6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
%25$1=(1*ò1   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCbBdD aCbDDBCcCCBDABEEdDCACEEEDcCeDe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO ACAEDDeACCcCCEcCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAEbaBDeBeAD Bcd
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ bDBbeaeEaB cAdeab de .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
)$70$.,=,/.$<$   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EdEDCdBd aCADDBCBCCBDABdEbDbdCEEEbaCdDA
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO cE D C ACCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAE CBDcBDAD BAcEEE A B CDcCCDDbC
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ bD c ebBBdDA eCAcEe .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
)$=ò/(7   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
0DWHPDWLN         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
*HRPHWUL         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
7<70DWHPDWLN         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
7RSODP         7<70DWHPDWLN

0DWHPDWLN 6 ' < %

6RUX1R 1234567890123456789012345678901234567890 2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
.¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
7<77¾UN©H DEda ad a BC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB 0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    

7HNYH‰LIW6D\óODU    

7<70DWHPDWLN B CD %¸O¾QHELOPH.XUDOODUó    
6D\ó%DVDPDNODUó    
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC .¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    
$VDO‰DUSDQODUD$\óUPD    
)RQNVL\RQ*UDILNOHUL    

)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    
 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    

0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    

 <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
 *UDILN3UREOHPOHUL    
7ž5 0$7 *(2 <Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
˜áU 6óQóI .XUXP òO©H òO *HQHO
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
+ò/$//08<$1   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEAEBCba DbdD BDCCBCDBBADCEdAaEeEECeDA e
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A D aC CADCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN E AD aB BB D A A B C cCDC D
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ c B eadde BCAeedb c .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
+ž6(<ò1‰ò‰.   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DaeEBCbBAD EbAcDCdcCbBdADaEaACECEdedDAbd
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EAC Aa b CEcCbDB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EB e a D DCB C
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ b aEe .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
0(61$.ž3‰ž.   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCABBDeaCADDcCBbCBDABdECDbACEEdbeCADA
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO ACeE ceAbCbCCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAECCBDBBDADABA E CAA CaaCC
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ cDBDDBCEBBBcACDeccEC .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
0ò0$56ò1$1   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H bdEDCbBB aCcDDBCBdCBaAdbEeDCACEEEDeCdDA
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A cE C CCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN B e
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ d beB eC Ee .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
086$8/$6   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H Ee
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO Aa E e caC CEDdA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAECCBDeBb DABcdbEc AeB c B b
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ b .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
6$0ò<868)&$1*ò5   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEAEBCb D EDABD bcaDBBADCEEAaEeEECADADe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EACA DA CCC DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBADCdB BB AD E E
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ cA eadd c d e B .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
6(5+$7*˜1ž/'$Ġ   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCABdD aCADDBCBCCBcABdECDCACEEEDeCeDA
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO cCAEDD eCCACCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAECacDaB cD BAabEaCdcd BaBcDCCDcaC DC
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ ADBae dbeBdDACD AedC .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
ž/+$1,0   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EdEDC Ba b ADDcCBbCBDABEEdDCACEEEDBCADA
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A CCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN aAE C D B D B E b B D
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ c be .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
0(+0(78   0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EddcCABd aCbDeBCdCCBadBEcCDeACEdEbcCeee
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO ACcdDD bCC CCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAEabd eB D BAEbE e BbB CD b
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ c eb D bB C .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
%85+$1'  $ 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEAEBCAB CEDABDCCBC BeADbE ACECEECADADa
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO E CADcA CCCADCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBA a B B DA CD
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ AB eCBEB DCCcEB .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
(/9$1˜=(5  $ 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
0DWHPDWLN         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
*HRPHWUL         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
7<70DWHPDWLN         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
7RSODP         7<70DWHPDWLN

0DWHPDWLN 6 ' < %

6RUX1R 1234567890123456789012345678901234567890 2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
.¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
7<77¾UN©H EAbDCABBD aCADDaCBbCBaAeaECD žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA 0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    

7HNYH‰LIW6D\óODU    

7<70DWHPDWLN BAECCBDBB AD B EEE c DCCDbCC %¸O¾QHELOPH.XUDOODUó    

6D\ó%DVDPDNODUó    
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB .¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    
$VDO‰DUSDQODUD$\óUPD    
)RQNVL\RQ*UDILNOHUL    

)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    
 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    

0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    

 <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
 *UDILN3UREOHPOHUL    
7ž5 0$7 *(2 <Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
˜áU 6óQóI .XUXP òO©H òO *HQHO
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
*ž/1$=%$5$1  $ 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H aeEDCbBa dCADDBbBCCBcABEceDCACEEdDeCdDd
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO C dcD CC CCEDCEDBb $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAECCBDeBeAD BAEEEE AeB BdBaDCCD CCD CB
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ EBBdbACeaAcEC .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
ò%2˜=7  $ 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEeEBCAB D eABDCCBCDBBADbEEACECEECADAD
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EACAcb BCbC DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBAD CBDBBBAD EAEA EEBBcdBa CB D
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ cA CBdB CAeC c .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=

˜áUHQFL 1XPDUD 6óQóI

.(5ò0  $

3XDQ *HQHO 'HUHFHOHU

3XDQ
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO

1HWOHU©RNG¾ġ¾NROGXáXL©LQKHUKDQJLELUSXDQKHVDSODQPDPóġWóU

.DWóOóPODU     

%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW
 2UW 2UW 2UW

7RSODP        

6RUX1R
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
0(59(‰$.$5  $ 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
7RSODP        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
6RUX1R 1234567890123456789012345678901234567890
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
7<77¾UN©H DcAEBCAdADCae BDCCa eBeAcCEEdCECbECeDA
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO C C DC ECADB 'LQ.¾OYH$KO%LO 6 ' < %
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7<70DWHPDWLN d d b
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
)HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    

$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    

6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
 06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    

7<70DWHPDWLN
 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    

.¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
˜áU 6óQóI .XUXP *HQHO 0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
%¸O¾QHELOPH.XUDOODUó    
6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    
$VDO‰DUSDQODUD$\óUPD    
)RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    
3HUP¾WDV\RQ    
%DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
<¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
085$7  $ 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAED dBB dbDaBCBdCBcAdaEdcaACEEEbdCADe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO CbE aAdCbCCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAE aBDa D bd cCBBDC D
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ ce a DAae Ee .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
52-ò1(5(1  $ 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DdAEBCABe CdebBDCCeaDBeAcbEdACECEECADAba
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EA e CbC DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN E AD CB B BAD AEc b BBbB DC CD B
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ Dc a e BEBb aADCC dc .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
=(<1(3‰$%8.  $ 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H D AEBCe e BD CBCbBeADdEdACECEECADd
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO E ADb bC DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN E DeaB BB e c ABB C
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ A BE dADeC Ec .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=

˜áUHQFL 1XPDUD 6óQóI

 %

3XDQ *HQHO 'HUHFHOHU

3XDQ
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO

1HWOHU©RNG¾ġ¾NROGXáXL©LQKHUKDQJLELUSXDQKHVDSODQPDPóġWóU

.DWóOóPODU     

%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW
 2UW 2UW 2UW

7RSODP        

6RUX1R
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
%ò5+$7*˜.$/3  % 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DdeEBCA AabdDABDaCBCbcBAcaEaAbECEECADebe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EcCADDeadbd DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EB D eB BaB Dcd cd dd dB DC Eb
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ Dbce C deDdbAeebAEc .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
%85$.7  % 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEdEBCAd DCEDABDCCBCaBeADdEEACECEECADdDc
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EACAcDedCbCADCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBAD DBBBAD adE EE A B aCDCDDCCa
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ DABdDeeeEBD CAee .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
(1185˜=‰(/ò.  % 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCeBBD CbDDcC dCBDABEEbbCcCEEE CeDe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A A De beACCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAEC BDeB AD BAE E A aB CD C
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ AaeDcBCb B cACeC ccd .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
+$9ò1(562<  % 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEAEBCABADCaDbBDCCBCDBBADdEEACECEECADADe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO Ec Aa c bCADCEECAD $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBAD CBDaBBAD EA E BB CD D
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ A B cCBEB daA CCAEc .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
08+$00('$7/$0(5  % 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAdDCABdDbaCADDBCBCCBDdBdEdDeACEEEDBCADe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO ACAEDDBc CbCCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAECbBDeBDADAadbaEEacdBBBaBBDCCDaCCaDCCB
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ caBDeBedBBcDAaDCAcce .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=

˜áUHQFL 1XPDUD 6óQóI

1$5ò1$.62<  %

3XDQ *HQHO 'HUHFHOHU

3XDQ
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO

1HWOHU©RNG¾ġ¾NROGXáXL©LQKHUKDQJLELUSXDQKHVDSODQPDPóġWóU

.DWóOóPODU     

%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW
 2UW 2UW 2UW

7RSODP        

6RUX1R
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=

˜áUHQFL 1XPDUD 6óQóI

7+(35ò1&(  %

3XDQ *HQHO 'HUHFHOHU

3XDQ
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO

1HWOHU©RNG¾ġ¾NROGXáXL©LQKHUKDQJLELUSXDQKHVDSODQPDPóġWóU

.DWóOóPODU     

%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW
 2UW 2UW 2UW

7RSODP        

6RUX1R
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
7</(5%(5.$<&  % 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEdEBCAdbDCaDABDCCBCaBeADCEdACECEECADeDB
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EACADDbBCbCcDCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBAcCCBDBBBADAadEc EEBedBBCDCBcCDCDaCCBC
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ DbBdDeeeEBDBCAeCCbEc .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
=(<1(3˜*0(1  % 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DdAEBCdB D dDAcDCCBCDBeADCEEcCE EECe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO E ECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN E C BB A B
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ c ba C .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
$%'855$+0$1(578à  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCAB A DBeBCCBDABEECDbACdEED CADA
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A cEDDB bCbCCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN B d D b
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ bDe DBCEBB D dDCAcEe .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
$=5$7(.ò1  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H dAcDCABBDAEaAeeBCBCCeDAdEE cCACEEE eCADb
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO AC EcD bCCACCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN E d c Bb
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ b b C .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
%$5$1<  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DbdEBCAd aaDbBDCCBCDBBAcCEbACECEECdDAeB
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EACADD BCCC DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBAD BD BBADA
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ DcB eeabc ddee .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
%85$.<,/',5,0  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCABdD aCbDDBCBCCBDA EECDCACEEE BCADe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A AEDDB CACCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAECCBDBBDADABAEEEECAbBBBCBBDCCDcCCbDCCB
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ ccBDee EBeBDAC CAaEC .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
%žĠ5$<$1$1(5  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
7RSODP        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
6RUX1R 1234567890123456789012345678901234567890
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
7<77¾UN©H DEAEBC B b DbBDCCBCDBdAcCEadbECEECdDe
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO C DCEECADB 'LQ.¾OYH$KO%LO 6 ' < %
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7<70DWHPDWLN E BB D B DC C
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
)HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    

$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    

6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
 06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    

7<70DWHPDWLN
 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    

.¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
˜áU 6óQóI .XUXP *HQHO 0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
%¸O¾QHELOPH.XUDOODUó    
6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    
$VDO‰DUSDQODUD$\óUPD    
)RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    
3HUP¾WDV\RQ    
%DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
<¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
'ò/$1%$<'$1  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDdAB D aCbDDBeBCbBDAdEEbDbdCEEEDeCADb
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO ACAEec bCcCCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAE aBDe A B AB B cCeD CC
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ c ad c ee dC .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
(/ò)<,/0$=  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
7RSODP        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
6RUX1R 1234567890123456789012345678901234567890
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
7<77¾UN©H bEAaBC deABDdCBCDBdADdEEACECEEC Db
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO E c C DCEECADB 'LQ.¾OYH$KO%LO 6 ' < %
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7<70DWHPDWLN EBADCbB BA CcE B BB D
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
)HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    

$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    

6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
 06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    

7<70DWHPDWLN
 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    

.¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
˜áU 6óQóI .XUXP *HQHO 0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
%¸O¾QHELOPH.XUDOODUó    
6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    
$VDO‰DUSDQODUD$\óUPD    
)RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    
3HUP¾WDV\RQ    
%DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
<¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
(65$(6.2  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H E EbCABB aC DDBCBCCBbAdEEeDCACEEEccCeDe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO D CCbCCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAECaBDcB AD B aE A BB BB
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ bc e eaeBdcbaeCd EC .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
(=(/‰$.$5  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEeCABBDAaabDDBCBbCBDABdECDCACEEEDeCADA
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO e AE bCEDCED A $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAEbCBDBBDAD B EEE AeBe B DCCD
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ Ab D CbBB A DC de .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
ò5(0.$/)$  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H D AEBCbB CaDABDCbB cBBADCEEACECEECADADe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A A b DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EB DCaaDBB AD E EA EBB BB B
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ bA D CBbB D Ce B .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
08+$00('681$  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEAEBCbB eaebBbCbcCDBBADCEdAebCaECeDeec
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO ACADDAeCCCcDC ECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EaADbaB eBBAD cd bB bdD
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ baB eeBEac dAee bd .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
1$5ò1.$57$/  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEAEeCbB DdaeAB CbBC BdAD EdbCECdEbeDe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO E C D BCCebDCEECADd $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EB c CB B BAD A a B D DD CBb
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ aABdDe BE D bAeedbEc .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
5$%ò$*ž5&ž.*  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEBdAd DbcDeCBCDBeAcdEdACECEECcDbDc
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A b deC bbDCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EaAD bB eBBAcAa EA a
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ cceBc BEeb aAeeCcEc .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
5$)$6('$7  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCABBD aCADeBCcbaBDAddECDbACEbdbedADd
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A cEDc bC CCEDCEcBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAEbCBDeB E a dBeBe D C C
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ dDe ee b d D CeCABEC .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
52-'$6˜</(0(=  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCdBBD E AbDBCebbBDABcECDCACdEE BCdDA
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A cED CCbbCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN aAEdaB AD B
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ bD D B DCA e .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
52-'$<,/',=  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEAEBbAB DCaD BbCdaCDB ADCEdACECdEddDece
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO Ee A c CbC DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN E ADbaB B B D cd A c B cC
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ cc B c BbBDe eDeCcdc .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
6ž0(<<(6˜10(=  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DccEaCA D DCCa DBdADCEaAeECdECADdce
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO Ee ADc C b DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EB BB D d B D
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ c b cB .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
<868)'(0ò5  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCABB aCADDBCBbCBeABEEecCACEEEDcCADA
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO ACAED eACC CCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAEb cDeB bD B B a DC D
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ AeB D bbB DACDCABEC .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
=$+ò'(%2=.857  & 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H cEAEaCba bABDbbBCcdBAD EdACECd edDebe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO cA A D cC C DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBADCCBDeBBAD aAE E A B aD
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ ebB De aE DeCAeeabde .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
<'$  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
0DWHPDWLN         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
*HRPHWUL         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
7<70DWHPDWLN         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
)L]LN         7<70DWHPDWLN

0DWHPDWLN 6 ' < %

.LP\D        
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
.¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
%L\RORML        
žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7<7)HQ        
7HNYH‰LIW6D\óODU    
%¸O¾QHELOPH.XUDOODUó    
7RSODP         6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    
6RUX1R 1234567890123456789012345678901234567890 $VDO‰DUSDQODUD$\óUPD    
)RQNVL\RQ*UDILNOHUL    
7<77¾UN©H EedD )RQNVL\RQODUGD%LOHġNHòġOHPL    
3HUP¾WDV\RQ    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA
%DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7<70DWHPDWLN BAE dBDaBDAD B
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
7<7)HQ d *UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %

 *HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
 òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    

'LNG¸UWJHQ    

 <DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
 ‰RNJHQOHU    
3UL]PDODU    

7<7)HQ
7ž5 0$7 *(2 )ò= .ò0 %ò<
)L]LN 6 ' < %
˜áU 6óQóI .XUXP òO©H òO *HQHO )L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
3URWHLQOHULQJHQHO¸]HOOLNOHULQLYH©HġLWOHULQLELOLU    
(ġH\HEDáOóNDOóWóPóD©óNODU    
%¾\¾NPROHN¾OOHULQWDġóQPDVóQGDHWNLOL\¸QWHPOHULD©óNODU    
&DQOó„OHPOHULYH˜]HOOLNOHUL    
0LWR]YHPD\R]XNDUġóODġWóUóU    
(NRVLVWHPGHPDGGHYHHQHUMLDNóġóQóDQDOL]HGHU    
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
$5'$ž67ž1$*  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H eEAEBCAd CdeABDCCdCcBeADCEaAeECEECADAce
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EAeADD dC CADCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBAb BaaBBAD dEA E D
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ ec B ceede e c e d .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
%(5ò7$132/$7  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEAEBCABADbdDABDCCBCDBBADCEacCECEECdDADB
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EACAeDcBCbCADCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBADbCBDBBBADdEAEA EEBBeB CDCBdCDCDDbCa
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ DAaBDeaBEBDBdADeCAEc .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
%(<=$185*˜.‰(  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DbdEBCAB DdEDABDbbBCDBBADCEEACECEECA ce
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO Ec A D d bb DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN E A b ce d c b c B C
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ Bbebcb e d .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
&$1(5$5$6  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H bbeEBCABADCcDbBDbCdCeBBAcdEdACECEECADAaB
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EACbDDe CaCADCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBA C eBBBA A a BabDdD C C
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ DcdBbDeBbBcBCbedCAEc .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
'$5$0(Ġ$/%2à$1  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCdB ADDBCBCCBDABdECDCACEEEaBCADe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A AEDcdA CcCCEDCEbdA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAE C C d
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ cDBbDdebeBBcbCeCAcEC .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
(</ž/'2à$1  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCeBBabaCADDBCBCCBDABEECDeACEEEDeCdDd
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO ACcEaD bCCcCCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN a EdCdDBBD a c C
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ bD e adeBeD CDCb EC .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
+$6$1(0ò5+$1(*(  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H bdAaBCAB CaDABDCbBCeBdADdEEcbECE CdDdbe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO BC C DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBADCaBeBBBAD EAcA BBcBB D C
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ DABBDeeBEBbcdA .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
+(/ò1<2/'$Ġ  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEAEBCed c BDCCBCbBdADdEddbECEECeDeDe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO Ec A bADCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBbDCaB cBBADAaAEA EE B
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ Db eCBdBDBCADebAEe .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
0(57&(685  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAdDCAB D dCbDDBCBCeBaAddECDbACEEabcCADA
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A eEDca d CaEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN e D
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ ecBbe ed e Ac e .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
0(<5(0.$<$/,.  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCbB cCbDDBCB CeDABaECDCAC EE BCdDd
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A AE D CACCEDCEDBc $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BbE CBDBB AD BA E A daB BD CDc C
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ cD e CE BB ACeCA de .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
˜=/(0  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAdDCABBDbECADDBCBCCBDAddECcbbCdEE eC De
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO C CEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAECCBDBB A BAEE deB B a C D
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ EBB ACeCA ce .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
6(5+$77(.ò1(5  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
7RSODP        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
6RUX1R 1234567890123456789012345678901234567890
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
7<77¾UN©H DEAaBCA A C D BDCbBCDBdAcdEdACECdECdDAD
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO e bD C C DCEECADB 'LQ.¾OYH$KO%LO 6 ' < %
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7<70DWHPDWLN B C BB A EB ABB D
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
)HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    

$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    

6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
 06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    

7<70DWHPDWLN
 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    

.¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    
˜áU 6óQóI .XUXP *HQHO 0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
%¸O¾QHELOPH.XUDOODUó    
6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    
$VDO‰DUSDQODUD$\óUPD    
)RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    
3HUP¾WDV\RQ    
%DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
<¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
Ġ(9+$7*ž=(/*ž/  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEdEBCcd bd ebCbdaDBdAcCEadbECEECADb e
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EcCADcbBCaC DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN b D C cB D
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ c ced d Ca .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
=(<1(36$‰8  ' 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCAB DBCcCCdDABEECcCACEEEaeCADd
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO CEDB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN B e D b
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ c EBB AdDCA Ee .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
.$1òò/+$1  ( 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAbDCABB aCADDBCBdCBDAedEdDCdCdEdDcCeDA
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO ACAE D bbC dCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAE CB BBDADABAE C
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ cDBDeBeEBBcD CDbABde .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
ò%5$+ò0‰(7ò1  ) 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H DEAEBCbB D EDABDebcaDBBADCEEAaEedECADADe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó % DEAEBCABADCEDABDCCBCDBBADCEEACECEECADADB )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO EACA DbaCCC DCEECADB $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó % EACADDABCCCADCEECADBDADEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN EBADCdB BBBAD E E
7<70DWHPDWLN
&HYDS$QDKWDUó % EBADCCBDBBBADAEAEACEEBBABBCDCBECDCDDCCBC 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ Ad add e AEB .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó % DABBDDCBEBDBCADCCAEB žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %
 6218‰%(/*(6ò '7<77*6$<, 0$<,6

08Ġ0$/$=*ò57Ġ(+ò7$56/$1.8/$.6,=)(1/ò6(6ò '(56/(5(*˜5($1$/ò=
7<77¾UN©H
˜áUHQFL 1XPDUD 6óQóI 7¾UN©H 6 ' < %
6¸]F¾NWH$QODP    
+$9ò117Ġ5  9 0HWQH6¸]F¾N<HUOHġWLUPH    
6¸]˜EHNOHULQGH$QODP    
3XDQ *HQHO 'HUHFHOHU 'H\LPOHUYH$WDV¸]OHUL    
3XDQ òNL&¾POH\L%LUOHġWLUPH    
7¾U¾ 2UWDODPD 6QI .XUXP òO©H òO *HQHO &¾POH\L<RUXPODPDYH$©óNODPD    
3DU©DGDNL&¾POHOHULQò©HULNYH˜]HOOLNOHUL    

7<7        &¾POHQLQ˜JHOHUL.DUPD    

<DSóVóQD*¸UH&¾POHOHU    
.DUPD'LO%LOJLVL    
.DWóOóPODU     
<D]óP.XUDOODUó.DUPD    
%LWLġLNYH$\Uó<D]óODQ.HOLPHOHU    
%DġDUó 6óQóI .XUXP *HQHO
'HUV 6RUX 'RáUX <DQOóġ 1HW 1RNWDODPDòġDUHWOHUL.DUPD    
 2UW 2UW 2UW 9LUJ¾O    
'¾ġ¾QFH\L*HOLġWLUPH<ROODUó    
7¾UN©H         3DUDJUDIWD%Rġ%óUDNóODQ<HUOHUL7DPDPODPD    
3DUDJUDIóòNL\H$\óUPD    
7DULK         3DUDJUDIWD$QODWóP$NóġóQó%R]DQ&¾POH    
3DUDJUDID&¾POH<HUOHġWLUPH    
&RáUDI\D         3DUDJUDID˜]J¾6RUX.¸N¾    
3DUDJUDIóQ<RUXPODQPDVó    
)HOVHIH         3DUDJUDIWD<DUGóPFó'¾ġ¾QFHOHU    
%LU3DUDJUDID%DáOó‰RNOX6RUXODU    
'LQ.¾OYH$KO%LO         7<76RV\DO

7DULK 6 ' < %

)HOVHIH 6H©PHOL        
òONYH2UWD‰DáODUGDò©$V\D૷GDNL7¾UNVL\DVLWHġHNN¾OOHULQLQJ¾©YH\¸QHWLP\DSóVóQóD©óNODU    
0RáROòVWLODVó QóQ$QDGROX૷GDPH\GDQDJHWLUGLáLVL\DVLYHVRV\DOGHáLġLPLDQDOL]HGHU    
7<76RV\DO        
;9,,\¾]\óOGDGHáLġHQVL\DVLUHNDEHWL©HULVLQGH2VPDQOó'HYOHWL QLQL]OHGLáLSROLWLNDODUóD©óNODU    
.XYD\óPLOOL\HKDUHNHWLQLQROXġXPXQGDQ%¾\¾N0LOOHW0HFOLVLQLQD©óOóġóQDNDGDURODQV¾UH©WHPH\GDQDJHOHQJHOLġPHOHULD©óNODU
   
0DWHPDWLN        
(NRQRPLDODQóQGDPH\GDQDJHOHQJHOLġPHOHULNDYUDU    
&RáUDI\D 6 ' < %
*HRPHWUL        
$IHWOHULQROXġXPQHGHQOHULQLYH¸]HOOLNOHULQLD©óNODU    
.RRUGLQDWVLVWHPLQLNXOODQDUDN]DPDQYH\HUHDLW¸]HOOLNOHUKDNNóQGD©óNDUóPODUGDEXOXQXU    
7<70DWHPDWLN        
'óġNXYYHWOHUL\HUġHNLOOHULQLQROXġXPV¾UHFLQHHWNLOHULD©óVóQGDQD©óNODU    
(NRQRPLNIDDOL\HWOHULWHPHO¸]HOOLNOHULQHJ¸UHD\óUWHGHU    
)L]LN        
'¾Q\DGDNLIDUNOóE¸OJH¸UQHNOHULQL¸]HOOLNOHULYHE¸OJHEHOLUOHPHGHNXOODQóODQNULWHUOHUD©óVóQGDQGHáHUOHQGLULU    
)HOVHIH 6 ' < %
.LP\D        
9DUOóNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
0˜\¾]\óO06\¾]\óOIHOVHIHVLQGHNL¸UQHNG¾ġ¾QFHYHDUJ¾PDQODUóIHOVHILD©óGDQGHáHUOHQGLULU    
%L\RORML        
%LOLPIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
$KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<7)HQ        
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
'LQ.¾OYH$KO%LO 6 ' < %
7RSODP        
òVODP GDELOJLQLQND\QDNODUóQóD©óNODU    
òVODP GDLEDGHWOHULQWHPHOLONHOHULQLGHáHUOHQGLULU    
6RUX1R 1234567890123456789012345678901234567890
+D\DWóDQODPODQGóUPDGDDKLUHWLQDQFóQóQ¸QHPLQLIDUNHGHU    
7HPHOGHáHUOHULD\HWYHKDGLVOHUOHLOLġNLOHQGLULU    
7<77¾UN©H EAEDCABdDedCADDcCBCC eABdEdDbACEEEDc eDe
òVODPPHGHQL\HWLNDYUDPóQóL]DKHGHU    
&HYDS$QDKWDUó $ EAEDCABBDAECADDBCBCCBDABEECDCACEEEDBCADA )HOVHIH 6H©PHOL 6 ' < %
%LOJLIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
7<76RV\DO A E Dc CC CCEDCEDBA $KODNIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
6DQDWIHOVHIHVLQLQNRQXVXQXYHSUREOHPOHULQLD©óNODU    
&HYDS$QDKWDUó $ ACAEDDBACCACCEDCEDBAADDEE
06\¾]\óO06\¾]\óOIHOVHIHVLQLQNDUDNWHULVWLN¸]HOOLNOHULQLD©óNODU    
\¾]\óO\¾]\óOIHOVHIHVLQLKD]óUOD\DQG¾ġ¾QFHRUWDPóQóD©óNODU    
7<70DWHPDWLN BAE aBDBB ADAB EE eB B B C
7<70DWHPDWLN
&HYDS$QDKWDUó $ BAECCBDBBDADABAEEEECAABBBCBBDCCDECCDDCCB 0DWHPDWLN 6 ' < %
2UDQYHRUDQWóNDYUDPODUóQóNXOODQDUDNSUREOHPOHU©¸]HU    
7<7)HQ ce ebed DAded Ee .¸NO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

&HYDS$QDKWDUó $ ADBDDBCEBBBDACDCABEC žVO¾LIDGHOHULL©HUHQGHQNOHPOHUL©¸]HU    

0XWODNGHáHUL©HUHQELULQFLGHUHFHGHQELUELOLQPH\HQOLGHQNOHPYHHġLWVL]OLNOHULQ©¸]¾PN¾PHOHULQLEXOXU    
7HNYH‰LIW6D\óODU    
 %¸O¾QHELOPH.XUDOODUó    
 6D\ó%DVDPDNODUó    
.¾PH.DYUDPóYH.¾PHOHUGHòġOHPOHU    

$VDO‰DUSDQODUD$\óUPD    
 )RQNVL\RQ*UDILNOHUL    
)RQNVL\RQODUGD%LOHġNHòġOHPL    

3HUP¾WDV\RQ    

 %DVLW2OD\ODUóQ2ODVóOóNODUó    
6D\ó3UREOHPOHUL    
7ž5 7$5 &2à )(/ 'ò1 )/6 0$7 *(2 )ò= .ò0 %ò<
0HUNH]°(áLOLPYH<D\óOóP˜O©¾OHUL    
˜áU 6óQóI *HQHO <¾]GH.DU=DUDU3UREOHPOHUL    
+DUHNHW3UREOHPOHUL    
*UDILN3UREOHPOHUL    
<Dġ3UREOHPOHUL    
òġ©L3UREOHPOHUL    
*HRPHWUL 6 ' < %
*HRPHWULN.DYUDPODUYH'RáUXGD$©óODU    
òNL]NHQDUž©JHQ    
ž©JHQGH.HQDURUWD\    
'LNG¸UWJHQ    
<DPXN    
ž©JHQOHULQ%HQ]HUOLáL    
‰RNJHQOHU    
3UL]PDODU    
7<7)HQ

)L]LN 6 ' < %

)L]LNVHO1LFHOLNOHULQ6óQóIODQGóUóOPDVó    
0HNDQLN(QHUML    
'DOJDODUóWDġóGóáóHQHUML\HYHWLWUHġLPGRáUXOWXVXQDJ¸UHVóQóIODQGóUóU    
(OHNWULNDNóPóGLUHQ©YHSRWDQVL\HOIDUNóDUDVóQGDNLLOLġNL\LDQDOL]HGHU    
(QHUMLLOHWLP\ROODUóQó¸UQHNOHUOHD©óNODU    
,ġóáóQWDP\DQVóPDROD\óQóYHVóQóUD©óVóQóDQDOL]HGHU    
.DOGóUPD.XYYHWL    
.LP\D 6 ' < %
.LP\DODERUDWXYDUODUóQGDX\XOPDVóJHUHNHQLġVDáOóáóYHJ¾YHQOLáLNXUDOODUóQóD©óNODU    
$WRPXQ<DSóVó    
.LP\DVDOW¾UOHUDUDVóQGDNLHWNLOHġLPOHULVóQóIODQGóUóU    
.DSDOóNDSODUGDJHU©HNOHġHQEXKDUODġPD\RáXġPDV¾UH©OHUL¾]HULQGHQGHQJHEXKDUEDVóQFóNDYUDPóQóD©óNODU    
.LP\DVDO7HSNLPHOHUGH+HVDSODPDODU    
‰¸]¾QP¾ġPDGGHRUDQóQóEHOLUWHQLIDGHOHUL\RUXPODU    
0DGGHOHULQDVLWOLNYHED]OóN¸]HOOLNOHULQLPROHN¾OHUG¾]H\GHD©óNODU    
%L\RORML 6 ' < %

Powered by TCPDF (www.tcpdf.org)