Jadwal

Tanggal Efektif : 29 September 2017

Masa Penawaran Umum Perdana Saham : 2 – 4 Oktober 2017
Tanggal Penjatahan : 6 Oktober 2017
Tanggal Pengembalian Uang Pemesanan : 9 Oktober 2017
Tanggal Distribusi Saham Secara Elektronik : 9 Oktober 2017
Tanggal Pencatatan Pada Bursa Efek Indonesia : 10 Oktober 2017

OJK TIDAK MEMBERIKAN PERNYATAAN MENYETUJUI ATAU TIDAK MENYETUJUI EFEK INI, TIDAK JUGA MENYATAKAN KEBENARAN ATAU
KECUKUPAN ISI PROSPEKTUS INI. SETIAP PERNYATAAN YANG BERTENTANGAN DENGAN HAL-HAL TERSEBUT ADALAH PERBUATAN
MELANGGAR HUKUM.

PROSPEKTUS INI PENTING DAN PERLU MENDAPAT PERHATIAN SEGERA. APABILA TERDAPAT KERAGUAN PADA TINDAKAN YANG AKAN
DIAMBIL, SEBAIKNYA BERKONSULTASI DENGAN PIHAK YANG KOMPETEN.

PT GARUDA MAINTENANCE FACILITY AERO ASIA TBK (“PERSEROAN”) DAN PARA PENJAMIN PELAKSANA EMISI EFEK BERTANGGUNG JAWAB
SEPENUHNYA ATAS KEBENARAN SEMUA INFORMASI, FAKTA, DATA, ATAU LAPORAN DAN KEJUJURAN PENDAPAT YANG TERCANTUM DALAM
PROSPEKTUS INI.

SAHAM YANG DITAWARKAN DALAM PENAWARAN UMUM INI SELURUHNYA AKAN DICATATKAN PADA PT BURSA EFEK INDONESIA (“BURSA
EFEK INDONESIA” ATAU “BEI”).

PT GARUDA MAINTENANCE FACILITY AERO ASIA TBK

Kegiatan Usaha Utama:
Bergerak dalam bidang jasa perawatan, reparasi, dan overhaul pesawat udara serta pendukungnya,
perdagangan, perindustrian, pergudangan dan pengangkutan dan jasa lainnya
Berkedudukan di Tangerang, Indonesia
Kantor Pusat
Gedung Manajemen PT Garuda Indonesia Lantai 3
Area Perkantoran Bandara Soekarno Hatta
Kelurahan Pajang, Kecamatan Benda, Kota Tangerang
PO. Box 1303, BUSH 19130
Telepon : +62 21 550 8717
Faksimili : +62 21 559 10461
Email: corporatecommunications@gmf-aeroasia.co.id
Website: www.gmf-aeroasia.co.id

Lokasi Hangar, Workshop dan Line Maintenance Station

Hangar & Workshop: Tangerang
Line Maintenance Station: Tangerang, Palembang, Pekanbaru, Padang, Banda Aceh, Kuala Namu, Batam, Makassar, Manado, Balikpapan, Pontianak,
Banjarmasin, Jayapura, Timika, Biak, Semarang, Solo, Surabaya, Yogyakarta, Denpasar, Lombok Praya, Tanjung Karang, Ambon, Bandung, Jambi, Kendari,
Kupang, Malang, Pangkal Pinang, Palangkaraya, Palu, Tarakan, Ternate, Berau, Bengkulu, Tanjung Pandan, Halim Perdana Kusuma, Sorong, Merauke,
Jember, Tanjung Pinang, Kuala Lumpur, Singapura dan Jeddah

PENAWARAN UMUM PERDANA SAHAM

Sebanyak 2.823.351.100 (dua miliar delapan ratus dua puluh tiga juta tiga ratus lima puluh satu ribu seratus) saham biasa atas nama yang seluruhnya adalah
saham baru dan dikeluarkan dari portepel Perseroan, dengan nilai nominal Rp100,- (seratus Rupiah) setiap saham, yang mewakili sebesar 10% (sepuluh persen)
dari modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham (“Saham Yang Ditawarkan”), dan ditawarkan kepada Masyarakat
dengan Harga Penawaran Rp400,- (empat ratus Rupiah) setiap saham, yang harus dibayar penuh pada saat mengajukan Formulir Pemesanan Pembelian Saham
(“FPPS”). Jumlah seluruh nilai Penawaran Umum Perdana Saham ini adalah sebesar Rp1.129.340.440.000,- (satu triliun seratus dua puluh sembilan miliar tiga
ratus empat puluh juta empat ratus empat puluh ribu Rupiah).

Sesuai dengan keputusan RUPS yang diselenggarakan pada tanggal 16 Juni 2017 sebagaimana tertuang dalam Akta Berita Acara Rapat Umum Pemegang
Saham Luar Biasa No. 82, yang dibuat di hadapan Fathiah Helmi, S.H., Notaris di Jakarta, Perseroan akan mengalokasikan sebanyak-banyaknya 2,67% (dua
koma enam tujuh persen) dari Saham Yang Ditawarkan pada saat Penawaran Umum Perdana Saham. Sehubungan dengan hal itu, Perseroan mengalokasikan
sebanyak-banyaknya 74.659.400 (tujuh puluh empat juta enam ratus lima puluh sembilan ribu empat ratus) saham biasa atas nama untuk program alokasi saham
kepada karyawan (Employee Stock Allocation (“ESA”)) dengan harga pelaksanaan ESA sama dengan Harga Penawaran. Keterangan mengenai hal ini dapat
dilihat pada Bab I mengenai Penawaran Umum Perdana Saham dalam Prospektus ini.

Berdasarkan Akta Berita Acara Rapat Umum Pemegang Saham Luar Biasa No. 82 tanggal 16 Juni 2017, yang dibuat di hadapan Fathiah Helmi, S.H., Notaris
di Jakarta, para pemegang saham Perseroan telah menyetujui pelaksanaan Program Management and Employee Stock Option Plan (“MESOP”). Hak opsi
yang akan didistribusikan kepada Peserta Program MESOP dapat digunakan untuk membeli saham baru yang akan dikeluarkan dari portepel, dengan jumlah
sebanyak-banyaknya 1,72% (satu koma tujuh dua persen) dari modal ditempatkan dan disetor penuh setelah Penawaran Umum Perdana Saham, dalam waktu
2 (dua) tahun terhitung sejak tanggal pencatatan saham Perseroan di Bursa Efek Indonesia. Sehubungan dengan hal tersebut, Perseroan akan mengalokasikan
sebanyak-banyaknya 485.616.300 (empat ratus delapan puluh lima juta enam ratus enam belas ribu tiga ratus) saham baru.

Seluruh pemegang saham Perseroan memiliki hak yang sama dan sederajat dalam segala hal dengan saham lainnya dari Perseroan yang telah ditempatkan dan
disetor penuh, sesuai dengan UUPT. Saham Yang Ditawarkan dimiliki secara sah dan dalam keadaan bebas, tidak sedang dalam sengketa dan/atau dijaminkan
kepada pihak manapun serta tidak sedang ditawarkan kepada pihak lain. Seluruh saham Perseroan akan dicatatkan pada Bursa Efek Indonesia.

Penjamin Pelaksana Emisi Efek dan Penjamin Emisi Efek yang namanya tercantum di bawah ini menjamin dengan kesanggupan penuh (full commitment)
terhadap sisa Saham Yang Ditawarkan yang tidak dipesan dalam Penawaran Umum Perdana Saham Perseroan.

PENJAMIN PELAKSANA EMISI EFEK

PT Bahana Sekuritas PT BNI Sekuritas PT Danareksa Sekuritas PT Mandiri Sekuritas

(Terafiliasi) (Terafiliasi) (Terafiliasi) (Terafiliasi)

PENJAMIN EMISI EFEK

PT CIMB Sekuritas Indonesia • PT Amantara Securities • PT Bumiputera Sekuritas • PT Erdikha Elit Sekuritas • PT KGI Sekuritas Indonesia
• PT Lotus Andalan Sekuritas • PT Magenta Kapital Sekuritas Indonesia • PT Mirae Asset Sekuritas Indonesia • PT MNC Sekuritas
• PT NH Korindo Sekuritas Indonesia • PT Panin Sekuritas Tbk • PT Phillip Sekuritas Indonesia • PT Trimegah Sekuritas Tbk
• PT Wanteg Sekuritas • PT Yulie Sekuritas Indonesia Tbk

FAKTOR RISIKO UTAMA YANG DIHADAPI PERSEROAN ADALAH risiko pendapatan perseroan masih didominasi oleh beberapa
pelanggan utama.  FAKTOR Risiko PERSEROAN selengkapnya dicantumkan pada bab Vi di dalam prospektus ini.

RISIKO TERKAIT INVESTASI PADA SAHAM PERSEROAN YAITU TIDAK LIKUIDNYA SAHAM YANG DITAWARKAN DALAM PENAWARAN UMUM
PERDANA SAHAM INI. RISIKO TERKAIT INVESTASI PADA SAHAM PERSEROAN SELENGKAPNYA DICANTUMKAN PADA BAB VI DI DALAM
PROSPEKTUS INI.

PERSEROAN TIDAK MENERBITKAN SURAT KOLEKTIF SAHAM DALAM Penawaran Umum Perdana Saham INI, TETAPI SAHAM-SAHAM
TERSEBUT AKAN DIDISTRIBUSIKAN SECARA ELEKTRONIK YANG AKAN DIADMINISTRASIKAN DALAM PENITIPAN KOLEKTIF PT KUSTODIAN
SENTRAL EFEK INDONESIA (“KSEI”).

Prospektus ini diterbitkan di Jakarta pada tanggal 2 Oktober 2017

PT Garuda Maintenance Facility Aero Asia Tbk (yang selanjutnya disebut “Perseroan”) telah menyampaikan
Pernyataan Pendaftaran sehubungan dengan Penawaran Umum ini kepada Otoritas Jasa Keuangan (“OJK”)
dengan Surat Direktur Utama No. GMF/DT-2141/17 tanggal 31 Juli 2017 sesuai dengan persyaratan yang
ditetapkan dalam Undang-Undang No. 8 Tahun 1995 tentang Pasar Modal, yang dimuat dalam Lembaran
Negara Republik Indonesia No. 64 Tahun 1995, Tambahan Lembaran Negara Republik Indonesia No. 3608
dan peraturan pelaksanaannya (“UUPM”) dan peraturan pelaksanaannya serta perubahan-perubahannya
antara lain Peraturan OJK No. 7/POJK.04/2017 tentang Dokumen Pernyataan Pendaftaran Dalam
Rangka Penawaran Umum Efek Bersifat Ekuitas, Efek Bersifat Utang, dan/atau Sukuk dan Peraturan OJK
No. 8/POJK.04/2017 tentang Bentuk dan Isi Prospektus dan Prospektus Ringkas Dalam Rangka Penawaran
Umum Efek Bersifat Ekuitas.

Saham Yang Ditawarkan dalam Penawaran Umum Perdana Saham ini direncanakan akan dicatatkan pada
PT Bursa Efek Indonesia (“BEI”) sesuai dengan Perjanjian Pendahuluan Pencatatan Efek yang telah dibuat
antara Perseroan dengan BEI pada tanggal 28 Juli 2017 sepanjang memenuhi persyaratan pencatatan saham
yang ditetapkan oleh BEI. Apabila Perseroan tidak memenuhi persyaratan pencatatan yang ditetapkan oleh
BEl, maka Penawaran Umum Perdana Saham ini batal demi hukum dan pembayaran pesanan saham tersebut
wajib dikembalikan kepada para pemesan sesuai dengan UUPM dan Peraturan No. IX.A.2, Lampiran Keputusan
Ketua Bapepam dan LK No. Kep- 122/BL/2009 tangga1 29 Mei 2009 tentang Tata Cara Pendaftaran Dalam
Rangka Penawaran Umum.

Semua Lembaga serta Profesi Penunjang Pasar Modal yang disebut dalam Prospektus ini bertanggung jawab
sepenuhnya atas data yang disajikan sesuai dengan fungsi dan kedudukan masing-masing, sesuai dengan
peraturan perundang-undangan di sektor Pasar Modal, dan kode etik, norma serta standar profesi masing-
masing.

Sehubungan dengan Penawaran Umum Perdana Saham ini, setiap pihak terafiliasi dilarang memberikan
keterangan atau pernyataan mengenai data yang tidak diungkapkan dalam Prospektus ini tanpa persetujuan
tertulis dari Perseroan dan Penjamin Pelaksana Emisi Efek.

Penjamin Pelaksana Emisi Efek dan Penjamin Emisi Efek, selain PT Bahana Sekuritas, PT BNI Sekuritas,
PT Danareksa Sekuritas, dan PT Mandiri Sekuritas, merupakan pihak yang tidak terafiliasi dengan Perseroan
baik secara langsung maupun tidak langsung, sebagaimana dimaksud dalam UUPM, sesuai dengan
pengungkapan pada Bab XIII mengenai Penjaminan Emisi Efek dan Bab XIV mengenai Lembaga dan Profesi
Penunjang Pasar Modal. PT Bahana Sekuritas, PT BNI Sekuritas, PT Danareksa Sekuritas, dan PT Mandiri
Sekuritas merupakan pihak yang terafiliasi secara tidak langsung dengan Perseroan dikarenakan bersama-
sama dimiliki secara tidak langsung oleh Negara Republik Indonesia.

PENAWARAN UMUM INI TIDAK DIDAFTARKAN BERDASARKAN UNDANG-UNDANG ATAU

PERATURAN LAIN SELAIN YANG BERLAKU DI INDONESIA. BARANG SIAPA DI LUAR WILAYAH
NEGARA REPUBLIK INDONESIA MENERIMA PROSPEKTUS INI ATAU DOKUMEN-DOKUMEN LAIN
YANG BERKAITAN DENGAN PENAWARAN UMUM INI, MAKA PROSPEKTUS ATAU DOKUMEN-
DOKUMEN TERSEBUT TIDAK DIMAKSUDKAN SEBAGAI DOKUMEN PENAWARAN UNTUK MEMBELI
SAHAM, KECUALI BILA PENAWARAN TERSEBUT, ATAU PEMBELIAN SAHAM TERSEBUT TIDAK
BERTENTANGAN ATAU BUKAN MERUPAKAN SUATU PELANGGARAN TERHADAP PERATURAN
PERUNDANG-UNDANGAN YANG BERLAKU DI NEGARA TERSEBUT.

PERSEROAN TELAH MENGUNGKAPKAN SEMUA INFORMASI MATERIAL YANG WAJIB DIKETAHUI

OLEH PUBLIK DAN TIDAK TERDAPAT LAGI INFORMASI MATERIAL LAINNYA YANG BELUM
DIUNGKAPKAN SEHINGGA TIDAK MENYESATKAN PUBLIK.
Daftar isi

DAFTAR ISI.........................................................................................................................................................................i

DEFINISI, ISTILAH DAN SINGKATAN .............................................................................................................................III

RINGKASAN..................................................................................................................................................................xVI

I. PENAWARAN UMUM PERDANA SAHAM..........................................................................................................1

II. RENCANA PENGGUNAAN DANA HASIL PENAWARAN UMUM PERDANA SAHAM.......................................9

III. PERNYATAAN UTANG......................................................................................................................................11

IV. IKHTISAR DATA KEUANGAN PENTING..........................................................................................................17

V. ANALISIS DAN PEMBAHASAN MANAJEMEN.................................................................................................21

VI. FAKTOR RISIKO................................................................................................................................................43

VII. KEJADIAN PENTING SETELAH TANGGAL LAPORAN AKUNTAN PUBLIK....................................................48

VIII. KETERANGAN TENTANG PERSEROAN, KEGIATAN USAHA, SERTA KECENDERUNGAN

DAN PROSPEK USAHA....................................................................................................................................49

A. RIWAYAT SINGKAT PERSEROAN...........................................................................................................49

B. STRUKTUR PERMODALAN DAN KEPEMILIKAN SAHAM PERSEROAN..............................................52

C. KEJADIAN PENTING YANG MEMPENGARUHI KEGIATAN USAHA PERSEROAN...............................53

D. IZIN-IZIN YANG WAJIB DIPENUHI PERSEROAN DALAM RANGKA PROSES PRODUKSI..................53

E. PERJANJIAN - PERJANJIAN PENTING..................................................................................................58

F. ASURANSI................................................................................................................................................91

G. ASET TETAP.............................................................................................................................................94

H. STRUKTUR TATA KELOLA PERUSAHAAN DAN STRUKTUR ORGANISASI.........................................94

I. PENGURUSAN DAN PENGAWASAN PERSEROAN..............................................................................96

J. TATA KELOLA PERUSAHAAN (Good Corporate Governance atau GCG).............................................100

K. SUMBER DAYA MANUSIA......................................................................................................................113

L. STANDAR KESEHATAN DAN KESELAMATAN KERJA.........................................................................117

M. STRUKTUR KEPEMILIKAN....................................................................................................................119

N. HUBUNGAN PENGURUSAN DAN PENGAWASAN ANTARA PERSEROAN DENGAN

PEMEGANG SAHAM..............................................................................................................................119

O. KETERANGAN TENTANG PEMEGANG SAHAM PERSEROAN BERBENTUK BADAN

HUKUM DENGAN KEPEMILIKAN SAHAM LEBIH DARI 5% (LIMA PERSEN).....................................119

P. HAK ATAS KEKAYAAN INTELEKTUAL..................................................................................................122

Q. PERKARA HUKUM YANG SEDANG DIHADAPI PERSEROAN, DIREKSI DAN

DEWAN KOMISARIS..............................................................................................................................123

R. KEGIATAN USAHA KECENDERUNGAN DAN PROSPEK USAHA.......................................................123

I
IX. KETERANGAN TENTANG INDUSTRI............................................................................................................156

X. EKUITAS..........................................................................................................................................................160

XI. KEBIJAKAN Dividen......................................................................................................................................163

XII. PERPAJAKAN..................................................................................................................................................164

XIII. PENJAMINAN EMISI EFEK.............................................................................................................................167

XIV. LEMBAGA DAN PROFESI PENUNJANG PASAR MODAL.............................................................................169

XV. KETENTUAN PENTING DALAM ANGGARAN DASAR DAN KETENTUAN PENTING

LAINNYA TERKAIT PEMEGANG SAHAM......................................................................................................174

XVI. TATA CARA PEMESANAN SAHAM.................................................................................................................196

XVII. PENYEBARLUASAN PROSPEKTUS DAN FORMULIR PEMESANAN PEMBELIAN SAHAM......................202

XVIII. PENDAPAT DARI SEGI HUKUM.....................................................................................................................203

XIX. LAPORAN KEUANGAN...................................................................................................................................225

II
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ďĞƌŽƉĞƌĂƐŝ͘

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ŬĞŶĚĂůĂĂƚĂƵŐĂŶŐŐƵĂŶƚĞŬŶŝƐ͘

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ƚĞŵƉĂƚŬĞƚĞŵƉĂƚůĂŝŶ͘

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D> ͗ ĞƌĂƌƚŝ ŶĂůŝƐŝƐ DĞŶŐĞŶĂŝ ĂŵƉĂŬ >ŝŶŐŬƵŶŐĂŶ͕ LJĂŶŐ ƚĞƌĚŝƌŝ ĚĂƌŝ ŬĞŐŝĂƚĂŶ
 Analisis Dampak Lingkungan Hidup (“ADDAL”), Rencana Pengelolaan
Lingkungan Hidup (“RKL”Ϳ ĚĂŶ ZĞŶĐĂŶĂ WĞŵĂŶƚĂƵĂŶ >ŝŶŐŬƵŶŐĂŶ ,ŝĚƵƉ
(“RPL”).

DdKϭϰϳ ͗ ĞƌĂƌƚŝ ƵƌŽƉĞĂŶ ǀŝĂƚŝŽŶ ^ĂĨĞƚLJ ŐĞŶĐLJ ĂƚĂƵ ĂĚĂŶ <ĞƐĞůĂŵĂƚĂŶ
WĞŶĞƌďĂŶŐĂŶ ƌŽƉĂ WĂƌƚ ϭϰϳ LJĂŶŐ ďĞƌŝƐŝ ƚĞŶƚĂŶŐ DĂŝŶƚĞŶĂŶĐĞ dƌĂŝŶŝŶŐ
KƌŐĂŶŝƐĂƚŝŽŶ ƉƉƌŽǀĂů ;DdKͿ͘ ĂŐŝĂŶ ŝŶŝ ŵĞŶũĞůĂƐŬĂŶ ƚĞŶƚĂŶŐ ĂƚƵƌĂŶ
ŵĞŶŐĞŶĂŝŽƌŐĂŶŝƐĂƐŝƉĞůĂƚŝŚĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ͘

ŬƵŶƚĂŶWƵďůŝŬ ͗ ĞƌĂƌƚŝ<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ^ĂƚƌŝŽŝŶŐŶLJΘZĞŬĂŶLJĂŶŐŵĞůĂŬƐĂŶĂŬĂŶ
ĂƵĚŝƚĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵ͘

ŶŐŐŽƚĂƵƌƐĂ ͗ ĞƌĂƌƚŝŶŐŐŽƚĂƵƌƐĂĨĞŬƐĞďĂŐĂŝŵĂŶĂĚŝĚĞĨŝŶŝƐŝŬĂŶĚĂůĂŵWĂƐĂůϭĂLJĂƚ
;ϮͿhhWD͘

d ͗ ĞƌĂƌƚŝŝƌďƵƐdƌĂŝŶŝŶŐĞŶƚĞƌ͕ŵĞƌƵƉĂŬĂŶƉƵƐĂƚƉĞůĂƚŝŚĂŶŝƌďƵƐ͘

ƵdžŝůŝĂƌLJWŽǁĞƌhŶŝƚ ͗ ĞƌĂƌƚŝƐŝƐƚĞŵƉĞŵďĂŶŐŬŝƚƚĞŶĂŐĂƚĂŵďĂŚĂŶƉĂĚĂƉĞƐĂǁĂƚƚĞƌďĂŶŐ͘

ǀŝŽŶŝĐƐ ͗ ĞƌĂƌƚŝĞůĞŬƚƌŽŶŝŬĂƉĞƐĂǁĂƚ͘


III
ĂŶŬ<ƵƐƚŽĚŝĂŶ ͗ ĞƌĂƌƚŝ ďĂŶŬ ƵŵƵŵ LJĂŶŐ ŵĞŵƉĞƌŽůĞŚ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ K:< ƵŶƚƵŬ
ŵĞŵďĞƌŝŬĂŶ ũĂƐĂ ƉĞŶŝƚŝƉĂŶ ĂƚĂƵ ŵĞůĂŬƵŬĂŶ ũĂƐĂ ŬƵƐƚŽĚŝĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚĚĂůĂŵhhWD͘

ĂƉĞƉĂŵ ͗ ĞƌĂƌƚŝ ĂĚĂŶ WĞŶŐĂǁĂƐ WĂƐĂƌ DŽĚĂů ĚĂŶ >ĞŵďĂŐĂ <ĞƵĂŶŐĂŶ
ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWĂƐĂůϯĂLJĂƚ;ϭͿhhWD͘

ĂƉĞƉĂŵĚĂŶ>< ͗ ĞƌĂƌƚŝ ĂĚĂŶ WĞŶŐĂǁĂƐ WĂƐĂƌ DŽĚĂů ĚĂŶ >ĞŵďĂŐĂ <ĞƵĂŶŐĂŶ LJĂŶŐ
merupakan penerus Badan Pengawas Pasar Modal (“Bapepam”)
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ WĂƐĂů ϯ ĂLJĂƚ ;ϭͿ hhWD͕ ĚĞŶŐĂŶ ƐƚƌƵŬƚƵƌ
ŽƌŐĂŶŝƐĂƐŝ ƚĞƌĂŬŚŝƌ ďĞƌĚĂƐĂƌŬĂŶ <ĞƉƵƚƵƐĂŶ DĞŶƚĞƌŝ <ĞƵĂŶŐĂŶ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂ EŽ͘ϭϴϰͬWD<͘ϬϭͬϮϬϭϬ ƚĂŶŐŐĂů ϭϭ KŬƚŽďĞƌ ϮϬϭϬ ƚĞŶƚĂŶŐ
KƌŐĂŶŝƐĂƐŝ ĚĂŶ dĂƚĂ <ĞƌũĂ <ĞŵĞŶƚĞƌŝĂŶ <ĞƵĂŶŐĂŶ͕ LJĂŶŐ ƉĂĚĂ ƐĂĂƚ ŝŶŝ
ĨƵŶŐƐŝ͕ ƚƵŐĂƐ͕ ĚĂŶ ǁĞǁĞŶĂŶŐ ƉĞŶŐĂƚƵƌĂŶ ĚĂŶ ƉĞŶŐĂǁĂƐĂŶ ŬĞŐŝĂƚĂŶ ũĂƐĂ
ŬĞƵĂŶŐĂŶ Ěŝ ƐĞŬƚŽƌ WĂƐĂƌ DŽĚĂů͕ ďĞƌĂůŝŚ ĚĂŶ ĚŝůĂŬƐĂŶĂŬĂŶ ŽůĞŚ K:<
ďĞƌĚĂƐĂƌŬĂŶ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ Ϯϭ dĂŚƵŶ ϮϬϭϭ ƚĞŶƚĂŶŐ KƚŽƌŝƚĂƐ :ĂƐĂ
<ĞƵĂŶŐĂŶ͘

ŝƌŽĚŵŝŶŝƐƚƌĂƐŝĨĞŬĂƚĂƵ ͗ ĞƌĂƌƚŝ ƉŝŚĂŬ LJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ
 ĂĚŵŝŶŝƐƚƌĂƐŝ ƐĂŚĂŵ ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ LJĂŶŐ ĚĂůĂŵ ŚĂů ŝŶŝ ĂĚĂůĂŚ
WdĂƚŝŶĚŽŶƚƌLJĐŽŵ͘

ƵƌƐĂĨĞŬĂƚĂƵ/ ͗ ĞƌĂƌƚŝ Wd ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ͕ ƐƵĂƚƵ ƉĞƌƐĞƌŽĂŶ ƚĞƌďĂƚĂƐ LJĂŶŐ ĚŝĚŝƌŝŬĂŶ
 ďĞƌĚĂƐĂƌŬĂŶŚƵŬƵŵ/ŶĚŽŶĞƐŝĂĚĂŶďĞƌŬĞĚƵĚƵŬĂŶŚƵŬƵŵĚŝ:ĂŬĂƌƚĂ;ĂƚĂƵ
 ƉĂƌĂƉĞŶŐŐĂŶƚŝĂƚĂƵƉĞŶĞƌƵƐŚĂŬŶLJĂͿ͕ŵĞƌƵƉĂŬĂŶƵƌƐĂĨĞŬƐĞďĂŐĂŝŵĂŶĂ
 ĚŝĚĞĨŝŶŝƐŝŬĂŶ ĚĂůĂŵ WĂƐĂů ϭ ĂŶŐŬĂ ϰ hhWD͕ ĚŝŵĂŶĂ ƐĂŚĂŵͲƐĂŚĂŵ
 WĞƌƐĞƌŽĂŶĂŬĂŶĚŝĐĂƚĂƚŬĂŶ͘

hDE ͗ ĞƌĂƌƚŝĂĚĂŶhƐĂŚĂDŝůŝŬEĞŐĂƌĂ͘

–ŚĞĐŬ ͗ ĞƌĂƌƚŝ ƉĞƌĂǁĂƚĂŶ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞƚŝĂƉ ϭϱͲϮϭ ďƵůĂŶ ĂƚĂƵ ƐĞƚĞůĂŚ
ƉĞƐĂǁĂƚŵĞŶĐĂƉĂŝϰ͘ϬϬϬͲϲ͘ϱϬϬũĂŵƚĞƌďĂŶŐ;ƵŶƚƵŬƉĞƐĂǁĂƚLJĂŶŐŵĞŵŝůŝŬŝ
ŬŽŶĨŝŐƵƌĂƐŝŬĂďŝŶϭůŽƌŽŶŐͿ͕ƐĞƌƚĂƐĞƚŝĂƉϮϰͲϯϲďƵůĂŶĂƚĂƵƐĞƚĞůĂŚƉĞƐĂǁĂƚ
ŵĞŶĐĂƉĂŝ ϴ͘ϬϬϬͲϭϬ͘ϬϬϬ ũĂŵ ƚĞƌďĂŶŐ ;ƵŶƚƵŬ ƉĞƐĂǁĂƚ LJĂŶŐ ŵĞŵŝůŝŬŝ
ŬŽŶĨŝŐƵƌĂƐŝ ŬĂďŝŶ ůĞďŝŚ ĚĂƌŝ ϭ ůŽƌŽŶŐͿ͕ ƚĞƌŐĂŶƚƵŶŐ ũĞŶŝƐ ƉĞƐĂǁĂƚŶLJĂ͘
WĞƌĂǁĂƚĂŶͲŚĞĐŬůĞďŝŚŬŽŵƉƌĞŚĞŶƐŝĨƚĞƌŵĂƐƵŬƐƚƌƵŬƚƵƌƉĞƐĂǁĂƚ͘

ĂďŝŶZĞĨƵƌďŝƐŚŵĞŶƚ ͗ ĞƌĂƌƚŝ ƐĞƌĂŶŐŬĂŝĂŶ ƉƌŽƐĞƐ ƉĞƌďĂŝŬĂŶ ŬĂďŝŶ ƉĞƐĂǁĂƚ ƵŶƚƵŬ ŵĞŶũĂŵŝŶ
ƉĞŶĂŵƉŝůĂŶ͕ ĨƵŶŐƐŝ ĚĂŶ ŬĞŶLJĂŵĂŶĂŶ ƐĞƐƵĂŝ ƐƚĂŶĚĂƌ ĚĂŶ ĚŝƚĞƌŝŵĂ ŽůĞŚ
ƉĞŶƵŵƉĂŶŐƉĞƐĂǁĂƚ͘

ĂůŝďƌĂƚŝŽŶ ͗ ĞƌĂƌƚŝ ƉĞŶŐƵũŝĂŶ ĂƚĂƵ ƉĞŶĞƌĂĂŶ ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ ƉĞƌĂůĂƚĂŶ ĂƚĂƵ ĨĂƐŝůŝƚĂƐ
ŶĂǀŝŐĂƐŝ ƵĚĂƌĂ ĂŐĂƌ ŵĞŵĞŶƵŚŝ ƐƚĂŶĚĂƌ ŽƉĞƌĂƐŝŽŶĂů ƉĞŶĞƌďĂŶŐĂŶ ŐƵŶĂ
ŵĞŶũĂŵŝŶŬĞƐĞůĂŵĂƚĂŶƉĞŶĞƌďĂŶŐĂŶ͘

DW ͗ ĞƌĂƌƚŝ ŽŶƚŝŶƵŽƵƐ ŝƌǁŽƌƚŚŝŶĞƐƐ DĂŝŶƚĞŶĂŶĐĞ WƌŽŐƌĂŵ ;DWͿ LJĂŝƚƵ
 ƉƌŽŐƌĂŵƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚŵĂƐŬĂƉĂŝ͘

DZK ͗ ĞƌĂƌƚŝĚĂƚĂďĂƐĞLJĂŶŐďĞƌŝƐŝŬĂŶŬŽŶĚŝƐŝĚĂŶƉƌŽLJĞŬƐŝƉĂƐĂƌĂǀŝĂƐŝ͘

^Zϱϳ ͗ ĞƌĂƌƚŝ ŝǀŝů ǀŝĂƚŝŽŶ ^ĂĨĞƚLJ ZĞŐƵůĂƚŝŽŶ ĂƚĂƵ WĞƌĂƚƵƌĂŶ <ĞƐĞůĂŵĂƚĂŶ
WĞŶĞƌďĂŶŐĂŶ ^ŝƉŝů ;W<W^Ϳ WĂƌƚ ϱϳ LJĂŶŐ ďĞƌŝƐŝ ƚĞŶƚĂŶŐ ĞƌƚŝĨŝĐĂƚŝŽŶ ŶĚ
KƉĞƌĂƚŝŶŐ ZĞƋƵŝƌĞŵĞŶƚƐ &Žƌ ŝƐƚƌŝďƵƚŽƌ KĨ ĞƌŽŶĂƵƚŝĐĂů WƌŽĚƵĐƚƐ͘ ĂŐŝĂŶ
ŝŶŝ ŵĞŶũĞůĂƐŬĂŶ ƚĞŶƚĂŶŐ ĂƚƵƌĂŶ ŵĞŶŐĞŶĂŝ ƉĞŶĚŝƐƚƌŝďƵƐŝĂŶ ƉƌŽĚƵŬͲƉƌŽĚƵŬ
ƉĞŶĞƌďĂŶŐĂŶ͘


IV
^Zϭϰϱ ͗ ĞƌĂƌƚŝ ŝǀŝů ǀŝĂƚŝŽŶ ^ĂĨĞƚLJ ZĞŐƵůĂƚŝŽŶ ĂƚĂƵ WĞƌĂƚƵƌĂŶ <ĞƐĞůĂŵĂƚĂŶ
WĞŶĞƌďĂŶŐĂŶ ^ŝƉŝů ;W<W^Ϳ WĂƌƚ ϭϰϱ LJĂŶŐ ďĞƌŝƐŝ ƚĞŶƚĂŶŐ ƉƉƌŽǀĞĚ
DĂŝŶƚĞŶĂŶĐĞKƌŐĂŶŝnjĂƚŝŽŶ;DKͿ͘ĂŐŝĂŶŝŶŝŵĞŶũĞůĂƐŬĂŶƚĞŶƚĂŶŐďĂŶLJĂŬ
ďĞƌďŝĐĂƌĂ ƚĞŶƚĂŶŐ ďĂŐŝŵĂŶĂ ĐĂƌĂ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ĂƚĂƵ
ƐĞƌƚŝĨŝŬĂƚ DK͕ ƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ůĂůƵ ũƵŐĂ ďĞƌŝƐŝ ƚĞŶƚĂŶŐ ƉĞƌĂƚƵƌĂŶ
LJĂŶŐŚĂƌƵƐŝŬƵƚŝŽůĞŚƉĞŵĞŐĂŶŐƐĞƌƚŝĨŝŬĂƚDKƚĞƌŬĂŝƚĚĞŶŐĂŶŬŝŶĞƌũĂŶLJĂ
ĚĂůĂŵŵĞůĂŬƵŬĂŶƉĞŵĞůŝŚĂƌĂĂŶͬƉĞƌĂǁĂƚĂŶ͕ƉĞŵĞůŝŚĂƌĂĂŶƉƌĞǀĞŶƚŝĨ͕ĂƚĂƵ
ƉĞƌƵďĂŚĂŶ ĚĂƌŝ ƐĞďƵĂŚ ƉĞƐĂǁĂƚ͕ ďĂĚĂŶ ƉĞƐĂǁĂƚ͕ ŵĞƐŝŶ ƉĞƐĂǁĂƚ͕ ďĂůŝŶŐͲ
ďĂůŝŶŐ͕ĂůĂƚ͕ĂƚĂƵďĂŐŝĂŶŬŽŵƉŽŶĞŶ͘

^Zϭϰϳ ͗ ĞƌĂƌƚŝ ŝǀŝů ǀŝĂƚŝŽŶ ^ĂĨĞƚLJ ZĞŐƵůĂƚŝŽŶ ĂƚĂƵ WĞƌĂƚƵƌĂŶ <ĞƐĞůĂŵĂƚĂŶ
WĞŶĞƌďĂŶŐĂŶ ^ŝƉŝů ;W<W^Ϳ WĂƌƚ ϭϰϳ LJĂŶŐ ďĞƌŝƐŝ ƚĞŶƚĂŶŐ ŝƌĐƌĂĨƚ
DĂŝŶƚĞŶĂŶĐĞ dƌĂŝŶŝŶŐ KƌŐĂŶŝnjĂƚŝŽŶ ;DdKͿ͘ ĂŐŝĂŶ ŝŶŝ ŵĞŶũĞůĂƐŬĂŶ
ƚĞŶƚĂŶŐĂƚƵƌĂŶŵĞŶŐĞŶĂŝŽƌŐĂŶŝƐĂƐŝƉĞůĂƚŝŚĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ͘

D^ ͗ ĞƌĂƌƚŝŽŶƚĞŶƚDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵLJĂŝƚƵƐŝƐƚĞŵLJĂŶŐŵĞŶŐŝŶƚĞŐƌĂƐŝŬĂŶ
 ŵĂŝŶƚĞŶĂŶĐĞ ŵĂŶƵĂů LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ƉĞƌƵƐĂŚĂĂŶ ŵĂŶƵĨĂŬƚƵƌ
ƉĞƐĂǁĂƚ ĚĞŶŐĂŶ ĚĂƚĂ ĚĂůĂŵ ƐŝƐƚĞŵ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ ƉĞƌƵƐĂŚĂĂŶ DZK
ĂƚĂƵŵĂƐŬĂƉĂŝƉĞŶĞƌďĂŶŐĂŶ͘

–ŚĞĐŬ ͗ ĞƌĂƌƚŝ ƉĞƌĂǁĂƚĂŶ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞƚŝĂƉ ĞŶĂŵ ƚĂŚƵŶ ĂƚĂƵ ƐĞƚĞůĂŚ
ƉĞƐĂǁĂƚ ŵĞŶĐĂƉĂŝ Ϯϰ͘ϬϬϬͲϮϴ͘ϬϬϬ ũĂŵ ƚĞƌďĂŶŐ͕ ƚĞƌŐĂŶƚƵŶŐ ũĞŶŝƐ
ƉĞƐĂǁĂƚŶLJĂ͘ WĞƌĂǁĂƚĂŶ ͲŚĞĐŬ ŵĞŶĐĂŬƵƉ ƐĞůƵƌƵŚ ƉĞŬĞƌũĂĂŶ LJĂŶŐ
ĚŝůĂŬƐĂŶĂŬĂŶ ƉĂĚĂ ͲŚĞĐŬ ƐĞƌƚĂ ŵĞŶĞŬĂŶŬĂŶ ƉĂĚĂ ƐŝƐƚĞŵ͕ ƐƚƌƵŬƚƵƌ ĚĂŶ
ŬĂďŝŶ͘

ĂĨƚĂƌWĞŵĞŐĂŶŐ^ĂŚĂŵ ͗ ĞƌĂƌƚŝ ĚĂĨƚĂƌ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ <^/ LJĂŶŐ ŵĞŵƵĂƚ ŬĞƚĞƌĂŶŐĂŶ
ƚĞŶƚĂŶŐ ŬĞƉĞŵŝůŝŬĂŶ ĨĞŬ ŽůĞŚ WĞŵĞŐĂŶŐ ĨĞŬ ĚĂůĂŵ WĞŶŝƚŝƉĂŶ <ŽůĞŬƚŝĨ
Ěŝ<^/ďĞƌĚĂƐĂƌŬĂŶĚĂƚĂLJĂŶŐĚŝďĞƌŝŬĂŶŽůĞŚWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐŬĞƉĂĚĂ
<^/͘

ĂŝůLJŚĞĐŬ ͗ ĞƌĂƌƚŝ ŬĞŐŝĂƚĂŶ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ŵĞůŝƉƵƚŝ ƉĞŵĞƌŝŬƐĂĂŶ ƐĞĐĂƌĂ
ŵĞŶLJĞůƵƌƵŚ͕ ƉĞŵĞƌŝŬƐĂĂŶ ƐĞĐĂƌĂ ǀŝƐƵĂů ĚĂŶ ŵĞŶĐĂƚĂƚ ĂĚĂŶLJĂ ŬĞƚŝĚĂŬͲ
ƐĞƐƵĂŝĂŶ ĂƉĂďŝůĂ ĚŝƚĞŵƵŬĂŶ͕ ŵĞŵĂƐƚŝŬĂŶ ƐĞůƵƌƵŚ ďĂŐŝĂŶ ƉĞƐĂǁĂƚ
ƚĞƌƉĂƐĂŶŐĚĞŶŐĂŶĂŵĂŶ͕ŵĞŵĂƐƚŝŬĂŶĨůƵŝĚĂLJĂŶŐĚŝŐƵŶĂŬĂŶďĞƌĂĚĂƉĂĚĂ
ůĞǀĞů LJĂŶŐ ƐĞŚĂƌƵƐŶLJĂ͕ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŶŐĞĐĞŬĂŶ ƐŝƐƚĞŵ ƐĞĐĂƌĂ
ŽƉĞƌĂƐŝŽŶĂů  ĚĂŶ ŵĞůĂŬƵŬĂŶ ƚŝŶũĂƵĂŶ ƚĞƌŚĂĚĂƉ ďƵŬƵ ĐĂƚĂƚĂŶ ƉĞƌĂǁĂƚĂŶ
ƉĞƐĂǁĂƚ ƚĞƌŬĂŝƚ͘ ĂŝůLJ ŚĞĐŬ ƵŵƵŵŶLJĂ ĚŝůĂŬƐĂŶĂŬĂŶ ƉĂĚĂ ŵĂůĂŵ ŚĂƌŝ
ƐĞƚĞůĂŚƉĞŶĞƌďĂŶŐĂŶƚĞƌĂŬŚŝƌĚĂůĂŵƐĂƚƵŚĂƌŝƚĞƌƐĞďƵƚ͘

'/ŶĚŽŶĞƐŝĂ ͗ ĞƌĂƌƚŝ ŝƌĞĐƚŽƌĂƚ 'ĞŶĞƌĂů ŽĨ ŝǀŝů ǀŝĂƚŝŽŶ͕ ŵĞƌƵƉĂŬĂŶ ŽƚŽƌŝƚĂƐ
ƉĞŶĞƌďĂŶŐĂŶƐŝƉŝů/ŶĚŽŶĞƐŝĂ͘

K ͗ ĞƌĂƌƚŝ ĞƐŝŐŶ KƌŐĂŶŝnjĂƚŝŽŶƐ ƉƉƌŽǀĂů ŵĞƌƵƉĂŬĂŶ ƉĞŶŐĂŬƵĂŶ ďĂŚǁĂ
ĚĞƐĂŝŶŽƌŐĂŶŝƐĂƐŝƚĞůĂŚŵĞŵĂƚƵŚŝƉĞƌƐLJĂƌĂƚĂŶWĂƌƚϮϭ^ƵďƉĂƌƚ:͘

WW^ ͗ ĞƌĂƌƚŝ ĂĨƚĂƌ WĞŵĞƐĂŶĂŶ WĞŵďĞůŝĂŶ ^ĂŚĂŵ͕ ĚĂĨƚĂƌ LJĂŶŐ ŵĞŵƵĂƚ ŶĂŵĂͲ
ŶĂŵĂ ĚĂƌŝ ƉĞŵĞƐĂŶ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ĚĂŶ ũƵŵůĂŚ ^ĂŚĂŵ zĂŶŐ
ŝƚĂǁĂƌŬĂŶLJĂŶŐĚŝƉĞƐĂŶ͕LJĂŶŐĚŝƐƵƐƵŶďĞƌĚĂƐĂƌŬĂŶ&WW^ĚĂŶĚŝďƵĂƚŽůĞŚ
ŵĂƐŝŶŐͲŵĂƐŝŶŐWĞŶũĂŵŝŶŵŝƐŝĨĞŬ͘

^ ͗ ĞƌĂƌƚŝƵƌŽƉĞĂŶǀŝĂƚŝŽŶ^ĂĨĞƚLJŐĞŶĐLJ͕LJĂŝƚƵŽƚŽƌŝƚĂƐƉĞŶĞƌďĂŶŐĂŶƐŝƉŝů
hŶŝƌŽƉĂ


V
^ϭϰϳ ͗ ĞƌĂƌƚŝ ƵƌŽƉĞĂŶ ǀŝĂƚŝŽŶ ^ĂĨĞƚLJ ŐĞŶĐLJ ĂƚĂƵ ĂĚĂŶ <ĞƐĞůĂŵĂƚĂŶ
WĞŶĞƌďĂŶŐĂŶ ƌŽƉĂ WĂƌƚ ϭϰϳ LJĂŶŐ ďĞƌŝƐŝ ƚĞŶƚĂŶŐ DĂŝŶƚĞŶĂŶĐĞ dƌĂŝŶŝŶŐ
KƌŐĂŶŝƐĂƚŝŽŶ ƉƉƌŽǀĂů ;DdKͿ͘ ĂŐŝĂŶ ŝŶŝ ŵĞŶũĞůĂƐŬĂŶ ƚĞŶƚĂŶŐ ĂƚƵƌĂŶ
ŵĞŶŐĞŶĂŝŽƌŐĂŶŝƐĂƐŝƉĞůĂƚŝŚĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ͘

ĨĞŬ ͗ ĞƌĂƌƚŝ ƐƵƌĂƚ ďĞƌŚĂƌŐĂ LJĂŝƚƵ ƐƵƌĂƚ ƉĞŶŐĂŬƵĂŶ ƵƚĂŶŐ͕ ƐƵƌĂƚ ďĞƌŚĂƌŐĂ
ŬŽŵĞƌƐŝĂů͕ ƐĂŚĂŵ͕ ŽďůŝŐĂƐŝ͕ ƚĂŶĚĂ ďƵŬƚŝ ƵƚĂŶŐ͕ hŶŝƚ WĞŶLJĞƌƚĂĂŶ͕ <ŽŶƚƌĂŬ
/ŶǀĞƐƚĂƐŝ<ŽůĞŬƚŝĨ͕<ŽŶƚƌĂŬĞƌũĂŶŐŬĂĂƚĂƐĨĞŬ͕ĚĂŶƐĞƚŝĂƉĚĞƌŝǀĂƚŝĨĨĞŬ͘

ůĞĐƚƌŽDĞĐŚĂŶŝĐĂů ͗ ĞƌĂƌƚŝƐĞďƵĂŚƐŝƐƚĞŵĂƚĂƵƵŶŝƚLJĂŶŐŵĞŵĂĚƵŬĂŶŬŽŶƐĞƉĞůĞŬƚƌŽŶŝŬĂĚĂŶ
ŵĞŬĂŶŝŬĂ͘

ŶŐŝŶĞĞƌŝŶŐdƌĂŝŶŝŶŐ ͗ ĞƌĂƌƚŝ ƉĞůĂƚŝŚĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƵŶƚƵŬ ƐĞŽƌĂŶŐ ĞŶŐŝŶĞĞƌ ŬŚƵƐƵƐŶLJĂ
ĚŝďŝĚĂŶŐĂǀŝĂƐŝ͘

ZW ͗ ĞƌĂƌƚŝ ƉĞƌĞŶĐĂŶĂĂŶ ƐƵŵďĞƌ ĚĂLJĂ ƉĞƌƵƐĂŚĂĂŶ͕ ĂƚĂƵ ĚŝƐŝŶŐŬĂƚ ZW ĚĂƌŝ
ŝƐƚŝůĂŚ ďĂŚĂƐĂ /ŶŐŐƌŝƐŶLJĂ͕ ŶƚĞƌƉƌŝƐĞ ZĞƐŽƵƌĐĞ WůĂŶŶŝŶŐ͕ ĂĚĂůĂŚ ƐŝƐƚĞŵ
ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ĚŝƉĞƌƵŶƚƵŬŬĂŶ ďĂŐŝ ƉĞƌƵƐĂŚĂŶ LJĂŶŐ ďĞƌƉĞƌĂŶ
ŵĞŶŐŝŶƚĞŐƌĂƐŝŬĂŶ ĚĂŶ ŵĞŶŐŽƚŽŵĂƐŝŬĂŶ ƉƌŽƐĞƐ ďŝƐŶŝƐ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶĂƐƉĞŬŽƉĞƌĂƐŝ͕ƉƌŽĚƵŬƐŝŵĂƵƉƵŶĚŝƐƚƌŝďƵƐŝĚŝƉĞƌƵƐĂŚĂĂŶ͘

^ ͗ ĞƌĂƌƚŝŵƉůŽLJĞĞ^ƚŽĐŬůůŽĐĂƚŝŽŶ;ůŽŬĂƐŝ^ĂŚĂŵ<ĞƉĂĚĂWĞŐĂǁĂŝͿ͘

& ͗ ĞƌĂƌƚŝ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ŵĞƌƵƉĂŬĂŶŽƚŽƌŝƚĂƐƉĞŶĞƌďĂŶŐĂŶ
ƐŝƉŝůŵĞƌŝŬĂ^ĞƌŝŬĂƚ͘

&<W^ ͗ ĞƌĂƌƚŝ&ŽƌŵƵůŝƌ<ŽŶĨŝƌŵĂƐŝWĞŶũĂƚĂŚĂŶ^ĂŚĂŵ͕ĨŽƌŵƵůŝƌLJĂŶŐĚŝŬĞůƵĂƌŬĂŶ
ŽůĞŚ DĂŶĂũĞƌ WĞŶũĂƚĂŚĂŶ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ŬŽŶĨŝƌŵĂƐŝ ĂƚĂƐ ŚĂƐŝů
ƉĞŶũĂƚĂŚĂŶ ĂƚĂƐ ŶĂŵĂ ƉĞŵĞƐĂŶ ƐĞďĂŐĂŝ ƚĂŶĚĂ ďƵŬƚŝ ŬĞƉĞŵŝůŝŬĂŶ ĂƚĂƐ
^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶLJĂŶŐĚŝũƵĂůŽůĞŚWĞƌƐĞƌŽĂŶƉĂĚĂƉĂƐĂƌƉĞƌĚĂŶĂ͘

&ůŝŐŚƚĂƚĂ^ĞƌǀŝĐĞƐ ͗ ĞƌĂƌƚŝůĂLJĂŶĂŶƉĞŶŐƵŶĚƵŚĂŶ͕ƉĞŵďĂĐĂĂŶĚĂŶĂŶĂůŝƐŝƐŚĂƐŝůƌĞŬĂŵĂŶĚĂƌŝ
&ůŝŐŚƚĂƚĂZĞĐŽƌĚĞƌ͘

&WW^ ͗ ĞƌĂƌƚŝĂƐůŝ&ŽƌŵƵůŝƌWĞŵĞƐĂŶĂŶWĞŵďĞůŝĂŶ^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶLJĂŶŐ
ĚŝƐĞĚŝĂŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ďĞƌƐĂŵĂͲƐĂŵĂ ĚĞŶŐĂŶ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ
ŵŝƐŝĨĞŬLJĂŶŐŚĂƌƵƐĚŝŝƐŝ͕ĚŝƚĂŶĚĂƚĂŶŐĂŶŝĚĂŶĚŝĂũƵŬĂŶĚĂůĂŵƌĂŶŐŬĂƉϱ
;ůŝŵĂͿŽůĞŚĐĂůŽŶƉĞŵďĞůŝŬĞƉĂĚĂWĞŶũĂŵŝŶŵŝƐŝĨĞŬ͘

'ƌŽƵŶĚWŽǁĞƌhŶŝƚ ͗ ĞƌĂƌƚŝ ƉĞƌĂůĂƚĂŶ LJĂŶŐ ŵĂŵƉƵ ŵĞŶLJƵƉůĂŝ ƚĞŶĂŐĂ ůŝƐƚƌŝŬ ŬĞ ƉĞƐĂǁĂƚ
ƚĞƌďĂŶŐƐĂĂƚƉĞƐĂǁĂƚƚĞƌďĂŶŐďĞƌĂĚĂĚŝĚĂƌĂƚ͘

'ƌŽƵŶĚ^ƵƉƉŽƌƚƋƵŝƉŵĞŶƚ ͗ ĞƌĂƌƚŝ ƉĞƌĂůĂƚĂŶ ƉĞŶĚƵŬƵŶŐ ƉĞŶĞƌďĂŶŐĂŶƐĂĂƚ ƉĞƐĂǁĂƚďĞƌĂĚĂĚŝ ĚĂƌĂƚ͘
WĞƌĂůĂƚĂŶ ŝŶŝĚŝŐƵŶĂŬĂŶƵŶƚƵŬ ŵĞůĂLJĂŶŝ ƉĞƐĂǁĂƚ ƐĞďĞůƵŵ ŬĞďĞƌĂŶŐŬĂƚĂŶ
ĂƚĂƵƐĞƚĞůĂŚƉĞƐĂǁĂƚŵĞŶĚĂƌĂƚĂƚĂƵƚŝďĂĚŝďĂŶĚĂƌĂ͘

'd ͗ ĞƌĂƌƚŝ'ĞŶĞƌĂůdĞƌŵƐŽĨŐƌĞĞŵĞŶƚ͘

,ĂƌŐĂWĞŶĂǁĂƌĂŶ ͗ ĞƌĂƌƚŝ ŚĂƌŐĂ ƐĞƚŝĂƉ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ͕
  LJĂŝƚƵƐĞďĞƐĂƌZƉϰϬϬ͕Ͳ;ĞŵƉĂƚƌĂƚƵƐZƵƉŝĂŚͿƐĞƚŝĂƉƐĂŚĂŵ͘

,ĂƌŝƵƌƐĂ ͗ ĞƌĂƌƚŝŚĂƌŝĚŝŵĂŶĂƵƌƐĂĨĞŬŵĞůĂŬƵŬĂŶĂŬƚŝǀŝƚĂƐƚƌĂŶƐĂŬƐŝƉĞƌĚĂŐĂŶŐĂŶ
ĞĨĞŬ͕ŬĞĐƵĂůŝŚĂƌŝƚĞƌƐĞďƵƚŵĞƌƵƉĂŬĂŶŚĂƌŝůŝďƵƌŶĂƐŝŽŶĂůĂƚĂƵĚŝŶLJĂƚĂŬĂŶ
ƐĞďĂŐĂŝŚĂƌŝůŝďƵƌďƵƌƐĂŽůĞŚƵƌƐĂĨĞŬ͘


VI
,Ăƌŝ<ĂůĞŶĚĞƌ ͗ ĞƌĂƌƚŝƐĞŵƵĂŚĂƌŝĚĂůĂŵϭ;ƐĂƚƵͿƚĂŚƵŶƐĞƐƵĂŝĚĞŶŐĂŶŬĂůĞŶĚĞƌŐƌĞŐŽƌŝƵƐ
ƚĂŶƉĂ ŬĞĐƵĂůŝ͕ ƚĞƌŵĂƐƵŬ ŚĂƌŝ ^ĂďƚƵ͕ DŝŶŐŐƵ ĚĂŶ ŚĂƌŝ ůŝďƵƌ ŶĂƐŝŽŶĂů LJĂŶŐ
ĚŝƚĞƚĂƉŬĂŶ ƐĞǁĂŬƚƵͲǁĂŬƚƵ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĂŶ ,Ăƌŝ
<ĞƌũĂ ďŝĂƐĂ LJĂŶŐ ŬĂƌĞŶĂ ƐƵĂƚƵ ŬĞĂĚĂĂŶ ƚĞƌƚĞŶƚƵ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝďƵŬĂŶ,Ăƌŝ<ĞƌũĂ͘

,Ăƌŝ<ĞƌũĂ ͗ ĞƌĂƌƚŝ ŚĂƌŝ ŬĞƌũĂ ƉĂĚĂ ƵŵƵŵŶLJĂ ƚŝĚĂŬ ƚĞƌŵĂƐƵŬ ŚĂƌŝ ^ĂďƚƵ ĚĂŶ DŝŶŐŐƵ
ƐĞƌƚĂ ŚĂƌŝ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝ
ŚĂƌŝůŝďƵƌŶĂƐŝŽŶĂů͘

/W/ ͗ ĞƌĂƌƚŝ/ŶƐƚŝƚƵƚŬƵŶƚĂŶWƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘

/ŶĚƵƐƚƌŝĂů'ĂƐdƵƌďŝŶĞ ͗ DĞƐŝŶ ŝŶĚƵƐƚƌŝ LJĂŶŐ ŵĞŶŐŐƵŶĂŬĂŶ ŬŽŶƐĞƉ ƚƵƌďŝŶ ŐĂƐ͕ ƐĞďĂŐĂŝ ƉĞŶŐŐĞƌĂŬ
ŶŐŝŶĞ ƵŶƚƵŬƉĞŵďĂŶŐŬŝƚůŝƐƚŝŬ͘

/^K ͗ ĞƌĂƌƚŝ /ŶƚĞƌŶĂƚŝŽŶĂů KƌŐĂŶŝnjĂƚŝŽŶ ĨŽƌ ^ƚĂŶĚĂƌĚŝnjĂƚŝŽŶ͕ LJĂŝƚƵ ƐŝƐƚĞŵ
ƐƚĂŶĚĂƌĚŝƐĂƐŝŵĂŶĂũĞŵĞŶŵƵƚƵ͘

<W ͗ ĞƌĂƌƚŝ<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ͘
 
<ĞŵĞŶŬƵŵŚĂŵ ͗ ĞƌĂƌƚŝ <ĞŵĞŶƚĞƌŝĂŶ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ
;ĚĂŚƵůƵĚŝŬĞŶĂůĚĞŶŐĂŶŶĂŵĂĞƉĂƌƚŵĞŶ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂ
ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ͕ ĞƉĂƌƚĞŵĞŶ <ĞŚĂŬŝŵĂŶ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ͕
ĞƉĂƌƚĞŵĞŶ ,ƵŬƵŵ ĚĂŶ WĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĂƚĂƵ
ŶĂŵĂůĂŝŶŶLJĂ͘

<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐ ͗ ĞƌĂƌƚŝ ƐƵƌĂƚ ŬŽŶĨŝƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ
ŽůĞŚ <^/ ĚĂŶͬĂƚĂƵ ĂŶŬ <ƵƐƚŽĚŝĂŶ ĚĂŶͬĂƚĂƵ WĞƌƵƐĂŚĂĂŶ ĨĞŬ ƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐĚŝƉĂƐĂƌƐĞŬƵŶĚĞƌ͘

<^/ ͗ ĞƌĂƌƚŝƐŝŶŐŬĂƚĂŶĚĂƌŝWd<ƵƐƚŽĚŝĂŶ^ĞŶƚƌĂůĨĞŬ/ŶĚŽŶĞƐŝĂ͕LJĂŶŐďĞƌƚƵŐĂƐ
ŵĞŶŐĂĚŵŝŶƐŝƚƌĂƐŝŬĂŶ ƉĞŶLJŝŵƉĂŶĂŶ ĨĞŬ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ
WĞŶĚĂĨƚĂƌĂŶ ĨĞŬ ƉĂĚĂ WĞŶŝƚŝƉĂŶ <ŽůĞŬƚŝĨ͕ LJĂŶŐ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ŽůĞŚ
Wd <ƵƐƚŽĚŝĂŶ ^ĞŶƚƌĂů ĨĞŬ /ŶĚŽŶĞƐŝĂ͕ ƐƵĂƚŝ ƉĞƌƐĞƌŽĂŶ ƚĞƌďĂƚĂƐ LJĂŶŐ
ďĞƌŬĞĚƵĚƵŬĂŶĚŝ:ĂŬĂƌƚĂ͘

>ŝŶĞDĂŝŶƚĞŶĂŶĐĞ^ƚĂƚŝŽŶ ͗ ĞƌĂƌƚŝůŽŬĂƐŝƵƐĂŚĂƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚĚŝůƵĂƌĂƌĞĂůŽŬĂƐŝƵƚĂŵĂ͘

DĂũŽƌDŽĚŝĨŝĐĂƚŝŽŶ ͗ ĞƌĂƌƚŝ ŵŽĚŝĨŝŬĂƐŝ ƉĞƐĂǁĂƚ ƐŬĂůĂ ďĞƐĂƌLJĂŶŐ ŵĞŵƉĞŶŐĂƌƵŚŝ ĂƐƉĞŬ ĚĞƐĂŝŶ
ĂǁĂůƉĞƐĂǁĂƚƚĞƌďĂŶŐ͘

DĂŶĂũĞƌWĞŶũĂƚĂŚĂŶ ͗ ĞƌĂƌƚŝ Wd ĂŚĂŶĂ ^ĞŬƵƌŝƚĂƐ͕ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĂƚĂƐ ƉĞŶũĂƚĂŚĂŶ
^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ
ĚĂůĂŵWĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϳ͘

DĂƐĂWĞŶĂǁĂƌĂŶ ͗ ĞƌĂƌƚŝ ũĂŶŐŬĂ ǁĂŬƚƵ ďĂŐŝ DĂƐLJĂƌĂŬĂƚ ƵŶƚƵŬ ĚĂƉĂƚ ŵĞŶŐĂũƵŬĂŶ
ƉĞŵĞƐĂŶĂŶ&WW^͘

DĂƐLJĂƌĂŬĂƚ ͗ ĞƌĂƌƚŝ ƉĞƌŽƌĂŶŐĂŶ ĚĂŶͬĂƚĂƵ ďĂĚĂŶŚƵŬƵŵ͕ ďĂŝŬ ǁĂƌŐĂŶĞŐĂƌĂ /ŶĚŽŶĞƐŝĂ
ŵĂƵƉƵŶ ǁĂƌŐĂ ŶĞŐĂƌĂ ĂƐŝŶŐ ĚĂŶͬĂƚĂƵ ďĂĚĂŶ ŚƵŬƵŵ /ŶĚŽŶĞƐŝĂ ŵĂƵƉƵŶ
ďĂĚĂŶ ŚƵŬƵŵ ĂƐŝŶŐ͕ ďĂŝŬ LJĂŶŐ ďĞƌƚĞŵƉĂƚ ƚŝŶŐŐĂů ĂƚĂƵ ďĞƌŬĞĚƵĚƵŬĂŶ
ŚƵŬƵŵĚŝ/ŶĚŽŶĞƐŝĂŵĂƵƉƵŶďĞƌƚĞŵƉĂƚƚŝŶŐŐĂůĂƚĂƵďĞƌŬĞĚƵĚƵŬĂŶĚŝůƵĂƌ
/ŶĚŽŶĞƐŝĂ͘


VII
DĞŶŬƵŵŚĂŵ ͗ ĞƌĂƌƚŝDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ;ĚĂŚƵůƵ
ĚŝŬĞŶĂů ƐĞďĂŐĂŝ DĞŶƚĞƌŝ <ĞŚĂŬŝŵĂŶ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ͕ DĞŶƚĞƌŝ
<ĞŚĂŬŝŵĂŶ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ͕ ĂƚĂƵ DĞŶƚĞƌŝ
,ƵŬƵŵĚĂŶWĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĂƚĂƵŶĂŵĂůĂŝŶŶLJĂͿ͘

D^KW ͗ ĞƌĂƌƚŝDĂŶĂŐĞŵĞŶƚΘŵƉůŽLJĞĞ^ƚŽĐŬKƉƚŝŽŶWůĂŶ͘

DZK ͗ ĞƌĂƌƚŝ ƐĞŵƵĂ ƚŝŶĚĂŬĂŶ LJĂŶŐ ŵĞŵŝůŝŬŝ ƚƵũƵĂŶ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ĂƚĂƵ
ŵĞŶŐĞŵďĂůŝŬĂŶƐƵĂƚƵďĂƌĂŶŐŬĞƉĂĚĂŬŽŶĚŝƐŝĚŝŵĂŶĂŝĂĚĂƉĂƚŵĞůĂŬƵŬĂŶ
ĨƵŶŐƐŝ ŬĞƌũĂ LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ ƉĂĚĂ ƚŝŶŐŬĂƚ ŬĞŚĂŶĚĂůĂŶ ĚĂŶ ŬĞƐĞůĂŵĂƚĂŶ
LJĂŶŐ ĚŝŝŶŐŝŶŬĂŶ͕ ĚŝŵĂŶĂ ƚŝŶĚĂŬĂŶ ƚĞƌƐĞďƵƚ ŵĞůŝƉƵƚŝ ŬŽŵďŝŶĂƐŝ ďĞƌďĂŐĂŝ
ĂŬƚŝĨŝƚĂƐƚĞŬŶŝƐŵĂƵƉƵŶŶŽŶƚĞŬŶŝƐLJĂŶŐŵĞůŝƉƵƚŝĂĚŵŝŶŝƐƚƌĂƚŝĨ͕ŵĂŶĂũĞƌŝĂů͕
ĚĂŶƚŝŶĚĂŬĂŶƉĞŶŐĂǁĂƐĂŶ͘

EĂƌƌŽǁŽĚLJŝƌĐƌĂĨƚ ͗ ĞƌĂƌƚŝƉĞƐĂǁĂƚƵĚĂƌĂLJĂŶŐŵĞŵŝůŝŬŝŬŽŶĨŝŐƵƌĂƐŝŬĂďŝŶϭ;ƐĂƚƵͿůŽƌŽŶŐ͘

EŽŶĞƐƚƌƵĐƚŝǀĞdĞƐƚ ͗ ĞƌĂƌƚŝŝŶƐƉĞŬƐŝLJĂŶŐĚŝůĂŬƵŬĂŶƚĂŶƉĂŵĞƌƵƐĂŬƐƚƌƵŬƚƵƌŽďũĞŬ͘

KD  ͗ ĞƌĂƌƚŝKƌŝŐŝŶĂůƋƵŝƉŵĞŶƚDĂŶƵĨĂĐƚƵƌĞƌ͘

KƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶĂƚĂƵ ͗ ĞƌĂƌƚŝKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶLJĂŝƚƵůĞŵďĂŐĂLJĂŶŐŝŶĚĞƉĞŶĚĞŶĚĂŶďĞďĂƐ
K:< ĚĂƌŝ ĐĂŵƉƵƌ ƚĂŶŐĂŶ ƉŝŚĂŬ ůĂŝŶ͕ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ĨƵŶŐƐŝ͕ ƚƵŐĂƐ͕ ĚĂŶ
ǁĞǁĞŶĂŶŐ ƉĞŶŐĂƚƵƌĂŶ͕ ƉĞŶŐĂǁĂƐĂŶ͕ ƉĞŵĞƌŝŬƐĂĂŶ ĚĂŶ ƉĞŶLJŝĚŝŬĂŶ
ŬĞŐŝĂƚĂŶ ũĂƐĂ ŬĞƵĂŶŐĂŶ Ěŝ ƐĞŬƚŽƌ WĂƐĂƌ DŽĚĂů͕ WĞƌĂƐƵƌĂŶƐŝĂŶ͕ ĂŶĂ
WĞŶƐŝƵŶ͕ >ĞŵďĂŐĂ WĞŵďŝĂLJĂĂŶ͕ ĂŶ >ĞŵďĂŐĂ :ĂƐĂ <ĞƵĂŶŐĂŶ >ĂŝŶŶLJĂ
ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϮϭƚĂŚƵŶϮϬϭϭƚĂŶŐŐĂů
ϮϮ EŽǀĞŵďĞƌ ϮϬϭϮ ƚĞŶƚĂŶŐ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ
ƉĞƌĂůŝŚĂŶ ĚĂƌŝ DĞŶƚĞƌŝ <ĞƵĂŶŐĂŶ ĚĂŶ ĂĚĂŶ WĞŶŐĂǁĂƐ WĂƐĂƌ DŽĚĂů ĚĂŶ
>ĞŵďĂŐĂ<ĞƵĂŶŐĂŶƐĞũĂŬϯϭĞƐĞŵďĞƌϮϬϭϮ͘

KǀĞƌŚĂƵů ͗ ĞƌĂƌƚŝ ƉĞƌĂǁĂƚĂŶ ďĞƐĂƌ ĚĂƌŝ ĂŝƌĨƌĂŵĞ͕ ĐŽŵƉŽŶĞŶƚ͕ ĚĂŶ ĞŶŐŝŶĞ ƉĞƐĂǁĂƚ
ƵŶƚƵŬŵĞŶŐĞŵďĂůŝŬĂŶŬŽŶĚŝƐŝĂǁĂůƐĞƐƵĂŝƐƚĂŶĚĂƌDĂŶƵĨĂĐƚƵƌĞƌ͘

WĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ ͗ ĞƌĂƌƚŝ ƉŝŚĂŬ LJĂŶŐ ŶĂŵĂŶLJĂ ƚĞƌĐĂƚĂƚ ƐĞďĂŐĂŝ ƉĞŵŝůŝŬ ZĞŬĞŶŝŶŐ ĨĞŬ
ĚĂŶͬĂƚĂƵ ƐƵď ZĞŬĞŶŝŶŐ ĨĞŬ Ěŝ <^/ LJĂŶŐ ĚĂƉĂƚ ŵĞƌƵƉĂŬĂŶ WĞƌƵƐĂŚĂĂŶ
ĨĞŬĚĂŶͬĂƚĂƵƉŝŚĂŬůĂŝŶLJĂŶŐĚŝƐĞƚƵũƵŝŽůĞŚ<^/ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶ
ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ ďŝĚĂŶŐ WĂƐĂƌ DŽĚĂů ĚĂŶ
ƉĞƌĂƚƵƌĂŶ<^/͘

WĞŵĞŐĂŶŐ^ĂŚĂŵ ͗ ĞƌĂƌƚŝDĂƐLJĂƌĂŬĂƚLJĂŶŐŵĞŵŝůŝŬŝŵĂŶĨĂĂƚĂƚĂƐƐĂŚĂŵLJĂŶŐĚŝƐŝŵƉĂŶĚĂŶ
  ĚŝĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶĚĂůĂŵ͗
  • ĂĨƚĂƌWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƐĞƌŽĂŶ͖
  • ZĞŬĞŶŝŶŐĨĞŬƉĂĚĂ<^/͖ĂƚĂƵ
  • ZĞŬĞŶŝŶŐĨĞŬƉĂĚĂ<^/ŵĞůĂůƵŝWĞƌƵƐĂŚĂĂŶĨĞŬ͘
  
WĞŵĞƌŝŶƚĂŚ ͗ ĞƌĂƌƚŝWĞŵĞƌŝŶƚĂŚEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘

WĞŶĂǁĂƌĂŶǁĂů ͗ ĞƌĂƌƚŝĂũĂŬĂŶďĂŝŬůĂŶŐƐƵŶŐŵĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶ
WƌŽƐƉĞŬƚƵƐ ǁĂů LJĂŶŐ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ͕ ƐĞŐĞƌĂ ƐĞƚĞůĂŚ ĚŝƵŵƵŵŬĂŶŶLJĂ
WƌŽƐƉĞŬƚƵƐZŝŶŐŬĂƐĚŝƐƵƌĂƚŬĂďĂƌLJĂŶŐďĞƌƚƵũƵĂŶƵŶƚƵŬŵĞŶŐĞƚĂŚƵŝŵŝŶĂƚ
ĐĂůŽŶ ƉĞŵďĞůŝ ĂƚĂƐ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ͕ ĚĂŶͬĂƚĂƵ ƉĞƌŬŝƌĂĂŶ ,ĂƌŐĂ
WĞŶĂǁĂƌĂŶ ĂƚĂƐ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ
ĂƉĞƉĂŵ ĚĂŶ >< EŽ͘ /y͘͘ϴ ƚĞŶƚĂŶŐ WƌŽƐƉĞŬƚƵƐ ǁĂů ĚĂŶ /ŶĨŽ DĞŵŽ͕
>ĂŵƉŝƌĂŶ<ĞƉƵƚƵƐĂŶ<ĞƚƵĂĂƉĞƉĂŵĚĂŶ><EŽ͘<ĞƉͲϰϭͬWDͬϮϬϬϬƚĂŶŐŐĂů
ϮϳKŬƚŽďĞƌϮϬϬϬ͘


VIII
WĞŶĂǁĂƌĂŶhŵƵŵĂƚĂƵ
WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ
^ĂŚĂŵ
WĞŶŝƚŝƉĂŶ<ŽůĞŬƚŝĨ
WĞŶũĂŵŝŶŵŝƐŝĨĞŬ
WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂŵŝƐŝ
ĨĞŬ
WĞƌĂƚƵƌĂŶEŽ͘/y͘͘Ϯ
WĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϳ
WĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϭ
WĞƌĂƚƵƌĂŶEŽ͘/y͘͘Ϯ
WĞƌĂƚƵƌĂŶEŽ͘/y͘:͘ϭ
WĞƌĂƚƵƌĂŶEŽ͘/y͘,͘ϭ
WĞƌĂƚƵƌĂŶWĞŶĐĂƚĂƚĂŶƵƌƐĂ
ĨĞŬ
WĞƌũĂŶũŝĂŶWĞŶĚĂĨƚĂƌĂŶĨĞŬ
͗ ĞƌĂƌƚŝ ŬĞŐŝĂƚĂŶ ƉĞŶĂǁĂƌĂŶ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶLJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ
WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶũƵĂůƐĂŚĂŵŬĞƉĂĚĂDĂƐLJĂƌĂŬĂƚďĞƌĚĂƐĂƌŬĂŶƚĂƚĂĐĂƌĂ
LJĂŶŐ ĚŝĂƚƵƌ ĚĂůĂŵ hhWD ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ ĚĂŶ ŬĞƚĞŶƚƵĂŶͲ
ŬĞƚĞŶƚƵĂŶ ůĂŝŶ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ͕ ƐĞƌƚĂ ŵĞŶƵƌƵƚ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
LJĂŶŐĚŝŵƵĂƚĚĂůĂŵWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶŵŝƐŝĨĞŬ͘

͗ ĞƌĂƌƚŝ ũĂƐĂ ƉĞŶŝƚŝƉĂŶ ŬŽůĞŬƚŝĨ ĂƚĂƐ ƐĞũƵŵůĂŚ ĞĨĞŬ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ ůĞďŝŚ
ĚĂƌŝƐĂƚƵƉŝŚĂŬLJĂŶŐŬĞƉĞŶƚŝŶŐĂŶŶLJĂĚŝǁĂŬŝůŝŽůĞŚŬƵƐƚŽĚŝĂŶƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚĚĂůĂŵhhWD͘

͗ ĞƌĂƌƚŝWŝŚĂŬLJĂŶŐŵĞŵďƵĂƚŬŽŶƚƌĂŬĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶ
WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ďĂŐŝ ŬĞƉĞŶƚŝŶŐĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ
ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŬĞƉĂĚĂ
WĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ͕ ŵĞůĂůƵŝ
WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂŵŝƐŝĨĞŬ͘

͗ ĞƌĂƌƚŝ ƉŝŚĂŬ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ĚĂŶ ƉĞůĂŬƐĂŶĂĂŶ
WĞŶĂǁĂƌĂŶ hŵƵŵ LJĂŶŐ ĚĂůĂŵ ŚĂů ŝŶŝ ĂĚĂůĂŚ Wd ĂŚĂŶĂ ^ĞŬƵƌŝƚĂƐ͕
Wd E/ ^ĞŬƵƌŝƚĂƐ͕ Wd ĂŶĂƌĞŬƐĂ ^ĞŬƵƌŝƚĂƐ ĚĂŶ WdDĂŶĚŝƌŝ ^ĞŬƵƌŝƚĂƐ͕ LJĂŶŐ
ũƵŐĂŵĞƌƵƉĂŬĂŶWĞŶũĂŵŝŶŵŝƐŝĨĞŬ͘

͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶĂƉĞƉĂŵĚĂŶ><EŽ͘/y͘͘Ϯ͕>ĂŵƉŝƌĂŶŬĞƉƵƚƵƐĂŶ<ĞƚƵĂ
ĂƉĞƉĂŵĚĂŶ><EŽ͘<WͲϭϮϮͬ>ͬϮϬϬϵƚĂŶŐŐĂůϮϵDĞŝϮϬϬϵƚĞŶƚĂŶŐdĂƚĂ
ĂƌĂWĞŶĚĂĨƚĂƌĂŶĂůĂŵZĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵ͘

͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶĂƉĞƉĂŵĚĂŶ><EŽ͘/y͘͘ϳ͕>ĂŵƉŝƌĂŶ<ĞƉƵƚƵƐĂŶŬĞƚƵĂ
ĂƉĞƉĂŵĚĂŶ><EŽ͘<WͲϲϵϭͬ>ͬϮϬϭϭƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϭϭƚĞŶƚĂŶŐ
WĞŵĞƐĂŶĂŶĚĂŶWĞŶũĂƚĂŚĂŶĨĞŬĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵ͘

͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶĂƉĞƉĂŵĚĂŶ><EŽ͘/y͘͘ϭ͕>ĂŵƉŝƌĂŶ<ĞƉƵƚƵƐĂŶ<ĞƚƵĂ
ĂƉĞƉĂŵĚĂŶ><EŽ͘<ĞƉͲϰϭϮͬ>ͬϮϬϬϵƚĂŶŐŐĂůϮϱEŽǀĞŵďĞƌϮϬϬϵƚĞŶƚĂŶŐ
dƌĂŶƐĂŬƐŝĨŝůŝĂƐŝĚĂŶĞŶƚƵƌĂŶ<ĞƉĞŶƚŝŶŐĂŶdƌĂŶƐĂŬƐŝdĞƌƚĞŶƚƵ͘

͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶĂƉĞƉĂŵĚĂŶ><EŽ͘/y͘͘Ϯ͕>ĂŵƉŝƌĂŶ<ĞƉƵƚƵƐĂŶ<ĞƚƵĂ
ĂƉĞƉĂŵĚĂŶ><EŽ͘<ĞƉͲϲϭϰͬ>ͬϮϬϭϭƚĂŶŐŐĂůϮϴEŽǀĞŵďĞƌϮϬϭϭƚĞŶƚĂŶŐ
dƌĂŶƐĂŬƐŝDĂƚĞƌŝĂůĚĂŶWĞƌƵďĂŚĂŶ<ĞŐŝĂƚĂŶhƐĂŚĂhƚĂŵĂ͘

͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶĂƉĞƉĂŵΘ><EŽŵŽƌ/y͘:͘ϭ͕>ĂŵƉŝƌĂŶ<ĞƉƵƚƵƐĂŶ<ĞƚƵĂ
ĂƉĞƉĂŵ Θ >< EŽŵŽƌ <ĞƉͲϭϳϵͬ>ͬϮϬϬϴ ƚĂŶŐŐĂů ϭϰ DĞŝ ϮϬϬϴ ƚĞŶƚĂŶŐ
WŽŬŽŬͲWŽŬŽŬ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ LJĂŶŐ DĞůĂŬƵŬĂŶ WĞŶĂǁĂƌĂŶ
hŵƵŵĨĞŬĞƌƐŝĨĂƚŬƵŝƚĂƐĚĂŶWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͘

͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶĂƉĞƉĂŵΘ><EŽŵŽƌ/y͘,͘ϭ͕>ĂŵƉŝƌĂŶ<ĞƉƵƚƵƐĂŶ<ĞƚƵĂ
ĂƉĞƉĂŵ Θ >< EŽŵŽƌ <ĞƉͲϮϲϰͬ>ͬϮϬϭϭ ƚĂŶŐŐĂů ϯϭ DĞŝ ϮϬϭϭ ƚĞŶƚĂŶŐ
WĞŶŐĂŵďŝůĂůŝŚĂŶWĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ͘

͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ EŽ͘ /Ͳ͕ >ĂŵƉŝƌĂŶ <ĞƉƵƚƵƐĂŶ
ŝƌĞŬƐŝ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ EŽ͘ <ĞƉͲϬϬϬϬϭͬ /ͬϬϭͲϮϬϭϰ ƚĂŶŐŐĂů
ϮϬ :ĂŶƵĂƌŝ ϮϬϭϰ ƚĞŶƚĂŶŐ WĞŶĐĂƚĂƚĂŶ ^ĂŚĂŵ ĚĂŶ ĨĞŬ ĞƌƐŝĨĂƚ ŬƵŝƚĂƐ
^ĞůĂŝŶ^ĂŚĂŵLJĂŶŐŝƚĞƌďŝƚŬĂŶŽůĞŚWĞƌƵƐĂŚĂĂŶdĞƌĐĂƚĂƚ͘

͗ ĞƌĂƌƚŝ WĞƌũĂŶũŝĂŶ WĞŶĚĂĨƚĂƌĂŶ ĨĞŬ ĞƌƐŝĨĂƚ ŬƵŝƚĂƐ Ěŝ <^/ LJĂŶŐ
ďĞƌŵĂƚĞƌĂŝĐƵŬƵƉĚĂŶĚŝďƵĂƚĚŝďĂǁĂŚƚĂŶŐĂŶŽůĞŚĚĂŶĂŶƚĂƌĂWĞƌƐĞƌŽĂŶ
ĚĂŶ <^/ EŽ͘ ^WͲϬϮϴͬ^,Dͬ<^/ͬϬϳϭϳ ƚĂŶŐŐĂů Ϯϴ :Ƶůŝ ϮϬϭϳ͕ ďĞƌŝŬƵƚ
ƉĞƌƵďĂŚĂŶͲƉĞƌƵďĂŚĂŶŶLJĂ ĚĂŶͬĂƚĂƵ ƉĞŶĂŵďĂŚĂŶͲƉĞŶĂŵďĂŚĂŶ ĚĂŶͬĂƚĂƵ
ƉĞŵďĂŚĂƌƵĂŶͲƉĞŵďĂŚĂƌƵĂŶLJĂŶŐĚŝďƵĂƚĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͘

IX
WĞƌũĂŶũŝĂŶWĞŶŐĞůŽůĂĂŶ ͗ ĞƌĂƌƚŝ ŬƚĂ WĞƌũĂŶũŝĂŶ WĞŶŐĞůŽůĂĂŶ ĚŵŝŶŝƐƚƌĂƐŝ ^ĂŚĂŵ EŽ͘ ϲϴ ƚĂŶŐŐĂů
ĚŵŝŶŝƐƚƌĂƐŝ^ĂŚĂŵ Ϯϴ:ƵůŝϮϬϭϳ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶŝŶĂŚŽnjŝĞ͕^͘,͕͘ĂŶĚŝĚĂƚEŽƚĂƌŝƐ͕
EŽƚĂƌŝƐWĞŶŐŐĂŶƚŝĚĂƌŝ&ĂƚŚŝĂŚ,Ğůŵŝ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕ƐĞďĂŐĂŝŵĂŶĂ
ĚŝƵďĂŚ ĚĞŶŐĂŶ ŬƚĂ WĞƌƵďĂŚĂŶ / WĞƌũĂŶũŝĂŶ WĞŶŐĞůŽůĂĂŶ ĚŵŝŶŝƐƚƌĂƐŝ
^ĂŚĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ Wd 'ĂƌƵĚĂ DĂŝŶƚĞŶĂŶĐĞ &ĂĐŝůŝƚLJ ĞƌŽ ƐŝĂ dďŬ
EŽ͘ϯϲƚĂŶŐŐĂůϭϴŐƵƐƚƵƐϮϬϭϳ͘

WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶŵŝƐŝ ͗ ĞƌĂƌƚŝ ŬƚĂ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ WĞŶĂǁĂƌĂŶ hŵƵŵ
Efek atau ”PPEE”  WĞƌƐĞƌŽĂŶ EŽ͘ ϲϳ ƚĂŶŐŐĂů Ϯϴ :Ƶůŝ ϮϬϭϳ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ
  ŝŶĂŚŽnjŝĞ͕^͘,͕͘ĂŶĚŝĚĂƚEŽƚĂƌŝƐ͕EŽƚĂƌŝƐWĞŶŐŐĂŶƚŝĚĂƌŝ&ĂƚŚŝĂŚ,Ğůŵŝ͕
 ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ ĚĞŶŐĂŶ ŬƚĂ WĞƌƵďĂŚĂŶ /
WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ WĞŶĂǁĂƌĂŶ hŵƵŵ
Wd'ĂƌƵĚĂDĂŝŶƚĞŶĂŶĐĞ&ĂĐŝůŝƚLJĞƌŽƐŝĂdďŬEŽ͘ϯϱƚĂŶŐŐĂůϭϴŐƵƐƚƵƐ
ϮϬϭϳƐĞƌƚĂŬƚĂWĞƌƵďĂŚĂŶ//WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶŵŝƐŝĨĞŬWĞŶĂǁĂƌĂŶ
hŵƵŵ Wd 'ĂƌƵĚĂ DĂŝŶƚĞŶĂŶĐĞ &ĂĐŝůŝƚLJ ĞƌŽ ƐŝĂ dďŬ EŽ͘ ϳϬ ƚĂŶŐŐĂů
Ϯϲ ^ĞƉƚĞŵďĞƌ ϮϬϭϳ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ &ĂƚŚŝĂŚ ,Ğůŵŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ
Ěŝ :ĂŬĂƌƚĂ ďĞƌŝŬƵƚ ƉĞƌƵďĂŚĂŶͲƉĞƌƵďĂŚĂŶŶLJĂ ĚĂŶͬĂƚĂƵ ƉĞŶĂŵďĂŚĂŶͲ
ƉĞŶĂŵďĂŚĂŶ ĚĂŶͬĂƚĂƵ ƉĞŵďĂŚĂƌƵĂŶͲƉĞŵďĂŚĂƌƵĂŶ LJĂŶŐ ĚŝďƵĂƚ
ĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͘

WĞƌŶLJĂƚĂĂŶĨĞŬƚŝĨ ͗ ĞƌĂƌƚŝƉĞƌŶLJĂƚĂĂŶK:<LJĂŶŐŵĞŶLJĂƚĂŬĂŶďĂŚǁĂWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶ
ŵĞŶũĂĚŝ ĞĨĞŬƚŝĨ͗ ;ŝͿ ƉĂĚĂ ŚĂƌŝ ŬĞͲϰϱ ;ĞŵƉĂƚ ƉƵůƵŚ ůŝŵĂͿ ƐĞũĂŬ ƚĂŶŐŐĂů
ĚŝƚĞƌŝŵĂŶLJĂ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ŽůĞŚ K:< ƐĞĐĂƌĂ ůĞŶŐŬĂƉ ĂƚĂƵ
;ŝŝͿ ƉĂĚĂ ŚĂƌŝ ŬĞͲϰϱ ;ĞŵƉĂƚ ƉƵůƵŚ ůŝŵĂͿ ƐĞũĂŬ ƚĂŶŐŐĂů ƉĞƌƵďĂŚĂŶ
WĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶLJĂŶŐƚĞƌĂŬŚŝƌĚŝƐĂŵƉĂŝŬĂŶWĞƌƐĞƌŽĂŶŬĞƉĂĚĂK:<͕
ĂƚĂƵ;ŝŝŝͿƉĂĚĂƚĂŶŐŐĂůůĂŝŶďĞƌĚĂƐĂƌŬĂŶƉĞƌŶLJĂƚĂĂŶĞĨĞŬƚŝĨĚĂƌŝ<ĞƚƵĂK:<
LJĂŶŐ ŵĞŶLJĂƚĂŬĂŶ ďĂŚǁĂ ƚŝĚĂŬ ĂĚĂ ůĂŐŝ ƉĞƌƵďĂŚĂŶ ĚĂŶͬĂƚĂƵ ƚĂŵďĂŚĂŶ
ŝŶĨŽƌŵĂƐŝ ůĞďŝŚ ůĂŶũƵƚ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ͕ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ
WĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϮƐĞŚŝŶŐŐĂWĞƌƐĞƌŽĂŶŵĞůĂůƵŝƉĂƌĂWĞŶũĂŵŝŶŵŝƐŝĨĞŬ
ďĞƌŚĂŬŵĞŶĂǁĂƌŬĂŶĚĂŶŵĞŶũƵĂů^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶ
ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘

WĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶ ͗ ĞƌĂƌƚŝ ĚŽŬƵŵĞŶ LJĂŶŐ ǁĂũŝď ĚŝƐĂŵƉĂŝŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ K:<
ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŬĞƉĂĚĂ DĂƐLJĂƌĂŬĂƚ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ WĂƐĂů ϭ ĂLJĂƚ ;ϭϵͿ hhWD ũƵŶĐƚŽ WK:<
EŽ͘ϳͬϮϬϭϳ͘

WĞƌƐĞƌŽĂŶ ͗ ĞƌĂƌƚŝ Wd 'ĂƌƵĚĂ DĂŝŶƚĞŶĂŶĐĞ &ĂĐŝůŝƚLJ ĞƌŽ ƐŝĂ dďŬ͕ ƐƵĂƚƵ ƉĞƌƐĞƌŽĂŶ
ƚĞƌďĂƚĂƐ LJĂŶŐ ĚŝĚŝƌŝŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŚƵŬƵŵ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ
ĚĂŶďĞƌŬĞĚƵĚƵŬĂŶƐĞƌƚĂďĞƌŬĂŶƚŽƌƉƵƐĂƚĚŝdĂŶŐĞƌĂŶŐ͘

WĞƌƵƐĂŚĂĂŶĨĞŬ ͗ ĞƌĂƌƚŝƉŝŚĂŬLJĂŶŐŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝWĞŶũĂŵŝŶŵŝƐŝĨĞŬ͕
WĞƌĂŶƚĂƌĂ WĞĚĂŐĂŶŐ ĨĞŬ͕ ĚĂŶͬĂƚĂƵ DĂŶĂũĞƌ /ŶǀĞƐƚĂƐŝ ƐĞƐƵĂŝ ŬĞƚĞŶƚƵĂŶ
ĚĂůĂŵWĂƐĂůϭĂŶŐŬĂϮϭhhWD͘

WD ͗ ĞƌĂƌƚŝ WĂƌƚ DĂŶƵĨĂĐƚƵƌĞƌ ƉƉƌŽǀĂů͕ ŵĞƌƵƉĂŬĂŶ ƉĞŶŐĂŬƵĂŶ ďĂŚǁĂ
ŽƌŐĂŶŝƐĂƐŝƚĞƌŬĂŝƚĚĂƉĂƚŵĞŵƉƌŽĚƵŬƐŝƉĂƌƚĚĂƌŝƉĞƐĂǁĂƚƚĞƌďĂŶŐ͘

WK:<EŽ͘ϳͬϮϬϭϳ ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:<EŽ͘ ϳͬWK:<͘ϬϰͬϮϬϭϳ ƚĞŶƚĂŶŐ ŽŬƵŵĞŶ WĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶ ĂůĂŵ ZĂŶŐŬĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ĨĞŬ ĞƌƐŝĨĂƚ ŬƵŝƚĂƐ͕ ĨĞŬ
ĞƌƐŝĨĂƚhƚĂŶŐ͕ĚĂŶͬĂƚĂƵ^ƵŬƵŬ͕LJĂŶŐŵĞƌƵƉĂŬĂŶƉĞƌĂƚƵƌĂŶƉĞŶŐŐĂŶƚŝĚĂƌŝ
WĞƌĂƚƵƌĂŶ EŽ͘ /y͘͘ϭ ŬĞĐƵĂůŝ ĂŶŐŬĂ ϲ ŚƵƌƵĨ / LJĂŶŐ ŵĞŶŐĂƚƵƌ ƚĞŶƚĂŶŐ
ŬĞƚĞŶƚƵĂŶ ŵĞŶŐĞŶĂŝ ĚŽŬƵŵĞŶ ůĂŝŶ ďĞƌƵƉĂ ƉĞƌũĂŶũŝĂŶ ƉĞŶĚĂŚƵůƵĂŶ
ĚĞŶŐĂŶ ƵƌƐĂ ĨĞŬ LJĂŶŐ ďĂƌƵ ĂŬĂŶ ĚŝĐĂďƵƚ ĚĂŶ ĚŝŶLJĂƚĂŬĂŶ ƚŝĚĂŬ ďĞƌůĂŬƵ
ƐĞƚĞůĂŚϲ;ĞŶĂŵͿďƵůĂŶƚĞƌŚŝƚƵŶŐƐĞũĂŬƚĂŶŐŐĂůďĞƌůĂŬƵŶLJĂƉĞƌĂƚƵƌĂŶK:<
ŝŶŝLJĂŝƚƵƚĂŶŐŐĂůϭϰDĂƌĞƚϮϬϭϳ͘


X
WK:<EŽ͘ϴͬϮϬϭϳ ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϴͬWK:<͘ϬϰͬϮϬϭϳ ƚĞŶƚĂŶŐ ĞŶƚƵŬ ĚĂŶ /Ɛŝ
WƌŽƐƉĞŬƚƵƐĚĂŶWƌŽƐƉĞŬƚƵƐZŝŶŐŬĂƐĂůĂŵZĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵĨĞŬ
ĞƌƐŝĨĂƚ ŬƵŝƚĂƐ ƚĂŶŐŐĂů ϭϰ DĂƌĞƚ ϮϬϭϳ͕ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞŶŐŐĂŶƚŝĚĂƌŝWĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϮĚĂŶEŽ͘/y͘͘ϯ͘

WK:<EŽ͘ϭϬͬϮϬϭϳ ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϭϬͬWK:<͘ϬϰͬϮϬϭϳ ƚĞŶƚĂŶŐ WĞƌƵďĂŚĂŶ ƚĂƐ
WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϯϮͬWK:<͘ϬϰͬϮϬϭϰ ƚĞŶƚĂŶŐ ZĞŶĐĂŶĂ ĚĂŶ
WĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞƌƵƐĂŚĂĂŶ dĞƌďƵŬĂ
ƚĂŶŐŐĂůϭϰDĂƌĞƚϮϬϭϳ͘

WK:<EŽ͘ϭϭͬϮϬϭϳ ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϭϭͬWK:<͘ϬϰͬϮϬϭϳƚĞŶƚĂŶŐ>ĂƉŽƌĂŶ<ĞƉĞŵŝůŝŬĂŶ
ĂƚĂƐ^ĞƚŝĂƉWĞƌƵďĂŚĂŶ<ĞƉĞŵŝůŝŬĂŶ^ĂŚĂŵƚĂŶŐŐĂůϭϰDĂƌĞƚϮϬϭϳ͘

WK:<EŽ͘ϮϯͬϮϬϭϳ ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϯͬWK:<͘ϬϰͬϮϬϭϳƚĞŶƚĂŶŐWƌŽƐƉĞŬƚƵƐǁĂůĚĂŶ
/ŶĨŽDĞŵŽƚĂŶŐŐĂůϮϭ:ƵŶŝϮϬϭϳ͘

WK:<EŽ͘ϮϱͬϮϬϭϳ ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϮϱͬWK:<͘ϬϰͬϮϬϭϳ ƚĞŶƚĂŶŐ WĞŵďĂƚĂƐĂŶ ƚĂƐ
^ĂŚĂŵLJĂŶŐŝƚĞƌďŝƚŬĂŶ^ĞďĞůƵŵWĞŶĂǁĂƌĂŶhŵƵŵƚĂŶŐŐĂůϮϭ:ƵŶŝϮϬϭϳ͘

WK:<EŽ͘ϯϬͬϮϬϭϱ ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϯϬͬWK:<͘ϬϰͬϮϬϭϱ ƚĞŶƚĂŶŐ >ĂƉŽƌĂŶ ZĞĂůŝƐĂƐŝ
WĞŶŐŐƵŶĂĂŶĂŶĂ,ĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵƚĂŶŐŐĂůϮϮĞƐĞŵďĞƌϮϬϭϱ͘

WK:<EŽ͘ϯϯͬϮϬϭϰ ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϯϯͬWK:<͘ϬϰͬϮϬϭϰ ƚĞŶƚĂŶŐ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬƚĂŶŐŐĂůϴĞƐĞŵďĞƌϮϬϭϰ͘

WK:<EŽ͘ϯϰͬϮϬϭϰ ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϯϰͬWK:<͘ϬϰͬϮϬϭϰƚĞŶƚĂŶŐ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶ
ZĞŵƵŶĞƌĂƐŝŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬƚĂŶŐŐĂůϴĞƐĞŵďĞƌϮϬϭϰ͘

WK:<EŽ͘ϯϱͬϮϬϭϰ ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϯϱͬWK:<͘ϬϰͬϮϬϭϰƚĞŶƚĂŶŐ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ
ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬƚĂŶŐŐĂůϴĞƐĞŵďĞƌϮϬϭϰ͘

WK:<EŽ͘ϱϱͬϮϬϭϱ ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϱϱͬWK:<͘ϬϰͬϮϬϭϱ ƚĞŶƚĂŶŐ WĞŵďĞŶƚƵŬĂŶ ĚĂŶ
WĞĚŽŵĂŶWĞůĂŬƐĂŶĂĂŶ<ĞƌũĂ<ŽŵŝƚĞƵĚŝƚƚĂŶŐŐĂůϮϵĞƐĞŵďĞƌϮϬϭϱ͘

WK:<EŽ͘ϱϲͬϮϬϭϱ ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϱϲͬWK:<͘ϬϰͬϮϬϭϱ ƚĞŶƚĂŶŐ WĞŵďĞŶƚƵŬĂŶ ĚĂŶ
WĞĚŽŵĂŶ WĞŶLJƵƐƵŶĂŶ WŝĂŐĂŵ hŶŝƚ ƵĚŝƚ /ŶƚĞƌŶĂů ƚĂŶŐŐĂů Ϯϵ ĞƐĞŵďĞƌ
ϮϬϭϱ͘

WK:<EŽ͘ϳϰͬϮϬϭϲ ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϳϰͬWK:<͘ϬϰͬϮϬϭϲƚĞŶƚĂŶŐWĞŶŐŐĂďƵŶŐĂŶhƐĂŚĂ
ĂƚĂƵWĞůĞďƵƌĂŶhƐĂŚĂWĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌϮϬϭϲ͘

WWŚ ͗ ĞƌĂƌƚŝWĂũĂŬWĞŶŐŚĂƐŝůĂŶ͘
 
WƌĞĨůŝŐŚƚŚĞĐŬ ͗ ĞƌĂƌƚŝ ƉĞƌĂǁĂƚĂŶ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞďĞůƵŵ ƉĞƐĂǁĂƚ ŵĞůĂŬƐĂŶĂŬĂŶ
ƉĞŶĞƌďĂŶŐĂŶ ƉĞƌĚĂŶĂ Ěŝ ƚŝĂƉ ŚĂƌŝŶLJĂ͕ LJĂŝƚƵ ŵĂŬƐŝŵĂů ĚƵĂ ũĂŵ ƐĞďĞůƵŵ
ŬĞďĞƌĂŶŐŬĂƚĂŶ͘

WƌŽƐƉĞŬƚƵƐ ͗ ĞƌĂƌƚŝ ƐĞƚŝĂƉ ŝŶĨŽƌŵĂƐŝ ƚĞƌƚƵůŝƐ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ
WĞƌĚĂŶĂ ^ĂŚĂŵ ĚĞŶŐĂŶ ƚƵũƵĂŶ ĂŐĂƌ ƉŝŚĂŬ ůĂŝŶ ŵĞŵďĞůŝ ^ĂŚĂŵ zĂŶŐ
ŝƚĂǁĂƌŬĂŶ͕LJĂŶŐĚŝƐƵƐƵŶƐĞƐƵĂŝĚĞŶŐĂŶWK:<EŽ͘ϴͬϮϬϭϳ͘


XI
WƌŽƐƉĞŬƚƵƐǁĂů ͗ ĞƌĂƌƚŝ ĚŽŬƵŵĞŶ ƚĞƌƚƵůŝƐ LJĂŶŐ ĚŝƉĞƌƐŝĂƉŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞŵƵĂƚ
ƐĞůƵƌƵŚ ŝŶĨŽƌŵĂƐŝ ŵĂƵƉƵŶ ĨĂŬƚĂͲĨĂŬƚĂ ƉĞŶƚŝŶŐ ĚĂŶ ƌĞůĞǀĂŶ ŵĞŶŐĞŶĂŝ
WĞƌƐĞƌŽĂŶƐĞƌƚĂ^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶ͕ŬĞĐƵĂůŝŝŶĨƌŽŵĂƐŝLJĂŶŐďĞƌŬĂŝƚĂŶ
ĚĞŶŐĂŶ ũƵŵůĂŚ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ͕ ,ĂƌŐĂ WĞŶĂǁĂƌĂŶ͕ ƉĞŶũĂŵŝŶ
ĞŵŝƐŝĂƚĂƵŚĂůͲŚĂůůĂŝŶLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞƌƐLJĂƌĂƚĂŶƉĞŶĂǁĂƌĂŶ
LJĂŶŐďĞůƵŵĚĂƉĂƚĚŝďĞƌůĂŬƵŬĂŶ͕LJĂŶŐŵĞƌƵƉĂŬĂŶďĂŐŝĂŶĚĂƌŝWĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶĚĂůĂŵďĞŶƚƵŬĚĂŶŝƐŝLJĂŶŐƐĞƐƵĂŝĚĞŶŐĂŶWK:<EŽ͘ϮϯͬϮϬϭϳ͘

WƌŽƐƉĞŬƚƵƐZŝŶŐŬĂƐ ͗ ĞƌĂƌƚŝ ƌŝŶŐŬĂƐĂŶ ĚĂƌŝ ŝƐŝ WƌŽƐƉĞŬƚƵƐ͕ LJĂŶŐ ĚŝƐƵƐƵŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ WK:<
EŽ͘ϴͬϮϬϭϳĚĂŶLJĂŶŐĂŬĂŶĚŝƵŵƵŵŬĂŶĚĂůĂŵƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂϮ;ĚƵĂͿ
,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ ĚŝƚĞƌŝŵĂŶLJĂ ƉĞƌŶLJĂƚĂĂŶ ĚĂƌŝ K:< ďĂŚǁĂ WĞƌƐĞƌŽĂŶ
ĚĂƉĂƚ ŵĞŶŐƵŵƵŵŬĂŶ WƌŽƐƉĞŬƚƵƐ ZŝŶŐŬĂƐ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ
WĞƌĂƚƵƌĂŶEŽ͘/y͘͘Ϯ͘

ZĞŬĞŶŝŶŐĨĞŬ ͗ ĞƌĂƌƚŝ ƌĞŬĞŶŝŶŐ LJĂŶŐ ŵĞŵƵĂƚ ĐĂƚĂƚĂŶ ƉŽƐŝƐŝ ƐĂŚĂŵ ĚĂŶͬĂƚĂƵ ĚĂŶĂ ŵŝůŝŬ
WĞŵĞŐĂŶŐ^ĂŚĂŵLJĂŶŐĚŝĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶŽůĞŚ<^/͕ĂŶŬ<ƵƐƚŽĚŝĂŶ͕ĂƚĂƵ
WĞƌƵƐĂŚĂĂŶ ĨĞŬ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌũĂŶũŝĂŶ ƉĞŵďƵŬĂĂŶ ZĞŬĞŶŝŶŐ ĨĞŬ LJĂŶŐ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝĚĞŶŐĂŶWĞŵĞŐĂŶŐƐĂŚĂŵ͘

ZƵƉŝĂŚĂƚĂƵZƉ ͗ ĞƌĂƌƚŝŵĂƚĂƵĂŶŐƌĞƐŵŝEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘

ZhW^ ͗ ĞƌĂƌƚŝ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ LJĂŶŐ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ƐĞƐƵĂŝ
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘

ZhW^> ͗ ĞƌĂƌƚŝ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ƐĂŚĂŵ >ƵĂƌ ŝĂƐĂ LJĂŶŐ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ
ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘

^W ͗ ĞƌĂƌƚŝ^ŝƐƚĞŵZWLJĂŶŐĚŝŬĞŵďĂŶŐŬĂŶŽůĞŚƉĞƌƵƐĂŚĂĂŶĂƐĂů:ĞƌŵĂŶLJĂŝƚƵ
^W͘

^, ͗ ĞƌĂƌƚŝ ^ŝƐƚĞŵ ĚŵŝŶŝƐƚƌĂƐŝ ĂĚĂŶ ,ƵŬƵŵ–<ĞŵĞŶƚĞƌŝĂŶ ,ƵŬƵŵ ĚĂŶ ,ĂŬ
 ƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĂƚĂƵƉĞŶĚĂŚƵůƵĚĂŶƉĞŶŐŐĂŶƚŝŶLJĂ͘

^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶ ͗ ĞƌĂƌƚŝ ƐĂŚĂŵ ďŝĂƐĂ ĂƚĂƐ ŶĂŵĂ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŵĂƐŝŶŐͲ
ŵĂƐŝŶŐ ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ZƉϭϬϬ͕Ͳ ;ƐĞƌĂƚƵƐ ZƵƉŝĂŚͿ ƉĞƌ ůĞŵďĂƌ ƐĂŚĂŵ
ƵŶƚƵŬ ĚŝƚĂǁĂƌŬĂŶ ĚĂŶ ĚŝũƵĂů ŬĞƉĂĚĂ DĂƐLJĂƌĂŬĂƚ ŵĞůĂůƵŝ WĞŶĂǁĂƌĂŶ
hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ĚĂŶ ŬĞŵƵĚŝĂŶ ĚŝĐĂƚĂƚŬĂŶ Ěŝ ƵƌƐĂ ĨĞŬ ĚĂůĂŵ
ũƵŵůĂŚ ƐĞďĂŶLJĂŬ Ϯ͘ϴϮϯ͘ϯϱϭ͘ϭϬϬ ;ĚƵĂ ŵŝůŝĂƌ ĚĞůĂƉĂŶ ƌĂƚƵƐ ĚƵĂ ƉƵůƵŚ ƚŝŐĂ
ũƵƚĂƚŝŐĂƌĂƚƵƐůŝŵĂƉƵůƵŚƐĂƚƵƌŝďƵƐĞƌĂƚƵƐͿƐĂŚĂŵďŝĂƐĂĂƚĂƐŶĂŵĂLJĂŶŐ
ŵĞƌƵƉĂŬĂŶ ƐĞďĞƐĂƌ ϭϬй ;ƐĞƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ
ĚŝƐĞƚŽƌWĞƌƐĞƌŽĂŶƐĞƚĞůĂŚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ͘

^ƋƵĂǁŬZĞĐƚŝĨŝĐĂƚŝŽŶ ͗ ĞƌĂƌƚŝ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ Ěŝ ůƵĂƌ ZĞŐƵůĂƌ ŚĞĐŬ ĂƚĂƵ ƚŝĚĂŬ
ƚĞƌũĂĚǁĂů͘

^ƵƌĂƚ<ŽůĞŬƚŝĨ^ĂŚĂŵ ͗ ĞƌĂƌƚŝ^ƵƌĂƚ^ĂŚĂŵĂƚĂƵ^ƵƌĂƚ<ŽůĞŬƚŝĨ^ĂŚĂŵƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵ
ŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘

^t/&dDZK ͗ ĞƌĂƌƚŝ ^ŝƐƚĞŵ ZW ŬŚƵƐƵƐ ƵŶƚƵŬ ƉĞƌƵƐĂŚĂĂŶ DZK ĚĞŶŐĂŶ ƉůĂƚĨŽƌŵ ^W
 LJĂŶŐĚŝŬĞŵďĂŶŐŬĂŶŽůĞŚƉĞƌƵƐĂŚĂĂŶd^ĚĞŶŐĂŶůŝƐĞŶƐŝĚĂƌŝ^W͘

dĂŶŐŐĂůŝƐƚƌŝďƵƐŝ ͗ ĞƌĂƌƚŝƚĂŶŐŐĂůĚŝůĂŬƵŬĂŶŶLJĂƉĞŶLJĞƌĂŚĂŶ^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶŬĞƉĂĚĂ
ƉĂƌĂ ƉĞŵĞƐĂŶ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ LJĂŶŐ ŚĂƌƵƐ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ƐĞĐĂƌĂ
ĞůĞŬƚƌŽŶŝŬ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ Ϯ ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ dĂŶŐŐĂů
WĞŶũĂƚĂŚĂŶ͘


XII
dĂŶŐŐĂůWĞŵďĂLJĂƌĂŶ ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂů ƉĞŵďĂLJĂƌĂŶ ŽůĞŚ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ  ŵĞůĂůƵŝ WĞŶũĂŵŝŶ
WĞůĂŬƐĂŶĂŵŝƐŝĨĞŬŬĞƉĂĚĂWĞƌƐĞƌŽĂŶĂƚĂƐƐĞůƵƌƵŚŚĂƐŝůƉĞŶũƵĂůĂŶ^ĂŚĂŵ
zĂŶŐ ŝƚĂǁĂƌŬĂŶ ŵĞůĂůƵŝ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ƚĞƌŵĂƐƵŬ
ŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŽůĞŚWĂƌĂWĞŵĞƐĂŶ<ŚƵƐƵƐ͕LJĂŶŐ
ĂŬĂŶĚŝůĂŬƵŬĂŶďĞƌƐĂŵĂĂŶĚĞŶŐĂŶdĂŶŐŐĂůŝƐƚƌŝďƵƐŝ͕ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ
Ϯ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚdĂŶŐŐĂůWĞŶũĂƚĂŚĂŶ͘

dĂŶŐŐĂůWĞŶĐĂƚĂƚĂŶ ͗ ĞƌĂƌƚŝƚĂŶŐŐĂůƉĞŶĐĂƚĂƚĂŶ^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶƵŶƚƵŬĚŝƉĞƌĚĂŐĂŶŐŬĂŶ
ĚŝƵƌƐĂĨĞŬĚĂůĂŵǁĂŬƚƵƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϭ;ƐĂƚƵͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚ
dĂŶŐŐĂůŝƐƚƌŝďƵƐŝLJĂŶŐƚĞůĂŚĚŝƚĞŶƚƵŬĂŶĚĂůĂŵWƌŽƐƉĞŬƚƵƐ͘

dĂŶŐŐĂůWĞŶŐĞŵďĂůŝĂŶͬ ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂů ƵŶƚƵŬ ƉĞŶŐĞŵďĂůŝĂŶ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ^ĂŚĂŵ
ZĞĨƵŶĚ  zĂŶŐ ŝƚĂǁĂƌŬĂŶ ŽůĞŚ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ŵĞůĂůƵŝ WĞŶũĂŵŝŶ
ŵŝƐŝĨĞŬŬĞƉĂĚĂƉĂƌĂƉĞŵĞƐĂŶLJĂŶŐƐĞďĂŐŝĂŶĂƚĂƵƐĞůƵƌƵŚƉĞƐĂŶĂŶŶLJĂ
ƚŝĚĂŬ ĚĂƉĂƚ ĚŝƉĞŶƵŚŝ ŬĂƌĞŶĂ ĂĚĂŶLJĂ ƉĞŶũĂƚĂŚĂŶ ĂƚĂƵ ĚĂůĂŵ ŚĂů
WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ĚŝďĂƚĂůŬĂŶ ĂƚĂƵ ĚŝƚƵŶĚĂ͕
ďĂŐĂŝŵĂŶĂƉƵŶ dĂŶŐŐĂů WĞŶŐĞŵďĂůŝĂŶ hĂŶŐ WĞŵĞƐĂŶĂŶƚŝĚĂŬ ďŽůĞŚ ůĞďŝŚ
ůĂŵďĂƚĚĂƌŝϮ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚdĂŶŐŐĂůWĞŶũĂƚĂŚĂŶĂƚĂƵϮ;ĚƵĂͿ,Ăƌŝ
<ĞƌũĂ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ĚŝƵŵƵŵŬĂŶŶLJĂ ƉĞŵďĂƚĂůĂŶ ĂƚĂƵ ƉĞŶƵŶĚĂĂŶ
WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ͘

dĂŶŐŐĂůWĞŶũĂƚĂŚĂŶ ͗ ĞƌĂƌƚŝ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ Ϯ ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ ƚĞƌŚŝƚƵŶŐ ƐĞƚĞůĂŚ
ƉĞŶƵƚƵƉĂŶ DĂƐĂ WĞŶĂǁĂƌĂŶ͕ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞŶƚƵŬĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ
WĞŶũĂŵŝŶĂŶŵŝƐŝĨĞŬĂƚĂƵWƌŽƐƉĞŬƚƵƐ͘

d^ ͗ ĞƌĂƌƚŝdĂƚĂŽŶƐƵůƚĂŶĐLJ^ĞƌǀŝĐĞƐ͘

d&D ͗ ĞƌĂƌƚŝ dŽƚĂů &ůĞĞƚ DĂŶĂŐĞŵĞŶƚ LJĂŝƚƵ ŵŽĚĞů ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ͕
ŬŽŵƉŽŶĞŶ ƉĞƐĂǁĂƚ͕ ĚĂŶ ŵĞƐŝŶ ƉĞƐĂǁĂƚ ƐĞĐĂƌĂ ŵĞŶLJĞůƵƌƵŚ ƚĞƌŚĂĚĂƉ
ŵĂƐŬĂƉĂŝƉĞŶĞƌďĂŶŐĂŶ͘

d/< ͗ ĞƌĂƌƚŝdĞŬŶŽůŽŐŝ/ŶĨŽƌŵĂƐŝĚĂŶ<ŽŵƵŶŝŬĂƐŝ͘

dƌĂŶƐŝƚŚĞĐŬ ͗ ĞƌĂƌƚŝ ŬĞŐŝĂƚĂŶ ƉĞŵĞƌŝŬƐĂĂŶ ƐĞĐĂƌĂ ǀŝƐƵĂů ƵŶƚƵŬ ĂŝƌĨƌĂŵĞ͕ ĞŶŐŝŶĞ ĚĂŶ
ůĂŶĚŝŶŐ ŐĞĂƌ ĚĂŶ ŵĞŵĂƐƚŝŬĂŶ ŬĞƌƵƐĂŬĂŶ LJĂŶŐ ĚŝƚĞŵƵŬĂŶ ĂƚĂƵ LJĂŶŐ
ĚŝůĂƉŽƌŬĂŶƉĂĚĂƉĞŶĞƌďĂŶŐĂŶƐĞďĞůƵŵŶLJĂƚĞůĂŚĚŝƉĞƌďĂŝŬŝƐĞƐƵĂŝĚĞŶŐĂŶ
ŬŽŶĚŝƐŝƐĞŵƵůĂ͘WĞƌĂǁĂƚĂŶŝŶŝĚŝůĂŬƵŬĂŶƚŝĂƉŬĂůŝƉĞƐĂǁĂƚƚƌĂŶƐŝƚĚĂƌŝƐĂƚƵ
ďĂŶĚĂƌĂŬĞďĂŶĚĂƌĂůĂŝŶŶLJĂ͘

h<> ͗ ĞƌĂƌƚŝhƉĂLJĂWĞŶŐĞůŽůĂĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ͘

hW> ͗ ĞƌĂƌƚŝhƉĂLJĂWĞŵĂŶƚĂƵĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ͘

h^ ͗ ĞƌĂƌƚŝŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚ͕ŵĂƚĂƵĂŶŐƌĞƐŵŝEĞŐĂƌĂŵĞƌŝŬĂ^ĞƌŝŬĂƚ͘

hh<ĞƚĞŶĂŐĂŬĞƌũĂĂŶ ͗ ĞƌĂƌƚŝ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϭϯ dĂŚƵŶ ϮϬϬϯ ƚĞŶƚĂŶŐ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ
;>ĞŵďĂƌĂŶ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ dĂŚƵŶ ϮϬϬϯ EŽ͘ ϯϵ͕ dĂŵďĂŚĂŶ
>ĞŵďĂƌĂŶEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϰϮϳϵͿ͘

hhWD ͗ ĞƌĂƌƚŝhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϴdĂŚƵŶϭϵϵϱƚĞŶƚĂŶŐWĂƐĂƌDŽĚĂů;>ĞŵďĂƌĂŶ
EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ dĂŚƵŶ ϭϵϵϱ EŽ͘ ϲϰ͕ dĂŵďĂŚĂŶ >ĞŵďĂƌĂŶ
EĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϯϲϬϴͿ͘




XIII
 hhWd ͗ ĞƌĂƌƚŝ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϰϬ dĂŚƵŶ ϮϬϬϳ ƚĞŶƚĂŶŐ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ
;>ĞŵďĂƌĂŶ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ dĂŚƵŶ ϮϬϬϳ EŽ͘ ϭϬϲ͕ dĂŵďĂŚĂŶ
>ĞŵďĂƌĂŶEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϰϳϱϲͿ͘

tŝĚĞŽĚLJŝƌĐƌĂĨƚ ͗ ĞƌĂƌƚŝ ƉĞƐĂǁĂƚ LJĂŶŐ ŵĞŵŝůŝŬŝ ŬŽŶĨŝŐƵƌĂƐŝ ŬĂďŝŶ ůĞďŝŚ ĚĂƌŝ
ϭ;ƐĂƚƵͿůŽƌŽŶŐ͘



XIV
^/E'<dEEDWZh^,E

t^ ͗ ĞƌĂƌƚŝWdĞƌŽtŝƐĂƚĂ

'Zh ͗ ĞƌĂƌƚŝWd'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ

WĞƌƐĞƌŽĂŶ ͗ ĞƌĂƌƚŝWd'ĂƌƵĚĂDĂŝŶƚĞŶĂŶĐĞ&ĂĐŝůŝƚLJĞƌŽƐŝĂdďŬ




XV
Z/E'<^E

ZŝŶŐŬĂƐĂŶ Ěŝ ďĂǁĂŚ ŝŶŝ ŵĞŵƵĂƚ ĨĂŬƚĂͲĨĂŬƚĂ ƐĞƌƚĂ ƉĞƌƚŝŵďĂŶŐĂŶͲƉĞƌƚŝŵďĂŶŐĂŶ LJĂŶŐ ƉĂůŝŶŐ ƉĞŶƚŝŶŐ ďĂŐŝ
WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ŵĞƌƵƉĂŬĂŶ ďĂŐŝĂŶ LJĂŶŐ ƚŝĚĂŬ ƚĞƌƉŝƐĂŚŬĂŶ ĚĂŶ ŚĂƌƵƐ ĚŝďĂĐĂ ĚĂůĂŵ ŬĂŝƚĂŶŶLJĂ ĚĞŶŐĂŶ
ŝŶĨŽƌŵĂƐŝůĂŝŶLJĂŶŐůĞďŝŚƌŝŶĐŝ͕ƚĞƌŵĂƐƵŬůĂƉŽƌĂŶŬĞƵĂŶŐĂŶĚĂŶĐĂƚĂƚĂŶĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƚĞƌŬĂŝƚ͕ƐĞƌƚĂ
ĨĂŬƚŽƌ ƌŝƐŝŬŽ͕ LJĂŶŐ ƐĞůƵƌƵŚŶLJĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐ ŝŶŝ͘ ^ĞůƵƌƵŚ ŝŶĨŽƌŵĂƐŝ ŬĞƵĂŶŐĂŶ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ
ĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝďĞƌƐƵŵďĞƌĚĂƌŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶLJĂŶŐĚŝŶLJĂƚĂŬĂŶĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ
ĚĂŶĚŝƐĂũŝŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶĚŝ/ŶĚŽŶĞƐŝĂ͘

^ĞůƵƌƵŚŝŶĨŽƌŵĂƐŝŬĞƵĂŶŐĂŶ͕ƚĞƌŵĂƐƵŬƐĂůĚŽĚĂŶũƵŵůĂŚ͕LJĂŶŐĚŝƐĂũŝŬĂŶĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝĚŝďƵůĂƚŬĂŶĚĂůĂŵ
h^͕ ŬĞĐƵĂůŝ ĚŝŶLJĂƚĂŬĂŶ ůĂŝŶ͘ KůĞŚ ŬĂƌĞŶĂ ŝƚƵ͕ ƐĞƚŝĂƉ ƉĞƌďĞĚĂĂŶ LJĂŶŐ ƚĞƌũĂĚŝ ĂƚĂƐ ƉĞŶũƵŵůĂŚĂŶ ŝŶĨŽƌŵĂƐŝ
ŬĞƵĂŶŐĂŶƚĞƌƐĞďƵƚLJĂŶŐĚŝƐĂũŝŬĂŶĚĂůĂŵƚĂďĞůͲƚĂďĞůLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͕LJĂŝƚƵĂŶƚĂƌĂŶŝůĂŝ
ŵĞŶƵƌƵƚ ŚĂƐŝů ƉĞŶũƵŵůĂŚĂŶ ĚĞŶŐĂŶ ŶŝůĂŝ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐ͕ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ĨĂŬƚŽƌ
ƉĞŵďƵůĂƚĂŶƚĞƌƐĞďƵƚ͘

ϭ͘ <dZE'E^/E'<dDE'E/WZ^ZKE

WĞƌƐĞƌŽĂŶ ĚŝĚŝƌŝŬĂŶ ĚĞŶŐĂŶ ŶĂŵĂ Wd 'ĂƌƵĚĂ DĂŝŶƚĞŶĂŶĐĞ &ĂĐŝůŝƚLJ ĞƌŽ ƐŝĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬƚĂ WĞŶĚŝƌŝĂŶ
EŽ͘ ϵϯ ƚĂŶŐŐĂů  Ϯϲ  Ɖƌŝů  ϮϬϬϮ͕ LJĂŶŐ  ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ƌƌLJ ^ƵƉƌĂƚŶŽ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ
ŵĞŶĚĂƉĂƚŬĂŶ ƉĞŶŐĞƐĂŚĂŶ ĚĂƌŝ DĞŶŬƵŵŚĂŵ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ EŽ͘ Ͳϭϭϲϴϱ͘,d͘Ϭϭ͘Ϭϭ͘d,͘ϮϬϬϮ
ƚĂŶŐŐĂů Ϯϴ :ƵŶŝ ϮϬϬϮ͕ ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƵƐĂŚĂĂŶ Ěŝ <ĂŶƚŽƌ WĞŶĚĂĨƚĂƌĂŶ WĞƌƵƐĂŚĂĂŶ
<ĂďƵƉĂƚĞŶͬ<ŽƚĂ dĂŶŐĞƌĂŶŐ EŽ͘ Ϭϰϱϱͬ,͘ϯϬ͘Ϭϲͬs///ͬϮϬϬϮ ƚĂŶŐŐĂů Ϯ ŐƵƐƚƵƐ  ϮϬϬϮ͕ ƐĞƌƚĂ ƚĞůĂŚ ĚŝƵŵƵŵŬĂŶ
ĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϳϴƚĂŶŐŐĂůϮϳ^ĞƉƚĞŵďĞƌϮϬϬϮ͕dĂŵďĂŚĂŶEŽ͘ϭϭϲϳϳ͘

^ĞũĂŬƉĞŶĚŝƌŝĂŶ͕ŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶŵĞŶŐĂůĂŵŝďĞďĞƌĂƉĂŬĂůŝƉĞƌƵďĂŚĂŶĚĂŶƉĞƌƵďĂŚĂŶLJĂŶŐƚĞƌĂŬŚŝƌ
ŬĂůŝĚŝŵƵĂƚĚĂůĂŵŬƚĂĞƌŝƚĂĐĂƌĂZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ>ƵĂƌŝĂƐĂEŽ͘ϴϮƚĂŶŐŐĂůϭϲ:ƵŶŝϮϬϭϳ͕
LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ &ĂƚŚŝĂŚ ,Ğůŵŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ
DĞŶŬƵŵŚĂŵďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘,hͲϬϬϭϯϭϳϴ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϭϳƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳĚĂŶ
ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϳϴϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ
ϮϬϭϳƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳ͕ĚĂŶƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶŬƵŵŚĂŵƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂůĂŵ^ƵƌĂƚ
WĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌEŽ͘,hͲ,͘Ϭϭ͘Ϭϯ͘ϬϭϰϳϯϯϴƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳĚĂŶ
ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϳϴϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ
ϮϬϭϳƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳ͘

ĞƌĚĂƐĂƌŬĂŶ ŬĞƚĞŶƚƵĂŶ WĂƐĂů ϯ ĚĂƌŝ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͕ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ
ŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐũĂƐĂƉĞƌĂǁĂƚĂŶ͕ƌĞƉĂƌĂƐŝĚĂŶŽǀĞƌŚĂƵůƉĞƐĂǁĂƚƵĚĂƌĂƐĞƌƚĂƉĞŶĚƵŬƵŶŐŶLJĂ͕
ƉĞƌĚĂŐĂŶŐĂŶ͕ƉĞƌŝŶĚƵƐƚƌŝĂŶ͕ƉĞƌŐƵĚĂŶŐĂŶĚĂŶƉĞŶŐĂŶŐŬƵƚĂŶĚĂŶũĂƐĂůĂŝŶŶLJĂ͕ĚĞŶŐĂŶƐƚĂŶĚĂƌŬƵĂůŝƚĂƐƚŝŶŐŐŝ
ƐĞĐĂƌĂƚĞƉĂƚǁĂŬƚƵĚĞŶŐĂŶďŝĂLJĂŬŽŵƉĞƚŝƚŝĨƵŶƚƵŬƉĞƐĂǁĂƚŵŝůŝŬƉĂƌĂƉĞůĂŶŐŐĂŶŶLJĂƐĞƌƚĂŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ
ďŝĚĂŶŐ ƵƐĂŚĂ ůĂŝŶ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĂŶ ƐĞďĂŐĂŝ ĂŬƚƵĂůŝƐĂƐŝ ƉƌŽĨĞƐŝŽŶĂůŝƐŵĞ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ ĚĂůĂŵ ďŝƐŶŝƐ
ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƐĞƌƚĂŵĞŵƵƉƵŬŬĞƵŶƚƵŶŐĂŶĚĞŶŐĂŶŵĞŶĞƌĂƉŬĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉƉĞƌƐĞƌŽĂŶƚĞƌďĂƚĂƐĚĂŶ
ŬĞƚĞŶƚƵĂŶWĂƐĂƌDŽĚĂů͘

hŶƚƵŬŵĞŶĐĂƉĂŝŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐ͕WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
<ĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂ͗

ϭ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ͕ ƌĞƉĂƌĂƐŝ ĚĂŶ ŽǀĞƌŚĂƵů ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƐĞƌƚĂ
ƉĞŶĚƵŬƵŶŐŶLJĂƚĞƌƵƚĂŵĂ͗
Ă͘ ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂƐĞĐĂƌĂƚĞƌƉĂĚƵ͖
ď͘ ƉĞƌĂǁĂƚĂŶŬŽŵƉŽŶĞŶĚĂŶŬĂůŝďƌĂƐŝ͖
Đ͘ ƉĞƌĂǁĂƚĂŶŵĞƐŝŶ͖
Ě͘ ũĂƐĂĞŶũŝŶŝƌŝŶŐ͖ĚĂŶ
Ğ͘ ũĂƐĂƉĞůĂƚŝŚĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͖
Ϯ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ƉĞƌĚĂŐĂŶŐĂŶ ƚĞƌƵƚĂŵĂ ƉĞƌĚĂŐĂŶŐĂŶ ĂƚĂƐ ƐƵŬƵ ĐĂĚĂŶŐ ĚĂŶͬĂƚĂƵ
ŬŽŵƉŽŶĞŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͕ƐĞƌƚĂŵĞŶũĂĚŝĚŝƐƚƌŝďƵƚŽƌ͖


XVI
ϯ͘ ŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐƉĞƌŝŶĚƵƐƚƌŝĂŶ͕ƚĞƌŵĂƐƵŬĚŝĚĂůĂŵŶLJĂƉĞŵďƵĂƚĂŶĚĂŶƉĞƌĂǁĂƚĂŶƐĂƌĂŶĂ
ƉĞŶĚƵŬƵŶŐLJĂŶŐŵĞŶƵŶũĂŶŐŬĞŐŝĂƚĂŶƉĞŶĞƌďĂŶŐĂŶĚĂŶŬĞŐŝĂƚĂŶŝŶĚƵƐƚƌŝůĂŝŶŶLJĂ͖
ϰ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ƉĞƌŐƵĚĂŶŐĂŶ ĚĂŶ ƉĞŶŐĂŶŐŬƵƚĂŶ ƚĞƌƵƚĂŵĂ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ũĂƐĂ
ƉĞůĂLJĂŶĂŶŵĂƚĞƌŝĂů͕ůŽŐŝƐƚŝŬ͕ƉĞƌŐƵĚĂŶŐĂŶĚĂŶŬŽŶƐŝŶLJĂƐŝ͖ĚĂŶ
ϱ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ͕ ƚĞƌƵƚĂŵĂ ũĂƐĂ ƉĞŶLJĞǁĂĂŶ ƐƵŬƵ ĐĂĚĂŶŐ͕ ŬŽŵƉŽŶĞŶ͕ ĚĂŶͬĂƚĂƵ
ŵĞƐŝŶƉĞƐĂǁĂƚƵĚĂƌĂ͕ƐĞƌƚĂŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐũĂƐĂƉĞƌĂǁĂƚĂŶŵĞƐŝŶŝŶĚƵƐƚƌŝ͘

<ĞŐŝĂƚĂŶƵƐĂŚĂƉĞŶƵŶũĂŶŐ͗
ϭ͘ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞĚŝĂĂŶ ũĂƐĂ ŬŽŶƐƵůƚĂŶ ĚĂŶ ƚĞŶĂŐĂ ĂŚůŝ Ěŝ ďŝĚĂŶŐ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ͕ ŬŽŵƉŽŶĞŶ
ĚĂŶŵĞƐŝŶ͖ĚĂŶ
Ϯ͘ ŵĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ ĚŝůƵĂƌ ĚĂƌŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƐĞďƵƚŬĂŶ ĚĂůĂŵ ƉŽŝŶ ϭ Ğ ƉĂĚĂ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƵƚĂŵĂ
WĞƌƐĞƌŽĂŶ͘

<ĂŶƚŽƌ WĞƌƐĞƌŽĂŶ ďĞƌůŽŬĂƐŝ Ěŝ 'ĞĚƵŶŐDĂŶĂũĞŵĞŶ Wd 'ĂƌƵĚĂ /ŶĚŽŶĞƐŝĂ >ĂŶƚĂŝ ϯ͕ƌĞĂ WĞƌŬĂŶƚŽƌĂŶ ĂŶĚĂƌĂ
^ŽĞŬĂƌŶŽ,ĂƚƚĂ͕<ĞůƵƌĂŚĂŶWĂũĂŶŐ͕<ĞĐĂŵĂƚĂŶĞŶĚĂ͕<ŽƚĂdĂŶŐĞƌĂŶŐ͘

WƌŽƐƉĞŬhƐĂŚĂ

/ŶĚƵƐƚƌŝ DZK ŵĞƌƵƉĂŬĂŶ ŝŶĚƵƐƚƌŝ LJĂŶŐ ŵĞŶĂƌŝŬ͕ ĚŝŬĂƌĞŶĂŬĂŶ ƌĞůĂƚŝĨ ĂŵĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌƵďĂŚĂŶ ŬŽŶĚŝƐŝ
ĞŬŽŶŽŵŝ͘ WĂŶŐƐĂ ƉĂƐĂƌ DZK ũƵŐĂ ĂŬĂŶ ďĞƌƚƵŵďƵŚ ĚĂůĂŵ ůŝŵĂ ƚĂŚƵŶ ŬĞ ĚĞƉĂŶ͘ WĞƌƚƵŵďƵŚĂŶ LJĂŶŐ ƚŝŶŐŐŝ͕
ƚĞƌƵƚĂŵĂ ƚĞƌĨŽŬƵƐ Ěŝ ŬĂǁĂƐĂŶ ƐŝĂ WĂƐŝĨŝŬ ĚĂŶ dŝŵƵƌ dĞŶŐĂŚ͘ DZK ũƵŐĂ ŵĞƌƵƉĂŬĂŶ ŝŶĚƵƐƚƌŝ LJĂŶŐ ŵĞŵŝůŝŬŝ
ƌĞŐƵůĂƐŝ LJĂŶŐ ŬĞƚĂƚ͕ ƐĞŚŝŶŐŐĂ ƐĂŶŐĂƚ ƚĞƌŐĂŶƚƵŶŐ ƉĂĚĂ ŵĂŝŶƚĞŶĂŶĐĞ ƉƌŽŐƌĂŵ ĚĂƌŝ KƌŝŐŝŶĂů ƋƵŝƉŵĞŶƚ
DĂŶƵĨĂĐƚƵƌĞƌ;KDͿƐĞƌƚĂƚĞůĂŚŵĞŶĚĂƉĂƚŬĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝŽƚŽƌŝƚĂƐŬĞůĂŝŬƵĚĂƌĂĂŶ͘

^ĞŝƌŝŶŐ ĚĞŶŐĂŶ ƉĞƌŬĞŵďĂŶŐĂŶ ƚĞŬŶŽůŽŐŝ͕ ďĞƌĚĂŵƉĂŬ ũƵŐĂ ƚĞƌŚĂĚĂƉ ƉĞƌŬĞŵďĂŶŐĂŶ ŝŶĚƵƐƚƌŝ ƉĞƌĂǁĂƚĂŶ
ƉĞƐĂǁĂƚƚĞƌďĂŶŐ͘KDũƵŐĂŵƵůĂŝŵĞŵĂƐƵŬŝƐĞŐŵĞŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƚĞƌďĂŶŐ͕ƐĞŚŝŶŐŐĂďĞƌĚĂŵƉĂŬƉĂĚĂ
ƉĂŶŐƐĂ ƉĂƐĂƌ ƉĞƌƵƐĂŚĂĂŶ DZK͘ ^ĞĐĂƌĂ ŐĂƌŝƐ ďĞƐĂƌ ƚĞƌĚĂƉĂƚ ĞŵƉĂƚ ƚƌĞŶ ĚĂůĂŵ ŝŶĚƵƐƚƌŝ DZK LJĂŶŐ ƉĞƌůƵ
ŵĞŶũĂĚŝƉĞƌŚĂƚŝĂŶ͕LJĂŝƚƵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ DĞŶŝŶŐŬĂƚŶLJĂƉĞƌĂŶKDĚŝƐĞŐŵĞŶĂĨƚĞƌŵĂƌŬĞƚ͕ŵĞŶĚŽƌŽŶŐƉĞŶŝŶŐŬĂƚĂŶŬŽůĂďŽƌĂƐŝDZKͲKD͘
Ϯ͘ WĞŶĞƚƌĂƐŝƉĂƐĂƌDZKĚŝĨŽŬƵƐŬĂŶŬĞƉĂĚĂĂƌĞĂƐŝĂWĂƐŝĨŝŬĚĂŶdŝŵƵƌdĞŶŐĂŚ͘
ϯ͘ WĞƌŬĞŵďĂŶŐĂŶƚĞŬŶŽůŽŐŝŵĞŶƵŶƚƵƚWĞƌƵƐĂŚĂĂŶDZKƵŶƚƵŬďĞƌŝŶǀĞƐƚĂƐŝĚŝďŝĚĂŶŐdĞŬŶŽůŽŐŝ/ŶĨŽƌŵĂƐŝ͘
ϰ͘ Perusahaan MRO mulai mengembangkan produk pendukung lain untuk dapat menawarkan “dŽƚĂů
^ŽůƵƚŝŽŶWƌŽǀŝĚĞƌ”͘

WĞŶũĞůĂƐĂŶŵĞŶŐĞŶĂŝŬĞŐŝĂƚĂŶĚĂŶƉƌŽƐƉĞŬƵƐĂŚĂWĞƌƐĞƌŽĂŶƐĞůĞŶŐŬĂƉŶLJĂĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂĂďs///ĚĂůĂŵ
WƌŽƐƉĞŬƚƵƐŝŶŝ͘

Ϯ͘ <dZE'EdEdE'^,DzE'/dtZ<E

ZŝŶŐŬĂƐĂŶƐƚƌƵŬƚƵƌWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
:ƵŵůĂŚƐĂŚĂŵLJĂŶŐĚŝƚĂǁĂƌŬĂŶ ͗ ^ĞďĂŶLJĂŬϮ͘ϴϮϯ͘ϯϱϭ͘ϭϬϬ;ĚƵĂŵŝůŝĂƌĚĞůĂƉĂŶƌĂƚƵƐĚƵĂƉƵůƵŚƚŝŐĂũƵƚĂ
ƚŝŐĂ ƌĂƚƵƐ ůŝŵĂ ƉƵůƵŚ ƐĂƚƵ ƌŝďƵ ƐĞƌĂƚƵƐͿ ƐĂŚĂŵ ďĂƌƵ ĂƚĂƵ ƐĞďĞƐĂƌͲ
ďĞƐĂƌŶLJĂ ϭϬй ;ƐĞƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ
ƉĞŶƵŚWĞƌƐĞƌŽĂŶƐĞƚĞůĂŚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ͘

EŝůĂŝEŽŵŝŶĂů ͗ ZƉϭϬϬ͕Ͳ;ƐĞƌĂƚƵƐͿZƵƉŝĂŚƉĞƌůĞŵďĂƌƐĂŚĂŵ͘

,ĂƌŐĂWĞŶĂǁĂƌĂŶ ͗ ZƉϰϬϬ͕Ͳ ;ĞŵƉĂƚ ƌĂƚƵƐ ZƵƉŝĂŚͿ LJĂŶŐ ŚĂƌƵƐ ĚŝďĂLJĂƌ ƉĞŶƵŚ ƉĂĚĂ ƐĂĂƚ
ŵĞŶŐĂũƵŬĂŶ&WW^͘

EŝůĂŝŵŝƐŝ ͗ ^ĞďĞƐĂƌ ZƉϭ͘ϭϮϵ͘ϯϰϬ͘ϰϰϬ͘ϬϬϬ͕Ͳ ;ƐĂƚƵ ƚƌŝůŝƵŶ ƐĞƌĂƚƵƐ ĚƵĂ ƉƵůƵŚ
ƐĞŵďŝůĂŶŵŝůŝĂƌƚŝŐĂƌĂƚƵƐĞŵƉĂƚƉƵůƵŚũƵƚĂĞŵƉĂƚƌĂƚƵƐĞŵƉĂƚƉƵůƵŚ
ƌŝďƵZƵƉŝĂŚͿ͘



XVII
DĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵ ͗ Ϯ–ϰKŬƚŽďĞƌϮϬϭϳ

dĂŶŐŐĂůWĞŶĐĂƚĂƚĂŶĚŝ/ ͗ ϭϬKŬƚŽďĞƌϮϬϭϳ

^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ ƐĞůƵƌƵŚŶLJĂ ĂĚĂůĂŚ ƐĂŚĂŵ ďĂƌƵ
LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ĚĂƌŝ ƉŽƌƚĞƉĞů WĞƌƐĞƌŽĂŶ ĚĂŶ ĂŬĂŶ ŵĞŵďĞƌŝŬĂŶ ŬĞƉĂĚĂ ƉĞŵĞŐĂŶŐŶLJĂ ŚĂŬ LJĂŶŐ ƐĂŵĂ ĚĂŶ
ƐĞĚĞƌĂũĂƚĚĂůĂŵƐĞŐĂůĂŚĂůĚĞŶŐĂŶƐĂŚĂŵůĂŝŶŶLJĂĚĂƌŝWĞƌƐĞƌŽĂŶLJĂŶŐƚĞůĂŚĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƉĞŶƵŚ͕
ƚĞƌŵĂƐƵŬ ŚĂŬ ĂƚĂƐ ƉĞŵďĂŐŝĂŶ ĚŝǀŝĚĞŶ ĚĂŶ ƐŝƐĂ ŬĞŬĂLJĂĂŶ ŚĂƐŝů ůŝŬƵŝĚĂƐŝ͕ ŚĂŬ ƵŶƚƵŬ ŵĞŶŐŚĂĚŝƌŝ ĚĂŶ
ŵĞŶŐĞůƵĂƌŬĂŶ ƐƵĂƌĂ dalam Rapat Umum Pemegang Saham (“RUPS”), hak atas pembagian saham bonus dan
ŚĂŬŵĞŵĞƐĂŶĞĨĞŬƚĞƌůĞďŝŚĚĂŚƵůƵƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶĚĂůĂŵhhWdĚĂŶhhWD͘

^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶĚŝŵŝůŝŬŝƐĞĐĂƌĂƐĂŚĚĂŶĚĂůĂŵŬĞĂĚĂĂŶďĞďĂƐ͕ƚŝĚĂŬƐĞĚĂŶŐĚĂůĂŵƐĞŶŐŬĞƚĂĚĂŶͬĂƚĂƵ
ĚŝũĂŵŝŶŬĂŶŬĞƉĂĚĂƉŝŚĂŬŵĂŶĂƉƵŶƐĞƌƚĂƚŝĚĂŬƐĞĚĂŶŐĚŝƚĂǁĂƌŬĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͘

ϯ͘ ZEEWE''hEEE

^ĞůƵƌƵŚĚĂŶĂLJĂŶŐĚŝƉĞƌŽůĞŚĚĂƌŝŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝ͕ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝĚĞŶŐĂŶďŝĂLJĂͲ
ďŝĂLJĂĞŵŝƐŝĂŬĂŶĚŝŐƵŶĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ĂͿ ^ĞŬŝƚĂƌ ϲϬй ;ĞŶĂŵ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞŶĚĂŶĂŝ ŝŶǀĞƐƚĂƐŝ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ
ŵĞŶŝŶŐŬĂƚŬĂŶŬĂƉĂƐŝƚĂƐĚĂŶŬĂƉĂďŝůŝƚĂƐĚŝ>ŝŶĞDĂŝŶƚĞŶĂŶĐĞĚĂŶZĞƉĂŝƌĂŶĚKǀĞƌŚĂƵů͘
ďͿ ^ĞŬŝƚĂƌϭϱй;ůŝŵĂďĞůĂƐƉĞƌƐĞŶͿĂŬĂŶĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĂLJĂƌĂŶĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶďĂŶŬĂƚĂƵůĞŵďĂŐĂ
ŬĞƵĂŶŐĂŶ͘
ĐͿ ^ŝƐĂŶLJĂ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŬĞďƵƚƵŚĂŶ ŵŽĚĂů ŬĞƌũĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŶĚƵŬƵŶŐ
ŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂ ƉĞŵďĂLJĂƌĂŶƵƚĂŶŐǀĞŶĚŽƌ͕ƉĞŵďĂLJĂƌĂŶƉĂũĂŬĚĂŶƉĞŵďĂLJĂƌĂŶ
ƵƚĂŶŐũĂŶŐŬĂƉĞŶĚĞŬůĂŝŶŶLJĂ͘

<ĞƚĞƌĂŶŐĂŶ ƐĞůĞŶŐŬĂƉŶLJĂ ŵĞŶŐĞŶĂŝ ƌĞŶĐĂŶĂ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ĚĂƌŝ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ
ĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂĂď//ĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘

ϰ͘ ^dZh<dhZWZDK>EEWD'E'^,DdZ<,/Z

ĞƌĚĂƐĂƌŬĂŶŬƚĂEŽ͘ϴϮͬϮϬϭϳ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶLJĞƚƵũƵŝ;ŝͿƉĞŶŝŶŐŬĂƚĂŶŵŽĚĂůĚĂƐĂƌWĞƌƐĞƌŽĂŶĚĂƌŝƐĞŵƵůĂ
ƐĞũƵŵůĂŚZƉϯϲϲ͘ϴϬϬ͘ϬϬϬ͘ϬϬϬŵĞŶũĂĚŝZƉϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕;ŝŝͿƉĞŶŝŶŐŬĂƚĂŶŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶŵŽĚĂů
ĚŝƐĞƚŽƌ WĞƌƐĞƌŽĂŶ ĚĂƌŝ ƐĞŵƵůĂ ƐĞũƵŵůĂŚ ZƉϭϲϲ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬ ŵĞŶũĂĚŝ ZƉϮ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ LJĂŶŐ ĚŝůĂŬƵŬĂŶ
ĚĞŶŐĂŶ ĚĞŶŐĂŶ ŬĂƉŝƚĂůŝƐĂƐŝ ƐĂůĚŽ ůĂďĂ ĚŝƚĂŚĂŶ WĞƌƐĞƌŽĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ďĞƌĚĂƐĂƌŬĂŶ
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĂŚƵŶ ďƵŬƵ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ LJĂŶŐ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ <ĂŶƚŽƌ ŬƵŶƚĂŶ WƵďůŝŬ ^ĂƚƌŝŽ ŝŶŐ
ŶLJ Θ ZĞŬĂŶ ĚĂŶ ;ŝŝŝͿ ƉĞƌƵďĂŚĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ƐĂŚĂŵ ƚŝĂƉ ƐĂŚĂŵ ĚĂƌŝ ƐĞŵƵůĂ ZƉϮϱϬ͘ϬϬϬ ŵĞŶũĂĚŝ ZƉϭϬϬ͕
ƐĞŚŝŶŐŐĂ ƐƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ ĚĂŶ ƐƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ WƌŽƐƉĞŬƚƵƐ ŝŶŝ
ĚŝƚĞƌďŝƚŬĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EŝůĂŝEŽŵŝŶĂůZƉϭϬϬ͕ͲƉĞƌƐĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͿ WĞƌƐĞŶƚĂƐĞ;йͿ
DŽĚĂůĂƐĂƌ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ   
ϭ͘'Zh Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϵϵ͕ϬϬ
Ϯ͘t^ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ϭ͕ϬϬ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϯ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
:ƵŵůĂŚ^ĂŚĂŵĚĂůĂŵWŽƌƚĞƉĞů ϳϰ͘ϱϴϵ͘ϴϯϵ͘ϲϬϬ ϳ͘ϰϱϴ͘ϵϴϯ͘ϵϲϬ͘ϬϬϬ 









XVIII
 WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ

ĞŶŐĂŶ ƚĞƌũƵĂůŶLJĂ ƐĞůƵƌƵŚ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ͕ ŵĂŬĂ
ƐƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ ĚĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƐĞďĞůƵŵ ĚĂŶ ƐĞƐƵĚĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ
^ĂŚĂŵŝŶŝƐĞĐĂƌĂƉƌŽĨŽƌŵĂŵĞŶũĂĚŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

DŽĚĂů^ĂŚĂŵ
^ĂŚĂŵŝĂƐĂƚĂƐEĂŵĂ
ĞŶŐĂŶEŝůĂŝEŽŵŝŶĂůZƉϭϬϬ͕Ͳ;ƐĞƌĂƚƵƐZƵƉŝĂŚͿ^ĞƚŝĂƉ^ĂŚĂŵ

^ĞďĞůƵŵWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ^ĞƐƵĚĂŚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ
:ƵŵůĂŚEŝůĂŝ :ƵŵůĂŚEŝůĂŝ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ :ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ
;ZƉͿ ;ZƉͿ
DŽĚĂůĂƐĂƌ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ  ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŝƐĞƚŽƌ
WĞŶƵŚ͗      
ϭ͘'Zh Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϵϵ͕ϬϬ Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϴϵ͕ϭϬ
Ϯ͘t^ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ϭ͕ϬϬ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϭ͕ϵϬ
ϯ͘DĂƐLJĂƌĂŬĂƚ Ͳ Ͳ Ͳ Ϯ͘ϴϮϯ͘ϯϱϭ͘ϭϬϬ ϮϴϮ͘ϯϯϱ͘ϭϭϬ͘ϬϬϬ ϭϬ͕ϬϬ
:ƵŵůĂŚ DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ  
ŝƐĞƚŽƌWĞŶƵŚ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϯ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ ϭϬϬ͕ϬϬ Ϯϴ͘Ϯϯϯ͘ϱϭϭ͘ϱϬϬ Ϯ͘ϴϮϯ͘ϯϱϭ͘ϭϱϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů ϳϰ͘ϱϴϵ͘ϴϯϵ͘ϲϬϬ ϳ͘ϰϱϴ͘ϵϴϯ͘ϵϲϬ͘ϬϬϬ  ϳϭ͘ϳϲϲ͘ϰϴϴ͘ϱϬϬ ϳ͘ϭϳϲ͘ϲϰϴ͘ϴϱϬ͘ϬϬϬ 

WƌŽŐƌĂŵWĞŵďĞƌŝĂŶ^ĂŚĂŵWĞŶŐŚĂƌŐĂĂŶĚĂůĂŵWƌŽŐƌĂŵŵƉůŽLJĞĞ^ƚŽĐŬůůŽĐĂƚŝŽŶ;^Ϳ

^ĞƐƵĂŝĚĞŶŐĂŶŬĞƉƵƚƵƐĂŶZhW^LJĂŶŐĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƉĂĚĂƚĂŶŐŐĂůϭϲ:ƵŶŝϮϬϭϳƐĞďĂŐĂŝŵĂŶĂƚĞƌƚƵĂŶŐĚĂůĂŵ
ŬƚĂ ĞƌŝƚĂ ĐĂƌĂ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ >ƵĂƌ ŝĂƐĂ EŽ͘ ϴϮ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ &ĂƚŚŝĂŚ ,Ğůŵŝ͕
^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶŐĂůŽŬĂƐŝŬĂŶ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ Ϯ͕ϲϳй ;ĚƵĂ ŬŽŵĂ ĞŶĂŵ ƚƵũƵŚ
ƉĞƌƐĞŶͿ ĚĂƌŝ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ƉĂĚĂ ƐĂĂƚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ͘ ^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŚĂů
ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂůŽŬĂƐŝŬĂŶ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ ϳϰ͘ϲϱϵ͘ϰϬϬ ;ƚƵũƵŚ ƉƵůƵŚ ĞŵƉĂƚ ũƵƚĂ ĞŶĂŵ ƌĂƚƵƐ ůŝŵĂ
ƉƵůƵŚ ƐĞŵďŝůĂŶ ƌŝďƵ ĞŵƉĂƚ ƌĂƚƵƐͿ ƐĂŚĂŵ ďŝĂƐĂ ĂƚĂƐ ŶĂŵĂ ƵŶƚƵŬ ƉƌŽŐƌĂŵ ĂůŽŬĂƐŝ ƐĂŚĂŵ ŬĞƉĂĚĂ ŬĂƌLJĂǁĂŶ
;ŵƉůŽLJĞĞ^ƚŽĐŬůůŽĐĂƚŝŽŶ(“ESA”))ĚĞŶŐĂŶŚĂƌŐĂƉĞůĂŬƐĂŶĂĂŶ^ƐĂŵĂĚĞŶŐĂŶ,ĂƌŐĂWĞŶĂǁĂƌĂŶ͘

ĞŶŐĂŶ ƚĞƌũƵĂůŶLJĂ ƐĞůƵƌƵŚ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƉƌŽŐƌĂŵ ^ ĚĂůĂŵ
WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝ͕ŵĂŬĂƐƵƐƵŶĂŶŵŽĚĂůƐĂŚĂŵĚĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶƐĞďĞůƵŵ
ĚĂŶƐĞƐƵĚĂŚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵƐĞĐĂƌĂƉƌŽĨŽƌŵĂĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

DŽĚĂů^ĂŚĂŵ
^ĂŚĂŵŝĂƐĂƚĂƐEĂŵĂ
ĞŶŐĂŶEŝůĂŝEŽŵŝŶĂůZƉϭϬϬ͕Ͳ;ƐĞƌĂƚƵƐZƵƉŝĂŚͿ^ĞƚŝĂƉ^ĂŚĂŵ

^ĞďĞůƵŵWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ^ĞƐƵĚĂŚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ
:ƵŵůĂŚEŝůĂŝ :ƵŵůĂŚEŝůĂŝ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ :ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ
;ZƉͿ ;ZƉͿ
DŽĚĂůĂƐĂƌ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ  ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŝƐĞƚŽƌ
WĞŶƵŚ͗      
ϭ͘'Zh Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϵϵ͕ϬϬ Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϴϵ͕ϭϬ
Ϯ͘t^ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ϭ͕ϬϬ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϭ͕ϵϬ
ϯ͘DĂƐLJĂƌĂŬĂƚ Ͳ Ͳ Ͳ Ϯ͘ϳϰϴ͘ϲϵϭ͘ϳϬϬ Ϯϳϰ͘ϴϲϵ͘ϭϳϬ͘ϬϬϬ ϵ͕ϳϰ
ϰ͘WƌŽŐƌĂŵ^ Ͳ Ͳ Ͳ ϳϰ͘ϲϱϵ͘ϰϬϬ ϳ͘ϰϲϱ͘ϵϰϬ͘ϬϬϬ Ϭ͕Ϯϲ
:ƵŵůĂŚ DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ  
ŝƐĞƚŽƌWĞŶƵŚ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϯ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ ϭϬϬ͕ϬϬ Ϯϴ͘Ϯϯϯ͘ϱϭϭ͘ϱϬϬ Ϯ͘ϴϮϯ͘ϯϱϭ͘ϭϱϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů ϳϰ͘ϱϴϵ͘ϴϯϵ͘ϲϬϬ ϳ͘ϰϱϴ͘ϵϴϯ͘ϵϲϬ͘ϬϬϬ  ϳϭ͘ϳϲϲ͘ϰϴϴ͘ϱϬϬ ϳ͘ϭϳϲ͘ϲϰϴ͘ϴϱϬ͘ϬϬϬ 

<ĞƚĞƌĂŶŐĂŶƐĞůĞŶŐŬĂƉŶLJĂŵĞŶŐĞŶĂŝWƌŽŐƌĂŵ^ŝŶŝĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂĂď/WƌŽƐƉĞŬƚƵƐŝŶŝ͘





XIX
WƌŽŐƌĂŵWĞŵďĞƌŝĂŶKƉƐŝWĞŵďĞůŝĂŶ^ĂŚĂŵŬĞƉĂĚĂDĂŶĂũĞŵĞŶĚĂŶWĞŐĂǁĂŝ;DĂŶĂŐĞŵĞŶƚĂŶĚŵƉůŽLJĞĞ
^ƚŽĐŬKƉƚŝŽŶWůĂŶ(“MESOP”))

ĞƌĚĂƐĂƌŬĂŶŬƚĂĞƌŝƚĂĐĂƌĂ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ^ĂŚĂŵ >ƵĂƌ ŝĂƐĂ EŽ͘ ϴϮ ƚĂŶŐŐĂů ϭϲ :ƵŶŝ ϮϬϭϳ͕ LJĂŶŐ
ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ&ĂƚŚŝĂŚ,Ğůŵŝ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕ƉĂƌĂƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶLJĞƚƵũƵŝ
ƉĞůĂŬƐĂŶĂĂŶ WƌŽŐƌĂŵ D^KW͘ ,ĂŬ ŽƉƐŝ LJĂŶŐ ĂŬĂŶ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ŬĞƉĂĚĂ WĞƐĞƌƚĂ WƌŽŐƌĂŵ D^KW ĚĂƉĂƚ
ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞŵďĞůŝ ƐĂŚĂŵ ďĂƌƵ LJĂŶŐ ĂŬĂŶ ĚŝŬĞůƵĂƌŬĂŶ ĚĂƌŝ ƉŽƌƚĞƉĞů͕ ĚĞŶŐĂŶ ũƵŵůĂŚ ƐĞďĂŶLJĂŬͲ
ďĂŶLJĂŬŶLJĂϭ͕ϳϮй;ƐĂƚƵŬŽŵĂƚƵũƵŚĚƵĂƉĞƌƐĞŶͿĚĂƌŝŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƉĞŶƵŚƐĞƚĞůĂŚWĞŶĂǁĂƌĂŶ
hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ͕ ĚĂůĂŵ ǁĂŬƚƵ Ϯ ;ĚƵĂͿ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ƉĞŶĐĂƚĂƚĂŶ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ
Ěŝ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ͘ ^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŚĂů ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶŐĂůŽŬĂƐŝŬĂŶ ƐĞďĂŶLJĂŬͲ
ďĂŶLJĂŬŶLJĂϰϴϱ͘ϲϭϲ͘ϯϬϬ;ĞŵƉĂƚƌĂƚƵƐĚĞůĂƉĂŶƉƵůƵŚůŝŵĂũƵƚĂĞŶĂŵƌĂƚƵƐĞŶĂŵďĞůĂƐƌŝďƵƚŝŐĂƌĂƚƵƐͿƐĂŚĂŵ
ďĂƌƵ͘

ĞŶŐĂŶƚĞƌũƵĂůŶLJĂƐĞůƵƌƵŚ^ĂŚĂŵLJĂŶŐŝƚĂǁĂƌŬĂŶWĞƌƐĞƌŽĂŶĚĂŶƉĞůĂŬƐĂŶĂĂŶƉƌŽŐƌĂŵ^ĚĂůĂŵWĞŶĂǁĂƌĂŶ
hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ͕ ƐĞƌƚĂ ĚĞŶŐĂŶ ĚŝůĂŬƐĂŶĂŬĂŶŶLJĂ WƌŽŐƌĂŵ D^KW ;WƌŽŐƌĂŵ <ĞƉĞŵŝůŝŬĂŶ ^ĂŚĂŵ
WĞƌƐĞƌŽĂŶ ŽůĞŚ DĂŶĂũĞŵĞŶ ĚĂŶ <ĂƌLJĂǁĂŶͿ͕ ŵĂŬĂ ƐƵƐƵŶĂŶ ŵŽĚĂů ƐĂŚĂŵ ĚĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ
ƐĞďĞůƵŵĚĂŶƐĞƐƵĚĂŚWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝ͕ƐĞĐĂƌĂƉƌŽĨŽƌŵĂŵĞŶũĂĚŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

DŽĚĂů^ĂŚĂŵ
^ĂŚĂŵŝĂƐĂƚĂƐEĂŵĂ
ĞŶŐĂŶEŝůĂŝEŽŵŝŶĂůZƉϭϬϬ͕Ͳ;ƐĞƌĂƚƵƐZƵƉŝĂŚͿ^ĞƚŝĂƉ^ĂŚĂŵ

^ĞďĞůƵŵWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ^ĞƐƵĚĂŚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ
:ƵŵůĂŚEŝůĂŝ :ƵŵůĂŚEŝůĂŝ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ :ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ
;ZƉͿ ;ZƉͿ
DŽĚĂůĂƐĂƌ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ  ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŝƐĞƚŽƌ
WĞŶƵŚ͗      
ϭ͘'Zh Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϵϵ͕ϬϬ Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϴϳ͕ϱϵ
Ϯ͘t^ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ϭ͕ϬϬ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϭ͕ϴϴ
ϯ͘DĂƐLJĂƌĂŬĂƚ Ͳ Ͳ Ͳ Ϯ͘ϳϰϴ͘ϲϵϭ͘ϳϬϬ Ϯϳϰ͘ϴϲϵ͘ϭϳϬ͘ϬϬϬ ϵ͕ϱϳ
ϰ͘WƌŽŐƌĂŵ^ Ͳ Ͳ Ͳ ϳϰ͘ϲϱϵ͘ϰϬϬ ϳ͘ϰϲϱ͘ϵϰϬ͘ϬϬϬ Ϭ͕Ϯϲ
ϱ͘D^KW Ͳ Ͳ Ͳ ϰϴϱ͘ϲϭϲ͘ϯϬϬ ϰϴ͘ϱϲϭ͘ϲϯϬ͘ϬϬϬ ϭ͕ϲϵ
:ƵŵůĂŚ DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ 
ŝƐĞƚŽƌWĞŶƵŚ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϯ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ ϭϬϬ͕ϬϬ Ϯϴ͘ϳϭϵ͘ϭϮϳ͘ϴϬϬ Ϯ͘ϴϳϭ͘ϵϭϮ͘ϳϴϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů ϳϰ͘ϱϴϵ͘ϴϯϵ͘ϲϬϬ ϳ͘ϰϱϴ͘ϵϴϯ͘ϵϲϬ͘ϬϬϬ  ϳϭ͘ϮϴϬ͘ϴϳϮ͘ϮϬϬ ϳ͘ϭϮϴ͘Ϭϴϳ͘ϮϮϬ͘ϮϬϬ 

<ĞƚĞƌĂŶŐĂŶƐĞůĞŶŐŬĂƉŶLJĂŵĞŶŐĞŶĂŝWƌŽŐƌĂŵD^KWŝŶŝĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂĂď/WƌŽƐƉĞŬƚƵƐŝŶŝ͘

ϱ͘ /<,d/^Zd<hE'EWEd/E'

ŶŐŬĂͲĂŶŐŬĂ ŝŬŚƚŝƐĂƌ ĚĂƚĂ ŬĞƵĂŶŐĂŶ ƉĞŶƚŝŶŐ Ěŝ ďĂǁĂŚ ŝŶŝ ďĞƌĂƐĂů ĚĂŶͬĂƚĂƵ ĚŝŚŝƚƵŶŐ ďĞƌĚĂƐĂƌŬĂŶ ŝŶĨŽƌŵĂƐŝ
ŬĞƵĂŶŐĂŶLJĂŶŐĚŝĂŵďŝůĚĂƌŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚĂŶϮϬϭϲ͕ϯϭĞƐĞŵďĞƌ
ϮϬϭϲ͕ϮϬϭϱĚĂŶϮϬϭϰĚĂŶƵŶƚƵŬƉĞƌŝŽĚĞƚŝŐĂďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚĂŶϮϬϭϲĚĂŶ
ƚĂŚƵŶͲƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͕ ϮϬϭϱ ĚĂŶ ϮϬϭϰ LJĂŶŐ ĚŝƐƵƐƵŶ ĚĂŶ ĚŝƐĂũŝŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝ/ŶĚŽŶĞƐŝĂĚĂŶƚĞƌĐĂŶƚƵŵĚŝĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ

>ĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƵŶƚƵŬ ƉĞƌŝŽĚĞ ƚŝŐĂ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚĂŶ ƚĂŚƵŶ LJĂŶŐ
ďĞƌĂŬŚŝƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ <W ^ĂƚƌŝŽ ŝŶŐ ŶLJ Θ ZĞŬĂŶ ;ŶŐŐŽƚĂ ĚĂƌŝ ĞůŽŝƚƚĞ dŽƵĐŚĞ
dŽŚŵĂƚƐƵͿ ĚĞŶŐĂŶ ŽƉŝŶŝ ƚĂŶƉĂ ŵŽĚŝĨŝŬĂƐŝĂŶ͕ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ DƵŚĂŵŵĂĚ /ƌĨĂŶ ;/ũŝŶ ŬƵŶƚĂŶ WƵďůŝŬ
EŽ͘ ϬϱϲϱͿ͕ ƐĞĚĂŶŐŬĂŶ ůĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶͲƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϭϱĚĂŶϮϬϭϰƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<W KƐŵĂŶŝŶŐ^ĂƚƌŝŽΘŶLJ;ŶŐŐŽƚĂĚĂƌŝĞůŽŝƚƚĞdŽƵĐŚĞ
dŽŚŵĂƚƐƵͿĚĞŶŐĂŶŽƉŝŶŝƚĂŶƉĂŵŽĚŝĨŝŬĂƐŝĂŶ͕LJĂŶŐĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚDƵŚĂŵŵĂĚ/ƌĨĂŶ;/ũŝŶŬƵŶƚĂŶWƵďůŝŬ
EŽ͘ ϬϱϲϱͿ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚĂŶ &ŽƌĞŵĂŶ ZŽŶŶŝ ŽLJ WĂŶŐĂƌŝďƵĂŶ ;/ũŝŶ ŬƵŶƚĂŶ
WƵďůŝŬEŽ͘ϬϵϱϰͿƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌϯϭĞƐĞŵďĞƌϮϬϭϰ͘





XX
>WKZEWK^/^/<hE'E

;ĚĂůĂŵh^ƉĞŶƵŚͿ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
:ƵŵůĂŚƐĞƚ>ĂŶĐĂƌ ϯϰϭ͘ϳϱϳ͘Ϯϰϱ ϯϮϴ͘Ϯϭϰ͘Ϭϱϱ ϮϭϬ͘ϳϰϴ͘ϴϯϲ ϭϱϲ͘ϭϰϱ͘ϭϭϰ
:ƵŵůĂŚƐĞƚdŝĚĂŬ>ĂŶĐĂƌ ϭϭϴ͘Ϯϴϭ͘ϳϮϱ ϭϭϰ͘ϯϳϱ͘ϬϱϮ ϭϬϮ͘Ϯϰϱ͘ϳϲϭ ϭϬϬ͘ϬϬϲ͘ϯϭϯ
:ƵŵůĂŚƐĞƚ ϰϲϬ͘Ϭϯϴ͘ϵϳϬ ϰϰϮ͘ϱϴϵ͘ϭϬϳ ϯϭϮ͘ϵϵϰ͘ϱϵϳ Ϯϱϲ͘ϭϱϭ͘ϰϮϳ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ ϭϲϭ͘ϱϯϵ͘ϳϬϭ ϭϰϲ͘ϳϴϬ͘ϰϱϱ ϵϭ͘ϳϬϳ͘ϯϮϵ ϳϱ͘ϲϳϵ͘ϵϳϲ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĂŶũĂŶŐ ϭϭϰ͘Ϯϲϭ͘ϴϮϮ ϭϮϯ͘Ϯϱϯ͘ϵϬϰ ϵϴ͘ϰϵϱ͘ϰϬϰ ϵϬ͘Ϯϳϴ͘ϬϬϭ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ Ϯϳϱ͘ϴϬϭ͘ϱϮϯ ϮϳϬ͘Ϭϯϰ͘ϯϱϵ ϭϵϬ͘ϮϬϮ͘ϳϯϯ ϭϲϱ͘ϵϱϳ͘ϵϳϳ
:ƵŵůĂŚŬƵŝƚĂƐ ϭϴϰ͘Ϯϯϳ͘ϰϰϳ ϭϳϮ͘ϱϱϰ͘ϳϰϴ ϭϮϮ͘ϳϵϭ͘ϴϲϰ ϵϬ͘ϭϵϯ͘ϰϱϬ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐĂŶŬƵŝƚĂƐ ϰϲϬ͘Ϭϯϴ͘ϵϳϬ ϰϰϮ͘ϱϴϵ͘ϭϬϳ ϯϭϮ͘ϵϵϰ͘ϱϵϳ Ϯϱϲ͘ϭϱϭ͘ϰϮϳ

>WKZE>Zh'/EWE',^/>E<KDWZ,E^/&>/E

;ĚĂůĂŵh^ƉĞŶƵŚͿ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ ϮϬϭϲ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
;dŝĚĂŬĚŝĂƵĚŝƚͿ
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ ϭϬϲ͘Ϭϴϳ͘ϴϭϬ ϴϭ͘ϲϭϯ͘Ϯϱϭ ϯϴϴ͘ϲϲϮ͘ϱϭϮ ϯϬϱ͘ϱϵϬ͘ϭϭϳ Ϯϲϰ͘Ϭϰϴ͘ϱϳϲ
:ƵŵůĂŚďĞďĂŶƵƐĂŚĂ ϵϯ͘ϰϮϳ͘ϱϭϭ ϲϲ͘ϰϵϮ͘ϴϵϲ ϯϬϭ͘Ϯϵϰ͘ϭϳϱ ϮϲϬ͘ϳϴϴ͘ϵϱϲ Ϯϯϵ͘Ϭϵϯ͘ϱϱϬ
>ĂďĂhƐĂŚĂ ϭϮ͘ϱϮϮ͘ϳϭϯ ϭϯ͘ϱϳϰ͘ϵϰϮ ϴϯ͘Ϭϴϳ͘ϳϬϬ ϱϬ͘ϱϵϬ͘ϭϳϯ Ϯϰ͘ϱϳϰ͘Ϭϳϲ
>ĂďĂ^ĞďĞůƵŵWĂũĂŬ ϭϯ͘ϱϮϴ͘ϰϲϬ ϭϮ͘ϰϬϰ͘Ϭϲϯ ϳϲ͘ϵϵϴ͘ϴϴϭ ϰϴ͘Ϭϰϵ͘ϳϵϯ Ϯϰ͘Ϯϭϱ͘ϱϰϭ
ĞďĂŶWĂũĂŬͲĞƌƐŝŚ ;ϯ͘ϰϬϯ͘ϯϱϰͿ ;ϯ͘ϬϬϵ͘ϲϵϭͿ ;ϭϵ͘Ϯϱϲ͘ϲϲϴͿ ;ϭϭ͘ϴϲϰ͘ϴϮϴͿ ;ϲ͘Ϭϱϱ͘ϬϲϵͿ
>ĂďĂĞƌƐŝŚdĂŚƵŶĞƌũĂůĂŶ ϭϬ͘ϭϮϱ͘ϭϬϲ ϵ͘ϯϬϰ͘ϯϳϮ ϱϳ͘ϳϰϮ͘Ϯϭϯ ϯϲ͘ϭϴϰ͘ϵϲϱ ϭϴ͘ϭϲϬ͘ϰϳϮ
:ƵŵůĂŚ>ĂďĂ<ŽŵƉƌĞŚĞŶƐŝĨdĂŚƵŶ
ϭϭ͘ϲϴϮ͘ϲϵϵ ϳ͘Ϯϳϳ͘ϲϯϬ ϰϵ͘ϳϲϮ͘ϴϴϰ ϯϯ͘ϰϱϴ͘ϬϱϬ ϭϱ͘ϲϭϳ͘ϴϯϬ
ĞƌũĂůĂŶ
>ĂďĂƉĞƌůĞŵďĂƌƐĂŚĂŵ Ϭ͕Ϭϲϱϳϰ Ϭ͕ϬϳϬϴϱ Ϭ͕Ϭϭϭϱϯ Ϭ͕Ϭϭϴϯϵ Ϭ͕Ϭϯϲϲϱ

>WKZEZh^<^

;ĚĂůĂŵh^ƉĞŶƵŚͿ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ ϮϬϭϲ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
;dŝĚĂŬĚŝĂƵĚŝƚͿ
<ĂƐĞƌƐŝŚŝƉĞƌŽůĞŚĂƌŝŬƚŝǀŝƚĂƐ
;ϯ͘ϲϭϲ͘ϮϴϲͿ ;ϭϬ͘ϴϯϬ͘ϰϬϳͿ ;ϭϲ͘Ϯϱϱ͘ϴϯϯͿ ϵϳϵ͘Ϭϭϯ ϭϱ͘Ϯϯϵ͘ϱϲϮ
KƉĞƌĂƐŝ
<ĂƐĞƌƐŝŚŝŐƵŶĂŬĂŶhŶƚƵŬ
;ϭϰ͘ϳϰϲ͘ϵϵϲͿ ;Ϯ͘ϵϰϭ͘ϰϮϲͿ ;Ϯϰ͘ϵϮϱ͘ϳϴϮͿ ;ϲ͘ϭϳϲ͘ϳϴϭͿ ;Ϯϯ͘Ϯϰϱ͘ϴϬϰͿ
ŬƚŝǀŝƚĂƐ/ŶǀĞƐƚĂƐŝ
<ĂƐĞƌƐŝŚŝƉĞƌŽůĞŚĂƌŝŬƚŝǀŝƚĂƐ
;ϰ͘ϯϭϰ͘ϰϳϴͿ ;Ϯ͘ϮϱϬ͘ϰϰϰͿ ϳϴ͘ϱϵϳ͘ϯϳϳ ϭϬ͘ϯϳϮ͘ϳϯϵ ϭϮ͘ϴϮϱ͘ϰϯϰ
WĞŶĚĂŶĂĂŶ
<ĞŶĂŝŬĂŶĞƌƐŝŚ<ĂƐĂŶ^ĞƚĂƌĂ
;ϮϮ͘ϲϳϳ͘ϳϲϬͿ ;ϭϲ͘ϬϮϮ͘ϮϳϳͿ ϯϳ͘ϰϭϱ͘ϳϲϮ ϱ͘ϭϳϰ͘ϵϳϭ ϰ͘ϴϭϵ͘ϭϵϮ
<ĂƐ
<ĂƐĂŶ^ĞƚĂƌĂ<ĂƐǁĂůdĂŚƵŶ ϲϬ͘ϰϰϭ͘ϴϲϳ Ϯϱ͘ϰϱϳ͘ϬϰϬ Ϯϱ͘ϰϱϳ͘ϬϰϬ ϮϬ͘ϯϲϴ͘ϯϱϴ ϭϳ͘ϯϯϬ͘ϭϰϬ
ĨĞŬWĞƌƵďĂŚĂŶ<ƵƌƐDĂƚĂhĂŶŐ
Ϯ͘ϱϰϴ ϮϮϱ͘ϯϮϰ ;Ϯ͘ϰϯϬ͘ϵϯϱͿ ;ϴϲ͘ϮϴϵͿ ;ϭ͘ϳϴϬ͘ϵϳϰͿ
ƐŝŶŐ
<ĂƐĂŶ^ĞƚĂƌĂ<ĂƐŬŚŝƌdĂŚƵŶ ϯϳ͘ϳϲϲ͘ϲϱϱ ϵ͘ϲϲϬ͘Ϭϴϳ ϲϬ͘ϰϰϭ͘ϴϲϳ Ϯϱ͘ϰϱϳ͘ϬϰϬ ϮϬ͘ϯϲϴ͘ϯϱϴ

Z^/KͲZ^/K<hE'EWEd/E'

ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
ϮϬϭϲ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ;dŝĚĂŬ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
ĚŝĂƵĚŝƚͿ
Z^/K</EZ:<hE'E 
ZĂƐŝŽ>ŝŬƵŝĚŝƚĂƐ
  
 
ZĂƐŝŽ<ĂƐ–ĂƐŚZĂƚŝŽ;йͿ

Ϯϯ͕ϯϴ
 ϭϮ͕Ϭϰ ϰϭ͕ϭϴ

Ϯϳ͕ϳϲ
 Ϯϲ͕ϵϭ
ZĂƐŝŽĞƉĂƚ–YƵŝĐŬZĂƚŝŽ;йͿ ϭϱϵ͕Ϭϭ ϭϲϲ͕Ϯϴ ϭϲϲ͕ϭϳ ϭϱϱ͕ϬϬ ϭϮϳ͕ϳϵ
ZĂƐŝŽ>ĂŶĐĂƌ–ƵƌƌĞŶƚZĂƚŝŽ;йͿ Ϯϭϭ͕ϱϲ ϮϱϮ͕ϱϱ ϮϮϯ͕ϲϭ ϮϮϵ͕ϴϭ ϮϬϲ͕ϯϮ

XXI
 ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
ϮϬϭϲ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ;dŝĚĂŬ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
ĚŝĂƵĚŝƚͿ
ZĂƐŝŽWƌŽĨŝƚĂďŝůŝƚĂƐ   
DĂƌŐŝŶ>ĂďĂhƐĂŚĂ–KƉĞƌĂƚŝŶŐWƌŽĨŝƚDĂƌŐŝŶ;йͿ ϭϭ͕ϵϯ ϭϴ͕ϱϯ ϮϮ͕ϰϴ

ϭϰ͕ϲϲ
 ϵ͕ϰϱ
DĂƌŐŝŶ>ĂďĂĞƌƐŝŚ–EĞƚWƌŽĨŝƚDĂƌŐŝŶ;йͿ ϵ͕ϱϰ ϭϭ͕ϰϬ ϭϰ͕ϴϲ ϭϭ͕ϴϰ ϲ͕ϴϴ
dŝŶŐŬĂƚWĞŶŐĞŵďĂůŝĂŶƐĞƚ–ZK;йͿ Ϯ͕ϮϬ Ϯ͕ϵϲ ϭϯ͕Ϭϱ ϭϭ͕ϱϲ ϳ͕Ϭϵ
dŝŶŐŬĂƚWĞŶŐĞŵďĂůŝĂŶDŽĚĂů–ZK;йͿ ϱ͕ϱϬ ϳ͕ϭϱ ϯϯ͕ϰϲ Ϯϵ͕ϰϳ ϮϬ͕ϭϰ
 

Z^/K^K>s/>/d^
  
 
ZĂƐŝŽdŽƚĂů<ĞǁĂũŝďĂŶdĞƌŚĂĚĂƉƐĞƚ;йͿ

ϱϵ͕ϵϱ ϱϴ͕ϱϲ ϲϭ͕Ϭϭ

ϲϬ͕ϳϳ
 ϲϰ͕ϳϵ
ZĂƐŝŽhƚĂŶŐdĞƌŚĂĚĂƉDŽĚĂů;ZͿ;йͿ ϭϰϵ͕ϳϬ ϭϰϭ͕ϯϯ ϭϱϲ͕ϰϵ ϭϱϰ͕ϵϬ ϭϴϰ͕ϬϬ
ZĂƐŝŽdŽƚĂůhƚĂŶŐĞƌďƵŶŐĂdĞƌŚĂĚĂƉ
ϳϭ͕ϳϬ ϰϲ͕ϭϭ ϳϵ͕Ϭϱ ϰϳ͕Ϭϴ ϱϲ͕ϵϵ
ŬƵŝƚĂƐ;йͿ
ZĂƐŝŽdŽƚĂůŬƵŝƚĂƐdĞƌŚĂĚĂƉdŽƚĂůƐĞƚ;йͿ ϰϬ͕Ϭϱ ϰϭ͕ϰϰ ϯϴ͕ϵϵ ϯϵ͕Ϯϯ ϯϱ͕Ϯϭ
/ddĞƌŚĂĚĂƉĞďĂŶƵŶŐĂ;йͿ ϳϵϴ͕ϳϵ ϭ͘ϭϮϰ͕ϵϲ ϭ͘ϱϯϴ͕ϱϬ Ϯ͘Ϭϭϯ͕ϱϭ ϭϲϴϬ͕ϳϰ

    
Z^/KWZdhDh,E
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ;йͿ Ϯϵ͕ϵϵ Ͳ Ϯϳ͕ϭϴ ϭϱ͕ϳϯ ϭϰ͕ϲϲ
>ĂďĂhƐĂŚĂ;йͿ Ͳϳ͕ϳϱ Ͳ ϲϰ͕Ϯϰ ϭϬϱ͕ϴϳ ϯϳ͕ϵϲ
>ĂďĂĞƌƐŝŚ<ŽŵƉƌĞŚĞŶƐŝĨ;йͿ ϲϬ͕ϱϯ Ͳ ϰϴ͕ϳϯ ϭϭϰ͕Ϯϯ Ͳϭϴ͕Ϯϴ
dŽƚĂůƐĞƚ;йͿ ϯ͕ϵϰ Ͳ ϰϭ͕ϰϬ ϮϮ͕ϭϵ Ϯϯ͕Ϯϰ
dŽƚĂů>ŝĂďŝůŝƚĂƐ;йͿ Ϯ͕ϭϰ Ͳ ϰϭ͕ϵϳ ϭϰ͕ϲϭ ϯϴ͕ϳϭ
ŬƵŝƚĂƐ;йͿ ϲ͕ϳϳ Ͳ ϰϬ͕ϱϯ ϯϲ͕ϭϰ Ϯ͕Ϯϱ
<ĞƚĞƌĂŶŐĂŶ ƐĞůĞŶŐŬĂƉŶLJĂ ŵĞŶŐĞŶĂŝ ŝŬŚƚŝƐĂƌ ĚĂƚĂ ŬĞƵĂŶŐĂŶ ƉĞŶƚŝŶŐ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ĚŝůŝŚĂƚ ƉĂĚĂ Ăď /s
WƌŽƐƉĞŬƚƵƐŝŶŝ͘

ϲ͘ &<dKZZ/^/<K

͘ ZŝƐŝŬŽhƚĂŵĂzĂŶŐDĞŵƉƵŶLJĂŝWĞŶŐĂƌƵŚ^ŝŐŶŝĨŝŬĂŶdĞƌŚĂĚĂƉ<ĞůĂŶŐƐƵŶŐĂŶhƐĂŚĂWĞƌƐĞƌŽĂŶ

WĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶŵĂƐŝŚĚŝĚŽŵŝŶĂƐŝŽůĞŚďĞďĞƌĂƉĂƉĞůĂŶŐŐĂŶƵƚĂŵĂ

WĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶŵĂƐŝŚĚŝĚŽŵŝŶĂƐŝŽůĞŚďĞďĞƌĂƉĂƉĞůĂŶŐŐĂŶƵƚĂŵĂ͘ĨĞŬĚĂƌŝĚŽŵŝŶĂƐŝƚĞƌƐĞďƵƚĂĚĂůĂŚ
ƉĞƌƚƵŵďƵŚĂŶ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ ďĞƌŐĂŶƚƵŶŐ ŬĞƉĂĚĂ ũƵŵůĂŚ ƉĞƐĂǁĂƚ LJĂŶŐ ĚŝŽƉĞƌĂƐŝŬĂŶ ĚĂŶ ũƵŵůĂŚ
ƉĞŶĞƌďĂŶŐĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚďĞďĞƌĂƉĂƉĞůĂŶŐŐĂŶƵƚĂŵĂWĞƌƐĞƌŽĂŶ͘ƉĂďŝůĂƉĞůĂŶŐŐĂŶƵƚĂŵĂƉĞƌƐĞƌŽĂŶ
ŵĞŶŐƵƌĂŶŐŝ ũƵŵůĂŚ ƉĞƐĂǁĂƚ ĂƚĂƵ ŵĞŶŐƵƌĂŶŐŝ ũƵŵůĂŚ ƉĞŶĞƌďĂŶŐĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ͕ ŵĂŬĂ ŚĂů ƚĞƌƐĞďƵƚ ĂŬĂŶ
ĐƵŬƵƉ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞƌĨŽƌŵĂ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ŵĞŵƉƌĞĚŝŬƐŝ ďĂŚǁĂ ĚŽŵŝŶĂƐŝ ďĞďĞƌĂƉĂ
ƉĞůĂŶŐŐĂŶ ƵƚĂŵĂ ƚĞƌƐĞďƵƚ ĂŬĂŶ ďĞƌůĂŶŐƐƵŶŐ ŚŝŶŐŐĂ ďĞďĞƌĂƉĂ ƚĂŚƵŶ ŬĞ ĚĞƉĂŶ ĚĞŶŐĂŶ ŬĞĐĞŶĚĞƌƵŶŐĂŶ ĂŬĂŶ
ƚĞƌƵƐŵĞŶƵƌƵŶƐĞŝƌŝŶŐĚĞŶŐĂŶďĞƌƚĂŵďĂŚŶLJĂƉĞůĂŶŐŐĂŶďĂƌƵĚĂƌŝĞŬƐƉĂŶƐŝ͘

͘ ZŝƐŝŬŽhƐĂŚĂzĂŶŐĞƌŚƵďƵŶŐĂŶĞŶŐĂŶ<ĞŐŝĂƚĂŶhƐĂŚĂWĞƌƐĞƌŽĂŶ

ϭ͘ ZŝƐŝŬŽŬĞƚĞƌůĂŵďĂƚĂŶĚĂŶŬĞŐĂŐĂůĂŶƉĞŵďĂLJĂƌĂŶŽůĞŚƉĞůĂŶŐŐĂŶ
Ϯ͘ ZŝƐŝŬŽŬĞƚĞƌůĂŵďĂƚĂŶƉĞŶŝŶŐŬĂƚŬĂŶŬĂƉĂďŝůŝƚĂƐĚĂŶŬĂƉĂƐŝƚĂƐƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ
ϯ͘ ZŝƐŝŬŽƉĞŶŐĞŵďĂůŝĂŶŝŶǀĞƐƚĂƐŝƚŝĚĂŬƐĞƐƵĂŝƚĂƌŐĞƚ
ϰ͘ ZŝƐŝŬŽƉĂƐŽŬĂŶŵĂƚĞƌŝĂůĚĂŶƐƵŬƵĐĂĚĂŶŐƉĞƐĂǁĂƚ
ϱ͘ ZŝƐŝŬŽƚĞŬŶŽůŽŐŝ
ϲ͘ ZŝƐŝŬŽŬĞƚĞƌďĂƚĂƐĂŶ^ƵŵďĞƌĂLJĂDĂŶƵƐŝĂ;^DͿLJĂŶŐŬŽŵƉĞƚĞŶ
ϳ͘ ZŝƐŝŬŽƉĞƌƐĂŝŶŐĂŶƵƐĂŚĂ
ϴ͘ ZŝƐŝŬŽƐĞƌƚŝĨŝŬĂƐŝ
ϵ͘ ZŝƐŝŬŽƉĞƌŝnjŝŶĂŶ







XXII
͘ ZŝƐŝŬŽhŵƵŵ

ϭ͘ <ŽŶĚŝƐŝƉĞƌĞŬŽŶŽŵŝĂŶƐĞĐĂƌĂŵĂŬƌŽĂƚĂƵŐůŽďĂů
Ϯ͘ WĞƌƵďĂŚĂŶŬƵƌƐǀĂůƵƚĂĂƐŝŶŐ
ϯ͘ <ĞƉĂƚƵŚĂŶƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵƚĞƌŬĂŝƚďŝĚĂŶŐƵƐĂŚĂWĞƌƐĞƌŽĂŶ
ϰ͘ dƵŶƚƵƚĂŶĂƚĂƵŐƵŐĂƚĂŶŚƵŬƵŵ
ϱ͘ <ĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚ
ϲ͘ <ĞƚĞŶƚƵĂŶŶĞŐĂƌĂůĂŝŶĂƚĂƵƉĞƌĂƚƵƌĂŶŝŶƚĞƌŶĂƐŝŽŶĂů

͘ ZŝƐŝŬŽhƐĂŚĂzĂŶŐĞƌŚƵďƵŶŐĂŶĞŶŐĂŶ^ĂŚĂŵ

ϭ͘ ,ĂƌŐĂ^ĂŚĂŵWĞƌƐĞƌŽĂŶŵƵŶŐŬŝŶŵĞŶŐĂůĂŵŝĨůƵŬƚƵĂƐŝLJĂŶŐƐŝŐŶŝĨŝŬĂŶĚŝŬĞŵƵĚŝĂŶŚĂƌŝ
Ϯ͘ >ŝŬƵŝĚŝƚĂƐƐĂŚĂŵWĞƌƐĞƌŽĂŶ
ϯ͘ <ĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵďĂLJĂƌĚŝǀŝĚĞŶĚŝŬĞŵƵĚŝĂŶŚĂƌŝ
ϰ͘ <ĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵWĞŶŐĞŶĚĂůŝĚĂƉĂƚďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶŬĞƉĞŶƚŝŶŐĂŶƉĞŵďĞůŝ^ĂŚĂŵ
zĂŶŐŝƚĂǁĂƌŬĂŶ

<ĞƚĞƌĂŶŐĂŶƐĞůĞŶŐŬĂƉŶLJĂŵĞŶŐĞŶĂŝĨĂŬƚŽƌƌŝƐŝŬŽĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂĂďs/ĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘

ϳ͘ </:<E/s/E

^ĞƚĞůĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ͕ ŵĂŶĂũĞŵĞŶ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ŬĞďŝũĂŬĂŶ ƵŶƚƵŬ ŵĞŵďĂLJĂƌŬĂŶ
ĚŝǀŝĚĞŶ ĚĞŶŐĂŶ ƌĂƐŝŽ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ ϯϬй ;ƚŝŐĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ůĂďĂ ƚĂŚƵŶ ďĞƌũĂůĂŶ ŬŽŶƐŽůŝĚĂƐŝ
WĞƌƐĞƌŽĂŶ͕ ĚŝŵƵůĂŝ ƚĂŚƵŶ ďƵŬƵ ϮϬϭϳ LJĂŶŐ ďĞƐĂƌŶLJĂ ĚŝŬĂŝƚŬĂŶ ĚĞŶŐĂŶ ŬĞƵŶƚƵŶŐĂŶ ƉĞƌƵƐĂŚĂĂŶ ƉĂĚĂ ƚĂŚƵŶ
ďƵŬƵLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͕ĚĞŶŐĂŶƚŝĚĂŬŵĞŶŐĂďĂŝŬĂŶƚŝŶŐŬĂƚŬĞƐĞŚĂƚĂŶWĞƌƵƐĂŚĂĂŶĚĂŶƚĂŶƉĂŵĞŶŐƵƌĂŶŐŝŚĂŬ
ĚĂƌŝ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞƌƵƐĂŚĂĂŶ ƵŶƚƵŬ ŵĞŶĞŶƚƵŬĂŶ ůĂŝŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ
WĞƌƵƐĂŚĂĂŶ͘ &ĂŬƚŽƌͲĨĂŬƚŽƌ LJĂŶŐ ŵĞŶĞŶƚƵŬĂŶ ƉĞŵďĂŐŝĂŶ ĚŝǀŝĚĞŶ WĞƌƐĞƌŽĂŶ ďĞƌŐĂŶƚƵŶŐ ŬĞƉĂĚĂ ůĂďĂ ďĞƌƐŝŚ͕
ŬĞƚĞƌƐĞĚŝĂĂŶ ĚĂŶĂ ĐĂĚĂŶŐĂŶ͕ ƉĞƌƐLJĂƌĂƚĂŶ ďĞůĂŶũĂ ŵŽĚĂů͕ ŚĂƐŝů ƵƐĂŚĂ ĚĂŶ ŬĂƐ͘ &ĂŬƚŽƌ – ĨĂŬƚŽƌ ƚĞƌƐĞďƵƚ ƉĂĚĂ
ĂŬŚŝƌŶLJĂďĞƌŐĂŶƚƵŶŐŬĞƉĂĚĂďĞƌďĂŐĂŝŚĂůƚĞƌŵĂƐƵŬŬĞďĞƌŚĂƐŝůĂŶĚĂůĂŵƉĞůĂŬƐĂŶĂĂŶƐƚƌĂƚĞŐŝƵƐĂŚĂ͕ŬĞƵĂŶŐĂŶ
ĂŬŝďĂƚ ĂĚĂŶLJĂ ŬŽŵƉĞƚŝƐŝ ĚĂŶ ƉĞŶŐĂƚƵƌĂŶ͕ ŬŽŶĚŝƐŝ ƉĞƌĞŬĞŶŽŵŝĂŶ ƐĞĐĂƌĂ ƵŵƵŵ ĚĂŶ ŚĂůͲŚĂů ůĂŝŶ LJĂŶŐ ďĞƌůĂŬƵ
ƐĞĐĂƌĂŬŚƵƐƵƐƚĞƌŚĂĚĂƉWĞƌƐĞƌŽĂŶĂƚĂƵƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘^ĞďĂŐŝĂŶďĞƐĂƌĨĂŬƚŽƌͲĨĂŬƚŽƌƚĞƌƐĞďƵƚďĞƌĂĚĂĚŝůƵĂƌ
ŬĞŶĚĂůŝ WĞƌƐĞƌŽĂŶ͘ WĞŵďĂLJĂƌĂŶ ŝǀŝĚĞŶ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĚŝůĂŬƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƉƵƚƵƐĂŶ ZhW^
dĂŚƵŶĂŶWĞƌƵƐĂŚĂĂŶ͘

<ĞƚĞƌĂŶŐĂŶ ƐĞůĞŶŐŬĂƉŶLJĂ ŵĞŶŐĞŶĂŝ ŬĞďŝũĂŬĂŶ ĚŝǀŝĚĞŶ ĚĂƉĂƚ ĚŝůŝŚĂƚ ƉĂĚĂ Ăď y/ ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐ ŝŶŝ͘

XXIII
Halaman ini sengaja dikosongkan

XXIV
 /͘ WEtZEhDhDWZE^,D

WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞůĂŬƵŬĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ĚĞŶŐĂŶ ŵĞŶĞƌďŝƚŬĂŶ ƐĂŚĂŵ ďŝĂƐĂ ĂƚĂƐ ŶĂŵĂ LJĂŶŐ
ƐĞůƵƌƵŚŶLJĂĂĚĂůĂŚƐĂŚĂŵďĂƌƵĚĂŶĚŝŬĞůƵĂƌŬĂŶĚĂƌŝƉŽƌƚĞƉĞůWĞƌƐĞƌŽĂŶƐĞďĂŶLJĂŬϮ͘ϴϮϯ͘ϯϱϭ͘ϭϬϬ;ĚƵĂŵŝůŝĂƌĚĞůĂƉĂŶƌĂƚƵƐ
ĚƵĂ ƉƵůƵŚ ƚŝŐĂ ũƵƚĂ ƚŝŐĂ ƌĂƚƵƐ ůŝŵĂ ƉƵůƵŚ ƐĂƚƵ ƌŝďƵ ƐĞƌĂƚƵƐͿ ƐĂŚĂŵ ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ZƉϭϬϬ ;ƐĞƌĂƚƵƐ ZƵƉŝĂŚͿ ĂƚĂƵ
ƐĞďĞƐĂƌϭϬй;ƐĞƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƉĞŶƵŚĚĂůĂŵWĞƌƐĞƌŽĂŶƐĞƚĞůĂŚWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝ͘
<ĞƐĞůƵƌƵŚĂŶƐĂŚĂŵ ƚĞƌƐĞďƵƚ ĚŝƚĂǁĂƌŬĂŶ ĚĞŶŐĂŶ ,ĂƌŐĂ WĞŶĂǁĂƌĂŶƐĞďĞƐĂƌZƉϰϬϬ͕Ͳ ;ĞŵƉĂƚ ƌĂƚƵƐZƵƉŝĂŚͿ  ƐĞƚŝĂƉ ƐĂŚĂŵ͕
LJĂŶŐ ŚĂƌƵƐ ĚŝďĂLJĂƌ ƉĞŶƵŚ ƉĂĚĂ ƐĂĂƚ ŵĞŶŐĂũƵŬĂŶ &WW^͘ :ƵŵůĂŚ ƐĞůƵƌƵŚ ŶŝůĂŝ WĞŶĂǁĂƌĂŶ hŵƵŵ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϭ͘ϭϮϵ͘ϯϰϬ͘ϰϰϬ͘ϬϬϬ͕Ͳ  ;ƐĂƚƵ ƚƌŝůŝƵŶ ƐĞƌĂƚƵƐ ĚƵĂ ƉƵůƵŚ ƐĞŵďŝůĂŶ ŵŝůŝĂƌ ƚŝŐĂ ƌĂƚƵƐ ĞŵƉĂƚ ƉƵůƵŚ ũƵƚĂ ĞŵƉĂƚ ƌĂƚƵƐ ĞŵƉĂƚ
ƉƵůƵŚƌŝďƵZƵƉŝĂŚͿ͘

^ĞƐƵĂŝĚĞŶŐĂŶŬĞƉƵƚƵƐĂŶZhW^LJĂŶŐĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƉĂĚĂƚĂŶŐŐĂůϭϲ:ƵŶŝϮϬϭϳƐĞďĂŐĂŝŵĂŶĂƚĞƌƚƵĂŶŐĚĂůĂŵŬƚĂĞƌŝƚĂ
ĐĂƌĂ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ >ƵĂƌ ŝĂƐĂ EŽ͘ ϴϮ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ &ĂƚŚŝĂŚ ,Ğůŵŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕
WĞƌƐĞƌŽĂŶĂŬĂŶŵĞŶŐĂůŽŬĂƐŝŬĂŶƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂϮ͕ϲϳй;ĚƵĂŬŽŵĂĞŶĂŵƚƵũƵŚƉĞƌƐĞŶͿĚĂƌŝ^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶ
ƉĂĚĂƐĂĂƚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ͘^ĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŚĂůŝƚƵ͕WĞƌƐĞƌŽĂŶŵĞŶŐĂůŽŬĂƐŝŬĂŶƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ
ϳϰ͘ϲϱϵ͘ϰϬϬ ;ƚƵũƵŚ ƉƵůƵŚ ĞŵƉĂƚ ũƵƚĂ ĞŶĂŵ ƌĂƚƵƐ ůŝŵĂ ƉƵůƵŚ ƐĞŵďŝůĂŶ ƌŝďƵ ĞŵƉĂƚ ƌĂƚƵƐͿ ƐĂŚĂŵ ďŝĂƐĂ ĂƚĂƐ ŶĂŵĂ ƵŶƚƵŬ
ƉƌŽŐƌĂŵĂůŽŬĂƐŝƐĂŚĂŵŬĞƉĂĚĂŬĂƌLJĂǁĂŶ;ŵƉůŽLJĞĞ^ƚŽĐŬůůŽĐĂƚŝŽŶ(“ESA”))ĚĞŶŐĂŶŚĂƌŐĂƉĞůĂŬƐĂŶĂĂŶ^ƐĂŵĂĚĞŶŐĂŶ
,ĂƌŐĂWĞŶĂǁĂƌĂŶ͘

ĞƌĚĂƐĂƌŬĂŶ ŬƚĂ ĞƌŝƚĂ ĐĂƌĂ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ >ƵĂƌ ŝĂƐĂ EŽ͘ ϴϮ ƚĂŶŐŐĂů ϭϲ :ƵŶŝ ϮϬϭϳ͕ LJĂŶŐ ĚŝďƵĂƚ
Ěŝ ŚĂĚĂƉĂŶ &ĂƚŚŝĂŚ ,Ğůŵŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ ƉĂƌĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶLJĞƚƵũƵŝ ƉĞůĂŬƐĂŶĂĂŶ
WƌŽŐƌĂŵ DĂŶĂŐĞŵĞŶƚ ĂŶĚ ŵƉůŽLJĞĞ ^ƚŽĐŬ KƉƚŝŽŶ WůĂŶ ;“D^KW”Ϳ͘ ,ĂŬ ŽƉƐŝ LJĂŶŐ ĂŬĂŶ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ŬĞƉĂĚĂ WĞƐĞƌƚĂ
WƌŽŐƌĂŵ D^KW ĚĂƉĂƚ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞŵďĞůŝ ƐĂŚĂŵ ďĂƌƵ LJĂŶŐ ĂŬĂŶ ĚŝŬĞůƵĂƌŬĂŶ ĚĂƌŝ ƉŽƌƚĞƉĞů͕ ĚĞŶŐĂŶ ũƵŵůĂŚ
ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂϭ͕ϳϮй;ƐĂƚƵŬŽŵĂƚƵũƵŚĚƵĂƉĞƌƐĞŶͿĚĂƌŝŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƉĞŶƵŚƐĞƚĞůĂŚWĞŶĂǁĂƌĂŶ
hŵƵŵ  WĞƌĚĂŶĂ ^ĂŚĂŵ͕ ĚĂůĂŵ ǁĂŬƚƵ Ϯ ;ĚƵĂͿ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ƉĞŶĐĂƚĂƚĂŶ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ Ěŝ ƵƌƐĂ ĨĞŬ
/ŶĚŽŶĞƐŝĂ͘ ^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŚĂů ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶŐĂůŽŬĂƐŝŬĂŶ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ ϰϴϱ͘ϲϭϲ͘ϯϬϬ ;ĞŵƉĂƚ
ƌĂƚƵƐĚĞůĂƉĂŶƉƵůƵŚůŝŵĂũƵƚĂĞŶĂŵƌĂƚƵƐĞŶĂŵďĞůĂƐƌŝďƵƚŝŐĂƌĂƚƵƐƐĞŵďŝůĂŶͿƐĂŚĂŵďĂƌƵ͘

^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶĂŬĂŶŵĞŵďĞƌŝŬĂŶŬĞƉĂĚĂƉĞŵĞŐĂŶŐŶLJĂŚĂŬLJĂŶŐƐĂŵĂĚĂŶƐĞĚĞƌĂũĂƚĚĂůĂŵƐĞŐĂůĂŚĂůĚĞŶŐĂŶ
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ŬĞŬĂLJĂĂŶ ŚĂƐŝů ůŝŬƵŝĚĂƐŝ͕ ŚĂŬ ƵŶƚƵŬ ŵĞŶŐŚĂĚŝƌŝ ĚĂŶ ŵĞŶŐĞůƵĂƌŬĂŶ ƐƵĂƌĂ ĚĂůĂŵ ZhW^͕ ŚĂŬ ĂƚĂƐ ƉĞŵďĂŐŝĂŶ ƐĂŚĂŵ ďŽŶƵƐ
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ŬĞƉĂĚĂƉŝŚĂŬŵĂŶĂƉƵŶƐĞƌƚĂƚŝĚĂŬƐĞĚĂŶŐĚŝƚĂǁĂƌŬĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͘





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 ĞƌĚĂƐĂƌŬĂŶ ŬƚĂĞƌŝƚĂ ĐĂƌĂ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ^ĂŚĂŵ >ƵĂƌ ŝĂƐĂ EŽ͘ϴϮ ƚĂŶŐŐĂů ϭϲ :ƵŶŝϮϬϭϳ͕ LJĂŶŐ
ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ &ĂƚŚŝĂŚ ,Ğůŵŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ
DĞŶŬƵŵŚĂŵďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘,hͲϬϬϭϯϭϳϴ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϭϳƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳĚĂŶ
ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϳϴϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ
ϮϬϭϳƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳ͕ĚĂŶƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶŬƵŵŚĂŵƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂůĂŵ^ƵƌĂƚ
WĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌEŽ͘,hͲ,͘Ϭϭ͘Ϭϯ͘ϬϭϰϳϯϯϴƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳĚĂŶ
ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϳϴϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ
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ƐĞũƵŵůĂŚZƉϯϲϲ͘ϴϬϬ͘ϬϬϬ͘ϬϬϬŵĞŶũĂĚŝZƉϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕;ŝŝͿƉĞŶŝŶŐŬĂƚĂŶŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶŵŽĚĂů
ĚŝƐĞƚŽƌ WĞƌƐĞƌŽĂŶ ĚĂƌŝ ƐĞŵƵůĂ ƐĞũƵŵůĂŚ ZƉϭϲϲ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬ ŵĞŶũĂĚŝ ZƉϮ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ LJĂŶŐ ĚŝůĂŬƵŬĂŶ
ĚĞŶŐĂŶ ĚĞŶŐĂŶ ŬĂƉŝƚĂůŝƐĂƐŝ ƐĂůĚŽ ůĂďĂ ĚŝƚĂŚĂŶ WĞƌƐĞƌŽĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ďĞƌĚĂƐĂƌŬĂŶ
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĂŚƵŶ ďƵŬƵ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ LJĂŶŐ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ <ĂŶƚŽƌ ŬƵŶƚĂŶ WƵďůŝŬ ^ĂƚƌŝŽ ŝŶŐ
ŶLJ Θ ZĞŬĂŶ ĚĂŶ ;ŝŝŝͿ ƉĞƌƵďĂŚĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ƐĂŚĂŵ ƚŝĂƉ ƐĂŚĂŵ ĚĂƌŝ ƐĞŵƵůĂ ZƉϮϱϬ͘ϬϬϬ ŵĞŶũĂĚŝ ZƉϭϬϬ͕
ƐĞŚŝŶŐŐĂ ƐƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ ĚĂŶ ƐƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ WƌŽƐƉĞŬƚƵƐ ŝŶŝ
ĚŝƚĞƌďŝƚŬĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EŝůĂŝEŽŵŝŶĂůZƉϭϬϬ͕ͲƉĞƌƐĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͿ WĞƌƐĞŶƚĂƐĞ;йͿ
DŽĚĂůĂƐĂƌ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ   
ϭ͘'Zh Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϵϵ͕ϬϬ
Ϯ͘t^ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ϭ͕ϬϬ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϯ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
:ƵŵůĂŚ^ĂŚĂŵĚĂůĂŵWŽƌƚĞƉĞů ϳϰ͘ϱϴϵ͘ϴϯϵ͘ϲϬϬ ϳ͘ϰϱϴ͘ϵϴϯ͘ϵϲϬ͘ϬϬϬ 

WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ

ĞŶŐĂŶ ƚĞƌũƵĂůŶLJĂ ƐĞůƵƌƵŚ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ͕ ŵĂŬĂ
ƐƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ ĚĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƐĞďĞůƵŵ ĚĂŶ ƐĞƚĞůĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ ŝŶŝ ƐĞĐĂƌĂ
ƉƌŽĨŽƌŵĂŵĞŶũĂĚŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

DŽĚĂů^ĂŚĂŵ
^ĂŚĂŵŝĂƐĂƚĂƐEĂŵĂ
ĞŶŐĂŶEŝůĂŝEŽŵŝŶĂůZƉϭϬϬ;ƐĞƌĂƚƵƐZƵƉŝĂŚͿ^ĞƚŝĂƉ^ĂŚĂŵ

^ĞďĞůƵŵWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ^ĞƐƵĚĂŚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ
:ƵŵůĂŚEŝůĂŝ :ƵŵůĂŚEŝůĂŝ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ :ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ
;ZƉͿ ;ZƉͿ
DŽĚĂůĂƐĂƌ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ  ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŝƐĞƚŽƌ
WĞŶƵŚ͗      
ϭ͘'Zh Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϵϵ͕ϬϬ Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϴϵ͕ϭϬ
Ϯ͘t^ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ϭ͕ϬϬ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϭ͕ϵϬ
ϯ͘DĂƐLJĂƌĂŬĂƚ Ͳ Ͳ Ͳ Ϯ͘ϴϮϯ͘ϯϱϭ͘ϭϬϬ ϮϴϮ͘ϯϯϱ͘ϭϭϬ͘ϬϬϬ ϭϬ͕ϬϬ
:ƵŵůĂŚ DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ  
ŝƐĞƚŽƌWĞŶƵŚ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϯ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ ϭϬϬ͕ϬϬ Ϯϴ͘Ϯϯϯ͘ϱϭϭ͘ϱϬϬ Ϯ͘ϴϮϯ͘ϯϱϭ͘ϭϱϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů ϳϰ͘ϱϴϵ͘ϴϯϵ͘ϲϬϬ ϳ͘ϰϱϴ͘ϵϴϯ͘ϵϲϬ͘ϬϬϬ  ϳϭ͘ϳϲϲ͘ϰϴϴ͘ϱϬϬ ϳ͘ϭϳϲ͘ϲϰϴ͘ϴϱϬ͘ϬϬϬ 

WƌŽŐƌĂŵůŽŬĂƐŝ^ĂŚĂŵŬĞƉĂĚĂ<ĂƌLJĂǁĂŶ;ŵƉůŽLJĞĞ^ƚŽĐŬůůŽĐĂƚŝŽŶ(“ESA”))

^ĞƐƵĂŝĚĞŶŐĂŶŬĞƉƵƚƵƐĂŶZhW^LJĂŶŐĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƉĂĚĂƚĂŶŐŐĂůϭϲ:ƵŶŝϮϬϭϳƐĞďĂŐĂŝŵĂŶĂƚĞƌƚƵĂŶŐĚĂůĂŵ
ŬƚĂ ĞƌŝƚĂ ĐĂƌĂ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ >ƵĂƌ ŝĂƐĂ EŽ͘ ϴϮ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ &ĂƚŚŝĂŚ ,Ğůŵŝ͕
^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶŐĂůŽŬĂƐŝŬĂŶ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ Ϯ͕ϲϳй ;ĚƵĂ ŬŽŵĂ ĞŶĂŵ ƚƵũƵŚ
ƉĞƌƐĞŶͿ ĚĂƌŝ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ƉĂĚĂ ƐĂĂƚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ͘ ^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŚĂů
ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂůŽŬĂƐŝŬĂŶ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ ϳϰ͘ϲϱϵ͘ϰϬϬ ;ƚƵũƵŚ ƉƵůƵŚ ĞŵƉĂƚ ũƵƚĂ ĞŶĂŵ ƌĂƚƵƐ ůŝŵĂ
ƉƵůƵŚ ƐĞŵďŝůĂŶ ƌŝďƵ ĞŵƉĂƚ ƌĂƚƵƐͿ ƐĂŚĂŵ ďŝĂƐĂ ĂƚĂƐ ŶĂŵĂ ƵŶƚƵŬ ƉƌŽŐƌĂŵ ĂůŽŬĂƐŝ ƐĂŚĂŵ ŬĞƉĂĚĂ ŬĂƌLJĂǁĂŶ
;ŵƉůŽLJĞĞ^ƚŽĐŬůůŽĐĂƚŝŽŶ(“ESA”))ĚĞŶŐĂŶŚĂƌŐĂƉĞůĂŬƐĂŶĂĂŶ^ƐĂŵĂĚĞŶŐĂŶ,ĂƌŐĂWĞŶĂǁĂƌĂŶ͘


2
ĂůĂŵ WƌŽŐƌĂŵ ^ ĂŬĂŶ ĚŝĂůŽŬĂƐŝŬĂŶ ^ĂŚĂŵ WĞŶŐŚĂƌŐĂĂŶ ŬĞƉĂĚĂ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŵĞŶƵŚŝ
ŬĞƚĞŶƚƵĂŶWĞƌƐĞƌŽĂŶ;ƐĞůĂŶũƵƚŶLJĂĚŝƐĞďƵƚWĞƐĞƌƚĂWƌŽŐƌĂŵ^Ϳ͕ĚĞŶŐĂŶƉĞŶĞƚĂƉĂŶĂůŽŬĂƐŝƐĂŚĂŵLJĂŶŐĂŬĂŶ
ĚŝƚĞŶƚƵŬĂŶŽůĞŚƌĂƉĂƚŝƌĞŬƐŝ͘

dƵũƵĂŶ ƵƚĂŵĂ ƉƌŽŐƌĂŵ ^ ĂĚĂůĂŚ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ŬĞƐĞŵƉĂƚĂŶ ŬĞƉĂĚĂ ƉĞŐĂǁĂŝ ƵŶƚƵŬ ŝŬƵƚ ŵĞŵŝůŝŬŝ
WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ͕ ƐĞŚŝŶŐŐĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ƌĂƐĂ ŵĞŵŝůŝŬŝ ;ƐĞŶƐĞ ŽĨ ďĞůŽŶŐŝŶŐͿ ƐĞƌƚĂ
ƉĞŶŝŶŐŬĂƚĂŶ ƉƌŽĚƵŬƚŝǀŝƚĂƐŬĞƌũĂLJĂŶŐ ĂŬĂŶďĞƌĚĂŵƉĂŬ ƉŽƐŝƚŝĨ ƉĂĚĂŬŝŶĞƌũĂ ŬŽƌƉŽƌĂƐŝ ƐĞĐĂƌĂ ŬĞƐĞůƵƌƵŚĂŶ ĚĂŶ
ƉĞŶŝŶŐŬĂƚŬĂŶ ŶŝůĂŝ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚĂƉĂƚ ĚŝŶŝŬŵĂƚŝ ŽůĞŚ ƐĞůƵƌƵŚ ƐƚĂŬĞŚŽůĚĞƌƐ͘ ^ƵŵďĞƌ ƉĞŶĚĂŶĂĂŶ LJĂŶŐ
ĚŝŐƵŶĂŬĂŶ ĚĂůĂŵ ƉĞůĂŬƐĂŶĂĂŶ WƌŽŐƌĂŵ ^͕ ďĞƌĂƐĂů ĚĂƌŝ ŬĂƐ ŝŶƚĞƌŶĂů WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƐĂŚĂŵ ďŽŶƵƐ͕
ƐĞĚĂŶŐŬĂŶ ƵŶƚƵŬ ƐĂŚĂŵ ũĂƚĂŚ ƉĂƐƚŝ ŵĞŶŐŐƵŶĂŬĂŶ ĚĂŶĂ ŝŶƐĞŶƚŝĨ LJĂŶŐ ĚŝƚĞƌŝŵĂ ƉĞŐĂǁĂŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶWĞƌƐĞƌŽĂŶ͘

WŝŚĂŬ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĂƚĂƐ WƌŽŐƌĂŵ ^ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ŝǀŝƐŝ ,ƵŵĂŶ ĂƉŝƚĂů DĂŶĂŐĞŵĞŶƚ
WĞƌƐĞƌŽĂŶ͘

ĂůĂŵ WƌŽŐƌĂŵ ^ ĂŬĂŶ ĚŝĂůŽŬĂƐŝŬĂŶ ^ĂŚĂŵ ŽŶƵƐ ŬĞƉĂĚĂ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŵĞŶƵŚŝ ŬƵĂůŝĨŝŬĂƐŝ
;ƐĞůĂŶũƵƚŶLJĂ ĚŝƐĞďƵƚ WĞƐĞƌƚĂ WƌŽŐƌĂŵ ^Ϳ͘ ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ŝƌĞŬƐŝ EŽ <WͬdͲ ϱϬϬϭͬϮϬϭϳ
ƚĂŶŐŐĂů ϭϲ ŐƵƐƚƵƐ ϮϬϭϳ ƚĞŶƚĂŶŐ WƌŽŐƌĂŵ ŵƉůŽLJĞĞ ^ƚŽĐŬ ůůŽĐĂƚŝŽŶ ;^Ϳ ďĞƌƵƉĂ ƉĞŵďĞƌŝĂŶ ^ĂŚĂŵ ŽŶƵƐ
ĚĂŶ ^ĂŚĂŵ :ĂƚĂŚ WĂƐƚŝ WĞŐĂǁĂŝ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĞƚĂƉŬĂŶ ũƵŵůĂŚ WƌŽŐƌĂŵ ^ ĂĚĂůĂŚ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ
ϳϰ͘ϲϱϵ͘ϰϬϬ ;ƚƵũƵŚ ƉƵůƵŚ ĞŵƉĂƚ ũƵƚĂ ĞŶĂŵ ƌĂƚƵƐ ůŝŵĂ ƉƵůƵŚ ƐĞŵďŝůĂŶ ƌŝďƵ ĞŵƉĂƚ ƌĂƚƵƐ ƐĂŚĂŵͿ ƐĂŚĂŵ ĂƚĂƵ
ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ Ϯ͕ϲϰй ;ĚƵĂ ŬŽŵĂ ĞŶĂŵ ĞŵƉĂƚ ƉĞƌƐĞŶͿ ƐĂŚĂŵ ĚĂƌŝ ƚŽƚĂů ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ͕ LJĂŶŐ
ƚĞƌĚŝƌŝĚĂƌŝ͗

Ă͘ ^ĂŚĂŵ ŽŶƵƐ ƐĞďĞƐĂƌ Ϯ͕ϯϴй ;ĚƵĂ ŬŽŵĂ ƚŝŐĂ ĚĞůĂƉĂŶ ƉĞƌƐĞŶͿ ĚĂƌŝ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ƉĂĚĂ ƐĂĂƚ
WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵĂƚĂƵƐĞďĂŶLJĂŬϲϳ͘ϯϮϱ͘ϭϬϬ;ĞŶĂŵƉƵůƵŚƚƵũƵŚũƵƚĂƚŝŐĂƌĂƚƵƐĚƵĂƉƵůƵŚ
ůŝŵĂƌŝďƵƐĞƌĂƚƵƐͿƐĂŚĂŵ͖
ď͘ ^ĂŚĂŵ:ĂƚĂŚWĂƐƚŝƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂϬ͕Ϯϲй;ŶŽůŬŽŵĂĚƵĂĞŶĂŵƉĞƌƐĞŶͿĚĂƌŝ^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶ
ƉĂĚĂ ƐĂĂƚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ĂƚĂƵ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ ϳ͘ϯϯϰ͘ϯϬϬ ;ƚƵũƵŚ ũƵƚĂ ƚŝŐĂ ƌĂƚƵƐ
ƚŝŐĂƉƵůƵŚĞŵƉĂƚƌŝďƵƚŝŐĂƌĂƚƵƐͿƐĂŚĂŵ͘

WĞůĂŬƐĂŶĂĂŶ WƌŽŐƌĂŵ ^ ĂŬĂŶ ŵĞŶŐŝŬƵƚŝ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ƚĞƌĚĂƉĂƚ ĚĂůĂŵ WĞƌĂƚƵƌĂŶ EŽ͘ /y͘͘ϳ͕ LJĂŝƚƵ
ƉĞŶũĂƚĂŚĂŶ ƉĂƐƚŝ ĚĞŶŐĂŶ ũƵŵůĂŚ ƉĂůŝŶŐ ďĂŶLJĂŬ ϭϬй ;ƐĞƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ũƵŵůĂŚ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ
ĚĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ͘

^ĂŚĂŵŽŶƵƐ

^ĂŚĂŵ ŽŶƵƐ LJĂŝƚƵ ĂůŽŬĂƐŝ ƐĂŚĂŵ LJĂŶŐ ĚŝďĞƌŝŬĂŶ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ĐƵŵĂͲĐƵŵĂ ŬĞƉĂĚĂ ^ĞůƵƌƵŚ WĞƐĞƌƚĂ
WƌŽŐƌĂŵ^ĚĞŶŐĂŶũƵŵůĂŚƐĂŚĂŵƐĞďĂŶLJĂŬϲϳ͘ϯϮϱ͘ϭϬϬ;ĞŶĂŵƉƵůƵŚƚƵũƵŚũƵƚĂƚŝŐĂƌĂƚƵƐĚƵĂƉƵůƵŚůŝŵĂƌŝďƵ
ƐĞƌĂƚƵƐͿ ƐĂŚĂŵ͘ ^ĂŚĂŵ ďŽŶƵƐ ŵĞŵŝůŝŬŝ >ŽĐŬͲƵƉ ƉĞƌŝŽĚ ƐĞůĂŵĂ Ϯ ƚĂŚƵŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ĂƉĂďŝůĂ ƉĂĚĂ ƐĂĂƚ
>ŽĐŬͲƵƉ ƉĞƌŝŽĚ WĞƐĞƌƚĂ WƌŽŐƌĂŵ ^ ŵĞŶŐƵŶĚƵƌŬĂŶ Ěŝƌŝ͕ WĞƐĞƌƚĂ WƌŽŐƌĂŵ ^ ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŶĞƌƵƐŬĂŶ
ŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵŶLJĂĚĂŶƚŝĚĂŬĚĂƉĂƚŵĞŵƉĞƌũƵĂůďĞůŝŬĂŶĚĂŶͬĂƚĂƵŵĞŵŝŶĚĂŚƚĂŶŐĂŶŬĂŶŶLJĂƐĞƚĞůĂŚƉĞƌŝŽĚĞ
>ŽĐŬͲhƉďĞƌĂŬŚŝƌ͘DĂƐĂ>ŽĐŬͲƵƉĚŝŵƵůĂŝƐĞũĂŬƚĂŶŐŐĂůWĞŶĐĂƚĂƚĂŶ^ĂŚĂŵWĞƌƐĞƌŽĂŶĚŝƵƌƐĂĨĞŬ͘

^ĂŚĂŵ:ĂƚĂŚWĂƐƚŝ

^ĂŚĂŵ:ĂƚĂŚWĂƐƚŝLJĂŝƚƵĂůŽŬĂƐŝĚĞŶŐĂŶũĂƚĂŚƉĂƐƚŝLJĂŶŐĚŝďĞƌŝŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵďĞůŝƐĂŚĂŵWĞŶĂǁĂƌĂŶ
hŵƵŵŽůĞŚWĞƐĞƌƚĂWƌŽŐƌĂŵ^ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂϳ͘ϯϯϰ͘ϯϬϬ;ƚƵũƵŚũƵƚĂƚŝŐĂƌĂƚƵƐƚŝŐĂƉƵůƵŚĞŵƉĂƚƌŝďƵ
ƚŝŐĂ ƌĂƚƵƐͿ ƐĂŚĂŵ͘ WĞƐĞƌƚĂ ^ ĚĂƉĂƚ ŵĞŵďĞůŝ ^ĂŚĂŵ :ĂƚĂŚ WĂƐƚŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ũƵŵůĂŚ ĂůŽŬĂƐŝ ďĞƌĚĂƐĂƌŬĂŶ
ŬĞďŝũĂŬĂŶŝŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶ͘,ĂƌŐĂƉĞůĂŬƐĂŶĂĂŶ^ƵŶƚƵŬƐĂŚĂŵũĂƚĂŚƉĂƐƚŝƐĂŵĂĚĞŶŐĂŶ,ĂƌŐĂWĞŶĂǁĂƌĂŶ͘
^ĂŚĂŵ:ĂƚĂŚWĂƐƚŝƚŝĚĂŬŵĞŵŝůŝŬŝ>ŽĐŬͲƵƉƉĞƌŝŽĚ͘







3
WĞƐĞƌƚĂWƌŽŐƌĂŵ^

WĞƐĞƌƚĂƉƌŽŐƌĂŵ^ĂĚĂůĂŚƉĞŐĂǁĂŝWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌũƵŵůĂŚƐĞŬŝƚĂƌϯ͘ϵϴϰ;ƚŝŐĂƌŝďƵƐĞŵďŝůĂŶƌĂƚƵƐĚĞůĂƉĂŶ
ƉƵůƵŚĞŵƉĂƚͿŽƌĂŶŐŬĞĐƵĂůŝďĂŐŝŝƌĞŬƐŝĚĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶLJĂŶŐŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ϭ͘ WĞŐĂǁĂŝdĞƚĂƉWĞƌƐĞƌŽĂŶLJĂŶŐƚĞƌĐĂƚĂƚĚĂŶĂŬƚŝĨďĞŬĞƌũĂƉĂĚĂϯϭŐƵƐƚƵƐϮϬϭϳ͘
Ϯ͘ WĞŐĂǁĂŝdĞƚĂƉĚĞŶŐĂŶDĂƐĂ<ĞƌũĂŬƚŝĨůĞďŝŚĚĂƌŝϭ;ƐĂƚƵͿƚĂŚƵŶƉĞƌƚĂŶŐŐĂůϯϭŐƵƐƚƵƐϮϬϭϳ͘
ϯ͘ WĞŐĂǁĂŝ dĞƚĂƉ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƚŝĚĂŬ ĚĂůĂŵ ƐƚĂƚƵƐ ƚĞƌŬĞŶĂ ŚƵŬƵŵĂŶ ĚŝƐŝƉůŝŶ ďĞƌĂƚ ;^WϯͿ ƉĂĚĂ ƐĂĂƚ
ƉĞůĂŬƐĂŶĂĂŶWƌŽŐƌĂŵ^͘
ϰ͘ WĞŐĂǁĂŝdĞƚĂƉWĞƌƐĞƌŽĂŶLJĂŶŐƚŝĚĂŬĚĂůĂŵƐƚĂƚƵƐƵƚŝĞŶŐĂŶdĂŶŐŐƵŶŐĂŶWĞƌƵƐĂŚĂĂŶ;dWͿ
ϱ͘ dŝĚĂŬďĞƌůĂŬƵďĂŐŝŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘

ƉĂďŝůĂƉĞƐĞƌƚĂWƌŽŐƌĂŵ^ƚŝĚĂŬŵĞŵĞŶƵŚŝŬƌŝƚĞƌŝĂͬƉĞƌƐLJĂƌĂƚĂŶLJĂŶŐŵĞŶLJĞďĂďŬĂŶŐƵŐƵƌŶLJĂŚĂŬƉĞƐĞƌƚĂ
ƉƌŽŐƌĂŵ ^ ƉĂĚĂ ǁĂŬƚƵ ƉĞƌŝŽĚĞ ƉĞŶĂǁĂƌĂŶ ^ ďĂŝŬ ƵŶƚƵŬ ƐĂŚĂŵ ďŽŶƵƐ ŵĂƵƉƵŶ ƐĂŚĂŵ ũĂƚĂŚ ƉĂƐƚŝ͕
WĞƌƐĞƌŽĂŶĂŬĂŶŵĞůĂŬƵŬĂŶ͗
Ͳ hŶƚƵŬƐĂŚĂŵďŽŶƵƐ ͗ ^ĂŚĂŵĂŬĂŶĚŝŬĞŵďĂůŝŬĂŶŬĞWĞƌƐĞƌŽĂŶƵŶƚƵŬĚŝĂůŝŚŬĂŶŬĞƉĞŐĂǁĂŝůĂŝŶ
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘
Ͳ hŶƚƵŬƐĂŚĂŵũĂƚĂŚƉĂƐƚŝ ͗ ^ĂŚĂŵ ĂŬĂŶ ĚŝůĞƉĂƐ ŬĞŵďĂůŝ ƵŶƚƵŬ ĚŝũƵĂů ŬĞ ƉƵďůŝŬ ďĞƌƐĂŵĂĂŶ ĚĞŶŐĂŶ
ƉƌŽƐĞƐ/WK͘

ƉĂďŝůĂƉĞƐĞƌƚĂWƌŽŐƌĂŵ^ƚŝĚĂŬŵĞŵĞŶƵŚŝŬƌŝƚĞƌŝĂͬƉĞƌƐLJĂƌĂƚĂŶLJĂŶŐŵĞŶLJĞďĂďŬĂŶŐƵŐƵƌŶLJĂŚĂŬƉĞƐĞƌƚĂ
ƉƌŽŐƌĂŵ^ƐĞƚĞůĂŚƉĞƌŝŽĚĞƉĞŶĂǁĂƌĂŶ^ďĂŝŬƵŶƚƵŬƐĂŚĂŵďŽŶƵƐŵĂƵƉƵŶƐĂŚĂŵũĂƚĂŚƉĂƐƚŝ͕WĞƌƐĞƌŽĂŶ
ĂŬĂŶŵĞůĂŬƵŬĂŶ͗
Ͳ hŶƚƵŬƐĂŚĂŵďŽŶƵƐ ͗ ^ĂŚĂŵĂŬĂŶĚŝŬĞŵďĂůŝŬĂŶŬĞWĞƌƐĞƌŽĂŶ͘

dĂƚĂĂƌĂWĞŵĞƐĂŶĂŶWƌŽŐƌĂŵ^

WĞƌŝŽĚĞƉĞŵĞƐĂŶĂŶƐĂŚĂŵũĂƚĂŚƉĂƐƚŝŽůĞŚƉĞƐĞƌƚĂ^ĚŝůĂŬƵŬĂŶƐĞďĞůƵŵŵĂƐĂŬďƵŝůĚŝŶŐďĞƌĂŬŚŝƌ͘^ĂŚĂŵ
ũĂƚĂŚ ƉĂƐƚŝ ĚŝďĂLJĂƌŬĂŶ ĚĂƌŝ ŝŶƐĞŶƚŝĨ LJĂŶŐ ĚŝƚĞƌŝŵĂ ƉĞŐĂǁĂŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ WĞƌƐĞƌŽĂŶ͘ ^ĞŵĞŶƚĂƌĂ
ƵŶƚƵŬ ƐĂŚĂŵ ďŽŶƵƐ ĂŬĂŶ ĚŝďĞƌŝŬĂŶ ůĂŶŐƐƵŶŐ ŬĞƉĂĚĂ ƉĞƐĞƌƚĂ ƉƌŽŐƌĂŵ ^ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞŶƚƵŬĂŶ ƚĂŶƉĂ
ŵĞůĞǁĂƚŝƉƌŽƐĞƐƉĞŵĞƐĂŶĂŶ͘

,ĂŬ–,ĂŬWĞŵĞŐĂŶŐ^

WĂƌĂƉĞƐĞƌƚĂƉƌŽŐƌĂŵ^ďĞƌŚĂŬŵĞŶĚĂƉĂƚŬĂŶƐĂŚĂŵďŽŶƵƐĚĂŶŵĞŵŝůŝŬŝŽƉƐŝƵŶƚƵŬŵĞŵďĞůŝƐĂŚĂŵũĂƚĂŚ
ƉĂƐƚŝƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ƚĞůĂŚĚŝĂƚƵƌ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƚĞŶƚĂŶŐ WƌŽŐƌĂŵ ŵƉůŽLJĞĞ^ƚŽĐŬ ůůŽĐĂƚŝŽŶ
;^Ϳ͘WĂƌĂWĞƐĞƌƚĂWƌŽŐƌĂŵ^ďĞƌŚĂŬĂƚĂƐŚĂŬĚŝǀŝĚĞŶ͕ŚĂŬƐƵĂƌĂĚĂůĂŵZhW^͕ĚĂŶŚĂŬͲŚĂŬůĂŝŶŶLJĂƐĞƐƵĂŝ
ĚĞŶŐĂŶŚĂŬͲŚĂŬƉĞŵĞŐĂŶŐƐĂŚĂŵůĂŝŶŶLJĂ͘

<ĞƚĞŶƚƵĂŶWƌŽŐƌĂŵ^

ŝĂLJĂ ĚĂŶ ƉĂũĂŬ LJĂŶŐ ĂŬĂŶ ƚŝŵďƵů ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ WƌŽŐƌĂŵ ^ ďĞƌƵƉĂ ƉĞŵďĞƌŝĂŶ ŽŶƵƐ ^ĂŚĂŵ ĂŬĂŶ
ĚŝƚĂŶŐŐƵŶŐ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ƐĞĚĂŶŐŬĂŶ ƵŶƚƵŬ WƌŽŐƌĂŵ ^ ^ĂŚĂŵ :ĂƚĂŚ WĂƐƚŝ͕ ƐĞůƵƌƵŚ ďŝĂLJĂ ĚĂŶ ƉĂũĂŬ LJĂŶŐ
ƚŝŵďƵů ĂŬĂŶ ĚŝƚĂŶŐŐƵŶŐ ŽůĞŚ ƉĞƐĞƌƚĂ͘ ŝĂLJĂ LJĂŶŐ ƉĞƌůƵ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞƐĞƌƚĂ WƌŽŐƌĂŵ ^ ^ĂŚĂŵ :ĂƚĂŚ
WĂƐƚŝƵŶƚƵŬŵĞŵƉĞƌŽůĞŚƐĂŚĂŵƐĂŵĂĚĞŶŐĂŶ,ĂƌŐĂWĞŶĂǁĂƌĂŶ͘

dĞƌŬĂŝƚWƌŽŐƌĂŵ^ďĂŝŬ^ĂŚĂŵŽŶƵƐŵĂƵƉƵŶ^ĂŚĂŵ:ĂƚĂŚWĂƐƚŝ͕WĞƐĞƌƚĂWƌŽŐƌĂŵ^ƚŝĚĂŬĚŝŬĞŶĂŬĂŶďŝĂLJĂ
ƉĂũĂŬƉĂĚĂƐĂĂƚƉĞŶĞƌŝŵĂĂŶƐĂŚĂŵŽůĞŚŵĂƐŝŶŐͲŵĂƐŝŶŐWĞƐĞƌƚĂWƌŽŐƌĂŵ^͘ĂůĂŵŚĂůWĞƐĞƌƚĂWƌŽŐƌĂŵ^
ŵĞůĂŬƵŬĂŶƉĞŶũƵĂůĂŶƐĂŚĂŵŵĞůĂůƵŝƵƌƐĂĨĞŬ/ŶĚŽŶĞƐŝĂ͕ŵĂŬĂWĞƐĞƌƚĂWƌŽŐƌĂŵ^ĂŬĂŶĚŝŬĞŶĂŬĂŶƉĂũĂŬ
ƉĞŶũƵĂůĂŶƐĞďĞƐĂƌϬ͕ϭйĚĂƌŝŶŝůĂŝƚƌĂŶƐĂŬƐŝƉĞŶũƵĂůĂŶ͘hŶƚƵŬƉĞůĂŬƐĂŶĂĂŶƉĞŶũƵĂůĂŶƐĂŚĂŵĚŝůƵĂƌƵƌƐĂĨĞŬ
/ŶĚŽŶĞƐŝĂĂŬĂŶĚŝŬĞŶĂŬĂŶƉĂũĂŬLJĂŶŐĚŝƉĞƌŚŝƚƵŶŐŬĂŶĚĂƌŝĐĂƉŝƚĂůŐĂŝŶLJĂŶŐĚŝƚĞƌŝŵĂŽůĞŚWĞƐĞƌƚĂWƌŽŐƌĂŵ^͘




4
 WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶĞƌďŝƚŬĂŶ ŬŽŶĨŝƌŵĂƐŝ ĂůŽŬĂƐŝ ^ĂŚĂŵ ŽŶƵƐ ĚĂŶ ^ĂŚĂŵ :ĂƚĂŚ WĂƐƚŝ ŬĞƉĂĚĂ WĞƐĞƌƚĂ ^͘
WĞƌƐĞƌƚĂ ǁĂũŝď ŵĞŶLJĂŵƉĂŝŬĂŶ WĞƌŶLJĂƚĂĂŶ ĚĂŶ WĞŶŐŝŬĂƚĂŶ ŝƌŝ ĂůĂŵ ZĂŶŐŬĂ WƌŽŐƌĂŵ <ĞƉĞŵŝůŝŬĂŶ ^ĂŚĂŵ
ĂůĂŵ ZĂŶŐŬĂ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŶLJĂƚĂŬĂŶ WĞƐĞƌƚĂ ŵĞŶĞƌŝŵĂ ^ĂŚĂŵ ŽŶƵƐ ĚĂŶ
ŵĞůĂŬƵŬĂŶ ƉĞŵĞƐĂŶĂŶ ^ĂŚĂŵ :ĂƚĂŚ WĂƐƚŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌƐLJĂƌĂƚĂŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ
WƌŽŐƌĂŵ ^ ŝŶŝ͘ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ ĚĂĨƚĂƌ WĞƐĞƌƚĂ WƌŽŐƌĂŵ ^ ƐĞƌƚĂ ũƵŵůĂŚ ƐĂŚĂŵ ĚĂůĂŵ
WƌŽŐƌĂŵ ^ ŬĞƉĂĚĂ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ƐĞƌƚĂ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ƉĞŶƵŚ
^ĞůƵƌƵŚƐĂŚĂŵĚĂůĂŵWƌŽŐƌĂŵ^ĚĞŶŐĂŶŚĂƌŐĂLJĂŶŐƐĂŵĂ ,ĂƌŐĂWĞŶĂǁĂƌĂŶ͕ƉĞŵďĂLJĂƌĂŶĚŝůĂŬƵŬĂŶƉĂĚĂ
ƌĞŬĞŶŝŶŐ ďĂŶŬ LJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ƵŶƚƵŬ ŵĞŶĞƌŝŵĂ ƉĞŵďĂLJĂƌĂŶ ƉĞŵĞƐĂŶĂŶ
ƐĂŚĂŵĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵĚĞŶŐĂŶũƵŵůĂŚƉĞŶƵŚ͘

ĞŶŐĂŶƚĞƌũƵĂůŶLJĂƐĞůƵƌƵŚƐĂŚĂŵLJĂŶŐĚŝƚĂǁĂƌŬĂŶWĞƌƐĞƌŽĂŶĚĂŶƉĞůĂŬƐĂŶĂĂŶƉƌŽŐƌĂŵ^ĚĂůĂŵWĞŶĂǁĂƌĂŶ
hŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝ͕ŵĂŬĂƐƵƐƵŶĂŶŵŽĚĂůƐĂŚĂŵĚĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶƐĞďĞůƵŵĚĂŶƐĞƐƵĚĂŚ
WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵƐĞĐĂƌĂƉƌŽĨŽƌŵĂĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

DŽĚĂů^ĂŚĂŵ
^ĂŚĂŵŝĂƐĂƚĂƐEĂŵĂ
ĞŶŐĂŶEŝůĂŝEŽŵŝŶĂůZƉϭϬϬ;ƐĞƌĂƚƵƐZƵƉŝĂŚͿ^ĞƚŝĂƉ^ĂŚĂŵ

^ĞďĞůƵŵWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ^ĞƐƵĚĂŚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ
:ƵŵůĂŚEŝůĂŝ :ƵŵůĂŚEŝůĂŝ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ :ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ
;ZƉͿ ;ZƉͿ
DŽĚĂůĂƐĂƌ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ  ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŝƐĞƚŽƌ
WĞŶƵŚ͗      
ϭ͘'Zh Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϵϵ͕ϬϬ Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϴϵ͕ϭϬ
Ϯ͘t^ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ϭ͕ϬϬ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϭ͕ϵϬ
ϯ͘DĂƐLJĂƌĂŬĂƚ Ͳ Ͳ Ͳ Ϯ͘ϳϰϴ͘ϲϵϭ͘ϳϬϬ Ϯϳϰ͘ϴϲϵ͘ϭϳϬ͘ϬϬϬ ϵ͕ϳϰ
ϰ͘WƌŽŐƌĂŵ^ Ͳ Ͳ Ͳ ϳϰ͘ϲϱϵ͘ϰϬϬ ϳ͘ϰϲϱ͘ϵϰϬ͘ϬϬϬ Ϭ͕Ϯϲ
:ƵŵůĂŚ DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ  
ŝƐĞƚŽƌWĞŶƵŚ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϯ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ ϭϬϬ͕ϬϬ Ϯϴ͘Ϯϯϯ͘ϱϭϭ͘ϱϬϬ Ϯ͘ϴϮϯ͘ϯϱϭ͘ϭϱϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů ϳϰ͘ϱϴϵ͘ϴϯϵ͘ϲϬϬ ϳ͘ϰϱϴ͘ϵϴϯ͘ϵϲϬ͘ϬϬϬ  ϳϭ͘ϳϲϲ͘ϰϴϴ͘ϱϬϬ ϳ͘ϭϳϲ͘ϲϰϴ͘ϴϱϬ͘ϬϬϬ 

WƌŽŐƌĂŵWĞŵďĞƌŝĂŶKƉƐŝWĞŵďĞůŝĂŶ^ĂŚĂŵŬĞƉĂĚĂDĂŶĂũĞŵĞŶĚĂŶWĞŐĂǁĂŝ;DĂŶĂŐĞŵĞŶƚĂŶĚŵƉůŽLJĞĞ
^ƚŽĐŬKƉƚŝŽŶWůĂŶ(“ME^KW”)Ϳ

ĞƌĚĂƐĂƌŬĂŶŬƚĂĞƌŝƚĂ ĐĂƌĂ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ^ĂŚĂŵ >ƵĂƌ ŝĂƐĂ EŽ͘ ϴϮ ƚĂŶŐŐĂů ϭϲ :ƵŶŝϮϬϭϳ͕ LJĂŶŐ
ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ&ĂƚŚŝĂŚ,Ğůŵŝ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕ƉĂƌĂƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶLJĞƚƵũƵŝ
ƉĞůĂŬƐĂŶĂĂŶ WƌŽŐƌĂŵ D^KW͘ ,ĂŬ ŽƉƐŝ LJĂŶŐ ĂŬĂŶ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ŬĞƉĂĚĂ WĞƐĞƌƚĂ WƌŽŐƌĂŵ D^KW ĚĂƉĂƚ
ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞŵďĞůŝ ƐĂŚĂŵ ďĂƌƵ LJĂŶŐ ĂŬĂŶ ĚŝŬĞůƵĂƌŬĂŶ ĚĂƌŝ ƉŽƌƚĞƉĞů͕ ĚĞŶŐĂŶ ũƵŵůĂŚ ƐĞďĂŶLJĂŬͲ
ďĂŶLJĂŬŶLJĂϭ͕ϳϮй;ƐĂƚƵŬŽŵĂƚƵũƵŚĚƵĂƉĞƌƐĞŶͿĚĂƌŝŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƉĞŶƵŚƐĞƚĞůĂŚWĞŶĂǁĂƌĂŶ
hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ͕ ĚĂůĂŵ ǁĂŬƚƵ Ϯ ;ĚƵĂͿ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ƉĞŶĐĂƚĂƚĂŶ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ
Ěŝ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ͘ ^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŚĂů ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶŐĂůŽŬĂƐŝŬĂŶ ƐĞďĂŶLJĂŬͲ
ďĂŶLJĂŬŶLJĂϰϴϱ͘ϲϭϲ͘ϯϬϬ;ĞŵƉĂƚƌĂƚƵƐĚĞůĂƉĂŶƉƵůƵŚůŝŵĂũƵƚĂĞŶĂŵƌĂƚƵƐĞŶĂŵďĞůĂƐƌŝďƵƚŝŐĂƌĂƚƵƐͿƐĂŚĂŵ
ďĂƌƵ͘

dƵũƵĂŶ WƌŽŐƌĂŵ D^KW ĂĚĂůĂŚ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ŬĞƐĞŵƉĂƚĂŶ ŬĞƉĂĚĂ ŵĂŶĂũĞŵĞŶ ĚĂŶ ŬĂƌLJĂǁĂŶ ĚĂůĂŵ
ďĞŶƚƵŬƌĞǁĂƌĚũĂŶŐŬĂƉĂŶũĂŶŐĂƚĂƐŬŽŶƚƌŝďƵƐŝŶLJĂŬĞƉĂĚĂWĞƌƐĞƌŽĂŶĚĂŶĚŝŚĂƌĂƉŬĂŶƚŝŵďƵůŶLJĂƌĂƐĂŵĞŵŝůŝŬŝ
LJĂŶŐƚŝŶŐŐŝĚĂƌŝŵĂŶĂũĞŵĞŶĚĂŶŬĂƌLJĂǁĂŶƚĞƌŚĂĚĂƉWĞƌƐĞƌŽĂŶƐĞŚŝŶŐŐĂŵĞŶŝŶŐŬĂƚŬĂŶŵŽƚŝǀĂƐŝĚĂŶŬŝŶĞƌũĂ͘

WĞƐĞƌƚĂ LJĂŶŐ ĚĂƉĂƚ ĚŝŝŬƵƚƐĞƌƚĂŬĂŶ ĚĂůĂŵ ƉƌŽŐƌĂŵ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ĂƚĂƵ ƉƌŽŐƌĂŵ D^KW ĂĚĂůĂŚ ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
Ă͘ DĂŶĂũĞŵĞŶLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐLJĂŶŐŵĞŶũĂďĂƚƉĂĚĂƐĂĂƚƉĞŶĞƌďŝƚĂŶ
ŚĂŬŽƉƐŝŬĞĐƵĂůŝ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ͖
ď͘ <ĂƌLJĂǁĂŶLJĂŶŐŵĞŵŝůŝŬŝŵĂƐĂŬĞƌũĂŵŝŶŝŵƵŵϭƚĂŚƵŶƉĞƌϯϭŐƵƐƚƵƐϮϬϭϳ͘




5
WĞƐĞƌƚĂ ƉƌŽŐƌĂŵ D^KW LJĂŶŐ ďĞƌŚĂŬ ŵĞŶĞƌŝŵĂ ŚĂŬ ŽƉƐŝ ƉĂĚĂ ƐĞƚŝĂƉ ƚĂŚĂƉ ĂŬĂŶ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ŝƌĞŬƐŝ
WĞƌƐĞƌŽĂŶϭϰŚĂƌŝŬĞƌũĂƐĞďĞůƵŵƚĂŶŐŐĂůĚŝƐƚƌŝďƵƐŝŚĂŬŽƉƐŝƐĞƚŝĂƉƚĂŚĂƉ͘^ƵŵďĞƌƉĞŶĚĂŶĂĂŶLJĂŶŐĚŝŐƵŶĂŬĂŶ
ĚĂůĂŵƉĞůĂŬƐĂŶĂĂŶƉƌŽŐƌĂŵD^KWďĞƌĂƐĂůĚĂƌŝWĞƐĞƌƚĂWƌŽŐƌĂŵD^KWĚĞŶŐĂŶĂůŽŬĂƐŝďĞƌĚĂƐĂƌŬĂŶŬŝŶĞƌũĂ
ƉĞƐĞƌƚĂLJĂŶŐĚŝƚĞƚĂƉŬĂŶĚĂůĂŵďĞŶƚƵŬŝŶƐĞŶƚŝĨ͘

WŝŚĂŬLJĂŶŐďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂƚĂƐWƌŽŐƌĂŵD^KWĚĂƌŝWĞƌƐĞƌŽĂŶĂĚĂůĂŚŝǀŝƐŝ,ƵŵĂŶĂƉŝƚĂůDĂŶĂŐĞŵĞŶƚ
WĞƌƐĞƌŽĂŶ͘

WĞƌŝŽĚĞWĞůĂŬƐĂŶĂĂŶƉƌŽŐƌĂŵD^KW

,ĂŬŽƉƐŝĚĂůĂŵƉƌŽŐƌĂŵD^KWĂŬĂŶĚŝƚĞƌďŝƚŬĂŶĚĂůĂŵϯdĂŚĂƉĂŶLJĂŝƚƵ͗
• dĂŚĂƉ/^ĞďĞƐĂƌϰϬй;ĞŵƉĂƚƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚŚĂŬŽƉƐŝLJĂŶŐĚĂƉĂƚĚŝƚĞƌďŝƚŬĂŶĚĂůĂŵƉƌŽŐƌĂŵ
D^KWŝŶŝĂŬĂŶĚŝƚĞƌďŝƚŬĂŶƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϲϬŚĂƌŝƐĞƚĞůĂŚƚĂŶŐŐĂůƉĞŶĐĂƚĂƚĂŶƐĂŚĂŵ͖
• dĂŚĂƉ // ^ĞďĞƐĂƌ ϯϬй ;ƚŝŐĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ũƵŵůĂŚ ŚĂŬ ŽƉƐŝ LJĂŶŐ ĚĂƉĂƚ ĚŝƚĞƌďŝƚŬĂŶ ĚĂůĂŵ ƉƌŽŐƌĂŵ
D^KWŝŶŝĂŬĂŶĚŝƚĞƌďŝƚŬĂŶƉĂĚĂƵůĂŶŐƚĂŚƵŶƉĞƌƚĂŵĂƉĞŶĐĂƚĂƚĂŶƐĂŚĂŵ͖
• dĂŚĂƉ /// ^ĞďĞƐĂƌ ϯϬй ;ƚŝŐĂ ƉƵůƵŚ ƉĞƌƐĞŶ ĚĂƌŝ ũƵŵůĂŚ ŚĂŬ ŽƉƐŝ LJĂŶŐ ĚĂƉĂƚ ĚŝƚĞƌďŝƚŬĂŶ ĚĂůĂŵ ƉƌŽŐƌĂŵ
D^KWŝŶŝĂŬĂŶĚŝƚĞƌďŝƚŬĂŶƉĂĚĂƵůĂŶŐƚĂŚƵŶŬĞĚƵĂƉĞŶĐĂƚĂƚĂŶƐĂŚĂŵ͘

WĞůĂŬƐĂŶĂĂŶŚĂŬŽƉƐŝƵŶƚƵŬŵĞŵďĞůŝƐĂŚĂŵWĞƌƐĞƌŽĂŶĂŬĂŶĚŝůĂŬƐĂŶĂŬĂŶĚĞŶŐĂŶŵĞŶŐĂĐƵƉĂĚĂWĞƌĂƚƵƌĂŶ/Ͳ
>ĂŵƉŝƌĂŶ//<ĞƉƵƚƵƐĂŶŝƌĞŬƐŝWdƵƌƐĂĨĞŬ/ŶĚŽŶĞƐŝĂEŽ͘<ĞƉͲϬϬϬϬϭͬ/ͬϬϭͲϮϬϭϰƚĞƌƚĂŶŐŐĂůϮϬ:ĂŶƵĂƌŝϮϬϭϰ͘
WĞůĂŬƐĂŶĂĂŶ WƌŽŐƌĂŵ D^KW ĂŬĂŶ ĚŝůĂŬƵŬĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ĚŝďĂǁĂŚ ƉĞŶŐĂǁĂƐĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
WĞƌƐĞƌŽĂŶĚĂŶĂŬĂŶĚŝůĂƉŽƌŬĂŶĚĂůĂŵZhW^͘

<ĞƚĞŶƚƵĂŶWƌŽŐƌĂŵD^KW

WƌŽŐƌĂŵD^KWĂŬĂŶĚŝůĂŬƐĂŶĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
- ,ĂŬŽƉƐŝLJĂŶŐĚŝƚĞƌďŝƚŬĂŶĚĂƉĂƚĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵĞŵďĞůŝƐĂŚĂŵWĞƌƐĞƌŽĂŶƐĞůĂŵĂϱ;ůŝŵĂͿƚĂŚƵŶƐĞũĂŬ
ƚĂŶŐŐĂůƉĞŶĞƌďŝƚĂŶŶLJĂ;KƉƚŝŽŶ>ŝĨĞͿ
- ,ĂŬ ŽƉƐŝ LJĂŶŐĚŝďĂŐŝŬĂŶĂŬĂŶ ƚĞƌŬĞŶĂ ŵĂƐĂ ƚƵŶŐŐƵ ;ǀĞƐƚŝŶŐ ƉĞƌŝŽĚͿ ƐĞůĂŵĂ ϭ ;ƐĂƚƵͿƚĂŚƵŶ ƐĞũĂŬ ƚĂŶŐŐĂů
ƉĞŶĚŝƐƚƌŝďƵƐŝĂŶŶLJĂ͕ ĚĂůĂŵ ǀĞƐƚŝŶŐ ƉĞƌŝŽĚ ƉĞŵĞŐĂŶŐ ŚĂŬ ŽƉƐŝ ďĞůƵŵ ĚĂƉĂƚ ŵĞŶŐƵŶĂŬĂŶ ŚĂŬ ŽƉƐŝͲŶLJĂ
ƵŶƚƵŬ ŵĞŵďĞůŝ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƐĂŵƉĂŝ ďĞƌĂŬŚŝƌŶLJĂ ǀĞƐƚŝŶŐ ƉĞƌŝŽĚ͘ ƉĂďŝůĂ ƉĞƐĞƌƚĂ WƌŽŐƌĂŵ D^KW
ƚŝĚĂŬŵĞŵĞŶƵŚŝŬƌŝƚĞƌŝĂͬƉĞƌƐLJĂƌĂƚĂŶLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶLJĂŶŐŵĞŶLJĞďĂďŬĂŶŐƵŐƵƌŶLJĂ
ŚĂŬŽƉƐŝƉĂĚĂǀĞƐƚŝŶŐƉĞƌŝŽĚ͕ŵĂŬĂŚĂŬŽƉƐŝƚĞƌƐĞďƵƚĂŬĂŶĚŝŚĂƉƵƐŬĂŶ͘
- ^ĞƚĞůĂŚ ďĞƌĂŬŚŝƌŶLJĂ ǀĞƐƚŝŶŐ ƉĞƌŝŽĚ͕ WĞŵĞŐĂŶŐ ŚĂŬ ŽƉƐŝ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŶŐŐƵŶĂŬĂŶ ŚĂŬ ŽƉƐŝ ƵŶƚƵŬ
ŵĞŵďĞůŝƐĂŚĂŵďĂƌƵƉĂĚĂƉĞƌŝŽĚĞƉĞůĂŬƐĂŶĂĂŶ;tŝŶĚŽǁdžĞƌĐŝƐĞͿLJĂŶŐĂŬĂŶĚŝďƵŬĂ͘
- WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŵďƵŬĂ ŵĂŬƐŝŵĂů Ϯ ;ĚƵĂͿ ŬĂůŝ tŝŶĚŽǁdžĞƌĐŝƐĞĚĂůĂŵ ϭ;ƐĂƚƵͿ ƚĂŚƵŶ͕ ĚŝŵĂŶĂ WĞƐĞƌƚĂ
WƌŽŐƌĂŵ D^KW ĚĂƉĂƚ ŵĞŶŐŐƵŶĂŬĂŶ ŚĂŬ ŽƉƐŝŶLJĂ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϯϬ ;ƚŝŐĂ ƉƵůƵŚͿ ,Ăƌŝ ƵƌƐĂ ƐĞũĂŬ
ĚŝďƵŬĂŶLJĂtŝŶĚŽǁdžĞƌĐŝƐĞƚĞƌƐĞďƵƚ͘
- ,ĂƌŐĂ ƉĞůĂŬƐĂŶĂĂŶ ĚŝƚĞƚĂƉŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ WĞŵďĞƌŝƚĂŚƵĂĂŶ WĞƌƵƐĂŚĂĂŶ ŬĞƉĂĚĂ ƵƌƐĂ ĨĞŬ
/ŶĚŽŶĞƐŝĂ ƚĞŶƚĂŶŐ >ĂƉŽƌĂŶ ZĞŶĐĂŶĂ WĞůĂŬƐĂŶĂĂŶ D^KW WĞƌƐĞƌŽĂŶ LJĂŝƚƵ ďĞƌĚĂƐĂƌŬĂŶ ƌĂƚĂͲƌĂƚĂ ŚĂƌŐĂ
ƉĞŶƵƚƵƉĂŶƉĞƌĚĂŐĂŶŐĂŶƐĂŚĂŵWĞƌƵƐĂŚĂĂŶƐĞůĂŵĂŬƵƌƵŶǁĂŬƚƵϮϱ;ĚƵĂƉƵůƵŚůŝŵĂͿŚĂƌŝƵƌƐĂďĞƌƚƵƌƵƚͲ
ƚƵƌƵƚ Ěŝ ƉĂƐĂƌ ƌĞŐƵůĂƌ ƐĞďĞůƵŵ ƚĂŶŐŐĂů ^ƵƌĂƚ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵƐĂŚĂĂŶ <ĞƉĂĚĂ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ
ƚĞŶƚĂŶŐWĞƌŝŽĚĞĚĂŶ,ĂƌŐĂWĞƌůĂŬƐĂŶĂĂŶ͕ƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶƵƌƐĂĨĞŬ/ŶĚŽŶĞƐŝĂEŽ͘/Ͳ͕>ĂŵƉŝƌĂŶ
<ĞƉƵƚƵƐĂŶŝƌĞŬƐŝƵƌƐĂĨĞŬ/ŶĚŽŶĞƐŝĂEŽ͘<ĞƉͲϬϬϬϬϭͬ/ͬϬϭͲϮϬϭϰ͘
- WĞƐĞƌƚĂ ǁĂũŝďƵŶƚƵŬ ŵĞŵďĂLJĂƌ ,ĂƌŐĂ WĞůĂŬƐĂŶĂĂŶ ƐĞĐĂƌĂ ƉĞŶƵŚ ƉĂĚĂƐĂĂƚ ƉĞůĂŬƐĂŶĂĂŶ ŚĂŬ ŽƉƐŝ ĚĂůĂŵ
WƌŽŐƌĂŵD^KW͘
- WĞƐĞƌƚĂ ƉƌŽŐƌĂŵ LJĂŶŐ ŵĞŶŐƵŶĚƵƌŬĂŶ Ěŝƌŝ ĂƚĂƵ W,< ŵĂŬĂ ƐĞůƵƌƵŚ ŚĂŬ ŽƉƐŝ LJĂŶŐ ƚĞůĂŚ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ
ŬĞƉĂĚĂŶLJĂĂŬĂŶƚĞƚĂƉŝďĞůƵŵĚŝůĂŬƐĂŶĂŬĂŶĂŬĂŶŵĞŶũĂĚŝĚŝŚĂƉƵƐŬĂŶ͘
- ^ĞůƵƌƵŚ ŵĂŶĂũĞŵĞŶ ĚĂŶ ŬĂƌLJĂǁĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŶŐŐƵŶĂŬĂŶ ŚĂŬ ŽƉƐŝ LJĂŶŐ
ĚŝƚĞƌŝŵĂŶLJĂ͕ĂŬĂŶƚĞƚĂƉŝŚĂŬŽƉƐŝƚŝĚĂŬĚĂƉĂƚĚŝĂůŝŚŬĂŶĚĂŶĂŬĂŶŐƵŐƵƌĚĞŵŝŚƵŬƵŵďŝůĂŵĂŶĂKƉƚŝŽŶ>ŝĨĞͲ
ŶLJĂďĞƌĂŬŚŝƌ͘





6
 dĂƚĂĂƌĂWƌŽŐƌĂŵD^KW

^ĞƚŝĂƉ ƉĞƐĞƌƚĂ ŵĞŶĚĂƉĂƚŬĂŶ ŚĂŬ ŽƉƐŝ LJĂŶŐ ĂŬĂŶ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ĚĂůĂŵ ƚŝŐĂ ƚĂŚĂƉ ĚĞŶŐĂŶ ĚŝƐƚƌŝďƵƐŝ ƚĂŚĂƉ
ƉĞƌƚĂŵĂ ƐĞďĞƐĂƌ ϰϬй͕ ƚĂŚĂƉ ŬĞĚƵĂ ƐĞďĞƐĂƌ ϯϬй͕ ĚĂŶ ƚĂŚĂƉ ŬĞƚŝŐĂ ƐĞďĞƐĂƌ ϯϬй ĚĂƌŝ ũƵŵůĂŚ LJĂŶŐ ƚĞůĂŚ
ĚŝĂůŽŬĂƐŝĂŶ͘ ,ĂƌŐĂ ƉĞůĂŬƐĂŶĂĂŶ ĚŝƚĞƚĂƉŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƐƵƌĂƚ ƉĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƐĞŽĂŶ ŬĞƉĂĚĂ / ƚĞŶƚĂŶŐ
>ĂƉŽƌĂŶZĞŶĐĂŶĂWĞůĂŬƐĂŶĂĂŶD^KWWĞƌƐĞƌŽĂŶ͕LJĂŝƚƵďĞƌĚĂƐĂƌŬĂŶƌĂƚĂͲƌĂƚĂŚĂƌŐĂƉĞŶƵƚƵƉĂŶƉĞƌĚĂŐĂŶŐĂŶ
ƐĂŚĂŵƉĞƌƵƐĂŚĂĂŶƐĞůĂŵĂŬƵƌƵŶǁĂŬƚƵϮϱ;ĚƵĂƉƵůƵŚůŝŵĂͿŚĂƌŝƵƌƐĂďĞƌƚƵƌƵƚͲƚƵƌƵƚĚŝƉĂƐĂƌƌĞŐƵůĂƌƐĞďĞůƵŵ
ƚĂŶŐŐĂů ƐƵƌĂƚ ƉĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ / ƚĞŶƚĂŶŐ ƉĞƌŝŽĚĞ ĚĂŶ ŚĂƌŐĂ ƉĞůĂŬƐĂŶĂĂŶ͘ džĞƌĐŝƐĞĚ ƉƌŝĐĞ
ŚĂƌƵƐĚŝďĂLJĂƌŬĂŶƐĞĐĂƌĂƚƵŶĂŝŽůĞŚƉĞƐĞƌƚĂƉĂĚĂƐĂĂƚƉĞƐĞƌƚĂŵĞŶŐŐƵŶĂŬĂŶŚĂŬŽƉƐŝƵŶƚƵŬŵĞŵďĞůŝƐĂŚĂŵ
ŵĞůĂůƵŝĚŝǀŝƐŝ,ƵŵĂŶĂƉŝƚĂůDĂŶĂŐĞŵĞŶƚWĞƌƐĞƌŽĂŶ͘

WƌŽƐĞĚƵƌ ĚĂŶ ƚĂƚĂ ĐĂƌĂ WƌŽŐƌĂŵ D^KW ĂŬĂŶ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ
ŬĞƚĞŶƚƵĂŶĚĂŶ ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘ WĞŶĐĂƚĂƚĂŶ ƐĂŚĂŵŚĂƐŝů ŬŽŶǀĞƌƐŝ ŽƉƐŝƉƌŽŐƌĂŵ
D^KW͕ĂŬĂŶĚŝĐĂƚĂƚŬĂŶƉĂĚĂƵƌƐĂĨĞŬ/ŶĚŽŶĞƐŝĂ͘

,ĂŬ–,ĂŬWĞŵĞŐĂŶŐD^KW

WĂƌĂWĞƐĞƌƚĂƉƌŽŐƌĂŵD^KWďĞƌŚĂŬŵĞŶĚĂƉĂƚŬĂŶŚĂŬŽƉƐŝƵŶƚƵŬŵĞŵďĞůŝƐĂŚĂŵƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
LJĂŶŐ ƚĞůĂŚ ĚŝĂƚƵƌ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƚĞŶƚĂŶŐ WƌŽŐƌĂŵ DĂŶĂŐĞŵĞŶƚ ĂŶĚ ŵƉůŽLJĞĞ ^ƚŽĐŬ KƉƚŝŽŶ WůĂŶ ;D^KWͿ͘
WĂƌĂ WĞƐĞƌƚĂ WƌŽŐƌĂŵ D^KW ďĞƌŚĂŬ ĂƚĂƐ ŚĂŬ ĚŝǀŝĚĞŶ͕ ŚĂŬ ƐƵĂƌĂ ĚĂůĂŵ ZhW^͕ ĚĂŶ ŚĂŬͲŚĂŬ ůĂŝŶŶLJĂ ƐĞƐƵĂŝ
ĚĞŶŐĂŶŚĂŬͲŚĂŬƉĞŵĞŐĂŶŐƐĂŚĂŵůĂŝŶŶLJĂ͘

ĞŶŐĂŶ ƚĞƌũƵĂůŶLJĂ ƐĞůƵƌƵŚ ^ĂŚĂŵ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ͕
ĚĂŶĚĞŶŐĂŶĚŝůĂŬƐĂŶĂŬĂŶŶLJĂWƌŽŐƌĂŵD^KW;WƌŽŐƌĂŵ<ĞƉĞŵŝůŝŬĂŶ^ĂŚĂŵWĞƌƐĞƌŽĂŶŽůĞŚDĂŶĂũĞŵĞŶĚĂŶ
<ĂƌLJĂǁĂŶͿ͕ ŵĂŬĂ ƐƵƐƵŶĂŶ ŵŽĚĂů ƐĂŚĂŵ ĚĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƐĞďĞůƵŵ ĚĂŶ ƐĞƐƵĚĂŚ WĞŶĂǁĂƌĂŶ
hŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝ͕ƐĞĐĂƌĂƉƌŽĨŽƌŵĂŵĞŶũĂĚŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

DŽĚĂů^ĂŚĂŵ
^ĂŚĂŵŝĂƐĂƚĂƐEĂŵĂ
ĞŶŐĂŶEŝůĂŝEŽŵŝŶĂůZƉϭϬϬ;ƐĞƌĂƚƵƐZƵƉŝĂŚͿ^ĞƚŝĂƉ^ĂŚĂŵ

^ĞďĞůƵŵWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ^ĞƐƵĚĂŚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ
:ƵŵůĂŚEŝůĂŝ :ƵŵůĂŚEŝůĂŝ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ :ƵŵůĂŚ^ĂŚĂŵ EŽŵŝŶĂů ;йͿ
;ZƉͿ ;ZƉͿ
DŽĚĂůĂƐĂƌ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ  ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŝƐĞƚŽƌ
WĞŶƵŚ͗      
ϭ͘'Zh Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϵϵ͕ϬϬ Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϴϳ͕ϱϵ
Ϯ͘t^ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ϭ͕ϬϬ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϭ͕ϴϴ
ϯ͘DĂƐLJĂƌĂŬĂƚ Ͳ Ͳ Ͳ Ϯ͘ϳϰϴ͘ϲϵϭ͘ϳϬϬ Ϯϳϰ͘ϴϲϵ͘ϭϳϬ͘ϬϬϬ ϵ͕ϱϳ
ϰ͘WƌŽŐƌĂŵ^ Ͳ Ͳ Ͳ ϳϰ͘ϲϱϵ͘ϰϬϬ ϳ͘ϰϲϱ͘ϵϰϬ͘ϬϬϬ Ϭ͕Ϯϲ
ϱ͘D^KW Ͳ Ͳ Ͳ ϰϴϱ͘ϲϭϲ͘ϯϬϬ ϰϴ͘ϱϲϭ͘ϲϯϬ͘ϬϬϬ ϭ͕ϲϵ
:ƵŵůĂŚ DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ 
ŝƐĞƚŽƌWĞŶƵŚ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϯ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ ϭϬϬ͕ϬϬ Ϯϴ͘ϳϭϵ͘ϭϮϳ͘ϴϬϬ Ϯ͘ϴϳϭ͘ϵϭϮ͘ϳϴϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů ϳϰ͘ϱϴϵ͘ϴϯϵ͘ϲϬϬ ϳ͘ϰϱϴ͘ϵϴϯ͘ϵϲϬ͘ϬϬϬ  ϳϭ͘ϮϴϬ͘ϴϳϮ͘ϮϬϬ ϳ͘ϭϮϴ͘Ϭϴϳ͘ϮϮϬ͘ϮϬϬ 

WĞŶĐĂƚĂƚĂŶ^ĂŚĂŵWĞƌƐĞƌŽĂŶĚŝ/

ĞƌƐĂŵĂĂŶ ĚĞŶŐĂŶ ƉĞŶĐĂƚĂƚĂŶ ƐĂŚĂŵ LJĂŶŐ ďĞƌĂƐĂů ĚĂƌŝ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ ƐĞďĂŶLJĂŬ
Ϯ͘ϴϮϯ͘ϯϱϭ͘ϭϬϬ ;ĚƵĂ ŵŝůŝĂƌ ĚĞůĂƉĂŶ ƌĂƚƵƐ ĚƵĂ ƉƵůƵŚ ƚŝŐĂ ũƵƚĂ ƚŝŐĂ ƌĂƚƵƐ ůŝŵĂ ƉƵůƵŚ ƐĂƚƵ ƌŝďƵ ƐĞƌĂƚƵƐͿ  ƐĂŚĂŵ
ďŝĂƐĂ ĂƚĂƐ ŶĂŵĂ LJĂŶŐ ďĞƌĂƐĂů ĚĂƌŝ ƉŽƌƚĞƉĞů͕ ĂƚĂƵ ŵĞǁĂŬŝůŝ ƐĞďĞƐĂƌ ϭϬй ;ƐĞƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ŵŽĚĂů
ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ ƉĞŶƵŚ ĚĂůĂŵ WĞƌƐĞƌŽĂŶ ƐĞƚĞůĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ͕ ŵĂŬĂ
WĞƌƐĞƌŽĂŶ ũƵŐĂ ĂŬĂŶ ŵĞŶĐĂƚĂƚŬĂŶ ƐĞůƵƌƵŚ ƐĂŚĂŵ ďŝĂƐĂ ĂƚĂƐ ŶĂŵĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ƐĞďĞůƵŵ WĞŶĂǁĂƌĂŶ
hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ƐĞďĂŶLJĂŬ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ;ĚƵĂ ƉƵůƵŚ ůŝŵĂ ŵŝůŝĂƌ ĞŵƉĂƚ ƌĂƚƵƐ ƐĞƉƵůƵŚ ũƵƚĂ ƐĞƌĂƚƵƐ
ĞŶĂŵƉƵůƵŚƌŝďƵĞŵƉĂƚƌĂƚƵƐͿƐĂŚĂŵĂƚĂƵƐĞďĞƐĂƌϵϬй;ƐĞŵďŝůĂŶƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶ
ĚŝƐĞƚŽƌ ƉĞŶƵŚ ĚĂůĂŵ WĞƌƐĞƌŽĂŶ ƐĞƚĞůĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ͘ ĞŶŐĂŶ ĚĞŵŝŬŝĂŶ͕ ũƵŵůĂŚ
ƐĂŚĂŵLJĂŶŐĂŬĂŶĚŝĐĂƚĂƚŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĚŝ/ĂĚĂůĂŚƐĞďĂŶLJĂŬϮϴ͘Ϯϯϯ͘ϱϭϭ͘ϱϬϬ;ĚƵĂƉƵůƵŚĚĞůĂƉĂŶŵŝůŝĂƌ
ĚƵĂ ƌĂƚƵƐ ƚŝŐĂƉƵůƵŚ ƚŝŐĂ ũƵƚĂ ůŝŵĂ ƌĂƚƵƐ ƐĞďĞůĂƐ ƌŝďƵ ůŝŵĂ ƌĂƚƵƐͿ ƐĂŚĂŵ͕ ĂƚĂƵ ƐĞďĞƐĂƌϭϬϬй;ƐĞƌĂƚƵƐ ƉĞƌƐĞŶͿ
ĚĂƌŝŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĂƚĂƵĚŝƐĞƚŽƌƉĞŶƵŚĚĂůĂŵWĞƌƐĞƌŽĂŶƐĞƚĞůĂŚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝ͘

7
^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶĚĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝĚŝƌĞŶĐĂŶĂŬĂŶĂŬĂŶĚŝĐĂƚĂƚŬĂŶƉĂĚĂ/
ƐĞƐƵĂŝĚĞŶŐĂŶWĞƌũĂŶũŝĂŶWĞŶĚĂŚƵůƵĂŶWĞŶĐĂƚĂƚĂŶĨĞŬLJĂŶŐƚĞůĂŚĚŝďƵĂƚĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶ/ƉĂĚĂ
ƚĂŶŐŐĂůϮϴ:ƵůŝϮϬϭϳƐĞƉĂŶũĂŶŐŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƉĞŶĐĂƚĂƚĂŶƐĂŚĂŵLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚ/͘

ĞƌĚĂƐĂƌŬĂŶ WK:<EŽ͘ϮϱͬϮϬϭϳ͕ƐĞƚŝĂƉƉŝŚĂŬLJĂŶŐŵĞŵƉĞƌŽůĞŚƐĂŚĂŵWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŚĂƌŐĂƉĞůĂŬƐĂŶĂĂŶ
Ěŝ ďĂǁĂŚ ŚĂƌŐĂ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ϲ ;ĞŶĂŵͿ ďƵůĂŶ ƐĞďĞůƵŵ ƉĞŶLJĂŵƉĂŝĂŶ
ƉĞƌŶLJĂƚĂĂŶ ƉĞŶĚĂĨƚĂƌĂŶ ŬĞ K:< ŵĂŬĂ ƉŝŚĂŬ ƚĞƌƐĞďƵƚ ĚŝůĂƌĂŶŐ ŵĞŶŐĂůŝŚŬĂŶ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ ƐĂŚĂŵ
WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝŵŝůŝŬŝŶLJĂ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϴ ;ĚĞůĂƉĂŶͿ ďƵůĂŶ ƐĞƚĞůĂŚ ƉĞƌŶLJĂƚĂĂŶ ƉĞŶĚĂĨƚĂƌĂŶ ƐĞŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂŵĞŶũĂĚŝĞĨĞŬƚŝĨ͘WK:<EŽ͘ϮϱͬϮϬϭϳŵĞŵƵĂƚƉĞŶŐĞĐƵĂůŝĂŶďĂŚǁĂůĂƌĂŶŐĂŶ
ƚĞƌƐĞďƵƚƚŝĚĂŬďĞƌůĂŬƵďĂŐŝŬĞƉĞŵŝůŝŬĂŶĂƚĂƐĞĨĞŬďĞƌƐŝĨĂƚĞŬƵŝƚĂƐ͕ďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐŵĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ
ŽůĞŚƉĞŵĞƌŝŶƚĂŚƉƵƐĂƚ͕ƉĞŵĞƌŝŶƚĂŚĚĂĞƌĂŚ͕ĂƚĂƵůĞŵďĂŐĂLJĂŶŐďĞƌĚĂƐĂƌŬĂŶŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶŵĞŵŝůŝŬŝŬĞǁĞŶĂŶŐĂŶŵĞůĂŬƵŬĂŶƉĞŶLJĞŚĂƚĂŶƉĞƌďĂŶŬĂŶ͘

WĞƌƐĞƌŽĂŶ ŵĞƌƵƉĂŬĂŶ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ƐĂĂƚ ŝŶŝ ƐĞůƵƌƵŚ ƐĂŚĂŵŶLJĂ ĚŝŵŝůŝŬŝ͕ ďĂŝŬ ůĂŶŐƐƵŶŐ ĂƚĂƵ ƚŝĚĂŬ
ůĂŶŐƐƵŶŐ;ŵĞůĂůƵŝt^Ϳ͕ŽůĞŚ'Zh͕LJĂŶŐŵĞƌƵƉĂŬĂŶhDE͕LJĂŶŐƐĞďĂŐŝĂŶďĞƐĂƌƐĂŚĂŵŶLJĂĚŝŵŝůŝŬŝƐĞĐĂƌĂ
ůĂŶŐƐƵŶŐŽůĞŚƉĞŵĞƌŝŶƚĂŚƉƵƐĂƚ͕ŵĞůĂůƵŝ<ĞŵĞŶƚĞƌŝĂŶĂĚĂŶhƐĂŚĂDŝůŝŬEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘ĞŶŐĂŶ
ĚĞŵŝŬŝĂŶ͕ƉĞŵďĂƚĂƐĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWK:<EŽ͘ϮϱͬϮϬϭϳƚĞƌƐĞďƵƚƚŝĚĂŬďĞƌůĂŬƵĚĂůĂŵƌĂŶŐŬĂ
ƌĞŶĐĂŶĂƉĞŶũƵĂůĂŶƐĂŚĂŵWĞƌƐĞƌŽĂŶLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚ'ZhĚĂŶt^ŬĞƉĂĚĂŝŶǀĞƐƚŽƌƐƚƌĂƚĞŐŝƐ͘

E'E DDWZ,d/<E WZdhZE WZhEE'EͲhEE'E E <dEdhE zE' Z><h͕
^Zd WZ^dh:hE zE' /WZ>h<E͕ WZ^ZKE Z^DͲ^D E'E 'Zh ^E'
DE::</ <DhE'</EE Ez /Es^d^/ Z/ ^dh dh >/, /Es^dKZ ^dZd'/^ W
WZ^ZKE^^h/E'E^hZdWZEzdE'ZhdE''>Ϯϴ^WdDZϮϬϭϳ͘/Es^d^/zE'
/dtZ<E Wd ZhW WEZ/dE ^,D Zh WZ^ZKE Eͬdh WE:h>E ^,D
WZ^ZKEzE'/D/>/</K>,'Zh>Dt<dhϭϮ;h>^Ϳh>EW^/WK͘

>D ,> /Es^d^/ Z/ ^dh dh >/, /Es^dKZ ^dZd'/^ dZ^hd /d^ /><^E<E
D>>h/ WE:h>E ^,D WZ^ZKE K>, 'Zh͘ 'Zh <E D><^E<E WE:h>E
^,DdZ^hd^d>,DDWZK>,WZ^dh:hEZ/<DEdZ/EEh^,D/>/<E'Z
ZWh>/</EKE^/͘

8
//͘ ZEEWE''hEEE,^/>WEtZEhDhDWZE
^,D

^ĞůƵƌƵŚĚĂŶĂLJĂŶŐĚŝƉĞƌŽůĞŚĚĂƌŝŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝ͕ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝĚĞŶŐĂŶďŝĂLJĂͲ
ďŝĂLJĂĞŵŝƐŝĂŬĂŶĚŝŐƵŶĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ĂͿ ^ĞŬŝƚĂƌ ϲϬй ;ĞŶĂŵ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞŶĚĂŶĂŝ ŝŶǀĞƐƚĂƐŝ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ
ŵĞŶŝŶŐŬĂƚŬĂŶŬĂƉĂƐŝƚĂƐĚĂŶŬĂƉĂďŝůŝƚĂƐĚŝ>ŝŶĞDĂŝŶƚĞŶĂŶĐĞĚĂŶZĞƉĂŝƌĂŶĚKǀĞƌŚĂƵů͕ďĞƌƵƉĂƉĞŵďĞůŝĂŶ
ĂƐĞƚƚĞƚĂƉ͕ĂŶƚĂƌĂůĂŝŶƚŽŽůƐ͕ĞƋƵŝƉŵĞŶƚ͕ĐŽŵƉŽŶĞŶƚ͕ŵĂĐŚŝŶĞƌŝĞƐĚĂŶƐĂƌĂŶĂͲƉƌĂƐĂƌĂŶĂůĂŝŶŶLJĂ͘

ďͿ ^ĞŬŝƚĂƌϭϱй;ůŝŵĂďĞůĂƐƉĞƌƐĞŶͿĂŬĂŶĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĂLJĂƌĂŶĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶďĂŶŬĂƚĂƵůĞŵďĂŐĂ
ŬĞƵĂŶŐĂŶ͕ĚĞŶŐĂŶƉĞŶũĞůĂƐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

WŝŶũĂŵĂŶ <ƌĞĚŝƚ DŽĚĂů <ĞƌũĂ LJĂŶŐ ĚŝĂƚƵƌ ĚĂůĂŵ ŬƚĂ WĞƌũĂŶũŝĂŶ <ƌĞĚŝƚ EŽ͘ ϭϬϴ ƉĂĚĂ ƚĂŶŐŐĂů Ϯϴ Ɖƌŝů ϮϬϭϲ͘
^ĂůĚŽƉŝŶũĂŵĂŶĂƚĂƐĨĂƐŝůŝƚĂƐƉĞƌϯϭDĂƌĞƚϮϬϭϳĂĚĂůĂŚƐĞďĞƐĂƌh^ϯϭ͘Ϯϯϲ͘ϭϰϭ͕LJĂŶŐĂŬĂŶĚŝůƵŶĂƐŝƐĞďĂŐŝĂŶ͘

dŝŶŐŬĂƚƐƵŬƵďƵŶŐĂ ͗ >/KZϯďƵůĂŶнϮ͕ϳϱй
:ĂƚƵŚƚĞŵƉŽƚĂŶŐŐĂů ͗ ϮϳKŬƚŽďĞƌϮϬϭϳ
WĞŶŐŐƵŶĂĂŶƉŝŶũĂŵĂŶ ͗ ƉĞŵďĂLJĂƌĂŶŽǀĞƌĚƵĞƵƚĂŶŐĚĂŐĂŶŐ
ZŝǁĂLJĂƚƵƚĂŶŐ ͗ ƵƚĂŶŐ <D< E/ ďĞƌƚĞŶŽƌ ϭ ƚĂŚƵŶ ĚĂŶ ƐĂĂƚ ŝŶŝ ƚĞůĂŚ ĚŝƉĞƌƉĂŶũĂŶŐ ƐĞůĂŵĂ
ϲďƵůĂŶƚĞƌŚŝƚƵŶŐƐĞũĂŬƚĂŶŐŐĂůϮϴƉƌŝůϮϬϭϳ

^ĂůĚŽƵƚĂŶŐWĞƌƐĞƌŽĂŶƉĂĚĂWdĂŶŬEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬƐĞƚĞůĂŚĚŝďĂLJĂƌƐĞďĂŐŝĂŶĂĚĂůĂŚƐĞďĞƐĂƌ͗

;ĚĂůĂŵh^Ϳ
^ĂůĚŽƵƚĂŶŐƉŝŶũĂŵĂŶĚĂƌŝWdĂŶŬEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ
^ĞďĞůƵŵƉĞŵďĂLJĂƌĂŶƉĞƌϯϭDĂƌĞƚϮϬϭϳ ϯϭ͘Ϯϯϲ͘ϭϰϭ
:ƵŵůĂŚLJĂŶŐĂŬĂŶĚŝďĂLJĂƌ ϭϮ͘Ϯϯϲ͘ϭϰϭ
^ĞƐƵĚĂŚƉĞŵďĂLJĂƌĂŶĚĞŶŐĂŶĚĂŶĂ/WK ϭϵ͘ϬϬϬ͘ϬϬϬ

WƌŽƐĞĚƵƌĚĂŶƉĞƌƐLJĂƌĂƚĂŶƉĞůƵŶĂƐĂŶĂƚĂƵƉĞŵďĂLJĂƌĂŶƵƚĂŶŐŝŶŝƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚWĂƐĂůϵĂLJĂƚϰ
ĚŝƐĞďƵƚŬĂŶ ďĂŚǁĂ “penerima kredit diperkenankan melakukan pelunasan baik sebagian maupun seluruhnya
ĂƚĂƐ ƐĞƚŝĂƉ ũƵŵůĂŚ ƵĂŶŐ LJĂŶŐ ƚĞƌƵƚĂŶŐ ŬĞƉĂĚĂ ĂŶŬ ƐĞďĞůƵŵ ũĂŶŐŬĂ ǁĂŬƚƵ ŬƌĞĚŝƚ ďĞƌĂŬŚŝƌ ĚĞŶŐĂŶ
ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ ƐĞďĞůƵŵ ƚĂŶŐĂů ƌĞŶĐĂŶĂ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŵďĂLJĂƌĂŶ ŬƌĞĚŝƚ LJĂŶŐ
dipercepat”͘

WĞŵďĂŚĂƐĂŶůĞďŝŚƌŝŶĐŝŵĞŶŐĞŶĂŝƉŝŶũĂŵĂŶLJĂŶŐĂŬĂŶĚŝůƵŶĂƐŝWĞƌƐĞƌŽĂŶŵĞŶŐŐƵŶĂŬĂŶĚĂŶĂŚĂƐŝůƉĞŶĂǁĂƌĂŶ
ƵŵƵŵĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂĂď///ƉĂĚĂWƌŽƐƉĞŬƚƵƐŝŶŝ͘

ĐͿ ^ŝƐĂŶLJĂ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŬĞďƵƚƵŚĂŶ ŵŽĚĂů ŬĞƌũĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŶĚƵŬƵŶŐ
ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂ ƉĞŵďĂLJĂƌĂŶ ƵƚĂŶŐ ǀĞŶĚŽƌ͕ ƉĞŵďĂLJĂƌĂŶ ƉĂũĂŬ͕ ĚĂŶ ƉĞŵďĂLJĂƌĂŶ
ƵƚĂŶŐũĂŶŐŬĂƉĞŶĚĞŬůĂŝŶŶLJĂ͘

ĂůĂŵ ŚĂů ũƵŵůĂŚ ĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ ƚŝĚĂŬ ŵĞŶĐƵŬƵƉŝ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ƌĞŶĐĂŶĂ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ͕
ŵĂŬĂ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ŬĂƐ ŝŶƚĞƌŶĂů WĞƌƐĞƌŽĂŶ ĂƚĂƵ ŵĞŶŐŐƵŶĂŬĂŶ ƉĞŶĚĂŶĂĂŶ ĞŬƐƚĞƌŶĂů LJĂŶŐ
ĚŝƉĞƌŽůĞŚĚĂƌŝďĂŶŬĚĂŶͬĂƚĂƵůĞŵďĂŐĂŬĞƵĂŶŐĂŶĚĂŶͬĂƚĂƵƐƵŵďĞƌůĂŝŶŶLJĂ͘

ƉĂďŝůĂ ĚĂŶĂ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ WĞŶĂǁĂƌĂŶ hŵƵŵ ŝŶŝ ƚŝĚĂŬ ĚŝƉĞƌŐƵŶĂŬĂŶ ůĂŶŐƐƵŶŐ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ŵĂŬĂ
WĞƌƐĞƌŽĂŶĂŬĂŶŵĞŶĞŵƉĂƚŬĂŶĚĂŶĂƚĞƌƐĞďƵƚĚĂůĂŵŝŶƐƚƌƵŵĞŶŬĞƵĂŶŐĂŶLJĂŶŐĂŵĂŶĚĂŶůŝŬƵŝĚ͕ƐĞƐƵĂŝĚĞŶŐĂŶ
WK:<EŽ͘ϯϬͬϮϬϭϱ͘

^ĞƐƵĂŝ ĚĞŶŐĂŶ WK:< EŽ͘ ϯϬͬϮϬϭϱ͕ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ ůĂƉŽƌĂŶ ƌĞĂůŝƐĂƐŝ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŚĂƐŝů
WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝŬĞƉĂĚĂK:<ĚĂŶǁĂũŝďŵĞŵƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶƌĞĂůŝƐĂƐŝƉĞŶŐŐƵŶĂĂŶ
ĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝĚĂůĂŵZhW^dĂŚƵŶĂŶWĞƌƐĞƌŽĂŶƐĂŵƉĂŝĚĞŶŐĂŶƐĞůƵƌƵŚĚĂŶĂ
ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ƚĞůĂŚ ĚŝƌĞĂůŝƐĂƐŝŬĂŶ͘ >ĂƉŽƌĂŶ ƌĞĂůŝƐĂƐŝ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ LJĂŶŐ
ĚŝƐĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂ K:< ĂŬĂŶ ĚŝďƵĂƚ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ƐĞƚŝĂƉ ϲ ;ĞŶĂŵͿ ďƵůĂŶ ;:ƵŶŝ ĚĂŶ ĞƐĞŵďĞƌͿ ƐĂŵƉĂŝ
ĚĞŶŐĂŶ ƐĞůƵƌƵŚ ĚĂŶĂ  ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ ƚĞůĂŚ ĚŝƌĞĂůŝƐĂƐŝŬĂŶ͘ WĞƌƐĞƌŽĂŶ ĂŬĂŶ
ŵĞŶLJĂŵƉĂŝŬĂŶůĂƉŽƌĂŶƚĞƌƐĞďƵƚƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂƚĂŶŐŐĂůϭϱďƵůĂŶďĞƌŝŬƵƚŶLJĂ͘

9
ƉĂďŝůĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝWĞƌƐĞƌŽĂŶďĞƌŵĂŬƐƵĚŵĞŶŐƵďĂŚƌĞŶĐĂŶĂƉĞŶŐŐƵŶĂĂŶĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ
WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ ŵĞůĂƉŽƌŬĂŶ ƌĞŶĐĂŶĂ ƚĞƌƐĞďƵƚ ŬĞ K:< ĚĞŶŐĂŶ
ŵĞŶŐĞŵƵŬĂŬĂŶĂůĂƐĂŶďĞƐĞƌƚĂƉĞƌƚŝŵďĂŶŐĂŶŶLJĂ͕ĚĂŶƉĞƌƵďĂŚĂŶƉĞŶŐŐƵŶĂĂŶĚĂŶĂƚĞƌƐĞďƵƚŚĂƌƵƐŵĞŶĚĂƉĂƚ
ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ ZhW^ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ͘ WĞůĂƉŽƌĂŶ ƉĞƌƵďĂŚĂŶ ƌĞŶĐĂŶĂ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ƚĞƌƐĞďƵƚ ĂŬĂŶ
ĚŝůĂŬƵŬĂŶďĞƌƐĂŵĂĂŶĚĞŶŐĂŶƉĞŵďĞƌŝƚĂŚƵĂŶŵĂƚĂĂĐĂƌĂZhW^ŬĞƉĂĚĂK:<͘

ĂůĂŵ ŚĂů ƌĞŶĐĂŶĂ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ LJĂŶŐ ŵĞŶŐĂŶĚƵŶŐ ƵŶƐƵƌ
ƚƌĂŶƐĂŬƐŝ ĂĨŝůŝĂƐŝ͕ ƚƌĂŶƐĂŬƐŝ LJĂŶŐ ŵĞŶŐĂŶĚƵŶŐ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ͕ ƚƌĂŶƐĂŬƐŝ ŵĂƚĞƌŝĂů ĚĂŶͬĂƚĂƵ ƉĞƌƵďĂŚĂŶ
ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƵƚĂŵĂ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ EŽ͘ /y͘͘/ ĚĂŶͬĂƚĂƵ
WĞƌĂƚƵƌĂŶEŽ͘/y͘͘Ϯ͘

WĞƌƐĞƌŽĂŶĂŬĂŶŵĞŶŐŐƵŶĂŬĂŶĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝĚĞŶŐĂŶŵĞŶŐŝŬƵƚŝŬĞƚĞŶƚƵĂŶ
ƉĂƐĂƌŵŽĚĂůLJĂŶŐďĞƌůĂŬƵĚŝ/ŶĚŽŶĞƐŝĂ͘

^ĞƐƵĂŝĚĞŶŐĂŶWK:<EŽ͘ϴͬϮϬϭϳ͕ƚŽƚĂůƉĞƌŬŝƌĂĂŶďŝĂLJĂLJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞŬŝƚĂƌϭ͕ϴϳϭй
ĚĂƌŝŶŝůĂŝŵŝƐŝLJĂŶŐŵĞůŝƉƵƚŝ͗

• ŝĂLJĂũĂƐĂƉĞŶũĂŵŝŶĂŶ;ƵŶĚĞƌǁƌŝƚŝŶŐĨĞĞͿ͗ϭ͕ϬϬϬй͖
• ŝĂLJĂũĂƐĂƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ;ŵĂŶĂŐĞŵĞŶƚĨĞĞͿ͗Ϭ͕ϭϳϱй͖
• ŝĂLJĂũĂƐĂƉĞŶũƵĂůĂŶ;ƐĞůůŝŶŐĨĞĞͿ͗Ϭ͕ϭϳϱй͖
• ŝĂLJĂ ũĂƐĂ ƉƌŽĨĞƐŝ ƉĞŶƵŶũĂŶŐ WĂƐĂƌ DŽĚĂů ƐĞďĞƐĂƌ Ϭ͕ϭϵϳй͕ LJĂŶŐ ƚĞƌĚŝƌŝ ĚĂƌŝ ďŝĂLJĂ ũĂƐĂ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ
ƐĞďĞƐĂƌϬ͕Ϭϵϯй͖ďŝĂLJĂũĂƐĂŬƵŶƚĂŶWƵďůŝŬƐĞďĞƐĂƌϬ͕Ϭϵϱй͖ĚĂŶďŝĂLJĂũĂƐĂEŽƚĂƌŝƐƐĞďĞƐĂƌϬ͕ϬϭϬй͖
• ŝĂLJĂũĂƐĂůĞŵďĂŐĂƉĞŶƵŶũĂŶŐWĂƐĂƌDŽĚĂůƐĞďĞƐĂƌϬ͕Ϭϭϭй͕LJĂŶŐŵĞƌƵƉĂŬĂŶďŝĂLJĂũĂƐĂŝƌŽĚŵŝŶŝƐƚƌĂƐŝ
ĨĞŬ͖
• ŝĂLJĂůĂŝŶͲůĂŝŶϬ͕ϯϭϯй͕ƚĞƌŵĂƐƵŬďŝĂLJĂWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶĚŝK:<͕ƉĞŶĐĂƚĂƚĂŶĚŝ/͕ĚĂŶƉĞŶĚĂĨƚĂƌĂŶ
Ěŝ <^/͕ ďŝĂLJĂ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƉƵďůŝĐ ĞdžƉŽƐĞ ĚĂŶ ĚƵĞ ĚŝůŝŐĞŶĐĞ ŵĞĞƚŝŶŐ͕ ďŝĂLJĂ ƉĞƌĐĞƚĂŬĂŶ WƌŽƐƉĞŬƚƵƐ͕
ƐĞƌƚŝĨŝŬĂƚĚĂŶĨŽƌŵƵůŝƌ͕ďŝĂLJĂŝŬůĂŶƐƵƌĂƚŬĂďĂƌ͕ďŝĂLJĂŬƵŶũƵŶŐĂŶůŽŬĂƐŝĚĂůĂŵƌĂŶŐŬĂƵũŝƚƵŶƚĂƐĚĂŶďŝĂLJĂͲ
ďŝĂLJĂůĂŝŶLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶŚĂůͲŚĂůƚĞƌƐĞďƵƚ͘

10
///͘ WZEzdEhdE'

dĂďĞů Ěŝ ďĂǁĂŚ ŝŶŝ ŵĞŶLJĂũŝŬĂŶ ƉŽƐŝƐŝ ƵƚĂŶŐ WĞƌƐĞƌŽĂŶ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ LJĂŶŐ ĚŝĂŵďŝů ĚĂƌŝ ůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶ ƉĞƌ ϯϭ DĂƌĞƚ ϮϬϭϳ LJĂŶŐ ƚĞůĂŚ  ĚŝĂƵĚŝƚ ŽůĞŚ <W ^ĂƚƌŝŽ ŝŶŐ ŶLJ Θ ZĞŬĂŶ  ;ĂŶŐŐŽƚĂ ĚĂƌŝ ĞůŽŝƚƚĞ
dŽƵĐŚĞ dŽŚŵĂƚƐƵ >ŝŵŝƚĞĚͿ ĚĞŶŐĂŶ ŽƉŝŶŝ ƚĂŶƉĂ ŵŽĚŝĨŝŬĂƐŝĂŶ ƚĞƌƚĂŶŐŐĂů ϮϬ :ƵŶŝ ϮϬϭϳ͕ LJĂŶŐ ůĂƉŽƌĂŶŶLJĂ
ƚĞƌĐĂŶƚƵŵĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘

WĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ũƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ƐĞďĞƐĂƌ h^Ϯϳϱ͘ϴϬϭ͘ϱϮϯ͘ ĚĂƉƵŶ ƌŝŶĐŝĂŶ
ĚĂƌŝũƵŵůĂŚůŝĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
  
;ĚĂůĂŵh^Ϳ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ 
WŝŶũĂŵĂŶũĂŶŐŬĂƉĞŶĚĞŬ ϯϭ͘Ϯϯϲ͘ϭϰϭ
hƚĂŶŐƵƐĂŚĂ 
 WŝŚĂŬĞƌĞůĂƐŝ ϵ͘ϱϵϴ͘ϬϱϬ
 WŝŚĂŬ<ĞƚŝŐĂ ϲϲ͘ϰϱϮ͘Ϯϵϵ
hƚĂŶŐůĂŝŶͲůĂŝŶ 
 WŝŚĂŬĞƌĞůĂƐŝ ϱ͘ϳϵϭ͘ϲϳϯ
 WŝŚĂŬ<ĞƚŝŐĂ ϴϱϲ͘ϲϲϬ
hƚĂŶŐďƌƵƚŽŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ 
 WŝŚĂŬĞƌĞůĂƐŝ ϱ͘ϰϬϰ͘ϵϳϬ
 WŝŚĂŬ<ĞƚŝŐĂ ϱϲϱ͘ϬϴϬ
hƚĂŶŐƉĂũĂŬ ϴ͘Ϯϵϭ͘ϳϲϱ
ĞďĂŶŬƌƵĂů ϵ͘ϭϭϳ͘Ϭϲϯ
WŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐũĂƚƵŚƚĞŵƉŽĚĂůĂŵǁĂŬƚƵƐĂƚƵƚĂŚƵŶ Ϯϰ͘ϮϮϲ͘ϬϬϬ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ ϭϲϭ͘ϱϯϵ͘ϳϬϭ
 
>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĂŶũĂŶŐ 
WŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐ–ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝďĂŐŝĂŶũĂƚƵŚƚĞŵƉŽĚĂůĂŵƐĂƚƵƚĂŚƵŶ ϳϲ͘ϲϯϴ͘ϰϮϱ
hƚĂŶŐŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵ ϭ͘ϮϮϱ͘ϬϬϬ
>ŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂ ϯϲ͘ϯϵϴ͘ϯϵϳ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĂŶũĂŶŐ ϭϭϰ͘Ϯϲϭ͘ϴϮϮ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ Ϯϳϱ͘ϴϬϭ͘ϱϮϯ

ZŝŶĐŝĂŶ>ŝĂďŝůŝƚĂƐ

ϭ͘ WŝŶũĂŵĂŶ:ĂŶŐŬĂWĞŶĚĞŬ
^ĂůĚŽ ƵƚĂŶŐ ũĂŶŐŬĂ ƉĞŶĚĞŬ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĂĚĂůĂŚ ƐĞďĞƐĂƌ h^ϯϭ͘Ϯϯϲ͘ϭϰϭ LJĂŶŐ
ŵĞƌƵƉĂŬĂŶƐĂůĚŽƵƚĂŶŐƉŝŶũĂŵĂŶũĂŶŐŬĂƉĞŶĚĞŬĚĂƌŝWdĂŶŬEĞŐĂƌĂ/ŶĚŽŶĞƐĂ;WĞƌƐĞƌŽͿdďŬ͘

WdĂŶŬEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ;E/Ϳ
WĂĚĂ ƚĂŶŐŐĂů Ϯϴ Ɖƌŝů ϮϬϭϲ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŵŽĚĂů ŬĞƌũĂ ĚĂƌŝ E/ ƐĞďĞƐĂƌ
h^ ϯϬ ũƵƚĂ͕ ũĂƚƵŚ ƚĞŵƉŽ ƉĂĚĂ ƚĂŶŐŐĂů Ϯϴ Ɖƌŝů ϮϬϭϳ ĚĂŶ ƐƵŬƵ ďƵŶŐĂ ŵĞŶŐĂŵďĂŶŐ ƐĞďĞƐĂƌ >/KZ ƚŝŐĂ
ďƵůĂŶĂŶ ĚŝƚĂŵďĂŚ Ϯ͕ϳϱй ƉĞƌ ƚĂŚƵŶ͘ &ĂƐŝůŝƚĂƐ ŝŶŝ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ƉĞŵďŝĂLJĂĂŶ ŽƉĞƌĂƐŝŽŶĂů ƉĞƌďĂŝŬĂŶ͕
ƉĞŵĞůŝŚĂƌĂĂŶ͕ ĚĂŶ ŽǀĞƌŚĂƵů ƉĞƐĂǁĂƚ͘ WĂĚĂ ϯϭ DĂƌĞƚ ϮϬϭϳ ĚĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͕ WĞƌƐĞƌŽĂŶ
ŵĞŶŐŐƵŶĂŬĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŵŽĚĂůŬĞƌũĂŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞďĞƐĂƌh^Ϯϵ͘ϯϬϳ͘ϬϮϵĚĂŶh^Ϯϳ͘Ϯϵϯ͘ϯϱϯ͘

WĂĚĂ ƚĂŶŐŐĂů Ϯϴ KŬƚŽďĞƌ ϮϬϭϲ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ĨĂƐŝůŝƚĂƐ KŵŶŝďƵƐ ^ŝŐŚƚ hƐĂŶĐĞ͕ hW^ >ĞƚƚĞƌ ŽĨ
ƌĞĚŝƚ ;>ͬͿ ĚĂŶ ^ƵƌĂƚ <ƌĞĚŝƚ ĞƌĚŽŬƵŵĞŶ ĂůĂŵ EĞŐĞƌŝ ;^<EͿ ĚĂƌŝ E/͕ ũĂŶŐŬĂ ǁĂŬƚƵ ƐĂŵƉĂŝ
ϮϴKŬƚŽďĞƌϮϬϭϳ͕ĚĞŶŐĂŶũƵŵůĂŚŵĂŬƐŝŵƵŵĨĂƐŝůŝƚĂƐƐĞďĞƐĂƌh^ϯϬũƵƚĂ͘WĂĚĂϯϭDĂƌĞƚϮϬϭϳ͕WĞƌƐĞƌŽĂŶ
ŵĞŶŐŐƵŶĂŬĂŶĨĂƐŝůŝƚĂƐhW^ƐĞďĞƐĂƌh^ϭ͘ϵϮϵ͘ϭϭϮ͘

WdĂŶŬ//ŶĚŽŶĞƐŝĂ;ĂŶŬ/Ϳ
WĂĚĂƚĂŶŐŐĂůϭϴDĞŝϮϬϭϲ͕WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚĨĂƐŝůŝƚĂƐKŵŶŝďƵƐ^ŝŐŚƚhƐĂŶĐĞ͕hW^>ĞƚƚĞƌŽĨƌĞĚŝƚ
;>ͬͿ ĚĂŶ ^ƵƌĂƚ <ƌĞĚŝƚ ĞƌĚŽŬƵŵĞŶ ĂůĂŵ EĞŐĞƌŝ ;^<EͿ ĚĂƌŝ ĂŶŬ /͕ ũĂŶŐŬĂ ǁĂŬƚƵ ƐĂŵƉĂŝ
ϭϳDĞŝϮϬϭϳ͕ĚĞŶŐĂŶũƵŵůĂŚŵĂŬƐŝŵƵŵĨĂƐŝůŝƚĂƐƐĞďĞƐĂƌh^ϮϬ͘ϬϬϬ͘ϬϬϬ͘


11
Ϯ͘ hƚĂŶŐhƐĂŚĂ
^ĂůĚŽ ƵƚĂŶŐ ƵƐĂŚĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ďĞƌĞůĂƐŝ ĚĂŶ ƉŝŚĂŬ ŬĞƚŝŐĂ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϳϲ͘ϬϱϬ͘ϯϰϵ͘ĚĂƉƵŶƌŝŶĐŝĂŶĂƚĂƐƐĂůĚŽĂƚĂƐƵƚĂŶŐƵƐĂŚĂĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ĞƌĚĂƐĂƌŬĂŶƉĞŵĂƐŽŬ͗

;ĚĂůĂŵh^Ϳ
WŝŚĂŬ :ƵŵůĂŚ
WŝŚĂŬĞƌĞůĂƐŝ
<ŽƉŬĂƌ'D&^ĞũĂŚƚĞƌĂ  ϯ͘ϰϭϬ͘ϱϮϯ
WdĞƌŽƚƌĂŶƐ^ĞƌǀŝĐĞƐ/ŶĚŽŶĞƐŝĂ ϭ͘ϱϭϮ͘ϴϲϲ
;ĚĂŚƵůƵWdDĂŶĚŝƌĂƌĂũĂƐĂtĂŚĂŶĂͿ
WdƵƚĂ'ĂƌƵĚĂWŝƌĂŶƚŝWƌŝŵĂ  ϭ͘ϯϳϰ͘ϭϳϬ
Wd'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ ϵϮϮ͘ϲϮϴ
WdŶŐŬĂƐĂWƵƌĂ;WĞƌƐĞƌŽͿ ϯϰϳ͘ϳϮϭ
Wd'ĂƉƵƌĂŶŐŬĂƐĂ ϭϰϰ͘ϰϰϰ
>ĂŝŶͲůĂŝŶͬKƚŚĞƌƐ ϭ͘ϴϴϱ͘ϲϵϴ
^ƵďƚŽƚĂůWŝŚĂŬĞƌĞůĂƐŝ ϵ͘ϱϵϴ͘ϬϱϬ
WŝŚĂŬ<ĞƚŝŐĂ
<>DŶŐŝŶĞĞƌŝŶŐΘDĂŝŶƚĞŶĂŶĐĞ  ϴ͘Ϯϭϲ͘ϵϰϴ
<>DͲZŽLJĂůƵƚĐŚŝƌůŝŶĞƐ ϰ͘ϲϯϵ͘Ϯϭϵ
'ůŽďĂůŝƌƚĞĐŚ ϰ͘ϯϬϱ͘Ϭϵϲ
ĞƌŽĞĂŐůĞZĞƐŽƵƌĐĞƐƐŝĂ ϯ͘ϲϲϲ͘ϵϱϬ
,ŽŶĞLJǁĞůů/ŶƚĞƌŶĂƚŝŽŶĂů/ŶĐ ϯ͘Ϯϯϰ͘ϭϬϮ
dŚĞŽĞŝŶŐŽŵƉĂŶLJ ϭ͘ϬϬϯ͘ϯϰϲ
>ĂŝŶŶLJĂ ϰϭ͘ϯϴϲ͘ϲϯϴ
^ƵďƚŽƚĂůWŝŚĂŬ<ĞƚŝŐĂ ϲϲ͘ϰϱϮ͘Ϯϵϵ
:ƵŵůĂŚhƚĂŶŐhƐĂŚĂ ϳϲ͘ϬϱϬ͘ϯϰϵ

ZŝŶĐŝĂŶƐĂůĚŽhƚĂŶŐhƐĂŚĂƉĞƌϯϭDĂƌĞƚϮϬϭϳďĞƌĚĂƐĂƌŬĂŶŵĂƚĂƵĂŶŐĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

;ĚĂůĂŵh^Ϳ
ĞƌĚĂƐĂƌŬĂŶDĂƚĂhĂŶŐ :ƵŵůĂŚ
ŽůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚ ϱϮ͘ϳϵϰ͘ϵϰϮ
ZƵƉŝĂŚ Ϯϭ͘ϵϰϰ͘Ϯϱϵ
ŽůĂƌ^ŝŶŐĂƉƵƌĂ ϴϳϳ͘ϯϭϲ
ƵƌŽ Ϯϴϯ͘Ϯϲϴ
>ĂŝŶŶLJĂ ϭϱϬ͘ϱϲϰ
:ƵŵůĂŚhƚĂŶŐhƐĂŚĂ ϳϲ͘ϬϱϬ͘ϯϰϵ

hƚĂŶŐƵƐĂŚĂƚĞƌƵƚĂŵĂŵĞƌƵƉĂŬĂŶƵƚĂŶŐŬĞƉĂĚĂƉĞŵĂƐŽŬůŽŬĂůĚĂŶĂƐŝŶŐƵŶƚƵŬƉĞŵďĞůŝĂŶƉĞƌƐĞĚŝĂĂŶ͘

:ĂŶŐŬĂǁĂŬƚƵƉĞŵďĞůŝĂŶĂĚĂůĂŚϯϬͲϵϬŚĂƌŝ͘ƵŶŐĂƚŝĚĂŬĚŝďĞďĂŶŝĂƚĂƐŬĞƚĞƌůĂŵďĂƚĂŶƉĞŵďĂLJĂƌĂŶƵƚĂŶŐ
ƵƐĂŚĂƐĞůĂŝŶƵƚĂŶŐŬĞƉĂĚĂ'Zh͕ƉĞŵĞŐĂŶŐƐĂŚĂŵ͕ĚŝŬĞŶĂŬĂŶĚĞŶĚĂƐĞďĞƐĂƌϭйƉĞƌŚĂƌŝĚĂƌŝũƵŵůĂŚ
LJĂŶŐďĞůƵŵĚŝďĂLJĂƌŬĂŶ͕ŵĂŬƐŝŵĂůϱй͘

ϯ͘ hƚĂŶŐ>ĂŝŶͲůĂŝŶ
^ĂůĚŽƵƚĂŶŐůĂŝŶͲůĂŝŶŬĞƉĂĚĂƉŝŚĂŬďĞƌĞůĂƐŝĚĂŶƉŝŚĂŬŬĞƚŝŐĂƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĂĚĂůĂŚƐĞďĞƐĂƌ
h^ϲ͘ϲϰϴ͘ϯϯϯ͕ŵĞƌƵƉĂŬĂŶĚĂŶĂƉĞůĂŶŐŐĂŶ͘











12
ϰ͘ hƚĂŶŐƌƵƚŽ<ĞƉĂĚĂWĞůĂŶŐŐĂŶ
^ĂůĚŽ ƵƚĂŶŐ ďƌƵƚŽ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĂĚĂůĂŚ ƐĞďĞƐĂƌ h^ϱ͘ϵϳϬ͘ϬϱϬ͘ hƚĂŶŐ
ďƌƵƚŽ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ ŵĞƌƵƉĂŬĂŶ ŬĞůĞďŝŚĂŶ ƉĞŶĂŐŝŚĂŶ ĂƚĂƐ ƉĞŶĚĂƉĂƚĂŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ĚĂƌŝ ũĂƐĂ
ƉĞŵĞůŝŚĂƌĂĂŶĚĂŶƉĞƌďĂŝŬĂŶƉĞƐĂǁĂƚ͕ĚĂŶũĂƐĂĞŶŐŝŶĞĞƌŝŶŐůĂŝŶŶLJĂ͕ĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

;ĚĂůĂŵh^Ϳ
WŝŚĂŬ :ƵŵůĂŚ
WŝŚĂŬĞƌĞůĂƐŝ
Wd'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ  ϱ͘ϮϮϰ͘ϵϮϱ
WdĞƌŽĨŽŽĚ/ŶĚŽŶĞƐŝĂ ϭϴϬ͘Ϭϰϱ
WŝŚĂŬ<ĞƚŝŐĂ ϱϲϱ͘ϬϴϬ
:ƵŵůĂŚhƚĂŶŐƌƵƚŽ<ĞƉĂĚĂWĞůĂŶŐŐĂŶ ϱ͘ϵϳϬ͘ϬϱϬ

ϱ͘ hƚĂŶŐWĂũĂŬ
^ĂůĚŽƵƚĂŶŐƉĂũĂŬƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĂĚĂůĂŚƐĞďĞƐĂƌh^ϴ͘Ϯϵϭ͘ϳϲϱ͘ĚĂƉƵŶƌŝŶĐŝĂŶĂƚĂƐƐĂůĚŽ
ĂƚĂƐƵƚĂŶŐƉĂũĂŬĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ 

;ĚĂůĂŵh^Ϳ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
WĂũĂŬŬŝŶŝ ϲ͘ϱϳϬ͘ϬϬϭ
WĂũĂŬƉĞŶŐŚĂƐŝůĂŶ
WĂƐĂůϮϭ  ϲϳϵ͘ϴϲϰ
WĂƐĂůϮϯ ϴϭ͘Ϭϰϭ
WĂƐĂůϮϱ ϰϵϲ͘ϴϲϬ
WĂƐĂůϮϲ Ϯϲ͘ϳϰϭ
WĂƐĂůϰ;ϮͿ Ϯϲ͘ϯϬϭ
WĂũĂŬƉĞƌƚĂŵďĂŚĂŶŶŝůĂŝͲďĞƌƐŝŚ ϰϭϬ͘ϵϱϳ
:ƵŵůĂŚhƚĂŶŐWĂũĂŬ ϴ͘Ϯϵϭ͘ϳϲϱ

ϲ͘ ĞďĂŶŬƌƵĂů
^ĂůĚŽďĞďĂŶĂŬƌƵĂůƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĂĚĂůĂŚƐĞďĞƐĂƌh^ϵ͘ϭϭϳ͘Ϭϲϯ͘ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚƌŝŶĐŝĂŶ
ďĞďĂŶĂŬƌƵĂů͗

;ĚĂůĂŵh^Ϳ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
^ĞǁĂĚĂŶŬŽŶƐĞƐŝ ϰ͘ϵϵϬ͘ϴϬϱ
^ƵŬƵĂĚĂŶŐ Ϯ͘Ϯϴϴ͘ϴϱϵ
dĞůĞƉŽŶ͕ůŝƐƚƌŝŬĚĂŶĂŝƌ ϲϰϱ͘Ϯϳϵ
<ƵƌŝƌĚĂŶƉĞŶŐŝƌŝŵĂŶ ϮϬϱ͘ϯϮϲ
ŽŶƵƐĚĂŶƚĂŶƚŝĞŵ ϯϭϵ͘ϯϭϳ
>ĂŝŶŶLJĂ ϲϲϳ͘ϰϳϳ
:ƵŵůĂŚĞďĂŶŬƌƵĂů ϵ͘ϭϭϳ͘Ϭϲϯ

ϳ͘ WŝŶũĂŵĂŶ:ĂŶŐŬĂWĂŶũĂŶŐ
^ĂůĚŽ ƉŝŶũĂŵĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĂĚĂůĂŚ ƐĞďĞƐĂƌ h^ϳϲ͘ϲϯϴ͘ϰϮϱ ƐĞƚĞůĂŚ
ĚŝŬƵƌĂŶŐŝ ďĂŐŝĂŶ LJĂŶŐ ũĂƚƵŚ ƚĞŵƉŽ ĚĂůĂŵ ƐĂƚƵ ƚĂŚƵŶ ƐĞďĞƐĂƌ h^Ϯϰ͘ϮϮϲ͘ϬϬϬ ĚĞŶŐĂŶ ƉĞƌŝŶĐŝĂŶ ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗

;ĚĂůĂŵh^Ϳ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
WdĂŶŬEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ;ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝďŝĂLJĂƚƌĂŶƐĂŬƐŝďĞůƵŵĚŝĂŵŽƌƚŝƐĂƐŝͿ ϴϱ͘ϲϴϲ͘ϮϴϮ
Wd/ŶĚŽŶĞƐŝĂ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ&ŝŶĂŶĐĞ ϭϱ͘ϭϳϴ͘ϭϰϯ
:ƵŵůĂŚ ϭϬϬ͘ϴϲϰ͘ϰϮϱ
ĂŐŝĂŶũĂƚƵŚƚĞŵƉŽĚĂůĂŵƐĂƚƵƚĂŚƵŶ ;Ϯϰ͘ϮϮϲ͘ϬϬϬͿ
ĂŐŝĂŶũĂŶŐŬĂƉĂŶũĂŶŐͲƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝďĂŐŝĂŶũĂƚƵŚƚĞŵƉŽĚĂůĂŵƐĂƚƵƚĂŚƵŶ ϳϲ͘ϲϯϴ͘ϰϮϱ
^ƵŬƵďƵŶŐĂƉĞƌƚĂŚƵŶ ϯ͕ϰϰйͲϰ͕ϲϲй




13
WdĂŶŬEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ;E/Ϳ
WĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϬ͕WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŝŶǀĞƐƚĂƐŝƐĞďĞƐĂƌZƉϭϬϬŵŝůŝĂƌ͕ũĂƚƵŚ
ƚĞŵƉŽƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϭϱĚĂŶƐƵŬƵďƵŶŐĂŵĞŶŐĂŵďĂŶŐĚĂƌŝE/͘&ĂƐŝůŝƚĂƐŬƌĞĚŝƚďĞƌũĂŶŐŬĂǁĂŬƚƵ
ϱ ƚĂŚƵŶ ϵ ďƵůĂŶ ŝŶŝ ĚŝƚƵũƵŬĂŶ ƵŶƚƵŬ ƉĞŵďŝĂLJĂĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂ ƐĂƌĂŶĂ ĚĂŶ
ƉƌĂƐĂƌĂŶĂ ďĂƌƵ ƐĞƌƚĂ ƉĞŶŐĂĚĂĂŶ ŵĞƐŝŶ ĚĂŶ ƉĞƌĂůĂƚĂŶ͘ WĞƌũĂŶũŝĂŶ ŝŶŝ ƚĞůĂŚ ĚŝĂŵĂŶĚĞŵĞŶ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϬ^ĞƉƚĞŵďĞƌϮϬϭϭ͘

WĂĚĂ ƚĂŶŐŐĂů Ϯϱ :ƵŶŝ ϮϬϭϮ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ƚĂŵďĂŚĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŝŶǀĞƐƚĂƐŝ ƐĞďĞƐĂƌ
ZƉϱϱŵŝůŝĂƌ͕ũĂƚƵŚƚĞŵƉŽƚĂŶŐŐĂůϮϱDĞŝϮϬϭϴĚĂŶƐƵŬƵďƵŶŐĂĞĨĞŬƚŝĨƐĞďĞƐĂƌϴ͕ϳϱйƉĞƌƚĂŚƵŶ͘&ĂƐŝůŝƚĂƐ
ŬƌĞĚŝƚ ďĞƌũĂŶŐŬĂ ǁĂŬƚƵ ϲ ƚĂŚƵŶ ŝŶŝ ĚŝƚƵũƵŬĂŶ ƵŶƚƵŬ ƉĞŵďŝĂLJĂĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĞŵĂŵƉƵĂŶ ĚĂŶ
ƉĞŶĂŵďĂŚĂŶŬĂƉĂƐŝƚĂƐƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ͘

WĂĚĂ ƚĂŶŐŐĂů ϯϭ DĞŝ ϮϬϭϯ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ƚĂŵďĂŚĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŝŶǀĞƐƚĂƐŝ ƐĞďĞƐĂƌ
ZƉϰϵϬŵŝůŝĂƌĚĂŶh^ϲũƵƚĂ͕ũĂƚƵŚƚĞŵƉŽƉĂĚĂƚĂŶŐŐĂůϯϬEŽǀĞŵďĞƌϮϬϮϱĚĂŶƐƵŬƵďƵŶŐĂŵĞŶŐĂŵďĂŶŐ
ĚĂƌŝ ĂŶŬ EĞŐĂƌĂ /ŶĚŽŶĞƐŝĂ͘ &ĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ďĞƌũĂŶŐŬĂ ǁĂŬƚƵ ϭϮ ƚĂŚƵŶ ŝŶŝ ĚŝƚƵũƵŬĂŶ ƵŶƚƵŬ ƉĞŵďŝĂLJĂĂŶ
ƉĞŵďĂŶŐƵŶĂŶ ŚĂŶŐĂƌ ďĂƌƵ ĚĂŶ ƉĞŶŐĂĚĂĂŶ ƉĞƌĂůĂƚĂŶ ŚĂŶŐĂƌ͘ &ĂƐŝůŝƚĂƐ ƉŝŶũĂŵĂŶ ŝŶŝ ĚŝũĂŵŝŶ ĚĂŶ ĚŝŝŬĂƚ
ĚĞŶŐĂŶ ƐĞŐĂůĂ ŚĂƌƚĂ ŬĞŬĂLJĂĂŶ WĞƌƐĞƌŽĂŶ͕ ďĂŝŬ LJĂŶŐ ďĞƌŐĞƌĂŬ ŵĂƵƉƵŶ LJĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ďĂŝŬ LJĂŶŐ
ƐƵĚĂŚ ĂĚĂ ŵĂƵƉƵŶ LJĂŶŐ ĂŬĂŶ ĂĚĂ Ěŝ ŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ ŵĞŶũĂĚŝ ũĂŵŝŶĂŶ ďĂŐŝ ƉĞůƵŶĂƐĂŶ ƐĞůƵƌƵŚ ƵƚĂŶŐ
WĞƌƐĞƌŽĂŶLJĂŶŐƚŝŵďƵůŬĂƌĞŶĂƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚ͘

WĂĚĂ ƚĂŶŐŐĂů ϭϯ KŬƚŽďĞƌ ϮϬϭϲ͕ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ŬŽŶǀĞƌƐŝ ƉŝŶũĂŵĂŶ ĚĂƌŝ ZƵƉŝĂŚ ŬĞ ŽůĂƌ ŵĞƌŝŬĂ
^ĞƌŝŬĂƚ͘

WĂĚĂƚĂŶŐŐĂůϮϴƉƌŝůϮϬϭϲ͕WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŝŶǀĞƐƚĂƐŝƐĞďĞƐĂƌh^ϴ͘ϬϬϬ͘ϬϬϬ͕ũĂƚƵŚ
ƚĞŵƉŽ ƉĂĚĂ ƚĂŶŐŐĂů Ϯϴ Ɖƌŝů ϮϬϭϵ ĚĂŶ ƐƵŬƵ ďƵŶŐĂ ŵĞŶŐĂŵďĂŶŐ ƐĞďĞƐĂƌ >/KZ ƚŝŐĂ ďƵůĂŶĂŶ ĚŝƚĂŵďĂŚ
Ϯ͕ϳϱйƉĞƌƚĂŚƵŶ͘&ĂƐŝůŝƚĂƐŝŶŝĚŝŐƵŶĂŬĂŶƵŶƚƵŬŬŽŶƐĞƐŝůĂŚĂŶĚĂŶƐĞǁĂƚĂŶĂŚĚĂƌŝŶŐŬĂƐĂWƵƌĂ//͘

WĂĚĂƚĂŶŐŐĂůϮϴƉƌŝůϮϬϭϲ͕WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŝŶǀĞƐƚĂƐŝƐĞďĞƐĂƌh^ϰϮ͘ϬϬϬ͘ϬϬϬ͕ũĂƚƵŚ
ƚĞŵƉŽ ƉĂĚĂ ƚĂŶŐŐĂů Ϯϴ Ɖƌŝů ϮϬϮϭ ĚĂŶ ƐƵŬƵ ďƵŶŐĂ ŵĞŶŐĂŵďĂŶŐ ƐĞďĞƐĂƌ >/KZ ƚŝŐĂ ďƵůĂŶĂŶ ĚŝƚĂŵďĂŚ
ϯ͕ϱϬйƉĞƌƚĂŚƵŶ͘&ĂƐŝůŝƚĂƐŝŶŝĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďŝĂLJĂĂŶƉĞŶŐĞŵďĂŶŐĂŶŬĞŵĂŵƉƵĂŶĚĂŶƉĞŶĂŵďĂŚĂŶ
ŬĂƉĂƐŝƚĂƐƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ͘

WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƉŝŶũĂŵĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ ŬĞƉĂĚĂ ĂŶŬ EĞŐĂƌĂ /ŶĚŽŶĞƐŝĂ ƐĞďĞƐĂƌ
h^ϭ͘ϮϬϭ͘ϱϭϬ ƵŶƚƵŬ ƉĞƌŝŽĚĞ ƚŝŐĂ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ϯϭ DĂƌĞƚ ϮϬϭϳ͕ ZƉϰϭ͘ϱϴϵ͘ϬϬϬ͘ϬϬϬ ;ƐĞƚĂƌĂ
h^ϯ͘ϭϵϱ͘ϰϲϲͿ ĚĂŶ h^ϭ͘ϲϭϬ͘ϳϭϬ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϲ͕ ZƉϴϬ͘ϴϬϬ͘ϱϱϬ͘ϯϲϬ ;ƐĞƚĂƌĂ h^ϲ͘Ϭϯϯ͘ϱϬϵͿ ĚĂŶ
h^ϱϱϮ͘ϰϰϴƉĂĚĂƚĂŚƵŶϮϬϭϱ͕ƐĞƌƚĂh^ϯ͘ϱϱϮ͘ϬϭϳƉĂĚĂƚĂŚƵŶϮϬϭϰ͘

Wd/ŶĚŽŶĞƐŝĂ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ&ŝŶĂŶĐĞ
WĂĚĂƚĂŶŐŐĂůϭϲ:ƵůŝϮϬϭϰ͕WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŝŶǀĞƐƚĂƐŝĚĂƌŝWd/ŶĚŽŶĞƐŝĂ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ
&ŝŶĂŶĐĞ;//&ͿĚĞŶŐĂŶũƵŵůĂŚŵĂŬƐŝŵƵŵƐĞďĞƐĂƌh^ϯϬũƵƚĂ͕ũĂŶŐŬĂǁĂŬƚƵƐĂŵƉĂŝĚĞŶŐĂŶϭϲĞƐĞŵďĞƌ
ϮϬϮϬ͘ WŝŶũĂŵĂŶ ƚĞƌƐĞďƵƚ ŵĞŵƉƵŶLJĂŝ ƐƵŬƵ ďƵŶŐĂ ŵĞŶŐĂŵďĂŶŐ ƐĞďĞƐĂƌ >/KZ ƚŝŐĂ ďƵůĂŶĂŶ ĚŝƚĂŵďĂŚ
ϰ͕ϰϱйƉĞƌƚĂŚƵŶ͘&ĂƐŝůŝƚĂƐŝŶŝĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĞůŝĂŶƉĞƌĂůĂƚĂŶĚĂŶƐƵŬƵĐĂĚĂŶŐ͘

WĂĚĂ ƚĂŶŐŐĂů ϯϬ :ƵŶŝ ϮϬϭϱ͕ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ĂŵĂŶĚĞŵĞŶ ĂƚĂƐ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ Ěŝ ĂƚĂƐ ĚĞŶŐĂŶ
ŵĞŵƉĞƌďĂŚĂƌƵŝũƵŵůĂŚĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŵĞŶũĂĚŝƐĞďĞƐĂƌh^Ϯϭ͕ϱũƵƚĂ͘

WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƉŝŶũĂŵĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ ŬĞƉĂĚĂ //& ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ
h^ϭ͘Ϭϭϭ͘ϴϳϲƵŶƚƵŬƉĞƌŝŽĚĞƚŝŐĂďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌϯϭDĂƌĞƚϮϬϭϳĚĂŶh^ϰ͘Ϭϰϳ͘ϱϬϱƵŶƚƵŬƚĂŚƵŶLJĂŶŐ
ďĞƌĂŬŚŝƌϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͘ ^ĞŵƵĂ ĨĂƐŝůŝƚĂƐ ƉŝŶũĂŵĂŶLJĂŶŐĚŝƐĞďƵƚŬĂŶ ĚŝĂƚĂƐ ĚŝũĂŵŝŶ ĚĞŶŐĂŶ ĂƐĞƚ LJĂŶŐ
ĚŝďŝĂLJĂŝŵĞůĂůƵŝĨĂƐŝůŝƚĂƐŝŶŝ͘

dĂŶƉĂ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ E/ ĚĂŶ //&͕ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ĚŝƉĞƌŬĞŶĂŶŬĂŶ ĂŶƚĂƌĂ ůĂŝŶ͗ ŵĞƌŐĞƌ͖
ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƉĂŝůŝƚ͖ ŵĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ͖ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƉŝŚĂŬ ůĂŝŶ͖ ŵĞŵďƵŬĂ
ƵƐĂŚĂ ďĂƌƵ͖ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝ ƉĞŶũĂŵŝŶ͕ ŵĞŶũĂŵŝŶŬĂŶ ĂƐĞƚ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ͖ ĚĂŶ ŵĞŶŐƵďĂŚ
ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ͘ WĞƌƐĞƌŽĂŶ ĚŝŚĂƌƵƐŬĂŶ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ĂŶŬ ĂŶƚĂƌĂ ůĂŝŶ͗
ŵĞŶŐƵďĂŚ ďĞŶƚƵŬ͖ ŵĞŵďĂLJĂƌ ƵƚĂŶŐ ŬĞƉĂĚĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ͖ ŵĞŵďĂŐŝŬĂŶ ĚŝǀŝĚĞŶ͖ ŵĞŵďĞƌŝŬĂŶ
ƉŝŶũĂŵĂŶ͖ ŵĞŶĞƌŝŵĂ ƉŝŶũĂŵĂŶ͖ ŵĞůĂŬƵŬĂŶ ƚƌĂŶƐĂŬƐŝ ƐĞǁĂ ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ ůĞĂƐŝŶŐ͖ ĂŬƵŝƐŝƐŝ ĂƐĞƚ ƉŝŚĂŬ
ŬĞƚŝŐĂ͖ ĚĂŶ ŵĞŶŐƵďĂŚ ƐƵƐƵŶĂŶ ƉĞŶŐƵƌƵƐ͕ ĚŝƌĞŬƐŝ ĚĂŶ ŬŽŵŝƐĂƌŝƐ͘ ^ĞůĂŝŶ ŝƚƵ WĞƌƐĞƌŽĂŶ ũƵŐĂ ĚŝǁĂũŝďŬĂŶ
ŵĞŵĞŶƵŚŝƌĂƐŝŽŬĞƵĂŶŐĂŶ͗;ĂͿƌĂƐŝŽůĂŶĐĂƌŵŝŶŝŵĂůϭ͗ϭ͖;ďͿƌĂƐŝŽƵƚĂŶŐĚĞŶŐĂŶŵŽĚĂůŵĂŬƐŝŵĂůϮ͕ϱŬĂůŝ͖
;ĐͿƌĂƐŝŽŬĞŵĂŵƉƵĂŶŵĞŵďĂLJĂƌƵƚĂŶŐϭϬϬй͘

14
 WĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ƐĞůƵƌƵŚ ƌĂƐŝŽ ŬĞƵĂŶŐĂŶ LJĂŶŐ ĚŝƉĞƌƐLJĂƌĂƚŬĂŶ
ĚĂůĂŵƉĞƌũĂŶũŝĂŶƉŝŶũĂŵĂŶƚĞƌƐĞďƵƚ͘

ϴ͘ hƚĂŶŐ<ĞƉĂĚĂWĞŵĞŐĂŶŐ^ĂŚĂŵ
^ĂůĚŽƵƚĂŶŐŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĂĚĂůĂŚƐĞďĞƐĂƌh^ϭ͘ϮϮϱ͘ϬϬϬ͘hƚĂŶŐ
ŬĞƉĂĚĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ŵĞƌƵƉĂŬĂŶ ƉĞŶĚĂŶĂĂŶ ŝŶǀĞƐƚĂƐŝ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĂƉĂďŝůŝƚĂƐ ƚĞƐƚ ĐĞůů ĚĂƌŝ
'Zh͘

ϵ͘ >ŝĂďŝůŝƚĂƐ/ŵďĂůĂŶ<ĞƌũĂ
^ĂůĚŽůŝĂďŝůŝƚĂƐŝŵďĂůĂŶƉĂƐĐĂŬĞƌũĂƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĂĚĂůĂŚƐĞďĞƐĂƌh^ϯϲ͘ϯϵϴ͘ϯϵϳ͘

DƵƚĂƐŝŶŝůĂŝŬŝŶŝůŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚϮϬϭϳ
/ŵďĂůĂŶ<ĞƌũĂ
<ĞƚĞƌĂŶŐĂŶ WƌŽŐƌĂŵ/ŵďĂůĂŶ
:ĂŶŐŬĂWĂŶũĂŶŐ :ƵŵůĂŚ
WĂƐƚŝ
>ĂŝŶŶLJĂ
EŝůĂŝŬŝŶŝŬĞǁĂũŝďĂŶŝŵďĂůĂŶƉĂƐƚŝͲĂǁĂůƚĂŚƵŶ ϯϱ͘ϯϯϮ͘ϲϬϲ ϴϯϭ͘ϳϬϯ ϯϲ͘ϭϲϰ͘ϯϬϵ
ŝĂLJĂũĂƐĂŬŝŶŝ ϰϱϱ͘ϲϭϳ ϱϬ͘ϵϱϱ ϱϬϲ͘ϱϳϮ
WĞŶŐŚĂƐŝůĂŶĂƚĂƵďĞďĂŶďƵŶŐĂ ϳϬϰ͘ϵϲϯ ϭϲ͘ϳϳϬ ϳϮϭ͘ϳϯϯ
/ŵďĂůĂŶLJĂŶŐĚŝďĂLJĂƌŬĂŶ ;ϴϱϮ͘ϲϴϭͿ Ͳ ;ϴϱϮ͘ϲϴϭͿ
WĞŶŐƵŬƵƌĂŶŬĞŵďĂůŝůŝĂďŝůŝƚĂƐŝŵďĂůĂŶƉĂƐƚŝ
ŶĞƚŽ͗
<ĞƵŶƚƵŶŐĂŶĂŬƚƵĂƌŝĂůLJĂŶŐƚŝŵďƵůĚĂƌŝ   
ƉĞŶLJĞƐƵĂŝĂŶĂƚĂƐƉĞŶŐĂůĂŵĂŶ ;ϭ͘ϱϳϰ͘ϵϬϴͿ ;ϭϴ͘ϱϳϲͿ ;ϭ͘ϱϵϯ͘ϰϴϰͿ
<ĞƌƵŐŝĂŶĂŬƚƵĂƌŝĂůLJĂŶŐƚŝŵďƵůĚĂƌŝ
ƉĞƌƵďĂŚĂŶĂƐƵŵƐŝŬĞƵĂŶŐĂŶ ϭ͘ϬϴϬ͘ϰϭϯ ϱϵ͘ϰϮϮ ϭ͘ϭϯϵ͘ϴϯϱ
ĂŵƉĂŬƉĞƌƵďĂŚĂŶŬƵƌƐǀĂůƵƚĂĂƐŝŶŐ ϯϬϰ͘ϴϬϮ ϳ͘ϯϭϭ ϯϭϮ͘ϭϭϯ
EŝůĂŝŬŝŶŝŬĞǁĂũŝďĂŶŝŵďĂůĂŶƉĂƐƚŝͲĂŬŚŝƌƚĂŚƵŶ ϯϱ͘ϰϱϬ͘ϴϭϮ ϵϰϳ͘ϱϴϱ ϯϲ͘ϯϵϴ͘ϯϵϳ

/ŬĂƚĂŶĚĂŶ<ŽŶƚŝŶũĞŶƐŝ

/ŬĂƚĂŶ
ĞƌŝŬƵƚĂĚĂůĂŚƉĞƌũĂŶũŝĂŶ^ĞǁĂKƉĞƌĂƐŝWĞƌƐĞƌŽĂŶƉĞƌƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳ͗

EŽ͘ WŝŚĂŬ WĞƌŝŚĂů WĞƌŝŽĚĞWĞƌũĂŶũŝĂŶ
ϭ͘  Wd'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿ WĞƌũĂŶũŝĂŶƐĞǁĂƚĂŶĂŚĚĂŶ ϭŐƵƐƚƵƐϮϬϬϮĚĞŶŐĂŶƉĞƌƵďĂŚĂŶLJĂŶŐďĞƌůĂŬƵĚĂƌŝ
dďŬ ďĂŶŐƵŶĂŶ ϭ:ĂŶƵĂƌŝϮϬϬϴƐĂŵƉĂŝĚĞŶŐĂŶϮϬϰϴƵŶƚƵŬŚĂŶŐĂƌ
ĚĂŶϮϬϮϴƵŶƚƵŬďĂŶŐƵŶĂŶ
Ϯ͘  WdĞƌŽƚƌĂŶƐ^ĞƌǀŝĐĞ/ŶĚŽŶĞƐŝĂ WĞƌũĂŶũŝĂŶƐĞǁĂŬĞŶĚĂƌĂĂŶ ϭϱDĂƌĞƚϮϬϭϮƐĂŵƉĂŝĚĞŶŐĂŶϮϱ:ƵŶŝϮϬϭϳ
ŽƉĞƌĂƐŝŽŶĂů
ϯ͘  WdŶŐŬĂƐĂWƵƌĂ//;WĞƌƐĞƌŽͿ WĞƌũĂŶũŝĂŶƉĞŵĂŶĨĂĂƚĂŶƚĂŶĂŚ ϭ:ĂŶƵĂƌŝϮϬϭϳƐĂŵƉĂŝĚĞŶŐĂŶϯϭĞƐĞŵďĞƌϮϬϮϮ
ĚĂŶŬŽŶƐĞƐŝ
ϰ͘  WdĞƌŽƚƌĂŶƐ^ĞƌǀŝĐĞ/ŶĚŽŶĞƐŝĂ WĞƌũĂŶũŝĂŶƉĞůĂŬƐĂŶĂĂŶũĂƐĂ ϭ:ĂŶƵĂƌŝϮϬϭϮƐĂŵƉĂŝĚĞŶŐĂŶϮϬϭϰ;ŵĂƐŝŚĚĂůĂŵ
ƉĞƌŐĞƌĂŬĂŶŵĂƚĞƌŝĂů ƉƌŽƐĞƐƉĞƌƉĂŶũĂŶŐĂŶͿ
ƉĞƌƐĞƌŽĂŶ

Ă͘ WĂĚĂ ƚĂŶŐŐĂů Ϯϯ EŽǀĞŵďĞƌ ϮϬϭϬ͕ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂĚĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ĚĞŶŐĂŶ E/ ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ
ĨĂƐŝůŝƚĂƐ <ƌĞĚŝƚ DŽĚĂů <ĞƌũĂ DŝƚƌĂ ŬĞƉĂĚĂ ďĞďĞƌĂƉĂ ƉĞŵĂƐŽŬ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ϯ ;ƚŝŐĂͿ
ƚĂŚƵŶ͘&ĂƐŝůŝƚĂƐŝŶŝĚŝƚƵũƵŬĂŶƵŶƚƵŬƉĞŵďŝĂLJĂĂŶŵŽĚĂůŬĞƌũĂďĞďĞƌĂƉĂƉĞŵĂƐŽŬWĞƌƐĞƌŽĂŶĚĂůĂŵďĞŶƚƵŬ
ƚĂůĂŶŐĂŶ ƉŝƵƚĂŶŐ ƉĞŵĂƐŽŬ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ͘ DĂƐŝŶŐͲŵĂƐŝŶŐ ƉĞŵĂƐŽŬ WĞƌƐĞƌŽĂŶ
ŵĞŶĚĂƉĂƚŬĂŶ ĨĂƐŝůŝƚĂƐ ŵĂŬƐŝŵĂů ƐĞďĞƐĂƌ ZƉϭϬ ŵŝůŝĂƌ͕ ĚĞŶŐĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ĨĂƐŝůŝƚĂƐ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ ĚĂŶ
ũĂŶŐŬĂǁĂŬƚƵƉĞůƵŶĂƐĂŶϵϬŚĂƌŝƐĞũĂŬƚĂŶŐŐĂůƉĞŶĐĂŝƌĂŶŬƌĞĚŝƚ͘WĞƌũĂŶũŝĂŶŽƚŽŵĂƚŝƐĚŝƉĞƌƉĂŶũĂŶŐŬĞĐƵĂůŝ
ũŝŬĂĚŝĂŬŚŝƌŝŽůĞŚƉĂƌĂƉŝŚĂŬƚĞƌŬĂŝƚ͘
ď͘ WĂĚĂ ƚĂŶŐŐĂů ϭϲ ĞƐĞŵďĞƌ ϮϬϭϯ͕ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂĚĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ĚĞŶŐĂŶ Wd ĂŶŬ ^LJĂƌŝĂŚ DĂŶĚŝƌŝ
ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ĨĂƐŝůŝƚĂƐ /ũĂƌĂŚ DƵŶƚĂŚƚLJĂŚ ŝƚƚĂŵůŝŬ ĚĞŶŐĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ϴ ƚĂŚƵŶ͘ &ĂƐŝůŝƚĂƐ ŝŶŝ
ĚŝƚƵũƵŬĂŶ ƵŶƚƵŬ ƉĞŶLJĞǁĂĂŶ ƉĞƌĂůĂƚĂŶ ƚĞƐƚ ĐĞůů ƵŶƚƵŬ ƉĞƌĂǁĂƚĂŶ ĚĂŶ ŽǀĞƌŚĂƵů /ŶĚƵƐƚƌŝĂů 'ĂƐ dƵƌďŝŶĞ
ŶŐŝŶĞ ;/'dͿ Žŝů ĐŽŵƉĂŶLJ͘ WĞƌƐĞƌŽĂŶ ŵĞŶĚĂƉĂƚŬĂŶ ĨĂƐŝůŝƚĂƐ ŵĂŬƐŝŵĂů ƐĞďĞƐĂƌ h^ϵ͘ϱϲϮ͘ϵϱϱ͘ WĂĚĂ ϯϭ
DĂƌĞƚϮϬϭϳ͕ďĞďĂŶƐĞǁĂ/ũĂƌĂŚĚŝĐĂƚĂƚƉĂĚĂďĞďĂŶƐĞǁĂƐĞďĞƐĂƌh^ϭϬϬ͘Ϭϯϭ͘

15
 ^ĞƐƵĂŝĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶ͕WĞƌƐĞƌŽĂŶĚŝǁĂũŝďŬĂŶƵŶƚƵŬŵĞŵƉƵŶLJĂŝƌĞŬĞŶŝŶŐĞƐĐƌŽǁƐĞďĂŐĂŝũĂŵŝŶĂŶĚĂƌŝ
ĨĂƐŝůŝƚĂƐƚĞƌƐĞďƵƚ͘WĂĚĂϯϭDĂƌĞƚϮϬϭϳ͕ϯϭĞƐĞŵďĞƌϮϬϭϲ͕ϮϬϭϱ͕ĚĂŶϮϬϭϰƐĂůĚŽƌĞŬĞŶŝŶŐŵĂƐŝŶŐͲŵĂƐŝŶŐ
ƐĞďĞƐĂƌh^ϭϬ͘ϵϲϯ͕h^ϯϯϰ͘ϭϵϱ͕h^ϭϮ͘ϰϯϬĚĂŶh^ϭϬ͘ϵϴϭ

Đ͘ WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚĨĂƐŝůŝƚĂƐůĞƚƚĞƌŽĨĐƌĞĚŝƚĚĂƌŝďĂŶŬ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ĂŶŬ :ƵŵůĂŚŵĂŬƐŝŵƵŵŬƌĞĚŝƚ ĞƌůĂŬƵƐĂŵƉĂŝ


E/     h^ϯϬũƵƚĂ  ϮϳKŬƚŽďĞƌϮϬϭϳ
Z/   h^ϮϬũƵƚĂ ϯϭDĞŝϮϬϭϳ
/   h^ϮϬũƵƚĂ ϭϳDĞŝϮϬϭϳ
 
WĂĚĂƚĂŶŐŐĂůϯϭDĞŝϮϬϭϲ͕WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚĨĂƐŝůŝƚĂƐƉĞŶŐĂůŝŚĂŶŚĂŬƚĂŐŝŚĚĂƌŝZ/ĚĞŶŐĂŶƉůĂĨŽŶ
ŵĂŬƐŝŵĂů ƐĞďĞƐĂƌ h^Ϯϱ ũƵƚĂ LJĂŶŐďĞƌůĂŬƵ ƐĂŵƉĂŝ ϯϭDĞŝ ϮϬϭϳ͘ WĂĚĂϭϭ :ĂŶƵĂƌŝϮϬϭϳ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ
ŵĞŵƉĞƌŽůĞŚƉĞƌƉĂŶũĂŶŐĂŶĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶĚĂƌŝE/ĚĞŶŐĂŶƉůĂĨŽŶŵĂŬƐŝŵĂůh^ϯϬũƵƚĂLJĂŶŐďĞƌůĂŬƵ
ƐĂŵƉĂŝĚĞŶŐĂŶϮϳKŬƚŽďĞƌϮϬϭϳ͘

<ŽŶƚŝŶŐĞŶƐŝ

^ĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝŬŽŶƚŝŶŐĞŶƐŝĂƉĂƉƵŶLJĂŶŐĚĂƉĂƚŵĞƌƵŐŝŬĂŶ
ƉŝŚĂŬŵĂŶĂƉƵŶ͘

WŝŶũĂŵĂŶLJĂŶŐĚŝƚĞƌŝŵĂWĞƌƐĞƌŽĂŶLJĂŶŐŵĂƚĞƌŝĂůƐĞƚĞůĂŚ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳ

^ĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŶĞƌŝŵĂƉŝŶũĂŵĂŶLJĂŶŐŵĂƚĞƌŝĂůƐĞƚĞůĂŚ>ĂƉŽƌĂŶ
<ĞƵĂŶŐĂŶƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳ͘

^>hZh, >//>/d^͕ <KD/dDE E <KEd/E:E^/ WZ^ZKE WZ dE''> ϯϭ DZd ϮϬϭϳ d>,
/hE'<W<E/>D>WKZE<hE'E^'/DE/hE'<W<E:h'/>DWZK^W<dh^͘
WZ^ZKEd>,D>hE^/^>hZh,>//>/d^zE'd>,:dh,dDWK͘d/<>//>/d^zE'
d>,:dh,dDWKzE'>hD/>hE^/K>,WZ^ZKE͘


d/<  &<d DdZ/> zE' DE'</d<E WZh,E ^/'E/&/<E W >//>/d^ dZ</d
WDzZE WK<K< Eͬdh hE' W/E:DE Eͬdh WZ/<dE >/E ^d>, dE''>
>WKZE <hE'E dZ<,/Z ^DW/E'E dE''> >WKZE h/dKZ /EWEE E ^d>,
dE''> >WKZE h/dKZ /EWEE ^DW/ E'E dE''> &<d/&Ez WZzdE
WE&dZE͘


DE:DE>D,>/E/Zd/E<hEdh<Ed^EDWZ^ZKE^Zd^,hhE'EE'E
dh'^ E dE''hE' :tEz >D WZ^ZKE E'E /E/ DEzd<E <^E''hWEEz
hEdh< DDEh,/ >//>/d^Ͳ>//>/d^Ez zE' d>, /hE'<W<E >D >WKZE <hE'E
^Zd/^:/<E>DWZK^W<dh^/E/͘

Z/ dE''> ϯϭ DZd ϮϬϭϳ ^DW/ E'E dE''> >WKZE h/dKZ /EWEE E Z/
dE''> >WKZE h/dKZ /EWEE ^DW/ E'E &<d/&Ez WZEzdE WE&dZE /E/͕
WZ^ZKE d/< DD/>/</ <t:/EͲ<t:/E E /<dEͲ/<dE Zh ^>/E <t:/EͲ
<t:/EzE'd/Dh>Z/<'/dEh^,EKZD>WZ^ZKE^Zd<t:/EͲ<t:/EzE'
d>, /Ezd<E / d^ E zE' d>, /hE'<W<E >D >WKZE <hE'E E
WZK^W<dh^/E/͘

WZ^ZKE d>, DDEh,/ ^Dh Z^/K <hE'E zE' /WZ^zZd<E >D WZ:E:/E
<Z/dzE'/><h<EK>,WZ^ZKE͘

d/<  W>E''ZE d^ WZ^zZdE >D WZ:E:/E <Z/d zE' /><h<E K>,
WZ^ZKE ^Zd d/<  <>>/E >D WDzZE WK<K< Eͬdh hE' W/E:DE
^d>,dE''>>WKZE<hE'EdZ<,/Z͘


d/<dZWdE'd/sKsEEd^zE'<EDZh'/<E,<Ͳ,<WD'E'^,DWh>/<͘


16
/s͘ /<,d/^Zd<hE'EWEd/E'

ĂůŽŶŝŶǀĞƐƚŽƌŚĂƌƵƐŵĞŵďĂĐĂŝŬŚƚŝƐĂƌĚĂƚĂŬĞƵĂŶŐĂŶƉĞŶƚŝŶŐLJĂŶŐĚŝƐĂũŝŬĂŶĚŝďĂǁĂŚŝŶŝďĞƌƐĂŵĂĂŶĚĞŶŐĂŶ
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ďĞƐĞƌƚĂ ĐĂƚĂƚĂŶ ĂƚĂƐ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐ ŝŶŝ͘
ĂůŽŶŝŶǀĞƐƚŽƌũƵŐĂŚĂƌƵƐŵĞŵďĂĐĂĂďsŵĞŶŐĞŶĂŝŶĂůŝƐŝƐĚĂŶWĞŵďĂŚĂƐĂŶŽůĞŚDĂŶĂũĞŵĞŶ͘

ŶŐŬĂͲĂŶŐŬĂ ŝŬŚƚŝƐĂƌ ĚĂƚĂ ŬĞƵĂŶŐĂŶ ƉĞŶƚŝŶŐ Ěŝ ďĂǁĂŚ ŝŶŝ ďĞƌĂƐĂů ĚĂŶͬĂƚĂƵ ĚŝŚŝƚƵŶŐ ďĞƌĚĂƐĂƌŬĂŶ ŝŶĨŽƌŵĂƐŝ
ŬĞƵĂŶŐĂŶLJĂŶŐĚŝĂŵďŝůĚĂƌŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚĂŶϮϬϭϲ͕ϯϭĞƐĞŵďĞƌ
ϮϬϭϲ͕ϮϬϭϱĚĂŶϮϬϭϰĚĂŶƵŶƚƵŬƉĞƌŝŽĚĞƚŝŐĂďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚĂŶϮϬϭϲĚĂŶ
ƚĂŚƵŶͲƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͕ ϮϬϭϱ ĚĂŶ ϮϬϭϰ LJĂŶŐ ĚŝƐƵƐƵŶ ĚĂŶ ĚŝƐĂũŝŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝ/ŶĚŽŶĞƐŝĂĚĂŶƚĞƌĐĂŶƚƵŵĚŝĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘

>ĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƵŶƚƵŬ ƉĞƌŝŽĚĞ ƚŝŐĂ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚĂŶ ƚĂŚƵŶ LJĂŶŐ
ďĞƌĂŬŚŝƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ <W ^ĂƚƌŝŽ ŝŶŐ ŶLJ Θ ZĞŬĂŶ ;ŶŐŐŽƚĂ ĚĂƌŝ ĞůŽŝƚƚĞ dŽƵĐŚĞ
dŽŚŵĂƚƐƵͿ ĚĞŶŐĂŶ ŽƉŝŶŝ ƚĂŶƉĂ ŵŽĚŝĨŝŬĂƐŝĂŶ͕ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ DƵŚĂŵŵĂĚ /ƌĨĂŶ ;/ũŝŶ ŬƵŶƚĂŶ WƵďůŝŬ EŽ͘
ϬϱϲϱͿ͕ƐĞĚĂŶŐŬĂŶůĂƉŽƌĂŶ<ĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌ
ϮϬϭϱ ĚĂŶ ϮϬϭϰ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ <W KƐŵĂŶ ŝŶŐ ^ĂƚƌŝŽ Θ ŶLJ ;ŶŐŐŽƚĂ ĚĂƌŝ ĞůŽŝƚƚĞ dŽƵĐŚĞ dŽŚŵĂƚƐƵͿ
ĚĞŶŐĂŶ ŽƉŝŶŝ ƚĂŶƉĂ ŵŽĚŝĨŝŬĂƐŝĂŶ͕ LJĂŶŐ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ DƵŚĂŵŵĂĚ /ƌĨĂŶ ;/ũŝŶ ŬƵŶƚĂŶ WƵďůŝŬ EŽ͘ ϬϱϲϱͿ
ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚĂŶ &ŽƌĞŵĂŶ ZŽŶŶŝ ŽLJ WĂŶŐĂƌŝďƵĂŶ ;/ũŝŶ ŬƵŶƚĂŶ WƵďůŝŬ
EŽ͘ϬϵϱϰͿƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌϯϭĞƐĞŵďĞƌϮϬϭϰ͘

<ƵƌƐ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĂĚĂůĂŚ h^Ϭ͕ϬϳϱϭͬZƉϭ͘ϬϬϬ LJĂŶŐ
ŵĞƌƵƉĂŬĂŶŬƵƌƐƚĞŶŐĂŚĂŶŬ/ŶĚŽŶĞƐŝĂ͘

/E&KZD^/E/>/<hZ^

ϭ͘ EŝůĂŝŬƵƌƐƚĞŶŐĂŚƚĞƌƚŝŶŐŐŝĚĂŶƚĞƌĞŶĚĂŚƐĞůĂŵĂƉĞƌŝŽĚĞϲ;ĞŶĂŵͿďƵůĂŶƚĞƌĂŬŚŝƌĂŶƚĂƌĂKŬƚŽďĞƌϮϬϭϲ
–DĂƌĞƚϮϬϭϳƵŶƚƵŬƐĞƚŝĂƉďƵůĂŶŶLJĂĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͘

EŝůĂŝdƵŬĂƌ
WĞƌŝŽĚĞ ;/ZƉĞƌh^ϭͿ
dĞƌĞŶĚĂŚ dĞƌƚŝŶŐŐŝ
KŬƚŽďĞƌϮϬϭϲ ϭϮ͘ϵϲϵ ϭϯ͘Ϭϱϰ
EŽǀĞŵďĞƌϮϬϭϲ ϭϯ͘Ϭϯϲ ϭϯ͘ϱϳϬ
ĞƐĞŵďĞƌϮϬϭϲ ϭϯ͘Ϯϴϱ ϭϯ͘ϱϴϮ
:ĂŶƵĂƌŝϮϬϭϳ ϭϯ͘Ϯϴϴ ϭϯ͘ϰϴϱ
&ĞďƌƵĂƌŝϮϬϭϳ ϭϯ͘ϯϬϴ ϭϯ͘ϯϳϰ
DĂƌĞƚϮϬϭϳ ϭϯ͘ϯϬϴ ϭϯ͘ϯϵϯ

Ϯ͘ EŝůĂŝ ŬƵƌƐ ƚĞŶŐĂŚ ƌĂƚĂͲƌĂƚĂ ƵŶƚƵŬ ƵŶƚƵŬ ƉĞƌŝŽĚĞͲƉĞƌŝŽĚĞ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ
ĚĂŶϮϬϭϲ͕ƐĞƌƚĂƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲ͕ϮϬϭϱ͕ĚĂŶϮϬϭϰĚŝƐĂũŝŬĂŶ
ĚĂůĂŵƚĂďĞůďĞƌŝŬƵƚŝŶŝ͘

EŝůĂŝdƵŬĂƌZĂƚĂͲƌĂƚĂ
WĞƌŝŽĚĞ
;/ZƉĞƌh^ϭͿ
ϯϭĞƐĞŵďĞƌϮϬϭϰ ϭϭ͘ϴϴϱ
ϯϭĞƐĞŵďĞƌϮϬϭϱ ϭϯ͘ϰϱϴ
ϯϭĞƐĞŵďĞƌϮϬϭϲ ϭϯ͘ϯϯϬ
ϯϭDĂƌĞƚϮϬϭϲ ϭϯ͘ϱϬϲ
ϯϭDĂƌĞƚϮϬϭϳ ϭϯ͘ϯϯϳ

/ŶĨŽƌŵĂƐŝĂƚĂƐƉĞŶŐƵŶŐŬĂƉĂŶŶŝůĂŝŬƵƌƐĚŝĂƚĂƐĚŝƐĂŵƉĂŝŬĂŶďĞƌĚĂƐĂƌŬĂŶĚĂƚĂĚĂƌŝƐŝƚƵƐ ĂŶŬ/ŶĚŽŶĞƐŝĂLJĂŶŐ
ĚŝĂŬƐĞƐƉĂĚĂƚĂŶŐŐĂůϮϮ:ƵŶŝϮϬϭϳ͘

17
>WKZE>Zh'/<KDWZ,E^/&

;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ ϮϬϭϲ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
;dŝĚĂŬĚŝĂƵĚŝƚͿ
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ ϭϬϲ͘Ϭϴϳ͘ϴϭϬ ϴϭ͘ϲϭϯ͘Ϯϱϭ ϯϴϴ͘ϲϲϮ͘ϱϭϮ ϯϬϱ͘ϱϵϬ͘ϭϭϳ Ϯϲϰ͘Ϭϰϴ͘ϱϳϲ
ĞďĂŶhƐĂŚĂ ϵϯ͘ϰϮϳ͘ϱϭϭ ϲϲ͘ϰϵϮ͘ϴϵϲ ϯϬϭ͘Ϯϵϰ͘ϭϳϱ ϮϲϬ͘ϳϴϴ͘ϵϱϲ Ϯϯϵ͘Ϭϵϯ͘ϱϱϬ
<ĞƌƵŐŝĂŶ;ŬĞƵŶƚƵŶŐĂŶͿƐĞůŝƐŝŚ
ϭϯϳ͘ϱϴϲ ϭ͘ϱϰϱ͘ϰϭϯ ϰ͘ϮϴϬ͘ϲϯϳ ;ϱ͘ϳϴϵ͘ϬϭϮͿ ϯϴϬ͘ϵϱϬ
ŬƵƌƐŵĂƚĂƵĂŶŐĂƐŝŶŐͲďĞƌƐŝŚ
>ĂďĂhƐĂŚĂ ϭϮ͘ϱϮϮ͘ϳϭϯ ϭϯ͘ϱϳϰ͘ϵϰϮ ϴϯ͘Ϭϴϳ͘ϳϬϬ ϱϬ͘ϱϵϬ͘ϭϳϯ Ϯϰ͘ϱϳϰ͘Ϭϳϲ
WĞŶŐŚĂƐŝůĂŶďƵŶŐĂ ϭϱϭ͘ϳϯϬ ϱϴ͘Ϭϳϳ Ϯϵϵ͘ϵϱϬ ϯϰϴ͘ϰϴϰ ϭϰϵ͘ϭϵϰ
ĞďĂŶŬĞƵĂŶŐĂŶ ;Ϯ͘ϯϲϱ͘ϯϴϬͿ ;ϭ͘ϰϳϵ͘ϯϭϬͿ ;ϲ͘ϱϰϲ͘ϲϬϱͿ ;ϯ͘Ϭϵϭ͘ϭϴϬͿ ;ϭ͘ϵϱϲ͘ϳϲϴͿ
<ĞƵŶƚƵŶŐĂŶĚĂŶŬĞƌƵŐŝĂŶůĂŝŶͲ
ϯ͘Ϯϭϵ͘ϯϵϳ ϮϱϬ͘ϯϱϰ ϭϱϳ͘ϴϯϲ ϮϬϮ͘ϯϭϲ ϭ͘ϰϰϵ͘Ϭϯϵ
ůĂŝŶͲďĞƌƐŝŚ
>ĂďĂ^ĞďĞůƵŵWĂũĂŬ ϭϯ͘ϱϮϴ͘ϰϲϬ ϭϮ͘ϰϬϰ͘Ϭϲϯ ϳϲ͘ϵϵϴ͘ϴϴϭ ϰϴ͘Ϭϰϵ͘ϳϵϯ Ϯϰ͘Ϯϭϱ͘ϱϰϭ
ĞďĂŶWĂũĂŬͲĞƌƐŝŚ ;ϯ͘ϰϬϯ͘ϯϱϰͿ ;ϯ͘Ϭϵϵ͘ϲϵϭͿ ;ϭϵ͘Ϯϱϲ͘ϲϲϴͿ ;ϭϭ͘ϴϲϰ͘ϴϮϴͿ ;ϲ͘Ϭϱϱ͘ϬϲϵͿ
>ĂďĂĞƌƐŝŚdĂŚƵŶĞƌũĂůĂŶ ϭϬ͘ϭϮϱ͘ϭϬϲ ϵ͘ϯϬϰ͘ϯϳϮ ϱϳ͘ϳϰϮ͘Ϯϭϯ ϯϲ͘ϭϴϰ͘ϵϲϱ ϭϴ͘ϭϲϬ͘ϰϳϮ
WĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ>ĂŝŶ   
<ĞƵŶƚƵŶŐĂŶƌĞǀĂůƵĂƐŝĂƐĞƚƚĞƚĂƉ ϭ͘ϱϴϮ͘Ϯϵϲ Ͳ ϯϭϮ͘ϳϳϭ

ϯϮ͘ϯϵϱ
 ϵ͘ϵϳϳ
WĞŶŐƵŬƵƌĂŶŬĞŵďĂůŝĂƚĂƐ
ϰϵϰ͘ϰϵϱ ;Ϯ͘ϳϬϮ͘ϯϮϯͿ ;ϭϬ͘ϵϱϭ͘ϴϳϲͿ ;ϯ͘ϲϲϴ͘ϮϴϭͿ ;ϯ͘ϰϬϬ͘ϭϲϳͿ
ƉƌŽŐƌĂŵŝŵďĂůĂŶƉĂƐƚŝ
DĂŶĨĂĂƚƉĂũĂŬƚĞƌŬĂŝƚƉŽƐͲƉŽƐ
;ϱϭϵ͘ϭϵϴͿ ϲϳϱ͘ϱϴϭ Ϯ͘ϲϱϵ͘ϳϳϲ ϵϬϴ͘ϵϳϭ ϴϰϳ͘ϱϰϴ
LJĂŶŐƚŝĚĂŬĂŬĂŶĚŝƌĞŬůĂƐŝĨŝŬĂƐŝ
:ƵŵůĂŚƉĞŶŐŚĂƐŝůĂŶ
ŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶƚĂŚƵŶ ϭ͘ϱϱϳ͘ϱϵϯ ;Ϯ͘ϬϮϲ͘ϳϰϮͿ ;ϳ͘ϵϳϵ͘ϯϮϵͿ ;Ϯ͘ϳϮϲ͘ϵϭϱͿ ;Ϯ͘ϱϰϮ͘ϲϰϮͿ
ďĞƌũĂůĂŶƐĞƚĞůĂŚƉĂũĂŬ
:ƵŵůĂŚ>ĂďĂ<ŽŵƉƌĞŚĞŶƐŝĨ
ϭϭ͘ϲϴϮ͘ϲϵϵ ϳ͘Ϯϳϳ͘ϲϯϬ ϰϵ͘ϳϲϮ͘ϴϴϰ ϯϯ͘ϰϱϴ͘ϬϱϬ ϭϱ͘ϲϭϳ͘ϴϯϬ
dĂŚƵŶĞƌũĂůĂŶ
     
>ĂďĂƉĞƌůĞŵďĂƌƐĂŚĂŵ Ϭ͕Ϭϲϱϳϰ Ϭ͕ϬϳϬϴϱ Ϭ͕Ϭϭϭϱϯ Ϭ͕Ϭϭϴϯϵ Ϭ͕Ϭϯϲϲϱ

>WKZEWK^/^/<hE'E

;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
^d  
 
ƐĞƚ>ĂŶĐĂƌ  
<ĂƐĚĂŶƐĞƚĂƌĂŬĂƐ ϯϳ͘ϳϲϲ͘ϲϱϱ ϲϬ͘ϰϰϭ͘ϴϲϳ

Ϯϱ͘ϰϱϳ͘ϬϰϬ
 ϮϬ͘ϯϲϴ͘ϯϱϴ
<ĂƐĚŝďĂƚĂƐŝƉĞŶŐŐƵŶĂĂŶŶLJĂ ϱϯϭ͘ϭϮϵ ϴϲϳ͘ϯϭϯ ϭϵϱ͘ϯϲϲ ϰϳϵ͘ϬϳϮ
WŝƵƚĂŶŐƵƐĂŚĂ–ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝĐĂĚĂŶŐĂŶƉĞŶƵƌƵŶĂŶ ϭϬϯ͘ϵϬϴ͘ϭϳϳ ϳϲ͘ϳϵϮ͘ϱϬϭ ϱϬ͘ϮϬϬ͘ϳϰϱ ϯϲ͘ϴϯϳ͘ϵϲϰ
ŶŝůĂŝ
dĂŐŝŚĂŶďƌƵƚŽŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ ϴϵ͘ϭϴϯ͘ϲϯϱ ϳϰ͘ϯϳϯ͘ϳϯϳ ϱϬ͘ϱϰϲ͘ϰϭϮ Ϯϵ͘ϴϳϱ͘ϲϭϮ
WŝƵƚĂŶŐůĂŝŶͲůĂŝŶ Ϯ͘ϬϬϲ͘ϵϮϯ ϯ͘ϳϴϳ͘ϬϭϮ ϵϯϵ͘ϯϭϵ ϭ͘Ϭϭϱ͘ϯϳϮ
WĞƌƐĞĚŝĂĂŶ–ďĞƌƐŝŚ ϴϰ͘ϴϵϱ͘ϭϯϱ ϴϰ͘ϯϭϱ͘ϱϮϴ ϲϴ͘ϲϬϮ͘Ϯϴϭ ϱϵ͘ϰϯϯ͘ϵϵϮ
WĂũĂŬĚŝďĂLJĂƌĚŝŵƵŬĂ Ͳ Ϯϵϵ͘ϯϰϴ ϭ͘ϳϴϳ͘ϯϴϬ Ͳ
hĂŶŐŵƵŬĂĚĂŶďŝĂLJĂĚŝďĂLJĂƌĚŝŵƵŬĂ Ϯϯ͘ϰϲϱ͘ϱϵϭ Ϯϳ͘ϯϯϲ͘ϳϰϵ ϭϯ͘ϬϮϬ͘Ϯϵϯ ϴ͘ϭϯϰ͘ϳϰϰ
:ƵŵůĂŚƐĞƚ>ĂŶĐĂƌ ϯϰϭ͘ϳϱϳ͘Ϯϰϱ ϯϮϴ͘Ϯϭϰ͘Ϭϱϱ ϮϭϬ͘ϳϰϴ͘ϴϯϲ ϭϱϲ͘ϭϰϱ͘ϭϭϰ
ƐĞƚdŝĚĂŬ>ĂŶĐĂƌ  
WŝƵƚĂŶŐůĂŝŶͲůĂŝŶ–ƚŝĚĂŬůĂŶĐĂƌ Ͳ Ͳ

ϭϴϲ͘ϴϯϱ
 ϭ͘ϭϮϲ͘ϭϱϰ
ƐĞƚƉĂũĂŬƚĂŶŐŐƵŚĂŶ–ďĞƌƐŝŚ ϴ͘ϰϭϵ͘ϳϱϵ ϵ͘Ϯϭϭ͘Ϭϴϰ ϭϮ͘ϰϲϲ͘ϭϴϮ ϭϮ͘ϴϱϮ͘ϴϮϳ
ƐĞƚƚĞƚĂƉ–ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝĂŬƵŵƵůĂƐŝƉĞŶLJƵƐƵƚĂŶ ϭϬϵ͘ϴϲϭ͘ϵϲϲ ϭϬϱ͘ϭϲϯ͘ϵϲϴ ϴϵ͘ϱϵϮ͘ϳϰϰ ϴϲ͘ϬϮϳ͘ϯϯϮ
:ƵŵůĂŚƐĞƚdŝĚĂŬ>ĂŶĐĂƌ ϭϭϴ͘Ϯϴϭ͘ϳϮϱ ϭϭϰ͘ϯϳϱ͘ϬϱϮ ϭϬϮ͘Ϯϰϱ͘ϳϲϭ ϭϬϬ͘ϬϬϲ͘ϯϭϯ
:hD>,^d ϰϲϬ͘Ϭϯϴ͘ϵϳϬ ϰϰϮ͘ϱϴϵ͘ϭϬϳ ϯϭϮ͘ϵϵϰ͘ϱϵϳ Ϯϱϲ͘ϭϱϭ͘ϰϮϳ
 

>//>/d^E<h/d^  
 
 
>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ  
WŝŶũĂŵĂŶũĂŶŐŬĂƉĞŶĚĞŬ ϯϭ͘Ϯϯϲ͘ϭϰϭ ϯϯ͘ϯϯϲ͘ϵϬϲ

Ͳ
 ϱ͘ϬϬϬ͘ϬϬϬ
hƚĂŶŐƵƐĂŚĂ ϳϲ͘ϬϱϬ͘ϯϰϵ ϳϭ͘ϬϱϮ͘Ϯϭϲ ϰϴ͘ϴϯϮ͘ϱϵϬ ϯϭ͘ϰϰϵ͘ϯϬϵ

18
 ;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
hƚĂŶŐůĂŝŶͲůĂŝŶ ϲ͘ϲϰϴ͘ϯϯϯ ϰ͘ϰϯϮ͘ϯϵϴ ϰ͘ϮϵϬ͘ϱϵϵ Ϯ͘ϯϭϱ͘ϬϲϮ
hƚĂŶŐďƌƵƚŽŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ ϱ͘ϵϳϬ͘ϬϱϬ ϭϳϭ͘ϲϱϯ Ϯϯϱ͘Ϯϵϵ ϰϬϱ͘ϴϯϲ
hƚĂŶŐƉĂũĂŬ ϴ͘Ϯϵϭ͘ϳϲϱ ϳ͘ϵϵϴ͘ϳϲϮ ϴ͘ϳϳϯ͘Ϯϵϲ ϯ͘ϰϴϭ͘ϴϯϴ
ĞďĂŶŬƌƵĂů ϵ͘ϭϭϳ͘Ϭϲϯ ϭϮ͘ϯϯϰ͘ϳϵϯ ϮϬ͘ϵϲϯ͘ϳϮϳ Ϯϲ͘ϭϲϲ͘Ϭϳϰ
WŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐũĂƚƵŚƚĞŵƉŽĚĂůĂŵǁĂŬƚƵ
Ϯϰ͘ϮϮϲ͘ϬϬϬ ϭϳ͘ϰϱϯ͘ϳϮϳ ϴ͘ϲϭϭ͘ϴϭϴ ϲ͘ϴϲϭ͘ϴϱϳ
ƐĂƚƵƚĂŚƵŶ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ ϭϲϭ͘ϱϯϵ͘ϳϬϭ ϭϰϲ͘ϳϴϬ͘ϰϱϱ ϵϭ͘ϳϬϳ͘ϯϮϵ ϳϱ͘ϲϳϵ͘ϵϳϲ
>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĂŶũĂŶŐ  
WŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐ–ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝďĂŐŝĂŶ
 
ϳϲ͘ϲϯϴ͘ϰϮϱ ϴϱ͘ϲϭϵ͘ϱϵϱ ϰϵ͘ϮϬϭ͘Ϭϯϯ ϯϵ͘ϱϯϵ͘ϭϭϵ
ũĂƚƵŚƚĞŵƉŽĚĂůĂŵƐĂƚƵƚĂŚƵŶ
hƚĂŶŐŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵ ϭ͘ϮϮϱ͘ϬϬϬ ϭ͘ϰϳϬ͘ϬϬϬ ϯ͘ϴϴϰ͘ϮϮϳ ϲ͘ϲϭϬ͘ϴϵϰ
>ŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂ ϯϲ͘ϯϵϴ͘ϯϵϳ ϯϲ͘ϭϲϰ͘ϯϬϵ ϰϱ͘ϰϭϬ͘ϭϰϰ ϰϰ͘ϭϮϳ͘ϵϴϴ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĂŶũĂŶŐ ϭϭϰ͘Ϯϲϭ͘ϴϮϮ ϭϮϯ͘Ϯϱϯ͘ϵϬϰ ϵϴ͘ϰϵϱ͘ϰϬϰ ϵϬ͘Ϯϳϴ͘ϬϬϭ
:hD>,>//>/d^ Ϯϳϱ͘ϴϬϭ͘ϱϮϯ ϮϳϬ͘Ϭϯϰ͘ϯϱϵ ϭϵϬ͘ϮϬϮ͘ϳϯϯ ϭϲϱ͘ϵϱϳ͘ϵϳϳ
 
  
ŬƵŝƚĂƐ  
DŽĚĂů^ĂŚĂŵ ϭϵ͘Ϯϭϰ͘ϴϰϲ ϭϵ͘Ϯϭϰ͘ϴϰϲ

ϭϵ͘Ϯϭϰ͘ϴϰϲ
 ϭϵ͘Ϯϭϰ͘ϴϰϲ
DŽĚĂůĚŝƐĞƚŽƌůĂŝŶŶLJĂ ϭ͘ϭϰϮ͘Ϯϳϭ ϭ͘ϭϰϮ͘Ϯϳϭ ϭ͘ϭϰϮ͘Ϯϳϭ ϭ͘ϭϰϮ͘Ϯϳϭ
WĞŶŐŚĂƐŝůĂŶŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶ ;Ϯϴ͘ϮϳϮ͘ϮϭϴͿ ;Ϯϵ͘ϴϮϵ͘ϴϭϭͿ ;Ϯϭ͘ϴϱϬ͘ϰϴϮͿ ;ϭϵ͘ϭϮϯ͘ϱϲϳͿ
^ĂůĚŽůĂďĂ    
ŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ ϯ͘ϰϱϴ͘ϬϯϬ ϯ͘ϰϱϴ͘ϬϯϬ ϯ͘ϰϱϴ͘ϬϯϬ ϯ͘ϰϱϴ͘ϬϯϬ
dŝĚĂŬĚŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ ϭϴϴ͘ϲϵϰ͘ϱϭϴ ϭϳϴ͘ϱϲϵ͘ϰϭϮ ϭϮϬ͘ϴϮϳ͘ϭϵϵ ϴϱ͘ϱϬϭ͘ϴϳϬ
:hD>,<h/d^ ϭϴϰ͘Ϯϯϳ͘ϰϰϳ ϭϳϮ͘ϱϱϰ͘ϳϰϴ ϭϮϮ͘ϳϵϭ͘ϴϲϰ ϵϬ͘ϭϵϯ͘ϰϱϬ
:hD>,>//>/d^E<h/d^ ϰϲϬ͘Ϭϯϴ͘ϵϳϬ ϰϰϮ͘ϱϴϵ͘ϭϬϳ ϯϭϮ͘ϵϵϰ͘ϱϵϳ Ϯϱϲ͘ϭϱϭ͘ϰϮϳ

Z^/KͲZ^/K<hE'EWEd/E'

ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
ϮϬϭϲ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ;dŝĚĂŬ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
ĚŝĂƵĚŝƚͿ
Z^/K</EZ:<hE'E 
   
ZĂƐŝŽ>ŝŬƵŝĚŝƚĂƐ 
Ϯϯ͕ϯϴ  Ϯϳ͕ϳϲ 
 
ZĂƐŝŽ<ĂƐ–ĂƐŚZĂƚŝŽ;йͿ ϭϮ͕Ϭϰ ϰϭ͕ϭϴ Ϯϲ͕ϵϭ
ZĂƐŝŽĞƉĂƚ–YƵŝĐŬZĂƚŝŽ;йͿ ϭϱϵ͕Ϭϭ ϭϲϲ͕Ϯϴ ϭϲϲ͕ϭϳ ϭϱϱ͕ϬϬ ϭϮϳ͕ϳϵ
ZĂƐŝŽ>ĂŶĐĂƌ–ƵƌƌĞŶƚZĂƚŝŽ;йͿ Ϯϭϭ͕ϱϲ ϮϱϮ͕ϱϱ ϮϮϯ͕ϲϭ ϮϮϵ͕ϴϭ ϮϬϲ͕ϯϮ
ZĂƐŝŽWƌŽĨŝƚĂďŝůŝƚĂƐ   
DĂƌŐŝŶ>ĂďĂhƐĂŚĂ–KƉĞƌĂƚŝŶŐWƌŽĨŝƚDĂƌŐŝŶ;йͿ ϭϭ͕ϵϯ ϭϴ͕ϱϯ ϮϮ͕ϰϴ

ϭϰ͕ϲϲ
 ϵ͕ϰϱ
DĂƌŐŝŶ>ĂďĂĞƌƐŝŚ–EĞƚWƌŽĨŝƚDĂƌŐŝŶ;йͿ ϵ͕ϱϰ ϭϭ͕ϰϬ ϭϰ͕ϴϲ ϭϭ͕ϴϰ ϲ͕ϴϴ
dŝŶŐŬĂƚWĞŶŐĞŵďĂůŝĂŶƐĞƚ–ZK;йͿ Ϯ͕ϮϬ Ϯ͕ϵϲ ϭϯ͕Ϭϱ ϭϭ͕ϱϲ ϳ͕Ϭϵ
dŝŶŐŬĂƚWĞŶŐĞŵďĂůŝĂŶDŽĚĂů–ZK;йͿ ϱ͕ϱϬ ϳ͕ϭϱ ϯϯ͕ϰϲ Ϯϵ͕ϰϳ ϮϬ͕ϭϰ
 

Z^/K^K>s/>/d^   
 
  
ZĂƐŝŽ:ƵŵůĂŚ<ĞǁĂũŝďĂŶdĞƌŚĂĚĂƉƐĞƚ;йͿ ϱϵ͕ϵϱ ϱϴ͕ϱϲ ϲϭ͕Ϭϭ ϲϬ͕ϳϳ ϲϰ͕ϳϵ
ZĂƐŝŽhƚĂŶŐdĞƌŚĂĚĂƉDŽĚĂů;ZͿ;йͿ ϭϰϵ͕ϳϬ ϭϰϭ͕ϯϯ ϭϱϲ͕ϰϵ ϭϱϰ͕ϵϬ ϭϴϰ͕ϬϬ
ZĂƐŝŽdŽƚĂůhƚĂŶŐĞƌďƵŶŐĂdĞƌŚĂĚĂƉ
ϳϭ͕ϳϬ ϰϲ͕ϭϭ ϳϵ͕Ϭϱ ϰϳ͕Ϭϴ ϱϲ͕ϵϵ
ŬƵŝƚĂƐ;йͿ
ZĂƐŝŽ:ƵŵůĂŚŬƵŝƚĂƐdĞƌŚĂĚĂƉ:ƵŵůĂŚƐĞƚ;йͿ ϰϬ͕Ϭϱ ϰϭ͕ϰϰ ϯϴ͕ϵϵ ϯϵ͕Ϯϯ ϯϱ͕Ϯϭ
/ddĞƌŚĂĚĂƉĞďĂŶƵŶŐĂ;йͿ ϳϵϴ͕ϳϵ ϭ͘ϭϮϰ͕ϵϲ ϭ͘ϱϯϴ͕ϱϬ Ϯ͘Ϭϭϯ͕ϱϭ ϭϲϴϬ͕ϳϰ


Z^/KWZdhDh,E
  
 
 
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ;йͿ Ϯϵ͕ϵϵ  Ͳ Ϯϳ͕ϭϴ ϭϱ͕ϳϯ  ϭϰ͕ϲϲ
>ĂďĂhƐĂŚĂ;йͿ Ͳϳ͕ϳϱ Ͳ ϲϰ͕Ϯϰ ϭϬϱ͕ϴϳ ϯϳ͕ϵϲ
>ĂďĂĞƌƐŝŚ<ŽŵƉƌĞŚĞŶƐŝĨ;йͿ ϲϬ͕ϱϯ Ͳ ϰϴ͕ϳϯ ϭϭϰ͕Ϯϯ Ͳϭϴ͕Ϯϴ
:ƵŵůĂŚƐĞƚ;йͿ ϯ͕ϵϰ Ͳ ϰϭ͕ϰϬ ϮϮ͕ϭϵ Ϯϯ͕Ϯϰ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ;йͿ Ϯ͕ϭϰ Ͳ ϰϭ͕ϵϳ ϭϰ͕ϲϭ ϯϴ͕ϳϭ
ŬƵŝƚĂƐ;йͿ ϲ͕ϳϳ Ͳ ϰϬ͕ϱϯ ϯϲ͕ϭϰ Ϯ͕Ϯϱ


19
Z^/K<hE'EWZ:E:/E<Z/ddh<t:/E>/EEzEWDEh,EEz

EŝůĂŝLJĂŶŐŝƉĞƌƐLJĂƌĂƚŬĂŶ ZĂƐŝŽ<ĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶWĞƌ
ZĂƐŝŽ
ĚĂůĂŵƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚ ϯϭDĂƌĞƚϮϬϭϳ
ĂŶŬ^LJĂƌŝĂŚDĂŶĚŝƌŝĚĂŶĂŶŬEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ
ZĂƐŝŽ>ĂŶĐĂƌ хϭŬĂůŝ Ϯ͕ϭϮŬĂůŝ
hƚĂŶŐĚĞŶŐĂŶDŽĚĂů фϮ͕ϱŬĂůŝ ϭ͕ϱϬŬĂůŝ
<ĞŵĂŵƉƵĂŶDĞŵďĂLJĂƌhƚĂŶŐ хϭϬϬй ϭϬϲй
  
ĂŶŬ//ŶĚŽŶĞƐŝĂ
ZĂƐŝŽ>ĂŶĐĂƌ хϭ͕ϱŬĂůŝ Ϯ͕ϭϮŬĂůŝ
hƚĂŶŐĚĞŶŐĂŶDŽĚĂů фϮ͕ϱŬĂůŝ ϭ͕ϱϬŬĂůŝ
<ĞŵĂŵƉƵĂŶDĞŵďĂLJĂƌhƚĂŶŐ хϭϬϬй ϭϬϲй
  
ĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ
hƚĂŶŐĚĞŶŐĂŶDŽĚĂů фϯŬĂůŝ ϭ͕ϱϬŬĂůŝ

WZ^ZKE d>, DDEh,/ ^>hZh, Z^/K <hE'E zE' /WZ^zZd<E >D WZ:E:/E
hdE'zE'd>,/hE'<W<EWZ^ZKE>DWZK^W<dh^/E/͘




20
s͘ E>/^/^EWD,^EDE:DE

ŶĂůŝƐŝƐ ĚĂŶ WĞŵďĂŚĂƐĂŶ DĂŶĂũĞŵĞŶ LJĂŶŐ ĚŝƵƌĂŝŬĂŶ Ěŝ ďĂǁĂŚ ŝŶŝ͕ ŬŚƵƐƵƐŶLJĂ ƵŶƚƵŬ ďĂŐŝĂŶͲďĂŐŝĂŶ LJĂŶŐ
ŵĞŶLJĂŶŐŬƵƚ ŬŝŶĞƌũĂ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ďĂď ŝŶŝ ŚĂƌƵƐ ĚŝďĂĐĂ ďĞƌƐĂŵĂͲƐĂŵĂ ĚĞŶŐĂŶ ďĂď ŵĞŶŐĞŶĂŝ
/ŬŚƚŝƐĂƌĂƚĂ <ĞƵĂŶŐĂŶ WĞŶƚŝŶŐ͕ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ͕ ďĞƐĞƌƚĂ ĂƚĂƚĂŶ ƚĂƐ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ ĚĂŶ
ŝŶĨŽƌŵĂƐŝŬĞƵĂŶŐĂŶůĂŝŶŶLJĂLJĂŶŐƐĞůƵƌƵŚŶLJĂƚĞƌĐĂŶƚƵŵĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘

/ŶĨŽƌŵĂƐŝ ŬĞƵĂŶŐĂŶ LJĂŶŐ ĚŝƐĂũŝŬĂŶ Ěŝ ďĂǁĂŚ ŝŶŝ ĚŝŚŝƚƵŶŐ ďĞƌĚĂƐĂƌŬĂŶ ŝŶĨŽƌŵĂƐŝ ŬĞƵĂŶŐĂŶ LJĂŶŐ ĚŝĂŵďŝů ĚĂƌŝ
ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚĂŶϮϬϭϲ͕ϯϭĞƐĞŵďĞƌϮϬϭϲ͕ϮϬϭϱĚĂŶϮϬϭϰĚĂŶ
ƵŶƚƵŬƉĞƌŝŽĚĞƚŝŐĂďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚĂŶϮϬϭϲĚĂŶƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌ
ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͕ ϮϬϭϱ ĚĂŶ ϮϬϭϰ LJĂŶŐ ĚŝƐƵƐƵŶ ĚĂŶ ĚŝƐĂũŝŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ^ƚĂŶĚĂƌ ŬƵŶƚĂŶƐŝ <ĞƵĂŶŐĂŶ
LJĂŶŐďĞƌůĂŬƵĚŝ/ŶĚŽŶĞƐŝĂĚĂŶƚĞƌĐĂŶƚƵŵĚŝĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘

>ĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƵŶƚƵŬ ƉĞƌŝŽĚĞ ƚŝŐĂ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚĂŶ ƚĂŚƵŶ LJĂŶŐ
ďĞƌĂŬŚŝƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ <W ^ĂƚƌŝŽ ŝŶŐ ŶLJ Θ ZĞŬĂŶ ;ŶŐŐŽƚĂ ĚĂƌŝ ĞůŽŝƚƚĞ dŽƵĐŚĞ
dŽŚŵĂƚƐƵͿ ĚĞŶŐĂŶ ŽƉŝŶŝ ƚĂŶƉĂ ŵŽĚŝĨŝŬĂƐŝĂŶ͕ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ DƵŚĂŵŵĂĚ /ƌĨĂŶ ;/ũŝŶ ŬƵŶƚĂŶ WƵďůŝŬ
EŽ͘ ϬϱϲϱͿ͕  ƐĞĚĂŶŐŬĂŶ ůĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶͲƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϭϱ ĚĂŶϮϬϭϰ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ <W KƐŵĂŶ ŝŶŐ ^ĂƚƌŝŽ Θ ŶLJ;ŶŐŐŽƚĂĚĂƌŝ ĞůŽŝƚƚĞ dŽƵĐŚĞ
dŽŚŵĂƚƐƵͿĚĞŶŐĂŶŽƉŝŶŝƚĂŶƉĂŵŽĚŝĨŝŬĂƐŝĂŶ͕LJĂŶŐĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚDƵŚĂŵŵĂĚ/ƌĨĂŶ;/ũŝŶŬƵŶƚĂŶWƵďůŝŬ
EŽ͘ ϬϱϲϱͿ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚĂŶ &ŽƌĞŵĂŶ ZŽŶŶŝ ŽLJ WĂŶŐĂƌŝďƵĂŶ ;/ũŝŶ ŬƵŶƚĂŶ
WƵďůŝŬEŽ͘ϬϵϱϰͿƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌϯϭĞƐĞŵďĞƌϮϬϭϰ͘

ŶĂůŝƐŝƐ ĚĂŶ WĞŵďĂŚĂƐĂŶ DĂŶĂũĞŵĞŶ ŝŶŝ ŵĞŶŐĂŶĚƵŶŐ ƉĞƌŶLJĂƚĂĂŶ ƚŝŶũĂƵĂŶ ŬĞ ĚĞƉĂŶ LJĂŶŐ ŵĞŶĐĞƌŵŝŶŬĂŶ
ƉĂŶĚĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƐĂĂƚ ŝŶŝ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŬĞũĂĚŝĂŶͲŬĞũĂĚŝĂŶ Ěŝ ŵĂƐĂ ŵĞŶĚĂƚĂŶŐ ĚĂŶ ŬŝŶĞƌũĂ
ŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐ͘,ĂƐŝůWĞƌƐĞƌŽĂŶLJĂŶŐƐĞďĞŶĂƌŶLJĂŵƵŶŐŬŝŶďĞƌďĞĚĂƐĞĐĂƌĂŵĂƚĞƌŝĂů
ĚĂƌŝ ŚĂƐŝů LJĂŶŐ ĚŝƉĞƌŬŝƌĂŬĂŶ ĚĂůĂŵ ƉĞƌŶLJĂƚĂĂŶ ƚŝŶũĂƵĂŶ ŬĞ ĚĞƉĂŶ ƚĞƌƐĞďƵƚ ĂŬŝďĂƚ ďĞƌďĂŐĂŝ ĨĂŬƚŽƌ͕ ƚĞƌŵĂƐƵŬ
ĨĂŬƚŽƌͲĨĂŬƚŽƌLJĂŶŐĚŝƵƌĂŝŬĂŶĚĂůĂŵďĂďŝŶŝĚĂŶƉĂĚĂĂďs/ĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘

ϭ͘ hDhD

WĞƌƐĞƌŽĂŶ ĚŝĚŝƌŝŬĂŶ ĚĞŶŐĂŶ ŶĂŵĂ Wd 'ĂƌƵĚĂ DĂŝŶƚĞŶĂŶĐĞ &ĂĐŝůŝƚLJ ĞƌŽ ƐŝĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬƚĂ WĞŶĚŝƌŝĂŶ
EŽ͘ ϵϯ  ƚĂŶŐŐĂů  Ϯϲ  Ɖƌŝů  ϮϬϬϮ͕ LJĂŶŐ  ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ƌƌLJ^ƵƉƌĂƚŶŽ͕ ^͘,͕͘EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ
ŵĞŶĚĂƉĂƚŬĂŶ ƉĞŶŐĞƐĂŚĂŶ ĚĂƌŝ DĞŶŬƵŵŚĂŵ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ EŽ͘ Ͳϭϭϲϴϴ͘,d͘Ϭϭ͘Ϭϭ͘d,͘ϮϬϬϮ
ƚĂŶŐŐĂůϮϱ^ĞƉƚĞŵďĞƌϮϬϬϮ͕ĚĂŶƚĞůĂŚĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵĂĨƚĂƌWĞƌƵƐĂŚĂĂŶĚŝ<ĂŶƚŽƌWĞŶĚĂĨƚĂƌĂŶWĞƌƵƐĂŚĂĂŶ
<ĂďƵƉĂƚĞŶͬ<ŽƚĂ dĂŶŐĞƌĂŶŐ EŽ͘ Ϭϰϱϱͬ,͘ϯϬ͘Ϭϲͬs///ͬϮϬϬϮ ƚĂŶŐŐĂů Ϯ ŐƵƐƚƵƐ  ϮϬϬϮ͕ ƐĞƌƚĂ ƚĞůĂŚ ĚŝƵŵƵŵŬĂŶ
ĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϳϴƚĂŶŐŐĂůϮϳ^ĞƉƚĞŵďĞƌϮϬϬϮ͕dĂŵďĂŚĂŶEŽ͘ϭϭϲϳϳ͘

^ĞũĂŬƉĞŶĚŝƌŝĂŶ͕ŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶŵĞŶŐĂůĂŵŝďĞďĞƌĂƉĂŬĂůŝƉĞƌƵďĂŚĂŶĚĂŶƉĞƌƵďĂŚĂŶLJĂŶŐƚĞƌĂŬŚŝƌ
ŬĂůŝĚŝŵƵĂƚĚĂůĂŵŬƚĂĞƌŝƚĂĐĂƌĂZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ>ƵĂƌŝĂƐĂEŽ͘ϴϮƚĂŶŐŐĂůϭϲ:ƵŶŝϮϬϭϳ͕
LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ &ĂƚŚŝĂŚ ,Ğůŵŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ
DĞŶŬƵŵŚĂŵďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘,hͲϬϬϭϯϭϳϴ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϭϳƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳĚĂŶ
ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϳϴϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ
ϮϬϭϳƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳ͕ĚĂŶƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶŬƵŵŚĂŵƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂůĂŵ^ƵƌĂƚ
WĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌEŽ͘,hͲ,͘Ϭϭ͘Ϭϯ͘ϬϭϰϳϯϯϴƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳĚĂŶ
ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϳϴϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ
ϮϬϭϳƚĂŶŐŐĂůϭϵ:ƵŶŝϮ017 (“ŬƚĂEŽ͘ϴϮͬϮϬϭϳ”).

Ϯ͘ /<,d/^Z</:<E<hEdE^/zE'^/'E/&/<E

ĂůĂŵƚĂŚƵŶďĞƌũĂůĂŶ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶĞƌĂƉŬĂŶƐƚĂŶĚĂƌďĂƌƵĚĂŶŝŶƚĞƌƉƌĞƚĂƐŝW^<LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
ĞǁĂŶ^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶĚĂƌŝ/ŬĂƚĂŶŬƵŶƚĂŶ/ŶĚŽŶĞƐŝĂLJĂŶŐƌĞůĞǀĂŶĚĞŶŐĂŶŽƉĞƌĂƐŝŶLJĂĚĂŶĞĨĞŬƚŝĨ
ƵŶƚƵŬƉĞƌŝŽĚĞĂŬƵŶƚĂŶƐŝLJĂŶŐĚŝŵƵůĂŝƉĂĚĂϭ:ĂŶƵĂƌŝϮϬϭϳ͘




21
WĞŶĞƌĂƉĂŶ ƐƚĂŶĚĂƌ ĚĂŶ ĂŵĂŶĚĞŵĞŶ ďĞƌŝŬƵƚ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ƉĞŶŐĂƌƵŚ ƐŝŐŶŝĨŝŬĂŶ ĂƚĂƐ ƉĞŶŐƵŶŐŬĂƉĂŶ ĂƚĂƵ
ũƵŵůĂŚLJĂŶŐĚŝĐĂƚĂƚĚŝĚĂůĂŵůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƉĂĚĂƚĂŚƵŶďĞƌũĂůĂŶĚĂŶƚĂŚƵŶƐĞďĞůƵŵŶLJĂ͗

• W^<ϭ͗WĞŶLJĂũŝĂŶ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƚĞŶƚĂŶŐWƌĂŬĂƌƐĂWĞŶŐƵŶŐŬĂƉĂŶ͕ĚĂŶ
• /^<ϯϭ͗/ŶƚĞƌƉƌĞƚĂƐŝĂƚĂƐZƵĂŶŐ>ŝŶŐŬƵƉ
• W^<ϭϯ͗WƌŽƉĞƌƚŝ/ŶǀĞƐƚĂƐŝ

WĂĚĂƚĂŚƵŶϮϬϭϱWĞƌƐĞƌŽĂŶŵĞŶĞƌĂƉŬĂŶW^<Ϯϰ;ƌĞǀŝƐŝϮϬϭϯͿ/ŵďĂůĂŶ<ĞƌũĂ͘ŵĂŶĚĞŵĞŶƚĞƌŚĂĚĂƉW^<Ϯϰ
ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉĞƌƵďĂŚĂŶ ĂŬƵŶƚĂŶƐŝ ĂƚĂƐ ƉƌŽŐƌĂŵ ŝŵďĂůĂŶ ƉĂƐƚŝ ĚĂŶ ƉĞƐĂŶŐŽŶ͘ WĞƌƵďĂŚĂŶ ĂŬƵŶƚĂŶƐŝ ƉĂůŝŶŐ
ƐŝŐŶŝĨŝŬĂŶ ƚĞƌũĂĚŝ ƉĂĚĂ ŬĞǁĂũŝďĂŶ ŵĂŶĨĂĂƚ ƉĂƐƚŝ ĚĂŶ ĂƐĞƚ ƉƌŽŐƌĂŵ͘ ŵĂŶĚĞŵĞŶ ŵĞŶƐLJĂƌĂƚŬĂŶ ƉĞŶŐĂŬƵĂŶ
ƉĞƌƵďĂŚĂŶ ĚĂůĂŵ ŬĞǁĂũŝďĂŶ ŵĂŶĨĂĂƚ ƉĂƐƚŝ ĚĂŶ ŶŝůĂŝ ǁĂũĂƌ ĂƐĞƚ ƉƌŽŐƌĂŵ ŬĞƚŝŬĂ ĂŵĂŶĚĞŵĞŶ ƚĞƌũĂĚŝ͕ ĚĂŶ
ŬĂƌĞŶĂŶLJĂŵĞŶŝĂĚĂŬĂŶƉĞŶĚĞŬĂƚĂŶŬŽƌŝĚŽƌLJĂŶŐĚŝŝũŝŶŬĂŶĚĂůĂŵW^<ϮϰǀĞƌƐŝƐĞďĞůƵŵŶLJĂĚĂŶŵĞŵƉĞƌĐĞƉĂƚ
ƉĞŶŐĂŬƵĂŶ ďŝĂLJĂ ũĂƐĂ ůĂůƵ͘ ŵĂŶĚĞŵĞŶ ƚĞƌƐĞďƵƚ ŵĞŶƐLJĂƌĂƚŬĂŶ ƐĞůƵƌƵŚ ŬĞƵŶƚƵŶŐĂŶ ĚĂŶ ŬĞƌƵŐŝĂŶ ĂŬƚƵĂƌŝĂ
ĚŝĂŬƵŝ ƐĞŐĞƌĂ ŵĞůĂůƵŝ ƉĞŶŐŚĂƐŝůĂŶ ŬŽŵƉƌĞŚĞŶƐŝĨ ůĂŝŶ ĂŐĂƌ ůŝĂďŝůŝƚĂƐ ;ĂƐĞƚͿ ŝŵďĂůĂŶ ƉĂƐƚŝ ŶĞƚŽ ĚŝĂŬƵŝ ĚĂůĂŵ
ůĂƉŽƌĂŶ ƉŽƐŝƐŝ ŬĞƵĂŶŐĂŶ ŬŽŶƐŽůŝĚĂƐŝĂŶ ƚĞůĂŚ ŵĞŶĐĞƌŵŝŶŬĂŶ ũƵŵůĂŚ ŬĞƐĞůƵƌƵŚĂŶ ĚĂƌŝ ĚĞĨŝƐŝƚ ĂƚĂƵ ƐƵƌƉůƵƐ
ƉƌŽŐƌĂŵ͘^ĞůĂŶũƵƚŶLJĂ͕ƐĞƐƵĂŝĚĞŶŐĂŶĂŵƉĞŶĚĞŵĞŶƚĞƌŚĂĚĂƉW^<ϮϰƚĞƌƐĞďƵƚ͕ƉĞŶŐŐƵŶĂĂŶďŝĂLJĂďƵŶŐĂĚĂŶ
ŝŵďĂů ŚĂƐŝů ĞŬƐƉĞŬƚĂƐŝĂŶ ĂƐĞƚ ƉƌŽŐƌĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŐƵŶĂŬĂŶ ĚĂůĂŵ W^< Ϯϰ ǀĞƌƐŝ ƐĞďĞůƵŵŶLJĂ ĚŝŐĂŶƚŝ
menjadi “Bunga Neto”, ditentukan dengan mengalikan liabilitas atau aset imbalan pasti neto dengan tingkat
ďƵŶŐĂ͘

WĞƌƵďĂŚĂŶŝŶŝƚĞůĂŚďĞƌĚĂŵƉĂŬƉĂĚĂũƵŵůĂŚLJĂŶŐĚŝĂŬƵŝĚĂůĂŵƉŽƐŝƐŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ͕ůĂƉŽƌĂŶůĂďĂƌƵŐŝĚĂŶ
ƉĞŶŐŚĂƐŝůĂŶ ŬŽŵƉƌĞŚĞŶƐŝ ůĂŝŶ ƉĂĚĂ ƚĂŚƵŶ ƐĞďĞůƵŵŶLJĂ͘ ^ĞůĂŶũƵƚŶLJĂ͕ W^< Ϯϰ ;ƌĞǀŝƐŝ ϮϬϭϯͿ ŵĞŵƉĞƌŬĞŶĂůŬĂŶ
ďĞďĞƌĂƉĂƉĞƌƵďĂŚĂŶƉĞŶLJĂũŝĂŶĚĂŶƉĞŶŐƵŶŐŬĂƉĂŶĂƚĂƐďŝĂLJĂŝŵďĂůĂŶŬĞƌũĂůĞďŝŚůƵĂƐ͘

<ĞƚĞŶƚƵĂŶƚƌĂŶƐŝƐŝLJĂŶŐƐƉĞƐŝĨŝŬďĞƌůĂŬƵƵŶƚƵŬƉĞŶĞƌĂƉĂŶƉĞƌƚĂŵĂŬĂůŝĂƚĂƐW^<Ϯϰ;ƌĞǀŝƐŝϮϬϭϯͿ͘WĞƌƐĞƌŽĂŶ
ŵĞŶĞƌĂƉŬĂŶ ŬĞƚĞŶƚƵĂŶ ƚƌĂŶƐŝƐŝ LJĂŶŐ ƌĞůĞǀĂŶ ĚĂŶ ŵĞŶLJĂũŝŬĂŶ ŬĞŵďĂůŝ ũƵŵůĂŚͲũƵŵůĂŚ ŬŽŵƉĂƌĂƚŝĨ ĂƚĂƐ ĚĂƐĂƌ
ƌĞƚƌŽƐƉĞŬƚŝĨ͘

WĞŶŐĂƌƵŚ ĂƚĂƐ ĂƐĞƚ͕ ůŝĂďŝůŝƚĂƐ ĚĂŶ ĞŬƵŝƚĂƐ ƐĞƌƚĂ ůĂďĂ ƌƵŐŝ ĚĂŶ ƉĞŶŐŚĂƐŝůĂŶ ŬŽŵƉƌĞŚĞŶƐŝĨ ůĂŝŶ ĂƚĂƐ ƉĞŶĞƌĂƉĂŶ
ƐƚĂŶĚĂƌƌĞǀŝƐŝĚŝĂƚĂƐ͗

;ĚĂůĂŵh^Ϳ
^ĞƚĞůĂŚĚŝƐĂũŝŬĂŶŬĞŵďĂůŝ ^ĞďĞůƵŵĚŝƐĂũŝŬĂŶŬĞŵďĂůŝ
<ĞƚĞƌĂŶŐĂŶ
ϯϭĞƐĞŵďĞƌϮϬϭϰ ϭ:ĂŶƵĂƌŝϮϬϭϰ  ϯϭĞƐĞŵďĞƌϮϬϭϰ ϭ:ĂŶƵĂƌŝϮϬϭϰ
<t:/E>EZ       
ƐĞƚƉĂũĂŬƚĂŶŐŐƵŚĂŶ ϭϮ͘ϴϱϮ͘ϴϮϳ  ϭϯ͘Ϭϲϱ͘ϳϬϴ  ϴ͘Ϭϱϯ͘ϯϮϭ  ϴ͘ϯϴϭ͘Ϯϴϲ
   
<t:/Ed/<>EZ        
>ŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂ ϰϰ͘ϭϮϳ͘ϵϴϴ  ϰϬ͘ϴϭϱ͘ϱϭϵ  Ϯϰ͘ϵϮϵ͘ϵϲϲ  Ϯϯ͘Ϯϳϳ͘ϴϯϰ
<h/d^
           
^ĂůĚŽůĂďĂ  ϲϲ͘ϯϭϴ͘ϴϱϱ   ϱϭ͘ϰϳϱ͘Ϯϵϭ   ϴϬ͘ϳϭϳ͘ϯϳϮ   ϲϰ͘ϲϮϴ͘ϱϱϰ
   
;ĚĂůĂŵh^Ϳ
     ϮϬϭϰ
^ĞƚĞůĂŚĚŝƐĂũŝŬĂŶ ^ĞďĞůƵŵĚŝƐĂũŝŬĂŶ
   <ĞƚĞƌĂŶŐĂŶ  
ŬĞŵďĂůŝ ŬĞŵďĂůŝ
       
Eh^,  
 <ĞƵŶƚƵŶŐĂŶ;ŬĞƌƵŐŝĂŶͿƐĞůŝƐŝŚŬƵƌƐŵĂƚĂƵĂŶŐĂƐŝŶŐͲďĞƌƐŝŚ ;ϯϴϬ͘ϵϱϬͿ  ;ϴϮϴ͘ϰϱϲͿ
EW:< ;ϲ͘Ϭϱϱ͘ϬϲϵͿ  ;ϱ͘ϲϮϬ͘ϭϭϭͿ
>d,hEZ:>E ϭϴ͘ϭϱϴ͘ϲϱϱ ϭϲ͘ϴϱϱ͘ϲϬϭ
WE',^/>E<KDWZ,E^/&>/E  
 WĞŶŐƵŬƵƌĂŶŬĞŵďĂůŝĂƚĂƐƉƌŽŐƌĂŵŝŵďĂůĂŶƉĂƐƚŝ ;ϯ͘ϰϬϬ͘ϭϲϳͿ  Ͳ
 DĂŶĨĂĂƚ;ďĞďĂŶͿƉĂũĂŬƚĞƌŬĂŝƚƉŽƐͲƉŽƐLJĂŶŐƚŝĚĂŬĂŬĂŶ ϴϰϳ͘ϱϰϳ ;Ϯ͘ϰϵϰͿ
ĚŝƌĞŬůĂƐŝĨŝŬĂƐŝ





22
ϯ͘ &<dKZͲ&<dKZzE'DDWE'Zh,/<KE/^/<hE'EE,^/>KWZ^/KE>WZ^ZKE

<ŽŶĚŝƐŝŬĞƵĂŶŐĂŶĚĂŶŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶƚĞůĂŚ͕ĚĂŶĂŬĂŶƚĞƌƵƐ͕ĚŝƉĞŶŐĂƌƵŚŝŽůĞŚďĞďĞƌĂƉĂĨĂŬƚŽƌ
ƉĞŶƚŝŶŐ͕ŵĞůŝƉƵƚŝ͗

Ă͘ <ŽŶĚŝƐŝŬŽŶŽŵŝ'ůŽďĂů

ĞƌĚĂƐĂƌŬĂŶĚĂƚĂ/ŶƚĞƌŶĂƚŝŽŶĂůDŽŶĞƚĂƌLJ&ƵŶĚ;/D&ͿĚĂůĂŵtŽƌůĚĐŽŶŽŵŝĐKƵƚůŽŽŬ;tKͿĞĚŝƐŝƉƌŝůϮϬϭϳ͕
ƉĞƌƚƵŵďƵŚĂŶŐůŽďĂůƵŶƚƵŬƚĂŚƵŶϮϬϭϲĂĚĂůĂŚƐĞďĞƐĂƌϯ͕ϭйĚĂŶĚŝƉƌŽLJĞŬƐŝŬĂŶŵĞŶŝŶŐŬĂƚŵĞŶũĂĚŝϯ͕ϱйƉĂĚĂ
ƚĂŚƵŶ ϮϬϭϳ͘ ĂůĂŵ ĐĂŬƵƉĂŶ ƌĞŐŝŽŶĂů͕ ƐŝĂ ŵĂƐŝŚ ƚĞƌƵƐ ŵĞŵŝŵƉŝŶ ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ ŐůŽďĂů ĚĂŶ
ĚŝƉĞƌŬŝƌĂŬĂŶĂŬĂŶƚƵŵďƵŚƐĞďĞƐĂƌϲ͕ϰйLJŽLJƉĂĚĂƚĂŚƵŶϮϬϭϳ͘

ŝ ŬĂǁĂƐĂŶ ŶĞŐĂƌĂͲŶĞŐĂƌĂ ƐŝĂ͕ ƉĞƌĞŬŽŶŽŵŝĂŶ /ŶĚŽŶĞƐŝĂ ƌĞůĂƚŝĨ ƚƵŵďƵŚ ůĞďŝŚ ďĂŝŬ͘ WĂĚĂ ƚĂŚƵŶ ϮϬϭϲ͕
ƉĞƌƚƵŵďƵŚĂŶ ƉĞƌĞŬŽŶŽŵŝĂŶ /ŶĚŽŶĞƐŝĂ ŵĞŶĐĂƉĂŝ ϱ͕ϬϮй͕ ĂƚĂƵ ƚƵŵďƵŚ ƐĞŬŝƚĂƌ Ϭ͕ϭϰй ĚĂƌŝ ƉĞƌƚƵŵďƵŚĂŶ
ƉĞƌĞŬŽŶŽŵŝĂŶƚĂŚƵŶϮϬϭϱLJĂŶŐŚĂŶLJĂƐĞďĞƐĂƌϰ͕ϴϴй͘ĞŶŐĂŶĐĂƉĂŝĂŶƚĞƌƐĞďƵƚ͕ƉĞƌƚƵŵďƵŚĂŶƉĞƌĞŬŽŶŽŵŝĂŶ
/ŶĚŽŶĞƐŝĂƚĞƌĐĂƚĂƚƐĞďĂŐĂŝLJĂŶŐƚĞƌƚŝŶŐŐŝŬĞƚŝŐĂĚŝĚƵŶŝĂĚŝďĂǁĂŚ/ŶĚŝĂĚĂŶdŝŽŶŐŬŽŬ͘

^ĞŝƌŝŶŐ ĚĞŶŐĂŶ ďĞƌƚƵŵďƵŚŶLJĂ ƉĞƌĞŬŽŶŽŵŝĂŶ ŐůŽďĂů͕ ŬĂǁĂƐĂŶ ĚĂŶ /ŶĚŽŶĞƐŝĂ͕ ŵĂŬĂ ŬĞďƵƚƵŚĂŶ ŵĂƐLJĂƌĂŬĂƚ
ƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞƌũĂůĂŶĂŶũĂƵŚďĞƌƐŝĨĂƚƉƌŝďĂĚŝĂƚĂƵƉƵŶďŝƐŶŝƐũƵŐĂĂŬĂŶŵĞŶŝŶŐŬĂƚ͘ĞƌĚĂƐĂƌŬĂŶĚĂƚĂĚĂƌŝ
/ŶƚĞƌŶĂƚŝŽŶĂů ŝƌ dƌĂŶƐƉŽƌƚ ƐƐŽĐŝĂƚŝŽŶ ;/dͿ͕ /ŶĚŽŶĞƐŝĂ ŵĞŵŝůŝŬŝ ƉŽƚĞŶƐŝ ƵŶƚƵŬ ŵĞŶũĂĚŝ ƉĂƐĂƌ LJĂŶŐ ďĞƐĂƌ
ĚĂůĂŵ ŝŶĚƵƐƚƌŝ ƉĞŶĞƌďĂŶŐĂŶ ďĞƌĚĂƐĂƌŬĂŶ ũƵŵůĂŚ ƉĞŶƵŵƉĂŶŐ͘ WĂĚĂ ƚĂŚƵŶ ϮϬϭϰ ũƵŵůĂŚ ƉĞŶƵŵƉĂŶŐ
Ěŝ /ŶĚŽŶĞƐŝĂ ĂĚĂůĂŚ ƐĞďĂŶLJĂŬ ϭ͘Ϯϳϳ͘ϬϬϬ ƉĞŶƵŵƉĂŶŐ͕ ĚĞŶŐĂŶ ƉĞƌƚƵŵďƵŚĂŶ ƉĞŶƵŵƉĂŶŐ ƐĞďĞƐĂƌ ϰй ƐĞƚŝĂƉ
ƚĂŚƵŶŶLJĂ͕ ĚŝƉĞƌŬŝƌĂŬĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϯϰ /ŶĚŽŶĞƐŝĂ ĂŬĂŶ ŵĞŶĚƵĚƵŬŝ ƉĂƐĂƌ ŬĞĚƵĂ ƚĞƌďĞƐĂƌ ƐĞƚĞůĂŚ ŵĞƌŝŬĂ
^ĞƌŝŬĂƚĚĞŶŐĂŶũƵŵůĂŚƉĞŶƵŵƉĂŶŐƐĞďĂŶLJĂŬϮ͘ϱϴϮ͘ϬϬϬƉĞŶƵŵƉĂŶŐ͘

WĞƌƚĂŵďĂŚĂŶ ũƵŵůĂŚ ƉĞŶƵŵƉĂŶŐ ŝŶŝ ƚĞŶƚƵ ĂŬĂŶ ĚŝŝƌŝŶŐŝ ĚĞŶŐĂŶ ƉĞƌƚĂŵďĂŚĂŶ ũƵŵůĂŚ ƉĞƐĂǁĂƚ ĚĂŶ ƌƵƚĞ
ƉĞƌũĂůĂŶĂŶŶLJĂ͘ KƉƚŝŵŝƐŵĞ ŝŶĚƵƐƚƌŝ ƉĞŶĞƌďĂŶŐĂŶ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ƉŽƐŝƚŝĨ ƚĞƌŚĂĚĂƉ ŬŽŶĚŝƐŝ ŝŶĚƵƐƚƌŝ DZK
ŬĂƌĞŶĂĂĚĂŶLJĂŬĞďƵƚƵŚĂŶŵĂƐŬĂƉĂŝƉĞŶĞƌďĂŶŐĂŶƵŶƚƵŬŵĞƌĂǁĂƚĂƌŵĂĚĂŵĞƌĞŬĂũƵŐĂĂŬĂŶƐĞŵĂŬŝŶƚŝŶŐŐŝ͘

ď͘ dŝŶŐŬĂƚ/ŶĨůĂƐŝ

/ŶĨůĂƐŝ ƚĞƌŬĞŶĚĂůŝ ƉĂĚĂ ůĞǀĞů LJĂŶŐ ƌĞŶĚĂŚ ĚĂŶ ďĞƌĂĚĂ Ěŝ ďĂƚĂƐ ďĂǁĂŚ ŬŝƐĂƌĂŶ ƐĂƐĂƌĂŶ ŝŶĨůĂƐŝ ϮϬϭϲ ;ϰцϭйͿ͘
ZĞĂůŝƐĂƐŝŝŶĨůĂƐŝ/,<ƉĂĚĂďƵůĂŶĞƐĞŵďĞƌϮϬϭϲƚĞƌĐĂƚĂƚƐĞďĞƐĂƌϬ͕ϰϮй;ŵƚŵͿ͕ĂƚĂƵůĞďŝŚƌĞŶĚĂŚĚĂƌŝďƵůĂŶůĂůƵ
LJĂŶŐ ƐĞďĞƐĂƌ Ϭ͕ϰϳй ;ŵƚŵͿ͕ ƐĞŚŝŶŐŐĂ ƐĞĐĂƌĂ ŬĞƐĞůƵƌƵŚĂŶ ƚĂŚƵŶ ŝŶĨůĂƐŝ ϮϬϭϲ ŵĞŶũĂĚŝ ƐĞďĞƐĂƌ ϯ͕ϬϮй ;LJŽLJͿ͘
WĞŶĐĂƉĂŝĂŶƚĞƌƐĞďƵƚĚŝĚƵŬƵŶŐŽůĞŚŬĞďŝũĂŬĂŶĂŶŬ/ŶĚŽŶĞƐŝĂĚĂŶŬŽŽƌĚŝŶĂƐŝĚĞŶŐĂŶWĞŵĞƌŝŶƚĂŚLJĂŶŐƐĞŵĂŬŝŶ
ƐŽůŝĚ͕ďĂŝŬĚŝƉƵƐĂƚŵĂƵƉƵŶĚŝĚĂĞƌĂŚ͕ĚĂůĂŵŵĞŶŐĞŶĚĂůŝŬĂŶŝŶĨůĂƐŝ͘

dŝŶŐŬĂƚ ŝŶĨůĂƐŝ ŵĞƌƵƉĂŬĂŶ ƐĂůĂŚ ƐĂƚƵ ĨĂŬƚŽƌ LJĂŶŐ ŵĞŶĞŶƚƵŬĂŶ ŚĂƌŐĂ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ͘
dŝŶŐŬĂƚ ŝŶĨůĂƐŝ LJĂŶŐ ƚĞƌŬĞŶĚĂůŝ ƉĂĚĂ ůĞǀĞů ƚĞƌƚĞŶƚƵ ŵĞŵƉĞƌŵƵĚĂŚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞLJƵƐƵŶ ŬĂƚĂůŽŐ ŚĂƌŐĂ
LJĂŶŐĚĂƉĂƚďĞƌƐĂŝŶŐĚŝůŝŶŐŬƵŶŐĂŶŝŶĚƵƐƚƌŝDZKLJĂŶŐƐĞŵĂŬŝŶŬĞƚĂƚ͘

Đ͘ WĞƌƵďĂŚĂŶEŝůĂŝdƵŬĂƌDĂƚĂhĂŶŐ

^ĞƚĞůĂŚ ŵĞŶŐĂůĂŵŝ ƚĞŬĂŶĂŶ ƉĂƐĐĂ ƉĞŶŐƵŵƵŵĂŶ WĞŵŝůƵ WƌĞƐŝĚĞŶ ^͕ ŶŝůĂŝ ƚƵŬĂƌ ZƵƉŝĂŚ ŵĞŶŐƵĂƚ Ěŝ ďƵůĂŶ
ĞƐĞŵďĞƌƐĞŝƌŝŶŐĚĞŶŐĂŶĂůŝƌĂŶŵŽĚĂůLJĂŶŐŬĞŵďĂůŝŵĂƐƵŬ͘^ĞĐĂƌĂƉŽŝŶƚƚŽƉŽŝŶƚ͕ZƵƉŝĂŚƚĞƌĂƉƌĞƐŝĂƐŝϬ͕ϱϵй
;ŵƚŵͿ ŵĞŶũĂĚŝ ZƉϭϯ͘ϰϳϯͬh^͘ WĞŶŐƵĂƚĂŶƚĞƌƐĞďƵƚ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ƉĞŶŝŶŐŬĂƚĂŶĂůŝƌĂŶ ĚĂŶĂ ŵĂƐƵŬ ƚĞƌƵƚĂŵĂ
Ěŝ^ƵƌĂƚhƚĂŶŐEĞŐĂƌĂ;^hEͿ͘^ĞůĂŵĂƚĂŚƵŶϮϬϭϲ͕ƐĞĐĂƌĂƉŽŝŶƚƚŽƉŽŝŶƚZƵƉŝĂŚƚĞůĂŚŵĞŶŐƵĂƚƐĞďĞƐĂƌϮ͕ϯϮй
;LJƚĚͿ ƚĞƌƵƚĂŵĂ ĚŝĚƵŬƵŶŐ ŽůĞŚ ƉĞƌƐĞƉƐŝ ƉŽƐŝƚŝĨ ŝŶǀĞƐƚŽƌ ƚĞƌŚĂĚĂƉ ƉĞƌĞŬŽŶŽŵŝĂŶ ĚŽŵĞƐƚŝŬ LJĂŶŐ ŵĞŶĚŽƌŽŶŐ
ĂůŝƌĂŶĚĂŶĂŵĂƐƵŬ͘

WĞƌƵďĂŚĂŶ ŶŝůĂŝ ƚƵŬĂƌ ZƵƉŝĂŚ ŵĞŵƉĞŶŐĂƌƵŚŝ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŚĂůͲŚĂů ŽƉĞƌĂƐŝŽŶĂů ƐĞƉĞƌƚŝ
ƉĞŵďĂLJĂƌĂŶ ƵŶƚƵŬ ƉĞŵďĞůŝĂŶ ƐƉĂƌĞƉĂƌƚƐ ĚĂŶ ŵĂƚĞƌŝĂů ůĂŝŶŶLJĂ ŬĞƉĂĚĂ ƐƵƉƉůŝĞƌ͕ ƵƉĂLJĂͲƵƉĂLJĂ ĚĂůĂŵ
ŵĞŵďĂŶŐƵŶ ĚĂŶ ŵĞŶũĂůŝŶ ŬĞƌũĂƐĂŵĂ ŝŶƚĞƌŶĂƐŝŽŶĂů͕ ƐĞĚĂŶŐŬĂŶ ƐĞďĂŐŝĂŶ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ ĚŝƉĞƌŽůĞŚ
ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ ZƵƉŝĂŚ͘ KůĞŚ ƐĞďĂď ŝƚƵ͕ ĨůƵŬƚƵĂƐŝ LJĂŶŐ ƚĞƌũĂĚŝ ƚĞƌŚĂĚĂƉ ŶŝůĂŝ ƚƵŬĂƌ ŵĂƚĂ ƵĂŶŐ ĂŬĂŶ
ŵĞŵďĞƌŝŬĂŶƉĞŶŐĂƌƵŚƚĞƌŚĂĚĂƉůĂďĂͬƌƵŐŝWĞƌƐĞƌŽĂŶ͘



23
Ě͘ WĞƌŬĞŵďĂŶŐĂŶ/ŶĚƵƐƚƌŝDZK

WĞƐĂƚŶLJĂƉĞƌƚƵŵďƵŚĂŶŝŶĚƵƐƚƌŝƉĞŶĞƌďĂŶŐĂŶĚŝ/ŶĚŽŶĞƐŝĂŵĞŵďƵŬĂƉĞůƵĂŶŐƵƐĂŚĂĐƵŬƵƉďĞƐĂƌƉĂĚĂŝŶĚƵƐƚƌŝ
ƉĞƌĂǁĂƚĂŶĚĂŶƉĞƌďĂŝŬĂŶƉĞƐĂǁĂƚĂƚĂƵĚŝƐĞďƵƚŵĂŝŶƚĞŶĂŶĐĞ͕ƌĞƉĂŝƌ͕ĂŶĚŽǀĞƌŚĂƵů;DZKͿ͘ĞƌĚĂƐĂƌŬĂŶĚĂƚĂ
ŚĂƐŝů ƐƚƵĚŝ DZK ƉĞƌ EŽǀĞŵďĞƌ ϮϬϭϲ͕ ŝŶĚƵƐƚƌŝ ĂǀŝĂƐŝ Ěŝ ĚƵŶŝĂ ĚŝƉĞƌŬŝƌĂŬĂŶ ĂŬĂŶ ƚƵŵďƵŚ ƐĞŝƌŝŶŐ ĚĞŶŐĂŶ
ƉĞŶŝŶŐŬĂƚĂŶũƵŵůĂŚƉĞƐĂǁĂƚƵĚĂƌĂLJĂŶŐĚŝŽƉĞƌĂƐŝŬĂŶ͘:ƵŵůĂŚƉĞƐĂǁĂƚĚŝĚƵŶŝĂƚƵŵďƵŚĚĂƌŝϯϯ͘ϮϰϬƉĞƐĂǁĂƚ
ĚŝƚĂŚƵŶϮϬϭϳŵĞŶũĂĚŝϯϵ͘ϵϮϰƉĞƐĂǁĂƚĚŝƚĂŚƵŶϮϬϮϭĚĞŶŐĂŶŶŝůĂŝ'Zϱй͘

^ĞŵĞŶƚĂƌĂ ƵŶƚƵŬ ǁŝůĂLJĂŚ /ŶĚŽŶĞƐŝĂ͕ ũƵŵůĂŚ ƉĞƐĂǁĂƚ ĚŝƉĞƌŬŝƌĂŬĂŶ ƚƵŵďƵŚ ĚĂƌŝ ϳϬϲ ƉĞƐĂǁĂƚ Ěŝ ƚĂŚƵŶ ϮϬϭϳ
ŵĞŶũĂĚŝ ϵϵϳ ƉĞƐĂǁĂƚ Ěŝ ƚĂŚƵŶ ϮϬϮϭ ĚĞŶŐĂŶ ƉĞƌƚƵŵďƵŚĂŶ ϵй͘ WĞƌƚƵŵďƵŚĂŶ ũƵŵůĂŚ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ LJĂŶŐ
ĐƵŬƵƉƐŝŐŶŝĨŝŬĂŶŝŶŝŵĞŵďĞƌŝŬĂŶƌƵĂŶŐďĂŐŝďŝƐŶŝƐůĂLJĂŶĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƚĞƌďĂŶŐƵŶƚƵŬƚƵŵďƵŚ͘

dƵŵďƵŚŶLJĂ ŝŶĚƵƐƚƌŝ ĂǀŝĂƐŝ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ƉĞƌƚƵŵďƵŚĂŶ ƉŽƐŝƚŝĨ ďŝƐŶŝƐ DZK͘ WĞƌƚƵŵďƵŚĂŶ ŶŝůĂŝ ƉĂƐĂƌ
DZKŐůŽďĂůŵĂƐŝŚƉŽƐŝƚŝĨĚĞŶŐĂŶ'ZŬƵƌĂŶŐůĞďŝŚϰ͘ϴйƐĞůĂŵĂϱƚĂŚƵŶŬĞĚĞƉĂŶĚĞŶŐĂŶŶŝůĂŝϳϰ͕ϯŵŝůLJĂƌ
h^ Ěŝ ƚĂŚƵŶ ϮϬϭϳ ĚĂŶ ŵĞŶũĂĚŝ ϴϵ͕ϲ ŵŝůLJĂƌ h^ Ěŝ ƚĂŚƵŶ ϮϬϮϭ͘ tŝůĂLJĂŚ dŝŵƵƌ dĞŶŐĂŚ ĚĂŶ ƐŝĂ WĂƐŝĨŝŬ
;ƚĞƌŵĂƐƵŬŚŝŶĂĚĂŶ/ŶĚŽŶĞƐŝĂͿĚŝƉƌĞĚŝŬƐŝŵĞŵŝůŝŬŝůĂũƵƉĞƌƚƵŵďƵŚĂŶĚŝĂƚĂƐƌĂƚĂͲƌĂƚĂƉĞƌƚƵŵďƵŚĂŶŝŶĚƵƐƚƌŝ͘
^ĞŵĞŶƚĂƌĂŝƚƵŬŚƵƐƵƐƉĂƐĂƌ/ŶĚŽŶĞƐŝĂ͕ŶŝůĂŝƉĂƐĂƌDZKĚŝƉĞƌŬŝƌĂŬĂŶƚƵŵďƵŚŚŝŶŐŐĂŵĞŶĐĂƉĂŝϭ͕ϲŵŝůLJĂƌh^
ƚĂŚƵŶϮϬϮϭĚĞŶŐĂŶ'ZƐĞďĞƐĂƌϭϭ͕ϯй͘
 
Ğ͘ <ŽŶƚƌŝďƵƐŝWĞŬĞƌũĂĂŶLJĂŶŐŝƉĞƌŽůĞŚĚĂƌŝ'Zh

WĞƌƐĞƌŽĂŶŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵĂŶĂŬƵƐĂŚĂĚĂƌŝ'ZhƐĞŚŝŶŐŐĂŵĞŵŝůŝŬŝŬĞƵŶŐŐƵůĂŶƵŶƚƵŬŵĞŵƉĞƌŽůĞŚ
ƉĞŬĞƌũĂĂŶ ƉĞŵĞůŝŚĂƌĂĂŶ ƉĞƐĂǁĂƚ ĚĂůĂŵ ƐŬĂůĂ ďĞƐĂƌ͘ ƉĂďŝůĂ ƉĞŬĞƌũĂĂŶ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ 'Zh
ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ͕ ŵĂŬĂ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ƚĞƌŐĂŶŐŐƵ͘ WĞƌƐĞƌŽĂŶ ƐĞůĂůƵ ďĞƌƵƉĂLJĂ ƵŶƚƵŬ
ŵĞŶŝŶŐŬĂƚŬĂŶ ũƵŵůĂŚ ƉĞŬĞƌũĂĂŶ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ ůĂŝŶ ƐĞůĂŝŶ 'Zh ƐĞŚŝŶŐŐĂ ĚĂƉĂƚ ŵĞŶŐƵƌĂŶŐŝ ƌŝƐŝŬŽ
ŬĞƚĞƌŐĂŶƚƵŶŐĂŶWĞƌƐĞƌŽĂŶ͘

Ĩ͘ <ĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚ

WĞƌƐĞƌŽĂŶŵĞŵƉƵŶLJĂŝŬĞǁĂũŝďĂŶ&ŝƐŬĂůƚĞƌƵƚĂŵĂƉĞŵďĂLJĂƌĂŶĞĂDĂƐƵŬĚĂůĂŵŬĞŐŝĂƚĂŶŝŵƉŽƌƐƵŬƵĐĂĚĂŶŐ
ƉĞƐĂǁĂƚ ĚĂŶ ŵĂƚĞƌŝĂů LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ ĚĂůĂŵ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ͘ ^ĂĂƚ ŝŶŝ ďĞůƵŵ ĂĚĂ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ŵĞŶŐĂƚƵƌ ƉĞŵďĞďĂƐĂŶ ďĞĂ ŵĂƐƵŬ ƵŶƚƵŬ ŝŶĚƵƐƚƌŝ ĂǀŝĂƐŝ ĚĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ
ƵĚĂƌĂ ĚŝŬĂƌĞŶĂŬĂŶ ƚŝĚĂŬ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬƌŝƚĞƌŝĂ hŶĚĂŶŐͲhŶĚĂŶŐ EŽŵŽƌ ϭϳ dĂŚƵŶ ϮϬϬϲ ƚĞŶƚĂŶŐ <ĞƉĂďĞĂŶĂŶ
ƉĂƐĂůϮϱĚĂŶƉĂƐĂůϮϲ͘KůĞŚƐĞďĂďŝƚƵ͕WĞƌƐĞƌŽĂŶŵĞůĂůƵŝĂƐŽƐŝĂƐŝ/D^ŵĞůĂŬƵŬĂŶŬŽŵƵŶŝŬĂƐŝĚĞŶŐĂŶƉŝŚĂŬ
ƉĞŵĞƌŝŶƚĂŚĚĂůĂŵŵĞŶŐĂũƵŬĂŶƉĞŶƵƌƵŶĂŶƚĂƌŝĨďĞĂŵĂƐƵŬŵĞŶũĂĚŝϬйƵŶƚƵŬƉŽƐƚĂƌŝĨLJĂŶŐďĞƌĞůĂƐŝĚĞŶŐĂŶ
ƵƌĂŝĂŶ ƐƵŬƵ ĐĂĚĂŶŐ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ĚĂŶ ŵĂƚĞƌŝĂů ƉĞŶĚƵŬƵŶŐ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ͘ Ăƌŝ Ϯϳ ;ĚƵĂ ƉƵůƵŚ
ƚƵũƵŚͿƉŽƐƚĂƌŝĨLJĂŶŐĚŝĂũƵŬĂŶĚĂƌŝƚĂŚƵŶϮϬϭϭƵŶƚƵŬĚŝƚƵƌƵŶŬĂŶŵĞŶũĂĚŝϬй͕ƐƵĚĂŚϮϱ;ĚƵĂƉƵůƵŚůŝŵĂͿƉŽƐ
ƚĂƌŝĨ LJĂŶŐ ƐƵĚĂŚ ĚŝƐĞƚƵũƵŝ ƵŶƚƵŬ ĚŝƚƵƌƵŶŬĂŶ ŵĞŶũĂĚŝ Ϭй ĚĂŶ ƚĞůĂŚ ĚŝĂƚƵƌ ĚĂůĂŵ ƉĞƌƵďĂŚĂŶ ĂƚĂƐ WĞƌĂƚƵƌĂŶ
DĞŶƚĞƌŝ <ĞƵĂŶŐĂŶ EŽŵŽƌ Ϯϭϯ ƚĂŚƵŶ ϮϬϭϭ͘ ^ĞůĂŵĂ ŝŶŝ WĞƌƐĞƌŽĂŶ ƚĞƌďĂŶƚƵ ĚĞŶŐĂŶ ĨĂƐŝůŝƚĂƐ dĞŵƉĂƚ
WĞŶŝŵďƵŶĂŶ ĞƌŝŬĂƚ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ŬŽŶƐĞƉ ƉĞŶĂŶŐŐƵŚĂŶ ĞĂͲďĞĂ DĂƐƵŬ ƐĞůĂŵĂ ŵĂƚĞƌŝĂů ŵĂƐŝŚ ďĞƌĂĚĂ
ĚŝĂƌĞĂWĞŶŝŵďƵŶĂŶĞƌŝŬĂƚĚĂŶďĞůƵŵĚŝƉĂŬĂŝŬĞƉĞƐĂǁĂƚďĞƌĞŐŝƐƚƌĂƐŝW<͘

ϰ͘ E>/^/^KWZ^/WZ^'DE

WĞŶĚĂƉĂƚĂŶhƐĂŚĂƉĞƌ^ĞŐŵĞŶĚĂŶ<ŽŶƚƌŝďƵƐŝŶLJĂƚĞƌŚĂĚĂƉWĞŶĚĂƉĂƚĂŶhƐĂŚĂWĞƌƐĞƌŽĂŶ

WĞƌƚƵŵďƵŚĂŶ ŝŶĚƵƐƚƌŝ ƉĞŶĞƌďĂŶŐĂŶ ŶĂƐŝŽŶĂů LJĂŶŐ ŵĞŶŝŶŐŬĂƚ ƐŝŐŶŝĨŝŬĂŶ ŵĞŵďƵĂƚ ũƵŵůĂŚ ƉĞƐĂǁĂƚ ĚĂŶ
ĂŬƚŝǀŝƚĂƐƉĞŶĞƌďĂŶŐĂŶŵĞŶŝŶŐŬĂƚƚĂũĂŵ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝŵĞŶĚŽƌŽŶŐƐĞŵĂŬŝŶďĞƐĂƌƉĞƌĂŶ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝ
ƉĞƌƵƐĂŚĂĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ Ěŝ /ŶĚŽŶĞƐŝĂ͕ LJĂŶŐ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ƐĞŵĂŬŝŶ ƚŝŶŐŐŝŶLJĂ ŬŝŶĞƌũĂ ŽƉĞƌĂƐŝ
WĞƌƐĞƌŽĂŶĚĂůĂŵďĞƌďĂŐĂŝƐĞŐŵĞŶƵƐĂŚĂLJĂŶŐĚŝũĂůĂŶŬĂŶŶLJĂ͘








24
 ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
ϮϬϭϲ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ й ;dŝĚĂŬ й ϮϬϭϲ й ϮϬϭϱ й ϮϬϭϰ й
ŝĂƵĚŝƚͿ
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ 
ZĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵů

ϴϮ͘ϳϬϵ͘ϰϮϱ ϳϳ͕ϵϲ ϱϴ͘Ϭϱϵ͘Ϯϯϵ  ϳϭ͕ϭϰ Ϯϴϴ͘Ϯϳϴ͘Ϭϯϳ

ϳϰ͕ϭϰ  ϮϬϵ͘ϳϬϯ͘ϲϱϵ  ϲϴ͕ϲϮ ϭϲϳ͘ϵϬϯ͘ϭϳϭ ϲϯ͕ϱϵ

>ŝŶĞŵĂŝŶƚĞŶĂŶĐĞ Ϯϯ͘ϯϳϴ͘ϯϴϱ ϮϮ͕Ϭϰ Ϯϯ͘ϱϱϰ͘ϬϭϮ Ϯϴ͕ϴϲ ϭϬϬ͘ϯϴϰ͘ϰϳϱ Ϯϱ͕ϴϯ ϵϱ͘ϴϴϲ͘ϰϱϴ ϯϭ͕ϯϴ ϵϲ͘ϭϰϱ͘ϰϬϱ ϯϲ͕ϰϭ
:ƵŵůĂŚ
ϭϬϲ͘Ϭϴϳ͘ϴϭϬ ϭϬϬ͕ϬϬ ϴϭ͘ϲϭϯ͘Ϯϱϭ ϭϬϬ͕ϬϬ ϯϴϴ͘ϲϲϮ͘ϱϭϮ ϭϬϬ͕ϬϬ ϯϬϱ͘ϱϵϬ͘ϭϭϳ ϭϬϬ͕ϬϬ Ϯϲϰ͘Ϭϰϴ͘ϱϳϲ ϭϬϬ͕ϬϬ
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ

WĞŶĚĂƉĂƚĂŶhƐĂŚĂWĞƌƐĞƌŽĂŶƐĞďĂŐŝĂŶďĞƐĂƌĚŝŬŽŶƚƌŝďƵƐŝŬĂŶŽůĞŚƐĞŐŵĞŶƌĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵůĚĞŶŐĂŶĂŶŐŬĂ
ĚŝĂƚĂƐƐĞŬŝƚĂƌϲϬйŚŝŶŐŐĂƐĞŬŝƚĂƌϳϳйƐĞůĂŵĂƚĂŚƵŶϮϬϭϰŚŝŶŐŐĂDĂƌĞƚϮϬϭϳ͘,ĂůŝŶŝĚŝƐĞďĂďŬĂŶŽůĞŚĂŬƚŝǀŝƚĂƐ
ƐĞŐŵĞŶƌĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵůLJĂŶŐŵĞŶĐĂŬƵƉďĂƐĞŵĂŝŶƚĞŶĂŶĐĞ͕ĞŶŐŝŶĞŵĂŝŶƚĞŶĂŶĐĞĚĂŶĐŽŵƉŽŶĞŶƚƐĞƌǀŝĐĞƐ
ƚĞƌƵƐŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƉƌŽĚƵŬƚŝǀŝƚĂƐƐĞŚŝŶŐŐĂďĞƌĚĂŵƉĂŬƚĞƌŚĂĚĂƉĐŽƐƚĞĨĨŝĐŝĞŶĐLJ͘

WĞŶĚĂƉĂƚĂŶ hƐĂŚĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌĂƐĂů ĚĂƌŝ ƐĞŐŵĞŶ ůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ŵĞŶŐĂůĂŵŝ ƚƌĞŶ ƉĞŶƵƌƵŶĂŶ
ŬŽŶƚƌŝďƵƐŝƉĞŶĚĂƉĂƚĂŶĚĂƌŝƐĞŬŝƚĂƌϯϲйŵĞŶũĂĚŝƐĞŬŝƚĂƌϮϱйƐĞůĂŵĂƚĂŚƵŶϮϬϭϰŚŝŶŐŐĂϮϬϭϲƐĞƌƚĂƐĞŬŝƚĂƌϮϴй
ŵĞŶũĂĚŝƐĞŬŝƚĂƌϮϮйƵŶƚƵŬƉĞƌŝŽĚĞDĂƌĞƚϮϬϭϲĚĂŶDĂƌĞƚϮϬϭϳ͘,ĂůŝŶŝĚŝƐĞďĂďŬĂŶŽůĞŚƉĞƌƵďĂŚĂŶĂŬƚŝǀŝƚĂƐ
ŵĂŝŶƚĞŶĂŶĐĞĚĂƌŝůŝŶĞŵĂŝŶƚĞŶĂŶĐĞŬĞƌĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵů͕ϲϯйĚŝŬŽŶƚƌŝďƵƐŝŬĂŶĚĂƌŝƉĞůĂŶŐŐĂŶĂĨŝůŝĂƐŝ;'ĂƌƵĚĂ
'ƌŽƵƉͿƚĞƌƵƚĂŵĂĚĂƌŝĂŬƚŝǀŝƚĂƐŽǀĞƌŚĂƵůĞŶŐŝŶĞĚĂŶƌĞĚĞůŝǀĞƌLJƉĞƐĂǁĂƚ͘

ĞďĂŶ^ĞŐŵĞŶ

ĞďĂŶ ƵƐĂŚĂ ƉĞƌƐĞƌŽĂŶ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ĚŝŬŽŶƚƌŝďƵƐŝŬĂŶ ŽůĞŚ ƐĞŐŵĞŶ ƌĞƉĂŝƌ ĂŶĚ ŽǀĞƌŚĂƵů ĚĞŶŐĂŶ ŬŽŶƚƌŝďƵƐŝ
ƐĞďĞƐĂƌϲϴйŚŝŶŐŐĂϳϴйƐĞůĂŵĂƚĂŚƵŶϮϬϭϰŚŝŶŐŐĂDĂƌĞƚϮϬϭϳ͘,ĂůŝŶŝƐĞũĂůĂŶĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶŬŽŶƚƌŝďƵƐŝ
ƉĞŶĚĂƉĂƚĂŶ ƉĞƌƵƐĂŚĂĂŶ ƉĂĚĂ ƐĞŐŵĞŶ ƌĞƉĂŝƌ ĂŶĚ ŽǀĞƌŚĂƵů ĚĂƌŝ ϲϰй ŵĞŶũĂĚŝ ϳϴй ƉĂĚĂ ŬƵƌƵŶ ǁĂŬƚƵ ƚĂŚƵŶ
ϮϬϭϰ ƐĂŵƉĂŝ ĚĞŶŐĂŶ DĂƌĞƚ ϮϬϭϳ͕ ĚĂŶ ŚĂů ŝŶŝ ũƵŐĂ ĚĂŵƉĂŬ ĚĂƌŝ ƉĞƌŐĞƐĞƌĂŶ ĂŬƚŝǀŝƚĂƐ ŵĂŝŶƚĞŶĂŶĐĞ ĚĂƌŝ ůĂďŽƌ
ŝŶƚĞŶƐŝǀĞŵĞŶũĂĚŝĐĂƉŝƚĂůŝŶƚĞŶƐŝǀĞ͘

<ŽŶƚƌŝďƵƐŝ ƵƚĂŵĂ ďĞďĂŶ ƉĂĚĂ ƐĞŐŵĞŶ ůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂĚĂůĂŚ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ůĂďŽƌ ĐŽƐƚ ĚĞŶŐĂŶ
ŬŽŵƉŽƐŝƐŝ ƚĞƌŚĂĚĂƉ ƚŽƚĂů ďĞďĂŶ ƐĞŐŵĞŶ ƐĞŬŝƚĂƌ ϲϱйŚŝŶŐŐĂ ƐĞŬŝƚĂƌϴϬй ĚĂůĂŵ ƉĞƌŝŽĚĞ ϮϬϭϰ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
DĂƌĞƚ ϮϬϭϳ͘ ,Ăů ŝŶŝ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ŬĂƌĂŬƚĞƌŝƐƚŝŬ ďŝƐŶŝƐ ůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ďĞƌƐŝĨĂƚ ůĂďŽƌ ŝŶƚĞŶƐŝǀĞ͘ ĞďĂŶ
ƵƐĂŚĂ ĚĂƌŝ ƐĞŐŵĞŶ ďŝƐŶŝƐ ůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ŵĞŶŐĂůĂŵŝ ƚƌĞŶ ƉĞŶƵƌƵŶĂŶ ĚĞŶŐĂŶ ŬŽŶƚƌŝďƵƐŝ ĚĂƌŝ ƐĞŬŝƚĂƌ ϯϱй
ŵĞŶũĂĚŝ ϮϬй͘ ,Ăů ŝŶŝ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƚŝŶŐŐŝŶLJĂ ĂŬƚŝǀŝƚĂƐ ŵĂŝŶƚĞŶĂŶĐĞ ŬŽŵƉŽŶĞŶ ĚĂŶ ĞŶŐŝŶĞ ƉĂĚĂ ƐĞŐŵĞŶ
ƌĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵů͘

WƌŽĨŝƚĂďŝůŝƚĂƐ

<ŽŶƚƌŝďƵƐŝƐĞŐŵĞŶůŝŶĞŵĂŝŶƚĞŶĂŶĐĞĚĂŶƌĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵůƚĞƌŚĂĚĂƉƉƌŽĨŝƚĂďŝůŝƚĂƐƉĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĞƐĂƌ
ϰϵйĚĂŶϱϭйƉĂĚĂDĂƌĞƚϮϬϭϳ͘<ŽŶƚƌŝďƵƐŝŝŶŝŵĞŶŐĂůĂŵŝƉĞƌƵďĂŚĂŶĂƉĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶϮϬϭϰ
ĚŝŵĂŶĂƉĞƌƐĞŶƚĂƐĞŬŽŶƚƌŝďƵƐŝƵŶƚƵŬůŝŶĞŵĂŝŶƚĞŶĂŶĐĞĚĂŶƌĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵůŵĂƐŝŶŐͲŵĂƐŝŶŐĂĚĂůĂŚϭϱйĚĂŶ
ϴϱй͘,ĂůŝŶŝŵĞŶƵŶũƵŬĂŶƉĞƌŬĞŵďĂŶŐĂŶďŝƐŶŝƐƉĞƌƐĞƌŽĂŶƉĂĚĂƐĞŐŵĞŶƌĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵů͘

<ŽŶƚƌŝďƵƐŝƚĞƌŚĂĚĂƉ>ĂďĂƵƐĂŚĂ

>ĂďĂ ƵƐĂŚĂ ƉĞƌƐĞƌŽĂŶ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ĚŝŬŽŶƚƌŝďƵƐŝŬĂŶ ŽůĞŚ ƐĞŐŵĞŶ ƌĞƉĂŝƌ ĂŶĚ ŽǀĞƌŚĂƵů ĚĞŶŐĂŶ ŬŽŶƚƌŝďƵƐŝ
ƐĞďĞƐĂƌ Ϯϯй ŚŝŶŐŐĂ ϳϴй ĚĂƌŝ ƉĞƌŝŽĚĞ ƚĂŚƵŶ ϮϬϭϰ ŚŝŶŐŐĂ DĂƌĞƚ ϮϬϭϳ͘ ,Ăů ŝŶŝ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ƉĞŶŝŶŐŬĂƚĂŶ
ŬŽŶƚƌŝďƵƐŝƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƐĞŐŵĞŶƌĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵůĚĂƌŝϲϰйŵĞŶũĂĚŝϳϴйƉĂĚĂŬƵƌƵŶǁĂŬƚƵ
ƚĂŚƵŶϮϬϭϰƐĂŵƉĂŝĚĞŶŐĂŶDĂƌĞƚϮϬϭϳ͘

WĞŶŝŶŐŬĂƚĂŶĂƚĂƵƉĞŶƵƌƵŶĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝ

^ĞĐĂƌĂƵŵƵŵ͕ŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶŵĞŶŝŶŐŬĂƚĚĂƌŝƚĂŚƵŶϮϬϭϰͲϮϬϭϳ͘

WĂĚĂ ƐĞŐŵĞŶ >ŝŶĞ DĂŝŶƚĞŶĂŶĐĞ͕ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ ĚŝƚŝŶŐŬĂƚŬĂŶ ƚĞƌƵƚĂŵĂ ƵŶƚƵŬ ŵĞŶŐŝŬƵƚŝ ƉĞƌŬĞŵďĂŶŐĂŶ
ĂƌŵĂĚĂ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ WĞƌƐĞƌŽĂŶ ĚŝĂŶƚĂƌĂŶLJĂ Ěŝ ĚŽŵŝŶĂƐŝ ŽůĞŚ 'Zh ĚĂŶ ^ƌŝǁŝũĂLJĂ ŝƌ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ
ĐĂƉƚŝǀĞŵĂƌŬĞƚĚĂŶƉĞůĂŶŐŐĂŶƚĞƌďĞƐĂƌWĞƌƐĞƌŽĂŶƵŶƚƵŬ>ŝŶĞDĂŝŶƚĞŶĂŶĐĞ͘


25
ƌŵĂĚĂ'ZhŵĞŶŝŶŐŬĂƚĚĂƌŝϭϮϯƉĞƐĂǁĂƚƉĂĚĂƚĂŚƵŶϮϬϭϰŵĞŶũĂĚŝϭϰϰƉĞƐĂǁĂƚ;'Zϱ͘ϰйͿƉĂĚĂƚĂŚƵŶ
ϮϬϭϳ ƐĞŚŝŶŐŐĂ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ WĞƌƐĞƌŽĂŶ ĚŝƚŝŶŐŬĂƚŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞŶĂŵďĂŚĂŶ ĂƌŵĂĚĂ ƚĞƌƐĞďƵƚ͘
ŝƐƚƌŝďƵƐŝ ƉĂĚĂ ƚŝĂƉ ůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ ƌƵƚĞ 'Zh͘ ^ŝƐĂ ŬĂƉĂƐŝƚĂƐ ƚĞƌƉĂƐĂŶŐ ĚŝŐƵŶĂŬĂŶ
ƵŶƚƵŬƌŵĂĚĂ^ƌŝǁŝũĂLJĂĚĂŶƉĞůĂŶŐŐĂŶŶŽŶͲ'ZhůĂŝŶŶLJĂ͘

WĂĚĂ ƐĞŐŵĞŶ ƌĞƉĂŝƌ ĚĂŶ ŽǀĞƌŚĂƵů͕ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ ŵĞŶŝŶŐŬĂƚ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϰͲϮϬϭϳ͘ <ĂƉĂƐŝƚĂƐ ĂƐĞ
DĂŝŶƚĞŶĂŶĐĞ ŵĞŶŝŶŐŬĂƚ ƐĞŝƌŝŶŐ ĚĞŶŐĂŶ ŵĞŶŝŶŐŬĂƚŶLJĂ ũƵŵůĂŚ ĂƌŵĂĚĂ 'Zh ĚĂŶ ƉƌĞĚŝŬƐŝ ƉĞŶŝŶŐŬĂƚĂŶ
ũƵŵůĂŚ ƉĞƐĂǁĂƚ ŶĂƌƌŽǁ ďŽĚLJ Ěŝ ƐŝĂ WĂƐŝĨŝŬ͘ ^ĂůĂŚ ƐĂƚƵ ƵƐĂŚĂ ƉĞŶŝŶŐŬĂƚĂŶ ŬĂƉĂƐŝƚĂƐ ĂĚĂůĂŚ ,ĂŶŐĂƌ ϰ LJĂŶŐ
ĚŝƐĞůĞƐĂŝŬĂŶƉĂĚĂƚĂŚƵŶϮϬϭϱ͘:ƵŵůĂŚƐůŽƚƉĞƐĂǁĂƚŶĂƌƌŽǁďŽĚLJĚĂŶǁŝĚĞďŽĚLJƉĂĚĂƚĂŚƵŶϮϬϭϰĂĚĂůĂŚϲĚĂŶ
ϯƐůŽƚ͘:ƵŵůĂŚƐůŽƚŝŶŝŶĂŝŬƉĂĚĂƚĂŚƵŶϮϬϭϱŵĞŶũĂĚŝϴƐůŽƚŶĂƌƌŽǁďŽĚLJĚĂŶϯƐůŽƚǁŝĚĞďŽĚLJ͘WĂĚĂĂŬŚŝƌƚĂŚƵŶ
ϮϬϭϲ͕ ŬĂƉĂƐŝƚĂƐ ƐůŽƚ ƚĞƌƐĞďƵƚ ŵĞŶũĂĚŝ ϭϬ ŶĂƌƌŽǁďŽĚLJ ĚĂŶ ϰ ǁŝĚĞ ďŽĚLJ͘ WĂĚĂĂŬŚŝƌ ƚĂŚƵŶ ϮϬϭϳ͕ ƐůŽƚ ŶĂƌƌŽǁ
ďŽĚLJĚŝƌĞŶĐĂŶĂŬĂŶĂŬĂŶŵĞŶŝŶŐŬĂƚŵĞŶũĂĚŝϭϮƐůŽƚĚĂŶǁŝĚĞďŽĚLJŵĞŶũĂĚŝϱƐůŽƚ͘

ŽŵƉŽŶĞŶƚ ^ĞƌǀŝĐĞ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ŬĂƉĂƐŝƚĂƐ ĚĞŶŐĂŶ ŵĞŶŝŶŐŬĂƚŶLJĂ ũƵŵůĂŚ ŵĂŶƉŽǁĞƌ ĚŝƌĞĐƚ ƵŶƚƵŬ
ŵĞůĂŬƐĂŶĂŬĂŶ ƉƌŽĚƵŬƐŝ͘ WĞƌŬĞŵďĂŶŐĂŶ ƉĂƐĂƌ ŬŽŵƉŽŶĞŶ ŵĞŶŐŝŶĚŝŬĂƐŝŬĂŶ ƉĞƌƚƵŵďƵŚĂŶ LJĂŶŐ ƚŝŶŐŐŝ Ěŝ ŵĂƐĂ
ĚĞƉĂŶƐĞŚŝŶŐŐĂŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝĚŝŶĂŝŬŬĂŶďĞƌƚĂŚĂƉ͘WĂĚĂƚĂŚƵŶϮϬϭϰ͕ũƵŵůĂŚŵĂŶƉŽǁĞƌĚŝƌĞĐƚŽŵƉŽŶĞŶƚ
^ĞƌǀŝĐĞĂĚĂůĂŚϭϭϵƉĞƌƐŽŶĞů͕ŬĞŵƵĚŝĂŶŵĞŶŝŶŐŬĂƚŵĞŶũĂĚŝϭϯϵƉĞƌƐŽŶĞůƉĂĚĂƚĂŚƵŶϮϬϭϱĚĂŶϭϲϬƉĞƌƐŽŶĞů
ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϲ͘ WĞŶŝŶŐŬĂƚĂŶ ƌĞǀĞŶƵĞ ũƵŐĂ ĚŝƐĞďĂďŬĂŶ ďĞƌŐĂďƵŶŐŶLJĂ ƵŶŝƚ ƵƐĂŚĂ ŽŵƉŽŶĞŶƚ WŽŽůŝŶŐ
ĚŝŽŵƉŽŶĞŶƚ^ĞƌǀŝĐĞ͘WĞŶŐŐĂďƵŶŐĂŶŝŶŝĚŝůĂŬƵŬĂŶĂŐĂƌĚĂƉĂƚŵĞůĂŬƵŬĂŶƉĞůĂLJĂŶĂŶLJĂŶŐƚĞƌŝŶƚĞŐƌĂƐŝŬĞƉĂĚĂ
ƉĞůĂŶŐŐĂŶWĞƌƐĞƌŽĂŶ͘

Ăƌŝ ŶŐŝŶĞ DĂŝŶƚĞŶĂŶĐĞ͕ ŬĞŶĂŝŬĂŶ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞƌƵďĂŚĂŶ ƚŝƉĞ ĞŶŐŝŶĞ ĚĂŶ Wh ƐĞƌƚĂ
ƉĞŶĂŵďĂŚĂŶ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ͘ dŝƉĞ ĞŶŐŝŶĞ ďĞƌƵďĂŚ ĚĂƌŝ &DϱϲͲϯ ŬĞ &DϱϲͲϳ ƐĞŚŝŶŐŐĂ ƉĞŶĚĂƉĂƚĂŶ ƉĞƌ
ŽǀĞƌŚĂƵůĚĂƌŝƌĂƚĂͲƌĂƚĂϭDh^ŵĞŶũĂĚŝϰͲϱDh^͘WĞƌƵďĂŚĂŶũĞŶŝƐWhĚĂƌŝ'dWϴϱŬĞ'dWϭϯϭͲϵͬũƵŐĂ
ŵĞŶLJĞďĂďŬĂŶƉĞŶĚĂƉĂƚĂŶƉĞƌŽǀĞƌŚĂƵůĚĂƌŝϳϬƌŝďƵh^ŵĞŶũĂĚŝϰϬϬƌŝďƵh^͘ĂƌŝƐĞŐŝŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝ͕
ŶŐŝŶĞ DĂŝŶƚĞŶĂŶĐĞ ŵĞŶŝŶŐŬĂƚ ĚĂƌŝ ϮϬ ĞŶŐŝŶĞ ƉĞƌ ƚĂŚƵŶ ŵĞŶũĂĚŝ ϱϬ ĞŶŐŝŶĞ ƉĞƌ ƚĂŚƵŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϲ͘
<ĂƉĂƐŝƚĂƐƉĞƌĂǁĂƚĂŶĞŶŐŝŶĞĚŝƌĞŶĐĂŶĂŬĂŶŶĂŝŬŵĞŶũĂĚŝϳϱĞŶŐŝŶĞƉĞƌƚĂŚƵŶĚŝĂŬŚŝƌϮϬϭϳ͘<ĂƉĂƐŝƚĂƐWhŶĂŝŬ
ĚĂƌŝϱϬWhƉĞƌƚĂŚƵŶƉĂĚĂϮϬϭϱŵĞŶũĂĚŝϭϬϬWhƉĂĚĂƚĂŚƵŶϮϬϭϲ

dŝĚĂŬĂĚĂŬĞũĂĚŝĂŶĂƚĂƵƚƌĂŶƐĂŬƐŝLJĂŶŐƚŝĚĂŬŶŽƌŵĂůĚĂŶũĂƌĂŶŐƚĞƌũĂĚŝĂƚĂƵƉĞƌƵďĂŚĂŶƉĞŶƚŝŶŐĚĂůĂŵĞŬŽŶŽŵŝ
LJĂŶŐĚĂƉĂƚŵĞŵĞŶŐĂƌƵŚŝũƵŵůĂŚƉĞŶĚĂƉĂƚĂŶĚĂŶƉƌŽĨŝƚĂďŝůŝƚĂƐLJĂŶŐĚŝůĂƉŽƌŬĂŶĚĂůĂŵ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶLJĂŶŐ
ƚĞůĂŚ ĚŝĂƵĚŝƚ ŬƵŶƚĂŶ WƵďůŝŬ͕ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐ͕ ĚĞŶŐĂŶ ƉĞŶĞŬĂŶĂŶ ƉĂĚĂ >ĂƉŽƌĂŶ
<ĞƵĂŶŐĂŶƚĞƌĂŬŚŝƌ͘

ϱ͘ E>/^/^>WKZE>Zh'/

Ă͘ WĞŶĚĂƉĂƚĂŶhƐĂŚĂ

ZŝŶĐŝĂŶƉĞŶĚĂƉĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ ϮϬϭϲ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
;dŝĚĂŬŝĂƵĚŝƚͿ
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ     
ZĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵů ϴϮ͘ϳϬϵ͘ϰϮϱ ϱϴ͘Ϭϱϵ͘Ϯϯϵ Ϯϴϴ͘Ϯϳϴ͘Ϭϯϳ ϮϬϵ͘ϳϬϯ͘ϲϱϵ ϭϲϳ͘ϵϬϯ͘ϭϳϭ
>ŝŶĞŵĂŝŶƚĞŶĂŶĐĞ Ϯϯ͘ϯϳϴ͘ϯϴϱ Ϯϯ͘ϱϱϰ͘ϬϭϮ ϭϬϬ͘ϯϴϰ͘ϰϳϱ ϵϱ͘ϴϴϲ͘ϰϱϴ ϵϲ͘ϭϰϱ͘ϰϬϱ
:ƵŵůĂŚWĞŶĚĂƉĂƚĂŶhƐĂŚĂ ϭϬϲ͘Ϭϴϳ͘ϴϭϬ ϴϭ͘ϲϭϯ͘Ϯϱϭ ϯϴϴ͘ϲϲϮ͘ϱϭϮ ϯϬϱ͘ϱϵϬ͘ϭϭϳ Ϯϲϰ͘Ϭϰϴ͘ϱϳϲ

WĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿ

WĞŶĚĂƉĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌŝŽĚĞϯ;ƚŝŐĂͿďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳ ĂĚĂůĂŚ
ƐĞďĞƐĂƌ h^ϭϬϲ͘Ϭϴϳ͘ϴϭϬ͕ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ h^Ϯϰ͘ϰϳϰ͘ϱϱϵ  ĂƚĂƵ ƐĞďĞƐĂƌ Ϯϵ͕ϵϵй ĚĂƌŝ
ƉĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉĞƌŝŽĚĞ ϯ ;ƚŝŐĂͿ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϲ ;ƚŝĚĂŬ
ĚŝĂƵĚŝƚͿ ƐĞďĞƐĂƌ h^ϴϭ͘ϲϭϯ͘Ϯϱϭ͘ ,Ăů ŝŶŝ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ƉĞŶĚĂƉĂƚĂŶ ĂƚĂƐ ĂŬƚŝǀŝƚĂƐ
ƐƵďĐŽŶƚƌĂĐƚƉĂĚĂďŝƐŶŝƐĞŶŐŝŶĞƐĞƌƚĂĂŬƚŝǀŝƚĂƐĐŽŵƉŽŶĞŶƚĚĂŶƉŽŽůŝŶŐ͘

26
WĞŶĚĂƉĂƚĂŶƵƐĂŚĂŝŶŝďĞƌĂƐĂůĚĂƌŝĚƵĂƐĞŐŵĞŶ͕LJĂŝƚƵ;ŝͿZĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵůƐĞďĞƐĂƌh^ϴϮ͘ϳϬϵ͘ϰϮϱ;ϳϳ͕ϵϲйͿ
ĚĂŶ;ŝŝͿ>ŝŶĞŵĂŝŶƚĞŶĂŶĐĞƐĞďĞƐĂƌh^Ϯϯ͘ϯϳϴ͘ϯϴϱ;ϮϮ͕ϬϰйͿ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

WĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϯϴϴ͘ϲϲϮ͘ϱϭϮŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƐĞďĞƐĂƌh^ϴϯ͘ϬϳϮ͘ϯϵϱĂƚĂƵƐĞďĞƐĂƌϮϳ͕ϭϴйĚĂƌŝƉĞŶĚĂƉĂƚĂŶƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϯϬϱ͘ϱϵϬ͘ϭϭϳ͘ ,Ăů ŝŶŝ
ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ƉĞŬĞƌũĂĂŶ ĞŶŐŝŶĞ͕ LJĂŝƚƵ ĚĂƌŝ ϲ ĞŶŐŝŶĞ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϱ ŵĞŶũĂĚŝ ϵ
ĞŶŐŝŶĞƉĂĚĂƚĂŚƵŶϮϬϭϲ͕ƉĞŶŝŶŐŬĂƚĂŶ ƌĞĚĞůŝǀĞƌLJƉĞƐĂǁĂƚ͕LJĂŝƚƵĚĂƌŝϲƉĞƐĂǁĂƚƉĂĚĂƚĂŚƵŶϮϬϭϱŵĞŶũĂĚŝϭϬ
ƉĂĚĂƚĂŚƵŶϮϬϭϲ͕ĂĚĂŶLJĂƉĞŶŝŶŐŬĂƚĂŶũƵŵůĂŚƉĞƐĂǁĂƚĚĂŶĨůŝŐŚƚŚŽƵƌƐ'ĂƌƵĚĂ'ƌŽƵƉ͘

WĞŶĚĂƉĂƚĂŶƵƐĂŚĂŝŶŝďĞƌĂƐĂůĚĂƌŝĚƵĂƐĞŐŵĞŶ͕LJĂŝƚƵ;ŝͿZĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵůƐĞďĞƐĂƌh^Ϯϴϴ͘Ϯϳϴ͘Ϭϯϳ;ϳϰ͕ϭϳйͿ
ĚĂŶ;ŝŝͿ>ŝŶĞŵĂŝŶƚĞŶĂŶĐĞƐĞďĞƐĂƌh^ϭϬϬ͘ϯϴϰ͘ϰϳϱ;Ϯϱ͕ϴϯйͿ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

WĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϯϬϱ͘ϱϵϬ͘ϭϭϳ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ h^ϰϭ͘ϱϰϭ͘ϱϰϭ ũƵƚĂ ĂƚĂƵ ƐĞďĞƐĂƌ ϭϱ͕ϳϯй ĚĂƌŝ ƉĞŶĚĂƉĂƚĂŶ
ƵƐĂŚĂWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰƐĞďĞƐĂƌh^Ϯϲϰ͘Ϭϰϴ͘ϱϳϲ͘,ĂůŝŶŝ
ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ŶĂŝŬŶLJĂ ƉĞƌƚƵŵďƵŚĂŶ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƚĞƌũĂĚŝ ƉĂĚĂ ƐĞŐŵĞŶ ĂƐĞ
DĂŝŶƚĞŶĂŶĐĞ͕ ŶŐŝŶĞ DĂŝŶƚĞŶĂŶĐĞ ĚĂŶ ŽŵƉŽŶĞŶƚ ^ĞƌǀŝĐĞƐ LJĂŶŐ ŵĞŶĐĂƉĂŝ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ϱϲ͘ϯϵй͕ ϰϰ͘Ϯϳй
ĚĂŶϵ͘ϭϮй͘

WĞŶĚĂƉĂƚĂŶƵƐĂŚĂŝŶŝďĞƌĂƐĂůĚĂƌŝĚƵĂƐĞŐŵĞŶ͕LJĂŝƚƵ;ŝͿZĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵůƐĞďĞƐĂƌh^ϮϬϵ͘ϳϬϯ͘ϲϱϵ;ϲϴ͕ϲϮйͿ
ĚĂŶ;ŝŝͿ>ŝŶĞŵĂŝŶƚĞŶĂŶĐĞƐĞďĞƐĂƌh^ϵϱ͘ϴϴϲ͘ϰϱϴ;ϯϭ͕ϯϴйͿ͘

ď͘ ĞďĂŶhƐĂŚĂ

ZŝŶĐŝĂŶďĞďĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ ϮϬϭϲ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
;dŝĚĂŬŝĂƵĚŝƚͿ
    

ĞďĂŶhƐĂŚĂ     
ĞďĂŶƉĞŐĂǁĂŝ Ϯϲ͘ϱϰϱ͘ϳϵϱ ϮϬ͘ϵϳϭ͘ϱϳϮ ϴϮ͘Ϭϭϱ͘ϵϭϲ ϴϰ͘ϵϬϴ͘ϴϴϬ ϳϵ͘ϯϰϮ͘ϰϲϮ
ĞďĂŶŵĂƚĞƌŝĂů Ϯϰ͘Ϯϵϭ͘ϴϵϰ ϭϲ͘ϭϵϮ͘Ϭϵϯ ϳϵ͘ϲϬϴ͘ϳϱϬ ϲϱ͘ϱϳϭ͘ϳϳϱ ϲϮ͘Ϭϳϭ͘Ϭϲϯ
ĞďĂŶƐƵďŬŽŶƚƌĂŬ Ϯϯ͘ϳϮϵ͘ϴϳϭ ϭϱ͘ϵϬϳ͘ϲϭϰ ϳϯ͘ϲϭϮ͘ϭϰϱ ϱϳ͘ϰϯϬ͘ϴϵϭ ϰϵ͘Ϭϳϲ͘ϬϬϰ
ĞďĂŶƉĞŶLJƵƐƵƚĂŶĚĂŶ
ϯ͘ϭϱϮ͘ϰϮϮ Ϯ͘ϴϭϲ͘ϮϵϬ ϭϭ͘ϯϴϱ͘ϰϯϱ ϴ͘ϵϬϴ͘ϯϭϲ ϲ͘ϱϬϲ͘ϱϮϭ
ƉĞŶƵƌƵŶĂŶŶŝůĂŝĂƐĞƚ
ĞďĂŶŽƉĞƌĂƐŝŽŶĂůůĂŝŶŶLJĂ ϭϱ͘ϳϬϳ͘ϱϮϵ ϭϬ͘ϲϬϱ͘ϯϮϳ ϱϰ͘ϲϳϭ͘ϵϮϵ ϰϯ͘ϵϲϵ͘Ϭϵϰ ϰϮ͘Ϭϵϳ͘ϱϬϬ
:ƵŵůĂŚĞďĂŶhƐĂŚĂ ϵϯ͘ϰϮϳ͘ϱϭϭ ϲϲ͘ϰϵϮ͘ϴϵϲ ϯϬϭ͘Ϯϵϰ͘ϭϳϱ ϮϲϬ͘ϳϴϴ͘ϵϱϲ Ϯϯϵ͘Ϭϵϯ͘ϱϱϬ
     
WĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿ

ĞďĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌŝŽĚĞϯ;ƚŝŐĂͿďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĂĚĂůĂŚƐĞďĞƐĂƌ
h^ϵϯ͘ϰϮϳ͘ϱϭϭ͕ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ h^Ϯϲ͘ϵϯϰ͘ϲϭϱ ĂƚĂƵ ƐĞďĞƐĂƌ ϰϬ͕ϱϭй ĚĂƌŝ ďĞďĂŶ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉĞƌŝŽĚĞ ϯ ;ƚŝŐĂͿ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϲ ;ƚŝĚĂŬ ĂƵĚŝƚͿ͘ ,Ăů ŝŶŝ
ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ĚĂŵƉĂŬ ĂƚĂƐ ĂŶŶƵĂů ƐĂůĂƌLJ ŝŶĐƌĞŵĞŶƚ ϮϬϭϳ͕ ƉĞŶŝŶŐŬĂƚĂŶ ƉĞŬĞƌũĂĂŶ LJĂŶŐ ďĞƌƐŝĨĂƚ
ĐĂƉŝƚĂů ŝŶƚĞŶƐŝǀĞ ĚĂƌŝ 'ĂƌƵĚĂ ŐƌŽƵƉ ĚĂŶ ƉŝŚĂŬ ŬĞƚŝŐĂ͕ ƉĞŶŝŶŐŬĂƚĂŶ ƉĞŬĞƌũĂĂŶ ĂƚĂƐ ĂŬƚŝǀŝƚĂƐ ƐƵďĐŽŶƚƌĂĐƚ͕ ĚĂŶ
ƉĞŶŝŶŐŬĂƚĂŶ ŬĞŐŝĂƚĂŶ ŝŶǀĞƐƚĂƐŝ ƐĞƉĞƌƚŝ ƚŽŽůƐ ƵŶƚƵŬ ŵĞŶƵŶũĂŶŐ ƉƌŽƐĞƐ ƉƌŽĚƵŬƐŝ͕ ƐĞƌƚĂ ŬĞŶĂŝŬĂŶ ďŝĂLJĂ
ƉĞŶŐĞŵďĂŶŐĂŶ d/<͘ WĞŶŝŶŐŬĂƚĂŶ ĞďĂŶ ƉĞŐĂǁĂŝ ƐĞďĞƐĂƌ Ϯϲ͕ϲϲй ƉĞƌ ϯϭ DĂƌĞƚ ϮϬϭϳ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ϯϭ DĂƌĞƚ ϮϬϭϲ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ĂĚĂŶLJĂ ƉĞŶŝŶŐŬĂƚĂŶ ũƵŵůĂŚ ƉĞŐĂǁĂŝ ĚĂŶ ŵĞŶŝŶŐŬĂƚŶLJĂ ŐĂũŝ ƉĞŐĂǁĂŝ͘
WĞŶŝŶŐŬĂƚĂŶ ƐŝŐŶŝĨŝŬĂŶ ůĂŝŶŶLJĂ ƚĞƌƵƚĂŵĂ ƚĞƌũĂĚŝ ĂƚĂƐ ďĞďĂŶ ŽƉĞƌĂƐŝŽŶĂů ůĂŝŶŶLJĂ ƐĞďĞƐĂƌ ŚĂŵƉŝƌ ϱϬй
ĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂŵĞŶŝŶŐŬĂƚŶLJĂďŝĂLJĂƉĞƌĂǁĂƚĂŶƚĞŬŶŽůŽŐŝŝŶĨŽƌŵĂƐŝĚĂŶƉĞŶŝŶŐŬĂƚĂŶŬĞďƵƚƵŚĂŶŬŽŶƐƵůƚĂŶ
ƚĞŬŶŝŬƐĞƌƚĂƉĞŶĂŵďĂŚĂŶĨŝƚƵƌƉĂĚĂƐŝƐƚĞŵŝŶĨŽƌŵĂƐŝWĞƌƐĞƌŽĂŶ͘

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ĞďĂŶ ƵƐĂŚĂ ƚĞƌďĂŐŝ ĚĂůĂŵ ϱ ;ůŝŵĂͿ ƉŽƐ ƉĞŶŐĞůƵĂƌĂŶ͕ LJĂŝƚƵ ;ŝͿ ĞďĂŶ ƉĞŐĂǁĂŝ ƐĞďĞƐĂƌ h^Ϯϲ͘ϱϰϱ͘ϳϵϱ
;Ϯϴ͕ϰϭйͿ͕;ŝŝͿĞďĂŶŵĂƚĞƌŝĂůƐĞďĞƐĂƌh^Ϯϰ͘Ϯϵϭ͘ϴϵϰ;Ϯϲ͕ϬϬйͿ͕;ŝŝŝͿĞďĂŶƐƵďŬŽŶƚƌĂŬƐĞďĞƐĂƌh^Ϯϯ͘ϳϮϵ͘ϴϳϭ
;Ϯϱ͕ϰϬйͿ͕ ;ŝǀͿ ĞďĂŶ ƉĞŶLJƵƐƵƚĂŶ ĚĂŶ ƉĞŶƵƌƵŶĂŶ ŶŝůĂŝ ĂƐĞƚ ƐĞďĞƐĂƌ h^ϯ͘ϭϱϮ͘ϰϮϮ ;ϯ͕ϯϳйͿ͕ ĚĂŶ ;ǀͿ ĞďĂŶ
ŽƉĞƌĂƐŝŽŶĂůůĂŝŶŶLJĂƐĞďĞƐĂƌh^ϭϱ͘ϳϬϳ͘ϱϮϵ;ϭϲ͕ϴϭйͿ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

ĞďĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϯϬϭ͘Ϯϵϰ͘ϭϳϱ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ h^ϰϬ͘ϱϬϱ͘Ϯϭϵ ĂƚĂƵ ƐĞďĞƐĂƌ ϭϱ͕ϱϯй ĚĂƌŝ ďĞďĂŶ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϮϲϬ͘ϳϴϴ͘ϵϱϲ͘ ,Ăů ŝŶŝ
ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƌĂƚĂͲƌĂƚĂ ŬĞŶĂŝŬĂŶ ƐĞŵƵĂ ƉŽƐ ďĞďĂŶ ŬĞĐƵĂůŝ ďĞďĂŶ ƉĞŐĂǁĂŝ LJĂŶŐ ŵĞŶƵƌƵŶ ĚĂŶ
ƐĞũĂůĂŶĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶƉĞĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶ͘

ĞďĂŶ ƵƐĂŚĂ ƚĞƌďĂŐŝ ĚĂůĂŵ ϱ ;ůŝŵĂͿ ƉŽƐ ƉĞŶŐĞůƵĂƌĂŶ͕ LJĂŝƚƵ ;ŝͿ ĞďĂŶ ƉĞŐĂǁĂŝ ƐĞďĞƐĂƌ h^ϴϮ͘Ϭϭϱ͘ϵϭϲ
;Ϯϳ͕ϮϮйͿ͕;ŝŝͿĞďĂŶŵĂƚĞƌŝĂůƐĞďĞƐĂƌh^ϳϵ͘ϲϬϴ͘ϳϱϬ;Ϯϲ͕ϰϮйͿ͕;ŝŝŝͿĞďĂŶƐƵďŬŽŶƚƌĂŬƐĞďĞƐĂƌh^ϳϯ͘ϲϭϮ͘ϭϰϱ
;Ϯϰ͕ϰϯйͿ͕ ;ŝǀͿ ĞďĂŶ ƉĞŶLJƵƐƵƚĂŶ ĚĂŶ ƉĞŶƵƌƵŶĂŶ ŶŝůĂŝ ĂƐĞƚ ƐĞďĞƐĂƌ h^ϭϭ͘ϯϴϱ͘ϰϯϱ ;ϯ͕ϳϴйͿ͕ ĚĂŶ ;ǀͿ ĞďĂŶ
ŽƉĞƌĂƐŝŽŶĂůůĂŝŶŶLJĂƐĞďĞƐĂƌh^ϱϰ͘ϲϳϭ͘ϵϮϵ;ϭϴ͕ϭϱйͿ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

ĞďĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϮϲϬ͘ϳϴϴ͘ϵϱϲ͕ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ h^Ϯϭ͘ϲϵϱ͘ϰϬϲ ĂƚĂƵ ƐĞďĞƐĂƌ ϵ͕Ϭϳй ĚĂƌŝ ďĞďĂŶ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ h^Ϯϯϵ͘Ϭϵϯ͘ϱϱϬ͘ ,Ăů ŝŶŝ
ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ŬĞŶĂŝŬĂŶ ďŝĂLJĂ ƐƵďŬŽŶƚƌĂŬ LJĂŶŐ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ŬĞŶĂŝŬĂŶ ƉĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ͕ƐĞƌƚĂƉĞŶŝŶŐŬĂƚĂŶƉĂĚĂďĞďĂŶƉĞŶLJƵƐƵƚĂŶƚĞƌŬĂŝƚƵƉĂLJĂWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŶŝŶŐŬĂƚŬĂŶŬĂƉĂƐŝƚĂƐ
ĚĂŶŬĂƉĂďŝůŝƚĂƐ͘

ĞďĂŶƵƐĂŚĂƚĞƌďĂŐŝĚĂůĂŵϱ;ůŝŵĂͿƉŽƐƉĞŶŐĞůƵĂƌĂŶ͕LJĂŝƚƵ;ŝͿĞďĂŶƉĞŐĂǁĂŝƐĞďĞƐĂƌZƉϴϰ͘ϵϬϴ͘ϴϴϬ;ϯϮ͕ϱϲйͿ͕
;ŝŝͿĞďĂŶŵĂƚĞƌŝĂůƐĞďĞƐĂƌZƉϲϱ͘ϱϳϭ͘ϳϳϱ;Ϯϱ͕ϭϰйͿ͕;ŝŝŝͿĞďĂŶƐƵďŬŽŶƚƌĂŬƐĞďĞƐĂƌZƉϱϳ͘ϰϯϬ͘ϴϵϭ;ϮϮ͕ϬϮйͿ͕;ŝǀͿ
ĞďĂŶƉĞŶLJƵƐƵƚĂŶĚĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝĂƐĞƚƐĞďĞƐĂƌZƉϴ͘ϵϬϴ͘ϯϭϲ;ϯ͕ϰϮйͿ͕ĚĂŶ;ǀͿĞďĂŶŽƉĞƌĂƐŝŽŶĂůůĂŝŶŶLJĂ
ƐĞďĞƐĂƌZƉϰϯ͘ϵϲϵ͘Ϭϵϰ;ϭϲ͕ϴϲйͿ͘

Đ͘ ĞďĂŶ;WĞŶĚĂƉĂƚĂŶͿhƐĂŚĂ>ĂŝŶŶLJĂ

;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ ϮϬϭϲ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
;dŝĚĂŬŝĂƵĚŝƚͿ
ĞďĂŶ;WĞŶĚĂƉĂƚĂŶͿhƐĂŚĂ   
 
>ĂŝŶŶLJĂ
<ĞƌƵŐŝĂŶ;ŬĞƵŶƚƵŶŐĂŶͿ
ƐĞůŝƐŝŚŬƵƌƐŵĂƚĂƵĂŶŐĂƐŝŶŐ ϭϯϳ͘ϱϴϲ ϭ͘ϱϰϱ͘ϰϭϯ ϰ͘ϮϴϬ͘ϲϯϳ ;ϱ͘ϳϴϵ͘ϬϭϮͿ ϯϴϬ͘ϵϱϬ
–ďĞƌƐŝŚ

WĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿ

ĞďĂŶ;ƉĞŶĚĂƉĂƚĂŶͿƵƐĂŚĂůĂŝŶŶLJĂWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌŝŽĚĞϯ;ƚŝŐĂͿďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚ
ϮϬϭϳ ĂĚĂůĂŚ ƐĞďĞƐĂƌ h^ϭϯϳ͘ϱϴϲ͕ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ h^ϭ͘ϰϬϳ͘ϴϮϳ ĂƚĂƵ ƐĞďĞƐĂƌ ϵϭ͕ϭϬй ĚĂƌŝ
ďĞďĂŶ;ƉĞŶĚĂƉĂƚĂŶͿƵƐĂŚĂůĂŝŶŶLJĂWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌŝŽĚĞϯ;ƚŝŐĂͿďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚ
ϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿ͘,ĂůŝŶŝĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂĨůƵŬƚƵĂƐŝŶŝůĂŝƚƵŬĂƌŵĂƚĂƵĂŶŐh^͘




28
dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

ĞďĂŶ ƵƐĂŚĂ ůĂŝŶŶLJĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϰ͘ϮϴϬ͘ϲϯϳ͘ WĂĚĂ ƚĂŚƵŶ  LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ
ƉĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ ůĂŝŶŶLJĂ ƐĞďĞƐĂƌ h^ϱ͘ϳϴϵ͘ϬϭϮ͘ ,Ăů ŝŶŝ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ĨůƵŬƚƵĂƐŝ ŶŝůĂŝ ƚƵŬĂƌ ŵĂƚĂ ƵĂŶŐ
h^͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

WĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ ůĂŝŶŶLJĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĂĚĂůĂŚ
ƐĞďĞƐĂƌh^ϱ͘ϳϴϵ͘ϬϭϮ͘WĂĚĂƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝďĞďĂŶ
ƵƐĂŚĂůĂŝŶŶLJĂƐĞďĞƐĂƌh^ϯϴϬ͘ϵϱϬ͘,ĂůŝŶŝĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂĨůƵŬƚƵĂƐŝŶŝůĂŝƚƵŬĂƌŵĂƚĂƵĂŶŐh^͘

Ě͘ >ĂďĂhƐĂŚĂ




WĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿ

>ĂďĂƵƐĂŚĂWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌŝŽĚĞϯ;ƚŝŐĂͿďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĂĚĂůĂŚƐĞďĞƐĂƌ
h^ϭϮ͘ϱϮϮ͘ϳϭϯ͕ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌh^ϭ͘ϬϱϮ͘ϮϮϵĂƚĂƵƐĞďĞƐĂƌϳ͕ϳϱйĚĂƌŝůĂďĂƵƐĂŚĂWĞƌƐĞƌŽĂŶ
ƵŶƚƵŬ ƉĞƌŝŽĚĞ ϯ ;ƚŝŐĂͿ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϲ ;ƚŝĚĂŬ ĚŝĂƵĚŝƚͿ͘ ,Ăů ŝŶŝ ƚĞƌƵƚĂŵĂ
ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞƌŐĞƐĞƌĂŶ ƉĞŶĚĂƉĂƚĂŶ ďŝƐŶŝƐ LJĂŶŐ ĚŝĚŽŵŝŶĂƐŝ ďŝƐŶŝƐ ĞŶŐŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ LJĂŶŐ ůŽǁ ƉƌŽĨŝƚ
ĚŝďĂŶĚŝŶŐŬĂŶƚĂŚƵŶϮϬϭϲLJĂŶŐďĂŶLJĂŬĚŝƉĞƌŽůĞŚĚĂƌŝĂŝƌĨƌĂŵĞŵĂŝŶƚĞŶĂŶĐĞLJĂŶŐŚŝŐŚƉƌŽĨŝƚ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

>ĂďĂ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϴϯ͘Ϭϴϳ͘ϳϬϬ͕ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ h^ϯϮ͘ϰϵϳ͘ϱϮϳ ĂƚĂƵ ƐĞďĞƐĂƌ ϲϰ͕Ϯϰй ĚĂƌŝ ůĂďĂ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϱϬ͘ϱϵϬ͘ϭϳϯ͘ ,Ăů ŝŶŝ
ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ƚŽƚĂů ƉĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ LJĂŶŐ ůĞďŝŚ ďĞƐĂƌ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ƉĞŶŝŶŐŬĂƚĂŶďĞďĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘






29
dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

>ĂďĂ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϱϬ͘ϱϵϬ͘ϭϳϯ͕ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ h^Ϯϲ͘Ϭϭϲ͘Ϭϵϳ ĂƚĂƵ ƐĞďĞƐĂƌ ϭϬϱ͕ϴϳй ĚĂƌŝ ůĂďĂ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ h^Ϯϰ͘ϱϳϰ͘Ϭϳϲ͘ ,Ăů ŝŶŝ
ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ƚŽƚĂů ƉĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ LJĂŶŐ ůĞďŝŚ ďĞƐĂƌ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ƉĞŶŝŶŐŬĂƚĂŶďĞďĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘

Ğ͘ >ĂďĂ^ĞďĞůƵŵWĂũĂŬ

WĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿ

>ĂďĂƐĞďĞůƵŵƉĂũĂŬWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌŝŽĚĞϯ;ƚŝŐĂͿďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĂĚĂůĂŚ
ƐĞďĞƐĂƌh^ϭϯ͘ϱϮϴ͘ϰϲϬ͕ŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƐĞďĞƐĂƌh^ϭ͘ϭϮϰ͘ϯϵϳĂƚĂƵƐĞďĞƐĂƌϵ͕ϬϲйĚĂƌŝůĂďĂƐĞďĞůƵŵ
ƉĂũĂŬWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌŝŽĚĞϯ;ƚŝŐĂͿďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿƐĞďĞƐĂƌ
h^ϭϮ͘ϰϬϰ͘Ϭϲϯ͘,ĂůŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚĂĚĂŶLJĂƉĞŶŝŶŐŬĂƚĂŶƉĞŶĚĂƉĂƚĂŶůĂŝŶͲůĂŝŶ͘WĞŶĚĂƉĂƚĂŶůĂŝŶͲ
ůĂŝŶƉĂĚĂƉĞůĂƉŽƌĂŶϯϭDĂƌĞƚϮϬϭϳĂŶƚĂƌĂůĂŝŶĂĚĂůĂŚƚĂŐŝŚĂŶĚĞŶĚĂŬĞƚĞƌůĂŵďĂƚĂŶƉĞŵďĂLJĂƌĂŶĚĂƌŝ'ĂƌƵĚĂ
'ƌŽƵƉĂƚĂƐďĞďĞƌĂƉĂƚĂŐŝŚĂŶLJĂŶŐƚĞƌũĂĚŝƉĂĚĂƚĂŚƵŶϮϬϭϱƐĂŵƉĂŝĚĞŶŐĂŶƚĂŚƵŶϮϬϭϲLJĂŶŐďĂƌƵĚŝƚĂŐŝŚŬĂŶ
ƉĂĚĂƚĂŚƵŶďĞƌũĂůĂŶ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

>ĂďĂ ƐĞďĞůƵŵ ƉĂũĂŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϳϲ͘ϵϵϴ͘ϴϴϭ͕ŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƐĞďĞƐĂƌh^Ϯϴ͘ϵϰϵ͘ϬϴϴĂƚĂƵƐĞďĞƐĂƌϲϬ͕ϮϱйĚĂƌŝůĂďĂƐĞďĞůƵŵƉĂũĂŬ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϰϴ͘Ϭϰϵ͘ϳϵϯ͘ ,Ăů ŝŶŝ
ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ůĂďĂ ƵƐĂŚĂ LJĂŶŐ ůĞďŝŚ ďĞƐĂƌ ũŝŬĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ďĞďĂŶ
ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ͕ ǁĂůĂƵƉƵŶ ƉĂĚĂ ƐĂĂƚ LJĂŶŐ ďĞƌƐĂŵĂĂŶ ũƵŵůĂŚ ďĞďĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂůĂŵŝ
ƉĞŶŝŶŐŬĂƚĂŶ ĐƵŬƵƉ ƐŝŐŶŝĨŝŬĂŶ͘ ,Ăů ŝŶŝ ŵĞƌƵƉĂŬĂŶ ĚĂŵƉĂŬ ĚĂƌŝ ƉĞŶĐĂŝƌĂŶ ƉŝŶũĂŵĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ
ƉĞŶŝŶŐŬĂƚĂŶ ŬĂƉĂƐŝƚĂƐ ĚĂŶ ŬĂƉĂďŝůŝƚĂƐ͕ ƚĞƌŵĂƐƵŬ ĚŝĚĂůĂŵŶLJĂ ƉŝŶũĂŵĂŶ ƵŶƚƵŬ ƉĞŵďĂŶŐƵŶĂŶ ŚĂŶŐĂƌ ϰ
ĚŝĞŶŐŬĂƌĞŶŐ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

>ĂďĂ ƐĞďĞůƵŵ ƉĂũĂŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϰϴ͘Ϭϰϵ͘ϳϵϯ͕ŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƐĞďĞƐĂƌh^Ϯϯ͘ϴϯϰ͘ϮϱϮĂƚĂƵƐĞďĞƐĂƌϵϴ͕ϰϯйĚĂƌŝůĂďĂƐĞďĞůƵŵƉĂũĂŬ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ h^Ϯϰ͘Ϯϭϱ͘ϱϰϭ͘ ,Ăů ŝŶŝ
ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ůĂďĂ ƵƐĂŚĂ LJĂŶŐ ůĞďŝŚ ďĞƐĂƌ ũŝŬĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ďĞďĂŶ
ŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
















30
Ĩ͘ >ĂďĂĞƌƐŝŚdĂŚƵŶĞƌũĂůĂŶ



WĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿ

>ĂďĂďĞƌƐŝŚWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌŝŽĚĞϯ;ƚŝŐĂͿďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĂĚĂůĂŚƐĞďĞƐĂƌ
h^ϭϬ͘ϭϮϱ͘ϭϬϲ͕ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ h^ϴϮϬ͘ϳϯϰ ĂƚĂƵ ƐĞďĞƐĂƌ ϴ͕ϴϮй ĚĂƌŝ ůĂďĂ ďĞƌƐŝŚ WĞƌƐĞƌŽĂŶ
ƵŶƚƵŬƉĞƌŝŽĚĞϯ;ƚŝŐĂͿďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿƐĞďĞƐĂƌh^ϵ͘ϯϬϰ͘ϯϳϮ͘
,ĂůŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚĂĚĂŶLJĂƉĞŶŝŶŐŬĂƚĂŶƉĞŶĚĂƉĂƚĂŶůĂŝŶͲůĂŝŶ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

>ĂďĂ ďĞƌƐŝŚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϱϳ͘ϳϰϮ͘Ϯϭϯ͕ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ h^Ϯϭ͘ϱϱϳ͘Ϯϰϴ ĂƚĂƵ ƐĞďĞƐĂƌ ϱϵ͕ϱϴй ĚĂƌŝ ůĂďĂ ďĞƌƐŝŚ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϯϲ͘ϭϴϰ͘ϵϲϱ͘ ,Ăů ŝŶŝ
ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ĂĚĂŶLJĂ ƉĞŶŝŶŐŬĂƚĂŶ ƉĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ůĞďŝŚ ďĞƐĂƌ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ƉĞŶŝŶŐŬĂƚĂŶďĞďĂŶŽƉĞƌĂƐŝŽŶĂůŵĂƵƉƵŶďĞďĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŚƵŶϮϬϭϲ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

>ĂďĂ ďĞƌƐŝŚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϯϲ͘ϭϴϰ͘ϵϲϱ͕ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ h^ϭϴ͘ϬϮϰ͘ϰϵϯ ĂƚĂƵ ƐĞďĞƐĂƌ ϵϵ͕Ϯϱй ĚĂƌŝ ůĂďĂ ďĞƌƐŝŚ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ h^ϭϴ͘ϭϲϬ͘ϰϳϮ͘ ,Ăů ŝŶŝ
ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ĂĚĂŶLJĂ ƉĞŶŝŶŐŬĂƚĂŶ ƉĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ůĞďŝŚ ďĞƐĂƌ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ƉĞŶŝŶŐŬĂƚĂŶďĞďĂŶŽƉĞƌĂƐŝŽŶĂůŵĂƵƉƵŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŚƵŶϮϬϭϱ͘
















31
Ő͘ >ĂďĂ<ŽŵƉƌĞŚĞŶƐŝĨdĂŚƵŶĞƌũĂůĂŶ



WĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿ

>ĂďĂŬŽŵƉƌĞŚĞŶƐŝĨWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌŝŽĚĞϯ;ƚŝŐĂͿďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĂĚĂůĂŚ
ƐĞďĞƐĂƌ h^ϭϭ͘ϲϴϮ͘ϲϵϴ͕ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ h^ϰ͘ϰϬϱ͘Ϭϲϴ ĂƚĂƵ ƐĞďĞƐĂƌ ϲϬ͕ϱϯй ĚŝďĂŶĚŝŶŐŬĂŶ
ůĂďĂ ŬŽŵƉƌĞŚĞŶƐŝĨ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉĞƌŝŽĚĞ ϯ ;ƚŝŐĂͿ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϲ ;ƚŝĚĂŬ
ĚŝĂƵĚŝƚͿ͘,ĂůŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚĂĚĂŶLJĂƌĞǀĂůƵĂƐŝƐĞƚdĞƚĂƉ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

>ĂďĂ ŬŽŵƉƌĞŚĞŶƐŝĨ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϰϵ͘ϳϲϮ͘ϴϴϰŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƐĞďĞƐĂƌh^ϭϲ͘ϯϬϰ͘ϴϯϱĂƚĂƵƐĞďĞƐĂƌϰϴ͕ϳϯйĚĂƌŝ ůĂďĂŬŽŵƉƌĞŚĞŶƐŝĨ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϯϯ͘ϰϱϴ͘Ϭϰϵ͘ ,Ăů ŝŶŝ
ƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂƉĞŶĚĂƉĂƚĂŶƚĂŚƵŶďĞƌũĂůĂŶƐĞƌƚĂĂĚĂŶLJĂƉĞŶŝŶŐŬĂƚĂŶƉƌŽĚƵŬƚŝǀŝƚĂƐ
ĚĂŶƉƌŽŐƌĂŵĞĨŝƐŝĞŶƐŝďŝƐŶŝƐWĞƌƐĞƌŽĂŶ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

>ĂďĂ ŬŽŵƉƌĞŚĞŶƐŝĨ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϯϯ͘ϰϱϴ͘Ϭϰϵ͕ŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƐĞďĞƐĂƌh^ϭϳ͘ϴϰϬ͘ϮϭϵĂƚĂƵƐĞďĞƐĂƌϭϭϰ͕ϮϯйĚĂƌŝůĂďĂŬŽŵƉƌĞŚĞŶƐŝĨ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ h^ϭϱ͘ϲϭϳ͘ϴϯϬ͘ ,Ăů ŝŶŝ
ƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂƉĞŶĚĂƉĂƚĂŶƚĂŚƵŶďĞƌũĂůĂŶƐĞƌƚĂĂĚĂŶLJĂƉĞŶŝŶŐŬĂƚĂŶƉƌŽĚƵŬƚŝǀŝƚĂƐ
ĚĂŶƉƌŽŐƌĂŵĞĨŝƐŝĞŶƐŝďŝƐŶŝƐWĞƌƐĞƌŽĂŶ͘
















32
ϲ͘ E>/^/^>WKZEWK^/^/<hE'E

ĞƌŝŬƵƚ ĂĚĂůĂŚ ƉŽƐŝƐŝ ĂƐĞƚ͕ ůŝĂďŝůŝƚĂƐ͕ ĚĂŶ ĞŬƵŝƚĂƐ WĞƌƐĞƌŽĂŶ ƉĂĚĂ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ
ƐĞƌƚĂϯϭĞƐĞŵďĞƌϮϬϭϲ͕ϯϭĞƐĞŵďĞƌϮϬϭϱĚĂŶϯϭĞƐĞŵďĞƌϮϬϭϰ͗



ϲ͘ϭ͘^d

;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
^d  
ƐĞƚ>ĂŶĐĂƌ  
 
<ĂƐĚĂŶƐĞƚĂƌĂŬĂƐ ϯϳ͘ϳϲϲ͘ϲϱϱ ϲϬ͘ϰϰϭ͘ϴϲϳ

Ϯϱ͘ϰϱϳ͘ϬϰϬ
 ϮϬ͘ϯϲϴ͘ϯϱϴ
<ĂƐĚŝďĂƚĂƐŝƉĞŶŐŐƵŶĂĂŶŶLJĂ ϱϯϭ͘ϭϮϵ ϴϲϳ͘ϯϭϯ ϭϵϱ͘ϯϲϲ ϰϳϵ͘ϬϳϮ
WŝƵƚĂŶŐƵƐĂŚĂ 
WŝŚĂŬďĞƌĞůĂƐŝ–ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝĐĂĚĂŶŐĂŶ
  
ϳϭ͘ϴϱϳ͘ϬϬϰ ϱϰ͘ϭϯϲ͘ϬϬϭ ϯϬ͘ϱϴϵ͘ϱϵϳ Ϯϰ͘ϭϱϭ͘ϲϮϲ
ƉĞŶƵƌƵŶĂŶŶŝůĂŝ
WŝŚĂŬŬĞƚŝŐĂ–ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝĐĂĚĂŶŐĂŶ
ϯϮ͘Ϭϱϭ͘ϭϳϯ ϮϮ͘ϲϱϲ͘ϱϬϬ ϭϵ͘ϲϭϭ͘ϭϰϴ ϭϮ͘ϲϴϲ͘ϯϯϴ
ƉĞŶƵƌƵŶĂŶŶŝůĂŝ
dĂŐŝŚĂŶďƌƵƚŽŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ  
WŝŚĂŬďĞƌĞůĂƐŝ ϱϴ͘ϬϰϬ͘ϭϬϯ ϱϭ͘ϭϲϯ͘ϳϱϰ

ϰϮ͘ϵϰϱ͘ϴϴϮ
 ϮϮ͘ϭϮϭ͘Ϯϯϭ
WŝŚĂŬŬĞƚŝŐĂ ϯϭ͘ϭϰϯ͘ϱϯϮ Ϯϯ͘ϮϬϵ͘ϵϴϯ ϳ͘ϲϬϬ͘ϱϯϬ ϳ͘ϳϱϰ͘ϯϴϭ
WŝƵƚĂŶŐůĂŝŶͲůĂŝŶ 
WŝŚĂŬŬĞƚŝŐĂ Ϯ͘ϬϬϲ͘ϵϮϯ

ϯ͘ϳϴϳ͘ϬϭϮ
 ϵϯϵ͘ϯϭϵ
 ϭ͘Ϭϭϱ͘ϯϳϮ
WĞƌƐĞĚŝĂĂŶ–ďĞƌƐŝŚ ϴϰ͘ϴϵϱ͘ϭϯϱ ϴϰ͘ϯϭϱ͘ϱϮϴ ϲϴ͘ϲϬϮ͘Ϯϴϭ ϱϵ͘ϰϯϯ͘ϵϵϮ
WĂũĂŬĚŝďĂLJĂƌĚŝŵƵŬĂ Ͳ Ϯϵϵ͘ϯϰϴ ϭ͘ϳϴϳ͘ϯϴϬ Ͳ
hĂŶŐŵƵŬĂĚĂŶďŝĂLJĂĚŝďĂLJĂƌĚŝŵƵŬĂ Ϯϯ͘ϰϲϱ͘ϱϵϭ Ϯϳ͘ϯϯϲ͘ϳϰϵ ϭϯ͘ϬϮϬ͘Ϯϵϯ ϴ͘ϭϯϰ͘ϳϰϰ
:ƵŵůĂŚƐĞƚ>ĂŶĐĂƌ ϯϰϭ͘ϳϱϳ͘Ϯϰϱ ϯϮϴ͘Ϯϭϰ͘Ϭϱϱ ϮϭϬ͘ϳϰϴ͘ϴϯϲ ϭϱϲ͘ϭϰϱ͘ϭϭϰ
 
  
ƐĞƚdŝĚĂŬ>ĂŶĐĂƌ    
WŝƵƚĂŶŐůĂŝŶͲůĂŝŶ–ƚŝĚĂŬůĂŶĐĂƌ 
WŝŚĂŬŬĞƚŝŐĂ Ͳ

Ͳ
 ϭϴϲ͘ϴϯϱ
 ϭ͘ϭϮϲ͘ϭϱϰ
ƐĞƚƉĂũĂŬƚĂŶŐŐƵŚĂŶ–ďĞƌƐŝŚ ϴ͘ϰϭϵ͘ϳϱϵ ϵ͘Ϯϭϭ͘Ϭϴϰ ϭϮ͘ϰϲϲ͘ϭϴϮ ϭϮ͘ϴϱϮ͘ϴϮϳ
ƐĞƚƚĞƚĂƉ–ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝĂŬƵŵƵůĂƐŝƉĞŶLJƵƐƵƚĂŶ ϭϬϵ͘ϴϲϭ͘ϵϲϲ ϭϬϱ͘ϭϲϯ͘ϵϲϴ ϴϵ͘ϱϵϮ͘ϳϰϰ ϴϲ͘ϬϮϳ͘ϯϯϮ
:ƵŵůĂŚƐĞƚdŝĚĂŬ>ĂŶĐĂƌ ϭϭϴ͘Ϯϴϭ͘ϳϮϱ ϭϭϰ͘ϯϳϱ͘ϬϱϮ ϭϬϮ͘Ϯϰϱ͘ϳϲϭ ϭϬϬ͘ϬϬϲ͘ϯϭϯ
:hD>,^d ϰϲϬ͘Ϭϯϴ͘ϵϳϬ ϰϰϮ͘ϱϴϵ͘ϭϬϳ ϯϭϮ͘ϵϵϰ͘ϱϵϳ Ϯϱϲ͘ϭϱϭ͘ϰϮϳ







33
WŽƐŝƐŝƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚŝďĂŶĚŝŶŐŬĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲ

:ƵŵůĂŚ ĂƐĞƚ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ƐĞďĞƐĂƌ h^ϰϲϬ͘Ϭϯϴ͘ϵϳϬ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
h^ϭϳ͘ϰϰϵ͘ϴϲϯ ĂƚĂƵ ϯ͕ϵϰй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ĂƐĞƚ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƐĞďĞƐĂƌ
h^ϰϰϮ͘ϱϴϵ͘ϭϬϳ͘ WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ŬĞŶĂŝŬĂŶ ƉŝƵƚĂŶŐ ƵƐĂŚĂ͕ ƚĂŐŝŚĂŶ ďƌƵƚŽ ĚĂŶ
ƉĞƌƐĞĚŝĂĂŶLJĂŶŐƐĞũĂůĂŶĚĞŶŐĂŶŬĞŶĂŝŬĂŶƉĞŶĚĂƉĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

:ƵŵůĂŚ ĂƐĞƚ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƐĞďĞƐĂƌ h^ϰϰϮ͘ϱϴϵ͘ϭϬϳ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
h^ϭϮϵ͘ϱϵϰ͘ϱϭϬ ĂƚĂƵ ϰϭ͕ϰϬй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ĂƐĞƚ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ
h^ϯϭϮ͘ϵϵϰ͘ϱϵϳ͘ WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ŵĞŶŝŶŐŬĂƚŶLJĂ ƚĂŐŝŚĂŶ ďƌƵƚŽ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ
ƉŝŚĂŬŬĞƚŝŐĂƐĞďĞƐĂƌh^ϭϱ͘ϲϬϵ͘ϰϱϯĂƚĂƵϮϬϱ͕ϯϳй͕ƉŝƵƚĂŶŐƵƐĂŚĂƉŝŚĂŬďĞƌĞůĂƐŝƐĞďĞƐĂƌh^Ϯϯ͘ϱϰϲ͘ϰϬϰĂƚĂƵ
ƐĞďĞƐĂƌ ϳϲ͕ϵϴй͕ ŬĂƐ ĚĂŶ ƐĞƚĂƌĂ ŬĂƐ ƐĞďĞƐĂƌ h^ϯϰ͘ϵϴϰ͘ϴϮϳ ĂƚĂƵ ƐĞďĞƐĂƌ ϭϯϳ͕ϰϯй͕ ĚĂŶ ŵĞŶŝŶŐŬĂƚŶLJĂ ƐĂůĚŽ
ƵĂŶŐ ŵƵŬĂ ĚĂŶ ĚŝďĂLJĂƌ Ěŝ ŵƵŬĂ ƐĞďĞƐĂƌ h^ϭϰ͘ϯϭϲ͘ϰϱϲ ĂƚĂƵ ƐĞďĞƐĂƌ ϭϬϵ͕ϵϱй͘ ^ĞďĂŐŝĂŶ ďĞƐĂƌ ĚĂƌŝ
ƉĞŶŝŶŐŬĂƚĂŶ LJĂŶŐ ƚĞƌũĂĚŝ ĚŝĚŽŵŝŶĂƐŝ ŽůĞŚ ŵĞŶŝŶŐŬĂƚŶLJĂ ĂƐĞƚ ůĂŶĐĂƌ WĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞƌƵƉĂŬĂŶ ƉŽƐͲƉŽƐ
ŬĞƵĂŶŐĂŶLJĂŶŐƚĞƌƉĞŶŐĂƌƵŚĚĂƌŝŵĞŶŝŶŐŬĂƚŶLJĂƉĞŶĚĂƉĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŚƵŶϮϬϭϲ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

:ƵŵůĂŚ ĂƐĞƚ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϯϭϮ͘ϵϵϰ͘ϱϵϳ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
h^ϱϲ͘ϴϰϯ͘ϭϳϬ ĂƚĂƵ ϮϮ͕ϭϵй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ĂƐĞƚ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ
h^Ϯϱϲ͘ϭϱϭ͘ϰϮϳ͘ WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ŵĞŶŝŶŐŬĂƚŶLJĂ ƚŽƚĂů ƉŝƵƚĂŶŐ ƵƐĂŚĂ ƐĞďĞƐĂƌ
h^ϭϯ͘ϯϲϮ͘ϳϴϭ ĂƚĂƵ ƐĞďĞƐĂƌ ϯϲ͕Ϯϳй͕ ŬŚƵƐƵƐŶLJĂ ƉŝƵƚĂŶŐ ƵƐĂŚĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ ƐĞďĞƐĂƌ h^ϲ͘ϵϮϰ͘ϴϭϬ
ĂƚĂƵ ƐĞďĞƐĂƌ ϱϰ͕ϱϴй͕ ĚĂŶ ŵĞŶŝŶŐŬĂƚŶLJĂ ƚĂŐŝŚĂŶ ďƌƵƚŽ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ ŬŚƵƐƵƐŶLJĂ ƚĂŐŝŚĂŶ ďƌƵƚŽ ŬĞƉĂĚĂ
ƉĞůĂŶŐŐĂŶƉŝŚĂŬďĞƌĞůĂƐŝƐĞďĞƐĂƌϵϰ͕ϭϰйĂƚĂƵƐĞďĞƐĂƌh^ϮϬ͘ϴϮϰ͘ϲϱϭ͘,ĂůƚĞƌƐĞďƵƚƐĞũĂůĂŶĚĞŶŐĂŶƚĞƌũĂĚŝŶLJĂ
ƉĞŶŝŶŐŬĂƚĂŶƉĞŶĚĂƉĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŚƵŶϮϬϭϱ͘

Ă͘ ƐĞƚ>ĂŶĐĂƌ

WŽƐŝƐŝƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚŝďĂŶĚŝŶŐŬĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲ

:ƵŵůĂŚ ĂƐĞƚ ůĂŶĐĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ƐĞďĞƐĂƌ h^ϯϰϭ͘ϳϱϳ͘Ϯϰϱ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
h^ϭϯ͘ϱϰϯ͘ϭϵϬ ĂƚĂƵ ϰ͕ϭϯй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ĂƐĞƚ ůĂŶĐĂƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƐĞďĞƐĂƌ
h^ϯϮϴ͘Ϯϭϰ͘Ϭϱϱ͘ WĞŶŝŶŐŬĂƚĂŶ ƉŝƵƚĂŶŐ ƵƐĂŚĂ ƉŝŚĂŬ ďĞƌĞůĂƐŝ ŵĂƵƉƵŶ ƉŝŚĂŬ ŬĞƚŝŐĂ ƚĞƌũĂĚŝ ŬĂƌĞŶĂ ĂĚĂŶLJĂ
ƉĞŶŝŶŐŬĂƚĂŶũƵŵůĂŚƉĞŬĞƌũĂĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ͕ĚĂŶĂĚĂŶLJĂƉĞŵďĂLJĂƌĂŶƉŝƵƚĂŶŐLJĂŶŐďĂƌƵĚŝůĂŬƵŬĂŶŽůĞŚ
ƉĞůĂŶŐŐĂŶ ƉĂĚĂ ŬƵĂƌƚĞƌ ŬĞĚƵĂ ƚĂŚƵŶ ďĞƌũĂůĂŶ͘ DĞŶŝŶŐŬĂƚŶLJĂ ƉŝƵƚĂŶŐ ƵƐĂŚĂ ƉŝŚĂŬ ďĞƌĞůĂƐŝ ƐĞďĞƐĂƌ ϯϯй
ƉĞƌ ϯϭ DĂƌĞƚ ϮϬϭϳ ďŝůĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉŽƐŝƐŝ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĚĂŶ ƚĂŚƵŶ ƐĞďĞůƵŵŶLJĂ ĚŝƐĞďĂďŬĂŶ
ŬĂƌĞŶĂ ŵĞŶŝŶŐŬĂƚŶLJĂ ƉŝƵƚĂŶŐ ƵƐĂŚĂ ĚĂƌŝ 'ĂƌƵĚĂ /ŶĚŽŶĞƐŝĂ ĚĂŶ ŝƚŝůŝŶŬ ƐĞŝƌŝŶŐ ĚĞŶŐĂŶ ŵĞŶŝŶŐŬĂƚŶLJĂ ũƵŵůĂŚ
ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚĚĂƌŝ'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂĚĂŶŝƚŝůŝŶŬ/ŶĚŽŶĞƐŝĂ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

:ƵŵůĂŚ ĂƐĞƚ ůĂŶĐĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƐĞďĞƐĂƌ h^ϯϮϴ͘Ϯϭϰ͘Ϭϱϱ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
h^ϭϭϳ͘ϰϲϱ͘Ϯϭϵ ĂƚĂƵ ϱϱ͕ϳϰй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ĂƐĞƚ ůĂŶĐĂƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ
h^ϮϭϬ͘ϳϰϴ͘ϴϯϲ͘ WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ŬĞƚĞƌƐĞĚŝĂĂŶ ŵŽĚĂů ŬĞƌũĂ ĚĂůĂŵ
ďĞŶƚƵŬŬĂƐƐĞƚĂƌĂŬĂƐĚĂŶƉĞƌƐĞĚŝĂĂŶ͕ƐĞƌƚĂƉĞŶĂŵďĂŚĂŶƉŝƵƚĂŶŐĚĂŶƚĂŐŝŚĂŶďƌƵƚŽĚĂƌŝƉĞŶLJĞůĞƐĂŝĂŶũĂƐĂĚĂŶ
ƉƌŽŐƌĞƐƐ ƉĞŬĞƌũĂĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƐĞůĂŵĂ ϮϬϭϲ͘ WĞŶŝŶŐŬĂƚĂŶ ƵĂŶŐ ŵƵŬĂ ĚĂŶ ďŝĂLJĂ ĚŝďĂLJĂƌ ĚŝŵƵŬĂ ũƵŐĂ
ŵĞŶŝŶŐŬĂƚ ƚĞƌƵƚĂŵĂ ƵŶƚƵŬ ƉĞŵďĂLJĂƌĂŶ ŬĞƉĂĚĂ ƐƵďŬŽŶƚƌĂŬƚŽƌ ĚĂŶ ƉĞŵĂƐŽŬ ƐĞŚŝŶŐŐĂ ĚĂƉĂƚ ŵĞŶƵƌƵŶŬĂŶ
ŚĂƌŐĂƉĞƌŽůĞŚĂŶĂƚĂƵƉĞŵďĞůŝĂŶLJĂŶŐĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶƉƌŽĨŝƚĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘








34
WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

:ƵŵůĂŚ ĂƐĞƚ ůĂŶĐĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϮϭϬ͘ϳϰϴ͘ϴϯϲ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
h^ϱϰ͘ϲϬϯ͘ϳϮϮ ĂƚĂƵ ϯϰ͕ϵϳй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ĂƐĞƚ ůĂŶĐĂƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ
h^ϭϱϲ͘ϭϰϱ͘ϭϭϰ͘ WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ŵĞŶŝŶŐŬĂƚŶLJĂ ƉŝƵƚĂŶŐ ƵƐĂŚĂ ŬĞƉĂĚĂ ƉŝŚĂŬ
ďĞƌĞůĂƐŝĚĂŶƉŝŚĂŬŬĞƚŝŐĂ͕ƚĂŐŝŚĂŶďƌƵƚŽŬĞƉĂĚĂƉĞůĂŶŐŐĂŶĚĂŶƉĞƌƐĞĚŝĂĂŶ͕ƐĞŝƌŝŶŐŵĞŶŝŶŐŬĂƚŶLJĂƉĞŶĚĂƉĂƚĂŶ
ƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘

ď͘ ƐĞƚdŝĚĂŬ>ĂŶĐĂƌ

WŽƐŝƐŝƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚŝďĂŶĚŝŶŐŬĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲ

:ƵŵůĂŚĂƐĞƚƚŝĚĂŬůĂŶĐĂƌWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳƐĞďĞƐĂƌh^ϭϭϴ͘Ϯϴϭ͘ϳϮϱ͕ŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌ
h^ ϯ͘ϵϬϲ͘ϲϳϯ ĂƚĂƵ ϯ͕ϰϮй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ĂƐĞƚ ƚŝĚĂŬ ůĂŶĐĂƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƐĞďĞƐĂƌ
h^ϭϭϰ͘ϯϳϱ͘ϬϱϮ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚƉĞŶŝŶŐŬĂƚĂŶĂƐĞƚƚĞƚĂƉƐĞũĂůĂŶĚĞŶŐĂŶƉƌŽŐƌĂŵ
WĞƌƐĞƌŽĂŶĚĂůĂŵƉĞŶŝŶŐŬĂƚĂŶŬĂƉĂƐŝƚĂƐĚĂŶŬĂƉĂďŝůŝƚĂƐ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

:ƵŵůĂŚ ĂƐĞƚ ƚŝĚĂŬ ůĂŶĐĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƐĞďĞƐĂƌ h^ϭϭϰ͘ϯϳϱ͘ϬϱϮ͕ ŵĞŶŝŶŐŬĂƚ
ƐĞďĞƐĂƌh^ϭϮ͘ϭϮϵ͘ϮϵϭĂƚĂƵϭϭ͕ϴϲйĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶĂƐĞƚůĂŶĐĞƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱƐĞďĞƐĂƌ
h^ϭϬϮ͘Ϯϰϱ͘ϳϲϭ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚĂĚĂŶLJĂƉĞŶĂŵďĂŚĂŶŝŶǀĞƐƚĂƐŝĚĂůĂŵƐƵŬƵĐĂĚĂŶŐ
ƌŽƚĂďůĞ ƐĞƌƚĂ ƉĞƌĂůĂƚĂŶ ĚĂŶ ƉĞƌůĞŶŐŬĂƉĂŶ ďĞŶŐŬĞů LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĂƉĂďŝůŝƚĂƐ ĚĂŶ
ƉĞƌďĂŝŬĂŶĨĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

:ƵŵůĂŚ ĂƐĞƚ ƚŝĚĂŬ ůĂŶĐĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϭϬϮ͘Ϯϰϱ͘ϳϲϭ͕ ŵĞŶŝŶŐŬĂƚ
ƐĞďĞƐĂƌh^Ϯ͘Ϯϯϵ͘ϰϰϴĂƚĂƵϮ͕ϮϰйĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶŬĂƐĚĂŶƐĞƚĂƌĂŬĂƐƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ
ƐĞďĞƐĂƌh^ϭϬϬ͘ϬϬϲ͘ϯϭϯ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂƚĞƌƵƚĂŵĂĚŝŬŽŶƚƌŝďƵƐŝĚĂƌŝƉĞŶŝŶŐŬĂƚĂŶĂƐĞƚƚĞƚĂƉƐĞũĂůĂŶ
ĚĞŶŐĂŶƉƌŽŐƌĂŵWĞƌƐĞƌŽĂŶĚĂůĂŵƉĞŶŝŶŐŬĂƚĂŶŬĂƉĂƐŝƚĂƐĚĂŶŬĂƉĂďŝůŝƚĂƐ͘

ϲ͘Ϯ͘>//>/d^
;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
>//>/d^  
>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ  
 
WŝŶũĂŵĂŶũĂŶŐŬĂƉĞŶĚĞŬ ϯϭ͘Ϯϯϲ͘ϭϰϭ ϯϯ͘ϯϯϲ͘ϵϬϲ

Ͳ
 ϱ͘ϬϬϬ͘ϬϬϬ
hƚĂŶŐƵƐĂŚĂ  
WŝŚĂŬďĞƌĞůĂƐŝ ϵ͘ϱϵϴ͘ϬϱϬ ϲ͘ϳϯϲ͘ϱϰϳ

ϰ͘ϵϭϲ͘ϰϲϯ
 ϱ͘ϱϴϵ͘ϰϯϴ
WŝŚĂŬŬĞƚŝŐĂ ϲϲ͘ϰϱϮ͘Ϯϵϵ ϲϰ͘ϯϭϱ͘ϲϲϵ ϰϯ͘ϵϭϲ͘ϭϮϳ Ϯϱ͘ϴϱϵ͘ϴϳϭ
hƚĂŶŐůĂŝŶͲůĂŝŶ  
WŝŚĂŬďĞƌĞůĂƐŝ ϱ͘ϳϵϭ͘ϲϳϯ ϯ͘ϵϱϭ͘ϳϭϵ

ϯ͘ϴϮϭ͘ϲϱϮ
 ϭ͘ϰϮϲ͘ϲϴϵ
WŝŚĂŬŬĞƚŝŐĂ ϴϱϲ͘ϲϲϬ ϰϴϬ͘ϲϳϵ ϰϲϴ͘ϵϰϳ ϴϴϴ͘ϯϳϯ
hƚĂŶŐďƌƵƚŽŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ  
WŝŚĂŬďĞƌĞůĂƐŝ ϱ͘ϰϬϰ͘ϵϳϬ ϴϰ͘ϰϵϮ

ϭϮϮ͘ϵϬϯ
 Ͳ
WŝŚĂŬŬĞƚŝŐĂ ϱϲϱ͘ϬϴϬ ϴϳ͘ϭϲϭ ϭϭϮ͘ϯϵϲ ϰϬϱ͘ϴϯϲ
hƚĂŶŐƉĂũĂŬ ϴ͘Ϯϵϭ͘ϳϲϱ ϳ͘ϵϵϴ͘ϳϲϮ ϴ͘ϳϳϯ͘Ϯϵϲ ϯ͘ϰϴϭ͘ϴϯϴ
ĞďĂŶŬƌƵĂů ϵ͘ϭϭϳ͘Ϭϲϯ ϭϮ͘ϯϯϰ͘ϳϵϯ ϮϬ͘ϵϲϯ͘ϳϮϳ Ϯϲ͘ϭϲϲ͘Ϭϳϰ
WŝŶũĂŵĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ ũĂƚƵŚ ƚĞŵƉŽ ĚĂůĂŵ ǁĂŬƚƵ
Ϯϰ͘ϮϮϲ͘ϬϬϬ ϭϳ͘ϰϱϯ͘ϳϮϳ ϴ͘ϲϭϭ͘ϴϭϴ ϲ͘ϴϲϭ͘ϴϱϳ
ƐĂƚƵƚĂŚƵŶ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ ϭϲϭ͘ϱϯϵ͘ϳϬϭ ϭϰϲ͘ϳϴϬ͘ϰϱϱ ϵϭ͘ϳϬϳ͘ϯϮϵ ϳϱ͘ϲϳϵ͘ϵϳϲ
 

>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĂŶũĂŶŐ  


 
WŝŶũĂŵĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ – ƐĞƚĞůĂŚ ĚŝŬƵƌĂŶŐŝ ďĂŐŝĂŶ
ϳϲ͘ϲϯϴ͘ϰϮϱ ϴϱ͘ϲϭϵ͘ϱϵϱ ϰϵ͘ϮϬϭ͘Ϭϯϯ ϯϵ͘ϱϯϵ͘ϭϭϵ
ũĂƚƵŚƚĞŵƉŽĚĂůĂŵƐĂƚƵƚĂŚƵŶ
hƚĂŶŐŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵ ϭ͘ϮϮϱ͘ϬϬϬ ϭ͘ϰϳϬ͘ϬϬϬ ϯ͘ϴϴϰ͘ϮϮϳ ϲ͘ϲϭϬ͘ϴϵϰ

35
 ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
>ŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂ ϯϲ͘ϯϵϴ͘ϯϵϳ ϯϲ͘ϭϲϰ͘ϯϬϵ ϰϱ͘ϰϭϬ͘ϭϰϰ ϰϰ͘ϭϮϳ͘ϵϴϴ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĂŶũĂŶŐ ϭϭϰ͘Ϯϲϭ͘ϴϮϮ ϭϮϯ͘Ϯϱϯ͘ϵϬϰ ϵϴ͘ϰϵϱ͘ϰϬϰ ϵϬ͘Ϯϳϴ͘ϬϬϭ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ Ϯϳϱ͘ϴϬϭ͘ϱϮϯ ϮϳϬ͘Ϭϯϰ͘ϯϱϵ ϭϵϬ͘ϮϬϮ͘ϳϯϯ ϭϲϱ͘ϵϱϳ͘ϵϳϳ

WŽƐŝƐŝƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚŝďĂŶĚŝŶŐŬĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲ

:ƵŵůĂŚ ůŝĂďŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ƐĞďĞƐĂƌ h^Ϯϳϱ͘ϴϬϭ͘ϱϮϯ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
h^ϱ͘ϳϲϳ͘ϭϲϰ ĂƚĂƵ Ϯ͕ϭϰй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƐĞďĞƐĂƌ
h^ϮϳϬ͘Ϭϯϰ͘ϯϱϵ͘ WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶĂŵďĂŚĂŶ ƵƚĂŶŐ ƵƐĂŚĂ ĚĂƌŝ ƉĞŶŝŶŐŬĂƚĂŶ
ƉĞŬĞƌũĂĂŶĂƚĂƐƐƵďĐŽŶƚƌĂĐƚ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

:ƵŵůĂŚ ůŝĂďŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƐĞďĞƐĂƌ h^ϮϳϬ͘Ϭϯϰ͘ϯϱϵ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
h^ϳϵ͘ϴϯϭ͘ϲϮϲ ĂƚĂƵ ϰϭ͕ϵϳй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ
h^ϭϵϬ͘ϮϬϮ͘ϳϯϯ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝĚŽŵŝŶĂƐŝĂŬďŝďĂƚŵĞŶŝŶŐŬĂƚŶLJĂůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬƐĞďĞƐĂƌ
ϲϬ͕Ϭϱй ĂƚĂƵ ƐĞďĞƐĂƌ h^ϱϱ͘Ϭϳϯ͘ϭϮϲ͘ WŽƐͲƉŽƐ ƉĂĚĂ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĞŶĚĞŬ LJĂŶŐ ŵĞŵĞŶŐĂƌƵŚŝ ƉĞŶŝŶŐŬĂƚĂŶ
ƉĂĚĂ ũƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ĂŶƚĂƌĂ ůĂŝŶ ĂĚĂůĂŚ ƵƚĂŶŐ ƵƐĂŚĂ͕ ďĂŝŬ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ ŵĂƵƉƵŶ ŬĞƉĂĚĂ ƉŝŚĂŬ LJĂŶŐ
ďĞƌĞůĂƐŝ͕ LJĂŶŐ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ ϰϱ͕ϱϬй ĂƚĂƵ ƐĞďĞƐĂƌ h^ϮϮ͘Ϯϭϵ͘ϲϮϲ ĚĂŶ ŵĞŶŝŶŐŬĂƚŶLJĂ ƉŽƌƐŝ ƉŝŶũĂŵĂŶ
ũĂŶŐŬĂƉĂŶũĂŶŐLJĂŶŐĂŬĂŶũĂƚƵŚƚĞŵƉŽĚĂůĂŵǁĂŬƚƵƐĂƚƵƚĂŚƵŶƐĞďĞƐĂƌh^ϴ͘ϴϰϭ͘ϵϬϵĂƚĂƵƐĞďĞƐĂƌϭϬϮ͕ϲϳй͘
WĂĚĂ ƐŝƐŝ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĂŶũĂŶŐ͕ ƚĞƌũĂĚŝ ƉĞŶŝŶŐŬĂƚĂŶ ũƵŐĂ ƉĂĚĂ ƉŽƐ ƉŝŶũĂŵĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ ;ƐĞƚĞůĂŚ
ĚŝŬƵƌĂŶŐŝƉŽƌƐŝLJĂŶŐĂŬĂŶũĂƚƵŚƚĞŵƉŽĚĂůĂŵǁĂŬƚƵƐĂƚƵƚĂŚƵŶͿƐĞďĞƐĂƌh^ϯϲ͘ϰϭϴ͘ϱϲϮĂƚĂƵƐĞďĞƐĂƌϳϰ͕ϬϮй
ƐĞďĂŐĂŝĚĂŵƉĂŬĚĂƌŝƉĞŶĂƌŝŬĂŶƉŝŶũĂŵĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞŶŐĞŵďĂŶŐĂŶƵƐĂŚĂ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

:ƵŵůĂŚ ůŝĂďŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϭϵϬ͘ϮϬϮ͘ϳϯϯ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
h^Ϯϰ͘Ϯϰϰ͘ϳϱϲ ĂƚĂƵ ϭϰ͕ϲϭй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ
h^ϭϲϱ͘ϵϱϳ͘ϵϳϳ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂƵƚĂŶŐƉĂũĂŬƐĞďĞƐĂƌh^ϱ͘Ϯϵϭ͘ϰϱϴ
ĂƚĂƵƐĞďĞƐĂƌϭϱϭ͕ϵϳй͕ƵƚĂŶŐůĂŝŶͲůĂŝŶŬĞƉĂĚĂƉŝŚĂŬďĞƌĞůĂƐŝƐĞďĞƐĂƌh^Ϯ͘ϯϵϰ͘ϵϲϯĂƚĂƵƐĞďĞƐĂƌϭϲϳ͕ϴϳй͕ĚĂŶ
ƵƚĂŶŐƵƐĂŚĂŬĞƉĂĚĂƉŝŚĂŬŬĞƚŝŐĂƐĞďĞƐĂƌh^ϭϴ͘Ϭϱϲ͘ϮϱϲĂƚĂƵƐĞďĞƐĂƌϲϵ͕ϴϮйƐĞƌƚĂĂĚĂŶLJĂƉĞŶŝŶŐŬĂƚĂŶƉĂĚĂ
ƉŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐƐĞďĞƐĂƌh^ϭϭ͘ϰϭϭ͘ϴϳϱĂƚĂƵƐĞďĞƐĂƌϮϰ͕ϱϵй͘EĂŵƵŶ͕ĚŝƐŝƐŝůĂŝŶƚĞƌĚĂƉĂƚƉĞŶƵƌƵŶĂŶ
ƉĂĚĂďĞďĞƌĂƉĂƉŽƐůĂŝŶŶLJĂƐĞƉĞƌƚŝƉŝŶũĂŵĂŶũĂŶŐŬĂƉĞŶĚĞŬLJĂŶŐƚƵƌƵŶϭϬϬйĂƚĂƵƐĞďĞƐĂƌh^ϱ͘ϬϬϬ͘ϬϬϬĚĂŶ
ďĞďĂŶĂŬƌƵĂůLJĂŶŐƚƵƌƵŶƐĞďĞƐĂƌh^ϱ͘ϮϬϮ͘ϯϰϳĂƚĂƵƐĞďĞƐĂƌϭϵ͕ϴϴйƐĞŚŝŶŐŐĂƉĞŶŝŶŐŬĂƚĂŶLJĂŶŐƚĞƌũĂĚŝƚŝĚĂŬ
ƚĞƌůĂůƵƐŝŐŶŝĨŝŬĂŶ͘

Ă͘ >ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ

WŽƐŝƐŝƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚŝďĂŶĚŝŶŐŬĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲ

:ƵŵůĂŚůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳƐĞďĞƐĂƌh^ϭϲϭ͘ϱϯϵ͘ϳϬϭ͕ƉĞŶŝŶŐŬĂƚĂŶ
ƐĞďĞƐĂƌh^ϭϰ͘ϳϱϵ͘ϮϰϲĂƚĂƵϭϬ͕ϬϲйĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌ
ϮϬϭϲ ƐĞďĞƐĂƌ h^ ϭϰϲ͘ϳϴϬ͘ϰϱϱ͘ WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ƵƚĂŶŐ ƵƐĂŚĂ͕ ƵƚĂŶŐ
ďƌƵƚŽŬĞƉĂĚĂƉĞůĂŶŐŐĂŶĚĂŶƉŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐLJĂŶŐĂŬĂŶũĂƚƵŚƚĞŵƉŽĚĂůĂŵǁĂŬƚƵƐĂƚƵƚĂŚƵŶ͘hƚĂŶŐ
ůĂŝŶͲůĂŝŶ ƉŝŚĂŬ ďĞƌĞůĂƐŝ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ ϰϳй ƉĞƌ ϯϭ DĂƌĞƚ ϮϬϭϳ ďŝůĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉŽƐŝƐŝ
ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĚĂŶ ƚĂŚƵŶ ƐĞďĞůƵŵŶLJĂ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ŵĞŶŝŶŐŬĂƚŶLJĂ ĐƵƐƚŽŵĞƌ ĚĞƉŽƐŝƚ ĚĂƌŝ 'ĂƌƵĚĂ
/ŶĚŽŶĞƐŝĂƐĞŝƌŝŶŐĚĞŶŐĂŶďĞƌƚĂŵďĂŚŶLJĂƉĞŬĞƌũĂĂŶƌƵƚŝŶƌĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵů͘WĞŶŝŶŐŬĂƚĂŶƵƚĂŶŐďƌƵƚŽŬĞƉĂĚĂ
ƉĞůĂŶŐŐĂŶ ƉŝŚĂŬ ďĞƌĞůĂƐŝ ƐĞďĞƐĂƌ ϲ͘Ϯϵϳй ƉĞƌ ϯϭ DĂƌĞƚ ϮϬϭϳ ďŝůĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉŽƐŝƐŝ ϯϭ ĞƐĞŵďĞƌ
ϮϬϭϲĚĂŶƚĂŚƵŶƐĞďĞůƵŵŶLJĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂĐƵƐƚŽŵĞƌĚĞƉŽƐŝƚĂƚĂƐƉĞƌĂǁĂƚĂŶĞŶŐŝŶĞƉĞƐĂǁĂƚ
'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂĚĂŶŝƚŝůŝŶŬ/ŶĚŽŶĞƐŝĂ͘^ĞĚĂŶŐŬĂŶƉĞŶŝŶŐŬĂƚĂŶƵƚĂŶŐďƌƵƚŽŬĞƉĂĚĂƉĞůĂŶŐŐĂŶƉŝŚĂŬďĞƌĞůĂƐŝ
ƐĞďĞƐƐĂƌϱϰϴйĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂĐƵƐƚŽŵĞƌĚĞƉŽƐŝƚĂƚĂƐƉĞƌĂǁĂƚĂŶĞŶŐŝŶĞƉĞƐĂǁĂƚƉŝŚĂŬŬĞƚŝŐĂ͘





36
 WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

:ƵŵůĂŚůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲƐĞďĞƐĂƌh^ϭϰϲ͘ϳϴϬ͘ϰϱϱŵĞŶŝŶŐŬĂƚ
ƐĞďĞƐĂƌ h^ ϱϱ͘Ϭϳϯ͘ϭϮϲ ĂƚĂƵ ϲϬ͕Ϭϱй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĞŶĚĞŬ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϭϱƐĞďĞƐĂƌh^ϵϭ͘ϳϬϳ͘ϯϮϵ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚƉĞŶŝŶŐŬĂƚĂŶƉŝŶũĂŵĂŶ
ũĂŶŐŬĂƉĞŶĚĞŬĚĂŶƵƚĂŶŐƵƐĂŚĂLJĂŶŐƐŝŐŶŝĨŝŬĂŶĚŝďĂŶĚŝŶŐŬĂŶƚĂŚƵŶƐĞďĞůƵŵŶLJĂ͕ƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶ
ƉĞƌƐĞĚŝĂĂŶĚĂŶŵŽĚĂůŬĞƌũĂWĞƌƐĞƌŽĂŶƐĞŝƌŝŶŐŵĞŶŝŶŐŬĂƚŶLJĂƉĞŶũƵĂůĂŶ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

:ƵŵůĂŚůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱƐĞďĞƐĂƌh^ϵϭ͘ϳϬϳ͘ϯϮϵŵĞŶŝŶŐŬĂƚ
ƐĞďĞƐĂƌ h^ϭϲ͘ϬϮϳ͘ϯϱϯ ĂƚĂƵ Ϯϭ͕ϭϴй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĞŶĚĞŬ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ h^ϳϱ͘ϲϳϵ͘ϵϳϲ͘ WĞŶŝŶŐŬĂƚĂŶ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĞŶĚĞŬ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ
ŵĞŶŝŶŐŬĂƚŶLJĂƵƚĂŶŐƵƐĂŚĂĚĂŶƵƚĂŶŐƉĂũĂŬ͘

ď͘ >ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĂŶũĂŶŐ

WŽƐŝƐŝƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚŝďĂŶĚŝŶŐŬĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲ

:ƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĂŶũĂŶŐ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ƐĞďĞƐĂƌ h^ϭϭϰ͘Ϯϲϭ͘ϴϮϮ͕ ŵĞŶƵƌƵŶ
ƐĞďĞƐĂƌ h^ϴ͘ϵϵϮ͘ϬϴϮ ĂƚĂƵ ϳ͕ϯϬй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĂŶũĂŶŐ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ
ϮϬϭϲƐĞďĞƐĂƌh^ϭϮϯ͘Ϯϱϯ͘ϵϬϰ͘WĞŶƵƌƵŶĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚƉĞŶƵƌƵŶĂŶƉŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

:ƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĂŶũĂŶŐ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƐĞďĞƐĂƌ h^ϭϮϯ͘Ϯϱϯ͘ϵϬϰ
ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ h^Ϯϰ͘ϳϱϴ͘ϱϬϬ ĂƚĂƵ Ϯϱ͕ϭϰй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĞŶĚĞŬ ƉĂĚĂ
ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϵϴ͘ϰϵϱ͘ϰϬϰ͘ WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶĂŵďĂŚĂŶ
ĨĂƐŝůŝƚĂƐ ƉĞŶĚĂŶĂĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƐĞďĞƐĂƌ h^ϱϬ ũƵƚĂ Ěŝ ƚĂŚƵŶ ϮϬϭϲ͘ ŝ ƐŝƐŝ
ůĂŝŶ͕ ƚĞƌĚĂƉĂƚ ƉĞŶƵƌƵŶĂŶ LJĂŶŐ ĐƵŬƵƉ ƐŝŐŶŝĨŝŬĂŶ ƉĂĚĂ ƉŽƐ ůŝĂďŝůŝƚĂƐ ŝŵďĂůĂŶ ŬĞƌũĂ LJĂŶŐ ĚŝƐĞďĂďŬĂŶ ĂĚĂŶLJĂ
ŬĞďŝũĂŬĂŶ WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶŐƵďĂŚƐŬĞŵĂƉĞŵďĞƌŝĂŶ ŝŵďĂůĂŶƉĂƐŬĂ ŬĞƌũĂ ŬĞƉĂĚĂ ŬĂƌLJĂǁĂŶŶĂŵƵŶ ƚĞƚĂƉ
ĚĂůĂŵŬŽƌŝĚŽƌhŶĚĂŶŐͲƵŶĚĂŶŐEŽ͘ϭϯƚĂŚƵŶϮϬϬϯƚĞŶƚĂŶŐ<ĞƚĞŶĂŐĂŬĞƌũĂĂŶ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

:ƵŵůĂŚůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĂŶũĂŶŐWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱƐĞďĞƐĂƌh^ϵϴ͘ϰϵϱ͘ϰϬϰŵĞŶŝŶŐŬĂƚ
ƐĞďĞƐĂƌ h^ϴ͘Ϯϭϳ͘ϰϬϯ ĂƚĂƵ ϵ͕ϭϬй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĞŶĚĞŬ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϭϰƐĞďĞƐĂƌh^ϵϬ͘Ϯϳϴ͘ϬϬϭ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂŵĞŶŝŶŐŬĂƚŶLJĂƉŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐ
ƐĞƚĞůĂŚ ĚŝŬƵƌĂŶŐŝ ďĂŐŝĂŶ ũĂƚƵŚ ƚĞŵƉŽ ĚĂůĂŵ ƐĂƚƵ ƚĂŚƵŶ ŬĞƉĂĚĂ ĂŶŬ EĞŐĂƌĂ /ŶĚŽŶĞƐŝĂ ĚĂŶ Wd /ŶĚŽŶĞƐŝĂ
/ŶĨƌĂƐƚƌƵĐƚƵƌĞ&ŝŶĂŶĐĞLJĂŶŐĚŝůĂŬƵŬĂŶƉĞŶĂƌŝŬĂŶƉĂĚĂƚĂŚƵŶϮϬϭϱ͘

ϲ͘ϯ<h/d^

;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ

DŽĚĂů^ĂŚĂŵ
 ϭϵ͘Ϯϭϰ͘ϴϰϲ ϭϵ͘Ϯϭϰ͘ϴϰϲ

ϭϵ͘Ϯϭϰ͘ϴϰϲ
 ϭϵ͘Ϯϭϰ͘ϴϰϲ
DŽĚĂůĚŝƐĞƚŽƌůĂŝŶŶLJĂ ϭ͘ϭϰϮ͘Ϯϳϭ ϭ͘ϭϰϮ͘Ϯϳϭ ϭ͘ϭϰϮ͘Ϯϳϭ ϭ͘ϭϰϮ͘Ϯϳϭ
WĞŶŐŚĂƐŝůĂŶŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶ ;Ϯϴ͘ϮϳϮ͘ϮϭϴͿ ;Ϯϵ͘ϴϮϵ͘ϴϭϭͿ ;Ϯϭ͘ϴϱϬ͘ϰϴϮͿ ;ϭϵ͘ϭϮϯ͘ϱϲϳͿ
^ĂůĚŽůĂďĂ 
ŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ ϯ͘ϰϱϴ͘ϬϯϬ  ϯ͘ϰϱϴ͘ϬϯϬ  ϯ͘ϰϱϴ͘ϬϯϬ  ϯ͘ϰϱϴ͘ϬϯϬ
dŝĚĂŬĚŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ ϭϴϴ͘ϲϵϰ͘ϱϭϴ ϭϳϴ͘ϱϲϵ͘ϰϭϮ ϭϮϬ͘ϴϮϳ͘ϭϵϵ ϴϱ͘ϱϬϭ͘ϴϳϬ
:ƵŵůĂŚŬƵŝƚĂƐ ϭϴϰ͘Ϯϯϳ͘ϰϰϳ ϭϳϮ͘ϱϱϰ͘ϳϰϴ ϭϮϮ͘ϳϵϭ͘ϴϲϰ ϵϬ͘ϭϵϯ͘ϰϱϬ





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 WŽƐŝƐŝƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚŝďĂŶĚŝŶŐŬĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲ

:ƵŵůĂŚ ĞŬƵŝƚĂƐ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ƐĞďĞƐĂƌ h^ϭϴϰ͘Ϯϯϳ͘ϰϰϳ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
h^ϭϭ͘ϲϴϮ͘ϲϵϵ ĂƚĂƵ ϲ͕ϳϳй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ĞŬƵŝƚĂƐ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƐĞďĞƐĂƌ
h^ϭϳϮ͘ϱϱϰ͘ϳϰϴ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚĚŝƐĞďĂďŬĂŶŽůĞŚůĂďĂƉĞƌŝŽĚĞďĞƌũĂůĂŶ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

:ƵŵůĂŚ ĞŬƵŝƚĂƐ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ƐĞďĞƐĂƌ h^ϭϳϮ͘ϱϱϰ͘ϳϰϴ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
h^ϰϵ͘ϳϲϮ͘ϴϴϰ ĂƚĂƵ ϰϬ͕ϱϯй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ĞŬƵŝƚĂƐ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ
h^ϭϮϮ͘ϳϵϭ͘ϴϲϰ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂƐĂůĚŽůĂďĂĚŝƚĂŚĂŶLJĂŶŐďĞƌĂƐĂůĚĂƌŝ
ƉĞŶŝŶŐŬĂƚĂŶůĂďĂďĞƌƐŝŚƐĞďĞƐĂƌϱϵ͕ϱϴйĂƚĂƵƐĞďĞƐĂƌh^Ϯϭ͘ϱϱϳ͘Ϯϰϴ͘

WŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

:ƵŵůĂŚĞŬƵŝƚĂƐWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱƐĞďĞƐĂƌh^ϭϮϮ͘ϳϵϭ͘ϴϲϰ͕ŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌh^
ϯϮ͘ϱϵϴ͘ϰϭϰ ĂƚĂƵ ϯϲ͕ϭϰй ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ĞŬƵŝƚĂƐ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ
h^ϵϬ͘ϭϵϯ͘ϰϱϬ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂƐĂůĚŽůĂďĂĚŝƚĂŚĂŶLJĂŶŐďĞƌĂƐĂůĚĂƌŝ
ƉĞŶŝŶŐŬĂƚĂŶůĂďĂďĞƌƐŝŚƐĞďĞƐĂƌϵϵ͕ϮϱйĂƚĂƵƐĞďĞƐĂƌh^ϭϴ͘ϬϮϰ͘ϰϵϯ͘

ϳ͘ E>/^/^>WKZEZh^<^

ĞƌŝŬƵƚ ĂĚĂůĂŚ ƚŝŶŐŬĂƚ ĂƌƵƐ ŬĂƐ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉĞƌŝŽĚĞ ϯ ;ƚŝŐĂͿ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂůͲƚĂŶŐŐĂů
ϯϭDĂƌĞƚϮϬϭϳĚĂŶϮϬϭϲƐĞƌƚĂƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲ͕ϮϬϭϱ͕ĚĂŶ
ϮϬϭϰ͗
;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
ϮϬϭϲ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ;dŝĚĂŬ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
ŝĂƵĚŝƚͿ


Zh^<^Z/<d/s/d^KWZ^/
  
 
WĞŶĞƌŝŵĂĂŶŬĂƐĚĂƌŝƉĞůĂŶŐŐĂŶ

ϳϯ͘ϱϲϵ͘ϲϬϱ
 ϳϮ͘ϯϱϯ͘ϯϱϮ ϯϰϱ͘ϳϰϱ͘ϲϮϬ
 
Ϯϳϱ͘ϰϲϮ͘ϵϯϳ Ϯϱϲ͘ϵϮϳ͘ϵϬϴ
WĞŵďĂLJĂƌĂŶŬĂƐŬĞƉĂĚĂƉĞŵĂƐŽŬĚĂŶůĂŝŶŶLJĂ ;ϰϲ͘ϳϲϵ͘ϭϭϱͿ ;ϱϯ͘ϱϲϵ͘ϵϳϲͿ ;Ϯϱϱ͘ϭϬϮ͘ϴϳϬͿ ;ϭϳϵ͘ϴϳϯ͘ϲϰϴͿ ;ϭϱϰ͘ϲϳϳ͘ϵϲϯͿ
WĞŵďĂLJĂƌĂŶŬĂƐŬĞƉĂĚĂŬĂƌLJĂǁĂŶ ;Ϯϱ͘ϳϴϲ͘ϳϬϴͿ ;Ϯϳ͘ϬϭϬ͘ϮϱϳͿ ;ϴϲ͘Ϯϳϵ͘ϮϯϱͿ ;ϴϳ͘Ϯϵϱ͘ϬϬϲͿ ;ϳϴ͘ϵϴϮ͘ϲϱϯͿ
<ĂƐĚŝŚĂƐŝůŬĂŶĚĂƌŝ;ĚŝŐƵŶĂŬĂŶƵŶƚƵŬͿŽƉĞƌĂƐŝ ϭ͘Ϭϭϯ͘ϳϴϮ ;ϴ͘ϮϮϲ͘ϴϴϭͿ ϰ͘ϯϲϯ͘ϱϭϱ ϴ͘Ϯϵϰ͘Ϯϴϯ Ϯϯ͘Ϯϲϳ͘ϮϵϮ
WĞŵďĂLJĂƌĂŶďƵŶŐĂ ;Ϯ͘ϯϱϵ͘ϵϬϮͿ ;ϭ͘ϰϳϵ͘ϯϭϬͿ ;ϲ͘ϱϰϲ͘ϲϬϱͿ ;Ϯ͘ϰϴϭ͘ϰϴϰͿ ;ϭ͘ϱϱϯ͘ϲϴϳͿ
WĞŵďĂLJĂƌĂŶƉĂũĂŬƉĞŶŐŚĂƐŝůĂŶ ;Ϯ͘ϮϳϬ͘ϭϲϲͿ ;ϭ͘ϭϮϰ͘ϮϭϲͿ ;ϭϰ͘ϬϳϮ͘ϳϰϯͿ ;ϰ͘ϴϯϯ͘ϳϴϲͿ ;ϲ͘ϰϳϰ͘ϬϰϯͿ
<ĂƐĞƌƐŝŚĚŝƉĞƌŽůĞŚĚĂƌŝ;ĚŝŐƵŶĂŬĂŶƵŶƚƵŬͿ
;ϯ͘ϲϭϲ͘ϮϴϲͿ ;ϭϬ͘ϴϯϬ͘ϰϬϳͿ ;ϭϲ͘Ϯϱϱ͘ϴϯϯͿ ϵϳϵ͘Ϭϭϯ ϭϱ͘Ϯϯϵ͘ϱϲϮ
ĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝ


Zh^<^Z/<d/s/d^/Es^d^/
   
WĞŶƵƌƵŶĂŶ;ŬĞŶĂŝŬĂŶͿŬĂƐĚŝďĂƚĂƐŝƉĞŶŐŐƵŶĂĂŶŶLJĂ

ϯϯϲ͘ϭϴϰ
 ;Ϯϰϲ͘ϱϭϰͿ
  
;ϲϳϭ͘ϵϰϳͿ Ϯϴϯ͘ϳϬϲ ;ϯϯϲ͘ϵϬϳͿ
WĞŶĞƌŝŵĂĂŶďƵŶŐĂ ϭϱϭ͘ϳϯϬ ϱϴ͘Ϭϳϳ Ϯϵϵ͘ϵϱϬ ϯϰϴ͘ϰϴϰ ϭϰϵ͘ϭϵϰ
WĞƌŽůĞŚĂŶĂƐĞƚƚĞƚĂƉ ;ϭϱ͘Ϯϯϰ͘ϵϭϬͿ ;Ϯ͘ϳϱϮ͘ϵϴϵͿ ;Ϯϰ͘ϱϱϯ͘ϳϴϱͿ ;ϲ͘ϴϬϴ͘ϵϳϭͿ ;Ϯϯ͘Ϭϱϴ͘ϬϵϭͿ
<ĂƐďĞƌƐŝŚĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐŝŶǀĞƐƚĂƐŝ ;ϭϰ͘ϳϰϲ͘ϵϵϲͿ ;Ϯ͘ϵϰϭ͘ϰϮϲͿ ;Ϯϰ͘ϵϮϱ͘ϳϴϮͿ ;ϲ͘ϭϳϲ͘ϳϴϭͿ ;Ϯϯ͘Ϯϰϱ͘ϴϬϰͿ


Zh^<^Z/<d/s/d^WEEE
 
  


 
WĞŶĞƌŝŵĂĂŶƉŝŶũĂŵĂŶũĂŶŐŬĂƉĞŶĚĞŬ ϯ͘ϵϰϮ͘ϵϵϮ Ͳ ϯϲ͘Ϭϯϲ͘ϵϬϲ Ͳ Ͳ
WĞŵďĂLJĂƌĂŶƉŝŶũĂŵĂŶũĂŶŐŬĂƉĞŶĚĞŬ ;ϲ͘Ϭϰϯ͘ϱϱϯͿ Ͳ ;Ϯ͘ϳϬϬ͘ϬϬϬͿ ;ϱ͘ϬϬϬ͘ϬϬϬͿ Ͳ
WĞŶĞƌŝŵĂĂŶƉŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐ Ͳ Ͳ ϱϰ͘ϭϭϰ͘ϭϱϮ Ϯϭ͘ϵϱϴ͘ϲϵϲ ϭϲ͘ϴϮϱ͘ϲϯϬ
WĞŵďĂLJĂƌĂŶƉŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐ ;Ϯ͘Ϯϭϯ͘ϵϭϳͿ ;Ϯ͘ϮϱϬ͘ϰϰϰͿ ;ϴ͘ϴϱϯ͘ϲϴϭͿ ;ϲ͘ϱϴϱ͘ϵϱϳͿ ;ϯ͘ϱϮϮ͘ϬϭϳͿ
WĞŵďĂLJĂƌĂŶĚŝǀŝĚĞŶ Ͳ Ͳ Ͳ Ͳ ;ϰϳϴ͘ϭϳϵͿ
<ĂƐďĞƌƐŝŚĚŝƉĞƌŽůĞŚĚĂƌŝ;ĚŝŐƵŶĂŬĂŶƵŶƚƵŬͿ
;ϰ͘ϯϭϰ͘ϰϳϴͿ ;Ϯ͘ϮϱϬ͘ϰϰϰͿ ϳϴ͘ϱϵϳ͘ϯϳϳ ϭϬ͘ϯϳϮ͘ϳϯϵ ϭϮ͘ϴϮϱ͘ϰϯϰ
ĂŬƚŝǀŝƚĂƐƉĞŶĚĂŶĂĂŶ


<E/<EZ^/,<^E^dZ<^
 ;ϮϮ͘ϲϳϳ͘ϳϲϬͿ  ;ϭϲ͘ϬϮϮ͘ϮϳϳͿ  
ϯϳ͘ϰϭϱ͘ϳϲϮ ϱ͘ϭϳϰ͘ϵϳϭ ϰ͘ϴϭϵ͘ϭϵϮ
<^E^dZ<^t>d,hE ϲϬ͘ϰϰϭ͘ϴϲϳ Ϯϱ͘ϰϱϳ͘ϬϰϬ Ϯϱ͘ϰϱϳ͘ϬϰϬ ϮϬ͘ϯϲϴ͘ϯϱϴ ϭϳ͘ϯϯϬ͘ϭϰϬ
ĨĞŬƉĞƌƵďĂŚĂŶŬƵƌƐŵĂƚĂƵĂŶŐĂƐŝŶŐ Ϯ͘ϱϰϴ ϮϮϱ͘ϯϮϰ ;Ϯ͘ϰϯϬ͘ϵϯϱͿ ;ϴϲ͘ϮϴϵͿ ;ϭ͘ϳϴϬ͘ϵϳϰͿ
<^E^dZ<^<,/Zd,hE ϯϳ͘ϳϲϲ͘ϲϱϱ ϵ͘ϲϲϬ͘Ϭϴϳ ϲϬ͘ϰϰϭ͘ϴϲϳ Ϯϱ͘ϰϱϳ͘ϬϰϬ ϮϬ͘ϯϲϴ͘ϯϱϴ

38
WĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿ

ƌƵƐ<ĂƐĂƌŝŬƚŝǀŝƚĂƐKƉĞƌĂƐŝ
<ĂƐďĞƌƐŝŚLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝĚŝƉĞƌŝŽĚĞϯďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳ
ĂĚĂůĂŚƐĞďĞƐĂƌh^ϯ͘ϲϭϲ͘Ϯϴϲ͕ŵĞŶƵƌƵŶƐĞďĞƐĂƌh^ϳ͘Ϯϭϰ͘ϭϮϭĂƚĂƵϲϲ͕ϲϭйũŝŬĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉĞƌŝŽĚĞ
ϯďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϲ;ƚŝĚĂŬĚŝĂƵĚŝƚͿƐĞďĞƐĂƌh^ϭϬ͘ϴϯϬ͘ϰϬϳ͘WĞŶƵƌƵŶĂŶĂƌƵƐŬĂƐ
ďĞƌƐŝŚLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝďĞƌĂƐĂůĚĂƌŝƉĞŵďĂLJĂƌĂŶĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶŵĞŬĂŶŝƐŵĞƵĂŶŐ
ŵƵŬĂ ƵŶƚƵŬ ƉĞŵĂƐŽŬ ƚĞƌƚĞŶƚƵ ĂŐĂƌ ŵĞŶĚĂƉĂƚŬĂŶ ŚĂƌŐĂ LJĂŶŐ ůĞďŝŚ ŬŽŵƉĞƚŝƚŝĨ͕ ƉĞŶĞƌďŝƚĂŶ >ͬ^<E ƉĂĚĂ
ƚĂŚƵŶ ϮϬϭϲ LJĂŶŐ ũĂƚƵŚ ƚĞŵƉŽ ƉĂĚĂ :ĂŶƵĂƌŝͲ:Ƶůŝ ϮϬϭϳ ƐĞƌƚĂ ĂĚĂŶLJĂ ƉĞƌůĂŵďĂƚĂŶ ƉĞŶĞƌŝŵĂĂŶ ƉŝƵƚĂŶŐ ĚĂƌŝ
ƉĞůĂŶŐŐĂŶŵƵůĂŝŬƵĂƌƚĂůƉĞƌƚĂŵĂϮϬϭϳ͘

ƌƵƐ<ĂƐĂƌŝŬƚŝǀŝƚĂƐ/ŶǀĞƐƚĂƐŝ
<ĂƐĞƌƐŝŚĚŝŐƵŶĂŬĂŶƵŶƚƵŬŬƚŝǀŝƚĂƐŝŶǀĞƐƚĂƐŝĚŝƉĞƌŝŽĚĞϯďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳ
ĂĚĂůĂŚ ƐĞďĞƐĂƌ h^ϭϰ͘ϳϰϲ͘ϵϵϲ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ h^ϭϭ͘ϴϬϱ͘ϱϳϬ ĂƚĂƵ ϰϬϭ͕ϯϲй ũŝŬĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ƉĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϲ ;ƚŝĚĂŬ ĚŝĂƵĚŝƚͿ ƐĞďĞƐĂƌ h^Ϯ͘ϵϰϭ͘ϰϮϲ͘ <ĞŶĂŝŬĂŶ
ƚĞƌƐĞďƵƚĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƌĞĂůŝƐĂƐŝŝŶǀĞƐƚĂƐŝLJĂŶŐƚĞƌũĂĚŝƉĂĚĂƉĞƌŝŽĚĞďĞƌũĂůĂŶ͘

ƌƵƐ<ĂƐĂƌŝŬƚŝǀŝƚĂƐWĞŶĚĂŶĂĂŶ
<ĂƐďĞƌƐŝŚLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐƉĞŶĚĂŶĂĂŶĚŝƉĞƌŝŽĚĞϯďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚ
ϮϬϭϳĂĚĂůĂŚƐĞďĞƐĂƌh^ϰ͘ϯϭϰ͘ϰϳϴ͕ŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌh^Ϯ͘Ϭϲϰ͘ϬϯϰĂƚĂƵϵϭ͕ϳϮйũŝŬĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶ
ƉĞƌŝŽĚĞ ϯ ďƵůĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϲ ;ƚŝĚĂŬ ĚŝĂƵĚŝƚͿ ƐĞďĞƐĂƌ h^Ϯ͘ϮϱϬ͘ϰϰϰ͘ <ĞŶĂŝŬĂŶ
ƚĞƌƐĞďƵƚĚŝƐĞďĂďŬĂŶĚŝŬĂƌĞŶĂŬĂŶƉĞŵďĂLJĂƌĂŶƵƚĂŶŐďĂŶŬƉĂĚĂƉĞƌŝŽĚĞďĞƌũĂůĂŶ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ

ƌƵƐ<ĂƐĂƌŝŬƚŝǀŝƚĂƐKƉĞƌĂƐŝ
<ĂƐďĞƌƐŝŚLJĂŶŐĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝ Ěŝ ƉĞƌŝŽĚĞLJĂŶŐ ďĞƌĂŬŚŝƌƉĂĚĂ ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲ
ĂĚĂůĂŚ ƐĞďĞƐĂƌ h^ϭϲ͘Ϯϱϱ͘ϴϯϯ͕ ŵĞŶƵƌƵŶ ƐĞďĞƐĂƌ h^ϭϳ͘Ϯϯϰ͘ϴϰϲ ĂƚĂƵ ϭ͘ϳϲϬ͕ϰϯй ũŝŬĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ŬĂƐďĞƌƐŝŚLJĂŶŐĚŝƉĞƌŽůĞŚĚĂƌŝĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝƵŶƚƵŬƉĞƌŝŽĚĞLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ
ƐĞďĞƐĂƌh^ϵϳϵ͘Ϭϭϯ͘WĞŶƵƌƵŶĂŶĂƌƵƐŬĂƐďĞƌƐŝŚƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚƉĞŶŝŶŐŬĂƚĂŶƉĞŵďĂLJĂƌĂŶŬĞƉĂĚĂ
ƐƵƉƉůŝĞƌ ƐĞďĂŐĂŝ ƉĞƌďĂŝŬĂŶ ŬŝŶĞƌũĂ ƉĞŵďĂLJĂƌĂŶ LJĂŶŐ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŶƵƌƵŶŬĂŶ ďŝĂLJĂ ŵĂƚĞƌŝĂů ĚĂŶ
ƐƵďŬŽŶƚƌĂŬƐĞŚŝŶŐŐĂĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶƉƌŽĨŝƚĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘

ƌƵƐ<ĂƐĂƌŝŬƚŝǀŝƚĂƐ/ŶǀĞƐƚĂƐŝ
<ĂƐďĞƌƐŝŚLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐŝŶǀĞƐƚĂƐŝĚŝƉĞƌŝŽĚĞLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲ
ĂĚĂůĂŚ ƐĞďĞƐĂƌ h^Ϯϰ͘ϵϮϱ͘ϳϴϮ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ h^ϭϴ͘ϳϰϵ͘ϬϬϭ ĂƚĂƵ ϯϬϯ͕ϱϰй ũŝŬĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ƉĞƌŝŽĚĞLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱƐĞďĞƐĂƌh^ϲ͘ϭϳϲ͘ϳϴϭ͘WĞŶŝŶŐŬĂƚĂŶƚĞƌƐĞďƵƚƚĞƌƵƚĂŵĂ
ĚŝƐĞďĂďŬĂŶŽůĞŚƉĞŶĂŵďĂŚĂŶĂƐĞƚƵŶƚƵŬŵĞŶĚƵŬƵŶŐƉĞƌƚƵŵďƵŚĂŶŬĂƉĂďŝůŝƚĂƐƉƌŽĚƵŬƐŝĚĂŶƉĞŶŐĞŵďĂŶŐĂŶ
ƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘

ƌƵƐ<ĂƐĂƌŝŬƚŝǀŝƚĂƐWĞŶĚĂŶĂĂŶ
<ĂƐĞƌƐŝŚŝƉĞƌŽůĞŚĂƌŝŬƚŝǀŝƚĂƐWĞŶĚĂŶĂĂŶĚŝƉĞƌŝŽĚĞLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲĂĚĂůĂŚ
ƐĞďĞƐĂƌ h^ϳϴ͘ϱϵϳ͘ϯϳϳ͕ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ h^ϲϴ͘ϮϮϰ͘ϲϯϴ ĂƚĂƵ ϲϱϳ͕ϳϯй ũŝŬĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ
LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ƐĞďĞƐĂƌ h^ϭϬ͘ϯϳϮ͘ϳϯϵ͘ <ĞŶĂŝŬĂŶ ƚĞƌƐĞďƵƚ ĚŝƐĞďĂďŬĂŶ
ƚĞƌƵƚĂŵĂ ŽůĞŚ ƉĞŶĞƌŝŵĂĂŶ ƉĞŶĐĂŝƌĂŶ ĨĂƐŝůŝƚĂƐ ƉŝŶũĂŵĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ƵŶƚƵŬ ŵĞŶĚĂŶĂŝ
ƌĞŶĐĂŶĂŝŶǀĞƐƚĂƐŝϮϬϭϲ͘

dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϰ

ƌƵƐ<ĂƐĂƌŝŬƚŝǀŝƚĂƐKƉĞƌĂƐŝ
<ĂƐ ďĞƌƐŝŚ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ƵŶƚƵŬ ĂŬƚŝǀŝƚĂƐ ŽƉĞƌĂƐŝ Ěŝ ƉĞƌŝŽĚĞ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ
ĂĚĂůĂŚƐĞďĞƐĂƌh^ϵϳϵ͘Ϭϭϯ͕ŵĞŶƵƌƵŶƐĞďĞƐĂƌh^ϭϰ͘ϮϲϬ͘ϱϰϵĂƚĂƵϵϯ͕ϱϴйũŝŬĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉĞƌŝŽĚĞ
LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ h^ϭϱ͘Ϯϯϵ͘ϱϲϮ͘ WĞŶƵƌƵŶĂŶ ĂƌƵƐ ŬĂƐ ďĞƌƐŝŚ LJĂŶŐ
ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ĂŬƚŝǀŝƚĂƐ ŽƉĞƌĂƐŝ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶƵƌƵŶĂŶ ƚŝŶŐŬĂƚ ŬŽůĞŬƚŝďŝůŝƚĂƐ ƉŝƵƚĂŶŐ ƚĞƌƵƚĂŵĂ
ĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶŬĞŵĂŵƉƵĂŶďĂLJĂƌƉĞůĂŶŐŐĂŶĚĂŶƉĞŶŝŶŐŬĂƚĂŶƉĞŵďĂLJĂƌĂŶƉĂĚĂƉĞŵĂƐŽŬ͘

39
ƌƵƐ<ĂƐĂƌŝŬƚŝǀŝƚĂƐ/ŶǀĞƐƚĂƐŝ
<ĂƐďĞƌƐŝŚLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬŬĞŐŝĂƚĂŶŝŶǀĞƐƚĂƐŝĚŝƉĞƌŝŽĚĞLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱ
ĂĚĂůĂŚƐĞďĞƐĂƌh^ϲ͘ϭϳϲ͘ϳϴϭŵĞŶƵƌƵŶƐĞďĞƐĂƌh^ϭϳ͘Ϭϲϵ͘ϬϮϯĂƚĂƵϳϯ͕ϰϯйũŝŬĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉĞƌŝŽĚĞ
LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ h^Ϯϯ͘Ϯϰϱ͘ϴϬϰ͘ WĞŶƵƌƵŶĂŶ ƚĞƌƐĞďƵƚ ƚĞƌƵƚĂŵĂ
ĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂŵĂLJŽƌŝƚĂƐƉĞŵďĂLJĂƌĂŶŝŶǀĞƐƚĂƐŝƚĂŚƵŶϮϬϭϱďĂƌƵĂŬĂŶƚĞƌũĂĚŝƉĂĚĂƚĂŚƵŶϮϬϭϲ

ƌƵƐ<ĂƐĂƌŝŬƚŝǀŝƚĂƐWĞŶĚĂŶĂĂŶ
<ĂƐĞƌƐŝŚŝƉĞƌŽůĞŚĂƌŝŬƚŝǀŝƚĂƐWĞŶĚĂŶĂĂŶĚŝƉĞƌŝŽĚĞLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱĂĚĂůĂŚ
ƐĞďĞƐĂƌh^ϭϬ͘ϯϳϮ͘ϳϯϵŵĞŶƵƌƵŶƐĞďĞƐĂƌh^Ϯ͘ϰϱϮ͘ϲϵϱĂƚĂƵϭϵ͕ϭϮйũŝŬĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉĞƌŝŽĚĞLJĂŶŐ
ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ƐĞďĞƐĂƌ h^ϭϮ͘ϴϮϱ͘ϰϯϰ͘ WĞŶƵƌƵŶĂŶ ƚĞƌƐĞďƵƚ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ
ƉĞŵďĂLJĂƌĂŶ ĐŝĐŝůĂŶ ƉŽŬŽŬ ƉŝŶũĂŵĂŶ ŵĞŶũĂĚŝ ƐĞďĞƐĂƌ h^ϭϭ͕ϱϴϱ͕ϵϱϳ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϱ͕ ůĞďŝŚ ďĞƐĂƌ
ĚŝďĂŶĚŝŶŐŬĂŶ ƉĞŵďĂLJĂƌĂŶ ĐŝĐŝůĂŶ ƉŽŬŽŬ ƉŝŶũĂŵĂŶ ƐĞďĞƐĂƌ h^ϯ͕ϱϮϮ͕Ϭϭϳ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϰ͘ ŝƐŝƐŝ ůĂŝŶ ƉĂĚĂ
ĂŬŚŝƌ ƚĂŚƵŶ ϮϬϭϱ͕ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶĐĂŝƌĂŶ ƉŝŶũĂŵĂŶ ĚĂƌŝ Wd /ŶĚŽŶĞƐŝĂ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ &ŝŶĂŶĐĞ LJĂŶŐ
ŵĂLJŽƌŝƚĂƐĂŬĂŶĚŝƌĞĂůŝƐĂƐŝŬĂŶƉĂĚĂƚĂŚƵŶϮϬϭϲ͘

ϴ͘ Z^/KͲZ^/K<hE'EWEd/E'

ZĂƐŝŽ^ŽůǀĂďŝůŝƚĂƐ

ϯϭĞƐĞŵďĞƌ ϯϭĞƐĞŵďĞƌ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ ϯϭDĂƌĞƚϮϬϭϳ
ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ

ZĂƐŝŽ:ƵŵůĂŚ<ĞǁĂũŝďĂŶdĞƌŚĂĚĂƉƐĞƚ;йͿ ϱϵ͕ϵϱ ϲϭ͕Ϭϭ ϲϬ͕ϳϳ ϲϰ͕ϳϵ

ZĂƐŝŽhƚĂŶŐdĞƌŚĂĚĂƉDŽĚĂů;ZͿ;йͿ ϭϰϵ͕ϳϬ ϭϱϲ͕ϰϵ ϭϱϰ͕ϵϬ ϭϴϰ͕ϬϬ
ZĂƐŝŽdŽƚĂůhƚĂŶŐĞƌďƵŶŐĂdĞƌŚĂĚĂƉŬƵŝƚĂƐ;йͿ ϳϭ͕ϳϬ ϳϵ͕Ϭϱ ϰϳ͕Ϭϴ ϱϲ͕ϵϵ
ZĂƐŝŽ:ƵŵůĂŚŬƵŝƚĂƐdĞƌŚĂĚĂƉ:ƵŵůĂŚƐĞƚ;йͿ ϰϬ͕Ϭϱ ϯϴ͕ϵϵ ϯϵ͕Ϯϯ ϯϱ͕Ϯϭ
/ddĞƌŚĂĚĂƉĞďĂŶƵŶŐĂ;йͿ ϳϵϴ͕ϳϵ ϭ͘ϱϯϴ͕ϱϬ Ϯ͘Ϭϭϯ͕ϱϭ ϭ͘ϲϴϬ͕ϳϰ

ZĂƐŝŽ :ƵŵůĂŚ <ĞǁĂũŝďĂŶ dĞƌŚĂĚĂƉ ƐĞƚ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ͕ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͕
ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ͕ ĚĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ ϱϵ͕ϵϱй͕ ϲϭ͕Ϭϭй͕ ϲϬ͕ϳϳй͕ ĚĂŶ ϲϰ͕ϳϵй͘
WĞŶŝŶŐŬĂƚĂŶƌĂƐŝŽ:ƵŵůĂŚ<ĞǁĂũŝďĂŶdĞƌŚĂĚĂƉƐĞƚWĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚƉĞŶŝŶŐŬĂƚĂŶũƵŵůĂŚ
ĂƐĞƚůĞďŝŚďĞƐĂƌĚĂƌŝƉĂĚĂũƵŵůĂŚůŝĂďŝůŝƚĂƐ͘

ZĂƐŝŽhƚĂŶŐdĞƌŚĂĚĂƉDŽĚĂů;ĞďƚƚŽƋƵŝƚLJZĂƚŝŽͿWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳ͕ϯϭĞƐĞŵďĞƌϮϬϭϲ͕
ϯϭĞƐĞŵďĞƌϮϬϭϱ͕ĚĂŶϯϭĞƐĞŵďĞƌϮϬϭϰŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞďĞƐĂƌϭϰϵ͕ϳϬй͕ϭϱϲ͕ϰϵй͕ϭϱϰ͕ϵϬй͕ĚĂŶϭϴϰ͕ϬϬй͘
WĞŶŝŶŐŬĂƚĂŶhƚĂŶŐdĞƌŚĂĚĂƉDŽĚĂů;ĞďƚƚŽƋƵŝƚLJZĂƚŝŽͿWĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂ
ũƵŵůĂŚƵƚĂŶŐũĂŶŐŬĂƉĞŶĚĞŬ͘

ZĂƐŝŽ dŽƚĂů hƚĂŶŐ ĞƌďƵŶŐĂ dĞƌŚĂĚĂƉ ŬƵŝƚĂƐ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ͕ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͕
ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ͕ ĚĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ ϳϭ͕ϳϬй͕ ϳϵ͕Ϭϱй͕ ϰϳ͕Ϭϴй͕ ĚĂŶ ϱϲ͕ϵϵй͘
WĞŶŝŶŐŬĂƚĂŶƌĂƐŝŽdŽƚĂůhƚĂŶŐĞƌďƵŶŐĂdĞƌŚĂĚĂƉŬƵŝƚĂƐWĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂ
ůĂďĂĚĂŶƉĞŶƵƌƵŶĂŶƵƚĂŶŐďĞƌďƵŶŐĂ͘

ZĂƐŝŽ :ƵŵůĂŚ ŬƵŝƚĂƐ dĞƌŚĂĚĂƉ :ƵŵůĂŚ ƐĞƚ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ͕ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͕
ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ͕ ĚĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ ϰϬ͕Ϭϱй͕ ϯϴ͕ϵϵй͕ ϯϵ͕Ϯϯй͕ ĚĂŶ ϯϱ͕Ϯϭй͘
WĞŶŝŶŐŬĂƚĂŶ ƌĂƐŝŽ :ƵŵůĂŚ ŬƵŝƚĂƐ dĞƌŚĂĚĂƉ :ƵŵůĂŚ ƐĞƚ WĞƌƐĞƌŽĂŶ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ
ĞŬƵŝƚĂƐůĞďŝŚďĞƐĂƌĚĂƌŝƉĂĚĂƉĞŶŝŶŐŬĂƚĂŶĂƐĞƚWĞƌƐĞƌŽĂŶ͘

/ddĞƌŚĂĚĂƉĞďĂŶƵŶŐĂWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳ͕ϯϭĞƐĞŵďĞƌϮϬϭϲ͕ϯϭĞƐĞŵďĞƌϮϬϭϱ͕
ĚĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ ϳϵϴ͕ϳϵй͕ ϭ͘ϱϯϴ͕ϱϬй͕ Ϯ͘Ϭϭϯ͕ϱϭй͕ ĚĂŶ ϭ͘ϲϴϬ͕ϳϰй͘ WĞŶƵƌƵŶĂŶ
ƌĂƐŝŽ/ddĞƌŚĂĚĂƉĞďĂŶƵŶŐĂWĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂďĞďĂŶŬĞƵĂŶŐĂŶ͘





40
ZĂƐŝŽWƌŽĨŝƚĂďŝůŝƚĂƐ


<ĞƚĞƌĂŶŐĂŶ ϯϭDĂƌĞƚϮϬϭϳ ϯϭĞƐĞŵďĞƌϮϬϭϲ ϯϭĞƐĞŵďĞƌϮϬϭϱ ϯϭĞƐĞŵďĞƌϮϬϭϰ

DĂƌŐŝŶ>ĂďĂhƐĂŚĂ;йͿ ϭϭ͕ϵϯ ϮϮ͕ϰϴ ϭϰ͕ϲϲ ϵ͕ϰϱ

DĂƌŐŝŶ>ĂďĂĞƌƐŝŚ;йͿ ϵ͕ϱϰ ϭϰ͕ϴϲ ϭϭ͕ϴϰ ϲ͕ϴϴ
dŝŶŐŬĂƚWĞŶŐĞŵďĂůŝĂŶƐĞƚ;йͿ Ϯ͕ϮϬ ϭϯ͕Ϭϱ ϭϭ͕ϱϲ ϳ͕Ϭϵ
dŝŶŐŬĂƚWĞŶŐĞŵďĂůŝĂŶDŽĚĂů;йͿ ϱ͕ϱϬ ϯϯ͕ϰϲ Ϯϵ͕ϰϳ ϮϬ͕ϭϰ

DĂƌŐŝŶ ůĂďĂ ƵƐĂŚĂ ;KƉĞƌĂƚŝŶŐ WƌŽĨŝƚ DĂƌŐŝŶͿ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ͕ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͕
ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ͕ ĚĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ ϭϭ͕ϵϯй͕ ϮϮ͕ϰϴй͕ ϭϰ͕ϲϲй͕ ĚĂŶ ϵ͕ϰϱй͘
WĞŶŝŶŐŬĂƚĂŶ ƌĂƐŝŽ ŵĂƌŐŝŶ ůĂďĂ ƵƐĂŚĂ ;KƉĞƌĂƚŝŶŐ WƌŽĨŝƚ DĂƌŐŝŶͿ WĞƌƐĞƌŽĂŶ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ
ƉĞŶŝŶŐŬĂƚĂŶƉĂĚĂƉĞŶĚĂƉĂƚĂŶƵƐĂŚĂĚĂŶƵƉĂLJĂĞĨŝƐŝĞŶƐŝƉĞŶŐĞůƵĂƌĂŶďŝĂLJĂLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƵƐĂŚĂĂŶ͘

DĂƌŐŝŶ ůĂďĂ ďĞƌƐŝŚ ;EĞƚ WƌŽĨŝƚ DĂƌŐŝŶͿ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ͕ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͕
ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ͕ ĚĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ ϵ͕ϱϰй͕ ϭϰ͕ϴϲй͕ ϭϭ͕ϴϰй͕ ĚĂŶ ϲ͕ϴϴй͘
WĞŶŝŶŐŬĂƚĂŶƌĂƐŝŽŵĂƌŐŝŶůĂďĂďĞƌƐŝŚ;EĞƚWƌŽĨŝƚDĂƌŐŝŶͿWĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂƐĞũĂůĂŶĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶƌĂƐŝŽ
ŵĂƌŐŝŶůĂďĂŽƉĞƌĂƐŝ;KƉĞƌĂƚŝŶŐWƌŽĨŝƚDĂƌŐŝŶͿWĞƌƐĞƌŽĂŶ͘

dŝŶŐŬĂƚ WĞŶŐĞŵďĂůŝĂŶ ƐĞƚ ;ZKͿ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ͕ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͕ ϯϭ ĞƐĞŵďĞƌ
ϮϬϭϱ͕ĚĂŶϯϭĞƐĞŵďĞƌϮϬϭϰŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞďĞƐĂƌϮ͕ϮϬй͕ϭϯ͕Ϭϱй͕ϭϭ͕ϱϲй͕ĚĂŶϳ͕Ϭϵй͘WĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂ
ĚŝƐĞďĂďŬĂŶŽůĞŚƉĞŶŝŶŐŬĂƚĂŶůĂďĂďĞƌƐŝŚůĞďŝŚďĞƐĂƌĚŝďĂŶĚŝŶŐŬĂŶƉĞŶĂŵďĂŚĂŶĂƐĞƚ͘

dŝŶŐŬĂƚWĞŶŐĞŵďĂůŝĂŶŬƵŝƚĂƐ;ZKͿWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳ͕ϯϭĞƐĞŵďĞƌϮϬϭϲ͕ϯϭĞƐĞŵďĞƌ
ϮϬϭϱ͕ ĚĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ ϱ͕ϱϬй͕ ϯϯ͕ϰϲй͕ Ϯϵ͕ϰϳй͕ ĚĂŶ ϮϬ͕ϭϰй͘ WĞŶƵƌƵŶĂŶ ZĂƐŝŽ
ŝŵďĂů ŚĂƐŝů ĞŬƵŝƚĂƐ ;ZKͿ WĞƌƐĞƌŽĂŶ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ůĂďĂ ďĞƌƐŝŚ ůĞďŝŚ ďĞƐĂƌ
ĚŝďĂŶĚŝŶŐŬĂŶƉĞŶĂŵďĂŚĂŶŵŽĚĂůƐĞŶĚŝƌŝ͘

ZĂƐŝŽ>ŝŬƵŝĚŝƚĂƐ

<ĞƚĞƌĂŶŐĂŶ ϯϭDĂƌĞƚϮϬϭϳ ϯϭĞƐĞŵďĞƌϮϬϭϲ ϯϭĞƐĞŵďĞƌϮϬϭϱ ϯϭĞƐĞŵďĞƌϮϬϭϰ
ZĂƐŝŽ<ĂƐͲĂƐŚZĂƚŝŽ;йͿ Ϯϯ͕ϯϴ ϰϭ͕ϭϴ Ϯϳ͕ϳϲ Ϯϲ͕ϵϭ
ZĂƐŝŽĞƉĂƚͲYƵŝĐŬZĂƚŝŽ;йͿ ϭϱϵ͕Ϭϭ ϭϲϲ͕ϭϳ ϭϱϱ͕ϬϬ ϭϮϳ͕ϳϵ
ZĂƐŝŽ>ĂŶĐĂƌ–ƵƌƌĞŶƚZĂƚŝŽ;йͿ Ϯϭϭ͕ϱϲ ϮϮϯ͕ϲϭ ϮϮϵ͕ϴϭ ϮϬϲ͕ϯϮ

ZĂƐŝŽ ŬĂƐ ;ĂƐŚ ZĂƚŝŽͿ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ͕ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ͕ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ͕ ĚĂŶ
ϯϭĞƐĞŵďĞƌϮϬϭϰŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞďĞƐĂƌϮϯ͕ϯϴй͕ϰϭ͕ϭϴй͕Ϯϳ͕ϳϲй͕ĚĂŶϮϲ͕ϵϭй͘WĞŶŝŶŐŬĂƚĂŶƌĂƐŝŽŬĂƐ;ĂƐŚ
ZĂƚŝŽͿWĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚƉĞŶŝŶŐŬĂƚĂŶŬĞƚĞƌƐĞĚŝĂĂŶŬĂƐĚĂŶƐĞƚĂƌĂŬĂƐƉĞƌƵƐĂŚĂĂŶŬĂƌĞŶĂ
ƉĞƌƵƐĂŚĂĂŶŵĞůĂŬƵŬĂŶŽƉƚŝŵĂůŝƐĂƐŝƉĞŵďĂLJĂƌĂŶŵĞŶŐŐƵŶĂŬĂŶĨĂƐŝůŝƚĂƐƚƌĂĚĞĚĂƌŝƉĞƌďĂŶŬĂŶ͘

ZĂƐŝŽĐĞƉĂƚ;YƵŝĐŬZĂƚŝŽͿWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳ͕ϯϭĞƐĞŵďĞƌϮϬϭϲ͕ϯϭĞƐĞŵďĞƌϮϬϭϱ͕ĚĂŶ
ϯϭĞƐĞŵďĞƌϮϬϭϰŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞďĞƐĂƌϭϱϵ͕Ϭϭй͕ϭϲϲ͕ϭϳй͕ϭϱϱ͕ϬϬй͕ĚĂŶϭϮϳ͕ϳϵй͘WĞŶŝŶŐŬĂƚĂŶƌĂƐŝŽĐĞƉĂƚ
;YƵŝĐŬ ZĂƚŝŽͿ WĞƌƐĞƌŽĂŶ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ŬĞƚĞƌƐĞĚŝĂĂŶ ŬĂƐ ĚĂŶ ƐĞƚĂƌĂ ŬĂƐ ƐĞƌƚĂ
ƉĞƌƚƵŵďƵŚĂŶƉŝƵƚĂŶŐĚĂŶƚĂŐŝŚĂŶďƌƵƚŽ͘
ZĂƐŝŽůĂŶĐĂƌ ;ƵƌƌĞŶƚZĂƚŝŽͿ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂůϯϭDĂƌĞƚ ϮϬϭϳ͕ϯϭĞƐĞŵďĞƌ ϮϬϭϲ͕ϯϭĞƐĞŵďĞƌ ϮϬϭϱ͕
ĚĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϰ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ Ϯϭϭ͕ϱϲй͕ ϮϮϯ͕ϲϭй͕ ϮϮϵ͕ϴϭй͕ ĚĂŶ ϮϬϲ͕ϯϮй͘ WĞŶƵƌƵŶĂŶ ƌĂƐŝŽ
ůĂŶĐĂƌ;ƵƌƌĞŶƚZĂƚŝŽͿWĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂŬĞǁĂũŝďĂŶũĂŶŐŬĂƉĞŶĚĞŬLJĂŶŐůĞďŝŚ
ďĞƐĂƌĚŝďĂŶĚŝŶŐŬĂŶƉĞŶŝŶŐŬĂƚĂŶĂƐĞƚůĂŶĐĂƌ͘





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^ƵŵďĞƌƵƚĂŵĂůŝŬƵŝĚŝƚĂƐŝŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶďĞƌĂƐĂůĚĂƌŝŬĂƐĚĂŶƉŝƵƚĂŶŐƵƐĂŚĂ͘^ĞĚĂŶŐŬĂŶƐƵŵďĞƌĞŬƐƚĞƌŶĂů
WĞƌƐĞƌŽĂŶ ďĞƌĂƐĂů ĚĂƌŝ ƉĞŶĚĂŶĂĂŶ ĚĂƌŝ ƉĞƌďĂŶŬĂŶ ĚĂŶ ŶŽŶ ƉĞƌďĂŶŬĂŶ͘ Ăƌŝ ďĞďĞƌĂƉĂ ƐƵŵďĞƌ ƚĞƌƐĞďƵƚ͕
ƚĞƌĚĂƉĂƚ ďĞďĞƌĂƉĂ ƐƵŵďĞƌ ůŝŬƵŝĚŝƚĂƐ LJĂŶŐ ŵĂƚĞƌŝĂů LJĂŶŐ ďĞůƵŵ ĚŝŐƵŶĂŬĂŶ ;ĐŽŶƚŝŶŐĞŶĐLJ ƉƵƌƉŽƐĞͿ ƐĞƉĞƌƚŝ
ƚĂŵďĂŚĂŶ ĨĂƐŝůŝƚĂƐ ŶŽŶ ƚƵŶĂŝƐĞďĞƐĂƌ h^ϳϱ ũƵƚĂ͘ ĞŶŐĂŶ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ƐƵŵďĞƌ ĚĂLJĂ ŬĞƵĂŶŐĂŶ LJĂŶŐ
ƚĞƌƐĞĚŝĂ ďĂŐŝ WĞƌƐĞƌŽĂŶ͕ ƚĞƌŵĂƐƵŬ ŬĂƐ LJĂŶŐ ĚŝŚĂƐŝůŬĂŶ ĚĂƌŝ ĂŬƚŝǀŝƚĂƐ ŽƉĞƌĂƐŝ͕ ĨĂƐŝůŝƚĂƐ ďĂŶŬ ĚĂŶ ĚĂŶĂ ŚĂƐŝů
ƉĞŶĂǁĂƌĂŶƵŵƵŵ͕WĞƌƐĞƌŽĂŶďĞƌŬĞLJĂŬŝŶĂŶďĂŚǁĂWĞƌƐĞƌŽĂŶŵĂƐŝŚŵĞŵŝůŝŬŝůŝŬƵŝĚŝƚĂƐLJĂŶŐŵĞŶĐƵŬƵƉŝƵŶƚƵŬ
ŬĞƉĞƌůƵĂŶŽƉĞƌĂƐŝĚĂŶŵĞŵďĂLJĂƌƵƚĂŶŐŵŝŶŝŵĂůƵŶƚƵŬϭϮďƵůĂŶŬĞĚĞƉĂŶ͘

ĂůĂŵŵĞŶŐĞůŽůĂůŝŬƵŝĚŝƚĂƐ͕WĞƌƐĞƌŽĂŶŵĞŵĂƐƚŝŬĂŶƐĞƚŝĂƉŬĞďƵƚƵŚĂŶĚĂŶĂĚŝƐĂĂƚŝŶŝ͕ŵĂƵƉƵŶĚŝŵĂƐĂĚĂƚĂŶŐ
ďĂŝŬ ƵŶƚƵŬ ŬŽŶĚŝƐŝ ŶŽƌŵĂů ŵĂƵƉƵŶ ŬŽŶĚŝƐŝ ƐƚƌĞƐ ĚĂƉĂƚ ĚŝƉĞŶƵŚŝ͘ :ƵŵůĂŚ ĂƐĞƚ ůĂŶĐĂƌ LJĂŶŐ ŵĞŵĂĚĂŝ
ĚŝƉĞƌƚĂŚĂŶŬĂŶƵŶƚƵŬŵĞŶũĂŵŝŶŬĞďƵƚƵŚĂŶůŝŬƵŝĚŝƚĂƐLJĂŶŐƚĞƌŬĞŶĚĂůŝƐĞƚŝĂƉǁĂŬƚƵ͘

ϵ͘ :hD>,W/E:DEzE'D^/,dZhdE'

WĞƌƐĞƌŽĂŶ ŵĞŵƉƵŶLJĂŝ ƉŝŶũĂŵĂŶ LJĂŶŐ ŵĂƐŝŚ ƚĞƌƵƚĂŶŐ ƉĂĚĂ ƚĂŶŐŐĂů ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĞƌĂŬŚŝƌ ƉĞƌ ϯϭ DĂƌĞƚ
ϮϬϭϳĚĞŶŐĂŶŬĞƚĞƌĂŶŐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EŽ͘ WŝŶũĂŵĂŶ dŽƚĂůWŝŶũĂŵĂŶ;ĚĂůĂŵh^Ϳ
ϭ͘ WŝŶũĂŵĂŶũĂŶŐŬĂƉĞŶĚĞŬ ϯϭ͘Ϯϯϲ͘ϭϰϭ
Ϯ͘ WŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐũĂƚƵŚƚĞŵƉŽĚĂůĂŵǁĂŬƚƵƐĂƚƵƚĂŚƵŶ Ϯϰ͘ϮϮϲ͘ϬϬϬ
ϯ͘ WŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐ–ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝďĂŐŝĂŶũĂƚƵŚƚĞŵƉŽ ϳϲ͘ϲϯϴ͘ϰϮϱ
ĚĂůĂŵƐĂƚƵƚĂŚƵŶ
 dŽƚĂůƉŝŶũĂŵĂŶLJĂŶŐŵĂƐŝŚƚĞƌƵƚĂŶŐ ϭϯϮ͘ϭϬϬ͘ϱϲϲ

WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƐĂůĚŽ WŝŶũĂŵĂŶ ũĂŶŐŬĂ ƉĞŶĚĞŬ ĚĂŶ WŝŶũĂŵĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ ũĂƚƵŚ ƚĞŵƉŽ ĚĂůĂŵ ǁĂŬƚƵ
ƐĂƚƵ ƚĂŚƵŶ͕ LJĂŶŐ ĂŬĂŶ ũĂƚƵŚ ƚĞŵƉŽ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϳ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ Ϯϯ͕ϲϱй ĚĂŶ ϭϴ͕ϯϯйĚĂƌŝ ƚŽƚĂů
ƉŝŶũĂŵĂŶWĞƌƐĞƌŽĂŶLJĂŶŐŵĂƐŝŚƚĞƌƵƚĂŶŐ͘

WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƐĂůĚŽWŝŶũĂŵĂŶũĂŶŐŬĂƉĂŶũĂŶŐ–ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝďĂŐŝĂŶũĂƚƵŚƚĞŵƉŽĚĂůĂŵƐĂƚƵƚĂŚƵŶ͕
LJĂŶŐĂŬĂŶũĂƚƵŚƚĞŵƉŽƉĂĚĂƚĂŚƵŶϮϬϭϳƐĞďĞƐĂƌϱϴ͕ϬϭйĚĂƌŝƚŽƚĂůƉŝŶũĂŵĂŶWĞƌƐĞƌŽĂŶLJĂŶŐŵĂƐŝŚƚĞƌƵƚĂŶŐ͘

ϭϬ͘ >E:DK>

WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ ďĂƌĂŶŐ ŵŽĚĂů ĚĂůĂŵ ďĞŶƚƵŬ ƉĞŵďĞůŝĂŶ ƉĞŵďĞůŝĂŶ ŵĞƐŝŶ͕ ƉĞƌůĞŶŐŬĂƉĂŶ ĚĂŶ
ƉĞƌĂůĂƚĂŶ ƉƌŽĚƵŬƐŝ ƐĞƌƚĂ ƉĞŶŐĞŵďĂŶŐĂŶ ƐĂƌĂŶĂ ĚĂŶ ƉƌĂ ƐĂƌĂŶĂ ƉƌŽĚƵŬƐŝ͘ :ƵŵůĂŚ ďĞůĂŶũĂ ŵŽĚĂů WĞƌƐĞƌŽĂŶ
ĂĚĂůĂŚƐĞďĞƐĂƌh^ϭϰ͘ϳϰϲ͘ϵϵϲĚĂŶh^Ϯ͘ϵϰϭ͘ϰϮϲ͕ŵĂƐŝŶŐͲŵĂƐŝŶŐƵŶƚƵŬƉĞƌŝŽĚĞϯďƵůĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂ
ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ĚĂŶ ϮϬϭϲ ƐĞƌƚĂ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ h^Ϯϰ͘ϵϮϱ͘ϳϴϮ͕ h^ϲ͘ϭϳϲ͘ϳϴϭ͕ ĚĂŶ
h^Ϯϯ͘Ϯϰϱ͘ϴϬϰƵŶƚƵŬƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϭϲ͕ϮϬϭϱ͕ĚĂŶϮϬϭϰ͘

ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ ϮϬϭϲ
ϮϬϭϳ ;dŝĚĂŬ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
ŝĂƵĚŝƚͿ
<ĂƐĞƌƐŝŚŝƉĞƌŽůĞŚĚĂƌŝŬƚŝǀŝƚĂƐKƉĞƌĂƐŝ ;ϯ͘ϲϭϲ͘ϮϴϲͿ ;ϭϬ͘ϴϯϬ͘ϰϬϳͿ ;ϭϲ͘Ϯϱϱ͘ϴϯϯͿ ϵϳϵ͘Ϭϭϯ ϭϱ͘Ϯϯϵ͘ϱϲϮ
<ĂƐďĞƌƐŝŚĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐŝŶǀĞƐƚĂƐŝ ;ϭϰ͘ϳϰϲ͘ϵϵϲͿ ;Ϯ͘ϵϰϭ͘ϰϮϲͿ ;Ϯϰ͘ϵϮϱ͘ϳϴϮͿ ;ϲ͘ϭϳϲ͘ϳϴϭͿ ;Ϯϯ͘Ϯϰϱ͘ϴϬϰͿ
<ĂƐ ďĞƌƐŝŚ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ ;ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬͿ
;ϰ͘ϯϭϰ͘ϰϳϴͿ ;Ϯ͘ϮϱϬ͘ϰϰϰͿ ϳϴ͘ϱϵϳ͘ϯϳϳ ϭϬ͘ϯϳϮ͘ϳϯϵ ϭϮ͘ϴϮϱ͘ϰϯϰ
ĂŬƚŝǀŝƚĂƐƉĞŶĚĂŶĂĂŶ
<E/<E ;WEhZhEEͿ Z^/, <^ E
;ϮϮ͘ϲϳϳ͘ϳϲϬͿ ;ϭϲ͘ϬϮϮ͘ϮϳϳͿ ϯϳ͘ϰϭϱ͘ϳϲϮ ϱ͘ϭϳϰ͘ϵϳϭ ϰ͘ϴϭϵ͘ϭϵϮ
^dZ<^
<^E^dZ<^t>d,hE ϲϬ͘ϰϰϭ͘ϴϲϳ Ϯϱ͘ϰϱϳ͘ϬϰϬ Ϯϱ͘ϰϱϳ͘ϬϰϬ ϮϬ͘ϯϲϴ͘ϯϱϴ ϭϳ͘ϯϯϬ͘ϭϰϬ
ĨĞŬƉĞƌƵďĂŚĂŶŬƵƌƐŵĂƚĂƵĂŶŐĂƐŝŶŐ Ϯ͘ϱϰϴ ϮϮϱ͘ϯϮϰ ;Ϯ͘ϰϯϬ͘ϵϯϱͿ ;ϴϲ͘ϮϴϵͿ ;ϭ͘ϳϴϬ͘ϵϳϰͿ
<^E^dZ<^<,/Zd,hE ϯϳ͘ϳϲϲ͘ϲϱϱ ϵ͘ϲϲϬ͘Ϭϴϳ ϲϬ͘ϰϰϭ͘ϴϲϳ Ϯϱ͘ϰϱϳ͘ϬϰϬ ϮϬ͘ϯϲϴ͘ϯϱϴ


42
s/͘ &<dKZZ/^/<K

/ŶǀĞƐƚĂƐŝĚĂůĂŵ^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶŵĞŶŐĂŶĚƵŶŐƐĞũƵŵůĂŚƌŝƐŝŬŽ͘WĂƌĂĐĂůŽŶŝŶǀĞƐƚŽƌŚĂƌƵƐďĞƌŚĂƚŝͲŚĂƚŝ
ĚĂůĂŵ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ƐĞůƵƌƵŚ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ƚĞƌĚĂƉĂƚ ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐ ŝŶŝ͕ ŬŚƵƐƵƐŶLJĂ ƌŝƐŝŬŽͲƌŝƐŝŬŽ
ƵƐĂŚĂ Ěŝ ďĂǁĂŚ ŝŶŝ͕ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ ƐĞďĞůƵŵ ŵĞŵďĞůŝ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ͘ ZŝƐŝŬŽ ƚĂŵďĂŚĂŶ
LJĂŶŐƐĂĂƚŝŶŝďĞůƵŵĚŝŬĞƚĂŚƵŝĂƚĂƵĚŝĂŶŐŐĂƉƚŝĚĂŬŵĂƚĞƌŝĂůŽůĞŚWĞƌƐĞƌŽĂŶũƵŐĂĚĂƉĂƚďĞƌƉĞŶŐĂƌƵŚŵĂƚĞƌŝĂů
ĚĂŶŵĞƌƵŐŝŬĂŶƉĂĚĂŬĞŐŝĂƚĂŶƵƐĂŚĂ͕ĂƌƵƐŬĂƐ͕ŚĂƐŝůŽƉĞƌĂƐŝ͕ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶĚĂŶƉƌŽƐƉĞŬƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
,ĂƌŐĂ ^ĂŚĂŵ LJĂŶŐ ŝƚĂǁĂƌŬĂŶ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ƚƵƌƵŶ ĚŝŬĂƌĞŶĂŬĂŶ ƐĂůĂŚ ƐĂƚƵ ƌŝƐŝŬŽ ŝŶŝ͕ ĚĂŶ ĐĂůŽŶ ŝŶǀĞƐƚŽƌ
ĚĂƉĂƚ ŬĞŚŝůĂŶŐĂŶ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ ŶŝůĂŝ ŝŶǀĞƐƚĂƐŝŶLJĂ͘ ĞƐŬƌŝƉƐŝ ƉĂĚĂ ďĂŐŝĂŶ ŝŶŝ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶ WĞŵĞƌŝŶƚĂŚ͕ ĚĂƚĂ ŵĂŬƌŽĞŬŽŶŽŵŝ /ŶĚŽŶĞƐŝĂ ĂƚĂƵ ŝŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ŝŶĚƵƐƚƌŝ ĚŝŵĂŶĂ WĞƌƐĞƌŽĂŶ
ďĞƌŽƉĞƌĂƐŝ͕ĚŝƉĞƌŽůĞŚĚĂƌŝƉƵďůŝŬĂƐŝƌĞƐŵŝWĞŵĞƌŝŶƚĂŚĂƚĂƵƐƵŵďĞƌƉŝŚĂŬŬĞƚŝŐĂůĂŝŶŶLJĂLJĂŶŐƚŝĚĂŬĚŝǀĞƌŝĨŝŬĂƐŝ
ƐĞĐĂƌĂŝŶĚĞƉĞŶĚĞŶŽůĞŚWĞƌƐĞƌŽĂŶ͘

ZŝƐŝŬŽͲƌŝƐŝŬŽLJĂŶŐĂŬĂŶĚŝƵŶŐŬĂƉŬĂŶĚĂůĂŵƵƌĂŝĂŶďĞƌŝŬƵƚŵĞƌƵƉĂŬĂŶƌŝƐŝŬŽͲƌŝƐŝŬŽŵĂƚĞƌŝĂůďĂŐŝWĞƌƐĞƌŽĂŶLJĂŶŐ
ƚĞůĂŚ ĚŝůĂŬƵŬĂŶ ƉĞŵďŽďŽƚĂŶ ďĞƌĚĂƐĂƌŬĂŶ ĚĂŵƉĂŬ ĚĂƌŝ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƌŝƐŝŬŽ ƚĞƌŚĂĚĂƉ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ͕ ĂƌƵƐ
ŬĂƐ͕ ŚĂƐŝů ŽƉĞƌĂƐŝ͕ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ ĚĂŶ ƉƌŽƐƉĞŬ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚŝŵƵůĂŝ ĚĂƌŝ ƌŝƐŝŬŽ ƵƚĂŵĂ LJĂŶŐ ĚĂƉĂƚ
ŵĞŵďĞƌŝŬĂŶĚĂŵƉĂŬƉĂůŝŶŐďĞƐĂƌŚŝŶŐŐĂƌŝƐŝŬŽLJĂŶŐĚĂƉĂƚŵĞŵďĞƌŝŬĂŶĚĂŵƉĂŬLJĂŶŐƉĂůŝŶŐŬĞĐŝů͘

͘ Z/^/<K hdD zE' DDWhEz/ WE'Zh, ^/'E/&/<E dZ,W
<>E'^hE'Eh^,WZ^ZKE

WĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶŵĂƐŝŚĚŝĚŽŵŝŶĂƐŝŽůĞŚďĞďĞƌĂƉĂƉĞůĂŶŐŐĂŶƵƚĂŵĂ

WĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶŵĂƐŝŚĚŝĚŽŵŝŶĂƐŝŽůĞŚďĞďĞƌĂƉĂƉĞůĂŶŐŐĂŶƵƚĂŵĂ͘ĨĞŬĚĂƌŝĚŽŵŝŶĂƐŝƚĞƌƐĞďƵƚĂĚĂůĂŚ
ƉĞƌƚƵŵďƵŚĂŶ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ ďĞƌŐĂŶƚƵŶŐ ŬĞƉĂĚĂ ũƵŵůĂŚ ƉĞƐĂǁĂƚ LJĂŶŐ ĚŝŽƉĞƌĂƐŝŬĂŶ ĚĂŶ ũƵŵůĂŚ
ƉĞŶĞƌďĂŶŐĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚďĞďĞƌĂƉĂƉĞůĂŶŐŐĂŶƵƚĂŵĂWĞƌƐĞƌŽĂŶ͘ƉĂďŝůĂƉĞůĂŶŐŐĂŶƵƚĂŵĂƉĞƌƐĞƌŽĂŶ
ŵĞŶŐƵƌĂŶŐŝ ũƵŵůĂŚ ƉĞƐĂǁĂƚ ĂƚĂƵ ŵĞŶŐƵƌĂŶŐŝ ũƵŵůĂŚ ƉĞŶĞƌďĂŶŐĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ͕ ŵĂŬĂ ŚĂů ƚĞƌƐĞďƵƚ ĂŬĂŶ
ĐƵŬƵƉ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞƌĨŽƌŵĂ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ŵĞŵƉƌĞĚŝŬƐŝ ďĂŚǁĂ ĚŽŵŝŶĂƐŝ ďĞďĞƌĂƉĂ
ƉĞůĂŶŐŐĂŶ ƵƚĂŵĂ ƚĞƌƐĞďƵƚ ĂŬĂŶ ďĞƌůĂŶŐƐƵŶŐ ŚŝŶŐŐĂ ďĞďĞƌĂƉĂ ƚĂŚƵŶ ŬĞ ĚĞƉĂŶ ĚĞŶŐĂŶ ŬĞĐĞŶĚĞƌƵŶŐĂŶ ĂŬĂŶ
ƚĞƌƵƐŵĞŶƵƌƵŶƐĞŝƌŝŶŐĚĞŶŐĂŶďĞƌƚĂŵďĂŚŶLJĂƉĞůĂŶŐŐĂŶďĂƌƵĚĂƌŝĞŬƐƉĂŶƐŝ͘

͘ Z/^/<Kh^,zE'Z,hhE'EE'E<'/dEh^,WZ^ZKE

ZŝƐŝŬŽŬĞƚĞƌůĂŵďĂƚĂŶĚĂŶŬĞŐĂŐĂůĂŶƉĞŵďĂLJĂƌĂŶŽůĞŚƉĞůĂŶŐŐĂŶ

DĞƚŽĚĞ ƉĞŵďĂLJĂƌĂŶ LJĂŶŐ ĚŝďĞƌůĂŬƵŬĂŶ ƉĂĚĂ ƉĞůĂŶŐŐĂŶ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ŵĞƌƵƉĂŬĂŶ ƉĞŵďĂLJĂƌĂŶ ĚĞŶŐĂŶ
ŵĞƚŽĚĞ ŬƌĞĚŝƚ͘ ,Ăů ŝŶŝ ĚŝŬĂƌĞŶĂŬĂŶ ŶŝůĂŝ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ĐƵŬƵƉ ƚŝŶŐŐŝ ĚĂŶ ũƵŐĂ ǁĂŬƚƵ LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ
ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞƌĂǁĂƚĂŶ ďŝĂƐĂŶLJĂ ĐƵŬƵƉ ůĂŵĂ͘ ĞŶŐĂŶ ŵĞƚŽĚĞ ƉĞŵďĂLJĂƌĂŶ ŬƌĞĚŝƚ ŝŶŝ͕ ũŝŬĂ ƉĞůĂŶŐŐĂŶ
ŵĞůĂŬƵŬĂŶƉĞŶƵŶĚĂĂŶƉĞŵďĂLJĂƌĂŶĂƚĂƵďĂŚŬĂŶŐĂŐĂůŵĞůĂŬƵŬĂŶƉĞŵďĂLJĂƌĂŶ͕ŵĂŬĂWĞƌƐĞƌŽĂŶĚŝŚĂĚĂƉŬĂŶ
ŬĞƉĂĚĂŬĞŬƵƌĂŶŐĂŶƐƵŵďĞƌĚĂŶĂŽƉĞƌĂƐŝŽŶĂůLJĂŶŐƉĂĚĂĂŬŚŝƌŶLJĂĂŬĂŶďĞƌĂŬŝďĂƚŬĞƉĂĚĂĂƌƵƐŬĂƐWĞƌƐĞƌŽĂŶ͘

ZŝƐŝŬŽŬĞƚĞƌůĂŵďĂƚĂŶƉĞŶŝŶŐŬĂƚŬĂŶŬĂƉĂďŝůŝƚĂƐĚĂŶŬĂƉĂƐŝƚĂƐƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ

WĞŶŝŶŐŬĂƚĂŶ ŬĂƉĂďŝůŝƚĂƐ ĚĂŶ ŬĂƉĂƐŝƚĂƐ WĞƌƐĞƌŽĂŶ ĚŝƚƵũƵŬĂŶ ƵŶƚƵŬ ĚĂƉĂƚ ŵĞƌĂŝŚ ƉĂŶŐƐĂ ƉĂƐĂƌ ĚŽŵĞƐƚŝŬ
ŵĂƵƉƵŶ ŝŶƚĞƌŶĂƐŝŽŶĂů͘ ĂŵƉĂŬ ĚĂƌŝ ŬĞƚĞƌůĂŵďĂƚĂŶ ƌĞĂůŝƐĂƐŝ ƉĞŶŝŶŐŬĂƚĂŶ ŬĂƉĂďŝůŝƚĂƐ ƚĞƌƐĞďƵƚ ĂĚĂůĂŚ
ŵƵŶĚƵƌŶLJĂ ũĂĚǁĂů ƉĞŵĂŶĨĂĂƚĂŶ ŬĂƉĂďŝůŝƚĂƐ LJĂŶŐ ĚŝƌĞŶĐĂŶĂŬĂŶ ƐĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ďĞƌƉŽƚĞŶƐŝ ŬĞŚŝůĂŶŐĂŶ
ƉĞŶĚĂƉĂƚĂŶLJĂŶŐƚĞůĂŚĚŝƌĞŶĐĂŶĂŬĂŶ͘

ZŝƐŝŬŽƉĞŶŐĞŵďĂůŝĂŶŝŶǀĞƐƚĂƐŝƚŝĚĂŬƐĞƐƵĂŝƚĂƌŐĞƚ

ĂůĂŵƌĂŶŐŬĂŵĞŵĞŶƵŚŝƚĂƌŐĞƚƉĞŶĚĂƉĂƚĂŶ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞƌĞŶĐĂŶĂŬĂŶŝŶǀĞƐƚĂƐŝďĞƌƵƉĂƉĞŵďĞůŝĂŶƐƵŬƵ
ĐĂĚĂŶŐ͕ ƚŽŽůƐ Θ ĞƋƵŝƉŵĞŶƚ͕  ƉĞŵďĂŶŐƵŶĂŶ ŐĞĚƵŶŐ ĚĂŶ ĨĂƐŝůŝƚĂƐ ƵŶƚƵŬ ŵĞŶĚƵŬƵŶŐ ŬĞŐŝĂƚĂŶ ƉĞƌĂǁĂƚĂŶ
ƉĞƐĂǁĂƚ͘dĞƌĚĂƉĂƚŬĞŵƵŶŐŬŝŶĂŶWĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŶĚĂƉĂƚŬĂŶƉĞŶŐĞŵďĂůŝĂŶŝŶǀĞƐƚĂƐŝƐĞƐƵĂŝĚĞŶŐĂŶǁĂŬƚƵ
LJĂŶŐ ƚĞůĂŚ ĚŝƚĂƌŐĞƚŬĂŶ LJĂŶŐ ĚŝŬĂƌĞŶĂŬĂŶ ŽůĞŚ ĨĂŬƚŽƌ ŝŶƚĞƌŶĂů ŵŝƐĂůŶLJĂ ŬĞƚŝĚĂŬĂŬƵƌĂƚĂŶ ƉĞƌŚŝƚƵŶŐĂŶ͕
ƚĞƌůĂŵďĂƚŶLJĂǁĂŬƚƵƉĞůĂŬƐĂŶĂĂŶ͕ŵĂƵƉƵŶĨĂŬƚŽƌĞŬƐƚĞƌŶĂůƐĞƉĞƌƚŝŬŽŶĚŝƐŝƉĂƐĂƌĚĂŶƉĞƌĞŬŽŶŽŵŝĂŶ͘

43
<ĞŐŝĂƚĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚŵĞŵĞƌůƵŬĂŶŵŽĚĂůLJĂŶŐďĞƐĂƌ͘ŬƐĞƐƚĞƌŚĂĚĂƉƵƚĂŶŐĚĂŶŵŽĚĂůŵĞůĂůƵŝWĂƐĂƌ
DŽĚĂůĚŝ/ŶĚŽŶĞƐŝĂƵŶƚƵŬƉĞƌƵƐĂŚĂĂŶ/ŶĚŽŶĞƐŝĂĚŝďŝĚĂŶŐDKƉĞƐĂǁĂƚĚĂƉĂƚĚŝďĂƚĂƐŝŽůĞŚďĞƌďĂŐĂŝĨĂŬƚŽƌ͕
ƚĞƌŵĂƐƵŬ ŬŽŶĚŝƐŝ ƉĂƐĂƌ ŬƌĞĚŝƚ ƐĞĐĂƌĂ ŬĞƐĞůƵƌƵŚĂŶ͕ ĨĂŬƚŽƌ ĞŬŽŶŽŵŝ ƵŵƵŵ͕ ŬĞĂĚĂĂŶ ŝŶĚƵƐƚƌŝ ƉĞŶĞƌďĂŶŐĂŶ͕
ŬŝŶĞƌũĂŬĞƵĂŶŐĂŶƉĞƌƵƐĂŚĂĂŶ͕ĚĂŶƉĞƌŝŶŐŬĂƚŬƌĞĚŝƚ͘dĞƌĚĂƉĂƚŬĞŵƵŶŐŬŝŶĂŶďĂŚǁĂƵƚĂŶŐŵƵŶŐŬŝŶĂŬĂŶƐĞĚŝŬŝƚ
ĂƚĂƵ ƐĂŵĂ ƐĞŬĂůŝ ƚŝĚĂŬ ƚĞƌƐĞĚŝĂ ƐĞĐĂƌĂ ďĞƌŬĞůĂŶũƵƚĂŶ ďĂŐŝ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ŵĞŶŐƵŶƚƵŶŐŬĂŶ͘
<ĞƚŝĚĂŬŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞŵďŝĂLJĂĂŶ Ěŝ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ
ŵĞŶŐƵŶƚƵŶŐŬĂŶ ĚĂƉĂƚ ŵĞŵďĞƌŝŬĂŶĚĂŵƉĂŬ ŶĞŐĂƚŝĨďĂŐŝ ŽƉĞƌĂƐŝŽŶĂůďŝƐŶŝƐ ĚĂŶ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ
ƐĞŚŝŶŐŐĂ ƉĞŶŐĞŵďĂůŝĂŶ ƚŝĚĂŬ ƐĞƐƵĂŝ ƚĂƌŐĞƚ LJĂŶŐ ƚĞůĂŚ ĚŝƉĞƌŚŝƚƵŶŐŬĂŶ ĚĂŶ ƉĞƌƚƵŵďƵŚĂŶ ƉĞŶĚĂƉĂƚĂŶ
WĞƌƐĞƌŽĂŶƚŝĚĂŬĂŬĂŶƚĞƌĐĂƉĂŝƐĞƐƵĂŝƌĞŶĐĂŶĂũĂŶŐŬĂƉĂŶũĂŶŐƉĞƌƵƐĂŚĂĂŶ͘

ZŝƐŝŬŽƉĂƐŽŬĂŶŵĂƚĞƌŝĂůĚĂŶƐƵŬƵĐĂĚĂŶŐƉĞƐĂǁĂƚ

^ĞůĂŝŶ ĨĂŬƚŽƌ ƚĞŶĂŐĂ ŬĞƌũĂ͕ ĨĂŬƚŽƌ ŵĂƚĞƌŝĂů ĚĂŶ ƐƵŬƵ ĐĂĚĂŶŐ ũƵŐĂ ƐĂŶŐĂƚ ŵĞŶƵŶũĂŶŐ ƉĞƌĨŽƌŵĂ ŽƉĞƌĂƐŝŽŶĂů
WĞƌƐĞƌŽĂŶ͘<ĞƚĞƌůĂŵďĂƚĂŶƉĂƐŽŬĂŶŵĂƚĞƌŝĂůĚĂŶƐƵŬƵĐĂĚĂŶŐƐĞůĂŝŶĚĂƉĂƚďĞƌĚĂŵƉĂŬƉĂĚĂŵƵŶĚƵƌŶLJĂǁĂŬƚƵ
ƉĞŶLJĞůĞƐĂŝĂŶ ƉĞŬĞƌũĂĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ũƵŐĂ ĚĂƉĂƚ ŵĞŶLJĞďĂďŬĂŶ ƚŝŶŐŐŝŶLJĂ ďŝĂLJĂ ƉĞŵďĞůŝĂŶ LJĂŶŐ
ĚŝĂŬŝďĂƚŬĂŶ ŽůĞŚ ƉĞŵďĞůŝĂŶ ŵĂƚĞƌŝĂů ĚĞŶŐĂŶ ƐƚĂƚƵƐ ŝƌĐƌĂĨƚ KŶ 'ƌŽƵŶĚ ;K'Ϳ LJĂŶŐ ŚĂƌŐĂŶLJĂ ůĞďŝŚ ƚŝŶŐŐŝ
ĚŝďĂŶĚŝŶŐŬĂŶ ƉĞŵďĞůŝĂŶ ŶŽƌŵĂů͘ :ĂƌĂŬ ƐƵƉƉůŝĞƌ LJĂŶŐ ďĞƌĂĚĂ Ěŝ ůƵĂƌ ŶĞŐĞƌŝ ũƵŐĂ ĚĂƉĂƚ ďĞƌƉĞŶŐĂƌƵŚ ƉĂĚĂ
ůĂŵĂŶLJĂƉƌŽƐĞƐƉĞŶŐŝƌŝŵĂŶŵĂƚĞƌŝĂůĚĂŶƐƵŬƵĐĂĚĂŶŐƉĞƐĂǁĂƚ͘

ZŝƐŝŬŽƚĞŬŶŽůŽŐŝ

WĞƌŬĞŵďĂŶŐĂŶ ƚĞŬŶŽůŽŐŝ ƉĂĚĂ ƉĞƐĂǁĂƚͲƉĞƐĂǁĂƚ ŐĞŶĞƌĂƐŝ ƚĞƌďĂƌƵ ŵĞŶĚŽƌŽŶŐ ŽƉĞƌĂƚŽƌ ƉĞƐĂǁĂƚ ƵŶƚƵŬ
ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞƐƵĂŝĂŶ ŝŶƚĞƌǀĂů ƉƌŽŐƌĂŵ ƉĞƌĂǁĂƚĂŶ  ƐĞƌƚĂ ŵĞŵĂĐƵ DZK ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĂƉĂďŝůŝƚĂƐ
ƉĞƌĂǁĂƚĂŶ LJĂŶŐ ƐĞůĂůƵ ƐĞŝƌŝŶŐ ĚĞŶŐĂŶ ƉĞƌŬĞŵďĂŶŐĂŶ ƚĞŬŶŽůŽŐŝ ďĂŝŬ ŝƚƵ ĚĂƌŝ ƐŝƐŝ ůŝŶĞ͕ ďĂƐĞ͕ ĞŶŐŝŶĞ͕ ŵĂƵƉƵŶ
ĐŽŵƉŽŶĞŶƚŵĂŝŶƚĞŶĂŶĐĞ͘WĞƌŬĞŵďĂŶŐĂŶƚĞŬŶŽůŽŐŝƉĞƐĂǁĂƚLJĂŶŐƚŝĚĂŬĚŝŝŵďĂŶŐŝĚĞŶŐĂŶƉĞŶŐĞŵďĂŶŐĂŶĚĂŶ
ƉĞƌĐĞƉĂƚĂŶŬĂƉĂďŝůŝƚĂƐƉĞƌĂǁĂƚĂŶĂŬĂŶŵĞŶŝŵďƵůŬĂŶƌŝƐŝŬŽŬĞŚŝůĂŶŐĂŶƉĂƐĂƌLJĂŶŐƚĞůĂŚĚŝƌĞŶĐĂŶĂŬĂŶ͘

ZŝƐŝŬŽŬĞƚĞƌďĂƚĂƐĂŶ^ƵŵďĞƌĂLJĂDĂŶƵƐŝĂ;^DͿLJĂŶŐŬŽŵƉĞƚĞŶ

/ŶĚƵƐƚƌŝ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ ƚĞƌŵĂƐƵŬ ŬĞ ĚĂůĂŵ ŝŶĚƵƐƚƌŝ ũĂƐĂ ƐĞŚŝŶŐŐĂ ŬĞƚĞƌƐĞĚŝĂĂŶ ^D LJĂŶŐ
ƚĞƌĂŵƉŝůĚĂŶĨŽŬƵƐƉĂĚĂŬƵĂůŝƚĂƐƉƌŽĚƵŬĚĂŶůĂLJĂŶĂŶƐĂŶŐĂƚĚŝƉĞƌůƵŬĂŶ͘^DLJĂŶŐĚŝďƵƚƵŚŬĂŶĚĂůĂŵŝŶĚƵƐƚƌŝ
ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ũƵŐĂ ŚĂƌƵƐ ŵĞŵŝůŝŬŝ ƐĞƌƚŝĨŝŬĂƐŝ ƚĞƌƚĞŶƚƵ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƐĞƐƵĂŝ
ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ŽƚŽƌŝƚĂƐ ƉĞŶĞƌďĂŶŐĂŶ͘ ĞŶŐĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ŬĂƉĂďŝůŝƚĂƐ
WĞƌƐĞƌŽĂŶ͕ ŵĂŬĂ ĚŝďƵƚƵŚŬĂŶ ũƵŐĂ ^D LJĂŶŐ ƚĞůĂŚ ŵĞŵŝůŝŬŝ ŬƵĂůŝĨŝŬĂƐŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĂƉĂďŝůŝƚĂƐ LJĂŶŐ
ĚŝďĂŶŐƵŶ͘ hŶƚƵŬ ŵĞŶĐĞƚĂŬ ^D ĚĞŶŐĂŶ ŬƵĂůŝĨŝŬĂƐŝ ĚĂƐĂƌ ĂƚĂƵ ĂƐŝĐ >ŝĐĞŶƐĞ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ŵĂŬĂ
WĞƌƐĞƌŽĂŶŵĞŵďƵƚƵŚŬĂŶǁĂŬƚƵƐĞĚŝŬŝƚŶLJĂϮƚĂŚƵŶ͘^ĞĚĂŶŐŬĂŶŬĞƚĞƌƐĞĚŝĂĂŶ^DLJĂŶŐďĞƌŬƵĂůŝĨŝŬĂƐŝĚĂŶƐŝĂƉ
ƉĂŬĂŝĚŝŵĂƐLJĂƌĂŬĂƚƐĂŶŐĂƚƚĞƌďĂƚĂƐ͘

ZŝƐŝŬŽƉĞƌƐĂŝŶŐĂŶƵƐĂŚĂ

WĞƌƚƵŵďƵŚĂŶ ĚĂŶ ƉƌŽƐƉĞŬ ŝŶĚƵƐƚƌŝ ƉĞŶĞƌďĂŶŐĂŶ Ěŝ /ŶĚŽŶĞƐŝĂ ĚŝŵĂƐĂ LJĂŶŐ ĂŬĂŶ ĚĂƚĂŶŐ͕ ŵĞŶĚŽƌŽŶŐ
ŵƵŶĐƵůŶLJĂ ƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶ ďĂƌƵ LJĂŶŐ ƐĞũĞŶŝƐ ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ ďĂŝŬ  ƉĞƌƵƐĂŚĂĂŶ ůŽŬĂů ŵĂƵƉƵŶ
ŝŶƚĞƌŶĂƐŝŽŶĂů LJĂŶŐ ŵĞŶŐĞŵďĂŶŐŬĂŶ ďŝƐŶŝƐŶLJĂ Ěŝ /ŶĚŽŶĞƐŝĂ ĂƚĂƵƉƵŶ ZĞŐŝŽŶĂů͘ WĞƌƐĂŝŶŐĂŶ LJĂŶŐ ƚŝŶŐŐŝ ĚĂƉĂƚ
ŵĞŶŐĂŬŝďĂƚŬĂŶ ďĞƌŬƵƌĂŶŐŶLJĂ ƉĞŬĞƌũĂĂŶ ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞŶƵƌƵŶĂŶ ƉƌŽĨŝƚ WĞƌƐĞƌŽĂŶ͘ ƉĂďŝůĂ ŚĂů ŝŶŝ ƚĞƌũĂĚŝ
ƐĞĐĂƌĂďĞƌŬĞůĂŶũƵƚĂŶŵĂŬĂĚĂƉĂƚŵĞŶƵƌƵŶŬĂŶƉĞƌŽůĞŚĂŶƉĞŶĚĂƉĂƚĂŶLJĂŶŐďĞƌĂŬŝďĂƚƉĂĚĂŬŝŶĞƌũĂŬĞƵĂŶŐĂŶ
WĞƌƐĞƌŽĂŶ͘ŝƐŝƐŝůĂŝŶ͕ƚĞƌĚĂƉĂƚŬĞŵƵŶŐŬŝŶĂŶƉĞůƵĂŶŐŬĞƌũĂƐĂŵĂĚĞŶŐĂŶƉĞƐĂŝŶŐƚĞƌƐĞďƵƚƵŶƚƵŬŵĞŶŝŶŐŬĂƚŬĂŶ
ŬĂƉĂƐŝƚĂƐ ĚĂŶ ŬĂƉĂďŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ͘ ^ĂůĂŚ ƐĂƚƵ ĐŽŶƚŽŚ ŬĞƌũĂƐĂŵĂ ƚĞƌƐĞďƵƚ ĂĚĂůĂŚ ŬĞƌũĂƐĂŵĂ ƵŶƚƵŬ ƐĂůŝŶŐ
ŵĞůĞŶŐŬĂƉŝŬĂƉĂďŝůŝƚĂƐ;ŽƵƚƐŽƵƌĐĞͿĂƚĂƵĚĂůĂŵŚĂůƉĞŶŐĂĚĂĂŶŵĂƚĞƌŝĂů͘

ZŝƐŝŬŽƐĞƌƚŝĨŝŬĂƐŝ

/ŶĚƵƐƚƌŝƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƐĂŶŐĂƚŬĞƚĂƚĚĞŶŐĂŶƌĞŐƵůĂƐŝƉĞŶĞƌďĂŶŐĂŶ͘hŶƚƵŬĚĂƉĂƚŵĞŶũĂůĂŶŬĂŶďŝƐŶŝƐŶLJĂ͕
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŚĂƌƵƐ ŵĞŶĚĂƉĂƚŬĂŶ ŝnjŝŶĂƚĂƵ ƐĞƌƚŝĨŝŬĂƐŝ ĚĂƌŝ ŽƚŽƌŝƚĂƐ ƉĞŶĞƌďĂŶŐĂŶ LJĂŶŐ ŵĞŶƵŶũƵŬŬĂŶ ďĂŚǁĂ
ĨĂƐŝůŝƚĂƐ ĚĂŶ ƉƌŽƐĞƐ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƐƵĚĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌƐLJĂƌĂƚĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞƚĂƉŬĂŶ͘ ^ĞůĂŝŶ ŝƚƵ͕
ƐĞƌƚŝĨŝŬĂƐŝũƵŐĂĚĂƉĂƚŵĞŶũĂĚŝŶŝůĂŝũƵĂůƐĞďĂŐĂŝĚĂLJĂƐĂŝŶŐWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶƉĞůĂŶŐŐĂŶĚŽŵĞƐƚŝŬ
ŵĂƵƉƵŶ ŝŶƚĞƌŶĂƐŝŽŶĂů͘ ^ĞƌƚŝĨŝŬĂƐŝ LJĂŶŐ ƚĞůĂŚ ĚŝŵŝůŝŬŝ WĞƌƐĞƌŽĂŶ ĂŶƚĂƌĂ ůĂŝŶ ĚĂƌŝ ŝƌĞĐƚŽƌĂƚĞ 'ĞŶĞƌĂů ŽĨ ŝǀŝů
ǀŝĂƚŝŽŶ;'Ϳ /ŶĚŽŶĞƐŝĂ͕ &ĞĚĞƌĂů ǀŝĂƚŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ;&ͿŵĞƌŝŬĂ͕ ƵƌŽƉĞĂŶ ǀŝĂƚŝŽŶ^ĂĨĞƚLJ ŐĞŶĐLJ
;^Ϳ ƌŽƉĂ͕ ƐĞƌƚĂ ƐĞƌƚŝĨŝŬĂƐŝ ĚĂƌŝ ŽƚŽƌŝƚĂƐ ďĞďĞƌĂƉĂ ŶĞŐĂƌĂ ůĂŝŶŶLJĂ͘ ƉĂďŝůĂ ƚĞƌũĂĚŝ ƐƵĂƚƵ ŬŽŶĚŝƐŝ ĚŝŵĂŶĂ
WĞƌƐĞƌŽĂŶƚŝĚĂŬĚĂƉĂƚŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶLJĂŶŐĚŝŵŝŶƚĂ͕ŵĂŬĂWĞƌƐĞƌŽĂŶĚĂƉĂƚĚŝŬĞŶĂŝƐĂŶŬƐŝŽůĞŚŽƚŽƌŝƚĂƐ
ƉĞŶĞƌďĂŶŐĂŶ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ďĞƌƵƉĂ ƉĞŵďĞŬƵĂŶ ĂƚĂƵ ƉĞŶĐĂďƵƚĂŶ ƚĞƌŚĂĚĂƉ ƐĞƌƚŝĨŝŬĂƐŝ LJĂŶŐ ƚĞůĂŚ
ĚŝƉĞƌŽůĞŚLJĂŶŐďĞƌĂŬŝďĂƚƉĂĚĂƚĞƌŐĂŶŐŐƵŶLJĂŬĞŐŝĂƚĂŶƵƐĂŚĂĚĂŶďĂŚŬĂŶŬĞŚŝůĂŶŐĂŶƉĞůĂŶŐŐĂŶƉŽƚĞŶƐŝĂů͘

44
ZŝƐŝŬŽƉĞƌŝnjŝŶĂŶ

^ĞůĂŝŶƐĞƌƚŝĨŝŬĂƐŝLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶƌĞŐƵůĂƐŝƉĞŶĞƌďĂŶŐĂŶ͕WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵŝůŝŬŝŝũŝŶƐĞďĂŐĂŝWƵƐĂƚ
>ŽŐŝƐƚŝŬĞƌŝŬĂƚ;W>ͿďŝĚĂŶŐĂǀŝĂƐŝƵŶƚƵŬŵĞŶƵŶũĂŶŐŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘ĞŶŐĂŶŵĞŶũĂĚŝ W>͕WĞƌƐĞƌŽĂŶ
ůĞďŝŚŵƵĚĂŚĚĂůĂŵƉĞŶŐĂĚĂĂŶĚĂŶĚŝƐƚƌŝďƵƐŝŵĂƚĞƌŝĂůƉĞŶĚƵŬƵŶŐƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚĚĂŶŬĞŵƵĚĂŚĂŶĚĂůĂŵ
ŚĂůƉĞƌƉĂũĂŬĂŶƐĞƉĞƌƚŝƉĞŵďĞďĂƐĂŶƉĂũĂŬĚĂŶƉĞŶĂŶŐŐƵŚĂŶƉĞŵďĂLJĂƌĂŶƉĂũĂŬ͘ƉĂďŝůĂƚĞƌũĂĚŝŬŽŶĚŝƐŝĚŝŵĂŶĂ
WĞƌƐĞƌŽĂŶƚŝĚĂŬĚĂƉĂƚŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶLJĂŶŐĚŝŵŝŶƚĂ͕ŵĂŬĂWĞƌƐĞƌŽĂŶĂŬĂŶĚŝŬĞŶĂŝƐĂŶŬƐŝŽůĞŚŽƚŽƌŝƚĂƐ
ĚĂŶƉĞŵďĞŬƵĂŶĂƚĂƵƉĞŶĐĂďƵƚĂŶŝũŝŶLJĂŶŐƚĞůĂŚĚŝƉĞƌŽůĞŚ͘

͘ Z/^/<KhDhD

<ŽŶĚŝƐŝƉĞƌĞŬŽŶŽŵŝĂŶƐĞĐĂƌĂŵĂŬƌŽĂƚĂƵŐůŽďĂů

WĞƌĞŬŽŶŽŵŝĂŶ ŐůŽďĂů ĂŬĂŶ ďĞƌƉĞŶŐĂƌƵŚ ƐĞĐĂƌĂ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ƚĞƌŚĂĚĂƉ ŬŽŶĚŝƐŝ WĞƌƐĞƌŽĂŶ͘ WĞƌĞŬŽŶŽŵŝĂŶ
ŐůŽďĂů LJĂŶŐ ŵĞŶŐĂůĂŵŝ ŬĞƚŝĚĂŬƐƚĂďŝůĂŶ ĂƚĂƵ ďĂŚŬĂŶ ƌĞƐĞƐŝ ƐĞĚŝŬŝƚ ďĂŶLJĂŬ ĂŬĂŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ũƵŵůĂŚ
ƉĞŶĞƌďĂŶŐĂŶ ŽƉĞƌĂƚŽƌ ƉĞŶĞƌďĂŶŐĂŶ ĚŽŵĞƐƚŝŬ ŵĂƵƉƵŶ ŽƉĞƌĂƚŽƌ ƉĞŶĞƌďĂŶŐĂŶ ŝŶƚĞƌŶĂƐŝŽŶĂů͘ ĞŶŐĂŶ ůĞďŝŚ
ƐĞĚŝŬŝƚŶLJĂƉĞŶĞƌďĂŶŐĂŶLJĂŶŐĚŝůĂŬƵŬĂŶ͕ŚĂůŝŶŝĂŬĂŶďĞƌŝŵďĂƐŬĞƉĂĚĂďĞƌŬƵƌĂŶŐŶLJĂĞǀĞŶƚŵĂŝŶƚĞŶĂŶĐĞLJĂŶŐ
ĚŝůĂŬƵŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ͘ ĞƌŬƵƌĂŶŐŶLJĂ ĞǀĞŶƚ ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ ƚĞƌƐĞďƵƚ ĂŬĂŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŶĐĂƉĂŝĂŶ
ƚĂƌŐĞƚĚĂƌŝWĞƌƐĞƌŽĂŶLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶƐĞďĞůƵŵŶLJĂ͘

^ĞůĂŝŶ ďĞƌŬƵƌĂŶŐŶLJĂ ũƵŵůĂŚ ĞǀĞŶƚ ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ LJĂŶŐ ĚŝĂŬŝďĂƚŬĂŶ ŽůĞŚ ďĞƌŬƵƌĂŶŐŶLJĂ ũƵŵůĂŚ
ƉĞŶĞƌďĂŶŐĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ŽƉĞƌĂƚŽƌ ƉĞŶĞƌďĂŶŐĂŶ͕ ŬŽŶĚŝƐŝ ƉĞƌĞŬŽŶŽŵŝĂŶ ũƵŐĂ ĂŬĂŶ ŵĞŵĞŶŐĂƌƵŚŝ
ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ ĚĂƌŝ ŽƉĞƌĂƚŽƌ ƉĞŶĞƌďĂŶŐĂŶ ĚŽŵĞƐƚŝŬ ŵĂƵƉƵŶ ŵĂŬƐĂƉĂŝ ŝŶƚĞƌŶĂƐŝŽŶĂů͘ ,Ăů ŝŶŝ ũƵŐĂ ĚĂƉĂƚ
ŵĞŵƉĞŶŐĂƌƵŚŝ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ĚŝŬĂƌĞŶĂŬĂŶ ƉƌŽďĂďŝůŝƚĂƐ ĐƵƐƚŽŵĞƌ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ƉĞŶƵŶĚĂĂŶ
ƉĞŵďĂLJĂƌĂŶĚŝƉĂƐƚŝŬĂŶĂŬĂŶŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶ͘

WĞƌƵďĂŚĂŶŬƵƌƐǀĂůƵƚĂĂƐŝŶŐ

>ĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƐĂĂƚ ŝŶŝ ŵĞŶŐŐƵŶĂŬĂŶ ŵĂƚĂ ƵĂŶŐ h^ ƐĞďĂŐĂŝ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJ͕ ƐĞŵĞŶƚĂƌĂ
ŵĂLJŽƌŝƚĂƐƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶŵĞŶŐŐƵŶĂŬĂŶŵĂƚĂƵĂŶŐ/Z͘,ĂůŝŶŝŵĞŶŐĂŬŝďĂƚŬĂŶ ƉĞƌƵďĂŚĂŶŶŝůĂŝƚƵŬĂƌ
h^ ƚĞƌŚĂĚĂƉ /Z ĂŬĂŶ ƐĂŶŐĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ͘ ^ĞůĂŝŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ͕ ĨůƵŬƚƵĂƐŝ ŶŝůĂŝ ƚƵŬĂƌ /Z ĚĞŶŐĂŶ h^ ũƵŐĂ ŵĞŵƉĞŶŐĂƌƵŚŝ ůĂďĂ ƌƵŐŝ WĞƌƐĞƌŽĂŶ͕ ŚĂů ŝŶŝ
ĚŝŬĂƌĞŶĂŬĂŶ ŵĂLJŽƌŝƚĂƐ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŶŐŐƵŶĂŬĂŶ ŵĂƚĂ ƵĂŶŐ /Z ƐĞŵĞŶƚĂƌĂ ŵĂLJŽƌŝƚĂƐ
ƉĞŵďĂLJĂƌĂŶŬĞƉĂĚĂƐƵƉƉůŝĞƌŵĞŶŐŐƵŶĂŬĂŶŵĂƚĂƵĂŶŐh^͘

<ĞƉĂƚƵŚĂŶƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵƚĞƌŬĂŝƚďŝĚĂŶŐƵƐĂŚĂWĞƌƐĞƌŽĂŶ

^ĞŬƚŽƌ ũĂƐĂ ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ Ěŝ /ŶĚŽŶĞƐŝĂ ŵĞƌƵƉĂŬĂŶ ƐĞŬƚŽƌ LJĂŶŐĚŝĂƚƵƌŽůĞŚ ďĞƌďĂŐĂŝƉĞƌĂƚƵƌĂŶ
ĚĂŶŬĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚ͘^ĞďĂŐĂŝĞŶƚŝƚĂƐ͕WĞƌƐĞƌŽĂŶĚŝǁĂũŝďŬĂŶƵŶƚƵŬƚƵŶĚƵŬƚĞƌŚĂĚĂƉhhWd͘ĂŶƐĞďĂŐĂŝ
ƉĞƌƵƐĂŚĂĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ͕ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶŐŝŬƵƚŝ ƉĞƌƐLJĂƌĂƚĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ
ŽƚŽƌŝƚĂƐ ƉĞŶĞƌďĂŶŐĂŶ ƐŝƉŝů ;'Ϳ /ŶĚŽŶĞƐŝĂ ĚĂŶ ŵĞŶĚĂƉĂƚŬĂŶ ŝnjŝŶ ƐĞďĂŐĂŝ ƉƉƌŽǀĂů DĂŝŶƚĞŶĂŶĐĞ
KƌŐĂŶŝnjĂƚŝŽŶ;DKͿ͘

dƵŶƚƵƚĂŶĂƚĂƵŐƵŐĂƚĂŶŚƵŬƵŵ

ĂůĂŵ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ͕ WĞƌƐĞƌŽĂŶ ƚĞƌŝŬĂƚ ĚĞŶŐĂŶ ƉĞůĂŶŐŐĂŶ ŵĂƵƉƵŶ ƐƵƉƉůŝĞƌ ŵĞůĂůƵŝ ŬŽŶƚƌĂŬ͕ ƐƵƌĂƚ
ƉĞƌŝŶƚĂŚ ŬĞƌũĂ͕ ĂƚĂƵ ĚŽŬƵŵĞŶ ůĂŝŶŶLJĂ LJĂŶŐ ĚŝďƵĂƚ ĚĞŶŐĂŶ ŵĞŶŐŝŬƵƚŝ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ LJĂŶŐ ĚŝĂƚƵƌ ŽůĞŚ
ŚƵŬƵŵƵŶƚƵŬŵĞŶŐĂƚƵƌŚĂŬĚĂŶŬĞǁĂũŝďĂŶƐĞƚŝĂƉƉŝŚĂŬLJĂŶŐƚĞůĂŚĚŝƐĞƚƵũƵŝŽůĞŚŬĞĚƵĂďĞůĂŚƉŝŚĂŬ͘ĚĂŶLJĂ
ƉĞůĂŶŐŐĂƌĂŶĂƚĂƵƉĞƌďĞĚĂĂŶ;ĚŝƐƉƵƚĞͿĚĂƉĂƚŵĞŶŐĂŬŝďĂƚŬĂŶƐĂůĂŚƐĂƚƵƉŝŚĂŬĂŬĂŶŵĞŶŐĂũƵŬĂŶƚƵŶƚƵƚĂŶĂƚĂƵ
ŐƵŐĂƚĂŶ ŚƵŬƵŵ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶŶLJĂ͘ ^ĞƚŝĂƉ ƚƵŶƚƵƚĂŶ ĂƚĂƵ ŐƵŐĂƚĂŶ ŚƵŬƵŵ ƚĞŶƚƵ ƐĂũĂ ďĞƌƉŽƚĞŶƐŝ ƵŶƚƵŬ
ŵĞŶŝŵďƵůŬĂŶŬĞƌƵŐŝĂŶ ďĂŐŝƉŝŚĂŬͲƉŝŚĂŬLJĂŶŐ ƚĞƌůŝďĂƚ͕ ƐĂůĂŚ ƐĂƚƵŶLJĂ ĂĚĂůĂŚ WĞƌƐĞƌŽĂŶ͘ ZŝƐŝŬŽ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ
ŐƵŐĂƚĂŶ ŚƵŬƵŵ LJĂŶŐ ĚĂƉĂƚ ƚĞƌũĂĚŝ ĂŶƚĂƌĂ ůĂŝŶ ŐƵŐĂƚĂŶ ĚĂƌŝ ƐƵƉƉůŝĞƌ LJĂŶŐ ĚŝĂŬŝďĂƚŬĂŶ ŽůĞŚ ŬĞƚĞƌůĂŵďĂƚĂŶ
ƉĞŵďĂLJĂƌĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĂƚĂƵ ŐƵŐĂƚĂŶ ĚĂƌŝ ƉŝŚĂŬ ƉĞůĂŶŐŐĂŶ ĚŝŬĂƌĞŶĂŬĂŶ ŬƵĂůŝƚĂƐ LJĂŶŐ ĚŝĚĂƉĂƚŬĂŶ ŽůĞŚ
ƉĞůĂŶŐŐĂŶƚŝĚĂŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶLJĂŶŐƚĞůĂŚĚŝƐĞƉĂŬĂƚŝ͘



45
<ĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚ

ĂůĂŵ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ͕ ĂĚĂŶLJĂ ƉĞƌƵďĂŚĂŶ ŬĞďŝũĂŬĂŶ WĞŵĞƌŝŶƚĂŚ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ
ŬĞŐŝĂƚĂŶƵƐĂŚĂĚŝĚĂůĂŵŶĞŐĞƌŝ͕ƚĞŶƚƵũƵŐĂĂŬĂŶŵĞŵďĂǁĂŬŽŶƐĞŬƵĞŶƐŝďĂŐŝWĞƌƐĞƌŽĂŶ͘<ĞďŝũĂŬĂŶLJĂŶŐĚĂƉĂƚ
ƐĂŶŐĂƚďĞƌƉĞŶŐĂƌƵŚƉĂĚĂWĞƌƐĞƌŽĂŶĂŶƚĂƌĂůĂŝŶƚĞƌŬĂŝƚƐĞĐĂƌĂůĂŶŐƐƵŶŐĚĞŶŐĂŶƐĞŬƚŽƌƉĞƌŚƵďƵŶŐĂŶƵĚĂƌĂĚĂŶ
ŬĞŐŝĂƚĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ͘ <ĞďŝũĂŬĂŶ ůĂŝŶ LJĂŶŐ ũƵŐĂ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ĂŶƚĂƌĂ ůĂŝŶ
ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ŬĞǁĂũŝďĂŶ ƉĞŶŐŐƵŶĂĂŶ ŵĂƚĂ ƵĂŶŐ ZƵƉŝĂŚ ĚĂůĂŵ ƐĞƚŝĂƉ ƚƌĂŶƐĂŬƐŝ Ěŝ ĚĂůĂŵ ŶĞŐĞƌŝ͕ ŚĂů ŝŶŝ
ĚŝŬĂƌĞŶĂŬĂŶ ƉĞůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ŵĂƚĂ ƵĂŶŐ ĂƐŝŶŐ ƐĞŚŝŶŐŐĂ ŵĞŶũĂĚŝŬĂŶ WĞƌƐĞƌŽĂŶ
ĚĂƉĂƚ ƚĞƌĚĂŵƉĂŬ ƉĂĚĂ ƌŝƐŝŬŽ ƉĞƌƵďĂŚĂŶ ŬƵƌƐ͘ WĞƌƵďĂŚĂŶ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĞǁĂũŝďĂŶ ĚĂƌŝ
WĞƌƐĞƌŽĂŶLJĂŶŐƉĂĚĂĂŬŚŝƌŶLJĂĚĂƉĂƚďĞƌĚĂŵƉĂŬŶĞŐĂƚŝĨŬĞƉĂĚĂŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘

<ĞƚĞŶƚƵĂŶŶĞŐĂƌĂůĂŝŶĂƚĂƵƉĞƌĂƚƵƌĂŶŝŶƚĞƌŶĂƐŝŽŶĂů

^ĞůĂŝŶ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ Ěŝ ĚĂůĂŵ ŶĞŐĞƌŝ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵŝůŝŬŝ ŬĞƐĞŵƉĂƚĂŶ
ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ŵŝůŝŬ ƉĞůĂŶŐŐĂŶ Ěŝ ůƵĂƌ ŶĞŐĞƌŝ͘ hŶƚƵŬ ŵĞŶŐĞƌũĂŬĂŶ ƉƌŽLJĞŬ Ěŝ
ŶĞŐĂƌĂ ůĂŝŶ͕ ƚĞŶƚƵ ŵĞŵďƵƚƵŚŬĂŶ ƉĞŶŐĞƚĂŚƵĂŶ LJĂŶŐ ďĞƌďĞĚĂ ĚĞŶŐĂŶ ƉĞŶŐĞƌũĂĂŶ ƉƌŽLJĞŬ Ěŝ /ŶĚŽŶĞƐŝĂ͕
ŬŚƵƐƵƐŶLJĂ ŵĞŶŐĞŶĂŝ ŬĞƚĞŶƚƵĂŶ ŚƵŬƵŵ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ ŶĞŐĂƌĂ ƚĞƌƐĞďƵƚ͘ :ŝŬĂ WĞƌƐĞƌŽĂŶ ůĂůĂŝ ĚĂůĂŵ
ŵĞŶŐĞƚĂŚƵŝĂƚĂƵŵĞŶŐŝŶƚĞƌƉƌĞƚĂƐŝŬĂŶŚƵŬƵŵLJĂŶŐďĞƌůĂŬƵƉĂĚĂŶĞŐĂƌĂůĂŝŶĂƚĂƵƉĞƌĂƚƵƌĂŶŝŶƚĞƌŶĂƐŝŽŶĂůůĂŝŶ
LJĂŶŐŵĞŶŐŝŬĂƚ͕ŵĂŬĂWĞƌƐĞƌŽĂŶĚŝŚĂĚĂƉŬĂŶƉĂĚĂƌŝƐŝŬŽŵĞŶĚĂƉĂƚŬĂŶƉĞƌŝŶŐĂƚĂŶďĂŚŬĂŶƐĂŶŬƐŝĚĂƌŝŝŶƐƚĂŶƐŝ
LJĂŶŐďĞƌǁĞŶĂŶŐĚŝŶĞŐĂƌĂƚĞƌƐĞďƵƚLJĂŶŐƉĂĚĂĂŬŚŝƌŶLJĂĚĂƉĂƚŵĞŶŐĂŶŐŐƵƉĞŬĞƌũĂĂŶWĞƌƐĞƌŽĂŶ͘

͘ Z/^/<Kh^,zE'Z,hhE'EE'E^,D

,ĂƌŐĂ^ĂŚĂŵWĞƌƐĞƌŽĂŶŵƵŶŐŬŝŶŵĞŶŐĂůĂŵŝĨůƵŬƚƵĂƐŝLJĂŶŐƐŝŐŶŝĨŝŬĂŶĚŝŬĞŵƵĚŝĂŶŚĂƌŝ

,ĂƌŐĂ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƐĞƚĞůĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ĚĂƉĂƚ ďĞƌĨůƵŬƚƵĂƐŝ ƐĞĐĂƌĂ ƚĂũĂŵ͕ ĚŝŬĂƌĞŶĂŬĂŶ
ďĞƌďĂŐĂŝĨĂŬƚŽƌĂŶƚĂƌĂůĂŝŶ͗
• ƉĞƌƐĞƉƐŝĂƚĂƐƉƌŽƐƉĞŬƵƐĂŚĂWĞƌƐĞƌŽĂŶĚĂŶŝŶĚƵƐƚƌŝDZKƐĞĐĂƌĂƵŵƵŵ͖
• ƉĞƌƵďĂŚĂŶŬŽŶĚŝƐŝĞŬŽŶŽŵŝ͕ƉŽůŝƚŝŬĂƚĂƵŬŽŶĚŝƐŝƉĂƐĂƌĚŝ/ŶĚŽŶĞƐŝĂ͖
• ƉĞƌďĞĚĂĂŶ ŬŝŶĞƌũĂ ŬĞƵĂŶŐĂŶ ĚĂŶ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ĂŬƚƵĂů ĚĞŶŐĂŶ ĞŬƐƉĞŬƚĂƐŝ ŝŶǀĞƐƚŽƌ ĚĂŶ
ĂŶĂůŝƐ͖
• ƉĞƌƵďĂŚĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ĂƚĂƵ ƉĞƌƐĞƉƐŝ ƉĂƌĂ ĂŶĂůŝƐ ƚĞƌŚĂĚĂƉ WĞƌƐĞƌŽĂŶ ĂƚĂƵ WĂƐĂƌ DŽĚĂů ĚĂŶ ŬŽŶĚŝƐŝ
ĞŬŽŶŽŵŝ/ŶĚŽŶĞƐŝĂ͖
• ƉĞŶŐƵŵƵŵĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŵĞŶŐĞŶĂŝ ĂŬƐŝ ŬŽƌƉŽƌĂƐŝ ƐĞƉĞƌƚŝ ŬĞƌũĂƐĂŵĂͬĂůŝĂŶƐŝ ƐƚƌĂƚĞŐŝƐ͕ :ŽŝŶƚ
KƉĞƌĂƚŝŽŶ͕:ŽŝŶƚsĞŶƚƵƌĞĂƚĂƵĚŝǀĞƐƚĂƐŝLJĂŶŐƐŝŐŶŝĨŝŬĂŶ͖
• ƉĞƌƵďĂŚĂŶŚĂƌŐĂƐĂŚĂŵƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶ;ŬŚƵƐƵƐŶLJĂĚŝƐŝĂͿĚĂŶĚŝŶĞŐĂƌĂͲŶĞŐĂƌĂďĞƌŬĞŵďĂŶŐ͖
• ƉƵƚƵƐĂŶĂŬŚŝƌĂƚĂƐƐƵĂƚƵůŝƚŝŐĂƐŝLJĂŶŐƐĞĚĂŶŐďĞƌũĂůĂŶĂƚĂƵLJĂŶŐĂŬĂŶƚĞƌũĂĚŝĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐ͖ĚĂŶ
• ƉĞŶũƵĂůĂŶ ƐĂŚĂŵ LJĂŶŐĚŝůĂŬƵŬĂŶ ŽůĞŚ WĞŵĞŐĂŶŐ ^ĂŚĂŵ hƚĂŵĂ ĚĂŶͬĂƚĂƵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞŶŐĞŶĚĂůŝ
WĞƌƐĞƌŽĂŶ͘

>ŝŬƵŝĚŝƚĂƐƐĂŚĂŵWĞƌƐĞƌŽĂŶ

dŝĚĂŬ ĂĚĂ ũĂŵŝŶĂŶ ďĂŚǁĂ ƉĂƐĂƌ ƵŶƚƵŬ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ďĞƌŬĞŵďĂŶŐ ĂƚĂƵ͕ ũŝŬĂ ƉĂƐĂƌ ƵŶƚƵŬ ƐĂŚĂŵ
WĞƌƐĞƌŽĂŶ ďĞƌŬĞŵďĂŶŐ͕ ƚŝĚĂŬ ĂĚĂ ũĂŵŝŶĂŶ ďĂŚǁĂ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ůŝŬƵŝĚ͘ :ŝŬĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
WĂƐĂƌDŽĚĂůĚŝŶĞŐĂƌĂͲŶĞŐĂƌĂŵĂũƵ͕WĂƐĂƌDŽĚĂů/ŶĚŽŶĞƐŝĂƌĞůĂƚŝĨŬƵƌĂŶŐůŝŬƵŝĚ͕ŵĞŵŝůŝŬŝǀŽůĂƚŝůŝƚĂƐLJĂŶŐůĞďŝŚ
ƚŝŶŐŐŝ ĚĂŶ ŵĞŵŝůŝŬŝ ƐƚĂŶĚĂƌĂŬƵŶƚĂŶƐŝLJĂŶŐďĞƌďĞĚĂ͘ ,ĂƌŐĂͲŚĂƌŐĂĚŝ WĂƐĂƌ DŽĚĂů /ŶĚŽŶĞƐŝĂũƵŐĂ ƌĞůĂƚŝĨ ůĞďŝŚ
ƚŝĚĂŬ ƐƚĂďŝů ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ WĂƐĂƌ DŽĚĂů ůĂŝŶŶLJĂ͘ KůĞŚ ŬĂƌĞŶĂ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ďŝƐĂ ŵĞŵƉƌĞĚŝŬƐŝ
ďĂŚǁĂůŝŬƵŝĚŝƚĂƐƐĂŚĂŵWĞƌƐĞƌŽĂŶĂŬĂŶƚĞƌũĂŐĂ͘

<ĞŵĂŵƉƵĂŶ ƵŶƚƵŬ ŵĞŶũƵĂů ĚĂŶ ŵĞŶLJĞůĞƐĂŝŬĂŶ ƉĞƌĚĂŐĂŶŐĂŶ Ěŝ ƵƌƐĂ ĨĞŬ ĚĂƉĂƚ ŵĞŵŝůŝŬŝ ƌŝƐŝŬŽ
ŬĞƚĞƌůĂŵďĂƚĂŶ͘ĞŶŐĂŶĚĞŵŝŬŝĂŶ͕ƚŝĚĂŬĂĚĂũĂŵŝŶĂŶďĂŚǁĂƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶĂŬĂŶĚĂƉĂƚŵĞŶũƵĂů
ƐĂŚĂŵŶLJĂ ƉĂĚĂ ŚĂƌŐĂ ĂƚĂƵ ǁĂŬƚƵ ƚĞƌƚĞŶƚƵ ĚŝŵĂŶĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ƚĞƌƐĞďƵƚ ĂŬĂŶ ŵĂŵƉƵ ŵĞůĂŬƵŬĂŶŶLJĂ
ĚŝƉĂƐĂƌƐĂŚĂŵLJĂŶŐůĞďŝŚůŝŬƵŝĚ͘



46
<ĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵďĂLJĂƌĚŝǀŝĚĞŶĚŝŬĞŵƵĚŝĂŶŚĂƌŝ

WĞŵďĂŐŝĂŶĚŝǀŝĚĞŶĂŬĂŶĚŝůĂŬƵŬĂŶďĞƌĚĂƐĂƌŬĂŶZhW^ĚĞŶŐĂŶŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶďĞďĞƌĂƉĂĨĂŬƚŽƌĂŶƚĂƌĂůĂŝŶ
ƐĂůĚŽ ůĂďĂ ĚŝƚĂŚĂŶ͕ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ͕ ĂƌƵƐ ŬĂƐ ĚĂŶ ŬĞďƵƚƵŚĂŶ ŵŽĚĂů ŬĞƌũĂ͕ ƐĞƌƚĂ ďĞůĂŶũĂ ŵŽĚĂů͕ ŝŬĂƚĂŶ
ƉĞƌũĂŶũŝĂŶ ĚĂŶ ďŝĂLJĂ LJĂŶŐ ƚŝŵďƵů ƚĞƌŬĂŝƚ ĞŬƐƉĂŶƐŝ WĞƌƐĞƌŽĂŶ͘ ^ĞůĂŝŶ ŝƚƵ͕ ŬĞďƵƚƵŚĂŶ ƉĞŶĚĂŶĂĂŶ ĂƚĂƐ ƌĞŶĐĂŶĂ
ƉĞŶŐĞŵďĂŶŐĂŶ ƵƐĂŚĂ Ěŝ ŵĂƐĂ ŵĞŶĚĂƚĂŶŐ ĚĂŶ ũƵŐĂ ƌŝƐŝŬŽ ĂŬĂŶ ŬĞƌƵŐŝĂŶ LJĂŶŐ ĚŝďƵŬƵŬĂŶ ĚĂůĂŵ ůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶĚĂƉĂƚŵĞŶũĂĚŝĂůĂƐĂŶLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝŬĞƉƵƚƵƐĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƚŝĚĂŬŵĞŵďĂŐŝŬĂŶĚŝǀŝĚĞŶ͘
ĞďĞƌĂƉĂ ĨĂŬƚŽƌ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵďĂLJĂƌ ĚŝǀŝĚĞŶ ŬĞƉĂĚĂ
ƉĞŵĞŐĂŶŐ ƐĂŚĂŵŶLJĂ͕ ƐĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŵďĞƌŝŬĂŶ ũĂŵŝŶĂŶ ďĂŚǁĂ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ĚĂƉĂƚ
ŵĞŵďĂŐŝŬĂŶĚŝǀŝĚĞŶĂƚĂƵŝƌĞŬƐŝWĞƌƐĞƌŽĂŶĂŬĂŶŵĞŶŐƵŵƵŵŬĂŶƉĞŵďĂŐŝĂŶĚŝǀŝĚĞŶ͘

<ĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵWĞŶŐĞŶĚĂůŝĚĂƉĂƚďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶŬĞƉĞŶƚŝŶŐĂŶƉĞŵďĞůŝ^ĂŚĂŵzĂŶŐ
ŝƚĂǁĂƌŬĂŶ

^ĞƚĞůĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ͕ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞŶŐĞŶĚĂůŝ LJĂŶŐ ŵĞŵŝůŝŬŝ ůĞďŝŚ ĚĂƌŝ ϱϬй ĚĂƌŝ ũƵŵůĂŚ
ƐĞůƵƌƵŚ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌĞĚĂƌ͕ ƉĂĚĂ ƵŵƵŵŶLJĂ ĚĂƉĂƚ ŵĞŵĞŐĂŶŐ ŬĞŶĚĂůŝ ĞĨĞŬƚŝĨ ĂƚĂƐ WĞƌƐĞƌŽĂŶ͕
ƚĞƌŵĂƐƵŬ ŬĞǁĞŶĂŶŐĂŶ ƵŶƚƵŬ ŵĞŵŝůŝŚ ŝƌĞŬƚƵƌ ĚĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞŶĞŶƚƵŬĂŶ ŚĂƐŝů ĚĂƌŝ ƐƵĂƚƵ
ƚŝŶĚĂŬĂŶ LJĂŶŐ ŵĞŵďƵƚƵŚŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ͘ tĂůĂƵƉƵŶ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵƉĞƌŚĂƚŝŬĂŶƐĞƚŝĂƉŬĞƉĞŶƚŝŶŐĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵƚĞƌŵĂƐƵŬƉĞŵĞŐĂŶŐƐĂŚĂŵŵŝŶŽƌŝƚĂƐ͕
ŶĂŵƵŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ďĂŚǁĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞŶŐĞŶĚĂůŝ ĚĂƉĂƚ ŵĞŵŝůŝŬŝ ŬĞƉĞŶƚŝŶŐĂŶ ďŝƐŶŝƐ
Ěŝ ůƵĂƌ WĞƌƐĞƌŽĂŶ͕ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞŶŐĞŶĚĂůŝ ĚĂƉĂƚ ŵĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶ LJĂŶŐ ůĞďŝŚ ŵĞŶŐƵŶƚƵŶŐŬĂŶ ďĂŐŝ
ŬĞƉĞŶƚŝŶŐĂŶďŝƐŶŝƐWĞŵĞŐĂŶŐ^ĂŚĂŵWĞŶŐĞŶĚĂůŝƚĞƌƐĞďƵƚĚŝďĂŶĚŝŶŐŬĂŶŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶ͕ĚŝŵĂŶĂŚĂůŝŶŝ
ĚĂƉĂƚ ďĞƌĚĂŵƉĂŬ ŵĂƚĞƌŝĂů ĚĂŶ ŵĞƌƵŐŝŬĂŶ ƚĞƌŚĂĚĂƉ ďŝƐŶŝƐ͕ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ͕ ŚĂƐŝů ŽƉĞƌĂƐŝ ĚĂŶ ƉƌŽƐƉĞŬ
WĞƌƐĞƌŽĂŶ͘ KůĞŚ ŬĂƌĞŶĂ ŝƚƵ͕WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞŶŐĞŶĚĂůŝƚĞůĂŚ ĚĂŶ ĂŬĂŶ ƚĞƚĂƉ ŵĞŵŝůŝŬŝ ƉĞŶŐĂƌƵŚ ƐŝŐŶŝĨŝŬĂŶ
ĂƚĂƐWĞƌƐĞƌŽĂŶ͕ƚĞƌŵĂƐƵŬƉĞŶŐĂƌƵŚƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶ͗

• ŵĞŶLJĞƚƵũƵŝƉĞŶŐŐĂďƵŶŐĂŶ͕ŬŽŶƐŽůŝĚĂƐŝĂƚĂƵƉĞŵďƵďĂƌĂŶWĞƌƐĞƌŽĂŶ͖
• ŵĞŵďĞƌŝŬĂŶƉĞŶŐĂƌƵŚLJĂŶŐƐŝŐŶŝĨŝŬĂŶƚĞƌŚĂĚĂƉŬĞďŝũĂŬĂŶĚĂŶƵƌƵƐĂŶWĞƌƐĞƌŽĂŶ͖
• ŵĞŵŝůŝŚƐĞďĂŐŝĂŶďĞƐĂƌŝƌĞŬƚƵƌĚĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ͖ĚĂŶ
• ŵĞŶĞŶƚƵŬĂŶ ŚĂƐŝů ĚĂƌŝ ƚŝŶĚĂŬĂŶLJĂŶŐ ŵĞŵĞƌůƵŬĂŶ ƉĞƌƐĞƚƵũƵĂŶƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ;ƐĞůĂŝŶ ĚĂƌŝ ƉĞƌƐĞƚƵũƵĂŶ
ĂƚĂƐ ƚƌĂŶƐĂŬƐŝ LJĂŶŐ ŵĞŵŝůŝŬŝ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ĚŝŵĂŶĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞŶŐĞŶĚĂůŝ ŵĞŵŝůŝŬŝ
ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ĂƚĂƵŵĞŵŝůŝŬŝ ŚƵďƵŶŐĂŶ ĂĨŝůŝĂƐŝ ĚĞŶŐĂŶ ŝƌĞŬƚƵƌ͕ <ŽŵŝƐĂƌŝƐ ĂƚĂƵ WĞŵĞŐĂŶŐ^ĂŚĂŵ
hƚĂŵĂ;ƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŶŐŵĞŵŝůŝŬŝϮϬйĂƚĂƵůĞďŝŚĚĂƌŝƐĂŚĂŵLJĂŶŐďĞƌĞĚĂƌͿLJĂŶŐŵĞŵŝůŝŬŝďĞŶƚƵƌĂŶ
ŬĞƉĞŶƚŝŶŐĂŶ ĚŝŚĂƌƵƐŬĂŶ ƵŶƚƵŬ ƚŝĚĂŬ ŵĞŵďĞƌŝ ƐƵĂƌĂ ďĞƌĚĂƐĂƌŬĂŶ WĞƌĂƚƵƌĂŶ K:<Ϳ͕ ƚĞƌŵĂƐƵŬ ǁĂŬƚƵ ĚĂŶ
ƉĞŵďĂLJĂƌĂŶĂƚĂƐĚŝǀŝĚĞŶĚŝŵĂƐĂĚĞƉĂŶ͘

ŝ ŵĂƐĂ LJĂŶŐ ĂŬĂŶ ĚĂƚĂŶŐ͕ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞůĂŬƵŬĂŶ ƚƌĂŶƐĂŬƐŝ ĚĞŶŐĂŶ ĞŶƚŝƚĂƐ LJĂŶŐ ĚŝŬĞŶĚĂůŝŬĂŶ ŽůĞŚ
WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞŶŐĞŶĚĂůŝ ĚĂŶ ƉŝŚĂŬ ƚĞƌŬĂŝƚ ůĂŝŶŶLJĂ ĚĂůĂŵ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƐĞŚĂƌŝͲŚĂƌŝ͘ dŝĚĂŬ ĂĚĂ ũĂŵŝŶĂŶ
ďĂŚǁĂ ƚƌĂŶƐĂŬƐŝ ƚĞƌƐĞďƵƚ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ ƉĂĚĂ ƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ŵĞŶŐƵŶƚƵŶŐŬĂŶ ďĂŐŝ WĞƌƐĞƌŽĂŶ͕
ŶĂŵƵŶ ƐĞƚŝĂƉ ƚƌĂŶƐĂŬƐŝ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ;ƐĞďĂŐĂŝŵĂŶĂ ĚŝĚĞĨŝŶŝƐŝŬĂŶ ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ K:<Ϳ LJĂŶŐ
ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƉŝŚĂŬ ƚĞƌĂĨŝůŝĂƐŝ ƐĞƚĞůĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ǁĂũŝď ŵĞŵƉĞƌŽůĞŚ
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EŽ͘ ϵϯ  ƚĂŶŐŐĂů  Ϯϲ  Ɖƌŝů  ϮϬϬϮ͕ LJĂŶŐ  ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ƌƌLJ^ƵƉƌĂƚŶŽ͕ ^͘,͕͘EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ
ŵĞŶĚĂƉĂƚŬĂŶ ƉĞŶŐĞƐĂŚĂŶ ĚĂƌŝ DĞŶŬƵŵŚĂŵ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ EŽ͘ Ͳϭϭϲϴϱ͘,d͘Ϭϭ͘Ϭϭ͘d,͘ϮϬϬϮ
ƚĂŶŐŐĂů Ϯϴ :ƵŶŝ ϮϬϬϮ͕ ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƵƐĂŚĂĂŶ Ěŝ <ĂŶƚŽƌ WĞŶĚĂĨƚĂƌĂŶ WĞƌƵƐĂŚĂĂŶ
<ĂďƵƉĂƚĞŶͬ<ŽƚĂ dĂŶŐĞƌĂŶŐ EŽ͘ Ϭϰϱϱͬ,͘ϯϬ͘Ϭϲͬs///ͬϮϬϬϮ ƚĂŶŐŐĂů Ϯ ŐƵƐƚƵƐ  ϮϬϬϮ͕ ƐĞƌƚĂ ƚĞůĂŚ ĚŝƵŵƵŵŬĂŶ
ĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϳϴƚĂŶŐŐĂůϮϳ^ĞƉƚĞŵďĞƌϮϬϬϮ͕dĂŵďĂŚĂŶEŽ͘ϭϭϲϳϳ͘

^ĞũĂŬƉĞŶĚŝƌŝĂŶ͕ŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶŵĞŶŐĂůĂŵŝďĞďĞƌĂƉĂŬĂůŝƉĞƌƵďĂŚĂŶĚĂŶƉĞƌƵďĂŚĂŶLJĂŶŐƚĞƌĂŬŚŝƌ
ŬĂůŝĚŝŵƵĂƚĚĂůĂŵŬƚĂĞƌŝƚĂĐĂƌĂZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ>ƵĂƌŝĂƐĂEŽ͘ϴϮƚĂŶŐŐĂůϭϲ:ƵŶŝϮϬϭϳ͕
LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ &ĂƚŚŝĂŚ ,Ğůŵŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ
DĞŶŬƵŵŚĂŵďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘,hͲϬϬϭϯϭϳϴ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϭϳƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳĚĂŶ
ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϳϴϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ
ϮϬϭϳƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳ͕ĚĂŶƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶŬƵŵŚĂŵƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂůĂŵ^ƵƌĂƚ
WĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌEŽ͘,hͲ,͘Ϭϭ͘Ϭϯ͘ϬϭϰϳϯϯϴƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳĚĂŶ
ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϳϴϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ
ϮϬϭϳƚĂŶŐŐal 19 Juni 2017 (“ŬƚĂEŽ͘ϴϮͬϮϬϭϳ”).

ĞƌĚĂƐĂƌŬĂŶŬƚĂEŽ͘ϴϮͬϮϬϭϳ͕ƉĂƌĂƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶLJĞƚƵũƵŝĂŶƚĂƌĂůĂŝŶ͗

ϭ͘ ƉĞƌƵďĂŚĂŶƐĞůƵƌƵŚŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĂŶƚĂƌĂůĂŝŶ͗
Ă͘ ƉĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌĚĂůĂŵƌĂŶŐŬĂŵĞŶũĂĚŝWĞƌƐĞƌŽĂŶdĞƌďƵŬĂLJĂŝƚƵĂŶƚĂƌĂůĂŝŶƉĞƌƵďĂŚĂŶ
ƐƚĂƚƵƐWĞƌƐĞƌŽĂŶĚĂƌŝWĞƌƐĞƌŽĂŶdĞƌƚƵƚƵƉŵĞŶũĂĚŝWĞƌƐĞƌŽĂŶdĞƌďƵŬĂ͖
ď͘ ƉĞƌƵďĂŚĂŶŶŝůĂŝŶŽŵŝŶĂůƐĂŚĂŵƚŝĂƉƐĂŚĂŵĚĂƌŝƐĞŵƵůĂZƉϮϱϬ͘ϬϬϬŵĞŶũĂĚŝZƉϭϬϬ͖
Đ͘ ƉĞŶŝŶŐŬĂƚĂŶ ŵŽĚĂů ĚĂƐĂƌ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƐĞŵƵůĂ ďĞƌũƵŵůĂŚ ZƉϯϲϲ͘ϴϬϬ͘ϬϬϬ͘ϬϬϬ LJĂŶŐ ƚĞƌďĂŐŝ ĂƚĂƐ
ϭ͘ϰϲϳ͘ϮϬϬ ƐĂŚĂŵ͕ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĂŚĂŵ ďĞƌŶŝůĂŝ ŶŽŵŝŶĂů ZƉϮϱϬ͘ϬϬϬ ŵĞŶũĂĚŝ
ZƉϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬLJĂŶŐƚĞƌďĂŐŝĂƚĂƐϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬƐĂŚĂŵ͕LJĂŶŐŵĂƐŝŶŐͲŵĂƐŝŶŐƐĂŚĂŵďĞƌŶŝůĂŝ
ŶŽŵŝŶĂůZƉϭϬϬ͖
Ě͘ ƉĞŶŝŶŐŬĂƚĂŶ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ WĞƌƐĞƌŽĂŶ ĚĂƌŝ ƐĞŵƵůĂ ϲϲϱ͘ϲϬϬ ƐĂŚĂŵ͕ ŵĂƐŝŶŐͲŵĂƐŝŶŐ
ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ZƉϮϱϬ͘ϬϬϬ ĚĞŶŐĂŶ ũƵŵůĂŚ ŶŝůĂŝ ŶŽŵŝŶĂů ƐĞůƵƌƵŚŶLJĂ ƐĞďĞƐĂƌ
ZƉϭϲϲ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬŵĞŶũĂĚŝZƉϮ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬĂƚĂƵϮϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬƐĂŚĂŵ͕ŵĂƐŝŶŐͲŵĂƐŝŶŐƐĂŚĂŵ
ĚĞŶŐĂŶŶŝůĂŝŶŽŵŝŶĂůZƉϭϬϬƐĞƚŝĂƉƐĂŚĂŵ͘
 WĞŶŝŶŐŬĂƚĂŶƐĞďĞƐĂƌZƉϮ͘ϯϳϰ͘ϲϭϲ͘ϬϰϬ͘ϬϬϬĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŬĂƉŝƚĂůŝƐĂƐŝƐĂůĚŽůĂďĂĚŝƚĂŚĂŶWĞƌƐĞƌŽĂŶ
ƐĂŵƉĂŝĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲďĞƌĚĂƐĂƌŬĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƚĂŚƵŶďƵŬƵϯϭĞƐĞŵďĞƌ
ϮϬϭϲ LJĂŶŐ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ <ĂŶƚŽƌ ŬƵŶƚĂŶ WƵďůŝŬ ^ĂƚƌŝŽ ŝŶŐ ŶLJ Θ ZĞŬĂŶ͕ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
h^ϭϳϴ͘ϱϲϵ͘ϰϭϮĚĞŶŐĂŶŶŝůĂŝŬƵƌƐƚĞŶŐĂŚĂŶŬ/ŶĚŽŶĞƐŝĂƉĞƌƚĂŶŐŐĂůϭϲ:ƵŶŝϮϬϭϳLJĂŝƚƵh^ϭĂĚĂůĂŚ
ƐĞďĞƐĂƌ ZƉϭϯ͘Ϯϵϴ͕ ƐĞŚŝŶŐŐĂũƵŵůĂŚ ůĂďĂĚŝƚĂŚĂŶ ƉĞƌ ƚĂŶŐŐĂů ϯϭĞƐĞŵďĞƌ ϮϬϭϲ ƐĞƚĞůĂŚĚŝĞŬƵŝǀĂůĞŶ
ĚĞŶŐĂŶ ŶŝůĂŝ ZƵƉŝĂŚ ŬƵƌƐ ƚĞŶŐĂŚ ĂŶŬ /ŶĚŽŶĞƐŝĂ ƉĞƌ ƚĂŶŐŐĂů ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͕ ƐĞůƵƌƵŚŶLJĂ
ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϮ͘ϯϳϰ͘ϲϭϲ͘ϬϰϬ͘ϳϳϲ ĚĂŶ ũƵŵůĂŚ LJĂŶŐ ĚŝŬĂƉŝƚĂůŝƐĂƐŝ ĚŝďƵůĂƚŬĂŶ ŵĞŶũĂĚŝ ƐĞďĞƐĂƌ
ZƉϮ͘ϯϳϰ͘ϲϭϲ͘ϬϰϬ͘ϬϬϬ͘
Ğ͘ WĞŶŝŶŐŬĂƚĂŶŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƐĞďĞƐĂƌZƉϮ͘ϯϳϰ͘ϲϭϲ͘ϬϰϬ͘ϬϬϬƚĞƌƐĞďƵƚĚŝůĂŬƵŬĂŶƐĞĐĂƌĂ
ƉƌŽƉŽƌƐŝŽŶĂůŽůĞŚƉĂƌĂƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŝƚƵ͗
ŝ͘ 'Zh͕ LJĂŶŐ ŵĞŵƉĞƌŽůĞŚ ƐĞũƵŵůĂŚ Ϯϯ͘ϱϬϴ͘ϲϵϴ͘ϳϵϲ ƐĂŚĂŵ ĂƚĂƵ ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů
ƐĞůƵƌƵŚŶLJĂƐĞďĞƐĂƌZƉϮ͘ϯϱϬ͘ϴϲϵ͘ϴϳϵ͘ϲϬϬ͖ĚĂŶ
ŝŝ͘ t^͕ LJĂŶŐ ŵĞŵƉĞƌŽůĞŚ ƐĞũƵŵůĂŚ Ϯϯϳ͘ϰϲϭ͘ϲϬϰ ƐĂŚĂŵ ĂƚĂƵ ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ƐĞůƵƌƵŚŶLJĂ
ƐĞďĞƐĂƌZƉϮϯ͘ϳϰϲ͘ϭϲϬ͘ϰϬϬ͖
ĚĞŶŐĂŶ ĚĞŵŝŬŝĂŶ͕ ƐĞƚĞůĂŚ ĚŝůĂŬƵŬĂŶ ƉĞŶŝŶŐŬĂƚĂŶ͕ ũƵŵůĂŚ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ
WĞƌƐĞƌŽĂŶ ŵĞŶũĂĚŝ ZƉϮ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ ĂƚĂƵ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ƐĂŚĂŵ͕ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĂŚĂŵ
ĚĞŶŐĂŶŶŝůĂŝŶŽŵŝŶĂůZƉϭϬϬƐĞƚŝĂƉƐĂŚĂŵĚĞŶŐĂŶƐƵƐƵŶĂŶŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗


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 ŝ͘ 'Zh͕ ƐĞũƵŵůĂŚ Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ ƐĂŚĂŵ ĂƚĂƵ ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ƐĞůƵƌƵŚŶLJĂ ƐĞďĞƐĂƌ
ZƉϮ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ͖ĚĂŶ
ŝŝ͘ t^͕ ƐĞũƵŵůĂŚ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ ƐĂŚĂŵ ĂƚĂƵ ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ƐĞůƵƌƵŚŶLJĂ ƐĞďĞƐĂƌ
ZƉϮϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ͖
Ĩ͘ ƉĞƌƵďĂŚĂŶŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƐĞƌƚĂŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͖
Ő͘ ƉĞŶLJĞƐƵĂŝĂŶ ƐĞůƵƌƵŚ ŬĞƚĞŶƚƵĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂůƚĞƌŵĂƐƵŬ;ĂͿWĞƌĂƚƵƌĂŶEŽ͘/y͘:͘ϭĚĂŶ;ďͿWK:<EŽ͘ϭϬ͖

Ϯ͘ Ă͘ ŵĞŶLJĞƚƵũƵŝ ƉĞŶŐĞůƵĂƌĂŶ ƐĂŚĂŵ ĚĂůĂŵ ƐŝŵƉĂŶĂŶ WĞƌƐĞƌŽĂŶ͕ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ ϭϬ͘ϴϵϬ͘Ϭϲϴ͘ϳϬϬ
ƐĂŚĂŵďĂƌƵLJĂŶŐĚŝŬĞůƵĂƌŬĂŶĚĂƌŝƉŽƌƚĞƉĞůLJĂŶŐĚŝƚĂǁĂƌŬĂŶŬĞƉĂĚĂŵĂƐLJĂƌĂŬĂƚŵĞůĂůƵŝWĞŶĂǁĂƌĂŶ
hŵƵŵ WĞƌĚĂŶĂ WĞƌƐĞƌŽĂŶ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĂŚĂŵ ƚĞƌƐĞďƵƚ ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ZƉϭϬϬ LJĂŶŐ
ĚŝƚĂǁĂƌŬĂŶ ĚĞŶŐĂŶ ŚĂƌŐĂ ƉĞŶĂǁĂƌĂŶ ƚĞƌŵĂƐƵŬ ƉĞŶŐĂůŽŬĂƐŝĂŶ ƉĞŶŐĞůƵĂƌĂŶ ƐĂŚĂŵ ďĂƌƵ ƚĞƌƐĞďƵƚ
ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂƐĞďĞƐĂƌϮ͕ϲϳйĚĂƌŝƐĂŚĂŵďĂƌƵLJĂŶŐĂŬĂŶĚŝŬĞůƵĂƌŬĂŶĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶ
hŵƵŵ WĞƌĚĂŶĂ͕ ĚĞŶŐĂŶ ƉƌŽŐƌĂŵ ^͘ ^ĞŐĂůĂ ƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶ ůĞďŝŚ ůĂŶũƵƚ ĂƚĂƐ ƉƌŽŐƌĂŵ ^
ĚŝƚĞŶƚƵŬĂŶ ŽůĞŚ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ
ďĞƌůĂŬƵ ƚĞƌŵĂƐƵŬ ƉĞƌĂƚƵƌĂŶ WĂƐĂƌ DŽĚĂů ĚĂŶ ƉĞƌĂƚƵƌĂŶ ďƵƌƐĂ ĞĨĞŬ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ ƚĞŵƉĂƚ ĚŝŵĂŶĂ
ƐĂŚĂŵͲƐĂŚĂŵWĞƌƐĞƌŽĂŶĚŝĐĂƚĂƚŬĂŶ͖
ď͘  ŵĞŶLJĞƚƵũƵŝ ƉĞůĞƉĂƐĂŶ ŚĂŬ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ LJĂŝƚƵ 'Zh ĚĂŶ t^ ƵŶƚƵŬ ŵĞŶŐĂŵďŝů
ďĂŐŝĂŶĂƚĂƐƐĂŚĂŵďĂƌƵLJĂŶŐĚŝŬĞůƵĂƌŬĂŶĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂWĞƌƐĞƌŽĂŶ͖

ϯ͘ ŵĞŶLJĞƚƵũƵŝ ŵĞŵďĞƌŝŬĂŶ ŬƵĂƐĂ ŬĞƉĂĚĂ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ƐĞŐĂůĂ ƚŝŶĚĂŬĂŶ LJĂŶŐ
ĚŝƉĞƌůƵŬĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƚĞƚĂƉŝ ƚŝĚĂŬ ƚĞƌďĂƚĂƐ
ƉĂĚĂ͗
Ă͘ ŵĞŶLJĂƚĂŬĂŶŬĞŵďĂůŝŬĞƉƵƚƵƐĂŶƌĂƉĂƚĚĞŶŐĂŶĂŬƚĂEŽƚĂƌŝƐƚĞƌƐĞŶĚŝƌŝ;ũŝŬĂĚŝƉĞƌůƵŬĂŶͿ͖
ď͘ ŵĞůĂŬƐĂŶĂŬĂŶ ƐĞŐĂůĂ ƚŝŶĚĂŬĂŶ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ
WĞƌƐĞƌŽĂŶƚĞƌŵĂƐƵŬƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ͗
ŝ͘ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝƉĞƌŶLJĂƚĂĂŶƉĞŶĚĂĨƚĂƌĂŶƵŶƚƵŬĚŝĂũƵŬĂŶŬĞƉĂĚĂK:<͖
ŝŝ͘ ŵĞŶĞŐŽƐŝĂƐŝŬĂŶ ĚĂŶ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ
hŵƵŵ WĞƌĚĂŶĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ LJĂŶŐ ĚŝĂŶŐŐĂƉ ďĂŝŬ
ƵŶƚƵŬWĞƌƐĞƌŽĂŶŽůĞŚŝƌĞŬƐŝWĞƌƐĞƌŽĂŶ͖
ŝŝŝ͘ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ͕ ŵĞŶĐĞƚĂŬ ĚĂŶͬĂƚĂƵ ŵĞŶĞƌďŝƚŬĂŶ ƉƌŽƐƉĞŬƚƵƐ ƌŝŶŐŬĂƐ͕ ƉĞƌďĂŝŬĂŶ ĚĂŶͬĂƚĂƵ
ƚĂŵďĂŚĂŶ ĂƚĂƐ WƌŽƐƉĞŬƚƵƐ ZŝŶŐŬĂƐ͕ WƌŽƐƉĞŬƚƵƐ ǁĂů͕ WƌŽƐƉĞŬƚƵƐ͕ ŝŶĨŽ ŵĞŵŽ ĚĂŶͬĂƚĂƵ
ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ ůĂŝŶ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ďĂŐŝ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ
WĂƐĂƌDŽĚĂů͖
ŝǀ͘ ŵĞŶĞƚĂƉŬĂŶŚĂƌŐĂƉĞŶĂǁĂƌĂŶƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐĚĂƌŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ǀ͘ ŵĞŶĞƚĂƉŬĂŶ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ĂƚĂƐ ĚĂŶĂ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ŵĞůĂůƵŝ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ
WĞƌƐĞƌŽĂŶ͖
ǀŝ͘ ŵĞŶĞƚĂƉŬĂŶ ƉƌŽŐƌĂŵ ^ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ Ϯ͕ϲϳй ĚĂƌŝ ƐĂŚĂŵ ďĂƌƵ LJĂŶŐ ĂŬĂŶ ĚŝŬĞůƵĂƌŬĂŶ
ĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂWĞƌƐĞƌŽĂŶ͖
ǀŝŝ͘ ŵĞŶĞƚĂƉŬĂŶ ŬĞƉĂƐƚŝĂŶ ũƵŵůĂŚ ƐĂŚĂŵ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ ƐĞƚĞůĂŚ ŵĞŶĚĂƉĂƚ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ
ĚĂƌŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ǀŝŝŝ͘ ŵĞŶĚĂĨƚĂƌŬĂŶ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƉĞŶŝƚŝƉĂŶ ŬŽůĞŬƚŝĨ <^/ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ
<ƵƐƚŽĚŝĂŶ^ĞŶƚƌĂůĨĞŬ/ŶĚŽŶĞƐŝĂ͖
ŝdž͘ ŵĞŶĐĂƚĂƚŬĂŶƐĞůƵƌƵŚƐĂŚĂŵWĞƌƐĞƌŽĂŶLJĂŶŐƚĞůĂŚĚŝŬĞůƵĂƌŬĂŶĚĂŶĚŝƐĞƚŽƌƉĞŶƵŚƉĂĚĂ/ĚĂŶ
ĚŝũƵĂůŬĞƉĂĚĂŵĂƐLJĂƌĂŬĂƚŵĞůĂůƵŝWĂƐĂƌDŽĚĂůĚĂŶƐĂŚĂŵͲƐĂŚĂŵLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚƉĞŵĞŐĂŶŐ
ƐĂŚĂŵƉĂĚĂ/͖
dž͘ ŵĞůĂŬƵŬĂŶ ƐĞŐĂůĂ ŚĂů ĚĂŶ ƐĞŐĂůĂ ƚŝŶĚĂŬĂŶ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ WĞŶĂǁĂƌĂŶ
hŵƵŵ WĞƌĚĂŶĂ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ ŵĂƐLJĂƌĂŬĂƚ ŵĞůĂůƵŝ WĂƐĂƌ DŽĚĂů͕ ƚĞƌŵĂƐƵŬ LJĂŶŐ
ĚŝƉĞƌƐLJĂƌĂƚŬĂŶďĞƌĚĂƐĂƌŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͖
džŝ͘ ŵĞŶLJĂƚĂŬĂŶƐĂƚƵĂƚĂƵůĞďŝŚŬĞƉƵƚƵƐĂŶLJĂŶŐĚŝƉƵƚƵƐŬĂŶĚĂůĂŵƌĂƉĂƚĚĂůĂŵƐĂƚƵĂƚĂƵůĞďŝŚĂŬƚĂ
EŽƚĂƌŝƐďĂŝŬƐĞĐĂƌĂƐĞŬĂůŝŐƵƐĂƚĂƵƚĞƌƉŝƐĂŚ͖
džŝŝ͘ ŵĞŵŽŚŽŶ ƉĞƌƐĞƚƵũƵĂŶ ĚĂŶͬĂƚĂƵ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ƉĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ ĚĂŶͬĂƚĂƵ
ƉĞƌƵďĂŚĂŶ ĚĂƚĂ WĞƌƐĞƌŽĂŶ ĚĂŶͬĂƚĂƵ ŵĞŶĚĂĨƚĂƌŬĂŶ ĂƚĂƵ ŵĞŶLJĞďĂďŬĂŶ ĚŝĚĂĨƚĂƌŬĂŶŶLJĂ ƉĂĚĂ
ŝŶƐƚĂŶƐŝͲŝŶƚĂŶƐŝLJĂŶŐďĞƌǁĞŶĂŶŐLJĂŶŐƌĞůĞǀĂŶŵĞŶŐĞŶĂŝŬĞƉƵƚƵƐĂŶƌĂƉĂƚ͖



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 ϰ͘ ŵĞŶLJĞƚƵũƵŝ ŵĞŵďĞƌŝŬĂŶ ŬƵĂƐĂ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶLJĂƚĂŬĂŶ ĚĂůĂŵ ĂŬƚĂ
EŽƚĂƌŝƐ ƚĞƌƐĞŶĚŝƌŝ ŵĞŶŐĞŶĂŝ ƌĞĂůŝƐĂƐŝ ũƵŵůĂŚ ƐĂŚĂŵ LJĂŶŐ ƚĞůĂŚ ĚŝŬĞůƵĂƌŬĂŶ ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ
WĞƌĚĂŶĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŵŽĚĂů ĚŝƐĞƚŽƌ WĞƌƐĞƌŽĂŶ͕ ƐĞƚĞůĂŚ
WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ƐĞůĞƐĂŝ ĚŝůĂŬƐĂŶĂŬĂŶ ĚĂŶ ŵĞŶĐĂƚĂƚŬĂŶ ƐĂŚĂŵͲƐĂŚĂŵ ƚĞƌƐĞďƵƚ ƉĂĚĂ ďƵƌƐĂ
ĞĨĞŬĚĂŶĚĂůĂŵĂĨƚĂƌWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƐĞƌŽĂŶ͖

ϱ͘ ŵĞŶLJĞƚƵũƵŝƉĞŶŐĞůƵĂƌĂŶƐĂŚĂŵďĂƌƵĚĂůĂŵƌĂŶŐŬĂƉƌŽŐƌĂŵD^KWĚĞŶŐĂŶũƵŵůĂŚƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ
ƐĞďĞƐĂƌϭ͕ϳϮйĚĂƌŝŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƉĞŶƵŚƐĞƚĞůĂŚWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂWĞƌƐĞƌŽĂŶ͖
WƌŽŐƌĂŵ D^KW ŝŶŝ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ ƚĞƌŵĂƐƵŬ ƉĞƌĂƚƵƌĂŶ WĂƐĂƌ DŽĚĂů ĚĂŶ ƉĞƌĂƚƵƌĂŶ ďƵƌƐĂ ĞĨĞŬ LJĂŶŐ ďĞƌůĂŬƵ
ĚŝƚĞŵƉĂƚĚŝŵĂŶĂƐĂŚĂŵͲƐĂŚĂŵWĞƌƐĞƌŽĂŶĚŝĐĂƚĂƚŬĂŶĚĂŶŵĞŵďĞƌŝŬĂŶŬƵĂƐĂŬĞƉĂĚĂŝƌĞŬƐŝWĞƌƐĞƌŽĂŶ
ƵŶƚƵŬ ŵĞŶĞŶƚƵŬĂŶ ŬƌŝƚĞƌŝĂ ƉĞŶĞƌŝŵĂ ŽƉƐŝ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ĚĂƌŝ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ
ĚĂŶZĞŵƵŶĞƌĂƐŝWĞƌƐĞƌŽĂŶ͖ĚĂŶ

ϲ͘ ŵĞŶLJĞƚƵũƵŝ ŵĞŵďĞƌŝŬĂŶ ŬƵĂƐĂ ŬĞƉĂĚĂ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŚĂŬ ƐƵďƐƚŝƚƵƐŝ ƵŶƚƵŬ ŵĞŶLJĂƚĂŬĂŶ
ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ ŬĞƉƵƚƵƐĂŶ ƌĂƉĂƚ ƚĞƌŵĂƐƵŬ ƵŶƚƵŬ ŵĞŶLJĂƚĂŬĂŶ ŬĞŵďĂůŝ ƐĞůƵƌƵŚ ŬĞƚĞŶƚƵĂŶ
ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ĂŬƚĂ EŽƚĂƌŝƐ ĚĂŶ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƉĞƌƐĞƚƵũƵĂŶ͕
ƉĞŵďĞƌŝƚĂŚƵĂŶĂƚĂƐƉĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶŬĞƉĂĚĂDĞŶŬƵŵŚĂŵĚĂŶŵĞůĂŬƵŬĂŶƐĞŐĂůĂ
ƚŝŶĚĂŬĂŶLJĂŶŐĚŝƉĞƌůƵŬĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŚĂůƚĞƌƐĞďƵƚ͘

ĞƌĚĂƐĂƌŬĂŶ ŬĞƚĞŶƚƵĂŶ WĂƐĂů ϯ ĚĂƌŝ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͕ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ
ŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐũĂƐĂƉĞƌĂǁĂƚĂŶ͕ƌĞƉĂƌĂƐŝĚĂŶŽǀĞƌŚĂƵůƉĞƐĂǁĂƚƵĚĂƌĂƐĞƌƚĂƉĞŶĚƵŬƵŶŐŶLJĂ͕
ƉĞƌĚĂŐĂŶŐĂŶ͕ƉĞƌŝŶĚƵƐƚƌŝĂŶ͕ƉĞƌŐƵĚĂŶŐĂŶĚĂŶƉĞŶŐĂŶŐŬƵƚĂŶĚĂŶũĂƐĂůĂŝŶŶLJĂ͕ĚĞŶŐĂŶƐƚĂŶĚĂƌŬƵĂůŝƚĂƐƚŝŶŐŐŝ
ƐĞĐĂƌĂƚĞƉĂƚǁĂŬƚƵĚĞŶŐĂŶďŝĂLJĂŬŽŵƉĞƚŝƚŝĨƵŶƚƵŬƉĞƐĂǁĂƚŵŝůŝŬƉĂƌĂƉĞůĂŶŐŐĂŶŶLJĂƐĞƌƚĂŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ
ďŝĚĂŶŐ ƵƐĂŚĂ ůĂŝŶ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĂŶ ƐĞďĂŐĂŝ ĂŬƚƵĂůŝƐĂƐŝ ƉƌŽĨĞƐŝŽŶĂůŝƐŵĞ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ ĚĂůĂŵ ďŝƐŶŝƐ
ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƐĞƌƚĂŵĞŵƵƉƵŬŬĞƵŶƚƵŶŐĂŶĚĞŶŐĂŶŵĞŶĞƌĂƉŬĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉƉĞƌƐĞƌŽĂŶƚĞƌďĂƚĂƐĚĂŶ
ŬĞƚĞŶƚƵĂŶWĂƐĂƌDŽĚĂů͘

hŶƚƵŬŵĞŶĐĂƉĂŝŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐ͕WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗

<ĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂ͗
ϭ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ͕ ƌĞƉĂƌĂƐŝ ĚĂŶ ŽǀĞƌŚĂƵů ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƐĞƌƚĂ
ƉĞŶĚƵŬƵŶŐŶLJĂƚĞƌƵƚĂŵĂ͗
Ă͘ ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂƐĞĐĂƌĂƚĞƌƉĂĚƵ͖
ď͘ ƉĞƌĂǁĂƚĂŶŬŽŵƉŽŶĞŶĚĂŶŬĂůŝďƌĂƐŝ͖
Đ͘ ƉĞƌĂǁĂƚĂŶŵĞƐŝŶ͖
Ě͘ ũĂƐĂĞŶũŝŶŝƌŝŶŐ͖ĚĂŶ
Ğ͘ ũĂƐĂƉĞůĂƚŝŚĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͖
Ϯ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ƉĞƌĚĂŐĂŶŐĂŶ ƚĞƌƵƚĂŵĂ ƉĞƌĚĂŐĂŶŐĂŶ ĂƚĂƐ ƐƵŬƵ ĐĂĚĂŶŐ ĚĂŶͬĂƚĂƵ
ŬŽŵƉŽŶĞŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͕ƐĞƌƚĂŵĞŶũĂĚŝĚŝƐƚƌŝďƵƚŽƌ͖
ϯ͘ ŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐƉĞƌŝŶĚƵƐƚƌŝĂŶ͕ƚĞƌŵĂƐƵŬĚŝĚĂůĂŵŶLJĂƉĞŵďƵĂƚĂŶĚĂŶƉĞƌĂǁĂƚĂŶƐĂƌĂŶĂ
ƉĞŶĚƵŬƵŶŐLJĂŶŐŵĞŶƵŶũĂŶŐŬĞŐŝĂƚĂŶƉĞŶĞƌďĂŶŐĂŶĚĂŶŬĞŐŝĂƚĂŶŝŶĚƵƐƚƌŝůĂŝŶŶLJĂ͖
ϰ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ƉĞƌŐƵĚĂŶŐĂŶ ĚĂŶ ƉĞŶŐĂŶŐŬƵƚĂŶ ƚĞƌƵƚĂŵĂ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ũĂƐĂ
ƉĞůĂLJĂŶĂŶŵĂƚĞƌŝĂů͕ůŽŐŝƐƚŝŬ͕ƉĞƌŐƵĚĂŶŐĂŶĚĂŶŬŽŶƐŝŶLJĂƐŝ͖ĚĂŶ
ϱ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ͕ ƚĞƌƵƚĂŵĂ ũĂƐĂ ƉĞŶLJĞǁĂĂŶ ƐƵŬƵ ĐĂĚĂŶŐ͕ ŬŽŵƉŽŶĞŶ͕ ĚĂŶͬĂƚĂƵ
ŵĞƐŝŶƉĞƐĂǁĂƚƵĚĂƌĂ͕ƐĞƌƚĂŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐũĂƐĂƉĞƌĂǁĂƚĂŶŵĞƐŝŶŝŶĚƵƐƚƌŝ͘

<ĞŐŝĂƚĂŶƵƐĂŚĂƉĞŶƵŶũĂŶŐ͗
ϭ͘ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞĚŝĂĂŶ ũĂƐĂ ŬŽŶƐƵůƚĂŶ ĚĂŶ ƚĞŶĂŐĂ ĂŚůŝ Ěŝ ďŝĚĂŶŐ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ͕ ŬŽŵƉŽŶĞŶ
ĚĂŶŵĞƐŝŶ͖ĚĂŶ
Ϯ͘ ŵĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ ĚŝůƵĂƌ ĚĂƌŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƐĞďƵƚŬĂŶ ĚĂůĂŵ ƉŽŝŶ ϭ Ğ ƉĂĚĂ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƵƚĂŵĂ
WĞƌƐĞƌŽĂŶ͘





51
^ĞũĂŬƉĞŶĚŝƌŝĂŶWĞƌƐĞƌŽĂŶƐĂŵƉĂŝĚĞŶŐĂŶƐĂĂƚŝŶŝ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶŐĂůĂŵŝϮ;ĚƵĂͿŬĂůŝƉĞƌƵďĂŚĂŶŬĞŐŝĂƚĂŶ
ƵƐĂŚĂ͕ďĞƌĚĂƐĂƌŬĂŶ;ŝͿŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶWĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵEŽ͘ϯϬϴƚĂŶŐŐĂůϯϭ:ƵůŝϮϬϬϴ͕LJĂŶŐ
ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ƌƌLJ ^ƵƉƌĂƚŶŽ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ
DĞŶŬƵŵŚĂŵ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ EŽ͘ ,hͲϱϯϬϳϰ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶ  ϮϬϬϴ ƚĂŶŐŐĂů ϮϬ ŐƵƐƚƵƐ ϮϬϬϴ
ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϳϯϮϰϰ͘,͘Ϭϭ͘Ϭϵ͘dĂŚƵŶ ϮϬϬϴ ƚĂŶŐŐĂů
ϮϬ ŐƵƐƚƵƐ ϮϬϬϴ͕ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƵƐĂŚĂĂŶ Ěŝ <ĂŶƚŽƌ WĞŶĚĂĨƚĂƌĂŶ WĞƌƵƐĂŚĂĂŶ <ĂďƵƉĂƚĞŶͬ<ŽƚĂ
dĂŶŐĞƌĂŶŐĚŝďĂǁĂŚEŽ͘Ϭϰϱϱͬ,ϯϬϬϲͬs///ͬϮϬϬϮƉĂĚĂƚĂŶŐŐĂůϳKŬƚŽďĞƌϮϬϬϴ͕ĚĂŶƚĞůĂŚĚŝƵŵƵŵŬĂŶĚĂůĂŵ
ĞƌŝƚĂ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ EŽ͘ ϭϭ ƚĂŶŐŐĂů ϲ &ĞďƌƵĂƌŝ ϮϬϬϵ͕ dĂŵďĂŚĂŶ EŽ͘ ϯϰϵϳ ĚĂŶ ;ŝŝͿ ŬƚĂ
EŽ͘ϴϮͬϮϬϭϳ͘

<ĂŶƚŽƌ WĞƌƐĞƌŽĂŶďĞƌůŽŬĂƐŝĚŝ 'ĞĚƵŶŐ DĂŶĂũĞŵĞŶ Wd 'ĂƌƵĚĂ /ŶĚŽŶĞƐŝĂ>ĂŶƚĂŝϯ͕ ƌĞĂ WĞƌŬĂŶƚŽƌĂŶ ĂŶĚĂƌĂ
^ŽĞŬĂƌŶŽ,ĂƚƚĂ͕<ĞůƵƌĂŚĂŶWĂũĂŶŐ͕<ĞĐĂŵĂƚĂŶĞŶĚĂ͕<ŽƚĂdĂŶŐĞƌĂŶŐ͘

͘ ^dZh<dhZWZDK>EE<WD/>/<E^,DWZ^ZKE

WĂĚĂƐĂĂƚƉĞŶĚŝƌŝĂŶ͕ƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶƐƵƐƵŶĂŶŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EŝůĂŝEŽŵŝŶĂůZƉϮϱϬ͘ϬϬϬ͘ϬϬϬ͕ͲƉĞƌƐĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͿ WĞƌƐĞŶƚĂƐĞ;йͿ
DŽĚĂůĂƐĂƌ ϰϬϬ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ   
ϭ͘'Zh ϵϵ Ϯϰ͘ϳϱϬ͘ϬϬϬ͘ϬϬϬ ϵϵ͕ϬϬ
Ϯ͘t^ ϭ ϮϱϬ͘ϬϬϬ͘ϬϬϬ ϭ͕ϬϬ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ ϭϬϬ Ϯϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
:ƵŵůĂŚ^ĂŚĂŵĚĂůĂŵWŽƌƚĞƉĞů ϯϬϬ ϳϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 

WĂĚĂƚĂŚƵŶϮϬϭϰ͕ϮϬϭϱ͕ĚĂŶϮϬϭϲƚŝĚĂŬƚĞƌĚĂƉĂƚƉĞƌƵďĂŚĂŶƉĂĚĂƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵ
WĞƌƐĞƌŽĂŶ͘

^ƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ ĚĂŶ ƐƵƐƵŶĂŶ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ϯ ;ƚŝŐĂͿ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ ƐĞďĞůƵŵ
ĚŝƐĂŵƉĂŝŬĂŶŶLJĂ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ WĞƌƐĞƌŽĂŶ
ĂĚĂůĂŚďĞƌĚĂƐĂƌŬĂŶŬƚĂEŽ͘ϴϮͬϮϬϭϳ͘

ĞƌĚĂƐĂƌŬĂŶŬƚĂEŽ͘ϴϮͬϮϬϭϳ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶLJĞƚƵũƵŝ;ŝͿƉĞŶŝŶŐŬĂƚĂŶŵŽĚĂůĚĂƐĂƌWĞƌƐĞƌŽĂŶĚĂƌŝƐĞŵƵůĂ
ƐĞũƵŵůĂŚZƉϯϲϲ͘ϴϬϬ͘ϬϬϬ͘ϬϬϬŵĞŶũĂĚŝZƉϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕;ŝŝͿƉĞŶŝŶŐŬĂƚĂŶŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶŵŽĚĂů
ĚŝƐĞƚŽƌ WĞƌƐĞƌŽĂŶ ĚĂƌŝ ƐĞŵƵůĂ ƐĞũƵŵůĂŚ ZƉϭϲϲ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬ ŵĞŶũĂĚŝ ZƉϮ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ LJĂŶŐ ĚŝůĂŬƵŬĂŶ
ĚĞŶŐĂŶ ĚĞŶŐĂŶ ŬĂƉŝƚĂůŝƐĂƐŝ ƐĂůĚŽ ůĂďĂ ĚŝƚĂŚĂŶ WĞƌƐĞƌŽĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ ďĞƌĚĂƐĂƌŬĂŶ
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĂŚƵŶ ďƵŬƵ ϯϭ ĞƐĞŵďĞƌ ϮϬϭϲ LJĂŶŐ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ <ĂŶƚŽƌ ŬƵŶƚĂŶ WƵďůŝŬ ^ĂƚƌŝŽ ŝŶŐ
ŶLJ Θ ZĞŬĂŶ ĚĂŶ ;ŝŝŝͿ ƉĞƌƵďĂŚĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ƐĂŚĂŵ ƚŝĂƉ ƐĂŚĂŵ ĚĂƌŝ ƐĞŵƵůĂ ZƉϮϱϬ͘ϬϬϬ ŵĞŶũĂĚŝ ZƉϭϬϬ͕
ƐĞŚŝŶŐŐĂ ƐƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ ĚĂŶ ƐƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ WƌŽƐƉĞŬƚƵƐ ŝŶŝ
ĚŝƚĞƌďŝƚŬĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EŝůĂŝEŽŵŝŶĂůZƉϭϬϬ͕ͲƉĞƌƐĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͿ WĞƌƐĞŶƚĂƐĞ;йͿ
DŽĚĂůĂƐĂƌ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ   
ϭ͘'Zh Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϵϵ͕ϬϬ
Ϯ͘t^ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ϭ͕ϬϬ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϯ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
:ƵŵůĂŚ^ĂŚĂŵĚĂůĂŵWŽƌƚĞƉĞů ϳϰ͘ϱϴϵ͘ϴϯϵ͘ϲϬϬ ϳ͘ϰϱϴ͘ϵϴϯ͘ϵϲϬ͘ϬϬϬ 


52
͘ <:/EWEd/E'zE'DDWE'Zh,/<'/dEh^,WZ^ZKE

ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚďĞďĞƌĂƉĂƉĞƌŝƐƚŝǁĂĂƚĂƵŬĞũĂĚŝĂŶƉĞŶƚŝŶŐLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘

dĂŚƵŶ WĞƌŝƐƚŝǁĂͬ<ĞũĂĚŝĂŶWĞŶƚŝŶŐ
ϭϵϰϵͲϭϵϵϴ ŝŶĂƐKƉĞƌĂƐŝĚĂŶdĞŬŶŝŬ'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂ
ϭϵϵϮ DĞŵƉĞƌŽůĞŚƐĞƌƚŝĨŝŬĂƐŝ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ;&ͿͲŵĞƌŝŬĂ^ĞƌŝŬĂƚ
ϮϬϬϮ ^hWĞƌƐĞƌŽĂŶĚŝƐƉŝŶͲŽĨĨŵĞŶũĂĚŝWd'ĂƌƵĚĂDĂŝŶƚĞŶĂŶĐĞ&ĂĐŝůŝƚLJĞƌŽƐŝĂ;'D&ĞƌŽƐŝĂͿ
ϮϬϬϯ WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚƐĞƌƚŝĨŝŬĂƐŝƵƌŽƉĞĂŶǀŝĂƚŝŽŶ^ĂĨĞƚLJŐĞŶĐLJ;^Ϳ
ϮϬϬϳ WĞƌƐĞƌŽĂŶŵĞůĂŬƐĂŶĂŬĂŶ>ĂƉ:ŽŝŶƚDŽĚŝĨŝĐĂƚŝŽŶƉĞƌƚĂŵĂŬĂůŝ
ϮϬϭϮ WĞƌƐĞƌŽĂŶŵĞůĂŬƐĂŶĂŬĂŶŽǀĞƌŚĂƵů>ĂŶĚŝŶŐ'ĞĂƌϳϯϳE'ƉĞƌƚĂŵĂŬĂůŝ
ϮϬϭϰ WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚƐĞƌƚŝĨŝŬĂƐŝƵŶƚƵŬŵĞŶũĂĚŝŝƌďƵƐdƌĂŝŶŝŶŐĞŶƚĞƌ;dͿĚĂŶŵĞŶũĂĚŝƉŝŚĂŬ
ŬĞƚŝŐĂLJĂŶŐƉĞƌƚĂŵĂĚĂŶƐĂƚƵͲƐĂƚƵŶLJĂĚŝĚƵŶŝĂLJĂŶŐŵĞŵŝůŝŬŝƐĞƌƚŝĨŝŬĂƐŝƚĞƌƐĞďƵƚ͘
ϮϬϭϰ WĞƌƐĞƌŽĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ^t/&d ďĞƌďĂƐŝƐ ^W ƐĞďĂŐĂŝ >ĞŐĂĐLJ ^LJƐƚĞŵ /d ĚĂůĂŵ ŵĞŶƵŶũĂŶŐ
ŽƉĞƌĂƐŝŽŶĂůLJĂŶŐƚĞƌŝŶƚĞŐƌĂƐŝ
ϮϬϭϱ WĞƌƐĞƌŽĂŶŵĞƌĞƐŵŝŬĂŶ,ĂŶŐĂƌϰƐĞďĂŐĂŝ,ĂŶŐĂƌEĂƌƌŽǁŽĚLJŝƌĐƌĂĨƚƚĞƌďĞƐĂƌĚŝĚƵŶŝĂ
ϮϬϭϲ WĞƌƐĞƌŽĂŶƐĞĐĂƌĂƌĞƐŵŝŵĞŶũĂĚŝƐĂƚƵͲƐĂƚƵŶLJĂWƵƐĂƚ>ŽŐŝƐƚŝŬĞƌŝŬĂƚ;W>ͿƉƌŽĚƵŬͲƉƌŽĚƵŬĂǀŝĂƐŝ
ϮϬϭϲ Perseroan mendapatkan penghargaan “>ŽǁZŝƐŬDZK”, penghargaan keselamatan tertinggi dari
&
ϮϬϭϳ Perseroan mendapatkan penghargaan “,ŝŐŚ YƵĂůŝƚLJ DZK”, penghargaan ƋƵĂůŝƚLJ ƚĞƌƚŝŶŐŐŝ ĚĂƌŝ
&

WƵƐĂƚ>ŽŐŝƐƚŝŬĞƌŝŬĂƚ;W>ͿŵĞƌƵƉĂŬĂŶƚĞŵƉĂƚƉĞŶŝŵďƵŶĂŶďĞƌŝŬĂƚƵŶƚƵŬŵĞŶŝŵďƵŶďĂƌĂŶŐĂƐĂůůƵĂƌĚĂĞƌĂŚ
ƉĂďĞĂŶĚĂŶͬĂƚĂƵďĂƌĂŶŐLJĂŶŐďĞƌĂƐĂůĚĂƌŝƚĞŵƉĂƚůĂŝŶĚĂůĂŵĚĂĞƌĂŚƉĂďĞĂŶ͕ĚĂƉĂƚĚŝƐĞƌƚĂŝϭ;ƐĂƚƵͿĂƚĂƵůĞďŝŚ
ŬĞŐŝĂƚĂŶƐĞĚĞƌŚĂŶĂĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵƚĞƌƚĞŶƚƵƵŶƚƵŬĚŝŬĞůƵĂƌŬĂŶŬĞŵďĂůŝ͘

DĂŶĨĂĂƚW>ĂŶƚĂƌĂůĂŝŶ͗
ϭ͘ DĞŵƉĞƌŵƵĚĂŚͬ ŵĞŵƉĞƌĐĞƉĂƚ ĂůŝƌĂŶ ďĂƌĂŶŐ ŵĂƐƵŬ͕ ƐĞŚŝŶŐŐĂ ĚĂƉĂƚ ŵĞŶŐƵƌĂŶŐŝ ǁĂŬƚƵ ďŽŶŐŬĂƌ ŵƵĂƚ
ďĂƌĂŶŐ͘
Ϯ͘ ĚĂŶLJĂƉĞŶĂŶŐŐƵŚĂŶƉĂũĂŬƐĞůĂŵĂďĂƌĂŶŐďĞƌĂĚĂĚŝĚĂůĂŵĂƌĞĂW>ŵĞŶŐƵŶƚƵŶŐŬĂŶƉĞůĂŶŐŐĂŶ͕ƐĞŚŝŶŐŐĂ
ďĞƌƉŽƚĞŶƐŝŵĞŶĂŵďĂŚƉĞŶĚĂƉĂƚĂŶĚĂƌŝƉĞůĂŶŐŐĂŶďŝƐŶŝƐĂǀŝĂƐŝ͘
ϯ͘ ĂƌĂŶŐ ĚĂƉĂƚ ŵĞŶŐĞŶĚĂƉ Ěŝ ĂƌĞĂ W> ƐĞůĂŵĂ ϯ ƚĂŚƵŶ ĚĂŶ ĚĂƉĂƚ ĚŝƉĞƌƉĂŶũĂŶŐ͕ ƐĞŚŝŶŐŐĂ ďĞƌƉŽƚĞŶƐŝ
ŵĞŶĂŵďĂŚƉĞŶĚĂƉĂƚĂŶĚĂƌŝƐĞǁĂŐƵĚĂŶŐW>͘

͘ //EͲ//EzE't://WEh,/WZ^ZKE>DZE'<WZK^^WZKh<^/

^ĂŵƉĂŝ ĚĞŶŐĂŶ ƚĂŶŐŐĂů ĚŝƚĞƌďŝƚŬĂŶŶLJĂ WƌŽƐƉĞŬƚƵƐ ŝŶŝ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵŝůŝŬŝ ŝnjŝŶͲŝnjŝŶ ƉĞŶƚŝŶŐ ĂŶƚĂƌĂ ůĂŝŶ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EŽ͘ /njŝŶ EŽŵŽƌ͕dĂŶŐŐĂů͕ĚĂŶ/ŶƐƚĂŶƐŝ <ĞƚĞƌĂŶŐĂŶ
ϭ͘  ^ƵƌĂƚ /njŝŶ hƐĂŚĂ ^/hW ĞƐĂƌ EŽ͘ ϬϬϰϱͬWͬ/sͬWDWd^WͬϮϬϭϲ ^/hW ĞƐĂƌ ŝŶŝ ďĞƌůĂŬƵ
Perdagangan (“^/hW”) ƚĂŶŐŐĂů Ϯ &ĞďƌƵĂƌŝ ϮϬϭϳ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ƐĞůĂŵĂ WĞƌƐĞƌŽĂŶ
ĞƐĂƌ ŝŶĂƐ WĞŶĂŶĂŵĂŶ DŽĚĂů ĚĂŶ WĞůĂLJĂŶĂŶ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ
dĞƌƉĂĚƵ^ĂƚƵWŝŶƚƵ ƵƐĂŚĂŶLJĂ ĚĂŶ ǁĂũŝď
ĚŝĚĂĨƚĂƌ ƵůĂŶŐ ƐĞƚŝĂƉ ϱ
ƚĂŚƵŶ ƐĞŬĂůŝ ĂƚĂƵ ƉĂĚĂ
ϮϲƉƌŝůϮϬϮϭ
Ϯ͘  ŶŐŬĂ WĞŶŐĞŶĂů W/ – h EŽ͘ ϮϴϬϱϬϬϲϳϰͲW ƚĂŶŐŐĂů ϵ :ƵŶŝ ϮϬϭϲ͕ W/ – h ŝŶŝ ďĞƌůĂŬƵ
/ŵƉŽƌƚŝƌ – hŵƵŵ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ <ĞƉĂůĂ ŝŶĂƐ WĞƌŝŶĚĂŐ ƐĞůĂŵĂ WĞƌƐĞƌŽĂŶ
(“W/Ͳh”) WƌŽǀŝŶƐŝ ĂŶƚĞŶ ĂƚĂƐ ŶĂŵĂ DĞŶƚĞƌŝ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ
WĞƌĚĂŐĂŶŐĂŶZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ ƵƐĂŚĂŶLJĂ ĚĂŶ ǁĂũŝď
ĚŝĚĂĨƚĂƌ ƵůĂŶŐ ƐĞƚŝĂƉ ϱ
ƚĂŚƵŶ ƐĞŬĂůŝ ĂƚĂƵ ƉĂĚĂ ϵ
:ƵŶŝϮϬϮϭ
ϯ͘  WĞŶĞƚĂƉĂŶ dĞŵƉĂƚ <ĞƉƵƚƵƐĂŶ DĞŶƚĞƌŝ <ĞƵĂŶŐĂŶ EŽ͘ dŝĚĂŬĚŝĂƚƵƌ
^ĞďĂŐĂŝ WƵƐĂƚ >ŽŐŝƐƚŝŬ ϮϬϱϲͬ<D͘ϰͬϮϬϭϲ ƚĂŶŐŐĂů ϭϴ KŬƚŽďĞƌ ϮϬϭϲ

53
EŽ͘ /njŝŶ EŽŵŽƌ͕dĂŶŐŐĂů͕ĚĂŶ/ŶƐƚĂŶƐŝ <ĞƚĞƌĂŶŐĂŶ
ĞƌŝŬĂƚĚĂŶWĞŵďĞƌŝĂŶ ƚĞŶƚĂŶŐ WĞŶĞƚĂƉĂŶ dĞŵƉĂƚ ^ĞďĂŐĂŝ WƵƐĂƚ
/njŝŶ WĞŶLJĞůĞŶŐŐĂƌĂ >ŽŐŝƐƚŝŬ ĞƌŝŬĂƚ ĚĂŶ WĞŵďĞƌŝĂŶ /njŝŶ
WƵƐĂƚ>ŽŐŝƐƚŝŬĞƌŝŬĂƚ WĞŶLJĞůĞŶŐŐĂƌĂ WƵƐĂƚ >ŽŐŝƐƚŝŬ ĞƌŝŬĂƚ ƐĞŬĂůŝŐƵƐ
 WĞŶŐƵƐĂŚĂWƵƐĂƚ>ŽŐŝƐƚŝŬĞƌŝŬĂƚ
ϰ͘  ^ĞƌƚŝĨŝŬĂƚ KƉĞƌĂƐŝ :ĂƐĂ ^ĞƌƚŝĨŝŬĂƚKƉĞƌĂƐŝ:ĂƐĂdĞƌŬĂŝƚĂŶĚĂƌhĚĂƌĂEŽ͘ ^ĞƌƚŝĨŝŬĂƚ KƉĞƌĂƐŝ :ĂƐĂ
dĞƌŬĂŝƚĂŶĚĂƌhĚĂƌĂ ϰ͘^Ϭ͘ϬϬϱͬ:dͲ<ͬyͬϮϬϭϲ ƚĂŶŐŐĂů ϱ KŬƚŽďĞƌ dĞƌŬĂŝƚ ĂŶĚĂƌ hĚĂƌĂ ŝŶŝ
 ϮϬϭϲ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ DĞŶƚĞƌŝ ďĞƌůĂŬƵ ƵŶƚƵŬ ũĂŶŐŬĂ
WĞƌŚƵďƵŶŐĂŶZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ ǁĂŬƚƵ ϱ ƚĂŚƵŶ ƐĞũĂŬ
ĚŝƚĞƌďŝƚŬĂŶ͕ LJĂŝƚƵ ƐĂŵƉĂŝ
ĚĞŶŐĂŶϱKŬƚŽďĞƌϮϬϮϭ͘
ϱ͘  ^ĞƌƚŝĨŝŬĂƚ ŐĞŶ hĚĂƌĂ ^ĞƌƚŝĨŝŬĂƚ ŐĞŶ hĚĂƌĂ ;ŝƌ ŐĞŶĐLJ ĞƌƚŝĨŝĐĂƚĞͿ ^ĞƌƚŝĨŝŬĂƚ ŐĞŶ hĚĂƌĂ ŝŶŝ
;ŝƌŐĞŶĐLJĞƌƚŝĨŝĐĂƚĞͿ EŽ͘ t'&zϬϳϲ& ƚĂŶŐŐĂů ϯϬ EŽǀĞŵďĞƌ ϭϵϵϮ͕ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ƵŶƚƵŬ EĞŐĂƌĂ ŵĞƌŝŬĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƉĞƌƉĂŶũĂŶŐ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭKŬƚŽďĞƌϮϬϭϳ͘
^ĞƌŝŬĂƚ ϮϮ &ĞďƌƵĂƌŝ ϮϬϭϳ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ
ĞƉĂƌƚĞŵĞŶ dƌĂŶƐƉŽƌƚĂƐŝ &ĞĚĞƌĂƐŝ ĚŵŝŶŝƐƚƌĂƐŝ
WĞŶĞƌďĂŶŐĂŶŵĞƌŝŬĂ^ĞƌŝŬĂƚ
ϲ͘  ^ĞƌƚŝĨŝŬĂƚ ^ƚĂƐŝƵŶ ^ĞƌƚŝĨŝŬĂƚ ^ƚĂƐŝƵŶ WĞƌďĂŝŬĂŶ ;ZĞƉĂŝƌ ^ƚĂƚŝŽŶ ^ĞƌƚŝĨŝŬĂƚ ^ƚĂƐŝƵŶ
WĞƌďĂŝŬĂŶ ;ZĞƉĂŝƌ ĞƌƚŝĨŝĐĂƚĞͿ EŽ͘ ϭϴϭͬϮϱϯϴ ƚĂŶŐŐĂů Ϯϰ :ĂŶƵĂƌŝ WĞƌďĂŝŬĂŶ ďĞƌůĂŬƵ
^ƚĂƚŝŽŶ ĞƌƚŝĨŝĐĂƚĞͿ ϮϬϭϳ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ŝƌĞŬƚƵƌ ŝƌŽ ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯϯ
ƵŶƚƵŬEĞŐĂƌĂdŚĂŝůĂŶĚ ^ƚĂŶĚĂƌŝƐĂƐŝWĞŶĞƌďĂŶŐĂŶdŚĂŝůĂŶĚ :ĂŶƵĂƌŝϮϬϮϬ͘
ϳ͘  ZĞƐŽůƵƐŝ ^ĞƌƚŝĨŝŬĂƚ ZĞƐŽůƵƐŝ ^ĞƌƚŝĨŝŬĂƚ sĂůŝĚĂƐŝ ĂƚĂƐ KƌŐĂŶŝƐĂƐŝ ^ĞƌƚŝĨŝŬĂƚ sĂůŝĚĂƐŝ ĂƚĂƐ
sĂůŝĚĂƐŝ ĂƚĂƐ WĞŵĞůŝŚĂƌĂĂŶ ĚĂŶ WĞƌďĂŝŬĂŶ WĞƐĂǁĂƚ dĞƌďĂŶŐ KƌŐĂŶŝƐĂƐŝ WĞŵĞůŝŚĂƌĂĂŶ
KƌŐĂŶŝƐĂƐŝ ĚĞŶŐĂŶ EŽ͘ //ͬZͲϬϬϴ ƚĂŶŐŐĂů ϰ ĞƐĞŵďĞƌ ϮϬϬϲ͕ ĚĂŶ WĞƌďĂŝŬĂŶ WĞƐĂǁĂƚ
WĞŵĞůŝŚĂƌĂĂŶ ĚĂŶ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ĞƉĂƌƚĞŵĞŶ :ĞŶĚĞƌĂů dĞƌďĂŶŐŝŶŝďĞƌůĂŬƵƚĞƌƵƐ
WĞƌďĂŝŬĂŶ WĞƐĂǁĂƚ WĞŶĞƌďĂŶŐĂŶ^ŝƉŝů ŵĞŶĞƌƵƐ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
dĞƌďĂŶŐ ƵŶƚƵŬ ĂĚĂŶLJĂƉĞŶĐĂďƵƚĂŶ͘
ƌŵĞŶŝĂ 
ϴ͘  ^ĞƌƚŝĨŝŬĂƚ WĞƌƐĞƚƵũƵĂŶ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ ϭϰϱ – ϬϬϭ ƚĂŶŐŐĂů Ϯϴ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
KƌŐĂŶŝƐĂƐŝ ^ĞƉƚĞŵďĞƌ ϮϬϭϲ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
WĞŵĞůŝŚĂƌĂĂŶ WĞƐĂǁĂƚ ŝƌĞŬƚŽƌĂƚ :ĞŶĚĞƌĂů WĞƌŚƵďƵŶŐĂŶ ZĞƉƵďůŝŬ Ϯϴ^ĞƉƚĞŵďĞƌϮϬϭϳ͘
;ŝƌĐƌĂĨƚ  DĂŝŶƚĞŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ
KƌŐĂŶŝƐĂƚŝŽŶƉƉƌŽǀĂů
ĞƌƚŝĨŝĐĂƚĞ / ”DK”)
ƵŶƚƵŬ EĞŐĂƌĂ
/ŶĚŽŶĞƐŝĂ
ϵ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŬĂƚ DK EŽ͘ ZĞĨĞƌĞŶƐŝ ^͘ϭϰϱ͘ϬϬϲϮ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
ƌŽƉĂ ƉĂĚĂ ďƵůĂŶ EŽǀĞŵďĞƌ ϮϬϬϰ͕ ƐĞďĂŐĂŝŵĂŶĂ ďĞƌůĂŬƵ ƚĞƌƵƐ ŵĞŶĞƌƵƐ
ĚŝƌĞǀŝƐŝ ƚĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϳ KŬƚŽďĞƌ ϮϬϭϲ͕ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ĂĚĂŶLJĂ
LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ŐĞŶ <ĞƐĞůĂŵĂƚĂŶ ƉĞŶĐĂďƵƚĂŶ͘
WĞŶĞƌďĂŶŐĂŶƌŽƉĂ
ϭϬ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ ZĞĨĞƌĞŶƐŝ &DKͬϮϬϭϳͬϮϵ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂDĂůĂLJƐŝĂ ƚĂŶŐŐĂů ϯ DĂƌĞƚ ϮϬϭϳ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ďĞƌůĂŬƵƐĂŵƉĂŝĚĞŶŐĂŶϮ
ŝƌĞŬƚƵƌ:ĞŶĚĞƌĂůWĞŶĞƌďĂŶŐĂŶ^ŝƉŝůDĂůĂLJƐŝĂ DĂƌĞƚϮϬϭϴ͘
ϭϭ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚDKEŽ͘t/ͬϭϯϵƚĂŶŐŐĂůϲ:ƵŶŝϭϵϵϱ͕ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂ^ŝŶŐĂƉƵƌĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĂŬŚŝƌ ĚŝƉĞƌƉĂŶũĂŶŐ ƚĂŶŐŐĂů ϮϮ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
:ƵŶŝ ϮϬϭϳ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ŝƌĞŬƚƵƌ ϯϬ:ƵŶŝϮϬϭϴ͘
:ĞŶĚĞƌĂůWĞŶĞƌďĂŶŐĂŶ^ŝƉŝů^ŝŶŐĂƉƵƌĂ
ϭϮ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ ͬϱϱϮϱͬϯϲͬ> ;/ƐƐƵĞ – ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂĂŶŐůĂĚĞƐŚ ϭϯͿ ƚĂŶŐŐĂů Ϯϴ &ĞďƌƵĂƌŝ ϮϬϭϳ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ŽůĞŚ ŝǀŝƐŝ WĞƌŝnjŝŶĂŶ dĞŬŶŝŬ ĚĂŶ <ĞůĂŝŬĂŶ Ϯϲ&ĞďƌƵĂƌŝϮϬϭϴ͘
KƚŽƌŝƚĂƐWĞŶĞƌďĂŶŐĂŶ^ŝƉŝůĂŶŐůĂĚĞƐŚ
ϭϯ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ DKͬW<ͬ'D& ƚĂŶŐŐĂů ϴ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂEŝŐĞƌŝĂ ĞƐĞŵďĞƌϮϬϭϱ͕LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚŝƌĞŬƚƵƌ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
<ĞůĂŝŬĂŶ ^ƚĂŶĚĂƌ ĂƚĂƐ ŶĂŵĂ KƚŽƌŝƚĂƐ ϭϭĞƐĞŵďĞƌϮϬϭϳ͘
WĞŶĞƌďĂŶŐĂŶ^ŝƉŝůEĞŐĞƌŝĂ

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 EŽ͘ /njŝŶ EŽŵŽƌ͕dĂŶŐŐĂů͕ĚĂŶ/ŶƐƚĂŶƐŝ <ĞƚĞƌĂŶŐĂŶ
ϭϰ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ ϮϬϭϯͲDK &Ϭϱ ƚĂŶŐŐĂů ϭϴ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂ<ŽƌĞĂ^ĞůĂƚĂŶ ŐƵƐƚƵƐ ϮϬϭϳ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
<ĞŵĞŶƚĞƌŝĂŶ dĂŶĂŚ͕ /ŶĨƌĂƐƚƌƵŬƚƵƌ ĚĂŶ ϮϱŐƵƐƚƵƐϮϬϭϵ͘
dƌĂŶƐƉŽƌƚĂƐŝZĞƉƵďůŝŬ<ŽƌĞĂ
ϭϱ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚDKEŽ͘EŽͬ͘DKͬϱϰϰƚĂŶŐŐĂůϴ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂĞƌŵƵĚĂ :Ƶůŝ ϮϬϭϲ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ <ĞƉĂůĂ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ĞƉĂƌƚĞŵĞŶ <ĞůĂŝŬĂŶ WĞŶĞƌďĂŶŐĂŶ ^ŝƉŝů ϭϬƉƌŝůϮϬϭϴ͘
ĞƌŵƵĚĂ
ϭϲ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ ^͘ϭϰϱ͘ϬϭϬϱ ;ZĞǀŝƐŝŽŶ ϳͿ͕ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
ƵƐƚƌĂůŝĂ ƌĞĨ EŽ͘ ϭ – s>ZYϵ ƚĂŶŐŐĂů ϮϮ ĞƐĞŵďĞƌ ϮϬϭϲ͕ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ KƚŽƌŝƚĂƐ <ĞƐĞůĂŵĂƚĂŶ ϯϬ:ƵŶŝϮϬϭϴ͘
WĞŶĞƌďĂŶŐĂŶ^ŝƉŝůWĞŵĞƌŝŶƚĂŚƵƐƚƌĂůŝĂ
ϭϳ͘  ^ĞƌƚŝĨŝĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ ZĞĨ EŽ͘ /Z͘ϭϰϱ͘ϯϭ ƚĂŶŐŐĂů ϳ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂ/ƌĂŶ :Ƶůŝ ϮϬϭϱ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ tĂŬŝů DĞŶƚĞƌŝ ďĞƌůĂŬƵƐĂŵƉĂŝĚĞŶŐĂŶϲ
:ĂůƵƌ ĚĂŶ WĞƌŬŽƚĂĂŶ ĚĂŶ WƌĞƐŝĚĞŶ KƌŐĂŶŝƐĂƐŝ :ƵůŝϮϬϭϴ͘
WĞŶĞƌďĂŶŐĂŶ^ŝƉŝů 
ϭϴ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚDKEŽ͘DKϬϮϵƚĂŶŐŐĂůϮϲ&ĞďƌƵĂƌŝ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂ/ƌĂƋ ϮϬϭϳ͕LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚŝƌĞŬƚŽƌĂƚ:ĞŶĚĞƌĂů ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
KƌŽƚŝƚĂƐWĞŶĞƌďĂŶŐĂŶ^ŝƉŝů Ϯϱ&ĞďƌƵĂƌŝϮϬϭϴ͘
ϭϵ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ ϬϬϬϴ ƚĂŶŐŐĂů ϭϳ ĞƐĞŵďĞƌ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂĨŐŚĂŶŝƐƚĂŶ ϮϬϭϯ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ĞƉĂƌƚĞŵĞŶ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
<ĞƐĞůĂŵĂƚĂŶKƚŽƌŝƚĂƐWĞŶĞƌďĂŶŐĂŶ^ŝƉŝů ϭϰEŽǀĞŵďĞƌϮϬϭϳ͘
ϮϬ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ // – ϳϰ ƚĂŶŐŐĂů Ϯϱ DĂƌĞƚ dŝĚĂŬĚŝĂƚƵƌ
EĞŐĂƌĂĞůĂƌƵƐ ϮϬϭϱ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ŝƌĞŬƚƵƌ
ĞƉĂƌƚĞŵĞŶ WĞŶĞƌďĂŶŐĂŶ ĚĂƌŝ <ĞŵĞŶƚĞƌŝĂŶ
WĞƌŚƵďƵŶŐĂŶĚĂŶ<ŽŵƵŶŝŬĂƐŝZĞƉƵďůŝŬĞůĂƌƵƐ
Ϯϭ͘  ^ƵƌĂƚ ĚĂƌŝ ŝƌĞŬƚƵƌ ^ƵƌĂƚ ĚĂƌŝ ŝƌĞŬƚƵƌ KƚŽƌŝƚĂƐ WĞƌŚƵďƵŶŐĂŶ ^ŝƉŝů dŝĚĂŬĚŝĂƚƵƌ
KƚŽƌŝƚĂƐ WĞƌŚƵďƵŶŐĂŶ ZĞƉƵďůŝŬ DŽůĚŽǀĂ EŽ͘ ϮϮϰϴ ƚĂŶŐŐĂů ϭϳ
^ŝƉŝůZĞƉƵďůŝŬDŽůĚŽǀĂ EŽǀĞŵďĞƌϮϬϭϰ
EŽ͘ϮϮϰϴ
ϮϮ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ DKͬͲϬϰϮͬϭϲZϬϬ ƚĂŶŐŐĂů ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂ>ĂŽƐ ϮϮ EŽǀĞŵďĞƌ ϮϬϭϲ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ŝƌĞŬƚƵƌ :ĞŶĚĞƌĂů ĞƉĂƌƚĞŵĞŶ WĞŶĞƌďĂŶŐĂŶ ϮϮEŽǀĞŵďĞƌϮϬϭϴ͘
^ŝƉŝů>ĂŽƐ
Ϯϯ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ tZͬDKͬ'D&Ͳϭϳϵͬϭϱ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂKŵĂŶ ƚĂŶŐŐĂů Ϯϱ :Ƶůŝ ϮϬϭϳ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ŝƌĞŬƚŽƌĂƚ:ĞŶĚĞƌĂůZĞŐƵůĂƐŝWĞŶĞƌďĂŶŐĂŶ^ŝƉŝů Ϯϭ&ĞďƌƵĂƌŝϮϬϭϵ͘
Ϯϰ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ /ͬ>ͬϭϰϰ ƚĂŶŐŐĂů ϭ DĂƌĞƚ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂ^ƌŝ>ĂŶŬĂ ϮϬϭϳ͕LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚŝƌĞŬƚŽƌĂƚ:ĞŶĚĞƌĂů ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
WĞŶĞƌďĂŶŐĂŶ^ŝƉŝů Ϯϴ&ĞďƌƵĂƌŝϮϬϭϴ͘
Ϯϱ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ >ͬ/Zͬϴͬϱ͘ϭϮϯ ƚĂŶŐŐĂů ϮϮ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂĂŚƌĂŝŶ :ĂŶƵĂƌŝ ϮϬϭϱ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
<ĞŵĞŶƚĞƌŝĂŶ WĞƌŚƵďƵŶŐĂŶ ĚĂŶ dĞŬŽŵƵŶŝŬĂƐŝ ϯϭ:ĂŶƵĂƌŝϮϬϭϴ͘
ĂŚƌĂŝŶ
Ϯϲ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚDKEŽ͘ZĞĨϱ–ϭϲϯϴͬϬϱͲ/;ϮͿƚĂŶŐŐĂů ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂ/ŶĚŝĂ ϲ :ƵŶŝ ϮϬϭϭ ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƉĞƌƉĂŶũĂŶŐ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ƉĂĚĂƚĂŶŐŐĂůϲ:ƵŶŝϮϬϭϲ͕LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚ ϯϭĞƐĞŵďĞƌϮϬϮϬ͘
ŝƌĞŬƚŽƌĂƚ:ĞŶĚĞƌĂůWĞŶĞƌďĂŶŐĂŶ^ŝƉŝůEĞǁĞůŚŝ
Ϯϳ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ DKͬϭϯͬϭϲ ƚĂŶŐŐĂů Ϯϭ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂ<ĂŵďŽũĂ EŽǀĞŵďĞƌ ϮϬϭϲ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
^ĞŬƌĞƚĂƌŝƐEĞŐĂƌĂWĞŶĞƌďĂŶŐĂŶ^ŝƉŝů ϮϭEŽǀĞŵďĞƌϮϬϭϳ͘
Ϯϴ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ ϬϮϰͬϮϬϭϯ ƚĂŶŐŐĂů ϯϭ :Ƶůŝ ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂDLJĂŶŵĂƌ ϮϬϭϯ ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƉĞƌƉĂŶũĂŶŐ ƉĂĚĂ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ƚĂŶŐĂů ϯ ŐƵƐƚƵƐ ϮϬϭϳ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ϯϭ:ƵůŝϮϬϭϴ͘
<ĞŵĞŶƚĞƌŝĂŶ WĞƌŚƵďƵŶŐĂŶ ĚĂŶ <ŽŵƵŶŝŬĂƐŝ 

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EŽ͘ /njŝŶ EŽŵŽƌ͕dĂŶŐŐĂů͕ĚĂŶ/ŶƐƚĂŶƐŝ <ĞƚĞƌĂŶŐĂŶ
ĞƉĂƌƚĞŵĞŶWĞŶĞƌďĂŶŐĂŶ^ŝƉŝůDLJĂŶŵĂƌ 
Ϯϵ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ sEͲϯϯϲEEͬs ƚĂŶŐŐĂů ϯϬ
^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂsŝĞƚŶĂŵ ĞƐĞŵďĞƌϮϬϭϲ͕LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚKƚŽƌŝƚĂƐ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
WĞŶĞƌďĂŶŐĂŶ^ŝƉŝůsŝĞƚŶĂŵ ϯϬĞƐĞŵďĞƌϮϬϭϳ͘
ϯϬ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚ DK EŽ͘ ϭϳϲͬϭϱϳƚĂŶŐŐĂů Ϯϱ ŐƵƐƚƵƐ
^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂŝŵďĂďǁĞ ϮϬϭϳ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ KƚŽƌŝƚĂƐ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
WĞŶĞƌďĂŶŐĂŶ^ŝƉŝůŝŵďĂďǁĞ ϯϬEŽǀĞŵďĞƌϮϬϭϳ͘
ϯϭ͘  ^ĞƌƚŝĨŬĂƚ DK ƵŶƚƵŬ ^ĞƌƚŝĨŝŬĂƚDKEŽ͘&ͲϬϬϭͲtZ'Ͳϭ͘ϭƚĂŶŐŐĂů ^ĞƌƚŝĨŝŬĂƚ DK ŝŶŝ
EĞŐĂƌĂWĂŬŝƐƚĂŶ ϯϬ ^ĞƉƚĞŵďĞƌ ϮϬϭϯ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ďĞƌůĂŬƵ ďĞƌůĂŬƵ ƚĞƌƵƐ
ŝƌĞŬƚƵƌ <ĞůĂŝŬĂŶ ŝƌĞŬƚŽƌĂƚ :ĞŶĚĞƌĂů KƚŽƌŝƚĂƐ
ŵĞŶĞƌƵƐ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
WĞŶĞƌďĂŶŐĂŶ^ŝƉŝůWĂŬŝƐƚĂŶ ĂĚĂŶLJĂƉĞŶĐĂďƵƚĂŶ͘
ϯϮ͘  ^ĞƌƚŝĨŝŬĂƚ DK ƵŶƚƵŬ Ͳ WĂĚĂ ƚĂŶŐŐĂů ϰ ŐƵƐƚƵƐ
ZĞƉƵďůŝŬZĂŬLJĂƚŝŶĂ ϮϬϭϳ ĚĂŶ ϴ ŐƵƐƚƵƐ
ϮϬϭϳ͕ ŝǀŝů ǀŝĂƚŝŽŶ
ĚŵŝŶŝƐƚƌĂƚŝŽŶ ŽĨ ŚŝŶĂ
ƚĞůĂŚ ŵĞŶŐŝƌŝŵŬĂŶ
^ƵŵŵĂƌLJ ŽĨ &ŝŶĚŝŶŐƐ
ŬĞƉĂĚĂWĞƌƐĞƌŽĂŶƚĞƌŬĂŝƚ
ŚĂƐŝů ĞǀĂůƵĂƐŝ
ŬĞůĞŶŐŬĂƉĂŶ ĚŽŬƵŵĞŶ
ĚĂŶͬĂƚĂƵ ŬĞůĂŝŬĂŶ
ĨĂƐŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ͘
ĂůĂŵ ǁĂŬƚƵ ϯϬ ŚĂƌŝ
ƐĞƚĞůĂŚ ĚŝŬĞůƵĂƌŬĂŶŶLJĂ
^ƵŵŵĂƌLJ ŽĨ &ŝŶĚŝŶŐƐ͕
WĞƌƐĞƌŽĂŶ ǁĂũŝď
ŵĞŵƉĞƌďĂŝŬŝ ĚĂŶ
ŵĞŶLJĞƌĂŚŬĂŶ ĚŽŬƵŵĞŶ
LJĂŶŐƚĞůĂŚĚŝƌĞǀŝƐŝƐĞƐƵĂŝ
ĂƌĂŚĂŶĚĂƌŝŝǀŝůǀŝĂƚŝŽŶ
ĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨŚŝŶĂ͘

WĞƌƐĞƌŽĂŶ ƚĞůĂŚ
ŵĞŵƉĞƌďĂŝŬŝ ĚĂŶ
ŵĞŶLJĞƌĂŚŬĂŶ ĚŽŬƵŵĞŶ
ƐĞƐƵĂŝ ĂƌĂŚĂŶ ĚĂƌŝ ŝǀŝů
ǀŝĂƚŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶ
ŽĨ ŚŝŶĂ ĚĂŶ ƉĂĚĂ ƐĂĂƚ
ŝŶŝ ŵĂƐŝŚ ŵĞŶƵŶŐŐƵ
ŬŽŵĞŶƚĂƌ ůĞďŝŚ ůĂŶũƵƚ
ĚĂƌŝ ŝǀŝů ǀŝĂƚŝŽŶ
ĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨŚŝŶĂ͘

WĞƌƐĞƌŽĂŶ ƚĞƚĂƉ ƚƵŶĚƵŬ
ƉĂĚĂ ŬĞƚĞŶƚƵĂŶͲ
ŬĞƚĞŶƚƵĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƐĞƌƚŝĨŝŬĂƚ LJĂŶŐ ƐĞĚĂŶŐ
ĚĂůĂŵ ƉƌŽƐĞƐ
ƉĞƌƉĂŶũĂŶŐĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶ ĚŝƚĞƌďŝƚŬĂŶŶLJĂ
ƉĞƌƉĂŶũĂŶŐĂŶ ĂƚĂƐ
ƐĞƌƚŝĨŝŬĂƚĚŝŵĂŬƐƵĚ͘
ϯϯ͘  ^ĞƌƚŝĨŝŬĂƚ KĐĐƵƉĂƚŝŽŶĂů ^ĞƌƚŝĨŝŬĂƚ K,^^ EŽ͘ K^, ϬϭϯϮϴ ƚĂŶŐŐĂů ϴ ^ĞƌƚŝĨŝŬĂƚ K,^^ ŝŶŝ
,ĞĂůƚŚLJ ĂŶĚ ^ĂĨĞƚLJ :ĂŶƵĂƌŝ ϮϬϭϱ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ <ĞƚƵĂ ďĞƌůĂŬƵƐĂŵƉĂŝĚĞŶŐĂŶϳ

56
EŽ͘ /njŝŶ EŽŵŽƌ͕dĂŶŐŐĂů͕ĚĂŶ/ŶƐƚĂŶƐŝ <ĞƚĞƌĂŶŐĂŶ
DĂŶĂŐĞŵĞŶƚ ^LJƐƚĞŵͲ ĂĚĂŶ WĞůĂŬƐĂŶĂ ^ƵĐŽĨŝŶĚŽ /ŶƚĞƌŶĂƚŝŽŶĂů :ĂŶƵĂƌŝϮϬϭϴ͘
ZĞƋƵŝƌĞŵĞŶƚ ĞƌƚŝĨŝĐĂƚŝŽŶ^ĞƌǀŝĐĞƐ
(“K,^^”) 18001:2007
ϯϰ͘  ^ĞƌƚŝĨŝŬĂƚdĞƌĚĂĨƚĂƌ/^K ^ĞƌƚŝĨŝŬĂƚ dĞƌĚĂĨƚĂƌ ĂƚĂƵ ĞƌƚŝĨŝĐĂƚĞ ŽĨ ^ĞƌƚŝĨŝŬĂƚ dĞƌĚĂĨƚĂƌ /^K
/^K ϵϬϬϭ͗ϮϬϬϴ ĚĂŶ ZĞŐŝƐƚƌĂƚŝŽŶEŽ͘ϭϱϭϰϵƚĂŶŐŐĂůϮϯ:ĂŶƵĂƌŝϮϬϭϰ͕ ŝŶŝ ďĞƌůĂŬƵ ƐĂŵƉĂŝ
^ϵϭϭϬ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ EĂƚŝŽŶĂů YƵĂůŝƚLJ ĚĞŶŐĂŶ ϭϰ ^ĞƉƚĞŵďĞƌ
ƐƐƵƌĂŶĐĞ͕ŵĞƌŝŬĂ^ĞƌŝŬĂƚ ϮϬϭϴ͘
ϯϱ͘  ^ĞƌƚŝĨŝŬĂƚ DĂŝŶƚĞŶĂŶĐĞ ^ĞƌƚŝĨŝŬĂƚ DĂŝŶƚĞŶĂŶĐĞ dƌĂŝŶŝŶŐ ĂŶĚ dŝĚĂŬĚŝĂƚƵƌ
dƌĂŝŶŝŶŐ ĂŶĚ džĂŵŝŶĂƚŝŽŶ KƌŐĂŶŝƐĂƚŝŽŶ ƉƉƌŽǀĂů ĞƌƚŝĨŝĐĂƚĞ
džĂŵŝŶĂƚŝŽŶ EŽ͘ ZĞĨĞƌĞŶĐĞ͗ ^͘ϭϰϳ͘ϬϭϬϬ ƚĂŶŐŐĂů ϮϮ :Ƶůŝ
KƌŐĂŶŝƐĂƚŝŽŶ ƉƉƌŽǀĂů ϮϬϭϱ͕LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚ^
ĞƌƚŝĨŝĐĂƚĞ
ϯϲ͘  ĞƌƚŝĨŝĐĂƚĞ ŽĨ ƉƉƌŽǀĂů ĞƌƚŝĨŝĐĂƚĞ ŽĨ ƉƉƌŽǀĂů EŽ͘ ϭϰϳͲϬϳ ƚĂŶŐŐĂů ϭϵ ^ĞƌƚŝĨŝŬĂƚ ŝŶŝ ďĞƌůĂŬƵ
ƵŶƚƵŬ ŝƌĐƌĂĨƚ EŽǀĞŵďĞƌ ϮϬϭϲ͕ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϵ
DĂŝŶƚĞŶĂŶĐĞ dƌĂŝŶŝŶŐ ŝƌĞŬƚŽƌĂƚ :ĞŶĚĞƌĂů WĞƌŚƵďƵŶŐĂŶ hĚĂƌĂ EŽǀĞŵďĞƌϮϬϭϴ͘
KƌŐĂŶŝnjĂƚŝŽŶ ZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
ϯϳ͘  ^ĞƌƚŝĨŝŬĂƚ ŬƌĞĚŝƚĂƐŝ ^ĞƌƚŝĨŝŬĂƚŬƌĞĚŝƚĂƐŝƚĂŶŐŐĂůϮϬDĂƌĞƚϮϬϭϰ͕LJĂŶŐ ^ĞƌƚŝĨŝŬĂƚ ŝŶŝ ďĞƌůĂŬƵ
ƐĞďĂŐĂŝ >ĂďŽƌĂƚŽƌŝƵŵ ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ<ŽŵŝƚĞŬƌĞĚŝƚĂƐŝ ƐĂŵƉĂŝĚĞŶŐĂŶϭϵDĂƌĞƚ
<ĂůŝďƌĂƐŝ ϮϬϭϴ͘
ϯϴ͘  ^ĞƌƚŝĨŝŬĂƚ ŬƌĞĚŝƚĂƐŝ ^ĞƌƚŝĨŝŬĂƚŬƌĞĚŝƚĂƐŝƚĂŶŐŐĂůϭϲDĂƌĞƚϮϬϭϲ͕LJĂŶŐ ^ĞƌƚŝĨŝŬĂƚ ŝŶŝ ďĞƌůĂŬƵ
ƐĞďĂŐĂŝ ůĞŵďĂŐĂ ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ<ŽŵŝƚĞŬƌĞĚŝƚĂƐŝEĂƐŝŽŶĂů ƐĂŵƉĂŝĚĞŶŐĂŶϭϲDĂƌĞƚ
ŝŶƐƉĞŬƐŝ–ƚŝƉĞ ϮϬϮϬ͘
ϯϵ͘  ^ĞƌƚŝĨŝŬĂƚ ǀŝĂƚŝŽŶ ^ĞƌƚŝĨŝŬĂƚAviation Suppliers Association’s Quality ^ĞƌƚŝĨŝŬĂƚ ŝŶŝ ďĞƌůĂŬƵ
Suppliers Association’s ^LJƐƚĞŵ ^ƚĂŶĚĂƌĚ EŽ͘ ϴϯϬϭϭϭϭϲͲϮ ƚĂŶŐŐĂů Ϯϴ ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯϳ
YƵĂůŝƚLJ ^LJƐƚĞŵ EŽǀĞŵďĞƌϮϬϭϲ͕LJĂŶŐƚĞůĂŚĚŝƚĞƌďŝƚŬĂŶŬĞŵďĂůŝ EŽǀĞŵďĞƌϮϬϭϵ͘
^ƚĂŶĚĂƌĚ ƚĂŶŐŐĂůϮĞƐĞŵďĞƌϮϬϭϲ͕LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
<ĞƚƵĂǀŝĂƚŝŽŶ^ƵƉƉůŝĞƌƐƐƐŽĐŝĂƚŝŽŶ
ϰϬ͘  DĂŝŶƚĞŶĂŶĐĞ dƌĂŝŶŝŶŐ DĂŝŶƚĞŶĂŶĐĞ dƌĂŝŶŝŶŐ ĂŶĚ džĂŵŝŶĂƚŝŽŶ dŝĚĂŬĚŝĂƚƵƌ
ĂŶĚ džĂŵŝŶĂƚŝŽŶ KƌŐĂŶŝƐĂƚŝŽŶ ƉƉƌŽǀĂů ĞƌƚŝĨŝĐĂƚĞ EŽ͘
KƌŐĂŶŝƐĂƚŝŽŶ ƉƉƌŽǀĂů ZĞĨĞƌĞŶĐĞ͗ ^͘ϭϰϳ͘ϬϭϬϬ ƚĂŶŐŐĂů ϮϮ :Ƶůŝ ϮϬϭϱ͕
ĞƌƚŝĨŝĐĂƚĞ LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚ^
ϰϭ͘  ^ƵƌĂƚ /njŝŶ hƐĂŚĂ :ĂƐĂ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ 'ƵďĞƌŶƵƌ ĂŶƚĞŶ EŽ͘ /njŝŶ ŝŶŝ ďĞƌůĂŬƵ ƐĞũĂŬ ϯ
WĞŶŐƵƌƵƐĂŶ ϱϱϯͬϯϴϵϲͲ,</ͬϮϬϭϲ ƚĂŶŐŐĂů ϯ ŐƵƐƚƵƐ ϮϬϭϲ ŐƵƐƚƵƐ ĚĂŶ ǁĂũŝď
dƌĂŶƐƉŽƌƚĂƐŝ ƚĞŶƚĂŶŐ ^ƵƌĂƚ /njŝŶ hƐĂŚĂ WĞƌƵƐĂŚĂĂŶ :ĂƐĂ ĚŝƌĞŐŝƐƚƌĂƐŝ ƵůĂŶŐ ƐĞƚŝĂƉ
WĞŶŐƵƌƵƐĂŶdƌĂŶƐƉŽƌƚĂƐŝ ƚĂŚƵŶ͕ LJĂŝƚƵ ϯ ŐƵƐƚƵƐ
 ϮϬϭϳ͘

ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ ĚĂƌŝ
WĞƌƐĞƌŽĂŶ EŽ͘
'D&ͬdDͲϮϬϯϭͬϭϳ
ƚĂŶŐŐĂů ϭϱ ŐƵƐƚƵƐ ϮϬϭϳ
ƚĞŶƚĂŶŐ WĞƌŵŽŚŽŶĂŶ
WĞƌƉĂŶũĂŶŐĂŶ ^/h:Wd͕
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ
ŵĞŶŐĂũƵŬĂŶ
ƉĞƌŵŽŚĂŶĂŶ
ƉĞƌƉĂŶũĂŶŐĂŶ ^/h:Wd
LJĂŶŐ ƚĞůĂŚ ŚĂďŝƐ ŵĂƐĂ
ďĞƌůĂŬƵŶLJĂ ƐĞũĂŬ ϯ
ŐƵƐƚƵƐ ϮϬϭϲ ŬĞƉĂĚĂ
<ĞƉĂůĂ ŝŶĂƐ
WĞƌŚƵďƵŶŐĂŶ͕
<ŽŵƵŶŝŬĂƐŝ ĚĂŶ
/ŶĨŽƌŵĂƚŝŬĂ͕ĂŶƚĞŶ͘


57
 EŽ͘ /njŝŶ EŽŵŽƌ͕dĂŶŐŐĂů͕ĚĂŶ/ŶƐƚĂŶƐŝ <ĞƚĞƌĂŶŐĂŶ
ϰϮ͘  /njŝŶ >ŝŶŐŬƵŶŐĂŶ ƵŶƚƵŬ /njŝŶ>ŝŶŐŬƵŶŐĂŶZĞŶĐĂŶĂ<ĞŐŝĂƚĂŶWĞŵďĂŶŐƵŶĂŶ /njŝŶ >ŝŶŐŬƵŶŐĂŶ ŝŶŝ
,ĂŶŐĂƌϰ ,ĂŶŐĂƌ ϰ Ěŝ :ĂůĂŶ Dϭ <ĂǁĂƐĂŶ ĂŶĚĂƌĂ ďĞƌůĂŬƵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
^ŽĞŬĂƌŶŽ ,ĂƚƚĂ <ĞůƵƌĂŚĂŶ WĂũĂŶŐ͕ <ĞĐĂŵĂŶƚĂŶ ŵĂƐĂ ďĞƌůĂŬƵŶLJĂ ŝnjŝŶ
ĞŶĚĂ͕ <ŽƚĂ dĂŶŐĞƌĂŶŐ EŽ͘ ϲϲϬͬ<ĞƉ͘ϯϰϳ͘ϮͲ ƵƐĂŚĂĂƚĂƵŬĞŐŝĂƚĂŶ͘
>,ͬϮϬϭϱƚĂŶŐŐĂůϯ:ƵŶŝϮϬϭϱ͕LJĂŶŐĚŝŬĞůƵĂƌŬĂŶ
ŽůĞŚtĂůŝŬŽƚĂdĂŶŐĞƌĂŶŐ
ϰϯ͘  /njŝŶ WĞŶLJŝŵƉĂŶĂŶ <ĞƉƵƚƵƐĂŶ <ĞƉĂůĂ ĂĚĂŶ WĞŶŐĞŶĚĂůŝĂŶ /njŝŶ WĞŶLJŝŵƉĂŶĂŶ
^ĞŵĞŶƚĂƌĂ >ŝŵďĂŚ >ŝŶŐŬƵŶŐĂŶ ,ŝĚƵƉ <ŽƚĂ dĂŶŐĞƌĂŶŐ EŽ͘ ^ĞŵĞŶƚĂƌĂ >ŝŵďĂŚ
ĂŚĂŶ ĞƌďĂŚĂLJĂ ĚĂŶ ϲϲϬ͘ϯͬ<ĞƉ͘ϭϳϬͲ<KE^Zs^/ ƚĂŶŐŐĂů ϲ ĂŚĂŶ ĞƌďĂŚĂLJĂ ĚĂŶ
ĞƌĂĐƵŶ EŽǀĞŵďĞƌ ϮϬϭϯ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ Wůƚ͘ ĞƌĂĐƵŶ ŝŶŝ ďĞƌůĂŬƵ
<ĞƉĂůĂ ĂĚĂŶ WĞŶŐĞŶĚĂůŝĂŶ >ŝŶŐŬƵŶŐĂŶ ,ŝĚƵƉ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϲ
<ŽƚĂdĂŶŐĞƌĂŶŐ EŽǀĞŵďĞƌϮϬϭϴ͘

͘ WZ:E:/E–WZ:E:/EWEd/E'

WZ:E:/EͲWZ:E:/EE'EW/,<dZ&/>/^/
ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶŐĂĚĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ĚĞŶŐĂŶ WŝŚĂŬ dĞƌĂĨŝůŝĂƐŝ͕
ĂŶƚĂƌĂůĂŝŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
WĞƌũĂŶũŝĂŶWĞƌĂǁĂƚĂŶWĞƐĂǁĂƚ͕DĞƐŝŶ͕ĚĂŶWĞƌĂůĂƚĂŶWĞŶĚƵŬƵŶŐ
ϭ͘  WĞƌũĂŶũŝĂŶ /ŶĚƵŬ WĞƌĂǁĂƚĂŶ Ă͘ 'Zh͖ĚĂŶ 'Zh ŵĞŵďĞƌŝŬĂŶ ƐĞůƵƌƵŚ ŬĞŐŝĂƚĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
WĞƐĂǁĂƚ ĞŶŐĂŶ WŽůĂ WŽǁĞƌ ďLJ ď͘ WĞƌƐĞƌŽĂŶ͘ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
ƚŚĞ ,ŽƵƌ ;Wd,Ϳ EŽ͘  ƐĞďĂŐĂŝŵĂŶĂ WĞƌƐĞƌŽĂŶ ŵĞŶĞƌŝŵĂ ƐĞũĂŬ ϭ :ĂŶƵĂƌŝ ϮϬϬϴ
^ͬWZ:ͬͲϯϮϵϯͬϬϴ ƚĂŶŐŐĂů ϲ ƉĞŶŐĂůŝŚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞƌĂǁĂƚĂŶ ƐĂŵƉĂŝĚĞŶŐĂŶϭ:ƵŶŝ
Ɖƌŝů ϮϬϬϵ ƐĞďĂŐĂŝŵĂŶĂ ƉĞƐĂǁĂƚĚĂƌŝ'ZhƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ ϮϬϭϴ͘
ƚĞƌĂŬŚŝƌ ŬĂůŝ ĚŝƵďĂŚ ĚĞŶŐĂŶ Ă͘ ƉĞƌĂǁĂƚĂŶ ĐŽŵƉŽŶĞŶƚ ĚĂŶ
ŵĂŶĚĞŵĞŶͲs/ ĂƚĂƐ WĞƌũĂŶũŝĂŶ ĐĂďŝŶ͖
/ŶĚƵŬ WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ ď͘ ƉĞƌĂǁĂƚĂŶĐŽŵƉŽŶĞŶƚ͖
ĚĞŶŐĂŶŶ WŽůĂ WŽǁĞƌ ďLJ ƚŚĞ Đ͘ ƉĞƌĂǁĂƚĂŶĞŶŐŝŶĞ͖
,ŽƵƌ EŽ͘ 'D&ͬWZ:ͬDEͲ Ě͘ ƉĞƌĂǁĂƚĂŶWh͖
s/ͬdͲϯϬϵϬͬϮϬϬϵͬϮϬϭϲ ƚĂŶŐŐĂů Ğ͘ ƉĞŶLJĞĚŝĂĂŶ ĚĂŶ ƉĞŶŐĞůŽůĂĂŶ
ϮϳKŬƚŽďĞƌϮϬϭϲ ƐƵŬƵĐĂĚĂŶŐ͖
 Ĩ͘ ƉĞůĂLJĂŶĂŶĞŶŐŝŶĞĞƌŝŶŐ͖
Ő͘ ƉĞůĂLJĂŶĂŶƋƵĂůŝƚLJĂƐƐƵƌĂŶĐĞ͖
Ś͘ ƉĞůĂLJĂŶĂŶ ƉƌŽĚƵĐƚŝŽŶ ƉůĂŶŶŝŶŐ
ĚĂŶŵĂŝŶƚĞŶĂŶĐĞĐŽŶƚƌŽů͖
ŝ͘ ŚĂŶĚůŝŶŐ ƐŚŝƉŵĞŶƚ ĚĂŶ ŽƚŚĞƌ
ƐĞƌǀŝĐĞƐ
ũ͘ ŵĞŬĂŶŝƐŵĞ ŬůĂŝŵ ŵĂŝŶƚĞŶĂŶĐĞ
ƌĞƐĞƌǀĞ͖ĚĂŶ
Ŭ͘ ƵŶƚƵŬ ůŝŶŐŬƵƉ ƉĞŬĞƌũĂĂŶ LJĂŶŐ
ƚŝĚĂŬ ƚĞƌŵĂƐƵŬ ĚĂůĂŵ ůŝŶŐŬƵƉ
ƉŽǁĞƌ ďLJ ƚŚĞ ŚŽƵƌ ĂŬĂŶ
ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƚŝŵĞ ŵĂƚĞƌŝĂů
ďĂƐŝƐ ƐĞƚĞůĂŚ WĞƌƐĞƌŽĂŶ
ŵĞŶĚĂƉĂƚ ƉĞŶƵŶũƵŬĂŶ
WĞŬĞƌũĂĂŶ ĚĂƌŝ 'Zh LJĂŶŐ
ĚŝĂƚƵƌ ĚĂůĂŵ ĚŽŬƵŵĞŶ
ŬĞƐĞƉŬĂƚĂŶ 'Zh ĚĂŶ
WĞƌƐĞƌŽĂŶ͘
Ϯ͘  WĞƌũĂŶũŝĂŶWĞƌĂǁĂƚĂŶWh'dW Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŬĞƌũĂĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
ϭϯϭͲϵ ĚĞŶŐĂŶ WŽůĂ Wd, EŽ͘ ď͘ 'Zh͘ ŵĞŶŐĂĐƵ ƉĂĚĂ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ Ϯ
'D&ͬWZ:ͬdͲϯϭϱϬͬϮϬϭϲ ŵĂŶƵĨĂĐƚƵƌĞ ŵĂŶƵĂů͕ ^Z ;ŝǀŝů ǀŝĂƚŝŽŶ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƚĂŶŐŐĂůϭ:ĂŶƵĂƌŝϮϬϭϲ ^ĂĨĞƚLJ ZĞŐƵůĂƚŝŽŶͿ͕ ŝƌĞŬƚŽƌĂƚ <ĞůĂŝĂŬĂŶ ϭ :ĂŶƵĂƌŝ ϮϬϭϲ
hĚĂƌĂ ĚĂŶ WĞŶŐŽƉĞƌĂƐŝĂŶ WĞƐĂǁĂƚ hĚĂƌĂ͕ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭ
&ĞĚĞƌĂůǀŝĂƚŝŽŶƵƚŚŽƌŝƚLJ͕^ƉƉƌŽǀĞĚ :ĂŶƵĂƌŝϮϬϭϴ͘
DĂŝŶƚĞŶĂŶĐĞ WƌŽŐƌĂŵ͕ dĞĐŚŝŶĂů DĂŶƵĂů 
ĚĂŶůŝŶŐŬƵƉƉĞŬĞƌũĂĂŶƉĂĚĂƉĞƌũĂŶũŝĂŶ͘
ϯ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ Wh Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŬĞƌũĂĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
'dWϯϯϭͲϯϱϬ ĚĞŶŐĂŶ WŽůĂ ď͘ 'Zh͘ ŵĞŶŐĂĐƵ ƉĂĚĂ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ Ϯ
WŽǁĞƌ LJ ƚŚĞ ,ŽƵƌ ;Wd,Ϳ EŽ͘ ŵĂŶƵĨĂĐƚƵƌĞ ŵĂŶƵĂů͕ ^Z ;ŝǀŝů ǀŝĂƚŝŽŶ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
'D&ͬWZ:ͬdͲϯϮϱϱͬϮϬϭϲ ^ĂĨĞƚLJ ZĞŐƵůĂƚŝŽŶͿ͕ ŝƌĞŬƚŽƌĂƚ <ĞůĂŝĂŬĂŶ ϭ ŐƵƐƚƵƐ ϮϬϭϲ
ƚĂŶŐŐĂůϮϭEŽǀĞŵďĞƌϮϬϭϲ hĚĂƌĂ ĚĂŶ WĞŶŐŽƉĞƌĂƐŝĂŶ WĞƐĂǁĂƚ hĚĂƌĂ͕ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭ

58
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
&ĞĚĞƌĂůǀŝĂƚŝŽŶƵƚŚŽƌŝƚLJ͕^ƉƉƌŽǀĞĚ ŐƵƐƚƵƐϮϬϭϴ͘
DĂŝŶƚĞŶĂŶĐĞ WƌŽŐƌĂŵ͕ dĞĐŚŝŶĂů DĂŶƵĂů 
ĚĂŶůŝŶŐŬƵƉƉĞŬĞƌũĂĂŶƉĂĚĂƉĞƌũĂŶũŝĂŶ͘
ϰ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ ĚĂŶ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŬĞƌũĂĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
WĞŶLJĞĚŝĂĂŶ <ŽŵƉŽŶĞŶ ŽĞŝŶŐ ď͘ 'Zh͘ ĂƚĂƐ ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞŶLJĞĚŝĂĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ Ϯ
ϳϯϳ E' ĚĞŶŐĂŶ WŽůĂ WŽǁĞƌ LJ ŬŽŵƉŽŶĞŶƉĞƐĂǁĂƚƵĚĂƌĂ͘ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƚŚĞ ,ŽƵƌ EŽ͘ 'D&ͬWZ:ͬͲ ϭ Ɖƌŝů ϮϬϭϲ ƐĂŵƉĂŝ
ϯϬϴϳͬϮϬϭϲƚĂŶŐŐĂůϭƉƌŝůϮϬϭϲ ĚĞŶŐĂŶϭƉƌŝůϮϬϭϴ͘
ϱ͘  WĞƌũĂŶũŝĂŶ /ŶĚƵŬ WĞƌĂǁĂƚĂŶ Ă͘ Wd ŝƚŝůŝŶŬ ŝƚŝůŝŶŬ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
WĞƐĂǁĂƚ ĞŶŐĂŶ WŽůĂ WŽǁĞƌ ďLJ /ŶĚŽŶĞƐŝĂ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ƉĞŵĞůŝŚĂƌĂĂŶ ƉĞƐĂǁĂƚ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
ƚŚĞ ,ŽƵƌ ;Wd,Ϳ EŽ͘ (“ŝƚŝůŝŶŬ”); dan  LJĂŶŐ ĚŝŽƉĞƌĂƐŝŬĂŶ ŝƚŝůŝŶŬ͕ LJĂŶŐ ƐĂŵƉĂŝĚĞŶŐĂŶϭ:ƵŶŝ
'D&ͬWZ:ͬ͘dͲϯϲϯϰͬϮϬϭϯ ď͘ WĞƌƐĞƌŽĂŶ͘ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŝƌĐƌĂĨƚ ϮϬϮϯ͘
ƚĂŶŐŐĂůϭϵ^ĞƉƚĞŵďĞƌϮϬϭϯ DĂŝŶƚĞŶĂŶĐĞ  KƌŐĂŶŝƐĂƚŝŽŶ  ƉƉƌŽǀĂů
ĞƌƚŝĨŝĐĂƚĞ͘
ϲ͘  WĞƌũĂŶũŝĂŶ ĂĐŬ ƚŽ ĂĐŬ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌũĂŶũŝĂŶ ĚŝďƵĂƚ ĚĂŶ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ :ĂŶŐŬĂ ǁĂŬƚƵ
^ͬWZ:ͬYͲϯϯϳϬͬϮϬϭϰ ƚĂŶŐŐĂů ď͘ 'Zh͘ WĞƌƐĞƌŽĂŶ ĚĂŶ 'Zh ƐĞŚƵďƵŶŐĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
ϭ^ĞƉƚĞŵďĞƌϮϬϭϰ ĚĞŶŐĂŶ ƉĞŶLJĞĚŝĂĂŶ ŝŶĨŽƌŵĂƚŝŽŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ϭ
ƚĞĐŚŶŽůŽŐLJ ĞŶŐŝŶĞĞƌŝŶŐ ĚĂŶ ŵĂŝŶƚĞŶĂŶĐĞ ^ĞƉƚĞŵďĞƌ ϮϬϭϰ ĚĂŶ
ƌĞƉĂŝƌ ĚĂŶ ŽǀĞƌŚĂƵů ĚĂƌŝ 'Zh ŬĞƉĂĚĂ ďĞƌůĂŬƵ ƚĞƌƵƐ ƐĂŵƉĂŝ
WĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ ĚĞŶŐĂŶ ƚĞůĂŚ
'ZhŽůĞŚWĞƌƐĞƌŽĂŶ͘ ĚŝďĂLJĂƌŬĂŶŶLJĂ
 ƐĞůƵƌƵŚ ƉĞŵďĂLJĂƌĂŶ
ŶŝůĂŝƉĞƌũĂŶũŝĂŶ͘

WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ
ƚĞƌƵƐ ŵĞůĂŬƐĂŶĂŬĂŶ
ŚĂŬ ĚĂŶ
ŬĞǁĂũŝďĂŶŶLJĂ ĚĂŶ
ŽůĞŚ ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ
ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
WĞƌũĂŶũŝĂŶ^ĞǁĂDĞŶLJĞǁĂWĞƌĂůĂƚĂŶ͕DĞƐŝŶ͕ĚĂŶĂƌĂŶŐͲĂƌĂŶŐ
ϳ͘  WĞƌũĂŶũŝĂŶ WĞŵĂŬĂŝĂŶ &ĂƐŝůŝƚĂƐ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ 'Zh ŵĞŶLJĞǁĂŬĂŶ ƚĂŶĂŚ ĚĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
dĂŶĂŚ Θ ĂŶŐƵŶĂŶ EŽ͘ ď͘ 'Zh͘ ďĂŶŐƵŶĂŶ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ Ěŝ ĂƌĞĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
'D&ͬWZ:ͬ͘dͲϯϬϰϮͬϮϬϬϮ ŵĂŝŶƚĞŶĂŶĐĞ ĨĂĐŝůŝƚLJ LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ ƐĞũĂŬ ϭ ŐƵƐƚƵƐ ϮϬϬϮ
ƚĂŶŐŐĂů Ϯϳ DĂƌĞƚ ϮϬϬϯ ĂŶĚĂƌ hĚĂƌĂ ^ŽĞŬĂƌŶŽ ,ĂƚƚĂ͕ ĚĂŶ ďĞƌůĂŬƵ ƚĞƌƵƐ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƵďĂŚ ĞŶŐŬĂƌĞŶŐ͘ ŵĞŶĞƌƵƐ ƐĂŵƉĂŝ
ƚĞƌĂŬŚŝƌ ŬĂůŝ ĚĞŶŐĂŶ WĞƌƵďĂŚĂŶ  ĚĞŶŐĂŶ ĂĚĂŶLJĂ
ĞƌŝƚĂ ĐĂƌĂ EŽ͘ :<tDͲ  ƉĞŵďĞƌŝƚĂŚƵĂŶ
ϮϬϬϱϱͬϬϴ͖'D&ͬd^ͬϬϬϬϯͬϬϴ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ϯ
ďƵůĂŶ ƐĞďĞůƵŵŶLJĂ
ŵĞŶŐĞŶĂŝ
ďĞƌĂŬŚŝƌŶLJĂ
ƉĞƌũĂŶũŝĂŶ͘

WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ
ƚĞƌƵƐ ŵĞůĂŬƐĂŶĂŬĂŶ
ŚĂŬ ĚĂŶ
ŬĞǁĂũŝďĂŶŶLJĂ ĚĂŶ
ŽůĞŚ ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ
ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
ϴ͘  WĞƌũĂŶũŝĂŶ^ĞǁĂ'ƌŽƵŶĚ^ƵƉƉŽƌƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ 'ĂƉƵƌĂ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ƋƵŝƉŵĞŶƚ EŽ͘ 'D&ͬWZ:ͬ>Ͳ ď͘ Wd 'ĂƉƵƌĂ ŵĞŵďĞƌŝŬĂŶ ůĂLJĂŶĂŶ ƉĞƌĂůĂƚĂŶ ŐƌŽƵŶĚ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
ϯϭϮϬͬϮϬϭϱ ƚĂŶŐŐĂů Ϯϲ ŐƵƐƚƵƐ ŶŐŬĂƐĂ ƐƵƉƉŽƌƚ ĞƋƵŝƉŵĞŶƚ ĚŝĚĂůĂŵ ŵĞŶƵŶũĂŶŐ ƐĞũĂŬ ϭ :Ƶůŝ ϮϬϭϱ
ϮϬϭϱ (“'ĂƉƵƌĂ”). ŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϬ
:ƵŶŝϮϬϭϴ͘



59
 EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ϵ͘  WĞƌũĂŶũŝĂŶ:ĂƐĂ^ĞǁĂ<ĞŶĚĂƌĂĂŶ Ă͘ Wd ĞƌŽƚƌĂŶƐ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ ĞƌŽƚƌĂŶƐ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
KƉĞƌĂƐŝŽŶĂů ŝƌĞŬƐŝ EŽ͘ ^ĞƌǀŝĐĞƐ ŵĞŶLJĞĚŝĂŬĂŶ ũĂƐĂ ƐĞǁĂ ŬĞŶĚĂƌĂĂŶ ĚĂƌĂƚ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
'D&ͬWZ:ͬ͘dhͲϯϮϱϬͬϮϬϭϲ /ŶĚŽŶĞƐŝĂ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŝƌĞŬƐŝ͕ ƐĞũĂŬ ϰ EŽǀĞŵďĞƌ
ƚĂŶŐŐĂůϰEŽǀĞŵďĞƌϮϬϭϲ (“ĞƌŽƚƌĂŶƐ”); ĚŝŵĂŶĂ ĞƌŽƚƌĂŶƐ ĂŬĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ϮϬϭϲ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ĚĂŶ ŬĞŶĚĂƌĂĂŶ ďĞƌŵŽƚŽƌ͕ ƉĞŶŐĞŵƵĚŝ ĚĂŶ ϯϬ:ƵŶŝϮϬϮϬ͘
ď͘ WĞƌƐĞƌŽĂŶ͘ ďĂŚĂŶďĂŬĂƌŵŝŶLJĂŬ͘
WĞƌũĂŶũŝĂŶ>ĂŝŶͲ>ĂŝŶ
ϭϬ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ WĞŬĞƌũĂĂŶ Ă͘ WdĞƌŽ^LJƐƚĞŵƐ WĞƌƐĞƌŽĂŶ ĚĂŶ ƐLJƐƚ ƐĞƉĂŬĂƚ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
dĞŬŶŽůŽŐŝ /ŶĨŽƌŵĂƐŝ EŽ͘ /ŶĚŽŶĞƐŝĂ ŵĞůĂŬƵŬĂŶ ŬĞƌũĂƐĂŵĂ ĚĂůĂŵ ďŝĚĂŶŐ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
'D&ͬWZ:ͬͲϯϬϯϴͬϮϬϭϱ (”ƐLJƐƚ”); dan ƚĞŬŶŽůŽŐŝ ŝŶĨŽƌŵĂƐŝ ŐƵŶĂ ŵĞŶƵŶũĂŶŐ ƐĞůĂŵĂ ƚĞƌĚĂƉĂƚ
ƚĂŶŐŐĂů Ϯϰ DĂƌĞƚ ϮϬϭϱ ď͘ WĞƌƐĞƌŽĂŶ͘ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ƉĞƌũĂŶũŝĂŶ ƚƵƌƵŶĂŶ
(”WĞƌũĂŶũŝĂŶ/ŶĚƵŬƐLJƐƚ”).  ŵĞŶŝŶŐŬĂƚŬĂŶ ůĂLJĂŶĂŶ ďĂŐŝ ƉĞŶŐŐƵŶĂ ũĂƐĂ LJĂŶŐ ŵĂƐŝŚ ďĞƌůĂŬƵ͕
WĞƌƐĞƌŽĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ŬĞĐƵĂůŝ ĂƉĂďŝůĂ
ďĞƌůĂŬƵ͘ ĚŝƐĞƉĂŬĂƚŝ ůĂŝŶ ŽůĞŚ
 WĞƌƐĞƌŽĂŶĚĂŶƐLJƐƚ͘
WĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ƉĞƌũĂŶũŝĂŶ ŝŶĚƵŬ LJĂŶŐ 
ĂŬĂŶ ĚŝƌŝŶĐŝ ĚĞŶŐĂŶ ƉĞƌũĂŶũŝĂŶ ƚƵƌƵŶĂŶ WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ďĂŐŝĂŶ LJĂŶŐ ƚŝĚĂŬ ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ
ƚĞƌƉŝƐĂŚŬĂŶ ĚĂƌŝ ƉĞƌũĂŶũŝĂŶ͕ ƵŶƚƵŬ ƚĞƌƵƐ ŵĞůĂŬƐĂŶĂŬĂŶ
ƉĞŶŐĞůŽůĂĂŶ ƚĞŬŶŽůŽŐŝ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ŚĂŬ ĚĂŶ
ŵĞůŝŶŐŬƵƉŝ ƉĞŶŐĂĚĂĂŶ͕ ƉĞŶLJĞĚŝĂĂŶ͕ ŬĞǁĂũŝďĂŶŶLJĂ ĚĂŶ
ƉĞŵĞůŝŚĂƌĂĂŶ͕ ƉĞŶŐĞŵďĂŶŐĂŶ ĚĂŶ ŽůĞŚŬĂƌĞŶĂŶLJĂƚĞƚĂƉ
ŵĂŶĂŐĞĚƐĞƌǀŝĐĞ͕ƵŶƚƵŬŚĂůͲŚĂůLJĂŶŐĚŝĂƚƵƌ ƚƵŶĚƵŬ ƉĂĚĂ
ĚĂůĂŵƉĞƌũĂŶũŝĂŶ͘ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
ϭϭ͘  WĞƌũĂŶũŝĂŶWĞŶŐĂĚĂĂŶWĞƌĂŶŐŬĂƚ Ă͘ WdĞƌŽ^LJƐƚĞŵƐ WĞƌũĂŶũŝĂŶ ŵĞƌƵƉĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ƚƵƌƵŶĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
:ĂƌŝŶŐĂŶ ,ĂŶŐĂƌ ϰ EŽ͘ /ŶĚŽŶĞƐŝĂ ĚĂƌŝ WĞƌũĂŶũŝĂŶ /ŶĚƵŬ ƐLJƐƚ͘ WĞƌƐĞƌŽĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
'D&ͬWZ:ͬdhͲϯϭϳϲͬϮϬϭϱ (”ƐLJƐƚ”); dan ŵĞŶƵŶũƵŬ ƐLJƐƚ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬ
ƚĂŶŐŐĂůϮϭKŬƚŽďĞƌϮϬϭϱ ď͘ WĞƌƐĞƌŽĂŶ͘ ƉĞŶLJĞĚŝĂĂŶ ďĂƌĂŶŐ ĚĂŶ ũĂƐĂ ƉĞƌĂŶŐŬĂƚ ďĞƌŝƚĂ ĂĐĂƌĂ ƐĞƌĂŚ
jaringan hangar 4 (“WĞŬĞƌũĂĂŶ”) untuk ƚĞƌŝŵĂ WĞŬĞƌũĂĂŶ͕
ĚŝƐĞǁĂ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ LJĂŶŐ ĚŝůĂŬƵŬĂŶ Ěŝ LJĂŝƚƵ ϭϯ KŬƚŽďĞƌ
ĂƌĞĂWĞƌƐĞƌŽĂŶ͕ĚŝĂŶĚĂƌhĚĂƌĂ^ŽĞŬĂƌŶŽ ϮϬϭϰ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
,ĂƚƚĂ͕ĞŶŐŬĂƌĞŶŐ͘ ϭϯKŬƚŽďĞƌϮϬϭϳ͘
ϭϮ͘  WĞƌũĂŶũŝĂŶ WĞŶŐĂĚĂĂŶ Ă͘ WdĞƌŽ^LJƐƚĞŵƐ WĞƌũĂŶũŝĂŶ ŵĞƌƵƉĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ƚƵƌƵŶĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂƐĂ^ĞƌǀŝĐĞůŽƵĚ /ŶĚŽŶĞƐŝĂ ĚĂƌŝ WĞƌũĂŶũŝĂŶ /ŶĚƵŬ ƐLJƐƚ͘ WĞƌƐĞƌŽĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
njƵƌĞ ƵŶƚƵŬ ^W tͲt EŽ͘ (”ƐLJƐƚ”); dan ŵĞŶƵŶũƵŬ ƐLJƐƚ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ƐĞũĂŬ ϭ Ɖƌŝů ϮϬϭϲ
'D&ͬWZ:ͬ͘dhDͲϯϮϮϳͬϮϬϭϲ ď͘ WĞƌƐĞƌŽĂŶ͘ ƉĞŬĞƌũĂĂŶ ƉĞŶŐĂĚĂĂŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂƐ Ă ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϭ
ƚĂŶŐŐĂůϭϴKŬƚŽďĞƌϮϬϭϲ ƐĞƌǀŝĐĞ ĐůŽƵĚ ĂnjƵƌĞ ƵŶƚƵŬ ^W tͲ/ LJĂŶŐ DĂƌĞƚϮϬϭϵ͘
ďĞƌůĂŬƵ Ěŝ ƐĞůƵƌƵŚ ŬĂŶƚŽƌ WĞƌƐĞƌŽĂŶ ĚĂŶ
ŬĂŶƚŽƌ ƉĞƌǁĂŬŝůĂŶŶLJĂͬůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ
ƐƚĂƚŝŽŶ͘
ϭϯ͘  WĞƌũĂŶũŝĂŶ :ĂƐĂ ŶŶƵĂů Ă͘ WdĞƌŽ^LJƐƚĞŵƐ WĞƌũĂŶũŝĂŶ ŵĞƌƵƉĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ƚƵƌƵŶĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ^ƵƉƉŽƌƚ ĨŽƌ ,D /ŶĚŽŶĞƐŝĂ ĚĂƌŝ WĞƌũĂŶũŝĂŶ /ŶĚƵŬ ƐLJƐƚ͘ WĞƌƐĞƌŽĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
Θ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ZW EŽ͘ (”ƐLJƐƚ”); dan ŵĞŶƵŶũƵŬ ƐLJƐƚ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ũĂƐĂ ƐĞũĂŬ ϭ ^ĞƉƚĞŵďĞƌ
'D&ͬWZ:ͬ͘ͲϯϮϱϯͬϮϬϭϲ ď͘ WĞƌƐĞƌŽĂŶ͘ ĂŶŶƵĂů ŵĂŝŶƚĞŶĂŶĐĞ ƐƵƉƉŽƌƚ ĨŽƌ ,D ĚĂŶ ϮϬϭϲ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ƚĂŶŐŐĂůϭϬEŽǀĞŵďĞƌϮϬϭϲ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞZW͘ ϯϭŐƵƐƚƵƐϮϬϭϵ͘
ϭϰ͘  WĞƌũĂŶũŝĂŶ WĞŶLJĞĚŝĂĂŶ ŽŶƚĞŶƚ Ă͘ WdĞƌŽ^LJƐƚĞŵƐ WĞƌũĂŶũŝĂŶ ŵĞƌƵƉĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ƚƵƌƵŶĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŶĂŐĞŵĞŶƚ ^LJƐƚĞŵ EŽ͘ /ŶĚŽŶĞƐŝĂ ĚĂƌŝ WĞƌũĂŶũŝĂŶ /ŶĚƵŬ ƐLJƐƚ͘ WĞƌƐĞƌŽĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
'D&ͬWZ:ͬ͘ͲϯϮϴϴͬϮϬϭϲ (”ƐLJƐƚ”); dan ŵĞŶƵŶũƵŬ ƐLJƐƚ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ
ƚĂŶŐŐĂůϮϲĞƐĞŵďĞƌϮϬϭϲ ď͘ WĞƌƐĞƌŽĂŶ͘ ƉĞŶLJĞĚŝĂĂŶĐŽŶƚĞŶƚŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ͘ ŵƵůĂŝ ƚĂŶŐŐĂů ďĞƌŝƚĂ
ĂĐĂƌĂ ƐĞƌĂŚ ƚĞƌŝŵĂ
ƐĞƌƚŝĨŝŬĂƚ ůŝƐĞŶƐŝ
ƉĞƌĂŶŐŬĂƚ ůƵŶĂŬ͕
LJĂŝƚƵ Ϯ DĂƌĞƚ ϮϬϭϳ
ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯ
DĂƌĞƚ ϮϬϮϬ͘
DĂŝŶƚĞŶĂŶĐĞ ĚĂŶ
ƐƵƉƉŽƌƚ ƉĞƌĂŶŐŬĂƚ
ůƵŶĂŬ ĚĂƉĂƚ
ĚŝƉĞƌƉĂŶũĂŶŐ ĚĞŶŐĂŶ
ŬĞƐĞƉĂŬĂƚĂŶ
WĞƌƐĞƌŽĂŶĚĂŶƐLJƐƚ͘
ϭϱ͘  WĞƌũĂŶũŝĂŶ :ĂƐĂ WĞŬĞƌũĂĂŶ Ă͘ WdĞƌŽ^LJƐƚĞŵƐ WĞƌũĂŶũŝĂŶ ŵĞƌƵƉĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ƚƵƌƵŶĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
ŽůŽĐĂƚŝŽŶ ^Wͬ^t/&d ŝƐĂƐƚĞƌ /ŶĚŽŶĞƐŝĂ ĚĂƌŝ WĞƌũĂŶũŝĂŶ /ŶĚƵŬ ƐLJƐƚ͘ WĞƌƐĞƌŽĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
ZĞĐŽǀĞƌLJ ĞŶƚĞƌ EŽ͘ (”ƐLJƐƚ”);ĚĂŶ ŵĞŶƵŶũƵŬ ƐLJƐƚ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ũĂƐĂ ƐĞũĂŬ ϭ ^ĞƉƚĞŵďĞƌ
'D&ͬWZ:ͬ͘dhͲϯϮϱϳͬϮϬϭϲ ď͘ WĞƌƐĞƌŽĂŶ͘ ƉĞŬĞƌũĂĂŶ ĐŽůŽĐĂƚŝŽŶ ^Wͬ^t/&d ĚŝƐĂƐƚĞƌ ϮϬϭϲ ƐĂŵƉĂŝ ĚĞŶŐĂŶ

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EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ƚĂŶŐŐĂůϮϯEŽǀĞŵďĞƌϮϬϭϲ ƌĞĐŽǀĞƌLJĐĞŶƚĞƌ͕LJĂŶŐƚĞƌĚŝƌŝĚĂƌŝƉĞŬĞƌũĂĂŶ ϯϭKŬƚŽďĞƌϮϬϭϴ͘
ŽŶĞ ƚŝŵĞ ĐŚĂƌŐĞ ;ƐĞƚ ƵƉ ĚĂŶ ŬŽŶĨŝŐƵƌĂƐŝͿ
ĚĂŶ ƉĞŬĞƌũĂĂŶ ŵŽŶƚŚůLJ ĐŚĂƌŐĞ ;ŵĂŶĂŐĞĚ
ƐĞƌǀŝĐĞƐͿ ƐĞďĂŐĂŝŵĂŶĂ ĚŝũĞůĂƐŬĂŶ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ͕ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ Ěŝ ŐĞĚƵŶŐ
ŵĂƚĞƌŝĂů WĞƌƐĞƌŽĂŶ ĞŶŐŬĂƌĞŶŐ ĚĂŶ ĚĂƚĂ
ĐĞŶƚĞƌƚĞůŬŽŵƐŝŐŵĂ^ĞŶƚƵů:ĂǁĂĂƌĂƚ͘
ϭϲ͘  WĞƌũĂŶũŝĂŶ DŝĐƌŽƐŽĨƚ ŶƚĞƌƉƌŝƐĞ Ă͘ WdĞƌŽ^LJƐƚĞŵƐ WĞƌũĂŶũŝĂŶ ŵĞƌƵƉĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ƚƵƌƵŶĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
EŽ͘ 'D&ͬWZ:ͬ͘ͲϯϮϬϳͬϮϬϭϲ /ŶĚŽŶĞƐŝĂ ĚĂƌŝ WĞƌũĂŶũŝĂŶ /ŶĚƵŬ ƐLJƐƚ͘ WĞƌƐĞƌŽĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
ƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌϮϬϭϲ (”ƐLJƐƚ”); dan ŵĞŶƵŶũƵŬ ƐLJƐƚ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ϭ
ď͘ WĞƌƐĞƌŽĂŶ͘ ƉĞŬĞƌũĂĂŶ ƉĞŶŐĂĚĂĂŶ ŵŝĐƌŽƐŽĨƚ ůŝĐĞŶƐĞ Ɖƌŝů ϮϬϭϲ ƐĂŵƉĂŝ
ŽĨĨŝĐĞ ϯϲϱ ĚĂŶ ĂnjƵƌĞ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ ĚĞŶŐĂŶ ϯϭ DĂƌĞƚ
ƐĞůƵƌƵŚ WĞƌƐĞƌŽĂŶ ĚĂŶ ŬĂŶƚŽƌ ϮϬϭϵ͘
ƉĞƌǁĂŬŝůĂŶŶLJĂ͘
ϭϳ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ WĞŶũƵĂůĂŶ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ 'Zh ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
<ŽƌƉŽƌĂƐŝ ;ŽƌƉŽƌĂƚĞ ^ĂůĞƐͿ ď͘ 'Zh͘ ŵĞůĂŬƐĂŶĂŬĂŶƉĞŶŐĂŶŐŬƵƚĂŶŬŝƌŝŵĂŶŬĂƌŐŽ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
WĞŶŐĂŶŐŬƵƚĂŶ <ĂƌŐŽ EŽ͘ ƵĚĂƌĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƐĞůƵƌƵŚ ƌƵƚĞ ƐĞũĂŬ ϲ ĞƐĞŵďĞƌ
'D&ͬWZ:ͬͲϮϭϬϯͬϮϬϭϲ ĚŽŵĞƐƚŝŬĚĂŶŝŶƚĞƌŶĂƐŝŽŶĂůLJĂŶŐĚŝƚĞƌďĂŶŐŝ ϮϬϭϱ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ƚĂŶŐŐĂůϯ:ƵŶŝϮϬϭϲ 'Zh͕ LJĂŶŐ ŵĞůŝƉƵƚŝ ŬĞŐŝĂƚĂŶ ϳĞƐĞŵďĞƌϮϬϭϳ͘
ƉĞŶĞƌŝŵĂĂŶ͕ ƉĞŵĞƌŝŬƐĂĂŶ͕ ƉĞŶŐĂǁĂƐĂŶ͕ 
ƉĞŶLJĞƌĂŚĂŶ ĚĂŶ ƉĞŵƵĂƚĂŶ ĚĞŶŐĂŶ 
ŵĞŶŐŐƵĂŬĂŶ ĨĂƐŝůŝƚĂƐ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ĚĂŶ
ĨĂƐŝůŝƚĂƐůĂŝŶŶLJĂLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚ'Zh͘
ϭϴ͘  WĞƌũĂŶũŝĂŶ WĞŬĞƌũĂĂŶ :ĂƐĂ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ 'ĂƉƵƌĂ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ŝƌĐƌĂĨƚ ůĞĂŶŝŶŐ ^ƚĂƐŝƵŶ :Ăŵďŝ ď͘ 'ĂƉƵƌĂ͘ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŬĞƌũĂĂŶ ũĂƐĂ ĂŝƌĐƌĂĨƚ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
EŽ͘ 'D&ͬWZ:ͬdD^ͲϯϮϬϴͬϮϬϭϱ ĐůĞĂŶŝŶŐ͘ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬ
ƚĂŶŐŐĂůϭϬEŽǀĞŵďĞƌϮϬϭϱ  ϭ :Ƶůŝ ϮϬϭϱ ƐĂŵƉĂŝ
ĚĞŶŐĂŶϯϬ:ƵŶŝϮϬϭϴ͘
ϭϵ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ WĞŶũƵĂůĂŶ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ 'Zh ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
<ŽƌƉŽƌĂƐŝ ;ŽƌƉŽƌĂƚĞ ^ĂůĞƐͿ ď͘ 'Zh͘ ŵĞůĂŬƐĂŶĂŬĂŶƉĞŶŐĂŶŐŬƵƚĂŶŬŝƌŝŵĂŶŬĂƌŐŽ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ Ϯ
WĞŶŐĂŶŐŬƵƚĂŶ <ĂƌŐŽ EŽ͘ ƵĚĂƌĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƐĞůƵƌƵŚ ƌƵƚĞ ƚĂŚƵŶ ĚĂŶ ƚĞƌŚŝƚƵŶŐ
'D&ͬWZ:ͬͲϯϭϬϵͬϮϬϭϲ ĚŽŵĞƐƚŝŬĚĂŶŝŶƚĞƌŶĂƐŝŽŶĂůLJĂŶŐĚŝƚĞƌďĂŶŐŝ ƐĞũĂŬ ϲ ĞƐĞŵďĞƌ
ƚĂŶŐŐĂůϲĞƐĞŵďĞƌϮϬϭϱ 'Zh͕ LJĂŶŐ ŵĞůŝƉƵƚŝ ŬĞŐŝĂƚĂŶ ϮϬϭϱ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ƉĞŶĞƌŝŵĂĂŶ͕ ƉĞŵĞƌŝŬƐĂĂŶ͕ ƉĞŶŐĂǁĂƐĂŶ͕ ϳĞƐĞŵďĞƌϮϬϭϳ͘
ƉĞŶLJĞƌĂŚĂŶ ĚĂŶ ƉĞŵƵĂƚĂŶ ĚĞŶŐĂŶ
ŵĞŶŐŐƵĂŬĂŶ ĨĂƐŝůŝƚĂƐ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ĚĂŶ
ĨĂƐŝůŝƚĂƐůĂŝŶŶLJĂLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚ'Zh͘

^ĞůƵƌƵŚƚƌĂŶƐĂŬƐŝĚŝĂƚĂƐƚĞůĂŚĚŝƐĞůĞƐĂŝŬĂŶĂƚĂƵĂŬĂŶĚŝƐĞůĞƐĂŝŬĂŶƐĞĐĂƌĂǁĂũĂƌ͘

WZ:E:/EͲWZ:E:/EWEd/E'E'EW/,<<d/'

ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶŐĂĚĂŬĂŶƉĞƌũĂŶũŝĂŶĚĞŶŐĂŶ ƉŝŚĂŬ ŬĞƚŝŐĂ͕ ĂŶƚĂƌĂ
ůĂŝŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
WĞƌũĂŶũŝĂŶWĞƌĂǁĂƚĂŶWĞƐĂǁĂƚ͕DĞƐŝŶ͕ĚĂŶWĞƌĂůĂƚĂŶWĞŶĚƵŬƵŶŐ
ϭ͘  ^ƚĂŶĚĂƌĚ 'ƌŽƵŶĚ ,ĂŶĚůŝŶŐ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ďĂŐŝĂŶ ĚĂƌŝ ƉĞƌũĂŶũŝĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
ŐƌĞĞŵĞŶƚ EŽ͘ 'D&ͬWZ:ͬ͘&Ͳ ď͘ ŝƌ ŚŝŶĂ ƵƚĂŵĂ ĂŶƚĂƌĂ ƉĂƌĂ ƉŝŚĂŬ ĚŝŵĂŶĂ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ϯϬϱϲͬϮϬϭϳ ƚĂŶŐŐĂů Ϯϰ DĂƌĞƚ Limited (“ŝƌ WĞƌƐĞƌŽĂŶ ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ϭ DĂƌĞƚ ϮϬϭϳ ƐĂŵƉĂŝ
ϮϬϭϳ ŚŝŶĂ”). ƉĞůĂLJĂŶĂŶ ƚĞƌŚĂĚĂƉ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ěŝ ĚĞŶŐĂŶϭDĂƌĞƚϮϬϮϬ͘
ƉĂŶŐŬĂůĂŶ ĞŶŐŬĂƌĞŶŐ ĚĂůĂŵ ƌĂŶŐŬĂ
ŬĞĚĂƚĂŶŐĂŶ ĚĂŶ ŬĞƉĞƌŐŝĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ
ŵĞůŝƉƵƚŝ ƉĞƌũĂůĂŶĂŶ ŬĞ ĚĞŬ ƉĞŶĞƌďĂŶŐĂŶ
ĚĂŶďĂŶƚƵĂŶƉĞŵĞůŝŚĂƌĂĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘
Ϯ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ĂƐƚĂƌũĞƚ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
dĞƌďĂŶŐ ŽĞŝŶŐ ϳϯϳE' ĂůĂŵ ď͘ ĂƐƚĂƌũĞƚ Ž͕͘ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶũĂƐĂƉĞƌĂǁĂƚĂŶƉĂĚĂ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ZĂŶŐŬĂ ZĞĚĞůŝǀĞƌLJ WƌŽŐƌĂŵ EŽ͘ >ƚĚ͕͘ ĂƌŵĂĚĂƉĞƐĂǁĂƚƵĚĂƌĂŵŝůŝŬĂƐƚĂƌũĞƚ͘ ϯϬ DĞŝ ϮϬϭϳ ƐĂŵƉĂŝ
'D&ͬWZ:ͬ&ͲϯϭϮϯͬϮϬϭϳ (“ĂƐƚĂƌũĞƚ”). ĚĞŶŐĂŶ ŬĞǁĂũŝďĂŶ
ƚĂŶŐŐĂůϯϬDĞŝϮϬϭϳ ĚĂůĂŵ ƉĞƌũĂŶũŝĂŶ
 ƚĞƌƉĞŶƵŚŝ͘
 
WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƌƵƐ
ŵĞůĂŬƐĂŶĂŬĂŶ ŚĂŬ ĚĂŶ
ŬĞǁĂũŝďĂŶŶLJĂĚĂŶŽůĞŚ
ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ

61
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů
ϯ͘  WĞƌũĂŶũŝĂŶ :ĂƐĂ /ŶƐƚĂůĂƐŝ ŝƌĐƌĂĨƚ
ĂƚĂůŝŶŬ ƵŶƚƵŬ WƌŽLJĞŬ
ŽŵŵƵŶŝĐĂƚŝŽŶ dĂĐƚŝĐĂů
ĂƚĂůŝŶŬ ^LJƐƚĞŵ
'D&ͬWZ:ͬ͘&ͲϯϭϮϲͬϮϬϭϳ
ƚĂŶŐŐĂůϮϴƉƌŝůϮϬϭϳ
ϰ͘  >ŽŐŝƐƚŝĐ ^ĞƌǀŝĐĞ ŐƌĞĞŵĞŶƚ EŽ͘
'D&ͬWZ:ͬ&ͲϯϮϵϭͬϮϬϭϲ
ƚĂŶŐŐĂůϮϴĞƐĞŵďĞƌϮϬϭϲ
ϱ͘  ^ƚĂŶĚĂƌĚ 'ƌŽƵŶĚ ,ĂŶĚůŝŶŐ
ŐƌĞĞŵĞŶƚ EŽ͘ 'D&ͬWZ:ͬ&Ͳ
ϯϬϰϭͬϮϬϭϳ ƚĂŶŐŐĂů Ϯ :ĂŶƵĂƌŝ
ϮϬϭϳ
ϲ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘
'D&ͬWZ:ͬ&ͲϯϬϵϰͬϮϬϭϳ
ƚĂŶŐŐĂůϮϳƉƌŝůϮϬϭϳ
ϳ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘
'D&ͬWZ:ͬͲϯϭϰϱͬϮϬϭϱ
ƚĂŶŐŐĂůϮϱŐƵƐƚƵƐϮϬϭϱ
ϴ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘
'D&ͬWZ:ͬͲϯϬϱϭͬϮϬϭϲ
ƚĂŶŐŐĂůϱDĂƌĞƚϮϬϭϲ
ϵ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘
'D&ͬWZ:ͬͲϯϭϯϳͬϮϬϭϱ
ƚĂŶŐŐĂůϮϱŐƵƐƚƵƐϮϬϭϱ
WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ >E ŵĞŵďĞƌŝŬĂŶ ƉĞŬĞƌũĂĂŶͬũĂƐĂ ŬĞƉĂĚĂ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ Wd >E /ŶĚƵƐƚƌŝ WĞƌƐĞƌŽĂŶ ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶĞƌŝŵĂ ƐĞƌƚĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
;WĞƌƐĞƌŽͿ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝ ƌĞŬĂŶĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϵ
EŽ͘ (“>E”). ƉĞůĂŬƐĂŶĂ ƉĞŬĞƌũĂĂŶͬũĂƐĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ :ĂŶƵĂƌŝϮϬϭϴ͘
 ŬĞŚĞŶĚĂŬ>EĚĂƌŝƉĞŬĞƌũĂĂŶďŽƌŽŶŐĂŶ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ :>ŵĞŶƵŶũƵŬWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵďĂŶƚƵ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ :ĂƉĂŶ ŝƌůŝŶĞƐ :> ĚĂůĂŵ ŵĞŶLJĞĚŝĂŬĂŶ ƐĞŵƵĂ ũĂƐĂͲũĂƐĂ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
Co., Ltd (“:>”). LJĂŶŐĚŝďƵƚƵŚŬĂŶƵŶƚƵŬƉĞŶŐƵƌƵƐĂŶďĂƌĂŶŐ ϭ :ĂŶƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
ĚĂƌŝ ďĞĂ ĐƵŬĂŝ Ěŝ ŐƵĚĂŶŐ ƉĞŶLJŝŵƉĂŶĂŶ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
ĂŶĚĂƌĂ /ŶƚĞƌŶĂƐŝŽŶĂů ^ŽĞŬĂƌŶŽͲ,ĂƚƚĂ͕ ϮϬϭϳ͘
ĞŶŐŬĂƌĞŶŐ͕/ŶĚŽŶĞƐŝĂ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ďĂŐŝĂŶ ĚĂƌŝ ƉĞƌũĂŶũŝĂŶ dŝĚĂŬĚŝĂƚƵƌ͘
ď͘ <ŽƌĞĂŶ ŝƌ >ŝŶĞƐ ƵƚĂŵĂ ĂŶƚĂƌĂ ƉĂƌĂ ƉŝŚĂŬ ĚŝŵĂŶĂ 
Ž͕͘>ƚĚ͘ WĞƌƐĞƌŽĂŶ ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ƉĞůĂLJĂŶĂŶ ƚĞƌŚĂĚĂƉ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ěŝ ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƌƵƐ
ƉĂŶŐŬĂůĂŶ ĞŶŐŬĂƌĞŶŐ ĚĂůĂŵ ƌĂŶŐŬĂ ŵĞůĂŬƐĂŶĂŬĂŶ ŚĂŬ ĚĂŶ
ŬĞĚĂƚĂŶŐĂŶ ĚĂŶ ŬĞƉĞƌŐŝĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ŬĞǁĂũŝďĂŶŶLJĂĚĂŶŽůĞŚ
ŵĞůŝƉƵƚŝ ƉĞƌũĂůĂŶĂŶ ŬĞ ĚĞŬ ƉĞŶĞƌďĂŶŐĂŶ ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ
ĚĂŶďĂŶƚƵĂŶƉĞŵĞůŝŚĂƌĂĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘ ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ƌĂĨƚůĞĂƐĞ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ ƌĂĨƚůĞĂƐĞ >ƚĚ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
(“ƌĂĨƚůĞĂƐĞ”). ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ϯϳ Ɖƌŝů ϮϬϭϳ ƐĂŵƉĂŝ
ƉĂĚĂ ƐĞƚŝĂƉ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƌĂĨƚůĞĂƐĞ͕ ĚĞŶŐĂŶϮϳƉƌŝůϮϬϮϬ͘
ĂŶƚĂƌĂ ůĂŝŶ ŵĞůĂŬƐĂŶĂŬĂŶ ĚĂŶ ŵĞŶŐĂƚƵƌ
ĂŝƌĐƌĂĨƚ ƚŽǁŝŶŐ͕ ĚĞͲĨƵĞůůŝŶŐ͕ ƚĞĐŚŶŝĐĂů
ĂƐƐŝƐƚĂŶĐĞ͕ ĚĂŶ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů
ƚĞƐƚ ĂŶĚ ŐƌŽƵŶĚ ĐŚĞĐŬ ƉĂĚĂ ƐĂĂƚ
ŬĞĚĂƚĂŶŐĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ĂƐƐĂŬĂ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ ĂƐƐĂŬĂ ŝƌ >ƚĚ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
(“ĂƐƐĂŬĂͿ͘ ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ϯϱ ŐƵƐƚƵƐ ϮϬϭϱ
ƉĂĚĂ ƐĞƚŝĂƉ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ĂƐƐĂŬĂ͕ ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯϱ
ĂŶƚĂƌĂ ůĂŝŶ ŵĞůĂŬƐĂŶĂŬĂŶ ĚĂŶ ŵĞŶŐĂƚƵƌ ŐƵƐƚƵƐϮϬϭϴ͘
ĂŝƌĐƌĂĨƚ ƚŽǁŝŶŐ͕ ĚĞͲĨƵĞůůŝŶŐ͕ ƚĞĐŚŶŝĐĂů
ĂƐƐŝƐƚĂŶĐĞ͕ ĚĂŶ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů
ƚĞƐƚ ĂŶĚ ŐƌŽƵŶĚ ĐŚĞĐŬ ƉĂĚĂ ƐĂĂƚ
ŬĞĚĂƚĂŶŐĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ yŵĞŶƵŶũƵŬWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ ŝƌƐŝĂ dž ĞƌŚĂĚ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
(“y”). ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƉĂĚĂ ƐĞƚŝĂƉ ϱ DĂƌĞƚ ϮϬϭϲ ƐĂŵƉĂŝ
ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ y͕ ĂŶƚĂƌĂ ůĂŝŶ ĚĞŶŐĂŶϱDĂƌĞƚϮϬϭϵ͘
ŵĞůĂŬƐĂŶĂŬĂŶ ĚĂŶ ŵĞŶŐĂƚƵƌ ĂŝƌĐƌĂĨƚ
ƚŽǁŝŶŐ͕ ĚĞͲĨƵĞůůŝŶŐ͕ ƚĞĐŚŶŝĐĂů ĂƐƐŝƐƚĂŶĐĞ͕
ĚĂŶ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ƚĞƐƚ ĂŶĚ
ŐƌŽƵŶĚ ĐŚĞĐŬ ƉĂĚĂ ƐĂĂƚ ŬĞĚĂƚĂŶŐĂŶ
ƉĞƐĂǁĂƚƵĚĂƌĂ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ĨƚƌĂŶƐ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ ĨƚƌĂŶƐ ĞƌŽ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
D ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ϯϱ Ɖƌŝů ϮϬϭϱ ƐĂŵƉĂŝ
(“ĨƚƌĂŶƐ”). ƉĂĚĂ ƐĞƚŝĂƉ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ĨƚƌĂŶƐ͕ ĚĞŶŐĂŶ Ϯϱ ŐƵƐƚƵƐ
ĂŶƚĂƌĂ ůĂŝŶ ŵĞůĂŬƐĂŶĂŬĂŶ ĚĂŶ ŵĞŶŐĂƚƵƌ ϮϬϭϴ͘
ĂŝƌĐƌĂĨƚ ƚŽǁŝŶŐ͕ ĚĞͲĨƵĞůůŝŶŐ͕ ƚĞĐŚŶŝĐĂů
ĂƐƐŝƐƚĂŶĐĞ͕ ĚĂŶ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů
ƚĞƐƚ ĂŶĚ ŐƌŽƵŶĚ ĐŚĞĐŬ ƉĂĚĂ ƐĂĂƚ
ŬĞĚĂƚĂŶŐĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘
62
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ϭϬ͘  'ĞŶĞƌĂů dĞƌŵƐ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ĞƌƐĂůĞ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ ĞƌƐĂůĞ͕ /ŶĐ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
'D&ͬWZ:ͬ&ͲϯϬϳϵͬϮϬϭϳ (“ĞƌƐĂůĞ”). ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ϭϳ Ɖƌŝů ϮϬϭϳ ƐĂŵƉĂŝ
ƚĂŶŐŐĂůϭϳƉƌŝůϮϬϭϳ ƉĂĚĂ ƐĞƚŝĂƉ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ĞƌƐĂůĞ͕ ĚĞŶŐĂŶϭϳƉƌŝůϮϬϮϬ͘
ĂŶƚĂƌĂ ůĂŝŶ ŵĞůĂŬƐĂŶĂŬĂŶ ĚĂŶ ŵĞŶŐĂƚƵƌ
ĂŝƌĐƌĂĨƚ ƚŽǁŝŶŐ͕ ĚĞͲĨƵĞůůŝŶŐ͕ ƚĞĐŚŶŝĐĂů
ĂƐƐŝƐƚĂŶĐĞ͕ ĚĂŶ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů
ƚĞƐƚ ĂŶĚ ŐƌŽƵŶĚ ĐŚĞĐŬ ƉĂĚĂ ƐĂĂƚ
ŬĞĚĂƚĂŶŐĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘
ϭϭ͘  ŝƌĐƌĂĨƚ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ '^ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DŽĚŝĨŝĐĂƚŝŽŶ ^ĞƌǀŝĐĞ ŐƌĞĞŵĞŶƚ ď͘ ' ĂƉŝƚĂů ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶ ƚĞƌŚŝƚƵŶŐ
EŽ͘ 'D&ͬWZ:ͬ͘dWͲϯϬϯϵͬϮϬϬϮ ǀŝĂƚŝŽŶ ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƐĞũĂŬ Ϯ ŐƵƐƚƵƐ ϮϬϬϮ͕
ƚĂŶŐŐĂů Ϯ ŐƵƐƚƵƐ ϮϬϬϮ ^ĞƌǀŝĐĞƐ͕ /ŶĐ͘ ƉĂĚĂ ƐĞƚŝĂƉ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ '^͕ ĚĂŶĂŬĂŶƚĞƌƵƐďĞƌůĂŬƵ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ ĚĞŶŐĂŶ (“'^”) ĂŶƚĂƌĂ ůĂŝŶ ŵĞůĂŬƐĂŶĂŬĂŶ ĚĂŶ ŵĞŶŐĂƚƵƌ ƐĂŵƉĂŝ ĚŝĂŬŚŝƌŝ
ŵĂŶĚĞŵĞŶ EŽ͘ ĂŝƌĐƌĂĨƚ ƚŽǁŝŶŐ͕ ĚĞͲĨƵĞůůŝŶŐ͕ ƚĞĐŚŶŝĐĂů WĞƌƐĞƌŽĂŶĚĂŶ'^͘
'D&ͬWZ:ͬ͘DEͲ/ͬdWͲ ĂƐƐŝƐƚĂŶĐĞ͕ ĚĂŶ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů 
ϯϬϯϵͬϮϬϭϮƚĂŶŐŐĂůϵDĞŝϮϬϭϮ ƚĞƐƚ ĂŶĚ ŐƌŽƵŶĚ ĐŚĞĐŬ ƉĂĚĂ ƐĂĂƚ WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ŬĞĚĂƚĂŶŐĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘ ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƌƵƐ
ŵĞůĂŬƐĂŶĂŬĂŶ ŚĂŬ ĚĂŶ
ŬĞǁĂũŝďĂŶŶLJĂĚĂŶŽůĞŚ
ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ
ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
ϭϮ͘  DĂŝŶƚĞŶĂŶĐĞ^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĂŶĂƐŽŶŝĐ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ĨŽƌ WE^KE/ /& ^LJƐƚĞŵ EŽ͘ ď͘ WĂŶĂƐŽŶŝĐ ŵĞůĂŬƵŬĂŶ /ŶͲ&ůŝŐŚƚ ŶƚĞƌƚĂŝŶŵĞŶƚ ƐLJƐƚĞŵ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
'D&ͬWZ:ͬͲϯϭϱϭͬϮϬϭϱ ǀŝŽŶŝĐƐ ŚĂŶĚůŝŶŐ ƵŶƚƵŬ ƉĞƐĂǁĂƚ ƵĚĂƌĂ 'ĂƌƵĚĂ ϭ DĞŝ ϮϬϭϱ ƐĂŵƉĂŝ
ƚĂŶŐŐĂůϭ^ĞƉƚĞŵďĞƌϮϬϭϱ ŽƌƉŽƌĂƚŝŽŶƐ /ŶĚŽŶĞƐŝĂ Ěŝ ďĂŶĚĂƌĂͲďĂŶĚĂƌĂ ƚĞƌƚĞŶƚƵ Ěŝ ĚĞŶŐĂŶϭDĞŝϮϬϮϬ͘
(“WĂŶĂƐŽŶŝĐ”). /ŶĚŽŶĞƐŝĂ͘
ϭϯ͘  ^ƵƌĂƚ WĞƌũĂŶũŝĂŶ ƵŶƚƵŬ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ^ĞƚŶĞŐ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ŵĞůĂŬƐĂŶĂŬĂŶ WĂŬĞƚ WĞŬĞƌũĂĂŶ ď͘ <ĞŵĞŶƚĞƌŝĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŵĞůŝŚĂƌĂĂŶ ĚĂŶ ƉĞůĂƚŝŚĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
WĞŵĞůŝŚĂƌĂĂŶ ĚĂŶ WĞůĂƚŝŚĂŶ ^ĞŬƌĞƚĂƌŝĂŶ ŵĞŬĂŶŝŬ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ŽĞŝŶŐ ƵƐŝŶĞƐƐ Ϯϳ &ĞďƌƵĂƌŝ ϮϬϭϳ
DĞŬĂŶŝŬ WĞƐĂǁĂƚ ŽĞŝŶŐ EĞŐĂƌĂ :ĞƚϮss/WƉĂĚĂůŽŬĂƐŝWĞƌƐĞƌŽĂŶ͘ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϭ
ƵƐŝŶĞƐƐ :Ğƚ Ϯ ss/W EŽ͘ (“^ĞƚŶĞŐ”). ĞƐĞŵďĞƌϮϬϭϳ͘
'D&ͬWZ:ͬ&ͲϯϬϴϴͬϮϬϭϳ
ƚĂŶŐŐĂůϮϳ&ĞďƌƵĂƌŝϮϬϭϳ
ϭϰ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ dy ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ dŚĂŝ ŝƌƐŝĂ y ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
'D&ͬWZ:ͬ&ͲϯϬϳϮͬϮϬϭϳ Ž͘ >ƚĚ ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĂŚƵŶ͕ ďĞƌůĂŬƵ ƐĞũĂŬ ϯ
ƚĂŶŐŐĂůϯƉƌŝůϮϬϭϳ (“dy”). ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ Ɖƌŝů ϮϬϭϳ ƐĂŵƉĂŝ
ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ĚĞŶŐĂŶϯƉƌŝůϮϬϮϬ͘
ŵŝůŝŬdyĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘
ϭϱ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŐƌĞĞŵĞŶƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ŝƌ ƚůĂŶƚĂ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
EŽ͘ 'D&ͬWZ:ͬdWͲϯϬϬϱͬϮϬϬϲ ď͘ ŝƌ ƚůĂŶƚĂ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲpekerjaan ‘C’ Checks͕ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƚĂŶŐŐĂů Ϯϭ &ĞďƌƵĂƌŝ ϮϬϬϲ Icelandic (“ŝƌ ‘D’ Checks͕ ŵŽĚŝĨŝŬĂƐŝ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ĚĂŶ Ϯϭ &ĞďƌƵĂƌŝ ϮϬϬϲ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ ĚĞŶŐĂŶ ƚůĂŶƚĂ”). ƉĞŬĞƌũĂĂŶ ůĂŝŶ ƚĞƌŚĂĚĂƉ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ěŝ ƐĂŵƉĂŝ ĚŝĂŬŚŝƌŝ ŽůĞŚ
EŽ͘ 'D&ͬWZ:ͬDEͲ/ͬdWͲ  ůŽŬĂƐŝ ĂŶĚĂƌĂ /ŶƚĞƌŶĂƐŝŽŶĂů ^ŽĞŬĂƌŶŽ WĞƌƐĞƌŽĂŶ ĚĂŶ ŝƌ
ϯϬϬϱͬϮϬϬϲͬϮϬϭϲ ƚĂŶŐŐĂů ϭϴ ,ĂƚƚĂ͘ ƚůĂŶƚĂ͘
&ĞďƌƵĂƌŝϮϬϭϲ 
WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƌƵƐ
ŵĞůĂŬƐĂŶĂŬĂŶ ŚĂŬ ĚĂŶ
ŬĞǁĂũŝďĂŶŶLJĂĚĂŶŽůĞŚ
ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ
ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
ϭϲ͘  ŽŵƉŽŶĞŶƚ ^ĞƌǀŝĐĞ ŐƌĞĞŵĞŶƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ s^ ĞƌŽ ƐĞƚƵũƵ ďĂŚǁĂ WĞƌƐĞƌŽĂŶ ĂŬĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
EŽ͘ 'D&ͬWZ:ͬͲϯϭϲϭͬϮϬϭϱ ď͘ sĂƐ ĞƌŽ ŵĞŶLJĞĚŝĂŬĂŶũĂƐĂĚĂŶŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
ƚĂŶŐŐĂůϯϬ^ĞƉƚĞŵďĞƌϮϬϭϱ DĂůĂLJƐŝĂ ^ĚŶ ƐĞďĂŐĂŝŵĂŶĂĚŝƐĞƚƵũƵŝĂŶƚĂƌĂsĂƐĞƌŽĚĂŶ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
Bhd (“sĂƐ WĞƌƐĞƌŽĂŶĚĂŶĂŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶŵĞƚŽĚĞ ƚĂŶŐŐĂů
ĞƌŽ”). ĚĂŶ ƉƌŽƐĞĚƵƌ ƉĞŶŐĞƌũĂĂŶ WĞƌƐĞƌŽĂŶ ƉĞŶĂŶĚĂƚĂŶŐĂŶĂŶ͕
ďĞƌĚĂƐĂƌŬĂŶŵĂŶƵĂůŵĂŶƵĨĂĐƚƵƌŝŶŐ͘ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ϯϬ

63
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
^ĞƉƚĞŵďĞƌ ϮϬϭϱ
ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϬ
^ĞƉƚĞŵďĞƌϮϬϭϴ͘
ϭϳ͘  ŽŽƉĞƌĂƚŝŽŶ ŐƌĞĞŵĞŶƚ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ  ^^ ƐĞƉĂŬĂƚ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬ͘dWͲϯϮϳϵͬϮϬϭϲ ď͘ ^ŚĂŶŐŚĂŝ ŵĞůĂŬƵŬĂŶ ŬĞƌũĂ ƐĂŵĂ ƵŶƚƵŬ ŵĞŶĚƵŬƵŶŐ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
ƚĂŶŐŐĂůϴĞƐĞŵďĞƌϮϬϭϲ ŝƌĐƌĂĨƚ ŽƉĞƌĂƐŝ ĚĂƌŝ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ěŝ /ŶĚŽŶĞƐŝĂ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƵƐƚŽŵĞƌ ĚĂŶ ƐŝĂ dĞŶŐŐĂƌĂ͘ WĞƌƐĞƌŽĂŶ ĚĂŶ  ^^ ƚĂŶŐŐĂů ƉĞůĂŬƐĂŶĂĂŶ͕
^ĞƌǀŝĐĞ Ž͕ >ƚĚ͘ ďĞƌŵĂŬƐƵĚƵŶƚƵŬŵĞŵŝůŝŬŝŬĞƌũĂƐĂŵĂLJĂŶŐ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ϴ
(“^^”). ĚŝƉĞƌƉĂŶũĂŶŐ ĚĂůĂŵ ŚĂů ŵĂŶĂ WĞƌƐĞƌŽĂŶ ĞƐĞŵďĞƌ ϮϬϭϲ
ŝŶŐŝŶ ŵĞŶĚĂƉĂƚŬĂŶ ƐĞƌƚŝĨŝŬĂƐŝ ĚĂƌŝ ĂŝƌĐƌĂĨƚ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϴ
ŵĂŝŶƚĞŶĂŶĐĞ ŽƌŐĂŶŝnjĂƚŝŽŶ ĚĂƌŝ ŝŶĂ ĚĂŶ ĞƐĞŵďĞƌϮϬϭϵ͘
ƐĞƌƚŝĨŝŬĂƐŝ ĚĂƌŝ ĂŝƌĐƌĂĨƚ ŵĂŝŶƚĞŶĂŶĐĞ
ƚƌĂŝŶŝŶŐ ŽƌŐĂŶŝnjĂƚŝŽŶ ĚĂƌŝ ͕ ƐĞƌƚĂ
WĞƌƐĞƌŽĂŶ ĂŬĂŶ ďĞƌƵƉĂLJĂ ƵŶƚƵŬ
ŵĞŶĚƵŬƵŶŐ ^^ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ
ƐĞƌƚŝĨŝŬĂƐŝ ĚĂƌŝ ĂŝƌĐƌĂĨƚ ŵĂŝŶƚĞŶĂŶĐĞ
ƚƌĂŝŶŝŶŐ ŽƌŐĂŶŝnjĂƚŝŽŶ ĚĂƌŝ ŝƌĞĐƚŽƌĂƚĞ
'ĞŶĞƌĂů ŽĨ ŝǀŝů ǀŝĂƚŝŽŶ /ŶĚŽŶĞƐŝĂ ƵŶƚƵŬ
ƉĞƐĂǁĂƚ ƵĚĂƌĂ ĚĂŶ ũĞŶŝƐ ƉĞƐĂǁĂƚ ƵĚĂƌĂ
ůĂŝŶŶLJĂ͘
ϭϴ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ KƉĞƌĂƐŝ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ DD& ƐĞƉĂŬĂƚ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
EŽ͘ 'D&ͬWZ:ͬ͘dͲϯϮϱϰͬϮϬϭϲ ď͘ Wd DĞƌƉĂƚŝ ŵĞůĂŬƵŬĂŶ ŬĞƌũĂƐĂŵĂŽƉĞƌĂƐŝ ƐĞŚƵďƵŶŐĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƚĂŶŐŐĂů ϭϲ :ƵŶŝ ϮϬϭϲ DĂŝŶƚĞŶĂŶĐĞ ĚĞŶŐĂŶ ƉĞƌĂǁĂƚĂŶ͕ ƉĞƌďĂŝŬĂŶ ĚĂŶ ϭϮ EŽǀĞŵďĞƌ ϮϬϭϲ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĂŬŚŝƌ ĚŝƵďĂŚ &ĂĐŝůŝƚLJ ŽǀĞƌŚĂƵůĂƚĂƐďĂĚĂŶ͕ŵĞƐŝŶĚĂŶŬŽŵƉŽŶĞŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϮ
ĚĞŶŐĂŶ ŵĞŶĚĞŵĞŶ – ϭ (“DD&”). ƉĞƐĂǁĂƚƵĚĂƌĂ͘ EŽǀĞŵďĞƌϮϬϮϭ͘
WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ KƉĞƌĂƐŝ
EŽ͘ 'D&ͬWZ:ͬ͘DEͲ/ͬdͲ
ϯϮϱϰͬϮϬϭϲͬϮϬϭϳ ƚĂŶŐŐĂů Ϯϱ
:ĂŶƵĂƌŝϮϬϭϳ
ϭϵ͘  ^ƚĂŶĚĂƌĚ 'ƌŽƵŶĚ ,ĂŶĚůŝŶŐ Ă͘ WĞƐĞƌŽĂŶ͖ĚĂŶ WĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ďĂŐŝĂŶ ĚĂƌŝ ƉĞƌũĂŶũŝĂŶ WĞƌũĂŶũŝĂŶ ďĞƌůĂŬƵ
ŐƌĞĞŵĞŶƚ ;^ŝŵƉůŝĨŝĞĚ ď͘ ĞƵƌŽƚůĂŶƚŝĐ ƵƚĂŵĂ ĂŶƚĂƌĂ ƉĂƌĂ ƉŝŚĂŬ ĚŝŵĂŶĂ ƐĞũĂŬ ϮϮ EŽǀĞŵďĞƌ
WƌŽĐĞĚƵƌĞͿ EŽ͘ 'D&ͬWZ:ͬ͘&Ͳ ĂŝƌǁĂLJƐ – WĞƌƐĞƌŽĂŶ ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ϮϬϭϲĚĂŶĂŬĂŶďĞƌůĂŬƵ
ϯϯϬϱͬϮϬϭϲ ƚĂŶŐŐĂů ϮϮ dƌĂŶƐƉŽƌƚĞƐ ƉĞůĂLJĂŶĂŶ ƚĞƌŚĂĚĂƉ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ěŝ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
EŽǀĞŵďĞƌϮϬϭϲ ĞƌĞŽƐ ƉĂŶŐŬĂůĂŶ ĞŶŐŬĂƌĞŶŐ ĚĂůĂŵ ƌĂŶŐŬĂ ƉĞƌũĂŶũŝĂŶĚŝĂŬŚŝƌŝŽůĞŚ
(“ƵƌŽƚůĂŶƚŝĐ”). ŬĞĚĂƚĂŶŐĂŶ ĚĂŶ ŬĞƉĞƌŐŝĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ WĞƌƐĞƌŽĂŶ ĚĂŶ
 ŵĞůŝƉƵƚŝ ƉĞƌũĂůĂŶĂŶ ŬĞ ĚĞŬ ƉĞŶĞƌďĂŶŐĂŶ ƵƌŽƚůĂŶƚŝĐ͘
ĚĂŶďĂŶƚƵĂŶƉĞŵĞůŝŚĂƌĂĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘ 
WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƌƵƐ
ŵĞůĂŬƐĂŶĂŬĂŶ ŚĂŬ ĚĂŶ
ŬĞǁĂũŝďĂŶŶLJĂĚĂŶŽůĞŚ
ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ
ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
ϮϬ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ^ƌŝůĂŶŬĂŶ ŝƌůŝŶĞƐ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ ^ƌŝůĂŶŬĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
'D&ͬWZ:ͬ͘ͲϯϬϮϮͬϮϬϭϱ ŝƌůŝŶĞƐ >ŝŵŝƚĞĚ ŵŽĚŝĨŝŬĂƐŝ ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƚĂŶŐŐĂůϮ&ĞďƌƵĂƌŝϮϬϭϱ (“^ƌŝůĂŶŬĂŶ ŝŶƐƉĞĐƚŝŽŶ͕ ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ƚĂŶŐŐĂů
ŝƌůŝŶĞƐ”). ĂƚĂƵ ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ͕ LJĂŝƚƵ
ƵĚĂƌĂ ŵŝůŝŬ ^ƌŝůĂŶŬĂŶ ŝƌůŝŶĞƐ Ěŝ ĨĂƐŝůŝƚĂƐ ƐĞũĂŬ Ϯ &ĞďƌƵĂƌŝ ϮϬϭϱ
WĞƌƐĞƌŽĂŶ͘ ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯ
&ĞďƌƵĂƌŝϮϬϭϴ͘
Ϯϭ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ^Z> ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ ĞƌŽƚƌĂŶƐĐĂƌŐŽ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
'D&ͬWZ:ͬͲϯϴϳϱͬϮϬϭϰ SRL (“^Z>”). ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƚĂŶŐŐĂůϮϵKŬƚŽďĞƌϮϬϭϰ ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ Ϯϵ KŬƚŽďĞƌ ϮϬϭϰ
ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯϵ
ŵŝůŝŬ^Z>ĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ KŬƚŽďĞƌϮϬϭϳ͘
ϮϮ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ƚƌĂŬ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ ƚƌĂŬ ŝƌůŝŶĞƐ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
'D&ͬWZ:ͬͲϯϬϵϯͬϮϬϭϱ (“ƚƌĂŬ”). ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƚĂŶŐŐĂůϴ:ƵŶŝϮϬϭϱ ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ƚĂŶŐŐĂů
ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƉĞŶĂŶĚĂƚĂŶŐĂŶŶLJĂ͕
ŵŝůŝŬƚƌĂŬĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ LJĂŝƚƵƐĞũĂŬϴ:ƵŶŝϮϬϭϱ
 ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϴ :ƵŶŝ

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EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ϮϬϭϴ͘
Ϯϯ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ^>> ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ ^ƌŝ >ĂŶŬĂŶ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
'D&ͬWZ:ͬ͘ͲϯϬϮϮͬϮϬϭϱ ŝƌůŝŶĞƐ >ŝŵŝƚĞĚ ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƚĂŶŐŐĂůϮ&ĞďƌƵĂƌŝϮϬϭϱ (“^>>”). ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ƚĂŶŐŐĂů
ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ͕ LJĂŝƚƵ
ŵŝůŝŬ^>>ĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ ƐĞũĂŬ Ϯ &ĞďƌƵĂƌŝ ϮϬϭϱ
ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯ
&ĞďƌƵĂƌŝϮϬϭϴ͘
Ϯϰ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ tĂŵŽƐ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ WƵůŵĂŶƚƵƌ ŝƌ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
'D&ͬWZ:ͬ͘ͲϯϭϵϭͬϮϬϭϰ (“tĂŵŽƐ”) ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϴ
ƚĂŶŐŐĂů ϭϴ DĂƌĞƚ ϮϬϭϰ ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ DĂƌĞƚϮϬϭϵ͘
ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƵďĂŚ ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ
ĚĞŶŐĂŶ ĞƌŝƚĂ ĐĂƌĂ EŽ͘ ŵŝůŝŬtĂŵŽƐĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘
'D&ͬWZ:ͬ͘&ͲϯϬϮϰͬϮϬϭϳ
Ϯϱ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ EĂŵ ŝƌ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
dĞƌďĂŶŐ ĚĞŶŐĂŶ ^LJĂƌĂƚͲ^LJĂƌĂƚ ď͘ Wd EĂŵ ŝƌ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
hŵƵŵ EŽ͘ 'D&ͬWZ:ͬ&Ͳ (“EĂŵŝƌ”). ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ϭ DĂƌĞƚ ϮϬϭϳ ƐĂŵƉĂŝ
ϯϬϰϴͬϮϬϭϳ ƚĂŶŐŐĂů ϭ DĂƌĞƚ ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ĚĞŶŐĂŶ Ϯϵ &ĞďƌƵĂƌŝ
ϮϬϭϳ ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ϮϬϮϬ͘
ŵŝůŝŬEĂŵŝƌĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘
Ϯϲ͘  ŽĞŝŶŐ ϳϯϳͲϱϬϬ ZŽƚĂďůĞ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ EĂŵ ŝƌ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ŽŵƉŽŶĞŶƚƐ DĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ď͘ Wd EĂŵ ŝƌ ŵĞůĂŬƵŬĂŶ ũĂƐĂ ƚĞƌŵĂƐƵŬ͕ ĂŶƚĂƌĂ ůĂŝŶ͕ ƚĞƐ͕ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
WŽŽůŝŶŐ ^ĞƌǀŝĐĞƐ ŐƌĞĞŵĞŶƚ EŽ͘ (“EĂŵŝƌ”). ƉĞƌďĂŝŬĂŶ͕ ŽǀĞƌŚĂƵů ĚĂŶͬĂƚĂƵ ŵŽĚŝĨŝŬĂƐŝ ϲ Ɖƌŝů ϮϬϭϱ ƐĂŵƉĂŝ
'D&ͬWZ:ͬ͘ͲϯϬϰϯͬϮϬϭϱ ƵŶƚƵŬ ƐĞůƵƌƵŚ ƌŽƚĂďůĞ ĐŽŵƉŽŶĞŶƚƐ  ƵŶƚƵŬ ĚĞŶŐĂŶ ϯϭ DĂƌĞƚ
ƚĂŶŐŐĂů ϭϳ Ɖƌŝů ϮϬϭϱ ƉĞƐĂǁĂƚ ƵĚĂƌĂ LJĂŶŐ ĚŝŵŝůŝŬŝ ĚĂŶͬĂƚĂƵ ϮϬϭϴ͘
ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƵďĂŚ ĚŝƐĞǁĂŽůĞŚEĂŵŝƌ͘
ƚĞƌĂŬŚŝƌ ĚĞŶŐĂŶ ŽĞŝŶŐ ϳϯϳ –
ůĂƐƐŝĐ ZŽƚĂďůĞ DĂŝŶƚĞŶĂŶĐĞ
WŽǁĞƌ LJ ƚŚĞ ,ŽƵƌ ^ĞƌǀŝĐĞƐ EŽ͘
'D&ͬWZ:ͬ͘ͲϯϭϴϴͬϮϬϭϱ
ƚĂŶŐŐĂůϯϬKŬƚŽďĞƌϮϬϭϱ
Ϯϳ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ dƌŝͲD͘'͘ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
dĞƌďĂŶŐ ĚĞŶŐĂŶ ^LJĂƌĂƚͲ^LJĂƌĂƚ ď͘ WddƌŝͲD͘'͘/ŶƚƌĂ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
hŵƵŵ EŽ͘ 'D&ͬWZ:ͬ&Ͳ ƐŝĂ ŝƌůŝŶĞƐ ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĂŚƵŶ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů
ϯϬϵϮͬϮϬϭϳ ƚĂŶŐŐĂů Ϯϳ Ɖƌŝů (“dƌŝͲD͘'͘”). ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ͕ LJĂŝƚƵ
ϮϬϭϳ ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ϯϳ Ɖƌŝů ϮϬϭϳ ƐĂŵƉĂŝ
ŵŝůŝŬdƌŝͲD͘'͘ĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ ĚĞŶŐĂŶϮϳƉƌŝůϮϬϮϬ͘
Ϯϴ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ dƌŝŐĂŶĂ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
dĞƌďĂŶŐ ĚĞŶŐĂŶ ^LJĂƌĂƚͲ^LJĂƌĂƚ ď͘ Wd dƌŝŐĂŶĂ ŝƌ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
hŵƵŵ EŽ͘ 'D&ͬWZ:ͬ&Ͳ ^ĞƌǀŝĐĞ ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ Ϯϳ DĞŝ ϮϬϭϲ ƐĂŵƉĂŝ
ϯϭϬϳͬϮϬϭϲƚĂŶŐŐĂůϭϯDĞŝϮϬϭϲ (“dƌŝŐĂŶĂ”). ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ĚĞŶŐĂŶϮϲDĞŝϮϬϭϵ͘
ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ
ŵŝůŝŬdƌŝŐĂŶĂĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘
Ϯϵ͘  'ĞŶĞƌĂů dĞƌŵ ŽĨ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ŝƌĐĂƐƚůĞ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ ŝƌĐĂƐƚůĞ ĚǀŝƐŽƌ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ ƉĂĚĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
'D&ͬWZ:ͬ͘&ͲϯϯϬϭͬϮϬϭϲ >͘>͘ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ŝƌĐĂƐƚůĞ ƐĞůĂŵĂ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƚĂŶŐŐĂůϭϵĞƐĞŵďĞƌϮϬϭϲ (“ŝƌĐĂƐƚůĞ”) ŵĂƐĂ ďĞƌůĂŬƵ ƉĞƌũĂŶũŝĂŶ͕ ƚĞƌŵĂƐƵŬ ũĂƐĂ ϭϵ ĞƐĞŵďĞƌ ϮϬϭϲ
ƉĞƌďĂŝŬĂŶ͕ŽǀĞƌŚĂƵů͘ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϵ
 ĞƐĞŵďĞƌϮϬϭϵ͘
ϯϬ͘   ϳϯϳE' ŽŵƉŽŶĞŶƚƐ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ '/ ĂŬĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ũĂƐĂͲũĂƐĂ LJĂŶŐ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ WŽǁĞƌͲďLJͲƚŚĞͲ ď͘ Wd 'ůŽďĂů ĚŝƚĞŶƚƵŬĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶďĞƌƵƉĂĂŶƚĂƌĂ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
,ŽƵƌ ^ĞƌǀŝĐĞƐ ŐƌĞĞŵĞŶƚ EŽ͘ ŝƌƚĞĐŚ ůĂŝŶ͕ ũĂƐĂ ƉĞƌďĂŝŬĂŶ͕ ŽǀĞƌŚĂƵů͕ ůŽŐŝƐƚŝŬ ĚĂŶ ϯϭ DĞŝ ϮϬϭϲ ƐĂŵƉĂŝ
'D&ͬWZ:ͬdͲϯϭϯϮͬϮϬϭϲ Ϯϰ /ŶƚĞƌŶĂƚŝŽŶĂů ŵĂŶĂũĞŵĞŶ ƚĞƌŚĂĚĂƉ ƉĞƐĂǁĂƚ ƵĚĂƌĂ͕ ĚĞŶŐĂŶ ϯϭ DĞŝ ϮϬϮϭ
:ƵŶŝϮϬϭϲ (“'/”) ŵĞƐŝŶͲŵĞƐŝŶĚĂŶƌŽƚĂďůĞĐŽŵƉŽŶĞŶƚƐŵŝůŝŬ ĚĂŶ ĂŬĂŶ ƐĞĐĂƌĂ
ĚĂŶͬĂƚĂƵ LJĂŶŐ ĚŝŽƉĞƌĂƐŝŬĂŶ ŽůĞŚ ŽƚŽŵĂƚŝƐ ĚŝƉĞƌďĂŚĂƌƵŝ
ƉĞůĂŶŐŐĂŶWĞƌƐĞƌŽĂŶ͘ ƐĞůĂŵĂϭƚĂŚƵŶŬĞĐƵĂůŝ
ĂƉĂďŝůĂ ĚŝĂŬŚŝƌŝ ŽůĞŚ͕
ďĂŝŬ WĞƌƐĞƌŽĂŶ ĂƚĂƵ
ƉƵŶ '/͕ ĚĞŶŐĂŶ ϲ
ďƵůĂŶ ƉĞŵďĞƌŝƚĂŚƵĂŶ
ƐĞďĞůƵŵŶLJĂ͘
ϯϭ͘  'ĞŶĞƌĂů dĞƌŵ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ <ĂďŽ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ EŽ͘ ď͘ <ĂďŽŝƌ>ŝŵŝƚĞĚ ŵĞůĂŬƵŬĂŶ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ ƉĂĚĂ ƐĞŵƵĂ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
'D&ͬWZ:ͬ͘ͲϯϭϮϭͬϮϬϭϲ (“<Ă) ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ <ĂďŽ LJĂŶŐ ĚŝŵŝůŝŬŝ ϭϯ :ƵŶŝ ϮϬϭϲ ƐĂŵƉĂŝ
ƚĂŶŐŐĂůϭϯ:ƵŶŝϮϬϭϲ ĚĂŶͬĂƚĂƵ ĚŝŽƉĞƌĂƐŝŬĂŶ ŽůĞŚ <ĂďŽ͕ ďĞƌŝŬƵƚ ĚĞŶŐĂŶϭϯ:ƵŶŝϮϬϭϵ͘
ũĞŶŝƐͲũĞŶŝƐ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƚĂŵďĂŚĂŶ LJĂŶŐ
ŬĞŵƵĚŝĂŶĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶƉĞƌƐLJĂƌĂƚĂŶ

65
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů
ϯϮ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘
'D&ͬWZ:ͬͲϯϮϮϮͬϮϬϭϱ
ƚĂŶŐŐĂů ϭ EŽǀĞŵďĞƌ ϮϬϭϱ͕
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĂŬŚŝƌ ĚŝƵďĂŚ
ĚĞŶŐĂŶ ŵĞŶĚĞŵĞŶͲ/
WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ
hĚĂƌĂ ĚĞŶŐĂŶ ^LJĂƌĂƚͲ^LJĂƌĂƚ
hŵƵŵ EŽ͘ 'D&ͬWZ:ͬDEͲ
/ͬͲϯϮϮϮͬϮϬϭϱͬϮϬϭϲ ƚĂŶŐŐĂů ϱ
^ĞƉƚĞŵďĞƌϮϬϭϲ
ϯϯ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ
dĞƌďĂŶŐ ĚĞŶŐĂŶ ^LJĂƌĂƚͲ^LJĂƌĂƚ
hŵƵŵ EŽ͘ 'D&ͬWZ:ͬ&Ͳ
ϯϬϵϳͬϮϬϭϲƚĂŶŐŐĂůϭϯDĞŝϮϬϭϲ
ϯϰ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ
ŽŵƉŽŶĞŶƚƐ ŽĞŝŶŐ ϳϯϳE'
ĞŶŐĂŶ WŽůĂ WĞƌĂǁĂƚĂŶ WŽǁĞƌ
ďLJ ƚŚĞ ,ŽƵƌ EŽ͘
'D&ͬWZ:ͬ͘dͬϯϭϯϭͬϮϬϭϲ
ƚĂŶŐŐĂůϭϲƉƌŝůϮϬϭϬ
ϯϱ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ
dĞƌďĂŶŐ ĚĞŶŐĂŶ ^LJĂƌĂƚͲ^LJĂƌĂƚ
hŵƵŵ EŽ͘ 'D&ͬWZ:ͬdͲ
ϯϬϮϳͬϮϬϭϳ ƚĂŶŐŐĂů ϯ &ĞďƌƵĂƌŝ
ϮϬϭϳ
ϯϲ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ ĂĚĂŶ
WĞƐĂǁĂƚ EŽ͘ 'D&ͬWZ:ͬ&Ͳ
ϯϬϲϵͬϮϬϭϳƚĂŶŐŐĂůϱƉƌŝůϮϬϭϳ
ϯϳ͘  ^LJĂƌĂƚͲ^LJĂƌĂƚ hŵƵŵ WĞƌũĂŶũŝĂŶ
WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ dĞƌďĂŶŐ
EŽ͘ 'D&ͬWZ:ͬ&ͲϯϮϵϯͬϮϬϭϲͬ
ƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϭϲ
ϯϴ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ
DĂŝŶƚĞŶĂŶĐĞ EŽ͘
'D&ͬWZ:ͬ͘dͲϯϭϵϳͬϮϬϭϲ
ƚĂŶŐŐĂůϮϮ^ĞƉƚĞŵďĞƌϮϬϭϲ
ϯϵ͘  'ĞŶĞƌĂů dĞƌŵƐ ŝƌĐƌĂĨƚ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘
'D&ͬWZ:ͬ͘ͲϯϮϲϰͬϮϬϭϲ
WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ĚĂŶŬĞƚĞŶƚƵĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶ͕ƚĞƌŵĂƐƵŬ
ƌĂŶŐŬĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ͕ ƐĞŵƵĂ ĞŶŐŝŶĞ ĚĂŶ
ŝŶƐƚƌƵŵĞŶ LJĂŶŐ ƚĞƌƉĂƐĂŶŐ ĚĂŶ ƐĞŵƵĂ
ƉĞƌůĞŶŐŬĂƉĂŶ͕ ƉĞƌĂůĂƚĂŶ ƉĂƐĂŶŐĂŶͲ
ƉĂƐĂŶŐĂŶ͕ďĂŐŝĂŶͲďĂŐŝĂŶĚĂŶĂŬƐĞƐŽƌŝLJĂŶŐ
ĚŝůĞŬĂƚ͕ ĚŝŐĂďƵŶŐ ĂƚĂƵ ĚŝƉĂƐĂŶŐ ƉĂĚĂ
ƉĞƐĂǁĂƚ ƵĚĂƌĂ ĚĂƌŝ ǁĂŬƚƵ ŬĞ ǁĂŬƚƵ͕ Ěŝ
ůŽŬĂƐŝWĞƌƐĞƌŽĂŶ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ >ŝŽŶ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ Wd >ŝŽŶ DĞŶƚĂƌŝ ŵĞůĂŬƵŬĂŶ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
(“>ŝŽŶ”) ƉĞƐĂǁĂƚ ƵĚĂƌĂ >ŝŽŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ϭ EŽǀĞŵďĞƌ ϮϬϭϱ
ƉĞƌŵŝŶƚĂĂŶ >ŝŽŶ ĂƚĂƐ ƉĞƌƐĞƚƵũƵĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭ
WĞƌƐĞƌŽĂŶ͕ĚŝůŽŬĂƐŝWĞƌƐĞƌŽĂŶ͘ EŽǀĞŵďĞƌϮϬϭϴ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ sŝĞƚũĞƚ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ sŝĞƚũĞƚ ǀŝĂƚŝŽŶ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
:ŽŝŶƚ ^ƚŽĐŬ ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĂŚƵŶ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů
ŽŵƉĂŶLJ ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ͕ LJĂŝƚƵ
(“sŝĞƚũĞƚ”). ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƐĞũĂŬ ϯϭ DĞŝ ϮϬϭϲ
ŵŝůŝŬsŝĞƚũĞƚĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ ƐĂŵƉĂŝĚĞŶŐĂŶϯϭDĞŝ
ϮϬϭϵ͘
Ă͘ Wd ^ƌŝǁŝũĂLJĂ ŝƌ ^ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
(“^”); dan ũĂƐĂ ƚĞƌŵĂƐƵŬ͕ ĂŶƚĂƌĂ ůĂŝŶ͕ ƚĞƐ͕ ƉĞƌďĂŝŬĂŶ͕ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
ď͘ WĞƌƐĞƌŽĂŶ͘ ŽǀĞƌŚĂƵů ĚĂŶͬĂƚĂƵ ŵŽĚŝĨŝŬĂƐŝ ƵŶƚƵŬ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭ :ƵŶŝ
ƐĞůƵƌƵŚ ƌŽƚĂďůĞ ĐŽŵƉŽŶĞŶƚƐ ƵŶƚƵŬ ϮϬϮϭ͘
ƉĞƐĂǁĂƚƵĚĂƌĂLJĂŶŐĚŝŽƉĞƌĂƐŝŬĂŶŽůĞŚ^͕
ƚĞƌŵĂƐƵŬ ŬĞƌĂŶŐŬĂ ƉĞƐĂǁĂƚ͕ ĞŶŐŝŶĞ͕
ƉĞƌĂůĂƚĂŶ͕ƉĞƌůĞŶŐŬĂƉĂŶƌĂĚŝŽ͕ĂǀŝŽŶŝĐĚĂŶ
ĂŬƐĞƐŽƌŝƐ ůĂŝŶŶLJĂ͕ ƐƵŬƵ ĐĂĚĂŶŐ ĚĂŶ
ƉĞƌůĞŶŐŬĂƉĂŶ ĚĂŶ ƐĞĐĂƌĂ ƵŵƵŵ ƐĞŵƵĂ
ƌŽƚĂďůĞ ĐŽŵƉŽŶĞŶƚƐ LJĂŶŐ ŵĞůĞŬĂƚ ƉĂĚĂ
ƉĞƐĂǁĂƚ ĂƚĂƵ ĚŝůĞƉĂƐ ƐĞŵĞŶƚĂƌĂ ĚĂƌŝ
ƉĞƐĂǁĂƚ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ĂƚĂŵ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ ĂƚĂŵ dĞŬŶŝŬ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
(“ĂƚĂŵ”). ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ϯ &ĞďƌƵĂƌŝ ϮϬϭϳ
ƉĂĚĂ ƐĞƚŝĂƉ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ĂƚĂŵ͕ ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯ
ĂŶƚĂƌĂ ůĂŝŶ ŵĞůĂŬƐĂŶĂŬĂŶ ĚĂŶ ŵĞŶŐĂƚƵƌ &ĞďƌƵĂƌŝϮϬϮϬ͘
ĂŝƌĐƌĂĨƚ ƚŽǁŝŶŐ͕ ĚĞͲĨƵĞůůŝŶŐ͕ ƚĞĐŚŶŝĐĂů
ĂƐƐŝƐƚĂŶĐĞ͕ ĚĂŶ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů
ƚĞƐƚ ĂŶĚ ŐƌŽƵŶĚ ĐŚĞĐŬ ƉĂĚĂ ƐĂĂƚ
ŬĞĚĂƚĂŶŐĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ :ĞũƵ ŝƌ Ž͕͘ >ƚĚ ĚĂŶ ůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ŬĞƉĂĚĂ :ĞũƵ ƵŶƚƵŬ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
(“:ĞũƵ”). ďĂĚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ LJĂŶŐ ĚŝŵŝůŝŬŝ :ĞũƵ Ěŝ ϱ Ɖƌŝů ϮϬϭϳ ƐĂŵƉĂŝ
ůŽŬĂƐŝWĞƌƐĞƌŽĂŶ͘ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
ϮϬϭϳ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ŝƌƐŝĂ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
Đ͘ Wd /ŶĚŽŶĞƐŝĂ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
ŝƌƐŝĂ ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
(“ŝƌƐŝĂ”). ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ϭϮ ĞƐĞŵďĞƌ ϮϬϭϲ
ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϭ
ŵŝůŝŬŝƌƐŝĂĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ ĞƐĞŵďĞƌϮϬϭϵ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ^ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ Wd ^ƌŝǁŝũĂLJĂ ŝƌ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ŵŽĚŝĨŝŬĂƐŝ ƐĞƌƚĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
(“^”). ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ŽǀĞƌŚĂƵů͕ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ƉĞŶĂŶĚĂƚĂŶŐĂŶ͕ LJĂŝƚƵ
ĂƌŵĂĚĂƉĞƐĂǁĂƚƵĚĂƌĂŵŝůŝŬ^ĚŝĨĂƐŝůŝƚĂƐ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϮϮ
WĞƌƐĞƌŽĂŶ͘ ^ĞƉƚĞŵďĞƌϮϬϭϵ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ dƌĂǀŝƌĂ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ Wd dƌĂǀŝƌĂ ŝƌ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
(“dƌĂǀŝƌĂ”) ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ϭϴ KŬƚŽďĞƌ ϮϬϭϲ
ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϴ
66
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů
ϰϬ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘
'D&ͬWZ:ͬͲϯϭϵϰͬϮϬϭϱ
ƚĂŶŐŐĂůϭϵKŬƚŽďĞƌϮϬϭϱĨ
ϰϭ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ
dĞƌďĂŶŐ ĚĞŶŐĂŶ ^LJĂƌĂƚͲ^LJĂƌĂƚ
hŵƵŵ EŽ͘ 'D&ͬWZ:ͬ&Ͳ
ϯϬϰϵͬϮϬϭϲͬ ƚĂŶŐŐĂů ϭϬ DĂƌĞƚ
ϮϬϭϳ
ϰϮ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ
'D&ͬWZ:ͬ&ͲϯϬϳϱͬϮϬϭϳ
ƚĂŶŐŐĂůϰƉƌŝůϮϬϭϳ
ϰϯ͘  WĞƌũĂŶũŝĂŶ ŝƌĨƌĂŵĞ ^ƚƌƵĐƚƵƌĂů
EŽ͘ 'D&ͬWZ:ͬ&ͲϯϬϬϵͬϮϬϭϳ
ƚĂŶŐŐĂůϮϬ:ĂŶƵĂƌŝϮϬϭϳ
ϰϰ͘  WĞƌũĂŶũŝĂŶ WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ
dĞƌďĂŶŐ ĚĞŶŐĂŶ ^LJĂƌĂƚͲ^LJĂƌĂƚ
hŵƵŵ EŽ͘ 'D&ͬWZ:ͬͲ
ϯϵϬϴͬϮϬϭϰ
ϰϱ͘  WĞƌũĂŶũŝĂŶ :ĂƐĂ WĞƌĂǁĂƚĂŶ
dĂŚƵŶĂŶ EŽ͘ 'D&ͬWZ:ͬͲ
ϯϮϴϭͬϮϬϭϲͬ ƚĂŶŐŐĂů ϭϯ
ĞƐĞŵďĞƌϮϬϭϲ
ϰϲ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ
DĂŝŶƚĞŶĂŶĐĞ EŽ͘
'D&ͬWZ:ͬ͘&ͲϯϮϬϰͬϮϬϭϲ
ƚĂŶŐŐĂůϭϰ^ĞƉƚĞŵďĞƌϮϬϭϲ
ϰϳ͘  ^ƚĂŶĚĂƌĚ 'ƌŽƵŶĚ ,ĂŶĚůŝŶŐ
ŐƌĞĞŵĞŶƚ EŽ͘ 'D&ͬWZ:ͬ͘&Ͳ
ϯϮϭϳͬϮϬϭϲƚĂŶŐŐĂůϭEŽǀĞŵďĞƌ
ϮϬϭϲ
ϰϴ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘
'D&ͬWZ:ͬ͘&ͲϯϭϱϳͬϮϬϭϲ
WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ŵŝůŝŬdƌĂǀŝƌĂĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ KŬƚŽďĞƌϮϬϭϵ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ KŵĂŶ ŝƌ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ KŵĂŶ ŝƌ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
^͘͘K͘͘ ;“KŵĂŶ ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĂŚƵŶ͕ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ŝƌ”). ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ƚĂŶŐŐĂů
ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ͕
ŵŝůŝŬKŵĂŶŝƌĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
^ĞƉƚĞŵďĞƌ ϮϬϭϱ
ƐĂŵƉĂŝ ĚĞŶŐĂŶ
^ĞƉƚĞŵďĞƌϮϬϭϴ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ^ŬLJŵĞŶƵŶũƵŬWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ ^ŬLJ ŶŐŬŽƌ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ŵŽĚŝĨŝŬĂƐŝ ƐĞƌƚĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
ŝƌůŝŶĞƐ Ž͕͘ >ƚĚ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ŽǀĞƌŚĂƵů͕ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
(“^ŬLJ”). ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ϭϬ DĂƌĞƚ ϮϬϭϳ ƐĂŵƉĂŝ
ĂƌŵĂĚĂƉĞƐĂǁĂƚƵĚĂƌĂŵŝůŝŬ^ŬLJĚŝĨĂƐŝůŝƚĂƐ ĚĞŶŐĂŶϵDĂƌĞƚϮϬϮϬ͘
WĞƌƐĞƌŽĂŶ͘
EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ 'ůŽďĂů ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ 'ůŽďĂů ŝƌƚĞĐŚ ŵĞŶLJĞĚŝĂŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ĚĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
/ŶƚĞƌŶĂƚŝŽŶĂů ĨĂƐŝůŝƚĂƐ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ŽůĞŚ 'ůŽďĂů ϰ Ɖƌŝů ϮϬϭϳ ƐĂŵƉĂŝ
(“'ůŽďĂů”). ƚĞƌŵĂƐƵŬ ƉĞƌďĂŝŬĂŶ ƵdžŝůůĂƌLJ WŽǁĞƌ hŶŝƚ ĚĞŶŐĂŶ ƐĞůƵƌƵŚ
;WhͿ ĚĂŶ ŬŽŵƉŽŶĞŶ ƉĂĚĂ ĂƌŵĂĚĂ ŬĞǁĂũŝďĂŶ ĚĂůĂŵ
ƉĞƐĂǁĂƚƵĚĂƌĂLJĂŶŐĚŝŵŝůŝŬŝŶLJĂ͘ ƉĞƌũĂŶũŝĂŶƚĞƌƉĞŶƵŚŝ͘

WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƌƵƐ
ŵĞůĂŬƐĂŶĂŬĂŶ ŚĂŬ ĚĂŶ
ŬĞǁĂũŝďĂŶŶLJĂĚĂŶŽůĞŚ
ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ
ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ŝŵĂŶ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ ŝŵĂŶ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ŬĞŐŝĂƚĂŶ ƐĞƌǀŝƐ ĂŝƌĐƌĂĨƚ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϭϮ
ĂŶŐůĂĚĞƐŚ ƐƚƌƵĐƚƵƌĂů LJĂŶŐ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ Ěŝ ĂŶĚĂƌĂ ďƵůĂŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ŝƌůŝŶĞƐ hĚĂƌĂ /ŶƚĞƌŶĂƐŝŽŶĂů ^ŽĞŬĂƌŶŽ ,ĂƚƚĂ ϮϬ :ĂŶƵĂƌŝ ϮϬϭϳ
(“ŝŵĂŶ”). ĞŶŐŬĂƌĞŶŐ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ŵŽĚŝĨŝŬĂƐŝ͕ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϮϬ
ƉĞŵĞůŝŚĂƌĂĂŶ͕ƉĞƌďĂŝŬĂŶĚĂŶƉĞŵĞƌŝŬƐĂĂŶ :ĂŶƵĂƌŝϮϬϭϴ͘
ĂĚĂŶWĞƐĂǁĂƚŬĞĐŝů͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ĂƌĚŝŐ ƐĞƉĂŬĂƚ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ Wd ĂƌĚŝŐ ŝƌ ŵĞůĂŬƵŬĂŶ ŬĞƌũĂ ƐĂŵĂ LJĂŶŐ ŵĂŶĂ ĂƌĚŝŐ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
(“ĂƌĚŝŐ”). ĂŬĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ĨĂƐŝůŝƚĂƐ ĚĂŶ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
 ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ϭϰ ĞƐĞŵďĞƌ ϮϬϭϰ
ũĂƐĂ ƉĞƌĂǁĂƚĂŶ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϰ
ƵĚĂƌĂĂƌĚŝŐĚŝůŽŬĂƐŝWĞƌƐĞƌŽĂŶ͘ ĞƐĞŵďĞƌϮϬϭϳ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ Wd dĂƚĂ ŬĞƉĂĚĂ d^ ĚĞŶŐĂŶ ŵĞŵďĞƌŝŬĂŶ ƉĞƌƐŽŶŝů ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
ŽŶƐƵůƚĂŶĐLJ ƚĞŬŶŝƐ LJĂŶŐ ƚĞƌůĂƚŝŚ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭ
^ĞƌǀŝĐĞƐ ĚƵŬƵŶŐĂŶ ŵĞŶĂŶŐŐĂƉŝ ƉĞƌƚĂŶLJĂĂŶ ĚĂŶ ^ĞƉƚĞŵďĞƌ ϮϬϭϲ
/ŶĚŽŶĞƐŝĂ ŵĂƐĂůĂŚ ĚĂƌŝ ƉĞŶŐŐƵŶĂ ƚĞƌŵĂƐƵŬ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϭ
(“d^”). ŬĞŵƵŶŐŬŝŶĂŶŬĞƐĂůĂŚĂŶ͘ ŐƵƐƚƵƐϮϬϭϵ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ dĞdžĞů ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ dĞdžĞů ŝƌ t>> ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
(“dĞdžĞů”). ƐĞƌƚĂ  ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ŽǀĞƌŚĂƵů͕ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ϭϰ ^ĞƉƚĞŵďĞƌ ϮϬϭϲ
ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ŵŝůŝŬ dĞdžĞů Ěŝ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϰ
ĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ ^ĞƉƚĞŵďĞƌϮϬϭϵ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ d ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ dŝŐĞƌ ŝƌǁĂLJƐ ŵĞůĂŬƵŬĂŶ ƚĞĐŚŶŝĐĂů ŚĂŶĚůŝŶŐ ƵŶƚƵŬ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƵƐƚƌĂůŝĂ WƚLJ ĚĂĞƌĂŚ;ŝͿEŐƵƌĂŚZĂŝ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͕ ϭ EŽǀĞŵďĞƌ ϮϬϭϲ
Limited (“d”). Ăůŝ͕ ;ŝŝͿ >ŽŵďŽŬ /ŶƚĞƌŶĂƚŝŽŶĂů ŝƌƉŽƌƚ͕ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϭ
>ŽŵďŽŬ͕ ;ŝŝŝͿ :ƵĂŶĚĂ /ŶƚĞƌŶĂƚŝŽŶĂů ŝƌƉŽƌƚ͕ KŬƚŽďĞƌϮϬϭϳ͘
^ƵƌĂďĂLJĂ ĚĂŶ ;ŝǀͿ ^ŽĞŬĂƌŶŽ ,ĂƚƚĂ
/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͕:ĂŬĂƌƚĂ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ sŝĞƚŶĂŵ ŝƌůŝŶĞƐ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ sŝĞƚŶĂŵ ŝƌůŝŶĞƐ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
JSC (“sŝĞƚŶĂŵ ŵŽĚŝĨŝŬĂƐŝ ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
67
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ƚĂŶŐŐĂůϭϵŐƵƐƚƵƐϮϬϭϲ ŝƌůŝŶĞƐ”). ŝŶƐƉĞĐƚŝŽŶ͕ ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ϭϵ ŐƵƐƚƵƐ ϮϬϭϲ
ĂƚĂƵ ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϵ
ƵĚĂƌĂ ŵŝůŝŬ sŝĞƚŶĂŵ ŝƌůŝŶĞƐ Ěŝ ĨĂƐŝůŝƚĂƐ ŐƵƐƚƵƐϮϬϭϵ͘
WĞƌƐĞƌŽĂŶ͘
ϰϵ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ <D ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ <Ăŵ ŝƌ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
'D&ͬWZ:ͬ͘ͲϯϭϵϳͬϮϬϭϱ (“<D”). ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĂŚƵŶ͕ ďĞƌůĂŬƵ ƐĞũĂŬ
ƚĂŶŐŐĂůϴEŽǀĞŵďĞƌϮϬϭϱ  ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ ƚĂŶŐŐĂů ϴ EŽǀĞŵďĞƌ
ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ϮϬϭϱ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϴ
ŵŝůŝŬ<DĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ EŽǀĞŵďĞƌϮϬϭϴ͘
ϱϬ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ :Ds ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ :Ds ǀŝĂƚŝŽŶ ŵĞůĂŬƵŬĂŶƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶŵŽĚŝĨŝŬĂƐŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
'D&ͬWZ:ͬ͘ͲϯϬϰϱͬϮϬϭϲ (“:Ds”). ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ƚĞƌŵĂƐƵŬ ŝŶƐƉĞĐƚŝŽŶ͕ ƚĂŚƵŶ͕ďĞƌůĂŬƵƐĞũĂŬϮϰ
ƚĂŶŐŐĂůϮϰ&ĞďƌƵĂƌŝϮϬϭϲ  ŽǀĞƌŚĂƵů͕ ƌĞƉĂŝƌ͕ ĐĂůŝďƌĂƚŝŽŶ ĂƚĂƵ &ĞďƌƵĂƌŝ ϮϬϭϲ ƐĂŵƉĂŝ
ƌĞƉůĂĐĞŵĞŶƚ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ĚĞŶŐĂŶ Ϯϰ &ĞďƌƵĂƌŝ
ŵŝůŝŬ:DsĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ ϮϬϭϵ͘
ϱϭ͘  WĞƌũĂŶũŝĂŶ ^ƚĂŶĚĂƌĚ 'ƌŽƵŶĚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ďĂŐŝĂŶ ĚĂƌŝ ƉĞƌũĂŶũŝĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
,ĂŶĚůŝŶŐ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ YĂŶƚĂƐ ŝƌǁĂƌƐ ƵƚĂŵĂ ĂŶƚĂƌĂ ƉĂƌĂ ƉŝŚĂŬ ĚŝŵĂŶĂ ƉĞƌũĂŶũŝĂŶ ƚĞƌŚŝƚƵŶŐ
'D&ͬWZ:ͬ͘ͲϯϮϮϳͬϮϬϭϱ >ŝŵŝƚĞĚ WĞƌƐĞƌŽĂŶ ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƐĞũĂŬϭĞƐĞŵďĞƌϮϬϭϱ
ƚĂŶŐŐĂůϭϭĞƐĞŵďĞƌϮϬϭϱ (“YĂŶƚĂƐ”). ƉĞůĂLJĂŶĂŶ ƚĞƌŚĂĚĂƉ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ěŝ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϮϬ
ƉĂŶŐŬĂůĂŶ ĞŶŐŬĂƌĞŶŐ ĚĂůĂŵ ƌĂŶŐŬĂ ĞƐĞŵďĞƌϮϬϭϳ͘
ŬĞĚĂƚĂŶŐĂŶ ĚĂŶ ŬĞƉĞƌŐŝĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ
ŵĞůŝƉƵƚŝ ƉĞƌũĂůĂŶĂŶ ŬĞ ĚĞŬ ƉĞŶĞƌďĂŶŐĂŶ
ĚĂŶďĂŶƚƵĂŶƉĞŵĞůŝŚĂƌĂĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘
ϱϮ͘  WĞƌũĂŶũŝĂŶ ^ƚĂŶĚĂƌĚ 'ƌŽƵŶĚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ďĂŐŝĂŶ ĚĂƌŝ ƉĞƌũĂŶũŝĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
,ĂŶĚůŝŶŐ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ ,E ǀŝĂƚŝŽŶ ƵƚĂŵĂ ĂŶƚĂƌĂ ƉĂƌĂ ƉŝŚĂŬ ĚŝŵĂŶĂ ƉĞƌũĂŶũŝĂŶ ƚĞƌŚŝƚƵŶŐ
'D&ͬWZ:ͬ͘&ͲϯϬϳϬͬϮϬϭϳ dĞĐŚŶŝĐ Ž͕͘ >ƚĚ͘ WĞƌƐĞƌŽĂŶ ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƐĞũĂŬ ϭ DĂƌĞƚ ϮϬϭϳ
(“,E”). ƉĞůĂLJĂŶĂŶ ƚĞƌŚĂĚĂƉ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ěŝ ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯϴ
ƉĂŶŐŬĂůĂŶ ĞŶŐŬĂƌĞŶŐ ĚĂůĂŵ ƌĂŶŐŬĂ &ĞďƌƵĂƌŝϮϬϭϵ͘
ŬĞĚĂƚĂŶŐĂŶ ĚĂŶ ŬĞƉĞƌŐŝĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ
ŵĞůŝƉƵƚŝ ƉĞƌũĂůĂŶĂŶ ŬĞ ĚĞŬ ƉĞŶĞƌďĂŶŐĂŶ
ĚĂŶďĂŶƚƵĂŶƉĞŵĞůŝŚĂƌĂĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘
ϱϯ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŝƌĐƌĂĨƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ^ŝĂŵ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ ď͘ ^ŝĂŵ ŝƌ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
EŽ͘'D&ͬWZ:ͬ͘ͲϯϭϮϴͬϮϬϭϱ dƌĂŶƐƉŽƌƚ ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƚĂŚƵŶ͕ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƚĂŶŐŐĂůϯϬ:ƵŶŝϮϬϭϱ ŽŵƉĂŶLJ ƉĂĚĂ ƐĞƚŝĂƉ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ^ŝĂŵ͕ ƉĞŶĂŶĚĂƚĂŶŐĂŶĂŶ
limited (“^ŝĂŵ”) ĂŶƚĂƌĂ ůĂŝŶ ŵĞůĂŬƐĂŶĂŬĂŶ ĚĂŶ ŵĞŶŐĂƚƵƌ ƉĞƌũĂŶũŝĂŶ͕ LJĂŝƚƵ ƐĞũĂŬ
ĂŝƌĐƌĂĨƚ ƚŽǁŝŶŐ͕ ĚĞͲĨƵĞůůŝŶŐ͕ ƚĞĐŚŶŝĐĂů ϯϬ :ƵŶŝ ϮϬϭϱ ƐĂŵƉĂŝ
ĂƐƐŝƐƚĂŶĐĞ͕ ĚĂŶ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ĚĞŶŐĂŶϯϬ:ƵŶŝϮϬϭϴ͘
ƚĞƐƚ ĂŶĚ ŐƌŽƵŶĚ ĐŚĞĐŬ ƉĂĚĂ ƐĂĂƚ
ŬĞĚĂƚĂŶŐĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘
ϱϰ͘  ŽŶƚƌĂĐƚ ĨŽƌ ŽŵƉŽŶĞŶƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ^Zd ƐĞƉĂŬĂƚ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
^ĞƌǀŝĐĞƐ ĨŽƌ ϳϯϳ ƌĂĨƚ EŽ͘ ď͘ ^Z dĞĐŚŶŝĐƐ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
'D&ͬWZ:ͬdͲϯϮϯϬͬϮϬϭϱ ^ǁŝƚnjĞƌůĂŶĚ ' ƉĞŵƵůŝŚĂŶ ĂƚĂƵ ƉĞƌĂǁĂƚĂŶ ŬŽŵƉŽŶĞŶͲ ϭϴ ĞƐĞŵďĞƌ ϮϬϭϱ
ƚĂŶŐŐĂůϭϴĞƐĞŵďĞƌϮϬϭϱ (“^Zd”) ŬŽŵƉŽŶĞŶ LJĂŶŐ ƐĞĚĂŶŐ ĚĂůĂŵ ŬŽŶĚŝƐŝ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϴ
ƉĞƌďĂŝŬĂŶ͕ ƐĞƌƚĂ ƉĞŵĞƌŝŬƐĂĂŶ ĚĂŶ ĞƐĞŵďĞƌϮϬϮϬ͘
ƉĞŶĞŶƚƵĂŶ ŬŽŶĚŝƐŝ ƚĞƌŚĂĚĂƉ ŬŽŵƉŽŶĞŶͲ
ŬŽŵƉŽŶĞŶƉĞƐĂǁĂƚƵĚĂƌĂ͘
ϱϱ͘  'ĞŶĞƌĂů ƚĞƌŵƐ ŽĨ ŐƌĞĞŵĞŶƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ <>D ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
EŽ͘'D&ͬWZ:ͬ͘>ͲϯϬϬϵͬϮϬϭϯ ď͘ <ŽŶŝŶŬůŝũŬĞ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
ƚĂŶŐŐĂů Ϯϴ :ĂŶƵĂƌŝ ϮϬϭϯ >ƵĐŚƚǀĂĂƌƚ ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŬĂŚŝƌ ŬĂůŝ DĂĂƚƐĐŚĂƉƉŝũ ƉĂĚĂ ƐĞƚŝĂƉ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ <>D͕ &ĞďƌƵĂƌŝϮϬϭϵ͘
ĚŝƵďĂŚ ĚĞŶŐĂŶ EŽ͘ NV (“<>D”) ĂŶƚĂƌĂ ůĂŝŶ ŵĞůĂŬƐĂŶĂŬĂŶ ĚĂŶ ŵĞŶŐĂƚƵƌ
'D&ͬWZ:ͬ͘DEͲ//ͬ>Ͳ ĂŝƌĐƌĂĨƚ ƚŽǁŝŶŐ͕ ĚĞͲĨƵĞůůŝŶŐ͕ ƚĞĐŚŶŝĐĂů
ϯϬϬϵͬϮϬϭϯͬϮϬϭϰ ƚĂŶŐŐĂů ϭϲ ĂƐƐŝƐƚĂŶĐĞ͕ ĚĂŶ ĨƵŶĐƚŝŽŶĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů
ƉƌŝůϮϬϭϰ ƚĞƐƚ ĂŶĚ ŐƌŽƵŶĚ ĐŚĞĐŬ ƉĂĚĂ ƐĂĂƚ
 ŬĞĚĂƚĂŶŐĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘
ϱϲ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŶŐŝŶĞ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ĞƌĐĂƉ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
DĂŝŶƚĞŶĂŶĐĞ ŐƌĞĞŵĞŶƚ EŽ͘ ď͘ ĞƌĐĂƉ 'ƌŽƵƉ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϱ
'D&ͬWZ:ͬͲϯϬϴϯͬϮϬϭϰ ^ĞƌǀŝĐĞƐ ͘s͘ ƉĞƌĂǁĂƚĂŶƉĂĚĂŵĞƐŝŶͲŵĞƐŝŶƚŝƉĞ&DϱϲͲ ƚĂŚƵŶ͕ ďĞƌůĂŬƵ ƐĞũĂŬ ϲ
ƚĂŶŐŐĂůϲ&ĞďƌƵĂƌŝϮϬϭϰ (“ĞƌĐĂƉ”). ϯ ĚĂŶ &DϱϲͲϳ͕ 'dWϴϱ ĚĂŶ 'dWϭϯϭͲ &ĞďƌƵĂƌŝ ϮϬϭϰ ƐĂŵƉĂŝ
 ϵͬϵ ĚĂŶͬĂƚĂƵ ŬŽŵƉŽŶĞŶͲŬŽŵƉŽŶĞŶ ĚĞŶŐĂŶ ϲ &ĞďƌƵĂƌŝ
LJĂŶŐĚŝƉĞƌůƵŬĂŶŽůĞŚĞƌĐĂƉ͘ ϮϬϭϵ ĂƚĂƵ ƐĂŵƉĂŝ
ƉĞƌũĂŶũŝĂŶĚŝĂŬŚŝƌŝŽůĞŚ
ƉĂƌĂƉŝŚĂŬ͘
ϱϳ͘  ŶŐŝŶĞDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ĞƌŽĞĂŐůĞ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
EŽ͘ 'D&ͬWZ:ͬͲϯϲϰϱͬϮϬϭϰ ď͘ ĞƌŽĞĂŐůĞ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƚĂŶŐŐĂůϭϱŐƵƐƚƵƐϮϬϭϰ ZĞƐŽƵƌĐĞƐ ƐŝĂ ƉĞƌĂǁĂƚĂŶ ƉĂĚĂ ŵĞƐŝŶͲŵĞƐŝŶ ĚĂŶͬĂƚĂƵ ϭŐƵƐƚƵƐϮϬϭϰƐĂŵƉĂŝ
WƚĞ͕ >ƚĚ ŬŽŵƉŽŶĞŶͲŬŽŵƉŽŶĞŶ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ĚŝĂŬŚŝƌŝŽůĞŚWĞƌƐĞƌŽĂŶ

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EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
(“ĞƌŽĞĂŐůĞ”). ŽůĞŚĞƌŽĞĂŐůĞ͘ ĚĂŶĞƌŽĞĂŐůĞ͘
 
WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƌƵƐ
ŵĞůĂŬƐĂŶĂŬĂŶ ŚĂŬ ĚĂŶ
ŬĞǁĂũŝďĂŶŶLJĂĚĂŶŽůĞŚ
ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ
ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
ϱϴ͘  'ĞŶĞƌĂů dĞƌŵƐ ŽĨ ŐƌĞĞŵĞŶƚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶŵĞŶƵŶũƵŬ^&ƵŶƚƵŬŵĞůĂŬƵŬĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
EŽ͘ 'D&ͬWZ:ͬdͲϯϮϯϱͬϮϬϭϯ ď͘ ^ŽĐŝĞƚĞ ŝƌ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ƉĞƌĂǁĂƚĂŶ ĚĂŶͬĂƚĂƵ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϭϬ
ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϭϯ France (“^&”). ƉĞƌďĂŝŬĂŶ ƚĞŬŶŝƐ ƚĞƌŬĂŝƚ ƉĞƐĂǁĂƚ ƵĚĂƌĂ͕ ƚĂŚƵŶ ƐĞũĂŬ Ϯϳ DĞŝ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ ƚĞƌĂŬŚŝƌ  ŵĞƐŝŶͲŵĞƐŝŶ͕ ŬŽŵƉŽŶĞŶ ĚĂŶͬĂƚĂƵ ďĂŐŝĂŶͲ ϮϬϭϯ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ŬĂůŝ ĚĞŶŐĂŶ EŽ͘ ďĂŐŝĂŶůĂŝŶŶLJĂ͘ ϮϳDĞŝϮϬϮϯ͘
'D&ͬWZ:ͬDEͲ//ͬdͲ 
ϯϮϯϱͬϮϬϭϯͬϮϬϭϰͬϮϬϭϱ ƚĂŶŐŐĂů
Ϯϰ:ƵůŝϮϬϭϱ
ϱϵ͘  ^ĞƌǀŝĐĞ ŐƌĞĞŵĞŶƚ ĨŽƌ dĞƐƚ͕ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ^Zd ^ǁŝƚnjĞƌůĂŶĚ ĂŶĚ DĂůĂLJƐŝĂ ŵĞŶƵŶũƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ZĞƉĂŝƌ͕KǀĞƌŚĂƵůΘDŽĚŝĨŝĐĂƚŝŽŶ ď͘ ^Z dĞĐŚŶŝĐƐ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŬĞƌũĂĂŶͲ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϱ
EŽ͘ 'D&ͬWZ:ͬdͲϯϮϮϵͬϮϬϭϲ ^ǁŝƚnjĞƌůĂŶĚ ' ƉĞŬĞƌũĂĂŶ ƉĞŵƵůŝŚĂŶ ĂƚĂƵ ƉĞƌĂǁĂƚĂŶ ƚĂŚƵŶ ƐĞũĂŬ Ϯϭ
ƚĂŶŐŐĂůϮϭĞƐĞŵďĞƌϮϬϭϱ ĚĂŶ ^Z dĞĐŚŶŝĐƐ ŬŽŵƉŽŶĞŶͲŬŽŵƉŽŶĞŶ LJĂŶŐ ƐĞĚĂŶŐ ĚĂůĂŵ ĞƐĞŵďĞƌ ϮϬϭϱ
DĂůĂLJƐŝĂ ^E ŬŽŶĚŝƐŝ ƉĞƌďĂŝŬĂŶ͕ ƚĞƌŵĂƐƵŬ ƚĞƐƚ͕ ƌĞƉĂŝƌ͕ ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯϭ
BHD (“^Zd ŽǀĞƌŚĂƵů͕ ŵŽĚŝĨŝĐĂƚŝŽŶ ƐĞƌƚĂ ƉĞŵĞƌŝŬƐĂĂŶ ĞƐĞŵďĞƌ ϮϬϮϬ ĚĂŶ
^ǁŝƚnjĞƌůĂŶĚ ĂŶĚ ĚĂŶ ƉĞŶĞŶƚƵĂŶ ŬŽŶĚŝƐŝ ƚĞƌŚĂĚĂƉ ĂŬĂŶ ĚŝƉĞƌƉĂŶũĂŶŐ
DĂůĂLJƐŝĂ”). ŬŽŵƉŽŶĞŶͲŬŽŵƉŽŶĞŶƉĞƐĂǁĂƚƵĚĂƌĂ͘ ŽƚŽŵĂƚŝƐ ƵŶƚƵŬ ũĂŶŐŬĂ
ǁĂŬƚƵ ϭ ƚĂŚƵŶ ƐĂŵƉĂŝ
ĚŝĂŬŚŝƌŝŽůĞŚƐĂůĂŚƐĂƚƵ
ƉŝŚĂŬ͘
WĞƌũĂŶũŝĂŶ^ĞǁĂDĞŶLJĞǁĂ>ĂŚĂŶĚĂŶͬĂƚĂƵZƵĂŶŐĂŶ
ϲϬ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ƚĞŶƚĂŶŐ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ &ĂƚŵĂǁĂƚŝ ^ŽĞŬĂƌŶŽ :ĂŶŐŬĂ ǁĂŬƚƵ
^ĞǁĂ dĂŶĂŚ EŽ͘ ď͘ <ĂŶƚŽƌ hWh ƐĞƉĂŬĂƚ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƐĞǁĂ ŵĞŶLJĞǁĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂƚ ϭϰ
'D&ͬWZ:ͬdhDͲϯϯϬϳͬϮϬϭϲ &ĂƚŵĂǁĂƚŝ ƚĂŶĂŚ LJĂŶŐ ŵĂŶĂ &ĂƚŵĂǁĂƚŝ ^ŽĞŬĂƌŶŽ ďƵůĂŶ ƐĞũĂŬ ϭ
ƚĂŶŐŐĂůϭĞƐĞŵďĞƌϮϬϭϲ ^ŽĞŬĂƌŶŽ ƐĞďĂŐĂŝƉĞŵďĞƌŝƐĞǁĂŵĞŶLJĞĚŝĂŬĂŶƚĂŶĂŚ EŽǀĞŵďĞƌ ϮϬϭϲ
ĞŶŐŬƵůƵ Ěŝ ĂŶĚĂƌĂ &ĂƚŵĂǁĂƚŝ ^ŽĞŬĂƌŶŽ ƐĞůƵĂƐ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϭ
(“&ĂƚŵĂǁĂƚŝ ϭϲϴŵϮ LJĂŶŐ ĚŝƐĞǁĂ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ĞƐĞŵďĞƌϮϬϭϳ͘
^ŽĞŬĂƌŶŽ”). ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ LJĂŝƚƵ 
 ƉĞŵĞůŝŚĂƌĂĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘ 
ϲϭ͘  WĞƌũĂŶũŝĂŶ ^ĞǁĂͲDĞŶLJĞǁĂ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ DĂdžŝŵĂů ŵĞŶLJĞǁĂŬĂŶ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬ͘dhDͲϯϬϮϭͬϮϬϭϳ ď͘ s͘ DĂdžŝŵĂů /Ŷƚŝ ƌƵĂŶŐĂŶ ĚĂůĂŵ ǁŝůĂLJĂŚ 'ĞĚƵŶŐ ĂƌŐŽ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƚĂŶŐŐĂůϯϭ:ĂŶƵĂƌŝϮϬϭϳ͘ ĂLJĂ ĂŶĚĂƌhĚĂƌĂZĞŶĚĂŶŝDĂŶŽŬǁĂƌŝĚĞŶŐĂŶ ϭ &ĞďƌƵĂƌŝ ƐĂŵƉĂŝ
(“DĂdžŝŵĂů”). ŬůĂƐŝĨŝŬĂƐŝ ϭ ƌƵĂŶŐĂŶ ƚĞƌƚƵƚƵƉ ĚĞŶŐĂŶ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
ĨĂƐŝůŝƚĂƐ͘ ϮϬϭϳ͘
ϲϮ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ Ă͘ Wd DŝƚƌĂ ĚŝƌĂ DŝƚƌĂƐĞƚƵũƵƵŶƚƵŬŵĞŶLJĞǁĂŬĂŶ,ĂŶŐĂƌ& :ĂŶŐŬĂ ǁĂŬƚƵ
WĞŵĂŶĨĂĂƚĂŶ ZƵĂŶŐĂŶ EŽ͘ hƚĂŵĂ ƐĞůƵĂƐ ϰϬ ŵϮ Ěŝ ĂŶĚĂƌĂ ,ƵƐĞŝŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϭ
W^ͬDhͲKͬϬϭϬͬy//ͬϮϬϭϲ (“DŝƚƌĂ”); dan ^ĂƐƚƌĂŶĞŐĂƌĂ͕ ĂŶĚƵŶŐ ƵŶƚƵŬ ĚŝŐƵŶĂŬĂŶ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭ
'D&ͬWZ:ͬ͘dhDͲϯϬϭϮͬϮϬϭϳͬ ď͘ WĞƌƐĞƌŽĂŶ͘ ŽůĞŚWĞƌƐĞƌŽĂŶ :ĂŶƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
ƚĂŶŐŐĂůϭϳ:ĂŶƵĂƌŝϮϬϭϳ  ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
ϮϬϭϳ͘
ϲϯ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ^ĞǁĂ Ă͘ Wd DŝƚƌĂ :ĂLJĂ D:/ ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞŶLJĞǁĂŬĂŶ ϭ ƵŶŝƚ :ĂŶŐŬĂ ǁĂŬƚƵ
DĞŶLJĞǁĂ ZƵĂŶŐĂŶ EŽ͘ /ŶƚĞƌŶĂƐŝŽŶĂů ƌƵĂŶŐĂŶ ƐĞůƵĂƐ ϴϰ ŵϮ Ěŝ dĞƌŵŝŶĂů <ĂƌŐŽ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
ϰϲͬD:/ͬW<^ͬ///ͬϮϬϭϲ (“D:/”); dan ĂŶĚĂƌĂ :ƵĂŶĚĂ͕ :ĂǁĂ dŝŵƵƌ ƵŶƚƵŬ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϳ
'D&ͬWZ:ͬ͘dhDͲϯϬϱϲͬϮϬϭϲͬ ď͘ WĞƌƐĞƌŽĂŶ͘ ĚŝŐƵŶĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘ DĂƌĞƚ ϮϬϭϲ ƐĂŵƉĂŝ
ƚĂŶŐŐĂůϳDĂƌĞƚϮϬϭϲ  ĚĞŶŐĂŶϲDĂƌĞƚϮϬϭϵ͘
ϲϰ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ^ĞǁĂ Ă͘ Wd DŝƚƌĂ :ĂLJĂ D:/ ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞŶLJĞǁĂŬĂŶ Ϯ ƵŶŝƚ :ĂŶŐŬĂ ǁĂŬƚƵ
DĞŶLJĞǁĂ ZƵĂŶŐĂŶ EŽ͘ /ŶƚĞƌŶĂƐŝŽŶĂů ƌƵĂŶŐĂŶƐĞůƵĂƐ;ϲŵdžϭϰŵͿdžϮƌƵĂŶŐĂŶс ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
ϰϳͬD:/ͬW<^ͬ///ͬϮϬϭϲ (“D:/”); dan ϭϲϴŵϮĚŝdĞƌŵŝŶĂů<ĂƌŐŽĂŶĚĂƌĂ:ƵĂŶĚĂ͕ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϳ
'D&ͬWZ:ͬ͘dhDͲϯϬϱϱͬϮϬϭϲͬ ď͘ WĞƌƐĞƌŽĂŶ͘ :ĂǁĂ dŝŵƵƌ ƵŶƚƵŬ ĚŝŐƵŶĂŬĂŶ ŽůĞŚ DĂƌĞƚ ϮϬϭϲ ƐĂŵƉĂŝ
ƚĂŶŐŐĂů ϳ DĂƌĞƚ ϮϬϭϲ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ͘ ĚĞŶŐĂŶϲDĂƌĞƚϮϬϭϵ͘
WĞƌƐĞƌŽĂŶ
ϲϱ͘  WĞƌũĂŶũŝĂŶ ^ĞǁĂ DĞŶLJĞǁĂ Ă͘ Wd DĞƌƉĂƚŝ DD& ŵĞŶLJĞǁĂŬĂŶ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
&ĂƐŝůŝƚĂƐ ,ĂŶŐĂƌ EŽ͘ DĂŝŶƚĞŶĂŶĐĞ ĨĂƐŝůŝƚĂƐ ŚĂŶŐĂƌ ŵŝůŝŬ DD& ƐĞĐĂƌĂ ŶŽŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ  ϭ
'D&ͬWZ:ͬdhͲϯϬϭϳͬϮϬϭϳ &ĂĐŝůŝƚLJ ĞŬƐŬůƵƐŝĨ ;ƚĞƌŐĂŶƚƵŶŐ ƚĞƌƐĞĚŝĂŶLJĂ ƐůŽƚͿ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭ
ƚĂŶŐŐĂůϮϰ:ĂŶƵĂƌŝϮϬϭϳ (”DD&”); dan ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƉĞƌĂǁĂƚĂŶ͕ :ĂŶƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
ď͘ WĞƌƐĞƌŽĂŶ͘ ŽǀĞƌŚĂƵů͕ ƉĞƌďĂŝŬĂŶ ĚĂŶ ƉĞŶŐŐĂŶƚŝĂŶ ĂƚĂƐ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
ƉĞƐĂǁĂƚ ŶĂŵƵŶ ƚŝĚĂŬ ƚĞƌďĂƚĂƐ ƉĂĚĂ ϮϬϭϳ͘

69
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ŬĞŐŝĂƚĂŶ ůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ĚĂŶ ďĂƐĞ
ŵĂŝŶƚĞŶĂŶĐĞ͕ ƉĞƌďĂŝŬĂŶ ŵŝŶŽƌ͕ ƚĞƌũĂĚǁĂů
ŵĂƵƉƵŶ ƚŝĚĂŬ ƚĞƌũĂĚǁĂů͕ LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ
ĂŶĚĂƌhĚĂƌĂ:ƵĂŶĚĂ^ŝĚŽĂƌũŽ͕:ĂǁĂdŝŵƵƌ͘
ϲϲ͘  WĞƌũĂŶũŝĂŶ <ŽŶƐĞŶƐŝ hƐĂŚĂ ĚĂŶ Ă͘ WdŶŐŬĂƐĂWƵƌĂ W / ĚĂŶ WĞƌƐĞƌŽĂŶ ƐĞƉĂŬĂƚ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
^ĞǁĂDĞŶLJĞǁĂĂůĂŵ<ĞŐŝĂƚĂŶ / ;WĞƌƐĞƌŽͿ (“W ŵĞŶŐĂĚĂŬĂŶƉĞƌũĂŶũŝĂŶŬŽŶƐĞŶƐŝĚĂŶƐĞǁĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ Ϯ
hƐĂŚĂ :ĂƐĂ >ŝŶĞ DĂŝŶƚĞŶĂŶĐĞ /”); dan ŵĞŶLJĞǁĂ ƌƵĂŶŐ ĚĂŶ ƚĂŶĂŚ LJĂŶŐ ĂŬĂŶ ƚĂŚƵŶ͕ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
hŶƚƵŬWĞƐĂǁĂƚhĚĂƌĂĚŝĂŶĚĂƌ ď͘ WĞƌƐĞƌŽĂŶ͘ ĚŝŐƵŶĂŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŬĞŐŝĂƚĂŶƵƐĂŚĂ ϭ :ĂŶƵĂƌŝ ϮϬϭϲ ƐĂŵƉĂŝ
hĚĂƌĂ EŽ͘ 'D&ͬWZ:ͬdDͲ ũĂƐĂůŝŶĞŵĂŝŶƚĞŶĂŶĐĞƉĞƐĂǁĂƚƵĚĂƌĂLJĂŶŐ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
ϯϬϵϭͬϮϬϭϲ ƚĂŶŐŐĂů Ϯ DĞŝ ϮϬϭϲ ĚŝůĂŬƐĂŶĂŬĂŶ Ěŝ ĂƌĞĂ ďĂŶĚĂƌ ƵĚĂƌĂ ;ŝͿ ϮϬϭϳ͘
ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ Wd ĂŶĚĂƌhĚĂƌĂ/ŶƚĞƌŶĂƐŝŽŶĂů/'ƵƐƚŝEŐƵƌĂŚ
ŶŐŬĂƐĂWƵƌĂ/ ZĂŝ – Ăůŝ͕ ;ŝŝͿ ĂŶĚĂƌ hĚĂƌĂ /ŶƚĞƌŶĂƐŝŽŶĂů
:ƵĂŶĚĂ – ^ƵƌĂďĂLJĂ͕ ;ŝŝŝͿ ĂŶĚĂƌ hĚĂƌĂ
/ŶƚĞƌŶĂƐŝŽŶĂů ^ƵůƚĂŶ ũŝ DƵŚĂŵŵĂĚ
^ƵůĂŝŵĂŶ ^ĞƉŝŶŐŐĂŶ – ĂůŝŬƉĂƉĂŶ͕ ;ŝǀͿ
ĂŶĚĂƌ hĚĂƌĂ /ŶƚĞƌŶĂƐŝŽŶĂů ^ƵůƚĂŶ
,ĂƐĂŶƵĚĚŝŶ – DĂŬĂƐƐĂƌ͕ ;ǀͿ ĂŶĚĂƌ hĚĂƌĂ
/ŶƚĞƌŶĂƐŝŽŶĂůĚŝƐƵƚũŝƉƚŽ–zŽŐLJĂŬĂƌƚĂ͕;ǀŝͿ
ĂŶĚĂƌ hĚĂƌĂ /ŶƚĞƌŶĂƐŝŽŶĂů >ŽŵďŽŬ –
WƌĂLJĂ͕ ;ǀŝŝͿ ĂŶĚĂƌ hĚĂƌĂ ŚŵĂĚ zĂŶŝ –
^ĞŵĂƌĂŶŐ͕ ;ǀŝŝŝͿ ĂŶĚĂƌ hĚĂƌĂ
/ŶƚĞƌŶĂƐŝŽŶĂů Ěŝ ^ŽĞŵĂƌŵŽ – ^ŽůŽ͕ ;ŝdžͿ
ĂŶĚĂƌ hĚĂƌĂ /ŶƚĞƌŶĂƐŝŽŶĂů ^LJĂŵƐƵĚŝŶ
EŽŽƌ – ĂŶũĂƌŵĂƐŝŶ͕ ;džͿ ĂŶĚĂƌ hĚĂƌĂ
/ŶƚĞƌŶĂƐŝŽŶĂů &ƌĂŶƐ <ĂŝƐŝĞƉŽ – ŝĂŬ͕ ;džŝͿ
ĂŶĚĂƌ hĚĂƌĂ ^Ăŵ ZĂƚƵůĂŶŐŝ – DĂŶĂĚŽ͕
;džŝŝͿĂŶĚĂƌhĚĂƌĂWĂƚƚŝŵƵƌĂ–ŵďŽŶĚĂŶ
;džŝŝŝͿ ĂŶĚĂƌ hĚĂƌĂ ů dĂƌŝ – <ƵƉĂŶŐ LJĂŶŐ
ĚŝŬĞůŽůĂŶŐŬĂƐĂWƵƌĂ͘
ϲϳ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ Ă͘ WdŶŐŬĂƐĂWƵƌĂ W // ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞŶLJĞǁĂŬĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
WĞŵĂŶĨĂĂƚĂŶ &ĂƐŝůŝƚĂƐ // ;WĞƌƐĞƌŽͿ (“W ƌƵĂŶŐĂŶͬďĂŐŝĂŶƌƵĂŶŐĂŶ͕ƚĂŶĂŚͬůĂŚĂŶ͕ĚĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ Ϯ
<ŽŵĞƌƐŝĂůEŽ͘ //”); dan ĨĂƐŝůŝƚĂƐ ŬŽŵĞƌƐŝĂů LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
W::͘ϭϱ͘ϬϮ͘ϬϭͬϬϭͬϬϱͬϮϬϭϲͬϮϬϭ ď͘ WĞƌƐĞƌŽĂŶ͘ ŽŶƚĂŝŶĞƌ Ğdž Wd DĂŶĚĂůĂ ŝƌůŝŶĞƐ ĂŶĚĂƌ ϭϲ &ĞďƌƵĂƌŝ ϮϬϭϴ
'D&ͬWZ:ͬdhͲϯϬϴϯͬϮϬϭϲ hĚĂƌĂ^ŽĞŬĂƌŶŽ,ĂƚƚĂ͘ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϱ
ƚĂŶŐŐĂůϭϲ&ĞďƌƵĂƌŝϮϬϭϲ  &ĞďƌƵĂƌŝϮϬϭϴ͘
ϲϴ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ Ă͘ WdŶŐŬĂƐĂWƵƌĂ W // ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞŶLJĞǁĂŬĂŶ ƌƵĂŶŐĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
WĞŵĂŶĨĂĂƚĂŶ&ĂƐŝůŝƚĂƐ<ŽŵĞƌƐŝĂů // ;WĞƌƐĞƌŽͿ (“W ŬĂŶƚŽƌ LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ dĞƌŵŝŶĂů ďĂƌƵ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ Ϯ
EŽ͘ //”); dan ĂŶĚĂƌhĚĂƌĂĞƉĂƚŝŵŝƌWĂŶŐŬĂůWŝŶĂŶŐ͘ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
W::͘ϭϱ͘ϬϮ͘ϬϭͬϭϭͬϬϭͬϮϬϭϳͬϬϬϰ ď͘ WĞƌƐĞƌŽĂŶ͘ ϭϭ :ĂŶƵĂƌŝ ϮϬϭϳ
'D&ͬWZ:ͬdhDͲϯϬϮϱͬϮϬϭϳ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϬ
ƚĂŶŐŐĂůϮϰ:ĂŶƵĂƌŝϮϬϭϳ :ĂŶƵĂƌŝϮϬϭϵ͘
ϲϵ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ Ă͘ WdŶŐŬĂƐĂWƵƌĂ W//ƐĞƚƵũƵƵŶƚƵŬŵĞŶLJĞǁĂŬĂŶƚĂŶĂŚĚĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
WĞŵĂŶĨĂĂƚĂŶ&ĂƐŝůŝƚĂƐ<ŽŵĞƌƐŝĂů II (Persero) (“W ůĂŚĂŶ͘ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϱ
EŽ͘ //”); dan  ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭ
W::͘Ϭϰ͘ϬϰͬϬϬ͘ϬϮͬϬϯͬϮϬϭϳͬϬϬϬϯ ď͘ WĞƌƐĞƌŽĂŶ͘ >ŽŬĂƐŝƵŶƚƵŬƚĂŶĂŚLJĂŶŐĚŝƐĞǁĂŬĂŶĂĚĂůĂŚ :ĂŶƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
'D&ͬWZ:ͬͲϯϬϰϬͬϮϬϭϳ ĚŝĂŶĚĂƌĂ^ŽĞŬĂƌŶŽͲ,ĂƚƚĂ͘ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
ƚĂŶŐŐĂůϭDĂƌĞƚϮϬϭϳ  ϮϬϮϭ͘
>ŽŬĂƐŝ ƵŶƚƵŬ ŬŽŶƐĞŶƐŝ ƐĞǁĂ ƵƐĂŚĂ ĂĚĂůĂŚ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ^ŽĞŬĂƌŶŽͲ,ĂƚƚĂ
ď͘ ,ĂůŝŵWĞƌĚĂŶĂŬƵƐƵŵĂ
Đ͘ ^ƵůƚĂŶ/ƐŬĂŶĚĂƌŵƵĚĂ
Ě͘ <ƵĂůĂŶĂŵƵ
Ğ͘ DĂŚŵƵĚĂĚĂƌƵĚŝŶ
Ĩ͘ ^ƵůƚĂŶ^LJĂƌŝĨ<ĂƐŝŵ//
Ő͘ DŝŶĂŶŐŬĂďĂƵ
Ś͘ ĞƉĂƚŝŵŝƌ
ŝ͘ ^ƵůƚĂŶdŚĂŚĂ
ũ͘ ZĂũĂ,Ăũŝ&ŝƐĂďŝůŝůůĂŚ
Ŭ͘ ^ƵƉĂĚũŽ
ů͘ ,ƵƐĞŝŶ^ĂƐƚƌĂŶĞŐĂƌĂ
ŵ͘ ^ŝůĂŶŐŝƚ
ϳϬ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ Ă͘ WdŶŐŬĂƐĂWƵƌĂ W // ŵĞŵďĞƌŝŬĂŶ ŝnjŝŶ ƐĞǁĂͬƉĞŵĂŶĨĂĂƚĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
WĞŵĂŶĨĂĂƚĂŶ&ĂƐŝůŝƚĂƐ<ŽŵĞƌƐŝĂů // ;WĞƌƐĞƌŽͿ (“W ĨĂƐŝůŝƚĂƐ ŬŽŵĞƌƐŝĂů ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ Ϯ
dĞŶƚĂŶŐ ^ĞǁĂ DĞŶLJĞǁĂ //”); dan WĞƌƐĞƌŽĂŶ ŵĞŶLJĞƚƵũƵŝ ƵŶƚƵŬ ƚĂŚƵŶ͕ ďĞƌůĂŬƵ ƐĞũĂŬ ϭ
ZƵĂŶŐĂŶ EŽ͘ ď͘ WĞƌƐĞƌŽĂŶ͘ ŵĞŶLJĞǁĂͬŵĞŵĂŶĨĂĂƚŬĂŶ ĨĂƐŝůŝƚĂƐ :Ƶůŝ ϮϬϭϳ ƐĂŵƉĂŝ
W::͘ϭϱ͘ϬϮ͘ϬϭͬϬϵͬϬϱͬϮϬϭϳͬϬϲϰ ŬŽŵĞƌƐŝĂů ďĞƌƵƉĂ ƌƵĂŶŐĂŶͬƚĂŶĂŚ ĚĞŶŐĂŶϯϬ:ƵŶŝϮϬϭϵ͘
ƚĂŶŐŐĂůϯϭDĞŝϮϬϭϳ ĚŝƉĞƌŬĞƌĂƐ Ěŝ ĂƌĞĂ ĂŝƌƐŝĚĞ ĂŶĚĂƌĂ ^ƵůƚĂŶ
/ƐŬĂŶĚĂƌDƵĚĂ͕ĐĞŚĚĞŶŐĂŶůƵĂƐƌƵĂŶŐĂŶ

70
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů
ϳϭ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ^ĞǁĂ
DĞŶLJĞǁĂ >ĂŚĂŶ hŶƚƵŬ
WĞƌĂůĂƚĂŶ '^ EŽ͘
W::͘ϭϱ͘ϬϮ͘ϬϭͬϬϳͬϬϴͬϮϬϭϲͬϭϭϬ
'D&ͬWZ:ͬdhDͲϯϭϴϬͬϮϬϭϲ
ƚĂŶŐŐĂůϯŐƵƐƚƵƐϮϬϭϲ
ϳϮ͘  WĞƌũĂŶũŝĂŶ ^ĞǁĂ DĞŶLJĞǁĂ
WĞŶŐŐƵŶĂĂŶ dĂŶĂŚ ĚĂŶ
ĂŶŐƵŶĂŶ Ěŝ ĂŶĚĂƌ hĚĂƌĂ
,͘^͘,ĂŶĂŶĚũŽĞĚĚŝŶ
dĂŶũƵŶŐƉĂŶĚĂŶ EŽ͘
'D&ͬWZ:ͬ͘dhDͲϯϭϲϱͬϮϬϭϳ
ƚĂŶŐŐĂůϭϱ:ƵŶŝϮϬϭϳ
ϳϯ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ
WĞŵĂŶĨĂĂƚĂŶ&ĂƐŝůŝƚĂƐ<ŽŵĞƌƐŝĂů
WdŶŐŬĂƐĂWƵƌĂ//;WĞƌƐĞƌŽͿEŽ͘
'D&ͬWZ:ͬͲϯϬϰϬͬϮϬϭϳ
ƚĂŶŐŐĂůϭDĂƌĞƚϮϬϭϳ
ϳϰ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ
WĞŵĂŶĨĂĂƚĂŶ&ĂƐŝůŝƚĂƐ<ŽŵĞƌƐŝĂů
EŽ͘ W::͘ϭϱ͘ϬϮ͘ϬϭͬϭϮͬϬϲͬϮϬϭϳ
ƚĂŶŐŐĂůϰ:ƵůŝϮϬϭϳ
ϳϱ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ dĞŶƚĂŶŐ
^ĞǁĂ DĞŶLJĞǁĂ ZƵĂŶŐĂŶ EŽ͘
'D&ͬWZ:ͬdhDͲϯϭϱϭͬϮϬϭϳ
ƚĂŶŐŐĂůϭ:ƵůŝϮϬϭϳ
ϳϲ͘  WĞƌũĂŶũŝĂŶ ^ĞǁĂ DĞŶLJĞǁĂ EŽ͘
'D&ͬWZ:ͬdhDͲϯϯϬϰͬϮϬϭϲͬ
ƚĂŶŐŐĂůϭϱĞƐĞŵďĞƌϮϬϭϲ
WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ϱϮ͕ϮϱŵϮ͕ LJĂŶŐĚŝƉĞƌŐƵŶĂŬĂŶƵŶƚƵŬƚĞŬŶŝƐŝ
ĂŝƌůŝŶĞƐ͘
Ă͘ WdŶŐŬĂƐĂWƵƌĂ W // ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞŶLJĞǁĂŬĂŶ ƌƵĂŶŐĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
// ;WĞƌƐĞƌŽͿ (“W ŬĂŶƚŽƌ LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ ĂŶĚĂƌ hĚĂƌĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ Ϯ
//”); dan /ŶƚĞƌŶĂƐŝŽŶĂů ^ƵůƚĂŶ ^LJĂƌŝĨ <ĂƐŝŵ // ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭ
ď͘ WĞƌƐĞƌŽĂŶ͘ WĞŬĂŶďĂƌƵ͘ Ɖƌŝů ϮϬϭϲ ƐĂŵƉĂŝ
 ĚĞŶŐĂŶ ϯϭ DĂƌĞƚ
ϮϬϭϴ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ,͘Ɛ ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞŶLJĞǁĂŬĂŶ ŬĞƉĂĚĂ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ <ĂŶƚŽƌ hŶŝƚ WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂ ƚĂŶĚĂ ĚŝƉĞƌŬĞƌĂƐ͕ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϭ
WĞŶLJĞůĞŶŐŐĂƌĂ ďĂŶŐƵŶĂŶĚĂŶĚĂLJĂůŝƐƚƌŝŬĚŝĂŶĚĂƌhĚĂƌĂ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭ
ĂŶĚĂƌ hĚĂƌĂ ,͘Ɛ͘,ĂŶĂŶĚũŽĞĚĚŝŶ dĂŶũƵŶŐƉĂŶĚĂŶ :Ƶůŝ ϮϬϭϳ ƐĂŵƉĂŝ
<ĞůĂƐ / ƐĞůƵĂƐĚĞŶŐĂŶĨĂƐŝůŝƚĂƐ͗ ĚĞŶŐĂŶϭ:ƵŶŝϮϬϭϴ͘
,͘Ɛ͘,ĂŶĂŶĚũŽĞ Ă͘ ZƵĂŶŐĂŶƚĞƌƚƵƚƵƉ͗ϰdžϱŵ͖
ĚĚŝŶ ď͘ dĂŶĂŚ ĚŝƉĞƌŬĞƌĂƐ ƵŶƚƵŬ ďĂŶŐƵŶĂŶ͗
dĂŶũƵŶŐƉĂŶĚĂŶ Ϯdžϳŵ͖
(“,͘Ɛ”) Đ͘ dĂŶĂŚ ĚŝƉĞƌŬĞƌĂƐ ƵŶƚƵŬ ŬĂŶŽƉŝ͗ ϯdžϰŵ͖
ĚĂŶ
Ě͘ WĞŵĂŬĂŝĂŶĚĂLJĂůŝƐƚƌŝŬ͗ϲ͘
Đ͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ W // ŵĞŵďĞƌŝŬĂŶ ŝnjŝŶ ƐĞǁĂͬƉĞŵĂŶĨĂĂƚĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
Ě͘ WdŶŐŬĂƐĂWƵƌĂ ĨĂƐŝůŝƚĂƐ ŬŽŵĞƌƐŝĂů ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
// ;WĞƌƐĞƌŽͿ (“W WĞƌƐĞƌŽĂŶ ƐĞƉĂŬĂƚ ƵŶƚƵŬ ϭ :ĂŶƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
//”). ŵĞŶLJĞǁĂͬŵĞŵĂŶĨĂĂƚŬĂŶ ĨĂƐŝůŝƚĂƐ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
ŬŽŵĞƌƐŝĂů ŵŝůŝŬ W // ƵŶƚƵŬ ĚŝƉĞƌŐƵŶĂŬĂŶ ϮϬϮϭ͘
ĚĂůĂŵ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ
ůŽŬĂƐŝ͕ ůƵĂƐͬũƵŵůĂŚ͕ ƉĞƌƵŶƚƵŬĂŶ͕ ĚĂŶ
ŵĞƌĞŬ ĚĂŐĂŶŐ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ
ƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵƉĞƌũĂŶũŝĂŶ͘

:ĞŶŝƐĨĂƐŝůŝƚĂƐŬŽŵĞƌƐŝĂůLJĂŶŐĚŝŵĂŶĨĂĂƚŬĂŶ
ĂĚĂůĂŚ ƚĂŶĂŚͬůĂŚĂŶ͕ ĚĞŶŐĂŶ ůƵĂƐ ƚĂŶĂŚ
ƐĞďĞƐĂƌ ϵϳϮ͘ϭϮϯ ŵϮ͕ ƵŶƚƵŬ ĚŝƉĞƌƵŶƚƵŬĂŶ
ƵƐĂŚĂ ƐĞďĂŐĂŝ ŵĂŝŶƚĞŶĂŶĐĞ ƌĞƉĂŝƌ
ŽǀĞƌŚĂƵů͘ >ŽŬĂƐŝ ĨĂƐŝůŝƚĂƐ ŬŽŵĞƌƐŝĂů ĂĚĂůĂŚ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ dĂŶĂŚ͗ĂŶĚĂƌĂ^ŽĞŬĂƌŶŽͲ,ĂƚƚĂ
ď͘ <ŽŶƐĞƐŝhƐĂŚĂ͗
ŝ͘ ĂŶĚĂƌĂ^ŽĞŬĂƌŶŽͲ,ĂƚƚĂ
ŝŝ͘ ĂŶĚĂƌĂ,ĂůŝŵWĞƌĚĂŶĂŬƵƐƵŵĂ
ŝŝŝ͘ ĂŶĚĂƌĂ^ƵůƚĂŶ/ƐŬĂŶĚĂƌŵƵĚĂ
ŝǀ͘ ĂŶĚĂƌĂ<ƵĂůĂŶĂŵƵ
ǀ͘ ĂŶĚĂƌĂ ^ƵůƚĂŶ DĂŚŵƵĚ
ĂĚĂƌƵĚĚŝŶ//
ǀŝ͘ ĂŶĚĂƌĂ^ƵůƚĂŶ^LJĂƌŝĨ<ĂƐŝŵ//
ǀŝŝ͘ ĂŶĚĂƌĂDŝŶĂŶŐŬĂďĂƵ
ǀŝŝŝ͘ ĂŶĚĂƌĂĞƉĂƚŝƌŶŝƌ
ŝdž͘ ĂŶĚĂƌĂ^ƵƚĂŶdŚĂŚĂ
dž͘ ĂŶĚĂƌĂZĂũĂ,Ăũŝ&ŝƐĂďŝůŝůůĂŚ
džŝ͘ ĂŶĚĂƌĂ^ƵƉĂĚŝŽ
džŝŝ͘ ĂŶĚĂƌĂ,ƵƐĞŝŶ^ĂƐƚƌĂŶĞŐĂƌĂ
džŝŝŝ͘ ĂŶĚĂƌĂ^ŝůĂŶŐŝƚ

ĞŶŐĂŶ ĚĞŵŝŬŝĂŶ ďĞŶƚƵŬ ŬĞƌũĂƐĂŵĂ
ƉĞŵĂŶĨĂĂƚĂŶ ĨĂƐŝůŝƚĂƐ ŬŽŵĞƌƐŝĂů ĂĚĂůĂŚ
ƐĞǁĂͬƉĞŵĂŶĨĂƚĂĂŶΘŝŵďĂůĂŶŬŽŶƐĞƐŝ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ W // ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞŶLJĞǁĂŬĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
WdŶŐŬĂƐĂWƵƌĂ ƌƵĂŶŐĂŶͬƚĂŶĂŚ ĚŝƉĞƌŬĞƌĂƐ LJĂŶŐ ďĞƌůŽŬĂƐŝ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
// ;WĞƌƐĞƌŽͿ (“W ĚŝĂŶĚĂƌĂ^ƵůƚĂŶdŚĂŚĂ͕:Ăŵďŝ͘ Ϯϳ :ƵŶŝ ϮϬϭϳ ƐĂŵƉĂŝ
//”). ĚĞŶŐĂŶϯϬ:ƵŶŝϮϬϭϴ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ :ƵǁĂƚĂ ŵĞŶŐĂĚĂŬĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
hŶŝƚ ƉĞƌũĂŶũŝĂŶ ƐĞǁĂ ŵĞŶLJĞǁĂ ĂƚĂƐ ĨĂƐŝůŝƚĂƐ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϲ
WĞŶLJĞůĞŶŐŐĂƌĂ ĂƚĂƵ ďĂŐŝĂŶ ďĞƌƵƉĂ ƌƵĂŶŐĂŶ ƚĞƌƚƵƚƵƉ ďƵůĂŶ ďĞƌůĂŬƵ ƐĞũĂŬ ϭ
ĂŶĚĂƌ hĚĂƌĂ ƐĞůƵĂƐ ϯϬ ŵϮ Ěŝ ĂŶĚĂƌ hĚĂƌĂ <ĞůĂƐ / :Ƶůŝ ϮϬϭϳ ƐĂŵƉĂŝ
<ĞůĂƐ / hƚĂŵĂ hƚĂŵĂ:ƵǁĂƚĂdĂƌĂŬĂŶ͘ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
:ƵǁĂƚĂ dĂƌĂŬĂŶ  ϮϬϭϳ͘
(“:ƵǁĂƚĂ”).
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞŵĞƌŝŶƚĂŚ ŵĞŶLJĞǁĂŬĂŶ ďĂŶŐƵŶĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ WĞŵĞƌŝŶƚĂŚ ŐĞĚƵŶŐ s/W ƌŽŽŵ ĚĂĞƌĂŚ ƐĞůƵĂƐ ϭϴ͕ϲ ŵϮ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϭ
WƌŽǀŝŶƐŝ LJĂŶŐ ƚĞƌůĞƚĂŬ Ěŝ ǁŝůĂLJĂŚ ĂŶĚĂƌĂ dũŝůŝŬ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭ
71
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů
ϳϳ͘  WĞƌũĂŶũŝĂŶ ^ĞǁĂ DĞŶLJĞǁĂ EŽ͘
'D&ͬWZ:ͬdhDͲϯϬϰϰͬϮϬϭϳ
ƚĂŶŐŐĂůϮ:ĂŶƵĂƌŝϮϬϭϳ
ϳϴ͘  WĞƌũĂŶũŝĂŶ ^ĞǁĂ DĞŶLJĞǁĂ
ZƵĂŶŐĂŶ EŽ͘ 'D&ͬWZ:ͬdhDͲ
ϯϯϬϯͬϮϬϭϲ ƚĂŶŐŐĂů ϭϯ
ĞƐĞŵďĞƌϮϬϭϲ
ϳϵ͘  WĞƌũĂŶũŝĂŶ ^ĞǁĂ DĞŶLJĞǁĂ
ZƵĂŶŐĂŶ EŽ͘ 'D&ͬWZ:ͬdhDͲ
ϯϬϯϴͬϮϬϭϳ ƚĂŶŐŐĂů Ϯ :ĂŶƵĂƌŝ
ϮϬϭϳ
WĞƌũĂŶũŝĂŶ^ĞǁĂDĞŶLJĞǁĂWĞƌĂůĂƚĂŶ͕DĞƐŝŶ͕ĚĂŶĂƌĂŶŐͲĂƌĂŶŐ
ϴϬ͘  WĞƌũĂŶũŝĂŶ :ĂƐĂ ^ĞǁĂ 'ƌŽƵŶĚ
^ƵƉƉŽƌƚ ƋƵŝƉŵĞŶƚ EŽ͘
'D'ͬWZ:ͬ͘>ͲϯϵϬϵͬϮϬϭϯ
ƚĂŶŐŐĂůϮĞƐĞŵďĞƌϮϬϭϯ
ϴϭ͘  ƵdžŝůůĂƌLJ WŽǁĞƌ hŶŝƚ ;WhͿ
>ĞĂƐĞ'ĞŶĞƌĂůdĞƌŵƐŐƌĞĞŵĞŶƚ
EŽ͘ 'D&ͬWZ:ͬdDͲϯϬϱϵͬϮϬϭϳ
ƚĂŶŐŐĂůϮϯDĂƌĞƚϮϬϭϳ
WĞƌũĂŶũŝĂŶ>ĂŝŶͲ>ĂŝŶ
ϴϮ͘  WĞƌũĂŶũŝĂŶ :ĂƐĂ WĞŶŐĂŶŐŬƵƚĂŶ
ĚĂŶ WĞŶŐŽůĂŚĂŶ >ŝŵďĂŚ ĂŚĂŶ
ĞƌďĂŚĂLJĂ ĚĂŶ ĞƌĂĐƵŶ ;“B3”)
EŽ͘ 'D&ͬWZ:ͬdhDͲ
ϯϭϲϯͬϮϬϭϲͬ ƚĂŶŐŐĂů ϱ ŐƵƐƚƵƐ
ϮϬϭϲ
ϴϯ͘  >ŽŐŝƐƚŝĐ ^ƵƉƉŽƌƚ ŐƌĞĞŵĞŶƚ EŽ͘
'D&ͬWZ:ͬͲϯϮϵϳͬϮϬϭϭ
ƚĂŶŐŐĂů ϭϲ EŽǀĞŵďĞƌ ϮϬϭϭ
ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ Wd
ŝƌĨĂƐƚ/ŶĚŽŶĞƐŝĂ
WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
<ĂůŝŵĂŶƚĂŶ ZŝǁƵƚ :ů͘ ĚŽŶŝƐ ^ĂŵĂĚ͕ WĂůĂŶŐŬĂƌĂLJĂ :ĂŶƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
dĞŶŐĂŚ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ƐĞƐƵĂŝ LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
(“WĞŵĞƌŝŶƚĂŚ”). ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĂŶ ϮϬϭϳ͘
WĞŵĞƌŝŶƚĂŚ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ  DŽƉĂŚ ƐĞƉĂŬĂƚ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ <ĂŶƚŽƌ hŶŝƚ ŵĞůĂŬƵŬĂŶ ŬĞƌũĂ ƐĂŵĂ ƐĞǁĂ ŵĞŶLJĞǁĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϭ
WĞŶLJĞůĞŶŐŐĂƌĂ LJĂŶŐ ŵĂŶĂ DŽƉĂŚ ƐĞďĂŐĂŝ ƉŝŚĂŬ ƉĞŵďĞƌŝ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭ
ĂŶĚĂƌ hĚĂƌĂ ƐĞǁĂ ŵĞŶLJĞĚŝĂŬĂŶ ƐĞďƵĂŚ ƌƵĂŶŐĂŶ :ĂŶƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
<ĞůĂƐ / DŽƉĂŚ ƚĞƌƚƵƚƵƉ ƚĂŶƉĂ  ƐĞůƵĂƐ Ϯϳ͕ϱϲ ŵϮ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
DĞƌĂƵŬĞ ďĞƌůŽŬĂƐŝ Ěŝ ĚĂůĂŵ ƚĞƌŵŝŶĂů ĂŶĚĂƌ hĚĂƌĂ ϮϬϭϳ͘
(“DŽƉĂŚ”). <ĞůĂƐ/DŽƉĂŚDĞƌĂƵŬĞ͕ďĞƌĂůĂŵĂƚĚŝ:ĂůĂŶ
W'd DĞƌĂƵŬĞ͕ ƐĞƌƚĂ ůŝƐƚƌŝŬ ƐĞďĞƐĂƌ ϭ͘ϭϬϮϬ
<ǁŚĚĂŶĂŝƌϮŵϯƉĞƌďƵůĂŶ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ,ĂůƵŽůĞŽ ƐĞƉĂŬĂƚ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ <ĂŶƚŽƌ hŶŝƚ ŵĞůĂŬƵŬĂŶ ŬĞƌũĂ ƐĂŵĂ ƐĞǁĂ ŵĞŶLJĞǁĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϭ
WĞŶLJĞůĞŶŐŐĂƌĂ ƌƵĂŶŐĂŶ LJĂŶŐ ŵĂŶĂ ,ĂůƵŽůĞŽ ƐĞďĂŐĂŝ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭ
ĂŶĚĂƌ hĚĂƌĂ ƉŝŚĂŬ ƉĞŵďĞƌŝ ƐĞǁĂ ŵĞŶLJĞĚŝĂŬĂŶ ƐĞďƵĂŚ :ĂŶƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
,ĂůƵŽůĞŽ ƌƵĂŶŐĂŶ ƚĞƌƚƵƚƵƉ ƚĂŶƉĂ  ƐĞůƵĂƐ ϯϮŵϮ͕ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
<ĞŶĚĂƌŝ ďĞƌůŽŬĂƐŝ Ěŝ ĚĂůĂŵ ƚĞƌŵŝŶĂů ĂŶĚĂƌ hĚĂƌĂ ϮϬϭϳ͘
(“,ĂůƵŽůĞŽ”). ,ĂůƵŽůĞŽ <ĞŶĚĂƌŝ͕ ďĞƌĂůĂŵĂƚ Ěŝ :ĂůĂŶ
tŽůƚĞƌ DŽŶŐŽŶƐŝĚŝ͕ ŵďĂŝƉƵĂ͕
ZĂŶŽŵĞĞƚŽ͕ <ĂďƵƉĂƚĞŶ <ŽŶĂǁĞ ^ĞůĂƚĂŶ͕
^ƵůĂǁĞƐŝ dĞŶŐŐĂƌĂLJĂŶŐ ĂŬĂŶ
ĚŝƉĞƌŐƵŶĂŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŬĞŐŝĂƚĂŶ
ŬĂŶƚŽƌ'ĂƌƵĚĂŵĂŝŶƚĞŶĂŶĐĞ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ <ĂůŝŵĂƌĂƵ ƐĞƉĂŬĂƚ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ <ĂŶƚŽƌ hŶŝƚ ŵĞůĂŬƵŬĂŶ ŬĞƌũĂ ƐĂŵĂ ƐĞǁĂ ŵĞŶLJĞǁĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϭ
WĞŶLJĞůĞŶŐŐĂƌĂ ƌƵĂŶŐĂŶ LJĂŶŐ ŵĂŶĂ <ĂůŝŵĂƌĂƵ ƐĞďĂŐĂŝ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϮ
ĂŶĚĂƌ hĚĂƌĂ ƉŝŚĂŬ ƉĞŵďĞƌŝ ƐĞǁĂ ŵĞŶLJĞĚŝĂŬĂŶ ƐĞďƵĂŚ :ĂŶƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
<ĞůĂƐ // ƌƵĂŶŐĂŶ ƐĞůƵĂƐ ϭϮŵϮ͕ ďĞƌůŽŬĂƐŝ Ěŝ ĚĂůĂŵ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
<ĂůŝŵĂƌĂƵ ƚĞƌŵŝŶĂů ĂŶĚĂƌ hĚĂƌĂ <ĂůŝŵĂƌĂƵ ĞƌĂƵ͕ ϮϬϭϳ͘
(“<ĂůŝŵĂƌĂƵ”). ďĞƌĂůĂŵĂƚ Ěŝ :ĂůĂŶ <ĂůŝŵĂƌĂƵ dĞůƵŬ ĂLJƵƌ͕
<ĂďƵƉĂƚĞŶĞƌĂƵ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ D͕ ĚĂŶ D :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ Wd ĞƌŽ DŝƚƌĂ ŵĞŶĞƌŝŵĂ ƉĞŶƵŶũƵŬŬĂŶ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϱ
Abadi (“D”)͘ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ůĂLJĂŶĂŶ ϭ ƵŶŝƚ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
 ĂŝƌĐŽŶĚŝƚŝŽŶŝŶŐ ƵŶŝƚ ĚĂŶ Ϯ 'ƌŽƵŶĚ WŽǁĞƌ ƚĂŶŐŐĂů ƉĞŶŐŝƌŝŵĂŶ
hŶŝƚ ĚĂŶ Ϯ ƵŶŝƚ ŝƌĐƌĂĨƚ dŽǁŝŶŐ dƌĂĐƚŽƌ ƵŶƚŝ LJĂŶŐ ĚŝďƵŬƚŝŬĂŶ
ƵŶƚƵŬ ŶĂƌƌŽǁ ďŽĚLJ Ěŝ ĚĂůĂŵ ŵĞŶƵŶũĂŶŐ ĚĞŶŐĂŶ ďĞƌŝƚĂ ĂĐĂƌĂ
ŽƉĞƌĂƐŝŽŶĂů 'D&͕ ƐĞůĂŶũƵƚŶLJĂ ĚŝƐĞďƵƚ ƐĞƌĂŚ ƚĞƌŝŵĂ͕ LJĂŝƚƵ Ϯϴ
'ƌŽƵŶĚ^ƵƉƉŽƌƚƋƵŝƉŵĞŶƚ(“'^”).  &ĞďƌƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
ĚĞŶŐĂŶ Ϯϴ &ĞďƌƵĂƌŝ
ϮϬϮϮ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ŝƌƚĞĐŚ ƐĞďĂŐĂŝ ƉŝŚĂŬ LJĂŶŐ ŵĞŵďĞƌŝ ƐĞǁĂ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ 'ůŽďĂů ŝƌƚĞĐŚ ƐĞƉĂŬĂƚ ƵŶƚƵŬ ŵĞŶLJĞǁĂŬĂŶ ƉĞƌĂŶŐŬĂƚ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯϲ
/ŶƚĞƌŶĂƚŝŽŶĂů ƵdžŝůůĂƌLJWŽǁĞƌhŶŝƚ;WhͿŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ ďƵůĂŶ ĚŝŵƵůĂŝ ƐĞũĂŬ
(“ŝƌƚĞĐŚ”). LJĂŶŐ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƐĂĂƚ ƉĞŶĂŶĚĂƚĂŶŐĂŶĂŶ
ĂƌŵĂĚĂƉĞƐĂǁĂƚƵĚĂƌĂŵŝůŝŬWĞƌƐĞƌŽĂŶLJĂŶŐ ŬŽŶĨŝƌŵĂƐŝƉĞŶĞƌŝŵĂĂŶ
ƚĞůĂŚƚĞƌĚĂĨƚĂƌƐĞƐƵĂŝƉĞƌũĂŶũŝĂŶ͘ ƉĞƌĂŶŐŬĂƚ Wh ŽůĞŚ
WĂƌĂ WŝŚĂŬ͕ LJĂŝƚƵ ƐĞũĂŬ
ϭϴ Ɖƌŝů ϮϬϭϳ ƐĂŵƉĂŝ
ĚĞŶŐĂŶϭϴƉƌŝůϮϬϮϬ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ >ŽŐĂŵ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ Wd >ŽŐĂŵ :ĂLJĂ ŵĞŵďĞƌŝŬĂŶ ĚĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŬĞƌũĂĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
ďĂĚŝ ũĂƐĂƉĞŶŐĂŶŐŬƵƚĂŶĚĂŶƉĞŶŐŽůĂŚĂŶůŝŵďĂŚ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭ
(“>ŽŐĂŵ”). ϯ ƐĞƐƵĂŝ LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ :ƵŶŝ ϮϬϭϲ ƐĂŵƉĂŝ
 ŽůĞŚWĞƌƐĞƌŽĂŶĚĂŶ>ŽŐĂŵ͘ ĚĞŶŐĂŶϯϭDĞŝϮϬϭϵ͘
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ŝƌĨĂƐƚ ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ď͘ Wd ŝƌĨĂƐƚ ŵĞůĂŬƵŬĂŶ ůĂLJĂŶĂŶ ůŽŐŝƐƚŝŬ ƐĞĐĂƌĂ ŶŽŶͲ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϭ
/ŶĚŽŶĞƐŝĂ ĞŬƐŬůƵƐŝĨ ƵŶƚƵŬ ůŽŐŝƐƚŝŬ ďĂƌĂŶŐ ƉĞƐĂǁĂƚ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
(“ŝƌĨĂƐƚ”). ƵĚĂƌĂ ŝƌĨĂƐƚ ĚĂŶ ďĂƌĂŶŐͲďĂƌĂŶŐ ϭϲ EŽǀĞŵďĞƌ ϮϬϭϭ
ƉĞŶĚƵŬƵŶŐLJĂŶŐƚĞƌŬĂŝƚ͘ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϲ
 EŽǀĞŵďĞƌ ϮϬϭϮ ĚĂŶ
ƐĞĐĂƌĂ ŽƚŽŵĂƚŝƐ ĂŬĂŶ
ƚĞƌƵƐĚŝƉĞƌƉĂŶũĂŶŐ͘

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EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƌƵƐ
ŵĞůĂŬƐĂŶĂŬĂŶ ŚĂŬ ĚĂŶ
ŬĞǁĂũŝďĂŶŶLJĂĚĂŶŽůĞŚ
ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ
ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
ϴϰ͘  WĞƌũĂŶũŝĂŶ ^ƚĂŶĚĂƌĚ 'ƌŽƵŶĚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ EŵĞŶƵŶũƵŬWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶŐĂƚƵƌ :ĂŶŐŬĂ ǁĂŬƚƵ
,ĂŶĚůŝŶŐ EŽ͘ 'D&ͬWZ:ͬͲ ď͘ ůů EŝƉƉŽŶ ƉĞŶĚĂƌĂƚĂŶ ƉƌŝďĂĚŝ LJĂŶŐ ŵĞŶĐĂŬƵƉ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
ϯϮϮϲͬϮϬϭϱ ƚĂŶŐŐĂů ϭ ĞƐĞŵďĞƌ ŝƌǁĂLJƐ ŬĞĚĂƚĂŶŐĂŶ ĚĂŶ ŬĞƉƵůĂŶŐĂŶ ƉĂĚĂ ǁĂŬƚƵ ƐĂŵƉĂŝĚĞŶŐĂŶĚŝĂŬŚŝƌŝ
ϮϬϭϱ (“E”). LJĂŶŐ ĚŝƚĞŶƚƵŬĂŶ ŽůĞŚ ƉĞƐĂǁĂƚ ƵĚĂƌĂ LJĂŶŐ ŽůĞŚ ƐĂůĂŚ ƐĂƚƵ ƉŝŚĂŬ
ƐĂŵĂ͘ ƉĞƌũĂŶũŝĂŶ͘

WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƌƵƐ
ŵĞůĂŬƐĂŶĂŬĂŶ ŚĂŬ ĚĂŶ
ŬĞǁĂũŝďĂŶŶLJĂĚĂŶŽůĞŚ
ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ
ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
ϴϱ͘  ^ƚĂŶĚĂƌĚ 'ƌŽƵŶĚ ,ĂŶĚůŝŶŐ Ă͘ WĞƌƐĞƌŽĂŶ͖  ŵĞŶƵŶũƵŬ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
ŐƌĞĞŵĞŶƚ EŽ͘ 'D&ͬWZ:ͬ&Ͳ ď͘ ŚŝŶĂ ŝƌůŝŶĞƐ ƉĞŬĞƌũĂĂŶŐƌŽƵŶĚŚĂŶĚůŝŶŐĚĂŶƉĞŬĞƌũĂĂŶͲ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ϯϮϰϬͬϮϬϭϲ ƚĂŶŐŐĂů ϭ KŬƚŽďĞƌ LTd. (“”). ƉĞŬĞƌũĂĂŶ ůĂŝŶ Ěŝ ůŽŬĂƐŝ ĂŶĚĂƌ hĚĂƌĂ ϭ KŬƚŽďĞƌ ϮϬϭϲ
ϮϬϭϲ /ŶƚĞƌŶĂƐŝŽŶĂů ^ŽĞŬĂƌŶŽͲ,ĂƚƚĂ ĞŶŐŬĂƌĞŶŐ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϭ
ĚĂŶ ĂŶĚĂƌ hĚĂƌĂ /ŶƚĞƌŶĂƐŝŽŶĂů EŐƵƌĂŚ DĂƌĞƚϮϬϭϴ͘
ZĂŝĞŶƉĂƐĂƌ͘
ϴϲ͘  WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂŝƐŶŝƐůEŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ W/ ƵŶƚƵŬ ƉĞŶũƵĂůĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬ&ͲϯϬϬϰͬϮϬϭϳ ď͘ WĞƌĚĂŐĂŶŐĂŶ ƉƌŽĚƵŬ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƚĂŶŐŐĂůϵ:ĂŶƵĂƌŝϮϬϭϳ ŚŵĞĚ ƚĞƌŵĂƐƵŬ ĚĞŶŐĂŶ ĂŬƐĞƐŽƌŝƐ ŬĞƉĂĚĂ ϭ :ĂŶƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
/ŶƚĞƌŶĂƐŽŶŝŽŶĂů ŽƉĞƌĂƚŽƌŝŵĂŶĂŶŐůĂĚĞƐŚŝƌůŝŶĞ͘ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ
(“W/”)͘ ϮϬϭϴ͘
ϴϳ͘  WĞƌũĂŶũŝĂŶ WĞŬĞƌũĂĂŶ :ĂƐĂ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ ŝŶĂũĂƐĂ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ŝƌĐƌĂĨƚ ůĞĂŶŝŶŐ ^ƚĂƐŝƵŶ ď͘ Wd ŝŶĂũĂƐĂ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ŬĞŐŝĂƚĂŶ ĂŝƌĐƌĂĨƚ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
ĞŶŐŬĂƌĞŶŐ EŽ͘ 'D&ͬWZ:ͬ>Ͳ ďĂĚŝŬĂƌLJĂ ĐůĞĂŶŝŶŐ ƵŶƚƵŬ ŵĞŶƵŶũĂŶŐ ƉĞŬĞƌũĂĂŶ ƚĂŚƵŶ͕ƐĞũĂŬϴ:ƵůŝϮϬϭϲ
ϯϭϵϴͬϮϬϭϲ ƚĂŶŐŐĂů Ϯϯ (“ŝŶĂũĂƐĂ”). ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ LJĂŶŐ ĂŬĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϳ :Ƶůŝ
^ĞƉƚĞŵďĞƌϮϬϭϲ ĚŝůĂŬƵŬĂŶ Ěŝ ĂŶĚĂƌ hĚĂƌĂ /ŶƚĞƌŶĂƐŝŽŶĂů ϮϬϭϵ͘
 ^ŽĞŬĂƌŶŽ ,ĂƚƚĂĞŶŐŬĂƌĞŶŐĂƚĂƵĂƌĞĂůĂŝŶ
LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ŽůĞŚ
WĞƌƐĞƌŽĂŶĚĂŶŝŶĂũĂƐĂ͘
ϴϴ͘  WĞƌũĂŶũŝĂŶ WĞŬĞƌũĂĂŶ :ĂƐĂ Ă͘ Wd WƌĂƚŝƚŚĂ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ WƌĂƚŝƚŚĂ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ŝƌĐƌĂĨƚ ůĞĂŶŝŶŐ EŽ͘ dŝƚŝĂŶŶƵƐĂŶƚĂƌĂ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŬĞƌũĂĂŶ ũĂƐĂ ĂŝƌĐƌĂĨƚ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ
'D&ͬWZ:ͬ͘>ͲϯϭϰϭͬϮϬϭϱ (“WƌĂƚŝƚŚĂ”); dan ĐůĞĂŶŝŶŐ ďĞƌƵƉĂ ĂŶƚĂƌĂ ůĂŝŶ͕ ĂŝƌĐƌĂĨƚ ƐĂŵƉĂŝĚĞŶŐĂŶϭϬ:ƵŶŝ
ƚĂŶŐŐĂůϭϰĞƐĞŵďĞƌϮϬϭϲ ď͘ WĞƌƐĞƌŽĂŶ͘ ŝŶƚĞƌŝŽƌ ĐůĞĂŶŝŶŐ ĚĂŶ ĂŝƌĐƌĂĨƚ ĞdžƚĞƌŝŽƌ ϮϬϭϴ͘
 ĐůĞĂŶŝŶŐ Ěŝ ĂƌĞĂ WĞƌƐĞƌŽĂŶ ŵĂƵƉƵŶ ĂƌĞĂ
ĂŶĚĂƌĂ /ŶƚĞƌŶĂƐŝŽŶĂů ^ĂŵƌĂƚƵůĂŶŐŝ͕
DĂŶĂĚŽ ^ƵůĂǁĞƐŝ hƚĂƌĂ͕ ĂƚĂƵ ĂƌĞĂ ůĂŝŶ
LJĂŶŐĚŝƐĞƉĂŬĂƚŝWĞƌƐĞƌŽĂŶĚĂŶWƌĂƚŝƚŚĂ͘
ϴϵ͘  ŽŶƐŝŐŶŵĞŶƚ ŐƌĞĞŵĞŶƚ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ <,^ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬdDͲϯϲϮϰͬϮϬϭϰ ď͘ <ŽŽůŚĂĂƐ ůƉŚĞŶ ŵĞŶLJĞĚŝĂŬĂŶ ĐŽŶƐŝŐŶŵĞŶƚ ƉĂƌƚƐ ĚĂƌŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϰ
ƚĂŶŐŐĂůϮϲ:ƵŶŝϮϬϭϰ BV (“<,^”). ƉƌŽĚƵŬ ƉĂďƌŝŬ ƚĞƌƚĞŶƚƵ ;ƉƌŽĚƵŬ ďĂŐŝĂŶͲ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ďĂŐŝĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂͿ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ Ϯϲ :ƵŶŝ ϮϬϭϰ ƐĂŵƉĂŝ
ƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶĚŝĨĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘ ĚĞŶŐĂŶϮϲ:ƵŶŝϮϬϭϴ͘
ϵϬ͘  ŽŶƐŝŐŶŵĞŶƚ ŐƌĞĞŵĞŶƚ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ dKW^d ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬͲϯϬϱϱͬϮϬϭϱͬ ď͘ dŽƉĐĂƐƚ ǀŝĂƚŝŽŶ ŵĞŶũƵĂů ƉĞƌƐĞĚŝĂĂŶ ďĂƌĂŶŐ ŬĞƉĂĚĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϰ
ƚĂŶŐŐĂůϭϲƉƌŝůϮϬϭϱ ^ƵƉƉůŝĞƐ Ž͕͘ >ƚĚ WĞƌƐĞƌŽĂŶ ĚĂŶ dKW^d ďĞƌũĂŶũŝ ƵŶƚƵŬ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
(“dKW^d”) ŵĞŶLJŝŵƉĂŶ ďĂŚĂŶ ŬŽŶƐŝŶLJĂƐŝ Ěŝ ŐƵĚĂŶŐ ϭϲ Ɖƌŝů ϮϬϭϱ ƐĂŵƉĂŝ
LJĂŶŐ ĚŝŬĞůŽůĂ ƐĞŶĚŝƌŝ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ĚĞŶŐĂŶϭϲƉƌŝůϮϬϭϵ͘
ƐƚĂŶĚĂƌŬĞůĂŝŬĂŶƵĚĂƌĂ͘

73
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ϵϭ͘  ŽŶƐŝŐŶŵĞŶƚ ŐƌĞĞŵĞŶƚ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ƐĞƉĂŬĂƚ ƵŶƚƵŬ ŵĞŵďĞůŝ ďĂŚĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬdDͲϯϬϴϯͬϮϬϭϱ ď͘ :Ğƚ WĂƌƚƐ ŬŽŶƐŝŶLJĂƐŝ ĚĂƌŝ :W LJĂŶŐ ŵĞŵŝůŝŬŝ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϱ
ƚĂŶŐŐĂůϵDĞŝϮϬϭϱ ŶŐŝŶĞĞƌŝŶŐ͕ /ŶĐ ŬĞŵĂŵƉƵĂŶ ƵŶƚƵŬ ŵĞŶLJĞĚŝĂŬĂŶ ďĂŚĂŶ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
(“:W”). ĚĂƌŝ ƉƌŽĚƵƐĞŶ ƉƌŽĚƵŬ ďĂŐŝĂŶͲďĂŐŝĂŶ Ϯϭ DĞŝ ϮϬϭϱ ƐĂŵƉĂŝ
ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ƉƌŽĚƵŬƐŝ ĚĞŶŐĂŶϮϬDĞŝϮϬϮϬ͘
WĞƌƐĞƌŽĂŶ͘
ϵϮ͘  ŽŶƐŝŐŶŵĞŶƚ ŐƌĞĞŵĞŶƚ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ : ŵĞŶũƵĂů ƉĞƌƐĞĚŝĂĂŶ ďĂƌĂŶŐ ŬĞƉĂĚĂ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬ>ͲϯϭϲϮͬϮϬϭϱͬ ď͘ Wd WĞƌƐĞƌŽĂŶ ĚĂŶ : ďĞƌũĂŶũŝ ƵŶƚƵŬ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƚĂŶŐŐĂůϭϱ^ĞƉƚĞŵďĞƌϮϬϭϱ :ĂƐĂĚŝƌŐĂŶƚĂƌĂ ŵĞŶLJŝŵƉĂŶ ďĂŚĂŶ ŬŽŶƐŝŶLJĂƐŝ Ěŝ ŐƵĚĂŶŐ ϭϱ ^ĞƉƚĞŵďĞƌ ϮϬϭϱ
Ekacatra (“:”). LJĂŶŐ ĚŝŬĞůŽůĂ ƐĞŶĚŝƌŝ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭϱ
 ƐƚĂŶĚĂƌŬĞůĂŝŬĂŶƵĚĂƌĂ͘ ^ĞƉƚĞŵďĞƌϮϬϭϴ͘
ϵϯ͘  WĞƌũĂŶũŝĂŶ DŝƚƌĂ hƐĂŚĂ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ sĂƐĞƌĐŽ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬ&ͲϯϭϱϭͬϮϬϭϲͬ ď͘ sŝĞƚŶĂŵ ŵĞŶũƵĂůƉƌŽĚƵŬƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϭ
ƚĂŶŐŐĂůϮϳ:ƵůŝϮϬϭϲ ǀŝĂƚŝŽŶ^ĞƌǀŝĐĞƐ ƚĞƌŵĂƐƵŬ ĂŬƐĞƐŽƌŝƐŶLJĂ ŬĞƉĂĚĂ ŽƉĞƌĂƚŽƌ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϮ
ŽŵƉĂŶLJ ƉĞƌƵƐĂŚĂĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ĚĞŶŐĂŶ ŶĂŵĂ &ĞďƌƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
>ŝŵŝƚĞĚ sŝĞƚŶĂŵͲŝƌůŝŶĞƐ͕ :ĞƚƐƚĂƌ WĂƐŝĨŝĐ ŝƌůŝŶĞƐ͕ ĚĞŶŐĂŶ Ϯ &ĞďƌƵĂƌŝ
(“sĂƐĞƌĐŽ”). sŝĞƚũĞƚŝƌĚĂŶŵĂƐŬĂƉĂŝůĂŝŶĂƚĂƵŽƉĞƌĂƚŽƌ ϮϬϭϴ͘
 ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ěŝ ĂƌĞĂ LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ 
ƐĞĐĂƌĂƚĞƌƚƵůŝƐŽůĞŚWĞƌƐĞƌŽĂŶĚĂŶsĂƐĞƌĐŽ͘
ϵϰ͘  WĞƌũĂŶũŝĂŶ :ĂƐĂ ŝƌĐƌĂĨƚ dŝƌĞ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ ƌŝĚŐĞƐƚŽŶĞ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
;^ŝŶŐůĞ hŶŝƚ WƌŝĐĞͿ ď͘ ƌŝĚŐĞƐƚŽŶĞ ŵĞŶƐƵƉůĂŝ ďĂŶ ďĂƌƵ LJĂŶŐ ĚŝƉƌŽĚƵŬƐŝ ŽůĞŚ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
EŽ͘'D&ͬWZ:ͬdDͲϯϬϮϴͬϮϬϭϳ ŝƌĐƌĂĨƚ dŝƌĞ ƌŝĚŐĞƐƚŽŶĞĚŝ,ŽŶŐ<ŽŶŐĚĞŶŐĂŶŵĞƚŽĚĞ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϴ
ƚĂŐŐĂůϭϬ&ĞďƌƵĂƌŝϮϬϭϳ ŽŵƉĂŶLJ ;ƐŝĂͿ ƐŝŶŐůĞƵŶŝƚƉƌŝĐĞ͘ :Ƶůŝ ϮϬϭϲ ƐĂŵƉĂŝ
>ŝŵŝƚĞĚ ĚĞŶŐĂŶϳ:ƵůŝϮϬϭϵ͘
(“ƌŝĚŐĞƐƚŽŶĞ”).
ϵϱ͘  WĞƌũĂŶũŝĂŶ ŝƐƉĂƚĐŚ ϭϬϬƐŵ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ ZŽĐŬǁĞůů ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬzͲϯϱϮϳͬϮϬϭϮ ď͘ ZŽĐŬǁĞůů ŽůůŝŶƐ͕ ŵĞŵƉĞƌďĂŝŬŝ ƉĞƌĂůĂƚĂŶ LJĂŶŐ ƚĞƌƉĂƐĂŶŐ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƚĂŶŐŐĂů ϱ KŬƚŽďĞƌ ϮϬϭϮ /ŶĐ͘ ƉĂĚĂ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ŵŝůŝŬ ϱ KŬƚŽďĞƌ ϮϬϭϮ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƵďĂŚ (“ZŽĐŬǁĞůů”). WĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ƐƵŬƵ ĐĂĚĂŶŐ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϰ
ĚĞŶŐĂŶ WĞƌũĂŶũŝĂŶ ŵĂŶĚĞŵĞŶ ƚĞƌŚĂĚĂƉƉĞƐĂǁĂƚƵĚĂƌĂŵŝůŝŬWĞƌƐĞƌŽĂŶ͘ KŬƚŽďĞƌϮϬϭϳ͘
–/EŽ͘'D&ͬWZ:ͬDEͲ/ͬzͲ
ϯϰϮϵͬϮϬϭϮͬϮϬϭϱ ƚĂŶŐŐĂů Ϯϱ
ŐƵƐƚƵƐϮϬϭϱ
ϵϲ͘  WĞƌũĂŶũŝĂŶ ĂƚĂƐ ĂŶƚƵĂŶ dĞŬŶŝƐ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ 'D ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
ĚĂŶ <ĞƌũĂƐĂŵĂ WĞŵĂƐĂƌĂŶ EŽ͘ ď͘ 'D ǀŝĂƚŝŽŶƐ ŵĞůĂŬƵŬĂŶ ŬĞƌũĂƐĂŵĂ ƉĞŬĞƌũĂĂŶ ůŝŶĞ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
'D&ͬWZ:ͬdͲϯϬϮϯͬϮϬϭϳ ^ĞƌǀŝĐĞƐ tͲ ŵĂŝŶƚĞŶĂŶĐĞ ƐĞƌƚĂ ŵĞůĂŬƵŬĂŶ ƉĞŵĂƐĂƌĂŶ ϭϬ &ĞďƌƵĂƌŝ ϮϬϭϳ
ƚĂŶŐŐĂůϭϬ&ĞďƌƵĂƌŝϮϬϭϳ LLC (“'D”). ĚĂůĂŵ ƌĂŶŐŬĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ƉĞŶũƵĂůĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϵ
ƉĞŬĞƌũĂĂŶůŝŶĞŵĂŝŶƚĞŶĂŶĐĞ͘ &ĞďƌƵĂƌŝϮϬϭϴ͘
ϵϳ͘  :ƵƐƚ ŝŶ dŝŵĞ ŐƌĞĞŵĞŶƚ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŵďĞůŝ ŵĂƚĞƌŝĂů ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬ͘dDͲϯϬϳϰͬϮϬϭϳ ď͘ WW' /ŶĚƵƐƚƌŝĞƐ ŵĂŶƵĨĂĐƚƵƌĞ ĚĂƌŝ WW' ĚĂŶ WW' ĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ ϯ
ƚĂŶŐŐĂůϭ:ĂŶƵĂƌŝϮϬϭϳ ;^ŝŶŐĂƉŽƌĞͿ WƚĞ ŵĞŶLJĞĚŝĂŬĂŶ ŵĂƚĞƌŝĂůͲŵĂƚĞƌŝĂů LJĂŶŐ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
Ltd (“WW'”). ĚŝďƵƚƵŚŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƐĞƚŝĂƉ ƚĂŶŐŐĂů
ƐĂĂƚƐĞůĂŵĂũĂŶŐŬĂǁĂŬƚƵƉĞƌũĂŶũŝĂŶ͘ ƉĞŶĂŶĚĂƚĂŶŐĂŶĂŶŶLJĂ͕
LJĂŝƚƵ ƐĞũĂŬ ϭ :ĂŶƵĂƌŝ
ϮϬϭϳ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭ
:ĂŶƵĂƌŝϮϬϮϬ͘
ϵϴ͘  WĞƌũĂŶũŝĂŶ WĞŶŐĂĚĂĂŶ ,ŝŐŚ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ ǁŽƌdžƐĞƚƵũƵƵŶƚƵŬŵĞŶĞƌŝŵĂƉĞŶƵŶũƵŬĂŶ WĞƌũĂŶũŝĂŶ ďĞƌůĂŬƵ
sĂĐƵƵŵ &ƵƌŶĂĐĞ EŽ͘ ď͘ Wd ǁŽƌdž ĚĂƌŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ƐĞũĂŬ ƉĞƌũĂŶũŝĂŶ
'D&ͬWZ:ͬ>ͲϯϬϱϯͬϮϬϭϳ /ŶĚŽŶĞƐŝĂ ƉĞŬĞƌũĂĂŶƉĞŶŐĂĚĂĂŶŚŝŐŚǀĂĐƵƵŵĨƵƌŶĂĐĞ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ƐĂŵƉĂŝ
ƚĂŶŐŐĂůϭϳDĂƌĞƚϮϬϭϳ (“ǁŽƌdž”). ĚĂůĂŵ ƌĂŶŐŬĂ ŬĞŐŝĂƚĂŶ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ĚĞŶŐĂŶ ϲ ďƵůĂŶ ĚĂƌŝ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉƌŽƐĞƐ ƉƌŽĚƵŬƐŝ ũĂƐĂ ƚĂŶŐŐĂů LJĂŶŐ ƚĞƌƚĞƌĂ
ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͘ ĚĂůĂŵ ƐƵƌĂƚ ƉĞƌŝŶƚĂŚ
kerja (“^W<”), yaitu 16
&ĞďƌƵĂƌŝ ϮϬϭϳ ƐĂŵƉĂŝ
ĚĞŶŐĂŶ ϭϲ ŐƵƐƚƵƐ
ϮϬϭϳ ĂƚĂƵ ƐĂŵƉĂŝ
ƐĞůƵƌƵŚ ŬĞǁĂũŝďĂŶ
WĞƌƐĞƌŽĂŶ ĚĂŶ ǁŽƌdž
ƚĞƌƉĞŶƵŚŝ͘

WĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƌƵƐ
ŵĞůĂŬƐĂŶĂŬĂŶ ŚĂŬ ĚĂŶ
ŬĞǁĂũŝďĂŶŶLJĂĚĂŶŽůĞŚ
ŬĂƌĞŶĂŶLJĂ ƚĞƚĂƉ
ƚƵŶĚƵŬ ƉĂĚĂ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ

74
EŽ͘ WĞƌũĂŶũŝĂŶĚĂŶdĂŶŐŐĂů WĂƌĂWŝŚĂŬ ZƵĂŶŐ>ŝŶŐŬƵƉ :ĂŶŐŬĂtĂŬƚƵ
ƉĞƌũĂŶũŝĂŶ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘
ϵϵ͘  ŽŶƐŝŐŶŵĞŶƚ ŐƌĞĞŵĞŶƚ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ :Ğƚ /ŶƚĞƌŶĂƚŝŽŶĂů ƐĞƚƵũƵ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:͘dDͲϯϮϯϬͬϮϬϭϲ ď͘ :Ğƚ /ŶƚĞƌŶĂƚŝŽŶĂů ŵĞŶLJĞĚŝĂŬĂŶ ďĞďĞƌĂƉĂ ďĂŚĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƚĂŶŐŐĂůϭKŬƚŽďĞƌϮϬϭϲ ŽŵƉĂŶLJ͕ >͘>͘ ƉƌŽĚƵŬƐŝͬŵĂƚĞƌŝĂůͲŵĂƚĞƌŝĂů LJĂŶŐ ϭ KŬƚŽďĞƌ ϮϬϭϲ
(“:Ğƚ ĚŝƐĞďƵƚŬĂŶ ĚĂůĂŵ ƉĞƌũĂŶũŝĂŶ ƉĂĚĂ ŐƵĚĂŶŐ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϬ
/ŶƚĞƌŶĂƚŝŽŶĂů”) WĞƌƐĞƌŽĂŶ Ěŝ /ŶĚŽŶĞƐŝĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ^ĞƉƚĞŵďĞƌϮϬϭϵ͘
ƉĞƌĂƚƵƌĂŶ ŬĞůĂŝŬĂŶ ƵĚĂƌĂ ĚĂŶ ƵŶƚƵŬ
ŵĞůĂŬƐĂŶĂŬĂŶ ŬŽŶƚƌŽů ŝŶǀĞŶƚĂƌŝƐ ĚĞŶŐĂŶ
ƉĞůĞƉĂƐĂŶ ŵĂƚĞƌŝĂů ďĞƌĚĂƐĂƌŬĂŶ ĨŝƌƐƚͲŝŶͲ
ĨŝƌƐƚͲŽƵƚďĂƐŝƐ͘
ϭϬϬ͘  ŽŶƐŝŐŶŵĞŶƚ ŐƌĞĞŵĞŶƚ EŽ͘ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ tĞŶĐŽƌ ƐĞƚƵũƵ ƵŶƚƵŬ ŵĞŶLJĞĚŝĂŬĂŶ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬ͘>ͲϯϬϳϬͬϮϬϭϱ ď͘ tĞŶĐŽƌ >͘>͘ ďĞďĞƌĂƉĂ ďĂŚĂŶ ƉƌŽĚƵŬƐŝͬŵĂƚĞƌŝĂůͲ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƚĂŶŐŐĂů ϭ Ɖƌŝů ϮϬϭϱ (“tĞŶĐŽƌ”). ŵĂƚĞƌŝĂů LJĂŶŐ ĚŝƐĞďƵƚŬĂŶ ĚĂůĂŵ ϭ Ɖƌŝů ϮϬϭϱ ƐĂŵƉĂŝ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ ĚĞŶŐĂŶ  ƉĞƌũĂŶũŝĂŶƉĂĚĂ ŐƵĚĂŶŐ WĞƌƐĞƌŽĂŶ Ěŝ ĚĞŶŐĂŶϭƉƌŝůϮϬϭϴ͘
ŵĞŶĚŵĞŶƚͲ/ ƚŽ ŽŶƐŝŐŶŵĞŶƚ /ŶĚŽŶĞƐŝĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ
ŐƌĞĞŵĞŶƚ EŽ͘ 'D&ͬWZ:ͬ͘>Ͳ ŬĞůĂŝŬĂŶ ƵĚĂƌĂ ĚĂŶ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ
ϯϬϳϬͬϮϬϭϱƚĂŶŐŐĂůϭƉƌŝůϮϬϭϱ ŬŽŶƚƌŽů ŝŶǀĞŶƚĂƌŝƐ ĚĞŶŐĂŶ ƉĞůĞƉĂƐĂŶ
ŵĂƚĞƌŝĂů ďĞƌĚĂƐĂƌŬĂŶ ĨŝƌƐƚͲŝŶͲĨŝƌƐƚͲŽƵƚ
ďĂƐŝƐ͘
ϭϬϭ͘  ŽŶƐŝŐŶŵĞŶƚ ŐƌĞĞŵĞŶƚ EŽ͘ Ă͘ WY ŝƌƐƉĂƌĞƐ WY ĂŬĂŶ ŵĞŵďĞůŝ ƐƵŬƵ ĐĂĚĂŶŐ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬ͘>ͲϯϮϵϲͬϮϬϭϲ Limited (“WY”); ƉĞƐĂǁĂƚ ƐĞĐĂƌĂ ĞŬƐůƵƐŝĨ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƚĂŶŐŐĂůϭϰĞƐĞŵďĞƌϮϬϭϲ ĚĂŶ LJĂŶŐ ĚŝŬŝƌŝŵ ĚĂƌŝ 'ƵĚĂŶŐ WY LJĂŶŐ ϱ KŬƚŽďĞƌ ϮϬϭϲ
ď͘ WĞƌƐĞƌŽĂŶ͘ ďĞƌůŽŬĂƐŝĚŝ&ĂŝƌŐĂƚĞĞŶƚƌĞ͕,ĂŵƉƐŚŝƌĞ͘ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϰ
 KŬƚŽďĞƌϮϬϭϳ͘
ϭϬϮ͘  ŽŶƐŝŐŶŵĞŶƚ ŐƌĞĞŵĞŶƚ EŽ͘ Ă͘ Wd dŝƚĂŶŵĂƐ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ dŝƚĂŶŵĂƐ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
'D&ͬWZ:ͬ͘>ͲϯϭϲϯͬϮϬϭϱ ^ƵƌLJĂ ŵĞŶLJĞĚŝĂŬĂŶ ďĞƌŵĂĐĂŵ ƉƌŽĚƵŬ ƉĞƌũĂŶũŝĂŶĂĚĂůĂŚƐĞũĂŬ
ƚĂŶŐŐĂůϭϱ^ĞƉƚĞŵďĞƌϮϬϭϱ (“dŝƚĂŶŵĂƐ”); ĐŽŶƐŝŐŶŵĞŶƚ ƉĂƌƚƐ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ϭϱ ^ĞƉƚĞŵďĞƌ ϮϬϭϱ
ĚĂŶ ƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶĚŝŐƵĚĂŶŐWĞƌƐĞƌŽĂŶĚŝ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϰ
ď͘ WĞƌƐĞƌŽĂŶ͘ ĞŶŐŬĂƌĞŶŐ͘ KŬƚŽďĞƌϮϬϭϴ͘
ϭϬϯ͘  WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ :ĂƐĂ Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶƵŶũƵŬ dE/Ͳh͕ ƵŶƚƵŬ :ĂŶŐŬĂ ǁĂŬƚƵ
<ĞĂŵĂŶĂŶ ĚĂŶ <ĞďĞƌƐŝŚĂŶ EŽ͘ ď͘ WĂŶŐŬĂůĂŶ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƉĞŶŐĂŵĂŶĂŶ ĚĂŶ ƉĞƌũĂŶũŝĂŶ ĂĚĂůĂŚ Ϯ
'D&ͬWZ:ͬdhDͲϯϮϭϯͬϮϬϭϲ dĞŶƚĂƌĂEĂƐŝŽŶĂů ŬĞďĞƌƐŝŚĂŶ Ěŝ ůŝŶŐŬƵŶŐĂŶ ĂƌĞĂ ƉĂƌŬŝƌ ĚĂŶ ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭ
ƚĂŶŐŐĂůϭKŬƚŽďĞƌϮϬϭϲ /ŶĚŽŶĞƐŝĂ ƉĞƌŬĂŶƚŽƌĂŶWĞƌƐĞƌŽĂŶ͘ KŬƚŽďĞƌ ϮϬϭϲ ƐĂŵƉĂŝ
ŶŐŬĂƚĂŶ hĚĂƌĂ  ĚĞŶŐĂŶ ϮϬ ^ĞƉĞŵďĞƌ
^ƵůƚĂŶ ϮϬϭϴ͘
,ĂƐĂŶƵĚĚŝŶ
(“dE/Ͳh”).

ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶŐĂĚĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ ĂŶƚĂƌĂ ůĂŝŶ ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗

WĞƌũĂŶũŝĂŶ<ƌĞĚŝƚĚĞŶŐĂŶWŝŚĂŬdĞƌĂĨŝůŝĂƐŝ͗

WĞƌũĂŶũŝĂŶWŝŶũĂŵĂŶEŽ͘'D&ͬWZ:ͬ&ͲϯϮϰϴͬϮͲϭϯƚĂŶŐŐĂůϭϬ:ƵŶŝϮϬϭϯ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶ͖ĚĂŶ
ď͘ 'Zh͘

ZƵĂŶŐ>ŝŶŐŬƵƉĚĂŶ^ƵŬƵƵŶŐĂ<ƌĞĚŝƚ͗
'ZhƐĞƚƵũƵƵŶƚƵŬŵĞŵďĞƌŝŬĂŶƉŝŶũĂŵĂŶĚĂŶĂŬĞƉĂĚĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶũƵŵůĂŚƉŽŬŽŬƉŝŶũĂŵĂŶƐĞďĞƐĂƌ
USD4.900.000 (”Utang Pokok”)

WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵďĂLJĂƌďƵŶŐĂĂƚĂƐũƵŵůĂŚhƚĂŶŐWŽŬŽŬŬĞƉĂĚĂ'ZhƐĞďĞƐĂƌ>/KZϭďƵůĂŶĚŝƚĂŵďĂŚ
ϰ͕ϮϱйƉĞƌƚĂŚƵŶ͘

:ĂŶŐŬĂtĂŬƚƵ͗
:ĂŶŐŬĂǁĂŬƚƵƉŝŶũĂŵĂŶĂĚĂůĂŚƐĂŵƉĂŝĚĞŶŐĂŶĚŝƚĂŶĚĂƚĂŶŐĂŶŝŶLJĂďĞƌŝƚĂĂĐĂƌĂƉĞŶLJĞůĞƐĂŝĂŶƵƚĂŶŐ͘




75
WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
^ĞƉĂŶũĂŶŐ ŵĂƐĂ ďĞƌůĂŬƵ ƉĞƌũĂŶũŝĂŶ ĂƚĂƵ ƐĞďĞůƵŵ ĚŝƐĞůĞƐĂŝŬĂŶŶLJĂ ĚĂŶ ƚĞƌďĂLJĂƌ ůƵŶĂƐ ƐĞůƵƌƵŚ ĚĂŶ ƐĞƚŝĂƉ
ŬĞǁĂũŝďĂŶWĞƌƐĞƌŽĂŶŬĞƉĂĚĂ'ZhďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶ͗

ŝ͘ WĞƌƐĞƌŽĂŶƚŝĚĂŬĚŝƉĞƌďŽůĞŚŬĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞƌƵďĂŚĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶĂŬƚŝǀŝƚĂƐďŝƐŶŝƐƵƚĂŵĂĚĂŶ
ƉĞƌƵďĂŚĂŶďŝĚĂŶŐƵƐĂŚĂƚĂŶƉĂƉĞŵďĞƌŝƚĂŚƵĂŶŬĞƉĂĚĂĚĂŶƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐ'Zh͘
ŝŝ͘ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ĚŝƉĞƌďŽůĞŚŬĂŶ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ŐĂƌĂŶƐŝ ĂƚĂƵƉƵŶ ũĂŵŝŶĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ ;ŬĞĐƵĂůŝ
ũĂŵŝŶĂŶ ĂƚĂƵ ŐĂƌĂŶƐŝ ĂƚĂƵ ƐĞĐƵƌŝƚLJ ĚĞƉŽƐŝƚ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ƵŶƚƵŬ ƚƌĂŶƐĂŬƐŝ ƵƐĂŚĂ ďĂŝŬ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ
ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŶŐƐƵŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶͿ ƚĂŶƉĂ ƉĞŵďĞƌŝƚĂŚƵĂŶ ŬĞƉĂĚĂ ĚĂŶ
ƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐ'Zh͘
ŝŝŝ͘ ĂůĂŵ ŚĂů ƐĞƉĂŶũĂŶŐ ŵĂƐĂ ďĞƌůĂŬƵ ƉĞƌũĂŶũŝĂŶ͕ 'Zh ƚŝĚĂŬ ůĂŐŝ ŵĞŶũĂĚŝ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ŵĂLJŽƌŝƚĂƐ
WĞƌƐĞƌŽĂŶ;ŬƵƌĂŶŐĚĂƌŝϱϬйͿŵĂŬĂWĞƌƐĞƌŽĂŶǁĂũŝďŵĞůƵŶĂƐŝƐĞůƵƌƵŚhƚĂŶŐWŽŬŽŬĚĂŶďƵŶŐĂLJĂŶŐďĞůƵŵ
ĚŝďĂLJĂƌƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϵϬŚĂƌŝŬĂůĞŶĚĞƌƐĞũĂŬƉĞƌƵďĂŚĂŶŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵƚĞƌƐĞďƵƚƚĞƌũĂĚŝƐĞĐĂƌĂ
ŚƵŬƵŵĚĞŶŐĂŶƚŝĚĂŬŵĞŶŐĞĐƵĂůŝŬĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐĂĚĂĚĂůĂŵƉĞƌũĂŶũŝĂŶ͘

:ĂŵŝŶĂŶ͗
:ĂŵŝŶĂŶĂƚĂƐĨĂƐŝůŝƚĂƐŬƌĞĚŝƚĚĂůĂŵƉĞƌũĂŶũŝĂŶďĞƌƐŝĨĂƚĐůĞĂŶďĂƐŝƐ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚ͗
h^ϵϴϬ͘ϬϬϬ

WĞƌũĂŶũŝĂŶ<ƌĞĚŝƚĚĞŶŐĂŶWŝŚĂŬ<ĞƚŝŐĂ͗

ϭ͘ ŬƚĂWĞƌũĂŶũŝĂŶ&ĂƐŝůŝƚĂƐWŝŶũĂŵĂŶĞƌũĂŶŐŬĂ^ĞŶŝŽƌEŽ͘ϰϭƚĂŶŐŐĂůϭϲ:ƵůŝϮϬϭϰ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ
ƌƌLJ ^ƵƉƌĂƚŶŽ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ ƚĞƌĂŬŚŝƌ ŬĂůŝ ĚĞŶŐĂŶ ĚĚĞŶĚƵŵ / ĂƚĂƐ
WĞƌũĂŶũŝĂŶ&ĂƐŝůŝƚĂƐWŝŶũĂŵĂŶĞƌũĂŶŐŬĂ^ĞŶŝŽƌƚĂŶŐŐĂůϯϬ:ƵŶŝϮϬϭϱ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝWĞŵŝŶũĂŵ͖ĚĂŶ
ď͘ PT Indonesia Infrastructure Finance (“IIF”) sebagai Pemberi PinjamĂŶ͘

ZƵĂŶŐ>ŝŶŐŬƵƉĚĂŶ^ƵŬƵƵŶŐĂ<ƌĞĚŝƚ͗
WĞŵďĞƌŝ WŝŶũĂŵĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ŬĞƉĂĚĂ WĞŵŝŶũĂŵ ƐƵĂƚƵ ĨĂƐŝůŝƚĂƐ ƉŝŶũĂŵĂŶ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ ŽůĂƌ
Amerika Serikat dengan jumlah sampai dengan USD21.500.000 (“Fasilitas”).

WĞŵŝŶũĂŵŚĂƌƵƐŵĞŶŐŐƵŶĂŬĂŶƐĞůƵƌƵŚũƵŵůĂŚLJĂŶŐĚŝƉŝŶũĂŵŶLJĂďĞƌĚĂƐĂƌŬĂŶ&ĂƐŝůŝƚĂƐƵŶƚƵŬƉĞůĂŬƐĂŶĂĂŶ
ƉĞŵďŝĂLJĂĂŶďĞůĂŶũĂŵŽĚĂů͕LJĂŝƚƵƉĞŵďĞůŝĂŶƉĞƌĂůĂƚĂŶ͕ĂůĂƚĚĂŶŬŽŵƉŽŶĞŶƐƵŬƵĐĂĚĂŶŐ͘

^ƵŬƵ ďƵŶŐĂ ĂƚĂƐ ƉŝŶũĂŵĂŶ͕ ƵŶƚƵŬ ƐĞƚŝĂƉ ƉĞƌŝŽĚĞ ďƵŶŐĂ ĂĚĂůĂŚ ƉĞƌƐĞŶƚĂƐĞ ƉĞƌ ƚĂŚƵŶ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ
ũƵŵůĂŚĚĂƌŝDĂƌũŝŶ;ϰ͕ϰϱйƉĞƌƚĂŚƵŶͿĚĂŶ>/KZ͘

:ĂŶŐŬĂtĂŬƚƵ͗
:ĂŶŐŬĂǁĂŬƚƵ&ĂƐŝůŝƚĂƐĂĚĂůĂŚƐĂŵƉĂŝĚĞŶŐĂŶϯϭĞƐĞŵďĞƌϮϬϮϬ͘

WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
ŝ͘ WĞŵŝŶũĂŵĚŝůĂƌĂŶŐƵŶƚƵŬŵĞŵďƵĂƚĂƚĂƵŵĞŶŐŝnjŝŶŬĂŶƚĞƌĐŝƉƚĂŶLJĂũĂŵŝŶĂŶĂƉĂƉƵŶĂƚĂƐĂƐĞƚŵŝůŝŬŶLJĂ͕
ŬĞĐƵĂůŝĚĞŶŐĂŶŝnjŝŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝWĞŵďĞƌŝWŝŶũĂŵĂŶ͘WĞŵŝŶũĂŵĚŝůĂƌĂŶŐƵŶƚƵŬ͗
Ă͘ DĞŶũƵĂů͕ŵĞŶŐĂůŝŚŬĂŶĂƚĂƵĚĞŶŐĂŶĐĂƌĂůĂŝŶŵĞůĞƉĂƐŬĂŶƐĞƚŝĂƉĂƐĞƚĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶĚŝŵĂŶĂ
ĂƐĞƚƚĞƌƐĞďƵƚĂŬĂŶĂƚĂƵĚĂƉĂƚĚŝƐĞǁĂŬĂŶŬĞƉĂĚĂĂƚĂƵĚŝĂŵďŝůĂůŝŚŬĞŵďĂůŝŽůĞŚWĞŵŝŶũĂŵ͖
ď͘ DĞŶũƵĂů͕ŵĞŶŐĂůŝŚŬĂŶ͕ĂƚĂƵĚĞŶŐĂŶĐĂƌĂůĂŝŶŵĞůĞƉĂƐŬĂŶĂƚĂƐƐĞƚŝĂƉƉŝƵƚĂŶŐĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
ƌĞĐŽƵƌƐĞ͖
Đ͘ DĞŶŐŝŬĂƚŬĂŶĚŝƌŝƚĞƌŚĂĚĂƉƐĞƚŝĂƉŬĞƚĞŶƚƵĂŶƌĞƚĞŶƐŝĂƚĂƵŚĂŬŬĞƉĞŵŝůŝŬĂŶ͖
Ě͘ DĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƚĞƌŚĂĚĂƉ ƐĞƚŝĂƉ ŬĞƚĞŶƚƵĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŵĂŶĂ ƐĞƚŝĂƉ ĚĂŶĂ ĂƚĂƵ ŬĞƵŶƚƵŶŐĂŶ
ĚĂƌŝ ƐƵĂƚƵ ƌĞŬĞŶŝŶŐ ďĂŶŬ ĂƚĂƵ ƌĞŬĞŶŝŶŐ ůĂŝŶŶLJĂ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ͕ ĚŝƉĞƌũƵŵƉĂŬĂŶ ĂƚĂƵ LJĂŶŐ
ƚƵŶĚƵŬƉĂĚĂƐƵĂƚƵŬŽŵďŝŶĂƐŝƌĞŬĞŶŝŶŐͲƌĞŬĞŶŝŶŐ͖ĂƚĂƵ

76
 Ğ͘ DĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƚĞƌŚĂĚĂƉ ƐĞƚŝĂƉ ŬĞƚĞŶƚƵĂŶ ĚĞŶŐĂŶ ŚĂŬ ƉƌĞĨĞƌĞŶƐŝ ůĂŝŶ LJĂŶŐ ŵĞŵŝůŝŬŝ ĚĂŵƉĂŬ
ƐĞƌƵƉĂ͖

ĚĂůĂŵ ŚĂů ŵĂŶĂ ŬĞƚĞŶƚƵĂŶ ĂƚĂƵ ƚƌĂŶƐĂŬƐŝ LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ ƚĞƌƐĞďƵƚ ĚŝďƵĂƚ ĚĞŶŐĂŶ ƚƵũƵĂŶ ƵŶƚƵŬ
ŵĞŶĐŝƉƚĂŬĂŶ<ĞǁĂũŝďĂŶ<ĞƵĂŶŐĂŶĂƚĂƵƉĞŵďŝĂLJĂĂŶƐƵĂƚƵƉĞŵďĞůŝĂŶĂƐĞƚ͘
<ĞƚĞŶƚƵĂŶĚŝĂƚĂƐƚŝĚĂŬďĞƌůĂŬƵƚĞƌŚĂĚĂƉ͗;ŝͿƐĞƚŝĂƉũĂŵŝŶĂŶLJĂŶŐƚĞůĂŚĂĚĂŬĞĐƵĂůŝƐĞƉĂŶũĂŶŐƉŽŬŽŬ
ƉŝŶũĂŵĂŶ LJĂŶŐ ĚŝũĂŵŝŶ ďĞƌĚĂƐĂƌŬĂŶ ũĂŵŝŶĂŶ ƚĞƌƐĞďƵƚ ŵĞůĞďŝŚŝ ũƵŵůĂŚ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
ůĂŵƉŝƌĂŶ ƚĞƌƐĞďƵƚ͖ ;ŝŝͿ ƐĞƚŝĂƉ ƉĞƌũƵŵƉĂĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ WĞŵŝŶũĂŵ ĚĂůĂŵ ŬĞŐŝĂƚĂŶ ƐĞŚĂƌŝͲŚĂƌŝ
ĂƚĂƐƐĞƚŝĂƉƵƌƵƐĂŶƉĞƌďĂŶŬĂŶŶLJĂĚĂůĂŵŬĂŝƚĂŶŶLJĂĚĞŶŐĂŶƉĞƌũƵŵƉĂĂŶƐĂůĚŽĚĞďŝƚĚĂŶƐĂůĚŽŬƌĞĚŝƚ͖
;ŝŝŝͿƐĞƚŝĂƉƉĞŵďĂLJĂƌĂŶĂƚĂƵƉĞŶLJĞůĞƐĂŝĂŶƉĞƌũƵŵƉĂĂŶďĞƌĚĂƐĂƌŬĂŶƐƵĂƚƵƚƌĂŶƐĂŬƐŝůŝŶĚƵŶŐŶŝůĂŝLJĂŶŐ
ĚŝůĂŬƵŬĂŶŽůĞŚWĞŵŝŶũĂŵƵŶƚƵŬƚƵũƵĂŶ;ĂͿůŝŶĚƵŶŐŶŝůĂŝĂƚĂƐƌŝƐŝŬŽƚĞƌŚĂĚĂƉWĞŵŝŶũĂŵĚĂůĂŵŬĞŐŝĂƚĂŶ
ƉĞƌĚĂŐĂŶŐĂŶďŝĂƐĂƐĞŚĂƌŝͲŚĂƌŝ͖;ďͿƉĞŶŐĞůŽůĂĂŶƌŝƐŝŬŽƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂĂƚĂƵŶŝůĂŝƚƵŬĂƌŵĂƚĂƵĂŶŐ
LJĂŶŐĚŝůĂŬƵŬĂŶĚĂůĂŵŬĞŐŝĂƚĂŶƵƐĂŚĂŶŽƌŵĂůĚĂŶƵŶƚƵŬƚƵũƵĂŶƉĞŶŐŚŝŶĚĂƌĂŶƐƉĞŬƵůĂƐŝ͕ŶĂŵƵŶƚŝĚĂŬ
ƚĞƌŵĂƐƵŬ͕ ĚĂůĂŵ ƐĞƚŝĂƉ ŬĂƐƵƐŶLJĂ͕ ƐĞƚŝĂƉ ũĂŵŝŶĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƉĞŶŐĂƚƵƌĂŶ ĚƵŬƵŶŐĂŶ ŬƌĞĚŝƚ
ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƐƵĂƚƵ ƚƌĂŶƐĂŬƐŝ ůŝŶĚƵŶŐ ŶŝůĂŝ͖ ;ŝǀͿ ƐĞƚŝĂƉ ŚĂŬ ũĂŵŝŶĂŶ LJĂŶŐ ƚŝŵďƵů ŬĂƌĞŶĂ
ƉĞůĂŬƐĂŶĂĂŶ ŬĞƚĞŶƚƵĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ ĚĂŶ ĚĂůĂŵ ƉĞůĂŬƐĂŶĂĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ŶŽƌŵĂů ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶďĂŚǁĂƵƚĂŶŐLJĂŶŐĚŝũĂŵŝŶƚĞƌƐĞďƵƚĚŝďĂLJĂƌŬĂŶŬĞƚŝŬĂũĂƚƵŚƚĞŵƉŽĂƚĂƵĚŝƐĂŶŐŐĂŚĚĞŶŐĂŶ
ŝƚŝŬĂĚ ďĂŝŬ ŵĞůĂůƵŝ ƉƌŽƐĞƐ LJĂŶŐ ƉĂƚƵƚ ĚĂŶ ĚŝĐĂĚĂŶŐŬĂŶ ĚĞŶŐĂŶ ƐĞĐƵŬƵƉŶLJĂ͖ ;ǀͿ ƐĞƚŝĂƉ ũĂŵŝŶĂŶ
ŬĞďĞŶĚĂĂŶ ĂƚĂƐ ĂƚĂƵ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĂƐĞƚ LJĂŶŐ ĚŝďĞůŝ ŽůĞŚ WĞŵŝŶũĂŵ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů
ƉĞƌũĂŶũŝĂŶũŝŬĂ;ĂͿũĂŵŝŶĂŶŬĞďĞŶĚĂĂŶƚĞƌƐĞďƵƚƚŝĚĂŬƚĞůĂŚĚŝĐŝƉƚĂŬĂŶƵŶƚƵŬŵĂŬƐƵĚƉĞŵďĞůŝĂŶĂƐĞƚ
ƚĞƌƐĞďƵƚ ŽůĞŚ WĞŵŝŶũĂŵ͖ ;ďͿ ũƵŵůĂŚ ƉŽŬŽŬ LJĂŶŐ ĚŝũĂŵŝŶ ƚŝĚĂŬ ĚŝƚŝŶŐŬĂƚŬĂŶ ĚĞŶŐĂŶ ŵĂŬƐƵĚ ĂƚĂƵ
ŬĂƌĞŶĂ ƉĞŵďĞůŝĂŶ ĂƐĞƚ ƚĞƌƐĞďƵƚ ŽůĞŚ WĞŵŝŶũĂŵ͖ ĚĂŶ ;ĐͿ ũĂŵŝŶĂŶ ŬĞďĞŶĚĂĂŶ ƚĞƌƐĞďƵƚ ĚŝĂŶŐŬĂƚ ĂƚĂƵ
ĚŝůĞƉĂƐŬĂŶ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ Ϯ ďƵůĂŶ ƐĞũĂŬ ƚĂŶŐŐĂů ƉĞŵďĞůŝĂŶ ĂƐĞƚ ƚĞƌƐĞďƵƚ͖ ;ǀŝͿ ƐĞƚŝĂƉ ũĂŵŝŶĂŶ
ŬĞďĞŶĚĂĂŶLJĂŶŐĚŝĐŝƉƚĂŬĂŶďĞƌĚĂƐĂƌŬĂŶĚŽŬƵŵĞŶƉĞŵďŝĂLJĂĂŶ͖;ǀŝŝͿƐĞƚŝĂƉũĂŵŝŶĂŶŬĞďĞŶĚĂĂŶLJĂŶŐ
ƚŝŵďƵů ďĞƌĚĂƐĂƌŬĂŶ ƐƵĂƚƵ ŬĞƚĞŶƚƵĂŶ ƉĞŶĂŚĂŶĂŶ ƚŝƚĞů ŬĞƉĞŵŝůŝŬĂŶ ;ƌĞƚĞŶƚŝŽŶ ŽĨ ƚŝƚůĞͿ͕ ŚŝƌĞͲƉƵƌĐŚĂƐĞ͕
ũƵĂů ďĞůŝ ďĞƌƐLJĂƌĂƚ ĂƚĂƵ ŬĞƚĞŶƚƵĂŶ ůĂŝŶ LJĂŶŐ ŵĞŵŝůŝŬŝ ĚĂŵƉĂŬ ƐĞƌƵƉĂ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ďĂƌĂŶŐͲ
ďĂƌĂŶŐ LJĂŶŐ ĚŝƉĂƐŽŬ ŬĞƉĂĚĂ WĞŵŝŶũĂŵ ĚĂůĂŵ ŬĞŐŝĂƚĂŶ ƉĞƌĚĂŐĂŶŐĂŶ ŶŽƌŵĂů ƐĞŚĂƌŝͲŚĂƌŝ ĚĂŶ
ďĞƌĚĂƐĂƌŬĂŶ ŬĞƚĞŶƚƵĂŶ ƐƚĂŶĚĂƌ ĂƚĂƵ ŬĞďŝĂƐĂĂŶ ĚĂƌŝ ƉĞŵĂƐŽŬ ĚĂŶ LJĂŶŐ ďƵŬĂŶ ƚŝŵďƵů ŬĂƌĞŶĂ ĂŬŝďĂƚ
ƐƵĂƚƵĐŝĚĞƌĂũĂŶũŝĂƚĂƵŬĞůĂůĂŝĂŶƵŶƚƵŬďĞƌďƵĂƚƐĞƐƵĂƚƵŽůĞŚWĞŵŝŶũĂŵ͖ĂƚĂƵ;ǀŝŝŝͿƐĞƚŝĂƉũĂŵŝŶĂŶLJĂŶŐ
ĚŝůĂŬƵŬĂŶĚĞŶŐĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝWĞŵďĞƌŝWŝŶũĂŵĂŶ͘

ŝŝ͘ WĞŵŝŶũĂŵ ĚŝůĂƌĂŶŐ ƵŶƚƵŬ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƚĞƌŚĂĚĂƉ ƐƵĂƚƵ ƚƌĂŶƐĂŬƐŝ ĂƚĂƵ ďĞďĞƌĂƉĂ ƚƌĂŶƐĂŬƐŝ ;ďĂŝŬ
ƚĞƌŬĂŝƚ ĂƚĂƵƉƵŶ ƚŝĚĂŬͿ ĚĂŶ ďĂŝŬ ƐĞĐĂƌĂ ƐƵŬĂƌĞůĂ ĂƚĂƵƉƵŶ ƚĞƌƉĂŬƐĂ ƵŶƚƵŬ ŵĞŶũƵĂů͕ ŵĞŶLJĞǁĂŬĂŶ͕
ŵĞŶŐĂůŝŚŬĂŶĂƚĂƵĚĞŶŐĂŶĐĂƌĂůĂŝŶŵĞůĂƉĂƐŬĂŶƐĞƚŝĂƉĂƐĞƚŶLJĂ͘,ĂůŝŶŝƚŝĚĂŬĂŬĂŶďĞƌůĂŬƵƵŶƚƵŬƐĞƚŝĂƉ
ƉĞŶũƵĂůĂŶ͕ ƉĞŶLJĞǁĂĂŶ͕ ƉĞŶŐĂůŝŚĂŶ ĂƚĂƵ ƉĞůĞƉĂƐĂŶ ůĂŝŶŶLJĂ͗ ;ĂͿ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ŬĞŐŝĂƚĂŶ
ƉĞƌĚĂŐĂŶŐĂŶ ŶŽƌŵĂů ƐĞŚĂƌŝͲŚĂƌŝ ĚĂƌŝ ƉŝŚĂŬ LJĂŶŐ ŵĞůĞƉĂƐŬĂŶ ĂƐĞƚŶLJĂ͖ ;ďͿ ĂƚĂƐ ĂƐĞƚ LJĂŶŐ ĚŝƚƵŬĂƌ
ĚĞŶŐĂŶ ĂƐĞƚ ůĂŝŶ LJĂŶŐ ƐĂŵĂ ĂƚĂƵ ůĞďŝŚ ďƵƌƵŬ ĚĂůĂŵ ŬŽŶƚĞŬƐŝ ũĞŶŝƐŶLJĂ͕ ŶŝůĂŝŶLJĂ ĚĂŶ ŬƵĂůŝƚĂƐŶLJĂ ĚĂŶ
ƵŶƚƵŬ ƚƵũƵĂŶ ƐĞƌƵƉĂ͖ ĂƚĂƵ ;ĐͿ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ ĚĂƌŝ WĞŵďĞƌŝ
WŝŶũĂŵĂŶ͘<ĞƚĞŶƚƵĂŶƉĞůĞƉĂƐĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŝnjŝŶŬĂŶĚŝĂƚĂƐƚŝĚĂŬďĞƌůĂŬƵƚĞƌŚĂĚĂƉĂƐĞƚͲĂƐĞƚĂƚĂƵ
ďĞŶĚĂ ďĞƌŐĞƌĂŬ LJĂŶŐ ĚŝďŝĂLJĂŝ͕ ĚŝƉĞƌŽůĞŚ ĂƚĂƵ ĚŝďĞůĂŶũĂŬĂŶ ŵĞůĂůƵŝ ƉŝŶũĂŵĂŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ŽůĞŚ
WĞŵďĞƌŝ WŝŶũĂŵĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌũĂŶũŝĂŶ ĚĂŶ ĂƐĞƚͲĂƐĞƚ LJĂŶŐ ĚŝũĂĚŝŬĂŶ ũĂŵŝŶĂŶ ŬĞƉĂĚĂ WĞŵďĞƌŝ
WŝŶũĂŵĂŶďĞƌĚĂƐĂƌŬĂŶĚŽŬƵŵĞŶũĂŵŝŶĂŶ͘

ŝŝŝ͘ WĞŵŝŶũĂŵ ƚŝĚĂŬ ĂŬĂŶ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƐƵĂƚƵ ƉĞůĞďƵƌĂŶ͕ ƉĞŵŝƐĂŚĂŶ͕ ƉĞŶŐŐĂďƵŶŐĂŶ ĂƚĂƵ
ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝƉĞƌƵƐĂŚĂĂŶ͘

ŝǀ͘ WĞŵŝŶũĂŵĚŝůĂƌĂŶŐƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞƌƵďĂŚĂŶƚĞƌŚĂĚĂƉƐŝĨĂƚƵŵƵŵĚĂƌŝŬĞŐŝĂƚĂŶƵƐĂŚĂWĞŵŝŶũĂŵ
LJĂŶŐĚŝũĂůĂŶŬĂŶƉĂĚĂƚĂŶŐŐĂůƉĞƌũĂŶũŝĂŶ͘

ǀ͘ WĞŵŝŶũĂŵ ƚŝĚĂŬ ĂŬĂŶ ŵĞŶĐŝƉƚĂŬĂŶ ĂƚĂƵ ŵĞŶŐĞŵďĂŶ ŬĞǁĂũŝďĂŶ ŬĞƵĂŶŐĂŶ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĞŐĂŶŐ
ƐĂŚĂŵŶLJĂ ĂƚĂƵ ƐĞƚŝĂƉ ƉŝŚĂŬ LJĂŶŐ ƚĞƌŬĂŝƚ ŬĞĐƵĂůŝ ƐĞƚŝĂƉ ŬĞǁĂũŝďĂŶ ŬĞƵĂŶŐĂŶ ƚĞƌƐĞďƵƚ ďĞƌƐŝĨĂƚ
ƚĞƌƐƵďŽƌĚŝŶĂƐŝ;ƚŝĚĂŬĚŝƵƚĂŵĂŬĂŶͿƚĞƌŚĂĚĂƉƐĞƚŝĂƉƉŝŶũĂŵĂŶďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶ͘

ǀŝ͘ WĞƌƵďĂŚĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ƉĞŶŐĞŶĚĂůŝ ĂĚĂůĂŚ ĚŝůĂƌĂŶŐ ŬĞĐƵĂůŝ ĂƚĂƐ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ
WĞŵďĞƌŝ WŝŶũĂŵĂŶ͘ hŶƚƵŬ ŵĞŶŐŚŝŶĚĂƌŝ ŬĞƌĂŐƵĂŶ͕ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ WĞŵďĞƌŝ WŝŶũĂŵĂŶ ĂŬĂŶ
ďĞƌŐĂŶƚƵŶŐƉĂĚĂ͕ĚŝĂŶƚĂƌĂŶLJĂ͕ƚĞůĂŚĚŝƉĞŶƵŚŝŶLJĂƐĞƚŝĂƉƉĞƌƐLJĂƌĂƚĂŶŬŶŽǁLJŽƵƌĐƵƐƚŽŵĞƌ;<zͿ͕ĂŶƚŝ

77
 ƉĞŶĐƵĐŝĂŶ ƵĂŶŐ͕ ĚĂŶ ƉĞƌƐLJĂƌĂƚĂŶ ƉĞƌĂƚƵƌĂŶ ůĂŝŶŶLJĂ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƐĞƚŝĂƉ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ
ďĂƌƵ͘

ǀŝŝ͘ WĞŵŝŶũĂŵ ĚŝůĂƌĂŶŐ ŵĞŶŐŐƵŶĂŬĂŶ ƚĂŐŝŚĂŶ LJĂŶŐ ƐĂŵĂ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ƉĞŶĂƌŝŬĂŶ
ƵŶƚƵŬŬĞƉĞƌůƵĂŶƉĞŶĂƌŝŬĂŶƐĞƌƵƉĂďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶƉŝŶũĂŵĂŶĚĞŶŐĂŶƉŝŚĂŬůĂŝŶ͘

ǀŝŝŝ͘ WĞŵŝŶũĂŵ ĚŝůĂƌĂŶŐ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ĂƚĂƵ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ͕ ŵĞŵďƵĂƚ͕ ŵĞŶŝŵďƵůŬĂŶ͕ ŵĞŶŐŝnjŝŶŬĂŶ
ƚĞƌũĂĚŝŶLJĂ͕ ŵĞŶŐĂŵďŝů ĂƚĂƵ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ĂƚĂƵ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ŵĞŶũĂŵŝŶ͕ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ůĂŝŶ
ŵĞŶũĂĚŝĂƚĂƵƐĞĐĂƌĂůĂŶŐƐƵŶŐĂƚĂƵƚŝĚĂŬůĂŶŐƐƵŶŐďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂƚĂƐ͕ŬĞǁĂũŝďĂŶŬĞƵĂŶŐĂŶ͕ďĂŝŬ
ŬŽŶƚŝũĞŶĂƚĂƵĚĞŶŐĂŶĐĂƌĂůĂŝŶŬĞĐƵĂůŝ;ŝͿŬĞǁĂũŝďĂŶŬĞƵĂŶŐĂŶ;ĚĂŶũƵŵůĂŚĚĂƌŝƉĂĚĂŶLJĂͿĂƚĂƵũĂŵŝŶĂŶ
LJĂŶŐĂŬĂŶĚŝďĞƌŝŬĂŶŵĂƐŝŚŵĞƌƵƉĂŬĂŶďĂŐŝĂŶĚĂƌŝƉĞůĂŬƐĂŶĂĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞŚĂƌŝͲŚĂƌŝWĞŵŝŶũĂŵ
ĚĂŶ ;ŝŝͿ ƐĞƚĞůĂŚ ŵĞŵďĞƌŝŬĂŶ ĞĨĞŬ ƉƌŽĨŽƌŵĂ ƚĞƌŚĂĚĂƉŶLJĂ ĚĂŶ ƚĞƌŚĂĚĂƉ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ƚĞƌƐĞďƵƚ͕
WĞŵŝŶũĂŵĂŬĂŶƚĞƚĂƉŵĞŵĞŶƵŚŝũĂŶũŝŬĞƵĂŶŐĂŶ͘

:ĂŵŝŶĂŶ͗
ϭ͘ ĂƌĂŶŐͲďĂƌĂŶŐ ďĞƌŐĞƌĂŬ ŵŝůŝŬ WĞŵďĞƌŝ &ŝĚƵƐŝĂ LJĂŶŐ ĚŝďŝĂLJĂŝ͕ ĚŝƉĞƌŽůĞŚ ĚĂŶ ĚŝďĞůĂŶũĂŬĂŶ ĚĞŶŐĂŶ
ŵĞŶŐŐƵŶĂŬĂŶƉŝŶũĂŵĂŶďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͕ŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ͗;ŝͿ
^ĂƌĂŶĂĚĂŶƉƌĂƐĂƌĂŶĂŵŝůŝŬWĞŵďĞƌŝ&ŝĚƵƐŝĂ͖;ŝŝͿDĞƐŝŶͲŵĞƐŝŶŵŝůŝŬWĞŵďĞƌŝ&ŝĚƵƐŝĂ͖ĚĂŶ;ŝŝŝͿWĞƌĂůĂƚĂŶ
ŵŝůŝŬWĞŵďĞƌŝ&ŝĚƵƐŝĂ͖
Ϯ͘ ^ĞŐĂůĂŚĂƐŝůƉĞŵďĂLJĂƌĂŶĚĂƌŝƐƵĂƚƵƉŽůŝƐĂƚĂƵŬŽŶƚƌĂŬĂƐƵƌĂŶƐŝ͕ĚĂƌŝǁĂŬƚƵŬĞǁĂŬƚƵ͕LJĂŶŐĚŝďƵĂƚŽůĞŚ
WĞŵďĞƌŝ &ŝĚƵƐŝĂ ƵŶƚƵŬ ŵĞůŝŶĚƵŶŐŝ ďĂƌĂŶŐͲďĂƌĂŶŐ ďĞƌŐĞƌĂŬ ŵŝůŝŬ WĞŵďĞƌŝ &ŝĚƵƐŝĂ LJĂŶŐ ĚŝďŝĂLJĂŝ͕
ĚŝƉĞƌŽůĞŚĚĂŶĚŝďĞůĂŶũĂŬĂŶĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶƉŝŶũĂŵĂŶďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚƉĞƌ:ƵŶŝϮϬϭϳ
h^ϭϰ͘ϭϲϲ͘Ϯϲϳ

Ϯ͘ ŬƚĂWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘ϮϯϰƚĂŶŐŐĂůϯϭDĞŝϮϬϭϯ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƌƌLJ^ƵƉƌĂƚŶŽ͕^͘,͕͘EŽƚĂƌŝƐ
Ěŝ:ĂŬĂƌƚĂƐĞďĂŐĂŝŵĂŶĂĚŝƵďĂŚƚĞƌĂŬŚŝƌŬĂůŝĚĞŶŐĂŶWĞƌƐĞƚƵũƵĂŶWĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘;ϰͿϮϯϰ
DĂŬƐŝŵƵŵZƉϰϴϴ͘ϵϱϬ͘ϬϬϬ͘ϬϬϬƚĂŶŐŐĂůϭϮ:ƵůŝϮϬϭϳ
WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͖ĚĂŶ
ď͘ PT Bank Negara Indonesia (Persero) Tbk (“Bank”).

ZƵĂŶŐ>ŝŶŐŬƵƉĚĂŶ^ƵŬƵƵŶŐĂ<ƌĞĚŝƚ͗
ĂŶŬ ŵĞŵďĞƌŝŬĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŬĞƉĂĚĂ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ďĞƌƵƉĂ <ƌĞĚŝƚ /ŶǀĞƐƚĂƐŝ ;ƚĞƌŵ ůŽĂŶͿ ƵŶƚƵŬ
ƉĞŵďŝĂLJĂĂŶ ďĞƌƵƉĂ ƉĞŵďŝĂLJĂĂŶ ƉĞŶĂŵďĂŚĂŶ ŬĂƉĂƐŝƚĂƐ ŚĂŶŐĂƌ ƉĞƐĂǁĂƚ ŶĂƌƌŽǁ ďŽĚLJ ĚĞŶŐĂŶ ũƵŵůĂŚ
ŵĂŬƐŝŵƵŵŬƌĞĚŝƚƐĞďĞƐĂƌZƉϰϴϴ͘ϵϱϬ͘ϬϬϬ͘ϬϬϬ͘

ĞƌĚĂƐĂƌŬĂŶWĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚ;ϰͿϮϯϰ͕ŵĂŬƐŝŵƵŵŬƌĞĚŝƚLJĂŶŐĚŝďĞƌŝŬĂŶďĂŶŬŬĞƉĂĚĂWĞŶĞƌŝŵĂ
<ƌĞĚŝƚŽƵƚƐƚĂŶĚŝŶŐƉĞƌϯϭKŬƚŽďĞƌϮϬϭϲĂĚĂůĂŚƐĞďĞƐĂƌh^ϯϭ͘ϱϵϭ͘ϭϲϰ͕ϬϰLJĂŶŐŵĞƌƵƉĂŬĂŶŬŽŶǀĞƌƐŝĚĂƌŝ
ŵĂƚĂƵĂŶŐZƵƉŝĂŚĚĞŶŐĂŶŵĂŬƐŝŵƵŵƐĞďĞůƵŵŶLJĂZƉϰϴϴ͘ϵϱϬ͘ϬϬϬ͘ϬϬϬ͘

WĞŶĞƌŝŵĂ<ƌĞĚŝƚǁĂũŝďŵĞŵďĂLJĂƌŬĞƉĂĚĂĂŶŬďƵŶŐĂĞĨĞŬƚŝĨ^ĞďĞƐĂƌ>/KZϯďƵůĂŶнϯ͕ϱйƉĞƌƚĂŚƵŶLJĂŶŐ
ĚŝŚŝƚƵŶŐĚĂƌŝďĂŬŝĚĞďĞƚ͘

:ĂŶŐŬĂtĂŬƚƵ͗
<ƌĞĚŝƚ ĚŝďĞƌŝŬĂŶ ƐĞůĂŵĂ ũĂŶŐŬĂ ǁĂŬƚƵ ϭϱϬ ďƵůĂŶ͕ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ϯϭ DĞŝ ϮϬϭϯ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϬ
EŽǀĞŵďĞƌϮϬϮϱ͘
WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
dĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝĂŶŬ͕WĞŶĞƌŝŵĂ<ƌĞĚŝƚƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗
Ă͘ DĞŶŐƵďĂŚďŝĚĂŶŐƵƐĂŚĂƵƚĂŵĂLJĂŶŐƚŝĚĂŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌŝnjŝŶĂŶLJĂŶŐĚŝŵŝůŝŬŝ͘
ď͘ DĞŶũƵĂůĂƚĂƵŵĞŵŝŶĚĂŚŬĂŶŚĂŬŬĞƉĞŵŝůŝŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƐĞƚLJĂŶŐďĞƌĂƐĂůĚĂƌŝĨĂƐŝůŝƚĂƐ
ĂŶŬƚĂŶƉĂƐĞŝnjŝŶĂŶŬ͘
Đ͘ DĞŶŐƵďĂŚ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ LJĂŶŐ ŵĞŶŐĂŬŝďĂƚŬĂŶ 'Zh ƚŝĚĂŬ ŵĞŶũĂĚŝ ƉĞŵĞŐĂŶŐ
ƐĂŚĂŵŵĂLJŽƌŝƚĂƐďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐĂƚĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ͕ĚŝďĂǁĂŚϱϭй͘
Ě͘ DĞŵďĞƌŝŬĂŶ ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚĞĞ  ĂƚĂƵ ƉĞŶũĂŵŝŶĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ ŬĞĐƵĂůŝ ƵŶƚƵŬ ŽƉĞƌĂƐŝŽŶĂů
ƵƐĂŚĂ͘

78
 Ğ͘ DĞŵďƵďĂƌŬĂŶďĂĚĂŶŚƵŬƵŵWĞŶĞƌŝŵĂ<ƌĞĚŝƚĂƚĂƵŵĞůĂŬƵŬĂŶŵĞƌŐĞƌ͕ƉĞŶŐŐĂďƵŶŐĂŶ͕ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝ
ĂƚĂƵ ŵĞŶŐĂŬƵŝƐŝƐŝ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ ĂƐĞƚ ĂƚĂƐ ŬĞƉĞŵŝůŝŬĂŶ ;ĐĂƉŝƚĂů ƐƚŽĐŬͿ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ͖ ĂƚĂƵ
ŵĞŶũƵĂů͕ ŵĞŶLJĞǁĂŬĂŶ͕ ŵĞŵŝŶĚĂŚŬĂŶ ĚĂŶ ŵĞŶŐŚŝůĂŶŐŬĂŶ ƐĞůƵƌƵŚ ĂƚĂƵ ƐĞďĂŐŝĂŶ ĂƐĞƚ ŬĞĐƵĂůŝ ƵŶƚƵŬ
ƚƌĂŶƐĂŬƐŝLJĂŶŐƵŵƵŵĚĂůĂŵƉĞƌƵƐĂŚĂĂŶ;ŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐͿ͘
Ĩ͘ DĞŶŐĂĚĂŬĂŶƚƌĂŶƐĂŬƐŝĚĞŶŐĂŶƉĞƌƐĞŽƌĂŶŐĂŶĂƚĂƵƐĞƐƵĂƚƵƉŝŚĂŬƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝŶLJĂ͕ĚĞŶŐĂŶĐĂƌĂ–ĐĂƌĂLJĂŶŐďĞƌĂĚĂĚŝůƵĂƌƉƌĂŬƚĞŬ–ƉƌĂŬƚĞŬĚĂŶŬĞďŝĂƐĂĂŶLJĂŶŐ
ǁĂũĂƌĚĂŶŵĞůĂŬƵŬĂŶƉĞŵďĞůŝĂŶLJĂŶŐůĞďŝŚŵĂŚĂůƐĞƌƚĂŵĞůĂŬƵŬĂŶƉĞŶũƵĂůĂŶůĞďŝŚŵƵƌĂŚĚĂƌŝŚĂƌŐĂ
ƉĂƐĂƌ͘
Ő͘ ĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ƉĞŶũĂŵŝŶ͕ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝ ƉĞŶĂŶŐŐƵŶŐ ĂƚĂƵ ƉĞŶũĂŵŝŶ ƵƚĂŶŐ ĂƚĂƐ
ŬĞǁĂũŝďĂŶ ůĂŝŶŶLJĂ ƚĞƌŚĂĚĂƉ ƉŝŚĂŬ ůĂŝŶ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ŵĞŶũĂĚŝ
ďĞƌƚĂŶŐŐƵŶŐũĂǁĂďďĂŝŬůĂŶŐƐƵŶŐŵĂƵƉƵŶďĞƌƐLJĂƌĂƚĚĞŶŐĂŶĐĂƌĂĂƉĂƉƵŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƐĞƐƵĂƚƵ
ƵƚĂŶŐĂƚĂƵŬĞǁĂũŝďĂŶĚĂƌŝƉŝŚĂŬůĂŝŶ͕ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝ͕ĂŶĂŬƉĞƌƵƐĂŚĂĂŶ͕ŬĞĐƵĂůŝLJĂŶŐŵƵŶĐƵůĂŬŝďĂƚ
ƚƌĂŶƐĂŬƐŝďŝƐŶŝƐLJĂŶŐŶŽƌŵĂů͘
Ś͘ DĞŶLJĞƌĂŚŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƚĂƵƐĞďĂŐŝĂŶĚĂƌŝŚĂŬĚĂŶͬĂƚĂƵŬĞǁĂũŝďĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ
LJĂŶŐƚŝŵďƵůďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚĚĂŶͬĂƚĂƵĚŽŬƵŵĞŶũĂŵŝŶĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͘
ŝ͘ DĞůƵŶĂƐŝͬŵĞŵďĂLJĂƌ ŬƌĞĚŝƚͬƵƚĂŶŐ ĂƚĂƵ ďƵŶŐĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ Ěŝ ůƵĂƌ ƉŝŚĂŬ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ͕
ƚĞƌŵĂƐƵŬĂŬĂŶƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵĂƚĂƵĂĨŝůŝĂƐŝŶLJĂƐĞďĞůƵŵƵƚĂŶŐŬĞƉĂĚĂ
ĂŶŬĚŝůƵŶĂƐŝƚĞƌůĞďŝŚĚĂŚƵůƵ͘
ũ͘ DĞůĂŬƵŬĂŶ ƉĞƌůƵĂƐĂŶ ĂƚĂƵ ƉĞŶLJĞŵƉŝƚĂŶ ƵƐĂŚĂ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŶŐĞŵďĂůŝĂŶ ũƵŵůĂŚ
ƵƚĂŶŐŬĞƉĂĚĂĂŶŬ͘
Ŭ͘ DĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ ůĂŝŶŶLJĂ ĚĂŶͬĂƚĂƵ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ LJĂŶŐ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ƵƐĂŚĂLJĂŶŐƐĞĚĂŶŐĚŝũĂůĂŶŬĂŶ͘

:ĂŵŝŶĂŶ͗
^ĞŐĂůĂŚĂƌƚĂŬĞŬĂLJĂĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͕ďĂŝŬLJĂŶŐďĞƌŐĞƌĂŬŵĂƵƉƵŶLJĂŶŐƚŝĚĂŬďĞƌŐĞƌĂŬ͕ďĂŝŬLJĂŶŐƐƵĚĂŚ
ĂĚĂ ŵĂƵƉƵŶ LJĂŶŐ ĂŬĂŶ ĂĚĂ Ěŝ ŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ ŵĞŶũĂĚŝ ũĂŵŝŶĂŶ ďĂŐŝ ƉĞůƵŶĂƐĂŶ ƐĞůƵƌƵŚ ƵƚĂŶŐ WĞŶĞƌŝŵĂ
<ƌĞĚŝƚLJĂŶŐƚŝŵďƵůŬĂƌĞŶĂƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚ͘

'ƵŶĂ ůĞďŝŚ ŵĞŶũĂŵŝŶ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ŬƌĞĚŝƚ͕ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ŵĞŶLJĞƌĂŚŬĂŶ ĂŐƵŶĂŶ ŬĞƉĂĚĂ ĂŶŬ
ďĞƌƵƉĂ ďĂŶŐƵŶĂŶ ĚĂŶ ƉĞƌĂůĂƚĂŶ ;ƚŽŽůƐ Θ ĞƋƵŝƉŵĞŶƚͿ ŚĂŶŐĂƌ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ LJĂŶŐ ĚŝďŝĂLJĂŝ ĚĂŶ ĂŬĂŶ
ĚŝŝŬĂƚĨŝĚƵƐŝĂ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚƉĞƌ:ƵŶŝϮϬϭϳ͗
h^Ϯϵ͘ϬϮϵ͘ϳϭϴ

ϯ͘ ŬƚĂWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘ϮϯϱƚĂŶŐŐĂůϯϭDĞŝϮϬϭϯ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƌƌLJ^ƵƉƌĂƚŶŽ͕^͘,͕͘EŽƚĂƌŝƐ
Ěŝ:ĂŬĂƌƚĂƐĞďĂŐĂŝŵĂŶĂĚŝƵďĂŚƚĞƌĂŬŚŝƌŬĂůŝĚĞŶŐĂŶWĞƌƐĞƚƵũƵĂŶWĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘;ϭͿϮϯϱ
DĂŬƐŝŵƵŵh^ϲ͘ϬϬϬ͘ϬϬϬƚĂŶŐŐĂůϭϮ:ĂŶƵĂƌŝϮϬϭϱ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͖ĚĂŶ
ď͘ PT Bank Negara Indonesia (Persero) Tbk (“Bank”).

ZƵĂŶŐ>ŝŶŐŬƵƉĚĂŶ^ƵŬƵƵŶŐĂ<ƌĞĚŝƚ͗
ĂŶŬ ŵĞŵďĞƌŝŬĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŬĞƉĂĚĂ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ďĞƌƵƉĂ <ƌĞĚŝƚ /ŶǀĞƐƚĂƐŝ ;ƚĞƌŵ ůŽĂŶͿ ƵŶƚƵŬ
ƉĞŵďŝĂLJĂĂŶ ƉĞŵďĞůŝĂŶ ƉĞƌĂůĂƚĂŶ ;ƚŽŽůƐ Θ ĞƋƵŝƉŵĞŶƚƐͿ ŚĂŶŐĂƌ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ ĚĞŶŐĂŶ ũƵŵůĂŚ
ŵĂŬƐŝŵƵŵŬƌĞĚŝƚƐĞďĞƐĂƌh^ϲ͘ϬϬϬ͘ϬϬϬ͘

WĞŶĞƌŝŵĂ<ƌĞĚŝƚǁĂũŝďŵĞŵďĂLJĂƌŬĞƉĂĚĂĂŶŬďƵŶŐĂĞĨĞŬƚŝĨƐĞďĞƐĂƌϴ͕ϮϱйƉĞƌƚĂŚƵŶLJĂŶŐĚŝŚŝƚƵŶŐĚĂƌŝ
ďĂŬŝĚĞďĞƚ͘

:ĂŶŐŬĂtĂŬƚƵ͗
<ƌĞĚŝƚ ĚŝďĞƌŝŬĂŶ ƐĞůĂŵĂ ũĂŶŐŬĂ ǁĂŬƚƵ ϭϱϬ ďƵůĂŶ͕ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ϯϭ DĞŝ ϮϬϭϯ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ϯϬEŽǀĞŵďĞƌϮϬϮϱ͘




79
 WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
dĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝĂŶŬ͕WĞŶĞƌŝŵĂ<ƌĞĚŝƚƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗
Ă͘ DĞŶŐƵďĂŚďŝĚĂŶŐƵƐĂŚĂƵƚĂŵĂLJĂŶŐƚŝĚĂŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌŝnjŝŶĂŶLJĂŶŐĚŝŵŝůŝŬŝ͘
ď͘ DĞŶũƵĂůĂƚĂƵŵĞŵŝŶĚĂŚŬĂŶŚĂŬŬĞƉĞŵŝůŝŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƐĞƚLJĂŶŐďĞƌĂƐĂůĚĂƌŝĨĂƐŝůŝƚĂƐ
ĂŶŬƚĂŶƉĂƐĞŝnjŝŶĂŶŬ͘
Đ͘ DĞŶŐƵďĂŚŶŐŐĂƌĂŶĂƐĂƌWĞŶĞƌŝŵĂ<ƌĞĚŝƚLJĂŶŐŵĞŶŐĂŬŝďĂƚŬĂŶ'ZhƚŝĚĂŬŵĞŶũĂĚŝƉĞŵĞŐĂŶŐ
ƐĂŚĂŵŵĂLJŽƌŝƚĂƐďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐĂƚĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ͕ĚŝďĂǁĂŚϱϭй͘
Ě͘ DĞŵďĞƌŝŬĂŶ ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚĞĞ  ĂƚĂƵ ƉĞŶũĂŵŝŶĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ ŬĞĐƵĂůŝ ƵŶƚƵŬ ŽƉĞƌĂƐŝŽŶĂů
ƵƐĂŚĂ͘
Ğ͘ DĞŵďƵďĂƌŬĂŶďĂĚĂŶŚƵŬƵŵWĞŶĞƌŝŵĂ<ƌĞĚŝƚĂƚĂƵŵĞůĂŬƵŬĂŶŵĞƌŐĞƌ͕ƉĞŶŐŐĂďƵŶŐĂŶ͕ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝ
ĂƚĂƵ ŵĞŶŐĂŬƵŝƐŝƐŝ ƐĞďĂŐŝĂŶĂƚĂƵ ƐĞůƵƌƵŚĂƐĞƚ ĂƚĂƐŬĞƉĞŵŝůŝŬĂŶ ;ĐĂƉŝƚĂůƐƚŽĐŬͿ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ͖ ĂƚĂƵ
ŵĞŶũƵĂů͕ ŵĞŶLJĞǁĂŬĂŶ͕ ŵĞŵŝŶĚĂŚŬĂŶ ĚĂŶ ŵĞŶŐŚŝůĂŶŐŬĂŶ ƐĞůƵƌƵŚ ĂƚĂƵ ƐĞďĂŐŝĂŶ ĂƐĞƚ ŬĞĐƵĂůŝ ƵŶƚƵŬ
ƚƌĂŶƐĂŬƐŝLJĂŶŐƵŵƵŵĚĂůĂŵƉĞƌƵƐĂŚĂĂŶ;ŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐͿ͘
Ĩ͘ DĞŶŐĂĚĂŬĂŶƚƌĂŶƐĂŬƐŝĚĞŶŐĂŶƉĞƌƐĞŽƌĂŶŐĂŶĂƚĂƵƐĞƐƵĂƚƵƉŝŚĂŬƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝŶLJĂ͕ĚĞŶŐĂŶĐĂƌĂ–ĐĂƌĂLJĂŶŐďĞƌĂĚĂĚŝůƵĂƌƉƌĂŬƚĞŬ–ƉƌĂŬƚĞŬĚĂŶŬĞďŝĂƐĂĂŶLJĂŶŐ
ǁĂũĂƌĚĂŶŵĞůĂŬƵŬĂŶƉĞŵďĞůŝĂŶLJĂŶŐůĞďŝŚŵĂŚĂůƐĞƌƚĂŵĞůĂŬƵŬĂŶƉĞŶũƵĂůĂŶůĞďŝŚŵƵƌĂŚĚĂƌŝŚĂƌŐĂ
ƉĂƐĂƌ͘
Ő͘ ĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ƉĞŶũĂŵŝŶ͕ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝ ƉĞŶĂŶŐŐƵŶŐ ĂƚĂƵ ƉĞŶũĂŵŝŶ ƵƚĂŶŐ ĂƚĂƐ
ŬĞǁĂũŝďĂŶ ůĂŝŶŶLJĂ ƚĞƌŚĂĚĂƉ ƉŝŚĂŬ ůĂŝŶ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ŵĞŶũĂĚŝ
ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ďĂŝŬ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ďĞƌƐLJĂƌĂƚ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ƐĞƐƵĂƚƵ ƵƚĂŶŐ ĂƚĂƵ ŬĞǁĂũŝďĂŶ ĚĂƌŝ ƉŝŚĂŬ ůĂŝŶ͕ ƉĞƌƵƐĂŚĂĂŶ ĂĨŝůŝĂƐŝ͕ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ͕ ŬĞĐƵĂůŝ LJĂŶŐ
ŵƵŶĐƵůĂŬŝďĂƚƚƌĂŶƐĂŬƐŝďŝƐŶŝƐLJĂŶŐŶŽƌŵĂů͘
Ś͘ DĞŶLJĞƌĂŚŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƚĂƵƐĞďĂŐŝĂŶĚĂƌŝŚĂŬĚĂŶͬĂƚĂƵŬĞǁĂũŝďĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ
LJĂŶŐƚŝŵďƵůďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚĚĂŶͬĂƚĂƵĚŽŬƵŵĞŶũĂŵŝŶĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͘
ŝ͘ DĞůƵŶĂƐŝͬŵĞŵďĂLJĂƌ ŬƌĞĚŝƚͬƵƚĂŶŐ ĂƚĂƵ ďƵŶŐĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ Ěŝ ůƵĂƌ ƉŝŚĂŬ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ͕
ƚĞƌŵĂƐƵŬĂŬĂŶƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵĂƚĂƵĂĨŝůŝĂƐŝŶLJĂƐĞďĞůƵŵƵƚĂŶŐŬĞƉĂĚĂ
ĂŶŬĚŝůƵŶĂƐŝƚĞƌůĞďŝŚĚĂŚƵůƵ͘
ũ͘ DĞůĂŬƵŬĂŶ ƉĞƌůƵĂƐĂŶ ĂƚĂƵ ƉĞŶLJĞŵƉŝƚĂŶ ƵƐĂŚĂ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŶŐĞŵďĂůŝĂŶ ũƵŵůĂŚ
ƵƚĂŶŐŬĞƉĂĚĂĂŶŬ͘
Ŭ͘ DĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ ůĂŝŶŶLJĂĚĂŶͬĂƚĂƵ ŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂ LJĂŶŐ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ƵƐĂŚĂLJĂŶŐƐĞĚĂŶŐĚŝũĂůĂŶŬĂŶ͘

:ĂŵŝŶĂŶ͗
^ĞŐĂůĂŚĂƌƚĂŬĞŬĂLJĂĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͕ďĂŝŬLJĂŶŐďĞƌŐĞƌĂŬŵĂƵƉƵŶLJĂŶŐƚŝĚĂŬďĞƌŐĞƌĂŬ͕ďĂŝŬLJĂŶŐƐƵĚĂŚ
ĂĚĂ ŵĂƵƉƵŶ LJĂŶŐ ĂŬĂŶ ĂĚĂ Ěŝ ŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ ŵĞŶũĂĚŝ ũĂŵŝŶĂŶ ďĂŐŝ ƉĞůƵŶĂƐĂŶ ƐĞůƵƌƵŚ ƵƚĂŶŐ WĞŶĞƌŝŵĂ
<ƌĞĚŝƚLJĂŶŐƚŝŵďƵůŬĂƌĞŶĂƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚ͘

'ƵŶĂ ůĞďŝŚ ŵĞŶũĂŵŝŶ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ŬƌĞĚŝƚ͕ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ŵĞŶLJĞƌĂŚŬĂŶ ĂŐƵŶĂŶ ŬĞƉĂĚĂ ĂŶŬ
ďĞƌƵƉĂ ďĂŶŐƵŶĂŶ ĚĂŶ ƉĞƌĂůĂƚĂŶ ;ƚŽŽůƐ Θ ĞƋƵŝƉŵĞŶƚͿ ŚĂŶŐĂƌ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ LJĂŶŐ ĚŝďŝĂLJĂŝ ĚĂŶ ĂŬĂŶ
ĚŝŝŬĂƚĨŝĚƵƐŝĂ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚƉĞƌ:ƵŶŝϮϬϭϳ͗
h^ϰ͘ϲϯϱ͘ϵϮϭ

ϰ͘ ŬƚĂWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚdĞƌŵ>ŽĂŶ;<ƌĞĚŝƚ/ŶǀĞƐƚĂƐŝͿDĂŬƐŝŵƵŵh^ϰϮ͘ϬϬϬ͘ϬϬϬEŽ͘ϭϭϬƚĂŶŐŐĂůϮϴƉƌŝů
ϮϬϭϲ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƌƌLJ^ƵƉƌĂƚŶŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͖ĚĂŶ
ď͘ PT Bank Negara Indonesia (Persero) Tbk (“Bank”).

ZƵĂŶŐ>ŝŶŐŬƵƉĚĂŶ^ƵŬƵƵŶŐĂ<ƌĞĚŝƚ͗
ĂŶŬ ŵĞŵďĞƌŝŬĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŬĞƉĂĚĂ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ďĞƌƵƉĂ <ƌĞĚŝƚ dĞƌŵ >ŽĂŶ ƵŶƚƵŬ ƉĞŵďŝĂLJĂĂŶ
ƉĞŶŐĞŵďĂŶŐĂŶ ŬĞŵĂŵƉƵĂŶ ĚĂŶ ƉĞŶĂŵďĂŚĂŶ ŬĂƉĂƐŝƚĂƐ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ĚĞŶŐĂŶ ƌĞŶĐĂŶĂ Wy
ƐĞƐƵĂŝZ<WϮϬϭϲĂƚĂƵƉƵŶƉĞƌƵďĂŚĂŶŶLJĂĚĞŶŐĂŶũƵŵůĂŚŵĂŬƐŝŵƵŵŬƌĞĚŝƚƐĞďĞƐĂƌh^ϰϮ͘ϬϬϬ͘ϬϬϬ͘



80
 WĞŶĞƌŝŵĂ<ƌĞĚŝƚǁĂũŝďŵĞŵďĂLJĂƌŬĞƉĂĚĂĂŶŬďƵŶŐĂƐĞďĞƐĂƌ>/KZϯďƵůĂŶнϯ͕ϱйƉĞƌƚĂŚƵŶ͕ĚĂŶĂŬĂŶ
ĚŝͲƌĞǀŝĞǁƐĞƚŝĂƉƐĂĂƚƵŶƚƵŬĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶƚĂƌŝĨďƵŶŐĂLJĂŶŐďĞƌůĂŬƵĚŝĂŶŬƉĂĚĂƐĂĂƚƌĞǀŝĞǁďƵŶŐĂ͘

:ĂŶŐŬĂtĂŬƚƵ͗
<ƌĞĚŝƚ ĚŝďĞƌŝŬĂŶ ƐĞůĂŵĂ ũĂŶŐŬĂ ǁĂŬƚƵ ϲϬ ďƵůĂŶ͕ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ Ϯϴ Ɖƌŝů ϮϬϭϲ ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯϴ Ɖƌŝů
ϮϬϮϭ͘:ĂŶŐŬĂǁĂŬƚƵĚĂƉĂƚĚŝƉĞƌƉĂŶũĂŶŐĚĞŶŐĂŶŬĞƐĞƉĂŬĂƚĂŶƚĞƌƚƵůŝƐŬĞĚƵĂďĞůĂŚƉŝŚĂŬ͘

WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
^ĞůĂŵĂ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ďĞůƵŵ ůƵŶĂƐ͕ ŵĂŬĂ ƚĂŶƉĂ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ ĂŶŬ͕ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ƚŝĚĂŬ
ĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗

Ă͘ DĞŶŐƵďĂŚďŝĚĂŶŐƵƐĂŚĂƵƚĂŵĂLJĂŶŐƚŝĚĂŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌŝnjŝŶĂŶLJĂŶŐĚŝŵŝůŝŬŝ͖
ď͘ DĞŶũƵĂůĂƚĂƵŵĞŵŝŶĚĂŚŬĂŶŚĂŬŬĞƉĞŵŝůŝŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƐĞƚLJĂŶŐďĞƌĂƐĂůĚĂƌŝĨĂƐŝůŝƚĂƐ
ĂŶŬƚĂŶƉĂƐĞŝnjŝŶĂŶŬ͖
Đ͘ DĞŵďĞƌŝŬĂŶ ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚĞĞ  ĂƚĂƵ ƉĞŶũĂŵŝŶĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ ŬĞĐƵĂůŝ ƵŶƚƵŬ ŽƉĞƌĂƐŝŽŶĂů
ƵƐĂŚĂ͖
Ě͘ ĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ƉĞŶũĂŵŝŶ͕ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝ ƉĞŶĂŶŐŐƵŶŐ ĂƚĂƵ ƉĞŶũĂŵŝŶ ƵƚĂŶŐ ĂƚĂƐ
ŬĞǁĂũŝďĂŶ ůĂŝŶŶLJĂ ƚĞƌŚĂĚĂƉ ƉŝŚĂŬ ůĂŝŶ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ŵĞŶũĂĚŝ
ďĞƌƚĂŶŐŐƵŶŐũĂǁĂďďĂŝŬůĂŶŐƐƵŶŐŵĂƵƉƵŶďĞƌƐLJĂƌĂƚĚĞŶŐĂŶĐĂƌĂĂƉĂƉƵŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƐĞƐƵĂƚƵ
ƵƚĂŶŐĂƚĂƵŬĞǁĂũŝďĂŶĚĂƌŝƉŝŚĂŬůĂŝŶ͕ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝ͕ĂŶĂŬƉĞƌƵƐĂŚĂĂŶ͕ŬĞĐƵĂůŝLJĂŶŐŵƵŶĐƵůĂŬŝďĂƚ
ƚƌĂŶƐĂŬƐŝďŝƐŶŝƐLJĂŶŐŶŽƌŵĂů͖
Ğ͘ DĞŶLJĞƌĂŚŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƚĂƵƐĞďĂŐŝĂŶĚĂƌŝŚĂŬĚĂŶͬĂƚĂƵŬĞǁĂũŝďĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ
LJĂŶŐƚŝŵďƵůďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚĚĂŶͬĂƚĂƵĚŽŬƵŵĞŶũĂŵŝŶĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͘

^ĞůĂŵĂ ŵĂƐŝŚ ŵĞŶĞƌŝŵĂ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ĚĂƌŝ ĂŶŬ͕ ŵĂŬĂ ƚĂŶƉĂ ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ĂŶŬ͕
WĞŶĞƌŝŵĂ<ƌĞĚŝƚƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗

Ă͘ DĞŶŐƵďĂŚ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ LJĂŶŐ ŵĞŶŐĂŬŝďĂƚŬĂŶ 'Zh ƚŝĚĂŬ ŵĞŶũĂĚŝ ƉĞŵĞŐĂŶŐ
ƐĂŚĂŵŵĂLJŽƌŝƚĂƐďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐĂƚĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ͕ĚŝďĂǁĂŚϱϭй͘
ď͘ DĞŵďƵďĂƌŬĂŶďĂĚĂŶŚƵŬƵŵWĞŶĞƌŝŵĂ<ƌĞĚŝƚĂƚĂƵŵĞůĂŬƵŬĂŶŵĞƌŐĞƌ͕ƉĞŶŐŐĂďƵŶŐĂŶ͕ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝ

ĂƚĂƵ ŵĞŶŐĂŬƵŝƐŝƐŝ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ ĂƐĞƚ ĂƚĂƐ ŬĞƉĞŵŝůŝŬĂŶ ;ĐĂƉŝƚĂů ƐƚŽĐŬͿ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ͖ ĂƚĂƵ
ŵĞŶũƵĂů͕ ŵĞŶLJĞǁĂŬĂŶ͕ ŵĞŵŝŶĚĂŚŬĂŶ ĚĂŶ ŵĞŶŐŚŝůĂŶŐŬĂŶ ƐĞůƵƌƵŚ ĂƚĂƵ ƐĞďĂŐŝĂŶ ĂƐĞƚ ŬĞĐƵĂůŝ ƵŶƚƵŬ
ƚƌĂŶƐĂŬƐŝLJĂŶŐƵŵƵŵĚĂůĂŵƉĞƌƵƐĂŚĂĂŶ;ŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐͿ͘
Đ͘ DĞŶŐĂĚĂŬĂŶƚƌĂŶƐĂŬƐŝĚĞŶŐĂŶƉĞƌƐĞŽƌĂŶŐĂŶĂƚĂƵƐĞƐƵĂƚƵƉŝŚĂŬƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝŶLJĂ͕ĚĞŶŐĂŶĐĂƌĂ–ĐĂƌĂLJĂŶŐďĞƌĂĚĂĚŝůƵĂƌƉƌĂŬƚĞŬ–ƉƌĂŬƚĞŬĚĂŶŬĞďŝĂƐĂĂŶLJĂŶŐ
ǁĂũĂƌĚĂŶŵĞůĂŬƵŬĂŶƉĞŵďĞůŝĂŶLJĂŶŐůĞďŝŚŵĂŚĂůƐĞƌƚĂŵĞůĂŬƵŬĂŶƉĞŶũƵĂůĂŶůĞďŝŚŵƵƌĂŚĚĂƌŝŚĂƌŐĂ
ƉĂƐĂƌ͘
Ě͘ DĞůƵŶĂƐŝͬŵĞŵďĂLJĂƌ ŬƌĞĚŝƚͬƵƚĂŶŐ ĂƚĂƵ ďƵŶŐĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ Ěŝ ůƵĂƌ ƉŝŚĂŬ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ͕
ƚĞƌŵĂƐƵŬĂŬĂŶƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵĂƚĂƵĂĨŝůŝĂƐŝŶLJĂƐĞďĞůƵŵƵƚĂŶŐŬĞƉĂĚĂ
ĂŶŬĚŝůƵŶĂƐŝƚĞƌůĞďŝŚĚĂŚƵůƵ͘
Ğ͘ DĞůĂŬƵŬĂŶ ƉĞƌůƵĂƐĂŶ ĂƚĂƵ ƉĞŶLJĞŵƉŝƚĂŶ ƵƐĂŚĂ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŶŐĞŵďĂůŝĂŶ ũƵŵůĂŚ
ƵƚĂŶŐŬĞƉĂĚĂĂŶŬ͘
Ĩ͘ DĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ ůĂŝŶŶLJĂ ĚĂŶͬĂƚĂƵ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ LJĂŶŐ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ƵƐĂŚĂLJĂŶŐƐĞĚĂŶŐĚŝũĂůĂŶŬĂŶ͘

:ĂŵŝŶĂŶ͗
^ĞŐĂůĂ ŚĂƌƚĂ ŬĞŬĂLJĂĂŶ ĂƚĂƵ ŝŶǀĞƐƚĂƐŝ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ͕ ďĂŝŬ LJĂŶŐ ƐƵĚĂŚ ĂĚĂ ŵĂƵƉƵŶ LJĂŶŐ ĂŬĂŶ ĂĚĂ Ěŝ
ŬĞŵƵĚŝĂŶŚĂƌŝLJĂŶŐƚŝŵďƵůŬĂƌĞŶĂƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚ͕ďĂŝŬLJĂŶŐďĞƌŐĞƌĂŬŵĂƵƉƵŶLJĂŶŐƚŝĚĂŬďĞƌŐĞƌĂŬ͕ďĂŝŬ
LJĂŶŐƐƵĚĂŚĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͕ŵĞŶũĂĚŝũĂŵŝŶĂŶďĂŐŝƉĞůƵŶĂƐĂŶƐĞůƵƌƵŚƵƚĂŶŐ
WĞŶĞƌŝŵĂ<ƌĞĚŝƚLJĂŶŐƚŝŵďƵůŬĂƌĞŶĂƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚ͘

'ƵŶĂ ůĞďŝŚ ŵĞŶũĂŵŝŶ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ŬƌĞĚŝƚ͕ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ŵĞŶLJĞƌĂŚŬĂŶ ĂŐƵŶĂŶ ŬĞƉĂĚĂ ĂŶŬ͘
WĞƌƵďĂŚĂŶ ĚĂŶ ƉĞŶŐŐĂŶƚŝĂŶ ĂŐƵŶĂŶͲĂŐƵŶĂŶ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƐĞƉĂŬĂƚĂŶ ƚĞƌƚƵůŝƐ
ŬĞĚƵĂďĞůĂŚƉŝŚĂŬ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚƉĞƌ:ƵŶŝϮϬϭϳ͗
h^ϰϮ͘ϬϬϬ͘ϬϬϬ

81
ϱ͘ ŬƚĂWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚdĞƌŵ>ŽĂŶDĂŬƐŝŵƵŵh^ϴ͘ϬϬϬ͘ϬϬϬEŽ͘ϭϬϵƚĂŶŐŐĂůϮϴƉƌŝůϮϬϭϲ͕LJĂŶŐĚŝďƵĂƚ
ĚŝŚĂĚĂƉĂŶƌƌLJ^ƵƉƌĂƚŶŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͖ĚĂŶ
ď͘ PT Bank Negara Indonesia (Persero) Tbk (“Bank”).

ZƵĂŶŐ>ŝŶŐŬƵƉĚĂŶ^ƵŬƵƵŶŐĂ<ƌĞĚŝƚ͗
ĂŶŬ ŵĞŵďĞƌŝŬĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŬĞƉĂĚĂ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ďĞƌƵƉĂ <ƌĞĚŝƚ dĞƌŵ >ŽĂŶ ƵŶƚƵŬ ŬŽŶƐĞƐŝ ůĂŚĂŶ
ĚĂŶƐĞǁĂƚĂŶĂŚĚĂƌŝŶŐŬĂƐĂWƵƌĂ//ĚĞŶŐĂŶũƵŵůĂŚŵĂŬƐŝŵƵŵŬƌĞĚŝƚƐĞďĞƐĂƌh^ϴ͘ϬϬϬ͘ϬϬϬ͘

WĞŶĞƌŝŵĂ<ƌĞĚŝƚǁĂũŝďŵĞŵďĂLJĂƌŬĞƉĂĚĂĂŶŬďƵŶŐĂƐĞďĞƐĂƌ>/KZϯďƵůĂŶнϮ͕ϳϱйƉĞƌƚĂŚƵŶ͕ĚĂŶĂŬĂŶ
ĚŝͲƌĞǀŝĞǁƐĞƚŝĂƉƐĂĂƚƵŶƚƵŬĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶƚĂƌŝĨďƵŶŐĂLJĂŶŐďĞƌůĂŬƵĚŝĂŶŬƉĂĚĂƐĂĂƚƌĞǀŝĞǁďƵŶŐĂ͘

:ĂŶŐŬĂtĂŬƚƵ͗
<ƌĞĚŝƚ ĚŝďĞƌŝŬĂŶ ƐĞůĂŵĂ ũĂŶŐŬĂ ǁĂŬƚƵ ϯϲ ďƵůĂŶ͕ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ Ϯϴ Ɖƌŝů ϮϬϭϲ ƐĂŵƉĂŝ ĚĞŶŐĂŶ Ϯϴ Ɖƌŝů
ϮϬϭϵ͘:ĂŶŐŬĂǁĂŬƚƵĚĂƉĂƚĚŝƉĞƌƉĂŶũĂŶŐĚĞŶŐĂŶŬĞƐĞƉĂŬĂƚĂŶƚĞƌƚƵůŝƐŬĞĚƵĂďĞůĂŚƉŝŚĂŬ͘

WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
^ĞůĂŵĂ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ďĞůƵŵ ůƵŶĂƐ͕ ŵĂŬĂ ƚĂŶƉĂ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ ĂŶŬ͕ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ƚŝĚĂŬ
ĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗

Ă͘ DĞŶŐƵďĂŚďŝĚĂŶŐƵƐĂŚĂƵƚĂŵĂLJĂŶŐƚŝĚĂŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌŝnjŝŶĂŶLJĂŶŐĚŝŵŝůŝŬŝ͖
ď͘ DĞŶũƵĂůĂƚĂƵŵĞŵŝŶĚĂŚŬĂŶŚĂŬŬĞƉĞŵŝůŝŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƐĞƚLJĂŶŐďĞƌĂƐĂůĚĂƌŝĨĂƐŝůŝƚĂƐ
ĂŶŬƚĂŶƉĂƐĞŝnjŝŶĂŶŬ͖
Đ͘ DĞŵďĞƌŝŬĂŶ ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚĞĞ  ĂƚĂƵ ƉĞŶũĂŵŝŶĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ ŬĞĐƵĂůŝ ƵŶƚƵŬ ŽƉĞƌĂƐŝŽŶĂů
ƵƐĂŚĂ͖
Ě͘ ĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ƉĞŶũĂŵŝŶ͕ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝ ƉĞŶĂŶŐŐƵŶŐ ĂƚĂƵ ƉĞŶũĂŵŝŶ ƵƚĂŶŐ ĂƚĂƐ
ŬĞǁĂũŝďĂŶ ůĂŝŶŶLJĂ ƚĞƌŚĂĚĂƉ ƉŝŚĂŬ ůĂŝŶ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ŵĞŶũĂĚŝ
ďĞƌƚĂŶŐŐƵŶŐũĂǁĂďďĂŝŬůĂŶŐƐƵŶŐŵĂƵƉƵŶďĞƌƐLJĂƌĂƚĚĞŶŐĂŶĐĂƌĂĂƉĂƉƵŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƐĞƐƵĂƚƵ
ƵƚĂŶŐĂƚĂƵŬĞǁĂũŝďĂŶĚĂƌŝƉŝŚĂŬůĂŝŶ͕ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝ͕ĂŶĂŬƉĞƌƵƐĂŚĂĂŶ͕ŬĞĐƵĂůŝLJĂŶŐŵƵŶĐƵůĂŬŝďĂƚ
ƚƌĂŶƐĂŬƐŝďŝƐŶŝƐLJĂŶŐŶŽƌŵĂů͖
Ğ͘ DĞŶLJĞƌĂŚŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƚĂƵƐĞďĂŐŝĂŶĚĂƌŝŚĂŬĚĂŶͬĂƚĂƵŬĞǁĂũŝďĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ
LJĂŶŐƚŝŵďƵůďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚĚĂŶͬĂƚĂƵĚŽŬƵŵĞŶũĂŵŝŶĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͘

^ĞůĂŵĂ ŵĂƐŝŚ ŵĞŶĞƌŝŵĂ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ĚĂƌŝ ĂŶŬ͕ ŵĂŬĂ ƚĂŶƉĂ ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ĂŶŬ͕
WĞŶĞƌŝŵĂ<ƌĞĚŝƚƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗

Ă͘ DĞŶŐƵďĂŚŶŐŐĂƌĂŶĂƐĂƌWĞŶĞƌŝŵĂ <ƌĞĚŝƚ LJĂŶŐ ŵĞŶŐĂŬŝďĂƚŬĂŶ 'ZhƚŝĚĂŬ ŵĞŶũĂĚŝƉĞŵĞŐĂŶŐ
ƐĂŚĂŵŵĂLJŽƌŝƚĂƐďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐĂƚĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ͕ĚŝďĂǁĂŚϱϭй͘
ď͘ DĞŵďƵďĂƌŬĂŶďĂĚĂŶŚƵŬƵŵWĞŶĞƌŝŵĂ<ƌĞĚŝƚĂƚĂƵŵĞůĂŬƵŬĂŶŵĞƌŐĞƌ͕ƉĞŶŐŐĂďƵŶŐĂŶ͕ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝ
ĂƚĂƵ ŵĞŶŐĂŬƵŝƐŝƐŝ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ ĂƐĞƚ ĂƚĂƐ ŬĞƉĞŵŝůŝŬĂŶ ;ĐĂƉŝƚĂů ƐƚŽĐŬͿ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ͖ ĂƚĂƵ
ŵĞŶũƵĂů͕ ŵĞŶLJĞǁĂŬĂŶ͕ ŵĞŵŝŶĚĂŚŬĂŶ ĚĂŶ ŵĞŶŐŚŝůĂŶŐŬĂŶ ƐĞůƵƌƵŚ ĂƚĂƵ ƐĞďĂŐŝĂŶ ĂƐĞƚ ŬĞĐƵĂůŝ ƵŶƚƵŬ
ƚƌĂŶƐĂŬƐŝLJĂŶŐƵŵƵŵĚĂůĂŵƉĞƌƵƐĂŚĂĂŶ;ŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐͿ͘
Đ͘ DĞŶŐĂĚĂŬĂŶƚƌĂŶƐĂŬƐŝĚĞŶŐĂŶƉĞƌƐĞŽƌĂŶŐĂŶĂƚĂƵƐĞƐƵĂƚƵƉŝŚĂŬƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝŶLJĂ͕ĚĞŶŐĂŶĐĂƌĂ–ĐĂƌĂLJĂŶŐďĞƌĂĚĂĚŝůƵĂƌƉƌĂŬƚĞŬ–ƉƌĂŬƚĞŬĚĂŶŬĞďŝĂƐĂĂŶLJĂŶŐ
ǁĂũĂƌĚĂŶŵĞůĂŬƵŬĂŶƉĞŵďĞůŝĂŶLJĂŶŐůĞďŝŚŵĂŚĂůƐĞƌƚĂŵĞůĂŬƵŬĂŶƉĞŶũƵĂůĂŶůĞďŝŚŵƵƌĂŚĚĂƌŝŚĂƌŐĂ
ƉĂƐĂƌ͘
Ě͘ DĞůƵŶĂƐŝͬŵĞŵďĂLJĂƌ ŬƌĞĚŝƚͬƵƚĂŶŐ ĂƚĂƵ ďƵŶŐĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ Ěŝ ůƵĂƌ ƉŝŚĂŬ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ͕
ƚĞƌŵĂƐƵŬĂŬĂŶƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵĂƚĂƵĂĨŝůŝĂƐŝŶLJĂƐĞďĞůƵŵƵƚĂŶŐŬĞƉĂĚĂ
ĂŶŬĚŝůƵŶĂƐŝƚĞƌůĞďŝŚĚĂŚƵůƵ͘
Ğ͘ DĞůĂŬƵŬĂŶ ƉĞƌůƵĂƐĂŶ ĂƚĂƵ ƉĞŶLJĞŵƉŝƚĂŶ ƵƐĂŚĂ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŶŐĞŵďĂůŝĂŶ ũƵŵůĂŚ
ƵƚĂŶŐŬĞƉĂĚĂĂŶŬ͘
Ĩ͘ DĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ ůĂŝŶŶLJĂ ĚĂŶͬĂƚĂƵ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ LJĂŶŐ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ƵƐĂŚĂLJĂŶŐƐĞĚĂŶŐĚŝũĂůĂŶŬĂŶ͘



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 :ĂŵŝŶĂŶ͗
:ĂŵŝŶĂŶĂƚĂƐĨĂƐŝůŝƚĂƐŬƌĞĚŝƚĚĂůĂŵƉĞƌũĂŶũŝĂŶďĞƌƐŝĨĂƚĐůĞĂŶďĂƐŝƐ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚƉĞƌ:ƵŶŝϮϬϭϳ͗
h^ϴ͘ϬϬϬ͘ϬϬϬ

ϲ͘ ŬƚĂ WĞƌũĂŶũŝĂŶ <ƌĞĚŝƚ <D< DĂŬƐŝŵƵŵ h^ϯϬ͘ϬϬϬ͘ϬϬϬ EŽ͘ ϭϬϴ ƚĂŶŐŐĂů Ϯϴ Ɖƌŝů ϮϬϭϲ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ
ŚĂĚĂƉĂŶ ƌƌLJ ^ƵƉƌĂƚŶŽ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ ƚĞƌĂŬŚŝƌ ŬĂůŝ ĚĞŶŐĂŶ ĚĞŶŐĂŶ
WĞƌƐĞƚƵũƵĂŶWĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘;ϭͿϭϬϴDĂŬƐŝŵƵŵh^ϯϬ͘ϬϬϬ͘ϬϬϬƚĂŶŐŐĂůϭϮ:ƵůŝϮϬϭϳ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͖ĚĂŶ
ď͘ PT Bank Negara Indonesia (Persero) Tbk (“Bank”).

ZƵĂŶŐ>ŝŶŐŬƵƉĚĂŶ^ƵŬƵƵŶŐĂ<ƌĞĚŝƚ͗
ĂŶŬ ŵĞŵďĞƌŝŬĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŬĞƉĂĚĂ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ďĞƌƵƉĂ <ƌĞĚŝƚ DŽĚĂů <ĞƌũĂ ƵŶƚƵŬ ŽƉĞƌĂƐŝŽŶĂů
ƵƐĂŚĂ ƉĞƌďĂŝŬĂŶ͕ ƉĞŵĞůŝŚĂƌĂĂŶ ĚĂŶ ŽǀĞƌŚĂƵů ƉĞƐĂǁĂƚ ĚĞŶŐĂŶ ũƵŵůĂŚ ŵĂŬƐŝŵƵŵ ŬƌĞĚŝƚ ƐĞďĞƐĂƌ
h^ϯϬ͘ϬϬϬ͘ϬϬϬ͘

WĞŶĞƌŝŵĂ<ƌĞĚŝƚǁĂũŝďŵĞŵďĂLJĂƌŬĞƉĂĚĂĂŶŬďƵŶŐĂƐĞďĞƐĂƌ>/KZϯďƵůĂŶнϮ͕ϳϱйƉĞƌƚĂŚƵŶ͕ĚĂŶĂŬĂŶ
ĚŝͲƌĞǀŝĞǁƐĞƚŝĂƉƐĂĂƚƵŶƚƵŬĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶƚĂƌŝĨďƵŶŐĂLJĂŶŐďĞƌůĂŬƵĚŝĂŶŬƉĂĚĂƐĂĂƚƌĞǀŝĞǁďƵŶŐĂ͘

:ĂŶŐŬĂtĂŬƚƵ͗
<ƌĞĚŝƚĚŝďĞƌŝŬĂŶƐĂŵƉĂŝĚĞŶŐĂŶϮϳKŬƚŽďĞƌϮϬϭϳ͘:ĂŶŐŬĂǁĂŬƚƵĚĂƉĂƚĚŝƉĞƌƉĂŶũĂŶŐĚĞŶŐĂŶŬĞƐĞƉĂŬĂƚĂŶ
ƚĞƌƚƵůŝƐŬĞĚƵĂďĞůĂŚƉŝŚĂŬ͘

WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
^ĞůĂŵĂ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ďĞůƵŵ ůƵŶĂƐ͕ ŵĂŬĂ ƚĂŶƉĂ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ ĂŶŬ͕ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ƚŝĚĂŬ
ĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗

Ă͘ DĞŶŐƵďĂŚďŝĚĂŶŐƵƐĂŚĂƵƚĂŵĂLJĂŶŐƚŝĚĂŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌŝnjŝŶĂŶLJĂŶŐĚŝŵŝůŝŬŝ͖
ď͘ DĞŶũƵĂůĂƚĂƵŵĞŵŝŶĚĂŚŬĂŶŚĂŬŬĞƉĞŵŝůŝŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƐĞƚLJĂŶŐďĞƌĂƐĂůĚĂƌŝĨĂƐŝůŝƚĂƐ
ĂŶŬƚĂŶƉĂƐĞŝnjŝŶĂŶŬ͖
Đ͘ DĞŵďĞƌŝŬĂŶ ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚĞĞ  ĂƚĂƵ ƉĞŶũĂŵŝŶĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ ŬĞĐƵĂůŝ ƵŶƚƵŬ ŽƉĞƌĂƐŝŽŶĂů
ƵƐĂŚĂ͖
Ě͘ ĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ƉĞŶũĂŵŝŶ͕ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝ ƉĞŶĂŶŐŐƵŶŐ ĂƚĂƵ ƉĞŶũĂŵŝŶ ƵƚĂŶŐ ĂƚĂƐ
ŬĞǁĂũŝďĂŶ ůĂŝŶŶLJĂ ƚĞƌŚĂĚĂƉ ƉŝŚĂŬ ůĂŝŶ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ŵĞŶũĂĚŝ
ďĞƌƚĂŶŐŐƵŶŐũĂǁĂďďĂŝŬůĂŶŐƐƵŶŐŵĂƵƉƵŶďĞƌƐLJĂƌĂƚĚĞŶŐĂŶĐĂƌĂĂƉĂƉƵŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƐĞƐƵĂƚƵ
ƵƚĂŶŐĂƚĂƵŬĞǁĂũŝďĂŶĚĂƌŝƉŝŚĂŬůĂŝŶ͕ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝ͕ĂŶĂŬƉĞƌƵƐĂŚĂĂŶ͕ŬĞĐƵĂůŝLJĂŶŐŵƵŶĐƵůĂŬŝďĂƚ
ƚƌĂŶƐĂŬƐŝďŝƐŶŝƐLJĂŶŐŶŽƌŵĂů͖
Ğ͘ DĞŶLJĞƌĂŚŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƚĂƵƐĞďĂŐŝĂŶĚĂƌŝŚĂŬĚĂŶͬĂƚĂƵŬĞǁĂũŝďĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ
LJĂŶŐƚŝŵďƵůďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚĚĂŶͬĂƚĂƵĚŽŬƵŵĞŶũĂŵŝŶĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͘

^ĞůĂŵĂ ŵĂƐŝŚ ŵĞŶĞƌŝŵĂ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ĚĂƌŝ ĂŶŬ͕ ŵĂŬĂ ƚĂŶƉĂ ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ĂŶŬ͕
WĞŶĞƌŝŵĂ<ƌĞĚŝƚƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗

Ă͘ DĞŶŐƵďĂŚŶŐŐĂƌĂŶĂƐĂƌWĞŶĞƌŝŵĂ <ƌĞĚŝƚ LJĂŶŐ ŵĞŶŐĂŬŝďĂƚŬĂŶ 'ZhƚŝĚĂŬ ŵĞŶũĂĚŝƉĞŵĞŐĂŶŐ
ƐĂŚĂŵŵĂLJŽƌŝƚĂƐďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐĂƚĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ͕ĚŝďĂǁĂŚϱϭй͘
ď͘ DĞŵďƵďĂƌŬĂŶďĂĚĂŶŚƵŬƵŵWĞŶĞƌŝŵĂ<ƌĞĚŝƚĂƚĂƵŵĞůĂŬƵŬĂŶŵĞƌŐĞƌ͕ƉĞŶŐŐĂďƵŶŐĂŶ͕ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝ
ĂƚĂƵ ŵĞŶŐĂŬƵŝƐŝƐŝ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ ĂƐĞƚ ĂƚĂƐ ŬĞƉĞŵŝůŝŬĂŶ ;ĐĂƉŝƚĂů ƐƚŽĐŬͿ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ͖ ĂƚĂƵ
ŵĞŶũƵĂů͕ ŵĞŶLJĞǁĂŬĂŶ͕ ŵĞŵŝŶĚĂŚŬĂŶ ĚĂŶ ŵĞŶŐŚŝůĂŶŐŬĂŶ ƐĞůƵƌƵŚ ĂƚĂƵ ƐĞďĂŐŝĂŶ ĂƐĞƚ ŬĞĐƵĂůŝ ƵŶƚƵŬ
ƚƌĂŶƐĂŬƐŝLJĂŶŐƵŵƵŵĚĂůĂŵƉĞƌƵƐĂŚĂĂŶ;ŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐͿ͘
Đ͘ DĞŶŐĂĚĂŬĂŶƚƌĂŶƐĂŬƐŝĚĞŶŐĂŶƉĞƌƐĞŽƌĂŶŐĂŶĂƚĂƵƐĞƐƵĂƚƵƉŝŚĂŬƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝŶLJĂ͕ĚĞŶŐĂŶĐĂƌĂ–ĐĂƌĂLJĂŶŐďĞƌĂĚĂĚŝůƵĂƌƉƌĂŬƚĞŬ–ƉƌĂŬƚĞŬĚĂŶŬĞďŝĂƐĂĂŶLJĂŶŐ

ǁĂũĂƌĚĂŶŵĞůĂŬƵŬĂŶƉĞŵďĞůŝĂŶLJĂŶŐůĞďŝŚŵĂŚĂůƐĞƌƚĂŵĞůĂŬƵŬĂŶƉĞŶũƵĂůĂŶůĞďŝŚŵƵƌĂŚĚĂƌŝŚĂƌŐĂ
ƉĂƐĂƌ͘


83
 Ě͘ DĞůƵŶĂƐŝͬŵĞŵďĂLJĂƌ ŬƌĞĚŝƚͬƵƚĂŶŐ ĂƚĂƵ ďƵŶŐĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ Ěŝ ůƵĂƌ ƉŝŚĂŬ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ͕
ƚĞƌŵĂƐƵŬĂŬĂŶƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵĂƚĂƵĂĨŝůŝĂƐŝŶLJĂƐĞďĞůƵŵƵƚĂŶŐŬĞƉĂĚĂ
ĂŶŬĚŝůƵŶĂƐŝƚĞƌůĞďŝŚĚĂŚƵůƵ͘
Ğ͘ DĞůĂŬƵŬĂŶ ƉĞƌůƵĂƐĂŶ ĂƚĂƵ ƉĞŶLJĞŵƉŝƚĂŶ ƵƐĂŚĂ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŶŐĞŵďĂůŝĂŶ ũƵŵůĂŚ
ƵƚĂŶŐŬĞƉĂĚĂĂŶŬ͘
Ĩ͘ DĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ ůĂŝŶŶLJĂ ĚĂŶͬĂƚĂƵ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ LJĂŶŐ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ƵƐĂŚĂLJĂŶŐƐĞĚĂŶŐĚŝũĂůĂŶŬĂŶ͘

:ĂŵŝŶĂŶ͗
:ĂŵŝŶĂŶĂƚĂƐĨĂƐŝůŝƚĂƐŬƌĞĚŝƚĚĂůĂŵƉĞƌũĂŶũŝĂŶďĞƌƐŝĨĂƚĐůĞĂŶďĂƐŝƐ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚƉĞƌ:ƵŶŝϮϬϭϳ͗
h^Ϯϵ͘Ϯϵϱ͘ϭϱϮ

ϳ͘ ŬƚĂWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘ϮϱϭƚĂŶŐŐĂůϮϱ:ƵŶŝϮϬϭϮ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƌƌLJ^ƵƉƌĂƚŶŽ͕^͘,͕͘EŽƚĂƌŝƐ
Ěŝ:ĂŬĂƌƚĂƐĞďĂŐĂŝŵĂŶĂĚŝƵďĂŚƚĞƌĂŬŚŝƌŬĂůŝĚĞŶŐĂŶWĞƌƐĞƚƵũƵĂŶWĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘;ϭͿϮϱϭ
DĂŬƐŝŵƵŵZƉϱϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬƚĂŶŐŐĂůϭϮ:ƵůŝϮϬϭϳ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͖ĚĂŶ
ď͘ PT Bank Negara Indonesia (Persero) Tbk (“Bank”).

ZƵĂŶŐ>ŝŶŐŬƵƉĚĂŶ^ƵŬƵƵŶŐĂ<ƌĞĚŝƚ͗
DĂŬƐŝŵƵŵŬƌĞĚŝƚLJĂŶŐĚŝďĞƌŝŬĂŶĂŶŬŬĞƉĂĚĂWĞŶĞƌŝŵĂ<ƌĞĚŝƚĂĚĂůĂŚƐĞďĞƐĂƌZƉϱϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬĚŝŵĂŶĂ
ĂŶŬ ŵĞŵďĞƌŝŬĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŬĞƉĂĚĂ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ďĞƌƵƉĂ <ƌĞĚŝƚ DŽĚĂů <ĞƌũĂ ;dĞƌŵ >ŽĂŶͿ ƵŶƚƵŬ
ƉĞŵďŝĂLJĂĂŶƉĞŶŐĞŵďĂŶŐĂŶŬĞŵĂŵƉƵĂŶĚĂŶƉĞŶĂŵďĂŚĂŶŬĂƉĂƐŝƚĂƐƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ͘

ĞƌĚĂƐĂƌŬĂŶWĞƌƐĞƚƵũƵĂŶWĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘;ϭͿϮϱϭ͕ŵĂŬƐŝŵƵŵŬƌĞĚŝƚLJĂŶŐĚŝďĞƌŝŬĂŶĂŶŬ
ŬĞƉĂĚĂWĞŶĞƌŝŵĂ<ƌĞĚŝƚŽƵƚƐƚĂŶĚŝŶŐƉĞƌϯϭŽŬƚŽďĞƌϮϬϭϲĂĚĂůĂŚƐĞďĞƐĂƌh^ϭ͘ϰϳϵ͘ϬϲϮLJĂŶŐŵĞƌƵƉĂŬĂŶ
ŬŽŶǀĞƌƐŝĚĂƌŝŵĂƚĂƵĂŶŐZƵƉŝĂŚĚĞŶŐĂŶŵĂŬƐŝŵƵŵĂǁĂůƐĞďĞƐĂƌZƉϱϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘

WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ǁĂũŝď ŵĞŵďĂLJĂƌ ŬĞƉĂĚĂ ĂŶŬ ďƵŶŐĂ ĞĨĞŬƚŝĨ ƐĞďĞƐĂƌ >/KZ ϯ ďƵůĂŶ н Ϯ͕ϳϱй ƉĞƌ ƚĂŚƵŶ
LJĂŶŐĚŝŚŝƚƵŶŐĚĂƌŝďĂŬŝĚĞďĞƚ͘

:ĂŶŐŬĂtĂŬƚƵ͗
<ƌĞĚŝƚ ĚŝďĞƌŝŬĂŶ ƐĞůĂŵĂ ũĂŶŐŬĂ ǁĂŬƚƵ ϳϮ ďƵůĂŶ ƐĞũĂŬ ƚĂŶŐŐĂů ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ ƐĞůĂŵĂ ϭϮ ďƵůĂŶ ĚĞŶŐĂŶ
ũĂĚǁĂůĂŶŐƐƵƌĂŶƉƌŽƌĂƚĂƉĞƌƚƌŝǁƵůĂŶ͕LJĂŶŐĚŝŵƵůĂŝƐĞũĂŬŵĂƐĂƉĞŶĂƌŝŬĂŶƐĞůĞƐĂŝ͘

WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
^ĞůĂŵĂ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ďĞůƵŵ ůƵŶĂƐ͕ ŵĂŬĂ ƚĂŶƉĂ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ ĂŶŬ͕ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ƚŝĚĂŬ
ĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗

Ă͘ DĞŶŐƵďĂŚďŝĚĂŶŐƵƐĂŚĂƵƚĂŵĂLJĂŶŐƚŝĚĂŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌŝnjŝŶĂŶLJĂŶŐĚŝŵŝůŝŬŝ͖
ď͘ DĞŶũƵĂůĂƚĂƵŵĞŵŝŶĚĂŚŬĂŶŚĂŬŬĞƉĞŵŝůŝŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƐĞƚLJĂŶŐďĞƌĂƐĂůĚĂƌŝĨĂƐŝůŝƚĂƐ
ĂŶŬƚĂŶƉĂƐĞŝnjŝŶĂŶŬ͖
Đ͘ DĞŵďĞƌŝŬĂŶ ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚĞĞ  ĂƚĂƵ ƉĞŶũĂŵŝŶĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ ŬĞĐƵĂůŝ ƵŶƚƵŬ ŽƉĞƌĂƐŝŽŶĂů
ƵƐĂŚĂ͖
Ě͘ ĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ƉĞŶũĂŵŝŶ͕ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝ ƉĞŶĂŶŐŐƵŶŐ ĂƚĂƵ ƉĞŶũĂŵŝŶ ƵƚĂŶŐ ĂƚĂƐ
ŬĞǁĂũŝďĂŶ ůĂŝŶŶLJĂ ƚĞƌŚĂĚĂƉ ƉŝŚĂŬ ůĂŝŶ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ŵĞŶũĂĚŝ
ďĞƌƚĂŶŐŐƵŶŐũĂǁĂďďĂŝŬůĂŶŐƐƵŶŐŵĂƵƉƵŶďĞƌƐLJĂƌĂƚĚĞŶŐĂŶĐĂƌĂĂƉĂƉƵŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƐĞƐƵĂƚƵ
ƵƚĂŶŐĂƚĂƵŬĞǁĂũŝďĂŶĚĂƌŝƉŝŚĂŬůĂŝŶ͕ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝ͕ĂŶĂŬƉĞƌƵƐĂŚĂĂŶ͕ŬĞĐƵĂůŝLJĂŶŐŵƵŶĐƵůĂŬŝďĂƚ
ƚƌĂŶƐĂŬƐŝďŝƐŶŝƐLJĂŶŐŶŽƌŵĂů͖
Ğ͘ DĞŶLJĞƌĂŚŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƚĂƵƐĞďĂŐŝĂŶĚĂƌŝŚĂŬĚĂŶͬĂƚĂƵŬĞǁĂũŝďĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ
LJĂŶŐƚŝŵďƵůďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚĚĂŶͬĂƚĂƵĚŽŬƵŵĞŶũĂŵŝŶĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͘
 



84
 ^ĞůĂŵĂ ŵĂƐŝŚ ŵĞŶĞƌŝŵĂ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ĚĂƌŝ ĂŶŬ͕ ŵĂŬĂ ƚĂŶƉĂ ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ĂŶŬ͕
WĞŶĞƌŝŵĂ<ƌĞĚŝƚƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗

Ă͘ DĞŶŐƵďĂŚŶŐŐĂƌĂŶĂƐĂƌ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ LJĂŶŐ ŵĞŶŐĂŬŝďĂƚŬĂŶ 'ZhƚŝĚĂŬ ŵĞŶũĂĚŝƉĞŵĞŐĂŶŐ
ƐĂŚĂŵŵĂLJŽƌŝƚĂƐďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐĂƚĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ͕ĚŝďĂǁĂŚϱϭй͘
ď͘ DĞŵďƵďĂƌŬĂŶďĂĚĂŶŚƵŬƵŵWĞŶĞƌŝŵĂ<ƌĞĚŝƚĂƚĂƵŵĞůĂŬƵŬĂŶŵĞƌŐĞƌ͕ƉĞŶŐŐĂďƵŶŐĂŶ͕ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝ

ĂƚĂƵ ŵĞŶŐĂŬƵŝƐŝƐŝ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ ĂƐĞƚ ĂƚĂƐ ŬĞƉĞŵŝůŝŬĂŶ ;ĐĂƉŝƚĂů ƐƚŽĐŬͿ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ͖ ĂƚĂƵ
ŵĞŶũƵĂů͕ ŵĞŶLJĞǁĂŬĂŶ͕ ŵĞŵŝŶĚĂŚŬĂŶ ĚĂŶ ŵĞŶŐŚŝůĂŶŐŬĂŶ ƐĞůƵƌƵŚ ĂƚĂƵ ƐĞďĂŐŝĂŶ ĂƐĞƚ ŬĞĐƵĂůŝ ƵŶƚƵŬ
ƚƌĂŶƐĂŬƐŝLJĂŶŐƵŵƵŵĚĂůĂŵƉĞƌƵƐĂŚĂĂŶ;ŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐͿ͘
Đ͘ DĞŶŐĂĚĂŬĂŶƚƌĂŶƐĂŬƐŝĚĞŶŐĂŶƉĞƌƐĞŽƌĂŶŐĂŶĂƚĂƵƐĞƐƵĂƚƵƉŝŚĂŬƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝŶLJĂ͕ĚĞŶŐĂŶĐĂƌĂ–ĐĂƌĂLJĂŶŐďĞƌĂĚĂĚŝůƵĂƌƉƌĂŬƚĞŬ–ƉƌĂŬƚĞŬĚĂŶŬĞďŝĂƐĂĂŶLJĂŶŐ
ǁĂũĂƌĚĂŶŵĞůĂŬƵŬĂŶƉĞŵďĞůŝĂŶLJĂŶŐůĞďŝŚŵĂŚĂůƐĞƌƚĂŵĞůĂŬƵŬĂŶƉĞŶũƵĂůĂŶůĞďŝŚŵƵƌĂŚĚĂƌŝŚĂƌŐĂ
ƉĂƐĂƌ͘
Ě͘ DĞůƵŶĂƐŝͬŵĞŵďĂLJĂƌ ŬƌĞĚŝƚͬƵƚĂŶŐ ĂƚĂƵ ďƵŶŐĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ Ěŝ ůƵĂƌ ƉŝŚĂŬ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ͕
ƚĞƌŵĂƐƵŬĂŬĂŶƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵĂƚĂƵĂĨŝůŝĂƐŝŶLJĂƐĞďĞůƵŵƵƚĂŶŐŬĞƉĂĚĂ
ĂŶŬĚŝůƵŶĂƐŝƚĞƌůĞďŝŚĚĂŚƵůƵ͘
Ğ͘ DĞůĂŬƵŬĂŶ ƉĞƌůƵĂƐĂŶ ĂƚĂƵ ƉĞŶLJĞŵƉŝƚĂŶ ƵƐĂŚĂ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŶŐĞŵďĂůŝĂŶ ũƵŵůĂŚ
ƵƚĂŶŐŬĞƉĂĚĂĂŶŬ͘
Ĩ͘ DĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ ůĂŝŶŶLJĂ ĚĂŶͬĂƚĂƵ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ LJĂŶŐ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ƵƐĂŚĂLJĂŶŐƐĞĚĂŶŐĚŝũĂůĂŶŬĂŶ͘

:ĂŵŝŶĂŶ͗
^ĞŐĂůĂŚĂƌƚĂŬĞŬĂLJĂĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͕ďĂŝŬLJĂŶŐďĞƌŐĞƌĂŬŵĂƵƉƵŶLJĂŶŐƚŝĚĂŬďĞƌŐĞƌĂŬ͕ďĂŝŬLJĂŶŐƐƵĚĂŚ
ĂĚĂ ŵĂƵƉƵŶ LJĂŶŐ ĂŬĂŶ ĂĚĂ Ěŝ ŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ ŵĞŶũĂĚŝ ũĂŵŝŶĂŶ ďĂŐŝ ƉĞůƵŶĂƐĂŶ ƐĞůƵƌƵŚ ƵƚĂŶŐ WĞŶĞƌŝŵĂ
<ƌĞĚŝƚLJĂŶŐƚŝŵďƵůŬĂƌĞŶĂƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚ͘

'ƵŶĂ ůĞďŝŚ ŵĞŶũĂŵŝŶ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ŬƌĞĚŝƚ͕ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ŵĞŶLJĞƌĂŚŬĂŶ ĂŐƵŶĂŶ ŬĞƉĂĚĂ ĂŶŬ͘
WĞƌƵďĂŚĂŶ ĚĂŶ ƉĞŶŐŐĂŶƚŝĂŶ ĂŐƵŶĂŶͲĂŐƵŶĂŶ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƐĞƉĂŬĂƚĂŶ ƚĞƌƚƵůŝƐ
ŬĞĚƵĂďĞůĂŚƉŝŚĂŬ͘^ĞĚĂŶŐŬĂŶũĞŶŝƐĚĂŶƉĞŶŐŝŬĂƚĂŶĂŐƵŶĂŶĂĚĂůĂŚƐĞůƵƌƵŚŽďũĞŬͲŽďũĞŬLJĂŶŐĚŝďŝĂLJĂŝĚĂŶ
ĂŬĂŶĚŝŝŬĂƚĨŝĚƵƐŝĂƐĞĐĂƌĂŶŽƚĂƌŝŝů͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚƉĞƌ:ƵŶŝϮϬϭϳ͗
h^ϴϰϱ͘ϭϳϵ

ϴ͘ ŬƚĂWĞƌũĂŶũŝĂŶWĞŵďĞƌŝĂŶ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚdŝĚĂŬ>ĂŶŐƐƵŶŐEŽ͘ϭϱϳƚĂŶŐŐĂůϮϴKŬƚŽďĞƌϮϬϭϰ͕LJĂŶŐĚŝďƵĂƚ
ĚŝŚĂĚĂƉĂŶƌƌLJ^ƵƉƌĂƚŶŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂƐĞďĂŐĂŝŵĂŶĂĚŝƵďĂŚĚĞŶŐĂŶWĞƌƐĞƚƵũƵĂŶWĞƌƵďĂŚĂŶ
WĞƌũĂŶũŝĂŶWĞŵďĞƌŝĂŶ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚdŝĚĂŬ>ĂŶŐƐƵŶŐEŽ͘;ϮͿϭϱϳDĂŬƐŝŵƵŵh^ϯϬ͘ϬϬϬ͘ϬϬϬƚĂŶŐŐĂůϭϮ
:ƵůŝϮϬϭϳ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͖ĚĂŶ
ď͘ PT Bank Negara Indonesia (Persero) Tbk (“Bank”).

ZƵĂŶŐ>ŝŶŐŬƵƉ͗
DĂŬƐŝŵƵŵ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ dŝĚĂŬ >ĂŶŐƐƵŶŐ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ĂŶŬ ŬĞƉĂĚĂ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ƐĞďĞƐĂƌ
h^ϯϬ͘ϬϬϬ͘ϬϬϬLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗;ŝͿŵĂŬƐŝŵƵŵĂǁĂůƐĞďĞƐĂƌh^ϭϬ͘ϬϬϬ͘ϬϬϬĚĂŶ;ŝŝͿŵĂŬƐŝŵƵŵƚĂŵďĂŚĂŶ
ƐĞďĞƐĂƌh^ϮϬ͘ϬϬϬ͘ϬϬϬ͘

:ĂŶŐŬĂtĂŬƚƵ͗
<ƌĞĚŝƚĚŝďĞƌŝŬĂŶƐĂŵƉĂŝĚĞŶŐĂŶϮϳKŬƚŽďĞƌϮϬϭϳ͘

WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
^ĞůĂŵĂ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ďĞůƵŵ ůƵŶĂƐ͕ ŵĂŬĂ ƚĂŶƉĂ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ ĂŶŬ͕ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ƚŝĚĂŬ
ĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗

Ă͘ DĞŶŐƵďĂŚďŝĚĂŶŐƵƐĂŚĂƵƚĂŵĂLJĂŶŐƚŝĚĂŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌŝnjŝŶĂŶLJĂŶŐĚŝŵŝůŝŬŝ͖
ď͘ DĞŶũƵĂůĂƚĂƵŵĞŵŝŶĚĂŚŬĂŶŚĂŬŬĞƉĞŵŝůŝŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƐĞƚLJĂŶŐďĞƌĂƐĂůĚĂƌŝĨĂƐŝůŝƚĂƐ
ĂŶŬƚĂŶƉĂƐĞŝnjŝŶĂŶŬ͖

85
 Đ͘ DĞŵďĞƌŝŬĂŶ ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚĞĞ  ĂƚĂƵ ƉĞŶũĂŵŝŶĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ ŬĞĐƵĂůŝ ƵŶƚƵŬ ŽƉĞƌĂƐŝŽŶĂů
ƵƐĂŚĂ͖
Ě͘ ĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ƉĞŶũĂŵŝŶ͕ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝ ƉĞŶĂŶŐŐƵŶŐ ĂƚĂƵ ƉĞŶũĂŵŝŶ ƵƚĂŶŐ ĂƚĂƐ
ŬĞǁĂũŝďĂŶ ůĂŝŶŶLJĂ ƚĞƌŚĂĚĂƉ ƉŝŚĂŬ ůĂŝŶ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ŵĞŶũĂĚŝ
ďĞƌƚĂŶŐŐƵŶŐũĂǁĂďďĂŝŬůĂŶŐƐƵŶŐŵĂƵƉƵŶďĞƌƐLJĂƌĂƚĚĞŶŐĂŶĐĂƌĂĂƉĂƉƵŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƐĞƐƵĂƚƵ
ƵƚĂŶŐĂƚĂƵŬĞǁĂũŝďĂŶĚĂƌŝƉŝŚĂŬůĂŝŶ͕ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝ͕ĂŶĂŬƉĞƌƵƐĂŚĂĂŶ͕ŬĞĐƵĂůŝLJĂŶŐŵƵŶĐƵůĂŬŝďĂƚ
ƚƌĂŶƐĂŬƐŝďŝƐŶŝƐLJĂŶŐŶŽƌŵĂů͖
Ğ͘ DĞŶLJĞƌĂŚŬĂŶĂƚĂƵŵĞŶŐĂůŝŚŬĂŶƐĞůƵƌƵŚĂƚĂƵƐĞďĂŐŝĂŶĚĂƌŝŚĂŬĚĂŶͬĂƚĂƵŬĞǁĂũŝďĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ
LJĂŶŐƚŝŵďƵůďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚĚĂŶͬĂƚĂƵĚŽŬƵŵĞŶũĂŵŝŶĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͘

^ĞůĂŵĂ ŵĂƐŝŚ ŵĞŶĞƌŝŵĂ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ĚĂƌŝ ĂŶŬ͕ ŵĂŬĂ ƚĂŶƉĂ ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ĂŶŬ͕
WĞŶĞƌŝŵĂ<ƌĞĚŝƚƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗

Ă͘ DĞŶŐƵďĂŚŶŐŐĂƌĂŶĂƐĂƌWĞŶĞƌŝŵĂ <ƌĞĚŝƚ LJĂŶŐ ŵĞŶŐĂŬŝďĂƚŬĂŶ 'ZhƚŝĚĂŬ ŵĞŶũĂĚŝƉĞŵĞŐĂŶŐ
ƐĂŚĂŵŵĂLJŽƌŝƚĂƐďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐĂƚĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ͕ĚŝďĂǁĂŚϱϭй͘
ď͘ DĞŵďƵďĂƌŬĂŶďĂĚĂŶŚƵŬƵŵWĞŶĞƌŝŵĂ<ƌĞĚŝƚĂƚĂƵŵĞůĂŬƵŬĂŶŵĞƌŐĞƌ͕ƉĞŶŐŐĂďƵŶŐĂŶ͕ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝ
ĂƚĂƵ ŵĞŶŐĂŬƵŝƐŝƐŝ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ ĂƐĞƚ ĂƚĂƐ ŬĞƉĞŵŝůŝŬĂŶ ;ĐĂƉŝƚĂů ƐƚŽĐŬͿ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ͖ ĂƚĂƵ
ŵĞŶũƵĂů͕ ŵĞŶLJĞǁĂŬĂŶ͕ ŵĞŵŝŶĚĂŚŬĂŶ ĚĂŶ ŵĞŶŐŚŝůĂŶŐŬĂŶ ƐĞůƵƌƵŚ ĂƚĂƵ ƐĞďĂŐŝĂŶ ĂƐĞƚ ŬĞĐƵĂůŝ ƵŶƚƵŬ
ƚƌĂŶƐĂŬƐŝLJĂŶŐƵŵƵŵĚĂůĂŵƉĞƌƵƐĂŚĂĂŶ;ŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐͿ͘
Đ͘ DĞŶŐĂĚĂŬĂŶƚƌĂŶƐĂŬƐŝĚĞŶŐĂŶƉĞƌƐĞŽƌĂŶŐĂŶĂƚĂƵƐĞƐƵĂƚƵƉŝŚĂŬƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝŶLJĂ͕ĚĞŶŐĂŶĐĂƌĂ–ĐĂƌĂLJĂŶŐďĞƌĂĚĂĚŝůƵĂƌƉƌĂŬƚĞŬ–ƉƌĂŬƚĞŬĚĂŶŬĞďŝĂƐĂĂŶLJĂŶŐ
ǁĂũĂƌĚĂŶŵĞůĂŬƵŬĂŶƉĞŵďĞůŝĂŶLJĂŶŐůĞďŝŚŵĂŚĂůƐĞƌƚĂŵĞůĂŬƵŬĂŶƉĞŶũƵĂůĂŶůĞďŝŚŵƵƌĂŚĚĂƌŝŚĂƌŐĂ
ƉĂƐĂƌ͘
Ě͘ DĞůƵŶĂƐŝͬŵĞŵďĂLJĂƌ ŬƌĞĚŝƚͬƵƚĂŶŐ ĂƚĂƵ ďƵŶŐĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ Ěŝ ůƵĂƌ ƉŝŚĂŬ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ͕
ƚĞƌŵĂƐƵŬĂŬĂŶƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵĂƚĂƵĂĨŝůŝĂƐŝŶLJĂƐĞďĞůƵŵƵƚĂŶŐŬĞƉĂĚĂ
ĂŶŬĚŝůƵŶĂƐŝƚĞƌůĞďŝŚĚĂŚƵůƵ͘
Ğ͘ DĞůĂŬƵŬĂŶ ƉĞƌůƵĂƐĂŶ ĂƚĂƵ ƉĞŶLJĞŵƉŝƚĂŶ ƵƐĂŚĂ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŶŐĞŵďĂůŝĂŶ ũƵŵůĂŚ
ƵƚĂŶŐŬĞƉĂĚĂĂŶŬ͘
Ĩ͘ DĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ ůĂŝŶŶLJĂ ĚĂŶͬĂƚĂƵ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ LJĂŶŐ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ƵƐĂŚĂLJĂŶŐƐĞĚĂŶŐĚŝũĂůĂŶŬĂŶ͘

:ĂŵŝŶĂŶ͗
^ĞŐĂůĂŚĂƌƚĂŬĞŬĂLJĂĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͕ďĂŝŬLJĂŶŐďĞƌŐĞƌĂŬŵĂƵƉƵŶLJĂŶŐƚŝĚĂŬďĞƌŐĞƌĂŬ͕ďĂŝŬLJĂŶŐƐƵĚĂŚ
ĂĚĂ ŵĂƵƉƵŶ LJĂŶŐ ĂŬĂŶ ĂĚĂ Ěŝ ŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ ŵĞŶũĂĚŝ ũĂŵŝŶĂŶ ďĂŐŝ ƉĞůƵŶĂƐĂŶ ƐĞůƵƌƵŚ ƵƚĂŶŐ WĞŶĞƌŝŵĂ
<ƌĞĚŝƚLJĂŶŐƚŝŵďƵůŬĂƌĞŶĂƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚ͘

'ƵŶĂ ůĞďŝŚ ŵĞŶũĂŵŝŶ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ŬƌĞĚŝƚ͕ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ŵĞŶLJĞƌĂŚŬĂŶ ĂŐƵŶĂŶ ŬĞƉĂĚĂ ĂŶŬ͘
WĞƌƵďĂŚĂŶ ĚĂŶ ƉĞŶŐŐĂŶƚŝĂŶ ĂŐƵŶĂŶͲĂŐƵŶĂŶ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƐĞƉĂŬĂƚĂŶ ƚĞƌƚƵůŝƐ
ŬĞĚƵĂďĞůĂŚƉŝŚĂŬ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚ͗
h^Ϯϵ͘ϬϭϮ͘ϲϲϭ

ϵ͘ ŬƚĂ WĞƌũĂŶũŝĂŶ <ƌĞĚŝƚ DŽĚĂů <ĞƌũĂ /ŵƉŽƌ͕ WĞŶĂŶŐŐƵŚĂŶ :ĂŵŝŶĂŶ /ŵƉŽƌ ;<D</ͬW:/Ϳ ĚĂŶ ĂŶŬ
'ĂƌĂŶƐŝͬ^ƚĂŶĚďLJ>ĞƚƚĞƌKĨƌĞĚŝƚEŽ͘ϲϯƚĂŶŐŐĂůϯϭDĞŝϮϬϭϲ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶĂŵĂŝ^Ƶƌŝ͕^͘,͕͘
EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ WƵƐĂƚ͕ EŽƚĂƌŝƐ WĞŶŐŐĂŶƚŝ ĚĂƌŝ zƵĂůŝƚĂ tŝĚLJĂĚŚĂƌŝ͕ ^͘,͕͘ D͘<Ŷ͘ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ
ƚĞƌŬĂŚŝƌŬĂůŝĚĞŶŐĂŶŬƚĂWĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚDŽĚĂů<ĞƌũĂ/ŵƉŽƌ͕WĞŶĂŶŐŐƵŚĂŶ:ĂŵŝŶĂŶ/ŵƉŽƌ
;<D</ͬW:/ͿĚĂŶĂŶŬ'ĂƌĂŶƐŝͬ^ƚĂŶĚďLJ>ĞƚƚĞƌKĨƌĞĚŝƚ;'ͬ^>ͿEŽ͘ϮƚĂŶŐŐĂůϳ:ƵůŝϮϬϭϳ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͖ĚĂŶ
ď͘ PT Bank Rakyat Indonesia (Persero) Tbk (“BRI”) sebaŐĂŝWĞŵďĞƌŝ<ƌĞĚŝƚ͘

ZƵĂŶŐ>ŝŶŐŬƵƉĚĂŶ^ƵŬƵƵŶŐĂ<ƌĞĚŝƚ͗
Z/ŵĞŵďĞƌŝŬĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŬĞƉĂĚĂWĞƌƐĞƌŽĂŶďĞƌƵƉĂ<ƌĞĚŝƚDŽĚĂů<ĞƌũĂ/ŵƉŽƌͬWĞŶĂŶŐŐƵŚĂŶ:ĂŵŝŶĂŶ
ƉŝŶũĂŵĂŶ ŬĞƉĂĚĂ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ďĞƌƵƉĂ <ƌĞĚŝƚ DŽĚĂů <ĞƌũĂ /ŵƉŽƌͬWĞŶĂŶŐŐƵŚĂŶ :ĂŵŝŶĂŶ͕ LJĂŶŐ ƚĞƌĚŝƌŝ
ĚĂƌŝ͗ ;ŝͿ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŵŽĚĂů ŬĞƌũĂ ŝŵƉŽƌ ;<D</Ϳ LJĂŶŐ ďĞƌďĞŶƚƵŬ WƐĞƵĚŽ Zͬ DĂdžŝŵƵŵ ƌĞĚŝƚ

86
 KǀĞƌĞĞŶŬŽƌŶƐƚ ;KͿ ƚĞƚĂƉ ĚĞŶŐĂŶ ũƵŵůĂŚ ŵĂŬƐŝŵƵŵ ƐĞďĞƐĂƌ h^ϲϳϯϬ͘ϱϬϬϬ͘ϬϬϬ͖ ;ŝŝͿ ĨĂƐŝůŝƚĂƐ
ƉĞŶĂŶŐŐƵŚĂŶũĂŵŝŶĂŶŝŵƉŽƌ;W:/Ϳ>ĞƚƚĞƌŽĨƌĞĚŝƚͬ^ƵƌĂƚ<ƌĞĚŝƚĞƌĚŽŬƵŵĞŶĂůĂŵEĞŐĞƌŝĚĞŶŐĂŶũƵŵůĂŚ
ŵĂŬƐŝŵƵŵƐĞďĞƐĂƌh^ϮϬϲϳ͘ϱϬϬϬ͘ϬϬϬ;ďĞƌƐŝĨĂƚ ŝŶƚĞƌĐŚĂŶŐĞĂďůĞĚĞŶŐĂŶĨĂƐŝůŝƚĂƐ<D</Ϳ͖ĚĂŶ;ŝŝŝͿĨĂƐŝůŝƚĂƐ
ďĂŶŬ ŐƵĂƌĂŶƚĞĞ ;'Ϳ ĚĂŶ ^ƚĂŶĚďLJ >ĞƚƚĞƌ ŽĨ ƌĞĚŝƚ ;^>Ϳ ƐĞďĞƐĂƌ h^ϯϮϬ͘ϬϬϬ͘ϬϬϬ ;ďĞƌƐŝĨĂƚ ƐƵďůŝŵŝƚ
ĚĞŶŐĂŶĨĂƐŝůŝƚĂƐ<D</ĚĂŶĨĂƐŝůŝƚĂƐW:/͘Ϳ

Seluruh fasilitas kredit yang disebutkan di atas untuk selanjutnya disebut sebagai (“Fasilitas Kredit”).

WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵďĂLJĂƌŬĞƉĂĚĂZ/ďƵŶŐĂƐĞďĞƐĂƌϭϬ͕ϱйƉĞƌƚĂŚƵŶĚĂƌŝŶŝůĂŝ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚ͘

:ĂŶŐŬĂtĂŬƚƵ͗
WůĂĨŽŶĚh^ϯϬ͘ϬϬϬ͘ϬϬϬƚĞƌŚŝƚƵŶŐƐĞũĂŬϯϭDĞŝϮϬϭϳƐĂŵƉĂŝĚĞŶŐĂŶƉĞŶĂŶĚĂƚĂŶŐĂŶĂŶƉĞƌũĂŶũŝĂŶ͘WůĂĨŽŶĚ
h^ϲϳ͘ϱϬϬ͘ϬϬϬƚĞƌŚŝƚƵŶŐƐĞũĂŬƉĞŶĂŶĚĂƚĂŶŐĂŶĂŶƉĞƌũĂŶũŝĂŶƐĂŵƉĂŝĚĞŶŐĂŶϯϭDĞŝϮϬϭϴ͘
dĞŶŽƌ ĨĂƐŝůŝƚĂƐ <D</ ƉĞƌ ƚƌĂŶƐĂŬƐŝ LJĂŝƚƵ ƐĞƉĂŶũĂŶŐ ĂǀĂŝůĂďŝůŝƚLJ ƉĞƌŝŽĚ ďĞůƵŵ ũĂƚƵŚ ƚĞŵƉŽ͕ ƐĞƚŝĂƉ
ƉĞŶŐŐƵŶĂĂŶ ĨĂƐŝůŝƚĂƐ <D</ ĚĂƉĂƚ ĚŝůĂLJĂŶŝ ĚĞŶŐĂŶ ƚĞŶŽƌ ŵĂŬƐŝŵĂů ϲ ďƵůĂŶ ƵŶƚƵŬ >ĞƚƚĞƌ ŽĨ ƌĞĚŝƚͬ^ƵƌĂƚ
<ƌĞĚŝƚĞƌĚŽŬƵŵĞŶĂůĂŵEĞŐĞƌŝƵƐĂŶĐĞĚĂŶƵƐĐĂŶĐĞƉĂLJĂďůĞĂƚƐŝŐŚƚ;hW^Ϳ͘

<ƌĞĚŝƚƉŽŬŽŬŚĂƌƵƐůƵŶĂƐƉĂĚĂƐĂĂƚũĂƚƵŚƚĞŵƉŽĨĂƐŝůŝƚĂƐŬƌĞĚŝƚ͘

WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
dĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝZ/͕WĞƌƐĞƌŽĂŶƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶĂŶƚĂƌĂůĂŝŶƚĞƚĂƉŝƚŝĚĂŬ
ƚĞƌďĂƚĂƐƉĂĚĂŚĂůͲŚĂůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

Ă͘ DĞŶŐŝŬĂƚŬĂŶĚŝƌŝƐĞďĂŐĂŝƉĞŶũĂŵŝŶƚĞƌŚĂĚĂƉƉŝŚĂŬůĂŝŶĚĂŶͬĂƚĂƵŵĞŶũĂŵŝŶŬĂŶŬĞŬĂLJĂĂŶƉĞƌƵƐĂŚĂĂŶ
ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ ŬĞĐƵĂůŝ ƵŶƚƵŬ ŬĞŬĂLJĂĂŶ ƉĞƌƵƐĂŚĂĂŶ ƚƌĂŶƐĂŬƐŝ ŬĞƉĞŵŝůŝŬĂŶ ĨŝdžĞĚ ĂƐƐĞƚ ŵĞůĂůƵŝ
ƉŝŶũĂŵĂŶ ĂƚĂƵ ĨŝdžĞĚ ĂƐƐĞƚ ĨŝŶĂŶĐŝŶŐ ĚĂŶ ĂŶũĂŬ ƉŝƵƚĂŶŐ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ ƵŶƚƵŬ
ŬĞďƵƚƵŚĂŶŽƉĞƌĂƐŝŽŶĂůƉĞƌƵƐĂŚĂĂŶ͖
ď͘ DĞŶŐĂũƵŬĂŶƉĞƌŵŽŚŽŶĂŶƉĞƌŶLJĂƚĂĂŶƉĂŝůŝƚŬĞƉĂĚĂWĞŶŐĂĚŝůĂŶEŝĂŐĂƵŶƚƵŬŵĞŶLJĂƚĂŬĂŶƉĂŝůŝƚŶĂƐĂďĂŚ
ƐĞŶĚŝƌŝ͖ĚĂŶ

Đ͘ DĞŶĞƌŝŵĂ ƉŝŶũĂŵĂŶͬƉĞŵďŝĂLJĂĂŶ ďĂƌƵ ĚĂƌŝ ďĂŶŬ ĂƚĂƵ ůĞŵďĂŐĂ ŬĞƵĂŶŐĂŶ ůĂŝŶŶLJĂ ĂƉĂďŝůĂ Ğďƚ ƚŽ
ƋƵŝƚLJZĂƚŝŽ;ZͿŵĞůĞďŝŚŝϯϬϬй͘ZĚŝŚŝƵŶŐĚĞŶŐĂŶŬŽŵƉŽŶĞŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

dŽƚĂůhƚĂŶŐ͗dŽƚĂůŬƵŝƚĂƐ

dŽƚĂůhƚĂŶŐсhƚĂŶŐ:ĂŶŐŬĂWĂŶũĂŶŐнhƚĂŶŐ:ĂŶŐŬĂWĞŶĚĞŬ

:ĂŵŝŶĂŶ͗
dĂŶƉĂũĂŵŝŶĂŶ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚ͗
h^Ϯϵ͘ϵϵϱ͘ϭϱϰ

ϭϬ͘ ŬƚĂWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚ&ŽƌĨĂŝƚŝŶŐEŽ͘ϲϰƚĂŶŐŐĂůϯϭDĞŝϮϬϭϲ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶĂŵĂŝ^Ƶƌŝ͕^͘,͕͘
EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ WƵƐĂƚ͕ EŽƚĂƌŝƐ WĞŶŐŐĂŶƚŝ ĚĂƌŝ zƵĂůŝƚĂ tŝĚLJĂĚŚĂƌŝ͕ ^͘,͕͘ D͘<Ŷ͘ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ
ƚĞƌĂŬŚŝƌŬĂůŝĚĞŶŐĂŶŬƚĂWĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚ&ŽƌĨĂŝƚŝŶŐEŽ͘ϯƚĂŶŐŐĂůϳ:ƵůŝϮϬϭϳ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͖ĚĂŶ
ď͘ WdĂŶŬZĂŬLJĂƚIndonesia (Persero) Tbk (“BRI”) sebagai Pemberi Kredit.

ZƵĂŶŐ>ŝŶŐŬƵƉĚĂŶ^ƵŬƵƵŶŐĂ<ƌĞĚŝƚ͗
Z/ ŵĞŵďĞƌŝŬĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂ ĨĂƐŝůŝƚĂƐ ĨŽƌĨĂŝƚŝŶŐ ĚĞŶŐĂŶ ũƵŵůĂŚ ŵĂŬƐŝŵƵŵ
sebesar USD25.000.000 (“Fasilitas Kredit”).
WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵďĂLJĂƌŬĞƉĂĚĂZ/ďƵŶŐĂƐĞďĞƐĂƌϭϬ͕ϱйƉĞƌƚĂŚƵŶĚĂƌŝŶŝůĂŝ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚ͘
:ĂŶŐŬĂtĂŬƚƵ͗
&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚĚŝďĞƌŝŬĂŶƵŶƚƵŬũĂŶŐŬĂǁĂŬƚƵƐĞũĂŬϯϭDĞŝϮϬϭϳƐĂŵƉĂŝĚĞŶŐĂŶŵĂŬƐŝŵĂůƚĂŶŐŐĂůϯϭDĞŝ
ϮϬϭϴ͘

87
 dĞŶŽƌĨĂƐŝůŝƚĂƐĨŽƌĨĂŝƚŝŶŐƐĞůĂŵĂϭϴϬŚĂƌŝŬĂůĞŶĚĞƌ͘
WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
dĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝZ/͕WĞƌƐĞƌŽĂŶƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶĂŶƚĂƌĂůĂŝŶƚĞƚĂƉŝƚŝĚĂŬ
ƚĞƌďĂƚĂƐƉĂĚĂŚĂůͲŚĂůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ DĞŶŐŝŬĂƚŬĂŶĚŝƌŝƐĞďĂŐĂŝƉĞŶũĂŵŝŶƚĞƌŚĂĚĂƉƉŝŚĂŬůĂŝŶĚĂŶͬĂƚĂƵŵĞŶũĂŵŝŶŬĂŶŬĞŬĂLJĂĂŶƉĞƌƵƐĂŚĂĂŶ
ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ ŬĞĐƵĂůŝ ƵŶƚƵŬ ŬĞŬĂLJĂĂŶ ƉĞƌƵƐĂŚĂĂŶ ƚƌĂŶƐĂŬƐŝ ŬĞƉĞŵŝůŝŬĂŶ ĨŝdžĞĚ ĂƐƐĞƚ ŵĞůĂůƵŝ
ƉŝŶũĂŵĂŶ ĂƚĂƵ ĨŝdžĞĚ ĂƐƐĞƚ ĨŝŶĂŶĐŝŶŐ ĚĂŶ ĂŶũĂŬ ƉŝƵƚĂŶŐ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ ƵŶƚƵŬ
ŬĞďƵƚƵŚĂŶŽƉĞƌĂƐŝŽŶĂůƉĞƌƵƐĂŚĂĂŶ͖
ď͘ DĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƉĞƌŶLJĂƚĂĂŶ ƉĂŝůŝƚ ŬĞƉĂĚĂ WĞŶŐĂĚŝůĂŶ EŝĂŐĂ ƵŶƚƵŬ ŵĞŶLJĂƚĂŬĂŶ ƉĂŝůŝƚ
ŶĂƐĂďĂŚƐĞŶĚŝƌŝ͖ĚĂŶ
Đ͘ DĞŶĞƌŝŵĂ ƉŝŶũĂŵĂŶͬƉĞŵďŝĂLJĂĂŶ ďĂƌƵ ĚĂƌŝ ďĂŶŬ ĂƚĂƵ ůĞŵďĂŐĂ ŬĞƵĂŶŐĂŶ ůĂŝŶŶLJĂ ĂƉĂďŝůĂ Ğďƚ ƚŽ
ƋƵŝƚLJZĂƚŝŽ;ZͿŵĞůĞďŝŚŝϯϬϬй͘ZĚŝŚŝƵŶŐĚĞŶŐĂŶŬŽŵƉŽŶĞŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

dŽƚĂůhƚĂŶŐ͗dŽƚĂůŬƵŝƚĂƐ

dŽƚĂůhƚĂŶŐсhƚĂŶŐ:ĂŶŐŬĂWĂŶũĂŶŐнhƚĂŶŐ:ĂŶŐŬĂWĞŶĚĞŬ

:ĂŵŝŶĂŶ͗
dĂŶƉĂũĂŵŝŶĂŶ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚ͗
h^ϭϱ͘Ϯϯϵ͘Ϯϱϯ

ϭϭ͘ ŬƚĂWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘ϱƚĂŶŐŐĂůϭϴDĞŝϮϬϭϲ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶĞŶŝdŚĂŶƵƌ͕^͕͘͘^͘,͕͘D͘<Ŷ͕͘
EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ ĚĞŶŐĂŶ WĞƌƵďĂŚĂŶ dĞƌŚĂĚĂƉ WĞƌũĂŶũŝĂŶ <ƌĞĚŝƚ EŽ͘ ϬϮϭͬ/Ͳ
W>dͬKDE/h^ͬsͬϮϬϭϳͬWϭƚĂŶŐŐĂůϭϳDĞŝϮϬϭϳ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͖ĚĂŶ
ď͘ PT Bank ICBC Indonesia (“Bank”).

ZƵĂŶŐ>ŝŶŐŬƵƉ͗
ĂŶŬ ŵĞŶďĞƌŝŬĂŶ ŬĞƉĂĚĂ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ĚĂůĂŵ ďĞŶƚƵŬ KŵŶŝďƵƐ ^ŝŐŚƚͬhƐĂŶĐĞͬhW^
Letter of Credit (“LC”) dan Surat Kredit Berdokumen Dalam Negeri (“SKBDN”) line hingga jumlah pokok
LJĂŶŐƐĞůƵƌƵŚŶLJĂƚŝĚĂŬŵĞůĞďŝŚŝh^ϮϬ͘ϬϬϬ͘ϬϬϬĚĂŶĚĂƉĂƚĚŝƉĞƌŐƵŶĂŬĂŶĚĂůĂŵďĞƌďĂŐĂŝŵĂƚĂƵĂŶŐLJĂŝƚƵ
Dolar Amerika Serikat (USD), Rupiah, dan Ren Min Bi (RMB) (“Fasilitas”). Fasilitas merupakan fasilitas nonͲ
ĐĂƐŚ͘

WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ŚĂƌƵƐ ŵĞŶŐŐƵŶĂŬĂŶ ƐĞůƵƌƵŚ ũƵŵůĂŚ LJĂŶŐ ĚŝƉŝŶũĂŵŶLJĂ ďĞƌĚĂƐĂƌŬĂŶ &ĂƐŝůŝƚĂƐ ƵŶƚƵŬ
ŬĞďƵƚƵŚĂŶŵŽĚĂůŬĞƌũĂWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͘

:ĂŶŐŬĂtĂŬƚƵ͗
:ĂŶŐŬĂǁĂŬƚƵ&ĂƐŝůŝƚĂƐĂĚĂůĂŚƐĂŵƉĂŝĚĞŶŐĂŶϭϴDĞŝϮϬϭϴ͘
WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
Ă͘ dŝĚĂŬŵĞŶũĂŵŝŶŬĂŶŚĂƌƚĂŬĞŬĂLJĂĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ;ŶĞŐĂƚŝǀĞƉůĞĚŐĞͿŬĞĐƵĂůŝƵŶƚƵŬ
ŚĂƌƚĂŬĞŬĂLJĂĂŶLJĂŶŐĚŝƉĞƌŽůĞŚĚĂƌŝ&ĂƐŝůŝƚĂƐƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶƉĞƌƵƐĂŚĂĂŶ͘
ď͘ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ƚŝĚĂŬ ĚŝƉĞƌďŽůĞŚŬĂŶ ƵŶƚƵŬ͗ ;ŝͿ ŵĞŵŝŶũĂŵŬĂŶ ƵĂŶŐ ;ŬĞĐƵĂůŝ ĚĂůĂŵ ƌĂŶŐŬĂ ŬĞŐŝĂƚĂŶ
ƵƐĂŚĂ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ƐĞĐĂƌĂ ǁĂũĂƌͿ ĂƚĂƵ ŵĞŶũĂŵŝŶ ƵƚĂŶŐ ŬĞ ƉŝŚĂŬ ůĂŝŶ ĚĂŶ ;ŝŝͿ ŵĞůĞƉĂƐŬĂŶ ŚĂƌƚĂ
ŬĞŬĂLJĂĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚŬĞĐƵĂůŝĂƉĂďŝůĂƉĞůĞƉĂƐĂŶŚĂƌƚĂŬĞŬĂLJĂĂŶƚĞƌƐĞďƵƚĚŝŐƵŶĂŬĂŶŬĞƉĞŶƚŝŶŐĂŶ
ŽƉĞƌĂƐŝŽŶĂůƉĞƌƵƐĂŚĂĂŶ͘
Đ͘ DĞŵďĞƌŝƚĂŚƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ĂŶŬ ƐĞďĞůƵŵŶLJĂ ƵŶƚƵŬ ;ŝͿ ŵĞƌƵďĂŚ ďĞŶƚƵŬ ĚĂŶ ƐƚĂƚƵƐ
ŚƵŬƵŵ͕ƉĞƌƵďĂŚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌ͕ƐƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵ͕ĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ
WĞŶĞƌŝŵĂ<ƌĞĚŝƚ͖;ŝŝͿƉĞŵďĂŐŝĂŶĚŝǀŝĚĞŶĚĞŶŐĂŶƌĂƐŝŽŵĞůĞďŝŚŝϯϬй͖ĚĂŶ;ŝŝŝͿŵĞŶĚĂƉĂƚŬĂŶƚĂŵďĂŚĂŶ
ƉŝŶũĂŵĂŶĚĂƌŝƉŝŚĂŬŬĞƚŝŐĂ͘


88
 ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ EŽ͘ 'D&ͬ&ͲϮϬϲϱͬϮϬϭϳ ƚĂŶŐŐĂů ϭϯ :ƵŶŝ ϮϬϭϳ ƉĞƌŝŚĂů
WĞŵďĞƌŝƚĂŚƵĂŶĚĂŶWĞƌŵŽŚŽŶĂŶWĞƌƵďĂŚĂŶ;ŵĂŶĚĞŵĞŶͿWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚŬĞƉĂĚĂĂŶŬ͕WĞŶĞƌŝŵĂ
<ƌĞĚŝƚ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ ĂŶŬ ƚĞƌŬĂŝƚ ƉĞƌƵďĂŚĂŶ ďĞŶƚƵŬ ĚĂŶ ƐƚĂƚƵƐ ŚƵŬƵŵ͕ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ͕
ƐƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƌĞŶĐĂŶĂ
WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂWĞƌƐĞƌŽĂŶ͘
ĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚEŽ͘ZĞĨ͗ϭϯϮͬ//ͬ/ͬs//ͬϭϳƚĂŶŐŐĂůϮϴ:ƵůŝϮϬϭϳƉĞƌŝŚĂůWĞŵďĞƌŝƚĂŚƵĂŶZĞŶĐĂŶĂ
^ƵƐƵŶĂŶ WĞŵĞŐĂŶŐ ^ĂŚĂŵ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ĂŶŬ͕ ĂŶŬ ƚĞůĂŚ ŵĞŶĞƌŝŵĂ ŝŶĨŽƌŵĂƐŝ ďĂŚǁĂ
WĞƌƐĞƌŽĂŶďĞƌĞŶĐĂŶĂƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ͘
Ě͘ DĞŵďĞƌŝƚĂŚƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ĂŶŬ ϳ ŚĂƌŝ ƐĞďĞůƵŵŶLJĂ ƵŶƚƵŬ ;ŝͿ ŬŽŶƐŽůŝĚĂƐŝ͕ ŵĞƌŐĞƌ ĚĂŶ
ƉĞŶŐĂŵďŝůĂůŝŚĂŶ ĂƚĂƵ ŵĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ ďĂƌƵ ĂƚĂƵ ŵĞŶĞŵƉĂƚŬĂŶ ĞŬƵŝƚĂƐ ĚĂůĂŵ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ
ĂƚĂƵ ƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ ĚĂŶ ;ŝŝͿ ŵĞƌƵďĂŚ ũĞŶŝƐ ĚĂŶ ĂŬƚŝǀŝƚĂƐ ƵƐĂŚĂ ƵƚĂŵĂ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ĚĂŶ ĂƚĂƐ
ƉĞƌƵďĂŚĂŶƚĞƌƐĞďƵƚ͕ƉĂƌĂƉŝŚĂŬƐĞƉĂŬĂƚďĂŚǁĂĂŶŬŵĞŵŝůŝŬŝŚĂŬƵŶƚƵŬŵĞŶĞƚĂƉŬĂŶĂƉĂŬĂŚ&ĂƐŝůŝƚĂƐ
LJĂŶŐ ĚŝďĞƌŝŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌũĂŶũŝĂŶ ĚĂƉĂƚ ƚĞƚĂƉ ĚŝůĂŶũƵƚŬĂŶ ĂƚĂƵ ĚŝŚĞŶƚŝŬĂŶ ĚĞŶŐĂŶ ƚĞƌũĂĚŝŶLJĂ
ƉĞƌƵďĂŚĂŶũĞŶŝƐĚĂŶĂŬƚŝǀŝƚĂƐƵƐĂŚĂƵƚĂŵĂWĞŶĞƌŝŵĂ<ƌĞĚŝƚƐĞďĂŐĂŝŵĂŶĂĚŝũĞůĂƐŬĂŶĚŝĂƚĂƐ͘
Ğ͘ ^ĞŐĞƌĂ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ ĂŶŬ ƐĞƚŝĂƉ ŬĞũĂĚŝĂŶ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉƵŶLJĂŝ ƉĞŶŐĂƌƵŚ ďƵƌƵŬ ďĂŐŝ
ƵƐĂŚĂͲƵƐĂŚĂŶLJĂĚĂŶͬĂƚĂƵLJĂŶŐŵƵŶŐŬŝŶŵĞŶLJĞďĂďŬĂŶƚĞƌůĂŵďĂƚŶLJĂĂƚĂƵŬĞĂůƉĂĂŶWĞŶĞƌŝŵĂ<ƌĞĚŝƚ
ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ƵƚĂŶŐͲƵƚĂŶŐ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ ďĞƌĚĂƐĂƌŬĂŶ ĚĂŶ ŵĞŶƵƌƵƚ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶƐĞƌƚĂũƵŵůĂŚůĂŝŶLJĂŶŐǁĂũŝďĚŝďĂLJĂƌWĞŶĞƌŝŵĂ<ƌĞĚŝƚ͘
Ĩ͘ DĞŵďĞƌŝƚĂŚƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ĂŶŬ͕ ĂƉĂďŝůĂ ĂĚĂ ƉĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞŶĞƌŝŵĂ
<ƌĞĚŝƚLJĂŶŐŵĞŶŐĂŬŝďĂƚŬĂŶ'ZhƚŝĚĂŬŵĞŶũĂĚŝƉĞŵĞŐĂŶŐƐĂŚĂŵŵĂLJŽƌŝƚĂƐďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐ
ĂƚĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ͕ĚŝďĂǁĂŚϱϭй͘
ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ WĞŶĞƌŝŵĂ <ƌĞĚŝƚ EŽ͘ 'D&ͬ&ͲϮϬϲϱͬϮϬϭϳ ƚĂŶŐŐĂů ϭϯ :ƵŶŝ ϮϬϭϳ ƉĞƌŝŚĂů
WĞŵďĞƌŝƚĂŚƵĂŶĚĂŶWĞƌŵŽŚŽŶĂŶWĞƌƵďĂŚĂŶ;ŵĂŶĚĞŵĞŶͿWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚŬĞƉĂĚĂĂŶŬ͕WĞŶĞƌŝŵĂ
<ƌĞĚŝƚ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƵŶƚƵŬ ŵĞƌƵďĂŚ ŬĞƚĞŶƚƵĂŶ ƉĞƌũĂŶũŝĂŶ ĚĞŶŐĂŶ ĂŶŬ ĚŝŵĂŶĂ LJĂŶŐ
ŚĂŶLJĂŵĞŵĞƌůƵŬĂŶƉĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂĂŶŬŚĂŶLJĂůĂŚƉĞƌƵďĂŚĂŶƉĞŶŐĞŶĚĂůŝĂŶ͘

:ĂŵŝŶĂŶ͗
dĂŶƉĂũĂŵŝŶĂŶ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚ͗
h^ϭϮ͘Ϯϴϵ͘ϴϵϲ

ϭϮ͘ ŬƚĂ ŬĂĚ >ŝŶĞ &ĂĐŝůŝƚLJ ů /ũĂƌĂŚ DƵŶƚĂŚŝLJLJĂŚ ŝƚ dĂŵůŝŬ ^Ƶď >ŝŵŝƚ tĂŬĂůĂŚ ;>ͬͿ EŽ͘ Ϯϱ ƚĂŶŐŐĂů ϭϲ
ĞƐĞŵďĞƌϮϬϭϯ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƚŝDƵůLJĂƚŝ͕^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ

WĂƌĂWŝŚĂŬ͗
Ă͘ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝEĂƐĂďĂŚ͖ĚĂŶ
ď͘ PT Bank Syariah Mandiri (“Mandated Lead Arranger (MLA)/ Bank/ Agen Fasilitas/ Agen Jaminan/
Pemberi Fasilitas Awal”).

ZƵĂŶŐ>ŝŶŐŬƵƉ͗
ĂŶŬ ďĞƌũĂŶũŝ ĚĂŶ ĚĞŶŐĂŶ ŝŶŝ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ŵĞŶLJĞĚŝĂŬĂŶ ĨĂƐŝůŝƚĂƐ ƉĞŵďŝĂLJĂĂŶ >ŝŶĞ &ĂĐŝůŝƚLJ ĚĂůĂŵ
ďĞŶƚƵŬů /ũĂƌĂŚ DƵŶƚĂŚŝLJLJĂŚ ŝƚ dĂŵůŝŬ^Ƶď >ŝŵŝƚtĂŬĂůĂŚ ;>ͬͿ ŬĞƉĂĚĂ EĂƐĂďĂŚ LJĂŶŐ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ
ƵŶƚƵŬ ƉĞŵďŝĂLJĂĂŶ ĚĂŶ ƉĞŶLJĞǁĂĂŶ ƉĞƌĂůĂƚĂŶ dĞƐƚ Ğůů LJĂŶŐ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ŽůĞŚ EĂƐĂďĂŚ ƵŶƚƵŬ
ƉĞƌĂǁĂƚĂŶĚĂŶŽǀĞƌŚĂƵů/ŶĚƵƐƚƌŝĂů'ĂƐdƌŝďƵŶĞŶŐŝŶĞ;/'dͿŽŝůĐŽŵƉĂŶLJ͕ĚĞŶŐĂŶƚŽƚĂůƉƌŽũĞĐƚĐŽƐƚͬŶŝůĂŝ
ŬĞƐĞůƵƌƵŚďĂƌĂŶŐh^ϭϬ͘ϱϭϵ͘ϮϱϬ͘
ĂŶ EĂƐĂďĂŚ ďĞƌũĂŶũŝ ƐĞƌƚĂ ĚĞŶŐĂŶ ŝŶŝ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƵŶƚƵŬ ŵĞŵďĂLJĂƌ ŬĞƉĂĚĂ ĂŶŬ ƐĞũƵŵůĂŚ ƚŽƚĂů
>ŝŵŝƚ WĞŵďĂLJĂƌĂŶ /ũĂƌĂŚ ŵĂŬƐŝŵƵŵ ƐĞďĞƐĂƌ h^ϵ͘ϱϲϮ͘ϵϱϱ ĂƚĂƵ ϭϬϬй ĚĂƌŝ ŚĂƌŐĂ ŵĞƐŝŶͲŵĞƐŝŶ ĂƚĂƵ
ĞƋƵŝƉŵĞŶƚLJĂŶŐƚĞƌŵĂƐƵŬĚĂůĂŵ'ĞŶĞƌĂůdŽŽůƐͬƋƵŝƉŵĞŶƚ͕dĞƐƚĞůů͕&ĂĐŝůŝƚLJ͕WĂƌƚZĞƉĂŝƌ͕ZĞǁŝŶĚŝŶŐĂŶĚ
ŽŶƚƌŽů͘

hũƌŽŚ;ŬĞƵŶƚƵŶŐĂŶƐĞǁĂͿƐĞƚĂƌĂϲйƉĞƌƚĂŚƵŶƌĞǀŝĞǁĂďůĞƐĞƚŝĂƉϲďƵůĂŶ͘

:ĂŶŐŬĂtĂŬƚƵ͗
EĂƐĂďĂŚ ďĞƌũĂŶũŝ ĚĂŶ ĚĞŶŐĂŶ ŝŶŝ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƵŶƚƵŬ ŵĞŵďĂLJĂƌ ŬĞŵďĂůŝ ũƵŵůĂŚ ƐĞůƵƌƵŚ ƵƚĂŶŐŶLJĂ
ŬĞƉĂĚĂ ĂŶŬ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ŵĂŬƐŝŵĂů ϵϲ ďƵůĂŶ ƵŶƚƵŬ >ŝŶĞ &ĂĐŝůŝƚLJ ĚĂŶ ŵĂŬƐŝŵĂů ϲ ďƵůĂŶ ƵŶƚƵŬ
ũĂŶŐŬĂǁĂŬƚƵ>ͬƚĞƌŚŝƚƵŶŐƐĞũĂŬƚĂŶŐŐĂůĚŝƚĂŶĚĂƚĂŶŐĂŶŝŶLJĂĂŬĂĚ͘

89
 WĞŵďĂƚĂƐĂŶĂƚĂƐWĞƌũĂŶũŝĂŶ͗
EĂƐĂďĂŚďĞƌũĂŶũŝĚĂŶĚĞŶŐĂŶŝŶŝŵĞŶŐŝŬĂƚŬĂŶĚŝƌŝ͕ďĂŚǁĂƐĞůĂŵĂŵĂƐĂďĞƌũĂůĂŶŶLJĂĂŬĂĚ͕EĂƐĂďĂŚŬĞĐƵĂůŝ
ƐĞƚĞůĂŚŵĞŶĚĂƉĂƚŬĂŶƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐĚĂƌŝĂŶŬ͕ƚŝĚĂŬĂŬĂŶŵĞůĂŬƵŬĂŶƐĞďĂŐŝĂŶĂƚĂƵƐĞůƵƌƵŚŶLJĂĚĂƌŝ
ƉĞƌďƵĂƚĂŶͲƉĞƌďƵĂƚĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

Ă͘ DĞŶĞƌŝŵĂ ĨĂƐŝůŝƚĂƐ ƉŝŶũĂŵĂŶ ĂƚĂƵ ĨĂƐŝůŝƚĂƐ ŬĞƵĂŶŐĂŶ ůĂŝŶŶLJĂ ;ďĂŝŬ ƵŶƚƵŬ ŝŶǀĞƐƚĂƐŝ ĂƚĂƵ ŵŽĚĂů ŬĞƌũĂͿ
ĂƚĂƵ ĨĂƐŝůŝƚĂƐ ůĞĂƐŝŶŐ ďĞƌƵƉĂ ĂƉĂƉƵŶ ũƵŐĂ ĚĂƌŝ ďĂŶŬͬƉŝŚĂŬ ůĂŝŶ ĂƚĂƵ ƵŶƚƵŬ ŵĞŶŐŝŬĂƚ Ěŝƌŝ ƐĞďĂŐĂŝ
ƉĞŶũĂŵŝŶ ƵŶƚƵŬ ŵĞŶũĂŵŝŶ ƵƚĂŶŐ ƉŝŚĂŬ ůĂŝŶ͕ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝͬ ŵĞůĂŶŐŐĂƌ ďĂƚĂƐĂŶ ƌĂƐŝŽ
ŬĞƵĂŶŐĂŶͬĨŝŶĂŶĐŝĂůĐŽǀĞŶĂŶƚ͘
ď͘ DĞŶũƵĂů͕ŵĞŶLJĞǁĂŬĂŶ͕ŵĞŶƚƌĂŶƐĨĞƌ͕ŵĞŵŝŶĚĂŚŬĂŶŚĂŬ͕ŵĞŶŐŚĂƉƵƐŬĂŶĂƐĞƚLJĂŶŐĚŝũĂŵŝŶŬĂŶ͘
Đ͘ DĞůĂŬƵŬĂŶŵĞƌŐĞƌ͕ĂŬƵŝƐŝƐŝĚĂŶƉĞŶũƵĂůĂŶƐĂŚĂŵEĂƐĂďĂŚŬĞĐƵĂůŝĚĂůĂŵůŝŶŐŬƵƉŝŶŝƚŝĂůƉƵďůŝĐŽĨĨĞƌŝŶŐ
ĚĂŶͬĂƚĂƵŬĞŐŝĂƚĂŶƉĞŶũƵĂůĂŶƐĂŚĂŵƐĞŚĂƌŝͲŚĂƌŝĚŝďƵƌƐĂĞĨĞŬ͘
Ě͘ DĞŶŐƵďĂŚ ƐƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ EĂƐĂďĂŚ͕ ĂŶƚĂƌĂ ůĂŝŶ ŵĞŶĂƌŝŬ ŵŽĚĂů LJĂŶŐ ĚŝƐĞƚŽƌ ŵĂƵƉƵŶ ŵŽĚĂů
ƉĞŶLJĞƌƚĂĂŶƐĞŵĞŶƚĂƌĂ͕ŬĞĐƵĂůŝƵŶƚƵŬƉĞŶŝŶŐŬĂƚĂŶŵŽĚĂůLJĂŶŐďĞƌĂƐĂůĚĂƌŝůĂďĂLJĂŶŐĚŝƚĂŚĂŶ;ƌĞƚĂŝŶĞĚ
ĞĂƌŶŝŶŐƐͿ ĂƚĂƵ ƉĞŶŐĞůƵĂƌĂŶ ƐĂŚĂŵ ďĂƌƵ ĂƚĂƵ ƐĞƚŽƌĂŶ ĚĂƌŝ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĂƚĂƵ ŵĞŶŐĞůƵĂƌŬĂŶ
ŽďůŝŐĂƐŝͬƐƵŬƵŬďĂƌƵĚŝůƵĂƌďĂƚĂƐͲďĂƚĂƐƌĂƐŝŽŬĞƵĂŶŐĂŶ;ĨŝŶĂŶĐŝĂůĐŽǀĞŶĂŶƚͿ͘
Ğ͘ DĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ĂƚĂƵ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ EĂƐĂďĂŚ ĚĂŶͬĂƚĂƵ
ƉĞŶũĂŵŝŶĂƚĂƐƉŝŶũĂŵĂŶͲƉŝŶũĂŵĂŶLJĂŶŐƚĞůĂŚĚĂŶͬĂƚĂƵĚŝŬĞŵƵĚŝĂŶŚĂƌŝĂŬĂŶĚŝďĞƌŝŬĂŶŽůĞŚWĞŵĞŐĂŶŐ
^ĂŚĂŵEĂƐĂďĂŚĚĂŶͬĂƚĂƵWĞŶũĂŵŝŶŬĞƉĂĚĂEĂƐĂďĂŚĚĂŶͬĂƚĂƵƉĞŶũĂŵŝŶ͕ďĂŝŬũƵŵůĂŚƉŽŬŽŬ͕DĂƌŐŝŶ͕
ƉƌŽǀŝƐŝĂƚĂƵďŝĂLJĂͲďŝĂLJĂůĂŝŶŶLJĂ͘
Ĩ͘ DĞŶŐĂũƵŬĂŶƉĞŵŽŚŽŶĂŶƵŶƚƵŬĚŝŶLJĂƚĂŬĂŶƉĂŝůŝƚŽůĞŚWĞŶŐĂĚŝůĂŶEŝĂŐĂĂƚĂƵƉĞŶŐĂũƵĂŶƉĞƌŵŽŚŽŶĂŶ
ƉĞŶƵŶĚĂĂŶ ƉĞŵďĂLJĂƌĂŶ ƵƚĂŶŐ ŬĞƉĂĚĂ WĞŶŐĂĚŝůĂŶ EŝĂŐĂ ŵĞůĂŬƵŬĂŶ ƉĞŵďƵďĂƌĂŶ ĂƚĂƵ ůŝŬƵŝĚĂƐŝ
ďĞƌĚĂƐĂƌŬĂŶŬĞƉƵƚƵƐĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ͘
Ő͘ DĞŶũĂŵŝŶŬĂŶ ŬĞŵďĂůŝ ũĂŵŝŶĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝũĂŵŝŶŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĂĚ WĞŵďŝĂLJĂĂŶ &ĂƐŝůŝƚĂƐ ŝŶŝ
ŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͘
Ś͘ DĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶƉƌŝŶŝƐŝƉͲƉƌŝŶƐŝƉƐLJĂƌŝĂŚ͘

:ĂŵŝŶĂŶ͗
hŶƚƵŬ ŵĞŶũĂŵŝŶ ƚĞƌƚŝďŶLJĂ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝͬƉĞůƵŶĂƐĂŶ ƉĞŵďŝĂLJĂĂŶ ĚĂŶ ŵĂƌŐŝŶ ŬĞƵŶƚƵŶŐĂŶ ƚĞƉĂƚ
ƉĂĚĂ ǁĂŬƚƵ LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƉĂŬĂƚŝ ŬĞĚƵĂ ďĞůĂŚ ƉŝŚĂŬ ďĞƌĚĂƐĂƌŬĂŶ ĂŬĂĚ͕ ŵĂŬĂ EĂƐĂďĂŚ ďĞƌũĂŶũŝ ĚĂŶ
ŵĞŵďƵĂƚƉĞŶŐŝŬĂƚĂŶũĂŵŝŶĂŶŬĞƉĂĚĂĂŶŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͕
LJĂŶŐŵĞƌƵƉĂŬĂŶďĂŐŝĂŶLJĂŶŐƚŝĚĂŬƚĞƌƉŝƐĂŚŬĂŶĚĂƌŝĂŬĂĚLJĂŝƚƵďĞƌƵƉĂ͗

Ă͘ ^ĞůƵƌƵŚŽďũĞŬĚĂůĂŵƉƌŽũĞĐƚĐŽƐƚĂƚĂƵƉĞƌĂůĂƚĂŶͲƉĞƌĂůĂƚĂŶŵĞƌƵƉĂŬĂŶŵŝůŝŬĂŶŬ͖
ď͘ &ŝĚƵƐŝĂĂƚĂƐƚĂŐŝŚĂŶLJĂŶŐĂĚĂĚĂŶĂŬĂŶĂĚĂŬĞƉĂĚĂƐĞůƵƌƵŚƉĞůĂŶŐŐĂŶƉƌŽLJĞŬ/'dĚĂŶƉŽǁĞƌƐĞƌǀŝĐĞ͖
Đ͘ WĞƌũĂŶũŝĂŶĚĂŶ<ƵĂƐĂZĞŬĞŶŝŶŐĂƚĂƐĚĂŶĂƉĂĚĂƐĞůƵƌƵŚƌĞŬĞŶŝŶŐEĂƐĂďĂŚĚŝŐĞŶ&ĂƐŝůŝƚĂƐ͕ƚĞƌŵĂƐƵŬ
ŶĂŵƵŶ ƚŝĚĂŬ ƚĞƌďĂƚĂƐ ƉĂĚĂ ƐĐƌŽǁ ĐĐŽƵŶƚ͕ Ğďƚ ^ĞƌǀŝĐĞ ZĞƐĞƌǀĞ ĐĐŽƵŶƚ ;^ZͿ ĚĂŶ KƉĞƌĂƚŝŶŐ
ĐĐŽƵŶƚ͖
Ě͘ WƵƌĐŚĂƐĞhŶĚĞƚĂŬŝŶŐĂƚĂƐƐĞůƵƌƵŚŽďũĞŬƐĞǁĂ/'dĚĂŶWŽǁĞƌƐĞƌǀŝĐĞ͘

EŝůĂŝKƵƚƐƚĂŶĚŝŶŐ<ƌĞĚŝƚ͗
dŝĚĂŬŵĞŵŝůŝŬŝƐĂůĚŽKƵƚƐƚĂŶĚŝŶŐ͕ŬĂƌĞŶĂďĞƌƐŝĨĂƚ/ũĂƌĂŚ͘

hŶƚƵŬƐĞƚŝĂƉĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶĚĂƌŝƉŝŚĂŬĨŝůŝĂƐŝ͕LJĂŶŐ;ŝͿƚĞůĂŚĚŝďĂLJĂƌĂƚĂƵĂŬĂŶĚŝďĂLJĂƌƐĞďĞůƵŵĞĨĞŬƚŝĨŶLJĂ
WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ͖ ;ŝŝͿ LJĂŶŐ ŚĂƌƵƐ ĚŝďĂLJĂƌ͕ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚŶLJĂ͕ ƐĞƚĞůĂŚ ĞĨĞŬƚŝĨŶLJĂ WĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶ͖ ĚĂŶ ;ŝŝŝͿ LJĂŶŐ ďĞůƵŵ ĚŝŐƵŶĂŬĂŶ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ƉŝŶũĂŵĂŶ ƚĞƌƐĞďƵƚ ĚŝƉĞƌŽůĞŚ ĚĞŶŐĂŶ
ƐLJĂƌĂƚĚĂŶŬŽŶĚŝƐŝLJĂŶŐǁĂũĂƌ͘

hŶƚƵŬƐĞƚŝĂƉĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶĚĂƌŝƉŝŚĂŬĨŝůŝĂƐŝ͕LJĂŶŐ;ŝͿƚĞůĂŚĚŝďĂLJĂƌĂƚĂƵĂŬĂŶĚŝďĂLJĂƌƐĞďĞůƵŵĞĨĞŬƚŝĨŶLJĂ
WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ͖ ;ŝŝͿ LJĂŶŐ ŚĂƌƵƐ ĚŝďĂLJĂƌ͕ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚŶLJĂ͕ ƐĞƚĞůĂŚ ĞĨĞŬƚŝĨŶLJĂ WĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶ͖ ĚĂŶ ;ŝŝŝͿ LJĂŶŐ ďĞůƵŵ ĚŝŐƵŶĂŬĂŶ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ƉŝŶũĂŵĂŶ ƚĞƌƐĞďƵƚ ĚŝƉĞƌŽůĞŚ ĚĞŶŐĂŶ
ƐLJĂƌĂƚĚĂŶŬŽŶĚŝƐŝLJĂŶŐǁĂũĂƌ͘






90
&͘^hZE^/

^ĂŵƉĂŝ ĚĞŶŐĂŶ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶŐĂĚĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ĂƐƵƌĂŶƐŝ ĚĞŶŐĂŶ
ďĞďĞƌĂƉĂƉĞƌƵƐĂŚĂĂŶĂƐƵƌĂŶƐŝĂŶƚĂƌĂůĂŝŶ͗

:ƵŵůĂŚ
:ĞŶŝƐ :ĂŶŐŬĂ Banker’s
EŽ͘ WĞŶĂŶŐŐƵŶŐ WŽůŝƐƐƵƌĂŶƐŝ KďũĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ WĞƌƚĂŶŐŐƵŶŐĂŶ
WĞƌƚĂŶŐŐƵŶŐĂŶ tĂŬƚƵ ůĂƵƐĞ
ĚĂŶWƌĞŵŝ
ϭ͘  WdƐƵƌĂŶƐŝ ϮϬϭ͘Ϯϵϳ͘ϭϭϬ͘ϭϳ͘ϬϬ WƌŽƉĞƌƚLJůůZŝƐŬ &ĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶLJĂŶŐ ϭϱƉƌŝů dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐĂ/ŶĚŽŶĞƐŝĂ Ϭϭϲ WŽůŝĐLJ ďĞƌĂĚĂĚŝĂŶĚĂƌhĚĂƌĂ ϮϬϭϳ–ϭϱ WĞƌƚĂŶŐŐƵŶŐĂŶ EĞŐĂƌĂ
;WĞƌƐĞƌŽͿ /ŶƚĞƌŶĂƐŝŽŶĂů^ŽĞŬĂƌŶŽ ƉƌŝůϮϬϭϴ ^ĞĐƚŝŽŶϭ͗ /ŶĚŽŶĞƐŝĂ
,ĂƚƚĂĞŶŐŬĂƌĞŶŐ͘ ZƉ ;WĞƌƐĞƌŽͿ
ϳϭϴ͘ϱϮϭ͘ϱϮϵ͘ϭϴϴ dďŬ

dŽƚĂůEŝůĂŝ
WĞƌƚĂŶŐŐƵŶŐĂŶ
^ĞĐƚŝŽŶϮ͗
ZƉϮ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬ

WƌĞŵŝ͗
ZƉϯϵϯ͘ϳϳϵ͘ϭϲϯ͕ϯϵ
Ϯ͘  WdƐƵƌĂŶƐŝ ϮϬϭ͘ϮϬϯ͘ϭϭϬ͘ϭϳ͘ϬϬ WŽůŝƐ^ƚĂŶĚĂƌ &ĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶLJĂŶŐ ϭϱƉƌŝů dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐĂ/ŶĚŽŶĞƐŝĂ Ϭϭϳ ƐƵƌĂŶƐŝ'ĞŵƉĂ ďĞƌĂĚĂĚŝĂŶĚĂƌhĚĂƌĂ ϮϬϭϳ–ϭϱ WĞƌƚĂŶŐŐƵŶŐĂŶ EĞŐĂƌĂ
;WĞƌƐĞƌŽͿ ƵŵŝƚĞƌŵĂƐƵŬ /ŶƚĞƌŶĂƐŝŽŶĂů^ŽĞŬĂƌŶŽ ƉƌŝůϮϬϭϴ ^ĞĐƚŝŽŶϭ͗ /ŶĚŽŶĞƐŝĂ
ƐƵƌĂŶƐŝ ,ĂƚƚĂĞŶŐŬĂƌĞŶŐ͘ ZƉ ;WĞƌƐĞƌŽͿ
'ĂŶŐŐƵĂŶ ϳϭϴ͘ϱϮϭ͘ϱϮϵ͘ϭϴϴ dďŬ
hƐĂŚĂ 
;ĂƌƚŚƋƵĂŬĞ dŽƚĂůEŝůĂŝ
/ŶƐƵƌĂŶĐĞ WĞƌƚĂŶŐŐƵŶŐĂŶ
/ŶĐůƵĚŝŶŐ ^ĞĐƚŝŽŶϮ͗
ƵƐŝŶĞƐƐ ZƉϮ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬ
/ŶƚĞƌƵƉƚŝŽŶ 
/ŶƐƵƌĂŶĐĞͿ WƌĞŵŝ͗
ZƉϳϵϵ͘ϲϵϬ͘ϬϬϮ͕ϵϴ
ϯ͘  WdƐƵƌĂŶƐŝ ϮϬϭ͘ϰϬϰ͘ϭϭϬ͘ϭϳ͘ϬϬ WŽůŝƐ<ĞƌƵƐĂŬĂŶ ůĂƚͲůĂƚDĞƐŝŶ͕^ŝƐƚĞŵ ϭϱƉƌŝů dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐĂ/ŶĚŽŶĞƐŝĂ Ϭϰϴ DĞƐŝŶ ͕'ĞŶĞƌĂƚŽƌ^Ğƚ͕ ϮϬϭϳ–ϭϱ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ EĞŐĂƌĂ
;WĞƌƐĞƌŽͿ ;DĂĐŚŝŶĞƌLJ ƵŝůĚŝŶŐDĞĐŚĂŶŝĐĂů ƉƌŝůϮϬϭϴ ZƉϮϱ͘ϮϲϮ͘ϯϮϭ͘ϴϮϰ /ŶĚŽŶĞƐŝĂ
ƌĞĂŬĚŽǁŶ ^LJƐƚĞŵ  ;WĞƌƐĞƌŽͿ
/ŶƐƵƌĂŶĐĞͿ WƌĞŵŝ͗ dďŬ
ZƉϱ͘ϬϬϬ͘ϬϬϬ
ϰ͘  WdƐƵƌĂŶƐŝ ϮϬϭ͘ϰϬϲ͘ϭϭϬ͘ϭϳ͘ϬϬ WŽůŝƐWĞƌĂůĂƚĂŶ WĞƌĂůĂƚĂŶĞůĞŬƚƌŽŶŝŬ ϭϱƉƌŝů dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐĂ/ŶĚŽŶĞƐŝĂ Ϭϰϲ ůĞŬƚƌŽŶŝŬ WĞƌƐĞƌŽĂŶ ϮϬϭϳ–ϭϱ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ EĞŐĂƌĂ
;WĞƌƐĞƌŽͿ ;ůĞĐƚƌŽŶŝĐ ƉƌŝůϮϬϭϴ ZƉ /ŶĚŽŶĞƐŝĂ
ƋƵŝƉŵĞŶƚ ϭϳϴ͘ϬϮϭ͘Ϭϴϭ͘ϳϵϰ ;WĞƌƐĞƌŽͿ
/ŶƐƵƌĂŶĐĞͿ  dďŬ
WƌĞŵŝ͗
ZƉϭϬϴ͘ϲϴϵ͘ϱϱϯ͕ϱϰ
ϱ͘  WdƐƵƌĂŶƐŝ ϮϬϭ͘ϮϬϯ͘ϭϭϬ͘ϭϳ͘ϬϬ WŽůŝƐ^ƚĂŶĚĂƌ WĞƌĂůĂƚĂŶĞůĞŬƚƌŽŶŝŬ ϭϱƉƌŝů dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐĂ/ŶĚŽŶĞƐŝĂ Ϭϰϳ ƐƵƌĂŶƐŝ'ĞŵƉĂ WĞƌƐĞƌŽĂŶ ϮϬϭϳ–ϭϱ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ EĞŐĂƌĂ
;WĞƌƐĞƌŽͿ Ƶŵŝ/ŶĚŽŶĞƐŝĂ ƉƌŝůϮϬϭϴ ZƉ /ŶĚŽŶĞƐŝĂ
;/ŶĚŽŶĞƐŝĂŶ ϭϳϴ͘ϬϮϭϬϴϭ͘ϳϵϰ ;WĞƌƐĞƌŽͿ
ĂƌƚŚƋƵĂŬĞ  dďŬ
^ƚĂŶĚĂƌĚWŽůŝĐLJͿ WƌĞŵŝ͗
ZƉϮϭϱ͘ϵϬϯ͘ϮϬϭ͕ϴϰ
ϲ͘  WdƐƵƌĂŶƐŝ ϮϬϭ͘ϰϭϮ͘ϭϭϬ͘ϭϳ͘ϬϬ WŽůŝƐƐƵƌĂŶƐŝ &ĂƐŝůŝƚĂƐWĞƌƐĞƌŽĂŶLJĂŶŐ ϭϱƉƌŝů dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐĂ/ŶĚŽŶĞƐŝĂ Ϭϰϵ WĂďƌŝŬ ďĞƌĂĚĂĚŝĂŶĚĂƌhĚĂƌĂ ϮϬϭϳ–ϭϱ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ EĞŐĂƌĂ
;WĞƌƐĞƌŽͿ <ŽŶƚƌĂŬƚŽƌĚĂŶ /ŶƚĞƌŶĂƐŝŽŶĂů^ŽĞŬĂƌŶŽ ƉƌŝůϮϬϭϴ ZƉϱϯ͘ϱϴϳ͘ϰϮϯ͘ϴϮϱ /ŶĚŽŶĞƐŝĂ
DĞƐŝŶ ,ĂƚƚĂĞŶŐŬĂƌĞŶŐ͘  ;WĞƌƐĞƌŽͿ
(Contractors’  WƌĞŵŝ͗ dďŬ
WůĂŶƚĂŶĚ ZƉϭϱ͘Ϭϯϭ͘ϮϳϮ͕ϯϴ
DĂĐŚŝŶĞƌLJ 
/ŶƐƵƌĂŶĐĞͿ
ϳ͘  WdƐƵƌĂŶƐŝ ϮϬϵ͘ϮϵϬ͘ϮϰϬ͘ϭϳ͘ϳϭ WƌŽƉĞƌƚLJůůZŝƐŬƐ ϭ͘ ĂŶŐƵŶĂŶ ϭϱ :Ƶůŝ dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐŝŶĚŽ^LJĂƌŝĂŚ ϬϬϯͬϬϬϬͬϬϬϬ ƚĞƌŵĂƐƵŬ ϮϬϭϳ – ϭϱ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ ^LJĂƌŝĂŚ
ƉĞƌĂůĂƚĂŶ ƚĞƚĂƉ :ƵůŝϮϬϭϴ ZƉϯ͘ DĂŶĚŝƌŝ
ƉĞŵŝůŝŬ ĚĂŶ ϭϮϱ͘ϰϰϯ͘ϱϯϵ͕ϲϭ
ƉĞƌĂďŽƚ ĚĂŶ 
ĚŝŶĚŝŶŐ͕ ƉŝŶƚƵ WƌĞŵŝ͗
ŐĞƌďĂŶŐ ZƉϯ͘ϭϵϮ͘Ϭϵϴ͕ϴϱ

91
 :ƵŵůĂŚ
:ĞŶŝƐ :ĂŶŐŬĂ Banker’s
EŽ͘ WĞŶĂŶŐŐƵŶŐ WŽůŝƐƐƵƌĂŶƐŝ KďũĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ WĞƌƚĂŶŐŐƵŶŐĂŶ
WĞƌƚĂŶŐŐƵŶŐĂŶ tĂŬƚƵ ůĂƵƐĞ
ĚĂŶWƌĞŵŝ
ĚŝƐĞŬĞůŝůŝŶŐ ĚĂŶ
ŵĞůĞŬĂƚ ƉĂĚĂŶLJĂ͖
ĚĂŶ
Ϯ͘ DĞƐŝŶ͕ƉĞƌĂůĂƚĂŶ
ůĂŝŶŶLJĂĚĂŶ
ďĂƌĂŶŐͲďĂƌĂŶŐ
ůĂŝŶŶLJĂ͘
ϴ͘  WdƐƵƌĂŶƐŝ ϮϬϵ͘ϮϵϬ͘ϮϰϬ͘ϭϳ͘ϳϭ WƌŽƉĞƌƚLJůůZŝƐŬƐ ϭ͘ ĂŶŐƵŶĂŶ Ϯϵ :Ƶůŝ dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐŝŶĚŽ^LJĂƌŝĂŚ ϬϬϰͬϬϬϬͬϬϬϬ ƚĞƌŵĂƐƵŬ ϮϬϭϳ – Ϯϵ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ ^LJĂƌŝĂŚ
ƉĞƌĂůĂƚĂŶ ƚĞƚĂƉ :ƵůŝϮϬϭϴ ZƉ DĂŶĚŝƌŝ
ƉĞŵŝůŝŬ ĚĂŶ  Ϯ͘ϱϵϳ͘ϯϳϳ͘ϯϰϭ͕ϵϬ
ƉĞƌĂďŽƚ ĚĂŶ 
ĚŝŶĚŝŶŐ͕ ƉŝŶƚƵ WƌĞŵŝ͗
ŐĞƌďĂŶŐ ZƉϮ͘ϲϱϭ͘ϵϮϮ͕Ϯϳ
ĚŝƐĞŬĞůŝůŝŶŐ ĚĂŶ
ŵĞůĞŬĂƚ ƉĂĚĂŶLJĂ͖
ĚĂŶ
Ϯ͘ DĞƐŝŶ͕ƉĞƌĂůĂƚĂŶ
ůĂŝŶŶLJĂĚĂŶ
ďĂƌĂŶŐͲďĂƌĂŶŐ
ůĂŝŶŶLJĂ͘
ϵ͘  WdƐƵƌĂŶƐŝ ϮϬϵ͘ϮϵϬ͘ϮϬϬ͘ϭϳ͘ϳϬ WƌŽƉĞƌƚLJůůZŝƐŬƐ ϭ͘ ĂŶŐƵŶĂŶ ϭDĂƌĞƚ dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐŝŶĚŽ^LJĂƌŝĂŚ ϬϭϲͬϬϬϬͬϬϬϬ ƚĞƌŵĂƐƵŬ ϮϬϭϳ–ϭ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ ^LJĂƌŝĂŚ
ƉĞƌĂůĂƚĂŶ ƚĞƚĂƉ DĂƌĞƚ h^ϯϭϳ͘ϳϮϳ͕ϱϮ DĂŶĚŝƌŝ
ƉĞŵŝůŝŬ ĚĂŶ ϮϬϭϴ 
ƉĞƌĂďŽƚ ĚĂŶ WƌĞŵŝ͗
ĚŝŶĚŝŶŐ͕ ƉŝŶƚƵ h^ϯϮϰ͕ϰϬ
ŐĞƌďĂŶŐ
ĚŝƐĞŬĞůŝůŝŶŐ ĚĂŶ
ŵĞůĞŬĂƚ ƉĂĚĂŶLJĂ͖
ĚĂŶ
Ϯ͘ DĞƐŝŶ͕ƉĞƌĂůĂƚĂŶ
ůĂŝŶŶLJĂĚĂŶ
ďĂƌĂŶŐͲďĂƌĂŶŐ
ůĂŝŶŶLJĂ͘
ϭϬ͘  WdƐƵƌĂŶƐŝ ϮϬϵ͘ϮϵϬ͘ϮϬϬ͘ϭϳ͘ϳϬ WƌŽƉĞƌƚLJůůZŝƐŬƐ ϭ͘ ĂŶŐƵŶĂŶ ϲ:ƵŶŝ dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐŝŶĚŽ^LJĂƌŝĂŚ ϬϮϲͬϬϬϬͬϬϬϬ ƚĞƌŵĂƐƵŬ ϮϬϭϳ–ϲ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ ^LJĂƌŝĂŚ
ƉĞƌĂůĂƚĂŶ ƚĞƚĂƉ :ƵŶŝϮϬϭϴ h^ϯϬϮ͘ϰϭϯ͕ϳϱ DĂŶĚŝƌŝ
ƉĞŵŝůŝŬ ĚĂŶ 
ƉĞƌĂďŽƚ ĚĂŶ WƌĞŵŝ͗
ĚŝŶĚŝŶŐ͕ ƉŝŶƚƵ h^ϯϬϴ͕ϳϲ
ŐĞƌďĂŶŐ
ĚŝƐĞŬĞůŝůŝŶŐ ĚĂŶ
ŵĞůĞŬĂƚ ƉĂĚĂŶLJĂ͖
ĚĂŶ
Ϯ͘ DĞƐŝŶ͕ ƉĞƌĂůĂƚĂŶ
ůĂŝŶŶLJĂ ĚĂŶ
ďĂƌĂŶŐͲďĂƌĂŶŐ
ůĂŝŶŶLJĂ͘
ϭϭ͘  WdƐƵƌĂŶƐŝ ϮϬϵ͘ϮϵϬ͘ϮϬϬ͘ϭϳ͘ϳϬ WƌŽƉĞƌƚLJůůZŝƐŬƐ ϭ͘ ĂŶŐƵŶĂŶ ϲ:ĂŶƵĂƌŝ dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐŝŶĚŽ^LJĂƌŝĂŚ ϬϭϭͬϬϬϬͬϬϬϬ ƚĞƌŵĂƐƵŬ ϮϬϭϳ–ϲ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ ^LJĂƌŝĂŚ
ƉĞƌĂůĂƚĂŶ ƚĞƚĂƉ :ĂŶƵĂƌŝ h^ϱϲ͘ϴϰϲ͕ϯϮ DĂŶĚŝƌŝ
ƉĞŵŝůŝŬ ĚĂŶ ϮϬϭϴ 
ƉĞƌĂďŽƚ ĚĂŶ WƌĞŵŝ͗
ĚŝŶĚŝŶŐ͕ ƉŝŶƚƵ h^ϱϴ͕Ϭϰ
ŐĞƌďĂŶŐ
ĚŝƐĞŬĞůŝůŝŶŐ ĚĂŶ
ŵĞůĞŬĂƚ ƉĂĚĂŶLJĂ͖
ĚĂŶ
Ϯ͘ DĞƐŝŶ͕ƉĞƌĂůĂƚĂŶ
ůĂŝŶŶLJĂĚĂŶ
ďĂƌĂŶŐͲďĂƌĂŶŐ
ůĂŝŶŶLJĂ͘
ϭϮ͘  WdƐƵƌĂŶƐŝ ϮϬϵ͘ϮϵϬ͘ϮϬϬ͘ϭϳ͘ϳϬ WƌŽƉĞƌƚLJůůZŝƐŬƐ ϭ͘ ĂŶŐƵŶĂŶ ϭϯ:ĂŶƵĂƌŝ dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐŝŶĚŽ^LJĂƌŝĂŚ ϬϭϬͬϬϬϬͬϬϬϬ ƚĞƌŵĂƐƵŬ ϮϬϭϳ–ϭϯ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ ^LJĂƌŝĂŚ
ƉĞƌĂůĂƚĂŶ ƚĞƚĂƉ :ĂŶƵĂƌŝ h^ϲ͘ϰϯϬ͕ϯϴ DĂŶĚŝƌŝ
ƉĞŵŝůŝŬ ĚĂŶ ϮϬϭϴ 
ƉĞƌĂďŽƚ ĚĂŶ WƌĞŵŝ͗

92
 :ƵŵůĂŚ
:ĞŶŝƐ :ĂŶŐŬĂ Banker’s
EŽ͘ WĞŶĂŶŐŐƵŶŐ WŽůŝƐƐƵƌĂŶƐŝ KďũĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ WĞƌƚĂŶŐŐƵŶŐĂŶ
WĞƌƚĂŶŐŐƵŶŐĂŶ tĂŬƚƵ ůĂƵƐĞ
ĚĂŶWƌĞŵŝ
ĚŝŶĚŝŶŐ͕ ƉŝŶƚƵ h^ϲ͕ϱϳ
ŐĞƌďĂŶŐ
ĚŝƐĞŬĞůŝůŝŶŐ ĚĂŶ
ŵĞůĞŬĂƚ ƉĂĚĂŶLJĂ͖
ĚĂŶ
Ϯ͘ DĞƐŝŶ͕ƉĞƌĂůĂƚĂŶ
ůĂŝŶŶLJĂĚĂŶ
ďĂƌĂŶŐͲďĂƌĂŶŐ
ůĂŝŶŶLJĂ͘
ϭϯ͘  WdƐƵƌĂŶƐŝ ϮϬϵ͘ϮϵϬ͘ϮϬϬ͘ϭϳ͘ϳϬ WƌŽƉĞƌƚLJůůZŝƐŬƐ ϭ͘ ĂŶŐƵŶĂŶ ϲ dŽƚĂůEŝůĂŝ WdĂŶŬ
:ĂƐŝŶĚŽ^LJĂƌŝĂŚ ϬϭϮͬϬϬϬͬϬϬϬ ƚĞƌŵĂƐƵŬ EŽǀĞŵďĞƌ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ ^LJĂƌŝĂŚ
ƉĞƌĂůĂƚĂŶ ƚĞƚĂƉ ϮϬϭϲ–ϲ h^ϱϭϵ͘ϰϳϲ͕Ϭϴ DĂŶĚŝƌŝ
ƉĞŵŝůŝŬ ĚĂŶ EŽǀĞŵďĞƌ 
ƉĞƌĂďŽƚ ĚĂŶ ϮϬϭϳ WƌĞŵŝ͗
ĚŝŶĚŝŶŐ͕ ƉŝŶƚƵ h^ϱϯϬ͕ϯϵ
ŐĞƌďĂŶŐ
ĚŝƐĞŬĞůŝůŝŶŐ ĚĂŶ
ŵĞůĞŬĂƚ ƉĂĚĂŶLJĂ͖
ĚĂŶ
Ϯ͘ DĞƐŝŶ͕ƉĞƌĂůĂƚĂŶ
ůĂŝŶŶLJĂĚĂŶ
ďĂƌĂŶŐͲďĂƌĂŶŐ
ůĂŝŶŶLJĂ͘
ϭϰ͘  WdƐƵƌĂŶƐŝ ϮϬϭ͘ϰϬϲ͘ϭϭϬ͘ϭϳ͘ϬϬ WŽůŝƐWĞƌĂůĂƚĂŶ WĞƌĂůĂƚĂŶĞůĞŬƚƌŽŶŝŬ ϭŐƵƐƚƵƐ dŽƚĂůEŝůĂŝ Wd
:ĂƐĂ/ŶĚŽŶĞƐŝĂ Ϭϲϯ ůĞŬƚƌŽŶŝŬ LJĂŶŐďĞƌůŽŬĂƐŝĚŝƚĞŵƉĂƚ ϮϬϭϳ–ϭ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ /ŶĚŽŶĞƐŝĂ
;WĞƌƐĞƌŽͿ WĞƌƐĞƌŽĂŶ ŐƵƐƚƵƐ h^ϯ͘ϯϵϲ͘ϱϵϵ͕ϴϲ /ŶĨƌĂƐƚƌƵĐƚ
ϮϬϭϴ  ƵƌĞ
WƌĞŵŝ͗ &ŝŶĂŶĐĞ
h^ϰ͘ϭϳϱ͕ϳϲ
ϭϱ͘  WdƐƵƌĂŶƐŝ ϮϬϭ͘Ϯϵϳ͘ϭϭϬ͘ϭϳ͘ϬϬ WƌŽƉĞƌƚLJůůZŝƐŬ hŶƚƵŬůŽŬĂƐŝĚŝĚĂůĂŵ ϭŐƵƐƚƵƐ dŽƚĂůEŝůĂŝ Wd
:ĂƐĂ/ŶĚŽŶĞƐŝĂ Ϭϯϱ /ŶƐƵƌĂŶĐĞ 'ĞĚƵŶŐDĂƚĞƌŝĂů͕ ϮϬϭϳ–ϭ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ /ŶĚŽŶĞƐŝĂ
;WĞƌƐĞƌŽͿ ŵĂŶĚĞĚƚŽ 'ĞĚƵŶŐD^&͕'ĞĚƵŐ ŐƵƐƚƵƐ h^ϴ͘ϭϬϱ͘Ϯϴϭ͕Ϯϱ /ŶĨƌĂƐƚƌƵĐƚ
ZŝŽƚ͕^ƚƌŝŬĞƐ͕ hƚŝůŝƚLJ͕'ĞĚƵŶŐ ϮϬϭϴ  ƵƌĞ
DĂůŝĐŝŽƵƐ tŽƌƐŬŚŽƉϭ͕'ĞĚƵŶŐ WƌĞŵŝ͗ &ŝŶĂŶĐĞ
ĂŵĂŐĞĂŶĚ tŽƌŬƐŚŽƉϮ͕,ĂŶŐĂƌ͕ h^ϭϭϲ͘Ϭϯϰ͕ϱϴ
ŝǀŝůŽŵŵŽƚŝŽŶ͕ WŽƐŬŽ^ĞĐƵƌŝƚLJ͕
dLJƉŚŽŽŶ͕^ƚŽƌŵ͕
&ůŽŽĚ͕tĂƚĞƌ
ĂŵĂŐĞĂŶĚ
ƵƐŝŶĞƐƐ
/ŶƚĞƌƵƉƚŝŽŶ
ϭϲ͘  WdƐƵƌĂŶƐŝ ϮϬϭ͘ϰϬϰ͘ϭϭϬ͘ϭϳ͘ϬϬ DĂĐŚŝŶĞƌLJ DĞƐŝŶƵŶƚƵŬŐĞĚƵŶŐ ϭŐƵƐƚƵƐ dŽƚĂůEŝůĂŝ Wd
:ĂƐĂ/ŶĚŽŶĞƐŝĂ Ϭϲϰ ƌĞĂŬĚŽǁŶ WĞƌƐĞƌŽĂŶ͘ ϮϬϭϳ–ϭ WĞƌƚĂŶŐŐƵŶŐĂŶ͗ /ŶĚŽŶĞƐŝĂ
;WĞƌƐĞƌŽͿ /ŶƐƵƌĂŶĐĞ ŐƵƐƚƵƐ h^ϳ͘ϯϭϱ͘ϲϬϴ͕ϰϰ /ŶĨƌĂƐƚƌƵĐƚ
ϮϬϭϴ  ƵƌĞ
WƌĞŵŝ͗ &ŝŶĂŶĐĞ
h^ϲϮϭ͕ϴϯ
ϭϳ͘  WdƐƵƌĂŶƐŝ ϮϬϭ͘ϮϬϯ͘ϭϭϬ͘ϭϳ͘ ƐƵƌĂŶƐŝ'ĞŵƉĂ hŶƚƵŬůŽŬĂƐŝĚŝĚĂůĂŵ ϭŐƵƐƚƵƐ dŽƚĂůEŝůĂŝ 
:ĂƐĂ/ŶĚŽŶĞƐŝĂ ϬϬϬϯϲ ƵŵŝƚĞƌŵĂƐƵŬ 'ĞĚƵŶŐDĂƚĞƌŝĂů͕ ϮϬϭϳ–ϭ WĞƌƚĂŶŐŐƵŶŐĂŶ͗
;WĞƌƐĞƌŽͿ ƐƵƌĂŶƐŝ 'ĞĚƵŶŐD^&͕'ĞĚƵŶŐ ŐƵƐƚƵƐ h^ϴ͘ϭϬϱ͘Ϯϴϭ͕Ϯϱ
'ĂŶŐŐƵĂŶ hƚŝůŝƚLJ͕'ĞĚƵŶŐ ϮϬϭϴ 
hƐĂŚĂ tŽƌƐŬŚŽƉϭ͕'ĞĚƵŶŐ WƌĞŵŝ͗
tŽƌŬƐŚŽƉϮ͕,ĂŶŐĂƌ͕ h^ϭϭϲ͘ϳϲϯ͕ϭϳ
WŽƐŬŽ^ĞĐƵƌŝƚLJ͕
ϭϴ͘  tŝůůŝƐ>ŝŵŝƚĞĚ EŽ͘ ĞƌƚŝĨŝĐĂƚĞŽĨ ϭ͘ WĞƐĂǁĂƚĚĞŶŐĂŶ ϭ dŽƚĂůEŝůĂŝ Ͳ
ϮϬϭϲͬ>ͬ'ZhͬϬϬ /ŶƐƵƌĂŶĐĞĂŶĚ ũĞŶŝƐ͗ ĞƐĞŵďĞƌ WĞƌƚĂŶŐŐƵŶĂŶ
ϬϬϮ ZĞŝŶƐƵƌĂŶĐĞ Ă͘ ϳϰϳ ϮϬϭϲ–ϯϬ ƵŶƚƵŬ,Ƶůů͗
ď͘ ϳϳϳ EŽǀĞŵďĞƌ h^Ϯϳϱ͘ϬϬϬ͘ϬϬϬ
Đ͘ ϯϯϬ ϮϬϭϳ 
Ě͘ ϳϯϳ dŽƚĂůEŝůĂŝ
Ğ͘ ϯϮϬ WĞƌƚĂŶŐŐƵŶĂŶ
Ĩ͘ Z:ϭϬϬϬ ƵŶƚƵŬǀŝĂƚŝŽŶ
Ő͘ dZ >ĞŐĂů>ŝĂďŝůŝƚLJ͗
Ϯ͘ ^ƵŬƵĂĚĂŶŐƐŝĂƉ h^ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
ƚĞƌďĂŶŐ;ĨůLJĂǁĂLJ 
ƐƉĂƌĞƐŬŝƚͿ 
ϯ͘ WĞƌĂůĂƚĂŶŵĞŬĂŶŝŬ
;ĞŶŐŝŶĞĞƌƐƚŽŽůƐͿ

93
 :ƵŵůĂŚ
:ĞŶŝƐ :ĂŶŐŬĂ Banker’s
EŽ͘ WĞŶĂŶŐŐƵŶŐ WŽůŝƐƐƵƌĂŶƐŝ KďũĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ WĞƌƚĂŶŐŐƵŶŐĂŶ
WĞƌƚĂŶŐŐƵŶŐĂŶ tĂŬƚƵ ůĂƵƐĞ
ĚĂŶWƌĞŵŝ
ϰ͘ ^ŝƐƚĞŵŚŝďƵƌĂŶ
ĚĂůĂŵƉĞƐĂǁĂƚ
ƵŶƚƵŬƉĞŶƵŵƉĂŶŐ

'͘^dddW

^ĂŵƉĂŝ ĚĞŶŐĂŶ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͕ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ĚĂŶͬĂƚĂƵ ŵĞŶŐƵĂƐĂŝ ŚĂƌƚĂ
ŬĞŬĂLJĂĂŶďĞƌƵƉĂƚĂŶĂŚ͘,ĂŶŐĂƌϰĚŝďĂŶŐƵŶďĞƌĚĂƐĂƌŬĂŶŚĂŬĂƚĂƐďĂŶŐƵŶĂŶƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂůĂŵ/njŝŶ
DĞŶĚŝƌŝŬĂŶĂŶŐƵŶĂŶ;/DͿEŽ͘ϲϰϰͬ<ĞƉͲϱͬWDWd^Wͬ/Dͬ/ͬϮϬϭϲƚĂŶŐŐĂůϭϴ&ĞďƌƵĂƌŝϮϬϭϲLJĂŶŐĚŝŬĞůƵĂƌŬĂŶ
ŽůĞŚtĂůŝŬŽƚĂdĂŶŐĞƌĂŶŐƵŶƚƵŬŵĞŶĚŝƌŝŬĂŶŚĂŶŐĂƌLJĂŶŐďĞƌůŽŬĂƐŝĚŝ:ů͘WŝŶƚƵDϭƌĞĂWĞƌŬĂŶƚŽƌĂŶĂŶĚĂƌĂ
^ŽĞŬĂƌŶŽ,ĂƚƚĂ͕<ĞůƵƌĂŚĂŶWĂũĂŶŐ͕<ĞĐĂŵĂƚĂŶĞŶĚĂ͕dĂŶŐĞƌĂŶŐ͘

ƐĞƚdĞƚĂƉĞƌƵƉĂĞŶĚĂĞƌŐĞƌĂŬ

WĂĚĂƐĂĂƚWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝĂƐĞƚƚĞƚĂƉďĞƌƵƉĂďĞŶĚĂďĞƌŐĞƌĂŬLJĂŶŐďĞƌŶŝůĂŝ
ŵĂƚĞƌŝĂů͘

,͘^dZh<dhZdd<>K>WZh^,EE^dZh<dhZKZ'E/^^/

WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂLJĂ ŵĞƌĂŶĐĂŶŐ ƐƚƌƵŬƚƵƌ ƚĂƚĂ ŬĞůŽůĂ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ĞĨĞŬƚŝĨ ĚĂŶ ĞĨŝƐŝĞŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬŽŵƉĞůĞŬƐŝƚĂƐďŝƐŶŝƐĚĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐďĞƌůĂŬƵƵŶƚƵŬĚĂƉĂƚŵĞŶĞƌĂƉŬĂŶĂƐƉĞŬͲĂƐƉĞŬ''ƐĞĐĂƌĂƉĞŶƵŚĚĂŶ
ďĞƌŬĞůĂŶũƵƚĂŶ͘^ƚƌƵŬƚƵƌƚĂƚĂŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶƚĞƌĚŝƌŝĚĂƌŝƐƚƌƵŬƚƵƌKƌŐĂŶdĂƚĂ<ĞůŽůĂ;'ŽǀĞƌŶĂŶĐĞ
^ƚƌƵĐƚƵƌĞͿ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƚĞƌŚĂĚĂƉ ƉĞŵĞŶƵŚĂŶ ĂƐƉĞŬͲĂƐƉĞŬ '' ĚĂŶ ƐƚƌƵŬƚƵƌ ŬĞďŝũĂŬĂŶ
;'ŽǀĞƌŶĂŶĐĞ ^ŽĨƚ ^ƚƌƵĐƚƵƌĞͿ LJĂŶŐ ŵĞŶŐĂĐƵ ƉĂĚĂ ďĞƐƚ ƉƌĂĐƚŝĐĞƐ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ
ďĞƌůĂŬƵĚĞŶŐĂŶůĂŶĚĂƐĂŶŶŐŐĂƌĂŶĂƐĂƌĚĂŶƵĚĂLJĂWĞƌƵƐĂŚĂĂŶ͘

^ƚƌƵŬƚƵƌKƌŐĂŶdĂƚĂ<ĞůŽůĂ;'ŽǀĞƌŶĂŶĐĞ^ƚƌƵĐƚƵƌĞͿWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂƚĂƐŝŵƉůĞŵĞŶƚĂƐŝ''
ĚŝůŝŶŐŬƵŶŐĂŶWĞƌƐĞƌŽĂŶĚŝŬĞůŽŵƉŽŬĂŶŵĞŶũĂĚŝϮ;ĚƵĂͿ͕LJĂŝƚƵ͗

ϭ͘ KƌŐĂŶ/ŶƚŝLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝWĞŵĞŐĂŶŐ^ĂŚĂŵ͕ĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ͘
Ϯ͘ KƌŐĂŶWĞŶĚƵŬƵŶŐLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝhŶŝƚŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJ͕hŶŝƚ/ŶƚĞƌŶĂůƵĚŝƚ͕hŶŝƚ&ŝŶĂŶĐŝĂůŶĂůLJƐŝƐΘ
ŶƚĞƌƉƌŝƐĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ĚĂŶ hŶŝƚ ůĂŝŶ ŽƌŐĂŶ WĞƌƵƐĂŚĂĂŶ LJĂŶŐ ďĞƌĂĚĂ Ěŝ ďĂǁĂŚ ŐĂƌŝƐ ŬŽŽƌĚŝŶĂƐŝ
ŝƌĞŬƐŝ ƐĞƌƚĂ ^ĞŬƌĞƚĂƌŝƐ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ <ŽŵŝƚĞ ƵĚŝƚ ĚĂŶ <ĞďŝũĂŬĂŶ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ;<<'Ϳ͕
<ŽŵŝƚĞ WĞŶŐĞŵďĂŶŐĂŶ hƐĂŚĂ ĚĂŶ WĞŵĂŶƚĂƵĂŶ ZŝƐŝŬŽ ;<WhWZͿ͕ ĚĂŶ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ
;<EZͿĚŝďĂǁĂŚŐĂƌŝƐŬŽŽƌĚŝŶĂƐŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘





















94
 ^ƚƌƵŬƚƵƌKƌŐĂŶdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶ


ĂŚǁĂĚĂůĂŵŵĞŶũĂůĂŶŬĂŶƚƵŐĂƐĚĂŶǁĞǁĞŶĂŶŐŶLJĂ͕ƐĞƌƚĂŵĞŶLJĞƐƵĂŝŬĂŶĚĞŶŐĂŶƉĞƌƚƵŵďƵŚĂŶƉĂƐĂƌŝŶĚƵƐƚƌŝ
ĚŝďŝĚĂŶŐDZK͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶĞƚĂƉŬĂŶKƌŐĂŶŝƐĂƐŝ/ŶĚƵŬƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚĚŝƚĞƚĂƉŬĂŶĚĂůĂŵ<ĞƉƵƚƵƐĂŶ
ŝƌĞŬƚƵƌ hƚĂŵĂ EŽ͘ <WͬdͲϱϬϬϭͬϭϲ ƚĞŶƚĂŶŐ KƌŐĂŶŝƐĂƐŝ /ŶĚƵŬ WĞƌƐĞƌŽĂŶ ƚĂŶŐŐĂů Ϯϲ Ɖƌŝů ϮϬϭϲ͘ ĞƌŝŬƵƚ ŝŶŝ
ĂĚĂůĂŚďĂŐĂŶƐƚƌƵŬƚƵƌŽƌŐĂŶŝƐĂƐŝWĞƌƐĞƌŽĂŶƉĂĚĂƐĂĂƚWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͗





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/͘WE'hZh^EEWE't^EWZ^ZKE

^ĞďĂŐĂŝŵĂŶĂ ƚĞƌŵĂŬƚƵď ĚĂůĂŵ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ WĂƌĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ EŽ͘ ϭϱϵ ƚĂŶŐŐĂů
ϭϳĞƐĞŵďĞƌϮϬϭϮ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƌƌLJ^ƵƉƌĂƚŶŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕LJĂŶŐƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶ
ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ
WĞƌƐĞƌŽĂŶEŽ͘,hͲ,͘Ϭϭ͘ϭϬͲϰϰϴϳϲƚĂŶŐŐĂůϭϴĞƐĞŵďĞƌϮϬϭϮĚĂŶƚĞůĂŚĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵĂĨƚĂƌWĞƌƐĞƌŽĂŶ
ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϭϬϵϲϬϰ͘,͘Ϭϭ͘Ϭϵ͘dĂŚƵŶ ϮϬϭϮ ƚĂŶŐŐĂů ϭϴ ĞƐĞŵďĞƌ ϮϬϭϮ ũƵŶĐƚŽ
ŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶWĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵEŽ͘ϮϮƚĂŶŐŐĂůϲDĞŝϮϬϭϱ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƌƌLJ
^ƵƉƌĂƚŶŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕LJĂŶŐƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶŬƵŵŚĂŵƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂůĂŵ
^ƵƌĂƚWĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶĂƚĂWĞƌƐĞƌŽĂŶEŽ͘,hͲ,͘Ϭϭ͘ϬϯͲϬϵϯϬϲϲϳƚĂŶŐŐĂůϴDĞŝϮϬϭϱ
ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲ
ϯϱϬϮϳϰϰ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϭϱƚĂŶŐŐĂůϴDĞŝϮϬϭϱũƵŶĐƚŽŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶWĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵ
EŽ͘ ϮϮϵ ƚĂŶŐŐĂů Ϯϵ :ƵŶŝ ϮϬϭϲ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ƌƌLJ ^ƵƉƌĂƚŶŽ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ
ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ
WĞƌƵďĂŚĂŶĂƚĂWĞƌƐĞƌŽĂŶEŽ͘,hͲ,͘Ϭϭ͘ϬϯͲϬϬϲϯϲϮϰƚĂŶŐŐĂůϭ:ƵůŝϮϬϭϲĚĂŶƚĞůĂŚĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵĂĨƚĂƌ
WĞƌƐĞƌŽĂŶƉĂĚĂ<ĞŵĞŶŬƵŵŚĂŵĚŝďĂǁĂŚEŽ͘,hͲϬϬϴϮϰϭϬ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϭϲƚĂŶŐŐĂůϭ:ƵůŝϮϬϭϲũƵŶĐƚŽ
ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ WĂƌĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ EŽ͘ ϴ ƚĂŶŐŐĂů ϭ :Ƶůŝ ϮϬϭϲ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ  ƌƌLJ
^ƵƉƌĂƚŶŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕LJĂŶŐƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶŬƵŵŚĂŵƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂůĂŵ
^ƵƌĂƚWĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶĂƚĂWĞƌƐĞƌŽĂŶEŽ͘,hͲ,͘Ϭϭ͘ϬϯͲϬϬϲϱϬϬϮƚĂŶŐŐĂůϭϴ:ƵůŝϮϬϭϲ
ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲ
ϬϬϴϰϰϲϯ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϭϲƚĂŶŐŐĂůϭϴ:ƵůŝϮϬϭϲũƵŶĐƚŽŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶWĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵ
EŽ͘ ϰϭ ƚĂŶŐŐĂů ϭϲ DĞŝ ϮϬϭϳ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ƌƌLJ ^ƵƉƌĂƚŶŽ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ
ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ
WĞƌƵďĂŚĂŶ ĂƚĂ WĞƌƐĞƌŽĂŶ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϯͲϬϭϯϳϬϵϯ ƚĂŶŐŐĂů ϭϳ DĞŝ ϮϬϭϳ ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ
ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϲϯϰϲϭ͘,͘Ϭϭ͘ϭϭ͘d,hE ϮϬϭϳ ƚĂŶŐŐĂů ϭϳ DĞŝ
ϮϬϭϳ ũƵŶĐƚŽ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ WĂƌĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ EŽ͘ ϴϲ ƚĂŶŐŐĂů Ϯϲ DĞŝ ϮϬϭϳ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ
ŚĂĚĂƉĂŶƌƌLJ^ƵƉƌĂƚŶŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕LJĂŶŐƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶŬƵŵŚĂŵƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ WĞƌƐĞƌŽĂŶ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϯͲϬϭϰϬϮϳϳ
ƚĂŶŐŐĂůϮϵDĞŝϮϬϭϳĚĂŶƚĞůĂŚĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵĂĨƚĂƌWĞƌƐĞƌŽĂŶƉĂĚĂ<ĞŵĞŶŬƵŵŚĂŵĚŝďĂǁĂŚEŽ͘,hͲ
ϬϬϲϴϯϵϵ͘,͘Ϭϭ͘ϭϭ͘d,hEϮϬϭϳƚĂŶŐŐĂůϮϵDĞŝϮϬϭϳũƵŶĐƚŽŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵŝ
>ƵĂƌZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵEŽ͘ϱϲƚĂŶŐŐĂůϯϬŐƵƐƚƵƐϮϬϭϳ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ&ĂƚŚŝĂŚ,Ğůŵŝ͕
^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ LJĂŶŐ ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ
WĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶĂƚĂWĞƌƐĞƌŽĂŶEŽ͘,hͲ,͘Ϭϭ͘ϬϯͲϬϭϲϳϯϬϲƚĂŶŐŐĂůϯϬŐƵƐƚƵƐϮϬϭϳ
ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲ
ϬϭϬϴϬϰϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϭϳ ƚĂŶŐŐĂů ϯϬ ŐƵƐƚƵƐ ϮϬϭϳ ƚĞƌŬĂŝƚ ƉĞŶŐĂŶŐŬĂƚĂŶ ŝƌĞŬƚƵƌ /ŶĚĞƉĞŶĚĞŶ ĚĂŶ
<ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ ũƵŶĐƚŽ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ŝ >ƵĂƌ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ
^ĂŚĂŵEŽ͘ϲϵƚĂŶŐŐĂůϮϲ^ĞƉƚĞŵďĞƌϮϬϭϳ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ&ĂƚŚŝĂŚ,Ğůŵŝ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂLJĂŶŐ
ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ
WĞƌƵďĂŚĂŶ ĂƚĂ WĞƌƐĞƌŽĂŶ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϯͲϬϭϳϰϳϵϮ ƚĂŶŐŐĂů Ϯϲ ^ĞƉƚĞŵďĞƌ ϮϬϭϳ ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ
ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϭϭϵϳϰϬ͘,͘Ϭϭ͘ϭϭ͘d,hE ϮϬϭϳ ƚĂŶŐŐĂů
Ϯϲ ^ĞƉƚĞŵďĞƌ ϮϬϭϳ͕ ƚĞƌŬĂŝƚƉĞŶŐĂŶŐŬĂƚĂŶŝƌĞŬƚƵƌ ĂƐĞKƉĞƌĂƚŝŽŶƐ͕ ƐƵƐƵŶĂŶ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ
ŝƌĞŬƐŝWĞƌƐĞƌŽĂŶƐĂŵƉĂŝĚĞŶŐĂŶƚĂŶŐŐĂůĚŝƚĞƌďŝƚŬĂŶŶLJĂWƌŽƐƉĞŬƚƵƐŝŶŝĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ĞǁĂŶ<ŽŵŝƐĂƌŝƐ 


<ŽŵŝƐĂƌŝƐhƚĂŵĂ ͗ ,Ğůŵŝ/ŵĂŵ^ĂƚƌŝLJŽŶŽ
<ŽŵŝƐĂƌŝƐ ͗ WƵũŝEƵƌ,ĂŶĚĂLJĂŶŝ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗ ,ĂƌŝDƵŚĂŵŵĂĚ

 
ŝƌĞŬƐŝ

ŝƌĞŬƚƵƌhƚĂŵĂ ͗ /ǁĂŶ:ŽĞŶŝĂƌƚŽ
ŝƌĞŬƚƵƌ<ĞƵĂŶŐĂŶ ͗ /ŶƐĂŶEƵƌĂŚLJŽ
ŝƌĞŬƚƵƌ,ƵŵĂŶĂƉŝƚĂůΘŽƌƉŽƌĂƚĞĨĨĂŝƌƐ ͗ ,ĂƌŬĂŶĚƌŝD͘ĂŚůĞƌ
ŝƌĞŬƚƵƌ>ŝŶĞKƉĞƌĂƚŝŽŶͬŝƌĞŬƚƵƌ/ŶĚĞƉĞŶĚĞŶ ͗ dĂnjĂƌDĂƌƚĂ<ƵƌŶŝĂǁĂŶ
ŝƌĞŬƚƵƌĂƐĞKƉĞƌĂƚŝŽŶƐ ͗ ZĂŚŵĂƚ,ĂŶĂĨŝ

96
• DĂƐĂũĂďĂƚĂŶ/ǁĂŶ:ŽĞŶŝĂƌƚŽƐĞůĂŬƵŝƌĞŬƚƵƌhƚĂŵĂĂĚĂůĂŚϯƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬ ϮDĞŝϮϬϭϳƐĂŵƉĂŝ
ĚĞŶŐĂŶϮDĞŝϮϬϮϬ͘
• DĂƐĂ ũĂďĂƚĂŶ /ŶƐĂŶ EƵƌ ĂŚLJŽ ƐĞůĂŬƵ ŝƌĞŬƚƵƌ <ĞƵĂŶŐĂŶ ĂĚĂůĂŚ ϱ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ϭϳ Ɖƌŝů ϮϬϭϱ
ƐĂŵƉĂŝĚĞŶŐĂŶϭϳƉƌŝůϮϬϮϬ͘
• DĂƐĂ ũĂďĂƚĂŶ dĂnjĂƌ DĂƌƚĂ <ƵƌŶŝĂǁĂŶ ƐĞůĂŬƵ ŝƌĞŬƚƵƌ >ŝŶĞ KƉĞƌĂƚŝŽŶͬŝƌĞŬƚƵƌ /ŶĚĞƉĞŶĚĞŶ ĂĚĂůĂŚ ϱ
ƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϭϱ:ƵŶŝϮϬϭϲƐĂŵƉĂŝĚĞŶŐĂŶϭϱ:ƵŶŝϮϬϮϭ͘
• DĂƐĂũĂďĂƚĂŶ,ĂƌŬĂŶĚƌŝD͘ĂŚůĞƌƐĞůĂŬƵŝƌĞŬƚƵƌ,ƵŵĂŶĂƉŝƚĂůĂŶĚŽƌƉŽƌĂƚĞĨĨĂŝƌƐĂĚĂůĂŚϱƚĂŚƵŶ
ƚĞƌŚŝƚƵŶŐƐĞũĂŬϴKŬƚŽďĞƌϮϬϭϮƐĂŵƉĂŝĚĞŶŐĂŶϴKŬƚŽďĞƌϮϬϭϳ͘
• DĂƐĂ ũĂďĂƚĂŶ ZĂŚŵĂƚ ,ĂŶĂĨŝ ƐĞůĂŬƵ ŝƌĞŬƚƵƌ ĂƐĞ KƉĞƌĂƚŝŽŶƐ ĂĚĂůĂŚ ƐĞũĂŬ ϭϭ ^ĞƉƚĞŵďĞƌ ϮϬϭϳ ĚĂŶ
ďĞƌĂŬŚŝƌƉĂĚĂƉĞŶƵƚƵƉĂŶZhW^dĂŚƵŶĂŶŬĞƚŝŐĂƉĂĚĂĂŬŚŝƌϭƉĞƌŝŽĚĞŵĂƐĂũĂďĂƚĂŶĚŝŵĂŬƐƵĚ͘
• DĂƐĂũĂďĂƚĂŶ,Ğůŵŝ/ŵĂŵ^ĂƚƌŝLJŽŶŽƐĞůĂŬƵ<ŽŵŝƐĂƌŝƐhƚĂŵĂĂĚĂůĂŚϱƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬϯϬ:ƵŶŝϮϬϭϲ
ƐĂŵƉĂŝĚĞŶŐĂŶϯϬ:ƵŶŝϮϬϮϭ͘
• DĂƐĂ ũĂďĂƚĂŶ WƵũŝ EƵƌ ,ĂŶĚĂLJĂŶŝ ƐĞůĂŬƵ <ŽŵŝƐĂƌŝƐ ĂĚĂůĂŚ ϯ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ Ϯ DĞŝ ϮϬϭϳ ƐĂŵƉĂŝ
ĚĞŶŐĂŶϮDĞŝϮϬϮϬ͘
• DĂƐĂũĂďĂƚĂŶ,ĂƌŝDƵŚĂŵŵĂĚƐĞůĂŬƵ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶĂĚĂůĂŚƐĞũĂŬϭϲŐƵƐƚƵƐϮϬϭϳĚĂŶďĞƌĂŬŚŝƌ
ƉĂĚĂƉĞŶƵƚƵƉĂŶZhW^dĂŚƵŶĂŶŬĞƚŝŐĂƉĂĚĂĂŬŚŝƌϭƉĞƌŝŽĚĞŵĂƐĂũĂďĂƚĂŶĚŝŵĂŬƐƵĚ͘

WĞŶƵŶũƵŬĂŶ ĚĂŶ ƉĞŶŐĂŶŐŬĂƚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ WK:<
EŽ͘ϯϯͬϮϬϭϰ͘

WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵŝůŝŬŝŝƌĞŬƚƵƌ/ŶĚĞƉĞŶĚĞŶLJĂŝƚƵdĂnjĂƌDĂƌƚĂ<ƵƌŶŝĂǁĂŶ͕ƐĞďĂŐĂŝŵĂŶĂĚŝƐLJĂƌĂƚŬĂŶĚĂůĂŵ
WĞƌĂƚƵƌĂŶWĞŶĐĂƚĂƚĂŶƵƌƐĂĨĞŬ͘
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶŐĂŶŐŬĂƚ <ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ LJĂŝƚƵ ,Ăƌŝ DƵŚĂŵŵĂĚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƐLJĂƌĂƚŬĂŶ ĚĂůĂŵ
WK:<EŽ͘ϯϯͬϮϬϭϰ͘

ĞƌŝŬƵƚŝŶŝŬĞƚĞƌĂŶŐĂŶƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝWĞƌƐĞƌŽĂŶ͗

ĞǁĂŶ<ŽŵŝƐĂƌŝƐ

,Ğůŵŝ/ŵĂŵ^ĂƚƌŝLJŽŶŽ͕<ŽŵŝƐĂƌŝƐhƚĂŵĂ͘
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϰϵƚĂŚƵŶ͘

>ĂŚŝƌĚŝ^ĞŵĂƌĂŶŐ͕ϮϱDĞŝϭϵϲϴ͘DĞŶũĂďĂƚƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐhƚĂŵĂWĞƌƐĞƌŽĂŶ
ƐĞũĂŬƚĂŚƵŶϮϬϭϲ͘

^ĂĂƚ ŝŶŝ ũƵŐĂ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ <ĞƵĂŶŐĂŶ ĚĂŶ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ
'ZhƐĞũĂŬƚĂŚƵŶϮϬϭϲ͘^ĞďĞůƵŵŶLJĂŵĞŶũĂďĂƚƐĞďĂŐĂŝŚŝĞĨdžĞĐƵƚŝǀĞĂŶŬ
DĂŶĚŝƌŝ ;ƵƌŽƉĞͿ >ŝŵŝƚĞĚ ;ϮϬϭϯͲϮϬϭϲͿ ĚĂŶ ŝƌĞŬƚƵƌ dƌĞĂƐƵƌLJ Wd DĂŶĚŝƌŝ
^ĞŬƵƌŝƚĂƐ;ϮϬϭϮͲϮϬϭϯͿ͘

DĞƌĂŝŚ ŐĞůĂƌ ^ĂƌũĂŶĂ DĂƚĞŵĂƚŝŬĂ ;ϭϵϵϮͿ ĚĂƌŝ /ŶƐƚŝƚƵƚ dĞŬŶŽůŽŐŝ ĂŶĚƵŶŐ ĚĂŶ
 DĂŐŝƐƚĞƌDĂŶĂũĞŵĞŶ<ĞƵĂŶŐĂŶ;ϮϬϬϬͿĚĂƌŝhŶŝǀĞƌƐŝƚĂƐ/ŶĚŽŶĞƐŝĂ͘
 
WƵũŝEƵƌ,ĂŶĚĂLJĂŶŝ͕<ŽŵŝƐĂƌŝƐ͘
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϰϲƚĂŚƵŶ͘

>ĂŚŝƌ ĚŝDĂŐĞůĂŶŐ͕ϭϳEŽǀĞŵďĞƌϭϵϳϬ͘ DĞŶũĂďĂƚƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ
ƐĞũĂŬƚĂŚƵŶϮϬϭϳ͘

^ĂĂƚ ŝŶŝ ũƵŐĂ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ WƌŽĚƵŬƐŝ 'Zh ƐĞũĂŬ ƚĂŚƵŶ ϮϬϭϳ͘
^ĞďĞůƵŵŶLJĂ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ sŝĐĞ WƌĞƐŝĚĞŶƚ ƵƐŝŶĞƐƐ ^ƚƌĂƚĞŐLJ ĂŶĚ
ĞǀĞůŽƉŵĞŶƚ'Zh;ϮϬϭϱͲϮϬϭϳͿ͕sŝĐĞWƌĞƐŝĚĞŶƚKƉĞƌĂƚŝŽŶ^ƵƉƉŽƌƚ'Zh
;ϮϬϭϬͲϮϬϭϱͿ͕ ^ĞŶŝŽƌ DĂŶĂŐĞƌ KƉĞƌĂƚŝŽŶ WĞƌĨŽƌŵĂŶĐĞ ΘŽƐƚ ŽŶƚƌŽů 'Zh
;ϮϬϬϴͲϮϬϭϬͿ͕ DĂŶĂŐĞƌ KƉĞƌĂƚŝŽŶ WůĂŶŶŝŶŐ 'Zh ;ϮϬϬϯͲϮϬϬϴͿ͕ KƉĞƌĂƚŝŽŶ
ŶĂůLJƐƚ'Zh;ϮϬϬϭͲϮϬϬϮͿ͕WŽƐƚŐƌĂĚƵĂƚĞ^ĐŚŽůĂƌƐŚŝƉ'Zh;ϭϵϵϵͲϮϬϬϬͿ͕

ĚĂŶKƉĞƌĂƚŝŽŶŶĂůLJƐƚ'Zh;ϭϵϵϱͲϭϵϵϴͿ͘

DĞƌĂŝŚŐĞůĂƌ^ĂƌũĂŶĂ^ƚĂƚŝƐƚŝŬĂ;ϭϵϵϰͿĚĂƌŝ/ŶƐƚŝƚƵƚWĞƌƚĂŶŝĂŶŽŐŽƌĚĂŶDĂƐƚĞƌ
ŽĨŽŵŵĞƌĐŝĂů^ĐŝĞŶĐĞ;ϮϬϬϭͿĚĂƌŝhŶŝǀĞƌƐŝƚĂƐŽĨEĞǁ^ŽƵƚŚtĂůĞƐ͘

97
 ,ĂƌŝDƵŚĂŵŵĂĚ͕<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ͘
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϱϴƚĂŚƵŶ͘

>ĂŚŝƌĚŝ<ůĂƚĞŶ͕Ϯϳ:Ƶůŝϭϵϱϵ͘DĞŶũĂďĂƚƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶWĞƌƐĞƌŽĂŶ
ƐĞũĂŬƚĂŚƵŶϮϬϭϳ͘

^ĂĂƚŝŶŝũƵŐĂŵĞŶũĂďĂƚƐĞďĂŐĂŝ'ƵƌƵĞƐĂƌŝĚĂŶŐDĞŬĂŶŝŬĂdĞƌďĂŶŐĚŝ/ŶƐƚŝƚƵƚ
dĞŬŶŽůŽŐŝ ĂŶĚƵŶŐ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϭϲ͕ ĞŬĂŶ &ĂŬƵůƚĂƐ dĞŬŶŝŬ DĞƐŝŶ ĚĂŶ
ŝƌŐĂŶƚĂƌĂĚŝ/ŶƐƚŝƚƵƚdĞŬŶŽůŽŐŝĂŶĚƵŶŐƐĞũĂŬƚĂŚƵŶϮϬϭϱ͕ĚĂŶ<ĞƚƵĂ<ĞůŽŵƉŽŬ
 <ĞĂŚůŝĂŶ &ŝƐŝŬĂ dĞƌďĂŶŐ Ěŝ /ŶƐƚŝƚƵƚ dĞŬŶŽůŽŐŝ ĂŶĚƵŶŐ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϬϴ ͘
^ĞďĞůƵŵŶLJĂ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ tĂŬŝů ĞŬĂŶ ŝĚĂŶŐ ŬĂĚĞŵŝŬ &ĂŬƵůƚĂƐ dĞŬŶŝŬ
DĞƐŝŶĚĂŶŝƌŐĂŶƚĂƌĂĚŝ/ŶƐƚŝƚƵƚdĞŬŶŽůŽŐŝĂŶĚƵŶŐ;ϮϬϬϴ–ϮϬϭϱͿ͕tĂŬŝůĞŬĂŶ
ŝĚĂŶŐŬĂĚĞŵŝŬ&ĂŬƵůƚĂƐdĞŬŶŝŬ/ŶĚƵƐƚƌŝĚŝ/ŶƐƚŝƚƵƚdĞŬŶŽůŽŐŝĂŶĚƵŶŐ;ϮϬϬϰ–
ϮϬϬϴͿ͕ tĂŬŝů ĞŬĂŶ ŝĚĂŶŐ ^ƵŵďĞƌĚĂLJĂ &ĂŬƵůƚĂƐ dĞŬŶŝŬ /ŶĚƵƐƚƌŝ Ěŝ /ŶƐƚŝƚƵƚ
dĞŬŶŽůŽŐŝ ĂŶĚƵŶŐ ;ϮϬϬϮ – ϮϬϬϰͿ͕ ^ĞŬƌĞƚĂƌŝƐ :ƵƌƵƐĂŶ dĞŬŶŝŬ WĞŶĞƌďĂŶŐĂŶ
&ĂŬƵůƚĂƐdĞŬŶŝŬ/ŶĚƵƐƚƌŝĚŝ/ŶƐƚŝƚƵƚdĞŬŶŽůŽŐŝĂŶĚƵŶŐ;ϭϵϵϵ–ϮϬϬϮͿ͕^ƉĞĐŝĂůŝƐƚ
ŶŐŝŶĞĞƌ ŝǀŝƐŝ &ůŝŐŚƚ dĞƐƚ ĞŶƚƌĞ ŝƌĞŬƚŽƌĂƚ dĞŬŶŽůŽŐŝ Ěŝ Wd ŝƌŐĂŶƚĂƌĂ
/ŶĚŽŶĞƐŝĂ ;ϭϵϵϲ – ϮϬϬϭͿ͕ ^ĞŶŝŽƌ ZĞƐĞĂƌĐŚĞƌ &ůŝŐŚƚ ŝǀŝƐŝŽŶ Ěŝ EĂƚŝŽŶĂů
ĞƌŽƐƉĂĐĞ >ĂďŽƌĂƚŽƌLJ͕ EĞƚŚĞƌůĂŶĚƐ ;ϭϵϵϬ – ϭϵϵϮͿ͕ ZĞƐĞĂƌĐŚ ƐƐŝƐƚĂŶƚ ŽŶƚƌŽů
ĂŶĚ ^ŝŵƵůĂƚŝŽŶ ZĞƐĞĂƌĐŚ 'ƌŽƵƉ͕ &ĂĐƵůƚLJ ŽĨ ĞƌŽƐƉĂĐĞ ŶŐŝŶĞĞƌŝŶŐ͕ ĞůĨƚ
hŶŝǀĞƌƐŝƚLJ ŽĨ dĞĐŚŶŽůŽŐLJ ;ϭϵϴϵ – ϭϵϵϱͿ͕ ĚĂŶ :ƵŶŝŽƌ ŶŐŝŶĞĞƌ ŝǀŝƐŝ &ůŝŐŚƚ dĞƐƚ
ĞŶƚƌĞŝƌĞŬƚŽƌĂƚdĞŬŶŽůŽŐŝĚŝWdŝƌŐĂŶƚĂƌĂ/ŶĚŽŶĞƐŝĂ;ϭϵϴϰͲϭϵϴϴͿ͘

DĞƌĂŝŚŐĞůĂƌ^ĂƌũĂŶĂdĞŬŶŝŬDĞƐŝŶ;^ƵďŝĚĂŶŐdĞŬŶŝŬWĞŶĞƌďĂŶŐĂŶͿ;ϭϵϴϰͿĚĂƌŝ
/ŶƐƚŝƚƵƚ dĞŬŶŽůŽŐŝ ĂŶĚƵŶŐ ĚĂŶ ŽŬƚŽƌĂů ƉĂĚĂ ŝĚĂŶŐ ĞƌŽƐƉĂĐĞ ;ϭϵϵϱͿ ĚĂƌŝ
ĞůĨƚhŶŝǀĞƌƐŝƚLJŽĨdĞĐŚŶŽůŽŐLJ͘
ŝƌĞŬƐŝ

/ǁĂŶ:ŽĞŶŝĂƌƚŽ͕ŝƌĞŬƚƵƌhƚĂŵĂ͘
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϰϵƚĂŚƵŶ͘

>ĂŚŝƌ Ěŝ ^ƵƌĂďĂLJĂ͕ ϭϲ :ƵŶŝ ϭϵϲϴ͘ DĞŶũĂďĂƚ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ hƚĂŵĂ WĞƌƐĞƌŽĂŶ
ƐĞũĂŬƚĂŚƵŶϮϬϭϳ͘

^ĞďĞůƵŵŶLJĂ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ hƚĂŵĂ WĞƌƐĞƌŽĂŶ ;ϮϬϭϱͲϮϬϭϳͿ͕
ŝƌĞŬƚƵƌ dĞŬŶŝŬ ĚĂŶ dĞŬŶŽůŽŐŝ /ŶĨŽƌŵĂƐŝ 'Zh ;ϮϬϭϰͲϮϬϭϳͿ͕ ŝƌĞŬƚƵƌ >ŝŶĞ
KƉĞƌĂƚŝŽŶ WĞƌƐĞƌŽĂŶ ;ϮϬϭϮͲϮϬϭϰͿ͕ sŝĐĞ WƌĞƐŝĚĞŶƚ ĂƐĞ KƉĞƌĂƚŝŽŶ WĞƌƐĞƌŽĂŶ
;ϮϬϭϬͲϮϬϭϮͿ͕ ĚĂŶ 'D ĂƐĞ DĂŝŶƚĞŶĂŶĐĞ WůĂŶŶŝŶŐ Θ ŽŶƚƌŽů WĞƌƐĞƌŽĂŶ ;ϮϬϬϰͲ
 ϮϬϭϬͿ͘
 DĞƌĂŝŚŐĞůĂƌ^ĂƌũĂŶĂdĞŬŶŝŬ;ϭϵϵϰͿĚĂƌŝ/ŶƐƚŝƚƵƚdĞŬŶŽůŽŐŝ^ƵƌĂďĂLJĂ͘
 
/ŶƐĂŶEƵƌĂŚLJŽ͕ŝƌĞŬƚƵƌ<ĞƵĂŶŐĂŶ͘
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϱϭƚĂŚƵŶ͘

>ĂŚŝƌĚŝ^ŽůŽ͕ϴ&ĞďƌƵĂƌŝϭϵϲϲ͘DĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶ
ϮϬϭϱ͘

^ĞůĂŵĂ ďĞƌŬĂƌŝĞƌ Ěŝ WĞƌƐĞƌŽĂŶ͕ ƉĞƌŶĂŚ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ sŝĐĞ WƌĞƐŝĚĞŶƚ
&ŝŶĂŶĐŝĂů ĐĐŽƵŶƚŝŶŐ 'Zh ;ϮϬϭϬ–ϮϬϭϱ ĚĂŶ ϮϬϬϳͲϮϬϬϴͿ͕ sŝĐĞ WƌĞƐŝĚĞŶƚ
ŽŶƚƌŽůůĞƌ'Zh;ϮϬϬϴ–ϮϬϭϬͿ͕ĚĂŶ'D&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ'Zh;ϮϬϬϳͿ͘

 DĞƌĂŝŚ ŐĞůĂƌ ^ĂƌũĂŶĂ ŬƵŶƚĂŶƐŝ ;ϭϵϵϮͿ ĚĂƌŝ hŶŝǀĞƌƐŝƚĂƐ ^ĞďĞůĂƐ DĂƌĞƚ ĚĂŶ
 DĂŐŝƐƚĞƌDĂŶĂũĞŵĞŶdƌĂŶƐƉŽƌƚĂƐŝhĚĂƌĂ;ϭϵϵϲͿĚĂƌŝhŶŝǀĞƌƐŝƚĂƐ/ŶĚŽŶĞƐŝĂ͘



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 ,ĂƌŬĂŶĚƌŝD͘ĂŚůĞƌ͕ŝƌĞŬƚƵƌ,ƵŵĂŶĂƉŝƚĂůΘŽƌƉŽƌĂƚĞĨĨĂŝƌƐ͘
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϱϵƚĂŚƵŶ͘

>ĂŚŝƌĚŝ<ƵĂůĂdƵŶŐŬĂů͕ϭ:Ƶůŝϭϵϱϳ͘DĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬ
ƚĂŚƵŶϮϬϭϮ͘

^ĞďĞůƵŵŶLJĂ ĞůŝĂƵ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ hƚĂŵĂ ĚĂƌŝ Wd ĞƌŽƚƌĂŶƐ
^ĞƌǀŝĐĞƐ/ŶĚŽŶĞƐŝĂ;ϮϬϭϬ–ϮϬϭϮͿ͕ŝƌĞŬƚƵƌ<ĞƵĂŶŐĂŶΘ^DWdĞƌŽĨŽŽĚ^
;ϮϬϬϵ – ϮϬϭϬͿ͕ sW ^ĂůĞƐ Θ DĂƌŬĞƚŝŶŐ WĞƌƐĞƌŽĂŶ ;ϮϬϬϴ – ϮϬϬϵͿ͕ sW ŽƌƉŽƌĂƚĞ
^ĞĐƌĞƚĂƌLJWĞƌƐĞƌŽĂŶ;ϮϬϬϳ–ϮϬϬϴͿ͕ĞƉƵƚLJŝƌĞŬƚƵƌ<ĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ;DĂƌ͘
ϮϬϬϳ–KŬƚ͘ϮϬϬϳͿ͕'DZĞǀĞŶƵĞΘZŝƐŬDĂŶĂŐĞŵĞŶƚWĞƌƐĞƌŽĂŶ;ϮϬϬϮ–ϮϬϬϳͿ͕
 'D ZĞǀĞŶƵĞDĂŶĂŐĞŵĞŶƚ'Zh ;ϮϬϬϬ – ϮϬϬϮͿ͕<ĞƉĂůĂ /ŶǀĞŶƚŽƌLJΘ &ŝdžĞĚ
 ƐƐĞƚƐ'Zh;ϭϵϵϵ–ϮϬϬϬͿ͕ĂƌĞƚĂŬĞƌ/ŶǀĞŶƚŽƌLJΘ&ŝdžĞĚƐƐĞƚƐĐĐŽƵŶƚŝŶŐ
 'Zh ;:ƵŶŝ ϭϵϵϵͿ͕ <ĂƐŝ >ĞĂƐĞ ŽŶƚƌŽů Θ dĞĐŚŶŝĐĂů ŽŽƉĞƌĂƚŝŽŶ 'Zh
 ;ϭϵϵϳ–ϭϵϵϵͿ͕<ĂďŝĚDĂƚĞƌŝĂůͲŵĂƚĞƌŝĂůZĞƉĂŝƌ^ĞƌǀŝĐĞƐ'Zh;ϭϵϵϲ–ϭϵϵϳͿ͕
W:^͘<ĂƐƵďĂŐDĂƚĞƌŝĂůŽŶƚƌŽůΘŝƐƚƌŝďƵƚŽƌ'Zh;ϭϵϵϰ–ϭϵϵϲͿ͕WůĂŶŶĞƌͬ
WƵƌĐŚĂƐĞƌ'Zh;ϭϵϴϵ–ϭϵϵϰͿ͕^ƚĂĨĨDĂƚĞƌŝĂů'Zh;KŬƚŽďĞƌϭϵϴϵͿĚĂŶ
ŶŐŝŶĞĞƌƌĂĨƚŵĂŶ'Zh;ϭϵϳϴ–ϭϵϴϵͿ͘

DĞƌĂŝŚ ŐĞůĂƌ ^ĂƌũĂŶĂ ŬƵŶƚĂŶƐŝ ;ϭϵϵϯͿ ĚĂƌŝ hŶŝǀĞƌƐŝƚĂƐ ^LJĞŬŚ zƵƐƵĨ ĚĂŶ
DĂŐŝƐƚĞƌDĂŶĂũĞŵĞŶ<ĞƵĂŶŐĂŶ;ϮϬϬϬͿĚĂƌŝ^d/D:ĂŬĂƌƚĂ͘

dĂnjĂƌDĂƌƚĂ<ƵƌŶŝĂǁĂŶ͕ŝƌĞŬƚƵƌ>ŝŶĞKƉĞƌĂƚŝŽŶͬŝƌĞŬƚƵƌ/ŶĚĞƉĞŶĚĞŶ͘
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϰϵƚĂŚƵŶ͘DĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬ
ƚĂŚƵŶϮϬϭϲ͘

^ĞůĂŵĂďĞƌŬĂƌŝĞƌĚŝWĞƌƐĞƌŽĂŶ͕ƉĞƌŶĂŚŵĞŶũĂďĂƚƐĞďĂŐĂŝ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚ
DĂƌŬĞƚŝŶŐ ĂŶĚ ƵƐŝŶĞƐƐ ĞǀĞůŽƉŵĞŶƚ ;ϮϬϭϲͿ͕ sŝĐĞ WƌĞƐŝĚĞŶƚ ^ĂůĞƐ ĂŶĚ
DĂƌŬĞƚŝŶŐ ;ϮϬϭϱͲϮϬϭϲͿ͕ sŝĐĞ WƌĞƐŝĚĞŶƚ DĂƚĞƌŝĂů ^ĞƌǀŝĐĞƐ ;ϮϬϭϰͲϮϬϭϱͿ͕ sŝĐĞ
WƌĞƐŝĚĞŶƚ ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ Θ DĂƚĞƌŝĂů ^ĞƌǀŝĐĞƐ ;ϮϬϭϮͲϮϬϭϰͿ͕ 'ĞŶĞƌĂů
DĂŶĂŐĞƌ ^ƚƌĂƚĞŐŝĐ WƌŽĐƵƌĞŵĞŶƚ ;ϮϬϭϭͲϮϬϭϮͿ͕  'ĞŶĞƌĂů DĂŶĂŐĞƌ ŝƌĐƌĂĨƚ WĂƌƚ
^ĞƌǀŝĐĞ;ϮϬϬϳͲϮϬϭϭͿ͕'ĞŶĞƌĂůDĂŶĂŐĞƌ/ŶǀĞŶƚŽƌLJDĂŶĂŐĞŵĞŶƚ;ϮϬϬϯ–ϮϬϬϳͿ͕
DĂŶĂŐĞƌ ^ƉĂƌĞ WĂƌƚ ŽŶƚƌŽů 'Zh ;ϮϬϬϭ – ϮϬϬϯͿ͕ DĂŶĂŐĞƌ ZĞĐĞŝǀŝŶŐ
 'Zh;ϮϬϬϬͲϮϬϬϭͿ͕,ĞĂĚŽĨZĞĐĞŝǀŝŶŐ'Zh;ϭϵϵϴͲϮϬϬϬͿ͕WĞŶĂƚĂDĂĚLJĂ
 'Zh ;ϭϵϵϵͿ͕ <ĂƐŝ dŽŽů Θ ƋƵŝƉŵĞŶƚ 'Zh ;ϭϵϵϳͲϭϵϵϴͿ͕ WůĂŶŶĞƌ
 WƌĂƚĂŵĂDƵĚĂ'Zh;ϭϵϵϲͲϭϵϵϳͿ͕WĞŶĂƚĂDƵĚĂ'Zh;ϭϵϵϱͲϭϵϵϲͿ͕ĚĂŶ
WƌĞŵƉůŽLJĞĞ'Zh;ϭϵϵϰͲϭϵϵϱͿ͘

DĞƌĂŝŚŐĞůĂƌ^ĂƌũĂŶĂdĞŬŶŝŬ;ϭϵϵϰͿĚĂƌŝ/ŶƐƚŝƚƵƚdĞŬŶŽůŽŐŝĂŶĚƵŶŐ͘

ZĂŚŵĂƚ,ĂŶĂĨŝ͕ŝƌĞŬƚƵƌĂƐĞKƉĞƌĂƚŝŽŶ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϱϭƚĂŚƵŶ͘DĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬ
ƚĂŚƵŶϮϬϭϳ͘

^ĞůĂŵĂďĞƌŬĂƌŝĞƌĚŝWĞƌƐĞƌŽĂŶ͕ƉĞƌŶĂŚŵĞŶũĂďĂƚƐĞďĂŐĂŝsŝĐĞWƌĞƐŝĚĞŶƚŶŐŝŶĞ
DĂŝŶƚĞŶĂŶĐĞ ;ϮϬϭϲ – ϮϬϭϳͿ͕ ^ĞŶŝŽƌ sŝĐĞ WƌĞƐŝĚĞŶƚ ^h 'D& ŶŐŝŶĞ
DĂŝŶƚĞŶĂŶĐĞ;ϮϬϭϱ–ϮϬϭϲͿ͕sŝĐĞWƌĞƐŝĚĞŶƚ^ƚƌĂƚĞŐLJDĂŶĂŐĞŵĞŶƚKĨĨŝĐĞ;ϮϬϭϯ
–ϮϬϭϱͿ͕sŝĐĞWƌĞƐŝĚĞŶƚŽƌƉŽƌĂƚĞĞǀĞůŽƉŵĞŶƚΘ /d;ϮϬϭϬ–ϮϬϭϯͿ͕,ĞĂĚŽĨ
ĞƐŝŐŶ KƌŐĂŶŝnjĂƚŝŽŶ ƉƉƌŽǀĂů ;ϮϬϭϬ – ϮϬϭϮͿ͕ sŝĐĞ WƌĞƐŝĚĞŶƚ ŶŐŝŶĞĞƌŝŶŐ
^ĞƌǀŝĐĞƐ;ϮϬϬϳ–ϮϬϭϬͿ͕sŝĐĞWƌĞƐŝĚĞŶƚŽŵƉŽŶĞŶƚDĂŝŶƚĞŶĂŶĐĞ;ϮϬϬϲ–ϮϬϬϳͿ͕
'ĞŶĞƌĂů DĂŶĂŐĞƌ ZĞůŝĂďŝůŝƚLJ ŶŐŝŶĞĞƌŝŶŐ ĂŶĚ ^ĞƌǀŝĐĞƐ ;ϮϬϬϮ – ϮϬϬϲͿ͘
^ĞďĞůƵŵŶLJĂ͕ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ DĂŶĂŐĞƌ ZĞĂůŝďŝůŝƚLJ DĂŶĂŐĞŵĞŶƚ 'Zh
 ;ϮϬϬϬ – ϮϬϬϮͿ͕ DĂŶĂŐĞƌ ǀŝŽŶŝĐƐ 'Zh ;ϭϵϵϳ – ϮϬϬϬͿ͕ DĂŶĂŐĞƌ ŝƌĐƌĂĨƚ
ĂƚĂ Θ ŶŐŝŶĞĞƌŝŶŐ WƵďůŝĐ ^ĞƌǀŝĐĞƐ 'Zh ;ϭϵϵϰ – ϭϵϵϳͿ͕ ĚĂŶ ǀŝŽŶŝĐƐ
ŶŐŝŶĞĞƌ'Zh;ϭϵϵϬ–ϭϵϵϰͿ͘

DĞƌĂŝŚ ŐĞůĂƌ ^ĂƌũĂŶĂ dĞŬŶŝŬ ;ϭϵϵϬͿ ĚĂƌŝ /ŶƐƚŝƚƵƚ dĞŬŶŽůŽŐŝ ĂŶĚƵŶŐ ĚĂŶ
DĂŐŝƐƚĞƌDĂŶĂũĞŵĞŶ;ϮϬϬϯͿĚĂƌŝ^ĞŬŽůĂŚdŝŶŐŐŝ/ůŵƵŬŽŶŽŵŝ:ĂŬĂƌƚĂ͘


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dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŚƵďƵŶŐĂŶ ŬĞŬĞůƵĂƌŐĂĂŶ Ěŝ ĂŶƚĂƌĂ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ͕ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ĚĂŶ ƉĞŵĞŐĂŶŐ
ƐĂŚĂŵŵŝƚĞŶ͘

WĞŶŐĂŶŐŬĂƚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ͕ ƚĞƌŵĂƐƵŬ ŬĞƚĞŶƚƵĂŶ
ŵĞŶŐĞŶĂŝƌĂŶŐŬĂƉũĂďĂƚĂŶ͕ƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵWK:<EŽ͘ϯϯͬϮϬϭϰ͘

:͘dd<>K>WZh^,E;'ŽŽĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞĂƚĂƵ''Ϳ

WĞƌƐĞƌŽĂŶ ŽƉƚŝŵŝƐ ŵĂŵƉƵ ŵĞŶĐŝƉƚĂŬĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ LJĂŶŐ ŵĞŶŐŝŶƚĞŐƌĂƐŝŬĂŶ ĂƐƉĞŬ
ŬĞƉĂƚƵŚĂŶ ;ĐŽŵƉůŝĂŶĐĞͿ͕ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ;ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůͿ͕ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ;ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚͿ ĚĂŶ
ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐŽƐŝĂů ƉĞƌƵƐĂŚĂĂŶ ;ĐŽƌƉŽƌĂƚĞ ƐŽĐŝĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJͿ ĚĞŶŐĂŶ ŵĞŵƉĞƌƐŝĂƉŬĂŶ ŐƌĂŶĚ ƐƚƌĂƚĞŐLJ
ƚĞƌŬĂŝƚƉĞŶĞƌĂƉĂŶ''͘ 'ƌĂŶĚƐƚƌĂƚĞŐLJŝŵƉůĞŵĞŶƚĂƐŝ''WĞƌƐĞƌŽĂŶĚŝƚƵĂŶŐŬĂŶŬĞĚĂůĂŵƐĞďƵĂŚZŽĂĚŵĂƉ
'' ĂŐĂƌ ĚĂƉĂƚ ŵĞŵďĞƌŝŬĂŶ ŐĂŵďĂƌĂŶ ƐĞĚĞƌŚĂŶĂ ŵĞŶŐĞŶĂŝ ƚĂƌŐĞƚ LJĂŶŐ ŝŶŐŝŶ ĚŝĐĂƉĂŝ WĞƌƐĞƌŽĂŶ ŬĞ ĚĞƉĂŶ͘
^ĞůĂŝŶ ŝƚƵ͕ ZŽĂĚŵĂƉ '' ũƵŐĂ ŵĞŶũĂĚŝ ŵŝůĞƐƚŽŶĞ ĚĂƌŝ ƐĞƌĂŶŐŬĂŝĂŶ ƉĞŶĐĂƉĂŝĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝƌĂŝŚ WĞƌƐĞƌŽĂŶ
ĚĂůĂŵŝŵƉůĞŵĞŶƚĂƐŝ''͘

ZĞĂůŝƐĂƐŝƉĞŶĐĂƉĂŝĂŶZŽĂĚDĂƉ''WĞƌƐĞƌŽĂŶpada Tahap “'ŽŽĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ” fokus pada aspek
ŬĞƉĂƚƵŚĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ ƐĞůƵƌƵŚ ŬĞƚĞŶƚƵĂŶ ŚƵŬƵŵ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ
ĂƚĂƵ ŵĞŶŐƵĂƚŬĂŶ ƉŽŶĚĂƐŝ ƚĂŚĂƉĂŶ '' ƵŶƚƵŬ ŵĞůĂŶŐŬĂŚ ŵĞŶƵũƵ ƚĂŚĂƉĂŶ ďĞƌŝŬƵƚŶLJĂ͘ ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ
WĞƌƐĞƌŽĂŶ͕ŝƌĞŬƐŝĚĂŶŵĂŶĂũĞŵĞŶƐĞŶŝŽƌďĞƌƉĞĚŽŵĂŶƉĂĚĂDĂŶƵĂů͘^ĞƚŝĂƉƚĂŚƵŶĚŝůĂŬƵŬĂŶƐƐĞƐƐŵĞŶƚŽůĞŚ
ƐƐĞƐƐŽƌ /ŶĚĞƉĞŶĚĞŶƚ ƵŶƚƵŬ ŵĞŶŝůĂŝ ƚŝŶŐŬĂƚ ŬĞƉĂƚƵŚĂŶ '' WĞƌƐĞƌŽĂŶ͘ hŶƚƵŬ ŵĞŵďĂŶŐƵŶ ůŝŶŐŬƵŶŐĂŶ LJĂŶŐ
ƚĂĂƚŚƵŬƵŵĚĂŶƉĞƌŝůĂŬƵĞƚŝƐ͕ŝƌĞŬƐŝƚĞůĂŚŵĞŶLJƵƐƵŶŬŽĚĞĞƚŝŬĚĂŶƉĞůĂŬƐĂŶĂĂŶŶLJĂĚŝƉĂŶƚĂƵĚĂŶƉĞŶŐĞŶĂĂŶ
ƐĂŶŬƐŝƚĞƌŚĂĚĂƉĞƚŝŬĂWĞƌƐĞƌŽĂŶĚĂŶŚƵŬƵŵ͘

Pada Tahap “'ŽŽĚ ŽƌƉŽƌĂƚĞ GMF” Pengoperasian yang dikendalikan dengan baik melalui implementasi
ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ĚĂŶ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů LJĂŶŐ ǁĂũĂƌ͘ ^ŝƐƚĞŵ WĞŶŐĞŶĚĂůŝĂŶ /ŶƚĞƌŶĂů ƐĞďĂŐĂŝ ƵƉĂLJĂ WĞƌƐĞƌŽĂŶ
ŵĞŵŝůŝŬŝ ŬĞĂŶĚĂůĂŶ ůĂƉŽƌĂŶ ĚĂŶ ŝŶĨŽƌŵĂƐŝ͕ ŬĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ďĞƌůĂŬƵ ƐĞƌƚĂ ĞĨŝƐŝĞŶƐŝ ĚĂŶ
ĞĨĞŬƚŝǀŝƚĂƐ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů ĚŝĂŶƚĂƌĂŶLJĂ ĚĞŶŐĂŶ ŵĞŶŐĂĚĂƉƚĂƐŝ ƉƌŝŶƐŝƉ K^K ;ŽŵŵŝƚƚĞĞ ŽĨ ^ƉŽŶƐŽƌŝŶŐ
KƌŐĂŶŝnjĂƚŝŽŶƐ ŽĨ ƚŚĞ dƌĞĂĚǁĂLJ ŽŵŵŝƐƐŝŽŶͿ͘ ^ŝƐƚĞŵ WĞŶŐĞŶĚĂůŝĂŶ /ŶƚĞƌŶĂů Ěŝ WĞƌƐĞƌŽĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ ϯ ůĂƉŝƐ͕
LJĂŝƚƵƉĞƌƚĂŚĂŶĂŶůĂƉŝƐƉĞƌƚĂŵĂĚŝůĂŬƵŬĂŶŽůĞŚƐĞůƵƌƵŚŵĂŶĂũĞŵĞŶŽƉĞƌĂƐŝ͕ƉĞƌƚĂŚĂŶĂŶůĂƉŝƐŬĞĚƵĂĚŝůĂŬƵŬĂŶ
ŽůĞŚ DĂŶĂũĞŵĞŶ WĞŶŐĞŶĚĂůŝĂŶ͕ ĚĂŶ ƉĞƌƚĂŚĂŶĂŶ ůĂƉŝƐ ŬĞƚŝŐĂ ĚŝůĂŬƵŬĂŶ ŽůĞŚ hŶŝƚ WĞŶŐĂǁĂƐĂŶ /ŶƚĞƌŶĂů LJĂŬŶŝ
hŶŝƚ/ŶƚĞƌŶĂůƵĚŝƚĂŶĚŽŶƚƌŽůĚĂŶhŶŝƚYƵĂůŝƚLJƐƐƵƌĂŶĐĞĂŶĚ^ĂĨĞƚLJ͘WĞŶŐĞƚĂŚƵĂŶLJĂŶŐŵĞŶŝŶŐŬĂƚŵĞŶŐĞŶĂŝ
ŵĂŶĂũĞŵĞŶƌŝƐŝŬŽĂŬĂŶŵĞŶŐĂƌĂŚŬĂŶƉĂĚĂƉĞŶŐŐƵŶĂĂŶŵĞƚŽĚĞLJĂŶŐůĞďŝŚĂŬƵƌĂƚƐĞƉĞƌƚŝĂŶĂůŝƐŝƐŬƵĂŶƚŝƚĂƚŝĨ
ďĞƌĚĂƐĂƌŬĂŶƉƌŽLJĞŬƐŝŵĂƵƉƵŶĚĂƚĂďĂƐĞŬĞƌƵŐŝĂŶĚĂůĂŵƉĞŶŐĞůŽůĂĂŶƌŝƐŝŬŽ͘^ĞŚŝŶŐŐĂƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶ
ůĞďŝŚĞĨĞŬƚŝĨŬĂƌĞŶĂďĞƌĚĂƐĂƌŬĂŶĂŶĂůŝƐŝƐďŝĂLJĂĚĂŶŵĂŶĨĂĂƚLJĂŶŐĂŬƵƌĂƚ͘

Pada Tahap “'ŽŽĚ'D&ŝƚŝnjĞŶ” WĞƌƐĞƌŽĂŶŵĞŶũĂĚŝWĞƌƵƐĂŚĂĂŶLJĂŶŐďĞƌǁĂƌŐĂŵĂƐLJĂƌĂŬĂƚLJĂŶŐďĂŝŬŵĞůĂůƵŝ
ŝŵƉůĞŵĞŶƚĂƐŝ ƚĂŶŐŐƵŶŐ :ĂǁĂď ^ŽƐŝĂů WĞƌƵƐĂŚĂĂŶ͘ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ƚĞƌĂƚƵƌ ŵĞŶLJĂŵƉĂŝŬĂŶ >ĂƉŽƌĂŶ ,ĂƌƚĂ
<ĞŬĂLJĂĂŶ WĞŶLJĞůĞŶŐŐĂƌĂ EĞŐĂƌĂ (“>,<WE”) ƵŶƚƵŬ ƐĞůƵƌƵŚ ŝƌĞŬƐŝ͘ ^ĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŚĂƌƵƐ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ WĞƌŶLJĂƚĂĂŶ <ĞƉĂƚƵŚĂŶ ĂƚĂƐ ŽĚĞ ŽĨ ŽŶĚƵĐƚ ƐĞƚŝĂƉ ƚĂŚƵŶ͘ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝŵĞŶĂŶĚĂƚĂŶŐĂŶŝWĂŬƚĂ/ŶƚĞŐƌŝƚĂƐĚĂůĂŵŵĞŵďĞƌŝŬĂŶƌĞŬŽŵĞĚĂƐŝͬƉĞƌƐĞƚƵũƵĂŶƚĞƌŚĂĚĂƉ
ƚŝŶĚĂŬĂŶͲƚŝŶĚĂŬĂŶŝƌĞŬƐŝLJĂŶŐŵĞŵĞƌůƵŬĂŶƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐĚĂƌŝĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚ
ĚĂůĂŵŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘WĞůĂŬƐĂŶĂĂŶŬĞŐŝĂƚĂŶŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJƐĞĐĂƌĂďĞƌŬĞůĂŶũƵƚĂŶ͖
ŵĞůĂůƵŝŬĞŐŝĂƚĂŶͲŬĞŐŝĂƚĂŶŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJLJĂŶŐŵĞŶŝƚŝŬďĞƌĂƚŬĂŶƉĂĚĂϰĂƐƉĞŬƚĂŶŐŐƵŶŐũĂǁĂď
ƐŽƐŝĂů LJĂŝƚƵ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐŽƐŝĂů ƚĞƌŬĂŝƚ >ŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ͕ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐŽƐŝĂů ƚĞƌŬĂŝƚ WĞŐĂǁĂŝ ĚĂŶ <ϯ͕
ƚĂŶŐŐƵŶŐũĂǁĂďƐŽƐŝĂůƚĞƌŬĂŝƚ^ŽƐŝĂů<ĞŵĂƐLJĂƌĂŬĂƚĂŶĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďƐŽƐŝĂůƚĞƌŬĂŝƚƉĞůĂŶŐŐĂŶ͘

/ŶŽǀĂƐŝ ƵŶƚƵŬ ŵĞŶĐŝƉƚĂŬĂŶ ŬŽŶƐĞƉ ƚĂƚĂ ŬĞůŽůĂ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ŚĂŶĚĂů ĚĂŶ ƌĞůĞǀĂŶ ƉĂĚĂ ƐĞƚŝĂƉ ŬŽŶĚŝƐŝ ĚĂŶ
ƚĂŶƚĂŶŐĂŶ LJĂŶŐ ĚŝŚĂĚĂƉŝ ƐĞŶĂŶƚŝĂƐĂ ĚŝŬĞŵďĂŶŐŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ͘ ^ĞƚŝĂƉ ĞůĞŵĞŶ LJĂŶŐ ĂĚĂ Ěŝ WĞƌƐĞƌŽĂŶ
ďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĚĂůĂŵŵĞŵĂƐƚŝŬĂŶƉƌŝŶƐŝƉĚĂƐĂƌ''LJĂŶŐĚŝƚĞƌĂƉŬĂŶƉĂĚĂƐĞƚŝĂƉĂƐƉĞŬďŝŶŝƐ͘

ĂůĂŵŵĞŶĞƌĂƉŬĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ''͕ŵĂŶĂũĞŵĞŶĚĂŶŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶŵĞŶŐĂĐƵƉĂĚĂϱ;ůŝŵĂͿƉƌŝŶƐŝƉ
ĚĂƐĂƌLJĂŝƚƵƚƌĂŶƐƉĂƌĂŶƐŝ͕ĂŬƵŶƚĂďŝůŝƚĂƐ͕ƌĞƐƉŽŶƐŝďŝůŝƚĂƐ͕ŝŶĚĞƉĞŶĚĞŶƐŝ͕ĚĂŶŬĞǁĂũĂƌĂŶ͘





100
<ŽŵŝƚŵĞŶ''

ĂůĂŵŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂŶLJĂ͕WĞƌƐĞƌŽĂŶƐĞůĂůƵŵĞŶĞƌĂƉŬĂŶƉƌŝŶƐŝƉ''͘WĞƌƐĞƌŽĂŶďĞƌŬĞLJĂŬŝŶĂŶďĂŚǁĂ''
LJĂŶŐ ďĂŝŬ ĚĂƉĂƚ ŵĞŶŝŶŐŬĂƚŬĂŶ ŶŝůĂŝ WĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂŶ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ůĂŝŶŶLJĂ͘ >ĞďŝŚ ĚĂƌŝ ŝƚƵ͕
ŵĂŶĂũĞŵĞŶ ũƵŐĂ ŵĞŶLJĂĚĂƌŝ ƉĞŶŐĞůŽůĂĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĂŝŬ ŵĞŶũĂŵŝŶ ƉĞƌƚƵŵďƵŚĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ
WĞƌƐĞƌŽĂŶ͘<ĂƌĞŶĂŝƚƵŵĂŶĂũĞŵĞŶďĞƌŬŽŵŝƚŵĞŶƉĞŶƵŚƵŶƚƵŬŵĞŶŐĞŵďĂŶŐŬĂŶďƵĚĂLJĂWĞƌƐĞƌŽĂŶLJĂŶŐƐĞũĂůĂŶ
ĚĞŶŐĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐƉ''ĚĂŶŵĞŶĞƌĂƉŬĂŶŶLJĂĚĂůĂŵƐĞƚŝĂƉŬĞŐŝĂƚĂŶĚĂŶŽƉĞƌĂƐŝ͘

WƌŝŶƐŝƉͲWƌŝŶƐŝƉ''

WƌŽƐĞĚƵƌ '' ŵĞǁĂũŝďŬĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ ''͕ ďƵŬĂŶ ƐĞŬĞĚĂƌ ŵĞŵĞŶƵŚŝ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͘''ďĞƌůĂŶĚĂƐŬĂŶƉĂĚĂƐƚĂŶĚĂƌĞƚŝŬĂƚĞƌƚŝŶŐŐŝĚĂŶŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵƉĞƌƐLJĂƌĂƚĂŶ
ŵƵƚůĂŬĂŐĂƌƵƐĂŚĂWĞƌƐĞƌŽĂŶƚƵŵďƵŚďĞƌŬĞůĂŶũƵƚĂŶ͘ĂůĂŵŵĞŶĞƌĂƉŬĂŶƉƌŝŶƐŝƉͲƉƌŝƐŝƉ''͕ŵĂŶĂũĞŵĞŶĚĂŶ
ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂĐƵ ƉĂĚĂ ϱ ;ůŝŵĂͿ ƉƌŝŶƐŝƉ ĚĂƐĂƌ LJĂŝƚƵ͗ ƚƌĂŶƐƉĂƌĂŶƐŝ͕ ĂŬƵŶƚĂďŝůŝƚĂƐ͕ ƌĞƐƉŽŶƐŝďŝůŝƚĂƐ͕
ŝŶĚĞƉĞŶĚĞŶƐŝ͕ĚĂŶŬĞǁĂũĂƌĂŶ͘

ϭ͘ dƌĂŶƐƉĂƌĂŶƐŝ

WƌŝŶƐŝƉ ƚƌĂŶƐƉĂƌĂŶƐŝ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ĐĂƌĂ ŵĞŶLJĞĚŝĂŬĂŶ ŝŶĨŽƌŵĂƐŝ ƐĞĐĂƌĂ ĐĞƉĂƚ͕ ƚĞƉĂƚ͕ ĚĂŶ ĂŬƵƌĂƚ ŵĞůĂůƵŝ
ŵĞĚŝĂ ŬŽŵƵŶŝŬĂƐŝ LJĂŶŐ ŝŶƚĞŶƐŝĨ LJĂŶŐ ĚŝŬĞůŽůĂ ƐĞĐĂƌĂ ƉƌŽĨĞƐŝŽŶĂů͕ ƐĞŚŝŶŐŐĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ͕ ŬƌĞĚŝƚƵƌ͕
ŵĂƐLJĂƌĂŬĂƚ ƐĞƌƚĂ ƐĞůƵƌƵŚ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ĚĂƉĂƚ ŵĞŶŐĞƚĂŚƵŝ ŬŝŶĞƌũĂ ĚĂŶ ŬĞŐŝĂƚĂŶ ƉĞŶŐĞůŽůĂĂŶ
WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ũĞůĂƐ ƐĞƌƚĂ ĚĂƉĂƚ ŵĞŵďĞƌŝŬĂŶ ƐƵŵďĂŶŐͲƐĂƌĂŶ ďĂŐŝ ŬĞŵĂũƵĂŶ WĞƌƐĞƌŽĂŶ͕ ŶĂŵƵŶ ƚĞƚĂƉ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ĂƚƵƌĂŶ ƉĞŶŐĞůŽůĂĂŶ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ďĞƌůĂŬƵ ƵŶƚƵŬ ŵĞŶũĂŐĂ ŬĞƉĞŶƚŝŶŐĂŶ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ
ŵĞŶĞƚĂƉŬĂŶĂƚƵƌĂŶŬĞƌĂŚĂƐŝĂĂŶŝŶĨŽƌŵĂƐŝLJĂŶŐŵĞŵďĂƚĂƐŝĂŬƐĞƐŝŶĨŽƌŵĂƐŝŽůĞŚƉŝŚĂŬLJĂŶŐďĞƌŬĞƉĞŶƚŝŶŐĂŶ͘

Ϯ͘ ŬƵŶƚĂďŝůŝƚĂƐ

WƌŝŶƐŝƉ ŬƵŶƚĂďŝůŝƚĂƐ ĚŝŝŵƉůĞŵĞŶƚĂƐŝŬĂŶ ĚĞŶŐĂŶ ŵĞŶŝƚŝŬ ďĞƌĂƚŬĂŶ ƉĂĚĂ ƉĞŶŝŶŐŬĂƚĂŶ ĨƵŶŐƐŝ ĚĂŶ ƉĞƌĂŶ ƐĞƚŝĂƉ
KƌŐĂŶWĞƌƐĞƌŽĂŶĚĂŶDĂŶĂũĞŵĞŶLJĂŶŐĚĂƉĂƚĚŝƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶ͕ƐĞŚŝŶŐŐĂƉĞŶŐĞůŽůĂĂŶWĞƌƐĞƌŽĂŶĚĂƉĂƚ
ďĞƌũĂůĂŶĞĨĞŬƚŝĨ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶĞƌĂƉŬĂŶ^ŝƐƚĞŵWĞŶŐĞŶĚĂůŝĂŶ/ŶƚĞƌŶĂů͕ŵĞůĂůƵŝƉĞůĂŬƐĂŶĂĂŶƉĞŶŐĂǁĂƐĂŶ
ŝŶƚĞƌŶĂůďĞƌũĞŶũĂŶŐ͘

ϯ͘ dĂŶŐŐƵŶŐ:ĂǁĂď

WƌŝŶƐŝƉ dĂŶŐŐƵŶŐ :ĂǁĂď ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ƐĞŶĂŶƚŝĂƐĂ ďĞƌƉĞŐĂŶŐ ƚĞŐƵŚ ƉĂĚĂ ƉƌŝŶƐŝƉ ŬĞŚĂƚŝͲŚĂƚŝĂŶ ĚĂŶ
ŵĞŵĂƐƚŝŬĂŶƉĞůĂŬƐĂŶĂĂŶŬĞƉĂƚƵŚĂŶWĞƌƐĞƌŽĂŶƚĞƌŚĂĚĂƉŬĞƚĞŶƚƵĂŶĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐ
ďĞƌůĂŬƵ͘

ϰ͘ /ŶĚĞƉĞŶĚĞŶƐŝ

WƌŝŶƐŝƉ/ŶĚĞƉĞŶĚĞŶƐŝĚŝƚĞƌĂƉŬĂŶĚĂůĂŵƐĞƚŝĂƉƉƌŽƐĞƐƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶDĂŶĂũĞŵĞŶLJĂŶŐƚĞƌŚŝŶĚĂƌĚĂƌŝ
ďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶƐĞƌƚĂƉĞŶŐĂƌƵŚͬƚĞŬĂŶĂŶĚĂƌŝƉŝŚĂŬůĂŝŶ͘

ϱ͘ <ĞǁĂũĂƌĂŶ

WƌŝŶƐŝƉ<ĞǁĂũĂƌĂŶĚĂŶ<ĞƐĞƚĂƌĂĂŶĚŝŝŵƉůĞŵĞŶƚĂƐŝŬĂŶĚĞŶŐĂŶƉĞƌůĂŬƵĂŶLJĂŶŐĂĚŝůĚĂŶƐĞƚĂƌĂĚĂůĂŵŵĞŵĞŶƵŚŝ
ŚĂŬͲŚĂŬ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ LJĂŶŐ ƚŝŵďƵů ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌũĂŶũŝĂŶ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͘
WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ WƌŝŶƐŝƉ <ĞƐĞƚĂƌĂĂŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌůĂŬƵŬĂŶ ƐĞůƵƌƵŚ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ ƐĞĐĂƌĂ
ďĞƌŝŵďĂŶŐĂŶƚĂƌĂŚĂŬĚĂŶŬĞǁĂũŝďĂŶLJĂŶŐĚŝďĞƌŝŬĂŶŬĞƉĂĚĂĚĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘

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ĂƐĂƌ LJĂŶŐ ďĞƌůĂŬƵ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŵƉƵŶLJĂŝ ƚƵŐĂƐ ƵƚĂŵĂ ƵŶƚƵŬ ŵĞŶŐĂǁĂƐŝ ũĂůĂŶŶLJĂ ƉĞŶŐƵƌƵƐĂŶ
WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ŝƌĞŬƐŝ͕ ĚĂŶ ŵĞŵďĞƌŝ ŶĂƐŝŚĂƚ ŬĞƉĂĚĂ ŝƌĞŬƐŝ ĂƉĂďŝůĂ ĚŝƉĞƌůƵŬĂŶ͘ ^ĞůĂŵĂ ϭ
;ƐĂƚƵͿƚĂŚƵŶƚĞƌĂŬŚŝƌ͕ĞǁĂŶ<ŽŵŝƐĂƌŝƐƚĞůĂŚŵĞůĂŬƵŬĂŶƚƵŐĂƐĚĂŶǁĞǁĞŶĂŶŐĚĞŶŐĂŶďĂŝŬƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌ
ĚĂůĂŵ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͘ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂďŶLJĂ ƐĞĐĂƌĂ
ŝŶĚĞƉĞŶĚĞŶĚĂŶƚŝĚĂŬƚĞƌůŝďĂƚĚĂůĂŵƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶƚĞƌŬĂŝƚĚĞŶŐĂŶŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůŬĞĐƵĂůŝŚĂůͲ
ŚĂůůĂŝŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶĚĂůĂŵŶŐŐĂƌĂŶĂƐĂƌĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘

101
ŝƌĞŬƐŝ ďĞƌƚƵŐĂƐ ŵĞŶũĂůĂŶŬĂŶ ƐĞŐĂůĂ ƚŝŶĚĂŬĂŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ƉĞŶŐƵƌƵƐĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ŵĞǁĂŬŝůŝ WĞƌƐĞƌŽĂŶ ďĂŝŬ Ěŝ
ĚĂůĂŵ ŵĂƵƉƵŶ Ěŝ ůƵĂƌ WĞŶŐĂĚŝůĂŶ ƚĞŶƚĂŶŐ ƐĞŐĂůĂ ŚĂů ĚĂŶ ƐĞŐĂůĂ ŬĞũĂĚŝĂŶ ĚĞŶŐĂŶ ƉĞŵďĂƚĂƐĂŶͲƉĞŵďĂƚĂƐĂŶ
ƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͕ŶŐŐĂƌĂŶĂƐĂƌĚĂŶͬĂƚĂƵ<ĞƉƵƚƵƐĂŶZĂƉĂƚhŵƵŵ
WĞŵĞŐĂŶŐ ^ĂŚĂŵ͘  dƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂďŶLJĂ ŝƌĞŬƐŝ ĚŝũĂďĂƌŬĂŶ ƐĞĐĂƌĂ ŬŚƵƐƵƐ ĚĂůĂŵ ŽĂƌĚ DĂŶƵĂů
ƐĞďĂŐĂŝ ĂĐƵĂŶ ƉĞŶŐĞůŽůĂĂŶ WĞƌƵƐĂŚĂĂŶ ďĂŐŝ ŝƌĞŬƐŝ͘ ^ĞůĂŝŶ ŝƚƵ͕ ŽĂƌĚ DĂŶƵĂů ŵĞŶũĂĚŝ ďĂŐŝĂŶ ĚĂƌŝ ŬĞďŝũĂŬĂŶ
ƉĞŶĚƵŬƵŶŐ ĚĂůĂŵ ŵĞŵĂƐƚŝŬĂŶ ƚĞƌƐĞůĞŶŐŐĂƌĂŶLJĂ ƉĞůĂŬƐĂŶĂĂŶ '' ƉĂĚĂ ƐĞůƵƌƵŚ ƚŝŶŐŬĂƚĂŶ ĚĂŶ ũĞŶũĂŶŐ
ŽƌŐĂŶŝƐĂƐŝ LJĂŶŐ ũƵŐĂ ďĞƌƉĞŐĂŶŐ ĚĂŶ ďĞƌƉĞĚŽŵĂŶ ƉĂĚĂ ŶŐŐĂƌĂŶ ĂƐĂƌ ŵĂƵƉƵŶ ŬĞƚĞŶƚƵĂŶ ŝŶƚĞƌŶĂů ĚĂŶ
ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘

dƵŐĂƐ ĚĂŶ ǁĞǁĞŶĂŶŐ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ĚŝůŝŚĂƚ ƐĞĐĂƌĂ ůĞďŝŚ ƌŝŶĐŝ ƉĂĚĂ Ăď
ŶŐŐĂƌĂŶĂƐĂƌ͘

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ĚĂƉĂƚŵĞŶŐƵŶĚĂŶŐŝƌĞŬƐŝ͘ĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶĚĂůĂŵƉĞůĂŬƐĂŶĂĂŶŶLJĂĚĂƉĂƚŵĞŶŐĂĚĂŬĂŶƌĂƉĂƚůĞďŝŚ
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ZĂƉĂƚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞƌĚŝƌŝ ĚĂƌŝ ƌĂƉĂƚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ZĂƉĂƚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ 'ĂďƵŶŐĂŶ ĚĞŶŐĂŶ
ŵĞŶŐƵŶĚĂŶŐ ŝƌĞŬƐŝ ƵŶƚƵŬ ŵĞŵďĂŚĂƐ ďĞƌďĂŐĂŝ ĂƐƉĞŬ ŽƉĞƌĂƐŝŽŶĂů ĚĂŶ ƉĞŶŐĞůŽůĂĂŶ ĨŝŶĂŶƐŝĂů WĞƌƐĞƌŽĂŶ͘
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dŝŶŐŬĂƚŬĞŚĂĚŝƌĂŶZĂƉĂƚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͗

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 :ƵŵůĂŚ WĞƌƐĞŶƚĂƐĞ;йͿ :ƵŵůĂŚ WĞƌƐĞŶƚĂƐĞ;йͿ
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WƵũŝEƵƌ,ĂŶĚĂLJĂŶŝ ϯ ϭϬϬ Ͳ Ͳ

W>d/,EhEdh<tE<KD/^Z/^

^ĂŵƉĂŝĚĞŶŐĂŶ:ƵŶŝϮϬϭϳ͕ĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶďĞůƵŵŵĞŶŐŝŬƵƚŝƉƌŽŐƌĂŵƉĞůĂƚŝŚĂŶ͘EĂŵƵŶĚĞŵŝŬŝĂŶ͕
ĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶĂŬĂŶŵĞŶŐŝŬƵƚŝƉĞůĂƚŝŚĂŶͲƉĞůĂƚŝŚĂŶƉĂĚĂ^ĞŵĞƐƚĞƌ//dĂŚƵŶϮϬϭϳƐĞƐƵĂŝĚĞŶŐĂŶ
ũĂĚǁĂůLJĂŶŐƚĞůĂŚĚŝƚĞŶƚƵŬĂŶ͘

ZWdE<,/ZE/Z<^/

WĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZĂƉĂƚ ŝƌĞŬƐŝ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ƐĞƚŝĂƉ ǁĂŬƚƵ ĂƉĂďŝůĂ ĚŝƉĂŶĚĂŶŐ ƉĞƌůƵ ŽůĞŚ ƐĞŽƌĂŶŐ ŝƌĞŬƐŝ
ĂƚĂƵ ůĞďŝŚ͕ ĂƚĂƐ ƉĞƌŵŝŶƚĂĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ ƐĞŽƌĂŶŐ ĂƚĂƵ ůĞďŝŚ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ĂƚĂƵ ďĞƌĚĂƐĂƌŬĂŶ
ƉĞƌŵŝŶƚĂĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ ƐĂƚƵ ŽƌĂŶŐ ĂƚĂƵ ůĞďŝŚ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ďĞƌƐĂŵĂͲƐĂŵĂ ŵĞǁĂŬŝůŝ ϭͬϭϬ ;ƐĂƚƵ ƉĞƌ
ƐĞƉƵůƵŚͿ ĂƚĂƵ ůĞďŝŚ ĚĂƌŝ ũƵŵůĂŚ ƐĞůƵƌƵŚ ƐĂŚĂŵ ĚĞŶŐĂŶ ŚĂŬ ƐƵĂƌĂ ĚĞŶŐĂŶ ŵĞŶLJĞďƵƚŬĂŶ ŚĂůͲŚĂů LJĂŶŐ
ĚŝďŝĐĂƌĂŬĂŶƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂƐĞƚŝĂƉďƵůĂŶƐĞŬĂůŝ͘ZĂƉĂƚŝƌĞŬƐŝĚŝƉŝŵƉŝŶŽůĞŚŝƌĞŬƚƵƌhƚĂŵĂ͘

ŝƌĞŬƐŝĚĂƉĂƚũƵŐĂŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚƚĂŶƉĂŵĞŶŐĂĚĂŬĂŶZĂƉĂƚ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
ďĂŚǁĂ ƐĞŵƵĂ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ĚĂŶ ƐĞŵƵĂ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ŵĞŵďĞƌŝŬĂŶ
ƉĞƌƐĞƚƵũƵĂŶ ŵĞŶŐĞŶĂŝ ƵƐƵů LJĂŶŐ ĚŝĂũƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ĚĞŶŐĂŶ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƐĞďƵƚ͘
<ĞƉƵƚƵƐĂŶLJĂŶŐĚŝĂŵďŝůŵĞŵƉƵŶLJĂŝŬĞŬƵĂƚĂŶLJĂŶŐƐĂŵĂĚĞŶŐĂŶŬĞƉƵƚƵƐĂŶLJĂŶŐĚŝĂŵďŝůĚĞŶŐĂŶƐĂŚĚĂůĂŵ
ZĂƉĂƚŝƌĞŬƐŝ͘dŝŶŐŬĂƚŬĞŚĂĚŝƌĂŶŝƌĞŬƐŝĚĂůĂŵƌĂƉĂƚƉĂĚĂƚĂŚƵŶϮϬϭϳĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EĂŵĂ <ĞŚĂĚŝƌĂŶZĂƉĂƚ
 :ƵŵůĂŚ WĞƌƐĞŶƚĂƐĞ;йͿ
/ǁĂŶ:ŽĞŶŝĂƌƚŽ Ϯ ϲϳ
/ŶƐĂŶEƵƌĂŚLJŽ ϭϳ ϳϭ
,ĂƌŬĂŶĚƌŝD͘ĂŚůĞƌ Ϯϰ ϭϬϬ
dĂnjĂƌDĂƌƚĂ<ƵƌŶŝĂǁĂŶ Ϯϯ ϵϲ


102
W>d/,EhEdh</Z<^/

ĞƌŝŬƵƚŵĞƌƵƉĂŬĂŶƚĂďĞůƉƌŽŐƌĂŵƉĞŶŐĞŵďĂŶŐĂŶLJĂŶŐĚŝŝŬƵƚŝĞǁĂŶŝƌĞŬƐŝƉĂĚĂƚĂŚƵŶϮϬϭϳ͗

EĂŵĂ WƌŽŐƌĂŵWĞŶŐĞŵďĂŶŐĂŶ WĞŶLJĞůĞŶŐŐĂƌĂ tĂŬƚƵĚĂŶdĞŵƉĂƚ
dĂnjĂƌ<ƵƌŶŝĂǁĂŶ /ŶͲĞƉƚŚŝƌĞĐƚŽƌWƌŽŐƌĂŵ dŚĞ/ŶĚŽŶĞƐŝĂŶ/ŶƐƚŝƚƵƚĞ ϭϳͲϭϴDĞŝϮϬϭϳĚŝWƵůůŵĂŶ
ĨŽƌŽƌƉŽƌĂƚĞ ,ŽƚĞůdŚĂŵƌŝŶ͕ZƵĂŶŐĂŶ
ŝƌĞĐƚŽƌƐŚŝƉ;//Ϳ ^ƚƵĚŝŽϮ͕ůĂŶƚĂŝϮ͕:ů͘D͘,
dŚĂŵƌŝŶEŽ͘ϱϵ͕'ŽŶĚĂŶŐĚŝĂ͕
DĞŶƚĞŶŐ͕:ĂŬĂƌƚĂWƵƐĂƚ

ZDhEZ^/tE<KD/^Z/^E/Z<^/

ZĞŵƵŶĞƌĂƐŝĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝĚŝƚĞƚĂƉŬĂŶŽůĞŚZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵƐĞƌƚĂŵĞŶŐĂĐƵƉĂĚĂ
WĞĚŽŵĂŶZĞŵƵŶĞƌĂƐŝWĞƌƐĞƌŽĂŶĚĂŶWĞƌĂƚƵƌĂŶDĞŶƚĞƌŝhDEEŽŵŽƌWZͲϬϰͬDhͬϮϬϭϰ͘

ĞŶŐĂŶ ŵĞŶŐĂĐƵ ŬĞƉĂĚĂ ŚĂƐŝů ŬŝŶĞƌũĂ ƉĞƌƵƐĂŚĂĂŶ ƐĞďĞůƵŵŶLJĂ ŵĂŬĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ <ĞƉƵƚƵƐĂŶ WĞŵĞŐĂŶŐ
^ĂŚĂŵŝ>ƵĂƌZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵWd'ĂƌƵĚĂDĂŝŶƚĞŶĂŶĐĞ&ĂĐŝůŝƚLJĞƌŽƐŝĂ;WĞƌƐĞƌŽĂŶͿƚĞŶƚĂŶŐ
WĞŶŐŚĂƐŝůĂŶĚĂŶdƵŶũĂŶŐĂŶ&ĂƐŝůŝƚĂƐŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƚĂŶŐŐĂůϭϱƉƌŝůϮϬϭϲƌĞŵƵŶĞƌĂƐŝĚŝƚĂŚƵŶ
ϮϬϭϲƵŶƚƵŬĞǁĂŶŝƌĞŬƐŝƐĞďĞƐĂƌZƉϲ͘ϰϰϬ͘ϲϯϴ͘ϬϳϰĚĂŶƵŶƚƵŬĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞďĞƐĂƌZƉϮ͘ϯϯϵ͘ϬϬϴ͘ϲϳϰ͘

^<ZdZ/^WZh^,E;KZWKZd^ZdZzͿ

ĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶŝƌĞŬƐŝEŽͬ͘^<WͲϱϯϭϵͬϮϬϭϳƚĂŶŐŐĂůϭϵDĞŝϮϬϭϳƚĞŶƚĂŶŐWĞŵďĞďĂƐĂŶĚĂŶ
WĞŶĞƚĂƉĂŶWĞũĂďĂƚ^Ěƌ͘DŽŚĂŵĂĚƌŝĨ&ĂŝƐĂů͕ŝƌĞŬƐŝWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶLJĞƚƵũƵŝƉĞŶŐĂŶŐŬĂƚĂŶDŽŚĂŵĂĚƌŝĨ
&ĂŝƐĂůƐĞďĂŐĂŝ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝŵĂŶĂĚŝƐLJĂƌĂƚŬĂŶĚĂůĂŵWK:<EŽ͘ϯϱͬϮϬϭϰ͘^ĞŬƌĞƚĂƌŝƐ
WĞƌƵƐĂŚĂĂŶĚĂƉĂƚĚŝŚƵďƵŶŐŝƉĂĚĂĂůĂŵĂƚďĞƌŝŬƵƚĚŝďĂǁĂŚŝŶŝ͗

<ĂŶƚŽƌWƵƐĂƚ
ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJ
Wd'ZhD/EdEE&/>/dzZK^/d<
'ĞĚƵŶŐDĂŶĂũĞŵĞŶWd'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂ>ĂŶƚĂŝϯ
ƌĞĂWĞƌŬĂŶƚŽƌĂŶĂŶĚĂƌĂ^ŽĞŬĂƌŶŽ,ĂƚƚĂ
<ĞůƵƌĂŚĂŶWĂũĂŶŐ͕<ĞĐĂŵĂƚĂŶĞŶĚĂ
dĂŶŐĞƌĂŶŐ͕/ŶĚŽŶĞƐŝĂ
dĞůĞƉŽŶ͗нϲϮϮϭϱϱϬϴϳϭϳ
&ĂŬƐŝŵŝůŝ͗нϲϮϮϭϱϱϵϭϬϰϲϭ
ŵĂŝů͗ĐŽƌƉŽƌĂƚĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐΛŐŵĨͲĂĞƌŽĂƐŝĂ͘ĐŽ͘ŝĚ
tĞďƐŝƚĞ͗ǁǁǁ͘ŐŵĨͲĂĞƌŽĂƐŝĂ͘ĐŽ͘ŝĚ

ĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽͬ͘^<WͲϱϮϬϵͬϮϬϭϱƚĂŶŐŐĂůϮϲ:ƵŶŝϮϬϭϱƚĞŶƚĂŶŐ^ƚƌƵŬƚƵƌKƌŐĂŶŝƐĂƐŝhŶŝƚ
ŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJWĞƌƐĞƌŽĂŶ͕ƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂď^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶĂĚĂůĂŚ͗

ϭ͘ ďĞƌƚĂŶŐŐƵŶŐũĂǁĂďƚĞƌŚĂĚĂƉƉĞŶLJƵƐƵŶĂŶƐƚƌĂƚĞŐŝĚĂŶŬĞďŝũĂŬĂŶƉĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶƚĞƌŬĂŝƚƐƚƌƵŬƚƵƌĚĂŶ
ŵĞŬĂŶŝƐŵĞ''͕ďĞƌĚĂƐĂƌŬĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ''ĚĂŶďĞƌůĂŶĚĂƐŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶƐĞƌƚĂ
ĞƚŝŬĂďĞƌƵƐĂŚĂƐĞĐĂƌĂŬŽŶƐŝƐƚĞŶĚĂŶďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶ͖
Ϯ͘ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ƉĞŶŐĞůŽůĂĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ĂĚŵŝŶŝƐƚƌĂƐŝ ƉĞŶŐĂŵďŝůĂŶ ŬĞƉƵƚƵƐĂŶ Ěŝ ĚĂůĂŵ WĞƌƐĞƌŽĂŶ
ĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŵĞŵĂƚƵŚŝƉĞƌĂƚƵƌĂŶƚĞŶƚĂŶŐŬĞƚĞƌďƵŬĂĂŶƐĞũĂůĂŶĚĞŶŐĂŶƉĞŶĞƌĂƉĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ''
LJĂŶŐďĂŝŬ͖
ϯ͘ ďĞƌƚŝŶĚĂŬ ƐĞůĂŬƵ ůŝĂŝƐŽŶ ŽĨĨŝĐĞƌ ĚĂŶ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ŵĞŶLJĂŵƉĂŝŬĂŶ ŝŶĨŽƌŵĂƐŝ ƚŝŶĚĂŬĂŶ ƉĞƌƵƐĂŚĂĂŶ
;ĐŽƌƉŽƌĂƚĞ ĂĐƚŝŽŶͿ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ ƌĞŐƵůĂƚŽƌ LJĂŶŐ ďĞƌŬĞƉĞŶƚŝŶŐĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ ŬĞƉĂƚƵŚĂŶ ĚĂŶ
ŐŽǀĞƌŶŵĞŶƚ ƌĞůĂƚŝŽŶƐ LJĂŶŐ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŶĐŝƉƚĂŬĂŶ ĚĂŶ ŵĞŵĞůŝŚĂƌĂ ŐŽŽĚǁŝůů WĞƌƐĞƌŽĂŶ ĚŝŵĂƚĂ
ƌĞŐƵůĂƚŽƌďĞƌĚĂƐĂƌŬĂŶŬĞƉĂƚƵƚĂŶĚĂŶĞƚŝŬĂďŝƐŶŝƐĚĂŶŬĞƉĂĚĂƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶLJĂŶŐƌĞůĞǀĂŶ͖
ϰ͘ ďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĚĂůĂŵŵĞŵĂƐƚŝŬĂŶŬĞƚĞƌƐĞĚŝĂĂŶŝŶĨŽƌŵĂƐŝŵĂƚĞƌŝĂůĚĂŶƌĞůĞǀĂŶƚĞƌŬĂŝƚWĞƌƐĞƌŽĂŶƐĞƌƚĂ
ŬĞůĂŶĐĂƌĂŶŬŽŵƵŶŝŬĂƐŝƉĂĚĂǁĂŬƚƵLJĂŶŐƚĞƉĂƚ͕ďĞƌŬĂůĂĚĂŶͬĂƚĂƵƐĞǁĂŬƚƵͲǁĂŬƚƵĂƉĂďŝůĂĚŝƉĞƌůƵŬĂŶĂŶƚĂƌĂ
WĞƌƐĞƌŽĂŶĚĞŶŐĂŶƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶͬƐƚĂŬĞŚŽůĚĞƌĚĂŶŵĞŶŐŬĂũŝƐĞůƵƌƵŚŝŶĨŽƌŵĂƐŝƚĞƌƐĞďƵƚƚĞƌŵĂƐƵŬ
ĚĂŵƉĂŬŚƵŬƵŵŶLJĂĚĂŶŵĞŵƉĞƌƐŝĂƉŬĂŶŝŶĨŽƌŵĂƐŝƚĞƌƐĞďƵƚƐĞĐĞƌŵĂƚŵƵŶŐŬŝŶLJĂŶŐĂŬĂŶĚŝŬŽŵƵŶŝŬĂƐŝŬĂŶ

103
 ŬĞƉĂĚĂƐƚĂŬĞŚŽůĚĞƌƚĞƌŬĂŝƚ͕ƚĞƌŵĂƐƵŬŵĞŶŐĞŵďĂŶŐŬĂŶƐƚƌĂƚĞŐŝŬŽŵƵŶŝŬĂƐŝWĞƌƐĞƌŽĂŶƐĞĐĂƌĂĞĨĞŬƚŝĨƐĞũĂůĂŶ
ĚĞŶŐĂŶƚƵũƵĂŶĚĂŶƐĂƐĂƌĂŶWĞƌƐĞƌŽĂŶƐĞƌƚĂƐĞƐƵĂŝĚĞŶŐĂŶŬĞďƵƚƵŚĂŶLJĂŶŐǁĂũĂƌĚĂƌŝƐƚĂŬĞŚŽůĚĞƌƐ͖
ϱ͘ ŵĞŵĂƐƚŝŬĂŶƉĞŶŐĞůŽůĂĂŶ͕ŵĞŶĂƚĂƵƐĂŚĂŬĂŶƐĞƌƚĂŵĞŶLJŝŵƉĂŶĚŽŬƵŵĞŶWĞƌƐĞƌŽĂŶ͕ƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬ
ƚĞƌďĂƚĂƐƉĂĚĂĚĂĨƚĂƌƉĞŵĞŐĂŶŐƐĂŚĂŵ͕ĚĂĨƚĂƌŬŚƵƐƵƐĚĂŶƌŝƐĂůĂŚƌĂƉĂƚŝƌĞŬƐŝ͕ƌĂƉĂƚĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶ
ZhW^͖
ϲ͘ ŵĞŵĂƐƚŝŬĂŶ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ WĞƌƐĞƌŽĂŶ ŽůĞŚ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĂŐĂƌ ƐĞƐƵĂŝ ĚĞŶŐĂŶ hhWd͕
ŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͕WĞƌĂƚƵƌĂŶĂƉĞƉĂŵͲ><ĚĂŶƉĞƌĂƚƵƌĂŶƚĞƌŬĂŝƚůĂŝŶŶLJĂ͖
ϳ͘ ŵĞŶŐŝŬƵƚŝ ƉĞƌŬĞŵďĂŶŐĂŶ ƉĞƌĂƚƵƌĂŶͲƉĞƌĂƚƵƌĂŶ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƉĞƌƵƐĂŚĂĂŶ͕ ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ WĂƐĂƌ
DŽĚĂů ĚĂŶ ŵĞŶũĂŵŝŶ ƉĞŵƵƚĂŬŚŝƌĂŶ ŝŶĨŽƌŵĂƐŝ ƐĞƌƚĂ ŵĞŵďĞƌŝ ŵĂƐƵŬĂŶ ŬĞƉĂĚĂ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ
ŵĞŵĂƚƵŚŝƉĞƌĂƚƵƌĂŶƚĞƌƐĞďƵƚďĞƐĞƌƚĂƉĞƌĂƚƵƌĂŶƉĞůĂŬƐĂŶĂĂŶŶLJĂďĞƌŝŬƵƚƉĞŶŐĂĚŵŝŶŝƐƚƌĂƐŝĂŶŶLJĂ͖
ϴ͘ ŵĞŶŐŬŽŽƌĚŝŶĂƐŝŬĂŶ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ^ŝƐƚĞŵ WĞůĂƉŽƌĂŶ WĞůĂŶŐŐĂƌĂŶ ;tŚŝƐƚůĞ ůŽǁŝŶŐ ^LJƐƚĞŵͿ ĚĞŶŐĂŶ
ŵĞŵĂƐƚŝŬĂŶ>ĂƉŽƌĂŶWĞůĂŶŐŐĂƌĂŶĚŝƚŝŶĚĂŬůĂŶũƵƚŝŽůĞŚ ŽŵƉůŝĂŶĐĞKĨĨŝĐĞƌĚĂŶŵĞŶLJĂŵƉĂŝŬĂŶŚĂƐŝůƚŝŶĚĂŬ
ůĂŶũƵƚ>ĂƉŽƌĂŶWĞůĂŶŐŐĂƌĂŶŬĞƉĂĚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶͬĂƚĂƵƉĞŵĞŐĂŶŐƐĂŚĂŵ͖
ϵ͘ ŵĞŵďĂŶŐƵŶ ƚĞƌďĞŶƚƵŬŶLJĂ ĐŝƚƌĂ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ƉŽƐŝƚŝĨ ŽůĞŚ ƉŝŚĂŬͲƉŝŚĂŬ LJĂŶŐ ďĞƌŬĞƉĞŶƚŝŶŐĂŶ ƚĞƌŚĂĚĂƉ
WĞƌƐĞƌŽĂŶ͖
ϭϬ͘ ŵĞŶũĂŵŝŶ ƉĞŶĂƚĂůĂŬƐĂŶĂĂŶ ŽĨĨŝĐĞ ŽĨ ƚŚĞ ďŽĂƌĚ LJĂŶŐ ŵĞŶĐĂŬƵƉ ƉĞŵĂƐƚŝĂŶ ŬĞƚĞƌƐĞĚŝĂĂŶ ŝŶĨŽƌŵĂƐŝ ĚĂůĂŵ
ƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶŽůĞŚĞǁĂŶ<ŽŵƐŝĂƌŝƐĚĂŶŝƌĞŬƐŝ͕LJĂŶŐĚŝĚƵŬƵŶŐĚĞŶŐĂŶŵĞŵĂƐƚŝŬĂŶŬĞŚĂĚŝƌĂŶ
ƉĞƐĞƌƚĂƌĂƉĂƚĂŐĂƌŬƵŽƌƵŵĚĂƉĂƚƚĞƌĐĂƉĂŝƐĞŚŝŶŐŐĂŬĞƉƵƚƵƐĂŶLJĂŶŐĚŝŚĂƐŝůŬĂŶŬƌĞĚŝďĞů͖
ϭϭ͘ ŵĞŵƉĞƌƐŝĂƉŬĂŶ ƉĞůĂŬƐĂŶĂĂŶ ĚĂŶ ŵĞŶŐŬŽŽƌĚŝŶĂƐŝŬĂŶ ZhW^ ĚĂŶ ďĞƌďĂŐĂŝ ƚŝŶĚĂŬĂŶ ŬŽƌƉŽƌĂƐŝ ĚĞŶŐĂŶ
ďĞƌŬŽŽƌĚŝŶĂƐŝĚĞŶŐĂŶƵŶŝƚͲƵŶŝƚƚĞƌŬĂŝƚŵĂƵƉƵŶƉŝŚĂŬĞŬƐƚĞƌŶĂů͖
ϭϮ͘ ŵĞŵĂƐƚŝŬĂŶ ƚŝŶĚĂŬĂŶ ŬŽƌĞŬƐŝ ƚĞƌŚĂĚĂƉ ƐĞƚŝĂƉ ŚĂƐŝů ƚĞŵƵĂŶ ƉĂĚĂ ƌĂŶĂŚ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď
ĚĂƌŝ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ͖
ϭϯ͘ ŵĞŶŐŬŽŽƌĚŝŶĂƐŝŬĂŶ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ĂŬƚŝǀŝƚĂƐ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉƌŽŐƌĂŵ ƚĂŶŐŐƵŶŐ ũĂǁĂď
ƐŽƐŝĂůWĞƌƐĞƌŽĂŶ͖
ϭϰ͘ ŵĞŵďĞƌŝŬĂŶ ƐĂƌĂŶͲƐĂƌĂŶ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ ĂƉĂďŝůĂ ĚŝƉĞƌůƵŬĂŶ ĚĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ
ďĞƌďĂŐĂŝŬĞŐŝĂƚĂŶƵŶƚƵŬŵĞŶĚƵŬƵŶŐĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝŵĞůŝƉƵƚŝŬŽƌĞƐƉŽŶĚĞŶƐŝ͕ƉƌŽƚŽŬŽůĞƌĚĂŶ
ŬĞůŽŐŝƐƚŝŬĂŶ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ ƚĞƌŵĂƐƵŬ ƉĂĚĂ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ŬĞŐŝĂƚĂŶ
ƉĞƌƵƐĂŚĂĂŶ;ĐŽƌƉŽƌĂƚĞĞǀĞŶƚͿ͘

ĞƌŝŬƵƚĂĚĂůĂŚŬĞƚĞƌĂŶŐĂŶƐŝŶŐŬĂƚƚĞƌŬĂŝƚƉƌŽĨŝů^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶ͗

^ĞďĞůƵŵŶLJĂ ƉĞƌŶĂŚ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ sW &ƵƌŶŝƐŚŝŶŐ Θ hƉŚŽůƐƚĞƌLJ ^ĞƌǀŝĐĞƐ ;ϮϬϭϲ Ͳ ϮϬϭϳͿ͕ ^ĞŶŝŽƌ ĐĐŽƵŶƚ
džĞĐƵƚŝǀĞ ͬ džĞĐƵƚŝǀĞ WƌŽŐƌĂŵ DĂŶĂŐĞŵĞŶƚ ;ϮϬϭϮ Ͳ ϮϬϭϲͿ͕ sW dƌĞĂƐƵƌLJ DĂŶĂŐĞŵĞŶƚ ;ϮϬϬϵ Ͳ ϮϬϭϮͿ͕ sW
ŽƌƉŽƌĂƚĞ&ŝŶĂŶĐĞ;ϮϬϬϴͲϮϬϬϵͿ͕sW/ŶƚĞƌŶĂůƵĚŝƚΘŽŶƚƌŽů;ϮϬϬϳͲϮϬϬϴͿ͕'D/ŶƚĞƌŶĂůƵĚŝƚ;ϮϬϬϯͲϮϬϬϳͿ͕
'D/dΘƵƐŝŶĞƐƐWƌŽĐĞƐƐŶŐŝŶĞĞƌŝŶŐ;ϮϬϬϯͲϮϬϬϯͿƉĂĚĂWĞƌƐĞƌŽĂŶ͘

W>d/,EhEdh<KZWKZd^ZdZz

^ĞůĂŵĂƚĂŚƵŶϮϬϭϳ͕WĞƌƐĞƌŽĂŶďĞůƵŵŵĞůĂŬƐĂŶĂŬĂŶƉĞůĂƚŝŚĂŶƵŶƚƵŬŽƌƉŽƌĂƚĞ^ĞĐƌĞƚĂƌLJ͘

<KD/dh/d

ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ EŽ͘ <KDͲ'D&ͬ^<WͬϱϬϬϲͬϭϳ ƚĂŶŐŐĂů ϭϴ ŐƵƐƚƵƐ ϮϬϭϳ
ƚĞŶƚĂŶŐ WĞŵďĞŶƚƵŬĂŶ <ŽŵŝƚĞ ƵĚŝƚ Θ <ĞďŝũĂŬĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ ;ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞͿ Wd 'ĂƌƵĚĂ
DĂŝŶƚĞŶĂŶĐĞ &ĂĐŝůŝƚLJ ĞƌŽ ƐŝĂ dďŬ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵďĞŶƚƵŬ <ŽŵŝƚĞ ƵĚŝƚ ĚĂůĂŵ ƌĂŶŐŬĂ ŵĞŵĞŶƵŚŝ
WĞƌĂƚƵƌĂŶK:<EŽ͘ϱϱͬWK:<͘ϬϰͬϮϬϭϱƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌϮϬϭϱƚĞŶƚĂŶŐWĞŵďĞŶƚƵŬĂŶĚĂŶWĞůĂŬƐĂŶĂĂŶ<ĞƌũĂ
<ŽŵŝƚĞƵĚŝƚ͕ĚĞŶŐĂŶƐƵƐƵŶĂŶ<ŽŵŝƚĞƵĚŝƚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
<ĞƚƵĂ<ŽŵŝƚĞ  ͗ ,ĂƌŝDƵŚĂŵŵĂĚ;ŵĞƌĂŶŐŬĂƉƐĞďĂŐĂŝĂŶŐŐŽƚĂͿ

ŶŐŐŽƚĂ ͗ ϭ͘ dƌŝ,ĂƌƐŽŶŽ^LJĂŚƵĚŽLJŽ
Ϯ͘ ŚĂŶŝƌĚŝĂŶƐLJĂŚ


dƌŝ,ĂƌƐŽŶŽ^LJĂŚƵĚŽLJŽ
• tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ
• hƐŝĂϱϮƚĂŚƵŶ
• WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗

104
 ^ĂĂƚŝŶŝŵĞŶũĂďĂƚƐĞďĂŐĂŝ<ŽŵŝƚĞƵĚŝƚĚŝWĞƌƐĞƌŽĂŶ͘^ĞďĞůƵŵŶLJĂŵĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌĚŵŝŶŝƐƚƌĂƐŝĚĂŶ
<ĞƵĂŶŐĂŶ Ěŝ Wd :ĂŬĂƌƚĂ dŽƵƌŝƐŝŶĚŽ ;ϮϬϭϭ – ϮϬϭϲͿ͕ ĞƉƵƚŝ ŝƌĞŬƚƵƌ ĚŵŝŶŝƐƚƌĂƐŝ ĚĂŶ <ĞƵĂŶŐĂŶ Ěŝ Wd :ĂŬĂƌƚĂ
dŽƵƌŝƐŝŶĚŽ ;ϮϬϭϬ – ϮϬϭϭͿ͕ ^ĞŶŝŽƌ DĂŶĂŐĞƌ /ŶƚĞƌŶĂů ƵĚŝƚ Wd :ĂŬĂƌƚĂ dŽƵƌŝƐŝŶĚŽ ;ϮϬϬϱ – ϮϬϭϬͿ͕ ĚĂŶ ƐĞďĂŐĂŝ
ƵĚŝƚŽƌĚŝĂĚĂŶWĞŶŐĂǁĂƐĂŶ<ĞƵĂŶŐĂŶĚĂŶWĞŵďĂŶŐƵŶĂŶ;ϭϵϴϰ–ϮϬϬϱͿ͘

ŚĂŶŝƌĚŝĂŶƐLJĂŚ
• tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ
• hƐŝĂϰϮƚĂŚƵŶ
• WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗

^ĂĂƚ ŝŶŝ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ <ŽŵŝƚĞ ƵĚŝƚ Ěŝ WĞƌƐĞƌŽĂŶ͘ ^ĞďĞůƵŵŶLJĂ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ sŝĐĞ WƌĞƐŝĚĞŶƚ –
WƌŽĚƵĐƚŝǀŝƚLJ ĂŶĚ YƵĂůŝƚLJ ƐƐƵƌĂŶĐĞ ,ĞĂĚ ĂŶŬ ĂŶĂŵŽŶ /ŶĚŽŶĞƐŝĂ ;ϮϬϭϱ – ϮϬϭϲͿ͕ sŝĐĞ WƌĞƐŝĚĞŶƚ – /ŶƚĞƌŶĂů
ŽŶƚƌŽů,ĞĂĚ^ŚĂƌŝĂWĂǁŶďƌŽŬŝŶŐƵƐŝŶĞƐƐĂŶŬĂŶĂŵŽŶ/ŶĚŽŶĞƐŝĂ;ϮϬϭϬ–ϮϬϭϰͿ͕,ĞĂĚŽĨKƉĞƌĂƚŝŽŶŽŶƚƌŽů
ŝǀŝƐŝŽŶ ĂŶŬ ĂŶĂŵŽŶ /ŶĚŽŶĞƐŝĂ ;ϮϬϬϳ – ϮϬϬϵͿ͕ ƵĚŝƚ ,ĞĂĚ ƐƐŝƐƚĂŶƚ sŝĐĞ WƌĞƐŝĚĞŶƚ ^</ ĂŶŬ ĂŶĂŵŽŶ
/ŶĚŽŶĞƐŝĂ ;ϮϬϬϰ – ϮϬϬϲͿ͕ ĐĐŽƵŶƚŝŶŐ DĂŶĂŐĞƌ Wd ŝŶĂ EƵƐĂ ZĂŵĂ ;ϮϬϬϰͿ ĚĂŶ ƐƐƵƌĂŶĐĞ ƵĚŝƚŽƌ Ěŝ ƌŶƐƚ Θ
zŽƵŶŐ/ŶĚŽŶĞƐŝĂ;ϭϵϵϳ–ϮϬϬϰͿ͘

DĂƐĂ ũĂďĂƚĂŶ ƐƵƐƵŶĂŶ <ŽŵŝƚĞ ƵĚŝƚ Θ <ĞďŝũĂŬĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ ;ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ĂĚĂůĂŚ
ƚĞƌŚŝƚƵŶŐƐĞũĂŬϭϴŐƵƐƚƵƐϮϬϭϳƐĂŵƉĂŝĚĞŶŐĂŶƉĂůŝŶŐůĂŵĂϯƚĂŚƵŶ͕LJĂŝƚƵƚĂŶŐŐĂůϭϴŐƵƐƚƵƐϮϬϮϬ͕ĚĂŶĚĂƉĂƚ
ĚŝƉŝůŝŚ ŬĞŵďĂůŝ ŚĂŶLJĂ ƵŶƚƵŬ ϭ ƉĞƌŝŽĚĞ ďĞƌŝŬƵƚŶLJĂ͕ ĚĞŶŐĂŶ ƚŝĚĂŬ ŵĞŶŐƵƌĂŶŐŝ ŚĂŬ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƵŶƚƵŬ
ŵĞŵďĞƌŚĞŶƚŝŬĂŶƐĞǁĂŬƚƵͲǁĂŬƚƵ͘

^ĞůĂŝŶ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵďĞŶƚƵŬ WŝĂŐĂŵ <ŽŵŝƚĞ ƵĚŝƚ ƚĂŶŐŐĂů ϭϴ ŐƵƐƚƵƐ ϮϬϭϳ͕ LJĂŶŐ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ
ŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ͘

dƵŐĂƐ͕ƚĂŶŐŐƵŶŐũĂǁĂďĚĂŶǁĞǁĞŶĂŶŐ<ŽŵŝƚĞƵĚŝƚWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

dƵŐĂƐ<ŽŵŝƚĞƵĚŝƚĚĂŶ<ĞďŝũĂŬĂŶdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶ;ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞͿ͗
<ŽŵŝƚĞ ƵĚŝƚ ĚĂŶ <ĞďŝũĂŬĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ ;ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞͿ ŵĞŵƉƵŶLJĂŝ ƚƵŐĂƐ ƵŶƚƵŬ
ŵĞŵďĂŶƚƵ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂůĂŵ ŵĞǁƵũƵĚŬĂŶ ƐŝƐƚĞŵ ĚĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŶŐĂǁĂƐĂŶ LJĂŶŐ ŬŽŵƉĞƚĞŶ ĚĂŶ
ŝŶĚĞƉĞŶĚĞŶĚŝWĞƌƐĞƌŽĂŶ͕ƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂŚĂůͲŚĂůďĞƌŝŬƵƚ͗

ϭ͘ ŵĞůĂŬƵŬĂŶƉĞŶĞůĂĂŚĂŶĂƚĂƐŝŶĨŽƌŵĂƐŝŬĞƵĂŶŐĂŶLJĂŶŐĂŬĂŶĚŝŬĞůƵĂƌŬĂŶWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉƵďůŝŬĚĂŶͬĂƚĂƵ
ƉŝŚĂŬ ŽƚŽƌŝƚĂƐ͕ ĂŶƚĂƌĂ ůĂŝŶ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ͕ ƉƌŽLJĞŬƐŝ͕ ĚĂŶ ůĂƉŽƌĂŶ ůĂŝŶŶLJĂ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ŝŶĨŽƌŵĂƐŝ
ŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͖
Ϯ͘ ŵĞůĂŬƵŬĂŶ ƉĞŶĞůĂĂŚĂŶ ĂƚĂƐ ŬĞƚĂĂƚĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ
ďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞŐŝĂƚĂŶWĞƌƐĞƌŽĂŶ͖
ϯ͘ ŵĞŵďĞƌŝŬĂŶ ƉĞŶĚĂƉĂƚ ŝŶĚĞƉĞŶĚĞŶ ĚĂůĂŵ ŚĂů ƚĞƌũĂĚŝ ƉĞƌďĞĚĂĂŶ ƉĞŶĚĂƉĂƚ ĂŶƚĂƌĂ ŵĂŶĂũĞŵĞŶ ĚĂŶ
ĂŬƵŶƚĂŶĂƚĂƐũĂƐĂLJĂŶŐĚŝďĞƌŝŬĂŶŶLJĂ͖
ϰ͘ ŵĞŵďĞƌŝŬĂŶƌĞŬŽŵĞŶĚĂƐŝŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞŶŐĞŶĂŝƉĞŶƵŶũƵŬĂŶĂŬƵŶƚĂŶLJĂŶŐĚŝĚĂƐĂƌŬĂŶƉĂĚĂ
ŝŶĚĞƉĞŶĚĞŶƐŝ͕ƌƵĂŶŐůŝŶŐŬƵƉƉĞŶƵŐĂƐĂŶĚĂŶŝŵďĂůĂŶũĂƐĂ͖
ϱ͘ ŵĞůĂŬƵŬĂŶƉĞŶĞůĂĂŚĂŶĂƚĂƐƉĞůĂŬƐĂŶĂĂŶƉĞŵĞƌŝŬƐĂĂŶŽůĞŚƵĚŝƚŽƌ/ŶƚĞƌŶĂůĚĂŶŵĞŶŐĂǁĂƐŝƉĞůĂŬƐĂŶĂĂŶ
ƚŝŶĚĂŬůĂŶũƵƚŽůĞŚŝƌĞŬƐŝĂƚĂƐƚĞŵƵĂŶƵĚŝƚŽƌ/ŶƚĞƌŶĂůĚĂŶƵĚŝƚŽƌŬƐƚĞƌŶĂů͖
ϲ͘ ŵĞůĂŬƵŬĂŶ ƉĞŶĞůĂĂŚĂŶ ĂƚĂƐ ĞĨĞŬƚŝǀŝƚĂƐ ƐŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶ ĚĂŶ ĞĨĞŬƚŝǀŝƚĂƐ ƉĞůĂŬƐĂŶĂĂŶ ƚƵŐĂƐ
ƵĚŝƚŽƌ/ŶƚĞƌŶĂůĚĂŶƵĚŝƚŽƌŬƐƚĞƌŶĂů͖
ϳ͘ ŵĞŶĞůĂĂŚƉĞŶŐĂĚƵĂŶLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉƌŽƐĞƐĂŬƵŶƚĂŶƐŝĚĂŶƉĞůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͖
ϴ͘ ŵĞŶĞůĂĂŚ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ƐĂƌĂŶ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ĂĚĂŶLJĂ ƉŽƚĞŶƐŝ ďĞŶƚƵƌĂŶ
ŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶ͖
ϵ͘ ŵĞŵďĞƌŝŬĂŶƌĞŬŽŵĞŶĚĂƐŝŵĞŶŐĞŶĂŝƉĞŶLJĞŵƉƵƌŶĂĂŶƐŝƐƚĞŵƉĞŶŐĞŶĚĂůŝĂŶŵĂŶĂũĞŵĞŶ͖
ϭϬ͘ ŵĞŵĂƐƚŝŬĂŶ ƚĞůĂŚ ƚĞƌĚĂƉĂƚ ƉƌŽƐĞĚƵƌ LJĂŶŐ ŵĞŵƵĂƐŬĂŶ ƚĞƌŚĂĚĂƉ ƐĞŐĂůĂ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ
WĞƌƐĞƌŽĂŶ͖
ϭϭ͘ ŵĞůĂŬƵŬĂŶŝĚĞŶƚŝĨŝŬĂƐŝŚĂůͲŚĂůLJĂŶŐŵĞŵĞƌůƵŬĂŶƉĞƌŚĂƚŝĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐůĂŝŶŶLJĂ͖
ϭϮ͘ ŵĞŶLJƵƐƵŶ WŝĂŐĂŵ <ŽŵŝƚĞ ƵĚŝƚ ĚĂŶ <ĞďŝũĂŬĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ ;ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞͿ ƐĞƌƚĂ
ŵĞŵƵƚĂŬŚŝƌŬĂŶŶLJĂĚĂƌŝǁĂŬƚƵŬĞǁĂŬƚƵƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌŬĞŵďĂŶŐĂŶďŝƐŶŝƐĚĂŶŬĞďƵƚƵŚĂŶWĞƌƐĞƌŽĂŶ͖
ϭϯ͘ ŵĞŵĂƐƚŝŬĂŶ ŵĞŬĂŶŝƐŵĞ ƉĞŶŐĂǁĂƐĂŶ LJĂŶŐ ŵĞŶĚƵŬƵŶŐ ƚĞƌƐĞůĞŶŐŐĂƌĂŶLJĂ ƉĞŶŐĞůŽůĂĂŶͬƉĞŶŐƵƌƵƐĂŶ
WĞƌƐĞƌŽĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ĚĂŶ ƉĞƌƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͕ ŶŐŐĂƌĂŶ ĂƐĂƌ ĚĂŶ ƉĞƌũĂŶũŝĂŶ
ĚĞŶŐĂŶƉŝŚĂŬŬĞƚŝŐĂ͖

105
 ϭϰ͘ ŵĞŶŝŶũĂƵ͕ ŵĞŶŐŬĂũŝ ƵůĂŶŐ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ ĚĂŶ ƉĞƌƐLJĂƌĂƚĂŶͲƉĞƌƐLJĂƌĂƚĂŶ ƚĂƚĂ ŬĞůŽůĂ
ƉĞƌƵƐĂŚĂĂŶ ;ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞͿ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ ƉĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ
ĚĂŶ ƉĞƌƐLJĂƌĂƚĂŶͲƉĞƌƐLJĂƌĂƚĂŶ ƚĞƌƐĞďƵƚ ŵĂƐŝŚ ƌĞůĞǀĂŶ ƐĞƌƚĂ ƚĞůĂŚ ĚŝůĂŬƐĂŶĂŬĂŶŶLJĂ ƐĞƉĞŶƵŚŶLJĂ Ěŝ
WĞƌƐĞƌŽĂŶ͖
ϭϱ͘ ŵĞŵĂŶƚĂƵĚĂŶŵĞůĂŬƵŬĂŶƉĞŶĞůĂĂŚĂŶĂƚĂƐƉĞŶĞƌĂƉĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉƚĂƚĂŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶ;ĐŽƌƉŽƌĂƚĞ
ŐŽǀĞƌŶĂŶĐĞͿLJĂŶŐďĂŝŬĚĂůĂŵƉĞŶŐĞůŽůĂĂŶĚĂŶƉĞŶŐƵƌƵƐĂŶWĞƌƐĞƌŽĂŶ͕ŵĞŵĂƐƚŝŬĂŶĚŝůĂŬƵŬĂŶŶLJĂƉĞŶŝůĂŝĂŶ
ĚĂŶ ĞǀĂůƵĂƐŝ ĂƚĂƐ ŝŵƉůĞŵĞŶƚĂƐŝ 'ŽŽĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ĚĂŶ ŵĞŵĂƐƚŝŬĂŶŶLJĂ ƚŝŶĚĂŬ ůĂŶũƵƚ ĂƚĂƐ
ƌĞŬŽŵĞŶĚĂƐŝƉĞƌďĂŝŬĂŶŚĂƐŝůƉĞŶŝůĂŝĂŶĂƚĂƵĞǀĂůƵĂƐŝƚĂŚƵŶƐĞďĞůƵŵŶLJĂ͖
ϭϲ͘ ŵĞŶŐŬĂũŝ ƵůĂŶŐ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ŵĞƌĞŬŽŵĞŶĚĂƐŝŬĂŶ ŬĞƉĂĚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐƉĞƌƵďĂŚĂŶͲƉĞƌƵďĂŚĂŶLJĂŶŐĚŝĂŶŐŐĂƉƉĞƌůƵ͖ĚĂŶ
ϭϳ͘ ŵĞŶŐŬĂũŝ ƵůĂŶŐ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ƉƌŽƐĞĚƵƌͲƉƌŽƐĞĚƵƌ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ŬĞƚĞƌďƵŬĂĂŶ ŝŶĨŽƌŵĂƐŝ WĞƌƐĞƌŽĂŶ
ĚĂŶƌĞŶĐĂŶĂZhW^ƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶďĂŚǁĂ͗
ŝ͘ ŚĂŬͲŚĂŬƉĞŵĞŐĂŶŐƐĂŚĂŵƐĞƉĞŶƵŚŶLJĂƚĞƌůŝŶĚƵŶŐŝ͖
ŝŝ͘ ŝŶĨŽƌŵĂƐŝͲŝŶĨŽƌŵĂƐŝƐĞƉƵƚĂƌWĞƌƐĞƌŽĂŶĚĂƉĂƚĚŝƐĂũŝŬĂŶƐĞƐƵĂŝŬĞďƵƚƵŚĂŶ͖ĚĂŶ
ŝŝŝ͘ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐͲƚƵŐĂƐ ůĂŝŶ LJĂŶŐ ĚŝĂƚƵƌ ĚĂůĂŵ WŝĂŐĂŵ <ŽŵŝƚĞ ƵĚŝƚ ĚĂŶ <ĞďŝũĂŬĂŶ dĂƚĂ <ĞůŽůĂ
WĞƌƵƐĂŚĂĂŶ ;ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞͿ ƐĞƌƚĂ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ŽůĞŚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞƉĂŶũĂŶŐ ŵĂƐŝŚ
ĚĂůĂŵ ƌƵĂŶŐ ůŝŶŐŬƵƉ ƚƵŐĂƐ ĚĂŶ ŬĞǁĂũŝďĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ďĞƌĚĂƐĂƌŬĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ ĚĂŶ
<ĞƉƵƚƵƐĂŶZhW^ƐĞƌƚĂŬĞƚĞŶƚƵĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘

<ĞǁĂũŝďĂŶ<ŽŵŝƚĞƵĚŝƚĚĂŶ<ĞďŝũĂŬĂŶdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶ;ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞͿ͗
ĂůĂŵ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐŶLJĂ͕ <ŽŵŝƚĞ ƵĚŝƚ ĚĂŶ <ĞďŝũĂŬĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ ;ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞͿ
ďĞƌŬĞǁĂũŝďĂŶ͗

ϭ͘ ŵĞŵďƵĂƚ ƉƌŽŐƌĂŵ ŬĞƌũĂ ƚĂŚƵŶĂŶ <ŽŵŝƚĞ ƵĚŝƚ ĚĂŶ <ĞďŝũĂŬĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ ;ŽƌƉŽƌĂƚĞ
'ŽǀĞƌŶĂŶĐĞͿ͖ĚĂŶ
Ϯ͘ ŵĞŵďƵĂƚůĂƉŽƌĂŶŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŝ͘ ůĂƉŽƌĂŶ ďĞƌŬĂůĂ ƚƌŝǁƵůĂŶĂŶ ĂƚĂƵ ƐĞƚŝĂƉ ϯ ďƵůĂŶ ĚĂŶ ƚĂŚƵŶĂŶ͕ LJĂŶŐ ŵŝŶŝŵĂů ŵĞŵƵĂƚ ƉĞƌďĂŶĚŝŶŐĂŶ
ƌĞĂůŝƐĂƐŝŬĞŐŝĂƚĂŶĚĞŶŐĂŶƉƌŽŐƌĂŵŬĞƌũĂƚĂŚƵŶĂŶƐĞƌƚĂƐƵďƐƚĂŶƐŝŚĂƐŝůŬĞŐŝĂƚĂŶĚĂŶƌĞŬŽŵĞŶĚĂƐŝŶLJĂ
LJĂŶŐĚŝƵŶŐŬĂƉŬĂŶĚĂůĂŵ>ĂƉŽƌĂŶdĂŚƵŶĂŶWĞƌƐĞƌŽĂŶ͖
ŝŝ͘ ůĂƉŽƌĂŶ ŬŚƵƐƵƐ LJĂŶŐ ďĞƌŝƐŝ ůĂƉŽƌĂŶ ƐĞƚŝĂƉ ƚĞŵƵĂŶ LJĂŶŐ ĚŝƉĞƌŬŝƌĂŬĂŶ ĚĂƉĂƚ ŵĞŶŐŐĂŶŐŐƵ ĞĨĞŬƚŝǀŝƚĂƐ
WĞƌƐĞƌŽĂŶ͖ĚĂŶ
ŝŝŝ͘ ŵĞŶũĂŐĂŬĞƌĂŚĂƐŝĂĂŶĚŽŬƵŵĞŶ͕ĚĂƚĂĚĂŶŝŶĨŽƌŵĂƐŝWĞƌƐĞƌŽĂŶ͘

<ĞǁĞŶĂŶŐĂŶ<ŽŵŝƚĞƵĚŝƚĚĂŶ<ĞďŝũĂŬĂŶdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶ;ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞͿ͗
ĂůĂŵ ƉĞůĂŬƐĂŶĂĂŶ ƚƵŐĂƐŶLJĂ͕ <ŽŵŝƚĞ ƵĚŝƚ ĚĂŶ <ĞďŝũĂŬĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ ;ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞͿ
ďĞƌǁĞŶĂŶŐƵŶƚƵŬ͗

ϭ͘ ďĞƌŬŽŵƵŶŝŬĂƐŝ ůĂŶŐƐƵŶŐ ĚĞŶŐĂŶ ŬĂƌLJĂǁĂŶ͕ ƚĞƌŵĂƐƵŬ ŝƌĞŬƐŝ ĚĂŶ ƉŝŚĂŬ LJĂŶŐ ŵĞŶũĂůĂŶŬĂŶ ĨƵŶŐƐŝ ĂƵĚŝƚ
ŝŶƚĞƌŶĂů͕ ŵĂŶĂũĞŵĞŶ ƌĞƐŝŬŽ͕ ^ĞŬƌĞƚĂƌŝƐ WĞƌƵƐĂŚĂĂŶ ĚĂŶ ĂŬƵŶƚĂŶ ƚĞƌŬĂŝƚ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď
<ŽŵŝƚĞƵĚŝƚ͖
Ϯ͘ ŵĞůŝďĂƚŬĂŶ ƉŝŚĂŬ ŝŶĚĞƉĞŶĚĞŶ Ěŝ ůƵĂƌ ĂŶŐŐŽƚĂ <ŽŵŝƚĞ ƵĚŝƚ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ƵŶƚƵŬ ŵĞŵďĂŶƚƵ
ƉĞůĂŬƐĂŶĂĂŶƚƵŐĂƐŶLJĂ;ũŝŬĂĚŝƉĞƌůƵŬĂŶͿ͖
ϯ͘ ŵĞŶŐĂŬƐĞƐƐĞĐĂƌĂƉĞŶƵŚ͕ďĞďĂƐĚĂŶƚŝĚĂŬƚĞƌďĂƚĂƐƚĞƌŚĂĚĂƉĐĂƚĂƚĂŶĂƚĂƵŝŶĨŽƌŵĂƐŝƚĞŶƚĂŶŐŬĂƌLJĂǁĂŶ͕
ĚĂŶĂ͕ĂƐĞƚ͕ŬĞǁĂũŝďĂŶ͕ƐĞƌƚĂƐƵŵďĞƌĚĂLJĂůĂŝŶŶLJĂƉĂĚĂWĞƌƐĞƌŽĂŶĚĂŶĂŶĂŬͲĂŶĂŬƉĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶ
LJĂŶŐĚŝŬŽŶƐŽůŝĚĂƐŝ;ũŝŬĂĂĚĂͿďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞůĂŬƐĂŶĂĂŶƚƵŐĂƐŶLJĂ͖
ϰ͘ ŵĞůĂŬƵŬĂŶ ŬŽŵƵŶŝŬĂƐŝ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ĚĞŶŐĂŶ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ hŶŝƚ <ĞƌũĂ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ
ŝŵƉůĞŵĞŶƚĂƐŝĂƵĚŝƚĚĂŶƚĂƚĂŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶ;ĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞͿ͖
ϱ͘ ŵĞůĂůƵŝĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞŵŝŶƚĂŝƌĞŬƐŝĂŐĂƌŵĞůĂŬƵŬĂŶƵƉĂLJĂͲƵƉĂLJĂLJĂŶŐŽƉƚŝŵĂůĚĂůĂŵƉĞŶĞƌĂƉĂŶ
ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉĂƵĚŝƚĚĂŶƚĂƚĂŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶ;ĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞͿ͖ĚĂŶ
ϲ͘ ŵĞůĂŬƵŬĂŶŬĞǁĞŶĂŶŐĂŶůĂŝŶLJĂŶŐĚŝďĞƌŝŬĂŶŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘

ZWd<KD/dh/d

<ŽŵŝƚĞƵĚŝƚWĞƌƐĞƌŽĂŶĚŝĂŶŐŬĂƚƉĂĚĂϭϴŐƵƐƚƵƐϮϬϭϳ͕ƐĞŚŝŶŐŐĂƐĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕
<ŽŵŝƚĞƵĚŝƚWĞƌƐĞƌŽĂŶďĞůƵŵƉĞƌŶĂŚŵĞůĂŬƐĂŶĂŬĂŶZĂƉĂƚ<ŽŵŝƚĞƵĚŝƚ͘



106
hE/dh/d/EdZE>;^dhEWE't^E/EdZEͿ

ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ŝƌĞŬƐŝ EŽ͘ ͬ^<WͲϱϲϰϭͬϭϳ ƚĂŶŐŐĂů Ϯϭ ŐƵƐƚƵƐ ϮϬϭϳ ƚĞŶƚĂŶŐ ^ƚƌƵŬƚƵƌ
KƌŐĂŶŝƐĂƐŝhŶŝƚ/ŶƚĞƌŶĂůƵĚŝƚWĞƌƐĞƌŽĂŶ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵďĞŶƚƵŬhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂů͘ĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚ
<ĞƉƵƚƵƐĂŶ WĞŵďĞďĂƐĂŶ ĚĂŶ WĞŶĞƚĂƉĂŶ WĞũĂďĂƚ EŽ͘ ͬ^<WͲϱϮϯϰͬϮϬϭϱ ƚĂŶŐŐĂů ϭϬ :Ƶůŝ ϮϬϭϱ͕ LJĂŶŐ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ŝƌĞŬƚƵƌ WĞƌƐĞƌŽĂŶ ĚĂŶ ĚŝƐĞƚƵũƵŝ ŽůĞŚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ
ŵĞŶŐĂŶŐŬĂƚƌŝĞĨĚƌŝLJĂŶƚŽƐĞďĂŐĂŝ<ĞƉĂůĂhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶWK:<EŽ͘ϱϲͬϮϬϭϱ͘

^ĞůĂŝŶ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵďĞŶƚƵŬ WŝĂŐĂŵ hŶŝƚ ƵĚŝƚ /ŶƚĞƌŶĂů LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ŝƌĞŬƚƵƌ hƚĂŵĂ
WĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϭϲŐƵƐƚƵƐϮϬϭϳLJĂŶŐŵĞŶŐĂƚƵƌƚƵŐĂƐ͕ƚĂŶŐŐƵŶŐũĂǁĂďĚĂŶǁĞǁĞŶĂŶŐhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂů
WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

dƵŐĂƐĚĂŶdĂŶŐŐƵŶŐ:ĂǁĂďhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂůŵĞůŝƉƵƚŝ͗
ϭ͘ ŵĞŶLJƵƐƵŶĚĂŶŵĞůĂŬƐĂŶĂŬĂŶƌĞŶĐĂŶĂhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂůƚĂŚƵŶĂŶ͖
Ϯ͘ ŵĞŶŐƵũŝ ĚĂŶ ŵĞŶŐĞǀĂůƵĂƐŝ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ĚĂŶ ƐŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ƌĞƐŝŬŽ ƐĞƐƵĂŝ
ĚĞŶŐĂŶŬĞďŝũĂŬĂŶWĞƌƐĞƌŽĂŶ͖
ϯ͘ ŵĞůĂƉŽƌŬĂŶ ŚĂůͲŚĂů ƉĞŶƚŝŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ƉƌŽƐĞƐ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů͕ ƚĞƌŵĂƐƵŬ ŵĞůĂƉŽƌŬĂŶ
ŬĞŵƵŶŐŬŝŶĂŶŵĞůĂŬƵŬĂŶƉĞŶŝŶŐŬĂƚĂŶƉĂĚĂƉƌŽƐĞƐƚĞƌƐĞďƵƚ͖
ϰ͘ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƌŝŬƐĂĂŶ ĚĂŶ ƉĞŶŝůĂŝĂŶ ĂƚĂƐ ĞĨŝƐŝĞŶƐŝ ĚĂŶ ĞĨĞŬƚŝǀŝƚĂƐ Ěŝ ďŝĚĂŶŐ ŬĞƵĂŶŐĂŶ͕ ĂŬƵŶƚĂŶƐŝ͕
ŽƉĞƌĂƐŝŽŶĂů͕ƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂ͕ƉĞŵĂƐĂƌĂŶ͕ƚĞŬŶŽůŽŐŝŝŶĨŽƌŵĂƐŝĚĂŶŬĞŐŝĂƚĂŶůĂŝŶŶLJĂ͖
ϱ͘ ŵĞŵĂŶƚĂƵ͕ŵĞŶŐĂŶĂůŝƐŝƐĚĂŶŵĞůĂƉŽƌŬĂŶƉĞůĂŬƐĂŶĂĂŶƚŝŶĚĂŬůĂŶũƵƚƉĞƌďĂŝŬĂŶLJĂŶŐĚŝƐĂƌĂŶŬĂŶ͖
ϲ͘ ŵĞůĂŬƵŬĂŶƉĞŵĞƌŝŬƐĂĂŶŬŚƵƐƵƐĂƉĂďŝůĂĚŝƉĞƌůƵŬĂŶ͖
ϳ͘ ŵĞŶLJƵƐƵŶƉƌŽŐƌĂŵƵŶƚƵŬŵĞŶŐĞǀĂůƵĂƐŝŵƵƚƵŬĞŐŝĂƚĂŶƵĚŝƚ/ŶƚĞƌŶĂů͖
ϴ͘ ŵĞŵďĞƌŝŬĂŶŝŶĨŽƌŵĂƐŝŵĞŶŐĞŶĂŝƉĞƌŬĞŵďĂŶŐĂŶĂƚĂƵƉƌŽŐƌĞƐƐĚĂŶŚĂƐŝůͲŚĂƐŝůƉĞůĂŬƐĂŶĂĂŶƌĞŶĐĂŶĂĂƵĚŝƚ
ƚĂŚƵŶĂŶĚĂŶŬĞĐƵŬƵƉĂŶƐƵŵďĞƌĚĂLJĂĂƵĚŝƚ͖
ϵ͘ <ĞƉĂůĂ ƵĚŝƚ /ŶƚĞƌŶĂů ƐĞĐĂƌĂ ĂĚŵŝŶŝƐƚƌĂƚŝĨ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ůĂŶŐƐƵŶŐ ŬĞƉĂĚĂ ŝƌĞŬƚƵƌ hƚĂŵĂ ĚĂŶ
ƐĞĐĂƌĂ ĨƵŶŐƐŝŽŶĂů ĚĂƉĂƚ ďĞŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ <ŽŵŝƚĞ ƵĚŝƚ Θ <ĞďŝũĂŬĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ ƐĞƌƚĂ
ƵĚŝƚŽƌŬƐƚĞƌŶĂů͖ĚĂŶ
ϭϬ͘ ƵĚŝƚŽƌƚŝĚĂŬďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĚĂůĂŵƉĞƌŬĞŵďĂŶŐĂŶƌŝŶĐŝĚĂŶƉĞŶĞƌĂƉĂŶƐƵĂƚƵƐŝƐƚĞŵĚĂŶƉƌŽƐĞĚƵƌ͘
ĂůĂŵŚĂůŝŶŝŚĂŶLJĂďĞƌĨƵŶŐƐŝƐĞďĂŐĂŝŬŽŶƐƵůƚĂŶĚĂŶŬĂƚĂůŝƐ͘

tĞǁĞŶĂŶŐhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂůŵĞůŝƉƵƚŝ͗
ϭ͘ ŵĞŵƉĞƌŽůĞŚŝŶĨŽƌŵĂƐŝĚĂůĂŵǁĂŬƚƵLJĂŶŐůĂLJĂŬĚĂƌŝƐĞůƵƌƵŚŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶ͕ĚĞŶŐĂŶǁĞǁĞŶĂŶŐŝŶŝ͕
ƵĚŝƚ/ŶƚĞƌŶĂůďĞƌŚĂŬŵĞůŝŚĂƚͬŵĞŶŐĂŬƐĞƐƐĞŵƵĂĚŽŬƵŵĞŶ͕ĚĂƚĂĚĂŶĐĂƚĂƚĂŶ͕ŵĞŵŝŶƚĂŬĞƚĞƌĂŶŐĂŶĚĂƌŝ
ƐĞƚŝĂƉ ŬĂƌLJĂǁĂŶ ĚĂŶ ŵĞŶŝŶũĂƵ ƐĞůƵƌƵŚ ĂƌĞĂ͕ ĨĂƐŝůŝƚĂƐ͕ ƐĞƌƚĂ ĂƐĞƚ WĞƌƐĞƌŽĂŶ͘ hŶƚƵŬ ŝƚƵ͕ ƐĞƚŝĂƉ ŬĂƌLJĂǁĂŶ
WĞƌƐĞƌŽĂŶďĞƌŬĞǁĂũŝďĂŶŵĞŵďĞƌŝŬĂŶŝŶĨŽƌŵĂƐŝLJĂŶŐĚŝƉĞƌůƵŬĂŶŽůĞŚƵĚŝƚŽƌ/ŶƚĞƌŶĂůĚĂůĂŵǁĂŬƚƵLJĂŶŐ
ůĂLJĂŬ͕ƐĞŚŝŶŐŐĂŵĞŵƵŶŐŬŝŶŬĂŶƵĚŝƚŽƌ/ŶƚĞƌŶĂůďŝƐĂďĞŬĞƌũĂƐĞĐĂƌĂĞĨĞŬƚŝĨĚĂŶĞĨŝƐŝĞŶ͖
Ϯ͘ ŵĞŶŐĂůŽŬĂƐŝŬĂŶ ƐƵŵďĞƌ ĚĂLJĂ ĂƵĚŝƚ͕ ŵĞŶĞŶƚƵŬĂŶ ĨŽŬƵƐ͕ ƌƵĂŶŐ ůŝŶŐŬƵƉ ĚĂŶ ũĂĚǁĂů ĂƵĚŝƚ͕ ƐĞƌƚĂ
ŵĞŶĞƌĂƉŬĂŶ ƚĞŬŶŝŬ LJĂŶŐ ĚŝƉĂŶĚĂŶŐ ƉĞƌůƵ ƵŶƚƵŬ ŵĞŶĐĂƉĂŝ ƚƵũƵĂŶ ĂƵĚŝƚ͘ :ŝŬĂ ĚŝƉĂŶĚĂŶŐ ƉĞƌůƵ͕ ƵĚŝƚ
/ŶƚĞƌŶĂůŵĞŵŝůŝŬŝǁĞǁĞŶĂŶŐƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶƐĂƌĂŶĚĂŶŶĂƐĞŚĂƚĚĂƌŝƚĞŶĂŐĂƉƌŽĨĞƐŝŽŶĂů;ƚĞŶĂŐĂĂŚůŝͿ
ĂƚĂƵƵĚŝƚŽƌŬƐƚĞƌŶĂůĚĞŶŐĂŶďŝĂLJĂWĞƌƐĞƌŽĂŶ͖
ϯ͘ ŵĞůĂŬƵŬĂŶ ŬŽŶƐƵůƚĂƐŝ ĚĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ ůĂƉŽƌĂŶ ŬĞƉĂĚĂ ŝƌĞŬƚƵƌ hƚĂŵĂ ĚĂŶ ďĞƌŬŽŽƌĚŝŶĂƐŝ ĚĞŶŐĂŶ
<ŽŵŝƐĂƌŝƐ͕ŵĞůĂůƵŝ<ŽŵŝƚĞƵĚŝƚĚĂŶ<ĞďŝũĂŬĂŶdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶ;ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞͿ͖
ϰ͘ ŵĞůĂŬƵŬĂŶ ŬŽŵƵŶŝŬĂƐŝ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ĚĞŶŐĂŶ ŝƌĞŬƐŝ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶͬĂƚĂƵ <ŽŵŝƚĞ ĚƵŝƚ ƐĞƌƚĂ
ĂŶŐŐŽƚĂĚĂƌŝŝƌĞŬƐŝ͕ĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶͬĂƚĂƵ<ŽŵŝƚĞƵĚŝƚ͖
ϱ͘ ŵĞŶŐĂĚĂŬĂŶ ƌĂƉĂƚ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ĚĂŶ ŝŶƐŝĚĞŶƚŝů ĚĞŶŐĂŶ ŝƌĞŬƐŝ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶͬĂƚĂƵ <ŽŵŝƚĞ
ƵĚŝƚ͖ĚĂŶ
ϲ͘ ŵĞůĂŬƵŬĂŶŬŽŽƌĚŝŶĂƐŝŬĞŐŝĂƚĂŶŶLJĂĚĞŶŐĂŶŬĞŐŝĂƚĂŶƵĚŝƚŽƌŬƐƚĞƌŶĂů͘
^ŝƐƚĞŵWĞŶŐĞŶĚĂůŝĂŶ/ŶƚĞŶĂůĚĂŶWĞůĂŬƐĂŶĂĂŶWĞŶŐĂǁĂƐĂŶ/ŶƚĞƌŶĂů͗

^ŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ĚĂŶ ƉĞŶŐĂǁĂƐĂŶ ŝŶƚĞƌŶĂů WĞƌƐĞƌŽĂŶ ĚŝĂƚƵƌ ĚĂůĂŵ ĚŽŬƵŵĞŶ <ĞďŝũĂŬĂŶ WĞŶŐĞŶĚĂůŝĂŶ
/ŶƚĞƌŶĂů<ͲϬϭϬϬϭϬWĞƌƐĞƌŽĂŶ͘ĚĂƉƵŶŬĞƚĞŶƚƵĂŶƵŵƵŵĚĂƌŝƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗

Ă͘ dƵũƵĂŶƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůƉĞƌƵƐĂŚĂĂŶĂĚĂůĂŚ͗
• dƵũƵĂŶKƉĞƌĂƐŝŽŶĂů
 ĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĞĨĞŬƚŝǀŝƚĂƐ ĚĂŶ ĞĨŝƐŝĞŶƐŝ ŽƉĞƌĂƐŝŽŶĂů ƉĞƌƵƐĂŚĂĂŶ͕ ƚĞƌŵĂƐƵŬ ŬŝŶĞƌũĂ ŽƉĞƌĂƐŝŽŶĂů͕
ĨŝŶĂŶƐŝĂůĚĂŶƉĞƌůŝŶĚƵŶŐĂŶĂƐĞƚƉĞƌƵƐĂŚĂĂŶ͘

107
 • dƵũƵĂŶWĞůĂƉŽƌĂŶ
ĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ƉĞůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ĚĂŶ ŶŽŶͲŬĞƵĂŶŐĂŶ ŝŶƚĞƌŶĂů ĚĂŶ ĞŬƐƚĞƌŶĂů ĚĂŶ ŵĞŶĐĂŬƵƉ
ŬĞŚĂŶĚĂůĂŶ͕ ŬĞƚĞƉĂƚĂŶ ǁĂŬƚƵ͕ ƚƌĂŶƐƉĂƌĂŶƐŝ͕ ĂƚĂƵ ƉĞƌƐLJĂƌĂƚĂŶ ůĂŝŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ƌĞŐƵůĂƚŽƌ͕
ƉĞŵďƵĂƚƐƚĂŶĚĂƌLJĂŶŐĚŝĂŬƵŝĂƚĂƵŬĞďŝũĂŬĂŶƉĞƌƵƐĂŚĂĂŶ͘

• dƵũƵĂŶ<ĞƉĂƚƵŚĂŶ
ĞƌŬĂŝƚĂŶĚĞŶŐĂŶŬĞƉĂƚƵŚĂŶƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶĚĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ď͘ <ĞďŝũĂŬĂŶ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ƉĞƌƵƐĂŚĂĂŶ ŝŶŝ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ ƉĞŶLJĞƐƵĂŝĂŶ ĚĂŶ ƉĞƌƵďĂŚĂŶ ũŝŬĂ ƚĞƌũĂĚŝ
ƉĞƌƵďĂŚĂŶ Ěŝ ĚĂůĂŵ ƌĞĨĞƌĞŶƐŝ ĚĂŶͬĂƚĂƵ ĂĚĂŶLJĂ ƉĞƌƵďĂŚĂŶ ŬŽŶĚŝƐŝ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉĞƌƵƐĂŚĂĂŶ ďĂŝŬ
ĚĂƌŝĞŬƐƚĞƌŶĂůŵĂƵƉƵŶŝŶƚĞƌŶĂůƉĞƌƵƐĂŚĂĂŶ͘
Đ͘ &ƵŶŐƐŝƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůŵĞůĞŬĂƚƉĂĚĂƐĞƚŝĂƉĨƵŶŐƐŝŬĞƌũĂƚĞƌŵĂƐƵŬĨƵŶŐƐŝƉĞŶĚƵŬƵŶŐŶLJĂ;ĞŵďĞĚĚĞĚ
ŝŶƚĞƌŶĂůĐŽŶƚƌŽůͿ͘
Ě͘ WĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ƉĞƌƵƐĂŚĂĂŶ ŵĞŶŐĂĐƵ ƉĂĚĂ ŬŽŶƐĞƉ WĞƌƚĂŚĂŶĂŶ dŝŐĂ >ŝŶŝ ;dŚƌĞĞ ůŝŶĞƐ ŽĨ ĚĞĨĞŶƐĞͿ͕
LJĂŝƚƵ͗
• WĞƌƚĂŚĂŶĂŶ ůŝŶŝ ƉĞƌƚĂŵĂ ĚŝůĂŬƵŬĂŶ ŽůĞŚ <ĞƉĂůĂ &ƵŶŐƐŝ <ĞƌũĂ ƐĞďĂŐĂŝ ƉĞŵŝůŝŬ ƉƌŽƐĞƐ ďŝƐŶŝƐ ĚĂŶ
ƉĞŶĂŶŐŐƵŶŐũĂǁĂď͕ĚĂůĂŵŵĞŶŝůĂŝ͕ŵĞŶŐĞŶĚĂůŝŬĂŶĚĂŶŵĞŵŝƚŝŐĂƐŝƌŝƐŝŬŽďĞƌƐĂŵĂĂŶĚĞŶŐĂŶŵĞŶŐĞůŽůĂ
ƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůLJĂŶŐĞĨĞŬƚŝĨ͖
• WĞƌƚĂŚĂŶĂŶůŝŶŝŬĞĚƵĂĚŝůĂŬƵŬĂŶŽůĞŚĨƵŶŐƐŝƉĞŶŐĞůŽůĂƌŝƐŝŬŽĚĂŶŬĞƉĂƚƵŚĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚŝƌĞŬƐŝ
ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů Ěŝ ƚŝŶŐŬĂƚ ƉĞƌƵƐĂŚĂĂŶ ƚĞůĂŚ ĚŝƐƵƐƵŶ͕ ĚŝƐĞƐƵĂŝŬĂŶ
ĚĞŶŐĂŶ ŬŽŶĚŝƐŝ ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬŝŶŝ ĚĂŶ ĚŝƚĞƚĂƉŬĂŶ ƐĞƌƚĂ ƉĞƌƚĂŚĂŶĂŶ ůŝŶŝ ƉĞƌƚĂŵĂ ƐƵĚĂŚ ŵĞŶLJƵƐƵŶ
ƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůƉĂĚĂĨƵŶŐƐŝŬĞƌũĂŶLJĂƐĞĐĂƌĂƚĞƉĂƚ͕ŬĞƐĞůĂƌĂƐĂŶĚĞŶŐĂŶƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůĚŝ
ƚŝŶŐŬĂƚ ƉĞƌƵƐĂŚĂĂŶ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞďƵƚƵŚĂŶ ĚĂŶ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞƐƵĂŝ ƚƵũƵĂŶŶLJĂ͘ &ƵŶŐƐŝͲĨƵŶŐƐŝ
ƚĞƌƐĞďƵƚĂŶƚĂƌĂůĂŝŶŽůĞŚĨƵŶŐƐŝƉĞŶũĂŵŝŶŬƵĂůŝƚĂƐ͕ĨƵŶŐƐŝŵĂŶĂũĞŵĞŶƌŝƐŝŬŽ͕ĨƵŶŐƐŝŚƵŬƵŵ͕ĨƵŶŐƐŝƚĂƚĂ
ŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶĚĂŶĨƵŶŐƐŝŚƵŵĂŶĐĂƉŝƚĂůŵĂŶĂŐĞŵĞŶƚ͖ĚĂŶ
• WĞƌƚĂŚĂŶĂŶ ůŝŶŝ ŬĞƚŝŐĂ ĚŝůĂŬƵŬĂŶ ŽůĞŚ &ƵŶŐƐŝ ƵĚŝƚŽƌ /ŶƚĞƌŶĂů LJĂŶŐ ŵĞŶLJĞĚŝĂŬĂŶ ũĂŵŝŶĂŶ ƚĞƌŚĂĚĂƉ
ĞĨĞŬƚŝǀŝƚĂƐĚĂƌŝƚĂƚĂŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶ͕ŵĂŶĂũĞŵĞŶƌŝƐŝŬŽĚĂŶƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůƚĞƌŵĂƐƵŬƚŝŶĚĂŬĂŶ
ůŝŶŝƉĞƌƚĂŵĂĚĂŶůŝŶŝŬĞĚƵĂĚĂůĂŵŵĞŶĐĂƉĂŝƚƵũƵĂŶŶLJĂ͘
Ğ͘ WĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ĚĂƉĂƚ ďĞƌďĞŶƚƵŬ ƐŽĨƚ ĐŽŶƚƌŽů ĚĂŶ ŚĂƌĚ ĐŽŶƚƌŽů LJĂŶŐ ǁĂũŝď ĚŝůĂŬƐĂŶĂŬĂŶ ŽůĞŚ
ƐĞůƵƌƵŚŬĂƌLJĂǁĂŶͬƉĞŐĂǁĂŝ͘
Ĩ͘ ^ŽĨƚĐŽŶƚƌŽůĂŶƚĂƌĂůĂŝŶďƵĚĂLJĂƉĞƌƵƐĂŚĂĂŶ͕ ǁŚŝƐƚůĞďůŽǁŝŶŐƐLJƐƚĞŵĚĂŶƉĞĚŽŵĂŶƉĞƌŝůĂŬƵͬŬŽĚĞĞƚŝŬ͘
,ĂƌĚ ĐŽŶƚƌŽů ĂŶƚĂƌĂ ůĂŝŶ ŬĞďŝũĂŬĂŶ ďŝƐŶŝƐͬƋƵĂůŝƚLJ ƉŽůŝĐLJ͕ ƉƌŽƐĞĚƵƌ ďŝƐŶŝƐͬƋƵĂůŝƚLJ ƉƌŽĐĞĚƵƌĞ͕ ŝŶƐƚƌƵŬƐŝ
ŬĞƌũĂͬǁŽƌŬŝŶƐƚƌƵĐƚŝŽŶ͕ũŽďĚĞƐĐƌŝƉƚŝŽŶĚĂŶƐƵƌĂƚƉĞŶƵŐĂƐĂŶ͘
Ő͘ WĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ƉĞƌƵƐĂŚĂĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ ϱ ;ůŝŵĂͿ ŬŽŵƉŽŶĞŶ LJĂŶŐ Ěŝ ĚĂůĂŵŶLJĂ ƚĞƌĚĂƉĂƚ ƉƌŝŶƐŝƉͲ
ƉƌŝŶƐŝƉƉĂĚĂƐĞƚŝĂƉŬŽŵƉŽŶĞŶŶLJĂLJĂŝƚƵ͗
• >ŝŶŐŬƵŶŐĂŶƉĞŶŐĞŶĚĂůŝĂŶ
ϭͿ WĞƌƵƐĂŚĂĂŶŵĞŶƵŶũƵŬŬĂŶŬŽŵŝƚŵĞŶƚĞƌŚĂĚĂƉƐŝŬĂƉŝŶƚĞŐƌŝƚĂƐĚĂŶƉĞĚŽŵĂŶƉĞƌŝůĂŬƵͬŬŽĚĞĞƚŝŬ͘
ϮͿ ŝƌĞŬƐŝ ŵĞŶƵŶũƵŬŬĂŶ ŝŶĚĞƉĞŶĚĞŶƐŝŶLJĂ ĚĂŶ ŵĞŶũĂůĂŶŬĂŶ ĨƵŶŐƐŝ ƉĞŶŐĂǁĂƐĂŶ ƚĞƌŚĂĚĂƉ
ƉĞƌŬĞŵďĂŶŐĂŶĚĂŶŬŝŶĞƌũĂƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂů͘
ϯͿ WĞƌƵƐĂŚĂĂŶŵĞŶĞƚĂƉŬĂŶĚĞŶŐĂŶƉĞŶŐĂǁĂƐĂŶĚĂƌŝĚĞǁĂŶŬŽŵŝƐĂƌŝƐ͕ƐĞƐƵĂŝƐƚƌƵŬƚƵƌƉĞŶŐĂǁĂƐĂŶ
ĚĂŶũĂůƵƌƉĞůĂƉŽƌĂŶŶLJĂ͕ƐĞƌƚĂŽƚŽƌŝƚĂƐĚĂŶŬĞǁĞŶĂŶŐĂŶLJĂŶŐƚĞƉĂƚĚĂůĂŵŵĞŶĐĂƉĂŝƚƵũƵĂŶŶLJĂ͘
ϰͿ WĞƌƵƐĂŚĂĂŶ ŵĞŶƵŶũƵŬŬĂŶ ŬŽŵŝƚŵĞŶ ƵŶƚƵŬ ŵĞŶĂƌŝŬ͕ ŵĞŶŐĞŵďĂŶŐŬĂŶ ĚĂŶ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ
ŬĂƌLJĂǁĂŶͬƉĞŐĂǁĂŝLJĂŶŐŬŽŵƉĞƚĞŶĂŐĂƌƐĞůĂƌĂƐĚĞŶŐĂŶƚƵũƵĂŶƉĞƌƵƐĂŚĂĂŶ͘
ϱͿ WĞƌƵƐĂŚĂĂŶŵĞŶLJĞƌĂŚŬĂŶĂŬƵŶƚĂďŝůŝƚĂƐŬĂƌLJĂǁĂŶͬƉĞŐĂǁĂŝĚĂůĂŵƚĂŶŐŐƵŶŐũĂǁĂďƉĞŶŐĞŶĚĂůŝĂŶ
ŝŶƚĞƌŶĂůĚĂůĂŵŵĞŶĐĂƉĂŝƚƵũƵĂŶƉĞƌƵƐĂŚĂĂŶ͘
• WĞŶŐŬĂũŝĂŶƚĞƌŚĂĚĂƉƉĞŶŐĞůŽůĂĂŶƌŝƐŝŬŽ
ϭͿ WĞƌƵƐĂŚĂĂŶŵĞŶƐƉĞƐŝĨŝŬŬĂŶƚƵũƵĂŶŶLJĂĚĞŶŐĂŶũĞůĂƐƵŶƚƵŬŵĞŵƵĚĂŚŬĂŶĚĂůĂŵŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝ
ĚĂŶŵĞŶŝůĂŝƌŝƐŝŬŽLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶƚƵũƵĂŶŶLJĂ͘
ϮͿ WĞƌƵƐĂŚĂĂŶ ŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝ ƌŝƐŝŬŽ LJĂŶŐ ĚĂƉĂƚ ŵĞŶŐŚĂŵďĂƚ ƚƵũƵĂŶŶLJĂ ĚĂŶ ŵĞŶŐĂŶĂůŝƐŝƐ ƌŝƐŝŬŽ
ƐĞďĂŐĂŝĚĂƐĂƌĚĂůĂŵƉĞŶĞŶƚƵĂŶĐĂƌĂŵĞŶŐĞůŽůĂƌŝƐŝŬŽ͘
ϯͿ WĞƌƵƐĂŚĂĂŶ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ƉŽƚĞŶƐŝ ƉĞŶLJŝŵƉĂŶŐĂŶ ĚĂůĂŵ ŵĞŶŝůĂŝ ƌŝƐŝŬŽ ĚĂůĂŵ ŵĞŶĐĂƉĂŝ
ƚƵũƵĂŶŶLJĂ͘
ϰͿ WĞƌƵƐĂŚĂĂŶŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝĚĂŶŵĞŶŝůĂŝƉĞƌƵďĂŚĂŶƌŝƐŝŬŽLJĂŶŐďĞƌĚĂŵƉĂŬƐŝŐŶŝĨŝŬĂŶƚĞƌŚĂĚĂƉ
ƐŝƐƚĞŵƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂů͘




108
 • ŬƚŝǀŝƚĂƐƉĞŶŐĞŶĚĂůŝĂŶ
ϭͿ WĞƌƵƐĂŚĂĂŶ ŵĞŵŝůŝŬŝ ĚĂŶ ŵĞŶŐĞŵďĂŶŐŬĂŶ ĂŬƚŝǀŝƚĂƐ ƉĞŶŐĞŶĚĂůŝĂŶ LJĂŶŐ ďĞƌŬŽŶƚƌŝďƵƐŝ ƵŶƚƵŬ
ŵĞŶŐĞŶĚĂůŝŬĂŶƌŝƐŝŬŽĚĂůĂŵŵĞŶĐĂƉĂŝƚƵũƵĂŶŶLJĂƐĂŵƉĂŝůĞǀĞůLJĂŶŐĚĂƉĂƚĚŝƚĞƌŝŵĂ͘
ϮͿ WĞƌƵƐĂŚĂĂŶ ŵĞŵŝůŝŚ ĚĂŶ ŵĞŶŐĞŵďĂŶŐŬĂŶ ĂŬƚŝǀŝƚĂƐ ƉĞŶŐĞŶĚĂůŝĂŶ ƐĞĐĂƌĂ ƵŵƵŵ ŵĞůĂůƵŝ
ƚĞŬŶŽůŽŐŝLJĂŶŐŵĞŶĚƵŬƵŶŐƉĞŶĐĂƉĂŝĂŶƚƵũƵĂŶ͘
ϯͿ WĞƌƵƐĂŚĂĂŶ ŵĞŶƵƌƵŶŬĂŶ ĂŬƚŝǀŝƚĂƐ ƉĞŶŐĞŶĚĂůŝĂŶ ŬĞ ĚĂůĂŵ ŬĞďŝũĂŬĂŶ ĚĂŶ ƉƌŽƐĞĚƵƌ LJĂŶŐ
ŵĞŶĞƌũĞŵĂŚŬĂŶŬĞďŝũĂŬĂŶŬĞĚĂůĂŵŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂů͖
• /ŶĨŽƌŵĂƐŝĚĂŶŬŽŵƵŶŝŬĂƐŝ
ϭͿ WĞƌƵƐĂŚĂĂŶ ŵĞŶĚĂƉĂƚŬĂŶ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ďĞƌŬƵĂůŝƚĂƐ ƵŶƚƵŬ ŵĞŶĚƵŬƵŶŐ ĨƵŶŐƐŝ ĚĂƌŝ ŬŽŵƉŽŶĞŶ
ůĂŝŶĚŝƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂů͘
ϮͿ WĞƌƵƐĂŚĂĂŶƐĞĐĂƌĂŝŶƚĞƌŶĂůŵĞŶŐŬŽŵƵŶŝŬĂƐŝŬĂŶŝŶĨŽƌŵĂƐŝƚĞƌŵĂƐƵŬƚƵũƵĂŶĚĂŶƚĂŶŐŐƵŶŐũĂǁĂď
ĚŝĚĂůĂŵƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂů͕ƚĞƌƵƚĂŵĂƵŶƚƵŬŵĞŶĚƵŬƵŶŐĨƵŶŐƐŝƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂů͘
ϯͿ WĞƌƵƐĂŚĂĂŶ ďĞƌŬŽŵƵŶŝŬĂƐŝ ĚĞŶŐĂŶ ƉŝŚĂŬ ĞŬƐƚĞƌŶĂů ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ŚĂůͲŚĂů LJĂŶŐ ĚĂƉĂƚ
ďĞƌƉĞŶŐĂƌƵŚƚĞƌŚĂĚĂƉĨƵŶŐƐŝĚĂƌŝŬŽŵƉŽŶĞŶůĂŝŶĚŝƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂů͘
• DŽŶŝƚŽƌŝŶŐ
ϭͿ WĞƌƵƐĂŚĂĂŶ ŵĞŵŝůŝŚ͕ ŵĞŶŐĞŵďĂŶŐŬĂŶ ĚĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ĞǀĂůƵĂƐŝ ƐĞĐĂƌĂ ďĞƌƐĂŵĂĂŶĚĂŶͬĂƚĂƵ
ƚĞƌƉŝƐĂŚ ĚĂƌŝ ĂŬƚŝǀŝƚĂƐ ŽƉĞƌĂƐŝŽŶĂů ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ŬĞďĞƌĂĚĂĂŶ ĚĂŶ ďĞƌĨƵŶŐƐŝŶLJĂ ŬŽŵƉŽŶĞŶ
ƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂů͖ĚĂŶ
ϮͿ WĞƌƵƐĂŚĂĂŶŵĞŶŐĞǀĂůƵĂƐŝĚĂŶŵĞŶŐŬŽŵƵŶŝŬĂƐŝŬĂŶŬĞƚŝĚĂŬĞĨŝƐŝĞŶĂŶƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂů͘
Ś͘ WĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚĨƵŶŐƐŝŬĞƌũĂďĞƌƐŝĨĂƚƉĞŶĐĞŐĂŚĂŶ;ƉƌĞǀĞŶƚŝǀĞĐŽŶƚƌŽůͿ͕LJĂŝƚƵ
ŵĞŵĂƐƚŝŬĂŶ ŬĞƉĂƚƵŚĂŶ ĚĂŶ ƉĞŵĞŶƵŚĂŶ ƉƌĂƐLJĂƌĂƚ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞƚĂƉŬĂŶ ƐĞďĞůƵŵ ƐƵĂƚƵ ĂŬƚŝĨŝƚĂƐ
ĚŝůĂŬƐĂŶĂŬĂŶ͘
ŝ͘ WĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ƉĞƌƵƐĂŚĂĂŶ ŵĞƌƵƉĂŬĂŶ ƉƌŽƐĞƐ ďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶ LJĂŶŐ ŵĞůĞŬĂƚ Ěŝ ĚĂůĂŵ
ƐĞůƵƌƵŚĂŬƚŝǀŝƚĂƐƉĞƌƵƐĂŚĂĂŶƚĞƌŵĂƐƵŬĚŝĚĂůĂŵůŝŶŐŬƵƉďŝƐŶŝƐ͕ƋƵĂůŝƚLJ͕ƐĂĨĞƚLJĚĂŶƐĞĐƵƌŝƚLJ͘
ũ͘ WĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ƉĞƌƵƐĂŚĂĂŶ ŵĞŶŐĂĐƵ ƉĂĚĂ ƉƌŝŶƐŝƉ 'ŽŽĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ͕ LJĂŝƚƵ ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚŝŶŝ͗
• dƌĂŶƐƉĂƌĂŶƐŝ;dƌĂŶƐƉĂƌĂŶĐLJͿ
dƌĂŶƐƉĂƌĂŶƐŝ ĂĚĂůĂŚ ŬĞƚĞƌďƵŬĂĂŶ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ƉƌŽƐĞƐ ƉĞŶŐĂŵďŝůĂŶ ŬĞƉƵƚƵƐĂŶ ĚĂŶ ĚĂůĂŵ
ŵĞŶŐƵŶŐŬĂƉŬĂŶŝŶĨŽƌŵĂƐŝŵĂƚĞƌŝĂůĚĂŶƌĞůĞǀĂŶŵĞŶŐĞŶĂŝƉĞƌƵƐĂŚĂĂŶ͘
• ŬƵŶƚĂďŝůŝƚĂƐ;ĐĐŽƵŶƚĂďŝůŝƚLJͿ
ŬƵŶƚĂďŝůŝƚĂƐ ĂĚĂůĂŚ ŬĞũĞůĂƐĂŶ ĨƵŶŐƐŝ͕ ƉĞůĂŬƐĂŶĂĂŶ ĚĂŶ ƉĞƌƚĂŶŐŐƵŶŐ ũĂǁĂďĂŶ ŽƌŐĂŶ ƐĞŚŝŶŐŐĂ
ƉĞŶŐĞůŽůĂĂŶƉĞƌƵƐĂŚĂĂŶĚĂƉĂƚƚĞƌůĂŬƐĂŶĂƐĞĐĂƌĂĞĨĞŬƚŝĨ͘
• WĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶ;ZĞƐƉŽŶƐŝďŝůŝƚLJͿ
WĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶ LJĂŝƚƵ ŬĞƐĞƐƵĂŝĂŶ Ěŝ ĚĂůĂŵ ƉĞŶŐĞůŽůĂĂŶ ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉŬŽƌƉŽƌĂƐŝLJĂŶŐƐĞŚĂƚ͘
• <ĞŵĂŶĚŝƌŝĂŶ;/ŶĚĞƉĞŶĚĞŶĐLJͿ
<ĞŵĂŶĚŝƌŝĂŶ ĂĚĂůĂŚ ŬĞĂĚĂĂŶ Ěŝ ŵĂŶĂ ƉĞƌƵƐĂŚĂĂŶ ĚŝŬĞůŽůĂ ƐĞĐĂƌĂ ƉƌŽĨĞƐŝŽŶĂů ƚĂŶƉĂ ďĞŶƚƵƌĂŶ
ŬĞƉĞŶƚŝŶŐĂŶ ĚĂŶ ƉĞŶŐĂƌƵŚͬ ƚĞŬĂŶĂŶ ĚĂƌŝ ƉŝŚĂŬ ŵĂŶĂƉƵŶ LJĂŶŐ ƚŝĚĂŬ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐĂŶĚĂŶƉƌŝŶƐŝƉŬŽƌƉŽƌĂƐŝLJĂŶŐƐĞŚĂƚ͘
• <ĞǁĂũĂƌĂŶ;&ĂŝƌŶĞƐƐͿ
<ĞǁĂũĂƌĂŶŝĂůĂŚƉĞŵĞŶƵŚĂŶŚĂŬͲŚĂŬƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶ;ƐƚĂŬĞŚŽůĚĞƌƐͿLJĂŶŐƚŝŵďƵůďĞƌĚĂƐĂƌŬĂŶ
ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͕ĂŶŐŐĂƌĂŶĚĂƐĂƌĚĂŶƉĞƌũĂŶũŝĂŶ͘
Ŭ͘ <ĞďŝũĂŬĂŶ ĂƚĂƵ ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ŝƌĞŬƐŝ ŵĞŶũĂĚŝ ĂĐƵĂŶ ƵƚĂŵĂ ĚĂůĂŵ ŵĞŶLJƵƐƵŶ͕
ŵĞŶĞƌĂƉŬĂŶĚĂŶŵĞŶŐĞǀĂůƵĂƐŝƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůĚŝƚŝŶŐŬĂƚƉĞƌƵƐĂŚĂĂŶďĂŝŬLJĂŶŐďĞƌƐŝĨĂƚƐƚƌĂƚĞŐŝƐ
ŵĂƵƉƵŶŽƉĞƌĂƐŝŽŶĂů͘

ĂůĂŵ ƐĞƚŝĂƉ ƉĞŶLJƵƐƵŶĂŶ͕ ƉĞŶĞƌĂƉĂŶ ĚĂŶ ĞǀĂůƵĂƐŝ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů ŚĂƌƵƐ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ĨĂŬƚŽƌ
ƌŝƐŝŬŽLJĂŶŐŵĞŶŐŚĂŵďĂƚƚƵũƵĂŶƉĞƌƵƐĂŚĂĂŶ͘

<KD/dEKD/E^/EZDhEZ^/

ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ EŽ͘ <KDͲ'D&ͬ^<WͬϱϬϬϳͬϭϳ ƚĂŶŐŐĂů ϭϴ ŐƵƐƚƵƐ ϮϬϭϳ
ƚĞŶƚĂŶŐWĞŵďĞŶƚƵŬĂŶ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͕ WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵďĞŶƚƵŬ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶ
ZĞŵƵŶĞƌĂƐŝĚĂůĂŵƌĂŶŐŬĂŵĞŵĞŶƵŚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϯϰͬWK:<͘ϬϰͬϮϬϭϰƚĂŶŐŐĂůϴĞƐĞŵďĞƌϮϬϭϰƚĞŶƚĂŶŐ
<ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ ŵŝƚĞŶ ĂƚĂƵ WĞƌƵƐĂŚĂĂŶ WƵďůŝŬ͕ ĚĞŶŐĂŶ ƐƵƐƵŶĂŶ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ
ZĞŵƵŶĞƌĂƐŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

109
<ĞƚƵĂ<ŽŵŝƚĞ  ͗ ,ĂƌŝDƵŚĂŵŵĂĚ;ŵĞƌĂŶŐŬĂƉƐĞďĂŐĂŝĂŶŐŐŽƚĂͿ
ŶŐŐŽƚĂ ͗ ,Ğůŵŝ/ŵĂŵ^ĂƚƌŝLJŽŶŽ
ŶŐŐŽƚĂ ͗ WƵũŝEƵƌ,ĂŶĚĂLJĂŶŝ

DĂƐĂ ũĂďĂƚĂŶ ƐƵƐƵŶĂŶ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ Ěŝ ĂƚĂƐ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ϭϴ ŐƵƐƚƵƐ ϮϬϭϳ ƐĂŵƉĂŝ
ĚĞŶŐĂŶ ϯ ƚĂŚƵŶ͕ LJĂŝƚƵ ƚĂŶŐŐĂů ϭϴ ŐƵƐƚƵƐ ϮϬϮϬ͕ ĚĂŶ ĚĂƉĂƚ ĚŝĂŶŐŬĂƚ ŬĞŵďĂůŝ ƵŶƚƵŬ ϭ ƉĞƌŝŽĚĞ ďĞƌŝŬƵƚŶLJĂ͕
ĚĞŶŐĂŶƚŝĚĂŬŵĞŶŐƵƌĂŶŐŝŚĂŬĞǁĂŶ<ŽŵŝƐĂƌŝƐƵŶƚƵŬŵĞŵďĞƌŚĞŶƚŝŬĂŶŶLJĂƐĞǁĂŬƚƵͲǁĂŬƚƵ͘

^ĞůĂŝŶ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵďĞŶƚƵŬ WŝĂŐĂŵ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ ƚĂŶŐŐĂů ϭϴ ŐƵƐƚƵƐ ϮϬϭϳ͕
LJĂŶŐĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ͘

dƵŐĂƐ͕ƚĂŶŐŐƵŶŐũĂǁĂďĚĂŶǁĞǁĞŶĂŶŐ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

dƵŐĂƐĚĂŶdĂŶŐŐƵŶŐ:ĂǁĂď<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͗
ϭ͘ ƚĞƌŬĂŝƚĚĞŶŐĂŶĨƵŶŐƐŝEŽŵŝŶĂƐŝ͗
Ă͘ ŵĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŶŐĞŶĂŝ ŬŽŵƉŽƐŝƐŝ ũĂďĂƚĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ
ĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕ŬĞďŝũĂŬĂŶĚĂŶŬƌŝƚĞƌŝĂLJĂŶŐĚŝďƵƚƵŚŬĂŶĚĂůĂŵƉƌŽƐĞƐEŽŵŝŶĂƐŝ
ĚĂŶŬĞďŝũĂŬĂŶĞǀĂůƵĂƐŝŬŝŶĞƌũĂďĂŐŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ď͘ ŵĞŵďĂŶƚƵĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞůĂŬƵŬĂŶƉĞŶŝůĂŝĂŶŬŝŶĞƌũĂĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ
<ŽŵŝƐĂƌŝƐďĞƌĚĂƐĂƌŬĂŶƚŽůĂŬƵŬƵƌLJĂŶŐƚĞůĂŚĚŝƐƵƐƵŶƐĞďĂŐĂŝďĂŚĂŶĞǀĂůƵĂƐŝ͖
Đ͘ ŵĞŵďĞƌŝŬĂŶƌĞŬŽŵĞŶĚĂƐŝŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞŶŐĞŶĂŝƉƌŽŐƌĂŵƉĞŶŐĞŵďĂŶŐĂŶŬĞŵĂŵƉƵĂŶ
ĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖ĚĂŶ
Ě͘ ŵĞŵďĞƌŝŬĂŶƵƐƵůĂŶĐĂůŽŶLJĂŶŐŵĞŵĞŶƵŚŝƐLJĂƌĂƚƐĞďĂŐĂŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ
<ŽŵŝƐĂƌŝƐŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐƵŶƚƵŬĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂZhW^͖

Ϯ͘ ĚĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶĨƵŶŐƐŝEŽŵŝŶĂƐŝƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵƉŽŝŶϭĚŝĂƚĂƐ͕<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶ
ZĞŵƵŶĞƌĂƐŝǁĂũŝďŵĞůĂŬƵŬĂŶƉƌŽƐĞĚƵƌƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ŵĞŶLJƵƐƵŶŬŽŵƉŽƐŝƐŝĚĂŶƉƌŽƐĞƐEŽŵŝŶĂƐŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ď͘ ŵĞŶLJƵƐƵŶ ŬĞďŝũĂŬĂŶ ĚĂŶ ŬƌŝƚĞƌŝĂ LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ ĚĂůĂŵ ƉƌŽƐĞƐ EŽŵŝŶĂƐŝ ĐĂůŽŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ
ĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
Đ͘ ŵĞŵďĂŶƚƵƉĞůĂŬƐĂŶĂĂŶĞǀĂůƵĂƐŝĂƚĂƐŬŝŶĞƌũĂĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
Ě͘ ŵĞŶLJƵƐƵŶ ƉƌŽŐƌĂŵ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĞŵĂŵƉƵĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐ͖ĚĂŶ
Ğ͘ ŵĞŶĞůĂĂŚĚĂŶŵĞŶŐƵƐƵůŬĂŶĐĂůŽŶLJĂŶŐŵĞŵĞŶƵŚŝƐLJĂƌĂƚƐĞďĂŐĂŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐƵŶƚƵŬĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂZhW^͖
ϯ͘ ƚĞƌŬĂŝƚĚĞŶŐĂŶĨƵŶŐƐŝZĞŵƵŶĞƌĂƐŝ͗
Ă͘ ŵĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŶŐĞŶĂŝ ƐƚƌƵŬƚƵƌ ZĞŵƵŶĞƌĂƐŝ͕ ŬĞďŝũĂŬĂŶ ĂƚĂƐ
ZĞŵƵŶĞƌĂƐŝĚĂŶďĞƐĂƌĂŶĂƚĂƐƌĞŵƵŶĞƌĂƐŝ͖ĚĂŶ

ď͘ ŵĞŵďĂŶƚƵ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞůĂŬƵŬĂŶ ƉĞŶŝůĂŝĂŶ ŬŝŶĞƌũĂ ĚĞŶŐĂŶ ŬĞƐĞƐƵĂŝĂŶ ZĞŵƵŶĞƌĂƐŝ LJĂŶŐ
ĚŝƚĞƌŝŵĂŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ϰ͘ ĚĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶĨƵŶŐƐŝZĞŵƵŶĞƌĂƐŝƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂƉŽŝŶϯĚŝĂƚĂƐ͕<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶ
ZĞŵƵŶĞƌĂƐŝǁĂũŝďŵĞůĂŬƵŬĂŶƉƌŽƐĞĚƵƌƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ŵĞŶLJƵƐƵŶ ƐƚƌƵŬƚƵƌ ZĞŵƵŶĞƌĂƐŝ ďĂŐŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂƉĂƚ
ďĞƌƵƉĂŐĂũŝ͕ŚŽŶŽƌĂƌŝƵŵ͕ŝŶƐĞŶƚŝĨĚĂŶͬĂƚĂƵƚƵŶũĂŶŐĂŶLJĂŶŐďĞƌƐŝĨĂƚƚĞƚĂƉĚĂŶͬĂƚĂƵǀĂƌŝĂďĞů͖
ď͘ ŵĞŶLJƵƐƵŶŬĞďŝũĂŬĂŶĂƚĂƐZĞŵƵŶĞƌĂƐŝďĂŐŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖ĚĂŶ
Đ͘ ŵĞŶLJƵƐƵŶďĞƐĂƌĂŶĂƚĂƐZĞŵƵŶĞƌĂƐŝďĂŐŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ϱ͘ ƉĞŶLJƵƐƵŶĂŶ ƐƚƌƵŬƚƵƌ͕ ŬĞďŝũĂŬĂŶ ĚĂŶ ďĞƐĂƌĂŶ ZĞŵƵŶĞƌĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ƉŽŝŶ ϰ Ěŝ ĂƚĂƐ
ŚĂƌƵƐŵĞŵƉĞƌŚĂƚŝŬĂŶ͗
Ă͘ ZĞŶƵŵĞƌĂƐŝLJĂŶŐďĞƌůĂŬƵƉĂĚĂWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƐĞũĞŶŝƐĚĂŶƐŬĂůĂ
ƵƐĂŚĂWĞƌƐĞƌŽĂŶ͖
ď͘ ƚƵŐĂƐ͕ƚĂŶŐŐƵŶŐũĂǁĂďĚĂŶǁĞǁĞŶĂŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚŝŬĂŝƚŬĂŶ
ĚĞŶŐĂŶƉĞŶĐĂƉĂŝĂŶƚƵũƵĂŶĚĂŶŬŝŶĞƌũĂWĞƌƐĞƌŽĂŶ͖
Đ͘ ƚĂƌŐĞƚŬŝŶĞƌũĂĂƚĂƵŬŝŶĞƌũĂŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖ĚĂŶ
Ě͘ ŬĞƐĞŝŵďĂŶŐĂŶƚƵŶũĂŶŐĂŶĂŶƚĂƌĂLJĂŶŐďĞƌƐŝĨĂƚƚĞƚĂƉĚĂŶďĞƌƐŝĨĂƚǀĂƌŝĂďĞů͖



110
ϲ͘ ŵĞůĂƉŽƌŬĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƚƵŐĂƐŶLJĂ ŵĂƵƉƵŶ ĚĂůĂŵ ƉĞůĂƉŽƌĂŶ ĚĂŶ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ůĂŶŐƐƵŶŐ ŬĞƉĂĚĂ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ϳ͘ ŵĞŵƵƚĂŬŚŝƌŬĂŶ WŝĂŐĂŵ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ ĚĂƌŝ ǁĂŬƚƵ ŬĞ ǁĂŬƚƵ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ƉĞƌŬĞŵďĂŶŐĂŶďŝƐŶŝƐĚĂŶŬĞďƵƚƵŚĂŶWĞƌƐĞƌŽĂŶ͖
ϴ͘ ŵĞůĂŬƵŬĂŶƉĞŶĞůĂĂŚĂŶĚĂŶƉĞŵĂŶƚĂƵĂŶƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶďĂŚǁĂŝƌĞŬƐŝƚĞůĂŚŵĞůĂŬƵŬĂŶƉĞŶŐĂŶŐŬĂƚĂŶ
ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶͬƉĞƌƵƐĂŚĂĂŶ ƉĂƚƵŶŐĂŶ͕ ĚĂŶ ƉĂƌĂ ƉĞũĂďĂƚ ƐĞŶŝŽƌ
ŵĂŶĂũĞŵĞŶ ƐĂƚƵ ƚŝŶŐŬĂƚ Ěŝ ďĂǁĂŚ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞďŝũĂŬĂŶ ƐƚƌĂƚĞŐŝ ĚĂŶ ŬĞďŝũĂŬĂŶ
EŽŵŝŶĂƐŝ͖
ϵ͘ ŵĞŵƉĞůĂũĂƌŝƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐďĞƌůĂŬƵĚĂůĂŵŬĞďŝũĂŬĂŶZĞŵƵŶĞƌĂƐŝ͖
ϭϬ͘ ŵĞŶŐĞǀĂůƵĂƐŝ ƐŝƐƚĞŵ ŝŵďĂůĂŶ ƉĞŐĂǁĂŝ͕ ƉĞŵďĞƌŝĂŶ ƚƵŶũĂŶŐĂŶ ĚĂŶ ĨĂƐŝůŝƚĂƐ ůĂŝŶŶLJĂ ƐĞƌƚĂ ŵĞŶLJĂŵƉĂŝŬĂŶ
ƌĞŬŽŵĞŶĚĂƐŝLJĂŶŐƚƌĂŶƐƉĂƌĂŶŵŝŶŝŵĂůƐĞŬĂůŝĚĂůĂŵĚƵĂƚĂŚƵŶ͕ƚĞŶƚĂŶŐ͗
Ă͘ ƉĞŶŝůĂŝĂŶƚĞƌŚĂĚĂƉƐŝƐƚĞŵŝŵďĂůĂŶŬĂƌLJĂǁĂŶ͕ƉĞŵďĞƌŝĂŶƚƵŶũĂŶŐĂŶĚĂŶĨĂƐŝůŝƚĂƐůĂŝŶŶLJĂ͖
ď͘ ƐŝƐƚĞŵĚĂŶƚƵŶũĂŶŐĂŶƉĞŶƐŝƵŶ͖ĚĂŶ
Đ͘ ƐŝƐƚĞŵĚĂŶƚƵŶũĂŶŐĂŶůĂŝŶŶLJĂĚĂůĂŵŚĂůƉĞŶŐƵƌĂŶŐĂŶŬĂƌLJĂǁĂŶ͖
ϭϭ͘ ŵĞŵĂƐƚŝŬĂŶĂĚĂŶLJĂůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞĚĂƌŝĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ͖
ϭϮ͘ ďŝĚĂŶŐƉĞŶŐĞŵďĂŶŐĂŶƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂ͕LJĂŝƚƵ͗
Ă͘ ŵĞŵĂƐƚŝŬĂŶďĂŚǁĂWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵŝůŝŬŝŬĞďŝũĂŬĂŶƉĞŶŐĞůŽůĂĂŶĚĂŶƉĞŶŐĞŵďĂŶŐĂŶƐƵŵďĞƌĚĂLJĂ
ŵĂŶƵƐŝĂLJĂŶŐƚƌĂŶƐƉĂƌĂŶ͖
ď͘ ŵĞůĂŬƵŬĂŶƉĞŶĞůĂĂŚĂŶĚĂŶƉĞŵĂŶƚĂƵĂŶƉƌĂŬƚĞŬŵĂŶĂũĞŵĞŶƉĞŶŐĞŵďĂŶŐĂŶƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂ
ďĞƌĚĂƐĂƌŬĂŶƉĞĚŽŵĂŶŬĞďŝũĂŬĂŶƚĂƚĂŬĞůŽůĂWĞƌƐĞƌŽĂŶ͕ŬŚƵƐƵƐŶLJĂŬĞďŝũĂŬĂŶŵĂŶĂũĞŵĞŶĚĂŶƉƌŽƐĞĚƵƌ
ŽƉĞƌĂƐŝƐƚĂŶĚĂƌĚŝďŝĚĂŶŐƉĞŶŐĞŵďĂŶŐĂŶƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂ͖
Đ͘ ŵĞŶĞůĂĂŚ ĚĂŶ ŵĞŵĂŶƚĂƵ ŝŵƉůĞŵĞŶƚĂƐŝ ƐŝƐƚĞŵ ƉĞƌĞŶĐĂŶĂĂŶ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ͕ ƌĞŬƌƵƚŵĞŶ͕
ƐĞůĞŬƐŝĚĂŶƉĞŶĞŵƉĂƚĂŶŬĂƌLJĂǁĂŶ͖
Ě͘ ŵĞŶĞůĂĂŚĚĂŶŵĞŵĂŶƚĂƵŚƵďƵŶŐĂŶŬĞƌũĂŝŶĚƵƐƚƌŝĂůLJĂŶŐĂĚĂĚŝůŝŶŐŬƵŶŐĂŶWĞƌƐĞƌŽĂŶ͖ĚĂŶ
Ğ͘ ŵĞŵĂŶƚĂƵĚĂŶŵĞŶŐĂǁĂƐŝƉĞůĂŬƐĂŶĂĂŶƉƌŽŐƌĂŵƉĞŶŐĞŵďĂŶŐĂŶƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂĚŝWĞƌƐĞƌŽĂŶ͕
ƚĞƌŵĂƐƵŬ ŵĂŶĂũĞŵĞŶ ƚĂůĞŶƚĂ ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ LJĂŶŐ
ŬŽŵƉĞƚĞŶƐĞƐƵĂŝŬĞďƵƚƵŚĂŶWĞƌƐĞƌŽĂŶ͖
ϭϯ͘ ďŝĚĂŶŐĞǀĂůƵĂƐŝŬŝŶĞƌũĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ͖
Ă͘ ŵĞůĂŬƵŬĂŶ ĨĂƐŝůŝƚĂƐ ƉĞŶLJŝĂƉĂŶ ĞǀĂůƵĂƐŝ ŬŝŶĞƌũĂ ŵĞůĂůƵŝ ƉĞŶLJƵƐƵŶĂŶ <ĞLJ WĞƌĨŽƌŵĂŶĐĞ /ŶĚŝĐĂƚŽƌ
(“<W/”) Dewan Komisari dengan sistem ƐĞůĨͲĂƐƐĞƐƐŵĞŶƚ ĂƚĂƵ ƐŝƐƚĞŵ ůĂŝŶ ƵŶƚƵŬ ŬĞŵƵĚŝĂŶ
ĚŝƉƵƚƵƐŬĂŶĚĂůĂŵƌĂƉĂƚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ď͘ ŵĞůĂŬƵŬĂŶ ĨĂƐŝůŝƚĂƐŝ ĚĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ŵĞŶŐĞŶĂŝ ƉĞŶĞƚĂƉĂŶ <W/ ŝƌĞŬƐŝ ƉĂĚĂ ƐĞƚŝĂƉ ĂǁĂů ƚĂŚƵŶ
ŬĞƌũĂ͖ĚĂŶ
Đ͘ ŵĞůĂŬƵŬĂŶĨĂƐŝůŝƚĂƐĚĂŶƌĞŬŽŵĞŶĚĂƐŝƉĞŶŝůĂŝĂŶŬŝŶĞƌũĂŝƌĞŬƐŝďĞƌĚĂƐĂƌŬĂŶ<W/ĚĂŶͬĂƚĂƵŝŶƐƚƌƵŵĞŶ
ůĂŝŶŶLJĂ ƵŶƚƵŬ ĚŝƐĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐͬĞǁĂŶ WĞŶŐĂǁĂƐ ƐĞďĂŐĂŝ ďĂŚĂŶ ĞǀĂůƵĂƐŝ
ůĞďŝŚůĂŶũƵƚ͘

tĞǁĞŶĂŶŐ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͗
ĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐŶLJĂ͕<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝŵĞŵƉƵŶLJĂŝǁĞǁĞŶĂŶŐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ ŵĞŶŐĂŬƐĞƐ ƐĞĐĂƌĂ ƉĞŶƵŚ͕ ďĞďĂƐ ĚĂŶ ƚŝĚĂŬ ƚĞƌďĂƚĂƐ ƚĞƌŚĂĚĂƉ ĚŽŬƵŵĞŶ͕ ĚĂƚĂ ĚĂŶ ŝŶĨŽƌŵĂƐŝ WĞƌƐĞƌŽĂŶ
ƚĞŶƚĂŶŐ ŬĂƌLJĂǁĂŶ͕ ĚĂŶĂ͕ ĂƐĞƚ ĚĂŶ ƐƵŵďĞƌ ĚĂLJĂ ůĂŝŶŶLJĂ ƉĂĚĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ĂŶĂŬͲĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ
WĞƌƐĞƌŽĂŶLJĂŶŐĚŝŬŽŶƐŽůŝĚĂƐŝ;ũŝŬĂĂĚĂͿďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞůĂŬƐĂŶĂĂŶƚƵŐĂƐŶLJĂ͖
Ϯ͘ ďĞƌŬŽŵƵŶŝŬĂƐŝ ůĂŶŐƐƵŶŐ ĚĞŶŐĂŶ ŬĂƌLJĂǁĂŶ͕ ƚĞƌŵĂƐƵŬ ŝƌĞŬƐŝ ĚĂŶ ƉŝŚĂŬ LJĂŶŐ ŵĞŶũĂůĂŶŬĂŶ ĨƵŶŐƐŝ
ŵĂŶĂũĞŵĞŶƌŝƐŝŬŽƚĞƌŬĂŝƚƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂď<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͖ĚĂŶ
ϯ͘ ŵĞůĂŬƵŬĂŶŬĞǁĞŶĂŶŐĂŶůĂŝŶLJĂŶŐĚŝďĞƌŝŬĂŶŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘

ZWd<KD/dEKD/E^/EZDhEZ^/

<ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ WĞƌƐĞƌŽĂŶ ĚŝĂŶŐŬĂƚ ƉĂĚĂ ϭϴ ŐƵƐƚƵƐ ϮϬϭϳ͕ ƐĞŚŝŶŐŐĂ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͕ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ WĞƌƐĞƌŽĂŶ ďĞůƵŵ ƉĞƌŶĂŚ ŵĞůĂŬƐĂŶĂŬĂŶ ZĂƉĂƚ
<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͘







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ZŝƐŝŬŽͲƌŝƐŝŬŽƵƚĂŵĂLJĂŶŐƚŝŵďƵůĚĂƌŝŝŶƐƚƌƵŵĞŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶĂĚĂůĂŚƌŝƐŝŬŽŬƌĞĚŝƚ͕ƌŝƐŝŬŽŶŝůĂŝƚƵŬĂƌŵĂƚĂ
ƵĂŶŐ ŶŽŶͲĨƵŶŐƐŝŽŶĂů͕ ƌŝƐŝŬŽ ůŝŬƵŝĚŝƚĂƐ͕ ĚĂŶ ƌŝƐŝŬŽ ƚŝŶŐŬĂƚ ďƵŶŐĂ͘ DĂŶĂũĞŵĞŶ ŵĞŶĞůĂĂŚ ĚĂŶ ŵĞŶŐĞůƵĂƌŬĂŶ
ŬĞďŝũĂŬĂŶ ƵŶƚƵŬ ŵĞŶŐĞůŽůĂ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƌŝƐŝŬŽ͘ WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ŬĞďŝũĂŬĂŶ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ LJĂŶŐ
ďĞƌƚƵũƵĂŶƵŶƚƵŬŵĞŵŝŶŝŵĂůŬĂŶƉĞŶŐĂƌƵŚŬĞƚŝĚĂŬƉĂƐƚŝĂŶƉĂƐĂƌƚĞƌŚĂĚĂƉŬŝŶĞƌũĂŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘ĞƌŝŬƵƚ
ŝŶŝƌŝŶŐŬĂƐĂŶŬĞďŝũĂŬĂŶĚĂŶƉĞŶŐĞůŽůĂĂŶŵĂŶĂũĞŵĞŶƌŝƐŝŬŽƚĞƌƐĞďƵƚ͗

ϭ͘ ZŝƐŝŬŽ<ƌĞĚŝƚ
ZŝƐŝŬŽ ŬƌĞĚŝƚ ƚŝŵďƵů ĚĂƌŝ ƌŝƐŝŬŽ ŬĞŐĂŐĂůĂŶ ĚĂƌŝ ĐŽƵŶƚĞƌƉĂƌƚ ĂƚĂƐ ůŝĂďŝůŝƚĂƐ ŬŽŶƚƌĂŬƚƵĂů LJĂŶŐ ĚĂƉĂƚ
ŵĞŶŐĂŬŝďĂƚŬĂŶŬĞƌƵŐŝĂŶŬĞƵĂŶŐĂŶŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘ŬƐƉŽƐƵƌƌŝƐŝŬŽŬƌĞĚŝƚWĞƌƐĞƌŽĂŶƚŝŵďƵůƚĞƌƵƚĂŵĂ
ĚĂƌŝ ƉŝƵƚĂŶŐ ƵƐĂŚĂ͘ hŶƚƵŬ ĂƐĞƚ ŬĞƵĂŶŐĂŶ ůĂŝŶŶLJĂ ƐĞƉĞƌƚŝ ŬĂƐ ĚĂŶ ƐĞƚĂƌĂ ŬĂƐ ĚĂŶ ŬĂƐ ĚŝďĂƚĂƐŝ
ƉĞŶŐŐƵŶĂĂŶŶLJĂ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝŶŝŵĂůŬĂŶ ƌŝƐŝŬŽ ŬƌĞĚŝƚ ĚĞŶŐĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶĞŵƉĂƚĂŶ ƉĂĚĂ ƉŝŚĂŬͲ
ƉŝŚĂŬ LJĂŶŐ ďĞƌĞƉƵƚĂƐŝ͘ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ŬĞďŝũĂŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƉĞůĂŶŐŐĂŶ ;ƵƐƚŽŵĞƌ ZĞŵŝƚƚĂŶĐĞ
WŽůŝĐLJͿƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶďĂŚǁĂƚƌĂŶƐĂŬƐŝLJĂŶŐŵĞŶŐŚĂƐŝůŬĂŶƉĞŶĚĂƉĂƚĂŶĚŝůĂŬƵŬĂŶĚĞŶŐĂŶƉĞůĂŶŐŐĂŶ
LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ĐĂƚĂƚĂŶ ŬƌĞĚŝƚ LJĂŶŐ ďĂŝŬ͕ ƐĞƌƚĂ ƉĞŶĞŶƚƵĂŶ ďĂƚĂƐĂŶ ŬƌĞĚŝƚ͕ ƐLJĂƌĂƚ ƉĞŶũƵĂůĂŶ͕ ďĂƚĂƐĂŶ
ƉŝƵƚĂŶŐ ĚĂŶ ƉĞŶĞŶƚƵĂŶ ƉŽůĂ ƉĞŵďĂLJĂƌĂŶ ƐĞƐƵĂŝ ĚĂƚĂ ƉĞƌŝůĂŬƵ ƉĞŵďĂLJĂƌĂŶ ƐĞďĞůƵŵŶLJĂ͘ ^ĞŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶ ƉĞůĂŶŐŐĂŶ ůĂŝŶ WĞƌƐĞƌŽĂŶ͕ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ƚĞƌĚŝƌŝ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ŵĂƐŬĂƉĂŝ ƉĞŶĞƌďĂŶŐĂŶ LJĂŶŐ
ďĞƌĂŐĂŵ ĚĂƌŝ ĚĂůĂŵ ĚĂŶ ůƵĂƌ ŶĞŐĞƌŝ͘ WĞƌƐĞƌŽĂŶ ŵĞŵŽŶŝƚŽƌ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ƐĂůĚŽ ƉŝƵƚĂŶŐ ŬĞƉĂĚĂ
ƉĞůĂŶŐŐĂŶƵŶƚƵŬŵĞŶŐƵƌĂŶŐŝĞŬƐƉŽƐƵƌWĞƌƐĞƌŽĂŶƚĞƌŚĂĚĂƉƉŝƵƚĂŶŐƚŝĚĂŬƚĞƌƚĂŐŝŚ͘

Ϯ͘ ZŝƐŝŬŽEŝůĂŝdƵŬĂƌDĂƚĂhĂŶŐEŽŶͲ&ƵŶŐƐŝŽŶĂů
WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ĞŬƐƉŽƐƵƌ ƚĞƌŚĂĚĂƉ ĨůƵŬƚƵĂƐŝ ŶŝůĂŝ ƚƵŬĂƌ LJĂŶŐ ĚĂƉĂƚ ďĞƌƉĞŶŐĂƌƵŚ ŶĞŐĂƚŝĨ ƚĞƌŚĂĚĂƉ
ŬŝŶĞƌũĂŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶLJĂŶŐƚŝŵďƵůĚĂƌŝƚƌĂŶƐĂŬƐŝĚĞŶŐĂŶƉĞůĂŶŐŐĂŶŵĂƵƉƵŶƉĞŵĂƐŽŬĚĂƌŝĚĂůĂŵ
ĚĂŶůƵĂƌŶĞŐĞƌŝLJĂŶŐĚŝĚĞŶŽŵŝŶĂƐŝĚĂůĂŵŵĂƚĂƵĂŶŐŶŽŶͲĨƵŶŐƐŝŽŶĂů͘dƌĂŶƐĂŬƐŝƚĞƌƐĞďƵƚƚĞƌƵƚĂŵĂƚŝŵďƵů
ĚĂƌŝƉĞŵďĞůŝĂŶĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚĚĂŶĚŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚ;h^Ϳ͘<ĞďŝũĂŬĂŶďĞƌŬĂŝƚĂŶĚĞŶŐĂŶ
ƌŝƐŝŬŽŶŝůĂŝƚƵŬĂƌLJĂŶŐƐĂĂƚŝŶŝĚŝũĂůĂŶŬĂŶĚĞŶŐĂŶŶĂƚƵƌĂůŚĞĚŐŝŶŐ͕LJĂŝƚƵ͗

• WĞƌƐĞƌŽĂŶ ŵĞŵĂŶĨĂĂƚŬĂŶ ƉĞůƵĂŶŐ ŚĂƌŐĂ ƉĂƐĂƌ ŶŝůĂŝ ƚƵŬĂƌ ŵĂƚĂ ƵĂŶŐ ůĂŝŶŶLJĂ ;ŵƵůƚŝĐƵƌƌĞŶĐLJͿ ƵŶƚƵŬ
ŵĞŶƵƚƵƉ ŬĞŵƵŶŐŬŝŶĂŶ ƌŝƐŝŬŽ ŵĞůĞŵĂŚŶLJĂ ŶŝůĂŝ ƚƵŬĂƌ ĨƵŶŐƐŝŽŶĂů ĚĂŶ ďĞŐŝƚƵ ƐĞďĂůŝŬŶLJĂ ƐĞŚŝŶŐŐĂ
ƐĞĐĂƌĂ ŶĂƚƵƌĂů ƌŝƐŝŬŽ ĂĚĂŶLJĂ ƉĞƌŐĞƌĂŬĂŶ ŶŝůĂŝ ƚƵŬĂƌ ŵĂƚĂ ƵĂŶŐ ŶŽŶĨƵŶŐƐŝŽŶĂů ďŝƐĂ ƐĂůŝŶŐ
ŵĞŶŐŚŝůĂŶŐŬĂŶ͘ dƌĂŶƐĂŬƐŝ ǀĂůƵƚĂ ŵĂƚĂ ƵĂŶŐ ďŝƐĂ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ƐĞůĂůƵ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ŬƵƌƐ
LJĂŶŐŵĞŶŐƵŶƚƵŶŐŬĂŶWĞƌƐĞƌŽĂŶ͘

• WĞƌƐĞƌŽĂŶ ŵĞŶŐĂƚƵƌ ƌŝƐŝŬŽ ĚĞŶŐĂŶ ďĞƌƵƐĂŚĂ ŵĞŶLJĞůĂƌĂƐŬĂŶ ƉĞŶĞƌŝŵĂĂŶ ĚĂŶ ƉĞŵďĂLJĂƌĂŶ ƵŶƚƵŬ
ƐĞƚŝĂƉũĞŶŝƐŵĂƚĂƵĂŶŐ͘

ϯ͘ ZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐ
ZŝƐŝŬŽ >ŝŬƵŝĚŝƚĂƐ ĚŝĚĞĨŝŶŝƐŝŬĂŶ ƐĞďĂŐĂŝ ŬĞƚŝĚĂŬŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ůŝĂďŝůŝƚĂƐ
ŬĞƵĂŶŐĂŶŶLJĂ LJĂŶŐ ƐĞůĂŶũƵƚŶLJĂ ŵĞŶŐĂŬŝďĂƚŬĂŶ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŵĂŶĨĂĂƚŬĂŶ ƉĞůƵĂŶŐ ŝŶǀĞƐƚĂƐŝ
ĂƚĂƵ ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŵĞŶƵŚŝ ůŝĂďŝůŝƚĂƐ ŬĞƵĂŶŐĂŶ ũĂŶŐŬĂ ƉĞŶĚĞŬ LJĂŶŐ ƉĂĚĂ ĂŬŚŝƌŶLJĂ ŵĞŶŐĂŬŝďĂƚŬĂŶ
ĚĞĨĂƵůƚ͕ ƉĞŵŝŶũĂŵĂŶ LJĂŶŐ ďĞƌůĞďŝŚĂŶ ĂƚĂƵ ƚŝŶŐŬĂƚ ƐƵŬƵ ďƵŶŐĂ LJĂŶŐ ďƵƌƵŬ͘ ĂůĂŵ ŵĞŶŐĞůŽůĂ ƌŝƐŝŬŽ
ůŝŬƵŝĚŝƚĂƐ͕WĞƌƐĞƌŽĂŶŵĞŵĂŶƚĂƵĚĂŶŵĞŶũĂŐĂƚŝŶŐŬĂƚŬĂƐĚĂŶƐĞƚĂƌĂŬĂƐLJĂŶŐĚŝĂŶŐŐĂƉŵĞŵĂĚĂŝƵŶƚƵŬ
ŵĞŵďŝĂLJĂŝ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶĚĂŶƵŶƚƵŬ ŵĞŶŐĂƚĂƐŝĚĂŵƉĂŬ ĚĂƌŝ ĨůƵŬƚƵĂƐŝ ĂƌƵƐ ŬĂƐ͘ WĞƌƐĞƌŽĂŶũƵŐĂ
ƐĞĐĂƌĂƌƵƚŝŶŵĞŶŐĞǀĂůƵĂƐŝƉƌŽLJĞŬƐŝĂƌƵƐŬĂƐĚĂŶĂƌƵƐŬĂƐĂŬƚƵĂů͕ƚĞƌŵĂƐƵŬũĂĚǁĂůũĂƚƵŚƚĞŵƉŽƉŝŶũĂŵĂŶ
ũĂŶŐŬĂ ƉĂŶũĂŶŐ͕ ĚĂŶ ƚĞƌƵƐ ŵĞŶĞůĂĂŚ ŬŽŶĚŝƐŝ ƉĂƐĂƌ ŬĞƵĂŶŐĂŶ ƵŶƚƵŬ ŵĞŶŐĂŵďŝů ŝŶŝƐŝĂƚŝĨ ŵĞŶĐĂƌŝ ĚĂŶĂ
ƐĞďĂŐĂŝŵŽĚĂůŬĞƌũĂ͘ŬƚŝǀŝƚĂƐƚĞƌƐĞďƵƚĚĂƉĂƚŵĞůŝƉƵƚŝƉĞŶĞƌďŝƚĂŶƵƚĂŶŐďĂŶŬ͘

ϰ͘ ZŝƐŝŬŽdŝŶŐŬĂƚƵŶŐĂ
WĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ ĚŝƉĞŶŐĂƌƵŚŝ ŽůĞŚ ďĞďĂŶ ďƵŶŐĂ LJĂŶŐ ďĞƌĚĂŵƉĂŬ ƚĞƌŚĂĚĂƉ ƉĞƌƵďĂŚĂŶ ƚŝŶŐŬĂƚ
ďƵŶŐĂ ĚĂƌŝ ƉŝŶũĂŵĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ͘ WĞƌƐĞƌŽĂŶ ŵĞŵŽŶŝƚŽƌ ƉĞƌƵďĂŚĂŶ ƐƵŬƵ ďƵŶŐĂ ƉĂƐĂƌ ƵŶƚƵŬ
ŵĞŵĂƐƚŝŬĂŶ ƌŝƐŝŬŽ ƐƵŬƵ ďƵŶŐĂ WĞƌƐĞƌŽĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĂƐĂƌ͘ /ŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ƐƵŬƵ ďƵŶŐĂ
ĚŝƵŶŐŬĂƉŬĂŶĚĂůĂŵĐĂƚĂƚĂŶĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ͘





112
<͘^hDZzDEh^/

Sumber Daya Manusia (“^D”) ŵĞƌƵƉĂŬĂŶ ĂƐĞƚ ƵƚĂŵĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞŵŝůŝŬŝ ƉĞƌĂŶ ƉĞŶƚŝŶŐ ĚĂůĂŵ
ŵĞŶĞŶƚƵŬĂŶŬĞďĞƌŚĂƐŝůĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘DĞŶLJĂĚĂƌŝŚĂůƚĞƌƐĞďƵƚ͕WĞƌƐĞƌŽĂŶďĞƌŬĞLJĂŬŝŶĂŶďĂŚǁĂ
ƵŶƚƵŬĚĂƉĂƚŵĞŶĐĂƉĂŝŵŝƐŝWĞƌƐĞƌŽĂŶ͕ŵƵƚůĂŬĚŝƉĞƌůƵŬĂŶƵƐĂŚĂͲƵƐĂŚĂLJĂŶŐĚĂƉĂƚŵĞŶƵŶũĂŶŐƉĞŶŐĞŵďĂŶŐĂŶ
ĚĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ŬƵĂůŝƚĂƐ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ ƐĞŚŝŶŐŐĂ ƉĞŶĚĂLJĂŐƵŶĂĂŶ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ ĚĂƉĂƚ
ĚŝůĂŬƵŬĂŶƐĞĐĂƌĂŽƉƚŝŵĂů͘

WĞƌ ƚĂŶŐŐĂů ϯϬ :ƵŶŝ ϮϬϭϳ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ϰ͘ϯϱϮ ŬĂƌLJĂǁĂŶ͘ ĞƌĚĂƐĂƌŬĂŶ ŚƵďƵŶŐĂŶ ŬĞƌũĂ͕ ƚĞƌĚĂƉĂƚ ĚƵĂ
ŬůĂƐŝĨŝŬĂƐŝŚƵďƵŶŐĂŶŬĞƌũĂLJĂŝƚƵƉĞŐĂǁĂŝƚĞƚĂƉĚĂŶƉĞŐĂǁĂŝŬŽŶƚƌĂŬ͘WĞŐĂǁĂŝƚĞƚĂƉƚĞůĂŚŵĞŵŝůŝŬŝƉĞŶŐĂůĂŵĂŶ
ĚĂŶ ŬĞĂŚůŝĂŶ LJĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƚƵŐĂƐ ĚĂŶ ǁĞǁĞŶĂŶŐ Ěŝ ƐĞƚŝĂƉ ďŝĚĂŶŐ ƉĞŬĞƌũĂĂŶ͘ ĂůĂŵ ŚĂů ĨĂƐŝůŝƚĂƐ ĚĂŶ
ŬĞƐĞũĂŚƚĞƌĂĂŶ ŬĂƌLJĂǁĂŶ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ƐĞƉĞŶƵŚŶLJĂ ŵĞŶŐŝŬƵƚŝ ĚĂŶ ŵĞŵĂƚƵŚŝ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ďĞƌůĂŬƵ
ƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵWĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚĂŶĚŝƐĞƉĂŬĂƚŝĚĂůĂŵWĞƌũĂŶũŝĂŶ<ĞƌũĂĞƌƐĂŵĂ;W<ͿĂŶƚĂƌĂ
DĂŶĂũĞŵĞŶĚĂŶ^ĞƌŝŬĂƚWĞŬĞƌũĂ͘

<ŽŵƉŽƐŝƐŝ<ĂƌLJĂǁĂŶ
ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚŬŽŵƉŽƐŝƐŝŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌŝŽĚĞƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĞƌƚĂŶŐŐĂůϯϬ:ƵŶŝϮϬϭϳ͕
ϯϭĞƐĞŵďĞƌϮϬϭϲ͕ϮϬϭϱ͕ĚĂŶϮϬϭϰŵĞŶƵƌƵƚũĞŶũĂŶŐƉĞŶĚŝĚŝŬĂŶ͕ũĞŶũĂŶŐŵĂŶĂũĞŵĞŶ͕ũĞŶũĂŶŐƵƐŝĂ͕ĚĂŶƐƚĂƚƵƐ
ŚƵďƵŶŐĂŶŬĞƌũĂ͗

<ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝDĞŶƵƌƵƚ^ƚĂƚƵƐ,ƵďƵŶŐĂŶ<ĞƌũĂ

ϯϭĞƐĞŵďĞƌ ϯϬ:ƵŶŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϳ ϮϬϭϲ ϮϬϭϳ
WĞŐĂǁĂŝdĞƚĂƉ ϯϯϭϱ ϯϱϵϴ ϯϵϳϵ ϰϯϱϮ
WĞŐĂǁĂŝdŝĚĂŬdĞƚĂƉ ϱϯϵ ϱϰϭ ϲϮϱ ϰϯϱ
:ƵŵůĂŚ ϯϴϱϰ ϰϭϯϵ ϰϲϬϰ ϰϳϴϳ

<ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝdĞƚĂƉDĞŶƵƌƵƚ:ĞŶũĂŶŐWĞŶĚŝĚŝŬĂŶ

ϯϭĞƐĞŵďĞƌ ϯϬ:ƵŶŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϳ ϮϬϭϲ ϮϬϭϳ
^ϯ ϱ Ϯ Ϯ Ϯ
^Ϯ ϳϭ ϭϮϴ ϳϳ ϭϮϴ
^ϭ ϳϬϮ ϭϮϯϬ ϭϬϬϴ ϭϮϯϬ
ŝƉůŽŵĂ ϳϰϵ ϭϳϭϴ ϭϱϴϳ ϭϳϭϴ
^>d ϭϳϴϴ ϭϮϳϰ ϭϯϬϱ ϭϮϳϰ
:ƵŵůĂŚ ϯϯϭϱ ϰϯϱϮ ϯϵϳϵ ϰϯϱϮ

<ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝdĞƚĂƉDĞŶƵƌƵƚ:ĞŶũĂŶŐDĂŶĂũĞŵĞŶ

ϯϭĞƐĞŵďĞƌ ϯϬ:ƵŶŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϳ ϮϬϭϲ ϮϬϭϳ
sŝĐĞWƌĞƐŝĚĞŶƚ ϭϲ Ϯϰ ϮϮ Ϯϰ
'ĞŶĞƌĂůDĂŶĂŐĞƌ ϵϵ ϭϮϴ ϭϰϱ ϭϮϴ
DĂŶĂŐĞƌ Ϯϰϴ ϯϱϲ ϯϯϭ ϯϱϲ
^ƚĂĨĨ ϮϵϱϮ ϯϳϰϯ ϯϰϴϭ ϯϳϰϯ
:ƵŵůĂŚ ϯϯϭϱ ϰϯϱϮ ϯϵϳϵ ϰϯϱϮ

<ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝ<ŽŶƚƌĂŬ;W<tdͿDĞŶƵƌƵƚ:ĞŶũĂŶŐDĂŶĂũĞŵĞŶ

ϯϭĞƐĞŵďĞƌ ϯϬ:ƵŶŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ
sWͬdžĞĐƵƚŝǀĞWƌŽŐƌĂŵDĂŶĂŐĞƌ ϭ Ϭ ϭ Ϯ
'ĞŶĞƌĂůDĂŶĂŐĞƌ ϭ ϯ Ϯ ϭ
DĂŶĂŐĞƌ Ϭ Ϯ Ϭ Ϭ
^ƚĂĨĨ ϱϯϳ ϱϯϲ ϲϮϮ ϰϯϮ
:ƵŵůĂŚ ϱϯϵ ϱϰϭ ϲϮϱ ϰϯϱ

113
 <ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝdĞƚĂƉDĞŶƵƌƵƚ:ĞŶũĂŶŐhƐŝĂ

ϯϭĞƐĞŵďĞƌ ϯϬ:ƵŶŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ
хϱϱƚĂŚƵŶ ϵϳ ϯ Ϭ ϱϴ
ϰϲ–ϱϱƚĂŚƵŶ ϭϮϱϵ ϭϮϰϳ ϭϮϲϬ ϭϮϱϯ
ϯϲ–ϰϱƚĂŚƵŶ ϰϬϴ ϰϬϵ Ϯϵϳ Ϯϰϰ
Ϯϲ–ϯϱƚĂŚƵŶ ϴϭϯ ϴϲϳ ϭϭϴϱ ϭϱϱϮ
ϭϴ–ϮϱƚĂŚƵŶ ϳϯϴ ϭϬϳϮ ϭϮϯϳ ϭϮϰϱ
:ƵŵůĂŚ ϯϯϭϱ ϯϱϵϴ ϯϵϳϵ ϰϯϱϮ

<ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝ<ŽŶƚƌĂŬ;W<tdͿDĞŶƵƌƵƚ:ĞŶũĂŶŐhƐŝĂ

ϯϭĞƐĞŵďĞƌ ϯϭ:Ƶůŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ
хϱϱƚĂŚƵŶ ϭϱϯ ϭϳϯ ϭϴϰ ϮϬϭ
ϰϲ–ϱϱƚĂŚƵŶ ϭϱ ϭϮ ϭϰ ϯϵ
ϯϲ–ϰϱƚĂŚƵŶ ϭϵ ϭϳ ϭϰ ϭϲ
Ϯϲ–ϯϱƚĂŚƵŶ ϳϴ ϱϰ ϱϵ ϰϮ
ϭϴ–ϮϱƚĂŚƵŶ Ϯϳϰ Ϯϴϱ ϯϱϰ ϭϯϳ
:ƵŵůĂŚ ϱϯϵ ϱϰϭ ϲϮϱ ϰϯϱ

<ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝdĞƚĂƉDĞŶƵƌƵƚ:ĞŶŝƐ<ĞůĂŵŝŶ

ϯϭĞƐĞŵďĞƌ ϯϬ:ƵŶŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ
WƌŝĂ ϯϬϲϴ ϯϮϵϵ ϯϲϰϬ ϯϵϳϮ
tĂŶŝƚĂ Ϯϰϳ Ϯϵϵ ϯϯϵ ϯϴϬ
:ƵŵůĂŚ ϯϯϭϱ ϯϱϵϴ ϯϵϳϵ ϰϯϱϮ

<ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝ<ŽŶƚƌĂŬ;W<tdͿDĞŶƵƌƵƚ:ĞŶŝƐ<ĞůĂŵŝŶ

ϯϭĞƐĞŵďĞƌ ϯϬ:ƵŶŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ
WƌŝĂ ϱϬϬ ϱϭϬ ϱϲϵ ϯϵϲ
tĂŶŝƚĂ ϯϵ ϯϭ ϱϲ ϯϵ
:ƵŵůĂŚ ϱϯϵ ϱϰϭ ϲϮϱ ϰϯϱ

<ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝdĞƚĂƉDĞŶƵƌƵƚhŶŝƚ

ϯϭĞƐĞŵďĞƌ ϯϬ:ƵŶŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ
hŶŝƚWƌŽĚƵŬƐŝ Ϯϵϰϲ ϯϮϭϱ ϯϱϬϲ ϯϴϵϯ
hŶŝƚ^ƵƉƉŽƌƚŝŶŐ ϯϲϵ ϯϴϯ ϰϳϯ ϰϱϵ
:ƵŵůĂŚ ϯϯϭϱ ϯϱϵϴ ϯϵϳϵ ϰϯϱϮ

<ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝ<ŽŶƚƌĂŬ;W<tdͿDĞŶƵƌƵƚhŶŝƚ

ϯϭĞƐĞŵďĞƌ ϯϬ:ƵŶŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ
hŶŝƚWƌŽĚƵŬƐŝ ϰϴϰ ϯϴϱ ϱϬϳ ϯϱϳ
hŶŝƚ^ƵƉƉŽƌƚŝŶŐ ϱϱ ϭϱϲ ϭϭϴ ϳϴ
:ƵŵůĂŚ ϱϯϵ ϱϰϭ ϲϮϱ ϰϯϱ

114
 <ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝdĞƚĂƉDĞŶƵƌƵƚ>ŽŬĂƐŝhƐĂŚĂ

ϯϭĞƐĞŵďĞƌ ϯϬ:ƵŶŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ
dĂŶŐĞƌĂŶŐ Ϯ͘ϵϮϮ ϯ͘ϭϴϲ ϯ͘ϱϳϱ ϯϵϭϭ
>ŝŶĞDĂŝŶƚĞŶĂŶĐĞ^ƚĂƚŝŽŶ ϯϵϯ ϰϭϮ ϰϬϰ ϰϰϭ
:ƵŵůĂŚ ϯ͘ϯϭϱ ϯ͘ϱϵϴ ϯ͘ϵϳϵ ϰϯϱϮ

<ŽŵƉŽƐŝƐŝWĞŐĂǁĂŝ<ŽŶƚƌĂŬ;W<tdͿDĞŶƵƌƵƚ>ŽŬĂƐŝhƐĂŚĂ

ϯϭĞƐĞŵďĞƌ ϯϭ:Ƶůŝ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ
dĂŶŐĞƌĂŶŐ Ϯϳϰ ϱϬϮ ϱϳϴ ϯϴϳ
>ŝŶĞDĂŝŶƚĞŶĂŶĐĞ^ƚĂƚŝŽŶ ϰϯ ϯϵ ϰϳ ϰϴ
:ƵŵůĂŚ ϯϭϳ ϱϰϭ ϲϮϱ ϰϯϱ

WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŬĂƌLJĂǁĂŶ LJĂŶŐ ŵĞŵŝůŝŬŝ ŬĞĂŚůŝĂŶ ŬŚƵƐƵƐ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ŽƉĞƌĂƐŝŽŶĂů
WĞƌƐĞƌŽĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶ͘

WĂĚĂ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ŝŶŝ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞŬĞƌũĂŬĂŶ Ϯ ;ĚƵĂͿ ŽƌĂŶŐ ƚĞŶĂŐĂ ŬĞƌũĂ ĂƐŝŶŐ͘ ĞƌŝŬƵƚ ŝŶŝ ĂĚĂůĂŚ
ƉĞŶũĞůĂƐĂŶŵĞŶŐĞŶĂŝƚĞŶĂŐĂŬĞƌũĂĂƐŝŶŐƚĞƌƐĞďƵƚ͘

DĂƐĂ DĂƐĂ
EŽ͘
EŽ͘ EĂŵĂ WŽƐŝƐŝ EŽ͘/Dd ĞƌůĂŬƵ ĞƌůĂŬƵ tĂƌŐĂEĞŐĂƌĂ
</d^
/DdƐ͘Ě͘ </d^Ɛ͘Ě͘
<W
ŽƌŶĞůŝƐ d͘͘ŝĚ͘ ϮϬƉƌŝů Ϯϭϭ:ϭ ϮϮDĞŝ
ϭ͘  ϮϳϭϬϭͬDEͬͬ/ ĞůĂŶĚĂ
ŵŝůĞǀĞƌƐ ůĞĐƚƌŝĐĂů ϮϬϭϴ ϯϴϱͲZ ϮϬϭϴ
DdͬϮϬϭϳ
<W Ϯϳ Ϯϳ
,ƵĚĚLJ ƌŝĂŶ d͘͘ĨŽƌYƵĂůŝƚLJ Ϯϭϭ&Ϭ
Ϯ͘  ϳϮϱϳϮͬDEͬͬ/ ĞƐĞŵďĞƌ ĞƐĞŵďĞƌ ƵƐƚƌĂůŝĂ
ĂǀŝĚ ŽŶƚƌŽů ϬϯϮͲZ
DdͬϮϬϭϲ ϮϬϭϳ ϮϬϭϳ

WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝƚĞŶĂŐĂŬĞƌũĂĂƐŝŶŐLJĂŶŐŵĞŶĚƵĚƵŬŝũĂďĂƚĂŶͲũĂďĂƚĂŶƚĞƌƚĞŶƚƵLJĂŶŐĚŝůĂƌĂŶŐĚŝĚƵĚƵŬŝ
ƚĞŶĂŐĂ ŬĞƌũĂ ĂƐŝŶŐ ŬĞĐƵĂůŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ <ĞƉƵƚƵƐĂŶ DĞŶƚĞƌŝ dĞŶĂŐĂ <ĞƌũĂ ĚĂŶ dƌĂŶƐŵŝŐƌĂƐŝ
ZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϰϬdĂŚƵŶϮϬϭϮƚĞŶƚĂŶŐ:ĂďĂƚĂŶͲ:ĂďĂƚĂŶdĞƌƚĞŶƚƵLJĂŶŐŝůĂƌĂŶŐŝĚƵĚƵŬŝdĞŶĂŐĂ<ĞƌũĂ
ƐŝŶŐ͘

&ĂƐŝůŝƚĂƐĚĂŶ<ĞƐĞũĂŚƚĞƌĂĂŶ<ĂƌLJĂǁĂŶ

ĞƌŝŬƵƚŬŽŵƉŽŶĞŶƌĞŵƵŶĞƌĂƐŝͬĨĂƐŝůŝƚĂƐLJĂŶŐĚŝƚĞƌŝŵĂŽůĞŚŬĂƌLJĂǁĂŶLJĂŝƚƵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EŽ͘ :ĞŶŝƐZĞŵƵŶĞƌĂƐŝͬ&ĂƐŝůŝƚĂƐ
ϭ /ŶƐĞŶƚŝĨ
Ϯ dƵŶũĂŶŐĂŶ>ŝƐĞŶƐŝΘWƌŽĚƵŬƚŝĨŝƚĂƐWĞƌĂǁĂƚĂŶWĞƐĂǁĂƚdĞƌďĂŶŐ
ϯ dƵŶũĂŶŐĂŶdĞŶŐĂŚdĂŚƵŶ
ϰ dƵŶũĂŶŐĂŶ,ĂƌŝZĂLJĂ
ϱ dƵŶũĂŶŐĂŶ:ĂďĂƚĂŶ^ƚƌƵŬƚƵƌĂů
ϲ dƵŶũĂŶŐĂŶWĂũĂŬ
ϳ dƵŶũĂŶŐĂŶ<ĞŵĂŚĂůĂŶ
ϴ dƵŶũĂŶŐĂŶ<ĞƌũĂ^ŚŝĨƚ
ϵ ĂŶƚƵĂŶ/ƐƚŝƌĂŚĂƚdĂŚƵŶĂŶ
ϭϬ hĂŶŐWĞƌũĂůĂŶĂŶŝŶĂƐ
ϭϭ hƉĂŚ<ĞƌũĂ>ĞŵďƵƌ
ϭϮ ĂŶƚƵĂŶhĂŶŐdƌĂŶƐƉŽƌƚ<ŚƵƐƵƐ
ϭϯ WĂŬĂŝĂŶ^ĞƌĂŐĂŵĚĂŶͬĂƚĂƵWĂŬĂŝĂŶ<ĞƌũĂ
ϭϰ dŝŬĞƚ<ŽŶƐĞƐŝWĞƐĂǁĂƚdĞƌďĂŶŐ

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 EŽ͘ :ĞŶŝƐZĞŵƵŶĞƌĂƐŝͬ&ĂƐŝůŝƚĂƐ
ϭϱ ƐƵƌĂŶƐŝdĞŶĂŐĂ<ĞƌũĂ
ϭϲ ƐƵƌĂŶƐŝ<ĞƐĞŚĂƚĂŶƵŶƚƵŬ<ĂƌLJĂǁĂŶĚĂŶ<ĞůƵĂƌŐĂ
ϭϳ /ƵƌĂŶ<ĞƐĞŚĂƚĂŶWĞŶƐŝƵŶ
ϭϴ ĂŶƚƵĂŶ<ĞƉĞŵŝůŝŬĂŶ<ĞŶĚĂƌĂĂŶ;KWͿƵŶƚƵŬũĂďĂƚĂŶƚĞƌƚĞŶƚƵ
ϭϵ WĞŶŐŚĂƌŐĂĂŶDĂƐĂĂŬƚŝ
ϮϬ ĂŶƚƵĂŶƵŬĂŝƚĂ

WĞŶŐĞŵďĂŶŐĂŶ^ƵŵďĞƌĂLJĂDĂŶƵƐŝĂ

WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ďĞƌƵƉĂLJĂ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĞŵĂŵƉƵĂŶ ĚĂŶ ŬĞƚĞƌĂŵƉŝůĂŶ ŬĞƌũĂ ƉĞŐĂǁĂŝ ĚĞŶŐĂŶ
ŵĞŵďĞƌŝŬĂŶ ŬĞƐĞŵƉĂƚĂŶ ŬĞƉĂĚĂ ƐĞƚŝĂƉ ƉĞŐĂǁĂŝ LJĂŶŐ ŵĞŵĞŶƵŚŝ ƐLJĂƌĂƚ ƵŶƚƵŬ ŵĞŶŐŝŬƵƚŝ ďĞƌďĂŐĂŝ ƉƌŽŐƌĂŵ
ƉĞŶŐĞŵďĂŶŐĂŶ LJĂŶŐ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ŽůĞŚ ƉŝŚĂŬ ŝŶƚĞƌŶĂů ŵĂƵƉƵŶ ĞŬƐƚĞƌŶĂů WĞƌƐĞƌŽĂŶ͘ WƌŽŐƌĂŵ
ƉĞŶŐĞŵďĂŶŐĂŶ^DƚĞƌƐĞďƵƚŵĞŶĐĂŬƵƉƉĞŶĚŝĚŝŬĂŶŬĂƌŝƌ͕ƉĞŶĚŝĚŝŬĂŶƉƌŽĨĞƐŝ͕ŬĞƚƌĂŵƉŝůĂŶ͕ŬƵƌƐƵƐ͕ƉĞůĂƚŝŚĂŶ͕
ƉĞŶĂƚĂƌĂŶ͕ƐĞŵŝŶĂƌ͕ůŽŬĂŬĂƌLJĂĚĂŶƉĞůĂƚŝŚĂŶŵĂŶĂũĞŵĞŶƐĞƌƚĂƚĞŬŶŝƐLJĂŶŐĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶ ƚƌĂŝŶŝŶŐŶĞĞĚ
ĂŶĂůLJƐŝƐ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƉĞŐĂǁĂŝ ĚĂŶ ŬĞďƵƚƵŚĂŶ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ ŝ ƐĂŵƉŝŶŐ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵŝůŝŬŝ
<ŶŽǁůĞĚŐĞDĂŶĂŐĞŵĞŶƚ͘

DdKdƌĂŝŶŝŶŐ

>ĞĂƌŶŝŶŐ ^ĞƌǀŝĐĞ ŵĞůĂŬƵŬĂŶ ƉĞŶĚŝĚŝŬĂŶ ĂƐŝĐ ďĂŐŝ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŶĚƵŬƵŶŐ ŽƉĞƌĂƐŝŽŶĂů͘
^ĞƉĞƌƚŝ ĂƐŝĐ ŝƌĐƌĂĨƚ DĂŝŶƚĞŶĂŶĐĞ͕ ĂƐŝĐ WĂŝŶƚŝŶŐ͕ ĂƐŝĐ ŽŵƉŽŶĞŶƚ͕ ĂƐŝĐ ŝƌĐƌĂĨƚ ^ƚƌƵĐƚƵƌĞ͕ ĂƐŝĐ ĂďŝŶ͕
ĂƐŝĐ ŶŐŝŶĞ͘  dƌĂŝŶŝŶŐ ďĞƌĚĂƐĂƌŬĂŶ ƚŝƉĞ ƉĞƐĂǁĂƚ ;dLJƉĞ dƌĂŝŶŝŶŐͿ ƉƵŶ ĚŝůĂŬƐĂŶĂŬĂŶ͕ ƐĞƉĞƌƚŝ  ϯϮϬ W Θ ͕
ϯϯϬͲϮϬϬͬϯϬϬWΘ͕dZͲϳϮͲϲϬϬWΘ͕ϳϯϳE'WΘ͕ĚĂŶZ:WͬLJĂŶŐďĞƌƐŝĨĂƚĨƵůůĐŽƵƌƐĞ͘^ĞůĂŝŶ
ƚLJƉĞ ƚƌĂŝŶŝŶŐ͕ >ĞĂƌŶŝŶŐ ^ĞƌǀŝĐĞƐ ũƵŐĂ ŵĞŵďĞƌŝŬĂŶ ƚƌĂŝŶŝŶŐ ŽŶƚŝŶƵĂƚŝŽŶ DŽĚƵůĞ Ϯ ƵŶƚƵŬ ƌĂƚŝŶŐ ƚĞƌƐĞďƵƚ͘
ĚĂƉƵŶũƵŵůĂŚƚƌĂŝŶŝŶŐLJĂŶŐĚŝĂĚĂŬĂŶĚĂŶƉĞƐĞƌƚĂƉƌŽŐƌĂŵƉĞŶŐĞŵďĂŶŐĂŶ^DƐĞůĂŵĂƚŝŐĂƚĂŚƵŶƚĞƌĂŬŚŝƌ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

dĂďĞůWĞůĂŬƐĂŶĂĂŶdƌĂŝŶŝŶŐdĂŚƵŶϮϬϭϰͲϮϬϭϲ

WĞůĂŬƐĂŶĂĂŶdƌĂŝŶŝŶŐ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ
dƌŝǁƵůĂŶϭ ϭϳϲ ϭϱϵ ϭϴϯ
dƌŝǁƵůĂŶϮ ϭϵϰ ϭϯϲ Ϯϭϭ
dƌŝǁƵůĂŶϯ ϭϯϱ ϭϬϰ Ϯϭϵ
dƌŝǁƵůĂŶϰ ϭϳϰ ϭϰϳ Ϯϳϱ
:ƵŵůĂŚ ϲϳϵ ϱϰϲ ϴϴϴ

dĂďĞůWĞƐĞƌƚĂWƌŽŐƌĂŵWĞŶŐĞŵďĂŶŐĂŶ^DdĂŚƵŶϮϬϭϰͲϮϬϭϲ

:ĞŶŝƐWĞŶĚŝĚŝŬĂŶĚĂŶWĞůĂƚŝŚĂŶ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ
ϭ͘ KƌŝĞŶƚĂƚŝŽŶdƌĂŝŶŝŶŐ Ϯϲϴ ϭϴϭ ϮϮϰ
ĂƐŝĐŽŵƉĞƚĞŶĐŝĞƐdƌĂŝŶŝŶŐ ϴϭϱ ϯ͘ϵϭϴ ϳ͘ϳϯϰ
/͘ :ŽďŽŵƉĞƚĞŶĐŝĞƐdƌĂŝŶŝŶŐ ϮϵϮ ϳϬϲ ϱϭϰ
//͘ ŽŶƚŝŶƵŝŶŐŽŵƉĞƚĞŶĐŝĞƐdƌĂŝŶŝŶŐ Ϯ͘ϱϳϯ ϭ͘ϭϳϯ ϯ͘ϭϬϮ
ϭ͘ dĂƐŬŽŵƉĞƚĞŶĐŝĞƐdƌĂŝŶŝŶŐ ϴϱ ϵϭϲ ϭ͘ϲϱϰ
ϭ͘ >ĞĂĚĞƌƐŚŝƉΘDĂŶĂŐĞƌŝĂůdƌĂŝŶŝŶŐ Ϯϵϱ ϭϵϬ ϱϭϬ

WĞŶĂŶĚĂƚĂŶŐĂŶŬĞƌũĂƐĂŵĂũƵŐĂƚĞůĂŚĚŝůĂŬƵŬĂŶWĞƌƐĞƌŽĂŶĚĞŶŐĂŶďĞďĞƌĂƉĂWŽůŝƚĞŬŶŝŬEĞŐĞƌŝ͕LJĂŝƚƵWŽůŝƚĞŬŶŝŬ
EĞŐĞƌŝ ĂƚĂŵ͕ WŽůŝƚĞŬŶŝŬ EĞŐĞƌŝ DĞĚĂŶ͕ WŽůŝƚĞŬŶŝŬ EĞŐĞƌŝ ^ƌŝǁŝũĂLJĂ ;WĂůĞŵďĂŶŐͿ͕ WŽůŝƚĞŬŶŝŬ EĞŐĞƌŝ DĂůĂŶŐ͕
WŽůŝƚĞŬŶŝŬEĞŐĞƌŝĂŶĚƵŶŐ͕WŽůŝƚĞŬŶŝŬEĞŐĞƌŝ:ĂŬĂƌƚĂ͕WŽůŝƚĞŬŶŝŬůĞŬƚƌŽŶŝŬĂEĞŐĞƌŝ^ƵƌĂďĂLJĂ͕ĚĂŶϮƉĞƌŐƵƌƵĂŶ
ƚŝŶŐŐŝ Ěŝ ďĂǁĂŚ z^h ;zĂLJĂƐĂŶ Ěŝ hƉĂLJĂͿ ďŝŶĂĂŶ dE/ h LJĂŝƚƵ hE^hZz ĚĂŶ ^dd͕ ƐĞďĂŐĂŝ ƵƉĂLJĂ ƵŶƚƵŬ
ŵĞŶũĂŵŝŶ ƉĞŵĞŶƵŚĂŶ ŬĞďƵƚƵŚĂŶ ƚĞŶĂŐĂ ŬĞƌũĂ ƚĞŬŶŝƐŝ ƉĞƐĂǁĂƚ Ěŝ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƐŝĂƉ ƉĂŬĂŝ ĚŝŵĂŶĂ ƉĂƌĂ
ůƵůƵƐĂŶŶLJĂůĂŶŐƐƵŶŐŵĞŵŝůŝŬŝĂƐŝĐ>ŝĐĞŶƐĞƐĚĂŶŐĞůĂƌƉĞŶĚŝĚŝŬĂŶͲ///͘




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<ŶŽǁůĞĚŐĞDĂŶĂŐĞŵĞŶƚ

<ŶŽǁůĞĚŐĞDĂŶĂŐĞŵĞŶƚĚŝĨŽŬƵƐŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐLJĂŶŐŵĞŶƵŶũĂŶŐƉĞƌƚƵŵďƵŚĂŶďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘/ŶŝƐŝĂƚŝĨ
<ŶŽǁůĞĚŐĞ DĂŶĂŐĞŵĞŶƚ ĚŝƐĞůĂƌĂƐŬĂŶ ĚĞŶŐĂŶ ƐƚƌĂƚĞŐŝ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ŬĞŐŝĂƚĂŶ ƐŚĂƌŝŶŐ
ƐĞƐƐŝŽŶ͕ŵĞŶƚŽƌŝŶŐ͕ƉĞĞƌĂƐƐŝƐƚ͕ƐŚĂƌĞůĞĂƌŶŝŶŐ;ĂĨƚĞƌĂĐƚŝŽŶƌĞǀŝĞǁͿ͕ƉƌŽũĞĐƚƌĞƚƌŽƐƉĞĐƚŝǀĞ͕ĚĂŶũƵŐĂŵĞŶĚŽƌŽŶŐ
ƚƵŵďƵŚŶLJĂ ŽŵŵƵŶŝƚLJ ŽĨ WƌĂĐƚŝĐĞƐ Ěŝ ƐĞƚŝĂƉ ďŝĚĂŶŐ ŬĞĂŚůŝĂŶ͘ ^ĞŵƵĂ ŝŶŝƐŝĂƚŝĨ ŝŶŝ ĚŝĚƵŬƵŶŐ ĚĞŶŐĂŶ ƚĞŬŶŽůŽŐŝ
ďĞƌƵƉĂ ŬŶŽǁůĞĚŐĞ ŵĂŶĂŐĞŵĞŶƚ ƉŽƌƚĂů͘ <ĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŶLJŝŵƉĂŶ͕ ďĞƌďĂŐŝ͕ ĚĂŶ ŵĞŶŐĂŵďŝů
ƉĞŶŐĞƚĂŚƵĂŶ LJĂŶŐ ĂĚĂ͕ ďĂŝŬ ƉĞŶŐĞƚĂŚƵĂŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ůĂŶŐƐƵŶŐ ĚĞŶŐĂŶ ƉĞŬĞƌũĂĂŶ ;ďĞƌƐŝĨĂƚ ƚĞŬŶŝŬĂůͿ
ŵĂƵƉƵŶƉĞŶŐĞƚĂŚƵĂŶůĂŝŶŶLJĂ;ŶŽŶͲƚĞŬŶŝŬĂůͿ͘ͲůĞĂƌŶŝŶŐƚĞůĂŚĚŝďƵĂƚĚĂŶĚŝŵĂŶĨĂĂƚŬĂŶƐĞďĂŐĂŝŵĞĚŝĂƵŶƚƵŬ
ŵĞŵƉĞƌŵƵĚĂŚƉƌŽƐĞƐďĞůĂũĂƌĚĂŶƉĞŶŐĞŵďĂŶŐĂŶŬĂƌLJĂǁĂŶ͘

ĞŶƚƵŬ ďĞƌďĂŐŝ ĚĂŶ ƉĞŶLJĞďĂƌůƵĂƐĂŶ ƉĞŶŐĞƚĂŚƵĂŶ ĚŝůĂŬƵŬĂŶ ƉƵůĂ ĚĂůĂŵ ďĞŶƚƵŬ ŬĞŐŝĂƚĂŶ ^ŚĂƌŝŶŐ ^ĞƐƐŝŽŶ
ĚĞŶŐĂŶ ŶĂƌĂƐƵŵďĞƌ ĚĂƌŝ ĚĂůĂŵ ĚĂŶ ůƵĂƌ WĞƌƐĞƌŽĂŶ͕ ŽŵŵƵŶŝƚLJ ŽĨ WƌĂĐƚŝĐĞƐ͕ ĨƚĞƌ ĐƚŝŽŶ ZĞǀŝĞǁ͕ ƉĞŶƵůŝƐĂŶ
ĂƌƚŝŬĞů͕ ƉĞŵďƵĂƚĂŶ ǀŝĚĞŽͲǀŝĚĞŽ ƚƵƚŽƌŝĂů ĚĂŶ ďƵŬƵ ƐĂŬƵ LJĂŶŐ ďĞƌŝƐŝ ƉƌĂŬƚĞŬͲƉƌĂŬƚĞŬ ƚĞƌďĂŝŬ LJĂŶŐ ĂĚĂ Ěŝ
WĞƌƐĞƌŽĂŶLJĂŶŐďĞƌŐƵŶĂĚĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƉĞŬĞƌũĂĂŶƐĞŚĂƌŝͲŚĂƌŝƉĂƌĂƉĞŐĂǁĂŝ͘

^ĞůĂŝŶ ŝƚƵ͕ hŶŝƚ <ŶŽǁůĞĚŐĞ DĂŶĂŐĞŵĞŶƚ ƚĞůĂŚ ŵĞůĂŬƐĂŶĂŬĂŶ ďĞďĞƌĂƉĂ ŬĞŐŝĂƚĂŶ ƵŶƚƵŬ ƉĞŶŐƵĂƚĂŶ ƉŽŶĚĂƐŝ
WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ ŽƌŐĂŶŝƐĂƐŝ ƉĞŵďĞůĂũĂƌ͘ <ĞŐŝĂƚĂŶ ƚĞƌƐĞďƵƚ ĚŝƵƌĂŝŬĂŶ ĚĂůĂŵ ďĂď dĂŶŐŐƵŶŐ :ĂǁĂď ^ŽƐŝĂů
WĞƌƐĞƌŽĂŶ ƐƵď ďĂď ŽƌƉŽƌĂƚĞ ^ŽĐŝĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ ŬĞƐĞŚĂƚĂŶ͕ ĚĂŶ
ŬĞƐĞůĂŵĂƚĂŶŬĞƌũĂ͘
 
>ĞĂĚĞƌƐŚŝƉĞǀĞůŽƉŵĞŶƚ
WĞƌĂŶ ůĞĂĚĞƌ LJĂŶŐ ŬŽŵƉĞƚĞŶ ĂŬĂŶ ŵĞŶũĂĚŝ ƐŝŐŶŝĨŝŬĂŶ ĚĂůĂŵ ŵĞŶĞŶƚƵŬĂŶ ŬĞďĞƌŚĂƐŝůĂŶ ƉĞŶĐĂƉĂŝĂŶ ƚĂƌŐĞƚͲ
ƚĂƌŐĞƚ WĞƌƐĞƌŽĂŶ Ěŝ ŵĂƐĂ ĚĞƉĂŶ͘ hŶƚƵŬ ŵĞŶũĂǁĂď ŬĞďƵƚƵŚĂŶ ĂŬĂŶ ůĞĂĚĞƌ ƚĞƌƐĞďƵƚ͕ ƐĂůĂŚ ƐĂƚƵ ƐƚƌĂƚĞŐŝ LJĂŶŐ
ĚŝƚĞŵƉƵŚ ĂĚĂůĂŚ ĚĞŶŐĂŶ ĨŽŬƵƐ ŵĞŶLJŝĂƉŬĂŶ ƉƌŽŐƌĂŵ ƉĞŶŐĞŵďĂŶŐĂŶ ƵŶƚƵŬ ƉĂƌĂ ůĞĂĚĞƌ ĚĂŶ ĐĂůŽŶ ůĞĂĚĞƌ
ƐĞĐĂƌĂŬŽŵƉƌĞŚĞŶƐŝĨĚĂŶďĞƌŬĞůĂŶũƵƚĂŶLJĂŶŐƌĞůĞǀĂŶĚĞŶŐĂŶƉĞƌŬĞŵďĂŶŐĂŶďŝƐŶŝƐ͘

WƌŽŐƌĂŵ ƉĞŶŐĞŵďĂŶŐĂŶ ƵŶƚƵŬ ůĞĂĚĞƌ ĚŝƐƵƐƵŶ ŽůĞŚ 'D& >ĞĂĚĞƌƐŚŝƉ ĐĂĚĞŵLJ ƐĞĐĂƌĂ ďĞƌũĞŶũĂŶŐ LJĂŶŐ
ĚŝůĂŬƐĂŶĂŬĂŶŵĞůĂůƵŝ >ĞĂĚĞƌƐŚŝƉΘDĂŶĂŐĞƌŝĂůĞǀĞůŽƉŵĞŶƚWƌŽŐƌĂŵ;>DWͿ͕ĚŝĂŶƚĂƌĂŶLJĂŵĞůŝƉƵƚŝƉƌŽŐƌĂŵ
ƉĞŶĚŝĚŝŬĂŶ ĨŽƌŵĂů ^Ϯ͕ ŵĞƌŐŝŶŐ >ĞĂĚĞƌƐŚŝƉ WƌŽŐƌĂŵ ;>WͿ͕ KƉĞƌĂƚŝŽŶĂů >ĞĂĚĞƌƐŚŝƉ WƌŽŐƌĂŵ ;K>WͿ͕ ^ƚƌĂƚĞŐŝĐ
>ĞĂĚĞƌƐŚŝƉWƌŽŐƌĂŵ;^>WͿ͕ĞƌƚŝĨŝĞĚƵƐŝŶĞƐƐDĂŶĂŐĞŵĞŶƚ;DͿ͕DZK&ŝŶĂŶĐĞ͕ĚĂŶDZKDĂŶĂŐĞŵĞŶƚ͘

^ĞůĂŝŶƉƌŽŐƌĂŵƉĞŶŐĞŵďĂŶŐĂŶůĞĂĚĞƌ͕WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶLJƵƐƵŶƉƌŽŐƌĂŵƉĞŶŐĞŵďĂŶŐĂŶƵŶƚƵŬĐĂůŽŶůĞĂĚĞƌ
LJĂŶŐ ĚŝůƵŶĐƵƌŬĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϭϱ͕ LJĂŝƚƵ DĂŶĂŐĞŵĞŶƚ dƌĂŝŶĞĞ͘ WƌŽŐƌĂŵ LJĂŶŐ ĚŝƌĞŶĐĂŶĂŬĂŶ ďĞƌůĂŶŐƐƵŶŐ
ƐĞůĂŵĂ ƐĂƚƵ ƚĂŚƵŶ ƵŶƚƵŬ ƐĞƚŝĂƉ ĂŶŐŬĂƚĂŶ ŝŶŝ ďĞƌƚƵũƵĂŶ ŵĞŵƉĞƌƐŝĂƉŬĂŶ ůĞĂĚĞƌ ƐĞũĂŬ ĂǁĂů LJĂŶŐ ŵĞůŝƉƵƚŝ
ďĞƌďĂŐĂŝŵĞƚŽĚĞ͕ĚŝĂŶƚĂƌĂŶLJĂ͗ŝŶͲĐůĂƐƐƚƌĂŝŶŝŶŐ͕ŽŶƚŚĞũŽďƚƌĂŝŶŝŶŐ͕ŵĞŶƚŽƌŝŶŐĚĂŶĐŽĂĐŚŝŶŐ͕ůĞĂĚĞƌƐƐŚĂƌŝŶŐ͕
ĚĂŶƉƌŽũĞĐƚĂƐƐŝŐŶŵĞŶƚ͘WĞƐĞƌƚĂĚĂůĂŵƉƌŽŐƌĂŵŝŶŝĂĚĂůĂŚƉĞŐĂǁĂŝďĂƌƵLJĂŶŐŵĞŵŝůŝŬŝŵĂƐĂŬĞƌũĂĚŝďĂǁĂŚ
ƐĂƚƵƚĂŚƵŶĚĂŶƚĞůĂŚůƵůƵƐĚĂůĂŵƐĞƌĂŶŐŬĂŝĂŶƚĂŚĂƉĂŶƐĞůĞŬƐŝ͘

^ĞƌŝŬĂƚWĞŬĞƌũĂ
WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ϭ ;ƐĂƚƵͿ ƐĞƌŝŬĂƚ ƉĞŬĞƌũĂ͕ LJĂŝƚƵ 'D& ŵƉůŽLJĞĞ ůƵď͘ ^ĞƌŝŬĂƚ WĞŬĞƌũĂ WĞƌƐĞƌŽĂŶ ďĞƌĨƵŶŐƐŝ
ƐĞďĂŐĂŝƉŝŚĂŬĚĂůĂŵƉĞŵďƵĂƚĂŶƉĞƌũĂŶũŝĂŶŬĞƌũĂƐĂŵĂĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͕ƉĞŶLJĞůĞƐĂŝĂŶƉĞƌƐĞůŝƐŝŚĂŶŚƵďƵŶŐĂŶ
ŝŶĚƵƐƚƌŝĂů͕ ƐĂƌĂŶĂ ƵŶƚƵŬ ŵĞŶĐŝƉƚĂŬĂŶ ŚƵďƵŶŐĂŶ ŝŶĚƵƐƚƌŝĂů LJĂŶŐ ďĞƌŬĞĂĚŝůĂŶ͕ ǁĂŬŝů ƉĞŬĞƌũĂ ĚĂůĂŵ ůĞŵďĂŐĂ
ŬĞƌũĂĚŝďŝĚĂŶŐŬĞƚĞŶĂŐĂŬĞƌũĂĂŶƐĞƐƵĂŝĚĞŶŐĂŶƚŝŶŐŬĂƚĂŶŶLJĂ͕ƐĂƌĂŶĂƉĞŶLJĂůƵƌĂƐƉŝƌĂƐŝĚĂůĂŵŵĞŵƉĞƌũƵĂŶŐŬĂŶ
ŚĂŬ ĚĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ĂŶŐŐŽƚĂŶLJĂ͕ ƉĞƌĞŶĐĂŶĂ͕ ƉĞůĂŬƐĂŶĂ͕ ƉĞŶĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŵŽŐŽŬĂŶ ƉĞŬĞƌũĂ ƐĞƐƵĂŝ
ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͕ ƐĞƌƚĂ ǁĂŬŝů ƉĞŬĞƌũĂ ĚĂůĂŵ ŵĞŵƉĞƌũƵĂŶŐŬĂŶ
ŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵ͘

>͘^dEZ<^,dEE<^>DdE<Z:

WĂĚĂ ƚĂŚƵŶ ϮϬϭϱ͕ WĞƌƐĞƌŽĂŶ ƉĞƌƚĂŵĂ ŬĂůŝ ŵĞŶŐĞůŽůĂ ŬĞƐĞůĂŵĂƚĂŶ ĚĂŶ ŬĞƐĞŚĂƚĂŶ ŬĞƌũĂ ĚĞŶŐĂŶ ŵĞŶĞƌĂƉŬĂŶ
^ŝƐƚĞŵDĂŶĂũĞŵĞŶ<ĞƐĞŚĂƚĂŶĚĂŶ<ĞƐĞůĂŵĂƚĂŶ<ĞƌũĂ;^D<ϯͿƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶDĞŶƚĞƌŝdĞŶĂŐĂ<ĞƌũĂ
EŽ͘ ϱϬ  dĂŚƵŶ ϮϬϭϮ ƚĞŶƚĂŶŐ ^ŝƐƚĞŵ DĂŶĂũĞŵĞŶ <ϯ ĚĂŶ K,^^ ϭϴϬϬϭ͖ϮϬϬϳ͘  WĞŶĞƌĂƉĂŶ ^D<ϯ ĚĂŶ K,^^
ϭϴϬϬϭ ĚŝƵũŝ ŽůĞŚ ďĂĚĂŶ ƐĞƌƚŝĨŝŬĂƐŝ ŝŶĚĞƉĞŶĚĞŶ LJĂŝƚƵ ^ƵĐŽĨŝŶĚŽ /ŶƚĞƌŶĂƚŝŽŶĂů ĞƌƚŝĨŝĐĂƚŝŽŶ ^ĞƌǀŝĐĞƐ ;^/^Ϳ ĚĂŶ
ŬĞďĞƌŚĂƐŝůĂŶŶLJĂ ĚŝƚƵŶũƵŬŬĂŶ ĚĞŶŐĂŶ ĞƌƚŝĨŝĐĂƚĞ EŽ͘ K^, ϬϭϯϮϴ ƵŶƚƵŬ K,^^ ϭϴϬϬϭ͖ϮϬϬϳ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ
ŽůĞŚ ^/^ ĚĂŶ WŝĂŐĂŵ WĞŶŐŚĂƌŐĂĂŶ ZĞŐ͘ ^D<ϯ ϯϮϬϭϱ ^< ƵŶƚƵŬ ^D<ϯ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ <ĞŵĞŶƚĞƌŝĂŶ
<ĞƚĞŶĂŐĂŬĞƌũĂĂŶĚĂŶŵĞŶĚĂƉĂƚŬĂŶĞŶĚĞƌĂŵĂƐ͘

117
'ƵŶĂ ŵĞŶƵŶũĂŶŐ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŶŐĞůŽůĂĂŶ <ϯ ŵĂŬĂ ĚŝďĞŶƚƵŬ WϮ<ϯ ;WĂŶŝƚŝĂ WĞŵďŝŶĂ <ĞƐĞůĂŵĂƚĂŶ ĚĂŶ
<ĞƐĞŚĂƚĂŶ <ĞƌũĂͿ LJĂŶŐ ĚŝƉŝŵƉŝŶ ŽůĞŚ ŝƌĞŬƚƵƌ ,ƵŵĂŶ ĂƉŝƚĂů ĂŶĚ ŽƌƉŽƌĂƚĞ ĨĨĂŝƌƐ ĚĂŶ ĂŶŐŐŽƚĂŶLJĂ ƐĞůƵƌƵŚ
sŝĐĞWƌĞƐŝĚĞŶƚ͘WϮ<ϯĚŝƐĂŚŬĂŶŽůĞŚŝŶĂƐdĞŶĂŐĂ<ĞƌũĂ;ŝƐŶĂŬĞƌͿ<ŽƚĂdĂŶŐĞƌĂŶŐĚĂŶŵĞůĂŬƵŬĂŶŵĞĞƚŝŶŐϯ
;ƚŝŐĂͿďƵůĂŶƐĞŬĂůŝĚĞŶŐĂŶĂŐĞŶĚĂƉŽŬŽŬĂĚĂůĂŚƉĞŶĐĂƉĂŝĂŶƉĞŶŐĞůŽůĂĂŶ<ϯďĞƐĞƌƚĂƉĞƌŵĂƐĂůĂŚĂŶŶLJĂ͘

ĂůĂŵƉĞŶŐĞůŽůĂĂŶ<ϯ͕WĞƌƐĞƌŽĂŶŵĞŶŐŝŶƚĞŐƌĂƐŝŬĂŶĞůĞŵĞŶĚĂůĂŵ^D<ϯĚĞŶŐĂŶŬůĂƵƐƵůͲŬůĂƵƐƵůĚĂůĂŵK,^^
ϭϴϬϬϭ ĂŐĂƌ ƉƌŽƐĞƐ ƉĞŶŐĞůŽůĂĂŶŶLJĂ ďĞƌũĂůĂŶ ĞĨŝƐŝĞŶ͘ hŶƚƵŬ ŵĞŵĞŶƵŚŝ ƌĞŐƵůĂƐŝ ƌĞŐƵůĂƐŝ <ϯ ƐĂĂƚ ŝŶŝ WĞƌƐĞƌŽĂŶ
ƚĞůĂŚ ŵĞŵŝůŝŬŝ /ŶŚŽƵƐĞ ůŝŶŝĐ ůĞŶŐŬĂƉ ĚĞŶŐĂŶ ĂŵďƵůĂŶĐĞ LJĂŶŐ ďĞƌŽƉĞƌĂƐŝ Ϯϰ ũĂŵ ĚĂŶ &ŝƌĞ ƌŝŐĂĚĞ ĚĞŶŐĂŶ
ŵŽďŝůWĞŵĂĚĂŵ<ĞďĂŬĂƌĂŶďĞƌŬĂƉĂƐŝƚĂƐϰϬϬůŝƚĞƌ͕ΘƉĞŶŐĞůŽůĂĂŶŬŽƚĂŬWϯ<͘

WƌŽŐƌĂŵƉŽŬŽŬĚĂůĂŵŵĞŶŐĞůŽůĂ<ϯĂĚĂůĂŚƚĞƌĐĂƉĂŝŶLJĂĞƌŽĐĐŝĚĞŶƚ͘hƐĂŚĂLJĂŶŐĚŝůĂŬƵŬĂŶƵŶƚƵŬŵĞŶĐĂƉĂŝ
ƚĂƌŐĞƚĞƌŽĐĐŝĚĞŶƚŵĞůŝƉƵƚŝ͗

• WĞŶLJƵƐƵŶĂŶĚŽŬƵŵĞŶƉĞŶŐĞůŽůĂĂŶ<ϯ
• ^ĂĨĞƚLJ/ŶĚƵĐƚŝŽŶƚĞƌŚĂĚĂƉƐĞůƵƌƵŚŽƌĂŶŐLJĂŶŐďĞŬĞƌũĂĚĂŶďĞƌĂŬƚŝĨŝƚĂƐĚŝĚĂůĂŵĂƌĞĂWĞƌƐĞƌŽĂŶ
• ^ĂĨĞƚLJWĂƚƌŽůƵŶƚƵŬŵĞŶũĂŐĂŬĞƐĞůĂŵĂƚĂŶƐĞůƵƌƵŚŽƌĂŶŐďĞŬĞƌũĂ
• ^ŽƐŝĂůŝƐĂƐŝƚĞŶƚĂŶŐ<ϯ
• DĞŶũĂŐĂŬŽŵŝƚŵĞŶdŽƉDĂŶĂŐĞŵĞŶƚĚĂůĂŵŚĂů<ĞƐĞůĂŵĂƚĂŶĚĂŶ<ĞƐĞŚĂƚĂŶ<ĞƌũĂ

WĞŶĐĂƉĂŝĂŶ ƉƌŽŐƌĂŵ ĞƌŽ ĐĐŝĚĞŶƚ ƐĂŵƉĂŝ ƐĂŵƉĂŝ ďƵůĂŶ :ƵŶŝ ϮϬϭϳ ĂĚĂůĂŚ ũƵŵůĂŚ ũĂŵ ŬĞƌũĂ ĂŵĂŶ ŵĞŶĐĂƉĂŝ
Ϯϲ͕ϭϲ ũƵƚĂ ũĂŵ ŬĞƌũĂ LJĂŶŐ ĚŝĐĂƉĂŝ ĚĂůĂŵ ϲϮϯ ŚĂƌŝ ĂŵĂŶ͘ WĞŶĐĂƉĂŝĂŶ ŝŶŝ ůĞďŝŚ ďĂŝŬ ĚŝďĂŶĚŝŶŐŬĂŶ ƚĂŚƵŶ
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hƐĂŚĂŵĞŶŝŶŐŬĂƚŬĂŶƉĞŶŐĞůŽůĂĂŶ<ϯƚĞƌƵƐĚŝůĂŬƵŬĂŶĚĞŶŐĂŶƐĞĐĂƌĂŬŽŶƐŝƐƚĞŶŵĞŶũĂŐĂŝŵƉůĞŵĞŶƚĂƐŝK,^^
ϭϴϬϬϭ ĚĂŶ ŬĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉ ^D<ϯ͘ ^ĂĂƚ ŝŶŝ ƐĞĚĂŶŐ ĚĂůĂŵ ƉƌŽƐĞƐ ƉĞŶŐĞŵďĂŶŐĂŶ LJĂŶŐ ƐĞĚĂŶŐ ďĞƌũĂůĂŶ
ĂĚĂůĂŚ͗

• WĞŶŐĞůŽůĂĂŶ ĂůĂƚ ƉĞůŝŶĚƵŶŐ Ěŝƌŝ ;WͿ ƐĞĐĂƌĂ ƚĞƌƉƵƐĂƚ ƐĞĐĂƌĂ ŬŽƌƉŽƌĂƚ͘ WƌŽƐĞƐ ŝŶŝ ƚĞƌŵĂƐƵŬ
ŵĞŵƉĞƌƐŝĂƉŬĂŶ ŐƵĚĂŶŐ ŬŚƵƐƵƐ W͘ ĞŶŐĂŶ ƉƌŽƐĞƐ ƉĞŶŐĞůŽůĂĂŶ W ƚĞƌƉƵƐĂƚ ĚŝŚĂƌĂƉŬĂŶ ĂŬĂŶ
ŵĞŵƉĞƌďĂŝŬŝ ƉĞŶŐĞůŽůĂĂŶ W ƐĞƉĞƌƚŝ ƉĞŶĚĂƚĂĂŶ ƉĞŵĂŬĂŝĂŶ W͕ ŬĞƚĞƉĂƚĂŶ ƉĞŶŐŐƵŶĂĂŶ ũĞŶŝƐ W͕
ĚŝƐƚƌŝďƵƐŝWĚĂŶůĂŝŶůĂŝŶ͘
• WĞŶŐĞŵďĂŶŐĂŶŬĞĂŚůŝĂŶ/ŶƐƉĞŬƚŽƌ<ϯƐĞďĂŐĂŝƉĞŶŐĂǁĂƐŬĞƐĞůĂŵĂƚĂŶĚĂŶŬĞƐĞŚĂƚĂŶƉĞŬĞƌũĂ͘
• WĞŶŐĞŵďĂŶŐĂŶƉĞƌƐŽŶŝů<ϯƐĞďĂŐĂŝƚĞŶĂŐĂƉƌŽĨĞƐŝŽŶĂů<ϯ͘

^ĞďĂŐĂŝƚĂŵďĂŚĂŶ<ϯũƵŐĂŵĞŶũĂĚŝƉĞŶŐŐĞƌĂŬƉƌŽŐƌĂŵϱZ;ZŝŶŐŬĂƐ͕ZĂƉŝ͕ZĞƐŝŬ͕ZĂǁĂƚ͕ZĂũŝŶͿƐĞĐĂƌĂŬŽƌƉŽƌĂƚ͘
WƌŽŐƌĂŵϱZƐĂŶŐĂƚŵĞŶƵŶũĂŶŐĚĂůĂŵŵĞŶĐĂƉĂŝƉƌŽŐƌĂŵǀŝƐŝWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝdŽƉϭϬDZKŝŶdŚĞtŽƌůĚďĂŝŬ
ĚĂƌŝƐŝƐŝƉĞŶĂŵƉŝůĂŶƉĞƌƵƐĂŚĂĂŶŵĂƵƉƵŶĚĂƌŝƐŝƐŝĞĨŝƐŝĞŶƐŝƉĞƌƵƐĂŚĂĂŶ͘^ĞůĂŝŶŝƚƵĚĞŶŐĂŶϱZĂŬĂŶŵĞŶƵŶũĂŶŐ
ƐŝƐŝƋƵĂůŝƚLJŵĂƵƉƵŶƐĂĨĞƚLJ͘



















118
D͘^dZh<dhZ<WD/>/<E

^ƚƌƵŬƚƵƌŬĞƉĞŵŝůŝŬĂŶWĞƌƐĞƌŽĂŶƉĞƌƚĂŶŐŐĂůϯϭŐƵƐƚƵƐϮϬϭϳĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ĂŶĂWĞŶƐŝƵŶ
ĞƌŽtŝƐĂƚĂ
WddƌĂŶƐŝƌǁĂLJƐ
ϲϬ͘ϱй Ϯϱ͘ϲй ϭϯ͘ϵй
WĞŵĞƌŝŶƚĂŚ DĂƐLJĂƌĂŬĂƚ
ZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ Ϭ͕Ϭϭй

ϵϵ͕ϵϵй
ϵϵй
WdĞƌŽ tŝƐĂƚĂ
Wd'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ
ϭй

Wd'ĂƌƵĚĂDĂŝŶƚĞŶĂŶĐĞ&ĂĐŝůŝƚLJĞƌŽƐŝĂdďŬ


WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞŶŐĞŶĚĂůŝWĞƌƐĞƌŽĂŶĂĚĂůĂŚ'Zh͘

E͘,hhE'EWE'hZh^EEWE't^EEdZWZ^ZKEE'EWD'E'^,D

EĂŵĂ WĞƌƐĞƌŽĂŶ 'Zh

,Ğůŵŝ/ŵĂŵ^ĂƚƌŝLJŽŶŽ <h 
,ĂƌŝDƵŚĂŵŵĂĚ </ Ͳ
WƵũŝEƵƌ,ĂŶĚĂLJĂŶŝ < 
/ǁĂŶ:ŽĞŶŝĂƌƚŽ h Ͳ
/ŶƐĂŶEƵƌĂŚLJŽ  Ͳ
dĂnjĂƌDĂƌƚĂ<ƵƌŶŝĂǁĂŶ / Ͳ
,ĂƌŬĂŶĚƌŝD͘ĂŚůĞƌ  Ͳ
ZĂŚŵĂƚ,ĂŶĂĨŝ  Ͳ

<ĞƚĞƌĂŶŐĂŶ͗
<h ͗<ŽŵŝƐĂƌŝƐhƚĂŵĂ h ͗ŝƌĞŬƚƵƌhƚĂŵĂ
</ ͗<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ / ͗ŝƌĞŬƚƵƌ/ŶĚĞƉĞŶĚĞŶ
< ͗<ŽŵŝƐĂƌŝƐ  ͗ŝƌĞŬƚƵƌ

K͘ <dZE'E dEdE' WD'E' ^,D WZ^ZKE ZEdh< E ,h<hD E'E
<WD/>/<E^,D>/,Z/ϱй;>/DWZ^EͿ

'Zh

'Zh ĂĚĂůĂŚ ƉĞŵŝůŝŬͬƉĞŵĞŐĂŶŐ Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ ƐĂŚĂŵ ĚĂůĂŵ WĞƌƐĞƌŽĂŶ ĂƚĂƵ ŵĞǁĂŬŝůŝ ϵϵй ;ƐĞŵďŝůĂŶ
ƉƵůƵŚ ƐĞŵďŝůĂŶ ƉĞƌƐĞŶͿ ĚĂƌŝ ƐĞůƵƌƵŚ ŵŽĚĂů LJĂŶŐ ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ ƉĞŶƵŚ WĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞƌƵƉĂŬĂŶ
ƉĞŵĞŐĂŶŐƐĂŚĂŵƉĞŶŐĞŶĚĂůŝĚĂƌŝWĞƌƐĞƌŽĂŶ͘







119
ZŝǁĂLJĂƚ^ŝŶŐŬĂƚ

'Zh ĚŝĚŝƌŝŬĂŶ ĚĞŶŐĂŶ ŶĂŵĂ 'ĂƌƵĚĂ /ŶĚŽŶĞƐŝĂŶ ŝƌǁĂLJƐ E͘s͘ LJĂŶŐ ďĞƌŬĞĚƵĚƵŬĂŶ Ěŝ :ĂŬĂƌƚĂ WƵƐĂƚ
ďĞƌĚĂƐĂƌŬĂŶŬƚĂWĞƌƐĞƌŽĂŶdĞƌďĂƚĂƐEŽ͘ϭϯϳƚĂŶŐŐĂůϯϭDĂƌĞƚϭϵϱϬLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶZĂĚĞŶ<ĂĚŝŵĂŶ͕
EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ ƚĞůĂŚ ŵĞŵƉĞƌŽůĞŚ ƉĞŶŐĞƐĂŚĂŶ ĚĂƌŝ DĞŶŬƵŵŚĂŵ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ EŽ͘ :͘͘
ϱͬϭϮͬϭϬ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϭϵϱϬ͕ ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ďƵŬƵ ƌĞŐŝƐƚĞƌ Ěŝ <ĂŶƚŽƌ WĞŶŐĂĚŝůĂŶ EĞŐĞƌŝ Ěŝ
:ĂŬĂƌƚĂ ĚŝďĂǁĂŚ EŽ͘ ϯϮϳ ƉĂĚĂ ƚĂŶŐŐĂů Ϯϰ Ɖƌŝů ϭϵϱϬ͕ ƐĞƌƚĂ ƚĞůĂŚ ĚŝƵŵƵŵŬĂŶ ĚĂůĂŵ ĞƌŝƚĂ EĞŐĂƌĂ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂ ^ĞƌŝŬĂƚEŽ͘ϯϬ ƚĂŶŐŐĂů ϭϮDĞŝϭϵϱϬ͕ dĂŵďĂŚĂŶ EŽ͘ϭϯϲ͘ ^ĞůĂŶũƵƚŶLJĂďĞƌĚĂƐĂƌŬĂŶhŶĚĂŶŐͲhŶĚĂŶŐ
EŽ͘ ϵ dĂŚƵŶ ϭϵϲϵ ƚĞŶƚĂŶŐ WĞŶĞƚĂƉĂŶ WĞƌĂƚƵƌĂŶ WĞŵĞƌŝŶƚĂŚ WĞŶŐŐĂŶƚŝ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϭ dĂŚƵŶ ϭϵϲϵ
;>ĞŵďĂƌĂŶ EĞŐĂƌĂ ƚĂŚƵŶ ϭϵϲϵ EŽŵŽƌ ϭϲͿ ƚĞŶƚĂŶŐ ĞŶƚƵŬͲďĞŶƚƵŬ hƐĂŚĂ EĞŐĂƌĂ ŵĞŶũĂĚŝ hŶĚĂŶŐͲhŶĚĂŶŐ
;>ĞŵďĂƌĂŶEĞŐĂƌĂƚĂŚƵŶϭϵϲϵEŽŵŽƌϰϬͿ͕WĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚEŽŵŽƌϭϮƚĂŚƵŶϭϵϲϵƚĞŶƚĂŶŐWĞƌƵƐĂŚĂĂŶ
WĞƌƐĞƌŽĂŶ;WĞƌƐĞƌŽͿ;>ĞŵďĂƌĂŶͲEĞŐĂƌĂƚĂŚƵŶϭϵϲϵEŽŵŽƌϮϭͿ͕WĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚEŽŵŽƌϲϳƚĂŚƵŶϭϵϳϭ
;>ĞŵďĂƌĂŶͲEĞŐĂƌĂƚĂŚƵŶϭϵϳϭŶŽŵŽƌϴϳͿƚĞŶƚĂŶŐWĞŶŐĂůŝŚĂŶĞŶƚƵŬWĞƌƵƐĂŚĂĂŶEĞŐĂƌĂ;W͘E͘ͿWĞƌŚƵďƵŶŐĂŶ
Udara “Garuda Indonesian Airways” menjadi Perusahaan Perseroan (Persero) ũƵŶĐƚŽ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶDĞŶƚĞƌŝ
<ĞƵĂŶŐĂŶ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ͕ ƚĞƌƚĂŶŐŐĂů ϰ :ĂŶƵĂƌŝ ϭϵϳϱ EŽŵŽƌ <WͲϮͬD<ͬ/sͬϭͬϭϵϳϱ ƚĞŶƚĂŶŐ WĞŶĞƚĂƉĂŶ
Modal Perusahaan Perseroan (Persero) “P.T. Garuda Indonesian Airways”, dilĂŬƵŬĂŶ ƉĞŶLJĞƐƵĂŝĂŶ ƚĞƌŚĂĚĂƉ
bentuk hukum Perusahaan Negara (P.N.) Perhubungan Udara “Garuda Indonesian Airways” menjadi
WĞƌƵƐĂŚĂĂŶ WĞƌƐĞƌŽĂŶ ;WĞƌƐĞƌŽͿ͕ ĚŝŵĂŶĂ ĚĞŶŐĂŶ ĚŝůĂŬƵŬĂŶŶLJĂ ƉĞŶLJĞƐƵĂŝĂŶ ƚĞƌƐĞďƵƚ͕ WĞƌƵƐĂŚĂĂŶ EĞŐĂƌĂ
“Garuda Indonesian Airways” dinyatakaŶďƵďĂƌƉĂĚĂƐĂĂƚƉĞŶĚŝƌŝĂŶWĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶ;WĞƌƐĞƌŽͿ͘

^ƚĂƚƵƐ'ZhƐĞďĂŐĂŝWĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶ;WĞƌƐĞƌŽͿWd'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂŶŝƌǁĂLJƐĚŝďĞŶƚƵŬďĞƌĚĂƐĂƌŬĂŶ
ŬƚĂ WĞŶĚŝƌŝĂŶ EŽ͘ ϴ ƚĂŶŐŐĂů ϰ DĂƌĞƚ ϭϵϳϱ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ ĚĞŶŐĂŶ ŬƚĂ WĞƌƵďĂŚĂŶ EŽ͘ ϰϮ ƚĂŶŐŐĂů Ϯϭ
Ɖƌŝů ϭϵϳϱ ĚĂŶ ŬĞŵƵĚŝĂŶ ĚŝƵďĂŚ ĚĞŶŐĂŶ ŬƚĂ WĞƌƵďĂŚĂŶ EŽ͘ Ϯϰ ƚĂŶŐŐĂů ϭϮ :ƵŶŝ ϭϵϳϱ͕ ŬĞƚŝŐĂŶLJĂ ĚŝďƵĂƚ Ěŝ
ŚĂĚĂƉĂŶ ^ŽĞůĞŵĂŶ ƌĚũĂƐĂƐŵŝƚĂ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ŵĞŵƉĞƌŽůĞŚ ƉĞŶŐĞƐĂŚĂŶ ĚĂƌŝ
DĞŶŬƵŵŚĂŵ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ EŽ͘ z͘͘ ϱͬϮϮϱͬϴ ƚĂŶŐŐĂů Ϯϯ :ƵŶŝ ϭϵϳϱ͕ ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ Ěŝ
WĞŶŐĂĚŝůĂŶ EĞŐĞƌŝ :ĂŬĂƌƚĂ ƉĂĚĂ ƚĂŶŐŐĂů ϭ :Ƶůŝ ϭϵϳϱ ďĞƌƚƵƌƵƚͲƚƵƌƵƚ Ěŝ ďĂǁĂŚ EŽ͘ ϮϮϱϬ͕ ϮϮϱϭ ĚĂŶ ϮϮϱϮ͕ ƐĞƌƚĂ
ƚĞůĂŚĚŝƵŵƵŵŬĂŶĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϲϴƚĂŶŐŐĂůϮϲŐƵƐƚƵƐϭϵϳϱ͕dĂŵďĂŚĂŶEŽ͘ϰϯϰ
(“ŬƚĂWĞŶĚŝƌŝĂŶ'Zh”).

ŶŐŐĂƌĂŶ ĂƐĂƌ LJĂŶŐ ĚŝŵƵĂƚ ĚĂůĂŵ ŬƚĂ WĞŶĚŝƌŝĂŶ 'Zh ƐĞůĂŶũƵƚŶLJĂ ƐĞĐĂƌĂ ďĞƌƚƵƌƵƚͲƚƵƌƵƚ ƚĞůĂŚ ĚŝƵďĂŚ
ĚĂŶ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ ;ŝͿ WĞƌĂƚƵƌĂŶ EŽ͘ /y͘:͘ϭ ďĞƌĚĂƐĂƌŬĂŶ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ WĂƌĂ WĞŵĞŐĂŶŐ
^ĂŚĂŵ >ƵĂƌ ŝĂƐĂ EŽ͘ Ϯϰ ƚĂŶŐŐĂů ϭϲ EŽǀĞŵďĞƌ ϮϬϭϬ͕ LJĂŶŐ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ &ĂƚŚŝĂŚ ,Ğůŵŝ͕ ^͘,͘ EŽƚĂƌŝƐ Ěŝ
:ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ŵĞŶĚĂƉĂƚ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ DĞŶŬƵŵŚĂŵ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ EŽ͘ ,hͲ
ϱϰϳϮϰ͘,͘Ϭϭ͘ϬϮ dĂŚƵŶϮϬϭϬƚĂŶŐŐĂů ϮϮEŽǀĞŵďĞƌ ϮϬϭϬĚĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ WĞƌďĂŝŬĂŶ EŽ͘ ,h͘ϮͲ,͘Ϭϭ͘ϬͲ
ϵϲϳϲƚĂŶŐŐĂůϮϬĞƐĞŵďĞƌϮϬϭϬĚĂŶƚĞůĂŚĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵĂĨƚĂƌWĞƌƐĞƌŽĂŶƉĂĚĂ<ĞŵĞŶŬƵŵŚĂŵĚŝďĂǁĂŚ
EŽ͘ ,hͲϬϬϴϰϲϮϳ͘,͘Ϭϭ͘Ϭϵ dĂŚƵŶ ϮϬϭϬ ƚĂŶŐŐĂů ϮϮ EŽǀĞŵďĞƌ ϮϬϭϬ ĚĂŶ ;ŝŝͿ WK:< EŽ͘ ϯϮ ĚĂŶ WK:< EŽ͘ ϯϯ
ďĞƌĚĂƐĂƌŬĂŶŬƚĂEŽ͘ϯƚĂŶŐŐĂůϭϱDĞŝϮϬϭϱ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƵůŝĂdĂƵĨĂŶŝ͕^͘,͕͘EŽƚĂƌŝƐĚŝ<ĂďƵƉĂƚĞŶ
dĂŶŐĞƌĂŶŐ͕ LJĂŶŐ ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ
WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϯͲϬϵϯϵϴϭϰ ƚĂŶŐŐĂů ϭϭ :ƵŶŝ ϮϬϭϱ ĚĂŶ ƚĞůĂŚ
ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϯϱϭϲϴϲϴ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϭϱ
ƚĂŶŐŐĂů ϭϭ :ƵŶŝ ϮϬϭϱ͕ ƐĞƌƚĂ ƚĞƌĂŬŚŝƌ ŬĂůŝ ĚŝƵďĂŚ ďĞƌĚĂƐĂƌŬĂŶ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ ZĂƉĂƚ WĞƌƵďĂŚĂŶ
ŶŐŐĂƌĂŶĂƐĂƌEŽ͘ϲϮƚĂŶŐŐĂůϮϳƉƌŝůϮϬϭϳ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƌLJĂŶƚŝƌƚŝƐĂƌŝ͕^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ
:ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ
WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϯͲϬϭϯϰϮϰϰ ƚĂŶŐŐĂů ϴ DĞŝ ϮϬϭϳ ĚĂŶ ƚĞůĂŚ
ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ <ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϱϵϮϲϵ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϭϳ
tanggal 8 Mei 2017 (“ŬƚĂEŽ͘ϲϮͬϮϬϭϳ”).

ĞƌĚĂƐĂƌŬĂŶ ŬƚĂ EŽ͘ ϲϮͬϮϬϭϳ͕ ƉĂƌĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ 'Zh ƚĞůĂŚ ŵĞŶLJĞƚƵũƵŝ ƉĞŶŝŶŐŬĂƚĂŶ ŵŽĚĂů
ĚŝƚĞŵƉĂƚŬĂŶĚĂŶŵŽĚĂůĚŝƐĞƚŽƌĚĂƌŝZƉϭϭ͘ϴϳϯ͘ϴϯϳ͘ϯϮϰ͘ϱϰϳŵĞŶũĂĚŝZƉϭϭ͘ϴϴϭ͘ϵϯϴ͘ϱϬϬ͘ϱϴϲ͘

DĂŬƐƵĚĚĂŶdƵũƵĂŶƐĞƌƚĂ<ĞŐŝĂƚĂŶhƐĂŚĂ

ĞƌĚĂƐĂƌŬĂŶ ŬĞƚĞŶƚƵĂŶ WĂƐĂů ϯ ŶŐŐĂƌĂŶ ĂƐĂƌ 'Zh͕ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ 'Zh ĂĚĂůĂŚ ŵĞůĂŬƵŬĂŶ
ƵƐĂŚĂĚŝďŝĚĂŶŐũĂƐĂĂŶŐŬƵƚĂŶƵĚĂƌĂŶŝĂŐĂ͕ƐĞƌƚĂŽƉƚŝŵĂůŝƐĂƐŝƉĞŵĂŶĨĂĂƚĂŶƐƵŵďĞƌĚĂLJĂLJĂŶŐĚŝŵŝůŝŬŝ'Zh
ƵŶƚƵŬ ŵĞŶŐŚĂƐŝůŬĂŶ ďĂƌĂŶŐ ĚĂŶͬĂƚĂƵ ũĂƐĂ LJĂŶŐ ďĞƌŵƵƚƵ ƚŝŶŐŐŝ ĚĂŶ ďĞƌĚĂLJĂ ƐĂŝŶŐ ŬƵĂƚ ƵŶƚƵŬ
ŵĞŶĚĂƉĂƚŬĂŶͬŵĞŶŐĞũĂƌ ŬĞƵŶƚƵŶŐĂŶ ŐƵŶĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ŶŝůĂŝ 'Zh ĚĞŶŐĂŶ ŵĞŶĞƌĂƉŬĂŶ ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ
WĞƌƐĞƌŽĂŶdĞƌďĂƚĂƐ͘

120
hŶƚƵŬ ŵĞŶĐĂƉĂŝ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ͕ 'Zh ĚĂƉĂƚ ŵĞůĂŬƐĂŶĂŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƵƚĂŵĂ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

Ă͘ ŶŐŬƵƚĂŶƵĚĂƌĂŶŝĂŐĂďĞƌũĂĚǁĂůƵŶƚƵŬƉĞŶƵŵƉĂŶŐ͕ďĂƌĂŶŐĚĂŶƉŽƐĚĂůĂŵŶĞŐĞƌŝĚĂŶůƵĂƌŶĞŐĞƌŝ͖
ď͘ ŶŐŬƵƚĂŶƵĚĂƌĂŶŝĂŐĂƚŝĚĂŬďĞƌũĂĚǁĂůƵŶƚƵŬƉĞŶƵŵƉĂŶŐ͕ďĂƌĂŶŐĚĂŶƉŽƐĚĂůĂŵŶĞŐĞƌŝĚĂŶůƵĂƌŶĞŐĞƌŝ͖
Đ͘ ZĞƉĂƌĂƐŝĚĂŶƉĞŵĞůŝŚĂƌĂĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͕ďĂŝŬƵŶƚƵŬŬĞƉĞƌůƵĂŶƐĞŶĚŝƌŝŵĂƵƉƵŶƵŶƚƵŬƉŝŚĂŬŬĞƚŝŐĂ͖
Ě͘ :ĂƐĂ ƉĞŶƵŶũĂŶŐ ŽƉĞƌĂƐŝŽŶĂů ĂŶŐŬƵƚĂŶ ƵĚĂƌĂ ŶŝĂŐĂ͕ ŵĞůŝƉƵƚŝ ĐĂƚĞƌŝŶŐ ĚĂŶ ŐƌŽƵŶĚ ŚĂŶĚůŝŶŐ ďĂŝŬ ƵŶƚƵŬ
ŬĞƉĞƌůƵĂŶƐĞŶĚŝƌŝŵĂƵƉƵŶƵŶƚƵŬƉŝŚĂŬŬĞƚŝŐĂ͖
Ğ͘ :ĂƐĂůĂLJĂŶĂŶƐŝƐƚĞŵŝŶĨŽƌŵĂƐŝLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶŝŶĚƵƐƚƌŝƉĞŶĞƌďĂŶŐĂŶ͕ďĂŝŬƵŶƚƵŬŬĞƉĞƌůƵĂŶƐĞŶĚŝƌŝ
ŵĂƵƉƵŶƵŶƚƵŬƉŝŚĂŬŬĞƚŝŐĂ͖
Ĩ͘ :ĂƐĂůĂLJĂŶĂŶŬŽŶƐƵůƚĂŶƐŝLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶŝŶĚƵƐƚƌŝƉĞŶĞƌďĂŶŐĂŶ͖
Ő͘ :ĂƐĂůĂLJĂŶĂŶƉĞŶĚŝĚŝŬĂŶĚĂŶƉĞůĂƚŝŚĂŶLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶŝŶĚƵƐƚƌŝƉĞŶĞƌďĂŶŐĂŶ͕ďĂŝŬƵŶƚƵŬŬĞƉĞƌůƵĂŶ
ƐĞŶĚŝƌŝŵĂƵƉƵŶƵŶƚƵŬƉŝŚĂŬŬĞƚŝŐĂ͖ĚĂŶ
Ś͘ :ĂƐĂůĂLJĂŶĂŶŬĞƐĞŚĂƚĂŶƉĞƌƐŽŶŝůƉĞŶĞƌďĂŶŐĂŶ͕ďĂŝŬƵŶƚƵŬŬĞƉĞƌůƵĂŶƐĞŶĚŝƌŝŵĂƵƉƵŶƵŶƚƵŬƉŝŚĂŬŬĞƚŝŐĂ͘

^ĞůĂŝŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƵƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ Ěŝ ĂƚĂƐ͕ 'Zh ĚĂƉĂƚ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ
ƉĞŶĚƵŬƵŶŐĚĂůĂŵƌĂŶŐŬĂŽƉƚŝŵĂůŝƐĂƐŝƉĞŵĂŶĨĂĂƚĂŶƐƵŵďĞƌĚĂLJĂLJĂŶŐĚŝŵŝůŝŬŝƵŶƚƵŬ͗

Ă͘ WĞƌŐƵĚĂŶŐĂŶ͖
ď͘ WĞƌŬĂŶƚŽƌĂŶ͖
Đ͘ &ĂƐŝůŝƚĂƐƉĂƌŝǁŝƐĂƚĂ͖ĚĂŶ
Ě͘ WĞŶLJĞǁĂĂŶĚĂŶƉĞŶŐƵƐĂŚĂĂŶƐĂƌĂŶĂĚĂŶƉƌĂƐĂƌĂŶĂLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶŝŶĚƵƐƚƌŝƉĞŶĞƌďĂŶŐĂŶ͘

WĞƌŵŽĚĂůĂŶĚĂŶ^ƵƐƵŶĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵ

ĞƌĚĂƐĂƌŬĂŶŬƚĂEŽ͘ϲϮͬϮϬϭϳ͕ƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶƐƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵ'ZhĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

E/ůĂŝEŽŵŝŶĂůZƉ͘ϰϱϵ͕ϬϬƉĞƌƐĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͿ WƌĞƐĞŶƚĂƐĞ;йͿ
DŽĚĂůĂƐĂƌ ϯϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϯ͘ϳϳϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
^ĞƌŝWƌĞĨĞƌĞŶ;^ĞƌŝǁŝǁĂƌŶĂͿ ϭ  
^ĞƌŝŝĂƐĂ;^ĞƌŝͿ Ϯϵ͘ϵϵϵ͘ϵϵϵ͘ϵϵϵ  
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌ   
ϭ͘WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ   
^ĂŚĂŵŝĂƐĂ;^ĞƌŝͿ ϭϱ͘ϲϳϬ͘ϳϳϳ͘ϲϮϬ ϳ͘ϭϵϮ͘ϴϴϲ͘ϵϮϴ͘Ϭϯϵ 
^ĂŚĂŵWƌĞĨĞƌĞŶ;^Ğƌŝ ϭ ϰϱϵ ϲϬ͕ϱϯ
ǁŝǁĂƌŶĂͿ
Ϯ͘ DĂƐLJĂƌĂŬĂƚ;^ĂŚĂŵŝĂƐĂ;^ĞƌŝͿͿ ϭϬ͘Ϯϭϱ͘ϳϵϴ͘ϲϯϯ ϰ͘ϲϴϵ͘Ϭϱϭ͘ϱϳϮ͘ϱϰϳ ϯϵ͕ϰϳ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶ Ϯϱ͘ϴϴϲ͘ϱϳϲ͘Ϯϱϰ
ϭϭ͘ϴϴϭ͘ϵϯϴ͘ϱϬϬ͘ϱϴϲ ϭϬϬ
ŝƐĞƚŽƌ
:ƵŵůĂŚ^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů   
^ĞƌŝǁŝǁĂƌŶĂ Ͳ Ͳ 
^Ğƌŝ ϰ͘ϭϭϯ͘ϰϮϯ͘ϳϰϲ ϭ͘ϴϴϴ͘Ϭϲϭ͘ϰϵϵ͘ϰϭϰ 

^ƵƐƵŶĂŶŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ'Zh

ĞƌĚĂƐĂƌŬĂŶ ;ŝͿ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ ZĂƉĂƚ EŽ͘ ϰ ƚĂŶŐŐĂů ϭϱ DĞŝ ϮϬϭϱ͕ LJĂŶŐ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ ƵůŝĂ
dĂƵĨĂŶŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ <ĂďƵƉĂƚĞŶ dĂŶŐĞƌĂŶŐ͕ LJĂŶŐ ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂWĞƌƐĞƌŽĂŶ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϯͲϬϵϯϰϰϱϵ ƚĂŶŐŐĂů Ϯϱ DĞŝ
ϮϬϭϱĚĂŶƚĞůĂŚĚŝĚĂĨƚĂƌŬĂŶƉĂĚĂĂĨƚĂƌWĞƌƐĞƌŽĂŶ<ĞŵĞŶŬƵŵŚĂŵĚŝďĂǁĂŚEŽ͘,hͲϯϱϬϴϵϭϴ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ
ϮϬϭϱ ƚĂŶŐŐĂů Ϯϱ DĞŝ ϮϬϭϱ͖ ;ŝŝͿ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ ZĂƉĂƚ EŽ͘ Ϯ ƚĂŶŐŐĂů ϭϱ Ɖƌŝů ϮϬϭϲ͕ LJĂŶŐ ĚŝďƵĂƚ
ĚŝŚĂĚĂƉĂŶƵůŝĂdĂƵĨĂŶŝ͕^͘,͕͘EŽƚĂƌŝƐĚŝ<ĂďƵƉĂƚĞŶdĂŶŐĞƌĂŶŐ͕LJĂŶŐƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶŬƵŵŚĂŵ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ WĞƌƐĞƌŽĂŶ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϯͲϬϬϰϯϵϰϯ
ƚĂŶŐŐĂů Ϯϳ Ɖƌŝů ϮϬϭϲ ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ƉĂĚĂ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ <ĞŵĞŶŬƵŵŚĂŵ ĚŝďĂǁĂŚ EŽ͘ ,hͲ
ϬϬϱϮϳϵϮ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϭϲƚĂŶŐŐĂůϮϳƉƌŝůϮϬϭϲ͖;ŝŝŝͿŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZĂƉĂƚEŽ͘ϲϭƚĂŶŐŐĂůϮϳ
Ɖƌŝů ϮϬϭϳ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ƌLJĂŶƚŝ ƌƚŝƐĂƌŝ͕ ^͘,͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ
ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ
WĞƌƐĞƌŽĂŶ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϯͲϬϭϯϮϮϬϭ ƚĂŶŐŐĂů Ϯ DĞŝ ϮϬϭϳ ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ƉĂĚĂ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ

121
<ĞŵĞŶŬƵŵŚĂŵ ĚŝďĂǁĂŚ EŽ͘ ,hͲϬϬϱϲϯϬϵ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϭϳ ƚĂŶŐŐĂů Ϯ DĞŝ ϮϬϭϳ͖ ;ŝǀͿ ŬƚĂ WĞƌŶLJĂƚĂĂŶ
<ĞƉƵƚƵƐĂŶ ZĂƉĂƚ WĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ EŽ͘ ϰ ƚĂŶŐŐĂů ϭϮ ĞƐĞŵďĞƌ ϮϬϭϰ͕ LJĂŶŐ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ ƵůŝĂ
dĂƵĨĂŶŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ <ĂďƵƉĂƚĞŶ dĂŶŐĞƌĂŶŐ͕ LJĂŶŐ ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ WĞƌƐĞƌŽĂŶ EŽ͘ ,hͲϰϵϲϰϭ͘ϰϬ͘ϮϮ͘ϮϬϭϰ
ƚĂŶŐŐĂů ϯϬ ĞƐĞŵďĞƌ ϮϬϭϰ ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ƉĂĚĂ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ <ĞŵĞŶŬƵŵŚĂŵ ĚŝďĂǁĂŚ EŽ͘ ,hͲ
ϬϭϯϳϬϰϴ͘ϰϬ͘ϴϬ͘ϮϬϭϰ ƚĂŶŐŐĂů ϯϬ ĞƐĞŵďĞƌ ϮϬϭϰ͕ ĚĂŶ ;ǀͿ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ ZĂƉĂƚ EŽ͘ ϯ ƚĂŶŐŐĂů Ϯϴ
Ɖƌŝů ϮϬϭϰ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ƵůŝĂ dĂƵĨĂŶŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ <ĂďƵƉĂƚĞŶ dĂŶŐĞƌĂŶŐ͕ LJĂŶŐ ƚĞůĂŚ
ĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶŬƵŵŚĂŵƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂůĂŵ^ƵƌĂƚWĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶ
ĂƚĂWĞƌƐĞƌŽĂŶEŽ͘,hͲϬϱϰϰϰ͘ϰϬ͘ϮϮ͘ϮϬϭϰƚĂŶŐŐĂůϮϵƉƌŝůϮϬϭϰĚĂŶƚĞůĂŚĚŝĚĂĨƚĂƌŬĂŶƉĂĚĂĂĨƚĂƌWĞƌƐĞƌŽĂŶ
<ĞŵĞŶŬƵŵŚĂŵ ĚŝďĂǁĂŚ EŽ͘ ,hͲϬϬϯϳϱϮϵ͘ϰϬ͘ϴϬ͘ϮϬϭϰ ƚĂŶŐŐĂůϮϵƉƌŝů ϮϬϭϰ͕ ƐƵƐƵŶĂŶĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ
ŝƌĞŬƐŝ'ZhĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ĞǁĂŶ<ŽŵŝƐĂƌŝƐ͗
<ŽŵŝƐĂƌŝƐhƚĂŵĂͬ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ  ͗:ƵƐŵĂŶ^LJĂĨŝŝũĂŵĂů
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ    ͗,ĂƐĂŶD͘^ŽĞĚũŽŶŽ
<ŽŵŝƐĂƌŝƐ     ͗/ƐĂZĂĐŚŵĂƚĂƌǁĂƚĂ
<ŽŵŝƐĂƌŝƐ     ͗DƵnjĂĨĨĂƌ/ƐŵĂŝů
<ŽŵŝƐĂƌŝƐ     ͗ŽŶLJKƐŬĂƌŝĂ
<ŽŵŝƐĂƌŝƐ     ͗ŚĂŝƌƵůdĂŶũƵŶŐ

ŝƌĞŬƐŝ͗
ŝƌĞŬƚƵƌhƚĂŵĂ     ͗WĂŚĂůĂEƵŐƌĂŚĂDĂŶƐƵƌLJ
ŝƌĞŬƚƵƌ     ͗,Ğůŵŝ/ŵĂŵ^ĂƚƌŝLJŽŶŽ
ŝƌĞŬƚƵƌ     ͗EŝĐŽĚĞŵƵƐWĂŶĂƌƵŶŐ>ĂŵƉĞ
ŝƌĞŬƚƵƌ     ͗EŝŶĂ^ƵůŝƐƚLJŽǁĂƚŝ
ŝƌĞŬƚƵƌ     ͗WƵũŝEƵƌ,ĂŶĚĂLJĂŶŝ
ŝƌĞŬƚƵƌ     ͗>ŝŶŐŐĂƌƐĂƌŝ^ƵŚĂƌƐŽ
ŝƌĞŬƚƵƌ     ͗^ŝŐŝƚDƵŚĂƌƚŽŶŽ

/ŬŚƚŝƐĂƌĂƚĂ<ĞƵĂŶŐĂŶWĞŶƚŝŶŐ
;ĚĂůĂŵh^Ϳ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
:ƵŵůĂŚƐĞƚ ϯ͘ϳϯϳ͘ϱϲϵ͘ϯϵϬ ϯ͘ϯϭϬ͘ϬϭϬ͘ϵϴϲ ϯ͘ϭϭϯ͘Ϭϳϵ͘ϯϭϱ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ Ϯ͘ϳϮϳ͘ϲϳϮ͘ϭϳϭ Ϯ͘ϯϱϵ͘Ϯϴϳ͘ϴϬϭ Ϯ͘Ϯϯϯ͘ϲϭϭ͘ϳϮϰ
:ƵŵůĂŚŬƵŝƚĂƐ ϭ͘ϬϬϵ͘ϴϵϳ͘Ϯϭϵ ϵϱϬ͘ϳϮϯ͘ϭϴϱ ϴϳϵ͘ϰϲϳ͘ϱϵϭ

;ĚĂůĂŵh^Ϳ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ ϯ͘ϴϲϯ͘ϵϮϭ͘ϱϲϱ ϯ͘ϴϭϰ͘ϵϴϵ͘ϳϰϱ ϯ͘ϵϯϯ͘ϱϯϬ͘ϮϳϮ
>ĂďĂƌƵƚŽ ϵϵ͘ϭϬϯ͘ϵϯϵ ϭϲϴ͘ϳϰϱ͘ϰϰϭ ;ϯϵϱ͘ϮϮϴ͘ϭϮϭͿ
>ĂďĂ<ŽŵƉƌĞŚĞŶƐŝĨdĂŚƵŶĞƌũĂůĂŶ ϱϵ͘ϭϳϰ͘Ϭϯϰ ϳϭ͘Ϯϱϱ͘ϱϵϰ ;ϯϯϵ͘ϱϳϭ͘ϭϱϳͿ

W͘,<d^<<zE/Ed><dh>

WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝĂƐĞƚŚĂŬĂƚĂƐŬĞŬĂLJĂĂŶŝŶƚĞůĞŬƚƵĂůďĞƌƵƉĂϭ;ƐĂƚƵͿ
ƐĞƌƚŝĨŝŬĂƚŵĞƌĞŬĚĂŶϭ;ƐĂƚƵͿƐƵƌĂƚƉĞŶĚĂĨƚĂƌĂŶĐŝƉƚĂĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

^ĞƌƚŝĨŝŬĂƚDĞƌĞŬ͗

EĂŵĂ
<ĞůĂƐ
WĞŵĞŐĂŶŐ EŽŵŽƌ dĂŶŐŐĂů tĂƌŶĂ DĂƐĂ
EŽ͘ ƚŝŬĞƚDĞƌĞŬ ĂƌĂŶŐͬ
^ĞƌƚŝĨŝŬĂƚ ^ĞƌƚŝĨŝŬĂƚ WĞŶĞƌŝŵĂĂŶ ƚŝŬĞƚ ĞƌůĂŬƵ
:ĂƐĂ
DĞƌĞŬ
ϭ͘  WĞƌƐĞƌŽĂŶ /DϬϬϬϯϰϯ sϬϬϮϬϭϭϬϭϭϯϲϱ >ŽŐŽͬ>ƵŬŝƐĂŶ ŝƌƵdƵĂ͕ ϯϳ ϳKŬƚŽďĞƌ
Ϭϯϱ ƚĂŶŐŐĂůϳ WƵƚŝŚ ϮϬϮϮ
KŬƚŽďĞƌϮϬϭϮ


122
^ƵƌĂƚWĞŶĚĂĨƚĂƌĂŶŝƉƚĂĂŶ͗

EĂŵĂ
EŽŵŽƌ
WĞŵĞŐĂŶŐ
EŽŵŽƌ WĞƌŵŽŚŽŶĂŶ dĂŶŐŐĂů DĂƐĂ
EŽ͘ ^ƵƌĂƚ :ĞŶŝƐŝƉƚĂĂŶ :ƵĚƵůŝƉƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶ ĚĂŶdĂŶŶŐĂů WĞŶŐƵŵƵŵĂŶ ĞƌůĂŬƵ
WĞŶĚĂĨƚĂƌĂŶ
WĞŶĞƌŝŵĂĂŶ
WĞŶĐŝƉƚĂĂŶ
ϭ͘  WĞƌƐĞƌŽĂŶ Ϭϰϱϴϵϲ ϬϬϮϬϬϴϬϬϭϱϯ WƌŽŐƌĂŵ ƉůŝŬĂƐŝ ϮϬ&ĞďƌƵĂƌŝ ϮϬ
ƚĂŶŐŐĂůϮϭ <ŽŵƉƵƚĞƌ Domain “gmfͲ ϮϬϬϯ &ĞďƌƵĂƌŝ
:ĂŶƵĂƌŝϮϬϬϴ ĂĞƌŽĂƐŝĂ͘ĐŽ͘ŝĚ ϮϬϱϯ
”

Y͘WZ<Z,h<hDzE'^E'/,W/WZ^ZKE͕/Z<^/EtE<KD/^Z/^

^ĂŵƉĂŝ ĚĞŶŐĂŶ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͕ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ƐĞĚĂŶŐ ƚĞƌůŝďĂƚ ĚĂůĂŵ ƐƵĂƚƵ ƉĞƌŬĂƌĂ
ŵĂƵƉƵŶƐĞŶŐŬĞƚĂĚŝůƵĂƌƉĞŶŐĂĚŝůĂŶĚĂŶͬĂƚĂƵƉĞƌŬĂƌĂƉĞƌĚĂƚĂ͕ƉŝĚĂŶĂĚĂŶͬĂƚĂƵƉĞƌƐĞůŝƐŝŚĂŶůĂŝŶĚŝůĞŵďĂŐĂ
ƉĞƌĂĚŝůĂŶ ĚĂŶͬĂƚĂƵ Ěŝ ůĞŵďĂŐĂ ĂƌďŝƚƌĂƐĞ ďĂŝŬ Ěŝ /ŶĚŽŶĞƐŝĂ ŵĂƵƉƵŶ Ěŝ ůƵĂƌ ŶĞŐĞƌŝ ĂƚĂƵ ƉĞƌƐĞůŝƐŝŚĂŶ
ĂĚŵŝŶŝƐƚƌĂƚŝĨ ĚĞŶŐĂŶ ŝŶƐƚĂŶƐŝ ƉĞŵĞƌŝŶƚĂŚ LJĂŶŐ ďĞƌǁĞŶĂŶŐ ƚĞƌŵĂƐƵŬ ƉĞƌƐĞůŝƐŝŚĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ŬĞǁĂũŝďĂŶƉĞƌƉĂũĂŬĂŶĂƚĂƵƉĞƌƐĞůŝƐŝŚĂŶLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶŵĂƐĂůĂŚƉĞƌďƵƌƵŚĂŶͬŚƵďƵŶŐĂŶŝŶĚƵƐƚƌŝĂů
ĂƚĂƵ ŬĞƉĂŝůŝƚĂŶ ĂƚĂƵ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ŬĞƉĂŝůŝƚĂŶ͕ ĂƚĂƵ ƚŝĚĂŬ ƐĞĚĂŶŐ ŵĞŶŐŚĂĚĂƉŝ ƐŽŵĂƐŝ LJĂŶŐ ĚĂƉĂƚ
ŵĞŵƉĞŶŐĂƌƵŚŝƐĞĐĂƌĂďĞƌĂƌƚŝĚĂŶŵĂƚĞƌŝĂůŬĞĚƵĚƵŬĂŶƉĞƌĂŶĂŶĚĂŶͬĂƚĂƵŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘

^ĂŵƉĂŝ ĚĞŶŐĂŶ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͕ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
WĞƌƐĞƌŽĂŶƚŝĚĂŬƉĞƌŶĂŚĂƚĂƵƚŝĚĂŬƐĞĚĂŶŐƚĞƌůŝďĂƚĚĂůĂŵƐƵĂƚƵƉĞƌŬĂƌĂƉĞƌĚĂƚĂ͕ƉŝĚĂŶĂĚĂŶͬĂƚĂƵƉĞƌƐĞůŝƐŝŚĂŶ
ĚŝůĞŵďĂŐĂƉĞƌĂĚŝůĂŶĚĂŶͬĂƚĂƵĚŝůĞŵďĂŐĂĂƌďŝƚƌĂƐĞďĂŝŬĚŝ/ŶĚŽŶĞƐŝĂŵĂƵƉƵŶĚŝůƵĂƌŶĞŐĞƌŝĂƚĂƵƉĞƌƐĞůŝƐŝŚĂŶ
ĂĚŵŝŶŝƐƚƌĂƚŝĨ ĚĞŶŐĂŶ ŝŶƐƚĂŶƐŝ ƉĞŵĞƌŝŶƚĂŚ LJĂŶŐ ďĞƌǁĞŶĂŶŐ ƚĞƌŵĂƐƵŬ ƉĞƌƐĞůŝƐŝŚĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ŬĞǁĂũŝďĂŶƉĞƌƉĂũĂŬĂŶĂƚĂƵƉĞƌƐĞůŝƐŝŚĂŶLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶŵĂƐĂůĂŚƉĞƌďƵƌƵŚĂŶͬŚƵďƵŶŐĂŶŝŶĚƵƐƚƌŝĂů
ĂƚĂƵ ƚŝĚĂŬ ƉĞƌŶĂŚ ĚŝŶLJĂƚĂŬĂŶ ƉĂŝůŝƚ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ ďĞƌĂƌƚŝ ŬĞĚƵĚƵŬĂŶ ƉĞƌĂŶĂŶ ĚĂŶͬĂƚĂƵ
ŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͕ĂƚĂƵŵĞŶũĂĚŝĂŶŐŐŽƚĂŝƌĞŬƐŝĂƚĂƵĞǁĂŶ<ŽŵŝƐĂƌŝƐLJĂŶŐĚŝŶLJĂƚĂŬĂŶďĞƌƐĂůĂŚ
ŵĞŶLJĞďĂďŬĂŶ ƐƵĂƚƵ ƉĞƌƵƐĂŚĂĂŶ ĚŝŶLJĂƚĂŬĂŶ ƉĂŝůŝƚ ĂƚĂƵ ƚŝĚĂŬ ƐĞĚĂŶŐ ŵĞŶŐŚĂĚĂƉŝ ƐŽŵĂƐŝ LJĂŶŐ ĚĂƉĂƚ
ŵĞŵƉĞŶŐĂƌƵŚŝƐĞĐĂƌĂďĞƌĂƌƚŝĚĂŶŵĂƚĞƌŝĂůŬĞĚƵĚƵŬĂŶƉĞƌĂŶĂŶĚĂŶͬĂƚĂƵŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘

Z͘<'/dEh^,<EZhE'EEWZK^W<h^,

ϭ͘ hDhD

ĞƌĚĂƐĂƌŬĂŶ ŬĞƚĞŶƚƵĂŶ WĂƐĂů ϯ ĚĂƌŝ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͕ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ
ŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐũĂƐĂƉĞƌĂǁĂƚĂŶ͕ƌĞƉĂƌĂƐŝĚĂŶŽǀĞƌŚĂƵůƉĞƐĂǁĂƚƵĚĂƌĂƐĞƌƚĂƉĞŶĚƵŬƵŶŐŶLJĂ͕
ƉĞƌĚĂŐĂŶŐĂŶ͕ƉĞƌŝŶĚƵƐƚƌŝĂŶ͕ƉĞƌŐƵĚĂŶŐĂŶĚĂŶƉĞŶŐĂŶŐŬƵƚĂŶĚĂŶũĂƐĂůĂŝŶŶLJĂ͕ĚĞŶŐĂŶƐƚĂŶĚĂƌŬƵĂůŝƚĂƐƚŝŶŐŐŝ
ƐĞĐĂƌĂƚĞƉĂƚǁĂŬƚƵĚĞŶŐĂŶďŝĂLJĂŬŽŵƉĞƚŝƚŝĨƵŶƚƵŬƉĞƐĂǁĂƚŵŝůŝŬƉĂƌĂƉĞůĂŶŐŐĂŶŶLJĂƐĞƌƚĂŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ
ďŝĚĂŶŐ ƵƐĂŚĂ ůĂŝŶ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĂŶ ƐĞďĂŐĂŝ ĂŬƚƵĂůŝƐĂƐŝ ƉƌŽĨĞƐŝŽŶĂůŝƐŵĞ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ ĚĂůĂŵ ďŝƐŶŝƐ
ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƐĞƌƚĂŵĞŵƵƉƵŬŬĞƵŶƚƵŶŐĂŶĚĞŶŐĂŶŵĞŶĞƌĂƉŬĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉƉĞƌƐĞƌŽĂŶƚĞƌďĂƚĂƐĚĂŶ
ŬĞƚĞŶƚƵĂŶWĂƐĂƌDŽĚĂů͘

hŶƚƵŬŵĞŶĐĂƉĂŝŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐ͕WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
<ĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂ͗
ϭ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ͕ ƌĞƉĂƌĂƐŝ ĚĂŶ ŽǀĞƌŚĂƵů ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƐĞƌƚĂ
ƉĞŶĚƵŬƵŶŐŶLJĂƚĞƌƵƚĂŵĂ͗
Ă͘ ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂƐĞĐĂƌĂƚĞƌƉĂĚƵ͖
ď͘ ƉĞƌĂǁĂƚĂŶŬŽŵƉŽŶĞŶĚĂŶŬĂůŝďƌĂƐŝ͖
Đ͘ ƉĞƌĂǁĂƚĂŶŵĞƐŝŶ͖
Ě͘ ũĂƐĂĞŶũŝŶŝƌŝŶŐ͖ĚĂŶ
Ğ͘ ũĂƐĂƉĞůĂƚŝŚĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͖
Ϯ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ƉĞƌĚĂŐĂŶŐĂŶ ƚĞƌƵƚĂŵĂ ƉĞƌĚĂŐĂŶŐĂŶ ĂƚĂƐ ƐƵŬƵ ĐĂĚĂŶŐ ĚĂŶͬĂƚĂƵ
ŬŽŵƉŽŶĞŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͕ƐĞƌƚĂŵĞŶũĂĚŝĚŝƐƚƌŝďƵƚŽƌ͖


123
ϯ͘ ŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐƉĞƌŝŶĚƵƐƚƌŝĂŶ͕ƚĞƌŵĂƐƵŬĚŝĚĂůĂŵŶLJĂƉĞŵďƵĂƚĂŶĚĂŶƉĞƌĂǁĂƚĂŶƐĂƌĂŶĂ
ƉĞŶĚƵŬƵŶŐLJĂŶŐŵĞŶƵŶũĂŶŐŬĞŐŝĂƚĂŶƉĞŶĞƌďĂŶŐĂŶĚĂŶŬĞŐŝĂƚĂŶŝŶĚƵƐƚƌŝůĂŝŶŶLJĂ͖
ϰ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ƉĞƌŐƵĚĂŶŐĂŶ ĚĂŶ ƉĞŶŐĂŶŐŬƵƚĂŶ ƚĞƌƵƚĂŵĂ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ũĂƐĂ
ƉĞůĂLJĂŶĂŶŵĂƚĞƌŝĂů͕ůŽŐŝƐƚŝŬ͕ƉĞƌŐƵĚĂŶŐĂŶĚĂŶŬŽŶƐŝŶLJĂƐŝ͖ĚĂŶ
ϱ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ͕ ƚĞƌƵƚĂŵĂ ũĂƐĂ ƉĞŶLJĞǁĂĂŶ ƐƵŬƵ ĐĂĚĂŶŐ͕ ŬŽŵƉŽŶĞŶ͕ ĚĂŶͬĂƚĂƵ
ŵĞƐŝŶƉĞƐĂǁĂƚƵĚĂƌĂ͕ƐĞƌƚĂŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐũĂƐĂƉĞƌĂǁĂƚĂŶŵĞƐŝŶŝŶĚƵƐƚƌŝ͘
<ĞŐŝĂƚĂŶƵƐĂŚĂƉĞŶƵŶũĂŶŐ͗
ϭ͘ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞĚŝĂĂŶ ũĂƐĂ ŬŽŶƐƵůƚĂŶ ĚĂŶ ƚĞŶĂŐĂ ĂŚůŝ Ěŝ ďŝĚĂŶŐ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ͕ ŬŽŵƉŽŶĞŶ
ĚĂŶŵĞƐŝŶ͖ĚĂŶ
Ϯ͘ ŵĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ ĚŝůƵĂƌ ĚĂƌŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƐĞďƵƚŬĂŶ ĚĂůĂŵ ƉŽŝŶ ϭ Ğ ƉĂĚĂ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƵƚĂŵĂ
WĞƌƐĞƌŽĂŶ͘

<ĂŶƚŽƌ WĞƌƐĞƌŽĂŶďĞƌůŽŬĂƐŝĚŝ 'ĞĚƵŶŐ DĂŶĂũĞŵĞŶ Wd 'ĂƌƵĚĂ /ŶĚŽŶĞƐŝĂ >ĂŶƚĂŝϯ͕ ƌĞĂ WĞƌŬĂŶƚŽƌĂŶ ĂŶĚĂƌĂ
^ŽĞŬĂƌŶŽ,ĂƚƚĂ͕<ĞůƵƌĂŚĂŶWĂũĂŶŐ͕<ĞĐĂŵĂƚĂŶĞŶĚĂ͕<ŽƚĂdĂŶŐĞƌĂŶŐ͘

ĞƌĚĂƐĂƌŬĂŶŬĞƉƵƚƵƐĂŶŝƌĞŬƚƵƌhƚĂŵĂŵĞůĂůƵŝ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͗dͬ<WͲϱϬϬϮͬϮϬϭϲƚĂŶŐŐĂůϮϲƉƌŝůϮϬϭϲ
ƚĞŶƚĂŶŐ KƌŐĂŶŝƐĂƐŝ /ŶĚƵŬ Wd 'ĂƌƵĚĂ DĂŝŶƚĞŶĂŶĐĞ &ĂĐŝůŝƚLJ ĞƌŽ ƐŝĂ͕ WĞƌƵƐĂŚĂĂŶ ĚŝƉŝŵƉŝŶ ŽůĞŚ ƐĞŽƌĂŶŐ
ŝƌĞŬƚƵƌhƚĂŵĂLJĂŶŐŵĞŵďĂǁĂŚŝϰ;ĞŵƉĂƚͿŝƌĞŬƚŽƌĂƚĚĂŶϮϮ;ĚƵĂƉƵůƵŚĚƵĂͿŽƌĂŶŐsŝĐĞWƌĞƐŝĚĞŶƚ;sWͿLJĂŶŐ
ŵĞŶŐĞƉĂůĂŝƵŶŝƚƐĂƚƵƚŝŶŐŬĂƚĚŝďĂǁĂŚŝƌĞŬƐŝ͘

>ŽŬĂƐŝhƐĂŚĂWĞƌƐĞƌŽĂŶ
ĞƌŝŬƵƚŵĞƌƵƉĂŬĂŶ>ĂLJŽƵƚ͕ůŽŬĂƐŝƵƐĂŚĂĚŝĂƌĞĂĂŶĚĂƌĂ^ŽĞŬĂƌŶŽ,ĂƚƚĂ͕ĞŶŐŬĂƌĞŶŐ͗



^ƵŵďĞƌ͗WĞƌƐĞƌŽĂŶ

<ĞƚĞƌĂŶŐĂŶ͗
'^ ͗'ƌŽƵŶĚ^ƵƉƉŽƌƚƋƵŝƉŵĞŶƚ D ͗DĂƚĞƌŝĂůĞƉĂƌƚŵĞŶƚ
/ttd͗/ŶĚƵƐƚƌŝĂůtĂƐƚĞtĂƚĞƌdƌĞĂƚŵĞŶƚ ^^ ͗^ƉĞĐŝĂů^ƚŽƌĞ
D^& ͗DĂŝŶƚĞŶĂŶĐĞ^ĞƌǀŝĐĞ&ĂĐŝůŝƚLJ t^ ͗tŽƌŬƐŚŽƉ

^ĂĂƚ ŝŶŝ WĞƌƐĞƌŽĂŶ ŵĞŶŐŽƉĞƌĂƐŝŬĂŶ ϰ ;ĞŵƉĂƚͿ ƵŶŝƚ ŚĂŶŐĂƌ LJĂŶŐ ĚŝůĞŶŐŬĂƉŝ ĚĞŶŐĂŶ ƐĂƌĂŶĂ ƉĞŶĚƵŬƵŶŐ ďĂŝŬ
ƵŶƚƵŬŵŝŶŽƌŵĂƵƉƵŶŵĂũŽƌŵĂŝŶƚĞŶĂŶĐĞ͘<ĂƉĂƐŝƚĂƐŵĂƐŝŶŐͲŵĂƐŝŶŐŚĂŶŐĂƌĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EŽ͘ ,ĂŶŐĂƌ >ŽŬĂƐŝ <ĂƉĂƐŝƚĂƐEŽƌŵĂů
ϭ͘ ,ĂŶŐĂƌϭ ^ŽĞŬĂƌŶŽ,ĂƚƚĂ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͕dĂŶŐĞƌĂŶŐ Ϯ>ŝŶĞtŝĚĞŽĚLJ
Ϯ͘ ,ĂŶŐĂƌϮ ^ŽĞŬĂƌŶŽ,ĂƚƚĂ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͕dĂŶŐĞƌĂŶŐ ϯ>ŝŶĞtŝĚĞŽĚLJнϲ>ŝŶĞEĂƌƌŽǁŽĚLJ
ϯ͘ ,ĂŶŐĂƌϯ ^ŽĞŬĂƌŶŽ,ĂƚƚĂ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͕dĂŶŐĞƌĂŶŐ ϯ>ŝŶĞtŝĚĞŽĚLJ
ϰ͘ ,ĂŶŐĂƌϰ ^ŽĞŬĂƌŶŽ,ĂƚƚĂ/ŶƚĞƌŶĂƚŝŽŶĂůŝƌƉŽƌƚ͕dĂŶŐĞƌĂŶŐ ϭϱEĂƌƌŽǁŽĚLJнϭWĂŝŶƚŝŶŐ

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,ĂŶŐĂƌϭ ,ĂŶŐĂƌϮ ,ĂŶŐĂƌϯ ,ĂŶŐĂƌϰ
^ƵŵďĞƌ͗WĞƌƐĞƌŽĂŶ

^ĞůĂŝŶ ŚĂŶŐĂƌ͕ ĨĂƐŝůŝƚĂƐ ƉĞƌĂǁĂƚĂŶ LJĂŶŐ ďĞƌďĂƐŝƐ Ěŝ ŬĂǁĂƐĂŶ ĂŶĚĂƌĂ ^ŽĞŬĂƌŶŽ ,ĂƚƚĂ ůĂŝŶŶLJĂ ĂĚĂůĂŚ
ŽŵƉŽŶĞŶƚtŽƌŬƐŚŽƉ͕ŶŐŝŶĞtŽƌŬƐŚŽƉ͕^ĞĂƚΘDŽŶƵŵĞŶƚ^ŚŽƉ͕'ƌŽƵŶĚ^ƵƉƉŽƌƚƋƵŝƉŵĞŶƚ^ŚŽƉ͕/ŶĚƵƐƚƌŝĂů
ŶŐŝŶĞ tŽƌŬƐŚŽƉ͕ tĂƌĞŚŽƵƐĞ͕ dĞƐƚ Ğůů &ĂĐŝůŝƚLJ͕ >ĞĂƌŶŝŶŐ ^ĞƌǀŝĐĞƐ &ĂĐŝůŝƚLJ LJĂŶŐ ƚĞƌŝŶƚĞŐƌĂƐŝ ŐĞĚƵŶŐ
ƉĞƌŬĂŶƚŽƌĂŶWĞƌƐĞƌŽĂŶ͘

hŶƚƵŬŵĞůĂLJĂŶŝŬĞďƵƚƵŚĂŶũĂƐĂůŝŶĞŵĂŝŶƚĞŶĂŶĐĞ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝ>ŝŶĞDĂŝŶƚĞŶĂŶĐĞ^ƚĂƚŝŽŶLJĂŶŐƚĞƌƐĞďĂƌ
ĚŝĚŽŵĞƐƚŝŬŵĂƵƉƵŶŝŶƚĞƌŶĂƐŝŽŶĂů͘>ŝŶĞDĂŝŶƚĞŶĂŶĐĞ^ƚĂƚŝŽŶƐĂĂƚŝŶŝƚĞƌƐĞďĂƌĚŝϰϰďĂŶĚĂƌĂĚŽŵĞƐƚŝŬĚĂŶϯ
ďĂŶĚĂƌĂŝŶƚĞƌŶĂƐŝŽŶĂů;:ĞĚĚĂŚ͕^ŝŶŐĂƉƵƌĂĚĂŶ<ƵĂůĂ>ƵŵƉƵƌͿ͘

<ĞͲϰϳ>ŝŶĞDĂŝŶƚĞŶĂŶĐĞ^ƚĂƚŝŽŶƚĞƌƐĞďƵƚĂŶƚĂƌĂůĂŝŶďĞƌĂĚĂĚŝ͗

ϭ͘ ĞŶŐŬĂƌĞŶŐ–dĞƌŵŝŶĂůϭ ϭϳ͘ ŝĂŬ ϯϯ͘ WĂůƵ
Ϯ͘ ĞŶŐŬĂƌĞŶŐ–dĞƌŵŝŶĂůϮ ϭϴ͘ ^ĞŵĂƌĂŶŐ ϯϰ͘ dĂƌĂŬĂŶ
ϯ͘ ĞŶŐŬĂƌĞŶŐ–dĞƌŵŝŶĂůϯ ϭϵ͘ ^ŽůŽ ϯϱ͘ dĞƌŶĂƚĞ
ϰ͘ WĂůĞŵďĂŶŐ ϮϬ͘ ^ƵƌĂďĂLJĂ ϯϲ͘ ĞƌĂƵ
ϱ͘ WĞŬĂŶďĂƌƵ Ϯϭ͘ :ŽŐũĂŬĂƌƚĂ ϯϳ͘ ĞŶŐŬƵůƵ
ϲ͘ WĂĚĂŶŐ ϮϮ͘ ĞŶƉĂƐĂƌ ϯϴ͘ dĂŶũƵŶŐWĂŶĚĂŶ
ϳ͘ ĂŶĚĂĐĞŚ Ϯϯ͘ >ŽŵďŽŬWƌĂLJĂ ϯϵ͘ ,ĂůŝŵWĞƌĚĂŶĂŬƵƐƵŵĂ
ϴ͘ <ƵĂůĂŶĂŵƵ Ϯϰ͘ dĂŶũƵŶŐ<ĂƌĂŶŐ ϰϬ͘ DĂŶŽŬǁĂƌŝ
ϵ͘ ĂƚĂŵ Ϯϱ͘ ŵďŽŶ ϰϭ͘ ^ŽƌŽŶŐ
ϭϬ͘ DĂŬĂƐĂƌ Ϯϲ͘ ĂŶĚƵŶŐ ϰϮ͘ DĞƌĂƵŬĞ
ϭϭ͘ DĂŶĂĚŽ Ϯϳ͘ :Ăŵďŝ ϰϯ͘ :ĞŵďĞƌ
ϭϮ͘ ĂůŝŬƉĂƉĂŶ Ϯϴ͘ <ĞŶĚĂƌŝ ϰϰ͘ dĂŶũƵŶŐWŝŶĂŶŐ
ϭϯ͘ WŽŶƚŝĂŶĂŬ Ϯϵ͘ <ƵƉĂŶŐ ϰϱ͘ <ƵĂůĂ>ƵŵƉƵƌ
ϭϰ͘ ĂŶũĂƌŵĂƐŝŶ ϯϬ͘ DĂůĂŶŐ ϰϲ͘ ^ŝŶŐĂƉƵƌĂ
ϭϱ͘ :ĂLJĂƉƵƌĂ ϯϭ͘ WĂŶŐŬĂůWŝŶĂŶŐ ϰϳ͘ :ĞĚĚĂŚ
ϭϲ͘ dŝŵŝŬĂ ϯϮ͘ WĂůĂŶŐŬĂƌĂLJĂ 


Ϯ͘ WZKh<E<'/dEh^,WZ^ZKE

WƌŽƐĞƐŝƐŶŝƐ

WĞƌƐĞƌŽĂŶ ŵĞƌƵƉĂŬĂŶ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ďĞƌŐĞƌĂŬ Ěŝ ďŝĚĂŶŐ ŝŶĚƵƐƚƌŝ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ ƐĞĐĂƌĂ
ƚĞƌƉĂĚƵ͘^ĞĐĂƌĂƵŵƵŵ͕ƉƌŽƐĞƐďŝƐŶŝƐWĞƌƐĞƌŽĂŶďĞƌŵƵůĂĚĂƌŝƉĞŶŐĞŵďĂŶŐĂŶŬĂƉĂďŝůŝƚĂƐďĞƌĚĂƐĂƌŬĂŶĂŶĂůŝƐĂ
ƉĂƐĂƌ ĚĂŶ ŬĞůĂLJĂŬĂŶ ƵƐĂŚĂ͕ ŬĞŵƵĚŝĂŶ ƉƌŽĚƵŬ ĚŝũƵĂů ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ ŵĞůĂůƵŝ ƉƌŽƐĞƐ ƉĞŵĂƐĂƌĂŶ ĚĂŶ
ƉĞŶũƵĂůĂŶ͘WƌŽĚƵŬƉĞůĂŶŐŐĂŶLJĂŶŐŵĂƐƵŬ͕ŬĞŵƵĚŝĂŶĚŝůĂŬƵŬĂŶƉƌŽƐĞƐƉĞƌĂǁĂƚĂŶ͘WƌŽƐĞƐƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶ
ŵĞůŝƉƵƚŝ ƐĞŐŵĞŶ ůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ĚĂŶ ƌĞƉĂŝƌ Θ ŽǀĞƌŚĂƵů͕ ĚŝŵĂŶĂ ƌĞƉĂŝƌ Θ ŽǀĞƌŚĂƵů ƚĞƌĚŝƌŝ ĚĂƌŝ ďĂƐĞ
ŵĂŝŶƚĞŶĂŶĐĞ͕ĐŽŵƉŽŶĞŶƚƐĞƌǀŝĐĞƐ͕ĞŶŐŝŶĞŵĂŝŶƚĞŶĂŶĐĞ͕ĂƚĂƵƉƵŶŬĞŐŝĂƚĂŶƵƐĂŚĂůĂŝŶƐĞƐƵĂŝůŝŶŐŬƵƉƉĞŬĞƌũĂĂŶ
ĚĂƌŝ ƉĞůĂŶŐŐĂŶ͘ ^ĞƚĞůĂŚ ƐĞůĞƐĂŝ ĚŝůĂŬƵŬĂŶ ƉƌŽƐĞƐ ƉĞƌĂǁĂƚĂŶ͕ ƚĂŚĂƉ ƚĞƌĂŬŚŝƌ ĚŝůĂŬƵŬĂŶ ĂĚĂůĂŚ ƉƌŽƐĞƐ
ƉĞŶĞƌďŝƚĂŶ ĨĂŬƚƵƌ ĚĂŶ ƉĞŶĂŐŝŚĂŶ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ͘ WĞŶĂŐŝŚĂŶ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ
ďĞƌƚĂŚĂƉ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌũĂŶũŝĂŶ LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ͘ hŶƚƵŬ ƉƌŽĚƵŬ LJĂŶŐ ƐƵĚĂŚ ĂĚĂ͕ ƉƌŽƐĞƐ ďŝƐŶŝƐ ĚŝŵƵůĂŝ
ĚĞŶŐĂŶŵĞůĂŬƵŬĂŶƉƌŽƐĞƐƉĞŵĂƐĂƌĂŶĚĂŶƉĞŶũƵĂůĂŶ͘


125
 
'ĂŵďĂƌWƌŽƐĞƐŝƐŶŝƐWĞƌƐĞƌŽĂŶ
^ƵŵďĞƌ͗WĞƌƐĞƌŽĂŶ

ϭ͘ WƌŽƐĞƐWĞŶŐĞŵďĂŶŐĂŶWƌŽĚƵŬ

WƌŽƐĞƐƉĞŶŐĞŵďĂŶŐĂŶƉƌŽĚƵŬďĂƌƵƚĞƌƐĞďƵƚŵĞůŝƉƵƚŝƚĂŚĂƉĂŶͲƚĂŚĂƉĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚLJĂŝƚƵƉĞŵƵŶĐƵůĂŶ
ŐĂŐĂƐĂŶ ƚĞƌŚĂĚĂƉ ƉĞŶŐĞŵďĂŶŐĂŶ ƉƌŽĚƵŬ ďĂƌƵ LJĂŶŐ ĚĂƉĂƚ ĚŝĚĂƐĂƌŝ ŽůĞŚ ďĞďĞƌĂƉĂ ĨĂŬƚŽƌ͕ ƐĞƉĞƌƚŝ
ŬĞďƵƚƵŚĂŶ ƉĂƐĂƌ͕ ƉĞƌŬĞŵďĂŶŐĂŶ ƚĞŬŶŽůŽŐŝ͕ ŵĂƵƉƵŶ ƉĞƌŬĞŵďĂŶŐĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ͘ WĞŶŐĞŵďĂŶŐĂŶ
ƉƌŽĚƵŬďĂƌƵĚŝŵƵůĂŝĚĞŶŐĂŶƉĞŶĞůŝƚĂŶĂƚĂƵƌŝƐĞƚƐŝƐƚĞŵĂƚŝŬƚĞƌŚĂĚĂƉŐĂŐĂƐĂŶƉƌŽĚƵŬďĂƌƵĚĞŶŐĂŶƚƵũƵĂŶ
ƵŶƚƵŬŵĞŶŐƵŵƉƵůŬĂŶĚĂŶŵĞŵďƵĂƚƐĞũƵŵůĂŚŐĂŐĂƐĂŶďĂƌƵ͘^ĞƚĞůĂŚŝƚƵ͕ĚŝůĂŬƵŬĂŶƉĞŶLJĂƌŝŶŐĂŶŐĂŐĂƐĂŶ
LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƚĂŚĂƉĂŶ ƉĞŶŝŶũĂƵĂŶ ĚĂŶ ƉĞŶŐƵƌĂŶŐĂŶ ƚĞƌŚĂĚĂƉ ŐĂŐĂƐĂŶ ŵĞůĂůƵŝ ƌŝƐĞƚ ƉĂƐĂƌ͘ ŶĂůŝƐĂ
hƐĂŚĂŬĞŵƵĚŝĂŶĚŝůĂŬƵŬĂŶŵĞůĂůƵŝƵũŝŬĞůĂLJĂŬĂŶďŝƐŶŝƐƐĞƐƵĂŝĚĞŶŐĂŶƉƌŽƐĞĚƵƌLJĂŶŐĂĚĂ͕ŵĞůŝƉƵƚŝĂŶĂůŝƐĂ
ƉƌŽĚƵŬ͕ ĂŶĂůŝƐĂ ƉĞŵĂƐĂƌĂŶ͕ ĂŶĂůŝƐĂ ŵĂŶĂũĞŵĞŶ͕ ĚĂŶ ĂŶĂůŝƐĂ ŬĞƵĂŶŐĂŶ͘ dĂŚĂƉĂŶ ďĞƌŝŬƵƚŶLJĂ ĂĚĂůĂŚ
ƉĞŶŐĞŵďĂŶŐĂŶƉƌŽĚƵŬLJĂŝƚƵĨƵŶŐƐŝƉƌŽĚƵŬƐŝƚĞƌŬĂŝƚĂŬĂŶŵĞůĂŬƵŬĂŶƉĞŶŐĞŵďĂŶŐĂŶƉƌŽĚƵŬďĂƌƵƐĞƐƵĂŝ
ĚĞŶŐĂŶ ŬŽŶƐĞƉ LJĂŶŐ ƐƵĚĂŚ ĚŝƌĞŶĐĂŶĂŬĂŶ ƐĞďĞůƵŵŶLJĂ ƉĂĚĂ ĂŶĂůŝƐĂ ƵƐĂŚĂ͘ dĂŚĂƉĂŶ ƐĞůĂŶũƵƚŶLJĂ ĂĚĂůĂŚ
ĚĞŶŐĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĂũƵĂŶ ƉĞƌƐĞƚƵũƵĂŶ ĚĞŶŐĂŶ ƉŝŚĂŬ ƋƵĂůŝƚLJ ƐĞƐƵĂŝ LJĂŶŐ ĚŝƉĞƌƐLJĂƌĂƚŬĂŶ͘ ^ĞƚĞůĂŚ
ŵĞŶĚĂƉĂƚŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ͕ ƚĂŚĂƉĂŶ ƚĞƌĂŬŚŝƌ ĂĚĂůĂŚ ƉĞůƵŶĐƵƌĂŶ ƉƌŽĚƵŬ ďĂƌƵ LJĂŶŐ ŬĞŵƵĚŝĂŶ
ĚŝŬŽŵƵŶŝŬĂƐŝŬĂŶĚĞŶŐĂŶĨƵŶŐƐŝƉĞŵĂƐĂƌĂŶ͕ƉĞŶũƵĂůĂŶĚĂŶƉƌŽĚƵŬƐŝƚĞƌŬĂŝƚŬĞƐŝĂƉĂŶƵŶƚƵŬĚŝũƵĂů͘

Ϯ͘ WƌŽƐĞƐWĞŵĂƐĂƌĂŶĚĂŶWĞŶũƵĂůĂŶ

DĂƐƵŬŶLJĂ ƉĞůĂŶŐŐĂŶ ŬĞ WĞƌƐĞƌŽĂŶ ĚŝŵƵůĂŝ ĚĂƌŝ ƉƌŽƐĞƐ ƉĞŵĂƐĂƌĂŶ ďĞƌƵƉĂ ƉƌŽŵŽƐŝ ĚĂŶ ƉĞŶĂǁĂƌĂŶ
ƉƌŽĚƵŬΘũĂƐĂWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͘ŝůĂƉĞůĂŶŐŐĂŶƚĞƌƚĂƌŝŬ͕ƉƌŽƐĞƐĚŝůĂŶũƵƚŬĂŶĚĞŶŐĂŶŶĞŐŽƐŝĂƐŝ
ĂŶƚĂƌĂ ŬĞĚƵĂ ďĞůĂŚ ƉŝŚĂŬ͘ ^ĞƚĞůĂŚ ŵĞŶĞƌŝŵĂ ƌĂŶĐĂŶŐĂŶ ůŝŶŐŬƵƉ ƉĞŬĞƌũĂĂŶ ƉĞƌŵŝŶƚĂĂŶ ũĂƐĂ ĚĂƌŝ
ƉĞůĂŶŐŐĂŶ͕ĐĐŽƵŶƚDĂŶĂŐĞƌ Θ^ĂůĞƐ ͬ<ĞLJ ĐĐŽƵŶƚ ŵĞŶĞƌƵƐŬĂŶ ƉĞƌŵŝŶƚĂĂŶƚĞƌƐĞďƵƚŬĞƉĂĚĂƉƌŽĚƵŬƐŝ
ƚĞƌŬĂŝƚ͘ ^ĞƚĞůĂŚ ŵĞŶĞƌŝŵĂ ůŝƐƚ ƉĞŬĞƌũĂĂŶ ĚĂŶ ŝŶĨŽƌŵĂƐŝ ĚĂƌŝ ƵŶŝƚ ƉƌŽĚƵŬƐŝ͕ ĐĐŽƵŶƚ DĂŶĂŐĞƌ Θ ^ĂůĞƐ
;D^Ϳ Θ <ĞLJ ĐĐŽƵŶƚ ŵĞŶLJƵƐƵŶ WƌŽĨŽƌŵĂ WƌŽĨŝƚĂďŝůŝƚLJ ŶĂůLJƐŝƐ ;WͿ ĚĂŶ ^ƚĂƚĞŵĞŶƚ ŽĨ tŽƌŬ ;^ŽtͿ
ďĞƌĚĂƐĂƌŬĂŶ <ĞďŝũĂŬĂŶ WĞŶĞŶƚƵĂŶ ,ĂƌŐĂ :ƵĂů͘ ^ĞƚĞůĂŚ WƌŽĨŽƌŵĂ W ĚŝƐĞƚƵũƵŝ ŽůĞŚ ĨƵŶŐƐŝ  ZĞǀĞŶƵĞ
DĂŶĂŐĞŵĞŶƚ͕ƚĂŚĂƉĂŶƐĞůĂŶũƵƚŶLJĂĂĚĂůĂŚŶĞŐŽƐŝĂƐŝĚĞŶŐĂŶĐĂůŽŶƉĞůĂŶŐŐĂŶĂƚĂƐƉĞŶŐĂũƵĂŶŚĂƌŐĂĚĂŶ
ƌƵĂŶŐ ůŝŶŐŬƵƉ ƉĞŬĞƌũĂĂŶ͘ ,ĂƐŝů ŶĞŐŽƐŝĂƐŝ ŬĞŵƵĚŝĂŶ ĚŝƚƵĂŶŐŬĂŶ ĚĂůĂŵ ^Žt͘ ^ĞďĞůƵŵ ƉĞŬĞƌũĂĂŶ
ĚŝĞŬƐĞŬƵƐŝ͕ D^ ͬ <ĞLJ ĐĐŽƵŶƚ ŵĞŶLJŝĂƉŬĂŶ WƌŽĚƵĐƚ ĞůŝǀĞƌLJ &Žƌŵ ƵŶƚƵŬ ŬĞŵƵĚŝĂŶ ĚŝŝŶĨŽƌŵĂƐŝŬĂŶ
ŬĞƉĂĚĂƉĞůĂŶŐŐĂŶƵŶƚƵŬŵĞŵďƵĂƚWƵƌĐŚĂƐĞKƌĚĞƌ;WKͿƐĞƐƵĂŝĚĞŶŐĂŶŚĂƌŐĂLJĂŶŐƚĞůĂŚĚŝƐĞƉĂŬĂƚŝ͘

ϯ͘ WƌŽƐĞƐWƌŽĚƵŬƐŝ

WƌŽƐĞƐ ƉĞƌĂǁĂƚĂŶ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ůŝŶŐŬƵƉ ƉĞŬĞƌũĂĂŶ LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ͘ WƌŽƐĞƐ ƉƌŽĚƵŬƐŝ
WĞƌƐĞƌŽĂŶŵĞůŝƉƵƚŝƐĞŐŵĞŶůŝŶĞŵĂŝŶƚĞŶĂŶĐĞĚĂŶƌĞƉĂŝƌΘŽǀĞƌŚĂƵů͕ĚŝŵĂŶĂƌĞƉĂŝƌΘŽǀĞƌŚĂƵůƚĞƌĚŝƌŝĚĂƌŝ
ďĂƐĞ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĐŽŵƉŽŶĞŶƚ ƐĞƌǀŝĐĞƐ͕ ĞŶŐŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĂƚĂƵƉƵŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ůĂŝŶŶLJĂ͘ WĂĚĂ
ƚĂŚĂƉĂŶ ƉƌŽĚƵŬƐŝ͕ ĂƐƉĞŬ LJĂŶŐ ŚĂƌƵƐ ĚŝƉĞƌŚĂƚŝŬĂŶ ĂĚĂůĂŚ ƉĞŶũĂŵŝŶĂŶ ŬƵĂůŝƚĂƐ͕ ƉĞŶŐĞŶĚĂůŝĂŶ ďŝĂLJĂ ĚĂŶ
ǁĂŬƚƵƉĞŬĞƌũĂĂŶƐĞƐƵĂŝĚĞŶŐĂŶLJĂŶŐĚŝƐĞƉĂŬĂƚŝĚĞŶŐĂŶƉĞůĂŶŐŐĂŶ͘

ĂůĂŵ ŚĂů WĞƌƐĞƌŽĂŶ ďĞůƵŵ ŵĞŵŝůŝŬŝ ŬĂƉĂďŝůŝƚĂƐ ĚĂŶ ŬĂƉĂƐŝƚĂƐ LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ ĂƚĂƵ ďĞƌĚĂƐĂƌŬĂŶ
ƉĞƌƚŝŵďĂŶŐĂŶďŝƐŶŝƐƚŝĚĂŬĨĞĂƐŝďůĞ͕WĞƌƐĞƌŽĂŶĂŬĂŶŵĞŵďĞƌŝŬĂŶƉĞŬĞƌũĂĂŶŬĞƉĂĚĂKDĂƚĂƵƵƚŚŽƌŝnjĞĚ
DZKƐĞďĂŐĂŝƐƵďŬŽŶƚƌĂŬƚŽƌ͘WƌĂŬƚŝŬŝŶŝůĂnjŝŵĚŝůĂŬƵŬĂŶƉĂĚĂŝŶĚƵƐƚƌŝDZKĚŝƐĞůƵƌƵŚĚƵŶŝĂ͕ĚĂŶƉƌĂŬƚŝŬ
ŝŶŝ ďƵŬĂŶ ŵĞƌƵƉĂŬĂŶ ďĞŶƚƵŬ ŬĞƚĞƌŐĂŶƚƵŶŐĂŶ ƚĞƌŚĂĚĂƉ ƉŝŚĂŬ ŬĞƚŝŐĂ͘ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ
ŬĞƚĞƌŐĂŶƚƵŶŐĂŶƚĞƌŚĂĚĂƉƐĂůĂŚƐĂƚƵĂƚĂƵďĞďĞƌĂƉĂƐƵďŬŽŶƚƌĂŬƚŽƌƚĞƌƐĞďƵƚ͘






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 ϰ͘ WƌŽƐĞƐWĞŶĂŐŝŚĂŶ

WĞŶĞƌďŝƚĂŶ&ĂŬƚƵƌ
^ĞƚĞůĂŚ ŵĞŶĞƌŝŵĂ WƵƌĐŚĂƐĞ KƌĚĞƌ͕ ĐŽƐƚ ĂƉƉƌŽǀĂů ĚĂƌŝ ƉĞůĂŶŐŐĂŶ ƐĞƌƚĂ ĚĂƚĂ ƉĞŶĚƵŬƵŶŐ ůĂŝŶŶLJĂ͕ ĨƵŶŐƐŝ
ĐĐŽƵŶƚŝŶŐ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƌŝŬƐĂĂŶ ŬĞůĞŶŐŬĂƉĂŶ ĚĂŶ ǀĂůŝĚŝƚĂƐ ĚŽŬƵŵĞŶ͘ :ŝŬĂ ĚĂƚĂ ƚĞůĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ƐŝƐƚĞŵ͕ ŵĂŬĂ ĐĐŽƵŶƚŝŶŐ ŵĞůĂŬƵŬĂŶ ƉĞŶĂŐŝŚĂŶ ĚĂŶ ŵĞŶĐĞƚĂŬ ĨĂŬƚƵƌ LJĂŶŐ ƐĞŬĂůŝŐƵƐ ŵĞůĂŬƵŬĂŶ ũƵƌŶĂů
ƉŝƵƚĂŶŐ ƉĂĚĂ ƉĞŶĚĂƉĂƚĂŶ ƐĞĐĂƌĂ ŽƚŽŵĂƚŝƐ ĚĂůĂŵ ƐŝƐƚĞŵ͘ &ĂŬƚƵƌ LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ŬĞŵƵĚŝĂŶ
ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͘:ŝŬĂĚĂƚĂLJĂŶŐĚŝŬŝƌŝŵŬĂŶƚŝĚĂŬŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶ͕ĨƵŶŐƐŝĂŬƵŶƚĂŶƐŝ
ŵĞůĂŬƵŬĂŶŬŽŶĨŝƌŵĂƐŝŬĞƉĂĚĂƵƐƚŽŵĞƌ^ĂůĞƐΘ^ĂůĞƐDĂŶĂŐĞƌ;^^DͿ͘ƚĂƐŬŽŶĨŝƌŵĂƐŝƚĞƌƐĞďƵƚ͕^^D
ŬĞŵƵĚŝĂŶŵĞůĂŬƵŬĂŶƉĞƌƵďĂŚĂŶƵŶƚƵŬŵĞŶLJĞƐƵĂŝŬĂŶƉĞƌďĞĚĂĂŶĂŶƚĂƌĂĚĂƚĂƉĞŶĚƵŬƵŶŐĚĂŶĚĂƚĂƉĂĚĂ
ƐŝƐƚĞŵ͘

WƌŽƐĞƐĐůĞĂƌŝŶŐWŝƵƚĂŶŐ
hŶŝƚ ĂƐŚ Θ ĂŶŬ ĐĐŽƵŶƚŝŶŐ ŵĞŶĞƌŝŵĂ >ĂƉŽƌĂŶ WĞŶĞƌŝŵĂĂŶ <ĂƐ LJĂŶŐ ĚŝƐƵƐƵŶ ŽůĞŚ ƵŶŝƚ ĂƐŚ
DĂŶĂŐĞŵĞŶƚ ĚŝƐĞƌƚĂŝ ŝŶĨŽƌŵĂƐŝ ƉĞŶĚƵŬƵŶŐŶLJĂ LJĂŶŐ ŵĞůŝƉƵƚŝ ŶŽŵŽƌ ĨĂŬƚƵƌ LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ͕ ŶĂŵĂ
ƉĞůĂŶŐŐĂŶ͕ ũƵŵůĂŚ ƉŝƵƚĂŶŐ͕ ƚĂŶŐŐĂů ũĂƚƵŚ ƚĞŵƉŽ͕ ĚĂŶ ŬĞƚĞƌĂŶŐĂŶ ƉĞŵďĂLJĂƌĂŶ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ ĚĂŶ
ŵĞůĂŬƵŬĂŶ ƉĞŵďƵŬƵĂŶ Ěŝ ƐŝƐƚĞŵ͘ ŝůĂ ŝŶĨŽƌŵĂƐŝ ƚĞƌƐĞďƵƚ ƚŝĚĂŬ ƚĞƌƐĞĚŝĂͬƚŝĚĂŬ ƐĞƐƵĂŝ͕ ŵĂŬĂ D^ ͬ <ĞLJ
ĐĐŽƵŶƚǁĂũŝďŵĞůĂŬƵŬĂŶŬŽŶĨŝƌŵĂƐŝĂƚĂƐŚĂůƚĞƌƐĞďƵƚŬĞƉĂĚĂƉĞůĂŶŐŐĂŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘

WƌŽƐĞƐWĞŶĞƌŝŵĂĂŶĞƉŽƐŝƚĚĂƌŝWĞůĂŶŐŐĂŶ;ĂƐŚ/ŶĚǀĂŶĐĞͿ
^ĞƚĞůĂŚŵĞŶĞƌŝŵĂŝŶĨŽƌŵĂƐŝƉĞŵďĂLJĂƌĂŶĚĞŶŐĂŶĂƐŚŝŶĚǀĂŶĐĞ;/ͿĚĂƌŝƉĞůĂŶŐŐĂŶďĞƐĞƌƚĂĚŽŬƵŵĞŶ
ƉĞŶĚƵŬƵŶŐďĞƌƵƉĂWKͬ<ŽŶƚƌĂŬͬƉĞƌƐĞƚƵũƵĂŶďŝĂLJĂůĂŝŶĚĂƌŝ D^ͬ<ĞLJĐĐŽƵŶƚ͕ĐĐŽƵŶƚŝŶŐŵĞŶLJŝĂƉŬĂŶ
ƉƌŽĨŽƌŵĂƉĞŵďĂLJĂƌĂŶLJĂŶŐĚŝďƵĂƚĚĂŶŵĞŵďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶŬŽŶƚƌĂŬĚĂŶͬĂƚĂƵĚŽŬƵŵĞŶƉĞŶĚƵŬƵŶŐ
ůĂŝŶŶLJĂ͘ :ŝŬĂ ƐƵĚĂŚ ƐĞƐƵĂŝ͕ ŬĞŵƵĚŝĂŶ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ƐĞďĞůƵŵ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ ƐĞďĂŐĂŝ
ƚĂŐŝŚĂŶĂƚĂƐĂƐŚͲŝŶĚǀĂŶĐĞ͘^ĞƚĞůĂŚŵĞŶĞƌŝŵĂ>ĂƉŽƌĂŶWĞŶĞƌŝŵĂĂŶ<ĂƐĚĂƌŝhŶŝƚĂƐŚDĂŶĂŐĞŵĞŶƚ͕
ĂƐŚ Θ ĂŶŬ ĐĐŽƵŶƚŝŶŐ ŵĞŵĞƌŝŬƐĂ ƉĞŶĞƌŝŵĂĂŶ ĚĂŶĂ ĚĞŶŐĂŶ ŵĞŵďĂŶĚŝŶŐŬĂŶ ĂŶƚĂƌĂ >ĂƉŽƌĂŶ
WĞŶĞƌŝŵĂĂŶ <ĂƐ ĚĞŶŐĂŶ ĚĂƚĂ ƉĞůĂŶŐŐĂŶ ĚĂůĂŵ ƐŝƐƚĞŵ͘ ŝůĂ ƚĞƌĚĂƉĂƚ ŬĞƚŝĚĂŬƐĞƐƵĂŝĂŶ ŵĂŬĂ ƵƐƚŽŵĞƌ
^ƵƉƉŽƌƚ Θ ^ĂůĞƐ DĂŶĂŐĞƌ ;^^DͿ ǁĂũŝď ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ŬŽŶĨŝƌŵĂƐŝ ĂƚĂƐ ŬĞƚŝĚĂŬƐĞƐƵĂŝĂŶ ƚĞƌƐĞďƵƚ
ŬĞƉĂĚĂƉĞůĂŶŐŐĂŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘:ŝŬĂƉĞŶĞƌŝŵĂĂŶĚĂŶĂƚĞůĂŚƐĞƐƵĂŝĚĞŶŐĂŶŬĞƐĞƉĂŬĂƚĂŶĚĂŶĚĂƚĂ
ƉĞůĂŶŐŐĂŶ͕ ŵĂŬĂ ĨƵŶŐƐŝ ĂƐŚ Θ ĂŶŬ ĐĐŽƵŶƚŝŶŐ ŵĞŶLJŝĂƉŬĂŶ ũƵƌŶĂů ƉĞŶĐĂƚĂƚĂŶ ĂƚĂƐ ĚĞƉŽƐŝƚ ĚĂƌŝ
ƉĞůĂŶŐŐĂŶĚĂůĂŵƐŝƐƚĞŵ͘&ƵŶŐƐŝ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐŵĞŵĞƌŝŬƐĂƉĞŶĐĂƚĂƚĂŶLJĂŶŐĚŝůĂŬƵŬĂŶĚĞŶŐĂŶĐĂƌĂ
ŵĞŵďĂŶĚŝŶŐŬĂŶ ĂŶƚĂƌĂ ƉĞŶĐĂƚĂƚĂŶ ĚĂůĂŵ ƐŝƐƚĞŵ ĚĞŶŐĂŶ ũƵŵůĂŚ ƉĞŶĞƌŝŵĂĂŶ ĚĂŶĂ ĚĂůĂŵ >ĂƉŽƌĂŶ
WĞŶĞƌŝŵĂĂŶ<ĂƐŬĞŵƵĚŝĂŶŵĞŶLJĞƚƵũƵŝĚĞŶŐĂŶŵĞůĂŬƵŬĂŶƉĞŶĐĂƚĂƚĂŶĚĂůĂŵƐŝƐƚĞŵ͘

ZĞƚƵƌWĞŶũƵĂůĂŶ
ĞƌĚĂƐĂƌŬĂŶ ƉĞƌŵŝŶƚĂĂŶ ƌĞƚƵƌ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ͕ ĨƵŶŐƐŝ ZĞĐĞŝǀĂďůĞ ĐĐŽƵŶƚŝŶŐ ŵĞŵĞƌŝŬƐĂ ŬĞƐĂůĂŚĂŶ
ƉĞŶĂŐŝŚĂŶLJĂŶŐĚŝůĂŬƵŬĂŶĚĂŶŵĞŶŐŝŶĨŽƌŵĂƐŝŬĂŶ^^DƵŶƚƵŬŵĞŵĞƌŝŬƐĂĂƉĂŬĂŚĂĚĂŬĞƐĂůĂŚĂŶƚĞƌŬĂŝƚ
ƉĞŶŐĂŬƵĂŶ ƉĞŶĚĂƉĂƚĂŶ͘ :ŝŬĂ ŬĞƐĂůĂŚĂŶ ďƵŬĂŶ ŵĞƌƵƉĂŬĂŶ ĚĂƌŝ ƉĞŶŐĂŬƵĂŶ ƉĞŶĚĂƉĂƚĂŶ͕ ŵĂŬĂ ^^D
ŵĞŶŐŝŶĨŽƌŵĂƐŝŬĂŶƉĞŶŽůĂŬĂŶƉĞƌŵŝŶƚĂĂŶƌĞƚƵƌŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͘:ŝŬĂŬĞƐĂůĂŚĂŶŵĞƌƵƉĂŬĂŶŬĞƐĂůĂŚĂŶ
ƉĞŶŐĂŬƵĂŶƉĞŶĚĂƉĂƚĂŶ͕ŵĂŬĂ^^DŵĞŶLJƵƐƵŶŵĞŵŽŝŶƚĞƌŶĂůƵŶƚƵŬĚŝŐƵŶĂŬĂŶƐĞďĂŐĂŝƌĞĨĞƌĞŶƐŝĚĂůĂŵ
ŵĞůĂŬƵŬĂŶƉĞŶĐĂƚĂƚĂŶƌĞƚƵƌƉĞŶũƵĂůĂŶŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͘DĞŵŽŝŶƚĞƌŶĂůĚŝƐĞƚƵũƵŝŽůĞŚĨƵŶŐƐŝƉƌŽĚƵŬƐŝ
ƉĞŵŝůŝŬƉĞŬĞƌũĂĂŶ͘DĞŵŽŝŶƚĞƌŶĂůŬĞŵƵĚŝĂŶĚŝŬŝƌŝŵŬĂŶŬĞƉĂĚĂĨƵŶŐƐŝĐĐŽƵŶƚŝŶŐƵŶƚƵŬĚŝƐĂŚŬĂŶƐĞƐƵĂŝ
ĚĞŶŐĂŶ ůĞǀĞů ŽƚŽƌŝƐĂƐŝ͘ &ƵŶŐƐŝ ĐĐŽƵŶƚŝŶŐ ŵĞŵďƵĂƚ ĚĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶĐĂƚĂƚĂŶ ƌĞĚŝƚ EŽƚĞ ;EͿ
ďĞƌĚĂƐĂƌŬĂŶŵĞŵŽŝŶƚĞƌŶĂůLJĂŶŐƚĞůĂŚĚŝƐĞƚƵũƵŝĨƵŶŐƐŝƉƌŽĚƵŬƐŝ͘

WƌŽĚƵŬĚĂŶ:ĂƐĂWĞƌƐĞƌŽĂŶ

WĞƌƐĞƌŽĂŶŵĞƌƵƉĂŬĂŶƉĞƌƵƐĂŚĂĂŶLJĂŶŐďĞƌŐĞƌĂŬĚĂůĂŵũĂƐĂƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƚĞƌďĂŶŐƐĞĐĂƌĂƚĞƌƉĂĚƵLJĂŶŐ
ŵĞůŝƉƵƚŝƉĞƌĂǁĂƚĂŶ͗
<ĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂ͗
ϭ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ͕ ƌĞƉĂƌĂƐŝ ĚĂŶ ŽǀĞƌŚĂƵů ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƐĞƌƚĂ
ƉĞŶĚƵŬƵŶŐŶLJĂƚĞƌƵƚĂŵĂ͗
Ă͘ ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂƐĞĐĂƌĂƚĞƌƉĂĚƵ͖
ď͘ ƉĞƌĂǁĂƚĂŶŬŽŵƉŽŶĞŶĚĂŶŬĂůŝďƌĂƐŝ͖
Đ͘ ƉĞƌĂǁĂƚĂŶŵĞƐŝŶ͖
Ě͘ ũĂƐĂĞŶũŝŶŝƌŝŶŐ͖ĚĂŶ
Ğ͘ ũĂƐĂƉĞůĂƚŝŚĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͖
Ϯ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ƉĞƌĚĂŐĂŶŐĂŶ ƚĞƌƵƚĂŵĂ ƉĞƌĚĂŐĂŶŐĂŶ ĂƚĂƐ ƐƵŬƵ ĐĂĚĂŶŐ ĚĂŶͬĂƚĂƵ
ŬŽŵƉŽŶĞŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͕ƐĞƌƚĂŵĞŶũĂĚŝĚŝƐƚƌŝďƵƚŽƌ͖

127
ϯ͘ ŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐƉĞƌŝŶĚƵƐƚƌŝĂŶ͕ƚĞƌŵĂƐƵŬĚŝĚĂůĂŵŶLJĂƉĞŵďƵĂƚĂŶĚĂŶƉĞƌĂǁĂƚĂŶƐĂƌĂŶĂ
ƉĞŶĚƵŬƵŶŐLJĂŶŐŵĞŶƵŶũĂŶŐŬĞŐŝĂƚĂŶƉĞŶĞƌďĂŶŐĂŶĚĂŶŬĞŐŝĂƚĂŶŝŶĚƵƐƚƌŝůĂŝŶŶLJĂ͖
ϰ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ƉĞƌŐƵĚĂŶŐĂŶ ĚĂŶ ƉĞŶŐĂŶŐŬƵƚĂŶ ƚĞƌƵƚĂŵĂ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ũĂƐĂ
ƉĞůĂLJĂŶĂŶŵĂƚĞƌŝĂů͕ůŽŐŝƐƚŝŬ͕ƉĞƌŐƵĚĂŶŐĂŶĚĂŶŬŽŶƐŝŶLJĂƐŝ͖ĚĂŶ
ϱ͘ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ͕ ƚĞƌƵƚĂŵĂ ũĂƐĂ ƉĞŶLJĞǁĂĂŶ ƐƵŬƵ ĐĂĚĂŶŐ͕ ŬŽŵƉŽŶĞŶ͕ ĚĂŶͬĂƚĂƵ
ŵĞƐŝŶƉĞƐĂǁĂƚƵĚĂƌĂ͕ƐĞƌƚĂŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐũĂƐĂƉĞƌĂǁĂƚĂŶŵĞƐŝŶŝŶĚƵƐƚƌŝ͘

<ĞŐŝĂƚĂŶƵƐĂŚĂƉĞŶƵŶũĂŶŐ͗
ϭ͘ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞĚŝĂĂŶ ũĂƐĂ ŬŽŶƐƵůƚĂŶ ĚĂŶ ƚĞŶĂŐĂ ĂŚůŝ Ěŝ ďŝĚĂŶŐ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ͕ ŬŽŵƉŽŶĞŶ
ĚĂŶŵĞƐŝŶ͖ĚĂŶ
Ϯ͘ ŵĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ ĚŝůƵĂƌ ĚĂƌŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƐĞďƵƚŬĂŶ ĚĂůĂŵ ƉŽŝŶ ϭ Ğ ƉĂĚĂ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƵƚĂŵĂ
WĞƌƐĞƌŽĂŶ͘

WƌŽĚƵŬΘ>ĂLJĂŶĂŶLJĂŶŐĚŝƐĞĚŝĂŬĂŶWĞƌƐĞƌŽĂŶƐĂĂƚŝŶŝĚŝĂŶƚĂƌĂŶLJĂ͗

ϭ͘ >ŝŶĞDĂŝŶƚĞŶĂŶĐĞ

WƌŽĚƵŬ >ŝŶĞ DĂŝŶƚĞŶĂŶĐĞ ƐĂĂƚ ŝŶŝ ŵĞŶĂŶŐĂŶŝ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ LJĂŶŐ ŵĞůŝƉƵƚŝ WƌĞĨůŝŐŚƚ ŚĞĐŬͬĞĨŽƌĞ
ĞƉĂƌƚƵƌĞŚĞĐŬ͕dƌĂŶƐŝƚŚĞĐŬ͕ĂŝůLJŚĞĐŬ͕ĚĂŶͲŚĞĐŬƵŶƚƵŬƚŝƉĞƉĞƐĂǁĂƚϯϭϵƐĞƌŝĞƐ͕ϯϮϬƐĞƌŝĞƐ͕
ϯϮϭƐĞƌŝĞƐ͕ϯϯϬƐĞƌŝĞƐ͕ϳϰϳƐĞƌŝĞƐ͕ϳϯϳͲϮϬϬͬϯϬϬͬϰϬϬͬϱϬϬ͕ϳϯϳͲϲϬϬͬϳϬϬͬϴϬϬͬϵϬϬ͕dZϳϮͲϮϭϮ͕Z:Ͳ
ϭϬϬϬ͕ϳϳϳƐĞƌŝĞƐ͘

hŶƚƵŬ ŵĞůĂLJĂŶŝ ŬĞďƵƚƵŚĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ ĂŬĂŶ >ŝŶĞ DĂŝŶƚĞŶĂŶĐĞ͕ ƉĂĚĂ ƐĂĂƚ ŝŶŝ
WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƐĂƚƵ ŚĂŶŐĂƌ ďĞƌůŽŬĂƐŝ Ěŝ ĞŶŐŬĂƌĞŶŐ ;,ĂŶŐĂƌ ϮͿ ĚĞŶŐĂŶ ŬĂƉĂƐŝƚĂƐ ϯ ůŝŶĞƐ ƵŶƚƵŬ
ƉĞƐĂǁĂƚďĞƌďĂĚĂŶůĞďĂƌĚĂŶϲůŝŶĞƐƵŶƚƵŬƉĞƐĂǁĂƚďĞƌďĂĚĂŶƐĞŵƉŝƚ͕ƐĞƌƚĂϰϰ>ŝŶĞDĂŝŶƚĞŶĂŶĐĞ^ƚĂƚŝŽŶ
Ěŝ ĚŽŵĞƐƚŝŬ ĚĂŶ ϯ >ŝŶĞ DĂŝŶƚĞŶĂŶĐĞ ^ƚĂƚŝŽŶ ŝŶƚĞƌŶĂƐŝŽŶĂů͘ ^ĞůĂŝŶ ŵĞůĂLJĂŶŝ ŬĞďƵƚƵŚĂŶ ƉĞƌĂǁĂƚĂŶ
ƉĞůĂŶŐŐĂŶ 'ĂƌƵĚĂ 'ƌŽƵƉ͕ >ŝŶĞ DĂŝŶƚĞŶĂŶĐĞ  ũƵŐĂ ŵƵůĂŝ ŵĞůĂLJĂŶŝ ŬĞďƵƚƵŚĂŶ ƉĞůĂŶŐŐĂŶ ĚĂƌŝ EŽŶ
'Zh'ƌŽƵƉ͕ƚĞƌƵƚĂŵĂĚŝ>ŝŶĞDĂŝŶƚĞŶĂŶĐĞ^ƚĂƚŝŽŶĞŶŐŬĂƌĞŶŐĚĂŶĞŶƉĂƐĂƌ͘

WĂĚĂ ƚĂŚƵŶ ϮϬϭϲ͕ ũƵŵůĂŚ ĞǀĞŶƚ >ŝŶĞ DĂŝŶƚĞŶĂŶĐĞ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ ϱй ĚŝďĂŶĚŝŶŐŬĂŶ
ĚĞŶŐĂŶ ƌĞĂůŝƐĂƐŝ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϱ͘ ,Ăů ŝŶŝ ĚŝŬĂƌĞŶĂŬĂŶ ĂĚĂŶLJĂ ƉĞƌƵďĂŚĂŶ ŵĂŝŶƚĞŶĂŶĐĞ ƉƌŽŐƌĂŵ ƵŶƚƵŬ
ƉĞƐĂǁĂƚEĂƌƌŽǁŽĚLJƚŝƉĞϳϯϳ^ĞƌŝĞƐŵŝůŝŬ'ZhĚŝŵĂŶĂĞǀĞŶƚĂŝůLJŚĞĐŬĚŝƵďĂŚŵĞŶũĂĚŝ^ĞƌǀŝĐĞ
ŚĞĐŬ LJĂŶŐ ŝŶƚĞƌǀĂůŶLJĂ ůĞďŝŚ ƉĂŶũĂŶŐ͘ ^ĂŵƉĂŝ ĚĞŶŐĂŶ ϯϬ :ƵŶŝ ϮϬϭϳ͕ ũƵŵůĂŚ ĞǀĞŶƚ >ŝŶĞ DĂŝŶƚĞŶĂŶĐĞ
ŵĞŶĐĂƉĂŝϭϱϬ͘ϴϳϮĞǀĞŶƚƐ͕ŵĞŶŝŶŐŬĂƚĚŝďĂŶĚŝŶŐƉĞŶĐĂƉĂŝĂŶϯϬ:ƵŶŝϮϬϭϲ͕LJĂŬŶŝϭϬϴ͘ϳϰϱĞǀĞŶƚ͘ŝďĂǁĂŚ
ŝŶŝŵĞƌƵƉĂŬĂŶƚĂďĞůƉƌŽĚƵŬƐŝ>ŝŶĞDĂŝŶƚĞŶĂŶĐĞ͘
;ĚĂůĂŵƐĂƚƵĂŶĞǀĞŶƚƐͿ
ϯϬ:ƵŶŝ ϯϭĞƐĞŵďĞƌ
EŽ͘ WƌŽĚƵĐƚǀĞŶƚ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
'Zh 
    
ϭ͘ EĂƌƌŽǁŽĚLJ;ϳϯϳ^ĞƌŝĞƐͿ 
   
dƌĂŶƐŝƚŚĞĐŬ ϱϮ͘ϲϮϵ ϱϭ͘Ϯϴϰ ϭϭϳ͘ϭϱϮ ϭϯϬ͘ϰϵϲ ϭϭϬ͘ϳϲϰ

ĂŝůLJͬ^ĞƌǀŝĐĞŚĞĐŬ ϱ͘ϳϮϵ ϭϬ͘ϭϯϯ ϵ͘ϬϬϵ Ϯϳ͘ϵϰϭ Ϯϱ͘Ϯϲϭ

WƌĞĨůŝŐŚƚŚĞĐŬͬŚĞĐŬ ϭϲ͘ϯϯϬ ϭϬ͘ϮϴϬ Ϯϳ͘ϬϮϳ Ϯϴ͘ϯϱϳ Ϯϱ͘ϯϬϭ

ŚĞĐŬ ϵϱ ϭϰϳ ϭϴϱ ϰϭϲ ϯϯϴ

Ϯ͘ EĂƌƌŽǁŽĚLJ;Z:ΘdZͿ 
   
dƌĂŶƐŝƚŚĞĐŬ Ϯϰ͘ϵϰϰ ϲ͘ϵϰϭ ϰϭ͘ϯϲϱ ϱϯ͘ϯϰϯ ϯϮ͘ϴϮϮ

tĞĞŬůLJŚĞĐŬͬ^ĞƌǀŝĐĞŚĞĐŬ ϭ͘ϱϭϱ ϭ͘Ϭϳϰ ϰ͘Ϭϲϱ Ϯ͘ϮϵϮ Ϯ͘ϯϲϮ

WƌĞĨůŝŐŚƚŚĞĐŬͬŚĞĐŬ ϱ͘ϲϰϲ ϭ͘Ϭϴϰ ϭϬ͘Ϭϱϱ Ϯ͘ϮϵϮ ϳ͘ϬϬϲ

ŚĞĐŬ ϲϬ ϭϬ ϭϱϴ ϭϮϭ ϵϳ

ϯ͘ tŝĚĞŽĚLJ;ϯϯϬΘϳϰϳͲϰϬϬͿ 
   
dƌĂŶƐŝƚŚĞĐŬ ϵ͘ϴϮϲ ϰ͘ϰϬϵ ϭϯ͘ϰϱϮ ϭϴ͘ϴϱϱ ϭϱ͘Ϭϱϲ

ĂŝůLJŚĞĐŬͬ^ĞƌǀŝĐĞŚĞĐŬ ϰ͘ϰϰϴ ϭ͘ϲϱϰ ϲ͘ϯϰϴ ϱ͘ϮϴϬ ϱ͘ϯϯϳ

WƌĞĨůŝŐŚƚŚĞĐŬ ϲ͘ϬϰϮ Ϯ͘ϳϬϴ ϵ͘ϱϮϮ ϭϬ͘Ϯϳϲ ϴ͘Ϯϳϳ

tĞĞŬůLJŚĞĐŬ ϱϵϱ ϯϬϭ ϭ͘ϮϮϮ ϵϲϲ ϭ͘ϬϲϬ

ŚĞĐŬ ϳϲ ϰϲ ϭϯϳ ϭϴϰ ϭϮϮ

 
dKd>'Zh ϭϮϳ͘ϵϯϱ ϵϬ͘Ϭϳϭ Ϯϯϵ͘ϲϵϳ ϮϴϬ͘ϴϭϵ Ϯϯϯ͘ϴϬϯ

 

128
 ϯϬ:ƵŶŝ ϯϭĞƐĞŵďĞƌ
EŽ͘ WƌŽĚƵĐƚǀĞŶƚ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
/d/>/E< 
    
ϭ͘ EĂƌƌŽǁŽĚLJ;ϳϯϳ^ĞƌŝĞƐͿ   
 
dƌĂŶƐŝƚŚĞĐŬ Ͳ ϭϰϵ ϭϴϳ ϵϬ Ͳ

ĂŝůLJŚĞĐŬ Ͳ ϲϮϱ ϭϲϱ ϵϭ Ͳ

WƌĞĨůŝŐŚƚŚĞĐŬͬŚĞĐŬ Ͳ ϲϯϲ ϭϵϬ ϵϭ Ͳ

ŚĞĐŬ Ͳ Ͳ ϭϳ Ͳ Ͳ

Ϯ͘ EĂƌƌŽǁŽĚLJ;ϯϮϬ^ĞƌŝĞƐͿ 
   
dƌĂŶƐŝƚŚĞĐŬ ϭϲ͘ϴϮϲ ϭϭ͘ϴϳϵ ϲϲ͘Ϯϱϭ ϱϰ͘ϭϮϱ ϰϰ͘ϯϭϲ

ĂŝůLJŚĞĐŬ Ϯ͘Ϯϱϰ Ϯ͘ϱϮϯ ϲ͘ϲϱϯ ϱ͘ϲϵϳ ϰ͘ϰϮϱ

WƌĞĨůŝŐŚƚŚĞĐŬͬŚĞĐŬ ϯ͘ϭϯϳ Ϯ͘ϱϰϵ ϭϯ͘ϯϬϱ ϭϭ͘ϯϵϰ ϴ͘ϵϭϬ

tĞĞŬůLJŚĞĐŬ ϲϴϳ Ϯϴϳ ϭ͘ϳϮϭ ϭ͘ϬϰϬ ϭ͘ϮϭϬ

ŚĞĐŬ ϯϯ Ϯϲ ϭϯϴ ϭϭϲ ϴϮ


dKd>/d/>/E< ϮϮ͘ϵϯϳ ϭϴ͘ϲϳϰ ϴϴ͘ϲϮϳ ϳϮ͘ϲϰϰ ϱϴ͘ϵϰϯ



dKd>'ZhΘ/d/>/E< ϭϱϬ͘ϴϳϮ ϭϬϴ͘ϳϰϱ ϯϮϴ͘ϯϮϰ ϯϱϯ͘ϰϲϯ ϮϵϮ͘ϳϰϲ



^ĞůĂŝŶ >ŝŶĞ DĂŝŶƚĞŶĂŶĐĞ͕ ƚĞƌĚĂƉĂƚ ũƵŐĂ ƉĞŬĞƌũĂĂŶ ƉĞƌĂǁĂƚĂŶ ŬĂďŝŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƉĂĚĂ ƐĂĂƚ ƉĞƐĂǁĂƚ
ďĞƌŽƉĞƌĂƐŝĚŝŚŽŵĞďĂƐĞĞŶŐŬĂƌĞŶŐŵĂƵƉƵŶ>ŝŶĞDĂŝŶƚĞŶĂŶĐĞ^ƚĂƚŝŽŶLJĂŶŐƚĞƌƐĞďĂƌĚŝƐĞůƵƌƵŚǁŝůĂLJĂŚ
/ŶĚŽŶĞƐŝĂ͘ WƌŽŐƌĂŵ ƉĞƌĂǁĂƚĂŶŶLJĂ ĚŝŬĞŵĂƐ ĚĂůĂŵ ƐĞďƵĂŚ ƉƌŽŐƌĂŵ LJĂŶŐ ĚŝŶĂŵĂŬĂŶ ŝƌĐƌĂĨƚ /ŶƚĞƌŝŽƌ
DĂŝŶƚĞŶĂŶĐĞ WƌŽŐƌĂŵ ;/DWͿ LJĂŶŐ ŵĞůŝƉƵƚŝ ŝŶƚĞƌŝŽƌ ĐůĞĂŶŝŶŐ͕ ĂŝƌĐƌĂĨƚ ĞdžƚĞƌŝŽƌ ǁĂƐŚŝŶŐ͕ ĂŝƌĐƌĂĨƚ
ĚŝƐŝŶĨĞĐƚŝŽŶ͕ ĂŝƌĐƌĂĨƚ ĨƵŵŝŐĂƚŝŽŶ͕ ƉŽƚĂďůĞ ǁĂƚĞƌ ƐƚĞƌŝůŝnjĂƚŝŽŶ͕ ĂŝƌĐƌĂĨƚ ĐĂƌƉĞƚ ĚĞĞƉ ĐůĞĂŶŝŶŐ͕ ĐĂƌƉĞƚ
ƌĞƉůĂĐĞŵĞŶƚ͕ƐĞĂƚĐŽǀĞƌůĂƵŶĚƌLJĂŶĚƌĞƉůĂĐĞŵĞŶƚ͕ƉĂƐƐĞŶŐĞƌƐĞĂƚŝŶƐƉĞĐƚŝŽŶ͕ĚĞĨĞĐƚƌĞĐƚŝĨŝĐĂƚŝŽŶ͕ĚĂŶ/ŶͲ
&ůŝŐŚƚŶƚĞƌƚĂŝŶŵĞŶƚƐĞƌǀŝĐĞƐ͘WĂĚĂƚĂŚƵŶϮϬϭϲ͕ĂďŝŶDĂŝŶƚĞŶĂŶĐĞ>ŝŶĞKƉĞƌĂƚŝŽŶŵĂŵƉƵŵĞŵƉĞƌŽůĞŚ
ϭϭϴ͘ϭϭϰ ĞǀĞŶƚ͘ WĞƌ :ƵŶŝ ϮϬϭϳ͕ ũƵŵůĂŚ ĞǀĞŶƚ ƵŶƚƵŬ ĂďŝŶ DĂŝŶƚĞŶĂŶĐĞ >ŝŶĞ KƉĞƌĂƚŝŽŶ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ϱϴ͘ϵϮϵ ĞǀĞŶƚ͘ >ĂLJĂŶĂŶ ĂďŝŶ DĂŝŶƚĞŶĂŶĐĞ >ŝŶĞ DĂŝŶƚĞŶĂŶĐĞ ũƵŐĂ ŵƵůĂŝ ŵĂƐƵŬ ŬĞ ƉĂƐĂƌ EŽŶ 'Zh
'ƌŽƵƉ͕ƐĞŚŝŶŐŐĂĚŝŚĂƌĂƉŬĂŶĂŬĂŶƐĞŵĂŬŝŶďĂŶLJĂŬƉĞůĂŶŐŐĂŶůĂŝŶĚŝůƵĂƌ'Zh'ƌŽƵƉ͘

Ϯ͘ ZĞƉĂŝƌΘKǀĞƌŚĂƵů

Ă͘ ĂƐĞDĂŝŶƚĞŶĂŶĐĞ
WƌŽĚƵŬĂƐĞDĂŝŶƚĞŶĂŶĐĞďĞƌŐĞƌĂŬĚŝďŝĚĂŶŐƵƐĂŚĂƉĞƌĂǁĂƚĂŶĂŝƌĨƌĂŵĞLJĂŶŐŵĞůŝƉƵƚŝĞǀĞŶƚͲŚĞĐŬ͕Ͳ
ŚĞĐŬ͕ DĂũŽƌ DŽĚŝĨŝĐĂƚŝŽŶ͕ ^ƋƵĂǁŬ ZĞĐƚŝĨŝĐĂƚŝŽŶ͕ ĚĂŶ WĂŝŶƚŝŶŐ͘ dŝƉĞ ƉĞƐĂǁĂƚ LJĂŶŐ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ
ƉĞƌĂǁĂƚĂŶďĂƐĞƐĂŵƉĂŝƚĂŚƵŶϮϬϭϳĂĚĂůĂŚDͲϴϬƐĞƌŝĞƐ͕DͲϭϭƐĞƌŝĞƐ͕ϯϭϵƐĞƌŝĞƐ͕ϯϮϬƐĞƌŝĞƐ͕ϯϮϭ
ƐĞƌŝĞƐ͕ϯϯϬƐĞƌŝĞƐ͕ϳϰϳƐĞƌŝĞƐ͕ϳϯϳͲϮϬϬͬϯϬϬͬϰϬϬͬϱϬϬ͕ϳϯϳͲϲϬϬͬϳϬϬͬϴϬϬͬϵϬϬ͕dZϳϮͲϮϭϮ͕Z:ͲϭϬϬϬ͕
ϳϳϳƐĞƌŝĞƐ͘
ĂƐĞDĂŝŶƚĞŶĂŶĐĞĚŝĚƵŬƵŶŐŽůĞŚĨĂƐŝůŝƚĂƐŚĂŶŐĂƌĚĂŶǁŽƌŬƐŚŽƉƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
•  ,ĂŶŐĂƌ ϭ LJĂŶŐ ĚĂƉĂƚ ŵĞůĂŬƐĂŶĂŬĂŶ ŬĞŐŝĂƚĂŶ ƉĞƌĂǁĂƚĂŶ ƵŶƚƵŬ Ϯ ƉĞƐĂǁĂƚ tŝĚĞ ŽĚLJ ƐĞĐĂƌĂ
ďĞƌƐĂŵĂĂŶ͘
•  ,ĂŶŐĂƌ ϯ LJĂŶŐ ĚĂƉĂƚ ŵĞůĂŬƐĂŶĂŬĂŶ ŬĞŐŝĂƚĂŶ ƉĞƌĂǁĂƚĂŶ ƵŶƚƵŬ ϯ ƉĞƐĂǁĂƚ tŝĚĞ ŽĚLJ ƐĞĐĂƌĂ
ďĞƌƐĂŵĂĂŶ͘
•  ,ĂŶŐĂƌϰLJĂŶŐĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƉĞƌĂǁĂƚĂŶƵŶƚƵŬϭϱůŝŶĞƐƉĞƐĂǁĂƚEĂƌƌŽǁŽĚLJƐĞĐĂƌĂ
ďĞƌƐĂŵĂĂŶ ƐĞƌƚĂ ϭ ůŝŶĞ ƵŶƚƵŬ ƉĞŬĞƌũĂĂŶ ƉĞŶŐĞĐĂƚĂŶ ďĂĚĂŶ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ ĚĂŶ ůŽŐŽͬůŝǀĞƌLJ ďĂŝŬ
ƉĞƐĂǁĂƚtŝĚĞŽĚLJŵĂƵƉƵŶEĂƌƌŽǁŽĚLJ͘
•  tŽƌŬƐŚŽƉ ^ƚƌƵĐƚƵƌĞ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞƌďĂŝŬĂŶ ŬŽŵƉŽŶĞŶ ƌĂŶŐŬĂ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ LJĂŶŐ ƚĞƌĚŝƌŝ
ĚĂƌŝůŽŐĂŵŵĂƵƉƵŶŬŽŵƉŽƐŝƚ͘

ĞŶŐĂŶ ĨĂƐŝůŝƚĂƐ ƚĞƌƐĞďƵƚ͕ ƐĞƌƚĂ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ LJĂŶŐ ŵĞŵŝůŬŝ ŬĞĂŚůŝĂŶ ƚŝŶŐŐŝ͕ ůĂLJĂŶĂŶ ĂƐĞ
DĂŝŶƚĞŶĂŶĐĞ ŵĂŵƉƵ ŵĞůĂŬƵŬĂŶ ŚĞĂǀLJ ĐŚĞĐŬ ƌƵƚŝŶ͕ ŵŽĚŝĨŝŬĂƐŝ ďĞƐĂƌ͕ ƉĞŶŐĞĐĂƚĂŶ ĞŬƐƚĞƌŝŽƌ ƉĞƐĂǁĂƚ͕
ƉĞƌďĂŝŬĂŶ ĚĂŶ ŵŽĚŝĨŝŬĂƐŝ ƐƚƌƵŬƚƵƌ ďĞƐĂƌ͕ ƐĞƌƚĂ ƉĞƌĂǁĂƚĂŶ ĚĂŶ ŽǀĞƌŚĂƵů ƉĞƐĂǁĂƚ ƵŶƚƵŬ ŵĞůĂLJĂŶŝ
ŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶ͘

129
 ^ƚƌƵŬƚƵƌďŝĂLJĂĂƐĞDĂŝŶƚĞŶĂŶĐĞƐĞďĂŐŝĂŶďĞƐĂƌďĞƌĂƐĂůĚĂƌŝŵĂŶŚŽƵƌ͕ƐĞŚŝŶŐŐĂŵĞŵďĞƌŝŬĂŶƚĂŶƚĂŶŐĂŶ
ďĂŐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĞƌƵƐ ŵĞŶŐĞŵďĂŶŐŬĂŶ ŬĞŵĂŵƉƵĂŶ ƉĞŐĂǁĂŝŶLJĂ͘ ĞŶŐĂŶ ƉŽƚĞŶƐŝ ƐƵŵďĞƌ ĚĂLJĂ
LJĂŶŐĚŝŵŝůŝŬŝƐĞƌƚĂŬĞďƵƚƵŚĂŶƉĂƐĂƌĂƐĞDĂŝŶƚĞŶĂŶĐĞLJĂŶŐďĞƐĂƌ͕ŵĞŶũĂĚŝƉĞůƵĂŶŐďĂŐŝWĞƌƐĞƌŽĂŶƵŶƚƵŬ
ĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶǀŽůƵŵĞďŝƐŶŝƐŶLJĂ͘

ŝďĂǁĂŚŝŶŝĂĚĂůĂŚƚĂďĞůƉƌŽĚƵŬƐŝĂƐĞDĂŝŶƚĞŶĂŶĐĞ͘
;ĚĂůĂŵƐĂƚƵĂŶĞǀĞŶƚͿ
ϯϬ:ƵŶŝ ϯϭĞƐĞŵďĞƌ
EŽ͘ WƌŽĚƵĐƚǀĞŶƚ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
ϭ͘ EĂƌƌŽǁ ŽĚLJ ;ϳϯϳ Θ     
ϯϮϬ͕ĞƚĐͿ
 ŚĞĐŬ ϰϴ ϲϵ ϭϮϱ ϵϰ ϳϱ
 ŚĞĐŬ Ͳ Ͳ Ͳ ϯ ϭ
 DĂũŽƌDŽĚŝĨŝĐĂƚŝŽŶ Ͳ Ͳ Ͳ Ͳ ϭ
 ^ƋƵĂǁŬZĞĐƚŝĨŝĐĂƚŝŽŶ ϳϵϬ ϲϵϰ ϭ͘ϯϴϴ ϭ͘Ϭϴϳ ϵϵϵ
Ϯ͘ tŝĚĞ ŽĚLJ ;ϳϰϳ͖ ϯϯϬ͕     
ĞƚĐͿ
 ŚĞĐŬ ϴ ϭϲ ϯϬ ϭϳ ϭϰ
 ŚĞĐŬ Ϯ Ͳ Ϯ ϳ ϭ
 DĂũŽƌDŽĚŝĨŝĐĂƚŝŽŶ Ͳ Ͳ Ͳ Ͳ Ͳ
 ^ƋƵĂǁŬZĞĐƚŝĨŝĐĂƚŝŽŶ ϭϯϯ ϭϭ Ϯϱ ϯϰ ϯϳ
 dŽƚĂů ϵϴϭ ϳϵϬ ϭ͘ϱϳϬ ϭ͘ϮϰϮ ϭ͘ϭϮϴ

WĂĚĂ ƚĂŚƵŶ ϮϬϭϲ͕ ĂƐĞ DĂŝŶƚĞŶĂŶĐĞ ŵĂŵƉƵ ŵĞŶĐĂƉĂŝ ƚŽƚĂů ϭ͘ϱϳϬ ĞǀĞŶƚ͘ :ŝŬĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ƉĞŶĐĂƉĂŝĂŶĚŝƚĂŚƵŶϮϬϭϱ͕ŵĂŬĂƉĞŶĐĂƉĂŝĂŶϮϬϭϲŵĞŶŐĂůĂŵŝƉĞƌƚƵŵďƵŚĂŶ ĞǀĞŶƚLJĂŶŐƉŽƐŝƚŝĨ͘^ĂŵƉĂŝ
ĚĞŶŐĂŶ ƚĂŶŐŐĂů ϯϬ :ƵŶŝ ϮϬϭϳ͕ ũƵŵůĂŚ ĞǀĞŶƚ ƵŶƚƵŬ ĂƐĞ DĂŝŶƚĞŶĂŶĐĞ LJĂŶŐ ƚĞƌĐĂƚĂƚ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ϵϴϭ
ĞǀĞŶƚ͕ŵĞŶŐĂůĂŵŝƉĞƌƚƵŵďƵŚĂŶĚĂƌŝƉĞŶĐĂƉĂŝĂŶϯϬ:ƵŶŝϮϬϭϲLJĂŶŐƚĞƌĐĂƚĂƚƐĞďĂŶLJĂŬϳϵϬĞǀĞŶƚ͘

ď͘ ŽŵƉŽŶĞŶƚ^ĞƌǀŝĐĞƐ
ŽŵƉŽŶĞŶƚ^ĞƌǀŝĐĞƐWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝϮ;ĚƵĂͿũĞŶŝƐĂŬƚŝĨŝƚĂƐũĂƐĂƵƚĂŵĂ͕LJĂŝƚƵŽŵƉŽŶĞŶƚDĂŶĂŐĞŵĞŶƚ
;/ŶƚĞŐƌĂƚĞĚ ŽŵƉŽŶĞŶƚ ^ĞƌǀŝĐĞƐͿ ĚĂŶ ŽŵƉŽŶĞŶƚ ZĞƉĂŝƌ ;^ŝŶŐůĞ ŽŵƉŽŶĞŶƚ ^ĞƌǀŝĐĞƐͿ͘ ŽŵƉŽŶĞŶƚ
DĂŶĂŐĞŵĞŶƚ ŵĞŶLJĞĚŝĂŬĂŶ ƐŽůƵƐŝ ƐĞĐĂƌĂ ŵĞŶLJĞůƵƌƵŚ ƚĞƌŬĂŝƚ ŬĞƚĞƌƐĞĚŝĂĂŶ ŬŽŵƉŽŶĞŶ͕ LJĂŶŐ ƚĞƌĚŝƌŝ ĚĂƌŝ
>ŽĂŶ͕džĐŚĂŶŐĞ͕ZĞƉĂŝƌDĂŶĂŐĞŵĞŶƚ͕^ƉĂƌĞDĂŶĂŐĞŵĞŶƚ͕tĂƌƌĂŶƚLJDĂŶĂŐĞŵĞŶƚ͕ŶŐŝŶĞƌŝŶŐ^ŽůƵƚŝŽŶ͕
^ŽƵƌĐŝŶŐ ĚĂŶ WŽŽůŝŶŐ ƵŶƚƵŬ ƚŝƉĞ ƉĞƐĂǁĂƚ DͲϴϬ ƐĞƌŝĞƐ͕ DͲϭϭ ƐĞƌŝĞƐ͕ ϯϭϵ ƐĞƌŝĞƐ͕ ϯϮϬ ƐĞƌŝĞƐ͕ ϯϮϭ
ƐĞƌŝĞƐ͕ϯϯϬƐĞƌŝĞƐ͕ϳϰϳƐĞƌŝĞƐ͕ϳϯϳͲϮϬϬͬϯϬϬͬϰϬϬͬϱϬϬ͕ϳϯϳͲϲϬϬͬϳϬϬͬϴϬϬͬϵϬϬ͕dZϳϮͲϮϭϮ͕Z:ͲϭϬϬϬ͕
ϳϳϳ ƐĞƌŝĞƐ͘ ĂůĂŵ ŵĞŶLJĞĚŝĂŬĂŶ ƐŽůƵƐŝ ƚŽƚĂů ƵŶƚƵŬ ƉĞŶŐŐƵŶĂ ũĂƐĂ /ŶƚĞŐƌĂƚĞĚ ŽŵƉŽŶĞŶƚ ^ĞƌǀŝĐĞƐ͕
ŽŵƉŽŶĞŶƚ DĂŶĂŐĞŵĞŶƚ ĚŝĚƵŬƵŶŐ ŽůĞŚ ďĞďĞƌĂƉĂ ŶĂŵĂ ďĞƐĂƌ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƉĞŵĂŝŶ ƵƚĂŵĂ ĚĂůĂŵ
ŝŶĚƵƐƚƌŝƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƚĞƌďĂŶŐƐĞƉĞƌƚŝDĂŶƵĨĂĐƚƵƌĞƌ͕ƉĞƌƵƐĂŚĂĂŶDZK͕ĚĂŶƉĞƌƵƐĂŚĂĂŶůĂŝŶŶLJĂ͘

^ĞĚĂŶŐŬĂŶ ŽŵƉŽŶĞŶƚ ZĞƉĂŝƌ ŵĞŵŝůŝŬŝ ĂŬƚŝĨŝƚĂƐ LJĂŶŐ ďĞƌĨŽŬƵƐ ƉĂĚĂ ƉƌŽƐĞƐ ƉĞƌĂǁĂƚĂŶ ŬŽŵƉŽŶĞŶ ĚĂŶ
ƚĞƌĚŝƌŝ ĚĂƌŝ ǀŝŽŶŝĐƐ͕ ůĞĐƚƌŽ DĞĐŚĂŶŝĐĂů ĂŶĚ KdžLJŐĞŶ͕ tŚĞĞů͕ ƌĂŬĞ ĂŶĚ >ĂŶĚŝŶŐ 'ĞĂƌ͕ ƐĞƌƚĂ ĂůŝďƌĂƚŝŽŶ
ĂŶĚ EŽŶ ĞƐƚƌƵĐƚŝǀĞ dĞƐƚ ;EdͿ͘ :ĞŶŝƐ ƉĞƌĂǁĂƚĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ Ěŝ ĂƌĞĂ ŽŵƉŽŶĞŶƚ ZĞƉĂŝƌ ƚĞƌĚŝƌŝ ĚĂƌŝ
/ŶƐƉĞĐƚŝŽŶ͕dĞƐƚ͕ZĞƉĂŝƌ͕DŽĚŝĨŝĐĂƚŝŽŶĚĂŶKǀĞƌŚĂƵů͘

hŶŝƚDĂŝŶƚĞŶĂŶĐĞ ^Ƶď–hŶŝƚ >ĂLJĂŶĂŶ
ǀŝŽŶŝĐƐ • ZĂĚŝŽ^ŚŽƉ /ŶƐƉĞĐƚŝŽŶ͕ dĞƐƚ͕ ZĞƉĂŝƌ͕ DŽĚŝĨŝĐĂƚŝŽŶ ĚĂŶ
• ůĞĐƚƌŽŶŝĐ^ŚŽƉ KǀĞƌŚĂƵů ƵŶƚƵŬ ŬŽŵƉŽŶĞŶ ƌĂĚŝŽ͕ ĞůĞĐƚƌŽŶŝĐ ĚĂŶ
• /ŶƐƚƌƵŵĞŶƚ^ŚŽƉ ŝŶƐƚƌƵŵĞŶƚ͘
ůĞĐƚƌŽͲDĞĐŚĂŶŝĐĂů • ůĞĐƚƌŝĐĂů /ŶƐƉĞĐƚŝŽŶ͕ dĞƐƚ͕ ZĞƉĂŝƌ͕ DŽĚŝĨŝĐĂƚŝŽŶ ĚĂŶ
• ,LJĚƌĂƵůŝĐΘ&ƵĞů^ŚŽƉ KǀĞƌŚĂƵů ƵŶƚƵŬ ŬŽŵƉŽŶĞŶ ĞůĞĐƚƌŝĐĂů͕ ŚLJĚƌĂƵůŝĐ͕
• WŶĞƵŵĂƚŝĐ^ŚŽƉ ĨƵĞů͕ƉŶĞƵŵĂƚŝĐ͕ŐĂƐĚĂŶĞŵĞƌŐĞŶĐLJ͘
• 'ĂƐĂŶĚŵĞƌŐĞŶĐLJ^ŚŽƉ
tŚĞĞů͕ ƌĂŬĞ ĂŶĚ • tŚĞĞů^ŚŽƉ /ŶƐƉĞĐƚŝŽŶ͕ dĞƐƚ͕ ZĞƉĂŝƌ͕ DŽĚŝĨŝĐĂƚŝŽŶ ĚĂŶ
>ĂŶĚŝŶŐ'ĞĂƌ • ƌĂŬĞ^ŚŽƉ KǀĞƌŚĂƵů ƵŶƚƵŬ ŬŽŵƉŽŶĞŶ ǁŚĞĞů͕ ďƌĂŬĞ ĚĂŶ
• >ĂŶĚŝŶŐ'ĞĂƌ^ŚŽƉ ůĂŶĚŝŶŐŐĞĂƌ
ĂůŝďƌĂƚŝŽŶΘEd • ĂůŝďƌĂƚŝŽŶ^ŚŽƉ <ĂůŝďƌĂƐŝ ƵŶƚƵŬ ƚŽŽůƐ ĚĂŶ ĞƋƵŝƉŵĞŶƚ͕ ĚĂŶ EŽŶ
• Ed^ŚŽƉ ĞƐĐƚƌƵƚŝǀĞƚĞƐƚ

130
 <ĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů ĐŽŵƉŽŶĞŶƚ ƌĞƉĂŝƌ ĚŝĚƵŬƵŶŐ ŽůĞŚ ĨĂƐŝůŝƚĂƐ ĚĂŶ ƉĞƌĂŶŐŬĂƚ LJĂŶŐ ŵĞŵŝůŝŬŝ ƚĞŬŶŽůŽŐŝ
ƚĞƌďĂƌƵ͗

• d ;ƵƚŽŵĂƚŝĐ dĞƐƚ ƋƵŝƉŵĞŶƚ ŽŵƉůĞdžͿ ^ĞƌŝĞƐ ϲ LJĂŶŐ ĚĂƉĂƚ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ
ƉĞŶŐĞƚĞƐĂŶ ĚĂŶ ƚƌŽƵďůĞ ƐŚŽŽƚŝŶŐ ƵŶƚƵŬ ŬŽŵƉŽŶĞŶͲŬŽŵƉŽŶĞŶ ĂǀŝŽŶŝĐ LJĂŶŐ ďĞƌďĂƐŝƐ ŬŽŵƉƵƚĞƌ ĚĂŶ
ďĞƌƚĞŬŶŽůŽŐŝƚŝŶŐŐŝƵŶƚƵŬďĞƌďĂŐĂŝƚŝƉĞƉĞƐĂǁĂƚ͘
• /';/ŶƚĞŐƌĂƚĞĚƌŝǀĞ'ĞŶĞƌĂƚŽƌͿdĞƐƚ^ƚĂŶĚLJĂŶŐĚĂƉĂƚĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŶŐĞƚĞƐĂŶĚĂŶ
ƚƌŽƵďůĞƐŚŽŽƚŝŶŐŬŽŵƉŽŶĞŶ/'ƵŶƚƵŬďĞƌďĂŐĂŝƚŝƉĞƉĞƐĂǁĂƚŽĞŝŶŐŵĂƵƉƵŶŝƌďƵƐ͘
• hŶŝǀĂƚĞ LJĂŶŐ ĚĂƉĂƚ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĞƚĞƐĂŶ ĚĂŶ ƚƌŽƵďůĞƐŚŽŽƚŝŶŐ ŬŽŵƉŽŶĞŶͲ
ŬŽŵƉŽŶĞŶůĞĐƚƌŝĐĂůŽŶƚƌŽů^LJƐƚĞŵƵŶƚƵŬďĞƌďĂŐĂŝƚŝƉĞƉĞƐĂǁĂƚ͘

^ĞƌƚŝĨŝŬĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚŽŵƉŽŶĞŶƚ^ĞƌǀŝĐĞƐƚĞƌĚŝƌŝĚĂƌŝ'LJĂŶŐďĞƌĂƐĂůĚĂƌŝŽƚŽƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ͕
&LJĂŶŐďĞƌĂƐĂůĚĂƌŝŽƚŽƌŝƚĂƐŵĞƌŝŬĂĚĂŶũƵŐĂ^LJĂŶŐďĞƌĂƐĂůĚĂƌŝŽƚŽƌŝƚĂƐƌŽƉĂ͘^ĞůĂŝŶƐĞƌƚŝĨŝŬĂƐŝ
ĚĂƌŝŽƚŽƌŝƚĂƐ͕ƉĞƌƐŽŶĞůĐŽŵƉŽŶĞŶƚƌĞƉĂŝƌŵĞŵŝůŝŬŝƐĞƌƚŝĨŝŬĂƐŝĚĂƌŝKD͘

ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚƚĂďĞůƉƌŽĚƵŬƐŝĐŽŵƉŽŶĞŶƚƌĞƉĂŝƌ͘
;ĚĂůĂŵƐĂƚƵĂŶĞǀĞŶƚͿ
ϯϬ:ƵŶŝ ϯϭĞƐĞŵďĞƌ
EŽ͘ WƌŽĚƵĐƚǀĞŶƚ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
ϭ͘ ůĞĐƚƌŽDĞĐŚĂŶŝĐĂů ϳ͘ϵϵϮ ϲ͘ϵϬϳ ϭϰ͘ϱϮϳ ϭϮ͘ϰϴϬ ϭϮ͘ϭϲϰ
Ϯ͘ >ĂŶĚŝŶŐ'ĞĂƌΘtŚĞĞůƌĂŬĞ ϲ͘ϭϵϯ ϰ͘ϳϴϴ ϭϬ͘ϰϴϭ ϵ͘ϰϯϴ ϵ͘ϱϰϳ
ϯ͘ ǀŝŽŶŝĐƐ Ϯ͘ϳϳϲ Ϯ͘Ϭϴϭ ϰ͘ϱϲϯ ϰ͘ϭϲϲ ϯ͘ϰϬϲ
ϰ͘ ĂůŝďƌĂƚŝŽŶ ϯ͘ϳϱϱ ϯ͘ϰϬϬ ϳ͘ϯϱϴ ϲ͘ϳϯϭ ϲ͘ϱϭϳ
ϱ͘ Ed ϭϮ͘ϲϮϯ ϭϬ͘Ϭϭϭ ϮϬ͘ϴϬϭ ϭϳ͘ϲϬϭ ϭϲ͘Ϯϭϲ
 dŽƚĂů ϯϯ͘ϯϯϵ Ϯϳ͘ϭϴϳ ϱϳ͘ϳϯϬ ϱϬ͘ϰϭϲ ϰϳ͘ϴϰϵ

WĂĚĂ ƚĂŚƵŶϮϬϭϲ͕ ŽŵƉŽŶĞŶƚ DĂŝŶƚĞŶĂŶĐĞ ŵĂŵƉƵ ŵĞŵƉĞƌŽůĞŚ ϱϳ͘ϳϯϬ ĞǀĞŶƚ͘ ŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ƉĞŶĐĂƉĂŝĂŶĚŝƚĂŚƵŶϮϬϭϱ͕ƉĞŶĐĂƉĂŝĂŶϮϬϭϲŵĞŶŐĂůĂŵŝƉĞƌƚƵŵďƵŚĂŶũƵŵůĂŚĞǀĞŶƚLJĂŶŐƉŽƐŝƚŝĨ͘WĂĚĂ
:ƵŶŝϮϬϭϳ͕ƉĞŶĐĂƉĂŝĂŶŽŵƉŽŶĞŶƚ^ĞƌǀŝĐĞƐŵĞŶĐĂƉĂŝϯϯ͘ϯϯϵĞǀĞŶƚŵĞŶŝŶŐŬĂƚĚŝďĂŶĚŝŶŐŬĂŶƉĞŶĐĂƉĂŝĂŶ
:ƵŶŝϮϬϭϲ͕LJĂŬŶŝϮϳ͘ϭϴϳĞǀĞŶƚ͘

Đ͘ ŶŐŝŶĞΘWhDĂŝŶƚĞŶĂŶĐĞ
ŶŐŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ŵĞƌƵƉĂŬĂŶ ƉĞƌĂǁĂƚĂŶ ƚĞƌŚĂĚĂƉ ĞŶŐŝŶĞ ƉĞƐĂǁĂƚ͕ ďĂŝŬ ƐĞĐĂƌĂ ƚĞƌũĂĚǁĂů ;ƵŶƚƵŬ
ŵĞŵĂƐƚŝŬĂŶ ƉĞƌĨŽƌŵĂ ĞŶŐŝŶĞͿ ŵĂƵƉƵŶ ƚŝĚĂŬ ƚĞƌũĂĚǁĂů;ŬĂƌĞŶĂ ĂĚĂŶLJĂ ŐĂŶŐŐƵĂŶ ƐĞůĂŵĂ ƉĞŶĞƌďĂŶŐĂŶͿ
ĂŐĂƌ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐƚĂŶĚĂƌ ƌĞŐƵůĂƐŝ ĚĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ĚĂƌŝ ŵĂŶƵĨĂĐƚƵƌĞƌ͘ WĞƌĂǁĂƚĂŶ ŝŶŝ ƚĞƌďĂŐŝ ĚĂůĂŵ
ĚƵĂ ŬĂƚĞŐŽƌŝ͕ LJĂŝƚƵ ŽŶͲǁŝŶŐ ;ĚŝůĂŬƵŬĂŶ ŬĞƚŝŬĂ ŬŽŶĚŝƐŝ ŵĞƐŝŶ ƚĞƌƉĂƐĂŶŐ ƉĂĚĂ ƉĞƐĂǁĂƚ͕ ŵĞƌƵƉĂŬĂŶ ƚŝƉĞ
ƉĞƌĂǁĂƚĂŶƌŝŶŐĂŶͿĚĂŶŽĨĨͲǁŝŶŐ;ĚŝůĂŬƵŬĂŶĚŝǁŽƌŬƐŚŽƉĚĞŶŐĂŶŵĞůĞƉĂƐŵĞƐŝŶĚĂƌŝƉĞƐĂǁĂƚ͕ŵĞƌƵƉĂŬĂŶ
ƚŝƉĞƉĞƌĂǁĂƚĂŶƐĞĚĂŶŐŚŝŶŐŐĂďĞƌĂƚͿ͘

WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶƉĞƌĂǁĂƚĂŶƚĞƌŚĂĚĂƉĞŶŐŝŶĞĚĂŶũƵŐĂƵdžŝůŝĂƌLJWŽǁĞƌhŶŝƚ;WhͿƐĞũĂŬƚĂŚƵŶ
ϭϵϳϰ͘ ,ŝŶŐŐĂ ƚĂŚƵŶ ϮϬϭϳ͕ WĞƌƐĞƌŽĂŶ ŵĂŵƉƵ ŵĞůĂŬƵŬĂŶ ƉĞƌĂǁĂƚĂŶ ŽŶͲǁŝŶŐ ƵŶƚƵŬ ƚŝƉĞ ƉĞƐĂǁĂƚ ϯϭϵ
ƐĞƌŝĞƐ͕ ϯϮϬ ƐĞƌŝĞƐ͕ ϯϮϭ ƐĞƌŝĞƐ͕ ϯϯϬ ƐĞƌŝĞƐ͕ ϳϰϳ ƐĞƌŝĞƐ͕ ϳϯϳͲϮϬϬͬϯϬϬͬϰϬϬͬϱϬϬ͕ ϳϯϳͲ
ϲϬϬͬϳϬϬͬϴϬϬͬϵϬϬ͕ dZϳϮͲϮϭϮ͕ Z:ͲϭϬϬϬ͕ ϳϳϳ ƐĞƌŝĞƐ͘ ^ĞŵĞŶƚĂƌĂ ƵŶƚƵŬ ƉĞƌĂǁĂƚĂŶ ŽĨĨͲǁŝŶŐ͕ WĞƌƐĞƌŽĂŶ
ƚĞůĂŚ ŵĞŵƉĞƌŽůĞŚ ƐĞƌƚŝĨŝŬĂƐŝ ƵŶƚƵŬ ƉĞŶŐĞƌũĂĂŶ ŽǀĞƌŚĂƵů ĞŶŐŝŶĞ &DϱϲͲϯ ;ƉĞƐĂǁĂƚ ϳϯϳͲ
ϮϬϬͬϯϬϬͬϰϬϬͬϱϬϬͿĚĂŶ&DϱϲͲϳ;ƉĞƐĂǁĂƚϳϯϳͲϲϬϬͬϳϬϬͬϴϬϬͬϵϬϬͿ͕ƐĞƌƚĂ,Žƚ^ĞĐƚŝŽŶ/ŶƐƉĞĐƚŝŽŶWtϭϮϳ
;ƉĞƐĂǁĂƚ dZϳϮͲϮϭϮͿ͘ ^ĞůĂŝŶ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ƐĞĚĂŶŐ ŵĞŶŐĞŵďĂŶŐŬĂŶ ŬĂƉĂďŝůŝƚĂƐ ĞŶŐŝŶĞ ŽǀĞƌŚĂƵů
&DϱϲͲϱ ;ƉĞƐĂǁĂƚ ϯϮϬ ƐĞƌŝĞƐͿ ĚĞŶŐĂŶ ƚĂƌŐĞƚ ŽƉĞƌĂƐŝŽŶĂů Ěŝ ƚĂŚƵŶ ϮϬϭϴ͘ ^ĞŵĞŶƚĂƌĂ ƵŶƚƵŬ Wh͕
WĞƌƐĞƌŽĂŶ ŵĂŵƉƵ ŵĞůĂŬƵŬĂŶ ƉĞƌĂǁĂƚĂŶ Wh 'dW ϴϱ ;ƉĞƐĂǁĂƚ ϳϯϳͲϮϬϬͬϯϬϬͬϰϬϬͬϱϬϬͿ͕ Wh 'dW
ϭϯϭͲϵͬϵ ;ƵŶƚƵŬ ƉĞƐĂǁĂƚ ϯϮϬ ƐĞƌŝĞƐ ĚĂŶ ϳϯϳͲϲϬϬͬϳϬϬͬϴϬϬͬϵϬϬͿ͕ ĚĂŶ Wh 'dW ϯϯϭͲϯϱϬ ;ƵŶƚƵŬ
ƉĞƐĂǁĂƚϯϯϬƐĞƌŝĞƐͿ͘^ĞůĂŝŶŵĞŵŝůŝŬŝŬĂƉĂďŝůŝƚĂƐŽǀĞƌŚĂƵů͕WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵŝůŝŬŝŬĂƉĂďŝůŝƚĂƐƉĞƌďĂŝŬĂŶ
ŬŽŵƉŽŶĞŶ ĞŶŐŝŶĞ͕ ďĂŝŬ ůŝŐŚƚ ƌĞƉĂŝƌ ŵĂƵƉƵŶ ŚĞĂǀLJ ƌĞƉĂŝƌ͘ hŶƚƵŬ ŵĞŶƵŶũĂŶŐ ƚŝƉĞ ƉĞƌĂǁĂƚĂŶ ŽĨĨͲǁŝŶŐ͕
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵďĞƌŝŬĂŶũĂƐĂƉĞŶLJĞĚŝĂĂŶƐƉĂƌĞĞŶŐŝŶĞΘWh͘ĞŶŐĂŶĚĞŵŝŬŝĂŶ͕ĞŶŐŝŶĞŵĂƵƉƵŶWh
LJĂŶŐ ƐĞĚĂŶŐ ĚŝƌĂǁĂƚ ĚĂƉĂƚ ĚŝŐĂŶƚŝŬĂŶ ŽůĞŚ ƐƉĂƌĞ ĞŶŐŝŶĞ ͬ Wh ůĂŝŶŶLJĂ ƐĞŚŝŶŐŐĂ ƉĞƐĂǁĂƚ ƚĞƚĂƉ ĚĂƉĂƚ
ďĞƌŽƉĞƌĂƐŝ͘



131
 ŝůĞŶŐŬĂƉŝĚĞŶŐĂŶĨĂƐŝůŝƚĂƐƚŽŽůŝŶŐĚĂŶƚĞƐƚĐĞůů͕ƐĞƌƚĂƉĞƌƐŽŶĞůĚĞŶŐĂŶŬƵĂůŝĨŝŬĂƐŝƚŝŶŐŐŝ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬ
ŚĂŶLJĂ ŵĞůĂLJĂŶŝ 'Zh 'ƌŽƵƉ ƐĞďĂŐĂŝ ƉĞůĂŶŐŐĂŶ ƵƚĂŵĂ͕ ƚĞƚĂƉŝ ũƵŐĂ ƐĞĐĂƌĂ ŝŶƚĞŶƐŝĨ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ
ŵĞŶĚĂƉĂƚŬĂŶďŝƐŶŝƐƉĞƌĂǁĂƚĂŶĞŶŐŝŶĞͬWhĚĂƌŝƉĞůĂŶŐŐĂŶEŽŶ'Zh'ƌŽƵƉďĂŝŬĚŽŵĞƐƚŝŬŵĂƵƉƵŶ
ŝŶƚĞƌŶĂƐŝŽŶĂů͘ ŝƐŶŝƐ ƉĞƌĂǁĂƚĂŶ ĞŶŐŝŶĞ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ŬĞďƵƚƵŚĂŶ ŝŶƚƌŝŶƐŝŬ ĂŝƌůŝŶĞ͕ ŵĞŶŐĂůĂŵŝ
ƉĞƌƚƵŵďƵŚĂŶ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ƉĞƌƚƵŵďƵŚĂŶ ďŝƐŶŝƐ ĂŝƌůŝŶĞ ĚĂŶ ĂƌŵĂĚĂ ƉĞŶĚƵŬƵŶŐŶLJĂ͘ EĂŵƵŶ͕
ƉĞƌƚƵŵďƵŚĂŶƉŽƚĞŶƐŝďŝƐŶŝƐƚĞƌƐĞďƵƚĚŝƐĂĂƚLJĂŶŐƐĂŵĂũƵŐĂŵĞŶŐŚĂĚŝƌŬĂŶƚĂŶƚĂŶŐĂŶďĂŐŝƉĞŶLJĞĚŝĂũĂƐĂ
ĞŶŐŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ͕ ŬĂƌĞŶĂ ƚŝƉĞ ƉĞƐĂǁĂƚ LJĂŶŐ ďĂƌƵ ŵĞŶŐŐƵŶĂŬĂŶ ƚŝƉĞ ĞŶŐŝŶĞ LJĂŶŐ ďĂƌƵ͘ ,Ăů ŝŶŝ
ŵĞŶƵŶƚƵƚ ƉĞŶLJĞĚŝĂ ũĂƐĂ ĞŶŐŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ƵŶƚƵŬ ŵĞŶŐƵĂƐĂŝ ŬĂƉĂďŝůŝƚĂƐ ĞŶŐŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ LJĂŶŐ
ƐĞƐƵĂŝ͘
;ĚĂůĂŵƐĂƚƵĂŶĞǀĞŶƚͿ
ϯϬ:ƵŶŝ ϯϭĞƐĞŵďĞƌ
EŽ͘ WƌŽĚƵĐƚǀĞŶƚ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
 'Zh     
ϭ͘ Wh ϭϭ ϳ ϮϮ ϯϬ ϭϴ
Ϯ͘ ŶŐŝŶĞ ϰ Ϯ ϳ ϲ Ϯ
 EKEͲ'Zh     
ϭ͘ Wh ϴ ϭϭ ϮϬ ϭϱ ϭϲ
Ϯ͘ ŶŐŝŶĞ ϯϭ ϭϬ ϯϮ ϭϭ ϭϰ
 dKd> ϱϲ ϯϬ ϴϭ ϲϮ ϱϬ

ŝƚĂŚƵŶϮϬϭϲ͕ŶŐŝŶĞΘWhDĂŝŶƚĞŶĂŶĐĞŵĂŵƉƵŵĞŶĚĂƉĂƚŬĂŶƚŽƚĂůϯϵĞǀĞŶƚŶŐŝŶĞDĂŝŶƚĞŶĂŶĐĞĚĂŶ
ϰϮĞǀĞŶƚƉĞƌĂǁĂƚĂŶWh͘^ĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶ͕ƉĞŶĐĂƉĂŝĂŶŶŐŝŶĞΘWhŵĂŝŶƚĞŶĂŶĐĞƉĂĚĂƚĂŚƵŶϮϬϭϲ
ŵĞŶŐĂůĂŵŝƉĞƌƚƵŵďƵŚĂŶĞǀĞŶƚLJĂŶŐƉŽƐŝƚŝĨĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶϮϬϭϱ͕ďĂŝŬƵŶƚƵŬĞŶŐŝŶĞŵĂƵƉƵŶ
Wh͘ ^ĞŵĞŶƚĂƌĂ ƵŶƚƵŬ ƚĂŚƵŶ ϮϬϭϳ͕ ŚŝŶŐŐĂ ďƵůĂŶ :ƵŶŝ͕ ƚĞůĂŚ ƚĞƌũĂĚŝ ƚŽƚĂů ϯϱ ĞǀĞŶƚ ŶŐŝŶĞ DĂŝŶƚĞŶĂŶĐĞ
ĚĂŶ ϭϵ ĞǀĞŶƚ ƉĞƌĂǁĂƚĂŶ Wh DĂŝŶƚĞŶĂŶĐĞ͕ ŵĞŶŝŶŐŬĂƚ ĚŝďĂŶĚŝŶŐŬĂŶ :ƵŶŝ ϮϬϭϲ͕ LJĂŬŶŝ ϭϮ ĞǀĞŶƚ ŶŐŝŶĞ
DĂŝŶƚĞŶĂŶĐĞĚĂŶϭϴĞǀĞŶƚWhDĂŝŶƚĞŶĂŶĐĞ͘

Ě͘ ĂďŝŶDĂŝŶƚĞŶĂŶĐĞ
ĂďŝŶ DĂŝŶƚĞŶĂŶĐĞ ŵĞƌƵƉĂŬĂŶ ƐĂůĂŚ ƐĂƚƵ ũĂƐĂ LJĂŶŐ ĚŝƐĞĚŝĂŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ďĞƌďĂŐĂŝ ũĞŶŝƐ
ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ LJĂŶŐ ďĞƌŐĞƌĂŬ Ěŝ ďŝĚĂŶŐ ƵƐĂŚĂ ƉĞƌĂǁĂƚĂŶ ŬĂďŝŶ ƐĞƌƚĂ ŝŶƚĞƌŝŽƌ ƉĞƐĂǁĂƚ ĚĂŶ
ƉĞŶĚƵŬƵŶŐŶLJĂ͘ WĞƌĂǁĂƚĂŶ ŬĂďŝŶ ŵĞƌƵƉĂŬĂŶ ŚĂů LJĂŶŐ ƐĂŶŐĂƚ ƉĞŶƚŝŶŐ ƚĞƌƵƚĂŵĂ ƵŶƚƵŬ ƉĞůĂŶŐŐĂŶ &Ƶůů
^ĞƌǀŝĐĞ ĂƌƌŝĞƌ͘ WĞƌƵƐĂŚĂĂŶ ŽƉĞƌĂƚŽƌ ƉĞƐĂǁĂƚ ĨƵůů ƐĞƌǀŝĐĞ ƐĂŶŐĂƚ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬŽŶĚŝƐŝ ĚĂƌŝ ŬĂďŝŶ
ƉĞƐĂǁĂƚŶLJĂ͕ƐĞŚŝŶŐŐĂŵĞŶƵŶƚƵƚůĂLJĂŶĂŶƚĞƌďĂŝŬƵŶƚƵŬƉĞƌĂǁĂƚĂŶŬĂďŝŶŶLJĂ͘

ĂďŝŶDĂŝŶƚĞŶĂŶĐĞĚŝŚĂŶŐĂƌ;&ƵƌŶŝƐŚŝŶŐΘhƉŚŽůƐƚĞƌLJ^ĞƌǀŝĐĞƐͿŵĞůŝƉƵƚŝĐĂďŝŶƉĂƌƚƌĞƉĂŝƌΘƌĞĐŽŶĚŝƚŝŽŶ͕
ĐĂďŝŶ ƌĞĐŽŶĨŝŐƵƌĂƚŝŽŶ͕ ƌĞĨƵƌďŝƐŚŵĞŶƚ͕ ĚĂŶ ŵŽĚŝĨŝĐĂƚŝŽŶ ƵŶƚƵŬ ƐĞĂƚ͕ ŐĂůůĞLJ Θ ůĂǀĂƚŽƌLJ ƐĞƌƚĂ ĐĂďŝŶ
ĐŽŵƉŽŶĞŶƚ ůĂŝŶŶLJĂ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ůĞǀĞů ŽǀĞƌŚĂƵů͘ hŶƚƵŬ ŵĞŶĚƵŬƵŶŐ ŬĞŐŝĂƚĂŶ ĂďŝŶ DĂŝŶƚĞŶĂŶĐĞ Ěŝ
ďĂƐĞŽƉĞƌĂƚŝŽŶŝŶŝ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝĨĂƐŝůŝƚĂƐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

• ϮǁŽƌŬƐŚŽƉƐĞĂƚŵĂŝŶƚĞŶĂŶĐĞ͕LJĂŶŐĚŝƉĞƌƵŶƚƵŬĂŶƵŶƚƵŬŬĞŐŝĂƚĂŶƉĞƌĂǁĂƚĂŶŬƵƌƐŝƉĞƐĂǁĂƚƚĞƌďĂŶŐ͘
• ϮǁŽƌŬƐŚŽƉŵŽŶƵŵĞŶƚŵĂŝŶƚĞŶĂŶĐĞLJĂŶŐŵĞůŝƉƵƚŝŐĂůůĞLJ͕ůĂǀĂƚŽƌLJ͕ƐŝĚĞǁĂůů͕ĚĂŶƉĂŶĞůͲƉĂŶĞůŝŶƚĞƌŝŽƌ
ůĂŝŶŶLJĂ͘
• ϭ ǁŽƌŬƐŚŽƉ ĐƵƚƚŝŶŐ ĂŶĚ ƐĞǁŝŶŐ ƵŶƚƵŬ ƉĞŵŽƚŽŶŐĂŶ ĚĂŶ ƉĞŶũĂŚŝƚĂŶ ďĂŚĂŶ ƚĞŬƐƚŝů ƉĞƐĂǁĂƚ LJĂŶŐ
ŵĞůŝƉƵƚŝƐĞĂƚĐŽǀĞƌ͕ĐƵƌƚĂŝŶ͕ĚĂŶŬĂƌƉĞƚ͘
• ϭǁŽƌŬƐŚŽƉůĂƵŶĚƌLJƵŶƚƵŬŵĞůĂŬƵŬĂŶƉƌŽƐĞƐĐůĞĂŶŝŶŐƐĞĂƚĐŽǀĞƌ͕ĐƵƌƚĂŝŶ͕ĚĂŶƐĞĂƚďĞůƚ͘

:ƵŵůĂŚ ĞǀĞŶƚ LJĂŶŐ ƚĞůĂŚ ĚŝůĂŬƐĂŶĂŬĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϱ ĂĚĂůĂŚ ϵ ĞǀĞŶƚ͕ ŬĞŵƵĚŝĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϲ
ĂĚĂůĂŚ ϵ ĞǀĞŶƚ͕ ĚĂŶ ƉĞƌ :ƵŶŝ ϮϬϭϳ ƚĞůĂŚ ĚŝůĂŬƐĂŶĂŬĂŶ ϲ ĞǀĞŶƚ LJĂŶŐ ĚŝŚĂƌĂƉŬĂŶ ƐĂŵƉĂŝ ĂŬŚŝƌ ƚĂŚƵŶ ϭϰ
ĞǀĞŶƚ͘ WĞƌƚƵŵďƵŚĂŶ ƉƌŽũĞĐƚ ĐĂďŝŶ Ěŝ ďĂƐĞ ŽƉĞƌĂƚŝŽŶ ŝŶŝ ĚŝƉƌĞĚŝŬƐŝŬĂŶ ĂŬĂŶ ƉŽƐŝƚŝĨ ƐĞŝƌŝŶŐ ĚĞŶŐĂŶ ƚƌĞŶ
ĂŝƌůŝŶĞƐ LJĂŶŐ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ŵĂƐĂ ƉĂŬĂŝ ƉĞƐĂǁĂƚŶLJĂ ;ƚĂŶƉĂ ďĞůŝͬƐĞǁĂ ďĂƌƵͿ ƐĞŚŝŶŐŐĂ ŬĞďƵƚƵŚĂŶ
ŵĞŶũĂŐĂŬŝŶĞƌũĂĐĂďŝŶͬŝŶƚĞƌŝŽƌĂŬĂŶŵĞŶũĂĚŝƚŝŶŐŐŝ͘

Ğ͘ DĂƚĞƌŝĂůΘ>ŽŐŝƐƚŝĐ^ĞƌǀŝĐĞƐ
DĂƚĞƌŝĂů ^ĞƌǀŝĐĞƐ ŵĞƌƵƉĂŬĂŶ ůĂLJĂŶĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌŐĞƌĂŬ Ěŝ ďŝĚĂŶŐ ƉĞŶŐĞůŽůĂĂŶ ŵĂƚĞƌŝĂů͘
>ĂLJĂŶĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŵĞůŝƉƵƚŝ ŵĂŶĂũĞŵĞŶ ĂƐĞƚ͕ ƉĞŶũƵĂůĂŶ ƉĂƌƚƐ͕ ƚƵŬĂƌ ƚĂŵďĂŚ ĚĂŶ ƉĞŶLJĞǁĂĂŶ͕
ŵĂŶĂũĞŵĞŶƉĞƌƐĞĚŝĂĂŶ;ƉŽŽůŝŶŐͿ͕ůŽŐŝƐƚŝŬΘĚŝƐƚƌŝďƵƐŝ͕ĚĂŶůĂLJĂŶĂŶŝƌĐƌĂĨƚŽŶ'ƌŽƵŶĚ;K'Ϳ͘


132
 WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶĚĂƉĂƚŬĂŶ ĂŬƌĞĚŝƚĂƐŝ ĚĂŶ ƐĞƌĨŝƚŝŬĂƐŝ ŽůĞŚ ŝƌĞŬƚŽƌĂƚ :ĞŶĚĞƌĂů WĞƌŚƵďƵŶŐĂŶ hĚĂƌĂ
/ŶĚŽŶĞƐŝĂƵŶƚƵŬŵĞŶĚŝƐƚƌŝďƵƐŝŬĂŶƉƌŽĚƵŬƐƉĂƌĞƉĂƌƚƐƉĞƐĂǁĂƚĚŝďĂǁĂŚ^ZϱϳĚĂŶƐĞƚŝĨŝŬĂƐŝ^ͲϭϬϬ͘
ĞŶŐĂŶ ŬĞĚƵĂ ĂŬƌĞĚŝƚĂƐŝ ƚĞƌƐĞďƵƚ ŵĞŶƵŶũƵŬŬĂŶ ďĂŚǁĂ ŵĂƚĞƌŝĂů LJĂŶŐ ĚŝŬĞůŽůĂ ĚĂŶ ĚŝƚĂǁĂƌŬĂŶ ŬĞ
ƉĞůĂŶŐŐĂŶŵĞŵŝůŝŬŝƚƌĂĐĞĂďŝůŝƚLJĚĂŶŬƵĂůŝƚĂƐƐĞƐƵĂŝĚĞŶŐĂŶƌĞŐƵůĂƐŝ͘

DĂƚĞƌŝĂů ^ĞƌǀŝĐĞƐ ũƵŐĂ ƐĞĐĂƌĂ ƚĞƌƵƐ ŵĞŶĞƌƵƐ ŵĞůĂŬƵŬĂŶ ƐƚƌĂƚĞŐŝ ŝŶŽǀĂƐŝ ďĂŝŬ ƚĞƌŚĂĚĂƉ ƉƌŽĚƵŬ͕ ƉƌŽƐĞƐ
ŵĂƵƉƵŶŵŽĚĞůďŝƐŶŝƐƵŶƚƵŬŵĞŵďĞƌŝŬĂŶŵĂŶĨĂĂƚďĂŐŝƉĞůĂŶŐŐĂŶ͕WĞƌƐĞƌŽĂŶŵĂƵƉƵŶĚƵŬƵŶŐĂŶŬĞƉĂĚĂ
ƉƌŽĚƵŬƐŝ ŬŚƵƐƵƐŶLJĂ ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ŬĞƚĞƌƐĞĚŝĂĂŶ ƐƵŬƵ ĐĂĚĂŶŐ ĚĂŶ ŬŽŵƉŽŶĞŶ ƉĞƐĂǁĂƚ͘ ^ĂůĂŚ ƐĂƚƵ
ŝŶŽǀĂƐŝ LJĂŶŐ ĚŝŚĂƐŝůŬĂŶ ĂĚĂůĂŚ 'D& ĞƌŽdƌĂĚĞ͘ 'D& ĞƌŽdƌĂĚĞ ŵĞƌƵƉĂŬĂŶ ƐĂůĂŚ ƐĂƚƵ ƚŽŽůƐ LJĂŶŐ
ĚŝŐƵŶĂŬĂŶďĞƌďĞŶƚƵŬǁĞďƐŝƚĞƵŶƚƵŬƉĞŶũƵĂůĂŶƉĂƌƚƐ͕ĞdžĐŚĂŶŐĞΘůŽĂŶĚĂŶůĂLJĂŶĂŶK'͘

;ĚĂůĂŵƐĂƚƵĂŶh^Ϳ
ϯϬ:ƵŶŝ ϯϭĞƐĞŵďĞƌ
DĂƚĞƌŝĂů
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
ŽŶƐŝŐŶŵĞŶƚ
ϵ͘ϳϯϮ͘ϯϲϴ ϴ͘ϱϱϲ͘ϴϯϬ ϴ͘ϯϮϵ͘ϰϭϴ ϰ͘Ϯϴϯ͘ϴϬϳ
DĂƚĞƌŝĂů

ĞƌĚĂƐĂƌŬĂŶ ƚĂďĞů Ěŝ ĂƚĂƐ͕ ĐŽŶƐŝŐŶŵĞŶƚ ŵĂƚĞƌŝĂů LJĂŶŐ ĚŝŬĞůŽůĂ DĂƚĞƌŝĂů ^ĞƌǀŝĐĞƐ ƚĞƌƵƐ ŵĞŶŐĂůĂŵŝ
ƉĞƌƚƵŵďƵŚĂŶ ĚĂƌŝ ƚĂŚƵŶ ϮϬϭϰ ŚŝŶŐŐĂ ϮϬϭϲ͕ ĚŝŵĂŶĂ ƚŽƚĂů ĐŽŶƐŝŐŶŵĞŶƚ ŵĂƚĞƌŝĂů ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϲ LJĂŶŐ
ĚŝŬĞůŽůĂďĞƌŶŝůĂŝϴ͘ϱϱϲ͘ϴϯϬh^͘^ĞĚĂŶŐŬĂŶƉĞƌ:ƵŶŝϮϬϭϳ͕ĐŽŶƐŝŐŶŵĞŶƚŵĂƚĞƌŝĂůŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶ
ĚĞŶŐĂŶ ŶŝůĂŝ ĐŽŶƐŝŐŶŵĞŶƚ ŵĂƚĞƌŝĂů ŵĞŶũĂĚŝ ƐĞďĞƐĂƌ ϵ͘ϳϯϮ͘ϯϲϴ h^͘  ,Ăů ŝŶŝ ŵĞŵďƵŬƚŝŬĂŶ ďĂŚǁĂ
WĞƌƐĞƌŽĂŶƚĞƌƵƐŵĞŶĚĂƉĂƚŬĂŶŬĞƉĞƌĐĂLJĂĂŶĚĂƌŝƉĞŵĂƐŽŬƵŶƚƵŬŬĞƌũĂƐĂŵĂĚĂůĂŵŵĂŶĂũĞŵĞŶŵĂƚĞƌŝĂů͘

>ŽŐŝƐƚŝĐΘŽŶĚĞĚ^ĞƌǀŝĐĞƐŵĞƌƵƉĂŬĂŶůĂLJĂŶĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌŐĞƌĂŬĚŝďŝĚĂŶŐůŽŐŝƐƚŝŬĞdžƉŽƌƚ͕
ŝŵƉŽƌƚ͕ ĐƵƐƚŽŵƐ ĐůĞĂƌĂŶĐĞ͕ ĚŝƐƚƌŝďƵƚŝŽŶ ĚĂŶ ǁĂƌĞŚŽƵƐŝŶŐ ƐĞƌƚĂ ŬĞŐŝĂƚĂŶ ůŽŐŝƐƚŝŬ ůĂŝŶŶLJĂ ĚĂůĂŵ ƌĂŶŐŬĂ
ĂŬƐĞůĞƌĂƐŝ ƉĞƌƚƵŵďƵŚĂŶ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ͘ >ŽŐŝƐƚŝĐ Θ ŽŶĚĞĚ ^ĞƌǀŝĐĞƐ ŵĞŶĂǁĂƌŬĂŶ ďĂŶLJĂŬ ŚĂŬ
ŝƐƚŝŵĞǁĂŬĞƉĂĚĂƉĞůĂŶŐŐĂŶLJĂŶŐŵĞŵƵŶŐŬŝŶŬĂŶƵŶƚƵŬ ĐƵƐƚŽŵƐĐůĞĂƌĂŶĐĞĚĂŶǁĂƌĞŚŽƵƐŝŶŐLJĂŶŐůĞďŝŚ
ŶLJĂŵĂŶ ŬĂƌĞŶĂ ƚĞůĂŚ ŵĞŶĚĂƉĂƚŬĂŶ ĨĂƐŝůŝƚĂƐ WƵƐĂƚ >ŽŐŝƐƚŝŬ ĞƌŝŬĂƚ ;W>Ϳ ĚĂƌŝ ŝƌĞŬƚŽƌĂŶ :ĞŶĚĞƌĂů
<ĞƉĂďĞĂŶĂŶĚĂŶƵŬĂŝ͘

Ĩ͘ ŶŐŝŶĞĞƌŝŶŐ^ĞƌǀŝĐĞƐ
ŶŐŝŶĞĞƌŝŶŐ^ĞƌǀŝĐĞƐŵĞƌƵƉĂŬĂŶůĂLJĂŶĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶŐĞůŽůĂŬĞƚĞŬŶŝŬĂŶƉĞƐĂǁĂƚƚĞƌďĂŶŐ
LJĂŶŐĚŝďĂŐŝŬĞĚĂůĂŵĞŵƉĂƚũĞŶŝƐůĂLJĂŶĂŶ͘

ŝ͘  ŝƌĐƌĂĨƚ ŶŐŝŶĞĞƌŝŶŐ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ  ũĂǁĂď ƚĞƌŚĂĚĂƉ ƉĞŶŐĞůŽůĂĂŶ ĚĂŶ ƉĞŶLJĞůĞƐĂŝĂŶ
ƉĞƌŵĂƐĂůĂŚĂŶƚĞŬŶŝƐƉĞƐĂǁĂƚƚĞƌďĂŶŐLJĂŶŐŵĞůŝƉƵƚŝĂǀŝŽŶŝĐ͕ƐLJƐƚĞŵ͕ƉŽǁĞƌƉůĂŶƚ͕ƐƚƌƵĐƚƵƌĞ͕ĐĂďŝŶ͕
ĚĂŶŵĂƚĞƌŝĂůƉƌŽĐĞƐƐ͘
ŝŝ͘  ZĞůŝĂďŝůŝƚLJ ŶŐŝŶĞĞƌŝŶŐ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ŵĞŶŐĞůŽůĂ ŬĞĂŶĚĂůĂŶ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ LJĂŶŐ
ŵĞůŝƉƵƚŝŵĂŝŶƚĞŶĂŶĐĞƉƌŽŐƌĂŵ͕ƌĞůŝĂďŝůŝƚLJĐŽŶƚƌŽůƉƌŽŐƌĂŵ͕&ůŝŐŚƚĂƚĂ^ĞƌǀŝĐĞƐ;&^Ϳ͕ĐŽŶĨŝŐƵƌĂƚŝŽŶ
ΘĐŽŶƚƌŽůŵĂŶĂŐĞŵĞŶƚ͕ĚĂŶƚĞĐŚŶŝĐĂůƉƵďůŝĐĂƚŝŽŶ͘
ŝŝŝ͘  W/WKD;WŚĂƐĞ/ŶWŚĂƐĞKƵƚDĂŶĂŐĞŵĞŶƚͿLJĂŶŐďĞƌƚĂŶŐŐƵŶŐũĂǁĂďŵĞŶŐĞůŽůĂƉƌŽƐĞƐƐĞǁĂƉĞƐĂǁĂƚ
ƚĞƌďĂŶŐ͘
ŝǀ͘  ŝƌĐƌĂĨƚ ĂƚĂ'ƌŽƵƉ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ŵĞŶũĂŐĂ ŬŽŶĨŝŐƵƌĂƐŝ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ĚĞƐŝŐŶͲŶLJĂ͘

^ĞůĂŝŶ ŝƚƵ͕ ŶŐŝŶĞĞƌŝŶŐ ^ĞƌǀŝĐĞƐ ĚŝƉĞƌŬƵĂƚ ŽůĞŚ ũĂƐĂ ƉĞŶĚƵŬƵŶŐ ƌĞŬĂLJĂƐĂ ;ĞƐŝŐŶ KƌŐĂŶŝnjĂƚŝŽŶ
ƉƉƌŽǀĂůͬKͿĚĂŶƉĞŵďƵĂƚĂŶƉĂƌƚ;WĂƌƚDĂŶƵĨĂĐƚƵƌŝŶŐƉƉƌŽǀĂůͬWDͿ͘

Ő͘ ŝƌĐƌĂĨƚ^ƵƉƉŽƌƚ^ĞƌǀŝĐĞƐ
ŝƌĐƌĂĨƚ ^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐ ŵĞƌƵƉĂŬĂŶ ůĂLJĂŶĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌŐĞƌĂŬ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ
ƉĞƌĂǁĂƚĂŶ͕ ƉĞƌďĂŝŬĂŶ ĚĂŶ ĨĂďƌŝĐĂƚŝŽŶͬ ĂƐƐĞŵďůLJ 'ƌŽƵŶĚ ^ƵƉƉŽƌƚ ƋƵŝƉŵĞŶƚ ;'^Ϳ͕ '^ ƐƐĞƚ
DĂŶĂŐĞŵĞŶƚ͕ƉĞŶLJĞǁĂĂŶ'^͕ƉĞůĂƚŝŚĂŶĚĂŶƉĞŶLJĞĚŝĂĂŶƚĞŶĂŐĂĂŚůŝĚĂůĂŵďŝĚĂŶŐ'^ƐĞƌƚĂƵƐĂŚĂůĂŝŶ
LJĂŶŐĚĂƉĂƚŵĞŶƵŶũĂŶŐƚĞƌĐĂƉĂŝŶLJĂƚƵũƵĂŶWĞƌƐĞƌŽĂŶ͘^ĂĂƚŝŶŝ͕ŝƌĐƌĂĨƚ^ƵƉƉŽƌƚ^ĞƌǀŝĐĞƐŵƵůĂŝŵĞƌĂŵďĂŚ
ŝŶĚƵƐƚƌŝŶŽŶĂǀŝĂƐŝƐĞƉĞƌƚŝƉĞŵďƵĂƚĂŶĚƵŵƉƚƌƵĐŬ͘



133
Ś͘ /ŶĚƵƐƚƌŝĂůWŽǁĞƌ^ĞƌǀŝĐĞƐ
/ŶĚƵƐƚƌŝĂů WŽǁĞƌ ^ĞƌǀŝĐĞƐ ŵĞŶĂǁĂƌŬĂŶ ƉƌŽĚƵŬ ĚĂŶ ũĂƐĂ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ ĚĞŶŐĂŶ ůŝŶŐŬƵƉ ƉĞŬĞƌũĂĂŶ
ĚŝĂŶƚĂƌĂŶLJĂŶŐŝŶĞͬdƵƌďŝŶĞKǀĞƌŚĂƵů͕WŽǁĞƌ'ĞŶĞƌĂƚŽƌZĞƉĂŝƌĂŶĚKǀĞƌŚĂƵů͕WĂƌƚƐͬŽŵƉŽŶĞŶƚZĞƉĂŝƌ͕
DŝĐƌŽdƵƌďŝŶĞƐƐĞŵďůLJΘ&ĂďƌŝĐĂƚŝŽŶ͘

ŝ͘ >ĞĂƌŶŝŶŐ^ĞƌǀŝĐĞƐ
>ĞĂƌŶŝŶŐ ^ĞƌǀŝĐĞƐ ŵĞƌƵƉĂŬĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŶLJĞĚŝĂŬĂŶ ůĂLJĂŶĂŶ ƉĞůĂƚŝŚĂŶ͕ ďĂŝŬ ŝƚƵ dĞĐŚŶŝĐĂů
dƌĂŝŶŝŶŐ ;ĂƐŝĐ Θ dLJƉĞ dƌĂŝŶŝŶŐͿ ŵĂƵƉƵŶ >ĞĂĚĞƌƐŚŝƉ dƌĂŝŶŝŶŐ͘ >ĞĂƌŶŝŶŐ ^ĞƌǀŝĐĞƐ ŵĞŶŐĞŵďĂŶŐŬĂŶ
ŬƵƌŝŬƵůƵŵ ĚĂŶ ƚĞůĂŚ ŵĞŵŝůŝŬŝ ƐĞƌƚŝĨŝŬĂƐŝ ŝƌĐƌĂĨƚ DĂŝŶƚĞŶĂŶĐĞ dƌĂŝŶŝŶŐ ƉƉƌŽǀĂů ;DdKͿ ϭϰϳ ĚĂƌŝ
ŝƌĞŬƚŽƌĂƚ<ĞůĂŝŬƵĚĂƌĂĂŶĚĂŶWĞŶŐŽƉƌĂƐŝĂŶWĞƐĂǁĂƚhĚĂƌĂ;<WWhͿ/ŶĚŽŶĞƐŝĂ͕ƐĞƌƚĂƐĞƌƚŝĨŝŬĂƐŝƵƌŽƉĞĂŶ
ǀŝĂƚŝŽŶ^ĂĨĞƚLJŐĞŶĐLJ;^Ϳϭϰϳ͘

>ĞĂƌŶŝŶŐ^ĞƌǀŝĐĞƐƐĂĂƚŝŶŝƉƵŶƚĞůĂŚŵĞŶũĂĚŝƉƵƐĂƚƐĞƌƚŝĨŝŬĂƐŝĚŝ/ŶĚŽŶĞƐŝĂƵŶƚƵŬĂƐŝĐdƌĂŝŶŝŶŐĚĂŶdLJƉĞ
dƌĂŝŶŝŶŐ ĚĂƌŝ ' /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝ DZ ;ĞƐŝŐŶĂƚĞĚ ŝƌĐƌĂĨƚ DĂŝŶƚĞŶĂŶĐĞ ŶŐŝŶĞĞ džĂŵŝŶĞƌ
ZĞƉƌĞƐĞŶƚĂƚŝǀĞͿ͘WĞƌƐĞƌŽĂŶŵĞůĂůƵŝ>ĞĂƌŶŝŶŐ^ĞƌǀŝĐĞƐͲŶLJĂŵĞƌƵƉĂŬĂŶƉƵƐĂƚƉĞůĂƚŝŚĂŶŝƌďƵƐƉĞƌƚĂŵĂĚŝ
ĚƵŶŝĂ Ěŝ ůƵĂƌ ŝƌďƵƐ ĚĂŶ ƐĂƚƵͲƐĂƚƵŶLJĂ Ěŝ ƵŶŝĂ LJĂŶŐ ƐĞĐĂƌĂ ƌĞƐŵŝ ƐĞďĂŐĂŝ ŝƌďƵƐ dƌĂŝŶŝŶŐ ĞŶƚĞƌ LJĂŶŐ
ĚŝůĞŶŐŬĂƉŝĚĞŶŐĂŶŝƌďƵƐŽŵƉĞƚĞŶĐĞdƌĂŝŶŝŶŐ;dͿƐŝŵƵůĂƚŽƌ͘

ϯ͘ WD^ZEEWE:h>E

WĞŵĂƐĂƌĂŶ

WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝĐĞƚĂŬďŝƌƵƉĞŵĂƐĂƌĂŶLJĂŶŐĚŝƐƵƐƵŶďĞƌĚĂƐĂƌŬĂŶŬĞĂĚĂĂŶĚĂŶƚƌĞŶƉĂƐĂƌLJĂŶŐƚĞƌũĂĚŝƉĂĚĂ
ƐĞŬƚŽƌ ĂǀŝĂƐŝ͕ ďĂŝŬ ƉĂĚĂ ƐŬĂůĂ ĚŽŵĞƐƚŝŬ͕ ƌĞŐŝŽŶĂů͕ ŵĂƵƉƵŶ ŐůŽďĂů LJĂŶŐ ŵĞůŝƉƵƚŝ ƉĞŶLJƵƐƵŶĂŶ ƐƚƌĂƚĞŐŝ
ƉĞŵĂƐĂƌĂŶ͕ƐƚƌĂƚĞŐŝƉĞŶũƵĂůĂŶĚĂŶƚĂŬƚŝŬƉĞŵĂƐĂƌĂŶ͕ƉĞůĂŬƐĂŶĂĂŶƉƌŽŐƌĂŵĚĂŶĨŽŬƵƐŬĞŐŝĂƚĂŶ͕ƐĞƌƚĂůĂŶŐŬĂŚͲ
ůĂŶŐŬĂŚĂƚĂƵŝŵƉůĞŵĞŶƚĂƐŝLJĂŶŐĚŝƉĞƌůƵŬĂŶ͘

^ĞďĂŐĂŝƐĂůĂŚƐĂƚƵƉĞŶLJĞĚŝĂůĂLJĂŶĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚĚŝŬĂǁĂƐĂŶƐŝĂWĂƐŝĨŝŬ͕WĞƌƐĞƌŽĂŶŵĞŵƉŽƐŝƐŝŬĂŶĚŝƌŝ
ƐĞďĂŐĂŝ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ŵĞŶĂǁĂƌŬĂŶ ƉĞƌĂǁĂƚĂŶ ƐĞĐĂƌĂ ƚĞƌŝŶƚĞŐƌĂƐŝ ĚĞŶŐĂŶ ŬƵĂůŝƚĂƐ LJĂŶŐ ƚŝŶŐŐŝ͕ ĚŝƚƵŶũĂŶŐ
ĚĞŶŐĂŶĨůĞŬƐŝďŝůŝƚĂƐƉĞŵďĂLJĂƌĂŶĚĂŶůŝŶŐŬƵƉƉĞŬĞƌũĂĂŶ͕ƐĞƌƚĂŬĞƌĂŵĂŚĂŶLJĂŶŐŵĞŶũĂĚŝŶŝůĂŝƚĂŵďĂŚ͘^ĂĂƚŝŶŝ͕
WĞƌƐĞƌŽĂŶ ŵĂŵƉƵ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞƌĂǁĂƚĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ ďĂŝŬ ƵŶƚƵŬ >ŝŶĞ DĂŝŶƚĞŶĂŶĐĞ
ŵĂƵƉƵŶ ZĞƉĂŝƌ Θ KǀĞƌŚĂƵů͕ LJĂŶŐ ŵĞůŝƉƵƚŝ ĂƐĞ DĂŝŶƚĞŶĂŶĐĞ͕ ŶŐŝŶĞ Θ Wh DĂŝŶƚĞŶĂŶĐĞ͕ ŽŵƉŽŶĞŶƚ
^ĞƌǀŝĐĞƐ͕ ĂďŝŶ DĂŝŶƚĞŶĂŶĐĞ͕ ŶŐŝŶĞĞƌŝŶŐ ^ĞƌǀŝĐĞƐ DĂƚĞƌŝĂů Θ >ŽŐŝƐƚŝĐ ^ĞƌǀŝĐĞƐ͕ ŝƌĐƌĂĨƚ ^ƵƉƉŽƌƚ ^ĞƌǀŝĐĞƐ͕
WŽǁĞƌ^ĞƌǀŝĐĞƐ͕ĚĂŶ>ĞĂƌŶŝŶŐ^ĞƌǀŝĐĞƐ͘

dĂƌŐĞƚ ƉĂƐĂƌ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ŽƉĞƌĂƚŽƌ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ ďĂŝŬ >Žǁ ŽƐƚ ĂƌƌŝĞƌ ;>Ϳ ŵĂƵƉƵŶ &Ƶůů ^ĞƌǀŝĐĞ
ĂƌƌŝĞƌ ;&^Ϳ͕ >ĞƐƐŽƌ͕ ĂƌŐŽͬĨƌĞŝŐŚƚĞƌ͕ ĐŚĂƌƚĞƌ͕ ƉĞƌƵƐĂŚĂĂŶ DZK ĚĂŶ KD͘ ^ĞƚŝĂƉ ƉƌŽĚƵŬ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ
ŵĞŵŝůŝŬŝ ƐƚƌĂƚĞŐŝ ƉĞŵĂƐĂƌĂŶ ƐĞŶĚŝƌŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƚĂƌŐĞƚ ƉĂƐĂƌ LJĂŶŐ ĚŝƚƵũƵ͕ ƐĞƉĞƌƚŝ ŵĞŶĂǁĂŬĂŶ ůĂLJĂŶĂŶ
ƉĞƌĂǁĂƚĂŶ LJĂŶŐ ƚĞƌŝŶƚĞŐƌĂƐŝ͕ ŵĞŶĂǁĂƌŬĂŶ ůĂLJĂŶĂŶ ƌĞĐŽǀĞƌLJ Ϯϰ ũĂŵ͕ ŵĞŶĂǁĂƌŬĂŶ ƌĞƐƉŽŶ LJĂŶŐ ĐĞƉĂƚ͕
ŵĞŶĂǁĂƌŬĂŶŚĂƌŐĂLJĂŶŐŬŽŵƉĞƚŝƚŝĨ͕ŵĂƵƉƵŶƐƚƌĂƚĞŐŝƉĞŶũƵĂůĂŶůŝŶƚĂƐƉƌŽĚƵŬ͘

WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞůĂŬƵŬĂŶ ƉƌŽŵŽƐŝ ĚĞŶŐĂŶ ƚƵũƵĂŶ LJĂŬŶŝ ŵĞŶĐŝƉƚĂŬĂŶ ďƌĂŶĚ ĂǁĂƌĞŶĞƐƐ ĚĂŶ ŵĞŶŝŶŐŬĂƚĂŶ
ƉĞŶũƵĂůĂŶƉƌŽĚƵŬͲƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͘ĂůĂŵŵĞƌĞŶĐĂŶĂŬĂŶƉŽůĂĚĂŶŵĞĚŝĂƉƌŽŵŽƐŝ͕WĞƌƐĞƌŽĂŶŵĞŶLJĞƐƵĂŝŬĂŶ
ĚĞŶŐĂŶ ŬĂƌĂŬƚĞƌ ƚĂƌŐĞƚ ƉĂƐĂƌ ĚĂƌŝ ƉƌŽĚƵŬ͘ WƌŽŵŽƐŝ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĞďƵƚƵŚĂŶ ĚĂƌŝ ƉĂƐĂƌ ĚĂŶ
ŬĂƌĂŬƚĞƌŝŬ ďŝƐŶŝƐ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ͘ ĞŶƚƵŬ ĚĂƌŝ ƉƌŽŵŽƐŝ ŝŶŝ ĂŶƚĂƌĂ ůĂŝŶ ďĞƌƵƉĂ ŵĞĚŝĂ ŵĂƐƐĂ͕ ŵĞĚŝĂ ĞůĞŬƚƌŽŶŝŬ͕
ĚĂŶŵĞĚŝĂĐĞƚĂŬ͘ĂůĂŵŵĞŶũĂůĂŶŬĂŶƉƌŽŵŽƐŝŵĞĚŝĂĞůĞŬƚƌŽŶŝŬ͕WĞƌƐĞƌŽĂŶŵĞŵďƵĂƚƐŝƚƵƐLJĂŶŐĚĂƉĂƚĚŝĂŬƐĞƐ
ĚĞŶŐĂŶƚƵũƵĂŶĚĂƉĂƚŵĞŵďĞƌŝŬĂŶŝŶĨŽƌŵĂƐŝLJĂŶŐŝŶĨŽƌŵĂƚŝĨŵĞŶŐĞŶĂŝƉƌŽĚƵŬͲƉƌŽĚƵŬLJĂŶŐĚŝƚĂǁĂƌŬĂŶ͘

ĂůĂŵŵĞŶĚƵŬƵŶŐƉƌŽŵŽƐŝ͕ĐĐŽƵŶƚDĂŶĂŐĞƌΘ^ĂůĞƐ;D^ͿũƵŐĂďĞƌĨƵŶŐƐŝƐĞďĂŐĂŝ^ĂůĞƐWƌŽŵŽƚŝŽŶ͕ĚĞŶŐĂŶ
ĐĂƌĂŵĞŶŐƵŶũƵŶŐŝĐĂůŽŶƉĞůĂŶŐŐĂŶĚĂŶŵĞŶĂǁĂƌŬĂŶƉƌŽĚƵŬͲƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͘ŬƐŝƐƚĞŶƐŝWĞƌƐĞƌŽĂŶĚĂůĂŵŚĂů
ƌĂŶĚŝŶŐ ĚĂŶ ǁĂƌĞŶĞƐƐ ũƵŐĂ ŚĂƌƵƐ ƚĞƚĂƉ ĚŝƉĞƌƚĂŚĂŶŬĂŶ ŵĞůĂůƵŝ ŬĞŐŝĂƚĂŶ ƉƌŽŵŽƐŝ Ěŝ ĞǀĞŶƚ ŝŶƚĞƌŶĂƐŝŽŶĂů͘
^ĞůĂŝŶ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ƚĞůĂŚ ƚĞƌĚĂĨƚĂƌ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ /dW ;/ŶƚĞƌŶĂƚŝŽŶĂů ŝƌĐƌĂĨƚ dĞĐŚŶŝĐĂů WŽŽůͿ ĚĂůĂŵ
ƌĂŶŐŬĂ ŵĞŶƵŶũĂŶŐ ďƌĂŶĚ WĞƌƐĞƌŽĂŶ Ěŝ ĚƵŶŝĂ ĂǀŝĂƐŝ ŝŶƚĞƌŶĂƐŝŽŶĂů͕ ĚĂŶ ũƵŐĂ ƚĞůĂŚ ĚŝƌĞƐŵŝŬĂŶ ƐĞďĂŐĂŝ WƵƐĂƚ
>ŽŐŝƐƚŝŬĞƌŝŬĂƚƵŶƚƵŬŝŶĚƵƐƚƌŝĂǀŝĂƐŝ͘




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WĞŶũƵĂůĂŶ
;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
ϮϬϭϲ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ й ;dŝĚĂŬ й ϮϬϭϲ й ϮϬϭϱ й ϮϬϭϰ й
ŝĂƵĚŝƚͿ
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ 
        
ZĞƉĂŝƌĂŶĚŽǀĞƌŚĂƵů ϴϮ͘ϳϬϵ͘ϰϮϱ ϳϳ͕ϵϲ ϱϴ͘Ϭϱϵ͘Ϯϯϵ ϳϭ͕ϭϰ Ϯϴϴ͘Ϯϳϴ͘Ϭϯϳ ϳϰ͕ϭϰ ϮϬϵ͘ϳϬϯ͘ϲϱϵ ϲϴ͕ϲϮ ϭϲϳ͘ϵϬϯ͘ϭϳϭ ϲϯ͕ϱϵ
>ŝŶĞŵĂŝŶƚĞŶĂŶĐĞ Ϯϯ͘ϯϳϴ͘ϯϴϱ ϮϮ͕Ϭϰ Ϯϯ͘ϱϱϰ͘ϬϭϮ Ϯϴ͕ϴϲ ϭϬϬ͘ϯϴϰ͘ϰϳϱ Ϯϱ͕ϴϯ ϵϱ͘ϴϴϲ͘ϰϱϴ ϯϭ͕ϯϴ ϵϲ͘ϭϰϱ͘ϰϬϱ ϯϲ͕ϰϭ
:ƵŵůĂŚWĞŶĚĂƉĂƚĂŶ
ϭϬϲ͘Ϭϴϳ͘ϴϭϬ ϭϬϬ͕ϬϬ ϴϭ͘ϲϭϯ͘Ϯϱϭ ϭϬϬ͕ϬϬ ϯϴϴ͘ϲϲϮ͘ϱϭϮ ϭϬϬ͕ϬϬ ϯϬϱ͘ϱϵϬ͘ϭϭϳ ϭϬϬ͕ϬϬ Ϯϲϰ͘Ϭϰϴ͘ϱϳϲ ϭϬϬ͕ϬϬ
hƐĂŚĂ

WĞŶĚĂƉĂƚĂŶhƐĂŚĂWĞƌƐĞƌŽĂŶƐĞďĂŐŝĂŶďĞƐĂƌĚŝŬŽŶƚƌŝďƵƐŝŬĂŶŽůĞŚƐĞŐŵĞŶZĞƉĂŝƌĂŶĚKǀĞƌŚĂƵůĚĞŶŐĂŶĂŶŐŬĂ
ĚŝĂƚĂƐƐĞŬŝƚĂƌϲϬйŚŝŶŐŐĂƐĞŬŝƚĂƌϳϳйƐĞůĂŵĂƚĂŚƵŶϮϬϭϰŚŝŶŐŐĂDĂƌĞƚϮϬϭϳ͘,ĂůŝŶŝĚŝƐĞďĂďŬĂŶŽůĞŚĂŬƚŝǀŝƚĂƐ
ƐĞŐŵĞŶZĞƉĂŝƌĂŶĚKǀĞƌŚĂƵůLJĂŶŐŵĞŶĐĂŬƵƉďĂƐĞŵĂŝŶƚĞŶĂŶĐĞ͕ĞŶŐŝŶĞŵĂŝŶƚĞŶĂŶĐĞĚĂŶĐŽŵƉŽŶĞŶƚƐĞƌǀŝĐĞƐ
ƚĞƌƵƐŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƉƌŽĚƵŬƚŝǀŝƚĂƐƐĞŚŝŶŐŐĂďĞƌĚĂŵƉĂŬƚĞƌŚĂĚĂƉĐŽƐƚĞĨĨŝĐŝĞŶĐLJ͘

WĞŶĚĂƉĂƚĂŶ hƐĂŚĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌĂƐĂů ĚĂƌŝ ƐĞŐŵĞŶ ůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ŵĞŶŐĂůĂŵŝ ƚƌĞŶ ƉĞŶƵƌƵŶĂŶ
ŬŽŶƚƌŝďƵƐŝƉĞŶĚĂƉĂƚĂŶĚĂƌŝƐĞŬŝƚĂƌϯϲйŵĞŶũĂĚŝƐĞŬŝƚĂƌϮϱйƐĞůĂŵĂƚĂŚƵŶϮϬϭϰŚŝŶŐŐĂϮϬϭϲƐĞƌƚĂƐĞŬŝƚĂƌϮϴй
ŵĞŶũĂĚŝƐĞŬŝƚĂƌϮϮйƵŶƚƵŬƉĞƌŝŽĚĞDĂƌĞƚϮϬϭϲĚĂŶDĂƌĞƚϮϬϭϳ͘,ĂůŝŶŝĚŝƐĞďĂďŬĂŶŽůĞŚƉĞƌƵďĂŚĂŶĂŬƚŝǀŝƚĂƐ
ŵĂŝŶƚĞŶĂŶĐĞ ĚĂƌŝ ůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ŬĞ ƌĞƉĂŝƌ ĂŶĚ ŽǀĞƌŚĂƵů͕ ϲϯй ĚŝŬŽŶƚƌŝďƵƐŝŬĂŶ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ ĂĨŝůŝĂƐŝ
;'Zh'ƌŽƵƉͿƚĞƌƵƚĂŵĂĚĂƌŝĂŬƚŝǀŝƚĂƐŽǀĞƌŚĂƵůĞŶŐŝŶĞĚĂŶƌĞĚĞůŝǀĞƌLJƉĞƐĂǁĂƚ͘

ĂůĂŵƉĞůĂŬƐĂŶĂĂŶŶLJĂ͕ƐƚƌĂƚĞŐŝƉĞŶũƵĂůĂŶƚĞƌďĂŐŝŵĞŶũĂĚŝĚƵĂLJĂŝƚƵŵĞůĂůƵŝDĂƌŬĞƚWĞŶĞƚƌĂƚŝŽŶĚĂŶDĂƌŬĞƚ
ĞǀĞůŽƉŵĞŶƚ͘DĂƌŬĞƚWĞŶĞƚƌĂƚŝŽŶďĞƌĨŽŬƵƐƚĞƌŚĂĚĂƉďĂŐĂŝŵĂŶĂWĞƌƐĞƌŽĂŶŵĞŶŝŶŐŬĂƚŬĂŶƉĞŶĚĂƉĂƚĂŶĚĂůĂŵ
ƐĂƚƵƉĞůĂŶŐŐĂŶLJĂŶŐƐƵĚĂŚĂĚĂ͘^ĞĚĂŶŐŬĂŶDĂƌŬĞƚĞǀĞůŽƉŵĞŶƚďĞƌĨŽŬƵƐƚĞƌŚĂĚĂƉďĂŐĂŝŵĂŶĂŵĞŶĚĂƉĂƚŬĂŶ
ƚĂƌŐĞƚƉĞůĂŶŐŐĂŶƉŽƚĞŶƐŝĂůLJĂŶŐďĂƌƵ͘

ĂůĂŵ ƉƌŽƐĞƐ ƉĞŶũƵĂůĂŶ͕ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ŬĂƚĞŐŽƌŝƐĂƐŝ ƚĞƌŚĂĚĂƉ ƉĞůĂŶŐŐĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƚŝŶŐŬĂƚ
ŬĞƉĂƐƚŝĂŶ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

• >ĞǀĞůϰ ͗ ŝŬĞƚĂŚƵŝĂĚĂŶLJĂƉĞůƵĂŶŐŵĞůĂůƵŝƐƵŵďĞƌƐĞŬƵŶĚĞƌ͘
• >ĞǀĞůϯ ͗ ŝŬĞƚĂŚƵŝĂĚĂŶLJĂƉĞůƵĂŶŐŵĞůĂůƵŝƐƵŵďĞƌƉƌŝŵĞƌ͕ĚĂŶƉĞƌƐĞƌŽĂŶŵĞŶĚĂƉĂƚŬĂŶƚĂǁĂƌĂŶ
ƵŶƚƵŬŵĞŶũĂĚŝƉĞŶLJĞĚŝĂůĂLJĂŶĂŶDZK͘
• >ĞǀĞůϮ ͗ WƌŽƉŽƐĂů ƉĞŶĂǁĂƌĂŶ ƐƵĚĂŚ ƚĞƌŬŝƌŝŵ͕ ƚĞƌĚĂƉĂƚ ŶĞŐŽƐŝĂƐŝ ŚĂƌŐĂ ĂŶƚĂƌĂ ƉĞƌƐĞƌŽĂŶ ĚĂŶ
ƚĂƌŐĞƚƉĞůĂŶŐŐĂŶ͘
• >ĞǀĞůϭ ͗ ^ƵĚĂŚƚĞƌũĂĚŝŬĞƐĞƉĂŬĂƚĂŶĂŶƚĂƌĂƉĞůĂŶŐŐĂŶĚĂŶWĞƌƐĞƌŽĂŶ͘

hŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ ƐĞƚŝĂƉ ƉĞůƵĂŶŐ LJĂŶŐ ĂĚĂ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶĞŶƚƵŬĂŶ ƐƚƌĂƚĞŐŝͲƐƚƌĂƚĞŐŝ ƚĂŬƚŝƐ ĚĂůĂŵ
ŵĞŶŝŶŐŬĂƚŬĂŶƚŝŶŐŬĂƚŬĞƉĂƐƚŝĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐĚĞŶŐĂŶŵĞůĂůƵŝƚĂŚĂƉͲƚĂŚĂƉĚŝďĂǁĂŚ͗

• ŚĂŶŶĞů͕ŵĞŶŝŶŐŬĂƚŬĂŶ>ĞǀĞůϰŬĞ>ĞǀĞůϯ͘
ĂůĂŵ ƚĂŚĂƉ ŝŶŝ ƉĞůĂŶŐŐĂŶ ŵĞŵŝůŝŬŝ ďĞďĞƌĂƉĂ ƉŝůŝŚĂŶ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉĞŶLJĞĚŝĂ ƉƌŽĚƵŬ ĂƚĂƵ ũĂƐĂ LJĂŶŐ
ĂŬĂŶĚŝƉŝůŝŚďĞƌĚĂƐĂƌŬĂŶŝŶĨŽƌŵĂƐŝLJĂŶŐĚŝƚĞƌŝŵĂĚŝǁĂŬƚƵƐĞďĞůƵŵŶLJĂ͘ĂůĂŵƚĂŚĂƉŝŶŝďƌĂŶĚĂǁĂƌĞŶĞƐƐ
ƉĞŶLJĞĚŝĂƉƌŽĚƵŬĚĂŶũĂƐĂĚŝŵĂƚĂƉĞůĂŶŐŐĂŶƐĂŶŐĂƚďĞƌƉĞƌĂŶƉĞŶƚŝŶŐ͘
• >ĞĂĚEƵƌƚƵƌŝŶŐ͕ŵĞŶŝŶŐŬĂƚŬĂŶ>ĞǀĞůϯŬĞ>ĞǀĞůϮ͘
ĂůĂŵ ƚĂŚĂƉ ŝŶŝ ƉĞůĂŶŐŐĂŶŵĞŶĐĂƌŝ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ůĞďŝŚ ŵĞŶĚĂůĂŵƚĞŶƚĂŶŐ ƉĞŶLJĞĚŝĂ ƉƌŽĚƵŬ ĚĂŶ ũĂƐĂ͘
WĞŶĐĂƌŝĂŶ ŝŶĨŽƌŵĂƐŝ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ŵĞůĂůƵŝ ƐƵŵďĞƌ ŝŶƚĞƌŶĂů ŵĂƵƉƵŶ ĞŬƐƚĞƌŶĂů͘ ^ĞƚĞůĂŚ ƉĞŶĐĂƌŝĂŶ
ŝŶĨŽƌŵĂƐŝ͕ ƉĞůĂŶŐŐĂŶ ĂŬĂŶ ƐĞĐĂƌĂ ĂŬƚŝĨ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ĚĂŶ ŵĞŶŐĞǀĂůƵĂƐŝ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƉĞŶLJĞĚŝĂ
ƉƌŽĚƵŬĚĂŶũĂƐĂďĞƌĚĂƐĂƌŬĂŶďĞďĞƌĂƉĂǀĂƌŝĂďĞů͘ĂůĂŵƚĂŚĂƉŝŶŝ͕ƉĞůĂŶŐŐĂŶƐƵĚĂŚŵĞŶŐĞƌƵĐƵƚŬĂŶĂƚĂƵ
ďĂŚŬĂŶ ŵĞŶĞŶƚƵŬĂŶ ƉŝůŝŚĂŶ ƉĞŶLJĞĚŝĂ ƉƌŽĚƵŬ ĚĂŶ ũĂƐĂ͘ ^ĞĐĂƌĂ ŬĞƐŝŵƉƵůĂŶ͕ ƚĂŚĂƉ ŝŶŝ ŵĞƌƵƉĂŬĂŶ ƚĂŚĂƉ
LJĂŶŐƉĂůŝŶŐŵĞŵƉĞŶŐĂƌƵŚŝŬĞƉƵƚƵƐĂŶƉĞůĂŶŐŐĂŶĚĂůĂŵŵĞŵŝůŝŚƉĞŶLJĞĚŝĂƉƌŽĚƵŬĚĂŶũĂƐĂ͘
• ^ĂůĞƐƐƚĂďůŝƐŚŵĞŶƚ͕ŵĞŶŝŶŐŬĂƚŬĂŶ>ĞǀĞůϮŬĞ>ĞǀĞůϭ͘
ĂůĂŵƚĂŚĂƉŝŶŝ͕ƐĞĐĂƌĂĨŽƌŵĂůƚĂƌŐĞƚƉĞůĂŶŐŐĂŶƚĞůĂŚŵĞŶŐĞƌƵĐƵƚŬĂŶŽƉƐŝŶLJĂŵĞŶũĂĚŝďĞďĞƌĂƉĂƉŝůŝŚĂŶ͘
ĂůĂŵƉĞŵŝůŝŚĂŶŶLJĂ͕ƚĂƌŐĞƚƉĞůĂŶŐŐĂŶŵĞŵŝůŝŚƉĞŶLJĞĚŝĂũĂƐĂDZKďĞƌĚĂƐĂƌŬĂŶŬƌŝƚĞƌŝĂͲŬƌŝƚĞƌŝĂŬŚƵƐƵƐ͘
• ƵƐƚŽŵĞƌDĂƌŬĞƚŝŶŐ͕ŵĞŶŝŶŐŬĂƚŬĂŶ>ĞǀĞůϭŬĞƌĞƚĞŶƐŝƉĞůĂŶŐŐĂŶ͘
ĂůĂŵ ƚĂŚĂƉ ŝŶŝ ƉĞůĂŶŐŐĂŶ ŵĞŵƵƚƵƐŬĂŶ ƵŶƚƵŬ ŬĞŵďĂůŝ ŵĞŵŝůŝŚ ƉĞŶLJĞĚŝĂ ƉƌŽĚƵŬ ĚĂŶ ũĂƐĂ LJĂŶŐ ƚĞůĂŚ
ĚŝƉŝůŝŚ ƐĞďĞůƵŵŶLJĂ ƚĂŶƉĂ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ĂƚĂƵ ŵĞŶŐĞǀĂůƵĂƐŝ ŬĞŵďĂůŝ͘ dĂŚĂƉ ŝŶŝ ĚĂƉĂƚ ƚĞƌũĂĚŝ ũŝŬĂ
ƉĞŶLJĞĚŝĂ ƉƌŽĚƵŬ ĚĂŶ ũĂƐĂ ƚĞƌƉŝůŝŚ ŵĞŵďĞƌŝŬĂŶ ƉĞŶŐĂůĂŵĂŶ LJĂŶŐ ƉŽƐŝƚŝĨ ĚĂŶ ƚŝĚĂŬ ƚĞƌŐĂŶƚŝŬĂŶ ŽůĞŚ
ƉĞŶLJĞĚŝĂƉƌŽĚƵŬĚĂŶũĂƐĂůĂŝŶŶLJĂƉĂĚĂƚĂŚĂƉ^ĂůĞƐƐƚĂďůŝƐŚŵĞŶƚ͘

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ĂůĂŵ ŵĞŶLJĞĚŝĂŬĂŶ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ŬĞ ƉĞůĂŶŐŐĂŶ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĂǁĂƌŬĂŶ ĚƵĂ ƚŝƉĞ ƉĞŵďĂLJĂƌĂŶ͕
LJĂŝƚƵ WŽǁĞƌĞĚ ďLJ dŚĞ ,ŽƵƌƐ ;Wd,Ϳ ĚĂŶ dŝŵĞ ĂŶĚ DĂƚĞƌŝĂů ĂƐŝƐ͘ WŽǁĞƌĞĚ ďLJ dŚĞ ,ŽƵƌƐ ŵĞƌƵƉĂŬĂŶ ƐƵĂƚƵ
ŬŽŶƐĞƉ ĚŝŵĂŶĂ ƉĞůĂŶŐŐĂŶ ŵĞŵďĂLJĂƌ ƐƵĂƚƵ ũĂƐĂ ƚĞƌƚĞŶƚƵ ĚĂůĂŵ ŚĂƌŐĂ LJĂŶŐ ƚĞƚĂƉ ƵŶƚƵŬ ƐĞƚŝĂƉ ũĂŵ ƚĞƌďĂŶŐ
ƉĞƐĂǁĂƚ͕ƐĞƐƵĂŝLJĂŶŐĚŝƐĞƉĂŬĂƚŝƉĂĚĂŬŽŶƚƌĂŬ͘dŝƉĞƉĞŵďĂLJĂƌĂŶũĞŶŝƐŝŶŝŵĞŵďƵƚƵŚŬĂŶďĂƚĂƐŵŝŶŝŵƵŵũĂŵ
ƚĞƌďĂŶŐƉĞƐĂǁĂƚ͕ĚŝŵĂŶĂĂƉĂďŝůĂƵƚŝůŝƐĂƐŝƐƵĂƚƵƉĞƐĂǁĂƚůĞďŝŚƌĞŶĚĂŚĚĂƌŝďĂƚĂƐŵŝŶŝŵƵŵ͕ŵĂŬĂƉĞŵďĂLJĂƌĂŶ
ƚĞƚĂƉŚĂƌƵƐĚŝůĂŬƵŬĂŶƐĞƐƵĂŝďĂƚĂƐƚĞƌƐĞďƵƚ͘ĞŶŐĂŶƚŝƉĞƉĞŵďĂLJĂƌĂŶŝŶŝ͕ƉĞůĂŶŐŐĂŶŵĞŵŝůŝŬŝŬĞƉĂƐƚŝĂŶĚĂůĂŵ
ŵĞŶĞŶƚƵŬĂŶ ďƵĚŐĞƚ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚŶLJĂ͘ ŝ ƐŝƐŝ ůĂŝŶ͕ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŵŝůŝŬŝ ŬĞƉĂƐƚŝĂŶ ĚĂůĂŵ
ŵĞŵƉĞƌŽůĞŚƉĞŶĚĂƉĂƚĂŶĚĂƌŝƉĞůĂŶŐŐĂŶƚĞƌƐĞďƵƚ͕ĚŝŵĂŶĂƉĂĚĂƵŵƵŵŶLJĂŬŽŶƐĞƉŝŶŝĚŝƚĞƌĂƉŬĂŶĚĂůĂŵũĂŶŐŬĂ
ǁĂŬƚƵ ƉĂŶũĂŶŐ͘ ^ĞŵĞŶƚĂƌĂ dŝŵĞ ĂŶĚ DĂƚĞƌŝĂů ĂƐŝƐ ŵĞƌƵƉĂŬĂŶ ƐƵĂƚƵ ŬŽŶƐĞƉ ĚŝŵĂŶĂ ƉĞůĂŶŐŐĂŶ ŵĞŵďĂLJĂƌ
ũĂƐĂƉĞƌĂǁĂƚĂŶƐĞƐƵĂŝĚĞŶŐĂŶũƵŵůĂŚŵĂƚĞƌŝĂůĚĂŶŵĂŶŚŽƵƌƐLJĂŶŐĚŝŐƵŶĂŬĂŶƉĂĚĂƐĂĂƚƉƌŽƐĞƐƉĞƌĂǁĂƚĂŶ͘

WĞƌƐĞƌŽĂŶŵĞŶĂǁĂƌŬĂŶŚĂƌŐĂLJĂŶŐĐƵŬƵƉĨůĞŬƐŝďĞůĚĞŶŐĂŶƚĞƚĂƉŵĞŶŐĂĐƵŬĞƉĂĚĂďŝĂLJĂƉƌŽĚƵŬƐŝĚĂƌŝƉƌŽĚƵŬ
LJĂŶŐĚŝŚĂƐŝůŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƚŝĚĂŬŵĞůƵƉĂŬĂŶƉƌŽŐƌĂŵĞĨŝƐŝĞŶƐŝƵŶƚƵŬŵĞŶĞŬĂŶďŝĂLJĂƐĞŚŝŶŐŐĂƉĂĚĂ
ĂŬŚŝƌŶLJĂĂŬĂŶŵĞŶŝŶŐŬĂƚŬĂŶŵĂƌŐŝŶŬĞƵŶƚƵŶŐĂŶ͘,ĂƌŐĂLJĂŶŐĚŝƚĂǁĂƌŬĂŶĂŬĂŶĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶƚƵũƵĂŶĚĂƌŝ
ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƵŶŝƚ ďŝƐŶŝƐ ĂƚĂƵ ũĞŶŝƐ ƉƌŽĚƵŬ͕ ĚŝĂŶƚĂƌĂŶLJĂ ŵĞŵĂŬƐŝŵĂůŬĂŶ ƉĞŶĚĂƉĂƚĂŶ ĂƚĂƵ ŵĞŶŝŶŐŬĂƚŬĂŶ
ƉĂŶŐƐĂƉĂƐĂƌƵŶƚƵŬƉƌŽĚƵŬͲƉƌŽĚƵŬƚĞƌƚĞŶƚƵ͘

^ĂĂƚŝŶŝWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵŝůŝŬŝŬĂƚĂůŽŐŚĂƌŐĂLJĂŶŐĚĂƉĂƚďĞƌƐĂŝŶŐĚŝůŝŶŐŬƵŶŐĂŶŬŽŵƉĞƚŝƐŝLJĂŶŐŬĞƚĂƚ͕ŽůĞŚ
ŬĂƌĞŶĂ ŝƚƵ ƉĞŶĞƚĂƉĂŶ ŚĂƌŐĂ LJĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞŝŶŐŝŶĂŶ ƉĂƐĂƌ ŵƵƚůĂŬ ĚŝůĂŬƵŬĂŶ͘ WĞŶĚŽƌŽŶŐ ƵƚĂŵĂ ĚĂůĂŵ
ƉĞŵďĞŶƚƵŬĂŶŚĂƌŐĂĂĚĂůĂŚŚĂƌŐĂƉĂƐĂƌLJĂŶŐďĞƌůĂŬƵďĞƌĚĂƐĂƌŬĂŶƐĞŐŵĞŶƚĂƐŝƉĂƐĂƌLJĂŶŐĂŬĂŶĚŝƚƵũƵĚĂŶŶŝůĂŝ
LJĂŶŐĚŝŝŶŐŝŶŬĂŶŽůĞŚƉĞůĂŶŐŐĂŶ͘

dĂďĞůĚŝďĂǁĂŚŝŶŝŵĞŶƵŶũƵŬŬĂŶǀŽůƵŵĞƉĞŶũƵĂůĂŶƐĞƐƵĂŝĚĞŶŐĂŶĚĂĞƌĂŚƉĞŵĂƐĂƌĂŶWĞƌƐĞƌŽĂŶ͗

;ĚĂůĂŵũƵƚĂh^Ϳ
ϯϭĞƐĞŵďĞƌ
EŽ͘ ĂĞƌĂŚWĞŵĂƐĂƌĂŶ
ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
ϭ͘ ĨƌŝŬĂ ϭ͘ϳϱ ϱ͘ϲϲ ϯ͘Ϯϱ
Ϯ͘ ŵĞƌŝŬĂ ϲ͘ϴϳ ϯ͘ϳϳ ϴ͘ϭϰ
ϯ͘ ƐŝĂdŝŵƵƌ Ϭ͘ϭϭ Ͳ Ͳ
ϰ͘ ƌŽƉĂ ϭϬ͘ϭϴ ϰ͘ϭϱ ϯ͘ϰϰ
ϱ͘ /ŶĚŽŶĞƐŝĂ ϯϱϳ͘ϳϵ Ϯϳϲ͘ϲϯ Ϯϰϱ͘ϰϰ
ϲ͘ dŝŵƵƌdĞŶŐĂŚ ϭ͘ϭϭ ϱ͘ϱϲ Ϭ͘Ϯϭ
ϳ͘ KĐĞĂŶŝĂ Ϯ͘Ϯϭ ϭ͘ϵϰ ϭ͘ϳϬ
ϴ͘ ƐŝĂ^ĞůĂƚĂŶ Ϭ͘ϱϳ Ϭ͘ϱϳ ϭ͘ϴϳ
ϵ͘ ƐŝĂdĞŶŐŐĂƌĂ ϴ͘Ϭϴ ϳ͘ϯϮ ϯ͘ϰϭ
 dKd> ϯϴϴ͘ϲϲ ϯϬϱ͘ϱϵ Ϯϲϰ͘Ϭϱ

WĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ϯ ;ƚŝŐĂͿ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ ĚŝĚŽŵŝŶĂƐŝ ŽůĞŚ ǁŝůĂLJĂŚ ĚŽŵĞƐƚŝŬ ĚĞŶŐĂŶ ĂŬƵŵƵůĂƐŝ
ƉĞŶĚĂƉĂƚĂŶ ŵĞŶĐĂƉĂŝ ϴϳϵ͕ϴϲ Dh^͕ ĚŝŝŬƵƚŝ ĚĞŶŐĂŶ ǁŝůĂLJĂŚ ƐŝĂ dĞŶŐŐĂƌĂ͕ ŵĞƌŝŬĂ͕ ĚĂŶ ƌŽƉĂ ŵĂƐŝŶŐͲ
ŵĂƐŝŶŐƐĞŶŝůĂŝϭϴ͕ϴϭDh^͕ϭϴ͕ϳϴDh^͕ĚĂŶϭϳ͕ϳϲDh^͘ĚĂƉƵŶ͕ƉĂĚĂƚĂŚƵŶϮϬϭϲWĞƌƐĞƌŽĂŶƚĞůĂŚďĞƌŚĂƐŝů
ŵĞŵĂƐƵŬŝƉĂƐĂƌƐŝĂdŝŵƵƌ͘

ϰ͘ W>E''E

WĞƌƐĞƌŽĂŶ ƐĂĂƚ ŝŶŝ ŵĞŵŝůŝŬŝ ĚƵĂ ƚŝƉĞ ƉĞůĂŶŐŐĂŶ͕ LJĂŝƚƵ ƉĞůĂŶŐŐĂŶ ĂƉƚŝǀĞ ĚĂŶ ƉĞůĂŶŐŐĂŶ EŽŶ ĂƉƚŝǀĞ͘
WĞůĂŶŐŐĂŶ ĂƉƚŝǀĞ ŵĞƌƵƉĂŬĂŶ ƉĞůĂŶŐŐĂŶ LJĂŶŐ ƐĞĐĂƌĂ ďĞƌŬĞůĂŶũƵƚĂŶ ŵĞůĂŬƵŬĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ Ěŝ
ƉĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞŵŝůŝŬŝ ŬŽŶƚƌĂŬ ũĂŶŐŬĂ ƉĂŶũĂŶŐ͘ ^ĞŵĞŶƚĂƌĂ ƉĞůĂŶŐŐĂŶ EŽŶͲĂƉƚŝǀĞ ŵĞƌƵƉĂŬĂŶ ƉĞůĂŶŐŐĂŶ
LJĂŶŐ ŵĞůĂŬƵŬĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ Ěŝ ƉĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ƌĞƚĂŝů ĚĂŶͬ ĂƚĂƵ ŵĞŵŝůŝŬŝ ŬŽŶƚƌĂŬ ĚĞŶŐĂŶ ũĂŶŐŬĂ
ǁĂŬƚƵLJĂŶŐůĞďŝŚƉĞŶĚĞŬ͘͘,ŝŶŐŐĂƚĂŚƵŶϮϬϭϲ͕ƉƌŽƉŽƌƐŝƉĞŶĚĂƉĂƚĂŶĚĂƌŝƉĞůĂŶŐŐĂŶĂƉƚŝǀĞŵĞŶĐĂƉĂŝϴϰйĚĂƌŝ
ƚŽƚĂůƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶ͘

Ăƌŝ ƉƌŽƉŽƌƐŝ ƉĞŶĚĂƉĂƚĂŶ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ ĂƉƚŝǀĞ ƐĞďĞƐĂƌ ϴϰй͕ ƐĞŬŝƚĂƌ ϳϬй ďĞƌĂƐĂů ĚĂƌŝ 'Zh 'ƌŽƵƉ͘ <Ğ
ĚĞƉĂŶŶLJĂ͕WĞƌƐĞƌŽĂŶďĞƌĞŶĐĂŶĂƵŶƚƵŬŵĞŶŐƵƌĂŶŐŝŬĞƚĞƌŐĂŶƚƵŶŐĂŶWĞƌƐĞƌŽĂŶƚĞƌŚĂĚĂƉŬŽŶƚƌĂŬĚĂƌŝ'Zh
'ƌŽƵƉĚĞŶŐĂŶŵĞŶŝŶŐŬĂƚŬĂŶƉƌŽƉŽƌƐŝƉĞůĂŶŐŐĂŶĐĂƉƚŝǀĞůĂŝŶĚĂƌŝEŽŶͲ'Zh'ƌŽƵƉ͘

136
 
'ƌĂĨŝŬWƌŽƉŽƌƐŝWĞŶĚĂƉĂƚĂŶWĞůĂŶŐŐĂŶ
^ƵŵďĞƌ͗WĞƌƐĞƌŽĂŶ

ĂĨƚĂƌ ƉĞůĂŶŐŐĂŶ WĞƌƐĞƌŽĂŶ ƐĂŶŐĂƚ ďĞƌǀĂƌŝĂƐŝ ŵĞůŝƉƵƚŝ ũĞŶŝƐ ŽƉĞƌĂƚŽƌ ĨƵůů ƐĞƌǀŝĐĞ ĐĂƌƌŝĞƌ͕ ůŽǁ ĐŽƐƚ ĐĂƌƌŝĞƌ͕
ŽƉĞƌĂƚŽƌ ŬĂƌŐŽ͕ DZK ůĂŝŶ͕ ůĞƐƐŽƌ͕ ĐŚĂƌƚĞƌ ĚĂŶ ƉĞƌƵƐĂŚĂĂŶ ŶŽŶ ĂŝƌůŝŶĞ͘ WĞƌƚƵŵďƵŚĂŶ ƉĞůĂŶŐŐĂŶ WĞƌƐĞƌŽĂŶ
ƚƵŵďƵŚ ŵĞŶĐĂƉĂŝ ϴй ƐĞůĂŵĂ ϯ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ͘ ^ĂŵƉĂŝ ƚĂŚƵŶ ϮϬϭϰ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ƉĞůĂŶŐŐĂŶ
ƐĞďĂŶLJĂŬ ϭϰϱ͘ ^ĂŵƉĂŝ ƚĂŚƵŶ ϮϬϭϱ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ƉĞůĂŶŐŐĂŶ ƐĞďĂŶLJĂŬ ϭϱϯ ƉŝŚĂŬ ĂƚĂƵ ŵĞŶŐĂůĂŵŝ
ŬĞŶĂŝŬĂŶ ϴ ƉŝŚĂŬ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ ƐĞďĞůƵŵŶLJĂ͘ ^ĞĚĂŶŐŬĂŶ ƐĂŵƉĂŝ ƚĂŚƵŶ ϮϬϭϲ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ
ŵĞŵƉĞƌŽůĞŚ ƉĞůĂŶŐŐĂŶ ƐĞďĂŶLJĂŬ ϭϳϬ ƉŝŚĂŬ͘ ^ĞŐĂůĂ ŬĞƐĞƉĂŬĂƚĂŶ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ƉĞůĂŶŐŐĂŶ ƚĞůĂŚ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ ŬŽŶƚƌĂŬ͕ ƚĞƌŵĂƐƵŬ Ěŝ ĚĂůĂŵŶLJĂ ĂĚĂůĂŚ ^ĞƌǀŝĐĞ >ĞǀĞů ŐƌĞĞŵĞŶƚ LJĂŶŐ ŵĞŶŐĂĐƵ ŬĞ ŽƚŽƌŝƚĂƐ
ƉĞŶĞƌďĂŶŐĂŶĚŝŶĞŐĂƌĂƚĞƌŬĂŝƚ͘


'ƌĂĨŝŬWĞƌƚƵŵďƵŚĂŶ:ƵŵůĂŚWĞůĂŶŐŐĂŶ
^ƵŵďĞƌ͗WĞƌƐĞƌŽĂŶ
ϱ͘ WD^K<

^ĞďĂŐĂŝ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ďĞƌŐĞƌĂŬ Ěŝ ďŝĚĂŶŐ DZK͕ ŵĂŬĂ ƉĞŵĂƐŽŬ ƵŶƚƵŬ ďĂƌĂŶŐ ƐƉĞƐŝĨŝŬ ŚĂƌƵƐ ŵĞŵĞŶƵŚŝ
ƉĞƌƐLJĂƌĂƚĂŶ ĚĂƌŝ ŽƚŽƌŝƚĂƐ ƉĞŶĞƌďĂŶŐĂŶ ďĂŝŬ ĚĂůĂŵ ŶĞŐĞƌŝ͕ ŵĂƵƉƵŶ ŐůŽďĂů ƐĞƉĞƌƚŝ & ŵĞƌŝŬĂ ^ĞƌŝŬĂƚ ĚĂŶ
^ƌŽƉĂ͘,ĂůƚĞƌƐĞďƵƚĚŝůĂŬƵŬĂŶƵŶƚƵŬŵĞŶũĂŵŝŶŬĞůĂLJĂŬĂŶƚĞƌďĂŶŐĚĂƌŝƉĞƐĂǁĂƚƐĞƐƵĂŝƌĞŐƵůĂƐŝLJĂŶŐƚĞůĂŚ
ĚŝĂƚƵƌĚĂůĂŵĚƵŶŝĂƉĞŶĞƌďĂŶŐĂŶ͘

WĞƌƐĞƌŽĂŶ ƵŵƵŵŶLJĂ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŬĞƚĞƌŐĂŶƚƵŶŐĂŶ ƚĞƌŚĂĚĂƉ ƉĞŵĂƐŽŬ ƚĞƌƚĞŶƚƵ ĚĂŶ ĚĂƉĂƚ ďĞƌƉŝŶĚĂŚ ŬĞ
ƉĞŵĂƐŽŬůĂŝŶũŝŬĂĚŝƉĞƌůƵŬĂŶ͘ĂůĂŵƉƌŽƐĞƐƉĞŵŝůŝŚĂŶƉĞŵĂƐŽŬ͕ĚŝůĂŬƵŬĂŶƉƌŽƐĞƐŝĚĞŶƚŝĨŝŬĂƐŝƌĂŶƚĂŝĚŝƐƚƌŝďƵƐŝ
ĚĂƌŝ ŵĂƚĞƌŝĂů ĚĂŶ ŬĂƌĂŬƚĞƌŝƐƚŝŬŶLJĂ ƵŶƚƵŬ ĚĂƉĂƚ ŵĞŵĞƚĂŬĂŶ ŵĂŶƵĨĂŬƚƵƌ ĂƚĂƵ ĚŝƐƚƌŝďƵƚŽƌ LJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ
ŵĂŶƵĨĂŬƚƵƌ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŶũƵĂůĂŶ͘ ĞŶŐĂŶ ŵĞŶŐĞƚĂŚƵŝ ƉĞůĂŬƵ ƵƚĂŵĂ ĚĂŶ ŬĂƌĂŬƚĞƌŝƐƚŝŬ ĚĂƌŝ ŵĂƐŝŶŐͲ
ŵĂƐŝŶŐ ƉĞůĂŬƵ ƌĂŶƚĂŝ ƉĂƐŽŬ͕ ŵĂŬĂ ĚŝŚĂƌĂƉŬĂŶ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŵƉĞƌŽůĞŚ ŚĂƌŐĂ ŵĂƚĞƌŝĂů LJĂŶŐ ůĞďŝŚ
ŬŽŵƉĞƚŝƚŝĨ͘ ^ĞůĂŝŶ ŚĂƌŐĂ ŵĂƚĞƌŝĂů͕ ďĞďĞƌĂƉĂ ŬƌŝƚĞƌŝĂ ůĂŝŶ ƐĞƉĞƌƚŝ ůŽŬĂƐŝ ƉĞŶŐŝƌŝŵĂŶ͕ ŬƵĂŶƚŝƚĂƐ ƉĞŵďĞůŝĂŶ͕
ŵĞƚŽĚĞ ƉĞŵďĂLJĂƌĂŶ͕ ƐĞƌƚĂ ƐŝŵƉůŝĨŝŬĂƐŝ ƉƌŽƐĞƐ ƉĞŵĞƐĂŶĂŶ ũƵŐĂ ŵĞŶũĂĚŝ ƉĞƌƚŝŵďĂŶŐĂŶ ĚĂůĂŵ ƉĞŵŝůŝŚĂŶ
ƉĞŵĂƐŽŬ͘WƌŽƐĞƐƉĞŶŐĂĚĂĂŶĂƚĂƵƉƵŶƉĞŵŝůŝŚĂŶƉĞŵĂƐŽŬĚŝůĂŬƐĂŶĂŬĂŶďĞƌĚĂƐĂƌŬĂŶƉĞƌƚŝŵďĂŶŐĂŶŬŽŵƉĞƚŝƚŝĨ
LJĂŶŐŬŽŵƉƌĞŚĞŶƐŝĨĚĂŶďƵŬĂŶŚĂŶLJĂƐĞŵĂƚĂͲŵĂƚĂŶŝůĂŝƉĞŶŐĂĚĂĂŶ͕ƵŶƚƵŬŵĞŵƉĞƌŽůĞŚƉĞŶŐĂĚĂĂŶLJĂŶŐƉĂůŝŶŐ
ŵĞŶŐƵŶƚƵŶŐŬĂŶ;ĨĂǀŽƌĂďůĞͿďĂŐŝWĞƌƐĞƌŽĂŶ͘




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hŶƚƵŬ ŵĞŶũĂŵŝŶ ŬĞƚĞƌƐĞĚŝĂĂŶ ďĂŚĂŶ ďĂŬƵ ĚĂŶ ŵĞŶŐŚŝŶĚĂƌŝ ĨůƵŬƚƵĂƐŝ ŚĂƌŐĂ ŵĂƚĞƌŝĂů ƐĞůĂŵĂ ƵŵƵƌ ƉƌŽLJĞŬ͕
WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶŝŶŝƐŝĂƚŝĨŬĞƌũĂƐĂŵĂĚĞŶŐĂŶŵĂŶƵĨĂŬƚƵƌĂƚĂƵĚŝƐƚƌŝďƵƚŽƌLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚŵĂŶƵĨĂŬƚƵƌ
ĚĞŶŐĂŶƐŬĞŵĂĐŽŶƐŝŐŶŵĞŶƚ͕:ƵƐƚŝŶdŝŵĞ;:/dͿĂƚĂƵŬĞƌũĂƐĂŵĂĨŝdžƉƌŝĐĞ͘<ĞƌũĂƐĂŵĂLJĂŶŐĚŝůĂŬƵŬĂŶŝŶŝďĞƌƐŝĨĂƚ
ŵĞŶŐŝŬĂƚ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ƚĞƌƚĞŶƚƵ͕ ĚŝŵĂŶĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ǀĞŶĚŽƌ ƌĞŬĂŶĂŶ ŵĞŶLJĞƉĂŬĂƚŝ ŚĂƌŐĂ LJĂŶŐ Ĩŝdž
;ƚĞƚĂƉͿ ƵŶƚƵŬ ŵĂƚĞƌŝĂůͲŵĂƚĞƌŝĂů LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ ĚĂůĂŵ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ͘ /ŶŝƐŝĂƚŝĨ ũƵŐĂ ĚŝůĂŬƵŬĂŶ ĂŐĂƌ
WĞƌƐĞƌŽĂŶĚĂƉĂƚďĞƌŽƉĞƌĂƐŝƚĂŶƉĂƚĞƌďĞďĂŶŝƚŝŵďƵůŶLJĂďŝĂLJĂŝŶǀĞŶƚŽƌLJLJĂŶŐƚŝŶŐŐŝ͘

ϲ͘ WZKz<–WZKz<WZ^ZKE

<ŽŶƚƌĂŬƉĞŶũƵĂůĂŶ

WĂĚĂ ƐĂĂƚ ŝŶŝ͕ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ďĞďĞƌĂƉĂ ƉƌŽLJĞŬ ƚĞƌŬĂŝƚ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ďĂŝŬ ŝƚƵ ŬĞƌũĂƐĂŵĂ
Ěŝ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ŵĂƵƉƵŶ ŬĞŐŝĂƚĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ͘ WƌŽLJĞŬ
WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ŵĂƐĂ ŬŽŶƚƌĂŬ LJĂŶŐ ďĞƌďĞĚĂͲďĞĚĂ ƚĞƌŐĂŶƚƵŶŐ ŬĞƐĞƉĂŬĂƚĂŶ ĚĞŶŐĂŶ ŵŝƚƌĂ ŬĞƌũĂ ĚĂŶ
ƉĞůĂŶŐŐĂŶ͘ĞƌŝŬƵƚŵĞƌƵƉĂŬĂŶŬŽŶƚƌĂŬƉĞŬĞƌũĂĂŶLJĂŶŐďĞƌůĂŬƵƐĂĂƚŝŶŝ͘

EŽ͘ DĂƐĂ<ŽŶƚƌĂŬ EĂŵĂWĞŬĞƌũĂĂŶ WĞŵďĞƌŝ<ĞƌũĂ
ϭ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ :DsǀŝĂƚŝŽŶ
Ϯ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ ŝƌƐŝĂyĞƌŚĂĚ
ϯ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ sŝĞƚũĞƚǀŝĂƚŝŽŶ:ŽŝŶƚ^ƚŽĐŬ
ŽŵƉĂŶLJ
ϰ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ dƌŝŐĂŶĂŝƌ^ĞƌǀŝĐĞ
ϱ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ <ĂďŽŝƌ
ϲ ϱdĂŚƵŶ WĞƌũĂŶũŝĂŶWĞƌĂǁĂƚĂŶŽŵƉŽŶĞŶƚƐďŽĞŝŶŐϳϯϳE'ĚĞŶŐĂŶWŽůĂ Wd^ƌŝǁŝũĂLJĂŝƌ
Wd,
ϳ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ DĂůĂLJƐŝĂŝƌůŝŶĞ^LJƐƚĞŵ
ĞƌŚĂĚ
ϴ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ sŝĞƚŶĂŵŝƌůŝŶĞƐ:^
ϵ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ Wd^ƌŝǁŝũĂLJĂŝƌ
ϭϬ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ dĞdžĞůŝƌt>>
ϭϭ ϭdĂŚƵŶ ^', dŝŐĞƌŝƌǁĂLJƐƵƐƚƌĂůŝĂWƚLJ
>ŝŵŝƚĞĚ
ϭϮ ϱdĂŚƵŶ WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂKƉĞƌĂƐŝWĞƌĂǁĂƚĂŶ͕WĞƌďĂŝŬĂŶ͕ĚĂŶ WdDĞƌƉĂƚŝDĂŝŶƚĞŶĂŶĐĞ
KǀĞƌŚĂƵůWĞƐĂǁĂƚhĚĂƌĂ &ĂĐŝůŝƚLJ
ϭϯ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ WddƌĂǀŝƌĂŝƌ
ϭϰ ϯdĂŚƵŶ ŽŽƉĞƌĂƚŝŽŶŐƌĞĞŵĞŶƚ ^ŚĂŶŐŚĂŝŝƌĐƌĂĨƚƵƐƚŽŵĞƌ
^ĞƌǀŝĐĞŽ͕͘>ƚĚ͘
ϭϱ ϭdĂŚƵŶ >ŽŐŝƐƚŝĐ^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚ :ĂƉĂŶŝƌůŝŶĞƐŽ͕͘>ƚĚ͘
ϭϲ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ ŝƌĐĂƐƚůĞĚǀŝƐŽƌ>>
ϭϳ ϭdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ 'DǀŝĂƚŝŽŶ^ĞƌǀŝĐĞƐ
tͲ>>
ϭϴ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ ƚƌĂŬŝƌůŝŶĞƐ
ϭϵ ϱdĂŚƵŶ tŽƌŬWĂĐŬĂŐĞŐƌĞĞŵĞŶƚ ŝƌďƵƐ^͘͘^
ϮϬ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞ ĨƚƌĂŶƐĞƌŽD
Ϯϭ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ ĂƐƐĂŬĂŝƌ>ƚĚ͕
ϮϮ ϱdĂŚƵŶ DĂŝŶƚĞŶĂŶĐĞ^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚĨŽƌWĂŶĂƐŽŶŝĐ/&^LJƐƚĞŵ WĂŶĂƐŽŶŝĐǀŝŽŶŝĐƐ
ŽƌƉŽƌĂƚŝŽŶ
Ϯϯ ϯdĂŚƵŶ ŽŵƉŽŶĞŶƚ^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚ s^ĞƌŽDĂůĂLJƐŝĂ^ĚŶŚĚ
Ϯϰ ϯdĂŚƵŶ WĞƌũĂŶũŝĂŶƉĞƌĂǁĂƚĂŶϳϯϳͲŬůĂƐŝŬĚĞŶŐĂŶƉŽůĂWd, WdEĂŵŝƌ
Ϯϱ ϯdĂŚƵŶ 'd <Ăŵŝƌ
Ϯϲ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞ Wd>ŝŽŶDĞŶƚĂƌŝ
Ϯϳ ϮdĂŚƵŶ ^',͘ϭ͘ϭ'< ůůEŝƉƉŽŶŝƌǁĂLJƐ
Ϯϴ ϮdĂŚƵŶ ^',͘ϭ͘ϬW^ YĂŶƚĂƐŝƌǁĂLJƐ
Ϯϵ ϯdĂŚƵŶ 'd Wd/ŶĚŽŶĞƐŝĂŝƌƐŝĂdžƚƌĂ
ϯϬ ϯdĂŚƵŶ 'd ĞƌŽƚƌĂŶƐĐĂƌŐŽ^Z>
ϯϭ ϭϬdĂŚƵŶ ŵĂŶĚĞŶ/sWĞƌũĂŶũŝĂŶ/ŶĚƵŬWĞƌĂǁĂƚĂŶWĞƐĂǁĂƚĚĞŶŐĂŶWŽůĂ 'Zh
WŽǁĞƌďLJƚŚĞ,ŽƵƌ
ϯϮ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ WdĂƌĚŝŐŝƌ
ϯϯ ϭdĂŚƵŶ ŐƌĞĞŵĞŶƚĨŽƌŝƌĨƌĂŵĞ^ƚƌƵĐƚƵƌĂůͬ,DsŚĞĐŬWĂĐŬĂŐĞŽĨ ŝŵĂŶĂŶŐůĂĚĞƐŚŝƌůŝŶĞƐ
ϳϯϳͲϴϬϬŝƌĐƌĂĨƚ

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EŽ͘ DĂƐĂ<ŽŶƚƌĂŬ EĂŵĂWĞŬĞƌũĂĂŶ WĞŵďĞƌŝ<ĞƌũĂ
ϯϰ ϭdĂŚƵŶ dĞĐŚŶŝĐĂůƐƐŝƐƚĂŶƚĂŶĚ:ŽŝŶƚDĂƌŬĞƚŝŶŐ 'DǀŝĂƚŝŽŶ^ĞƌǀŝĐĞtͲ
>>
ϯϱ ϮdĂŚƵŶ džƚĞŶƐŝŽŶŽĨ'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞ tĂŵŽƐŝƌ͕^͘͘
ŐƌĞĞŵĞŶƚ;'D&ͬWZ:ͬ͘ͲϯϭϵϭͬϮϬϭϰͿ
ϯϲ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨŝƌĐƌĂĨƚŐƌĞĞŵĞŶƚ WdĂƚĂŵdĞŬŶŝŬ
ϯϳ ϭdĂŚƵŶ WĞƌũĂŶũŝĂŶ/ŶĚƵŬWĞŵĞůŝŚĂƌĂĂŶĚĂŶWĞƌďĂŝŬĂŶWĞƐĂǁĂƚdĞƌďĂŶŐ 'Zh
ĚĂůĂŵZĂŶŐŬĂKǀĞƌŚĂƵůWĞƐĂǁĂƚϯϯϬ
ϯϴ ϱdĂŚƵŶ ŵĂŶĚĞŵĞŶ/WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂKƉĞƌĂƐŝ DĞƌƉĂƚŝDĂŝŶƚĞŶĂŶĐĞ
&ĂĐŝůŝƚLJ
ϯϵ ϮdĂŚƵŶ ƐƚĂŶĚĂƌĚŐƌŽƵŶĚŚĂŶĚůŝŶŐĂŐƌĞĞŵĞŶƚ ,EǀŝĂƚŝŽŶdĞĐŚŶŝĐŽ͕͘
>ƚĚ͘
ϰϬ ϮdĂŚƵŶ ƐƚĂŶĚĂƌĚŐƌŽƵŶĚŚĂŶĚůŝŶŐĂŐƌĞĞŵĞŶƚ <ŽƌĞĂŶŝƌůŝŶĞƐŽ͘>ƚĚ͘
ϰϭ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨƌŝĐƌĂĨƚŐƌĞĞŵĞŶƚ WdED/Z
ϰϮ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ ^ŬLJŶŐŬŽƌŝƌůŝŶĞƐŽ͕͘>ƚĚ
ϰϯ ϭdĂŚƵŶ DĂƐƚĞƌŝƌĨƌĂŵĞDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ :ĞũƵŝƌ
ϰϰ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŽĨƌŝĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ dŚĂŝŝƌƐŝĂyŽ͕͘>ƚĚ
ϰϱ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ ĞƌƐĂůĞ
ϰϲ ϭdĂŚƵŶ WĂŬĞƚWĞŬĞƌũĂĂŶWĞŵĞůŝŚĂƌĂĂŶĚĂŶWĞůĂƚŝŚĂŶDĞŬĂŶŝŬWĞƐĂǁĂƚ <ĞŵĞŶƚĞƌŝĂŶ^ĞŬƌĞƚĂƌŝĂƚ
ĞŝŶŐƵƐŝŶĞƐƐ:ĞƚϮss/W EĞŐĂƌĂ
ϰϳ ϯdĂŚƵŶ 'ĞŶĞƌĂůƚĞƌŵƐŽĨŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ dƌŝͲD͘'͘/ŶƚƌĂƐŝĂŝƌůŝŶĞƐ
ϰϴ ϯdĂŚƵŶ 'ĞŶĞƌĂůdĞƌŵƐŝƌĐƌĂĨƚDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚ ƌĂĨƚůĞĂƐĞ>ƚĚ͘

ϳ͘ <KDWd/dKZEWZ^/E'Eh^,

^ĞũĂůĂŶ ĚĞŶŐĂŶ ďĞƐĂƌŶLJĂ ŶŝůĂŝ ďŝƐŶŝƐ ƉĂƐĂƌ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ͕ ĚĂŶ ĚŝƉĞƌŬŝƌĂŬĂŶ ĂŬĂŶ ƚĞƌƵƐ ƚƵŵďƵŚ ĚĞŶŐĂŶ
ƐĞŵĂŬŝŶ ďĂŶLJĂŬŶLJĂ ũƵŵůĂŚ ƉĞƐĂǁĂƚ LJĂŶŐ ďĞƌŽƉĞƌĂƐŝ͕ ƉĂƌĂ ƉĞŵĂŝŶ ďŝƐŶŝƐ DZK ƚĞƌƵƐ ŵĞůĂŬƵŬĂŶ ďĞƌďĂŐĂŝ
ƵƉĂLJĂ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŶĞƚƌĂƐŝ ƉĂƐĂƌ͘ dŝĚĂŬ ŚĂŶLJĂ DZK͕ KD ũƵŐĂ ŵƵůĂŝ ŵĂƐƵŬ ŬĞ ďŝƐŶŝƐ ƉĞƌĂǁĂƚĂŶ
ƉĞƐĂǁĂƚƚĞƌƵƚĂŵĂƵŶƚƵŬƉƌŽĚƵŬͲƉƌŽĚƵŬLJĂŶŐŵĞŵďƵƚƵŚŬĂŶƚĞŬŶŽůŽŐŝƚŝŶŐŐŝ͘WĞŵďĞŶƚƵŬĂŶŬĞƌũĂƐĂŵĂĂŶƚĂƌĂ
DZK ĚĞŶŐĂŶ KD ŵĂƵƉƵŶ ĚĞŶŐĂŶ 'ůŽďĂů DZK ůĂŝŶŶLJĂ ŵĞŶũĂĚŝ ƐƚƌĂƚĞŐŝ ďĂŐŝ ƉĂƌĂ ƉĞƐĂŝŶŐ ƵŶƚƵŬ
ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĂƉĂďŝůŝƚĂƐ ĚĂŶ ƚĞŬŶŽůŽŐŝ LJĂŶŐ ŵĞƌĞŬĂ ŵŝůŝŬŝ ƐĞŚŝŶŐŐĂ ĚĂƉĂƚ ŵĞŶĂǁĂƌŬĂŶ ďĞƌďĂŐĂŝ ŵĂĐĂŵ
ƉƌŽĚƵŬ ĚĞŶŐĂŶ ŬƵĂůŝƚĂƐ LJĂŶŐ ƚŝŶŐŐŝ ĚĂŶ ďŝĂLJĂ LJĂŶŐ ŬŽŵƉĞƚŝƚŝĨ͘ ^ĞůĂŝŶ ŝƚƵ͕ ƉĂƌĂ ƉĞƐĂŝŶŐ ũƵŐĂ ƐĞĐĂƌĂ ŝŶƚĞƌŶĂů
ƚĞƌƵƐ ŵĞůĂŬƵŬĂŶ ƉĞŶĂŵďĂŚĂŶ ŬĂƉĂƐŝƚĂƐ͕ ďĂŝŬ ĚĞŶŐĂŶ ƉĞŶĂŵďĂŚĂŶ ũƵŵůĂŚ ƉĞƌƐŽŶĞů ŵĂƵƉƵŶ ƉĞŶĂŵďĂŚĂŶ
ĨĂƐŝůŝƚĂƐ͕ũƵŐĂŬĂƉĂďŝůŝƚĂƐLJĂŶŐŵĞƌĞŬĂŵŝůŝŬŝĚĂůĂŵƵƐĂŚĂƉĞŶĞƚƌĂƐŝƉĂƐĂƌƚĞƌƐĞďƵƚ͘
 
ĞƌĚĂƐĂƌŬĂŶ ĚĂƚĂ DZK ƉĞƌ EŽǀĞŵďĞƌ ϮϬϭϱ͕ ŶŝůĂŝ ƉĂƐĂƌ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ Ěŝ /ŶĚŽŶĞƐŝĂ ƚĂŚƵŶ ϮϬϭϲ
ŵĞŶĐĂƉĂŝϭŵŝůLJĂƌh^͘ĂƌŝŶŝůĂŝƚĞƌƐĞďƵƚ͕ƉĞŬĞƌũĂĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚDZKĚŽŵĞƐƚŝŬŚĂŶLJĂƐĞŶŝůĂŝϰϵй͕
ƐĞŵĞŶƚĂƌĂ ϱϭй ƉĞŬĞƌũĂĂŶ ĚŝŬŝƌŝŵŬĂŶ ŬĞ ůƵĂƌ ŶĞŐĞƌŝ͘ Ăƌŝ ϰϵй ƉĞŶLJĞƌĂƉĂŶ ƉĂƐĂƌ ĚŽŵĞƐƚŝŬ͕ ĂƉĂďŝůĂ
ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ŬŽŵƉŽƐŝƐŝ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ͕ ϯϮй ƉĞŬĞƌũĂĂŶ ĚŝůĂŬƵŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƐĞŵĞŶƚĂƌĂ
ϭϳйƐŝƐĂŶLJĂĚŝŬĞƌũĂŬĂŶŽůĞŚDZKĚŽŵĞƐƚŝŬůĂŝŶ͘

  WĂŶŐƐĂWĂƐĂƌŽŵĞƐƚŝŬ WƌĞƐĞŶƚĂƐĞ
 ;:ƵƚĂh^Ϳ ;йͿ
 WĂƐĂƌŽŵĞƐƚŝŬ ϭ͘ϬϬϬ 
 ŝƐĞƌĂƉŽůĞŚWĞƌƐĞƌŽĂŶ ϯϭϱ ϯϮй
 ŝƐĞƌĂƉŽůĞŚ<ŽŵƉĞƚŝƚŽƌĚŽŵĞƐƚŝŬůĂŝŶŶLJĂ ϭϲϰ ϭϳй
 ŝƐĞƌĂƉŽůĞŚŬŽŵƉĞƚŝƚŽƌůƵĂƌŶĞŐĞƌŝ ϱϮϭ ϱϭй

^ƵŵďĞƌ͗DZK͕EŽǀĞŵďĞƌϮϬϭϱ

WĞŵĂŝŶ ĚĂůĂŵ ƉĞƌƐĂŝŶŐĂŶ ƵƐĂŚĂ ƵŶƚƵŬ ƉĞůĂŬƐĂŶĂĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ Ěŝ /ŶĚŽŶĞƐŝĂ ŵĞůŝƉƵƚŝ ĂƚĂŵ
ĞƌŽdĞĐŚŶŝĐ͕dƵƌŬŝƐŚdĞĐŚŶŝĐ͕^ZdĞĐŚŶŝĐƐ^ǁŝƚnjĞƌůĂŶĚ'͕>ƵĨƚŚĂŶƐĂdĞĐŚŶŝŬ'͕ZŽůůƐͲZŽLJĐĞĞƌŽZĞƉĂŝƌΘ
KǀĞƌŚĂƵů͕ĚĂŶ^dĞƌŽƐƉĂĐĞŶŐŝŶĞĞƌŝŶŐWƚĞ>ƚĚ͘DĞŶŝŶŐŬĂƚŶLJĂŶŝůĂŝďŝƐŶŝƐƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚĚŽŵĞƐƚŝŬ͕LJĂŶŐ
ĚŝƉĞƌŬŝƌĂŬĂŶĂŬĂŶƚĞƌƵƐƚƵŵďƵŚƐĞďĞƐĂƌϭϭйĚĂůĂŵϱƚĂŚƵŶŬĞĚĞƉĂŶ͕ŵĞŵĂĐƵƉĂƌĂƉĞƐĂŝŶŐWĞƌƐĞƌŽĂŶƵŶƚƵŬ
ŵĞŶŐĞŵďĂŶŐŬĂŶ ŬĂƉĂƐŝƚĂƐ ĚĂŶ ŬĂƉĂďŝůŝƚĂƐ͘ ^ĞďĂŐĂŝ ĐŽŶƚŽŚ͕ ƉĞƐĂŝŶŐ DZK ĚŽŵĞƐƚŝŬ ƚĞƌƵƐ ŵĞŶŝŶŐŬĂƚŬĂŶ
ŬĂƉĂƐŝƚĂƐŚĂŶŐĂƌLJĂŶŐĚŝŵŝůŝŬŝĚĂŶŵĞŶŝŶŐŬĂƚŬĂŶŬĂƉĂďŝůŝƚĂƐŶLJĂĚĞŶŐĂŶďĞƌƵƐĂŚĂŵĞŶĚĂƉĂƚŬĂŶƐĞƌƚŝĨŝŬĂƐŝĚĂƌŝ
ďĞƌďĂŐĂŝ ŶĞŐĂƌĂ͕ ƚĞƌƵƚĂŵĂ & ĚĂŶ ^͘ ,Ăů LJĂŶŐ ƐĂŵĂ ũƵŐĂ ĚŝůĂŬƵŬĂŶ ŽůĞŚ DZK ŶŽŶͲĚŽŵĞƐƚŝŬ ĚŝŵĂŶĂ
ŵĞƌĞŬĂƐĞŵĂŬŝŶŝŶƚĞŶƐƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŵĂƐĂƌĂŶŬĞ/ŶĚŽŶĞƐŝĂ͘^ĞŵĞŶƚĂƌĂŝƚƵ͕KDĚĞŶŐĂŶƚĞŬŶŽůŽŐŝLJĂŶŐ
ŵĞƌĞŬĂŵŝůŝŬŝũƵŐĂƐĞŵĂŬŝŶďĂŶLJĂŬŵĞŶŐĂŵďŝůŵĂƌŬĞƚDZKĚĞŶŐĂŶŵĞŶũƵĂůƉƌŽĚƵŬƐĞŬĂůŝŐƵƐĚĞŶŐĂŶƉĂŬĞƚ
ƉĞƌĂǁĂƚĂŶŶLJĂ͘

139
^ĞůĂŝŶƉĞƌƐĂŝŶŐĂŶƵŶƚƵŬŵĞƌĞďƵƚƉĂƐĂƌĚŽŵĞƐƚŝŬ͕ƉĞƌƐĂŝŶŐĂŶƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶƉĂƐĂƌƌĞŐŝŽŶĂůũƵŐĂƐĞŵĂŬŝŶ
ƚŝŶŐŐŝ ƐĞŝƌŝŶŐ ĚĞŶŐĂŶ ƐĞŵĂŬŝŶ ƚƵŵďƵŚ ĚĂŶ ďĞƌŬĞŵďĂŶŐŶLJĂ ƉĞŵĂŝŶ ŝŶĚƵƐƚƌŝ DZK Ěŝ ƌĞŐŝŽŶĂů͕ ƐĞƉĞƌƚŝ ^/
ŶŐŝŶĞĞƌŝŶŐ ŽŵƉĂŶLJ ;^/Ϳ͕ ,ŽŶŐ <ŽŶŐ ŝƌĐƌĂĨƚ ŶŐŝŶĞĞƌŝŶŐ ŽŵƉĂŶLJ >ŝŵŝƚĞĚ ;,KͿ͕ ^d ĞƌŽƐƉĂĐĞ
ŶŐŝŶĞĞƌŝŶŐ WƚĞ >ƚĚ͘ 'ůŽďĂů DZK ďĞƌƐŬĂůĂ ŝŶƚĞƌŶĂƐŝŽŶĂů ƐĞƉĞƌƚŝ >ƵĨƚŚĂŶƐĂ dĞĐŚŶŝŬ '͕ ŝƌ &ƌĂŶĐĞ /ŶĚƵƐƚƌŝĞƐ
<>DŶŐŝŶĞĞƌŝŶŐΘDĂŝŶƚĞŶĂŶĐĞ;&/<>DΘDͿ͕ĚĂŶ^ZdĞĐŚŶŝĐƐ^ǁŝƚnjĞƌůĂŶĚ'ũƵŐĂŵĂƐƵŬŵĞŶũĂĚŝƉĞŵĂŝŶ
ĚĂůĂŵ ŝŶĚƵƐƚƌŝ DZK ƌĞŐŝŽŶĂů ĚĞŶŐĂŶ ŵĞŵďĞŶƚƵŬ ĂůŝĂŶƐŝ ĚĞŶŐĂŶ DZK ƌĞŐŝŽŶĂů͕ ĂƚĂƵƉƵŶ ĚĞŶŐĂŶ ŵĞŵďƵĂƚ
ŬĂŶƚŽƌƉĞŶũƵĂůĂŶŵĂƵƉƵŶĨĂƐŝůŝƚĂƐƉĞƌĂǁĂƚĂŶĚŝƌĞŐŝŽŶĂů͘

ŝůĂ ĚŝůŝŚĂƚ ĚĂƌŝ ŬŝŶĞƌũĂ ŬĞƵĂŶŐĂŶ͕ ƉĞƌƚƵŵďƵŚĂŶ /d ŵĂƌŐŝŶ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϯͲϮϬϭϲ ƚƵŵďƵŚ
Ěŝ ĂƚĂƐ ƌĂƚĂͲƌĂƚĂ /d ŬŽŵƉĞƚŝƚŽƌ LJĂŝƚƵ ^/ ŶŐŝŶĞĞƌŝŶŐ ŽŵƉĂŶLJ ;^/Ϳ͕ ,ŽŶŐ <ŽŶŐ ŝƌĐƌĂĨƚ ŶŐŝŶĞĞƌŝŶŐ
ŽŵƉĂŶLJ>ŝŵŝƚĞĚ;,KͿĚĂŶ>ƵĨƚŚĂŶƐĂdĞĐŚŶŝŬ'͘/dŵĂƌŐŝŶWĞƌƐĞƌŽĂŶŶĂŝŬĚĂƌŝϭϬйĚŝƚĂŚƵŶϮϬϭϯ
ŵĞŶũĂĚŝϮϱйĚŝƚĂŚƵŶϮϬϭϲĚĞŶŐĂŶƉĞƌƚƵŵďƵŚĂŶƌĂƚĂͲƌĂƚĂϯϱ͕ϳй͘


^ƵŵďĞƌ͗WĞƌƐĞƌŽĂŶ͕>ĂƉŽƌĂŶdĂŚƵŶĂŶ^/͕>ĂƉŽƌĂŶdĂŚƵŶĂŶ,K͕>ĂƉŽƌĂŶdĂŚƵŶĂŶ>ƵĨƚŚĂŶƐĂ͕
dŚŽŵƐŽŶZĞƵƚĞƌƐ
^ĞĚĂŶŐŬĂŶƵŶƚƵŬƉĞƌƐĂŝŶŐĂŶŐůŽďĂůďĞƌĚĂƐĂƌŬĂŶĚĂƚĂǀŝĂƚŝŽŶtĞĞŬĂŶĚ^ƉĂĐĞdĞĐŚŶŽůŽŐLJDZKĚŝƚŝŽŶLJĂŶŐ
ĚŝƉƵďůŝŬĂƐŝŬĂŶƉĂĚĂďƵůĂŶDĞŝϮϬϭϱŵĞůĂůƵŝǁĞďƐŝƚĞǁǁǁ͘ŵƌŽͲŶĞƚǁŽƌŬ͘ĐŽŵ͕WĞƌƐĞƌŽĂŶŵĞŶĞŵƉĂƚŝƉŽƐŝƐŝϭϰ
ƵŶƚƵŬŬĂƚĞŐŽƌŝdŽƚĂůŝƌĨƌĂŵĞDĂŝŶƚĞŶĂŶĐĞ,ŽƵƌƐƚĂŚƵŶϮϬϭϰ͕ƐĞƉĞƌƚŝƉĂĚĂƚĂďĞůďĞƌŝŬƵƚ͗

dŚŝƌĚͲWĂƌƚLJŝƌĨƌĂŵĞ dŽƚĂůŝƌĨƌĂŵĞ dŽƚĂůdŚŝƌĚͲWĂƌƚLJ
EŽ͘ EĂŵĂWĞƌƵƐĂŚĂĂŶ DĂŝŶƚĞŶĂŶĐĞ,ŽƵƌƐ DĂŝŶƚĞŶĂŶĐĞ,ŽƵƌƐ DZKZĞǀĞŶƵĞϮϬϭϰ
ϮϬϭϰ;ũƵƚĂͿ ϮϬϭϰΎ;ũƵƚĂͿ ΎΎ;ŵŝůLJĂƌh^Ϳ
ϭ ^dĞƌŽƐƉĂĐĞ ϭϮ͕Ϭ ϭϮ͕Ϭ ϭ͕ϱ
Ϯ ,ĂĞĐŽ ϵ͕ϰ ϭϭ͕ϳ ϭ͕ϱ
ϯ Z ϰ͕ϵ ϰ͕ϵ Ϭ͕ϱ
ϰ &/<>DΘD Ϭ͕ϳ ϯ͕ϲ ϯ͕ϴ
ϱ >ƵĨƚŚĂŶƐĂdĞĐŚŶŝĐ ŶͬĂ ϯ͕Ϭ ϰ͕ϴ
ϲ 'ĂŵĞĐŽ ϭ͕ϭ Ϯ͕ϵ ŶͬĂ
ϳ dƵƌŬŝƐŚdĞĐŚŶŝĐ ŶͬĂ Ϯ͕ϵ Ϭ͕ϳ
ϴ ǀĞƌŐƌĞĞŶǀŝĂƚŝŽŶdĞĐŚŶŽůŽŐŝĞƐ;'dͿ ϭ͕ϲ Ϯ͕Ϯ Ϭ͕ϱ
ϵ ǀŝĂƚŝŽŶdĞĐŚŶŝĐĂů^ĞƌǀŝĐĞƐ Ϯ͕Ϭ Ϯ͕Ϭ ŶͬĂ
ϭϬ ^ĂďĞŶĂdĞĐŚŶŝĐƐ Ϯ͕Ϭ Ϯ͕Ϭ Ϭ͕ϰ
ϭϭ ĞƌŽŵĂŶ ϭ͕ϴ ϭ͕ϴ ŶͬĂ
ϭϮ DĞdžŝĐĂŶĂDZK ϭ͕ϳ ϭ͕ϳ Ϭ͕Ϭϱ
ϭϯ &ůŝŐŚƚƐƚĂƌ ϭ͕ϲ ϭ͕ϲ Ϭ͕ϭ
ϭϰ WĞƌƐĞƌŽĂŶ ϭ͕Ϯ ϭ͕ϲ Ϭ͕ϯ
ϭϱ dWDΘ ϭ͕ϯ ϭ͕ϵ Ϭ͕Ϯ
ϭϲ ƚŝŚĂĚ ϭ͕Ϯ ϭ͕Ϯ Ϭ͕ϯ
ϭϳ ^ZdĞĐŚŶŝĐƐ ϭ͕Ϭ ϭ͕Ϭ ϭ͕Ϯ
^ƵŵďĞƌ͗ǀŝĂƚŝŽŶtĞĞŬĂŶĚ^ƉĂĐĞdĞĐŚŶŽůŽŐLJDZKĚŝƚŝŽŶ͕DĞŝϮϬϭϱ
ΎƚĞƌŵĂƐƵŬĨŝŐƵƌĂŝƌůŝŶĞŝŶĚƵŬĂƉĂďŝůĂďĞƌůĂŬƵ
ΎΎƚĞƌŵĂƐƵŬDZKĂŝƌĨƌĂŵĞ͕ĐŽŵƉŽŶĞŶƚĚĂŶĞŶŐŝŶĞ



140
ϴ͘ <hE''h>E<KDWd/d/&

WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ ƐĞďƵĂŚ ďĂĚĂŶ ƵƐĂŚĂ ŵĞŵŝůŝŬŝ ďĞďĞƌĂƉĂ ŬĞƵŶŐŐƵůĂŶ ŬŽŵƉĞƚŝƚŝĨ ƵŶƚƵŬ ŬĞďĞƌůĂŶŐƐƵŶŐĂŶ
ƵƐĂŚĂŶLJĂ͘<ĞƵŶŐŐƵůĂŶŬŽŵƉĞƚŝƚŝĨLJĂŶŐĚŝŵŝůŝŬŝWĞƌƐĞŽƌĂŶĚŝĂŶƚĂƌĂŶLJĂĂĚĂůĂŚ͗

• ĞƌůŽŬĂƐŝĚŝǁŝůĂLJĂŚĚĞŶŐĂŶWĞƌƚƵŵďƵŚĂŶWĂƐĂƌLJĂŶŐdŝŶŐŐŝ
ĞƌĚĂƐĂƌŬĂŶ ƐƚƵĚŝ DZK ƉĞƌ EŽǀĞŵďĞƌ ϮϬϭϲ͕ /ŶĚƵƐƚƌŝ DZK Ěŝ ĚƵŶŝĂ ĚŝƉĞƌŬŝƌĂŬĂŶ ĂŬĂŶ ƐĞŵĂŬŝŶ
ƚƵŵďƵŚĚĂůĂŵ ƌĞŶƚĂŶŐ ǁĂŬƚƵ ůŝŵĂ ƚĂŚƵŶŬĞ ĚĞƉĂŶ͕ ƐĞŝƌŝŶŐ ĚĞŶŐĂŶďĞƌƚĂŵďĂŚŶLJĂ ũƵŵůĂŚ ƉĞƐĂǁĂƚĚĂŶ
ĞǀĞŶƚŵĂŝŶƚĞŶĂŶĐĞ͘WŽƚĞŶƐŝƉĂƐĂƌDZKĚƵŶŝĂƚƵŵďƵŚϱйĚĂƌŝϳϰ͕ϯDŝůLJĂƌh^ƉĂĚĂƚĂŚƵŶϮϬϭϳĂŬĂŶ
ŵĞŶũĂĚŝ ϴϵ͕ϲ DŝůLJĂƌ h^ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϭ͘ ŝůĂ ĚŝůŝŚĂƚ ďĞƌĚĂƐĂƌŬĂŶ ǁŝůĂLJĂŚ͕ ƉŽƚĞŶƐŝ ƉĂƐĂƌ Ěŝ ŬĂǁĂƐĂŶ
ƐŝĂ ďĂŚŬĂŶ ůĞďŝŚ ƚŝŶŐŐŝ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƌƚƵŵďƵŚĂŶ ƉĂƐĂƌ DZK ĚƵŶŝĂ͘ ĂůĂŵ ůŝŵĂ ƚĂŚƵŶ ŬĞ
ĚĞƉĂŶ͕ ƉĞƌƚƵŵďƵŚĂŶ ƉĂƐĂƌ /ŶĚŝĂ ƚƵŵďƵŚ ϭϯй͕ ĚŝŝŬƵƚŝ ĚĞŶŐĂŶ ƉĂƐĂƌ ŚŝŶĂ LJĂŶŐ ƚƵŵďƵŚ ϭϭй͕ dŝŵƵƌ
dĞŶŐĂŚƚƵŵďƵŚϵйĚĂŶƐŝĂdĞŶŐŐĂƌĂƚƵŵďƵŚƐĞďĞƐĂƌϵй͘

^ĞĚĂŶŐŬĂŶƉŽƚĞŶƐŝƉĂƐĂƌĚŽŵĞƐƚŝŬďŝƐŶŝƐDZKƐĂĂƚŝŶŝďĞƌŶŝůĂŝϭDŝůLJĂƌh^ĚĂŶĂŬĂŶŵĞŶũĂĚŝϭ͕ϲDŝůLJĂƌ
h^ƉĂĚĂƚĂŚƵŶϮϬϮϭĚĞŶŐĂŶƉĞƌƚƵŵďƵŚĂŶƐĞďĞƐĂƌϭϭй͘WĂĚĂƚĂŚƵŶϮϬϭϲ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƉĂŶŐƐĂ
ƉĂƐĂƌĚŽŵĞƐƚŝŬƐĞďĞƐĂƌϯϮйĚĂƌŝƚŽƚĂůƉĂƐĂƌϭDŝůLJĂƌh^ĂƚĂƵƐĞŬŝƚĂƌϯϭϱũƵƚĂh^͘ĂƌŝƚŽƚĂůϭDŝůLJĂƌ
h^͕ ƉĂƐĂƌ LJĂŶŐ ƚĞƌƐĞƌĂƉ ŽůĞŚ DZK ůŽŬĂů ŵĂƐŝŚ ƐĞďĞƐĂƌ ϰϵй͕ ƐĞĚĂŶŐŬĂŶ ƐŝƐĂŶLJĂ ƐĞďĞƐĂƌ ϱϭй ĚŝƐĞƌĂƉ
ŽůĞŚ ƉĞƌƵƐĂŚĂĂŶ DZK Ěŝ ůƵĂƌ /ŶĚŽŶĞƐŝĂ͘ WĂƐĂƌ ĚŽŵĞƐƚŝŬ LJĂŶŐ ŵĂƐŝŚ ƚĞƌƐĞƌĂƉ ŽůĞŚ DZK ĂƐŝŶŐ ŝŶŝ
ŵĞŵďĞƌŝŬĂŶƉĞůƵĂŶŐďĂŐŝWĞƌƐĞƌŽĂŶƵŶƚƵŬĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶƉĂŶŐƐĂƉĂƐĂƌĚŽŵĞƐƚŝŬŶLJĂ͘

• >ĞĂĚŝŶŐ&ŝŶĂŶĐŝĂůWĞƌĨŽƌŵĂŶĐĞĚŝ/ŶĚƵƐƚƌŝWĞƌĂǁĂƚĂŶWĞƐĂǁĂƚ
ĂůĂŵ ƚŝŐĂ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ ;ϮϬϭϰͲϮϬϭϲͿ͕ ŬŝŶĞƌũĂ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ ƚƵŵďƵŚ ƉĞƐĂƚ ƐĞďĞƐĂƌ Ϯϭй ĚĂƌŝ
Ϯϲϰ ũƵƚĂ h^ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϰ ŵĞŶŝŶŐŬĂƚ ŵĞŶũĂĚŝ ϯϴϵ ũƵƚĂ h^ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϲ͘ WĞƌƚƵŵďƵŚĂŶ
ƉĞŶĚĂƉĂƚĂŶƐĞďĞƐĂƌϮϭйŝŶŝĚŝĂƚĂƐƌĂƚĂͲƌĂƚĂƉĞƐĂŝŶŐLJĂŶŐŵĞŵŝůŝŬŝƉĞƌƚƵŵďƵŚĂŶƉĞŶĚĂƉĂƚĂŶĚŝďĂǁĂŚ
ϭϬй͘ WĞƌƚƵŵďƵŚĂŶ LJĂŶŐ ƐŝŐŶŝĨŝŬĂŶ ŝŶŝ ĚŝŬĂƌĞŶĂŬĂŶ ƚƵŵďƵŚŶLJĂ ƉĂƐĂƌ ĐĂƉƚŝǀĞ ƐĞƌƚĂ ƉĞŶŐĞŵďĂŶŐĂŶ
ŬĂƉĂďŝůŝƚĂƐĚĂŶŬĂƉĂƐŝƚĂƐWĞƌƐĞƌŽĂŶ͘

^ĞĚĂŶŐŬĂŶ ƵŶƚƵŬ /d ŵĂƌŐŝŶ͕ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ƚƵŵďƵŚ ƐĞďĞƐĂƌ ϰϰй͕ ĚĂƌŝ ϭϮй Ěŝ ƚĂŚƵŶ ϮϬϭϰ
ŵĞŶŝŶŐŬĂƚ ŵĞŶũĂĚŝ Ϯϱй ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϲ͘ WĞƌƚƵŵďƵŚĂŶ /d ŵĂƌŐŝŶ ĚŝƉĞŶŐĂƌƵŚŝ ŽůĞŚ ƚƵŵďƵŚŶLJĂ
ƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶ͕ĞĨŝƐŝĞŶƐŝWĞƌƐĞƌŽĂŶ͕ƐĞƌƚĂŶĞŐŽŝƐĂƐŝŬŽŶƚƌĂŬ͘

• WĞƌƚƵŵďƵŚĂŶĚĂŶƵŬƵŶŐĂŶƉĞůĂŶŐŐĂŶĂƉƚŝǀĞ
WĞƌƚƵŵďƵŚĂŶƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶƐĂŶŐĂƚĚŝƉĞŶŐĂƌƵŚŝŽůĞŚƉĞƌƚƵŵďƵŚĂŶƉĞůĂŶŐŐĂŶ ĐĂƉƚŝǀĞ͘^ĞďĂŐĂŝ
ƐĂůĂŚ ƐĂƚƵ ĂŶĂŬ ƵƐĂŚĂ 'Zh͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƉĂƐĂƌ ĐĂƉƚŝǀĞ LJĂŶŐ ĂŬĂŶ ŵĂŵƉƵ ŵĞŶŽƉĂŶŐ
ŬĞďĞƌůĂŶŐƐƵŶŐĂŶ ƵƐĂŚĂŶLJĂ͘ <ŽŶƚƌŝďƵƐŝ ƉĞůĂŶŐŐĂŶ ĐĂƉƚŝǀĞ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϲ ƐĂŶŐĂƚ ďĞƐĂƌ LJĂŝƚƵ ϴϰй ĚĂƌŝ
ƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶĂƚĂƵƐĞďĞƐĂƌϯϮϲũƵƚĂh^͘

^ĞůĂŵĂ ůŝŵĂ ƚĂŚƵŶ ŬĞ ĚĞƉĂŶ͕ ĞƐƚŝŵĂƐŝ ƉĞƌƚƵŵďƵŚĂŶ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ ĐĂƉƚŝǀĞ ƚĞƌƐĞďƵƚ ĐƵŬƵƉ ƐŝŐŶŝĨŝŬĂŶ͕
ĚĞŶŐĂŶ ƉĞƌƚƵŵďƵŚĂŶ ĂƌŵĂĚĂ ƐĞďĞƐĂƌ ϳй ƐĞƌƚĂ ĂŶŐŐĂƌĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƐĞďĞƐĂƌ ϭϮй͘ ĞŶŐĂŶ
ďĞƌƚƵŵďƵŚŶLJĂƉĂƐĂƌĐĂƉƚŝǀĞ͕ĚŝŚĂƌĂƉŬĂŶƐĞŵĂŬŝŶŵĞŶŐĂŵĂŶŬĂŶƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶ͘

• WĞƌƚƵŵďƵŚĂŶ:ƵŵůĂŚWĞůĂŶŐŐĂŶĚĂŶDŝƚƌĂ<ĞƌũĂ
ĞƌĚĂƐĂƌŬĂŶ ĚĂƚĂ ŚŝƐƚŽƌŝƐ͕ ũƵŵůĂŚ ƉĞůĂŶŐŐĂŶ WĞƌƐĞƌŽĂŶ ďĞƌƚĂŵďĂŚ ƚŝĂƉ ƚĂŚƵŶŶLJĂ͘ WĂĚĂ ƚĂŚƵŶ ϮϬϭϰ͕
ũƵŵůĂŚ ƉĞůĂŶŐŐĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŶLJĂŬ ϭϰϱ ƉĞůĂŶŐŐĂŶ͘ dŽƚĂů ƉĞůĂŶŐŐĂŶ ŝŶŝ ŶĂŝŬ ŵĞŶũĂĚŝ ϭϱϯ ƉĞůĂŶŐŐĂŶ
ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϱ ĚĂŶ ϭϳϬ ƉĞůĂŶŐŐĂŶ ƐĂŵƉĂŝ ƚĂŚƵŶ ϮϬϭϲ͘ WĞůĂŶŐŐĂŶ WĞƌƐĞƌŽĂŶ ĚŝĂŶƚĂƌĂŶLJĂ ŵĞůŝƉƵƚŝ
ŝƌůŝŶĞƐĞƌƚĂEŽŶŝƌůŝŶĞ͘

^ĞĚĂŶŐŬĂŶ ƵŶƚƵŬ ŵŝƚƌĂ ŬĞƌũĂ͕ WĞƌƐĞƌŽĂŶ ŵĞŶũĂůŝŶ ŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ ŵŝƚƌĂ ďĞƌŬĞůĂƐ ĚƵŶŝĂ ďĂŝŬ ƵŶƚƵŬ
ƉĞŶŐĞŵďĂŶŐĂŶŬĂƉĂďŝůŝƚĂƐŵĂƵƉƵŶŬĂƉĂƐŝƚĂƐ͘

WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ďĞƌƵƐĂŚĂ ŵĞŶũĂŐĂ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŵŝƚƌĂ ŬĞƌũĂƐĂŵĂ ĚĂŶ ƉĞůĂŶŐŐĂŶ LJĂŶŐ ĂĚĂ͕
ƐĞƌƚĂďĞƌƵƐĂŚĂƵŶƚƵŬƐĞůĂůƵŵĞŶĚĂƉĂƚŬĂŶƉĞůĂŶŐŐĂŶďĂƌƵ͘

• >ĂLJĂŶĂŶ<ƵĂůŝƚĂƐdŝŶŐŐŝĚĂŶ,ĂƌŐĂLJĂŶŐ<ŽŵƉĞƚŝƚŝĨ
hŶƚƵŬ ŵĞŶƵŶũĂŶŐ ŬĞďĞƌůĂŶŐƐƵŶŐĂŶ ƵƐĂŚĂ͕ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶĚĂƉĂƚŬĂŶ ƐĞƌƚŝĨŝŬĂƐŝ ĚĂƌŝ ŽƚŽƌŝƚĂƐ
ŬĞůĂŝŬƵĚĂƌĂĂŶ͘ ^ĞƌƚŝĨŝŬĂƐŝ ŝŶŝ ŵĞŶũĂŵŝŶ ďĂŚǁĂ ŬĞŐŝĂƚĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƚĞůĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ƐƚĂŶĚĂƌŬĞƐĞůĂŵĂƚĂŶƉĞŶĞƌďĂŶŐĂŶĚƵŶŝĂ͘

141
 ^ĂĂƚ ŝŶŝ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵŝůŝŬŝ ƐĞƌƚŝĨŝŬĂƐŝ ĚĂƌŝ ŽƚŽƌŝƚĂƐ ƉĞŶĞƌďĂŶŐĂŶ ƐŝƉŝů /ŶĚŽŶĞƐŝĂ ;' /ŶĚŽŶĞƐŝĂͿ
ƐĞũĂŬ ƚĂŚƵŶ ϭϵϵϮ͕ ŽƚŽƌŝƚĂƐ ƉĞŶĞƌďĂŶŐĂŶ ƐŝƉŝů ŵĞƌŝŬĂ ^ĞƌŝŬĂƚ ;&Ϳ ƐĞũĂŬ ƚĂŚƵŶ ϭϵϵϮ͕ ŽƚŽƌŝƚĂƐ
ƉĞŶĞƌďĂŶŐĂŶƐŝƉŝůƌŽƉĂ;^ͿƐĞũĂŬƚĂŚƵŶϮϬϬϯ͕ŽƚŽƌŝƚĂƐƉĞŶĞƌďĂŶŐĂŶƐŝƉŝůƵƐƚƌĂůŝĂ;^ͿƐĞũĂŬƚĂŚƵŶ
ϮϬϭϯ͕ ƐĞƌƚĂ Ϯϱ ƐĞƚŝĨŝŬĂƐŝ ůĂŝŶ ĚĂƌŝ ŽƚŽƌŝƚĂƐ ƉĞŶĞƌďĂŶŐĂŶ ƐŝƉŝů ďĞƌďĂŐĂŝ ŶĞŐĂƌĂ͘ <ĂƌĞŶĂ ĚŝŶŝůĂŝ ŵĞŵŝůŝŬŝ
ƚŝŶŐŬĂƚ ŬĞƐĞůĂŵĂƚĂŶ ĚĂŶ ŬƵĂůŝƚĂƐ LJĂŶŐ ƚŝŶŐŐŝ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶĚĂƉĂƚŬĂŶ ƉƌĞĚŝŬĂƚ ĚĂƌŝ & ƐĞďĂŐĂŝ
“>ŽǁZŝƐŬMRO” pada tahun 2016 dan “,ŝŐŚYƵĂůŝƚLJMRO” pada tahun 2017.

^ĞůĂŝŶƐĞƌƚŝĨŝŬĂƚƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ͕WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵŝůŝŬŝƐĞƌƚŝĨŝŬĂƚůĂŝŶƵŶƚƵŬŵĞŶĚƵŬƵŶŐƵƐĂŚĂŶLJĂ
ĂŶƚĂƌĂ ůĂŝŶ ƐĞƌƚŝĨŝŬĂƐŝ DdK ϭϰϳ ;ŝƌĐƌĂĨƚ DĂŝŶƚĞŶĂŶĐĞ dƌĂŝŶŝŶŐ KƌŐĂŶŝnjĂƚŝŽŶͿ͕ /^K ϵϬϬϭ ;YƵĂůŝƚLJ
DĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵͿ͕/^KϭϰϬϬϭ;ŶǀŝƌŽŶŵĞŶƚĂůDĂŶĂŐĞŵĞŶƚͿ͕^ϵϭϭϬ;YƵĂůŝƚLJDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ
ĞƌŽƐƉĂĐĞͿ͕ĚĂŶ^ϭϬϬ;ǀŝĂƚŝŽŶ^ƵƉƉůŝĞƌƐƐŽĐŝĂƚŝŽŶͿ͘

^ĞďĂŐŝĂŶƐĞŐŵĞŶďŝƐŶŝƐDZKŵĞƌƵƉĂŬĂŶďŝƐŶŝƐŝŶƚĞŶƐŝĨƚĞŶĂŐĂŬĞƌũĂƐĞďĂŐĂŝĨŝdžĞĚĐŽƐƚ͘ŝůĂĚŝďĂŶĚŝŶŐŬĂŶ
ĚĞŶŐĂŶŶĞŐĂƌĂƚĞƚĂŶŐŐĂ͕/ŶĚŽŶĞƐŝĂŵĞŵŝůŝŬŝƐƚĂŶĚĂƌďŝĂLJĂƚĞŶĂŐĂŬĞƌũĂLJĂŶŐŬŽŵƉĞƚŝƚŝĨ͘,ĂůŝŶŝŵĞŵďƵĂƚ
WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŶĚĂƉĂƚŬĂŶŚĂƌŐĂLJĂŶŐŬŽŵƉĞƚŝƚŝĨWĞƌƐĞƌŽĂŶ

• dŝŵDĂŶĂũĞŵĞŶLJĂŶŐĞƌƉĞŶŐĂůĂŵĂŶ
WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ĚƵŬƵŶŐĂŶ ƚŝŵ ŵĂŶĂũĞŵĞŶ LJĂŶŐ ďĞƌƉĞŶŐĂůĂŵĂŶ ďĂŝŬ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĂƵƉƵŶ
ũĂũĂƌĂŶŝƌĞŬƐŝ͘ĞŶŐĂŶƉĞŶŐĂůĂŵĂŶƌĂƚĂͲƌĂƚĂĚŝĂƚĂƐϮϬƚĂŚƵŶĚŝďŝĚĂŶŐĂǀŝĂƐŝ͕ĚŝŚĂƌĂƉŬĂŶŵĂŶĂũĞŵĞŶ
ĚĂƉĂƚŵĞŵďĂǁĂWĞƌƐĞƌŽĂŶŵĞŶũĂĚŝƉĞŶLJĞĚŝĂůĂLJĂŶĂŶDZKLJĂŶŐĚĂƉĂƚďĞƌƐĂŝŶŐĚĞŶŐĂŶŬŽŵƉĞƚŝƚŽƌ͘

• ZĞŶĐĂŶĂŝƐŶŝƐLJĂŶŐ^ŽůŝĚ
Perseroan memiliki visi menjadi “dŽƉ ϭϬ DZK ŝŶ dŚĞ tŽƌůĚ”. Tema strategi Perseroan untuk dapat
ŵĞŶĐĂƉĂŝǀŝƐŝĂĚĂůĂŚKƉĞƌĂƚŝŽŶĂůdžĐĞůůĞŶĐĞ͕DĂŝŶƚĞŶĂŶĐĞ^ĞƌǀŝĐĞWůĂƚĨŽƌŵ͕ĚĂŶdŽƚĂů^ŽůƵƚŝŽŶWƌŽǀŝĚĞƌ͕
ĚĞŶŐĂŶĚŝĚƵŬƵŶŐŽůĞŚĨŝůŽƐŽĨŝďŝƐŶŝƐWĞƌƐĞƌŽĂŶLJĂŝƚƵ,ƵŵĂŶĞŶƚƌŝĐ͕ƵƐŝŶĞƐƐdžƉĂŶƐŝŽŶ͕ĚĂŶdĞĐŚŶŽůŽŐLJ
ƌŝǀĞŶ͘

ĞƌĚĂƐĂƌŬĂŶ ƚĞŵĂ ƐƚƌĂƚĞŐŝ ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƐƚƌĂƚĞŐŝ ƵƐĂŚĂ ŵĞůĂůƵŝ ƉĞŶŐĞŵďĂŶŐĂŶ ŽƌŐĂŶŝŬ
ĚĂŶ ŝŶŽƌŐĂŶŝŬ͘ ^ƚƌĂƚĞŐŝ ŝŶŝƐŝĂƚŝĨ ŽƌŐĂŶŝŬ ŵĞƌƵƉĂŬĂŶ ƵƐĂŚĂ ƉĞŶŐĞŵďĂŶŐĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ
ŵĞůĂůƵŝ͕ ƉĞŶŝŶŐŬĂƚĂŶ ŬĂƉĂƐŝƚĂƐ Ěŝ ƚŝĂƉ ƐĞŐŵĞŶ ƉƌŽĚƵŬ ŵĞůĂůƵŝ ƉĞƌďĂŝŬĂŶ ƉƌŽƐĞƐ ďŝƐŶŝƐ ĚĂŶ
ƉĞŶŐĞŵďĂŶŐĂŶ ŬĂƉĂƐŝƚĂƐ ďĂƌƵ͕ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĂƉĂďŝůŝƚĂƐ ďĂƌƵ ƐĞƌƚĂ ƉĞŶŝŶŐŬĂƚĂŶ ƉĞŶũƵĂůĂŶ ŵĞůĂůƵŝ
ƉĞŶĞƚƌĂƐŝ ĚĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ƉĂƐĂƌ͘ ^ĞĚĂŶŐŬĂŶ ŝŶŝƐŝĂƚŝĨ ƐƚƌĂƚĞŐŝƐ ŝŶŽƌŐĂŶŝŬ ŵĞƌƵƉĂŬĂŶ ƵƐĂŚĂ
ƉĞŶŐĞŵďĂŶŐĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŵĞůĂůƵŝ ŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ ƉŝŚĂŬ ůĂŝŶ ĚĂůĂŵ ďĞŶƚƵŬ ĂůŝĂŶƐŝ
ƐƚƌĂƚĞŐŝƐ͕:ŽŝŶƚKƉĞƌĂƚŝŽŶĂƚĂƵ:ŽŝŶƚsĞŶƚƵƌĞ͘

ϵ͘ WZK^W<h^,WZ^ZKE

/ŶĚƵƐƚƌŝǀŝĂƐŝ

ĞƌĚĂƐĂƌŬĂŶŚĂƐŝůƐƚƵĚŝDZKƉĞƌEŽǀĞŵďĞƌϮϬϭϲ͕ŝŶĚƵƐƚƌŝĂǀŝĂƐŝĚŝĚƵŶŝĂĚŝƉĞƌŬŝƌĂŬĂŶĂŬĂŶƚƵŵďƵŚƐĞŝƌŝŶŐ
ĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶũƵŵůĂŚƉĞƐĂǁĂƚƵĚĂƌĂLJĂŶŐĚŝŽƉĞƌĂƐŝŬĂŶ͘:ƵŵůĂŚƉĞƐĂǁĂƚĚŝĚƵŶŝĂƚƵŵďƵŚĚĂƌŝϯϯ͘ϮϰϬ
ƉĞƐĂǁĂƚĚŝƚĂŚƵŶϮϬϭϳŵĞŶũĂĚŝϯϵ͘ϵϮϰƉĞƐĂǁĂƚĚŝƚĂŚƵŶϮϬϮϭĚĞŶŐĂŶŶŝůĂŝ'Zϰ͘ϳй͘

^ĞŵĞŶƚĂƌĂ ƵŶƚƵŬ ǁŝůĂLJĂŚ /ŶĚŽŶĞƐŝĂ͕ ũƵŵůĂŚ ƉĞƐĂǁĂƚ ĚŝƉĞƌŬŝƌĂŬĂŶ ƚƵŵďƵŚ ĚĂƌŝ ϳϬϲ ƉĞƐĂǁĂƚ Ěŝ ƚĂŚƵŶ ϮϬϭϳ
ŵĞŶũĂĚŝϵϵϳƉĞƐĂǁĂƚĚŝƚĂŚƵŶϮϬϮϭĚĞŶŐĂŶƉĞƌƚƵŵďƵŚĂŶϵй͘


142
 ^ƵŵďĞƌ͗DZK͕EŽǀĞŵďĞƌϮϬϭϲ

/ŶĚƵƐƚƌŝDZK

ĞƌĚĂƐĂƌŬĂŶ ŚĂƐŝů ƐƚƵĚŝ DZK ƉĞƌ EŽǀĞŵďĞƌ ϮϬϭϲ͕ ƉĞƌƚƵŵďƵŚĂŶ ŶŝůĂŝ ƉĂƐĂƌ DZK ŐůŽďĂů ŵĂƐŝŚ ƉŽƐŝƚŝĨ
ĚĞŶŐĂŶ 'Z ϱй ƐĞůĂŵĂ ϱ ƚĂŚƵŶ ŬĞ ĚĞƉĂŶ ĚĞŶŐĂŶ ŶŝůĂŝ ϳϰ͕ϯ ŵŝůLJĂƌ h^ Ěŝ ƚĂŚƵŶ ϮϬϭϳ͕ ϴϵ͕ϲ DŝůLJĂƌ h^ Ěŝ
ƚĂŚƵŶ ϮϬϮϭ͘ tŝůĂLJĂŚ dŝŵƵƌ dĞŶŐĂŚ ĚĂŶ ƐŝĂ WĂƐŝĨŝŬ ;ƚĞƌŵĂƐƵŬ ŚŝŶĂ ĚĂŶ /ŶĚŽŶĞƐŝĂͿ ĚŝƉƌĞĚŝŬƐŝ ŵĞŵŝůŝŬŝ ůĂũƵ
ƉĞƌƚƵŵďƵŚĂŶĚŝĂƚĂƐƌĂƚĂͲƌĂƚĂƉĞƌƚƵŵďƵŚĂŶŝŶĚƵƐƚƌŝ͘^ĞŵĞŶƚĂƌĂŝƚƵŬŚƵƐƵƐƉĂƐĂƌ/ŶĚŽŶĞƐŝĂ͕ŶŝůĂŝƉĂƐĂƌDZK
ĚŝƉĞƌŬŝƌĂŬĂŶ ƚƵŵďƵŚ ŚŝŶŐŐĂ ŵĞŶĐĂƉĂŝ ϭ͕ϲ ŵŝůLJĂƌ h^ ƚĂŚƵŶ ϮϬϮϭ ĚĞŶŐĂŶ 'Z ƐĞďĞƐĂƌ ϭϭ͕ϯй͘ ^ĞďĂŐĂŝ
ƉĞŵŝŵƉŝŶƉĂƐĂƌĚŝďŝƐŶŝƐDZKĚŽŵĞƐƚŝŬ͕ŚĂůŝŶŝƚĞŶƚƵŵĞŵďĞƌŝŬĂŶƌƵĂŶŐďĂŐŝWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĞƌƵƐƚƵŵďƵŚ͘



^ƵŵďĞƌ͗DZK͕EŽǀĞŵďĞƌϮϬϭϲ

dƌĞŶ/ŶĚƵƐƚƌŝDZK

/ŶĚƵƐƚƌŝ DZK ŵĞƌƵƉĂŬĂŶ ŝŶĚƵƐƚƌŝ LJĂŶŐ ŵĞŶĂƌŝŬ͕ ĚŝŬĂƌĞŶĂŬĂŶ ƌĞůĂƚŝĨ ĂŵĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌƵďĂŚĂŶ ŬŽŶĚŝƐŝ
ĞŬŽŶŽŵŝ͘ WĂƐĂƌ DZK͕ ƐĞƉĞƌƚŝ ĚŝũĞůĂƐŬĂŶ ƐĞďĞůƵŵŶLJĂ ďĂŚǁĂ ĂŬĂŶ ďĞƌƚƵŵďƵŚ ĚĂůĂŵ ůŝŵĂ ƚĂŚƵŶ ŬĞ ĚĞƉĂŶ͘
WĞƌƚƵŵďƵŚĂŶƉĂƐĂƌDZKLJĂŶŐƚŝŶŐŐŝƚĞƌƵƚĂŵĂƚĞƌĨŽŬƵƐĚŝŬĂǁĂƐĂŶƐŝĂWĂƐŝĨŝŬĚĂŶdŝŵƵƌdĞŶŐĂŚ͘DZKũƵŐĂ
ŵĞƌƵƉĂŬĂŶŝŶĚƵƐƚƌŝLJĂŶŐŵĞŵŝůŝŬŝƌĞŐƵůĂƐŝ LJĂŶŐŬĞƚĂƚ͕ƐĞŚŝŶŐŐĂďŝƐŶŝƐŝŶŝĐƵŬƵƉƐƵůŝƚƵŶƚƵŬĚŝŵĂƐƵŬŝƉĞŵĂŝŶ
ďĂƌƵ͘

143
WĞƌŬĞŵďĂŶŐĂŶ ƚĞŬŶŽůŽŐŝ ũƵŐĂ ŵĞŵďĞƌŝŬĂŶ ĚĂŵƉĂŬ ƚĞƌŚĂĚĂƉ ƉĞƌŬĞŵďĂŶŐĂŶ ŝŶĚƵƐƚƌŝ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ
ƚĞƌďĂŶŐ͘KDƐĞďĂŐĂŝƉĞŵŝůŝŬƚĞŬŶŽůŽŐŝŵƵůĂŝŵĞŵĂƐƵŬŝƐĞŐŵĞŶDZK͕ƐĞŚŝŶŐŐĂďĞƌĚĂŵƉĂŬƉĂĚĂƉĞƌƐĂŝŶŐĂŶ
ƉĞƌŽůĞŚĂŶ ƉĂƐĂƌ DZK͘ ^ĞĐĂƌĂ ŐĂƌŝƐ ďĞƐĂƌ ƚĞƌĚĂƉĂƚ ĞŵƉĂƚ ƚƌĞŶ ĚĂůĂŵ ŝŶĚƵƐƚƌŝ DZK LJĂŶŐ ƉĞƌůƵ ŵĞŶũĂĚŝ
ƉĞƌŚĂƚŝĂŶ͕LJĂŝƚƵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ϭ͘ DĞŶŝŶŐŬĂƚŶLJĂƉĞƌĂŶKDĚŝƐĞŐŵĞŶĂĨƚĞƌŵĂƌŬĞƚ͕ŵĞŶĚŽƌŽŶŐƉĞŶŝŶŐŬĂƚĂŶŬŽůĂďŽƌĂƐŝDZKͲKD͘
WĞŶŐŽƉĞƌĂƐŝĂŶ ƉĞƐĂǁĂƚ LJĂŶŐ ůĞďŝŚ ŵŽĚĞƌŶ ƐĞƌƚĂ ŵĞŶƵƌƵŶŶLJĂ ŬĞƵŶƚƵŶŐĂŶ KD ĚĂůĂŵ ƉĞŶŐĞŵďĂŶŐĂŶ
ĚĂŶ ŵĂŶƵĨĂŬƚƵƌ ƉĞƐĂǁĂƚ ŵĞŶLJĞďĂďŬĂŶ KD ŵƵůĂŝ ŵĞƌĂŵďĂŚ ƉĂƐĂƌ DZK͘ ,Ăů ŝŶŝ ŵĞŶũĂĚŝ ƚĂŶƚĂŶŐĂŶ
ďĂŐŝ ƉĞƌƵƐĂŚĂĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ ƵŶƚƵŬ ĚĂƉĂƚ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƉĂƐĂƌŶLJĂ͘ dĂŶƚĂŶŐĂŶ
ƚĞƌƐĞďƵƚ͕ ŵĞŶĚŽƌŽŶŐ DZK ƵŶƚƵŬ ďĞƌƵƐĂŚĂ ŵĞŶũĂůŝŶ ŬŽůĂďŽƌĂƐŝ ĚĞŶŐĂŶ KD͕ ďĂŝŬ ŵĞůĂůƵŝ ƐŬĞŵĂ :ŽŝŶƚ
KƉĞƌĂƚŝŽŶͬ:ŽŝŶƚsĞŶƚƵƌĞ͕ƉĞŵďĞůŝĂŶůŝƐĞŶƐŝ͕ĂƚĂƵƉƵŶƐŬĞŵĂŬĞƌũĂƐĂŵĂůĂŝŶŶLJĂ͘

Ϯ͘ WĞŶĞƚƌĂƐŝƉĂƐĂƌDZKĚŝĨŽŬƵƐŬĂŶŬĞƉĂĚĂĂƌĞĂƐŝĂWĂƐŝĨŝŬĚĂŶdŝŵƵƌdĞŶŐĂŚ͘
WĞƌƚƵŵďƵŚĂŶ ƉĂƐĂƌ DZK ĚƵŶŝĂ LJĂŶŐ ƚĞƌƚŝŶŐŐŝ ďĞƌĂĚĂ Ěŝ ŬĂǁĂƐĂŶ ƐŝĂ WĂƐŝĨŝŬ ĚĂŶ dŝŵƵƌ dĞŶŐĂŚ͘
WĞƌƚƵŵďƵŚĂŶ ŝŶŝ ŵĞŵďƵĂƚ ƉĞƌƵƐĂŚĂĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ ŵƵůĂŝ ƐĞĐĂƌĂ ĂŐƌĞƐŝĨ
ŵĞŶŐĞŵďĂŶŐŬĂŶďŝƐŶŝƐŶLJĂĚŝŬĂǁĂƐĂŶŝŶŝƵŶƚƵŬĚĂƉĂƚŵĞŶLJĞƌĂƉƉĂƐĂƌLJĂŶŐƐĞŵĂŬŝŶďĞƌƚƵŵďƵŚ͘^ĞůĂŝŶ
ŝƚƵ͕ ƉĞŶŐĞŵďĂŶŐĂŶ ďŝƐŶŝƐ Ěŝ ŬĂǁĂƐĂŶ ŝŶŝ ŵĞŵŝůŝŬŝ ŬĞƵŶƚƵŶŐĂŶ ĚĂƉĂƚ ŵĞůĂLJĂŶŝ ŬĞďƵƚƵŚĂŶ ƉĞůĂŶŐŐĂŶ
ƐĞĐĂƌĂůĞďŝŚĐĞƉĂƚ͘

<ĂǁĂƐĂŶ ƐŝĂ dĞŶŐŐĂƌĂ ĚĂŶ ƐŝĂ ^ĞůĂƚĂŶ ŬŚƵƐƵƐŶLJĂ͕ ŵĞƌƵƉĂŬĂŶ ŶĞŐĂƌĂ ĚĞŶŐĂŶ ƵƉĂŚ ŵŝŶŝŵƵŵ ƚĞŶĂŐĂ
ŬĞƌũĂLJĂŶŐ ůĞďŝŚ ŬŽŵƉĞƚŝƚŝĨ ĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶ ŬĂǁĂƐĂŶ ůĂŝŶŶLJĂ͘ ,ĂůŝŶŝũƵŐĂ ŵĞŶĚƵŬƵŶŐƉĞƌƵƐĂŚĂĂŶ
DZKƵŶƚƵŬŵĞůĞďĂƌŬĂŶďŝƐŶŝƐŶLJĂĚŝŬĂǁĂƐĂŶŝŶŝ͘

ϯ͘ WĞƌŬĞŵďĂŶŐĂŶƚĞŬŶŽůŽŐŝŵĞŶƵŶƚƵƚWĞƌƵƐĂŚĂĂŶDZKƵŶƚƵŬďĞƌŝŶǀĞƐƚĂƐŝĚŝďŝĚĂŶŐdĞŬŶŽůŽŐŝ/ŶĨŽƌŵĂƐŝ
^ĞďĂŐĂŝ ŝŶĚƵƐƚƌŝ LJĂŶŐ ƐĂŶŐĂƚ ƚĞƌŐĂŶƚƵŶŐ ƉĂĚĂ ƚĞŬŶŽůŽŐŝ͕ ŵĞŶLJĞďĂďŬĂŶ ƉĞƌƵƐĂŚĂĂŶ DZK ƵŶƚƵŬ ƐĞůĂůƵ
ŵĞŶŐŝŬƵƚŝƉĞƌŬĞŵďĂŶŐĂŶƚĞƌƐĞďƵƚ͘^ĞůĂŝŶŝƚƵ͕ƚĞŬŶŽůŽŐŝĚĂƉĂƚĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵĞŶŐĞĨŝƐŝĞŶƐŝŬĂŶƉƌŽƐĞƐ
ďŝƐŶŝƐWĞƌƐĞƌŽĂŶ͕ƐĞŚŝŶŐŐĂĚŝŚĂƌĂƉŬĂŶĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶŬŝŶĞƌũĂŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘
/ŵƉůĞŵĞŶƚĂƐŝƚĞŬŶŽůŽŐŝŝŶĨŽƌŵĂƐŝũƵŐĂĚŝŚĂƌĂƉŬĂŶŵĂŵƉƵŵĞŶŐŚĂƐŝůŬĂŶĂůŝƌĂŶƉĞŶĚĂƉĂƚĂŶďĂƌƵŵĞůĂůƵŝ
ĂŶĂůŝƐĂ ĚĂƚĂͲĚĂƚĂ ƉĞƐĂǁĂƚ͘ /ŶǀĞƐƚĂƐŝ Ěŝ ďŝĚĂŶŐ ƚĞŬŶŽůŽŐŝ ŝŶĨŽƌŵĂƐŝ ƚĞƌƐĞďƵƚ ĚŝĨŽŬƵƐŬĂŶ ƉĂĚĂ ƉƌŽƐĞƐ
ŵĂŶĂũĞŵĞŶ ĚĂŶ ƉĞŶLJŝŵƉĂŶĂŶ ĚĂƚĂ͕ ƐŝƐƚĞŵ͕ ƉƌĞĚŝĐƚŝǀĞ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĂĚĚŝƚŝǀĞ ŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ ƌŽďŽƚŝĐƐ͕
ĂŶĂůŝƐĂĚĂƚĂĚĞŶŐĂŶĚŝĚƵŬƵŶŐŽůĞŚĐůŽƵĚĐŽŵƉƵƚŝŶŐ͘

ϰ͘ Perusahaan MRO mulai mengembangkan produk pendukung lain untuk dapat menawarkan “dŽƚĂů
^ŽůƵƚŝŽŶWƌŽǀŝĚĞƌ”
KƉĞƌĂƚŽƌ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ LJĂŶŐ Ěŝ ƐŝŶŝ ďĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ƉĞůĂŶŐŐĂŶ ĚĂƌŝ ƉĞƌƵƐĂŚĂĂŶ DZK͕ ƵŵƵŵŶLJĂ
ĂŬĂŶ ŵĞŵŝůŝŚ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ŵĞŶLJĞĚŝĂŬĂŶ ďĞƌďĂŐĂŝ ŵĂĐĂŵ ůĂLJĂŶĂŶ ƉĞƌĂǁĂƚĂŶ ƐĞŚŝŶŐŐĂ ĚŝŚĂƌĂƉŬĂŶ
ĚĂƉĂƚ ŵĞŵĞŶƵŚŝ ƐĞŵƵĂ ŬĞďƵƚƵŚĂŶ ƉĞƌĂǁĂƚĂŶ ŽƉĞƌĂƚŽƌ ƚĞƌƐĞďƵƚ ĚĞŶŐĂŶ ŚĂƌŐĂ LJĂŶŐ ůĞďŝŚ ŵƵƌĂŚ͘
ĂŚŬĂŶ ƐĂĂƚ ŝŶŝ͕ ŬĞďƵƚƵŚĂŶ ƉĞƌĂǁĂƚĂŶ ĚĂƌŝ ŽƉĞƌĂƚŽƌ ŵƵůĂŝ ďĞƌǀĂƌŝĂƐŝ͘ dĂŶƚĂŶŐĂŶ ŝŶŝ ŵĞŶĚŽƌŽŶŐ
ƉĞƌƵƐĂŚĂĂŶ DZK ƵŶƚƵŬ ĚĂƉĂƚ ŵĞŶLJĞĚŝĂŬĂŶ ůĂLJĂŶĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƐĞĐĂƌĂ ŵĞŶLJĞůƵƌƵŚ͘ dŽƚĂů
ƐŽůƵƚŝŽŶƉƌŽǀŝĚĞƌũƵŐĂŵĞŵďĞƌŝŬĂŶŬĞƵŶƚƵŶŐĂŶďĂŐŝƉĞƌƵƐĂŚĂĂŶDZKƵŶƚƵŬĚĂƉĂƚŵĞŶĂŵďĂŚƉĞůĂŶŐŐĂŶ
ĐĂƉƚŝǀĞ͘

WZK^W<h^,WZ^ZKE
dŝĂƉ ƐĞŐŵĞŶ ƉƌŽĚƵŬ ŵĞŵŝůŝŬŝ ŬĂƌĂŬƚĞƌ ĚĂŶ ƉĞůƵĂŶŐ ďŝƐŶŝƐ LJĂŶŐ ďĞƌďĞĚĂͲďĞĚĂ͘ WĞƌƐĞƌŽĂŶ ĚŝŚĂƌĂƉŬĂŶ ĚĂƉĂƚ
ŵĞŶĂŶŐŬĂƉ ƉĞůƵĂŶŐ ƚĞƌƐĞďƵƚ ƐĞĐĂƌĂ ŽƉƚŝŵĂů ŵĞůĂůƵŝ ƐƚƌĂƚĞŐŝ LJĂŶŐ ďĞƌďĞĚĂ Ěŝ ƚŝĂƉ ƐĞŐŵĞŶ ƉƌŽĚƵŬ ĚĞŶŐĂŶ
ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ŬĞŬƵĂƚĂŶ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ƐĞŶĚŝƌŝ͘WĞůƵĂŶŐ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ Ěŝ ƚŝĂƉ ƐĞŐŵĞŶ ƉƌŽĚƵŬ ĚĂƉĂƚ
ĚŝũĂďĂƌŬĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ϭ͘ >ŝŶĞDĂŝŶƚĞŶĂŶĐĞ
WĞůƵĂŶŐďŝƐŶŝƐWĞƌƐĞƌŽĂŶĚŝĂƌĞĂůŝŶĞŵĂŝŶƚĞŶĂŶĐĞĚŝĂŶƚĂƌĂŶLJĂĚŝĚƵŬƵŶŐŽůĞŚƉĞƌƚƵŵďƵŚĂŶƉĞŶƵŵƉĂŶŐ
ƉĞƐĂǁĂƚƚĞƌďĂŶŐLJĂŶŐďĞƌĚĂŵƉĂŬƉĂĚĂŵĞŶŝŶŐŬĂƚŬĂŶũƵŵůĂŚĂƌŵĂĚĂŽƉĞƌĂƚŽƌ͘^ĞůĂŝŶŝƚƵ͕ƉĞƌƚƵŵďƵŚĂŶ
ũƵŵůĂŚďĂŶĚĂƌĂĚŽŵĞƐƚŝŬũƵŐĂŵĞŵďĞƌŝŬĂŶƉĞůƵĂŶŐďĂŐŝWĞƌƐĞƌŽĂŶƵŶƚƵŬĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶďŝƐŶŝƐŶLJĂ͘

Ϯ͘ ZĞƉĂŝƌĂŶĚKǀĞƌŚĂƵů
WĞůƵĂŶŐ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ Ěŝ ĂƌĞĂ ďĂƐĞ ŵĂŝŶƚĞŶĂŶĐĞ ĚŝĂŶƚĂƌĂŶLJĂ ĂĚĂůĂŚ ŬĂƌĂŬƚĞƌŝƐƚŝŬ ƉĞŬĞƌũĂĂŶ LJĂŶŐ
ďĞƌƐŝĨĂƚƉĂĚĂƚŬĂƌLJĂ͕ƐĞƌƚĂŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŶLJĞĚŝĂŬĂŶǀĂƌŝĂƐŝůĂLJĂŶĂŶďĂƐĞŵĂŝŶƚĞŶĂŶĐĞ
ďĞƌďĂŐĂŝƚŝƉĞƉĞƐĂǁĂƚ͘^ĞůĂŝŶŝƚƵ͕ůĂLJĂŶĂŶůĂŝŶƐĞƉĞƌƚŝĐĂďŝŶƐŽůƵƚŝŽŶ͕/Ŷ&ůŝŐŚƚŶƚĞƌƚĂŝŶŵĞŶƚ͕ĚĂŶůĂŝŶͲůĂŝŶ
ŵĞŵďĞƌŝŬĂŶƉĞůƵĂŶŐƚĂŵďĂŚĂŶďĂŐŝWĞƌƐĞƌŽĂŶƵŶƚƵŬĚĂƉĂƚŵĞŶũĂĚŝƉĞŶLJĞĚŝĂůĂLJĂŶĂŶƐĞĐĂƌĂƚŽƚĂů͘

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 WĞůƵĂŶŐ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ Ěŝ ĂƌĞĂ ĐŽŵƉŽŶĞŶƚ ƐĞƌǀŝĐĞƐ ĚŝĂŶƚĂƌĂŶLJĂ ĚŝĚƵŬƵŶŐ ŽůĞŚ ƉĞƌƚƵŵďƵŚĂŶ ƉĂƐĂƌ
ŬŽŵƉŽŶĞŶ ƉĞƐĂǁĂƚ LJĂŶŐ ƚŝŶŐŐŝ͘ ^ĞůĂŝŶ ŝƚƵ͕ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶLJĞĚŝĂŬĂŶ ůĂLJĂŶĂŶ
ŬŽŵƉŽŶĞŶƉĞƐĂǁĂƚƐĞĐĂƌĂƚĞƌŝŶƚĞŐƌĂƐŝŵĞůŝƉƵƚŝƉŽŽůŝŶŐ͕ƌĞƉĂŝƌ͕ĞdžŚĂŶŐĞ͕ůŽĂŶ͕ĚĂŶůĂŝŶͲůĂŝŶĚŝŚĂƌĂƉŬĂŶ
ĂŬĂŶĚĂƉĂƚŵĞŶĂŵďĂŚũƵŵůĂŚƉĞŶĚĂƉĂƚĂŶĐĂƉƚŝǀĞWĞƌƐĞƌŽĂŶ͘

WĞůƵĂŶŐ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ Ěŝ ĂƌĞĂ ĞŶŐŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ĚŝĂŶƚĂƌĂŶLJĂ ĚŝĚƵŬƵŶŐ ŽůĞŚ ƉĞƌƚƵŵďƵŚĂŶ ďŝƐŶŝƐ
ĞŶŐŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ LJĂŶŐ ƐŝŐŶŝĨŝŬĂŶ ƐĞŝƌŝŶŐ ĚĞŶŐĂŶ ƉĞƌƚƵŵďƵŚĂŶ ũƵŵůĂŚ ƉĞƐĂǁĂƚ Ěŝ ĚƵŶŝĂ͘ ^ĞůĂŝŶ ŝƚƵ͕
ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ĚĂƉĂƚ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞůƵĂŶŐ ďŝƐŶŝƐ ĞŶŐŝŶĞ ĚŝĚƵŬƵŶŐ ŽůĞŚ ŬĂƉĂďŝůŝƚĂƐ͕
ĨĂƐŝůŝƚĂƐĚĂŶƚĞŬŶŽůŽŐŝLJĂŶŐŵƵƚĂŬŚŝƌƐĞƌƚĂŵĂŶŚŽƵƌƌĂƚĞLJĂŶŐŬŽŵƉĞƚŝƚŝĨ͘

ϭϬ͘ ^dZd'/WZ^ZKE

DŝƐŝΘsŝƐŝWĞƌƐĞƌŽĂŶ
DŝƐŝ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ”To provide integrated and reliable aircraft maintenance solution for a safer sky and
secured quality of life of mankind” ;ŵĞŶLJĞĚŝĂŬĂŶƐŽůƵƐŝƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚLJĂŶŐƚĞƌŝŶƚĞŐƌĂƐŝĚĂŶŚĂŶĚĂůƵŶƚƵŬ
ŬĞƐĞůĂŵĂƚĂŶƌƵĂŶŐƵĚĂƌĂĚĂŶŵĞŶũĂŵŝŶŬƵĂůŝƚĂƐŚŝĚƵƉƵŵĂƚŵĂŶƵƐŝĂͿ͘

sŝƐŝWĞƌƐĞƌŽĂŶĂĚĂůĂŚ“dŽƉϭϬDZKŝŶdŚĞtŽƌůĚ” (WĞƌƐĞƌŽĂŶŵĞŶũĂĚŝϭϬDZKƚĞƌĂƚĂƐĚŝĚƵŶŝĂͿ͘

WĞƌƐĞƌŽĂŶ ŵĞŶĐĂŶĂŶŐŬĂŶ ƚŝŐĂ ƚĞŵĂ ƐƚƌĂƚĞŐŝ ĚĂůĂŵ ƵƐĂŚĂ ƵŶƚƵŬ ŵĞǁƵũƵĚŬĂŶ ǀŝƐŝ ĚĂŶ ŵŝƐŝ Ěŝ ĂƚĂƐ͘ dĞŵĂ
ƐƚƌĂƚĞŐŝŝŶŝĂŬĂŶŵĞŶũĂĚŝĚĂƐĂƌďĂŐŝŝŶŝƐŝĂƚŝĨͲŝŶŝƐŝĂƚŝĨLJĂŶŐĂŬĂŶĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶŬĞĚĞƉĂŶ͘dŝŐĂƚĞŵĂ
ƐƚƌĂƚĞŐŝƚĞƌƐĞďƵƚĂĚĂůĂŚ͗

ϭ͘ KƉĞƌĂƚŝŽŶĂůdžĐĞůůĞŶĐĞ
KƉĞƌĂƚŝŽŶĂů džĐĞůůĞŶĐĞ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌŬƵĂƚ ďŝƐŶŝƐ ƉĞƌƐĞƌŽĂŶ ƐĂĂƚ ŝŶŝ ŵĞůĂůƵŝ ŬĞƵŶŐŐƵůĂŶ
ŽƉĞƌĂƐŝŽŶĂůĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶ YƵĂůŝƚLJ͕ ŽƐƚĚĂŶĞůŝǀĞƌLJ;YͿ͕  ƐĞƌƚĂ ŝŶƚĞŐƌĂƐŝƉƌŽƐĞƐ ďŝƐŶŝƐ ŵĞůĂůƵŝ
ƚĞŬŶŽůŽŐŝŝŶĨŽƌŵĂƐŝĂŐĂƌƉĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŶĐĂƉĂŝŝŶĚƵƐƚƌLJůĞĂĚŝŶŐĞĨĨŝĐŝĞŶĐLJ͘

Ϯ͘ DĂŝŶƚĞŶĂŶĐĞ^ĞƌǀŝĐĞWůĂƚĨŽƌŵ
DĂŝŶƚĞŶĂŶĐĞ ƐĞƌǀŝĐĞ ƉůĂƚĨŽƌŵ ŵĞƌƵƉĂŬĂŶ ƐƚƌĂƚĞŐŝ ƵŶƚƵŬ ŵĂŵĂŶĨĂĂƚŬĂŶ ŬŽŵƉĞƚĞŶƐŝ ĚĂŶ ŬĞƵŶŐŐƵůĂŶ
ƵƚĂŵĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶŐĞŵďĂŶŐŬĂŶ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ ƉĞŶĞƚƌĂƐŝ ƉĂƐĂƌ DZK ŵĂƵƉƵŶ
ĞŬƐƉĂŶƐŝ ƐĞĐĂƌĂ ŐĞŽŐƌĂĨŝƐ͘ ^ĂůĂŚ ƐĂƚƵ ŬĞƵŶŐŐƵůĂŶ ƵƚĂŵĂ ƉĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ƚĞŶĂŐĂ ŬĞƌũĂ ĂŚůŝ LJĂŶŐ
ŬŽŵƉĞƚŝƚŝĨ ĚĂƌŝ ƐŝƐŝ ŬƵĂůŝƚĂƐ ĚĂŶ ďŝĂLJĂ͕ ŬĞƵŶŐŐƵůĂŶ ƚĞƌƐĞďƵƚ ŚĂƌƵƐ ĚŝŵĂŶĨĂĂƚŬĂŶ ƉĂĚĂ ƉĂƐĂƌͲƉĂƐĂƌ
ŵĂƵƉƵŶďŝƐŶŝƐďĂƌƵLJĂŶŐŵĞŶũĂĚŝƐĂƐĂƌĂŶĞŬƐƉĂŶƐŝWĞƌƐĞƌŽĂŶ͘^ƚƌĂƚĞŐŝŝŶŝƚŝĚĂŬŚĂŶLJĂŵĞŶLJĂƐĂƌŬĞƉĂĚĂ
ƉĞŬĞƌũĂĂŶĚĂƌŝŽƉĞƌĂƚŽƌƉĞƐĂǁĂƚƵĚĂƌĂŶĂŵƵŶũƵŐĂƉĞŬĞƌũĂĂŶƐƵďŬŽŶƚƌĂŬĚĂƌŝDZKůĂŝŶŵĂƵƉƵŶKD͘
hŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ŬĞďĞƌŚĂƐŝůĂŶ ƐƚƌĂƚĞŐŝ ŝŶŝ͕ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŵŝůŝŚ ƉĂƐĂƌͲƉĂƐĂƌ ĚĂŶ ďŝĚĂŶŐͲďŝĚĂŶŐ
ďŝƐŶŝƐĚŝŵĂŶĂŬĞƵŶŐŐƵůĂŶƵƚĂŵĂWĞƌƐĞƌŽĂŶĚĂƉĂƚĚŝŵĂŶĨĂĂƚŬĂŶ͘

ϯ͘ dŽƚĂů^ŽůƵƚŝŽŶWƌŽǀŝĚĞƌ
dŽƚĂů ^ŽůƵƚŝŽŶ WƌŽǀŝĚĞƌ ŵĞƌƵƉĂŬĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ďŝƐŶŝƐ ŵĞůĂůƵŝ ƉĞŶLJĞĚŝĂĂŶ ƐŽůƵƐŝ ƉĞƌĂǁĂƚĂŶ ƐĞĐĂƌĂ
ŵĞŶLJĞůƵƌƵŚ͘ dƵũƵĂŶ ƵƚĂŵĂ ĚĂƌŝ ƐƚƌĂƚĞŐŝ ŝŶŝ ĂĚĂůĂŚ ŽƉƚŝŵĂůŝƐĂƐŝ ĂŶŐŐĂƌĂŶ ƉĞƌĂǁĂƚĂŶ ŽƉĞƌĂƚŽƌ ƉĞƐĂǁĂƚ
ƵĚĂƌĂŵĞůĂůƵŝůĂLJĂŶĂŶLJĂŶŐĂŬĂŶŵĞŵďĞƌŝŶŝůĂŝƚĂŵďĂŚ;ǀĂůƵĞĂĚĚĞĚͿƐĞĐĂƌĂƐŝŐŶŝĨŝŬĂŶ͘

^ƚƌĂƚĞŐŝWĞƌƐĞƌŽĂŶLJĂŝƚƵKƉĞƌĂƚŝŽŶĂůdžĐĞůůĞŶĐĞ͕DĂŝŶƚĞŶĂŶĐĞ^ĞƌǀŝĐĞWůĂƚĨŽƌŵ͕ĚĂŶdŽƚĂů^ŽůƵƚŝŽŶWƌŽǀŝĚĞƌŝŶŝ
ĚŝĚƵŬƵŶŐ ŽůĞŚ ĨŝůŽƐŽĨŝ ďŝƐŶŝƐ ƉĞƌƐĞƌŽĂŶ LJĂŝƚƵ ,ƵŵĂŶ ĞŶƚƌŝĐ͕ ƵƐŝŶĞƐƐ džƉĂŶƐŝŽŶ͕ ĚĂŶ dĞĐŚŶŽůŽŐLJ ƌŝǀĞŶ͘
,ƵŵĂŶ ĞŶƚƌŝĐ ŵĞƌƵƉĂŬĂŶ ĨŝůŽƐŽĨŝ ďŝƐŶŝƐ ĚŝŵĂŶĂ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ ŵĞƌƵƉĂŬĂŶ ĂƐĞƚ ƉĂůŝŶŐ ƉĞŶƚŝŶŐ
ƉĞƌƐĞƌŽĂŶ͘ KůĞŚ ŬĂƌĞŶĂ ŝƚƵ͕ ƉĞŶŐĞŵďĂŶŐĂŶ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ ŵƵƚůĂŬ ĚŝůĂŬƐĂŶĂŬĂŶ ƵŶƚƵŬ ĚĂƉĂƚ
ŵĞŶĚƵŬƵŶŐ ƉĞƌƚƵŵďƵŚĂŶ ƉĞƌƐĞƌŽĂŶ͘ ƵƐŝŶĞƐƐ ĞdžƉĂŶƐŝŽŶ ŵĞƌƵƉĂŬĂŶ ĨŝůŽƐŽĨŝ ĚŝŵĂŶĂ ƵŶƚƵŬ ĚĂƉĂƚ ƚƵŵďƵŚ͕
WĞƌƐĞƌŽĂŶ ŚĂƌƵƐ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĂƉĂďŝůŝƚĂƐ ĚĂŶ ŬĂƉĂƐŝƚĂƐ ƐĞŚŝŶŐŐĂ ĚŝŚĂƌĂƉŬĂŶ ĚĂƉĂƚ ŵĞŶLJĞƌĂƉ
ƉĂƐĂƌ͘ dĞĐŚŶŽůŽŐLJ ƌŝǀĞŶ ŵĞƌƵƉĂŬĂŶ ĨŝůŽƐŽĨŝ ďŝƐŶŝƐ ƉĞƌƐĞƌŽĂŶ ĚŝŵĂŶĂ ƵŶƚƵŬ ĚĂƉĂƚ ƚĞƌƵƐ ďĞƌƐĂŝŶŐ Ěŝ ŝŶĚƵƐƚƌŝ
LJĂŶŐ ƐĂƌĂƚ ĂŬĂŶ ƚĞŬŶŽůŽŐŝ ŝŶŝ͕ WĞƌƐĞƌŽĂŶ ŚĂƌƵƐ ŵĂŵƉƵ ŵĞŶŐŝŬƵƚŝ ƉĞƌŬĞŵďĂŶŐĂŶ ƐĞƚŝĂƉ ƉĞƌŬĞŵďĂŶŐĂŶ
ƚĞŬŶŽůŽŐŝ͘WĞƌŬĞŵďĂŶŐĂŶƚĞŬŶŽůŽŐŝũƵŐĂĂŬĂŶŵĂŵƉƵŵĞŵƉĞƌďĂŝŬŝƉƌŽƐĞƐďŝƐŶŝƐŬĞŐŝĂƚĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ
ƐĞŚŝŶŐŐĂďŝƐĂůĞďŝŚŽƉƚŝŵĂů͘





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ĞƌĚĂƐĂƌŬĂŶ ƚĞŵĂ ƐƚƌĂƚĞŐŝ ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ŝŶŝƐŝĂƚŝĨͲŝŶŝƐŝĂƚŝĨ LJĂŶŐ ƚĞƌďĂŐŝ ŵĞŶũĂĚŝ ŬĞůŽŵƉŽŬ
ŝŶŝƐŝĂƚŝĨ ƐƚƌĂƚĞŐŝƐ ŽƌŐĂŶŝŬ ĚĂŶ ŝŶŝƐŝĂƚŝĨ ƐƚƌĂƚĞŐŝƐ ŝŶŽƌŐĂŶŝŬ͘ ^ƚƌĂƚĞŐŝ ŝŶŝƐŝĂƚŝĨ ŽƌŐĂŶŝŬ ŵĞƌƵƉĂŬĂŶ ƵƐĂŚĂ
ƉĞŶŐĞŵďĂŶŐĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŵĞůĂůƵŝ͕ ƉĞŶŝŶŐŬĂƚĂŶ ŬĂƉĂƐŝƚĂƐ Ěŝ ƚŝĂƉ ƐĞŐŵĞŶ ƉƌŽĚƵŬ ŵĞůĂůƵŝ
ƉĞƌďĂŝŬĂŶƉƌŽƐĞƐďŝƐŶŝƐĚĂŶƉĞŶŐĞŵďĂŶŐĂŶŬĂƉĂƐŝƚĂƐďĂƌƵ͕ƉĞŶŐĞŵďĂŶŐĂŶŬĂƉĂďŝůŝƚĂƐďĂƌƵƐĞƌƚĂƉĞŶŝŶŐŬĂƚĂŶ
ƉĞŶũƵĂůĂŶ ŵĞůĂůƵŝ ƉĞŶĞƚƌĂƐŝ ĚĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ƉĂƐĂƌ͘ ^ĞĚĂŶŐŬĂŶ ŝŶŝƐŝĂƚŝĨ ƐƚƌĂƚĞŐŝƐ ŝŶŽƌŐĂŶŝŬ ŵĞƌƵƉĂŬĂŶ
ƵƐĂŚĂ ƉĞŶŐĞŵďĂŶŐĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŵĞůĂůƵŝ ŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ ƉŝŚĂŬ ůĂŝŶ ĚĂůĂŵ ďĞŶƚƵŬ ĂůŝĂŶƐŝ
ƐƚƌĂƚĞŐŝƐ͕:ŽŝŶƚKƉĞƌĂƚŝŽŶĂƚĂƵ:ŽŝŶƚsĞŶƚƵƌĞ͘

/ŶŝƐŝĂƚŝĨ^ƚƌĂƚĞŐŝƐKƌŐĂŶŝŬ

ϭ͘ WĞŶŐĞŵďĂŶŐĂŶŬĂƉĂďŝůŝƚĂƐĚĂŶŬĂƉĂƐŝƚĂƐ
WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶŐĞŵďĂŶŐŬĂŶ ŬĂƉĂďŝůŝƚĂƐ ĚĂŶ ŬĂƉĂƐŝƚĂƐ ƵŶƚƵŬ ĚĂƉĂƚ ŵĞŶĂŵďĂŚ ƐĞƌĂƉĂŶ ƉĂƐĂƌ ĚĂƌŝ
ƉĞůĂŶŐŐĂŶLJĂŶŐƐƵĚĂŚĂĚĂĚĂŶŵĞŶĚĂƉĂƚŬĂŶƉĞůĂŶŐŐĂŶďĂƌƵ͘

WĞŶŐĞŵďĂŶŐĂŶ ŬĂƉĂďŝůŝƚĂƐ ĚĂŶ ŬĂƉĂƐŝƚĂƐ ƉĞƌƐĞƌŽĂŶ ŵĞůŝƉƵƚŝ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĂƉĂďŝůŝƚĂƐ ƚŝƉĞ ƉĞƐĂǁĂƚ
ďĂƌƵ ďĂŝŬ tŝĚĞ ŽĚLJ ŵĂƵƉƵŶ EĂƌƌŽǁ ŽĚLJ ƵŶƚƵŬ ƉƌŽĚƵŬ ůŝŶĞ͕ ďĂƐĞ͕ ĐŽŵƉŽŶĞŶƚ ĚĂŶ ĞŶŐŝŶĞ͘
WĞŶŐĞŵďĂŶŐĂŶũƵŐĂĚŝůĂŬƵŬĂŶƵŶƚƵŬŬĂƉĂďŝůŝƚĂƐĚĂŶŬĂƉĂƐŝƚĂƐƚŝƉĞƉĞƐĂǁĂƚLJĂŶŐƐƵĚĂŚĂĚĂƉĂĚĂƉƌŽĚƵŬ
ĐŽŵƉŽŶĞŶƚĚĂŶĞŶŐŝŶĞ͕ƉĞŶŐĞŵďĂŶŐĂŶďŝƐŶŝƐůŽŐŝƐƚŝŬĂǀŝĂƐŝƚĞƌƉĂĚƵ͕ƉĞŶũƵĂůĂŶĚĂŶƉĞŶLJĞǁĂĂŶĂŝƌĐƌĂĨƚ
ƉĂƌƚ͕ ŵŽĚŝĨŝŬĂƐŝ ŬĂďŝŶ ƐĞƌƚĂ /ŶƚĞŐƌĂƚĞĚ ŽŵƉŽŶĞŶƚ ^ĞƌǀŝĐĞƐ͘ /ŶŝƐŝĂƚŝĨ ŽƌŐĂŶŝŬ ůĂŝŶ LJĂŶŐ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ
ĂĚĂůĂŚďĞƌƵƐĂŚĂƵŶƚƵŬĚĂƉĂƚŵĞŶLJĞƌĂƉƐĞůƵƌƵŚĂŶŐŐĂƌĂŶƉĞƌĂǁĂƚĂŶĚĂƌŝƉĞůĂŶŐŐĂŶĐĂƉƚŝǀĞ͘

Ϯ͘ WĞƌďĂŝŬĂŶƚĞŬŶŽůŽŐŝŝŶĨŽƌŵĂƐŝΘŽƚŽŵĂƚŝƐĂƐŝ
WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ŵĞůĂŬƵŬĂŶ ŝŶŽǀĂƐŝ ŵĞůĂůƵŝ ĚŝŐŝƚĂůŝƐĂƐŝ͕ ƉĞŶŐĞŵďĂŶŐĂŶ ƐŝƐƚĞŵ ĚƵŬƵŶŐĂŶ
ƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶƐĞƌƚĂŝŶŝƐŝĂƚŝĨůĂŝŶĚĂůĂŵƵƉĂLJĂŵĞŶĚƵŬƵŶŐƉĞƌďĂŝŬĂŶŽƉĞƌĂƐŝŽŶĂůƉĞŬĞƌũĂĂŶ͘

ϯ͘ WĞŶŐĞŵďĂŶŐĂŶƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂ
^ƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ ŵĞƌƵƉĂŬĂŶ ĞůĞŵĞŶ ƚĞƌƉĞŶƚŝŶŐ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ƉĞƌƐĞƌŽĂŶ͘
WĞŶŐĞŵďĂŶŐĂŶ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ ŵĞƌƵƉĂŬĂŶ ŚĂů LJĂŶŐ ǁĂũŝď ĚŝůĂŬƵŬĂŶ ĂŐĂƌ ƉĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ
ďĞƌŬĞŵďĂŶŐĚĂŶƚƵŵďƵŚŵĞŶŐŝŬƵƚŝƉĞƌŬĞŵďĂŶŐĂŶŝŶĚƵƐƚƌŝ͘^ƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂĚŝƚŝŶŐŬĂƚŬĂŶŵĞůĂůƵŝ
ƉĞůĂƚŝŚĂŶďĂŝŬŚĂƌĚƐŬŝůůŵĂƵƉƵŶƐŽĨƚƐŬŝůů͕ƐĞŚŝŶŐŐĂƚŝĂƉƉĞƌƐŽŶĞůƉĞƌƐĞƌŽĂŶĚŝŚĂƌĂƉŬĂŶĚĂƉĂƚďĞƌƐĂŝŶŐĚŝ
ƐĞĐĂƌĂŐůŽďĂů͘

/ŶŝƐŝĂƚŝĨ^ƚƌĂƚĞŐŝƐ/ŶŽƌŐĂŶŝŬ

/ŶŝƐŝĂƚŝĨ ƐƚƌĂƚĞŐŝƐ ŝŶŽƌŐĂŶŝŬ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŵŝƚƌĂͲŵŝƚƌĂ ƐƚƌĂƚĞŐŝƐ LJĂŶŐ ĂŬĂŶ ŵĞŶŝŶŐŬĂƚŬĂŶ
ŶŝůĂŝ ĚĂŶ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͕ ďĂŝŬ ŝƚƵ ĚĞŶŐĂŶ KD͕ DZK͕ ĂƚĂƵƉƵŶ ŵŝƚƌĂ ƐƚƌĂƚĞŐŝƐ LJĂŶŐ ŵĞŵŝůŝŬŝ ŬĞĂŚůŝĂŶ
ƚĞƌƚĞŶƚƵ͘

ϭ͘ WĞŵďĞŶƚƵŬĂŶ:ŽŝŶƚsĞŶƚƵƌĞƵŶƚƵŬƉĞŶŐĞŵďĂŶŐĂŶŚĂŶŐĂƌĂƐĞDĂŝŶƚĞŶĂŶĐĞ

WĞƌƐĞƌŽĂŶĂŬĂŶŵĞůĂŬƵŬĂŶĞŬƐƉĂŶƐŝĚŝĂƌĞĂďĂƐĞŵĂŝŶƚĞŶĂŶĐĞĚĞŶŐĂŶŵĞŶŐĞŵďĂŶŐŬĂŶŚĂŶŐĂƌďĂƌƵďĂŝŬ
Ěŝ ĚĂůĂŵ ŵĂƵƉƵŶ ůƵĂƌ ŶĞŐĞƌŝ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ũƵŵůĂŚ ƉĞƐĂǁĂƚ LJĂŶŐ ďĞƌŽƉĞƌĂƐŝ ĚĂŶ
ƉĞƌƐĂŝŶŐĂŶLJĂŶŐĂĚĂĚŝĂƌĞĂƚĞƌƐĞďƵƚ͘WĞŶŐĞŵďĂŶŐĂŶŚĂŶŐĂƌŝŶŝƌĞŶĐĂŶĂŶLJĂĂŬĂŶĚŝůĂŬƵŬĂŶĚŝŽŵĞƐƚŝŬ͕
ƐŝĂdŝŵƵƌ͕ƵƐƚƌĂůŝĂ͕ĚĂŶdŝŵƵƌdĞŶŐĂŚ͕ĚĞŶŐĂŶƐŬĞŵĂ:ŽŝŶƚsĞŶƚƵƌĞĚĞŶŐĂŶŵŝƚƌĂŬĞƌũĂ͘

Ϯ͘ WĞŵďĞŶƚƵŬĂŶůŝĂŶƐŝ^ƚƌĂƚĞŐŝƐĚĞŶŐĂŶŝƌ&ƌĂŶĐĞ/ŶĚƵƐƚƌŝĞƐ<>DŶŐŝŶĞĞƌŝŶŐΘDĂŝŶƚĞŶĂŶĐĞ;&/<>D
ΘDͿ

WŽƚĞŶƐŝ ďŝƐŶŝƐ DZK Ěŝ ŽŵĞƐƚŝŬ ĚĂŶ /ŶƚĞƌŶĂƐŝŽŶĂů ƐĞƌƚĂ ŬĞƵŶŐŐƵůĂŶ ŬŽŵƉĞƚŝƚŝĨ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ
WĞƌƐĞƌŽĂŶ ĚĂŶ &/ <>D ΘD ŵĞŶĐŝƉƚĂŬĂŶ ƉĞůƵĂŶŐ ƵŶƚƵŬ ďĞŬĞƌũĂƐĂŵĂ ŵĞŶŐĞŵďĂŶŐŬĂŶ ďŝƐŶŝƐ LJĂŶŐ
ƐĂůŝŶŐ ŵĞŶŐƵŶƚƵŶŐŬĂŶ͘ ,Ăů ŝŶŝ ũƵŐĂ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ^ƚƌĂƚĞŐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĞƌƵƐ ŵĞŶŐĞŵďĂŶŐŬĂŶ
ŬĂƉĂďŝůƚĂƐĚĂŶŬĂƉĂƐŝƚĂƐƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŶĞƚƌĂƐŝĚĂŶƉĞŶŐĞŵďĂŶŐĂŶƉĂƐĂƌ͘

WĞƌƐĞƌŽĂŶĚĂŶ&/<>DΘDƚĞůĂŚŵĞŶĂŶĚĂƚĂŶŐĂŶŝ>ĞƚƚĞƌŽĨ/ŶƚĞŶƚ;>K/ͿƉĞŵďĞŶƚƵŬĂŶĂůŝĂŶƐŝƐƚƌĂƚĞŐŝƐ
ƵŶƚƵŬ ŵĞŶŐĞŵďĂŶŐŬĂŶ ƉƌŽĚƵŬͲƉƌŽĚƵŬ LJĂŶŐ ĚĂƉĂƚ ŵĞŵďĞƌŝŬĂŶ ƐŽůƵƐŝ ƉĞƌĂǁĂƚĂŶ LJĂŶŐ ƵŶŐŐƵů ďĂŐŝ
ƉĞůĂŶŐŐĂŶƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂůŝŶŐŬƵƉďĂƐĞ͕ĐŽŵƉŽŶĞŶƚ͕ĚĂŶĞŶŐŝŶĞŵĂŝŶƚĞŶĂŶĐĞ͘


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 ϯ͘ WĞŵďĞŶƚƵŬĂŶ:ŽŝŶƚKƉĞƌĂƚŝŽŶͬ:ŽŝŶƚsĞŶƚƵƌĞůĂŝŶŶLJĂ

hŶƚƵŬ ŵĞŶũĂǁĂď ƚĂŶƚĂŶŐĂŶ ĚŝŵĂŶĂ KD ƐĂĂƚ ŝŶŝ ŵƵůĂŝ ŵĞƌĂŵďĂŚŝ ďŝƐŶŝƐ DZK ĚĞŶŐĂŶ ƚĞŬŶŽůŽŐŝ LJĂŶŐ
ŵĞƌĞŬĂŵŝůŝŬŝ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝďĞďĞƌĂƉĂŝŶŝƐŝĂƚŝĨƵŶƚƵŬŵĞŵďĞŶƚƵŬ:ŽŝŶƚKƉĞƌĂƚŝŽŶͬsĞŶƚƵƌĞĚĞŶŐĂŶ
KD͘ ĞŶŐĂŶ ĂĚĂŶLJĂ ŬĞƌũĂƐĂŵĂ ŝŶŝ͕ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŶŐƵĂƐĂŝ ƚĞŬŶŽůŽŐŝ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ KD ĚĂŶ
ŵĞŵďƵŬĂ ƉĞůƵĂŶŐ ďŝƐŶŝƐ ďĂƌƵ ƵŶƚƵŬ ŵĞŶLJĞƌĂƉ ƉĂƐĂƌ ƚĞƌƵƚĂŵĂ ĚŽŵĞƐƚŝŬ ĚĂŶ ƌĞŐŝŽŶĂů͘ ^ĞůĂŝŶ ŝƚƵ͕ KD
ĚĂƉĂƚ ŵĞŵƉĞƌĐĂLJĂŬĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ ũĂƌŝŶŐĂŶ KD ĚĂůĂŵ ŵĞŶŐĞƌũĂŬĂŶ ƉĞŬĞƌũĂĂŶ ƉĞƌĂǁĂƚĂŶ
ƉĞƐĂǁĂƚƐĞƐƵĂŝŬƵĂůŝƚĂƐƉĂďƌŝŬĂŶ͘<ĞƌũĂƐĂŵĂĚĞŶŐĂŶKDƐĂĂƚŝŶŝĚŝĨŽŬƵƐŬĂŶĚŝĂƌĞĂƉĞƌĂǁĂƚĂŶůŝŶĞ͕ďĂƐĞ
ĚĂŶĐŽŵƉŽŶĞŶƚ͘

hŶƚƵŬĚĂƉĂƚŵĞŶĂŵďĂŚƐĞƌĂƉĂŶƉĂƐĂƌĚĂƌŝƉĞůĂŶŐŐĂŶLJĂŶŐƐƵĚĂŚĂĚĂ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŝŶŝƐŝĂƚŝĨƵŶƚƵŬ
ŵĞŶLJĞĚŝĂŬĂŶƐŽůƵƐŝƉĞƌĂǁĂƚĂŶƐĞĐĂƌĂŵĞŶLJĞůƵƌƵŚŵĞůĂůƵŝƉĞŶLJĞĚŝĂĂŶƐƵŬƵĐĂĚĂŶŐƉĞŶŐŐĂŶƚŝƚĞƌƵƚĂŵĂ
ƵŶƚƵŬďŝŐƉĂƌƚĐŽŵƉŽŶĞŶƚ͘^ĞŵĞŶƚĂƌĂŝƚƵ͕ƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶƉĞůĂŶŐŐĂŶďĂƌƵWĞƌƐĞƌŽĂŶũƵŐĂŵĞŵŝůŝŬŝ
ŝŶŝƐŝĂƚŝĨƵŶƚƵŬŵĞŶŐĞŵďĂŶŐŬĂŶŬĂƉĂďŝůŝƚĂƐĚĂŶŬĂƉĂƐŝƚĂƐŵĞůĂůƵŝƉĞŵďĞŶƚƵŬĂŶ:ŽŝŶƚKƉĞƌĂƚŝŽŶͬsĞŶƚƵƌĞ
ĚĞŶŐĂŶ'ůŽďĂůDZK͘

ϭϭ͘ /E&KZD^/d<EK>K'/

WĞƌƐĞƌŽĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ũĂƌŝŶŐĂŶ ƚĞŬŶŽůŽŐŝ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ůƵĂƐ ŐƵŶĂ ŵĞŶĚƵŬƵŶŐ ƵƐĂŚĂ͕ LJĂŶŐ ƚĞůĂŚ
ĚŝŬĞŵďĂŶŐŬĂŶ ŵĞůĂůƵŝ ƉĞŶŐŐƵŶĂĂŶ ƉĞƌĂŶŐŬĂƚ ůƵŶĂŬ LJĂŶŐ ĚŝŬĞŵďĂŶŐŬĂŶ ŽůĞŚ ƉŝŚĂŬ ŬĞƚŝŐĂ ĂƚĂƵ LJĂŶŐ
ĚŝƐĞĚŝĂŬĂŶ ŽůĞŚ ƉĂƌĂ ƉĞŶLJĞůĞŶŐŐĂƌĂ ƚĞŬŶŽůŽŐŝ ƚĞƌŶĂŵĂ͕ ƚĞƌŵĂƐƵŬ ^W ďĞƐĞƌƚĂ ƐŝƐƚĞŵ LJĂŶŐ ƚĞůĂŚ
ĚŝŬĞŵďĂŶŐŬĂŶ ƐĞĐĂƌĂ ŝŶƚĞƌŶĂů LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ ŬĞďƵƚƵŚĂŶ ƐĞƚŝĂƉ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ƚĞůĂŚ ŵĞŶĞƌĂƉŬĂŶ ƐŝƐƚĞŵ ZW LJĂŶŐ ŵĞŶŐŝŶƚĞŐƌĂƐŝŬĂŶ ƐĞůƵƌƵŚ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ͘ &ƵŶŐƐŝ ƵƚĂŵĂ
ƉůĂƚĨŽƌŵƚĞŬŶŽůŽŐŝŝŶĨŽƌŵĂƐŝWĞƌƐĞƌŽĂŶŵĞůŝƉƵƚŝ͗
• WĞŶŐĞůŽůĂĂŶ ƉƌŽƐĞƐ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƐĞĐĂƌĂ ŵĞŶLJĞůƵƌƵŚ ƚĞůĂŚ ĚŝŝŶƚĞŐƌĂƐŝŬĂŶ ĚĞŶŐĂŶ ƐƵĂƚƵ ƐŝƐƚĞŵ
ŶƚĞƌƉƌŝƐĞ ZĞƐŽƵƌĐĞ WůĂŶŶŝŶŐ ;ZWͿ ďĞƌďĂƐŝƐ ^W LJĂŝƚƵ ^t/&d DZK͘ ^t/&d DZK LJĂŶŐ ŵƵůĂŝ ĚŝŐƵŶĂŬĂŶ
ƐĞũĂŬ ƚĂŚƵŶ ϮϬϭϰ ŝŶŝ ŵĞŶĐĂŬƵƉ ŬĞƐŝƐƚĞŵĂŶ ƐĞŵƵĂ ďŝƐŶŝƐ ƉƌŽƐĞƐ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ŵƵůĂŝ ĚĂƌŝ
ƉĞŶŐĞůŽůĂĂŶ ŬĞĞŶŐŝŶĞƌŝŶŐĂŶ͕ ƉĞƌĞŶĐĂŶĂŶĂĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ͕ ƉĞŶŐĞŶĚĂůŝĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ͕
ƐĞƌƚĂƉĞLJŝŵƉĂŶĂŶŵĂŝŶƚĞŶĂŶĐĞƌĞĐŽƌĚƐ͘
• WĞŶŐĞůŽůĂĂŶƌĂŶƚĂŝƉĂƐŽŬƚĞůĂŚĚŝďƵĂƚƚĞƌŝŶƚĞŐƌĂƐŝƐĞĐĂƌĂŵĞŶLJĞůƵƌƵŚĚĂůĂŵƐŝƐƚĞŵ^t/&dDZK ŵƵůĂŝ
ĚĂƌŝ ƉĞŶŐĞůŽůĂĂŶ ƉĞƌŵŝŶƚĂĂŶ ŵĂƚĞƌŝĂů͕ ƉĞƌĞŶĐĂŶĂĂŶ ŵĂƚĞƌŝĂů͕ ƉĞŶLJĞĚŝĂĂŶ ŵĂƚĞƌŝĂů͕ ŝŵƉŽƌ ŵĂƚĞƌŝĂů͕
ƉĞŶLJŝŵƉĂŶĂŶŵĂƚĞƌŝĂů͕ƐĞƌƚĂƉĞŶŐŝƌŝŵĂŶŵĂƚĞƌŝĂůŬĞƉƌŽĚƵŬƐŝ͘
• WĞŶŐĞůŽůĂĂŶ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƵŶƚƵŬ ƉĞůĂŶŐŐĂŶ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ƉĞƌĂǁĂƚĂŶ ƐĞĐĂƌĂ ĨůĞĞƚ ƚĞĐŚŶŝĐĂů
ŵĂŶĂŐĞŵĞŶƚ ;&dDͿ͘ WĞŶŐĞůŽůĂĂŶ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ ƚĞůĂŚ ĚŝŝŶƚĞŐƌĂƐŝŬĂŶ ĚĂůĂŵ ^W ^t/&d DZK ƐĞũĂŬ
ƉĞƐĂǁĂƚ ƉĞƌƚĂŵĂ ŬĂůŝ ĚĂƚĂŶŐ ƵŶƚƵŬ ĚŝŽƉĞƌĂƐŝŬĂŶ ŽůĞŚ ŵĂƐŬĂƉĂŝ ƉĞůĂŶŐŐĂŶ ŚŝŶŐŐĂ ƉĞƐĂǁĂƚ ƚĞƌƐĞďƵƚ
ŵĞŶŐĂůĂŵŝ ƉŚĂƐĞ ŽƵƚ͘ ^LJƐƚĞŵ ƉĞŶŐĞůŽůĂĂŶ ŝŶŝ ƚĞƌŵĂƐƵŬ ƉĞŶŐĞůŽůĂŶ ŬŽŶĨŝŐƵƌĂƐŝ ŬŽŵƉŽŶĞŶ LJĂŶŐ ĂĚĂ Ěŝ
ĚĂůĂŵƉĞƐĂǁĂƚ͕ŵĂŝŶƚĞŶĂŶĐĞƉƌŽŐƌĂŵ͕ŵĂŝŶƚĞŶĂŶĐĞƉůĂŶŶŝŶŐ͕ƐĞƌƚĂŵĂŝŶƚĞŶĂŶĐĞĐŽŶƚƌŽůĐĞŶƚĞƌ͘
• WĞŶŐĞůŽůĂĂŶ ŬĞůĂŝŬĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƵŶƚƵŬ ƉĞƐĂǁĂƚ ƉĞůĂŶŐŐĂŶ LJĂŶŐ ĚŝŬĞůŽůĂ ƐĞĐĂƌĂ &dD ƚĞůĂŚ
ĚŝŝŶƚĞŐƌĂƐŝŬĂŶ ƐĞĚĞŵŝŬŝĂŶ ƌƵƉĂ ĚĂůĂŵ ^t/&d DZK͘ ^ŝƐƚĞŵ ŝŶŝ ďŝƐĂ ŵĞŵĞŶĂŵƉŝůŬĂŶ ĐŽŵƉůŝĂŶĐĞ ƌĞƉŽƌƚ
LJĂŝƚƵ ůĂƉŽƌĂŶ ƚĞƌŚĂĚĂƉ ŬĞƐĞƐƵĂŝŶ ĂŬƚƵĂů ƉĞůĂŬƐĂŶĂĂŶ ƉĞƌĂǁĂƚĂŶ Ěŝ ůĂƉĂŶŐĂŶ ƚĞƌŚĂĚĂƉ ŵĂŝŶƚĞŶĂŶĐĞ
ƉƌŽŐƌĂŵĚĂŶŵĂŝŶƚĞŶĂŶĐĞƉůĂŶŶŝŶŐ͘
• WĞŶŐĞůŽůĂĂŶ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ ;^DͿ ƚĞůĂŚ ĚŝŝŶƚĞŐƌĂƐŝŬĂŶ ĚĂůĂŵ ƐŝƐƚĞŵ d/< LJĂŶŐ ŵĞůŝƉƵƚŝ
ƉĞŶŐĞůŽůĂĂŶ ƐƚƌƵŬƚƵƌ ŽƌŐĂŶŝƐĂƐŝ͕ ĚĂƚĂ ŬĞƉĞŐĂǁĂŝĂŶ͕ ǁĂŬƚƵ ŬĞƌũĂ͕ ƉĞŶŐŐĂũŝĂŶ͕ ĨĂƐŝůŝƚĂƐ ŶŽŶͲŐĂũŝ͕
ƉĞŶŐĞŵďĂŶŐĂŶ^D͕ ƉĞůĂƚŝŚĂŶ͕ƉĞŶŐŚĂƌŐĂĂŶĂƚĂƐŬŝŶĞƌũĂ ŝŶĚŝǀŝĚƵ͕ ƐĞƌƚĂ ƉĞŶŐĞůŽůĂĂŶ ƉĞƌũĂůĂŶĂŶĚŝŶĂƐ͘
^ŝƐƚĞŵLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŶŐĞůŽůĂĂŶ^DŝŶŝũƵŐĂŵĞŶŐŐƵŶĂŬĂŶƉůĂƚĨŽƌŵ^WLJĂŶŐĚŝŝŶƚĞŐŐƌĂƐŝŬĂŶ
ĚĞŶŐĂŶ^t/&dDZKĚĂŶĚŝƚĂŵďĂŚŝŶƚĞŐƌĂƐŝĚĞŶŐĂŶƐŝƐƚĞŵLJĂŶŐĚŝŬĞŵďĂŶŐŬĂŶƐĞĐĂƌĂŝŶƚĞƌŶĂů͘
• WĞŶŐĞůŽůĂĂŶ ŬĞƵĂŶŐĂŶ ƵŶƚƵŬ ƐĞůƵƌƵŚ ƚƌĂŶƐĂŬƐŝ ŬĞƵĂŶŐĂŶ ďĂŝŬ ĂŬƵŶƚĂŶƐŝ WĞƌƐĞƌŽĂŶ͕ ƉĞŶŐĞůŽůĂĂŶ ĚĂŶ
ƉĞŶŐĞŶĚĂůŝĂŶ ďŝĂLJĂ͕ ƐĞƌƚĂ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĞůĂŚ ĚŝŬĞůŽůĂ ĚĂůĂŵ ƐŝƐƚĞŵ ^t/&d DZK LJĂŶŐ ƐƵĚĂŚ
ƚĞƌŝŶƚĞŐƌĂƐŝĚĞŶŐĂŶďŝĂLJĂLJĂŶŐŵƵŶĐƵůĚŝƵŶŝƚƉƌŽĚƵŬƐŝ͘
• ^ĞũĂŬƚĂŚƵŶϮϬϭϲWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶŐŐƵŶĂŬĂŶƐLJƐƚĞŵd/<ĚĂůĂŵƉĞŶLJĂũŝĂŶĚĂŶƉĞŶŐŽůĂŚĂŶĚĂƚĂĚĂƌŝ
^W^t/&dDZKLJĂŶŐĚŝŬĞŵďĂŶŐŬĂŶĚĞŶŐĂŶ^WƵƐŝŶĞƐƐtĂƌĞŚŽƵƐĞ;tͿĚĂŶƵƐŝŶĞƐƐKďũĞĐƚ;KͿ͘
• ^ĞůĂŝŶ ƐŝƐƚĞŵ ^t/&d DZK͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶŐĞŵďĂŶŐŬĂŶ ďĞƌďĂŐĂŝ ĂƉůŝŬĂƐŝ ďĞƌďĂƐŝƐ ǁĞď ĚĂŶ ŵŽďŝůĞ
ĂƉƐ LJĂŶŐ ĚŝŬĞŵďĂŶŐŬĂŶ ŽůĞŚ ŵŝƚƌĂ ƉŝŚĂŬ ŬĞƚŝŐĂ ĚĂŶ ũƵŐĂ ĚŝŬĞŵďĂŶŐŬĂŶ ŵĞůĂůƵŝ ƐƵŵďĞƌ ĚĂLJĂ ŝŶƚĞƌŶĂů
;ŝŶŚŽƵƐĞĚĞǀĞůŽƉŵĞŶƚͿ͘^ŝƐƚĞŵŝŶŝĚŝŬĞŵďĂŶŐŬĂŶƵŶƚƵŬƚƵũƵĂŶƉĞůĂƉŽƌĂŶďĞďĞƌĂƉĂĂŬƚŝǀŝƚĂƐLJĂŶŐƐƵĚĂŚ
ĂĚĂĚĂůĂŵƐLJƐƚĞŵZWĚĂŶũƵŐĂƵŶƚƵŬŵĞŶŐĂŬŽŵŝĚĂƐŝƉƌŽƐĞƐͲƉƌŽƐĞƐLJĂŶŐďĞůƵŵƚĞƌŵĂƐƵŬĚĂůĂŵƐLJƐƚĞŵ
ZW͘

147
^ĞůĂŝŶ ŵĞŶŐŝŶƚĞŐƌĂƐŝŬĂŶ ƉƌŽƐĞƐ ďŝƐŶŝƐ Ěŝ ŝŶƚĞƌŶĂů WĞƌƐĞƌŽĂŶ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ ƐŝƐƚĞŵ LJĂŶŐ
ŵĞŶŐŝŶƚĞŐƌĂƐŝŬĂŶ ƐŝƐƚĞŵ ŝŶƚĞƌŶĂů WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƐŝƐƚĞŵ ƉŝŚĂŬ ĞŬƐƚĞƌŶĂů͘ ^ŝƐƚĞŵ ŝŶŝ ĚŝŚĂƌĂƉŬĂŶ ŵĂŵƉƵ
ŵĞŵƉĞƌŵƵĚĂŚ ŬŽŵƵŶŝŬĂƐŝ ŬŚƵƐƵƐŶLJĂ ĚĞŶŐĂŶ ƉĞůĂŶŐŐĂŶ͕ ƉĞŵĂƐŽŬ͕ ŵĂƵƉƵŶ ŵĂŶƵĨĂŬƚƵƌ ƉĞŵďƵĂƚ ƉĞƐĂǁĂƚ͘
ĞǀĞůŽƉŵĞŶƚ ĚĂƌŝ ƐLJƐƚĞŵ ŝŶƚĞŐƌĂƐŝ ŝŶŝ ƐƵĚĂŚ ĚŝŵƵůĂŝ ĚĂŶ ĂŬĂŶ ƚĞƌƵƐ ĚŝŬĞŵďĂŶŐŬĂŶ ƐĞŚŝŶŐŐĂ ĚĂƉĂƚ
ŵĞŶŝŶŐŬĂƚŬĂŶĞĨŝƐŝĞŶƐŝŵĞůĂůƵŝƉĞƌĐĞƉĂƚĂŶĚĂŶŬĞĂŬƵƌĂƐŝĂŶŝŶĨŽƌŵĂƐŝ͘ĚĂƉƵŶ ƐŝƐƚĞŵLJĂŶŐ ƐĞĚĂŶŐĚĂŶĂŬĂŶ
ĚŝďĂŶŐƵŶĂŶƚĂƌĂůĂŝŶ͗

• /ŶƚĞŐƌĂƐŝ ĚĞŶŐĂŶ ƉĞůĂŶŐŐĂŶ͕ LJĂŝƚƵ ŝŶƚĞŐƌĂƐŝ ŝŶĨŽƌŵĂƐŝ ĂŶƚĂƌĂ ƉĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƉĞůĂŶŐŐĂŶ ŵĞůĂůƵŝ
ƉĞŶŐĞŵďĂŶŐĂŶ ƐŝƐƚĞŵ ƵƐƚŽŵĞƌ ZĞůĂƚŝŽŶƐŚŝƉ DĂŶĂŐĞŵĞŶƚ ;ZDͿ͘ ^ŝƐƚĞŵ ŝŶŝ ĚŝŚĂƌĂƉŬĂŶ ŵĂŵƉƵ
ŵĞŵƉĞƌĐĞƉĂƚ ĂůŝƌĂŶ ŝŶĨŽƌŵĂƐŝ ĚĂƌŝ ĚĂŶ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ ƐĞŚŝŶŐŐĂ ĚĂƉĂƚ ŵĞŶŐŚĂƐŝůĂŶ ĞĨŝƐŝĞŶƐŝ ĚĂůĂŵ
WĞƌƐĞƌŽĂŶŵĂƵƉƵŶƉĞŶŝŶŐŬĂƚĂŶůĂLJĂŶĂŶŬĞƉĂĚĂƉĞůĂŶŐŐĂŶŬŶŽǁĞĚ͘
• /ŶƚĞŐƌĂƐŝ ĚĞŶŐĂŶ ŵĂŶƵĨĂŬƚƵƌ ƉĞƐĂǁĂƚ͕ LJĂŝƚƵ ŝŶƚĞŐƌĂƐŝ ĂŶƚĂƌĂ ĚĂƚĂ ĚĂŶ ĚŽŬƵŵĞŶ ŵĂŶƵĂů ƉĞƌĂǁĂƚĂŶ
ƉĞƐĂǁĂƚLJĂŶŐĚŝŬĞůƵĂƌŬĂŶĚĂŶĚŝƵƉĚĂƚĞŽůĞŚŵĂŶƵĨĂŬƚƵƌƐĞĐĂƌĂďĞƌŬĂůĂĚĞŶŐĂŶĚĂƚĂLJĂŶŐĂĚĂĚŝƐŝƐƚĞŵ
^W ^t/&d͘  ĞŶŐĂŶ ĂĚĂŶLJĂ ŝŶƚĞŐƌĂƐŝ ŝŶŝ ŵĂŬĂ ƵƉĚĂƚĞ ĚĂƚĂ ĚĂƌŝ ŵĂŶƵĨĂŬƚƵƌ ƐĞĐĂƌĂ ŽƚŽŵĂƚŝƐ ĂŬĂŶ
ƚĞƌƵƉĚĂƚĞĚŝƐŝƐƚĞŵ^t/&d͘
• /ŶƚĞŐƌĂƐŝ ĚĞŶŐĂŶ ŽƉĞƌĂƚŝŽŶ ĐŽŶƚƌŽů ƐLJƐƚĞŵ ŵŝůŝŬ ŵĂƐŬĂƉĂŝ͘ DĂƐŝŶŐͲŵĂƐŝŶŐ ŵĂƐŬĂƉĂŝ ƉĞŶĞƌďĂŶŐĂŶ
ŵĞŵƉƵŶLJĂŝ ƐŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ƚĞƌŚĂĚĂƉ ƉĞŶĞƌďĂŶŐĂŶ ĚĂŶ ƌŽƚĂƐŝ ƉĞƐĂǁĂƚ ŵĞƌĞŬĂ͘ KůĞŚ ŬĂƌĞŶĂ ŝƚƵ
WĞƌƐĞƌŽĂŶ ŵĞŵďĂŶŐƵŶ ŝŶƚĞŐƌĂƐŝ ĂŶƚĂƌĂ ^t/&d DZK ĚĞŶŐĂŶ ƐŝƐƚĞŵ LJĂŶŐ ĚŝŵŝůŝŬŝ ŵĂƐŬĂƉĂŝ LJĂŶŐ
ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞƌĂǁĂƚĂŶ ƐĞĐĂƌĂ &dD ŬĞ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ĚĞŵŝŬŝĂŶ ĂĚĂ ŬĞƐŝŶĂŵďƵŶŐĂŶ ĂŶƚĂƌĂ ƉƌŽƐĞƐ
ƉĞƌĂǁĂƚĂŶĚĂŶŽƉĞƌĂƐŝŽŶĂůƉĞƐĂǁĂƚ͘
• /ŶƚĞŐƌĂƐŝ ĚĞŶŐĂŶ ƉĞŵĂƐŽŬ ƐƉĂƌĞ ƉĂƌƚ͘ /ŶƚĞŐƌĂƐŝ ŝŶŝ ĚŝďĂŶŐƵŶ ŬŚƵƐƵƐ ĚĞŶŐĂŶ ƉĞŵĂƐŽŬ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ
ŬĞƌũĂƐĂŵĂ ŬŚƵƐƵƐ ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌĐĞƉĂƚ ƉƌŽƐĞƐ ƉĞŶLJĞĚŝĂĂŶ ƐƉĂƌĞ ƉĂƌƚ
ŵĞůĂůƵŝŝŶƚĞŐƌĂƐŝĚĂƚĂLJĂŶŐĚŝŵŝůŝŬŝŬĞĚƵĂďĞůĂŚƉŝŚĂŬ͘
hŶƚƵŬ ŵĞŶũĂŵŝŶ ŬĞŚĂŶĚĂůĂŶ ƐŝƐƚĞŵ d/<͕ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ŬĂũŝĂŶ ƚĂŚƵŶĂŶ ƚĞƌŚĂĚĂƉ ƐŝƐƚĞŵ d/<
WĞƌƐĞƌŽĂŶ͕ƚĞƌŵĂƐƵŬƉĞŶŐŬĂũŝĂŶƚĞƌŚĂĚĂƉŬĂƉĂƐŝƚĂƐďĞƌĚĂƐĂƌŬĂŶƉƌŽLJĞŬƐŝƉĞƌƚƵŵďƵŚĂŶ͘WĞƌƐĞƌŽĂŶƐĞŶĂŶƚŝĂƐĂ
ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĂƉĂƐŝƚĂƐ ƐŝƐƚĞŵ d/< ĚĂŶ ďĞƌŬŽŵŝƚŵĞŶ ĂŬĂŶ ƚĞƚĂƉ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞƌďĂŝŬĂŶ ƚĞŬŶŽůŽŐŝ ƐĞĐĂƌĂ
ďĞƌŬĞůĂŶũƵƚĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞďƵƚƵŚĂŶĞŬƐƉĂŶƐŝŵĂƵƉƵŶĞĨŝƐŝĞŶƐŝďŝƐŶŝƐWĞƌƐĞƌŽĂŶ͘WĞƌƐĞƌŽĂŶďĞƌŬĞLJĂŬŝŶĂŶ
ďĂŚǁĂ ƐŝƐƚĞŵ d/< WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ŬĂƉĂƐŝƚĂƐ ĚĂŶ ŬĞŚĂŶĚĂůĂŶ ƵŶƚƵŬ ŵĞŶŽƉĂŶŐ ƉƌŽLJĞŬƐŝ ƉĞƌƚƵŵďƵŚĂŶ
WĞƌƐĞƌŽĂŶŚŝŶŐŐĂůŝŵĂƚĂŚƵŶŬĞĚĞƉĂŶ͘

ĚĂƉƵŶ ƌŝŶĐŝĂŶ ĚĂŶĂ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ WĞƌƐĞƌŽĂŶ ĂƚĂƐ ƉĞŶŐĞŵďĂŶŐĂŶ dĞŬŶŽůŽŐŝ /ŶĨŽƌŵĂƐŝ ƐĞƉĂŶũĂŶŐ ƚĂŚƵŶ
ϮϬϭϲ͕ϮϬϭϱ͕ĚĂŶϮϬϭϰĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵh^Ϳ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
WĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶ ϯϴϴ͘ϲϲϮ͘ϱϭϮ͕ϬϬ ϯϬϱ͘ϱϵϬ͘ϭϭϳ͕ϬϬ Ϯϲϰ͘Ϭϰϴ͘ϱϳϲ͕ϬϬ
ŝĂLJĂd/< ϲ͘ϭϰϵ͘Ϯϱϱ͕ϵϭ ϲ͘ϯϭϰ͘ϬϮϱ͕Ϯϲ ϱ͘Ϭϯϱ͘ϲϰϳ͕Ϭϱ
WƌŽƐĞŶƚĂƐĞƚĞƌŚĂĚĂƉƉĞŶĚĂƉĂƚĂŶ ϭ͕ϲй Ϯ͕ϭй ϭ͕ϵй

ϭϮ͘ WE',Z'E

^ĞƉĂŶũĂŶŐ ƚĂŚƵŶ ϮϬϭϬ Ͳ ϮϬϭϲ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞƌĂŝŚ ďĞƌĂŐĂŵ ƉĞŶŐŚĂƌŐĂĂŶ ƚŝŶŐŬĂƚ ŶĂƐŝŽŶĂů ĚĂŶ
ŝŶƚĞƌŶĂƐŝŽŶĂů Ěŝ ďĞƌďĂŐĂŝ ďŝĚĂŶŐ͕ ŵƵůĂŝ ĚĂƌŝ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ;ĂŶŶƵĂů ƌĞƉŽƌƚͿ ĚĂŶ ůĂƉŽƌĂŶ ŬĞďĞƌůĂŶũƵƚĂŶ
;ƐƵƐƚĂŝŶĂďŝůŝƚLJ ƌĞƉŽƌƚͿ͕ ƚĂƚĂ ŬĞůŽůĂ ƉĞƌƵƐĂŚĂĂŶ͕ ƉĞŵĂƐĂƌĂŶ͕ ƚĞŵƉĂƚ ƉĞŶŝŵďƵŶĂŶ ďĞƌŝŬƵƚ͕ ƉĞŶŐĞůŽůĂĂŶ
ƉĞŶŐĞƚĂŚƵĂŶ͕ůŝŶŐŬƵŶŐĂŶ͕ŚŝŶŐŐĂŵĞĚŝĂŬŽŵƵŶŝŬĂƐŝƉĞƌƵƐĂŚĂĂŶ͘

dŝĚĂŬ ŚĂŶLJĂ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ƐĞĐĂƌĂ ŬŽŶƐŝƐƚĞŶ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ͕ ĂƚĂƵ ďĂŚŬĂŶ ŵĞŶŝŶŐŬĂƚŬĂŶ ƉĞƌĨŽƌŵĂ Ěŝ
ƚŝĂƉ ƚĂŚƵŶŶLJĂ͕ ƐĞŚŝŶŐŐĂ ŵĂŵƉƵ ŵĞƌĂŝŚ ƉĞŶĐĂƉĂŝĂŶ LJĂŶŐ ůĞďŝŚ ďĂŝŬ͘ ,Ăů ƚĞƌƐĞďƵƚ ĚŝďƵŬƚŝŬĂŶ ƐĂůĂŚ ƐĂƚƵŶLJĂ
ŵĞůĂůƵŝ ŶŶƵĂů ZĞƉŽƌƚ ǁĂƌĚ ĚŝŵĂŶĂ WĞƌƐĞƌŽĂŶ ŵĂŵƉƵ ŵĞƌĂŝŚ WĞƌŝŶŐŬĂƚ / ŶŶƵĂů ZĞƉŽƌƚ ǁĂƌĚ ϮϬϭϱ
<ĂƚĞŐŽƌŝWĞƌƵƐĂŚĂĂŶWƌŝǀĂƚĞEŽŶ<ĞƵĂŶŐĂŶEŽŶ>ŝƐƚĞĚƉĂĚĂƚĂŚƵŶϮϬϭϲůĂůƵƐĞƚĞůĂŚƐĞďĞůƵŵŚLJĂŵĞŶLJĂŶĚĂŶŐ
ƉĞƌŝŶŐŬĂƚŬĞƚŝŐĂ͘

ŝ ƚĂŚƵŶ LJĂŶŐ ƐĂŵĂ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ĚŝĚĂƵůĂƚ ƐĞďĂŐĂŝ ŶĂŬ WĞƌƵƐĂŚĂĂŶ hDE Ěŝ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ ''
dĞƌďĂŝŬ ĚĞŶŐĂŶ ƉƌĞĚŝŬĂƚ ^ĂŶŐĂƚ ĂŝŬ ;Ϳ Ěŝ ĂũĂŶŐ /ŶĚŽŶĞƐŝĂ 'ŽŽĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ǁĂƌĚ Ͳ // Ͳ ϮϬϭϲ͘
WĞŶĐĂƉĂŝĂŶƚĞƌƐĞďƵƚŵĞŶƵŶũƵŬŬĂŶďĂŚǁĂWĞƌƐĞƌŽĂŶƚĞƌƵƐďĞƌƵƐĂŚĂƵŶƚƵŬŵĞŶĐĞƚĂŬŬŝŶĞƌũĂWĞƌƐĞƌŽĂŶLJĂŶŐ
ŵĞŵƵĂƐŬĂŶ ĚĞŶŐĂŶ ƚĞƚĂƉ ŵĞŶŐĞĚĞƉĂŶŬĂŶ ĂƐƉĞŬ ŬĞƚĞƌďƵŬĂĂŶ ŝŶĨŽƌŵĂƐŝ ĚĂŶ ƚĂƚĂ ŬĞůŽůĂ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ
ĞdžĐĞůůĞŶƚĚĂůĂŵƌĂŶŐŬĂŵĞŶĐĂƉĂŝǀŝƐŝŶLJĂƐĞďĂŐĂŝdŽƉϭϬDZKŝŶƚŚĞtŽƌůĚ͘

148
ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚĚĂĨƚĂƌWĞŶŐŚĂƌŐĂĂŶLJĂŶŐĚŝƉĞƌŽůĞŚWĞƌƐĞƌŽĂŶƐĞůĂŵĂϯƚĂŚƵŶƚĞƌĂŬŚŝƌ͘

EŽ͘ dĂŚƵŶ WĞŶŐŚĂƌŐĂĂŶͬ<ĂƚĞŐŽƌŝ EĂŵĂWĞŶŐŚĂƌŐĂĂŶ WĞŵďĞƌŝWĞŶŐŚĂƌŐĂĂŶ
ϭ ϮϬϭϰ ^ƉĞĐŝĂů ZĞĐŽŐŶŝƚŝŽŶ ƵŶƚƵŬ <ĂƚĞŐŽƌŝ D<ǁĂƌĚϮϬϭϰ ƵŶĂŵŝƐŽŶƐƵůƚŝŶŐ
ΗĚŵŝƌĂďůĞZĞƐƵůƚdŚƌŽƵŐŚŽůůĂďŽƌĂƚŝǀĞ
džĐƵƚŝŽŶΗ
Ϯ ϮϬϭϰ WĞŶŐŚĂƌŐĂĂŶ dŚĞ ĞƐƚ K /ŶĚŽŶĞƐŝĂ /ŶĚŽŶĞƐŝĂĞƐƚKϮϬϭϰ ^tDĂũĂůĂŚ
ϮϬϭϰ ƵŶƚƵŬ WƌĞƐŝĚĞŶƚ Θ K Wd 'D&
ĞƌŽƐŝĂ͕ZŝĐŚĂƌĚƵĚŝŚĂĚŝĂŶƚŽ
ϯ ϮϬϭϰ dŚĞĞƐƚ/ŶŶŽǀĂƚŝŽŶŝŶDĂƌŬĞƚŝŶŐ DĂƌŬĞƚŝŶŐǁĂƌĚϮϬϭϰ DĂũĂůĂŚDĂƌŬĞƚŝŶŐ
ϰ ϮϬϭϰ dŚĞĞƐƚ/ŶƚĞƌŶĂƚŝŽŶĂůDĂƌŬĞƚŝŶŐ DĂƌŬĞƚŝŶŐǁĂƌĚϮϬϭϰ DĂũĂůĂŚDĂƌŬĞƚŝŶŐ
ϱ ϮϬϭϰ dŚĞĞƐƚŝŶDĂƌŬĞƚƌŝǀŝŶŐ DĂƌŬĞƚŝŶŐǁĂƌĚϮϬϭϰ DĂũĂůĂŚDĂƌŬĞƚŝŶŐ
ϲ ϮϬϭϰ WĞƌŝŶŐŬĂƚ ηϰ dŽƉ ϱϬ ŶŶƵĂů ZĞƉŽƌƚ sŝƐŝŽŶǁĂƌĚϮϬϭϯͬϮϬϭϰ >ĞĂŐƵĞ ŽĨ ŵĞƌŝĐĂŶ
tŽƌůĚǁŝĚĞ ŽŵŵƵŶŝĐĂƚŝŽŶƐ
WƌŽĨĞƐƐŝŽŶĂůƐ;>WͿ
ϳ ϮϬϭϰ ĞƐƚZĞƉŽƌƚEĂƌƌĂƚŝǀĞ sŝƐŝŽŶǁĂƌĚϮϬϭϯͬϮϬϭϰ >ĞĂŐƵĞ ŽĨ ŵĞƌŝĐĂŶ
ŽŵŵƵŶŝĐĂƚŝŽŶƐ
WƌŽĨĞƐƐŝŽŶĂůƐ;>WͿ
ϴ ϮϬϭϰ WůĂƚŝŶƵŵǁĂƌĚ sŝƐŝŽŶǁĂƌĚϮϬϭϯͬϮϬϭϰ >ĞĂŐƵĞ ŽĨ ŵĞƌŝĐĂŶ
ŽŵŵƵŶŝĐĂƚŝŽŶƐ
WƌŽĨĞƐƐŝŽŶĂůƐ;>WͿ
ϵ ϮϬϭϱ WĞƌŝŶŐŬĂƚ ηϯ <ĂƚĞŐŽƌŝ WĞƌƵƐĂŚĂĂŶ ŶŶƵĂůZĞƉŽƌƚǁĂƌĚϮϬϭϰ <ŽŵŝƚĞ EĂƐŝŽŶĂů <ĞďŝũĂŬĂŶ
WƌŝǀĂƚĞEŽŶ<ĞƵĂŶŐĂŶEŽŶ>ŝƐƚĞĚ 'ŽǀĞƌŶĂŶĐĞ ĚĂŶ KƚŽƌŝƚĂƐ
:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ
ϭϬ ϮϬϭϱ WĞƌŝŶŐŬĂƚηϭϭƵŶƚƵŬŶŶƵĂůZĞƉŽƌƚϮϬϭϰ ^ƉŽƚůŝŐŚƚ ǁĂƌĚƐ 'ůŽďĂů >ĞĂŐƵĞ ŽĨ ŵĞƌŝĐĂŶ
ĚĂůĂŵ dŽƉ ϭϬϬ ŽŵŵƵŶŝĐĂƚŝŽŶƐ ŽŵŵƵŶŝĐĂƚŝŽŶƐŽŵƉĞƚŝƚŝŽŶϮϬϭϱ ŽŵŵƵŶŝĐĂƚŝŽŶƐ
DĂƚĞƌŝĂůƐ WƌŽĨĞƐƐŝŽŶĂůƐ;>WͿ
ϭϭ ϮϬϭϱ WĞƌŝŶŐŬĂƚ ηϵϴ ƵŶƚƵŬ ^ƵƐƚĂŝŶĂďŝůŝƚLJ ^ƉŽƚůŝŐŚƚ ǁĂƌĚƐ 'ůŽďĂů >ĞĂŐƵĞ ŽĨ ŵĞƌŝĐĂŶ
ZĞƉŽƌƚ ϮϬϭϰ ĚĂůĂŵ dŽƉ ϭϬϬ ŽŵŵƵŶŝĐĂƚŝŽŶƐŽŵƉĞƚŝƚŝŽŶϮϬϭϱ ŽŵŵƵŶŝĐĂƚŝŽŶƐ
ŽŵŵƵŶŝĐĂƚŝŽŶƐDĂƚĞƌŝĂůƐ WƌŽĨĞƐƐŝŽŶĂůƐ;>WͿ
ϭϮ ϮϬϭϲ ŶĂŬ WĞƌƵƐĂŚĂĂŶ hDE Ěŝ /ŶĚŽŶĞƐŝĂ /ŶĚŽŶĞƐŝĂ 'ŽŽĚ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ DĂũĂůĂŚĐŽŶŽŵŝĐZĞǀŝĞǁ
ĚĞŶŐĂŶ''dĞƌďĂŝŬ ǁĂƌĚ–//ͲϮϬϭϲ 
ϭϯ ϮϬϭϲ WĞŶŐƵƐĂŚĂ dĞŵƉĂƚ WĞŶŝŵďƵŶĂŶ ĞƌŝŬĂƚ ^ŽĞŬĂƌŶŽ ,ĂƚƚĂ /ŶƚĞƌŶĂƚŝŽŶĂů ŝƌƉŽƌƚ <Wh ĞĂ ĚĂŶ ƵŬĂŝ dŝƉĞ 
dĞƌďĂŝŬ ǁĂƌĚƐϮϬϭϲ ^ŽĞŬĂƌŶŽ,ĂƚƚĂ
ϭϰ ϮϬϭϲ ^ĂůĂŚ ^ĂƚƵ ĚĂƌŝ ϱ WĞŶLJƵŵďĂŶŐ ĞǀŝƐĂ ^ŽĞŬĂƌŶŽ ,ĂƚƚĂ /ŶƚĞƌŶĂƚŝŽŶĂů ŝƌƉŽƌƚ <Wh ĞĂ ĚĂŶ ƵŬĂŝ dŝƉĞ 
ŬƐƉŽƌdĞƌďĞƐĂƌ ǁĂƌĚƐϮϬϭϲ ^ŽĞŬĂƌŶŽ,ĂƚƚĂ
ϭϱ ϮϬϭϲ WĞŵĞŶĂŶŐ ŝĚ tĞďƐŝƚĞ ǁĂƌĚƐ ϮϬϭϲ ŝĚtĞďƐŝƚĞǁĂƌĚƐϮϬϭϲ WĞŶŐĞůŽůĂ EĂŵĂ ŽŵĂŝŶ
<ĂƚĞŐŽƌŝ<ŽƌƉŽƌĂƚ /ŶƚĞƌŶĞƚ/ŶĚŽŶĞƐŝĂ;WE/Ϳ
ϭϲ ϮϬϭϲ :ƵĂƌĂ ϭ ŶŶƵĂů ZĞƉŽƌƚ ǁĂƌĚ <ĂƚĞŐŽƌŝ ŶŶƵĂůZĞƉŽƌƚǁĂƌĚϮϬϭϱ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ
WĞƌƵƐĂŚĂĂŶ WƌŝǀĂƚĞ EŽŶ <ĞƵĂŶŐĂŶ EŽŶ ;K:<Ϳ ďĞƌƐĂŵĂ <ĞŵĞŶƚĞƌŝĂŶ
>ŝƐƚĞĚ hDE͕ ĂŶŬ /ŶĚŽŶĞƐŝĂ͕
ŝƌĞŬƚŽƌĂƚ :ĞŶĚĞƌĂů WĂũĂŬ͕
<ŽŵŝƚĞ EĂƐŝŽŶĂů <ĞďŝũĂŬĂŶ
'ŽǀĞƌŶĂŶĐĞ͕ Wd ƵƌƐĂ ĨĞŬ
/ŶĚŽŶĞƐŝĂ ĚĂŶ /ŬĂƚĂŶ
ŬƵŶƚĂŶ/ŶĚŽŶĞƐŝĂ
ϭϳ ϮϬϭϲ ŽŵŵĞŶĚĂƚŝŽŶĨŽƌdŚĞ&ŝƌƐƚzĞĂƌ ^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚǁĂƌĚϮϬϭϱ EĂƚŝŽŶĂů ĞŶƚĞƌ ĨŽƌ
^ƵƐƚĂŝŶĂďŝůŝƚLJ ZĞƉŽƌƚŝŶŐ
;E^ZͿ

ϭϯ͘ WE'E>/E<h>/d^

WĞƌƐĞƌŽĂŶ ďĞƌŬŽŵŝƚŵĞŶ ƵŶƚƵŬ ƐĞŶĂŶƚŝĂƐĂ ŵĞŶLJĞĚŝĂŬĂŶ ůĂLJĂŶĂŶ LJĂŶŐ ŵĞŵƵĂƐŬĂŶ ƉĞůĂŶŐŐĂŶ ĚĞŶŐĂŶ ƚĞƌƵƐ
ďĞƌƵƉĂLJĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ƉĞŶĞƌĂƉĂŶ ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ ŵĂŶĂũĞŵĞŶ ŵƵƚƵ ƵŶƚƵŬ ŵĞŶĚŽƌŽŶŐ ƚĞƌĐĂƉĂŝŶLJĂ ƐƚĂŶĚĂƌ
ŽƉĞƌĂƐŝŽŶĂů LJĂŶŐ ƚĞƌďĂŝŬ ƐĞŚŝŶŐŐĂ ŵĞŵďĞƌŝŬĂŶ ŶŝůĂŝ ƚĂŵďĂŚ ůĞďŝŚ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĂŶŐŬƵ ŬĞƉĞŶƚŝŶŐĂŶ
ƚĞƌƵƚĂŵĂƉĞŵĞŐĂŶŐƐĂŚĂŵ͕ƉĞůĂŶŐŐĂŶ͕ŬĂƌLJĂǁĂŶ͕ĚĂŶŵĂƐLJĂƌĂŬĂƚůƵĂƐ͘

WĞƌƐĞƌŽĂŶ ũƵŐĂ ƐĞŶĂŶƚŝĂƐĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ ƐŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ĚĂŶ ƉĞŶŐĞŶĚĂůŝĂŶ
ŬƵĂůŝƚĂƐ LJĂŶŐ ĞĨĞŬƚŝĨ ĚĂŶ ĞĨŝƐŝĞŶ ďĞƌďĂƐŝƐ ƉĂĚĂ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐĂŶͲƵŶĚĂŶŐĂŶ͕ ƉĞƌĂƚƵƌĂŶ ĚĂŶ ŬĞďƵƚƵŚĂŶ
ƉĞůĂŶŐŐĂŶ ĚĂŶ ŬĞďƵƚƵŚĂŶ ŽƌŐĂŶŝƐĂƐŝ͘ <ĞƐĞƐƵĂŝĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ WĞŵĞƌŝŶƚĂŚ ĚŝƚƵĂŶŐŬĂŶ ŬĞ
ĚĂůĂŵ WƌŽƐĞĚƵƌ <ĞƌũĂ ĚĂŶ /ŶƐƚƌƵŬƐŝ ŬĞƌũĂ LJĂŶŐ ƐŝƐƚĞŵĂƚŝƐ͘ WƌŽƐĞĚƵƌ ŬĞƌũĂ LJĂŶŐ ďĞƌƐƵŵďĞƌ ƉĂĚĂ WĞŵĞƌŝŶƚĂŚ
/ŶĚŽŶĞƐŝĂŝŶŝĚŝƚĞƌĂƉŬĂŶĚĂůĂŵĂŬƚŝǀŝƚĂƐƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƐĞƚŝĂƉǁĂŬƚƵĚŝƐĞŵƵĂůŝŶŝĚĞƉĂƌƚĞŵĞŶ͕ĚĞŶŐĂŶ
ĚŝŬĂǁĂůŽůĞŚƵŶŝƚYƵĂůŝƚLJƐƐƵƌĂŶĐĞΘ^ĂĨĞƚLJ͘



149
ĂůĂŵ ŵĞŶũĂŐĂ ŬĞƐĞƐƵĂŝĂŶ ĂŶƚĂƌĂ ƉƌŽƐĞĚƵƌ ĚĂŶ ŝŵƉůĞŵĞŶƚĂƐŝ Ěŝ ůĂƉĂŶŐĂŶ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƐŝƐƚĞŵ
ŵĂŶĂũĞŵĞŶ ĚĂŶ ƉĞŶŐĞŶĚĂůŝĂŶ ŬƵĂůŝƚĂƐ LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ ďĞƌďĂƐŝƐ ƉĂĚĂ ƐŝƐƚĞŵ ;YƵĂůŝƚLJ ƐƐƵƌĂŶĐĞͿ ĚĂŶ
ďĞƌďĂƐŝƐ ƉĂĚĂ ƉƌŽĚƵŬ ;YƵĂůŝƚLJ ŽŶƚƌŽůͿ͘ DŽŶŝƚŽƌŝŶŐ ĚĂŶ ĞǀĂůƵĂƐŝ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ ƉƌŽƐĞĚƵƌ
ĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƚĞƌƵƐŵĞŶĞƌƵƐĚĂŶƚĞƌƐƚƌƵŬƚƵƌŵĞůĂůƵŝ YƵĂůŝƚLJƐƐƵƌĂŶĐĞ͘^ĞĚĂŶŐŬĂŶŬƵĂůŝƚĂƐƉƌŽĚƵŬĂŬŚŝƌ
ƐĞůĂůƵĚŝũĂŐĂĂŐĂƌƐĞƐƵĂŝŬƌŝƚĞƌŝĂĚĂŶƉĞƌƐLJĂƌĂƚĂŶKƚŽƌŝƚĂƐWĞŶĞƌďĂŶŐĂŶĚĂŶƉĞůĂŶŐŐĂŶŵĞůĂůƵŝYƵĂůŝƚLJŽŶƚƌŽů
LJĂŶŐĞĨĞŬƚŝĨ͘

WĞƌůƵ ĚŝŬĞƚĂŚƵŝ ũƵŐĂ ďĂŚǁĂ WƌŽƐĞĚƵƌͲWƌŽƐĞĚƵƌ ŬĞƌũĂ LJĂŶŐ ĚŝƐƵƐƵŶ ĚĂŶ ĚŝƚĞƌĂƉŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŝŶŝ ƚŝĚĂŬ
ŚĂŶLJĂ ďĞƌƐƵŵďĞƌ ĚĂƌŝ ƉĞŵĞƌŝŶƚĂŚ /ŶĚŽŶĞƐŝĂ ƐĂũĂ ͕ŵĞŶŐŝŶŐĂƚ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞůĂŬƵŬĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ
ĚĂƌŝŽƉĞƌĂƚŽƌŶĞŐĂƌĂůĂŝŶ͘^ĞůĂŝŶŵĞŵŝůŝŬŝƉĞŶŐĂŬƵĂŶ;ĞƌƚŝĨŝĐĂƚĞKĨƉƉƌŽǀĂůͿĚĂƌŝKƚŽƌŝƚĂƐWĞŶĞƌďĂŶŐĂŶƐŝƉŝů
/ŶĚŽŶĞƐŝĂ ;' /ŶĚŽŶĞƐŝĂͿ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ƚĞůĂŚ ŵĞŵŝůŝŬŝ ĞƌƚŝĨŝĐĂƚĞ ŽĨ ƉƉƌŽǀĂů ĚĂƌŝ ĚƵĂ ŽƚŽƌŝƚĂƐ
ƉĞŶĞƌďĂŶŐĂŶƐŝƉŝůƚĞƌďĞƐĂƌĚŝĚƵŶŝĂLJĂŝƚƵŵĞƌŝŬĂ^ĞƌŝŬĂƚ;&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ĚŝƐŝŶŐŬĂƚ&ͿĚĂŶ
hŶŝƌŽƉĂ;ƵƌŽƉĞĂŶǀŝĂƚŝŽŶ^ĂĨĞƚLJŐĞŶĐLJͬ^Ϳ͕ƐĞƌƚĂƉĞŶŐĂŬƵĂŶĚĂƌŝŽƚŽƌŝƚĂƐƉĞŶĞƌďĂŶŐĂŶƐŝƉŝůƵƐƚƌĂůŝĂ
;^Ϳ͘

ŝƐĂŵƉŝŶŐ ŵĞŵŝůŝŬŝ ƉĞŶŐĂŬƵĂŶ ĚĂƌŝ ϰ ŽƚŽƌŝƚĂƐ ƉĞŶĞƌďĂŶŐĂŶ ƐŝƉŝů ƵƚĂŵĂ Ěŝ ĚƵŶŝĂ͕ ĚĞŶŐĂŶ ŵĞůƵĂƐŶLJĂ
ƉĞƌŬĞŵďĂŶŐĂŶďŝƐŶŝƐƐĂĂƚŝŶŝWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵŝůŝŬŝůĞďŝŚĚĂƌŝϮϬƉĞŶŐĂŬƵĂŶŽƚŽƌŝƚĂƐƉĞŶĞƌďĂŶŐĂŶƐŝƉŝůĚĂƌŝ
ŶĞŐĂƌĂͲŶĞŐĂƌĂĚŝĚƵŶŝĂ͕ĚĞŶŐĂŶĚĞƚĂŝůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗


EŽ͘ EĂŵĂ^ĞƌƚŝĨŝŬĂƐŝ ZƵĂŶŐ>ŝŶŐŬƵƉ dĂŶŐŐĂů^ĞƌƚŝĨŝŬĂƐŝ ƵĚŝƚDƵƚƵdĞƌĂŬŚŝƌ

ϭ͘ DKϭϰϱ–EŽ͘ϭϰϱͲϬϬϭ /ŶĚŽŶĞƐŝĂ Ϯϴ^ĞƉƚĞŵďĞƌϮϬϭϲ ϭϯŐƵƐƚƵƐϮϬϭϲ

Ϯ͘ DKϭϰϱ–EŽ͘^͘ϭϰϱ͘ϬϬϲϮ hŶŝƌŽƉĂ EŽǀĞŵďĞƌϮϬϬϰ ϮϬ:ĂŶƵĂƌŝϮϬϭϳ
ϯ͘ DKϭϰϱ–EŽ͘t'&zϬϳϲ& ŵĞƌŝŬĂ ϯϬEŽǀĞŵďĞƌϭϵϵϮ ϯϭ:ĂŶƵĂƌŝϮϬϭϳ
ϰ͘ DKϭϰϱ–EŽ͘ϭͲs>ZYϵ ƵƐƚƌĂůŝĂ ϮϮĞƐĞŵďĞƌϮϬϭϬ ϮϮ:ĂŶƵĂƌŝϮϬϭϲ
ϱ͘ DKϭϰϱ–EŽ͘&DKͬϮϬϭϳͬϮϵ DĂůĂLJƐŝĂ ϬϯDĂƌĞƚϮϬϭϳ ϬϳƉƌŝůϮϬϭϳ
ϲ͘ DKϭϰϱ–EŽ͘t/ͬϭϯϵ ^ŝŶŐĂƉƵƌĂ ϲ:ƵŶŝϭϵϵϱ ϮϱDĞŝϮϬϭϲ
ϳ͘ DKϭϰϱ–EŽ͘ϱͲϭϲϯϴͬϬϱͲϭ;ϮͿ /ŶĚŝĂ ϲ:ƵŶŝϮϬϭϭ Ͳ 
ϴ͘ DKϭϰϱ–EŽ͘ϭϴϭͬϮϱϯϴ dŚĂŝůĂŶĚ Ϯϰ:ĂŶƵĂƌŝϮϬϭϳ ϮĞƐĞŵďĞƌϮϬϭϲ
ϵ͘ DKϭϰϱ–EŽ͘ϮϬϭϯͲDK&Ϭϱ <ŽƌĞĂ^ĞůĂƚĂŶ ϮϭŐƵƐƚƵƐϮϬϭϱ ϭϰ:ĂŶƵĂƌŝϮϬϭϲ
ϭϬ͘ DKϭϰϱ–EŽ͘ϭϳϲͬϭϱϳ ŝŵďĂďǁĞ ϭϯ^ĞƉƚĞŵďĞƌϮϬϭϲ ϯ^ĞƉƚĞŵďĞƌϮϬϭϲ
ϭϭ DKϭϰϱ–EŽ͘DKͬW<ͬ'D& EŝŐĞƌŝĂ ϴĞƐĞŵďĞƌϮϬϭϱ ϱĞƐĞŵďĞƌϮϬϭϱ
ϭϮ DKϭϰϱ–EŽ͘sEͲϯϯϲEEͬs sŝĞƚŶĂŵ ϯϬĞƐĞŵďĞƌϮϬϭϲ ϯϬĞƐĞŵďĞƌϮϬϭϲ
ϭϯ DKϭϰϱ–EŽ͘ϬϮϰͬϮϬϭϯ DLJĂŶŵĂƌ ϯϭ:ƵůŝϮϬϭϯ ϭϵ:ƵůŝϮϬϭϲ
ϭϰ DKϭϰϱ–EŽ͘DKͬϭϯͬϭϲ <ĂŵďŽũĂ ϮϭEŽǀĞŵďĞƌϮϬϭϲ ϰEŽǀĞŵďĞƌϮϬϭϲ
ϭϱ DKϭϰϱ–EŽ͘DKϬϮϵ /ƌĂƋ Ϯϲ&ĞďƵĂƌŝϮϬϭϳ ϭϱ&ĞďƵĂƌŝϮϬϭϳ
ϭϲ DKϭϰϱ–EŽ͘/Z͘ϭϰϱͲϬϮϳ /ƌĂŶ ϳ:ƵůŝϮϬϭϱ ϯϬ:ƵŶŝϮϬϭϱ
ϭϳ DKϭϰϱ–EŽ͘DKͬͲϬϰϮͬϭϲZϬϬ >ĂŽƐ ϮϮEŽǀĞŵďĞƌϮϬϭϲ ϭϳEŽǀĞŵďĞƌϮϬϭϲ
ϭϴ DKϭϰϱ–EŽͬ͘ϱϱϮϱͬϯϲͬ> ĂŶŐůĂĚĞƐŚ Ϯϴ&ĞďƵĂƌŝϮϬϭϳ Ϯϰ&ĞďƵĂƌŝϮϬϭϳ
ϭϵ DKϭϰϱ–EŽ͘>ͬ/Zͬϱ͘ϭϮϯ ĂŚƌĂŝŶ ϮϮ:ĂŶƵĂƌŝϮϬϭϱ Ͳ 
ϮϬ DKϭϰϱ–EŽ͘/ͬ>ͬϭϮϳ ^ƌŝ>ĂŶŬĂ ϭDĂƌĞƚϮϬϭϳ ϭϰDĂƌĞƚϮϬϭϳ
Ϯϭ DKϭϰϱ–EŽ͘ϬϬϬϴ ĨŐŚĂŶŝƐƚĂŶ ϭϳĞƐĞŵďĞƌϮϬϭϯ Ͳ 
ϮϮ DKϭϰϱ–EŽ͘͘DK͘ϱϰϰ ĞƌŵƵĚĂ ϴ:ƵůŝϮϬϭϲ ϭϵDĞŝϮϬϭϲ
Ϯϯ DKϭϰϱ–EŽ͘//Ͳϳϰ ĞůĂƌƵƐ ϮϱDĂƌĞƚϮϬϭϱ Ͳ 
Ϯϰ ^ƵƌĂƚ ĚĂƌŝ ŝƌĞŬƚƵƌ KƚŽƌŝƚĂƐ DŽůĚŽǀĂ ϭϳEŽǀĞŵďĞƌϮϬϭϰ Ͳ 
WĞƌŚƵďƵŶŐĂŶ ^ŝƉŝů ZĞƉƵďůŝŬ DŽůĚŽǀĂ
EŽ͘ϮϮϰϴ
Ϯϱ DKϭϰϱ–EŽ͘ŶͬZͲϬϬϴ ƌŵĞŶŝĂ ϬϰĞƐĞŵďĞƌϮϬϬϲ ϬϰĞƐĞŵďĞƌϮϬϬϲ
Ϯϳ DKϭϰϱ–EŽͬ͘tͬϯϮϲ WĂŬŝƐƚĂŶ ;ŽŶWƌŽŐƌĞƐƐͿ ϭϵDĞŝϮϬϭϳ
Ϯϴ DdKϭϰϳ–EŽ͘ϭϰϳͲϬϳ /ŶĚŽŶĞƐŝĂ ;^ĞƌƚŝĨŝŬĂƚ ϭϵEŽǀĞŵďĞƌϮϬϭϲ 
dƌĂŝŶŝŶŐͿ
Ϯϵ DdKϭϰϳ–EŽ͘^͘ϭϰϳ͘ϬϭϬϬ hŶŝƌŽƉĂ ϮϮ:ƵůŝϮϬϭϱ 
ϯϬ ^ͲϭϬϬ 'ůŽďĂů;^ƵƉƉůŝĞƌͿ ϮϴEŽǀĞŵďĞƌϮϬϭϲ 
ϯϭ K,^^ϭϴϬϬϭͲϮϬϬϳ 'ĂƐ dƵƌďŝŶĞ ŶŐŝŶĞ Θ ϲ&ĞďƵĂƌŝϮϬϭϱ 
WŽǁĞƌ 'ĞŶĞƌĂƚŝŽŶ
ϯϮ /^KϵϬϬϭͲϮϬϬϴ DĂŝŶƚĞŶĂŶĐĞ͕ ZĞƉĂŝƌ Θ ϭEŽǀĞŵďĞƌϮϬϭϰ 
KǀĞƌŚĂƵů^ĞƌǀŝĐĞƐ
ϯϯ /^Kͬ/ϭϳϬϮϱͲϮϬϬϱ >ĂďŽƌĂƚŽƌŝƵŵ<ĂůŝďƌĂƐŝ ϮϬDĂƌĞƚϮϬϭϰ 

150
 EŽ͘ EĂŵĂ^ĞƌƚŝĨŝŬĂƐŝ ZƵĂŶŐ>ŝŶŐŬƵƉ dĂŶŐŐĂů^ĞƌƚŝĨŝŬĂƐŝ ƵĚŝƚDƵƚƵdĞƌĂŬŚŝƌ

ϯϰ /^Kͬ/ϭϳϬϮϬͲϮϬϭϮ Ed ;/ŶƐƉĞĐƚŝŽŶ ŽĚLJ – ϭϲDĂƌĞƚϮϬϭϲ 

dLJƉĞͿ

ϭϰ͘ WE>/d/EEWE'DE'E

^ĞƚŝĂƉ ƚĂŚƵŶŶLJĂ͕ ƐĞĐĂƌĂ ƌƵƚŝŶ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƉĞŶĞůŝƚŝĂŶ ŵĞŶĐĂŬƵƉ ŬĂũŝĂŶ ŵĞŶŐĞŶĂŝ ŵĂŬƌŽ
ĞŬŽŶŽŵŝ͕ƉĞƌŬĞŵďĂŶŐĂŶũƵŵůĂŚƉĞƐĂǁĂƚĚĂŶƉĞƌŵŝŶƚĂĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ͕ƉĞƐĂŝŶŐďŝƐŶŝƐ͕ŵŝƚƌĂƐƚƌĂƚĞŐŝƐ͕
ƉĞƌŬĞŵďĂŶŐĂŶƚƌĞŶƚĞŬŶŽůŽŐŝƐĞďĂŐĂŝďĂŐŝĂŶĚĂƌŝƉƌŽƐĞƐƉĞŶLJƵƐƵŶĂŶƐƚƌĂƚĞŐŝWĞƌƐĞƌŽĂŶ͘

WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ďĞƌŬĞůĂŶũƵƚĂŶ ƐĞůĂůƵ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ƉƌŽĚƵŬ ďĂƌƵ͕ ƚĞƌƵƚĂŵĂ ŵĞŶŐŝŬƵƚŝ
ƉĞƌŬĞŵďĂŶŐĂŶ ƚŝƉĞ ƉĞƐĂǁĂƚ LJĂŶŐ ďĞƌŽƉĞƌĂƐŝ ĚĂŶ ƉĞƌŵŝŶƚĂĂŶ ƉĂƐĂƌ͘ ^ĞƐƵĂŝ ƉĞƌĂƚƵƌĂŶ ĚĂƌŝ ŝƌĞŬƚŽƌĂƚ
<ĞůĂŝŬƵĚĂƌĂĂŶ ĚĂŶ WĞŶŐŽƉĞƌĂƐŝĂŶ WĞƐĂǁĂƚ hĚĂƌĂ ƵŶƚƵŬ ŵĞŶũĂŵŝŶ ŬĞƐĞůĂŵĂƚĂŶ ƉĞŶĞƌďĂŶŐĂŶ͕ ƉƌŽĚƵŬ ďĂƌƵ
LJĂŶŐĚŝŚĂƐŝůŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶŚĂƌƵƐƚĞƌůĞďŝŚĚĂŚƵůƵĚŝƐĞƌƚŝĨŝŬĂƐŝŽůĞŚŽƚŽƌŝƚĂƐ͕LJĂŶŐŵĞŶĐĂŬƵƉŬĞƚĞƌƐĞĚŝĂĂŶ
ƚŽŽůƐ Θ ĞƋƵŝƉŵĞŶƚ͕ ĨĂƐŝůŝƚĂƐ ƉĞŶĚƵŬƵŶŐ͕ ŬĞƚĞƌƐĞĚŝĂĂŶ ŵĂŶƵĂů ƉĞƌĂǁĂƚĂŶ͕ ĚĂŶ ƉĞƌƐŽŶŝů LJĂŶŐ ƚĞƌƐĞƌƚŝĨŝŬĂƐŝ
ŵĞůĂůƵŝƉĞůĂƚŝŚĂŶƐĞŚŝŶŐŐĂĚĂƉĂƚŵĞůĂŬƵŬĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƐĞƐƵĂŝĚĞŶŐĂŶƐƚĂŶĚĂƌƉĂďƌŝŬĂŶ͘

ŝƚĂŚƵŶϮϬϭϰ͕WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶƉĞŶŐĞŵďĂŶŐĂŶƉƌŽĚƵŬďĂƌƵĚŝĂƌĞĂůŝŶĞŵĂŝŶƚĞŶĂŶĐĞƵŶƚƵŬƚŝƉĞƉĞƐĂǁĂƚ
Z:ͲϭϬϬϬ LJĂŶŐ ďĂƌƵ ĚŝŽƉĞƌĂƐŝŬĂŶ ŽůĞŚ 'Zh͘ ^ĞůĂŝŶ ŝƚƵ͕ Ěŝ ƚĂŚƵŶ ŝŶŝ ũƵŐĂ WĞƌƐĞƌŽĂŶ ďĞƌŚĂƐŝů
ŵĞŶŐĞŵďĂŶŐŬĂŶ ƉƌŽĚƵŬ ďĂƌƵ ďĞƌƵƉĂ ƉĞƌĂǁĂƚĂŶ Wh ϭϯϭͲϵ ƵŶƚƵŬ ƉĞƐĂǁĂƚ ϯϮϬ ĚĂŶ Wh ϭϯϭͲϵ ƵŶƚƵŬ
ƉĞƐĂǁĂƚ ϳϯϳE'͘ ŝ ĂƌĞĂ ĐŽŵƉŽŶĞŶƚ ƐĞƌǀŝĐĞƐ ũƵŐĂ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ŵĞŶŐĞŵďĂŶŐŬĂŶ ƉƌŽĚƵŬ ƉĞƌĂǁĂƚĂŶ
ďĞƌďĂŐĂŝŬŽŵƉŽŶĞŶƚĞƌƵƚĂŵĂƵŶƚƵŬƚŝƉĞƉĞƐĂǁĂƚdZϳϮͲϲϬϬĚĂŶϳϳϳ͘WĞƌƐĞƌŽĂŶũƵŐĂďĞƌŚĂƐŝůŵĞŵƉĞƌŽůĞŚ
ƐĞƌƚŝĨŝŬĂƐŝ ƵŶƚƵŬ ĞƐŝŐŶ KƌŐĂŶŝnjĂƚŝŽŶ ƉƉƌŽǀĂů͕ ĚŝŵĂŶĂ ĚĞŶŐĂŶ ĂĚĂŶLJĂ ƐĞƌƚŝĨŝŬĂƐŝ ŝŶŝ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ
ŵĞŶŐĞůƵĂƌŬĂŶƉƌŽĚƵŬďĞƌƵƉĂĚĞƐĂŝŶĚĂŶƐĞƌƚŝĨŝŬĂƐŝƵŶƚƵŬŵŝŶŽƌŵŽĚŝĨŝĐĂƚŝŽŶ͘

ŝ ƚĂŚƵŶ ϮϬϭϱ͕ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ƉƌŽĚƵŬ ďĂƌƵ ƚĞƌƵƚĂŵĂ ƵŶƚƵŬ ƚŝƉĞ ƉĞƐĂǁĂƚ dZ ϳϮͲϲϬϬ
ĚĂŶZ:ͲϭϬϬϬ͕ĚŝŵĂŶĂƉĂĚĂƚĂŚƵŶŝŶŝWĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚƐĞƌƚŝĨŝŬĂƐŝƵŶƚƵŬďĂƐĞŵĂŝŶƚĞŶĂŶĐĞ͘

^ĞŵĞŶƚĂƌĂĚŝƚĂŚƵŶϮϬϭϲ͕WĞƌƐĞƌŽĂŶďĞƌŚĂƐŝůŵĞŶŐĞŵďĂŶŐŬĂŶƉƌŽĚƵŬďĂƌƵďĂŝŬĚŝďĂƐĞ͕ĐŽŵƉŽŶĞŶƚ͕ŵĂƵƉƵŶ
ĞŶŐŝŶĞŵĂŝŶƚĞŶĂŶĐĞ͘WĞƌƐĞƌŽĂŶďĞƌŚĂƐŝůŵĞŶĚĂƉĂƚŬĂŶƐĞƌƚŝĨŝŬĂƐŝƵŶƚƵŬƉƌŽĚƵŬďĂƌƵŽǀĞƌŚĂƵůWh'dWϯϯϭͲ
ϯϱϬĚĂŶŶŐŝŶĞ&DϱϲͲϳĚŝĂƌĞĂĞŶŐŝŶĞŵĂŝŶƚĞŶĂŶĐĞ͘hŶƚƵŬďĂƐĞŵĂŝŶƚĞŶĂŶĐĞ͕WĞƌƐĞƌŽĂŶŵĞŶŐĞŵďĂŶŐŬĂŶ
ƉƌŽĚƵŬ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ϯϯϬ ĚĞŶŐĂŶ ƚŝƉĞ ŵĞƐŝŶ WtϰϬϬϬ ĚĂŶ &ϲ͘ ^ĞůĂŝŶ ŝƚƵ WĞƌƐĞƌŽĂŶ ũƵŐĂ ďĞƌŚĂƐŝů
ŵĞŶŐĞŵďĂŶŐĂŶ ƉƌŽĚƵŬ ƉŽŽůŝŶŐ ĐŽŵƉŽŶĞŶƚ ƉĞƌƚĂŵĂ ƵŶƚƵŬ ƚŝƉĞ ƉĞƐĂǁĂƚ ϳϯϳE'͕ ŵĞŶĂŶĚĂŝ ƚƌĂŶƐĨŽƌŵĂƐŝ
ƉƌŽĚƵŬĐŽŵƉŽŶĞŶƚŵĂŝŶƚĞŶĂŶĐĞŵĞŶũĂĚŝĐŽŵƉŽŶĞŶƚƐĞƌǀŝĐĞƐ͘

ϭϱ͘ ANALISIS MENGENAI DAMPAK LINGKUNGAN (“AMDAL”) 

WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ ƉĞƌƵƐĂŚĂĂŶ ũĂƐĂ LJĂŶŐ ďĞƌŐĞƌĂŬ Ěŝ ďŝĚĂŶŐ ƉĞƌĂǁĂƚĂŶ͕ ƉĞƌďĂŝŬĂŶ͕ ĚĂŶ ŽǀĞƌŚĂƵů ƉĞƐĂǁĂƚ
ƚĞƌďĂŶŐ͕ĚĂůĂŵƐĞƚŝĂƉĂŬƚŝǀŝƚĂƐŶLJĂĂŬĂŶƚĞƌĚĂƉĂƚŚĂnjĂƌĚLJĂŶŐďĞƌƉŽƚĞŶƐŝƚĞƌŚĂĚĂƉŝŶĐŝĚĞŶƚ͕ĂĐĐŝĚĞŶƚ͕ƉĞŶLJĂŬŝƚ
ĂŬŝďĂƚŬĞƌũĂ͕ĚĂŶƉĞŶĐĞŵĂƌĂŶůŝŶŐŬƵŶŐĂŶ͘

ĂůĂŵŵĞŶĚƵŬƵŶŐWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝdŽƉϭϬDZKŝŶƚŚĞtŽƌůĚ͕ƌĂŶŐŬĂŝĂŶŬĞŐŝĂƚĂŶLJĂŶŐĂŬĂŶĚŝůĂŬƵŬĂŶƉĂĚĂ
ϮϬϭϳďĞƌƉĞĚŽŵĂŶŬĞƉĂĚĂƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶĚĂŶƉĞƌƐLJĂƌĂƚĂŶůĂŝŶLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶ<ĞƐĞůĂŵĂƚĂŶĚĂŶ
<ĞƐĞŚĂƚĂŶ<ĞƌũĂƐĞƌƚĂ>ŝŶŐŬƵŶŐĂŶĚŝdĂŚƵŶϮϬϭϳ͕ŵĞůŝƉƵƚŝ͗

ϭ͘ WĞŶĂĂƚĂŶ ƉĞƌĂƚƵƌĂŶ͕ ƉĞƌƵŶĚĂŶŐĂŶ ĚĂŶ  ƉĞƌƐLJĂƌĂƚĂŶ ůĂŝŶŶLJĂ LJĂŶŐ ďĞƌůĂŬƵ ƚĞƌŬĂŝƚ ůŝŶŐŬƵŶŐĂŶ ĚĞŶŐĂŶ
ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŶŐĞůŽůĂĂŶ ůŝŵďĂŚ ĐĂŝƌ͕ ƉĞŶŐĞůŽůĂĂŶ ůŝŵďĂŚ ϯ͕ ƐŚĂƌŝŶŐ ƐĞƐƐŝŽŶ ƚĞƌŬĂŝƚ <ϯ>͕ Ěůů ƐĞƌƚĂ
ŵĞŶŐĞǀĂůƵĂƐŝ ƉĞŶĂĂƚĂŶ ƉĞƌĂƚƵƌĂŶ ƚĞƌƐĞďƵƚ ƵŶƚƵŬ ƐĞůĂŶũƵƚŶLJĂ ĚŝůĂŬƵŬĂŶ ƉĞŶŝůĂŝĂŶͬƉĞŶŐƵŬƵƌĂŶ ƐĞĐĂƌĂ
ďĞƌŬĂůĂƵŶƚƵŬŵĞůŝŚĂƚŬĞďĞƌŚĂƐŝůĂŶŶLJĂ͘
Ϯ͘ ǀĂůƵĂƐŝ ,ĂnjĂƌĚ /ĚĞŶƚŝĨŝĐĂƚŝŽŶ͕ ZŝƐŬ ƐƐĞƐƐŵĞŶƚ͕ Θ ĞƚĞƌŵŝŶŝŶŐ ŽŶƚƌŽů ;,/ZͿ  ĚĂƌŝ ƐĞůƵƌƵŚ ŬĞŐŝĂƚĂŶ
LJĂŶŐĚŝůĂŬƵŬĂŶĚŝWĞƌƐĞƌŽĂŶ͘
ϯ͘ WĞŵĂŶƚĂƵĂŶ ůŝŶŐŬƵŶŐĂŶ ĚĞŶŐĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶŐƵũŝĂŶ ŬƵĂůŝƚĂƐ Ăŝƌ /ŶĚƵƐƚƌŝĂů tĂƐƚĞ tĂƚĞƌ dƌĞĂƚŵĞŶƚ
;/ttdͿĚĞŶŐĂŶŵĞŵĞƌŝŬƐĂŬĂŶŬĞƉĂĚĂůĂďŽƌĂƚŽƌŝƵŵƚĞƌƐƚĂŶĚĂƌŝƐĂƐŝƉĂĚĂƐĞƚŝĂƉďƵůĂŶŶLJĂĚĂŶŵĞůĂŬƵŬĂŶ
ƉĞŶŐƵŬƵƌĂŶŬƵĂůŝƚĂƐƵĚĂƌĂůŝŶŐŬƵŶŐĂŶŬĞƌũĂƐĞƚŝĂƉƐĞŵĞƐƚĞƌŶLJĂ͘
ϰ͘ WĞŶŐĞŶĂůĂŶ^ŝƐƚĞŵDĂŶĂũĞŵĞŶ>ŝŶŐŬƵŶŐĂŶŬĞƉĂĚĂŬĂƌLJĂǁĂŶďĂƌƵ;ŽƌŝĞŶƚĂƚŝŽŶƚƌĂŝŶŝŶŐͿ͘

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ϱ͘ WĞŵĞŶƵŚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶďĞƌŬĂŝƚĂŶ^D<ϯLJĂŶŐŵĞůŝƉƵƚŝ͗
Ă͘ WĞůĂŬƐĂŶĂĂŶ ĂƵĚŝƚ ŝŶƚĞƌŶĂů <ϯ Θ >ŝŶŐŬƵŶŐĂŶ Ěŝ ƐĞůƵƌƵŚ ĚŝŶĂƐ Ěŝ WĞƌƐĞƌŽĂŶ ;ĞŶŐŬĂƌĞŶŐ ŵĂƵƉƵŶ
ŵƵůƚŝďĂƐĞͿĚĂŶ^ƵƌǀĞŝůůĂŶĐĞƵĚŝƚƵŶƚƵŬK,^^ϭϴϬϬϭ͗ϮϬϬϳĚĂŶ/^KϭϰϬϬϭ͗ϮϬϬϰ͘
ď͘ WĞŶŐĞůŽůĂĂŶƉĞƌŝnjŝŶĂŶĚĂŶ/njŝŶ>ŝŶŐŬƵŶŐĂŶƚĞƌŚĂĚĂƉƉĞƌĞŶĐĂŶĂĂŶƉĞŵďĂŶŐƵŶĂŶĨĂƐŝůŝƚĂƐďĂƌƵ͘
Đ͘ WƌŽŐƌĂŵƉĞƌďĂŝŬĂŶƐĂůƵƌĂŶĚĂŶƉĞŶŐĞŵďĂŶŐĂŶ/ŶĚƵƐƚƌŝĂůtĂƐƚĞtĂƚĞƌdƌĞĂƚŵĞŶƚ;/ttdͿ͘
Ě͘ WĞƌĞŶĐĂŶĂĂŶĚĂŶƉĞŵďƵĂƚĂŶƐƵŵƵƌƌĞƐĂƉĂŶ͘
Ğ͘ WĞŶŐĞůŽůĂĂŶŬŽŵƉŽƐWĞƌƐĞƌŽĂŶ͘
Ĩ͘ WĞŵĂŶƚĂƵĂŶƉĞůĂŬƐĂŶĂĂŶĚĂƵƌƵůĂŶŐ,ĂůŽŶ͘
Ő͘ dƵƌƵƚƐĞƌƚĂĚĂůĂŵŬĞŐŝĂƚĂŶĂƌƚŚ,ŽƵƌ'ĂƌƵĚĂ'ƌŽƵƉ͘
Ś͘ WĞůĂŬƐĂŶĂĂŶĞǀĞŶƚƵůĂŶ<ϯ͘

EŽ͘ ^ƵŵďĞƌĂŵƉĂŬ ĞŶƚƵŬhƉĂLJĂWĞŶŐĞůŽůĂĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ
ϭ͘ ŝƌƵĂŶŐĂŶ/ŶĚƵƐƚƌŝ;/ͿĂŶŐďĞƌĂƐĂůĚĂƌŝ • WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵƉƵŶLJĂŝƵŶŝƚƉĞŶŐŽůĂŚůŝŵďĂŚĐĂŝƌ
ŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůĚŝWĞƌƐĞƌŽĂŶ͘ ŝŶĚƵƐƚƌLJ͕LJĂŝƚƵ/ttd͘
• WĞŶŐƵŬƵƌĂŶƉ,ĂŝƌďƵĂŶŐĂŶŝŶĚƵƐƚƌŝƐĞƚŝĂƉŚĂƌŝ͘
• WĞŶŐƵŬƵƌĂŶŬƵĂůŝƚĂƐĂŝƌůŝŵďĂŚ͕ďĞŬĞƌũĂƐĂŵĂĚĞŶŐĂŶƉŝŚĂŬ
ŬĞƚŝŐĂ͕ƐĞƚŝĂƉďƵůĂŶ͘,ĂƐŝůƉĞŶŐƵŬƵƌĂŶŬƵĂůŝƚĂƐĂŝƌďƵĂŶŐĂŶ
ŝŶĚƵƐƚƌŝƚĞůĂŚŵĞŵĞŶƵŚŝďĂŬƵŵƵƚƵLJĂŶŐƚĞůĂŚĚŝƚĞŶƚƵŬĂŶ͘
Ϯ͘ dŝŵďƵůĂŶůŝŵďĂŚϯLJĂŶŐďĞƌĂƐĂůĚĂƌŝ • WĞŶLJŝŵƉĂŶĂŶůŝŵďĂŚϯ͗WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵƉƵŶLJĂŝdW^
ŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůƉĞŵĞůŝŚĂƌĂĂŶĚĂŶ ůŝŵďĂŚϯLJĂŶŐďĞƌĂĚĂĚŝƐĐƌĂƉĂƌĞĂ͘
ƉĞƌďĂŝŬĂŶƉĞƐĂǁĂƚƚĞƌďĂŶŐ͕ƐĞƌƚĂƐĂƌĂŶĂ • /njŝŶƉĞŶLJŝŵƉĂŶĂŶƐĞŵĞŶƚĂƌĂ͗WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶĚĂƉĂƚŬĂŶ
ƉĞŶƵŶũĂŶŐŬĞŐŝĂĂŶLJĂŶŐŵĞŶŝŵďƵůŬĂŶůŝŵďĂŚ ŝnjŝŶƉĞŶLJŝŵƉĂŶĂŶƐĞŵĞŶƚĂƌĂůŝŵďĂŚϯĚĂƌŝŝŶĂƐ>ŝŐŬƵŶŐĂŶ
ϯ ,ŝĚƵƉ<ŽƚĂdĂŶŐĞƌĂŶŐ͘
• /njŝŶƉĞŶŐĂŶŐŬƵƚĂŶůŝŵďĂŚϯ͗WĞƌƐĞƌŽĂŶďĞŬĞƌũĂƐĂŵĂĚĞŶŐĂŶ
ƉŝŚĂŬŬĞƚŝŐĂLJĂŶŐƚĞůĂŚŵĞŵŝůŝŬŝŝnjŝŶƚƌĂŶƐƉŽƌƚĞƌĂŶŐŬƵƚĂŶ
ůŝŵďĂŚϯĚĂŶŵĞŵŝůŝŬŝŝnjŝŶĚĂƌŝ<>,<Z/ƵŶƚƵŬŵĞŶŐĞůŽůĂ
ůŝŵďĂŚϯ͘
ϯ͘ dŝŵďƵůĂŶƐĂŵƉĂŚĚŽŵĞƐƚŝŬLJĂŶŐďĞƌĂƐĂůĚĂƌŝ • dĞƌĚĂƉĂƚdW^ƐĂŵƉĂŚĚŽŵĞƐƚŝŬƵŶƚƵŬŵĞŶĂŵƉƵŶŐƐĂŵƉĂŚ
ŬĞŐŝĂƚĂŶĚŽŵĞƐƚŝŬĚŝĂƌĞĂWĞƌƐĞƌŽĂŶ͘ LJĂŶŐĚŝŚĂƐŝůŬĂŶĚŝŵĂƐŝŶŐͲŵĂƐŝŶŐĂƌĞĂ͘
• ^ĂŵƉĂŚĂŬĂŶĚŝĂŶŐŬƵƚƉĞƚƵŐĂƐŬĞďĞƌƐŝŚĂŶƵŶƚƵŬĚŝďƵĂŐŬĞ
dW^ZĂǁĂ<ƵĐŝŶŐ͘
ϰ͘ WĞŶƵƌƵŶĂŶŬƵĂůŝƚĂƐƵĚĂƌĂLJĂŶŐďĞƌĂƐĂůĚĂƌŝ • dĞƌƐĞĚŝĂŶLJĂĂůĂƚƉĞŶŐĞŶĚĂůŝƉĞŶĐĞŵĂƌĂŶƵĚĂƌĂĚĞŶŐĂŶ
ŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůLJĂŶŐŵĞŶŝŵďƵůŬĂŶ ŵĞŶŐŐƵŶĂŬĂŶƉĂŝŶƚƐƉƌĂLJƚŚLJĂŶŐĚŝůĞŶŐŬĂƉŝĚĞŶŐĂŶŐĂƐ
ĚĞďƵ͕ŐĂƐďƵĂŶŐ͕ĚĂŶĞŵŝƐŝďĂŚĂŶďĂŬĂƌĂǀƚƵƌ ĞdžŚĂƵƐƚĚĂŶǁĞƚƐĐƌƵďďĞƌƵŶƚƵŬŵĞŶŐĞŶĚĂůŝŬĂŶĂĞƌŽƐŽůĚĂƌŝ
ƐĞƌƚĂŵŽďŝůŝƐĂƐŝŬĞŶĚĂƌĂĂŶ͘ ƌƵĂŶŐŬĞƌũĂƉƌŽƐĞƐƉĂŝŶƚŝŶŐ͘
• dĞƌƐĞĚŝĂŶLJĂƐŝƌŬƵůĂƐŝƵĚĂƌĂLJĂŶŐŵĞŵĂĚĂŝĚŝƐĞƚŝĂƉƌƵĂŶŐ
ŬĞƌũĂ͘
• WĞŵĂŶƚĂƵĂŶŬƵĂůŝƚĂƐƵĚĂƌĂ͕ďĂŝŬƵĚĂƌĂĚŝůŝŶŐŬƵŶŐĂŶŬĞƌũĂ
ŵĂƵƉƵŶĚŝƵĚĂƌĂďĞďĂƐ;ĂŵďŝĞŶͿ͘
ϱ͘ <ĞďŝƐŝŶŐĂŶLJĂŶŐďĞƌĂƐĂůĚĂƌŝŬĞŐŝĂƚĂŶĚŝ • WĞŵĂŶƚĂƵĂŶůŝŶŐŬƵŶŐĂŶ͕LJĂŝƚƵƉĞŶŐƵŬƵƌĂŶŬĞďŝƐŝŶŐĂŶĚŝĂƌĞĂ
ůŝŶŐŬƵŶŐĂŶĂƌĞĂƉĞŵĞůŝŚĂƌĂĂŶĚĂŶƉĞƌďĂŝŬĂŶ ŬĞƌũĂ͘
ƉĞƐĂǁĂƚƚĞƌďĂŶŐ͘ • WĞŶŝŶŐŬĂƚĂŶƉĞƌĂǁĂƚĂŶŵĞƐŝŶƉĂĚĂƌƵĂŶŐĂŶŬĞƌũĂLJĂŶŐ
ŵĞŶŝŵďƵůŬĂŶďŝƐŝŶŐƐĞĐĂƌĂďĞƌŬĂůĂ͘
• WĞŶŐĂǁĂƐĂŶƚĞƌŚĂĚĂƉƉĞŶŐŐƵŶĂĂŶĂůĂƚƉĞůŝŶĚƵŶŐƚĞůŝŶŐĂ͘
• WĞŶĂŶĂŵĂŶƉŽŚŽŶďĞƌĚĂƵŶƌŝŶĚĂŶŐƐĞƉĞƌƚŝƉŽŚŽŶŬĞƚĂƉĂŶŐ͕
ƚĂŶũƵŶŐ͕ƐĞƌƚĂƚĂŶĂŵĂŶůĂŝŶŶLJĂƵŶƚƵŬŵĞƌĞĚƵŬƐŝŐĂƐĚĂŶ
ĚĞďƵƉĂĚĂůĂŚĂŶƚĞƌďƵŬĂŚŝũĂƵƵŶƚƵŬŵĞŶŐƵƌĂŶŐŝŝŶƚĞŶƐŝƚĂƐ
ŬĞďŝƐŝŶŐĂŶĚŝůŝŶŐŬƵŶĂŐŶƐĞŬŝƚĂƌ͘
ϲ͘ WĞŶŝŶŐŬĂƚĂŶƐƵƌĨĂĐĞƌƵŶŽĨĨĚŝŬĂƌĞŶĂŬĂŶ • ŝƌŚƵũĂŶƚĞůĂŚĚŝƐĂůƵƌŬĂŶŬĞƐĂůƵƌĂŶĚƌĂŝŶĂƐĞĚĂŶƚŝĚĂŬĂĚĂ
ŬĞŐŝĂƚĂŶƉĞƌŬĞƌĂƐĂŶůĂŚĂŶ͕LJĂŶŐƐĞŵƵůĂ ƐĂůƵƌĂŶLJĂŶŐƚĞƌƐƵŵďĂƚ͘
ŬŽƐŽŶŐŵĞŶũĂĚŝůĂŚĂŶƚĞƌďĂŶŐƵŶLJĂŶŐ • tĂĚƵŬĂŝƌ;ƌĞƐĞƌǀŽŝƌͿƚĞƚĂƉĚŝƉĞƌƚĂŚĂŶŬĂŶ͘
ŵĞŶŝŵďƵůŬĂŶďĞƌŬƵƌĂŶŐŶLJĂƌĞƐĂƉĂŶĂŝƌŬĞ
ĚĂůĂŵƚĂŶĂŚ͘
ϳ͘ ĂŶŐŬŝƚĂŶůĂůƵůŝŶƚĂƐLJĂŶŐďĞƌƐƵŵďĞƌĚĂƌŝ • DĞůĂŬƵŬĂŶƐŽƐŝĂůŝƐĂƐŝƚĞƌŚĂĚĂƉŬĂƌLJĂǁĂŶĂŐĂƌŝŬƵƚƐĞƌƚĂ
ƉĞƌŐĞƌĂŬĂŶŬĞŶĚĂƌĂĂŶĂŶŐŬƵƚĂŶŬĂƌLJĂǁĂŶ͘ ŵĞŶĐŝƉƚĂŬĂŶƚĞƌƚŝďůĂůƵůŝŶƚĂƐĚŝĚĂůĂŵŬĂǁĂƐĂŶWĞƌƐĞƌŽĂŶ͘
• WĞŶĂŵďĂŚĂŶƌĂŵďƵůĂůƵůŝŶƚĂƐĚŝũĂůƵƌũĂůĂŶƐĞŬŝƚĂƌůŽŬĂƐŝ
ŬĞŐŝĂƚĂŶ͘
• ĚĂŶLJĂůĂŚĂŶƉĂƌŬĞƌƵŶƚƵŬŬĞŶĚĂƌĂĂŶƌŽĚĂĞŵƉĂƚĚĂŶƌŽĚĂ
ĚƵĂLJĂŶŐŵĞŵĂĚĂŝ͘


152
EŽ͘ ^ƵŵďĞƌĂŵƉĂŬ ĞŶƚƵŬhƉĂLJĂWĞŶŐĞůŽůĂĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ
ϴ͘ dŝŵďƵůĂŶƐĐƌĂƉLJĂŶŐďĞƌƐƵŵďĞƌĚĂƌŝŬĞŐŝĂƚĂŶ • >ŝŵďĂŚƉĂĚĂƚŬĂƚĞŐŽƌŝƐĐƌĂƉĚŝƚĂŵƉƵŶŐƉĂĚĂůŽŬĂƐŝŬŚƵƐƵƐĚŝ
ƉĞŵĞůŝŚĂƌĂĂŶĚĂŶƉĞƌďĂŝŬĂŶƉĞƐĂǁĂƚ ůŽŬĂƐŝƐĐƌĂƉĂƌĞĂƐĞďĞůƵŵĚŝĂŶŐŬƵƚĚĂŶĚŝũƵĂůŬĞƉŝŚĂŬŬĞƚŝŐĂ
ƚĞƌďĂŶŐ͘ LJĂŶŐŵĞŵďƵƚƵŚŬĂŶ͘
• ^ĐƌĂƉĂŬĂŶĚŝĂŶŐŬƵƚƉŝŚĂŬŬĞƚŝŐĂƵŶƚƵĚŝĚĂƵƌƵůĂŶŐĚĂŶ
ĚŝŵĂŶĨĂĂƚŬĂŶƵŶƚƵŬƚƵũƵĂŶůĂŝŶ͘
ϵ͘ 'ĂŶŐŐƵĂŶŬĞƐĞŚĂƚĂŶƉĞŬĞƌũĂ • WĞŐĂǁĂŝƚĞůĂŚŵĞŶŐŐƵŶĂŬĂŶWƐĞƐƵĂŝĚĞŶŐĂŶŬĞďƵƚƵŚĂŶ
ĂƌĞĂŬĞƌũĂŵĂƐŝŶŐͲŵĂƐŝŶŐ͘
• WĞŶŝŶŐŬĂƚĂŶƉĞŶŐĞůŽůĂĂŶŬĞƐĞŚĂƚĂŶƚĞŶĂŐĂŬĞƌũĂŵĞůĂůƵŝ
ƉĞŶĞƌĂƉĂŶ^ŝƐƚĞŵDĂŶĂũĞŵĞŶ<ϯ͘
• dĞůĂŚĚŝůĂŬƵŬĂŶƉĞŵĞƌŝŬƐĂĂŶŬĞƐĞŚĂƚĂŶďĞƌŬĂůĂĚŝůĂŬƵŬĂŶ
ƐĞƐƵĂŝĚĞŶŐĂŶŬĞďƵƚƵŚĂŶƉĂĚĂĂƌĞĂŬĞƌũĂŵĂƐŝŶŐͲŵĂƐŝŶŐ͘
• :ĂŵŝŶĂŶŬĞƐĞŚĂƚĂŶƉĞŬĞƌũĂĚĂŶŬĞůƵĂƌŐĂƚĞůĂŚĚŝďĞƌŝŬĂŶƐĞƐƵĂŝ
ĚĞŶŐĂŶĂƚƵƌĂŶƉĞƌƵƐĂŚĂĂŶ͘
• :ĂŵŝŶĂŶŬĞĐĞůĂŬĂĂŶŬĞƌũĂĚĂƌŝũĂŵƐŽƐƚĞŬĚŝďĞƌŝŬĂŶŬĞƉĂĚĂ
ƐĞůƵƌƵŚƉĞŬĞƌũĂ͘
• <ĞƌũĂƐĂŵĂĚĞŶŐĂŶĚŽŬƚĞƌĂƚĂƵƚĞŶĂŐĂŵĞĚŝƐƚĞůĂŚĚŝůĂŬƵŬĂŶ
ĚĞŶŐĂŶƉĞŵďĞƌŝĂŶũĂŵŝŶĂŶŬĞƐĞŚĂƚĂŶƉĞŬĞƌũĂĚĂŶŬĞůƵĂƌŐĂ͘

ĚĂƉƵŶƉĞƌŝnjŝŶĂŶĚŝďŝĚĂŶŐůŝŶŐŬƵŶŐĂŶŚŝĚƵƉLJĂŶŐĚŝƉĞƌŽůĞŚWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

EŽ͘ >ŽŬĂƐŝ ^ƵƌĂƚWĞƌƐĞƚƵũƵĂŶƚĂƐŽŬƵŵĞŶD>ͬhW>ĂŶh<>ͬWW>
ϭ͘ WĞƌƐĞƌŽĂŶ ^ĞƌƚŝĨŝŬĂƐŝ/^KϭϰϬϬϭ͗ϮϬϬϰ^ŝƐƚĞŵDĂŶĂũĞŵĞŶ>ŝŶŐŬƵŶŐĂŶ
Ϯ͘ dW^>ŝŵďĂŚϯ /njŝŶWĞŶLJŝŵƉĂŶĂŶ^ĞŵĞŶƚĂƌĂ>ŝŵďĂŚϯ

ĚĂƉƵŶ ƌŝŶĐŝĂŶ ĚĂŶĂ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ WĞƌƐĞƌŽĂŶ ĂƚĂƐ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶŐĞůŽůĂĂŶ ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ
ƐĞƉĂŶũĂŶŐƚŝŐĂƚĂŚƵŶƚĞƌĂŬŚŝƌĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵh^Ϳ
ϯϭĞƐĞŵďĞƌ
EŽ͘ <ĞƚĞƌĂŶŐĂŶ
ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ
ϭ͘ WĞŶŐĂŶŐŬƵƚĂŶůŝŵďĂŚϯ ϭϵ͘ϱϱϴ ϭϭ͘ϴϴϮ ϲ͘ϴϳϵ
Ϯ͘ KƉĞƌĂƐŝŽŶĂů/ttd ϭ͘ϲϬϳ ϭ͘ϰϰϲ ϭ͘ϯϬϮ
ϯ͘ WĞŶŐƵŬƵƌĂŶŬƵĂůŝƚĂƐůŝŶŐŬƵŶŐĂŶ ϵ͘ϭϵϲ ϯ͘ϵϴϬ Ϯ͘ϳϱϴ
ϰ͘ >ĂŝŶŶLJĂ Ͳ Ϯ͘ϴϭϲ Ͳ
 dŽƚĂů ϯϬ͘ϯϲϭ ϮϬ͘ϭϮϰ ϭϬ͘ϵϯϴ

ϭϲ͘ dE''hE':t^K^/>WZh^,E

WĞůĂŬƐĂŶĂĂŶ ŽƌƉŽƌĂƚĞ ^ŽĐŝĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ;^ZͿ ŵĞƌƵƉĂŬĂŶ ŬŽŵŝƚŵĞŶ ĚĂŶ ůĂŶŐŬĂŚ ƐƚƌĂƚĞŐŝƐ WĞƌƐĞƌŽĂŶ
ĚĂůĂŵ ŵĞŶũĂŐĂ ƉĞƌƚƵŵďƵŚĂŶ ĚĂŶ ŬĞďĞƌůĂŶŐƐƵŶŐĂŶ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ ĞŶŐĂŶ ǀŝƐŝ ŵĞǁƵũƵĚŬĂŶ ƚĂŶŐŐƵŶŐ
ũĂǁĂď ƐŽƐŝĂů WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĂŝŬ ƵŶƚƵŬ ŵĞǁƵũƵĚŬĂŶ ǀŝƐŝ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ƉƌŝŶƐŝƉ ƚŝŐĂ ƉŝůĂƌ
ƉĞŵďĂŶŐƵŶĂŶ ďĞƌŬĞůĂŶũƵƚĂŶ ;ƉƌŽĨŝƚ͕ ƉĞŽƉůĞ͕ ĂŶĚ ƉůĂŶĞƚͿ ĚĞŶŐĂŶ ŵĞŶŐŝŶƚĞŐƌĂƐŝŬĂŶ ƚŝĂƉ ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ ďŝƐŶŝƐ
LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ͘ WĞƌƐĞƌŽĂŶ ŵĞLJĂŬŝŶŝ ďĂŚǁĂ ĚĞŶŐĂŶ ƉĞŶĚĞŬĂƚĂŶ LJĂŶŐ ƐĞŝŵďĂŶŐ ĂŶƚĂƌĂ ŬŝŶĞƌũĂ ĞŬŽŶŽŵŝ͕
ŬŝŶĞƌũĂ ůŝŶŐŬƵŶŐĂŶ͕ ĚĂŶ ŬŝŶĞƌũĂ ƐŽƐŝĂů ĂŬĂŶ ŵĞŶĚƵŬƵŶŐ ƉĞƌĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƉĞŵďĂŶŐƵŶĂŶ LJĂŶŐ
ďĞƌŬĞůĂŶũƵƚĂŶ͘

WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ŬŽŶƐŝƐƚĞŶ ŵĞůĂŬƐĂŶĂŬĂŶ ŬĞŐŝĂƚĂŶ ^Z ƐĞďĂŐĂŝ ǁƵũƵĚ ĂƉƌĞƐŝĂƐŝ ĚĂŶ ƵƉĂLJĂ ƉĞŶĚĞŬĂƚĂŶ Ěŝƌŝ
ŬĞƉĂĚĂ ŬŽŵƵŶŝƚĂƐ ĚĂůĂŵ ƌĂŶŐŬĂ ƉĞŶŐƵĂƚĂŶ ĞŬŽŶŽŵŝ ŵĂƐLJĂƌĂŬĂƚ ĚĂŶ ůŝŶŐŬƵŶŐĂŶ ƐĞŬŝƚĂƌ͘ <ĞŐŝĂƚĂŶ ƚĞƌƐĞďƵƚ
ŵĞƌƵƉĂŬĂŶ ďĞŶƚƵŬ ŝŶǀĞƐƚĂƐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ ĚƵŬƵŶŐĂŶ ƉĞŶƵŚ ĚĂƌŝ ŵĂƐLJĂƌĂŬĂƚ ĚĂůĂŵ ŚĂů
ŬĞůĂŶŐƐƵŶŐĂŶ ƵƐĂŚĂ͘ ĞŶŐĂŶ ŵŝƐŝ ŵĞŶũĂůĂŶŬĂŶ ƉƌŽŐƌĂŵ ^Z LJĂŶŐ ŵĂŵƉƵ ŵĞŵďĞƌŝŬĂŶ ĚĂŵƉĂŬ LJĂŶŐ
ďĞƌŬĞůĂŶũƵƚĂŶŬĞƉĂĚĂƐƚĂŬĞŚŽůĚĞƌƐƐĞƐƵĂŝĚĞŶŐĂŶƐƚĂŶĚĂƌŝŶƚĞƌŶĂƐŝŽŶĂů;/^KϮϲϬϬϬͿ͕ŬĞŐŝĂƚĂŶ^ZWĞƌƐĞƌŽĂŶ
ŵĞŶĐĂŬƵƉ ƉƌŽŐƌĂŵ ƉĞůĞƐƚĂƌŝĂŶ ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ͕ ƉƌŽŐƌĂŵ ďŝĚĂŶŐ ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ ŬĞƐĞŚĂƚĂŶ ĚĂŶ
ŬĞƐĞůĂŵĂƚĂŶ ŬĞƌũĂ͕ ƉƌŽŐƌĂŵ ƉĞŶŐĞŵďĂŶŐĂŶ ƐŽƐŝĂů ĚĂŶ ŬĞŵĂƐLJĂƌĂŬĂƚĂŶ͕ ĚĂŶ ƉƌŽŐƌĂŵ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ
ƚĂŶŐŐƵŶŐũĂǁĂďŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͘






153
^ĞĐĂƌĂ ƵŵƵŵ͕ ƉĞůĂŬƐĂŶĂĂŶ ƉƌŽŐƌĂŵ ^Z WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶŐĂĐƵ ƉĂĚĂ ŬĞƚĞŶƚƵĂŶ ŚƵŬƵŵ LJĂŶŐ ďĞƌůĂŬƵ͕
ĂŶƚĂƌĂůĂŝŶhŶĚĂŶŐͲhŶĚĂŶŐEŽŵŽƌϰϬdĂŚƵŶϮϬϬϳdĞŶƚĂŶŐWĞƌƐĞƌŽĂŶdĞƌďĂƚĂƐ͖WĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚEŽŵŽƌ
ϰϳdĂŚƵŶϮϬϭϮdĞŶƚĂŶŐdĂŶŐŐƵŶŐ:ĂǁĂď^ŽƐŝĂůĚĂŶ>ŝŶŐŬƵŶŐĂŶWĞƌƐĞƌŽĂŶdĞƌďĂƚĂƐ͖WĞƌĂƚƵƌĂŶDĞŶƚĞƌŝEĞŐĂƌĂ
ĂĚĂŶ hƐĂŚĂ DŝůŝŬ EĞŐĂƌĂ EŽŵŽƌ WZͲϬϵͬDhͬϬϳͬϮϬϭϲ ƚĞŶƚĂŶŐ WƌŽŐƌĂŵ <ĞŵŝƚƌĂĂŶ ĚĂŶ ŝŶĂ >ŝŶŐŬƵŶŐĂŶ
ĂĚĂŶ hƐĂŚĂ DŝůŝŬ EĞŐĂƌĂ͘ WĂĚĂ ĚĂƐĂƌŶLJĂ͕ ƉĞůĂŬƐĂŶĂĂŶ ^Z ŝŶŝ ĚŝƌĂŶĐĂŶŐ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƚƵũƵĂŶ
ƉĞŵďĂŶŐƵŶĂŶďĞƌŬĞůĂŶũƵƚĂŶLJĂŶŐďĞƌƉƌŝŶƐŝƉŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶƐĂĂƚŝŶŝ͕ƚĂŶƉĂŵĞŶŐĂďĂŝŬĂŶŚĂŬŐĞŶĞƌĂƐŝ
ŵĞŶĚĂƚĂŶŐ͘

dĂŶŐŐĂů
EŽ͘ :ĞŶŝƐ<ĞŐŝĂƚĂŶ WĞŶĞƌŝŵĂ EŝůĂŝEŽŵŝŶĂů^Z <ĞƚĞƌĂŶŐĂŶ
WĞŶLJĞƌĂŚĂŶ
ϭ͘ WƌŽŐƌĂŵ /ŶƚĞƌŶĂů dĂŚƵŶϮϬϭϲ WĞŵĂŶĨĂĂƚĂŶŐĂƐ ^ƚŽŬŐĂƐ,ĂůŽŶLJĂŶŐďĞůƵŵ
WĞŶŐĞůŽůĂĂŶ'ĂƐ WĞƌƐĞƌŽĂŶ  ,ĂůŽŶƵŬƵƌĂŶϭ͘Ϯϭϭ ĚŝͲƌĞĐLJĐůĞƵŶƚƵŬƵŬƵƌĂŶ
,ĂůŽŶ  ƐĞďĂŶLJĂŬϲϯŬŐ͕ĚĂŶ ϭ͘ϯϬϭƐĞũƵŵůĂŚϮϳ͘ϯϴϮŬŐ
 'ĂƐ,ĂůŽŶƵŬƵƌĂŶ ƐĞďĂŶLJĂŬϰϯϯƵŶŝƚ͕ĚĂŶŐĂƐ
 ϭ͘ϯϬϭƐĞďĂŶLJĂŬϭ͘ϯϬϭ ŚĂůŽŶƵŬƵƌĂŶϭ͘ϮϭϭƐĞũƵŵůĂŚ
 ƐĞďĂŶLJĂŬϰϮŬŐ ϴϮ͕ϱŬŐƐĞďĂŶLJĂŬϮϬƵŶŝƚ
dƌŝǁƵůĂŶ/dĂŚƵŶ WĞŵĂŶĨĂĂƚĂŶϭϬϬŬŐ ^ƚŽŬŐĂƐ,ĂůŽŶLJĂŶŐďĞůƵŵ
ϮϬϭϳ ŐĂƐ,ĂůŽŶƵŬƵƌĂŶ ĚŝͲƌĞĐLJĐůĞƵŶƚƵŬƵŬƵƌĂŶ
ϭ͘ϮϭϭĚĂŶϭ͘ϬϲϰŬŐ ϭ͘ϯϬϭƐĞũƵŵůĂŚϮϲ͘ϵϭϳ͕ϱŬŐ
,ĂůŽŶϭ͘ϯϬϭ͘ ƐĞďĂŶLJĂŬϰϭϮƵŶŝƚ͕ĚĂŶŐĂƐ
 ŚĂůŽŶƵŬƵƌĂŶϭ͘ϮϭϭƐĞũƵŵůĂŚ
ϵϱŬŐƐĞďĂŶLJĂŬϮϯƵŶŝƚ
Ϯ͘ WƌŽŐƌĂŵ'ƌĞĞŶ /ŶƚĞƌŶĂů ^ĞƚŝĂƉďƵůĂŶ  WĞŶŐƵũŝĂŶŬƵĂůŝƚĂƐĂŝƌ
ƵŝůĚŝŶŐ WĞƌƐĞƌŽĂŶĚĂŶ  /ŶĚƵƐƚƌŝĂůtĂƐƚĞtĂƚĞƌ
 ŵĂƐLJĂƌĂŬĂƚ  dƌĞĂƚŵĞŶƚ
ƐĞŬŝƚĂƌ  
^ĞƚŝĂƉƐĞŵĞƐƚĞƌ WĞŶŐƵŬƵƌĂŶŬƵĂůŝƚĂƐƵĚĂƌĂ
ůŝŶŐŬƵŶŐĂŶŬĞƌũĂ
ϯ͘ ĂƌƚŚ,ŽƵƌ  ^ĞƚŝĂƉƚĂŚƵŶ  
ϰ͘ <ƵŶũƵŶŐĂŶWƵďůŝŬ /ŶƐƚĂŶƐŝ dĂŚƵŶϮϬϭϲ ϴ͘ϰϴϲŽƌĂŶŐ͕ 
 ƐĞŬŽůĂŚĚĂŶ  ŵĞŶĐĂŬƵƉϲ͘ϰϯϬƐŝƐǁĂ
ƉĞƌŐƵƌƵĂŶ  d<͕^͕^DW͕ĚĂŶ^D͕
ƚŝŶŐŐŝ  ƐĞƌƚĂϮ͘ϬϱϲŵĂŚĂŝƐǁĂ
 ƉĞƌŐƵƌƵĂŶƚŝŶŐŐŝ
 
 ϭ͘ϴϯϯŽƌĂŶŐ͕
dƌŝǁƵůĂŶ/dĂŚƵŶ ŵĞŶĐĂŬƵƉϭϲϴϳƐŝƐǁĂ
ϮϬϭϳ d<͕^͕^DW͕ĚĂŶ^D͕
ƐĞƌƚĂϭϰϲŵĂŚĂŝƐǁĂ
ƉĞƌŐƵƌƵĂŶƚŝŶŐŐŝ
ϱ͘ WƌŽŐƌĂŵDĂŐĂŶŐ ^ŝƐǁĂ dĂŚƵŶϮϬϭϲ ϱϭϰƐŝƐǁĂĚĂƌŝ 
 ^Dͬ^D<  ^Dͬ^D<ĚĂŶϲϭϵ 
ĂƚĂƵ  ŵĂŚĂŝƐǁĂƉĞƌŐƵƌƵĂŶ
ŵĂŚĂƐŝƐǁĂ  ƚŝŶŐŐŝ͘
ƉĞƌŐƵƌƵĂŶ  
ƚŝŶŐŐŝĚŝ  
ƐĞůƵƌƵŚ dƌŝǁƵůĂŶ/dĂŚƵŶ ϮϱϰŽƌĂŶŐƐŝƐǁĂ
/ŶĚŽŶĞƐŝĂ ϮϬϭϳ ^Dͬ^D<ĚĂŶϮϭϴ
ŵĂŚĂƐŝƐǁĂƉĞƌŐƵƌƵĂŶ
ƚŝŶŐŐŝ
ϲ͘ WƌŽŐƌĂŵ&ŝůĂŶƚƌŽĨŝ /ŶƚĞƌŶĂů dĂŚƵŶϮϬϭϲ ZƉϭ͘ϭϲϭ͘ϲϮϭ͘ϭϲϰ͕Ͳ 
 WĞƌƐĞƌŽĂŶĚĂŶ  ƵŶƚƵŬŵĂƐLJĂƌĂŬĂƚĚŝ 
ŵĂƐLJĂƌĂŬĂƚĚŝ  ůŝŶŐŬƵŶŐĂŶƐĞŬŝƚĂƌ 
ůŝŶŐŬƵŶŐĂŶ  ďĂŶĚĂƌĂ͖ 
ƐĞƉƵƚĂƌ  ZƉϮ͘ϭϮϯ͘ϰϬϬ͘ϬϬϬ͕Ͳ 
ďĂŶĚĂƌĂ  ƵŶƚƵŬŬĞŐŝĂƚĂŶ 
 ŝŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶ 
  
dĂŚƵŶϮϬϭϳ ZƉϭϭϳ͘ϯϰϭ͘ϵϳϬ͕ƵŶƚƵŬ 
ŬĞŐŝĂƚĂŶƐŽƐŝĂů 
ŬĞŵĂƐLJĂƌĂŬĂƚĂŶ͖ 
ZƉϰϵ͘ϭϱϱ͘ϬϬϬ͕ͲƵŶƚƵŬ 

154
 dĂŶŐŐĂů
EŽ͘ :ĞŶŝƐ<ĞŐŝĂƚĂŶ WĞŶĞƌŝŵĂ EŝůĂŝEŽŵŝŶĂů^Z <ĞƚĞƌĂŶŐĂŶ
WĞŶLJĞƌĂŚĂŶ
ŬĞŐŝĂƚĂŶŬĂƌLJĂǁĂŶΘ 
<ϯ 
     
ϳ͘ WƌŽŐƌĂŵZƵƚŝŶ <ĂƌLJĂǁĂŶ dĂŚƵŶϮϬϭϲ ZƉϱϰ͘Ϭϯϭ͘ϬϬϬ͕Ͳ
ŽŶŽƌĂƌĂŚ WĞƌƐĞƌŽĂŶ ;ϰdžͬƚĂŚƵŶͿ 
 
dƌŝǁƵůĂŶ/dĂŚƵŶ ZƉϭϭ͘ϲϬϬ͘ϬϬϬ͕Ͳ͖
ϮϬϭϳ ϰϲϱŬĂŶƚŽŶŐĚĂƌĂŚ
ϴ͘ WƌŽŐƌĂŵdƌĂŝŶŝŶŐ  dĂŚƵŶϮϬϭϲ ϭϴϱƚƌĂŝŶŝŶŐLJĂŶŐ WĞŶŐĞŵďĂŶŐĂŶƉƌŽŐƌĂŵ
  ĚŝďĞƌŝŬĂŶŬĞƉĂĚĂ ƚƌĂŝŶŝŶŐĚŝůĂŬƐĂŶĂŬĂŶďĂŝŬ
 ϯ͘ϳϲϴƉĞƐĞƌƚĂ LJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝ
  ƉƌŽĚƵŬƚŝǀŝƚĂƐƉĞƌĂǁĂƚĂŶ
dƌŝǁƵůĂŶ/dĂŚƵŶ ϭϵϰƚƌĂŝŶŝŶŐLJĂŶŐ ƉĞƐĂǁĂƚƐĞĐĂƌĂůĂŶŐƐƵŶŐ
ϮϬϭϳ ĚŝďĞƌŝŬĂŶŬĞƉĂĚĂ ŵĂƵƉƵŶLJĂŶŐďĞƌƐŝĨĂƚ
ϯ͘ϰϴϭƉĞƐĞƌƚĂ ŵĞŶĚƵŬƵŶŐŬĞůĂŶĐĂƌĂŶ
ŽƉĞƌĂƐŝŽŶĂůƉĞƌƵƐĂŚĂĂŶ͘
ϵ͘ WƌŽŐƌĂŵĂƐŝĐ WĞŐĂǁĂŝ dĂŚƵŶϮϬϭϲ ϭϮϳŽƌĂŶŐƐŝƐǁĂD 
ŝƌĐƌĂĨƚ WĞƌƐĞƌŽĂŶ ůƵůƵƐĂŶϯͬ^ϭ
DĂŝŶƚĞŶĂŶĐĞ ůƵůƵƐĂŶ^D<
;DͿĚĂŶĂƐŝĐ ĚĂŶϯͬ^ϭ
ŝƌĐƌĂĨƚdĞĐŚŶŝĐĂů
<ŶŽǁůĞĚŐĞ;d<Ϳ

ϭϬ͘ WƌŽŐƌĂŵ<ϯ    WĞůĂŬƐĂŶĂĂŶƐĂĨĞƚLJƉĂƚƌŽů͕
 ƐĂĨĞƚLJŝŶĚƵĐƚŝŽŶ͕ƉĞŶŐĞůŽůĂĂŶ
ůŝŵďĂŚ͕ƉĞŶŐĞůŽůĂĂŶƐĂĨĞƚLJ
ƉĞƌĨŽƌŵĂŶĐĞ͕ƐĞƌƚĂĞǀĂůƵĂƐŝ
ƐĞƉĞƌƚŝ,ĂnjĂƌĚ
/ŶĚĞŶƚŝĨŝĐĂƚŝŽŶ͕ZŝƐŬ
ƐƐĞƐƐŵĞŶƚ͕ΘĞƚĞƌŵŝŶŝŶŐ
ŽŶƚƌŽů;,/ZͿ

DE:DE WZ^ZKE DEzd<E ,t d/< dZWd <EZhE'E zE' ^/'E/&/<E
>DWZKh<^/͕WE:h>E͕WZ^/E͕E͕E,Z'WE:h>E^:<d,hEh<hdZ<,/Z
zE' Wd DDWE'Zh,/ <'/dE h^, E WZK^W< <hE'E WZ^ZKE͕ ^>/E &<dKZ
Z/^/<KzE'/>hZ<E>/WZ^ZKE^'/DEd>,/hE'<W<EW&<dKZZ/^/<K͘

^d/W <EZhE'E͕ <d/<W^d/E͕ WZD/EdE͕ <KD/dDE͕ dh WZ/^d/t zE' Wd
/<d,h/ zE' Wd DDWE'Zh,/ ^Z ^/'E/&/<E WE:h>E Z^/, dh WEWdE
h^,͕ WEWdE Z/ KWZ^/ Z:>E͕ WZK&/d/>/d^͕ >/<h//d^ dh ^hDZ DK>͕ dh
WZ/^d/tzE'<EDEz<E/E&KZD^/<hE'EzE'/>WKZ<Ed/<Wd/:/<E
/E/<^/d^,^/>KWZ^/dh<KE/^/<hE'ED^DEdE'͕d>,/hE'<W<E^'/
&<dKZZ/^/<KzE'Z/>hZ<E>/WZ^ZKE͕^'/DEd>,/hE'<W<EW
&<dKZZ/^/<K͘


155
/y͘ <dZE'EdEdE'/Eh^dZ/

WZdhZEͬZ'h>^/dEdE'/Eh^dZ/

/ŶĚƵƐƚƌŝ WĞŶĞƌďĂŶŐĂŶ ƐĞĐĂƌĂ ƉƌŝŶƐŝƉ ĂĚĂůĂŚ ƐĞƉĞƌĂŶŐŬĂƚ ƐŝƐƚĞŵ ƚƌĂŶƐƉŽƌƚĂƐŝ ďĞƐĞƌƚĂ ƉĞŶĚƵŬƵŶŐŶLJĂ LJĂŶŐ
ďĞƌƚƵũƵĂŶ  ŵĞŵŝŶĚĂŚŬĂŶ ƐƵĂƚƵ ŽďLJĞŬ ĚĂƌŝ ƐĂƚƵ ƚĞŵƉĂƚ ŬĞ ƚĞŵƉĂƚ ůĂŝŶ ŵĞůĂůƵŝ ƵĚĂƌĂ ƐĞĐĂƌĂ ĂŵĂŶ͘ /ŶĚƵƐƚƌŝ
ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚŵĞŵŝůŝŬŝƉĞƌĂŶĂŶLJĂŶŐƐĂŶŐĂƚƉĞŶƚŝŶŐĚĂůĂŵŵĞŶũĂŐĂŬĞƐĞůĂŵĂƚĂŶĚĂŶŬĞďĞƌůĂŶŐƐƵŶŐĂŶ
ŝŶĚƵƐƚƌŝƉĞŶĞƌďĂŶŐĂŶ͕ƐĞŚŝŶŐŐĂŝŶĚƵƐƚƌŝŝŶŝƐĂŶŐĂƚƐĂƌĂƚĚĞŶŐĂŶĂƚƵƌĂŶ͘

^ĞĐĂƌĂƵŵƵŵ͕ƉĞůĂŬƵƵƚĂŵĂ/ŶĚƵƐƚƌŝƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƚĞƌďĂŶŐƚĞƌďĂŐŝŵĞŶũĂĚŝϯ͕LJĂŝƚƵWĞŵďƵĂƚWĞƐĂǁĂƚ
dĞƌďĂŶŐ ;DĂŶƵĨĂĐƚƵƌĞƌͿ͕ WĞŶŐŽƉĞƌĂƐŝ WĞƐĂǁĂƚ dĞƌďĂŶŐ ;KƉĞƌĂƚŽƌͿ͕ ĚĂŶ WĞƌĂǁĂƚĂŶ WĞƐĂǁĂƚ dĞƌďĂŶŐ
;DĂŝŶƚĞŶĂŶĐĞKƌŐĂŶŝnjĂƚŝŽŶͿ͘DĂƐŝŶŐͲŵĂƐŝŶŐƉĞůĂŬƵƵƚĂŵĂƚĞƌƐĞďƵƚŵĞŵƉƵŶLJĂŝƉĞƌĂŶƉŽŬŽŬƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ϭ͘ DĂŶƵĨĂĐƚƵƌĞƌ͕ ďĞƌŬĞǁĂũŝďĂŶ ŵĞŵƉƌŽĚƵŬƐŝ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ ĚĂůĂŵ ŬŽŶĚŝƐŝ ůĂŝŬ ƚĞƌďĂŶŐ ĚĂŶ
ŵĞŶŐĞůƵĂƌŬĂŶ ƉĂŶĚƵĂŶ ƉĞƌĂǁĂƚĂŶ ďĞƌƵƉĂ ĚŽŬƵŵĞŶ͕ ƉĞŵďĞƌŝƚĂŚƵĂŶ͕ ďƵůůĞƚŝŶ͕ ĚĂŶ ĚŽŬƵŵĞŶ ůĂŝŶŶLJĂ
LJĂŶŐĚŝŐƵŶĂŬĂŶŽůĞŚŽƉĞƌĂƚŽƌĚĂůĂŵŵĞůĂŬƵŬĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƚĞƌďĂŶŐ͕
Ϯ͘ KƉĞƌĂƚŽƌ͕ďĞƌŬĞǁĂũŝďĂŶŵĞŶũĂŐĂƉĞƐĂǁĂƚƚĞƌďĂŶŐĚĂůĂŵŬŽŶĚŝƐŝůĂŝŬƚĞƌďĂŶŐƐĞĐĂƌĂďĞƌŬĞůĂŶũƵƚĂŶ͕
ϯ͘ DĂŝŶƚĞŶĂŶĐĞ KƌŐĂŶŝnjĂƚŝŽŶ͕ ŵĞƌƵƉĂŬĂŶ ƚĞŵƉĂƚ ĚŝůĂŬƐĂŶĂŬĂŶŶLJĂ ĂŬƚŝǀŝƚĂƐ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ
ƐĞďĂŐĂŝƉĞƌǁƵũƵĚĂŶŬĞǁĂũŝďĂŶŽƉĞƌĂƚŽƌĚĂůĂŵŵĞŶũĂŐĂŬĞůĂŝŬĂŶƚĞƌďĂŶŐƉĞƐĂǁĂƚƐĞĐĂƌĂďĞƌŬĞůĂŶũƵƚĂŶ͘




'ĂŵďĂƌWĞůĂŬƵhƚĂŵĂ/ŶĚƵƐƚƌŝWĞŶĞƌďĂŶŐĂŶ

^ĞůƵƌƵŚ ĂŬƚŝǀŝƚĂƐ ŝŶĚƵƐƚƌŝ ƉĞŶĞƌďĂŶŐĂŶ /ŶĚŽŶĞƐŝĂ ĚĂůĂŵ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ ĚŝĂƚƵƌ ĚĂŶ ĚŝŬĞůŽůĂ ŽůĞŚ ZĞŐƵůĂƚŽƌ
LJĂŶŐĚĂůĂŵŚĂůŝŶŝĂĚĂůĂŚƉĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚŝďĂǁĂŚ<ĞŵĞŶƚĞƌŝĂŶWĞƌŚƵďƵŶŐĂŶ͕ůĞďŝŚƚĞƉĂƚŶLJĂ
ŝƌĞŬƚŽƌĂƚ:ĞŶĚĞƌĂůWĞƌŚƵďƵŶŐĂŶhĚĂƌĂ͘

WĞƌĂŶĚĂŶĞŬƐŝƐƚĞŶƐŝŵĂŝŶƚĞŶĂŶĐĞŽƌŐĂŶŝnjĂƚŝŽŶŵĞŶũĂĚŝƐĂŶŐĂƚǀŝƚĂůĚĂůĂŵŵĞŶũĂŐĂŬĞůĂŝŬĂŶƚĞƌďĂŶŐƉĞƐĂǁĂƚ
ƐĞĐĂƌĂďĞƌŬĞůĂŶũƵƚĂŶ͕ŚĂůŝŶŝƐĞƐƵĂŝĚĞŶŐĂŶLJĂŶŐĚŝŵĂŶĚĂƚŬĂŶŽůĞŚhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϭdĂŚƵŶϮϬϬϵdĞŶƚĂŶŐ
WĞŶĞƌďĂŶŐĂŶ͕ LJĂŶŐ ŵĂŶĂ ƉĂƐĂů ϰϳ ĂLJĂƚ ;ϭͿ͘ď͘ ŵĞŶLJĞďƵƚŬĂŶ ďĂŚǁĂ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ ŚĂŶLJĂ ďŽůĞŚ
ĚŝůĂŬƵŬĂŶ ƐĂůĂŚ ƐĂƚƵŶLJĂ Ěŝ ďĂĚĂŶ ŚƵŬƵŵ ŽƌŐĂŶŝƐĂƐŝ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƵĚĂƌĂ LJĂŶŐ ƚĞůĂŚ ŵĞŵŝůŝŬŝ ƐĞƌƚŝĨŝŬĂƚ
ŽƌŐĂŶŝƐĂƐŝƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ;ƉƉƌŽǀĞĚDĂŝŶƚĞŶĂŶĐĞKƌŐĂŶŝnjĂƚŝŽŶͿ͘

WĞƌĂƚƵƌĂŶ ĚĞƚĂŝů ŵĞŶŐĞŶĂŝ ƉĞƌƐLJĂƌĂƚĂŶ ĚĂŶ ƉĞŶŐĞůŽůĂĂŶ ƉƉƌŽǀĞĚ DĂŝŶƚĞŶĂŶĐĞ KƌŐĂŶŝnjĂƚŝŽŶ ĚŝĂƚƵƌ ĚĂůĂŵ
WĞƌĂƚƵƌĂŶ <ĞƐĞůĂŵĂƚĂŶ WĞŶĞƌďĂŶŐĂŶ ^ŝƉŝů ĂŐŝĂŶ ϭϰϱ ;ŝǀŝů ǀŝĂƚŝŽŶ ^ĂĨĞƚLJ ZĞŐƵůĂƚŝŽŶ ĐŚĂƉƚĞƌ ϭϰϱͿ͘ ĂůĂŵ
^ZϭϰϱƚĞƌƐĞďƵƚŵĞŶŐĂƚƵƌƚĞŶƚĂŶŐďĂŐŝŵĂŶĂĐĂƌĂŵĞŶĚĂƉĂƚŬĂŶƉĞƌƐĞƚƵũƵĂŶĂƚĂƵƐĞƌƚŝĨŝŬĂƚDK͕ƉĞƌĂƚƵƌĂŶ
LJĂŶŐ ŚĂƌƵƐ ĚŝŝŬƵƚŝ ŽůĞŚ ƉĞŵĞŐĂŶŐ ƐĞƌƚŝĨŝŬĂƚ DK ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ŬŝŶĞƌũĂŶLJĂ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ
ƉĞŵĞůŝŚĂƌĂĂŶͬƉĞƌĂǁĂƚĂŶ͕ƉĞŵĞůŝŚĂƌĂĂŶƉƌĞǀĞŶƚŝĨ͕ĂƚĂƵŵŽĚŝĨŝŬĂƐŝĚĂƌŝƐĞďƵĂŚƉĞƐĂǁĂƚ͕ĂŝƌĨƌĂŵĞ͕ĞŶŐŝŶĞĚĂŶ
ĐŽŵƉŽŶĞŶƚ͘






156
/Eh^dZ/DZKE:E/^>zEEDZK

DĂŝŶƚĞŶĂŶĐĞ͕ZĞƉĂŝƌ͕ĂŶĚKǀĞƌŚĂƵů;DZKͿĚĂƉĂƚĚŝĚĞĨŝŶŝƐŝŬĂŶƐĞďĂŐĂŝ ƐĞŵƵĂ ƚŝŶĚĂŬĂŶLJĂŶŐŵĞŵŝůŝŬŝƚƵũƵĂŶ
ŵĞŵƉĞƌƚĂŚĂŶŬĂŶĂƚĂƵŵĞŶŐĞŵďĂůŝŬĂŶƐƵĂƚƵďĂƌĂŶŐŬĞƉĂĚĂŬŽŶĚŝƐŝĚŝŵĂŶĂŝĂĚĂƉĂƚŵĞůĂŬƵŬĂŶĨƵŶŐƐŝŬĞƌũĂ
LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ ƉĂĚĂ ƚŝŶŐŬĂƚ ŬĞŚĂŶĚĂůĂŶ ĚĂŶ ŬĞƐĞůĂŵĂƚĂŶ LJĂŶŐ ĚŝŝŶŐŝŶŬĂŶ͘ dŝŶĚĂŬĂŶ ƚĞƌƐĞďƵƚ ŵĞůŝƉƵƚŝ
ŬŽŵďŝŶĂƐŝ ďĞƌďĂŐĂŝ ĂŬƚŝĨŝƚĂƐ ƚĞŬŶŝƐ ŵĂƵƉƵŶ ŶŽŶ ƚĞŬŶŝƐ LJĂŶŐ ŵĞůŝƉƵƚŝ ĂĚŵŝŶŝƐƚƌĂƚŝĨ͕ ŵĂŶĂũĞƌŝĂů͕ ĚĂŶ ƚŝŶĚĂŬĂŶ
ƉĞŶŐĂǁĂƐĂŶ͘

/ŶĚƵƐƚƌŝDZKŵĞƌƵƉĂŬĂŶŝŶĚƵƐƚƌŝLJĂŶŐďĞƌŐĞƌĂŬĚŝĚĂůĂŵĂŬƚŝǀŝƚĂƐƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƐĞďĂŐĂŝƉĞƌƉĂŶũĂŶŐĂŶ
ƚĂŶŐĂŶ ŽƉĞƌĂƚŽƌ ĚĂůĂŵ ŵĞŶũĂŐĂ ŬĞůĂŝŬĂŶ ƚĞƌďĂŶŐƉĞƐĂǁĂƚ ƐĞĐĂƌĂ ďĞƌŬĞůĂŶũƵƚĂŶ LJĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐƚĂŶĚĂƌ
ŽƚŽƌŝƚĂƐ ƉĞŶĞƌďĂŶŐĂŶ͘ ^ĞŐŵĞŶ ƉƌŽĚƵŬ ĚĂŶ ůĂLJĂŶĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƚĞƌďĂŶŐ ƵŵƵŵŶLJĂ ƚĞƌďĂŐŝ ŵĞŶũĂĚŝ
ƉĞƌĂǁĂƚĂŶ  ůŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ͕ ďĂƐĞ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĐŽŵƉŽŶĞŶƚ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĚĂŶ ĞŶŐŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ LJĂŶŐ
ĚŝĚƵŬƵŶŐŽůĞŚŬĞŵĂŵƉƵĂŶƉĞŶƵŶũĂŶŐůĂŝŶŶLJĂ͘

ϭ͘ >ŝŶĞDĂŝŶƚĞŶĂŶĐĞ
>ŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ŵĞƌƵƉĂŬĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ŬĞƚŝŬĂ ƉĞƐĂǁĂƚ ďĞƌŽƉĞƌĂƐŝ͘ >ŝŶĞ
ŵĂŝŶƚĞŶĂŶĐĞ ĚŝĂǁĂůŝ ŬĞƚŝŬĂ ƉĞƐĂǁĂƚ ĂŬĂŶ ŵĞŶũĂůĂŶŝ ƉĞŶĞƌďĂŶŐĂŶ ƐĞƚŝĂƉ ŚĂƌŝŶLJĂ͘ >ŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ
ĚŝůĂŬƐĂŶĂŬĂŶĚŝĂƉƌŽŶ͘
•  ĞĨŽƌĞĞƉĂƌƚƵƌĞŚĞĐŬ͕ŵĞƌƵƉĂŬĂŶƉĞƌĂǁĂƚĂŶLJĂŶŐĚŝůĂŬƐĂŶĂŬĂŶƐĞďĞůƵŵƉĞƐĂǁĂƚŵĞůĂŬƐĂŶĂŬĂŶ
ƉĞŶĞƌďĂŶŐĂŶƉĞƌĚĂŶĂĚŝƚŝĂƉŚĂƌŝŶLJĂ͘
•  dƌĂŶƐŝƚ ŚĞĐŬ͕ ŵĞƌƵƉĂŬĂŶ ŬĞŐŝĂƚĂŶ ƉĞŵĞƌŝŬƐĂĂŶ ƐĞĐĂƌĂ ǀŝƐƵĂů ƵŶƚƵŬ ĂŝƌĨƌĂŵĞ͕ ĞŶŐŝŶĞ ĚĂŶ ůĂŶĚŝŶŐ
ŐĞĂƌ ĚĂŶ ŵĞŵĂƐƚŝŬĂŶ ŬĞƌƵƐĂŬĂŶ LJĂŶŐ ĚŝƚĞŵƵŬĂŶ ĂƚĂƵ LJĂŶŐ ĚŝůĂƉŽƌŬĂŶ ƉĂĚĂ ƉĞŶĞƌďĂŶŐĂŶ
ƐĞďĞůƵŵŶLJĂ ƚĞůĂŚ ĚŝƉĞƌďĂŝŬŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬŽŶĚŝƐŝ ƐĞŵƵůĂ͘ WĞƌĂǁĂƚĂŶ ŝŶŝ ĚŝůĂŬƵŬĂŶ ƚŝĂƉ ŬĂůŝ
ƉĞƐĂǁĂƚƚƌĂŶƐŝƚĚĂƌŝƐĂƚƵďĂŶĚĂƌĂŬĞďĂŶĚĂƌĂůĂŝŶŶLJĂ͘
•  ĂŝůLJ ŚĞĐŬ͕ ŵĞƌƵƉĂŬĂŶ ŬĞŐŝĂƚĂŶ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ŵĞůŝƉƵƚŝ ƉĞŵĞƌŝŬƐĂĂŶ ƐĞĐĂƌĂ ŵĞŶLJĞůƵƌƵŚ͕
ƉĞŵĞƌŝŬƐĂĂŶ ƐĞĐĂƌĂ ǀŝƐƵĂů ĚĂŶ ŵĞŶĐĂƚĂƚ ĂĚĂŶLJĂ ŬĞƚŝĚĂŬͲƐĞƐƵĂŝĂŶ ĂƉĂďŝůĂ ĚŝƚĞŵƵŬĂŶ͕ ŵĞŵĂƐƚŝŬĂŶ
ƐĞůƵƌƵŚ ďĂŐŝĂŶ ƉĞƐĂǁĂƚ ƚĞƌƉĂƐĂŶŐ ĚĞŶŐĂŶ ĂŵĂŶ͕ ŵĞŵĂƐƚŝŬĂŶ ĨůƵŝĚĂ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ďĞƌĂĚĂ ƉĂĚĂ
ůĞǀĞů LJĂŶŐ ƐĞŚĂƌƵƐŶLJĂ͕ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŶŐĞĐĞŬĂŶ ƐŝƐƚĞŵ ƐĞĐĂƌĂ ŽƉĞƌĂƐŝŽŶĂů  ĚĂŶ ŵĞůĂŬƵŬĂŶ
ƚŝŶũĂƵĂŶ ƚĞƌŚĂĚĂƉ ďƵŬƵ ĐĂƚĂƚĂŶ ƉĞƌĂǁĂƚĂŶ ƉĞƐĂǁĂƚ ƚĞƌŬĂŝƚ͘ ĂŝůLJ ŚĞĐŬ ƵŵƵŵŶLJĂ ĚŝůĂŬƐĂŶĂŬĂŶ
ƉĂĚĂŵĂůĂŵŚĂƌŝƐĞƚĞůĂŚƉĞŶĞƌďĂŶŐĂŶƚĞƌĂŬŚŝƌĚĂůĂŵƐĂƚƵŚĂƌŝƚĞƌƐĞďƵƚ͘
•  ͲŚĞĐŬ ďĞƌĂƌƚŝ ƉĞƌĂǁĂƚĂŶ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞƚĞůĂŚ ƉĞƐĂǁĂƚ ŵĞŶĐĂƉĂŝ ϯϬϬͲϲϱϬ ũĂŵ ƚĞƌďĂŶŐ
ƚĞƌŐĂŶƚƵŶŐũĞŶŝƐƉĞƐĂǁĂƚŶLJĂ͘WĞƌĂǁĂƚĂŶͲŚĞĐŬŵĞůŝƉƵƚŝŬĞůĂŝŬĂŶŵĞƐŝŶ͕ƐŝƐƚĞŵ͕ŬŽŵƉŽŶĞŶ͕ĚĂŶ
ƐƚƌƵŬƚƵƌƉĞƐĂǁĂƚƵŶƚƵŬďĞƌŽƉĞƌĂƐŝ͘

Ϯ͘ ĂƐĞDĂŝŶƚĞŶĂŶĐĞ
ĂƐĞ ŵĂŝŶƚĞŶĂŶĐĞ ŵĞƌƵƉĂŬĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚLJĂŶŐĚŝůĂŬƐĂŶĂŬĂŶĚŝŚĂŶŐĂƌ ƐĞŚŝŶŐŐĂŵĞŶLJĞďĂďŬĂŶ
ƉĞƐĂǁĂƚƚŝĚĂŬĚĂƉĂƚďĞƌŽƉĞƌĂƐŝ͘
• ͲŚĞĐŬ ĞƌĂƌƚŝ ƉĞƌĂǁĂƚĂŶ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞƚŝĂƉ ϭϱͲϮϭ ďƵůĂŶ ĂƚĂƵ ƐĞƚĞůĂŚ ƉĞƐĂǁĂƚ ŵĞŶĐĂƉĂŝ
ϰ͘ϬϬϬͲϲ͘ϱϬϬũĂŵƚĞƌďĂŶŐ;ƵŶƚƵŬƉĞƐĂǁĂƚLJĂŶŐŵĞŵŝůŝŬŝŬŽŶĨŝŐƵƌĂƐŝŬĂďŝŶϭůŽƌŽŶŐͿ͕ƐĞƌƚĂƐĞƚŝĂƉϮϰͲϯϲ
ďƵůĂŶ ĂƚĂƵ ƐĞƚĞůĂŚ ƉĞƐĂǁĂƚ ŵĞŶĐĂƉĂŝ ϴ͘ϬϬϬͲϭϬ͘ϬϬϬ ũĂŵ ƚĞƌďĂŶŐ ;ƵŶƚƵŬ ƉĞƐĂǁĂƚ LJĂŶŐ ŵĞŵŝůŝŬŝ
ŬŽŶĨŝŐƵƌĂƐŝ ŬĂďŝŶ ůĞďŝŚ ĚĂƌŝ ϭ ůŽƌŽŶŐͿ͕ ƚĞƌŐĂŶƚƵŶŐ ũĞŶŝƐ ƉĞƐĂǁĂƚŶLJĂ͘ WĞƌĂǁĂƚĂŶ ͲŚĞĐŬ ůĞďŝŚ
ŬŽŵƉƌĞŚĞŶƐŝĨƚĞƌŵĂƐƵŬƐƚƌƵŬƚƵƌƉĞƐĂǁĂƚ͘ 
• ͲŚĞĐŬ ďĞƌĂƌƚŝ ƉĞƌĂǁĂƚĂŶ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞƚŝĂƉ ĞŶĂŵ ƚĂŚƵŶ ĂƚĂƵ ƐĞƚĞůĂŚ ƉĞƐĂǁĂƚ ŵĞŶĐĂƉĂŝ
Ϯϰ͘ϬϬϬͲϮϴ͘ϬϬϬ ũĂŵ ƚĞƌďĂŶŐ͕ ƚĞƌŐĂŶƚƵŶŐ ũĞŶŝƐ ƉĞƐĂǁĂƚŶLJĂ͘ WĞƌĂǁĂƚĂŶ ͲŚĞĐŬ ŵĞŶĐĂŬƵƉ ƐĞůƵƌƵŚ
ƉĞŬĞƌũĂĂŶLJĂŶŐĚŝůĂŬƐĂŶĂŬĂŶƉĂĚĂͲŚĞĐŬƐĞƌƚĂŵĞŶĞŬĂŶŬĂŶƉĂĚĂƐŝƐƚĞŵ͕ƐƚƌƵŬƚƵƌĚĂŶŬĂďŝŶ͘

ϯ͘ ŽŵƉŽŶĞŶƚDĂŝŶƚĞŶĂŶĐĞ
ŽŵƉŽŶĞŶƚ ŵĂŝŶƚĞŶĂŶĐĞ ŵĞŶĐĂŬƵƉ ŬĞŐŝĂƚĂŶ ŝŶƐƉĞŬƐŝ͕ ƚĞƐ͕ ƉĞƌďĂŝŬĂŶ͕ ŵŽĚŝĨŝŬĂƐŝ ĚĂŶ ŽǀĞƌŚĂƵů ƵŶƚƵŬ
ŬŽŵƉŽŶĞŶ ƉĞƐĂǁĂƚ͕ ďĂŝŬ LJĂŶŐ ƚĞƌũĂĚǁĂů ŵĂƵƉƵŶ ƚŝĚĂŬ ƚĞƌũĂĚǁĂů͘ :ĞŶŝƐ ŬŽŵƉŽŶĞŶ LJĂŶŐ ĚŝƌĂǁĂƚ
ĚŝĐŽŵƉŽŶĞŶƚƐŚŽƉŵĞůŝƉƵƚŝ͗
• ^ŝƐƚĞŵĂǀŝŽŶŝĐ͕ƚĞƌŵĂƐƵŬŝŶĞƌƚŝĂůŶĂǀŝŐĂƚŝŽŶĐŽŵƉŽŶĞŶƚ͕ĨůŝŐŚƚŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵĐŽŵƉŽŶĞŶƚ͕ĨůŝŐŚƚ
ƌĞĐŽƌĚĞƌ ƐLJƐƚĞŵ ĐŽŵƉŽŶĞŶƚ͕ Ăŝƌ ĚĂƚĂ ƐLJƐƚĞŵ ĐŽŵƉŽŶĞŶƚ͕ ĐĂďŝŶ ĞŶƚĞƌƚĂŝŶŵĞŶƚ ƐLJƐƚĞŵ ĐŽŵƉŽŶĞŶƚ͕
ƌĂĚĂƌ͕ƌĂĚŝŽŶĂǀŝŐĂƚŝŽŶƐLJƐƚĞŵĐŽŵƉŽŶĞŶƚ͕ĚĂŶĐŽŵŵƵŶŝĐĂƚŝŽŶƐLJƐƚĞŵĐŽŵƉŽŶĞŶƚ͘
• ^ŝƐƚĞŵĞůĞŬƚƌŝŬĂů͕ƚĞƌŵĂƐƵŬĂĐƚƵĂƚŽƌ͕ŐĞŶĞƌĂƚŽƌ͕ŵŽƚŽƌ͕ďĂƚƚĞƌLJ͕ŬŽŶƚĂŬƚŽƌ͕ƌĞůĂLJ͘
• ^ŝƐƚĞŵŚŝĚƌŽůŝŬ͕ƚĞƌŵĂƐƵŬƉŽŵƉĂŚŝĚƌŽůŝŬ͕ĂŬƚƵĂƚŽƌŚŝĚƌŽůŝŬ͕ŵŽƚŽƌŚŝĚƌŽůŝŬ͕ĚĂŶŚLJĚƌĂƵůŝĐƌĞƐĞƌǀŽĂƌ͘

157
 •  ^ŝƐƚĞŵ ƉŶĞƵŵĂƚŝŬ͕ ƚĞƌŵĂƐƵŬ Ăŝƌ ŵŽƚŽƌ͕ ƉƌĞƐƐƵƌĞ ƌĞŐƵůĂƚŽƌ Θ ĐŽŶƚƌŽůůĞƌ͕ ƉŶĞƵŵĂƚŝĐ ĚƌŝǀĞ ƵŶŝƚ͕ Ăŝƌ
ǀĂůǀĞ͕ĞŶŐŝŶĞƐƚĂƌƚĞƌĂŝƌƚƵƌďŝŶĞ͘
•  >ĂŶĚŝŶŐŐĞĂƌΘǁŚĞĞůďƌĂŬĞ͕
•  ŵĞƌŐĞŶĐLJĞƋƵŝƉŵĞŶƚ͕ƚĞƌŵĂƐƵŬƐůŝĚĞƌĂĨƚ͕ŽdžLJŐĞŶďŽƚƚůĞ͕ƌĞƐĞƌǀŽŝƌ͕ƐƵƌǀŝǀĂůŬŝƚ͕ůŝĨƌĂĨƚ͕ĞƐĐĂƉĞƐůŝĚĞ͕
ĨŝƌĞĞdžƚŝŶŐƵŝƐŚĞƌ͕ŽdžLJŐĞŶŵĂƐŬ͘

ϰ͘ ŶŐŝŶĞDĂŝŶƚĞŶĂŶĐĞ
ŶŐŝŶĞ ŵĂŝŶƚĞŶĂŶĐĞ ŵĞƌƵƉĂŬĂŶ ƉĞƌĂǁĂƚĂŶ ƚĞƌŚĂĚĂƉ ĞŶŐŝŶĞ ƉĞƐĂǁĂƚ͕ ďĂŝŬ ƐĞĐĂƌĂ ƚĞƌũĂĚǁĂů ;ƵŶƚƵŬ
ŵĞŵĂƐƚŝŬĂŶ ƉĞƌĨŽƌŵĂ ĞŶŐŝŶĞͿ ŵĂƵƉƵŶ ƚŝĚĂŬ ƚĞƌũĂĚǁĂů ;ŬĂƌĞŶĂ ĂĚĂŶLJĂ ŐĂŶŐŐƵĂŶ ƐĞůĂŵĂ ƉĞŶĞƌďĂŶŐĂŶͿ
ĂŐĂƌƐĞƐƵĂŝĚĞŶŐĂŶƐƚĂŶĚĂƌƌĞŐƵůĂƐŝĚĂŶƌĞŬŽŵĞŶĚĂƐŝĚĂƌŝŵĂŶƵĨĂĐƚƵƌĞƌ͘

WĞƌĂǁĂƚĂŶŝŶŝƚĞƌďĂŐŝĚĂůĂŵĚƵĂŬĂƚĞŐŽƌŝ͕LJĂŝƚƵŽŶͲǁŝŶŐ;ĚŝůĂŬƵŬĂŶŬĞƚŝŬĂŬŽŶĚŝƐŝŵĞƐŝŶƚĞƌƉĂƐĂŶŐƉĂĚĂ
ƉĞƐĂǁĂƚ͕ŵĞƌƵƉĂŬĂŶƚŝƉĞƉĞƌĂǁĂƚĂŶƌŝŶŐĂŶͿĚĂŶŽĨĨͲǁŝŶŐ;ĚŝůĂŬƵŬĂŶĚŝǁŽƌŬƐŚŽƉĚĞŶŐĂŶŵĞůĞƉĂƐŵĞƐŝŶ
ĚĂƌŝƉĞƐĂǁĂƚ͕ŵĞƌƵƉĂŬĂŶƚŝƉĞƉĞƌĂǁĂƚĂŶƐĞĚĂŶŐŚŝŶŐŐĂďĞƌĂƚͿ͘

ŝƐŶŝƐDZKŵĞƌƵƉĂŬĂŶďŝƐŶŝƐLJĂŶŐďĞƌďĂƐŝƐŬĞƐĞůĂŵĂƚĂŶ;ƐĂĨĞƚLJͿƐĞŚŝŶŐŐĂƐĂŶŐĂƚďĞƌŐĂŶƚƵŶŐŬĞƉĂĚĂƌĞŐƵůĂƐŝ
ƐĞŚŝŶŐĂ ƌĞůĂƚŝĨ ƚĞƌďĂƚĂƐ ĚĂůĂŵ ďĞƌŝŶŽǀĂƐŝ͘ ^ĞĐĂƌĂ ƵŵƵŵ͕ ŬĂƌĂŬƚĞƌŝƐƚŝŬ ďŝƐŶŝƐ DZK ĂŶƚĂƌĂ ůĂŝŶ ŵĞƌƵƉĂŬĂŶ
ŝŶĚƵƐƚƌŝ LJĂŶŐ ŵĞŶŐŐƵŶĂŬĂŶ ƚĞŬŶŽůŽŐŝ ƚŝŶŐŐŝ͕ ƚĞƌŝŬĂƚ ƉĞƌĂƚƵƌĂŶ ƌĞŐƵůĂƐŝ LJĂŶŐ ŬĞƚĂƚ͕ ƌĞůĂƚŝĨ ƐƚĂďŝů ƚĞƌŚĂĚĂƉ
ƉĞƌƵďĂŚĂŶŵĂŬƌŽĞŬŽŶŽŵŝ͘^ĞĚĂŶŐŬĂŶƐƚƌƵŬƚƵƌďŝĂLJĂĚĂƌŝďŝƐŶŝƐDZK͕ĚŝƉĞŶŐĂƌƵŚŝƐĞĐĂƌĂƐŝŐŶŝĨŝŬĂŶŽůĞŚďŝĂLJĂ
ƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂĚĂŶďŝĂLJĂŵĂƚĞƌŝĂůͬƐƵďŬŽŶƚƌĂŬ͘

^dd/^d/</Eh^dZ/DZK

WĞƐĂƚŶLJĂƉĞƌƚƵŵďƵŚĂŶŝŶĚƵƐƚƌŝƉĞŶĞƌďĂŶŐĂŶĚŝ/ŶĚŽŶĞƐŝĂŵĞŵďƵŬĂƉĞůƵĂŶŐƵƐĂŚĂĐƵŬƵƉďĞƐĂƌƉĂĚĂŝŶĚƵƐƚƌŝ
ƉĞƌĂǁĂƚĂŶĚĂŶƉĞƌďĂŝŬĂŶƉĞƐĂǁĂƚĂƚĂƵĚŝƐĞďƵƚŵĂŝŶƚĞŶĂŶĐĞ͕ƌĞƉĂŝƌ͕ĂŶĚŽǀĞƌŚĂƵů;DZKͿ͘

ĞƌĚĂƐĂƌŬĂŶŚĂƐŝůƐƚƵĚŝDZKƉĞƌEŽǀĞŵďĞƌϮϬϭϲ͕ŝŶĚƵƐƚƌŝĂǀŝĂƐŝĚŝĚƵŶŝĂĚŝƉĞƌŬŝƌĂŬĂŶĂŬĂŶƚƵŵďƵŚƐĞŝƌŝŶŐ
ĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶũƵŵůĂŚƉĞƐĂǁĂƚƵĚĂƌĂ LJĂŶŐĚŝŽƉĞƌĂƐŝŬĂŶ͘:ƵŵůĂŚƉĞƐĂǁĂƚĚŝĚƵŶŝĂ ƚƵŵďƵŚĚĂƌŝϯϯ͘ϮϰϬ
ƉĞƐĂǁĂƚĚŝƚĂŚƵŶϮϬϭϳŵĞŶũĂĚŝϯϵ͘ϵϮϰƉĞƐĂǁĂƚĚŝƚĂŚƵŶϮϬϮϭĚĞŶŐĂŶŶŝůĂŝ'Zϰ͘ϳй͘

^ĞŵĞŶƚĂƌĂ ƵŶƚƵŬ ǁŝůĂLJĂŚ /ŶĚŽŶĞƐŝĂ͕ ũƵŵůĂŚ ƉĞƐĂǁĂƚ ĚŝƉĞƌŬŝƌĂŬĂŶ ƚƵŵďƵŚ ĚĂƌŝ ϳϬϲ ƉĞƐĂǁĂƚ Ěŝ ƚĂŚƵŶ ϮϬϭϳ
ŵĞŶũĂĚŝ ϵϵϳ ƉĞƐĂǁĂƚ Ěŝ ƚĂŚƵŶ ϮϬϮϭ ĚĞŶŐĂŶ ƉĞƌƚƵŵďƵŚĂŶ ϵй͘  WĞƌƚƵŵďƵŚĂŶ ũƵŵůĂŚ ĂƌŵĂĚĂ ƉĞƐĂǁĂƚ LJĂŶŐ
ĐƵŬƵƉƐŝŐŶŝĨŝŬĂŶŝŶŝŵĞŵďĞƌŝŬĂŶƌƵĂŶŐďĂŐŝďŝƐŶŝƐůĂLJĂŶĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƚĞƌďĂŶŐƵŶƚƵŬƚƵŵďƵŚ͘



WĞƌƚƵŵďƵŚĂŶ:ƵŵůĂŚƌŵĂĚĂWĞƐĂǁĂƚdĞƌďĂŶŐ
^ƵŵďĞƌ͗DZK͕EŽǀĞŵďĞƌϮϬϭϲ


158
ĞƌĚĂƐĂƌŬĂŶ ŚĂƐŝů ƐƚƵĚŝ DZK ƉĞƌ EŽǀĞŵďĞƌ ϮϬϭϲ͕ ƉĞƌƚƵŵďƵŚĂŶ ŶŝůĂŝ ƉĂƐĂƌ DZK ŐůŽďĂů ŵĂƐŝŚ ƉŽƐŝƚŝĨ
ĚĞŶŐĂŶ 'Z ϱй ƐĞůĂŵĂ ϱ ƚĂŚƵŶ ŬĞ ĚĞƉĂŶ ĚĞŶŐĂŶ ŶŝůĂŝ ϳϰ͕ϯ ŵŝůLJĂƌ h^ Ěŝ ƚĂŚƵŶ ϮϬϭϳ͕ ϴϵ͕ϲ DŝůLJĂƌ h^
ĚŝƚĂŚƵŶϮϬϮϭ͘tŝůĂLJĂŚdŝŵƵƌdĞŶŐĂŚĚĂŶƐŝĂWĂƐŝĨŝŬ;ƚĞƌŵĂƐƵŬŚŝŶĂĚĂŶ/ŶĚŽŶĞƐŝĂͿĚŝƉƌĞĚŝŬƐŝŵĞŵŝůŝŬŝůĂũƵ
ƉĞƌƚƵŵďƵŚĂŶĚŝĂƚĂƐƌĂƚĂͲƌĂƚĂƉĞƌƚƵŵďƵŚĂŶŝŶĚƵƐƚƌŝ͘^ĞŵĞŶƚĂƌĂŝƚƵŬŚƵƐƵƐƉĂƐĂƌ/ŶĚŽŶĞƐŝĂ͕ŶŝůĂŝƉĂƐĂƌDZK
ĚŝƉĞƌŬŝƌĂŬĂŶƚƵŵďƵŚŚŝŶŐŐĂŵĞŶĐĂƉĂŝϭ͕ϲŵŝůLJĂƌh^ƚĂŚƵŶϮϬϮϭĚĞŶŐĂŶ'ZƐĞďĞƐĂƌϭϭ͕ϯй͘͘



WĞƌƚƵŵďƵŚĂŶEŝůĂŝWĂƐĂƌDZK
^ƵŵďĞƌ͗DZK͕EŽǀĞŵďĞƌϮϬϭϲ

^ĞŵĞŶƚĂƌĂŝƚƵŬŚƵƐƵƐƉĂƐĂƌ/ŶĚŽŶĞƐŝĂ͕ŶŝůĂŝƉĂƐĂƌDZKĚŝƉĞƌŬŝƌĂŬĂŶƚƵŵďƵŚŚŝŶŐŐĂŵĞŶĐĂƉĂŝϭ͕ϲŵŝůLJĂƌh^
ƚĂŚƵŶϮϬϮϭĚĞŶŐĂŶ'ZƐĞďĞƐĂƌϭϭ͕ϯй͘


WĞƌƚƵŵďƵŚĂŶEŝůĂŝWĂƐĂƌDZKŽŵĞƐƚŝŬ;ĚĂůĂŵDh^Ϳ
^ƵŵďĞƌ͗DZK͕EŽǀĞŵďĞƌϮϬϭϲ





159
 y͘ <h/d^

dĂďĞů Ěŝ ďĂǁĂŚ ŝŶŝ ŵĞŶLJĂũŝŬĂŶ ĞŬƵŝƚĂƐ LJĂŶŐ ďĞƌƐƵŵďĞƌ ĚĂƌŝ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂĂŶ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ
ϮϬϭϳ͕ϯϭĞƐĞŵďĞƌϮϬϭϲ͕ϮϬϭϱĚĂŶϮϬϭϰ͘>ĂƉŽƌĂŶŬĞƵĂŶŐĂŶƵŶƚƵŬƚĂŶŐŐĂůϯϭDĂƌĞƚϮϬϭϳĚĂŶϯϭĞƐĞŵďĞƌ
ϮϬϭϲƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<W^ĂƚƌŝŽŝŶŐŶLJΘZĞŬĂŶ;ŶŐŐŽƚĂĚĂƌŝĞůŽŝƚƚĞdŽƵĐŚĞdŽŚŵĂƚƐƵͿĚĞŶŐĂŶŽƉŝŶŝ
ƚĂŶƉĂŵŽĚŝĨŝŬĂƐŝĂŶ͕ĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚDƵŚĂŵŵĂĚ/ƌĨĂŶ;/ũŝŶŬƵŶƚĂŶWƵďůŝŬEŽ͘ϬϱϲϱͿ͕ƐĞĚĂŶŐŬĂŶůĂƉŽƌĂŶ
<ĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϱĚĂŶϮϬϭϰƚĞůĂŚĚŝĂƵĚŝƚ
ŽůĞŚ<WKƐŵĂŶŝŶŐ^ĂƚƌŝŽΘŶLJ;ŶŐŐŽƚĂĚĂƌŝĞůŽŝƚƚĞdŽƵĐŚĞdŽŚŵĂƚƐƵͿĚĞŶŐĂŶŽƉŝŶŝƚĂŶƉĂŵŽĚŝĨŝŬĂƐŝĂŶ͕
LJĂŶŐ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ DƵŚĂŵŵĂĚ /ƌĨĂŶ ;/ũŝŶ ŬƵŶƚĂŶ WƵďůŝŬ EŽ͘ ϬϱϲϱͿ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ
ϯϭ ĞƐĞŵďĞƌ ϮϬϭϱ ĚĂŶ &ŽƌĞŵĂŶ ZŽŶŶŝ ŽLJ WĂŶŐĂƌŝďƵĂŶ ;/ũŝŶ ŬƵŶƚĂŶ WƵďůŝŬ EŽ͘ϬϵϱϰͿ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ
ďĞƌĂŬŚŝƌϯϭĞƐĞŵďĞƌϮϬϭϰ͘

;ĚĂůĂŵh^Ϳ
ϯϭDĂƌĞƚ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ


DŽĚĂů^ĂŚĂŵ ϭϵ͘Ϯϭϰ͘ϴϰϲ ϭϵ͘Ϯϭϰ͘ϴϰϲ ϭϵ͘Ϯϭϰ͘ϴϰϲ ϭϵ͘Ϯϭϰ͘ϴϰϲ
DŽĚĂůĚŝƐĞƚŽƌůĂŝŶŶLJĂ ϭ͘ϭϰϮ͘Ϯϳϭ ϭ͘ϭϰϮ͘Ϯϳϭ ϭ͘ϭϰϮ͘Ϯϳϭ ϭ͘ϭϰϮ͘Ϯϳϭ
WĞŶŐŚĂƐŝůĂŶŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶ ;Ϯϴ͘ϮϳϮ͘ϮϭϴͿ ;Ϯϵ͘ϴϮϵ͘ϴϭϭͿ ;Ϯϭ͘ϴϱϬ͘ϰϴϮͿ ;ϭϵ͘ϭϮϯ͘ϱϲϳͿ
^ĂůĚŽůĂďĂ 
ŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ ϯ͘ϰϱϴ͘ϬϯϬ  ϯ͘ϰϱϴ͘ϬϯϬ ϯ͘ϰϱϴ͘ϬϯϬ ϯ͘ϰϱϴ͘ϬϯϬ
dŝĚĂŬĚŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ ϭϴϴ͘ϲϵϰ͘ϱϭϴ ϭϳϴ͘ϱϲϵ͘ϰϭϮ ϭϮϬ͘ϴϮϳ͘ϭϵϵ ϴϱ͘ϱϬϭ͘ϴϳϬ
:ƵŵůĂŚŬƵŝƚĂƐ ϭϴϰ͘Ϯϯϳ͘ϰϰϳ ϭϳϮ͘ϱϱϰ͘ϳϰϴ ϭϮϮ͘ϳϵϭ͘ϴϲϰ ϵϬ͘ϭϵϯ͘ϰϱϬ

ĞƌĚĂƐĂƌŬĂŶ ŬƚĂ EŽ͘ ϴϮͬϮϬϭϳ ƉĂƌĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶLJĞƚƵũƵŝ ƉĞƌƵďĂŚĂŶ ƐĞůƵƌƵŚ
ŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĂŶƚĂƌĂůĂŝŶ͗

Ă͘ ƉĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌĚĂůĂŵƌĂŶŐŬĂŵĞŶũĂĚŝWĞƌƐĞƌŽĂŶdĞƌďƵŬĂLJĂŝƚƵĂŶƚĂƌĂůĂŝŶƉĞƌƵďĂŚĂŶƐƚĂƚƵƐ
WĞƌƐĞƌŽĂŶĚĂƌŝWĞƌƐĞƌŽĂŶdĞƌƚƵƚƵƉŵĞŶũĂĚŝWĞƌƐĞƌŽĂŶdĞƌďƵŬĂ͖
ď͘ ƉĞƌƵďĂŚĂŶŶŝůĂŝŶŽŵŝŶĂůƐĂŚĂŵƚŝĂƉƐĂŚĂŵĚĂƌŝƐĞŵƵůĂZƉϮϱϬ͘ϬϬϬŵĞŶũĂĚŝZƉϭϬϬ͖
Đ͘ ƉĞŶŝŶŐŬĂƚĂŶ ŵŽĚĂů ĚĂƐĂƌ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƐĞŵƵůĂ ďĞƌũƵŵůĂŚ ZƉ ϯϲϲ͘ϴϬϬ͘ϬϬϬ͘ϬϬϬ LJĂŶŐ ƚĞƌďĂŐŝ ĂƚĂƐ
ϭ͘ϰϲϳ͘ϮϬϬƐĂŚĂŵ͕ŵĂƐŝŶŐͲŵĂƐŝŶŐƐĂŚĂŵďĞƌŶŝůĂŝŶŽŵŝŶĂůZƉϮϱϬ͘ϬϬϬŵĞŶũĂĚŝZƉϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬLJĂŶŐ
ƚĞƌďĂŐŝĂƚĂƐϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬƐĂŚĂŵ͕LJĂŶŐŵĂƐŝŶŐͲŵĂƐŝŶŐƐĂŚĂŵďĞƌŶŝůĂŝŶŽŵŝŶĂůZƉϭϬϬ͖
Ě͘ ƉĞŶŝŶŐŬĂƚĂŶ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ WĞƌƐĞƌŽĂŶ ĚĂƌŝ ƐĞŵƵůĂ ϲϲϱ͘ϲϬϬ ƐĂŚĂŵ͕ ŵĂƐŝŶŐͲŵĂƐŝŶŐ
ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ZƉϮϱϬ͘ϬϬϬ ĚĞŶŐĂŶ ũƵŵůĂŚ ŶŝůĂŝ ŶŽŵŝŶĂů ƐĞůƵƌƵŚŶLJĂ ƐĞďĞƐĂƌ ZƉϭϲϲ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬ
ŵĞŶũĂĚŝ ZƉϮ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ ĂƚĂƵ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ƐĂŚĂŵ͕ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĂŚĂŵ ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů
ZƉϭϬϬƐĞƚŝĂƉƐĂŚĂŵ͘
Ğ͘ WĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ ZƉϮ͘ϯϳϰ͘ϲϭϲ͘ϬϰϬ͘ϬϬϬ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ŬĂƉŝƚĂůŝƐĂƐŝ ƐĂůĚŽ ůĂďĂ ĚŝƚĂŚĂŶ WĞƌƐĞƌŽĂŶ
ƐĂŵƉĂŝĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲďĞƌĚĂƐĂƌŬĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƚĂŚƵŶďƵŬƵϯϭĞƐĞŵďĞƌϮϬϭϲ
LJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ^ĂƚƌŝŽŝŶŐŶLJΘZĞŬĂŶ͕ĂĚĂůĂŚƐĞďĞƐĂƌh^ϭϳϴ͘ϱϲϵ͘ϰϭϮ
ĚĞŶŐĂŶŶŝůĂŝŬƵƌƐƚĞŶŐĂŚĂŶŬ/ŶĚŽŶĞƐŝĂƉĞƌƚĂŶŐŐĂůϭϲ:ƵŶŝϮϬϭϳLJĂŝƚƵh^ϭĂĚĂůĂŚƐĞďĞƐĂƌZƉϭϯ͘Ϯϵϴ͕
ƐĞŚŝŶŐŐĂũƵŵůĂŚůĂďĂĚŝƚĂŚĂŶƉĞƌƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϭϲƐĞƚĞůĂŚĚŝĞŬƵŝǀĂůĞŶĚĞŶŐĂŶŶŝůĂŝZƵƉŝĂŚŬƵƌƐ
ƚĞŶŐĂŚ ĂŶŬ /ŶĚŽŶĞƐŝĂ ƉĞƌ ƚĂŶŐŐĂů ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͕ ƐĞůƵƌƵŚŶLJĂ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϮ͘ϯϳϰ͘ϲϭϲ͘ϬϰϬ͘ϳϳϲĚĂŶũƵŵůĂŚLJĂŶŐĚŝŬĂƉŝƚĂůŝƐĂƐŝĚŝďƵůĂƚŬĂŶŵĞŶũĂĚŝƐĞďĞƐĂƌZƉϮ͘ϯϳϰ͘ϲϭϲ͘ϬϰϬ͘ϬϬϬ͘
Ĩ͘ WĞŶŝŶŐŬĂƚĂŶ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ ƐĞďĞƐĂƌ ZƉϮ͘ϯϳϰ͘ϲϭϲ͘ϬϰϬ͘ϬϬϬ ƚĞƌƐĞďƵƚ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ
ƉƌŽƉŽƌƐŝŽŶĂůŽůĞŚƉĂƌĂƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŝƚƵ͗
ŝ͘ 'Zh͕ LJĂŶŐ ŵĞŵƉĞƌŽůĞŚ ƐĞũƵŵůĂŚ Ϯϯ͘ϱϬϴ͘ϲϵϴ͘ϳϵϲ ƐĂŚĂŵ ĂƚĂƵ ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ƐĞůƵƌƵŚŶLJĂ
ƐĞďĞƐĂƌZƉϮ͘ϯϱϬ͘ϴϲϵ͘ϴϳϵ͘ϲϬϬ͖ĚĂŶ
ŝŝ͘ t^͕LJĂŶŐŵĞŵƉĞƌŽůĞŚƐĞũƵŵůĂŚϮϯϳ͘ϰϲϭ͘ϲϬϰƐĂŚĂŵĂƚĂƵĚĞŶŐĂŶŶŝůĂŝŶŽŵŝŶĂůƐĞůƵƌƵŚŶLJĂƐĞďĞƐĂƌ
ZƉϮϯ͘ϳϰϲ͘ϭϲϬ͘ϰϬϬ͖






160
 ĚĞŶŐĂŶĚĞŵŝŬŝĂŶ͕ ƐĞƚĞůĂŚĚŝůĂŬƵŬĂŶ ƉĞŶŝŶŐŬĂƚĂŶ͕ ũƵŵůĂŚŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶĚĂŶ ĚŝƐĞƚŽƌ WĞƌƐĞƌŽĂŶŵĞŶũĂĚŝ
ZƉϮ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬĂƚĂƵϮϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬƐĂŚĂŵ͕ŵĂƐŝŶŐͲŵĂƐŝŶŐƐĂŚĂŵĚĞŶŐĂŶŶŝůĂŝŶŽŵŝŶĂůZƉϭϬϬƐĞƚŝĂƉ
ƐĂŚĂŵĚĞŶŐĂŶƐƵƐƵŶĂŶŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
 
EŝůĂŝEŽŵŝŶĂůZƉϭϬϬ͕ͲƉĞƌƐĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͿ WĞƌƐĞŶƚĂƐĞ;йͿ
DŽĚĂůĂƐĂƌ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ 
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ   
ϭ͘'Zh Ϯϱ͘ϭϱϲ͘Ϭϱϴ͘ϳϵϲ Ϯ͘ϱϭϱ͘ϲϬϱ͘ϴϳϵ͘ϲϬϬ ϵϵ͕ϬϬ
Ϯ͘t^ Ϯϱϰ͘ϭϬϭ͘ϲϬϰ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ϭ͕ϬϬ
:ƵŵůĂŚ DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŝƐĞƚŽƌ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ Ϯ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ
ϭϬϬ͕ϬϬ
WĞŶƵŚ
:ƵŵůĂŚ^ĂŚĂŵĚĂůĂŵWŽƌƚĞƉĞů ϳϰ͘ϱϴϵ͘ϴϯϵ͘ϲϬϬ ϳ͘ϰϱϴ͘ϵϴϯ͘ϵϲϬ͘ϬϬϬ 

^ĞƚĞůĂŚ ZhW^ ƚĞƌƐĞďƵƚ ŚŝŶŐŐĂ WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͕ ƚŝĚĂŬ ƚĞƌĚĂƉĂƚ ƉĞƌƵďĂŚĂŶ ƐƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ
WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŝŶŝ ŵĞůĂŬƵŬĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ƐĞďĂŶLJĂŬ ϭϬ͘ϴϵϬ͘Ϭϲϴ͘ϳϬϬ
;ƐĞƉƵůƵŚŵŝůŝĂƌĚĞůĂƉĂŶƌĂƚƵƐƐĞŵďŝůĂŶƉƵůƵŚũƵƚĂĞŶĂŵƉƵůƵŚĚĞůĂƉĂŶƌŝďƵƚƵũƵŚƌĂƚƵƐͿƐĂŚĂŵďĂƌƵĂƚĂƵϯϬй
;ƚŝŐĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ ƉĞŶƵŚ ĚĂůĂŵ WĞƌƐĞƌŽĂŶ ƐĞƚĞůĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ
WĞƌĚĂŶĂ^ĂŚĂŵ͕LJĂŶŐŵĞƌƵƉĂŬĂŶƐĂŚĂŵďŝĂƐĂĂƚĂƐŶĂŵĂĚĞŶŐĂŶŶŝůĂŝŶŽŵŝŶĂůZƉϭϬϬ;^ĞƌĂƚƵƐZƵƉŝĂŚͿƐĞƚŝĂƉ
ƐĂŚĂŵ͘

ZĞŶĐĂŶĂWĞŶĂǁĂƌĂŶhŵƵŵ

WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞůĂŬƵŬĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ĚĞŶŐĂŶ ŵĞŶĞƌďŝƚŬĂŶ ƐĂŚĂŵ ďŝĂƐĂ ĂƚĂƐ ŶĂŵĂ
LJĂŶŐ ƐĞůƵƌƵŚŶLJĂ ĂĚĂůĂŚ ƐĂŚĂŵ ďĂƌƵ ĚĂŶ ĚŝŬĞůƵĂƌŬĂŶ ĚĂƌŝ ƉŽƌƚĞƉĞů WĞƌƐĞƌŽĂŶ ƐĞďĂŶLJĂŬ Ϯ͘ϴϮϯ͘ϯϱϭ͘ϭϬϬ ;ĚƵĂ
ŵŝůŝĂƌĚĞůĂƉĂŶƌĂƚƵƐĚƵĂƉƵůƵŚƚŝŐĂũƵƚĂƚŝŐĂƌĂƚƵƐůŝŵĂƉƵůƵŚƐĂƚƵƌŝďƵƐĞƌĂƚƵƐͿƐĂŚĂŵĚĞŶŐĂŶŶŝůĂŝŶŽŵŝŶĂů
ZƉϭϬϬ͕Ͳ;ƐĞƌĂƚƵƐZƵƉŝĂŚͿĂƚĂƵƐĞďĞƐĂƌϭϬй;ƐĞƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƉĞŶƵŚĚĂůĂŵ
WĞƌƐĞƌŽĂŶ ƐĞƚĞůĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ ŝŶŝ͘ <ĞƐĞůƵƌƵŚĂŶ ƐĂŚĂŵ ƚĞƌƐĞďƵƚ ĚŝƚĂǁĂƌŬĂŶ ĚĞŶŐĂŶ ,ĂƌŐĂ WĞŶĂǁĂƌĂŶ
ƐĞďĞƐĂƌZƉϰϬϬ͕Ͳ;ĞŵƉĂƚƌĂƚƵƐZƵƉŝĂŚͿƐĞƚŝĂƉƐĂŚĂŵ͕LJĂŶŐŚĂƌƵƐĚŝďĂLJĂƌƉĞŶƵŚƉĂĚĂƐĂĂƚŵĞŶŐĂũƵŬĂŶ&WW^͘
:ƵŵůĂŚƐĞůƵƌƵŚŶŝůĂŝWĞŶĂǁĂƌĂŶhŵƵŵĂĚĂůĂŚƐĞďĞƐĂƌZƉϭ͘ϭϮϵ͘ϯϰϬ͘ϰϰϬ͘ϬϬϬ͕Ͳ;ƐĂƚƵƚƌŝůŝƵŶƐĞƌĂƚƵƐĚƵĂƉƵůƵŚ
ƐĞŵďŝůĂŶŵŝůŝĂƌƚŝŐĂƌĂƚƵƐĞŵƉĂƚƉƵůƵŚũƵƚĂĞŵƉĂƚƌĂƚƵƐĞŵƉĂƚƉƵůƵŚƌŝďƵZƵƉŝĂŚͿ͘

WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶŐĂůŽŬĂƐŝŬĂŶ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ ϳϰ͘ϲϱϵ͘ϰϬϬ ;ƚƵũƵŚ ƉƵůƵŚ ĞŵƉĂƚ ũƵƚĂ ĞŶĂŵ ƌĂƚƵƐ ůŝŵĂ
ƉƵůƵŚ ƐĞŵďŝůĂŶ ƌŝďƵ ĞŵƉĂƚ ƌĂƚƵƐͿ  ƐĂŚĂŵ ĂƚĂƵ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ Ϯ͕ϲϰй ;ĚƵĂ ŬŽŵĂ ĞŶĂŵ ĞŵƉĂƚ ƉĞƌƐĞŶͿ
ĚĂƌŝ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ƉĂĚĂ ƐĂĂƚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ƵŶƚƵŬ ƉƌŽŐƌĂŵ ĂůŽŬĂƐŝ ƐĂŚĂŵ
ŬĞƉĂĚĂŬĂƌLJĂǁĂŶ;ŵƉůŽLJĞĞ^ƚŽĐŬůůŽĐĂƚŝŽŶ(“ESA”)). Harga pelaksanaan ESA sama dengan Harga Penawaran.

ŝ ďĂǁĂŚ ŝŶŝ ĚŝƐĂũŝŬĂŶ ƉŽƐŝƐŝ ĞŬƵŝƚĂƐ ƉƌŽĨŽƌŵĂ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϭϳ ƐĞƚĞůĂŚ
ŵĞŵƉĞƌŚŝƚƵŶŐŬĂŶĚĂŵƉĂŬĚĂƌŝĚŝůĂŬƵŬĂŶŶLJĂWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵŝŶŝ͗

;ĚĂůĂŵh^Ϳ
WĞŶŐŚĂƐŝůĂŶŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶ ^ĂůĚŽ>ĂďĂ
   
dĂŵďĂŚĂŶ dŝĚĂŬ
/ŵďĂůĂŶ ^ƵƌƉůƵƐ ŝƚĞŶƚƵŬĂŶ
DŽĚĂůƐĂŚĂŵ ŵŽĚĂů :ƵŵůĂŚ ĚŝƚĞŶƚƵŬĂŶ :ƵŵůĂŚŬƵŝƚĂƐ
 ŬĞƌũĂ ƌĞǀĂůƵĂƐŝ ƉĞŶŐƵŶĂĂŶLJĂ
ĚŝƐĞƚŽƌ ƉĞŶŐƵŶĂĂŶLJĂ
WŽƐŝƐŝŬƵŝƚĂƐ
DĞŶƵƌƵƚ
>ĂƉŽƌĂŶ
<ĞƵĂŶŐĂŶ ϭϵ͘Ϯϭϰ͘ϴϰϲ ϭ͘ϭϰϮ͘Ϯϳϭ;Ϯϵ͘ϳϳϳ͘ϮϲϭͿ ϭ͘ϱϬϱ͘Ϭϰϯ;Ϯϴ͘ϮϳϮ͘ϮϭϴͿϯ͘ϰϱϴ͘ϬϯϬϭϴϴ͘ϲϵϰ͘ϱϭϴ ϭϴϰ͘Ϯϯϳ͘ϰϰϳ
ƉĂĚĂƚĂŶŐŐĂů
ϯϭDĂƌĞƚ
ϮϬϭϳ
WĞƌƵďĂŚĂŶ
ĞŬƵƚŝĂƐ
Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
ƐĞƚĞůĂŚ
ƚĂŶŐŐĂůϯϭ

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 WĞŶŐŚĂƐŝůĂŶŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶ ^ĂůĚŽ>ĂďĂ
   
dĂŵďĂŚĂŶ dŝĚĂŬ
/ŵďĂůĂŶ ^ƵƌƉůƵƐ ŝƚĞŶƚƵŬĂŶ
DŽĚĂůƐĂŚĂŵ ŵŽĚĂů :ƵŵůĂŚ ĚŝƚĞŶƚƵŬĂŶ :ƵŵůĂŚŬƵŝƚĂƐ
 ŬĞƌũĂ ƌĞǀĂůƵĂƐŝ ƉĞŶŐƵŶĂĂŶLJĂ
ĚŝƐĞƚŽƌ ƉĞŶŐƵŶĂĂŶLJĂ
DĂƌĞƚϮϬϭϳ
<ĂƉŝƚĂůŝƐĂƐŝ
^ĂůĚŽ>ĂďĂ
ϭϳϴ͘ϱϲϵ͘ϰϭϮ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϭϳϴ͘ϱϲϵ͘ϰϭϮͿ Ͳ
ŵĞŶũĂĚŝ
ŵŽĚĂůĚŝƐĞƚŽƌ
WŽƐŝƐŝŬƵŝƚĂƐ
ƚĂŶŐŐĂůϯϭ
DĂƌĞƚϮϬϭϳ
:ŝŬĂ
ĚŝĂƐƵŵƐŝŬĂŶ
ŬĂƉŝƚĂůŝƐĂƐŝ ϭϵϳ͘ϳϴϰ͘Ϯϱϴ ϭ͘ϭϰϮ͘Ϯϳϭ;Ϯϵ͘ϳϳϳ͘ϮϲϭͿ ϭ͘ϱϬϱ͘Ϭϰϯ;Ϯϴ͘ϮϳϮ͘ϮϭϴͿϯ͘ϰϱϴ͘ϬϯϬϭϬ͘ϭϮϱ͘ϭϬϲϭϴϰ͘Ϯϯϳ͘ϰϰϳ
ƐĂůĚŽůĂďĂ
ƚĞůĂŚƚĞƌũĂĚŝ
ƉĂĚĂƚĂŶŐŐĂů
ϯϭDĂƌĞƚ
ϮϬϭϳ
WĞŶĂǁĂƌĂŶ
hŵƵŵ
ƉĞƌĚĂŶĂ
ƐĂŚĂŵ Ϯϭ͘ϭϲϵ͘ϯϭϮ ϲϯ͘ϱϬϳ͘ϵϯϱ Ͳ  Ͳ Ͳ Ͳ ϴϰ͘ϲϳϳ͘Ϯϰϳ
ƐĞďĂŶLJĂŬ
Ϯ͘ϴϮϯ͘ϯϱϭ͘ϭϬϬ
ůĞŵďĂƌƐĂŚĂŵ
WŽƐŝƐŝŬƵŝƚĂƐ
ŵĞŶƵƌƵƚůĂƉŽƌ
ĂŶŬĞƵĂŶŐĂŶ
ƉĂĚĂƚĂŶŐŐĂů
ϯϭDĂƌĞƚ
ϮϬϭϳƐĞƚĞůĂŚ Ϯϭϴ͘ϵϱϯ͘ϱϳϬ ϲϰ͘ϲϱϬ͘ϮϬϲ ;Ϯϵ͘ϳϳϳ͘ϮϲϭͿ ϭ͘ϱϬϱ͘Ϭϰϯ;Ϯϴ͘ϮϳϮ͘ϮϭϴͿϯ͘ϰϱϴ͘ϬϯϬ ϭϬ͘ϭϮϱ͘ϭϬϲ Ϯϲϴ͘ϵϭϰ͘ϲϵϰ
ƉĞŶĂǁĂƌĂŶ
ƵŵƵŵ
ƉĞƌĚĂŶĂ
ƐĂŚĂŵ
ĚŝůĂŬƐĂŶĂŬĂŶ

162
y/͘ </:<E/s/E
 
WĂƌĂƉĞŵĞŐĂŶŐƐĂŚĂŵďĂƌƵLJĂŶŐďĞƌĂƐĂůWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂŝŶŝĂŬĂŶŵĞŵƉĞƌŽůĞŚŚĂŬͲŚĂŬLJĂŶŐƐĂŵĂ
ĚĂŶƐĞĚĞƌĂũĂƚĚĞŶŐĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵůĂŵĂWĞƌƐĞƌŽĂŶ͕ƚĞƌŵĂƐƵŬŚĂŬƵŶƚƵŬŵĞŶĞƌŝŵĂĚŝǀŝĚĞŶ͘

ĞƌĚĂƐĂƌŬĂŶ hŶĚĂŶŐͲƵŶĚĂŶŐ EŽ͘ϰϬ dĂŚƵŶ ϮϬϬϳ ƚĞŶƚĂŶŐ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ͕ ƉĞŵďĂŐŝĂŶ ĚŝǀŝĚĞŶ ĚŝůĂŬƵŬĂŶ
ďĞƌĚĂƐĂƌŬĂŶŬĞƉƵƚƵƐĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵdĂŚƵŶĂŶ;ZhW^dĂŚƵŶĂŶͿ͘^ĞďĞůƵŵďĞƌĂŬŚŝƌŶLJĂƚĂŚƵŶ
ŬĞƵĂŶŐĂŶ͕ ĚŝǀŝĚĞŶ ŝŶƚĞƌŝŵ ĚĂƉĂƚ ĚŝďĂŐŝŬĂŶ ƐĞƉĂŶũĂŶŐ ŚĂů ŝƚƵ ĚŝƉĞƌďŽůĞŚŬĂŶ ŽůĞŚ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ
ĚĂŶ ƉĞŵďĂŐŝĂŶ ĚŝǀŝĚĞŶ ŝŶƚĞƌŝŵ ƚŝĚĂŬ ŵĞŶLJĞďĂďŬĂŶ ĂƐĞƚ ďĞƌƐŝŚ WĞƌƐĞƌŽĂŶ ŵĞŶũĂĚŝ ŬƵƌĂŶŐ ĚĂƌŝ ŵŽĚĂů
ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ ƉĞŶƵŚ ĚĂŶ ĐĂĚĂŶŐĂŶ ǁĂũŝď WĞƌƐĞƌŽĂŶ͘ WĞŵďĂŐŝĂŶ ĚŝǀŝĚĞŶ ŝŶƚĞƌŝŵ ƚĞƌƐĞďƵƚ
ĚŝƚĞƚĂƉŬĂŶŽůĞŚŝƌĞŬƐŝ ƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶĚĂƌŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘ :ŝŬĂƐĞƚĞůĂŚďĞƌĂŬŚŝƌŶLJĂ ƚĂŚƵŶ
ŬĞƵĂŶŐĂŶ ĚŝŵĂŶĂ ƚĞƌũĂĚŝ ƉĞŵďĂŐŝĂŶ ĚŝǀŝĚĞŶ ŝŶƚĞƌŝŵ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂůĂŵŝ ŬĞƌƵŐŝĂŶ͕ ŵĂŬĂ ĚŝǀŝĚĞŶ ŝŶƚĞƌŝŵ
LJĂŶŐƚĞůĂŚĚŝďĂŐŝŬĂŶƚĞƌƐĞďƵƚŚĂƌƵƐĚŝŬĞŵďĂůŝŬĂŶŽůĞŚƉĞŵĞŐĂŶŐƐĂŚĂŵŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
ƐĞƌƚĂ ŝƌĞŬƐŝ ĂŬĂŶ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƐĞĐĂƌĂ ƚĂŶŐŐƵŶŐ ƌĞŶƚĞŶŐ ƵŶƚƵŬ ƉĞŶŐĞŵďĂůŝĂŶ ĚŝŵĂŬƐƵĚ ũŝŬĂ ĚŝǀŝĚĞŶ
ŝŶƚĞƌŝŵƚŝĚĂŬĚŝŬĞŵďĂůŝŬĂŶŽůĞŚƉĞŵĞŐĂŶŐƐĂŚĂŵ͘ 

^ĞƚĞůĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ͕ DĂŶĂũĞŵĞŶ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ŬĞďŝũĂŬĂŶ ƵŶƚƵŬ ŵĞŵďĂLJĂƌŬĂŶ
ĚŝǀŝĚĞŶ ĚĞŶŐĂŶ ƌĂƐŝŽ ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂ ϯϬй ;ƚŝŐĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ůĂďĂ ƚĂŚƵŶ ďĞƌũĂůĂŶ ŬŽŶƐŽůŝĚĂƐŝ
WĞƌƐĞƌŽĂŶ͕ĚŝŵƵůĂŝƚĂŚƵŶďƵŬƵϮϬϭϳLJĂŶŐďĞƐĂƌŶLJĂĚŝŬĂŝƚŬĂŶĚĞŶŐĂŶŬĞƵŶƚƵŶŐĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŚƵŶďƵŬƵ
LJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͕ĚĞŶŐĂŶƚŝĚĂŬŵĞŶŐĂďĂŝŬĂŶƚŝŶŐŬĂƚŬĞƐĞŚĂƚĂŶWĞƌƵƐĂŚĂĂŶĚĂŶƚĂŶƉĂŵĞŶŐƵƌĂŶŐŝŚĂŬĚĂƌŝ
ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞƌƵƐĂŚĂĂŶ ƵŶƚƵŬ ŵĞŶĞŶƚƵŬĂŶ ůĂŝŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ
WĞƌƵƐĂŚĂĂŶ͘ &ĂŬƚŽƌͲĨĂŬƚŽƌ LJĂŶŐ ŵĞŶĞŶƚƵŬĂŶ ƉĞŵďĂŐŝĂŶ ĚŝǀŝĚĞŶ WĞƌƐĞƌŽĂŶ ďĞƌŐĂŶƚƵŶŐ ŬĞƉĂĚĂ ůĂďĂ ďĞƌƐŝŚ͕
ŬĞƚĞƌƐĞĚŝĂĂŶ ĚĂŶĂ ĐĂĚĂŶŐĂŶ͕ ƉĞƌƐLJĂƌĂƚĂŶ ďĞůĂŶũĂ ŵŽĚĂů͕ ŚĂƐŝů ƵƐĂŚĂ ĚĂŶ ŬĂƐ͘ &ĂŬƚŽƌ – ĨĂŬƚŽƌ ƚĞƌƐĞďƵƚ ƉĂĚĂ
ĂŬŚŝƌŶLJĂďĞƌŐĂŶƚƵŶŐŬĞƉĂĚĂďĞƌďĂŐĂŝŚĂůƚĞƌŵĂƐƵŬŬĞďĞƌŚĂƐŝůĂŶĚĂůĂŵƉĞůĂŬƐĂŶĂĂŶƐƚƌĂƚĞŐŝƵƐĂŚĂ͕ŬĞƵĂŶŐĂŶ
ĂŬŝďĂƚ ĂĚĂŶLJĂ ŬŽŵƉĞƚŝƐŝ ĚĂŶ ƉĞŶŐĂƚƵƌĂŶ͕ ŬŽŶĚŝƐŝ ƉĞƌĞŬĞŶŽŵŝĂŶ ƐĞĐĂƌĂ ƵŵƵŵ ĚĂŶ ŚĂůͲŚĂů ůĂŝŶ LJĂŶŐ ďĞƌůĂŬƵ
ƐĞĐĂƌĂŬŚƵƐƵƐƚĞƌŚĂĚĂƉWĞƌƐĞƌŽĂŶĂƚĂƵƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘^ĞďĂŐŝĂŶďĞƐĂƌĨĂŬƚŽƌͲĨĂŬƚŽƌƚĞƌƐĞďƵƚďĞƌĂĚĂĚŝůƵĂƌ
ŬĞŶĚĂůŝ WĞƌƐĞƌŽĂŶ͘ WĞŵďĂLJĂƌĂŶ ŝǀŝĚĞŶ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĚŝůĂŬƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƉƵƚƵƐĂŶ ZhW^
dĂŚƵŶĂŶWĞƌƵƐĂŚĂĂŶ͘

ŝǀŝĚĞŶŬĂƐĂŬĂŶĚŝďĂLJĂƌŬĂŶĚĂůĂŵZƵƉŝĂŚ͘WĞŵĞŐĂŶŐƐĂŚĂŵƉĂĚĂƌĞĐŽƌĚŝŶŐĚĂƚĞĂŬĂŶŵĞŵƉĞƌŽůĞŚŚĂŬĂƚĂƐ
ĚŝǀŝĚĞŶ ĚĂůĂŵ ũƵŵůĂŚ ƉĞŶƵŚ ĚĂŶ ĚŝŬĞŶĂŬĂŶ ƉĂũĂŬ ƉĞŶŐŚĂƐŝůĂŶ LJĂŶŐ ďĞƌůĂŬƵ ĚĂůĂŵ ŬĞƚĞŶƚƵĂŶ ƉĞƌƉĂũĂŬĂŶ Ěŝ
/ŶĚŽŶĞƐŝĂ͘ ŝǀŝĚĞŶ ŬĂƐ LJĂŶŐ ĚŝƚĞƌŝŵĂ ŽůĞŚ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂƌŝ ůƵĂƌ /ŶĚŽŶĞƐŝĂ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ƉĂũĂŬ
ƉĞŶŐŚĂƐŝůĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĞƌƉĂũĂŬĂŶĚŝ/ŶĚŽŶĞƐŝĂ͘

dŝĚĂŬĂĚĂŶĞŐĂƚŝǀĞĐŽǀĞŶĂŶƚLJĂŶŐĚĂƉĂƚŵĞŶŐŚĂŵďĂƚWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŵďĂŐŝĂŶĚŝǀŝĚĞŶŬĞƉĂĚĂ
ƉĞŵĞŐĂŶŐƐĂŚĂŵ͘

ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚƌŝǁĂLJĂƚƉĞŵďĂLJĂƌĂŶĚŝǀŝĚĞŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶƐĞůĂŵĂϱƚĂŚƵŶƚĞƌĂŬŚŝƌ͘

:ƵŵůĂŚŝǀŝĚĞŶŝďĂLJĂƌŬĂŶ;ĚĂůĂŵ ŝǀŝĚĞŶƉĞƌƐŚĂƌĞ ŝǀŝĚĞŶWĂLJŽƵƚZĂƚŝŽ
dĂŚƵŶƵŬƵ
h^Ϳ ;ĚĂůĂŵh^Ϳ ;йͿ
ϮϬϭϲ Ͳ Ͳ Ͳ
ϮϬϭϱ Ͳ Ͳ Ͳ
ϮϬϭϰ ϴϱϵ͘ϲϯϲ ϭ͕Ϯϵ ϯϯ͕ϱ͗ϵϳ͕ϰ
ϮϬϭϯ ϰϳϴ͘ϭϳϵ Ϭ͕ϳϭ ϯ͗ϵϳ
ϮϬϭϮ ϱϱϭ͘Ϭϲϰ Ϭ͕ϴϯ ϯ͗ϵϳ




163
y//͘ WZW:<E

͘ WZW:<EhEdh<WD'E'^,D

WĂũĂŬWĞŶŐŚĂƐŝůĂŶĂƚĂƐĚŝǀŝĚĞŶƐĂŚĂŵĚŝŬĞŶĂŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ĞƌĚĂƐĂƌŬĂŶ WĂƐĂů ϰ ĂLJĂƚ ;ϯͿ ŚƵƌƵĨ Ĩ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϳ dĂŚƵŶ ϭϵϴϯ ƚĞŶƚĂŶŐ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ďĞďĞƌĂƉĂ ŬĂůŝ ĚŝƵďĂŚ ƚĞƌĂŬŚŝƌ ĚĞŶŐĂŶ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϯϲ dĂŚƵŶ ϮϬϬϴ ƚĞŶƚĂŶŐ
WĞƌƵďĂŚĂŶ<ĞĞŵƉĂƚĂƚĂƐ hŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϳ dĂŚƵŶϭϵϴϯƚĞŶƚĂŶŐWĂũĂŬ WĞŶŐŚĂƐŝůĂŶ͕ĚŝǀŝĚĞŶĂƚĂƵďĂŐŝĂŶ
ůĂďĂLJĂŶŐĚŝƚĞƌŝŵĂĂƚĂƵĚŝƉĞƌŽůĞŚƉĞƌƐĞƌŽĂŶƚĞƌďĂƚĂƐƐĞďĂŐĂŝtĂũŝďWĂũĂŬĚĂůĂŵŶĞŐĞƌŝ͕ŬŽƉĞƌĂƐŝ͕ďĂĚĂŶƵƐĂŚĂ
ŵŝůŝŬ ŶĞŐĂƌĂ͕ ĂƚĂƵ ďĂĚĂŶ ƵƐĂŚĂ ŵŝůŝŬ ĚĂĞƌĂŚ͕ ĚĂƌŝ ƉĞŶLJĞƌƚĂĂŶ ŵŽĚĂů ƉĂĚĂ ďĂĚĂŶ ƵƐĂŚĂ LJĂŶŐ ĚŝĚŝƌŝŬĂŶ ĚĂŶ
ďĞƌƚĞŵƉĂƚŬĞĚƵĚƵŬĂŶĚŝ/ŶĚŽŶĞƐŝĂĚŝŬĞĐƵĂůŝŬĂŶĚĂƌŝŽďũĞŬƉĂũĂŬĚĞŶŐĂŶƐLJĂƌĂƚ͗

• ĚŝǀŝĚĞŶďĞƌĂƐĂůĚĂƌŝĐĂĚĂŶŐĂŶůĂďĂLJĂŶŐĚŝƚĂŚĂŶ͖ĚĂŶ
• ďĂŐŝƉĞƌƐĞƌŽĂŶƚĞƌďĂƚĂƐ͕ďĂĚĂŶƵƐĂŚĂŵŝůŝŬŶĞŐĂƌĂĚĂŶďĂĚĂŶƵƐĂŚĂŵŝůŝŬĚĂĞƌĂŚLJĂŶŐŵĞŶĞƌŝŵĂĚŝǀŝĚĞŶ͕
ŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵƉĂĚĂďĂĚĂŶLJĂŶŐŵĞŵďĞƌŝŬĂŶĚŝǀŝĚĞŶƉĂůŝŶŐƌĞŶĚĂŚϮϱй;ĚƵĂƉƵůƵŚůŝŵĂƉĞƌƐĞŶͿĚĂƌŝ
ũƵŵůĂŚŵŽĚĂůLJĂŶŐĚŝƐĞƚŽƌ͘

^ĞƐƵĂŝ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ WĞŵĞƌŝŶƚĂŚ EŽ͘ ϰϭ dĂŚƵŶ ϭϵϵϰ ƚĞŶƚĂŶŐ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ ĂƚĂƐ WĞŶŐŚĂƐŝůĂŶ ĚĂƌŝ
dƌĂŶƐĂŬƐŝ WĞŶũƵĂůĂŶ ^ĂŚĂŵ Ěŝ ƵƌƐĂ ĨĞŬ ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƵďĂŚ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ WĞŵĞƌŝŶƚĂŚ EŽ͘ ϭϰ
dĂŚƵŶϭϵϵϳƚĞŶƚĂŶŐWĞƌƵďĂŚĂŶĂƚĂƐWĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚEŽ͘ϰϭdĂŚƵŶϭϵϵϰƚĞŶƚĂŶŐWĂũĂŬWĞŶŐŚĂƐŝůĂŶĂƚĂƐ
WĞŶŐŚĂƐŝůĂŶ ĚĂƌŝ dƌĂŶƐĂŬƐŝ WĞŶũƵĂůĂŶ ^ĂŚĂŵ Ěŝ ƵƌƐĂ ĨĞŬ ũƵŶĐƚŽ <ĞƉƵƚƵƐĂŶ DĞŶƚĞƌŝ <ĞƵĂŶŐĂŶ
EŽ͘ ϮϴϮͬ<D<͘Ϭϰͬϭϵϵϳ ƚĂŶŐŐĂů ϮϬ :ƵŶŝ ϭϵϵϳ ƚĞŶƚĂŶŐ WĞůĂŬƐĂŶĂĂŶ WĞŵƵŶŐƵƚĂŶ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ ĂƚĂƐ
WĞŶŐŚĂƐŝůĂŶĚĂƌŝdƌĂŶƐĂŬƐŝWĞŶũƵĂůĂŶ^ĂŚĂŵĚŝƵƌƐĂĨĞŬũƵŶĐƚŽ^ƵƌĂƚĚĂƌĂŶŝƌĞŬƚƵƌ:ĞŶĚĞƌĂůWĂũĂŬEŽ͘^Ͳ
ϬϲͬW:͘ϰͬϭϵϵϳ ƚĞŶƚĂŶŐ WĞůĂŬƐĂŶĂĂŶ WĞŵƵŶŐƵƚĂŶ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ ĂƚĂƐ WĞŶŐŚĂƐŝůĂŶ ĚĂƌŝ dƌĂŶƐĂŬƐŝ WĞŶũƵĂůĂŶ
^ĂŚĂŵ͕ƚĞůĂŚĚŝƚĞƚĂƉŬĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

• ĂƚĂƐƉĞŶŐŚĂƐŝůĂŶLJĂŶŐĚŝƚĞƌŝŵĂĂƚĂƵĚŝƉĞƌŽůĞŚŽƌĂŶŐƉƌŝďĂĚŝĂƚĂƵďĂĚĂŶĚĂƌŝƚƌĂŶƐĂŬƐŝƉĞŶũƵĂůĂŶƐĂŚĂŵĚŝ
ďƵƌƐĂ ĞĨĞŬ ĚŝƉƵŶŐƵƚ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ ƐĞďĞƐĂƌ Ϭ͕ϭй ;ƐĂƚƵ ƉĞƌ ƐĞƌŝďƵͿ ĚĂƌŝ ũƵŵůĂŚ ďƌƵƚŽ ŶŝůĂŝ ƚƌĂŶƐĂŬƐŝ
ƉĞŶũƵĂůĂŶ LJĂŶŐ ďĞƌƐŝĨĂƚ ĨŝŶĂů͘ WĞŶŐĞŶĂĂŶ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ĐĂƌĂ ƉĞŵŽƚŽŶŐĂŶ ŽůĞŚ
ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ďƵƌƐĂ ĞĨĞŬ ŵĞůĂůƵŝ ƉĞƌĂŶƚĂƌĂ ƉĞĚĂŐĂŶŐ ĞĨĞŬ ƉĂĚĂ ƐĂĂƚ ƉĞůƵŶĂƐĂŶ ƚƌĂŶƐĂŬƐŝ ƉĞŶũƵĂůĂŶ
ƐĂŚĂŵ͘
• ƉĞŵŝůŝŬ ƐĂŚĂŵ ƉĞŶĚŝƌŝ ĚŝŬĞŶĂŬĂŶ ƚĂŵďĂŚĂŶ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ ƐĞďĞƐĂƌ Ϭ͕ϱй ;ƐĞƚĞŶŐĂŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ŶŝůĂŝ
ƐĂŚĂŵƉĞƌƵƐĂŚĂĂŶƉĂĚĂƐĂĂƚƉĞŶĂǁĂƌĂŶƵŵƵŵƉĞƌĚĂŶĂ͘
• ƉĞŵŝůŝŬ ƐĂŚĂŵ ƉĞŶĚŝƌŝ ĚŝďĞƌŝŬĂŶ ŬĞŵƵĚĂŚĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ ƉĂũĂŬŶLJĂ ďĞƌĚĂƐĂƌŬĂŶ
ƉĞƌŚŝƚƵŶŐĂŶ ƐĞŶĚŝƌŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ Ěŝ ĂƚĂƐ͘ ĂůĂŵ ŚĂů ŝŶŝ͕ ƉĞŵŝůŝŬ ƐĂŚĂŵ ƉĞŶĚŝƌŝ ƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶ ƉĞƌƉĂũĂŬĂŶ ĚĂƉĂƚ ŵĞŶŐŚŝƚƵŶŐ ĨŝŶĂů ĂƚĂƐ ĚĂƐĂƌ ĂŶŐŐĂƉĂŶŶLJĂ ƐĞŶĚŝƌŝ ďĂŚǁĂ ƐƵĚĂŚ ĂĚĂ
ƉĞŶŐŚĂƐŝůĂŶ͘WĞŶLJĞƚŽƌĂŶƚĂŵďĂŚĂŶWĂũĂŬ WĞŶŐŚĂƐŝůĂŶĂƚĂƐƐĂŚĂŵƉĞŶĚŝƌŝĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĂƚĂƐ
ŶĂŵĂƉĞŵŝůŝŬƐĂŚĂŵƉĞŶĚŝƌŝŬĞďĂŶŬƉĞƌƐĞƉƐŝĂƚĂƵ<ĂŶƚŽƌWŽƐĚĂŶ'ŝƌŽƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϭ;ƐĂƚƵͿďƵůĂŶ
ƐĞƚĞůĂŚ ƐĂŚĂŵ ƚĞƌƐĞďƵƚ ĚŝƉĞƌĚĂŐĂŶŐŬĂŶ Ěŝ ďƵƌƐĂ ĞĨĞŬ͘ EĂŵƵŶ ĂƉĂďŝůĂ ƉĞŵŝůŝŬ ƐĂŚĂŵ ƉĞŶĚŝƌŝ ƚŝĚĂŬ
ŵĞŵĂŶĨĂĂƚŬĂŶ ŬĞŵƵĚĂŚĂŶ ƚĞƌƐĞďƵƚ͕ ŵĂŬĂ ƉĞŶŐŚŝƚƵŶŐĂŶ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶŶLJĂ ĚŝůĂŬƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ
ƚĂƌŝĨ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ LJĂŶŐ ďĞƌůĂŬƵ ƵŵƵŵ ƐĞƐƵĂŝ ĚĞŶŐĂŶ WĂƐĂů ϭϳ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϳ dĂŚƵŶ ϭϵϴϯ
ƚĞŶƚĂŶŐWĂũĂŬWĞŶŐŚĂƐŝůĂŶƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚĚŝƵďĂŚƚĞƌĂŬŚŝƌĚĞŶŐĂŶhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϯϲdĂŚƵŶϮϬϬϴ͘

^ĞƐƵĂŝĚĞŶŐĂŶWĂƐĂů ϮϯĂLJĂƚ;ϭͿŚƵƌƵĨĂŶŐŬĂϭhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϳdĂŚƵŶϭϵϴϯƚĞŶƚĂŶŐWĂũĂŬWĞŶŐŚĂƐŝůĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ďĞďĞƌĂƉĂ ŬĂůŝ ĚŝƵďĂŚ ƚĞƌĂŬŚŝƌ ĚĞŶŐĂŶ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϯϲ dĂŚƵŶ ϮϬϬϴ͕ ĂƚĂƐ
ƉĞŶŐŚĂƐŝůĂŶ ĚŝǀŝĚĞŶ LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ͕ ĚŝƐĞĚŝĂŬĂŶ ƵŶƚƵŬ ĚŝďĂLJĂƌŬĂŶ͕ ĂƚĂƵ ƚĞůĂŚ ũĂƚƵŚ ƚĞŵƉŽ ƉĞŵďĂLJĂƌĂŶŶLJĂ
ŽůĞŚďĂĚĂŶƉĞŵĞƌŝŶƚĂŚ͕ƐƵďũĞŬƉĂũĂŬďĂĚĂŶĚĂůĂŵŶĞŐĞƌŝ͕ƉĞŶLJĞůĞŶŐŐĂƌĂŬĞŐŝĂƚĂŶ͕ďĞŶƚƵŬƵƐĂŚĂƚĞƚĂƉ͕ĂƚĂƵ
ƉĞƌǁĂŬŝůĂŶ ƉĞƌƵƐĂŚĂĂŶ ůƵĂƌ ŶĞŐĞƌŝ ůĂŝŶŶLJĂ ŬĞƉĂĚĂ tĂũŝď WĂũĂŬ ĚĂůĂŵ ŶĞŐĞƌŝ ĂƚĂƵ ďĞŶƚƵŬ ƵƐĂŚĂ ƚĞƚĂƉ͕
ĚŝƉŽƚŽŶŐƉĂũĂŬŽůĞŚƉŝŚĂŬLJĂŶŐǁĂũŝďŵĞŵďĂLJĂƌŬĂŶƐĞďĞƐĂƌϭϱй;ůŝŵĂďĞůĂƐƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚďƌƵƚŽ͘ĂůĂŵ
ŚĂůtĂũŝďWĂũĂŬLJĂŶŐŵĞŶĞƌŝŵĂĂƚĂƵŵĞŵƉĞƌŽůĞŚƉĞŶŐŚĂƐŝůĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƚŝĚĂŬŵĞŵŝůŝŬŝEŽŵŽƌ
WŽŬŽŬ tĂũŝď WĂũĂŬ͕ ďĞƐĂƌŶLJĂ ƚĂƌŝĨ ƉĞŵŽƚŽŶŐĂŶ ĂĚĂůĂŚ ůĞďŝŚ ƚŝŶŐŐŝ ϭϬϬй ;ƐĞƌĂƚƵƐ ƉĞƌƐĞŶͿ ĚĂƌŝƉĂĚĂ ƚĂƌŝĨ
ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĂƚĂƵƐĞďĞƐĂƌϯϬй;ƚŝŐĂƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚďƌƵƚŽŶLJĂ͘


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^ĞƐƵĂŝĚĞŶŐĂŶWĂƐĂů ϭϳĂLJĂƚ;ϮĐͿhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϳdĂŚƵŶϭϵϴϯƚĞŶƚĂŶŐWĂũĂŬWĞŶŐŚĂƐŝůĂŶƐĞďĂŐĂŝŵĂŶĂ
ƚĞůĂŚďĞďĞƌĂƉĂŬĂůŝĚŝƵďĂŚƚĞƌĂŬŚŝƌĚĞŶŐĂŶhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϯϲdĂŚƵŶϮϬϬϴũƵŶĐƚŽWĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚ
EŽ͘ϭϵdĂŚƵŶϮϬϬϵƚĞŶƚĂŶŐWĂũĂŬ WĞŶŐŚĂƐŝůĂŶĂƚĂƐŝǀŝĚĞŶLJĂŶŐŝƚĞƌŝŵĂ ĂƚĂƵŝƉĞƌŽůĞŚtĂũŝďWĂũĂŬ KƌĂŶŐ
WƌŝďĂĚŝĂůĂŵEĞŐĞƌŝũƵŶĐƚŽWĞƌĂƚƵƌĂŶDĞŶƚĞƌŝ<ĞƵĂŶŐĂŶEŽ͘ϭϭϭͬWD<͘ϬϯͬϮϬϭϬƚĂŶŐŐĂůϭϰ:ƵŶŝϮϬϭϬƚĞŶƚĂŶŐ
dĂƚĂ ĂƌĂ WĞŵŽƚŽŶŐĂŶ͕ WĞŶLJĞƚŽƌĂŶ͕ ĚĂŶ WĞůĂƉŽƌĂŶ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ ĂƚĂƐ ŝǀŝĚĞŶ LJĂŶŐ ŝƚĞƌŝŵĂ ĂƚĂƵ
ŝƉĞƌŽůĞŚ tĂũŝď WĂũĂŬ KƌĂŶŐ WƌŝďĂĚŝ ĂůĂŵ EĞŐĞƌŝ͕ ĂƚĂƐ ƉĞŶŐŚĂƐŝůĂŶ ďĞƌƵƉĂ ĚŝǀŝĚĞŶ LJĂŶŐ ĚŝƚĞƌŝŵĂ ĂƚĂƵ
ĚŝƉĞƌŽůĞŚtĂũŝďWĂũĂŬŽƌĂŶŐƉƌŝďĂĚŝĚĂůĂŵŶĞŐĞƌŝĚŝŬĞŶĂŝWĂũĂŬWĞŶŐŚĂƐŝůĂŶƐĞďĞƐĂƌϭϬй;ƐĞƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝ
ũƵŵůĂŚ ďƌƵƚŽ ĚĂŶ ďĞƌƐŝĨĂƚ ĨŝŶĂů͘ WĞŶŐĞŶĂĂŶ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ LJĂŶŐ ďĞƌƐŝĨĂƚ ĨŝŶĂů ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ
ĚŝůĂŬƵŬĂŶ ŵĞůĂůƵŝ ƉĞŵŽƚŽŶŐĂŶ ŽůĞŚ ƉŝŚĂŬ LJĂŶŐ ŵĞŵďĂLJĂƌ ĂƚĂƵ ƉŝŚĂŬ ůĂŝŶ LJĂŶŐ ĚŝƚƵŶũƵŬ ƐĞůĂŬƵ ƉĞŵďĂLJĂƌ
ĚŝǀŝĚĞŶLJĂŶŐĚŝůĂŬƵŬĂŶƉĂĚĂƐĂĂƚĚŝǀŝĚĞŶĚŝƐĞĚŝĂŬĂŶƵŶƚƵŬĚŝďĂLJĂƌŬĂŶ͘

WĞŵŽƚŽŶŐĂŶWĂũĂŬWĞŶŐŚĂƐŝůĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWĂƐĂůϮϯĂLJĂƚ;ϭͿŚƵƌƵĨĂŶŐŬĂϭhŶĚĂŶŐͲhŶĚĂŶŐ
EŽ͘ϳdĂŚƵŶϭϵϴϯƚĞŶƚĂŶŐWĂũĂŬWĞŶŐŚĂƐŝůĂŶƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚďĞďĞƌĂƉĂŬĂůŝĚŝƵďĂŚƚĞƌĂŬŚŝƌĚĞŶŐĂŶhŶĚĂŶŐͲ
hŶĚĂŶŐEŽ͘ϯϲdĂŚƵŶϮϬϬϴĚŝĂƚĂƐƚŝĚĂŬĚŝůĂŬƵŬĂŶĂƚĂƐĚŝǀŝĚĞŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWĂƐĂůϰĂLJĂƚ;ϯͿ
ŚƵƌƵĨĨhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϳdĂŚƵŶϭϵϴϯƚĞŶƚĂŶŐWĂũĂŬWĞŶŐŚĂƐŝůĂŶƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚďĞďĞƌĂƉĂŬĂůŝĚŝƵďĂŚ
ƚĞƌĂŬŚŝƌĚĞŶŐĂŶhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϯϲdĂŚƵŶϮϬϬϴ;ƐĞďĂŐĂŝŵĂŶĂĚŝƐĞďƵƚŬĂŶƉĂĚĂƉĂƌĂŐƌĂĨƉĞƌƚĂŵĂĚŝĂƚĂƐͿ
ĚĂŶ ĚŝǀŝĚĞŶ LJĂŶŐ ĚŝƚĞƌŝŵĂ ĂƚĂƵ ĚŝƉĞƌŽůĞŚ tĂũŝď WĂũĂŬ KƌĂŶŐ WƌŝďĂĚŝ ĂůĂŵ EĞŐĞƌŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ
ĚĂůĂŵ WĂƐĂů ϭϳ ĂLJĂƚ ;ϮĐͿ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϳ dĂŚƵŶ ϭϵϴϯ ƚĞŶƚĂŶŐ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ
ďĞďĞƌĂƉĂ ŬĂůŝ ĚŝƵďĂŚ ƚĞƌĂŬŚŝƌ ĚĞŶŐĂŶ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϯϲ dĂŚƵŶ ϮϬϬϴ ;ƐĞďĂŐĂŝŵĂŶĂ ĚŝƐĞďƵƚŬĂŶ ƉĂĚĂ
ƉĂƌĂŐƌĂĨŬĞĞŵƉĂƚĚŝĂƚĂƐͿ͘

^ĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶDĞŶƚĞƌŝ<ĞƵĂŶŐĂŶEŽ͘ϮϯϰͬWD<͘ϬϯͬϮϬϬϵƚĂŶŐŐĂůϮϵĞƐĞŵďĞƌϮϬϬϵƚĞŶƚĂŶŐŝĚĂŶŐ
WĞŶĂŶĂŵĂŶDŽĚĂů dĞƌƚĞŶƚƵ LJĂŶŐDĞŵďĞƌŝŬĂŶWĞŶŐŚĂƐŝůĂŶ<ĞƉĂĚĂ ĂŶĂ WĞŶƐŝƵŶLJĂŶŐŝŬĞĐƵĂůŝŬĂŶ^ĞďĂŐĂŝ
KďũĞŬ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ͕ ĚŝǀŝĚĞŶ ĚĂƌŝ ƐĂŚĂŵ ƉĂĚĂ ƉĞƌƐĞƌŽĂŶ ƚĞƌďĂƚĂƐ LJĂŶŐ ƚĞƌĐĂƚĂƚ ƉĂĚĂ ďƵƌƐĂ ĞĨĞŬ Ěŝ
/ŶĚŽŶĞƐŝĂĚŝŬĞĐƵĂůŝŬĂŶĚĂƌŝŽďũĞŬWĂũĂŬWĞŶŐŚĂƐŝůĂŶ͘

ĞƌĚĂƐĂƌŬĂŶ WĂƐĂů Ϯϲ ĂLJĂƚ ;ϭͿ ŚƵƌƵĨ Ă hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϳ dĂŚƵŶ ϭϵϴϯ ƚĞŶƚĂŶŐ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ďĞďĞƌĂƉĂ ŬĂůŝ ĚŝƵďĂŚ ƚĞƌĂŬŚŝƌ ĚĞŶŐĂŶ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϯϲ dĂŚƵŶ ϮϬϬϴ͕ ĂƚĂƐ
ƉĞŶŐŚĂƐŝůĂŶ ĚŝǀŝĚĞŶ LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ͕ ĚŝƐĞĚŝĂŬĂŶ ƵŶƚƵŬ ĚŝďĂLJĂƌŬĂŶ͕ ĂƚĂƵ ƚĞůĂŚ ũĂƚƵŚ ƚĞŵƉŽ ƉĞŵďĂLJĂƌĂŶŶLJĂ
ŽůĞŚ ďĂĚĂŶ ƉĞŵĞƌŝŶƚĂŚ͕ ƐƵďũĞŬ ƉĂũĂŬ ĚĂůĂŵ ŶĞŐĞƌŝ͕ ƉĞŶLJĞůĞŶŐŐĂƌĂ ŬĞŐŝĂƚĂŶ͕ ďĞŶƚƵŬ ƵƐĂŚĂ ƚĞƚĂƉ͕ ĂƚĂƵ
ƉĞƌǁĂŬŝůĂŶ ƉĞƌƵƐĂŚĂĂŶ ůƵĂƌ ŶĞŐĞƌŝ ůĂŝŶŶLJĂ ŬĞƉĂĚĂ tĂũŝď WĂũĂŬ ůƵĂƌ ŶĞŐĞƌŝ ƐĞůĂŝŶ ďĞŶƚƵŬ ƵƐĂŚĂ ƚĞƚĂƉ Ěŝ
/ŶĚŽŶĞƐŝĂ ĚŝƉŽƚŽŶŐ ƉĂũĂŬ ƐĞďĞƐĂƌ ϮϬй ;ĚƵĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ũƵŵůĂŚ ďƌƵƚŽ ŽůĞŚ ƉŝŚĂŬ LJĂŶŐ ǁĂũŝď
ŵĞŵďĂLJĂƌŬĂŶ͘ ĂůĂŵ ŚĂů ĚŝǀŝĚĞŶ LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ͕ ĚŝƐĞĚŝĂŬĂŶ ƵŶƚƵŬ ĚŝďĂLJĂƌŬĂŶ͕ ĂƚĂƵ ƚĞůĂŚ ũĂƚƵŚ ƚĞŵƉŽ
ƉĞŵďĂLJĂƌĂŶŶLJĂ ĚŝůĂŬƵŬĂŶ ŬĞƉĂĚĂ ƉĞŶĚƵĚƵŬ ƐƵĂƚƵ ŶĞŐĂƌĂ LJĂŶŐ ƚĞůĂŚ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ WĞƌũĂŶũŝĂŶ
Penghindaran Pajak Berganda (“P3B”) dengan Indonesia dan memenuhi ketentuan Peraturan Direktur Jenderal
WĂũĂŬ EŽ͘ WZͲϲϭͬW:ͬϮϬϬϵ ƚĞŶƚĂŶŐ dĂƚĂ ĂƌĂ WĞŶĞƌĂƉĂŶ WĞƌƐĞƚƵũƵĂŶ WĞŶŐŚŝŶĚĂƌĂŶ WĂũĂŬ ĞƌŐĂŶĚĂ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƵďĂŚ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ ŝƌĞŬƚƵƌ :ĞŶĚĞƌĂů WĂũĂŬ EŽ͘ WZͲϮϰͬW:ͬϮϬϭϬ ũƵŶĐƚŽ WĞƌĂƚƵƌĂŶ
ŝƌĞŬƚƵƌ:ĞŶĚĞƌĂůWĂũĂŬ EŽ͘WZͲϲϮͬW:ͬϮϬϬϵƚĞŶƚĂŶŐWĞŶĐĞŐĂŚĂŶWĞŶLJĂůĂŚŐƵŶĂĂŶWĞƌƐĞƚƵũƵĂŶWĞŶŐŚŝŶĚĂƌĂŶ
WĂũĂŬ ĞƌŐĂŶĚĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƵďĂŚ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ ŝƌĞŬƚƵƌ :ĞŶĚĞƌĂů WĂũĂŬ EŽ͘ WZͲϮϱͬW:ͬϮϬϭϬ͕
ĚŝƉŽƚŽŶŐĚĞŶŐĂŶƚĂƌŝĨLJĂŶŐůĞďŝŚƌĞŶĚĂŚƐĞƐƵĂŝĚĞŶŐĂŶWϯ͘

͘ WDEh,E<t:/EWZW:<EK>,WZ^ZKE

^ĞďĂŐĂŝtĂũŝďWĂũĂŬ͕ƐĞĐĂƌĂƵŵƵŵWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŬĞǁĂũŝďĂŶƉĞƌƉĂũĂŬĂŶƵŶƚƵŬWĂũĂŬ WĞŶŐŚĂƐŝůĂŶ;WWŚͿ͕
WĂũĂŬ WĞƌƚĂŵďĂŚĂŶ EŝůĂŝ ;WWEͿ ĚĂŶ WĂũĂŬ Ƶŵŝ ĚĂŶ ĂŶŐƵŶĂŶ ;WͿ͘ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ
ƉĞƌƉĂũĂŬĂŶŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƉĂũĂŬĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ WĂĚĂ ƚĂŶŐŐĂů
WƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝƚƵŶŐŐĂŬĂŶƉĂũĂŬ͘

͘ WZW:<E^ED^KW

ŝĂLJĂ WƌŽŐƌĂŵ ^ ;<ŚƵƐƵƐ ^ĂŚĂŵ ŽŶƵƐͿ ŵĞƌƵƉĂŬĂŶ ďĂŐŝĂŶ ĚĂƌŝ ƌĞŵƵŶĞƌĂƐŝ WĞƐĞƌƚĂ͕ ƐĞŚŝŶŐŐĂ ĚĞŶŐĂŶ
ĚĞŵŝŬŝĂŶWWŚƉĂƐĂůϮϭĂƚĂƐ^ĂŚĂŵŽŶƵƐĂŬĂŶŵĞŶũĂĚŝďĞďĂŶWĞƌƐĞƌŽĂŶ͘^ĞůĂŶũƵƚŶLJĂƐĞƚĞůĂŚƉĞƌŝŽĚĞ>ŽĐŬͲhƉ
ďĞƌĂŬŚŝƌ͕ WĞƐĞƌƚĂ ŵĞŶĂŶŐŐƵŶŐ ďĞďĂŶ ƉĞƌƉĂũĂŬĂŶ ĂƚĂƐ ƚƌĂŶƐĂŬƐŝ ƉĞŶũƵĂůĂŶ ƐĂŚĂŵ ŵĞůĂůƵŝ ƵƌƐĂ ĨĞŬ ĂƚĂƵ Ěŝ
ůƵĂƌƵƌƐĂĨĞŬ͕ĂƚĂƵƉĞůĂŬƐĂŶĂĂŶƉĞŶũƵĂůĂŶďĞƌůĂŬƵŬĞƚĞŶƚƵĂŶƉĞƌƉĂũĂŬĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗



165
 ϭ͘ hŶƚƵŬ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŶũƵĂůĂŶ ŵĞůĂůƵŝ ƵƌƐĂ ĨĞŬ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ƉĂũĂŬ LJĂŶŐ ďĞƌƐŝĨĂƚ ĨŝŶĂů LJĂŶŐ
ďĞƐĂƌŶLJĂĚŝƚĞƚĂƉŬĂŶďĞƌĚĂƐĂƌŬĂŶŶŝůĂŝƚƌĂŶƐĂŬƐŝ͘
Ϯ͘ hŶƚƵŬ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŶũƵĂůĂŶ ƐĂŚĂŵ Ěŝ ůƵĂƌ ƵƌƐĂ ĨĞŬ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ƉĂũĂŬ LJĂŶŐ ĚŝƉĞƌŚŝƚƵŶŐŬĂŶ
ĚĂƌŝ ĐĂƉŝƚĂůŐĂŝŶLJĂŶŐĚŝƚĞƌŝŵĂ ŽůĞŚWĞƐĞƌƚĂĚĂŶĂŬĂŶĚŝŬĞŶĂŬĂŶƉĂũĂŬƉƌŽŐƌĞƐŝĨƐĞƐƵĂŝĚĞŶŐĂŶƚĂƌŝĨ
LJĂŶŐďĞƌůĂŬƵ͘

hŶƚƵŬďĞďĂŶĚĂŶƉĂũĂŬLJĂŶŐƚŝŵďƵůĚĂƌŝƚƌĂŶƐĂŬƐŝ^;<ŚƵƐƵƐƵŶƚƵŬ^ĂŚĂŵ:ĂƚĂŚWĂƐƚŝͿĚĂŶWƌŽŐƌĂŵD^KW͕
ƐĞůƵƌƵŚďĞďĂŶĚĂŶƉĂũĂŬLJĂŶŐƚŝŵďƵůĂŬĂŶĚŝƚĂŶŐŐƵŶŐŽůĞŚWĞƐĞƌƚĂWƌŽŐƌĂŵ^ĚĂŶD^KW͘

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166
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^ĞƐƵĂŝĚĞŶŐĂŶƉĞƌƐLJĂƌĂƚĂŶĚĂŶŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶŵŝƐŝĨĞŬ
LJĂŶŐ ƐĞŵƵĂŶLJĂ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ &ĂƚŚŝĂŚ ,Ğůŵŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ  ;ƐĞůĂŶũƵƚŶLJĂ ĚŝƐĞďƵt “Perjanjian Penjaminan
Emisi Efek”), dan para Penjamin Pelaksana Emisi Efek, secara bersamaͲƐĂŵĂ ŵĂƵƉƵŶ ƐĞŶĚŝƌŝͲƐĞŶĚŝƌŝ͕
ŵĞŶLJĞƚƵũƵŝ ƐĞƉĞŶƵŚŶLJĂ ƵŶƚƵŬ ŵĞŶĂǁĂƌŬĂŶ ĚĂŶ ŵĞŶũƵĂů ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ
DĂƐLJĂƌĂŬĂƚƐĞƐƵĂŝďĂŐŝĂŶƉĞŶũĂŵŝŶĂŶŶLJĂŵĂƐŝŶŐͲŵĂƐŝŶŐĚĞŶŐĂŶŬĞƐĂŶŐŐƵƉĂŶƉĞŶƵŚ;ĨƵůůĐŽŵŵŝƚŵĞŶƚͿĚĂŶ
ŵĞŶŐŝŬĂƚŬĂŶĚŝƌŝƵŶƚƵŬŵĞŵďĞůŝƐĂŚĂŵLJĂŶŐĂŬĂŶĚŝƚĂǁĂƌŬĂŶLJĂŶŐƚŝĚĂŬŚĂďŝƐƚĞƌũƵĂůƉĂĚĂƚĂŶŐŐĂůƉĞŶƵƚƵƉĂŶ
DĂƐĂWĞŶĂǁĂƌĂŶ͘

WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ ƚĞƌƐĞďƵƚ ŵĞƌƵƉĂŬĂŶ ƉĞƌũĂŶũŝĂŶ LJĂŶŐ ůĞŶŐŬĂƉ ĚŝĂŶƚĂƌĂ ƉĂƌĂ ƉŝŚĂŬ ĚĂůĂŵ
WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ ŝŶŝ ĚĂŶ ŵĞŶŐŐĂŶƚŝŬĂŶ ƐĞŵƵĂ ƉĞƌƐĞƚƵũƵĂŶ LJĂŶŐ ŵƵŶŐŬŝŶ ƚĞůĂŚ ĚŝďƵĂƚ
ƐĞďĞůƵŵŶLJĂ ĂŶƚĂƌĂ ƉŝŚĂŬͲƉŝŚĂŬ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ ŝŶŝ ďĂŝŬ ĚŝďƵĂƚ ƐĞĐĂƌĂ ůŝƐĂŶ ŵĂƵƉƵŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ͕ LJĂŶŐ
ĚŝďƵĂƚƐĞĐĂƌĂƚĞŐĂƐĂƚĂƵƉƵŶLJĂŶŐĚŝďƵĂƚƐĞĐĂƌĂƚŝĚĂŬůĂŶŐƐƵŶŐ͕ďĞƌŬĞŶĂĂŶĚĞŶŐĂŶŚĂůͲŚĂůLJĂŶŐĚŝŵƵĂƚĚĂůĂŵ
WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶŵŝƐŝĨĞŬŝŶŝ͘WĂƌĂƉŝŚĂŬĚĂůĂŵWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶŵŝƐŝĨĞŬŝŶŝŵĞŶLJĂƚĂŬĂŶƚŝĚĂŬ
ƉĞƌŶĂŚ ŵĞŵďƵĂƚ ƉĞƌũĂŶũŝĂŶ ůĂŝŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ ŝŶŝ ĚĂŶ ďĞƌũĂŶũŝ ĚĂŶ
ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƚŝĚĂŬ ĂŬĂŶ ŵĞŵďƵĂƚ ƉĞƌũĂŶũŝĂŶ ĂƉĂƉƵŶ ďĂŝŬ ĚŝďƵĂƚ ĚĞŶŐĂŶ ĂŬƚĂ Ěŝ ďĂǁĂŚ ƚĂŶŐĂŶ ŵĂƵƉƵŶ
ĚŝďƵĂƚƐĞĐĂƌĂŶŽƚĂƌŝŝů͕ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶWĞŶĂǁĂƌĂŶhŵƵŵ͕LJĂŶŐďĞƌƚĞŶƚĂŶŐĂŶĚĂŶͬĂƚĂƵLJĂŶŐƚŝĚĂŬƐĞƐƵĂŝ
ĚĞŶŐĂŶWĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶŵŝƐŝ ĨĞŬ ŝŶŝ͘ ƉĂďŝůĂ ƚĞƌĚĂƉĂƚ ƉĞƌũĂŶũŝĂŶͬ ƉĞƌŶLJĂƚĂĂŶLJĂŶŐĚŝďƵĂƚŽůĞŚ ƉĂƌĂ
ƉŝŚĂŬ ďĞƌƚĞŶƚĂŶŐĂŶ ĚĞŶŐĂŶ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ ŝŶŝ ŵĂŬĂ LJĂŶŐ ďĞƌůĂŬƵ ŵĞŶŐŝŬĂƚ ƉĂƌĂ ƉŝŚĂŬ
ĂĚĂůĂŚWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶŵŝƐŝĨĞŬŝŶŝ͘

^ĞůĂŶũƵƚŶLJĂƉĂƌĂWĞŶũĂŵŝŶŵŝƐŝĨĞŬLJĂŶŐŝŬƵƚƐĞƌƚĂĚĂůĂŵƉĞŶũĂŵŝŶĂŶĞŵŝƐŝƐĂŚĂŵWĞƌƐĞƌŽĂŶƚĞůĂŚƐĞƉĂŬĂƚ
ƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐŶLJĂŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϳ͘

ĚĂƉƵŶƐƵƐƵŶĂŶĚĂŶũƵŵůĂŚƉŽƌƐŝƉĞŶũĂŵŝŶĂŶƐĞƌƚĂƉĞƌƐĞŶƚĂƐĞĚĂƌŝĂŶŐŐŽƚĂƐŝŶĚŝŬĂƐŝWĞŶũĂŵŝŶĂŶŵŝƐŝĨĞŬ
ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝũĂŵŝŶ ĚĞŶŐĂŶ ŬĞƐĂŶŐŐƵƉĂŶ ƉĞŶƵŚ ;ĨƵůů ĐŽŵŵŝƚŵĞŶƚͿ ĂĚĂůĂŚ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

WŽƌƐŝWĞŶũĂŵŝŶĂŶ
EŽ͘ <ĞƚĞƌĂŶŐĂŶ
^ĂŚĂŵ EŝůĂŝ;ZƉͿ ;йͿ
WE:D/EW><^ED/^/&<
ϭ͘ WdĂŚĂŶĂ^ĞŬƵƌŝƚĂƐ;dĞƌĂĨŝůŝĂƐŝͿ ϲϯϰ͘Ϯϭϴ͘ϵϬϬ Ϯϱϯ͘ϲϴϳ͘ϱϲϬ͘ϬϬϬ ϮϮ͕ϰϲй
Ϯ͘ WdE/^ĞŬƵƌŝƚĂƐ;dĞƌĂĨŝůŝĂƐŝͿ ϲϯϰ͘Ϯϭϴ͘ϵϬϬ Ϯϱϯ͘ϲϴϳ͘ϱϲϬ͘ϬϬϬ ϮϮ͕ϰϲй
ϯ͘ WdĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐ;dĞƌĂĨŝůŝĂƐŝͿ ϲϯϰ͘Ϯϭϴ͘ϵϬϬ Ϯϱϯ͘ϲϴϳ͘ϱϲϬ͘ϬϬϬ ϮϮ͕ϰϲй
ϰ͘ WdDĂŶĚŝƌŝ^ĞŬƵƌŝƚĂƐ;dĞƌĂĨŝůŝĂƐŝͿ ϲϯϰ͘Ϯϭϵ͘ϯϬϬ Ϯϱϯ͘ϲϴϳ͘ϳϮϬ͘ϬϬϬ ϮϮ͕ϰϲй
^ƵďdŽƚĂů Ϯ͘ϱϯϲ͘ϴϳϲ͘ϬϬϬ ϭ͘Ϭϭϰ͘ϳϱϬ͘ϰϬϬ͘ϬϬϬ ϴϵ͕ϴϱй
WE:D/ED/^/&<
ϭ͘ Wd/D^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ Ϯϴϭ͘ϴϳϱ͘ϭϬϬ ϭϭϮ͘ϳϱϬ͘ϬϰϬ͘ϬϬϬ ϵ͕ϵϴй
Ϯ͘ WdŵĂŶƚĂƌĂ^ĞĐƵƌŝƚŝĞƐ ϱϬϬ͘ϬϬϬ ϮϬϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϮй
ϯ͘ WdƵŵŝƉƵƚĞƌĂ^ĞŬƵƌŝƚĂƐ ϭϬϬ͘ϬϬϬ ϰϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϬϭй
ϰ͘ WdƌĚŝŬŚĂůŝƚ^ĞŬƵƌŝƚĂƐ ϭϬϬ͘ϬϬϬ ϰϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϬϭй
ϱ͘ Wd<'/^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ ϭϬϬ͘ϬϬϬ ϰϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϬϭй
ϲ͘ Wd>ŽƚƵƐŶĚĂůĂŶ^ĞŬƵƌŝƚĂƐ ϱϬϬ͘ϬϬϬ ϮϬϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϮй
ϳ͘ WdDĂŐĞŶƚĂ<ĂƉŝƚĂů^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ ϱϬϬ͘ϬϬϬ ϮϬϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϮй
ϴ͘ WdDŝƌĂĞƐƐĞƚ^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ ϱϬϬ͘ϬϬϬ ϮϬϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϮй
ϵ͘ WdDE^ĞŬƵƌŝƚĂƐ ϱϬϬ͘ϬϬϬ ϮϬϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϮй
ϭϬ͘ WdE,<ŽƌŝŶĚŽ^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ ϭϬϬ͘ϬϬϬ ϰϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϬϭй
ϭϭ͘ WdWĂŶŝŶ^ĞŬƵƌŝƚĂƐdďŬ ϱϬϬ͘ϬϬϬ ϮϬϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϮй
ϭϮ͘ WdWŚŝůůŝƉ^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ ϱϬϬ͘ϬϬϬ ϮϬϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϮй
ϭϯ͘ WddƌŝŵĞŐĂŚ^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂdďŬ ϱϬϬ͘ϬϬϬ ϮϬϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϮй
ϭϰ͘ WdtĂŶƚĞŐ^ĞŬƵƌŝƚĂƐ ϭϬϬ͘ϬϬϬ ϰϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϬϭй
ϭϱ͘ WdzƵůŝĞ^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂdďŬ ϭϬϬ͘ϬϬϬ ϰϬ͘ϬϬϬ͘ϬϬϬ Ϭ͕ϬϬϭй
^ƵďdŽƚĂů Ϯϴϲ͘ϰϳϱ͘ϭϬϬ ϭϭϰ͘ϱϵϬ͘ϬϰϬ͘ϬϬϬ ϭϬ͕ϭϱй
dKd> Ϯ͘ϴϮϯ͘ϯϱϭ͘ϭϬϬ ϭ͘ϭϮϵ͘ϯϰϬ͘ϰϰϬ͘ϬϬϬ ϭϬϬ͕ϬϬй


167
Wd ĂŚĂŶĂ ^ĞŬƵƌŝƚĂƐ͕ Wd E/ ^ĞŬƵƌŝƚĂƐ͕ Wd ĂŶĂƌĞŬƐĂ ^ĞŬƵƌŝƚĂƐ ĚĂŶ Wd DĂŶĚŝƌŝ ^ĞŬƵƌŝƚĂƐ ƐĞůĂŬƵ WĞŶũĂŵŝŶ
WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ŵĞŵŝůŝŬŝ ŚƵďƵŶŐĂŶ ĂĨŝůŝĂƐŝ ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ ŬĞƉĞŵŝůŝŬĂŶ EĞŐĂƌĂ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂƐĞŵĞŶƚĂƌĂWĂƌĂWĞŶũĂŵŝŶŵŝƐŝĨĞŬĚĞŶŐĂŶƚĞŐĂƐŵĞŶLJĂƚĂŬĂŶƚŝĚĂŬŵĞŵƉƵŶLJĂŝŚƵďƵŶŐĂŶĨŝůŝĂƐŝ
ĚĞŶŐĂŶWĞƌƐĞƌŽĂŶďĂŝŬůĂŶŐƐƵŶŐŵĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ͘

//͘ WEEdhE,Z'WEtZE^,DWW^ZWZE

,ĂƌŐĂ WĞŶĂǁĂƌĂŶ ƵŶƚƵŬ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ĚŝƚĞŶƚƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŚĂƐŝů ŬĞƐĞƉĂŬĂƚĂŶ ĚĂŶ ŶĞŐŽƐŝĂƐŝ
WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ĚĞŶŐĂŶ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ŚĂƐŝů WĞŶĂǁĂƌĂŶ ǁĂů
;ŬďƵŝůĚŝŶŐͿLJĂŶŐĚŝůĂŬƵŬĂŶƐĞũĂŬƚĂŶŐŐĂůϭϭ^ĞƉƚĞŵďĞƌ–ϮϮ^ĞƉƚĞŵďĞƌϮϬϭϳ͘

ĞƌĚĂƐĂƌŬĂŶŚĂƐŝůWĞŶĂǁĂƌĂŶǁĂů;ŬďƵŝůĚŝŶŐͿũƵŵůĂŚƉĞƌŵŝŶƚĂĂŶƚĞƌďĂŶLJĂŬLJĂŶŐĚŝƚĞƌŝŵĂŽůĞŚWĞŶũĂŵŝŶ
WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ͕ ďĞƌĂĚĂ ƉĂĚĂ ŬŝƐĂƌĂŶ ŚĂƌŐĂ ZƉϯϵϬ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ZƉϱϭϬ ƐĞƚŝĂƉ ƐĂŚĂŵ͘ ĞŶŐĂŶ
ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ŚĂƐŝů WĞŶĂǁĂƌĂŶ ǁĂů ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ ŵĂŬĂ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƐĞƉĂŬĂƚĂŶ ĂŶƚĂƌĂ WĞŶũĂŵŝŶ
WĞůĂŬƐĂŶĂŵŝƐŝĨĞŬĚĞŶŐĂŶWĞƌƐĞƌŽĂŶĚŝƚĞƚĂƉŬĂŶ,ĂƌŐĂWĞŶĂǁĂƌĂŶƐĞďĞƐĂƌZƉϰϬϬ͘

WĞŶĞŶƚƵĂŶŚĂƌŐĂŝŶŝũƵŐĂƚĞůĂŚŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶĨĂŬƚŽƌͲĨĂŬƚŽƌďĞƌŝŬƵƚ͗

- <ŽŶĚŝƐŝƉĂƐĂƌƉĂĚĂƐĂĂƚŬďƵŝůĚŝŶŐĚŝůĂŬƵŬĂŶ͖
- <ŝŶĞƌũĂŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͖
- ĂƚĂ ĚĂŶ ŝŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ WĞƌƐĞƌŽĂŶ͕ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ͕ ƐĞũĂƌĂŚ ƐŝŶŐŬĂƚ͕ ƉƌŽƐƉĞŬ ƵƐĂŚĂ ĚĂŶ
ŬĞƚĞƌĂŶŐĂŶŵĞŶŐĞŶĂŝŝŶĚƵƐƚƌŝDZKĚŝ/ŶĚŽŶĞƐŝĂ͖
- WĞŶŝůĂŝĂŶƚĞƌŚĂĚĂƉĚŝƌĞŬƐŝĚĂŶŵĂŶĂũĞŵĞŶ͕ŽƉĞƌĂƐŝĂƚĂƵŬŝŶĞƌũĂWĞƌƐĞƌŽĂŶ͕ďĂŝŬĚŝŵĂƐĂůĂŵƉĂƵŵĂƵƉƵŶ
ƉĂĚĂƐĂĂƚŝŶŝ͕ƐĞƌƚĂƉƌŽƐƉĞŬƵƐĂŚĂĚĂŶƉƌŽƐƉĞŬƉĞŶĚĂƉĂƚĂŶĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐ͖
- ^ƚĂƚƵƐĚĂƌŝƉĞƌŬĞŵďĂŶŐĂŶƚĞƌĂŬŚŝƌWĞƌƐĞƌŽĂŶ͖ĚĂŶ
- DĞŵƉĞƌƚŝŵďĂŶŐŬĂŶŬŝŶĞƌũĂƐĂŚĂŵƉĞƌƵƐĂŚĂĂŶƐĞũĞŶŝƐĚŝƉĂƐĂƌƐĞŬƵŶĚĞƌLJĂŶŐƐĂŚĂŵŶLJĂƐƵĚĂŚƚĞƌĐĂƚĂƚ
ĚŝďƵƌƐĂĞĨĞŬƌĞŐŝŽŶĂů͘

^ĞůĂŝŶĨĂŬƚŽƌͲĨĂŬƚŽƌƚĞƌƐĞďƵƚĚŝĂƚĂƐ͕ĚĂůĂŵŵĞŶĞŶƚƵŬĂŶŚĂƌŐĂ͕ĚŝŐƵŶĂŬĂŶũƵŐĂŵĞƚŽĚĞĂŶĂůŝƐĂŬŽŵƉĂƌĂƚŝĨWƌŝĐĞ
ƚŽ ĂƌŶŝŶŐ ZĂƚŝŽ͘ ĂůĂŵ ŵĞůĂŬƵŬĂŶ ĂŶĂůŝƐĂ ŬŽŵƉĂƌĂƚŝĨ ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ WƌŝĐĞ ƚŽ
ĂƌŶŝŶŐ ZĂƚŝŽ ĚĂƌŝ ƉĞƌƵƐĂŚĂĂŶ ƐĞũĞŶŝƐ LJĂŶŐ ƐĂŚĂŵŶLJĂ ƐƵĚĂŚ ƚĞƌĐĂƚĂƚ Ěŝ ďƵƌƐĂ ĞĨĞŬ ƌĞŐŝŽŶĂů LJĂŶŐ ŵĞŵŝůŝŬŝ
ũƵŵůĂŚĂƐĞƚ͕ƉĞŶĚĂƉĂƚĂŶĚĂŶůĂďĂďĞƌƐŝŚƌĞůĂƚŝĨƐĞƌƵƉĂĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝĂĐƵĂŶLJĂŶŐŬĞŵƵĚŝĂŶĂŬĂŶ
ĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶĞƐƚŝŵĂƐŝůĂďĂWĞƌƐĞƌŽĂŶĚŝŵĂƐĂLJĂŶŐĂŬĂŶĚĂƚĂŶŐ͘

dŝĚĂŬĚĂƉĂƚĚŝũĂŵŝŶĂƚĂƵĚŝƉĂƐƚŝŬĂŶ͕ďĂŚǁĂƐĞƚĞůĂŚWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝ͕ŚĂƌŐĂƐĂŚĂŵWĞƌƐĞƌŽĂŶĂŬĂŶƚĞƌƵƐ
ďĞƌĂĚĂ Ěŝ ĂƚĂƐ ,ĂƌŐĂ WĞŶĂǁĂƌĂŶ ĂƚĂƵ ƉĞƌĚĂŐĂŶŐĂŶ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ƚĞƌƵƐ ďĞƌŬĞŵďĂŶŐ ƐĞĐĂƌĂ ĂŬƚŝĨ
Ěŝ/ĚŝŵĂŶĂƐĂŚĂŵƚĞƌƐĞďƵƚĚŝĐĂƚĂƚŬĂŶ͘



168
y/s͘ >D'EWZK&^/WEhE:E'W^ZDK>

>ĞŵďĂŐĂ ĚĂŶ WƌŽĨĞƐŝ WĞŶƵŶũĂŶŐ WĂƐĂƌ DŽĚĂů LJĂŶŐ ŵĞŵďĂŶƚƵ ĚĂŶ ďĞƌƉĞƌĂŶ ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ ŝŶŝ
ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ϭ͘ <hEdEWh>/<

<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ^ĂƚƌŝŽŝŶŐŶLJΘZĞŬĂŶ;ŶŐŐŽƚĂĚĂƌŝĞůŽŝƚƚĞdŽƵĐŚĞdŽŚŵĂƚƐƵ>ŝŵŝƚĞĚͿ
 dŚĞWůĂnjĂKĨĨŝĐĞdŽǁĞƌϯϮŶĚ&ůŽŽƌ
 :ů͘D͘,͘dŚĂŵƌŝŶ<Ăǀ͘ϮϴͲϯϬ
 :ĂŬĂƌƚĂϭϬϯϱϬ
  
^dd ͗ EŽŵŽƌϯϰϰͬWDͬ^ddͲWͬϮϬϬϯƚĂŶŐŐĂůϴŐƵƐƚƵƐϮϬϭϯĂƚĂƐŶĂŵĂ
DƵŚĂŵŵĂĚ/ƌĨĂŶ
<ĞĂŶŐŐŽƚĂĂŶƐŽƐŝĂƐŝ ͗ /W/EŽ͘<ĞĂŶŐŐŽƚĂĂŶĂƐŽƐŝĂƐŝƉƌŽĨĞƐŝ͗ϭϬϭϬ
WĞĚŽŵĂŶ<ĞƌũĂ ͗ ^ƚĂŶĚĂƌWƌŽĨĞƐŝŽŶĂůŬƵŶƚĂŶWƵďůŝŬLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚ/W/
^ƵƌĂƚWĞŶƵŶũƵŬĂŶ ͗ 'D&ͬWZ:ͬ͘&ͲϯϭϭϳͬϮϬϭϳ
 
dƵŐĂƐĚĂŶŬĞǁĂũŝďĂŶƉŽŬŽŬ͗

dƵŐĂƐ ƉŽŬŽŬ ŬƵŶƚĂŶ WƵďůŝŬ ĂĚĂůĂŚ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ĂƵĚŝƚ ďĞƌĚĂƐĂƌŬĂŶ ƐƚĂŶĚĂƌ ĂƵĚŝƚŝŶŐ LJĂŶŐ
ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ /W/͘ ^ƚĂŶĚĂƌ ƚĞƌƐĞďƵƚ ŵĞŶŐŚĂƌƵƐŬĂŶ ĂŬƵŶƚĂŶ ƉƵďůŝŬ ƵŶƚƵŬ ŵĞŵĂƚƵŚŝ ŬĞƚĞŶƚƵĂŶ ĞƚŝŬĂ
ƐĞƌƚĂ ŵĞƌĞŶĐĂŶĂŬĂŶ ĚĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ĂƵĚŝƚ ƵŶƚƵŬ ŵĞŵƉĞƌŽůĞŚ ŬĞLJĂŬŝŶĂŶ ŵĞŵĂĚĂŝ ĂƉĂŬĂŚ ůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶ ďĞďĂƐ ĚĂƌŝ ƐĂůĂŚ ƐĂũŝ ŵĂƚĞƌŝĂů͘ ^ƵĂƚƵ ĂƵĚŝƚ ŵĞůŝƉƵƚŝ ƉĞŵĞƌŝŬƐĂĂŶ͕ ĂƚĂƐ ĚĂƐĂƌ ƉĞŶŐƵũŝĂŶ͕ ďƵŬƚŝͲ
ďƵŬƚŝ LJĂŶŐ ŵĞŶĚƵŬƵŶŐ ũƵŵůĂŚͲũƵŵůĂŚ ĚĂŶ ƉĞŶŐƵŶŐŬĂƉĂŶ ĚĂůĂŵ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ͘ ƵĚŝƚ ũƵŐĂ ŵĞůŝƉƵƚŝ
ƉĞŶŝůĂŝĂŶĂƚĂƐƉƌŝŶƐŝƉĂŬƵŶƚĂŶƐŝLJĂŶŐĚŝŐƵŶĂŬĂŶĚĂŶĞƐƚŝŵĂƐŝƐŝŐŶŝĨŝŬĂŶLJĂŶŐĚŝďƵĂƚŽůĞŚŵĂŶĂũĞŵĞŶ͕ƐĞƌƚĂ
ƉĞŶŝůĂŝĂŶƚĞƌŚĂĚĂƉƉĞŶLJĂũŝĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶ͘

WĞŶŐĂůĂŵĂŶŬĞƌũĂĚŝŝĚĂŶŐWĂƐĂƌDŽĚĂůƐĞůĂŵĂϯ;ƚŝŐĂͿƚĂŚƵŶƚĞƌĂŬŚŝƌ͗

EŽ WĞƌƵƐĂŚĂĂŶ :ĞŶŝƐWĞŬĞƌũĂĂŶ dĂŚƵŶ
ϭ Wd'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϯͲϮϬϭϱ
Ϯ Wd'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂdďŬ Whd/ ϮϬϭϰ
ϯ Wd/ŶƚƌĂĐŽWĞŶƚĂdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϰ
ϰ WdĂŶŬWĂŶŝŶ^LJĂƌŝĂŚdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϰ
ϱ WdŝůŝƉĂŶ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϰ
ϲ WdĂŶŬƵŵŝƌƚĂdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϰͲϮϬϭϲ
ϳ Wd'ŽůĚĞŶĂŐůĞŶĞƌŐLJdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϰ
ϴ WdƐƵƌĂŶƐŝDƵůƚŝƌƚŚĂ'ƵŶĂdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϱ
ϵ WdƐƵƌĂŶƐŝDƵůƚŝƌƚŚĂ'ƵŶĂdďŬ DĞƌŐĞƌ ϮϬϭϱ
ϭϬ WdDĂŶĚĂůĂDƵůƚŝĨŝŶĂŶĐĞdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϱͲϮϬϭϲ
ϭϭ WdDE<ĂƉŝƚĂů/ŶĚŽŶĞƐŝĂdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϱͲϮϬϭϲ
ϭϮ WdDĞĚŝĂEƵƐĂŶƚĂƌĂŝƚƌĂdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϱ
ϭϯ Wd^ĞŵĞŶ/ŶĚŽŶĞƐŝĂdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϲ
ϭϰ Wd^ĞŵĞŶ/ŶĚŽŶĞƐŝĂdďŬ WhKďůŝŐĂƐŝ ϮϬϭϲ
ϭϱ WdDŝƚƌĂďĂŚƚĞƌĂ^ĞŐĂƌĂ^ĞũĂƚŝdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϲ
ϭϲ Wd'ůŽďĂůDĞĚŝĂĐŽŵdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϲ
ϭϳ WdWĞƚƌŽƐĞĂdďŬ ƵĚŝƚdĂŚƵŶĂŶ ϮϬϭϲ










169
Ϯ͘ <KE^h>dE,h<hD
 
ƐƐĞŐĂĨ,ĂŵnjĂŚΘWĂƌƚŶĞƌƐ 
 ĂƉŝƚĂůWůĂĐĞ͕>ĞǀĞůϯϲΘϯϳ
 :ĂůĂŶ:ĞŶĚĞƌĂů'ĂƚŽƚ^ƵďƌŽƚŽ<Ăǀ͘ϭϴ
 :ĂŬĂƌƚĂϭϮϳϭϬ
 
^dd ͗ EŽŵŽƌ ϰϯͬ>ͬ^ddͲ<,ͬϮϬϬϳ  ƚĂŶŐŐĂů ϭϯ ^ĞƉƚĞŵďĞƌ ϮϬϬϳ  ĂƚĂƐ
ŶĂŵĂŽŶŽĂƌƵĚũŝ͕^͘,͕͘>>͘D͘
<ĞĂŶŐŐŽƚĂĂŶƐŽƐŝĂƐŝ ͗ ,ŝŵƉƵŶĂŶ<ŽŶƐƵůƚĂŶ,ƵŬƵŵWĂƐĂƌDŽĚĂůEŽŵŽƌϮϬϬϳϮϬ
WĞĚŽŵĂŶ<ĞƌũĂ ͗ ^ƚĂŶĚĂƌ WƌŽĨĞƐŝ ,ŝŵƉƵŶĂŶ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ WĂƐĂƌ DŽĚĂů͕
>ĂŵƉŝƌĂŶ ĚĂƌŝ <ĞƉƵƚƵƐĂŶ ,ŝŵƉƵŶĂŶ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ WĂƐĂƌ
DŽĚĂů EŽ͘ <W͘Ϭϭͬ,<,WDͬϮϬϬϱ ƚĂŶŐŐĂů ϭϴ &ĞďƌƵĂƌŝ ϮϬϬϱ
ƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚĚŝƵďĂŚĚĞŶŐĂŶ<ĞƉƵƚƵƐĂŶ,ŝŵƉƵŶĂŶ<ŽŶƐƵůƚĂŶ
,ƵŬƵŵ WĂƐĂƌ DŽĚĂů EŽ͘ <W͘Ϭϰͬ,<,WDͬy/ͬϮϬϭϮ ƚĂŶŐŐĂů ϲ
ĞƐĞŵďĞƌ ϮϬϭϮ͕ <ĞƉƵƚƵƐĂŶ ,ŝŵƉƵŶĂŶ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ WĂƐĂƌ
DŽĚĂů EŽ͘ Ϭϭͬ<W,<,WDͬ//ͬϮϬϭϰ ƚĂŶŐŐĂů ϰ &ĞďƌƵĂƌŝ ϮϬϭϰ ĚĂŶ
<ĞƉƵƚƵƐĂŶ,ŝŵƉƵŶĂŶ<ŽŶƐƵůƚĂŶ,ƵŬƵŵWĂƐĂƌDŽĚĂůEŽ͘ϬϮͬ<WͲ
,<,WDͬsͬϮϬϭϳƚĂŶŐŐĂůϯϬDĞŝϮϬϭϳ

^ƵƌĂƚWĞŶƵŶũƵŬĂŶ ͗ 'D&ͬWZ:ͬ͘dhDͲϯϭϭϴͬϮϬϭϳ

dƵŐĂƐĚĂŶŬĞǁĂũŝďĂŶƉŽŬŽŬ͗

dƵŐĂƐĚĂŶŬĞǁĂũŝďĂŶƉŽŬŽŬ<ŽŶƐƵůƚĂŶ,ƵŬƵŵĚĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝĂĚĂůĂŚŵĞůĂŬƵŬĂŶƉĞŵĞƌŝŬƐĂĂŶ
ĚĂŶƉĞŶĞůŝƚŝĂŶĂƚĂƐĨĂŬƚĂLJĂŶŐĂĚĂŵĞŶŐĞŶĂŝWĞƌƐĞƌŽĂŶĚĂŶŬĞƚĞƌĂŶŐĂŶůĂŝŶLJĂŶŐďĞƌŬĂŝƚĂŶƐĞďĂŐĂŝŵĂŶĂ
LJĂŶŐ ĚŝƐĂŵƉĂŝŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚŝƚŝŶũĂƵ ĚĂƌŝ ƐĞŐŝ ŚƵŬƵŵ͘ ,ĂƐŝů ƉĞŵĞƌŝŬƐĂĂŶ ĚĂŶ ƉĞŶĞůŝƚŝĂŶ ŚƵŬƵŵ
ƚĞƌƐĞďƵƚ ĚŝŵƵĂƚ ĚĂůĂŵ >ĂƉŽƌĂŶ ,ĂƐŝů hũŝ dƵŶƚĂƐ ^ĞŐŝ ,ƵŬƵŵ͕ LJĂŶŐ ŵĞŶũĂĚŝ ĚĂƐĂƌ ĚĂƌŝ WĞŶĚĂƉĂƚ ,ƵŬƵŵ
LJĂŶŐ ĚŝďĞƌŝŬĂŶ ƐĞĐĂƌĂ ŽďLJĞŬƚŝĨ ĚĂŶ ŵĂŶĚŝƌŝ͕ ĚĞŶŐĂŶ ďĞƌƉĞĚŽŵĂŶ ƉĂĚĂ ŬŽĚĞ ĞƚŝŬ͕ ƐƚĂŶĚĂƌ ƉƌŽĨĞƐŝ͕ ĚĂŶ
ƉĞƌĂƚƵƌĂŶWĂƐĂƌDŽĚĂůLJĂŶŐďĞƌůĂŬƵ͘

WĞŶŐĂůĂŵĂŶŬĞƌũĂĚŝŝĚĂŶŐWĂƐĂƌDŽĚĂůƐĞůĂŵĂϯ;ƚŝŐĂͿƚĂŚƵŶƚĞƌĂŬŚŝƌ͗

EŽ͘ EĂŵĂWĞƌƵƐĂŚĂĂŶ :ĞŶŝƐWĞŬĞƌũĂĂŶ dĂŚƵŶ
ϭ͘  Wd<ŝƌĂŶĂDĞŐĂƚĂƌĂdďŬ WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ϮϬϭϳ
Ϯ͘  WdŚĂŶĚƌĂƐƌŝWĞƚƌŽĐŚĞŵŝĐĂůdďŬ KďůŝŐĂƐŝŚĂŶĚƌĂƐƌŝWĞƚƌŽĐŚĞŵŝĐĂů/dĂŚƵŶϮϬϭϲ ϮϬϭϲ
ϯ͘  Wd:ĂƉĨĂŽŵĨĞĞĚ/ŶĚŽŶĞƐŝĂdďŬ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ//:ĂƉĨĂdĂŚĂƉ/dĂŚƵŶϮϬϭϲ ϮϬϭϲ
WĞŶĂŵďĂŚĂŶDŽĚĂůĞŶŐĂŶ,ĂŬDĞŵĞƐĂŶĨĞŬ
ϰ͘  Wd'ƌĂŚĂ>ĂLJĂƌWƌŝŵĂdďŬ ϮϬϭϲ
dĞƌůĞďŝŚĂŚƵůƵ/
ϱ͘  WdWƌŽĚŝĂtŝĚLJĂŚƵƐĂĚĂdďŬ WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ϮϬϭϲ
ϲ͘  Wd/ŶĚŽŶĞƐŝĂ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ&ŝŶĂŶĐĞ WĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝ/ ϮϬϭϲ
ϳ͘  WdŝŬĂƌĂŶŐ>ŝƐƚƌŝŶĚŽdďŬ WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ϮϬϭϲ
WĞŶĂǁĂƌĂŶhŵƵŵĞƌŬĞůĂŶũƵƚĂŶKďůŝŐĂƐŝ
ϴ͘  WddŽǁĞƌĞƌƐĂŵĂ/ŶĨƌĂƐƚƵĐƚƵƌĞdďŬ ϮϬϭϲ
ĞƌŬĞůĂŶũƵƚĂŶ//
WĞŶĂǁĂƌĂŶhŵƵŵĞƌŬĞůĂŶũƵƚĂŶĨĞŬĞƌƐŝĨĂƚ
ϵ͘ WdĂŶŬdĂďƵŶŐĂŶWĞŶƐŝƵŶĂŶEĂƐŝŽŶĂůdďŬ
 ϮϬϭϲ
hƚĂŶŐKďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///
WĞŶĂǁĂƌĂŶhŵƵŵĞƌŬĞůĂŶũƵƚĂŶKďůŝŐĂƐŝ
ϭϬ͘  WdDĞĚĐŽŶĞƌŐŝ/ŶƚĞƌŶĂƐŝŽŶĂůdďŬ ϮϬϭϲ
ĞƌŬĞůĂŶũƵƚĂŶ//
WĞŶĂǁĂƌĂŶhŵƵŵdĞƌďĂƚĂƐĚĞŶŐĂŶ,ĂŬDĞŵĞƐĂŶ
ϭϭ͘  Wdy>džŝĂƚĂdďŬ ϮϬϭϲ
ĨĞŬdĞƌůĞďŝŚĂŚƵůƵ
WĞŶĂǁĂƌĂŶdĞŶĚĞƌtĂũŝďĂƚĂƐƐĂŚĂŵWd'ŽůĚĞŶ
ϭϮ͘  WdŵĂŶĚĂŝƉƚĂWĞƌƐĂĚĂ ϮϬϭϲ
ZĞƚĂŝůŝŶĚŽdďŬ
ϭϯ͘  Wdy>džŝĂƚĂdďŬ WĞŶĂǁĂƌĂŶhŵƵŵ^ƵŬƵŬĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϱ
ϭϰ͘  WdDĞŐĂDĂŶƵŶŐŐĂůWĞƌŬĂƐĂdďŬ WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ϮϬϭϱ
ϭϱ͘  WdDĞƌĚĞŬĂŽƉƉĞƌ'ŽůĚdďŬ WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ϮϬϭϱ
WĞŶŐŐĂďƵŶŐĂŶĂŶƚĂƌĂWdĂƌŝĂͲsĂƌŝĂ>ĂďŽƌĂƚŽƌŝĂ
ϭϲ͘  WdĂƌŝĂͲsĂƌŝĂ>ĂďŽƌĂƚŽƌŝĂdďŬ ϮϬϭϰ
dďŬĚĞŶŐĂŶWdWƌĂĚũĂWŚĂƌŝŶ
ϭϳ͘  Wd'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂdďŬ WĞŶĂǁĂƌĂŶhŵƵŵdĞƌďĂƚĂƐ ϮϬϭϰ

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 EŽ͘ EĂŵĂWĞƌƵƐĂŚĂĂŶ :ĞŶŝƐWĞŬĞƌũĂĂŶ dĂŚƵŶ
ϭϴ͘  WdDŝƚƌĂ/ŶǀĞƐƚŝŶĚŽdďŬ WĞŶĂǁĂƌĂŶhŵƵŵdĞƌďĂƚĂƐ ϮϬϭϰ
WĞŶŐŐĂďƵŶŐĂŶĂŶƚĂƌĂWd,ŽůĐŝŵ/ŶĚŽŶĞƐŝĂdďŬ
ϭϵ͘  Wd,ŽůĐŝŵ/ŶĚŽŶĞƐŝĂdďŬ ĚĞŶŐĂŶWdŝŶƚĂŶŐWŽůŝŶĚŽWĞƌŬĂƐĂĚĂŶWd ϮϬϭϰ
tĂŚĂŶĂdƌĂŶƐƚĂŵĂ
ϮϬ͘  Wd'ƌĂŚĂ>ĂLJĂƌWƌŝŵĂdďŬ WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ ϮϬϭϰ
ŬƵŝƐŝƐŝĚĂŶWĞŶŐŐĂďƵŶŐĂŶĚĞŶŐĂŶWdy/^
Ϯϭ͘  Wdy>džŝĂƚĂdďŬ ϮϬϭϰ
dĞůĞŬŽŵ/ŶĚŽŶĞƐŝĂ

ϯ͘ EKdZ/^

 &ĂƚŚŝĂŚ,Ğůŵŝ^͘,͘ 
'ƌĂŚĂ/ƌĂŵĂ>ĂŶƚĂŝϲ^ƵŝƚĞ
:ů͘,ZZĂƐƵŶĂ^ĂŝĚůŽŬyͲϭ<Ăǀ͘ϭͲϮ
:ĂŬĂƌƚĂϭϮϵϱϬ
dĞůƉ͗;ϬϮϭͿϱϮϵϬϳϯϬϰͬϲ
&Ădžŝ͗;ϬϮϭͿϱϮϲϭϭϯϲ
 
^dd ͗ ϬϮͬ^ddͲEͬWDͬϭϵϵϲƚĂŶŐŐĂůϭϮ&ĞďƌƵĂƌŝϭϵϵϲĂƚĂƐŶĂŵĂ&ĂƚŚŝĂŚ
,Ğůŵŝ͕^,
<ĞĂŶŐŐŽƚĂĂŶƐŽƐŝĂƐŝ ͗ /ŬĂƚĂŶEŽƚĂƌŝƐ/ŶĚŽŶĞƐŝĂ;/E/ͿEŽ͘Ϭϭϭ͘ϬϬϯ͘ϬϮϳ͘ϮϲϬϵϱϴ
WĞĚŽŵĂŶ<ĞƌũĂ ͗ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϯϬ ƚĂŚƵŶ ϮϬϬϰ ƚĞŶƚĂŶŐ :ĂďĂƚĂŶ EŽƚĂƌŝƐ ĚĂŶ
<ŽĚĞ ƚŝŬ /ŬĂƚĂŶ EŽƚĂƌŝƐ /ŶĚŽŶĞƐŝĂ͕ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ Ϯ ƚĂŚƵŶ
ϮϬϭϰƚĞŶƚĂŶŐWĞƌƵďĂŚĂŶƚĂƐhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϯϬƚĂŚƵŶϮϬϬϰ
ƚĞŶƚĂŶŐ:ĂďĂƚĂŶEŽƚĂƌŝƐ

^ƵƌĂƚWĞŶƵŶũƵŬĂŶ ͗ 'D&ͬWZ:ͬ͘dhͲϮϬϱϮͬϮϬϭϳ

dƵŐĂƐĚĂŶŬĞǁĂũŝďĂŶƉŽŬŽŬ͗

ZƵĂŶŐ ůŝŶŐŬƵƉ ƚƵŐĂƐ EŽƚĂƌŝƐ ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ ŝŶŝ ĂĚĂůĂŚ ŵĞŶLJŝĂƉŬĂŶ ĚĂŶ ŵĞŵďƵĂƚ ĂŬƚĂͲĂŬƚĂ
ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ hŵƵŵ͕ ĂŶƚĂƌĂ ůĂŝŶ ŵĞďƵĂƚ WĞƌƵďĂŚĂŶ ^ĞůƵƌƵŚ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͕
WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ĚĂŶ WĞŶũĂŵŝŶ
ŵŝƐŝ ĨĞŬ͕ ĚĂŶ WĞƌũĂŶũŝĂŶ WĞŶŐĞůŽůĂĂŶ ĚŵŝŶŝƐƚƌĂƐŝ ĨĞŬ͕ ĚĞŶŐĂŶ ďĞƌƉĞĚŽŵĂŶ ƉĂĚĂ WĞƌĂƚƵƌĂŶ :ĂďĂƚĂŶ
EŽƚĂƌŝƐĚĂŶ<ŽĚĞĞƚŝŬEŽƚĂƌŝƐ͘

WĞŶŐĂůĂŵĂŶŬĞƌũĂĚŝŝĚĂŶŐWĂƐĂƌDŽĚĂůƐĞůĂŵĂϯ;ƚŝŐĂͿƚĂŚƵŶƚĞƌĂŬŚŝƌ͗

EŽ WĞƌƵƐĂŚĂĂŶ :ĞŶŝƐWĞŬĞƌũĂĂŶ dĂŚƵŶ
ϭ͘ WdĂŶŬsŝĐƚŽƌŝĂ/ŶƚĞƌŶĂƚŝŽŶĂůdďŬ KďůŝŐĂƐŝ^ƵďŽƌĚŝŶĂƐŝ ϮϬϭϯ
Ϯ͘ WdĂŶŬDĂLJĂƉĂĚĂ/ŶƚĞƌŶĂƐŝŽŶĂůdďŬ KďůŝŐĂƐŝ^ƵďŽƌĚŝŶĂƐŝ ϮϬϭϯ
ϯ͘ Wd&ĞĚĞƌĂů/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐĞdďŬ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϯ
ϰ͘ WdDĂŶĚŝƌŝdƵŶĂƐ&ŝŶĂŶĐĞ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϯ
ϱ͘ WdDĞĚĐŽŶĞƌŐŝ/ŶƚĞƌŶĂƚŝŽŶĂůdďŬ KďůŝŐĂƐŝ ϮϬϭϯ
ϲ͘ Wd//&ŝŶĂŶĐĞĞŶƚĞƌ KďůŝŐĂƐŝ ϮϬϭϯ
ϳ͘ Wd&/&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϯ
ϴ͘ WdĂŶŬdĂďƵŶŐĂŶEĞŐĂƌĂ;WĞƌƐĞƌŽͿdďŬ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϯ
ϵ͘ WdWĂŶŽƌĂŵĂŝƚƌĂǁŝƐĂƚĂdďŬ KďůŝŐĂƐŝ ϮϬϭϯ
ϭϬ͘ WdDE<ĂƉŝƚĂů/ŶĚŽŶĞƐŝĂ KďůŝŐĂƐŝ ϮϬϭϯ
ϭϭ͘ Wd^ƵŵŵĂƌĞĐŽŶŐƵŶŐdďŬ KďůŝŐĂƐŝ ϮϬϭϯ
ϭϮ͘ Wd^ƵŵŵĂƌĞĐŽŶŐƵŶŐdďŬ ^ƵŬƵŬ ϮϬϭϯ
ϭϯ͘ WdƵƚĂŶŐŐĂĚĂZĞĂůƚLJdďŬ KďůŝŐĂƐŝ ϮϬϭϯ
ϭϰ͘ WdsĞƌĞŶĂDƵůƚŝ&ŝŶĂŶĐĞ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϯ
ϭϱ͘ Wd&/&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϯ
ϭϲ͘ WdĚŝƌĂŝŶĂŵŝŬĂDƵůƚŝ&ŝŶĂŶĐĞ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϯ
ϭϳ͘ WdĞŶƚƌŝŶKŶůŝŶĞdďŬ Whd ϮϬϭϯ
ϭϴ͘ WddƌŝŵĞŐĂŚ^ĞĐƵƌŝƚŝĞƐdďŬ Whd ϮϬϭϯ
ϭϵ͘ WdLJǀŝĂĐŽŵ/ŶƚƌĂďƵŵŝdďŬ Whd ϮϬϭϯ

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 EŽ WĞƌƵƐĂŚĂĂŶ :ĞŶŝƐWĞŬĞƌũĂĂŶ dĂŚƵŶ
ϮϬ͘ WdƐƚƌĂŽƚŽƉĂƌƚƐdďŬ Whd ϮϬϭϯ
Ϯϭ͘ Wd^ĞŵĞŶĂƚƵƌĂũĂ;WĞƌƐĞƌŽͿdďŬ /WK ϮϬϭϰ
ϮϮ͘ WdĂŶŬWĂŶŝŶ^LJĂƌŝĂŚdďŬ /WK ϮϬϭϰ
Ϯϯ͘ WdDŝƚƌĂĂƌĂĚŝƉĞƌĚĂŶĂdďŬ /WK ϮϬϭϰ
Ϯϰ͘ Wd/ŶƚĂŶĂƌƵƉƌĂŶĂ&ŝŶĂŶĐĞdďŬ /WK ϮϬϭϰ
Ϯϱ͘ WdWĂŶƌŽƚŚĞƌƐdďŬ Whd ϮϬϭϰ
Ϯϲ͘ WdĂŶŬYE<ĞƐĂǁĂŶdďŬ Whd ϮϬϭϰ
Ϯϳ͘ Wd'ĂƌƵĚĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ Whd ϮϬϭϰ
Ϯϴ͘ WdĂŶŬKĨ/ŶĚŝĂ/ŶĚŽŶĞƐŝĂdďŬ Whd ϮϬϭϰ
Ϯϵ͘ WdĂŶŬDĂLJĂƉĂĚĂ KďůŝŐĂƐŝ^ƵďŽƌĚŝŶĂƐŝ ϮϬϭϰ
ϯϬ͘ WddžƉƌĞƐƐdƌĂŶƐŝŶĚŽhƚĂŵĂdďŬ KďůŝŐĂƐŝ ϮϬϭϰ
ϯϭ͘ Wd^ƵŵŵĂƌĞĐŽŶŐƵŶŐdďŬ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶΘ^ƵŬƵŬ ϮϬϭϰ
ϯϮ͘ WdŝƉƵƚƌĂZĞƐŝĚĞŶĐĞ KďůŝŐĂƐŝ ϮϬϭϰ
ϯϯ͘ WdĂŶŬWĞŵďĂŶŐƵŶĂŶĂĞƌĂŚ^ƵůĂǁĞƐŝhƚĂƌĂ KďůŝŐĂƐŝ ϮϬϭϰ
ϯϰ͘ WdĂŶŬKE/^WdďŬ KďůŝŐĂƐŝ^ƵďŽƌĚŝŶĂƐŝ ϮϬϭϱ
ϯϱ͘ Wd&ŝŶĂŶĐĞ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϱ
ϯϲ͘ WdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϱ
ϯϳ͘ Wd^ƵŵŵĂƌĞĐŽŶŐƵŶŐdďŬ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϱ
ϯϴ͘ Wd^ƵŵŵĂƌĞĐŽŶŐƵŶŐdďŬ ^ƵŬƵŬ ϮϬϭϱ
ϯϵ͘ WdtĂƐŬŝƚĂ<ĂƌLJĂ;WĞƌƐĞƌŽͿdďŬ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϱ
ϰϬ͘ WdĚŝƌĂŝŶĂŵŝŬĂDƵůƚŝ&ŝŶĂŶĐĞ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϱ
ϰϭ͘ WdĂŶŬhK/ŶĚŽŶĞƐŝĂ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϱ
ϰϮ͘ WdWĂŶŽƌĂŵĂ^ĞŶƚƌĂǁŝƐĂƚĂ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϱ
ϰϯ͘ WdDĂŶĚŝƌŝdƵŶĂƐ&ŝŶĂŶĐĞ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϱ
ϰϰ͘ WdDĂŶĚĂůĂDƵůƚŝĨŝŶĂŶĐĞ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϱ
ϰϰ͘ Wd&ĞĚĞƌĂů/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐĞ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϱ
ϰϱ͘ Wd'ĞůŽŵďĂŶŐ^ĞŝƐŵĂƚŝŬ/ŶĚŽŶĞƐŝĂdďŬ /WK ϮϬϭϱ
ϰϲ͘ WdWWWƌŽƉĞƌƚŝdďŬ /WK ϮϬϭϱ
ϰϳ͘ WdDŝƚƌĂ<ĂƌLJĂ^ĞŚĂƚdďŬ /WK ϮϬϭϱ
ϰϴ͘ WdŝƉƵƚƌĂWƌŽƉĞƌƚLJdďŬ /WK ϮϬϭϱ
ϰϵ͘ WdDĂŶĚŝƌŝdƵŶĂƐ&ŝŶĂŶĐĞ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϲ
ϱϬ͘ WdE<</ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϲ
ϱϭ͘ WdtĂƐŬŝƚĂ<ĂƌLJĂdďŬ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ϮϬϭϲ
ϱϮ͘ WĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶ;WĞƌƐĞƌŽͿWdŶŐŬĂƐĂWƵƌĂ// KďůŝŐĂƐŝ ϮϬϭϲ
ϱϯ͘ Wd/ŶƚŝůĂŶĚĞǀĞůŽƉŵĞŶƚdďŬ KďůŝŐĂƐŝ ϮϬϭϲ
ϱϰ͘ WdWĞůĂďƵĂŶ/ŶĚŽŶĞƐŝĂ/;WĞƌƐĞƌŽͿ KďůŝŐĂƐŝ ϮϬϭϲ

ϰ͘ /ZKD/E/^dZ^/&<

WdĂƚŝŶĚŽŶƚƌLJĐŽŵ
 :ů͘,ĂLJĂŵtƵƌƵŬEŽ͘Ϯϴ
:ĂŬĂƌƚĂϭϬϭϮϬ

<ĞĂŶŐŐŽƚĂĂŶƐŽƐŝĂƐŝ ͗ ŶŐŐŽƚĂƐŽƐŝĂƐŝŝƌŽĚŵŝŶŝƐƚƌĂƐŝĨĞŬ/ŶĚŽŶĞƐŝĂ;/Ϳ
WĞĚŽŵĂŶ<ĞƌũĂ ͗ ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶ<ĞƚƵĂĂƉĞƉĂŵEŽ͘<WϭϲͬWDͬϭϵϵϭƚĂŶŐŐĂůϭϵͲ
ϬϰͲϭϵϵϭ ƚĞŶƚĂŶŐ WĞŵďĞƌŝĂŶ /njŝŶ hƐĂŚĂ ^ĞďĂŐĂŝ ŝƌŽ ĚŵŝŶŝƐƚƌĂƐŝ
ĨĞŬŬĞƉĂĚĂWdĂƚŝŶĚŽŶƚƌLJĐŽŵ͘

^ƵƌĂƚWĞŶƵŶũƵŬĂŶ ͗ 'D&ͬWZ:ͬ͘dhͲϮϬϱϯͬϮϬϭϳ

dƵŐĂƐĚĂŶŬĞǁĂũŝďĂŶƉŽŬŽŬ͗

Tugas dan kewajiban pokok Biro Administrasi Efek (”BAE”) ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ ŝŶŝ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
WĞƌĂƚƵƌĂŶ WĂƐĂƌ DŽĚĂů LJĂŶŐ ďĞƌůĂŬƵ ŵĞůŝƉƵƚŝ ƉĞŶĞƌŝŵĂĂŶ ƉĞŵĞƐĂŶĂŶ ƐĂŚĂŵ ďĞƌƵƉĂ ĂĨƚĂƌ WĞŵĞƐĂŶĂŶ
Pembelian Saham (“DPPS”) dan Formulir Pemesanan Pembelian Saham (“FPPS”) yang telah dilengkapi
ĚĞŶŐĂŶ ĚŽŬƵŵĞŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƐLJĂƌĂƚŬĂŶ ĚĂůĂŵ ƉĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ƐĂŚĂŵ ĚĂŶ ƚĞůĂŚ ŵĞŶĚĂƉĂƚ
ƉĞƌƐĞƚƵũƵĂŶĚĂƌŝWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂŵŝƐŝƐĞďĂŐĂŝƉĞŵĞƐĂŶĂŶLJĂŶŐĚŝĂũƵŬĂŶƵŶƚƵŬĚŝďĞƌŝŬĂŶƉĞŶũĂƚĂŚĂŶ
ƐĂŚĂŵ ƐĞƌƚĂ ŵĞůĂŬƵŬĂŶ ĂĚŵŝŶŝƐƚƌĂƐŝ ƉĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ƐĂŚĂŵ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ĂƉůŝŬĂƐŝ LJĂŶŐ ƚĞƌƐĞĚŝĂ

172
 ƉĂĚĂ ͘ ĞƌƐĂŵĂͲƐĂŵĂ ĚĞŶŐĂŶ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ͕  ŵĞŵƉƵŶLJĂŝ ŚĂŬ ƵŶƚƵŬ ŵĞŶŽůĂŬ
ƉĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ƐĂŚĂŵ LJĂŶŐ ƚŝĚĂŬ ŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶ ƉĞŵĞƐĂŶĂŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ
ƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵ͘ĂůĂŵŚĂůƚĞƌũĂĚŝŶLJĂƉĞŵĞƐĂŶĂŶLJĂŶŐŵĞůĞďŝŚŝũƵŵůĂŚ^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶ͕
 ŵĞůĂŬƵŬĂŶ ƉƌŽƐĞƐ ƉĞŶũĂƚĂŚĂŶ ƐĂŚĂŵ ďĞƌĚĂƐĂƌŬĂŶ ƌƵŵƵƐ ƉĞŶũĂƚĂŚĂŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ DĂŶĂũĞƌ
WĞŶũĂƚĂŚĂŶ͕ ŵĞŶĐĞƚĂŬ &<W^ ĚĂŶ ŵĞŶLJŝĂƉŬĂŶ ůĂƉŽƌĂŶ ƉĞŶũĂƚĂŚĂŶ͘  ũƵŐĂ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƵŶƚƵŬ
menerbitkan Surat Kolektif Saham (“SKS”)͕ĂƉĂďŝůĂ ĚŝƉĞƌůƵŬĂŶ͕ ĚĂŶ ŵĞŶLJƵƐƵŶ ůĂƉŽƌĂŶ WĞŶĂǁĂƌĂŶhŵƵŵ
ƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶWĂƐĂƌDŽĚĂůLJĂŶŐďĞƌůĂŬƵ͘

WĞŶŐĂůĂŵĂŶŬĞƌũĂĚŝŝĚĂŶŐWĂƐĂƌDŽĚĂůƐĞůĂŵĂϯ;ƚŝŐĂͿƚĂŚƵŶƚĞƌĂŬŚŝƌ͗

EŽ WĞƌƵƐĂŚĂĂŶ <ĞŐŝĂƚĂŶ dĂŚƵŶ
ϭ͘ WdZ/ŐƌŽŶŝĂŐĂdďŬ ZŝŐŚƚ/ƐƐƵĞ ϮϬϭϳ
Ϯ͘ WdDĂƌŐĂďŚŝŶĂLJĂďĂĚŝdďŬ /WK ϮϬϭϳ
ϯ͘ Wd/ŶƚĞŐƌĂ/ŶĚŽĐĂďŝŶĞƚdďŬ /WK ϮϬϭϳ
ϰ͘ WdDWŽŐĂĚŝƉĞƌŬĂƐĂdďŬ /WK ϮϬϭϳ
ϱ͘ Wd^ĂŶƵƌŚĂƐƚĂDŝƚƌĂdďŬ /WK ϮϬϭϳ
ϲ͘ WdEƵƐĂŶƚĂƌĂWĞůĂďƵŚĂŶ,ĂŶĚĂůdďŬ /WK ϮϬϭϳ
ϳ͘ WdŶĞŬĂ'ĂƐ/ŶĚƵƐƚƌŝdďŬ /WK ϮϬϭϲ
ϴ͘ WdtĂƐŬŝƚĂĞƚŽŶWƌĞĐĂƐƚdďŬ /WK ϮϬϭϲ
ϵ͘ WdƵƚĂ/ŶƚŝĚĂLJĂdďŬ /WK ϮϬϭϲ
ϭϬ͘ Wd'ƌĂŚĂ>ĂLJĂƌWƌŝŵĂdďŬ ZŝŐŚƚ/ƐƐƵĞ ϮϬϭϲ
ϭϭ͘ WdĞŶƚŽĞů/ŶƚĞƌŶĂƐŝŽŶĂů/ŶǀĞƐƚĂŵĂdďŬ ZŝŐŚƚ/ƐƐƵĞ ϮϬϭϲ
ϭϮ͘ WdĂƚƵƌ^ĞŶƚŽƐĂĚŝƉƌĂŶĂdďŬ ZŝŐŚƚ/ƐƐƵĞ ϮϬϭϲ
ϭϯ͘ Wd^ŝůůŽDĂƌŝƚŝŵĞWĞƌĚĂŶĂdďŬ /WK ϮϬϭϲ
ϭϰ͘ WdŝŬĂƌĂŶŐ>ŝƐƚƌŝŶĚŽdďŬ /WK ϮϬϭϲ
ϭϱ͘ Wdy>džŝĂƚĂdďŬ ZŝŐŚƚ/ƐƐƵĞ ϮϬϭϲ
ϭϲ͘ WdĂŶŬ'ĂŶĞƐŚĂdďŬ /WK ϮϬϭϲ
ϭϳ͘ WdƋƵŝƚLJĞǀĞůŽƉŵĞŶƚ/ŶǀĞƐƚŵĞŶƚdďŬ ZŝŐŚƚ/ƐƐƵĞ ϮϬϭϲ
ϭϴ͘ WdDŝƚƌĂWĞŵƵĚĂdďŬ /WK ϮϬϭϲ
ϭϵ͘ Wd</EK/ŶĚŽŶĞƐŝĂdďŬ /WK ϮϬϭϱ
ϮϬ͘ WdEdD;WĞƌƐĞƌŽͿdďŬ ZŝŐŚƚ/ƐƐƵĞ ϮϬϭϱ
Ϯϭ͘ WdĚŚŝ<ĂƌLJĂ;WĞƌƐĞƌŽͿdďŬ ZŝŐŚƚ/ƐƐƵĞ ϮϬϭϱ
ϮϮ͘ WdĂŶŬ,ĂƌĚĂ/ŶƚĞƌŶĂƐŝŽŶĂůdďŬ /WK ϮϬϭϱ
Ϯϯ͘ WdZ/ŐƌŽŶŝĂŐĂdďŬ ZŝŐŚƚ/ƐƐƵĞ ϮϬϭϱ
Ϯϰ͘ WdƐƵƌĂŶƐŝ,ĂƌƚĂŵĂŶWƌĂƚĂŵĂdďŬ ZŝŐŚƚ/ƐƐƵĞ ϮϬϭϱ
Ϯϱ͘ WdŶĂďĂƚŝĐdĞĐŚŶŽůŽŐŝĞƐdďŬ /WK ϮϬϭϱ
Ϯϲ͘ WdtĂƐŬŝƚĂ<ĂƌLJĂ;WĞƌƐĞƌŽͿdďŬ ZŝŐŚƚ/ƐƐƵĞ ϮϬϭϱ
Ϯϳ͘ WdDĞƌĚĞŬĂŽƉƉĞƌ'ŽůĚdďŬ /WK ϮϬϭϱ
Ϯϴ͘ WdDĞŐĂDĂŶƵŶŐŐĂůWƌŽƉĞƌƚLJdďŬ /WK ϮϬϭϱ
Ϯϵ͘ Wd/ŶƚĂŶĂƌƵƉƌĂŶĂ&ŝŶĂŶĐĞdďŬ /WK ϮϬϭϰ
ϯϬ͘ WdůƵĞŝƌĚdďŬ /WK ϮϬϭϰ
ϯϭ͘ WdDŝƚƌĂďĂƌĂĚŝƉĞƌĚĂŶĂdďŬ /WK ϮϬϭϰ
ϯϮ͘ Wd'ƌĂŚĂ>ĂLJĂƌWƌŝŵĂdďŬ /WK ϮϬϭϰ
ϯϯ͘ WdtŝũĂLJĂ<ĂƌLJĂĞƚŽŶdďŬ /WK ϮϬϭϰ
 



173
ys͘ <dEdhE WEd/E' >D E''ZE ^Z E <dEdhE
WEd/E'>/EEzdZ</dWD'E'^,D

ŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶLJĞƐƵĂŝŬĂŶĚĞŶŐĂŶWĞƌĂƚƵƌĂŶEŽ͘/y͘:͘ϭ͘ĞƌŝŬƵƚĂĚĂůĂŚƵƌĂŝĂŶ ŵĞŶŐĞŶĂŝ
ŬĞƚĞŶƚƵĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌWĞƌƐĞƌŽĂŶLJĂŶŐƚĞƌŵĂŬƚƵďĚĂůĂŵŬƚĂĞƌŝƚĂĐĂƌĂZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ
>ƵĂƌŝĂƐĂ EŽ͘ϴϮƚĂŶŐŐĂůϭϲ :ƵŶŝϮϬϭϳ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ&ĂƚŚŝĂŚ,Ğůŵŝ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕LJĂŶŐ
ƚĞůĂŚ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ DĞŶŬƵŵŚĂŵ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ EŽ͘ ,hͲ
ϬϬϭϯϭϳϴ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶ ϮϬϭϳ ƚĂŶŐŐĂů ϭϵ :ƵŶŝ ϮϬϭϳ ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ƉĂĚĂ
<ĞŵĞŶŬƵŵŚĂŵ Ěŝ ďĂǁĂŚ EŽ͘ ,hͲϬϬϳϴϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϭϳ ƚĂŶŐŐĂů ϭϵ :ƵŶŝ ϮϬϭϳ͕ ĚĂŶ ƚĞůĂŚ
ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂůĂŵ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ
WĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ EŽ͘ ,hͲ,͘Ϭϭ͘Ϭϯ͘Ϭϭϰϳϯϯϴ ƚĂŶŐŐĂů ϭϵ :ƵŶŝ ϮϬϭϳ ĚĂŶ  ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ
ĂĨƚĂƌWĞƌƐĞƌŽĂŶƉĂĚĂ<ĞŵĞŶŬƵŵŚĂŵĚŝďĂǁĂŚEŽ͘,hͲϬϬϳϴϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϭϳƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϳ
(“ŬƚĂEŽ͘ϴϮͬϮϬϭϳ”).

<ĞƚĞŶƚƵĂŶƉĞŶƚŝŶŐĚĂůĂŵŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĂŶƚĂƌĂůĂŝŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

DĂŬƐƵĚĚĂŶdƵũƵĂŶ^ĞƌƚĂ<ĞŐŝĂƚĂŶhƐĂŚĂ

ϭ͘ DĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ WĞƌƐĞƌŽĂŶ ŝŶŝĂĚĂůĂŚ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ͕ ƌĞƉĂƌĂƐŝ
ĚĂŶ ŽǀĞƌŚĂƵů ƉĞƐĂǁĂƚ ƵĚĂƌĂ ƐĞƌƚĂ ƉĞŶĚƵŬƵŶŐŶLJĂ͕ ƉĞƌĚĂŐĂŶŐĂŶ͕ ƉĞƌŝŶĚƵƐƚƌŝĂŶ͕ ƉĞƌŐƵĚĂŶŐĂŶ ĚĂŶ
ƉĞŶŐĂŶŐŬƵƚĂŶ͕ ĚĂŶ ũĂƐĂ ůĂŝŶŶLJĂ͖ ĚĞŶŐĂŶ ƐƚĂŶĚĂƌ ŬƵĂůŝƚĂƐ ƚŝŶŐŐŝ ƐĞĐĂƌĂ ƚĞƉĂƚ ǁĂŬƚƵ ĚĞŶŐĂŶ ďŝĂLJĂ
ŬŽŵƉĞƚŝƚŝĨ ƵŶƚƵŬ ƉĞƐĂǁĂƚ ŵŝůŝŬ ƉĂƌĂ ƉĞůĂŶŐŐĂŶŶLJĂ ƐĞƌƚĂ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ďŝĚĂŶŐ ƵƐĂŚĂ ůĂŝŶ LJĂŶŐ
ƚĞƌŬĂŝƚĚĂŶƐĞďĂŐĂŝĂŬƚƵĂůŝƐĂƐŝƉƌŽĨĞƐŝŽŶĂůŝƐŵĞƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂĚĂůĂŵďŝƐŶŝƐƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ
ƐĞƌƚĂ ŵĞŵƵƉƵŬ ŬĞƵŶƚƵŶŐĂŶ ĚĞŶŐĂŶ ŵĞŶĞƌĂƉŬĂŶ ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ ƉĞƌƐĞƌŽĂŶ ƚĞƌďĂƚĂƐ ĚĂŶ ŬĞƚĞŶƚƵĂŶ
WĂƐĂƌDŽĚĂů͘
Ϯ͘ hŶƚƵŬŵĞŶĐĂƉĂŝ ŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐWĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
͘ <ĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ DĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ ƉĞƌĂǁĂƚĂŶ͕ ƌĞƉĂƌĂƐŝ ĚĂŶ ŽǀĞƌŚĂƵů ƉĞƐĂǁĂƚ
ƵĚĂƌĂƐĞƌƚĂƉĞŶĚƵŬƵŶŐŶLJĂƚĞƌƵƚĂŵĂ͗
ĂͿ ƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂƐĞĐĂƌĂƚĞƌƉĂĚƵ͖
ďͿ ƉĞƌĂǁĂƚĂŶŬŽŵƉŽŶĞŶĚĂŶŬĂůŝďƌĂƐŝ͖
ĐͿ ƉĞƌĂǁĂƚĂŶŵĞƐŝŶ͖
ĚͿ ũĂƐĂĞŶũŝŶŝƌŝŶŐ͖
ĞͿ ũĂƐĂƉĞůĂƚŝŚĂŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͖
Ϯ͘ DĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ƉĞƌĚĂŐĂŶŐĂŶ ƚĞƌƵƚĂŵĂ ƉĞƌĚĂŐĂŶŐĂŶ ĂƚĂƐ ƐƵŬƵ
ĐĂĚĂŶŐĚĂŶͬĂƚĂƵŬŽŵƉŽŶĞŶƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚƵĚĂƌĂ͕ƐĞƌƚĂŵĞŶũĂĚŝĚŝƐƚƌŝďƵƚŽƌ͖
ϯ͘ DĞŶũĂůĂŶŬĂŶƵƐĂŚĂ ĚĂůĂŵďŝĚĂŶŐƉĞƌŝŶĚƵƐƚƌŝĂŶ͕ƚĞƌŵĂƐƵŬĚŝĚĂůĂŵŶLJĂƉĞŵďƵĂƚĂŶ
ĚĂŶ ƉĞƌĂǁĂƚĂŶ ƐĂƌĂŶĂ ƉĞŶĚƵŬƵŶŐ LJĂŶŐ ŵĞŶƵŶũĂŶŐ ŬĞŐŝĂƚĂŶ ƉĞŶĞƌďĂŶŐĂŶ ĚĂŶ
ŬĞŐŝĂƚĂŶŝŶĚƵƐƚƌŝůĂŝŶŶLJĂ͖
ϰ͘ DĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐƉĞƌŐƵĚĂŶŐĂŶĚĂŶƉĞŶŐĂŶŐŬƵƚĂŶ͕ƚĞƌƵƚĂŵĂƚĞƌŬĂŝƚ
ĚĞŶŐĂŶũĂƐĂƉĞůĂLJĂŶĂŶŵĂƚĞƌŝĂů͕ůŽŐŝƐƚŝŬ͕ƉĞƌŐƵĚĂŶŐĂŶ͕ĚĂŶŬŽŶƐŝŶLJĂƐŝ͖
ϱ͘ DĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ũĂƐĂ͕ ƚĞƌƵƚĂŵĂ ũĂƐĂ ƉĞŶLJĞǁĂĂŶ ƐƵŬƵ ĐĂĚĂŶŐ͕
ŬŽŵƉŽŶĞŶ͕ĚĂŶͬĂƚĂƵŵĞƐŝŶƉĞƐĂǁĂƚƵĚĂƌĂ͕ƐĞƌƚĂŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐ
ũĂƐĂƉĞƌĂǁĂƚĂŶŵĞƐŝŶŝŶĚƵƐƚƌŝ͖
͘ <ĞŐŝĂƚĂŶƵƐĂŚĂƉĞŶƵŶũĂŶŐLJĂŶŐŵĞŶĚƵŬƵŶŐŬĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ DĞůĂŬƵŬĂŶƉĞŶLJĞĚŝĂĂŶũĂƐĂŬŽŶƐƵůƚĂŶĚĂŶƚĞŶĂŐĂĂŚůŝĚŝďŝĚĂŶŐƉĞƌĂǁĂƚĂŶƉĞƐĂǁĂƚ
ƵĚĂƌĂ͕ŬŽŵƉŽŶĞŶĚĂŶŵĞƐŝŶ͖
Ϯ͘ DĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ ĚŝůƵĂƌ ĚĂƌŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƐĞďƵƚ ĚĂůĂŵ ĂLJĂƚ Ϯ ŚƵƌƵĨ ͘ϭ͘Ğ
ŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘







174
DŽĚĂů

ϭ͘ DŽĚĂůĚĂƐĂƌWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĞƐĂƌZƉϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬ;ƐĞƉƵůƵŚƚƌŝůŝƵŶZƵƉŝĂŚͿLJĂŶŐƚĞƌďĂŐŝ
ĂƚĂƐ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ;ƐĞƌĂƚƵƐ ŵŝůŝĂƌͿ ƐĂŚĂŵ͕ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĂŚĂŵ ďĞƌŶŝůĂŝ ŶŽŵŝŶĂů ZƉϭϬϬ͕ϬϬ
;ƐĞƌĂƚƵƐZƵƉŝĂŚͿ͘
Ϯ͘ Ăƌŝ DŽĚĂů ĂƐĂƌ ƚĞƌƐĞďƵƚ ƚĞůĂŚ ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ ƐĞũƵŵůĂŚ Ϯϱ͘ϰϭϬ͘ϭϲϬ͘ϰϬϬ ;ĚƵĂ ƉƵůƵŚ ůŝŵĂ
ŵŝůŝĂƌĞŵƉĂƚƌĂƚƵƐƐĞƉƵůƵŚũƵƚĂƐĞƌĂƚƵƐĞŶĂŵƉƵůƵŚƌŝďƵĞŵƉĂƚƌĂƚƵƐͿƐĂŚĂŵ͕ŵĂƐŝŶŐͲŵĂƐŝŶŐĚĞŶŐĂŶ
ŶŝůĂŝ ŶŽŵŝŶĂů ZƉϭϬϬ͕ϬϬ ;ƐĞƌĂƚƵƐ ZƵƉŝĂŚͿ ƐĞƚŝĂƉ ƐĂŚĂŵ͕ ĚĞŶŐĂŶ ũƵŵůĂŚ ŶŝůĂŝ ŶŽŵŝŶĂů ƐĞůƵƌƵŚŶLJĂ
ƐĞďĞƐĂƌ ZƉϮ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ͕ϬϬ ;ĚƵĂ ƚƌŝůŝƵŶ ůŝŵĂ ƌĂƚƵƐ ĞŵƉĂƚ ƉƵůƵŚ ƐĂƚƵ ŵŝůŝĂƌ ĞŶĂŵ ďĞůĂƐ ũƵƚĂ
ĞŵƉĂƚƉƵůƵŚƌŝďƵZƵƉŝĂŚͿLJĂŶŐƚĞůĂŚĚŝƐĞƚŽƌƉĞŶƵŚŽůĞŚƉĂƌĂ WĞŵĞŐĂŶŐ^ĂŚĂŵĚĞŶŐĂŶƌŝŶĐŝĂŶŶLJĂ
ƐĞƌƚĂŶŝůĂŝŶŽŵŝŶĂůƐĂŚĂŵŶLJĂĚŝƐĞďƵƚŬĂŶƉĂĚĂďĂŐŝĂŶĂŬŚŝƌĂŬƚĂŝŶŝ͘
ϯ͘ ϭϬϬй;ƐĞƌĂƚƵƐƉĞƌƐĞŶͿĚĂƌŝŶŝůĂŝŶŽŵŝŶĂůƐĞƚŝĂƉƐĂŚĂŵLJĂŶŐƚĞůĂŚĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƚĞƌƐĞďƵƚĚŝ
ĂƚĂƐ͕ĂƚĂƵƐĞůƵƌƵŚŶLJĂƐĞďĞƐĂƌZƉϮ͘ϱϰϭ͘Ϭϭϲ͘ϬϰϬ͘ϬϬϬ͕ϬϬ;ĚƵĂƚƌŝůŝƵŶůŝŵĂƌĂƚƵƐĞŵƉĂƚƉƵůƵŚƐĂƚƵŵŝůŝĂƌ
ĞŶĂŵ ďĞůĂƐ ũƵƚĂ ĞŵƉĂƚ ƉƵůƵŚ ƌŝďƵ ZƵƉŝĂŚͿ ƚĞůĂŚ ĚŝƐĞƚŽƌ ŽůĞŚ ƉĂƌĂ WĞŵĞŐĂŶŐ  ^ĂŚĂŵ WĞƌƐĞƌŽĂŶ
ĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ^ĞďĞƐĂƌ ZƉϭϲϲ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬ ;ƐĞƌĂƚƵƐ ĞŶĂŵ ƉƵůƵŚ ĞŶĂŵ ŵŝůŝĂƌ ĞŵƉĂƚ ƌĂƚƵƐ ũƵƚĂ ZƵƉŝĂŚͿ
ŵĞƌƵƉĂŬĂŶƐĞƚŽƌĂŶůĂŵĂƚĞůĂŚĚŝƐĞƚŽƌŽůĞŚƉĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƐĞƌŽĂŶĚĞŶŐĂŶďĞŶƚƵŬ
ƉĞŶLJĞƚŽƌĂŶ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌƚƵĂŶŐ ĚĂůĂŵ ĂŬƚĂ EŽŵŽƌ͗ ϰϳ ƚĂŶŐŐĂů ϭϳͲϬϮͲϮϬϭϱ ;ƚƵũƵŚ ďĞůĂƐ
&ĞďƌƵĂƌŝĚƵĂƌŝďƵůŝŵĂďĞůĂƐͿLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƌƌLJ^ƵƉƌĂƚŶŽ͕^ĂƌũĂŶĂ,ƵŬƵŵ͕EŽƚĂƌŝƐ
Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌŶLJĂ ƚĞůĂŚ ĚŝƚĞƌŝŵĂ
ĚĂŶĚŝĐĂƚĂƚ ĚŝĚĂůĂŵ^ŝƐƚĞŵ ĚŵŝŶŝƐƚƌĂƐŝĂĚĂŶ,ƵŬƵŵ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝ
DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ EŽŵŽƌ͗ ,hͲ,͘Ϭϭ͘ϬϯͲϬϬϭϭϰϯϲ ƚĂŶŐŐĂů ϮϯͲϬϮͲϮϬϭϱ
;ĚƵĂƉƵůƵŚƚŝŐĂ&ĞďƌƵĂƌŝĚƵĂƌŝďƵůŝŵĂďĞůĂƐͿ͘
ď͘ ^ĞďĞƐĂƌZƉϮ͘ϯϳϰ͘ϲϭϲ͘ϬϰϬ͘ϬϬϬ͕ϬϬ;ĚƵĂƚƌŝůŝƵŶƚŝŐĂƌĂƚƵƐƚƵũƵŚƉƵůƵŚĞŵƉĂƚŵŝůŝĂƌĞŶĂŵƌĂƚƵƐ
ĞŶĂŵďĞůĂƐũƵƚĂĞŵƉĂƚƉƵůƵŚƌŝďƵZƵƉŝĂŚͿŵĞƌƵƉĂŬĂŶŬĂƉŝƚĂůŝƐĂƐŝƐĂůĚŽůĂďĂĚŝƚĂŚĂŶƐĂŵƉĂŝ
ĚĞŶŐĂŶ  ϯϭͲϭϮͲϮϬϭϲ ;ƚŝŐĂ ƉƵůƵŚ ƐĂƚƵ ĞƐĞŵďĞƌ ĚƵĂ ƌŝďƵ ůŝŵĂ ďĞůĂƐͿ͕ LJĂŶŐ ďĞƌĚĂƐĂƌŬĂŶ
>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶdĂŚƵŶƵŬƵϯϭͲϭϮͲϮϬϭϲ;ƚŝŐĂƉƵůƵŚƐĂƚƵĞƐĞŵďĞƌĚƵĂƌŝďƵĞŶĂŵďĞůĂƐͿ
LJĂŶŐ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ <ĂŶƚŽƌ ŬƵŶƚĂŶ ^ĂƚƌŝŽ͕ ŝŶŐ ŶLJ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ůĂƉŽƌĂŶ EŽŵŽƌ͗
'ϭϭϳͲϬϬϳϱͲ'D&Ͳ&EƚĂŶŐŐĂůϮϰͲϬϮͲϮϬϭϳ;ĚƵĂƉƵůƵŚĞŵƉĂƚ&ĞďƌƵĂƌŝĚƵĂƌŝďƵƚƵũƵŚďĞůĂƐͿ
LJĂŶŐƚĞůĂŚĚŝƐĂŚŬĂŶĚĂůĂŵZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵdĂŚƵŶĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂů
ϬϵͲϬϯͲϮϬϭϳ;ƐĞŵďŝůĂŶDĂƌĞƚĚƵĂƌŝďƵƚƵũƵŚďĞůĂƐͿ͕ĂĚĂůĂŚƐĞďĞƐĂƌh^ϭϳϴ͕ϱϲϵ͕ϰϭϮ;ƐĞƌĂƚƵƐ
ƚƵũƵŚƉƵůƵŚĚĞůĂƉĂŶũƵƚĂůŝŵĂƌĂƚƵƐĞŶĂŵƉƵůƵŚƐĞŵďŝůĂŶƌŝďƵĞŵƉĂƚƌĂƚƵƐĚƵĂďĞůĂƐĚŽůůĂƌ
ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ͕ ĚĞŶŐĂŶ ŶŝůĂŝ ŬƵƌƐ ƚĞŶŐĂŚ ĂŶŬ /ŶĚŽŶĞƐŝĂ ƉĞƌ ƚĂŶŐŐĂů ϭϲͲϬϲͲϮϬϭϳ ;ĞŶĂŵ
ďĞůĂƐ :ƵŶŝ ĚƵĂ ƌŝďƵ ƚƵũƵŚ ďĞůĂƐͿ LJĂŝƚƵ h^ ϭ ;ƐĂƚƵ ĚŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϭϯ͘Ϯϵϴ͕ϬϬ;ƚŝŐĂďĞůĂƐƌŝďƵĚƵĂƌĂƚƵƐƐĞŵďŝůĂŶƉƵůƵŚĚĞůĂƉĂŶZƵƉŝĂŚͿƐĞŚŝŶŐŐĂũƵŵůĂŚůĂďĂ
ĚŝƚĂŚĂŶƉĞƌ ƚĂŶŐŐĂů ϯϭͲϭϮͲϮϬϭϲ ;ƚŝŐĂ ƉƵůƵŚ ƐĂƚƵ ĞƐĞŵďĞƌ ĚƵĂ ƌŝďƵ ĞŶĂŵ ďĞůĂƐͿ ƐĞƚĞůĂŚ Ěŝ
ĞŬƵŝǀĂůĞŶ ĚĞŶŐĂŶ ŶŝůĂŝ ZƵƉŝĂŚ ŬƵƌƐ ƚĞŶŐĂŚ ĂŶŬ /ŶĚŽŶĞƐŝĂ ƉĞƌ ŚĂƌŝ ŝŶŝ͕ ƐĞůƵƌƵŚŶLJĂ ĂĚĂůĂŚ
ƐĞďĞƐĂƌZƉϮ͘ϯϳϰ͘ϲϭϲ͘ϬϰϬ͘ϳϳϲ͕ϬϬ;ĚƵĂƚƌŝůŝƵŶƚŝŐĂƌĂƚƵƐƚƵũƵŚƉƵůƵŚĞŵƉĂƚŵŝůŝĂƌĞŶĂŵƌĂƚƵƐ
ĞŶĂŵďĞůĂƐũƵƚĂĞŵƉĂƚƉƵůƵŚƌŝďƵƚƵũƵŚƌĂƚƵƐƚƵũƵŚƉƵůƵŚĞŶĂŵZƵƉŝĂŚͿ͘
ϰ͘ ^ĂŚĂŵͲƐĂŚĂŵLJĂŶŐŵĂƐŝŚĚĂůĂŵƐŝŵƉĂŶĂŶĂŬĂŶĚŝŬĞůƵĂƌŬĂŶWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƉĞƌƐĞƚƵũƵĂŶ
ZhW^͘ ^LJĂƌĂƚ ĚĂŶ ŚĂƌŐĂ ƚĞƌƚĞŶƚƵ ĂƚĂƐ ƐĂŚĂŵ LJĂŶŐ ĂŬĂŶ ĚŝŬĞůƵĂƌŬĂŶ WĞƌƐĞƌŽĂŶ ĚŝƚĞƚĂƉŬĂŶ
ŽůĞŚŝƌĞŬƐŝĚĞŶŐĂŶƚĞƌůĞďŝŚĚĂŚƵůƵŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐĚĂƌŝĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶ
ŚĂƌŐĂ ƚĞƌƐĞďƵƚ ƚŝĚĂŬ Ěŝ ďĂǁĂŚ ŶŝůĂŝ ŶŽŵŝŶĂů͕ ĚĞŶŐĂŶ ŵĞŶŐŝŶĚĂŚŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ
ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͕ hhWd ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ Ěŝ ďŝĚĂŶŐ WĂƐĂƌ
DŽĚĂů͕ ƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶ ƵƌƐĂ ĨĞŬ Ěŝ ƚĞŵƉĂƚ ĚŝŵĂŶĂ ƐĂŚĂŵͲƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ĚŝĐĂƚĂƚŬĂŶ͘
^ĞƚŝĂƉƐĂŚĂŵĚĂůĂŵƐŝŵƉĂŶĂŶLJĂŶŐĚŝŬĞůƵĂƌŬĂŶůĞďŝŚůĂŶũƵƚŚĂƌƵƐĚŝƐĞƚŽƌƉĞŶƵŚ͘
ϱ͘ WĞŶLJĞƚŽƌĂŶ ĂƚĂƐ ƐĂŚĂŵ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ďĞŶƚƵŬ ƵĂŶŐ ĂƚĂƵ ĚĂůĂŵ ďĞŶƚƵŬ ůĂŝŶ ƐĞůĂŝŶ
ƵĂŶŐ ĚĂŶͬĂƚĂƵ ďĞƌƵƉĂ ŚĂŬ ƚĂŐŝŚ͘ WĞŶLJĞƚŽƌĂŶ ƚĞƌƐĞďƵƚ ǁĂũŝď ŵĞŵĞŶƵŚŝ ƉĞƌĂƚƵƌĂŶ WĂƐĂƌ
DŽĚĂůĚĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶůĂŝŶLJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝƉĞŶLJĞƚŽƌĂŶƚĞƌƐĞďƵƚ͘
ϲ͘ WĞŶLJĞƚŽƌĂŶĂƚĂƐƐĂŚĂŵĚĂůĂŵďĞŶƚƵŬůĂŝŶƐĞůĂŝŶƵĂŶŐďĂŝŬďĞƌƵƉĂďĞŶĚĂďĞƌǁƵũƵĚŵĂƵƉƵŶ
ƚŝĚĂŬďĞƌǁƵũƵĚǁĂũŝďŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ĞŶĚĂ LJĂŶŐ ĂŬĂŶ ĚŝũĂĚŝŬĂŶ ƐĞƚŽƌĂŶ ŵŽĚĂů ĚŝŵĂŬƐƵĚ ǁĂũŝď ĚŝƵŵƵŵŬĂŶ ŬĞƉĂĚĂ
ƉƵďůŝŬƉĂĚĂƐĂĂƚƉĞŵĂŶŐŐŝůĂŶZhW^ŵĞŶŐĞŶĂŝƉĞŶLJĞƚŽƌĂŶƚĞƌƐĞďƵƚ͖
ď͘ ĞŶĚĂLJĂŶŐĚŝũĂĚŝŬĂŶƐĞďĂŐĂŝƐĞƚŽƌĂŶŵŽĚĂůǁĂũŝďĚŝŶŝůĂŝŽůĞŚWĞŶŝůĂŝLJĂŶŐƚĞƌĚĂĨƚĂƌ
ĚŝK:<ĚĂŶƚŝĚĂŬĚŝũĂŵŝŶŬĂŶĚĞŶŐĂŶĐĂƌĂĂƉĂƉƵŶũƵŐĂ͖
Đ͘ DĞŵƉĞƌŽůĞŚ ƉĞƌƐĞƚƵũƵĂŶ ZhW^ ĚĞŶŐĂŶ ŬƵŽƌƵŵ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ
ŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘

175
 Ě͘ ĂůĂŵ ŚĂů ďĞŶĚĂ LJĂŶŐ ĚŝũĂĚŝŬĂŶ ƐĞďĂŐĂŝ ƐĞƚŽƌĂŶ ŵŽĚĂů ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ďĞŶƚƵŬ
ƐĂŚĂŵ ƉĞƌƐĞƌŽĂŶ LJĂŶŐ ƚĞƌĐĂƚĂƚ Ěŝ ƵƌƐĂ ĨĞŬ͕ ŵĂŬĂ ŚĂƌŐĂŶLJĂ ŚĂƌƵƐ ĚŝƚĞƚĂƉŬĂŶ
ďĞƌĚĂƐĂƌŬĂŶŶŝůĂŝƉĂƐĂƌǁĂũĂƌ͘
Ğ͘ ĂůĂŵ ŚĂů ƉĞŶLJĞƚŽƌĂŶ ƚĞƌƐĞďƵƚ ďĞƌĂƐĂů ĚĂƌŝ ůĂďĂ ĚŝƚĂŚĂŶ͕ ĂŐŝŽ ƐĂŚĂŵ͕ ůĂďĂ ďĞƌƐŝŚ
WĞƌƐĞƌŽĂŶ͕ ĚĂŶͬĂƚĂƵ ƵŶƐƵƌ ŵŽĚĂů ƐĞŶĚŝƌŝ͕ ŵĂŬĂ ůĂďĂ ĚŝƚĂŚĂŶ͕ ĂŐŝŽ ƐĂŚĂŵ͕ ůĂďĂ
ďĞƌƐŝŚ WĞƌƐĞƌŽĂŶ͕ ĚĂŶͬĂƚĂƵ ƵŶƐƵƌ ŵŽĚĂů ƐĞŶĚŝƌŝ ůĂŝŶŶLJĂ ƚĞƌƐĞďƵƚ ƐƵĚĂŚ ĚŝŵƵĂƚ
ĚĂůĂŵ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶdĂŚƵŶĂŶƚĞƌĂŬŚŝƌLJĂŶŐƚĞůĂŚĚŝƉĞƌŝŬƐĂŽůĞŚŬƵŶƚĂŶLJĂŶŐ
ƚĞƌĚĂĨƚĂƌĚŝK:<͘
ϳ͘ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ ƉĞŶĂŵďĂŚĂŶ ŵŽĚĂů ĚĞŶŐĂŶ ŵĞŵďĞƌŝŬĂŶ ,ĂŬ DĞŵĞƐĂŶ ĨĞŬ
Terlebih Dahulu (selanjutnya disebut “,Dd”), kepada pemegang saham wajib
ŵĞŶŐƵŵƵŵŬĂŶ ŝŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ƌĞŶĐĂŶĂ ƉĞŶĂŵďĂŚĂŶ ŵŽĚĂů ĚĞŶŐĂŶ ŵĞŵďĞƌŝŬĂŶ
,Dd ŬĞƉĂĚĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ƉĂůŝŶŐ ůĂŵďĂƚ ďĞƌƐĂŵĂĂŶ ĚĞŶŐĂŶ ƉĞŶŐƵŵƵŵĂŶ ZhW^
ŵĞůĂůƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭ;ƐĂƚƵͿ^ƵƌĂƚ<ĂďĂƌďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů
ĂƚĂƵ^ŝƚƵƐtĞďƵƌƐĂĚĂŶ^ŝƚƵƐtĞďWĞƌƐĞƌŽĂŶLJĂŶŐŝƐŝŶLJĂŵĞŵĞŶƵŚŝƉƌŝŶƐŝƉƉƌŝŶƐŝƉLJĂŶŐ
ĚŝĂƚƵƌĚĂůĂŵWĂƐĂƌDŽĚĂů͘
ϴ͘ WĞŶŐĞůƵĂƌĂŶĨĞŬĞƌƐŝĨĂƚŬƵŝƚĂƐ͖
^ĞƚŝĂƉ ƉĞŶĂŵďĂŚĂŶ ŵŽĚĂů ŵĞůĂůƵŝ ƉĞŶŐĞůƵĂƌĂŶ ĨĞŬ ĞƌƐŝĨĂƚ ŬƵŝƚĂƐ ;ĨĞŬ ĞƌƐŝĨĂƚ ŬƵŝƚĂƐ
ĂĚĂůĂŚ^ĂŚĂŵ͕ĨĞŬLJĂŶŐĚĂƉĂƚĚŝƚƵŬĂƌĚĞŶŐĂŶƐĂŚĂŵĂƚĂƵĨĞŬLJĂŶŐŵĞŶŐĂŶĚƵŶŐŚĂŬƵŶƚƵŬ
ŵĞŵƉĞƌŽůĞŚƐĂŚĂŵĚĂƌŝWĞƌƐĞƌŽĂŶƐĞůĂŬƵƉĞŶĞƌďŝƚͿ͕ĚŝůĂŬƵŬĂŶĚĞŶŐĂŶ͗
Ă͘ ŵĞŵďĞƌŝŬĂŶ ,Dd LJĂŝƚƵ ŚĂŬ LJĂŶŐ ŵĞůĞŬĂƚ ƉĂĚĂ ƐĂŚĂŵ LJĂŶŐ ŵĞŵďĞƌŝŬĂŶ
ŬĞƐĞŵƉĂƚĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶƵŶƚƵŬŵĞŵďĞůŝ ƐĂŚĂŵĚĂŶͬĂƚĂƵ
ĞĨĞŬ ďĞƌƐŝĨĂƚ ĞŬƵŝƚĂƐ ůĂŝŶŶLJĂ LJĂŶŐ ĚĂƉĂƚ ĚŝŬŽŶǀĞƌƐŝŬĂŶ ŵĞŶũĂĚŝ ƐĂŚĂŵ ĂƚĂƵ LJĂŶŐ
ŵĞŵďĞƌŝŬĂŶŚĂŬƵŶƚƵŬŵĞŵďĞůŝƐĂŚĂŵ͕ƐĞďĞůƵŵĚŝƚĂǁĂƌŬĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͖
ď͘ ƉĞŶŐĞůƵĂƌĂŶ ƐĂŚĂŵͬƉĞŶĂŵďĂŚĂŶ ŵŽĚĂů ĚĞŶŐĂŶ ,Dd ĂƚĂƵ ƚĂŶƉĂ ,Dd
ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ƉĞƌƐĞƚƵũƵĂŶ ZhW^ ĚĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ Ěŝ ďŝĚĂŶŐ WĂƐĂƌ
DŽĚĂů͖
Đ͘ ƉĞůĂŬƐĂŶĂĂŶƉĞŶŐĞůƵĂƌĂŶƐĂŚĂŵĚĂůĂŵƉŽƌƚĞƉĞůƵŶƚƵŬƉĞŵĞŐĂŶŐĨĞŬLJĂŶŐĚĂƉĂƚ
ĚŝƚƵŬĂƌĚĞŶŐĂŶƐĂŚĂŵĂƚĂƵĨĞŬLJĂŶŐŵĞŶŐĂŶĚƵŶŐŚĂŬƵŶƚƵŬŵĞŵƉĞƌŽůĞŚƐĂŚĂŵ͕
ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ŝƌĞŬƐŝ ďĞƌĚĂƐĂƌŬĂŶ ZhW^ WĞƌƐĞƌŽĂŶ ƚĞƌĚĂŚƵůƵ LJĂŶŐ ƚĞůĂŚ
ŵĞŶLJĞƚƵũƵŝƉĞŶŐĞůƵĂƌĂŶĨĞŬƚĞƌƐĞďƵƚ͘
Ě͘ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŶŐĂĚĂŬĂŶĂůŽŬĂƐŝƐĂŚĂŵĚĂŶͬĂƚĂƵĨĞŬ ĞƌƐŝĨĂƚŬƵŝƚĂƐůĂŝŶŶLJĂ
LJĂŶŐ ƚŝĚĂŬ ĚŝƉĞƐĂŶ ƉĂĚĂ ŚĂƌŐĂ ƉĞŵĞƐĂŶĂŶ LJĂŶŐ ƐĂŵĂ ŬĞƉĂĚĂ ƐĞŵƵĂ ƉĞŵĞŐĂŶŐ
ƐĂŚĂŵLJĂŶŐŵĞŶLJĂƚĂŬĂŶďĞƌŵŝŶĂƚƵŶƚƵŬŵĞŵďĞůŝƚĂŵďĂŚĂŶƐĂŚĂŵĚĂŶͬĂƚĂƵĨĞŬ
ĞƌƐŝĨĂƚŬƵŝƚĂƐůĂŝŶŶLJĂƉĂĚĂƉĞƌŝŽĚĞƉĞůĂŬƐĂŶĂĂŶ,DdĚŝŵĂŬƐƵĚ͘
Ğ͘ ,Dd ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ĚŝũƵĂů ĚĂŶ ĚŝĂůŝŚŬĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ͕ ĚĞŶŐĂŶ
ŵĞŶŐŝŶĚĂŚŬĂŶŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐ
ďĞƌůĂŬƵĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂůĚŝ/ŶĚŽŶĞƐŝĂ͘
Ĩ͘ ĂůĂŵŚĂů ŵĂƐŝŚƚĞƌĚĂƉĂƚƐŝƐĂ ĨĞŬ ĞƌƐŝĨĂƚŬƵŝƚĂƐLJĂŶŐƚŝĚĂŬĚŝĂŵďŝůďĂŐŝĂŶŽůĞŚ
ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ďƵƚŝƌ Ě Ěŝ ĂƚĂƐ͕ ŵĂŬĂ ĚĂůĂŵ ŚĂů
ƚĞƌĚĂƉĂƚ ƉĞŵďĞůŝ ƐŝĂŐĂ͕ ĨĞŬ ĞƌƐŝĨĂƚ ŬƵŝƚĂƐ ƚĞƌƐĞďƵƚ ǁĂũŝď ĚŝĂůŽŬĂƐŝŬĂŶ ŬĞƉĂĚĂ
ƉŝŚĂŬƚĞƌƚĞŶƚƵLJĂŶŐďĞƌƚŝŶĚĂŬƐĞďĂŐĂŝƉĞŵďĞůŝƐŝĂŐĂĚĞŶŐĂŶŚĂƌŐĂĚĂŶƐLJĂƌĂƚͲƐLJĂƌĂƚ
LJĂŶŐƐĂŵĂ͘
Ő͘ :ŝŬĂ WĞƌƐĞƌŽĂŶ ďĞƌŵĂŬƐƵĚ ŵĞůĂŬƵŬĂŶ ƉĞŶĂŵďĂŚĂŶ ŵŽĚĂů LJĂŶŐ ƉĞŶŐŐƵŶĂĂŶ
ĚĂŶĂŶLJĂ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƚƌĂŶƐĂŬƐŝ ĚĞŶŐĂŶ ŶŝůĂŝ ƚĞƌƚĞŶƚƵ LJĂŶŐ ƚĞůĂŚ
ĚŝƚĞƚĂƉŬĂŶ͕ĚĂůĂŵƉĞŶĂŵďĂŚĂŶŵŽĚĂůĚŝŵĂŬƐƵĚǁĂũŝďƚĞƌĚĂƉĂƚWĞŵďĞůŝ^ŝĂŐĂLJĂŶŐ
ŵĞŶũĂŵŝŶƵŶƚƵŬ ŵĞŵďĞůŝ ƐŝƐĂ ƐĂŚĂŵĚĂŶͬĂƚĂƵĨĞŬ ĞƌƐŝĨĂƚŬƵŝƚĂƐůĂŝŶŶLJĂ ƉĂůŝŶŐ
ƌĞŶĚĂŚ ƉĂĚĂ ŚĂƌŐĂ ƉĞŶĂǁĂƌĂŶ ĂƚĂƐ ƐĂŚĂŵ ĚĂŶͬĂƚĂƵ ĨĞŬ ĞƌƐŝĨĂƚ ŬƵŝƚĂƐ ůĂŝŶŶLJĂ͕
LJĂŶŐƚŝĚĂŬĚŝůĂŬƐĂŶĂŬĂŶŽůĞŚƉĞŵĞŐĂŶŐ,Dd͘
Ś͘ WĞŶĂŵďĂŚĂŶ ŵŽĚĂů ĚŝƐĞƚŽƌ ŵĞŶũĂĚŝ ĞĨĞŬƚŝĨ ƐĞƚĞůĂŚ ƚĞƌũĂĚŝŶLJĂ ƉĞŶLJĞƚŽƌĂŶ ĚĂŶ
ƐĂŚĂŵ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŵĞŵƉƵŶLJĂŝ ŚĂŬͲŚĂŬ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶ ƐĂŚĂŵ LJĂŶŐ
ŵĞŵƉƵŶLJĂŝ ŬůĂƐŝĨŝŬĂƐŝ LJĂŶŐ ƐĂŵĂ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƚŝĚĂŬ
ŵĞŶŐƵƌĂŶŐŝŬĞǁĂũŝďĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶŐƵƌƵƐƉĞŵďĞƌŝƚĂŚƵĂŶŬĞƉĂĚĂDĞŶƚĞƌŝ
,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘




176
 ŝ͘ WĞŶŐĞůƵĂƌĂŶ ĨĞŬ ĞƌƐŝĨĂƚ ŬƵŝƚĂƐͬƉĞŶĂŵďĂŚĂŶ ŵŽĚĂů ƚĂŶƉĂ ŵĞŵďĞƌŝŬĂŶ ,Dd͕
ĚĂƉĂƚĚŝůĂŬƵŬĂŶĚĂůĂŵŚĂůƉĞŶŐĞůƵĂƌĂŶƐĂŚĂŵ͗
ŝ͘ ŝƚƵũƵŬĂŶŬĞƉĂĚĂŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶ͖ĚĂŶͬĂƚĂƵ
ŝŝ͘ ŝƚƵũƵŬĂŶ ŬĞƉĂĚĂ ƉĞŵĞŐĂŶŐ ŽďůŝŐĂƐŝ ĂƚĂƵ ĨĞŬ ůĂŝŶ LJĂŶŐ ĚĂƉĂƚ ĚŝŬŽŶǀĞƌƐŝ
ŵĞŶũĂĚŝ ƐĂŚĂŵ͕ LJĂŶŐ ƚĞůĂŚ ĚŝŬĞůƵĂƌŬĂŶ ĚĞŶŐĂŶ ƉĞƌƐĞƚƵũƵĂŶ ZhW^͖
ĚĂŶͬĂƚĂƵ
ŝŝŝ͘ ŝůĂŬƵŬĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ ƌĞŽƌŐĂŶŝƐĂƐŝ ĚĂŶͬĂƚĂƵ ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝ LJĂŶŐ ƚĞůĂŚ
ĚŝƐĞƚƵũƵŝZhW^͖ĚĂŶͬĂƚĂƵ
ŝǀ͘ ŝůĂŬƵŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ Ěŝ ďŝĚĂŶŐ WĂƐĂƌ DŽĚĂů LJĂŶŐ
ŵĞŵƉĞƌďŽůĞŚŬĂŶƉĞŶĂŵďĂŚĂŶŵŽĚĂůĚĂŶƚĂŶƉĂ,Dd͘
ϵ͘ WĞŶĂŵďĂŚĂŶDŽĚĂůĂƐĂƌWĞƌƐĞƌŽĂŶ͖
Ă͘ WĞŶĂŵďĂŚĂŶDŽĚĂůĂƐĂƌWĞƌƐĞƌŽĂŶŚĂŶLJĂĚĂƉĂƚĚŝůĂŬƵŬĂŶďĞƌĚĂƐĂƌŬĂŶŬĞƉƵƚƵƐĂŶ
ZhW^͘ WĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ ĚĂůĂŵ ƌĂŶŐŬĂ ƉĞƌƵďĂŚĂŶ DŽĚĂů ĂƐĂƌ ŚĂƌƵƐ
ĚŝƐĞƚƵũƵŝŽůĞŚDĞŶŬƵŵŚĂŵ͘
ď͘ WĞŶĂŵďĂŚĂŶ DŽĚĂů ĂƐĂƌ LJĂŶŐ ŵĞŶŐĂŬŝďĂƚŬĂŶ DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŝƐĞƚŽƌ
ŵĞŶũĂĚŝŬƵƌĂŶŐĚĂƌŝϮϱй;ĚƵĂƉƵůƵŚůŝŵĂƉĞƌƐĞŶͿĚĂƌŝDŽĚĂůĂƐĂƌ͕ĚĂƉĂƚĚŝůĂŬƵŬĂŶ
ƐĞƉĂŶũĂŶŐ͗
ŝ͘ dĞůĂŚŵĞŵƉĞƌŽůĞŚƉĞƌƐĞƚƵũƵĂŶZhW^ƵŶƚƵŬŵĞŶĂŵďĂŚDŽĚĂůĂƐĂƌ͖
ŝŝ͘ dĞůĂŚŵĞŵƉĞƌŽůĞŚƉĞƌƐĞƚƵũƵĂŶDĞŶŬƵŵŚĂŵ͖
ŝŝŝ͘ WĞŶĂŵďĂŚĂŶ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ ƐĞŚŝŶŐŐĂ ŵĞŶũĂĚŝ ƉĂůŝŶŐ
ƐĞĚŝŬŝƚ Ϯϱй ;ĚƵĂ ƉƵůƵŚ ůŝŵĂ ƉĞƌƐĞŶͿ ĚĂƌŝ DŽĚĂů ĂƐĂƌ ǁĂũŝď ĚŝůĂŬƵŬĂŶ
ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ƉĂůŝŶŐ ůĂŵďĂƚ ϲ ;ĞŶĂŵͿ ďƵůĂŶ ƐĞƚĞůĂŚ ƉĞƌƐĞƚƵũƵĂŶ
DĞŶŬƵŵŚĂŵ͖
ŝǀ͘ ĂůĂŵŚĂůƉĞŶĂŵďĂŚĂŶDŽĚĂůŝƐĞƚŽƌƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵďƵƚŝƌ
ŝŝŝ ƚŝĚĂŬ ƚĞƌƉĞŶƵŚŝ ƐĞƉĞŶƵŚŶLJĂ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ŚĂƌƵƐ ŵĞŶŐƵďĂŚ ŬĞŵďĂůŝ
ŶŐŐĂƌĂŶ ĂƐĂƌŶLJĂ͕ ƐĞŚŝŶŐŐĂ DŽĚĂů ĂƐĂƌ ĚĂŶ DŽĚĂů ŝƐĞƚŽƌ ŵĞŵĞŶƵŚŝ
ŬĞƚĞŶƚƵĂŶWĂƐĂůϯϯĂLJĂƚ;ϭͿĚĂŶĂLJĂƚ;ϮͿhhWd͕ĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵϮ;ĚƵĂͿ
ďƵůĂŶƐĞƚĞůĂŚũĂŶŐŬĂǁĂŬƚƵĚĂůĂŵďƵƚŝƌŝŝŝƚŝĚĂŬƚĞƌƉĞŶƵŚŝ͖
ǀ͘ WĞƌƐĞƚƵũƵĂŶ ZhW^ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ďƵƚŝƌ ŝ ƚĞƌŵĂƐƵŬ ũƵŐĂ
ƉĞƌƐĞƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŶŐƵďĂŚ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ
ĚĂůĂŵďƵƚŝƌŝǀ͘
Đ͘ ƉĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌĚĂůĂŵƌĂŶŐŬĂƉĞŶĂŵďĂŚĂŶDŽĚĂůĂƐĂƌŵĞŶũĂĚŝĞĨĞŬƚŝĨ
ƐĞƚĞůĂŚ ƚĞƌũĂĚŝŶLJĂ ƉĞŶLJĞƚŽƌĂŶ ŵŽĚĂů LJĂŶŐ ŵĞŶŐĂŬŝďĂƚŬĂŶ ďĞƐĂƌŶLJĂ ŵŽĚĂů ĚŝƐĞƚŽƌ
ŵĞŶũĂĚŝ ƉĂůŝŶŐ ŬƵƌĂŶŐ Ϯϱй ;ĚƵĂ ƉƵůƵŚ ůŝŵĂ ƉĞƌƐĞŶͿ ĚĂƌŝ ŵŽĚĂů ĚĂƐĂƌ ĚĂŶ
ŵĞŵƉƵŶLJĂŝ ŚĂŬͲŚĂŬ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶ ƐĂŚĂŵ ůĂŝŶŶLJĂ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ
WĞƌƐĞƌŽĂŶ͕ ĚĞŶŐĂŶ ƚŝĚĂŬ ŵĞŶŐƵƌĂŶŐŝ ŬĞǁĂũŝďĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶŐƵƌƵƐ
ƉĞƌƐĞƚƵũƵĂŶ ƉĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ DĞŶŬƵŵŚĂŵ ĂƚĂƐ
ƉĞůĂŬƐĂŶĂĂŶƉĞŶĂŵďĂŚĂŶŵŽĚĂůĚŝƐĞƚŽƌƚĞƌƐĞďƵƚ͘
ϭϬ͘ WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŵďĞůŝŬĞŵďĂůŝƐĂŚĂŵƐĂŚĂŵLJĂŶŐƚĞůĂŚĚŝďĂLJĂƌƉĞŶƵŚĚĂŶƉĞŵďĞůŝĂŶ
ŬĞŵďĂůŝ ƐĂŚĂŵ ƚĞƌƐĞďƵƚ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐ
ƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͕ŬŚƵƐƵƐŶLJĂƉĞƌĂƚƵƌĂŶWĂƐĂƌDŽĚĂů͘

^ĂŚĂŵ

ϭ͘  ^ĂŚĂŵͲƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ƐĂŚĂŵͲƐĂŚĂŵ ĂƚĂƐ ŶĂŵĂ͕ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĚĂĨƚĂƌ ĚĂůĂŵ ĂĨƚĂƌ
WĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƐĞƌŽĂŶ͘
Ϯ͘  WĞƌƐĞƌŽĂŶŚĂŶLJĂŵĞŶŐĂŬƵŝƐĞŽƌĂŶŐĂƚĂƵϭ;ƐĂƚƵͿďĂĚĂŶŚƵŬƵŵƐĞďĂŐĂŝƉĞŵŝůŝŬĚĂƌŝϭ;ƐĂƚƵͿƐĂŚĂŵ͕
LJĂŝƚƵ ŽƌĂŶŐ ĂƚĂƵ ďĂĚĂŶ ŚƵŬƵŵ LJĂŶŐ ŶĂŵĂŶLJĂ ƚĞƌĐĂƚĂƚ ƐĞďĂŐĂŝ ƉĞŵŝůŝŬ ƐĂŚĂŵ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ
ĚĂůĂŵĂĨƚĂƌWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƐĞƌŽĂŶ͘
ϯ͘  ^ĞƚŝĂƉϭ;ƐĂƚƵͿƐĂŚĂŵŵĞŵďĞƌŝŬĂŶϭ;ƐĂƚƵͿŚĂŬƐƵĂƌĂ͘
ϰ͘  ĂůĂŵŚĂů ϭ;ƐĂƚƵͿƐĂŚĂŵŬĂƌĞŶĂ ƐĞďĂďĂƉĂƉƵŶŵĞŶũĂĚŝŵŝůŝŬ ďĞďĞƌĂƉĂŽƌĂŶŐ͕ŵĂŬĂ ƉĂƌĂ ƉĞŵŝůŝŬ
ďĞƌƐĂŵĂƚĞƌƐĞďƵƚŚĂƌƵƐŵĞŶƵŶũƵŬƐĞĐĂƌĂƚĞƌƚƵůŝƐƐĞŽƌĂŶŐĚŝĂŶƚĂƌĂŵĞƌĞŬĂĂƚĂƵŽƌĂŶŐůĂŝŶƐĞďĂŐĂŝ
ǁĂŬŝů ŵĞƌĞŬĂ ďĞƌƐĂŵĂ ĚĂŶ ŚĂŶLJĂ ŶĂŵĂ ǁĂŬŝů ŝŶŝ ƐĂũĂ LJĂŶŐ ĚŝŵĂƐƵŬŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ
^ĂŚĂŵĚĂŶǁĂŬŝůŝŶŝŚĂƌƵƐĚŝĂŶŐŐĂƉƉĞŵĞŐĂŶŐLJĂŶŐƐĂŚĚĂƌŝƐĂŚĂŵďĞƌƐĂŶŐŬƵƚĂŶĚĂŶďĞƌŚĂŬƵŶƚƵŬ
ŵĞŶũĂůĂŶŬĂŶ ĚĂŶ ŵĞŵƉĞƌŐƵŶĂŬĂŶ ƐĞŵƵĂ ŚĂŬͲŚĂŬ ďĞƌĚĂƐĂƌŬĂŶ ŚƵŬƵŵ LJĂŶŐ ƚŝŵďƵů ĂƚĂƐ ƐĂŚĂŵͲ
ƐĂŚĂŵƚĞƌƐĞďƵƚ͘

177
ϱ͘  ^ĞůĂŵĂ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ ĂLJĂƚ ϰ ďĞůƵŵ ĚŝůĂŬƐĂŶĂŬĂŶ͕ ŵĂŬĂ ƉĂƌĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ƚĞƌƐĞďƵƚ ƚŝĚĂŬ
ďĞƌŚĂŬŵĞŶŐĞůƵĂƌŬĂŶƐƵĂƌĂĚĂůĂŵZhW^͕ĚĂŶƉĞŵďĂLJĂƌĂŶĚŝǀŝĚĞŶƵŶƚƵŬƐĂŚĂŵŝƚƵĚŝƚĂŶŐŐƵŚŬĂŶ͘
ϲ͘  ^ĞƚŝĂƉ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ŚĂƌƵƐ ƚƵŶĚƵŬ ŬĞƉĂĚĂ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ĚĂŶ ŬĞƉĂĚĂ ƐĞŵƵĂ
ŬĞƉƵƚƵƐĂŶͲŬĞƉƵƚƵƐĂŶ LJĂŶŐ ĚŝĂŵďŝů ĚĞŶŐĂŶ ƐĂŚ ĚĂůĂŵ ZhW^ ƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ
LJĂŶŐďĞƌůĂŬƵ͘
7.  ^ĞůƵƌƵŚ ƐĂŚĂŵ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ĚŝũĂŵŝŶŬĂŶ ĚĞŶŐĂŶ ŵĞŶŐŝŬƵƚŝ ŬĞƚĞŶƚƵĂŶ
ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ũĂŵŝŶĂŶ ƐĂŚĂŵ͕ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͕ĚĂŶhhWd͘
ϴ͘  ƵŬƚŝ<ĞƉĞŵŝůŝŬĂŶ^ĂŚĂŵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ĂůĂŵ ŚĂů ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĂƐƵŬ ĚĂůĂŵ WĞŶŝƚŝƉĂŶ <ŽůĞŬƚŝĨ ƉĂĚĂ >ĞŵďĂŐĂ
WĞŶLJĞůĞƐĂŝĂŶ ĚĂŶ WĞŶLJŝŵƉĂŶĂŶ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŵďĞƌŝŬĂŶ ďƵŬƚŝ ƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ
ďĞƌƵƉĂƐƵƌĂƚƐĂŚĂŵĂƚĂƵƐƵƌĂƚŬŽůĞŬƚŝĨƐĂŚĂŵŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵŶLJĂ͘
ď͘ ĂůĂŵ ŚĂů ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ŵĂƐƵŬ ĚĂůĂŵ WĞŶŝƚŝƉĂŶ <ŽůĞŬƚŝĨ >ĞŵďĂŐĂ WĞŶLJĞůĞƐĂŝĂŶ ĚĂŶ
WĞŶLJŝŵƉĂŶĂŶ͕ŵĂŬĂ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŶĞƌďŝƚŬĂŶƐĞƌƚŝĨŝŬĂƚ ĂƚĂƵŬŽŶĨŝƌŵĂƐŝƚĞƌƚƵůŝƐŬĞƉĂĚĂ
>ĞŵďĂŐĂWĞŶLJĞůĞƐĂŝĂŶĚĂŶWĞŶLJŝŵƉĂŶĂŶƐĞďĂŐĂŝƚĂŶĚĂďƵŬƚŝƉĞŶĐĂƚĂƚĂŶĚĂůĂŵďƵŬƵĂĨƚĂƌ
WĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƐĞƌŽĂŶ͘
ϵ͘  hŶƚƵŬ ƐĂŚĂŵͲƐĂŚĂŵ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƚĞƌĐĂƚĂƚ ƉĂĚĂ ƵƌƐĂ ĨĞŬ ďĞƌůĂŬƵ ƉƵůĂ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶ Ěŝ ďŝĚĂŶŐ WĂƐĂƌ DŽĚĂů ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƵƌƐĂ ĨĞŬ͕ Ěŝ ƚĞŵƉĂƚ Ěŝ ŵĂŶĂ ƐĂŚĂŵͲƐĂŚĂŵ
ƚĞƌƐĞďƵƚĚŝĐĂƚĂƚŬĂŶ͘

^ƵƌĂƚ^ĂŚĂŵ

ϭ͘ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŶŐĞůƵĂƌŬĂŶ ƐƵĂƚƵ ƐƵƌĂƚ ŬŽůĞŬƚŝĨ ƐĂŚĂŵ LJĂŶŐ ŵĞŵďĞƌŝ ďƵŬƚŝ ƉĞŵŝůŝŬĂŶ ĚĂƌŝ Ϯ
;ĚƵĂͿƐĂŚĂŵĂƚĂƵůĞďŝŚLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚƐĞŽƌĂŶŐƉĞŵĞŐĂŶŐƐĂŚĂŵ͘
Ϯ͘ WĂĚĂƐƵƌĂƚƐĂŚĂŵƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂŚĂƌƵƐĚŝĐĂŶƚƵŵŬĂŶ͗
Ă͘ EĂŵĂĚĂŶĂůĂŵĂƚƉĞŵĞŐĂŶŐƐĂŚĂŵ͖
ď͘ EŽŵŽƌƐƵƌĂƚƐĂŚĂŵ͖
Đ͘ EŝůĂŝŶŽŵŝŶĂůƐĂŚĂŵ͖
Ě͘ dĂŶŐŐĂůƉĞŶŐĞůƵĂƌĂŶƐƵƌĂƚƐĂŚĂŵ͖
ϯ͘ WĂĚĂƐƵƌĂƚŬŽůĞŬƚŝĨƐĂŚĂŵƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂŚĂƌƵƐĚŝĐĂŶƚƵŵŬĂŶ͗
Ă͘ EĂŵĂĚĂŶĂůĂŵĂƚƉĞŵĞŐĂŶŐƐĂŚĂŵ͖
ď͘ EŽŵŽƌƐƵƌĂƚŬŽůĞŬƚŝĨƐĂŚĂŵ͖
Đ͘ EŽŵŽƌƐƵƌĂƚƐĂŚĂŵĚĂŶũƵŵůĂŚƐĂŚĂŵ͖
Ě͘ EŝůĂŝŶŽŵŝŶĂůƐĂŚĂŵ͖
Ğ͘ dĂŶŐŐĂůƉĞŶŐĞůƵĂƌĂŶƐƵƌĂƚŬŽůĞŬƚŝĨƐĂŚĂŵ͖
ϰ͘ ^ĞƚŝĂƉ ƐƵƌĂƚ ƐĂŚĂŵ ĚĂŶͬĂƚĂƵ ƐƵƌĂƚ ŬŽůĞŬƚŝĨ ƐĂŚĂŵ ĚĂŶͬĂƚĂƵ ŽďůŝŐĂƐŝ ŬŽŶǀĞƌƐŝ ĚĂŶͬĂƚĂƵ ǁĂƌĂŶ
ĚĂŶͬĂƚĂƵĞĨĞŬůĂŝŶŶLJĂLJĂŶŐĚĂƉĂƚĚŝŬŽŶǀĞƌƐŝŵĞŶũĂĚŝƐĂŚĂŵŚĂƌƵƐĚŝĐĞƚĂŬĚĂŶĚŝďĞƌŝŶŽŵŽƌƵƌƵƚĚĂŶ
ŚĂƌƵƐĚŝďƵďƵŚŝƚĂŶŐŐĂůƉĞŶŐĞůƵĂƌĂŶƐĞƌƚĂŵĞŵƵĂƚƚĂŶĚĂƚĂŶŐĂŶĚĂƌŝŝƌĞŬƚƵƌhƚĂŵĂďĞƌƐĂŵĂͲƐĂŵĂ
ĚĞŶŐĂŶ ƐĞŽƌĂŶŐ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ ZĂƉĂƚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ĚĂŶ
ƚĂŶĚĂƚĂŶŐĂŶ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ĚŝĐĞƚĂŬ ůĂŶŐƐƵŶŐ ƉĂĚĂ ƐƵƌĂƚ ƐĂŚĂŵ ĚĂŶͬĂƚĂƵ ƐƵƌĂƚ ŬŽůĞŬƚŝĨ ƐĂŚĂŵ
ĚĂŶͬĂƚĂƵ ŽďůŝŐĂƐŝ ŬŽŶǀĞƌƐŝ ĚĂŶͬĂƚĂƵ ǁĂƌĂŶ ĚĂŶͬĂƚĂƵ ĞĨĞŬ ůĂŝŶŶLJĂ LJĂŶŐ ĚĂƉĂƚ ĚŝŬŽŶǀĞƌƐŝ ŵĞŶũĂĚŝ
ƐĂŚĂŵ͕ĚĞŶŐĂŶŵĞŶŐŝŶĚĂŚŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘

WĞŵďĂƚĂƐĂŶ ,ĂŬ ƵŶƚƵŬ DĞŵŝůŝŬŝ ^ĂŚĂŵ dĞƌŵĂƐƵŬ ,ĂŬ ĂŐŝ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ƐŝŶŐ ƵŶƚƵŬ DĞŵŝůŝŬŝ ĂƚĂƵ
DĞůĂŬƐĂŶĂŬĂŶ,ĂŬ^ƵĂƌĂ

WĞŶĚĂĨƚĂƌĂŶ ŶĂŵĂ ůĞďŝŚ ĚĂƌŝ ϭ ;ƐĂƚƵͿ ŽƌĂŶŐ ƵŶƚƵŬ ϭ ;ƐĂƚƵͿ ƐĂŚĂŵ ĂƚĂƵ ƉĞŵŝŶĚĂŚĂŶ ŚĂŬ ĚĂƌŝ ϭ ;ƐĂƚƵͿ ƐĂŚĂŵ
ŬĞƉĂĚĂ ůĞďŝŚ ĚĂƌŝ ϭ ;ƐĂƚƵͿ ŽƌĂŶŐ ƚŝĚĂŬ ĚŝƉĞƌŬĞŶĂŶŬĂŶ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ĂĚĂ ĚĂůĂŵ
ŶŐŐĂƌĂŶĂƐĂƌ͕WĞƌƐĞƌŽĂŶŚĂŶLJĂŵĞŶŐĂŬƵŝƐĞŽƌĂŶŐĂƚĂƵϭ;ƐĂƚƵͿďĂĚĂŶŚƵŬƵŵƐĞďĂŐĂŝƉĞŵŝůŝŬĚĂƌŝϭ;ƐĂƚƵͿ
ƐĂŚĂŵ͕ LJĂŝƚƵ ŽƌĂŶŐ ĂƚĂƵ ďĂĚĂŶ ŚƵŬƵŵ LJĂŶŐ ŶĂŵĂŶLJĂ ƚĞƌĐĂƚĂƚ ƐĞďĂŐĂŝ ƉĞŵŝůŝŬ ƐĂŚĂŵ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ
ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞƌƐĞƌŽĂŶ͘ ĞŶŐĂŶ ĚĞŵŝŬŝĂŶ WĞƌƐĞƌŽĂŶ ďĞƌŚĂŬ ŵĞŵƉĞƌůĂŬƵŬĂŶ ƉĞŵĞŐĂŶŐ
ƐĂŚĂŵ LJĂŶŐ ŶĂŵĂŶLJĂ ƚĞƌĚĂĨƚĂƌ ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ ƐĂƚƵ ƐĂƚƵŶLJĂ ƉĞŵĞŐĂŶŐ
LJĂŶŐƐĂŚĂƚĂƐƐĂŚĂŵͲƐĂŚĂŵƚĞƌƐĞďƵƚ͘

dŝĚĂŬƚĞƌĚĂƉĂƚƉĞŵďĂƚĂƐĂŶŵĞŶŐĞŶĂŝŚĂŬďĂŐŝƉĞŵĞŐĂŶŐƐĂŚĂŵĂƐŝŶŐƵŶƚƵŬŵĞŵŝůŝŬŝĂƚĂƵŵĞůĂŬƐĂŶĂŬĂŶŚĂŬ
ƐƵĂƌĂ͘


178
,ĂŬĂƚĂƐŝǀŝĚĞŶ

ϭ͘ ŝǀŝĚĞŶͲĚŝǀŝĚĞŶ ŚĂŶLJĂ ĚŝďĂLJĂƌŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞŵĂŵƉƵĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ
ŬĞƉƵƚƵƐĂŶLJĂŶŐĚŝĂŵďŝůĚĂůĂŵZhW^͕ĚĂůĂŵŬĞƉƵƚƵƐĂŶƚĞƌƐĞďƵƚũƵŐĂŚĂƌƵƐĚŝƚĞŶƚƵŬĂŶǁĂŬƚƵĚĂŶĐĂƌĂ
ƉĞŵďĂLJĂƌĂŶĚŝǀŝĚĞŶ͘
Ϯ͘ ŝǀŝĚĞŶ ƵŶƚƵŬ ƐƵĂƚƵ ƐĂŚĂŵ ŚĂƌƵƐ ĚŝďĂLJĂƌŬĂŶ ŬĞƉĂĚĂ ŽƌĂŶŐ ĂƚĂƐ ŶĂŵĂ ƐŝĂƉĂ ƐĂŚĂŵ ŝƚƵ ƚĞƌĚĂĨƚĂƌ
ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ͕ LJĂŶŐ ĂŬĂŶ ĚŝƚĞŶƚƵŬĂŶ ŽůĞŚ ĂƚĂƵĂƚĂƐ ǁĞǁĞŶĂŶŐ ZhW^ ĚĂůĂŵ ŵĂŶĂ
ŬĞƉƵƚƵƐĂŶƵŶƚƵŬƉĞŵďĂŐŝĂŶĚŝǀŝĚĞŶĚŝĂŵďŝů͕ƐĂƚƵĚĂŶůĂŝŶĚĞŶŐĂŶƚŝĚĂŬŵĞŶŐƵƌĂŶŐŝŬĞƚĞŶƚƵĂŶĚĂƌŝ
ƉĞƌĂƚƵƌĂŶƵƌƐĂĨĞŬĚŝƚĞŵƉĂƚĚŝŵĂŶĂƐĂŚĂŵͲƐĂŚĂŵƚĞƌƐĞďƵƚĚŝĐĂƚĂƚŬĂŶ͘
ϯ͘ ĂůĂŵ ŚĂů ZhW^ dĂŚƵŶĂŶ ƚŝĚĂŬ ŵĞŶĞŶƚƵŬĂŶ ƉĞŶŐŐƵŶĂĂŶ ůĂŝŶ͕ ŵĂŬĂ ůĂďĂ ďĞƌƐŝŚ ƐĞƚĞůĂŚ ĚŝŬƵƌĂŶŐŝ
ĚĞŶŐĂŶĐĂĚĂŶŐĂŶLJĂŶŐĚŝǁĂũŝďŬĂŶŽůĞŚhhWdĚĂŶŶŐŐĂƌĂŶĂƐĂƌŝŶŝĚĂƉĂƚĚŝďĂŐŝƐĞďĂŐĂŝĚŝǀŝĚĞŶ͘
ϰ͘ ĂůĂŵ ŚĂů ƚĞƌĚĂƉĂƚ ŬĞƉƵƚƵƐĂŶ ZhW^ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉĞŵďĂŐŝĂŶ ĚŝǀŝĚĞŶ ƚƵŶĂŝ͕ WĞƌƐĞƌŽĂŶ ǁĂũŝď
ŵĞůĂŬƐĂŶĂŬĂŶƉĞŵďĂLJĂƌĂŶĚŝǀŝĚĞŶƚƵŶĂŝŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŶŐďĞƌŚĂŬƉĂůŝŶŐůĂŵďĂƚϯϬ;ƚŝŐĂ
ƉƵůƵŚͿ ŚĂƌŝ ŬĂůĞŶĚĞƌ ƐĞƚĞůĂŚ ĚŝƵŵƵŵŬĂŶŶLJĂ ƌŝŶŐŬĂƐĂŶ ƌŝƐĂůĂŚ ZhW^ LJĂŶŐ ŵĞŵƵƚƵƐŬĂŶ ƉĞŵďĂŐŝĂŶ
ĚŝǀŝĚĞŶƚƵŶĂŝ͘
ϱ͘ :ŝŬĂůĂƵ ƉĞƌŚŝƚƵŶŐĂŶ ůĂďĂ ƌƵŐŝ ĚĂƌŝ ƐĂƚƵ ƚĂŚƵŶ ďƵŬƵ ŵĞŶƵŶũƵŬŬĂŶ ŬĞƌƵŐŝĂŶ LJĂŶŐ ƚŝĚĂŬ ĚĂƉĂƚ ĚŝƚƵƚƵƉ
ĚĞŶŐĂŶ ĚĂŶĂ ĐĂĚĂŶŐĂŶ͕ ŵĂŬĂ ŬĞƌƵŐŝĂŶ ŝƚƵ ĂŬĂŶ ƚĞƚĂƉ ĚŝĐĂƚĂƚ ĚĂůĂŵ ƉĞƌŚŝƚƵŶŐĂŶ ůĂďĂ ƌƵŐŝ ĚĂŶ
ƐĞůĂŶũƵƚŶLJĂ ƵŶƚƵŬ ƚĂŚƵŶͲƚĂŚƵŶ ďĞƌŝŬƵƚŶLJĂ WĞƌƐĞƌŽĂŶ ĚŝĂŶŐŐĂƉ ƚŝĚĂŬ ŵĞŵƉĞƌŽůĞŚ ůĂďĂ ƐĞůĂŵĂ
ŬĞƌƵŐŝĂŶ LJĂŶŐ ƚĞƌĐĂƚĂƚ ĚĂůĂŵ ƉĞƌŚŝƚƵŶŐĂŶ ůĂďĂ ƌƵŐŝ ŝƚƵ ďĞůƵŵ ƚĞƌƚƵƚƵƉ ƐĞůƵƌƵŚŶLJĂ͕ ĚĞŶŐĂŶ ƚŝĚĂŬ
ŵĞŶŐƵƌĂŶŐŝƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϲ͘ ŝǀŝĚĞŶ LJĂŶŐ ƚŝĚĂŬ ĚŝĂŵďŝů ƐĞƚĞůĂŚ ϱ ;ůŝŵĂͿ ƚĂŚƵŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ĚŝƚĞƚĂƉŬĂŶ ƵŶƚƵŬ
ƉĞŵďĂLJĂƌĂŶ ĚŝǀŝĚĞŶ ůĂŵƉĂƵ͕ ĚŝŵĂƐƵŬŬĂŶ ŬĞ ĚĂůĂŵ ĐĂĚĂŶŐĂŶ ŬŚƵƐƵƐ͕ ZhW^ ŵĞŶŐĂƚƵƌ ƚĂƚĂ ĐĂƌĂ
ƉĞŶŐĂŵďŝůĂŶĚŝǀŝĚĞŶLJĂŶŐƚĞůĂŚĚŝŵĂƐƵŬŬĂŶŬĞĚĂůĂŵĐĂĚĂŶŐĂŶŬŚƵƐƵƐƐĞďĂŐĂŝŵĂŶĂƚĞƌƐĞďƵƚĚŝĂƚĂƐ
ĚĂŶƚŝĚĂŬĚŝĂŵďŝůĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵϭϬ;ƐĞƉƵůƵŚͿƚĂŚƵŶĂŬĂŶŵĞŶũĂĚŝŚĂŬWĞƌƐĞƌŽĂŶ͘
ϳ͘ WĞŵďĂŐŝĂŶ ĚŝǀŝĚĞŶ ŝŶƚĞƌŝŵ ĚŝƚĞƚĂƉŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƉƵƚƵƐĂŶ ZĂƉĂƚ ŝƌĞŬƐŝ ƐĞƚĞůĂŚ ŵĞŵƉĞƌŽůĞŚ
ƉĞƌƐĞƚƵũƵĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƉƌŽLJĞŬƐŝ ƉĞƌŽůĞŚĂŶ ůĂďĂ ĚĂŶ ŬĞŵĂŵƉƵĂŶ
ŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
ϴ͘ ĂůĂŵŚĂůƐĞƚĞůĂŚƚĂŚƵŶďƵŬƵďĞƌĂŬŚŝƌƚĞƌŶLJĂƚĂWĞƌƐĞƌŽĂŶŵĞŶĚĞƌŝƚĂŬĞƌƵŐŝĂŶ͕ĚŝǀŝĚĞŶŝŶƚĞƌŝŵLJĂŶŐ
ƚĞůĂŚĚŝďĂŐŝŬĂŶŚĂƌƵƐĚŝŬĞŵďĂůŝŬĂŶŽůĞŚWĞŵĞŐĂŶŐ^ĂŚĂŵŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘
ϵ͘ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƐĞĐĂƌĂ ƚĂŶŐŐƵŶŐ ƌĞŶƚĞŶŐ ĂƚĂƐ ŬĞƌƵŐŝĂŶ WĞƌƐĞƌŽĂŶ͕
ĚĂůĂŵŚĂůWĞŵĞŐĂŶŐ^ĂŚĂŵƚŝĚĂŬĚĂƉĂƚŵĞŶŐĞŵďĂůŝŬĂŶĚŝǀŝĚĞŶŝŶƚĞƌŝŵ͘

,ĂŬĂƚĂƐWĞŵďĂŐŝĂŶ^ŝƐĂƐĞƚĚĂůĂŵ>ŝŬƵŝĚĂƐŝ

<ĞƚĞŶƚƵĂŶ ŵĞŶŐĞŶĂŝ ůŝŬƵŝĚĂƐŝ ĂĚĂůĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ
ďĞƌůĂŬƵŬŚƵƐƵƐŶLJĂƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘

WĞŶŐŐĂŶƚŝĂŶ^ƵƌĂƚ^ĂŚĂŵ

ϭ͘ ^ƵƌĂƚƐĂŚĂŵĚĂŶƐƵƌĂƚŬŽůĞŬƚŝĨƐĂŚĂŵLJĂŶŐƌƵƐĂŬ͗
Ă͘ ĂůĂŵŚĂůƐƵƌĂƚƐĂŚĂŵƌƵƐĂŬ͕ƉĞŶŐŐĂŶƚŝĂŶƐƵƌĂƚƐĂŚĂŵƚĞƌƐĞďƵƚĚĂƉĂƚĚŝůĂŬƵŬĂŶũŝŬĂ͗
ϭͿ WŝŚĂŬ LJĂŶŐ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƚĞƌƚƵůŝƐ ƉĞŶŐŐĂŶƚŝĂŶ ƐĂŚĂŵ ĂĚĂůĂŚ ƉĞŵŝůŝŬ ƐƵƌĂƚ
ƐĂŚĂŵƚĞƌƐĞďƵƚ͖ĚĂŶ
ϮͿ WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶĞƌŝŵĂƐƵƌĂƚƐĂŚĂŵLJĂŶŐƌƵƐĂŬ͖
ď͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŵƵƐŶĂŚŬĂŶ ĂƐůŝ ƐƵƌĂƚ ƐĂŚĂŵ ƌƵƐĂŬ ƚĞƌƐĞďƵƚ ƐĞƚĞůĂŚ ŵĞŵďĞƌŝŬĂŶ
ƉĞŶŐŐĂŶƚŝĂŶƐƵƌĂƚƐĂŚĂŵLJĂŶŐŶŽŵŽƌŶLJĂƐĂŵĂĚĞŶŐĂŶŶŽŵŽƌƐƵƌĂƚƐĂŚĂŵLJĂŶŐĂƐůŝ͘
Ϯ͘ ĂůĂŵŚĂůƐƵƌĂƚƐĂŚĂŵŚŝůĂŶŐ͕ƉĞŶŐŐĂŶƚŝĂŶƐƵƌĂƚƐĂŚĂŵƚĞƌƐĞďƵƚĚĂƉĂƚĚŝůĂŬƵŬĂŶũŝŬĂ͗
Ă͘ WŝŚĂŬ LJĂŶŐ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƉĞŶŐŐĂŶƚŝĂŶ ƐĂŚĂŵ ĂĚĂůĂŚ ƉĞŵŝůŝŬ ƐƵƌĂƚ ƐĂŚĂŵ
ƚĞƌƐĞďƵƚ͖
ď͘ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶĚĂƉĂƚŬĂŶ ĚŽŬƵŵĞŶ ƉĞůĂƉŽƌĂŶ ĚĂƌŝ <ĞƉŽůŝƐŝĂŶ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĂƚĂƐ
ŚŝůĂŶŐŶLJĂƐƵƌĂƚƐĂŚĂŵƚĞƌƐĞďƵƚ͖
Đ͘ WŝŚĂŬ LJĂŶŐ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƉĞŶŐŐĂŶƚŝĂŶ ƐĂŚĂŵ ŵĞŵďĞƌŝŬĂŶ ũĂŵŝŶĂŶ LJĂŶŐ
ĚŝƉĂŶĚĂŶŐĐƵŬƵƉŽůĞŚŝƌĞŬƐŝWĞƌƐĞƌŽĂŶ͖ĚĂŶ
Ě͘ ZĞŶĐĂŶĂ ƉĞŶŐĞůƵĂƌĂŶ ƉĞŶŐŐĂŶƚŝ ƐƵƌĂƚ ƐĂŚĂŵ LJĂŶŐ ŚŝůĂŶŐ ƚĞůĂŚ ĚŝƵŵƵŵŬĂŶ Ěŝ ƵƌƐĂ ĨĞŬ
ĚŝŵĂŶĂ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ĚŝĐĂƚĂƚŬĂŶ ĚĂůĂŵ ǁĂŬƚƵ ƉĂůŝŶŐ ŬƵƌĂŶŐ ϭϰ ;ĞŵƉĂƚ ďĞůĂƐͿ ŚĂƌŝ
ŬĂůĞŶĚĞƌƐĞďĞůƵŵƉĞŶŐĞůƵĂƌĂŶƉĞŶŐŐĂŶƚŝƐƵƌĂƚƐĂŚĂŵ͘

179
 ϯ͘ ^ĞŵƵĂ ďŝĂLJĂ ƵŶƚƵŬ ƉĞŶŐĞůƵĂƌĂŶ ƉĞŶŐŐĂŶƚŝ ƐƵƌĂƚ ƐĂŚĂŵ ŝƚƵ ĚŝƚĂŶŐŐƵŶŐ ŽůĞŚ WĞŵĞŐĂŶŐ ^ĂŚĂŵ LJĂŶŐ
ďĞƌŬĞƉĞŶƚŝŶŐĂŶ͘
ϰ͘ <ĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶƚĞƌƐĞďƵƚĚĂůĂŵĂLJĂƚϭĂLJĂƚϮĚĂŶĂLJĂƚϯĚŝĂƚĂƐũƵŐĂďĞƌůĂŬƵƵŶƚƵŬƉĞŶŐĞůƵĂƌĂŶ
ƉĞŶŐŐĂŶƚŝƐƵƌĂƚŬŽůĞŬƚŝĨƐĂŚĂŵĂƚĂƵĨĞŬĞƌƐŝĨĂƚŬƵŝƚĂƐ͘

ĂĨƚĂƌWĞŵĞŐĂŶŐ^ĂŚĂŵĚĂŶĂĨƚĂƌ<ŚƵƐƵƐ

ϭ͘ ŝƌĞŬƐŝďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞŶŐĂĚĂŬĂŶ͕ŵĞŶLJŝŵƉĂŶĚĂŶŵĞŵĞůŝŚĂƌĂĂĨƚĂƌWĞŵĞŐĂŶŐ^ĂŚĂŵĚĂŶ
ĂĨƚĂƌ<ŚƵƐƵƐĚŝƚĞŵƉĂƚŬĞĚƵĚƵŬĂŶWĞƌƐĞƌŽĂŶ͘
Ϯ͘ ĂůĂŵĂĨƚĂƌWĞŵĞŐĂŶŐ^ĂŚĂŵĚŝĐĂƚĂƚ͗
Ă͘ EĂŵĂĚĂŶĂůĂŵĂƚƉĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵĚĂŶͬĂƚĂƵ>ĞŵďĂŐĂWĞŶLJŝŵƉĂŶĂŶĚĂŶWĞŶLJĞůĞƐĂŝĂŶ
ĂƚĂƵ ƉŝŚĂŬ ůĂŝŶ LJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ ƉĞŵĞŐĂŶŐ ƌĞŬĞŶŝŶŐ ƉĂĚĂ >ĞŵďĂŐĂ WĞŶLJŝŵƉĂŶĂŶ ĚĂŶ
WĞŶLJĞůĞƐĂŝĂŶ͖
ď͘ :ƵŵůĂŚ͕ŶŽŵŽƌĚĂŶƚĂŶŐŐĂůƉĞƌŽůĞŚĂŶƐĂŚĂŵLJĂŶŐĚŝŵŝůŝŬŝƉĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵ͖
Đ͘ :ƵŵůĂŚLJĂŶŐĚŝƐĞƚŽƌĂƚĂƐƐĞƚŝĂƉƐĂŚĂŵ͖
Ě͘ EĂŵĂĚĂŶĂůĂŵĂƚĚĂƌŝŽƌĂŶŐĂƚĂƵďĂĚĂŶŚƵŬƵŵLJĂŶŐŵĞŵƉƵŶLJĂŝŚĂŬŐĂĚĂŝĂƚĂƐƐĂŚĂŵĂƚĂƵ
ƐĞďĂŐĂŝ ƉĞŶĞƌŝŵĂ ũĂŵŝŶĂŶ ĨŝĚƵƐŝĂ ƐĂŚĂŵ ĚĂŶ ƚĂŶŐŐĂů ƉĞƌŽůĞŚĂŶ ŚĂŬ ŐĂĚĂŝ ƚĞƌƐĞďƵƚ ĂƚĂƵ
ƚĂŶŐŐĂůƉĞŶĚĂĨƚĂƌĂŶũĂŵŝŶĂŶĨŝĚƵƐŝĂƚĞƌƐĞďƵƚ͖
Ğ͘ <ĞƚĞƌĂŶŐĂŶƉĞŶLJĞƚŽƌĂŶƐĂŚĂŵĚĂůĂŵďĞŶƚƵŬůĂŝŶƐĞůĂŝŶƵĂŶŐ͖
Ĩ͘ <ĞƚĞƌĂŶŐĂŶůĂŝŶŶLJĂLJĂŶŐĚŝĂŶŐŐĂƉƉĞƌůƵŽůĞŚŝƌĞŬƐŝ͖
ϯ͘ ĂůĂŵ ĂĨƚĂƌ <ŚƵƐƵƐ ĚŝĐĂƚĂƚ ŬĞƚĞƌĂŶŐĂŶ ŵĞŶŐĞŶĂŝ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐďĞƐĞƌƚĂŬĞůƵĂƌŐĂŶLJĂĚĂůĂŵWĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵƉĂĚĂƉĞƌƐĞƌŽĂŶůĂŝŶƐĞƌƚĂƚĂŶŐŐĂůƐĂŚĂŵŝƚƵ
ĚŝƉĞƌŽůĞŚ͘ ŝƌĞŬƐŝ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŶLJŝŵƉĂŶ ĚĂŶ ŵĞŵĞůŝŚĂƌĂ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĚĂŶ
ĂĨƚĂƌ<ŚƵƐƵƐƐĞďĂŝŬͲďĂŝŬŶLJĂ͘
ϰ͘ WĞŵĞŐĂŶŐ ^ĂŚĂŵ LJĂŶŐ ŶĂŵĂŶLJĂ ƚĞƌĐĂƚĂƚ ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĂƚĂƵ ĂĨƚĂƌ <ŚƵƐƵƐ
WĞƌƐĞƌŽĂŶ͕ ŚĂƌƵƐ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ƐĞƚŝĂƉ ƉĞƌƉŝŶĚĂŚĂŶ ƚĞŵƉĂƚ ƚŝŶŐŐĂůͬ ĂůĂŵĂƚ ĚĞŶŐĂŶ ƐƵƌĂƚ LJĂŶŐ
ĚŝƐĞƌƚĂŝƚĂŶĚĂƉĞŶĞƌŝŵĂĂŶŬĞƉĂĚĂŝƌĞŬƐŝ͘^ĞůĂŵĂƉĞŵďĞƌŝƚĂŚƵĂŶŝƚƵďĞůƵŵĚŝůĂŬƵŬĂŶ͕ŵĂŬĂƐĞŵƵĂ
ƐƵƌĂƚͲƐƵƌĂƚ͕ƉĂŶŐŐŝůĂŶĚĂŶƉĞŵďĞƌŝƚĂŚƵĂŶŬĞƉĂĚĂWĞŵĞŐĂŶŐ^ĂŚĂŵĂĚĂůĂŚƐĂŚũŝŬĂĚŝĂůĂŵĂƚŬĂŶƉĂĚĂ
ĂůĂŵĂƚWĞŵĞŐĂŶŐ^ĂŚĂŵLJĂŶŐƚĞƌĂŬŚŝƌĚŝĐĂƚĂƚĚĂůĂŵĂĨƚĂƌWĞŵĞŐĂŶŐ^ĂŚĂŵ͘
ϱ͘ ŝƌĞŬƐŝ ŵĞŶLJĞĚŝĂŬĂŶ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĚĂŶ ĂĨƚĂƌ <ŚƵƐƵƐ Ěŝ ŬĂŶƚŽƌ WĞƌƐĞƌŽĂŶ͘ ^ĞƚŝĂƉ
WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĂƚĂƵ ǁĂŬŝůŶLJĂ LJĂŶŐ ƐĂŚ ĚĂƉĂƚ ŵĞŵŝŶƚĂ ĂŐĂƌ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĚĂŶ ĂĨƚĂƌ
ŬŚƵƐƵƐĚŝƉĞƌůŝŚĂƚŬĂŶŬĞƉĂĚĂŶLJĂƉĂĚĂǁĂŬƚƵũĂŵŬĞƌũĂWĞƌƐĞƌŽĂŶ͘
ϲ͘ WĞŵĞŐĂŶŐ^ĂŚĂŵLJĂŶŐƐĂŚĚĂƌŝWĞƌƐĞƌŽĂŶďĞƌŚĂŬƵŶƚƵŬŵĞůĂŬƵŬĂŶƐĞŵƵĂŚĂŬLJĂŶŐĚŝďĞƌŝŬĂŶŬĞƉĂĚĂ
WĞŵĞŐĂŶŐ^ĂŚĂŵďĞƌĚĂƐĂƌŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶ
ŬĞƚĞŶƚƵĂŶĚĂůĂŵŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘
ϳ͘ WĞŶĚĂĨƚĂƌĂŶŶĂŵĂůĞďŝŚĚĂƌŝϭ;ƐĂƚƵͿŽƌĂŶŐƵŶƚƵŬϭ;ƐĂƚƵͿƐĂŚĂŵĂƚĂƵƉĞŵŝŶĚĂŚĂŶŚĂŬĚĂƌŝϭ;ƐĂƚƵͿ
ƐĂŚĂŵŬĞƉĂĚĂůĞďŝŚĚĂƌŝϭ;ƐĂƚƵͿŽƌĂŶŐƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶ͘
ϴ͘ ĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͕ WĞƌƐĞƌŽĂŶ ďĞƌŚĂŬ
ŵĞŵƉĞƌůĂŬƵŬĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŶŐŶĂŵĂŶLJĂƚĞƌĚĂĨƚĂƌĚĂůĂŵĂĨƚĂƌWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƐĞƌŽĂŶ
ƐĞďĂŐĂŝƐĂƚƵƐĂƚƵŶLJĂƉĞŵĞŐĂŶŐLJĂŶŐƐĂŚĂƚĂƐƐĂŚĂŵ;ƐĂŚĂŵͿƚĞƌƐĞďƵƚ͘
ϵ͘ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŶƵŶũƵŬ ĚĂŶ ŵĞŵďĞƌŝ ǁĞǁĞŶĂŶŐ ŬĞƉĂĚĂ ŝƌŽ ĚŵŝŶŝƐƚƌĂƐŝ ĨĞŬ ƵŶƚƵŬ
ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŶĐĂƚĂƚĂŶ ƐĂŚĂŵ ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĚĂŶ ĂĨƚĂƌ <ŚƵƐƵƐ͘ ^ĞƚŝĂƉ
ƉĞŶĚĂĨƚĂƌĂŶ ĂƚĂƵ ƉĞŶĐĂƚĂƚĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ƚĞƌŵĂƐƵŬ ƉĞŶĐĂƚĂƚĂŶ ŵĞŶŐĞŶĂŝ ƐƵĂƚƵ
ƉĞŶũƵĂůĂŶ͕ ƉĞŵŝŶĚĂŚͲƚĂŶŐĂŶĂŶ͕ ƉĞŶŐĂŐƵŶĂŶ͕ ŐĂĚĂŝ ĂƚĂƵ ũĂŵŝŶĂŶ ĨŝĚƵƐŝĂ͕ LJĂŶŐ ŵĞŶLJĂŶŐŬƵƚ ƐĂŚĂŵͲ
ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ĂƚĂƵ ŚĂŬͲŚĂŬ ĂƚĂƵ ŬĞƉĞŶƚŝŶŐĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ĂƚĂƐ ƐĂŚĂŵͲƐĂŚĂŵ ŚĂƌƵƐ ĚŝůĂŬƵŬĂŶ
ƐĞƐƵĂŝĚĞŶŐĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘

ZhW^

ϭ͘ ZhW^ƚĞƌĚŝƌŝĂƚĂƐZhW^dĂŚƵŶĂŶĚĂŶZhW^ůĂŝŶŶLJĂ͘
Ϯ͘ /ƐƚŝůĂŚZhW^ĚĂůĂŵŶŐŐĂƌĂŶĂƐĂƌ WĞƌƐĞƌŽĂŶďĞƌĂƌƚŝŬĞĚƵĂŶLJĂ͕LJĂŝƚƵZhW^dĂŚƵŶĂŶĚĂŶZhW^>ƵĂƌ
ŝĂƐĂ͕ŬĞĐƵĂůŝĚĞŶŐĂŶƚĞŐĂƐĚŝƚĞŶƚƵŬĂŶůĂŝŶ͘
ϯ͘ ŝƌĞŬƐŝ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ dĂŚƵŶĂŶ ĚĂŶ ZhW^ ůĂŝŶŶLJĂ ĂƚĂƵ ĂƚĂƐ
ƉĞƌŵŝŶƚĂĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ĂƚĂƵ ĂƚĂƐ ƉĞƌŵŝŶƚĂĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ ŶŐŐĂƌĂŶ ĂƐĂƌ͕ ĚĂŶ ƉĞƌŵŝŶƚĂĂŶ ZhW^ ŽůĞŚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
ĚŝĂũƵŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝĚĞŶŐĂŶƐƵƌĂƚƚĞƌĐĂƚĂƚĚŝƐĞƌƚĂŝĂůĂƐĂŶŶLJĂ͘


180
ZhW^dĂŚƵŶĂŶ

ϭ͘ ZhW^ƚĂŚƵŶĂŶǁĂũŝďĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƐĞƚŝĂƉƚĂŚƵŶĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵƉĂůŝŶŐůĂŵďĂƚϲ;ĞŶĂŵͿďƵůĂŶ
ƐĞƚĞůĂŚƚĂŚƵŶďƵŬƵďĞƌĂŬŚŝƌ͘
Ϯ͘ ĂůĂŵZhW^dĂŚƵŶĂŶŝƌĞŬƐŝŵĞŶLJĂŵƉĂŝŬĂŶ͗
Ă͘ >ĂƉŽƌĂŶdĂŚƵŶĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŶŐŐĂƌĂŶĂƐĂƌ͘
ď͘ hƐƵůĂŶƉĞŶŐŐƵŶĂĂŶ>ĂďĂWĞƌƐĞƌŽĂŶĂƉĂďŝůĂWĞƌƐĞƌŽĂŶŵĞŵƉƵŶLJĂŝƐĂůĚŽůĂďĂƉŽƐŝƚŝĨ͖
Đ͘ hƐƵůĂŶWĞŶƵŶũƵŬĂŶŬƵŶƚĂŶWƵďůŝŬLJĂŶŐƚĞƌĚĂĨƚĂƌĚŝK:<͘
WĞŶƵŶũƵŬĂŶ ĚĂŶ ƉĞŵďĞƌŚĞŶƚŝĂŶ ĂŬƵŶƚĂŶ ƉƵďůŝŬ LJĂŶŐ ĂŬĂŶ ŵĞŵďĞƌŝŬĂŶ ũĂƐĂ ĂƵĚŝƚ ĂƚĂƐ ŝŶĨŽƌŵĂƐŝ
ŬĞƵĂŶŐĂŶŚŝƐƚŽƌŝƐƚĂŚƵŶĂŶǁĂũŝďĚŝƉƵƚƵƐŬĂŶĚĂůĂŵZhW^ĚĞŶŐĂŶŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶƵƐƵůĂŶĞǁĂŶ
<ŽŵŝƐĂƌŝƐ͘
 ĂůĂŵ ŚĂů ZhW^ ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŵƵƚƵƐŬĂŶ ƉĞŶƵŶũƵŬĂŶ ĂŬƵŶƚĂŶ ƉƵďůŝŬ͕ ZhW^ ĚĂƉĂƚ ŵĞŶĚĞůĞŐĂƐŝŬĂŶ
 ŬĞǁĞŶĂŶŐĂŶƚĞƌƐĞďƵƚŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕ĚŝƐĞƌƚĂŝƉĞŶũĞůĂƐĂŶŵĞŶŐĞŶĂŝ͗
ŝ͘ ĂůĂƐĂŶƉĞŶĚĞůĞŐĂƐŝĂŶŬĞǁĞŶĂŶŐĂŶ͖ĚĂŶ
ŝŝ͘ ŬƌŝƚĞƌŝĂĂƚĂƵďĂƚĂƐĂŶĂŬƵŶƚĂŶƉƵďůŝŬLJĂŶŐĚĂƉĂƚĚŝƚƵŶũƵŬ͘
 ^ĞůĂŝŶ ŵĂƚĂ ĂĐĂƌĂƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚƉĂĚĂ ŚƵƌƵĨĂ͕ŚƵƌƵĨďĚĂŶŚƵƌƵĨĐĚŝĂƚĂƐ͕ZhW^ dĂŚƵŶĂŶ
 ĚĂƉĂƚĚŝƉƵƚƵƐŬĂŶŚĂůͲŚĂůůĂŝŶLJĂŶŐĚŝĂũƵŬĂŶƐĞĐĂƌĂƐĞďĂŐĂŝŵĂŶĂŵĞƐƚŝŶLJĂĚĂůĂŵƌĂƉĂƚƐĞƐƵĂŝĚĞŶŐĂŶ
 ŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌ͘
ϯ͘ WĞƌƐĞƚƵũƵĂŶ ůĂƉŽƌĂŶ ƚĂŚƵŶĂŶ ŽůĞŚ ZhW^ dĂŚƵŶĂŶ͕ ďĞƌĂƌƚŝ ŵĞŵďĞƌŝŬĂŶ ƉĞůƵŶĂƐĂŶ ĚĂŶ ƉĞŵďĞďĂƐĂŶ
ƚĂŶŐŐƵŶŐũĂǁĂďƐĞƉĞŶƵŚŶLJĂŬĞƉĂĚĂƉĂƌĂĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĂƚĂƐƉĞŶŐƵƌƵƐĂŶĚĂŶ
ƉĞŶŐĂǁĂƐĂŶLJĂŶŐƚĞůĂŚĚŝũĂůĂŶŬĂŶƐĞůĂŵĂƚĂŚƵŶďƵŬƵLJĂŶŐůĂůƵ͕ƐĞũĂƵŚƚŝŶĚĂŬĂŶƚĞƌƐĞďƵƚƚĞƌĐĞƌŵŝŶ
ĚĂůĂŵůĂƉŽƌĂŶƚĂŚƵŶĂŶŬĞĐƵĂůŝƉĞƌďƵĂƚĂŶƉĞŶŐŐĞůĂƉĂŶ͕ƉĞŶŝƉƵĂŶĚĂŶƚŝŶĚĂŬĂŶƉŝĚĂŶĂůĂŝŶŶLJĂ͘

ZhW^>ƵĂƌŝĂƐĂ

ZhW^>ƵĂƌŝĂƐĂĚĂƉĂƚĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƐĞƚŝĂƉǁĂŬƚƵďĞƌĚĂƐĂƌŬĂŶŬĞďƵƚƵŚĂŶƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶ͘

dĞŵƉĂƚ͕WĞŵĂŶŐŐŝůĂŶĚĂŶWŝŵƉŝŶĂŶZhW^

ϭ͘ ZhW^ǁĂũŝďĚŝůĂŬƵŬĂŶĚŝǁŝůĂLJĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘
Ϯ͘ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŶĞŶƚƵŬĂŶƚĞŵƉĂƚĚĂŶǁĂŬƚƵƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhW^͘
ϯ͘ dĞŵƉĂƚƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhW^ǁĂũŝďĚŝůĂŬƵŬĂŶĚŝ͗
Ă͘ ƚĞŵƉĂƚŬĞĚƵĚƵŬĂŶWĞƌƐĞƌŽĂŶ͖
ď͘ ƚĞŵƉĂƚWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂŶLJĂ͖
Đ͘ ŝďƵŬŽƚĂ ƉƌŽǀŝŶƐŝ ĚŝŵĂŶĂ ƚĞŵƉĂƚ ŬĞĚƵĚƵŬĂŶ ĂƚĂƵ ƚĞŵƉĂƚ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƵƚĂŵĂ WĞƌƐĞƌŽĂŶ͖
ĂƚĂƵ
Ě͘ ƉƌŽǀŝŶƐŝƚĞŵƉĂƚŬĞĚƵĚƵŬĂŶƵƌƐĂĨĞŬĚŝŵĂŶĂƐĂŚĂŵWĞƌƐĞƌŽĂŶĚŝĐĂƚĂƚŬĂŶ͘
ϰ͘ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞůĂŬƵŬĂŶƉĞŵĂŶŐŐŝůĂŶŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵƉĂůŝŶŐůĂŵďĂƚϮϭ;ĚƵĂƉƵůƵŚƐĂƚƵͿ
ŚĂƌŝŬĂůĞŶĚĞƌƐĞďĞůƵŵZhW^͕ĚĞŶŐĂŶƚŝĚĂŬŵĞŵƉĞƌŚŝƚƵŶŐŬĂŶƚĂŶŐŐĂůƉĞŵĂŶŐŐŝůĂŶĚĂŶƚĂŶŐŐĂůZhW^͘
ϱ͘ WĞŵĂŶŐŐŝůĂŶZhW^ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϰĚŝĂƚĂƐƉĂůŝŶŐŬƵƌĂŶŐŵĞŵƵĂƚŝŶĨŽƌŵĂƐŝ͗
Ă͘ ƚĂŶŐŐĂůƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhW^͖
ď͘ ǁĂŬƚƵƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhW^͖
Đ͘ ƚĞŵƉĂƚƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhW^͖
Ě͘ ŬĞƚĞŶƚƵĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŶŐďĞƌŚĂŬŚĂĚŝƌĚĂůĂŵZhW^͖
Ğ͘ ŵĂƚĂĂĐĂƌĂƌĂƉĂƚƚĞƌŵĂƐƵŬƉĞŶũĞůĂƐĂŶĂƚĂƐƐĞƚŝĂƉŵĂƚĂĂĐĂƌĂƚĞƌƐĞďƵƚ͖ĚĂŶ
Ĩ͘ ŝŶĨŽƌŵĂƐŝLJĂŶŐŵĞŶLJĂƚĂŬĂŶďĂŚĂŶƚĞƌŬĂŝƚŵĂƚĂĂĐĂƌĂƌĂƉĂƚ
Ő͘ ƚĞƌƐĞĚŝĂďĂŐŝƉĞŵĞŐĂŶŐƐĂŚĂŵƐĞũĂŬƚĂŶŐŐĂůĚŝůĂŬƵŬĂŶŶLJĂƉĞŵĂŶŐŐŝůĂŶZhW^ƐĂŵƉĂŝĚĞŶŐĂŶ
ZhW^ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ͘
ϲ͘ WĞŵĂŶŐŐŝůĂŶZhW^ŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϰĚŝĂƚĂƐƉĂůŝŶŐŬƵƌĂŶŐ
ŵĞůĂůƵŝ͗
Ă͘ ϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů͖
ď͘ ƐŝƚƵƐǁĞďƵƌƐĂĨĞŬ͖ĚĂŶ
Đ͘ ƐŝƚƵƐ ǁĞď WĞƌƐĞƌŽĂŶ͕ ĚĂůĂŵ ĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ ĚĂŶ ďĂŚĂƐĂ ĂƐŝŶŐ͕ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚĂƐĂ
ĂƐŝŶŐLJĂŶŐĚŝŐƵŶĂŬĂŶƉĂůŝŶŐŬƵƌĂŶŐĂŚĂƐĂ/ŶŐŐƌŝƐ͘
ϳ͘ WĞŵĂŶŐŐŝůĂŶ ZhW^ LJĂŶŐ ŵĞŶŐŐƵŶĂŬĂŶ ďĂŚĂƐĂ ĂƐŝŶŐ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂLJĂƚ ϲ ŚƵƌƵĨ Đ Ěŝ
ĂƚĂƐ ǁĂũŝď ŵĞŵƵĂƚ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶ ŝŶĨŽƌŵĂƐŝ ĚĂůĂŵ ƉĞŵĂŶŐŐŝůĂŶ ZhW^ LJĂŶŐ
ŵĞŶŐŐƵŶĂŬĂŶĂŚĂƐĂ/ŶĚŽŶĞƐŝĂ͘

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 ϴ͘ ĂůĂŵ ŚĂů ƚĞƌĚĂƉĂƚ ƉĞƌďĞĚĂĂŶ ƉĞŶĂĨƐŝƌĂŶ ŝŶĨŽƌŵĂƐŝ ƉĂĚĂ ƉĞŵĂŶŐŐŝůĂŶ ĚĂůĂŵ ďĂŚĂƐĂ ĂƐŝŶŐ ĚĞŶŐĂŶ
ŝŶĨŽƌŵĂƐŝ ƉĂĚĂ ƉĞŵĂŶŐŐŝůĂŶ ĚĂůĂŵ ĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂLJĂƚ ϳ Ěŝ ĂƚĂƐ͕
ŝŶĨŽƌŵĂƐŝLJĂŶŐĚŝŐƵŶĂŬĂŶƐĞďĂŐĂŝĂĐƵĂŶĂĚĂůĂŚŝŶĨŽƌŵĂƐŝĚĂůĂŵĂŚĂƐĂ/ŶĚŽŶĞƐŝĂ͘
ϵ͘ ƵŬƚŝ ƉĞŵĂŶŐŐŝůĂŶ ZhW^ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ĂLJĂƚ ϲ ŚƵƌƵĨ Ă Ěŝ ĂƚĂƐ ǁĂũŝď ĚŝƐĂŵƉĂŝŬĂŶ
ŬĞƉĂĚĂK:<ƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚƉĞŵĂŶŐŐŝůĂŶZhW^͘
ϭϬ͘ WĞŵĂŶŐŐŝůĂŶ ZhW^͕ ƵŶƚƵŬ ŵĞŵƵƚƵƐŬĂŶ ŚĂůͲŚĂů LJĂŶŐ ďĞƌďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ͕ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ
ŵĞŶŐŝŬƵƚŝƉĞƌĂƚƵƌĂŶWĂƐĂƌDŽĚĂů͘
ϭϭ͘ dĂŶƉĂ ŵĞŶŐƵƌĂŶŐŝ ŬĞƚĞŶƚƵĂŶ ůĂŝŶ ĚĂůĂŵ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͕ ƉĞŵĂŶŐŐŝůĂŶ ŚĂƌƵƐ ĚŝůĂŬƵŬĂŶ
ŽůĞŚŝƌĞŬƐŝĂƚĂƵĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞŶƵƌƵƚĐĂƌĂLJĂŶŐĚŝƚĞŶƚƵŬĂŶĚĂůĂŵŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͕
ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶƉĞƌĂƚƵƌĂŶWĂƐĂƌDŽĚĂů͘
ϭϮ͘ WĞŵĂŶŐŐŝůĂŶZhW^ŬĞĚƵĂĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗
Ă͘ WĞŵĂŶŐŐŝůĂŶZhW^ŬĞĚƵĂĚŝůĂŬƵŬĂŶĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵƉĂůŝŶŐůĂŵďĂƚϳ;ƚƵũƵŚͿŚĂƌŝŬĂůĞŶĚĞƌ
ƐĞďĞůƵŵZhW^ŬĞĚƵĂĚŝůĂŶŐƐƵŶŐŬĂŶ͘
ď͘ ĂůĂŵ ƉĞŵĂŶŐŐŝůĂŶ ZhW^ ŬĞĚƵĂ ŚĂƌƵƐ ŵĞŶLJĞďƵƚŬĂŶ ZhW^ ƉĞƌƚĂŵĂ ƚĞůĂŚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĚĂŶ
ƚŝĚĂŬ ŵĞŶĐĂƉĂŝ ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ͘ <ĞƚĞŶƚƵĂŶ ŝŶŝ ďĞƌůĂŬƵ ƚĂŶƉĂ ŵĞŶŐƵƌĂŶŐŝ ƉĞƌĂƚƵƌĂŶ WĂƐĂƌ
DŽĚĂů ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ ůĂŝŶŶLJĂ ƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶ ƵƌƐĂ ĨĞŬ Ěŝ ƚĞŵƉĂƚ
ĚŝŵĂŶĂƐĂŚĂŵƐĂŚĂŵWĞƌƐĞƌŽĂŶĚŝĐĂƚĂƚŬĂŶ͘
Đ͘ ZhW^ ŬĞĚƵĂ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ƉĂůŝŶŐ ĐĞƉĂƚ ϭϬ ;ƐĞƉƵůƵŚͿ ŚĂƌŝ ŬĂůĞŶĚĞƌ ĚĂŶ
ƉĂůŝŶŐůĂŵďĂƚϮϭ;ĚƵĂƉƵůƵŚƐĂƚƵͿŚĂƌŝŬĂůĞŶĚĞƌƐĞƚĞůĂŚZhW^ƉĞƌƚĂŵĂĚŝůĂŶŐƐƵŶŐŬĂŶ͘
Ě͘ <ĞƚĞŶƚƵĂŶ ŵĞĚŝĂ ƉĞŵĂŶŐŐŝůĂŶ ĚĂŶ ƌĂůĂƚ ƉĞŵĂŶŐŐŝůĂŶ ZhW^ ŵƵƚĂƚŝƐ ŵƵƚĂŶĚŝƐ ďĞƌůĂŬƵ ƵŶƚƵŬ
ƉĞŵĂŶŐŐŝůĂŶZhW^ŬĞĚƵĂ͘
ϭϯ͘ WĞŵĂŶŐŐŝůĂŶZhW^ŬĞƚŝŐĂĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗
Ă͘ WĞŵĂŶŐŐŝůĂŶZhW^ŬĞƚŝŐĂĂƚĂƐƉĞƌŵŽŚŽŶĂŶWĞƌƐĞƌŽĂŶĚŝƚĞƚĂƉŬĂŶŽůĞŚK:<͖
ď͘ ĂůĂŵ ƉĞŵĂŶŐŐŝůĂŶ ZhW^ ŬĞƚŝŐĂ ŵĞŶLJĞďƵƚŬĂŶ ZhW^ ŬĞĚƵĂ ƚĞůĂŚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĚĂŶ ƚŝĚĂŬ
ŵĞŶĐĂƉĂŝŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶ͘
ϭϰ͘ ZhW^ĚŝƉŝŵƉŝŶŽůĞŚĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϭϱ͘ ĂůĂŵŚĂůƐĞŵƵĂĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐƚŝĚĂŬŚĂĚŝƌĂƚĂƵďĞƌŚĂůĂŶŐĂŶŚĂĚŝƌ͕ŵĂŬĂZhW^ĚŝƉŝŵƉŝŶ
ŽůĞŚƐĂůĂŚƐĞŽƌĂŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚŝƌĞŬƐŝ͘
ϭϲ͘ ĂůĂŵŚĂůƐĞŵƵĂĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĂƚĂƵĂŶŐŐŽƚĂŝƌĞŬƐŝƚŝĚĂŬŚĂĚŝƌĂƚĂƵďĞƌŚĂůĂŶŐĂŶŚĂĚŝƌ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĂLJĂƚ ϭϰ ĚĂŶ ϭϱ Ěŝ ĂƚĂƐ͕ ZhW^ ĚŝƉŝŵƉŝŶ ŽůĞŚ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ LJĂŶŐ ŚĂĚŝƌ
ĚĂůĂŵZhW^LJĂŶŐĚŝƚƵŶũƵŬĚĂƌŝĚĂŶŽůĞŚƉĞƐĞƌƚĂZhW^͘
ϭϳ͘ ĂůĂŵ ŚĂů ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƵŶƚƵŬ ŵĞŵŝŵƉŝŶ ZhW^
ŵĞŵƉƵŶLJĂŝ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ĚĞŶŐĂŶ ŵĂƚĂ ĂĐĂƌĂ LJĂŶŐ ĂŬĂŶ ĚŝƉƵƚƵƐŬĂŶ ĚĂůĂŵ ZhW^͕ ZhW^
ĚŝƉŝŵƉŝŶ ŽůĞŚ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ůĂŝŶŶLJĂ LJĂŶŐ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ LJĂŶŐ
ĚŝƚƵŶũƵŬŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϭϴ͘ ĂůĂŵŚĂů ƐĞŵƵĂ ĂŶŐŐŽƚĂ ĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞŵƉƵŶLJĂŝďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶ͕ZhW^ĚŝƉŝŵƉŝŶŽůĞŚ
ƐĂůĂŚƐĂƚƵĂŶŐŐŽƚĂŝƌĞŬƐŝLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚŝƌĞŬƐŝ͘
ϭϵ͘ ĂůĂŵ ŚĂů ƐĂůĂŚ ƐĂƚƵ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ ŝƌĞŬƐŝ ƵŶƚƵŬ ŵĞŵŝŵƉŝŶ ZhW^ ŵĞŵƉƵŶLJĂŝ
ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ĂƚĂƐ ŵĂƚĂ ĂĐĂƌĂ LJĂŶŐ ĂŬĂŶ ĚŝƉƵƚƵƐŬĂŶ ĚĂůĂŵ ZhW^͕ ZhW^ ĚŝƉŝŵƉŝŶ ŽůĞŚ
ĂŶŐŐŽƚĂŝƌĞŬƐŝLJĂŶŐƚŝĚĂŬŵĞŵƉƵŶLJĂŝďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶ͘
ϮϬ͘ ĂůĂŵ ŚĂů ƐĞŵƵĂ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ŵĞŵƉƵŶLJĂŝ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ͕ ZhW^ ĚŝƉŝŵƉŝŶ ŽůĞŚ ƐĂůĂŚ
ƐĞŽƌĂŶŐ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ďƵŬĂŶ ƉĞŶŐĞŶĚĂůŝ LJĂŶŐ ĚŝƉŝůŝŚ ŽůĞŚ ŵĂLJŽƌŝƚĂƐ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ůĂŝŶŶLJĂ
LJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^͘
Ϯϭ͘ WŝŵƉŝŶĂŶ ZhW^ ďĞƌŚĂŬ ŵĞŵŝŶƚĂ ĂŐĂƌ ŵĞƌĞŬĂ LJĂŶŐ ŚĂĚŝƌ ŵĞŵďƵŬƚŝŬĂŶ ǁĞǁĞŶĂŶŐŶLJĂ ƵŶƚƵŬ ŚĂĚŝƌ
ĚĂůĂŵZhW^ƚĞƌƐĞďƵƚ͘

<ƵŽƌƵŵ͕,ĂŬ^ƵĂƌĂĚĂŶ<ĞƉƵƚƵƐĂŶZhW^

ϭ͘ <ĞƉƵƚƵƐĂŶZhW^
ϭͿ <ĞƉƵƚƵƐĂŶZhW^ĚĂƉĂƚĚŝĂŵďŝůďĞƌĚĂƐĂƌŬĂŶŵƵƐLJĂǁĂƌĂŚƵŶƚƵŬŵƵĨĂŬĂƚ͕ĚĂŶĚĞŶŐĂŶŵĞŵĞŶƵŚŝ
ŬĞƚĞŶƚƵĂŶĚĂůĂŵŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘
ϮͿ ĂůĂŵŚĂůŬĞƉƵƚƵƐĂŶďĞƌĚĂƐĂƌŬĂŶŵƵƐLJĂǁĂƌĂŚƵŶƚƵŬŵƵĨĂŬĂƚƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚďƵƚŝƌϭĚŝ
ĂƚĂƐƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ŬĞƉƵƚƵƐĂŶĚŝĂŵďŝůŵĞůĂůƵŝƉĞŵƵŶŐƵƚĂŶƐƵĂƌĂ͘
ϯͿ WĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶŵĞůĂůƵŝƉĞŵƵŶŐƵƚĂŶƐƵĂƌĂƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂďƵƚŝƌϮĚŝĂƚĂƐ
ǁĂũŝď ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ĚĂŶ ŬƵŽƌƵŵ ŬĞƉƵƚƵƐĂŶ
ZhW^͘


182
Ϯ͘ <ƵŽƌƵŵ<ĞŚĂĚŝƌĂŶĚĂŶ<ƵŽƌƵŵ<ĞƉƵƚƵƐĂŶZhW^͗
ϭͿ ^ĞƉĂŶũĂŶŐ ƚŝĚĂŬ ĚŝĂƚƵƌ ůĂŝŶ ĚĂůĂŵ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͕ ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ĚĂŶ ŬƵŽƌƵŵ
ŬĞƉƵƚƵƐĂŶ ĚĂůĂŵ ZhW^ ƵŶƚƵŬ ŵĂƚĂ ĂĐĂƌĂ LJĂŶŐ ŚĂƌƵƐ ĚŝƉƵƚƵƐŬĂŶ ĚĂůĂŵ ZhW^ ;ƚĞƌŵĂƐƵŬ
ƉĞŶŐĞůƵĂƌĂŶ ĨĞŬ ĞƌƐŝĨĂƚ ŬƵŝƚĂƐ ĚĂůĂŵ ďĂƚĂƐ ŵŽĚĂů ĚĂƐĂƌͿ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ŵĞŶŐŝŬƵƚŝ
ŬĞƚĞŶƚƵĂŶ͗
Ă͘  ZhW^ ĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ũŝŬĂ ĚĂůĂŵ ZhW^ ůĞďŝŚ ĚĂƌŝ ϭͬϮ ;ƐĂƚƵ ƉĞƌ ĚƵĂͿ ďĂŐŝĂŶ ĚĂƌŝ
ũƵŵůĂŚ ƐĞůƵƌƵŚ ƐĂŚĂŵ ĚĞŶŐĂŶ ŚĂŬ ƐƵĂƌĂ ŚĂĚŝƌ ĂƚĂƵ ĚŝǁĂŬŝůŝ͕ ŬĞĐƵĂůŝ hŶĚĂŶŐͲhŶĚĂŶŐ
ĚĂŶͬĂƚĂƵŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶŵĞŶĞŶƚƵŬĂŶũƵŵůĂŚŬƵŽƌƵŵLJĂŶŐůĞďŝŚďĞƐĂƌ͘
ď͘  ĂůĂŵŚĂůŬƵŽƌƵŵƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĂƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ZhW^ŬĞĚƵĂĚĂƉĂƚ
ĚŝĂĚĂŬĂŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ZhW^ ŬĞĚƵĂ ƐĂŚ ĚĂŶ ďĞƌŚĂŬ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ ũŝŬĂ
ĚĂůĂŵ ZhW^ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ϭͬϯ ;ƐĂƚƵ ƉĞƌ ƚŝŐĂͿ ďĂŐŝĂŶ ĚĂƌŝ ũƵŵůĂŚ ƐĞůƵƌƵŚ ƐĂŚĂŵ ĚĞŶŐĂŶ
ŚĂŬ ƐƵĂƌĂ ŚĂĚŝƌ ĂƚĂƵ ĚŝǁĂŬŝůŝ ŬĞĐƵĂůŝ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ WĞƌƐĞƌŽĂŶ ŵĞŶĞŶƚƵŬĂŶ ũƵŵůĂŚ
ŬƵŽƌƵŵLJĂŶŐůĞďŝŚďĞƐĂƌ͘
Đ͘  <ĞƉƵƚƵƐĂŶ ZhW^ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ŚƵƌƵĨ Ă ĚĂŶ ŚƵƌƵĨ ď ĂĚĂůĂŚ ƐĂŚ ũŝŬĂ
ĚŝƐĞƚƵũƵŝŽůĞŚůĞďŝŚĚĂƌŝϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝƐĞůƵƌƵŚƐĂŚĂŵĚĞŶŐĂŶŚĂŬƐƵĂƌĂ
LJĂŶŐ ŚĂĚŝƌ ĚĂůĂŵ ZhW^͕ ŬĞĐƵĂůŝ hŶĚĂŶŐ hŶĚĂŶŐ ĚĂŶͬĂƚĂƵ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ WĞƌƐĞƌŽĂŶ
ŵĞŶĞŶƚƵŬĂŶ ďĂŚǁĂ ŬĞƉƵƚƵƐĂŶ ĂĚĂůĂŚ ƐĂŚ ũŝŬĂ ĚŝƐĞƚƵũƵŝ ŽůĞŚ ũƵŵůĂŚ ƐƵĂƌĂ ƐĞƚƵũƵ LJĂŶŐ
ůĞďŝŚďĞƐĂƌ͘
Ě͘  ĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƉĂĚĂZhW^ŬĞĚƵĂƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨďƚŝĚĂŬ
ƚĞƌĐĂƉĂŝ͕ ZhW^ ŬĞƚŝŐĂ ĚĂƉĂƚ ĚŝĂĚĂŬĂŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ZhW^ ŬĞƚŝŐĂ ƐĂŚ ĚĂŶ ďĞƌŚĂŬ
ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ ũŝŬĂ ĚŝŚĂĚŝƌŝ ŽůĞŚ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂƌŝ ƐĂŚĂŵ ĚĞŶŐĂŶ ŚĂŬ ƐƵĂƌĂ
LJĂŶŐƐĂŚĚĂůĂŵŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶĚĂŶŬƵŽƌƵŵŬĞƉƵƚƵƐĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚK:<ĂƚĂƐ
ƉĞƌŵŽŚŽŶĂŶWĞƌƐĞƌŽĂŶ͘
ϮͿ <ƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ĚĂŶ ŬƵŽƌƵŵ ŬĞƉƵƚƵƐĂŶ ZhW^ ƵŶƚƵŬ ŵĂƚĂ ĂĐĂƌĂ ƉĞƌƵďĂŚĂŶ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ
WĞƌƐĞƌŽĂŶ͕ŬĞĐƵĂůŝƉĞƌƵďĂŚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌWĞƌƐĞƌŽĂŶĚĂůĂŵƌĂŶŐŬĂƉĞŶŐĞůƵĂƌĂŶĨĞŬĞƌƐŝĨĂƚ
ŬƵŝƚĂƐ ĚĂůĂŵ ďĂƚĂƐ ŵŽĚĂů ĚĂƐĂƌ ĚĂŶ ŵĞŵƉĞƌƉĂŶũĂŶŐ ũĂŶŐŬĂ ǁĂŬƚƵ ďĞƌĚŝƌŝŶLJĂ WĞƌƐĞƌŽĂŶ
ĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘  ZhW^ĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶũŝŬĂZhW^ĚŝŚĂĚŝƌŝŽůĞŚƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŶŐŵĞǁĂŬŝůŝƉĂůŝŶŐ
ŬƵƌĂŶŐϮͬϯ;ĚƵĂƉĞƌƚŝŐĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚƐĞůƵƌƵŚƐĂŚĂŵĚĞŶŐĂŶŚĂŬƐƵĂƌĂLJĂŶŐƐĂŚ͘
ď͘  <ĞƉƵƚƵƐĂŶZhW^ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĂĂĚĂůĂŚƐĂŚũŝŬĂĚŝƐĞƚƵũƵŝŽůĞŚůĞďŝŚ
ĚĂƌŝ Ϯͬϯ ;ĚƵĂ ƉĞƌ ƚŝŐĂͿ ďĂŐŝĂŶ ĚĂƌŝ ƐĞůƵƌƵŚ ƐĂŚĂŵ ĚĞŶŐĂŶ ŚĂŬ ƐƵĂƌĂ LJĂŶŐ ŚĂĚŝƌ ĚĂůĂŵ
ZhW^͘
Đ͘  ĂůĂŵŚĂůŬƵŽƌƵŵƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĂƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ZhW^ŬĞĚƵĂĚĂƉĂƚ
ĚŝĂĚĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶZhW^ŬĞĚƵĂƐĂŚĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶũŝŬĂĚĂůĂŵ
ZhW^ ĚŝŚĂĚŝƌŝ ŽůĞŚ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ LJĂŶŐ ŵĞǁĂŬŝůŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ϯͬϱ ;ƚŝŐĂ ƉĞƌ ůŝŵĂͿ
ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚƐĞůƵƌƵŚƐĂŚĂŵĚĞŶŐĂŶŚĂŬƐƵĂƌĂLJĂŶŐƐĂŚ͘
Ě͘  <ĞƉƵƚƵƐĂŶZhW^ŬĞĚƵĂĂĚĂůĂŚƐĂŚũŝŬĂĚŝƐĞƚƵũƵŝŽůĞŚůĞďŝŚĚĂƌŝϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶ
ĚĂƌŝƐĞůƵƌƵŚƐĂŚĂŵĚĞŶŐĂŶŚĂŬƐƵĂƌĂLJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^͘
Ğ͘  ĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƉĂĚĂ ZhW^ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ŚƵƌƵĨ Đ ƚŝĚĂŬ
ƚĞƌĐĂƉĂŝ͕ ZhW^ ŬĞƚŝŐĂ ĚĂƉĂƚ ĚŝĂĚĂŬĂŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ZhW^ ŬĞƚŝŐĂ ƐĂŚ ĚĂŶ ďĞƌŚĂŬ
ŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶũŝŬĂĚŝŚĂĚŝƌŝŽůĞŚƉĞŵĞŐĂŶŐƐĂŚĂŵĚĂƌŝƐĂŚĂŵĚĞŶŐĂŶŚĂŬƐƵĂƌĂ
LJĂŶŐƐĂŚĚĂůĂŵŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶĚĂŶŬƵŽƌƵŵŬĞƉƵƚƵƐĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚK:<ĂƚĂƐ
ƉĞƌŵŽŚŽŶĂŶWĞƌƐĞƌŽĂŶ͘
ϯͿ <ƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ĚĂŶ ŬƵŽƌƵŵ ŬĞƉƵƚƵƐĂŶ ZhW^ ƵŶƚƵŬ ŵĂƚĂ ĂĐĂƌĂ ŵĞŶŐĂůŝŚŬĂŶ ŬĞŬĂLJĂĂŶ
WĞƌƐĞƌŽĂŶLJĂŶŐŵĞƌƵƉĂŬĂŶůĞďŝŚĚĂƌŝϱϬй;ůŝŵĂƉƵůƵŚƉĞƌƐĞŶͿũƵŵůĂŚŬĞŬĂLJĂĂŶďĞƌƐŝŚWĞƌƐĞƌŽĂŶ
ĚĂůĂŵϭ;ƐĂƚƵͿƚƌĂŶƐĂŬƐŝĂƚĂƵůĞďŝŚďĂŝŬLJĂŶŐďĞƌŬĂŝƚĂŶƐĂƚƵƐĂŵĂůĂŝŶŵĂƵƉƵŶƚŝĚĂŬ͕ŵĞŶũĂĚŝŬĂŶ
ũĂŵŝŶĂŶƵƚĂŶŐŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶLJĂŶŐŵĞƌƵƉĂŬĂŶůĞďŝŚĚĂƌŝϱϬй;ůŝŵĂƉƵůƵŚƉĞƌƐĞŶͿũƵŵůĂŚ
ŬĞŬĂLJĂĂŶďĞƌƐŝŚWĞƌƐĞƌŽĂŶĚĂůĂŵϭ;ƐĂƚƵͿƚƌĂŶƐĂŬƐŝĂƚĂƵůĞďŝŚďĂŝŬLJĂŶŐďĞƌŬĂŝƚĂŶƐĂƚƵƐĂŵĂůĂŝŶ
ŵĂƵƉƵŶƚŝĚĂŬ͕ƉĞŶŐŐĂďƵŶŐĂŶ͕ƉĞůĞďƵƌĂŶ͕ƉĞŶŐĂŵďŝůĂůŝŚĂŶ͕ƉĞŵŝƐĂŚĂŶ͕ƉĞŶŐĂũƵĂŶƉĞƌŵŽŚŽŶĂŶ
ĂŐĂƌ WĞƌƐĞƌŽĂŶ ĚŝŶLJĂƚĂŬĂŶ ƉĂŝůŝƚ͕ ƉĞƌƉĂŶũĂŶŐĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ďĞƌĚŝƌŝŶLJĂ WĞƌƐĞƌŽĂŶ͕ ĚĂŶ
ƉĞŵďƵďĂƌĂŶWĞƌƐĞƌŽĂŶ͕ĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘  ZhW^ĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶũŝŬĂZhW^ĚŝŚĂĚŝƌŝŽůĞŚƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŶŐŵĞǁĂŬŝůŝƉĂůŝŶŐ
ŬƵƌĂŶŐϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚƐĞůƵƌƵŚƐĂŚĂŵĚĞŶŐĂŶŚĂŬƐƵĂƌĂLJĂŶŐƐĂŚ͘
ď͘  <ĞƉƵƚƵƐĂŶZhW^ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĂĂĚĂůĂŚƐĂŚũŝŬĂĚŝƐĞƚƵũƵŝŽůĞŚůĞďŝŚ
ĚĂƌŝϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝƐĞůƵƌƵŚƐĂŚĂŵĚĞŶŐĂŶŚĂŬƐƵĂƌĂLJĂŶŐŚĂĚŝƌĚĂůĂŵ
ZhW^͘

183
 Đ͘  ĂůĂŵŚĂůŬƵŽƌƵŵƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĂƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ZhW^ŬĞĚƵĂĚĂƉĂƚ
ĚŝĂĚĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶZhW^ŬĞĚƵĂƐĂŚĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶũŝŬĂZhW^
ĚŝŚĂĚŝƌŝŽůĞŚƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŶŐŵĞǁĂŬŝůŝƉĂůŝŶŐŬƵƌĂŶŐϮͬϯ;ĚƵĂƉĞƌƚŝŐĂͿďĂŐŝĂŶĚĂƌŝ
ũƵŵůĂŚƐĞůƵƌƵŚƐĂŚĂŵĚĞŶŐĂŶŚĂŬƐƵĂƌĂLJĂŶŐƐĂŚ͘
Ě͘  <ĞƉƵƚƵƐĂŶ ZhW^ ŬĞĚƵĂ ĂĚĂůĂŚ ƐĂŚ ũŝŬĂ ĚŝƐĞƚƵũƵŝ ŽůĞŚ ůĞďŝŚ ĚĂƌŝ ϯͬϰ ;ƚŝŐĂ ƉĞƌ ĞŵƉĂƚͿ
ďĂŐŝĂŶĚĂƌŝƐĞůƵƌƵŚƐĂŚĂŵĚĞŶŐĂŶŚĂŬƐƵĂƌĂLJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^͘
Ğ͘  ĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƉĂĚĂ ZhW^ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ŚƵƌƵĨ Đ ƚŝĚĂŬ
ƚĞƌĐĂƉĂŝ͕ ZhW^ ŬĞƚŝŐĂ ĚĂƉĂƚ ĚŝĂĚĂŬĂŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ZhW^ ŬĞƚŝŐĂ ƐĂŚ ĚĂŶ ďĞƌŚĂŬ
ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ ũŝŬĂ ĚŝŚĂĚŝƌŝ ŽůĞŚ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂƌŝ ƐĂŚĂŵ ĚĞŶŐĂŶ ŚĂŬ ƐƵĂƌĂ
LJĂŶŐƐĂŚĚĂůĂŵŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶĚĂŶŬƵŽƌƵŵŬĞƉƵƚƵƐĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚK:<ĂƚĂƐ
ƉĞƌŵŽŚŽŶĂŶWĞƌƐĞƌŽĂŶ͘
ϰͿ <ƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ĚĂŶ ŬƵŽƌƵŵ ŬĞƉƵƚƵƐĂŶ ZhW^ ƵŶƚƵŬ ŵĂƚĂ ĂĐĂƌĂ ƚƌĂŶƐĂŬƐŝ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ
ďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶ͕ĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘  ZhW^ ĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ũŝŬĂ ZhW^ ĚŝŚĂĚŝƌŝ ŽůĞŚ WĞŵĞŐĂŶŐ ^ĂŚĂŵ /ŶĚĞƉĞŶĚĞŶ LJĂŶŐ
ŵĞǁĂŬŝůŝůĞďŝŚĚĂƌŝϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚƐĞůƵƌƵŚƐĂŚĂŵĚĞŶŐĂŶŚĂŬƐƵĂƌĂ
LJĂŶŐƐĂŚLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚWĞŵĞŐĂŶŐ^ĂŚĂŵ/ŶĚĞƉĞŶĚĞŶ͘
ď͘  <ĞƉƵƚƵƐĂŶ ZhW^ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ŚƵƌƵĨ Ă ĂĚĂůĂŚ ƐĂŚ ũŝŬĂ ĚŝƐĞƚƵũƵŝ ŽůĞŚ
WĞŵĞŐĂŶŐ ^ĂŚĂŵ /ŶĚĞƉĞŶĚĞŶ LJĂŶŐ ŵĞǁĂŬŝůŝ ůĞďŝŚ ĚĂƌŝ ϭͬϮ ;ƐĂƚƵ ƉĞƌ ĚƵĂͿ ďĂŐŝĂŶ ĚĂƌŝ
ũƵŵůĂŚ ƐĞůƵƌƵŚ ƐĂŚĂŵ ĚĞŶŐĂŶ ŚĂŬ ƐƵĂƌĂ LJĂŶŐ ƐĂŚ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ WĞŵĞŐĂŶŐ ^ĂŚĂŵ
/ŶĚĞƉĞŶĚĞŶ͘
Đ͘  ĂůĂŵŚĂůŬƵŽƌƵŵƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĂƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ZhW^ŬĞĚƵĂĚĂƉĂƚ
ĚŝĂĚĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶZhW^ŬĞĚƵĂƐĂŚĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶũŝŬĂĚĂůĂŵ
ZhW^ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ^ĂŚĂŵ/ŶĚĞƉĞŶĚĞŶLJĂŶŐŵĞǁĂŬŝůŝůĞďŝŚĚĂƌŝϭͬϮ;ƐĂƚƵƉĞƌ
ĚƵĂͿ ďĂŐŝĂŶ ĚĂƌŝ ũƵŵůĂŚ ƐĞůƵƌƵŚ ƐĂŚĂŵ ĚĞŶŐĂŶ ŚĂŬ ƐƵĂƌĂ LJĂŶŐ ƐĂŚ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ
WĞŵĞŐĂŶŐ^ĂŚĂŵ/ŶĚĞƉĞŶĚĞŶ͘
Ě͘  <ĞƉƵƚƵƐĂŶZhW^ŬĞĚƵĂĂĚĂůĂŚƐĂŚũŝŬĂĚŝƐĞƚƵũƵŝŽůĞŚůĞďŝŚĚĂƌŝϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶ
ĚĂƌŝ ũƵŵůĂŚ ƐĂŚĂŵ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ WĞŵĞŐĂŶŐ ^ĂŚĂŵ /ŶĚĞƉĞŶĚĞŶ LJĂŶŐ ŚĂĚŝƌ ĚĂůĂŵ
ZhW^͘
Ğ͘  ĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƉĂĚĂZhW^ŬĞĚƵĂƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĐƚŝĚĂŬ
ƚĞƌĐĂƉĂŝ͕ ZhW^ ŬĞƚŝŐĂ ĚĂƉĂƚ ĚŝĂĚĂŬĂŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ZhW^ ŬĞƚŝŐĂ ƐĂŚ ĚĂŶ ďĞƌŚĂŬ
ŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶũŝŬĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ^ĂŚĂŵ/ŶĚĞƉĞŶĚĞŶĚĂƌŝƐĂŚĂŵĚĞŶŐĂŶ
ŚĂŬƐƵĂƌĂLJĂŶŐƐĂŚ͕ĚĂůĂŵŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚK:<ĂƚĂƐƉĞƌŵŽŚŽŶĂŶ
WĞƌƐĞƌŽĂŶ͘
Ĩ͘  <ĞƉƵƚƵƐĂŶZhW^ŬĞƚŝŐĂĂĚĂůĂŚƐĂŚũŝŬĂĚŝƐĞƚƵũƵŝŽůĞŚWĞŵĞŐĂŶŐ^ĂŚĂŵ/ŶĚĞƉĞŶĚĞŶLJĂŶŐ
ŵĞǁĂŬŝůŝůĞďŝŚĚĂƌŝϱϬй;ůŝŵĂ ƉƵůƵŚƉĞƌƐĞŶͿ ƐĂŚĂŵLJĂŶŐ ĚŝŵŝůŝŬŝŽůĞŚWĞŵĞŐĂŶŐ ^ĂŚĂŵ
/ŶĚĞƉĞŶĚĞŶLJĂŶŐŚĂĚŝƌ͘
Ő͘  WĞŵĞŐĂŶŐ ƐĂŚĂŵ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ĚŝĂŶŐŐĂƉ ƚĞůĂŚ ŵĞŵďĞƌŝŬĂŶ
ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶ ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ĚŝƐĞƚƵũƵŝ ŽůĞŚ WĞŵĞŐĂŶŐ ^ĂŚĂŵ
/ŶĚĞƉĞŶĚĞŶLJĂŶŐƚŝĚĂŬŵĞŵƉƵŶLJĂŝďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶ͘
ϱͿ WĞŵĞŐĂŶŐƐĂŚĂŵĚĂƌŝƐĂŚĂŵĚĞŶŐĂŶŚĂŬƐƵĂƌĂLJĂŶŐƐĂŚLJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^ŶĂŵƵŶĂďƐƚĂŝŶ
;ƚŝĚĂŬ ŵĞŵďĞƌŝŬĂŶ ƐƵĂƌĂͿ ĚŝĂŶŐŐĂƉ ŵĞŶŐĞůƵĂƌŬĂŶ ƐƵĂƌĂ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶ ƐƵĂƌĂ ŵĂLJŽƌŝƚĂƐ
ƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŶŐŵĞŶŐĞůƵĂƌŬĂŶƐƵĂƌĂ͘
ϲͿ ĂůĂŵƉĞŵƵŶŐƵƚĂŶƐƵĂƌĂ͕ƐƵĂƌĂLJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚƉĞŵĞŐĂŶŐƐĂŚĂŵďĞƌůĂŬƵ ƵŶƚƵŬƐĞůƵƌƵŚ
ƐĂŚĂŵLJĂŶŐĚŝŵŝůŝŬŝŶLJĂĚĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵƚŝĚĂŬďĞƌŚĂŬŵĞŵďĞƌŝŬĂŶŬƵĂƐĂŬĞƉĂĚĂůĞďŝŚĚĂƌŝ
ƐĞŽƌĂŶŐŬƵĂƐĂƵŶƚƵŬƐĞďĂŐŝĂŶĚĂƌŝũƵŵůĂŚƐĂŚĂŵLJĂŶŐĚŝŵŝůŝŬŝŶLJĂĚĞŶŐĂŶƐƵĂƌĂLJĂŶŐďĞƌďĞĚĂ͘
ϳͿ <ĞƚĞŶƚƵĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂďƵƚŝƌϲĚŝĂƚĂƐĚŝŬĞĐƵĂůŝŬĂŶďĂŐŝ͗
Ă͘  ĂŶŬ <ƵƐƚŽĚŝĂŶ ĂƚĂƵ WĞƌƵƐĂŚĂĂŶ ĨĞŬ ƐĞďĂŐĂŝ <ƵƐƚŽĚŝĂŶ LJĂŶŐ ŵĞǁĂŬŝůŝ ŶĂƐĂďĂŚ
ŶĂƐĂďĂŚŶLJĂƉĞŵŝůŝŬƐĂŚĂŵWĞƌƐĞƌŽĂŶ͘
ď͘  DĂŶĂũĞƌ/ŶǀĞƐƚĂƐŝLJĂŶŐŵĞǁĂŬŝůŝŬĞƉĞŶƚŝŶŐĂŶZĞŬƐĂĂŶĂLJĂŶŐĚŝŬĞůŽůĂŶLJĂ͘
ϴͿ ĂůĂŵƉĞŵƵŶŐƵƚĂŶƐƵĂƌĂ͕ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ͕ĂŶŐŐŽƚĂ ĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶ
LJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶĚŝůĂƌĂŶŐďĞƌƚŝŶĚĂŬƐĞďĂŐĂŝŬƵĂƐĂĚĂƌŝWĞŵĞŐĂŶŐ^ĂŚĂŵ͘
ϵͿ WĞŵƵŶŐƵƚĂŶƐƵĂƌĂĚŝůĂŬƵŬĂŶƐĞĐĂƌĂůŝƐĂŶ͕ŬĞĐƵĂůŝĂƉĂďŝůĂWŝŵƉŝŶĂŶZĂƉĂƚŵĞŶĞŶƚƵŬĂŶůĂŝŶ͘






184
ŝƌĞŬƐŝ

ϭ͘ WĞƌƐĞƌŽĂŶĚŝƵƌƵƐĚĂŶĚŝƉŝŵƉŝŶŽůĞŚŝƌĞŬƐŝ͘
Ϯ͘ ŝƌĞŬƐŝƚĞƌĚŝƌŝĚĂƌŝƉĂůŝŶŐƐĞĚŝŬŝƚϮ;ĚƵĂͿŽƌĂŶŐ͕LJĂŶŐƐĂůĂŚ ƐĂƚƵĚŝĂŶƚĂƌĂŶLJĂ ƐĞďĂŐĂŝŝƌĞŬƚƵƌhƚĂŵĂ
ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘
ϯ͘ zĂŶŐĚĂƉĂƚĚŝĂŶŐŬĂƚƐĞďĂŐĂŝĂŶŐŐŽƚĂŝƌĞŬƐŝĂĚĂůĂŚŽƌĂŶŐƉĞƌƐĞŽƌĂŶŐĂŶLJĂŶŐďĞƌĚŽŵŝƐŝůŝĚŝ/ŶĚŽŶĞƐŝĂ
ĚĂŶŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƉĂĚĂƐĂĂƚĚŝĂŶŐŬĂƚĚĂŶƐĞůĂŵĂŵĞŶũĂďĂƚ͗
Ă͘ ŵĞŵƉƵŶLJĂŝĂŬŚůĂŬ͕ŵŽƌĂů͕ĚĂŶŝŶƚĞŐƌŝƚĂƐLJĂŶŐďĂŝŬ͖
ď͘ ĐĂŬĂƉŵĞůĂŬƵŬĂŶƉĞƌďƵĂƚĂŶŚƵŬƵŵ͖
Đ͘ ĚĂůĂŵϱ;ůŝŵĂͿƚĂŚƵŶƐĞďĞůƵŵƉĞŶŐĂŶŐŬĂƚĂŶĚĂŶƐĞůĂŵĂŵĞŶũĂďĂƚ͗
ϭͿ  ƚŝĚĂŬƉĞƌŶĂŚĚŝŶLJĂƚĂŬĂŶƉĂŝůŝƚ͖
ϮͿ  ƚŝĚĂŬ ƉĞƌŶĂŚ ŵĞŶũĂĚŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ
ĚŝŶLJĂƚĂŬĂŶďĞƌƐĂůĂŚŵĞŶLJĞďĂďŬĂŶƐƵĂƚƵƉĞƌƵƐĂŚĂĂŶĚŝŶLJĂƚĂŬĂŶƉĂŝůŝƚ͖
ϯͿ  ƚŝĚĂŬƉĞƌŶĂŚĚŝŚƵŬƵŵŬĂƌĞŶĂŵĞůĂŬƵŬĂŶƚŝŶĚĂŬƉŝĚĂŶĂLJĂŶŐŵĞƌƵŐŝŬĂŶŬĞƵĂŶŐĂŶŶĞŐĂƌĂ
ĚĂŶͬĂƚĂƵLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƐĞŬƚŽƌŬĞƵĂŶŐĂŶ͖ĚĂŶ
ϰͿ  ƚŝĚĂŬ ƉĞƌŶĂŚ ŵĞŶũĂĚŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ƐĞůĂŵĂ
ŵĞŶũĂďĂƚ͗
ŝ͘ ƉĞƌŶĂŚƚŝĚĂŬŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶZhW^ƚĂŚƵŶĂŶ͖
ŝŝ͘ ƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶŶLJĂ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐ ƉĞƌŶĂŚ ƚŝĚĂŬ ĚŝƚĞƌŝŵĂ ŽůĞŚ ZhW^ ĂƚĂƵ ƉĞƌŶĂŚ ƚŝĚĂŬ ŵĞŵďĞƌŝŬĂŶ
ƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
ŬĞƉĂĚĂZhW^͖ĚĂŶ
ŝŝŝ͘ ƉĞƌŶĂŚ ŵĞŶLJĞďĂďŬĂŶ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ŵĞŵƉĞƌŽůĞŚ ŝnjŝŶ͕ ƉĞƌƐĞƚƵũƵĂŶ͕ ĂƚĂƵ
ƉĞŶĚĂĨƚĂƌĂŶ ĚĂƌŝ K:< ƚŝĚĂŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ ůĂƉŽƌĂŶ ƚĂŚƵŶĂŶ
ĚĂŶͬĂƚĂƵůĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬĞƉĂĚĂK:<͘
Ě͘ ŵĞŵŝůŝŬŝŬŽŵŝƚŵĞŶƵŶƚƵŬŵĞŵĂƚƵŚŝƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͖ĚĂŶ
Ğ͘ ŵĞŵŝůŝŬŝƉĞŶŐĞƚĂŚƵĂŶĚĂŶͬĂƚĂƵŬĞĂŚůŝĂŶĚŝďŝĚĂŶŐLJĂŶŐĚŝďƵƚƵŚŬĂŶWĞƌƐĞƌŽĂŶ͘
ϰ͘ ^ĞůĂŝŶ ŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ͕ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ǁĂũŝď
ŵĞŶŐŝŬƵƚŝƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶůĂŝŶŶLJĂ͘
ϱ͘ WĞŵĞŶƵŚĂŶ ƉĞƌƐLJĂƌĂƚĂŶ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ǁĂũŝď ĚŝŵƵĂƚ ĚĂůĂŵ ƐƵƌĂƚ ƉĞƌŶLJĂƚĂĂŶ ĚĂŶ
ĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘
ϲ͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ZhW^ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŶŐŐĂŶƚŝĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ƚŝĚĂŬ
ŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶ͘
ϳ͘ hƐƵůĂŶ ƉĞŶŐĂŶŐŬĂƚĂŶ͕ ƉĞŵďĞƌŚĞŶƚŝĂŶ͕ ĚĂŶͬĂƚĂƵ ƉĞŶŐŐĂŶƚŝĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ŬĞƉĂĚĂ ZhW^ ŚĂƌƵƐ
ŵĞŵƉĞƌŚĂƚŝŬĂŶƌĞŬŽŵĞŶĚĂƐŝĚĂƌŝĞǁĂŶ<ŽŵŝƐĂƌŝƐĂƚĂƵŬŽŵŝƚĞLJĂŶŐŵĞŶũĂůĂŶŬĂŶĨƵŶŐƐŝŶŽŵŝŶĂƐŝ͘
ϴ͘ WĂƌĂ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚŝĂŶŐŬĂƚ ĚĂŶ ĚŝďĞƌŚĞŶƚŝŬĂŶ ŽůĞŚ ZhW^͘ WĞŶŐĂŶŐŬĂƚĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ƵŶƚƵŬ
ũĂŶŐŬĂ ǁĂŬƚƵ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů LJĂŶŐĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ZhW^ LJĂŶŐ ŵĞŶŐĂŶŐŬĂƚŶLJĂ ĚĂŶďĞƌĂŬŚŝƌ
ƉĂĚĂ ƉĞŶƵƚƵƉĂŶZhW^dĂŚƵŶĂŶŬĞϯ;ƚŝŐĂͿƉĂĚĂ ĂŬŚŝƌϭ;ƐĂƚƵͿƉĞƌŝŽĚĞŵĂƐĂ ũĂďĂƚĂŶĚŝŵĂŬƐƵĚ͕ĚĂŶ
ĚĂƉĂƚ ĚŝĂŶŐŬĂƚ ŬĞŵďĂůŝ ƵŶƚƵŬ ŵĂƐĂ ϭ ;ƐĂƚƵͿ ŬĂůŝ ŵĂƐĂ ũĂďĂƚĂŶ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲ ƵŶĚĂŶŐĂŶ Ěŝ ďŝĚĂŶŐ WĂƐĂƌ DŽĚĂů͕ ŶĂŵƵŶ ĚĞŵŝŬŝĂŶ ĚĞŶŐĂŶ ƚŝĚĂŬ ŵĞŶŐƵƌĂŶŐŝ ŚĂŬ ZhW^
ƚĞƌƐĞďƵƚƵŶƚƵŬŵĞŵďĞƌŚĞŶƚŝŬĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝƚĞƌƐĞďƵƚƐĞǁĂŬƚƵǁĂŬƚƵƐĞďĞůƵŵŵĂƐĂũĂďĂƚĂŶŶLJĂ
ďĞƌĂŬŚŝƌ͕ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘
ϵ͘ ŶŐŐŽƚĂ ŝƌĞŬƐŝƐĞƚĞůĂŚŵĂƐĂũĂďĂƚĂŶŶLJĂďĞƌĂŬŚŝƌĚĂƉĂƚĚŝĂŶŐŬĂƚ ŬĞŵďĂůŝƐĞƐƵĂŝĚĞŶŐĂŶŬĞƉƵƚƵƐĂŶ
ZhW^͘
ϭϬ͘ Ă͘ ZhW^ ĚĂƉĂƚ ŵĞŵďĞƌŚĞŶƚŝŬĂŶ ƉĂƌĂ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ƐĞǁĂŬƚƵͲǁĂŬƚƵ ĚĞŶŐĂŶ ŵĞŶLJĞďƵƚŬĂŶ
ĂůĂƐĂŶŶLJĂ͘
ď͘ ůĂƐĂŶ ƉĞŵďĞƌŚĞŶƚŝĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚŝůĂŬƵŬĂŶ ĂƉĂďŝůĂ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ
ƚŝĚĂŬůĂŐŝŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶƐĞďĂŐĂŝĂŶŐŐŽƚĂŝƌĞŬƐŝ LJĂŶŐĂŶƚĂƌĂůĂŝŶŵĞůĂŬƵŬĂŶƚŝŶĚĂŬĂŶ
LJĂŶŐŵĞƌƵŐŝŬĂŶWĞƌƐĞƌŽĂŶĂƚĂƵŬĂƌĞŶĂĂůĂƐĂŶůĂŝŶŶLJĂLJĂŶŐĚŝŶŝůĂŝƚĞƉĂƚŽůĞŚZhW^͘
Đ͘ <ĞƉƵƚƵƐĂŶ ƉĞŵďĞƌŚĞŶƚŝĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ƚĞƌƐĞďƵƚ ĚŝĂŵďŝů ƐĞƚĞůĂŚ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ĚŝďĞƌŝ
ŬĞƐĞŵƉĂƚĂŶŵĞŵďĞůĂĚŝƌŝĚĂůĂŵZhW^͘
Ě͘ WĞŵďĞƌŝĂŶ ŬĞƐĞŵƉĂƚĂŶ ƵŶƚƵŬ ŵĞŵďĞůĂ Ěŝƌŝ ƚĞƌƐĞďƵƚ ƚŝĚĂŬ ĚŝƉĞƌůƵŬĂŶ ĚĂůĂŵ ŚĂů LJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶƚŝĚĂŬďĞƌŬĞďĞƌĂƚĂŶĂƚĂƐƉĞŵďĞƌŚĞŶƚŝĂŶƚĞƌƐĞďƵƚ͘
Ğ͘ WĞŵďĞƌŚĞŶƚŝĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ďĞƌůĂŬƵ ƐĞũĂŬ ĚŝƚƵƚƵƉŶLJĂ ZhW^ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ
ďƵƚŝƌĂĂƚĂƵƚĂŶŐŐĂůůĂŝŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶĚĂůĂŵŬĞƉƵƚƵƐĂŶZhW^͘

185
ϭϭ͘ Ă͘ ^ĞŽƌĂŶŐ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ďĞƌŚĂŬ ŵĞŶŐƵŶĚƵƌŬĂŶ Ěŝƌŝ ĚĂƌŝ ũĂďĂƚĂŶŶLJĂ ƐĞďĞůƵŵ ŵĂƐĂ ũĂďĂƚĂŶŶLJĂ
ďĞƌĂŬŚŝƌ ĚĞŶŐĂŶ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ŵĞŶŐĞŶĂŝ ŵĂŬƐƵĚŶLJĂ ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ
WĞƌƐĞƌŽĂŶ͘
ď͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ZhW^ ƵŶƚƵŬ ŵĞŵƵƚƵƐŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƉĞŶŐƵŶĚƵƌĂŶ Ěŝƌŝ
ĂŶŐŐŽƚĂŝƌĞŬƐŝLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵƉĂůŝŶŐůĂŵďĂƚϵϬ;ƐĞŵďŝůĂŶƉƵůƵŚͿŚĂƌŝ
ŬĂůĞŶĚĞƌƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƐƵƌĂƚƉĞŶŐƵŶĚƵƌĂŶĚŝƌŝ͘
Đ͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞůĂŬƵŬĂŶ ŬĞƚĞƌďƵŬĂĂŶ ŝŶĨŽƌŵĂƐŝ ŬĞƉĂĚĂ ŵĂƐLJĂƌĂŬĂƚ ĚĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ
ŬĞƉĂĚĂK:<ƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƉĞƌŵŽŚŽŶĂŶƉĞŶŐƵŶĚƵƌĂŶĚŝƌŝ
ŝƌĞŬƐŝƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵŚƵƌƵĨĂĚŝĂƚĂƐĚĂŶƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚ
ŚĂƐŝůƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhW^ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵŚƵƌƵĨďĚŝĂƚĂƐ͘
Ě͘ ^ĞďĞůƵŵ ƉĞŶŐƵŶĚƵƌĂŶ Ěŝƌŝ ďĞƌůĂŬƵ ĞĨĞŬƚŝĨ͕ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ƚĞƚĂƉ
ďĞƌŬĞǁĂũŝďĂŶ ŵĞŶLJĞůĞƐĂŝŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂďŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ
WĞƌƐĞƌŽĂŶĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
Ğ͘ dĞƌŚĂĚĂƉ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ŵĞŶŐƵŶĚƵƌŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ ƚĞƚĂƉ ĚĂƉĂƚ
ĚŝŵŝŶƚĂŬĂŶ ƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶŶLJĂ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ƐĞũĂŬ ƉĞŶŐĂŶŐŬĂƚĂŶ LJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶŚŝŶŐŐĂƚĂŶŐŐĂůĚŝƐĞƚƵũƵŝŶLJĂƉĞŶŐƵŶĚƵƌĂŶĚŝƌŝŶLJĂĚĂůĂŵZhW^͘
Ĩ͘ WĞŵďĞďĂƐĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ŵĞŶŐƵŶĚƵƌŬĂŶ Ěŝƌŝ ĚŝďĞƌŝŬĂŶ ƐĞƚĞůĂŚ ZhW^
dĂŚƵŶĂŶŵĞŵďĞďĂƐŬĂŶŶLJĂ͘
ϭϮ͘ Ă͘ ŶŐŐŽƚĂ ŝƌĞŬƐŝ ƐĞǁĂŬƚƵ ǁĂŬƚƵ ĚĂƉĂƚ ĚŝďĞƌŚĞŶƚŝŬĂŶ ƵŶƚƵŬ ƐĞŵĞŶƚĂƌĂ ǁĂŬƚƵ ŽůĞŚ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐĚĞŶŐĂŶŵĞŶLJĞďƵƚŬĂŶĂůĂƐĂŶŶLJĂ͘
ď͘ WĞŵďĞƌŚĞŶƚŝĂŶ ƐĞŵĞŶƚĂƌĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ďƵƚŝƌ Ă ĚŝďĞƌŝƚĂŚƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ
ŬĞƉĂĚĂĂŶŐŐŽƚĂŝƌĞŬƐŝLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘
Đ͘ ĂůĂŵŚĂůƚĞƌĚĂƉĂƚĂŶŐŐŽƚĂŝƌĞŬƐŝLJĂŶŐĚŝďĞƌŚĞŶƚŝŬĂŶƵŶƚƵŬƐĞŵĞŶƚĂƌĂƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚ
ƉĂĚĂ ŚƵƌƵĨ Ă Ěŝ ĂƚĂƐ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŚĂƌƵƐ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ZhW^ ƵŶƚƵŬ ŵĞŶĐĂďƵƚ ĂƚĂƵ
ŵĞŶŐƵĂƚŬĂŶŬĞƉƵƚƵƐĂŶƉĞŵďĞƌŚĞŶƚŝĂŶƐĞŵĞŶƚĂƌĂƚĞƌƐĞďƵƚ͘
Ě͘ ZhW^ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌƐĞďƵƚ ĚĂůĂŵ ŚƵƌƵĨ Đ ŚĂƌƵƐ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ƉĂůŝŶŐ
ůĂŵďĂƚϵϬ;^ĞŵďŝůĂŶƉƵůƵŚͿŚĂƌŝŬĂůĞŶĚĞƌƐĞƚĞůĂŚƚĂŶŐŐĂůƉĞŵďĞƌŚĞŶƚŝĂŶƐĞŵĞŶƚĂƌĂ͘
Ğ͘ ĞŶŐĂŶ ůĂŵƉĂƵŶLJĂ ũĂŶŐŬĂ ǁĂŬƚƵ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhW^ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ŚƵƌƵĨ Ě
ĂLJĂƚ ŝŶŝ ĂƚĂƵ ZhW^ ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ͕ ƉĞŵďĞƌŚĞŶƚŝĂŶ ƐĞŵĞŶƚĂƌĂ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĂŵĞŶũĂĚŝďĂƚĂů͘
Ĩ͘ ĂůĂŵ ZhW^ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ŚƵƌƵĨ Đ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ĚŝďĞƌŝ
ŬĞƐĞŵƉĂƚĂŶƵŶƚƵŬŵĞŵďĞůĂĚŝƌŝ͘
Ő͘ ŶŐŐŽƚĂŝƌĞŬƐŝLJĂŶŐĚŝďĞƌŚĞŶƚŝŬĂŶƵŶƚƵŬƐĞŵĞŶƚĂƌĂƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĂĂLJĂƚ
ŝŶŝƚŝĚĂŬďĞƌǁĞŶĂŶŐ͗
ŝ͘  ŵĞŶũĂůĂŶŬĂŶƉĞŶŐƵƌƵƐĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶŵĂŬƐƵĚ
ĚĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶ͖ĚĂŶ
ŝŝ͘  ŵĞǁĂŬŝůŝWĞƌƐĞƌŽĂŶĚŝĚĂůĂŵŵĂƵƉƵŶĚŝůƵĂƌƉĞŶŐĂĚŝůĂŶ͘
Ś͘ WĞŵďĂƚĂƐĂŶ ŬĞǁĞŶĂŶŐĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ŚƵƌƵĨ Ő ďĞƌůĂŬƵ ƐĞũĂŬ ŬĞƉƵƚƵƐĂŶ
ƉĞŵďĞƌŚĞŶƚŝĂŶƐĞŵĞŶƚĂƌĂŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĂŵƉĂŝĚĞŶŐĂŶ͗
Ă͘  ƚĞƌĚĂƉĂƚ ŬĞƉƵƚƵƐĂŶ ZhW^ LJĂŶŐ ŵĞŶŐƵĂƚŬĂŶ ĂƚĂƵ ŵĞŵďĂƚĂůŬĂŶ ƉĞŵďĞƌŚĞŶƚŝĂŶ
ƐĞŵĞŶƚĂƌĂƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĐ͖ĂƚĂƵ
ď͘  ůĂŵƉĂƵŶLJĂũĂŶŐŬĂǁĂŬƚƵƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĚ͘
ŝ͘ ĂůĂŵŚĂůZhW^ŵĞŶŐƵĂƚŬĂŶŬĞƉƵƚƵƐĂŶƉĞŵďĞƌŚĞŶƚŝĂŶƐĞŵĞŶƚĂƌĂ͕ŵĂŬĂĂŶŐŐŽƚĂŝƌĞŬƐŝLJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶĚŝďĞƌŚĞŶƚŝŬĂŶƵŶƚƵŬƐĞƚĞƌƵƐŶLJĂ͘
ũ͘ ƉĂďŝůĂ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ĚŝďĞƌŚĞŶƚŝŬĂŶ ƐĞŵĞŶƚĂƌĂ ƚĞƌƐĞďƵƚ ƚŝĚĂŬ ŚĂĚŝƌ ĚĂůĂŵ ZhW^ ŵĂŬĂ
ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ĚŝďĞƌŚĞŶƚŝŬĂŶ ƐĞŵĞŶƚĂƌĂ ƚĞƌƐĞďƵƚ ĚŝĂŶŐŐĂƉ ƚŝĚĂŬ ŵĞŶŐŐƵŶĂŬĂŶ ŚĂŬŶLJĂ
ƵŶƚƵŬ ŵĞŵďĞůĂ ĚŝƌŝŶLJĂ ĚĂůĂŵ ZhW^͕ ĚĞŶŐĂŶ ĚĞŵŝŬŝĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ĚŝďĞƌŚĞŶƚŝŬĂŶ
ƐĞŵĞŶƚĂƌĂƚĞƌƐĞďƵƚŵĞŶĞƌŝŵĂŬĞƉƵƚƵƐĂŶZhW^͘
Ŭ͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞůĂŬƵŬĂŶ ŬĞƚĞƌďƵŬĂĂŶ ŝŶĨŽƌŵĂƐŝ ŬĞƉĂĚĂ ŵĂƐLJĂƌĂŬĂƚ ĚĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ
ŬĞƉĂĚĂKƚŽƌŝƚĂƐ:ĂƐĂŬĞƵĂŶŐĂŶŵĞŶŐĞŶĂŝ͗
;ĂͿ ŬĞƉƵƚƵƐĂŶƉĞŵďĞƌŚĞŶƚŝĂŶƐĞŵĞŶƚĂƌĂ͕ĚĂŶ
;ďͿ ŚĂƐŝů ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhW^ ĂƚĂƵ ŝŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ďĂƚĂůŶLJĂ ƉĞŵďĞƌŚĞŶƚŝĂŶ
ƐĞŵĞŶƚĂƌĂ ŽůĞŚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŬĂƌĞŶĂ ƚŝĚĂŬ ƚĞƌƐĞůĞŶŐŐĂƌĂŶLJĂ ZhW^ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ůĂŵƉĂƵŶLJĂ ũĂŶŐŬĂ ǁĂŬƚƵ͖ ƉĂůŝŶŐ ůĂŵďĂƚ Ϯ ;ĚƵĂͿ ŚĂƌŝ ŬĞƌũĂ ƐĞƚĞůĂŚ ƚĞƌũĂĚŝŶLJĂ ƉĞƌŝƐƚŝǁĂ
ƚĞƌƐĞďƵƚ͘


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 ϭϯ͘ ZhW^ĚĂƉĂƚ͗
Ă͘ DĞŶŐĂŶŐŬĂƚ ŽƌĂŶŐůĂŝŶƵŶƚƵŬŵĞŶŐŝƐŝũĂďĂƚĂŶƐĞŽƌĂŶŐĂŶŐŐŽƚĂ ŝƌĞŬƐŝLJĂŶŐĚŝďĞƌŚĞŶƚŝŬĂŶĚĂƌŝ
ũĂďĂƚĂŶŶLJĂ͖ĂƚĂƵ
ď͘ DĞŶŐĂŶŐŬĂƚŽƌĂŶŐůĂŝŶƵŶƚƵŬŵĞŶŐŝƐŝũĂďĂƚĂŶƐĞŽƌĂŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝLJĂŶŐŵĞŶŐƵŶĚƵƌŬĂŶĚŝƌŝ
ĚĂƌŝũĂďĂƚĂŶŶLJĂ͖ĂƚĂƵ
Đ͘ DĞŶŐĂŶŐŬĂƚ ƐĞƐĞŽƌĂŶŐ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ƵŶƚƵŬ ŵĞŶŐŝƐŝ ƐƵĂƚƵ ůŽǁŽŶŐĂŶ͖ ĂƚĂƵ
DĞŶĂŵďĂŚũƵŵůĂŚĂŶŐŐŽƚĂŝƌĞŬƐŝďĂƌƵ͘
DĂƐĂũĂďĂƚĂŶƐĞƐĞŽƌĂŶŐLJĂŶŐĚŝĂŶŐŬĂƚƵŶƚƵŬŵĞŶŐŐĂŶƚŝŬĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝLJĂŶŐĚŝďĞƌŚĞŶƚŝŬĂŶĂƚĂƵ
ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ŵĞŶŐƵŶĚƵƌŬĂŶ Ěŝƌŝ ĂƚĂƵ ƵŶƚƵŬ ŵĞŶŐŝƐŝ ůŽǁŽŶŐĂŶ ĂĚĂůĂŚ ƵŶƚƵŬ ƐŝƐĂ ŵĂƐĂ
ũĂďĂƚĂŶ ĚĂƌŝ ŝƌĞŬƚƵƌ LJĂŶŐ ĚŝďĞƌŚĞŶƚŝŬĂŶͬĚŝŐĂŶƚŝŬĂŶ ƚĞƌƐĞďƵƚ ĚĂŶ ŵĂƐĂ ũĂďĂƚĂŶ ĚĂƌŝ ƉĞŶĂŵďĂŚĂŶ
ĂŶŐŐŽƚĂŝƌĞŬƐŝďĂƌƵƚĞƌƐĞďƵƚĂĚĂůĂŚƵŶƚƵŬƐŝƐĂŵĂƐĂũĂďĂƚĂŶĚĂƌŝŝƌĞŬƐŝLJĂŶŐŵĂƐŝŚŵĞŶũĂďĂƚƉĂĚĂ
ŵĂƐĂŝƚƵ͕ŬĞĐƵĂůŝĂƉĂďŝůĂĚŝƚĞŶƚƵŬĂŶůĂŝŶĚĂůĂŵZhW^͘
ϭϰ͘ DĂƐĂũĂďĂƚĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝĚĞŶŐĂŶƐĞŶĚŝƌŝŶLJĂďĞƌĂŬŚŝƌ͕ĂƉĂďŝůĂĂŶŐŐŽƚĂŝƌĞŬƐŝƚĞƌƐĞďƵƚ͗
Ă͘ DĞŶŝŶŐŐĂůĚƵŶŝĂ͖
ď͘ ŝƚĂƌƵŚĚŝďĂǁĂŚƉĞŶŐĂŵƉƵĂŶďĞƌĚĂƐĂƌŬĂŶƐƵĂƚƵƉƵƚƵƐĂŶƉĞŶŐĂĚŝůĂŶ͖ĂƚĂƵ
Đ͘ dŝĚĂŬ ůĂŐŝ ŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶ ƉĞƌƵŶĚĂŶŐͲ ƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ
ƉĞƌĂƚƵƌĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘
ϭϱ͘ 'Ăũŝ͕ ƵĂŶŐ ũĂƐĂ ĚĂŶ ƚƵŶũĂŶŐĂŶ ůĂŝŶŶLJĂ ;ũŝŬĂ ĂĚĂͿ ďĂŐŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ZhW^ ĚĂŶ
ǁĞǁĞŶĂŶŐƚĞƌƐĞďƵƚŽůĞŚZhW^ĚĂƉĂƚĚŝůŝŵƉĂŚŬĂŶŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϭϲ͘ ŝůĂŵĂŶĂũĂďĂƚĂŶƐĞŽƌĂŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝůŽǁŽŶŐŬĂƌĞŶĂƐĞďĂďĂƉĂƉƵŶLJĂŶŐŵĞŶŐĂŬŝďĂƚŬĂŶũƵŵůĂŚ
ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ŬƵƌĂŶŐ ĚĂƌŝ Ϯ ;ĚƵĂͿ ŽƌĂŶŐ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂLJĂƚ Ϯ͕ ŵĂŬĂ ƐĞůĂŵďĂƚ
ůĂŵďĂƚŶLJĂ ϵϬ ;ƐĞŵďŝůĂŶ ƉƵůƵŚͿ ŚĂƌŝ ŬĂůĞŶĚĞƌ ƐĞƚĞůĂŚ ůŽǁŽŶŐĂŶ ŝƚƵ͕ ŚĂƌƵƐ ĚŝĂĚĂŬĂŶ ZhW^ ƵŶƚƵŬ
ŵĞŶŐŝƐŝůŽǁŽŶŐĂŶƚĞƌƐĞďƵƚ͕ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝ
ďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘
ϭϳ͘ ƉĂďŝůĂũĂďĂƚĂŶŝƌĞŬƚƵƌhƚĂŵĂ ůŽǁŽŶŐĚĂŶƐĞůĂŵĂ ŵĂƐĂƉĞŶŐŐĂŶƚŝŶLJĂ ďĞůƵŵĚŝĂŶŐŬĂƚ ĂƚĂƵďĞůƵŵ
ŵĞŵĂŶŐŬƵ ũĂďĂƚĂŶŶLJĂ͕ ŵĂŬĂ ƐĂůĂŚ ƐĞŽƌĂŶŐ ŝƌĞŬƚƵƌ LJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ ZĂƉĂƚ ŝƌĞŬƐŝ ĂŬĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞǁĂũŝďĂŶŝƌĞŬƚƵƌhƚĂŵĂĚĂŶŵĞŵƉƵŶLJĂŝǁĞǁĞŶĂŶŐƐĞƌƚĂƚĂŶŐŐƵŶŐũĂǁĂďLJĂŶŐƐĂŵĂ
ƐĞďĂŐĂŝŝƌĞŬƚƵƌhƚĂŵĂ͘
ϭϴ͘ ŶƚĂƌĂƉĂƌĂĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĂŶƚĂƌĂĂŶŐŐŽƚĂŝƌĞŬƐŝĚĞŶŐĂŶĂŶŐŐŽƚĂ<ŽŵŝƐĂƌŝƐĚŝůĂƌĂŶŐŵĞŵŝůŝŬŝ
ŚƵďƵŶŐĂŶŬĞůƵĂƌŐĂƐĂŵƉĂŝĚĞŶŐĂŶĚĞƌĂũĂƚŬĞƚŝŐĂ͕ďĂŝŬŵĞŶƵƌƵƚŐĂƌŝƐůƵƌƵƐŵĂƵƉƵŶŐĂƌŝƐŬĞƐĂŵƉŝŶŐ͕
ƚĞƌŵĂƐƵŬŚƵďƵŶŐĂŶLJĂŶŐƚŝŵďƵůŬĂƌĞŶĂƉĞƌŬĂǁŝŶĂŶ͘
ϭϵ͘ ŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ďĞƌĂƐĂů ĚĂƌŝ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ͕ ŵĂŬĂ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌƐĞďƵƚ ƉĞŶƐŝƵŶ
ƐĞďĂŐĂŝ ŬĂƌLJĂǁĂŶ ĚĞŶŐĂŶ ƉĂŶŐŬĂƚ ĚĂŶͬĂƚĂƵ ŬĞůĂƐ ũĂďĂƚĂŶ ƚĞƌƚŝŶŐŐŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ
WĞƌƐĞƌŽĂŶ͘
ϮϬ͘ ^ĞƚŝĂƉ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚŝůĂƌĂŶŐ ŵĞŶŐĂŵďŝů ŬĞƵŶƚƵŶŐĂŶ ƉƌŝďĂĚŝ ďĂŝŬ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ
ůĂŶŐƐƵŶŐĚĂƌŝŬĞŐŝĂƚĂŶWĞƌƐĞƌŽĂŶƐĞůĂŝŶƉĞŶŐŚĂƐŝůĂŶLJĂŶŐƐĂŚ͘
Ϯϭ͘ <ĞƚĞŶƚƵĂŶ ŵĞŶŐĞŶĂŝ ŝƌĞŬƐŝ LJĂŶŐ ďĞůƵŵ ĚŝĂƚƵƌ ĚĂůĂŵ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂĐƵ ƉĂĚĂ
WĞƌĂƚƵƌĂŶ K:< Ěŝ ďŝĚĂŶŐ WĂƐĂƌ DŽĚĂů ĚĂŶ ŬĞƚĞŶƚƵĂŶ ƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐĂŶ ůĂŝŶŶLJĂ LJĂŶŐ
ďĞƌůĂŬƵ͘

dƵŐĂƐĚĂŶtĞǁĞŶĂŶŐŝƌĞŬƐŝ

ϭ͘ ŝƌĞŬƐŝ ďĞƌƚƵŐĂƐ ŵĞŶũĂůĂŶŬĂŶ ƐĞŐĂůĂ ƚŝŶĚĂŬĂŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ƉĞŶŐƵƌƵƐĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ŵĞǁĂŬŝůŝ WĞƌƐĞƌŽĂŶ
ďĂŝŬĚŝĚĂůĂŵŵĂƵƉƵŶĚŝůƵĂƌWĞŶŐĂĚŝůĂŶƚĞŶƚĂŶŐƐĞŐĂůĂŚĂůĚĂŶƐĞŐĂůĂŬĞũĂĚŝĂŶĚĞŶŐĂŶƉĞŵďĂƚĂƐĂŶ
ƉĞŵďĂƚĂƐĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐ  ƵŶĚĂŶŐĂŶ͕ ŶŐŐĂƌĂŶ ĂƐĂƌ ĚĂŶͬĂƚĂƵ
<ĞƉƵƚƵƐĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ͘
Ϯ͘ ĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϭ͕ŵĂŬĂ͗
Ă͘ ŝƌĞŬƐŝďĞƌǁĞŶĂŶŐƵŶƚƵŬŵĞŶĞƚĂƉŬĂŶŬĞďŝũĂŬĂŶŬĞƉĞŶŐƵƌƵƐĂŶWĞƌƐĞƌŽĂŶLJĂŶŐŵĞůŝƉƵƚŝ͖
ϭ͘  ŵĞŶŐĂƚƵƌƉĞŶLJĞƌĂŚĂŶŬĞŬƵĂƐĂĂŶŝƌĞŬƐŝƵŶƚƵŬŵĞǁĂŬŝůŝWĞƌƐĞƌŽĂŶĚŝĚĂůĂŵĚĂŶĚŝůƵĂƌ
WĞŶŐĂĚŝůĂŶ ŬĞƉĂĚĂ ƐĞŽƌĂŶŐ ĂƚĂƵ ďĞďĞƌĂƉĂ ŽƌĂŶŐ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ŬŚƵƐƵƐ ĚŝƚƵŶũƵŬ
ƵŶƚƵŬŝƚƵĂƚĂƵŬĞƉĂĚĂƐĞŽƌĂŶŐĂƚĂƵďĞďĞƌĂƉĂŽƌĂŶŐƉĞŬĞƌũĂWĞƌƐĞƌŽĂŶďĂŝŬƐĞŶĚŝƌŝƐĞŶĚŝƌŝ
ŵĂƵƉƵŶ ĞƌƐĂŵĂ ƐĂŵĂ ĂƚĂƵ ŬĞƉĂĚĂ ŽƌĂŶŐ ůĂŝŶ ĚĂŶ ŵĞŶŐĂƚƵƌ ƉĞŶLJĞƌĂŚĂŶ ŬĞŬƵĂƐĂĂĂŶ
ŝƌĞŬƐŝƵŶƚƵŬŵĞǁĂŬŝůŝWĞƌƐĞƌŽĂŶŬĞƉĂĚĂ<ĞƉĂůĂĂďĂŶŐĂƚĂƵ<ĞƉĂůĂWĞƌǁĂŬŝůĂŶĚŝĚĂůĂŵ
ĂƚĂƵĚŝůƵĂƌŶĞŐĞƌŝ͖


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 Ϯ͘  ŵĞŶŐĂƚƵƌ ŬĞƚĞŶƚƵĂŶ ŬĞƚĞŶƚƵĂŶ ƚĞŶƚĂŶŐ ŬĞƉĞŐĂǁĂŝĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƉĞŶĞƚĂƉĂŶ
ŐĂũŝ͕ ƉĞŶƐŝƵŶ ĂƚĂƵ ũĂŵŝŶĂŶ ŚĂƌŝ ƚƵĂ ĚĂŶ ƉĞŶŐŚĂƐŝůĂŶ ůĂŝŶ ďĂŐŝ ƉĞŬĞƌũĂ WĞƌƐĞƌŽĂŶ
ďĞƌĚĂƐĂƌŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚĂŶŬĞƵƉƵƚƵƐĂŶZĂƉĂƚhŵƵŵ
WĞŵĞŐĂŶŐ^ĂŚĂŵ͖
ϯ͘  ŵĞŶŐĂŶŐŬĂƚ ĚĂŶ ŵĞŵďĞƌŚĞŶƚŝŬĂŶ ƉĞŬĞƌũĂ WĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌĂƚƵƌĂŶ
ŬĞƉĞŐĂǁĂŝĂŶWĞƌƐĞƌŽĂŶĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͖
ϰ͘  ŵĞŶŐĂŶŐŬĂƚĚĂŶŵĞŵďĞƌŚĞŶƚŝŬĂŶ^ĞŬƌĞƚĂƌŝƐWĞƌƐĞƌŽĂŶ͖
ϱ͘  ŵĞůĂŬƵŬĂŶ ƐĞŐĂůĂ ƚŝŶĚĂŬĂŶ ĚĂŶ ƉĞƌďƵĂƚĂŶ ůĂŝŶŶLJĂ ŵĞŶŐĞŶĂŝ ƉĞŶŐƵƌƵƐĂŶ ŵĂƵƉƵŶ
ƉĞŵŝůŝŬĂŶŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶ͕ŵĞŶŐŝŬĂƚWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƉŝŚĂŬůĂŝŶĚĂŶͬĂƚĂƵƉŝŚĂŬůĂŝŶ
ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ͕ ƐĞƌƚĂ ŵĞǁĂŬŝůŝ WĞƌƐĞƌŽĂŶ Ěŝ ĚĂůĂŵ ĚĂŶ Ěŝ ůƵĂƌ WĞŶŐĂĚŝůĂŶ ƚĞŶƚĂŶŐ
ƐĞŐĂůĂ ŚĂů ĚĂŶ ƐĞŐĂůĂ ŬĞũĂĚŝĂŶ ĚĞŶŐĂŶ ƉĞŵďĂƚĂƐĂŶ ƉĞŵďĂƚĂƐĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ
ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͕ ŶŐŐĂƌĂŶ ĂƐĂƌ ĚĂŶͬĂƚĂƵ <ĞƉƵƚƵƐĂŶ ZĂƉĂƚ
hŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ͘
ď͘ ŝƌĞŬƐŝďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬ͗
ϭͿ  ŵĞŶŐƵƐĂŚĂŬĂŶĚĂŶŵĞŶũĂŵŝŶƚĞƌůĂŬƐĂŶĂŶLJĂƵƐĂŚĂĚĂŶŬĞŐŝĂƚĂŶWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶ
ŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƐĞƌƚĂŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂ͖
ϮͿ  ŵĞŶLJŝĂƉŬĂŶ ƉĂĚĂ ǁĂŬƚƵŶLJĂ ZĞŶĐĂŶĂ :ĂŶŐŬĂ WĂŶũĂŶŐ WĞƌƐĞƌŽĂŶ͕ ZĞŶĐĂŶĂ <ĞƌũĂ ĚĂŶ
ŶŐŐĂƌĂŶ WĞƌƐĞƌŽĂŶ͕ ĚĂŶ ƉĞƌƵďĂŚĂŶŶLJĂ ƐĞƌƚĂ ŵĞŶLJĂŵƉĂŝŬĂŶŶLJĂ ŬĞƉĂĚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ϯͿ  ŵĞŵďĞƌŝŬĂŶ ƉĞŶũĞůĂƐĂŶ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŶŐĞŶĂŝ ZĞŶĐĂŶĂ :ĂŶŐŬĂ WĂŶũĂŶŐ
WĞƌƐĞƌŽĂŶĚĂŶZĞŶĐĂŶĂ<ĞƌũĂĚĂŶŶŐŐĂƌĂŶWĞƌƐĞƌŽĂŶ͖
ϰͿ  ŵĞŵďƵĂƚĂĨƚĂƌWĞŵĞŐĂŶŐ^ĂŚĂŵ͕ĂĨƚĂƌ<ŚƵƐƵƐĚĂŶZŝƐĂůĂŚZĂƉĂƚŝƌĞŬƐŝ͖
ϱͿ  ŵĞŵďƵĂƚ>ĂƉŽƌĂŶdĂŚƵŶĂŶƐĞďĂŐĂŝǁƵũƵĚƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶƉĞŶŐƵƌƵƐĂŶWĞƌƐĞƌŽĂŶ͕
ƐĞƌƚĂ ĚŽŬƵŵĞŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ hŶĚĂŶŐ Ͳ ƵŶĚĂŶŐ
ƚĞŶƚĂŶŐŽŬƵŵĞŶWĞƌƵƐĂŚĂĂŶ͖
ϲͿ  ŵĞŶLJƵƐƵŶ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ ďĞƌĚĂƐĂƌŬĂŶ ^ƚĂŶĚĂƌ ŬƵŶƚĂŶƐŝ <ĞƵĂŶŐĂŶ ĚĂŶ
ŵĞŶLJĞƌĂŚŬĂŶŬĞƉĂĚĂŬƵŶƚĂŶWƵďůŝŬƵŶƚƵŬĚŝĂƵĚŝƚ͖
ϳͿ  ŵĞŶLJĂŵƉĂŝŬĂŶ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ ƚĞƌŵĂƐƵŬ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ ŬĞƉĂĚĂ ZĂƉĂƚ hŵƵŵ
WĞŵĞŐĂŶŐ^ĂŚĂŵƵŶƚƵŬĚŝƐĞƚƵũƵŝĚĂŶĚŝƐĂŚŬĂŶ͖
ϴͿ  ŵĞŵďĞƌŝŬĂŶ ƉĞŶũĞůĂƐĂŶ ŬĞƉĂĚĂ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ŵĞŶŐĞŶĂŝ >ĂƉŽƌĂŶ
dĂŚƵŶĂŶ͖
ϵͿ  ŵĞŶLJĂŵƉĂŝŬĂŶ EĞƌĂĐĂ ĚĂŶ >ĂƉŽƌĂŶ >ĂďĂ ZƵŐŝ LJĂŶŐ ĚŝƐĂŚŬĂŶ ŽůĞŚ ZĂƉĂƚ hŵƵŵ
WĞŵĞŐĂŶŐ ^ĂŚĂŵ ŬĞƉĂĚĂ DĞŶƚĞƌŝ LJĂŶŐ ŵĞŵďŝĚĂŶŐŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ
ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶ͖
ϭϬͿ  ŵĞŶLJĂŵƉĂŝŬĂŶ ůĂƉŽƌĂŶ ƉĞƌƵďĂŚĂŶ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŬĞƉĂĚĂ DĞŶƚĞƌŝ LJĂŶŐ
ŵĞŵďŝĚĂŶŐŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂ͖
ϭϭͿ  ŵĞŵĞůŝŚĂƌĂ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ͕ ĂĨƚĂƌ <ŚƵƐƵƐ͕ ZŝƐĂůĂŚ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ
^ĂŚĂŵ͕ ZŝƐĂůĂŚZĂƉĂƚĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶZŝƐĂůĂŚZĂƉĂƚŝƌĞŬƐŝ͕>ĂƉŽƌĂŶdĂŚƵŶĂŶĚĂŶ
ĚŽŬƵŵĞŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ŚƵƌƵĨ ď ďƵƚŝƌ ϰ ĚĂŶ ϱ͕ ĚĂŶ
ĚŽŬƵŵĞŶWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂ͖
ϭϮͿ  ŵĞŶLJŝŵƉĂŶ Ěŝ ƚĞŵƉĂƚ ŬĞĚƵĚƵŬĂŶ WĞƌƐĞƌŽĂŶ͗ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ͕ ĂĨƚĂƌ <ŚƵƐƵƐ͕
ZŝƐĂůĂŚZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ͕ZŝƐĂůĂŚZĂƉĂƚĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶZŝƐĂůĂŚZĂƉĂƚ
ŝƌĞŬƐŝ͕ >ĂƉŽƌĂŶ dĂŚƵŶĂŶ ĚĂŶ ĚŽŬƵŵĞŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ
ƉĂĚĂŚƵƌƵĨďďƵƚŝƌϰĚĂŶϱ͕ĚĂŶĚŽŬƵŵĞŶWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂ
ŚƵƌƵĨďďƵƚŝƌϭϭ͖
ϭϯͿ  ŵĞŶLJƵƐƵŶƐŝƐƚĞŵĂŬƵŶƚĂŶƐŝƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶĚĂŶďĞƌĚĂƐĂƌŬĂŶ
ƉƌŝŶƐŝƉƉƌŝŶƐŝƉƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶ͕ƚĞƌƵƚĂŵĂƉĞŵŝƐĂŚĂŶĨƵŶŐƐŝƉĞŶŐƵƌƵƐĂŶ͕ƉĞŶĐĂƚĂƚĂŶ͕
ƉĞŶLJŝŵƉĂŶĂŶĚĂŶƉĞŶŐĂǁĂƐĂŶ͖
ϭϰͿ  ŵĞŵďĞƌŝŬĂŶ ůĂƉŽƌĂŶ ďĞƌŬĂůĂ ŵĞŶƵƌƵƚ ĐĂƌĂ ĚĂŶ ǁĂŬƚƵ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ
ďĞƌůĂŬƵ͕ƐĞƌƚĂůĂƉŽƌĂŶůĂŝŶŶLJĂƐĞƚŝĂƉŬĂůŝĚŝŵŝŶƚĂŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ϭϱͿ  ŵĞŶLJŝĂƉŬĂŶƐƵƐƵŶĂŶŽƌŐĂŶŝƐĂƐŝWĞƌƐĞƌŽĂŶůĞŶŐŬĂƉĚĞŶŐĂŶƉĞƌŝŶĐŝĂŶĚĂŶƚƵŐĂƐŶLJĂ͖
ϭϲͿ  ŵĞŵďĞƌŝŬĂŶ ƉĞŶũĞůĂƐĂŶ ƚĞŶƚĂŶŐ ƐĞŐĂůĂ ŚĂů LJĂŶŐ ĚŝƚĂŶLJĂŬĂŶ ĂƚĂƵ LJĂŶŐ ĚŝŵŝŶƚĂ ĂŶŐŐŽƚĂ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ϭϳͿ  ŵĞŶLJƵƐƵŶĚĂŶŵĞŶĞƚĂƉŬĂŶƐƚƌƵŬƚƵƌŽƌŐĂŶŝƐĂƐŝWĞƌƐĞƌŽĂŶ͖
ϭϴͿ  ŵĞŶũĂůĂŶŬĂŶ ŬĞǁĂũŝďĂŶ ŬĞǁĂũŝďĂŶ ůĂŝŶŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ĚŝĂƚƵƌ ĚĂůĂŵ
ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ĚĂŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ
ďĞƌĚĂƐĂƌŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶ͖

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ϯ͘ ĂůĂŵ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐŶLJĂ͕ ŝƌĞŬƐŝ ǁĂũŝď ŵĞŶĐƵƌĂŚŬĂŶ ƚĞŶĂŐĂ͕ ƉŝŬŝƌĂŶ͕ ƉĞƌŚĂƚŝĂŶ ĚĂŶ
ƉĞŶŐĂďĚŝĂŶŶLJĂƐĞĐĂƌĂƉĞŶƵŚƉĂĚĂƚƵŐĂƐ͕ŬĞǁĂũŝďĂŶĚĂŶƉĞŶĐĂƉĂŝĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶ͖
ϰ͘ ĂůĂŵ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐŶLJĂ͕ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ŚĂƌƵƐ ŵĞŵĂƚƵŚŝ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ĚĂŶ
ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ ƐĞƌƚĂ ǁĂũŝď ŵĞůĂŬƐĂŶĂŬĂŶ ƉƌŝŶƐŝƉ ƉƌŝŶƐŝƉ ƉƌŽĨĞƐŝŽŶĂůŝƐŵĞ͕ ĞĨŝƐŝĞŶƐŝ͕
ƚƌĂŶƐƉĂƌĂŶƐŝ͕ŬĞŵĂŶĚŝƌŝĂŶ͕ĂŬƵŶƚĂďŝůŝƚĂƐ͕ƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶƐĞƌƚĂŬĞǁĂũĂƌĂŶ͖
ϱ͘ ^ĞƚŝĂƉĂŶŐŐŽƚĂŝƌĞŬƐŝǁĂũŝďĚĞŶŐĂŶŝƚŝŬĂĚďĂŝŬĚĂŶƉĞŶƵŚƚĂŶŐŐƵŶŐũĂǁĂďŵĞŶũĂůĂŶŬĂŶƚƵŐĂƐƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶĚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŵĞŶŐŝŶĚĂŚŬĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͖
ϲ͘ ĂůĂŵŵĞŶũĂůĂŶŬĂŶƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďĂƚĂƐƉĞŶŐƵƌƵƐĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϭ͕
ŝƌĞŬƐŝ ǁĂũŝď ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ZhW^ ƚĂŚƵŶĂŶ ĚĂŶ ZhW^ ůĂŝŶŶLJĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ
ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶĚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌ͘
ϳ͘ ^ĞƚŝĂƉ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ǁĂũŝď ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ
ĂLJĂƚϭĚĞŶŐĂŶŝƚŝŬĂĚďĂŝŬ͕ƉĞŶƵŚƚĂŶŐŐƵŶŐũĂǁĂď͕ĚĂŶŬĞŚĂƚŝͲŚĂƚŝĂŶ͘
ϴ͘ ĂůĂŵƌĂŶŐŬĂŵĞŶĚƵŬƵŶŐĞĨĞŬƚŝǀŝƚĂƐƉĞůĂŬƐĂŶĂĂŶƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚ
ƉĂĚĂĂLJĂƚϭŝƌĞŬƐŝĚĂƉĂƚŵĞŵďĞŶƚƵŬŬŽŵŝƚĞ͘
ϵ͘ ĂůĂŵ ŚĂů ĚŝďĞŶƚƵŬ ŬŽŵŝƚĞ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂLJĂƚ ϴ͕ ŝƌĞŬƐŝ ǁĂũŝď ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ
ƚĞƌŚĂĚĂƉŬŝŶĞƌũĂŬŽŵŝƚĞƐĞƚŝĂƉĂŬŚŝƌƚĂŚƵŶďƵŬƵ͘
ϭϬ͘ ŝƌĞŬƐŝďĞƌƐĂŵĂĚĞŶŐĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐǁĂũŝďŵĞŶLJƵƐƵŶ͗
Ă͘ ƉĞĚŽŵĂŶ LJĂŶŐ ŵĞŶŐŝŬĂƚ ƐĞƚŝĂƉ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ď͘ ŬŽĚĞ ĞƚŝŬ LJĂŶŐ ďĞƌůĂŬƵ ďĂŐŝ ƐĞůƵƌƵŚ ŝƌĞŬƐŝ LJĂŶŐ ďĞƌůĂŬƵ ďĂŐŝ ƐĞůƵƌƵŚ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ
ĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕ŬĂƌLJĂǁĂŶͬƉĞŐĂǁĂŝ͕ƐĞƌƚĂƉĞŶĚƵŬƵŶŐŽƌŐĂŶLJĂŶŐĚŝŵŝůŝŬŝWĞƌƐĞƌŽĂŶ͕
ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϭϭ͘ ^ĞƚŝĂƉ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶƵŚ ƐĞĐĂƌĂ ƚĂŶŐŐƵŶŐ ƌĞŶƚĞŶŐ ĂƚĂƐ ŬĞƌƵŐŝĂŶ WĞƌƐĞƌŽĂŶ
LJĂŶŐĚŝƐĞďĂďŬĂŶŽůĞŚŬĞƐĂůĂŚĂŶĂƚĂƵŬĞůĂůĂŝĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂůĂŵŵĞŶũĂůĂŶŬĂŶƚƵŐĂƐŶLJĂ͘
ϭϮ͘ ŶŐŐŽƚĂŝƌĞŬƐŝƚŝĚĂŬĚĂƉĂƚĚŝƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶĂƚĂƐŬĞƌƵŐŝĂŶWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚ
ƉĂĚĂĂLJĂƚϭϭ͕ĂƉĂďŝůĂĚĂƉĂƚŵĞŵďƵŬƚŝŬĂŶ͗
Ă͘ ŬĞƌƵŐŝĂŶƚĞƌƐĞďƵƚďƵŬĂŶŬĂƌĞŶĂŬĞƐĂůĂŚĂŶĂƚĂƵŬĞůĂůĂŝĂŶŶLJĂ͖
ď͘ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŶŐƵƌƵƐĂŶ ĚĞŶŐĂŶ ŝƚŝŬĂĚ ďĂŝŬ͕ ƉĞŶƵŚ ƚĂŶŐŐƵŶŐ ũĂǁĂď͕ ĚĂŶ ŬĞŚĂƚŝ ŚĂƚŝĂŶ
ƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶĚĂŶƐĞƐƵĂŝĚĞŶŐĂŶŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶ͖
Đ͘ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ďĂŝŬ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ĂƚĂƐ ƚŝŶĚĂŬĂŶ
ƉĞŶŐƵƌƵƐĂŶLJĂŶŐŵĞŶŐĂŬŝďĂƚŬĂŶŬĞƌƵŐŝĂŶ͖ĚĂŶ
Ě͘ ƚĞůĂŚŵĞŶŐĂŵďŝůƚŝŶĚĂŬĂŶƵŶƚƵŬŵĞŶĐĞŐĂŚƚŝŵďƵůĂƚĂƵďĞƌůĂŶũƵƚŶLJĂŬĞƌƵŐŝĂŶƚĞƌƐĞďƵƚ͘
ϭϯ͘ ŝƌĞŬƐŝŵĞǁĂŬŝůŝWĞƌƐĞƌŽĂŶƐĞĐĂƌĂƐĂŚĚĂŶƐĞĐĂƌĂůĂŶŐƐƵŶŐďĂŝŬĚŝĚĂůĂŵŵĂƵƉƵŶĚŝůƵĂƌƉĞŶŐĂĚŝůĂŶ
ƚĞŶƚĂŶŐƐĞŐĂůĂŚĂů ĚĂŶĚĂůĂŵƐĞŐĂůĂŬĞũĂĚŝĂŶ͕ŵĞŶŐŝŬĂƚ WĞƌƐĞƌŽĂŶĚĞŶŐĂŶƉŝŚĂŬůĂŝŶĚĂŶƉŝŚĂŬůĂŝŶ
ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ŵĞŶũĂůĂŶŬĂŶ ƐĞŐĂůĂ ƚŝŶĚĂŬĂŶ͕ ďĂŝŬ LJĂŶŐ ŵĞŶŐĞŶĂŝ ŬĞƉĞŶŐƵƌƵƐĂŶ ŵĂƵƉƵŶ
ŬĞƉĞŵŝůŝŬĂŶ͕ĚĞŶŐĂŶƉĞŵďĂƚĂƐĂŶƐĞďĂŐĂŝŵĂŶĂĚŝƚĞŶƚƵŬĂŶĚĂůĂŵĂLJĂƚϭϰ͘
ϭϰ͘ ŝƌĞŬƐŝ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ ŚĂƌƵƐ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ĚĞŶŐĂŶ
ŵĞŶŐŝŶĚĂŚŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌWĞƌƐĞƌŽĂŶ͕ƵŶƚƵŬ͗
Ă͘ ŵĞŵďĞƌŝŬĂŶũĂŵŝŶĂŶĂƚĂƐĂŬƚŝǀĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŶŝůĂŝLJĂŶŐŵĞůĞďŝŚŝďĂƚĂƐLJĂŶŐĚĂƌŝǁĂŬƚƵ
ŬĞǁĂŬƚƵĚŝƚĞƚĂƉŬĂŶŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ď͘ ŵĞŶĞƌŝŵĂ ĂƚĂƵ ŵĞŵďĞƌŝŬĂŶ ƉŝŶũĂŵĂŶ ũĂŶŐŬĂ ŵĞŶĞŶŐĂŚ ĂƚĂƵ ƉĂŶũĂŶŐ͕ ŬĞĐƵĂůŝ ƉŝŶũĂŵĂŶ
;ƵƚĂŶŐĂƚĂƵƉŝƵƚĂŶŐͿLJĂŶŐƚŝŵďƵůŬĂƌĞŶĂƚƌĂŶƐĂŬƐŝďŝƐŶŝƐ͕ĚĂŶƉŝŶũĂŵĂŶLJĂŶŐĚŝďĞƌŝŬĂŶŬĞƉĂĚĂ
ĂŶĂŬ WĞƌƵƐĂŚĂĂŶ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ƉŝŶũĂŵĂŶ ŬĞƉĂĚĂ ĂŶĂŬ WĞƌƵƐĂŚĂĂŶ WĞƌƐĞƌŽĂŶ
ĚŝůĂƉŽƌŬĂŶŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
Đ͘ ŵĞŶŐŚĂƉƵƐŬĂŶĚĂƌŝƉĞŵďƵŬƵĂŶƉŝƵƚĂŶŐŵĂĐĞƚĚĂŶƉĞƌƐĞĚŝĂŶďĂƌĂŶŐŵĂƚŝ͖
Ě͘ ŵĞŶĞƚĂƉŬĂŶ ĚĂŶ ŵĞŶLJĞƐƵĂŝŬĂŶ ƐƚƌƵŬƚƵƌ ŽƌŐĂŶŝƐĂƐŝ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϭ ;ƐĂƚƵͿ ƚŝŶŐŬĂƚ ĚŝďĂǁĂŚ
ŝƌĞŬƐŝ͖
Ğ͘ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞƌƚĂĂŶ ŵŽĚĂů͕ ďĂŝŬ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚŶLJĂ ĂƚĂƵ ŝŬƵƚ ƐĞƌƚĂ ƉĂĚĂ ƉĞƌƐĞƌŽĂŶ
ĂƚĂƵ ďĂĚĂŶ ďĂĚĂŶ ůĂŝŶŶLJĂ͕ ĚĞŶŐĂŶ ŶŝůĂŝ LJĂŶŐ ŵĞůĞďŝŚŝ ďĂƚĂƐ LJĂŶŐ ĚĂƌŝ ǁĂŬƚƵ ŬĞ ǁĂŬƚƵ
ĚŝƚĞƚĂƉŬĂŶŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
Ĩ͘ ŵĞůĞƉĂƐŬĂŶ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚŶLJĂ ƉĞŶLJĞƌƚĂĂŶ ŵŽĚĂů ƉĂĚĂ WĞƌƐĞƌŽĂŶ ůĂŝŶ͕ ĂŶĂŬ
ƉĞƌƵƐĂŚĂĂŶ͕ ƉĞƌƵƐĂŚĂĂŶ ƉĂƚƵŶŐĂŶ ĂƚĂƵ ďĂĚĂŶ ďĂĚĂŶ ůĂŝŶ͕ ĚĞŶŐĂŶ ŶŝůĂŝ LJĂŶŐ ŵĞůĞďŝŚŝ ďĂƚĂƐ
LJĂŶŐĚĂƌŝǁĂŬƚƵŬĞǁĂŬƚƵĚŝƚĞƚĂƉŬĂŶŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
Ő͘ ŵĞůĂŬƵŬĂŶ ƉĞŶŐŐĂďƵŶŐĂŶ͕ ƉĞůĞďƵƌĂŶ͕ ƉĞŶŐĂŵďŝůĂůŝŚĂŶ͕ ƉĞŵŝƐĂŚĂŶ ĚĂŶ ƉĞŵďƵďĂƌĂŶ ĂŶĂŬ
ƉĞƌƵƐĂŚĂĂŶĚĂŶͬĂƚĂƵƉĞƌƵƐĂŚĂĂŶƉĂƚƵŶŐĂŶ͖
Ś͘ ŵĞŶŐŝŬĂƚWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝƉĞŶũĂŵŝŶ;ďŽƌŐĂƚĂƵĂǀĂůŝƐƚͿ͖

189
 ŝ͘ ŵĞŶŐĂĚĂŬĂŶŬĞƌũĂƐĂŵĂĚĞŶŐĂŶďĂĚĂŶƵƐĂŚĂĂƚĂƵƉŝŚĂŬůĂŝŶďĞƌƵƉĂŬĞƌũĂƐĂŵĂůŝƐĞŶƐŝ͕ŬŽŶƚƌĂŬ
ŵĂŶĂũĞŵĞŶ͕ŵĞŶLJĞǁĂŬĂŶĂƐƐĞƚ͕ŬĞƌũĂƐĂŵĂŽƉĞƌĂƐŝ;<^KͿ͕ĂŶŐƵŶ'ƵŶĂ^ĞƌĂŚ;ƵŝůĚKƉĞƌĂƚĞ
dƌĂŶƐĨĞƌͬdͿ͕ĂŶŐƵŶDŝůŝŬ^ĞƌĂŚ;ƵŝůĚKǁŶKƉĞƌĂƚĞdƌĂŶƐĨĞƌͬKtdͿĚĂŶďĞŶƚƵŬƉĞƌũĂŶũŝĂŶ
ůĂŝŶŶLJĂ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ƐŝĨĂƚ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶ ŶŝůĂŝ ĂƚĂƵ ũĂŶŐŬĂ ǁĂŬƚƵ ƚĞƌƚĞŶƚƵ LJĂŶŐ
ĚŝƚĞƚĂƉŬĂŶŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ũ͘ ƚŝĚĂŬŵĞŶĂŐŝŚůĂŐŝƉŝƵƚĂŶŐŵĂĐĞƚLJĂŶŐƚĞůĂŚĚŝŚĂƉƵƐďƵŬƵŬĂŶ͖
Ŭ͘ ŵĞůĞƉĂƐŬĂŶĚĂŶͬĂƚĂƵŵĞŶŐŚĂƉƵƐŬĂŶĂŬƚŝǀĂƚĞƚĂƉWĞƌƐĞƌŽĂŶ͕ĚĞŶŐĂŶŶŝůĂŝLJĂŶŐŵĞůĞďŝŚŝďĂƚĂƐ
LJĂŶŐĚĂƌŝǁĂŬƚƵŬĞǁĂŬƚƵĚŝƚĞƚĂƉŬĂŶŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ů͘ ŵĞŶĞƚĂƉŬĂŶĚĂŶŵĞƌƵďĂŚůŽŐŽWĞƌƐĞƌŽĂŶ͖
ŵ͘ ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝŵĂŶĂĚŝŶLJĂƚĂŬĂŶĚĂůĂŵŬĞƚĞŶƚƵĂŶWĂƐĂůϯĂLJĂƚϮŚƵƌƵĨ
ĂŶŐŬĂϮ͕ϯ͕ϰĚĂŶϱĚĂŶWĂƐĂůϯĂLJĂƚϮŚƵƌƵĨĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞŶƚƵĂŶĚĂůĂŵĂLJĂƚ
ϭϮ͘
ϭϱ͘ WĞƌďƵĂƚĂŶ ŚƵŬƵŵ ƵŶƚƵŬ ;ĂͿ ŵĞŶŐĂůŝŚŬĂŶ ĂƚĂƵ ŵĞůĞƉĂƐŬĂŶ ŚĂŬ ĂƚĂƵ ;ďͿ ŵĞŶũĂĚŝŬĂŶ ũĂŵŝŶĂŶ ƵƚĂŶŐ
ƐĞůƵƌƵŚ ĂƚĂƵ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ŚĂƌƚĂ WĞƌƐĞƌŽĂŶ LJĂŝƚƵ ĚĞŶŐĂŶ ŶŝůĂŝ ƐĞďĞƐĂƌ ůĞďŝŚ ĚĂƌŝ ϱϬй ;ůŝŵĂ ƉƵůƵŚ
ƉĞƌƐĞƌĂƚƵƐͿ ĚĂƌŝ ũƵŵůĂŚ ŬĞŬĂLJĂĂŶ ďĞƌƐŝŚ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ϭ ;ƐĂƚƵͿ ƚƌĂŶƐĂŬƐŝ ĂƚĂƵ ůĞďŝŚ͕ ďĂŝŬ LJĂŶŐ
ďĞƌŬĂŝƚĂŶƐĂƚƵƐĂŵĂůĂŝŶŵĂƵƉƵŶƚŝĚĂŬĚĂŶƚƌĂŶƐĂŬƐŝƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƚĞƌƐĞďƵƚĂĚĂůĂŚƚƌĂŶƐĂŬƐŝ
ƉĞŶŐĂůŝŚĂŶ ŬĞŬĂLJĂĂŶ ďĞƌƐŝŚ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƚĞƌũĂĚŝ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ ďƵŬƵ͕ ŚĂƌƵƐ
ŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶZhW^ĚĞŶŐĂŶƐLJĂƌĂƚĚĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵŶŐŐĂƌĂŶ
ĂƐĂƌWĞƌƐĞƌŽĂŶ͘
ϭϲ͘ WĞƌďƵĂƚĂŶ ŚƵŬƵŵ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ dƌĂŶƐĂŬƐŝ DĂƚĞƌŝĂů͕ dƌĂŶƐĂŬƐŝ ĨŝůŝĂƐŝ ĚĂŶ dƌĂŶƐĂŬƐŝ ĞŶƚƵƌĂŶ
<ĞƉĞŶƚŝŶŐĂŶ dĞƌƚĞŶƚƵ ĂĚĂůĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ Ěŝ
ďŝĚĂŶŐWĂƐĂƌDŽĚĂů͕ĚĂŶƵŶƚƵŬƚƌĂŶƐĂŬƐŝLJĂŶŐŵĞŵĞƌůƵŬĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝZhW^ WĞƌƐĞƌŽĂŶĂĚĂůĂŚ
ĚĞŶŐĂŶƐLJĂƌĂƚͲ
ϭϳ͘ ƐLJĂƌĂƚƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘
ϭϴ͘ Ă͘ ŝƌĞŬƚƵƌ hƚĂŵĂ ďĞƌŚĂŬ ĚĂŶ ďĞƌǁĞŶĂŶŐ ďĞƌƚŝŶĚĂŬ ƵŶƚƵŬ ĚĂŶ ĂƚĂƐ ŶĂŵĂ ŝƌĞŬƐŝ ƐĞƌƚĂ ƐĂŚ
ŵĞǁĂŬŝůŝWĞƌƐĞƌŽĂŶ͖
ď͘ ĂůĂŵŚĂůŝƌĞŬƚƵƌhƚĂŵĂƚŝĚĂŬŚĂĚŝƌĂƚĂƵďĞƌŚĂůĂŶŐĂŶŬĂƌĞŶĂƐĞďĂďĂƉĂƉƵŶũƵŐĂ͕ŚĂůŵĂŶĂ
ƚŝĚĂŬƉĞƌůƵĚŝďƵŬƚŝŬĂŶŬĞƉĂĚĂƉŝŚĂŬŬĞƚŝŐĂ͕ŵĂŬĂƐĂůĂŚƐĞŽƌĂŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝůĂŝŶŶLJĂďĞƌŚĂŬ
ĚĂŶďĞƌǁĞŶĂŶŐďĞƌƚŝŶĚĂŬƵŶƚƵŬĚĂŶĂƚĂƐŶĂŵĂŝƌĞŬƐŝƐĞƌƚĂƐĂŚŵĞǁĂŬŝůŝWĞƌƐĞƌŽĂŶ͘
ϭϵ͘ WĞŵďĂŐŝĂŶƚƵŐĂƐĚĂŶǁĞǁĞŶĂŶŐƐĞƚŝĂƉĂŶŐŐŽƚĂŝƌĞŬƐŝĚŝƚĞƚĂƉŬĂŶŽůĞŚZhW^͕ĚĂůĂŵŚĂůZhW^ƚŝĚĂŬ
ŵĞŶĞƚĂƉŬĂŶ͕ ŵĂŬĂ ƉĞŵďĂŐŝĂŶ ƚƵŐĂƐ ĚĂŶ ǁĞǁĞŶĂŶŐ ƐĞƚŝĂƉ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚŝƚĞƚĂƉŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ
ŬĞƉƵƚƵƐĂŶZĂƉĂƚŝƌĞŬƐŝ͘
ϮϬ͘ ƉĂďŝůĂƚĞƌũĂĚŝƐĞƐƵĂƚƵŚĂůĚŝŵĂŶĂŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶŬĞƉĞŶƚŝŶŐĂŶƉƌŝďĂĚŝ
ƐĂůĂŚƐĞŽƌĂŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝ͕ŵĂŬĂWĞƌƐĞƌŽĂŶĂŬĂŶĚŝǁĂŬŝůŝŽůĞŚĂŶŐŐŽƚĂŝƌĞŬƐŝůĂŝŶŶLJĂLJĂŶŐƚŝĚĂŬ
ŵĞŵƉƵŶLJĂŝ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ĚĂŶ ĚĂůĂŵ ŚĂů WĞƌƐĞƌŽĂŶ ŵĞŵƉƵŶLJĂŝ ŬĞƉĞŶƚŝŶŐĂŶ LJĂŶŐ
ďĞƌƚĞŶƚĂŶŐĂŶ ĚĞŶŐĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ƐĞůƵƌƵŚ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ͕ ŵĂŬĂ ĚĂůĂŵ ŚĂů ŝŶŝ WĞƌƐĞƌŽĂŶ ĂŬĂŶ
ĚŝǁĂŬŝůŝŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐĂƚĂƵƐĞŽƌĂŶŐLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘ĂůĂŵŚĂůƚŝĚĂŬĂĚĂ
ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĂŬĂ ZhW^ ŵĞŶŐĂŶŐŬĂƚ ƐĞŽƌĂŶŐ ĂƚĂƵ ůĞďŝŚ ƵŶƚƵŬ ŵĞǁĂŬŝůŝ WĞƌƐĞƌŽĂŶ
ĚĂůĂŵŵĞŶũĂůĂŶŬĂŶƚƵŐĂƐƚĞƌƐĞďƵƚĚŝĂƚĂƐ͘
Ϯϭ͘ ŶŐŐŽƚĂŝƌĞŬƐŝƚŝĚĂŬďĞƌǁĞŶĂŶŐŵĞǁĂŬŝůŝWĞƌƐĞƌŽĂŶĂƉĂďŝůĂ͗
Ă͘ ƚĞƌĚĂƉĂƚƉĞƌŬĂƌĂ ĚŝƉĞŶŐĂĚŝůĂŶĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͖
ĚĂŶ
ď͘ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ŵĞŵƉƵŶLJĂŝ ŬĞƉĞŶƚŝŶŐĂŶ LJĂŶŐ ďĞƌďĞŶƚƵƌĂŶ ĚĞŶŐĂŶ
ŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶ͘
ϮϮ͘ ĂůĂŵ ŚĂů ƚĞƌĚĂƉĂƚ ŬĞĂĚĂĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂLJĂƚ ϮϬ͕ LJĂŶŐ ďĞƌŚĂŬ ŵĞǁĂŬŝůŝ WĞƌƐĞƌŽĂŶ
ĂĚĂůĂŚ͗
Ă͘ ĂŶŐŐŽƚĂŝƌĞŬƐŝůĂŝŶŶLJĂLJĂŶŐƚŝĚĂŬŵĞŵƉƵŶLJĂŝďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͖
ď͘ ĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂůĂŵŚĂůƐĞůƵƌƵŚĂŶŐŐŽƚĂŝƌĞŬƐŝŵĞŵƉƵŶLJĂŝďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶĚĞŶŐĂŶ
WĞƌƐĞƌŽĂŶ͖ ĂƚĂƵ ƉŝŚĂŬ ůĂŝŶ LJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ ZhW^ ĚĂůĂŵ ŚĂů ƐĞůƵƌƵŚ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĂƚĂƵ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞŵƉƵŶLJĂŝďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͘
Ϯϯ͘ ŶŐŐŽƚĂŝƌĞŬƐŝĚŝůĂƌĂŶŐŵĞƌĂŶŐŬĂƉũĂďĂƚĂŶůĂŝŶƐĞďĂŐĂŝŵĂŶĂƚĞƌƐĞďƵƚĚŝďĂǁĂŚŝŶŝ͗
Ă͘ ĂŶŐŐŽƚĂŝƌĞŬƐŝƉĂĚĂhDE͕ďĂĚĂŶƵƐĂŚĂŵŝůŝŬĚĂĞƌĂŚ͕ďĂĚĂŶƵƐĂŚĂŵŝůŝŬƐǁĂƐƚĂ͖
ď͘ ŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐͬĞǁĂŶWĞŶŐĂǁĂƐƉĂĚĂhDE͕
Đ͘ :ĂďĂƚĂŶƐƚƌƵŬƚƵƌĂůĚĂŶĨƵŶŐƐŝŽŶĂůůĂŝŶŶLJĂ ƉĂĚĂ ŝŶƐƚĂŶƐŝͬůĞŵďĂŐĂƉĞŵĞƌŝŶƚĂŚƉƵƐĂƚĚĂŶͬĂƚĂƵ
ĚĂĞƌĂŚ͘

190
 Ě͘ :ĂďĂƚĂŶ ůĂŝŶŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͕ ƉĞŶŐƵƌƵƐ
ƉĂƌƚĂŝ ƉŽůŝƚŝŬ ĚĂŶͬ ĂƚĂƵ ĐĂůŽŶͬĂŶŐŐŽƚĂ ůĞŐŝƐůĂƚŝǀĞ ĚĂŶͬ ĂƚĂƵ ĐĂůŽŶ ŬĞƉĂůĂ ĚĂĞƌĂŚ ĚĂŶͬ ĂƚĂƵ
ǁĂŬŝůŬĞƉĂůĂĚĂĞƌĂŚ͖
Ğ͘ :ĂďĂƚĂŶůĂŝŶLJĂŶŐĚĂƉĂƚŵĞŶŝŵďƵůŬĂŶďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶ͖ĚĂŶͬĂƚĂƵ
Ĩ͘ ŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐƉĂĚĂƉĞƌƵƐĂŚĂĂŶƐǁĂƐƚĂ͕ŬĞĐƵĂůŝ͗
ϭ͘  ŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƉĂĚĂ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶͬ ƉĞƌƵƐĂŚĂĂŶ ƉĂƚƵŶŐĂŶ WĞƌƐĞƌŽĂŶ͕
ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ŚĂŶLJĂ ďĞƌŚĂŬ ĂƚĂƐ ĂŬƵŵƵůĂƐŝ ƉĞŶŐŚĂƐŝůĂŶ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐ ƉĂĚĂ ƐĂƚƵ ĂƚĂƵ ůĞďŝŚ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶͬƉĞƌƵƐĂŚĂĂŶ ƉĂƚƵŶŐĂŶ ŵĂŬƐŝŵĂů
ƐĞďĞƐĂƌ ϯϬй ;ƚŝŐĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ŐĂũŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ Ěŝ
WĞƌƐĞƌŽĂŶ͕ ƐĞĚĂŶŐŬĂŶ ƉĞŶŐŚĂƐŝůĂŶ ůĂŝŶͬ ƐĞůĞďŝŚŶLJĂ ĚŝƐĞƌĂŚŬĂŶ ŵĞŶũĂĚŝ ƉĞŶŐŚĂƐŝůĂŶ
WĞƌƐĞƌŽĂŶ͘
Ϯ͘  ŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƵŶƚƵŬ ŵĞǁĂŬŝůŝͬ ŵĞŵƉĞƌũƵĂŶŐŬĂŶ ŬĞƉĞŶƚŝŶŐĂŶ WĞƌƐĞƌŽĂŶ
;ƐĞƉĞƌƚŝ ƉĂĚĂ Wd ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂͿ ĂƚĂƵ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŬĂƌĞŶĂ ŬĞǁĂũŝďĂŶ LJĂŶŐ
ĚŝƚĞŶƚƵŬĂŶŽůĞŚƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶ͘
<ĞƚĞŶƚƵĂŶŵĞŶŐĞŶĂŝdƵŐĂƐĚĂŶǁĞǁĞŶĂŶŐŝƌĞŬƐŝLJĂŶŐďĞůƵŵĚŝĂƚƵƌĚĂůĂŵŶŐŐĂƌĂŶĂƐĂƌ
WĞƌƐĞƌŽĂŶ ŵĞŶŐĂĐƵ ƉĂĚĂ WĞƌĂƚƵƌĂŶ K:< Ěŝ ďŝĚĂŶŐ WĂƐĂƌ DŽĚĂů ĚĂŶ ŬĞƚĞŶƚƵĂŶ ƐĞƌƚĂ
ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶůĂŝŶŶLJĂLJĂŶŐďĞƌůĂŬƵ͘

ĞǁĂŶ<ŽŵŝƐĂƌŝƐ

ϭ͘ ĞǁĂŶ<ŽŵŝƐĂƌŝƐƚĞƌĚŝƌŝĚĂƌŝƉĂůŝŶŐƐĞĚŝŬŝƚϮ;ĚƵĂͿŽƌĂŶŐ͕LJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗
- ϭ;ƐĂƚƵͿŽƌĂŶŐ<ŽŵŝƐĂƌŝƐhƚĂŵĂ͖
- ϭ;ƐĂƚƵͿŽƌĂŶŐ<ŽŵŝƐĂƌŝƐĂƚĂƵůĞďŝŚ͖
ĂƚĂƵ ƉĂůŝŶŐ ďĂŶLJĂŬ ƐĂŵĂ ĚĞŶŐĂŶ ũƵŵůĂŚ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ
ďĞƌůĂŬƵĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘
Ϯ͘ ĂůĂŵŚĂůĞǁĂŶ<ŽŵŝƐĂƌŝƐƚĞƌĚŝƌŝĚĂƌŝϮ;ĚƵĂͿŽƌĂŶŐĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕ϭ;ƐĂƚƵͿĚŝĂŶƚĂƌĂŶLJĂ
ĂĚĂůĂŚ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ͘
ϯ͘ ĂůĂŵ ŚĂů ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞƌĚŝƌŝ ůĞďŝŚ ĚĂƌŝ Ϯ ;ĚƵĂͿ ŽƌĂŶŐ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ũƵŵůĂŚ
<ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ ǁĂũŝď ƉĂůŝŶŐ ŬƵƌĂŶŐ ϯϬй ;ƚŝŐĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ũƵŵůĂŚ ƐĞůƵƌƵŚ ĂŶŐŐŽƚĂ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϰ͘ ^ĞƚŝĂƉ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚŝĚĂŬ ĚĂƉĂƚ ďĞƌƚŝŶĚĂŬ ƐĞŶĚŝƌŝͲƐĞŶĚŝƌŝ ŵĞůĂŝŶŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ
ŬĞƉƵƚƵƐĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĂƚĂƵďĞƌĚĂƐĂƌŬĂŶƉĞŶƵŶũƵŬĂŶĚĂƌŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϱ͘ zĂŶŐ ĚĂƉĂƚ ĚŝĂŶŐŬĂƚ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĂĚĂůĂŚ ŽƌĂŶŐ ƉĞƌƐĞŽƌĂŶŐĂŶ LJĂŶŐ ŵĞŵĞŶƵŚŝ
ƉĞƌƐLJĂƌĂƚĂŶƉĂĚĂƐĂĂƚĚŝĂŶŐŬĂƚĚĂŶƐĞůĂŵĂŵĞŶũĂďĂƚ͗
Ă͘ ŵĞŵƉƵŶLJĂŝĂŬŚůĂŬ͕ŵŽƌĂů͕ĚĂŶŝŶƚĞŐƌŝƚĂƐLJĂŶŐďĂŝŬ͖
ď͘ ĐĂŬĂƉŵĞůĂŬƵŬĂŶƉĞƌďƵĂƚĂŶŚƵŬƵŵ͖
Đ͘ ĚĂůĂŵϱ;ůŝŵĂͿƚĂŚƵŶƐĞďĞůƵŵƉĞŶŐĂŶŐŬĂƚĂŶĚĂŶƐĞůĂŵĂŵĞŶũĂďĂƚ͗
ϭ͘ ƚŝĚĂŬƉĞƌŶĂŚĚŝŶLJĂƚĂŬĂŶƉĂŝůŝƚ͖
Ϯ͘ ƚŝĚĂŬ ƉĞƌŶĂŚ ŵĞŶũĂĚŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ
ĚŝŶLJĂƚĂŬĂŶďĞƌƐĂůĂŚŵĞŶLJĞďĂďŬĂŶƐƵĂƚƵƉĞƌƵƐĂŚĂĂŶĚŝŶLJĂƚĂŬĂŶƉĂŝůŝƚ͖
ϯ͘ ƚŝĚĂŬ ƉĞƌŶĂŚ ĚŝŚƵŬƵŵ ŬĂƌĞŶĂ ŵĞůĂŬƵŬĂŶ ƚŝŶĚĂŬ ƉŝĚĂŶĂ LJĂŶŐ ŵĞƌƵŐŝŬĂŶ ŬĞƵĂŶŐĂŶ
ŶĞŐĂƌĂĚĂŶͬĂƚĂƵLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƐĞŬƚŽƌŬĞƵĂŶŐĂŶ͖ĚĂŶ
ϰ͘ ƚŝĚĂŬƉĞƌŶĂŚŵĞŶũĂĚŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐLJĂŶŐƐĞůĂŵĂ
ŵĞŶũĂďĂƚ͗
ŝ͘  ƉĞƌŶĂŚƚŝĚĂŬŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶZhW^dĂŚƵŶĂŶ͖
ŝŝ͘  ƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶŶLJĂ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐ ƉĞƌŶĂŚ ƚŝĚĂŬ ĚŝƚĞƌŝŵĂ ŽůĞŚ ZhW^ ĂƚĂƵ ƉĞƌŶĂŚ ƚŝĚĂŬ ŵĞŵďĞƌŝŬĂŶ
ƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐŬĞƉĂĚĂZhW^͖ĚĂŶ
ŝŝŝ͘ ƉĞƌŶĂŚ ŵĞŶLJĞďĂďŬĂŶ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ŵĞŵƉĞƌŽůĞŚ ŝnjŝŶ͕ ƉĞƌƐĞƚƵũƵĂŶ͕ ĂƚĂƵ
ƉĞŶĚĂĨƚĂƌĂŶ ĚĂƌŝ K:< ƚŝĚĂŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ ůĂƉŽƌĂŶ
ƚĂŚƵŶĂŶĚĂŶͬĂƚĂƵůĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬĞƉĂĚĂK:<͘
Ě͘ ŵĞŵŝůŝŬŝŬŽŵŝƚŵĞŶƵŶƚƵŬŵĞŵĂƚƵŚŝƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͖ĚĂŶ
Ğ͘ ŵĞŵŝůŝŬŝƉĞŶŐĞƚĂŚƵĂŶĚĂŶͬĂƚĂƵŬĞĂŚůŝĂŶĚŝďŝĚĂŶŐLJĂŶŐĚŝďƵƚƵŚŬĂŶWĞƌƐĞƌŽĂŶ͘



191
ϲ͘ ^ĞůĂŝŶ ŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌƐĞďƵƚ ĚĂůĂŵ ĂLJĂƚ ϱ͕ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ǁĂũŝď
ŵĞŶŐŝŬƵƚŝƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶůĂŝŶŶLJĂ͘
ϳ͘ hŶƚƵŬ <ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ͕ ƐĞůĂŝŶ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ ĂLJĂƚ ϱ ĚĂŶ ĂLJĂƚ ϲ ŚĂƌƵƐ ƉƵůĂ
ŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶƐĞďĂŐĂŝŵĂŶĂĚŝƚĞŶƚƵŬĂŶĚĂůĂŵƉĞƌĂƚƵƌĂŶK:<͘
ϴ͘ WĞŵĞŶƵŚĂŶƉĞƌƐLJĂƌĂƚĂŶƐĞďĂŐĂŝĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐǁĂũŝďĚŝŵƵĂƚĚĂůĂŵƐƵƌĂƚƉĞƌŶLJĂƚĂĂŶĚĂŶ
ĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘
ϵ͘ ^ƵƌĂƚ ƉĞƌŶLJĂƚĂĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂLJĂƚ ϴ ǁĂũŝď ĚŝƚĞůŝƚŝ ĚĂŶ ĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶ ŽůĞŚ
WĞƌƐĞƌŽĂŶ͘
ϭϬ͘ WĞƌƐLJĂƌĂƚĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϱĚĂŶĂLJĂƚϲǁĂũŝďĚŝƉĞŶƵŚŝĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ
ƐĞůĂŵĂŵĞŶũĂďĂƚ͘
ϭϭ͘ ŬŝďĂƚ ŚƵŬƵŵ ĚĂƌŝ ƚŝĚĂŬ ĚŝƉĞŶƵŚŝŶLJĂ ƉĞƌƐLJĂƌĂƚĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚŬĂŶ ĚĂůĂŵ ĂLJĂƚ ϱ ĚĂŶ ϲ͕
ƚƵŶĚƵŬƉĂĚĂƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϭϮ͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ZhW^ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŶŐŐĂŶƚŝĂŶ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
LJĂŶŐĚĂůĂŵŵĂƐĂũĂďĂƚĂŶŶLJĂƚŝĚĂŬůĂŐŝŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵĂLJĂƚϱ͘
ϭϯ͘ hƐƵůĂŶƉĞŶŐĂŶŐŬĂƚĂŶ͕ƉĞŵďĞƌŚĞŶƚŝĂŶ͕ĚĂŶͬĂƚĂƵƉĞŶŐŐĂŶƚŝĂŶĂŶŐŐŽƚĂ<ŽŵŝƐĂƌŝƐŬĞƉĂĚĂZhW^ŚĂƌƵƐ
ŵĞŵƉĞƌŚĂƚŝŬĂŶƌĞŬŽŵĞŶĚĂƐŝĚĂƌŝĞǁĂŶ<ŽŵŝƐĂƌŝƐĂƚĂƵŬŽŵŝƚĞLJĂŶŐŵĞŶũĂůĂŶŬĂŶĨƵŶŐƐŝŶŽŵŝŶĂƐŝ͘
ϭϰ͘ WĂƌĂĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚŝĂŶŐŬĂƚĚĂŶĚŝďĞƌŚĞŶƚŝŬĂŶŽůĞŚZhW^͘WĞŶŐĂŶŐŬĂƚĂŶĂŶŐŐŽƚĂĞǁĂŶ
<ŽŵŝƐĂƌŝƐ ƵŶƚƵŬ ũĂŶŐŬĂ ǁĂŬƚƵ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ZhW^ LJĂŶŐ
ŵĞŶŐĂŶŐŬĂƚŶLJĂĚĂŶďĞƌĂŬŚŝƌƉĂĚĂƉĞŶƵƚƵƉĂŶZhW^dĂŚƵŶĂŶŬĞϯ;ƚŝŐĂͿƉĂĚĂĂŬŚŝƌϭ;ƐĂƚƵͿƉĞƌŝŽĚĞ
ŵĂƐĂ ũĂďĂƚĂŶ ĚŝŵĂŬƐƵĚ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ Ěŝ ďŝĚĂŶŐ WĂƐĂƌ
DŽĚĂů͕ ŶĂŵƵŶ ĚĞŵŝŬŝĂŶ ĚĞŶŐĂŶ ƚŝĚĂŬ ŵĞŶŐƵƌĂŶŐŝ ŚĂŬ ZhW^ ƚĞƌƐĞďƵƚ ƵŶƚƵŬ ŵĞŵďĞƌŚĞŶƚŝŬĂŶ
ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞƌƐĞďƵƚ ƐĞǁĂŬƚƵ ǁĂŬƚƵ ƐĞďĞůƵŵ ŵĂƐĂ ũĂďĂƚĂŶŶLJĂ ďĞƌĂŬŚŝƌ͕ ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘
ϭϱ͘ ŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞƚĞůĂŚ ŵĂƐĂ ũĂďĂƚĂŶŶLJĂ ďĞƌĂŬŚŝƌ ĚĂƉĂƚ ĚŝĂŶŐŬĂƚ ŬĞŵďĂůŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬĞƉƵƚƵƐĂŶZhW^͘
ϭϲ͘ Ă͘ ZhW^ ĚĂƉĂƚ ŵĞŵďĞƌŚĞŶƚŝŬĂŶ ƉĂƌĂ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞǁĂŬƚƵ ǁĂŬƚƵ ĚĞŶŐĂŶ
ŵĞŶLJĞďƵƚŬĂŶĂůĂƐĂŶŶLJĂ͘
ď͘ ůĂƐĂŶƉĞŵďĞƌŚĞŶƚŝĂŶĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚŝůĂŬƵŬĂŶĂƉĂďŝůĂĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ
LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ƚŝĚĂŬ ůĂŐŝ ŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ
ĂŶƚĂƌĂ ůĂŝŶ ŵĞůĂŬƵŬĂŶ ƚŝŶĚĂŬĂŶ LJĂŶŐ ŵĞƌƵŐŝŬĂŶ WĞƌƐĞƌŽĂŶ ĂƚĂƵ ŬĂƌĞŶĂ ĂůĂƐĂŶ ůĂŝŶŶLJĂ LJĂŶŐ
ĚŝŶŝůĂŝƚĞƉĂƚŽůĞŚZhW^͘
Đ͘ <ĞƉƵƚƵƐĂŶ ƉĞŵďĞƌŚĞŶƚŝĂŶ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞƌƐĞďƵƚ ĚŝĂŵďŝů ƐĞƚĞůĂŚ LJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶĚŝďĞƌŝŬĞƐĞŵƉĂƚĂŶŵĞŵďĞůĂĚŝƌŝĚĂůĂŵZhW^͘
Ě͘ WĞŵďĞƌŝĂŶ ŬĞƐĞŵƉĂƚĂŶ ƵŶƚƵŬ ŵĞŵďĞůĂ Ěŝƌŝ ƚĞƌƐĞďƵƚ ƚŝĚĂŬ ĚŝƉĞƌůƵŬĂŶ ĚĂůĂŵ ŚĂů LJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶƚŝĚĂŬďĞƌŬĞďĞƌĂƚĂŶĂƚĂƐƉĞŵďĞƌŚĞŶƚŝĂŶƚĞƌƐĞďƵƚ͘
Ğ͘ WĞŵďĞƌŚĞŶƚŝĂŶ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ďĞƌůĂŬƵ ƐĞũĂŬ ĚŝƚƵƚƵƉŶLJĂ ZhW^ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚĚĂůĂŵďƵƚŝƌĂĂƚĂƵƚĂŶŐŐĂůůĂŝŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶĚĂůĂŵŬĞƉƵƚƵƐĂŶZhW^͘
ϭϳ͘ Ă͘ ^ĞŽƌĂŶŐ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ďĞƌŚĂŬ ŵĞŶŐƵŶĚƵƌŬĂŶĚŝƌŝ ĚĂƌŝ ũĂďĂƚĂŶŶLJĂ ƐĞďĞůƵŵ ŵĂƐĂ
ũĂďĂƚĂŶŶLJĂ ďĞƌĂŬŚŝƌ ĚĞŶŐĂŶ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ŵĞŶŐĞŶĂŝ ŵĂŬƐƵĚŶLJĂ ƚĞƌƐĞďƵƚ
ŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘
ď͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ZhW^ ƵŶƚƵŬ ŵĞŵƵƚƵƐŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƉĞŶŐƵŶĚƵƌĂŶ Ěŝƌŝ
ĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵƉĂůŝŶŐůĂŵďĂƚϵϬ;ƐĞŵďŝůĂŶ
ƉƵůƵŚͿŚĂƌŝŬĂůĞŶĚĞƌƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƐƵƌĂƚƉĞŶŐƵŶĚƵƌĂŶĚŝƌŝ͘
Đ͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞůĂŬƵŬĂŶ ŬĞƚĞƌďƵŬĂĂŶ ŝŶĨŽƌŵĂƐŝ ŬĞƉĂĚĂ ŵĂƐLJĂƌĂŬĂƚ ĚĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ
ŬĞƉĂĚĂK:<ƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƉĞƌŵŽŚŽŶĂŶƉĞŶŐƵŶĚƵƌĂŶĚŝƌŝ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ďƵƚŝƌ Ă ĚĂŶ ŚĂƐŝů ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhW^
ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵďƵƚŝƌď͘
Ě͘ ^ĞďĞůƵŵƉĞŶŐƵŶĚƵƌĂŶĚŝƌŝďĞƌůĂŬƵĞĨĞŬƚŝĨ͕ĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶƚĞƚĂƉ
ďĞƌŬĞǁĂũŝďĂŶ ŵĞŶLJĞůĞƐĂŝŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂďŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ
WĞƌƐĞƌŽĂŶĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
Ğ͘ dĞƌŚĂĚĂƉ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ŵĞŶŐƵŶĚƵƌŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ
ƚĞƚĂƉ ĚĂƉĂƚ ĚŝŵŝŶƚĂŬĂŶ ƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶŶLJĂ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞũĂŬ
ƉĞŶŐĂŶŐŬĂƚĂŶ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ŚŝŶŐŐĂ ƚĂŶŐŐĂů ĚŝƐĞƚƵũƵŝŶLJĂ ƉĞŶŐƵŶĚƵƌĂŶ ĚŝƌŝŶLJĂ ĚĂůĂŵ
ZhW^͘
Ĩ͘ WĞŵďĞďĂƐĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ŵĞŶŐƵŶĚƵƌŬĂŶ Ěŝƌŝ ĚŝďĞƌŝŬĂŶ
ƐĞƚĞůĂŚZhW^dĂŚƵŶĂŶŵĞŵďĞďĂƐŬĂŶŶLJĂ͘

192
 ϭϴ͘ DĂƐĂ ũĂďĂƚĂŶ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĞŶŐĂŶ ƐĞŶĚŝƌŝŶLJĂ ďĞƌĂŬŚŝƌ͕ ĂƉĂďŝůĂ ĂŶŐŐŽƚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐƚĞƌƐĞďƵƚ͗
Ă͘ ŵĞŶŝŶŐŐĂůĚƵŶŝĂ͖
ď͘ ĚŝƚĂƌƵŚĚŝďĂǁĂŚƉĞŶŐĂŵƉƵĂŶďĞƌĚĂƐĂƌŬĂŶƐƵĂƚƵƉƵƚƵƐĂŶƉĞŶŐĂĚŝůĂŶ͖ĂƚĂƵ
Đ͘ ƚŝĚĂŬůĂŐŝŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͕ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶ
ƉĞƌĂƚƵƌĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘
ϭϵ͘ ,ŽŶŽƌĂƌŝƵŵĚĂŶƚƵŶũĂŶŐĂŶůĂŝŶĚĂƌŝĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚŝƚĞƚĂƉŬĂŶŽůĞŚZhW^͘
ϮϬ͘ ŝůĂŵĂŶĂũĂďĂƚĂŶƐĞŽƌĂŶŐĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐůŽǁŽŶŐƐĞŚŝŶŐŐĂŵĞŶŐĂŬŝďĂƚŬĂŶũƵŵůĂŚĂŶŐŐŽƚĂ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐŬƵƌĂŶŐĚĂƌŝϮ;ĚƵĂͿŽƌĂŶŐƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵĂLJĂƚϭ͕ŵĂŬĂZhW^ŚĂƌƵƐ
ĚŝĂĚĂŬĂŶ ĚĂůĂŵ ǁĂŬƚƵ ƐĞůĂŵďĂƚ ůĂŵďĂƚŶLJĂ ϵϬ ;ƐĞŵďŝůĂŶ ƉƵůƵŚͿ ŚĂƌŝ ŬĂůĞŶĚĞƌ ƐĞƐƵĚĂŚ ƚĞƌũĂĚŝŶLJĂ
ůŽǁŽŶŐĂŶƚĞƌƐĞďƵƚ͕ƵŶƚƵŬ ŵĞŶŐŝƐŝůŽǁŽŶŐĂŶƚĞƌƐĞďƵƚ ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐ
ƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘
Ϯϭ͘ ƉĂďŝůĂ ũĂďĂƚĂŶ <ŽŵŝƐĂƌŝƐ hƚĂŵĂ ůŽǁŽŶŐ ĚĂŶ ƐĞůĂŵĂ ƉĞŶŐŐĂŶƚŝŶLJĂ ďĞůƵŵ ĚŝĂŶŐŬĂƚ ĂƚĂƵ ďĞůƵŵ
ŵĞŵĂŶŐŬƵ ũĂďĂƚĂŶŶLJĂ͕ ŵĂŬĂ ƐĂůĂŚ ƐĞŽƌĂŶŐ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ ZĂƉĂƚ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĂŬĂŶ ŵĞŶũĂůĂŶŬĂŶ ŬĞǁĂũŝďĂŶ <ŽŵŝƐĂƌŝƐ hƚĂŵĂ ĚĂŶ ŵĞŵƉƵŶLJĂŝ ǁĞǁĞŶĂŶŐ ƐĞƌƚĂ
ƚĂŶŐŐƵŶŐũĂǁĂďLJĂŶŐƐĂŵĂƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐhƚĂŵĂ͘
ϮϮ͘ ^ĞƚŝĂƉ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚŝůĂƌĂŶŐ ŵĞŶŐĂŵďŝů ŬĞƵŶƚƵŶŐĂŶ ƉƌŝďĂĚŝ ďĂŝŬ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ
ŵĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐĚĂƌŝŬĞŐŝĂƚĂŶWĞƌƐĞƌŽĂŶƐĞůĂŝŶƉĞŶŐŚĂƐŝůĂŶLJĂŶŐƐĂŚ͘
Ϯϯ͘ ŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚŝůĂƌĂŶŐŵĞŵĂŶŐŬƵũĂďĂƚĂŶƌĂŶŐŬĂƉƐĞďĂŐĂŝ͗
Ă͘ ŶŐŐŽƚĂŝƌĞŬƐŝƉĂĚĂĂĚĂŶhƐĂŚĂDŝůŝŬEĞŐĂƌĂ͕ĂĚĂŶhƐĂŚĂDŝůŝŬĂĞƌĂŚ͕ĂĚĂŶhƐĂŚĂDŝůŝŬ
^ǁĂƐƚĂ͖
ď͘ WĞŶŐƵƌƵƐƉĂƌƚĂŝƉŽůŝƚŝŬĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂůĞŐŝƐůĂƚŝǀĞĚĂŶͬĂƚĂƵĐĂůŽŶŬĞƉĂůĂĚĂĞƌĂŚͬǁĂŬŝůŬĞƉĂůĂ
ĚĂĞƌĂŚ͖
Đ͘ :ĂďĂƚĂŶůĂŝŶŶLJĂƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͖ĚĂŶͬĂƚĂƵ
Ě͘ :ĂďĂƚĂŶůĂŝŶLJĂŶŐĚĂƉĂƚŵĞŶŝŵďƵůŬĂŶďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶ͘
Ϯϰ͘ <ĞƚĞŶƚƵĂŶŵĞŶŐĞŶĂŝĞǁĂŶ<ŽŵŝƐĂƌŝƐLJĂŶŐďĞůƵŵĚŝĂƚƵƌĚĂůĂŵŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶŵĞŶŐĂĐƵ
ƉĂĚĂWĞƌĂƚƵƌĂŶK:<ĚĂŶŬĞƚĞŶƚƵĂŶƐĞƌƚĂƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶůĂŝŶŶLJĂLJĂŶŐďĞƌůĂŬƵ͘

dƵŐĂƐĚĂŶtĞǁĞŶĂŶŐĞǁĂŶ<ŽŵŝƐĂƌŝƐ

ϭ͘ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ďĞƌƚƵŐĂƐ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĂǁĂƐĂŶ ƚĞƌŚĂĚĂƉ ŬĞďŝũĂŬĂŶ ƉĞŶŐƵƌƵƐĂŶ͕ ũĂůĂŶŶLJĂ
ƉĞŶŐƵƌƵƐĂŶƉĂĚĂƵŵƵŵŶLJĂďĂŝŬŵĞŶŐĞŶĂŝWĞƌƐĞƌŽĂŶŵĂƵƉƵŶƵƐĂŚĂWĞƌƐĞƌŽĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚ
ŝƌĞŬƐŝ͕ ƐĞƌƚĂ ŵĞŵďĞƌŝŬĂŶ ŶĂƐŝŚĂƚ ŬĞƉĂĚĂ ŝƌĞŬƐŝ ƚĞƌŵĂƐƵŬ ƉĞŶŐĂǁĂƐĂŶ ƚĞƌŚĂĚĂƉ ƉĞůĂŬƐĂŶĂĂŶ
ZĞŶĐĂŶĂ:ĂŶŐŬĂWĂŶũĂŶŐWĞƌƐĞƌŽĂŶ͕ZĞŶĐĂŶĂ<ĞƌũĂĚĂŶŶŐŐĂƌĂŶWĞƌƐĞƌŽĂŶƐĞƌƚĂŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶ
ĂƐĂƌ ĚĂŶ ŬĞƉƵƚƵƐĂŶ ZhW^͕ ƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͕ ŬĞƉĞŶƚŝŶŐĂŶ
WĞƌƐĞƌŽĂŶĚĂŶƐĞƐƵĂŝĚĞŶŐĂŶŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶ͘
Ϯ͘ ĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϭ͕ŵĂŬĂ͗
Ă͘ ĞǁĂŶ<ŽŵŝƐĂƌŝƐďĞƌǁĞŶĂŶŐƵŶƚƵŬ͗
ϭ͘ ŵĞůŝŚĂƚďƵŬƵďƵŬƵ͕ƐƵƌĂƚͲƐƵƌĂƚ͕ƐĞƌƚĂĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶůĂŝŶŶLJĂ͕ŵĞŵĞƌŝŬƐĂŬĂƐƵŶƚƵŬ
ŬĞƉĞƌůƵĂŶǀĞƌŝĨŝŬĂƐŝ͕ĚĂŶůĂŝŶͲůĂŝŶƐƵƌĂƚďĞƌŚĂƌŐĂĚĂŶŵĞŵĞƌŝŬƐĂŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶ͖
Ϯ͘ ŵĞŵĂƐƵŬŝƉĞŬĂƌĂŶŐĂŶ͕ŐĞĚƵŶŐ͕ĚĂŶŬĂŶƚŽƌLJĂŶŐĚŝƉĞƌŐƵŶĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͖
ϯ͘ ŵĞŵŝŶƚĂ ƉĞŶũĞůĂƐĂŶ ĚĂƌŝ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ƉĞũĂďĂƚ ůĂŝŶŶLJĂ ŵĞŶŐĞŶĂŝ ƐĞŐĂůĂ ƉĞƌƐŽĂůĂŶ
LJĂŶŐŵĞŶLJĂŶŐŬƵƚƉĞŶŐĞůŽůĂĂŶWĞƌƐĞƌŽĂŶ͖
ϰ͘ ŵĞŶŐĞƚĂŚƵŝƐĞŐĂůĂŬĞďŝũĂŬĂŶĚĂŶƚŝŶĚĂŬĂŶLJĂŶŐƚĞůĂŚĚĂŶĂŬĂŶĚŝũĂůĂŶŬĂŶŽůĞŚŝƌĞŬƐŝ͖
ϱ͘ ŵĞŵŝŶƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ƉĞũĂďĂƚ ůĂŝŶŶLJĂ ĚŝďĂǁĂŚ ŝƌĞŬƐŝ ĚĞŶŐĂŶ ƐĞƉĞŶŐĞƚĂŚƵĂŶ
ŝƌĞŬƐŝƵŶƚƵŬŵĞŶŐŚĂĚŝƌŝƌĂƉĂƚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ϲ͘ ŵĞŶŐĂŶŐŬĂƚĚĂŶŵĞŵďĞƌŚĞŶƚŝŬĂŶ^ĞŬƌĞƚĂƌŝƐĞǁĂŶ<ŽŵŝƐĂƌŝƐũŝŬĂĚŝĂŶŐŐĂƉƉĞƌůƵ͖
ϳ͘ ŵĞŵďĞƌŚĞŶƚŝŬĂŶƐĞŵĞŶƚĂƌĂĂŶŐŐŽƚĂŝƌĞŬƐŝƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌ
WĞƌƐĞƌŽĂŶ͖
ϴ͘ ŵĞŵďĞŶƚƵŬ <ŽŵŝƚĞ <ŽŵŝƚĞ ƐĞůĂŝŶ <ŽŵŝƚĞ ƵĚŝƚ ũŝŬĂ ĚŝĂŶŐŐĂƉ ƉĞƌůƵ ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶ͖
ϵ͘ ŵĞŶŐŐƵŶĂŬĂŶ ƚĞŶĂŐĂ ĂŚůŝ ƵŶƚƵŬ ŚĂů ƚĞƌƚĞŶƚƵ ĚĂŶ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ƚĞƌƚĞŶƚƵ ĂƚĂƐ
ďĞďĂŶWĞƌƐĞƌŽĂŶ͕ũŝŬĂĚŝĂŶŐŐĂƉƉĞƌůƵ͖
ϭϬ͘ ŵĞůĂŬƵŬĂŶƚŝŶĚĂŬĂŶƉĞŶŐƵƌƵƐĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵŬĞĂĚĂĂŶƚĞƌƚĞŶƚƵƵŶƚƵŬũĂŶŐŬĂǁĂŬƚƵ
ƚĞƌƚĞŶƚƵƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶ͖
ϭϭ͘ ŵĞŶŐŚĂĚŝƌŝ ZĂƉĂƚ ŝƌĞŬƐŝ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ƉĂŶĚĂŶŐĂŶͲƉĂŶĚĂŶŐĂŶ ƚĞƌŚĂĚĂƉ ŚĂů ͲŚĂů
LJĂŶŐĚŝďŝĐĂƌĂŬĂŶ͖

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 ϭϮ͘ ŵĞůĂŬƐĂŶĂŬĂŶŬĞǁĞŶĂŶŐĂŶƉĞŶŐĂǁĂƐĂŶůĂŝŶŶLJĂƐĞƉĂŶũĂŶŐƚŝĚĂŬďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶ
ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ ƵŶĚĂŶŐĂŶ͕ ŶŐŐĂƌĂŶ ĂƐĂƌ͕ ĚĂŶͬĂƚĂƵ ŬĞƉƵƚƵƐĂŶ ZĂƉĂƚ hŵƵŵ
WĞŵĞŐĂŶŐ^ĂŚĂŵ͘

ď͘ ĞǁĂŶ<ŽŵŝƐĂƌŝƐďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬ͗
ϭ͘ ŵĞŵďĞƌŝŬĂŶŶĂƐŝŚĂƚŬĞƉĂĚĂŝƌĞŬƐŝĚĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƉĞŶŐƵƌƵƐĂŶWĞƌƐĞƌŽĂŶ͖
Ϯ͘ ŵĞŶĞůŝƚŝ ĚĂŶ ŵĞŶĞůĂĂŚ ƐĞƌƚĂ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ZĞŶĐĂŶĂ :ĂŶŐŬĂ WĂŶũĂŶŐ WĞƌƐĞƌŽĂŶ ĚĂŶ
ZĞŶĐĂŶĂ<ĞƌũĂĚĂŶŶŐŐĂƌĂŶWĞƌƐĞƌŽĂŶLJĂŶŐĚŝƐŝĂƉŬĂŶŝƌĞŬƐŝ͕ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
ŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͖
ϯ͘ ŵĞŵďĞƌŝŬĂŶ ƉĞŶĚĂƉĂƚ ĚĂŶ ƐĂƌĂŶ ŬĞƉĂĚĂ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ŵĞŶŐĞŶĂŝ
ĂůĂƐĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ZĞŶĐĂŶĂ :ĂŶŐŬĂ WĂŶũĂŶŐ WĞƌƐĞƌŽĂŶ ĚĂŶ
ZĞŶĐĂŶĂ<ĞƌũĂĚĂŶŶŐŐĂƌĂŶWĞƌƐĞƌŽĂŶ͖
ϰ͘ ŵĞŶŐŝŬƵƚŝƉĞƌŬĞŵďĂŶŐĂŶŬĞŐŝĂƚĂŶWĞƌƐĞƌŽĂŶ͕ŵĞŵďĞƌŝŬĂŶƉĞŶĚĂƉĂƚĚĂŶƐĂƌĂŶŬĞƉĂĚĂ
ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ŵĞŶŐĞŶĂŝ ƐĞƚŝĂƉ ŵĂƐĂůĂŚ LJĂŶŐ ĚŝĂŶŐŐĂƉ ƉĞŶƚŝŶŐ ďĂŐŝ
ŬĞƉĞŶŐƵƌƵƐĂŶWĞƌƐĞƌŽĂŶ͖
ϱ͘ ŵĞůĂƉŽƌŬĂŶ ĚĞŶŐĂŶ ƐĞŐĞƌĂ ŬĞƉĂĚĂ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĂƉĂďŝůĂ ƚĞƌũĂĚŝ
ŐĞũĂůĂ ŵĞŶƵƌƵŶŶLJĂ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ĂƚĂƵ ŬĞũĂĚŝĂŶ ƉĞŶƚŝŶŐ ůĂŝŶ LJĂŶŐ ƉĞƌůƵ ĚŝŬĞƚĂŚƵŝ
ŽůĞŚZhW^͖
ϲ͘ ŵĞŶĞůŝƚŝ ĚĂŶ ŵĞŶĞůĂĂŚ ůĂƉŽƌĂŶ ďĞƌŬĂůĂ ĚĂŶ ůĂƉŽƌĂŶ ƚĂŚƵŶĂŶ LJĂŶŐ ĚŝƐŝĂƉŬĂŶ ŝƌĞŬƐŝ
ƐĞƌƚĂŵĞŶĂŶĚĂƚĂŶŐĂŶŝ>ĂƉŽƌĂŶdĂŚƵŶĂŶ͖
ϳ͘ ŵĞŵďĞƌŝŬĂŶ ƉĞŶũĞůĂƐĂŶ͕ ƉĞŶĚĂƉĂƚ ĚĂŶ ƐĂƌĂŶ ŬĞƉĂĚĂ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ
ŵĞŶŐĞŶĂŝ>ĂƉŽƌĂŶdĂŚƵŶĂŶ͕ĂƉĂďŝůĂĚŝŵŝŶƚĂ͖
ϴ͘ ŵĞŶLJƵƐƵŶƉƌŽŐƌĂŵŬĞƌũĂƚĂŚƵŶĂŶĚĂŶĚŝŵĂƐƵŬŬĂŶĚĂůĂŵZ<W͖
ϵ͘ ŵĞŶŐƵƐƵůŬĂŶŬƵŶƚĂŶWƵďůŝŬƵŶƚƵŬŵĞůĂŬƵŬĂŶĂƵĚŝƚůĂƉŽƌĂŶƚĂŚƵŶĂŶŬĞƉĂĚĂZhW^͖
ϭϬ͘ ŵĞŵďƵĂƚZŝƐĂůĂŚZĂƉĂƚĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŵĞŶLJŝŵƉĂŶƐĂůŝŶĂŶŶLJĂ͖
ϭϭ͘ ŵĞůĂƉŽƌŬĂŶŬĞƉĂĚĂWĞƌƐĞƌŽĂŶŵĞŶŐĞŶĂŝŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵŶLJĂĚĂŶͬĂƚĂƵŬĞůƵĂƌŐĂŶLJĂ
ƉĂĚĂWĞƌƐĞƌŽĂŶƚĞƌƐĞďƵƚĚĂŶWĞƌƐĞƌŽĂŶůĂŝŶ͖
ϭϮ͘ ŵĞŵďĞƌŝŬĂŶ ůĂƉŽƌĂŶ ƚĞŶƚĂŶŐ ƚƵŐĂƐ ƉĞŶŐĂǁĂƐĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝůĂŬƵŬĂŶ ƐĞůĂŵĂ ƚĂŚƵŶ
ďƵŬƵLJĂŶŐďĂƌƵůĂŵƉĂƵŬĞƉĂĚĂZhW^͖
ϭϯ͘ ŵĞůĂŬƐĂŶĂŬĂŶ ŬĞǁĂũŝďĂŶ ůĂŝŶŶLJĂ ĚĂůĂŵ ƌĂŶŐŬĂ ƚƵŐĂƐ ƉĞŶŐĂǁĂƐĂŶ ĚĂŶ ƉĞŵďĞƌŝĂŶ
ŶĂƐŝŚĂƚ͕ ƐĞƉĂŶũĂŶŐ ƚŝĚĂŬ ďĞƌƚĞŶƚĂŶŐĂŶ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͕
ŶŐŐĂƌĂŶĂƐĂƌ͕ĚĂŶͬĂƚĂƵ<ĞƉƵƚƵƐĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ͘

ϯ͘ ĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐŶLJĂƚĞƌƐĞďƵƚƐĞƚŝĂƉĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐŚĂƌƵƐ͗
Ă͘ DĞŵĂƚƵŚŝ ŶŐŐĂƌĂŶ ĂƐĂƌ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ ƵŶĚĂŶŐĂŶ͕ ƐĞƌƚĂ ƉƌŝŶƐŝƉͲ ƉƌŝŶƐŝƉ
ƉƌŽĨĞƐŝŽŶĂůŝƐŵĞ͕ĞĨŝƐŝĞŶƐŝ͕ƚƌĂŶƐƉĂƌĂŶƐŝ͕ŬĞŵĂŶĚŝƌŝĂŶ͕ĂŬƵŶƚĂďŝůŝƚĂƐ͕ƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂŶ͕ƐĞƌƚĂ
ŬĞǁĂũĂƌĂŶ͖
ď͘ ĞƌŝƚŝŬĂĚ ďĂŝŬ͕ ƉĞŶƵŚ ŬĞŚĂƚŝ ŚĂƚŝĂŶ ĚĂŶ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ƚƵŐĂƐ
ƉĞŶŐĂǁĂƐĂŶ ĚĂŶ ƉĞŵďĞƌŝĂŶ ŶĂƐŝŚĂƚ ŬĞƉĂĚĂ ŝƌĞŬƐŝ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ƐĞƐƵĂŝ
ĚĞŶŐĂŶŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶ͘
ϰ͘ ĂůĂŵ ŬŽŶĚŝƐŝ ƚĞƌƚĞŶƚƵ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ǁĂũŝď ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ZhW^ dĂŚƵŶĂŶ ĚĂŶ ZhW^
ůĂŝŶŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞǁĞŶĂŶŐĂŶŶLJĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐ
ƵŶĚĂŶŐĂŶĚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌ͘
ϱ͘ ŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ǁĂũŝď ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϭĚĞŶŐĂŶŝƚŝŬĂĚďĂŝŬ͕ƉĞŶƵŚƚĂŶŐŐƵŶŐũĂǁĂď͕ĚĂŶŬĞŚĂƚŝͲŚĂƚŝĂŶ͘
ϲ͘ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ǁĂũŝď ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ ŬŽŵŝƚĞ LJĂŶŐ ŵĞŵďĂŶƚƵ
ƉĞůĂŬƐĂŶĂĂŶƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďŶLJĂƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϮŚƵƌƵĨĂĂŶŐŬĂϴ
ƐĞƚŝĂƉĂŬŚŝƌƚĂŚƵŶďƵŬƵ͘
ϳ͘ ĞǁĂŶ<ŽŵŝƐĂƌŝƐďĞƌƐĂŵĂĚĞŶŐĂŶŝƌĞŬƐŝǁĂũŝďŵĞŶLJƵƐƵŶ͗
Ă͘ ƉĞĚŽŵĂŶLJĂŶŐŵĞŶŐŝŬĂƚƐĞƚŝĂƉĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ͕ƐĞƐƵĂŝĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ď͘ ŬŽĚĞ ĞƚŝŬ LJĂŶŐ ďĞƌůĂŬƵ ďĂŐŝ ƐĞůƵƌƵŚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ďĞƌůĂŬƵ ďĂŐŝ ƐĞůƵƌƵŚ
ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ͕ ŬĂƌLJĂǁĂŶͬƉĞŐĂǁĂŝ͕ ƐĞƌƚĂ ƉĞŶĚƵŬƵŶŐ
ŽƌŐĂŶLJĂŶŐĚŝŵŝůŝŬŝWĞƌƐĞƌŽĂŶ͕ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶLJĂŶŐ
ďĞƌůĂŬƵ͘

194
 ϴ͘ ^ĞƚŝĂƉ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶƵŚ ƐĞĐĂƌĂ ƚĂŶŐŐƵŶŐ ƌĞŶƚĞŶŐ ĂƚĂƐ
ŬĞƌƵŐŝĂŶWĞƌƐĞƌŽĂŶLJĂŶŐĚŝƐĞďĂďŬĂŶŽůĞŚŬĞƐĂůĂŚĂŶĂƚĂƵŬĞůĂůĂŝĂŶĂŶŐŐŽƚĂ ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
ĚĂůĂŵŵĞŶũĂůĂŶŬĂŶƚƵŐĂƐŶLJĂ͘
ϵ͘ ŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚŝĚĂŬ ĚĂƉĂƚ ĚŝƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶ ĂƚĂƐ ŬĞƌƵŐŝĂŶ WĞƌƐĞƌŽĂŶ
ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϴ͕ĂƉĂďŝůĂĚĂƉĂƚŵĞŵďƵŬƚŝŬĂŶ͗
Ă͘ ŬĞƌƵŐŝĂŶƚĞƌƐĞďƵƚďƵŬĂŶŬĂƌĞŶĂŬĞƐĂůĂŚĂŶĂƚĂƵŬĞůĂůĂŝĂŶŶLJĂ͖
ď͘ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŶŐƵƌƵƐĂŶ ĚĞŶŐĂŶ ŝƚŝŬĂĚ ďĂŝŬ͕ ƉĞŶƵŚ ƚĂŶŐŐƵŶŐ ũĂǁĂď͕ ĚĂŶ ŬĞŚĂƚŝ
ŚĂƚŝĂŶƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶĚĂŶƐĞƐƵĂŝĚĞŶŐĂŶŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶ͖
Đ͘ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ďĂŝŬ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ĂƚĂƐ
ƚŝŶĚĂŬĂŶƉĞŶŐƵƌƵƐĂŶLJĂŶŐŵĞŶŐĂŬŝďĂƚŬĂŶŬĞƌƵŐŝĂŶ͖ĚĂŶ
Ě͘ ƚĞůĂŚ ŵĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶ ƵŶƚƵŬ ŵĞŶĐĞŐĂŚ ƚŝŵďƵů ĂƚĂƵ ďĞƌůĂŶũƵƚŶLJĂ ŬĞƌƵŐŝĂŶ
ƚĞƌƐĞďƵƚ͘
ϭϬ͘ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞƚŝĂƉ ǁĂŬƚƵ ĚĂůĂŵ ũĂŵ ŬĞƌũĂ ŬĂŶƚŽƌ WĞƌƐĞƌŽĂŶ ďĞƌŚĂŬ ŵĞŵĂƐƵŬŝ
ďĂŶŐƵŶĂŶ ĚĂŶ ŚĂůĂŵĂŶ ĂƚĂƵ ƚĞŵƉĂƚ ůĂŝŶ LJĂŶŐ ĚŝƉĞƌŐƵŶĂŬĂŶ  ĂƚĂƵ LJĂŶŐ ĚŝŬƵĂƐĂŝ ŽůĞŚ
WĞƌƐĞƌŽĂŶ ĚĂŶ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŵĞƌŝŬƐĂ ƐĞŵƵĂ ƉĞŵďƵŬƵĂŶ͕ ƐƵƌĂƚ ĚĂŶ ĂůĂƚ ďƵŬƚŝ ůĂŝŶŶLJĂ͕
ŵĞŵĞƌŝŬƐĂ ĚĂŶ ŵĞŶĐŽĐŽŬŬĂŶ  ŬĞĂĚĂĂŶ ƵĂŶŐ ŬĂƐ ĚĂŶ ůĂŝŶ  ůĂŝŶ ƐĞƌƚĂ ďĞƌŚĂŬ ƵŶƚƵŬ
ŵĞŶŐĞƚĂŚƵŝƐĞŐĂůĂƚŝŶĚĂŬĂŶLJĂŶŐƚĞůĂŚĚŝũĂůĂŶŬĂŶŽůĞŚŝƌĞŬƐŝ͘
ϭϭ͘ ĞǁĂŶ<ŽŵŝƐĂƌŝƐďĞƌŚĂŬƵŶƚƵŬŵĞŵŝŶƚĂƉĞŶũĞůĂƐĂŶŬĞƉĂĚĂŝƌĞŬƐŝƚĞŶƚĂŶŐƐĞŐĂůĂŚĂůLJĂŶŐ
ĚŝƚĂŶLJĂŬĂŶ ĚĂŶ ƐĞƚŝĂƉ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ǁĂũŝď ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ƉĞŶũĞůĂƐĂŶ ƚĞŶƚĂŶŐ ƐĞŐĂůĂ
ŚĂůLJĂŶŐĚŝƚĂŶLJĂŬĂŶŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϭϮ͘ ƉĂďŝůĂƐĞůƵƌƵŚĂŶŐŐŽƚĂŝƌĞŬƐŝĚŝďĞƌŚĞŶƚŝŬĂŶƐĞŵĞŶƚĂƌĂĂƚĂƵĂƉĂďŝůĂŬĂƌĞŶĂƐĞďĂďĂƉĂƉƵŶ
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ƐĞŽƌĂŶŐƉƵŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ŵĂŬĂ ƵŶƚƵŬ ƐĞŵĞŶƚĂƌĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐ ĚŝǁĂũŝďŬĂŶ ƵŶƚƵŬ ŵĞŶŐƵƌƵƐ WĞƌƐĞƌŽĂŶ͘ ĂůĂŵ ŚĂů ĚĞŵŝŬŝĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
ďĞƌŚĂŬ   ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ŬĞŬƵĂƐĂĂŶ ƐĞŵĞŶƚĂƌĂ ŬĞƉĂĚĂ ƐĞŽƌĂŶŐ ĂƚĂƵ ůĞďŝŚ ĚŝĂŶƚĂƌĂ
ĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĂƚĂƐƚĂŶŐŐƵŶŐĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϭϯ͘ ĂůĂŵ ŚĂů ŚĂŶLJĂ ĂĚĂ ƐĞŽƌĂŶŐ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ƐĞŐĂůĂ ƚƵŐĂƐ ĚĂŶ ǁĞǁĞŶĂŶŐ LJĂŶŐ
ĚŝďĞƌŝŬĂŶ ŬĞƉĂĚĂ <ŽŵŝƐĂƌŝƐ hƚĂŵĂ ĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂůĂŵ ŶŐŐĂƌĂŶ ĂƐĂƌ
WĞƌƐĞƌŽĂŶďĞƌůĂŬƵƉƵůĂďĂŐŝŶLJĂ͘
ϭϰ͘ WĂĚĂ ƐĞƚŝĂƉ ǁĂŬƚƵ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ďĞƌĚĂƐĂƌŬĂŶ ƐƵĂƚƵ ŬĞƉƵƚƵƐĂŶ ZĂƉĂƚ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
ĚĂƉĂƚ ŵĞŵďĞƌŚĞŶƚŝŬĂŶ ƵŶƚƵŬ ƐĞŵĞŶƚĂƌĂ ǁĂŬƚƵ ƐĞŽƌĂŶŐ ĂƚĂƵ ůĞďŝŚ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂƌŝ
ũĂďĂƚĂŶŶLJĂ ;ũĂďĂƚĂŶ ŵĞƌĞŬĂͿ ĚĞŶŐĂŶ ŵĞŶLJĞďƵƚŬĂŶ ĂůĂƐĂŶŶLJĂ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ
ŬĞƚĞŶƚƵĂŶĚĂůĂŵĂŶŐŐĂƌĂŶĚĂƐĂƌ WĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐ
ďĞƌůĂŬƵ͘
ϭϱ͘ >ĂƉŽƌĂŶ ƚĂŚƵŶĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂLJĂƚ ϭϰ ŵĞŶũĂĚŝ ďĂŐŝĂŶĚĂƌŝ ůĂƉŽƌĂŶ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐ ĚĂŶ ĚŝĐĂŶƚƵŵŬĂŶ ĚĂůĂŵ ůĂƉŽƌĂŶ ƉĞŶĞƌĂƉĂŶ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ zĂŶŐ ĂŝŬ͕
ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWĞƌĂƚƵƌĂŶK:<͘
ϭϲ͘ <ĞƚĞŶƚƵĂŶ ŵĞŶŐĞŶĂŝ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ďĞůƵŵ ĚŝĂƚƵƌ ĚĂůĂŵ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ WĞƌƐĞƌŽĂŶ
ŵĞŶŐĂĐƵ ƉĂĚĂ WĞƌĂƚƵƌĂŶ K:< ĚĂŶ ŬĞƚĞŶƚƵĂŶ ƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐĂŶ ůĂŝŶŶLJĂ LJĂŶŐ
ďĞƌůĂŬƵ͘

<ĞƚĞŶƚƵĂŶƉĞŶƚŝŶŐůĂŝŶŶLJĂƚĞƌŬĂŝƚƉĞŵĞŐĂŶŐƐĂŚĂŵ͗

^ĞƚĞůĂŚWĞƌŶLJĂƚĂĂŶĨĞŬƚŝĨ͕WĞƌƐĞƌŽĂŶĂŬĂŶƚƵŶĚƵŬƉĂĚĂƉĞƌĂƚƵƌĂŶƉĞƌĂƚƵƌĂŶK:<LJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝ
ƉĞƌƵďĂŚĂŶ ƉĞŶŐĞŶĚĂůŝĂŶ WĞƌƐĞƌŽĂŶ͕ ƉĞŶŐĂĂďƵŶŐĂŶ ƵƐĂŚĂ͕ ĂŬƵŝƐŝƐŝ ĂƚĂƵ ƌĞƐƚƌƵŬƚƵƌŝƐĂƐŝ WĞƌƐĞƌŽĂŶ͕ ƚĞƌŵĂƐƵŬ
ŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂWK:<EŽ͘ϳϰͬϮϬϭϲ͕WK:<EŽ͘/y͘,͘ϭĚĂŶWĞƌĂƚƵƌĂŶEŽ͘/y͘͘Ϯ͘

ĞƌĚĂƐĂƌŬĂŶWK:<EŽ͘ϭϭͬϮϬϭϳ͕ƐĞƚŝĂƉƉŝŚĂŬLJĂŶŐŵĞŵŝůŝŬŝƐĂŚĂŵďĂŝŬůĂŶŐƐƵŶŐŵĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐƉĂůŝŶŐ
ƐĞĚŝŬŝƚ ϱй ĚĂƌŝ ŵŽĚĂů ĚŝƐĞƚŽƌ ĚĂůĂŵ WĞƌƐĞƌŽĂŶ͕ ǁĂũŝď ŵĞůĂƉŽƌŬĂŶ ŬĞƉĂĚĂ K:< ĂƚĂƐ ŬĞƉĞŵŝůŝŬĂŶ ĚĂŶ ƐĞƚŝĂƉ
ƉĞƌƵďĂŚĂŶ ŬĞƉĞŵŝůŝŬĂŶŶLJĂ ĂƚĂƐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ďĂŝŬ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ͘ <ĞǁĂũŝďĂŶ ůĂƉŽƌĂŶ
ƉĞƌƵďĂŚĂŶ ŬĞƉĞŵŝůŝŬĂŶ ĂƚĂƐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉŝŚĂŬ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ďĞƌůĂŬƵ ĂƚĂƐ ƐĞƚŝĂƉ
ƉĞƌƵďĂŚĂŶ ŬĞƉĞŵŝůŝŬĂŶ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ Ϭ͕ϱй ĚĂƌŝ ƐĂŚĂŵ LJĂŶŐ ĚŝƐĞƚŽƌ ĚĂůĂŵ WĞƌƐĞƌŽĂŶ ďĂŝŬ ĚĂůĂŵ ϭ ĂƚĂƵ
ďĞďĞƌĂƉĂƚƌĂŶƐĂŬƐŝ͘>ĂƉŽƌĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚǁĂũŝďĚŝƐĂŵƉĂŝŬĂŶƉĂůŝŶŐůĂŵďĂƚϭϬŚĂƌŝƐĞũĂŬƚĞƌũĂĚŝŶLJĂ
ŬĞƉĞŵŝůŝŬĂŶĂƚĂƵƉĞƌƵďĂŚĂŶŬĞƉĞŵŝůŝŬĂŶĂƚĂƐƐĂŚĂŵWĞƌƐĞƌŽĂŶƚĞƌƐĞďƵƚ͘


195
ys/͘ ddZWD^EE^,D

ϭ͘ WD^EEWD>/E^,D

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ũĂŵŬĞƌũĂLJĂŶŐďĞƌůĂŬƵƉĂĚĂŬĂŶƚŽƌWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂŵŝƐŝĨĞŬĂƚĂƵƉĂƌĂWĞŶũĂŵŝŶŵŝƐŝĨĞŬ͕LJĂŝƚƵŵƵůĂŝ
ƉƵŬƵůϭϬ͘ϬϬƐĂŵƉĂŝĚĞŶŐĂŶƉƵŬƵůϭϱ͘ϬϬt/͘

WĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ƐĂŚĂŵ ŚĂƌƵƐ ĚŝůĂŬƵŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚĂŶ &WW^͘ WĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ƐĂŚĂŵ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ &WW^ ĂƐůŝ ĂƚĂƵƉƵŶ
ƐĂůŝŶĂŶ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ͘ &WW^ ĂƐůŝ ĂƚĂƵƉƵŶ ƐĂůŝŶĂŶ ;ƐĞƉĂŶũĂŶŐ ĚŝƐĞƚƵũƵŝ
ĂƚĂƵĚĂƉĂƚĚŝƚĞƌŝŵĂŽůĞŚͿLJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂŵŝƐŝĨĞŬĚĂƉĂƚĚŝƉĞƌŽůĞŚĚĂƌŝƉĂƌĂ
WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ LJĂŶŐ ŶĂŵĂŶLJĂ ƚĞƌĐĂŶƚƵŵ ƉĂĚĂ Ăď WĞŶLJĞďĂƌůƵĂƐĂŶ WƌŽƐƉĞŬƚƵƐ ĚĂŶ &WW^ ĚĂůĂŵ
WƌŽƐƉĞŬƚƵƐŝŶŝ͘&WW^ĚŝďƵĂƚĚĂůĂŵϱ;ůŝŵĂͿƌĂŶŐŬĂƉ͘WĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶƐĂŚĂŵLJĂŶŐĚŝůĂŬƵŬĂŶŵĞŶLJŝŵƉĂŶŐ
ĚĂƌŝ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ ƚŝĚĂŬ ĂŬĂŶ ĚŝůĂLJĂŶŝ͘ ^ĞƚŝĂƉ ƉĞŵĞƐĂŶ ƐĂŚĂŵ ŚĂƌƵƐ ƚĞůĂŚ ŵĞŵŝůŝŬŝ
ƌĞŬĞŶŝŶŐ ĞĨĞŬ ƉĂĚĂ WĞƌƐĞƌŽĂŶ ĞĨĞŬͬďĂŶŬ ŬƵƐƚŽĚŝĂŶ LJĂŶŐ ƚĞůĂŚ ŵĞŶũĂĚŝ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ ƉĂĚĂ <ƵƐƚŽĚŝĂŶ
^ĞŶƚƌĂůĨĞŬ/ŶĚŽŶĞƐŝĂ;<^/Ϳ͘

^ĞƚŝĂƉ ƉŝŚĂŬ ŚĂŶLJĂ ďĞƌŚĂŬ ŵĞŶŐĂũƵŬĂŶ ϭ ;ƐĂƚƵͿ &WW^ ĚĂŶ ǁĂũŝď ĚŝĂũƵŬĂŶ ŽůĞŚ ƉĞŵĞƐĂŶ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ
ĚĞŶŐĂŶ ŵĞůĂŵƉŝƌŬĂŶ ĨŽƚŽŬŽƉŝ ƚĂŶĚĂ ũĂƚŝ Ěŝƌŝ ;<dWͬWĂƐƉŽƌ ďĂŐŝ ƉĞƌŽƌĂŶŐĂŶ ĚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ ďĂŐŝ ďĂĚĂŶ
ŚƵŬƵŵͿ ĚĂŶ ŵĞŵďĂǁĂ ƚĂŶĚĂ ũĂƚŝ Ěŝƌŝ ĂƐůŝ ;<dWͬWĂƐƉŽƌ ďĂŐŝ ƉĞƌŽƌĂŶŐĂŶ ĚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ ďĂŐŝ ďĂĚĂŶ
ŚƵŬƵŵͿ ƐĞƌƚĂ ƚĂŶĚĂ ďƵŬƚŝ ƐĞďĂŐĂŝ ŶĂƐĂďĂŚ ĂŶŐŐŽƚĂ ďƵƌƐĂ ĚĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƐĞďĞƐĂƌ ũƵŵůĂŚ
ƉĞŵĞƐĂŶĂŶ͘ĂŐŝƉĞŵĞƐĂŶĂƐŝŶŐ͕ĚŝƐĂŵƉŝŶŐŵĞůĂŵƉŝƌŬĂŶĨŽƚŽŬŽƉŝƉĂƐƉŽƌ͕ƉĂĚĂ&WW^ǁĂũŝďŵĞŶĐĂŶƚƵŵŬĂŶ
ŶĂŵĂ ĚĂŶ ĂůĂŵĂƚ Ěŝ ůƵĂƌ ŶĞŐĞƌŝ ĚĂŶͬ ĂƚĂƵ ĚŽŵŝƐŝůŝ ŚƵŬƵŵ LJĂŶŐ ƐĂŚ ĚĂƌŝ ƉĞŵĞƐĂŶ ƐĞĐĂƌĂ ůĞŶŐŬĂƉ ĚĂŶ ũĞůĂƐ
ƐĞƌƚĂŵĞůĂŬƵŬĂŶƉĞŵďĂLJĂƌĂŶƐĞďĞƐĂƌũƵŵůĂŚƉĞƐĂŶĂŶ͘

ŐĞŶ WĞŶũƵĂůĂŶ͕ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ͕ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ĚĂŶ WĞƌƐĞƌŽĂŶ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŶŽůĂŬ
ƉĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ƐĂŚĂŵ ĂƉĂďŝůĂ &WW^ ƚŝĚĂŬ ĚŝŝƐŝ ĚĞŶŐĂŶ ůĞŶŐŬĂƉ ĂƚĂƵ ďŝůĂ ƉĞƌƐLJĂƌĂƚĂŶ ƉĞŵĞƐĂŶĂŶ
ƉĞŵďĞůŝĂŶ ƐĂŚĂŵ ƚĞƌŵĂƐƵŬ ƉĞƌƐLJĂƌĂƚĂŶ ƉŝŚĂŬ LJĂŶŐ ďĞƌŚĂŬ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƐĂŶĂŶ͕ ƚŝĚĂŬ ƚĞƌƉĞŶƵŚŝ͘
^ĞĚĂŶŐŬĂŶ ƉĞŵĞƐĂŶ͕ ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŵďĂƚĂůŬĂŶ ƉĞŵďĞůŝĂŶ ƐĂŚĂŵŶLJĂ ĂƉĂďŝůĂ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶ
ƉĞŵĞƐĂŶĂŶƚĞƌƐĞďƵƚ͘

Ϯ͘ WD^EzE'Z,<

^ĞƚŝĂƉƉŝŚĂŬŚĂŶLJĂďĞƌŚĂŬŵĞŶŐĂũƵŬĂŶƐĂƚƵ&WW^ĚĂŶǁĂũŝďĚŝĂũƵŬĂŶŽůĞŚƉĞŵĞƐĂŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶĚĞŶŐĂŶ
ŵĞůĂŵƉŝƌŬĂŶ ĨŽƚŽĐŽƉLJ ũĂƚŝ Ěŝƌŝ ;<dWͬƉĂƐƉŽƌ ďĂŐŝ ƉĞƌŽƌĂŶŐĂŶ ĚĂŶ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ ďĂŐŝ ďĂĚĂŶ ŚƵŬƵŵͿ ĚĂŶ
ŵĞŵďĂǁĂƚĂŶĚĂũĂƚŝĚŝƌŝĂƐůŝ;<dWͬƉĂƐƉŽƌďĂŐŝƉĞƌŽƌĂŶŐĂŶ͕ĚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌďĂŐŝďĂĚĂŶŚƵŬƵŵͿƐĞƌƚĂƚĂŶĚĂ
ďƵŬƚŝ ƐĞďĂŐĂŝ ŶĂƐĂďĂŚ ĂŶŐŐŽƚĂ ďƵƌƐĂ ĚĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƐĞďĞƐĂƌ ũƵŵůĂŚ ƉĞƐĂŶĂŶ͘ ĂŐŝ ƉĞŵĞƐĂŶ
ĂƐŝŶŐ͕ Ěŝ ƐĂŵƉŝŶŐ ŵĞůĂŵƉŝƌŬĂŶ ĨŽƚŽĐŽƉLJ ƉĂƐƉŽƌ͕ ƉĂĚĂ &WW^ ǁĂũŝď ŵĞŶĐĂŶƚƵŵŬĂŶ ŶĂŵĂ ĚĂŶ ĂůĂŵĂƚ Ěŝ ůƵĂƌ
ŶĞŐĞƌŝĚĂŶͬĂƚĂƵĚŽŵŝƐŝůŝŚƵŬƵŵLJĂŶŐƐĂŚĚĂƌŝƉĞŵĞƐĂŶƐĞĐĂƌĂůĞŶŐŬĂƉĚĂŶũĞůĂƐƐĞƌƚĂŵĞůĂŬƵŬĂŶƉĞŵďĂLJĂƌĂŶ
ƐĞďĞƐĂƌũƵŵůĂŚƉĞŵĞƐĂŶĂŶ͘

WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ͕ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ĚĂŶ WĞƌƐĞƌŽĂŶ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŶŽůĂŬ ƉĞŵĞƐĂŶĂŶ
ƉĞŵďĞůŝĂŶƐĂŚĂŵĂƉĂďŝůĂ&WW^ƚŝĚĂŬĚŝŝƐŝĚĞŶŐĂŶůĞŶŐŬĂƉĂƚĂƵďŝůĂƉĞƌƐLJĂƌĂƚĂŶƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶƐĂŚĂŵ
ƚĞƌŵĂƐƵŬƉĞƌƐLJĂƌĂƚĂŶƉŝŚĂŬLJĂŶŐďĞƌŚĂŬŵĞůĂŬƵŬĂŶƉĞŵĞƐĂŶĂŶ͕ƚŝĚĂŬƚĞƌƉĞŶƵŚŝ͘^ĞĚĂŶŐŬĂŶƉĞŵĞƐĂŶ͕ƚŝĚĂŬ
ĚĂƉĂƚŵĞŵďĂƚĂůŬĂŶƉĞŵďĞůŝĂŶƐĂŚĂŵŶLJĂĂƉĂďŝůĂƚĞůĂŚŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶ͘

WĞŵĞƐĂŶLJĂŶŐďĞƌŚĂŬŵĞůĂŬƵŬĂŶƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶƐĂŚĂŵĂĚĂůĂŚƉĞƌŽƌĂŶŐĂŶĚĂŶͬĂƚĂƵůĞŵďĂŐĂͬďĂĚĂŶ
ƵƐĂŚĂƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵhhWDĚĂŶWĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϳ͘

ϯ͘ :hD>,W^EE

WĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ƐĂŚĂŵ ŚĂƌƵƐ ĚŝĂũƵŬĂŶ ĚĂůĂŵ ũƵŵůĂŚ ƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂ ƐĂƚƵ ƐĂƚƵĂŶ ƉĞƌĚĂŐĂŶŐĂŶ
LJĂŬŶŝϭϬϬ;ƐĞƌĂƚƵƐͿƐĂŚĂŵĚĂŶƐĞůĂŶũƵƚŶLJĂĚĂůĂŵũƵŵůĂŚŬĞůŝƉĂƚĂŶϭϬϬ;ƐĞƌĂƚƵƐͿƐĂŚĂŵ͘



196
ϰ͘ WE&dZE&<<>DWE/d/WE<K><d/&

^ĂŚĂŵͲ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ŝŶŝ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ƉĂĚĂ <^/ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ dĞŶƚĂŶŐ WĞŶĚĂĨƚĂƌĂŶ
ĨĞŬĞƌƐŝĨĂƚŬƵŝƚĂƐWĂĚĂWĞŶŝƚŝƉĂŶ<ŽůĞŬƚŝĨLJĂŶŐĚŝƚĂŶĚĂƚĂŶŐĂŶŝĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶ<^/͘

Ă͘ ĞŶŐĂŶ ĚŝĚĂĨƚĂƌŬĂŶŶLJĂ ƐĂŚĂŵ ƚĞƌƐĞďƵƚ Ěŝ <^/ ŵĂŬĂ ĂƚĂƐ ƐĂŚĂŵͲ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ďĞƌůĂŬƵ
ŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ϭͿ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶĞƌďŝƚŬĂŶ ƐĂŚĂŵ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ĚĂůĂŵ ďĞŶƚƵŬ ^ƵƌĂƚ
<ŽůĞŬƚŝĨ^ĂŚĂŵ͕ƚĞƚĂƉŝƐĂŚĂŵƚĞƌƐĞďƵƚĂŬĂŶĚŝĚŝƐƚƌŝďƵƐŝŬĂŶƐĞĐĂƌĂĞůĞŬƚƌŽŶŝŬLJĂŶŐĚŝĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶ
ĚĂůĂŵ WĞŶŝƚŝƉĂŶ <ŽůĞŬƚŝĨ <^/͘ ^ĂŚĂŵ Ͳ ƐĂŚĂŵ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ ĂŬĂŶ ĚŝŬƌĞĚŝƚŬĂŶ ŬĞ ĚĂůĂŵ
ZĞŬĞŶŝŶŐ ĨĞŬ ĂƚĂƐ ŶĂŵĂ ƉĞŵĞŐĂŶŐ ƌĞŬĞŶŝŶŐ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ƉĂĚĂ ƚĂŶŐŐĂů ĚŝƐƚƌŝďƵƐŝ ƐĂŚĂŵ
ƐĞƚĞůĂŚŵĞŶĞƌŝŵĂŬŽŶĨŝƌŵĂƐŝƌĞŐŝƐƚƌĂƐŝƐĂŚĂŵƚĞƌƐĞďƵƚĂƚĂƐŶĂŵĂ<^/ĚĂƌŝWĞƌƐĞƌŽĂŶĂƚĂƵ͖
ϮͿ ^ĞďĞůƵŵ ƐĂŚĂŵ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ ĚŝĐĂƚĂƚŬĂŶ Ěŝ /͕
ƉĞŵĞƐĂŶĂŬĂŶŵĞŵƉĞƌŽůĞŚďƵŬƚŝŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵĚĂůĂŵďĞŶƚƵŬ&<W^LJĂŶŐƐĞŬĂůŝŐƵƐŵĞƌƵƉĂŬĂŶ
ƐĞďĂŐĂŝƚĂŶĚĂďƵŬƚŝƉĞŶĐĂƚĂƚĂŶĚĂůĂŵďƵŬƵĂĨƚĂƌWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƐĞƌŽĂŶĂƚĂƐƐĂŚĂŵ–ƐĂŚĂŵ
ĚĂůĂŵƉĞŶŝƚŝƉĂŶŬŽůĞŬƚŝĨ͖
ϯͿ <^/͕ WĞƌƐĞƌŽĂŶ ĨĞŬ͕ ĂƚĂƵ ĂŶŬ <ƵƐƚŽĚŝĂŶ ĂŬĂŶ ŵĞŶĞƌďŝƚŬĂŶ ŬŽŶĨŝƌŵĂƐŝ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ƉĞŵĞŐĂŶŐ
ƌĞŬĞŶŝŶŐƐĞďĂŐĂŝƐƵƌĂƚŬŽŶĨŝƌŵĂƐŝŵĞŶŐĞŶĂŝŬĞƉĞŵŝůŝŬĂŶ^ĂŚĂŵ͘<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐŵĞƌƵƉĂŬĂŶƐƵƌĂƚ
ŬŽŶĨŝƌŵĂƐŝLJĂŶŐƐĂŚĂƚĂƐ^ĂŚĂŵLJĂŶŐƚĞƌĐĂƚĂƚĚĂůĂŵZĞŬĞŶŝŶŐĨĞŬ͖
ϰͿ WĞŶŐĂůŝŚĂŶŬĞƉĞŵŝůŝŬĂŶ^ĂŚĂŵĚŝůĂŬƵŬĂŶĚĞŶŐĂŶƉĞŵŝŶĚĂŚďƵŬƵĂŶĂŶƚĂƌƌĞŬĞŶŝŶŐĞĨĞŬĚŝ<^/͖
ϱͿ WĞŵĞŐĂŶŐ ƐĂŚĂŵ LJĂŶŐ ƚĞƌĐĂƚĂƚ ĚĂůĂŵ ZĞŬĞŶŝŶŐ ĨĞŬ ďĞƌŚĂŬ ĂƚĂƐ ĚŝǀŝĚĞŶ͕ ƐĂŚĂŵ ďŽŶƵƐ͕ ,ĂŬ
DĞŵĞƐĂŶĨĞŬdĞƌůĞďŝŚĂŚƵůƵ;,DdͿ͕ĚĂŶŵĞŵďĞƌŝŬĂŶƐƵĂƌĂĚĂůĂŵZhW^͕ƐĞƌƚĂŚĂŬͲŚĂŬůĂŝŶŶLJĂ
LJĂŶŐŵĞůĞŬĂƚƉĂĚĂƐĂŚĂŵ͖
ϲͿ WĞŵďĂLJĂƌĂŶ ĚŝǀŝĚĞŶ͕ ƐĂŚĂŵ ďŽŶƵƐ͕ ĚĂŶ ƉĞƌŽůĞŚĂŶ ĂƚĂƐ ŚĂŬ ŵĞŵĞƐĂŶ ĞĨĞŬ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ ŬĞƉĂĚĂ
ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚŝůĂŬƐĂŶĂŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ĂƚĂƵ  LJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ŵĞůĂůƵŝ
ZĞŬĞŶŝŶŐĨĞŬĚŝ<^/ƵŶƚƵŬƐĞůĂŶũƵƚŶLJĂĚŝƚĞƌƵƐŬĂŶŬĞƉĂĚĂƉĞŵŝůŝŬŵĂŶĨĂĂƚ;ďĞŶĞĨŝĐŝĂůŽǁŶĞƌͿLJĂŶŐ
ŵĞŶũĂĚŝƉĞŵĞŐĂŶŐƌĞŬĞŶŝŶŐĞĨĞŬĚŝWĞƌƵƐĂŚĂĂŶĨĞŬĂƚĂƵĂŶŬ<ƵƐƚŽĚŝĂŶ͖
ϳͿ ^ĞƚĞůĂŚ WĞŶĂǁĂƌĂŶ hŵƵŵ ĚĂŶ ƐĞƚĞůĂŚ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ĚŝĐĂƚĂƚŬĂŶ͕ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ LJĂŶŐ
ŵĞŶŐŚĞŶĚĂŬŝ ƐĞƌƚŝĨŝŬĂƚ ƐĂŚĂŵ ĚĂƉĂƚ ŵĞůĂŬƵŬĂŶ ƉĞŶĂƌŝŬĂŶ ƐĂŚĂŵ ŬĞůƵĂƌ ĚĂƌŝ WĞŶŝƚŝƉĂŶ <ŽůĞŬƚŝĨ Ěŝ
<^/ ƐĞƚĞůĂŚ ƐĂŚĂŵ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ŬĞ ĚĂůĂŵ ZĞŬĞŶŝŶŐ ĨĞŬ WĞƌƐĞƌŽĂŶ
ĨĞŬͬĂŶŬ<ƵƐƚŽĚŝĂŶLJĂŶŐƚĞůĂŚĚŝƚƵŶũƵŬ͖
ϴͿ WĞŶĂƌŝŬĂŶƚĞƌƐĞďƵƚĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŵĞŶŐĂũƵŬĂŶƉĞƌŵŽŚŽŶĂŶƉĞŶĂƌŝŬĂŶƐĂŚĂŵŬĞƉĂĚĂ<^/ŵĞůĂůƵŝ
WĞƌƵƐĂŚĂĂŶĨĞŬͬĂŶŬ<ƵƐƚŽĚŝĂŶLJĂŶŐŵĞŶŐĞůŽůĂƐĂŚĂŵŶLJĂĚĞŶŐĂŶŵĞŶŐŝƐŝ&ŽƌŵƵůŝƌWĞŶĂƌŝŬĂŶĨĞŬ͖
ϵͿ ^ĂŚĂŵͲƐĂŚĂŵLJĂŶŐĚŝƚĂƌŝŬĚĂƌŝWĞŶŝƚŝƉĂŶ<ŽůĞŬƚŝĨĂŬĂŶĚŝƚĞƌďŝƚŬĂŶĚĂůĂŵďĞŶƚƵŬ^ƵƌĂƚ<ŽůĞŬƚŝĨ^ĂŚĂŵ
ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϱ;ůŝŵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚƉĞƌŵŽŚŽŶĂŶĚŝƚĞƌŝŵĂŽůĞŚWĞƌƐĞƌŽĂŶĚĂŶĚŝƚĞƌďŝƚŬĂŶ
ĂƚĂƐŶĂŵĂƉĞŵĞŐĂŶŐƐĂŚĂŵƐĞƐƵĂŝƉĞƌŵŝŶƚĂĂŶWĞƌƵƐĂŚĂĂŶĨĞŬĂƚĂƵĂŶŬ<ƵƐƚŽĚŝĂŶLJĂŶŐŵĞŶŐĞůŽůĂ
ƐĂŚĂŵ͖
ϭϬͿ WŝŚĂŬͲƉŝŚĂŬ LJĂŶŐ ŚĞŶĚĂŬ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞůĞƐĂŝĂŶ ƚƌĂŶƐĂŬƐŝ ďƵƌƐĂ ĂƚĂƐ ^ĂŚĂŵ WĞƌƐĞƌŽĂŶ ǁĂũŝď
ŵĞŶƵŶũƵŬ WĞƌƵƐĂŚĂĂŶ ĨĞŬ ĂƚĂƵ ĂŶŬ <ƵƐƚŽĚŝĂŶ LJĂŶŐ ƚĞůĂŚ ŵĞŶũĂĚŝ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ Ěŝ <^/
ƵŶƚƵŬŵĞŶŐĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶ^ĂŚĂŵƚĞƌƐĞďƵƚ͘
ϭϭͿ ^ĂŚĂŵͲƐĂŚĂŵ LJĂŶŐ ƚĞůĂŚ ĚŝƚĂƌŝŬ ŬĞůƵĂƌ ĚĂƌŝ WĞŶŝƚŝƉĂŶ <ŽůĞŬƚŝĨ <^/ ĚĂŶ ĚŝƚĞƌďŝƚŬĂŶ ƐƵƌĂƚ ŬŽůĞŬƚŝĨ
ƐĂŚĂŵŶLJĂ ƚŝĚĂŬ ĚĂƉĂƚ ĚŝƉĞƌŐƵŶĂŬĂŶ ƵŶƚƵŬ ƉĞŶLJĞůĞƐĂŝĂŶ ƚƌĂŶƐĂŬƐŝ ďƵƌƐĂ͘ /ŶĨŽƌŵĂƐŝ ůĞďŝŚ ůĂŶũƵƚ
ŵĞŶŐĞŶĂŝ ƉƌŽƐĞĚƵƌ ƉĞŶĂƌŝŬĂŶ ƐĂŚĂŵ ĚĂƉĂƚ ĚŝƉĞƌŽůĞŚ ƉĂĚĂ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ ĚŝŵĂŶĂ &WW^ LJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶĚŝĂũƵŬĂŶ͘

ϱ͘ D^WEtZE

DĂƐĂ WĞŶĂǁĂƌĂŶ ĂŬĂŶ ďĞƌůĂŶŐƐƵŶŐ ƐĞůĂŵĂ ϯ ;ƚŝŐĂͿ ,Ăƌŝ <ĞƌũĂ͕ LJĂŝƚƵ ƉĂĚĂ ƚĂŶŐŐĂů Ϯ – ϰ KŬƚŽďĞƌ ϮϬϭϳ͘ :Ăŵ
ƉĞŶĂǁĂƌĂŶĂŬĂŶĚŝŵƵůĂŝƉĂĚĂƉƵŬƵůϭϬ͘ϬϬt/ƐĂŵƉĂŝĚĞŶŐĂŶƉƵŬƵůϭϱ͘ϬϬt/͘

ϲ͘ dE''>WE:d,E

dĂŶŐŐĂůWĞŶũĂƚĂŚĂŶĚŝŵĂŶĂƉĂƌĂWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂŵŝƐŝĨĞŬĚĂŶWĞƌƐĞƌŽĂŶŵĞŶĞƚĂƉŬĂŶƉĞŶũĂƚĂŚĂŶƐĂŚĂŵ
ƵŶƚƵŬƐĞƚŝĂƉƉĞŵĞƐĂŶĂŶĚĂŶĚŝůĂŬƵŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐďĞƌůĂŬƵĂĚĂůĂŚƚĂŶŐŐĂůϲKŬƚŽďĞƌϮϬϭϳ͘
 


197
ϳ͘ ^zZdͲ^zZdWDzZE

WĞŵďĂLJĂƌĂŶ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ƵĂŶŐ ƚƵŶĂŝ͕ ĐĞŬ͕ ƉĞŵŝŶĚĂŚďƵŬƵĂŶ ĂƚĂƵ ǁĞƐĞů ďĂŶŬ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ
ZƵƉŝĂŚ ƐĞƌƚĂ ĚŝďĂLJĂƌŬĂŶ ŬĞƉĂĚĂ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ƉĂĚĂ ǁĂŬƚƵ &WW^ ĚŝĂũƵŬĂŶ͘ ^ĞŵƵĂ ƐĞƚŽƌĂŶ
ŚĂƌƵƐĚŝŵĂƐƵŬĂŶŬĞĚĂůĂŵƌĞŬĞŶŝŶŐWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂŵŝƐŝĨĞŬƉĂĚĂ͗

EĂŵĂĂŶŬ͗WdĂŶŬEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ
ĂďĂŶŐ͗E/ĂďĂŶŐdĂŶŐĞƌĂŶŐ
EŽŵŽƌZĞŬĞŶŝŶŐ͗ϲϬϳϵϰϳϳϱϴ
ƚĂƐEĂŵĂ͗Wd͘,E^<hZ/d^–/WK'D&

ƉĂďŝůĂƉĞŵďĂLJĂƌĂŶĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶĐĞŬ͕ĐĞŬƚĞƌƐĞďƵƚŚĂƌƵƐŵĞƌƵƉĂŬĂŶĐĞŬĂƚĂƐŶĂŵĂͬŵŝůŝŬ
ƉŝŚĂŬLJĂŶŐŵĞŶŐĂũƵŬĂŶ;ŵĞŶĂŶĚĂƚĂŶŐĂŶŝͿĨŽƌŵƵůŝƌƉĞŵĞƐĂŶĂŶ͘ĞŬŵŝůŝŬͬĂƚĂƐŶĂŵĂWŝŚĂŬ<ĞƚŝŐĂƚŝĚĂŬĚĂƉĂƚ
ĚŝƚĞƌŝŵĂƐĞďĂŐĂŝƉĞŵďĂLJĂƌĂŶ͘^ĞŵƵĂďŝĂLJĂďĂŶŬĚĂŶďŝĂLJĂƚƌĂŶƐĨĞƌƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞŵďĂLJĂƌĂŶƚĞƌƐĞďƵƚ
ŵĞŶũĂĚŝ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŵĞƐĂŶ͘ ^ĞŵƵĂ ĐĞŬ ĚĂŶ ǁĞƐĞů ďĂŶŬ ĂŬĂŶ ƐĞŐĞƌĂ ĚŝĐĂŝƌŬĂŶ ƉĂĚĂ ƐĂĂƚ ĚŝƚĞƌŝŵĂ͘
ŝůĂŵĂŶĂ ƉĂĚĂ ƐĂĂƚ ƉĞŶĐĂŝƌĂŶ͕ ĐĞŬ ĂƚĂƵ ǁĞƐĞů ďĂŶŬ ĚŝƚŽůĂŬ ŽůĞŚ ďĂŶŬ͕ ƉĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ƐĂŚĂŵ LJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶĂĚĂůĂŚďĂƚĂů͘WĞŵďĂLJĂƌĂŶŵĞŶŐŐƵŶakan cek/pemindahbukuan/giro sudah harus “ŝŶŐŽŽĚĨƵŶĚ”
ƉĂĚĂ ŚĂƌŝ ƚĞƌĂŬŚŝƌ ŵĂƐĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ƵŶƚƵŬ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ͕ ŶĂƐĂďĂŚ ƌŝƚĞů ĚĂŶ ŶĂƐĂďĂŚ ŝŶƐƚŝƚƵƐŝ͕
ŬĞĐƵĂůŝƵŶƚƵŬŶĂƐĂďĂŚŝŶƐƚŝƚƵƐŝŝŶƚĞƌŶĂƐŝŽŶĂůLJĂŶŐŵĞŶĞƌŝŵĂƉĞŶũĂƚĂŚĂŶƉĂƐƚŝ͘

^ĞŵƵĂ ďŝĂLJĂ ďĂŶŬ ĚĂŶ ďŝĂLJĂ ƚƌĂŶƐĨĞƌ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŵďĂLJĂƌĂŶ ƚĞƌƐĞďƵƚ ŵĞŶũĂĚŝ ƚĂŶŐŐƵŶŐ ũĂǁĂď
ƉĞŵĞƐĂŶ͘^ĞŵƵĂĐĞŬĚĂŶďŝůLJĞƚŐŝƌŽĂŬĂŶƐĞŐĞƌĂĚŝĐĂŝƌŬĂŶƉĂĚĂƐĂĂƚĚŝƚĞƌŝŵĂ͘ŝůĂŵĂŶĂƉĂĚĂƐĂĂƚƉĞŶĐĂŝƌĂŶ
ĐĞŬ ĂƚĂƵ ďŝůŝLJĞƚ ŐŝƌŽ ĚŝƚŽůĂŬ ŽůĞŚ ďĂŶŬ ƚĞƌƚĂƌŝŬ͕ ŵĂŬĂ ƉĞŵĞƐĂŶ ƐĂŚĂŵ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ŽƚŽŵĂƚŝƐ ŵĞŶũĂĚŝ
ďĂƚĂů͘hŶƚƵŬƉĞŵďĂLJĂƌĂŶŵĞůĂůƵŝƚƌĂŶƐĨĞƌĂĐĐŽƵŶƚĚĂƌŝďĂŶŬůĂŝŶ͕ƉĞŵĞƐĂŶŚĂƌƵƐŵĞůĂŵƉŝƌŬĂŶĨŽƚŽŬŽƉŝEŽƚĂ
<ƌĞĚŝƚ>ĂůƵ>ŝŶƚĂƐ'ŝƌŽ;>>'ͿĚĂƌŝďĂŶŬLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶĚĂŶŵĞŶLJĞďƵƚŬĂŶŶŽŵŽƌ&WW^ͬWW^ͲŶLJĂ͘

ϴ͘ h<d/dEdZ/D

WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂŵŝƐŝĨĞŬ͕ƉĂƌĂWĞŶũĂŵŝŶŵŝƐŝĨĞŬ͕ĂƚĂƵŐĞŶWĞŶũƵĂůĂŶLJĂŶŐŵĞŶĞƌŝŵĂƉĞŶŐĂũƵĂŶ&WW^͕
ĂŬĂŶŵĞŶLJĞƌĂŚŬĂŶŬĞŵďĂůŝ ŬĞƉĂĚĂƉĞŵĞƐĂŶ͕ƚĞŵďƵƐĂŶ ĂƚĂƵĨŽƚŽŬŽƉŝůĞŵďĂƌŬĞͲϱ;ůŝŵĂͿĚĂƌŝ&WW^LJĂŶŐƚĞůĂŚ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ;ƚĂŶĚĂƚĂŶŐĂŶĂƐůŝͿƐĞďĂŐĂŝƵŬƚŝdĂŶĚĂdĞƌŝŵĂWĞŵĞƐĂŶĂŶWĞŵďĞůŝĂŶ^ĂŚĂŵ͘ƵŬƚŝdĂŶĚĂdĞƌŝŵĂ
WĞŵĞƐĂŶĂŶ WĞŵďĞůŝĂŶ ^ĂŚĂŵ ŝŶŝ ďƵŬĂŶ ŵĞƌƵƉĂŬĂŶ ũĂŵŝŶĂŶ ĚŝƉĞŶƵŚŝŶLJĂ ƉĞŵĞƐĂŶĂŶ͘ ƵŬƚŝ dĂŶĚĂ dĞƌŝŵĂ
WĞŵĞƐĂŶĂŶWĞŵďĞůŝĂŶ^ĂŚĂŵƚĞƌƐĞďƵƚŚĂƌƵƐĚŝƐŝŵƉĂŶĚĞŶŐĂŶďĂŝŬĂŐĂƌŬĞůĂŬĚĂƉĂƚ ĚŝƐĞƌĂŚŬĂŶŬĞŵďĂůŝƉĂĚĂ
ƐĂĂƚ ƉĞŶŐĞŵďĂůŝĂŶ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ ĚĂŶͬĂƚĂƵ ƉĞŶĞƌŝŵĂĂŶ &ŽƌŵƵůŝƌ <ŽŶĨŝƌŵĂƐŝ WĞŶũĂƚĂŚĂŶ ĂƚĂƐ ƉĞŵĞƐĂŶĂŶ
ƉĞŵďĞůŝĂŶ ƐĂŚĂŵ͘ ĂŐŝ ƉĞŵĞƐĂŶ ƉĞŵďĞůŝĂŶ ƐĂŚĂŵ ƐĞĐĂƌĂ ŬŚƵƐƵƐ͕ ƵŬƚŝ dĂŶĚĂ dĞƌŝŵĂ WĞŵĞƐĂŶĂŶ WĞŵďĞůŝĂŶ
^ĂŚĂŵĂŬĂŶĚŝďĞƌŝŬĂŶůĂŶŐƐƵŶŐŽůĞŚWĞƌƐĞƌŽĂŶ͘

ϵ͘ WE:d,E^,D

WĞůĂŬƐĂŶĂĂŶ ƉĞŶũĂƚĂŚĂŶ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ ŽůĞŚ Wd ĂŚĂŶĂ ^ĞŬƵƌŝƚĂƐ ƐĞůĂŬƵ DĂŶĂũĞƌ WĞŶũĂƚĂŚĂŶ ĚĞŶŐĂŶ ƐŝƐƚĞŵ
ŬŽŵďŝŶĂƐŝLJĂŝƚƵWĞŶũĂƚĂŚĂŶdĞƌƉƵƐĂƚ;WŽŽůŝŶŐͿĚĂŶWĞŶũĂƚĂŚĂŶWĂƐƚŝ;&ŝdžĞĚůůŽƚŵĞŶƚͿƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶ
EŽ͘/y͘͘ϳ͘

͘ WĞŶũĂƚĂŚĂŶWĂƐƚŝ;&ŝdžĞĚůůŽƚŵĞŶƚͿ
WĞŶũĂƚĂŚĂŶ ƉĂƐƚŝ ĚŝďĂƚĂƐŝ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϵϴй ;ƐĞŵďŝůĂŶ ƉƵůƵŚ ĚĞůĂƉĂŶ ƉĞƌƐĞŶͿ ĚĂƌŝ ũƵŵůĂŚ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ͕
LJĂŶŐĂŬĂŶĚŝĂůŽŬĂƐŝŬĂŶŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂĚĂŶĂƉĞŶƐŝƵŶ͕ĂƐƵƌĂŶƐŝ͕ƌĞŬƐĂĚĂŶĂ͕LJĂLJĂƐĂŶ͕ŝŶƐƚŝƚƵƐŝďĞŶƚƵŬ
ůĂŝŶ͕ďĂŝŬĚŽŵĞƐƚŝŬŵĂƵƉƵŶůƵĂƌŶĞŐĞƌŝ͘

ĂůĂŵ ŚĂů ƉĞŶũĂƚĂŚĂŶ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ƐŝƐƚĞŵ WĞŶũĂƚĂŚĂŶ WĂƐƚŝ͕ ƉĞŶũĂƚĂŚĂŶ ƚĞƌƐĞďƵƚ
ŚĂŶLJĂĚĂƉĂƚĚŝůĂŬƐĂŶĂŬĂŶĂƉĂďŝůĂŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶͲƉĞƌƐLJĂƌĂƚĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

Ă͘ DĂŶĂũĞƌWĞŶũĂƚĂŚĂŶĚĂƉĂƚŵĞŶĞŶƚƵŬĂŶďĞƐĂƌŶLJĂƉĞƌƐĞŶƚĂƐĞĚĂŶƉŝŚĂŬLJĂŶŐĂŬĂŶŵĞŶĚĂƉĂƚŬĂŶƉĞŶũĂƚĂŚĂŶ
ƉĂƐƚŝ ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ͘ WĞŶĞŶƚƵĂŶ ďĞƐĂƌŶLJĂ ƉĞƌƐĞŶƚĂƐĞ WĞŶũĂƚĂŚĂŶ WĂƐƚŝ ǁĂũŝď ŵĞŵƉĞƌŚĂƚŝŬĂŶ
ŬĞƉĞŶƚŝŶŐĂŶƉĞŵĞƐĂŶƉĞƌŽƌĂŶŐĂŶ͖
ď͘ :ƵŵůĂŚWĞŶũĂƚĂŚĂŶWĂƐƚŝƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂŚƵƌƵĨĂƚĞƌŵĂƐƵŬũƵŐĂũĂƚĂŚďĂŐŝƉĞŐĂǁĂŝWĞƌƐĞƌŽĂŶ
LJĂŶŐŵĞůĂŬƵŬĂŶƉĞŵĞƐĂŶĂŶĚĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵ;ũŝŬĂĂĚĂͿĚĞŶŐĂŶũƵŵůĂŚƉĂůŝŶŐďĂŶLJĂŬϭϬй;ƐĞƉƵůƵŚ
ƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚ^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶĚĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵ͖ĚĂŶ

198
Đ͘ WĞŶũĂƚĂŚĂŶWĂƐƚŝĚŝůĂƌĂŶŐĚŝďĞƌŝŬĂŶŬĞƉĂĚĂWĞŵĞƐĂŶ^ĂŚĂŵLJĂŶŐdĞƌĂĨŝůŝĂƐŝ͕LJĂŝƚƵ͗
ϭͿ ŝƌĞŬƚƵƌ͕ <ŽŵŝƐĂƌŝƐ͕ ƉĞŐĂǁĂŝ ĂƚĂƵ ƉŝŚĂŬ LJĂŶŐ ŵĞŵŝůŝŬŝ ϮϬй ;ĚƵĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĂƚĂƵ ůĞďŝŚ ƐĂŚĂŵ ĚĂƌŝ
ƐƵĂƚƵ WĞƌƵƐĂŚĂĂŶ ĨĞŬ LJĂŶŐ ďĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ ĂƚĂƵ ŐĞŶ WĞŶũƵĂůĂŶ ƐĞŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ͖
ϮͿ ŝƌĞŬƚƵƌ͕<ŽŵŝƐĂƌŝƐ͕ĚĂŶͬĂƚĂƵƉĞŵĞŐĂŶŐƐĂŚĂŵƵƚĂŵĂWĞƌƐĞƌŽĂŶ͖ĚĂŶ
ϯͿ ĨŝůŝĂƐŝ ĚĂƌŝ ƉŝŚĂŬ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ĂŶŐŬĂ ϭͿ ĚĂŶ ĂŶŐŬĂ ϮͿ͕ LJĂŶŐ ďƵŬĂŶ ŵĞƌƵƉĂŬĂŶ ƉŝŚĂŬ
LJĂŶŐŵĞůĂŬƵŬĂŶƉĞƐĂŶĂŶƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶƉŝŚĂŬŬĞƚŝŐĂ͘

͘ WĞŶũĂƚĂŚĂŶdĞƌƉƵƐĂƚ;WŽŽůŝŶŐůůŽƚŵĞŶƚͿ
WĞŶũĂƚĂŚĂŶƚĞƌƉƵƐĂƚ ŵŝŶŝŵĂůϮй;ĚƵĂƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚLJĂŶŐĚŝƚĂǁĂƌŬĂŶ͘:ŝŬĂũƵŵůĂŚƐĂŚĂŵLJĂŶŐĚŝƉĞƐĂŶ
ŵĞůĞďŝŚŝũƵŵůĂŚ^ĂŚĂŵzĂŶŐŝƚĂǁĂƌŬĂŶ͕ŵĂŬĂDĂŶĂũĞƌWĞŶũĂƚĂŚĂŶŚĂƌƵƐŵĞůĂŬƐĂŶĂŬĂŶƉƌŽƐĞĚƵƌƉĞŶũĂƚĂŚĂŶ
ƐŝƐĂĨĞŬƐĞƚĞůĂŚĂůŽŬĂƐŝƵŶƚƵŬWĞŶũĂƚĂŚĂŶWĂƐƚŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

Ă͘ :ŝŬĂ ƐĞƚĞůĂŚ ŵĞŶŐĞĐƵĂůŝŬĂŶ WĞŵĞƐĂŶ ^ĂŚĂŵ zĂŶŐ dĞƌĂĨŝůŝĂƐŝ LJĂŶŐ ďƵŬĂŶ ŵĞƌƵƉĂŬĂŶ ƉŝŚĂŬ LJĂŶŐ
ŵĞůĂŬƵŬĂŶ ƉĞŵĞƐĂŶĂŶ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ ƉŝŚĂŬ ŬĞƚŝŐĂ ĚĂŶ ƚĞƌĚĂƉĂƚ ƐŝƐĂ ƐĂŚĂŵ LJĂŶŐ ũƵŵůĂŚŶLJĂ ƐĂŵĂ
ĂƚĂƵůĞďŝŚďĞƐĂƌĚĂƌŝũƵŵůĂŚLJĂŶŐĚŝƉĞƐĂŶ͕ŵĂŬĂ͗;ŝͿƉĞŵĞƐĂŶLJĂŶŐƚŝĚĂŬĚŝŬĞĐƵĂůŝŬĂŶŝƚƵĂŬĂŶŵĞŶĞƌŝŵĂ
ƐĞůƵƌƵŚ ũƵŵůĂŚ ƐĂŚĂŵ LJĂŶŐ ĚŝƉĞƐĂŶ͖ ĚĂŶ ;ŝŝͿ ĚĂůĂŵ ŚĂů ƉĂƌĂ ƉĞŵĞƐĂŶ LJĂŶŐ ƚŝĚĂŬ ĚŝŬĞĐƵĂůŝŬĂŶ ƚĞůĂŚ
ŵĞŶĞƌŝŵĂƉĞŶũĂƚĂŚĂŶƐĞƉĞŶƵŚŶLJĂĚĂŶŵĂƐŝŚƚĞƌĚĂƉĂƚƐŝƐĂƐĂŚĂŵ͕ŵĂŬĂƐŝƐĂƐĂŚĂŵƚĞƌƐĞďƵƚĚŝďĂŐŝŬĂŶ
ƐĞĐĂƌĂƉƌŽƉŽƌƐŝŽŶĂůŬĞƉĂĚĂWĞŵĞƐĂŶ^ĂŚĂŵzĂŶŐdĞƌĂĨŝůŝĂƐŝ͘

ď͘ :ŝŬĂƐĞƚĞůĂŚŵĞŶŐĞĐƵĂůŝŬĂŶWĞŵĞƐĂŶ^ĂŚĂŵLJĂŶŐdĞƌĂĨŝůŝĂƐŝƐĞďĂŐĂŝŵĂŶĂƚĞƌƐĞďƵƚƉĂĚĂƉŽŝŶĂĚŝĂƚĂƐ͕
ƚĞƌĚĂƉĂƚƐŝƐĂƐĂŚĂŵLJĂŶŐũƵŵůĂŚŶLJĂůĞďŝŚŬĞĐŝůĚĂƌŝũƵŵůĂŚLJĂŶŐĚŝƉĞƐĂŶ͕ŵĂŬĂƉĞŶũĂƚĂŚĂŶďĂŐŝƉĞŵĞƐĂŶ
LJĂŶŐƚŝĚĂŬĚŝŬĞĐƵĂůŝŬĂŶŝƚƵĂŬĂŶĚŝĂůŽŬĂƐŝŬĂŶĚĞŶŐĂŶŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗

ϭͿ WĂƌĂ ƉĞŵĞƐĂŶ LJĂŶŐ ƚŝĚĂŬ ĚŝŬĞĐƵĂůŝŬĂŶ ĂŬĂŶ ŵĞŵƉĞƌŽůĞŚ ƐĂƚƵ ƐĂƚƵĂŶ ƉĞƌĚĂŐĂŶŐĂŶ Ěŝ ƵƌƐĂ ĨĞŬ͕
ũŝŬĂƚĞƌĚĂƉĂƚĐƵŬƵƉƐĂƚƵĂŶƉĞƌĚĂŐĂŶŐĂŶLJĂŶŐƚĞƌƐĞĚŝĂ͘ĂůĂŵŚĂůũƵŵůĂŚŶLJĂƚŝĚĂŬŵĞŶĐƵŬƵƉŝ͕ŵĂŬĂ
ƐĂƚƵĂŶ ƉĞƌĚĂŐĂŶŐĂŶ LJĂŶŐ ƚĞƌƐĞĚŝĂ ĂŬĂŶ ĚŝďĂŐŝŬĂŶ ĚĞŶŐĂŶ ĚŝƵŶĚŝ͘ :ƵŵůĂŚ ƐĂŚĂŵ LJĂŶŐ ƚĞƌŵĂƐƵŬ
ĚĂůĂŵ ƐĂƚƵĂŶ ƉĞƌĚĂŐĂŶŐĂŶ ĚŝŵĂŬƐƵĚ ĂĚĂůĂŚ ƐĂƚƵĂŶ ƉĞƌĚĂŐĂŶŐĂŶ ƚĞƌďĞƐĂƌ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ
ƵƌƐĂĨĞŬĚŝŵĂŶĂƐĂŚĂŵƚĞƌƐĞďƵƚĂŬĂŶƚĞƌĐĂƚĂƚ͖ĚĂŶ
ϮͿ ƉĂďŝůĂ ŵĂƐŝŚ ƚĞƌĚĂƉĂƚ ƐĂŚĂŵ LJĂŶŐ ƚĞƌƐŝƐĂ͕ ŵĂŬĂ ƐĞƚĞůĂŚ ƐĂƚƵ ƐĂƚƵĂŶ ƉĞƌĚĂŐĂŶŐĂŶ ĚŝďĂŐŝŬĂŶ
ŬĞƉĂĚĂ ƉĞŵĞƐĂŶ LJĂŶŐ ƚŝĚĂŬ ĚŝŬĞĐƵĂůŝŬĂŶ͕ ƉĞŶŐĂůŽŬĂƐŝĂŶ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƉƌŽƉŽƌƐŝŽŶĂů͕ ĚĂůĂŵ
ƐĂƚƵĂŶƉĞƌĚĂŐĂŶŐĂŶŵĞŶƵƌƵƚũƵŵůĂŚLJĂŶŐĚŝƉĞƐĂŶŽůĞŚƉĂƌĂƉĞŵĞƐĂŶ͘

^ĞũĂůĂŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĞƌĂƚƵƌĂŶ EŽ͘/y͘͘ϳ͕ ĚĂůĂŵ ŚĂů ƚĞƌũĂĚŝ ŬĞůĞďŝŚĂŶ ƉĞŵĞƐĂŶĂŶ ƐĂŚĂŵ ĚĂŶ
ƚĞƌďƵŬƚŝ ďĂŚǁĂ ƉŝŚĂŬ ƚĞƌƚĞŶƚƵ ŵĞŶŐĂũƵŬĂŶ ƉĞŵĞƐĂŶĂŶ ƐĂŚĂŵ ŵĞůĂůƵŝ ůĞďŝŚ ĚĂƌŝ ƐĂƚƵ &WW^ ƵŶƚƵŬ ƐĞƚŝĂƉ
WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ͕ ďĂŝŬ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ͕ ŵĂŬĂ ƵŶƚƵŬ ƚƵũƵĂŶ
ƉĞŶũĂƚĂŚĂŶ DĂŶĂũĞƌ WĞŶũĂƚĂŚĂŶ ŚĂŶLJĂ ĚĂƉĂƚ ŵĞŶŐŝŬƵƚƐĞƌƚĂŬĂŶ ƐĂƚƵ &WW^ LJĂŶŐ ƉĞƌƚĂŵĂ ŬĂůŝ ĚŝĂũƵŬĂŶ ŽůĞŚ
ƉĞŵĞƐĂŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘

ϭϬ͘ WEhEED^WEtZEhDhDWZE^,DdhWDd>EWEtZEhDhD
WZE^,D

Ă͘ ĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ƐĞũĂŬ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ŵĞŵƉĞƌŽůĞŚ WĞƌŶLJĂƚĂĂŶ ĨĞŬƚŝĨ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ďĞƌĂŬŚŝƌŶLJĂDĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ͕WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŶƵŶĚĂDĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵ
WĞƌĚĂŶĂ ^ĂŚĂŵ ƵŶƚƵŬ ŵĂƐĂ ƉĂůŝŶŐ ůĂŵĂ ϯ ;ƚŝŐĂͿ ďƵůĂŶ ƐĞũĂŬ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ŵĞŵƉĞƌŽůĞŚ
WĞƌŶLJĂƚĂĂŶĨĞŬƚŝĨĂƚĂƵŵĞŵďĂƚĂůŬĂŶWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗

ϭͿ dĞƌũĂĚŝƐƵĂƚƵŬĞĂĚĂĂŶĚŝůƵĂƌŬĞŵĂŵƉƵĂŶĚĂŶŬĞŬƵĂƐĂĂŶWĞƌƐĞƌŽĂŶLJĂŶŐŵĞůŝƉƵƚŝ͗
ĂͿ /ŶĚĞŬƐ,ĂƌŐĂ^ĂŚĂŵ'ĂďƵŶŐĂŶ;/,^'ͿĚŝƵƌƐĂĨĞŬƚƵƌƵŶŵĞůĞďŝŚŝϭϬй;ƐĞƉƵůƵŚƉĞƌƐĞŶͿƐĞůĂŵĂ
ϯ;ƚŝŐĂͿ,ĂƌŝƵƌƐĂďĞƌƚƵƌƵƚ–ƚƵƌƵƚ͖
ďͿ ĞŶĐĂŶĂ ĂůĂŵ͕ ƉĞƌĂŶŐ͕ ŚƵƌƵͲŚĂƌĂ͕ ŬĞďĂŬĂƌĂŶ͕ ƉĞŵŽŐŽŬĂŶ LJĂŶŐ ďĞƌƉĞŶŐĂƌƵŚ ƐĞĐĂƌĂ ƐŝŐŶŝĨŝŬĂŶ
ƚĞƌŚĂĚĂƉŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͖ĚĂŶͬĂƚĂƵ͖
ĐͿ WĞƌŝƐƚŝǁĂůĂŝŶLJĂŶŐďĞƌƉĞŶŐĂƌƵŚƐĞĐĂƌĂƐŝŐŶŝĨŝŬĂŶƚĞƌŚĂĚĂƉŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶLJĂŶŐ
ĚŝƚĞƚĂƉŬĂŶŽůĞŚK:<ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϮͲϭϭůĂŵƉŝƌĂŶϭϭ͖ĚĂŶ




199
 ϮͿ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĂͿ DĞŶŐƵŵƵŵŬĂŶ ƉĞŶƵŶĚĂĂŶ DĂƐĂ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ƐĂŚĂŵ ĂƚĂƵ ƉĞŵďĂƚĂůĂŶ
WĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂƐĂŚĂŵƉĂůŝŶŐŬƵƌĂŶŐϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂ
LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ƉĞƌĞĚĂƌĂŶ ŶĂƐŝŽŶĂů ƉĂůŝŶŐ ůĂŵďĂƚ ϭ ;ƐĂƚƵͿ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ ƉĞŶƵŶĚĂĂŶ ĂƚĂƵ
ƉĞŵďĂƚĂůĂŶƚĞƌƐĞďƵƚ͘ŝƐĂŵƉŝŶŐŬĞǁĂũŝďĂŶŵĞŶŐƵŵƵŵŬĂŶĚĂůĂŵƐƵƌĂƚŬĂďĂƌ͕WĞƌƐĞƌŽĂŶĚĂƉĂƚ
ũƵŐĂŵĞŶŐƵŵƵŵŬĂŶŝŶĨŽƌŵĂƐŝƚĞƌƐĞďƵƚĚĂůĂŵŵĞĚŝĂŵĂƐƐĂůĂŝŶŶLJĂ͖
ďͿ DĞŶLJĂŵƉĂŝŬĂŶŝŶĨŽƌŵĂƐŝƉĞŶƵŶĚĂĂŶDĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂƐĂŚĂŵĂƚĂƵƉĞŵďĂƚĂůĂŶ
WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ƐĂŚĂŵ ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ K:< ƉĂĚĂ ŚĂƌŝ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶ
ƉĞŶŐƵŵƵŵĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵƉŽŝŶĂ͖
ĐͿ DĞŶLJĂŵƉĂŝŬĂŶ ďƵŬƚŝ ƉĞŶŐƵŵƵŵĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ƉŽŝŶ Ă ŬĞƉĂĚĂ K:< ƉĂůŝŶŐ
ůĂŵďĂƚϭ;ƐĂƚƵͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚƉĞŶŐƵŵƵŵĂŶĚŝŵĂŬƐƵĚ͖ĚĂŶ
ĚͿ WĞƌƐĞƌŽĂŶLJĂŶŐŵĞŶƵŶĚĂDĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂƐĂŚĂŵĂƚĂƵƉĞŵďĂƚĂůĂŶWĞŶĂǁĂƌĂŶ
hŵƵŵ WĞƌĚĂŶĂ ƐĂŚĂŵ LJĂŶŐ ƐĞĚĂŶŐ ĚŝůĂŬƵŬĂŶ͕ ĚĂůĂŵ ŚĂů ƉĞƐĂŶĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝďĂLJĂƌ ŵĂŬĂ
WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŶŐĞŵďĂůŝŬĂŶƵĂŶŐƉĞŵĞƐĂŶĂŶƐĂŚĂŵŬĞƉĂĚĂƉĞŵĞƐĂŶƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿ
,Ăƌŝ<ĞƌũĂƐĞũĂŬŬĞƉƵƚƵƐĂŶƉĞŶƵŶĚĂĂŶĂƚĂƵƉĞŵďĂƚĂůĂŶƚĞƌƐĞďƵƚ͘

ď͘ ŵŝƚĞŶ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ƉĞŶƵŶĚĂĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ŚƵƌƵĨ Ă͕ ĚĂŶ ĂŬĂŶ ŵĞŵƵůĂŝ ŬĞŵďĂůŝ
ŵĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵďĞƌůĂŬƵŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ ĚĂůĂŵŚĂůƉĞŶƵŶĚĂĂŶŵĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵĚŝƐĞďĂďŬĂŶŽůĞŚŬŽŶĚŝƐŝƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵ
ŚƵƌƵĨĂďƵƚŝƌϭͿƉŽŝŶĂͿ͕ŵĂŬĂŵŝƚĞŶǁĂũŝďŵĞŵƵůĂŝŬĞŵďĂůŝŵĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵƉĂůŝŶŐůĂŵďĂƚϴ
;ĚĞůĂƉĂŶͿ ŚĂƌŝ ŬĞƌũĂ ƐĞƚĞůĂŚ ŝŶĚĞŬƐ ŚĂƌŐĂ ƐĂŚĂŵ ŐĂďƵŶŐĂŶ Ěŝ ƵƌƐĂ ĨĞŬ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ
ƉĂůŝŶŐ ƐĞĚŝŬŝƚϱϬй ;ůŝŵĂ ƉƵůƵŚ ƉĞƌƐĞƌĂƚƵƐͿ ĚĂƌŝ ƚŽƚĂůƉĞŶƵƌƵŶĂŶ ŝŶĚĞŬƐ ŚĂƌŐĂ ƐĂŚĂŵŐĂďƵŶŐĂŶLJĂŶŐ
ŵĞŶũĂĚŝĚĂƐĂƌƉĞŶƵŶĚĂĂŶ͖
ϮͿ ĚĂůĂŵŚĂůŝŶĚĞŬƐŚĂƌŐĂƐĂŚĂŵŐĂďƵŶŐĂŶĚŝƵƌƐĂĨĞŬŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶŬĞŵďĂůŝƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ŚƵƌƵĨ Ă ďƵƚŝƌ ϭͿ ƉŽŝŶ ĂͿ͕ ŵĂŬĂ ŵŝƚĞŶ ĚĂƉĂƚ ŵĞůĂŬƵŬĂŶ ŬĞŵďĂůŝ ƉĞŶƵŶĚĂĂŶ ŵĂƐĂ
WĞŶĂǁĂƌĂŶhŵƵŵ͖
ϯͿ ǁĂũŝď ŵĞŶLJĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂ K:< ŝŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ũĂĚǁĂů WĞŶĂǁĂƌĂŶ hŵƵŵ ĚĂŶ ŝŶĨŽƌŵĂƐŝ
ƚĂŵďĂŚĂŶ ůĂŝŶŶLJĂ͕ ƚĞƌŵĂƐƵŬ ŝŶĨŽƌŵĂƐŝ ƉĞƌŝƐƚŝǁĂ ŵĂƚĞƌŝĂů LJĂŶŐ ƚĞƌũĂĚŝ ƐĞƚĞůĂŚ ƉĞŶƵŶĚĂĂŶ ŵĂƐĂ
WĞŶĂǁĂƌĂŶ hŵƵŵ ;ũŝŬĂ ĂĚĂͿ ĚĂŶ ŵĞŶŐƵŵƵŵŬĂŶŶLJĂ ĚĂůĂŵ ƉĂůŝŶŐ ŬƵƌĂŶŐ ƐĂƚƵ ƐƵƌĂƚ ŬĂďĂƌ ŚĂƌŝĂŶ
ďĞƌďĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ƉĞƌĞĚĂƌĂŶ ŶĂƐŝŽŶĂů ƉĂůŝŶŐ ůĂŵďĂƚ ƐĂƚƵ ŚĂƌŝ ŬĞƌũĂ ƐĞďĞůƵŵ
ĚŝŵƵůĂŝŶLJĂ ůĂŐŝ ŵĂƐĂ WĞŶĂǁĂƌĂŶ hŵƵŵ͘ ŝƐĂŵƉŝŶŐ ŬĞǁĂũŝďĂŶ ŵĞŶŐƵŵƵŵŬĂŶ ĚĂůĂŵ ƐƵƌĂƚ ŬĂďĂƌ͕
ŵŝƚĞŶĚĂƉĂƚũƵŐĂŵĞŶŐƵŵƵŵŬĂŶĚĂůĂŵŵĞĚŝĂŵĂƐƐĂůĂŝŶŶLJĂ͖ĚĂŶ
ϰͿ ǁĂũŝď ŵĞŶLJĂŵƉĂŝŬĂŶ ďƵŬƚŝ ƉĞŶŐƵŵƵŵĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ďƵƚŝƌ ϯͿ ŬĞƉĂĚĂ K:< ƉĂůŝŶŐ
ůĂŵďĂƚƐĂƚƵŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚƉĞŶŐƵŵƵŵĂŶĚŝŵĂŬƐƵĚ͘

WĞŶŐĂŬŚŝƌĂŶ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ ďĞƌůĂŬƵ ƚĂŶƉĂ ĚŝƉĞƌůƵŬĂŶ ŬĞƉƵƚƵƐĂŶ ĚĂŶͬĂƚĂƵ ƉĞŶĞƚĂƉĂŶ
WĞŶŐĂĚŝůĂŶ EĞŐĞƌŝ ĚĂŶ ƉŝŚĂŬͲƉŝŚĂŬ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ ĚĞŶŐĂŶ ŝŶŝ ŵĞŶŐĞƐĂŵƉŝŶŐŬĂŶ
ŬĞƚĞŶƚƵĂŶWĂƐĂůϭϮϲϲĚĂƌŝ<ŝƚĂďhŶĚĂŶŐͲhŶĚĂŶŐ,ƵŬƵŵWĞƌĚĂƚĂ͘

ƉĂďŝůĂƚĞƌũĂĚŝƉĞŶŐĂŬŚŝƌĂŶWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶŵŝƐŝĨĞŬ͕ŬĞĐƵĂůŝŬĂƌĞŶĂĂůĂƐĂŶƐĞůƵƌƵŚŚĂŬĚĂŶŬĞǁĂũŝďĂŶ
ƉĂƌĂƉŝŚĂŬƚĞůĂŚƚĞƌƉĞŶƵŚŝ͕ŵĂŬĂƉĂƌĂƉŝŚĂŬĚĂůĂŵWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶŵŝƐŝĨĞŬǁĂũŝďŵĞŵďĞƌŝƚĂŚƵŬĂŶ
ƐĞĐĂƌĂƚĞƌƚƵůŝƐŬĞƉĂĚĂK:<͘

ϭϭ͘ WE'D>/EhE'WD^EE

ĂŐŝ ƉĞŵĞƐĂŶ LJĂŶŐ ƚĞůĂŚ ŵĞŶŐŝƐŝ &WW^ ĚĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ĂƚĂƐ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ LJĂŶŐ
ƉĞƐĂŶĂŶŶLJĂ ĚŝƚŽůĂŬ ƐĞůƵƌƵŚŶLJĂ ĂƚĂƵ ƐĞďĂŐŝĂŶ ĂƚĂƵ ĚĂůĂŵ ŚĂů ƚĞƌũĂĚŝŶLJĂ ƉĞŶƵŶĚĂĂŶ ĂƚĂƵ ƉĞŵďĂƚĂůĂŶ
WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ͕ ƉĞŶŐĞŵďĂůŝĂŶ ƵĂŶŐ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĞƐĂŶ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ ZƵƉŝĂŚ
ĂŬĂŶĚŝůĂŬƵŬĂŶŽůĞŚWĞŶũĂŵŝŶŵŝƐŝĨĞŬĚŝƚĞŵƉĂƚĚŝŵĂŶĂ&WW^LJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶĚŝĂũƵŬĂŶ͘WĞŶŐĞŵďĂůŝĂŶ
ƵĂŶŐ ƚĞƌƐĞďƵƚ ĚŝůĂŬƵŬĂŶ ƐĞůĂŵďĂƚ – ůĂŵďĂƚŶLJĂ Ϯ ;ŚĂƌŝͿ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ dĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ ĂƚĂƵ ƚĂŶŐŐĂů
ĚŝƵŵƵŵŬĂŶŶLJĂƉĞŶƵŶĚĂĂŶĂƚĂƵƉĞŵďĂƚĂůĂŶWĞŶĂǁĂƌĂŶhŵƵŵWĞƌĚĂŶĂ^ĂŚĂŵƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶEŽ͘
/y͘͘Ϯ͘

ĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞŶƚƵĂŶŵĞŶŐĞŶĂŝƉĞŶũĂƚĂŚĂŶ͕ĂƉĂďŝůĂƚĞƌũĂĚŝŬĞůĞďŝŚĂŶƉĞŵĞƐĂŶĂŶ͕ŵĂŬĂŵĂƐŝŶŐ
– ŵĂƐŝŶŐ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƵŶƚƵŬ ŵĞŶŐĞŵďĂůŝŬĂŶ ƵĂŶŐ ƉĞŵďĂLJĂƌĂŶ LJĂŶŐ
ƚĞůĂŚ ĚŝƚĞƌŝŵĂ ŽůĞŚ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĞƐĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŵďĞůŝĂŶ
^ĂŚĂŵƐĞĐĞƉĂƚŵƵŶŐŬŝŶ͕ŶĂŵƵŶďĂŐĂŝŵĂŶĂƉƵŶũƵŐĂƚŝĚĂŬůĞďŝŚůĂŵďĂƚĚĂƌŝdĂŶŐŐĂůWĞŶŐĞŵďĂůŝĂŶ͘ĂůĂŵŚĂů

200
ƚĞƌũĂĚŝ ƉĞŶƵŶĚĂĂŶ ĂƚĂƵ ƉĞŵďĂƚĂůĂŶ ĂƚĂƐ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ͕ ŵĂŬĂ ĂƉĂďŝůĂ ƉĞŶŐƵŵƵŵĂŶ
ƉĞŶƵŶĚĂĂŶ ĂƚĂƵ ƉĞŵďĂƚĂůĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞďĞůƵŵ dĂŶŐŐĂů
WĞŵďĂLJĂƌĂŶ͕ŵĂŬĂƉĞŶŐĞŵďĂůŝĂŶĂƚĂƐƵĂŶŐƉĞŵĞƐĂŶĂŶŵĞƌƵƉĂŬĂŶƚĂŶŐŐƵŶŐũĂǁĂďĚĂƌŝƉĂƌĂWĞŶũĂŵŝŶŵŝƐŝ
ĨĞŬ͘ EĂŵƵŶ͕ ĂƉĂďŝůĂ ƉĞŶŐƵŵƵŵĂŶ ƉĞŶƵŶĚĂĂŶ ĂƚĂƵ ƉĞŵďĂƚĂůĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ ŝŶŝ
ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞƚĞůĂŚ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ͕ ŵĂŬĂ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƵŶƚƵŬ ŵĞŶŐĞŵďĂůŝŬĂŶ ƉĞŵďĂLJĂƌĂŶ
ƉĞŵĞƐĂŶĂŶĂŬĂŶďĞƌĂĚĂƉĂĚĂƉŝŚĂŬWĞƌƐĞƌŽĂŶ͘

WĞŶŐĞŵďĂůŝĂŶƵĂŶŐƚĞƌƐĞďƵƚǁĂũŝďĚŝůĂŬƵŬĂŶĚĂůĂŵďĞŶƚƵŬƉĞŵŝŶĚĂŚďƵŬƵĂŶŬĞƌĞŬĞŶŝŶŐĂƚĂƐŶĂŵĂƉĞŵĞƐĂŶ
ĂƚĂƵŵĞůĂůƵŝŝŶƐƚƌƵŵĞŶƉĞŵďĂLJĂƌĂŶůĂŝŶŶLJĂĚĂůĂŵďĞŶƚƵŬĐĞŬ͕ďŝůLJĞƚŐŝƌŽĂƚĂƵƐƵƌĂƚƉĞŶŐĞŵďĂůŝĂŶLJĂŶŐĚĂƉĂƚ
ĚŝĂŵďŝů ůĂŶŐƐƵŶŐ ŽůĞŚ ƉĞŵĞƐĂŶ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ƉĂĚĂ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ ĚŝŵĂŶĂ ƉĞŵĞƐĂŶĂŶ ĚŝĂũƵŬĂŶ
ĚĞŶŐĂŶŵĞŶLJĞƌĂŚŬĂŶďƵŬƚŝƚĂŶĚĂƚĞƌŝŵĂƉĞŵĞƐĂŶĂŶ^ĂŚĂŵĚĂŶďƵŬƚŝƚĂŶĚĂũĂƚŝĚŝƌŝ͘

^ĞƚŝĂƉ ƉŝŚĂŬ LJĂŶŐ ůĂůĂŝ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĞŵďĂůŝĂŶ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ ŬĞƉĂĚĂ ƉĞŵĞƐĂŶ͕ LJĂŶŐ ƚĞůĂŚ
ŵĞŶLJĂŵƉĂŝŬĂŶ ƉĞƐĂŶĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ƚĞƌƐĞďƵƚ͕ ƐĞŚŝŶŐŐĂ ƚĞƌũĂĚŝ ŬĞƚĞƌůĂŵďĂƚĂŶ ĚĂůĂŵ ƉĞŶŐĞŵďĂůŝĂŶ ƵĂŶŐ
ƉĞŵĞƐĂŶĂŶ ƚĞƌƐĞďƵƚ͕ ǁĂũŝď ŵĞŵďĂLJĂƌ ĚĞŶĚĂ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĞƐĂŶ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ƵŶƚƵŬ ƐĞƚŝĂƉ ŚĂƌŝ
ŬĞƚĞƌůĂŵďĂƚĂŶ LJĂŶŐ ĚŝŚŝƚƵŶŐ ďĞƌĚĂƐĂƌŬĂŶ ƐƵŬƵ ďƵŶŐĂ ƌĞŬĞŶŝŶŐ ŐŝƌŽ ďĂŶŬ ƉĞŶĞƌŝŵĂ LJĂŝƚƵ ĂŶŬ EĞŐĂƌĂ
/ŶĚŽŶĞƐŝĂƐĞďĞƐĂƌϮйƉĞƌƚĂŚƵŶĚŝŬĂůŝŬĂŶũƵŵůĂŚƵĂŶŐLJĂŶŐƚĞƌůĂŵďĂƚĚŝďĂLJĂƌLJĂŶŐĚŝŚŝƚƵŶŐƐĞũĂŬŚĂƌŝŬĞƚŝŐĂ
dĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ ĂƚĂƵ ƚĂŶŐŐĂů ĚŝƵŵƵŵŬĂŶŶLJĂ ƉĞŶƵŶĚĂĂŶ ĂƚĂƵ ƉĞŵďĂƚĂůĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ
ƐĂŚĂŵ ƐĞĐĂƌĂ ƉƌŽƉŽƌƐŝŽŶĂů ĚĞŶŐĂŶ ũƵŵůĂŚ ŚĂƌŝ ŬĞƚĞƌůĂŵďĂƚĂŶ͕ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ ĂĚĂůĂŚ ϯϲϬ
;ƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌĚĂŶϭ;ƐĂƚƵͿďƵůĂŶĂĚĂůĂŚϯϬ;ƚŝŐĂƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͘ĂŶŬƉĞŶĞƌŝŵĂ
ĂĚĂůĂŚďĂŶŬĚŝŵĂŶĂWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂŵŝƐŝĨĞŬŵĞŵďƵŬĂƌĞŬĞŶŝŶŐďĂŶŬĂƚĂƐŶĂŵĂWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ
ŵŝƐŝ ĨĞŬ ƵŶƚƵŬ ŵĞŶĞƌŝŵĂ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ ^ĂŚĂŵ zĂŶŐ /ƚĂǁĂƌŬĂŶ͘ hŶƚƵŬ ŵĞŶŐŚŝŶĚĂƌŝ ŬĞƌĂŐƵ – ƌĂŐƵĂŶ͕
ŵĞŬĂŶŝƐŵĞ ƉĞŶŐĞŵďĂůŝĂŶ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ ƚĞƌƐĞďƵƚ ŚĂŶLJĂ ĂŬĂŶ ďĞƌůĂŬƵ ƚĞƌŚĂĚĂƉ ƉĞŵĞƐĂŶĂŶ ƌĞƚĂŝů LJĂŶŐ
ŵĞŶĚĂƉĂƚŬĂŶ ĂůŽŬĂƐŝ ^ĂŚĂŵ zĂŶŐ ŝƚĂǁĂƌŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ĂůŽŬĂƐŝ ƉĞŶũĂƚĂŚĂŶ ƚĞƌƉƵƐĂƚ  ;ƉŽŽůŝŶŐͿ
ƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚŝĚĂůĂŵWĞƌĂƚƵƌĂŶ/y͘͘ϳ͘

ƉĂďŝůĂ ƉĞŶŐĞŵďĂůŝĂŶ ĂƚĂƐ ƉĞŵďĂLJĂƌĂŶ ƉĞŵĞƐĂŶĂŶ ƚĞůĂŚ ƚĞƌƐĞĚŝĂ ŶĂŵƵŶ ƉĞŵĞƐĂŶ ƚŝĚĂŬ ĚĂƚĂŶŐ ƵŶƚƵŬ
ŵĞŶŐĂŵďŝůŶLJĂ ĚĂůĂŵ ǁĂŬƚƵ Ϯ ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ dĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ ĂƚĂƵ ƚĂŶŐŐĂů ĚŝƵŵƵŵŬĂŶŶLJĂ
ƉĞŶƵŶĚĂĂŶ ĂƚĂƵ ƉĞŵďĂƚĂůĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ͕ ŵĂŬĂ ŬĞƐĂůĂŚĂŶ ŝƚƵ ďƵŬĂŶ ŵĞƌƵƉĂŬĂŶ
ƚĂŶŐŐƵŶŐũĂǁĂďƉĂƌĂWĞŶũĂŵŝŶŵŝƐŝĨĞŬLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘

ϭϮ͘ WEzZ,E&KZDh>/Z<KE&/ZD^/WE:d,Ed^WD^EE^,D

ŝƐƚƌŝďƵƐŝ&ŽƌŵƵůŝƌ <ŽŶĨŝƌŵĂƐŝ WĞŶũĂƚĂŚĂŶ ^ĂŚĂŵŬĞƉĂĚĂ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƌĞŬĞŶŝŶŐ ĞĨĞŬ ƉĞŵĞƐĂŶ ƐĂŚĂŵ ŽůĞŚ
ƉĂƌĂ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ ĚŝŵĂŶĂ &WW^ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ĚŝĂũƵŬĂŶ ŽůĞŚ ƉĂƌĂ ƉĞŵĞƐĂŶ ĚĂŶ ƉĞŵďĞƌŝƚĂŚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂŵĞƐƚŝŶLJĂĚŝŬŝƌŝŵŬĂŶŬĞƉĂĚĂƉĂƌĂƉĞŵĞƐĂŶŽůĞŚWĞŶũĂŵŝŶŵŝƐŝĨĞŬLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͕ďĂŚǁĂ
&ŽƌŵƵůŝƌ <ŽŶĨŝƌŵĂƐŝ WĞŶũĂƚĂŚĂŶ ƚĞůĂŚ ƚĞƌƐĞĚŝĂ ƵŶƚƵŬ ĚŝĂŵďŝů͘ &ŽƌŵƵůŝƌ <ŽŶĨŝƌŵĂƐŝ WĞŶũĂƚĂŚĂŶ ĂƚĂƐ ĚŝƐƚƌŝďƵƐŝ
ƐĂŚĂŵƚĞƌƐĞďƵƚĚĂƉĂƚĚŝĂŵďŝůĚĞŶŐĂŶŵĞŶLJĞƌĂŚŬĂŶƵŬƚŝdĂŶĚĂdĞƌŝŵĂWĞŵĞƐĂŶĂŶWĞŵďĞůŝĂŶ^ĂŚĂŵĚŝƐĞƌƚĂŝ
ĚĞŶŐĂŶďƵŬƚŝũĂƚŝĚŝƌŝ͘



201
ys//͘ WEzZ>h^E WZK^W<dh^ E &KZDh>/Z WD^EE
WD>/E^,D

WƌŽƐƉĞŬƚƵƐĚĂŶ&WW^ĚĂƉĂƚĚŝƉĞƌŽůĞŚƉĂĚĂŬĂŶƚŽƌWĞƌƐĞƌŽĂŶĚĂŶWĞŶũĂŵŝŶŵŝƐŝĨĞŬLJĂŶŐĚŝƚƵŶũƵŬLJĂŝƚƵ
WĞƌĂŶƚĂƌĂ WĞĚĂŐĂŶŐ ĨĞŬ LJĂŶŐ ƚĞƌĚĂĨƚĂƌ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ƵƌƐĂ ĨĞŬ͘ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ĚĂŶ
WĞŶũĂŵŝŶŵŝƐŝĨĞŬLJĂŶŐĚŝŵĂŬƐƵĚĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗



WdĂŚĂŶĂ^ĞŬƵƌŝƚĂƐ
 ;dĞƌĂĨŝůŝĂƐŝͿ  ;dĞƌĂĨŝůŝĂƐŝͿ
'ƌĂŚĂEŝĂŐĂ͕>ĂŶƚĂŝϭϵ
:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶ͕<Ăǀ͘ϱϴ
:ĂŬĂƌƚĂϭϮϭϵϬ
dĞůĞƉŽŶ͗;ϬϮϭͿϮϱϬϱϬϴϭ
&ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϱϮϮϱϴϲϵ
tĞďƐŝƚĞ͗
ǁǁǁ͘ďĂŚĂŶĂƐĞĐƵƌŝƚŝĞƐ͘ŝĚ
ŵĂŝů͗ďƐͺŝďĐŵΛďĂŚĂŶĂ͘ĐŽ͘ŝĚ

WE:D/EW><^ED/^/&<
WdE/^ĞŬƵƌŝƚĂƐ
^ƵĚŝƌŵĂŶWůĂnjĂ͕/ŶĚŽĨŽŽĚ
dŽǁĞƌ>ĂŶƚĂŝϭϲ
:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶ<Ăǀ͘ϳϲͲϳϴ
:ĂŬĂƌƚĂϭϮϵϭϬ
dĞůĞƉŽŶ͗;ϬϮϭͿϮϱϱϰϯϵϰϲ
&ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϱϳϵϯϲϵϰϮ
tĞďƐŝƚĞ͗
ǁǁǁ͘ďŶŝƐĞŬƵƌŝƚĂƐ͘ĐŽ͘ŝĚ
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dĞůĞƉŽŶ͗;ϬϮϭͿϱϭϰϬϮϭϴϭ
&ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϱϭϰϬϮϭϴϮ
tĞďƐŝƚĞ͗ǁǁǁ͘LJƵůŝĞƐĞŬƵƌŝŶĚŽ͘ĐŽŵ


202
ys///͘ WEWdZ/^'/,h<hD

203
Halaman ini sengaja dikosongkan

204
No. 1598/03/12/09/17 29 September 2017

PT GARUDA MAINTENANCE FACILITY AERO ASIA TBK (“PERSEROAN”)

Gedung Manajemen PT Garuda Indonesia Lantai 3
Area Perkantoran Bandara Soekarno Hatta
Kelurahan Pajang, Kecamatan Benda
Tangerang

U.p.: Direksi

PERIHAL: PENDAPAT DARI SEGI HUKUM ATAS PERSEROAN

Dengan hormat,

Dalam rangka memenuhi ketentuan Otoritas Jasa Keuangan (”OJK”), kami, Assegaf Hamzah &
Partners, suatu firma hukum di Jakarta, dalam hal ini diwakili oleh Bono Daru Adji S.H., LL.M.
selaku Rekan Senior dalam firma hukum tersebut, yang terdaftar sebagai Konsultan Hukum Profesi
Penunjang Pasar Modal pada OJK yang telah memiliki Surat Tanda Terdaftar Profesi Penunjang
Pasar Modal No. 43/BL/STTD-KH/2007 tanggal 13 September 2007 dan terdaftar sebagai anggota
Himpunan Konsultan Hukum Pasar Modal No. 200720 tanggal 5 November 2007 yang berlaku
sampai dengan tanggal 31 Juli 2019, telah ditunjuk oleh Perseroan berdasarkan Surat Penunjukan No.
GMF/PERJ./TUM-3118/2017 tanggal 8 Mei 2017 untuk mempersiapkan Laporan Uji Tuntas dan
memberikan Pendapat dari Segi Hukum (“Pendapat Dari Segi Hukum”) sehubungan dengan
rencana Perseroan untuk menerbitkan dan menawarkan saham biasa atas nama yang merupakan
saham baru dalam jumlah sebesar 2.823.351.100 saham atau sebesar 10% dari jumlah seluruh modal
ditempatkan dan disetor penuh dalam Perseroan setelah penawaran umum perdana saham, dengan
nilai nominal Rp 100 per lembar saham untuk ditawarkan dan dijual kepada masyarakat melalui
penawaran umum dengan harga penawaran sebesar Rp 400 (“Penawaran Umum Perdana”).

Pemegang saham Perseroan telah menyetujui program Employee Stock Allocation (“Program ESA”)
dan Management & Employee Stock Option Plan (“Program MESOP”) sebagaimana ternyata
dalam Akta Berita Acara Rapat Umum Pemegang Saham Luar Biasa No. 82 tanggal 16 Juni 2017, yang
dibuat di hadapan Fathiah Helmi, S.H., Notaris di Jakarta. Berdasarkan Keputusan No. DT/KEP-
5001/2017 tentang Program Kepemilikan Saham pegawai Employee Stock Allocation (ESA) Dan
Program Hak Opsi Pembelian Saham Management and Employee Stock Option Plan (MESOP) PT
Garuda Maintenance Facility Aero Asia Tbk, komposisi jumlah saham yang dapat diberikan dalam (i)
Program ESA terdiri dari sebanyak-banyaknya 2,67% dari jumlah saham yang ditawarkan dalam
Penawaran Umum Perdana dan (ii) Program MESOP terdiri dari sebanyak-banyaknya 1,72% dari
total saham ditempatkan dan disetor penuh Perseroan setelah Penawaran Umum Perdana.

Penawaran Umum Perdana ini dijamin oleh PT Bahana Sekuritas, PT BNI Sekuritas, PT Danareksa
Sekuritas dan PT Mandiri Sekuritas selaku Penjamin Pelaksana Emisi Efek dan Penjamin Emisi Efek
serta para Penjamin Emisi Efek lainnya dengan kesanggupan penuh (full commitment) sebagaimana
dimuat dalam Akta Perjanjian Penjaminan Emisi Efek Penawaran Umum PT Garuda Maintenance
Facility Aero Asia Tbk No. 67 tanggal 28 Juli 2017, yang dibuat di hadapan Dina Chozie, S.H.,
Candidat Notaris, Notaris Pengganti dari Fathiah Helmi, S.H., Notaris di Jakarta sebagaimana diubah
dengan (i) Akta Perubahan I Perjanjian Penjaminan Emisi Efek Penawaran Umum PT Garuda
Maintenance Facility Aero Asia Tbk No. 35 tanggal 18 Agustus 2017, yang dibuat di hadapan Fathiah
Helmi, S.H., Notaris di Jakarta dan (ii) Akta Perubahan II Perjanjian Penjaminan Emisi Efek
Penawaran Umum PT Garuda Maintenance Facility Aero Asia Tbk No. 70 tanggal 26 September 2017,
yang dibuat di hadapan Fathiah Helmi, S.H., Notaris di Jakarta. Sehubungan dengan Penawaran
Umum Perdana ini, Perseroan juga telah menandatangani:

1. Perjanjian Pendahuluan Pencatatan Efek tanggal 28 Juli 2017 dengan PT Bursa Efek
Indonesia (“Bursa Efek Indonesia”);

205
PENDAPAT DARI SEGI HUKUM
PT GARUDA MAINTENANCE FACILITY AERO ASIA TBK
HALAMAN: 2

2. Perjanjian Pendaftaran Efek Bersifat Ekuitas di KSEI No. SP-028/SHM/KSEI/0717 tanggal

28 Juli 2017 dengan PT Kustodian Sentral Efek Indonesia; dan

3. Akta Perjanjian Pengelolaan Administrasi Saham Penawaran Umum PT Garuda Maintenance

Facility Aero Asia Tbk No. 68 tanggal 28 Juli 2017, yang dibuat di hadapan Dina Chozie, S.H.,
Candidat Notaris, Notaris Pengganti dari Fathiah Helmi, S.H., Notaris di Jakarta
sebagaimana diubah dengan Akta Perubahan I Perjanjian Pengelolaan Administrasi Saham
Penawaran Umum PT Garuda Maintenance Facility Aero Asia Tbk No. 36 tanggal 18 Agustus
2017, yang dibuat di hadapan Fathiah Helmi, S.H., Notaris di Jakarta dengan PT Datindo
Entrycom selaku Biro Administrasi Efek.

Pada tanggal Pendapat Dari Segi Hukum ini, perjanjian-perjanjian yang dibuat oleh Perseroan
sehubungan dengan Penawaran Umum Perdana telah dibuat secara sah dan tidak bertentangan
dengan anggaran dasar Perseroan serta peraturan perundang-undangan yang berlaku, sehingga
seluruh perjanjian-perjanjian tersebut masih berlaku dan dengan demikian mengikat para pihak.

Dalam rangka Penawaran Umum Perdana ini, Direksi Perseroan telah memperoleh persetujuan dari
para pemegang saham Perseroan sebagaimana dinyatakan dalam Akta Berita Acara Rapat Umum
Pemegang Saham Luar Biasa No. 82 tanggal 16 Juni 2017, yang dibuat di hadapan Fathiah Helmi,
S.H., Notaris di Jakarta.

Seluruh dana yang diperoleh dari hasil Penawaran Umum Perdana, setelah dikurangi biaya-biaya
emisi akan dipergunakan dengan rincian sebagai berikut:

1. Sekitar 60% akan digunakan untuk mendanai investasi Perseroan dalam rangka
meningkatkan kapasitas dan kapabilitas di Line Maintenance dan Repair & Overhaul, berupa
pembelian aset tetap, antara lain tools, equipment, component, machineries dan sarana-
prasarana lainnya.

2. Sekitar 15% akan digunakan untuk pembayaran fasilitas pinjaman bank atau lembaga
keuangan, dengan penjelasan sebagai berikut:

Pinjaman Kredit Modal Kerja yang diatur dalam Akta Perjanjian Kredit No. 108 pada tanggal
28 April 2016. Saldo pinjaman atas fasilitas per 31 Maret 2017 adalah sebesar USD
29.295.152,85, yang akan dilunasi sebagian.

Tingkat suku bunga : LIBOR 3 bulan + 2,75%

Jatuh tempo tanggal : 27 Oktober 2017

Penggunaan pinjaman : pembayaran overdue utang dagang

Riwayat utang : utang KMK BNI bertenor 1 tahun dan saat ini telah
diperpanjang selama 6 bulan terhitung sejak tanggal 28 April
2017

Saldo utang Perseroan pada PT Bank Negara Indonesia (Persero) Tbk setelah dibayar
sebagian adalah sebesar:

Saldo utang pinjaman dari PT Bank Negara Indonesia (Persero) Tbk

Sebelum pembayaran per 31 Maret 2017 USD 31.236.141

Jumlah yang akan dibayar USD 12.236.141

Sesudah pembayaran dengan dana Penawaran Umum USD 19.000.000

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Perdana

Prosedur dan persyaratan pelunasan atau pembayaran utang ini sesuai dengan perjanjian
kredit Pasal 9 ayat (4) disebutkan bahwa “penerima kredit diperkenankan melakukan
pelunasan baik sebagian maupun seluruhnya atas setiap jumlah uang yang terutang
kepada Bank sebelum jangka waktu kredit berakhir dengan pemberitahuan tertulis terlebih
dahulu sebelum tangal rencana pelaksanaan pembayaran kredit yang dipercepat”.

3. Sisanya akan digunakan untuk kebutuhan modal kerja Perseroan yang bertujuan untuk
mendukung kegiatan operasional Perseroan berupa pembayaran utang vendor, pembayaran
pajak dan pembayaran utang jangka pendek lainnya.

Sesuai dengan Peraturan OJK No. 30/POJK.04/2015 tanggal 16 Desember 2015 tentang Laporan
Realisasi Penggunaan Dana Hasil Penawaran Umum, Perseroan akan menyampaikan laporan
realisasi penggunaan dana hasil Penawaran Umum Perdana ini kepada OJK paling lambat pada
tanggal 15 (lima belas) bulan berikutnya setelah tanggal laporan sampai dengan seluruh dana hasil
Penawaran Umum Perdana telah direalisasikan dan mempertanggungjawabkan pada Rapat Umum
Pemegang Saham (“RUPS”) Tahunan Perseroan. Laporan realisasi penggunaan dana yang
disampaikan kepada OJK akan dibuat secara berkala setiap 6 (enam) bulan dengan tanggal laporan
30 Juni dan 31 Desember.

Apabila di kemudian hari Perseroan bermaksud mengubah rencana penggunaan dana hasil
Penawaran Umum Perdana ini, maka Perseroan akan terlebih dahulu menyampaikan rencana
tersebut beserta alasannya kepada OJK dengan mengemukakan alasan beserta pertimbangannya, dan
perubahan penggunaan dana tersebut harus mendapat persetujuan terlebih dahulu dari para
pemegang saham Perseroan dalam RUPS.

Dalam hal Perseroan akan melakukan transaksi dengan menggunakan dana hasil Penawaran Umum
Perdana ini yang merupakan transaksi afiliasi dan benturan kepentingan transaksi tertentu dan/atau
transaksi material, Perseroan akan memenuhi ketentuan sebagaimana diatur dalam Peraturan No.
IX.E.1, Lampiran Keputusan Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan
(“Bapepam-LK”) No. Kep-412/BL/2009 tanggal 25 November 2009 tentang Transaksi Afiliasi dan
Benturan Kepentingan Transaksi Tertentu dan/atau Peraturan No. IX.E.2, Lampiran Keputusan
Ketua Bapepam-LK No. Kep-614/BL/2011 tanggal 28 November 2011 tentang Transaksi Material dan
Perubahan Kegiatan Usaha Utama.

Pendapat Dari Segi Hukum ini disiapkan berdasarkan Laporan Uji Tuntas yang kami lakukan atas
Perseroan yang dibuat berdasarkan keadaan Perseroan hingga tanggal Pendapat Dari Segi Hukum ini
dikeluarkan. Pendapat dari Segi Hukum ini dibuat berdasarkan data dan informasi yang kami peroleh
dari Perseroan sampai dengan tanggal 28 September 2017. Pendapat Dari Segi Hukum ini disiapkan
dengan memperhatikan ketentuan peraturan perundang-undangan yang berlaku di bidang Pasar
Modal dan Standar Uji Tuntas dan Standar Pendapat Hukum yang dikeluarkan oleh Himpunan
Konsultan Hukum Pasar Modal (“HKHPM”) berdasarkan Keputusan HKHPM No.
KEP.01/HKHPM/2005 tanggal 18 Februari 2005 sebagaimana diubah dengan Keputusan HKHPM
No. KEP.04/HKHPM/XI/2012 tanggal 6 Desember 2012 dan Keputusan HKHPM No. 01/KEP-
HKHPM/II/2014 tanggal 4 Februari 2014 dan telah memuat hal-hal yang diatur dalam Peraturan
OJK No. 7/POJK.04/2017 tanggal 14 Maret 2017 tentang Dokumen Pernyataan Pendaftaran Dalam
Rangka Penawaran Umum Efek Bersifat Ekuitas, Efek Bersifat Utang dan/atau Sukuk dan Peraturan
OJK No. 8/POJK.04/2017 tanggal 14 Maret 2017 tentang Bentuk dan Isi Prospektus dan Prospektus
Ringkas Dalam Rangka Penawaran Umum Efek Bersifat Ekuitas.

Pendapat Dari Segi Hukum ini menggantikan secara keseluruhan Pendapat Dari Segi Hukum yang
telah diberikan sebelumnya kepada OJK sebagaimana tercantum dalam surat kami No.
1242/03/12/07/17 tanggal 31 Juli 2017, No. 1361/03/12/08/17 tanggal 22 Agustus 2017, No.
1432/03/12/08/17 tanggal 31 Agustus 2017 dan No. 1576/03/12/09/17 tanggal 27 September 2017.

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PENDAPAT DARI SEGI HUKUM

Setelah memeriksa dan meneliti dokumen-dokumen yang akan kami rinci lebih lanjut dalam Laporan
Uji Tuntas serta berdasarkan asumsi-asumsi dan pembatasan yang diuraikan di akhir Pendapat Dari
Segi Hukum ini, dengan ini kami memberikan Pendapat Dari Segi Hukum sebagai berikut:

1. PT Garuda Maintenance Facility Aero Asia Tbk (“Perseroan”), berkedudukan di Kotamadya

Tangerang, didirikan berdasarkan Akta Pendirian No. 93 tanggal 26 April 2002, yang dibuat
di hadapan Arry Supratno, S.H., Notaris di Jakarta, yang telah mendapatkan pengesahan dari
Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia (sebagaimana diubah dari
waktu ke waktu, untuk selanjutnya disebut sebagai “Menkumham”) berdasarkan Surat
Keputusan No. C-11685.HT.01.01.TH.2002 tanggal 28 Juni 2002, dan telah didaftarkan
dalam Daftar Perusahaan di Kantor Pendaftaran Perusahaan Kabupaten/Kota Tangerang No.
0455/BH.30.06/VIII/2002 tanggal 2 Agustus 2002, serta telah diumumkan dalam Berita
Negara Republik Indonesia No. 78 tanggal 27 September 2002, Tambahan No. 11677 (“Akta
Pendirian”).

Dengan telah disahkannya Akta Pendirian oleh Menkumham, maka Perseroan telah didirikan
secara sah berdasarkan hukum Republik Indonesia.

Anggaran Dasar yang dimuat dalam Akta Pendirian tersebut telah mengalami beberapa kali
perubahan dan perubahan terakhir kali dimuat dalam Akta Berita Acara Rapat Umum
Pemegang Saham Luar Biasa No. 82 tanggal 16 Juni 2017, yang dibuat di hadapan Fathiah
Helmi, S.H., Notaris di Jakarta, yang telah mendapatkan persetujuan dari Menkumham
berdasarkan Surat Keputusan No. AHU-0013178.AH.01.02.Tahun 2017 tanggal 19 Juni 2017
dan telah didaftarkan dalam Daftar Perseroan pada Kementerian Hukum dan Hak Asasi
Manusia Republik Indonesia (“Kemenkumham”) di bawah No. AHU-
0078426.AH.01.11.Tahun 2017 tanggal 19 Juni 2017, dan telah diberitahukan kepada
Menkumham sebagaimana ternyata dalam Surat Penerimaan Pemberitahuan Perubahan
Anggaran Dasar No. AHU-AH.01.03.0147338 tanggal 19 Juni 2017 dan telah didaftarkan
dalam Daftar Perseroan pada Kemenkumham di bawah No. AHU-0078426.AH.01.11.Tahun
2017 tanggal 19 Juni 2017 (“Akta No. 82/2017”).

Berdasarkan Akta No. 82/2017, para pemegang saham Perseroan telah menyetujui antara
lain:

a. perubahan seluruh Anggaran Dasar Perseroan antara lain:

i. perubahan Anggaran Dasar dalam rangka menjadi Perseroan Terbuka yaitu

antara lain perubahan status Perseroan dari Perseroan Tertutup menjadi
Perseroan Terbuka;

ii. perubahan nilai nominal saham tiap saham dari semula Rp 250.000 menjadi
Rp 100;

iii. peningkatan modal dasar Perseroan yang semula berjumlah Rp

366.800.000.000 yang terbagi atas 1.467.200 saham, masing-masing saham
bernilai nominal Rp 250.000 menjadi Rp 10.000.000.000.000 yang terbagi
atas 100.000.000.000 saham, yang masing-masing saham bernilai nominal
Rp 100;

iv. peningkatan modal ditempatkan dan disetor Perseroan dari semula 665.600
saham, masing-masing dengan nilai nominal Rp 250.000 dengan jumlah
nilai nominal seluruhnya sebesar Rp 166.400.000.000 menjadi Rp

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2.541.016.040.000 atau 25.410.160.400 saham, masing-masing saham

memiliki nilai nominal sejumlah Rp 100 setiap saham.

Peningkatan sebesar Rp 2.374.616.040.000 dilakukan dengan kapitalisasi

saldo laba ditahan Perseroan sampai dengan 31 Desember 2016 berdasarkan
laporan keuangan tahun buku 31 Desember 2016 yang telah diaudit oleh
Kantor Akuntan Publik Satrio Bing Eny & Rekan, adalah sebesar USD
178.569.412 dengan nilai kurs tengah Bank Indonesia per tanggal 16 Juni
2017 yaitu USD 1 adalah sebesar Rp 13.298, sehingga jumlah laba ditahan per
tanggal 31 Desember 2016 setelah diekuivalen dengan nilai Rupiah kurs
tengah Bank Indonesia per tanggal Anggaran Dasar ini, seluruhnya adalah
sebesar Rp 2.374.616.040.776 dan jumlah yang dikapitalisasi dibulatkan
menjadi sebesar Rp 2.374.616.040.000.

Peningkatan modal ditempatkan dan disetor sebesar Rp 2.374.616.040.000

tersebut dilakukan secara proporsional oleh para pemegang saham yaitu:

 PT Garuda Indonesia (Persero) Tbk, yang memperoleh sejumlah

23.508.698.796 saham atau dengan nilai nominal seluruhnya sebesar Rp
2.350.869.879.600; dan

 PT Aero Wisata, yang memperoleh sejumlah 237.461.604 saham atau

dengan nilai nominal seluruhnya sebesar Rp 23.746.160.400;

dengan demikian, setelah dilakukan peningkatan, jumlah modal ditempatkan

dan disetor Perseroan menjadi Rp 2.541.016.040.000 atau 25.410.160.400
saham, masing-masing saham dengan nilai nominal Rp 100 setiap saham
dengan susunan kepemilikan saham sebagai berikut:

 PT Garuda Indonesia (Persero) Tbk, sejumlah 25.156.058.796 saham

atau dengan nilai nominal seluruhnya sebesar Rp 2.515.605.879.600;
dan

 PT Aero Wisata, sejumlah 254.101.604 saham atau dengan nilai nominal

seluruhnya sebesar Rp 25.410.160.400;

v. perubahan maksud dan tujuan serta kegiatan usaha Perseroan;

vi. penyesuaian seluruh ketentuan Anggaran Dasar Perseroan dengan peraturan

perundang-undangan di bidang Pasar Modal termasuk (a) Peraturan
Bapepam-LK Nomor IX.J.1 tanggal 14 Mei 2008 tentang Pokok-Pokok
Anggaran Dasar Perseroan yang Melakukan Penawaran Umum Efek Bersifat
Ekuitas dan Perusahaan Publik, Lampiran Keputusan Ketua Bapepam-LK
Nomor Kep-179/BL/2008 (“Peraturan No. IX.J.1”) dan (b) Peraturan OJK
No. 10/POJK.04/2017 tanggal 14 Maret 2017 tentang Perubahan Atas
Peraturan OJK No. 32/POJK.04/2014 tentang Rencana dan Penyelenggaraan
Rapat Umum Pemegang Saham Perusahaan Terbuka;

b. i. menyetujui pengeluaran saham dalam simpanan Perseroan, sebanyak-

banyaknya 10.890.068.700 saham baru yang dikeluarkan dari portepel yang
ditawarkan kepada masyarakat melalui Penawaran Umum Perdana Perseroan
masing-masing saham tersebut dengan nilai nominal Rp 100 yang ditawarkan
dengan harga penawaran termasuk pengalokasian pengeluaran saham baru
tersebut sebanyak-banyaknya sebesar 2,67% dari saham baru yang akan
dikeluarkan dalam rangka Penawaran Umum Perdana, dengan program

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Employee Stock Allocation (“ESA”). Segala syarat dan ketentuan lebih lanjut
atas program ESA ditentukan oleh Direksi Perseroan, dengan memperhatikan
peraturan perundang-undangan yang berlaku termasuk peraturan Pasar
Modal dan peraturan bursa efek yang berlaku di tempat di mana saham-
saham Perseroan dicatatkan;

ii. menyetujui pelepasan hak pemegang saham Perseroan yaitu PT Garuda

Indonesia (Persero) Tbk dan PT Aero Wisata untuk mengambil bagian atas
saham baru yang dikeluarkan dalam rangka Penawaran Umum Perdana
Perseroan;

c. menyetujui memberikan kuasa kepada Direksi Perseroan untuk melaksanakan segala

tindakan yang diperlukan sehubungan dengan Penawaran Umum Perdana Perseroan
termasuk tetapi tidak terbatas pada:

i. menyatakan kembali keputusan rapat dengan akta Notaris tersendiri (jika

diperlukan);

ii. melaksanakan segala tindakan yang diperlukan sehubungan dengan

Penawaran Umum Perdana Perseroan termasuk tetapi tidak terbatas pada:

 menandatangani pernyataan pendaftaran untuk diajukan kepada OJK;

 menegosiasikan dan menandatangani perjanjian-perjanjian lainnya

terkait dengan Penawaran Umum Perdana Perseroan dengan syarat-
syarat dan ketentuan-ketentuan yang dianggap baik untuk Perseroan
oleh Direksi Perseroan;

 menandatangani, mencetak dan/atau menerbitkan prospektus ringkas,

perbaikan dan/atau tambahan atas prospektus ringkas, prospektus awal,
prospektus, info memo dan/atau dokumen-dokumen lain yang
diperlukan bagi Penawaran Umum Perdana Perseroan melalui Pasar
Modal;

 menetapkan harga penawaran setelah mendapat persetujuan tertulis dari

Dewan Komisaris;

 menetapkan penggunaan dana atas dana yang diperoleh melalui

Penawaran Umum Perdana Perseroan;

 menetapkan program ESA sebanyak-banyaknya 2,67% dari saham baru

yang akan dikeluarkan dalam rangka Penawaran Umum Perdana
Perseroan;

 menetapkan kepastian jumlah saham yang ditawarkan setelah mendapat

persetujuan tertulis dari Dewan Komisaris;

 mendaftarkan saham Perseroan dalam penitipan kolektif PT Kustodian

Sentral Efek Indonesia sesuai dengan peraturan Kustodian Sentral Efek
Indonesia;

 mencatatkan seluruh saham Perseroan yang telah dikeluarkan dan

disetor penuh pada Bursa Efek Indonesia dan dijual kepada masyarakat

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melalui Pasar Modal dan saham-saham yang dimiliki oleh pemegang

saham pada bursa efek di Indonesia;

 melakukan segala hal dan segala tindakan yang diperlukan untuk

melaksanakan Penawaran Umum Perdana Perseroan kepada masyarakat
melalui Pasar Modal, termasuk yang dipersyaratkan berdasarkan
peraturan perundang-undangan yang berlaku;

 menyatakan satu atau lebih keputusan yang diputuskan dalam rapat

dalam satu atau lebih akta Notaris baik secara sekaligus atau terpisah;

 memohon persetujuan dan/atau memberitahukan perubahan Anggaran

Dasar dan/atau perubahan data Perseroan dan/atau mendaftarkan atau
menyebabkan didaftarkannya pada instansi-intansi yang berwenang yang
relevan mengenai keputusan rapat;

d. menyetujui memberikan kuasa kepada Dewan Komisaris Perseroan untuk

menyatakan dalam akta Notaris tersendiri mengenai realisasi jumlah saham yang
telah dikeluarkan dalam Penawaran Umum Perdana Perseroan dan peningkatan
modal ditempatkan dan modal disetor Perseroan, setelah Penawaran Umum Perdana
selesai dilaksanakan dan mencatatkan saham-saham tersebut pada bursa efek dan
dalam Daftar Pemegang Saham Perseroan;

e. menyetujui pengeluaran saham baru dalam rangka program Management &

Employee Stock Option Plan (MESOP) dengan jumlah sebanyak-banyaknya sebesar
1,72% dari modal ditempatkan dan disetor penuh setelah Penawaran Umum Perdana
Perseroan;

Program MESOP ini ditetapkan oleh Dewan Komisaris dengan memperhatikan

peraturan perundang-undangan yang berlaku termasuk peraturan Pasar Modal dan
peraturan bursa efek yang berlaku di tempat dimana saham-saham Perseroan
dicatatkan dan memberikan kuasa kepada Direksi Perseroan untuk menentukan
kriteria penerima opsi, dengan memperhatikan rekomendasi dari Komite Nominasi
dan Remunerasi Perseroan; dan

f. menyetujui memberikan kuasa kepada Direksi Perseroan dengan hak substitusi

untuk menyatakan sebagian atau seluruh keputusan rapat ini termasuk untuk
menyatakan kembali seluruh ketentuan Anggaran Dasar Perseroan dalam akta
Notaris dan mengajukan permohonan persetujuan, pemberitahuan atas perubahan
Anggaran Dasar Perseroan kepada Menkumham dan melakukan segala tindakan
yang diperlukan sehubungan dengan hal tersebut.

Akta No. 82/2017 telah berlaku secara sah dan dibuat sesuai dengan ketentuan Anggaran
Dasar Perseroan dan telah memenuhi ketentuan peraturan perundang-undangan yang
berlaku termasuk namun tidak terbatas pada Undang-Undang No. 40 Tahun 2007 tentang
Perseroan Terbatas (“UUPT”), Peraturan No. IX.J.1, Peraturan OJK No. 32/POJK.04/2014
tanggal 8 Desember 2014 tentang Rencana dan Penyelenggaraan Rapat Umum Pemegang
Saham Perusahaan Terbuka juncto Peraturan OJK No. 10/POJK.04/2017 tanggal 14 Maret
2017 dan Peraturan OJK No. 33/POJK.04/2014 tanggal 8 Desember 2014 tentang Direksi
dan Dewan Komisaris Emiten atau Perusahaan Publik (“POJK No. 33/2014”), kecuali atas
belum diperolehnya bukti pendaftaran dalam Daftar Perusahaan sebagaimana diwajibkan
berdasarkan ketentuan Pasal 25 ayat (1) Undang-Undang No. 3 Tahun 1982 tentang Wajib
Daftar Perusahaan (“UU No. 3/1982”).

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Berdasarkan Pasal 32 ayat (1) UU No. 3/1982, kelalaian untuk melakukan pendaftaran
tersebut diancam pidana penjara selama-lamanya 3 bulan atau pidana denda setinggi-
tingginya Rp 3.000.000.

Berdasarkan Keputusan No. DT/KEP-5001/2017 tentang Program Kepemilikan Saham

pegawai Employee Stock Allocation (ESA) Dan Program Hak Opsi Pembelian Saham
Management and Employee Stock Option Plan (MESOP) PT Garuda Maintenance Facility
Aero Asia Tbk, komposisi jumlah saham yang dapat diberikan dalam (i) Program ESA terdiri
dari sebanyak-banyaknya 2,67% dari jumlah saham yang ditawarkan dalam Penawaran
Umum Perdana dan (ii) Program MESOP terdiri dari sebanyak-banyaknya 1,72% dari total
saham ditempatkan dan disetor penuh Perseroan setelah Penawaran Umum Perdana.

2. Berdasarkan ketentuan Pasal 3 Anggaran Dasar Perseroan sebagaimana dinyatakan dalam

Akta No. 82/2017, maksud dan tujuan Perseroan adalah menjalankan usaha dalam bidang
jasa perawatan, reparasi dan overhaul pesawat udara serta pendukungnya, perdagangan,
perindustrian, pergudangan dan pengangkutan dan jasa lainnya, dengan standar kualitas
tinggi secara tepat waktu dengan biaya kompetitif untuk pesawat milik para pelanggannya
serta menyelenggarakan bidang usaha lain yang terkait dan sebagai aktualisasi
profesionalisme sumber daya manusia dalam bisnis perawatan pesawat serta memupuk
keuntungan dengan menerapkan prinsip-prinsip perseroan terbatas dan ketentuan Pasar
Modal.

Untuk mencapai maksud dan tujuan tersebut di atas, Perseroan dapat melaksanakan kegiatan
usaha sebagai berikut:

Kegiatan usaha utama:

a. menjalankan usaha dalam bidang jasa perawatan, reparasi dan overhaul pesawat
udar serta pendukungnya terutama:
i. perawatan pesawat udara secara terpadu;
ii. perawatan komponen dan kalibrasi;
iii. perawatan mesin;
iv. jasa enjiniring; dan
v. jasa pelatihan perawatan pesawat udara;

b. menjalankan usaha dalam bidang perdagangan terutama perdagangan atas suku

cadang dan/atau komponen perawatan pesawat udara, serta menjadi distributor;

c. menjalankan usaha dalam bidang perindustrian, termasuk didalamnya pembuatan

dan perawatan sarana pendukung yang menunjang kegiatan penerbangan dan
kegiatan industri lainnya;

d. menjalankan usaha dalam bidang pergudangan dan pengangkutan terutama terkait

dengan jasa pelayanan material, logistik, pergudangan dan konsinyasi; dan

e. menjalankan usaha dalam bidang jasa, terutama jasa penyewaan suku cadang,
komponen, dan/atau mesin pesawat udara, serta menjalankan usaha dalam bidang
jasa perawatan mesin industri.

Kegiatan usaha penunjang:

a. melakukan penyediaan jasa konsultan dan tenaga ahli di bidang perawatan pesawat
udara, komponen dan mesin; dan

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b. melakukan pelatihan diluar dari sebagaimana disebutkan dalam poin v pada kegiatan
usaha utama Perseroan.

Kegiatan usaha yang dilakukan Perseroan saat ini telah sesuai dengan maksud dan tujuan
Perseroan sebagaimana dimuat dalam Anggaran Dasar Perseroan.

Berdasarkan Peraturan Presiden Republik Indonesia No. 44 Tahun 2016 tentang Daftar
Bidang Usaha Yang Tertutup dan Bidang Usaha Yang Terbuka Dengan Persyaratan Di Bidang
Penanaman Modal (“DNI”), bidang usaha Pelayanan Jasa Terkait Bandar Udara merupakan
bidang usaha yang terbuka bagi penanaman modal dalam asing maksimal 67%.

Berdasarkan Pasal 8 ayat (1) DNI, pelaksanaan kegiatan penanaman modal pada bidang
usaha yang terbuka dengan persyaratan dilakukan secara tidak langsung atau portofolio yang
transaksinya dilakukan melalui pasar modal dalam negeri maka bidang usaha yang terbuka
dengan persyaratan tersebut menjadi bidang usaha yang terbuka.

Pada tanggal Pendapat Dari Segi Hukum ini dikeluarkan, Perseroan bukan merupakan
perusahaan penanaman modal asing dan tidak memiliki pemegang saham asing, oleh
karenanya telah sesuai dengan ketentuan DNI. Setelah Perseroan menjadi Perusahaan
Terbuka yang sahamnya tercatat di Bursa Efek Indonesia, penanam modal/investor asing
dapat membeli saham Perseroan melalui pasar modal dalam negeri.

3. Berdasarkan Akta No. 82/2017, struktur permodalan Perseroan adalah sebagai berikut:

Modal Dasar : Rp 10.000.000.000.000

Modal Ditempatkan : Rp 2.541.016.040.000
Modal Disetor : Rp 2.541.016.040.000

Modal dasar Perseroan terbagi atas 100.000.000.000 saham, masing-masing saham memiliki
nilai nominal sebesar Rp 100.

Peningkatan modal ditempatkan dan modal disetor Perseroan sebesar Rp 2.374.616.040.000

dilakukan dengan kapitalisasi saldo laba ditahan Perseroan sampai dengan 31 Desember 2016
berdasarkan laporan keuangan tahun buku 31 Desember 2016 yang telah diaudit oleh Kantor
Akuntan Publik Satrio Bing Eny & Rekan.

Riwayat permodalan dan perubahan pemegang saham dalam jangka waktu 3 tahun terakhir
sebelum disampaikannya pernyataan pendaftaran sehubungan dengan rencana Penawaran
Umum Perdana Perseroan telah dilakukan secara sah, benar, dan berkesinambungan sesuai
dengan ketentuan Anggaran Dasar Perseroan dan ketentuan peraturan perundang-undangan
yang berlaku, kecuali sehubungan dengan belum diperolehnya bukti pendaftaran dalam
Daftar Perusahaan sebagaimana diwajibkan berdasarkan ketentuan Pasal 25 ayat (1) UU No.
3/1982 atas Akta No. 82/2017.

Berdasarkan Pasal 32 ayat (1) UU No. 3/1982, kelalaian untuk melakukan pendaftaran
tersebut diancam pidana penjara selama-lamanya 3 bulan atau pidana denda setinggi-
tingginya Rp 3.000.000.

Susunan pemegang saham Perseroan berdasarkan Daftar Pemegang Saham tanggal 11 Juli
2017 adalah sebagai berikut:

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NAMA PEMEGANG
N O. JUMLAH SAHAM JUMLAH (RP) %
SAHAM
1. PT Garuda Indonesia 25.156.058.796 2.515.605.879.600 99
(Persero) Tbk
2. PT Aero Wisata 254.101.604 25.410.160.400 1
Jumlah 25.410.160.400 2.541.016.040.000 100
Saham dalam Portepel 74.589.839.600 7.458.983.960.000

Berdasarkan Peraturan OJK No. 25/POJK.04/2017 tanggal 21 Juni 2017 tentang Pembatasan
Atas Saham Yang Diterbitkan Sebelum Penawaran Umum Publik (“POJK No. 25/2017”),
setiap pihak yang memperoleh saham Perseroan dengan harga pelaksanaan di bawah harga
Penawaran Umum Perdana dalam jangka waktu 6 bulan sebelum penyampaian pernyataan
pendaftaran ke OJK maka pihak tersebut dilarang mengalihkan sebagian atau seluruh saham
Perseroan yang dimilikinya sampai dengan 8 bulan setelah pernyataan pendaftaran
sehubungan dengan Penawaran Umum Perdana menjadi efektif. POJK No. 25/2017 memuat
pengecualian bahwa larangan tersebut tidak berlaku bagi kepemilikan atas efek bersifat
ekuitas, baik secara langsung maupun tidak langsung oleh pemerintah pusat, pemerintah
daerah, atau lembaga yang berdasarkan ketentuan peraturan perundang-undangan memiliki
kewenangan melakukan penyehatan perbankan.

Perseroan merupakan anak perusahaan yang saat ini seluruh sahamnya dimiliki, baik
langsung atau tidak langsung (melalui PT Aero Wisata), oleh PT Garuda Indonesia (Persero)
Tbk, yang merupakan Badan Usaha Milik Negara, yang sebagian besar sahamnya dimiliki
secara langsung oleh pemerintah pusat, melalui Kementerian Badan Usaha Milik Negara
Republik Indonesia. Dengan demikian, pembatasan sebagaimana dimaksud dalam POJK No.
25/2017 tersebut tidak berlaku dalam rangka rencana penjualan saham Perseroan yang
dimiliki oleh PT Garuda Indonesia (Persero) Tbk dan PT Aero Wisata kepada investor
strategis.

Dengan memperhatikan peraturan perundangan-undangan dan ketentuan yang berlaku,

serta persetujuan yang diperlukan, Perseroan bersama-sama dengan PT Garuda Indonesia
(Persero) Tbk sedang menjajaki kemungkinan adanya investasi dari satu atau lebih investor
strategis pada Perseroan sesuai dengan Surat Pernyataan PT Garuda Indonesia (Persero) Tbk
tanggal 28 September 2017. Investasi yang ditawarkan dapat berupa penerbitan saham baru
Perseroan dan/atau penjualan saham Perseroan yang dimiliki oleh PT Garuda Indonesia
(Persero) Tbk dalam waktu 12 bulan pasca Penawaran Umum Perdana.

Dalam hal investasi dari satu atau lebih investor strategis tersebut diatas dilaksanakan
melalui penjualan saham Perseroan oleh PT Garuda Indonesia (Persero) Tbk. PT Garuda
Indonesia (Persero) Tbk akan melaksanakan penjualan saham tersebut setelah memperoleh
persetujuan dari Kementerian Badan Usaha Milik Negara Republik Indonesia.

4. Berdasarkan Akta Pernyataan Keputusan Para Pemegang Saham No. 159 tanggal 17 Desember
2012, yang dibuat di hadapan Arry Supratno, S.H., Notaris di Jakarta, yang telah
diberitahukan kepada Menkumham sebagaimana ternyata dalam Surat Penerimaan
Pemberitahuan Perubahan Data Perseroan No. AHU-AH.01.10-44876 tanggal 18 Desember
2012 dan telah didaftarkan dalam Daftar Perseroan pada Kemenkumham di bawah No. AHU-
0109604.AH.01.09.Tahun 2012 tanggal 18 Desember 2012 juncto Akta Pernyataan
Keputusan Para Pemegang Saham No. 22 tanggal 6 Mei 2015, yang dibuat di hadapan Arry
Supratno, S.H., Notaris di Jakarta, yang telah diberitahukan kepada Menkumham
sebagaimana ternyata dalam Surat Penerimaan Pemberitahuan Perubahan Data Perseroan
No. AHU-AH.01.03-0930667 tanggal 8 Mei 2015 dan telah didaftarkan dalam Daftar

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Perseroan pada Kemenkumham di bawah No. AHU-3502744.AH.01.11.Tahun 2015 tanggal 8

Mei 2015 juncto Akta Pernyataan Keputusan Para Pemegang Saham No. 229 tanggal 29 Juni
2016, yang dibuat di hadapan Arry Supratno, S.H., Notaris di Jakarta, yang telah
diberitahukan kepada Menkumham sebagaimana ternyata dalam Surat Penerimaan
Pemberitahuan Perubahan Data Perseroan No. AHU-AH.01.03-0063624 tanggal 1 Juli 2016
dan telah didaftarkan dalam Daftar Perseroan pada Kemenkumham di bawah No. AHU-
0082410.AH.01.11.Tahun 2016 tanggal 1 Juli 2016 juncto Akta Pernyataan Keputusan Para
Pemegang Saham No. 8 tanggal 1 Juli 2016, yang dibuat di hadapan Arry Supratno, S.H.,
Notaris di Jakarta, yang telah diberitahukan kepada Menkumham sebagaimana ternyata
dalam Surat Penerimaan Pemberitahuan Perubahan Data Perseroan No. AHU-AH.01.03-
0065002 tanggal 18 Juli 2016 dan telah didaftarkan dalam Daftar Perseroan pada
Kemenkumham di bawah No. AHU-0084463.AH.01.11.Tahun 2016 tanggal 18 Juli 2016
juncto Akta Pernyataan Keputusan Para Pemegang Saham No. 41 tanggal 16 Mei 2017, yang
dibuat di hadapan Arry Supratno, S.H., Notaris di Jakarta, yang telah diberitahukan kepada
Menkumham sebagaimana ternyata dalam Surat Penerimaan Pemberitahuan Perubahan
Data Perseroan No. AHU-AH.01.03-0137093 tanggal 17 Mei 2017 dan telah didaftarkan
dalam Daftar Perseroan pada Kemenkumham di bawah No. AHU-0063461.AH.01.11.TAHUN
2017 tanggal 17 Mei 2017 juncto Akta Pernyataan Keputusan Para Pemegang Saham No. 86
tanggal 26 Mei 2017, yang dibuat di hadapan Arry Supratno, S.H., Notaris di Jakarta, yang
telah diberitahukan kepada Menkumham sebagaimana ternyata dalam Surat Penerimaan
Pemberitahuan Perubahan Data Perseroan No. AHU-AH.01.03-0140277 tanggal 29 Mei 2017
dan telah didaftarkan dalam Daftar Perseroan pada Kemenkumham di bawah No. AHU-
0068399.AH.01.11.TAHUN 2017 tanggal 29 Mei 2017 juncto Akta Pernyataan Keputusan
Pemegang Saham Di Luar Rapat Umum Pemegang Saham No. 56 tanggal 30 Agustus 2017,
yang dibuat di hadapan Fathiah Helmi, S.H., Notaris di Jakarta yang telah diberitahukan
kepada Menkumham sebagaimana ternyata dalam Surat Penerimaan Pemberitahuan
Perubahan Data Perseroan No. AHU-AH.01.03-0167306 tanggal 30 Agustus 2017 dan telah
didaftarkan dalam Daftar Perseroan pada Kemenkumham di bawah No. AHU-
0108046.AH.01.11.Tahun 2017 tanggal 30 Agustus 2017 terkait pengangkatan Direktur
Independen dan Komisaris Independen juncto Akta Pernyataan Keputusan Pemegang Saham
Di Luar Rapat Umum Pemegang Saham No. 69 tanggal 26 September 2017, yang dibuat di
hadapan Fathiah Helmi, S.H., Notaris di Jakarta yang telah diberitahukan kepada
Menkumham sebagaimana ternyata dalam Surat Penerimaan Pemberitahuan Perubahan
Data Perseroan No. AHU-AH.01.03-0174792 tanggal 26 September 2017 dan telah
didaftarkan dalam Daftar Perseroan pada Kemenkumham di bawah No. AHU-
0119740.AH.01.11.TAHUN 2017 tanggal 26 September 2017 terkait pengangkatan Direktur
Base Operations, susunan Direksi dan Dewan Komisaris Perseroan adalah sebagai berikut:

Direksi:
Direktur Utama : Iwan Joeniarto
Direktur Keuangan : Insan Nur Cahyo
Direktur Human Capital & Corporate Affairs : Harkandri M. Dahler
Direktur Line Operation/Direktur Independen : Tazar Marta Kurniawan
Direktur Base Operations : Rahmat Hanafi

Masa jabatan Iwan Joeniarto selaku Direksi Utama adalah 3 tahun terhitung sejak 2 Mei 2017
sampai dengan 2 Mei 2020.

Masa jabatan Insan Nur Cahyo selaku Direktur Keuangan adalah 5 tahun terhitung sejak 17
April 2015 sampai dengan 17 April 2020.

Masa jabatan Tazar Marta Kurniawan selaku Direktur Line Operation/Direktur Independen
adalah 5 tahun terhitung sejak 15 Juni 2016 sampai dengan 15 Juni 2021.

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Masa jabatan Harkandri M. Dahler selaku Direktur Human Capital & Corporate Affairs
adalah 5 tahun terhitung sejak 8 Oktober 2012 sampai dengan 8 Oktober 2017.

Masa jabatan Rahmat Hanafi selaku Direktur Base Operations adalah sejak 11 September
2017 dan berakhir pada penutupan RUPS Tahunan ketiga pada akhir 1 periode masa jabatan
dimaksud.

Dewan Komisaris:
Komisaris Utama : Helmi Imam Satriyono
Komisaris : Puji Nur Handayani
Komisaris Independen : Hari Muhammad

Masa jabatan Helmi Imam Satriyono selaku Komisaris Utama adalah 5 tahun terhitung sejak
30 Juni 2016 sampai dengan 30 Juni 2021.

Masa jabatan Puji Nur Handayani selaku Komisaris adalah 3 tahun terhitung sejak 2 Mei
2017 sampai dengan 2 Mei 2020.

Masa jabatan Hari Muhammad selaku Komisaris Independen adalah sejak 16 Agustus 2017
dan berakhir pada penutupan RUPS Tahunan ketiga pada akhir 1 periode masa jabatan
dimaksud.

Pengangkatan Direksi dan Dewan Komisaris Perseroan tersebut adalah sah dan telah
dilakukan sesuai dengan ketentuan Anggaran Dasar Perseroan dan peraturan perundangan-
undangan yang berlaku dan karenanya sah bertindak dalam kewenangannya sebagaimana
diatur dalam Anggaran Dasar Perseroan. Namun demikian, susunan Direksi dan Dewan
Komisaris tersebut belum didaftarkan dalam Daftar Perusahaan pada Kantor Pendaftaran
Perusahaan sebagaimana diwajibkan berdasarkan Pasal 25 ayat (1) UU No. 3/1982.

Berdasarkan Pasal 32 ayat (1) UU No. 3/1982, kelalaian untuk melakukan pendaftaran
tersebut diancam pidana penjara selama-lamanya 3 bulan atau pidana denda setinggi-
tingginya Rp 3.000.000.

Penunjukan dan pengangkatan Dewan Komisaris dan Direksi Perseroan telah memenuhi
ketentuan POJK No. 33/2014.

Perseroan telah memiliki Direktur Independen yaitu Tazar Marta Kurniawan, sebagaimana
disyaratkan dalam Keputusan Direksi PT Bursa Efek Jakarta No. KEP-305/BEJ/07-2004
tentang Peraturan No. I-A tentang Pencatatan Saham dan Efek Bersifat Ekuitas Selain Saham
yang Diterbitkan oleh Perusahaan Tercatat sebagaimana diubah dengan Keputusan Direksi
PT Bursa Efek Indonesia No. Kep-0001/BEI/01-2014.

5. Berdasarkan Surat Keputusan Direksi No. DC/SEKP-5319/2017 tanggal 19 Mei 2017 tentang
Pembebasan dan Penetapan Pejabat Sdr. Mohamad Arif Faisal/527572, Perseroan telah
menunjuk Mohamad Arif Faisal sebagai Sekretaris Perusahaan Perseroan sebagaimana
disyaratkan dalam Peraturan OJK No. 35/POJK.04/2014 tanggal 8 Desember 2014 tentang
Sekretaris Perusahaan Emiten atau Perusahaan Publik (“POJK No. 35/2014”). Penunjukan
Mohamad Arif Faisal sebagai Sekretaris Perusahaan Perseroan telah dilakukan dengan
memenuhi ketentuan-ketentuan dalam POJK No. 35/2014.

6. Berdasarkan Surat Keputusan Direksi No. DC/SKEP-5641/17 tanggal 21 Agustus 2017 tentang
Struktur Organisasi Unit Internal Audit Perseroan, Perseroan telah membentuk Unit Audit
Internal. Berdasarkan Surat Keputusan Pembebasan dan Penetapan Pejabat No. DC/SKEP-
5234/2015 tanggal 10 Juli 2015, yang ditandatangani oleh Direktur Human Capital &

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Corporate Affairs Perseroan dan disetujui oleh Dewan Komisaris Perseroan, Perseroan telah
mengangkat Arief Adriyanto sebagai Kepala Unit Audit Internal Perseroan sesuai dengan
Peraturan OJK No. 56/POJK.04/2015 tanggal 29 Desember 2015 tentang Pembentukan dan
Pedoman Penyusunan Piagam Unit Audit Internal (“POJK No. 56/2015”).

Perseroan telah membentuk Piagam Unit Audit Internal yang ditetapkan oleh Direktur Utama
Perseroan tanggal 16 Agustus 2017.

Pembentukan Unit Audit Internal Perseroan, penetapan Piagam Unit Audit Internal
Perseroan serta penunjukan Arief Adriyanto sebagai Kepala Unit Audit Internal Perseroan
telah dilakukan dengan memenuhi ketentuan dalam POJK No. 56/2015.

7. Berdasarkan Surat Keputusan Dewan Komisaris No. DEKOM-GMF/SKEP/5006/17 tanggal

18 Agustus 2017 tentang Pembentukan Komite Audit & Kebijakan Tata Kelola Perusahaan
(Corporate Governance) PT Garuda Maintenance Facility Aero Asia Tbk, Perseroan telah
membentuk Komite Audit, dalam rangka memenuhi Peraturan OJK No. 55/POJK.04/2015
tanggal 23 Desember 2015 tentang Pembentukan dan Pelaksanaan Kerja Komite Audit
(“POJK No. 55/2015”).

Pembentukan Komite Audit Perseroan serta penunjukan Hari Muhammad sebagai Ketua
Komite Audit Perseroan (merangkap anggota) dan Tri Harsono Syahudoyo serta Dhani
Ardiansyah sebagai anggota Komite Audit Perseroan telah dilakukan dengan memenuhi
ketentuan dalam POJK No. 55/2015.

8. Berdasarkan Surat Keputusan Dewan Komisaris No. DEKOM-GMF/SKEP/5007/17 tanggal

18 Agustus 2017 tentang Pembentukan Komite Nominasi dan Remunerasi, Perseroan telah
membentuk Komite Nominasi dan Remunerasi Perseroan dan menunjuk Hari Muhammad
sebagai Ketua Komite Nominasi dan Remunerasi Perseroan (merangkap anggota) dan Helmi
Imam Satriyono serta Puji Nur Handayani sebagai anggota Komite Nominasi dan Remunerasi
Perseroan serta menyetujui penetapan Piagam Komite Nominasi dan Remunerasi, dalam
rangka memenuhi Peraturan Peraturan OJK No. 34/POJK.04/2014 tanggal 8 Desember 2014
tentang Komite Nominasi dan Remunerasi Emiten atau Perusahaan Publik (“POJK No.
34/2014”).

Pembentukan Komite Nominasi dan Remunerasi Perseroan serta penunjukan Hari

Muhammad sebagai Ketua Komite Nominasi dan Remunerasi Perseroan (merangkap
anggota) dan Helmi Imam Satriyono serta Puji Nur Handayani sebagai anggota Komite
Nominasi dan Remunerasi Perseroan telah dilakukan dengan memenuhi ketentuan dalam
POJK No. 34/2014.

9. Pada tanggal Pendapat Dari Segi Hukum ini dikeluarkan, Perseroan telah memperoleh izin-
izin pokok dan penting dari pihak yang berwenang yang diperlukan untuk menjalankan
kegiatan usahanya sebagaimana dipersyaratkan dalam peraturan perundang-undangan yang
berlaku dan izin-izin pokok dan penting tersebut masih berlaku sampai dengan
dikeluarkannya Pendapat Dari Segi Hukum ini, kecuali untuk Izin Operasi Kegiatan Jasa
Terkait Bandar Udara untuk seluruh line maintenance station Perseroan selain line
maintenance station Perseroan yang terletak di Tangerang, Surabaya, Yogyakarta, Solo,
Semarang dan Makassar.

Berdasarkan Pasal 42 ayat (1) Peraturan Menteri Perhubungan Republik Indonesia No. 56
Tahun 2015 tentang Kegiatan Pengusahaan Bandar Udara sebagaimana telah diubah dengan
Peraturan Menteri Perhubungan Republik Indonesia No. PM 187 Tahun 2015 (“Peraturan
Menteri No. 187/2015”), dalam melakukan kegiatan jasa terkait setiap bandar udara untuk
menunjang kegiatan pelayanan operasi pesawat udara di bandar udara, pemegang Sertifikat

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Operasi Jasa Terkait Bandar Udara harus memiliki Izin Operasi Kegiatan Jasa Terkait Bandar
Udara dari Kepala Otoritas Bandar Udara.

Adapun Peraturan Menteri No. 187/2015 tidak mengatur secara tegas terkait sanksi dalam hal
pemilik Sertifikat Operasi Jasa Terkait Bandar Udara tidak memiliki Izin Operasi Kegiatan
Jasa Terkait Bandar Udara.

Saat ini Perseroan telah memperoleh Sertifikat Operasi Jasa Terkait Bandar Udara yang
dikeluarkan oleh Menteri Perhubungan Republik Indonesia untuk memenuhi ketentuan Pasal
38 ayat (1) Peraturan Menteri No. 187/2015 dalam rangka penyelenggaraan kegiatan jasa
terkait bandar udara bidang perbengkelan pesawat udara. Lebih lanjut, Perseroan telah
memiliki perizinan pokok sehubungan dengan pelaksanaan kegiatan jasa perawatan, reparasi
dan overhaul pesawat udara, yaitu Sertifikat Persetujuan Organisasi Pemeliharaan Pesawat
yang dikeluarkan oleh Direktorat Jenderal Perhubungan Udara Republik Indonesia dimana
izin tersebut berlaku untuk seluruh line maintenance station Perseroan di Indonesia. Untuk
pelaksanaan kegiatan Perseroan di luar Indonesia, Perseroan telah memperoleh sertifikasi
perawatan pesawat udara teregistrasi di luar Indonesia dari beberapa negara.

Ketiadaan Izin Operasi Kegiatan Jasa Terkait Bandar Udara tidak mengganggu jalannya
kegiatan usaha Perseroan.

10. Pada tanggal Pendapat Dari Segi Hukum ini, Perseroan tidak memiliki penyertaan saham
pada perusahaan-perusahaan lain baik langsung maupun tidak langsung.

11. Pada tanggal Pendapat Dari Segi Hukum ini, Perseroan memiliki dan/atau menguasai harta
kekayaan atau aset berupa benda-benda bergerak yang material yang digunakan Perseroan
untuk menjalankan usahanya dan kepemilikan dan/atau penguasaan tersebut telah didukung
atau dilengkapi dengan dokumen kepemilikan dan/atau penguasaan yang sah menurut
hukum Indonesia. Harta kekayaan Perseroan yang dianggap material telah diasuransikan dan
sampai dengan tanggal Pendapat Dari Segi Hukum ini, polis-polis asuransi tersebut masih
berlaku.

12. Pada tanggal Pendapat Dari Segi Hukum ini dikeluarkan, harta kekayaan milik Perseroan
tidak sedang menjadi obyek sengketa atau dibebankan sebagai jaminan atas utang atau untuk
menjamin kewajiban suatu pihak kepada pihak ketiga, kecuali harta kekayaan milik
Perseroan di bawah ini yang sedang dibebankan sebagai jaminan:

a. barang-barang bergerak milik Perseroan sedang dibebankan jaminan fidusia

berdasarkan Akta Pemberian Jaminan Secara Fidusia Atas Benda Bergerak No. 42
tanggal 16 Juli 2014, yang dibuat di hadapan Arry Supratno, S.H., Notaris di Jakarta
antara Perseroan sebagai pemberi fidusia dan PT Indonesia Infrastructure Finance
sebagai penerima fidusia, dengan Sertifikat Jaminan Fidusia No.
W12.00413250.AH.05.01 TAHUN 2014 tanggal 13 Agustus 2014 yang dikeluarkan
oleh Kantor Pendaftaran Jaminan Fidusia, Kepala Kantor Wilayah Banten.
Penjaminan harta kekayaan Perseroan ini diberikan untuk menjamin utang
Perseroan berdasarkan Akta Perjanjian Fasilitas Pinjaman Berjangka Senior No. 41
tanggal 16 Juli 2014, yang dibuat di hadapan Arry Supratno, S.H., Notaris di Jakarta
sebagaimana diubah terakhir kali dengan Addendum I atas Perjanjian Fasilitas
Pinjaman Berjangka Senior tanggal 30 Juni 2015 berikut segala perubahan dan
perpanjangannya dari waktu ke waktu antara Perseroan dengan PT Indonesia
Infrastructure Finance (“Perjanjian Kredit IIF”);

b. segala hasil pembayaran dari suatu polis atau kontrak asuransi untuk melindungi
barang-barang bergerak milik Perseroan sedang dibebankan jaminan fidusia
berdasarkan Akta Pemberian Jaminan Secara Fidusia Atas Hasil Pembayaran

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Asuransi No. 43 tanggal 16 Juli 2014, yang dibuat di hadapan Arry Supratno, S.H.,
Notaris di Jakarta antara Perseroan sebagai pemberi fidusia dan PT Indonesia
Infrastructure Finance sebagai penerima fidusia, dengan Sertifikat Jaminan Fidusia
No. W12.00413236.AH.05.01 TAHUN 2014 tanggal 13 Agustus 2014 yang
dikeluarkan oleh Kantor Pendaftaran Jaminan Fidusia, Kepala Kantor Wilayah
Banten. Penjaminan harta kekayaan Perseroan ini diberikan untuk menjamin utang
Perseroan berdasarkan Perjanjian Kredit IIF;

c. barang-barang bergerak milik Perseroan sedang dibebankan jaminan fidusia

berdasarkan Akta Jaminan Fidusia No. 112 tanggal 28 April 2016, yang dibuat di
hadapan Arry Supratno, S.H., Notaris di Jakarta antara Perseroan sebagai pemberi
fidusia dan PT Bank Negara Indonesia (Persero) Tbk sebagai penerima fidusia.
Penjaminan harta kekayaan Perseroan ini diberikan untuk menjamin utang Perseroan
berdasarkan (i) Akta Perjanjian Kredit Term Loan (Kredit Investasi) Maksimum USD
42.000.000 No. 110 tanggal 28 April 2016, yang dibuat di hadapan Arry Supratno,
S.H., Notaris di Jakarta berikut segala perubahan dan perpanjangannya dari waktu ke
waktu antara Perseroan dengan PT Bank Negara Indonesia (Persero) Tbk; (ii) Akta
Perjanjian Pemberian Fasilitas Kredit Tidak Langsung No. 157 tanggal 28 Oktober
2014, yang dibuat di hadapan Arry Supratno, S.H., Notaris di Jakarta sebagaimana
diubah terakhir kali dengan Persetujuan Perubahan Perjanjian Pemberian Fasilitas
Kredit Tidak Langsung No. (2) 157 Maksimum USD 30.000.000 tanggal 12 Juli 2017
berikut segala perubahan dan perpanjangannya dari waktu ke waktu antara Perseroan
dengan PT Bank Negara Indonesia (Persero) Tbk; (iii) Akta Perjanjian Kredit No. 234
tanggal 31 Mei 2013, yang dibuat di hadapan Arry Supratno, S.H., Notaris di Jakarta
sebagaimana diubah terakhir kali dengan Persetujuan Perubahan Perjanjian Kredit
No. (4) 234 Maksimum Rp 488.950.000.000 tanggal 12 Juli 2017 berikut segala
perubahan dan perpanjangannya dari waktu ke waktu antara Perseroan dengan PT
Bank Negara Indonesia (Persero) Tbk (“Perjanjian Kredit BNI I”); (iv) Akta
Perjanjian Kredit No. 235 tanggal 31 Mei 2013, yang dibuat di hadapan Arry
Supratno, S.H., Notaris di Jakarta sebagaimana diubah terakhir kali dengan
Persetujuan Perubahan Perjanjian Kredit No. (1) 235 Maksimum USD 6.000.000
tanggal 12 Januari 2015 berikut segala perubahan dan perpanjangannya dari waktu ke
waktu antara Perseroan dengan PT Bank Negara Indonesia (Persero) Tbk
(“Perjanjian Kredit BNI II”); dan (v) Akta Perjanjian Kredit No. 251 tanggal 25
Juni 2012, yang dibuat di hadapan Arry Supratno, S.H., Notaris di Jakarta
sebagaimana diubah terakhir kali dengan Persetujuan Perubahan Perjanjian Kredit
No. (1) 251 Maksimum Rp 55.000.000.000 tanggal 12 Juli 2017 antara Perseroan
dengan PT Bank Negara Indonesia (Persero) Tbk; dan

d. tagihan yang ada dan akan ada kepada seluruh pelanggan proyek Perseroan berupa
Industrial Gas Tribune Engine dan Power Service sedang dibebankan jaminan
fidusia berdasarkan Akta Jaminan Fidusia (Tagihan) No. 26 tanggal 16 Desember
2013, yang dibuat di hadapan Ati Mulyati, S.H., M.Kn., Notaris di Jakarta antara
Perseroan sebagai pemberi fidusia dan PT Bank Syariah Mandiri sebagai agen
fasilitas/ agen jaminan, dengan Sertifikat Jaminan Fidusia No.
W12.00091825.AH.05.01 TAHUN 2014 tanggal 21 Februari 2014 yang dikeluarkan
oleh Kantor Pendaftaran Jaminan Fidusia, Kepala Kantor Wilayah Banten.
Penjaminan harta kekayaan Perseroan ini diberikan untuk menjamin utang
Perseroan berdasarkan Akta Akad Line Facility Al Ijarah Muntahiyyah Bit Tamlik Sub
Limit Wakalah (L/C) No. 25 tanggal 16 Desember 2013, yang dibuat di hadapan Ati
Mulyati, S.H., M.Kn., Notaris di Jakarta berikut segala perubahan dan
perpanjangannya dari waktu ke waktu antara Perseroan dengan PT Bank Syariah
Mandiri.

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PT GARUDA MAINTENANCE FACILITY AERO ASIA TBK
HALAMAN: 16

Penjaminan harta kekayaan milik Perseroan telah dibuat oleh Perseroan sesuai dengan
ketentuan Anggaran Dasar Perseroan dan ketentuan hukum yang berlaku.

13. Pada tanggal Pendapat Dari Segi Hukum ini dikeluarkan, perjanjian-perjanjian yang
dianggap penting dan material, yaitu perjanjian-perjanjian yang perlu dibuat atau
ditandatangani oleh Perseroan agar dapat melaksanakan kegiatan usahanya dan dalam hal
terdapat wanprestasi, dapat mempengaruhi kegiatan usaha Perseroan secara material, telah
dibuat oleh Perseroan sesuai dengan ketentuan Anggaran Dasar Perseroan dan ketentuan
hukum yang berlaku, dan karenanya perjanjian-perjanjian tersebut sah dan mengikat
Perseroan.

Perjanjian-perjanjian yang telah ditandatangani oleh Perseroan dengan pihak ketiga tidak
mencakup hal-hal yang dapat menghalangi rencana Penawaran Umum Perdana dan rencana
penggunaan dana dalam rangka Penawaran Umum Perdana Perseroan serta tidak mengatur
pembatasan-pembatasan yang dapat merugikan hak-hak dan kepentingan pemegang saham
publik Perseroan.

14. Pada tanggal Pendapat Dari Segi Hukum ini, Perseroan telah menaati ketentuan yang berlaku
sehubungan dengan aspek ketenagakerjaan, antara lain: (i) Perjanjian Kerja Bersama; (ii)
kewajiban pelaporan ketenagakerjaan berdasarkan Wajib Lapor Ketenagakerjaan (“WLTK”);
(iii) pembentukan Serikat Pekerja; (iv) kewajiban kepesertaan dalam program Badan
Penyelenggara Jaminan Sosial (“BPJS”) Ketenagakerjaan dan Kesehatan; (v) pemenuhan
upah minimum regional; dan (vi) perizinan sehubungan dengan tenaga kerja asing.

15. Berdasarkan hasil pemeriksaan kami dan Surat Pernyataan Perseroan tanggal 28 Juli 2017,
Perseroan tidak sedang terlibat dalam suatu perkara maupun sengketa di luar pengadilan
dan/atau perkara perdata, pidana dan/atau perselisihan lain di lembaga peradilan dan/atau
di lembaga arbitrase baik di Indonesia maupun di luar negeri atau perselisihan administratif
dengan instansi pemerintah yang berwenang termasuk perselisihan sehubungan dengan
kewajiban perpajakan atau perselisihan yang berhubungan dengan masalah
perburuhan/hubungan industrial atau kepailitan atau mengajukan permohonan kepailitan,
atau tidak sedang menghadapi somasi yang dapat mempengaruhi secara berarti dan material
kedudukan peranan dan/atau kelangsungan usaha Perseroan.

16. Berdasarkan hasil pemeriksaan kami dan Surat Pernyataan dari masing-masing anggota
Direksi dan Dewan Komisaris Perseroan tanggal 28 Juli 2017, 18 Agustus 2017 dan 25
September 2017, tidak ada anggota Direksi dan Dewan Komisaris Perseroan yang sedang
terlibat dalam suatu perkara perdata, pidana dan/atau perselisihan di lembaga peradilan
dan/atau di lembaga arbitrase baik di Indonesia maupun di luar negeri atau perselisihan
administratif dengan instansi pemerintah yang berwenang termasuk perselisihan sehubungan
dengan kewajiban perpajakan atau perselisihan yang berhubungan dengan masalah
perburuhan/hubungan industrial atau tidak pernah dinyatakan pailit yang dapat
mempengaruhi secara berarti kedudukan peranan dan/atau kelangsungan usaha Perseroan,
atau menjadi anggota Direksi atau Komisaris yang dinyatakan bersalah menyebabkan suatu
perusahaan dinyatakan pailit atau tidak sedang menghadapi somasi yang dapat
mempengaruhi secara berarti dan material kedudukan peranan dan/atau kelangsungan usaha
Perseroan.

17. Informasi yang material terkait dengan aspek hukum sebagaimana diungkapkan dalam
Prospektus sebagai dokumen penawaran untuk Penawaran Umum Perdana telah memuat
informasi yang diungkapkan di dalam Laporan Uji Tuntas dan Pendapat Dari Segi Hukum.

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PT GARUDA MAINTENANCE FACILITY AERO ASIA TBK
HALAMAN: 17

ASUMSI-ASUMSI DAN PEMBATASAN

Pendapat Dari Segi Hukum kami berikan dengan mendasarkan pada asumsi-asumsi dan pembatasan
sebagai berikut:

1. Bahwa tanda tangan atas semua dokumen asli yang diberikan atau diperlihatkan oleh
Perseroan baik secara langsung maupun tidak langsung sebagaimana diuraikan dalam
Pendapat Dari Segi Hukum ini dan/atau pihak ketiga kepada kami dalam rangka Penawaran
Umum Perdana adalah asli, dan (i) dokumen-dokumen asli yang diberikan atau diperlihatkan
kepada kami adalah otentik; (ii) dokumen-dokumen yang diberikan kepada kami dalam
bentuk fotokopi atau salinan lainnya adalah sesuai dengan aslinya; (iii) dokumen-dokumen
yang diberikan kepada kami dalam bentuk rancangan telah ditandatangani dalam bentuk dan
isi yang sama dengan rancangan tersebut.

2. Bahwa dokumen-dokumen, pernyataan-pernyataan, data, fakta-fakta, informasi-informasi

dan keterangan-keterangan serta penegasan-penegasan baik lisan maupun tulisan yang
diberikan oleh Perseroan dan pihak ketiga kepada kami untuk tujuan pembuatan Pendapat
Dari Segi Hukum adalah benar, akurat, lengkap, tidak menyesatkan dan sesuai dengan
keadaan yang sebenarnya, serta tidak mengalami perubahan sampai dengan tanggal
Pendapat Dari Segi Hukum.

3. Pihak yang mengadakan perjanjian dengan Perseroan mempunyai kewenangan dan

kekuasaan untuk melakukan tindakan tersebut secara sah dan mengikat.

4. Para pejabat pemerintah yang mengeluarkan perizinan kepada, melakukan pendaftaran atau
pencatatan untuk kepentingan Perseroan: (i) mempunyai kewenangan dan kekuasaan untuk
melakukan tindakan tersebut secara sah dan mengikat; (ii) telah melakukan tindakannya
sesuai peraturan perundang-undangan yang berlaku dan setiap permohonan perizinan atau
dokumen pendaftaran atau pencatatan telah memuat setiap dan seluruh prasyarat yang
ditentukan menurut peraturan perundang-undangan maupun kebijakan yang terkait.

5. Pernyataan, pendapat, dan keterangan tertulis atau lisan yang diberikan oleh anggota Direksi,
Dewan Komisaris, wakil-wakil lain dan/atau pegawai Perseroan secara langsung maupun
tidak langsung, pejabat pemerintah dan pihak lainnya adalah benar, lengkap dan sesuai
dengan keadaan yang sesungguhnya.

6. Bahwa sehubungan dengan pendapat hukum kami secara umum dan khususnya yang
menyangkut perizinan, harta kekayaan, atau perjanjian-perjanjian atau perkara/sengketa
yang akan kami uraikan dalam Laporan Uji Tuntas, kami menerapkan prinsip materialitas
yang umum berlaku dalam bidang Pasar Modal di Indonesia dan berdasarkan pandangan
profesional kami terhadap hal-hal yang dapat mempengaruhi secara berarti operasi dan
kelangsungan usaha dari Perseroan.

7. Pendapat Dari Segi Hukum ini disusun dan disiapkan berdasarkan hasil pemeriksaan atas
dokumen-dokumen yang kami peroleh sampai dengan tanggal 28 September 2017.

8. Sesuai dengan Surat Keputusan HKHPM No. KEP.04/HKHPM/XI/2012 tentang Perubahan

Standar Profesi Himpunan Konsultan Hukum Pasar Modal tanggal 6 Desember 2012,
kewajiban konsultan hukum untuk memperoleh surat keterangan dari badan peradilan yang
berwenang telah dicabut, dan oleh karena itu, Pendapat Dari Segi Hukum mengenai
keterlibatan perkara Perseroan serta anggota Direksi dan Dewan Komisaris didasarkan pada
keterangan dan surat pernyataan dari Perseroan serta masing-masing anggota Direksi dan
Dewan Komisarisnya.

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PT GARUDA MAINTENANCE FACILITY AERO ASIA TBK
HALAMAN: 18

9. Pendapat Dari Segi Hukum ini diberikan berdasarkan hukum yang berlaku di Negara
Republik Indonesia, sehingga karenanya: (i) tidak dimaksudkan untuk berlaku atau dapat
ditafsirkan menurut hukum atau yurisdiksi hukum lain dan (ii) tidak mencakup kepatuhan
Perseroan atas hukum atau yurisdiksi hukum lain maupun hukum internasional sehubungan
dengan kegiatan usaha maupun harta kekayaan Perseroan.

10. Informasi, fakta dan pendapat yang dimuat dalam Pendapat Dari Segi Hukum dapat
terpengaruh bilamana asumsi-asumsi dan pembatasan tersebut di atas tidak tepat atau tidak
benar atau tidak sesuai dengan kenyataannya.

11. Peraturan sehubungan dengan perizinan yang diterbitkan oleh pemerintah daerah di mana
Perseroan memiliki kegiatan operasional pada umumnya tidak menyimpang dari kerangka
peraturan hukum tentang hal yang sama yang diterbitkan oleh pemerintah pusat.

12. Berdasarkan UU No. 3/1982, perusahaan yang didirikan di Indonesia wajib didaftarkan pada
Kantor Daftar Perusahaan pada Kementerian Perdagangan Republik Indonesia. Hal-hal yang
wajib didaftarkan, antara lain: (i) nama Perseroan, (ii) susunan Direksi dan Dewan Komisaris,
serta (iii) susunan permodalan. Sesuai dengan ketentuan UUPT, Menkumham
menyelenggarakan Daftar Perseroan yang memuat informasi mengenai nama, tempat
kedudukan, maksud dan tujuan serta perubahan data perseroan antara lain tentang
penggantian anggota Direksi dan Dewan Komisaris sebagaimana dirinci lebih lanjut dalam
Pasal 29 UUPT. Berbeda dengan Undang-Undang No. 1 Tahun 1995 tentang Perseroan
Terbatas yang mewajibkan perubahan Anggaran Dasar, baik yang memerlukan persetujuan
maupun pelaporan, untuk didaftarkan dalam Daftar Perusahaan sesuai dengan UU No.
3/1982, UUPT tidak mensyaratkan perubahan Anggaran Dasar dan perubahan susunan
Direksi dan Dewan Komisaris untuk didaftarkan dalam Daftar Perusahaan. Walapun dalam
Penjelasan Umum UUPT menyatakan bahwa dalam hal pemberian status badan hukum,
persetujuan dan/atau penerimaan pemberitahuan perubahan anggaran dasar dan perubahan
data lainnya, UUPT tersebut tidak dikaitkan dengan UU No. 3/1982, namun sampai dengan
saat ini, UU No. 3/1982 masih berlaku dan belum dicabut. Berdasarkan UU No. 3/1982,
kelalaian dalam proses pendaftaran tersebut diancam dengan pidana penjara paling lama 3
bulan atau pidana denda setinggi-tingginya Rp 3.000.000,00. Dalam praktiknya,
berdasarkan konfirmasi tertulis dari Notaris, setelah berlakunya UUPT, penerapan
pendaftaran perusahaan berdasarkan UU No. 3/1982 tidak dapat dilaksanakan dimana
pejabat dari instansi terkait, dalam hal ini Kementerian Perdagangan Republik Indonesia,
menolak untuk mendaftarkan perubahan Direksi dan atau Dewan Komisaris dan perubahan
Anggaran Dasar, terkait dengan permodalan dan kegiatan usaha, dalam Daftar Perusahaan
Kementerian Perdagangan Republik Indonesia dengan alasan telah terdaftar dalam Daftar
Perseroan yang dikelola oleh Kemenkumham.

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION
31 MARET 2017, 31 DESEMBER 2016, 2015 DAN 2014 MARCH 31, 2017, DECEMBER 31, 2016, 2015 AND 2014

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

Catatan/ March 31, December 31, December 31, December 31,
Notes 2017 2016 2015 2014
USD USD USD USD

ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 5 37.766.655 60.441.867 25.457.040 20.368.358 Cash and cash equivalents
Kas dibatasi penggunaannya 5 531.129 867.313 195.366 479.072 Restricted cash
Piutang usaha - setelah dikurangi 6 Trade accounts receivable - net of
cadangan penurunan nilai allowance for impairment losses of
sebesar USD 10.992.511 per USD 10,992,511 at March 31, 2017,
31 Maret 2017, USD 11.014.011 USD 11,014,011 at December 31,
per 31 Desember 2016 USD 9.428.539 2016, USD 9,428,539 at
per 31 Desember 2015 dan December 31, 2015 and
USD 10.008.428 per 31 Desember 2014 USD 10,008,428 at December 31, 2014
Pihak berelasi 71.857.004 54.136.001 30.589.597 24.151.626 Related parties
Pihak ketiga 32.051.173 22.656.500 19.611.148 12.686.338 Third parties
Tagihan bruto dari pelanggan 7 Gross receivable from customers
Pihak berelasi 31a 58.040.103 51.163.754 42.945.882 22.121.231 Related parties
Pihak ketiga 31.143.532 23.209.983 7.600.530 7.754.381 Third parties
Piutang lain-lain 8 Other accounts receivable
Pihak ketiga 2.006.923 3.787.012 939.319 1.015.372 Third parties
Persediaan - bersih 9 84.895.135 84.315.528 68.602.281 59.433.992 Inventories - net
Pajak dibayar dimuka 10 - 299.348 1.787.380 - Prepaid tax
Uang muka dan biaya dibayar dimuka 11 23.465.591 27.336.749 13.020.293 8.134.744 Advances and prepaid expenses

Jumlah Aset Lancar 341.757.245 328.214.055 210.748.836 156.145.114 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS

Piutang lain-lain - tidak lancar 8 Other receivable - non-current
Pihak ketiga - - 186.835 1.126.154 Third parties
Aset pajak tangguhan - bersih 27 8.419.759 9.211.084 12.466.182 12.852.827 Deferred tax assets - net
Aset tetap - setelah dikurangi Property and equipment - net of
akumulasi penyusutan sebesar accumulated depreciation of
USD 59.875.067 per 31 Maret 2017, USD 59,875,067 at March 31, 2017,
USD 57.326.338 per 31 Desember 2016, USD 57,326,338 at December 31, 2016
USD 47.925.138 per 31 Desember 2015 USD 47,925,138 at December 31, 2015
dan USD 39.244.311 per 31 Desember and USD 39,244,311 at December 31,
2014 12 109.861.966 105.163.968 89.592.744 86.027.332 2014

Jumlah Aset Tidak Lancar 118.281.725 114.375.052 102.245.761 100.006.313 Total Non-current Assets

JUMLAH ASET 460.038.970 442.589.107 312.994.597 256.151.427 TOTAL ASSETS

Lihat catatan atas laporan keuangan yang merupakan See accompanying notes to financial statements
bagian yang tidak terpisahkan dari laporan keuangan. which are an integral part of the financial statements.

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LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION
31 MARET 2017, 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan MARCH 31, 2017, DECEMBER 31, 2016, 2015 AND 2014 - Continued

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

Catatan/ March 31, December 31, December 31, December 31,
Notes 2017 2016 2015 2014
USD USD USD USD

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Pinjaman jangka pendek 13 31.236.141 33.336.906 - 5.000.000 Short-term loans
Utang usaha 14 Trade accounts payable
Pihak berelasi 9.598.050 6.736.547 4.916.463 5.589.438 Related parties
Pihak ketiga 66.452.299 64.315.669 43.916.127 25.859.871 Third parties
Utang lain-lain 15 Other accounts payable
Pihak berelasi 5.791.673 3.951.719 3.821.652 1.426.689 Related parties
Pihak ketiga 856.660 480.679 468.947 888.373 Third parties
Utang bruto kepada pelanggan 7 Gross payable to customers
Pihak berelasi 5.404.970 84.492 122.903 - Related parties
Pihak ketiga 565.080 87.161 112.396 405.836 Third parties
Utang pajak 16 8.291.765 7.998.762 8.773.296 3.481.838 Taxes payable
Beban akrual 17 9.117.063 12.334.793 20.963.727 26.166.074 Accrued expenses
Pinjaman jangka panjang jatuh tempo Current maturities of
dalam waktu satu tahun 18 24.226.000 17.453.727 8.611.818 6.861.857 long-term loans

Jumlah Liabilitas Jangka Pendek 161.539.701 146.780.455 91.707.329 75.679.976 Total Current Liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Pinjaman jangka panjang - setelah
dikurangi bagian jatuh tempo Long-term loans - net of
dalam satu tahun 18 76.638.425 85.619.595 49.201.033 39.539.119 current maturities
Utang kepada pemegang saham 31c 1.225.000 1.470.000 3.884.227 6.610.894 Due to a shareholder
Liabilitas imbalan kerja 29 36.398.397 36.164.309 45.410.144 44.127.988 Employee benefits obligation

Jumlah Liabilitas Jangka Panjang 114.261.822 123.253.904 98.495.404 90.278.001 Total Non-current Liabilities

EKUITAS EQUITY
Modal saham - nilai nominal Capital stock - Rp 250 thousand
Rp 250 ribu per saham par value per share
Modal dasar - 1.467.200 saham Authorized - 1,467,200 shares
Modal ditempatkan dan disetor - Issued and paid-up -
665.600 saham 19 19.214.846 19.214.846 19.214.846 19.214.846 665,600 shares
Modal disetor lainnya 19 1.142.271 1.142.271 1.142.271 1.142.271 Additional paid-in capital
Penghasilan komprehensif lain 20 (28.272.218) (29.829.811) (21.850.482) (19.123.567) Other comprehensive income
Saldo laba Retained earnings
Ditentukan penggunaannya 28 3.458.030 3.458.030 3.458.030 3.458.030 Appropriated
Tidak ditentukan penggunaannya 188.694.518 178.569.412 120.827.199 85.501.870 Unappropriated

Jumlah Ekuitas 184.237.447 172.554.748 122.791.864 90.193.450 Total Equity

JUMLAH LIABILITAS DAN EKUITAS 460.038.970 442.589.107 312.994.597 256.151.427 TOTAL LIABILITIES AND EQUITY

Lihat catatan atas laporan keuangan yang merupakan See accompanying notes to financial statements
bagian yang tidak terpisahkan dari laporan keuangan. which are an integral part of the financial statements.

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LAPORAN LABA RUGI DAN PENGHASILAN STATEMENTS OF PROFIT OR LOSS AND OTHER
KOMPREHENSIF LAIN COMPREHENSIVE INCOME
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET 2017 FOR THE THREE-MONTHS PERIOD ENDED MARCH 31, 2017
DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG BERAKHIR AND 2016 (UNAUDITED) AND THE YEARS ENDED
31 DESEMBER 2016, 2015 DAN 2014 DECEMBER 31, 2016, 2015 AND 2014

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
Catatan/ (Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Notes Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD

PENDAPATAN USAHA 21 106.087.810 81.613.251 388.662.512 305.590.117 264.048.576 OPERATING REVENUES

BEBAN USAHA OPERATING EXPENSES

Beban pegawai 22 26.545.795 20.971.572 82.015.916 84.908.880 79.342.462 Staff expenses
Beban material 23 24.291.894 16.192.093 79.608.750 65.571.775 62.071.063 Material expenses
Beban subkontrak 24 23.729.871 15.907.614 73.612.145 57.430.891 49.076.004 Subcontract expenses
Beban penyusutan dan penurunan nilai aset 12 3.152.422 2.816.290 11.385.435 8.908.316 6.506.521 Depreciation and impairment expenses
Beban operasional lainnya 25 15.707.529 10.605.327 54.671.929 43.969.094 42.097.500 Other operating expenses

Jumlah Beban Usaha 93.427.511 66.492.896 301.294.175 260.788.956 239.093.550 Total Operating Expenses

BEBAN (PENDAPATAN) USAHA LAINNYA OTHER OPERATING EXPENSE (INCOME)

Kerugian (keuntungan) selisih kurs
mata uang asing - bersih 137.586 1.545.413 4.280.637 (5.789.012) 380.950 Loss (gain) on foreign exchange - net

LABA USAHA 12.522.713 13.574.942 83.087.700 50.590.173 24.574.076 INCOME FROM OPERATIONS

Penghasilan bunga 151.730 58.077 299.950 348.484 149.194 Interest income

Beban keuangan 13,18 (2.365.380) (1.479.310) (6.546.605) (3.091.180) (1.956.768) Finance cost
Keuntungan dan kerugian lain-lain - bersih 26 3.219.397 250.354 157.836 202.316 1.449.039 Other gains and losses - net

LABA SEBELUM PAJAK 13.528.460 12.404.063 76.998.881 48.049.793 24.215.541 INCOME BEFORE TAX

BEBAN PAJAK - BERSIH 27 (3.403.354) (3.099.691) (19.256.668) (11.864.828) (6.055.069) INCOME TAX EXPENSE - NET

LABA BERSIH TAHUN BERJALAN 10.125.106 9.304.372 57.742.213 36.184.965 18.160.472 PROFIT FOR THE YEAR

PENGHASILAN KOMPREHENSIF LAIN: OTHER COMPREHENSIVE INCOME

Pos-pos yang tidak akan direklasifikasi Items that will not be reclassified
ke laba rugi: subsequently to profit or loss:
Keuntungan revaluasi aset tetap 1.582.296 - 312.771 32.395 9.977 Gain on revaluation of property
Pengukuran kembali atas program Remeasurement of defined benefit
imbalan pasti 494.495 (2.702.323) (10.951.876) (3.668.281) (3.400.167) obligation
Income tax benefit (expense) relating
Manfaat (beban) pajak terkait pos-pos to items that will not be
yang tidak akan direklasifikasi (519.198) 675.581 2.659.776 908.971 847.548 reclassified subsequently

Pos-pos yang akan direklasifikasi Items that may be reclassified

ke laba rugi - - - - - subsequently to profit or loss

Jumlah penghasilan komprehensif lain Total other comprehensive income for

tahun berjalan setelah pajak 1.557.593 (2.026.742) (7.979.329) (2.726.915) (2.542.642) the current year, net of tax

JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOME

TAHUN BERJALAN 11.682.699 7.277.630 49.762.884 33.458.050 15.617.830 FOR THE YEAR

LABA PER SAHAM DASAR DAN DILUSIAN BASIC AND DILUTED EARNINGS PER SHARE
diatribusikan kepada pemilik 30 0,06574 0,07085 0,01153 0,01839 0,03665 attributrable to owner of the company

Lihat catatan atas laporan keuangan yang merupakan See accompanying notes to financial statements
bagian yang tidak terpisahkan dari laporan keuangan. which are an integral part of the financial statements.

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 PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
LAPORAN PERUBAHAN EKUITAS STATEMENTS OF CHANGES IN EQUITY
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET 2017 DAN 2016 (TIDAK DIAUDIT) FOR THE THREE-MONTHS PERIOD ENDED MARCH 31, 2017 AND 2016 (UNAUDITED)
DAN TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 AND THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014

Penghasilan komprehensif lain/

Other comprehensive income
Modal disetor Imbalan Surplus Saldo laba/Retained earnings
lainnya kerja/ revaluasi/ Ditentukan Tidak ditentukan
Catatan/ Modal disetor/ Additional paid-in Employee Revaluation Jumlah/ penggunaannya/ penggunaannya/ Jumlah ekuitas/
Notes Paid-up capital capital benefits surplus Total Appropriated Unappropriated Total equity
USD USD USD USD USD USD USD

Saldo 1 Januari 2014 19.214.846 1.142.271 (16.632.890) 51.965 (16.580.925) 3.169.426 68.108.181 75.053.799 Balance as of January 1, 2014

Cadangan umum 28 - - - - - 288.604 (288.604) - Appropriation for general reserve

Pembagian dividen 28 - - - - - (478.179) (478.179) Dividends distributed
Laba bersih tahun berjalan - - - - - - 18.160.472 18.160.472 Profit for the year
Penghasilan komprehensif lain Other comprehensive income
Revaluasi aset tetap 12 - - - 7.483 7.483 - - 7.483 Revaluation of property and equipment
Keuntungan atau kerugian aktuaria Actuarial gain or loss on defined benefit
atas kewajiban manfaat pasti 29 - - (2.550.125) - (2.550.125) - - (2.550.125) obligation

Saldo per 31 Desember 2014 19.214.846 1.142.271 (19.183.015) 59.448 (19.123.567) 3.458.030 85.501.870 90.193.450 Balance as of December 31, 2014
Pembagian dividen 28 - - - - - - (859.636) (859.636) Dividends distributed
Laba bersih tahun berjalan - - - - - - 36.184.965 36.184.965 Profit for the year
Penghasilan komprehensif lain Other comprehensive income
Revaluasi aset tetap 12 - - - 24.296 24.296 - - 24.296 Revaluation of property and equipment
Keuntungan atau kerugian aktuaria Actuarial gain or loss on defined benefit
atas kewajiban manfaat pasti 29 - - (2.751.211) - (2.751.211) - - (2.751.211) obligation

Saldo per 31 Desember 2015 19.214.846 1.142.271 (21.934.226) 83.744 (21.850.482) 3.458.030 120.827.199 122.791.864 Balance as of December 31, 2015

234
Laba bersih tahun berjalan - - - - - - 57.742.213 57.742.213 Profit for the year
Penghasilan komprehensif lain Other comprehensive income
Revaluasi aset tetap 12 - - - 234.578 234.578 - - 234.578 Revaluation of property and equipment
Keuntungan atau kerugian aktuaria Actuarial gain or loss on defined benefit
atas kewajiban manfaat pasti 29 - - (8.213.907) - (8.213.907) - - (8.213.907) obligation

Saldo per 31 Desember 2016 19.214.846 1.142.271 (30.148.133) 318.322 (29.829.811) 3.458.030 178.569.412 172.554.748 Balance as of December 31, 2016
Laba bersih periode berjalan - - - - - - 10.125.106 10.125.106 Profit for the period
Penghasilan komprehensif lain Other comprehensive income
Revaluasi aset tetap 12 - - - 1.186.721 1.186.721 - - 1.186.721 Revaluation of property and equipment
Keuntungan atau kerugian aktuaria Actuarial gain or loss on defined benefit
atas kewajiban manfaat pasti 29 - - 370.872 - 370.872 - - 370.872 obligation

Saldo per 31 Maret 2017 19.214.846 1.142.271 (29.777.261) 1.505.043 (28.272.218) 3.458.030 188.694.518 184.237.447 Balance as of March 31, 2017

Lihat catatan atas laporan keuangan yang merupakan See accompanying notes to financial statements
bagian yang tidak terpisahkan dari laporan keuangan. which are an integral part of the financial statements.

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
LAPORAN ARUS KAS STATEMENTS OF CASH FLOWS
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET 2017 FOR THE THREE-MONTHS PERIOD ENDED MARCH 31, 2017
DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG BERAKHIR AND 2016 (UNAUDITED) AND THE YEARS ENDED
31 DESEMBER 2016, 2015 DAN 2014 DECEMBER 31, 2016, 2015 AND 2014

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
Catatan/ (Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Notes Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD

CASH FLOWS FROM OPERATING

ARUS KAS DARI AKTIVITAS OPERASI ACTIVITIES
Penerimaan kas dari pelanggan 73.569.605 72.353.352 345.745.620 275.462.937 256.927.908 Cash receipts from customers
Pembayaran kas kepada pemasok
dan lainnya (46.769.115) (53.569.976) (255.102.870) (179.873.648) (154.677.963) Cash paid to suppliers and others
Pembayaran kas kepada karyawan (25.786.708) (27.010.257) (86.279.235) (87.295.006) (78.982.653) Cash paid to employees

Kas dihasilkan dari (digunakan untuk) operasi 1.013.782 (8.226.881) 4.363.515 8.294.283 23.267.292 Cash generated from (used in) operations
Pembayaran bunga (2.359.902) (1.479.310) (6.546.605) (2.481.484) (1.553.687) Interest paid
Pembayaran pajak penghasilan (2.270.166) (1.124.216) (14.072.743) (4.833.786) (6.474.043) Income taxes paid

Kas Bersih Diperoleh dari (Digunakan untuk) Net Cash Provided by (Used in) Operating
Aktivitas Operasi (3.616.286) (10.830.407) (16.255.833) 979.013 15.239.562 Activities

CASH FLOWS FROM INVESTING

ARUS KAS DARI AKTIVITAS INVESTASI ACTIVITIES
Penurunan (kenaikan) kas dibatasi
penggunaannya 336.184 (246.514) (671.947) 283.706 (336.907) Decrease (increase) in restricted cash
Penerimaan bunga 151.730 58.077 299.950 348.484 149.194 Interest received
Perolehan aset tetap 12 (15.234.910) (2.752.989) (24.553.785) (6.808.971) (23.058.091) Acquisitions of property and equipment

Kas Bersih Digunakan untuk

Aktivitas Investasi (14.746.996) (2.941.426) (24.925.782) (6.176.781) (23.245.804) Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS CASH FLOW FROM FINANCING

PENDANAAN ACTIVITIES
Penerimaan pinjaman jangka pendek 3.942.992 - 36.036.906 - - Proceeds from short-term loans
Pembayaran pinjaman jangka pendek (6.043.553) - (2.700.000) (5.000.000) - Payment of short-term loans
Penerimaan pinjaman jangka panjang - - 54.114.152 21.958.696 16.825.630 Proceeds from long-term loans
Pembayaran pinjaman jangka panjang (2.213.917) (2.250.444) (8.853.681) (6.585.957) (3.522.017) Payment of long-term loans
Pembayaran dividen 28 - - - - (478.179) Payment of dividends

Kas Bersih Diperoleh dari (Digunakan untuk) Net Cash Provided by (Used in) Financing
Aktivitas Pendanaan (4.314.478) (2.250.444) 78.597.377 10.372.739 12.825.434 Activities

KENAIKAN (PENURUNAN) BERSIH KAS DAN NET INCREASE (DECREASE) IN CASH

SETARA KAS (22.677.760) (16.022.277) 37.415.762 5.174.971 4.819.192 AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT

KAS DAN SETARA KAS AWAL TAHUN 5 60.441.867 25.457.040 25.457.040 20.368.358 17.330.140 BEGINNING OF YEAR

Efek perubahan kurs mata uang asing 2.548 225.324 (2.430.935) (86.289) (1.780.974) Effect of foreign exchange rate charges

CASH AND CASH EQUIVALENTS AT

KAS DAN SETARA KAS AKHIR TAHUN 5 37.766.655 9.660.087 60.441.867 25.457.040 20.368.358 END OF YEAR

Lihat catatan atas laporan keuangan yang merupakan See accompanying notes to financial statements
bagian yang tidak terpisahkan dari laporan keuangan. which are an integral part of the financial statements.

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014
1. UMUM
a. Pendirian dan Informasi Umum
PT. Garuda Maintenance Facility Aero Asia Tbk
(Perusahaan) didirikan berdasarkan akta No. 93
tanggal 26 April 2002 dari Arry Supratno, SH,
notaris di Jakarta. Akta pendirian ini telah
disahkan oleh Menteri Kehakiman dan Hak Asasi
Manusia Republik Indonesia dalam Surat
Keputusannya No. C-11688 HT.01.01.TH.2002
tanggal 25 September 2002, serta diumumkan
dalam Berita Negara Republik Indonesia No. 78
tanggal 27 September 2002, Tambahan No. 11677.
Anggaran dasar Perusahaan telah mengalami
beberapa kali perubahan, terakhir berdasarkan
Akta No. 82, tanggal 16 Juni 2017 dari Fathiah
Helmi, SH, Notaris di Jakarta, antara lain mengenai
perubahan status menjadi Perusahaan Terbuka
dan peningkatan modal dasar, ditempatkan dan
disetor (Catatan 38). Akta perubahan ini telah
disetujui dan diterima oleh Menteri Hukum dan Hak
Asasi Manusia Republik Indonesia dengan Surat
Keputusan No. AHU-OO13178.AH.01.02.TAHUN.2017
tanggal 19 Juni 2017.
Pada tanggal 30 Maret 2012, Perusahaan
memperoleh persetujuan dari Menteri
Keuangan Republik Indonesia dalam Surat
Keputusan No. KEP-355/WPJ.19/2012, mengenai
penyelenggaraan pembukuan dalam bahasa
Inggris dan mata uang Dollar Amerika Serikat
(USD) mulai tanggal 1 Januari 2012.
Sesuai dengan pasal 3 anggaran dasar
Perusahaan, ruang lingkup kegiatan Perusahaan
adalah dalam bidang jasa perawatan pesawat
terbang, perawatan komponen dan kalibrasi,
perawatan mesin untuk pesawat dan industri,
pembuatan dan perawatan sarana pendukung, jasa
engineering, jasa layanan material, logistik,
pergudangan dan konsinyasi serta jasa konsultan,
pelatihan dan penyediaan tenaga ahli di bidang
perawatan pesawat, komponen dan mesin.
Kantor pusat Perusahaan berkedudukan di Gedung
Manajemen Garuda Indonesia, Bandara Soekarno
Hatta, Cengkareng, Tangerang. Berdasarkan Surat
Keputusan Menteri Keuangan Republik Indonesia
No. 387/KMK.04/2002 tanggal 30 Agustus 2002
lokasi Perusahaan ditetapkan sebagai kawasan
berikat.
Perusahaan mulai beroperasi secara komersil pada
tanggal 1 Agustus 2002. Perusahaan mempunyai
29 kantor perwakilan domestik dan 6 kantor
perwakilan internasional. Pada tanggal 31 Maret
2017, 31 Desember 2016, 2015 dan 2014,
Perusahaan mempunyai karyawan tetap masing-
masing 4.131 karyawan, 3.979 karyawan, 3.598
karyawan dan 3.315 karyawan (tidak diaudit).
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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014
1. GENERAL
a. Establishment and General Information
PT. Garuda Maintenance Facility Aero Asia Tbk
(the Company) was established based on deed
No. 93 dated April 26, 2002 of Arry Supratno, SH,
notary in Jakarta. The Deed of Establishment was
approved by the Minister of Justice and Human
Rights of the Republic of Indonesia in his Decision
Letter No. C-11688 HT.01.01.TH.2002 dated
September 25, 2002, and was published in State
Gazette of the Republic of Indonesia No. 78 dated
September 27, 2002, Supplement No. 11677.
The Company’s Articles of Association have been
amended several times, most recently by deed
No. 82 dated June 16, 2017 of Fathiah Helmi, SH,
Notary in Jakarta, including the change in the
Company’s status from non listed Company to
listed Company and increase of authorized, issue
and paid up capital (Note 38). These amendments
have been approved and accepted by the
Minister of Law and Human Rights of
Republic Indonesia in his decision letter
No. AHU-OO13178.AH.01.02.TAHUN. 2017, dated
June 19, 2017.
On March 30, 2012, the Company obtained an
approval from the Minister of Finance of the
Republic of Indonesia in its Decision Letter
No. KEP-355/WPJ.19/2012, to maintain its
accounting records in English language and in
U.S. Dollar (USD) starting January 1, 2012.
In accordance with article 3 of the Company's
articles of association, the scope of its activities is
in the field of aircraft maintenance services,
components maintenance and calibration, aircraft
and engine maintenance for industrial,
manufacturing and maintenance of supporting
facilities, engineering services, material services,
logistics, warehousing and consignment as well as
consulting services, training and provision of
experts in the field of aircraft maintenance,
component and engine.
The Company’s head office is located at Gedung
Manajemen Garuda Indonesia, Bandara Soekarno
Hatta, Cengkareng, Tangerang. Based on the
Decision Letter of the Minister of Finance of the
Republic of Indonesia No. 387/KMK.04/2002 dated
August 30, 2002 the Company’s location was
approved as a bonded area.
The Company started commercial operations on
August 1, 2002. The Company has 29 domestic
outstations and 6 international outstations. On
March 31, 2017, December 31, 2016, 2015 and
2014, the Company had total number of permanent
employees of 4,131, 3,979, 3,598 and 3,315
(unaudited), respectively.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG 2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan DECEMBER 31, 2016, 2015 AND 2014 - Continued

Entitas induk terakhir Perusahaan yang merupakan The Company’s ultimate holding company which is
pihak pengendali Perusahaan adalah PT Garuda controlling party is PT Garuda Indonesia (Persero)
Indonesia (Persero) Tbk (Garuda). Tbk (Garuda).

b. Dewan Komisaris, Direksi, Komite Audit dan b. Board of Commissioners, Directors, Audit
Sekretaris Perusahaan Committee and Corporate Secretary
Pada tanggal 31 Maret 2017, 31 Desember 2016, On March 31, 2017, December 31, 2016, 2015 and
2015 dan 2014, susunan dewan komisaris dan 2014, the Company’s board of commissioners and
direksi Perusahaan adalah sebagai berikut: directors consisted of the following:
31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/
March 31, December 31, December 31, December 31,
2017 2016 2015 2014

Komisaris Commissioners
Komisaris Utama Iwan Joeniarto Iwan Joeniarto Iwan Joeniarto Heriyanto A Putra President Commissioner
Komisaris Linggarsari Suharso Linggarsari Suharso I Gusti Ngurah Askhara Danadiputra Djoko Murjatmodjo Commissioners
Helmi Imam Satriyono Helmi Imam Satriyono Heriyanto Agung Putra Batara Silaban
Muhammad Alwi Muhammad Alwi Muhammad Alwi

Direksi Directors
Direktur Utama I Wayan Susena Juliandra Nurtjahjo Richard Budihadianto Richard Budihadianto President Director
Direktur Insan Nur Cahyo Insan Nur Cahyo Insan Nur Cahyo Gatot Satriawan Directors
Tazar Marta Kurniawan Tazar Marta Kurniawan Juliandra Nurtjahjo Setijo Awibowo
Harkandri M Dahler Harkandri M Dahler Harkandri M Dahler Harkandri M Dahler
I Wayan Susena I Wayan Susena Agus Sulistyono

Komite Audit Audit Committee

Ketua Linggarsari Suharso Linggarsari Suharso Heriyanto Agung Putra Djoko Murjatmodjo Chairman
Anggota Diane Christine Diane Christine Diane Christine Nina Diyanti Anwar Members
Syahroni Syahroni Pandu Fajar Wisudha Edi Kuncoro
Sekretaris Perusahaan Aryo Wijoseno Aryo Wijoseno Aryo Wijoseno Dwi Prasmono Adji Corporate Secretary

2. PENERAPAN STANDAR AKUNTANSI KEUANGAN 2. ADOPTION OF NEW AND REVISED STATEMENTS

BARU DAN REVISI (PSAK) DAN INTERPRETASI OF FINANCIAL ACCOUNTING STANDARDS
STANDAR AKUNTANSI KEUANGAN (ISAK) (“PSAK”) AND INTERPRETATIONS OF PSAK
(“ISAK”)

a. Standar yang berlaku efektif pada tahun a. Standards effective in the current year
berjalan

Dalam tahun berjalan, Perusahaan telah In the current year, the Company has applied a
menerapkan standar baru dan interpretasi PSAK new standard and an interpretation to PSAK issued
yang dikeluarkan oleh Dewan Standar Akuntansi by the Financial Accounting Standard Board of the
Keuangan dari Ikatan Akuntan Indonesia yang Indonesia Institute of Accountants that are relevant
relevan dengan operasinya dan efektif untuk to its operations and effective for accounting period
periode akuntansi yang dimulai pada 1 Januari beginning on January 1, 2017.
2017.

 PSAK 1: Penyajian Laporan Keuangan tentang  PSAK 1: Presentation of Financial Statements

Prakarsa Pengungkapan, dan about Disclosure Initiative, and
 ISAK 31: Interpretasi atas Ruang Lingkup  ISAK 31: Scope Interpretation of PSAK 13:
PSAK 13: Properti Investasi. Investment Property.

Penerapan PSAK diatas tidak mempunyai The application of PSAK above has had no
pengaruh material atas pengungkapan dalam material impact on the disclosures in the financial
laporan keuangan. statements.

b. Standar dan interpretasi telah diterbitkan tapi b. Standards and interpretations issued not yet
belum diterapkan adopted

Standar dan amandemen standar berikut efektif Standard and amendment to standard effective for
untuk periode yang dimulai pada atau setelah periods beginning on or after January 1, 2018, with
tanggal 1 Januari 2018, dengan penerapan dini early application permitted are:
diperkenankan yaitu:

 PSAK 69: Agrikultur  PSAK 69: Agriculture

 Amandemen PSAK 16: Aset Tetap tentang  Amendments to PSAK 16: Property, Plant and
Agrikultur: Tanaman Produktif. Equipment about Agriculture: Bearer Plants.

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237
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Sampai dengan tanggal penerbitan laporan
keuangan, dampak dari PSAK baru, standar dan
amandemen PSAK tersebut terhadap laporan
keuangan tidak dapat diketahui atau diestimasi
oleh manajemen.
3. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN
a. Pernyataan Kepatuhan
Laporan keuangan Perusahaan disusun sesuai
dengan Standar Akuntansi Keuangan di Indonesia,
yang mencakup pernyataan dari interpretasinya
yang dikeluarkan oleh Dewan Standar Akuntansi
Keuangan – Ikantan Akuntan Indonesia dan
peraturan-peraturan serta pedoman dan penyajian
dan pengungkapan laporan keuangan yang
diterbitkan oleh Otoritas Jasa Keuangan (OJK).
b. Dasar Penyusunan
Dasar penyusunan laporan keuangan adalah biaya
historis, kecuali properti dan instrumen keuangan
tertentu yang diukur pada jumlah revaluasian atau
nilai wajar pada setiap akhir periode pelaporan,
yang dijelaskan dalam kebijakan akuntansi di
bawah ini.
Biaya historis umumnya didasarkan pada nilai
wajar dari imbalan yang diberikan dalam
pertukaran barang dan jasa.
Nilai wajar adalah harga yang akan diterima untuk
menjual suatu aset atau harga yang akan dibayar
untuk mengalihkan suatu liabilitas dalam suatu
transaksi teratur antara pelaku pasar pada tanggal
pengukuran.
Laporan arus kas disusun dengan menggunakan
metode langsung dengan mengelompokkan arus
kas dalam aktivitas operasi, investasi dan
pendanaan.
c. Transaksi dan Saldo Dalam Mata Uang Asing
Laporan keuangan Perusahaan diukur dan
disajikan dalam mata uang dari lingkungan
ekonomi utama dimana entitas beroperasi (mata
uang fungsional). Laporan keuangan dan laporan
posisi keuangan Perusahaan disajikan dalam mata
uang Dolar Amerika Serikat (USD) yang
merupakan mata uang fungsional Perusahaan dan
mata uang penyajian untuk laporan keuangan
Perusahaan.
Dalam penyusunan laporan keuangan Perusahaan,
transaksi dalam mata uang asing selain mata uang
fungsional entitas (mata uang asing) diakui pada
kurs yang berlaku pada tanggal transaksi. Pada
setiap akhir perode pelaporan, pos moneter dalam
valuta asing dijabarkan kembali pada kurs yang
berlaku pada tanggal tersebut. Pos-pos non
moneter yang diukur pada nilai wajar dalam valuta
asing dijabarkan kembali pada kurs yang berlaku
pada tanggal ketika nilai wajar ditentukan. Pos
nonmoneter yang diukur dalam biaya historis
dalam valuta asing tidak dijabarkan kembali.
-8-
238
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
As of the issuance date of the financial statements,
the effect of adoption of the new PSAK,
amendments to PSAK on the financial statements
is not known nor reasonably estimable by
management.
3. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
a. Statement of Compliance
The financial statements of the Company have
been prepared in accordance with Indonesian
Financial Accounting Standards, which comprise
the statements and interpretation issued by the
Financial Accounting Standard Board of the
Indonesian Institute of Accountants and the
regulations and the guidelines on financial
statements and disclosures issued by the Financial
Services Authority (OJK).
b. Basis of Preparation
The financial statements have been prepared on
the historical cost basis except for certain
properties and financial instruments that are
measured at revalued amounts or fair values at the
end of each reporting period, as explained in the
accounting policies below.
Historical cost is generally based on the fair value
of the consideration given in exchange for goods
and services.
Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date.
The statements of cash flows are prepared using
the direct method with classifications of cash flows
into operating, investing and financing activities.
c. Foreign Currency Transactions and Balance
The Company’s financial statement is measured
and present in the currency of the primary
economic environment in which the entity operates
(its functional currency). The Company’s financial
statement and the statement of financial position of
the Company is presented in U.S. Dollar (USD),
which is the fuctional currency of the Company and
the presentation currency for the Company’s
financial statement.
In preparing the Company’s financial statements,
transactions in currencies other than the entity’s
functional currency (foreign currencies) are
recognized at the rates of exchange prevailing at
the dates of the transactions. At the end of each
reporting period, monetary items denominated in
foreign currencies are retranslated at the rates
prevailing at that date. Non-monetary items carried
at fair value that are denominated in foreign
currencies are retranslated at the rates prevailing at
the date when the fair value was determined. Non-
monetary items that are measured in terms of
historical cost in a foreign currency are not
retranslated.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Selisih kurs atas pos moneter diakui dalam laba
rugi pada periode saat terjadinya.
d. Transaksi Pihak-Pihak Berelasi
Pihak-pihak berelasi adalah orang atau entitas
yang terkait dengan Perusahaan (entitas pelapor):
a. Orang atau anggota keluarga dekatnya
mempunyai relasi dengan entitas pelapor jika
orang tersebut:
i. memiliki pengendalian atau pengendalian
bersama atas entitas pelapor;
ii. memiliki pengaruh signifikan atas entitas
pelapor; atau
iii. merupakan personil manajemen kunci
entitas pelapor atau entitas induk dari
entitas pelapor.
b. Suatu entitas berelasi dengan entitas pelapor
jika memenuhi salah satu hal berikut:
i. Entitas dan entitas pelapor adalah anggota
dari kelompok usaha yang sama (artinya
entitas induk, entitas anak, dan entitas
anak berikutnya saling berelasi dengan
entitas lainnya).
ii. Satu entitas adalah entitas asosiasi atau
ventura bersama dari entitas lain (atau
entitas asosiasi atau ventura bersama
yang merupakan anggota suatu kelompok
usaha, yang mana entitas lain tersebut
adalah anggotanya).
iii. Kedua entitas tersebut adalah ventura
bersama dari pihak ketiga yang sama.
iv. Satu entitas adalah ventura bersama dari
entitas ketiga dan entitas yang lain adalah
entitas asosiasi dari entitas ketiga.
v. Entitas tersebut adalah suatu program
imbalan pasca kerja untuk imbalan kerja
dari salah satu entitas pelapor atau entitas
yang terkait dengan entitas pelapor. Jika
entitas pelapor adalah entitas yang
menyelenggarakan program tersebut,
maka entitas sponsor juga berelasi dengan
entitas pelapor.
vi. Entitas yang dikendalikan atau
dikendalikan bersama oleh orang yang
diidentifikasi dalam huruf (a).
vii. Orang yang diidentifikasi dalam huruf (a)
(i) memiliki pengaruh signifikan atas
entitas atau merupakan personil
manajemen kunci entitas (atau entitas
induk dari entitas).
-9-
239
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
Exchange differences on monetary items are
recognized in profit or loss in the period in which
they arise.
d. Transactions with Related Parties
A related party is a person or entity that is related
to the Company (the reporting entity):
a. A person or a close member of that person's
family is related to the reporting entity if that
person:
i. has control or joint control over the
reporting entity;
ii. has significant influence over the reporting
entity; or
iii. is a member of the key management
personnel of the reporting entity or of a
parent of the reporting entity.
b. An entity is related to the reporting entity if any
of the following conditions applies:
i. The entity, and the reporting entity are
members of the same group (which means
that each parent, subsidiary and fellow
subsidiary is related to the others).
ii. One entity is an associate or joint venture
of the other entity (or an
associate or joint venture of a member of a
group of which the other entity is a
member).
iii. Both entities are joint ventures of the same
third party.
iv. One entity is a joint venture of a third entity
and the other entity is an associate of the
third entity.
v. The entity is a post-employment benefit
plan for the benefit of employees of either
the reporting entity, or an entity related to
the reporting entity. If the reporting entity is
itself such a plan, the sponsoring
employers are also related to the reporting
entity.
vi. The entity is controlled or jointly controlled
by a person identified in (a).
vii. A person identified in (a) (i) has significant
influence over the entity or is a member of
the key management personnel of the
entity (or a parent of the entity).
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
viii. Entitas, atau anggota dari kelompok yang
mana entitas merupakan bagian dari
kelompok tersebut, menyediakan jasa
personil manajemen kunci kepada entitas
pelapor atau kepada entitas induk dari
entitas pelapor.
Transaksi signifikan yang dilakukan dengan pihak-
pihak berelasi, baik dilakukan dengan kondisi dan
persyaratan yang sama dengan pihak ketiga
maupun tidak, diungkapkan pada laporan
keuangan.
e. Aset Keuangan
Seluruh aset keuangan diakui dan dihentikan
pengakuannya pada tanggal diperdagangkan
dimana pembelian atau penjualan aset keuangan
berdasarkan kontrak yang mensyaratkan
penyerahan aset keuangan dalam kurun waktu
yang ditetapkan oleh kebiasaan pasar yang
berlaku, dan awalnya diukur sebesar nilai wajar
ditambah biaya transaksi, kecuali untuk aset
keuangan yang diukur pada nilai wajar melalui laba
rugi, yang awalnya diukur sebesar nilai wajar.
Aset keuangan Perusahaan diklasifikasikan
sebagai pinjaman yang diberikan dan piutang.
Pinjaman yang diberikan dan piutang
Kas dan setara kas, kas dibatasi pengunaannya,
piutang usaha dan piutang lain-lain dengan
pembayaran tetap atau telah ditentukan dan tidak
mempunyai kuotasi di pasar aktif diklasifikasi
sebagai “pinjaman yang diberikan dan piutang”,
yang diukur pada biaya perolehan diamortisasi
dengan menggunakan metode suku bunga efektif
dikurangi penurunan nilai.
Bunga diakui dengan menggunakan metode suku
bunga efektif, kecuali piutang jangka pendek
dimana pengakuan bunga tidak material.
Metode suku bunga efektif
Metode suku bunga efektif adalah metode yang
digunakan untuk menghitung biaya perolehan
diamortisasi dari instrumen keuangan dan metode
untuk mengalokasikan pendapatan bunga atau
biaya selama periode yang relevan. Suku bunga
efektif adalah suku bunga yang secara tepat
mendiskontokan estimasi penerimaan atau
pembayaran kas masa depan (mencakup seluruh
komisi dan bentuk lain yang dibayarkan dan
diterima oleh para pihak dalam kontrak yang
merupakan bagian yang tak terpisahkan dari suku
bunga efektif, biaya transaksi dan premium dan
diskonto lainnya) selama perkiraan umur instrumen
keuangan, atau, jika lebih tepat, digunakan periode
yang lebih singkat untuk memperoleh nilai tercatat
bersih dari aset keuangan pada saat pengakuan
awal.
- 10 -
240
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
viii. The entity, or any member of a group of
which it is a part, provides key
management personnel services to the
reporting entity or to the parent of the
reporting entity.
Significant transactions with related parties,
whether or not made at similar terms and
conditions as those done with third parties, are
disclosed in the financial statements.
e. Financial Assets
All financial assets are recognised and
derecognised on trade date where the purchase or
sale of a financial asset is under a contract whose
terms require delivery of the financial asset within
the timeframe established by the market
concerned, and are initially measured at fair value
plus transaction costs, except for those financial
assets classified as at fair value through profit or
loss, which are initially measured at fair value.
The Company’s financial assets are classified as
loans and receivable.
Loans and receivables
Cash and cash equivalents, restricted cash, trade
accounts receivable and other accounts receivable
that have fixed or determinable payments that are
not quoted in an active market are classified as
“loans and receivables”. Loans and receivables are
measured at amortised cost using the effective
interest method less impairment.
Interest is recognised by applying the effective
interest method, except for short-term receivables
when the recognition of interest would be
immaterial.
Effective interest method
The effective interest method is a method of
calculating the amortised cost of a financial
instrument and of allocating interest income or
expense over the relevant period. The effective
interest rate is the rate that exactly discounts
estimated future cash receipts or payments
(including all fees and points paid or received that
form an integral part of the effective interest rate,
transaction costs and other premiums or discounts)
through the expected life of the financial
instrument, or where appropriate, a shorter period
to the net carrying amount on initial recognition.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Penurunan nilai aset keuangan
Aset keuangan Perusahaan dievaluasi terhadap
indikator penurunan nilai pada setiap akhir tanggal
periode pelaporan. Aset keuangan diturunkan
nilainya bila terdapat bukti obyektif, sebagai akibat
dari satu atau lebih peristiwa yang terjadi setelah
pengakuan awal aset keuangan, dan peristiwa
yang merugikan tersebut berdampak pada estimasi
arus kas masa depan atas aset keuangan yang
dapat diestimasi secara handal.
Bukti obyektif penurunan nilai aset termasuk
sebagai berikut:
 kesulitan keuangan signifikan yang dialami
penerbit atau pihak peminjam; atau
 pelanggaran kontrak, seperti terjadinya
wanprestasi atau tunggakan pembayaran
pokok atau bunga; atau
 terdapat kemungkinan bahwa pihak peminjam
akan dinyatakan pailit atau melakukan
reorganisasi keuangan.
Untuk kelompok aset keuangan tertentu, seperti
piutang, aset yang dinilai tidak akan diturunkan
secara individual akan dievaluasi penurunan
nilainya secara kolektif. Bukti objektif dari
penurunan nilai portofolio piutang dapat termasuk
pengalaman Perusahaan atas tertagihnya piutang
di masa lalu, peningkatan keterlambatan
penerimaan pembayaran piutang dari rata-rata
periode kredit, dan juga pengamatan atas
perubahan kondisi ekonomi nasional atau lokal
yang berkorelasi dengan gagal bayar atas piutang.
Untuk aset keuangan yang diukur pada biaya
perolehan diamortisasi, jumlah kerugian penurunan
nilai merupakan selisih antara jumlah tercatat aset
keuangan dengan nilai kini dari estimasi arus kas
masa depan yang didiskontokan menggunakan
suku bunga efektif awal dari aset keuangan.
Untuk aset keuangan yang dicatat pada biaya
perolehan, jumlah kerugian penurunan nilai diukur
berdasarkan selisih antara jumlah tercatat aset
keuangan dan nilai kini estimasi arus kas masa
depan yang didiskontokan pada tingkat imbal hasil
yang berlaku di pasar untuk aset keuangan yang
serupa. Kerugian penurunan nilai tersebut tidak
dapat dibalik pada periode berikutnya.
- 11 -
241
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
Impairment of financial assets
The Company’s financial assets are assessed for
indicators of impairment at the end of each
reporting period. Financial assets are considered to
be impaired when there is objective evidence that,
as a result of one or more events that occurred
after the initial recognition of the financial asset, the
estimated future cash flows of the investment have
been affected.
Objective evidence of impairment of assets could
include:
 significant financial difficulty of the issuer or
counterparty; or
 default or delinquency in interest or principal
payments; or
 it become probable that the borrower will enter
bankruptcy or financial re-organisation.
For certain categories of financial asset, such as
receivables, assets that are assessed not to be
impaired individually are, in addition, assessed for
impairment on a collective basis. Objective
evidence of impairment for a portfolio of
receivables could include the Company’s past
experiences of collecting payments, an increase in
the number of delayed payments in the portfolio
past the average credit period, as well as
observable changes in national or local economic
conditions that correlate with default on
receivables.
For financial assets carried at amortised cost, the
amount of the impairment is the difference between
the asset’s carrying amount and the present value
of estimated future cash flows, discounted at the
financial asset’s original effective interest rate.
For financial asset carried at cost, the amount of
the impairment loss is measured as the difference
between the asset’s carrying amount and the
present value of the estimated future cash flows
discounted at the current market rate of return for a
similar financial asset. Such impairment loss will
not be reversed in subsequent periods.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Jumlah tercatat aset keuangan tersebut dikurangi
dengan kerugian penurunan nilai secara langsung
atas seluruh aset keuangan, kecuali piutang yang
jumlah tercatatnya dikurangi melalui penggunaan
akun cadangan piutang. Jika piutang tidak tertagih,
piutang tersebut dihapuskan melalui akun
cadangan piutang. Pemulihan kemudian dari jumlah
yang sebelumnya telah dihapuskan dikreditkan
terhadap akun cadangan. Perubahan jumlah
tercatat akun cadangan piutang diakui dalam laba
rugi.
Jika, pada periode berikutnya, jumlah kerugian
penurunan nilai berkurang dan pengurangan
tersebut dapat dikaitkan secara obyektif dengan
peristiwa yang terjadi setelah penurunan nilai
diakui, kerugian penurunan nilai yang diakui
sebelumnya dibalik melalui laba rugi hingga nilai
tercatat investasi pada tanggal pemulihan
penurunan nilai, sepanjang nilainya tidak melebihi
biaya perolehan diamortisasi sebelum pengakuan
kerugian penurunan nilai dilakukan.
Penghentian pengakuan aset keuangan
Perusahaan menghentikan pengakuan aset
keuangan jika dan hanya jika hak kontraktual atas
arus kas yang berasal dari aset keuangan berakhir,
atau Perusahaan mentransfer aset keuangan dan
secara substansial mentransfer seluruh risiko dan
manfaat atas kepemilikan aset kepada entitas lain.
f. Liabilitas Keuangan dan Instrumen Ekuitas
Klasifikasi sebagai liabilitas atau ekuitas
Liabilitas keuangan dan instrumen ekuitas yang
diterbitkan oleh Perusahaan diklasifikasi sesuai
dengan substansi perjanjian kontraktual dan
definisi liabilitas keuangan dan instrumen ekuitas.
Instrumen ekuitas
Instrumen ekuitas adalah setiap kontrak yang
memberikan hak residual atas aset Perusahaan
setelah dikurangi dengan seluruh liabilitasnya.
Instrumen ekuitas yang diterbitkan oleh
Perusahaan dicatat sebesar hasil penerimaan
bersih setelah dikurangi biaya penerbitan langsung.
Liabilitas keuangan
Liabilitas keuangan Perusahaan diklasifikasikan
sebagai biaya perolehan diamortisasi.
Liabilitas keuangan pada biaya perolehan
diamortisasi
Liabilitas keuangan meliputi utang bank dan
lembaga keuangan, pinjaman jangka panjang,
utang usaha dan utang lain-lain serta beban akrual
pada awalnya dinilai berdasarkan nilai wajar,
setelah dikurangi biaya transaksi, dan selanjutnya
diukur pada biaya perolehan yang diamortisasi
menggunakan metode suku bunga efektif.
- 12 -
242
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
The carrying amount of the financial asset is
reduced by the impairment loss directly for all
financial assets with the exception of receivables,
where the carrying amount is reduced through the
use of an allowance account. When a receivable is
considered uncollectible, it is written off against the
allowance account. Subsequent recoveries of
amounts previously written off are credited against
the allowance account. Changes in the carrying
amount of the allowance account are recognised in
profit or loss.
If, in a subsequent period, the amount of the
impairment loss decreases and the decrease can
be related objectively to an event occurring after
the impairment was recognised, the previously
recognised impairment loss is reversed through
profit or loss to the extent that the carrying amount
of the investment at the date the impairment is
reversed does not exceed what the amortised cost
would have been had the impairment not been
recognised.
Derecognition of financial assets
The Company derecognises a financial asset only
when the contractual rights to the cash flows from
the asset expire, or when it transfers the financial
asset and substantially all the risks and rewards of
ownership of the asset to another entity.
f. Financial Liabilities and Equity Instruments
Classification as debt or equity
Financial liabilities and equity instruments issued
by the Company are classified according to the
substance of the contractual arrangements entered
into and the definitions of a financial liability and an
equity instrument.
Equity instruments
An equity instrument is any contract that evidences
a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments
issued by the Company are recorded at the
proceeds received, net of direct issue costs.
Financial liabilities
The Company financial liabilities are classified as at
amortized cost.
Financial liabilities at amortized cost
Financial liabilities, which include bank loans and
financial institution, long-term loans, trade and
other payables and accrued expense are initially
measured at fair value, net of transaction costs,
and subsequently measured at amortized cost
using the effective interest method.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Penghentian pengakuan liabilitas keuangan
Perusahaan menghentikan pengakuan liabilitas
keuangan, jika dan hanya jika, liabilitas perusahaan
telah dilepaskan, dibatalkan atau kadaluarsa.
Selisih antara jumlah tercatat liabilitas keuangan
yang dihentikan pengakuannya dan imbalan yang
dibayarkan dan utang diakui dalam laba rugi.
g. Saling hapus antar Aset Keuangan dan
Liabilitas Keuangan
Aset dan liabilitas keuangan Perusahaan saling
hapus dan nilai bersihnya disajikan dalam laporan
posisi keuangan jika dan hanya jika,
 saat ini memiliki hak yang berkekuatan hukum
untuk melakukan saling hapus atas jumlah
yang telah diakui tersebut; dan
 berniat untuk menyelesaikan secara neto atau
untuk merealisasikan aset dan menyelesaikan
liabilitasnya secara simultan.
h. Kas dan Setara Kas
Untuk tujuan penyajian arus kas, kas dan setara
kas terdiri dari kas, bank dan semua investasi yang
jatuh tempo dalam waktu tiga bulan atau kurang
dari tanggal perolehannya dan yang tidak
dijaminkan serta tidak dibatasi penggunaannya.
i. Persediaan
Persediaan dinyatakan berdasarkan biaya
perolehan atau nilai realisasi bersih, mana yang
lebih rendah. Biaya ditentukan dengan metode
rata-rata tertimbang. Nilai realisasi bersih
merupakan taksiran harga jual persediaan
dikurangi taksiran biaya penyelesaian dan biaya
yang diperlukan untuk menjual.
j. Aset Tetap
Bangunan dan prasarana yang dimiliki untuk
digunakan dalam produksi atau penyediaan barang
dan jasa, atau untuk tujuan administratif dinyatakan
berdasarkan nilai revaluasi yang merupakan nilai
wajar pada tanggal revaluasi dikurangi akumulasi
penyusutan dan akumulasi rugi penurunan nilai
yang terjadi setelah tanggal revaluasi. Revaluasi
dilakukan dengan keteraturan yang memadai
untuk memastikan bahwa jumlah tercatat tidak
berbeda secara material dari jumlah yang
ditentukan dengan menggunakan nilai wajar pada
tanggal laporan posisi keuangan.
- 13 -
243
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
Derecognition of financial liabilities
The Company derecognizes financial liabilities
when, and only when, the Company’s obligations
are discharged, cancelled or they expire. The
difference between the carrying amount of the
financial liability derecognized and the
consideration paid and payable is recognized in
profit or loss.
g. Netting of Financial Assets and Financial
Liabilities
The Company only offsets financial assets and
liabilities and presents the net amount in the
statement of financial position where it:
 currently has a legal enforceable right to set off
the recognized amount; and
 intends either to settle on a net basis, or to
realize the asset and settle the liability
simultaneously.
h. Cash and Cash Equivalents
For cash flow presentation purposes, cash and
cash equivalents consist of cash on hand and in
banks and all unrestricted investments with
maturities of three months or less from the date of
placement.
i. Inventories
Inventories are stated at cost or net realisable
value, whichever is lower. Cost is determined using
the weighted average method. Net realisable value
represents the estimated selling price for
inventories less all estimated costs of completion
and costs necessary to make the sale.
j. Property and Equipment
Building and improvements held for use in the
production or supply of goods and services, or for
administrative purpose, are stated at their revalued
amounts, being the fair value at the date of
revaluation, less any subsequent accumulated
depreciation and subsequent accumulated
impairment losses. Revaluations shall be made
with sufficient regularity such that the carrying
amounts do not differ materially from those that
would be determined using fair values at the
statements of financial position date.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Kenaikan yang berasal dari revaluasi bangunan
dan prasarana tersebut langsung dikreditkan
sebagai surplus revaluasi pada pendapatan
komprehensif lain, kecuali sebelumnya penurunan
revaluasi atas aset yang sama pernah diakui dalam
laporan laba rugi, dalam hal ini kenaikan revaluasi
hingga sebesar penurunan nilai aset akibat
revaluasi tersebut, dikreditkan ke dalam laporan
laba rugi. Penurunan jumlah tercatat yang berasal
dari revaluasi bangunan dan prasarana dibebankan
dalam laporan laba rugi apabila penurunan
tersebut melebihi saldo akun surplus revaluasi aset
yang bersangkutan, jika ada.
Surplus revaluasi bangunan dan prasarana yang
telah disajikan dalam pendapatan komprehensif
lain dipindahkan langsung ke saldo laba pada saat
aset tersebut dihentikan pengakuannya.
Aset tetap lainnya dinyatakan berdasarkan biaya
perolehan setelah dikurangi akumulasi penyusutan
dan akumulasi rugi penurunan nilai.
Penyusutan diakui sebagai penghapusan biaya
perolehan aset dikurangi nilai residu dengan
menggunakan metode garis lurus berdasarkan
taksiran masa manfaat ekonomis aset tetap
sebagai berikut:
Tahun/Years
Bangunan dan prasarana 15 - 50
Suku cadang rotable 4 - 10
Peralatan dan perlengkapan bengkel 5-8
Peralatan kantor dan komputer 2-8
Taksiran masa manfaat, nilai residu dan metode
penyusutan direview minimum setiap akhir tahun
buku, dan pengaruh dari setiap perubahan estimasi
akuntansi diterapkan secara prospektif.
Pada tahun 2017, Perusahaan telah mengevaluasi
dan mengubah kebijakan akuntansi berkaitan
dengan masa manfaat ekonomis bangunan dan
prasarana. Berdasarkan hasil evaluasi, masa
manfaat ekonomis aset tersebut adalah 50 tahun.
Perubahan telah diterapkan secara prospektif
sesuai dengan PSAK No. 25 (Revisi 2009)
“Kebijakan Akuntansi, Perubahan Estimasi
Akuntansi dan Kesalahan”. Perubahan tersebut
menyebabkan penurunan beban penyusutan
sebesar USD 32.279 di tahun 2017.
- 14 -
244
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
Any revaluation increase arising on the revaluation
of such building and improvements is credited to
the revaluation surplus in other comprehensive
income, except to the extent that it reverses a
revaluation decrease for the same asset which was
previously recognised in profit or loss, in which
case the increase is credited to profit and loss to
the extent of the decrease previously charged. A
decrease in carrying amount arising on the
revaluation of such building and improvements is
charged to profit or loss to the extent that it
exceeds the balance, if any, held in the revaluation
surplus relating to a previous revaluation of such
buildings and improvements.
The revaluation surplus included in other
comprehensive income in respect of building and
improvements is directly transferred to retained
earnings when the asset is derecognised.
Other property and equipment are stated at cost,
less accumulated depreciation and any
accumulated impairment losses.
Depreciation is recognised so as to write-off the
cost of assets less residual values using the
straight-line basis method based on the estimated
useful lives of the assets as follows:
Building and improvements
Spare parts rotable
Warehouse tools and equipment
Office equipment and computer
The estimated useful lives, residual values and
depreciation method are reviewed at least each
year end, with the effect of any changes in estimate
accounted for on a prospective basis.
In 2017, the Company has assessed and changed
its accounting estimate with regard to estimated
useful lives of building and improvements, resulting
into useful life of 50 years. The changes have
been applied prospectively in accordance with
PSAK No. 25 (Revised 2009) “Accounting Policies,
Changes in Accounting Estimates and Error”. That
change resulting to reduction in depreciation
expense by USD 32,279 in 2017.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Beban pemeliharaan dan perbaikan dibebankan
pada saat terjadinya. Biaya yang terjadi setelah
pengakuan awal untuk menambah, mengganti
sebagian atau memperbaiki aset tetap diakui
sebagai aset jika dan hanya jika besar
kemungkinan manfaat ekonomis di masa depan
berkenaan dengan aset tersebut akan mengalir ke
Perusahaan dan biaya perolehan aset dapat diukur
secara andal. Aset yang tidak digunakan atau
dijual, nilai tercatatnya dikeluarkan dari kelompok
aset tetap dan keuntungan atau kerugian dari
pelepasan aset tetap tersebut dibukukan dalam
laporan laba rugi, kecuali aset tersebut dicatat
pada jumlah revaluasian, di mana kerugian
penurunan nilai diperlakukan sebagai penurunan
revaluasi.
Aset dalam penyelesaian dinyatakan sebesar biaya
perolehan. Biaya perolehan tersebut termasuk
biaya pinjaman yang terjadi selama masa
pembangunan yang timbul dari utang yang
digunakan untuk pembangunan aset tersebut.
Akumulasi biaya perolehan akan dipindahkan ke
masing-masing aset tetap yang bersangkutan pada
saat selesai dan siap digunakan.
k. Penurunan Nilai Aset Non-Keuangan
Pada setiap akhir periode pelaporan, Perusahaan
menelaah nilai tercatat aset non-keuangan untuk
menentukan apakah terdapat indikasi bahwa aset
tersebut telah mengalami penurunan nilai. Jika
terdapat indikasi tersebut, nilai yang dapat
diperoleh kembali dari aset diestimasi untuk
menentukan tingkat kerugian penurunan nilai (jika
ada). Bila tidak memungkinkan untuk mengestimasi
nilai yang dapat diperoleh kembali atas suatu aset
individu, Perusahaan mengestimasi nilai yang
dapat diperoleh kembali dari unit penghasil kas
atas aset.
Perkiraan jumlah yang dapat diperoleh kembali
adalah nilai tertinggi antara nilai wajar dikurangi
biaya untuk menjual dan nilai pakai. Dalam menilai
nilai pakai, estimasi arus kas masa depan
didiskontokan ke nilai kini menggunakan tingkat
diskonto sebelum pajak yang menggambarkan
penilaian pasar kini dari nilai waktu uang dan risiko
spesifik atas aset yang mana estimasi arus kas
masa depan belum disesuaikan.
Jika jumlah yang dapat diperoleh kembali dari aset
non-keuangan (unit penghasil kas) kurang dari nilai
tercatatnya, nilai tercatat aset (unit penghasil kas)
dikurangi menjadi sebesar nilai yang dapat
diperoleh kembali dan rugi penurunan nilai diakui
langsung ke laba rugi, kecuali aset tersebut dicatat
pada jumlah revaluasian, di mana kerugian
penurunan nilai diperlakukan sebagai penurunan
revaluasi.
Kebijakan akuntansi untuk penurunan nilai aset
keuangan diungkapkan dalam Catatan 3e.
- 15 -
245
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
The cost of maintenance and repairs is charged to
operations as incurred. Costs incurred
subsequently to add to, replace part of, or service
an item of property and equipment, are recognised
as asset if, and only if it is probable that future
economic benefits associated with the item will flow
to the Company and the cost of the item can be
measured reliably. When assets are retired or
otherwise disposed of, their carrying values are
removed from the accounts and any resulting gain
or loss is reflected in the profit or loss, unless the
relevant asset is carried at revaluation amount, in
which the impairment loss is treated as revaluation
decrease.
Construction in progress is stated at cost which
includes borrowing costs during construction on
debts incurred to finance the construction.
Construction in progress is transferred to the
respective property and equipment account when
completed and ready for use.
k. Impairment of Non-Financial Assets
At the end of each reporting period, the Company
reviews the carrying amount of non-financial assets
to determine whether there is any indication that
those assets have suffered an impairment loss. If
any such indication exists, the recoverable amount
of the asset is estimated in order to determine the
extent of the impairment loss (if any). Where it is
not possible to estimate the recoverable amount of
an individual asset, the Company estimates the
recoverable amount of the cash generating unit to
which the asset belongs.
Estimated recoverable amount is the higher of fair
value less cost to sell and value in use. In
assessing value in use, the estimated future cash
flows are discounted to their present value using a
pre-tax discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset for which the estimates of
future cash flows have not been adjusted.
If the recoverable amount of the non-financial asset
(cash generating unit) is less than its carrying
amount, the carrying amount of the asset (cash
generating unit) is reduced to its recoverable
amount and an impairment loss is recognised
immediately against earnings, unless the relevant
asset is carried at revaluation amount, in which the
impairment loss is treated as revaluation decrease.
Accounting policy for impairment of financial assets
is disclosed in Note 3e.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
l. Sewa
Sewa diklasifikasikan sebagai sewa pembiayaan
jika sewa tersebut mengalihkan secara substantial
seluruh risiko dan manfaat yang terkait dengan
kepemilikan aset. Sewa lainnya diklasifikasikan
sebagai sewa operasi.
Sebagai Lessor
Dalam sewa pembiayaan, lessor mengakui aset
berupa piutang sewa pembiayaan sebesar jumlah
investasi sewa neto Perusahaan. Pengakuan
penghasilan sewa pembiayaan dialokasikan pada
periode akuntansi yang mencerminkan suatu
tingkat pengembalian periodik yang konstan atas
investasi bersih lessor.
Pendapatan sewa dari sewa operasi diakui sebagai
pendapatan dengan dasar garis lurus selama masa
sewa. Biaya langsung awal yang terjadi dalam
proses negosiasi dan pengaturan sewa operasi
ditambahkan dalam jumlah tercatat aset sewaan
dan diakui dengan dasar garis lurus selama masa
sewa.
Uang muka sewa yang diterima dari penyewa
dicatat ke dalam akun pendapatan diterima dimuka
dan akan diakui sebagai pendapatan sesuai
dengan kontrak sewa yang berlaku.
Sebagai Lessee
Pembayaran sewa operasi diakui sebagai beban
dengan dasar garis lurus selama masa sewa,
kecuali terdapat dasar sistematis lain yang dapat
lebih mencerminkan pola waktu dari manfaat aset
yang dinikmati pengguna. Rental kontinjen operasi
diakui sebagai beban pada periode saat terjadinya.
m. Provisi
Provisi diakui ketika Perusahaan memiliki
kewajiban kini (baik bersifat hukum maupun
bersifat konstruktif) sebagai akibat peristiwa masa
lalu, kemungkinan besar Perusahaan diharuskan
menyelesaikan kewajiban dan estimasi yang andal
mengenai jumlah kewajiban tersebut dapat dibuat.
Jumlah yang diakui sebagai provisi adalah hasil
estimasi terbaik pengeluaran yang diperlukan untuk
menyelesaikan kewajiban kini pada akhir periode
pelaporan, dengan mempertimbangkan risiko dan
ketidakpastian yang meliputi kewajibannya. Apabila
suatu provisi diukur menggunakan arus kas yang
diperkirakan untuk menyelesaikan kewajiban kini,
maka nilai tercatatnya adalah nilai kini dari arus
kas.
- 16 -
246
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
l. Leases
Leases are classified as finance leases whenever
the terms of the lease transfer substantially all the
risks and rewards of ownership to the lessee. All
other leases are classified as operating leases.
As Lessor
Amounts due from lessees under finance leases
are recorded as receivables at the amount of the
Company’s net investment in the leases. Finance
lease income is allocated to accounting periods so
as to reflect a constant periodic rate of return on
the net investment outstanding in respect of the
leases.
Rental income from operating leases is recognized
on a straight-line basis over the term of the relevant
lease. Initial direct costs incurred in negotiating and
arranging an operating lease are added to the
carrying amount of the leased asset and
recognised on a straight-line basis over the lease
term.
Rental revenue received in advance are recorded
as unearned revenue and recognized as income
over the rental periods.
As Lessee
Operating lease payments are recognised as an
expense on a straight-line basis over the lease
term, except where another systematic basis is
more representative of the time pattern in which
economic benefits from the leased asset are
consumed. Contingent rentals arising under
operating leases are recognised as an expense in
the period in which they are incurred.
m. Provisions
Provisions are recognized when the Company has
a present obligation (legal or constructive) as a
result of a past event, it is probable that the
Company will be required to settle the obligation,
and a reliable estimate can be made of the amount
of the obligation.
The amount recognized as a provision is the best
estimate of the consideration required to settle the
present obligation at the end of the reporting
period, taking into account the risks and
uncertainties surrounding the obligation. Where a
provision is measured using the cash flows
estimated to settle the present obligation, its
carrying amount is the present value of those cash
flows.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Ketika beberapa atau seluruh manfaat ekonomi
untuk penyelesaian provisi yang diharapkan dapat
dipulihkan dari pihak ketiga, piutang diakui sebagai
aset apabila terdapat kepastian bahwa
penggantian akan diterima dan jumlah piutang
dapat diukur secara andal.
n. Biaya pinjaman
Biaya pinjaman yang dapat diatribusikan secara
langsung dengan perolehan, konstruksi atau
pembuatan aset kualifikasian, merupakan aset
yang membutuhkan waktu yang cukup lama agar
siap untuk digunakan atau dijual, ditambahkan
pada biaya perolehan aset tersebut, sampai
dengan saat selesainya aset secara substansial
siap untuk digunakan atau dijual.
Untuk pinjaman yang tidak secara spesifik
digunakan untuk perolehan aset tertentu, jumlah
biaya pinjaman yang dikapitalisasi ditentukan
berdasarkan tingkat kapitalisasi terhadap jumlah
pengeluaran untuk perolehan aset tersebut.
Tingkat kapitalisasi adalah rata-rata tertimbang dari
biaya pinjaman terhadap saldo pinjaman terkait
selama periode tersebut, tidak termasuk jumlah
pinjaman yang spesifik digunakan untuk perolehan
aset tertentu lainnya.
Penghasilan investasi diperoleh atas investasi
sementara dari pinjaman yang secara spesifik
belum digunakan untuk pengeluaran aset
kualifikasian dikurangi dari biaya pinjaman yang
dikapitalisasi.
Semua biaya pinjaman lainnya diakui dalam laba
rugi pada periode terjadinya.
o. Pengakuan Pendapatan dan Beban
Pendapatan diukur dengan nilai wajar imbalan
yang diterima atau dapat diterima. Pendapatan
dikurangi dengan estimasi retur pelanggan, rabat
dan cadangan lain yang serupa.
Penjualan jasa
Pendapatan jasa perbaikan dan overhaul pesawat,
dan jasa pemeliharaan yang dapat diestimasi
dengan andal, diakui dengan acuan pada tingkat
penyelesaian dari kontrak pada tanggal pelaporan.
Hasil kontrak dapat diestimasi secara andal bila
seluruh kondisi berikut ini dipenuhi:
 Jumlah pendapatan dapat diukur dengan
andal;
 Besar kemungkinan manfaat ekonomi
sehubungan dengan kontrak tersebut akan
diperoleh Perusahaan;
- 17 -
247
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
When some or all of the economic benefits
required to settle a provision are expected to be
recovered from a third party, a receivable is
recognized as an asset if it is virtually certain that
reimbursement will be received and the amount of
the receivable can be measured reliably.
n. Borrowing Costs
Borrowing costs directly attributable to the
acquisition, construction or production of qualifying
assets, which are assets that necessarily take a
substantial period of time to get ready for their
intended use or sale, are added to the cost of those
assets, until such time as the assets are
substantially ready for their intended use or sale.
For borrowings that are not specific to the
acquisition of a qualifying asset, the amount
capitalised is determined by applying a
capitalisation rate to the expenditures on qualifying
asset. The capitalisation rate is the weighted
average of the borrowing costs applicable to the
total borrowings outstanding during the period,
excluding borrowings directly attributable to
financing other qualifying assets.
Investment income earned on the temporary
investment of specific borrowings pending their
expenditure on qualifying assets is deducted from
the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in profit or
loss in the period in which they are incurred.
o. Revenue and Expense Recognition
Revenue is measured at the fair value of the
consideration received or receivable. Revenue is
reduced for estimated customer returns, rebates
and other similar allowances.
Rendering of services
Revenue from repair and overhaul and line
maintenance which can be estimated reliably is
recognised using the stage of contract completion
at each reporting date. The outcome of a contract
can be estimated reliably when all of the following
conditions are met:
 Total revenue can be measured reliably;
 It is probable that the economic benefits
associated with the contract will be collected
by the Company;
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
 Tingkat penyelesaian dari suatu kontrak pada
tanggal pelaporan dapat diukur dengan andal;
dan
 Biaya yang terjadi atau akan terjadi untuk
kontrak tersebut dapat diukur dengan andal.
Bila hasil transaksi jasa pemeliharaan dan
perbaikan pesawat, dan jasa engineering lainnya
tidak dapat diestimasi dengan andal, pendapatan
diakui hanya yang berkaitan dengan beban kontrak
yang terjadi yang dapat diperoleh kembali. Biaya
kontrak diakui sebagai beban pada periode saat
terjadinya beban.
Bila jumlah biaya kontrak memungkinkan melebihi
jumlah pendapatan jasa pemeliharaan dan
perbaikan pesawat, dan jasa engineering lainnya,
estimasi kerugian diakui segera sebagai beban.
Pada tanggal pelaporan, kelebihan pendapatan
atas penagihan dari jasa pemeliharaan dan
perbaikan pesawat, dan jasa engineering lainnya
disajikan sebagai aset lancar pada “Tagihan bruto
dari pelanggan”, sedangkan kelebihan penagihan
atas pendapatan disajikan sebagai liabilitas lancar
pada “Utang bruto kepada pelanggan”.
Pendapatan bunga
Pendapatan bunga dari aset keuangan diakui
apabila kemungkinan besar manfaat ekonomi akan
mengalir ke Perusahaan dan jumlah pendapatan
dapat diukur dengan andal. Pendapatan bunga
diakui atas dasar berlalunya waktu dengan
mengacu pada pokok aset keuangan dan suku
bunga efektif yang berlaku, yang merupakan suku
bunga yang secara tepat mendiskontokan estimasi
penerimaan kas di masa datang selama perkiraan
umur aset keuangan ke nilai tercatat bersih dari
aset pada pengakuan awal.
Beban
Beban diakui pada periode saat terjadinya beban.
p. Imbalan Pasca Kerja
Imbalan Pasca-kerja
Program Iuran Pasti
Kontribusi kepada program pensiun iuran pasti
diakui sebagai beban pada saat karyawan telah
memberikan jasa yang berhubungan dengan
kontribusi.
- 18 -
248
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
 The stage of contract completion at the
reporting date can be measured reliably; and
 The costs incurred or to be incurred on the
contract can be measured reliably.
Where the outcome of an aircrafts maintenance
and repair service, and other engineering services
can not be estimated reliably, revenue is
recognised to the extent of contract costs incurred
that is probable will be recoverable. Contract costs
are recognised as expenses in the period in which
they are incurred.
When it is probable that total contract cost will
exceed total revenue from aircrafts maintenance
and repair service, and other engineering services,
the expected loss is recognised as an expense
immediately.
At reporting date, earnings in excess of billings on
aircrafts maintenance and repair service, and other
engineering services are presented as current
assets under “Gross receivable from customers”
while billings in excess of earnings are presented
as current liability under “Gross payable to
customers”.
Interest revenue
Interest income from a financial asset is recognised
when it is probable that the economic benefits will
flow to the Company and the amount of income
can be measured reliably. Interest income is
accrued on a time basis, by reference to the
principal outstanding and at the effective interest
rate applicable, which is the rate that exactly
discounts estimated future cash receipts through
the expected life of the financial asset to that
asset's net carrying amount on initial recognition.
Expenses
Expenses are recognised in the period in which
they are incurred.
p. Employee Benefits
Post-employment Benefits
Defined Contribution Plan
Contributions to defined contribution retirement
benefit plans are recognised as an expense when
employees have rendered service entitling them to
the contributions.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Program Imbalan Pasti
Perusahaan memberikan program pensiun imbalan
pasti untuk semua karyawan tetapnya. Perusahaan
juga membukukan imbalan pasca kerja imbalan
pasti untuk karyawan sesuai dengan Undang
Undang Ketenagakerjaan No. 13/2003.
Perusahaan menghitung dan mengakui selisih
antara imbalan yang diterima karyawan
berdasarkan undang-undang yang berlaku dengan
manfaat yang diterima dari program pensiun untuk
pensiun normal.
Biaya penyediaan imbalan ditentukan dengan
menggunakan metode projected unit credit dengan
penilaian aktuaria yang dilakukan pada setiap
akhir periode pelaporan tahunan. Pengukuran
kembali, terdiri dari keuntungan dan kerugian
aktuarial yang tercermin langsung dalam laporan
posisi keuangan yang dibebankan atau dikreditkan
dalam penghasilan komprehensif lain periode
terjadinya. Pengukuran kembali diakui dalam
penghasilan komprehensif lain tercermin segera
dalam saldo laba dan tidak akan direklasifikasi ke
laba rugi. Biaya jasa lalu diakui dalam laba rugi
pada periode amandemen program. Bunga neto
dihitung dengan mengalikan tingkat diskonto pada
awal periode imbalan pasti dengan liabilitas atau
aset imbalan pasti neto. Biaya imbalan pasti
dikategorikan sebagai berikut:
 Biaya jasa (termasuk biaya jasa kini, biaya
jasa lalu serta keuntungan dan kerugian
kurtailmen dan penyelesaian)
 Beban atau pendapatan bunga neto
 Pengukuran kembali
Perusahaan menyajikan dua komponen pertama
dari biaya imbalan pasti di laba rugi, Keuntungan
dan kerugian kurtailmen dicatat sebagai biaya jasa
lalu.
Liabilitas imbalan pensiun yang diakui pada
laporan posisi keuangan merupakan defisit aktual
dalam program imbalan pasti Perusahaan.
Liabilitas untuk pesangon diakui pada mana yang
lebih dulu ketika entitas tidak dapat lagi menarik
tawaran imbalan tersebut dan ketika entitas
mengakui biaya restrukturisasi terkait.
Imbalan Kerja Jangka Panjang Lainnya
Perhitungan imbalan kerja jangka panjang lainnya
ditentukan dengan menggunakan metode
Projected Unit Credit. Jumlah yang diakui sebagai
liabilitas untuk imbalan kerja jangka panjang
lainnya di laporan posisi keuangan adalah nilai kini
liabilitas imbalan pasti.
- 19 -
249
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
Defined Benefit Plan
The Company established defined benefit pension
plan covering all the local permanent employees. In
addition, the Company also provides post-
employment benefits as required under Labor Law
No. 13/2003 (the “Labor Law”). For normal pension
scheme, the Company calculates and recognises
the higher of the benefits under the Labor Law and
those under such pension plan.
The cost of providing benefits is determined using
the projected unit credit method, with actuarial
valuations being carried out at the end of each
annual reporting period. Remeasurement,
comprising actuarial gains and losses is reflected
immediately in the statement of financial position
with a charge or credit recognised in other
comprehensive income in the period in which they
occur. Remeasurement recognised in other
comprehensive income is reflected immediately in
retained earning and will not be reclassified to profit
or loss. Past service cost is recognised in profit or
loss in the period of a plan amendment. Net
interest is calculated by applying the discount rate
at the beginning of the period to the net defined
benefit liability or asset. Defined benefit costs are
categorised as follows:
 Service cost (including current service cost,
past service cost, as well as gains and losses
on curtailments and settlements).
 Net interest expense or income.
 Remeasurement.
The Company presents the first two components of
defined benefit costs in profit or loss. Curtailment
gains and losses are accounted for as past service
costs.
The retirement benefit obligation recognised in the
statement of financial position represents the actual
deficit in the Company’s defined benefit plans.
A liability for a termination benefit is recognised at
the earlier of when the entity can no longer
withdraw the offer of the termination benefit and
when the entity recognises any related
restructuring costs.
Other Long-term Benefits
The cost of providing long-term benefits is
determined using the Projected Unit Credit method.
The other long-term employment benefits obligation
recognised in the statements of financial position
represents the present value of the defined benefits
obligation.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
q. Pajak Penghasilan
Pajak saat terutang berdasarkan laba kena pajak
untuk suatu tahun. Laba kena pajak berbeda dari
laba sebelum pajak seperti yang dilaporkan dalam
laporan laba rugi dan penghasilan komprehensif
lain karena pos pendapatan atau beban yang
dikenakan pajak atau dikurangkan pada tahun
yang berbeda dan pos-pos yang tidak dikenakan
pajak atau tidak dapat dikurangkan.
Beban pajak kini ditentukan berdasarkan laba kena
pajak dalam periode yang bersangkutan yang
dihitung berdasarkan tarif pajak yang berlaku.
Pajak tangguhan diakui atas perbedaan temporer
antara jumlah tercatat aset dan liabilitas dalam
laporan keuangan dengan dasar pengenaan pajak
yang digunakan dalam perhitungan laba kena
pajak. Liabilitas pajak tangguhan umumnya diakui
untuk seluruh perbedaan temporer kena pajak.
Aset pajak tangguhan umumnya diakui untuk
seluruh perbedaan temporer yang dapat
dikurangkan sepanjang kemungkinan besar laba
kena pajak akan tersedia sehingga perbedaan
temporer dapat dimanfaatkan. Aset dan liabilitas
pajak tangguhan tidak diakui jika perbedaan
temporer timbul dari pengakuan awal (selain dari
kombinasi bisnis) dari aset dan liabilitas suatu
transaksi yang tidak mempengaruhi laba kena
pajak atau laba akuntansi.
Aset dan liabilitas pajak tangguhan diukur dengan
menggunakan tarif pajak yang diharapkan berlaku
dalam periode ketika liabilitas diselesaikan atau
aset dipulihkan berdasarkan tarif pajak (dan
peraturan pajak) yang telah berlaku atau secara
substantif telah berlaku pada akhir periode
pelaporan.
Pengukuran aset dan liabilitas pajak tangguhan
mencerminkan konsekuensi pajak yang sesuai
dengan cara Perusahaan memperkirakan, pada
akhir periode pelaporan, untuk memulihkan atau
menyelesaikan jumlah tercatat aset dan
liabilitasnya.
Jumlah tercatat aset pajak tangguhan ditelaah
ulang pada akhir periode pelaporan dan dikurangi
jumlah tercatatnya jika kemungkinan besar laba
kena pajak tidak lagi tersedia dalam jumlah yang
memadai untuk mengkompensasikan sebagian
atau seluruh aset pajak tangguhan tersebut.
Pajak kini dan pajak tangguhan diakui sebagai
beban atau penghasilan dalam laba rugi periode,
kecuali sepanjang pajak penghasilan yang timbul
dari transaksi atau peristiwa yang diakui, di luar
laba rugi (baik dalam penghasilan komprehensif
lain maupun secara langsung di ekuitas), dalam hal
tersebut pajak juga diakui di luar laba rugi.
- 20 -
250
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
q. Income Tax
The tax currently payable is based on taxable profit
to the year. Taxable profit differs from profit before
tax as reported in the statement of profit or loss and
other comprehensive income because of items of
income or expense that are taxable or deductible in
other years and items that are never taxable or
deductible.
Current tax expense is determined based on the
taxable income for the year computed using
prevailing tax rates.
Deferred tax is recognized on temporary
differences between the carrying amounts of assets
and liabilities in the financial statements and the
corresponding tax bases used in the computation
of taxable profit. Deferred tax liabilities are
generally recognized for all taxable temporary
differences. Deferred tax assets are generally
recognized for all deductible temporary differences
to the extent that is probable that taxable profits will
be available against which those deductible
temporary differences can be utilized. Such
deferred tax assets and liabilities are not
recognized if the temporary differences arises from
the initial recognition (other than in a business
combination) of assets and liabilities in a
transaction that affects neither the taxable profit nor
the accounting profit.
Deferred tax assets and liabilities are measured at
the tax rates that are expected to apply in the
period in which the liability is settled or the asset
realized, based on the tax rates (and tax laws) that
have been enacted, or substantively enacted, by
the end of the reporting period.
The measurement of deferred tax assets and
liabilities reflects the tax consequences that would
follow from the manner in which the Company
expects, at the end of the reporting period, to
recover or settle the carrying amount of their assets
and liabilities.
The carrying amount of deferred tax asset is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.
Current and deferred tax are recognized as an
expense or income in profit or loss, except when
they relate to items that are recognized outside of
profit or loss (whether in other comprehensive
income or directly in equity), in which case the tax
is also recognized outside of profit or loss.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Aset dan liabilitas pajak tangguhan saling hapus
ketika entitas memiliki hak yang dapat dipaksakan
secara hukum untuk melakukan saling hapus aset
pajak kini terhadap liabilitas pajak kini dan ketika
aset pajak tangguhan dan liabilitas pajak
tangguhan terkait dengan pajak penghasilan yang
dikenakan oleh otoritas perpajakan yang sama
atas entitas kena pajak yang sama atau entitas
kena pajak yang berbeda yang memiliki intensi
untuk memulihkan aset dan liabilitas pajak kini
dengan dasar neto.
r. Laba per Saham
Laba per saham dasar dihitung dengan membagi
laba bersih yang diatribusikan kepada pemilik
entitas induk dengan jumlah rata-rata tertimbang
saham yang beredar pada tahun yang
bersangkutan.
Laba per saham dilusian dihitung dengan membagi
laba bersih yang diatribusikan kepada pemilik
entitas induk dengan jumlah rata-rata tertimbang
saham biasa yang telah disesuaikan dengan
dampak dari semua efek berpotensi saham biasa
yang dilutif.
s. Informasi Segmen
Segmen operasi diidentifikasi berdasarkan laporan
internal mengenai komponen dari Perusahaan
yang secara regular direview oleh “pengambil
keputusan operasional” dalam rangka
mengalokasikan sumber daya dan menilai kinerja
segmen operasi.
Segmen operasi adalah suatu komponen dari
entitas:
a. yang terlibat dalam aktivitas bisnis yang
mana memperoleh pendapatan dan
menimbulkan beban (termasuk pendapatan
dan beban terkait dengan transaksi dengan
komponen lain dari entitas yang sama);
b. yang hasil operasinya dikaji ulang secara
regular oleh pengambil keputusan
operasional untuk membuat keputusan
tentang sumber daya yang dialokasikan
pada segmen tersebut dan menilai
kinerjanya; dan
c. dimana tersedia informasi keuangan yang
dapat dipisahkan.
Informasi yang digunakan oleh pengambil
keputusan operasional dalam rangka alokasi
sumber daya dan penillaian kinerja mereka
terfokus pada kategori dari setiap produk.
- 21 -
251
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
Deferred tax assets and liabilities are offset when
there is legally enforceable right to set off current
tax assets against current tax liabilities and when
they relate to income taxes levied by the same
taxation authority on either the same taxable entity
or different taxable entities when there is an
intention to settle its current tax assets and current
tax liabilities on a net basis.
r. Earnings per Share
Basic earnings per share is computed by dividing
net income attributable to the owners of the
Company by the weighted average number of
shares outstanding during the year.
Diluted earnings per share is computed by dividing
net income attributable to the owners of the
Company by the weighted average number of
shares outstanding as adjusted for the effects of all
dilutive potential ordinary shares.
s. Segment Information
Operating segments are identified on the basis of
internal reports about components of the Company
that are regularly reviewed by the chief operating
decision maker in order to allocate resources to the
segments and to assess their performances.
An operating segment is a component of an entity:
a. that engages in business activities from which
it may earn revenues and incurred expenses
(including revenues and expenses relating to
the transactions with other components of the
same entity);
b. whose operating results are reviewed regularly
by the entity’s chief operating decision maker
to make decision about resources to be
allocated to the segments and assess its
performance; and
c. for which discrete financial information is
available.
Information reported to the chief operating decision
maker for the purpose of resource allocation and
assessment of performance is more specifically
focused on the category of each product.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
4. PERTIMBANGAN KRITIS AKUNTANSI DAN
ESTIMASI AKUNTANSI YANG SIGNIFIKAN
Dalam menerapkan kebijakan akuntansi Perusahaan,
seperti dijelaskan dalam Catatan 3 atas laporan
keuangan, manajemen diharuskan untuk membuat
pertimbangan, estimasi dan asumsi mengenai nilai
tercatat aset dan liabilitas yang tidak tersedia dari
sumber lain. Estimasi dan asumsi terkait berdasarkan
pengalaman masa lalu dan faktor lain yang relevan
dipertimbangkan. Realisasi dapat berbeda dengan
jumlah yang diestimasi.
Estimasi dan asumsi yang mendasarinya direview
secara berkelanjutan. Perubahan atas estimasi
akuntansi diakui pada periode terjadinya perubahan
estimasi, bila perubahan mempengaruhi hanya pada
periode tersebut, atau pada periode perubahan dan
periode masa datang bila perubahan mempengaruhi
masa kini dan periode masa datang.
a. Pertimbangan Kritis dalam Penerapan
Kebijakan Akuntansi
Pada saat proses penerapan kebijakan akuntansi
Perusahaan yang dijelaskan pada Catatan 3,
manajemen tidak melakukan pertimbangan kritis
yang mempunyai dampak signifikan pada jumlah
yang diakui di laporan keuangan, selain yang
berkaitan dengan estimasi yang dijelaskan
dibawah ini.
b. Sumber Utama Estimasi Ketidakpastian
Informasi asumsi utama mengenai masa datang
dan sumber utama dari estimasi lain pada akhir
periode pelaporan, yang memiliki risiko signifikan
yang dapat mengakibatkan penyesuaian material
terhadap jumlah tercatat aset dan liabilitas dalam
periode pelaporan berikutnya dijelaskan dibawah
ini.
Cadangan penurunan nilai
Perusahaan membuat cadangan penurunan nilai
berdasarkan analisa atas ketertagihan pinjaman
yang diberikan dan piutang. Cadangan dibentuk
terhadap pinjaman yang diberikan dan piutang
apabila terdapat kejadian atau perubahan keadaan
yang mengindikasikan bahwa saldo tersebut tidak
akan tertagih. Identifikasi pinjaman yang diberikan
dan piutang tidak tertagih memerlukan
pertimbangan dan estimasi. Apabila ekspektasi
berbeda dari estimasi awal, maka perbedaan ini
akan berdampak terhadap nilai tercatat pinjaman
yang diberikan dan piutang serta biaya piutang tak
tertagih pada periode mana perubahan estimasi
tersebut terjadi. Nilai tercatat pinjaman yang
diberikan dan piutang telah diungkapkan dalam
Catatan 6.
- 22 -
252
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
4. CRITICAL ACCOUNTING JUDGMENTS AND
ESTIMATES
In the application of the Company accounting policies,
which are described in Note 3 to the financial
statements, management is required to make
judgments, estimates and assumptions about the
carrying amounts of assets and liabilities that are not
readily apparent from other sources. The estimates and
associated assumptions are based on historical
experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the
estimate is revised if the revision affects only that
period, or in the period of the revision and future
periods if the revision affects both current and future
periods.
a. Critical Judgments in Applying Accounting
Policies
In the process of applying the Company’s
accounting policies described in Note 3,
management has not made any critical judgment
that has significant impact on the amounts
recognised in financial statements, apart from
those involving estimates which are described
below.
b. Key Sources of Estimation Uncertainty
The key assumptions concerning future and other
key sources of estimation at the end of the
reporting period, that have a significant risk of
causing a material adjustment to the carrying
amounts of assets and liabilities within the next
reporting period are discussed below.
Allowance for impairment losses
The Company provides allowance for impairment
losses based on an assessment of the
recoverability of loans and receivable. Allowances
are applied to loans and receivables where events
or changes in circumstances indicate that the
balances may not be collectible. The identification
of bad and doubtful debts requires the use of
judgment and estimates. Where the expectations
are different from the original estimate, such
difference will impact the carrying value of loans
and receivable and impairment losses in the period
in which such estimate has been changed. The
carrying amounts of loans and receivable are
disclosed in Note 6.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Penyisihan penurunan nilai persediaan
Perusahaan membuat penyisihan penurunan nilai
persediaan berdasarkan estimasi persediaan yang
digunakan pada masa mendatang. Walaupun
asumsi yang digunakan dalam mengestimasi
penyisihan penurunan nilai persediaan telah sesuai
dan wajar, namun perubahan signifikan atas
asumsi ini akan berdampak material terhadap
penyisihan penurunan nilai persediaan, yang pada
akhirnya akan mempengaruhi hasil usaha
Perusahaan. Nilai tercatat persediaan diungkapkan
dalam Catatan 9.
Taksiran masa manfaat aset tetap
Masa manfaat setiap aset tetap Perusahaan
ditentukan berdasarkan kegunaan yang diharapkan
dari penggunaan aset tersebut. Estimasi ini
ditentukan berdasarkan evaluasi teknis internal dan
pengalaman Perusahaan atas aset sejenis. Masa
manfaat setiap aset direview secara periodik dan
disesuaikan apabila prakiraan berbeda dengan
estimasi sebelumnya karena keausan, keusangan
teknis dan komersial, hukum atau keterbatasan
lainnya atas pemakaian aset. Namun terdapat
kemungkinan bahwa hasil operasi dimasa
mendatang dapat dipengaruhi secara signifikan
oleh perubahan atas jumlah serta periode
pencatatan biaya yang diakibatkan karena
perubahan faktor yang disebutkan diatas.
Nilai tercatat aset tetap diungkapkan dalam
Catatan 12.
Pengakuan Pendapatan
Perusahaan mengakui pendapatan dari pekerjaan
yang masih dalam progres pengerjaan
berdasarkan metode persentase penyelesaian.
Persentase penyelesaian diukur berdasarkan
kebijakan akuntansi yang dijelaskan dalam
Catatan 3o. Asumsi yang penting diperlukan dalam
menentukan tahap penyelesaian (persentase
penyelesaian) dan jumlah estimasi pendapatan.
Dalam membuat asumsi, Perusahaan
mengevaluasinya berdasarkan realisasi di waktu
yang lampau. Pendapatan dari pekerjaan
diungkapkan dalam Catatan 21.
Imbalan Kerja
Penentuan liabilitas imbalan kerja tergantung pada
pemilihan asumsi tertentu yang digunakan oleh
aktuaris dalam menghitung jumlah tersebut.
Asumsi tersebut termasuk antara lain tingkat
diskonto dan tingkat kenaikan gaji. Realisasi yang
berbeda dari asumsi Perusahaan diakumulasi dan
diamortisasi selama periode mendatang dan
akibatnya akan berpengaruh terhadap jumlah biaya
serta liabilitas yang diakui di masa datang.
Walaupun asumsi Perusahaan dianggap tepat dan
wajar, namun perubahan signifikan pada
kenyataannya atau perubahan signifikan dalam
asumsi yang digunakan dapat berpengaruh secara
signifikan terhadap liabilitas imbalan kerja
Perusahaan.
- 23 -
253
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
Allowance for decline in value of inventories
The Company provides allowance for decline in
value of inventories based on estimated future
usage of such inventories. While it is believed that
the assumptions used in the estimation of the
allowance for decline in value of inventories are
appropriate and reasonable, significant changes in
these assumptions may materially affect the
assessment of the allowance for decline in value of
inventories, which ultimately will impact the result
of the Company’s operations. The carrying amount
of inventories is disclosed in Note 9.
Estimated useful lives of property and equipment
The useful life of each of the item of the Company’s
property and equipment are estimated based on
the period over which the asset is expected to be
used. Such estimation is based on internal
technical evaluation and experience with similar
assets. The estimated useful life of each asset is
reviewed periodically and updated if expectations
differ from previous estimates due to physical wear
and tear, technical or commercial obsolescence
and legal or other limits on the use of the asset. It
is possible, however, that future results of
operations could be materially affected by changes
in the amounts and timing of recorded expenses
brought about by changes in the factors mentioned
above.
The aggregate carrying value of property and
equipment is disclosed in Note 12.
Revenue Recognition
The Company recognizes revenues from the
project in progress based on percentage of
completion method. Percentage of completion is
measured based on the accounting policies
described in Note 3o. Important assumption is
required in determining the stage of completion
(percentage of completion) and the amount of
estimated income. In making assumptions, the
Company evaluates them based on past
realization. Revenues from the project are
disclosed in Note 21.
Employee Benefits
The determination of employee benefits obligations
is dependent on selection of certain assumptions
used by actuaries in calculating such amounts.
Those assumptions include among others, discount
rate and rate of salary increase. Actual results that
differ from the Company’s assumptions are
accumulated and amortised over future periods
and therefore, generally affect the recognised
expense and recorded obligation in future periods.
While it is believed that the Company’s
assumptions are reasonable and appropriate,
significant differences in actual results or significant
changes in assumptions may materially affect the
Company’s employee benefit obligation.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG 2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan DECEMBER 31, 2016, 2015 AND 2014 - Continued

Nilai tercatat liabilitas imbalan kerja diungkapkan The carrying amount of employee benefits
dalam Catatan 29. obligation is disclosed in Note 29.

5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Kas 384.638 339.981 463.169 171.925 Cash on hand
Bank Cash in banks
Pihak berelasi (Catatan 31a) Related parties (Note 31a)
Bank Negara Indonesia Bank Negara Indonesia
Dolar Amerika Serikat 34.138.826 42.715.452 3.293.543 7.127.901 U.S. Dollar
Rupiah 1.309.876 1.650.222 3.768.686 1.589.349 Rupiah
Euro 37.991 2.898 3.370 99.095 Euro
Bank Rakyat Indonesia Bank Rakyat Indonesia
Dolar Amerika Serikat 12.471 597.497 - - U.S. Dollar
Rupiah 408.389 2.197.845 83.929 - Rupiah
Bank Mandiri Bank Mandiri
Dolar Amerika Serikat 6.213 6.233 12.290 787.478 U.S. Dollar
Rupiah 94.585 1.619.065 353.471 43.016 Rupiah
Bank Syariah Mandiri Bank Syariah Mandiri
Dolar Amerika Serikat 44.630 368.264 12.430 15.526 U.S. Dollar
Pihak ketiga Third parties
Bank Maybank Indonesia Bank Maybank Indonesia
Dolar Amerika Serikat 913 929 1.000 - U.S. Dollar
Rupiah 1.478 1.023.336 658 - Rupiah
ICBC Indonesia ICBC Indonesia
Dolar Amerika Serikat 9.516 649.838 129.386 135.322 U.S. Dollar
Citibank Citibank
Dolar Amerika Serikat 214.294 226.646 12.881.102 311.661 U.S. Dollar
Rupiah 43.433 81.222 2.177.377 10.406 Rupiah
CIMB Niaga CIMB Niaga
Dolar Amerika Serikat 65.964 65.966 65.947 65.782 U.S. Dollar
Rupiah 9.659 7.592 26.802 - Rupiah
Bank Mega Bank Mega
Rupiah 5.789 2.531 - - Rupiah
Setara kas - deposito berjangka Cash equivalents - time deposits
Pihak berelasi (Catatan 31a) Related parties (Note 31a)
BJB Syariah BJB Syariah
Rupiah - 5.954.153 - - Rupiah
Bank Negara Indonesia Bank Negara Indonesia
Dolar Amerika Serikat - - - 4.000.000 U.S. Dollar
Rupiah 1.509.119 2.984.778 2.182.165 6.489.969 Rupiah
Bank Mandiri Bank Mandiri
Rupiah - 70.463 197.081 - Rupiah
Pihak ketiga Third party
Bank Mega Bank Mega
Rupiah - 744.269 - - Rupiah
Jumlah 38.297.784 61.309.180 25.652.406 20.847.430 Total
Kas dibatasi penggunaannya Restricted cash
Pihak berelasi (Catatan 31a, 34b Related parties (Notes 31a, 34b
dan 34c) and 34c)
Bank Negara Indonesia Bank Negara Indonesia
Rupiah (520.166) (533.118) (182.936) (468.091) Rupiah
Bank Syariah Mandiri Bank Syariah Mandiri
Dolar Amerika Serikat (10.963) (334.195) (12.430) (10.981) U.S. Dollar
Subjumlah (531.129) (867.313) (195.366) (479.072) Subtotal
Jumlah 37.766.655 60.441.867 25.457.040 20.368.358 Total

Suku bunga deposito berjangka per tahun Interest rate per annum on time deposits
Dolar Amerika Serikat - - - 3,00%-5,75% U.S. Dollar
Rupiah 6%-8,75% 6%-8,75% 4,5%-7,5% 4,25%-6,75% Rupiah

- 24 -

254
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

6. PIUTANG USAHA 6. TRADE ACCOUNTS RECEIVABLE

a. Berdasarkan Pelanggan a. By Debtor

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Pihak berelasi (Catatan 31a) Related parties (Note 31a)
PT Garuda Indonesia PT Garuda Indonesia
(Persero) Tbk 54.122.714 42.112.892 24.376.028 19.408.393 (Persero) Tbk
PT Citilink Indonesia 17.643.904 10.277.622 5.892.157 4.453.791 PT Citilink Indonesia
Lainnya (masing-masing Others (each below
dibawah 5% dari jumlah) 1.451.381 3.106.482 1.682.407 1.650.437 5% of total)
Sub-jumlah 73.217.999 55.496.996 31.950.592 25.512.621 Sub-total
Cadangan penurunan nilai (1.360.995) (1.360.995) (1.360.995) (1.360.995) Allowance for impairment losses
Bersih 71.857.004 54.136.001 30.589.597 24.151.626 Net

Pihak ketiga Third parties

PT Sriwijaya Air 16.352.164 10.638.202 7.523.919 6.375.226 PT Sriwijaya Air
Lainnya (masing-masing Others (each below
dibawah 5% dari jumlah) 25.330.525 21.671.314 20.154.773 14.958.545 5% of total)
Sub-jumlah 41.682.689 32.309.516 27.678.692 21.333.771 Sub-total
Cadangan penurunan nilai (9.631.516) (9.653.016) (8.067.544) (8.647.433) Allowance for impairment losses
Bersih 32.051.173 22.656.500 19.611.148 12.686.338 Net
Jumlah 103.908.177 76.792.501 50.200.745 36.837.964 Total

b. Berdasarkan Mata Uang b. By Currency

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD

Dolar Amerika Serikat 43.798.556 42.443.108 41.121.179 45.592.585 U.S. Dollar

Rupiah 71.102.132 45.363.404 18.499.444 1.236.990 Rupiah
Dolar Singapura - - 8.661 16.817 Singapore Dollar
Jumlah 114.900.688 87.806.512 59.629.284 46.846.392 Total
Cadangan penurunan nilai (10.992.511) (11.014.011) (9.428.539) (10.008.428) Allowance for impairment losses
Bersih 103.908.177 76.792.501 50.200.745 36.837.964 Net

c. Berdasarkan Umur c. By Aging

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/
March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Belum jatuh tempo 42.488.990 36.172.115 27.385.919 20.029.270 Not yet due
Lewat jatuh tempo Past due
1 - 30 hari 18.618.235 21.932.480 10.105.830 8.250.778 1 - 30 days
31 - 60 hari 13.281.840 4.956.416 2.139.687 3.507.129 31 - 60 days
61 - 90 hari 10.812.869 4.896.625 3.011.149 1.342.966 61 - 90 days
91 - 180 hari 12.728.084 4.652.477 2.014.885 1.332.714 91 - 180 days
181 - 360 hari 5.025.724 5.890.162 4.058.398 2.256.289 181 - 360 days
Lebih dari 360 hari 11.944.946 9.306.237 10.913.416 10.127.246 Over 360 days
Jumlah 114.900.688 87.806.512 59.629.284 46.846.392 Total
Cadangan penurunan nilai (10.992.511) (11.014.011) (9.428.539) (10.008.428) Allowance for impairment losses
Bersih 103.908.177 76.792.501 50.200.745 36.837.964 Net

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Perusahaan memiliki kebijakan pembayaran pelanggan
(Customer Remittance Policy) untuk memastikan
bahwa transaksi yang menghasilkan pendapatan
dilakukan dengan pelanggan yang mempunyai catatan
kredit yang baik, penentuan batasan kredit, syarat
penjualan, batasan piutang dan penentuan pola
pembayaran sesuai data perilaku pembayaran
sebelumnya. Sebelum menerima pelanggan baru,
Perusahaan akan menghitung penilaian pelanggan
dengan mempertimbangkan aspek penagihan,
penjualan dan bisnis di masa depan. Kemudian
Perusahaan akan menentukan batasan nilai kredit
masing-masing pelanggan sesuai hasil penilaian.
Batasan nilai kredit pelanggan akan dievaluasi secara
berkala.
Jangka waktu rata-rata pemberian kredit penjualan
adalah 40 hari. Bunga tidak dikenakan atas
keterlambatan pembayaran piutang, kecuali piutang
dari Garuda dan Citilink dikenakan 1% per bulan dari
jumlah yang belum dibayarkan, maksimum 5%.
Perusahaan membentuk cadangan penurunan nilai
berdasarkan pada estimasi nilai tidak terpulihkan
secara individual dan pengalaman Perusahaan atas
tertagihnya piutang di masa lalu.
Pada tanggal 31 Maret 2017, 31 Desember 2016, 2015
dan 2014, konsentrasi atas risiko kredit dibatasi pada 3
pelanggan yang jumlah piutangnya melebihi 5% dari
jumlah piutang secara keseluruhan. Manajemen
beranggapan bahwa risiko kredit pelanggan tersebut
adalah rendah dan menilai bahwa tidak terdapat
perubahan kualitas kredit secara signifikan, sehingga
cadangan penurunan nilai tersebut diatas memadai
untuk menutup kerugian yang mungkin timbul dari tidak
tertagihnya piutang usaha.
Mutasi cadangan penurunan nilai adalah sebagai
berikut:
31 Maret/
March 31,
2017
USD
Saldo awal 11.014.011
Kerugian penurunan piutang - 3.227.032
Pemulihan kerugian penurunan nilai (21.500)
Jumlah yang dihapus selama tahun
berjalan atas piutang tidak tertagih - -
Saldo akhir 10.992.511
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
The Company has Customer Remittance Policy to
ensure that the transactions which generate income are
carried out with customers who have good credit
record, establishment of credit limit, term of sales,
maximum receivables and established term of payment
in accordance with previous payment history. Before
accepting a new customer, the Company will calculate
the customers’ valuation based on billing aspect, sales
and future business. The Company will then calculate
the credit limit for each customers based on such
valuation. Customers’ credit limit will be evaluated
periodically.
Average credit terms of sales are 40 days. There is no
interest for the late payment of receivables, except the
receivables from Garuda and Citilink which bear interest
of 1% per month of the total unpaid invoice, up to a
maximum of 5%. The Company made an allowance for
impairment losses based on the estimated
unrecoverable amount of individual accounts and the
Company’s experience of uncollectible receivables in
the past.
As of March 31, 2017, December 31, 2016, 2015 and
2014, the concentrations of credit risk are limited to 3
customers who represent more than 5% of the total
balance of trade receivables. Management considers
the credit risk to be low and assessed that there are no
significant changes in the credit quality, hence, the
above allowance for impairment losses is considered
adequate to cover possible losses on uncollectible trade
accounts receivable.
Changes in the allowance for impairment losses are as
follows:
31 Desember/ 31 Desember/ 31 Desember/
December 31, December 31, December 31,
2016 2015 2014
USD USD USD
9.428.539 10.008.428 7.851.097 Beginning of year
Impairment losses recognised
1.581.995 5.266.758 on receivables
(1.641.560) (1.675.389) (3.109.427) Impairment losses reversed
Amounts written off during
(486.495) - the year as uncollectible
11.014.011 9.428.539 10.008.428 Ending balance
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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Beban cadangan penurunan nilai secara individu dan Allowance for impairment losses from individual and
kolektif adalah sebagai berikut: collective impairment are as follows:

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD

Penilaian Individu 324.777 - 1.795.905 22.927 3.702.655 Individual assessments

Penilaian kolektif 814.581 - 1.431.127 1.559.068 1.564.103 Collective assessments
Jumlah 1.139.358 - 3.227.032 1.581.995 5.266.758 Total

Manajemen berpendapat bahwa cadangan penurunan Management believes that the allowance for
nilai atas piutang adalah cukup. impairment losses is adequate.

Berdasarkan penelahaan yang dilakukan oleh
manajemen atas piutang usaha yang telah jatuh tempo
tetapi tidak mengalami penurunan nilai, manajemen
beranggapan bahwa piutang usaha tersebut masih
dapat dipulihkan karena tidak terdapat perubahan yang
signifikan atas kualitas kredit dari pelanggan tersebut.
For trade receivables that are past due but not
impaired, management considers that those
receivables are still realizable as there was no
significant change in the credit quality of those
customers based on management assesment.

Umur piutang usaha yang telah jatuh tempo tetapi Age of receivables that are past due but not impaired
belum diturunkan nilainya

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD

Lewat jatuh tempo Past due

1 - 30 hari 18.451.127 21.335.251 9.697.357 8.115.852 1 - 30 days
31 - 60 hari 13.044.788 4.643.241 1.929.543 3.405.770 31 - 60 days
61 - 90 hari 10.620.494 4.754.701 2.757.870 1.229.681 61 - 90 days
91 - 180 hari 12.326.703 4.290.291 1.803.088 1.232.016 91 - 180 days
181 - 360 hari 4.521.300 5.362.041 3.854.788 1.848.084 181 - 360 days
Lebih dari 360 hari 2.454.775 234.861 2.772.180 977.291 Over 360 days
Jumlah 61.419.187 40.620.386 22.814.826 16.808.694 Total

Perusahaan tidak memiliki jaminan atas saldo-saldo The Company does not hold any collateral over these
piutang. balances.

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

7. TAGIHAN BRUTO DARI (UTANG BRUTO KEPADA) 7. GROSS RECEIVABLE FROM (GROSS PAYABLE TO)
PELANGGAN CUSTOMERS

Akun ini merupakan biaya jasa pemeliharaan dan This account represents the cost of aircrafts repair and
perbaikan pesawat, dan jasa engineering lainnya yang maintenance services, and other engineering services
terjadi dan laba yang diakui atas jasa yang diberikan incurred plus margin for the services performed, net of
setelah dikurangi penagihan, dengan rincian amount billed, with detail by customer as follows:
berdasarkan pelanggan sebagai berikut:
31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/
March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD

Tagihan bruto dari pelanggan Gross receivable from customers

Pihak berelasi (Catatan 31a) Related parties (Note 31a)
PT Garuda Indonesia (Persero) Tbk 52.829.140 46.259.256 40.440.123 19.931.313 PT Garuda Indonesia (Persero) Tbk
PT Citilink Indonesia 4.667.508 4.904.498 2.505.759 2.189.918 PT Citilink Indonesia
Lainnya 543.455 - - - Others
Subjumlah 58.040.103 51.163.754 42.945.882 22.121.231 Subtotal
Pihak ketiga 31.143.532 23.209.983 7.600.530 7.754.381 Third parties
Jumlah 89.183.635 74.373.737 50.546.412 29.875.612 Total

Utang bruto kepada pelanggan Gross payable to customers

Pihak berelasi (Catatan 31a) Related parties (Note 31a)
PT Garuda Indonesia (Persero) Tbk (5.224.925) (84.492) (122.903) - PT Garuda Indonesia (Persero) Tbk
PT Aerofood Indonesia (180.045) - - - PT Aerofood Indonesia
Subjumlah (5.404.970) (84.492) (122.903) - Subtotal
Pihak ketiga (565.080) (87.161) (112.396) (405.836) Third parties
Jumlah (5.970.050) (171.653) (235.299) (405.836) Total

8. PIUTANG LAIN-LAIN 8. OTHER ACCOUNTS RECEIVABLE

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Piutang sewa pembiayaan 18.514 186.835 1.126.154 2.141.526 Finance lease receivable
Lain-lain 1.988.409 3.600.177 - - Others
Jumlah 2.006.923 3.787.012 1.126.154 2.141.526 Total
Dikurangi bagian tidak lancar - - (186.835) (1.126.154) Less non-current portion
Bagian lancar 2.006.923 3.787.012 939.319 1.015.372 Current portion

Piutang sewa pembiayaan Finance lease receivable

Piutang sewa pembiayaan dengan PT Sriwijaya Air Finance lease receivable is with PT Sriwijaya Air as
sebagai berikut: follows:
31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/
March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Piutang sewa pembiayaan 24.000 240.000 1.392.000 2.544.000 Finance lease receivable
Pendapatan sewa pembiayaan
yang belum diakui (5.486) (53.165) (265.846) (402.474) Unearned finance lease income
Jumlah 18.514 186.835 1.126.154 2.141.526 Total

Tingkat bunga 5,95% 6,88% 7,81% 7,81% Interest rate

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Jumlah angsuran sewa pembiayaan sesuai dengan Total lease installments based on maturity date are as
jatuh temponya adalah sebagai berikut: follow:

Pembayaran minimum sewa pembiayaan/

Minimum lease payments
31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/
March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Angsuran sewa pembiayaan Lease Installments
Sampai dengan satu tahun 24.000 240.000 1.152.000 1.152.000 Within one year
Lebih dari satu tahun sampai More than one year
lima tahun - - 240.000 1.392.000 up to five years
Sub jumlah 24.000 240.000 1.392.000 2.544.000 Sub total
Pendapatan sewa pembiayaan
belum diakui Unearned lease income
Sampai dengan satu tahun (5.486) (53.165) (212.681) (136.628) Within one year
Lebih dari satu tahun sampai More than one year
lima tahun - - (53.165) (265.846) up to five years
Sub jumlah (5.486) (53.165) (265.846) (402.474) Sub total
Jumlah 18.514 186.835 1.126.154 2.141.526 Total

Kisaran jangka waktu pembiayaan adalah 40 bulan. The financing term is 40 months.

Biaya-biaya yang timbul, seperti premi asuransi, bea Costs incurred, such as insurance premium, stamp
materai dan biaya terkait lainnya sehubungan dengan duty, and other related costs in connections with
perolehan aset sewa pembiayaan, dibebankan kepada finance lease transaction are charged directly to
pelanggan. customer.

Lain-lain Others

Pada 31 Maret 2017 dan 31 Desember 2016, akun ini
merupakan piutang dari Asuransi Jiwasraya atas
pembayaran tunjangan hari tua masing-masing sebesar
USD 1,9 juta dan USD 3,4 juta serta program employee
Eazy sebesar masing-masing USD 128 ribu dan
USD 104 ribu.
As of March 31, 2017 and December 31, 2016,
this account represent receivable from Asuransi
Jiwasraya for payment of pension benefit amounting to
USD 1.9 million and USD 3.4 million, respectively, and
employee Eazy program amounting to USD 128
thousand and USD 104 thousand, respectively.

9. PERSEDIAAN 9. INVENTORIES

Akun ini merupakan suku cadang pesawat dengan This account represents spare parts of aircraft with
rincian sebagai berikut: details as follows:

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Suku cadang expendable Expendable spare parts
dan supplies 58.934.188 59.808.490 47.572.916 41.309.483 and supplies
Suku cadang rotable dan Rotable and repairable
repairable 31.028.750 29.470.841 25.049.931 21.255.002 spare parts
Jumlah 89.962.938 89.279.331 72.622.847 62.564.485 Total
Penyisihan penurunan nilai Allowance for decline in
persediaan (5.067.803) (4.963.803) (4.020.566) (3.130.493) inventory

Bersih 84.895.135 84.315.528 68.602.281 59.433.992 Net

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Mutasi penyisihan penurunan nilai persediaan adalah Changes in the allowance for decline in inventory value
sebagai berikut: are as follows:

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD

Awal tahun 4.963.803 4.020.566 3.130.493 2.622.116 At beginning of year

Penambahan 104.000 943.237 890.073 508.377 Addition
Akhir tahun 5.067.803 4.963.803 4.020.566 3.130.493 At end of year

Manajemen berpendapat bahwa penyisihan penurunan Management believes that the allowance for decline in
nilai persediaan tersebut adalah cukup untuk menutup inventory value is adequate to cover possible losses on
kerugian yang mungkin timbul dari nilai persediaan. inventory value.

Pada tanggal 31 Maret 2017, 31 Desember 2016, 2015
dan 2014, persediaan diasuransikan pada PT Asuransi
Jasa Indonesia terhadap risiko kebakaran, pencurian
dan risiko lainnya dengan jumlah pertanggungan masing-
masing sebesar USD 70.045.917, USD 70.045.917,
USD 102.004.965 dan USD 59.457.435.
On March 31, 2017, December 31, 2016, 2015 and
2014, inventories were insured by PT Asuransi Jasa
Indonesia against fire, theft and other possible risks for
USD 70,045,917, USD 70,045,917, USD 102,004,965,
and USD 59,457,435, respectively.

10. PAJAK DIBAYAR DIMUKA 10. PREPAID TAX

Akun ini merupakan pajak pertambahan nilai. This account represents value added tax.

11. UANG MUKA DAN BIAYA DIBAYAR DIMUKA 11. ADVANCES AND PREPAID EXPENSES

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD

Uang muka pembelian 20.584.180 25.645.371 11.780.983 7.538.653 Advances for purchases
Uang muka perjalanan dinas 1.057.795 817.704 814.300 387.692 Advances for business trips
Lainnya 1.823.616 873.674 425.010 208.399 Others
Jumlah 23.465.591 27.336.749 13.020.293 8.134.744 Total

Uang muka pembelian terutama merupakan Advances for purchases mainly represent payments to
pembayaran kepada subkontraktor dan pemasok terkait subcontractors and suppliers in respect of installation of
dengan jasa pembuatan dan pemeliharaan kabin, cabin refurbishment, engine, and general maintenance
mesin dan pemeliharaan rutin. contracts.

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

12. ASET TETAP 12. PROPERTY AND EQUIPMENT

Surplus
1 Januari/ revaluasi/ 31 Maret/
January 1, Penambahan/ Reklasifikasi/ Revaluation March 31,
2017 Additions Reclassifications surplus 2017
USD USD USD USD USD
Biaya perolehan/revaluasi: Acquisition cost/revaluation:
Bangunan dan prasarana 37.782.690 - (603.693) 1.582.296 38.761.293 Building and improvement
Suku cadang rotable 35.522.304 2.713.868 - - 38.236.172 Spare parts rotable
Peralatan dan Warehouse tools
perlengkapan bengkel 65.100.777 2.182.804 1.472.388 - 68.755.969 and equipment
Peralatan kantor dan Office equipment and
komputer 23.447.972 192.281 - - 23.640.253 computer
Aset dalam penyelesaian 636.563 1.179.171 (1.472.388) - 343.346 Construction in progress

Jumlah 162.490.306 6.268.124 (603.693) 1.582.296 169.737.033 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 160.262 443.431 (603.693) - - Building and improvement
Suku cadang rotable 12.436.362 1.153.283 - - 13.589.645 Spare parts rotable
Peralatan dan Warehouse tools
perlengkapan bengkel 33.052.735 1.227.891 - - 34.280.626 and equipment
Peralatan kantor dan Office equipment and
komputer 11.676.979 327.817 - - 12.004.796 computer

Jumlah 57.326.338 3.152.422 (603.693) - 59.875.067 Total

Nilai tercatat 105.163.968 109.861.966 Net carrying value

Surplus
1 Januari/ revaluasi/ 31 Desember/
January 1, Penambahan/ Reklasifikasi/ Revaluation December 31,
2016 Additions Reclassifications surplus 2016
USD USD USD USD USD
Biaya perolehan/revaluasi: Acquisition cost/revaluation:
Bangunan dan prasarana 39.037.189 - (1.567.270) 312.771 37.782.690 Building and improvement
Suku cadang rotable 27.107.662 8.414.642 - - 35.522.304 Spare parts rotable
Peralatan dan Warehouse tools
perlengkapan bengkel 50.919.330 14.181.447 - - 65.100.777 and equipment
Peralatan kantor dan Office equipment and
komputer 20.037.808 3.410.164 - - 23.447.972 computer
Aset dalam penyelesaian 415.893 637.635 (416.965) - 636.563 Construction in progress

Jumlah 137.517.882 26.643.888 (1.984.235) 312.771 162.490.306 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 226.643 1.917.854 (1.984.235) - 160.262 Building and improvement
Suku cadang rotable 8.565.909 3.870.453 - - 12.436.362 Spare parts rotable
Peralatan dan Warehouse tools
perlengkapan bengkel 28.851.780 4.200.955 - - 33.052.735 and equipment
Peralatan kantor dan Office equipment and
komputer 10.280.806 1.396.173 - - 11.676.979 computer

Jumlah 47.925.138 11.385.435 (1.984.235) - 57.326.338 Total

Nilai tercatat 89.592.744 105.163.968 Net carrying value

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Surplus
1 Januari/ revaluasi/ 31 Desember/
January 1, Penambahan/ Pengurangan/ Reklasifikasi/ Revaluation December 31,
2015 Additions Deductions Reclassifications surplus 2015
USD USD USD USD USD USD
Biaya perolehan/revaluasi: Acquisition cost/revaluation:
Bangunan dan prasarana 241.243 687.003 - 38.076.549 32.395 39.037.190 Building and improvement
Suku cadang rotable 25.304.932 2.340.763 538.034 - - 27.107.661 Spare parts rotable
Peralatan dan Warehouse tools
perlengkapan bengkel 39.192.812 5.556.453 - 6.170.065 - 50.919.330 and equipment
Peralatan kantor dan Office equipment and
komputer 9.534.663 1.013.565 - 9.489.580 - 20.037.808 computer
Aset dalam penyelesaian 50.997.993 3.196.551 - (53.778.651) - 415.893 Construction in progress
Jumlah 125.271.643 12.794.335 538.034 (42.457) 32.395 137.517.882 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 1.406 267.694 - (42.457) - 226.643 Building and improvement
Suku cadang rotable 5.243.018 3.507.923 185.032 - - 8.565.909 Spare parts rotable
Peralatan dan Warehouse tools
perlengkapan bengkel 25.000.459 3.851.321 - - - 28.851.780 and equipment
Peralatan kantor dan Office equipment and
komputer 8.999.428 1.281.378 - - - 10.280.806 computer
Jumlah 39.244.311 8.908.316 185.032 (42.457) - 47.925.138 Total

Nilai tercatat 86.027.332 89.592.744 Net carrying value

Surplus
1 Januari/ revaluasi/ 31 Desember/
January 1, Penambahan/ Pengurangan/ Reklasifikasi/ Revaluations December 31,
2014 Additions Deductions Reclassifications surplus 2014
USD USD USD USD USD USD
Biaya perolehan/revaluasi: Acquisition cost/revaluation:
Bangunan dan prasarana 246.831 - - (15.565) 9.977 241.243 Building and improvement
Suku cadang rotable 14.146.599 13.148.238 1.989.905 - - 25.304.932 Spare parts rotable
Peralatan dan Warehouse tools
perlengkapan bengkel 34.773.118 4.419.694 - - - 39.192.812 and equipment
Peralatan kantor dan Office equipment and
komputer 9.404.591 130.072 - - - 9.534.663 computer
Aset dalam penyelesaian 31.747.371 19.250.622 - - - 50.997.993 Construction in progress

Jumlah 90.318.510 36.948.626 1.989.905 (15.565) 9.977 125.271.643 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 1.216 15.755 - (15.565) - 1.406 Building and improvement
Suku cadang rotable 2.938.864 2.304.154 - - - 5.243.018 Spare parts rotable
Peralatan dan Warehouse tools
perlengkapan bengkel 21.534.826 3.465.633 - - - 25.000.459 and equipment
Peralatan kantor dan Office equipment and
komputer 8.278.449 720.979 - - - 8.999.428 computer

Jumlah 32.753.355 6.506.521 - (15.565) - 39.244.311 Total

Nilai tercatat 57.565.155 86.027.332 Net carrying value

Beban penyusutan masing-masing sebesar Depreciation expense amounting to USD 3,152,422,

USD 3.152.422, USD 11.385.435, USD 8.908.316 dan USD 11,385,435, USD 8,908,316 and USD 6,506,521
USD 6.506.521 untuk periode tiga bulan yang berakhir are for the three months period ended March 31, 2017
31 Maret 2017 dan tahun-tahun yang berakhir and the year ended December 31, 2016, 2015 and 2014,
31 Desember 2016, 2015 dan 2014. respectively.

Biaya pinjaman yang dikapitalisasi pada aset dalam
penyelesaian masing – masing sebesar USD 2.780.658
dan USD 4.100.623 untuk tahun 2015 dan 2014.
Tingkat kapitalisasi rata-rata adalah 86,90% dan
17,74% pada tahun 2015 dan 2014. Untuk periode
3 bulan yang berakhir 31 Maret 2017 dan tahun yang
berakhir 31 Desember 2016, tidak terdapat biaya
pinjaman yang dikapitalisasi pada aset dalam
penyelesaian.
Borrowing cost capitalised to construction in progress
amounted to USD 2,780,658 and USD 4,100,623 for the
year 2015 and 2014, respectively. The average
capitalisation rates was 86.90% and 17.74% in 2015
and 2014. For the three months period ended March 31,
2017 and for the year ended December 31, 2016, there
are no borrowing cost capitalised to construction in
progress.

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Aset dalam penyelesaian merupakan pekerjaan
pembuatan software yang diperkirakan akan selesai
pada September 2017. Jumlah tercatat aset dalam
penyelesaian pada tanggal 31 Maret 2017 adalah 21%
terhadap nilai kontrak. Manajemen berpendapat tidak
terdapat hambatan dalam penyelesaian aset tersebut.
Bangunan dan prasarana yang dinyatakan dengan nilai
wajar
Penilaian independen atas bangunan dan prasarana
Perusahaan dilakukan oleh KJPP Fuadah, Rudi &
Rekan pada tanggal 31 Maret 2017, 31 Desember
2016, dan 2014 serta KJPP Iskandar dan Rekan pada
tanggal 31 Desember 2015 untuk menentukan nilai
wajar bangunan dan prasarana. Penilaian berdasarkan
standar yang ditetapkan oleh Masyarakat Penilai
Indonesia yang didasarkan pada metode nilai
pengganti. Tanggal efektif penilaian masing-masing
adalah 31 Maret 2017, 30 Nopember 2016, 2015 dan
2014.
Rincian dari bangunan milik Perusahaan dan informasi
mengenai hirarki nilai wajar pada tanggal 31 Maret
2017 adalah sebagai berikut:
Tingkat 1/ Tingkat 2/
Level 1 Level 2
Bangunan dan prasarana - √
Tidak ada perpindahan antara tingkat 1 dan tingkat 2
selama periode tersebut.
Jika bangunan dan prasarana diukur menggunakan
nilai historis, nilai tercatat aset tetap tersebut pada
tanggal 31 Maret 2017, 31 Desember 2016, 2015 dan
2014 masing-masing akan sebesar USD 36.763.076,
USD 37.358.267, USD 41.776.271 dan USD 173.005.
Nilai wajar aset suku cadang rotable dan peralatan &
perlengkapan bengkel pada tanggal 31 Maret 2017
adalah sebesar USD 82.687.578 berdasarkan penilaian
dari KJPP Fuadah, Rudi & Rekan yang merupakan
hasil dari gabungan antara pendekatan data pasar dan
pendekatan biaya.
Manajemen berkeyakinan tidak ada perbedaan
signifikan antara nilai wajar dengan nilai buku untuk
aset peralatan kantor dan komputer per 31 Maret 2017.
Pada tanggal 31 Maret 2017, 31 Desember 2016, 2015
dan 2014, Perusahaan mempunyai aset tetap yang
telah disusutkan penuh tetapi masih digunakan dengan
harga perolehan masing-masing sebesar
USD 31.356.177, USD 31.067.221, USD 26.855.963
dan USD 24.493.967.
Manajemen berpendapat bahwa pada tanggal
pelaporan tidak terdapat kejadian atau perubahan
keadaan yang mengindikasikan penurunan nilai aset
tetap yang dinyatakan dalam biaya perolehan.
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263
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
Construction in progress represent software
development which are estimated to completed in
September 2017. Carrying amount of construction in
progress as of March 31, 2017 are 21% of total contract
value. Management believes that there are no exception
in completion of fixed asset.
Building and improvement carried at fair value
An independent valuation of the Company’s building and
improvement was performed by KJPP Fuadah, Rudi &
Rekan as of March 31, 2017, December 31, 2016 and
2014 and also by KJPP Iskandar & Rekan as of
December 31, 2015 to determine the fair value of the
building and improvements. The valuation, which
conforms with standards established by Indonesian
Appraisal Association was determined by replacement
cost method. The effective date of the valuation is
March 31, 2017, November 30, 2016, 2015 and 2014.
Details of the Company’s building and information about
the fair value hierarchy as of March 31, 2017 are as
follow:
Tingkat 3/
Level 3
- Buildings and improvement
There were no transfer between level 1 and level 2
during the period.
If building and improvements have been measured on
historical cost basis, the carrying amount as of March 31,
2017, December 31, 2016, 2015 and 2014 would have
been USD 36,763,076, USD 37,358,267,
USD 41,776,271, and USD 173,005, respectively.
The fair value of the spare parts rotable and warehouse
tools & equipment as of March 31, 2017 amounted to
USD 82.687.578 based on the valuation from KJPP
Fuadah, Rudi & Rekan as a result of a combination of
market approach and cost approach.
Management believed there are no significant difference
between fair value and book value as of March 31, 2017.
On March 31, 2017, December 31, 2016, 2015 and
2014, the Company has property and equipment which
are fully depreciated but still being used with acquisition
cost amounting to USD 31,356,177, USD 31,067,221,
USD 26,855,963 and USD 24,493,967, respectively.
Management believes that there are no events or
changes in circumtances as of reporting date which may
indicate impairment in value of property and equipment
carried at cost.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Tabel berikut ini berisi informasi mengenai jumlah aset The following table details the information in regards to
tercatat yang diasuransikan dan nilai pertanggungan: total assets insured and sum insured:

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014

Jumlah tercatat aset yang Carrying amount of insured

diasuransikan assets
Persediaan USD 70.045.917 USD 70.045.917 USD 66.710.397 USD 59.457.435 Inventories
Aset tetap USD 84.872.092 USD 81.441.463 USD 70.635.098 USD 14.968.325 Property and equipment
USD 18.817.450 USD 18.817.450 - -
Jumlah pertanggungan asuransi Total sum insured
Rupiah Rp713.445.796.112 Rp713.445.796.112 Rp364.385.482.400 Rp357.117.752.400 Rupiah
Dolar Amerika Serikat USD 88.863.367 USD 88.863.367 USD 66.710.397 USD 59.457.435 US Dollar

Manajemen berpendapat bahwa nilai pertanggungan Management believes that the insurance coverage is
tersebut cukup untuk menutupi kemungkinan kerugian adequate to cover possible losses on the assets insured.
atas aset yang dipertanggungkan.

Aset tetap digunakan sebagai jaminan atas fasilitas
kredit investasi (Catatan 18). Pada 31 Maret 2017,
jumlah aset tetap sebesar USD 93.935.502 digunakan
sebagai jaminan kepada Bank BNI dan IIF berupa
bangunan dan prasarana, serta peralatan dan
perlengkapan bengkel.
The property and equipment was used as collateral for
investment credit facility (Note 18). On March 31, 2017,
amount of fixed asset such building and improvement
and warehouse tools and equipment is used as collateral
is USD 93,935,502 to BNI and IIF.

13. PINJAMAN JANGKA PENDEK 13. SHORT-TERM LOANS

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD

Bank Negara Indonesia 31.236.141 27.293.353 - - Bank Negara Indonesia

(Catatan 31a) (Note 31a)
Bank ICBC - 6.043.553 - - Bank ICBC
PT Indonesia Infrastructure - - - 5.000.000 PT Indonesia Infrastructure
Jumlah 31.236.141 33.336.906 - 5.000.000 Total

Bank Negara Indonesia (BNI) Bank Negara Indonesia (BNI)

Pada tanggal 28 April 2016, Perusahaan memperoleh
fasilitas kredit modal kerja dari Bank Negara Indonesia
sebesar USD 30 juta, jatuh tempo pada tanggal 28 April
2017 dan suku bunga mengambang sebesar LIBOR
tiga bulanan ditambah 2,75% per tahun. Fasilitas ini
digunakan untuk pembiayaan operasional perbaikan,
pemeliharaan, dan overhaul pesawat. Pada 31 Maret
2017 dan 31 Desember 2016, Perusahaan
menggunakan fasilitas kredit modal kerja masing-
masing sebesar USD 29.307.029 dan USD 27.293.353.
On April 28, 2016, the Company obtained working capital
credit facility from Bank Negara Indonesia with maximum
limit amount of USD 30 million, due on April 28, 2017 at
a floating interest rate of 3-month LIBOR plus 2.75% per
annum. The facility is intented to finance aircrafts
maintenance and repair service, and operational
overhaul. On March 31, 2017 and December 31, 2016,
the Company used working capital credit facility
amounted to USD 29,307,029 and USD 27,293,353,
respectively.

Pada tanggal 28 Oktober 2016, Perusahaan
memperoleh fasilitas Omnibus Sight Usance, UPAS
Letter of Credit (L/C) dan Surat Kredit Berdokumen
Dalam Negeri (SKBDN) dari BNI, jangka waktu sampai
28 Oktober 2017, dengan jumlah maksimum fasilitas
sebesar USD 30 juta. Pada 31 Maret 2017, Perusahaan
menggunakan fasilitas UPAS sebesar USD 1.929.112.
On October 28, 2016, the Company obtained Omnibus
Sight Usance, UPAS Letter of Credit (L/C) and Surat
Kredit Berdokumen Dalam Negeri (SKBDN) from BNI,
maturity date until October 28, 2017, with maximum
amount of USD 30 million. On March 31, 2017, the
Company used UPAS facility amounted USD 1,929,112.

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Bank ICBC Bank ICBC

Pada tanggal 18 Mei 2016, Perusahaan memperoleh
fasilitas Omnibus Sight Usance, UPAS Letter of Credit
(L/C) dan Surat Kredit Berdokumen Dalam Negeri
(SKBDN) dari Bank ICBC, jangka waktu sampai 17 Mei
2017, dengan jumlah maksimum fasilitas sebesar
USD 20 juta.
On May 18, 2016, the Company obtained Omnibus Sight
Usance, UPAS Letter of Credit (L/C) and Surat Kredit
Berdokumen Dalam Negeri (SKBDN) from Bank ICBC,
maturity date until May 17, 2017, with maximum amount
of USD 20 million.

PT Indonesia Infrastructure Finance PT Indonesia Infrastructure Finance

Pada tanggal 24 Desember 2013, Perusahaan
memperoleh fasilitas kredit modal kerja dari
PT Indonesia Infrastructure Finance dengan jumlah
maksimum sebesar USD 5 juta, jangka waktu sampai
dengan 23 Desember 2014. Pinjaman tersebut
mempunyai suku bunga mengambang sebesar LIBOR
tiga bulanan ditambah 3,5% per tahun. Fasilitas ini
digunakan untuk mendukung kegiatan operasional
Perusahaan.
On December 24, 2013, the Company obtained a
working capital credit facility from PT Indonesia
Infrastructure Finance, with maximum amount of
USD 5 million and maturity date until December 23,
2014. The loan has floating interest rate of 3-month
LIBOR plus 3.5% per annum. This facility can be used to
support the Company’s operational activities.

Pada tanggal 23 Desember 2014, fasilitas tersebut On December 23, 2014, the facility is renewed until
diperpanjang sampai dengan 23 Desember 2015 December 23, 2015, with the same maximum amount
dengan jumlah maksimum dan suku bunga and floating interest rate.
mengambang yang sama.

Pada tanggal 23 Desember 2015, pinjaman tersebut On December 23, 2015, the loan has been settled.
telah dilunasi.

14. UTANG USAHA 14. TRADE ACCOUNTS PAYABLE

a. Berdasarkan Pemasok a. By Creditor

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD

Pihak berelasi (Catatan 31a) 9.598.050 6.736.547 4.916.463 5.589.438 Related parties (Note 31a)

Pihak ketiga Third parties

KLM Engineering & Maintenance 8.216.948 3.440.587 - - KLM Engineering & Maintenance
KLM - Royal Dutch Airlines 4.639.219 4.190.996 1.675.436 - KLM - Royal Dutch Airlines
Global Airtech 4.305.096 8.277.245 4.540.780 2.794.240 Global Airtech
Aeroeagle Resources Asia 3.666.950 4.226.529 2.994.990 1.668.326 Aeroeagle Resources Asia
Honeywell International Inc 3.234.102 7.842.240 3.198.035 1.216.705 Honeywell International Inc
The Boeing Company 1.003.346 6.426.184 352.250 - The Boeing Company
Lainnya (dibawah 5% dari jumlah) 41.386.638 29.911.888 31.154.636 20.180.600 Others (below 5% of total)
Sub jumlah 66.452.299 64.315.669 43.916.127 25.859.871 Sub total
Jumlah 76.050.349 71.052.216 48.832.590 31.449.309 Total

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

b. Berdasarkan Mata Uang b. By Currency

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD

Dolar Amerika Serikat 52.794.942 56.144.452 34.932.888 23.467.922 U.S. Dollar

Rupiah 21.944.259 13.933.906 12.713.934 7.056.382 Rupiah
Dolar Singapura 877.316 692.005 417.508 555.225 Singapore Dollar
Euro 283.268 279.529 570.453 228.500 Euro
Lainnya 150.564 2.324 197.807 141.280 Others
Jumlah 76.050.349 71.052.216 48.832.590 31.449.309 Total

Utang usaha terutama merupakan utang kepada Trade accounts payables mainly represent the
pemasok lokal dan asing untuk pembelian persediaan. outstanding liabilities to local and foreign suppliers for
purchases of inventories.

Jangka waktu pembelian adalah 30 - 90 hari. Bunga
tidak dibebani atas keterlambatan pembayaran utang
usaha selain utang kepada PT Garuda Indonesia
(Persero) Tbk, pemegang saham, dikenakan denda
sebesar 1% per hari dari jumlah yang belum
dibayarkan, maksimal 5%.
Terms of payment is 30 - 90 days. No interest is
charged for the late payment of payables other than
payables to PT Garuda Indonesia (Persero) Tbk, a
shareholder, which bears sanction of 1% per month of
the total unpaid invoice, up to maximum of 5%.

15. UTANG LAIN-LAIN 15. OTHER ACCOUNTS PAYABLE

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Pihak berelasi (Catatan 31a) Related parties (Note 31a)
Dana pelanggan 5.791.673 3.951.719 3.821.652 1.421.907 Customer deposit
Utang dividen - - - 4.782 Dividend payable
Sub jumlah 5.791.673 3.951.719 3.821.652 1.426.689 Sub total
Pihak ketiga Third parties
Dana pelanggan 856.660 480.679 468.947 888.373 Customer deposit
Jumlah 6.648.333 4.432.398 4.290.599 2.315.062 Total

16. UTANG PAJAK 16. TAXES PAYABLE

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Pajak kini (Catatan 27) 6.570.001 5.708.940 6.752.012 1.117.675 Current tax (Note 27)
Pajak penghasilan Income tax
Pasal 21 679.864 1.597.709 1.348.652 2.125.534 Article 21
Pasal 23 81.041 94.000 188.092 46.751 Article 23
Pasal 25 496.860 496.860 184.737 83.648 Article 25
Pasal 26 26.741 79.053 229.171 7.728 Article 26
Pasal 4(2) 26.301 22.200 70.632 17.038 Article 4(2)
Pajak pertambahan nilai - bersih 410.957 - - 83.464 Value added tax - net
Jumlah 8.291.765 7.998.762 8.773.296 3.481.838 Total

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266
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Utang pajak kini pada tanggal 31 maret 2017 Current tax payable as of March 31, 2017 is a tax
merupakan utang pajak penghasilan atas pajak payable relating to corporate income tax year 2017 and
penghasilan badan tahun 2017 dan 2016 masing- 2016 amounting to USD 861,061 and USD 5,708,940,
masing sebesar USD 861.061 dan USD 5.708.940. respectively.

17. BEBAN AKRUAL 17. ACCRUED EXPENSES

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/
March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Sewa dan konsesi 4.990.805 4.982.203 7.881.048 10.727.294 Rental and concession
Suku cadang 2.288.859 2.110.754 1.442.813 276.545 Spare parts
Telepon, listrik dan air 645.279 713.070 492.411 926.963 Telephone, electricity and water
Kurir dan pengiriman 205.326 - 750.754 1.150.901 Courier and freight
Bonus dan tantiem 319.317 3.343.921 7.445.389 4.400.859 Bonuses and tantiem
Outsourcing - - 1.581.562 2.831.014 Outsourcing
Konstruksi - - - 4.814.359 Constructions
Lainnya 667.477 1.184.845 1.369.750 1.038.139 Others
Jumlah 9.117.063 12.334.793 20.963.727 26.166.074 Total

18. PINJAMAN JANGKA PANJANG 18. LONG-TERM LOANS

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Fasilitas kredit investasi Investment credit facility
Bank Negara Indonesia Bank Negara Indonesia
setelah dikurangi biaya transaksi net of unamortized
belum diamortisasi sebesar transaction cost of
USD 26.045 tahun 2017, USD 26,045 in 2017,
USD 31.523 tahun 2016, USD 31,523 in 2016,
USD 30.535 tahun 2015 USD 30,535 in 2015
dan USD 45.686 tahun 2014 85.686.282 86.883.303 37.575.327 44.514.702 and USD 45,686 in 2014
PT Indonesia Infrastructure Finance PT Indonesia Infrastructure Finance
maksimum kredit USD 21,5 juta 15.178.143 16.190.019 20.237.524 1.886.274 maximum credit USD 21.5 million
Jumlah 100.864.425 103.073.322 57.812.851 46.400.976 Total
Bagian jatuh tempo dalam satu tahun (24.226.000) (17.453.727) (8.611.818) (6.861.857) Current maturities
Bagian jangka panjang - setelah
dikurangi bagian jatuh tempo Long-term portion - net of
dalam satu tahun 76.638.425 85.619.595 49.201.033 39.539.119 current maturities

Suku bunga per tahun 3,44% - 4,66% 4,70%-5,77% 5,06%-11,7% 7,00% - 12,00% Interest rate per annum

Bank Negara Indonesia Bank Negara Indonesia

Pada tanggal 31 Maret 2010, Perusahaan memperoleh
fasilitas kredit investasi sebesar Rp 100 miliar, jatuh
tempo tanggal 30 Desember 2015 dan suku bunga
mengambang dari Bank Negara Indonesia (Bank).
Fasilitas kredit berjangka waktu 5 tahun 9 bulan ini
ditujukan untuk pembiayaan pengembangan usaha
Perusahaan berupa sarana dan prasarana baru serta
pengadaan mesin dan peralatan. Perjanjian ini telah
diamandemen pada tanggal 30 September 2011.
On March 31, 2010, the Company obtained an
investment credit facility with maximum amount of
Rp 100 billion, due on December 30, 2015 at a floating
interest rate from Bank Negara Indonesia (the Bank).
The facility, which has a term of 5 years and 9 months,
is intended to finance the Company’s operations and
development in the form of new installations and
procurement of machinery and equipment. This
agreement has already amended on September 30,
2011.

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Pada tanggal 25 Juni 2012, Perusahaan memperoleh
tambahan fasilitas kredit investasi sebesar Rp 55 miliar,
jatuh tempo tanggal 25 Mei 2018 dan suku bunga
mengambang sebesar 8,75% per tahun. Fasilitas kredit
berjangka waktu 6 tahun ini ditujukan untuk
pembiayaan pengembangan kemampuan dan
penambahan kapasitas perawatan pesawat.
Pada tanggal 31 Mei 2013, Perusahaan memperoleh
tambahan fasilitas kredit investasi sebesar Rp 490
miliar dan USD 6 juta, jatuh tempo pada tanggal
30 Nopember 2025 dan suku bunga mengambang
masing-masing sebesar 8,25% dan 6,00% per tahun.
Fasilitas kredit berjangka waktu 12 tahun ini ditujukan
untuk pembiayaan pembangunan hanggar baru dan
pengadaan peralatan hanggar.
Pada tanggal 13 Oktober 2016, Perusahaan melakukan
konversi pinjaman dari Rupiah ke Dolar Amerika
Serikat.
Pada tanggal 28 April 2016, Perusahaan memperoleh
fasilitas kredit investasi sebesar USD 8 juta, jatuh
tempo pada tanggal 28 April 2019 dan suku bunga
mengambang sebesar LIBOR tiga bulanan ditambah
2,75% per tahun. Fasilitas ini digunakan untuk konsesi
lahan dan sewa tanah dari Angkasa Pura II.
Pada tanggal 28 April 2016, Perusahaan memperoleh
fasilitas kredit investasi sebesar US$ 42 juta, jatuh
tempo pada tanggal 28 April 2021 dan suku bunga
mengambang sebesar LIBOR tiga bulanan ditambah
3,50% per tahun. Fasilitas ini digunakan untuk
pembiayaan pengembangan kemampuan dan
penambahan kapasitas perawatan pesawat.
Perusahaan melakukan pembayaran pinjaman jangka
panjang kepada Bank Negara Indonesia sebesar
USD 1.201.510 untuk periode tiga bulan yang berakhir
31 Maret 2017, Rp 41.589.000.000 (setara
USD 3.195.466) dan USD 1.610.710 pada tahun 2016,
Rp 80.800.550.360 (setara USD 6.033.509) dan
USD 552.448 pada tahun 2015, serta USD 3.552.017
pada tahun 2014.
PT Indonesia Infrastructure Finance
Pada tanggal 16 Juli 2014, Perusahaan memperoleh
fasilitas kredit investasi dari PT Indonesia Infrastructure
Finance (IIF) dengan jumlah maksimum sebesar
USD 30 juta, jangka waktu sampai dengan
16 Desember 2020. Pinjaman tersebut mempunyai
suku bunga mengambang sebesar LIBOR tiga bulanan
ditambah 4,45% per tahun. Fasilitas ini digunakan untuk
pembelian peralatan dan suku cadang.
Pada tanggal 30 Juni 2015, Perusahaan melakukan
amandemen atas perjanjian kredit di atas dengan
memperbaharui jumlah fasilitas kredit menjadi sebesar
USD 21,5 juta.
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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
On June 25, 2012, the Company obtained an additional
investment credit facility with maximum amount of
Rp 55 billion, due on May 25, 2018 with floating interest
rate per annum at 8.75%. The facility, has a term of 6
years and is intended to finance the development
capability and increased capacity for aircraft
maintenance.
On May 31, 2013, the Company obtained additional
investment credit facility with maximum plafond amount
of Rp 490 billion and USD 6 million, due on
November 30, 2025 at a floating interest rate of 8.25%
and 6.00% per annum, respectively. The facility has a
term of 12 years and is intended to finance the building
of new hangar and hangar equipment.
On October 13, 2016, the Company converted loan
from Rupiah to US Dollar.
On April 28, 2016, the Company obtained investment
credit facility with maximum plafond amount of USD 8
million, due on April 28, 2019 at a floating interest rate
of 3-month LIBOR plus 2.75% per annum. The facility
is intented for use in Land Utilization and Business
Concession with Angkasa Pura II.
On April 28, 2016, the Company obtained investment
credit facility with maximum plafond amount of US$ 42
million, due on April 28, 2021 at a floating interest rate
of 3-month LIBOR plus 3.50% per annum. The facility
is intented to finance the development capability and
increase capacity for aircraft maintenance.
The Company paid long-term loan to Bank Negara
Indonesia amounting to USD 1,201,510 for the three
months period ended March 31, 2017,
Rp 41,589,000,000 (equivalent to USD 3,195,466) and
USD 1,610,710 in 2016, amounting to
Rp 80,800,550,360 (equivalent to USD 6,033,509) and
USD 552,448 in 2015, and USD 3,552,017 in 2014.
PT Indonesia Infrastructure Finance
On July 16, 2014, the Company obtained an investment
credit facility from PT Indonesia Infrastructure Finance
(IIF), with maximum amount of USD 30 million and
maturity date until December 16, 2020. The loan has
floating interest rate of 3-month LIBOR plus 4.45% per
annum. This facility can be used to purchase tools and
spare parts.
On June 30, 2015, the Company amended the terms of
the investment credit facility and renewed the credit
facilities amounted to USD 21.5 million.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Perusahaan melakukan pembayaran pinjaman jangka The Company paid long-term loan to IIF amounting to
panjang kepada IIF masing-masing sebesar USD 1,011,876 for the three months period ended
USD 1.011.876 untuk periode tiga bulan yang berakhir March 31, 2017 and USD 4,047,505 for the year ended
31 Maret 2017 dan USD 4.047.505 untuk tahun yang December 31, 2016, respectively.
berakhir 31 Desember 2016.

Semua fasilitas pinjaman yang disebutkan diatas All the above mentioned loan facilities are secured with
dijamin dengan aset yang dibiayai melalui fasilitas ini assets financed by this facility (Note 12).
(Catatan 12).

Tanpa persetujuan tertulis dari BNI dan IIF, Perusahaan
tidak diperkenankan antara lain: merger; mengajukan
permohonan pailit; melakukan investasi; melakukan
kegiatan usaha pihak lain; membuka usaha baru;
mengikatkan diri sebagai penjamin, menjaminkan aset
kepada pihak lain; dan mengubah anggaran dasar.
Perusahaan diharuskan memberitahukan secara tertulis
kepada Bank antara lain: mengubah bentuk; membayar
utang kepada pemegang saham; membagikan dividen;
memberikan pinjaman; menerima pinjaman; melakukan
transaksi sewa dengan perusahaan leasing; akuisisi
aset pihak ketiga; dan mengubah susunan pengurus,
direksi dan komisaris. Selain itu Perusahaan juga
diwajibkan memenuhi rasio keuangan: (a) rasio lancar
minimal 1:1; (b) rasio utang dengan modal maksimal
2,5 kali; (c) rasio kemampuan membayar utang 100%.
Without written consent from the BNI and IIF, the
Company is restricted to, among other things:
undertake merger; propose a bankcruptcy; invest;
engage in other operational activities; open new
operations; act as guarantor; pledges the assets to
other party; and changes its articles of association. The
Company should inform the Bank in writing, when
among other things the Company: changes its legal
form; pays loan to shareholder; distributes dividends;
grants loan; obtains loan; enters into a lease transaction
with a leasing company; acquires a third party asset;
and changes its management, directors and
commissioners composition. Further, the Company has
to comply with the following financial ratios: (a)
minimum current ratio of 1:1; (b) maximum debt to
equity ratio of 2.5; (c) debt service coverage ratio of
100%.

Pada tanggal 31 Maret 2017, Perusahaan telah As of March 31, 2017, the Company has complied with
memenuhi seluruh rasio keuangan yang dipersyaratkan all financial ratios required on the loan agreement.
dalam perjanjian pinjaman tersebut.

19. MODAL SAHAM 19. CAPITAL STOCK

Modal Ditempatkan dan Disetor Issued and paid-up capital

31 Maret 2017, 31 Desember 2016, 2015 dan 2014/

March 31, 2017, December 31, 2016, 2015 and 2014
Jumlah Persentase Jumlah modal
saham/ kepemilikan/ disetor/
Number of Percentage of Total paid-up
Nama pemegang saham shares ownership capital stock Name of stockholders
USD
PT Garuda Indonesia (Persero) Tbk 658.944 99% 19.022.698 PT Garuda Indonesia (Persero) Tbk
PT Aero Wisata 6.656 1% 192.148 PT Aero Wisata
Jumlah 665.600 100% 19.214.846 Total

Modal Disetor Lainnya Additional Paid-in Capital

Akun ini merupakan selisih antara jumlah diterima atas This account represents the difference between the
utang jangka panjang kepada PT Garuda Indonesia amount received from long-term loan from PT Garuda
(Persero) Tbk, pemegang saham (Catatan 30c) dan Indonesia (Persero) Tbk, a shareholder (Note 30c) and
nilai wajar dari liabilitas keuangan sebesar fair value of the financial liability amounting to
Rp 14.316.458.399 (setara dengan USD 1.523.027) Rp 14,316,458,399 (equivalent to USD 1,523,027) net
setelah dikurangi pengaruh pajak sebesar of tax effect amounting to Rp 3,579,114,600 (equivalent
Rp 3.579.114.600 (setara dengan USD 380.756) pada to USD 380,756) in the initial adoption of PSAK 50 and
saat penerapan awal PSAK 50 dan 55 (revisi 2006). 55 (revised 2006).

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269
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

20. PENGHASILAN KOMPREHENSIF LAIN 20. OTHER COMPREHENSIVE INCOME

2017 2016 2015 2014

(Tiga bulan/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) One year) One year) One year)
USD USD USD USD

Awal periode 29.829.811 21.850.482 19.123.567 16.580.925 At beginning of the periode

Kenaikan surplus revaluasi Increase in revaluation
(Catatan 12) (1.582.296) (312.771) (32.395) (9.977) reserve (Note 12)
Keuntungan atau kerugian aktuaria Actuarial gain or loss on
atas kewajiban manfaat pasti defined benefit obligation
(Catatan 29) (494.495) 10.951.876 3.668.281 3.400.167 (Note 29)
Beban (manfaat) pajak tangguhan Deferred tax expense (benefit)
(Catatan 27) 519.198 (2.659.776) (908.971) (847.548) (Catatan 27)

Akhir periode 28.272.218 29.829.811 21.850.482 19.123.567 At ending of the the period

21. PENDAPATAN USAHA 21. OPERATING REVENUES

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD

Repair and overhaul 82.709.425 58.059.239 288.278.037 209.703.659 167.903.171 Repair and overhaul
Line maintenance 23.378.385 23.554.012 100.384.475 95.886.458 96.145.405 Line maintenance
Jumlah 106.087.810 81.613.251 388.662.512 305.590.117 264.048.576 Total

68,30%, 69,30%, 70,65%, 74,32% dan 74,59% dari
jumlah pendapatan usaha berasal dari pihak berelasi
masing-masing untuk periode tiga bulan yang berakhir
31 Maret 2017 dan 2016 serta tahun-tahun yang
berakhir 31 Desember 2016, 2015 dan 2014
(Catatan 31b).
68.30%, 69.30%, 70.65%, 74.32% and 74.59% of the
above revenues were derived from related parties for
the three months period ended March 31, 2017 and
2016 and for the years ended December 31, 2016,
2015 and 2014, respectively (Note 31b).

Berikut ini adalah rincian pendapatan usaha yang
melebihi 10% dari jumlah pendapatan usaha masing-
masing pada periode tiga bulan yang berakhir 31 Maret
2017 dan 2016 serta tahun 2016, 2015 dan 2014:
The revenues for three month period ended March 31,
2017 and 2016 and in 2016, 2015 and 2014, include
revenues from the following customers which represent
more than 10% of the operating revenues of the
respective years:

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD
PT Garuda Indonesia PT Garuda Indonesia
(Persero) Tbk 62.593.923 47.310.515 264.044.227 201.359.709 177.492.129 (Persero) Tbk
PT Sriwijaya Air 13.307.971 6.648.616 41.282.824 16.876.300 23.034.548 PT Sriwijaya Air
Jumlah 75.901.894 53.959.131 305.327.051 218.236.009 200.526.677 Total

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

22. BEBAN PEGAWAI 22. STAFF EXPENSES

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD

Gaji dan tunjangan 20.761.372 17.021.226 82.770.816 63.387.754 58.005.379 Salaries and allowances
Insentif 2.784.701 1.107.021 10.856.804 11.143.935 10.168.932 Incentives
Imbalan kerja (Catatan 29) 1.942.772 2.211.866 (15.106.883) 7.358.914 7.243.945 Employee benefits (Note 29)
Lain-lain (masing-masing Others (each below
dibawah 5% dari jumlah) 1.056.950 631.459 3.495.179 3.018.277 3.924.206 5% of total)
Jumlah 26.545.795 20.971.572 82.015.916 84.908.880 79.342.462 Total

23. BEBAN MATERIAL 23. MATERIAL EXPENSES

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD

Suku cadang expendable 17.446.755 9.214.583 58.632.009 48.122.118 44.990.365 Expendable spare parts
Suku cadang repairable 4.022.788 2.944.142 10.452.693 7.820.810 6.638.102 Repairable spare parts
Kurir dan pengiriman 2.170.557 2.249.217 8.753.634 7.644.981 8.575.371 Courier and freight
Lain-lain (masing-masing Others (each below
dibawah 5% dari jumlah) 651.794 1.784.151 1.770.414 1.983.866 1.867.225 5% of total)
Jumlah 24.291.894 16.192.093 79.608.750 65.571.775 62.071.063 Total

24. BEBAN SUBKONTRAK 24. SUBCONTRACT EXPENSES

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD

Komponen subkontrak 23.285.819 14.945.113 71.417.415 54.037.388 46.523.423 Subcontract component

Jasa teknis dan Technical and ground
penunjang penerbangan 444.052 962.501 2.194.730 3.393.503 2.552.581 handling services
Jumlah 23.729.871 15.907.614 73.612.145 57.430.891 49.076.004 Total

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

25. BEBAN OPERASIONAL LAINNYA 25. OTHER OPERATING EXPENSES

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD
Sewa 4.309.657 4.053.804 17.898.021 12.877.787 14.435.554 Rental
Pemeliharaan dan perbaikan 4.392.040 2.767.070 13.707.279 10.742.187 7.905.860 Maintenance and repairs
Biaya transportasi 1.412.031 1.165.143 5.871.742 6.787.780 6.520.132 Travel and transportation
Jasa profesi 1.023.510 445.704 4.268.848 3.984.776 3.867.389 Professional fees
Electricity, water and
Listrik, air dan telepon 628.240 689.101 2.579.975 2.750.959 3.321.319 telephone
Lain-lain (masing-masing Others (each below
dibawah 5% dari jumlah) 3.942.051 1.484.505 10.346.064 6.825.605 6.047.246 5% of total)
Jumlah 15.707.529 10.605.327 54.671.929 43.969.094 42.097.500 Total

26. KEUNTUNGAN DAN KERUGIAN LAIN-LAIN - 26. OTHER GAINS AND LOSSES – NET
BERSIH

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD
Pendapatan bunga atas keterlambatan Interest income from late
pembayaran piutang 3.405.197 - - - - payment of receivables
Lainnya (185.800) 250.354 157.836 202.316 1.449.039 Others
Total 3.219.397 250.354 157.836 202.316 1.449.039 Total

Berdasarkan rekomendasi dari Badan Pemeriksa
Keuangan (BPK) melalui surat No. 84/S/XX/03/2017
pada tanggal 15 Maret 2017, Perusahaan melakukan
penagihan bunga atas keterlambatan pembayaran
piutang kepada Garuda dan Citilink yang sebelumnya
tidak ditagihkan.
Based on recommendation from Badan Pemeriksa
Keuangan (BPK) through letter No. 84/S/XX/03/2017 on
March 15, 2017, the Company charged interest on the
late payment of receivables from Garuda and Citilink
that has been billed.

27. BEBAN PAJAK 27. TAX EXPENSE

Beban pajak Perusahaan terdiri dari: The Company’s tax expense consists of:
2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD
Pajak kini 3.131.227 3.695.693 13.341.794 10.569.212 4.994.640 Current tax
Beban pajak tangguhan yang Deferred tax expense
berasal dari timbulnya relating to the origination
perbedaan temporer and reversal of
maupun dari realisasinya 272.127 (596.002) 5.914.874 1.295.616 1.060.429 temporary differences
Beban pajak 3.403.354 3.099.691 19.256.668 11.864.828 6.055.069 Tax expense

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272
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG 2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan DECEMBER 31, 2016, 2015 AND 2014 - Continued

Pajak Kini Current Tax

Rekonsiliasi antara laba sebelum pajak menurut A reconciliation between income before tax per
laporan laba rugi dan penghasilan komprehensif lain statements of profit or loss and other comprehensive
dengan laba kena pajak adalah sebagai berikut: income and taxable income is as follows:

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD
Laba sebelum pajak menurut Income before tax per statements
laporan laba rugi dan of profit or loss and other
penghasilan komprehensif lain 13.528.460 12.404.063 76.998.881 48.049.793 24.215.541 comprehensive income

Perbedaan temporer Temporary difference

Penyisihan penurunan Provision for decline in
nilai persediaan 104.000 - 943.237 890.073 508.377 inventory value
Liabilitas imbalan kerja 728.583 2.585.667 (20.197.711) (2.386.125) (87.698) Employee benefits
Cadangan penurunan Provision on allowance for
nilai piutang (21.500) - 1.585.472 (579.890) (2.824.120) impairment losses on receivable
Penyusutan (2.067.903) (443.388) (6.929.816) (4.070.190) (462.644) Depreciation
Amortisasi diskonto - - - - 278.968 Amortization of discount
Sewa pembiayaan 168.321 241.730 939.319 528.442 (1.654.600) Finance lease
Beban yang tidak dapat
diperhitungkan secara fiskal 236.678 52.776 327.743 193.227 153.931 Nondeductible expenses
Penghasilan bunga yang telah Interest income subject to final
dikenakan pajak penghasilan final (151.730) (58.077) (299.950) (348.484) (149.194) income tax
Laba kena pajak 12.524.909 14.782.771 53.367.175 42.276.846 19.978.561 Taxable income

Laba kena pajak di atas menjadi dasar dalam pengisian Taxable income above will be the basis for filling Annual
Surat Pemberitahuan Tahunan (SPT) Badan. Tax Return (SPT).

Perhitungan beban dan utang pajak kini adalah sebagai Current tax expense and income tax payable are
berikut: computed as follows:

31 Maret/
March 31,
31 Maret/ 2016 31 Desember/ 31 Desember/ 31 Desember/
March 31, (Tidak diaudit/ December 31, December 31, December 31,
2017 Unaudited) 2016 2015 2014
USD USD USD USD USD
Beban pajak kini dengan tarif Current tax expense at
yang berlaku (25%) 3.131.227 3.695.693 13.341.794 10.569.212 4.994.640 prevailing rate (25%)
Pajak penghasilan dibayar dimuka Prepayment of income taxes
Pasal 22 (31.039) (42.914) (252.167) - (45.709) Article 22
Pasal 23 (748.547) (530.358) (3.934.165) (1.603.625) (1.661.206) Article 23
Pasal 25 (1.490.580) (550.944) (3.446.522) (2.213.575) (2.170.050) Article 25
Pajak kurang bayar (Catatan 16) 861.061 2.571.477 5.708.940 6.752.012 1.117.675 Tax under payment (Note 16)

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CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Pajak Tangguhan Deferred Tax

Aset (liabilitas) pajak tangguhan Perusahaan adalah The Company’s deferred tax assets (liabilities) are as
sebagai berikut: follows:

Dikreditkan
(dibebankan) Dibebankan ke
ke laporan pendapatan
laba rugi/ komprehensif lain/
Credited Charged
1 Januari/ (charged) to to other 31 Maret/
January 1, income for comprehensive March 31,
2017 the year income 2017
USD USD USD USD
Cadangan penurunan Provision on allowance for
nilai piutang 2.753.503 (5.375) - 2.748.128 impairment losses on receivable
Persediaan 1.240.953 25.998 - 1.266.951 Inventories
Aset tetap (3.777.740) (516.976) (395.574) (4.690.290) Property and equipment
Liabilitas imbalan kerja 9.041.077 182.146 (123.624) 9.099.599 Employee benefits obligation
Piutang sewa pembiayaan (46.709) 42.080 - (4.629) Finance lease receivable
Aset pajak tangguhan -
bersih 9.211.084 (272.127) (519.198) 8.419.759 Deferred tax assets - net

Dikreditkan Dikreditkan
(dibebankan) (dibebankan) ke
ke laporan pendapatan
laba rugi/ komprehensif lain/
Credited Credited (charged)
1 Januari/ (charged) to to other 31 Desember/
January 1, income for comprehensive December 31,
2016 the year income 2016
USD USD USD USD
Cadangan penurunan Provision on allowance for
nilai piutang 2.357.135 396.368 - 2.753.503 impairment losses on receivable
Persediaan 1.005.143 235.810 - 1.240.953 Inventories
Aset tetap (1.967.093) (1.732.454) (78.193) (3.777.740) Property and equipment
Liabilitas imbalan kerja 11.352.536 (5.049.428) 2.737.969 9.041.077 Employee benefits obligation
Piutang sewa pembiayaan (281.539) 234.830 - (46.709) Finance lease receivable
Aset pajak tangguhan -
bersih 12.466.182 (5.914.874) 2.659.776 9.211.084 Deferred tax assets - net

Dikreditkan Dikreditkan
(dibebankan) (dibebankan) ke
ke laporan pendapatan
laba rugi/ komprehensif lain/
Credited Credited (charged)
1 Januari/ (charged) to to other 31 Desember/
January 1, income for comprehensive December 31,
2015 the year income 2015
USD USD USD USD
Cadangan penurunan Provision on allowance for
nilai piutang 2.502.107 (144.972) - 2.357.135 impairment losses on receivable
Persediaan 782.625 222.518 - 1.005.143 Inventories
Aset tetap (1.050.252) (908.742) (8.099) (1.967.093) Property and equipment
Liabilitas imbalan kerja 11.031.997 (596.531) 917.070 11.352.536 Employee benefits obligation
Piutang sewa pembiayaan (413.650) 132.111 - (281.539) Finance lease receivable
Aset pajak tangguhan -
bersih 12.852.827 (1.295.616) 908.971 12.466.182 Deferred tax assets - net

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CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Dikreditkan Dikreditkan
(dibebankan) (dibebankan) ke
ke laporan pendapatan
laba rugi/ komprehensif lain/
Credited Credited (charged)
1 Januari/ (charged) to to other 31 Desember/
January 1, income for comprehensive December 31,
2014 the year income 2014
USD USD USD USD
Cadangan penurunan Provision on allowance for
nilai piutang 3.208.137 (706.030) - 2.502.107 impairment losses on receivable
Persediaan 655.530 127.095 - 782.625 Inventories
Aset tetap (932.097) (115.661) (2.494) (1.050.252) Property and equipment
Utang jangka panjang (69.742) 69.742 - - Long-term loan
Liabilitas imbalan kerja 10.203.880 (21.925) 850.042 11.031.997 Employee benefits obligation
Piutang sewa pembiayaan - (413.650) - (413.650) Finance lease receivable
Aset pajak tangguhan -
bersih 13.065.708 (1.060.429) 847.548 12.852.827 Deferred tax assets - net

Rekonsiliasi antara beban pajak dan hasil perkalian A reconciliation between the tax expense and the
laba akuntansi sebelum pajak dengan tarif pajak yang amounts computed by applying the effective tax rates to
berlaku adalah sebagai berikut: income before tax is as follows:

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD

Laba sebelum pajak menurut Income before tax per statements

laporan laba rugi dan of profit or loss and other
penghasilan komprehensif lain 13.528.460 12.404.063 76.998.881 48.049.793 24.215.541 comprehensive income

Pajak penghasilan dengan tarif Income tax expense at

pajak efektif 3.382.115 3.101.016 19.249.720 12.012.448 6.053.885 effective tax rate

Pengaruh pajak atas: Tax effects of:

Penyesuaian estimasi pajak Adjustment recognised on prior
tangguhan periode berjalan - - - (108.806) - period deferred tax estimates
Beban yang tidak dapat
diperhitungkan secara fiskal 59.171 13.194 81.936 48.307 38.483 Nondeductible expenses
Penghasilan bunga yang telah
dikenakan pajak penghasilan Interest income subject
final (37.932) (14.519) (74.988) (87.121) 37.299 to final income tax
Jumlah 21.239 (1.325) 6.948 (147.620) 1.184 Total
Jumlah Beban Pajak 3.403.354 3.099.691 19.256.668 11.864.828 6.055.069 Total Tax Expense

28. DIVIDEN DAN CADANGAN UMUM 28. DIVIDENDS AND GENERAL RESERVE

Dividen Dividends

a. Berdasarkan rapat umum pemegang saham a. Based on the annual stockholders general meeting
tahunan Perusahaan tanggal 30 Maret 2015, para of the Company dated March 30, 2015, the
pemegang saham menyetujui pembagian dividen stockholders approved the distribution of dividends
untuk tahun buku 2014 sebesar USD 859.636. for 2014 amounting to USD 859,636.

b. Berdasarkan rapat umum pemegang saham b. Based on the annual stockholders general meeting
tahunan Perusahaan tanggal 28 Maret 2014, para of the Company dated March 28, 2014, the
pemegang saham menyetujui pembagian dividen stockholders approved the distribution of dividends
untuk tahun buku 2013 sebesar USD 478.179. for 2013 amounting to USD 478,179.

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CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Cadangan Umum General Reserve

Berdasarkan Undang-undang Perseroan Terbatas
No. 40 Tahun 2007, Perusahaan wajib menyisihkan
jumlah tertentu dari laba bersih setiap tahun buku untuk
cadangan apabila saldo laba positif sampai cadangan
tersebut mencapai paling sedikit 20% dari jumlah modal
yang ditempatkan dan disetor.
Based on Limited Liability Company Law No. 40 Year
2007, the Company shall provide appropriation in
certain amount of its net income in each year for
general reserve if there is available retained earning,
until the general reserve reached at least 20% of issued
and paid-up capital.

Pada tanggal 31 Maret 2017, 31 Desember 2016, 2015
dan 2014, Perusahaan telah mempunyai cadangan
umum masing-masing sebesar USD 3.458.030 atau
18% dari jumlah modal ditempatkan dan disetor.
Manajemen bermaksud untuk meningkatkan cadangan
tersebut pada periode mendatang.
At March 31, 2017, December 31, 2016, 2015 and
2014, the Company general reserve balance amounted
to USD 3,458,030 or 18% respectively, of its issued and
paid-up capital. Management intends to increase the
general reserve in the future periods.

29. IMBALAN KERJA 29. EMPLOYEE BENEFITS

Rincian dari beban imbalan kerja Perusahaan yang Details of employment benefits expense of the
dibebankan pada operasi berjalan adalah sebagai Company which is charged to current operations are as
berikut: follows:
2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD
Program pensiun iuran pasti 673.621 448.143 2.124.137 1.580.823 1.402.101 Defined contribution pension plan
Program imbalan pasti Defined benefit plan
Pensiun 1.160.580 1.664.663 (17.632.488) 5.642.752 5.586.051 Pension
Jangka panjang lainnya 108.571 99.060 401.468 135.339 255.793 Other long-term
Jumlah 1.942.772 2.211.866 (15.106.883) 7.358.914 7.243.945 Total

a. Imbalan Pasca-kerja a. Post-employment Benefits

Program Iuran Pasti Defined Contribution Plan

Perusahaan menyelenggarakan program pensiun The Company established a defined contribution

iuran pasti untuk seluruh karyawan tetapnya.
Program pensiun tersebut dikelola oleh Dana
Pensiun Garuda Indonesia (DPGA), yang akta
pendiriannya telah disahkan oleh Menteri
Keuangan Republik Indonesia dengan Surat
Keputusan No. KEP-403/KM.17/1999 tanggal
15 Nopember 1999. Iuran dana pensiun berjumlah
7,5% dari gaji dasar karyawan dimana sebesar 2%
ditanggung karyawan dan sisanya ditanggung
Perusahaan.
pension plan for all its permanent employees. The
pension plan is managed by Dana Pensiun Garuda
Indonesia (DPGA), whose deed of establishment
was approved by the Minister of Finance of the
Republic of Indonesia in his Decision Letter
No. KEP-403/KM.17/1999 dated November 15,
1999. The pension fund contributions are
equivalent to 7.5% of employees’ base salaries
wherein 2% are assumed by the employees and
the difference is assumed by the Company.

Pada tahun 2016, Perusahaan melakukan In 2016, the Company amended its Collective
adendum Perjanjian Kerja Bersama (PKB) dan Labor Agreement (PKB) which was effectively
berlaku sejak 2 Nopember 2016 sampai dengan 30 applied from November 2, 2016 to June 30, 2017,
Juni 2017, diantaranya adalah hak-hak among others labor rights that arise from
kepegawaian yang timbul karena dilakukannya employment termination are net-off with the
pemutusan hubungan kerja dengan retirement benefit paid by the Company under the
memperhitungkan manfaat pensiun yang iurannya pension plan. To balance these conditions, the
dibayarkan Perusahaan dalam program pensiun. Company includes the employees in the defined
Sebagai penyeimbang ketentuan tersebut, contribution pension program with Financial
Perusahaan mengikutsertakan karyawannya dalam Institution Pension Fund (DPLK) BNI, wherein the
suatu program pensiun pasti dengan Dana Pensiun contributions is paid by the Company. The
Lembaga Keuangan (DPLK) BNI, yang iurannya contributions paid by Company is 6% of salaries
dibayarkan oleh Perusahaan. Iuran yang with addition of specific contributions for retiring
dibayarkan oleh Perusahaan sebesar 6% dari gaji employees.
dan ditambah dengan iuran khusus untuk
karyawan yang akan pensiun.

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CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG 2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan DECEMBER 31, 2016, 2015 AND 2014 - Continued

Program Imbalan Pasti Defined Benefit Plan

Perusahaan juga memberikan imbalan kepada The Company also provides benefits to its
karyawan yang memenuhi persyaratan sesuai qualifying employees in accordance with the
dengan kebijakan Perusahaan yang didasarkan Company’s policies based on Labor Law No. 13
pada Undang-undang Ketenagakerjaan No. 13 Year 2003. The number of employees on
Tahun 2003. Jumlah karyawan pada tanggal March 31, 2017, December 31, 2016, 2015 and
31 Maret 2017, 31 Desember 2016, 2015 dan 2014 2014 entitled to the benefits are 4,131, 3,979,
yang berhak atas imbalan tersebut masing-masing 3,598 and 3,315 employees, respectively.
adalah 4.131, 3.979, 3.598 dan 3.315 karyawan. No funding has been made by the Company in
Tidak terdapat pendanaan yang disisihkan oleh connection with this employment benefits.
Perusahaan sehubungan dengan Imbalan kerja ini.

b. Imbalan Kerja Jangka Panjang Lain b. Other Long-term Benefits

Perusahaan memberikan imbalan kerja jangka The Company provides other long-term benefits in
panjang lain berupa penghargaan kepada form of award to its employees who have already
karyawan yang telah bekerja selama 20 tahun rendered 20 years of service (long service award)
(penghargaan masa bakti) sesuai dengan in accordance with the Company’s policies. On
kebijakan Perusahaan. Jumlah karyawan pada March 31, 2017, December 31, 2016, 2015 and
tanggal 31 Maret 2017, 31 Desember 2016, 2015 2014 the number of employees entitled to the
dan 2014 yang berhak atas imbalan tersebut benefits are 4,131, 3,979, 3,598 and 3,315
masing-masing adalah 4.131, 3.979, 3.598 dan employees, respectively. No funding has been
3.315 karyawan. Tidak terdapat pendanaan yang made by the Company in connection with this
disisihkan oleh Perusahaan sehubungan dengan employment benefits.
imbalan kerja ini.

Pada 31 Maret 2017, 31 Desember 2016, 2015 dan
2014, perhitungan imbalan kerja program imbalan pasti
dan imbalan kerja jangka panjang lainnya dihitung oleh
PT Padma Radya Aktuaria, aktuaris independen,
dengan menggunakan asumsi utama sebagai berikut:
As of March 31, 2017, December 31, 2016, 2015 and
2014, the cost of providing defined benefit plan and
other long-term benefits is calculated by PT Padma
Radya Aktuaria, an independent actuary, using the
following key assumptions:

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014

Tingkat diskonto 7,75% untuk PEB dan OLT/ 8,25% untuk PEB dan OLT/ 9,00% untuk PEB dan OLT/ 8,25% untuk PEB dan OLT/ Discount rate
7.75% for PEB and OLT 8.25% for PEB and OLT 9.00% for PEB and OLT 8,25% for PEB and OLT
Tingkat kenaikan gaji 8% 8% 8% 7% Future salary increment rate
Tingkat kematian 100% TMI3 100% TMI3 100% TMI3 100% TMI3 Mortality rate
Tingkat cacat 10% 10% 10% 10% Disability rate
Tingkat pengunduran diri 5% usia 25 tahun menurun 5% usia 25 tahun menurun 5% usia 25 tahun menurun 5% usia 25 tahun menurun Resignation rate
secara garis lurus sampai secara garis lurus sampai secara garis lurus sampai secara garis lurus sampai
1% usia 46 tahun dan 1% usia 46 tahun dan 1% usia 46 tahun dan 1% usia 46 tahun dan
1% usia diatas 46 tahun/ 1% usia diatas 46 tahun/ 1% usia diatas 46 tahun/ 1% usia diatas 46 tahun/
5% at age 25 and decreasing 5% at age 25 and decreasing 5% at age 25 and decreasing 5% at age 25 and decreasing
linearly to 1% at age 46 linearly to 1% at age 46 linearly to 1% at age 46 linearly to 1% at age 46
and 1% thereafter and 1% thereafter and 1% thereafter and 1% thereafter
Tingkat pensiun normal 56 tahun/years 56 tahun/years 56 tahun/years 56 tahun/years Normal retirement rate

Program pensiun imbalan pasti menyebabkan The defined benefit pension plan typically expose the
Perusahaan terpapar terhadap risiko aktuarial seperti Company to actuarial risks such as interest rate risk
risiko tingkat bunga dan risiko gaji. and salary risk.

Risiko Tingkat Bunga Interest risk

Penurunan suku bunga obligasi akan meningkatkan A decrease in the bond interest rate will increase the
liabilitas program. plan liability.

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CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Risiko Gaji Salary risk

Nilai kini kewajiban imbalan pasti dihitung dengan The present value of the defined benefit plan liability is
mengacu pada gaji masa depan peserta program. calculated by reference to the future salaries of plan
Dengan demikian, kenaikan gaji peserta program akan participants. As such, an increase in the salary of the
meningkatkan liabilitas program itu. plan participants will increase the plan’s liability.

Beban imbalan pasca-kerja program imbalan pasti dan Employee benefit expense from the post-employee
jangka panjang lain yang diakui di laba rugi dan defined benefits plan and other-long-term benefits
penghasilan komprehensif lain adalah: recognized in profit or loss and other comprehensive
income are as follows:

2017
(Tiga bulan/Three months )
Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Define benefit Other long-term Jumlah/
plan benefits Total
USD USD USD
Diakui pada laba/rugi Recognized in profit and loss:
Biaya jasa kini 455.617 50.955 506.572 Current service cost
Bunga neto atas liabilitas 704.963 16.770 721.733 Interest costs
Kerugian aktuarial - 40.846 40.846 Actuarial losses
1.160.580 108.571 1.269.151

Diakui pada penghasilan komprehensif Recognized in other comprehensive

lainnya income:
Pengukuran kembali liabilitas Remeasurement on the net defined
imbalan pasti neto: benefit liability:
Keuntungan aktuarial yang timbul Actuarial gain arising from
dari penyesuaian (1.574.908) - (1.574.908) experience adjustments
Kerugian aktuarial yang timbul dari Actuarial losses arising from changes
perubahan asumsi keuangan 1.080.413 - 1.080.413 in financial assumptions
(494.495) - (494.495)

Jumlah 666.085 108.571 774.656 Total

2016
(Tiga bulan/Three months )
(Tidak diaudit/Unaudited )
Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Define benefit Other long-term Jumlah/
plan benefits Total
USD USD USD
Diakui pada laba/rugi Recognized in profit and loss:
Biaya jasa kini 665.900 35.205 701.105 Current service cost
Bunga neto atas liabilitas 998.763 11.718 1.010.481 Interest costs
Kerugian aktuarial - 52.137 52.137 Actuarial losses
1.664.663 99.060 1.763.723

Diakui pada penghasilan komprehensif Recognized in other comprehensive

lainnya income:
Pengukuran kembali liabilitas Remeasurement on the net defined
imbalan pasti neto: benefit liability:
Kerugian aktuarial yang timbul dari Actuarial losses arising from
penyesuaian atas pengalaman 1.999.363 - 1.999.363 experience adjustments
Kerugian aktuarial yang timbul dari Actuarial losses arising from changes
perubahan asumsi keuangan 702.960 - 702.960 in financial assumptions
2.702.323 - 2.702.323

Jumlah 4.366.986 99.060 4.466.046 Total

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CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

2016
(Satu tahun/One year )
Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Define benefit Other long-term Jumlah/
plan benefits Total
USD USD USD
Diakui pada laba/rugi Recognized in profit and loss:
Biaya jasa kini 2.698.734 142.677 2.841.411 Current service cost
Biaya jasa lalu (24.378.972) - (24.378.972) Past service cost
Bunga neto atas liabilitas 4.047.750 47.490 4.095.240 Interest costs
Kerugian aktuarial - 211.301 211.301 Actuarial losses
(17.632.488) 401.468 (17.231.020)

Diakui pada penghasilan komprehensif Recognized in other comprehensive

lainnya income:
Pengukuran kembali liabilitas Remeasurement on the net defined
imbalan pasti neto: benefit liability:
Kerugian aktuarial yang timbul dari Actuarial losses arising from
penyesuaian atas pengalaman 8.102.945 - 8.102.945 experience adjustments
Kerugian aktuarial yang timbul dari Actuarial losses arising from changes
perubahan asumsi keuangan 2.848.931 - 2.848.931 in financial assumptions
10.951.876 - 10.951.876
Jumlah (6.680.612) 401.468 (6.279.144) Total

2015
(Satu tahun/One year )
Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Define benefit Other long-term Jumlah/
plan benefits Total
USD USD USD
Diakui pada laba/rugi Recognized in profit and loss:
Biaya jasa kini 2.338.718 107.323 2.446.041 Current service cost
Bunga neto atas liabilitas 3.304.034 36.849 3.340.883 Interest costs
Keuntungan aktuarial - (8.833) (8.833) Actuarial gain
5.642.752 135.339 5.778.091

Diakui pada penghasilan komprehensif Recognized in other comprehensive

lainnya income:
Pengukuran kembali liabilitas Remeasurement on the net defined
imbalan pasti neto: benefit liability:
Kerugian aktuarial yang timbul dari Actuarial losses arising from
penyesuaian atas pengalaman 2.616.348 - 2.616.348 experience adjustments
Kerugian aktuarial yang timbul dari Actuarial losses arising from changes
perubahan asumsi keuangan 1.051.933 - 1.051.933 in financial assumptions
3.668.281 - 3.668.281

Jumlah 9.311.033 135.339 9.446.372 Total

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CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

2014
(Satu tahun/One year )
Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Define benefit Other long-term Jumlah/
plan benefits Total
USD USD USD

Diakui pada laba/rugi Recognized in profit and loss:

Biaya jasa kini 2.071.143 113.976 2.185.119 Current service cost
Biaya jasa lalu - Past service cost
Bunga neto atas liabilitas (aset) 3.514.908 76.396 3.591.304 Interest costs
Keuntungan (kerugian) aktuaria - 65.421 65.421 Actuarial gain (losses)
5.586.051 255.793 5.841.844

Diakui pada penghasilan komprehensif Recognized in other comprehensive

lainnya income:
Pengukuran kembali liabilitas imbalan Remeasurement on the net defined
pasti neto: benefit liability:
Kerugian aktuarial yang timbul dari Actuarial losses arising from
penyesuaian atas pengalaman 1.295.872 - 1.295.872 experience adjustments
Kerugian aktuarial yang timbul dari Actuarial losses arising from changes
perubahan asumsi keuangan 2.104.295 - 2.104.295 in financial assumptions
3.400.167 - 3.400.167

Jumlah 8.986.218 255.793 9.242.011 Total

Mutasi nilai kini kewajiban adalah sebagai berikut: Movements in the present value obligation are as
follows:

31 Maret/March 31, 2017

Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Define benefit Other long-term Jumlah/
plan benefits Total
USD USD USD

Nilai kini kewajiban imbalan Present value obligation

pasti - awal tahun 35.332.606 831.703 36.164.309 - beginning balance
Biaya jasa kini 455.617 50.955 506.572 Current service cost
Penghasilan atau beban bunga 704.963 16.770 721.733 Interest expense
Imbalan yang dibayarkan (852.681) - (852.681) Benefit payment
Pengukuran kembali liabilitas imbalan Remeasurement on the net defined
pasti neto: benefit liability:
Keuntungan aktuarial yang timbul dari Actuarial gain or loss from
penyesuaian atas pengalaman (1.574.908) (18.576) (1.593.484) experience adjustment
Kerugian aktuarial yang Actuarial gain or loss from change
timbul dari perubahan asumsi keuangan 1.080.413 59.422 1.139.835 in financial assumption
Dampak perubahan kurs valuta asing 304.802 7.311 312.113 Foreign exchange differential
Nilai kini kewajiban imbalan Present value obligation
pasti - akhir tahun 35.450.812 947.585 36.398.397 - ending balance

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

31 Desember/December 31, 2016

Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Define benefit Other long-term Jumlah/
plan benefits Total
USD USD USD
Nilai kini kewajiban imbalan Present value obligation
pasti - awal tahun 44.835.525 574.619 45.410.144 - beginning balance
Biaya jasa kini 2.698.734 142.677 2.841.411 Current service cost
Biaya jasa lalu (24.378.972) - (24.378.972) Past service cost
Penghasilan atau beban bunga 4.047.750 47.490 4.095.240 Interest expense
Imbalan yang dibayarkan (4.105.506) (157.813) (4.263.319) Benefit payment
Pengukuran kembali liabilitas imbalan Remeasurement on the net defined
pasti neto: benefit liability:
Kerugian aktuarial yang Actuarial gain or loss from
timbul dari penyesuaian 8.102.945 133.361 8.236.306 experience adjustment
Kerugian aktuarial yang Actuarial gain or loss from change
timbul dari perubahan asumsi keuangan 2.848.931 77.940 2.926.871 in financial assumptions
Dampak perubahan kurs valuta asing 1.283.199 13.429 1.296.628 Foreign exchange differential
Nilai kini kewajiban imbalan Present value obligation
pasti - akhir tahun 35.332.606 831.703 36.164.309 - ending balance

31 Desember/December 31, 2015

Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Define benefit Other long-term Jumlah/
plan benefits Total
USD USD USD
Nilai kini kewajiban imbalan Present value obligation
pasti - awal tahun 43.562.934 565.054 44.127.988 - beginning balance
Biaya jasa kini 2.338.718 107.323 2.446.041 Current service cost
Penghasilan atau beban bunga 3.304.034 36.849 3.340.883 Interest expense
Imbalan yang dibayarkan (3.620.009) (68.637) (3.688.646) Benefit payment
Pengukuran kembali liabilitas imbalan Remeasurement on the net defined
pasti neto: benefit liability:
(Keuntungan) kerugian aktuarial yang Actuarial gain or loss from
timbul dari penyesuaian 2.616.348 (16.024) 2.600.324 experience adjustment
Kerugian aktuarial yang timbul dari Actuarial gain or loss from change
perubahan asumsi keuangan 1.051.933 7.191 1.059.124 in financial assumption
Dampak perubahan kurs valuta asing (4.418.433) (57.137) (4.475.570) Foreign exchange differential
Nilai kini kewajiban imbalan Present value obligation
pasti - akhir tahun 44.835.525 574.619 45.410.144 - ending balance

31 Desember/December 31, 2014

Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Define benefit Other long-term Jumlah/
plan benefits Total
USD USD USD
Nilai kini kewajiban imbalan Present value obligation
pasti - awal tahun 39.802.979 1.012.540 40.815.519 - beginning balance
Biaya jasa kini 2.071.143 113.976 2.185.119 Current service cost
Beban bunga 3.514.908 76.396 3.591.304 Interest expense
Imbalan yang dibayarkan (4.206.470) (703.129) (4.909.599) Benefit payment
Pengukuran kembali liabilitas imbalan Remeasurement on the net defined
pasti neto: benefit liability:
Kerugian aktuarial yang timbul dari Actuarial loss from experience
penyesuaian 1.295.872 60.330 1.356.202 adjustment
Kerugian aktuaria yang timbul dari Actuarial loss from change in
perubahan asumsi keuangan 2.104.295 5.091 2.109.386 financial assumptions
Dampak perubahan kurs valuta asing (1.019.793) (150) (1.019.943) Foreign exchage differential
Nilai kini kewajiban imbalan Present value obligation
pasti - akhir tahun 43.562.934 565.054 44.127.988 - ending balance

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Pengaruh dari kenaikan (penurunan) sebesar 1% dari The effect of an increase (decrease) of 1% in the
tren asumsi biaya medis sebagai berikut: assumed medical cost trend rate on:

31 Maret/ March 31, 2017

Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Defined Other long-term
benefit plan benefits
USD USD
Tingkat diskonto Initial discount rate
Tingkat diskonto +1% (33.350.027) (832.670) Discount rate +1%
Tingkat diskonto -1% 67.826.573 1.080.127 Discount rate -1%
Tingkat kenaikan gaji Future salary increment rate
Tingkat kenaikan gaji +1% 37.671.278 1.075.357 Salary increment rate +1%
Tingkat kenaikan gaji -1% (33.449.115) (834.360) Salary increment rate -1%

31 Desember/ December 31, 2016

Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Defined Other long-term
benefit plan benefits
USD USD
Tingkat diskonto Initial discount rate
Tingkat diskonto +1% (33.578.770) (736.197) Discount rate +1%
Tingkat diskonto -1% 37.901.275 956.162 Discount rate -1%
Tingkat kenaikan gaji Future salary increment rate
Tingkat kenaikan gaji +1% 38.022.753 959.143 Salary increment rate +1%
Tingkat kenaikan gaji -1% (33.433.050) (732.098) Salary increment rate -1%

31 Desember/ December 31, 2015

Imbalan kerja
Program jangka panjang
imbalan pasti/ lainnya/
Defined Other long-term
benefit plan benefits
USD USD
Tingkat diskonto Initial discount rate
Tingkat diskonto +1% (2.756.255) (58.865) Discount rate +1%
Tingkat diskonto -1% 3.096.386 59.787 Discount rate -1%
Tingkat kenaikan gaji Future salary increment rate
Tingkat kenaikan gaji +1% 3.415.887 70.435 Salary increment rate +1%
Tingkat kenaikan gaji -1% (3.089.312) (61.753) Salary increment rate -1%

Analisis sensitivitas yang disajikan di atas mungkin
tidak mewakili perubahan yang sebenarnya dalam
kewajiban imbalan pasti mengingat bahwa perubahan
asumsi terjadinya tidak terisolasi satu sama lain
karena beberapa asumsi tersebut mungkin berkorelasi.
The sensitivity analysis presented above may not be
representative of the actual change in the defined
benefit obligation as it is unlikely that the change in
assumptions would occur in isolation of one another as
some of the assumptions may be correlated.

Selanjutnya, dalam menyajikan analisis sensitivitas di
atas, nilai kini kewajiban imbalan pasti dihitung dengan
menggunakan metode projected unit credit pada akhir
periode pelaporan, yang sama dengan yang diterapkan
dalam menghitung liabilitas manfaat pasti yang diakui
dalam laporan posisi keuangan.
Furthermore, in presenting the above sensitivity
analysis, the present value of the defined benefit
obligation has been calculated using the projected unit
credit method at the end of the reporting period, which
is the same as that applied in calculating the defined
benefit obligation liability recognised in the statement of
financial position.

Tidak ada perubahan dalam metode dan asumsi yang There was no change in the methods and assumptions
digunakan dalam penyusunan analisis sensitivitas dari used in preparing the sensitivity analysis from prior
tahun sebelumnya. years

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

30. LABA PER SAHAM 30. EARNINGS PER SHARE

Laba per saham dasar dihitung dengan membagi laba Basic earnings per share is calculated by dividing
yang diatribusikan kepada pemilik dengan jumlah rata- income attribbutable to the owners by the weighted
rata tertimbang saham biasa yang beredar pada average number of ordinary shares outstanding during
periode yang bersangkutan. the period.

Berikut ini data yang digunakan untuk perhitungan laba Below is the data used for the computation of basic
per saham dasar: earnings per share:

2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD

Laba yang dapat diatribusikan Profit attributable to

kepada pemilik entitas induk 10.125.106 9.394.372 57.742.213 36.184.965 18.160.472 owner of the Company

Jumlah rata-rata tertimbang saham Weighted average number

untuk tujuan perhitungan laba of shares for calculation of
per saham dasar 25.410.160.400 25.410.160.400 25.410.160.400 25.410.160.400 25.410.160.400 basic earning per share

Laba per saham - dasar 0,0003985 0,0003697 0,0022724 0,0014240 0,0007147 Earnings per share - basic

Perusahaan tidak menghitung laba per saham dilusian The Company did not compute diluted earnings per
karena potensi saham biasa (seperti opsi) bersifat anti- share because the potential ordinary shares (i.e
dilusian. options) are anti-dilutive.

31. SIFAT DAN TRANSAKSI PIHAK BERELASI 31. NATURE OF RELATIONSHIP AND TRANSACTIONS
WITH RELATED PARTIES

Sifat Pihak Berelasi Nature of Relationship

 Garuda adalah entitas induk Perusahaan.  Garuda is the Company’s parent entity.

 Seluruh entitas yang dikendalikan oleh Garuda  All entities controlled by Garuda or where Garuda
serta entitas dimana Garuda memiliki pengaruh has significant influence.
signifikan.

 Pemerintah Republik Indonesia adalah pemegang  The Government of the Republic of Indonesia is
saham utama Garuda. the majority stockholder of Garuda.

 Seluruh entitas yang dimiliki dan di kendalikan oleh  All entities that are owned and controlled by the
Pemerintah Republik Indonesia serta entitas Government of the Republic of Indonesia or where
dimana Pemerintah Republik Indonesia memiliki Government of the Republic of Indonesia has
pengaruh signifikan. significant influence.

 Komisaris dan direksi merupakan manajemen  Commissioners and directors are considered key
kunci. management personnel.

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG 2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan DECEMBER 31, 2016, 2015 AND 2014 - Continued

Transaksi dengan Pihak Berelasi Transactions with Related Parties

Perusahaan melakukan transaksi tertentu dengan pihak The Company entered into certain transactions with
berelasi, yang meliputi antara lain: related parties, including the following:

a. Rincian akun signifikan dengan pihak-pihak a. Details of significant accounts with related parties
berelasi (pemerintah, entitas pemerintah atau (government, owned entities unless otherwise
dinyatakan lain) adalah sebagai berikut: indicated) are as follows:
% terhadap Aset (Liabilitas)/
Jumlah/Total % to Assets (Liabilities)
31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/ 31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/
March 31, December 31, December 31, December 31, March 31, December 31, December 31, December 31,
2017 2016 2015 2014 2017 2016 2015 2014
USD USD USD USD
Kas dan setara kas (Catatan 5)/
Cash and cash equivalents (Note 5)
Bank Negara Indonesia 36.475.646 46.820.232 9.064.828 18.838.223
Bank Rakyat Indonesia 420.860 2.795.342 83.929 -
Bank Syariah Mandiri 33.667 34.069 - 4.545
Bank Mandiri 100.798 1.695.761 562.842 830.494
BJB Syariah - 5.954.153 - -
37.030.971 57.299.557 9.711.599 19.673.262 8,05% 12,95% 3,10% 7,68%

Kas dibatasi pengunaannya (Catatan 5)/

Restricted cash (Note 5)
Bank Negara Indonesia 520.166 533.118 182.936 468.091
Bank Syariah Mandiri 10.963 334.195 12.430 10.981
531.129 867.313 195.366 479.072 0,12% 0,20% 0,06% 0,19%

Piutang usaha (Catatan 6)/

Trade accounts receivable (Note 6)
PT Garuda Indonesia (Persero) Tbk 54.122.714 42.112.892 24.376.028 19.408.393
PT Citilink Indonesia 17.643.904 10.277.622 5.892.157 4.453.791
PT Merpati Nusantara Airlines 1.360.995 1.360.995 1.360.995 1.360.995
PT Gapura Angkasa 68.429 235.398 83.879 156.791
Kementerian Sekretariat Negara RI - 1.472.229 - -
PT Pembangkitan Jawa-Bali - - 193.955 46.698
Lain - lain/Others 21.957 37.860 43.578 85.953
73.217.999 55.496.996 31.950.592 25.512.621 15,92% 12,54% 10,21% 9,96%

Tagihan bruto dari pelanggan (Catatan 7)/

Gross receivables from customers (Note 7)
PT Garuda Indonesia (Persero) Tbk 52.829.140 46.259.256 40.440.123 19.931.313
PT Citilink Indonesia 4.667.508 4.904.498 2.505.759 2.189.918
Lain-lain/ Others 543.455 - - -
58.040.103 51.163.754 42.945.882 22.121.231 12,62% 11,56% 13,72% 8,64%

Pinjaman jangka pendek (Catatan 13)/

Short-term loan (Note 13)
Bank Negara Indonesia 31.236.141 27.293.353 - - 11,33% 10,11% - -

Utang usaha (Catatan 14)/

Trade accounts payable (Note 14)
Kopkar GMF AA Sejahtera 3.410.523 2.708.502 1.094.508 1.035.914
PT Aerotrans Services Indonesia
(dahulu PT Mandira Erajasa Wahana) 1.512.866 650.653 874.418 605.996
PT Duta Garuda Piranti Prima 1.374.170 2.124.097 593.657 -
PT Garuda Indonesia (Persero) Tbk 922.628 355.582 1.028.555 2.330.643
PT Angkasa Pura (Persero) 347.721 - 790.947 5.275
PT Gapura Angkasa 144.444 355.671 368.314 794.147
Lain-lain/ Others 1.885.697 542.042 166.064 817.463
9.598.050 6.736.547 4.916.463 5.589.438 3,48% 2,49% 2,59% 3,37%

Utang bruto kepada pelanggan (Catatan 7)

Gross payable to customers (Note 7)
PT Garuda Indonesia (Persero) Tbk 5.224.925 84.492 122.903 -
PT Aerofood Indonesia 180.045 - - -
5.404.970 84.492 122.903 - 1,96% 0,03% 0,04% -

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG 2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan DECEMBER 31, 2016, 2015 AND 2014 - Continued

% terhadap Aset (Liabilitas)/

Jumlah/Total % to Assets (Liabilities)
31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/ 31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/
March 31, December 31, December 31, December 31, March 31, December 31, December 31, December 31,
2017 2016 2015 2014 2017 2016 2015 2014
USD USD USD USD

Utang lain-lain (Catatan 15)

Other accounts payable (Note 15)
PT Garuda Indonesia (Persero) Tbk 5.791.673 3.951.719 3.821.652 1.421.907 2,10% 1,46% 2,01% 0,86%
PT Aero Wisata - - - 4.782
5.791.673 3.951.719 3.821.652 1.426.689

Beban akrual/Accrued expenses

PT Angkasa Pura (Persero) 1.981.926 2.435.469 6.534.938 9.620.101
PT Garuda Indonesia (Persero) Tbk 2.367.451 2.412.179 2.761.363 2.756.902
PT Aero Systems Indonesia 1.009.411 2.254.808 753.623 430.800
PT Aerotrans Services Indonesia 585.408 302.703 637.247 619.677
PT Wijaya Karya (Persero) Tbk - - - 4.814.359
Lain-lain/ Others 8.166 - 6.359 4.133
5.952.362 7.405.159 10.693.530 18.245.972 2,16% 2,74% 5,63% 10,99%

Pinjaman jangka panjang (Catatan 18)/

Long term loan (Note 18)
Bank Negara Indonesia 85.686.282 86.883.303 37.575.327 44.514.702
PT Indonesia Infrastruktur Finance 15.178.143 16.190.019 20.237.524 1.886.274
100.864.425 103.073.322 57.812.851 46.400.976 36,57% 38,17% 30,42% 27,96%

b. Pendapatan dari pihak berelasi masing-masing
68,30%, 69,30%, 70,65%, 74,32% dan 74,59% dari
jumlah pendapatan pada periode tiga bulan yang
berakhir 31 Maret 2017 dan 2016 serta tahun-
tahun yang berakhir 31 Desember 2016, 2015 dan
2014.
b. Revenues from related parties constituted 68.30%,
69.30%, 70.65%, 74.32% and 74.59% of the total
revenues for three months period ended March 31,
2017 and 2016 and for the years ended
December 31, 2016, 2015 and 2014.

Rincian pendapatan dari pihak berelasi adalah The details of revenues from related parties are as
sebagai berikut: follows:
2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD
PT Garuda Indonesia PT Garuda Indonesia
(Persero) Tbk 62.593.923 47.310.515 264.044.227 201.359.709 177.492.129 (Persero) Tbk
PT Citilink Indonesia 9.153.011 9.139.940 9.903.514 25.122.892 18.695.105 PT Citilink Indonesia
PT Gapura Angkasa 307.195 90.362 543.280 508.469 384.221 PT Gapura Angkasa
PT Aerofood Indonesia 405.355 13.973 82.257 117.108 377.021 PT Aerofood Indonesia
Jumlah 72.459.484 56.554.790 274.573.278 227.108.178 196.948.476 Total

c. Pada tanggal 10 April 2012, Perusahaan c. On April 10, 2012, the Company rescheduled
melakukan penjadualan ulang kembali atas payment for its trade accounts payable to Garuda
pembayaran utang usaha kepada Garuda sebesar amounting to Rp 104,132,412,806 which was
Rp 104.132.412.806, diangsur selama 5 tahun. payable in installment for 5 years. On December
Pada Desember 2016, pinjaman tersebut telah 2016, the loan has been settled.
dilunasi.

Pada tanggal 17 Mei 2013, Perusahaan On May 17, 2013, the Company obtained financing
mendapatkan pendanaan investasi pengembangan from Garuda to improve Test Cell capability which
kapabilitas Test Cell dari Garuda sebesar amounted to USD 4,900,000.
USD 4.900.000.

Pada tanggal 31 Maret 2017, 31 Desember 2016, As of March 31, 2017, December 31, 2016, 2015
2015 dan 2014, utang ini dicatat sebagai utang and 2014, the payable was recorded as due to a
kepada pemegang saham masing-masing shareholder amounted to USD 1,225,000,
sebesar USD 1.225.000, USD 1.470.000, USD 1,470,000, USD 3,884,227 and USD 6,610,894,
USD 3.884.227 dan USD 6.610.894. respectively.

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

d. Perusahaan menyediakan manfaat pada Komisaris d. The Company provides benefits to the
dan Direktur Perusahaan sebagai berikut: Commissioners and Directors of the Company as
follows:
2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD
Short-term employee
Imbalan kerja jangka pendek 1.237.813 1.114.649 1.549.359 1.096.262 791.959 benefits
Imbalan kerja jangka panjang Other long-term employee
lainnya 31.559 28.285 103.751 114.894 143.716 benefits
Jumlah 1.269.372 1.142.934 1.653.110 1.211.156 935.675 Total

32. INFORMASI SEGMEN 32. SEGMENT INFORMATION

Perusahaan melaporkan segmen-segmen berdasarkan The Company reportable segments under PSAK 5 are
PSAK 5 berdasarkan jasa yang diberikan: based on its operating divisions:

a. Jasa pemeliharaan dan perbaikan pesawat a. Airframe, engine dan component

airframe, engine dan component b. Line maintenance dan technical ground handling
b. Jasa pemeliharaan dan perbaikan pesawat line
maintenance dan technical ground handling

Berikut ini adalah informasi segmen berdasarkan The following are segment information based on the
segmen operasi: operating divisions:

31 Maret 2017/March 31, 2017

Jumlah/
Rapair and overhaul Line maintenance total
USD USD USD

PENDAPATAN USAHA 82.709.425 23.378.385 106.087.810 OPERATING REVENUES

HASIL RESULT
Hasil segmen 9.820.277 2.840.022 12.660.299 Segment result
Keuntungan kurs mata Loss on foreign
uang asing - bersih 137.586 exchange - net
Laba usaha 12.522.713 Income from operations
Penghasilan bunga 151.730 Interest income
Beban keuangan (2.365.380) Finance cost
Lain-lain - bersih 3.219.397 Other gains and lossess - net
Laba sebelum pajak 13.528.460 Income before tax
Beban pajak - bersih (3.403.354) Income tax expense - net
Laba bersih tahun berjalan 10.125.106 Profit for the period

INFORMASI LAINNYA OTHER INFORMATION

ASET ASSETS
Aset segmen 106.635.516 3.217.945 109.853.461 Segment assets
Aset tidak dapat dialokasi 350.185.509 Unallocated assets
Jumlah Aset 106.635.516 3.217.945 460.038.970 Total assets

KEWAJIBAN LIABILITIES
Kewajiban tidak dapat dialokasi 275.801.523 Unalocated liabilities

Penyusutan 2.707.212 372.117 3.152.422 Depreciation

- 56 -

286
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

31 Maret 2016/March 31, 2016 (Tidak diaudit/Unaudited )

Jumlah/
Rapair and overhaul Line maintenance total
USD USD USD

PENDAPATAN USAHA 58.059.239 23.554.012 81.613.251 OPERATING REVENUES

HASIL RESULT
Hasil segmen 10.782.609 4.337.745 15.120.354 Segment result
Keuntungan kurs mata Loss on foreign
uang asing - bersih 1.545.413 exchange - net
Laba usaha 13.574.941 Income from operations
Penghasilan bunga 58.077 Interest income
Beban keuangan (1.479.310) Finance cost
Lain-lain - bersih 250.354 Other gains and lossess - net
Laba sebelum pajak 12.404.062 Income before tax
Beban pajak - bersih (3.009.691) Income tax expense - net
Laba bersih tahun berjalan 9.394.371 Profit for the period

INFORMASI LAINNYA OTHER INFORMATION

ASET ASSETS
Aset segmen 92.233.396 2.817.305 95.050.701 Segment assets
Aset tidak dapat dialokasi 219.993.770 Unallocated assets
Jumlah Aset 276.148.964 30.285.875 315.044.471 Total assets

KEWAJIBAN LIABILITIES
Kewajiban tidak dapat dialokasi 180.947.921 Unallocated liabilities

Penyusutan 2.489.606 273.041 2.816.290 Depreciation

31 Desember 2016/December 31, 2016

Jumlah/
Rapair and overhaul Line maintenance total
USD USD USD

PENDAPATAN USAHA 288.278.037 100.384.475 388.662.512 OPERATING REVENUES

HASIL RESULT
Hasil segmen 69.414.678 17.953.659 87.368.337 Segment result
Keuntungan kurs mata Loss on foreign
uang asing - bersih 4.280.637 exchange - net
Laba usaha 83.087.700 Income from operations
Penghasilan bunga 299.950 Interest income
Beban keuangan (6.546.605) Finance cost
Lain-lain - bersih 157.836 Other gains and lossess - net
Laba sebelum pajak 76.998.881 Income before tax
Beban pajak - bersih (19.256.668) Income tax expense - net
Laba bersih tahun berjalan 57.742.213 Profit for the year

INFORMASI LAINNYA OTHER INFORMATION

ASET ASSETS
Aset segmen 102.456.649 2.707.319 105.163.968 Segment assets
Aset tidak dapat dialokasi 337.425.139 Unallocated assets
Jumlah Aset 380.694.620 52.328.011 442.589.107 Total assets

KEWAJIBAN LIABILITIES
Kewajiban tidak dapat dialokasi 270.034.359 Unallocated liabilities

Penyusutan 9.793.223 1.346.118 11.385.435 Depreciation

- 57 -

287
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

31 Desember 2015/December 31, 2015

Jumlah/
Rapair and overhaul Line maintenance total
USD USD USD

PENDAPATAN USAHA 209.703.659 95.886.458 305.590.117 OPERATING REVENUES

HASIL RESULT
Hasil segmen 22.011.599 22.789.562 44.801.161 Segment result
Keuntungan kurs mata Gain on foreign
uang asing - bersih (5.789.012) exchange - net
Laba usaha 50.590.173 Income from operations
Penghasilan bunga 348.484 Interest income
Beban keuangan (3.091.180) Finance cost
Lain-lain - bersih 202.316 Other gains and lossess - net
Laba sebelum pajak 48.049.793 Income before tax
Beban pajak - bersih (11.864.828) Income tax expense - net
Laba bersih tahun berjalan 36.184.965 Profit for the year

INFORMASI LAINNYA OTHER INFORMATION

ASET ASSETS
Aset segmen 86.654.880 2.937.864 89.592.744 Segment assets
Aset tidak dapat dialokasi 223.401.853 Unallocated assets
Jumlah Aset 255.930.639 48.548.600 312.994.597 Total assets

KEWAJIBAN LIABILITIES
Kewajiban tidak dapat dialokasi 190.202.733 Unallocated liabilities

Penyusutan 7.284.186 1.381.769 8.908.316 Depreciation

31 Desember 2014/December 31, 2014

Jumlah/
Rapair and overhaul Line maintenance total
USD USD USD

PENDAPATAN USAHA 167.903.171 96.145.405 264.048.576 OPERATING REVENUES

HASIL RESULT
Hasil segmen 5.844.278 19.110.748 24.955.026 Segment result
Keuntungan kurs mata Loss on foreign
uang asing - bersih 380.950 exchange - net
Laba usaha 24.574.076 Income from operations
Penghasilan bunga 149.194 Interest income
Beban keuangan (1.956.768) Finance cost
Lain-lain - bersih 1.449.039 Other gains and lossess - net
Laba sebelum pajak 24.215.541 Income before tax
Beban pajak - bersih (6.055.069) Income tax expense - net
Laba bersih tahun berjalan 18.160.472 Profit for the year

INFORMASI LAINNYA OTHER INFORMATION

ASET ASSETS
Aset segmen 83.427.778 2.599.554 86.027.332 Segment assets
Aset tidak dapat dialokasi 170.124.095 Unallocated assets
Jumlah Aset 83.427.778 2.599.554 256.151.427 Total assets

KEWAJIBAN LIABILITIES
Kewajiban tidak dapat dialokasi 165.957.977 Unallocated liabilities

Penyusutan 5.562.461 699.615 6.506.521 Depreciation

- 58 -

288
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
33. PERJANJIAN SEWA OPERASI
Perusahaan mempunyai perjanjian sewa operasi
sebagai berikut:
a. Perusahaan mengadakan perjanjian dengan
Garuda sehubungan dengan sewa tanah dan
bangunan (terdiri dari hanggar dan bangunan
masing-masing selama 40 tahun dan 20 tahun)
yang terletak di Bandara Udara Soekarno-Hatta,
Cengkareng, Tangerang. Perjanjian ini berlaku
mulai dari 1 Agustus 2002. Pada tanggal 31 Maret
2008, Perusahaan dan Garuda menyepakati
perubahan perjanjian, antara lain, (1) sewa-lanjut
atas tanah PT (Persero) Angkasa Pura II diubah
menjadi sewa langsung, (2) perubahan luas
bangunan yang disewa, (3) pembayaran lebih
dahulu biaya-biaya Garuda oleh Perusahaan
meliputi biaya Pajak Bumi dan Bangunan, listrik,
dan air. Perjanjian berlaku mulai dari 1 Januari
2008.
b. Pada tanggal 15 Maret 2012, Perusahaan
menandatangani perjanjian dengan PT Aerotrans
Services Indonesia (dahulu PT Mandira Erajasa
Wahana), sehubungan dengan sewa kendaraan
operasional kepada Perusahaan. Perjanjian ini
berlaku untuk 3 tahun sampai 14 Maret 2015.
Berdasarkan perjanjian No. GMF/PERJ/DC-
3012/2016, tanggal 1 Pebruari 2016, perjanjian
tersebut diperpanjang sampai 25 Juni 2017.
c. Pada tanggal 1 Maret 2017, Perusahaan
mengadakan Perjanjian Pemanfaatan Tanah dan
Konsesi Usaha dengan PT (Persero) Angkasa
Pura II sehubungan dengan pemanfaatan tanah
seluas ± 900.000 m2 untuk digunakan dalam
kegiatan usaha pemeliharaan pesawat di Bandara
Udara Soekarno-Hatta, Cengkareng, Tangerang.
Perjanjian ini berlaku untuk 5 tahun efektif dari
1 Januari 2017 sampai dengan 31 Desember 2022,
dengan kompensasi dan konsesi sesuai dengan
tarif yang disepakati. Sampai dengan tanggal
pelaporan, perjanjian tersebut masih dalam proses
perpanjangan. Perusahaan wajib memberikan
jaminan bank yang diterbitkan oleh bank untuk
menjamin pembayaran kompensasi tersebut. Masa
berlaku jaminan tersebut selama 1 tahun dan
diperpanjang setiap tahunnya sampai berakhirnya
perjanjian ini.
d. Pada tanggal 1 Pebruari 2012, Perusahaan
menandatangani perjanjian dengan PT Aerotrans
Service Indonesia untuk melaksanakan jasa
pergerakan material Perusahaan. Perjanjian ini
berlaku untuk 3 tahun efektif dari 1 Januari 2012
sampai 31 Desember 2014. Sampai dengan
tanggal pelaporan, perjanjian tersebut masih dalam
proses perpanjangan.
- 59 -
289
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
33. OPERATING LEASE ARRANGEMENTS
The Company had operating lease agreements as
follows:
a. The Company entered into an agreement with
Garuda in relation to the lease of land and building
(consisting of hangar and building, each for 40
years and 20 years) located in Soekarno-Hatta
Airport, Cengkareng, Tangerang. This agreement
was effective from August 1, 2002. On March 31,
2008, the Company and Garuda agreed to amend
the agreement, which among others, included the
following changes: (1) change from a sub-lease
arrangement on PT (Persero) Angkasa Pura II’s
land to a direct lease, (2) change in the lease area
of building, (3) pay in advance Garuda’s expenses
including Land and Building Tax (PBB), electricity
and water expenses. The agreement was effective
from January 1, 2008.
b. On March 15, 2012, the Company entered into an
agreement with PT Aerotrans Services Indonesia
(formerly PT Mandira Erajasa Wahana) relating to
the lease of operational vehicles to the Company.
The term of this agreement is for 3 years effective
until March 14, 2015.
Based on agreement No. GMF/PERJ/DC-
3012/2016, dated February 1, 2016, the
agreements were amended to be until June 25,
2017.
c. On March 1, 2017, the Company entered into Land
Utilization and Business Concession Agreements
with PT (Persero) Angkasa Pura II in relation to
land utilization measuring approximately 900,000
square meters used for aircraft maintenance
business activities in Soekarno-Hatta Airport,
Cengkareng, Tangerang. The term of this
agreement is for 5 years effective from January 1,
2017 until December 31, 2022, wherein
compensation and concession are based on
agreed tariffs. Until reporting date, the agreements
is still in process of extension. The Company is
obliged to provide bank guarantee which is issued
by a bank to secure the payment of such
compensation. The term of such guarantee is
1 year and will be amended until the end of term of
this agreement.
d. On February 1, 2012, the Company entered into an
agreement with PT Aerotrans Service Indonesia to
provide material handling services to the Company.
The term of this agreement is for 3 years effective
from January 1, 2012 until December 31, 2014.
Until reporting date, the agreement is still in
process of extension.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
e. Perusahaan juga mengadakan perjanjian sewa
operasi peralatan operasional, koneksi internet,
dan lainnya dengan beberapa pihak.
Dalam perjanjian-perjanjian sewa operasi tersebut
terdapat review sewa, penggunaan minimum serta opsi
pembaruan sewa yang diperjanjikan. Perusahaan tidak
memiliki opsi untuk membeli aset yang disewa pada
akhir masa sewa. Perjanjian tersebut juga memuat
ketentuan yang dapat mengakibatkan pengakhiran
perjanjian sebelum masa sewa berakhir.
Sehubungan dengan perjanjian sewa operasi tersebut,
Perusahaan memiliki komitmen sewa operasi tidak
dapat dibatalkan sebagai berikut:
31 Maret/ 31 Desember/
March 31, December 31,
2017 2016
USD USD
Tidak lebih dari 1 tahun 3.708.413 5.913.241
Lebih dari 1 tahun dan
tidak lebih dari 5 tahun 9.020.020 11.491.057
Lebih dari 5 tahun 6.287.429 10.370.496
Jumlah 19.015.862 27.774.794
34. IKATAN
a. Perusahaan melakukan perjanjian jangka panjang
untuk pemeliharaan dan perbaikan pesawat
dengan Garuda, PT. Sriwijaya Air, GME Aviation
Service, PT NAM AIR, PT. Lion Mentari, PT. Cardig
Air, PT. Indonesia AirAsia, PT. Airfast Indonesia,
Also Private Ltd., Eagle Express Air Charter Sdn.
Bhd, Air Atlanta, GE Capital Aviation Services Ltd.
(GECAS), Biman Bangladesh Airlines, Air China,
China Airlines, China Southern, Virgin Blue,
Malaysian Airlines, Orient Thai Airlines, Singapore
Engineering Co. (SIAEC), Max Air, Kabo Air,
U Airlines, United Airways, KLM Royal Dutch, Jet
Airways (India) Limited, Jeju Airlines dan
Aerospace. Perusahaan memperoleh pendapatan
atas jasa ini sesuai tarif yang disepakati dalam
perjanjian.
b. Perusahaan memiliki bank garansi yang digunakan
sebagai jaminan pelaksanaan pekerjaan (Catatan
5). Bank garansi tersebut diterbitkan oleh Bank
Negara Indonesia dengan jangka waktu kurang
dari 1 tahun yang ditempatkan pada bank yang
sama. Bank garansi dijamin dengan setara kas
dalam jumlah yang sama dan ditempatkan dalam
rekening tersendiri.
290
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
e. The Company also entered into operating lease
agreements of operational equipment, internet
connection, and others with several parties.
The operating lease arrangements contain rent review,
minimum utilisation and option to renew the arranged
lease. The Company does not have an option to
purchase the relevant assets at the expiry of the lease
period. The lease arrangements include certain
conditions that may cause the leases to be terminated
prior to the expiry of the lease periods.
In relation with the operating lease arrangement, the
Company had non-cancellable operating lease
commitments as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2015 2014
USD USD
4.459.373 4.766.005 Not longer than 1 year
Longer than 1 year but less than
6.211.170 6.950.756 5 years
11.364.768 10.306.289 Longer than 5 years
22.035.311 22.023.050 Total
34. COMMITMENTS
a. The Company entered into long-term agreements
for aircrafts repair and maintenance with Garuda,
PT. Sriwijaya Air, GME Aviation Service, PT NAM
AIR, PT. Lion Mentari, PT. Cardig Air,
PT. Indonesia AirAsia, PT. Airfast Indonesia, Also
Private Ltd., Eagle Express Air Charter Sdn. Bhd,
Air Atlanta, GE Capital Aviation Services Ltd.
(GECAS), Biman Bangladesh Airlines, Air China,
China Airlines, China Southern, Virgin Blue,
Malaysian Airlines, Orient Thai Airlines, Singapore
Engineering Co. (SIAEC), Max Air, Kabo Air,
U Airlines, United Airways, KLM Royal Dutch, Jet
Airways (India) Limited, Jeju Airlines and
Aerospace. The Company recognizes revenue
from this service based on agreed tariff in the
agreements.
b. The Company has bank guarantees which were
used as work performance guarantee (Note 5). The
bank guarantee were issued by Bank Negara
Indonesia with periods of less than 1 year. The
bank guarantees are secured by cash equivalent
on the same bank equivalent to same amount on
separate account.
- 60 -
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
c. Pada tanggal 23 Nopember 2010, Perusahaan
mengadakan perjanjian dengan BNI mengenai
pemberian fasilitas Kredit Modal Kerja Mitra
kepada beberapa pemasok Perusahaan dengan
jangka waktu 3 tahun. Fasilitas ini ditujukan untuk
pembiayaan modal kerja beberapa pemasok
Perusahaan dalam bentuk talangan piutang
pemasok Perusahaan kepada Perusahaan.
Masing-masing pemasok Perusahaan
mendapatkan fasilitas maksimal sebesar Rp 10
miliar, dengan jangka waktu fasilitas 1 tahun dan
jangka waktu pelunasan 90 hari sejak tanggal
pencairan kredit. Perjanjian otomatis diperpanjang
kecuali jika diakhiri oleh para pihak terkait
d. Pada tanggal 16 Desember 2013, Perusahaan
mengadakan perjanjian dengan PT Bank Syariah
Mandiri mengenai pemberian fasilitas Ijarah
Muntahtyah Bittamlik dengan jangka waktu
8 tahun. Fasilitas ini ditujukan untuk penyewaan
peralatan test cell untuk perawatan dan overhaul
Industrial Gas Turbine Engine (IGTE) oil company.
Perusahaan mendapatkan fasilitas maksimal
sebesar USD 9.562.955. Pada 31 Maret 2017,
beban sewa Ijarah dicatat pada beban sewa
sebesar USD 100.031.
Sesuai dengan perjanjian, Perusahaan diwajibkan
untuk mempunyai rekening escrow sebagai
jaminan dari fasilitas tersebut. Pada 31 Maret 2017,
31 Desember 2016, 2015, dan 2014 saldo rekening
masing-masing sebesar USD 10.963
USD 334.195, USD 12.430 dan USD 10.981
(Catatan 5).
e. Pada tanggal 31 Maret 2017, Perusahaan memiliki
komitmen untuk pengadaan aset tetap sebesar
USD 15.778.324.
f. Perusahaan memperoleh fasilitas letter of credit
dari bank, sebagai berikut:
Bank Jumlah maksimum kredit/Credit maximum limit
BNI USD 30 juta/USD 30 million
BRI USD 20 juta/USD 20 million
ICBC USD 20 juta/USD 20 million
Pada tanggal 31 Mei 2016, Perusahaan
memperolah fasilitas pengalihan hak tagih dari BRI
dengan plafon maksimal sebesar USD 25 juta yang
berlaku sampai 31 Mei 2017.
Pada 11 Januari 2017, Perusahaan juga
memperoleh perpanjangan fasilitas pinjaman dari
BNI dengan plafon maksimal USD 30 juta yang
berlaku sampai dengan 27 Oktober 2017.
- 61 -
291
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
c. On November 23, 2010, the Company made an
agreement with BNI regarding Partnership Working
Capital Credit facility to some of the Company’s
suppliers with terms of 3 years. This facility is used
to finance working capital requirements of several
of the Company’s suppliers in the form of early
payment of the payable to the suppliers to the
Company. Each of the Company’s supplier
obtained a facility with maximum credit of Rp 10
billion, that is valid for 1 year with settlement term
of 90 days from the date of withdrawal. The
agreement is automatically renewed unless
otherwise terminated by the parties.
d. On December 16, 2013, the Company made an
agreement with PT Bank Syariah Mandiri regarding
Ijarah Muntahtyah Bittamlik facility with terms of 8
years. This facility is used to test cell equipment
rental for maintenance overhaul of Industrial Gas
Turbine Engine (IGTE) oil company. The Company
obtained a facility with maximum credit of
USD 9,562,955. As of March 31, 2017, Ijarah rent
expense recorded as rent expense amounted to
USD 100,031.
Under the agreement, the Company should
maintain an escrow account as facility guarantee.
As of March 31, 2017, December 31, 2016, 2015
and 2014 the balance of the escrow account
amounted to USD 10,963, USD 334,195,
USD 12,430 and USD 10,981 respectively (Note 5).
e. As of March 31, 2017, the Company had
commitments for acquisition of property and
equipment of USD 15,778,324.
f. The Company obtained letter of credit from bank as
follows:
Berlaku sampai/Effective until
27 Oktober/October 27, 2017
31 Mei/May 31, 2017
17 Mei/May 17, 2017
On May 31, 2016, the Company entered into
factoring facility from BRI with maximum limit
amount of USD 25 million effective until May 31,
2017.
On January 11, 2017, the Company also extended
loan facility from BNI with maximum limit amount of
USD 30 million effective until October 27, 2017.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

35. ASET DAN LIABILITAS MONETER DALAM MATA 35. MONETARY ASSETS AND LIABILITIES
UANG ASING DENOMINATED IN FOREIGN CURRENCIES

Pada tanggal 31 Maret 2017, 31 Desember 2016, 2015 At March 31, 2017, December 31, 2016, 2015 and
dan 2014, Perusahaan mempunyai aset dan liabilitas 2014, the Company had monetary assets and liabilities
moneter dalam mata uang asing sebagai berikut: in foreign currencies as follows:

31 Maret/March 31, 2017

Mata uang asing/ Ekuivalen USD/
Foreign currencies Equivalent in USD

ASET ASSETS
Kas dan setara kas dan Cash and cash equivalents and
kas dibatasi penggunaannya IDR 50.179.754.086 3.766.966 restricted cash
Lainnya/ Others 35.569 37.991
Piutang usaha IDR 947.151.500.372 71.102.132 Trade accounts receivable
Piutang lain-lain IDR 1.864.447.123 139.963 Other receivables
Jumlah Aset 75.047.052 Total Assets

LIABILITAS LIABILITIES
Utang usaha IDR 287.878.039.603 21.944.259 Trade accounts payable
SGD 1.226.047 877.316
Lainnya/ Others 433.832
Utang lain-lain IDR 52.187.615.095 3.917.695 Other accounts payable
Utang pajak IDR 16.316.946.184 1.224.904 Taxes payable
Beban akrual IDR 44.019.217.858 3.304.498 Accrued expenses
Liabilitas imbalan kerja IDR 484.863.046.437 36.398.397 Employee benefits obligation
Jumlah Liabilitas 68.100.901 Total Liabilities
Aset Bersih 6.946.151 Net Assets

31 Desember/December 31, 2016

Mata uang asing/ Ekuivalen USD/
Foreign currencies Equivalent in USD

ASET ASSETS
Kas dan setara kas dan Cash and cash equivalents and
kas dibatasi penggunaannya IDR 224.017.433.736 16.672.926 restricted cash
Lainnya/ Others 2.898
Piutang usaha IDR 609.502.696.144 45.363.404 Trade accounts receivable
Piutang lain-lain IDR 48.371.978.172 3.600.177 Other receivables
Jumlah Aset 65.639.405 Total Assets

LIABILITAS LIABILITIES
Utang usaha IDR 187.215.961.016 13.933.906 Trade accounts payable
SGD 999.878 692.005
Lainnya/ Others 281.853
Utang lain-lain IDR 30.815.828.772 2.293.527 Other accounts payable
Utang pajak IDR 24.090.237.432 1.792.962 Taxes payable
Beban akrual IDR 38.708.350.148 2.880.943 Accrued expenses
Liabilitas imbalan kerja IDR 485.903.655.724 36.164.309 Employee benefits obligation
Jumlah Liabilitas 58.039.505 Total Liabilities
Aset Bersih 7.599.900 Net Assets

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CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

31 Desember/December 31, 2015

Mata uang asing/ Ekuivalen USD/
Foreign currencies Equivalent in USD

ASET ASSETS
Kas dan setara kas dan Cash and cash equivalents and
kas dibatasi penggunaannya IDR 127.649.797.710 9.253.338 restricted cash
Lainnya/ Others 3.370
Piutang usaha IDR 255.199.829.980 18.499.444 Trade accounts receivable
SGD 12.253 8.661
Jumlah Aset 27.764.813 Total Assets

LIABILITAS LIABILITIES
Utang usaha IDR 175.388.719.530 12.713.934 Trade accounts payable
SGD 590.660 417.508
Lainnya/ Others 768.260
Utang lain-lain IDR 18.124.174.490 1.313.822 Other accounts payable
Utang pajak IDR 24.722.198.835 1.792.113 Taxes payable
Beban akrual IDR 252.062.634.131 18.272.029 Accrued expenses
Pinjaman jangka panjang IDR 471.997.994.250 34.215.150 Long-term loan
Utang kepada pemegang saham IDR 19.785.158.433 1.434.227 Due to a shareholder
Liabilitas imbalan kerja IDR 626.432.936.480 45.410.144 Employee benefits obligation
Jumlah Liabilitas 116.337.187 Total Liabilities
Liabilitas Bersih (88.572.374) Net Liabilities

31 Desember/December 31, 2014

Mata uang asing/ Ekuivalen USD/
Foreign currencies Equivalent in USD
ASET ASSETS
Kas dan setara kas dan Cash and cash equivalents and
kas dibatasi penggunaannya IDR 103.310.032.600 8.304.665 restricted cash
Lainnya/ Others 99.095
Piutang usaha IDR 15.388.155.600 1.236.990 Trade accounts receivable
SGD 22.204 16.817
Jumlah Aset 9.657.567 Total Assets
LIABILITAS LIABILITIES
Utang usaha IDR 87.781.392.080 7.056.382 Trade accounts payable
SGD 733.071 555.225
Lainnya/ Others 369.780
Utang lain-lain IDR 622.161.720 50.013 Other accounts payable
Utang pajak IDR 28.802.506.160 2.315.314 Taxes payable
Beban akrual IDR 232.456.999.760 18.686.254 Accrued expenses
SGD 1.519.550 1.150.901
Pinjaman jangka panjang IDR 528.351.048.457 42.471.949 Long-term loan
Utang kepada pemegang saham IDR 39.570.321.360 3.180.894 Due to a shareholder
Liabilitas imbalan kerja IDR 608.745.594.460 44.127.988 Employee benefits obligation
Jumlah Liabilitas 119.964.700 Total Liabilities
Liabilitas Bersih (110.307.133) Net Liabilities

Pada tanggal pelaporan, kurs konversi yang digunakan As of reporting dates, the conversion rates used by the
Perusahaan serta kurs yang berlaku pada tanggal Company and conversions rate as of March 31, 2017
31 Maret 2017 adalah sebagai berikut: are as follows:
31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/
March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Mata uang asing Foreign currency
1.000 Rp 0,0751 0,0744 0,0725 0,8040 Rp 1,000
1 SGD 0,7156 0,6920 0,7069 0,7574 1 SGD

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

36. INSTRUMEN KEUANGAN, MANAJEMEN RISIKO 36. FINANCIAL INSTRUMENTS, FINANCIAL RISK AND
KEUANGAN DAN RISIKO MODAL CAPITAL RISK MANAGEMENT

a. Manajemen Risiko Modal a. Capital Risk Management

Perusahaan mengelola permodalan agar
Perusahaan dapat mempertahankan kelangsungan
usahanya dan memaksimalkan imbal balik kepada
pemegang saham melalui optimalisasi saldo utang
dan modal. Struktur modal Perusahaan terdiri dari
liabilitas yang dikenakan bunga bersih (pinjaman
bank dan utang kepada pemegang saham dioffset
dengan saldo kas dan setara kas yang tidak
dibatasi penggunaannya) dan ekuitas Perusahaan.
The Company manages its capital to ensure that it
will be able to continue as a going concern while
maximizing the return to stakeholders through the
optimisation of the debt and equity balance. The
capital structure of the Company consists of net
liabilities subject to interest expense (bank loans
and due to a shareholder offset by unrestricted
cash and cash equivalents) and equity of the
Company.

Gearing ratio pada tanggal 31 Maret 2017, The gearing ratio as of March 31, 2017,
31 Desember 2016, 2015 dan 2014 adalah sebagai December 31, 2016, 2015 and 2014 is as follows:
berikut:
31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/
March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Pinjaman 133.325.566 137.880.228 61.697.078 58.011.870 Debt
Kas dan setara kas 37.766.655 60.441.867 25.457.040 20.368.358 Cash and cash equivalents
Pinjaman - bersih 95.558.911 77.438.361 36.240.038 37.643.512 Net debt
Ekuitas 184.237.447 172.554.748 122.791.864 90.193.450 Equity
Rasio pinjaman bersih
terhadap ekuitas 52% 45% 30% 36% Net debt to equity ratio

Dewan Direksi Perusahaan secara berkala The Board of Directors of the Company periodically
melakukan review struktur permodalan reviews the Company's capital structure. As part of
Perusahaan. Sebagai bagian dari review ini, this review, the Board of Directors considers the
Dewan Direksi mempertimbangkan biaya cost of capital and related risks.
permodalan dan risiko yang berhubungan.
Perusahaan terpapar pengaruh eksternal atas The Company is subject to some externally
tuntutan modal seperti diungkapkan dalam Catatan imposed capital requirements as disclosed in Note
18 atas laporan keuangan. 18 to financial statements.
b. Kategori Instrumen Keuangan b. Categories of Financial Instruments
Klasifikasi aset keuangan dan liabilitas keuangan Classification of the Company’s financial assets
Perusahaan adalah sebagai berikut: and financial liabilities are as follows:

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Aset keuangan - pinjaman Financial assets - loans
yang diberikan dan piutang and receivables
Kas dan setara kas dan Cash and cash equivalents and
kas dibatasi penggunaannya 38.297.784 61.309.180 25.652.406 20.847.430 restricted cash
Piutang usaha 103.908.177 76.792.501 50.200.745 36.837.964 Trade accounts receivable
Piutang lain-lain 2.006.923 3.787.012 1.126.154 2.141.526 Other accounts receivable
Jumlah 144.212.884 141.888.693 76.979.305 59.826.920 Total

Liabilitas keuangan - pada Financial liabilities at

biaya perolehan diamortisasi amortised cost
Pinjaman jangka pendek 31.236.141 33.336.906 - 5.000.000 Short-term loans
Utang usaha 76.050.349 71.052.216 48.832.590 31.449.309 Trade accounts payable
Utang lain-lain 6.648.333 4.432.398 4.290.599 2.315.062 Other accounts payable
Beban akrual 9.049.245 12.266.718 20.895.908 25.990.312 Accrued expenses
Pinjaman jangka panjang 100.864.425 103.073.322 57.812.851 46.400.976 Long-term loan
Utang kepada pemegang saham 1.225.000 1.470.000 3.884.227 6.610.894 Due to a shareholder
Jumlah 225.073.493 225.631.560 135.716.175 117.766.553 Total

Jumlah tercatat dari pinjaman yang diberikan dan The carrying amount of the above loans and

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
piutang diatas merupakan eksposur maksimum
risiko kredit Perusahaan.
c. Tujuan dan Kebijakan Manajemen Risiko
Keuangan
Risiko-risiko utama yang timbul dari instrumen
keuangan Perusahaan adalah risiko kredit, risiko
nilai tukar mata uang non-fungsional, risiko
likuiditas, dan risiko tingkat bunga. Manajemen
menelaah dan mengeluarkan kebijakan untuk
mengelola masing-masing risiko. Perusahaan
menerapkan kebijakan manajemen risiko yang
bertujuan untuk meminimalkan pengaruh
ketidakpastian pasar terhadap kinerja keuangan
Perusahaan. Berikut ini ringkasan kebijakan dan
pengelolaan manajemen risiko tersebut:
Manajemen Risiko Kredit
Risiko kredit timbul dari risiko kegagalan dari
counterpart atas liabilitas kontraktual yang dapat
mengakibatkan kerugian keuangan kepada
Perusahaan. Eksposur risiko kredit Perusahaan
timbul terutama dari piutang usaha.
Untuk aset keuangan lainnya seperti kas dan
setara kas dan kas dibatasi penggunaannya,
Perusahaan meminimalkan risiko kredit dengan
melakukan penempatan pada pihak-pihak yang
bereputasi (Catatan 5).
Perusahaan memiliki tujuan untuk memperoleh
pertumbuhan pendapatan yang berkelanjutan
dengan meminimalkan kerugian yang terjadi
karena eksposur risiko kredit. Karena itu,
Perusahaan memiliki kebijakan pembayaran
pelanggan (Customer Remittance Policy) untuk
memastikan bahwa transaksi yang menghasilkan
pendapatan dilakukan dengan pelanggan yang
mempunyai catatan kredit yang baik, serta
penentuan batasan kredit, syarat penjualan,
batasan piutang dan penentuan pola pembayaran
sesuai data perilaku pembayaran sebelumnya.
Pendapatan usaha Perusahaan terutama berasal
dari pihak berelasi (Catatan 21). Karena itu,
Perusahaan memiliki risiko konsentrasi kredit yang
signifikan terhadap pihak berelasi tersebut.
Sehubungan dengan pelanggan lain Perusahaan,
sebagian besar terdiri dari perusahaan maskapai
penerbangan yang beragam dari dalam dan luar
negeri. Perusahaan memonitor secara berkala
saldo piutang kepada pelanggan untuk mengurangi
eksposur Perusahaan terhadap piutang tidak
tertagih (Catatan 6).
- 65 -
295
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
receivables represent the Company’s maximum
exposure to credit risk.
c. Financial Risk Management Objectives and
Policies
The main risks arising from the Company’s financial
instruments are credit risk, non-functional currency
exchange rate risk, liquidity risk, and interest rate
risk. The management reviews and agrees policies
for managing each of these risks. The Company
applies the financial risk management policies to
minimize the impact of the unpredictability of
financial markets on the Company’s financial
performance. The summary of the financial risk
management policies are as follows:
Credit Risk Management
Credit risk arises from the risk that counterparty will
default on its contractual obligations resulting in
financial loss to the Company. The Company’s
exposure to credit risk mainly arises from trade
accounts receivable.
For other financial assets such as cash and cash
equivalents and restricted cash, the Company
minimizes the credit risk by placing the funds with
reputable financial institutions (Note 5).
The Company’s objective is to seek continual
revenue growth while minimizing losses incurred
due to increased credit risk exposure. Therefore,
the Company has Customer Remittance Policy to
ensure that the transactions which generate
income are carried out with customers who have
good credit record, and establishment of credit limit,
term of sales, maximum receivables and term of
payment in accordance with previous payment
history.
The Company’s revenues mostly from related
parties (Note 21). Therefore, the Company has a
significant concentration of credit risk to these
related parties.
Most of the Company’s other customers consist of
various domestic and overseas airline companies.
The Company regularly monitors the balance of
receivables from such customers to minimize the
Company’s exposure to impairment losses
(Note 6).
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
Manajemen Risiko Nilai Tukar Mata Uang Non-
fungsional
Perusahaan memiliki eksposur terhadap fluktuasi
nilai tukar yang timbul dari transaksi dengan
pelanggan maupun pemasok dari dalam dan luar
negeri yang didenominasi dalam mata uang non-
fungsional. Transaksi tersebut terutama timbul dari
pembelian dalam mata uang Rupiah dan SGD.
Jumlah eksposur mata uang asing bersih
Perusahaan pada tanggal pelaporan diungkapkan
pada Catatan 34.
Fluktuasi nilai tukar Dolar Amerika Serikat terhadap
mata uang non-fungsional ini menyebabkan
Perusahaan mengalami kerugian kurs mata uang
asing sebesar USD 137.586 dan USD 4.280.637
pada tahun 2017 dan 2016, keuntungan kurs mata
uang asing sebesar USD 5.789.012 pada tahun
2015, dan kerugian kurs mata uang asing sebesar
USD 380.950 pada tahun 2014.
Kebijakan berkaitan dengan risiko nilai tukar yang
saat ini dijalankan adalah secara natural (tanpa
lindung nilai) yaitu:
 Perusahaan memanfaatkan peluang harga
pasar nilai tukar mata uang lainnya (multi-
currency) untuk menutup kemungkinan risiko
melemahnya nilai tukar fungsional dan begitu
sebaliknya, sehingga secara natural risiko
adanya pergerakan nilai tukar mata uang non-
fungsional bisa saling menghilangkan.
Transaksi valuta mata uang bisa dilakukan
dengan selalu mempertimbangkan kurs yang
menguntungkan Perusahaan.
 Perusahaan mengatur risiko dengan berusaha
menyelaraskan penerimaan dan pembayaran
untuk setiap jenis mata uang.
Berikut ini sensitivitas untuk perubahan point nilai
tukar mata uang Dolar Amerika Serikat terhadap
saldo mata uang non-fungsional lainnya yang
signifikan pada tanggal 31 Maret 2017,
31 Desember 2016, 2015, dan 2014 dengan
variabel lain konstan terhadap laba sebelum pajak
Perusahaan.
2017
Perubahan kurs/
Changes in
currency rate (loss) before tax
Mata uang USD terhadap Rupiah
Penguatan 1%
Pelemahan 1%
Mata uang USD terhadap SGD
Penguatan 1%
Pelemahan 1%
296
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
Non-functional Currency Exhange Rate Risk
Management
The Company has foreign currency exposures
arising from transactions with local and overseas
customers and suppliers which are denominated in
non-functional currencies. Such transactions are
mostly from purchases in Rupiah and SGD. The
Company’s net open foreign currency exposure as
of reporting date is disclosed in Note 34.
In relation to the exchange rate fluctuation of U.S.
Dollar to non-functional currencies, the Company
incurred foreign exchange loss of USD 137,586
and USD 4,280,637 in 2017 and 2016, earned
foreign exchange gain of USD 5,789,012 in 2015,
and incurred foreign exchange loss of
USD 380,950 in 2014.
The policy currently applied in connection with
exchange rate risk is natural (i.e. without hedging),
as follows:
 The Company takes advantage of
opportunities in the market prices of other
currencies (multi-currency) to cover possible
risk of weakening value of the functional
currency, and vice versa; thus, in a natural
way, the risks of non-functional currency
exchange rate movements will be mutually
eliminated/ reduced. Currency transactions are
always done with consideration to the
exchange rate favorable to the Company.
 The Company manages the risk by matching
receipt and payment in each individual
currency.
Following is the sensitivity to point change in
exchange rate of functional currency of U.S. Dollar
against significant outstanding non-functional
currency as of March 31, 2017, December 31,
2016, 2015, and 2014 with other variables held
constant, of the Company’s profit before tax.
Dampak
terhadap laba
(rugi)
sebelum pajak/
Effect on profit
USD
USD to Rupiah
(446.177) Strenghthening
446.177 Weakening
USD to SGD
8.773 Strenghthening
(8.773) Weakening
- 66 -
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

2016
Dampak
terhadap laba
(rugi)
Perubahan kurs/ sebelum pajak/
Changes in Effect on profit
currency rate (loss) before tax
USD
Mata uang USD terhadap Rupiah USD to Rupiah
Penguatan 1% (447.352) Strenghthening
Pelemahan 1% 447.352 Weakening
Mata uang USD terhadap SGD USD to SGD
Penguatan 1% 6.920 Strenghthening
Pelemahan 1% (6.920) Weakening

2015
Dampak
terhadap laba
(rugi)
Perubahan kurs/ sebelum pajak/
Changes in Effect on profit
currency rate (loss) before tax
USD
Mata uang USD terhadap Rupiah USD to Rupiah
Penguatan 1% 419.885 Strenghthening
Pelemahan 1% (419.885) Weakening
Mata uang USD terhadap SGD USD to SGD
Penguatan 1% 4.088 Strenghthening
Pelemahan 1% (4.088) Weakening
2014
Dampak
terhadap laba
(rugi)
Perubahan kurs/ sebelum pajak/
Changes in Effect on profit
currency rate (loss) before tax
USD
Mata uang USD terhadap Rupiah USD to Rupiah
Penguatan 1% 642.192 Strenghthening
Pelemahan 1% (642.192) Weakening
Mata uang USD terhadap SGD USD to SGD
Penguatan 1% 16.893 Strenghthening
Pelemahan 1% (16.893) Weakening

Manajemen berpendapat bahwa analisis In management’s opinion, the sensitivity analysis is

sensitivitas ini bukan merupakan representasi risiko not the representative of the inherent non-
nilai tukar mata uang non-fungsional yang melekat functional exchange risk as the year end exposure
karena eksposur pada akhir periode bukan does not reflect the exposure during the year.
cerminan eksposur selama periode yang Sales and purchases denominated in non-
bersangkutan. Pendapatan dan pembelian dalam functional currency are dependent on the
mata uang non-fungsional tergantung pada fluctuations in volume of sales and purchases and
fluktuasi volume penjualan dan pembelian serta use of cash and cash equivalents that can impact
penggunaan kas dan setara kas dapat non-functional currency denominated monetary
mengakibatkan perubahan akun moneter dalam items.
mata uang non-fungsional.
Manajemen Risiko Likuiditas Liquidity Risk Management
Risiko Likuiditas didefinisikan sebagai Liquidity risk is defined as the Company’s inability
ketidakmampuan Perusahaan untuk memenuhi to fulfill its financial liabilities, which in turn makes
liabilitas keuangannya yang selanjutnya the Company unable to take advantage of
mengakibatkan Perusahaan tidak dapat investment opportunities or unable to meet its
memanfaatkan peluang investasi atau tidak dapat short-term financial liabilities, ultimately leading to
memenuhi liabilitas keuangan jangka pendek yang default, excessive borrowing, or unfavorable
pada akhirnya mengakibatkan default, peminjaman interest rates.
yang berlebihan atau tingkat suku bunga yang
buruk.
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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Dalam mengelola risiko likuiditas, Perusahaan To manage liquidity risk, the Company monitors
memantau dan menjaga tingkat kas dan setara kas and maintains a level of cash and cash equivalents
yang dianggap memadai untuk membiayai that is considered adequate to finance the
operasional Perusahaan dan untuk mengatasi Company’s operations and to overcome the impact
dampak dari fluktuasi arus kas. of cash flow fluctuations.

Perusahaan juga secara rutin mengevaluasi
proyeksi arus kas dan arus kas aktual, termasuk
jadwal jatuh tempo pinjaman jangka panjang, dan
terus menelaah kondisi pasar keuangan untuk
mengambil inisiatif mencari dana sebagai modal
kerja. Aktivitas tersebut dapat meliputi penerbitan
utang bank.
The Company also routinely evaluates the
projected and actual cash flow, including scheduled
maturity of long-term debts, and continually reviews
conditions in the financial markets to take initiatives
to seek funds for working capital. This activity may
include obtaining bank loans.

Tabel berikut ini merupakan analisis likuiditas The following table represents the liquidity analysis
instrumen keuangan pada 31 Maret 2017, of financial instruments as of March 31, 2017,
31 Desember 2016, 2015 dan 2014 berdasarkan December 31, 2016, 2015 and 2014 based on
jatuh tempo atas liabilitas keuangan Perusahaan exposure on due date on undiscounted contractual
dalam rentang waktu yang menunjukkan maturities for all non-derivative financial instrument.
kontraktual tidak terdiskonto untuk semua The contractual maturity is based on the earliest
instrumen keuangan non-derivatif. Jatuh tempo date on which the Company may required to pay:
didasarkan pada tanggal yang paling awal dimana
Perusahaan dapat diminta untuk membayar:

31 Maret/March 31, 2017

Tingkat bunga Lebih dari satu
efektif rata-rata tahun tetapi
tertimbang/ tidak lebih dari
Weighted Dalam lima tahun/ Lebih dari
average satu tahun/ Over one year lima tahun/
effective Within but not longer Over than Jumlah/
interest rate one year then five year five year Total
USD USD USD USD
Tanpa bunga Non-interest bearing
Kas - 384.638 - - 384.638 Cash on hand
Piutang usaha - 63.333.154 - - 63.333.154 Trade accounts receivable
Piutang lain-lain - 1.988.409 - - 1.988.409 Other accounts receivable
Tingkat bunga tetap Fixed interest rate
Piutang usaha 1% - 5% 41.922.284 - - 41.922.284 Trade accounts receivable
Tingkat bunga variable Variable interest rate
Kas dan setara kas dan Cash and cash equivalents
kas dibatasi penggunaannya 0,19%-8,75% 37.913.146 - - 37.913.146 and restricted cash
Piutang sewa pembiayaan 5,95% 24.000 - - 24.000 Finance lease receivable
Jumlah aset 145.565.631 - - 145.565.631 Total assets

Tanpa bunga Non-interest bearing

Utang usaha - 76.050.349 - - 76.050.349 Trade payables
Utang lain-lain - 6.648.333 - - 6.648.333 Other payables
Beban akrual - 9.049.245 - - 9.049.245 Accrued expenses
Tingkat bunga variabel Variable interest rate
Pinjaman jangka pendek 3,9% 31.957.696 - - 31.957.696 Short-term loan
Pinjaman jangka panjang 3,44% - 4,66% 23.759.430 82.935.023 12.779.839 119.474.292 Long-term loans
Utang kepada pemegang saham 5,23% 1.029.196 247.137 - 1.276.333 Due to a shareholder
Jumlah liabilitas 148.494.249 83.182.160 12.779.839 244.456.248 Total liabiliies

Jumlah liabilitas bersih (2.928.618) (83.182.160) (12.779.839) (98.890.617) Total net liabiliies

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CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

31 Desember/December 31, 2016

Tingkat bunga Lebih dari satu
efektif rata-rata tahun tetapi
tertimbang/ tidak lebih dari
Weighted Dalam lima tahun/ Lebih dari
average satu tahun/ Over one year lima tahun/
effective Within but not longer Over than Jumlah/
interest rate one year then five year five year Total
USD USD USD USD
Tanpa bunga Non-interest bearing
Kas - 339.981 - - 339.981 Cash on hand
Piutang usaha - 76.792.501 - - 76.792.501 Trade accounts receivable
Piutang lain-lain - 3.600.177 - - 3.600.177 Other accounts receivable
Tingkat bunga variable Variable interest rate
Kas dan setara kas dan Cash and cash equivalents
kas dibatasi penggunaannya 0,18% - 8,75% 60.969.200 - - 60.969.200 and restricted cash
Piutang sewa pembiayaan 7,81% 240.000 - - 240.000 Finance lease receivable
Jumlah aset 141.941.859 - - 141.941.859 Total assets

Tanpa bunga Non-interest bearing

Utang usaha - 71.052.216 - - 71.052.216 Trade payables
Utang lain-lain - 4.432.398 - - 4.432.398 Other payables
Beban akrual - 12.266.718 - - 12.266.718 Accrued expenses
Tingkat bunga variabel Variable interest rate
Pinjaman jangka pendek 3,64% 33.736.949 - - 33.736.949 Short-term loans
Pinjaman jangka panjang 4,70% - 5,77% 21.959.761 78.772.889 17.980.414 118.713.064 Long-term loans
Utang kepada pemegang saham 5,02% 1.031.263 497.177 - 1.528.440 Due to a shareholder
Jumlah liabilitas 144.479.305 79.270.066 17.980.414 241.729.785 Total liabiliies

Jumlah liabilitas bersih (2.537.446) (79.270.066) (17.980.414) (99.787.926) Total net liabiliies

31 Desember/December 31, 2015

Tingkat bunga Lebih dari satu
efektif rata-rata tahun tetapi
tertimbang/ tidak lebih dari
Weighted Dalam lima tahun/ Lebih dari
average satu tahun/ Over one year lima tahun/
effective Within but not longer Over than Jumlah/
interest rate one year then five year five year Total
USD USD USD USD
Tanpa bunga Non-interest bearing
Kas - 463.169 - - 463.169 Cash on hand
Piutang usaha - 50.200.745 - - 50.200.745 Trade accounts receivable
Tingkat bunga variable Variable interest rate
Kas dan setara kas dan Cash and cash equivalents
kas dibatasi penggunaannya 0,29% - 7,5% 23.741.159 - - 23.741.159 and restricted cash
Piutang sewa pembiayaan 7,81% 1.152.000 240.000 - 1.392.000 Finance lease receivable
Jumlah aset 75.557.073 240.000 - 75.797.073 Total assets

Tanpa bunga Non-interest bearing

Utang usaha - 48.832.590 - - 48.832.590 Trade payables
Utang lain-lain - 4.290.599 - - 4.290.599 Other payables
Beban akrual - 20.859.908 - - 20.859.908 Accrued expenses
Tingkat bunga variabel Variable interest rate
Pinjaman jangka panjang 7,12% - 11,81% 12.574.574 42.151.929 22.029.921 76.756.424 Long-term loans
Utang kepada pemegang saham 4,40% - 9,25% 2.640.522 1.524.458 - 4.164.980 Due to a shareholder
Jumlah liabilitas 89.198.193 43.676.387 22.029.921 154.904.501 Total liabiliies

Jumlah liabilitas bersih (13.641.120) (43.436.387) (22.029.921) (79.107.428) Total net liabiliies

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG 2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan DECEMBER 31, 2016, 2015 AND 2014 - Continued

31 Desember/December 31, 2014

Tingkat bunga Lebih dari satu
efektif rata-rata tahun tetapi
tertimbang/ tidak lebih dari
Weighted Dalam lima tahun/ Lebih dari
average satu tahun/ Over one year lima tahun/
effective Within but not longer Over than Jumlah/
interest rate one year then five year five year Total
USD USD USD USD
Tanpa bunga Non-interest bearing
Kas - 171.925 - - 171.925 Cash on hand
Piutang usaha - 36.837.964 - - 36.837.964 Trade accounts receivable
Tingkat bunga variable Variable interest rate
Kas dan setara kas dan Cash and cash equivalents
kas dibatasi penggunaannya 0,25% - 6,75% 20.913.875 - - 20.913.875 and restricted cash
Piutang sewa pembiayaan 7,81% 1.152.000 1.392.000 - 2.544.000 Finance lease receivable
Jumlah 59.075.764 1.392.000 - 60.467.764 Total

Tanpa bunga Non-interest bearing

Utang usaha - 31.449.309 - - 31.449.309 Trade payables
Utang lain-lain - 2.315.062 - - 2.315.062 Other payables
Beban akrual - 25.990.312 - - 25.990.312 Accrued expenses
Tingkat bunga variabel Variable interest rate
Pinjaman jangka pendek 4% 5.183.352 - - 5.183.352 Short-term loan
Pinjaman jangka panjang 7,12% - 11,81% 10.808.031 56.164.095 35.906.417 102.878.543 Long-term loans
Utang kepada pemegang saham 4,40% - 9,25% 3.009.809 4.333.791 - 7.343.600 Due to a shareholder
Jumlah 78.755.875 60.497.886 35.906.417 175.160.178 Total

Jumlah liabilitas bersih (19.680.111) (59.105.886) (35.906.417) (114.692.414) Total net liabilities

Fasilitas pembiayaan Financing facilities

Perusahaan memperoleh pembiayaan dari bank The Company obtained financing facilities from
dan lembaga keuangan lainnya untuk menunjang banks and other financial institution for the
operasional dan modal kerja Perusahaan seperti Company’s operational and working capital
diungkapkan di Catatan 13 dan 18. activities as described in Notes 13 and 18.

Berikut komposisi fasilitas pembiayaan Below is the Company’s composition of financing

Perusahaan: facilities as follows:

31 Maret/ 31 Desember/ 31 Desember/ 31 Desember/

March 31, December 31, December 31, December 31,
2017 2016 2015 2014
USD USD USD USD
Fasilitas pembiayaan Financing facilities:
Jumlah yang digunakan Amount used
- Kredit investasi 100.890.470 103.103.857 57.843.386 44.446.662 - Investment credit
- Kredit Modal Kerja 29.307.029 27.295.153 - 5.000.000 - Working capital credit
- UPAS letter of credit 1.929.112 6.043.553 - - - UPAS letter of credit
Jumlah yang tidak digunakan Amount unused
- Kredit investasi 10.738.394 14.809.956 9.018.702 33.990.521 - Investment credit
- Kredit modal kerja 692.971 2.704.807 - - - Working capital credit
- UPAS letter of credit 28.070.888 13.956.447 - - - UPAS letter of credit

Manajemen Risiko Tingkat Bunga Interest Rate Risk Management

Pendapatan Perusahaan dipengaruhi oleh beban The Company’s earnings are affected by changes
bunga yang berdampak terhadap perubahan in interest rate, such as changes on interest of
tingkat bunga dari pinjaman jangka panjang. long-term borrowings.

Perusahaan memonitor perubahan suku bunga The Company monitors the changes in market
pasar untuk memastikan risiko suku bunga interest rates to ensure that the Company’s interest
Perusahaan sesuai dengan pasar. Informasi rate are in line with the market. Information relating
mengenai suku bunga diungkapkan dalam catatan to interest rate is disclosed in the notes to the
atas laporan keuangan. financial statements.

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CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Berikut ini analisis sensitivitas, ditentukan
berdasarkan eksposur suku bunga terhadap
liabilitas keuangan yang menggunakan suku bunga
mengambang pada tanggal 31 Maret 2017,
31 Desember 2016, 2015 dan 2014. Analisa ini
disajikan dengan asumsi liabilitas keuangan pada
akhir periode pelaporan masih beredar sepanjang
periode, dengan variabel lain konstan terhadap
laba sebelum pajak Perusahaan.
The sensitivity analysis below had been
determined based on the exposure of the financial
liabilities to floating interest rates as of March 31,
2017, December 31, 2016, 2015, and 2014. The
analysis is prepared assuming the amount of the
liability outstanding at the end of the reporting
period was outstanding for the whole period, with
other variables held constant, of the Company’s
profit before tax.

2017
Dampak
Perubahan terhadap laba
tingkat suku sebelum pajak/
bunga/ Changes Effect on profit
in interest rate before tax
USD
Suku bunga Interest rate
Menurun (meningkat) 1% 1.333.256 Decrease (increase)
2016
Dampak
Perubahan terhadap laba
tingkat suku sebelum pajak/
bunga/ Changes Effect on profit
in interest rate before tax
USD
Suku bunga Interest rate
Menurun (meningkat) 1% 1.378.802 Decrease (increase)
2015
Dampak
Perubahan terhadap laba
tingkat suku sebelum pajak/
bunga/ Changes Effect on profit
in interest rate before tax
USD
Suku bunga Interest rate
Menurun (meningkat) 1% 616.971 Decrease (increase)
2014
Dampak
Perubahan terhadap laba
tingkat suku sebelum pajak/
bunga/ Changes Effect on profit
in interest rate before tax
USD
Suku bunga Interest rate
Menurun (meningkat) 1% 580.118 Decrease (increase)
d. Nilai Wajar Instrumen Keuangan d. Fair Value of Financial Instruments

Kecuali disebutkan pada tabel berikut ini, Except as detailed in the following table,
manajemen berpendapat bahwa nilai tercatat aset management considers that the carrying amounts
dan liabilitas keuangan yang dicatat sebesar biaya of financial assets and financial liabilities recorded
perolehan diamortisasi dalam laporan keuangan at amortised cost in the financial statements
mendekati nilai wajarnya baik yang jatuh tempo approximate their fair values because either of their
dalam jangka pendek atau telah menggunakan short-term maturities or they carry market rates of
suku bunga pasar: interest:
31 Maret/March 31, 2017 31 Desember/December 31, 2016
Nilai tercatat/ Nilai wajar/ Nilai tercatat/ Nilai wajar/
Carrying amount Fair value Carrying amount Fair value
USD USD USD USD
Aset keuangan Financial asset
Piutang sewa pembiayaan 18.514 21.263 186.835 219.262 Finance lease receivable

Liabilitas keuangan Financial liability

Utang kepada pemegang saham 1.225.000 1.324.353 1.470.000 1.605.834 Due to a shareholder

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CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
31 Desember/December 31, 2015
Nilai tercatat/ Nilai wajar/
Carrying amount Fair value
USD USD
Aset keuangan
Piutang sewa pembiayaan 1.126.154 1.378.671
Liabilitas keuangan
Utang kepada pemegang saham 3.884.227 5.539.364
Instrumen keuangan diatas dikategorikan ke dalam
Level 2.
Teknik penilaian dan asumsi yang diterapkan untuk
tujuan pengukuran nilai wajar
Nilai wajar aset keuangan dan liabilitas keuangan
ditentukan sebagai berikut:
 Nilai wajar aset keuangan dan liabilitas
keuangan dengan syarat dan kondisi standar
dan diperdagangkan di pasar aktif ditentukan
dengan mengacu pada harga pasar.
 Nilai wajar aset keuangan dan liabilitas
keuangan lainnya (tidak termasuk yang
dijelaskan di atas) ditentukan sesuai dengan
model penentuan harga yang berlaku umum
berdasarkan analisis discounted cash flow
menggunakan harga dari transaksi pasar yang
dapat diamati saat ini dan kutipan dealer untuk
instrumen sejenis.
Secara khusus, asumsi signifikan yang digunakan
dalam menentukan nilai wajar dari liabilitas
keuangan ditetapkan di bawah ini:
Piutang sewa pembiayaan
Nilai wajar dari piutang sewa pembiayaan pada
tanggal 31 Maret 2017, 31 Desember 2016, 2015
dan 2014 diperkirakan masing-masing sebesar
USD 21.263, USD 219.262, USD 1.378.671 dan
USD 2.540.769 dengan tingkat suku bunga
sebesar 5,95%, 6,88%, 7,81% and 7,81%.
Utang kepada pemegang saham
Nilai wajar dari pinjaman jangka panjang pada
tanggal 31 Maret 2017, 31 Desember 2016, 2015
dan 2014 diperkirakan masing-masing sebesar
USD 1.324.353, USD 1.605.834, USD 5.539.364
dan USD 6.992.831, dengan tingkat suku bunga
diskonto sebesar 5,23%, 5,94%, 4,68% dan 4,40%.
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NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
31 Desember/December 31, 2014
Nilai tercatat/ Nilai wajar/
Carrying amount Fair value
USD USD
Financial asset
2.141.526 2.540.769 Finance lease receivable
Financial liability
6.610.894 6.992.831 Due to a shareholder
The above financial instruments are categorize
under Level 2.
Valuation techniques and assumptions applied for
the purposes of measuring fair value
The fair values of financial assets and financial
liabilities are determined as follows:
 The fair values of financial assets and
financial liabilities with standard terms and
conditions and traded on active liquid markets
are determined with reference to quoted
market prices.
 The fair values of other financial assets and
financial liabilities (excluding those described
above) are determined in accordance with
generally accepted pricing models based on
discounted cash flow analysis using prices
from observable current market transactions
and dealer quotes for similar instruments.
Specifically, significant assumptions used in
determining the fair value of the following financial
liabilities are set out below:
Finance lease liabilities
The fair value of finance lease receivables as of
March 31, 2017, December 31, 2016, 2015 and
2014 are estimated to be USD 21,263,
USD 219,262, USD 1,378,671 and
USD 2,540,769, respectively, using interest rate
estimated at 5.95%, 6.88%, 7.81% and 7.81%.
Due to a shareholder
The fair value of long-term loan as of March 31,
2017, December 31, 2016, 2015 and 2014 are
estimated to be USD 1,324,353, USD 1,605,834,
USD 5,539,364 and USD 6,992,831, respectively,
using the discount rate are estimated at 5.23%,
5.94%, 4.68% and 4.40%.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

37. TRANSAKSI NON KAS 37. NON CASH TRANSACTIONS

Pada periode tiga bulan yang berakhir 31 Maret 2017 For the three-months period ended March 31, 2017 and
dan 2016 serta tahun-tahun yang berakhir 2016 and for the years ended December 31, 2016,
31 Desember 2016, 2015 dan 2014, Perusahaan 2015 and 2014, the Company have investing and
mempunyai aktivitas investasi dan pendanaan yang financing transaction that did not affect cash and cash
tidak memerlukan penggunaan kas dan setara kas dan equivalents and hence not included in the statement of
yang tidak termasuk dalam laporan arus kas cash flows with details as follows:
sehubungan:
2016
(Tiga bulan/
2017 Three months) 2016 2015 2014
(Tiga bulan/ (Tidak diaudit/ (Satu tahun/ (Satu tahun/ (Satu tahun/
Three months) Unaudited) One year) One year) One year)
USD USD USD USD USD

Pengurangan utang kepada Reduction in due to shareholder

pemegang saham melalui through reclassification
reklasifikasi piutang usaha 245.000 245.000 4.925.281 2.437.375 3.769.381 of trade accounts receivable
Penambahan aset tetap melalui: Increase in property and equipment through:
Utang 594.116 785.160 9.560.901 7.470.798 - Account payable
Kapitalisasi biaya pinjaman - - - 2.780.658 692.970 Borrowing cost capitalization
Reklasifikasi persediaan - - - 627.950 9.982.297 Reclassification of inventories
Beban akrual - 4.894.042 Accrued expense
Pembayaran dividen melalui Dividend payment through offset trade
offset piutang usaha - - - 859.636 - account receivable

38. PERISTIWA SETELAH TANGGAL PELAPORAN 38. EVENT AFTER REPORTING PERIOD

a. Berdasarkan Akta No. 86 tanggal 26 Mei 2017 dari a. Based on Deed No. 86 dated May 26, 2017 of Arry
Arry Supratno, SH, notaris di Jakarta, susunan Supratno, SH, notary in Jakarta, the Company’s
komisaris dan direksi Perusahaan menjadi sebagai commissioners and directors consisted of the
berikut: following:

Komisaris Commissioners
Komisaris Utama Helmi Imam Satriyono President Commissioner
Komisaris Puji Nur Handayani Commissioners
Muhammad Alwi

Direksi Directors
Direktur Utama Iwan Joeniarto President Director
Direktur Insan Nur Cahyo Directors
Tazar Marta Kurniawan
Harkandri M Dahler

b. Berdasarkan hasil rapat umum pemegang saham
luar biasa yang dinyatakan dalam akta No. 82
tanggal 16 Juni 2017 dari Fathiah Helmi, SH,
notaris di Jakarta, para pemegang saham
Perusahaan menyetujui hal-hal sebagai berikut:
b. Based on the statement of the stockholders
extraordinary resolution as stated in Deed No. 82
dated June 16, 2017 of Fathiah Helmi, SH, notary in
Jakarta, the stockholders of the Company, agreed
on the following, among others:

 Perubahan status Perusahaan dari  To change the Company’s status from private
Perusahaan Tertutup menjadi Perusahaan company to public company.
Terbuka.

 Perubahan nilai nominal saham dari  To change par value of shares from
Rp 250.000 (dua ratus lima puluh ribu rupiah) Rp 250,000 to Rp 100.
menjadi Rp 100 (seratus rupiah) per saham.

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CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
 Peningkatan modal dasar Perusahaan dari
Rp 366.800.000.000 yang terdiri atas 1.467.200
saham, menjadi Rp 10.000.000.000.000 yang
terdiri atas 100.000.000.000 saham.
Peningkatan modal ditempatkan dan disetor
Perusahaan dari Rp 166.400.000.000 yang
terdiri atas 665.600 saham, menjadi
Rp 2.541.016.040.000 yang terdiri atas
25.410.160.400 saham.
 Peningkatan modal ditempatkan dan disetor
dilakukan dengan kapitalisasi saldo laba
Perusahaan sampai dengan 31 Desember
2016 dengan nilai kurs tengah Bank Indonesia
per tanggal 16 Juni 2017. Peningkatan modal
ditempatkan dan disetor tersebut dilakukan
secara proporsional oleh para pemegang
saham.
 Penyesuaian seluruh ketentuan Anggaran
Dasar Perusahaan dengan Peraturan Badan
Pengawas Pasar Modal (Bapepam) No. IX.J.1
tentang Pokok Anggaran Dasar Perseroan
Yang Melakukan Penawaran Umum Efek
Bersifat Ekuitas dan Perusahaan Publik
tanggal 14 Mei 2008 dan Peraturan Otoritas
Jasa Keuangan (OJK) No. 32/POJK.04/2014
tentang Rencana dan Penyelenggaraan Rapat
Umum Pemegang Saham Perusahaan
Terbuka tanggal 8 Desember 2014.
Perubahan anggaran dasar Perusahaan tersebut
disetujui oleh Menteri Hukum dan Hak Asasi
Manusia Republik Indonesia melalui surat
keputusan No. AHU-OO13178.AH.01.02.TAHUN.2017
tanggal 19 Juni 2017.
c. Berdasarkan Keputusan Pemegang Saham di Luar
Rapat Umum Pemegang Saham yang berlaku
efektif sejak tanggal 16 Agustus 2017, Pemegang
Saham menyetujui perubahan Dewan Komisaris
menjadi sebagai berikut:
Komisaris Utama Helmi Imam Satriyono
Komisaris Puji Nur Handayani
Komisaris/Komisaris Independen Hari Muhammad
39. PENERBITAN KEMBALI LAPORAN KEUANGAN
Sehubungan dengan Penawaran Umum Perdana
Saham Perusahaan di Bursa Efek Indonesia,
Perusahaan telah menerbitkan kembali laporan
keuangan untuk periode Tiga bulan yang berakhir
31 Maret 2017 dan tahun yang berakhir 31 Desember
2016, 2015 dan 2014 untuk disesuaikan dengan
peraturan pasar modal yang berlaku. Perubahan
tersebut yaitu penambahan informasi pada laporan
posisi keuangan, laporan laba rugi dan penghasilan
komprehensif lain, serta laporan perubahan ekuitas,
Catatan 1, 3a, 3j, 12, 14, 18, 19, 20, 27, 38 dan 40.
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NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued
 Increase of authorized capital of the Company
from Rp 366,800,000,000 consist of 1,467,200
shares to Rp 10,000,000,000,000 consist of
100,000,000,000 shares. Increase of shares
issued dan fully paid from Rp 166,400,000,000
consist of 665,600 shares to
Rp 2,541,016,040,000 consist of 25,410,160,400
shares.
 Increase of shares issued and fully paid
capitalized from retained earnings as of
December 31, 2016 using exchange Bank
Indonesia middle rate as of June 16, 2017.
Increase of shares issued and fully paid
proportionally to shareholders.
 To change the Company’s articles of
association in relation to regulation from Capital
Market Supervisory Agency (Bapepam)
No. IX.J.1 regarding Principles of Articles of
Association of Companies Conducting Public
Offerings of Equity Securities and Public
Companies dated May 14, 2008 and regulation
from Financial Services Authority (OJK)
regarding Plan and Implementation of the
Public Company Shareholders Meeting dated
December 8, 2014.
The above changes in the Company’s articles of
association were approved by the Minister of Law
and Human Rights of the Republic of Indonesia in
his Decision Letter No. AHU-0013178.AH.01.02.TAHUN
2017 dated June 19, 2017.
c. Based on the circular resolution of Shareholders
which effectively applied on August 16, 2017, the
Shareholders approved to change Board of
Commissioners as folows:
President Commissioner
Commissioner
Commissioners/Independent Commissioner
39. REISSUANCE OF THE FINANCIAL STATEMENTS
In connection with the initial public offering of the
Company on Indonesia Stock Exchange, The Company
reissued its financial statements for the three month
period ended March 31, 2017 and for the year ended
December 31 2016, 2015 and 2014 to conform with
prevailing capital market regulations. Such changes are
additional disclosures on statements on financial
position, statements of profit or loss and other
comprehensive, and statements of changes in equity,
Notes 1, 3a, 3j, 12, 14, 18, 19, 20, 27, 38 and 40.
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
CATATAN ATAS LAPORAN KEUANGAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR 31 MARET
2017 DAN 2016 (TIDAK DIAUDIT) DAN TAHUN-TAHUN YANG
BERAKHIR 31 DESEMBER 2016, 2015 DAN 2014 - Lanjutan
PT. GARUDA MAINTENANCE FACILITY AERO ASIA Tbk
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31,
2017 AND 2016 (UNAUDITED) AND THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014 - Continued

Dalam penerbitan kembali tersebut, Perusahaan juga In relation with the reissuance, the Company also
melakukan reklasifikasi atas penyajian akun kelompok reclassifies the presentation of equity group accounts
ekuitas dengan rincian sebagai berikut: with details as follows:

31 Maret/March 31, 2017 31 Desember/December 31, 2016

Sebelum/ Sesudah/ Sebelum/ Sesudah/
Before After Before After
USD USD USD USD

Modal disetor lainnya dan Additional paid-in capital and

surplus revaluasi
Modal disetor lainnya
Penghasilan komprehensif lain
Saldo laba tidak ditentukan
penggunaannya
2.647.314 - 1.460.593 - revaluation surplus
- 1.142.271 - 1.142.271 Additional paid-in capital
- (28.272.218) - (29.829.811) Other comprehensive income
158.917.257 188.694.518 148.421.279 178.569.412 Retained earnings unappropriated

31 Desember/December 31, 2015 31 Desember/December 31, 2014

Sebelum/ Sesudah/ Sebelum/ Sesudah/
Before After Before After
USD USD USD USD

Modal disetor lainnya dan Additional paid-in capital and

surplus revaluasi
Modal disetor lainnya
Penghasilan komprehensif lain
Saldo laba tidak ditentukan
penggunaannya
1.226.015 - 1.201.719 - revaluation surplus
- 1.142.271 - 1.142.271 Additional paid-in capital
- (21.850.482) - (19.123.567) Other comprehensive income
98.892.973 120.827.199 66.318.855 85.501.870 Retained earnings unappropriated

40. TANGGUNG JAWAB MANAJEMEN DAN 40. MANAGEMENT RESPONSIBILITY AND APPROVAL
PERSETUJUAN LAPORAN KEUANGAN OF FINANCIAL STATEMENTS

Penyusunan dan penyajian wajar laporan keuangan
dari halaman 1 sampai 75 merupakan tanggung jawab
manejemen. Sehubungan dengan Penawaran Umum
Saham Perdana, Direksi telah menyetujui untuk
menerbitkan kembali laporan keuangan Perusahaan
untuk periode Tiga bulan yang berakhir 31 Maret 2017
dan tahun yang berakhir 31 Desember 2016, 2015 dan
2014 pada tanggal 18 Agustus 2017. Tidak terdapat
perbedaan material antara laporan keuangan terdahulu
dengan laporan keuangan yang diterbitkan kembali,
kecuali yang dijelaskan dalam Catatan 39 atas laporan
keuangan.
The preparation and fair presentation of the financial
statements on pages 1 to 75 were the responsibilities of
the management. In connection with the Company’s
Initial Public Offering, the Directors has agreed to reissue
the financial statements for the three month period
ended March 31, 2017 and for the year ended
December 31 2016, 2015 and 2014 on August 18, 2017.
There were no material differences between the
previously issued and the reissued financial statements,
except for certain disclosures as described in Note 39 to
the financial statements.

*******

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