Accumark Eksplorer PDF

$FFX0DUNY
*HUEHU7HFKQRORJ\$OOULJKWVUHVHUYHG
,QVWUXNFMDX \WNRZQLNDV\VWHPX
$FFX0DUNY
(NVSORUDWRU$FFXPDUN
ZHUVMDSROVNDGOD/(9,675$86632/$1'6S]RR
*76HUZLVXO/DZHQGRZD=LHORQNLZZZJWVHUZLVSO
),/(0(180(183/,.
1(:12:<
72&5($7($1(:6725$*($5($$%<87:25=<12:<2%6=$5=$3,68
72&5($7($1(:'$7$,7(0$%<87:25=<12:((/(0(17<'$1<&+
,03257=,3,032572:$1,(3/,.8=,3
72,03257'$7$,7(06$%<,032572:$'$1(
72,0325786,1*'5$*$1''523$%<,032572:$35=<8
35=(&,
838

(;3257(.632578-
<&,8
*1,-,
72(;3257'$7$,7(06$%<(.632572:$'$1(
35,17'58.8-
35,1735(9,(:32'*/
:<'58.8
35,176(783867$::<'58.
(;,7:<-
'

(',70(180(18('<&-$
&,(
&87:<71,-
&23<.23,8-
72&23<'$7$,7(06727+(&/,3%2$5'$%<6.23,2:$'$1('26&+2:.$
=REDF]WH
3$67(:./(-
6(/(&7$//:<%,(5=:6=<67.,(
,19(576(/(&7,212':5:<%5
9,(:0(180(18:,'2.32.$=
35()(5(1&(635()(5(1&-(:$
722/%$53$6(.1$5=

&,:2
&,
67$786%$53$6(.67$7868
/$5*(,&216'8
'=,

60$//,&2160$(,.21<
( .21<
/,67/,67$
'(7$,/66=&=(*<
72&+$1*(7+($33($5$1&(2),7(06,1$)2/'(5$%<=0,(1,:<*/

$872$55$1*($87252=0,(6=&=(1,(
'(/(0(17::)2/'(5=(
/,1(83,&2166=(5(*8-,.21<
5()5(6+2'

237,21623&-(
:,(
72),/7(5'$7$,7(06%()25(',63/$<,1*7+(0),/752:$1,('$1<&+35=(',&+:<

$&7,9,7</2*'=,(11,.6<67(08
722/60(180(181$5=
:,(7/(1,(0

),1'6=8.$-
'=,$
'()$8/73,(&(23(1'20<
/1(
7286(7+(),1'87,/,7<$%<8
)81.&-(27:,(5$1,$6=$%/218
)81.&-,3202&1,&=(-6=8.$1,$
'$7(02',),(''$7$02'<),.$&-,
<
$'9$1&('48(5,(6=$$:$162:$1(35=(6=8.,:$1,(
021,725:25.$&&203/,6+('217+(6(&21'6+,)7021,7258-35$& :<.21$1 1$'58*,(-=0,$1,(

L
),1'$//3,(&(612786(',1$0$5.(5&$//('/$',(6%/286(
=1$-' :6=<67.,((/(0(17<1,(8 <7(:8.$'=,(=:$1<0'$06.$ %/8=.$
),1'$//3,(&(6127&855(17/<&217$,1(',1$02'(/$1''(/(7(7+(0
=1$-' :<6=<67.,((/(0(17<1,(=$:$57(2%(&1,(:02'(/8,868 -(
),1'0$5.(56:,7+$/(1*7+/(667+$1,1&+(6$1'*(1(5$7(&87),/(6)25$67$7,&&877(5
=1$-' 8.$'<2'8*2 &,01,(-6=(-1, &$/,,:<*(1(58-3/,.,&, &,$'/$67$7<&=1(*2&877(5$

),/758.$'8
1$=:$,/2.$/,=$&-$
02
=$'$1,$'235=(7:25=(1,$
5(32576)52048(5,(65$3257<=35=(6=8.,:$
/,:(
3,(&($//3,(&(5(3257(/(0(175$3257:6=<67.,&+6=$%/21:
3,(&(/,675(32575$3257/,67<6=$%/21:
5(32576$03/(6+257&870(185$3257:<&875(32575$3257&,
0(186.57:

&,2:<
/$<58/(5(32575$32575(*88.$'$1,$
&,$
0$5.(55(325765$3257<8.$'8
3,(&(3(5,0(7(55(32575$32572%:2'86=$%/218
6,1*/(3,(&(5(32575$3257=32-('<1&=(*26=$%/218
5$325702'(/8
+(/30(180(183202&
2(.63/25$725=($&&80$5.
+(/3723,&67(0$7<3202&<
6+257&870(180(186.57:
23(127:5=
72$8720$7,&$//<23(1$1$33/,&$7,21:,7+$'$7$,7(0
$%<$8720$7<&=1,(27:25=<$3/,.$&- =(/(0(17(0'$1<&+
23(1:,7+27:5=8
<:$-
&
27:5==
72&+226($1$33/,&$7,217223(1:,7+$'$7$,7(0
$%<:<%5$$3/,.$&- 27:,(5$1,$(/(0(17:'$1<&+
68%0,7&87-2%6.,(58-'2.2/(-.,:<&,1$1,$
9,(:48,&.9,(::,'2.6=<%.,32'*/

5(*(1(5$7(0$5.(55(*(1(58-8.$'
'
725(*(1(5$7($0$5.(5$%<=5(*(1(52:$8.$'
*(1(5$7(&87'$7$*(1(58-'$1(&,
&,$

72*(1(5$7(&87'$7$$%<:<*(1(52:$'$1(&,

5(32575$3257
&,$
72*(1(5$7($5(3257$%<:<*(1(52:$5$3257
72&86720,=($5(3257$%<:352:$'=,867$:,(1,$:$61(5$32578
6(1'72:<
'2
726(1''$7$,7(0672$3/277(5$%<:<6$'$1('23/277(5$
/,-
0$5.(53/27:,1'2:2.125<62:$1,$8.$'8
5<62:$1,(675=$(.'/$/,1,,2612:<
3/277(563/277(5<
021,725,1*3/277(567$786021,7252:$1,(67$78683/277(5$
LL
726(1''$7$,7(0672%$7&+352&(66,1*
$%<:<6$(/(0(17<'$1<&+'235=(7:$5=$1,$%$7&+
726(1''$7$9,$(/(&7521,&0$,/$%<35=(6$'$1(32&=7

'(/(7(868
5(1$0(=0,(
(/(.7521,&=1

&+(&.635$:'
1$=:
/2&.=$%/2.8-
81/2&.2'%/2.8-
6$9($6=$3,6=-$.2
3523(57,(6:$

29(59,(:20:,(1,(
&,:2
&,
3$5762)7+($&&80$5.(;3/25(5:,1'2:(/(0(17<2.1$(.63/25$725$$&&80$5.
3$5762)7+((;3/25(5:,1'2:(/(0(17<2.1$(.63/25$725$
7,7/(%$53$6(.7<782:<
0(18%$53$6(.0(18
722/%$53$6(.1$5=

48,&.),/7(5%$53$6(.6=<%.,(*2),/752:$1,$
'=,
$//)2/'(566(&7,216(.&-$:6=<67.,&+)2/'(5:
&217(1766(&7,216(.&-$=$:$572
&,

72',63/$<7+(+,(5$5&+<2)6725$*($5($621$',6.'5,9(
$%<:< :,(7/,+,(5$5&+, 2%6=$5:=$3,681$'<6.8
72',63/$<7+(&217(1762)$6725$*($5($$%<:<

726(/(&7'$7$,7(06$%<:<%5$(/(0(17<'$1<&+
:,(7/,=$:$572
2%6=$58=$3,68
72'5$*'$7$,7(06726725$*($5($25'5,9(
$%<35=(&, *1 (/(0(17<'$1<&+'22%6=$58=$3,68/8%1$'<6.
72&23<$1'3$67(,7(06726725$*($5($25'5,9(
$%<6.23,2:$,:./(-$'$1('22%6=$58=$3,68/8%1$'<6.
72&+$1*(7+(6,=(2)(,7+(56,'(2)7+((;3/25(5:,1'2:
$%<=0,(1,52=0,$5675212.1$(.63/25$725$
67$786%$53$6(.67$7868
0(18
722/%$53$6(.1$5=
'=,

*272$',))(5(17)2/'(5,'
'2,11(*2
72*272$',))(5(17)2/'(5,'
-('(132=,20:<
(-
)2/'(58
)2/'(58

'2,11(*2
72029(8321(/(9(/,17+(+,(5$5&+<2)),/(6$1')2/'(56
$%<35=(681 6, -('(132=,20:< (-:+,(5$5&+,,3/,.:,)2/'(5:
237,216',$/2*%2;2.12',$/2*2:(23&-,
),(/'(;3/$1$7,216:<-$
3/
&200$1'%87721635=<&,6.,.20(1'
5(32579,(:(532'*/
1,(1,(
5$32578
),/(0(180(183/,.
'
(',70(180(18('<&-$
9,(:0(180(18:,'2.
+(/30(180(183202&
LLL
722/%$53$6(.1$5=
'=,

',63/$<6(77,1*6)255(32579,(:(5:<
867$:,(1,$'/$32'*/
5$32578
7,7/(6$1'*5,'/,1(67<78<,/,1,(6,$7.,
:,(7/
'8
&2/25.2/25
35(9,(:32'*/
'

86(53523(57,(6:$

6$9(6(77,1*672352),/(=$3,6=867$:,(1,$:352),/8
&,:2
&,
<7.2:1,.$
&200$1'%87721635=<&,6.,.20(1'
72&+$1*(7+(/22.2)7+(5(32579,(:(5$%<=0,(1,:<*/
32'*/
5$32578
7+(),1'87,/,7<:,1'2:2.12)81.&-,3202&1,&=(-6=8.$1,$
'
'8
1$0( /2&$7,217$%7$%(/(1$=:<,/2.$/,=$&-,

'$7(02',),('7$%7$%(/$'$7<02'<),.$&-,
$'9$1&('7$%7$%(/$=$$:$162:$1$
&200$1'%87721635=<&,6.,.20(1'
5(&<&/(%,1.26=
+$5':$5(&21),*85$7,21.21),*85$&-$635=

',*,7,=('$7$',*,7$/,=2:$1,('$1<&+
72:$
72',*,7,=(3,(&(6,1(;3/25(5$%<=',*,7$/,=2:$6=$%/21<:(.63/25$725=(
$%<=:(5<),.2:$=',*,7$/,=2:$1('$1(
72(',7',*,7,=(''$7$$%<('<72:$=',*,7$/,=2:$1('$1(
',63/$<,1*'$7$:<
'$1<&+
6(/(&7,1*'$7$:<%,(5$1,('$1<&+
:,(7/$1,(
&5($7,1*'$7$7:25=(1,('$1<&+
35$&$=5$3257$0,
35,17,1*'$7$'58.2:$1,('$1<&+
0$1$*,1*'$7$=$5=
'=$1,(
'$1<0,
&+$1*,1*$33($5$1&(6=0,$1$:<*/

23(1,1*$33/,&$7,216:,7+'$7$,7(0627:,(5$1,($3/,.$&-,=(/(0(17$0,'$1<&+
'8
(;,7,1*:<&+2'=(1,(
35$&8-
&=
2%6=$5$0,=$3,68
5(*(1(5$7,1*0$5.(56*(1(5$7,1*&87'$7$
5(*(1(52:$1,(8.$':*(1(52:$1,('$1<&+&,

6(1',1*'$7$35=(6<$1,('$1<&+
&,$
75$16)(55,1*3$77(51$1'0$5.(5'$7$725(027(/2&$7,21675$16)(52:$1,(6=$%/21:,
8.$':'2='$/1<&+/2.$/,=$&-,
,1&5($6,1*352'8&7,21$1'675($0/,1,1*:25.)/2:
=:, .6=$1,(352'8.&-,, 237<0$/,=$&-$35$&<
,QGH[

LY
8 \MNRPHQG)LOHPHQXPHQX3OLNDE\
)LOH0HQX0HQX3OLN
8WZRU]\QRZ\REV]DU]DSLVX$FFX0DUN
,PSRUWRZDGDQHGR$FFX0DUN
x
x
8WZRU]\QRZ\HG\WRU$FFX0DUNOXEWDEHO SDUDPHWUyZ
(NVSRUWRZDGDQH]$FFX0DUN
3UHYLHZ3RGHMU]H6HWXS8VWDZLL3ULQW:\GUXNRZDLQIRUPDFMHRGDQ\FK
$FFX0DUN
x =DPNQ DSOLNDFM $FFX0DUN([SORUHU

=REDF]WH
([LW:\M FLH
([SRUW(NVSRUWXM
,PSRUW,PSRUWXM
1HZ1RZ\
3ULQW'UXNXM
3ULQW3UHYLHZ3RND :\GUXN
3ULQW6HWXS8VWDZ'UXN
1HZ1RZ\
)XQNFMRQDOQR PHQX)LOH1HZ3OLN1RZ\]DOH \ RGZ\ERUXG\VNXOXEREV]DUX]DSLVXZVHNFML$OO

)ROGHUV:V]\VWNLH.DWDORJLOHZ\SDQHOZ([SORUHU(NVSORUDWRU]H
x
-H HOLZ\EUDQ\MHVWQDS G G\VNXZ\ELHUDM F 1HZ1RZ\Z\ ZLHWODV]NRPHQG\

6WRUDJH$UHD2EV]DUX=DSLVX8 \MWHMNRPHQG\DE\XWZRU]\QRZ\REV]DU]DSLVXOXE
Z\ELHU]WZRU]HQLH9HUVLRQ6WRUDJH$UHD:HUVML2EV]DUX=DSLVXQDZ\EUDQ\P
QDS G]LHG\VNX
-H HOLZ\EUDQ\MHVWREV]DU]DSLVX$FFX0DUNZ\EUDQLH1HZ1RZ\Z\ ZLHWOL
SRGNDWDORJ]DZLHUDM F\NRPHQG\GRVW SXGOD$FFX0DUN(GLWRUV(G\WRUD$FFX0DUNL
3DUDPHWHU7DEOHV7DEHOL3DUDPHWUyZ7RSR]ZDODQDWZRU]HQLHQRZ\FKGDQ\FK]
(NVSORUDWRUD
-H HOLZ\EUDQ\MHVWREV]DU]DSLVX0LFUR0DUN Z\EUDQLH1HZ1RZ\Z\ ZLHWOL

SRGNDWDORJ]DZLHUDM F\NRPHQG\GRVW SXGRZ]RUyZ,UHJXVWRSQLRZDQLD0LFUR0DUN
7RSR]ZDODQDWZRU]HQLHQRZ\FKGDQ\FK](NVSORUDWRUD
=REDF]WH
7RFUHDWHDQHZGDWDLWHP$E\XWZRU]\QRZ\HOHPHQWGDQ\FK
7RFUHDWHDQHZVWRUDJHDUHD$E\XWZRU]\QRZ\REV]DU]DSLVX
:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\OHZ\SDQHO([SORUHU(NVSORUDWRUDZ\ELHU]QDS G

G\VNXQDNWyU\PFKFHV]XWZRU]\QRZ\REV]DU]DSLVX1S&
=)LOHPHQX0HQX3OLNZ\ELHU]1HZ1RZ\
:\ELHU]6WRUDJH$UHD2EV]DU=DSLVXZZHUVMLOXE96WRUDJH$UHD2EV]DU=DSLVX
9DE\Z\ ZLHWOLRNQRGLDORJRZH1HZ6WRUDJH$UHD1RZHJR2EV]DUX=DSLVX
:SLV]QD]Z NWyU FKFHV]QDGDQRZHPXREV]DURZL]DSLVX
:\ELHU]2.
1RZ\IROGHUZ\ ZLHWOLVL Z VHNFMLSRQL HMZ\EUDQHJRG\VNX

=REDF]WH

7RGLVSOD\WKHKLHUDUFK\RI6WRUDJH$UHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL 2EV]DUX=DSLVX

QDG\VNX
7RFUHDWHDQHZGDWDLWHP$E\XWZRU]\QRZHHOHPHQW\GDQ\FK
:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\Z(NVSORUDWRU]HZ\ELHU]REV]DU]DSLVXZNWyU\P
FKFHV]XWZRU]\QRZ\HOHPHQWGDQ\FK1S'$7$
=)LOHPHQXPHQX3OLNZ\ELHU]1HZ1RZ\
1DVW SQLHZ\ELHU]HG\WRUOXEWDEHO SDUDPHWUyZNRUHVSRQGXM ] HOHPHQWHPGDQ\FKNWyU\
FKFHV]XWZRU]\1SDE\RWZRU]\(G\WRU=OHFH , XWZRU]\QRZH]OHFHQLHXNDGZ\ELHU]
2UGHU=OHFHQLH:\ ZLHWODVL HG\WRUOXEWDEHODSDUDPHWUyZ
8]XSHQLMHNUDQZHGOHSRWU]HELZ\ELHU]6DYH=DSLV]
=REDF]WH
7RGLVSOD\WKHKLHUDUFK\RI6WRUDJH$UHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL 2EV]DUX
=DSLVXQDG\VNX
,PSRUW=LS,PSRUWRZDQLH3OLNX=LS
8 \MIXQNFML,PSRUW=LS,PSRUWXM3OLNL=LSDE\UR]SDNRZDSOLN]LS]LS]DZLHUDM F\GDQH

$FFX0DUN-H HOLGDQH$FFX0DUNV SU]HV\DQHPDLOHPSU]\X \FLXNRPHQG\6HQG7R0DLO
5HFLSLHQW:\ OLMGR$GUHVDWD3RF]W\]PHQXVNUyWyZV\VWHPSDNXMHGDQHSU]HGLFKZ\VDQLHP
$E\X \GDQ\FK]$FFX0DUNVSDNRZDQ\SOLNPXVLE\]DSLVDQ\QDG\VNXSU]\X \FLX6DYH$V

=DSLV]-DNRZSURJUDPLHHPDLO8 \MNRPHQG\,PSRUW=LS,PSRUWXM3OLN=LSDE\UR]SDNRZDSOLN
] ]DSLVDQHMORNDOL]DFML
:\ELHU])LOH,PSRUW=LS3OLN,PSRUWXM3OLN=LS] PHQX)LOH3OLN
3RMDZLVL RNQRGLDORJRZH,PSRUW)URP,PSRUWXM]:\ELHU]NDWDORJ]NWyUHJRPDM E\

LPSRUWRZDQHGDQH:\ELHU]GDQHNWyUHPDM E\LPSRUWRZDQH
2WZRU]\VL HNUDQLPSRUWRZDQLD'DQHGRLPSRUWXE G QDOL FLHZHGXJQD]Z\W\SX

UR]PLDUXLGDW\RVWDWQLHMPRG\ILNDFML$E\LPSRUWRZDZV]\VWNLHGDQH]OLVW\Z\ELHU]2.
$E\LPSRUWRZDNRQNUHWQHGDQHZ\ELHU]SRWU]HEQHGDQHLZFL QLM2.
6\VWHPUR]SDNXMHZ\EUDQHGDQHLXPLH FLMHZELH F\PREV]DU]H]DSLVX-H HOLZ\NU\WH

]RVWDQ SRZWDU]DM FHVL GDQHV\VWHP]DS\WD'DQHMX LVWQLHM F]\FKFHV]MH]DVW SL"
:\ELHU]<(67$.OXE<(6WR$OO7$.:6=<67.,(
3R]DNR F]HQLXLPSRUWRZDQLDSRMDZLVL RNQRGLDORJRZH$FFX0DUN([SORUHU(NVSORUDWRUD

$FFX0DUNLQIRUPXM FH3URFHV=DNR F]RQ\:\ELHU]2.
=REDF]WH
7RLPSRUWGDWDLWHPV$E\LPSRUWRZDGDQH
7RLPSRUWXVLQJGUDJDQGGURS$E\LPSRUWRZDSU]\X \FLXSU]HFL JQLMLXSX
7RLPSRUWGDWDLWHPV$E\LPSRUWRZDGDQH
=)LOHPHQX0HQX3OLNZ\ELHU],PSRUW=LS,PSRUWXM3OLNL=LS
3RMDZLVL RNQRGLDORJRZH,PSRUW)URP,PSRUWXM=
2WZyU]IROGHU]DZLHUDM F\VSDNRZDQ\SOLN
:\ELHU]VSDNRZDQ\SOLN]LSLZ\ELHU]2SHQ2WZyU]
6\VWHPZ\ ZLHWOL]DZDUWR VSDNRZDQHJRSOLNXZRNQLHGLDORJRZ\P,PSRUW,PSRUWXM
$E\LPSRUWRZDZV]\VWNLHGDQH]OLVW\Z\ELHU]2./XEZFHOXLPSRUWRZDQLDEDUG]LHM
VSUHF\]RZDQ\FKGDQ\FKZ\ELHU]WHNWyUHSRWU]HEXMHV]LZ\ELHU]2.

6\VWHPUR]SDNXMHZ\EUDQHGDQHLXPLH FLMHZELH F\PREV]DU]H]DSLVX-H HOLZ\NU\WH

]RVWDQ SRZWDU]DM FHVL GDQHV\VWHP]DS\WD'DQHMX LVWQLHM F]\FKFHV]MH]DVW SL"
:\ELHU]<(67$.OXE<(6WR$OO7$.:6=<67.,(
3R]DNR F]HQLXLPSRUWRZDQLDSRMDZLVL RNQRGLDORJRZH$FFX0DUN([SORUHU(NVSORUDWRUD
$FFX0DUNLQIRUPXM FH3URFHV=DNR F]RQ\
:\ELHU]2.
=REDF]WH
7RGLVSOD\WKHKLHUDUFK\RIVWRUDJHDUHDVRQDGLVNGULYH:\ ZLHWOKLHUDUFKL REV]DUyZ]DSLVXQD
G\VNX
7R,PSRUWXVLQJ'UDJDQG'URS$E\,PSRUWRZDSU]\X \FLX
3U]HFL JQLML8SX
0R HV]WH SU]HFL JQ VSDNRZDQ\SOLN]:LQGRZV([SORUHU(NVSORUDWRUD:LQGRZVGRIROGHUX

$FFX0DUN([SORUHU(NVSORUDWRUD$FFX0DUN6SHQLDWDN VDP IXQNFM MDNX \FLHIXQNFML,PSRUW
,PSRUWXM
2E\GZD(NVSORUDWRU\PXV] E\RWZDUWHQDSXOSLFLH:LQGRZV
.OLNQLMQDVSDNRZDQ\PNDWDORJX,SU]\WU]\PDMNODZLV]P\V]NLZF]DVLHSU]HFL JDQLDJRGR

RGSRZLHGQLHJRIROGHUDZ$FFX0DUN([SORUHU(NVSORUDWRU]H$FFX0DUN
8ZROQLMNODZLV]P\V]NL
.OLNQLM2.QDS\WDQLHJG]LHHOHPHQWPDE\]DSLVDQ\
([SRUW(NVSRUWXM

3R]ZDODQDXWZRU]HQLHVSDNRZDQHJRSOLNX]DZLHUDM FHJRWUH Z\EUDQ\FKHOHPHQWyZGDQ\FK

6SDNRZDQ\SOLNPR H E\U F]QLHVNRSLRZDQ\QDG\VNLHWN L SU]HVDQ\PDLOHP$GUHVDWPR H X \
IXQNFML$FFX0DUN([SORUHU,PSRUW,PSRUWXMDE\XPLH FLVSDNRZDQHGDQHZREV]DU]H]DSLVX
=REDF]WH
7RH[SRUWGDWDLWHPV$E\HNVSRUWRZDHOHPHQW\GDQ\FK
7RH[SRUWGDWDLWHPV$E\(NVSRUWRZD'DQH
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ ZLHWOLZ\ELHU]GDQHNWyUHFKFHV]

HNVSRUWRZD
=)LOHPHQX0HQX3OLNZ\ELHU]([SRUW(NVSRUWXM
2WZRU]\VL RNQRGLDORJRZH([SRUW7R(NVSRUWXM'R
:\ELHU]ORNDOL]DFM ZNWyUHMFKFHV]]DSLVDHNVSRUWRZDQHGDQH
8ZDJD.LHG\HNVSRUWXMHV]GDQHV\VWHPNRPSUHVXMHMHZSOLNXVSDNRZDQ\P]LS$E\X \ZD
GDQ\FKHNVSRUWRZDQ\FKQDMSLHUZ,PSRUWXMVSDNRZDQ\SOLN7RUR]SDNXMHGDQHZSOLNX
:SROX)LOH1DPH1D]ZD3OLNXZSLV]QD]Z SU]\SLVDQ SOLNRZLVSDNRZDQHPX
:\ELHU]6DYH=DSLV]
:\ ZLHWOLVL RNQRGLDORJRZH([SRUW6XPPDU\3RGVXPRZDQLH(NVSRUWRZDQLDZVND]XM FHOLF]E
HNVSRUWRZDQ\FKGDQ\FKRUD]ORNDOL]DFM ]NWyUHMLGRNWyUHMV HNVSRUWRZDQH
:\ELHU]RNQR&RPSRQHQWV.RPSRQHQW\DE\HNVSRUWRZDZV]\VWNLHVNDGQLNL]ZL ]DQH]
Z\EUDQ\PLGDQ\PL
:\ELHU]2.
:\ ZLHWOLVL RNQRGLDORJRZH([SRUWLQJ,WHPV(NVSRUWRZDQLH'DQ\FKZVND]XM FHVWDWXV
IXQNFMLHNVSRUWRZDQLD
3R]DNR F]HQLXV\VWHPZ\ ZLHWOLLQIRUPDFM 3URFHV=DNR F]RQ\
:\ELHU]2.

=REDF]WH
7RGLVSOD\WKHKLHUDUFK\RIVWRUDJHDUHDVRQDGLVNGULYH:\ ZLHWOKLHUDUFKL REV]DUyZ]DSLVXQD
G\VNX
3ULQW'UXNXM
3OLN'UXNXMZ\ ZLHWODRNQRGLDORJRZH0LFURVRIW:LQGRZV3ULQW'UXNXM8 \MWHMNRPHQG\DE\Z

ELH FRZ\EUDQ\PIROGHU]HZ\GUXNRZDV]F]HJy\]DZLHUDM FHQD]Z W\SUR]PLDULGDW RVWDWQLHM
PRG\ILNDFMLGDQ\FK
$E\Z\GUXNRZDV]F]HJy\ZIROGHU]H
:VHNFML$OO)ROGHUV:V]\VWNLHIROGHU\Z([SORUHU(NVSORUDWRU]HZ\ELHU]IROGHU]DZLHUDM F\

WUH GRZ\GUXNRZDQLD
=)LOHPHQX0HQX3OLNZ\ELHU]3ULQW'UXNXM
.LHG\SRMDZLVL RNQRGLDORJRZH3ULQW'UXNXMZ\ELHU]2.
=REDF]WH
3ULQW6HWXS8VWDZ'UXN
3ULQW3UHYLHZ3RGJO G :\GUXNX
8 \M3ULQW3UHYLHZ3RND :\GUXNDE\]REDF]\UR]NDGHOHPHQWyZGRZ\GUXNX
$E\]REDF]\V]F]HJy\IROGHUXSU]HGZ\GUXNRZDQLHP
:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\Z([SORUHU(NVSORUDWRU]HZ\ELHU]IROGHUGR
Z\GUXNRZDQLD
=)LOHPHQX0HQX3OLNZ\ELHU]3ULQW3UHYLHZ3RGJO G :\GUXNX2WZRU]\VL HNUDQ
3RGJO GXSRND]XM F\MDNZ\GUXNXMHVL GDQ\GRNXPHQW
=REDF]WH
3ULQW'UXNXM
3ULQW6HWXS8VWDZ:\GUXN
3ULQW6HWXS8VWDZ:\GUXN
:\ ZLHWODRNQRGLDORJRZH0LFURVRIW:LQGRZV3ULQW6HWXS8VWDZZ\GUXN3R]ZDODRQR
X \WNRZQLNRZLZ\EUDZD FLZR FLGUXNRZDQLDUR]PLDUSDSLHUX UyGRLNLHUXQHNNWyU\QDMOHSLHM
SDVXMHGRSRWU]HEILUP\
$E\]PLHQLZD FLZR FLGUXNRZDQLD
=)LOHPHQX0HQX3OLNZ\ELHU]3ULQW6HWXS8VWDZ:\GUXN
3RMDZLVL RNQRGLDORJRZH3ULQW6HWXS8VWDZ:\GUXN]DVWRVXMZ\PDJDQHXVWDZLHQLDL
Z\ELHU]2.
=REDF]WH
3ULQW'UXNXM
([LW:\M FLH
=DP\NDDSOLNDFM (NVSORUDWRUD$FFX0DUN$FFX0DUN([SORUHU
$E\Z\M ](NVSORUDWRUD
= )LOHPHQX0HQX3OLNZ\ELHU]([LW:\M FLH
/XENOLNQLMSU]\FLVN; Z SUDZ\PURJXSDVNDW\WXRZHJR

(GLW0HQX0HQX(G\FMD
8 \ZDMNRPHQG(GLW0HQX0HQX(G\FMDGR
x
.RSLRZDQLDGDQ\FK
:NOHMDQLDNRPSRQHQWyZGDQ\FK$FFX0DUN
x
x
:NOHMDQLDGDQ\FK
:\EUDQLDZV]\VWNLFKGDQ\FK]ELH
x 2GZUyFHQLDZ\ERUXZELH

=REDF]WH
&RS\.RSLXM
&XW:\WQLM
,QYHUW6HOHFWLRQ2GZUy:\EyU
3DVWH:NOHM
6HOHFW$OO:\ELHU]:V]\VWNLH
FHJRIROGHUX
F\PNDWDORJX
&XW:\WQLM
7DIXQNFMDQLHMHVWDNWXDOQLHGRVW SQDZ$FFX0DUN([SORUHU(NVSORUDWRU]H$FFX0DUN
&RS\.RSLXM
)XQNFMDNRSLRZDQLDGXEOXMHQD]Z L ORNDOL]DFM REV]DUXZ\EUDQHJRHOHPHQWXGDQ\FKGRVFKRZND

:LQGRZV
7DIXQNFMDQLHNRSLXMHZD FLZ\FKGDQ\FKGRVFKRZNDW\ONRNRSLXMHRGQR QLNLGRW\FKGDQ\FK
-H HOLMHVWSy QLHMX \WDIXQNFMD3DVWH:NOHMV\VWHPZUDFDGRRU\JLQDOQHJRREV]DUX]DSLVXL

NRSLXMHGDQH]WHJRGRSXQNWX
-H HOLGDQHV NRSLRZDQHGRVFKRZNDLXVXZDQH]REV]DUXORNDOL]DFMLMHV]F]HSU]HGZNOHMHQLHP
V\VWHPQLHE G]LHZVWDQLHZ\NRQDZNOHMHQLD8VXQL FLHHOHPHQWyZSU]HGZNOHMHQLHPXVXZD
RGQR QLNLGRW\FKGDQ\FKZVFKRZNX
=REDF]WH
7RFRS\GDWDLWHPVWRWKHFOLSERDUG$E\VNRSLRZDGDQHGRVFKRZND
7RFRS\GDWDLWHPVWRWKHFOLSERDUG$E\VNRSLRZDGDQHGRVFKRZND
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]GDQHGRVNRSLRZDQLDGR

VFKRZND
3UDZ\PSU]\FLVNLHPP\V]NLNOLNQLMQDZ\EUDQHGDQHDE\Z\ ZLHWOLMH6KRUWFXWPHQX0HQX
6NUyWyZ
:\ELHU]&RS\.RSLXM
6\VWHPVNRSLXMHZ\EUDQHGDQHGRVFKRZND1DW\FKPLDVWX \MIXQNFML3DVWH:NOHM
&RS\DQG3DVWH'DWD,WHPVWRVWRUDJHDUHDRUGULYH.RSLXM,:NOHM'DQHGR2EV]DUX=DSLVXQD
'\VNX
7RGLVSOD\WKHKLHUDUFK\RIVWRUDJHDUHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL 2EV]DUX
=DSLVXQDG\VNX
=REDF]WH
3DVWH:NOHM
8PLHV]F]DGDQHVNRSLRZDQHGRVFKRZND:LQGRZVZZ\EUDQ\PIROGHU]H:F]DVLHNRSLRZDQLD
GDQ\FK$FFX0DUNPR OLZHMHVWWH Z\EUDQLHNRPSRQHQWyZZNOHMDQLD]ZL ]DQ\FK]Z\EUDQ\PL
GDQ\PL
$E\ZNOHLGDQH]HVFKRZND
3RX \FLX&RS\.RSLXMZ\ELHU]IROGHUGRNWyUHJRZNOHLGDQH]HVFKRZND

.OLNQLMSUDZ\PSU]\FLVNLHPP\V]NLIROGHUDE\Z\ ZLHWOL0HQX6NUyWyZ

:\ELHU]3DVWH:NOHMOXE3DVWH&RPSRQHQWV:NOHM.RPSRQHQW\
-H HOLZ\NU\WH]RVWDQ SRZWDU]DM FH VL HOHPHQW\V\VWHPZ\ ZLHWOLRNQRGLDORJRZH7UDQVIHU
7UDQVIHU]]DS\WDQLHP(OHPHQWGDQ\FKMX LVWQLHMHF]\FKFHV]JR]DVW SL"
:\ELHU]<HV7DNOXE<HVWR$OO7DN:V]\VWNLH
6\VWHPVNRSLXMHGDQH]HVFKRZNDGRZ\EUDQHJRIROGHUX

=REDF]WH
7RGLVSOD\WKHFRQWHQWVRIDVWRUDJHDUHD$E\Z\ ZLHWOL]DZDUWR REV]DUX]DSLVX
7RGLVSOD\WKHKLHUDUFK\RIVWRUDJHDUHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL REV]DUyZ]DSLVX
QDG\VNX
7RVHOHFWGDWDLWHPV$E\Z\EUDHOHPHQWGDQ\FK

6HOHFW$OO:\ELHU]ZV]\VWNLH
:\ELHU]SRG ZLHWODM FZV]\VWNLHHOHPHQW\GDQ\FK]ELH

$E\Z\EUDZV]\VWNLHHOHPHQW\GDQ\FK]IROGHUX
FRZ\EUDQHJRIROGHUX
:VHNFML$OO)ROGHUV:V]\VWNLHIROGHU\Z([SORUHU(NVSORUDWRU]HZ\ELHU]SRWU]HEQ\IROGHU
:V]\VWNLHHOHPHQW\GDQ\FK]WHJRIROGHUX]RVWDQ Z\ ZLHWORQHZVHNFML&RQWHQWV=DZDUWR
=(GLWPHQX0HQX(G\FMDZ\ELHU]6HOHFW$OO:\ELHU]:V]\VWNLH
6\VWHPSRG ZLHWOLZV]\VWNLHGDQHZVHNFML&RQWHQWV=DZDUWR
=REDF]WH
7RGLVSOD\WKHKLHUDUFK\RIWKHVWRUDJHDUHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL REV]DUyZ
]DSLVXQDG\VNX
7RVHOHFWGDWDLWHPV$E\Z\EUDHOHPHQWGDQ\FK
,QYHUW6HOHFWLRQ2GZUy:\EyU
/LNZLGXMHZ\EyUXVXZDSRG ZLHWOHQLHHOHPHQWyZGDQ\FKZ\EUDQ\FK,SRG ZLHWODZV]\VWNLHLQQH

GDQH]ELH FHJRNDWDORJX
$E\RGZUyFLZ\EyUGDQ\FKZIROGHU]H
0DM F Z\EUDQHMDNLHNROZLHNGDQHZVHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]H

Z\ELHU](GLW(G\WXM
1DVW SQLHZ\ELHU],QYHUW6HOHFWLRQ 2GZUy:\EyU]D]QDF]HQLH
:V]\VWNLHHOHPHQW\Z\EUDQH]RVWDQ RG]QDF]RQH$ZV]\VWNLHWHNWyUHQLHE\\]D]QDF]RQH
]RVWDQ Z\EUDQH
=REDF]WH
QDG\VNX

9LHZ0HQX0HQX:LGRN3RND]
8 \MNRPHQG9LHZPHQX0HQX:LGRNDE\
x
:\ ZLHWOLOXEXNU\SDVHNQDU] G]L,VWDWXVX
]REDF]\$FWLYLW\/RJ']LHQQLN6\VWHPX
=PLHQLVSRVyEZ\ ZLHWODQLDGDQ\FK
x 8VWDZL 3UHIHUHQFHV3UHIHUHQFMHGOD1RWDWLRQ1RWDFMLL3UHFLVLRQ3UHF\]ML

=REDF]WH

$FWLYLW\/RJ']LHQQLN6\VWHPX
$XWR$UUDQJH$XWRUR]PLHV]F]HQLH
'HWDLOV6]F]HJy\
/DUJH,FRQV'X H ,NRQ\
/LQHXS,FRQV6]HUHJXM,NRQ\
/LVW/LVWD
2SWLRQV2SFMH
3UHIHUHQFHV3UHIHUHQFMH
5HIUHVK2G ZLH
6PDOO,FRQV0DH,NRQ\
6WDWXV%DU3DVHN6WDWXVX
7RFKDQJHWKHDSSHDUDQFHRILWHPVLQDIROGHU$E\]PLHQLZ\JO G HOHPHQWyZZIROGHU]H
7RROEDU3DVHN1DU] G]L
8 \MWHMIXQNFML]9LHZPHQX0HQX:LGRNDE\Z\EUD0HWULF0HWU\F]QHOXE,PSHULDO
$QJLHOVNLHFDOHRUD]GRNDGQR G]LHVL WQ NWyUHPDM E\X \WHSU]\SU]HWZDU]DQLXGDQ\FKWD
IXQNFMDMHVWGRVW SQD]DUyZQRZHZV]\VWNLFKIRUPDFK$FFX0DUNMDNLZ([SORUHU(NVSORUDWRU]H
$E\]PLHQLSUHIHUHQFMH
3UHIHUHQFHV3UHIHUHQFMH:D FLZR FL
=([SORUHU9LHZPHQX0HQX:LGRN(NVSORUDWRUDZ\ELHU]3UHIHUHQFHV
3UHIHUHQFMH:D FLZR FL
3RMDZLVL RNQR3UHIHUHQFH3UHIHUHQFML:D FLZR FL
:1RWDWLRQ1RWDFMLNOLNQLMDE\Z\EUD0HWULF0HWU\F]QHOXE,PSHULDO$QJLHOVNLHFDOH
:3UHFLVLRQ'RNDGQR ZSURZDG ZDUWR GODGRNDGQR FLG]LHVL WQHM/XENOLNQLMQDVWU]DN

DE\Z\EUDZDUWR X \ZDM F UR]ZLMDM FHJRVL PHQX
.OLNQLM2.DE\]DDNFHSWRZD]PLDQ\
:\EUDQLHIXQNFML7RROEDU3DVHN1DU] G]L]9LHZ0HQX0HQXZLGRNXNU\ZDOXEZ\ ZLHWOD

SDVHNQDU] G]L([SORUHU(NVSORUDWRUDSRQL HMSDVNDPHQX
$E\XNU\OXEZ\ ZLHWOLSDVHNQDU] G]L
=9LHZPHQX0HQX:LGRNZ\ELHU]7RROEDU 3DVHN1DU] G]L
-H HOL7RROEDU3DVHN1DU] G]LE\Z\ ZLHWORQ\XNU\MHVL -H HOLE\XNU\W\Z\ ZLHWOLVL
:\EUDQLHIXQNFML6WDWXVEDU3DVHN6WDWXVX]9LHZ0HQX0HQX:LGRNXNU\ZDOXEZ\ ZLHWOD
SDVHNVWDWXVX([SORUHU(NVSORUDWRUDXGRXRNQD
$E\XNU\OXEZ\ ZLHWOLSDVHNVWDWXVX
=9LHZPHQX0HQX:LGRNZ\ELHU]6WDWXV%DU 3DVHN6WDWXVX
-H HOL6WDWXV%DU3DVHN6WDWXVXE\Z\ ZLHWORQ\XNU\MHVL MH HOLE\XNU\W\Z\ ZLHWOLVL
:\EUDQLH/DUJH,FRQV'X H ,NRQ\]9LHZPHQX0HQX:LGRNZ\ ZLHWODGDQHZVHNFMLRNQD

&RQWHQWV=DZDUWR SU]\X \FLXGX \FKLNRQ
$E\Z\ ZLHWOLGDQHSU]\X \FLXGX \FKLNRQ
=([SORUHUWRROEDU3DVND1DU] G]L(NVSORUDWRUDNOLNQLMSU]\FLVN/DUJH,FRQV'X H ,NRQ\


/XEZ9LHZPHQX0HQX:LGRNZ\ELHU]/DUJH,FRQV'X H ,NRQ\
(OHPHQW\ZVHNFML&RQWHQWV=DZDUWR E G Z\ ZLHWORQHSU]\X \FLXGX \FKLNRQ

=REDF]WH
'HWDLOV6]F]HJy\
/LVW/LVWD
2SWLRQV2SFMH
6PDOO,FRQV0DH,NRQ\
QDG\VNX
6PDOO,FRQV0DH,NRQ\

:\EUDQLHIXQNFML6PDOO,FRQV0DH,NRQ\]9LHZPHQX0HQX:LGRNZ\ ZLHWODGDQHZVHNFML
RNQD&RQWHQWV=DZDUWR SU]\X \FLXPD\FKLNRQ
$E\Z\ ZLHWOLHOHPHQW\X \ZDM F PD\FKLNRQ
=([SORUHUWRROEDU3DVND1DU] G]L(NVSORUDWRUDNOLNQLMSU]\FLVN6PDOO,FRQV0DH,NRQ\
/XEZ9LHZPHQX0HQX:LGRNZ\ELHU]6PDOO,FRQV0DH,NRQ\
(OHPHQW\ZVHNFML&RQWHQWV=DZDUWR E G Z\ ZLHWORQHSU]\X \FLXPD\FKLNRQ
=REDF]WH
'HWDLOV6]F]HJy\
/LVW/LVWD
2SWLRQV2SFMH
7RGLVSOD\WKHKLHUDUFK\RIVWRUDJHDUHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL REV]DUyZ
]DSLVXQDG\VNX
/LVW/LVWD

:\EUDQLH/LVW/LVW\]9LHZPHQX0HQX:LGRNZ\ ZLHWODHOHPHQW\GDQ\FKZIRUPLHOLVW\ZVHNFML
RNQD&RQWHQWV=DZDUWR
$E\Z\ ZLHWOLHOHPHQW\ZIRUPLHOLVW\
=([SORUHUWRROEDU3DVND1DU] G]L(NVSORUDWRUDNOLNQLMSU]\FLVN/LVW/LVWD
/XEZ9LHZPHQX0HQX:LGRNZ\ELHU]/LVW/LVWD
(OHPHQW\ZVHNFML&RQWHQWV=DZDUWR E G Z\ ZLHWORQHZIRUPLHOLVW\
=REDF]WH
'HWDLOV6]F]HJy\
2SWLRQV2SFMH
6PDOO,FRQV0DH,NRQ\
7RFKDQJHWKHDSSHDUDQFHRILWHPVLQDIROGHU $E\]PLHQLZ\JO G HOHPHQWyZZIROGHU]H


]DSLVXQDG\VNX
'HWDLOV6]F]HJy\
:\EUDQLH'HWDLOV6]F]HJy\]9LHZPHQX0HQX:LGRNZ\ ZLHWODLQIRUPDFMHRND G\P

HOHPHQFLHGDQ\FKZVHNFMLRNQD&RQWHQWV=DZDUWR
x
x
x

-H HOLZ\EUDQ\MHVWIROGHUV]F]HJy\]DZLHUDM MHJRQD]Z W\SUR]PLDURUD]GDW RVWDWQLHM

PRG\ILNDFML
-H HOLZ\EUDQ\MHVWG\VNV]F]HJy\]DZLHUDM MHJRQD]Z W\SQXPHUZHUVMLVWDWXVRUD]
OLF]E X \WNRZQLNyZ
-H HOLZ\EUDQ\MHVW3ORWWHUV]F]HJy\]DZLHUDM MHJRQD]Z W\SVWDWXVSORWWHUDRUD]VWDWXV

NROHMNL]DGD
$E\Z\ ZLHWOLV]F]HJy\HOHPHQW\GDQ\FKZIROGHU]H
=([SORUHUWRROEDU3DVND1DU] G]L(NVSORUDWRUDNOLNQLMSU]\FLVN'HWDLOV6]F]HJy\
/XEZ9LHZPHQX0HQX:LGRNZ\ELHU]'HWDLOV6]F]HJy\
:VHNFML&RQWHQWV=DZDUWR E G Z\ ZLHWORQHV]F]HJy\HOHPHQWyZ
=REDF]WH
/LVW/LVWD
2SWLRQV2SFMH
6PDOO,FRQV0DH,NRQ\
7RFKDQJHWKHDSSHDUDQFHRILWHPVLQDIROGHU $E\]PLHQLZ\JO G HOHPHQWyZZIROGHU]H

]DSLVXQDG\VNX
7RFKDQJHWKHDSSHDUDQFHRILWHPVLQDIROGHU$E\]PLHQLZ\JO GHOHPHQWyZZIROGHU]H
$E\]PLHQLZ\JO G HOHPHQWyZZIROGHU]H NOLNQLM9LHZ:LGRNDQDVW SQLHNOLNQLMMHGQ ]

SRQL V]\FKNRPHQG/DUJH,FRQV'X H ,NRQ\ 6PDOO,FRQV0DH,NRQ\ /LVW/LVWD OXE
'HWDLOV6]F]HJy\ /XESRSURVWXNOLNQLMMHGHQ]RGSRZLHGQLFKSU]\FLVNyZSDVNDQDU] G]L
3RHNVSHU\PHQWXMDE\]QDOH WDNLHXVWDZLHQLHNWyUHQDMEDUG]LHMFLRGSRZLDGD
8ZDJD -H HOLZ\ELHU]HV]Z\ ZLHWODQLH'HWDLOV6]F]HJyyZIROGHUDNOLNQLMQDNROXPQ

QDJyZNyZQD]ZDGDQ\FKLFKW\SUR]PLDU,RVWDWQLDPRG\ILNDFMDDE\]PLHQLVRUWRZDQLHZ
NROHMQR FLURVQ FHMQDPDOHM F OXERGZURWQLH0R HV]WH SU]HILOWURZDOLVW &RQWHQWV=DZDUWR
X \ZDM F IXQNFML2SWLRQV2SFMHGRVW SQHMZ7RROEDU3DVNX1DU] G]LLZ9LHZPHQX0HQX
:LGRN
=REDF]WH
'HWDLOV6]F]HJy\
/LVW/LVWD
2SWLRQV2SFMH
6PDOO,FRQV0DH,NRQ\
$XWR$UUDQJH$XWRUR]PLHV]F]HQLH
:\EUDQLH$XWR$UUDQJH$XWRUR]PLHV]F]HQLDSRZRGXMH H V\VWHPDXWRPDW\F]QLHUR]PLHV]F]D
GDQHZVSRVyEXSRU] GNRZDQ\ZVHNFMLRNQD&RQWHQWV=DZDUWR
/LQH8S,FRQV6]HUHJXM,NRQ\
7DIXQNFMDQLHMHVWREHFQLHGRVW SQDZ$FFX0DUN([SORUHU(NVSORUDWRU]H$FFX0DUN

5HIUHVK2G ZLH
:\EUDQLH]9LHZ0HQX0HQX:LGRNIXQNFML5HIUHVK2G ZLH DNWXDOL]XMHGDQHZVHNFMLRNQD

&RQWHQWV=DZDUWR )XQNFMDWDMHVWX \WHF]QDZF]DVLHSUDF\ZVLHFLNLHG\ZLHOXX \WNRZQLNyZ
GRGDMHGDQHGRWHJRVDPHJRREV]DUX]DSLVX7RSR]ZDODX \WNRZQLNRP]REDF]\GRGDQHGDQH
2SWLRQV2SFMH
:\EUDQLH2SWLRQV2SFML]9LHZPHQX0HQX:LGRNZ\ ZLHWODRNQRGLDORJRZH2SWLRQV2SFMH
NWyUHPR H E\X \WHGRSU]HILOWURZDQLDZ\ ZLHWODQ\FKGDQ\FKZHGXJQD]Z\W\SXGDW\LF]DVX
1SZ\EUDQLHZ\ ZLHWOHQLDHOHPHQWyZ]DF]\QDM F\FKVL RG6+57LOXEXNDGyZ]DF]\QDM F\FK
VL RG6+57
7RILOWHUGDWDLWHPVEHIRUHGLVSOD\LQJWKHP)LOWURZDQLHGDQ\FKSU]HGLFKZ\ ZLHWOHQLHP
$E\SU]HILOWURZDGDQHSU]HGLFKZ\ ZLHWOHQLHPZ\ELHU]2SWLRQV2SFMH]9LHZ0HQX0HQX

:LGRN 3RMDZLVL RNQRGLDORJRZH2SWLRQV2SFMH]ZV]\VWNLPLGDQ\PL$FFX0DUNSRF] WNRZR
Z\EUDQ\PL
:\NRQDMMHGQ OXEZL FHMSRGDQ\FKQL HMF]\QQR FL
x
x
x
$E\Z\ ZLHWOLNRQNUHWQHGDQHZ\ELHU]MHG\QLHWHQW\SGDQ\FK
$E\Z\ ZLHWOLGDQHQDZL ]XM FHGRVSRVREXQD]\ZDQLDX]XSHQLMSROH3DWWHUQ

6]DEORQ1SDE\Z\ ZLHWOLZV]\VWNLHGDQH]DF]\QDM FHVL RG6+57ZSLV]6+57 Z
SROH3DWWHUQ6]DEORQ
$E\Z\ ZLHWOLGDQHNWyUHE\\XWZRU]RQHSRPL G]\NRQNUHWQ\PLGDWDPLOXEJRG]LQDPL

X]XSHQLMSROD)URP2G,7R'RSRWU]HEQ\PLGDWDPLLJRG]LQDPL8 \MIRUPDWX
PLHVL FG]LH URNGODGDWRUD]IRUPDWXJRG]LQDPLQXW\VHNXQG\GODF]DVX1S

:\ELHU]$SSO\=DVWRVXM DE\Z\ ZLHWOLNRQNUHWQHGDQHZVHNFML&RQWHQWV=DZDUWR Z
([SORUHU(NVSORUDWRU]H
:\ELHU]2.DE\]DPNQ RNQRGLDORJRZH2SWLRQV2SFMH

=REDF]WH
'HWDLOV6]F]HJy\
/LVW/LVWD
2SWLRQV2SFMH
6PDOO,FRQV0DH,NRQ\
7RFKDQJHWKHDSSHDUDQFHRILWHPVLQDIROGHU$E\]PLHQLZ\JO G GDQ\FKZIROGHU]H
$FWLYLW\/RJ% G1LH]GHILQLRZDQR]DNDGNL']LHQQLN6\VWHPX
:\EUDQLH$FWLYLW\/RJ']LHQQLND6\VWHPX]9LHZ0HQX0HQX:LGRNZ\ ZLHWOD$FFX0DUN
$FWLYLW\/RJ']LHQQLN6\VWHPX$FFX0DUN7HQG]LHQQLN]DZLHUD]DSLVZV]\VWNLFKF]\QQR FL
GRNRQ\ZDQ\FKZV\VWHPLH$FFX0DUN F]QLH]SU]HWZDU]DQLHPXNDGyZ$FWLYLW\/RJ']LHQQLN
6\VWHPX]DSLVXMHSUDF NWyUD]RVWDD]DNR F]RQD]DUyZQRSRZRG]HQLHPMDNLSRUD N
$E\Z\ ZLHWOL$FWLYLW\/RJ']LHQQLN6\VWHPX
=9LHZPHQX0HQX:LGRNZ\ELHU]$FWLYLW\/RJ']LHQQLN6\VWHPX
:\ ZLHWOLVL $FFX0DUN$FWLYLW\/RJ']LHQQLN6\VWHPX$FFX0DUN
8 \MSDVNDQDU] G]L$FWLYLW\/RJ']LHQQLND6\VWHPXDE\]DSLVDG]LHQQLNZSOLNXVNRSLRZD
LQIRUPDFMHGR:LQGRZV&OLSERDUG6FKRZND:LQGRZVZ\F]\ FLZV]\VWNLHHOHPHQW\]
G]LHQQLNDRG ZLH \HNUDQOXEZ\GUXNRZD]DZDUWR G]LHQQLND
$E\]DPNQ $FWLYLW\/RJ']LHQQLN6\VWHPXZ\ELHU])LOH3OLNL([LW:\MG DE\]DPNQ
RNQRLSRZUyFLGR([SORUHU(NVSORUDWRUD

3RGDOV]HLQIRUPDFMH]ZUyVL GRSRPRF\RQOLQH$FFX0DUN'DWD0DQDJHPHQWDQG2XWSXWOXEGR
8VHUV*XLGH3U]HZRGQLNDGOD8 \WNRZQLNyZ
8 \M7RROVPHQX0HQX1DU] G]LDDE\
7RROV0HQX0HQX1DU] G]LD
x
x
:\EUDIXQNFM 'HIDXOW2SHQ2WZyU]'RP\ OQLHGOD(OHPHQWyZ
:\EUDIXQNFM 'HIDXOW2SHQ2WZyU]'RP\ OQLHGOD0RGHO(GLWRU(G\WRUD0RGHOLOXE

3DWWHUQ'HVLJQ.RQVWUXNFMD6]DEORQX
:HMG Z 8VHU(QYLURQPHQW3DUDPHWHU7DEOH7DEHO 3DUDPHWUyZ URGRZLVNRZ\FK
8 \WNRZQLND
:HMG Z IXQNFMHSRPRFQLF]H$FFX0DUNZ)LQG6]XNDM
x :HMG Z $FFX0DUN8WLOLWLHV)XQNFMH3RPRFQLF]H$FFX0DUN

=REDF]WH
'HIDXOW3LHFH2SHQ'RP\ OQH)XQNFMH2WZLHUDQLD6]DEORQX
)LQG6]XNDM
:\ELHU])LQG6]XNDM]7RROVPHQX0HQX1DU] G]LDDE\Z\ ZLHWOL$FFX0DUN)LQG8WLOLW\
)XQNFMH3RPRFQLF]H6]XNDQLD$FFX0DUNIXQNFMHSRPRFQLF]HV]XNDQLDNWyUHV LQWHJUDOQ
F] FL $FFX0DUN([SORUHU(NVSORUDWRUD$FFX0DUN8 XMW\FKIXQNFMLSRPRFQLF]\FKDE\V]XND
NRQNUHWQ\FKGDQ\FK$FFX0DUN,OXE$'60LFUR0DUNX \ZDM F ]QDNyZZLOGFDUGV" NU\WHULXP
GDW\OXELQQ\FKILOWUyZ
1DUH]XOWDWDFKSU]HV]XNLZDQLDPRJ E\SU]HSURZDG]DQH$FWLRQV $NFMH 1SMH HOLGRHOHPHQWX
MHVWGRGDQ\QDFLQHNPR OLZHMHVWSU]HV]XNDQLHZV]\VWNLFKXNDGyZNWyUH]DZLHUDM WDNLHOHPHQWD
QDVW SQLH]DWZR FL PR QDSU]HRUJDQL]RZDLXR \MHGHQOXEZL FHMXNDGyZX \ZDM F &RS\
0DUNHU.RSLXM8NDG

=REDF]WH
7RXVHWKH)LQG8WLOLW\$E\8 \)XQNFML3RPRFQLF]HM6]XNDQLD
)LQG6]XNDM
8 \MWHMNRPHQG\]7RROVPHQX0HQX1DU] G]LDDE\]GHILQLRZDQDU] G]LHNWyUHPDE\

X \ZDQHGRRWZLHUDQLDGDQ\FKSU]H]SRGZyMQHNOLNQL FLHQDWHGDQHZRNQLH(NVSORUDWRUD
'HIDXOW3LHFH2SHQ'RP\ OQH)XQNFMH2WZLHUDQLD6]DEORQX
$FFX0DUN3LHFH3DWWHUQ'HVLJQ(OHPHQW$FFX0DUN.RQVWUXNFMD6]DEORQX
7RXVHWKH)LQG8WLOLW\$E\8 \)XQNFML3RPRFQLF]HM6]XNDQLD
:([SORUHU7RROEDU3DVNX1DU] G]L(NVSORUDWRUDNOLNQLMSU]\FLVN)LQG6]XNDM /XEZ

IROGHU]H$FFX0DUNNOLNQLMGZXNURWQLHLNRQ $FFX0DUN)LQG6]XNDQLH$FFX0DUN
3RMDZLVL RNQR$FFX0DUN)LQG8WLOLW\)XQNFMD3RPRFQLF]D6]XNDQLH$FFX0DUN$FFX0DUN
.OLNQLMWXWDMDE\]REDF]\SU]\NDGRZHRNQR
=Z\EUDQ WDEHO 1DPH /RFDWLRQ1D]ZD,/RNDOL]DFMDZSLV]QD]Z HOHPHQWXGDQ\FKGR
RGQDOH]LHQLDZSROX1DPHG1D]ZDQH
:SROX/RRN,Q3RGJO G Z\ELHU]G\VNOXEREV]DU]DSLVXNWyU\FKFHV]SU]HV]XND
$E\V]XNDGDQ\FKNWyUHE\\XWZRU]RQHOXE]PRG\ILNRZDQHZRNUH ORQ\PSU]HG]LDOHF]DVX
OXEZFL JXSRSU]HGQLFKPLHVL F\OXEGQLNOLNQLMWDEHO 'DWH0RGLILHG'DWD0RG\ILNDFMLL
X]XSHQLMZHGXJZ\PDJD
$E\V]XNDGDQ\FKNRQNUHWQHJRW\SXOXERGQRV] F\FKVL GRNRQNUHWQHJRW\SXGDQ\FKNOLNQLM
$GYDQFHG=DDZDQVRZDQH L X]XSHQLMRNQRZHGXJZ\PDJD
1SDE\]QDOH ZV]\VWNLHXNDG\]DZLHUDM FHVSUHF\]RZDQ\HOHPHQWZ\ELHU]3LHFH
(OHPHQW 1RW&RQWDLQHG,Q1LH=DZLHUDM FH RUD]0DUNHU8NDGOXE0RGHO0RGHO
:\ELHU])LQG1RZ=QDMG 7HUD]
.LHG\V\VWHPXNR F]\V]XNDQLH]ORNDOL]RZDQHGDQHZ\ ZLHWO VL Z GROQHMF] FLRNQD


=REDF]WH
7KH)LQG8WLOLW\:LQGRZ2NQR)XQNFML3RPRFQLF]HM6]XNDQLH$FFX0DUN
'DWH0RGLILHG'DWD0RG\ILNDFML
8 \MWHJRSU]HV]XNLZDQLDDE\]QDOH GDQHNWyUH]RVWD\XWZRU]RQHZNRQNUHWQ\PSU]HG]LDOH
F]DVX7HQSU]HG]LDPR H VL ]DP\NDZJRG]LQDFKGQLDFKW\JRGQLDFKOXEGX HM3R
X]XSHQLHQLXSyOLZ\EUDQLXSU]\FLVNX)LQG1RZ6]XNDM7HUD]SU]HV]XNLZDQLH]ZUyFLMHG\QLHWH
SOLNLNWyUHVSHQLDM GDQHNU\WHULD
-H HOLLQQHNU\WHULDV VSUHF\]RZDQHZWDEHOL1DPH /RFDWLRQ1D]ZD,/RNDOL]DFMDOXE

$GYDQFHG=DDZDQVRZDQH ]QDOH]LRQHSOLNLE G MHVSHQLD\
1S-H HOLZ3U]HV]XNLZDQLX=DDZDQVRZDQ\P $GYDQFHGTXHU\VSUHF\]RZDQHE\\W\ONRSOLNL
/D\UXOH5HJX\8NDGDQLDMHG\QLHSOLNZSLHUZV]HMOLQLLSDWU]Z\ HM]RVWD]QDOH]LRQ\
=DDZDQVRZDQHSU]HV]XNLZDQLHSR]ZDODSU]HSURZDG]LVNRPSOLNRZDQHSRV]XNLZDQLD
VSUHF\]RZDQ\FKSOLNyZ
$GYDQFHG4XHULHV=DDZDQVRZDQH3U]HV]XNLZDQLH
3U]\NDG\
0RQLWRUZRUNDFFRPSOLVKHGRQWKHVHFRQGVKLIW0RQLWRUXMSUDF Z\NRQDQ QDGUXJLHM]PLDQLH
)LQGDOOSLHFHVQRWXVHGLQDPDUNHUFDOOHGODGLHVEORXVH=QDMG ZV]\VWNLHHOHPHQW\QLHX \WHZ

XNDG]LH]ZDQ\PGDPVNDEOX]ND
)LQGDOOSLHFHVQRWFXUUHQWO\FRQWDLQHGLQDPRGHODQGGHOHWHWKHP=QDMG Z\V]\VWNLHHOHPHQW\QLH
]DZDUWHREHFQLHZPRGHOXLXVX MH

)LQGPDUNHUVZLWKDOHQJWKOHVVWKDQLQFKHVDQGJHQHUDWHFXWILOHVIRUDVWDWLFFXWWHU=QDMG
XNDG\RGXJR FLPQLHMV]HMQL FDOLLZ\JHQHUXMSOLNLFL FLDGODVWDW\F]QHJRFXWWHUD
7KH$GYDQFHGTXHU\VFUHHQ(NUDQ3U]HV]XNLZDQLD=DDZDQVRZDQHJR
7DIXQNFMDLOXVWUXMHMDN$FFX0DUN)LQG6]XNDQLH$FFX0DUNPR H E\X \WHGRSU]HMU]HQLDSUDF\

Z\NRQDQHMSRGF]DVNRQNUHWQHJRSU]HG]LD\F]DVX
0RQLWRUZRUNDFFRPSOLVKHGRQWKHVHFRQGVKLIW0RQLWRUXMSUDF Z\NRQDQ QDGUXJLHM]PLDQLH
:SLV]GDW , F]DVQDVWURQLH'DWH0RGLILHG'DWD0RG\ILNDFML
:SLV]W\SGDQ\FKQDVWURQLH$GYDQFHG=DDZDQVRZDQHMH HOLWRNRQLHF]QH
.OLNQLMSU]\FLVN)LQG1RZ6]XNDMWHUD]

)LQGDOOSLHFHVQRWXVHGLQDPDUNHUFDOOHGODGLHVEORXVH=QDMG ZV]\VWNLHHOHPHQW\QLHX \WHZXNDG]LH]ZDQ\P

GDPVNDEOX]ND
7RLOXVWUXMHMDNPR HV]X \$FFX0DUN)LQG6]XNDQLH$FFX0DUNGR]Uy QLFRZDQLDSOLNyZ

RSDUW\FKQDVSUHF\]RZDQ\FKNU\WHULDFK=D]QDF]X \FLHFHFK\ZLOGFDUG DE\VIRUPXRZDIUD]
V]XNDQLD
:\ELHU]3LHFH(OHPHQWMDNR7\SH7\S
=D]QDF]RNQR1RW&RQWDLQHG,Q1LH]DZLHUDM FHMDNRDNW\ZQHSRMDZLVL ]D]QDF]HQLH

=D]QDF]0DUNHU8NDG
.OLNQLMSU]\FLVN)LQG1RZ6]XNDMWHUD]

$E\SU]HSURZDG]LSHZQHDNFMHZNRQNUHWQ\FKSOLNDFKZ\ELHU]QD]Z OXEQD]Z\SOLNyZX \ZDM F

SUDZHJRNODZLV]DP\V]NL3RWHPZ\ELHU]]DGDQLHGRZ\NRQDQLD]6KRUWFXWPHQX0HQX6NUyWyZ
)LQGDOOSLHFHVQRWFXUUHQWO\FRQWDLQHGLQDPRGHODQGGHOHWHWKHP=QDMG Z\V]\VWNLHHOHPHQW\QLH]DZDUWH
REHFQLHZPRGHOXLXVX
MH
7XWDM]LOXVWURZDQHV SU]\NDG\MDN$FFX0DUN)LQG6]XNDQLH$FFX0DUNPR H E\X \WHGR

Z\HOLPLQRZDQLDQLHSRWU]HEQ\FKSOLNyZ

QDVWURQLH$GYDQFHG=DDZDQVRZDQHZ\ELHU]3LHFH(OHPHQWMDNR7\SH7\S
=D]QDF]RNLHQNR1RW&RQWDLQHG,Q1LH=DZLHUDM FHMDNRDNW\ZQHSRMDZLVL
]D]QDF]HQLH
=D]QDF]0DUNHU8NDG
.OLNQLMSU]\FLVN)LQG1RZ6]XNDM7HUD]
$E\XVXQ NRQNUHWQHSOLNLZ\ELHU]QD]Z SOLNXOXESOLNyZ3UDZ\PSU]\FLVNLHPP\V]NL

NOLNQLMMHGHQ]Z\EUDQ\FKSOLNyZLZ\ELHU]'HOHWH8VX ] 6KRUWFXWPHQX0HQX6NUyWyZ

)LQGPDUNHUVZLWKDOHQJWKOHVVWKDQLQFKHVDQGJHQHUDWHFXWILOHVIRUDVWDWLFFXWWHU=QDMG XNDG\RGXJR FL

PQLHMV]HMQL FDOLLZ\JHQHUXMSOLNLFL FLDGODVWDW\F]QHJRFXWWHUD
=LOXVWURZDQHV WXWDMSU]\NDG\MDN$FFX0DUN)LQG6]XNDQLH$FFX0DUNPR H E\X \WHGR

]LGHQW\ILNRZDQLDNRQNUHWQHJRSOLNXXNDGX,GRJHQHURZDQLDSOLNXFL FLD
1DVWRUQLH$GYDQFHG=DDZDQVRZDQHZ\ELHU]XNDGMDNRW\SSOLNX
NOLNQLMSU]\FLVN0DUNHU)LOWHU)LOWU8NDGX
:SURZDG
GDQ GXJR NU\WHULXPV]XNDQLDQSPQLHMQL NOLNQLM2.
NOLNQLMSU]\FLVN)LQG1RZ6]XNDM7HUD]

.LHG\V]XNDQLHMHVWXNR F]RQH
3UDZ\PSU]\FLVNLHPP\V]NLNOLNQLMQD]Z SOLNXSOLNyZ
:\ELHU]*HQHUDWH&XW'DWD*HQHUXM'DQH&L FLD] 6KRUWFXWPHQX0HQX6NUyWyZ

3RQL HMSRND]DQDMHVWNROHMQR Z\ELHUDQLDLPHQX

8 \MSU]\FLVNX0DUNHU)LOWHU)LOWU8NDGX]ORNDOL]RZDQHJRQDVWURQLH$GYDQFHG=DDZDQVRZDQH
Z RNQLH$FFX0DUN)LQG6]XNDQLH$FFX0DUNDE\RJUDQLF]\SU]HV]XNLZDQLHXNDGyZW\ONRQD
W\FKNWyUH]DZLHUDM NRQNUHWQ LQIRUPDFM
)LOWU8NDGX
6]HURNR
'XJR
5R]PLDU
7\S7NDQLQ\
x
x
(IHNW\ZQR
,OR
.DWHJRULD(OHPHQWX
2SFMH0RGHOX
-H HOLX \ZDV]ILOWUyZGXJR FLOXEV]HURNR FLQDMSLHUZXVWDZ1RWDWLRQ1RWDFMHQD,PSHULDO

$QJLHOVNLHFDOHOXE0HWULF0HWU\F]QHFP
3U]HSURZDG]DQLHSU]HV]XNLZDQLDRSDUWHJRQDQD]ZLHSOLNXLORNDOL]DFMLSR]ZDODFL]QDOH EDUG]R
NRQNUHWQHLQIRUPDFMHRSDUWHQDW\FKNU\WHULDFKZSU]\NDG]LHSRND]DQ\PSRQL HMZV]\VWNLH
LQIRUPDFMHRGQRV] FHVL GR'DPVND%OX]ND]RVWD\]QDOH]LRQH
1D]ZDL/RNDOL]DFMD

*yZQ\PSRZRGHPSU]HV]XNLZDQLDSOLNyZMHVWHIHNW\ZQHSU]HSURZDG]DQLHQLHNWyU\FK]DGD QD
]QDOH]LRQ\FKSOLNDFK=DGDQLDPRJ ]DZLHUD
0R OLZH=DGDQLDGRSU]HWZRU]HQLD
2SHQ2WZyU]RWZLHUDZ\EUDQHSOLNL$FFX0DUN
*HQHUDWH0DUNHU*HQHUXM8NDGWZRU]\SOLNXNDGX]Z\EUDQHJR]OHFHQLD
x
x
5HQDPH=PLH 1D]Z ]PLHQLDQD]Z Z\EUDQHJRSOLNXSOLNyZ

5HSRUWV5DSRUW\NOLNQLMWXWDM
6HQG7R:\ OLMGRZ\V\DSOLNGURJ HOHNWURQLF]Q GRZ\EUDQHMORNDOL]DFML
'HOHWH8VX XVXZDSOLN]6WRUDJH$UHD2EV]DUX=DSLVX
x &RS\.RSLXMSRGZDMDSOLN
7\S\SOLNyZXNDGFL FLHHOHPHQWLWGPDM Uy QH]DGDQLDLUDSRUW\XGRVW SQLRQHZUHODWHG
VKRUWFXWPHQX]DOH Q\PPHQXVNUyWyZ
1S1DLOXVWUDFMLSRQL HMSOLN]OHFHQLD]RVWDQLHRWZDUW\-H HOLZ\EUDQDMHVWIXQNFMD*HQHUDWH
0DUNHU*HQHUXM8NDGSOLNXNDGXE G]LHZ\JHQHURZDQ\]Z\EUDQHJRSOLNX]OHFHQLD

,QIRUPDFMHRSOLNXOXESOLNDFKPRJ E\Z\ ZLHWODQHZIRUPLHWDEHOL=DOH QLHRGZ\EUDQHJRW\SX

SOLNXGRVW SQHV Uy QHUDSRUW\
5HSRUWV)URP4XHULHV5DSRUW\]3U]HV]XNLZD
&XWILOH3OLN&L FLDNOLNQLMWXWDM DE\]REDF]\UDSRUW
/D\UXOHILOH3OLN5HJX8NDGDQLDNOLNQLMWXWDM DE\]REDF]\UDSRUW
0DUNHUILOH3OLN8NDGXNOLNQLMWXWDM DE\]REDF]\UDSRUW
0RGHOILOH3OLN0RGHOXDE\]REDF]\UDSRUW\NOLNQLM
$OO3LHFH:V]\VWNLH(OHPHQW\
0RGHO0RGHO
3LHFH3HULPHWHU2EZyG(OHPHQWX
3LHFHILOH3OLN(OHPHQWXDE\]REDF]\UDSRUW\NOLNQLM
$OO3LHFH:V]\VWNLH(OHPHQW\
3LHFH/LVW/LVWD(OHPHQWyZ
3LHFH3HULPHWHU2EZyG(OHPHQWX
5DSRUW\V Z\ ZLHWODQHDOERSU]\X \FLXHNUDQX$FFX0DUNDOERMDNRSOLN+70/RJO GDQ\SU]H]
SU]HJO GDUN
=REDF]WH
7RFXVWRPL]HUHSRUWV$E\ZSURZDG]LXVWDZLHQLDZDVQHUDSRUWyZ

8 \MUDSRUWX$OO3LHFHUDSRUWX:V]\VWNLFK6]DEORQyZDE\Z\JHQHURZDV]F]HJyRZHLQIRUPDFMH
R MHGQ\POXEZL FHMHOHPHQFLH]ELH FHJRREV]DUX]DSLVX
8ZDJD$OO3LHFH5HSRUW5DSRUW:V]\VWNLFK6]DEORQyZGRVWDUF]DLQIRUPDFMLPQLMSUHF\]\MQ\FK
QL 6LQJOH3LHFH5HSRUW3RMHG\QF]\5DSRUW6]DEORQX

3LHFH$OO3LHFH5HSRUW(OHPHQW5DSRUW:V]\VWNLFK6]DEORQyZ
)LHOG1DPH1D]ZD3ROD ([SODQDWLRQ:\MD QLHQLH

3LHFH1DPH1D]ZD(OHPHQWX:\ ZLHWODQD]Z HOHPHQWXGODJHQHURZDQHJRUDSRUWX
6WRUDJH$UHD2EV]DU=DSLVX:\ ZLHWODORNDOL]DFM PLHMVFD]DSLVXHOHPHQWX
&DWHJRU\.DWHJRULD:\ELHU]DE\Z\ ZLHWOLNDWHJRUL NWyUD]RVWDDSU]\SLVDQDND GHPX
HOHPHQWRZL
'HVFULSWLRQ2SLV:\ ZLHWODGRGDWNRZHLQIRUPDFMHNWyUHPRJ\E\ZSURZDG]RQHGOD
HOHPHQWX
3LHFH7\SH7\S(OHPHQWX:\ ZLHWODQD]Z PLUURUHGOXVWU]DQ\MH HOLHOHPHQWMHVW
UR]R RQ\3R]RVWDMHSXVWHGODQRUPDOQHJR]DPNQL WHJRHOHPHQWX
5XOH7DEOH7DEHOD5HJXZ\ELHU]WHQQDJyZHNMH HOLFKFHV]Z\ ZLHWOLMHGHQ]SRQL V]\FK
GODND GHJRHOHPHQWXQD]Z WDEHOLUHJXVWRSQLRZDQLDVRZR'LJLWL]HUMH HOLHOHPHQW]RVWD
]GLJLWDOL]RZDQ\]VLDWNLOXE]LQQHMDSOLNDFMLOXEQD]Z NRSLLHOHPHQWXX \WHMGRFHOyZVWRSQLRZDQLD
5XOH7\SH7\S5HJX:\ ZLHWODW\SUHJXX \W\FKGRQDU\VRZDQLDHOHPHQWX0R H WRE\5XOH
7DEOH7DEHOD5HJX1XPHULF1XPHU\F]QD$OSKDQXPHULF$OIDQXPHU\F]QDOXE&RS\3LHFH
.RSLD(OHPHQWX
$UHD3RZLHU]FKQLD:\ ZLHWODFDNRZLW SRZLHU]FKQL UR]PLDUXZ\M FLRZHJRHOHPHQWX
'DWH7LPH6WRUHG'DWD&]DV=DSLVX:\ ZLHWODGDW L F]DVGLJLWDOL]DFMLLRVWDWQLHMPRG\ILNDFML
HOHPHQWX
6L]HLQ%\WHV5R]PLDUZ%DMWDFK:\ ZLHWODOLF]E EDMWyZSU]HVWU]H ]DSLVXMDN HOHPHQW
]DMPXMHZ$FFX0DUN
3HULPHWHU7RWDO&DNRZLW\2EZyG:\ ZLHWODFDNRZLW GXJR REZRGXUR]PLDUX
Z\M FLRZHJRHOHPHQWX
7RWDO3RLQWV&DNRZLWDOLF]ED3XQNWyZ:\ ZLHWODFDNRZLW OLF]E SXQNWyZZHOHPHQFLH
*UDGH3RLQWV3XQNW\6WRSQLRZDQLD:\ ZLHWODFDNRZLW OLF]E SXQNWyZVWRSQLRZDQLDZ
HOHPHQFLH
&RUQHUV5RJL:\ ZLHWODFDNRZLW OLF]E URJyZZHOHPHQFLH

7RWDO,QWHUQDOV&DNRZLWH:HZQ WU]QH:\ ZLHWODFDNRZLW OLF]E OLQLLZHZQ WU]Q\FKZ

HOHPHQFLH
2QH3RLQW,QW -HGQRSXQNWRZD/LQLD:HZQ WU]QD:\ ZLHWODFDNRZLW OLF]E MHGQRSXQNWRZ\FK
OLQLLZHZQ WU]Q\FKZHOHPHQFLH
0XOWLSOH3RLQW3XQNW:LHORNURWQ\:\ ZLHWODFDNRZLW OLF]E ZHZQ WU]Q\FKSXQNWyZ
ZLHORNURWQ\FKZHOHPHQFLH
%DVH6L]H5R]PLDU:\M FLRZ\:\ ZLHWODUR]PLDUZ\M FLRZ\HOHPHQWX
6PDOOHVW6L]H1DMPQLHMV]\5R]PLDU:\ ZLHWODQDMPQLHMV]\UR]PLDUHOHPHQWX
6L]H6WHS.URN5R]PLDUX:\ ZLHWODNURNUR]PLDUXSU]\SLVDQ\HOHPHQWRZL
6L]H%UHDNV6NRNL5R]PLDUX7ZRU]\OLVW ZV]\VWNLFKVNRNyZUR]PLDUyZZOLQLLUR]PLDUyZ
HOHPHQWX
3RLQW$WWULEXWHV4XDQW$WU\EXW\3XQNWyZ,OR =DZLHUDOLVW ZV]\VWNLFKDWU\EXWyZSXQNWyZL
LOHUD]\ND G\E\X \W\
1RWFKHV4XDQW1DFLQNL,OR =DZLHUDOLVW W\SyZQDFLQNyZLLOHUD]\ND G\E\X \W\
,QWHUQDO/DEHOV4XDQW(W\NLHW\:HZQ WU]QH=DZLHUDOLVW HW\NLHWZHZQ WU]Q\FKZHOHPHQFLH
L LOHUD]\ND G\E\X \W\
8 \M3LHFH/LVW5HSRUW5DSRUWX/LVW\6]DEORQXDE\Z\JHQHURZDV]F]HJyRZHLQIRUPDFMHR
NRQNUHWQHMOL FLHV]DEORQyZXWZRU]RQ\SU]\X \FLX3LHFH/LVW(GLWRU(G\WRUD/LVW\6]DEORQyZ
.D G\HOHPHQWZZ\EUDQ\PV]DEORQLHZ\JHQHUXMHRVREQ VWURQ Z UDSRUFLH1SMH HOLMHVWRVLHP
HOHPHQWyZQDOL FLHZUDSRUFLHE G]LHRVLHPVWURQ
3LHFH/LVW5HSRUW5DSRUW/LVW\6]DEORQyZ
)LHOG1DPH1D]ZD3ROD

([SODQDWLRQ2SLV
3/LVW1DPH6]DEORQ1D]ZD/LVW\:\ ZLHWODQD]Z OLVW\GODJHQHURZDQHJRUDSRUWX
3LHFH1DPH1D]ZD(OHPHQWX1D]ZDHOHPHQWXZ\ ZLHWORQDZZ\EUDQHMOL FLHV]DEORQyZ
3R]RVWDHLQIRUPDFMHQDW\PHNUDQLHRGQRV] VL GRWHJRHOHPHQWX'ODND GHJRHOHPHQWX]OLVW\
E G]LHMHGHQ3LHFH/LVW5HSRUW5DSRUW/LVW\6]DEORQyZ

1RWDWLRQ1RWDFMH:\ ZLHWODZ\EUDQ QRWDFM ,PSHULDO$QJLHOVN OXE0HWULF0HWU\F]Q

&DWHJRU\.DWHJRULD:\ ZLHWODNDWHJRUL NWyUD]RVWDDSU]\SLVDQDND GHPXHOHPHQWRZL
'HVFULSWLRQ2SLV:\ ZLHWODGRGDWNRZHLQIRUPDFMHNWyUHPRJ\E\ZSURZDG]RQHGOD
HOHPHQWX
5XOH7DEOH7DEHOD5HJX:\ ZLHWODQD]Z WDEHOLUHJXSU]\SLVDQ\FKGRHOHPHQWX
5XOH7\SH7\S5HJX\:\ ZLHWODQD]Z X \WHJRW\SXUHJX\QXPHU\F]QDDOIDQXPHU\F]QD
NRSLDHOHPHQWX
3LHFH7\SH7\S(OHPHQWX:\ ZLHWODW\SHOHPHQWXWDNLMDNQSOXVWU]DQ\
HOHPHQWX
]DMPXMHZ$FFX0DUN
Z\M FLRZHJRHOHPHQWX
HOHPHQFLH
HOHPHQFLH
0XOWLSOH3RLQW3XQNW:LHORNURWQ\:\ ZLHWODFDNRZLW OLF]E ZHZQ WU]Q\FKSXQNWyZ
HOHPHQWX
LOHUD]\ND G\E\X \W\
,QWHUQDO/DEHOV4XDQW(W\NLHW\:HZQ WU]QH,OR =DZLHUDOLVW HW\NLHWZHZQ WU]Q\FKZ
HOHPHQFLHLLOHUD]\ND G\E\X \W\
3RXWZRU]HQLXSU]HV]XNLZDQLDLRWU]\PDQLXZ\QLNyZNOLNQLMSUDZ\PSU]\FLVNLHPP\V]NLQDSOLNL
Z\ELHU]5HSRUW5DSRUW]6KRUWFXW0HQX0HQX6NUyWyZ'RWHJRVDPHJRUDSRUWXPR QDZ\EUD
ZLHOHSOLNyZWHJRVDPHJRW\SX
5HSRUW6DPSOH6KRUWFXW0HQX5DSRUW:\M
FLRZ\0HQX6NUyWyZ

$OO&XW5HSRUW5DSRUW:V]\VWNLH:\FLQDQLDZ\JHQHUXMHV]F]HJyRZHLQIRUPDFMHRMHGQHMOXE
ZL FHMUHJXOHFL FLDXNDGX]ELH FHJRREV]DUX]DSLVX
&XW5HSRUW5DSRUW&L FLD

&XW1DPH1D]ZD:\FLQDQLD1D]ZDSOLNXFL FLDXNDGXZ\EUDQHJRGRJHQHURZDQLDWHJR
UDSRUWX
'HVFULSWLRQ2SLV:\ ZLHWODGRGDWNRZHLQIRUPDFMHNWyUHPRJ\E\ZSURZDG]RQHGODSOLNX
FL FLD
2UGHU1XP1XPHU=OHFHQLD:\ ZLHWODQXPHUSU]\SLVDQ\GR]OHFHQLDXNDGX
/D\/LPLW2JUDQLF]HQLD8NDGX:\ ZLHWODQD]Z WDEHOLRJUDQLF]H XNDGDQLDX \WHMGR
XNDGX
$QQRWDWLRQ2SLV :\ ZLHWODQD]Z WDEHOLRSLVyZX \WHMGRXNDGX
%ORFN%XIIHU%ORNRZDQLH%XIRURZDQLH:\ ZLHWODQD]Z WDEHOLEORNRZDQLD,EXIRURZDQLD
X \WHJRZXNDG]LH

0DWFKLQJ'RSDVRZDQLH:\ ZLHWODQD]Z WDEHOLGRSDVRZDQLDX \W GRXNDGX

1RWFK1DFLQHN:\ ZLHWODQD]Z WDEHOLQDFLQNyZX \W GRXNDGX
0VJ6WRS:LDGRPR 6WRS :\ ZLHWODLQIRUPDFMHNWyUHSRMDZL VL FL QDPRQLWRU]H
*(5%(5FXWWHUNLHG\SR]\VNLZDQHE G SOLNLFL FLD7DZLDGRPR GRVWDUF]DLQIRUPDFMLRSOLNXGR
FL FLD]DZLHUDQXPHU]OHFHQLDRSLV]OHFHQLDRUD]QD]Z ]OHFHQLDRGG]LHORQHXNR QLNLHPWD
ZLDGRPR MHVWJHQHURZDQDZF]DVLHJHQHURZDQLDSOLNXFL FLD
'DWH'DWD:\ ZLHWODGDW RVWDWQLHJR]DSLVXXNDGX
%\WH6L]H5R]PLDUZ%DMWDFK:\ ZLHWODOLF]E EDMWyZSU]HVWU]H ]DSLVXMDN XNDG]DMPXMH
Z $FFX0DUN
:LGWK6]HURNR :\ ZLHWODFDNRZLW V]HURNR XNDGX
/HQJWK'XJR :\ ZLHWODFDNRZLW GXJR XNDGX
8WLOL](IHNW\ZQR :\ ZLHWODSURFHQW]X \FLDPDWHULDXRVL JQL W\ZXNDG]LH
$UHD3RZLHU]FKQLD:\ ZLHWODFDNRZLW SRZLHU]FKQL ZV]\VWNLFKHOHPHQWyZXR RQ\FKZ
XNDG]LH
3HULPHWHU2EZyG:\ ZLHWODFDNRZLW\REZyGZV]\VWNLFKHOHPHQWyZXR RQ\FKZXNDG]LH
7RWVL]&DNRZLWDOLF]EDUR]PLDUyZ:\ ZLHWODFDNRZLW OLF]E UR]PLDUyZ]OHFRQ\FKZ
XNDG]LH
2YHUULGH3U]HNURF]HQLH:\ ZLHWODDOER<HV7DNDOER1R1LHDE\ZVND]DF]\
SU]HNURF]HQLDE\\X \WHZXNDG]LH
1XP0RG/LF]ED0RGHOL:\ ZLHWODOLF]E PRGHOLX \W\FKZXNDG]LH
2S6WRS2SFMRQDOQ\6WRS:\ ZLHWODDOER<HV7DNDOER1R1LHDE\ZVND]DF]\NRG
RSFMRQDOQHJRVWRSXE\XVWDZLRQ\GODSOLNXFL FLD
/DEHOOHU/DEHOHU(W\NLHFLDUND :\ ZLHWODDOER<HV7DNDOER1R1LHDE\ZVND]DF]\
*(5%(5ODEHOOHUE\]OHFRQ\GODSOLNXFL FLDXNDGX
8 \M/D\UXOH5HSRUW5DSRUWX5HJX8NDGDQLDDE\Z\JHQHURZDV]F]HJyRZHLQIRUPDFMHR
UHJXDFKXNDGDQLDX \W\FKGODMHGQHJROXEZL FHMXNDGyZZELH F\PREV]DU]H]DSLVX
/D\UXOH5HSRUW5DSRUW5HJX8NDGDQLD

/D\UXOH1DPH1D]ZD5HJX\8NDGDQLD:\ ZLHWODQD]Z UHJX\XNDGDQLDGODNWyUHMUDSRUW
E\Z\JHQHURZDQ\
'HVFULSW2SLV:\ ZLHWODGRGDWNRZHLQIRUPDFMHNWyUHPRJ\E\ZSURZDG]RQHGODWHMUHJX\
XNDGDQLD
2UG1XP1XPHU=OHFHQLD:\ ZLHWODQXPHUSU]\SLVDQ\GR]OHFHQLDXNDGX
/D\OLPLW2JUDQLF]HQLD8NDGX:\ ZLHWODQD]Z WDEHOLRJUDQLF]H XNDGDQLDX \WHMGRXNDGX
$QQRWDWLRQ2SLV :\ ZLHWODQD]Z WDEHOLRSLVyZX \WHMGRXNDGX
%ORFN%XII%ORNRZDQLH%XIRURZDQLH:\ ZLHWODQD]Z WDEHOLEORNRZDQLDLEXIRURZDQLD
X \WHJRZXNDG]LH
0DWFKLQJ 'RSDVRZDQLH:\ ZLHWODQD]Z WDEHOLGRSDVRZDQLDX \W GRXNDGX
1RWFK1DFLQHN:\ ZLHWODQD]Z WDEHOLQDFLQNyZX \W GRXNDGX
0RGHO0RGHO:\ ZLHWODQD]Z SLHUZV]HJRPRGHOX]H]OHFHQLDXNDGX
0RGHO0RGHO:\ ZLHWODQD]Z GUXJLHJRPRGHOX]H]OHFHQLDXNDGX
0RGHO0RGHO :\ ZLHWODQD]Z WU]HFLHJRPRGHOX]H]OHFHQLDXNDGX

0RGHO0RGHO:\ ZLHWODQD]Z F]ZDUWHJRPRGHOX]H]OHFHQLDXNDGX

0RGHO0RGHO :\ ZLHWODQD]Z SL WHJRPRGHOX]H]OHFHQLDXNDGX
0RG'DWH'DWD0RG\ILNDFML:\ ZLHWODGDW ]DSLVXUHJX\XNDGDQLD
5HI'DWH'DWD5HIHUHQF\MQD:\ ZLHWODGDW NLHG\UHJXDXNDGDQLDE\ RVWDWQLRX \ZDQDGR
XNDGDQLDNURMX
:LGWK6]HURNR :\ ZLHWODFDNRZLW V]HURNR XNDGX
/HQJWK'XJR :\ ZLHWODFDNRZLW GXJR XNDGX
8WLOL](IHNW\ZQR :\ ZLHWODSURFHQW]X \FLDPDWHULDXRVL JQL W\ZXNDG]LH
$UHD3RZLHU]FKQLD:\ ZLHWODFDNRZLW SRZLHU]FKQL ZV]\VWNLFKHOHPHQWyZXR RQ\FKZ
XNDG]LH
3HULPHWHU2EZyG:\ ZLHWODFDNRZLW\REZyGZV]\VWNLFKHOHPHQWyZXR RQ\FKZXNDG]LH
7RW6L]&DNRZLWDOLF]EDUR]PLDUyZ:\ ZLHWODFDNRZLW OLF]E UR]PLDUyZ]OHFRQ\FKZ
XNDG]LH
1XP0RG/LF]ED0RGHOL:\ ZLHWODFDNRZLW OLF]E PRGHOLX \W\FKZXNDG]LH
7RW3FH&DNRZLWDOLF]EDHOHPHQWyZ:\ ZLHWODFDNRZLW OLF]E HOHPHQWyZXR RQ\FKL
QLHXR RQ\FKX \W\FKZXNDG]LH
7RW1FK&DNRZLWDOLF]EDQDFLQNyZ:\ ZLHWODFDNRZLW OLF]E QDFLQNyZX \W\FKZ
HOHPHQWDFKZXNDG]LH
0DUNHU5HSRUW5DSRUW8NDGXVNDGDVL ] SL FLXUDSRUWyZ0DUNHU+HDGHU5HSRUW5DSRUWX
1DJyZND8NDGX0DUNHU0RGHO5HSRUW5DSRUWX8NDGX0RGHOD0DUNHU3LHFH5HSRUW5DSRUWX
8NDG6]DEORQX0DUNHU2YHUULGHV5DSRUWX3U]HNURF]H 8NDGXL0DUNHU6SOLFH5DSRUWX
3RG]LDX8NDGX5DSRUW\PRJ G]LDDUD]HPDOHPRJ WH E\Z\ELHUDQHSRMHG\QF]RZGRZROQHM
NRPELQDFMLSU]\X \FLX9LHZ0DUNHU5HSRUW2SWLRQV:LGRN2SFMH5DSRUWX8NDGX
0DUNHU5HSRUWV5DSRUW\8NDGX

8 \M3LHFH3HULPHWHU5HSRUW5DSRUWX2EZRGX6]DEORQXDE\Z\JHQHURZDV]F]HJyRZH
LQIRUPDFMHRREZRG]LHGODND GHJRUR]PLDUXZV]DEORQLHOXEGODZV]\VWNLFKHOHPHQWyZZPRGHOX
3LHFH3HULPHWHU5HSRUW5DSRUW2EZRGX6]DEORQX


3LHFH1DPH1D]ZD(OHPHQWX:\OLF]DQD]Z\ZV]\VWNLFKHOHPHQWyZZELH F\PUDSRUFLH
6WRUDJH$UHD2EV]DU=DSLVX=DZLHUDREV]DU]DSLVXJG]LH]ORNDOL]RZDQHV ZV]\VWNLH
HOHPHQW\
6L]HV5HTXHVWHG GDQH5R]PLDU\:\ ZLHWODZV]\VWNLHUR]PLDU\HOHPHQWXOXEPRGHOXGOD
NWyU\FKE\Z\JHQHURZDQ\UDSRUW
6L]HV5R]PLDU\=DZLHUDZV]\VWNLHUR]PLDU\GODNRUHVSRQGXM F\FKHOHPHQWyZ
6WUDLJKW3URVWD:\ ZLHWODFDNRZLW GXJR SURVW\FKRGFLQNyZREZRGXZND G\PUR]PLDU]H
NRUHVSRQGXM F\FKHOHPHQWyZ
&XUYHG.U]\ZD:\ ZLHWODFDNRZLW GXJR NU]\Z\FKOLQLLREZRGXZND G\PUR]PLDU]H
7RWDO&DNRZLWDGXJR :\ ZLHWODFDNRZLW GXJR OLQLLREZRGXZND G\PUR]PLDU]H
$UHD3RZLHU]FKQLD:\ ZLHWODFDNRZLW SRZLHU]FKQL Z ND G\PUR]PLDU]HNRUHVSRQGXM F\FK
HOHPHQWyZ
7RWDO&DNRZLWDGXJR :\ ZLHWODFDNRZLW GXJR OLQLLREZRGXZND G\PUR]PLDU]H

6LQJOH3LHFH5HSRUW5DSRUW]3RMHG\QF]HJR6]DEORQX
8 \M6LQJOH3LHFHUHSRUW5DSRUWX]3RMHG\QF]HJR6]DEORQXDE\Z\JHQHURZDV]F]HJyRZH
LQIRUPDFMHRSRMHG\QF]\PV]DEORQLHZELH F\PREV]DU]H]DSLVX

3LHFH1DPH1D]ZD(OHPHQWX:\ ZLHWODQD]Z HOHPHQWXGODJHQHURZDQHJRUDSRUWX
&DWHJRU\.DWHJRULD:\ ZLHWODNDWHJRUL NWyUD]RVWDDSU]\SLVDQDND GHPXHOHPHQWRZL
'HVFULSWLRQ2SLV:\ ZLHWODGRGDWNRZHLQIRUPDFMHNWyUHPRJ\E\ZSURZDG]RQHGODND GHJR
HOHPHQWX
5XOH7DEOH7DEHOD5HJX:\ELHU]WHQQDJyZHNMH HOLFKFHV]Z\ ZLHWOLMHGQ ] SRQL V]\FK
GODND GHJRHOHPHQWXQD]Z WDEHOLUHJXVWRSQLRZDQLDVRZR'LJLWL]HUMH HOLHOHPHQW]RVWD
]G\JLWDOL]RZDQ\]VLDWNLOXE]LQQHMDSOLNDFMLOXEQD]Z NRSLLHOHPHQWXX \WHMGRFHOyZ
VWRSQLRZDQLD
5XOH7\SH7\S5HJX:\ ZLHWODW\SUHJXX \W\FKGRQDU\VRZDQLDHOHPHQWX0R H WRE\5XOH
7DEOH7DEHOD5HJX1XPHULF1XPHU\F]QD$OSKDQXPHULF$OIDQXPHU\F]QDOXE&RS\3LHFH
.RSLD(OHPHQWX

3LHFH7\SH7\S(OHPHQWX:\ ZLHWODQD]Z 0LUURUHG/XVWU]DQ\MH HOLHOHPHQWMHVW

UR]R RQ\3R]RVWDMHSXVWHGODQRUPDOQHJR]DPNQL WHJRHOHPHQWX
HOHPHQWX
]DMPXMHZ$FFX0DUN
$UHD3RZLHU]FKQLD:\ ZLHWODFDNRZLW SRZLHU]FKQL UR]PLDUXZ\M FLRZHJRHOHPHQWX
Z\M FLRZHJRHOHPHQWX
HOHPHQFLH
HOHPHQFLH
0XOWL3RLQW3XQNW:LHORNURWQ\:\ ZLHWODFDNRZLW OLF]E ZHZQ WU]Q\FKSXQNWyZ
HOHPHQWX
LOHUD]\ND G\E\X \W\
,QWHUQDO/DEHOV4XDQW(W\NLHW\:HZQ WU]QH=DZLHUDOLVW HW\NLHWZHZQ WU]Q\FKZHOHPHQFLH
L LOHUD]\ND G\E\X \W\
8 \M0RGHO5HSRUW5DSRUWX0RGHOXDE\Z\JHQHURZDLQIRUPDFMHRHOHPHQWDFKWZRU] F\FK
NRQNUHWQ\PRGHO

5DSRUW0RGHOX
,QQHUDSRUW\GRVW SQHGODZ\EUDQHJRPRGHOXWR$OO3LHFH:V]\VWNLH(OHPHQW\L3LHFH3HULPHWHU
2EZyG(OHPHQWX



0RGHO1DPH1D]ZD0RGHOX:\ ZLHWODQD]Z PRGHOXX \WHJRZELH F\PUDSRUFLH
2SWLRQ2SFMH:\ ZLHWODRSFMHPRGHOXVSUHF\]RZDQHSU]H]V\VWHPDE\SU]HWZRU]\WHQ
PRGHO
3LHFH1DPH1D]ZD(OHPHQWX:\ ZLHWODQD]Z\ZV]\VWNLFKHOHPHQWyZZPRGHOX
3LHFH7\SH7\S(OHPHQWX:\ ZLHWODOLF]E MH HOLHOHPHQWMHVWOXVWU]DQ\UR]R RQ\DOER
MH HOLMHVWWRQRUPDOQ\]R RQ\HOHPHQW
4W\DV,QSXW3RGDQD,OR :VND]XMHLOHUD]\ND G\NRUHVSRQGXM F\HOHPHQWPDVL SRMDZLZ
XNDG]LHZSR]\FMLGDQHOXE]G\JLWDOL]RZDQH
4W\;)OLSSHG,OR 3U]HZURWyZ;:VND]XMHLOHUD]\ND G\ NRUHVSRQGXM F\ HOHPHQWPDVL
SRMDZLZXNDG]LHZSR]\FMLSU]HZUyFRQHMZ]GX RVL;
4W\<)OLSSHG,OR 3U]HZURWyZ<:VND]XMHLOHUD]\ND G\NRUHVSRQGXM F\HOHPHQWPDVL
SRMDZLZXNDG]LHZSR]\FMLSU]HZUyFRQHMZ]GX RVL<
4W\;<)OLSSHG,OR 3U]HZURWyZ;<:VND]XMHLOHUD]\ND G\NRUHVSRQGXM F\HOHPHQWPD
VL SRMDZLZXNDG]LHZSR]\FMLSU]HZUyFRQHMZ]GX RVL;<
+DOI3LHFLQJ6]DEORQ3RyZNRZ\:\ ZLHWODOLF]E MH HOLQLH]DVWRVRZDQR DGQHJR
V]DEORQXSRyZNRZHJRGODDSOLNDFMLRW\PVDP\PNLHUXQNXLGODDSOLNDFMLZMDNLPNROZLHN
NLHUXQNX
1XPEHURI'\QDPLF6SOLWV/LF]ED'\QDPLF]Q\FK3RG]LDyZ:\ ZLHWODFDNRZLW OLF]E
G\QDPLF]Q\FKSRG]LDyZ
$GG3LHFH)ODJ'RGDM=QDN6]DEORQX:\ ZLHWODF]\NROHMQHHOHPHQW\PRJ E\GRGDZDQH
GRPRGHOXF]\WH MX QLH
&RPPHQW.RPHQWDU]:\ ZLHWODGDOV]\RSLVGRW\F] F\ELH FHJRPRGHOXRSFMRQDOQLH
&RPPHQW.RPHQWDU] :\ ZLHWODGDOV]\RSLVGRW\F] F\ELH FHJRPRGHOXRSFMRQDOQLH
)DEULF&RGH.RG7NDQLQ\:\ ZLHWODGRF]WHUHFKSRMHG\QF]\FKNRGyZ]D]QDF]DM F\FK
WNDQLQ ]NWyUHMPDE\Z\FL W\ND G\PRGHO
'DWH7LPH'DWD&]DV:\ ZLHWODGDW L JRG]LQ RVWDWQLHJR]DSLVXPRGHOX
+HOS0HQX0HQX3RPRF
$ERXW$FFX0DUN([SORUHU2(NVSORUDWRU]H$FFX0DUN
+HOS7RSLFV7HPDW\3RPRF\
:\ ZLHWODDNWXDOQ\QXPHUZHUVMLWZRMHJRRSURJUDPRZDQLD$FFX0DUN([SORUHU(NVSORUDWRU
$FFX0DUN
2(NVSORUDWRU]H$FFX0DUN
+HOS7RSLFV7HPDW\3RPRF\
:HMG Z V]F]HJyRZ SRPRFRQOLQHGOD$FFX0DUN([SORUHU(NVSORUDWRUD$FFX0DUNOXEGOD

$FFX0DUN)LQGXWLOLW\)XQNFML3RPRFQLF]\FK6]XNDQLD$FFX0DUNZ\ELHUDM F +HOS7RSLFV
7HPDW\3RPRF\]PHQX+HOS3RPRFZMHGQHM]W\FKGZyFKDSOLNDFML

6KRUWFXW0HQX0HQX6NUyWyZ
:\ELHU]MHGHQOXEZL FHMHOHPHQWGDQ\FK]RNQLH([SORUHU(NVSORUDWRUDLSUDZ\PSU]\FLVNLHP
P\V]NLNOLNQLMDE\Z\ ZLHWOL6KRUWFXWPHQX0HQX6NUyWyZ]ZDQHZF]H QLHM&RQWH[W0HQX
0HXQX.RQWHNVWRZH8 \MNRPHQG]WHJRPHQXDE\PLHV]\ENLGRVW S GRUy Q\FKIXQNFML
$FFX0DUNL([SORUHU(NVSORUDWRUD
1SZ\JHQHUXMXNDGEH]SR UHGQLR]MDNLHJRNROZLHN]OHFHQLDOXEZ\JHQHUXMGDQHFL FLD
EH]SR UHGQLR]GDQ\FKXNDGX7RZ\HOLPLQXMHNRQLHF]QR SU]HG]LHUDQLDVL SU]H]UR]OLF]QH
SR]LRPXNRPHQGZPHQXZ$FFX0DUN
.RPHQG\]0HQX6NUyWyZ]PLHQLDM VL ]DOH QLHRGZ\EUDQHJRHOHPHQWXGDQ\FKSRGREQLHMDNZ

PHQX6NUyWyZ:LQGRZV
=REDF]WH
0LFUR0DUN6KRUWFXWPHQX0HQX6NUyWyZ0LFUR0DUN

2SHQ2WZyU]
$XWRPDW\F]QLHRWZLHUDDSOLNDFMHNRUHVSRQGXM FH]Z\EUDQ\PHOHPHQWHPGDQ\FK7\PZD QLH

Uy QLVL RG2SHQ:LWK2WZyU]8 \ZDM F NWyU\SR]ZDODWRELHZ\EUDDSOLNDFM SU]\SRPRF\
NWyUHMRWZRU]\V]Z\EUDQHGDQH
1SMH HOLZ\EUDQHMHVW]OHFHQLHXNDGXNRPHQGDWDRWZRU]\2UGHU(GLWRU(G\WRU=OHFH L
Z\ ZLHWOL]OHFHQLH-H HOLXNDGQLHMHVWZ\EUDQ\WDNNRPHQGDRWZRU]\RNQR0DUNHU0DNLQJ
8NDGDQLH.URMXLZ\ ZLHWOLXNDG
8ZDJD 0R HV]V]\ENRRWZRU]\GDQHZLFKNRUHVSRQGXM FHMDSOLNDFMLNOLNDM F GZXNURWQLHQD

HOHPHQWHVHNFML&RQWHQWV=DZDUWR 1SNOLNQLMGZXNURWQLHQD0DUNHU8NDGDE\RWZRU]\
DSOLNDFM 0DUNHU0DNLQJ8NDGDQLH.URMXLZ\ ZLHWOLZ\EUDQ\XNDG
7RDXWRPDWLFDOO\RSHQDQDSSOLFDWLRQZLWKDGDWDLWHP$E\DXWRPDW\F]QLHRWZRU]\DSOLNDFM
]HOHPHQWHPGDQ\FK
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]HOHPHQWGDQ\FK]NWyU\P

FKFHV]SUDFRZD
3UDZ\PSU]\FLVNLHPP\V]NLNOLNQLMDE\Z\ ZLHWOL6KRUWFXWPHQX0HQX6NUyWyZ
:\ELHU]2SHQ2WZyU]
6\VWHPDXWRPDW\F]QLHRWZRU]\DSOLNDFM $FFX0DUNLHNUDQNRUHVSRQGXM F\]GDQ\PL
1S-H HOLZ\ELHU]HV]GDQH]PLHQQHZ]URVWRZH$OWHUDWLRQ(GLWRU(G\WRU=PLHQQ\FK
:]URVWRZ\FKZ\ ZLHWOLVL F]QLH]W\PLGDQ\PL3RGREQLHMH HOLZ\ELHU]HV]GDQHXNDGX
SRMDZLVL RNQR0DUNHU0DNLQJ8NDGDQLH.URMX F]QLH]W\PLGDQ\PL

2SHQ:LWK2WZyU]8 \ZDM F2WZyU]=
1LHNWyUHW\S\GDQ\FKPRJ E\ RWZDUWHSU]\SRPRF\ZL FHMQL MHGQHMDSOLNDFML2SHQ:LWK

2WZyU]8 \ZDM FSR]ZDODFLVSUHF\]RZDDSOLNDFM NWyUHMFKFHV]X \GRRWZDUFLDNRQNUHWQHJR
HOHPHQWXGDQ\FKW\PZD QLHUy QLVL RGIXQNFML2SHQ2WZyU] NWyUDRWZLHUDDSOLNDFM
NRUHVSRQGXM F ] Z\EUDQ\PLGDQ\PLDXWRPDW\F]QLH
1S-H HOLZ\ELHU]HV]3LHFH(OHPHQW,2SHQ:LWK2WZyU]8 \ZDM FPR HV]Z\EUDF]\

RWZRU]\HOHPHQWZ3'63LHFH9HULI\OXE3'63RGREQLHNLHG\Z\ELHU]HV]0RGHO0RGHOL
Z\ELHU]HV]2SHQ:LWK2WZyU]8 \ZDM FPR HV]Z\EUDGRRWZDUFLDPRGHOX0RGHO(GLWRU3'6
OXE3'6
0LFUR0DUN6W\OHV:]RU\0LFUR0DUNPRJ E\RWZDUWHSU]\X \FLX3'6RU3'6
7RFKRRVHDQDSSOLFDWLRQWRRSHQZLWKDGDWDLWHP$E\Z\EUDDSOLNDFM RWZLHUDQLDHOHPHQWyZGDQ\FK
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]HOHPHQWGDQ\FK]NWyU\P

FKFHV]SUDFRZD
.OLNQLMSUDZ\PSU]\FLVNLHPP\V]NLDE\Z\ ZLHWOL6KRUWFXWPHQX0HQX6NUyWyZ
:\ELHU]2SHQ:LWK2WZyU]8 \ZDM F D QDVW SQLHZ\ELHU]DSOLNDFM
8ZDJD-H HOLWDNRPHQGDVL QLHZ\ ZLHWOLZ\EUDQ\HOHPHQWGDQ\FKPR H E\RWZDUW\W\ONR
SU]H]MHGQ DSOLNDFM .OLNQLMGZXNURWQLHQDHOHPHQWGDQ\FKOXEX \MNRPHQG\2SHQ DE\
RWZRU]\DSOLNDFM NRUHVSRQGXM F ] Z\EUDQ\PHOHPHQWHPGDQ\FK
6\VWHPRWZLHUDDXWRPDW\F]QLHDSOLNDFM $FFX0DUNOXE0LFUR0DUN,HNUDQNRUHVSRQGXM F\]
Z\EUDQ\PLGDQ\PL
1S(OHPHQWPR H E\RWZDUW\SU]\X \FLX3'63LHFH9HULI\OXE3'6

0R HV]X \WHJRSROHFHQLDDE\VNLHURZD]DGDQLHGRNROHMNLZ\FLQDQLDGR6DPSOH0DNHU
:VHNFML([SORUHU(NVSORUDWRUD&RQWHQWV=DZDUWR Z\ELHU]PRGHO
:\ELHU]6XEPLW&XW-RE6NLHUXMGR.ROHMNL:\FLQDQLD
:RNQLHGLDORJRZ\PX]XSHQLMMHGQROXEZL FHM]SRQL V]\FKSyO
6XEPLW&XW-RE6NLHUXMGR.ROHMNL:\FLQDQLD
6L]H5R]PLDUZSURZDG
,QVWUXFWLRQV,QVWUXNFMHZSURZDG NRPHQWDU]H
'XH'DWH 'XH7LPH']LH &]DVZSURZDG G]LH L JRG]LQ NLHG\FKFHV]DE\

]DGDQLH]RVWDRZ\NRQDQH
x
x
GDQ\UR]PLDU
4XDQWLW\,OR ZSURZDG LOR GRZ\FL FLDZ
GDQ\PUR]PLDU]H
3DWWHUQ0DNHU2SHUDWRU6]DEORQXZSURZDG QD]Z RSHUDWRUD
x 'HVWLQDWLRQ3U]H]QDF]HQLHZ\ELHU]JG]LHPDE\]DSLVDQ\SOLNFL FLD
.OLNQLM2.
3U]\SRPRF\9LHZ:LGRNL4XLFN9LHZ6]\ENL3RGJO G PR HV]REHMU]HLZ\GUXNRZDUy QH

SOLNLGDQ\FKEH]SR UHGQLR]RNQD(NVSORUDWRUD8 \MIXQNFML9LHZ:LGRNOXE4XLFN9LHZ6]\ENL
3RGJO GDE\V]\ENR]ZHU\ILNRZDGDQH:VSRPDJDQHV QDVW SXM FHW\S\SOLNyZ
9LHZ4XLFN9LHZ:LGRN6]\ENL3RGJO G
9LHZ:LGRN&XW&L FLH3LHFH6]DEORQ3ORW5\VXQHN
x 4XLFN9LHZ6]\ENL3RGJO G 0RGHO0RGHO3LHFH6]DEORQ
=DUyZQRRNQR9LHZ:LGRNMDN,4XLFN9LHZ6]\ENL3RGJO G XGRVW SQLDM DWZ REVXJ ,
XVWDZLDQLHSUHIHUHQFML

$E\X \9LHZ:LGRN

:VHNFML([SORUHU(NVSORUDWRUD&RQWHQWV=DZDUWR Z\ELHU]HOHPHQWGDQ\FKGR

Z\ ZLHWOHQLD
.OLNQLMSUDZ\PSU]\FLVNLHPP\V]NLDE\Z\ ZLHWOL6KRUWFXWPHQX0HQX6NUyWyZ:\ELHU]

9LHZ:LGRN
2NQD9LHZ3ORW:LGRN5\VXQNXOXE9LHZ&XW:LGRN&L FLDRWZLHUDM VL ZUD]]Z\EUDQ\PL

HOHPHQWDPLGDQ\FK
$E\X \4XLFN9LHZ6]\ENL3RGJO G
:VHNFML([SORUHU(NVSORUDWRUD&RQWHQWV=DZDUWR Z\ELHU]HOHPHQWGDQ\FKGR

Z\ ZLHWOHQLD
.OLNQLMSUDZ\PSU]\FLVNLHPP\V]NLDE\Z\ ZLHWOL6KRUWFXWPHQX0HQX6NUyWyZ:\ELHU]

4XLFN9LHZ6]\ENL3RGJO G
2NQR'LVSOD\3LHFHV:\ ZLHWO6]DEORQ\RWZLHUDMVL ZUD]]Z\EUDQ\PLHOHPHQWDPLGDQ\FK

5HJHQHUDWH0DUNHU5HJHQHUXM8NDG
7DIXQNFMDMHVWX \WHF]QDMH HOLZSURZDG]DV]]PLDQ\GRV]DEORQXDSy QLHMFKFHV]RGWZRU]\

XNDG]DZLHUDM F\WHQHOHPHQW6\VWHP]OHFLSU]HWZDU]DQLHXNDGXDSRWHPX \MH&RS\0DUNHU
.RSLXM8NDGDE\VSUyERZDXR \HOHPHQW\ZXNDG]LH2U\JLQDOQ\XNDG]RVWDMHSU]HSLVDQ\
7RUHJHQHUDWHDPDUNHU$E\]UHJHQHURZDXNDG
:VHNFML([SORUHU(NVSORUDWRUD&RQWHQWV=DZDUWR Z\ELHU]XNDG\NWyUHFKFHV]

]UHJHQHURZD
:\ELHU]5HJHQHUDWH0DUNHU5HJHQHUXM8NDG
:\ ZLHWOLVL RNQRGLDORJRZH5HJHQHUDWH0DUNHU5HJHQHUXM8NDGZVND]XM FHQD]Z XNDGX
NWyU\PDE\SU]HWZRU]RQ\SU]H]2UGHU3URFHVV3U]HWZDU]DQLH=OHFHQLD:VND]XMHWH L SR
XWZRU]HQLXXNDGXX \WD]RVWDQLH&RS\0DUNHU.RSLD8NDGXSU]\SUyELHXR HQLDZV]\VWNLFK
HOHPHQWyZSRQRZQLHZXNDG]LH2U\JLQDOQ\XNDG]RVWDQLHSU]HSLVDQ\
:\ELHU]<HV7DNDE\]UHJHQHURZDELH F\XNDGOXEZ\ELHU]<HVWR$OO7DN
:V]\VWNLHDE\]UHJHQHURZDZV]\VWNLHZ\EUDQHXNDG\QDUD]
3RXNR F]HQLXV\VWHPZVND H OLF]E XNDGyZNWyUH]RVWD\SU]HWZRU]RQH]SRZRG]HQLHPRUD]
OLF]E SRZVWD\FKE GyZ
.OLNQLM2.
*HQHUDWH&XW'DWD*HQHUXM'DQH&L FLD
-H HOLZ\EUDQHV XNDG\WDNRPHQGDZ\ ZLHWODRNQRGLDORJRZH&XW3URFHVV3URFHV&L FLD

8 \MHWHJRRNQDDE\SU]HWZRU]\XNDGZGDQHFL FLD
7RJHQHUDWHFXWGDWD$E\Z\JHQHURZDGDQHFL FLD
:VHNFML([SORUHU(NVSORUDWRUD&RQWHQWV=DZDUWR Z\ELHU]XNDG\GODNWyU\FKFKFHV]

Z\JHQHURZDGDQHFL FLD
:\ELHU]*HQHUDWH&XW'DWD*HQHUXM'DQH&L FLD
:\ ZLHWOLVL RNQRGLDORJRZH&XW3URFHVV3URFHVX&L FLD]GRP\ OQ QD]Z &XWWHU
3DUDPHWHU7DEOH7DEHO 3DUDPHWUyZ&XWWHUDLSU]H]QDF]HQLHP
-H HOLWRNRQLHF]QHZ\ELHU]LQQ &XWWHU3DUDPHWHU7DEOH7DEHO 3DUDPHWUyZ&L FLD
:\ELHU]2.

3RXNR F]HQLXV\VWHPZVND H OLF]E XNDGyZNWyUH]RVWD\SU]HWZRU]RQHRUD]OLF]E

SRZVWD\FKE GyZ
5HSRUW5DSRUW
=DZLHUDOLVW UDSRUWyZNWyUHPRJ E\Z\JHQHURZDQHGODZ\EUDQHJRHOHPHQWXGDQ\FK

1SMH HOLZ\ELHU]HV]HOHPHQWLZ\ELHU]HV]5HSRUW5DSRUWSRMDZLVL QDVW SXM FDNRPHQGD2QH
3LHFH -HGHQ (OHPHQW $OO 3LHFH :V]\VWNLH (OHPHQW\ L 3LHFH 3HULPHWHU 2EZyG (OHPHQWX
:\ELHU] UDSRUW NWyU\ FKFHV] Z\JHQHURZD 'DQH VL Z\ ZLHWODM GRSyNL QLH Z\MG]LHV] ] SRGJO GX
UDSRUWX
8ZDJD $OO5HSRUWV5DSRUW:V]\VWNLHZ\ ZLHWODM VL Z $FFX0DUN5HSRUW9LHZHU3RGJO G]LH

5DSRUWX $FFX0DUN 6LQJOH 5HSRUWV 5DSRUWX SRMHG\QF]H V JHQHURZDQH Z IRUPDFLH +70/ L Z
W\P IRUPDFLH V Z\ ZLHWODQH Z +70/ 9LHZHU 3RGJO G]LH +70/ MX ]DLQVWDORZDQ\P QD WZRLP
V\VWHPLH1SZ0LFURVRIW,QWHUQHW([SORUHUOXE1HWVFDSH1DYLJDWRU
-H HOL QLH PDV] ]DLQVWDORZDQHJR +70/ 9LHZHU 3RGJO GX +70/ QDGDO PR HV] X \ 6\VWHP
0DQDJHPHQW 6LQJOH 5HSRUWV 5DSRUWX 3RMHG\QF]\ 0HQDG HUD 6\VWHPX DE\ Z\JHQHURZD
SRGJO G LQIRUPDFMLGODSRMHG\QF]HJRHOHPHQWXGDQ\FK
7RJHQHUDWHDUHSRUW$E\Z\JHQHURZDUDSRUW
:VHNFML([SORUHU(NVSORUDWRUD&RQWHQWV=DZDUWR Z\ELHU]GDQHGODNWyU\FKFKFHV]

Z\JHQHURZDUDSRUW
:\ELHU]5HSRUW5DSRUW
-H HOLMHVWW\ONRMHGHQUDSRUWGRVW SQ\GODZ\EUDQHJRW\SXGDQ\FK$FFX0DUN5HSRUW9LHZHU
3RGJO G 5DSRUWX$FFX0DUNDXWRPDW\F]QLHZ\ ZLHWOL GDQHLQIRUPDFMH
-H HOLGRVW SQHMHVWZL FHMUDSRUWyZGODZ\EUDQ\FKGDQ\FKZ\ ZLHWO VL GRGDWNRZHNRPHQG\
GDQD
NWyUHSR]ZRO FLZ\EUDUDSRUWGRZ\JHQHURZDQLD3RZ\EUDQLXUDSRUWXZ\ ZLHWOLVL
LQIRUPDFMD
8ZDJD $OO 5HSRUWV 5DSRUW :V]\VWNLH Z\ ZLHWODM VL Z $FFX0DUN 5HSRUW 9LHZHU

3RGJO G]LH 5DSRUWX $FFX0DUN 6LQJOH 5HSRUWV 5DSRUWX SRMHG\QF]H V JHQHURZDQH Z
IRUPDFLH +70/ L Z W\P IRUPDFLH V Z\ ZLHWODQH Z +70/ 9LHZHU 3RGJO G]LH +70/ MX
]DLQVWDORZDQ\PQDWZRLPV\VWHPLH1SZ0LFURVRIW,QWHUQHW([SORUHUOXE1HWVFDSH1DYLJDWRU
-H HOLQLHPDV] ]DLQVWDORZDQHJR+70/9LHZHU3RGJO GX+70/QDGDOPR HV]X \ 6\VWHP
0DQDJHPHQW 6LQJOH 5HSRUWV 5DSRUWX 3RMHG\QF]\ 0HQDG HUD 6\VWHPX DE\ Z\JHQHURZD
SRGJO G LQIRUPDFMLGODSRMHG\QF]HJRHOHPHQWXGDQ\FK
7RFXVWRPL]HDUHSRUW$E\ZSURZDG]LXVWDZLHQLDZDVQHUDSRUWX
3RZ\ ZLHWOHQLX5HSRUW9LHZHU3RGJO GX5DSRUWXPR HV]X \NRPHQG]6KRUWFXWPHQX

0HQX6NUyWyZDE\]LQG\ZLGXDOL]RZDUDSRUW7R]QDF]\ H PR HV]GRGDOXEXVXQ QD]Z\SyO
ZHGXJSRWU]HE0R HV]QDZHW]DSLVDUDSRUW]XVWDZLHQLDPLZDVQ\PLMDNRV]DEORQGR
Sy QLHMV]HJRX \WNX
$E\XVXQ SROH
3UDZ\PSU]\FLVNLHPP\V]NLNOLNQLMQD]Z SRODNWyUHFKFHV]XVXQ
.LHG\Z\ ZLHWOLVL 6KRUWFXWPHQX0HQX6NUyWyZZ\ELHU]'HOHWH)LHOG8VX 3ROH
6\VWHPXVXQLHSROH]UDSRUWX
$E\GRGDSROH
3UDZ\PSU]\FLVNLHPP\V]NLNOLNQLMPLHMVFHZNWyU\PFKFHV]GRGDSROH
.LHG\Z\ ZLHWOLVL 6KRUWFXWPHQX0HQX6NUyWyZZ\ELHU],QVHUW)LHOG:VWDZ3ROH
:\ ZLHWOLVL RNQRGLDORJRZH,QVHUW)LHOG:VWDZ3ROH
:\ELHU]QD]Z SRODNWyUHFKFHV]ZVWDZLLZ\ELHU]2.

8ZDJDMHG\QLHSRODNWyUHE\\ZF]H QLHMXVXQL WH]V]DEORQXSU]\X \FLX'HOHWH)LHOG8VX

6\VWHPGRGDSROHZZ\EUDQHMORNDOL]DFML
6HQG7R:\ OLM'R
=DZLHUDOLVW ORNDOL]DFMLGRNWyU\FKPR HV]Z\VDZ\EUDQHGDQH
1S-H HOLZ\EUDH HOHPHQWL6HQG7R:\ OLM'RZ\ ZLHWO VL GZLHGRGDWNRZHNRPHQG\

3ORWWHUL0DLO5HFLSLHQW$GUHVDW0DLOD7RSR]ZROLFLVSUHF\]RZDF]\FKFHV]Z\VDGDQHGR
SORWWHUDF]\Z\VDGRNRJR SRF]W HOHNWURQLF]Q
=DOH QLHRG]DLQVWDORZDQHJRQDWZRLPV\VWHPLHRSURJUDPRZDQLDPRJ VL SRMDZLWH LQQHRSFMH

WDNLHMDN%DWFK3URFHVVLQJ1HVWHU6HUYHUF]\2SWLPL]HU
7RVHQGGDWDLWHPVWRDSORWWHU$E\Z\VDGDQHGRSORWWHUD
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]GDQHV]DEORQXXNDGXOXE

SOLNXFL FLDNWyUHFKFHV]U\VRZD
:\ELHU]6HQG7R:\ OLMGR
:\ELHU]3ORWWHUDE\Z\ ZLHWOLRNQR3LHFH3ORW5\VRZDQLH6]DEORQX0DUNHU3ORW5\VRZDQLH
8NDGXOXE&XW3ORW5\VXQHN:\FLQDQLD]DOH QLHRGZ\EUDQHJRHOHPHQWXGDQ\FK
2NQDWHPDM LQWHUIHMVSRGREQ\GR$FFX0DUN([SORUHU(NVSORUDWRUD$FFX0DUNFKRFLD
G]LDDM SRGREQLHGRHNUDQyZ6\VWHP0DQDJHPHQW3LHFH3ORW6\VWHPX=DU] G]DQLH
5\VRZDQLHP6]DEORQX5\VRZDQLHP8NDGXL&XW3ORW5\VXQNLHP&L FLD
8]XSHQLMZ\PDJDQHSROD:SRV]F]HJyOQ\FKRNQDFKNOLNQLMSRZ\ V]HOLQNLOXESU]HZL Z GyW
VWURQ 7\SRZHSRODV QDOL FLHSRQL HM
x
x
x
x
x
/RFDWLRQ/RNDOL]DFMD:\ ZLHWODORNDOL]DFM ELH
FHJRREV]DUX]DSLVX
3ORW'HVWLQDWLRQ3U]H]QDF]HQLH5\VXQNX:\ELHU]SRPL G]\ORNDOQ\PREV]DUHP
]DSLVXDSOLNLHP'26
0HGLD7\SH7\S1R QLNDZ\ELHU]GRP\ OQ\OXELQQ\W\SRLOHMHVWWRGR]ZRORQH

=DNUHVWZRMHJRZ\ERUXMHVWRSDUW\QD0HGLD,'V,GHQW\ILNDFML0HGLyZNWyUHE\\
]DLQVWDORZDQHQDHNUDQLH3ORWWHU6HWWLQJ8VWDZLHQLD3ORWWHUDZ$FFX0DUN8WLOLWLHV
)XQNFMDFK3RPRFQLF]\FK$FFX0DUN
&XW'DWD'DQH&L FLD 0DUNHUV8NDGyZ OXE'DWD1DPHV1D]ZD'DQ\FK
:\ ZLHWODQD]Z HOHPHQWXNWyU\Z\V\DV]GRSORWWHUD
1RWDWLRQ1RWDWLRQ:\ ZLHWODELH
$QJLHOVNLH
F\W\S0HWULF0HWU\F]QHOXE,PSHULDO
6HSDUDWLRQ6HSDUDFMD:\ ZLHWODZDUWR VHSDUDFMLNWyUHZ\VW SL SRPL G]\

HOHPHQWDPL]ELWNDPLOXEJUXSDPL0RJ VL RQHZDKDE\RGGRFDOL
GRFHQW\PHWUyZ
6WDFNLQJ=ELWND:\ELHU]F]\GRSXV]F]DV]Z\VW SLHQLH]ELWHNZJUXSLHF]\WH QLH

7DNHOHPHQW\RV]HURNR FLPQLHMV]HMQL V]HURNR SORWWHUDPDM E\U\VRZDQHMHGHQ
SU]\GUXJLP]ELMDQH
1LHHOHPHQW\QLHPDM VL VW\ND
*UXSDHOHPHQW\SU]HWZRU]RQHZJUXSLHPDM VL VW\NDMHG\QLHZREU ELHJUXS\
:\ELHU]2.
2GQRV] FHVL 7HPDW\
3ORWWLQJDUURZKHDGVIRUJUDLQOLQHVDQGLQWHUQDOV5\VRZDQLHVWU]DHNGODOLQLLRVQRZ\LOLQLL
ZHZQ WU]Q\FK
3LHFH3ORW:LQGRZ2NQR5\VRZDQLD6]DEORQX

.LHG\HOHPHQW\V 6HQW7RWKH3ORWWHU:\V\DQHGR3ORWWHUDZ\ ZLHWODVL RNQR3LHFH3ORW

5\VRZDQLH6]DEORQX:\M WNRZHSRODV Z\MD QLRQHSRQL HM3RGDOV]HLQIRUPDFM R X]XSHQLDQLX
SR]RVWD\FKSyONOLNQLMWXWDM
x
x
x
x
x
x
&KDUDFWHU6L]H5R]PLDU=QDNyZ:SLV]UR]PLDU]QDNyZGOD$QQRWDWLRQ2SLVyZ
0R H VL ZDKDRGGRFDOL
3DVWH3LHFHV:NOHM6]DEORQ\:\ELHU]MDNL 3DVWH3LHFHV:NOHMRQH6]DEORQ\
NWyUHPDM E\U\VRZDQHUyZQROHJOH]Z\EUDQ\PLHOHPHQWDPL(OHPHQWZNOHMRQ\PXVL
E\]ZL ]DQ\]QD]Z HOHPHQWXVSUHF\]RZDQ Z SROX'DWD1DPHV1D]ZD'DQ\FK
3LHFH3ORW3DUDP3DUDPHWU\5\VRZDQLD6]DEORQX:\ELHU]WDEHO SDUDPHWUyZ
NWyUHMX \MHV]SRGF]DVU\VRZDQLD
$QQRWDWLRQ2SLVZ\ELHU]HG\WRUNWyU\E G]LHX \ZDQ\SRGF]DVU\VRZDQLD
6L]HVWR3ORW5R]PLDU\GR5\VRZDQLD:SLV]UR]PLDUU\VRZDQLDOXE]RVWDZ
PLHMVFHSXVWHDE\U\VRZDUR]PLDU\]OLVW\ZWDEHOLSDUDPHWUyZ3LHFH3ORW5\VRZDQLH
6]DEORQX5R]PLDU\SRZLQQ\E\RGG]LHORQHSU]HFLQNDPL
3ORW$V5\VXM-DNRZ\ELHU]SR]\FM ZNWyUHME G U\VRZDQHV]DEORQ\

,QSXW'DQH:HM FLRZHU\VXM V]DEORQHZSR]\FMLMDNR]GLJLWDOL]RZDQH
) 5RWDWLRQ)5RWDFMDU\VXMHV]DEORQ\RGZUyFRQHWDN H OLQLDRER HQLDMHVWOLQL
SR]LRP 0RGHO0RGHOU\VXMHV]DEORQWDNMDNZVND]DQHZPRGHOXQS:PRGHOX
Z\PDJDQDMHVW/HZDL3UDZH
.LHG\XNDG\V 6HQW7RWKH3ORWWHU:\V\DQHGR3ORWWHUDZ\ ZLHWODVL RNQR0DUNHU3ORW

5\VRZDQLH8NDGX:\M WNRZHSRODV Z\MD QLRQHSRQL HM3RGDOV]HLQIRUPDFM R X]XSHQLDQLX
SR]RVWD\FKSyONOLNQLMWXWDM
0DUNHU3ORW:LQGRZ2NQR5\VRZDQLD8NDGX
x
x
4XDQWLW\,OR :SLV]LOHFKFHV]U\VXQNyZND GHJRZ\EUDQHJRXNDGX
0DUNHU3ORW3DUDP3DUDPHWU\5\VRZDQLD8NDGX:\ELHU]WDEHO SDUDPHWUyZ
NWyUHMX \MHV]SRGF]DVU\VRZDQLD
$QQRWDWLRQ 2SLVZ\ELHU]HG\WRUNWyU\E G]LHX \ZDQ\SRGF]DVU\VRZDQLD
6DYH3ORWV=DSLV]5\VXQNL:\ELHU]F]\]DSLV\ZDSOLNLU\VXQNyZSR]DNR F]HQLX
U\VRZDQLD
&XW3ORW:LQGRZ2NQR5\VXQNX:\FLQDQLD
.LHG\GDQHFL FLDV 6HQW7RWKH3ORWWHU:\V\DQHGR3ORWWHUDZ\ ZLHWODVL RNQR&XW3ORW

5\VXQHN&L FLD:\M WNRZHSRODV Z\MD QLRQHSRQL HM
x
x
x
x
&XW6RXUFH UyGR&L FLD:\ELHU]ORNDOL]DFM JG]LH]DSLVDQHV GDQHFL FLD

/RFDO/RNDOQHRGQRVLVL GRELH FHJRREV]DUX]DSLVX
0D[/HQJWK0DNV\PDOQD'XJR $E\QDU\VRZDPLQLXNDGNLHG\QLH]RVWDD
]D]QDF]RQDIXQNFMD)XOO6FDOH3HQD6NDODZSLV]PDNV\PDOQ GXJR RSDUW QD
SRZLHU]FKQLU\VRZDQLDFL FLD
0D[:LGWK0DNV\PDOQD6]HURNR $E\QDU\VRZDPLQLXNDGNLHG\QLH]RVWDD
]D]QDF]RQDIXQNFMD)XOO6FDOH3HQD6NDODZSLV]PDNV\PDOQ V]HURNR RSDUW QD
V]HURNR FLSRZLHU]FKQLU\VRZDQLDFL FLD
)XOO6FDOH3HQD6NDOD=D]QDF]MH HOLGDQHPDM E\FL WHZ)XOO6FDOH3HQHM

6NDOL
-H HOLWDIXQNFMDMHVW]D]QDF]RQHV\VWHPREUDFDU\VXQHNZHGOHSRWU]HE,X \ZDFD
GXJR SORWWHUDOXEVHNFMLGRU\VRZDQLDXNDGXZSHQHMVNDOL
-H HOLQLHMHVW]D]QDF]RQDPR HV]VNDORZDXNDGSURSRUFMRQDOQLHU\VRZDPLQL
XNDGSU]H]VSUHF\]RZDQLHPDNV\PDOQHMGXJR FL,V]HURNR FL
6WU]DNLNLHUXQNRZHPRJ E\GRGDZDQHGROLQLLRVQRZ\OXEOLQLLZHZQ WU]Q\FKGODGDQ\FK

U\VRZDQLD0R QDWR]URELSU]H]XVWDZLHQLH]PLHQQ\FK URGRZLVNRZ\FKZV\VWHPLH
VNRQILJXURZDQ\PGODSORWWHUD
$E\DNW\ZRZDIXQNFM VWU]DHN
5\VRZDQLH6WU]DHNGOD/LQLL2VQRZ\

'OD:LQGRZV GRGDMGRSOLNXDXWRH[HFEDW]GDQLH

6HW$&0.B$552:+($' [Q[Q
[ MDNDNROZLHNZHZQ WU]QDHW\NLHWDNWyUDPR H E\U\VRZDQDJOLQLHRVQRZ\,OLQLH
ZHZQ WU]QH
Q W\SVWU]DNL
/8%
'OD:LQGRZV17OXE NOLNQLMSUDZ\PSU]\FLVNLHPP\V]NL0\&RPSXWHU0yM.RPSXWHUQD
SXOSLFLH:LQGRZVLZ\ELHU]3URSHUWLHV:D FLZR FL'RGDMW LQIRUPDFM SRG(QYLURQPHQW7DE
URGRZLVNRZ 1DOLQLL]PLHQQ\FKV\VWHPXGRGDM$&0.B$552:+($':DUWR FL
7DEHO
E G ZHZQ WU]QHHW\NLHW\,W\SVWU]DNL[Q
=PLHQQH URGRZLVNRZH$&0.B$552:+($' [Q[Q[Q
[ MDNDNROZLHNZHZQ WU]QDHW\NLHWDNWyUDPR H E\U\VRZDQDJOLQLHRVQRZ\,OLQLH
ZHZQ WU]QH
Q W\SVWU]DNL
'ODOLQLLZHZQ WU]QHMGZXSXQNWRZHM]DF]\QDM F ZSXQNFLHDNR F] F ZQMHVWMHGQ\P]
SRQL V]\FKW\SyZVWU]DNL
6(7$&0.B$552:+($' *,
7RSROHFHQLDQDU\VXMHSRMHG\QF] VWU]DN QDSUDZ\PNR FXOLQLLRVQRZ\RUD]VWU]DNLQDRE\GZX
NR FDFKOLQLLZHZQ WU]QHM]HW\NLHWN ,
3U]\NDG
: $FFX0DUN([SORUHU(NVSORUDWRU]H$FFX0DUNPR HV]Z\ ZLHWOLOLVW GRVW SQ\FKSORWWHUyZ

RWU]\PDZD FLZR FLND GHJRSORWWHUDLRWZRU]\RNQR3ORW4XHXH.ROHMND5\VRZDQLD
=REDF]WH
0RQLWRULQJ3ORWWHU6WDWXV0RQLWRURZDQLH6WDWXVX3ORWWHUD
6HQG7R3ORWWHU:\ OLMGR3ORWWHUD
3ORWWHUV3ORWWHU\
0RQLWRULQJ3ORWWHU6WDWXV0RQLWRURZDQLH6WDWXVX3ORWWHUD
Z VLHFLU]HF] QDWXUDOQ MHVWZ\VW SRZDQLHUy QRURGQ\FKSORWWHUyZ8 \ZDM F $FFX0DUN([SORUHU

(NVSORUDWRUD$FFX0DUN]MHGQHMORNDOL]DFMLPR HV]PRQLWRURZDVWDWXVZV]\VWNLFKSORWWHUyZ
$E\VSUDZG]LNROHMNLU\VRZDQLD
:VHNFMLDOO)ROGHUV:V]\VWNLH)ROGHU\(NVSORUDWRUDNOLNQLMQD3ORWWHUVIROGHU)ROGHU3ORWWHUyZ


: VHNFML&RQWHQWV=DZDUWR SRMDZLVL OLVWDZV]\VWNLFKSORWWHUyZGRVW SQ\FKGODWZRMHJR

V\VWHPXUD]HP]LFKELH F\PVWDWXVHP6WDWXVSORWWHUyZMHVW]DNWXDOL]RZDQ\FRVHNXQG
$E\]REDF]\]DZDUWR SRV]F]HJyOQHMNROHMNLU\VRZDQLD
:\NRQDMMHGQ ] SRQL V]\FKF]\QQR FL

x
.OLNQLMGZXNURWQLHQDQD]Z NROHMNL
NOLNQLMSUDZ\PSU]\FLVNLHPP\V]NLQDQD]Z NROHMNLLZ\ELHU]2SHQ2WZyU]]6KRUWFXW
PHQX0HQX6NUyWyZ
:\ ZLHWOLVL 3ORW4XHXHPDQDJHU0HQDG HU.ROHMNL5\VRZDQLD
3ORW4XHXH0HQDG HU.ROHMNL5\VRZDQLDSRVLDGDLQWHUIHMVRSHUDWRUDSRGREQ\GR([SORUHU
(NVSORUDWRUD-HGQDN H IXQNFMHG]LDDM GRNDGQLHWDNMDN6\VWHP0DQDJHPHQW3ORW4XHXH
PDQDJHU0HQDG HU6\VWHPX0HQDG HU.ROHMNL5\VRZDQLD
$E\]DU] G]D]GDQLDPLZNROHMFHU\VRZDQLD
:\ELHU]]DGDQLDLNOLNQLMSUDZ\PSU]\FLVNLHPP\V]NL
:\ ZLHWOLVL 6KRUWFXWPHQX0HQX6NUyWyZ
:\ELHU]MHGQ ] SRQL V]\FKNRPHQG
'HOHWH8VX 'HOHWH$OO8VX :V]\VWNR'HOHWH$FWLYH8VX $NW\ZQH
6WRS$IWHU6WRS3R6WRS,PPHGLDWH6WRS1DW\FKPLDVW3ORW-RE1RZ5\VXM=DGDQLH7HUD]
&OHDU2ZQHU.DVXM8 \WNRZQLND$GYDQFH3DSHU3U]HVXZ3DSLHUX&KDQJH0HGLD=PLH
0HGLD
2GQLH VL GR6\VWHP0DQDJHPHQWRQOLQHKHOS3RPRF\0HQDG HUD6\VWHPXRQOLQHOXEGR
8VHUV*XLGH3U]HZRGQLND8 \WNRZQLNDFHOHPX]\VNDQLDEDUG]LHMV]F]HJyRZ\FKLQIRUPDFML
QDWHPDWNRPHQGNROHMNLU\VRZDQLD
7RVHQGGDWDLWHPVWR%DWFK3URFHVVLQJ$E\Z\VDHOHPHQW\GDQ\FKGRSU]HWZDU]DQLD%DWFK
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRUDZ\ELHU]]OHFHQLDOXEXNDG\NWyUH

FKFHV]SU]HVDGR%DWFK3URFHVVLQJ3U]HWZDU]DQLD%DWFK
:\ELHU]6HQG7R:\ OLMGRDSRWHP%DWFK3URFHVVLQJ3U]HWZDU]DQLH%DWFKDE\
Z\ ZLHWOLRNQRGLDORJRZH6HQG7R%DWFK:\ OLMGRSU]HWZDU]DQLD%DWFK
7RRNQRGLDORJRZHG]LDDLZ\JO GDSRGREQLHMDNRNQR$GG-RE'RGDM=DGDQLHZ%DWFK
3URFHVVLQJ3U]HWZDU]DQLX%DWFK
3UDFXM]W\PRNQHPGLDORJRZ\PSRGREQLHMDN]RNQHP$GG-RE'RGDM=DGDQLH-H HOLWR
NRQLHF]QH2GQLH VL GR%DWFK3URFHVVLQJRQOLQHKHOS3RPRF\RQOLQH3U]HWZDU]DQLD%DWFK
3RZ\EUDQLX2. V\VWHPZ\ OHZ\EUDQ OLVW HOHPHQWyZGRDSOLNDFML%DWFK3URFHVVLQJ
3U]HWZDU]DQLH%DWFK
7RVHQGGDWDYLDHOHFWURQLFPDLO$E\SU]HVDGDQHSRF]W HOHNWURQLF]Q
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRUDZ\ELHU]HOHPHQW\GDQ\FKNWyUH

FKFHV]Z\VDGRNRJR SRF]W HOHNWURQLF]Q
:\ELHU]6HQG7R:\ OLMGRDSRWHP0DLO5HFLSLHQW$GUHVDW3RF]W\
8ZDJD7\SV\VWHPXSRF]W\NWyUHJRX \ZDV]MHVWXVWDZLDQ\ZF]DVLHLQVWDODFML$FFX0DUN
([SORUHU(NVSORUDWRUD$FFX0DUN
3UDFXM]SURJUDPHPSRF]W\MDN]Z\NOH6\VWHPDXWRPDW\F]QLHNRQZHUWXMHZ\EUDQHSOLNLL
SU]\SLVXMHLPQD]Z ]LS
x
-H HOLX \ZDV]0LFURVRIW0DLOZ\ ZLHWOLVL RNQRGLDORJRZH0LFURVRIW([FKDQJH

6SUHF\]XMQD]Z DGUHVWHPDWLZLDGRPR MH HOLWRNRQLHF]QH:\ELHU]6HQG:\ OLM
SR]DNR F]HQLX

MH HOLX \ZDV]/RWXVFF0DLOSRMDZLVL RNQRGLDORJRZH/RJLQ=DORJXMVL Z SURJUDPLH

SRWHPVSUHF\]XMQD]Z DGUHVWHPDWLZLDGRPR MH HOLWRNRQLHF]QH:\ELHU]6HQG
:\ OLMSR]DNR F]HQLX
'HOHWH8VX
3R]ZDODXVXQ Z\EUDQHHOHPHQW\GDQ\FK
$E\XVXQ HOHPHQW\GDQ\FK
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRUDZ\ELHU]HOHPHQW\GDQ\FKNWyUH

FKFHV]XVXQ
:\ELHU]'HOHWH8VX
:\ ZLHWOLVL RNQRGLDORJRZH&RQILUP'HOHWH3RWZLHUG 8VXZDQLH
:\ELHU]<HV7DNDE\XVXQ HOHPHQWGDQ\FK]QDMGXM F\VL Z RNQLHOXEZ\ELHU]<HVWR$OO
7DN:V]\VWNLHDE\XVXQ ZV]\VWNLHZ\EUDQHHOHPHQW\
6\VWHPXVXZDZ\EUDQHHOHPHQW\GDQ\FK]LFKIROGHUXOXEZ\V\DMHGR5HF\FOH%LQ.RV]D
MH HOLWDNMHVWVNRQILJXURZDQ\
5HQDPH=PLH
QD]Z
3R]ZDODFL]PLHQLQD]Z Z\EUDQHJRHOHPHQWXGDQ\FK
$E\]PLHQLQD]Z HOHPHQWXGDQ\FK
:RNQLH([SORUHU(NVSORUDWRUDNOLNQLMSUDZ\PSU]\FLVNLHPP\V]NLHOHPHQWGDQ\FKOXEIROGHU
NWyU\FKFHV]SU]HPLDQRZD
-H HOL]PLHQLDV]QD]Z IROGHUXQLHPXVLV]JRZF]H QLHMRWZLHUD
.LHG\SRMDZLVL 6KRUWFXWPHQX0HQX6NUyWyZZ\ELHU]5HQDPH=PLH 1D]Z
:SLV]QRZ QD]Z GODGDQ\FKLZFL QLM(QWHU
1D]ZDGDQ\FKZ$FFX0DUNMHVWRJUDQLF]RQDGR]QDNyZSRGF]DVJG\REV]DU]DSLVX
$FFX0DUNPR H PLHZQD]ZLHW\ONR]QDNyZ
&KHFN6SUDZG
-H HOLIROGHUMHVW]DPNQL W\WDNRPHQGDSR]ZROLFLVSUDZG]LSOLNLZNRUHVSRQGXM F\PREV]DU]H

]DSLVX
$E\VSUDZG]LSOLNLZREV]DU]H]DSLVX
:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\Z([SORUHU(NVSORUDWRU]HSUDZ\PSU]\FLVNLHPP\V]NL
NOLNQLMIROGHUNWyU\FKFHV]VSUDZG]L1LHRWZLHUDMWHJRIROGHUXZF]H QLHMPXVLE\]DPNQL W\
DE\PyJE\VSUDZG]RQ\
.LHG\Z\ ZLHWOLVL 6KRUWFXWPHQX0HQX6NUyWyZZ\ELHU]&KHFN6SUDZG
: F]DVLHVSUDZG]DQLDSOLNyZV\VWHPZ\ ZLHWOLRNQR'263R]DNR F]HQLXZ\ ZLHWOLVL RNQR
$FFX0DUN([SORUHU(NVSORUDWRUD$FFX0DUN
=REDF]WH
$FFX0DUN%DFNXS%DFNXS$FFX0DUN
/RFN=DEORNXM
-H HOLIROGHUMHVW]DPNQL W\LQLH]DEORNRZDQ\WDNRPHQGDSR]ZDODFL]DEORNRZDNRUHVSRQGXM F\

REV]DU]DSLVX8 \FLHWHMIXQNFMLMHVWUHNRPHQGRZDQHSU]HGVSUDZG]DQLHPSOLNyZZREV]DU]H
]DSLVX
$E\]DEORNRZDREV]DU]DSLVX
:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\Z([SORUHU(NVSORUDWRU]HSUDZ\PSU]\FLVNLHPP\V]NL
NOLNQLMIROGHUNWyU\FKFHV]]DEORNRZD1LHRWZLHUDMWHJRIROGHUXZF]H QLHMPXVLE\]DPNQL W\
DE\PyJE\]DEORNRZDQ\
.LHG\Z\ ZLHWOLVL 6KRUWFXWPHQX0HQX6NUyWyZZ\ELHU]/RFN=DEORNXM


6\VWHPZ\ ZLHWOLPD\NOXF]QDZ\EUDQ\PIROGHU]HDE\]D]QDF]\ H MHVWRQ]DEORNRZDQ\
8QORFN2GEORNXM
-H HOLREV]DU]DSLVXMHVW]DEORNRZDQ\WDNRPHQGDSR]ZROLFLRGEORNRZDNRUHVSRQGXM F\REV]DU
]DSLVX
$E\RGEORNRZDREV]DU]DSLVX
:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\Z([SORUHU(NVSORUDWRU]HSUDZ\PSU]\FLVNLHP
P\V]NLNOLNQLMIROGHUNWyU\FKFHV]RGEORNRZD6\VWHPZ\ ZLHWODPD\NOXF]QDZ\EUDQ\P
IROGHU]HDE\]D]QDF]\ H MHVWRQ]DEORNRZDQ\
.LHG\Z\ ZLHWOLVL 6KRUWFXWPHQX0HQX6NUyWyZZ\ELHU]8QORFN2GEORNXM

6\VWHPRGEORNXMH]D]QDF]RQ\REV]DU]DSLVX
6DYH$V=DSLV]-DNR
3R]ZDODFL]DSLVDZ\EUDQHHOHPHQW\GDQ\FKSRGQRZ QD]Z WZRU] F NRSL W\FKHOHPHQWyZ

:LOGFDUGV LSODFHKROGHUV"V ZVSRPDJDQH
$E\]DSLVDHOHPHQW\GDQ\FKSRGQRZ QD]Z
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]HOHPHQW\GDQ\FKNWyUH

FKFHV]]DSLVDSRGQRZ QD]Z
:\ELHU]6DYH$V=DSLV]-DNR
3RMDZLVL RNQRGLDORJRZH6DYH$V=DSLV]-DNR
:SLV]QD]Z SRGNWyU FKFHV]]DSLVDZ\EUDQHGDQH
-H HOLZ\ELHUDV]ZLHOHHOHPHQWyZGDQ\FKPR HV]X \ZLOGFDUGV "1SMH HOLZ\EUDH
&859(GR&859(PR HV]SU]HPLDQRZDMHQD$1*/(GR$1*/(ZSLVXM F $1*/(
:\ELHU]<HV7DNOXE<HVWR$OO7DN:V]\VWNLH DE\]DSLVDZ\EUDQHGDQHSRG GDQ
QD]Z
3URSHUWLHV:D FLZR FL
)XQNFMDWDZ\ ZLHWODRNQRGLDORJRZH3URSHUWLHV:D FLZR FLNWyUHGRVWDUF]DM LQIRUPDFMLR

Z\EUDQ\PIROGHU]HOXEHOHPHQFLHGDQ\FKZ F]DM F ZWRW\SGDQ\FKORNDOL]DFM UR]PLDURUD]GDWD
RVWDWQLHMPRG\ILNDFML
$E\Z\ ZLHWOLZD FLZR FLHOHPHQWXGDQ\FK
3UDZ\PSU]\FLVNLHPP\V]NLNOLNQLMQDGDQHGODNWyU\FKFKFHV]Z\ ZLHWOLZD FLZR FLDSRWHP

Z\ELHU]3URSHUWLHV:D FLZR FL]6KRUWFXWPHQX0HQX6NUyWyZ:\ ZLHWOLVL RNQR
GLDORJRZH3URSHUWLHV:D FLZR FLGODZ\EUDQHJRHOHPHQWXGDQ\FK
:VND]yZND$E\Z\ ZLHWOLRNQRGLDORJRZH3URSHUWLHV:D FLZR FLPR HV]WH QDSDVNX
QDU] G]LNOLNQ SU]\FLVN3URSHUWLHV:D FLZR FL
3R]DNR F]HQLXSU]HJO GDQLDZD FLZR FLNOLNQLM2. DE\]DPNQ RNQRGLDORJRZH
2YHUYLHZ2PyZLHQLH
7DSRW QDDSOLNDFMDSRGREQDGR:LQGRZV([SORUHUMHVWVWZRU]RQDDE\XUXFKRPLV\VWHP\
$FFX0DUNOXE0LFUR0DUNZ URGRZLVNDFK:LQGRZVL17MHVWVSHFMDOQLHGRSDVRZDQ\DE\
SUDFRZD]GDQ\PLXWZRU]RQ\PLSU]H]MHGHQ]LFKV\VWHPyZ*UDGLQJ6WRSQLRZDQLDOXE0DUNLQJ
8NDGDQLD
: $FFX0DUN([SORUHU(NVSORUDWRU]H$FFX0DUNPR HV]SU]HMU]HZV]\VWNLHXU] G]HQLDGRVW SQH
GODWZRMHJRNRPSXWHUDNWyUH]DZLHUDM REV]DU\]DSLVX$FF0DUNOXEIROGHU\]GDQ\PL0RFUR0DUN
0R HV]WH SU]HMU]HKLHUDUFKL REV]DUyZ]DSLVX$FFX0DUNMDNUyZQLH ZV]\VWNLHHOHPHQW\
GDQ\FK Z ND G\PREV]DU]H]DSLVX=GDOQHREV]DU\]DSLVXPRJ E\GRGDQHSU]\X \FLX
'DWD&RPP7RRO1DU] G]LD'DWD&RPP
$FFX0DUN([SORUHU(NVSORUDWRU$FFX0DUN

$FFX0DUN([SORUHU(NVSORUDWRU$FFX0DUNSR]ZDODFLWH VWZRU]\QRZHGDQHLLPSRUWRZD
HNVSRUWRZDSU]HWZDU]DOXE]DU] G]DLVWQLHM F\PLGDQ\PLXNDGXZ]RUXOXEHOHPHQWX6KRUWFXW
PHQX0HQX6NUyWyZSR]ZDODFLZ\VDZ\EUDQHGDQHQDW\FKPLDVWGRNROHMQHJRNURNXZ
SURFHVLHSURGXNFML1SPR HV]Z\JHQHURZDXNDGEH]SR UHGQLR]H]OHFHQLDOXEZ\JHQHURZD
GDQHFL FLDEH]SR UHGQLR]GDQ\FKXNDGX
-H HOLQDWZRLPV\VWHPLH]DLQVWDORZDQ\MHVW0LFUR0DUNOXEMHVWGODWZRMHJRV\VWHPXGRVW SQ\
SU]H]VLHPR HV]X \ZD([SORUHU(NVSORUDWRUDGR]DU] G]DQLDGDQ\PLZIROGHU]H$'6
$FFX0DUN([SORUHU(NVSORUDWRU$FFX0DUN
)XQNFMDSRPRFQLF]D6]XNDQLD)LQGXWLOLW\SRGREQLHGRIXQNFMLSRPRFQLF]HM:LQGRZV)LQGXWLOLW\
6]XNDQLH:LQGRZVMHVWGRVW SQD]([SORUHU(NVSORUDWRUDL]IROGHUX$FFX0DUN7DIXQNFMD
SRPRFQLF]DSR]DZDODSU]HV]XNDGDQH$FFX0DUNSRGN WHPNRQNUHWQ\FKGDQ\FKLGRNRQD
RSHUDFMLQDUH]XOWDWDFKZ\V]XNLZDQLD1S-H HOLGRGDV]QDFLQHNGRHOHPHQWXPR HV]SRV]XND
ZV]\VWNLFKLQQ\FKXNDGyZNWyUH]DZLHUDM WDNLHOHPHQWL]DWZR FL PR HV]MHV]F]HUD]XR \
SU]HWZRU]\,XSRU] GNRZDMHGHQOXEZL FHM]W\FKXNDGyZ
&HFK ZVSyOQ ] :LQGRZVMHVWWR H LVWQLHM Uy QHVSRVRE\QDZ\NRQDQLHWHJRVDPHJR]DGDQLD
]DUyZQRZ([SORUHU(NVSORUDWRU]HMDN,Z$FFX0DUN)LQG6]XNDQLX$FFX0DUN]DOH QLHRGWHJR
MDNLMHVWWZyMVWRSLH ]QDMRPR FLV\VWHPX
$FFX0DUN)LQG6]XNDQLH$FFX0DUN
.OLNQLMQDNWyUHNROZLHNRNQR([SORUHU(NVSORUDWRUDDE\Z\ ZLHWOLNRUHVSRQGXM F\]QLPWHPDW

SRPRF\/XENOLNQLMIXQNFM QDOL FLHSRQL HMNWyUDMHVWEH]SR UHGQLRGRVW SQD]RNQD([SORUHU
(NVSORUDWRUD
3DUWVRIWKH$FFX0DUN([SORUHU:LQGRZ(OHPHQW\2NQD(NVSORUDWRUD$FFX0DUN
)HDWXUH)XQNFMD
2SHQZLWK2WZyU]8 \ZDM F2WZRU]
&OLFNWR$FFHVVIURP([SORUHU
.OLNQLMDE\:HM GRIXQNFML]
(NVSORUDWRUD
6KRUWFXWPHQX2SHQ:LWK0HQX

]VSHF\ILF]QHJRGODZ\EUDQHJR
HOHPHQWXGDQ\FKHG\WRUD$FFX0DUN
$FFX0DUN(GLWRU

2SHQ2WZyU]X \ZDM F GRP\ OQHJR
HG\WRUDGODZ\EUDQHJRHOHPHQWX
GDQ\FK
5HSRUWV5DSRUW\
9LHZRU4XLFN9LHZ3RND]OXE
6]\ENL3RGJO G
)LQG6]XNDM
6KRUWFXWPHQX5HSRUW0HQX
6NUyWyZ5DSRUW
6KRUWFXWPHQX9LHZRU4XLFN9LHZ
0HQX6NUyWyZ:LGRNOXE6]\ENL
3RGJO G
5HF\FOH%LQ.RV]
'DWDFRPP
3ORW4XHXH.ROHMND5\VRZDQLD
$FFX0DUN%DFNXS%DFNXS$FFX0DUN
*HUEHU'HYLFH&RQILJXUDWLRQ
1DU] G]LH.RQILJXURZDQLD*HUEHU
6KRUWFXWPHQX2SHQ:LWK0HQX
6NUyWyZ2WZyU]
QD7RROEDU3DVNX1DU] G]LOXE
7RROV)LQG1DU] G]LD6]XNDM
5HF\FOH%LQ.RV]
'LJLWL]HU'LJLWL]HU
6NUyWyZ2WZyU]8 \ZDM F
5HPRWH&RPSXWHUV=GDOQH
NRPSXWHU\
3ORWWHUV3ORWWHU\
%DFNXSGDQ\FK
+DUGZDUH&RQILJXUDWLRQ
.RQILJXUDFMD6SU] WRZD
'LJLWL]HU'LJLWL]HU
.OLNQLMQDNWyUHNROZLHNRNQR([SORUHU(NVSORUDWRUDDE\Z\ ZLHWOLNRUHVSRQGXM F\]QLPWHPDW

SRPRF\
3DUWVRIWKH([SORUHU:LQGRZ(OHPHQW\2NQD(NVSORUDWRUD

3DVHNW\WXX]DZLHUDQD]Z DSOLNDFMLLSU]\FLVNLNRQWURORZDQLD]DP\NDQLDPLQLPDOL]RZDQLDL
PDNV\PDOL]RZDQLDRUD]RGWZDU]DQLDRNQD
7LWOH%DU3DVHN7\WXRZ\
7HQSDVHNPHQX]DZLHUDQD]Z\NDVNDGRZ\FKPHQXNWyUHV GRVW SQHZ$FFX0DUN([SORUHU

(NVSORUDWRU]H$FFX0DUN
0HQX%DU3DVHN0HQX
3DVHNQDU] G]L]DZLHUDNLONDQD FLHIXQNFMLNWyUHSR]ZRO FLV]\ENRGRNRQDRSHUDFMLZUDPDFK

$FFX0DUN([SORUHU(NVSORUDWRUD$FFX0DUN6NUDMQ\SU]\FLVNSRSUDZHMVWURQLHGDMHZHM FLHGR
$FFX0DUN)LQGXWLOLW\)XQNFML3RPRFQLF]HM6]XNDQLD$FFX0DUN
3RODZW\PSDVNXSR]ZRO QDV]\ENLHSRVRUWRZDQLHZLGRNXGDQ\FK$FFX0DUNZHGXJ
4XLFN)LOWHU%DU3DVHN6]\ENLHJR)LOWURZDQLD
)ROGHU)ROGHUyZ
'DWDQDPH1D]Z'DQ\FKX \ZDM F ]QDNyZZLOGFDUGV"
'DWDW\SH7\SX'DQ\FK
:\ ZLHWODKLHUDUFKL G\VNyZ,IROGHUyZGRVW SQ\FKGODWZRMHJRV\VWHPX:\ ZLHWODWH LNRQ\

GRVW SXGR3ORWWHU4XHXH.ROHMNL5\VRZDQLDLDSOLNDFM $FFX0DUN+DUGZDUH&RQILJXUDWLRQ
.RQILJXUDFML6SU] WRZHM$FFX0DUN
$OO)ROGHUV6HFWLRQ6HNFMD:V]\VWNLFK)ROGHUyZ
:\ ZLHWODQD]Z L ]DZDUWR G\VNyZLIROGHUyZZ\EUDQ\FKZVHNFML$OO)ROGHUV:V]\VWNLH

)ROGHU\ZRNQLH([SORUHU(NVSORUDWRUD
-H HOLZ\ELHU]HV]SU]HJO GDQLHIROGHUDZHGXJ'HWDLOV6]F]HJyyZ]RVWDQ RQHZ\ ZLHWORQHZ
U] GDFKLNROXPQDFK7\WX\NROXPQZ\ ZLHWO VL QDJyU]HVHNFML&RQWHQWV=DZDUWR ]DUD]
SRQL HMQD]Z\IROGHUX.ROXPQ\PRJ PLH]PLHQLDQ ZLHONR SU]H]XPLHV]F]DQLHNXUVRUDQDG
OLQL G]LHO F ND G\W\WXLSU]HFL JDQLHOLQLLZSUDZROXEOHZRGRSRWU]HEQHMORNDOL]DFML
&RQWHQWV6HFWLRQ6HNFMD=DZDUWR FL

0R HV]V]\ENRRWZRU]\HOHPHQWGDQ\FKX \ZDM F RGSRZLDGDM FHMPXDSOLNDFMLNOLNDM F

GZXNURWQLHQDHOHPHQWZVHNFML&RQWHQWV=DZDUWR
1S.OLNQLMGZXNURWQLHQD0DUNHU8NDGDE\RWZRU]\DSOLNDFM 0DUNHU0DNLQJ8NDGDQLH.URMX
L Z\ ZLHWOLZ\EUDQ\XNDG
7RGLVSOD\WKHKLHUDUFK\RIVWRUDJHDUHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL REV]DUyZ]DSLVXQDG\VNX
:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\Z(NVSORUDWRU]HOHZDVWURQDUR]ZL G\VN]DZLHUDM F\

REV]DU]DSLVXNWyU\FKFHV]Z\ ZLHWOL
.OLNQLMMDNLNROZLHNIROGHUDE\Z\ ZLHWOLMHJR]DZDUWR Z SUDZHMVWURQLHRNQD
7RGLVSOD\WKHFRQWHQWVRIDVWRUDJHDUHD$E\Z\
ZLHWOL]DZDUWR REV]DUX]DSLVX
:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\Z(NVSORUDWRU]HOHZDVWURQDNOLNQLMMDNLNROZLHNIROGHU

DE\Z\ ZLHWOLMHJR]DZDUWR ZSUDZHMVWURQLHRNQD
.OLNQLMV\PEROSOXVDE\UR]ZLQ G\VNLZ\ ZLHWOLZL FHMIROGHUyZ
7RVHOHFWGDWDLWHPV$E\Z\EUDHOHPHQW\GDQ\FK
:\ ZLHWOGDQHNWyUHFKFHV]Z\EUDSRVWURQLH&RQWHQWV=DZDUWR SUDZDVWURQDZ

(NVSORUDWRU]H
:\NRQDMMHGQ ] SRQL V]\FKF]\QQR FL
x
$E\Z\EUDSRMHG\QF]\HOHPHQWGDQ\FKNOLNQLMQDWHQHOHPHQW
$E\Z\EUDZV]\VWNLHGDQHZRNQLHZ\ELHU]6HOHFW$OO:\ELHU]:V]\VWNLHZ (GLW
PHQX0HQX(G\FMD
$E\Z\EUDSRV]F]HJyOQHHOHPHQW\GDQ\FKSU]\WU]\PDMNODZLV]&WUOL NOLNQLMQDND G\

HOHPHQWNWyU\FKFHV]Z\EUD
$E\Z\EUDJUXS HOHPHQWyZXR RQ\FKRERNVLHELHSU]HFL JQLMNXUVRUP\V]NLLQDU\VXM
V]DEORQ ZRNyHOHPHQWyZGRZ\ERUX
7RGUDJGDWDLWHPVWRVWRUDJHDUHDRUGULYH$E\SU]HFL JQ HOHPHQW\GDQ\FKGRREV]DUX]DSLVXOXEQDG\VN
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]HOHPHQW\GDQ\FKNWyUH

SU]HFL JQ GRLQQHJRREV]DUX]DSLVX
3U]\WU]\PXM F OHZ\SU]\FLVNP\V]NLSU]HFL JQLMHOHPHQW\GRIROGHUXZVHNFML$OO)ROGHUV
:V]\VWNLH)ROGHU\
3RXZROQLHQLXSU]\FLVNXP\V]NLZ\EUDQHHOHPHQW\GDQ\FK]RVWDQ VNRSLRZDQHGRZ\EUDQHJR

IROGHUX
-H HOLLVWQLHMHGXSOLNDWV\VWHP]DS\WDFL F]\FKFHV]SU]HSLVDLVWQLHM F\MX SOLNZ\ELHU]2.
DE\SU]HSLVDWHQSOLNLNRQW\QXXM
=REDF]WH
&RS\DQG3DVWH'DWD,WHPV.RSLXML:NOHM(OHPHQW'DQ\FK
7RFRS\DQGSDVWHLWHPVWRVWRUDJHDUHDRUGULYH$E\VNRSLRZDLZNOHMDGDQHGRREV]DUX]DSLVXOXEQDG\VN
,QWKH:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]HOHPHQW\GDQ\FK

NWyUHVNRSLRZDGRLQQHJRREV]DUX]DSLVXOXEQDLQQ\G\VN
.OLNQLMSUDZ\PSU]\FLVNLHPP\V]NL,Z\ELHU]&RS\.RSLXM
:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\Z\NRQDMMHGQ ] SRQL V]\FKF]\QQR FL

x
8PLH P\V]N QDGIROGHUHPGRNWyUHJRFKFHV]NRSLRZD.OLNQLMSUDZ\PSU]\FLVNLHP

P\V]NLLZ\ELHU]3DVWH:NOHM3U]HPLHV]F]DM F GDQH$FFX0DUNPR HV]WH Z\EUD
3DVWH&RPSRQHQWV:NOHM.RPSRQHQW\

/HZ\PSU]\FLVNLHPP\V]NLNOLNQLMQDGIROGHUHPOXEG\VNLHP'RNWyUHJRFKFHV]
NRSLRZD

:\EUDQ\HOHPHQWGDQ\FK]RVWDQLHVNRSLRZDQ\GRZ\EUDQHJRIROGHUXQDG\VNX
-H HOLLVWQLHMHGXSOLNDWV\VWHP]DS\WDFL F]\FKFHV]SU]HSLVDLVWQLHM F\MX SOLNZ\ELHU]2.
DE\SU]HSLVDWHQSOLNLNRQW\QXXM
=REDF]WH
'UDJ'DWD,WHPV3U]HFL JDQLH(OHPHQWyZ'DQ\FK
7RFKDQJHWKHVL]HRIHLWKHUVLGHRIWKH([SORUHUZLQGRZ$E\]PLHQLUR]PLDUVWURQRNQD(NVSORUDWRUD
8PLH NXUVRUQDGSDVNLHPG]LHO F\PRE\GZLHVWURQ\

3U]HFL JQLMSDVHNZOHZROXESUDZRGRX]\VNDQLD
GDQHJRUR]PLDUXRNQD
.LHG\XPLHV]F]DV]NXUVRUP\V]NLQDGNWyU NROZLHNNRPHQG OXEQDU] G]LHP]SDVNDQDU] G]L

SDVHNVWDWXVXZVND]XMHRSHUDFM MDN WHQHOHPHQWZ\NRQXMH
0HQX
)LOH0HQX0HQX3OLN
(GLW0HQX0HQX(G\FMD
9LHZ0HQX0HQX:LGRN3RND]
7RROV0HQX0HQX1DU] G]LD
+HOS0HQX0HQX3RPRF
6KRUWFXWPHQX0HQX6NUyWyZ
3DVHN1DU] G]L(NVSORUDWRUD([SORUHUWRROEDUXPR OLZLDV]\ENLGRVW S GRSRQL V]\FKIXQNFML
.OLNQLMLNRQ ] OLVW\DE\GRZLHG]LHVL ZL FHM
8S2QH/HYHO-HGHQ3R]LRP:\ HM
&XW&L FLH
&RS\.RSLXM
3DVWH:NOHM
'HOHWH8VX
3URSHUWLHV:D FLZR FL
2SWLRQV2SFMH
6PDOO,FRQV0DH,NRQ\
/LVW/LVWD
'HWDLOV6]F]HJy\
)LQG6]XNDM
8 \MWHMIXQNFMLMDNRLQQHJRVSRVRE\DE\Z\EUDLRWZRU]\IROGHU
*RWRD'LIIHUHQW)ROGHU,G GRLQQHJR)ROGHUX
7RJRWRDGLIIHUHQWIROGHU,G GRLQQHJR)ROGHUX
:([SORUHUWRROEDU3DVNX1DU] G]L(NVSORUDWRUDNOLNQLMVWU]DN QDSUDZRRGSROD*RWRD

'LIIHUHQW)ROGHU,G GRLQQHJRIROGHUX
7RZ\ ZLHWOLOLVW GRVW SQ\FKG\VNyZLIROGHUyZ

:\ELHU]]OLVW\IROGHUGRNWyUHJRFKFHV]L
6\VWHPZ\ ZLHWOL]DZDUWR IROGHUXZRNQLHZVHNFML&RQWHQWV=DZDUWR
3U]HVXZDVL MHGHQSR]LRPZ\ HMZKLHUDUFKLLSOLNyZLIROGHUyZGRVW SQ\FKGODWZRMHJRV\VWHPX

-HGHQ3R]LRP:\ HM
7RPRYHXSRQHOHYHOLQWKHKLHUDUFK\RIILOHVDQGIROGHUV$E\SU]HVXQ VL MHGHQSR]LRPZ\ HMZKLHUDUFKLL
: ([SORUHUWRROEDU3DVNX1DU] G]L(NVSORUDWRUDNOLNQLMQDSU]\FLVN8S2QH/HYHO-HGHQ
3R]LRP:\ HM
6\VWHPZ\ ZLHWOLSRSU]HGQLSR]LRPSOLNyZLIROGHUyZ
SOLNyZLIROGHUyZ

.OLNQLMMDNLNROZLHNREV]DUZW\PRNQLHGLDORJRZ\PDE\Z\ ZLHWOLRGSRZLDGDM F\PXWHPDW
SRPRF\
2SWLRQV'LDORJ%R[2NQR'LDORJRZH2SFML
)LHOG([SODQDWLRQV:\MD QLHQLH3yO
'DWD7\SHV7\S'DQ\FK=DZLHUDOLVW ZV]\VWNLFKW\SyZGDQ\FKNWyUHV GRVW SQH

Z $FFX0DUN$E\SRVRUWRZDGDQHZJNRQNUHWQ\FKW\SyZ.OLNQLMQDWHQREV]DUDE\
RG]QDF]\ZV]\VWNLHW\S\LZ\EUDWHNWyUHSRWU]HEXMHV]8 \MSU]\FLVNX&WUODE\
Z\EUDZL FHMQL MHGHQHOHPHQWMH HOLHOHPHQW\QLHOH RERNVLHELH
3DWWHUQ:]yU3R]ZDODSRVRUWRZDGDQHZJQD]Z0R HV]X \V\PEROXJZLD]GNL
ZLOGFDUG DE\SRVRUWRZDZV]\VWNLHGDQHRWHMVDPHMF] FLQD]Z\1SZSLV]
%/286( DE\Z\ ZLHWOLZV]\VWNLHGDQH]DF]\QDM FHVL RG%/286(
'DWHV'DW\3R]ZDODSRVRUWRZDGDQHZJGDW\LJRG]LQ\1SPR HV]VSUDZG]L
MDNDSUDFDE\DZ\NRQ\ZDQDSRPL G]\LZQRF\DSRSRXGQLXNRQNUHWQHJR
GQLDZSLVXM F GDQHSRGREQHGRW\FKZSROX72'2L
ZSROX)5202'
2.=DP\NDRNQRGLDORJRZH2SWLRQV2SFMH
&RPPDQG%XWWRQV3U]\FLVNL.RPHQG

x
x
x
&DQFHO3U]HUZLM,JQRUXMHZV]HONLHZSURZDG]RQH]PLDQ\,]DP\NDRNQRGLDORJRZH
2SWLRQV2SFMH
$SSO\=DVWRVXM8 \ZDVSHF\ILF]QHJRXVWDZLHQLDGRSU]HILOWURZDQLDGDQ\FK]
ELH FHJRREV]DUX]DSLVXLZ\ ZLHWODW\ONRSU]HILOWURZDQHGDQHZVHNFML&RQWHQWV
=DZDUWR Z(NVSORUDWRU]H7DNRPHQGDQLH]DP\NDRNQDGLDORJRZHJR2SWLRQV
2SFMH
5HVHW5HVHWXMSU]\ZUDFDXVWDZLHQLDGRP\ OQHZRNQLHGLDORJRZ\P2SWLRQV
2SFMH

$FFX0DUN5HSRUW9LHZHU3RGJO G 5DSRUWX$FFX0DUNZ\ ZLHWODVL NLHG\]D
QDVW SXM F\FKUDSRUWyZRG$FFX0DUN([SORUHU(NVSORUDWRUD$FFX0DUN
5HSRUW9LHZHU3RGJO G5DSRUWX
0DUNHU5HSRUW5DSRUW8NtDGX
$OO0RGHO5HSRUW5DSRUW:V]\VWNLFK0RGHOL
GDV]
$OO3LHFH5HSRUW5DSRUW:V]\VWNLFK6]DEORQZ
&XW5HSRUW5DSRUW&LFLD
x /D\UXOH5HSRUW 5DSRUW5HJX8NDGDQLD
5HSRUW9LHZHU3RGJO G 5DSRUWXPDF]WHU\PHQX,SDVHNQDU] G]LNWyU\XPR OLZLDGRVW S GR
Uy Q\FKIXQNFMLZREU ELHSRGJO GX.OLNQLMQDNWyU\NROZLHNHOHPHQW]U\VXQNXSRQL HMDE\
Z\ ZLHWOLRGSRZLHGQLHWHPDW\SRPRF\
6WDWXVEDU3DVHN6WDWXVXZ\ ZLHWODVL QDGROHRNQDDE\SRPyFZ]LGHQW\ILNRZDQLXRSHUDFML
SU]HSURZDG]DQHMQDZ\EUDQ\FKGDQ\FK
: SU]HVWU]HQLHSRPL G]\SDVNLHPQDU] G]LDSDVNLHPVWDWXVXZ\ ZLHWODQDMHVWUHSRUWFRQWHQWV
]DZDUWR UDSRUWX 3RODZ\ ZLHWODM FHVL Z ND G\PW\SLHUDSRUWXPRJ E\]PLHQLDQHL
]DSLV\ZDQHMDNRV]DEORQMHGHQV]DEORQGODMHGQHJRW\SXUDSRUWX
1SPR HV]PLHV]DEORQ$OO0DUNHU5HSRUW5DSRUW:V]\VWNLFK8NDGyZL$OO3LHFH5HSRUW
5DSRUW:V]\VWNLFK6]DEORQyZ0R HV]WH GRVWRVRZDNRORU\ZNWyU\FKE G Z\ ZLHWODQH
HOHPHQW\Z5HSRUW9LHZHU3RGJO G]LH5DSRUWyZ
)LOH0HQX0HQX3OLN
6DYH/D\RXW=DSLV]:]RU]HF=DSLVXMHZV]HONLHXVWDZLHQLDZDVQHNWyUH
ZSURZDG]LH Z RNQLH5HSRUW9LHZHU3RGJO G 5DSRUWyZMDNRZ]RU]HFNWyU\PR H E\
X \ZDQ\]NROHMQ\PLUDSRUWDPL
3ULQW'UXNXM'UXNXMHNRSL ELH
FHJRUDSRUWX

x
x
x
x
3ULQW3UHYLHZ3RND 3RGJO G :\ ZLHWODQDHNUDQLHZ\JO G UDSRUWXSR

Z\GUXNRZDQLX
3ULQW6HWXS8VWDZLHQLD'UXNRZDQLD:\ ZLHWODRNQRGLDORJRZH0LFURVRIW
:LQGRZV3ULQW6HWXS8VWDZLHQLD'UXNRZDQLD0LFURVRIW:LQGRZV3R]ZDOD]PLHQL
ZD FLZR FLGUXNRZDQLDUR]PLDUSDSLHUX UyGRLXNDGSDSLHUX
([LW:\MG =DP\NDRNQR5HSRUW9LHZHU3RGJO G 5DSRUWX
(GLW0HQX0HQX(G\FMD
x
x
x
x
x
8QGR:\FRIDM2EHFQLHWDIXQNFMDQLHMHVWGRVW SQDZ5HSRUW9LHZHU3RGJO G]LH

5DSRUWX
&XW&L FLH2EHFQLHWDIXQNFMDQLHMHVWGRVW SQDZ5HSRUW9LHZHU3RGJO G]LH

5DSRUWX
&RS\.RSLXM.RSLXMHZ\EUDQHGDQHGRVFKRZND:LQGRZV
3DVWH:NOHM8PLHV]F]DGDQHZ\FL WHOXEVNRSLRZDQHGRVFKRZND:LQGRZVZ
Z\EUDQHMORNDOL]DFML
)LQG6]XNDM:\ ZLHWODRNQR$FFX0DUN)LQG8WLOLW\)XQNFML3RPRFQLF]\FK
$FFX0DUN
9LHZ0HQX0HQX:LGRN
x
x
7RROEDU3DVHN1DU] G]L :\ ZLHWODOXEXNU\ZDSDVHNQDU] G]L5HSRUW9LHZHU

3RGJO GX5DSRUWyZSRGSDVNLHPPHQX
6WDWXV%DU 3DVHN6WDWXVX:\ ZLHWODOXEXNU\ZDSDVHNVWDWXVX5HSRUW9LHZHU

3RGJO GX5DSRUWyZXGRXRNQD
3URSHUWLHV:D FLZR FL2WZLHUDRNQRGLDORJRZH'LVSOD\6HWWLQJV:\ ZLHWO
8VWDZLHQLD8 \MWHJRRNQDGRXVWDZLHQLDZDVQHJRNRORUX,Z\JO GXRNQD5HSRUW
9LHZHU3RGJO G 5DSRUWX
'HIDXOW/D\RXW:]RU]HF'RP\ OQ\3U]\ZUDFDRNQR5HSRUW9LHZHU3RGJO G
5DSRUWyZGRMHJRRU\JLQDOQHJRXNDGX
$ERXW5HSRUW9LHZHU23RGJO G]LH5DSRUWX:\ ZLHWODRNQRGLDORJRZH]

QXPHUHPZHUVMLLGDW Z\GDQLDRSURJUDPRZDQLD5HSRUW9LHZHU3RGJO GX5DSRUWX
6DYH/D\RXW=DSLV]:]RU]HF=DSLVXMHZV]HONLHXVWDZLHQLDZDVQHNWyUH
ZSURZDG]LH Z RNQLH5HSRUW9LHZHU3RGJO G 5DSRUWyZMDNRZ]RU]HFNWyU\PR H E\
X \ZDQ\]NROHMQ\PLUDSRUWDPL
+HOS0HQX0HQX3RPRF
x
x
x
x
&XW&L FLH2EHFQLHWDIXQNFMDQLHMHVWGRVW SQDZ5HSRUW9LHZHU3RGJO G]LH

5DSRUWX
&RS\.RSLXM.RSLXMHZ\EUDQHGDQHGRVFKRZND:LQGRZV
3DVWH:NOHM8PLHV]F]DGDQHZ\FL WHOXEVNRSLRZDQHGRVFKRZND:LQGRZVZ
Z\EUDQHMORNDOL]DFML
3ULQW'UXNXM'UXNXMHNRSL ELH
FHJRUDSRUWX
$ERXW2:\ ZLHWODRNQRGLDORJRZH]QXPHUHPZHUVMLLGDW Z\GDQLD

RSURJUDPRZDQLD5HSRUW9LHZHU3RGJO GX5DSRUWX

8 \MHWHJRRNQDGLDORJRZHJRDE\]PLHQLZ\JO G 5HSRUW9LHZHU3RGJO GX5DSRUWX0DM F
RWZDUW\UDSRUWZSRGJO G]LHPR HV]Z\ ZLHWOLWRRNQRGLDORJRZHZ\ELHUDM F 3URSHUWLHV
:D FLZR FL]9LHZPHQX0HQX:LGRN
.OLNQLMMDNLNROZLHNREV]DUZRNQLHGLDORJRZ\P'LVSOD\6HWWLQJV:\ ZLHWO8VWDZLHQLDSRND]DQ\P
SRQL HMDE\Z\ ZLHWOLRGSRZLHGQLWHPDWSRPRF\
'LVSOD\6HWWLQJVIRU5HSRUW9LHZHU:\ ZLHWO8VWDZLHQLDGOD3RGJO GX5DSRUWX

7LWOHVDQG*ULG/LQHV7\WX\L/LQLH6LDWNL
x
x
x
'%XWWRQV3U]\FLVNL'=D]QDF]WRXVWDZLHQLHDE\Z\ ZLHWODW\WX\NROXPQZ
HIHNFLHWUyMZ\PLDURZ\P
9HUWLFDO/LQHV/LQLH3R]LRPH=D]QDF]WRXVWDZLHQLHDE\Z\ ZLHWODOLQLHSR]LRPH
SRPL G]\NROXPQDPLGDQ\FKZUDSRUFLH
+RUL]RQWDO/LQHV/LQLH3LRQRZH=D]QDF]WRXVWDZLHQLHDE\Z\ ZLHWODOLQLH
SLRQRZHSRPL G]\U] GDPLGDQ\FKZUDSRUFLH
0DUN&XUUHQW5RZ=D]QDF]%LH F\5] G =D]QDF]WRXVWDZLHQLHMH HOLX \ZDV]

SU]\FLVNX'DE\Z\ ZLHWOLZ\EUDQ\U] G MDNR]D]QDF]RQ\
0DUN&XUUHQW&ROXPQ=D]QDF]%LH F .ROXPQ =D]QDF]WRXVWDZLHQLHMH HOL

X \ZDV]SU]\FLVNX'DE\Z\ ZLHWOLZ\EUDQ NROXPQ MDNR]D]QDF]RQ
*ULG/LQHV/LQLH6LDWNL:\ELHU]WRXVWDZLHQLHDQDVW SQLHZ\ELHU]NRORUZNWyU\P
FKFHV]Z\ ZLHWODOLQLHVLDWNLZ5HSRUW9LHZHU3RGJO G]LH5DSRUWX
&RORU.RORU
x
x
x
x
)L[HG/LQHV/LQLH6WDH:\ELHU]WRXVWDZLHQLHDQDVW SQLHZ\ELHU]NRORUZNWyU\P
FKFHV]Z\ ZLHWODOLQLHVWDHZ5HSRUW9LHZHU3RGJO G]LH5DSRUWX
7UDFNLQJ/LQH/LQLH FLH NRZDQLH:\ELHU]WRXVWDZLHQLHDQDVW SQLHZ\ELHU]
NRORUZNWyU\PFKFHV]Z\ ZLHWODOLQLH FLH HNZ5HSRUW9LHZHU3RGJO G]LH5DSRUWX
'UDJJLQJ/LQH/LQLH3U]HFL JDQLH:\ELHU]WRXVWDZLHQLHDQDVW SQLHZ\ELHU]

NRORUZNWyU\PFKFHV]Z\ ZLHWODOLQLHSU]HFL JDQLDZ5HSRUW9LHZHU3RGJO G]LH
5DSRUWX
%DFNJURXQG7R:\ELHU]WRXVWDZLHQLHDQDVW SQLHZ\ELHU]NRORUZNWyU\P
FKFHV]Z\ ZLHWODWRZ5HSRUW9LHZHU3RGJO G]LH5DSRUWX
3UHYLHZ3RGJO G
7HQREV]DUSRND]XMHSUyEN WHJRMDNE G]LHZ\JO GD5HSRUW9LHZHU3RGJO G 5DSRUWX]

REHFQ\PLXVWDZLHQLDPL
x
8VHU3URSHUWLHV:D FLZR FL8 \WNRZQLND
$WWULEXWH9DOXH$WU\EXW\:DUWR FL:\ELHU]JUXER REZRGXZ\ ZLHWODM FHJR

VL ZRNyZ\EUDQ\FKNRPyUHNZ5HSRUW9LHZHU3RGJO G]LH5DSRUWX

=D]QDF]WRRNLHQNRMH HOLFKFHV]]DSLVDELH
6DYHVHWWLQJVWRSURILOH=DSLV]XVWDZLHQLDZSURILOX
FHXVWDZLHQLD]V]DEORQHP
2.=DSLVXMH]PLDQ\L]DP\NDRNQRGLDORJRZH
&DQFHO3U]HUZLM=DP\NDRNQRQLH]DFKRZXM F ZSURZDG]RQ\FK]PLDQ
7RFKDQJHWKHORRNRIWKH5HSRUW9LHZHU$E\]PLHQLZ\JO G3RGJO GX5DSRUWX
:\JHQHUXMUDSRUWGRZ\ ZLHWOHQLD5HSRUW9LHZHU3RGJO GX5DSRUWX

=9LHZPHQX0HQX:LGRNZ\ELHU]3URSHUWLHV:D FLZR FL
3RMDZLVL RNQRGLDORJRZH'LVSOD\6HWWLQJ:\ ZLHWO8VWDZLHQLD
6SyMU]QDVHNFM 3UHYLHZ3RGJO GXDE\VSUDZG]LMDNE G]LHZ\JO GD5HSRUW9LHZHU

3RGJO G 5DSRUWX]ELH F\PLXVWDZLHQLDPL
=PLH XVWDZLHQLDZHGOHVZRLFKSRWU]HE
3R]DNR F]HQLXZ\ELHU]2.DE\]DPNQ RNQRGLDORJRZH
7KH)LQG8WLOLW\:LQGRZ2NQR)XQNFML3RPRFQLF]HM6]XNDQLD

8 \M)LQGXWLOLW\)XQNFMLSRPRFQLF]HM6]XNDQLDDE\V]\ENRSU]HV]XNDGDQH$FFX0DUN3RLFK
Z\V]XNDQLXGDQ\FKPR QDMHSU]HWZDU]DQDUy QHVSRVRE\
LNRQ )LQG6]XNDMQD
= 7RROVPHQX0HQX1DU] G]LDZ\ELHU])LQG6]XNDM$OERNOLNQLM
SDVNXQDU] G]L
*yUQDF] ]DZLHUDNROHMQHWU]\WDEHOHLF]WHU\SU]\FLVNLNRPHQG.OLNQLMHOHPHQWQDZ\NUHVLH
SRQL HMDE\Z\ ZLHWOLNRUHVSRQGXM FH]QLPWHPDW\SRPRF\
'ROQDF] RNQDZ\ ZLHWODUH]XOWDW\SU]HV]XNLZDQLDZ F]DM F ZWRQD]Z ND GHJRHOHPHQWX
GDQ\FK]ORNDOL]RZDQHJRZF]DVLHSU]HV]XNLZDQLDREV]DU]DSLVXZNWyU\P]QDMGXM VL GDQHRUD]
W\SGDQ\FKLGDWDLFKRVWDWQLHMPRG\ILNDFML

1DPH /RFDWLRQ7DE7DEHOH1D]Z\L/RNDOL]DFML
x
1DPHG1D]ZDQH:SLV]ZWRSROHQD]Z GDQ\FKNWyU\FKFKFHV]V]XND:PLDU
SRWU]HE\X \MJZLD]GNL ZLOGFDUG
/RRN,Q3RGJO G 6SUHF\]XMQDNWyU\PG\VNXFKFHV]V]XNDGDQ\FKZSLVXM F MHJR

QD]Z OXEZ\ELHUDM F ]PHQX/XEX \MSU]\FLVNX%URZVH3U]HJO GDMDE\
]ORNDOL]RZDLZ\EUDIROGHUGRSU]HV]XNDQLD
'DWH0RGLILHG7DE7DEHOD'DW\0RG\ILNDFML
x
$OO)LOHV:V]\VWNLH3OLNL7RGRP\ OQHXVWDZLHQLHSR]ZDODFLV]XNDZV]\VWNLFK
HOHPHQWyZGDQ\FKVSHQLDM F\FKNU\WHULDSU]HV]XNLZDQLD
)LQGDOOILOHVFUHDWHGRUPRGLILHG=QDMG ZV]\VWNLHSOLNLXWZRU]RQHOXE
]PRG\ILNRZDQH:\ELHU]WRXVWDZLHQLHMH HOLFKFHV]]QDOH GDQHNWyUH]RVWD\
XWZRU]RQHOXE]PLHQLRQHZRNUH ORQ\PSU]HG]LDOHF]DVX
x
EHWZHHQ"DQG"SRPL G]\"D"8]XSHQLMWHSRODMH HOLFKFHV]V]XND

GDQ\FKXWZRU]RQ\FKOXE]PRG\ILNRZDQ\FKZRNUH ORQ\PSU]HG]LDOHF]DVX1SDE\
]QDOH GDQ\FKNWyUH]RVWD\XWZRU]RQHOXE]PRG\ILNRZDQHSRGF]DVSLHUZV]HM
]PLDQ\NRQNUHWQHJRGQLDSUDF\PR HV]ZSLVDQDVW SXM FHSRPL G]\
D
GXULQJWKHSUHYLRXV"PRQWKVSRGF]DVSRSU]HGQLFK"PLHVL F\8]XSHQLM
WHSRODMH HOLFKFHV]V]XNDGDQ\FKXWZRU]RQ\FKOXE]PRG\ILNRZDQ\FKZFL JX
RVWDWQLFKPLHVL F\1SDE\]QDOH GDQHXWZRU]RQHSRGF]DVRVWDWQLFKWU]HFK
PLHVL F\Z\ELHU]

GXULQJWKHSUHYLRXV"GD\VSRGF]DVSRSU]HGQLFK"GQL 8]XSHQLMWHSROD
MH HOLFKFHV]V]XNDGDQ\FKXWZRU]RQ\FKOXE]PRG\ILNRZDQ\FKZFL JXRVWDWQLFK
GQL1SDE\]QDOH GDQHXWZRU]RQHSRGF]DVRVWDWQLHJRW\JRGQLDZ\ELHU]
$GYDQFHG7DE7DEHOD=DDZDQVRZDQD
x
7\SHV7\S\8VWDZLHQLHGRP\ OQHSR]ZDODFLQDSRV]XNLZDQLHGDQ\FK$FFX0DUN
ZV]\VWNLFKW\SyZ:\ELHU]NRQNUHWQ\W\SGODRJUDQLF]HQLDV]XNDQLD
&RQWDLQLQJ1RW&RQWDLQHG,Q=DZLHUDM F\1LH]DZLHUDM F\ :\ELHU]NU\WHULD

V]XNDQLDGDQ\FKSRZL ]DQ\FK]LQQ\PLHOHPHQWDPLGDQ\FK1SMH HOLFKFHV]V]XND
ZV]\VWNLFKXNDGyZZNWyU\FKE\X \W\NRQNUHWQ\HOHPHQW
x
x
x
0DUNHU8NDG :\ELHU]WHQW\SGDQ\FKL]D]QDF]XVWDZLHQLH&RQWDLQLQJ
=DZLHUDM F\DE\]QDOH XNDG\SRZL ]DQH]0RGHOV0RGHODPL2UGHUV
=OHFHQLDPLOXE3LHFHV6]DEORQDPLNWyUHPR HV]VSUHF\]RZD
0RGHO0RGHO:\ELHU]WRXVWDZLHQLHL]D]QDF]1RW&RQWDLQHG,Q1LH
=DZLHUDM F\Z0DUNHU8NDG]LHOXE2UGHU=OHFHQLX DE\V]XNDZV]\VWNLFK
XNDGyZOXE]OHFH ZNWyU\FKGDQ\PRGHOE\X \W\$OERZ\ELHU]&RQWDLQLQJ
=DZLHUDM F\L ZVND 3LHFH6]DEORQX \W\ZPRGHOX
2UGHU=OHFHQLH:\ELHU]WRXVWDZLHQLHL&RQWDLQLQJ=DZLHUDM F\DE\V]XND
ZV]\VWNLFK0RGHOV0RGHOLNWyUHE\\X \WHZNRQNUHWQ\P]OHFHQLX/XEZ\ELHU]
0DUNHU8NDGDE\SRND]DZV]\VWNLH]OHFHQLD1RW&RQWDLQHG,Q1LH
]DZLHUDM FHNRQNUHWQHJR]OHFHQLD
3LHFH6]DEORQ:\ELHU]WHQW\SGDQ\FKL]D]QDF]XVWDZLHQLH1RW&RQWDLQHG,Q
1LH=DZLHUDM F\QDVW SQLHZ\ELHU]0DUNHU8NDGOXE0RGHO0RGHO DE\
SU]HV]XNDZV]\VWNLHXNDG\OXEPRGHOHZNWyU\FKNRQNUHWQ\HOHPHQWE\X \W\
0DUNHUILOWHUILOWUXNDGyZ8 \MOLVW\NU\WHULyZV]XNDQLDXNDGX
5XQ5HSRUW:\NRQDM5DSRUW3RND UDSRUW]ZV]\VWNLFKXNDGyZ]QDOH]LRQ\FKZ
SU]HV]XNLZDQLX
8 \MW\FKSU]\FLVNyZZ$FFX0DUN)LQG6]XNDQLX$FFX0DUNDE\]QDOH GDQH$FFX0DUN
x
x
x
%URZVH3U]HJO GDM:\ ZLHWOD%URZVH3U]HJO GDQLHGODRNQD6WRUDJH$UHD

2EV]DU=DSLVX7RSR]ZDODFLZ\EUDQDU] G]LHOXEREV]DU]DSLVXNWyU\FKFHV]
SU]HV]XND
8ZDJD3U]\WU]\PDMNODZLV]H6+,)7OXE&75/DE\Z\EUDZLHOH6WRUDJH$UHDV
2EV]DUyZ=DSLVXGRSU]HV]XNDQLD
)LQG1RZ6]XNDMWHUD]3R]ZDODUR]SRF] SU]HV]XNLZDQLHRSDUWHQDZ\EUDQ\FK
NU\WHULDFK
6WRS6WRS3R]ZDOD]DWU]\PDWUZDM FHSU]HV]XNLZDQLH
1HZ6HDUFK1RZH:\V]XNLZDQLH3R]ZDODZ\F]\ FLNU\WHULDV]XNDQLDL
SU]\ZUDFDRNQR)LQG8WLOLW\)XQNFML3RPRFQLF]HM6]XNDQLDGRRU\JLQDOQ\FK
GRP\ OQ\FKXVWDZLH
'DQH$FFX0DUNXVXQL WH]REV]DUX]DSLVX([SORUHU(NVSORUDWRUD]RVWDQ DXWRPDW\F]QLH

SU]HVXQL WHGRNRV]DRLOHRSFMDWDMHVWZ F]RQD
$E\Z\ F]\RSFM 5HF\FOH%LQ.RV]
5HF\FOH%LQ.RV]
.OLNQLMSUDZ\PSU]\FLVNLHPP\V]NLQD
:D FLZR FL
LNRQ 5HF\FOH%LQ.RV]LZ\ELHU]3URSHUWLHV
=D]QDF]RNLHQNR'RQRWUHPRYHILOHVWRWKH5HF\FOH%LQ1LHXVXZDMSOLNyZGR.RV]D
8:$*$'DQHXVXQL WH ] REV]DUX]DSLVXQLHE G XPLHV]F]DQHZ5HF\FOH%LQ.RV]X

=DPLDVWWHJRE G FDNRZLFLHXVXZDQH

$E\FDNRZLFLHXVXQ GDQH
.OLNQLMLNRQ SUDZ\PNODZLV]HPP\V]NLLZ\ELHU](PSW\5HF\FOH%LQ2SUy QLM.RV]
8:$*$:V]\VWNLHGDQH]QDMGXM FHVL DNWXDOQLHZ5HF\FOH%LQ.RV]XE G FDNRZLFLH

XVXQL WH

$E\SU]\ZUyFLGDQH
.OLNQLMLNRQ SUDZ\PSU]\FLVNLHPP\V]NLLZ\ELHU]2SHQ2WZyU]
.OLNQLMSUDZ\PSU]\FLVNLHPP\V]NLHOHPHQWGDQ\FKLZ\ELHU]5HVWRUH3U]\ZUy
/XENOLNQLMOHZ\PSU]\FLVNLHPP\V]NLLSU]HFL JQLMGDQHQDZD FLZHPLHMVFH
: $FFX0DUN([SORUHU(NVSORUDWRU]H$FFX0DUNPR HV]VNRQILJXURZDUy QHXU] G]HQLD

SR F]RQH]V\VWHPHP$FFX0DUN6SU] WNWyU\PR HV]VNRQILJXURZD]DZLHUD
+DUGZDUH&RQILJXUDWLRQ.RQILJXUDFMD6SU] WRZD
'LJLWL]HU
3ORWWHU
x
x
x
7DEOHW
)XQFWLRQ%R[2NQR)XQNFML
7UDFNHU
$E\VNRQILJXURZDVSU] W
:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\Z([SORUHU(NVSORUDWRU]HNOLNQLMQD
&RQILJXUDWLRQ.RQILJXUDFMD6SU] WRZD
+DUGZDUH
:\ ZLHWOLVL RNQR*HUEHU'HYLFH&RQILJXUDWLRQ.RQILJXUDFMD8U] G]H *HUEHU
:\ELHU]RGSRZLHGQL WDEHO L X]XSHQLMVWURQ
8ZDJD 0R HV]NOLNQ SU]\FLVN+HOS3RPRFDE\GRZLHG]LHVL MDNX \RSFMLQDND GHM

VWRUQLH
.OLNQLM$SSO\=DVWRVXMDE\NRQW\QXRZDNRQILJXUDFM LQQHJRXU] G]HQLD3R]DNR F]HQLX

NOLNQLM2.
-H HOLWZyMV\VWHP$FFX0DUNMHVWVNRQILJXURZDQ\ GODGLJLWL]HUDOXEWDEHOL6LOKRXHWWH([SORUHU
(NVSORUDWRUSR]ZROLFL
'LJLWL]H'DWD'LJLWDOL]RZDQLH'DQ\FK
'LJLWL]HSLHFHV'LJLWDOL]RZD6]DEORQ\
(GLWGLJLWL]HGGDWD(G\WRZD]GLJLWDOL]RZDQHGDQH
9HULI\GLJLWL]HGGDWD:HU\ILNRZD]GLJLWDOL]RZDQHGDQH
7RGLJLWL]HSLHFHVLQ([SORUHU$E\]GLJLWDOL]RZDV]DEORQ\Z
(NVSORUDWRU]H
7ZyMV\VWHP$FFX0DUNPXVLE\VNRQILJXURZDQ\GODGLJLWL]HUDOXEGODWDEHOL6LOKRXHWWH
:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\Z([SORUHU(NVSORUDWRU]HNOLNQLMQD
'LJLWL]HU
6HNFMD&RQWHQWV=DZDUWR IROGHUX'LJLWL]HUE G]LHSXVWDFK\ED H MX ZF]H QLHM

]GLJLWDOL]RZDH GDQHNWyUHQLH]RVWD\MHV]F]H]ZHU\ILNRZDQH
1D]ZLML]GLJLWDOL]XMV]DEORQ2GQLH VL GRSRPRF\RQOLQHGOD6\VWHPX$FFX0DUN6\VWHPSR

V]F]HJyRZHLQIRUPDFMH
1D]ZD]GLJLWDOL]RZDQHJRHOHPHQWXSRMDZLVL Z VHNFML&RQWHQWV=DZDUWR Z([SORUHU

(NVSORUDWRU]H

:HU\ILNXMGDQH
-H HOLQLHXGDFLVL PXVLV]HG\WRZD]GLJLWDOL]RZDQHGDQH ]DQLP]DSLV]HV]MHMDNRV]DEORQ

$FFX0DUN
(OHPHQW\]GLJLWDOL]RZDQHPXV] E\]ZHU\ILNRZDQHSU]HG]DSLVDQLHPLFKMDNRHOHPHQW\
$E\]ZHU\ILNRZD]GLJLWDOL]RZDQHGDQH
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]]GLJLWDOL]RZDQHGDQHNWyUH

FKFHV]]ZHU\ILNRZD0RJ WRE\GDQH ZLH R ]GLJLWDOL]RZDQH]IROGHUX'LJLW]HUOXEGDQH
]ZHU\ILNRZDQHZF]H QLHM]MDNLHJRNROZLHNIROGHUX
:\ELHU]9HULI\:HU\ILNXM
-H HOL]GLJLWDOL]RZDQHGDQHQLHE\\ZF]H QLHMZHU\ILNRZDQH]DS\WDQ\Z\ELHU]WDEHO UHJXGR
]DVWRVRZDQLD]/RRNXS3RGJO GXGODRNQDREV]DUX]DSLVXNWyUHVL SRMDZL
:\EUDQHZNURNXGDQHV SU]HWZDU]DQH3R]DNR F]HQLXUH]XOWDW\Z\ ZLHWO VL QDHNUDQLH
3URFHVVLQJ5HVXOWV5H]XOWDW\3U]HWZDU]DQLD
.OLNQLM2.
-H HOLSRP\ OQLH]ZHU\ILNRZDQHGDQHQLHE\\ZF]H QLHM]DSLVDQH]DS\WDQ\]DSLV]MHMDNR
V]DEORQ$FFX0DUN
3U]HG]DSLVDQLHPGDQ\FKNWyU\FKQLHXGDRVL ]ZHU\ILNRZDPXVLV](GLWGLJLWL]HGGDWD
(G\WRZD]GLJLWDOL]RZDQHGDQH
7RHGLWGLJLWL]HGGDWD$E\HG\WRZD]GLJLWDOL]RZDQHGDQH
:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]]GLJLWDOL]RZDQHGDQH]

'LJLW]HUIROGHU)ROGHUX'LJLWL]HUDNWyUHFKFHV]HG\WRZD
5LJKWFOLFNWRGLVSOD\WKH6KRUWFXWPHQX.OLNQLMSUDZ\PSU]\FLVNLHPP\V]NLDE\Z\ ZLHWOL

6KRUWFXWPHQX0HQX6NUyWyZ
:\ELHU]2SHQ2WZyU]
:RNQLH(GLW'LJLWL]HQDJyU]HRNQDSRMDZL VL ZV]\VWNLHE G\ZHGXJQXPHUXOLQLL


$E\]PLHQL%XWWRQ7\SH7\S3U]\FLVNXGODQXPHUXOLQLLNOLNQLMZSROX%XWWRQ7\SH7\S
3U]\FLVNX.OLNQLMSU]\FLVN$UURZ6WU]DNLSRSUDZHMVWURQLHSRODLZ\ELHU]ZD FLZ\W\S
SU]\FLVNX]UR]ZLMDM FHMVL OLVW\
.OLNQLM2.
-H HOLZV]\VWNLH]PLDQ\]DNR F]\\VL SRP\ OQLHE G]LHV]]DS\WDQ\F]\]DSLVDGDQHMDNR

HOHPHQW$FFX0DUN:SU]HFLZQ\PSU]\SDGNXSRZWyU]NURNLRGGRDE\SRZWyU]\HG\FM
$E\RG]\VNDGDQH])LOHPHQX0HQX3OLNZ\ELHU]&OHDU:\F]\ DSRWHP2SHQ2WZyU]

'LVSOD\LQJ'DWD:\ ZLHWODQLH'DQ\FK
7RGLVSOD\WKHKLHUDUFK\RI$FFX0DUNVWRUDJHDUHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL
REV]DUyZ]DSLVX$FFX0DUNQDG\VNX
7RILOWHUGDWDLWHPVEHIRUHGLVSOD\LQJWKHP$E\SU]HILOWURZDHOHPHQW\GDQ\FKSU]HGLFK
Z\ ZLHWOHQLHP
7RGLVSOD\GDWDLWHPVXVLQJODUJHLFRQV$E\Z\ ZLHWOLHOHPHQW\GDQ\FKX \ZDM F GX \FKLNRQ
7RGLVSOD\GDWDLWHPVXVLQJVPDOOLFRQV$E\Z\ ZLHWOLHOHPHQW\GDQ\FKX \ZDM F PD\FKLNRQ
7RGLVSOD\GDWDLWHPVLQDOLVW$E\Z\ ZLHWODHOHPHQW\GDQ\FKQDOLVW
7RGLVSOD\GHWDLOVRQGDWDLWHPVLQDIROGHU$E\Z\ ZLHWODV]F]HJy\HOHPHQWyZGDQ\FKZ
IROGHU]H
7RGLVSOD\WKHSURSHUWLHVRIDGDWDLWHP$E\Z\ ZLHWODZD FLZR FLHOHPHQWyZGDQ\FK
7RJRWRDGLIIHUHQWIROGHU$E\SU]HM GRLQQHJRIROGHUX
7RPRYHXSRQHOHYHOLQWKHKLHUDUFK\RIILOHVDQGIROGHUV$E\SU]HM MHGHQSR]LRPZ\ HMZ

KLHUDUFKLLSOLNyZLIROGHUyZ
7RYLHZWKH$FWLYLW\/RJ$E\]REDF]\']LHQQLN6\VWHPX
6HOHFWLQJ'DWD:\ELHUDQLH'DQ\FK
7RVHOHFWDOOGDWDLWHPVLQDIROGHU$E\Z\EUDZV]\VWNLHHOHPHQW\GDQ\FKZIROGHU]H
7RVHOHFWGDWDLWHPV$E\Z\EUDHOHPHQW\GDQ\FK
7RLQYHUWWKHVHOHFWLRQRIGDWDLWHPVLQDIROGHU$E\RGZUyFLZ\EyUGDQ\FKZIROGHU]H
&UHDWLQJ'DWD7ZRU]HQLH'DQ\FK
7RFUHDWHDQHZGDWDLWHP$E\XWZRU]\QRZ\HOHPHQWGDQ\FK
3UDFD]5DSRUWDPL
7RJHQHUDWHDUHSRUW$E\Z\JHQHURZDUDSRUW
7RFXVWRPL]HDUHSRUW$E\ZSURZDG]LXVWDZLHQLDZDVQHUDSRUWX
3ULQWLQJ'DWD'UXNRZDQLH'DQ\FK
7RFKDQJHSULQWLQJSURSHUWLHV$E\]PLHQLZD FLZR FLGUXNRZDQLD
7RSUHYLHZWKHGHWDLOVRIDIROGHUEHIRUHSULQWLQJ$E\SRGJODGDV]F]HJy\IROGHUXSU]HG
GUXNRZDQLHP
7RFRS\DQGSDVWHGDWDLWHPVWRDQRWKHUVWRUDJHDUHD$E\VNRSLRZDLZNOHLHOHPHQWGDQ\FKGR
LQQHJRREV]DUX]DSLVX
0DQDJLQJ'DWD=DU] G]DQLH'DQ\PL
7RGUDJGDWDLWHPVWRDQRWKHUVWRUDJHDUHD$E\SU]HFL JQ HOHPHQWGDQ\FKGRLQQHJRREV]DUX
]DSLVX
7RFRS\GDWDLWHPVWRWKHFOLSERDUG$E\VNRSLRZDHOHPHQWGDQ\FKGRVFKRZND

7RSDVWHGDWDLWHPVIURPWKHFOLSERDUG$E\ZNOHLHOHPHQWGDQ\FK]HVFKRZND
7RGHOHWHGDWDLWHPV$E\XVXQ HOHPHQWGDQ\FK
7RUHQDPHGDWDLWHPV$E\]PLHQLQD]Z HOHPHQWXGDQ\FK
7RVDYHGDWDLWHPVXQGHUDQHZQDPH$E\]DSLVDGDQHSRGQRZ QD]Z
7RLPSRUW]LSSHGGDWD$E\LPSRUWRZDVNRQZHUWRZDQHGDQH
7RLPSRUWE\GUDJJLQJ]LSSHGGDWD$E\LPSRUWRZDVNRQZHUWRZDQHGDQHSU]H]SU]HFL JDQLH
7RH[SRUWGDWDLWHPV$E\HNVSRUWRZDHOHPHQW\GDQ\FK
&KDQJLQJ$SSHDUDQFHV=PLDQD:\JO GX
7RFKDQJHWKHVL]HRIHLWKHUVLGHRIWKH([SORUHU$E\]PLHQLUR]PLDUREXVWURQ(NVSORUDWRUD
7RFKDQJHWKHDSSHDUDQFHRILWHPVLQDIROGHU$E\]PLHQLZ\JO G GDQ\FKZIROGHU]H
7RGLVSOD\RUKLGHWKHVWDWXVEDU$E\Z\ ZLHWOLOXEXNU\SDVHNVWDWXVX
7RVKRZRUKLGHWKHWRROEDU$E\Z\ ZLHWOLOXEXNU\SDVHNQDU] G]L
2SHQLQJ$SSOLFDWLRQVZLWK'DWD,WHPV2WZLHUDQLH$SOLNDFML](OHPHQWDPL'DQ\FK
7RDXWRPDWLFDOO\RSHQDQDSSOLFDWLRQZLWKDGDWDLWHP$E\RWZRU]\DSOLNDFM ] GDQ\PL
DXWRPDW\F]QLH
7RFKRRVHDQDSSOLFDWLRQWRRSHQZLWKDGDWDLWHP$E\Z\EUDDSOLNDFM GRRWZDUFLDGDQ\FK
([LWLQJ:\FKRG]HQLH
7RH[LW$FFX0DUN([SORUHU$E\Z\M ](NVSORUDWRUD$FFX0DUN
3UDFXM F]2EV]DUDPL=DSLVX
7RORFNDVWRUDJHDUHD$E\]DEORNRZDREV]DU]DSLVX
7RXQORFNDVWRUDJHDUHD$E\RGEORNRZDREV]DU]DSLVX
7RUXQFKHFNILOHVRQDVWRUDJHDUHD$E\XUXFKRPLVSUDZG]DQLHSOLNyZZREV]DU]H]DSLVX
5HJHQHUDWLQJ0DUNHUV*HQHUDWLQJ&XW'DWD5HJHQHURZDQLH8NDGyZ*HQHURZDQLH'DQ\FK&L
7RUHJHQHUDWHDPDUNHU$E\]UHJHQHURZDXNDG
FLD
7RJHQHUDWHFXWGDWD$E\Z\JHQHURZDGDQHFL FLD
6HQGLQJ'DWD3U]HV\DQLH'DQ\FK
7RVHQGGDWDYLDHOHFWURQLFPDLO$E\SU]HVDGDQHSRF]W HOHNWURQLF]Q
7RVHQGGDWDLWHPVWRDSORWWHU$E\SU]HVDGDQHGRSORWWHUD
7RVHQGGDWDLWHPVWR%DWFK3URFHVVLQJ$E\SU]HVDGDQHGR3U]HWZDU]DQLH%DWFK
7UDQVIHUULQJ3DWWHUQDQG0DUNHU'DWDWR5HPRWH/RFDWLRQV7UDQVIHURZDQLH6]DEORQyZL8NDGyZGR=GDOQ\FK
9LUWXDO6KLUW&RPSDQ\Z\NRQXMHZV]\VWNLHVZRMHSURMHNW\LV]DEORQ\Z1RZ\P-RUNX-HGQDN HLFK
SURGXNFMDLFL FLH]QDMGXMHVL Z 7HQQHVVHH
'DQHV]DEORQyZV WZRU]RQH]DWZLHUG]DQHLZ\V\DQHSU]\X \FLXLVWQLHM FHJRV\VWHPXD
QDVW SQLHZ\V\DQHGR7HQQHVVHHSU]H]SDNLHWRSURJUDPRZDQLDWHOHNRPXQLNDF\MQHJRWDNLHJRMDN
+\SHU$&&(66
8 \ZDM F IXQNFML(NVSORUDWRUD6HQG7R:\ OLM'RLFKGDQHPRJ E\NRPXQLNRZDQHV]\ENRL
DWZRSU]\X \FLXFFPDLOOXE0LFURVRIW0DLO$FFX0DUN([SORUHU(NVSORUDWRU$FFX0DUN
ZVSySUDFXMH]]DLQVWDORZDQ\PRSURJUDPRZDQLHPSRF]W\ZL F ILUPDPR H Z\V\DLRWU]\P\ZD
ZV]\VWNLHSRZL ]DQHV]DEORQ\LGDQHXNDGyZQLHZ\FKRG] F ]DSOLNDFML$FFX0DUN
/RNDOL]DFML
,QFUHDVLQJ3URGXFWLRQDQG6WUHDPOLQLQJ:RUNIORZ=ZL NV]DQLH
3URGXNFMLL2SW\PDOL]DFMD3UDF\

: SURGXNFMLLVWRWQ\MHVWF]DV8 \ZDQLH6KRUWFXWPHQX0HQX6NUyWyZZ([SORUHU(NVSORUDWRU]H
QLHMHVWMX NRQLHF]QHGRSU]HFKRG]HQLDPL G]\NROHMQ\PLSR]LRPDPLPHQXFHOHP]ORNDOL]RZDQLD
IXQNFMLLGDQ\FKSU]HWZDU]DQLD
3U]HWZDU]DQLHGDQ\FKSU]\SRPRF\VWDQGDUGRZHJRV\VWHPXSUDF\$FFX0DUNMHVW]DUyZQR
EH]SR UHGQLHMDNLQDW\FKPLDVWRZHMH HOLX \ZDV]([SORUHU(NVSORUDWRUD3RSURVWXNOLNQLMQD
GDQHSUDZ\PSU]\FLVNLHPP\V]NLDRGSRZLHGQLDRSFMDSU]HWZDU]DQLDVWDQLHVL QDW\FKPLDVW
GRVW SQD
1SNOLNQLMSUDZ\PSU]\FLVNLHPP\V]NLQD0DUNHU8NDGDZ\ ZLHWOLVL NRPHQGD*HQHUDWH&XW

'DWD*HQHUXM'DQH&L FLD

,QGH[
$E\]ZHU\ILNRZD]GLJLWDOL]RZDQHGDQH
$FFX0DUN%DFNXS
%DFNXS
FKDQJHGLUHFWRU\
FUHDWHMRE
GHOHWH

UHVWRUH

VFKHGXOH
&
&KDQJLQJ$SSHDUDQFHV
'DWH0RGLILHG
0DQDJLQJ'DWD
0DUNHU
ZLWKGDWHWLPH
5HSRUWV

ZRUNLQJZLWK
6

6FKHGXOHEDFNXS

6HQGWR

4XHU\

([LWLQJ
TXHU\ZLWKGDWHWLPH
3URFHVV3UHIHUHQFHV

H[DPSOH
3UDFD]5DSRUWDPL

'LVSOD\GDWD
)LQG

3ULQWLQJ'DWD
YHULI\

'LJLWL]H3URFHVVLQJ

'LJLWL]H
HGLWGDWD
2UGHU3URFHVVLQJ

3ORW3URFHVVLQJ

'
2SHQLQJ$SSOLFDWLRQVZLWK'DWD,WHPV

&XWGDWD
&XW3URFHVVLQJ

JHQHUDWH
0RYH&OLSERDUG

FKHFNILOHV
&UHDWH

0DUNHU6SOLFH

QDPLQJFRQYHQWLRQV
0DUNHU2YHUULGHV5HSRUW
0DUNHU5HSRUW2SWLRQV

0DUNHU3LHFH5HSRUW

0DUNHU+HDGHU5HSRUW
0DUNHU0RGHO5HSRUW

UHQDPH
UHJHQHUDWH

ORJV
PDLQWHQDQFH
ILQG
6HOHFWLQJ'DWD
H[DPSOH
6HQGLQJ'DWD
6KRUWFXW0HQX
EHQHILWVRIXVLQJ
6WRUDJHDUHD

ZRUNLQJZLWK

7UDLQLQJ1HZ2SHUDWRUV

9HULI\GLJLWL]HG


Accumark Eksplorer PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Accumark Eksplorer PDF

Uploaded by

Copyright:

Available Formats

$FFX0DUNY

021,725:25.$&&203/,6+('217+(6(&21'6+,)7021,7258-35$& :<.21$1 1$'58*,(-=0,$1,(

1$0( /2&$7,217$%7$%(/(1$=:<,/2.$/,=$&-, 

x =DPNQ DSOLNDFM $FFX0DUN([SORUHU

)XQNFMRQDOQR PHQX)LOH1HZ3OLN1RZ\]DOH \ RGZ\ERUXG\VNXOXEREV]DUX]DSLVXZVHNFML$OO

-H HOLZ\EUDQ\MHVWQDS G G\VNXZ\ELHUDM F 1HZ1RZ\Z\ ZLHWODV]NRPHQG\

-H HOLZ\EUDQ\MHVWREV]DU]DSLVX0LFUR0DUN Z\EUDQLH1HZ1RZ\Z\ ZLHWOL

 :VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\ OHZ\SDQHO ([SORUHU(NVSORUDWRUDZ\ELHU]QDS G

7RGLVSOD\WKHKLHUDUFK\RI6WRUDJH$UHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL 2EV]DUX=DSLVX

8 \MIXQNFML,PSRUW=LS,PSRUWXM3OLNL=LSDE\UR]SDNRZDSOLN]LS ]LS ]DZLHUDM F\GDQH

$E\X \GDQ\FK]$FFX0DUNVSDNRZDQ\SOLNPXVLE\]DSLVDQ\QDG\VNXSU]\X \FLX6DYH$V

 3RMDZLVL RNQRGLDORJRZH,PSRUW)URP,PSRUWXM]:\ELHU]NDWDORJ]NWyUHJRPDM E\

 2WZRU]\VL HNUDQLPSRUWRZDQLD'DQHGRLPSRUWXE G QDOL FLHZHGXJQD]Z\W\SX

6\VWHPUR]SDNXMHZ\EUDQHGDQHLXPLH FLMHZELH F\PREV]DU]H]DSLVX-H HOLZ\NU\WH

 3R]DNR F]HQLXLPSRUWRZDQLDSRMDZLVL RNQRGLDORJRZH$FFX0DUN([SORUHU(NVSORUDWRUD

7RLPSRUWXVLQJGUDJDQGGURS$E\LPSRUWRZDSU]\X \FLXSU]HFL JQLMLXSX

6\VWHPUR]SDNXMHZ\EUDQHGDQHLXPLH FLMHZELH F\PREV]DU]H]DSLVX-H HOLZ\NU\WH

0R HV]WH SU]HFL JQ VSDNRZDQ\SOLN]:LQGRZV([SORUHU(NVSORUDWRUD:LQGRZVGRIROGHUX

 2E\GZD(NVSORUDWRU\PXV] E\RWZDUWHQDSXOSLFLH:LQGRZV

 .OLNQLMQDVSDNRZDQ\PNDWDORJX,SU]\WU]\PDMNODZLV]P\V]NLZF]DVLHSU]HFL JDQLDJRGR

3R]ZDODQDXWZRU]HQLHVSDNRZDQHJRSOLNX]DZLHUDM FHJRWUH Z\EUDQ\FKHOHPHQWyZGDQ\FK

 :VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ ZLHWOLZ\ELHU]GDQHNWyUHFKFHV]

3OLN'UXNXMZ\ ZLHWODRNQRGLDORJRZH0LFURVRIW:LQGRZV3ULQW'UXNXM8 \MWHMNRPHQG\DE\Z

 :VHNFML$OO)ROGHUV:V]\VWNLHIROGHU\Z([SORUHU(NVSORUDWRU]HZ\ELHU]IROGHU]DZLHUDM F\

)XQNFMDNRSLRZDQLDGXEOXMHQD]Z L ORNDOL]DFM REV]DUXZ\EUDQHJRHOHPHQWXGDQ\FKGRVFKRZND

-H HOLMHVWSy QLHMX \WDIXQNFMD3DVWH:NOHMV\VWHPZUDFDGRRU\JLQDOQHJRREV]DUX]DSLVXL

 :VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]GDQHGRVNRSLRZDQLDGR

 3RX \FLX&RS\.RSLXMZ\ELHU]IROGHUGRNWyUHJRZNOHLGDQH]HVFKRZND

:\ELHU] SRG ZLHWODM F ZV]\VWNLHHOHPHQW\GDQ\FK]ELH

/LNZLGXMHZ\EyU XVXZDSRG ZLHWOHQLH HOHPHQWyZGDQ\FKZ\EUDQ\FK,SRG ZLHWODZV]\VWNLHLQQH

 0DM F Z\EUDQHMDNLHNROZLHNGDQHZVHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]H

 :1RWDWLRQ1RWDFMLNOLNQLMDE\Z\EUD0HWULF0HWU\F]QHOXE,PSHULDO$QJLHOVNLH FDOH 

 :3UHFLVLRQ'RNDGQR ZSURZDG ZDUWR GODGRNDGQR FLG]LHVL WQHM/XENOLNQLMQDVWU]DN 

:\EUDQLHIXQNFML7RROEDU3DVHN1DU] G]L]9LHZ0HQX0HQXZLGRNXNU\ZDOXEZ\ ZLHWOD

-H HOL7RROEDU3DVHN1DU] G]LE\Z\ ZLHWORQ\XNU\MHVL  -H HOLE\XNU\W\Z\ ZLHWOLVL 

:\EUDQLH/DUJH,FRQV'X H ,NRQ\]9LHZPHQX0HQX:LGRNZ\ ZLHWODGDQHZVHNFMLRNQD

=([SORUHUWRROEDU3DVND1DU] G]L(NVSORUDWRUDNOLNQLMSU]\FLVN/DUJH,FRQV'X H ,NRQ\

7RGLVSOD\WKHKLHUDUFK\RIVWRUDJHDUHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL REV]DUyZ

:\EUDQLH'HWDLOV6]F]HJy\]9LHZPHQX0HQX:LGRNZ\ ZLHWODLQIRUPDFMHRND G\P

-H HOLZ\EUDQ\MHVWIROGHUV]F]HJy\]DZLHUDM MHJRQD]Z  W\SUR]PLDURUD]GDW RVWDWQLHM

-H HOLZ\EUDQ\MHVW3ORWWHUV]F]HJy\]DZLHUDM MHJRQD]Z  W\SVWDWXVSORWWHUDRUD]VWDWXV

7RGLVSOD\WKHKLHUDUFK\RIVWRUDJHDUHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL REV]DUyZ

$E\]PLHQLZ\JO G HOHPHQWyZZIROGHU]H NOLNQLM9LHZ:LGRNDQDVW SQLHNOLNQLMMHGQ ]

8ZDJD -H HOLZ\ELHU]HV]Z\ ZLHWODQLH'HWDLOV6]F]HJyyZIROGHUDNOLNQLMQDNROXPQ

:\EUDQLH]9LHZ0HQX0HQX:LGRNIXQNFML5HIUHVK2G ZLH  DNWXDOL]XMHGDQHZVHNFMLRNQD

 $E\SU]HILOWURZDGDQHSU]HGLFKZ\ ZLHWOHQLHPZ\ELHU]2SWLRQV2SFMH]9LHZ0HQX0HQX

$E\Z\ ZLHWOLGDQHQDZL ]XM FHGRVSRVREXQD]\ZDQLDX]XSHQLMSROH3DWWHUQ

$E\Z\ ZLHWOLGDQHNWyUHE\\XWZRU]RQHSRPL G]\NRQNUHWQ\PLGDWDPLOXEJRG]LQDPL

:\EUDIXQNFM 'HIDXOW2SHQ2WZyU]'RP\ OQLHGOD(OHPHQWyZ

:\EUDIXQNFM 'HIDXOW2SHQ2WZyU]'RP\ OQLHGOD0RGHO(GLWRU(G\WRUD0RGHOLOXE

8 \MWHMNRPHQG\]7RROVPHQX0HQX1DU] G]LDDE\]GHILQLRZDQDU] G]LHNWyUHPDE\

 :([SORUHU7RROEDU3DVNX1DU] G]L(NVSORUDWRUDNOLNQLMSU]\FLVN)LQG6]XNDM /XEZ

-H HOLLQQHNU\WHULDV VSUHF\]RZDQHZWDEHOL1DPH /RFDWLRQ1D]ZD,/RNDOL]DFMDOXE

0RQLWRUZRUNDFFRPSOLVKHGRQWKHVHFRQGVKLIW0RQLWRUXMSUDF Z\NRQDQ QDGUXJLHM]PLDQLH

)LQGDOOSLHFHVQRWXVHGLQDPDUNHUFDOOHGODGLHVEORXVH=QDMG ZV]\VWNLHHOHPHQW\QLHX \WHZ

7DIXQNFMDLOXVWUXMHMDN$FFX0DUN)LQG6]XNDQLH$FFX0DUNPR H E\X \WHGRSU]HMU]HQLDSUDF\

 :SLV]GDW , F]DVQDVWURQLH'DWH0RGLILHG'DWD0RG\ILNDFML

 :SLV]W\SGDQ\FKQDVWURQLH$GYDQFHG=DDZDQVRZDQHMH HOLWRNRQLHF]QH

)LQGDOOSLHFHVQRWXVHGLQDPDUNHUFDOOHGODGLHVEORXVH=QDMG ZV]\VWNLHHOHPHQW\QLHX \WHZXNDG]LH]ZDQ\P

7RLOXVWUXMHMDNPR HV]X \$FFX0DUN)LQG6]XNDQLH$FFX0DUNGR]Uy QLFRZDQLDSOLNyZ

 =D]QDF]RNQR1RW&RQWDLQHG,Q1LH]DZLHUDM FHMDNRDNW\ZQH SRMDZLVL ]D]QDF]HQLH 

$E\SU]HSURZDG]LSHZQHDNFMHZNRQNUHWQ\FKSOLNDFKZ\ELHU]QD]Z OXEQD]Z\SOLNyZX \ZDM F

7XWDM]LOXVWURZDQHV SU]\NDG\MDN$FFX0DUN)LQG6]XNDQLH$FFX0DUNPR H E\X \WHGR

$FFX0DUNY

1$0( /2&$7,217$%7$%(/(1$=:<,/2.$/,=$&-,

x =DPNQ DSOLNDFM $FFX0DUN([SORUHU

)XQNFMRQDOQR PHQX)LOH1HZ3OLN1RZ\]DOH \ RGZ\ERUXG\VNXOXEREV]DUX]DSLVXZVHNFML$OO

-H HOLZ\EUDQ\MHVWQDS G G\VNXZ\ELHUDM F 1HZ1RZ\Z\ ZLHWODV]NRPHQG\

-H HOLZ\EUDQ\MHVWREV]DU]DSLVX0LFUR0DUN Z\EUDQLH1HZ1RZ\Z\ ZLHWOL

:VHNFML$OO)ROGHUV:V]\VWNLH)ROGHU\OHZ\SDQHO([SORUHU(NVSORUDWRUDZ\ELHU]QDS G

7RGLVSOD\WKHKLHUDUFK\RI6WRUDJH$UHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL 2EV]DUX=DSLVX

8 \MIXQNFML,PSRUW=LS,PSRUWXM3OLNL=LSDE\UR]SDNRZDSOLN]LS]LS]DZLHUDM F\GDQH

$E\X \GDQ\FK]$FFX0DUNVSDNRZDQ\SOLNPXVLE\]DSLVDQ\QDG\VNXSU]\X \FLX6DYH$V

3RMDZLVL RNQRGLDORJRZH,PSRUW)URP,PSRUWXM]:\ELHU]NDWDORJ]NWyUHJRPDM E\

2WZRU]\VL HNUDQLPSRUWRZDQLD'DQHGRLPSRUWXE G QDOL FLHZHGXJQD]Z\W\SX

6\VWHPUR]SDNXMHZ\EUDQHGDQHLXPLH FLMHZELH F\PREV]DU]H]DSLVX-H HOLZ\NU\WH

3R]DNR F]HQLXLPSRUWRZDQLDSRMDZLVL RNQRGLDORJRZH$FFX0DUN([SORUHU(NVSORUDWRUD

7RLPSRUWXVLQJGUDJDQGGURS$E\LPSRUWRZDSU]\X \FLXSU]HFL JQLMLXSX

6\VWHPUR]SDNXMHZ\EUDQHGDQHLXPLH FLMHZELH F\PREV]DU]H]DSLVX-H HOLZ\NU\WH

2E\GZD(NVSORUDWRU\PXV] E\RWZDUWHQDSXOSLFLH:LQGRZV

.OLNQLMQDVSDNRZDQ\PNDWDORJX,SU]\WU]\PDMNODZLV]P\V]NLZF]DVLHSU]HFL JDQLDJRGR

3R]ZDODQDXWZRU]HQLHVSDNRZDQHJRSOLNX]DZLHUDM FHJRWUH Z\EUDQ\FKHOHPHQWyZGDQ\FK

:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ ZLHWOLZ\ELHU]GDQHNWyUHFKFHV]

3OLN'UXNXMZ\ ZLHWODRNQRGLDORJRZH0LFURVRIW:LQGRZV3ULQW'UXNXM8 \MWHMNRPHQG\DE\Z

:VHNFML$OO)ROGHUV:V]\VWNLHIROGHU\Z([SORUHU(NVSORUDWRU]HZ\ELHU]IROGHU]DZLHUDM F\

-H HOLMHVWSy QLHMX \WDIXQNFMD3DVWH:NOHMV\VWHPZUDFDGRRU\JLQDOQHJRREV]DUX]DSLVXL

:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]GDQHGRVNRSLRZDQLDGR

3RX \FLX&RS\.RSLXMZ\ELHU]IROGHUGRNWyUHJRZNOHLGDQH]HVFKRZND

:\ELHU]SRG ZLHWODM FZV]\VWNLHHOHPHQW\GDQ\FK]ELH

/LNZLGXMHZ\EyUXVXZDSRG ZLHWOHQLHHOHPHQWyZGDQ\FKZ\EUDQ\FK,SRG ZLHWODZV]\VWNLHLQQH

0DM F Z\EUDQHMDNLHNROZLHNGDQHZVHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]H

:1RWDWLRQ1RWDFMLNOLNQLMDE\Z\EUD0HWULF0HWU\F]QHOXE,PSHULDO$QJLHOVNLHFDOH

:3UHFLVLRQ'RNDGQR ZSURZDG ZDUWR GODGRNDGQR FLG]LHVL WQHM/XENOLNQLMQDVWU]DN

-H HOL7RROEDU3DVHN1DU] G]LE\Z\ ZLHWORQ\XNU\MHVL -H HOLE\XNU\W\Z\ ZLHWOLVL

=([SORUHUWRROEDU3DVND1DU] G]L(NVSORUDWRUDNOLNQLMSU]\FLVN/DUJH,FRQV'X H ,NRQ\

7RGLVSOD\WKHKLHUDUFK\RIVWRUDJHDUHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL REV]DUyZ

:\EUDQLH'HWDLOV6]F]HJy\]9LHZPHQX0HQX:LGRNZ\ ZLHWODLQIRUPDFMHRND G\P

-H HOLZ\EUDQ\MHVWIROGHUV]F]HJy\]DZLHUDM MHJRQD]Z W\SUR]PLDURUD]GDW RVWDWQLHM

-H HOLZ\EUDQ\MHVW3ORWWHUV]F]HJy\]DZLHUDM MHJRQD]Z W\SVWDWXVSORWWHUDRUD]VWDWXV

7RGLVSOD\WKHKLHUDUFK\RIVWRUDJHDUHDVRQDGLVNGULYH$E\Z\ ZLHWOLKLHUDUFKL REV]DUyZ

$E\]PLHQLZ\JO G HOHPHQWyZZIROGHU]H NOLNQLM9LHZ:LGRNDQDVW SQLHNOLNQLMMHGQ ]

8ZDJD -H HOLZ\ELHU]HV]Z\ ZLHWODQLH'HWDLOV6]F]HJyyZIROGHUDNOLNQLMQDNROXPQ

:\EUDQLH]9LHZ0HQX0HQX:LGRNIXQNFML5HIUHVK2G ZLH DNWXDOL]XMHGDQHZVHNFMLRNQD

$E\SU]HILOWURZDGDQHSU]HGLFKZ\ ZLHWOHQLHPZ\ELHU]2SWLRQV2SFMH]9LHZ0HQX0HQX

$E\Z\ ZLHWOLGDQHQDZL ]XM FHGRVSRVREXQD]\ZDQLDX]XSHQLMSROH3DWWHUQ

$E\Z\ ZLHWOLGDQHNWyUHE\\XWZRU]RQHSRPL G]\NRQNUHWQ\PLGDWDPLOXEJRG]LQDPL

8 \MWHMNRPHQG\]7RROVPHQX0HQX1DU] G]LDDE\]GHILQLRZDQDU] G]LHNWyUHPDE\

:([SORUHU7RROEDU3DVNX1DU] G]L(NVSORUDWRUDNOLNQLMSU]\FLVN)LQG6]XNDM /XEZ

-H HOLLQQHNU\WHULDV VSUHF\]RZDQHZWDEHOL1DPH /RFDWLRQ1D]ZD,/RNDOL]DFMDOXE

0RQLWRUZRUNDFFRPSOLVKHGRQWKHVHFRQGVKLIW0RQLWRUXMSUDF Z\NRQDQ QDGUXJLHM]PLDQLH

)LQGDOOSLHFHVQRWXVHGLQDPDUNHUFDOOHGODGLHVEORXVH=QDMG ZV]\VWNLHHOHPHQW\QLHX \WHZ

7DIXQNFMDLOXVWUXMHMDN$FFX0DUN)LQG6]XNDQLH$FFX0DUNPR H E\X \WHGRSU]HMU]HQLDSUDF\

:SLV]GDW , F]DVQDVWURQLH'DWH0RGLILHG'DWD0RG\ILNDFML

:SLV]W\SGDQ\FKQDVWURQLH$GYDQFHG=DDZDQVRZDQHMH HOLWRNRQLHF]QH

)LQGDOOSLHFHVQRWXVHGLQDPDUNHUFDOOHGODGLHVEORXVH=QDMG ZV]\VWNLHHOHPHQW\QLHX \WHZXNDG]LH]ZDQ\P

=D]QDF]RNQR1RW&RQWDLQHG,Q1LH]DZLHUDM FHMDNRDNW\ZQHSRMDZLVL ]D]QDF]HQLH

$E\SU]HSURZDG]LSHZQHDNFMHZNRQNUHWQ\FKSOLNDFKZ\ELHU]QD]Z OXEQD]Z\SOLNyZX \ZDM F

7XWDM]LOXVWURZDQHV SU]\NDG\MDN$FFX0DUN)LQG6]XNDQLH$FFX0DUNPR H E\X \WHGR

$E\XVXQ NRQNUHWQHSOLNLZ\ELHU]QD]Z SOLNXOXESOLNyZ3UDZ\PSU]\FLVNLHPP\V]NL

)LQGPDUNHUVZLWKDOHQJWKOHVVWKDQLQFKHVDQGJHQHUDWHFXWILOHVIRUDVWDWLFFXWWHU=QDMG XNDG\RGXJR FL

=LOXVWURZDQHV WXWDMSU]\NDG\MDN$FFX0DUN)LQG6]XNDQLH$FFX0DUNPR H E\X \WHGR

GDQ GXJR NU\WHULXPV]XNDQLDQSPQLHMQL NOLNQLM2.

3UDZ\PSU]\FLVNLHPP\V]NLNOLNQLMQD]Z SOLNXSOLNyZ

:\ELHU]HQHUDWH&XW'DWDHQHUXM'DQH&L FLD] 6KRUWFXWPHQX0HQX6NUyWyZ

-H HOLX \ZDV]ILOWUyZGXJR FLOXEV]HURNR FLQDMSLHUZXVWDZ1RWDWLRQ1RWDFMHQD,PSHULDO

5HQDPH=PLH 1D]Z ]PLHQLDQD]Z Z\EUDQHJRSOLNXSOLNyZ

,QIRUPDFMHRSOLNXOXESOLNDFKPRJ E\Z\ ZLHWODQHZIRUPLHWDEHOL=DOH QLHRGZ\EUDQHJRW\SX

&XWILOH3OLN&L FLDNOLNQLMWXWDM DE\]REDF]\UDSRUW

)LHOG1DPH1D]ZD3ROD ([SODQDWLRQ:\MD QLHQLH

1RWDWLRQ1RWDFMH:\ ZLHWODZ\EUDQ QRWDFM ,PSHULDO$QJLHOVN OXE0HWULF0HWU\F]Q

)LHOG1DPH1D]ZD3ROD ([SODQDWLRQ:\MD QLHQLH

0DWFKLQJ'RSDVRZDQLH:\ ZLHWODQD]Z WDEHOLGRSDVRZDQLDX \W GRXNDGX

)LHOG1DPH1D]ZD3ROD ([SODQDWLRQ:\MD QLHQLH

0RGHO0RGHO:\ ZLHWODQD]Z F]ZDUWHJRPRGHOX]H]OHFHQLDXNDGX

)LHOG1DPH1D]ZD3ROD ([SODQDWLRQ:\MD QLHQLH

)LHOG1DPH1D]ZD3ROD ([SODQDWLRQ:\MD QLHQLH

3LHFH7\SH7\S(OHPHQWX:\ ZLHWODQD]Z 0LUURUHG/XVWU]DQ\MH HOLHOHPHQWMHVW

)LHOG1DPH1D]ZD3ROD ([SODQDWLRQ:\MD QLHQLH

.RPHQG\]0HQX6NUyWyZ]PLHQLDM VL ]DOH QLHRGZ\EUDQHJRHOHPHQWXGDQ\FKSRGREQLHMDNZ

$XWRPDW\F]QLHRWZLHUDDSOLNDFMHNRUHVSRQGXM FH]Z\EUDQ\PHOHPHQWHPGDQ\FK7\PZD QLH

8ZDJD 0R HV]V]\ENRRWZRU]\GDQHZLFKNRUHVSRQGXM FHMDSOLNDFMLNOLNDM F GZXNURWQLHQD

:VHNFML&RQWHQWV=DZDUWR Z([SORUHU(NVSORUDWRU]HZ\ELHU]HOHPHQWGDQ\FK]NWyU\P

2SHQ:LWK2WZyU]8 \ZDM F2WZyU]=