/DNL ('86.811$19$67$86YS+DOOLWXNVHQHVLW\VODHLNVLHVLWXWNLQWDODLQMDSDNNRNHLQRODLQVHNlHUlLGHQQlLKLQOLLWW\YLHQODNLHQPXXWWDPLVHVWD

+(YS/D90YS

('86.811$19$67$86YS

+DOOLWXNVHQHVLW\VODHLNVLHVLWXWNLQWDODLQMDSDN NRNHLQRODLQ VHNl HUlLGHQ QlLKLQ OLLWW\YLHQ OD NLHQPXXWWDPLVHVWD

$VLD

+DOOLWXV RQ DQWDQXW HGXVNXQQDOOH HVLW\NVHQVl ODHLNVL HVLWXWNLQWDODLQ MD SDNNRNHLQRODLQ VHNl HUlLGHQ QlLKLQ OLLWW\YLHQ ODNLHQ PXXWWDPLVHVWD +(YS

9DOLRNXQWDNlVLWWHO\

/DNLYDOLRNXQWD RQ DQWDQXW DVLDVWD PLHWLQQ|Q /D90YS

3llW|V

(GXVNXQWDRQK\YlNV\Q\WVHXUDDYDWODXVXPDW

(GXVNXQWDHGHOO\WWllHWWlKDOOLWXVVHOYLW WllPLOOlWDYRLQXXGHWSDNNRNHLQRYDOWXX GHWRYDWHGLVWlQHHW\NVLO|QMD\KWHLVNXQ QDQWXUYDOOLVXXWWDMDRQNRSDNNRNHLQRMHQ NRKWHHQD ROHYLHQ SHUXVRLNHXNVLHQ VXRMD ULLWWlYl6HOYLW\NVHQWXORNVLDWXOHHVHORV WDD YXRWWD NRVNHYDVVD KDOOLWXNVHQ WRLPHQSLGHNHUWRPXNVHVVD

(GXVNXQWDHGHOO\WWllHWWlXXGHQKXNNDD PLVNLHOWR MD WDNDYDULNNRVllQQ|NVHQ VR YHOWDPLVNl\WlQW|lVHXUDWDDQMDU\KG\WllQ WDUYLWWDHVVD WRLPLLQ YDKLQJRQNRU YDXVVllQQ|VWHQXXGLVWDPLVHNVL

(GXVNXQWDRQK\YlNV\Q\WVHXUDDYDWODLW

/DNL

HVLWXWNLQWDODLQPXXWWDPLVHVWD (GXVNXQQDQSllW|NVHQPXNDLVHVWL

NXPRWDDQSlLYlQlKXKWLNXXWDDQQHWXQHVLWXWNLQWDODLQ †QPRPHQWWLD † †QPRPHQWWLMDD †VHOODLVLQDNXLQQHRYDW †QPRPHQWWLODLVVDVHNlD † †QPRPHQWWLMDD †ODLVVD

PXXWHWDDQ † †Q PRPHQWWL †Q PRPHQWWL MD † †Q PRPHQWWL †Q PRPHQWWL †QPRPHQWWL †QPRPHQWWL MD † †QMDPRPHQWWLVHNl †Q PRPHQWWL

VHOODLVHQDNXLQQLLVWlRYDW †QPRPHQWWL †QPRPHQWWLMD †RVDNVLPDLQLWXVVDODLVVD † PDLQLWXVVD ODLVVD † ODLVVD VHNl †Q PRPHQWWL ODLVVD VHNlOLVlWllQ †llQXXVLPRPHQWWLMD †llQXXVLPRPHQWWLVHNlODNLLQXXVLD²F †MD D †QHGHOOHXXVLYlOLRWVLNNRODNLLQXXVLD†VHNlODLVWDPDLQLWXOODODLOODNXPRWXQ †QWLODOOHXXVL †VHXUDDYDVWL

(VLWXWNLQWD VDDGDDQ MlWWll WRLPLWWDPDWWD VHO† ODLVHQULNRNVHQMRKGRVWDMRVWDHLROHRGRWHWWDYLV VDDQNDUDPSDDUDQJDLVWXVWDNXLQVDNNRDMDMRWD RQNRNRQDLVXXGHVVDDQSLGHWWlYlLOPHLVHQYlKlL VHQl MRV DVLDQRPLVWDMDOOD HL ROH DVLDVVD YDDWL PXNVLD

-RVYLUDQRPDLQHQVHQSHUXVWHHOODPLWlPXXV VDODLVVDVllGHWllQMlWWllU\KW\PlWWlWRLPHQSL WHLVLLQULNRNVHHQV\\OOLVHQVDDWWDPLVHNVLV\\WWHH VHHQ HVLWXWNLQWD WRLPLWHWDDQ YDLQ HULW\LVHVWl V\\VWl

6\\WWlMl YRL WXWNLQQDQMRKWDMDQ HVLW\NVHVWl PllUlWlHWWHLHVLWXWNLQWDDWRLPLWHWDWDLHWWlVHOR SHWHWDDQMRVKlQRLNHXGHQNl\QQLVWlULNRVDVLRLV VD DQQHWXQ ODLQ OXYXQ WDL †Q WDLNNDPXXQYDVWDDYDQODLQNRKGDQQRMDOODWXOLVL MlWWlPllQV\\WWHHQQRVWDPDWWDHLNlWlUNHl\OHL QHQWDL\NVLW\LQHQHWXYDDGLV\\WWHHQQRVWDPLVWD

(VLWXWNLQQDVVDVHOYLWHWllQ†

ULNRVVHQWHNRRORVXKWHHWVLOOlDLKHXWHWWX YDKLQNR MD VLLWl VDDWX K\|W\ NHWNl RYDW DVLDQ RVDLVLDMDPXXWV\\WWHHVWlSllWWlPLVWlYDUWHQWDU YLWWDYDWVHLNDW

DVLDQRPLVWDMDQ \NVLW\LVRLNHXGHOOLQHQ YDD WLPXV MRV KlQ RLNHXGHQNl\QQLVWl ULNRVDVLRLVVD DQQHWXQ ODLQ OXYXQ †Q QRMDOOD RQ S\\WlQ\W V\\WWlMllDMDPDDQKlQHQYDDWLPXVWDDQVHNl

PDKGROOLVXXGHW ULNRNVHOOD VDDGXQ RPDL VXXGHQSDODXWWDPLVHNVLMDULNRNVHQMRKGRVWDWXR PLWWDYDQ PHQHWWlPLVVHXUDDPXNVHQ WDL DVLDQ RPLVWDMDOOHWXOHYDQYDKLQJRQNRUYDXNVHQWl\WlQ W||QSDQHPLVHNVL

²²²²²²²²²²²²²²

²²²²²²²²²²²²²²†

-RVHVLWXWNLQQDVVDLOPHQHHHWWHLKHQNLO|lMRO OHRQNXXOXVWHOXVVDWDLPXXWHQLOPRLWHWWXKlQHQ DVHPDQVD ULNRNVHVWD HSlLOW\Ql HQll ROH V\\Wl HSlLOOlULNRNVHVWDPXWWDHWWHLHVLWXWNLQWDDNRNR QDLVXXGHVVDDQYRLGDSllWWll †VVlVllGHW\OOl WDYDOODHVLWXWNLQWDORSHWHWDDQKlQHQRVDOWDDQ

-RNDLQHQMROWDRWDNVXWDDQYRLWDYDQVDDGDVHO† YLW\VWlULNRNVHVWDWDLMRQNDOlVQlRORHVLWXWNLQWD WRLPHQSLGHWWlVXRULWHWWDHVVDRQPXXWRLQWDUSHHQ ULNRNVHQVHOYLWWlPLVHNVLRQYHOYROOLQHQNXWVXV WD VDDSXPDDQ HVLWXWNLQWDDQ VHQ NLKODNXQQDQ DOXHHOODPLVVlKlQROHVNHOHH

²²²²²²²²²²²²²² 5LNRVSDLNDOWD WDL VHQ YlOLWW|PlVWl OlKHLV\\† GHVWlWDYDWXQRQSROLLVLPLHKHQNHKRWXNVHVWDMll WlYl WlOOH SDLNDOOH WDL VDDYXWWDYD YlOLWW|PlVWL PXXKXQ VDPDQ NLKODNXQQDQ DOXHHOOD ROHYDDQ SDLNNDDQMRVKlQWlRQDVLDQVHOYLWWlPLVHNVLWDU SHHQ KHWL NXXOOD -RV KlQ LOPDQ K\YlNV\WWlYll V\\Wl NLHOWl\W\\ QRXGDWWDPDVWD NHKRWXVWD WDL WlPlRQKlQHQNl\WWl\W\PLVHQVlSHUXVWHHOODWR GHQQlN|LVWlSROLLVLPLHVYRLHVWllKlQWlSRLVWX PDVWD SDLNDOWD WDL RWWDD KlQHW NLLQQL MD YLHGl NXXOWDYDNVL

+HQNLO|MRQNDKDYDLWDDQSRLVWXYDQULNRVSDL NDOWDVDDGDDQRWWDDNLLQQLPRPHQWLVVDWDUNRL WHWXQ NHKRWXNVHQ DQWDPLVHNVL MRV RORVXKWHHW RYDWVHOODLVHWHWWHLNHKRWXVWDYRLGDPXXWHQVDDW WDDKlQHQWLHWRRQVDMDDVLDQVHOYLWWlPLQHQPXX WHQYDDUDQWXLVL

.XXOXVWHOWDYDQRQROWDYDLWVHOlVQlNXXOXVWH† OXVVD

-RVWXWNLMDNDWVRRHWWHLVLLWlDLKHXGXKDLWWDDMD HWWHLVHYDDUDQQDWXWNLQQDQOXRWHWWDYXXWWDDVLDQ RVDLQHQVDDNXLWHQNLQDQWDDODXVXPDQVDDVLDPLH KHQ YlOLW\NVHOOl WDLNND SXKHOLPLWVH WDL PXXOOD WLHGRQVLLUWRYlOLQHHOOl6DPRLQHGHOO\W\NVLQVDD GDDQWRGLVWDMDDNXXOXVWHOODSXKHOLPLWVHWDLPXXO OD WLHGRQVLLUWRYlOLQHHOOl 5LNRNVHVWD HSlLOO\Q RVDOWDHGHOO\W\NVHQlRQOLVlNVLHWWlDVLDRQPHU NLW\NVHOWllQYlKlLQHQHLNlHSlLOW\NLLVWlULNRVLO PRLWXNVHQ RLNHHOOLVXXWWD WDL HWWl N\V\P\NVHVVl RQ DLNDLVHPPLQ VXRULWHWXQ NXXOXVWHOXQ YlKlL QHQ Wl\GHQWlPLQHQ .XXOXVWHOXS|\WlNLUMDVWD RQ Nl\WlYlLOPLPLOWlRVLQODXVXPDWDLNHUWRPXVRQ DQQHWWXDVLDPLHKHQYlOLW\NVHOOlSXKHOLPLWVHWDL PXXOODWLHGRQVLLUWRYlOLQHHOOl

$VLDQRVDLVHOWDRQRWHWWDYDYDVWDDQKlQHQWDU MRDPDQVDNXXOXVWHOXNHUWRPXVWDWl\GHQWlYlWNLU MDOOLVHWVHOYLW\NVHW(ULW\LVLVWlV\LVWlWlOODLVLDVHO YLW\NVLlYRLGDDQRWWDDYDVWDDQP\|VWRGLVWDMDOWD WlWlNXXOXVWHOWDHVVD

²²²²²²²²²²²²²²†

.XXOXVWHOXDHLVDDWRLPLWWDDNHOORQMDQ YlOLVHQlDLNDQDSDLWVL

NXXOXVWHOWDYDQS\\QQ|VWl

VXSSHDVVDHVLWXWNLQQDVVDMRKRQNXXOXVWHO WDYDRQ †QPXNDDQYHOYROOLQHQKHWLMllPllQ WDLVDDSXPDDQWDL

MRVVLLKHQRQPXXHULW\LQHQV\\

.XXOXVWHOWDYDOOHRQDQQHWWDYDWLODLVXXVVllQ Q|OOLVHHQDWHULRLQWLLQMDULLWWlYllQOHSRRQ

-RVWRGLVWDMDOODLOPHLVHVWLRQWLHGRVVDDQVHLN† ND MRND RQ WlUNHl V\\OOLV\\GHQ VHOYLWWlPLVHNVL WDL ULNRNVHOOD VDDGXQ K\|G\Q MlOMLWWlPLVHNVL MD SRLVRWWDPLVHNVLMDKlQNLHOWl\W\\VLWlLOPDLVH PDVWD YDLNND KlQ ROLVL VLLKHQ YHOYROOLQHQ WDL †QPRPHQWLQPXNDDQRLNHXWHWWXWRGLVWD MDQ NXXOXVWHOX WRLPLWHWDDQ WXWNLQQDQMRKWDMDQ S\\QQ|VWlWXRPLRLVWXLPHVVD

²²²²²²²²²²²²²² .XXOXVWHOWDYDOOHRQHQQHQNXXOXVWHOXDLOPRL† WHWWDYDKlQHQDVHPDQVDHVLWXWNLQQDVVD(SlLOO\O OH RQ VDPDOOD LOPRLWHWWDYD PLVWl WHRVWD KlQWl HSlLOOllQ

²²²²²²²²²²²²²² .XXOXVWHOWDYDQ S\\QQ|VWl RQ NXXOXVWHOXVVD† ROWDYD OlVQl OXRWHWWDYD MD RLNHXGHQNl\PLVNDD UHQOXYXQ †QPXNDDQHVWHHW|QWRGLVWDMD 7XWNLMDYRLP\|VRPDVWDDORLWWHHVWDDQNXWVXDWR GLVWDMDQVDDSXYLOOH-ROOHLNXXOXVWHOXDYRLGDWXW NLQWDDYDDUDQWDPDWWDYLLY\WWllVHVDDGDDQNXX OXVWHOWDYDQS\\QQ|VWlKXROLPDWWDSLWllLOPDQWR GLVWDMDD .DKGHNVDDWRLVWD YXRWWD QXRUHPSDD HSlLOW\lHLNXLWHQNDDQVDDNXXOXVWHOODLOPDQWR GLVWDMDDSDLWVLMRVNXXOXVWHOXVVDRQOlVQlKlQHQ

DYXVWDMDQVD WDL ODLOOLQHQ HGXVWDMDQVD WDLNND VR VLDDOLODXWDNXQQDQHGXVWDMD

²²²²²²²²²²²²²² -RV NXXOXVWHOWDYD HL ROHWl\WWlQ\WYLLWWlWRLVWD† YXRWWDKlQHQKXROWDMDOODDQHGXQYDOYRMDOODDQWDL PXXOOD ODLOOLVHOOD HGXVWDMDOODDQ RQ RLNHXV ROOD OlVQlNXXOXVWHOXVVD

-RVDVLDQRPLVWDMDQDWDLHSlLOW\QlNXXOXVWHOWD YDRQYLLVLWRLVWDYXRWWDWl\WWlQ\WYDMDDYDOWDLQHQ KXROWDMDOODHGXQYDOYRMDOODWDLPXXOODODLOOLVHOOD HGXVWDMDOOD RQ RLNHXV ROOD OlVQl NXXOXVWHOXVVD MRV WlPl WXWNLWWDYDD ULNRVWD NRVNHYDVVD RLNHX GHQNl\QQLVVlVDLVLRLNHXGHQNl\PLVNDDUHQOX YXQWDL †QPXNDDQNl\WWllSXKHYDOWDDYDMDD YDOWDLVHQVLMDVWDWDLRKHOOD

7XWNLMD YRL NLHOWll YDMDDYDOWDLVHQ MD PRPHQWLVVD WDUNRLWHWXQ HGXVWDMDQ OlVQlRORQ NXXOXVWHOXVVDMRVWlWlHSlLOOllQWXWNLWWDYDQDROH YDVWDULNRNVHVWD

.XXOXVWHOXVWD RQ HWXNlWHHQ LOPRLWHWWDYD OlV QlRORRQ RLNHXWHWXLOOH YDMDDYDOWDLVHQ HGXVWDMLO OHMRVVHNl\YDLNHXGHWWDSlLQVl$LQDNLQ\KGHO OHKHLVWlRQYDUDWWDYDWLODLVXXVROODOlVQlNXXOXV WHOXVVDSDLWVLMRVYDMDDYDOWDLVWDRQULNRNVHQVHO YLWWlPLVHQYXRNVLYlOWWlPlW|QWlYLLS\PlWWlNXX OXVWHOOD7lOO|LQYDMDDYDOWDLVHQHGXVWDMDOOHRQLO PRLWHWWDYDNXXOXVWHOXVWDPDKGROOLVLPPDQSLDQ

0XXWHVLWXWNLQWDWRLPHQSLWHHW

5LNRNVHVWD HSlLOO\Q WXQQLVWDPLVHNVL DVLDQD†

RPLVWDMDWDLWRGLVWDMDYRLGDDQYHOYRLWWDDRVDOOLV WXPDDQWXQQLVWDMDQDWLODLVXXWHHQMRVVDWXQQLVWHW WDYDQULNRNVHVWDHSlLOO\QOLVlNVLNl\WHWllQYHU WDLOXKHQNLO|LWlU\KPlWXQQLVWXV

5\KPlWXQQLVWXV RQ MlUMHVWHWWlYl VLWHQ HWWl VHQWXORVRQPDKGROOLVLPPDQOXRWHWWDYD9HUWDL OXKHQNLO|LQlHLVDDNl\WWllKHQNLO|LWlMRLGHQXO NRQlN| SRLNNHDD HSlLOO\VWl WXQQLVWDPLVHQ OXR WHWWDYXXWWD YlKHQWlYlOOl WDYDOOD 9HUWDLOXKHQNL O|LWl U\KPlWXQQLVWXNVHVVD RQ ROWDYD YlKLQWllQ YLLVL

0XLGHQKHQNLO|LGHQNXWHQDYXVWDMDQRLNHX GHVWDROODOlVQlU\KPlWXQQLVWXNVHVVDRQYRLPDV VDPLWlNXXOXVWHOXVWDVllGHWllQ

5\KPlWXQQLVWDPLVHVWDRQODDGLWWDYDS|\WlNLU MDPLQNlOLVlNVLWLODLVXXVRQWDOOHQQHWWDYDYLGHR WDOOHQWHHVHHQWDLPXXKXQVLLKHQYHUUDWWDYDDQNX YDWDOOHQWHHVHHQ

7DUNHPSLD VllQQ|NVLl U\KPlWXQQLVWXNVHVWD DQQHWDDQYDOWLRQHXYRVWRQDVHWXNVHOOD

6LYXOOLQHQKHQNLO|YRLGDDQYHOYRLWWDDRVDOOLVE†

WXPDDQ U\KPlWXQQLVWXNVHHQ YHUWDLOXKHQNLO|Ql YDLQMRVVHRQULNRNVHQODDWXKXRPLRRQRWWDHQ WlUNHll DVLDQ VHOYLWWlPLVHNVL 9HUWDLOXKHQNLO|

YRLNXLWHQNLQNLHOWl\W\lRVDOOLVWXPDVWDWXQQLVWD PLVWLODLVXXWHHQ MRV RVDOOLVWXPLQHQ DLKHXWWDLVL KlQHOOHNRKWXXWRQWDKDLWWDD

5\KPlWXQQLVWXNVHHQ RVDOOLVWXQHHOOD VLYXOOL VHOODRQRLNHXVVDDGDVLLWlNRKWXXOOLQHQNRUYDXV .RUYDXNVHQPllUlVWlVllGHWllQVLVlDVLDLQPLQLV WHUL|QDVHWXNVHOOD

0LWlD †VVlVllGHWllQU\KPlWXQQLVWXNVHVF†

WDRQVRYHOWXYLQRVLQYRLPDVVDP\|VWXQQLVWXN VHVVDMRVVDNl\WHWllQYDORNXYLDWDLPXXWDNXYD WDOOHQQHWWD

$VLDQRPLVWDMDQ MD WRGLVWDMDQ NXXOXVWHOX RQD†

WDOOHQQHWWDYD YLGHRWDOOHQWHHVHHQ WDL VLLKHQ ULQ QDVWHWWDYDDQPXXKXQNXYDMDllQLWDOOHQWHHVHHQ MRVNXXOXVWHOXNHUWRPXVWDRQWDUNRLWXVNl\WWllWR GLVWHHQD RLNHXGHQNl\QQLVVl HLNl NXXOWDYDD Wl PlQQXRUHQLlQWDLKHQNLVHQWRLPLQQDQKlLULLQW\

QHLV\\GHQ YXRNVL WRGHQQlN|LVHVWL YRLGD VLLQl KDLWWDD NXXOXVWHOWDYDOOH DLKHXWWDPDWWD NXXOOD KHQNLO|NRKWDLVHVWL .XXOXVWHOXVVD RQ RWHWWDYD KXRPLRRQ NXXOXVWHOWDYDQ NHKLW\VWDVRQ DVHWWD PDW HULW\LVYDDWLPXNVHW NXXOXVWHOXPHQHWHOPLOOH NXXOXVWHOXXQRVDOOLVWXYLHQKHQNLO|LGHQPllUlOOH MD PXLOOH NXXOXVWHOXRORVXKWHLOOH 7XWNLQQDQMRK WDMDYRLSllWWllHWWlPXXNLQNXLQHVLWXWNLQWDYL UDQRPDLQHQ YRL NXXOXVWHOLMDQ YDOYRQQDVVD HVLW Wll N\V\P\NVHW NXXOXVWHOWDYDOOH 5LNRNVHVWD HSlLOO\OOHRQYDUDWWDYDPDKGROOLVXXVHVLWWllN\

V\P\NVLlNXXOXVWHOWDYDOOH-RVULNRNVHVWDHSlLO W\QLLQS\\WllKlQHQN\V\P\NVHQVlVDDHVLWWll P\|VDVLDPLHVWDLDYXVWDMD.XXOXVWHOLMDYRLNXL

WHQNLQ PllUlWl HWWl N\V\P\NVHW RQ HVLWHWWlYl NXXOXVWHOLMDQYlOLW\NVHOOlNXXOXVWHOWDYDOOH

(VLWXWNLQQDQYDOPLVWXWWXDDVLDRQWRLPLWHWWD† YD V\\WWlMlOOH V\\WHKDUNLQQDQ VXRULWWDPLVWD WDL UDQJDLVWXVPllUl\NVHQDQWDPLVWDYDUWHQ

(VLWXWNLQWD ORSHWHWDDQ NXLWHQNLQ VDDWWDPDWWD DVLDDV\\WWlMlQKDUNLWWDYDNVLMRV

WXWNLQQDVVDRQNl\Q\WVHOYLOOHHWWHLULNRVWD ROHWHKW\WDLNNDHWWHLDVLDVVDYRLGDQRVWDDNHWllQ YDVWDDQV\\WHWWlWDLHVLWWllPXXWDULNRNVHHQSH UXVWXYDDMXONLVRLNHXGHOOLVWDYDDGHWWDWDL

HVLWXWNLQWDYLUDQRPDLQHQ RQ WXWNLQQDQ DORLWWDPLVHQ MlONHHQ SllWWlQ\W †Q WDL PRPHQWLVVD WDUNRLWHWXOOD SHUXVWHHOOD OXRSXD HQHPPLVWlWRLPHQSLWHLVWl

(VLWXWNLQWDYLUDQRPDLQHQ YRL PRPHQWLQ NRKGDVVD WDUNRLWHWXVVD WDSDXNVHVVD DQWDD UL NRNVHHQ V\\OOLVW\QHHOOH VXXOOLVHQ WDL NLUMDOOLVHQ KXRPDXWXNVHQ

<NVLQNHUWDLVLVVD MD VHOYLVVl DVLRLVVD VDDGDDQ† WRLPLWWDDVXSSHD HVLWXWNLQWD MRV WHRVWD HL ROH

\OHLVHQ UDQJDLVWXVNl\WlQQ|Q PXNDLVHVWL RGRWHW WDYLVVD DQNDUDPSDD UDQJDLVWXVWD NXLQ VDNNRD 3ROLLVLPLHKHQWHNHPlNVLHSlLOO\QULNRNVHQMRK GRVWDVDDGDDQNXLWHQNLQWRLPLWWDDVXSSHDHVLWXW NLQWD YDLQ MRV DVLD NlVLWHOOllQ ULNHVDNNRDVLDQD WDLUDQJDLVWXVPllUl\VPHQHWWHO\VVl

6XSSHDVVDHVLWXWNLQQDVVDHLROHWXWNLQQDQMRK WDMDD .XXOXVWHOXNHUWRPXNVHHQ PHUNLWllQ YDLQ NXXOXVWHOWDYDQ ODXVXPDQ SllVLVlOW| MRND YRL GDDQNLUMDWD NXXOXVWHOXS|\WlNLUMDQVLMDVWD PXX KXQDVLDNLUMDDQ

²²²²²²²²²²²²²²

²²²²²²²²²²²²²²†

$YXVWDMDQD\NVLWWlLVWDSDXNVHVVDHLVDDWRLPLD VHMRND

RQWRLPLQXWULNRNVHVWDHSlLOO\QQHXYRQDQ WDMDQDWXWNLWWDYDVVDWDLVLLKHQYlOLWW|PlVWLOLLWW\

YlVVlULNRNVHVVD

WRLPLLWRLVHQULNRNVHVWDHSlLOO\QDYXVWDMD QDWXWNLWWDYDDWDLVLLKHQYlOLWW|PlVWLOLLWW\YllUL

NRVWDNRVNHYDVVDDVLDVVDPLNlOLKlQHQWRLPLPL

VHQVDDVLDQRVDLVHQDYXVWDMDQDROHWHWWDYDVWLYDL NHXWWDDPHUNLWWlYlVWLDVLDQVHOYLWWlPLVWl

WRLPLLWDLRQWRLPLQXWWXWNLWWDYDDWDLVLLKHQ YlOLWW|PlVWLOLLWW\YllULNRVWDNRVNHYDVVDDVLDVVD SDNNRNHLQRODLQDOXYXQD †VVlWDUNRLWHWWXQD MXONLVHQDDVLDPLHKHQl

KDUMRLWWDD RLNHXGHOOLVWHQ WRLPHNVLDQWRMHQ KRLWDPLVWD \KGHVVl VHOODLVHQ KHQNLO|Q NDQVVD MRND²NRKGDVVDWDUNRLWHWXVWDV\\VWlHLVDLVL WRLPLDDVLDQRVDLVHQDYXVWDMDQD

RQHSlLOW\QlWDLWRGLVWDMDQDWXWNLWWDYDD WDL VLLKHQ YlOLWW|PlVWL OLLWW\Yll ULNRVWD NRVNHYDVVD DVLDVVDWDL

RQYLUNDPLHKHQlWDLPXXWHQMXONLVWDYDOWDD Nl\WWlHQRVDOOLVWXQXWWRLPHQSLWHLVLLQWXWNLWWDYDV

VD WDL VLLKHQ YlOLWW|PlVWL OLLWW\YlVVl ULNRNVHVVD WDLNNDWlOODLVWDULNRVWDNRVNHYDVVDDVLDVVD

²²²²²²²²²²²²²² .XQ RQ SllWHWW\ HWWHL HVLWXWNLQWDD WRLPLWHWD† WDLHWWlHVLWXWNLQWDORSHWHWDDQ †Q PRPHQWLQ †QPRPHQWLQWDL†QPRPHQWLQSHUXV WHHOOD WDLNND HWWl HVLWXWNLQWD NHVNH\WHWllQ WXW NLQQDQMRKWDMDQRQKXROHKGLWWDYDVLLWlHWWlSll W|NVHVWlYLLS\PlWWlLOPRLWHWDDQDVLDQRPLVWDMLOOH MD HVLWXWNLQQDVVD DVLDQRVDLVLQD NXXOXVWHOOXLOOH MROOHLVLWlROHSLGHWWlYlWDUSHHWWRPDQD

7lPlODNLWXOHHYRLPDDQSlLYlQlNXXWD

/DNL

SDNNRNHLQRODLQPXXWWDPLVHVWD (GXVNXQQDQSllW|NVHQPXNDLVHVWL

NXPRWDDQSlLYlQlKXKWLNXXWDDQQHWXQSDNNRNHLQRODLQOXYXQ †VHOODLVHQD NXLQVHRQODLVVD

PXXWHWDDQOXYXQ †QPRPHQWLQNRKWD †QMDNRKWD †QPRPHQWWLMD †VHNl †QPRPHQWWLOXYXQMD †VHNl †QMDPRPHQWWLOXYXQ †QPRPHQWWL †QPR PHQWWLMD †QPRPHQWWLOXYXQMD †DOXYXQ² † †QMD PRPHQWWL †Q MDPRPHQWWL††QPRPHQWWLVHNl MD †VHNlOXYXQ †

VHOODLVLQDNXLQQLLVWlRYDWOXYXQ †QPRPHQWLQNRKWDMDOXYXQ †ODLVVDOX YXQ †QNRKWDODLVVDOXYXQ †QPRPHQWWLMD †VHNlOXYXQ †MD †QMD PRPHQWWLODLVVDOXYXQ†RVDNVLODLVVDOXYXQ†RVDNVLODLVVD OXYXQ †ODLVVDDOXYXQ † †QPRPHQWWL †QMDPRPHQWWL† †QPR PHQWWLVHNl MD †ODLVVDDOXYXQ †ODHLVVDMDDOXYXQ †MDOX YXQ†PDLQLWXLVVDODHLVVDMDDOXYXQ†ODLVVDMDPDLQLWXLVVDODHLVVD MDDOXYXQ †PDLQLWXLVVDODHLVVDMDVHNlDOXYXQ †Q PRPHQWWLPDLQLWXVVDODLVVDVHNl

OLVlWllQ OXNXXQ VLLWl PDLQLWXOOD ODLOOD NXPRWXQ †Q WLODOOH XXVL † OXYXQ †llQVHOODLVHQDNXLQVHRQRVDNVLPDLQLWXVVDODLVVDXXVLPRPHQWWLVHNlDOXNXXQ XXVL DDEMDD²F †VHXUDDYDVWL

OXNX

.LLQQLRWWDPLQHQSLGlWWlPLQHQMDYDQJLWVH PLQHQ

†

3LGlWWlPLVHQHGHOO\W\NVHW

5LNRNVHVWD WRGHQQlN|LVLQ V\LQ HSlLOW\ VDD GDDQSLGlWWll

²²²²²²²²²²²²²² MRV ULNRNVHVWD RQ VllGHWW\ OLHYHPSL UDQ JDLVWXVNXLQNDNVLYXRWWDYDQNHXWWDPXWWDVLLWl VllGHWW\ DQNDULQ UDQJDLVWXV RQ YlKLQWllQ YXRVL YDQNHXWWDMDHSlLOO\QKHQNLO|NRKWDLVWHQRORVXK WHLGHQWDLPXLGHQVHLNNRMHQSHUXVWHHOODRQV\\Wl HSlLOOlHWWlKlQ

D OlKWHHSDNRRQWDLNNDPXXWHQNDUWWDDHVLWXW NLQWDD RLNHXGHQNl\QWLl WDL UDQJDLVWXNVHQ Wl\

WlQW||QSDQRD

E YDLNHXWWDD DVLDQ VHOYLWWlPLVWl KlYLWWlPlO OlWXUPHOHPDOODPXXWWDPDOODWDLNlWNHPlOOlWR GLVWXVDLQHLVWRDWDLNNDYDLNXWWDPDOODWRGLVWDMDDQ DVLDQRPLVWDMDDQ DVLDQWXQWLMDDQ WDL ULNRVNXPS SDQLLQVDWDLNND

F MDWNDDULNROOLVWDWRLPLQWDD

²²²²²²²²²²²²²²

†

3LGlWWlPLVHHQRLNHXWHWWXYLUNDPLHV 3LGlWWlPLVHVWl SllWWllSLGlWWlPLVHHQ RLNHX WHWWX YLUNDPLHV 3LGlWWlPLVHHQ RLNHXWHWWXMD YLU NDPLHKLlRYDW

SROLLVL\OLMRKWDMD SROLLVLMRKWDMD SROLLVL\OL WDUNDVWDMD SROLLVLWDUNDVWDMD OllQLQSROLLVLMRKWD MD OllQLQSROLLVL\OLWDUNDVWDMD OllQLQ\OLNR PLVDULROllQLQNRPLVDULRSROLLVLSllOOLNN|DSX ODLVSROLLVLSllOOLNN| QLPLVPLHV NHVNXVULNRVSR OLLVLQ SllOOLNN| DSXODLVSllOOLNN| MD WRLPLVWR SllOOLNN|VXRMHOXSROLLVLQSllOOLNN|HVLWXWNLQWD WHKWlYLLQPllUlWW\DSXODLVSllOOLNN|HVLWXWNLQWD WHKWlYLLQ PllUlWW\ RVDVWRSllOOLNN| MD HVLWXWNLQ WDWHKWlYLLQPllUlWW\\OLWDUNDVWDMDOLLNNXYDQSR OLLVLQSllOOLNN|DSXODLVSllOOLNN|MDOLLNHQQHSR OLLVLWDUNDVWDMD ULNRV\OLWDUNDVWDMD ULNRVWDUNDVWD

MD ULNRV\OLNRPLVDULR \OLNRPLVDULR ULNRVNR PLVDULRMDNRPLVDULR

²²²²²²²²²²²²²² UDMDYDUWLRODLWRNVHQSllOOLNN|UDMDYDUWLRODL WRNVHQHVLNXQQDQRLNHXGHOOLVHQRVDVWRQ RVDVWR SllOOLNN| MD KDOOLQQROOLVHQ WRLPLVWRQ WRLPLVWR SllOOLNN| VHNl UDMDYDUWLRVWRQ MD PHULYDUWLRVWRQ NRPHQWDMD

†

0llUlDMDQDVHWWDPLQHQV\\WWHHQQRVWDPLVWD YDUWHQ

²²²²²²²²²²²²²² 9DQJLWWXDYDVWDDMDDNRVNHYDQV\\WHDVLDQWXR PLRLVWXLQNlVLWWHO\VVl QRXGDWHWWDYLVWD PllUl DMRLVWDVllGHWllQRLNHXGHQNl\QQLVWlULNRVDVLRLV VDDQQHWXVVDODLVVD

†

9DQJLWVHPLVDVLDQXXGHOOHHQNlVLWWHO\

-RVULNRNVHVWDHSlLOW\RQYDQJLWWXWXRPLRLV WXLPHQ MRND NlVLWWHOHH V\\WWHHQ HQVLPPlLVHQl RLNHXVDVWHHQDRQRWHWWDYDYDQJLWVHPLVDVLDWXR PLRQ DQWDPLVHHQ DVWL XXGHOOHHQ NlVLWHOWlYlNVL YLLS\PlWWl MD YLLPHLVWllQ QHOMlQ YXRURNDXGHQ NXOXWWXDS\\QQ|QHVLWWlPLVHVWlMRVYDQJLWWXVLWl S\\Wll9DQJLWVHPLVDVLDDHLNXLWHQNDDQWDUYLWVH RWWDDXXGHOOHHQNlVLWHOWlYlNVLDLNDLVHPPLQNXLQ NDKGHQYLLNRQNXOXHVVDDVLDQHGHOOLVHVWlNlVLWWH O\VWl

7XRPLRLVWXLPHQWXOHHRWWDDDVLDXXGHOOHHQNl VLWHOWlYlNVL WlWl DLNDLVHPPLQNLQ MRV VLLKHQ RQ DLKHWWD HGHOOLVHQ NlVLWWHO\Q MlONHHQ LOPL WXOOHHQ VHLNDQ MRKGRVWD 7XWNLQQDQMRKWDMDQ RQ YlOLWW|

PlVWLLOPRLWHWWDYDWXRPLRLVWXLPHOOHMDYDQJLWXO OHVHLNDVWDMRQNDYXRNVLYDQJLWWXQDSLWlPLVHHQ HLHQllROHV\\Wl

9DQJLWXOOHMDKlQHQDYXVWDMDOOHHQVHNlDVLDQ RPDLVHOOH SLGlWWlPLVHHQ RLNHXWHWXOOH YLUNDPLH KHOOHRQYDUDWWDYDWLODLVXXVWXOODNXXOOXNVLYDQ JLWVHPLVDVLDDXXGHOOHHQNlVLWHOWlHVVlMROOHLYDQ JLWWX WDL SLGlWWlPLVHHQ RLNHXWHWWX YLUNDPLHV LO PRLWDHWWHLNXXOHPLQHQROHWDUSHHQ9DQJLWWXRQ WXRWDYD WXRPLRLVWXLPHHQ MRV KlQ KDOXDD WXOOD

KHQNLO|NRKWDLVHVWLNXXOOXNVLWDLKlQHQNXXOHPL

VHHQVDDVLDQVHOYLWWlPLVHNVLRQPXXWRLQV\\Wl

†

9DQJLWWXQDSLWlPLVHVWlPllUllPLQHQHUlLVVl WDSDXNVLVVD

-RVWXRPLRLVWXLQSHUXXWWDDWDLO\NNllSllNl VLWWHO\Q WDLNND PllUll WRLPLWHWWDYDNVL XXGHQ SllNlVLWWHO\QDVLDVVDMRVVDYDVWDDMDRQYDQJLWWX QD RQ VHQ VDPDOOD WXWNLWWDYD RQNR V\\Wl SLWll KlQHWHGHOOHHQYDQJLWWXQD9DQJLWVHPLVDVLDQXX GHOOHHQNlVLWWHO\HLNXLWHQNDDQROHWDUSHHQVLQl DLNDQDNXQSllNlVLWWHO\lRQO\NlWW\MRQNXQVD PDVVDDVLDVVDYDVWDDMDQDROHYDQPLHOHQWLODQWXW NLPLVHQ MRKGRVWD 9DQJLWWXQD SLWlPLVHVWl RQ P\|VPllUlWWlYlMRVWXRPLRLVWXLQHLMXOLVWDWXR PLRWDKHWLSllNlVLWWHO\QSllW\WW\l

†

9DQJLWXQSllVWlPLQHQYDSDDNVL

.lVLWHOOHVVllQN\V\P\VWlYDQJLWXQSLWlPLVHV WlHGHOOHHQYDQJLWWXQDWXRPLRLVWXLPHQRQPll UlWWlYlKlQHWSllVWHWWlYlNVLKHWLYDSDDNVLMRVVH YDUDWWXDDQ DVLDQRPDLVHOOH SLGlWWlPLVHHQ RLNHX WHWXOOHYLUNDPLHKHOOHWLODLVXXGHQWXOODNXXOOXNVL NDWVRRHWWHLHGHOO\W\NVLlYDQJLWWXQDSLWlPLVHHQ HQllROH

7XRPLRLVWXLPHQ RQ DVLDQRPDLVHQ SLGlWWlPL VHHQRLNHXWHWXQYLUNDPLHKHQHVLW\NVHVWlPllUlW WlYl YDQJLWWX SllVWHWWlYlNVL KHWL YDSDDNVL MRV HGHOO\W\NVLlYDQJLWWXQDSLWlPLVHHQ HL HQllROH 9DQJLWWXRQPllUlWWlYlSllVWHWWlYlNVLYDSDDNVL P\|VMRVV\\WHWWlHLROHQRVWHWWXVLOOHPllUlW\V VlDMDVVDHLNlVHQNXOXHVVDROHS\\GHWW\PllUl DMDQ SLGHQWlPLVWl 9DQJLWWXD WDL KlQHQ DYXVWD MDDQVDHLWDUYLWVHNXWVXDDVLDQNlVLWWHO\\Q

† 0XXWRNVHQKDNX

²²²²²²²²²²²²²² 9DQJLWWXVDDNDQQHOODSllW|NVHVWl.DQWHOXOOH HLROHPllUlDLNDD.DQWHOXRQNlVLWHOWlYlNLLUHHO OLVHQl -ROOHL NDQWHOXD MlWHWl WXWNLPDWWD WDL VHO

YlVWL SHUXVWHHWWRPDQD K\OlWl VHQ MRKGRVWD RQ DVLDQRPDLVHOOHSLGlWWlPLVHHQRLNHXWHWXOOHYLUND PLHKHOOHYDUDWWDYDWLODLVXXVYDVWDXNVHQDQWDPL VHHQKRYLRLNHXGHQWDUNRLWXNVHQPXNDLVHNVLNDW VRPDOODWDYDOODMROOHLVHROHLOPHLVHVWLWDUSHHWRQ

WD²²²²²²²²²²²²²²

OXNX 0DWNXVWXVNLHOWR

†

0DWNXVWXVNLHOORQHGHOO\W\NVHW

5LNRNVHVWD WRGHQQlN|LVLQ V\LQ HSlLOW\ VDD GDDQPllUlWlSLGlWWlPLVHQWDLYDQJLWVHPLVHQVL MDVWDPDWNXVWXVNLHOWRRQMRVULNRNVHVWDVllGHWW\

DQNDULQUDQJDLVWXVRQYlKLQWllQYXRVLYDQNHXWWD MD HSlLOO\Q KHQNLO|NRKWDLVWHQ RORVXKWHLGHQ WDL PXLGHQ VHLNNRMHQ SHUXVWHHOOD RQ V\\Wl HSlLOOl HWWlKlQ

OlKWHHSDNRRQWDLNNDPXXWHQNDUWWDDHVLWXW NLQWDD RLNHXGHQNl\QWLl WDL UDQJDLVWXNVHQ Wl\

WlQW||QSDQRDWDL

MDWNDDULNROOLVWDWRLPLQWDD

†

0DWNXVWXVNLHOORVWDSllWWlYlYLUDQRPDLQHQ (VLWXWNLQQDQDLNDQD PDWNXVWXVNLHOWRD NRVNH YDVWD DVLDVWD SllWWll SLGlWWlPLVHHQ RLNHXWHWWX YLUNDPLHV (QQHQ SllW|NVHQ WHNHPLVWl VLLWl RQ LOPRLWHWWDYDV\\WWlMlOOHMRNDYRLRWWDDSllWHWWl YlNVHHQ N\V\P\NVHQ PDWNXVWXVNLHOORVWD .XQ DVLDHVLWXWNLQQDQSllW\WW\lRQVLLUUHWW\V\\WWlMlO OH PDWNXVWXVNLHOWRD NRVNHYDVWD DVLDVWD SllWWll V\\WWlMl 0LWl WlVVl PRPHQWLVVD VllGHWllQ RQ YRLPDVVDP\|VWXRPLRLVWXLPHQK\OlWW\l †Q PRPHQWLVVDWDUNRLWHWXQYDDWLPXNVHQ

6\\WWHHQ QRVWDPLVHQ MlONHHQ PDWNXVWXVNLHO WRD NRVNHYDVWD DVLDVWD SllWWll WXRPLRLVWXLQ 7XRPLRLVWXLQVDDWlOO|LQPllUlWlV\\WHW\QPDW NXVWXVNLHOWRRQYDLQV\\WWlMlQYDDWLPXNVHVWD

9DQJLWVHPLVYDDWLPXVWDVHNlYDQJLWWXQDSLWl PLVWl NRVNHYDD DVLDD NlVLWHOOHVVllQ WXRPLR

LVWXLQVDD †VVlVllGHW\LQHGHOO\W\NVLQPllUl WlHSlLOO\QYDQJLWVHPLVHQVLMDVWDPDWNXVWXVNLHO WRRQ7lOO|LQWXRPLRLVWXLQSllWWllWlWlPDWNXV WXVNLHOWRDNRVNHYDVWDDVLDVWDP\|VHQQHQV\\W WHHQ QRVWDPLVWD 9DQJLWVHPLVSllW|NVHVWl WHK G\QNDQWHOXQMRKGRVWDPllUlWW\lPDWNXVWXVNLHO WRDNRVNHYDVWDDVLDVWDSllWWllNXLWHQNLQYDQJLW VHPLVSllW|NVHQWHKQ\WWXRPLRLVWXLQ

†

0DWNXVWXVNLHOORQNXPRDPLQHQ

²²²²²²²²²²²²²² 0DWNXVWXVNLHOWRRQNXPRWWDYDMROOHLV\\WHWWl QRVWHWDSlLYlQNXOXHVVDNLHOORQPllUllPLVHV Wl 7XRPLRLVWXLQ VDD DVLDQRPDLVHQ SLGlWWlPL VHHQRLNHXWHWXQYLUNDPLHKHQHGHOOlWDUNRLWHWWX QD PllUlDLNDQD WHNHPlVWl S\\QQ|VWl SLGHQWll WlWlDLNDD

0DWNXVWXVNLHOWRRQ PllUlW\OOl RQ MR HQQHQ V\\WWHHQQRVWDPLVWDRLNHXVVDDWWDDN\V\P\VSL GlWWlPLVHHQ RLNHXWHWXQ YLUNDPLHKHQ PllUll PlQPDWNXVWXVNLHOORQYRLPDVVDSLWlPLVHVWlWXR PLRLVWXLPHQ WXWNLWWDYDNVL 7XRPLRLVWXLPHQ RQ NXPRWWDYDNLHOWRWDL †QPRPHQWLVVDWDUNRL WHWWXPllUl\VNRNRQDDQWDLRVLWWDLQMRVVHYDUDW WXDDQDVLDQRPDLVHOOHSLGlWWlPLVHHQRLNHXWHWXOOH YLUNDPLHKHOOHWLODLVXXGHQWXOODNXXOOXNVLNDWVRR HWWHL PDWNXVWXVNLHOORQ SLWlPLVHHQ VHOODLVHQDDQ YRLPDVVDROHHGHOO\W\NVLl

OXNX

+XNNDDPLVNLHOWRMDYDNXXVWDNDYDULNNR

†

+XNNDDPLVNLHOORQMDYDNXXVWDNDYDULNRQHGHOO\

W\NVHW

-RV RQROHPDVVD YDDUD HWWl VH MRWD RQ V\\Wl HSlLOOlULNRNVHVWDWDLVHMRNDYRLGDDQULNRNVHQ MRKGRVWDWXRPLWDNRUYDDPDDQYDKLQNRWDLPHQHW WlPllQ YDOWLROOH UDKDPllUl S\UNLL YlOWWlPllQ

VDNRQNRUYDXNVHQWDLPHQHWHWWlYlNVLWXRPLWWD YDQUDKDPllUlQ PDNVDPLVWD NlWNHPlOOlWDLKl YLWWlPlOOlRPDLVXXWWDDQSDNHQHPDOODWDLPXXO ODQlLKLQULQQDVWHWWDYDOODWDYDOODVDDGDDQKlQHQ RPDLVXXWWDDQ SDQQD KXNNDDPLVNLHOWRRQ HQLQ WllQ PllUl MRND ROHWHWWDYDVWL YDVWDD WXRPLWWD YDDVDNNRDNRUYDXVWDMDPHQHWWlPLVVHXUDDPXV

WD²²²²²²²²²²²²²²

†

9lOLDLNDLVWRLPHQSLWHHW

-RV †VVl VllGHW\W HGHOO\W\NVHW LOPHLVHVWL RYDWROHPDVVDHLNlDVLDVLHGlYLLY\W\VWlWXWNLQ QDQMRKWDMDWDLV\\WWlMlVDDSDQQDVLLQlPDLQLWWXD RPDLVXXWWDYlOLDLNDLVHVWLKXNNDDPLVNLHOWRRQWDL YDNXXVWDNDYDULNNRRQ NXQQHV WXRPLRLVWXLQ RQ SllWWlQ\WDVLDVWD7lPlWRLPHQSLGHSHUl\W\\MRV YDDWLPXVWD KXNNDDPLVNLHOORVWD WDL YDNXXVWDND YDULNRVWD HL ROH WHKW\ WXRPLRLVWXLPHOOH YLLNRQ NXOXHVVD YlOLDLNDLVHQ PllUl\NVHQ DQWDPLVHVWD -RV YlOLDLNDLQHQ KXNNDDPLVNLHOWR WDL YDNXXVWD NDYDULNNRROLVL †QPRPHQWLVVDWDUNRLWHWXVWD V\\VWlNXPRWWDYDHQQHQNXLQWXRPLRLVWXLQRQDO NDQXWNlVLWHOOlDVLDDWXWNLQQDQMRKWDMDQWDLV\\W WlMlQRQNXPRWWDYDYlOLDLNDLVWRLPHQSLGH

²²²²²²²²²²²²²²

†

+XNNDDPLVNLHOORQMDYDNXXVWDNDYDULNRQNXPRD PLQHQ

²²²²²²²²²²²²²² 7XRPLRLVWXLPHQ RQ NXPRWWDYD KXNNDDPLV NLHOWRWDLYDNXXVWDNDYDULNNRP\|VMROOHLV\\WHW Wl QRVWHWD QHOMlQ NXXNDXGHQ NXOXHVVD KXNNDD PLVNLHOWRD WDL YDNXXVWDNDYDULNNRD NRVNHYDQ PllUl\NVHQ DQWDPLVHVWD 7XRPLRLVWXLQ VDD WXW NLQQDQMRKWDMDQWDLV\\WWlMlQHGHOOlWDUNRLWHWWXQD PllUlDLNDQDWHNHPlVWlS\\QQ|VWlSLGHQWllWlWl DLNDDHQLQWllQQHOMlOOlNXXNDXGHOODNHUUDOODDQ

OXNX

(WVLQWl

3DLNNDDQNRKGLVWXYDHWVLQWl

†

.RWLHWVLQWlHVLQHHQO|\WlPLVHNVL

-RVRQV\\WlHSlLOOlHWWlRQWHKW\ULNRVMRVWD VllGHWW\ DQNDULQ UDQJDLVWXV RQ YlKLQWllQ NXXVL NXXNDXWWDYDQNHXWWDWDLMRVVHOYLWHWWlYlQlRYDW

\KWHLV|VDNRQ WXRPLWVHPLVHHQ OLLWW\YlW VHLNDW VDDGDDQUDNHQQXNVHVVDKXRQHHVVDWDLNNDVXOMH WXVVD VlLO\W\VSDLNDVVD WDL VXOMHWXVVD NXONXQHX YRVVD MRND RQ VHQ KDOOLQQDVVD MRWD RQ V\\Wl HSlLOOlULNRNVHVWDWRLPLWWDDNRWLHWVLQWlWDNDYDUL NRLWDYDQWDLYlOLDLNDLVHHQKXNNDDPLVNLHOWRRQWDL YDNXXVWDNDYDULNNRRQSDQWDYDQHVLQHHQWDLRPDL VXXGHQ O|\WlPLVHNVL WDLNND PXXWRLQ VHOODLVHQ VHLNDQWXWNLPLVHNVLMROODYRLROODPHUNLW\VWlUL NRNVHQVHOYLWWlPLVHVVl

3DLNDVVDMRNDHLROHVHQKDOOLQQDVVDMRWDRQ V\\WlHSlLOOlULNRNVHVWDVDDGDDQNRWLHWVLQWlWRL PLWWDDYDLQNXQULNRVRQWHKW\VLHOOlWDLHSlLOW\

RQ VLHOOl RWHWWX NLLQQL WDLNND PXXWHQ YRLGDDQ HULWWlLQSlWHYLQSHUXVWHLQROHWWDDHWWlHWVLQQlOOl O|\GHWllQWDNDYDULNRLWDYDWDLYlOLDLNDLVHHQKXN NDDPLVNLHOWRRQ WDL YDNXXVWDNDYDULNNRRQ SDQWD YD HVLQH WDL RPDLVXXV WDLNND PXXWRLQ VDDGDDQ VHOYLW\VWlULNRNVHVWD

3DLNDVVDMRKRQ\OHLV|OOlRQSllV\WDLMRVVDUL NRNVHQWHNLM|LOOlRQWDSDQDROHVNHOODWDLNNDVHO ODLVWDRPDLVXXWWDMRWDHWVLWllQRQWDSDQDRVWDD WDL RWWDD SDQWLNVL VDDGDDQ NRWLHWVLQWl PRPHQWLVVD VllGHW\VVl WDUNRLWXNVHVVD WRLPLW WDDULLSSXPDWWDULNRNVHVWDVllGHW\VWlUDQJDLVWXN VHVWD

†

.RWLHWVLQWlKHQNLO|QO|\WlPLVHNVL (GHOOl †QPRPHQWLVVDPDLQLWXVVDHWVLWWl YlQ KDOOLQQDVVD ROHYDVVD SDLNDVVD VDDGDDQ WRL PLWWDDNRWLHWVLQWlNLLQQLRWHWWDYDQSLGlWHWWlYlQ WDLYDQJLWWDYDQWXRPLRLVWXLPHHQWXRWDYDQWDLN ND VLQQH ULNRVDVLDVVD KDDVWHWWDYDQ YDVWDDMDQ

WDLNND KHQNLO|QNDWVDVWXNVHHQ WRLPLWHWWDYDQ WD YRLWWDPLVHNVL

0XXDOODNXLQHWVLWWlYlQKHQNLO|QKDOOLQQDVVD ROHYDVVD SDLNDVVD VDDGDDQ NRWLHWVLQWl WRLPLWWDD YDLQMRVHWVLWWlYlQKHQNLO|QHULWWlLQSlWHYLQSH UXVWHLQYRLGDDQROHWWDDROHVNHOHYDQVLHOOl7lVWl ULLSSXPDWWD HWVLQWl VDDGDDQ WRLPLWWDD SDLNDVVD MRKRQ\OHLV|OOlRQSllV\WDLMRVVDULNRNVHQWHNL M|LOOlRQWDSDQDROHVNHOOD

† 3DLNDQWDUNDVWXV

0XXDOODNXLQ †QPRPHQWLVVDWDUNRLWHWXV VDSDLNDVVDVDDGDDQYDLNNHL\OHLV|OOlROHVLQQH SllV\lWRLPLWWDDULNRNVHVWDVllGHW\VWlUDQJDLV WXNVHVWD ULLSSXPDWWD SDLNDQWDUNDVWXV WDNDYDUL NRLWDYDQWDLYlOLDLNDLVHHQKXNNDDPLVNLHOWRRQWDL YDNXXVWDNDYDULNNRRQSDQWDYDQHVLQHHQWDLRPDL VXXGHQ O|\WlPLVHNVL WDLNND PXXWRLQ VHOODLVHQ VHLNDQWXWNLPLVHNVLMROODYRLROODPHUNLW\VWlUL NRNVHQ VHOYLWWlPLVHVVl 3DLNDQWDUNDVWXV VDD GDDQ YDVWDDYDVWL WRLPLWWDD †Q PRPHQWLVVD WDUNRLWHWXQKHQNLO|QWDYRLWWDPLVHNVL3DLNDQWDU NDVWXNVHVWDSllWWllV\\WWlMlWXWNLQQDQMRKWDMDWDL WXWNLMD 3DLNDQWDUNDVWXNVHHQ HL VRYHOOHWD ² †QVllQQ|NVLlNRWLHWVLQQlVWl

†

+HQNLO|QWDUNDVWXNVHQHGHOO\W\NVHW 6LOOHMRWDRQV\\WlHSlLOOl

ULNRNVHVWDMRVWDVllGHWW\DQNDULQUDQJDLV WXVRQYlKLQWllQNXXVLNXXNDXWWDYDQNHXWWD

OLHYlVWlSDKRLQSLWHO\VWl

QlSLVW\NVHVWl OLHYlVWl NDYDOOXNVHVWD OLH YlVWl OXYDWWRPDVWD Nl\W|VWl OLHYlVWl PRRWWRUL NXONXQHXYRQ Nl\WW|YDUNDXGHVWD PXUWRYlOLQHHQ KDOOXVVDSLGRVWD

OLHYlVWlYDKLQJRQWHRVWDWDL OLHYlVWlSHWRNVHVWD

VDDGDDQWHKGlKHQNLO|QWDUNDVWXVWDNDYDULNRL WDYDQWDLNNDYlOLDLNDLVHHQKXNNDDPLVNLHOWRRQWDL

YDNXXVWDNDYDULNNRRQSDQWDYDQHVLQHHQWDLRPDL VXXGHQ O|\WlPLVHNVL WDL PXXWRLQ VHOODLVHQ VHL NDQWXWNLPLVHNVLMROODYRLROODPHUNLW\VWlULNRN VHQVHOYLWWlPLVHVVl

6H MRWD HL ROH V\\Wl HSlLOOl ULNRNVHVWD VDD GDDQ WDUNDVWDD YDLQ MRV HULWWlLQ SlWHYLQ SHUXV WHLQ YRLGDDQ ROHWWDD HWWl WDUNDVWXNVHVVD VDDWH WDDQO|\WllWDNDYDULNRLWDYDWDLNNDYlOLDLNDLVHHQ KXNNDDPLVNLHOWRRQ WDL YDNXXVWDNDYDULNNRRQ SDQWDYDHVLQHWDLRPDLVXXVWDLNNDPXXWRLQVDDGD VHOYLW\VWlULNRNVHVWD

†

+HQNLO|QNDWVDVWXNVHQHGHOO\W\NVHW +HQNLO|QNDWVDVWXVVDDGDDQ †QPRPHQ WLVVDPDLQLWXVVDWDUNRLWXNVHVVDNRKGLVWDDVLLKHQ MRWDWRGHQQlN|LVLQV\LQHSlLOOllQULNRNVHVWDMRV WDVllGHWW\DQNDULQUDQJDLVWXVRQHQHPPlQNXLQ NXXVL NXXNDXWWD YDQNHXWWD WDLNND UDWWLMXRSX PXNVHVWD WDL KXXPDXVDLQHHQ Nl\WW|ULNRNVHVWD -ROOHL HSlLO\\Q ROH WRGHQQlN|LVLl V\LWl HSlLOW\

VDDGDDQ NDWVDVWDD YDLQ MRV HULWWlLQ SlWHYLQ SH UXVWHLQYRLGDDQROHWWDDHWWlNDWVDVWXNVHVVDVDD WHWDDQ O|\Wll WDNDYDULNRLWDYD WDLNND YlOLDLNDL VHHQ KXNNDDPLVNLHOWRRQ WDL YDNXXVWDNDYDULN NRRQSDQWDYDHVLQHWDLRPDLVXXVWDLNNDPXXWRLQ VDDGDVHOYLW\VWlULNRNVHVWD

-RVRQWHKW\ULNRVMRVWDVllGHWW\DQNDULQUDQ JDLVWXVRQYlKLQWllQQHOMlYXRWWDYDQNHXWWDVDD GDDQ'1$WXQQLVWHHQPllULWWlPLVHNVLWDLPXXQ YDVWDDYDQ WXWNLQQDQ VXRULWWDPLVHNVL WDUSHHO OLQHQ KHQNLO|QNDWVDVWXV WHKGl KHQNLO|LOOH MRLWD HL HSlLOOl N\VHLVHVWl ULNRNVHVWD MRV WXWNLQQDOOD RQHULWWlLQWlUNHlPHUNLW\VULNRNVHQVHOYLWWlPL VHOOHVHQYXRNVLHWWlULNRNVHQVHOYLWWlPLQHQROL VLPDKGRWRQWDWDLROHQQDLVHVWLYDLNHDPSDDNl\W WlPlOOl WXWNLQQDQ NRKWHLGHQRLNHXNVLLQ YlKHP PlQSXXWWXYLDNHLQRMD'1$WXQQLVWHVHNlPXXW YDVWDDYDWWXWNLQWDWXORNVHWRQKlYLWHWWlYlMDVlL O\WHW\W Ql\WWHHW WXKRWWDYD NXQ DVLD RQ ODLQYRL PDLVHVWLUDWNDLVWXWDLMlWHWW\VLOOHQVl

†

+HQNLO||QNRKGLVWXYDQHWVLQQlQWRLPLWWDPLQHQ

²²²²²²²²²²²²²² +HQNLO|QNDWVDVWXNVHQ \KWH\GHVVl WHKWlYlVWl WXWNLPXNVHVWDHLVDDDLKHXWXDWXWNLWWDYDOOHVDQRW WDYDDKDLWWDD

DOXNX

7HOHNXXQWHOXWHOHYDOYRQWDMDWHNQLQHQWDUN NDLOX

† 0llULWHOPlW 7lVVlODLVVDWDUNRLWHWDDQ

WHOHNXXQWHOXOODYLHVWLQWlPDUNNLQDODLVVD WDUNRLWHWXQ \OHLVHQ YLHVWLQWlYHUNRQ WDLVLLKHQOLLWHW\QYLHVWLQWlYHUNRQNDXWWDWHOHOLLW W\PllQVlKN|SRVWLRVRLWWHHVHHQWDLPXXKXQVHO ODLVHHQ WHOHRVRLWWHHVHHQ WDLNND WHOHSllWHODLWWHH VHHQWXOHYDQWDLNNDVLLWlOlKWHYlQYLHVWLQNXXQWH OXDWDLWDOOHQWDPLVWDVDODDYLHVWLQVLVlOO|QVHOYLW WlPLVHNVL

WHOHYDOYRQQDOOD VDODVVDSLGHWWlYLHQ WXQQLV WDPLVWLHWRMHQ KDQNNLPLVWD WHOHYLHVWHLVWl MRWND RQOlKHWHWW\NRKGDVVDWDUNRLWHWWXXQYLHVWLQWl YHUNNRRQ N\WNHW\VWl WHOHOLLWW\PlVWl WHOHRVRLW WHHVWDWDLWHOHSllWHODLWWHHVWDWDLNNDYDVWDDQRWHWWX WlOODLVHHQWHOHOLLWW\PllQWHOHRVRLWWHHVHHQWDLWH OHSllWHODLWWHHVHHQVHNlPDWNDYLHVWLPHQVLMDLQWL WLHGRQKDQNNLPLVWDMDWlOODLVHQWHOHOLLWW\PlQWDL WHOHSllWHODLWWHHQWLODSlLVWlVXONHPLVWD

WHNQLVHOOlWDUNNDLOXOOD

D VHOODLVHQNHVNXVWHOXQWDLYLHVWLQNXXQWHOXD WDLWDOOHQWDPLVWDVDODDWHNQLVHOOlODLWWHHOODMRND HLROHXONRSXROLVWHQWLHWRRQWDUNRLWHWWXMDMRKRQ NHVNXVWHOXXQ NXXQWHOLMD HL RVDOOLVWX WHNQLQHQ NXXQWHOX

E WLHW\Q KHQNLO|Q WDL SDLNDQ MRVVD HSlLOO\Q YRLGDDQROHWWDDROHVNHOHYDQMDWNXYDDWDLWRLVWX YDD NXYDDPLVWD WDL WDUNNDLOXD VDODD NLLNDULOOD NDPHUDOODYLGHRNDPHUDOODWDLPXXOODVHOODLVHOOD ODLWWHHOOD WDL PHQHWHOPlOOl WHNQLQHQ NDWVHOX VHNl

F NXONXQHXYRQ WDL WDYDUDQ VHXUDQWDD VLLKHQ

NLLQQLWHW\OOlUDGLROlKHWWLPHOOlWDLPXXOODVHOODL VHOOD ODLWWHHOOD WDL PHQHWHOPlOOl WHNQLQHQ VHX UDQWD

†

7HOHNXXQWHOXQHGHOO\W\NVHW .XQRQV\\WlHSlLOOlMRWDNXWD

MRXNNRWXKRQQDVWD MRXNNRWXKRQQDQ YDO PLVWHOXVWD NHPLDOOLVHQ DVHHQ NLHOORQ ULNNRPL VHVWDELRORJLVHQDVHHQNLHOORQULNNRPLVHVWD

6XRPHQ LWVHPllUllPLVRLNHXGHQ YDDUDQWD PLVHVWDVRWDDQ\OO\WWlPLVHVWlPDDQSHWRNVHVWD W|UNHlVWlPDDQSHWRNVHVWDYDNRLOXVWDW|UNHlVWl YDNRLOXVWD WXUYDOOLVXXVVDODLVXXGHQ SDOMDVWDPL VHVWDOXYDWWRPDVWDWLHGXVWHOXWRLPLQQDVWD

YDOWLRSHWRNVHVWDW|UNHlVWlYDOWLRSHWRNVHV WDYDOWLRSHWRNVHQYDOPLVWHOXVWD

W|UNHlVWl ODSVHQ VHNVXDDOLVHVWD K\YlNVL Nl\W|VWl

WDSRVWDPXUKDVWDVXUPDVWD

W|UNHlVWl YDSDXGHQULLVWRVWD LKPLVU\|VW|V WlSDQWWLYDQJLQRWWDPLVHVWD

W|UNHlVWlU\|VW|VWlW|UNHlVWlNLULVW\NVHVWl W|UNHlVWl NlWNHPLVULNRNVHVWD DPPDW WLPDLVHVWD NlWNHPLVULNRNVHVWD W|UNHlVWl UDKDQ SHVXVWD

WXKRW\|VWl OLLNHQQHWXKRW\|VWl W|UNHlVWl WXKRW\|VWl W|UNHlVWl WHUYH\GHQ YDDUDQWDPLVHV WD\GLQUlMlKGHULNRNVHVWDNDDSSDXNVHVWD

ULNRVODLQDOXYXQ†QPRPHQWLQ² NRKGDVVDWDLPRPHQWLVVDWDUNRLWHWXVWDWHUUR ULVWLVHVVDWDUNRLWXNVHVVDWHKG\VWlULNRNVHVWDWHU URULVWLVHVVD WDUNRLWXNVHVVD WHKWlYlQ ULNRNVHQ YDOPLVWHOXVWD WHUURULVWLU\KPlQ MRKWDPLVHVWD WHUURULVWLU\KPlQWRLPLQQDQHGLVWlPLVHVWlWHUUR ULVPLQUDKRLWWDPLVHVWD

W|UNHlVWlYDKLQJRQWHRVWD W|UNHlVWlNLVNRQQDVWD

W|UNHlVWlUDKDQYllUHQQ\NVHVWl W|UNHlVWl\PSlULVW|QWXUPHOHPLVHVWD W|UNHlVWlKXXPDXVDLQHULNRNVHVWDWDLNND HGHOOl PDLQLWWXMHQ ULNRVWHQ UDQJDLVWDYDV WD\ULW\NVHVWl

ULNRNVHQHVLWXWNLQWDDWRLPLWWDYDOOHYLUDQRPDL VHOOH YRLGDDQ DQWDD OXSD NXXQQHOOD MD WDOOHQWDD

WHOHYLHVWHMlMRLWDHSlLOW\OlKHWWllKDOOXVVDDQROH YDVWDWDLROHWHWWDYDVWLPXXWHQNl\WWlPlVWllQWH OHOLLWW\PlVWl WHOHRVRLWWHHVWD WDL WHOHSllWHODLW WHHVWDWDLNNDWlOODLVHHQWHOHOLLWW\PllQWHOHRVRLW WHHVHHQ WDL WHOHSllWHODLWWHHVHHQ WXOHYLD KlQHOOH WDUNRLWHWWXMDYLHVWHMlMRVVDDWDYLOODWLHGRLOODYRL GDDQ ROHWWDD ROHYDQ HULWWlLQ WlUNHl PHUNLW\V UL NRNVHQVHOYLWWlPLVHOOH

/XSD PRPHQWLQ PXNDLVHHQ WHOHNXXQWHOXXQ YRLGDDQVLLQlVllGHW\LQHGHOO\W\NVLQDQWDDP\|V NXQRQV\\WlHSlLOOlMRWDNXWDOLLNHWDLDPPDWWL WRLPLQWDDQOLLWW\YlVWlVHOODLVHVWD

W|UNHlVWlODKMXNVHQDQWDPLVHVWD W|UNHlVWlNDYDOOXNVHVWD

W|UNHlVWl YHURSHWRNVHVWD W|UNHlVWl DYXV WXVSHWRNVHVWD

W|UNHlVWlYllUHQQ\NVHVWl W|UNHlVWlSHWRNVHVWD

W|UNHlVWl YHODOOLVHQ HSlUHKHOOLV\\GHVWl W|UNHlVWlYHODOOLVHQSHWRNVHVWD

W|UNHlVWl ODKMXNVHQ RWWDPLVHVWD W|UNHlVWl YLUNDDVHPDQYllULQNl\W|VWl

W|UNHlVWlVllQQ|VWHO\ULNRNVHVWD

W|UNHlVWl VLVlSLLULQWLHGRQ YllULQNl\W|VWl WDLW|UNHlVWlNXUVVLQYllULVWlPLVHVWlWDLNND

HGHOOl PDLQLWWXMHQ ULNRVWHQ UDQJDLVWDYDV WD\ULW\NVHVWl

MRVVD ULNRNVHOOD WDYRLWHOODDQ HULW\LVHQ VXXUWD K\|W\lMDULNRVWHKGllQHULW\LVHQVXXQQLWHOPDOOL VHVWL

†

7HOHYDOYRQQDQHGHOO\W\NVHW .XQRQV\\WlHSlLOOlMRWDNXWD

ULNRNVHVWDMRVWDVllGHWW\DQNDULQUDQJDLV WXVRQYlKLQWllQQHOMlYXRWWDYDQNHXWWD

DXWRPDDWWLVHHQ WLHWRMHQNlVLWWHO\MlUMHVWHO PllQ NRKGLVWXQHHVWD ULNRNVHVWD MRND RQ WHKW\

WHOHSllWHODLWHWWD Nl\WWlHQ SDULWXNVHVWD RLNHX GHQNl\W|VVlNXXOWDYDQXKNDDPLVHVWDODLWWRPDV WDXKNDXNVHVWDWDLKXXPDXVDLQHULNRNVHVWD

HGHOOl PDLQLWWXMHQ ULNRVWHQ UDQJDLVWDYDVWD

\ULW\NVHVWlWDL

WHUURULVWLVHVVD WDUNRLWXNVHVVD WHKWlYlQ UL NRNVHQYDOPLVWHOXVWD

ULNRNVHQHVLWXWNLQWDDWRLPLWWDYDOOHYLUDQRPDL VHOOHYRLGDDQDQWDDOXSDNRKGLVWDDWHOHYDOYRQWDD HSlLOO\QKDOOXVVDROHYDDQWDLKlQHQROHWHWWDYDVWL PXXWHQ Nl\WWlPllQVl WHOHOLLWW\PllQ WHOHRVRLW WHHVHHQ WDL WHOHSllWHODLWWHHVHHQ WDLNND KDQNNLD HSlLOO\Q KDOOXVVD ROHYDQ WDL KlQHQ ROHWHWWDYDVWL PXXWHQNl\WWlPlQVlPDWNDYLHVWLPHQVLMDLQWLWLH GRW WDLNND WLODSlLVHVWL VXONHD WlOODLQHQ OLLWW\Pl WDL ODLWH MRVWHOHYDOYRQQDOOD VDDWDYLOODWLHGRLOOD WDLNND WHOHOLLWW\PlQ WDL WHOHSllWHODLWWHHQ VXONH PLVHOOD YRLGDDQ ROHWWDD ROHYDQ HULWWlLQ WlUNHl PHUNLW\VULNRNVHQVHOYLWWlPLVHOOH

5LNRNVHQ HVLWXWNLQWDD WRLPLWWDYDOOH YLUDQ RPDLVHOOHYRLGDDQDVLDQRPLVWDMDQVXRVWXPXNVHO ODDQWDDOXSDNRKGLVWDDWHOHYDOYRQWDDWlPlQKDO OXVVD ROHYDDQ WDL PXXWHQ Nl\WWlPllQ WHOHOLLWW\

PllQ WDL WHOHRVRLWWHHVHHQ VLOWl RVLQ NXLQ VH RQ WDUSHHQ PRPHQWLVVD WDUNRLWHWXQULNRNVHQVHO YLWWlPLVHNVL-RVHVLWXWNLQWDNRVNHHULNRVWDMRQ ND MRKGRVWD MRNX RQ VDDQXW VXUPDQVD OXYDQ P\|QWlPLQHQ HL HGHOO\Wl VXUPDWXQ RLNHXGHQ RPLVWDMLHQVXRVWXPXVWD

D†

0DWNDYLHVWLPLHQVLMDLQWLWLHGRQKDQNNLPLQHQ (GHOOl†QPRPHQWLQ²NRKGDVVDWDU NRLWHWXQ ULNRNVHQ HVLWXWNLQWDD WRLPLWWDYDOOH YL UDQRPDLVHOOHYRLGDDQDQWDDOXSDVDDGDWLHWRQLLV WlPDWNDYLHVWLPLVWlMRLVWDRQULNRNVHQROHWHWWX QD WDSDKWXPDDLNDQD NLUMDXWXQXW WLHWR ULNRNVHQ ROHWHWXQWHNRSDLNDQWDLPXXQULNRNVHQVHOYLWWl PLVHQ NDQQDOWD PHUNLW\NVHOOLVHQ SDLNDQ OlKHL V\\GHVVl VLMDLWVHYDQ WXNLDVHPDQ NDXWWD WHOHMlU MHVWHOPllQMRVWLHWRMHQVDDPLVHOODYRLGDDQROHW WDDROHYDQHULWWlLQWlUNHlPHUNLW\VULNRNVHQVHO YLWWlPLVHOOH

†

7HNQLVHQNXXQWHOXQHGHOO\W\NVHW .XQRQV\\WlHSlLOOlMRWDNXWD

ULNRNVHVWDMRVWDVllGHWW\DQNDULQUDQJDLV WXVRQYlKLQWllQQHOMlYXRWWDYDQNHXWWD

KXXPDXVDLQHULNRNVHVWD

HGHOOl PDLQLWWXMHQ ULNRVWHQ UDQJDLVWDYDVWD

\ULW\NVHVWlWDL

WHUURULVWLVHVVD WDUNRLWXNVHVVD WHKWlYlQ UL NRNVHQYDOPLVWHOXVWD

ULNRNVHQ HVLWXWNLQWDD WRLPLWWDYD YLUDQRPDL QHQVDDNRKGLVWDDHSlLOW\\QWHNQLVWlNXXQWHOXD MRVNXXQWHOXOODVDDWDYLOODWLHGRLOODYRLGDDQROHW WDDROHYDQHULWWlLQWlUNHlPHUNLW\VULNRNVHQVHO YLWWlPLVHOOH

7HNQLVWl NXXQWHOXD VDD PRPHQWLQ QRMDOOD NRKGLVWDD HSlLOW\\Q YDLQ KlQHQ ROOHVVDDQ YDNL WXLVHHQ DVXPLVHHQ WDUNRLWHWXQ WLODQ XONRSXROHO OD 7HNQLVWl NXXQWHOXD VDD OLVlNVL NRKGLVWDD HSlLOW\\QMRNDVXRULWWDDUDQJDLVWXVWDUDQJDLVWXV ODLWRNVHVVD WDLNND RQ SDNNRODLWRNVHHQ HULVWHWW\

WDLWXWNLQWDYDQNLKlQHQROOHVVDDQVHOOLVVllQWDL YDQNLHQ Nl\W|VVl ROHYLVVD ODLWRNVHQ PXLVVD WL ORLVVD

.XQRQV\\WlHSlLOOlMRWDNXWD

MRXNNRWXKRQQDVWD MRXNNRWXKRQQDQ YDO PLVWHOXVWD NHPLDOOLVHQ DVHHQ NLHOORQ ULNNRPL VHVWDELRORJLVHQDVHHQNLHOORQULNNRPLVHVWD

6XRPHQ LWVHPllUllPLVRLNHXGHQ YDDUDQWD PLVHVWDVRWDDQ\OO\WWlPLVHVWlPDDQSHWRNVHVWD W|UNHlVWlPDDQSHWRNVHVWDYDNRLOXVWD W|UNHlVWl YDNRLOXVWD

YDOWLRSHWRNVHVWDW|UNHlVWlYDOWLRSHWRNVHV WD W|UNHlVWl ODSVHQ VHNVXDDOLVHVWD K\YlNVL Nl\W|VWl

WDSRVWDPXUKDVWDVXUPDVWD LKPLVU\|VW|VWl

W|UNHlVWlU\|VW|VWl

W|UNHlVWl WXKRW\|VWl W|UNHlVWl WHUYH\GHQ YDDUDQWDPLVHVWD \GLQUlMlKGHULNRNVHVWD NDDS SDXNVHVWD

ULNRVODLQDOXYXQ†QPRPHQWLQ² NRKGDVVDWDLPRPHQWLVVDWDUNRLWHWXVWDWHUURULV WLVHVVDWDUNRLWXNVHVVDWHKG\VWlULNRNVHVWDWHUUR ULVWLVHVVD WDUNRLWXNVHVVD WHKWlYlQ ULNRNVHQ YDO PLVWHOXVWDWHUURULVWLU\KPlQMRKWDPLVHVWDWHUUR ULVWLU\KPlQ WRLPLQQDQ HGLVWlPLVHVWl WHUURULV PLQUDKRLWWDPLVHVWD

W|UNHlVWlKXXPDXVDLQHULNRNVHVWDWDL HGHOOl PDLQLWWXMHQ ULNRVWHQ UDQJDLVWDYDV WD\ULW\NVHVWl

ULNRNVHQHVLWXWNLQWDDWRLPLWWDYDOOHYLUDQRPDL

VHOOH YRLGDDQ DQWDD OXSD NRKGLVWDD WHNQLVWl NXXQWHOXD P\|V VHOODLVHHQ YDNLWXLVHHQ DVXPL VHHQWDUNRLWHWWXXQWLODDQMRVVDHSlLOW\WRGHQQl N|LVHVWL ROHVNHOHH MRV ULNRNVHQ VHOYLWWlPLQHQ ROLVL ROHQQDLVHVWL YDLNHDPSDD WDL PDKGRWRQWD Nl\WWlPlOOl ULNRNVHVWD HSlLOO\Q WDL PXLGHQ RL NHXNVLLQYlKHPPlQSXXWWXYLDSDNNRNHLQRMD

(VLWXWNLQWDD WRLPLWWDYDOOD YLUNDPLHKHOOl RQ RLNHXVVLMRLWWDDNXXQWHOXODLWHNXXQWHOXQNRKWHH QDROHYLLQWLORLKLQMRVNXXQWHOXQVXRULWWDPLQHQ VLWlHGHOO\WWll9LUNDPLHKHOOlRQWlOO|LQRLNHXV ODLWWHHQDVHQWDPLVHNVLMDSRLVRWWDPLVHNVLVDODD PHQQlHGHOOlPDLQLWWXLKLQWLORLKLQ

D†

7HNQLVHQNDWVHOXQHGHOO\W\NVHW

.XQRQV\\WlHSlLOOlMRWDNXWDULNRNVHVWDMRV WDVllGHWW\DQNDULQUDQJDLVWXVRQHQHPPlQNXLQ NXXVLNXXNDXWWDYDQNHXWWDHSlLOW\\QWDLWLHWW\\Q SDLNNDDQMRVVDKlQHQYRLGDDQROHWWDDROHVNHOH YDQVDDGDDQNRKGLVWDDWHNQLVWlNDWVHOXDMRVNDW VHOXOOD VDDWDYLOOD WLHGRLOOD YRLGDDQ ROHWWDD ROH YDQHULWWlLQWlUNHlPHUNLW\VULNRNVHQVHOYLWWlPL VHOOH

-RVWHNQLQHQNDWVHOXNRKGLVWXXYDQNHLQKRLWR ODLWRNVHQ KXRVWDVVD ROHYDDQ UDQJDLVWXVWD UDQ JDLVWXVODLWRNVHVVD VXRULWWDYDDQ SDNNRODLWRN VHHQHULVWHWW\\QWDLWXWNLQWDYDQNLLQHGHOO\WHWllQ NXLWHQNLQHWWlHSlLO\NRVNHHULNRVWDMRVWDVll GHWW\DQNDULQUDQJDLVWXVRQYlKLQWllQQHOMlYXRW WDYDQNHXWWDWDLNNDKXXPDXVDLQHULNRVWDWDLQlL GHQ ULNRVWHQ UDQJDLVWDYDD \ULW\VWl WDLNND WHUUR ULVWLVHVVD WDUNRLWXNVHVVD WHKWlYlQ ULNRNVHQ YDO PLVWHOXD MD HWWl NDWVHOXOOD VDDWDYLOOD WLHGRLOOD YRLGDDQ ROHWWDD ROHYDQ HULWWlLQ WlUNHl PHUNLW\V ULNRNVHQVHOYLWWlPLVHOOH

7HNQLVWl NDWVHOXD VDD NRKGLVWDD HSlLOW\\Q YDLQKlQHQROOHVVDDQYDNLWXLVHHQDVXPLVHHQWDU NRLWHWXQ WLODQ XONRSXROHOOD 7HNQLVWl NDWVHOXD VDD OLVlNVL NRKGLVWDD HSlLOW\\Q MRND VXRULWWDD UDQJDLVWXVWDUDQJDLVWXVODLWRNVHVVDWDLNNDRQSDN NRODLWRNVHHQ HULVWHWW\ WDL WXWNLQWDYDQNL KlQHQ ROOHVVDDQVHOOLVVllQWDLYDQNLHQNl\W|VVlROHYLV VDODLWRNVHQPXLVVDWLORLVVD

(VLWXWNLQWDD WRLPLWWDYDOOD YLUNDPLHKHOOl RQ RLNHXV VLMRLWWDD NDWVHOXODLWH NDWVHOXQ NRKWHHQD ROHYLLQ WLORLKLQ MRV NDWVHOXQ VXRULWWDPLQHQ VLWl HGHOO\WWll9LUNDPLHKHOOlRQWlOO|LQRLNHXVODLW WHHQ DVHQWDPLVHNVL MD SRLV RWWDPLVHNVL VDODD PHQQlHGHOOlPDLQLWWXLKLQWLORLKLQ

E†

7HNQLVHQVHXUDQQDQHGHOO\W\NVHW .XQRQV\\WlHSlLOOlMRWDNXWDULNRNVHVWDMRV WDVllGHWW\DQNDULQUDQJDLVWXVRQHQHPPlQNXLQ NXXVLNXXNDXWWDYDQNHXWWDKlQHQNl\WWlPllQVl NXONXQHXYRRQWDLULNRNVHQNRKWHHQDROHYDDQWD YDUDHUllQVDDGDDQULNRNVHQVHOYLWWlPLVHNVLNRK GLVWDDWHNQLVWlVHXUDQWDD

(VLWXWNLQWDD WRLPLWWDYDOOD YLUNDPLHKHOOl RQ RLNHXVVLMRLWWDDVHXUDQWDODLWHVHXUDWWDYDQNXONX QHXYRQVLVlOOHMRVVHXUDQQDQVXRULWWDPLQHQVLWl HGHOO\WWll9LUNDPLHKHOOlRQWlOO|LQRLNHXVODLW WHHQ DVHQWDPLVHNVL MD SRLV RWWDPLVHNVL VDODD PHQQlNXONXQHXYRQVLVlOOH

†

7RLPHQSLWHHVWlSllWWlPLQHQ

3LGlWWlPLVHHQRLNHXWHWXQYLUNDPLHKHQNLUMDO OLVHVWDYDDWLPXNVHVWDOXYXQ †VVlWDUNRLWHWWX WXRPLRLVWXLQSllWWllOXYDQP\|QWlPLVHVWl

WHOHNXXQWHOXXQ WHOHYDOYRQWDDQ

D †VVl WDUNRLWHWXQ PDWNDYLHVWLPLHQ VL MDLQWLWLHGRQKDQNNLPLVHHQ

YDQNHLQKRLWRODLWRNVHQ KXRVWDVVD ROHYDDQ KHQNLO||Q NRKGLVWHWWDYDDQ WHNQLVHHQ NXXQWH OXXQ MD WHNQLVHHQ NDWVHOXXQ NXQ UDQJDLVWXVODL WRNVHQMRKWDMDOOHRQYDUDWWXWLODLVXXVWXOODNXXO OXNVL

HGHOOl †Q PRPHQWLVVD WDUNRLWHWWXXQ WHNQLVHHQNXXQWHOXXQVHNl

WHNQLVHHQ NXXQWHOXXQ MD WHNQLVHHQ NDWVH OXXQMRVVDNXXQWHOXWDLNDWVHOXODLWHRQWDUNRL WXVVLMRLWWDDHSlLOO\QNl\WWlPllQNXONXQHXYRRQ WDLVLLKHQWLODDQMRVVDHSlLOW\ROHVNHOHH

-RV PRPHQWLQ NRKGDVVD WDUNRLWHWWX WRL PHQSLGH HL VLHGl YLLY\W\VWl SLGlWWlPLVHHQ RL

NHXWHWWX YLUNDPLHV VDD SllWWll WRLPHQSLWHHVWl VLLKHQDVWLNXQQHVWXRPLRLVWXLQRQUDWNDLVVXWOX YDQP\|QWlPLVWlNRVNHYDQYDDWLPXNVHQ9DDWL PXV YRLGDDQ HVLWWll P\|V SXKHOLPLWVH MROORLQ VHQVLVlOW|RQNLUMDOOLVHVWLYDKYLVWHWWDYDMlONLNl WHHQ9DDWLPXVRQWHKWlYlKHWLNXQVHRQPDK GROOLVWDNXLWHQNLQYLLPHLVWllQ WXQQLQNXOXW WXDWRLPHQSLWHHQDORLWWDPLVHVWD

7XWNLQQDQMRKWDMDQ HVLW\NVHVWl HVLWXWNLQQDQ WRLPLWWDPLVHVWD YDVWDDYDQ SROLLVL\NVLN|Q SllO OLNN|Ql WDL DSXODLVSllOOLNN|Ql WRLPLYD SROLLVL PLHVSllWWllPXXVWDNXLQPRPHQWLVVDWDUNRLWH WXVWD WHNQLVHVWl NXXQWHOXVWD 7XOOLODLWRNVHQ WRL PLWWDPDVVDHVLWXWNLQQDVVDSllW|NVHQWHNHHWXOOL KDOOLWXNVHQYDOYRQWDMDWDUNDVWXV\NVLN|QWDLWXW NLQWDWRLPLVWRQ WDLNND WXOOLSLLULQ SllOOLNN| -RV WXWNLQQDQMRKWDMDQD RQ YLUDOOLQHQ V\\WWlMl Sll W|NVHQWHNHHN\VHLQHQV\\WWlMl

-RVPRPHQWLVVDWDUNRLWHWWXDVLDHLVLHGlYLL Y\W\VWlWXWNLQQDQMRKWDMDVDDSllWWllDVLDVWDVLL KHQDVWLNXQQHVPRPHQWLVVDWDUNRLWHWWXYLUND PLHV RQ UDWNDLVVXW NXXQWHOXD NRVNHYDQ HVLW\N VHQ(VLW\VRQWHKWlYlKHWLNXQVHRQPDKGROOLV WD NXLWHQNLQ YLLPHLVWllQ WXQQLQ NXOXWWXD NXXQWHOXQDORLWWDPLVHVWD

7XWNLQQDQMRKWDMD SllWWll PXXVWD NXLQ PRPHQWLVVDWDUNRLWHWXVWDWHNQLVHVWlNDWVHOXVWD VHNlWHNQLVHVWlVHXUDQQDVWD

†

/XSDDVLDQNlVLWWHO\WXRPLRLVWXLPHVVD (GHOOl †Q PRPHQWLVVD WDUNRLWHWXQ OXSD DVLDQNlVLWWHOHPLVHVVlMDUDWNDLVHPLVHVVDQRXGD WHWDDQVRYHOWXYLQRVLQPLWlOXYXVVDVllGHWllQ YDQJLWVHPLVDVLDQNlVLWWHO\VWl

3LGlWWlPLVHHQ RLNHXWHWXQ YLUNDPLHKHQ YDDWL PXVRQRWHWWDYDWXRPLRLVWXLPHVVDNlVLWHOWlYlNVL YLLS\PlWWlYDDWLPXNVHQWHKQHHQWDLKlQHQPll UllPlQVl YLUNDPLHKHQ OlVQl ROOHVVD $VLD UDW NDLVWDDQ NXXOHPDWWD ULNRNVHVWD HSlLOW\l WDLNND WHOHOLLWW\PlQ WHOHRVRLWWHHQ WDL WHOHSllWHODLWWHHQ WDLNND NXXQQHOWDYDQ WDL NDWVHOWDYDQ WLODQ KDOWL MDD.lVLWHOWlHVVl †Q PRPHQWLVVDWDUNRLWHW WXDDVLDDWHOHOLLWW\PlQWDLWHOHRVRLWWHHQKDOWLMDOOH

RQNXLWHQNLQYDUDWWDYDWLODLVXXVWXOODNXXOOXNVL MROOHLVLLKHQWXWNLQQDOOLVLVWDV\LVWlROHHVWHWWl

²²²²²²²²²²²²²² D†

-XONLQHQDVLDPLHV

2WWDHVVDDQNlVLWHOWlYlNVL †QPRPHQWLVVD WDUNRLWHWWXD WHNQLVWl NXXQWHOXD NRVNHYDQ OXSD DVLDQ WXRPLRLVWXLPHQ RQ PllUlWWlYl NXXQWHOXQ NRKWHHQD ROHYDQ ULNRNVHVWD HSlLOO\Q MD PXLGHQ NXXQWHOXQ NRKWHHNVL PDKGROOLVHVWL MRXWXYLHQ HWXMDYDOYRPDDQMXONLQHQDVLDPLHV

-XONLQHQDVLDPLHVRQYHOYROOLQHQKXROHOOLVHVWL K\Yll DVLDQDMRWDSDD QRXGDWWDHQ YDOYRPDDQ NXXQWHOXQNRKWHHQDROHYDQULNRNVHVWDHSlLOO\QMD PXLGHQ NXXQWHOXQ NRKWHHNVL PDKGROOLVHVWL MRX WXYLHQHWXMD

-XONLVHQDVLDPLHKHQWHKWlYllKRLWDYDWDLKRL WDQXW HL VDD RLNHXGHWWRPDVWL SDOMDVWDD VHLNNDD MRVWDKlQRQWHKWlYllVXRULWWDHVVDDQVDDQXWWLH GRQ

E†

-XONLVHQDVLDPLHKHQNHOSRLVXXVYDDWLPXNVHW -XONLVHNVLDVLDPLHKHNVLRQPllUlWWlYlVXRVWX PXNVHQVDSHUXVWHHOODDVLDQDMDMDWDLMXONLQHQRL NHXVDYXVWDMD-XONLVHNVLDVLDPLHKHNVLPllUlWWl YllRQNXXOWDYDWHKWlYllQPllUllPLVHVWl

-XONLVHQ DVLDPLHKHQ \NVLWWlLVWDSDXNVHHQ OLLW W\YLHQ NHOSRLVXXVYDDWLPXVWHQ RVDOWD QRXGDWH WDDQVRYHOWXYLQRVLQPLWlHVLWXWNLQWDODLQ †Q PRPHQWLVVD VllGHWllQ DYXVWDMDQ \NVLWWlLVWD SDXNVLLQOLLWW\YLVWlNHOSRLVXXVYDDWLPXNVLVWD

-XONLVHOOH DVLDPLHKHOOH DQQHWWX PllUl\V YRL GDDQSlWHYlVWlV\\VWlSHUXXWWDD

-XONLQHQ DVLDPLHV HL VDD LOPDQ WXRPLRLVWXL PHQOXSDDSDQQDWRLVWDVLMDDQVD

F†

-XONLVHOOHDVLDPLHKHOOHPDNVHWWDYDSDONNLRMD NRUYDXV

-XONLVHOOHDVLDPLHKHOOHPDNVHWDDQYDOWLRQYD URLVWDSDONNLRMDNRUYDXVQRXGDWWDHQVRYHOWXYLQ

RVLQ PLWl RLNHXVDSXODLQ MD

†VVlVllGHWllQDYXVWDMDQSDONNLRLVWDMDNRU YDXNVLVWD

3llW|NVHHQMROODRQPllUlWW\MXONLVHOOHDVLD PLHKHOOHSDONNLRWDWDLNRUYDXVWDVDDKDNHDPXX WRVWD0XXWRVWDKDHWWDHVVDRQQRXGDWHWWDYDPLWl YDOLWWDPLVHVWD DVLDQRPDLVHQ WXRPLRLVWXLPHQ SllW|NVHVWlVllGHWllQ

†

/XYDQMDSllW|NVHQHKGRW

7HOHNXXQWHOXDMDWHOHYDOYRQWDDNRVNHYDOXSD YRLGDDQDQWDDNHUUDOODDQHQLQWllQ\KGHNVLNXX NDXGHNVL/XYDVVDRQPllULWHOWlYlWRLPHQSLWHHQ NRKWHHQD ROHYD WHOHOLLWW\Pl WHOHRVRLWH WDL WHOH SllWHODLWH MD KHQNLO|W 7HOHYDOYRQWDD NRVNHYD OXSDYRLGDDQP\|QWllNRVNHPDDQP\|VSllW|V Wl HGHOWlQ\WWl WLHWW\l DLNDD MRND YRL ROOD NXX NDXWWDSLGHPSL7XRPLRLVWXLQYRLOLLWWllOXSDDQ PXLWDNLQUDMRLWXNVLDMDHKWRMD0DWNDYLHVWLPLHQ VLMDLQWLWLHGRQ KDQNNLPLVWD NRVNHYDVVD OXYDVVD RQPDLQLWWDYDDMDQMDNVRMDWXNLDVHPDMRWDOXSD NRVNHH

7HNQLVWl NXXQWHOXD NRVNHYD OXSD WDL SllW|V YRLGDDQDQWDDNHUUDOODDQHQLQWllQ\KGHNVLNXX NDXGHNVL7HNQLVWlWDUNNDLOXDNRVNHYDVVDOXYDV VDWDLSllW|NVHVVlRQPDLQLWWDYDQHKHQNLO|WMD SDLNDW VHNl NXONXQHXYRW MD WDYDUDHUlW MRLKLQ SDNNRNHLQRVDDGDDQNRKGLVWDD/XSDDQWDLSll W|NVHHQ YRLGDDQ OLLWWll PXLWDNLQ UDMRLWXNVLD MD HKWRMD

²²²²²²²²²²²²²²

†

7HOH\ULW\NVHQDYXVWDPLVYHOYROOLVXXV 7HOH\ULW\NVHQ RQ VXRULWHWWDYD WHOHYHUNNRRQ WHOHNXXQWHOXQ MD YDOYRQQDQ HGHOO\WWlPlW N\W NHQQlW VHNl DQQHWWDYD WXWNLQQDQMRKWDMDQ Nl\W W||QWHOHNXXQWHOXQWRLPHHQSDQRDYDUWHQWDUSHHO OLVHWWLHGRWYlOLQHHWMDKHQNLO|VW|7HOH\ULW\NVHQ

RQOLVlNVLDQQHWWDYDWXWNLQQDQMRKWDMDQNl\WW||Q KDOOXVVDDQROHYDWWHNQLVHQVHXUDQQDQWRLPHHQSD QRDYDUWHQWDUSHHOOLVHWWLHGRW

(VLWXWNLQQDQ WRLPLWWDMDOOD VHNl WRLPHQSLWHHQ VXRULWWDMDOOD MD DYXVWDYDOOD KHQNLO|VW|OOl RQ WH OHNXXQWHOXDYDUWHQWDUSHHOOLVHQ\KWH\GHQN\WNH PLVHNVLRLNHXVSllVWlP\|VPXLKLQNXLQWHOH\UL W\NVHQ KDOOLQQDVVD ROHYLLQ WLORLKLQ HL NXLWHQ NDDQDVXLQWLORLKLQ

†

7RLPHQSLWHHQORSHWWDPLQHQMDSDNNRNHLQRQNl\

W|VWlLOPRLWWDPLQHQ

²²²²²²²²²²²²²² .XQ DVLD RQ VDDWHWWX V\\WWlMlQ KDUNLWWDYDNVL WDLHVLWXWNLQWDPXXWHQRQSllWHWW\ORSHWWDDHSlLO O\OOHRQLOPRLWHWWDYDKlQHHQNRKGLVWHWXLVWDWlVVl OXYXVVD WDUNRLWHWXLVWD SDNNRNHLQRLVWD -ROOHL DVLDVVDROHSllWHWW\WXWNLQQDQORSHWWDPLVHVWDWDL DVLDDVDDWHWWXV\\WWlMlQKDUNLWWDYDNVLYXRGHQNX OXWWXDSDNNRNHLQRQNl\W|QORSHWWDPLVHVWDSDN NRNHLQRQNl\W|VWlRQYLLPHLVWllQWlOO|LQLOPRL WHWWDYD HSlLOO\OOH 7XRPLRLVWXLQ YRL WXWNLQQDQ MRKWDMDQ HVLW\NVHVWl WlUNHlVWl WXWNLQQDOOLVHVWD V\\VWlSllWWllHWWlLOPRLWXVVDDGDDQWHKGlP\|

KHPPLQWDLHWWlVHVDDGDDQMlWWllWHNHPlWWl

†

<OLPllUlLVHQWLHGRQVlLO\WWlPLQHQ 7HOHNXXQWHOXOODWDLWHNQLVHOOlNXXQWHOXOODVDD WX\OLPllUlLQHQWLHWRMRNDHLOLLW\ULNRNVHHQWDL MRNDNRVNHHPXXWDULNRVWDNXLQVLWlMRQNDWXW NLQWDDYDUWHQWHOHNXXQWHOXDWDLWHNQLVWlNXXQWH OXDNRVNHYDOXSDWDLSllW|VRQDQQHWWXRQKlYL WHWWlYlVHQMlONHHQNXQDVLDRQODLQYRLPDLVHVWL UDWNDLVWXWDLMlWHWW\VLOOHQVl7LHWRVDDGDDQNXL WHQNLQVlLO\WWllMDWLHWRWDOOHWWDDSROLLVLQKHQNLO|

UHNLVWHUHLVWlDQQHWXVVDODLVVDWDUNRL WHWWXLKLQ HVLWXWNLQWDYLUDQRPDLVWHQ UHNLVWHUHLKLQ MRV WLHWR NRVNHH VHOODLVWD ULNRVWD MRQND WXWNLQ

QDVVDVDDGDDQNl\WWllWHOHNXXQWHOXDWDLWHNQLVWl NXXQWHOXDWDLNNDWLHWRDWDUYLWDDQULNRVODLQOX YXQ †VVl WDUNRLWHWXQ ULNRNVHQ HVWlPLVHHQ 7LHGRW MRLWD HL ROH KlYLWHWWlYl RQ VlLO\WHWWlYl YLHOlYLLGHQYXRGHQDMDQVLLWlNXQDVLDRQODLQ YRLPDLVHVWLUDWNDLVWXWDLMlWHWW\VLOOHQVl

(GHOOl D †VVl WDUNRLWHWXW PDWNDYLHVWLPLHQ VLMDLQWLWLHGRWRQKlYLWHWWlYlNXQDVLDRQODLQYRL PDLVHVWLUDWNDLVWXWDLMlWHWW\VLOOHQVl

†

.RUYDXNVHQVXRULWWDPLQHQ

7HOH\ULW\NVHOOl RQ RLNHXV VDDGD YDOWLRQ YD URLVWDNRUYDXVWlVVlOXYXVVDWDUNRLWHWXVWDYLUDQ RPDLVWHQ DYXVWDPLVHVWD MD WLHWRMHQ DQWDPLVHVWD DLKHXWXQHLVWD YlOLWW|PLVWl NXVWDQQXNVLVWD .RU YDXNVHQPDNVDPLVHVWDSllWWllWXWNLQQDQVXRULW WDQHHQ SROLLVLODLWRNVHQ WDLSROLLVLQ YDOWDNXQQDO OLVHQ \NVLN|Q SllOOLNN| WDLNND KlQHQ PllUll PlQVl KHQNLO| WDLNND WXOOLKDOOLWXNVHQ YDOYRQWD MDWDUNDVWXV\NVLN|QSllOOLNN|

3llW|NVHHQ KDHWDDQ YDOLWWDPDOOD PXXWRVWD KDOOLQWRRLNHXGHOWDVLWHQNXLQKDOOLQWRODLQNl\WW|

ODLVVDVllGHWllQ

OXNX 0XXWSDNNRNHLQRW

†

'1$WXQQLVWHLGHQPllULWWlPLQHQMDWDOOHWWD PLQHQ

5LNRNVHVWD HSlLOO\OOH VDDGDDQ WHKGl '1$

WXQQLVWHHQ PllULWWlPLVWl YDUWHQ WDUSHHOOLQHQ KHQNLO|QNDWVDVWXVMRVULNRNVHVWDVllGHWW\DQND ULQUDQJDLVWXVRQYlKLQWllQNXXVLNXXNDXWWDYDQ NHXWWD '1$WXQQLVWH VDDGDDQ SROLLVLODLQ †QPRPHQWLVVDVllGHWW\MHQWHK WlYLHQVXRULWWDPLVHNVLWDOOHWWDDSROLLVLQKHQNLO|

UHNLVWHULLQ3ROLLVLQKHQNLO|UHNLVWHULLQHLVDDWDO OHWWDD '1$WXQQLVWHWWD MRND VLVlOWll WLHWRD UH NLVWHU|LWlYlQPXLVWDKHQNLO|NRKWDLVLVWDRPLQDL VXXNVLVWDNXLQVXNXSXROHVWD'1$WXQQLVWHLGHQ SRLVWDPLVHVWDUHNLVWHULVWlVllGHWllQSROLLVLQKHQ NLO|UHNLVWHUHLVWlDQQHWXVVDODLVVD

7lPlODNLWXOHHYRLPDDQSlLYlQlNXXWD

/DNL

RLNHXGHQNl\QQLVWlULNRVDVLRLVVDDQQHWXQODLQOXYXQPXXWWDPLVHVWD (GXVNXQQDQSllW|NVHQPXNDLVHVWL

PXXWHWDDQRLNHXGHQNl\QQLVWlULNRVDVLRLVVDSlLYlQlKHLQlNXXWDDQQHWXQODLQ OXYXQD†MD†QPRPHQWWLVHOODLVLQDNXLQQHRYDWD†ODLVVDMD†QPRPHQWWL ODLVVDVHNl

OLVlWllQOXNXXQXXVLE†VHXUDDYDVWL

OXNX

6\\WHRLNHXGHVWD

(QQHQ V\\WHUDWNDLVXQ WHNHPLVWl V\\WWlMl YRLD†

NXWVXD DVLDQRVDLVHQ MD KlQHQ DYXVWDMDQVD WDL DVLDPLHKHQVlVXXOOLVHHQQHXYRWWHOXXQMRVVHRQ HGXNVLV\\WHUDWNDLVXQWHNHPLVHOOHWDLDVLDQNlVLW WHO\OOHWXRPLRLVWXLPHVVD

-RVULNRNVHVWDHSlLOW\RQDOOHYXRWLDVV\\W WlMlQRQNLLUHHOOLVHVWLUDWNDLVWDYDQRVWDDNRKlQ ULNRNVHVWDV\\WWHHQ0\|VV\\WHRQQRVWHWWDYDLO PDQYLLY\W\VWl

-ROOHL \OHLQHQ HWX PXXWD YDDGL V\\WWlMl VDDE†

MlWWllPHQHWWlPLVYDDWLPXNVHQHVLWWlPlWWlMRV K\|W\WDLNNDHVLQHHQWDLRPDLVXXGHQDUYR RQYlKlLQHQ

YDDWLPXNVHQSHUXVWHLGHQVHOYLWWlPLVHVWlWDL VHQNlVLWWHOHPLVHVWlWXRPLRLVWXLPHVVDDLKHXWXL VL DVLDQ ODDWXXQ QlKGHQ LOPHLVHQ NRKWXXWWRPLD NXVWDQQXNVLDWDL

ULNRNVHVWD MlWHWllQ V\\WH QRVWDPDWWD WDL †QWDLNNDPXXQYDVWDDYDQODLQNRKGDQQRMDOOD

$VLDQRPLVWDMDVDDLWVHQRVWDDV\\WWHHQULNRN† VHVWD YDLQ MRV YLUDOOLQHQ V\\WWlMl RQ SllWWlQ\W MlWWll V\\WWHHQ QRVWDPDWWD WDL HVLWXWNLQWDYLUDQ RPDLQHQWDLNNDV\\WWlMlRQSllWWlQ\WHWWHLHVL WXWNLQWDDWRLPLWHWDWDLHWWlVHNHVNH\WHWllQWDLN ND ORSHWHWDDQ $VLDQRPLVWDMDQ RLNHXGHVWD QRV WDDV\\WHMXONLVWDWHKWlYllKRLGHWWDHVVDWHKG\VWl ULNRNVHVWDVllGHWllQSHUXVWXVODLQ†QPR PHQWLVVD

²²²²²²²²²²²²²² 7lPlODNLWXOHHYRLPDDQSlLYlQlNXXWD

/DNL

SROLLVLQWHKWlYLHQVXRULWWDPLVHVWDSXROXVWXVYRLPLVVDDQQHWXQODLQ†QPXXWWDPLVHVWD (GXVNXQQDQSllW|NVHQPXNDLVHVWL

PXXWHWDDQSROLLVLQWHKWlYLHQVXRULWWDPLVHVWDSXROXVWXVYRLPLVVDSlLYlQlPDUUDVNXXWDDQ QHWXQODLQ †QPRPHQWWLVHXUDDYDVWL

† 7RLPLYDOWXXGHW

²²²²²²²²²²²²²² 7RLPLYDOWXXNVLD Nl\WHWWlHVVl RQ VRYHOWXYLQ RVLQ PHQHWHOWlYl VLWHQ NXLQ HVLWXWNLQWDODLVVD SDNNRNHLQRODLVVDMDSROLLVLODLVVDVllGHWllQ3DN NRNHLQRODLQDOXYXQ †QPRPHQWLVVDWDUNRL WHWXVWDWHNQLVHVWlNXXQWHOXVWDSllWWllWXWNLQQDQ MRKWDMDQ HVLW\NVHVWl SllHVLNXQQDQ WXWNLQWDRVDV

WRQSllOOLNN|QlWRLPLYDYLUNDPLHVWDLWlPlQRO OHVVDWXWNLQQDQMRKWDMDSllHVLNXQQDQRSHUDDWLR SllOOLNN|-RVDVLDHLVLHGlYLLY\W\VWlWXWNLQQDQ MRKWDMDOODRQSDNNRNHLQRODLQ D OXYXQ †Q PRPHQWLVVDVllGHWW\WRLPLYDOWDSllWWllWRLPHQ SLWHHQDORLWWDPLVHVWD

7lPlODNLWXOHHYRLPDDQSlLYlQlNXXWD

/DNL

SROLLVLQKHQNLO|UHNLVWHUHLVWlDQQHWXQODLQPXXWWDPLVHVWD (GXVNXQQDQSllW|NVHQPXNDLVHVWL

OLVlWllQSROLLVLQKHQNLO|UHNLVWHUHLVWlSlLYlQlKXKWLNXXWDDQQHWWXXQODNLLQXXVL J †VHXUDDYDVWL

J†

'1$WXQQLVWHLGHQSRLVWDPLQHQSROLLVLQKHQNLO|

UHNLVWHULVWl

3DNNRNHLQRODLQOXYXQ †QQRMDOODSROLLVLQ KHQNLO|UHNLVWHULLQWDOOHWHWWX'1$WXQQLVWHSRLV WHWDDQ UHNLVWHULVWl \KGHQ YXRGHQ NXOXWWXD VLLWl NXQ UHNLVWHULQSLWlMl RQ VDDQXW WLHGRQ V\\WWlMlQ WHNHPlVWlSllW|NVHVWlMRQNDPXNDDQDVLDVVDHL ROHN\VHHVVlULNRVWDLQl\WW|lULNRNVHVWDWDLNND

VLLWlHWWlUHNLVWHU|LW\lYDVWDDQQRVWHWWXV\\WHRQ ODLQYRLPDLVHOOD WXRPLROODK\OlWW\WDLUDQJDLVWXV SRLVWHWWX -ROOHL WXQQLVWHWWD ROH DLNDLVHPPLQ SRLVWHWWX VH SRLVWHWDDQ YLLPHLVWllQ YXRGHQ NXOXWWXD UHNLVWHU|LG\Q NXROHPDVWD 6lLO\WHW\W Ql\WWHHW WXKRWDDQ VDPDOOD NXQ QLLWl YDVWDDYDW '1$WXQQLVWHHWSRLVWHWDDQ

7lPlODNLWXOHHYRLPDDQSlLYlQlNXXWD

/DNL

ULNRVODLQOXYXQ†QPXXWWDPLVHVWD (GXVNXQQDQSllW|NVHQPXNDLVHVWL

PXXWHWDDQSlLYlQlMRXOXNXXWDDQQHWXQULNRVODLQOXYXQ†QPRPHQWWL VHOODLVHQDNXLQVHRQODLVVDVHXUDDYDVWL

OXNX

0HQHWWlPLVVHXUDDPXNVLVWD

†

0HQHWWlPLVVHXUDDPXNVHQYDDWLPLQHQ

²²²²²²²²²²²²²² 2LNHXGHQNl\QQLVWlULNRVDVLRLVVDDQQHWXQODLQ OXYXQE†VVl VllGHWllQ SHUXVWHLVWDMRLGHQ

QRMDOODV\\WWlMlVDDMlWWllPHQHWWlPLVYDDWLPXN VHQHVLWWlPlWWl

7lPlODNLWXOHHYRLPDDQSlLYlQlNXXWD

+HOVLQJLVVlSlLYlQlKHOPLNXXWD