 7DUNDVWD W\|QW|OHY\ 9DLKGD WDUYLWWDHVVD ; 5RRWWRULODYDW 7DUNLVWD URRWWRULODYDW 9DLKGD WDUYLWWDHVVD ; 6\W\W\VWXOSSD 3XKGLVWD WDUNLVWD MD VllGl NlUNLYl
% /LX·XWD MRXVLVXRMXV NDDSHOLD \O|V MRWWD NDDSHOLQ VllW|ODLWH WXOHH QlN\YLLQ .XYD .XYD 7\|QW|OHY\ PP .XYD .DDSHOLQ VllW|ODLWH = OLLWlQWl +XRPDD 3LKDWLHQ WDL MDONDNl\WlYlQ NDUNHXV MD ODLWWHHQ Nl\WW|DLND PllULWWlYlW W\|QW|OHY\Q NXOXPLVDVWHHQ -RXVLVXRMXV 6DPPXWD PRRWWRUL MD RGRWD NXQQHV NDLNNL OLLNNXYDW RVDW S\VlKW\YlW & ,UURWD = OLLWlQWl NDDSHOLQ VllW|ODLWWHHVWD .XYD MD DVHWD VH XXGHOOHHQ VllW|ODLWWHHQ \Ol WDL DOD DXNNRRQ MRWWD R
5RRWWRULODSRMHQ YDLKWR ,UURWD MRKWR V\W\W\VWXOSDVWD .XYD 7DUNLVWD URRWWRULODSRMHQ NXOXPLQHQ HQQHQ MRNDLVWD Nl\WW|MDNVRD .XQ URRWWRULODYDQ UHXQD RQ NXOXQXW NXOXPLVHQLOPDLVLPHQ DXNNRRQ DVWL .XYD YDLKGD PROHPPDW URRWWRULODYDW VXRULWXVWDVRQ VlLO\WWlPLVHNVL MD OXPLOLQJRQ DODRVDQ YDXULRLWXPLVHQ HVWlPLVHNVL .XYD 6\W\W\VWXOSDQ MRKWR 7\KMHQQl SROWWRDLQHVlLOL| SROWWRDLQHHVWD .DWVR 3ROWWRDLQHVlLOL|Q W\KMHQQ\V VLYX .XYD .
7HUlQ LUURWXV /|\Vll NXXVLRNDQWDUXXYL MRND NLLQQLWWll URRWWRULSXROLVNRW NLHUXNNDWHUlQ DNVHOLNRNRRQSDQRRQ .XYD +XRPDD 7lPlQ WRLPHQSLWHHQ VXRULWWDPLVHHQ WDUYLWDDQ QUR 7 WRU[ UXXYDXVODLWHWWD /LX·XWD ODSD SRLV URRWWRULSXROLVNRMHQ YlOLVWl .XYD ,UURWD QHOMl WRU[ UXXYLD MD QHOMl OXNNRPXWWHULD MRWND SLWlYlW URRWWRULODYDQ XONRUHXQRMD NLLQQL URRWWRULQ DNVHOLNRNRRQSDQRVVD .
8XGHQ ODYDQ DVHQQXV 6llGl HOHNWURGLHQ YlOLQHQ V\W\W\VWXOSDQ UDRNVL .XYD PP 7DUNLVWD XXGHQ URRWWRULODYDQ UHXQDQ SDNVXXV .XYD -RLVVDNLQ URRWWRULODYRLVVD RQ RVDQXPHUR ODYDQ SDNVXOOD SXROHOOD PP P .XYD $VHQQD V\W\W\VWXOSSD MD NLULVWl VH 1P LLQ -RV VLQXOOD HL ROH PRPHQWWLDYDLQWD NLULVWl WXOSSD WLXNDVWL .\WNH MRKWR V\W\W\VWXOSSDDQ $VHQQD RKMDXVSDQHHOL NDQWDUXXYLHQ DYXOOD .XYD 2KXW NHUURV 3DNVX NHUURV .l\WW|KLKQDQ YDLKWR
3ROWWRDLQHVlLOL|Q W\KMHQQ\V 9HGl MRXWRNl\QQLQ KLKQDS\|Ull MD LUURWD Nl\WW|KLKQD URRWWRULQ KLKQDS\|UlVWl MDUUXYDUVLNRNRRQSDQRVWD MD PRRWWRULQ KLKQDS\|UlVWl .XYD 6DPPXWD PRRWWRUL MD RGRWD NXQQHV NDLNNL OLLNNXYDW RVDW S\VlKW\YlW ,UURWD DYDLQ N\WNLPHVWl ,UURWD SROWWRDLQHVlLOL|Q NRUNNL MD Nl\Wl SXPSSXW\\SSLVWl ODSSRD SROWWRDLQHHQ LPHPLVHHQ SXKWDDVHHQ EHQVLLQLVlLOL||Q .l\QQLVWl PRRWWRUL MD DQQD VHQ Nl\Gl NXQQHV VH RQ NXOXWWDQXW NDLNHQ VlLOL|VVl MlOMHOOl ROHYDQ SROWWRDLQHHQ MD S
9LDQHWVLQWl 7RUR RQ VXXQQLWHOOXW MD UDNHQWDQXW OXPLOLQJRQ WRLPLPDDQ KlLUL|LWWl 7DUNLVWD VHXUDDYDW RVDW MD NRKGDW KXROHOOLVHVWL MD NDWVR OLVlWLHWRMD VLYXQ .XQQRVVDSLWR RVDVWD -RV YLND HL NRUMDDQQX RWD \KWH\WWl YDOWXXWHWWXXQ KXROWRRQ 21*(/0$ 6lKN|LQHQ Nl\QQLVWLQ HL S\|UL YDLQ PDOOLW MRLVVD RQ VlKN|LQHQ Nl\QQLVW\V 0RRWWRUL HL Nl\QQLVW\ WDL Nl\QQLVW\\ YDLNHDVWL 0RRWWRUL Nl\ HSlWDVDLVHVWL 0$+'2//,6(7 6<<7 .25-$8672,0(13,'( 9LUWDMRKWR RQ LUWL SLVWRNNHHVWD WDL OXPLOLQJRVWD .\WNH YLUWDMRKWR SLV
21*(/0$ 0RRWWRUL Nl\ PXWWD OXPLOLQNR OLQNRDD OXQWD KXRQRVWL WDL HL ROOHQNDDQ /XPLOLQNR MlWWll PDDKDQ OXQWD /XPLOLQNR HL LWVHYHGl 5RRWWRULODYDW HLYlW S\VlKG\ RLNHLQ 0$+'2//,6(7 6<<7 .25-$8672,0(13,'( .lYHOHW OLLDQ QRSHDVWL WDL OLLDQ KLWDDVWL 9DLKGD NlYHO\QRSHXWWD
6lLO\W\V 0RRWWRULQ YDOPLVWHOX 7lPlQ WRLPHQSLWHHQ DYXOOD YRLW VXONHD VHNl PRRWWRULQ LPX HWWl SDNRSRUWLW MROORLQ V\OLQWHULQ NHVNXV HL UXRVWX 7b5.(bb 6lLO\Wl OXPLOLQNRD WRLPLQWD DVHQQRVVDDQ S\|ULHQVl SllOOl /XPLOLQJRQ VlLO\WWlPLQHQ RPDQ NRWHORQVD SllOOl VDDWWDD YDLNHXWWDD Nl\QQLVW\VWl 9HGl KLWDDVWL QDUXNl\QQLVWLQWl NXQQHV WXQQHW YDVWDSDLQHHQ 9DSDXWD Nl\QQLVWLPHQ NLUH\V KLWDDVWL MRWWD PRRWWRUL HL OlKGH SDLQHHQ YRLPDVWD SHUXXWWDPDDQ 9$52,786 0$+'2//,1(1 8+.$ %HQVLLQLKXXUXW RYDW K\YLQ WXOH