Bsde LK 3q17

PT Bumi Serpong Damai Tbk
dan Entitas Anak/and its Subsidiaries

Laporan Keuangan Konsolidasian/
Consolidated Financial Statements
Pada Tanggal 30 September 2017 dan 31 Desember 2016
serta untuk Periode-periode Sembilan Bulan yang Berakhir 30 September
2017 dan 2016 /
As of September 30, 2017 and December 31, 2016
and for the Nine-Month Periods Ended September 30, 2017 and 2016
PT BUMI SERPONG DAMAI Tbk DAN ENTITAS ANAK/AND ITS SUBSIDIARIES
DAFTAR ISI/TABLE OF CONTENTS
Halaman/
Page
Surat Pernyataan Direksi tentang Tanggung Jawab atas Laporan Keuangan Konsolidasian
PT Bumi Serpong Damai Tbk dan Entitas Anak pada tanggal 30 September 2017 dan
31 Desember 2016 serta untuk Periode-periode Sembilan Bulan yang Berakhir 30 September
2017 dan 2016/
The Directors’ Statement on the Responsibility for Consolidated Financial Statements of PT Bumi
Serpong Damai Tbk and Its Subsidiaries as of September 30, 2017 and December 31, 2016 and
for the Nine-Month Periods Ended September 30, 2017 and 2016
LAPORAN KEUANGAN KONSOLIDASIAN – Pada tanggal 30 September 2017 dan

31 Desember 2016 serta untuk Periode-periode Sembilan Bulan yang Berakhir 30 September
2017 dan 2016/
CONSOLIDATED FINANCIAL STATEMENTS - As of September 30, 2017 and December 31,
2016 and for the Nine-Month Periods Ended September 30, 2017 and 2016
Laporan Posisi Keuangan Konsolidasian/Consolidated Statements of Financial Position 1
Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian/Consolidated

Statements of Profit or Loss and Other Comprehensive Income 3
Laporan Perubahan Ekuitas Konsolidasian/Consolidated Statements of Changes in Equity 4
Laporan Arus Kas Konsolidasian/Consolidated Statements of Cash Flows 5
Catatan atas Laporan Keuangan Konsolidasian/Notes to Consolidated Financial Statements 6

37%80,6(5321*'$0$,7EN'$1(17,7$6$1$. 37%80,6(5321*'$0$,7EN$1',7668%6,',$5,(6
/DSRUDQ3RVLVL.HXDQJDQ.RQVROLGDVLDQ &RQVROLGDWHG6WDWHPHQWVRI)LQDQFLDO3RVLWLRQ
6HSWHPEHUGDQ'HVHPEHU 6HSWHPEHUDQG'HFHPEHU
$QJNDDQJND'LVDMLNDQGDODP5XSLDKNHFXDOL'LQ\DWDNDQ/DLQ )LJXUHVDUH3UHVHQWHGLQ5XSLDKXQOHVV2WKHUZLVH6WDWHG
6HSWHPEHU
6HSWHPEHU
7LGDN'LDXGLW &DWDWDQ 'HVHPEHU
8QDXGLWHG 1RWHV 'HFHPEHU
$6(7 $66(76
$6(7/$1&$5 &855(17$66(76
.DVGDQVHWDUDNDV &DVKDQGFDVKHTXLYDOHQWV

,QYHVWDVLMDQJNDSHQGHN 6KRUWWHUPLQYHVWPHQWV
3LXWDQJXVDKDVHWHODKGLNXUDQJL 7UDGHDFFRXQWVUHFHLYDEOH
FDGDQJDQNHUXJLDQSHQXUXQDQQLODL QHWRIDOORZDQFHIRULPSDLUPHQWRI
VHEHVDU5S 5S
3LKDNEHUHODVL 5HODWHGSDUWLHV
3LKDNNHWLJD 7KLUGSDUWLHV
,QYHVWDVLVHZDQHWRSHPELD\DDQ\DQJDNDQ
MDWXKWHPSRGDODPZDNWXVDWXWDKXQ &XUUHQWSRUWLRQRIQHWLQYHVWPHQWLQILQDQFHOHDVH
3LXWDQJODLQODLQ 2WKHUDFFRXQWVUHFHLYDEOH
3LXWDQJSLKDNEHUHODVLQRQXVDKD\DQJDNDQ
MDWXKWHPSRGDODPZDNWXVDWXWDKXQ &XUUHQWSRUWLRQRIGXHIURPUHODWHGSDUWLHV
3HUVHGLDDQVHWHODKGLNXUDQJLFDGDQJDQ
NHUXJLDQSHQXUXQDQQLODLPDVLQJPDVLQJ ,QYHQWRULHVQHWRIDOORZDQFHIRU
VHEHVDU5SGDQ GHFOLQHLQYDOXHRI5SDQG
5SSDGDWDQJJDO 5SDVRI6HSWHPEHUDQG
6HSWHPEHUGDQ'HVHPEHU 'HFHPEHUUHVSHFWLYHO\
3HUOHQJNDSDQ 6XSSOLHV
8DQJPXND $GYDQFHV
3DMDNGLED\DUGLPXND 3UHSDLGWD[HV
%LD\DGLED\DUGLPXND\DQJDNDQMDWXKWHPSR
GDODPZDNWXVDWXWDKXQ &XUUHQWSRUWLRQRISUHSDLGH[SHQVHV
$VHWODLQODLQ 2WKHUDVVHWV
-XPODK$VHW/DQFDU 7RWDO&XUUHQW$VVHWV
$6(77,'$./$1&$5 121&855(17$66(76
3LXWDQJXVDKDSLKDNNHWLJD 7UDGHDFFRXQWVUHFHLYDEOHWKLUGSDUWLHV

,QYHVWDVLVHZDQHWRSHPELD\DDQ
VHWHODKGLNXUDQJLEDJLDQ\DQJDNDQ 1HWLQYHVWPHQWLQILQDQFHOHDVH
MDWXKWHPSRGDODPZDNWXVDWXWDKXQ QHWRIFXUUHQWSRUWLRQ
3LXWDQJSLKDNEHUHODVLQRQXVDKD
VHWHODKGLNXUDQJLEDJLDQ\DQJDNDQ 'XHIURPUHODWHGSDUWLHV
MDWXKWHPSRGDODPZDNWXVDWXWDKXQ QHWRIFXUUHQWSRUWLRQ
8DQJPXND $GYDQFHV
,QYHVWDVLGDODPVDKDP ,QYHVWPHQWVLQVKDUHV
%LD\DGLED\DUGLPXNDVHWHODKGLNXUDQJL
EDJLDQ\DQJDNDQMDWXKWHPSRGDODPZDNWX
VDWXWDKXQ 3UHSDLGH[SHQVHVQHWRIFXUUHQWSRUWLRQ
7DQDK\DQJEHOXPGLNHPEDQJNDQ /DQGIRUGHYHORSPHQW
$VHWWHWDSVHWHODKGLNXUDQJL
DNXPXODVLSHQ\XVXWDQPDVLQJPDVLQJ 3URSHUW\DQGHTXLSPHQWQHWRIDFFXPXODWHG
VHEHVDU5SGDQ GHSUHFLDWLRQRI5SDQG
5SSDGDWDQJJDO 5SDVRI6HSWHPEHU
6HSWHPEHUGDQ'HVHPEHU DQG'HFHPEHUUHVSHFWLYHO\
3URSHUWLLQYHVWDVLVHWHODKGLNXUDQJL
DNXPXODVLSHQ\XVXWDQPDVLQJPDVLQJ ,QYHVWPHQWSURSHUWLHVQHWRIDFFXPXODWHG
VHEHVDU5SGDQ GHSUHFLDWLRQRI5SDQG
5SSDGDWDQJJDO 5SDVRI6HSWHPEHU
6HSWHPEHUGDQ'HVHPEHU DQG'HFHPEHUUHVSHFWLYHO\
*RRGZLOO *RRGZLOO
$VHWODLQODLQVHWHODKGLNXUDQJLDNXPXODVL 2WKHUDVVHWVQHWRIDFFXPXODWHG
DPRUWLVDVLVHEHVDU5S DPRUWL]DWLRQRI5S
-XPODK$VHW7LGDN/DQFDU 7RWDO1RQFXUUHQW$VVHWV
-80/$+$6(7 727$/$66(76
/LKDWFDWDWDQDWDVODSRUDQNHXDQJDQNRQVROLGDVLDQ\DQJPHUXSDNDQ 6HHDFFRPSDQ\LQJQRWHVWRFRQVROLGDWHGILQDQFLDOVWDWHPHQWV
EDJLDQ\DQJWLGDNWHUSLVDKNDQGDULODSRUDQNHXDQJDQNRQVROLGDVLDQ ZKLFKDUHDQLQWHJUDOSDUWRIWKHFRQVROLGDWHGILQDQFLDOVWDWHPHQWV

37%80,6(5321*'$0$,7EN'$1(17,7$6$1$. 37%80,6(5321*'$0$,7EN$1',7668%6,',$5,(6
6HSWHPEHU
6HSWHPEHU
7LGDN'LDXGLW &DWDWDQ 'HVHPEHU
8QDXGLWHG 1RWHV 'HFHPEHU
/,$%,/,7$6'$1(.8,7$6 /,$%,/,7,(6$1'(48,7<
/,$%,/,7$6-$1*.$3(1'(. &855(17/,$%,/,7,(6
8WDQJEDQNMDQJNDSHQGHN 6KRUWWHUPEDQNORDQV

6XUDWVDQJJXSMDQJNDPHQHQJDK 0HGLXPWHUPQRWHV
8WDQJXVDKDSLKDNNHWLJD 7UDGHDFFRXQWVSD\DEOHWKLUGSDUWLHV
8WDQJSDMDN 7D[HVSD\DEOH
%HEDQDNUXDO $FFUXHGH[SHQVHV
6HWRUDQMDPLQDQ 6HFXULW\GHSRVLWV
8DQJPXNDGLWHULPD $GYDQFHVUHFHLYHG
6HZDGLWHULPDGLPXND 5HQWDODGYDQFHV
8DQJPXNDVHWRUDQPRGDO 'HSRVLWIRUIXWXUHVWRFNVXEVFULSWLRQ
%DJLDQOLDELOLWDVMDQJNDSDQMDQJ\DQJDNDQ
MDWXKWHPSRGDODPZDNWXVDWXWDKXQ &XUUHQWSRUWLRQRIORQJWHUPOLDELOLWLHV
8WDQJEDQNMDQJNDSDQMDQJ /RQJWHUPEDQNORDQ
/LDELOLWDVVHZDSHPELD\DDQ /HDVHOLDELOLWLHV
8WDQJREOLJDVL %RQGVSD\DEOH
/LDELOLWDVODLQODLQ 2WKHUOLDELOLWLHV
-XPODK/LDELOLWDV-DQJND3HQGHN 7RWDO&XUUHQW/LDELOLWLHV
/,$%,/,7$6-$1*.$3$1-$1* 121&855(17/,$%,/,7,(6
'DQDV\LUNDKWHPSRUHU 7HPSRUDU\V\LUNDKIXQG

/LDELOLWDVLPEDODQNHUMDMDQJNDSDQMDQJ /RQJWHUPHPSOR\HHEHQHILWVOLDELOLW\
7DNVLUDQOLDELOLWDVXQWXNSHQJHPEDQJDQ (VWLPDWHGOLDELOLWLHVIRUIXWXUH
SUDVDUDQD LPSURYHPHQWV
/LDELOLWDVMDQJNDSDQMDQJVHWHODKGLNXUDQJL
EDJLDQ\DQJDNDQMDWXKWHPSRGDODPZDNWX
VDWXWDKXQ /RQJWHUPOLDELOLWLHVQHWRIFXUUHQWSRUWLRQ
8WDQJEDQNMDQJNDSDQMDQJ /RQJWHUPEDQNORDQ
-XPODK/LDELOLWDV-DQJND3DQMDQJ 7RWDO1RQFXUUHQW/LDELOLWLHV
-XPODK/LDELOLWDV 7RWDO/LDELOLWLHV
(.8,7$6 (48,7<
(NXLWDV\DQJGDSDW'LDWULEXVLNDQNHSDGD (TXLW\$WWULEXWDEOHWR2ZQHUVRIWKH
3HPLOLN(QWLWDV,QGXN &RPSDQ\
0RGDOVDKDPQLODLQRPLQDO5SSHUVDKDP &DSLWDOVWRFN5SSDUYDOXHSHUVKDUH
0RGDOGDVDUVDKDP $XWKRUL]HGVKDUHV
0RGDOGLWHPSDWNDQGDQGLVHWRUSHQXK ,VVXHGDQGSDLGXS
VDKDP VKDUHV
7DPEDKDQPRGDOGLVHWRU $GGLWLRQDOSDLGLQFDSLWDO
6HOLVLKQLODLWUDQVDNVLGHQJDQNHSHQWLQJDQ 'LIIHUHQFHLQYDOXHDULVLQJIURPWUDQVDFWLRQV
QRQSHQJHQGDOL ZLWKQRQFRQWUROOLQJLQWHUHVWV
6HOLVLKSHQMDEDUDQPDWDXDQJDVLQJ 7UDQVODWLRQDGMXVWPHQW
(NXLWDVSDGDNHXQWXQJDQEHOXPGLUHDOLVDVLDWDV 6KDUHLQXQUHDOL]HGJDLQRQLQFUHDVHLQ
NHQDLNDQQLODLLQYHVWDVLWHUVHGLDXQWXNGLMXDO YDOXHRIDYDLODEOHIRUVDOHLQYHVWPHQWV
6DOGRODED 5HWDLQHGHDUQLQJV
'LWHQWXNDQSHQJJXQDDQQ\D $SSURSULDWHG
%HOXPGLWHQWXNDQSHQJJXQDDQQ\D 8QDSSURSULDWHG
-XPODK 7RWDO
.HSHQWLQJDQ1RQSHQJHQGDOL 1RQFRQWUROOLQJ,QWHUHVWV
-XPODK(NXLWDV 7RWDO(TXLW\
-80/$+/,$%,/,7$6'$1(.8,7$6 727$//,$%,/,7,(6$1'(48,7<

37%80,6(5321*'$0$,7EN'$1(17,7$6$1$. 37%80,6(5321*'$0$,7EN$1',7668%6,',$5,(6
/DSRUDQ/DED5XJLGDQ3HQJKDVLODQ.RPSUHKHQVLI/DLQ.RQVROLGDVLDQ &RQVROLGDWHG6WDWHPHQWVRI3URILWRU/RVVDQG2WKHU&RPSUHKHQVLYH,QFRPH
8QWXN3HULRGHSHULRGH6HPELODQ%XODQ\DQJ%HUDNKLU6HSWHPEHUGDQ )RUWKH1LQH0RQWK3HULRGV(QGHG6HSWHPEHUDQG
6HSWHPEHU6HSWHPEHU
&DWDWDQ 7LGDN'LDXGLW8QDXGLWHG
1RWHV
3(1'$3$7$186$+$ 5(9(18(6
%(%$132.2.3(1-8$/$1 &2672)5(9(18(6
/$%$.2725 *5266352),7
%(%$186$+$ 23(5$7,1*(;3(16(6
3HQMXDODQ 6HOOLQJ
8PXPGDQDGPLQLVWUDVL *HQHUDODQGDGPLQLVWUDWLYH
3DMDNILQDO )LQDOWD[
-XPODK%HEDQ8VDKD 7RWDO2SHUDWLQJ([SHQVHV
/$%$86$+$ 23(5$7,1*352),7
3(1*+$6,/$1%(%$1/$,1/$,1 27+(5,1&20((;3(16(6

3HQGDSDWDQEXQJDGDQLQYHVWDVL ,QWHUHVWDQGLQYHVWPHQWLQFRPH
.HXQWXQJDQNHUXJLDQVHOLVLKNXUV
PDWDXDQJDVLQJEHUVLK *DLQORVVRQIRUHLJQH[FKDQJHQHW
3HQGDSDWDQGLYLGHQ 'LYLGHQGLQFRPH
.HXQWXQJDQSHQMXDODQDVHWWHWDS *DLQRQVDOHRISURSHUW\DQGHTXLSPHQW
'DPSDNSHQGLVNRQWRDQDVHWGDQOLDELOLWDV ,PSDFWRIGLVFRXQWLQJRIILQDQFLDODVVHWDQG
NHXDQJDQEHUVLK OLDELOLWLHVQHW
%HEDQEXQJDGDQNHXDQJDQODLQQ\D ,QWHUHVWDQGRWKHUILQDQFLDOFKDUJHV
/DLQODLQEHUVLK 2WKHUVQHW
%HEDQ/DLQODLQ%HUVLK 2WKHU([SHQVHV1HW
(.8,7$63$'$/$%$%(56,+(17,7$6$626,$6, 6+$5(,11(7,1&20(2)$662&,$7(6
'$19(1785$%(56$0$ $1'-2,179(1785(6
/$%$6(%(/803$-$. 352),7%()25(7$;
%(%$13$-$..,1, &855(177$;(;3(16(
/$%$3(5,2'(%(5-$/$1 352),7)257+(3(5,2'
3(1*+$6,/$158*,.2035(+(16,)/$,1 27+(5&2035(+(16,9(,1&20(/266
,WHPVWKDWZLOOQRWEHUHFODVVLILHGVXEVHTXHQWO\WR
3RV\DQJWLGDNDNDQGLUHNODVLILNDVLNHODEDUXJL SURILWRUORVV
.HUXJLDQDNWXDULDOGDULSURJUDPLPEDODQSDVWL $FWXDULDOORVVRQGHILQHGEHQHILWSODQV
,WHPVWKDWZLOOEHUHFODVVLILHGVXEVHTXHQWO\WR
3RV\DQJDNDQGLUHNODVLILNDVLNHODEDUXJL SURILWRUORVV
(NXLWDVSDGDNHXQWXQJDQEHOXP
GLUHDOLVDVLDWDVNHQDLNDQ 8QUHDOL]HGJDLQRQLQFUHDVH
QLODLLQYHVWDVLWHUVHGLDXQWXNGLMXDO LQYDOXHRIDYDLODEOHIRUVDOHLQYHVWPHQWV

-XPODK3HQJKDVLODQ.RPSUHKHQVLI/DLQ 7RWDO2WKHU&RPSUHKHQVLYH,QFRPH
-80/$+3(1*+$6,/$1.2035(+(16,) 727$/&2035(+(16,9(,1&20(
/$%$3(5,2'(%(5-$/$1<$1*'$3$7
',$75,%86,.$1.(3$'$ 352),7)257+(3(5,2'$775,%87$%/(72
3HPLOLNHQWLWDVLQGXN 2ZQHUVRIWKH&RPSDQ\
.HSHQWLQJDQQRQSHQJHQGDOL 1RQFRQWUROOLQJLQWHUHVWV

-80/$+3(1*+$6,/$1.2035(+(16,)<$1* 727$/&2035(+(16,9(,1&20(
'$3$7',$75,%86,.$1.(3$'$ $775,%87$%/(72
3HPLOLNHQWLWDVLQGXN 2ZQHUVRIWKH&RPSDQ\
.HSHQWLQJDQQRQSHQJHQGDOL 1RQFRQWUROOLQJLQWHUHVWV

/$%$3(56$+$0'$6$5 %$6,&($51,1*63(56+$5(

37%80,6(5321*'$0$,7EN'$1(17,7$6$1$. 37%80,6(5321*'$0$,7EN$1',7668%6,',$5,(6
/DSRUDQ3HUXEDKDQ(NXLWDV.RQVROLGDVLDQ &RQVROLGDWHG6WDWHPHQWVRI&KDQJHVLQ(TXLW\
(NXLWDV\DQJ'DSDW'LDWULEXVLNDQNHSDGD3HPLOLN(QWLWDV,QGXN(TXLW\$WWULEXWDEOHWR2ZQHUVRIWKH&RPSDQ\
(NXLWDVSDGD
.HXQWXQJDQ%HOXP
'LUHDOLVDVL$WDV
6HOLVLK1LODL .HQDLNDQ1LODL
7UDQVDNVLGHQJDQ ,QYHVWDVL
.HSHQWLQJDQ 7HUVHGLDXQWXN
1RQSHQJHQGDOL 'LMXDO
'LIIHUHQFH 6KDUHLQ
7DPEDKDQ LQ9DOXH 8QUHDOL]HG*DLQ
0RGDO'LVHWRU $ULVLQJIURP 6DOGR/DED5HWDLQHG(DUQLQJV RQ,QFUHDVH 6HOLVLK3HQMDEDUDQ .HSHQWLQJDQ
$GGLWLRQDO 7UDQVDFWLRQVZLWK 'LWHQWXNDQ %HOXP'LWHQWXNDQ LQ9DOXHRI 0DWD8DQJ$VLQJ 1RQSHQJHQGDOL
&DWDWDQ 0RGDO6DKDP 3DLGLQ 1RQFRQWUROOLQJ 3HQJJXQDDQQ\D 3HQJJXQDDQQ\D $YDLODEOHIRU6DOH 7UDQVODWLRQ 1RQFRQWUROOLQJ -XPODK(NXLWDV
1RWHV &DSLWDO6WRFN &DSLWDO ,QWHUHVWV $SSURSULDWHG 8QDSSURSULDWHG ,QYHVWPHQWV $GMXVWPHQW -XPODK7RWDO ,QWHUHVWV 7RWDO(TXLW\
6DOGRSDGDWDQJJDO-DQXDUL %DODQFHDVRI-DQXDU\
3HQJKDVLODQNRPSUHKHQVLI &RPSUHKHQVLYHLQFRPH
/DEDSHULRGHEHUMDODQ 3URILWIRUWKHSHULRG
3HQJKDVLODQNRPSUHKHQVLIODLQ 2WKHUFRPSUHKHQVLYHLQFRPH
3HQJXNXUDQNHPEDOLOLDELOLWDVLPEDODQSDVWL 5HPHDVXUHPHQWRIGHILQHGEHQHILWOLDELOLW\
.HXQWXQJDQEHOXPGLUHDOLVDVLDWDVNHQDLNDQ 8QUHDOL]HGJDLQRQLQFUHDVHLQYDOXHRI
QLODLLQYHVWDVLWHUVHGLDXQWXNGLMXDO DYDLODEOHIRUVDOHLQYHVWPHQWV
-XPODKSHQJKDVLODQNRPSUHKHQVLI 7RWDOFRPSUHKHQVLYHLQFRPH
3HPEHQWXNDQFDGDQJDQZDMLE $SSURSULDWLRQRIUHWDLQHGHDUQLQJV
7UDQVDNVLGHQJDQSHPLOLN 7UDQVDFWLRQVZLWKRZQHUV
'LYLGHQ 'LYLGHQGV
'LYLGHQ\DQJGLED\DUNDQROHKHQWLWDVDQDN 'LYLGHQGVSDLGE\VXEVLGLDULHV
6HOLVLKDQWDUDQLODLDVHW\DQJWLPEXOGDULSHQJDPSXQDQSDMDN 'LIIHUHQFHLQYDOXHRIDVVHWVDULVLQJIURPWD[DPQHVW\
3HQDPEDKDQPRGDOGLVHWRUHQWLWDVDQDN ,VVXDQFHRIVKDUHVRIVXEVLGLDULHVWR
ROHKNHSHQWLQJDQQRQSHQJHQGDOL QRQFRQWUROOLQJLQWHUHVWV
3HQXUXQDQPRGDOGLWHPSDWNDQGDQGLVHWRU 5HGXFWLRQLQLVVXHGDQGSDLGXSFDSLWDO
ROHKNHSHQWLQJDQQRQSHQJHQGDOL E\QRQFRQWUROOLQJLQWHUHVW
6HOLVLKQLODLWUDQVDNVLGHQJDQ 'LIIHUHQFHGXHWRWUDQVDFWLRQVZLWK
NHSHQWLQJDQQRQSHQJHQGDOL QRQFRQWUROOLQJLQWHUHVWV
-XPODKWUDQVDNVLGHQJDQSHPLOLN 7RWDOWUDQVDFWLRQVZLWKRZQHUV
6DOGRSDGDWDQJJDO6HSWHPEHU %DODQFHDVRI6HSWHPEHU

6DOGRSDGDWDQJJDO-DQXDUL %DODQFHDVRI-DQXDU\
3HQJKDVLODQNRPSUHKHQVLI &RPSUHKHQVLYHLQFRPH
/DEDSHULRGHEHUMDODQ 3URILWIRUWKHSHULRG
3HQJXNXUDQNHPEDOLOLDELOLWDVLPEDODQSDVWL 5HPHDVXUHPHQWRIGHILQHGEHQHILWOLDELOLW\
.HXQWXQJDQEHOXPGLUHDOLVDVLDWDVNHQDLNDQ 8QUHDOL]HGJDLQRQLQFUHDVHLQYDOXHRI
QLODLLQYHVWDVLWHUVHGLDXQWXNGLMXDO DYDLODEOHIRUVDOHLQYHVWPHQWV
-XPODKSHQJKDVLODQNRPSUHKHQVLI 7RWDOFRPSUHKHQVLYHLQFRPH
3HPEHQWXNDQFDGDQJDQZDMLE $SSURSULDWLRQRIUHWDLQHGHDUQLQJV
7UDQVDNVLGHQJDQSHPLOLN 7UDQVDFWLRQVZLWKRZQHUV
'LYLGHQ 'LYLGHQGV
3HQDPEDKDQPRGDOGLVHWRUHQWLWDVDQDN ,VVXDQFHRIVKDUHVRIVXEVLGLDULHVWR
ROHKNHSHQWLQJDQQRQSHQJHQGDOL QRQFRQWUROOLQJLQWHUHVWV
3HQXUXQDQPRGDOGLWHPSDWNDQGDQGLVHWRU 5HGXFWLRQLQLVVXHGDQGSDLGXSFDSLWDO
ROHKNHSHQWLQJDQQRQSHQJHQGDOL E\QRQFRQWUROOLQJLQWHUHVW
6HOLVLKQLODLWUDQVDNVLGHQJDQ 'LIIHUHQFHGXHWRWUDQVDFWLRQVZLWK
-XPODKWUDQVDNVLGHQJDQSHPLOLN 7RWDOWUDQVDFWLRQVZLWKRZQHUV
7DPEDKDQPRGDOGLVHWRUGDUL $GGLWLRQDOSDLGLQFDSLWDOIURP
DVHWSHQJDPSXQDQSDMDN WD[DPQHVW\DVVHWV
6HOLVLKQLODLWUDQVDNVLUHVWUXNWXULVDVL 'LIIHUHQFHLQYDOXHRIUHVWUXFWXULQJWUDQVDFWLRQV
HQWLWDVVHSHQJHQGDOL DPRQJHQWLWLHVXQGHUFRPPRQFRQWURO
6DOGRSDGDWDQJJDO6HSWHPEHU %DODQFHDVRI6HSWHPEHU

ͲϰͲ
37%80,6(5321*'$0$,7EN'$1(17,7$6$1$. 37%80,6(5321*'$0$,7EN$1',7668%6,',$5,(6
/DSRUDQ$UXV.DV.RQVROLGDVLDQ &RQVROLGDWHG6WDWHPHQWVRI&DVK)ORZV
6HSWHPEHU6HSWHPEHU
7LGDNGLDXGLW8QDXGLWHG

$586.$6'$5,$.7,9,7$623(5$6, &$6+)/2:6)52023(5$7,1*$&7,9,7,(6
3HQHULPDDQNDVGDULSHODQJJDQ &DVKUHFHLSWVIURPFXVWRPHUV
3HPED\DUDQNDVXQWXN &DVKSD\PHQWVWRIRU
.RQWUDNWRU &RQWUDFWRUV
%HEDQXPXPDGPLQLVWUDVLGDQODLQODLQ *HQHUDODGPLQLVWUDWLYHDQGRWKHUH[SHQVHV
*DML 6DODULHV
%HEDQSHQMXDODQ 6HOOLQJH[SHQVHV
.DVEHUVLKGLKDVLONDQGDULRSHUDVL 1HWFDVKJHQHUDWHGIURPRSHUDWLRQV
3HPED\DUDQXQWXNSHPEHOLDQWDQDKGDQEDQJXQDQ 3D\PHQWVIRUDFTXLVLWLRQVRIODQGDQGEXLOGLQJ
3HPED\DUDQSDMDNILQDO )LQDOLQFRPHWD[SDLG
3HPED\DUDQSDMDNSHQJKDVLODQ ,QFRPHWD[SDLG
.DV%HUVLK'LSHUROHKGDUL'LJXQDNDQXQWXN$NWLYLWDV2SHUDVL 1HW&DVK3URYLGHGE\8VHGLQ2SHUDWLQJ$FWLYLWLHV
$586.$6'$5,$.7,9,7$6,19(67$6, &$6+)/2:6)520,19(67,1*$&7,9,7,(6
3HQHULPDDQEXQJD ,QWHUHVWUHFHLYHG
3HQHULPDDQGLYLGHQ 'LYLGHQGUHFHLYHG
+DVLOSHQMXDODQDVHWWHWDS 3URFHHGVIURPVDOHRISURSHUW\DQGHTXLSPHQW
3HPED\DUDQOLDELOLWDVDWDVSHUROHKDQ 3D\PHQWRIOLDELOLWLHVDULVLQJIURPDFTXLVLWLRQ
DVHWWHWDS RISURSHUW\DQGHTXLSPHQW
3HPED\DUDQOLDELOLWDVDWDVSHUROHKDQ 3D\PHQWRIOLDELOLWLHVDULVLQJIURPDFTXLVLWLRQ
SURSHUWLLQYHVWDVL RILQYHVWPHQWSURSHUWLHV
3LXWDQJSLKDNEHUHODVLQRQXVDKD 1RQWUDGHDPRXQWGXHIURPDUHODWHGSDUW\
$UXVNDVNHOXDUEHUVLKSDGDWDQJJDODNXLVLVLHQWLWDVDQDN 1HWFDVKRXWIORZDWGDWHRIDFTXLVLWLRQRIVXEVLGLDULHV
3HQDPEDKDQDVHWWHWDS $FTXLVLWLRQVRISURSHUW\DQGHTXLSPHQW
3HPED\DUDQXDQJPXNDLQYHVWDVLGDODPVDKDP 3D\PHQWIRUDGYDQFHRILQYHVWPHQWLQVKDUHV
3HUROHKDQSURSHUWLLQYHVWDVL $FTXLVLWLRQVRILQYHVWPHQWSURSHUWLHV
3HQFDLUDQSHQHPSDWDQLQYHVWDVL 3URFHHGVIURPZLWKGUDZDORISODFHPHQWLQLQYHVWPHQWV
3HPED\DUDQLQYHVWDVLGDODPVDKDP 3D\PHQWIRULQYHVWPHQWLQVKDUHV
3HQHULPDDQDWDVXDQJPXNDSHQXUXQDQLQYHVWDVLGDODPVDKDP $GYDQFHUHFHLYHGIURPGHFUHDVHLQLQYHVWPHQWLQVKDUHV
.DV%HUVLK'LJXQDNDQXQWXN$NWLYLWDV,QYHVWDVL 1HW&DVK8VHGLQ,QYHVWLQJ$FWLYLWLHV
$586.$6'$5,$.7,9,7$63(1'$1$$1 &$6+)/2:6)520),1$1&,1*$&7,9,7,(6
3HQHULPDDQXWDQJREOLJDVL 3URFHHGVIURPLVVXDQFHRIERQGV
3HQHULPDDQXWDQJEDQNMDQJNDSDQMDQJ 3URFHHGVIURPORQJWHUPEDQNORDQV
3HQHULPDDQDWDVSHQLQJNDWDQPRGDOVDKDP
HQWLWDVDQDN\DQJPHQMDGLEDJLDQNHSHQWLQJDQ 3URFHHGVIURPLVVXDQFHRIVKDUHVRIVXEVLGLDULHV
QRQSHQJHQGDOL WRQRQFRQWUROOLQJLQWHUHVWV
3HQHULPDDQXWDQJEDQNMDQJNDSHQGHN 3URFHHGVIURPVKRUWWHUPEDQNORDQV
3HQHULPDDQVXUDWVDQJJXSMDQJNDPHQHQJDK 3URFHHGVIURP0HGLXP7HUP1RWHV
3HPED\DUDQDWDVSHUROHKDQVDKDPHQWLWDVDQDN\DQJ
PHQMDGLEDJLDQNHSHQWLQJDQQRQSHQJHQGDOL 3D\PHQWWRQRQFRQWUROOLQJLQWHUHVWLQUHODWLRQWRDFTXLUHG
GDULNHSHQWLQJDQQRQSHQJHQGDOL LVVXHGDQGSDLGXSFDSLWDORIVXEVLGLDU\
3HPED\DUDQXQWXN 3D\PHQWVIRU
%XQJDVHZDSHPELD\DDQ ,QWHUHVWRQOHDVHOLDELOLWLHV
8DQJPXNDGLYLGHQROHKHQWLWDVDQDN\DQJ 'LYLGHQGVDGYDQFHGWRQRQFRQWUROOLQJLQWHUHVWV
PHQMDGLEDJLDQNHSHQWLQJDQQRQSHQJHQGDOL LQVXEVLGLDULHV
'LYLGHQ 'LYLGHQGV
6XUDWVDQJJXSMDQJNDPHQHQJDK 0HGLXPWHUPQRWHV
%XQJD ,QWHUHVW
8WDQJEDQNMDQJNDSDQMDQJ /RQJWHUPEDQNORDQV
'LYLGHQROHKHQWLWDVDQDN\DQJPHQMDGLEDJLDQ &DVKGLYLGHQGVWRQRQFRQWUROOLQJLQWHUHVWVLQ
NHSHQWLQJDQQRQSHQJHQGDOL VXEVLGLDULHV
.DV%HUVLK'LSHUROHKGDUL'LJXQDNDQXQWXN$NWLYLWDV3HQGDQDDQ 1HW&DVK3URYLGHGE\8VHGLQ)LQDQFLQJ$FWLYLWLHV
.(1$,.$13(18581$1%(56,+.$6 1(7,1&5($6('(&5($6(,1&$6+

'$16(7$5$.$6 $1'&$6+(48,9$/(176
&$6+$1'&$6+(48,9$/(176$77+(
.$6'$16(7$5$.$6$:$/3(5,2'( %(*,11,1*2)7+(3(5,2'
3HQJDUXKSHUXEDKDQNXUVPDWDXDQJDVLQJ (IIHFWRIIRUHLJQH[FKDQJHUDWHFKDQJHV
&$6+$1'&$6+(48,9$/(176$77+((1'
.$6'$16(7$5$.$6$.+,53(5,2'( 2)7+(3(5,2'

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6
&DWDWDQDWDV/DSRUDQ.HXDQJDQ.RQVROLGDVLDQ 1RWHVWR&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV
6HSWHPEHUGDQ'HVHPEHU $VRI6HSWHPEHUDQG'HFHPEHU
VHUWDXQWXN3HULRGHSHULRGH6HPELODQ%XODQ DQGIRUWKH1LQH0RQWK3HULRGV
\DQJ%HUDNKLU6HSWHPEHUGDQ (QGHG6HSWHPEHUDQG
$QJNDDQJND'LVDMLNDQGDODP5XSLDK )LJXUHVDUH3UHVHQWHGLQ5XSLDK
NHFXDOL'LQ\DWDNDQ/DLQ XQOHVV2WKHUZLVH6WDWHG

8PXP *HQHUDO

D 3HQGLULDQGDQ,QIRUPDVL8PXP D (VWDEOLVKPHQWDQG*HQHUDO,QIRUPDWLRQ

37 %XPL 6HUSRQJ 'DPDL 7EN 3HUXVDKDDQ 37 %XPL 6HUSRQJ 'DPDL 7EN WKH
GLGLULNDQ SDGD WDQJJDO -DQXDUL &RPSDQ\ZDVHVWDEOLVKHGRQ-DQXDU\
EHUGDVDUNDQ $NWD 1R GDUL %HQQ\ EDVHG RQ WKH 1RWDULDO 'HHG 1R
.ULVWLDQWR 6+ QRWDULV GL -DNDUWD $NWD RI %HQQ\ .ULVWLDQWR 6+ D SXEOLF QRWDU\
SHQGLULDQ 3HUXVDKDDQ WHUVHEXW WHODK LQ -DNDUWD 7KH 'HHG RI (VWDEOLVKPHQW
GLVDKNDQ ROHK 0HQWHUL .HKDNLPDQ 5HSXEOLN ZDVDSSURYHGE\WKH0LQLVWHURI-XVWLFHRI
,QGRQHVLD PHODOXL 6XUDW .HSXWXVDQ WKH 5HSXEOLF RI ,QGRQHVLD LQ KLV 'HFLVLRQ
1R &+77+ WDQJJDO /HWWHU1R&+77+GDWHG
6HSWHPEHU $QJJDUDQ 'DVDU 6HSWHPEHU 7KH &RPSDQ\¶V
3HUXVDKDDQ WHODK EHEHUDSD NDOL PHQJDODPL $UWLFOHV RI $VVRFLDWLRQ KDYH EHHQ
SHUXEDKDQ WHUDNKLU GHQJDQ $NWD 1R DPHQGHG VHYHUDO WLPHV PRVW UHFHQWO\ E\
WDQJJDO 'HVHPEHU GDUL &KDUORQ 1RWDULDO'HHG1RGDWHG'HFHPEHU
6LWXPHDQJ 6DUMDQD +XNXP VHEDJDL RI &KDUORQ 6LWXPHDQJ 6DUMDQD
SHQJJDQWL GDUL 36XWULVQR $ 7DPSXERORQ +XNXP DV UHSODFHPHQW RI 3 6XWULVQR $
6+ 0.Q QRWDULV GL -DNDUWD EHUGDVDUNDQ 7DPSXERORQ 6+ 0.Q D SXEOLF QRWDU\
5DSDW 8PXP 3HPHJDQJ 6DKDP /XDU %LDVD LQ -DNDUWD EDVHG RQ WKH ([WUDRUGLQDU\
SDGD WDQJJDO 1RYHPEHU PHQJHQDL 6WRFNKROGHUV¶ 0HHWLQJ KHOG RQ
SHQLQJNDWDQ PRGDO GDVDU GDQ SHUQ\DWDDQ 1RYHPEHU LQ UHODWLRQ WR WKH
NHPEDOL PRGDO GLWHPSDWNDQ GDQ GLVHWRU LQFUHDVH LQ DXWKRUL]HG DQG LVVXHG DQG
3HUXVDKDDQ 3HUXEDKDQ LQL WHODK PHQGDSDW SDLGXS FDSLWDO 7KHVH DPHQGPHQWV ZHUH
SHUVHWXMXDQ GDUL 0HQWHUL +XNXP GDQ +DN DSSURYHG E\ WKH 0LQLVWHU RI /DZ DQG
$VDVL 0DQXVLD PHODOXL 6XUDW .HSXWXVDQ +XPDQ 5LJKWV RI WKH 5HSXEOLF RI
1R $+8$+7DKXQ ,QGRQHVLD LQ KLV 'HFLVLRQ /HWWHU
WDQJJDO -DQXDUL GDQ GLXPXPNDQ 1R $+8$+<HDU
GDODP %HULWD 1HJDUD 5HSXEOLN ,QGRQHVLD GDWHG -DQXDU\ DQG ZDV
1RWDQJJDO-XOL SXEOLVKHG LQ WKH 6WDWH *D]HWWH RI WKH
5HSXEOLF RI ,QGRQHVLD 1R GDWHG
-XO\

3HUXVDKDDQ WHODK PHQ\HVXDLNDQ $QJJDUDQ 7KH&RPSDQ\KDVDPHQGHGLWV$UWLFOHVRI
'DVDUQ\D GDODP UDQJND PHPHQXKL $VVRFLDWLRQWR FRPSO\ ZLWK WKH 5HJXODWLRQ
NHWHQWXDQ3HUDWXUDQ2WRULWDV-DVD.HXDQJDQ RI )LQDQFLDO 6HUYLFHV $XWKRULW\ DQG
GDQ 3HUDWXUDQ %XUVD (IHN ,QGRQHVLD 5HJXODWLRQ RI ,QGRQHVLD 6WRFN ([FKDQJH
3HUXEDKDQLQLGLGRNXPHQWDVLNDQGDODP$NWD 7KH DPHQGPHQWV ZHUH GRFXPHQWHG LQ
1RWDQJJDO0HLGDUL36XWULVQR$ 1RWDULDO'HHG1RGDWHG0D\RI
7DPSXERORQ6+0.QQRWDULVGL-DNDUWD 36XWULVQR$7DPSXERORQ6+0.QD
GDQ WHODK GLFDWDWNDQ NH 0HQWHUL +XNXP GDQ SXEOLF QRWDU\ LQ -DNDUWD DQG DSSURYHG E\
+DN $VDVL 0DQXVLD 5HSXEOLN ,QGRQHVLD WKH 0LQLVWHU RI /DZ DQG +XPDQ 5LJKWV RI
PHODOXL 6XUDW 3HQHULPDDQ 3HPEHULWDKXDQ WKH 5HSXEOLF RI ,QGRQHVLD LQ KLV 'HFLVLRQ
1R $+8$+7DKXQ /HWWHU 1R $+8$+<HDU
WDQJJDO0HL GDWHG0D\

6HVXDL GHQJDQ SDVDO $QJJDUDQ 'DVDU ,Q DFFRUGDQFH ZLWK DUWLFOH 1R RI WKH
PDNVXG GDQ WXMXDQ 3HUXVDKDDQ DGDODK &RPSDQ\¶V $UWLFOHV RI $VVRFLDWLRQ WKH
EHUXVDKD GDODP ELGDQJ SHPEDQJXQDQ UHDO &RPSDQ\¶V SXUSRVH DQG REMHFWLYH LV WR
HVWDW 3HUXVDKDDQ WHODK GDQ VHGDQJ HQJDJH LQ UHDO HVWDWH GHYHORSPHQW
PHODNVDQDNDQ SHPEDQJXQDQ NRWD EDUX DFWLYLWLHV 7KH &RPSDQ\ KDV EHHQ
VHEDJDLZLOD\DKSHPXNLPDQ\DQJWHUHQFDQD GHYHORSLQJDQHZFLW\ZKLFKLVDSODQQHG
GDQ WHUSDGX \DQJ GLOHQJNDSL GHQJDQ DQG LQWHJUDWHG UHVLGHQWLDODUHD ZLWK
SUDVDUDQDSUDVDUDQD IDVLOLWDV OLQJNXQJDQ DPHQLWLHVLQIUDVWUXFWXUH HQYLURQPHQWDO
GDQSHQJKLMDXDQGHQJDQQDPD%6'&LW\ IDFLOLWLHVDQGSDUNVFDOOHGWKH%6'&LW\

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

.DQWRU 3HUXVDKDDQ WHUOHWDN GL 6LQDU 0DV 7KH &RPSDQ\¶V RIILFH LV ORFDWHG DW 6LQDU
/DQG 3OD]D %6' *UHHQ 2IILFH 3DUN 0DV /DQG 3OD]D %6' *UHHQ 2IILFH 3DUN
7DQJHUDQJ 3UR\HN UHDO HVWDW 3HUXVDKDDQ 7DQJHUDQJ 7KH &RPSDQ\¶V UHDO HVWDWH
EHUXSD 3HUXPDKDQ %XPL 6HUSRQJ 'DPDL SURMHFW LV FDOOHG %XPL 6HUSRQJ 'DPDL
\DQJ EHUORNDVL GL 3URSLQVL %DQWHQ ZKLFK LV ORFDWHG LQ %DQWHQ 3URYLQFH 7KH
3HUXVDKDDQ PXODL EHURSHUDVL NRPHUVLDO &RPSDQ\ VWDUWHG LWV FRPPHUFLDO
SDGDWDKXQ RSHUDWLRQVLQ

3HUXVDKDDQ GDQ HQWLWDV DQDN VHODQMXWQ\D 7KH &RPSDQ\ DQG LWV VXEVLGLDULHV
GLVHEXW *UXS GLGLULNDQ GDQ PHQMDODQNDQ KHUHLQDIWHUUHIHUUHGWRDV³WKH*URXS´DUH
XVDKDQ\D GL ,QGRQHVLD *UXS WHUPDVXN LQFRUSRUDWHG DQG FRQGXFW WKHLU RSHUDWLRQV
GDODPNHORPSRNXVDKD373DUDJD$UWDPLGD LQ ,QGRQHVLD 7KH *URXS RSHUDWHV XQGHU
WKHJURXSRI373DUDJD$UWDPLGD

3HPHJDQJ VDKDP DNKLU *UXS DGDODK 7KH XOWLPDWH SDUHQW RI WKH *URXS LV
6LQDUPDV /DQG /LPLWHG \DQJ EHUNHGXGXNDQ 6LQDUPDV /DQG /LPLWHG D OLPLWHG OLDELOLW\
GL6LQJDSXUD FRPSDQ\LQFRUSRUDWHGLQ6LQJDSRUH

E 3HQDZDUDQ8PXP(IHN3HUXVDKDDQ E 3XEOLF2IIHULQJRI6KDUHVDQG%RQGV

3HQDZDUDQ8PXP6DKDP 6KDUHV2IIHULQJ

3DGD WDQJJDO 0HL 3HUXVDKDDQ 2Q 0D\ WKH &RPSDQ\ REWDLQHG
PHPSHUROHK 6XUDW 3HPEHULWDKXDQ (IHNWLI WKH 1RWLFH RI (IIHFWLYLW\ RI 6KDUH
DWDV 3HUQ\DWDDQ 3HQGDIWDUDQ (PLVL 6DKDP 5HJLVWUDWLRQ IURP WKH &KDLUPDQ RI WKH
GDUL .HWXD %DGDQ 3HQJDZDV 3DVDU 0RGDO &DSLWDO 0DUNHW DQG )LQDQFLDO ,QVWLWXWLRQV
GDQ /HPEDJD .HXDQJDQ DWDX %DSHSDP 6XSHUYLVRU\ $JHQF\ RU %DSHSDP/. RU
GDQ /. DWDX VHNDUDQJ 2WRULWDV -DVD FXUUHQWO\ )LQDQFLDO 6HUYLFHV $XWKRULW\
.HXDQJDQ2-. 1R6%/ XQWXN 2-. LQ KLV OHWWHU 1R6%/ IRU
PHODNVDQDNDQ SHQDZDUDQ XPXP VDKDP LWV RIIHULQJ WR WKH SXEOLF RI
NHSDGDPDV\DUDNDWVHEDQ\DN VKDUHVZLWK5SSDUYDOXHSHUVKDUHDW
VDKDP GHQJDQ QLODL QRPLQDO 5S DQ RIIHULQJSULFH RI 5S SHU VKDUH 2Q
SHU VDKDP GDQ KDUJD SHQDZDUDQ -XQH DOO RI WKHVH VKDUHV ZHUH
VHEHVDU 5S SHU VDKDP 3HUXVDKDDQ OLVWHGLQWKH,QGRQHVLD6WRFN([FKDQJH
PHQFDWDWNDQ VHOXUXK VDKDPQ\D &RPSDQ\
/LVWLQJ SDGD %XUVD (IHN ,QGRQHVLD SDGD
WDQJJDO-XQL

3DGD WDQJJDO 1RYHPEHU 2Q 1RYHPEHU WKH &RPSDQ\
3HUXVDKDDQ PHPSHUROHK SHUQ\DWDDQ HIHNWLI REWDLQHG WKH 1RWLFH RI (IIHFWLYLW\ IURP
GDUL.HWXD%DSHSDPGDQ/.DWDXVHNDUDQJ WKH&KDLUPDQRI%DSHSDP/.RUFXUUHQWO\
2WRULWDV -DVD .HXDQJDQ2-. GHQJDQ VXUDW )LQDQFLDO 6HUYLFHV $XWKRULW\2-. LQ KLV
1R 6%/ XQWXN PHODNXNDQ OHWWHU 1R 6%/ IRU LWV /LPLWHG
3HQDZDUDQ 8PXP 7HUEDWDV 'HQJDQ +DN 3XEOLF 2IIHULQJ ZLWK 3UHHPSWLYH 5LJKWV RI
0HPHVDQ (IHN 7HUOHELK 'DKXOX VHEHVDU VKDUHV ZLWK SXUFKDVH SULFH
VDKDPGHQJDQQLODLSHQMXDODQ RI 5S SHU VKDUH WKURXJK ULJKWV LVVXH
VHEHVDU 5SSHU OHPEDU VDKDP 6DKDP WR VWRFNKROGHUV 2Q 1RYHPEHU
VDKDP WHUVHEXW GLFDWDWNDQ SDGD %XUVD (IHN DOO RI WKHVH VKDUHV ZHUH OLVWHG LQ WKH
,QGRQHVLDSDGDWDQJJDO1RYHPEHU ,QGRQHVLD6WRFN([FKDQJH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3DGD WDQJJDO 0HL PHODOXL 5DSDW 2Q 0D\ WKURXJK WKH
8PXP 3HPHJDQJ 6DKDP /XDU %LDVD SDUD ([WUDRUGLQDU\ 6WRFNKROGHUV¶ 0HHWLQJ WKH
SHPHJDQJ VDKDP 3HUXVDKDDQ PHQ\HWXMXL &RPSDQ\¶V VKDUHKROGHUV DJUHHG WR WKH
3HQDPEDKDQ 0RGDO 7DQSD +DN 0HPHVDQ &DSLWDO ,QFUHDVH :LWKRXW 3UHHPSWLYH
(IHN 7HUOHELK 'DKXOX VHEDQ\DNEDQ\DNQ\D 5LJKWVIRUQRWPRUHWKDQWHQSHUFHQW
VHSXOXK SHUVHQ GDUL PRGDO GLVHWRU RIWKHSDLGXSFDSLWDOZLWKLQDSHULRGRIWZR
GDODP MDQJND ZDNWX GXD WDKXQ 3DGD \HDUV2Q$SULOWKH&RPSDQ\
WDQJJDO $SULO 3HUXVDKDDQ LVVXHG VKDUHV WKURXJK
PHQHUELWNDQ VDKDP PHODOXL 3HQDPEDKDQ &DSLWDO ,QFUHDVH :LWKRXW 3UHHPSWLYH
0RGDO 7DQSD +DN 0HPHVDQ (IHN 7HUOHELK 5LJKWV IRU D SXUFKDVH SULFH RI 5S
'DKXOXVHEHVDUVDKDP GHQJDQ SHU VKDUH 2Q 0D\ DOO RI WKHVH
QLODLSHQMXDODQVHEHVDU5SSHUOHPEDU VKDUHV ZHUH OLVWHG LQ WKH ,QGRQHVLD 6WRFN
VDKDP 6DKDPVDKDP WHUVHEXW GLFDWDWNDQ ([FKDQJH 2Q 0DUFK WKH
SDGD %XUVD (IHN ,QGRQHVLD SDGD WDQJJDO &RPSDQ\ LVVXHG VKDUHV
0HL 3DGD WDQJJDO 0DUHW WKURXJK &DSLWDO ,QFUHDVH :LWKRXW
3HUXVDKDDQ PHQHUELWNDQ VDKDP PHODOXL 3UHHPSWLYH5LJKWVIRUDSXUFKDVHSULFHRI
3HQDPEDKDQ 0RGDO 7DQSD +DN 0HPHVDQ 5SSHUVKDUH2Q$SULODOO
(IHN 7HUOHELK 'DKXOX VHEHVDU RI WKHVH VKDUHV ZHUH OLVWHG LQ WKH
VDKDP GHQJDQ QLODL SHQMXDODQ VHEHVDU ,QGRQHVLD6WRFN([FKDQJH
5S SHU OHPEDU VDKDP 6DKDPVDKDP
WHUVHEXW GLFDWDWNDQ SDGD %XUVD (IHN
,QGRQHVLDSDGDWDQJJDO$SULO

3DGD WDQJJDO 6HSWHPEHU GDQ $V RI 6HSWHPEHU DQG
'HVHPEHU VHOXUXK VDKDP 'HFHPEHUDOORIWKH&RPSDQ\¶V
3HUXVDKDDQ VHMXPODK VKDUHV WRWDOLQJ WR VKDUHV
VDKDP WHODK WHUFDWDW GL %XUVD (IHN DUH OLVWHG LQ WKH ,QGRQHVLD 6WRFN
,QGRQHVLD ([FKDQJH

3HQDZDUDQ8PXP2EOLJDVL %RQGV2IIHULQJ

3DGD WDQJJDO -XQL 3HUXVDKDDQ 2Q-XQHWKH&RPSDQ\REWDLQHG
PHPSHUROHK 3HUQ\DWDDQ (IHNWLI GDUL .HWXD 1RWLFH RI (IIHFWLYLW\ IURP WKH &KDLUPDQ RI
%DSHSDP GDQ /. DWDX VHNDUDQJ 2WRULWDV %DSHSDP/. RU FXUUHQWO\ )LQDQFLDO
-DVD .HXDQJDQ2-. XQWXN 3HQDZDUDQ 6HUYLFHV $XWKRULW\2-. LQ KLV OHWWHU
8PXP 2EOLJDVL %HUNHODQMXWDQ , %XPL 1R 6%/ IRU LWV RIIHULQJ RI
6HUSRQJ'DPDL7DKDS,7DKXQVHEHVDU %XPL6HUSRQJ'DPDL&RQWLQXRXV%RQGV,
5S PHODOXL 6XUDW 3KDVH , <HDU WRWDOLQJ WR
3HUQ\DWDDQ (IHNWLI 1R 6%/ 5S 2Q -XO\
3HUXVDKDDQ PHQFDWDWNDQ VHOXUXK DOO RI WKHVH ERQGV ZHUH OLVWHG LQ WKH
REOLJDVLQ\DSDGD%XUVD(IHN,QGRQHVLDSDGD ,QGRQHVLD6WRFN([FKDQJH
WDQJJDO-XOL

3DGDWDQJJDO0HL3HUXVDKDDQ 2Q 0D\ WKH &RPSDQ\
PHODNXNDQ 3HQDZDUDQ 8PXP 2EOLJDVL RIIHUHG %XPL 6HUSRQJ 'DPDL &RQWLQXRXV
%HUNHODQMXWDQ , %XPL 6HUSRQJ 'DPDL %RQGV , 3KDVH ,, <HDU ZLWK WRWDO
7DKDS ,, 7DKXQ VHEHVDU QRPLQDO YDOXH RI 5S
5S 3HUXVDKDDQ 2Q-XQHDOORIWKHVHERQGVZHUH
PHQFDWDWNDQVHOXUXKREOLJDVLQ\DSDGD%XUVD OLVWHGLQWKH,QGRQHVLD6WRFN([FKDQJH
(IHN,QGRQHVLDSDGDWDQJJDO-XQL

3DGD WDQJJDO -XQL 3HUXVDKDDQ 2Q -XQH WKH &RPSDQ\ RIIHUHG
PHODNXNDQ 3HQDZDUDQ 8PXP 2EOLJDVL %XPL6HUSRQJ'DPDL&RQWLQXRXV%RQGV,,
%HUNHODQMXWDQ ,, %XPL 6HUSRQJ 'DPDL 3KDVH,<HDUZLWKWRWDOQRPLQDOYDOXH
7DKDS , 7DKXQ VHEHVDU RI5S2Q-XQH
5S 3HUXVDKDDQ DOO RI WKHVH ERQGV ZHUH OLVWHG LQ WKH
PHQFDWDWNDQVHOXUXKREOLJDVLQ\DSDGD%XUVD ,QGRQHVLD6WRFN([FKDQJH
(IHN,QGRQHVLDSDGDWDQJJDO-XQL

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HVHPEHU VHOXUXK REOLJDVL 'HFHPEHUDOORIWKH&RPSDQ\¶V
3HUXVDKDDQ PDVLQJPDVLQJ VHEHVDU ERQGV ZLWK WRWDO QRPLQDO YDOXH RI
5SWHODKWHUFDWDWGL%XUVD 5S UHVSHFWLYHO\ DUH
(IHN,QGRQHVLD OLVWHGLQWKH,QGRQHVLD6WRFN([FKDQJH

F (QWLWDV$QDN\DQJ'LNRQVROLGDVLNDQ F &RQVROLGDWHG6XEVLGLDULHV

'HVHPEHU HQWLWDV DQDN \DQJ 'HFHPEHU WKH VXEVLGLDULHV
GLNRQVROLGDVLNDQ WHUPDVXN SHUVHQWDVH ZKLFK ZHUH FRQVROLGDWHG LQFOXGLQJ WKH
NHSHPLOLNDQ 3HUXVDKDDQ DGDODK VHEDJDL UHVSHFWLYH SHUFHQWDJHV RI RZQHUVKLS KHOG
EHULNXW E\WKH&RPSDQ\IROORZV

3HUVHQWDVH.HSHPLOLNDQ
GDQ+DN6XDUD
7DKXQ2SHUDVL 3HUFHQWDJHRI2ZQHUVKLS -XPODK$VHW6HEHOXP(OLPLQDVL
.RPHUVLDO DQG9RWLQJ5LJKWV 7RWDO$VVHWV%HIRUH(OLPLQDWLRQ
6WDUWRI 6HSWHPEHU 'HVHPEHU 6HSWHPEHU 'HVHPEHU
(QWLWDV$QDN /RNDVL -HQLV8VDKD 1DPD3UR\HN &RPPHUFLDO 6HSWHPEHU 'HFHPEHU 6HSWHPEHU 'HFHPEHU
6XEVLGLDU\ 'RPLFLOH 1DWXUHRI%XVLQHVV 3URMHFW1DPH 2SHUDWLRQV
3HPLOLNDQODQJVXQJ'LUHFW,QYHVWPHQWV
37'XWD3HUWLZL7EN'87, -DNDUWD 3HUXPDKDQ5HDO ,7&0DQJJD'XD
(VWDWH ,7&5R[\0DVGDQDQG
,7&&HPSDND0DV
376LQDU0DV:LVHVD60: %DOLNSDSDQ 3HUXPDKDQ5HDO %DOLNSDSDQ%DUXGDQDQG *UDQG&LW\
(VWDWH
376LQDU0DV7HODGDQ607 -DNDUWD 3HUNDQWRUDQ/HDVLQJ 6LQDUPDV/DQG3OD]D-DNDUWD
RIRIILFHVSDFH 6XUDED\DGDQDQG 0HGDQ

37*DUZLWD6HQWUD8WDPD*68 7DQJHUDQJ 6HZD/HDVLQJ &RXUWV
*OREDO3ULPH&DSLWDO3WH/WG*3& 6LQJDSRUH
37%XPL3DUDPXGLWD0DV%30 6XUDED\D
376XU\D,QWHU:LVHVD6,: 7DQJHUDQJ
376LQDU8VDKD0DKLWDOD6807 7DQJHUDQJ
373UDED6HODUDV3UDWDPD 7DQJHUDQJ
37%XPL.DUDZDQJ'DPDL .DUDZDQJ
376HQWUD7DOHQWD8WDPD678 7DQJHUDQJ
376LQDU8VDKD0DUJD680 3DOHPEDQJ
373DVWLND&DQGUD3HUWLZL3&3 7DQJHUDQJ
376HQWUD6HODUDV/HVWDUL66/ 7DQJHUDQJ
376LQDU3HUWLZL0HJDK630 7DQJHUDQJ
37%XPL:LVHVD-D\D%:- 7DQJHUDQJ
37'XWD0LWUD0DV'00 7DQJHUDQJ
377UDQV%6'%DODUDMD7%% 7DQJHUDQJ
37'XWD&DNUD3HVRQD'&3 7DQJHUDQJ
37%XPL,QGDK$VUL%,$ 7DQJHUDQJ
37%XPL6HQWUD6HODUDV%66 6XUDED\D
376XPEHU0DNPXU6HPHVWD606 7DQJHUDQJ
37:DKDQD6ZDVD8WDPD:68 7DQJHUDQJ
37%XPL7LUWD0DV%70 7DQJHUDQJ
376DWZLND&LSWD/HVWDUL6&/ 7DQJHUDQJ
37/DNV\D3ULPD/HVWDUL/3/ 7DQJHUDQJ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

GDQ+DN6XDUD
(QWLWDVDQDN'87,6XEVLGLDULHVRI'87,
WHUPDVXNNHSHPLOLNDQODQJVXQJ3HUXVDKDDQSDGD'87,VHEHVDUSDGDWDQJJDO6HSWHPEHUGDQ'HVHPEHU
LQFOXGHVRIWKH&RPSDQ\
VGLUHFWLQYHVWPHQWLQ'87,DVRI6HSWHPEHUDQG'HFHPEHU
37.XUQLD6XEXU3HUPDL &LEXEXU
373HUZLWD0DUJDVDNWL -DNDUWD $SDUWHPHQGDQSXVDW 6XSHUEORN$PEDVDGRU

SHUEHODQMDDQ .XQLQJDQGDQDQG
$SDUWPHQWDQG ,7&.XQLQJDQ
VKRSSLQJFHQWHU
376LQDUZLMD\D(NDSUDWLVWD 7DQJHUDQJ 3HUXPDKDQ %DQMDU:LMD\D

5HDOHVWDWH
370LVD\D3URSHULQGR &LEXEXU 3HUXPDKDQ /HJHQGD:LVDWD

5HDOHVWDWH
370LWUDNDU\D0XOWLJXQD 6XUDED\D
376LQDUZLVDWD3HUPDL %DOLNSDSDQ +RWHO+RWHO +RWHO/H*UDQGHXU

%DOLNSDSDQ
37'XWD6HPHVWD0DV -DNDUWD 0L[HGXVH 6RXWK*DWH
376DUDQDSDSDQ(NDVHMDWL63( &LSDQDV 3HUXPDKDQ .RWD%XQJD
5HDOHVWDWH
373UHVWDVL0DKNRWD8WDPD %HNDVL
376LQDUZLVDWD/HVWDUL -DNDUWD +RWHO+RWHO +RWHO/H*UDQGHXU

0DQJJD'XD
370XVWLND.DU\D6HMDWL -DNDUWD 3HUXPDKDQ 7DPDQ3HUPDWD%XDQD

5HDOHVWDWH
373DQJHUDQ3OD]D8WDPD &LSDQDV 3HUXPDKDQ .RWD%XQJD

5HDOHVWDWH
37'XWD9LUWXDO'RW&RP -DNDUWD
37.HPEDQJDQ3HUPDL'HYHORSPHQW -DNDUWD 3HUXPDKDQ 7DPDQ3HUPDWD%XDQD

5HDOHVWDWH
375R\DO2ULHQWDO -DNDUWD 3HUNDQWRUDQ 6LQDU0DV/DQG3OD]D

2IILFHVSDFH
373XWUD$OYLWD3UDWDPD3$3 %HNDVL 3HUXPDKDQ *UDQG:LVDWD
5HDOHVWDWH
37$QHNDJUL\D%XPLQXVD &LEXEXU 3HUXPDKDQ .RWD:LVDWD

5HDOHVWDWH
37.DQDND*UDKDDVUL &LEXEXU 3HUXPDKDQ .RWD:LVDWD

5HDOHVWDWH
370HNDQXVD&LSWD &LEXEXU 3HUXPDKDQ .RWD:LVDWD

5HDOHVWDWH
373ULPD6HKDWL &LEXEXU 3HUXPDKDQ .RWD:LVDWD

5HDOHVWDWH
373XWUD3UDEXNDU\D &LEXEXU 3HUXPDKDQ .RWD:LVDWD

5HDOHVWDWH
373XWUD7LUWD:LVDWD37: %HNDVL $UHQDUHNUHDVL *R:HW
5HFUHDWLRQDUHQD
37:LMD\D3UDWDPD5D\D 6HPDUDQJ 3XVDWSHUEHODQMDDQ '30DOO

6KRSSLQJFHQWHU
373KLQLVLQGR=DPUXG1XVDQWDUD 'HSRN 3XVDWSHUEHODQMDDQ ,7&'HSRN

6KRSSLQJFHQWHU
(QWLWDVDQDN60:6XEVLGLDULHVRI60:
WHUPDVXNNHSHPLOLNDQODQJVXQJ3HUXVDKDDQSDGD60:VHEHVDUSDGDWDQJJDO6HSWHPEHUGDQ'HVHPEHU
VGLUHFWLQYHVWPHQWLQ60:DVRI6HSWHPEHUDQG'HFHPEHU
37*UDKD'LSWD:LVHVD 6XUDED\D
37%XPL6DPDULQGD'DPDL 6DPDULQGD
680 3DOHPEDQJ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

GDQ+DN6XDUD
(QWLWDVDQDN6076XEVLGLDU\RI607
WHUPDVXNNHSHPLOLNDQODQJVXQJ3HUXVDKDDQSDGD607PDVLQJPDVLQJVHEHVDUGDQSDGDWDQJJDO6HSWHPEHUGDQ'HVHPEHU
LQFOXGHVDQGRIWKH&RPSDQ\
VGLUHFWLQYHVWPHQWLQ607DVRI6HSWHPEHUDQG'HFHPEHUUHVSHFWLYHO\
370XVWLND&DQGUDJXQD -DNDUWD
WHUPDVXNNHSHPLOLNDQODQJVXQJ3HUXVDKDDQSDGD678VHEHVDUSDGDWDQJJDO6HSWHPEHUGDQ'HVHPEHU
VGLUHFWLQYHVWPHQWLQ678DVRI6HSWHPEHUDQG'HFHPEHU
37'XWD'KDUPD6LQDUPDV 0DQDGR 3HUXPDKDQ &DSLWRO3ULPHUD&LW\

5HDOHVWDWH
(QWLWDVDQDN66/6XEVLGLDU\RI66/
WHUPDVXNNHSHPLOLNDQODQJVXQJ3HUXVDKDDQSDGD66/VHEHVDUSDGDWDQJJDO6HSWHPEHUGDQ'HVHPEHU
VGLUHFWLQYHVWPHQWLQ66/DVRI6HSWHPEHUDQG'HFHPEHU
%66 6XUDED\D
(QWLWDVDQDN3&36XEVLGLDU\RI3&3
WHUPDVXNNHSHPLOLNDQODQJVXQJ3HUXVDKDDQSDGD3&3VHEHVDUSDGDWDQJJDO6HSWHPEHUGDQ'HVHPEHU
VGLUHFWLQYHVWPHQWLQ3&3DVRI6HSWHPEHUDQG'HFHPEHU
373KLQLVL0XOWL3URSHUWL 0DNDVVDU
(QWLWDVDQDN*3&6XEVLGLDU\RI*3&
WHUPDVXNNHSHPLOLNDQODQJVXQJ3HUXVDKDDQSDGD*3&VHEHVDUSDGDWDQJJDO6HSWHPEHUGDQ'HVHPEHU
VGLUHFWLQYHVWPHQWLQ*3&DVRI6HSWHPEHUDQG'HFHPEHU
*OREDO3ULPH7UHDVXU\3WH/WG 6LQJDSRUH
(QWLWDVDQDN%,$6XEVLGLDU\RI%,$
WHUPDVXNNHSHPLOLNDQODQJVXQJ3HUXVDKDDQSDGD%,$VHEHVDUSDGDWDQJJDO6HSWHPEHUGDQ'HVHPEHU
VGLUHFWLQYHVWPHQWLQ%,$DVRI6HSWHPEHUDQG'HFHPEHU
37%XPL0HJDK*UDKD8WDPD 7DQJHUDQJ

37%XPL0HJDK*UDKD$VUL 7DQJHUDQJ
WHUPDVXNNHSHPLOLNDQODQJVXQJ3HUXVDKDDQSDGD630VHEHVDUSDGDWDQJJDO6HSWHPEHU
VGLUHFWLQYHVWPHQWLQ630DVRI6HSWHPEHU
376LQDU0HGLNDPDV,QYHVLQGR 7DQJHUDQJ
3HPLOLNDQWLGDNODQJVXQJ,QGLUHFW,QYHVWPHQWV
(QWLWDVDQDN63(6XEVLGLDU\RI63(
%30 6XUDED\D
(QWLWDVDQDN%306XEVLGLDULHVRI%30
678 7DQJHUDQJ
6807 7DQJHUDQJ
6,: 7DQJHUDQJ
*68 7DQJHUDQJ
3&3 7DQJHUDQJ
66/ 7DQJHUDQJ
630 7DQJHUDQJ
%:- 7DQJHUDQJ
'00 7DQJHUDQJ
'&3 7DQJHUDQJ
%,$ 7DQJHUDQJ
606 7DQJHUDQJ
:68 7DQJHUDQJ
%70 7DQJHUDQJ
6&/ 7DQJHUDQJ
/3/ 7DQJHUDQJ
7%% 7DQJHUDQJ
(QWLWDVDQDN3$36XEVLGLDU\RI3$3
37: %HNDVL $UHQDUHNUHDVL *R:HW

5HFUHDWLRQDUHQD
%HOXPEHURSHUDVLNRPHUVLDO1RFRPPHUFLDORSHUDWLRQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

,QIRUPDVL NHXDQJDQ HQWLWDV DQDN \DQJ )LQDQFLDO LQIRUPDWLRQ RI VXEVLGLDULHV WKDW
GLPLOLNL ROHK NHSHQWLQJDQ QRQSHQJHQGDOL KDYH PDWHULDO QRQFRQWUROOLQJ LQWHUHVWV DV
GDODP MXPODK PDWHULDO SDGD WDQJJDO GDQ RI DQG IRU WKH QLQHPRQWK SHULRG HQGHG
XQWXN SHULRGH \DQJ EHUDNKLU 6HSWHPEHU DQG IRU WKH \HDU
6HSWHPEHU GDQ XQWXN WDKXQ \DQJ HQGHG'HFHPEHUIROORZV
EHUDNKLU 'HVHPEHU DGDODK VHEDJDL
EHULNXW

6HSWHPEHU6HSWHPEHU
.HSHQWLQJDQ1RQSHQJHQGDOL\DQJ0DWHULDO0DWHULDO1RQFRQWUROOLQJ,QWHUHVWV
%DJLDQ.HSHQWLQJDQ
.HSHPLOLNDQ(IHNWLI
1DPD(QWLWDV$QDN (IIHFWLYH(TXLW\ 6DOGR$NXPXODVL %DJLDQ/DED5XJL
1DPHRI6XEVLGLDU\ ,QWHUHVW+HOG $FFXPXODWHG%DODQFHV 6KDUHLQ3URILW/RVV

37'XWD3HUWLZL7EN'87,
376LQDU0DV7HODGDQ607
373XWUD$OYLWD3UDWDPD3$3
376LQDU0DV:LVHVD60:
370LWUDNDU\D0XOWLJXQD0.0
37:LMD\D3UDWDPD5D\D:35
375R\DO2ULHQWDO52

'HVHPEHU'HFHPEHU
.HSHQWLQJDQ1RQSHQJHQGDOL\DQJ0DWHULDO0DWHULDO1RQFRQWUROOLQJ,QWHUHVWV
%DJLDQ.HSHQWLQJDQ
.HSHPLOLNDQ(IHNWLI
1DPD(QWLWDV$QDN (IIHFWLYH(TXLW\ 6DOGR$NXPXODVL %DJLDQ/DED
1DPHRI6XEVLGLDU\ ,QWHUHVW+HOG $FFXPXODWHG%DODQFHV 6KDUHLQ3URILW

'87,
607
3$3
60:
0.0
:35
52

%HULNXW DGDODK ULQJNDVDQ LQIRUPDVL 7KH VXPPDUL]HG ILQDQFLDO LQIRUPDWLRQ RI
NHXDQJDQ GDUL HQWLWDV DQDN -XPODKMXPODK WKHVH VXEVLGLDULHV LV SURYLGHG EHORZ 7KLV
WHUVHEXW VHEHOXP GLHOLPLQDVL GHQJDQ LQIRUPDWLRQ LV EDVHG RQ DPRXQWV EHIRUH
WUDQVDNVLDQWDUHQWLWDVGDODP*UXS LQWHUFRPSDQ\HOLPLQDWLRQV

5LQJNDVDQ ODSRUDQ SRVLVL NHXDQJDQ SDGD 6XPPDUL]HG VWDWHPHQWV RI ILQDQFLDO
WDQJJDO 6HSWHPEHU GDQ SRVLWLRQ DV RI 6HSWHPEHU DQG
'HVHPEHU 'HFHPEHU

6HSWHPEHU6HSWHPEHU
'87, 607 3$3 60: 0.0 :35 52
$VHWODQFDU &XUUHQWDVVHWV

$VHWWLGDNODQFDU 1RQFXUUHQWDVVHWV
-XPODK$VHW 7RWDO$VVHWV
/LDELOLWDVMDQJNDSHQGHN &XUUHQWOLDELOLWLHV

/LDELOLWDVMDQJNDSDQMDQJ 1RQFXUUHQWOLDELOLWLHV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HVHPEHU'HFHPEHU
'87, 607 3$3 60: 0.0 :35 52

$VHWWLGDNODQFDU 1RQFXUUHQWDVVHWV


5LQJNDVDQODSRUDQODEDUXJLGDQSHQJKDVLODQ 6XPPDUL]HG VWDWHPHQWV RI SURILW RU ORVV
NRPSUHKHQVLI ODLQ XQWXN SHULRGHSHULRGH DQG RWKHU FRPSUHKHQVLYH LQFRPH IRU
VHPELODQEXODQ\DQJEHUDNKLU6HSWHPEHU WKH QLQHPRQWK SHULRGV HQGHG
GDQ 6HSWHPEHUDQG

6HSWHPEHU6HSWHPEHU 6HPELODQEXODQ1LQHPRQWKV
'87, 607 3$3 60: 0.0 :35 52
3HQGDSDWDQ 5HYHQXHV

/DEDUXJLVHEHOXPSDMDN 3URILWORVVEHIRUHWD[
3HQJKDVLODQ 2WKHUFRPSUHKHQVLYH
NRPSUHKHQVLIODLQ LQFRPH
-XPODK3HQJKDVLODQUXJL 7RWDO&RPSUHKHQVLYH

.RPSUHKHQVLI ,QFRPHORVV
7HUDWULEXVLNDQSDGDNHSHQWLQJDQ $WWULEXWDEOHWR
QRQSHQJHQGDOL QRQFRQWUROOLQJLQWHUHVWV
'LYLGHQ\DQJGLED\DUNDQSDGD 'LYLGHQGVSDLGWR

'87, 607 3$3 60: :35 52
3HQGDSDWDQ 5HYHQXH

/DEDVHEHOXPSDMDN 3URILWEHIRUHWD[
3HQJKDVLODQ 2WKHUFRPSUHKHQVLYH
-XPODK3HQJKDVLODQ 7RWDO&RPSUHKHQVLYH
.RPSUHKHQVLI ,QFRPH
7HUDWULEXVLNDQSDGDNHSHQWLQJDQ $WWULEXWDEOHWR
QRQSHQJHQGDOL QRQFRQWUROOLQJLQWHUHVW
'LYLGHQ\DQJGLED\DUNDQSDGD 'LYLGHQGVSDLGWR
NHSHQWLQJDQQRQSHQJHQGDOL QRQFRQWUROOLQJLQWHUHVW

5LQJNDVDQLQIRUPDVLDUXVNDVXQWXNSHULRGH 6XPPDUL]HG FDVK IORZ LQIRUPDWLRQ IRU WKH
SHULRGH VHPELODQ EXODQ \DQJ EHUDNKLU QLQHPRQWK SHULRGV HQGHG
6HSWHPEHUGDQ 6HSWHPEHUDQG

'87, 607 3$3 60: 0.0 :35 52
2SHUDVL 2SHUDWLQJ
,QYHVWDVL ,QYHVWLQJ
3HQGDQDDQ )LQDQFLQJ
.HQDLNDQSHQXUXQDQEHUVLK 1HWLQFUHDVHGHFUHDVHLQ
NDVGDQVHWDUDNDV FDVKDQGFDVKHTXLYDOHQWV

'87, 607 3$3 60: :35 52
2SHUDVL 2SHUDWLQJ
,QYHVWDVL ,QYHVWLQJ
3HQGDQDDQ )LQDQFLQJ
.HQDLNDQSHQXUXQDQEHUVLK 1HWLQFUHDVHGHFUHDVHLQ
NDVGDQVHWDUDNDV FDVKDQGFDVKHTXLYDOHQWV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

$NXLVLVL(QWLWDV$QDNSDGD7DKXQ $FTXLVLWLRQRI6XEVLGLDULHVLQ

37%XPL0HJDK*UDKD$VUL%0*$ 37%XPL0HJDK*UDKD$VUL%0*$

%HUGDVDUNDQ $NWD 3HQJDPELODOLKDQ 1R %DVHGRQ1RWDULDO'HHGRI7DNHRYHU1R
WDQJJDO 0HL GDUL +DQQ\ZDWL 6XVLOR GDWHG 0D\ RI +DQQ\ZDWL 6XVLOR
6+ 0.QQRWDULV GL 7DQJHUDQJ 6HODWDQ 6+ 0.Q D SXEOLF QRWDU\ LQ 6RXWK
SDUDSHPHJDQJVDKDPPHQ\HWXMXLSHQMXDODQ 7DQJHUDQJ WKH VKDUHKROGHUV¶ DJUHHG WR
VHEDQ\DNVDKDP%0*$\DQJGLPLOLNL VHOO VKDUHV RI %0*$ RZQHG E\
ROHK373DUDJD$UWDPLGD3$0GHQJDQQLODL 37 3DUDJD $UWDPLGD 3$0 ZLWK QRPLQDO
QRPLQDO VHEHVDU 5S SHU OHPEDU YDOXHRI5SSHUVKDUH7KHWRWDO
VDKDP +DUJD MXDO EHOL VDKDP WHUVHEXW SXUFKDVH SULFH RI WKH DIRUHPHQWLRQHG
DGDODK VHEHVDU 5S 3DGD VKDUHV RI VWRFN DPRXQWHG WR
WDQJJDO 6HSWHPEHU 3HUXVDKDDQ 5S $V RI 6HSWHPEHU
PHPLOLNLOHPEDUVDKDPDWDXPHZDNLOL WKH&RPSDQ\RZQHGVKDUHV
GDULWRWDOVDKDP%0*$ RUHTXLYDOHQWWRRZQHUVKLSLQWHUHVW
LQ%0*$

3HUXEDKDQ3HUVHQWDVH.HSHPLOLNDQ &KDQJHVLQ2ZQHUVKLS,QWHUHVW

3HULRGH VHPELODQ EXODQ <DQJ %HUDNKLU 1LQH 0RQWK 3HULRG (QGHG 6HSWHPEHU
6HSWHPEHU

376LQDU3HUWLZL0HJDK630 376LQDU3HUWLZL0HJDK630

%HUGDVDUNDQ $NWD 3HUQ\DWDDQ .HSXWXVDQ %DVHG RQ 'HHG RI 6WDWHPHQW RI
6LUNXOHU 3HPHJDQJ 6DKDP 630 HQWLWDV 6WRFNKROGHUV¶ 'HFLVLRQ RI 630
DQDN \DQJ GLGRNXPHQWDVLNDQ GDODP $NWD D VXEVLGLDU\ 1R GDWHG $XJXVW
1R WDQJJDO $JXVWXV GDUL RI +DQQ\ZDWL 6XVLOR 6+ 0.Q
+DQQ\ZDWL 6XVLOR 6+0.Q QRWDULV GL D SXEOLF QRWDU\ LQ 6RXWK 7DQJHUDQJ WKH
7DQJHUDQJ 6HODWDQ SDUD SHPHJDQJ VDKDP VKDUHKROGHUV RI 630 DJUHHG WR LQFUHDVH
630 VHWXMX XQWXN PHQLQJNDWNDQ PRGDO WKH SDLGXS FDSLWDO DPRXQWLQJ WR
GLVHWRU VHEHVDU 5S \DQJ GLVHWRU 5SZKLFKKDVEHHQSDLGE\WKH
ROHK3HUXVDKDDQ&DWDWDQ &RPSDQ\1RWH

376LQDU0DV7HODGDQ607 376LQDU0DV7HODGDQ607

DQDN \DQJ GLGRNXPHQWDVLNDQ GDODP $NWD D VXEVLGLDU\ 1R GDWHG -DQXDU\
1R WDQJJDO -DQXDUL GDUL RI +DQQ\ZDWL 6XVLOR 6+ 0.Q D
+DQQ\ZDWL 6XVLOR 6+0.Q QRWDULV GL SXEOLF QRWDU\ LQ 6RXWK 7DQJHUDQJ WKH
7DQJHUDQJ 6HODWDQ SDUD SHPHJDQJ VDKDP VKDUHKROGHUV RI 607 DJUHHG WR GHFUHDVH
607VHWXMXXQWXNPHQXUXQNDQPRGDOGLVHWRU WKH SDLGXS FDSLWDO DPRXQWLQJ WR
VHEHVDU 5S \DQJ 5S ZKLFKKDV EHHQ SDLG
GLED\DUNDQ NH 3HUXVDKDDQ GDQ 37 3DUDJD WR WKH &RPSDQ\ DQG 37 3DUDJD $UWDPLGD
$UWDPLGD 3$0 PDVLQJPDVLQJ VHEHVDU 3$0 DPRXQWLQJ WR 5S
5S GDQ DQG 5S UHVSHFWLYHO\
5S 7UDQVDNVL LQL 7KLV WUDQVDFWLRQ GHFUHDVHG WKH GLUHFW
PHQJDNLEDWNDQ SHQXUXQDQ SHUVHQWDVH RZQHUVKLSLQWHUHVWRIWKH&RPSDQ\LQ607
NHSHPLOLNDQ ODQJVXQJ 3HUXVDKDDQ GDODP IURPWR1RWH
607 GDUL PHQMDGL
&DWDWDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

7DKXQ <HDU

607 607

DQDN \DQJ GLGRNXPHQWDVLNDQ GDODP $NWD D VXEVLGLDU\ 1R GDWHG 2FWREHU
1R WDQJJDO 2NWREHU GDUL RI +DQQ\ZDWL 6XVLOR 6+ 0.Q
+DQQ\ZDWL 6XVLOR 6+0.Q QRWDULV GL D SXEOLF QRWDU\ LQ 6RXWK 7DQJHUDQJ WKH
7DQJHUDQJ 6HODWDQ SDUD SHPHJDQJ VDKDP VKDUHKROGHUV RI 607 DJUHHG WR LQFUHDVH
607 VHWXMX XQWXN PHQLQJNDWNDQ PRGDO WKH SDLGXS FDSLWDO DPRXQWLQJ WR
GLVHWRU VHEHVDU 5S \DQJ 5S ZKLFKKDV EHHQ SDLG
GLVHWRU ROHK 3HUXVDKDDQ GDQ 3$0 PDVLQJ E\ WKH &RPSDQ\ DQG 3$0 DPRXQWLQJ WR
PDVLQJ VHEHVDU 5S GDQ 5S DQG
5S 7UDQVDNVL LQL 5S UHVSHFWLYHO\ 7KLV
PHQLQJNDWNDQ SHUVHQWDVH NHSHPLOLNDQ WUDQVDFWLRQLQFUHDVHGWKHGLUHFWRZQHUVKLS
ODQJVXQJ 3HUXVDKDDQ GDODP 607 GDUL LQWHUHVW RI WKH &RPSDQ\ LQ 607 IURP
PHQMDGL&DWDWDQ WR1RWH

%HUGDVDUNDQ $NWD 3HUQ\DWDDQ .HSXWXVDQ %DVHG RQ 1RWDULDO 'HHG RI 6WDWHPHQW RI
6LUNXOHU 3HPHJDQJ 6DKDP 1R WDQJJDO 6WRFNKROGHUV¶ 'HFLVLRQ 1R GDWHG
)HEUXDUL GDUL +DQQ\ZDWL 6XVLOR )HEUXDU\ RI +DQQ\ZDWL 6XVLOR
6+ 0.Q QRWDULV GL 7DQJHUDQJ 6HODWDQ 6+ 0.Q D SXEOLF QRWDU\ LQ 6RXWK
SDUD SHPHJDQJ VDKDP 607 VHWXMX XQWXN 7DQJHUDQJ WKH VKDUHKROGHUV RI
PHQLQJNDWNDQ PRGDO GLVHWRU VHEHVDU 607 DJUHHG WR LQFUHDVH WKH SDLGXS
5S \DQJ GLVHWRU ROHK FDSLWDO DPRXQWLQJ WR 5S
3HUXVDKDDQ GDQ 3$0 PDVLQJPDVLQJ ZKLFKKDVEHHQSDLGE\WKH&RPSDQ\DQG
VHEHVDU 5S GDQ 3$0DPRXQWLQJWR5SDQG
5S 7UDQVDNVL LQL 5S UHVSHFWLYHO\ 7KLV
PHQLQJNDWNDQ SHUVHQWDVH NHSHPLOLNDQ WUDQVDFWLRQ LQFUHDVHG WKH RZQHUVKLS
SHUXVDKDDQGDODP607GDULPHQMDGL LQWHUHVW RI WKH &RPSDQ\ LQ 607 IURP
&DWDWDQ WR1RWH

370XVWLND&DQGUDJXQD0&* 370XVWLND&DQGUDJXQD0&*

6HSWHPEHU GDUL +DQQ\ZDWL 6XVLOR 6HSWHPEHU RI +DQQ\ZDWL 6XVLOR
0&* PHQLQJNDWNDQ PRGDO GLVHWRU VHEHVDU 7DQJHUDQJ 0&* DJUHHG WR LQFUHDVH WKH
5S \DQJ GLVHWRU SHQXK ROHK SDLGXS FDSLWDO DPRXQWLQJ WR
6077UDQVDNVLLQLPHQLQJNDWNDQSHUVHQWDVH 5S ZKLFK KDYH EHHQ IXOO\
NHSHPLOLNDQ 607 GL 0&* GDUL SDLG E\ 607 7KLV WUDQVDFWLRQ LQFUHDVHG
PHQMDGL&DWDWDQ WKHRZQHUVKLSLQWHUHVRI607LQ0&*IURP
WR1RWH

)HEUXDUL GDUL +DQQ\ZDWL 6XVLOR )HEUXDU\ RI +DQQ\ZDWL 6XVLOR
SDUD SHPHJDQJ VDKDP 0&* VHWXMX XQWXN 7DQJHUDQJ WKH VKDUHKROGHUV RI
PHQLQJNDWNDQ PRGDO GLVHWRU VHEHVDU 0&* DJUHHG WR LQFUHDVH WKH SDLGXS
5S \DQJ GLVHWRU SHQXK ROHK FDSLWDO DPRXQWLQJ WR 5S
6077UDQVDNVLLQLPHQLQJNDWNDQSHUVHQWDVH ZKLFKKDVEHHQIXOO\SDLGIRUE\6077KLV
NHSHPLOLNDQ 607 GDODP 0&* GDUL WUDQVDFWLRQ LQFUHDVHG WKH RZQHUVKLS
PHQMDGL&DWDWDQ LQWHUHVW RI 607 LQ 0&* IURP WR
1RWH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

370LWUDNDU\D0XOWLJXQD0.0 370LWUDNDU\D0XOWLJXQD0.0

3DGDWDQJJDO-XQL37'XWD3HUWLZL 2Q -XQH 37 'XWD 3HUWLZL 7EN
7EN '87, HQWLWDV DQDN PHQ\HWXMXL '87, D VXEVLGLDU\ DSSURYHG WKH
SHQDPEDKDQPRGDOGLWHPSDWNDQGDQGLVHWRU LQFUHDVH LQ LVVXHG DQG SDLGXS FDSLWDO LQ
SDGD 0.0 HQWLWDV DQDN '87, VHEHVDU 0.0 VXEVLGLDU\ RI '87, DPRXQWLQJ
5S WHUGLUL GDUL WR 5S FRQVLVWLQJ RI
VDKDP \DQJ GLVHWRU SHQXK ROHK '87, GDQ VKDUHV ZKLFK KDYH EHHQ IXOO\
SLKDN NHWLJD 7UDQVDNVL LQL PHQXUXQNDQ SDLG E\ '87, DQG D WKLUG SDUW\ 7KLV
SHUVHQWDVH NHSHPLOLNDQ '87, GDODP 0.0 WUDQVDFWLRQ UHVXOWHG WR D GHFUHDVH LQ WKH
GDULPHQMDGL&DWDWDQ RZQHUVKLS LQWHUHVW RI '87, LQ 0.0 IURP
WR1RWH

377UDQV%6'%DODUDMD7%% 377UDQV%6'%DODUDMD7%%

%HUGDVDUNDQ 3HUMDQMLDQ -XDO %HOL 6DKDP %DVHG RQ 6DOH DQG 3XUFKDVH $JUHHPHQW
WDQJJDO -DQXDUL 37 7UDQVLQGR GDWHG -DQXDU\ 37 7UDQVLQGR
.DU\D ,QYHVWDPD SHPHJDQJ VDKDP 7%% .DU\D ,QYHVWDPD WKH VKDUHKROGHU RI 7%%
VHWXMX XQWXN PHQMXDO VDKDPQ\D NHSDGD DJUHHG WR VHOO LWV VKDUH WR WKH &RPSDQ\
3HUXVDKDDQ GDQ 37 %XPL 3DUDPXGLWD 0DV DQG 37 %XPL 3DUDPXGLWD 0DV
HQWLWDV DQDN 7UDQVDNVL LQL PHQLQJNDWNDQ D VXEVLGLDU\ 7KLV WUDQVDFWLRQ LQFUHDVHG
SHUVHQWDVH NHSHPLOLNDQ 3HUXVDKDDQ GDODP WKH RZQHUVKLS LQWHUHVW RI WKH &RPSDQ\ LQ
7%% GDUL PHQMDGL 7%%IURPWR1RWH
&DWDWDQ

373XWUD7LUWD:LVDWD37: 373XWUD7LUWD:LVDWD37:

3DGD WDQJJDO -DQXDUL 37 3XWUD 2Q -DQXDU\ 37 3XWUD $OYLWD
$OYLWD 3UDWDPD 3$3 HQWLWDV DQDN '87, 3UDWDPD 3$3 VXEVLGLDU\ RI '87,
PHQ\HWXMXL SHQDPEDKDQ PRGDO GLWHPSDWNDQ DSSURYHGWKHLQFUHDVHLQLVVXHGDQGSDLG
GDQ GLVHWRU SDGD 37: VHEHVDU XS FDSLWDO ZKLFK ZDV IXOO\ LVVXHG RI 37:
5S WHUGLUL GDUL DPRXQWLQJ WR 5S
VDKDP 7UDQVDNVL LQL PHQLQJNDWNDQ FRQVLVWLQJ RI VKDUHV 7KLV
SHUVHQWDVH NHSHPLOLNDQ 3$3 GDODP 37: WUDQVDFWLRQ LQFUHDVHG WKH RZQHUVKLS
GDUL PHQMDGL VHGDQJNDQ LQWHUHVW RI 3$3 LQ 37: IURP WR
NHSHPLOLNDQ '87, GDODP 37:PHQXUXQGDUL ZKLOH WKH RZQHUVKLS LQWHUHVW RI
PHQMDGL&DWDWDQ '87, LQ 37: GHFUHDVHG IURP WR
1RWH

3DGD WDQJJDO 'HVHPEHU 3$3 2Q'HFHPEHU3$3DSSURYHGWKH
PHQ\HWXMXL SHQDPEDKDQ PRGDO GLWHPSDWNDQ LQFUHDVH LQ LVVXHG DQG SDLGXS FDSLWDO
GDQ GLVHWRU SDGD 37: VHEHVDU ZKLFK IXOO\ LVVXHG RI 37: DPRXQWLQJ WR
5S WHUGLUL GDUL 5S FRQVLVWLQJ RI
VDKDP 7UDQVDNVL LQL PHQLQJNDWNDQ VKDUHV 7KLV WUDQVDFWLRQ
SHUVHQWDVH NHSHPLOLNDQ 3$3 GDODP 37: LQFUHDVHGWKHRZQHUVKLSLQWHUHVWRI3$3LQ
GDUL PHQMDGL VHGDQJNDQ 37: IURP WR ZKLOH WKH
NHSHPLOLNDQ '87, GDODP 37:PHQXUXQGDUL RZQHUVKLS LQWHUHVW RI '87, LQ 37:
PHQMDGL&DWDWDQ GHFUHDVHG IURP WR
1RWH

3HQGLULDQ3HUXVDKDDQ%DUX (VWDEOLVKPHQWRI1HZ&RPSDQLHV

7DKXQ <HDU

%HUGDVDUNDQ$NWD3HQGLULDQ37%XPL0HJDK %DVHG RQ 'HHG RI (VWDEOLVKPHQW RI
*UDKD 8WDPD %0*8 1R WDQJJDO 37 %XPL 0HJDK *UDKD 8WDPD %0*8
-DQXDUL GDUL .KULVQD6DQMD\D 6+ 1RGDWHG-DQXDU\RI.KULVQD
0NQ QRWDULV GL 7DQJHUDQJ 6HODWDQ 6DQMD\D 6+ 0NQ D SXEOLF QRWDU\ LQ
37 %XPL ,QGDK $VUL HQWLWDV DQDN GDQ 6RXWK 7DQJHUDQJ 37 %XPL ,QGDK $VUL D
37 %HUNDW 0LWUD 6XNVHV PHQHPSDWNDQ VXEVLGLDU\ DQG 37 %HUNDW 0LWUD 6XNVHV
PRGDO GLVHWRU GL %0*8 PDVLQJPDVLQJ SODFHG SDLGXS FDSLWDO LQ %0*8
VHEHVDU 5S GDQ DPRXQWLQJ WR 5S DQG

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

5S DWDX PDVLQJPDVLQJ 5S UHVSHFWLYHO\ RU
PHQFHUPLQNDQ GDQ VDKDP UHSUHVHQWLQJ VKDUHV DQG
GHQJDQQLODLQRPLQDOPDVLQJPDVLQJVHEHVDU VKDUH UHVSHFWLYHO\ ZLWK QRPLQDO YDOXH RI
5SSHUVDKDP 5SSHUVKDUH

,QYHVWDVLGDODP6DKDP ,QYHVWPHQWLQ6KDUHVRI6WRFN

%HUGDVDUNDQ $NWD 3HQJDPELODOLKDQ 1R %DVHG RQ 1RWDULDO 'HHG RI 7DNHRYHU 1R
WDQJJDO )HEUXDUL GDUL +DQQ\ZDWL GDWHG)HEUXDU\RI+DQQ\ZDWL
6XVLOR 6+ 0.Q QRWDULV GL 7DQJHUDQJ 6XVLOR 6+ 0.Q D SXEOLF QRWDU\ LQ
6HODWDQ 37 6LQDU 3HUWLZL 0HJDK 630 6RXWK7DQJHUDQJ376LQDU3HUWLZL0HJDK
HQWLWDV DQDN PHQHPSDWNDQ LQYHVWDVL 630 D VXEVLGLDU\ LQYHVWHG LQ
VHEDQ\DNOHPEDUVDKDPSDGD376LQDU VKDUHV RI VWRFN RI 37 6LQDU 0HGLNDPDV
0HGLNDPDV ,QYHVLQGR 60, VHEHVDU ,QYHVLQGR 60, DPRXQWLQJ WR
5S GHQJDQ SHUVHQWDVH 5SUHSUHVHQWLQJDQRZQHUVKLS
NHSHPLOLNDQ VHEHVDU *UXS LQWHUHVW RI $FFRUGLQJO\ WKH
PHQJNRQVROLGDVLNDQ ODSRUDQ NHXDQJDQ 60, ILQDQFLDO VWDWHPHQWV RI 60, ZHUH
WHUVHEXWVHMDN)HEUXDUL FRQVROLGDWHG ZLWK WKDW RI WKH *URXS
VWDUWLQJLQ)HEUXDU\

,QYHVWDVL GDODP 60, WLGDN PHPHQXKL ,QYHVWPHQW LQ 60, GLG QRW TXDOLI\ DV D
NXDOLILNDVL VHEDJDL NRPELQDVL ELVQLV VHVXDL EXVLQHVV FRPELQDWLRQ LQ DFFRUGDQFH ZLWK
GHQJDQ 36$. 1R 5HYLVL 36$. 1R 5HYLVHG WKXV ZDV
VHKLQJJDLQYHVWDVLLQLGLFDWDWVHEDJDLDNXLVLVL DFFRXQWHG IRU DV PHUHO\ DFTXLVLWLRQ RI
DVHW DVVHWV

G 3HUMDQMLDQ.HUMDVDPD G &RRSHUDWLRQ$JUHHPHQW

3HUMDQMLDQGHQJDQ3DUD3HQGLUL &RRSHUDWLRQ$JUHHPHQWZLWKWKH)RXQGHUV

3HUXVDKDDQ GLGLULNDQ ROHK VHSXOXK 7KH &RPSDQ\ ZDV LQFRUSRUDWHG E\
SHUXVDKDDQ SHQJHPEDQJ ³3DUD 3HQGLUL´ WHQ UHDO HVWDWH FRPSDQLHV ³WKH
\DQJ WHUJDEXQJ VHEDJDL SHPHJDQJ VDKDP )RXQGHUV´ ZKR DUH DOVR VWRFNKROGHUV RI
3HUXVDKDDQ \DLWX 37 $QDQJJD 3HUWLZL WKH &RPSDQ\ QDPHO\ 37 $QDQJJD
0HJDK 37 1LUPDOD ,QGDK 6DNWL 37 6HUDVL 3HUWLZL 0HJDK 371LUPDOD ,QGDK 6DNWL
1LDJD 6DNWL 37 $QHND .DU\D $PDUWD 37 6HUDVL 1LDJD 6DNWL 37 $QHND .DU\D
370HWURSROLWDQ 7UDQVFLWLHV ,QGRQHVLD $PDUWD 370HWURSROLWDQ 7UDQVFLWLHV
37$SWD &LWUD 8QLYHUVDO 37 3HPEDQJXQDQ ,QGRQHVLD 37$SWD &LWUD 8QLYHUVDO
-D\D 37 %KLQHND .DU\D 3UDWDPD 37 3HPEDQJXQDQ -D\D 37 %KLQHND
37 6LPDV 7XQJJDO &HQWHU GDQ 37 'LDQ .DU\D3UDWDPD376LPDV7XQJJDO&HQWHU
6ZDVWDWLND6HQWRVD7EN&DWDWDQ DQG 37 'LDQ 6ZDVWDWLND 6HQWRVD 7EN
1RWH

3DUD 3HQGLUL VHSHUWL WHUVHEXW GL DWDV WHODK 7KH)RXQGHUVKDYHEHHQJUDQWHGORFDWLRQ
GLEHULL]LQORNDVLGDQL]LQSHPEHEDVDQWDQDK DQG ODQGUHOHDVH ULJKWV WKURXJK WHQ
GDODP VHSXOXK 6XUDW .HSXWXVDQ /RFDWLRQ 5LJKW 'HFLVLRQ /HWWHUV LQ
3HPEHULDQ ,]LQ /RNDVL EHUGDVDUNDQ 6XUDW DFFRUGDQFHZLWKWKH'HFLVLRQ/HWWHURIWKH
.HSXWXVDQ %DGDQ 3HUWDQDKDQ 1DVLRQDO 1DWLRQDO %RDUG RI /DQG $IIDLUV IRU DUHDV
XQWXN ORNDVL ODKDQ \DQJ WHUOHWDN GL ORFDWHG LQ WKH 6HUSRQJ 'LVWULFW /HJRN
.HFDPDWDQ 6HUSRQJ .HFDPDWDQ /HJRN GDQ 'LVWULFW DQG 3DJHGDQJDQ 'LVWULFW &LVDXN
.HFDPDWDQ 3DJHGDQJDQ .HFDPDWDQ 'LVWULFW %DQWHQ 3URYLQFH WR EH XVHG IRU
&LVDXN 3URSLQVL %DQWHQ XQWXN NHSHUOXDQ GHYHORSLQJKRXVLQJDUHDVQHZFLWLHV
SHPEDQJXQDQSHUXPDKDQNRWDEDUX

6XUDWVXUDW.HSXWXVDQ,]LQ/RNDVLWHUVHEXWGL 7KHVH /RFDWLRQ 5LJKW 'HFLVLRQ /HWWHUV
DWDV GLEHULNDQ NHSDGD 3DUD 3HQGLUL VHEDJDL ZHUH JLYHQ WR WKH )RXQGHUV DV
SLKDN \DQJ WHUJDEXQJ GDODP 3HUXVDKDDQ VWRFNKROGHUV DQG WKHUHIRUH WKH )RXQGHUV
GDQ NDUHQDQ\D 3DUD 3HQGLUL WHODK KDYH DXWKRUL]HG WKH &RPSDQ\ WR GHYHORS
PHPSHUFD\DNDQ 3HUXVDKDDQ XQWXN WKH KRXVLQJ DUHDQHZ FLW\ WR EHFRPH D

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

PHODNVDQDNDQ SHPEDQJXQDQ SHUXPDKDQ SODQQHGDQGLQWHJUDWHGUHVLGHQWLDODUHDDV
NRWD EDUX DJDU PHQFDSDL SHQJHPEDQJDQ VWDWHG LQ WKH 6HUSRQJ &LW\ *HQHUDO 3ODQ
VHFDUD WHUHQFDQD GDQ WHUSDGX VHVXDL .DEXSDWHQ 'DHUDK 7LQJNDW ,, 7DQJHUDQJ
GHQJDQ 5HQFDQD 8PXP 7DWD 5XDQJ .RWD DQG LQDFFRUGDQFH ZLWK WKH $UHD 5XOHV RI
6HUSRQJ .DEXSDWHQ 'DHUDK 7LQJNDW ,, .DEXSDWHQ 'DHUDK 7LQJNDW ,, 7DQJHUDQJ
7DQJHUDQJ \DQJ WHODK GLDWXU GDODP 'HFUHH1RRIGDWHG-XQH
3HUDWXUDQ 'DHUDK .DEXSDWHQ 'DHUDK DQG WKH ODWHVW DPHQGPHQW WKURXJK WKH
7LQJNDW ,, 7DQJHUDQJ 1R WDKXQ $UHD 5XOHV RI .DEXSDWHQ 'DHUDK 7LQJNDW
WDQJJDO-XQLGDQSHUXEDKDQQ\D\DQJ ,, 7DQJHUDQJ 1R RI GDWHG
WHUDNKLU \DLWX 3HUDWXUDQ 'DHUDK .DEXSDWHQ $XJXVW
'DHUDK 7LQJNDW ,, 7DQJHUDQJ 1R WDKXQ
WDQJJDO$JXVWXV

.HSXWXVDQ NHUMDVDPD DQWDUD 3DUD 3HQGLUL 7KH )RXQGHUV DQG WKH &RPSDQ\ KDYH
GDQ 3HUXVDKDDQ GLWXDQJNDQ GDODP HQWHUHG LQWR D &RRSHUDWLRQ $JUHHPHQW
SHUMDQMLDQ WHUWXOLV ³3HUMDQMLDQ´ WDQJJDO ³WKH$JUHHPHQW´GDWHG-DQXDU\
-DQXDUL \DQJ NHPXGLDQ GLXEDK ZKLFK ZDV ODWHU DPHQGHG RQ
GHQJDQ SHUMDQMLDQ WDQJJDO 0DUHW 0DUFKDQG1RYHPEHU
VHUWD1RYHPEHU

3DUD 3HQGLUL PHQXQMXN 3HUXVDKDDQ 7KH)RXQGHUVDSSRLQWHGWKH&RPSDQ\
XQWXNPHQJHUMDNDQSHQJHPEDQJDQVHUWD WR SHUIRUP ZRUN RQ WKH GHYHORSPHQW
SHQJHORODDQ SHUXPDKDQNRWD EDUX GDQ DQG PDQDJHPHQW RI WKH KRXVLQJ
SHPEDQJXQDQ EDQJXQDQEDQJXQDQ DUHDQHZ FLW\ DQG WKH FRQVWUXFWLRQ RI
GLDWDVQ\D VHEDJDL NHVDWXDQ ORNDVL EXLOGLQJVRQWKHDUHDDVDSODQQHGDQG
WHUHQFDQD GDQ WHUSDGX \DQJ PHUXSDNDQ LQWHJUDWHGUHVLGHQWLDODUHDDVVWDWHGLQ
EDJLDQ GDUL 5HQFDQD 8PXP7DWD 5XDQJ WKH6HUSRQJ&LW\*HQHUDO3ODQIXUWKHU
.RWD 6HUSRQJ OHELK MDXK WXJDV \DQJ WKHZKROHDVVLJQPHQWWRWKH&RPSDQ\
GLEHULNDQ SDGD 3HUXVDKDDQ LQL GDODP LVUHIHUUHGWRDV³:RUN´
NHVHOXUXKDQQ\DGLVHEXW3HNHUMDDQ

3DUD 3HQGLUL PHQHJDVNDQ EDKZD 7KH )RXQGHUV FRQILUPHG WKDW WR
XQWXN PHPXQJNLQNDQ 3HUXVDKDDQ HQDEOH WKH &RPSDQ\ WR SHUIRUP WKH
PHODNVDQDNDQ WXJDV 3HNHUMDDQ 3DUD :RUN WKH )RXQGHUV DJUHHG WKDW
3HQGLUL WHODK PHQ\HWXMXL GDQ HIIHFWLYH IURP 'HFHPEHU WKH
PHPEHQDUNDQ EDKZD HIHNWLI &RPSDQ\ ZRXOG EH DOORZHG WR XWLOL]H
'HVHPEHU 3HUXVDKDDQ WKH ODQG UHJLVWHUHG XQGHU WKH QDPH RI
PHQJJXQDNDQWDQDKWDQDK\DQJWHUGDIWDU WKH )RXQGHUV IRU GHYHORSLQJ WKH
DWDV QDPD 3DUD 3HQGLUL XQWXN KRXVLQJ DUHDQHZ FLW\ DQG WR H[HFXWH
PHQJHPEDQJNDQ SHUXPDKDQNRWD EDUX WKH GHYHORSPHQW RI WKH DUHD WR
GLDWDVQ\D XQWXN PHODNVDQDNDQ EHFRPH D VHOIVXIILFLHQW FLW\ LQ
SHQJHPEDQJDQQ\D VHEDJDL SHPXNLPDQ DFFRUGDQFH ZLWK WKH 6HUSRQJ &LW\
SHUXPDKDQNRWDPDQGLULVHVXDL5HQFDQD *HQHUDO3ODQ
8PXP7DWD5XDQJ.RWD6HUSRQJ

3HUXVDKDDQ GDQ 3DUD 3HQGLUL VHWXMX 7KH &RPSDQ\ DQG WKH )RXQGHUV
EDKZD ZHZHQDQJ \DQJ GLEHULNDQ ROHK DJUHHG WKDW WKH DXWKRULW\ JUDQWHG E\
3DUD 3HQGLUL NHSDGD 3HUXVDKDDQ GDODP WKH)RXQGHUVWRWKH&RPSDQ\FRQVLVWV
OLQJNXS NHUMDVDPD \DQJ PHUHND RIWKHIROORZLQJ
ODNVDQDNDQ EHUGDVDUNDQ 3HUMDQMLDQ LQL
DGDODKVHEDJDLEHULNXW

D 3HPEHOLDQSHPEHEDVDQWDQDK D /DQGSXUFKDVHDFTXLVLWLRQ

E 3HUHQFDQDDQWDWDUXDQJORNDVLSUR\HN E 3URMHFWORFDWLRQSODQQLQJERWKDVD
EDLN GDODP NHVHOXUXKDQ PDXSXQ ZKROH DQG LQ HDFK FRQVWUXFWLRQ
GDODP WDKDSWDKDS SHPEDQJXQDQ VWDJH
EDJLDQQ\D

F 3HQJXUXVDQ L]LQL]LQ VHUWD PHPEXDW F $UUDQJHPHQW RI SHUPLWV DQG
ODSRUDQODSRUDQ\DQJGLZDMLENDQ SUHSDUDWLRQRIUHTXLUHGUHSRUWV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

G 3HPEDQJXQDQSUDVDUDQD G )DFLOLWLHVDPHQLWLHVGHYHORSPHQW

H 3HPEDQJXQDQ EDQJXQDQ WHUPDVXN H %XLOGLQJ FRQVWUXFWLRQ LQFOXGLQJ
PHQFDUL SHPELD\DDQQ\D GHQJDQ DUUDQJHPHQWV IRU ILQDQFLQJ
V\DUDWV\DUDW \DQJ ZDMDU PHQXUXW DOWHUQDWLYHV WKDW SURYLGH
NHDGDDQSDVDUXDQJVHZDNWXZDNWX UHDVRQDEOH WHUPV LQ UHODWLRQ WR WKH
PRQH\ PDUNHW DW D FHUWDLQ SRLQW LQ
WLPH

I 3HQMXDODQ GDQ SHPDVDUDQ WDQDK I /DQG DQG EXLOGLQJ VDOHV DQG
GDQ EDQJXQDQ GHQJDQ FDUD PDUNHWLQJ LQ DQ\ PDQQHU
EDJDLPDQDSXQ GHQJDQ V\DUDWV\DUDW ZKDWVRHYHU XQGHU WHUPV DQG
GDQ KDUJD \DQJ GLDQJJDS EDLN ROHK SULFHV FRQVLGHUHG ILW E\ WKH
3HUXVDKDDQ GDQ PHQHULPD KDVLO &RPSDQ\ DQG UHFHLSW RI WKH
SHQMXDODQ SHPDVDUDQ SHUVHZDDQ PDUNHWLQJ SURFHHGV UHQW
SHQJJXQDDQ GDQ VHEDJDLQ\D GDODP XWLOL]DWLRQDQGRWKHUV
DUWLVHOXDVOXDVQ\D

J 0HQJDGDNDQ NHUMDVDPD GDQ J &RRSHUDWLRQ DQG HQJDJHPHQW LQ
SHUMDQMLDQ GHQJDQ SLKDN ODLQ GHQJDQ DJUHHPHQWVZLWKRWKHUSDUWLHVZLWK
V\DUDWV\DUDW\DQJGLDQJJDSEDLNROHK WHUPV FRQVLGHUHG UHDVRQDEOH E\
3HUXVDKDDQ GDQ PHQHULPD KDVLO WKH &RPSDQ\ DQG WKH UHFHLSW RI
NHUMDVDPDLWX SURFHHGVRIWKHFRRSHUDWLRQ

K 3HUVHZDDQ DWDX SHPEHULDQ KDN K /HDVH RU JUDQW RI RWKHU ULJKWV WR
SHQJJXQDDQ VHFDUD ODLQ GHQJDQ XVHZLWKFRPSHQVDWLRQ
SHQHULPDDQLPEDODQ

L 3HUOXDVDQDUHDOWDQDK L /DQGDUHDH[SDQVLRQ

M 0HODNVDQDNDQ GDQ PHQHQWXNDQ M $UUDQJHPHQWV IRU DQG
SHQ\HGLDDQ SHPELD\DDQ \DQJ DQWDUD GHWHUPLQDWLRQRIILQDQFLQJVRXUFHV
ODLQ PHOLSXWL GDQDGDQD \DQJ ZDMLE FRPSULVLQJIXQGVFRQWULEXWHGE\WKH
GLVHGLDNDQ ROHK SDUD SHPHJDQJ VWRFNKROGHUVWKDWUHWDLQWKHGHEWWR
VDKDP 3HUXVDKDDQ GDQ VHMDXK SHUOX HTXLW\UDWLRDWDQDSSURSULDWHOHYHO
XQWXN PHPSHUWDKDQNDQ UDVLR PRGDO 7KH )RXQGHUV DUH REOLJHG WR DOORZ
VHQGLUL XWDQJ 3HUXVDKDDQ SDGD DQG DVVLVW WKH &RPSDQ\ LQ
SHUEDQGLQJDQ \DQJ OD\DN 3DUD REWDLQLQJ EDQN ORDQV E\ JLYLQJ
3HQGLUL ZDMLE PHQJL]LQNDQ GDQ JXDUDQWHHVVHFXULWLHVLQWKHIRUPRI
PHPEHULNDQ EDQWXDQQ\D XQWXN ODQGDQGSURMHFWVSHUIRUPHGRQWKH
PHQMDPLQNDQ WDQDK GDQ EDJLDQ DUHD LQ DQ\ ZD\ UHTXLUHG E\ WKH
SUR\HN GLDWDVQ\D SDGD EDQNEDQN &RPSDQ\ 7KH )RXQGHUV DUH
\DQJ PHPEHUL NUHGLW NHSDGD REOLJHG WR ELQG WKHPVHOYHV WR WKH
3HUXVDKDDQ GDODP EHQWXN \DQJ &RPSDQ\¶V ORDQV E\ SURYLGLQJ
GLDQJJDS SHUOX ROHK 3HUXVDKDDQ VHFXULW\IRUWKHORDQVWKDWDUHXVHG
3DUD 3HQGLUL ZDMLE GDQ PHQJLNDW GLUL IRU SURMHFW SXUSRVHV ZLWK
XQWXN PHQMDPLQ XWDQJXWDQJ DSSURSULDWHWHUPVUHTXHVWHGE\WKH
3HUXVDKDDQ LWX XQWXN NHSHUOXDQ ORDQ SURYLGHU DQG LQ SURSRUWLRQ WR
SUR\HN VHODNX SHQMDPLQ GHQJDQ WKHVKDUHVRZQHGLQWKH&RPSDQ\
V\DUDWV\DUDW\DQJOD\DN\DQJGLPLQWD DQG
SHPEHUL GDQD GDODP SURSRUVL \DQJ
VHLPEDQJ GDODP VDKDP \DQJ GLPLOLNL
GDODP3HUXVDKDDQGDQ

N 0HQFDWDW VHOXUXK WDQDK GDQ EDJLDQ N 5HFRUG DOO ODQG DQG SURMHFWV
3UR\HN GLDWDVQ\D VHEDJDL NHND\DDQ SHUIRUPHG RQ WKH ODQG DV WKH
SHUVHGLDDQ3HUXVDKDDQ &RPSDQ\¶VDVVHWVLQYHQWRULHV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3DUD 3HQGLUL PDVLQJPDVLQJ PHQJLNDW 7KH )RXQGHUV ELQG WKHPVHOYHV IRU DV
GLULQ\D XQWXN VHODPD 3HUMDQMLDQ LQL ORQJ DV WKH $JUHHPHQW LV YDOLG QRW WR
EHUMDODQ WDQSD SHUVHWXMXDQ 3HUXVDKDDQ GRWKHIROORZLQJDFWLRQV
WLGDNDNDQ

D 0HQMXDO DWDX PHQJJDGDLNDQ D 6HOO RU VHFXUH WUDQVIHU RI VWRFNV LQ
PHPEHEDQL GHQJDQ FDUD WKH &RPSDQ\ WR RWKHU SDUWLHV LQ
EDJDLPDQDSXQVDKDPVDKDPPHUHND DQ\ ZD\ RWKHU WKDQ WKH )RXQGHUV
PDVLQJPDVLQJ GDODP 3HUXVDKDDQ LQFOXGLQJ ZKHQ WKH &RPSDQ\
SDGDSLKDNODLQGDULSDGD3DUD3HQGLUL EHFRPHV D SXEOLF OLPLWHG OLDELOLW\
\DQJ ODLQ ZDODXSXQ VHDQGDLQ\D GL FRPSDQ\
NHPXGLDQ KDUL 3HUXVDKDDQ PHQMDGL
3HUVHURDQ7HUEDWDV7HUEXND

E 0HQJDWXU DJDU SHPHJDQJ VDKDP E (QVXUHWKDWWKHPDMRUVWRFNKROGHUV
PHUHND PDVLQJPDVLQJ \DQJ ZKRFRQWUROWKHYRWHLQWKH/RFDWLRQ
PHPHJDQJPD\RULWDVVDKDPGDULKDN 5LJKW 'HFLVLRQ /HWWHU QRW WUDQVIHU
VXDUD GDODP 3HPHJDQJ 6XUDW WKHLUVKDUHV
.HSXWXVDQ ,]LQ /RNDVL EHUVDQJNXWDQ
WLGDN PHQJDOLKNDQ VDKDPVDKDP GL
GDODPQ\D

F 0HODNXNDQVHVXDWX WLQGDNDQDSDSXQ F 3HUIRUPDQ\DFWLRQWKDWPLJKWUHVXOW
\DQJGDSDWPHQ\HEDENDQGLFDEXWQ\D LQ WKH /RFDWLRQ 5LJKW 'HFLVLRQ
DWDX GDSDW PHQJDNLEDWNDQ WLGDN /HWWHU EHLQJ UHYRNHG RU QRW EHLQJ
GLSHUROHKQ\D SHUSDQMDQJDQ 6XUDW H[WHQGHG
.HSXWXVDQ,]LQ/RNDVL

G 0HQJDGDNDQ NHUMDVDPD GHQJDQ G 3HUIRUPDQ\FRRSHUDWLRQZLWKRWKHU
SLKDN ODLQ PHQJHQDL SHQJHPEDQJDQ SDUWLHV WR GHYHORS WKH SURMHFW
ORNDVL SUR\HN GDODP EHQWXN DSDSXQ ORFDWLRQ LQ DQ\ IRUP HYHQ LI WKH
EDLN VHODPD PDXSXQ VHVXGDK $JUHHPHQWFHDVHVWREHYDOLGDQG
3HUMDQMLDQ LQL WLGDN ODJL PHQJLNDW
EDJLQ\D NHWHQWXDQ LQL WHWDS EHUODNX
GDQ

H 0HODNXNDQ VHVXDWX WLQGDNDQ H &RQGXFW FHUWDLQ DFWLRQV IRU ZKLFK
PHQJHQDL KDOKDO \DQJ GLNXDVDNDQ WKH &RPSDQ\ KDV EHHQ DXWKRUL]HG
SDGD 3HUXVDKDDQ EHUGDVDUNDQ DV VWDWHG LQ WKH $JUHHPHQW RU
3HUMDQMLDQ LQL DWDX PHQJHQDL DFWLRQVUHODWHGWRWKH:RUN
3HNHUMDDQ

3DUD 3HQGLULPHQJDNXL GDQ PHQHJDVNDQ 7KH )RXQGHUV KDYH VWDWHG DQG
EDKZD PHVNLSXQ VHPXD WDQDK WHUVHEXW FRQILUPHGWKDWHYHQWKRXJKWKHODQGLV
WHUGDIWDU DWDX DNDQ WHUGDIWDU DWDV QDPD RUZLOOEHUHJLVWHUHGXQGHUWKHLUQDPHV
PDVLQJPDVLQJ 3DUD 3HQGLUL GDQ DQGFDQOHJDOO\EHUHFRJQL]HGDVWKHLU
NDUHQDQ\D GDSDW GLSHUODNXNDQ VHEDJDL DVVHW WKH ODQG EHORQJV WR WKH
PLOLNDVHW GDUL 3DUD 3HQGLUL PDVLQJ &RPSDQ\ EHFDXVH DOO WKH ODQG LQ WKH
PDVLQJ WHWDSL WDQDK WHUVHEXW SURMHFW ORFDWLRQ KDV EHHQ DQG ZLOO EH
VHVXQJJXKQ\D PHUXSDNDQ PLOLNDVHW SURFXUHG RQ WKH &RPSDQ\¶V DFFRXQW
SHUVHGLDDQ 3HUXVDKDDQ NDUHQD VHPXD 7KH )RXQGHUV ELQG WKHPVHOYHV QRW WR
WDQDK \DQJ WHUOHWDN GDODP ORNDVL SUR\HN UHFRUG WKH ODQG ZKHUH WKH SURMHFW LV
WHODK GLEHEDVNDQ GDQ DNDQ GLEHEDVNDQ ORFDWHG LQ WKHLU DFFRXQWV RU WKH
GHQJDQ PHQJJXQDNDQ ELD\D GHFLVLRQOHWWHURQWKHORFDWLRQSHUPLWDV
3HUXVDKDDQ .DUHQD LWX 3DUD 3HQGLUL WKHLU DVVHWV HYHQ WKRXJK WKH QDPH RI
PHQJLNDW GLUL XQWXN WLGDN PHPEXNXNDQ WKH )RXQGHUV DUH RU ZLOO EH VWDWHG RQ
WDQDK GDODP ORNDVL SUR\HN GDQ 6XUDW WKH ODQGODQGXVH WLWOHV DQG WR DOORZ
.HSXWXVDQ ,]LQ /RNDVL PDVLQJPDVLQJ WKH &RPSDQ\ WR UHFRJQL]HUHFRUG DOO
VHEDJDL PLOLNDVHW PHUHND ZDODXSXQ WKH ODQG WKDW KDV EHHQ RU ZLOO EH
QDPD 3DUD 3HQGLUL \DQJ WHUFDQWXP DWDX SURFXUHG DV WKH &RPSDQ\¶V

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

DNDQ WHUFDQWXP GDODP VXUDWVXUDW DVVHWVLQYHQWRULHV DQG WR NHHS WKH
WDQDKVHUWLILNDW KDN JXQD EDQJXQDQ GDQ RULJLQDOWLWOHV,QUHODWLRQWRWKLVPDWWHU
PHQJL]LQNDQ 3HUXVDKDDQ XQWXN WKH )RXQGHUV ELQG WKHPVHOYHV LQ WKH
PHPEXNXNDQ VHOXUXK WDQDK \DQJ VXGDK SUHVHQWRUIXWXUHQRWWRSURVHFXWHRUWR
GLEHEDVNDQ GDQ DNDQ GLEHEDVNDQ FODLPWKHODQGDVWKHLUDVVHW
VHEDJDL PLOLNDVHWSHUVHGLDDQ
3HUXVDKDDQ PHQ\LPSDQ DVOL VXUDWVXUDW
WDQDK DWDX DVOL VHUWLILNDW KDN JXQD
EDQJXQDQDWDVWDQDK%HUNHQDDQGHQJDQ
KDO LQL 3DUD 3HQGLUL PHQJLNDW GLUL EDLN
VHNDUDQJPDXSXQGLNHPXGLDQKDULXQWXN
WLGDN PHQXQWXW GDQ PHQJDNXL WDQDK
WDQDKWHUVHEXWVHEDJDLPLOLNQ\D

3DUD3HQGLULPHQMDPLQGDQPHQDQJJXQJ 7KH)RXQGHUVJXDUDQWHHWKH&RPSDQ\
3HUXVDKDDQ DWDV VHJDOD ULVLNR ELD\D DJDLQVW DOO ULVNV FRVWV RU ORVVHV WKDW
GDQ NHUXJLDQ \DQJ PXQJNLQ GLDODPL PLJKWEHLQFXUUHGE\WKH&RPSDQ\GXH
3HUXVDKDDQ MLND DGD WXQWXWDQ GDUL WR DQ\ SURVHFXWLRQ IURP WKH )RXQGHUV¶
NUHGLWXU 3DUD 3HQGLUL DWDV WDQDKWDQDK FUHGLWRUV LQ UHODWLRQ WR WKH ODQG ZKHUH
GDODP ORNDVL SUR\HN GLPDQD WXQWXWDQ WKH SURMHFW LV ORFDWHG ZKHUH WKH
WHUVHEXW WLPEXO GDUL KXEXQJDQ KXNXP SURVHFXWLRQ DULVHV IURP D OHJDO
DQWDUD3DUD3HQGLULGHQJDQNUHGLWXU\DQJ FRQQHFWLRQEHWZHHQWKH)RXQGHUVDQG
EHUVDQJNXWDQ \DQJ WLGDN PHPSXQ\DL WKHLU FUHGLWRUV DQG KDV QR GLUHFW
NDLWDQ ODQJVXQJ GHQJDQ SHQJHPEDQJDQ UHODWLRQVKLS WR WKH SURMHFW
SUR\HN GHYHORSPHQW

3HUMDQMLDQ LQL EHUODNX VXUXW PXODL 7KH $JUHHPHQW LV YDOLG UHWURDFWLYHO\ IURP
'HVHPEHU 0DVLQJPDVLQJ SLKDN 'HFHPEHU $OO SDUWLHV LQYROYHG
PHQJLNDW GLUL XQWXN WLGDN PHPEDWDONDQ ELQG WKHPVHOYHV QRW WR FDQFHO WKH
3HUMDQMLDQ LQL VHODPD 3HUXVDKDDQ EHOXP $JUHHPHQW XQWLO WKH &RPSDQ\ LV
GLEXEDUNDQ OLTXLGDWHG

H 'HZDQ.RPLVDULV'LUHNVLGDQ.DU\DZDQ H %RDUGRI&RPPLVVLRQHUV'LUHFWRUVDQG
(PSOR\HHV

'HVHPEHU VXVXQDQ 'HZDQ 'HFHPEHU WKH FRPSRVLWLRQ RI
.RPLVDULV GDQ 'LUHNVL 3HUXVDKDDQ PDVLQJ WKH &RPSDQ\¶V %RDUG RI &RPPLVVLRQHUV
PDVLQJ EHUGDVDUNDQ $NWD 3HUQ\DWDDQ DQG 'LUHFWRUV EDVHG RQ 1RWDULDO 'HHG RI
.HSXWXVDQ 5DSDW 3HUXVDKDDQ 1R *HQHUDO 6KDUHKROGHUV¶ 0HHWLQJ RI WKH
WDQJJDO 0HL GDUL 6\DULIXGLQ 6+ &RPSDQ\ 1R GDWHG 0D\ RI
QRWDULVGL7DQJHUDQJDGDODKVHEDJDLEHULNXW 6\DULIXGLQ 6+ D SXEOLF QRWDU\ LQ
7DQJHUDQJIROORZV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HZDQ.RPLVDULV %RDUGRI&RPPLVVLRQHUV
3UHVLGHQ.RPLVDULV 0XNWDU:LGMDMD 3UHVLGHQW&RPPLVVLRQHU
:DNLO3UHVLGHQ.RPLVDULV 7HN\0DLORD 9LFH3UHVLGHQW&RPPLVVLRQHU
.RPLVDULV <RVHSK)UDQFLVFXV%RQDQJ &RPPLVVLRQHUV
.RPLVDULV,QGHSHQGHQ 7HGG\3DZL WUD ,QGHSHQGHQW&RPPLVVLRQHUV

6XVL\DWL%DPEDQJ+L UDZDQ
'LUHNVL 'LUHFWRUV
3UHVLGHQ'LUHNWXU )UDQFLVFXV;DYHULXV5LGZDQ'DUPDOL 3UHVLGHQW'LUHFWRU
:DNLO3UHVLGHQ'LUHNWXU 0LFKDHO-DFNVRQ3XUZDQWR:LGMDMD 9LFH3UHVLGHQW'LUHFWRU
'LUHNWXU 3HWUXV.XVXPD 'LUHFWRUV
6\XNXU/DZLJHQD
+HUPDZDQ:LMD\D
/LH-DQL+DUMDQWR
/LDXZ+HUU\+HQGDUWD
'LUHNWXU,QGHSHQGHQ 0RQLN:LOOLDP ,QGHSHQGHQW'LUHFWRU

'HVHPEHU VXVXQDQ .RPLWH $XGLW 'HFHPEHU WKH FRPSRVLWLRQ RI
3HUXVDKDDQEHUGDVDUNDQ.HSXWXVDQ6LUNXODU WKH$XGLW&RPPLWWHRIWKH&RPSDQ\EDVHG
'HZDQ.RPLVDULVDGDODKVHEDJDLEHULNXW RQ WKH &LUFXODU 'HFLVLRQ RI WKH %RDUG RI
WKH&RPPLVVLRQHUVIROORZV

.RPLWH$XGLW $XGLW&RPPLWWHH
.HWXD.RPLWH$XGLW 6XVL\DWL%DPEDQJ+LUDZDQ +HDGRI$XGLW&RPPLWWHH
$QJJRWD.RPLWH$XGLW +HUDZDQ+DGLGMDMD 0HPEHUVRI$XGLW&RPPLWWHH
5XVOL3UDNDUVD

3HUVRQHO PDQDMHPHQ NXQFL *UXS WHUGLUL GDUL .H\ PDQDJHPHQW SHUVRQQHO RI WKH *URXS
.RPLVDULVGDQ'LUHNVL FRQVLVWVRI&RPPLVVLRQHUVDQG'LUHFWRUV

-XPODK UHPXQHUDVL \DQJ GLEHULNDQ NHSDGD 7RWDO UHPXQHUDWLRQ JLYHQ WR WKH
'HZDQ .RPLVDULV GDQ 'LUHNVL 3HUXVDKDDQ &RPSDQ\¶V %RDUG RI &RPPLVLRQHUV
XQWXN SHULRGHSHULRGH VHPELODQ EXODQ \DQJ DQG 'LUHFWRUV IRU WKH QLQHPRQWK SHULRGV
EHUDNKLU 6HSWHPEHU GDQ HQGHG 6HSWHPEHU DQG
PDVLQJPDVLQJ DGDODK VHEHVDU DPRXQWHG WR 5S DQG
5SGDQ5S 5SUHVSHFWLYHO\

-XPODK NDU\DZDQ 3HUXVDKDDQ DGDODK 7KH &RPSDQ\ KDV D WRWDO QXPEHU
NDU\DZDQ SDGD WDQJJDO 6HSWHPEHU RI HPSOR\HHV DV RI
WLGDN GLDXGLW GDQ NDU\DZDQ SDGD 6HSWHPEHU XQDXGLWHG DQG
WDQJJDO 'HVHPEHU WLGDN GLDXGLW HPSOR\HHV DV RI 'HFHPEHU
6HGDQJNDQ MXPODK NDU\DZDQ *UXS DGDODK XQDXGLWHG 7KH WRWDO QXPEHU RI
SDGD WDQJJDO 6HSWHPEHU HPSOR\HHV RI WKH *URXS LV DV RI
WLGDN GLDXGLW GDQ SDGD WDQJJDO 6HSWHPEHU XQDXGLWHG DQG
'HVHPEHUWLGDNGLDXGLW DV RI 'HFHPEHU
XQDXGLWHG

/DSRUDQ NHXDQJDQ NRQVROLGDVLDQ 7KH FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV RI
37 %XPL 6HUSRQJ 'DPDL 7EN GDQ HQWLWDV 37 %XPL 6HUSRQJ 'DPDL 7EN DQG LWV
DQDN XQWXN SHULRGH VHPELODQ EXODQ \DQJ VXEVLGLDULHV IRU WKH QLQHPRQWK SHULRG
EHUDNKLU 6HSWHPEHU WHODK HQGHG 6HSWHPEHU ZHUH
GLVHOHVDLNDQGDQGLRWRULVDVLXQWXNWHUELWROHK FRPSOHWHGDQGDXWKRUL]HGIRULVVXDQFHRQ
'LUHNVL3HUXVDKDDQSDGDWDQJJDO2NWREHU 2FWREHU 7KH &RPSDQ\¶V
'LUHNVL 3HUXVDKDDQ EHUWDQJJXQJ 'LUHFWRUV ZKR DUH UHVSRQVLEOH IRU WKH
MDZDE DWDV SHQ\XVXQDQ GDQ SHQ\DMLDQ SUHSDUDWLRQ DQG SUHVHQWDWLRQ RI WKH
ODSRUDQNHXDQJDQNRQVROLGDVLDQWHUVHEXW FRQVROLGDWHGILQDQFLDOVWDWHPHQWV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

,NKWLVDU .HELMDNDQ $NXQWDQVL GDQ 3HODSRUDQ 6XPPDU\ RI 6LJQLILFDQW $FFRXQWLQJ DQG
.HXDQJDQ3HQWLQJ )LQDQFLDO5HSRUWLQJ3ROLFLHV

D 'DVDU 3HQ\XVXQDQ GDQ 3HQJXNXUDQ D %DVLV RI &RQVROLGDWHG )LQDQFLDO
/DSRUDQ.HXDQJDQ.RQVROLGDVLDQ 6WDWHPHQWV 3UHSDUDWLRQ DQG
0HDVXUHPHQW

/DSRUDQ NHXDQJDQ NRQVROLGDVLDQ GLVXVXQ 7KH FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV
GDQGLVDMLNDQGHQJDQPHQJJXQDNDQ6WDQGDU KDYH EHHQ SUHSDUHG DQG SUHVHQWHG LQ
$NXQWDQVL .HXDQJDQ GL ,QGRQHVLD PHOLSXWL DFFRUGDQFH ZLWK ,QGRQHVLDQ )LQDQFLDO
SHUQ\DWDDQ GDQ LQWHUSUHWDVL \DQJ GLWHUELWNDQ $FFRXQWLQJ 6WDQGDUGV ³6$.´ ZKLFK
ROHK 'HZDQ 6WDQGDU $NXQWDQVL .HXDQJDQ FRPSULVH WKH VWDWHPHQWV DQG
,NDWDQ $NXQWDQ ,QGRQHVLD ,$, GDQ 'HZDQ LQWHUSUHWDWLRQV LVVXHG E\ WKH %RDUG RI
6WDQGDU $NXQWDQVL 6\DULDK ,$, GDQ )LQDQFLDO $FFRXQWLQJ 6WDQGDUGV RI WKH
3HUDWXUDQ 2-. 1R 9,,,* WHQWDQJ ,QVWLWXWH RI ,QGRQHVLD &KDUWHUHG
³3HQ\DMLDQ GDQ 3HQJXQJNDSDQ /DSRUDQ $FFRXQWDQWV,$,DQGWKH%RDUGRI6KDULD
.HXDQJDQ(PLWHQDWDX3HUXVDKDDQ3XEOLN´ $FFRXQWLQJ 6WDQGDUGV RI ,$, DQG 2-.
5HJXODWLRQ 1R 9,,,* UHJDUGLQJ
³3UHVHQWDWLRQ DQG 'LVFORVXUHV RI 3XEOLF
&RPSDQLHV¶ )LQDQFLDO 6WDWHPHQWV´ 6XFK
FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV DUH DQ
(QJOLVKWUDQVODWLRQRIWKH*URXS¶VVWDWXWRU\
UHSRUWLQ,QGRQHVLD

'DVDU SHQJXNXUDQ ODSRUDQ NHXDQJDQ 7KH PHDVXUHPHQW EDVLV XVHG LV WKH
NRQVROLGDVLDQ LQL DGDODK NRQVHS ELD\D KLVWRULFDOFRVWH[FHSWIRUFHUWDLQDFFRXQWV
SHUROHKDQ NHFXDOL EHEHUDSD DNXQ WHUWHQWX ZKLFK DUH PHDVXUHG RQ WKH EDVHV
GLVXVXQ EHUGDVDUNDQ SHQJXNXUDQ ODLQ GHVFULEHG LQ WKH UHODWHG DFFRXQWLQJ
VHEDJDLPDQD GLXUDLNDQ GDODP NHELMDNDQ SROLFLHV 7KH FRQVROLGDWHG ILQDQFLDO
DNXQWDQVL PDVLQJPDVLQJ DNXQ WHUVHEXW VWDWHPHQWV H[FHSW IRU WKH FRQVROLGDWHG
/DSRUDQ NHXDQJDQNRQVROLGDVLDQ LQL GLVXVXQ VWDWHPHQWV RI FDVK IORZV DUH SUHSDUHG
GHQJDQ PHWRGH DNUXDO NHFXDOL ODSRUDQ DUXV XQGHUWKHDFFUXDOEDVLVRIDFFRXQWLQJ
NDVNRQVROLGDVLDQ

/DSRUDQ DUXV NDV NRQVROLGDVLDQ GLVXVXQ 7KHFRQVROLGDWHGVWDWHPHQWVRIFDVKIORZV
GHQJDQ PHQJJXQDNDQ PHWRGH ODQJVXQJ DUHSUHSDUHGXVLQJWKHGLUHFWPHWKRGZLWK
GHQJDQ PHQJHORPSRNNDQ DUXV NDV GDODP FODVVLILFDWLRQVRIFDVKIORZVLQWRRSHUDWLQJ
DNWLYLWDVRSHUDVLLQYHVWDVLGDQSHQGDQDDQ LQYHVWLQJDQGILQDQFLQJDFWLYLWLHV

.HELMDNDQ DNXQWDQVL \DQJ GLWHUDSNDQ GDODP 7KH DFFRXQWLQJ SROLFLHV DGRSWHG LQ WKH
SHQ\XVXQDQODSRUDQNHXDQJDQNRQVROLGDVLDQ SUHSDUDWLRQ RI WKH FRQVROLGDWHG ILQDQFLDO
XQWXN SHULRGH VHPELODQ EXODQ \DQJ EHUDNKLU VWDWHPHQWV IRU WKH QLQHPRQWK SHULRG
6HSWHPEHU DGDODK NRQVLVWHQ HQGHG6HSWHPEHUDUHFRQVLVWHQW
GHQJDQNHELMDNDQDNXQWDQVL\DQJGLWHUDSNDQ ZLWK WKRVH DGRSWHG LQ WKH SUHSDUDWLRQ RI
GDODP SHQ\XVXQDQ ODSRUDQ NHXDQJDQ WKH FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV IRU
NRQVROLGDVLDQ XQWXN WDKXQ \DQJ EHUDNKLU WKH\HDUHQGHG'HFHPEHU
'HVHPEHU

0DWD XDQJ \DQJ GLJXQDNDQ GDODP 7KH FXUUHQF\ XVHG LQ WKH SUHSDUDWLRQ DQG
SHQ\XVXQDQ GDQ SHQ\DMLDQ ODSRUDQ SUHVHQWDWLRQ RI WKH FRQVROLGDWHG ILQDQFLDO
NHXDQJDQ NRQVROLGDVLDQ DGDODK PDWD XDQJ VWDWHPHQWV LV WKH ,QGRQHVLDQ 5XSLDK
5XSLDK5XSLDK\DQJMXJDPHUXSDNDQPDWD 5XSLDK ZKLFK LV DOVR WKH IXQFWLRQDO
XDQJIXQJVLRQDO3HUXVDKDDQ FXUUHQF\RIWKH&RPSDQ\

E 3ULQVLS.RQVROLGDVL E %DVLVRI&RQVROLGDWLRQ

/DSRUDQ NHXDQJDQ NRQVROLGDVLDQ PHOLSXWL 7KH FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV
ODSRUDQ NHXDQJDQ 3HUXVDKDDQ GDQ LQFRUSRUDWHWKHILQDQFLDOVWDWHPHQWVRIWKH
HQWLWDVHQWLWDV WHUPDVXN HQWLWDV WHUVWUXNWXU &RPSDQ\DQGHQWLWLHVLQFOXGLQJVWUXFWXUHG

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

\DQJ GLNHQGDOLNDQ ROHK 3HUXVDKDDQ GDQ HQWLWLHVFRQWUROOHGE\WKH&RPSDQ\DQGLWV
HQWLWDV DQDN *UXS 3HQJHQGDOLDQ GLSHUROHK VXEVLGLDULHV WKH *URXS &RQWURO LV
DSDELOD*UXSPHPLOLNLVHOXUXKKDOEHULNXWLQL DFKLHYHG ZKHQ WKH *URXS KDV DOO WKH
IROORZLQJ

x NHNXDVDDQDWDVLQYHVWHH x SRZHURYHUWKHLQYHVWHH
x HNVSRVXU DWDX KDN DWDV LPEDO KDVLO x LVH[SRVHGRU KDV ULJKWV WR YDULDEOH
YDULDEHO GDUL NHWHUOLEDWDQQ\D GHQJDQ UHWXUQV IURP LWV LQYROYHPHQW ZLWK WKH
LQYHVWHHGDQ LQYHVWHHDQG
x NHPDPSXDQ XQWXN PHQJJXQDNDQ x WKHDELOLW\WRXVHLWVSRZHUWRDIIHFWLWV
NHNXDVDDQQ\D DWDV LQYHVWHH XQWXN UHWXUQV
PHPSHQJDUXKLMXPODKLPEDOKDVLO*UXS

3HQJNRQVROLGDVLDQHQWLWDVDQDNGLPXODLSDGD &RQVROLGDWLRQRIDVXEVLGLDU\EHJLQVZKHQ
VDDW *UXS PHPSHUROHK SHQJHQGDOLDQ DWDV WKH *URXS REWDLQV FRQWURO RYHU WKH
HQWLWDV DQDN GDQ EHUDNKLU SDGD VDDW *UXS VXEVLGLDU\ DQG FHDVHV ZKHQ WKH *URXS
NHKLODQJDQ SHQJHQGDOLDQ DWDV HQWLWDV DQDN ORVHVFRQWURORIWKHVXEVLGLDU\6SHFLILFDOO\
6HFDUD NKXVXV SHQJKDVLODQ GDQ EHEDQ LQFRPH DQG H[SHQVHV RI D VXEVLGLDU\
HQWLWDV DQDN \DQJ GLDNXLVLVL DWDX GLOHSDVNDQ DFTXLUHG RU GLVSRVHG RI GXULQJ WKH \HDU
VHODPD WDKXQ EHUMDODQ WHUPDVXN GDODP DUHLQFOXGHGLQWKHFRQVROLGDWHGVWDWHPHQW
ODSRUDQ ODED UXJL GDQ SHQJKDVLODQ RI SURILW RU ORVV DQG RWKHU FRPSUHKHQVLYH
NRPSUHKHQVLI ODLQ NRQVROLGDVLDQ VHMDN LQFRPH IURP WKH GDWH WKH *URXS JDLQV
WDQJJDO *UXS PHPSHUROHK SHQJHQGDOLDQ FRQWURO XQWLO WKH GDWH ZKHQ WKH *URXS
VDPSDL GHQJDQ WDQJJDO *UXS NHKLODQJDQ FHDVHVWRFRQWUROWKHVXEVLGLDU\
SHQJHQGDOLDQDWDVHQWLWDVDQDN

6HOXUXK DVHW GDQ OLDELOLWDV HNXLWDV $OOLQWUDJURXSDVVHWVDQGOLDELOLWLHVHTXLW\
SHQJKDVLODQEHEDQGDQDUXVNDVGDODPLQWUD LQFRPHH[SHQVHVDQGFDVKIORZVUHODWLQJ
NHORPSRN XVDKD WHUNDLW GHQJDQ WUDQVDNVL WR WUDQVDFWLRQV EHWZHHQ PHPEHUV RI WKH
DQWDU HQWLWDV GDODP *UXS GLHOLPLQDVL VHFDUD *URXS DUH HOLPLQDWHG LQ IXOO RQ
SHQXK GDODP ODSRUDQ NHXDQJDQ FRQVROLGDWLRQ
NRQVROLGDVLDQ

6HOLVLK SHQLODLDQ NHPEDOL DVHW WHWDS GDQ 7KH UHYDOXDWLRQ LQFUHPHQW LQ YDOXH RI
SURSHUWL LQYHVWDVL PLOLN 37 6LQDUZLVDWD SURSHUW\ DQG HTXLSPHQW DQG LQYHVWPHQW
/HVWDUL GDQ 37 6LQDUZLVDWD 3HUPDL HQWLWDV SURSHUW\ RI 37 6LQDUZLVDWD /HVWDUL DQG
HQWLWDV DQDN WLGDN GLDNXL GDODP ODSRUDQ 37 6LQDUZLVDWD 3HUPDL VXEVLGLDULHV KDV
NHXDQJDQ NRQVROLGDVLDQ DJDU NRQVLVWHQ EHHQUHYHUVHGLQWKHFRQVROLGDWHGILQDQFLDO
GHQJDQ NHELMDNDQ DNXQWDQVL *UXS \DQJ VWDWHPHQWV WR EH FRQVLVWHQW ZLWK WKH
PHQFDWDW DVHW WHWDS GDQ SURSHUWL LQYHVWDVL *URXS¶V SROLF\ DQG FDUU\LQJ LWV SURSHUW\
GHQJDQPHQJJXQDNDQPRGHOELD\D DQG HTXLSPHQW DQG LQYHVWPHQW SURSHUW\
XVLQJWKHFRVWPRGHO

/DEDUXJLGDQVHWLDSNRPSRQHQSHQJKDVLODQ 3URILWRUORVVDQGHDFKFRPSRQHQWRIRWKHU
NRPSUHKHQVLI ODLQ GLDWULEXVLNDQ NHSDGD FRPSUHKHQVLYH LQFRPH DUH DWWULEXWHG WR
SHPLOLN 3HUXVDKDDQ GDQ NHSHQWLQJDQ WKH RZQHUV RI WKH &RPSDQ\ DQG WR WKH
QRQSHQJHQGDOL .13 PHVNLSXQ KDO WHUVHEXW QRQFRQWUROOLQJ LQWHUHVW 1&, HYHQ LI WKLV
PHQJDNLEDWNDQ.13PHPLOLNLVDOGRGHILVLW UHVXOWVLQWKH1&,KDYLQJDGHILFLWEDODQFH

.13 GLVDMLNDQ GDODP ODSRUDQ ODED UXJL GDQ 1&, DUH SUHVHQWHG LQ WKH FRQVROLGDWHG
SHQJKDVLODQNRPSUHKHQVLIODLQNRQVROLGDVLDQ VWDWHPHQW RI SURILW RU ORVV DQG RWKHU
GDQ GDODP HNXLWDV SDGD ODSRUDQ SRVLVL FRPSUHKHQVLYH LQFRPH DQG XQGHU WKH
NHXDQJDQNRQVROLGDVLDQWHUSLVDKGDULEDJLDQ HTXLW\ VHFWLRQ RI WKH FRQVROLGDWHG
\DQJ GDSDW GLDWULEXVLNDQ NHSDGD SHPLOLN VWDWHPHQW RI ILQDQFLDO SRVLWLRQ
3HUXVDKDDQ UHVSHFWLYHO\ VHSDUDWHO\ IURP WKH
FRUUHVSRQGLQJ SRUWLRQ DWWULEXWDEOH WR
RZQHUVRIWKH&RPSDQ\

7UDQVDNVL GHQJDQ .13 \DQJ WLGDN 7UDQVDFWLRQVZLWK1&,WKDWGRQRWUHVXOWLQ
PHQJDNLEDWNDQ KLODQJQ\D SHQJHQGDOLDQ ORVVRIFRQWURODUHDFFRXQWHGIRUDVHTXLW\
GLFDWDW VHEDJDL WUDQVDNVL HNXLWDV 6HOLVLK WUDQVDFWLRQV 7KH GLIIHUHQFH EHWZHHQ WKH
DQWDUD QLODL ZDMDU LPEDODQ \DQJ GLDOLKNDQ IDLU YDOXH RI DQ\ FRQVLGHUDWLRQ SDLG DQG

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

GHQJDQ EDJLDQ UHODWLI DWDV QLODL WHUFDWDW DVHW WKHUHOHYDQWVKDUHDFTXLUHGRIWKHFDUU\LQJ
EHUVLK HQWLWDV DQDN \DQJ GLDNXLVLVLGLFDWDW GL YDOXH RI QHW DVVHWV RI WKH VXEVLGLDU\ LV
HNXLWDV .HXQWXQJDQ DWDX NHUXJLDQ GDUL UHFRUGHG LQ HTXLW\ *DLQV RU ORVVHV RQ
SHOHSDVDQ NHSDGD .13 MXJD GLFDWDW GL GLVSRVDOV WR 1&, DUH DOVR UHFRUGHG LQ
HNXLWDV HTXLW\

F .RPELQDVL%LVQLV F $FFRXQWLQJIRU%XVLQHVV&RPELQDWLRQ

(QWLWDV7LGDN6HSHQJHQGDOL $PRQJ (QWLWLHV 1RW 8QGHU &RPPRQ
&RQWURO

.RPELQDVL ELVQLV NHFXDOL NRPELQDVL ELVQLV %XVLQHVV FRPELQDWLRQV H[FHSW EXVLQHVV
HQWLWDV VHSHQJHQGDOL GLFDWDW GHQJDQ FRPELQDWLRQ DPRQJ HQWLWLHV XQGHU
PHQJJXQDNDQ PHWRGH DNXLVLVL %LD\D FRPPRQ FRQWURO DUH DFFRXQWHG IRU XVLQJ
SHUROHKDQ GDUL VHEXDK DNXLVLVL GLXNXU SDGD WKH DFTXLVLWLRQ PHWKRG 7KH FRVW RI DQ
QLODL DJUHJDW LPEDODQ \DQJ GLDOLKNDQ GLXNXU DFTXLVLWLRQ LV PHDVXUHG DV WKH DJJUHJDWH
SDGD QLODL ZDMDU SDGD WDQJJDO DNXLVLVL GDQ RIWKHFRQVLGHUDWLRQWUDQVIHUUHGPHDVXUHG
MXPODK VHWLDS .13 SDGD SLKDN \DQJ DW DFTXLVLWLRQ GDWH IDLU YDOXH DQG WKH
GLDNXLVLVL 8QWXN VHWLDS NRPELQDVL ELVQLV DPRXQW RI DQ\ 1&, LQ WKH DFTXLUHH )RU
SLKDN SHQJDNXLVLVL PHQJXNXU .13 SDGD HDFK EXVLQHVV FRPELQDWLRQ WKH DFTXLUHU
HQWLWDV \DQJ GLDNXLVLVL SDGD QLODL ZDMDU DWDX PHDVXUHVWKH1&,LQWKHDFTXLUHHHLWKHUDW
VHEHVDUSURSRUVLNHSHPLOLNDQ.13DWDVDVHW IDLU YDOXH RU DW WKH SURSRUWLRQDWH VKDUH RI
QHWR \DQJ WHULGHQWLILNDVL GDUL HQWLWDV \DQJ WKH DFTXLUHH¶V LGHQWLILDEOH QHW DVVHWV
GLDNXLVLVL %LD\DELD\D DNXLVLVL \DQJ WLPEXO $FTXLVLWLRQ UHODWHG FRVWV LQFXUUHG DUH
GLEHEDQNDQ ODQJVXQJ GDQ GLVDMLNDQ VHEDJDL GLUHFWO\ H[SHQVHG DQG LQFOXGHG LQ ³2WKHU
³%HEDQODLQODLQ´ H[SHQVHV´

.HWLND PHODNXNDQ DNXLVLVL DWDV VHEXDK :KHQ WKH *URXS DFTXLUHV D EXVLQHVV LW
ELVQLV *UXS PHQJNODVLILNDVLNDQ GDQ DVVHVVHV WKH ILQDQFLDO DVVHWV DFTXLUHG
PHQHQWXNDQ DVHW NHXDQJDQ \DQJ GLSHUROHK DQG OLDELOLWLHV DVVXPHG IRU DSSURSULDWH
GDQ OLDELOLWDV NHXDQJDQ \DQJ GLDPELO DOLK FODVVLILFDWLRQ DQG GHVLJQDWLRQ LQ
EHUGDVDUNDQ SDGD SHUV\DUDWDQ NRQWUDNWXDO DFFRUGDQFH ZLWK WKH FRQWUDFWXDO WHUPV
NRQGLVLHNRQRPLGDQNRQGLVLWHUNDLWODLQ\DQJ HFRQRPLF FLUFXPVWDQFHV DQG SHUWLQHQW
DGDSDGDWDQJJDODNXLVLVL FRQGLWLRQVDVRIWKHDFTXLVLWLRQGDWH

'DODP VXDWX NRPELQDVL ELVQLV \DQJ ,IWKHEXVLQHVVFRPELQDWLRQLVDFKLHYHGLQ
GLODNXNDQ VHFDUD EHUWDKDS SDGD WDQJJDO VWDJHV WKH DFTXLVLWLRQ GDWH IDLU YDOXH RI
DNXLVLVL SLKDN SHQJDNXLVLVL PHQJXNXU WKH DFTXLUHU¶V SUHYLRXVO\ KHOG HTXLW\
NHPEDOLQLODLZDMDUNHSHQWLQJDQHNXLWDV\DQJ LQWHUHVW LQ WKH DFTXLUHH LV UHPHDVXUHG WR
GLPLOLNL VHEHOXPQ\D SDGD SLKDN \DQJ IDLU YDOXH DW WKH DFTXLVLWLRQ GDWH WKURXJK
GLDNXLVLVL GDQ PHQJDNXL NHXQWXQJDQ DWDX SURILWRUORVV
NHUXJLDQ\DQJGLKDVLONDQGDODPODEDUXJL

3DGD WDQJJDO DNXLVLVL JRRGZLOO DZDOQ\D $W DFTXLVLWLRQ GDWH JRRGZLOO LV LQLWLDOO\
GLXNXU SDGD KDUJD SHUROHKDQ \DQJ PHDVXUHGDW FRVW EHLQJ WKH H[FHVV RI WKH
PHUXSDNDQ VHOLVLK OHELK QLODL DJUHJDW GDUL DJJUHJDWHRIWKHFRQVLGHUDWLRQWUDQVIHUUHG
LPEDODQ \DQJ GLDOLKNDQ GDQ MXPODK \DQJ DQG WKH DPRXQW UHFRJQL]HG IRU 1&, RYHU
GLDNXL XQWXN .13 DWDV DVHW EHUVLK WKH QHW LGHQWLILDEOH DVVHWV DFTXLUHG DQG
WHULGHQWLILNDVL \DQJ GLSHUROHK GDQ OLDELOLWDV OLDELOLWLHV DVVXPHG ,I WKLV FRQVLGHUDWLRQ LV
\DQJ GLDPELO DOLK -LND QLODL DJUHJDW WHUVHEXW ORZHUWKDQWKHIDLUYDOXHRIWKHQHWDVVHWV
OHELK NHFLO GDUL QLODL ZDMDU DVHW QHWR HQWLWDV RI WKH VXEVLGLDU\ DFTXLUHG WKH GLIIHUHQFH
DQDN \DQJ GLDNXLVLVL VHOLVLK WHUVHEXW JDLQ RQ EDUJDLQ SXUFKDVH LV UHFRJQL]HG
NHXQWXQJDQ GDUL DNXLVLVL VDKDP GLDNXL LQSURILWRUORVV
GDODPODEDUXJL

6HWHODK SHQJDNXDQ DZDO JRRGZLOO GLXNXU $IWHU LQLWLDO UHFRJQLWLRQ JRRGZLOO LV
SDGD MXPODK WHUFDWDW GLNXUDQJL DNXPXODVL PHDVXUHG DW FRVW OHVV DQ\ DFFXPXODWHG
NHUXJLDQ SHQXUXQDQ QLODL 8QWXN WXMXDQ XML LPSDLUPHQW ORVVHV )RU WKH SXUSRVH RI
SHQXUXQDQQLODLJRRGZLOO\DQJGLSHUROHKGDUL LPSDLUPHQW WHVWLQJ JRRGZLOO DFTXLUHG LQ D
VXDWX NRPELQDVL ELVQLV VHMDN WDQJJDO EXVLQHVV FRPELQDWLRQ LV IURP WKH
DNXLVLVL GLDORNDVLNDQ NHSDGD VHWLDS 8QLW DFTXLVLWLRQ GDWH DOORFDWHG WR HDFK RI WKH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HQJKDVLO .DV ³83.´ GDUL 3HUXVDKDDQ &RPSDQ\ DQGRU LWV VXEVLGLDULHV¶
GDQDWDXHQWLWDVDQDN\DQJGLKDUDSNDQDNDQ &DVK*HQHUDWLQJ 8QLWV ³&*8´ WKDW DUH
PHQHULPD PDQIDDW GDUL VLQHUJL NRPELQDVL H[SHFWHG WR EHQHILW IURP WKH FRPELQDWLRQ
WHUVHEXW WHUOHSDV GDUL DSDNDK DVHW DWDX LUUHVSHFWLYH RI ZKHWKHU RWKHU DVVHWV RU
OLDELOLWDV ODLQ GDUL SLKDN \DQJ GLDNXLVLVL OLDELOLWLHV RI WKH DFTXLUHG DUH DVVLJQHG WR
GLDORNDVLNDQNH83.WHUVHEXW WKRVH&*8V

-LND JRRGZLOO WHODK GLDORNDVLNDQ SDGD VXDWX :KHUH JRRGZLOO IRUPV SDUW RI D &*8 DQG
83.GDQRSHUDVLWHUWHQWXDWDV83.WHUVHEXW SDUW RI WKH RSHUDWLRQ ZLWKLQ WKDW &*8 LV
GLKHQWLNDQ PDND JRRGZLOO \DQJ GLVSRVHG RI WKH JRRGZLOO DVVRFLDWHG ZLWK
GLDVRVLDVLNDQ GHQJDQ RSHUDVL \DQJ WKHRSHUDWLRQGLVSRVHGRILVLQFOXGHGLQWKH
GLKHQWLNDQ WHUVHEXW WHUPDVXN GDODP MXPODK FDUU\LQJ DPRXQW RI WKH RSHUDWLRQ ZKHQ
WHUFDWDW RSHUDVL WHUVHEXW NHWLND PHQHQWXNDQ GHWHUPLQLQJWKHJDLQRUORVVRQGLVSRVDORI
NHXQWXQJDQ DWDX NHUXJLDQ GDUL SHOHSDVDQ WKHRSHUDWLRQ*RRGZLOOGLVSRVHGRILQWKLV
*RRGZLOO \DQJ GLOHSDVNDQ WHUVHEXW GLXNXU FLUFXPVWDQFH LV PHDVXUHG EDVHG RQ WKH
EHUGDVDUNDQ QLODL UHODWLI RSHUDVL \DQJ UHODWLYH YDOXHV RI WKH RSHUDWLRQ GLVSRVHG
GLKHQWLNDQGDQSRUVL83.\DQJGLWDKDQ RIDQGWKHSRUWLRQRIWKH&*8UHWDLQHG

(QWLWDV6HSHQJHQGDOL $PRQJ(QWLWLHV8QGHU&RPPRQ&RQWURO

7UDQVDNVL NRPELQDVL ELVQLV HQWLWDV %XVLQHVV FRPELQDWLRQ WUDQVDFWLRQ RI
VHSHQJHQGDOLEHUXSDSHQJDOLKDQELVQLV\DQJ HQWLWLHV XQGHU FRPPRQ FRQWURO LQ IRUP RI
GLODNXNDQGDODPUDQJNDUHRUJDQLVDVLHQWLWDV EXVLQHVV WUDQVIHU ZLWK UHJDUG WR
HQWLWDV \DQJ EHUDGD GDODP VXDWX NHORPSRN UHRUJDQL]DWLRQ RI HQWLWLHV ZLWKLQ WKH VDPH
XVDKD \DQJ VDPD EXNDQ PHUXSDNDQ JURXS RI FRPSDQLHV GRHV QRW UHVXOW LQ D
SHUXEDKDQ NHSHPLOLNDQ GDODP DUWL VXEVWDQVL FKDQJH RI WKH HFRQRPLF VXEVWDQFH RI WKH
HNRQRPL VHKLQJJD WUDQVDNVL WHUVHEXW GLDNXL RZQHUVKLS WKXV WKH WUDQVDFWLRQ LV
SDGD MXPODK WHUFDWDW EHUGDVDUNDQ PHWRGH UHFRJQL]HG DW FDUU\LQJ YDOXH EDVHG RQ
SHQ\DWXDQNHSHPLOLNDQ SRROLQJRILQWHUHVWPHWKRG

6HOLVLKDQWDUDMXPODKLPEDODQ\DQJGLDOLKNDQ $Q\ GLIIHUHQFH EHWZHHQ WKH DPRXQW RI
GDQ MXPODK WHUFDWDW GDUL VHWLDS NRPELQDVL FRQVLGHUDWLRQ WUDQVIHUUHG DQG WKH FDUU\LQJ
ELVQLV HQWLWDV VHSHQJHQGDOL GLVDMLNDQ GDODP YDOXH RI HDFK EXVLQHVV FRPELQDWLRQ RI
DNXQ WDPEDKDQ PRGDO GLVHWRU SDGD EDJLDQ HQWLWLHV XQGHU FRPPRQ FRQWURO LV
HNXLWDV GDODP ODSRUDQ SRVLVL NHXDQJDQ UHFRJQL]HGDVDGGLWLRQDOSDLGLQFDSLWDODV
NRQVROLGDVLDQ SDUW RI HTXLW\ VHFWLRQ LQ WKH FRQVROLGDWHG
VWDWHPHQWRIILQDQFLDOSRVLWLRQ

(QWLWDV \DQJ PHOHSDV ELVQLV GDODP $Q HQWLW\ ZKLFK LV GLVSRVLQJ D EXVLQHVV
SHOHSDVDQ ELVQLV HQWLWDV VHSHQJHQGDOL XQLW LQ FRQQHFWLRQ ZLWK WKH GLVSRVDO RI
PHQJDNXL VHOLVLK DQWDUD LPEDODQ \DQJ DEXVLQHVVXQLWRIDQHQWLW\XQGHUFRPPRQ
GLWHULPD GDQ MXPODK WHUFDWDW ELVQLV \DQJ FRQWURO UHFRJQL]HV WKH GLIIHUHQFH EHWZHHQ
GLOHSDVGDODPDNXQWDPEDKDQPRGDOGLVHWRU WKH FRQVLGHUDWLRQ UHFHLYHG DQG FDUU\LQJ
SDGD EDJLDQ HNXLWDV GDODP ODSRUDQ SRVLVL DPRXQW RI WKH GLVSRVHG EXVLQHVV XQLW DV
NHXDQJDQNRQVROLGDVLDQ DGGLWLRQDO SDLGLQ FDSLWDO DV SDUW RI HTXLW\
VHFWLRQ LQ WKH FRQVROLGDWHG VWDWHPHQW RI
ILQDQFLDOSRVLWLRQ

G 3HQMDEDUDQ0DWD8DQJ$VLQJ G )RUHLJQ&XUUHQF\7UDQVODWLRQ

0DWD8DQJ)XQJVLRQDOGDQ3HODSRUDQ )XQFWLRQDODQG5HSRUWLQJ&XUUHQFLHV

$NXQDNXQ \DQJ WHUFDNXS GDODP ODSRUDQ ,WHPV LQFOXGHG LQ WKH ILQDQFLDO VWDWHPHQWV
NHXDQJDQ VHWLDS HQWLWDV GDODP *UXS GLXNXU RI HDFK RI WKH *URXS¶V FRPSDQLHV DUH
PHQJJXQDNDQ PDWD XDQJ GDUL OLQJNXQJDQ PHDVXUHG XVLQJ WKH FXUUHQF\ RI WKH
HNRQRPL XWDPD GLPDQD HQWLWDV EHURSHUDVL SULPDU\ HFRQRPLF HQYLURQPHQW LQ ZKLFK
PDWDXDQJIXQJVLRQDO WKH HQWLW\ RSHUDWHV WKH IXQFWLRQDO
FXUUHQF\

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

7UDQVDNVLGDQ6DOGR 7UDQVDFWLRQVDQG%DODQFHV

7UDQVDNVLGDODPPDWDXDQJDVLQJGLMDEDUNDQ )RUHLJQ FXUUHQF\ WUDQVDFWLRQV DUH
NHGDODP PDWD XDQJ IXQJVLRQDO WUDQVODWHG LQWR WKH IXQFWLRQDO FXUUHQF\
PHQJJXQDNDQ NXUV SDGD WDQJJDO WUDQVDNVL XVLQJWKHH[FKDQJHUDWHVSUHYDLOLQJDWWKH
.HXQWXQJDQ DWDX NHUXJLDQ VHOLVLK NXUV \DQJ GDWHV RI WKH WUDQVDFWLRQV )RUHLJQ
WLPEXO GDUL SHQ\HOHVDLDQ WUDQVDNVL GDQ GDUL H[FKDQJH JDLQV DQG ORVVHV UHVXOWLQJ IURP
SHQMDEDUDQSDGDNXUVDNKLUSHULRGHDWDVDVHW WKH VHWWOHPHQW RI VXFK WUDQVDFWLRQV DQG
GDQ OLDELOLWDV PRQHWHU GDODP PDWD XDQJ IURP WKH WUDQVODWLRQ DW SHULRG HQG
DVLQJGLDNXLGDODPODEDUXJL H[FKDQJH UDWHV RI PRQHWDU\ DVVHWV DQG
OLDELOLWLHV GHQRPLQDWHG LQ IRUHLJQ
FXUUHQFLHVDUHUHFRJQL]HGLQSURILWRUORVV

'HVHPEHUNXUVNRQYHUVL\DNQLNXUV 'HFHPEHU WKH FRQYHUVLRQ UDWHV
WHQJDK%DQN,QGRQHVLD\DQJGLJXQDNDQROHK XVHG E\ WKH *URXS ZHUH WKH PLGGOH
*UXSPDVLQJPDVLQJVHEHVDU5SGDQ UDWHVRI%DQN,QGRQHVLDRI5SDQG
5SSHU86 5S UHVSHFWLYHO\ WR 8QLWHG 6WDWHV
86

.HORPSRNXVDKD*UXS *URXS¶V&RPSDQLHV

+DVLO XVDKD GDQ SRVLVL NHXDQJDQ GDUL 7KHUHVXOWVDQGILQDQFLDOSRVLWLRQRIDOOWKH
NHORPSRN XVDKD *UXS \DQJ PHPLOLNL PDWD *URXS¶V FRPSDQLHV WKDW KDYH D IXQFWLRQDO
XDQJIXQJVLRQDO \DQJEHUEHGD GHQJDQPDWD FXUUHQF\ GLIIHUHQW IURP WKH UHSRUWLQJ
XDQJSHODSRUDQGLMDEDUNDQSDGDPDWDXDQJ FXUUHQF\ DUH WUDQVODWHG LQWR WKH UHSRUWLQJ
SHODSRUDQVHEDJDLEHULNXW FXUUHQF\DVIROORZV

D DVHW GDQ OLDELOLWDV GDUL VHWLDS ODSRUDQ D DVVHWV DQG OLDELOLWLHV IRU HDFK
SRVLVL NHXDQJDQ \DQJ GLVDMLNDQ VWDWHPHQW RI ILQDQFLDO SRVLWLRQ
GLMDEDUNDQ SDGD NXUV SHQXWXS SDGD SUHVHQWHG DUH WUDQVODWHG DW WKH
WDQJJDOODSRUDQSRVLVLNHXDQJDQ FORVLQJ UDWH DW WKH GDWH RI WKDW
VWDWHPHQWRIILQDQFLDOSRVLWLRQ

E SHQJKDVLODQ GDQ EHEDQ XQWXN VHWLDS E LQFRPH DQG H[SHQVHV IRU HDFK
ODSRUDQ ODED UXJL GDQ SHQJKDVLODQ VWDWHPHQW RI SURILW RU ORVV DQG RWKHU
NRPSUHKHQVLI ODLQ GLMDEDUNDQ FRPSUHKHQVLYH LQFRPH DUH
PHQJJXQDNDQNXUVUDWDUDWDGDQ WUDQVODWHG DW DYHUDJH H[FKDQJH
UDWHVDQG

F VHOXUXK VHOLVLK NXUV \DQJ WLPEXO GLDNXL F DOOUHVXOWLQJH[FKDQJHGLIIHUHQFHVDUH
GDODPNRPSRQHQHNXLWDV\DQJWHUSLVDK UHFRJQL]HGDVDVHSDUDWHFRPSRQHQW
RIHTXLW\

0DWD XDQJ IXQJVLRQDO *OREDO 3ULPH &DSLWDO 7KH IXQFWLRQDO FXUUHQF\ RI *OREDO 3ULPH
3WH /WG GDQ *OREDO 3ULPH 7UHDVXU\ 3WH /WG &DSLWDO3WH/WGDQG*OREDO3ULPH7UHDVXU\
DGDODK 'RODU $PHULND 6HULNDW /DSRUDQ 3WH /WG LV 86 'ROODU 7KHLU ILQDQFLDO
NHXDQJDQ HQWLWDVHQWLWDV DQDN WHUVHEXW VWDWHPHQWV ZHUH WUDQVODWHG LQWR UHSRUWLQJ
GLMDEDUNDQ NHGDODP PDWD XDQJ SHODSRUDQ FXUUHQF\ XVLQJ WKH IROORZLQJ H[FKDQJH
PHQJJXQDNDQNXUVEHULNXWLQL UDWHV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
$NXQDNXQODSRUDQSRVLVLNHXDQJDQ 6WDWHPHQWRIILQDQFLDOSRVLWLRQDFFRXQWV

$NXQDNXQODSRUDQODEDUXJLGDQ 6WDWHPHQWRISURILWRUORVVDQGRWKHU
SHQJKDVLODQNRPSUHKHQVLIODLQ FRPSUHKHQVLYHLQFRPHDFFRXQWV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HOLVLK NXUV \DQJ WLPEXO GDUL SHQMDEDUDQ 7KH WUDQVODWLRQ RI WKH QHW LQYHVWPHQW LQ
LQYHVWDVL QHWR GDODP NHJLDWDQ XVDKD OXDU IRUHLJQ HQWLWLHV LV WDNHQ WRHTXLW\:KHQ D
QHJHULGLVDMLNDQGDODPHNXLWDV-LNDNHJLDWDQ IRUHLJQ RSHUDWLRQ LV VROG H[FKDQJH
XVDKDOXDUQHJHULWHUVHEXWGLOHSDVNDQPDND GLIIHUHQFHV DULVLQJ IURP WKH WUDQVODWLRQ RI
VHOLVLK NXUV \DQJ EHUDVDO GDUL SHQMDEDUDQ WKH QHW LQYHVWPHQW LQ VXFK IRUHLJQ
LQYHVWDVL QHWR GDODP NHJLDWDQ XVDKD OXDU RSHUDWLRQWDNHQWRHTXLW\DUHUHFRJQL]HGLQ
QHJHUL WHUVHEXW \DQJ VHEHOXPQ\D GLVDMLNDQ SURILWRUORVVDVSDUWRIWKHJDLQRUORVVRQ
GDODP HNXLWDV GLDNXL GDODP ODED UXJL VDOH
VHEDJDL EDJLDQ GDUL NHXQWXQJDQ DWDX
NHUXJLDQSHQMXDODQ

H 7UDQVDNVL3LKDN%HUHODVL H 7UDQVDFWLRQVZLWK5HODWHG3DUWLHV

2UDQJ DWDX HQWLWDV GLNDWHJRULNDQ VHEDJDL $ SHUVRQ RU HQWLW\ LV FRQVLGHUHG D UHODWHG
SLKDN EHUHODVL *UXS DSDELOD PHPHQXKL SDUW\RIWKH*URXSLILWPHHWVWKHGHILQLWLRQ
GHILQLVL SLKDN EHUHODVL EHUGDVDUNDQ 36$. RIDUHODWHGSDUW\LQ36$.1R³5HODWHG
1R³3HQJXQJNDSDQ3LKDNSLKDN%HUHODVL´ 3DUW\'LVFORVXUHV´

6HPXD WUDQVDNVL VLJQLILNDQ GHQJDQ SLKDN $OO VLJQLILFDQW WUDQVDFWLRQV ZLWK UHODWHG
EHUHODVL WHODK GLXQJNDSNDQ GDODP ODSRUDQ SDUWLHV DUH GLVFORVHG LQ WKH FRQVROLGDWHG
NHXDQJDQNRQVROLGDVLDQ ILQDQFLDOVWDWHPHQWV

I .DVGDQ6HWDUD.DV I &DVKDQG&DVK(TXLYDOHQWV

.DV WHUGLUL GDUL NDV GDQ EDQN 6HWDUD NDV &DVK FRQVLVWV RI FDVK RQ KDQG DQG LQ
DGDODKVHPXDLQYHVWDVL\DQJEHUVLIDWMDQJND EDQNV &DVK HTXLYDOHQWV DUH VKRUWWHUP
SHQGHNGDQVDQJDWOLNXLG\DQJGDSDWVHJHUD KLJKO\ OLTXLG LQYHVWPHQWV WKDW DUH UHDGLO\
GLNRQYHUVLNDQ PHQMDGL NDV GHQJDQ MDWXK FRQYHUWLEOHWRNQRZQDPRXQWVRIFDVKZLWK
WHPSR GDODP ZDNWX WLJD EXODQ DWDX RULJLQDO PDWXULWLHV RI WKUHH PRQWKV RU
NXUDQJ VHMDN WDQJJDO SHQHPSDWDQQ\D GDQ OHVVIURPWKHGDWHRISODFHPHQWDQGZKLFK
\DQJ WLGDN GLMDPLQNDQ VHUWD WLGDN GLEDWDVL DUH QRW XVHG DV FROODWHUDO DQG DUH QRW
SHQFDLUDQQ\D UHVWULFWHG

J 'HSRVLWR%HUMDQJND J 7LPH'HSRVLWV

'HSRVLWR EHUMDQJND \DQJ MDWXK WHPSRQ\D 7LPH GHSRVLWV ZLWK PDWXULWLHV RI WKUHH
NXUDQJ GDUL WLJD EXODQ SDGD VDDW PRQWKVRUOHVVIURPWKHGDWHRISODFHPHQW
SHQHPSDWDQ QDPXQ GLMDPLQNDQ DWDX ZKLFK DUH XVHG DV FROODWHUDO RU DUH
GLEDWDVL SHQFDLUDQQ\D GDQ GHSRVLWR UHVWULFWHG DQG WLPH GHSRVLWV ZLWK
EHUMDQJND \DQJ MDWXK WHPSRQ\D OHELK GDUL PDWXULWLHV RI PRUH WKDQ WKUHH PRQWKV
WLJD EXODQ SDGD VDDW SHQHPSDWDQ IURP WKH GDWH RI SODFHPHQWDUH SUHVHQWHG
GLVDMLNDQVHEDJDL³,QYHVWDVLMDQJNDSHQGHN´ DV³6KRUWWHUPLQYHVWPHQWV´

K ,QVWUXPHQ.HXDQJDQ K )LQDQFLDO,QVWUXPHQWV

3HPEHOLDQ DWDX SHQMXDODQ \DQJ UHJXOHUDWDV $OO UHJXODU ZD\ SXUFKDVHV DQG VDOHV RI
LQVWUXPHQ NHXDQJDQ GLDNXL SDGD WDQJJDO ILQDQFLDO LQVWUXPHQWV DUH UHFRJQL]HG RQ
WUDQVDNVL WKHWUDQVDFWLRQGDWH

,QVWUXPHQ NHXDQJDQ SDGD SHQJDNXDQ DZDO )LQDQFLDO LQVWUXPHQWV DUH UHFRJQL]HG
GLXNXU SDGD QLODL ZDMDUQ\D \DQJ PHUXSDNDQ LQLWLDOO\DWIDLUYDOXHZKLFKLVWKHIDLUYDOXH
QLODL ZDMDU NDV \DQJ GLVHUDKNDQ GDODP KDO RI WKH FRQVLGHUDWLRQ JLYHQ LQ FDVH RI DQ
DVHW NHXDQJDQ DWDX \DQJ GLWHULPD GDODP DVVHW RU UHFHLYHG LQ FDVH RI D OLDELOLW\
KDO OLDELOLWDV NHXDQJDQ 1LODL ZDMDU 7KH IDLU YDOXH LV GHWHUPLQHG E\ UHIHUHQFH
GLWHQWXNDQ GHQJDQ PHQJDFX SDGD KDUJD WR WKH WUDQVDFWLRQ SULFH RU RWKHU PDUNHW
WUDQVDNVL DWDX KDUJD SDVDU \DQJ EHUODNX SULFHV ,I VXFK PDUNHW SULFHV DUH QRW
-LND KDUJD SDVDU WLGDN GDSDW GLWHQWXNDQ UHOLDEO\ GHWHUPLQDEOH WKH IDLU YDOXH LV
GHQJDQ DQGDO PDND QLODL ZDMDU GLKLWXQJ HVWLPDWHG DV WKH VXP RI DOO IXWXUH FDVK
EHUGDVDUNDQ HVWLPDVL MXPODK VHOXUXK SD\PHQWVRUUHFHLSWVGLVFRXQWHGXVLQJWKH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

SHPED\DUDQ DWDX SHQHULPDDQ NDV PDVD SUHYDLOLQJ PDUNHW UDWHV RI LQWHUHVW IRU
GHSDQ \DQJ GLGLVNRQWRNDQ PHQJJXQDNDQ VLPLODU LQVWUXPHQWV ZLWK VLPLODU PDWXULWLHV
VXNX EXQJD SDVDU \DQJ EHUODNX XQWXN 7KH LQLWLDO PHDVXUHPHQW RI ILQDQFLDO
LQVWUXPHQ VHMHQLV GHQJDQ MDWXK WHPSR \DQJ LQVWUXPHQWV H[FHSW IRU ILQDQFLDO
VDPD DWDX KDPSLU VDPD 3HQJXNXUDQ DZDO LQVWUXPHQWVDWIDLUYDOXHWKURXJKSURILWDQG
LQVWUXPHQ NHXDQJDQ WHUPDVXN ELD\D ORVV)93/LQFOXGHVWUDQVDFWLRQFRVWV
WUDQVDNVLNHFXDOLXQWXNLQVWUXPHQNHXDQJDQ
\DQJ GLXNXU SDGD QLODL ZDMDU PHODOXL ODED
UXJL

%LD\DWUDQVDNVLGLDPRUWLVDVLVHSDQMDQJXPXU 7UDQVDFWLRQ FRVWV DUH DPRUWL]HG RYHU WKH
LQVWUXPHQPHQJJXQDNDQPHWRGHVXNXEXQJD WHUPV RI WKH LQVWUXPHQWV EDVHG RQ WKH
HIHNWLI HIIHFWLYHLQWHUHVWUDWHPHWKRG

3HQJNODVLILNDVLDQ LQVWUXPHQ NHXDQJDQ 7KH FODVVLILFDWLRQ RI WKH ILQDQFLDO
GLODNXNDQ EHUGDVDUNDQ WXMXDQ SHUROHKDQ LQVWUXPHQWV GHSHQGV RQ WKH SXUSRVH IRU
LQVWUXPHQ WHUVHEXW GDQ PHPSHUWLPEDQJNDQ ZKLFK WKH LQVWUXPHQWV ZHUH DFTXLUHG DQG
DSDNDK LQVWUXPHQ WHUVHEXW PHPLOLNL NXRWDVL ZKHWKHU WKH\ DUH TXRWHG LQ DQ DFWLYH
KDUJDGLSDVDUDNWLI PDUNHW

'HVHPEHU*UXSPHPLOLNLLQVWUXPHQ 'HFHPEHU WKH *URXS KDV
NHXDQJDQ GDODP NDWHJRUL SLQMDPDQ \DQJ ILQDQFLDO LQVWUXPHQWV XQGHU ORDQV DQG
GLEHULNDQ GDQ SLXWDQJ DVHW NHXDQJDQ UHFHLYDEOHV DYDLODEOH IRU VDOH $)6
WHUVHGLD XQWXN GLMXDO GDQ OLDELOLWDV NHXDQJDQ ILQDQFLDO DVVHWV DQG RWKHU ILQDQFLDO
ODLQODLQ 2OHK NDUHQD LWX NHELMDNDQ OLDELOLWHV FDWHJRULHV 7KXV DFFRXQWLQJ
DNXQWDQVL WHUNDLW GHQJDQ LQVWUXPHQ SROLFLHV UHODWHG WR ILQDQFLDO DVVHWV DW
NHXDQJDQ GDODP NDWHJRUL DVHW NHXDQJDQ )93/KHOGWRPDWXULW\+70LQYHVWPHQWV
\DQJ GLXNXU SDGD QLODL ZDMDU PHODOXL ODED DQG ILQDQFLDO OLDELOLWHV DW )93/ FDWHJRULHV
UXJL LQYHVWDVL GLPLOLNL KLQJJD MDWXK WHPSR ZHUHQRWGLVFORVHG
GDQ OLDELOLWDV NHXDQJDQ \DQJ GLXNXU SDGD
QLODL ZDMDU PHODOXL ODED UXJL WLGDN
GLXQJNDSNDQ

/DED5XJL+DULNH ³'D\´3URILW/RVV

$SDELOD KDUJD WUDQVDNVL GDODP VXDWX SDVDU :KHUHWKHWUDQVDFWLRQSULFHLQDQRQDFWLYH
\DQJ WLGDN DNWLI EHUEHGD GHQJDQ QLODL ZDMDU PDUNHW LV GLIIHUHQW IURP WKH IDLU YDOXH RI
LQVWUXPHQ VHMHQLV SDGD WUDQVDNVL SDVDU RWKHU REVHUYDEOH FXUUHQW PDUNHW
WHUNLQL \DQJ GDSDW GLREVHUYDVL DWDX EHUEHGD WUDQVDFWLRQV LQ WKH VDPH LQVWUXPHQW RU
GHQJDQ QLODL ZDMDU \DQJ GLKLWXQJ EDVHG RQ D YDOXDWLRQ WHFKQLTXH ZKRVH
PHQJJXQDNDQ WHNQLN SHQLODLDQ GLPDQD YDULDEOHV LQFOXGH RQO\ GDWD IURP
YDULDEHOQ\D PHUXSDNDQ GDWD \DQJ GLSHUROHK REVHUYDEOH PDUNHW WKH *URXS UHFRJQL]HV
GDUL SDVDU \DQJ GDSDW GLREVHUYDVL PDND WKH GLIIHUHQFH EHWZHHQ WKH WUDQVDFWLRQ
*UXS PHQJDNXL VHOLVLK DQWDUD KDUJD SULFH DQG IDLU YDOXH D ³'D\ ´ SURILWORVV
WUDQVDNVL GHQJDQ QLODL ZDMDU WHUVHEXW \DNQL LQ SURILW RU ORVV XQOHVV LW TXDOLILHV IRU
/DED5XJLKDULNHGDODPODEDUXJLNHFXDOL UHFRJQLWLRQDVVRPHRWKHUW\SHRIDVVHW,Q
MLND VHOLVLK WHUVHEXW PHPHQXKL NULWHULD FDVHV ZKHUH WKH GDWD LV QRW REVHUYDEOH
SHQJDNXDQ VHEDJDL DVHW \DQJ ODLQ 'DODP WKH GLIIHUHQFH EHWZHHQ WKH WUDQVDFWLRQ
KDO WLGDN WHUGDSDW GDWD \DQJ GDSDW SULFH DQG PRGHO YDOXH LV RQO\ UHFRJQL]HG
GLREVHUYDVL PDND VHOLVLK DQWDUD KDUJD LQ SURILW RU ORVV ZKHQ WKH LQSXWV EHFRPH
WUDQVDNVL GDQ QLODL \DQJ GLWHQWXNDQ REVHUYDEOH RU ZKHQ WKH LQVWUXPHQW LV
EHUGDVDUNDQ WHNQLN SHQLODLDQ KDQ\D GLDNXL GHUHFRJQL]HG )RU HDFK WUDQVDFWLRQ WKH
GDODP ODED UXJL DSDELOD GDWD WHUVHEXW *URXSGHWHUPLQHVWKHDSSURSULDWHPHWKRG
PHQMDGL GDSDW GLREVHUYDVL DWDX SDGD VDDW RI UHFRJQL]LQJ WKH ³'D\ ´ SURILWORVV
LQVWUXPHQ WHUVHEXW GLKHQWLNDQ DPRXQW
SHQJDNXDQQ\D 8QWXN PDVLQJPDVLQJ
WUDQVDNVL *UXS PHQHUDSNDQ PHWRGH
SHQJDNXDQ/DED5XJL+DULNH\DQJVHVXDL

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

$VHW.HXDQJDQ )LQDQFLDO$VVHWV

3LQMDPDQ\DQJ'LEHULNDQGDQ3LXWDQJ /RDQVDQG5HFHLYDEOHV

3LQMDPDQ \DQJ GLEHULNDQ GDQ SLXWDQJ /RDQV DQG UHFHLYDEOHV DUH QRQ
DGDODK DVHW NHXDQJDQ QRQGHULYDWLI GHULYDWLYH ILQDQFLDO DVVHWV ZLWK IL[HG
GHQJDQ SHPED\DUDQ WHWDS DWDX WHODK RU GHWHUPLQDEOH SD\PHQWV WKDW DUH
GLWHQWXNDQ GDQ WLGDN PHPSXQ\DL QRW TXRWHG LQ DQ DFWLYH PDUNHW DQG
NXRWDVLGL SDVDU DNWLI \DQJ VHODQMXWQ\D DUH VXEVHTXHQWO\ PHDVXUHG DW
GLXNXU SDGD ELD\D SHUROHKDQ DPRUWL]HG FRVW XVLQJ WKH HIIHFWLYH
GLDPRUWLVDVL PHQJJXQDNDQ PHWRGH LQWHUHVW UDWH PHWKRG OHVV DQ\
VXNXEXQJDHIHNWLIGLNXUDQJLFDGDQJDQ DOORZDQFHIRUDQ\LPSDLUPHQW
NHUXJLDQSHQXUXQDQQLODL

'HVHPEHUNDWHJRULLQLPHOLSXWL 'HFHPEHU WKH *URXS¶V
NDV GDQ VHWDUD NDV LQYHVWDVL MDQJND FDVK DQG FDVK HTXLYDOHQWV VKRUW
SHQGHN GHSRVLWR EHUMDQJND SLXWDQJ WHUP LQYHVWPHQWV WLPH GHSRVLWV
XVDKD SLXWDQJ ODLQODLQ GDQ SLXWDQJ WUDGH DFFRXQWV UHFHLYDEOH RWKHU
SLKDN EHUHODVL QRQXVDKD \DQJ GLPLOLNL DFFRXQWV UHFHLYDEOH DQG GXH IURP
ROHK*UXS UHODWHG SDUWLHV DUH LQFOXGHG LQ WKLV
FDWHJRU\

$VHW.HXDQJDQ7HUVHGLDXQWXN'LMXDO $)6)LQDQFLDO$VVHWV

$VHW NHXDQJDQ WHUVHGLD XQWXN GLMXDO $)6ILQDQFLDODVVHWVDUHWKRVHZKLFK
PHUXSDNDQ DVHW \DQJ GLWHWDSNDQ DUH GHVLJQDWHG DV VXFK RU QRW
VHEDJDLWHUVHGLDXQWXNGLMXDODWDXWLGDN FODVVLILHG LQ DQ\ RI WKH RWKHU
GLNODVLILNDVLNDQ GDODP NDWHJRUL FDWHJRULHV DQG DUH VXEVHTXHQWO\
LQVWUXPHQ NHXDQJDQ \DQJ ODLQ GDQ PHDVXUHG DW IDLU YDOXH ZLWK
VHODQMXWQ\D GLXNXU SDGD QLODL ZDMDU XQUHDOL]HG JDLQV RU ORVVHV
GHQJDQNHXQWXQJDQDWDXNHUXJLDQ\DQJ UHFRJQL]HG LQ HTXLW\ XQWLO WKH
EHOXP GLUHDOLVDVL GLDNXL SDGD EDJLDQ LQYHVWPHQW LV GHUHFRJQL]HG RU
HNXLWDVVDPSDLDVHWNHXDQJDQWHUVHEXW GHWHUPLQHG WR EH LPSDLUHG DW ZKLFK
GLKHQWLNDQ SHQJDNXDQQ\D DWDX WLPH WKH FXPXODWLYH JDLQ RU ORVV LV
GLDQJJDS WHODK PHQJDODPL SHQXUXQDQ UHFODVVLILHGWRSURILWRUORVV
QLODL GLPDQD SDGD VDDW LWX DNXPXODVL
NHXQWXQJDQ DWDX NHUXJLDQ
GLUHNODVLILNDVLNHODEDUXJL

3DGD WDQJJDO 6HSWHPEHU $V RI 6HSWHPEHU WKLV
NDWHJRUL LQL PHOLSXWL LQYHVWDVL *UXS FDWHJRU\ LQFOXGHV *URXS¶V
GDODP VDKDP \DQJ GLFDWDW GHQJDQ LQYHVWPHQWV LQ VKDUHV RI VWRFNV
PHWRGH ELD\D LQYHVWDVL SDGD 5HNVD DFFRXQWHGIRUXQGHUWKHFRVWPHWKRG
'DQD6LPDV6DWX5HNVD'DQD0DQGLUL LQYHVWPHQW LQ 6LPDV 6DWX PXWXDO
,QYHVWD 3DVDU 8DQJ 5HNVD 'DQD IXQGV 0DQGLUL ,QYHVWD 3DVDU 8DQJ
'DQDPDV6LQDUPDVGDQLQYHVWDVLSDGD PXWXDO IXQGV 'DQDPDV 6LQDUPDV
³2EOLJDVL , ([SUHVV 7UDQVLQGR 8WDPD PXWXDO IXQGV DQG LQYHVWPHQWV LQ
7DKXQ´ ³([SUHVV 7UDQVLQGR 8WDPD %RQGV ,
<HDU´

3DGD WDQJJDO 'HVHPEHU $V RI 'HFHPEHU WKLV
NDWHJRUL LQL PHOLSXWL LQYHVWDVL *UXS FDWHJRU\ LQFOXGHV *URXS¶V
GDODP VDKDP \DQJ GLFDWDW GHQJDQ LQYHVWPHQWV LQ VKDUHV RI VWRFNV
PHWRGH ELD\D LQYHVWDVL SDGD 5HNVD DFFRXQWHGIRUXQGHUWKHFRVWPHWKRG
'DQD 6LPDV 6DWX GDQ LQYHVWDVL SDGD LQYHVWPHQW LQ 6LPDV 6DWX PXWXDO
³2EOLJDVL %HUNHODQMXWDQ , 60$57 IXQGV DQG LQYHVWPHQWV LQ ³60$57
7DKDS , 7DKXQ 6HUL $´ GDQ &RQWLQXRXV %RQGV , 3KDVH , <HDU

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

³2EOLJDVL , ([SUHVV 7UDQVLQGR 8WDPD 6HULHV $´ ERQGV DQG ³([SUHVV
7DKXQ´ 7UDQVLQGR 8WDPD %RQGV , <HDU
´

.DUHQD QLODL ZDMDUQ\D WLGDN GDSDW ,QWKHDEVHQFHRIDUHOLDEOHEDVLVIRU
GLWHQWXNDQ VHFDUD DQGDO PDND GHWHUPLQLQJ WKH IDLU YDOXH WKH
LQYHVWDVL *UXS GDODP VDKDP *URXS¶V LQYHVWPHQWV LQ VKDUHV RI
VHEDJDLPDQD GLXQJNDSNDQ GDODP VWRFN HQXPHUDWHG LQ 1RWH DUH
&DWDWDQ GLQ\DWDNDQ SDGD ELD\D FDUULHG DW FRVW QHW RI DQ\
SHUROHKDQVHWHODKGLNXUDQJLSHQXUXQDQ LPSDLUPHQW
QLODLMLNDDGD

/LDELOLWDV .HXDQJDQ GDQ ,QVWUXPHQ )LQDQFLDO /LDELOLWLHV DQG (TXLW\
(NXLWDV ,QVWUXPHQWV

/LDELOLWDV NHXDQJDQ GDQ LQVWUXPHQ HNXLWDV )LQDQFLDO OLDELOLWLHV DQG HTXLW\ LQVWUXPHQWV
*UXS GLNODVLILNDVLNDQ EHUGDVDUNDQ VXEVWDQVL RI WKH *URXS DUH FODVVLILHG DFFRUGLQJ WR
SHUMDQMLDQ NRQWUDNWXDO VHUWD GHILQLVL OLDELOLWDV WKH VXEVWDQFH RI WKH FRQWUDFWXDO
NHXDQJDQ GDQ LQVWUXPHQ HNXLWDV .HELMDNDQ DUUDQJHPHQWV HQWHUHG LQWR DQG WKH
DNXQWDQVL \DQJ GLWHUDSNDQ DWDV LQVWUXPHQ GHILQLWLRQVRIDILQDQFLDOOLDELOLW\DQGHTXLW\
NHXDQJDQWHUVHEXWGLXQJNDSNDQEHULNXWLQL LQVWUXPHQW 7KH DFFRXQWLQJ SROLFLHV
DGRSWHG IRU VSHFLILF ILQDQFLDO LQVWUXPHQWV
DUHVHWRXWEHORZ

,QVWUXPHQ(NXLWDV (TXLW\,QVWUXPHQWV

,QVWUXPHQ HNXLWDV DGDODK VHWLDS NRQWUDN $Q HTXLW\ LQVWUXPHQW LV DQ\ FRQWUDFW WKDW
\DQJ PHPEHULNDQ KDN UHVLGXDO DWDV DVHW HYLGHQFHVDUHVLGXDOLQWHUHVWLQWKHDVVHWV
VXDWX HQWLWDV VHWHODK GLNXUDQJL GHQJDQ RI DQ HQWLW\ DIWHU GHGXFWLQJ DOO RI LWV
VHOXUXK OLDELOLWDVQ\D ,QVWUXPHQ HNXLWDV OLDELOLWLHV (TXLW\ LQVWUXPHQWV DUH UHFRUGHG
GLFDWDWVHMXPODKKDVLO\DQJGLWHULPDVHWHODK DW WKH SURFHHGV UHFHLYHG QHW RI GLUHFW
GLNXUDQJNDQ GHQJDQ ELD\D SHQHUELWDQ LVVXHFRVWV
ODQJVXQJ

/LDELOLWDV.HXDQJDQ )LQDQFLDO/LDELOLWLHV

/LDELOLWDV.HXDQJDQ/DLQODLQ 2WKHU)LQDQFLDO/LDELOLWLHV

.DWHJRUL LQL PHUXSDNDQ OLDELOLWDV NHXDQJDQ 7KLVFDWHJRU\SHUWDLQVWRILQDQFLDOOLDELOLWLHV
\DQJ WLGDN GLPLOLNL XQWXN GLSHUGDJDQJNDQ WKDW DUH QRW KHOG IRU WUDGLQJ RU QRW
DWDX SDGD VDDW SHQJDNXDQ DZDO WLGDN GHVLJQDWHG DW )93/ XSRQ WKH LQFHSWLRQ RI
GLWHWDSNDQ XQWXN GLXNXU SDGD QLODL ZDMDU WKHOLDELOLW\
PHODOXLODEDUXJL

,QVWUXPHQ NHXDQJDQ \DQJ GLWHUELWNDQ DWDX ,VVXHG ILQDQFLDO LQVWUXPHQWV RU WKHLU
NRPSRQHQGDULLQVWUXPHQNHXDQJDQWHUVHEXW FRPSRQHQWV ZKLFK DUH QRW FODVVLILHG DV
\DQJ WLGDN GLNODVLILNDVLNDQ VHEDJDL OLDELOLWDV ILQDQFLDO OLDELOLWLHV DW )93/ DUH FODVVLILHG
NHXDQJDQ \DQJ GLXNXU SDGD QLODL ZDMDU DV RWKHU ILQDQFLDO OLDELOLWLHV ZKHUH WKH
PHODOXL ODED UXJL GLNODVLILNDVLNDQ VHEDJDL VXEVWDQFH RI WKH FRQWUDFWXDO DUUDQJHPHQW
OLDELOLWDV NHXDQJDQ ODLQODLQ MLND VXEVWDQVL UHVXOWV LQ WKH *URXS KDYLQJ DQ REOLJDWLRQ
SHUMDQMLDQ NRQWUDNWXDO PHQJKDUXVNDQ *UXS HLWKHU WR GHOLYHU FDVK RU DQRWKHU ILQDQFLDO
XQWXNPHQ\HUDKNDQNDVDWDXDVHWNHXDQJDQ DVVHW WR WKH KROGHU RU WR VDWLVI\ WKH
ODLQNHSDGD SHPHJDQJ LQVWUXPHQNHXDQJDQ REOLJDWLRQRWKHUWKDQE\WKHH[FKDQJHRID
DWDX MLNDOLDELOLWDVWHUVHEXWGLVHOHVDLNDQ WLGDN IL[HG DPRXQW RI FDVK RU DQRWKHU ILQDQFLDO
PHODOXL SHQXNDUDQ NDV DWDX DVHW NHXDQJDQ DVVHW IRU D IL[HG QXPEHU RI RZQ HTXLW\
ODLQDWDXVDKDPVHQGLUL\DQJMXPODKQ\DWHWDS VKDUHV
DWDXWHODKGLWHWDSNDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

/LDELOLWDV NHXDQJDQ ODLQODLQ VHODQMXWQ\D 2WKHU ILQDQFLDO OLDELOLWLHV DUH VXEVHTXHQWO\
GLXNXU SDGD ELD\D SHUROHKDQ GLDPRUWLVDVL FDUULHG DW DPRUWL]HG FRVW XVLQJ WKH
EHUGDVDUNDQVXNXEXQJDHIHNWLI HIIHFWLYHLQWHUHVWUDWHPHWKRG

'HVHPEHU NDWHJRUL LQL PHOLSXWL 'HFHPEHU WKH *URXS¶V VKRUW
XWDQJ EDQN MDQJND SHQGHN XWDQJ EDQN WHUP EDQN ORDQV ORQJWHUP EDQN ORDQV
MDQJND SDQMDQJ VXUDW VDQJJXS MDQJND PHGLXPWHUP QRWHV ERQGV SD\DEOH WUDGH
PHQHQJDK XWDQJ REOLJDVL XWDQJ XVDKD DFFRXQWV SD\DEOH DFFUXHG H[SHQVHV
EHEDQ DNUXDO VHWRUDQ MDPLQDQ GDQ OLDELOLWDV VHFXULW\ GHSRVLWV DQG RWKHU OLDELOLWLHV DUH
ODLQODLQ\DQJGLPLOLNLROHK*UXS LQFOXGHGLQWKLVFDWHJRU\

6DOLQJ+DSXV,QVWUXPHQ.HXDQJDQ 2IIVHWWLQJRI)LQDQFLDO,QVWUXPHQWV

$VHWNHXDQJDQGDQOLDELOLWDVNHXDQJDQVDOLQJ )LQDQFLDO DVVHWV DQG OLDELOLWLHV DUH RIIVHW
KDSXV GDQ QLODL EHUVLKQ\D GLVDMLNDQ GDODP DQG WKH QHW DPRXQW UHSRUWHG LQ WKH
ODSRUDQ SRVLVL NHXDQJDQ NRQVROLGDVLDQ MLND FRQVROLGDWHG VWDWHPHQW RI ILQDQFLDO
GDQ KDQ\D MLND *UXS VDDW LQL PHPLOLNL KDN SRVLWLRQLI DQG RQO\ LI WKHUH LV D FXUUHQWO\
\DQJ EHUNHNXDWDQ KXNXP XQWXN PHODNXNDQ HQIRUFHDEOH ULJKW WR RIIVHW WKH UHFRJQL]HG
VDOLQJ KDSXV DWDV MXPODK \DQJ WHODK GLDNXL DPRXQWVDQGWKHUHLVLQWHQWLRQWRVHWWOHRQ
WHUVHEXW GDQ EHUQLDW XQWXN PHQ\HOHVDLNDQ D QHW EDVLV RU WR UHDOL]H WKH DVVHW DQG
VHFDUD QHWR DWDX XQWXN PHUHDOLVDVLNDQ DVHW VHWWOHWKHOLDELOLW\VLPXOWDQHRXVO\
GDQ PHQ\HOHVDLNDQ OLDELOLWDVQ\D VHFDUD
VLPXOWDQ

3HQXUXQDQ1LODL$VHW.HXDQJDQ ,PSDLUPHQWRI)LQDQFLDO$VVHWV

3DGDVHWLDSWDQJJDOODSRUDQSRVLVLNHXDQJDQ 7KH *URXS¶V PDQDJHPHQW DVVHVVHV DW
NRQVROLGDVLDQ PDQDMHPHQ *UXS PHQHODDK HDFK FRQVROLGDWHG VWDWHPHQW RI ILQDQFLDO
DSDNDKVXDWXDVHWNHXDQJDQDWDXNHORPSRN SRVLWLRQ GDWH ZKHWKHU D ILQDQFLDO DVVHW RU
DVHW NHXDQJDQ WHODK PHQJDODPL SHQXUXQDQ JURXSRIILQDQFLDODVVHWVLVLPSDLUHG
QLODL

$VHW NHXDQJDQ SDGD ELD\D SHUROHKDQ $VVHWV&DUULHGDW$PRUWL]HG&RVW
GLDPRUWLVDVL

0DQDMHPHQSHUWDPDWDPD PHQHQWXNDQ 7KH PDQDJHPHQW ILUVW DVVHVVHV
DSDNDK WHUGDSDW EXNWL RE\HNWLI ZKHWKHU REMHFWLYH HYLGHQFH RI
PHQJHQDL SHQXUXQDQ QLODL VHFDUD LPSDLUPHQW H[LVWV LQGLYLGXDOO\ IRU
LQGLYLGXDO DWDV DVHW NHXDQJDQ \DQJ ILQDQFLDO DVVHWV WKDW DUH LQGLYLGXDOO\
VLJQLILNDQVHFDUDLQGLYLGXDOGDQVHFDUD VLJQLILFDQW DQG LQGLYLGXDOO\ RU
LQGLYLGXDO DWDX NROHNWLI XQWXN DVHW FROOHFWLYHO\ IRU ILQDQFLDO DVVHWV WKDW
NHXDQJDQ \DQJ MXPODKQ\D WLGDN DUH QRW LQGLYLGXDOO\ VLJQLILFDQW ,I WKH
VLJQLILNDQ VHFDUD LQGLYLGXDO -LND PDQDJHPHQW GHWHUPLQHV WKDW QR
PDQDMHPHQ PHQHQWXNDQ WLGDN WHUGDSDW REMHFWLYH HYLGHQFH RI LPSDLUPHQW
EXNWLRE\HNWLIPHQJHQDLSHQXUXQDQQLODL H[LVWV IRU DQ LQGLYLGXDOO\ DVVHVVHG
DWDVDVHWNHXDQJDQ\DQJGLQLODLVHFDUD ILQDQFLDODVVHWZKHWKHUVLJQLILFDQWRU
LQGLYLGXDO EDLN DVHW NHXDQJDQ WHUVHEXW QRW WKH DVVHW LV LQFOXGHG LQ D JURXS
VLJQLILNDQ DWDX WLGDN VLJQLILNDQ PDND RI ILQDQFLDO DVVHWV ZLWK VLPLODU FUHGLW
DVHW WHUVHEXW GLPDVXNNDQ NH GDODP ULVNFKDUDFWHULVWLFV DQG WKDW JURXS RI
NHORPSRNDVHWNHXDQJDQ\DQJPHPLOLNL ILQDQFLDO DVVHWV LV FROOHFWLYHO\
NDUDNWHULVWLN ULVLNR NUHGLW \DQJ VHMHQLV DVVHVVHG IRU LPSDLUPHQW $VVHWV
GDQ PHQLODL SHQXUXQDQ QLODL NHORPSRN WKDW DUH LQGLYLGXDOO\ DVVHVVHG IRU
WHUVHEXW VHFDUD NROHNWLI $VHW \DQJ LPSDLUPHQW DQG IRU ZKLFK DQ
SHQXUXQDQ QLODLQ\D GLQLODL VHFDUD LPSDLUPHQWORVVLVRUFRQWLQXHVWREH
LQGLYLGXDO GDQ XQWXN LWX NHUXJLDQ UHFRJQL]HG DUH QRW LQFOXGHG LQ D
SHQXUXQDQQLODLGLDNXLDWDXWHWDSGLDNXL FROOHFWLYHDVVHVVPHQWRILPSDLUPHQW
WLGDN WHUPDVXN GDODP SHQLODLDQ
SHQXUXQDQQLODLVHFDUDNROHNWLI

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

-LND WHUGDSDW EXNWL RE\HNWLI EDKZD UXJL ,I WKHUH LV DQ REMHFWLYH HYLGHQFH WKDW
SHQXUXQDQ QLODL WHODK WHUMDGL PDND DQ LPSDLUPHQW ORVV KDV EHHQ
MXPODK NHUXJLDQ WHUVHEXW GLXNXU LQFXUUHG WKH DPRXQW RI WKH ORVV LV
VHEDJDLVHOLVLKDQWDUDQLODLWHUFDWDWDVHW PHDVXUHG DV WKH GLIIHUHQFH EHWZHHQ
GHQJDQ QLODL NLQL HVWLPDVL DUXV NDV WKH DVVHW¶V FDUU\LQJ DPRXQW DQG WKH
PDVD GHSDQ \DQJ GLGLVNRQWR SUHVHQW YDOXH RI HVWLPDWHG IXWXUH
PHQJJXQDNDQ VXNX EXQJD HIHNWLI DZDO FDVK IORZV GLVFRXQWHG DW WKH
GDUL DVHW WHUVHEXW 1LODL WHUFDWDW DVHW ILQDQFLDO DVVHW¶V RULJLQDO HIIHFWLYH
WHUVHEXW ODQJVXQJ GLNXUDQJL GHQJDQ LQWHUHVWUDWH7KHFDUU\LQJDPRXQWRI
SHQXUXQDQ QLODL \DQJ WHUMDGL DWDX WKH DVVHW VKDOO EH UHGXFHG HLWKHU
PHQJJXQDNDQ DNXQ FDGDQJDQ GDQ GLUHFWO\ RU WKURXJK WKH XVH RI DQ
MXPODK NHUXJLDQ \DQJ WHUMDGL GLDNXL DOORZDQFH DFFRXQW 7KH DPRXQW RI
GDODPODEDUXJL ORVVLVFKDUJHGWRSURILWRUORVV

-LND SDGD WDKXQ EHULNXWQ\D MXPODK ,I LQ D VXEVHTXHQW \HDU WKHDPRXQW
NHUXJLDQ SHQXUXQDQ QLODL EHUNXUDQJ RI WKH LPSDLUPHQW ORVV GHFUHDVHV
NDUHQD VXDWX SHULVWLZD \DQJ WHUMDGL EHFDXVH RI DQ HYHQW RFFXUULQJ DIWHU
VHWHODKSHQXUXQDQQLODLWHUVHEXWGLDNXL WKH LPSDLUPHQW ZDV UHFRJQL]HG WKH
PDND GLODNXNDQ SHQ\HVXDLDQ DWDV SUHYLRXVO\ UHFRJQL]HG LPSDLUPHQW
FDGDQJDQ NHUXJLDQ SHQXUXQDQ QLODL ORVV LV UHYHUVHG $Q\ VXEVHTXHQW
\DQJ VHEHOXPQ\D GLDNXL 3HPXOLKDQ UHYHUVDO RI DQ LPSDLUPHQW ORVV LV
SHQXUXQDQ QLODL VHODQMXWQ\D GLDNXL UHFRJQL]HG LQ SURILW RU ORVV WR WKH
GDODPODEDUXJLGHQJDQNHWHQWXDQQLODL H[WHQW WKDW WKH FDUU\LQJ YDOXH RI WKH
WHUFDWDW DVHW VHWHODK SHPXOLKDQ DVVHW GRHV QRW H[FHHG LWV DPRUWL]HG
SHQXUXQDQ QLODL WLGDN PHODPSDXL ELD\D FRVWDWWKHUHYHUVDOGDWH
SHUROHKDQ GLDPRUWLVDVL SDGD WDQJJDO
SHPXOLKDQWHUVHEXW

$VHWNHXDQJDQ\DQJGLFDWDWSDGDELD\D $VVHWV&DUULHGDW&RVW
SHUROHKDQ

-LND WHUGDSDW EXNWL RE\HNWLI EDKZD ,I WKHUH LV DQ REMHFWLYH HYLGHQFH WKDW
NHUXJLDQ SHQXUXQDQ QLODL WHODK WHUMDGL DQ LPSDLUPHQW ORVV KDV EHHQ
DWDV LQVWUXPHQ HNXLWDV \DQJ WLGDN LQFXUUHG RQ DQ XQTXRWHG HTXLW\
PHPLOLNL NXRWDVL KDUJD GL SDVDU DNWLI LQVWUXPHQW WKDW LV QRW FDUULHG DW IDLU
GDQWLGDNGLXNXUSDGDQLODLZDMDUNDUHQD YDOXH EHFDXVH LWV IDLU YDOXH FDQQRW
QLODLZDMDUQ\DWLGDNGDSDWGLXNXUVHFDUD EH UHOLDEO\ PHDVXUHG WKH DPRXQW RI
DQGDO PDND MXPODK NHUXJLDQ WKH ORVV LV PHDVXUHG DV WKH
SHQXUXQDQ QLODL GLXNXU EHUGDVDUNDQ GLIIHUHQFH EHWZHHQ WKH DVVHW¶V
VHOLVLK DQWDUD QLODL WHUFDWDW DVHW FDUU\LQJ DPRXQW DQG WKH SUHVHQW
NHXDQJDQ GHQJDQ QLODL NLQL GDUL YDOXH RI HVWLPDWHG IXWXUH FDVK IORZV
HVWLPDVL DUXV NDV PDVD GHSDQ \DQJ GLVFRXQWHGDWWKHFXUUHQWPDUNHWUDWH
GLGLVNRQWRNDQ SDGD WLQJNDW RIUHWXUQIRUDVLPLODUILQDQFLDODVVHW
SHQJHPEDOLDQ \DQJ EHUODNX GL SDVDU
XQWXNDVHWNHXDQJDQVHUXSD

$VHWNHXDQJDQWHUVHGLDXQWXNGLMXDO $)6)LQDQFLDO$VVHWV

'DODP KDO LQVWUXPHQ HNXLWDV GDODP ,Q FDVH RI HTXLW\ LQYHVWPHQWV
NHORPSRN WHUVHGLD XQWXN GLMXDO FODVVLILHGDV$)6DVVHVVPHQWRIDQ\
SHQHODDKDQ SHQXUXQDQ QLODL GLWDQGDL LPSDLUPHQW ZRXOG LQFOXGH D
GHQJDQ SHQXUXQDQ QLODL ZDMDU GLEDZDK VLJQLILFDQWRUSURORQJHGGHFOLQHLQWKH
ELD\DSHUROHKDQQ\D\DQJVLJQLILNDQGDQ IDLUYDOXHRIWKHLQYHVWPHQWVEHORZLWV
EHUNHODQMXWDQ -LND WHUGDSDW EXNWL FRVW :KHUH WKHUH LV HYLGHQFH RI
RE\HNWLISHQXUXQDQQLODLPDNDNHUXJLDQ LPSDLUPHQW WKH FXPXODWLYH ORVV
SHQXUXQDQQLODLNXPXODWLI\DQJGLKLWXQJ PHDVXUHG DV WKH GLIIHUHQFH EHWZHHQ
GDUL VHOLVLK DQWDUD ELD\D SHUROHKDQ WKH DFTXLVLWLRQ FRVW DQG WKH FXUUHQW
GHQJDQ QLODL ZDMDU NLQL GLNXUDQJL IDLU YDOXH OHVV DQ\ LPSDLUPHQW ORVV
NHUXJLDQ SHQXUXQDQ QLODL \DQJ RQ WKDW ILQDQFLDO DVVHW SUHYLRXVO\

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

VHEHOXPQ\D WHODK GLDNXL GDODP ODED UHFRJQL]HG LQ SURILW RU ORVV LV
UXJLGLNHOXDUNDQGDULHNXLWDVGDQGLDNXL UHPRYHGIURPHTXLW\DQGUHFRJQL]HG
GDODP ODED UXJL .HUXJLDQ SHQXUXQDQ LQSURILWRUORVV,PSDLUPHQWORVVHVRQ
QLODLWLGDNEROHKGLSXOLKNDQPHODOXLODED HTXLW\ LQYHVWPHQWV DUH QRW UHYHUVHG
UXJL .HQDLNDQ QLODL ZDMDU VHWHODK WKURXJK SURILW RU ORVV ,QFUHDVHV LQ
WHUMDGLQ\D SHQXUXQDQ QLODL GLDNXL GL IDLU YDOXH DIWHU LPSDLUPHQW DUH
HNXLWDV UHFRJQL]HGGLUHFWO\LQHTXLW\

'DODP KDO LQVWUXPHQ XWDQJ GDODP ,Q WKH FDVH RI GHEW LQVWUXPHQWV
NHORPSRN WHUVHGLD XQWXN GLMXDO FODVVLILHG DV $)6 LPSDLUPHQW LV
SHQXUXQDQ QLODL GLWHODDK EHUGDVDUNDQ DVVHVVHGEDVHGRQWKHVDPHFULWHULD
NULWHULD \DQJ VDPD GHQJDQ DVHW DV ILQDQFLDO DVVHWV FDUULHG DW
NHXDQJDQ \DQJ GLFDWDW SDGD ELD\D DPRUWL]HGFRVW,QWHUHVWFRQWLQXHVWR
SHUROHKDQ GLDPRUWLVDVL %XQJD WHWDS EH DFFUXHG DW WKH RULJLQDO HIIHFWLYH
GLDNUX EHUGDVDUNDQ VXNX EXQJD HIHNWLI LQWHUHVW UDWH RQ WKH UHGXFHG FDUU\LQJ
DVDO\DQJGLWHUDSNDQSDGDQLODLWHUFDWDW DPRXQW RI WKHDVVHW DQG LV UHFRUGHG
DVHW\DQJWHODKGLWXUXQNDQQLODLQ\DGDQ DV SDUW RI LQWHUHVW LQFRPH ,I LQ
GLFDWDWVHEDJDLEDJLDQGDULSHQGDSDWDQ VXEVHTXHQW \HDU WKH IDLU YDOXH RI D
EXQJD -LND SDGD WDKXQ EHULNXWQ\D GHEW LQVWUXPHQW LQFUHDVHV DQG WKH
QLODL ZDMDU LQVWUXPHQ XWDQJ PHQLQJNDW LQFUHDVHFDQEHREMHFWLYHO\UHODWHGWR
GDQ SHQLQJNDWDQ QLODL ZDMDU WHUVHEXW DQ HYHQW RFFXUULQJ DIWHU WKH
NDUHQD VXDWX SHULVWLZD \DQJ WHUMDGL LPSDLUPHQW ORVV ZDV UHFRJQL]HG LQ
VHWHODK SHQXUXQDQ QLODL WHUVHEXW GLDNXL SURILW RU ORVV WKH LPSDLUPHQW ORVV LV
GDODP ODED UXJL PDND SHQXUXQDQ QLODL UHYHUVHGWKURXJKSURILWRUORVV
\DQJ VHEHOXPQ\D GLDNXL KDUXV
GLSXOLKNDQPHODOXLODEDUXJL

3HQJKHQWLDQ 3HQJDNXDQ $VHW GDQ 'HUHFRJQLWLRQ RI )LQDQFLDO $VVHWV DQG
/LDELOLWDV.HXDQJDQ /LDELOLWLHV

$VHW.HXDQJDQ )LQDQFLDO$VVHWV

$VHW NHXDQJDQ DWDX EDJLDQ GDUL DVHW )LQDQFLDODVVHWRUZKHUHDSSOLFDEOH
NHXDQJDQ DWDX NHORPSRN DVHW DSDUWRIDILQDQFLDODVVHWRUSDUWRID
NHXDQJDQ VHUXSD GLKHQWLNDQ JURXS RI VLPLODU ILQDQFLDO DVVHWV LV
SHQJDNXDQQ\DMLND GHUHFRJQL]HGZKHQ

D +DN NRQWUDNWXDO DWDV DUXV NDV D 7KHULJKWVWRUHFHLYHFDVKIORZV
\DQJ EHUDVDO GDUL DVHW NHXDQJDQ IURPWKHDVVHWKDYHH[SLUHG
WHUVHEXWEHUDNKLU

E *UXS WHWDS PHPLOLNL KDN XQWXN E 7KH *URXS UHWDLQV WKH ULJKW WR
PHQHULPD DUXV NDV GDUL DVHW UHFHLYH FDVK IORZV IURP WKH
NHXDQJDQ WHUVHEXW QDPXQ MXJD DVVHW EXW KDV DVVXPHG DQ
PHQDQJJXQJ OLDELOLWDV NRQWUDNWXDO REOLJDWLRQ WR SD\ WKHP LQ IXOO
XQWXN PHPED\DU NHSDGD SLKDN ZLWKRXWPDWHULDOGHOD\WRDWKLUG
NHWLJDDWDVDUXVNDV\DQJGLWHULPD SDUW\ XQGHU D ³SDVVWKURXJK´
WHUVHEXW VHFDUD SHQXK WDQSD DUUDQJHPHQWRU
DGDQ\D SHQXQGDDQ \DQJ
VLJQLILNDQ EHUGDVDUNDQ VXDWX
NHVHSDNDWDQDWDX

F *UXS WHODK PHQWUDQVIHU KDNQ\D F 7KH *URXS KDV WUDQVIHUUHG LWV
XQWXN PHQHULPD DUXV NDV GDUL ULJKWV WR UHFHLYH FDVK IORZV
DVHW NHXDQJDQ GDQ L WHODK IURPWKHDVVHWDQGHLWKHULKDV
PHQWUDQVIHU VHFDUD VXEVWDQVLDO WUDQVIHUUHG VXEVWDQWLDOO\ DOO WKH
VHOXUXK ULVLNR GDQ PDQIDDW DWDV ULVNV DQG UHZDUGV RI WKH DVVHW
DVHW NHXDQJDQ DWDX LL VHFDUD RU LL KDV QHLWKHU WUDQVIHUUHG
VXEVWDQVLDOWLGDNPHQWUDQVIHUDWDX QRUUHWDLQHGVXEVWDQWLDOO\DOOWKH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

WLGDN PHPLOLNL VHOXUXK ULVLNR GDQ ULVNV DQG UHZDUGV RI WKH DVVHW
PDQIDDW DWDV DVHW NHXDQJDQ EXW KDV WUDQVIHUUHG FRQWURO RI
QDPXQ WHODK PHQWUDQVIHU WKHDVVHW
SHQJHQGDOLDQDWDVDVHWNHXDQJDQ
WHUVHEXW

/LDELOLWDV.HXDQJDQ )LQDQFLDO/LDELOLWLHV

/LDELOLWDV NHXDQJDQ GLKHQWLNDQ $ ILQDQFLDO OLDELOLW\ LV GHUHFRJQL]HG
SHQJDNXDQQ\D MLND OLDELOLWDV NHXDQJDQ ZKHQ WKH REOLJDWLRQ XQGHU WKH
WHUVHEXWEHUDNKLUGLEDWDONDQDWDXWHODK FRQWUDFW LV GLVFKDUJHG FDQFHOOHG RU
NDGDOXDUVD KDVH[SLUHG

L 3HQJXNXUDQ1LODL:DMDU L )DLU9DOXH0HDVXUHPHQW

3HQJXNXUDQ QLODL ZDMDU GLGDVDUNDQ SDGD 7KH IDLU YDOXH PHDVXUHPHQW LV EDVHG RQ
DVXPVL EDKZD WUDQVDNVL XQWXN PHQMXDO DVHW WKHSUHVXPSWLRQWKDWWKHWUDQVDFWLRQWRVHOO
DWDXPHQJDOLKNDQOLDELOLWDVDNDQWHUMDGL WKH DVVHW RU WUDQVIHU WKH OLDELOLW\ WDNHV
SODFHHLWKHU

x GLSDVDUXWDPDXQWXNDVHWDWDXOLDELOLWDV x LQWKHSULQFLSDOPDUNHWIRUWKHDVVHWRU
WHUVHEXWDWDX OLDELOLW\RU

x MLND WLGDN WHUGDSDW SDVDU XWDPD GL x LQ WKH DEVHQFH RI D SULQFLSDO PDUNHW
SDVDU \DQJ SDOLQJ PHQJXQWXQJNDQ LQ WKH PRVW DGYDQWDJHRXV PDUNHW IRU
XQWXNDVHWDWDXOLDELOLWDVWHUVHEXW WKHDVVHWRUOLDELOLW\

*UXS KDUXV PHPLOLNL DNVHV NH SDVDU XWDPD 7KH *URXS PXVW KDYH DFFHVV WR WKH
DWDXSDVDU\DQJSDOLQJPHQJXQWXQJNDQSDGD SULQFLSDORUWKHPRVWDGYDQWDJHRXVPDUNHW
WDQJJDOSHQJXNXUDQ DWWKHPHDVXUHPHQWGDWH

1LODL ZDMDU DVHW DWDX OLDELOLWDV GLXNXU 7KH IDLU YDOXH RI DQ DVVHW RU D OLDELOLW\ LV
PHQJJXQDNDQ DVXPVL \DQJ DNDQ GLJXQDNDQ PHDVXUHG XVLQJ WKH DVVXPSWLRQV WKDW
SHODNX SDVDU NHWLND PHQHQWXNDQ KDUJD DVHW PDUNHW SDUWLFLSDQWV ZRXOG XVH ZKHQ
DWDX OLDELOLWDV WHUVHEXW GHQJDQ DVXPVL SULFLQJWKHDVVHWRUOLDELOLW\DVVXPLQJWKDW
EDKZD SHODNX SDVDU EHUWLQGDN GDODP PDUNHW SDUWLFLSDQWV DFW LQ WKHLU HFRQRPLF
NHSHQWLQJDQHNRQRPLWHUEDLNQ\D EHVWLQWHUHVW

3HQJXNXUDQ QLODL ZDMDU DVHW QRQNHXDQJDQ $ IDLU YDOXH PHDVXUHPHQW RI D QRQ
PHPSHUKLWXQJNDQNHPDPSXDQ SHODNX SDVDU ILQDQFLDODVVHWWDNHVLQWRDFFRXQWDPDUNHW
XQWXN PHQJKDVLONDQ PDQIDDW HNRQRPLN SDUWLFLSDQW¶V DELOLW\ WR JHQHUDWH HFRQRPLF
GHQJDQ PHQJJXQDNDQ DVHW GDODP EHQHILWV E\ XVLQJ WKH DVVHW LQ LWV KLJKHVW
SHQJJXQDDQ WHUWLQJJL GDQ WHUEDLNQ\D DWDX DQG EHVW XVH RU E\ VHOOLQJ LW WR DQRWKHU
GHQJDQ PHQMXDOQ\D NHSDGD SHODNX SDVDU PDUNHWSDUWLFLSDQWWKDWZRXOGXVHWKHDVVHW
ODLQ \DQJ DNDQ PHQJJXQDNDQ DVHW WHUVHEXW LQLWVKLJKHVWDQGEHVWXVH
GDODPSHQJJXQDDQWHUWLQJJLGDQWHUEDLNQ\D

.HWLND *UXS PHQJJXQDNDQ WHNQLN SHQLODLDQ :KHQ WKH *URXS XVHV YDOXDWLRQ
PDND *UXS PHPDNVLPDONDQ SHQJJXQDDQ WHFKQLTXHV LW PD[LPL]HV WKH XVH RI
LQSXW \DQJ GDSDW GLREVHUYDVL \DQJ UHOHYDQ UHOHYDQWREVHUYDEOHLQSXWVDQGPLQLPL]LQJ
GDQ PHPLQLPDONDQ SHQJJXQDDQ LQSXW \DQJ WKHXVHRIXQREVHUYDEOHLQSXWV
WLGDNGDSDWGLREVHUYDVL

6HOXUXK DVHW GDQ OLDELOLWDV \DQJ PDQD QLODL $OODVVHWVDQGOLDELOLWLHVIRUZKLFKIDLUYDOXH
ZDMDUDVHWDWDXOLDELOLWDVWHUVHEXWGLXNXUDWDX LV PHDVXUHG RU GLVFORVHG LQ WKH ILQDQFLDO
GLXQJNDSNDQ GLNDWHJRULNDQ GDODP KLUDUNL VWDWHPHQWV DUH FDWHJRUL]HG ZLWKLQ WKH IDLU
QLODLZDMDUVHEDJDLEHULNXW YDOXHKLHUDUFK\DVIROORZV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

x /HYHO ± KDUJD NXRWDVLDQ WDQSD x /HYHO4XRWHGXQDGMXVWHGPDUNHW
SHQ\HVXDLDQ GL SDVDU DNWLI XQWXN DVHW SULFHV LQ DFWLYH PDUNHWV IRU LGHQWLFDO
DWDXOLDELOLWDV\DQJLGHQWLN DVVHWVRUOLDELOLWLHV
x /HYHO±WHNQLNSHQLODLDQGLPDQDOHYHO x /HYHO 9DOXDWLRQ WHFKQLTXHV IRU
LQSXWWHUHQGDK\DQJVLJQLILNDQWHUKDGDS ZKLFK WKH ORZHVW OHYHO LQSXW WKDW LV
SHQJXNXUDQ QLODL ZDMDU GDSDW VLJQLILFDQW WR WKH IDLU YDOXH
GLREVHUYDVL EDLN VHFDUD ODQJVXQJ PHDVXUHPHQW LV GLUHFWO\ RU LQGLUHFWO\
PDXSXQWLGDNODQJVXQJ REVHUYDEOH
x /HYHO±WHNQLNSHQLODLDQGLPDQDOHYHO x /HYHO 9DOXDWLRQ WHFKQLTXHV IRU
LQSXWWHUHQGDK\DQJVLJQLILNDQWHUKDGDS ZKLFK WKH ORZHVW OHYHO LQSXW WKDW LV
SHQJXNXUDQ QLODL ZDMDU WLGDN GDSDW VLJQLILFDQW WR WKH IDLU YDOXH
GLREVHUYDVL PHDVXUHPHQWLVXQREVHUYDEOH

8QWXN DVHW GDQ OLDELOLWDV \DQJ GLXNXU SDGD )RU DVVHWV DQG OLDELOLWLHV WKDW DUH
QLODL ZDMDU VHFDUD EHUXODQJ GDODP ODSRUDQ UHFRJQL]HG LQ WKH FRQVROLGDWHG ILQDQFLDO
NHXDQJDQ NRQVROLGDVLDQ PDND *UXS VWDWHPHQWVRQDUHFXUULQJEDVLVWKH*URXS
PHQHQWXNDQ DSDNDK WHODK WHUMDGL WUDQVIHU GL GHWHUPLQHV ZKHWKHU WKHUH DUH WUDQVIHUV
DQWDUD OHYHO KLUDUNL GHQJDQ PHQLODL NHPEDOL EHWZHHQ OHYHOV LQ WKH KLHUDUFK\ E\
SHQJNDWHJRULDQOHYHOQLODLZDMDUSDGDVHWLDS UHDVVHVVLQJ FDWHJRUL]DWLRQ DW WKH HQG RI
DNKLUSHULRGHSHODSRUDQ HDFKUHSRUWLQJSHULRG

M 3HUVHGLDDQ M ,QYHQWRULHV

3HUVHGLDDQ5HDO(VWDW 5HDO(VWDWH,QYHQWRULHV

3HUVHGLDDQ UHDO HVWDW WHUGLUL GDUL SHUVHGLDDQ 5HDOHVWDWHLQYHQWRULHVFRQVLVWRIODQGDQG
WDQDKGDQEDQJXQDQ\DQJVLDSGLMXDOUXPDK EXLOGLQJ UHDG\ IRU VDOH KRXVHV
WLQJJDO UXPDK WRNR UXNR GDQ EDQJXQDQ VKRSKRXVHVDQGEXLOGLQJVZLWKVWUDWDWLWOH
VWUDWD WLWOH EDQJXQDQ \DQJ VHGDQJ EXLOGLQJ XQGHU FRQVWUXFWLRQ KRXVHV
GLNRQVWUXNVL UXPDK WLQJJDO UXNR GDQ VKRSKRXVHVDQGEXLOGLQJVZLWKVWUDWDWLWOH
EDQJXQDQVWUDWDWLWOHGDQWDQDKGLQ\DWDNDQ DQG ODQG ZKLFK DUH VWDWHG DW FRVW RU QHW
EHUGDVDUNDQELD\DDWDXQLODLUHDOLVDVLEHUVLK UHDOL]DEOH YDOXH ZKLFKHYHU LV ORZHU
PDQD \DQJ OHELK UHQGDK WKH ORZHU RI FRVW $OORZDQFH IRU GHFOLQH LQ YDOXH RI WKH
DQG QHW UHDOL]DEOH YDOXH &DGDQJDQ LQYHQWRULHV DUH SURYLGHG WR UHGXFH WKH
NHUXJLDQ SHQXUXQDQ QLODL SHUVHGLDDQ FDUU\LQJ YDOXH RI LQYHQWRULHV WR WKHLU QHW
GLEHQWXN XQWXN PHQ\HVXDLNDQ QLODL UHDOL]DEOHYDOXHV
SHUVHGLDDQNHQLODLUHDOLVDVLEHUVLK

%LD\D SHUROHKDQ WDQDK \DQJ VHGDQJ 7KH FRVW RI ODQG XQGHU GHYHORSPHQW
GLNHPEDQJNDQ PHOLSXWL ELD\D SHUROHKDQ FRQVLVWV RI WKH FRVW RI ODQG IRU
WDQDK \DQJ EHOXP GLNHPEDQJNDQ GLWDPEDK GHYHORSPHQW GLUHFW DQG LQGLUHFW UHDO
GHQJDQ ELD\D SHQJHPEDQJDQ ODQJVXQJ GDQ HVWDWH GHYHORSPHQW FRVWV DQG FDSLWDOL]HG
WLGDNODQJVXQJ\DQJGDSDWGLDWULEXVLNDQSDGD ERUURZLQJ FRVWV 7KH WRWDO FRVWV RI ODQG
NHJLDWDQ SHQJHPEDQJDQ UHDO HVWDW VHUWD XQGHU GHYHORSPHQW LV WUDQVIHUUHG WR ODQG
ELD\D SLQMDPDQ -XPODK ELD\D WDQDK \DQJ DQGEXLOGLQJXQLWVUHDG\IRUVDOHZKHQODQG
VHGDQJ GLNHPEDQJNDQ DNDQ GLSLQGDKNDQ NH GHYHORSPHQW LV FRPSOHWHG EDVHG RQ WKH
WDQDK GDQ EDQJXQDQ \DQJ VLDS GLMXDO SDGD DUHDRIVDOHDEOHORWV
VDDW WDQDK WHUVHEXW VHOHVDL GLNHPEDQJNDQ
GHQJDQPHQJJXQDNDQPHWRGHOXDVDUHDO

%LD\DSHQJHPEDQJDQWDQDKWHUPDVXNWDQDK 7KH FRVW RI ODQG GHYHORSPHQW LQFOXGLQJ
\DQJGLJXQDNDQVHEDJDLMDODQGDQSUDVDUDQD WKHODQGXVHGIRUURDGVDQGDPHQLWLHVDQG
DWDX DUHD \DQJ WLGDN GLMXDO ODLQQ\D RWKHU QRQVDOHDEOH DUHDV LV DOORFDWHG
GLDORNDVLNDQ EHUGDVDUNDQ OXDV DUHD \DQJ EDVHGRQWKHVDOHDEOHDUHDRIWKHSURMHFW
GDSDWGLMXDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

%LD\D SHUROHKDQ EDQJXQDQ \DQJ VHGDQJ 7KH FRVW RI EXLOGLQJ XQGHU FRQVWUXFWLRQ
GLNRQVWUXNVL WHUPDVXN ELD\D NRQVWUXNVL LQFOXGHV FRQVWUXFWLRQ FRVWV LV WUDQVIHUUHG
GLSLQGDKNDQ NH WDQDK GDQ EDQJXQDQ \DQJ WR ODQG DQG EXLOGLQJ XQLWV UHDG\ IRU VDOH
VLDS GLMXDO SDGD VDDW VHOHVDL GLEDQJXQ GDQ ZKHQ WKH GHYHORSPHQW RI ODQG DQG
VLDS GLMXDO GHQJDQ PHQJJXQDNDQ PHWRGH FRQVWUXFWLRQ RI WKH EXLOGLQJV LV FRPSOHWHG
LGHQWLILNDVLNKXVXV DQG ZKHQ LW LV UHDG\ IRU VDOH &RVW LV
GHWHUPLQHGXVLQJWKHVSHFLILFLGHQWLILFDWLRQ
PHWKRG

$NXPXODVL ELD\D NH SUR\HN SHQJHPEDQJDQ 7KH DOORFDWLRQ RI FRVWV WR WKH SURMHFW
WLGDN GLKHQWLNDQ ZDODXSXQ UHDOLVDVL GHYHORSPHQW FRQWLQXHV HYHQ LI WKH
SHQGDSDWDQ SDGD PDVD PHQGDWDQJ OHELK UHDOL]DWLRQ RI IXWXUH UHYHQXHV LV OHVV WKDQ
UHQGDK GDUL QLODL WHUFDWDW SUR\HN 1DPXQ WKHFDUU\LQJYDOXHRIWKHSURMHFW+RZHYHU
GLODNXNDQ FDGDQJDQ VHFDUD SHULRGLN DWDV SHULRGLF SURYLVLRQV DUH PDGH IRU WKHVH
SHUEHGDDQ WHUVHEXW -XPODK FDGDQJDQ GLIIHUHQFHV 7KH WRWDO SURYLVLRQ UHGXFHV
WHUVHEXW DNDQ PHQJXUDQJL QLODL WHUFDWDW WKH FDUU\LQJ YDOXH RI WKH SURMHFW WR LWV QHW
SUR\HN GDQ GLEHEDQNDQ NH ODED UXJL SHULRGH UHDOL]DEOH YDOXH DQG LV FKDUJHG DV
EHUMDODQ DQ H[SHQVH LQ SURILW RU ORVV ZKHQ
UHFRJQL]HG

%LD\D SHPHOLKDUDDQ GDQ SHUEDLNDQ \DQJ ([SHQVHV LQFXUUHG IRU UHSDLUV DQG
WHUMDGL DWDV SUR\HN \DQJ VXGDK VHOHVDL GDQ PDLQWHQDQFH RI WKH FRPSOHWHG SURMHFWV
VHFDUD VXEVWDQVLDO VLDS XQWXN GLJXQDNDQ DQG WKRVHSURMHFWV ZKLFK DUHVXEVWDQWLDOO\
VHVXDL WXMXDQQ\D GLEHEDQNDQSDGDODED UXJL UHDG\ IRU XVH DUH FKDUJHG WR FXUUHQW
SDGDVDDWWHUMDGLQ\D RSHUDWLRQV

(VWLPDVL GDQ DORNDVL ELD\D KDUXV GLNDML &RVW HVWLPDWHV DQG DOORFDWLRQ DUH
NHPEDOLSDGDVHWLDSDNKLUSHULRGHSHODSRUDQ UHYLHZHG DW WKH HQG RI HYHU\ UHSRUWLQJ
VDPSDL SUR\HN VHOHVDL VHFDUD VXEVWDQVLDO SHULRG XQWLO WKH SURMHFW LV VXEVWDQWLDOO\
$SDELOD WHODK WHUMDGL SHUXEDKDQ PHQGDVDU FRPSOHWHG ,I WKHUH DUH DQ\ VXEVWDQWLDO
SDGD HVWLPDVL NLQL ELD\D GLUHYLVL GDQ FKDQJHV IURP WKH HVWLPDWHV WKH *URXS
GLUHDORNDVL UHYLVHVDQGUHDOORFDWHVFRVWV

%HEDQ \DQJ WLGDN EHUKXEXQJDQ GHQJDQ &RVWV ZKLFK DUH QRW UHODWHG WR UHDO HVWDWH
SUR\HN UHDO HVWDW GLEHEDQNDQ NH ODED UXJL GHYHORSPHQW DUH FKDUJHG WR FXUUHQW
SDGDVDDWWHUMDGLQ\D RSHUDWLRQVZKHQLQFXUUHG

3HUVHGLDDQGDUL+RWHO +RWHO,QYHQWRULHV

3HUVHGLDDQ GDUL KRWHO GLQ\DWDNDQ +RWHO LQYHQWRULHV DUH VWDWHG DW FRVW RU QHW
EHUGDVDUNDQELD\DDWDXQLODLUHDOLVDVLEHUVLK UHDOL]DEOH YDOXH ZKLFKHYHU LV ORZHU &RVW
PDQD \DQJ OHELK UHQGDK WKH ORZHU RI FRVW LVGHWHUPLQHGXVLQJWKHZHLJKWHGDYHUDJH
DQG QHW UHDOL]DEOH YDOXH %LD\D SHUROHKDQ PHWKRG1HWUHDOL]DEOHYDOXHLVWKHFXUUHQW
GLWHQWXNDQ GHQJDQ PHQJJXQDNDQ PHWRGH UHSODFHPHQWFRVW+RWHOLQYHQWRULHVWKDWQR
UDWDUDWD WHUWLPEDQJ 3HUVHGLDDQ \DQJ WLGDN ORQJHU KDYH HFRQRPLF YDOXH EDVHG RQ
ODJL PHPLOLNL PDQIDDW HNRQRPLV GL PDVD PDQDJHPHQW¶V HYDOXDWLRQ DUH ZULWWHQRII
PHQGDWDQJGLKDSXVNDQPHQMDGLEHEDQWDKXQ DQGFKDUJHGWRFXUUHQWRSHUDWLRQV
EHUMDODQ EHUGDVDUNDQ SHQHODDKDQ
PDQDMHPHQ DWDV QLODL HNRQRPLV SHUVHGLDDQ
WHUVHEXW

N ,QYHVWDVL SDGD (QWLWDV $VRVLDVL GDQ N ,QYHVWPHQWV LQ $VVRFLDWHV DQG -RLQW
9HQWXUD%HUVDPD 9HQWXUHV

+DVLO XVDKD GDQ DVHW GDQ OLDELOLWDV HQWLWDV 7KH UHVXOWV DQG DVVHWV DQG OLDELOLWLHV RI
DVRVLDVLDWDXYHQWXUDEHUVDPDGLFDWDWGDODP DVVRFLDWHV RU MRLQW YHQWXUHV DUH
ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ LQFRUSRUDWHG LQ WKHVH FRQVROLGDWHG
PHQJJXQDNDQPHWRGHHNXLWDV ILQDQFLDO VWDWHPHQWV XVLQJ WKH HTXLW\
PHWKRGRIDFFRXQWLQJ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'DODP PHWRGH HNXLWDV SHQJDNXDQ DZDO 8QGHUWKHHTXLW\PHWKRGDQLQYHVWPHQWLQ
LQYHVWDVL SDGD HQWLWDV DVRVLDVL DWDX YHQWXUD DQ DVVRFLDWH RU D MRLQW YHQWXUH LV LQLWLDOO\
EHUVDPD GLDNXL SDGD ODSRUDQ SRVLVL UHFRJQL]HG LQ WKH FRQVROLGDWHG VWDWHPHQW
NHXDQJDQ NRQVROLGDVLDQ VHEHVDU ELD\D RI ILQDQFLDO SRVLWLRQ DW FRVW DQG DGMXVWHG
SHUROHKDQGDQVHODQMXWQ\DGLVHVXDLNDQXQWXN WKHUHDIWHUWRUHFRJQL]HWKH*URXS¶VVKDUH
PHQJDNXL EDJLDQ *UXS DWDV ODED UXJL GDQ RI WKH SURILW RU ORVV DQG RWKHU
SHQJKDVLODQ NRPSUHKHQVLI ODLQ GDUL HQWLWDV FRPSUHKHQVLYHLQFRPHRIWKHDVVRFLDWHRU
DVRVLDVL DWDX YHQWXUD EHUVDPD -LND EDJLDQ MRLQW YHQWXUH :KHQ WKH *URXS¶V VKDUH RI
*UXS DWDV UXJL HQWLWDV DVRVLDVL DWDX YHQWXUD ORVVHV RI DQ DVVRFLDWH RU D MRLQW YHQWXUH
EHUVDPDDGDODKVDPDGHQJDQDWDXPHOHELKL H[FHHGV WKH *URXS¶V LQWHUHVW LQ WKDW
NHSHQWLQJDQQ\D SDGD HQWLWDV DVRVLDVL DWDX DVVRFLDWH RU MRLQW YHQWXUH WKH *URXS
YHQWXUD EHUVDPD PDND *UXS PHQJKHQWLNDQ GLVFRQWLQXHV UHFRJQL]LQJ LWV VKDUH RI
SHQJDNXDQQ\D DWDV UXJL OHELK ODQMXW IXUWKHU ORVVHV $GGLWLRQDO ORVVHV DUH
.HUXJLDQ OHELK ODQMXW GLDNXL KDQ\D MLND *UXS UHFRJQL]HG RQO\ WR WKH H[WHQW WKDW WKH
PHPLOLNL NHZDMLEDQ NRQVWUXNWLI DWDX KXNXP *URXS KDV LQFXUUHG OHJDO RU FRQVWUXFWLYH
DWDX PHODNXNDQ SHPED\DUDQ DWDV QDPD REOLJDWLRQVRUPDGHSD\PHQWVRQEHKDOIRI
HQWLWDVDVRVLDVLDWDXYHQWXUDEHUVDPD WKHDVVRFLDWHRUMRLQWYHQWXUH

,QYHVWDVL SDGD HQWLWDV DVRVLDVL DWDX YHQWXUD $Q LQYHVWPHQW LQ DQ DVVRFLDWH RU D MRLQW
EHUVDPD GLFDWDW PHQJJXQDNDQ PHWRGH YHQWXUH LV DFFRXQWHG IRU XVLQJ WKH HTXLW\
HNXLWDV VHMDN WDQJJDO LQYHVWDVL WHUVHEXW PHWKRG IURP WKH GDWH RQ ZKLFK WKH
PHPHQXKL GHILQLVL HQWLWDV DVRVLDVL DWDX LQYHVWHH EHFRPHV DQ DVVRFLDWH RU D MRLQW
YHQWXUD EHUVDPD 3DGD VDDW SHUROHKDQ YHQWXUH 2Q DFTXLVLWLRQ RI WKH LQYHVWPHQW
LQYHVWDVL VHWLDS VHOLVLK OHELK DQWDUD ELD\D LQ DQ DVVRFLDWH RU D MRLQW YHQWXUH DQ\
SHUROHKDQ LQYHVWDVL GHQJDQ EDJLDQ *UXS H[FHVV RI WKH FRVW RI WKH LQYHVWPHQW RYHU
DWDV QLODL ZDMDU QHWR DVHW GDQ OLDELOLWDV WKH *URXS¶V VKDUH RI WKH QHW IDLU YDOXH RI
WHULGHQWLILNDVL GDUL LQYHVWHH GLDNXL VHEDJDL WKH LGHQWLILDEOH DVVHWVDQG OLDELOLWLHV RI WKH
JRRGZLOO \DQJ WHUPDVXN GDODP QLODL WHUFDWDW LQYHVWHH LV UHFRJQL]HG DV JRRGZLOO ZKLFK
LQYHVWDVL 6HWLDS VHOLVLK OHELK EDJLDQ *UXS LV LQFOXGHG ZLWKLQ WKH FDUU\LQJ DPRXQW RI
DWDV QLODL ZDMDU QHWR DVHW GDQ OLDELOLWDV WKHLQYHVWPHQW$Q\H[FHVVRIWKH*URXS¶V
WHULGHQWLILNDVL WHUKDGDS ELD\D SHUROHKDQ VKDUH RI WKH QHW IDLU YDOXH RI WKH
LQYHVWDVL ODQJVXQJ GLDNXL GDODP ODED UXJL LGHQWLILDEOH DVVHWV DQG OLDELOLWLHV RYHU WKH
SDGDSHULRGHSHUROHKDQLQYHVWDVL FRVW RI WKH LQYHVWPHQW LV UHFRJQL]HG
LPPHGLDWHO\LQSURILWRUORVVLQWKHSHULRGLQ
ZKLFKWKHLQYHVWPHQWLVDFTXLUHG

3DGD VHWLDS WDQJJDO SHODSRUDQ *UXS 7KH *URXS GHWHUPLQHV DW HDFK UHSRUWLQJ
PHQHQWXNDQ DSDNDK WHUGDSDW SHQXUXQDQ GDWH ZKHWKHU LW LV QHFHVVDU\ WR UHFRJQL]H
QLODL \DQJ KDUXV GLDNXL DWDV LQYHVWDVL *UXS DQ\ LPSDLUPHQW ORVV ZLWK UHVSHFW WR WKH
SDGDHQWLWDVDVRVLDVLDWDXYHQWXUDEHUVDPD *URXS¶V LQYHVWPHQW LQ DQ DVVRFLDWH RU D
MRLQWYHQWXUH

.HWLND HQWLWDV GDODP *UXS PHODNXNDQ :KHQ D *URXS HQWLW\ WUDQVDFWV ZLWK DQ
WUDQVDNVL GHQJDQ HQWLWDV DVRVLDVL DWDX DVVRFLDWH RU D MRLQW YHQWXUH RI WKH *URXS
YHQWXUD EHUVDPD PLOLN *UXS NHXQWXQJDQ SURILWV DQG ORVVHV UHVXOWLQJ IURP WKH
DWDX NHUXJLDQ \DQJ GLKDVLONDQ GDUL WUDQVDNVL WUDQVDFWLRQV ZLWK WKH DVVRFLDWH RU MRLQW
WHUVHEXW GLDNXL GDODP ODSRUDQ NHXDQJDQ YHQWXUH DUH UHFRJQL]HG LQ WKH *URXS¶V
NRQVROLGDVLDQ *UXS KDQ\D VHEDWDV FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV RQO\ WR
NHSHQWLQJDQ SDUD SLKDN GDODP DVRVLDVL DWDX WKH H[WHQW RI LQWHUHVWV LQ WKH DVVRFLDWH RU
YHQWXUD EHUVDPD \DQJ WLGDN WHUNDLW GHQJDQ MRLQW YHQWXUH WKDW DUH QRW UHODWHG WR WKH
*UXS *URXS

O 3HUOHQJNDSDQ O 6XSSOLHV

3HUOHQJNDSDQ SHQJHOROD JHGXQJ GLQ\DWDNDQ %XLOGLQJ PDLQWHQDQFH VXSSOLHV DUH VWDWHG
EHUGDVDUNDQELD\DDWDXQLODLUHDOLVDVLEHUVLK DWWKHORZHURIFRVWRUQHWUHDOL]DEOHYDOXH
PDQD \DQJ OHELK UHQGDK WKH ORZHU RI FRVW
DQGQHWUHDOL]DEOHYDOXH

1LODL UHDOLVDVL EHUVLK PHUXSDNDQ QLODL 1HW UHDOL]DEOH YDOXH LV WKH FXUUHQW
SHQJJDQWLDQNLQL UHSODFHPHQWFRVW

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

P %LD\D'LED\DU'LPXND P 3UHSDLG([SHQVHV

%LD\D GLED\DU GLPXND GLDPRUWLVDVL VHODPD 3UHSDLGH[SHQVHVDUHDPRUWL]HGRYHUWKHLU
PDVD PDQIDDWPDVLQJPDVLQJ ELD\D GHQJDQ EHQHILFLDO RU FRQWUDFW SHULRGV XVLQJ WKH
PHQJJXQDNDQPHWRGHJDULVOXUXV VWUDLJKWOLQHPHWKRG

Q 7DQDK\DQJ%HOXP'LNHPEDQJNDQ Q /DQGIRU'HYHORSPHQW

7DQDK \DQJ EHOXP GLNHPEDQJNDQ /DQG IRU GHYHORSPHQW LV VWDWHG DW FRVW RU
GLQ\DWDNDQ EHUGDVDUNDQ ELD\D DWDX QLODL QHW UHDOL]DEOH YDOXH ZKLFKHYHU LV ORZHU
UHDOLVDVL EHUVLK PDQD \DQJ OHELK UHQGDK 1HW UHDOL]DEOH YDOXH LV WKH HVWLPDWHG
1LODL UHDOLVDVL EHUVLK PHUXSDNDQ HVWLPDVL VHOOLQJ SULFH LQ WKH RUGLQDU\ FRXUVH RI
KDUJD MXDO GDODP NHJLDWDQ XVDKD ELDVD EXVLQHVV OHVV HVWLPDWHG FRVWV RI
GLNXUDQJL GHQJDQ HVWLPDVL ELD\D FRPSOHWLRQ DQG WKH HVWLPDWHG FRVWV
SHQ\HOHVDLDQGDQHVWLPDVLELD\DSHQMXDODQ QHFHVVDU\WRPDNHWKHVDOH

%LD\D SHUROHKDQ WDQDK \DQJ EHOXP 7KHFRVWRIODQGIRUGHYHORSPHQWFRQVLVWV
GLNHPEDQJNDQ PHOLSXWL ELD\D SUDSHUROHKDQ RI SUHDFTXLVLWLRQ FRVWV RI WKH ODQG ODQG
GDQ SHUROHKDQ WDQDK GLWDPEDK ELD\D DFTXLVLWLRQ FRVWV DQG ERUURZLQJ FRVWV
SLQMDPDQ GDQ GLSLQGDKNDQ NH WDQDK \DQJ DQG LV WUDQVIHUUHG WR ODQG XQGHU
VHGDQJ GLNHPEDQJNDQ SDGD VDDW GHYHORSPHQW ZKHQ WKH GHYHORSPHQW RI
SHPDWDQJDQWDQDKDNDQGLPXODL ODQGKDVVWDUWHG

R $VHW7HWDS R 3URSHUW\DQG(TXLSPHQW

3HPLOLNDQ/DQJVXQJ 'LUHFW$FTXLVLWLRQ

$VHW WHWDS NHFXDOL WDQDK GLQ\DWDNDQ 3URSHUW\ DQG HTXLSPHQW H[FHSW ODQG DUH
EHUGDVDUNDQ ELD\D SHUROHKDQ WHWDSL WLGDN FDUULHG DW FRVW H[FOXGLQJ GD\ WR GD\
WHUPDVXN ELD\D SHUDZDWDQ VHKDULKDUL VHUYLFLQJ OHVV DFFXPXODWHG GHSUHFLDWLRQ
GLNXUDQJL DNXPXODVL SHQ\XVXWDQ GDQ DQG DQ\ LPSDLUPHQW LQ YDOXHLI DQ\ /DQG
DNXPXODVL UXJL SHQXUXQDQ QLODL MLND DGD LV QRW GHSUHFLDWHG DQG LV VWDWHG DW FRVW
7DQDK WLGDN GLVXVXWNDQ GDQ GLQ\DWDNDQ OHVVDQ\LPSDLUPHQWLQYDOXHLIDQ\
EHUGDVDUNDQ ELD\D SHUROHKDQ GLNXUDQJL
DNXPXODVLUXJLSHQXUXQDQQLODLMLNDDGD

%LD\D SHUROHKDQ DZDO DVHW WHWDS PHOLSXWL 7KH LQLWLDO FRVW RI SURSHUW\ DQG HTXLSPHQW
KDUJD SHUROHKDQ WHUPDVXN EHD LPSRU GDQ FRQVLVWV RI LWV SXUFKDVH SULFH LQFOXGLQJ
SDMDNSHPEHOLDQ\DQJWLGDNEROHKGLNUHGLWNDQ LPSRUW GXWLHV DQG WD[HV DQG DQ\ GLUHFWO\
GDQ ELD\DELD\D \DQJ GDSDW GLDWULEXVLNDQ DWWULEXWDEOH FRVWV LQ EULQJLQJ WKH SURSHUW\
VHFDUD ODQJVXQJ XQWXN PHPEDZD DVHW NH DQGHTXLSPHQWWRLWVZRUNLQJFRQGLWLRQDQG
ORNDVL GDQ NRQGLVL \DQJ GLLQJLQNDQ VHVXDL ORFDWLRQIRULWVLQWHQGHGXVH
GHQJDQWXMXDQSHQJJXQDDQ\DQJGLWHWDSNDQ

%HEDQEHEDQ \DQJ WLPEXOVHWHODKDVHW WHWDS ([SHQGLWXUHV LQFXUUHG DIWHU WKH SURSHUW\
GLJXQDNDQ VHSHUWL EHEDQ SHUEDLNDQ GDQ DQG HTXLSPHQW KDYH EHHQ SXW LQWR
SHPHOLKDUDDQGLEHEDQNDQNHODEDUXJLSDGD RSHUDWLRQV VXFK DV UHSDLUV DQG
VDDW WHUMDGLQ\D $SDELOD EHEDQEHEDQ PDLQWHQDQFH FRVWV DUH QRUPDOO\ FKDUJHG
WHUVHEXW PHQLPEXONDQ SHQLQJNDWDQ PDQIDDW WR RSHUDWLRQV LQ WKH \HDU VXFK FRVWV DUH
HNRQRPLV GL PDVD GDWDQJ GDUL SHQJJXQDDQ LQFXUUHG ,Q VLWXDWLRQV ZKHUH LW FDQ EH
DVHW WHWDS WHUVHEXW \DQJ GDSDW PHOHELKL FOHDUO\GHPRQVWUDWHGWKDWWKHH[SHQGLWXUHV
NLQHUMD QRUPDOQ\D PDND EHEDQEHEDQ KDYH UHVXOWHG LQ DQ LQFUHDVH LQ WKH IXWXUH
WHUVHEXW GLNDSLWDOLVDVL VHEDJDL WDPEDKDQ HFRQRPLF EHQHILWV H[SHFWHG WR EH
ELD\DSHUROHKDQDVHWWHWDS REWDLQHGIURPWKHXVHRIWKHSURSHUW\DQG
HTXLSPHQW EH\RQG LWV RULJLQDOO\ DVVHVVHG
VWDQGDUGRISHUIRUPDQFHWKHH[SHQGLWXUHV
DUH FDSLWDOL]HG DV DGGLWLRQDO FRVWV RI
SURSHUW\DQGHTXLSPHQW

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HQ\XVXWDQ GLKLWXQJ EHUGDVDUNDQ PHWRGH 'HSUHFLDWLRQLVFRPSXWHGRQDVWUDLJKWOLQH
JDULV OXUXV VWUDLJKWOLQH PHWKRG VHODPD EDVLV RYHU WKH SURSHUW\ DQG HTXLSPHQW¶V
PDVD PDQIDDW DVHW WHWDSDWDX SHULRGHVHZD XVHIXO OLYHV RU WHUP RI WKH OHDVH IRU
XQWXN SHUEDLNDQ DVHW \DQJ GLVHZD PDQD OHDVHKROG LPSURYHPHQWV ZKLFKHYHU LV
\DQJOHELKSHQGHNVHEDJDLEHULNXW VKRUWHUDVIROORZV

7DKXQ<HDUV

%DQJXQDQ %XLOGLQJV
6DUDQDSHOHQJNDSEDQJXQDQ %XLOGLQJLPSURYHPHQWV
3HUEDLNDQDVHW\DQJGLVHZD /HDVHKROGLPSURYHPHQWV
3HUDODWDQNDQWRU 2IILFHHTXLSPHQW
3HUDODWDQSUR\HN 3URMHFWHTXLSPHQW
3HUDODWDQSHUHQFDQDDQ 3ODQQLQJHTXLSPHQW
3HUDODWDQSHQMHUQLKDQDLU :DWHUWUHDWPHQWHTXLSPHQW
0HVLQPHVLQ 0DFKLQHU\
.HQGDUDDQ 0RWRUYHKLFOHV

1LODLWHUFDWDWDVHWWHWDSGLWHODDKNHPEDOLGDQ 7KH FDUU\LQJ YDOXHV RI SURSHUW\ DQG
GLODNXNDQ SHQXUXQDQ QLODL DSDELOD WHUGDSDW HTXLSPHQW DUH UHYLHZHG IRU LPSDLUPHQW
SHULVWLZD DWDX SHUXEDKDQ NRQGLVL WHUWHQWX ZKHQHYHQWVRUFKDQJHVLQFLUFXPVWDQFHV
\DQJ PHQJLQGLNDVLNDQ QLODL WHUFDWDW WHUVHEXW LQGLFDWH WKDW WKH FDUU\LQJ YDOXHV PD\ QRW
WLGDNGDSDWGLSXOLKNDQVHSHQXKQ\D EHUHFRYHUDEOH

'DODP VHWLDS LQVSHNVL \DQJ VLJQLILNDQ :KHQHDFKPDMRULQVSHFWLRQLVSHUIRUPHG
ELD\D LQVSHNVL GLDNXL GDODP MXPODK WHUFDWDW LWV FRVW LV UHFRJQL]HG LQ WKH FDUU\LQJ
DVHW WHWDS VHEDJDL VXDWX SHQJJDQWLDQ DPRXQW RI WKH LWHP RI SURSHUW\ DQG
DSDELOD PHPHQXKL NULWHULD SHQJDNXDQ HTXLSPHQW DV D UHSODFHPHQW LI WKH
%LD\D LQVSHNVL VLJQLILNDQ \DQJ GLNDSLWDOLVDVL UHFRJQLWLRQ FULWHULD DUH VDWLVILHG 6XFK
WHUVHEXWGLDPRUWLVDVLVHODPDSHULRGHVDPSDL PDMRU LQVSHFWLRQ LV FDSLWDOL]HG DQG
GHQJDQVDDWLQVSHNVLVLJQLILNDQEHULNXWQ\D DPRUWL]HG RYHU WKH QH[W PDMRU LQVSHFWLRQ
DFWLYLW\

-XPODK WHUFDWDW DVHW WHWDS GLKHQWLNDQ $Q LWHP RI SURSHUW\ DQG HTXLSPHQW LV
SHQJDNXDQQ\D SDGD VDDW GLOHSDVNDQ DWDX GHUHFRJQL]HG XSRQ GLVSRVDO RU ZKHQ QR
WLGDN DGD PDQIDDW HNRQRPLV PDVD GHSDQ IXWXUH HFRQRPLF EHQHILWV DUH H[SHFWHG
\DQJ GLKDUDSNDQ GDUL SHQJJXQDDQ DWDX IURPLWVXVHRUGLVSRVDO$Q\JDLQVRUORVV
SHOHSDVDQQ\D .HXQWXQJDQ DWDX NHUXJLDQ DULVLQJIURPGHUHFRJQLWLRQRISURSHUW\DQG
\DQJ WLPEXO GDUL SHQJKHQWLDQ SHQJDNXDQ HTXLSPHQW LV LQFOXGHG LQ SURILW RU ORVV LQ
DVHW WHWDS GLDNXL GDODP ODED UXJL SDGD WKHSHULRGWKHLWHPLVGHUHFRJQL]HG
SHULRGHWHUMDGLQ\DSHQJKHQWLDQSHQJDNXDQ

1LODL UHVLGX MLND DGD XPXU PDQIDDW VHUWD 7KH DVVHW¶V UHVLGXDO YDOXHV LI DQ\ XVHIXO
PHWRGH SHQ\XVXWDQ GLWHODDK VHWLDS DNKLU OLYHV DQG GHSUHFLDWLRQ PHWKRG DUH
SHULRGH GDQ GLODNXNDQ SHQ\HVXDLDQ DSDELOD UHYLHZHG DQG DGMXVWHG LI DSSURSULDWH DW
KDVLO WHODDK EHUEHGD GHQJDQ HVWLPDVL HDFKILQDQFLDOHQGSHULRG
VHEHOXPQ\D

$VHW7HWDS'DODP3HPEDQJXQDQ &RQVWUXFWLRQLQ3URJUHVV

$VHW WHWDS GDODP SHPEDQJXQDQ PHUXSDNDQ &RQVWUXFWLRQ LQ SURJUHVV UHSUHVHQWV
DVHW WHWDS GDODP WDKDS NRQVWUXNVL \DQJ SURSHUW\ DQG HTXLSPHQW XQGHU
GLQ\DWDNDQ SDGD ELD\D SHUROHKDQ GDQ WLGDN FRQVWUXFWLRQZKLFKLVVWDWHGDWFRVWDQGLV
GLVXVXWNDQ $NXPXODVL ELD\D DNDQ QRW GHSUHFLDWHG 7KH DFFXPXODWHG FRVWV
GLUHNODVLILNDVL NH DNXQ DVHW WHWDS \DQJ DUH UHFODVVLILHG WR WKH UHVSHFWLYH SURSHUW\
EHUVDQJNXWDQ GDQ DNDQ GLVXVXWNDQ SDGD DQG HTXLSPHQW DFFRXQW DQG DUH
VDDW NRQVWUXNVL VHOHVDL VHFDUD VXEVWDQVLDO GHSUHFLDWHG ZKHQ WKH FRQVWUXFWLRQ LV
GDQ DVHW WHUVHEXW WHODK VLDS GLJXQDNDQ VXEVWDQWLDOO\ FRPSOHWH DQG WKH DVVHW LV
VHVXDLWXMXDQQ\D UHDG\IRULWVLQWHQGHGXVH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

S 3URSHUWL,QYHVWDVL S ,QYHVWPHQW3URSHUWLHV

3HPLOLNDQ/DQJVXQJ 'LUHFW$FTXLVLWLRQ

3URSHUWL LQYHVWDVL WHUGLUL GDUL DVHW ,QYHVWPHQWSURSHUWLHVFRQVLVWLQJRIGLUHFWO\
NHSHPLOLNDQ ODQJVXQJ GDQ DVHW WHWDS GDODP DFTXLUHG SURSHUWLHV DQG SURSHUWLHV XQGHU
SHUMDQMLDQ UDQJND EDQJXQ NHOROD GDQ DOLK %XLOG 2SHUDWH DQG 7UDQVIHU %27
NHFXDOL WDQDK GLXNXU VHEHVDU ELD\D DJUHHPHQWVH[FHSWODQGDUHPHDVXUHGDW
SHUROHKDQWHUPDVXNELD\DWUDQVDNVLVHWHODK FRVW LQFOXGLQJ WUDQVDFWLRQ FRVWV OHVV
GLNXUDQJLGHQJDQDNXPXODVLSHQ\XVXWDQGDQ DFFXPXODWHG GHSUHFLDWLRQ DQG DQ\
NHUXJLDQ SHQXUXQDQ QLODL MLND DGD 7DQDK LPSDLUPHQW ORVV /DQG LV QRW GHSUHFLDWHG
WLGDNGLVXVXWNDQGDQGLQ\DWDNDQEHUGDVDUNDQ DQG LV VWDWHG DW FRVW OHVV DQ\ LPSDLUPHQW
ELD\D SHUROHKDQ GLNXUDQJL UXJL SHQXUXQDQ LQYDOXH7KHFDUU\LQJDPRXQWLQFOXGHVWKH
QLODL MLND DGD -XPODK WHUFDWDW WHUPDVXN FRVW RI UHSODFLQJ SDUW RI DQ H[LVWLQJ
ELD\DSHQJJDQWLDQXQWXNEDJLDQWHUWHQWXGDUL LQYHVWPHQWSURSHUW\DWWKHWLPHWKDWFRVWLV
SURSHUWL LQYHVWDVL \DQJ WHODK DGD SDGD VDDW LQFXUUHGLIWKHUHFRJQLWLRQFULWHULDDUHPHW
EHEDQ WHUMDGL MLND NULWHULD SHQJDNXDQ DQG H[FOXGHV WKH FRVWV RI GD\ WR GD\
WHUSHQXKL GDQ WLGDN WHUPDVXN ELD\D VHUYLFLQJRIDQLQYHVWPHQWSURSHUW\
SHUDZDWDQVHKDULKDULSURSHUWLLQYHVWDVL

$VHW WHWDS GDODP SHUMDQMLDQ UDQJND EDQJXQ 3URSHUWLHV XQGHU %27 DJUHHPHQWV DUH
NHOROD GDQ DOLK DGDODK DVHW \DQJ DVVHWV WKH GHYHORSPHQW RI ZKLFK ZHUH
SHPEDQJXQDQQ\D GLGDQDL ROHK *UXS VDPSDL IXQGHGE\WKH*URXSWKHQPDQDJHGE\WKH
GHQJDQ VLDS GLRSHUDVLNDQ \DQJ NHPXGLDQ *URXS XQWLO VXFK WLPH WKH DVVHW LV
GLNHOROD ROHK *UXS GDQ VHODQMXWQ\D WUDQVIHUUHG WR DVVHW KROGHUV DW WKH HQG RI
GLVHUDKNDQ NHSDGD SHPLOLN DVHW SDGD VDDW FRQFHVVLRQSHULRG
EHUDNKLUQ\D SHUMDQMLDQ EDQJXQ NHOROD GDQ
DOLK

3URSHUWLLQYHVWDVLGLVXVXWNDQGHQJDQPHWRGH ,QYHVWPHQW SURSHUWLHV DUH GHSUHFLDWHG
JDULV OXUXV VWUDLJKWOLQH PHWKRG VHODPD XVLQJ WKH VWUDLJKWOLQH PHWKRG EDVHG RQ
HVWLPDVL PDVD PDQIDDWQ\D \DNQL OLPD HVWLPDWHG XVHIXO OLYHV RI ILYH WR WKLUW\
VDPSDLGHQJDQWLJDSXOXKWDKXQNHFXDOL \HDUV H[FHSW SURSHUWLHV XQGHU %27
DVHW WHWDS GDODP SHUMDQMLDQ UDQJND EDQJXQ DJUHHPHQWV ZKLFK DUH GHSUHFLDWHG RYHU
NHOROD GDQ DOLK \DQJ GLVXVXWNDQ GHQJDQ WKH SHULRG RI %27 DJUHHPHQWV UDQJLQJ
MDQJND ZDNWX DQWDUD GXD SXOXK VDPSDL IURPWZHQW\WRWKLUW\\HDUV
GHQJDQWLJDSXOXKWDKXQ

3URSHUWL LQYHVWDVL NHFXDOL DVHW WHWDS GDODP ,QYHVWPHQW SURSHUWLHV H[FHSW SURSHUWLHV
SHUMDQMLDQ UDQJND EDQJXQ NHOROD GDQ DOLK XQGHU%27DJUHHPHQWVDUHGHUHFRJQL]HG
GLKHQWLNDQ SHQJDNXDQQ\D GLNHOXDUNDQ GDUL ZKHQHLWKHUWKH\KDYHEHHQGLVSRVHGRIRU
ODSRUDQSRVLVLNHXDQJDQNRQVROLGDVLDQSDGD ZKHQ WKH LQYHVWPHQW SURSHUWLHV DUH
VDDWSHOHSDVDQDWDXNHWLNDSURSHUWLLQYHVWDVL SHUPDQHQWO\ ZLWKGUDZQ IURP XVH DQG QR
WHUVHEXW WLGDN GLJXQDNDQ ODJL VHFDUD IXWXUH HFRQRPLF EHQHILW LV H[SHFWHG IURP
SHUPDQHQ GDQ WLGDN PHPLOLNL PDQIDDW LWV GLVSRVDO $Q\ JDLQV RU ORVVHV RQ WKH
HNRQRPLV GL PDVD GHSDQ \DQJ GDSDW UHWLUHPHQW RU GLVSRVDO RI DQ LQYHVWPHQW
GLKDUDSNDQ SDGD VDDW SHOHSDVDQQ\D SURSHUW\DUHUHFRJQL]HGLQSURILWRUORVVLQ
.HXQWXQJDQ DWDX NHUXJLDQ \DQJ WLPEXO GDUL WKH SHULRG RI UHWLUHPHQW RU GLVSRVDO
SHQJKHQWLDQ DWDX SHOHSDVDQ SURSHUWL 3URSHUWLHV XQGHU %27 DJUHHPHQWV DUH
LQYHVWDVL GLDNXL GDODP ODED UXJL GDODP GHUHFRJQL]HG XSRQ WUDQVIHU WR DVVHW
SHULRGH WHUMDGLQ\D SHQJKHQWLDQ DWDX KROGHUV DW WKH HQG RI %27 DJUHHPHQW
SHOHSDVDQ WHUVHEXW $VHW WHWDS GDODP SHULRGE\UHYHUVLQJDOODFFRXQWVUHODWHGWR
SHUMDQMLDQ UDQJND EDQJXQ NHOROD GDQ DOLK WKHDVVHWV
GLKHQWLNDQ SHQJDNXDQQ\D SDGD VDDW
SHQ\HUDKDQ NHSDGD SHPLOLN DVHW SDGD VDDW
EHUDNKLUQ\D SHUMDQMLDQ GHQJDQ PHQJKDSXV
VHOXUXK DNXQ \DQJ WLPEXO EHUNDLWDQ GHQJDQ
DVHW\DQJEHUVDQJNXWDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

7UDQVIHU NH SURSHUWL LQYHVWDVL GLODNXNDQ MLND 7UDQVIHUV DUH PDGH WR LQYHVWPHQW
GDQ KDQ\D MLND WHUGDSDW SHUXEDKDQ SURSHUWLHVZKHQDQGRQO\ZKHQWKHUHLVD
SHQJJXQDDQ \DQJ GLWXQMXNNDQ GHQJDQ FKDQJH LQ XVH HYLGHQFHG E\ HQGLQJ RI
EHUDNKLUQ\D SHPDNDLDQ ROHK SHPLOLN GDQ RZQHURFFXSDWLRQ DQG FRPPHQFHPHQW RI
GLPXODLQ\D VHZD RSHUDVL NH SLKDN ODLQ DQ RSHUDWLQJ OHDVH WR DQRWKHU SDUW\
7UDQVIHUGDULSURSHUWLLQYHVWDVLGLODNXNDQMLND 7UDQVIHUV DUH PDGH IURP LQYHVWPHQW
GDQ KDQ\D MLND WHUGDSDW SHUXEDKDQ SURSHUWLHVZKHQDQGRQO\ZKHQWKHUHLVD
SHQJJXQDDQ \DQJ GLWXQMXNNDQ GHQJDQ FKDQJH LQ XVH HYLGHQFHG E\
GLPXODLQ\D SHQJJXQDDQ ROHK SHPLOLN DWDX FRPPHQFHPHQW RI RZQHURFFXSDWLRQ RU
GLPXODLQ\DSHQJHPEDQJDQXQWXNGLMXDO FRPPHQFHPHQW RI GHYHORSPHQW ZLWK D
YLHZWRVDOH

1LODL UHVLGX MLND DGD XPXU PDQIDDW VHUWD 7KH DVVHW¶V UHVLGXDO YDOXHV LI DQ\ XVHIXO
PHWRGH SHQ\XVXWDQ GLWHODDK VHWLDS DNKLU OLYHV DQG GHSUHFLDWLRQ PHWKRG DUH
SHULRGH GDQ GLODNXNDQ SHQ\HVXDLDQ DSDELOD UHYLHZHG DQG DGMXVWHG LI DSSURSULDWH DW
KDVLO WHODDK EHUEHGD GHQJDQ HVWLPDVL HDFKILQDQFLDOHQGSHULRG
VHEHOXPQ\D

3URSHUWL,QYHVWDVL'DODP3HPEDQJXQDQ &RQVWUXFWLRQLQ3URJUHVV

3URSHUWL LQYHVWDVL GDODP SHPEDQJXQDQ &RQVWUXFWLRQ LQ SURJUHVV UHSUHVHQWV
PHUXSDNDQ SURSHUWL LQYHVWDVL GDODP WDKDS LQYHVWPHQW SURSHUWLHV XQGHU FRQVWUXFWLRQ
NRQVWUXNVL \DQJ GLQ\DWDNDQ SDGD ELD\D ZKLFK LV VWDWHG DW FRVW DQG LV QRW
SHUROHKDQ GDQ WLGDN GLVXVXWNDQ $NXPXODVL GHSUHFLDWHG 7KH DFFXPXODWHG FRVWV DUH
ELD\D DNDQ GLUHNODVLILNDVL NH DNXQ SURSHUWL UHFODVVLILHG WR WKH UHVSHFWLYH LQYHVWPHQW
LQYHVWDVL \DQJ EHUVDQJNXWDQ GDQ DNDQ SURSHUWLHV DFFRXQW DQG DUH GHSUHFLDWHG
GLVXVXWNDQ SDGD VDDW NRQVWUXNVL VHOHVDL ZKHQ WKH FRQVWUXFWLRQ LV VXEVWDQWLDOO\
VHFDUD VXEVWDQVLDO GDQ DVHW WHUVHEXW WHODK FRPSOHWH DQG WKH DVVHW LV UHDG\ IRU LWV
VLDSGLJXQDNDQVHVXDLWXMXDQQ\D LQWHQGHGXVH

T $VHW7DNEHUZXMXG T ,QWDQJLEOH$VVHWV

*RRGZLOO *RRGZLOO

*RRGZLOO GLXML SHQXUXQDQ QLODLQ\D VHWLDS *RRGZLOOLVWHVWHGDQQXDOO\IRULPSDLUPHQW
WDKXQ GDQ GLFDWDW VHEHVDU ELD\D SHUROHKDQ DQG FDUULHG DW FRVW OHVV DFFXPXODWHG
GLNXUDQJLGHQJDQDNXPXODVLSHQXUXQDQQLODL LPSDLUPHQW ORVVHV ,PSDLUPHQW ORVVHV RQ
3HQXUXQDQ QLODL JRRGZLOO WLGDN GDSDW JRRGZLOO DUH QRW UHYHUVHG *DLQV DQG
GLSXOLKNDQ .HXQWXQJDQ DWDX NHUXJLDQ \DQJ ORVVHVRQWKHGLVSRVDORIDQHQWLW\LQFOXGH
GLDNXL SDGD VDDW SHOHSDVDQ HQWLWDV DQDN WKHFDUU\LQJDPRXQWRIJRRGZLOOUHODWLQJWR
KDUXV PHPSHUKLWXQJNDQ QLODL WHUFDWDW WKHHQWLW\VROG
JRRGZLOO GDUL HQWLWDV DQDN \DQJ GLMXDO
WHUVHEXW

*RRGZLOO GLDORNDVLNDQ NH 83. XQWXN WXMXDQ *RRGZLOO LV DOORFDWHG WR &*8 IRU WKH
XMLSHQXUXQDQQLODL$ORNDVLGLODNXNDQNH83. SXUSRVH RI LPSDLUPHQW WHVWLQJ 7KH
DWDX NHORPSRN 83. \DQJ GLKDUDSNDQ DNDQ DOORFDWLRQLVPDGHWRWKRVH&*8RUJURXSV
PHQGDSDW PDQIDDW GDUL NRPELQDVL ELVQLV RI &*8 WKDW DUH H[SHFWHG WR EHQHILW IURP
\DQJPHQLPEXONDQJRRGZLOOWHUVHEXW WKH EXVLQHVV FRPELQDWLRQ LQ ZKLFK WKH
JRRGZLOODURVH

U 'DQD6\LUNDK7HPSRUHU U 7HPSRUDU\6\LUNDK)XQG

'DQD\DQJGLWHULPDGDULSHPLOLNGDQDGDODP )XQGV UHFHLYHG IURP WKH RZQHU RI WKH
DNDG PXV\DUDNDK PXWDQDTLVKD GLDNXL IXQGV LQ PXV\DUDNDK PXWDQDTLVKD DUH
VHEDJDL GDQD V\LUNDK WHPSRUHU SDGD VDDW UHFRJQL]HG DV WHPSRUDU\ V\LUNDK IXQG
GLWHULPD VHEHVDU MXPODK NDV GLWHULPD 3DGD HTXLYDOHQW WR WKH DPRXQW UHFHLYHG ZKHQ
WDQJJDO SHODSRUDQ GDQD V\LUNDK WHPSRUHU FDVK UHFHLYHG $W WKH UHSRUWLQJ GDWH WKH
GLXNXUVHEHVDUMXPODK\DQJGLWHULPD WHPSRUDU\V\LUNDKIXQGLVPHDVXUHGDWWKH
DPRXQWUHFHLYHG

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

%HEDQEDJLKDVLOGDQDV\LUNDKWHPSRUHU\DQJ 7HPSRUDU\V\LUNDKIXQGH[SHQVHVWKDWDUH
VXGDK GLSHUKLWXQJNDQ WHWDSL EHOXP WDNHQLQWRDFFRXQWEXWQRW\HWGHOLYHUHGWR
GLVHUDKNDQ NHSDGD SHPLOLN GDQD MLND DGD WKH RZQHU RI WKH IXQGV LI DQ\ LV
GLDNXLVHEDJDLOLDELOLWDVGDODPODSRUDQSRVLVL UHFRJQL]HGDVDOLDELOLW\LQWKHFRQVROLGDWHG
NHXDQJDQNRQVROLGDVLDQ VWDWHPHQWRIILQDQFLDOSRVLWLRQ

V 7UDQVDNVL6HZD V /HDVH7UDQVDFWLRQV

3HQHQWXDQDSDNDKVXDWXNRQWUDNPHUXSDNDQ 7KH GHWHUPLQDWLRQ RI ZKHWKHU DQ
DWDX PHQJDQGXQJ XQVXU VHZD DGDODK DUUDQJHPHQW LV RU FRQWDLQV D OHDVH LV
EHUGDVDUNDQVXEVWDQVLNRQWUDN SDGD WDQJJDO EDVHG RQ WKH VXEVWDQFH RI WKH
DZDOVHZD\DNQLDSDNDKSHPHQXKDQV\DUDW DUUDQJHPHQW DW LQFHSWLRQ GDWH RI ZKHWKHU
NRQWUDN WHUJDQWXQJ SDGD SHQJJXQDDQ DVHW WKH IXOILOOPHQW RI WKH DUUDQJHPHQW LV
WHUWHQWXGDQNRQWUDNWHUVHEXWEHULVLKDNXQWXN GHSHQGHQW RQ WKH XVH RI D VSHFLILF DVVHW
PHQJJXQDNDQDVHWWHUVHEXW RUDVVHWVDQGWKHDUUDQJHPHQWFRQYH\VD
ULJKWWRXVHWKHDVVHW

3HUODNXDQ$NXQWDQVLVHEDJDL/HVVHH $FFRXQWLQJ7UHDWPHQWDVD/HVVHH

6HZD3HPELD\DDQ )LQDQFH/HDVH

6HZD SHPELD\DDQ \DQJ PHQJDOLKNDQ /HDVHV ZKLFK WUDQVIHU WR WKH *URXS
VHFDUD VXEVWDQVLDO VHOXUXK ULVLNR GDQ VXEVWDQWLDOO\ DOO WKH ULVNV DQG EHQHILWV
PDQIDDW \DQJ WHUNDLW GHQJDQ NHSHPLOLNDQ LQFLGHQWDOWRRZQHUVKLSRIWKHOHDVHGLWHP
VXDWX DVHW NHSDGD *UXS GLNDSLWDOLVDVL SDGD DUHFDSLWDOL]HGDWWKHLQFHSWLRQRIWKHOHDVH
DZDO VHZD VHEHVDU QLODL ZDMDU DVHW VHZDDQ DWWKHIDLUYDOXHRIWKHOHDVHGSURSHUW\RULI
DWDXVHEHVDUQLODLNLQLGDULSHPED\DUDQVHZD ORZHUDWWKHSUHVHQWYDOXHRIWKHPLQLPXP
PLQLPXPMLNDQLODLNLQLOHELKUHQGDKGDULQLODL OHDVH SD\PHQWV /HDVH SD\PHQWV DUH
ZDMDU3HPED\DUDQVHZDGLSLVDKNDQDQWDUD DSSRUWLRQHG EHWZHHQ WKH ILQDQFH FKDUJHV
EDJLDQ \DQJ PHUXSDNDQ EHEDQ NHXDQJDQ DQGUHGXFWLRQRIWKHOHDVHOLDELOLW\VRDVWR
GDQ EDJLDQ \DQJ PHUXSDNDQ SHOXQDVDQ DFKLHYH D FRQVWDQW UDWH RI LQWHUHVW LQ WKH
OLDELOLWDV VHKLQJJD PHQJKDVLONDQ VXDWX VXNX UHPDLQLQJ EDODQFH RI WKH OLDELOLW\ )LQDQFH
EXQJD SHULRGLN \DQJ NRQVWDQ DWDV VDOGR FKDUJHVDUHUHFRJQL]HGLQSURILWRUORVV
OLDELOLWDV %HEDQ NHXDQJDQ GLEHEDQNDQ NH
ODEDUXJLSHULRGHEHUMDODQ

$VHW VHZDDQ GLVXVXWNDQ VHSDQMDQJ HVWLPDVL &DSLWDOL]HG OHDVHG DVVHWV DUH GHSUHFLDWHG
XPXU PDQIDDWQ\D $SDELOD WLGDN WHUGDSDW RYHUWKHHVWLPDWHGXVHIXOOLIHRIWKHDVVHWV
NH\DNLQDQ PHPDGDL EDKZD *UXS DNDQ H[FHSW LI WKHUH LV QR UHDVRQDEOH FHUWDLQW\
PHPSHUROHK KDN NHSHPLOLNDQ DWDV DVHW WKDWWKH*URXSZLOOREWDLQRZQHUVKLSE\WKH
WHUVHEXW SDGD DNKLU PDVD VHZD PDND DVHW HQG RI WKH OHDVH WHUP LQ ZKLFK FDVH WKH
VHZDDQGLVXVXWNDQVHSDQMDQJHVWLPDVLXPXU OHDVH DVVHWV DUH GHSUHFLDWHG RYHU WKH
PDQIDDW DVHW DWDX PDVD VHZD PDQD \DQJ VKRUWHU RI WKH HVWLPDWHG XVHIXO OLIH RI WKH
OHELKSHQGHN DVVHWVDQGWKHOHDVHWHUP

6HZD2SHUDVL 2SHUDWLQJ/HDVH

3HPED\DUDQ VHZD GDODP VHZD RSHUDVL 2SHUDWLQJ OHDVH SD\PHQWV DUH UHFRJQL]HG
GLDNXL VHEDJDL EHEDQ GDODP ODED UXJL DV DQ H[SHQVH LQ SURILW RU ORVV RQ D
GHQJDQGDVDUJDULVOXUXVVWUDLJKWOLQHEDVLV VWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUP
VHODPDPDVDVHZD

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HUODNXDQ$NXQWDQVLVHEDJDL/HVVRU $FFRXQWLQJ7UHDWPHQWDVD/HVVRU

6HZD3HPELD\DDQ )LQDQFH/HDVH

6HZD GLNODVLILNDVLNDQ VHEDJDL VHZD /HDVHV DUH FODVVLILHG DV ILQDQFH OHDVHV
SHPELD\DDQ DSDELOD VHZD WHUVHEXW ZKHQHYHU WKH WHUPV RI WKH OHDVH WUDQVIHU
PHQJDOLKNDQ VHFDUD VXEVWDQVLDO VHOXUXK VXEVWDQWLDOO\ DOO WKH ULVNV DQG UHZDUGV RI
ULVLNR GDQ PDQIDDW \DQJ WHUNDLW GHQJDQ WKH RZQHUVKLS WR WKH OHVVHH $PRXQW GXH
NHSHPLOLNDQ VXDWX DVHW $VHW VHZD IURP OHVVHHV XQGHU ILQDQFH OHDVHV DUH
SHPELD\DDQ GLVDMLNDQ GDODP DNXQ LQYHVWDVL UHFRUGHGDWWKHDPRXQWRIWKH*URXS¶VQHW
VHZDQHWRSHPELD\DDQ LQYHVWPHQWVLQILQDQFHOHDVH

,QYHVWDVL VHZD QHWR SHPELD\DDQ WHUGLUL GDUL 1HWLQYHVWPHQWVLQILQDQFHOHDVHFRQVLVWRI
MXPODK SLXWDQJ VHZD LQYHVWDVL VHZD EUXWR WKH WRWDO OHDVH UHFHLYDEOHV LQYHVWPHQW
GLWDPEDK QLODL UHVLGX \DQJ GLMDPLQ KDUJD OHDVH ± JURVV SOXV WKH JXDUDQWHHG
RSVL \DQJ DNDQ GLWHULPD SDGD DNKLU PDVD UHVLGXDOYDOXHRSWLRQSULFHWREHUHFHLYHG
VHZD GLNXUDQJL SHQGDSDWDQ EXQJD DW WKH HQG RI WKH OHDVH SHULRG OHVV
GLWDQJJXKNDQ XQHDUQHGOHDVHLQFRPH

'DODPWUDQVDNVLVHZDSHPELD\DDQSHQMXDODQ ,Q DVDOHV W\SHOHDVHWKH *URXS DFWHG DV
VDOHV W\SH OHDVH *UXS EHUWLQGDN VHEDJDL OHVVRUDQGGHYHORSHURIWKHOHDVHGDVVHWV
OHVVRUVHNDOLJXVSHQ\HGLDDWDXSHQJHPEDQJ
DVHWVHZDDQ

3DGD VDDW GLPXODLQ\D VHZD MXPODK $WWKHEHJLQQLQJRIWKHOHDVHWKHPLQLPXP
SHPED\DUDQ VHZD PLQLPXP VHWHODK OHDVHSD\PHQWVQHWRIH[HFXWRU\FRVWVWR
GLNXUDQJLELD\DWUDQVDNVL\DQJKDUXVGLED\DU EH SDLG E\ WKH *URXS DUH UHFRUGHG DV
*UXS GLDNXL VHEDJDL LQYHVWDVL VHZD EUXWR JURVV LQYHVWPHQWV LQ WKH OHDVH 7KH
SHPELD\DDQ 6HOLVLK DQWDUD LQYHVWDVL VHZD GLIIHUHQFH EHWZHHQ WKH JURVV LQYHVWPHQWV
EUXWR SHPELD\DDQ GHQJDQ QLODL NLQL LQ WKH OHDVH DQG WKH VXP RI WKH SUHVHQW
SHPED\DUDQ VHZD PLQLPXP \DQJ YDOXHFRPSXWHGDWWKHLQWHUHVWUDWHLPSOLFLW
GLGLVNRQWRNDQ GHQJDQ VXNX EXQJD LPSOLVLW LQ WKH OHDVH RI WKH JURVV LQYHVWPHQWV LV
GDODP VHZD GLDNXL VHEDJDL SHQGDSDWDQ UHFRUGHG DV XQHDUQHG LQWHUHVW LQFRPH
EXQJD GLWDQJJXKNDQ \DQJ GLDPRUWLVDVL ZKLFK LV DPRUWL]HG WR LQFRPH RYHU WKH
PHQMDGL SHQGDSDWDQ EXQJD VHSDQMDQJ OHDVH WHUP VR DV WR SURGXFH D FRQVWDQW
SHULRGH VHZD SDGD VXDWX SROD \DQJ SHULRGLF UDWH RI UHWXUQ RQ WKH QHW
PHQFHUPLQNDQWLQJNDWSHQJHPEDOLDQSHULRGLN LQYHVWPHQWLQWKHOHDVH
\DQJ NRQVWDQ DWDV LQYHVWDVL VHZD QHWR
SHPELD\DDQ

1LODL NLQL SHPED\DUDQ VHZD PLQLPXP DWDX 7KH SUHVHQW YDOXH RI PLQLPXP OHDVH
QLODL ZDMDU DVHW VHZDDQ PDQD \DQJ OHELK SD\PHQWV RU WKH DVVHW¶V IDLU YDOXH
UHQGDKGLDNXLVHEDJDLSHQMXDODQGDODPODED ZKLFKHYHU LV ORZHU LV UHFRUGHG DV WKH
UXJL 1LODL SHUROHKDQ DWDX QLODL WHUFDWDW DVHW VDOHV SULFH LQ SURILW RU ORVV 7KH FRVW RU
VHZDDQ GLWDPEDK GHQJDQ ELD\D ODQJVXQJ FDUU\LQJDPRXQWRIWKHOHDVHGDVVHWVSOXV
DZDO GLDNXL VHEDJDL EHEDQ SRNRN SHQMXDODQ DQ\ LQLWLDO GLUHFW FRVWV LV UHFRJQL]HG DV
GDODP ODED UXJL *UXS PHQJDNXL ODED DWDX FRVW RI VDOHV LQ SURILW RU ORVV 7KH *URXS
UXJL DWDV VHOLVLK GDUL SHQMXDODQ GDQ EHEDQ UHFRJQL]HGJDLQRUORVVRYHUWKHGLIIHUHQFH
SRNRNSHQMXDODQWHUVHEXW EHWZHHQVDOHVSULFHDQGFRVWRIVDOHV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HZD2SHUDVL 2SHUDWLQJ/HDVH

6HZD GLPDQD *UXS WHWDS PHPSHUWDKDQNDQ /HDVHV ZKHUH WKH *URXS UHWDLQV
VHFDUD VXEVWDQVLDO VHOXUXK ULVLNR GDQ VXEVWDQWLDOO\ DOO WKH ULVNV DQG EHQHILWV RI
PDQIDDW \DQJ WHUNDLW GHQJDQ NHSHPLOLNDQ RZQHUVKLS RI WKH DVVHW DUH FODVVLILHG DV
VXDWX DVHW GLNODVLILNDVLNDQ VHEDJDL VHZD RSHUDWLQJ OHDVHV ,QLWLDO GLUHFW FRVWV
RSHUDVL %LD\D ODQJVXQJ DZDO \DQJ GDSDW LQFXUUHG LQ QHJRWLDWLQJ DQ RSHUDWLQJ OHDVH
GLDWULEXVLNDQ VHFDUD ODQJVXQJ GHQJDQ DUH DGGHG WR WKH FDUU\LQJ DPRXQW RI WKH
QHJRVLDVL GDQ SHQJDWXUDQ VHZD RSHUDVL OHDVHG DVVHW DQG UHFRJQL]HG RYHU WKH
GLWDPEDKNDQ NH QLODL WHUFDWDW DVHW VHZDDQ OHDVH WHUP RQ WKH VDPH EDVLV DV UHQWDO
GDQ GLDNXL NH ODED UXJL SHULRGH EHUMDODQ LQFRPH
VHODPD PDVD VHZD VHVXDL GHQJDQ GDVDU
SHQJDNXDQSHQGDSDWDQVHZD

W 'LVWULEXVL'LYLGHQ W 'LYLGHQG'LVWULEXWLRQ

'LVWULEXVL GLYLGHQ NHSDGD SHPHJDQJ VDKDP 'LYLGHQG GLVWULEXWLRQ WR WKH *URXS¶V
*UXS GLDNXL VHEDJDL OLDELOLWDV GDODP ODSRUDQ VKDUHKROGHUVLVUHFRJQLVHGDVDOLDELOLW\LQ
NHXDQJDQ NRQVROLGDVLDQ GDODP SHULRGH VDDW WKH FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV LQ
GLYLGHQ WHUVHEXW GLVHWXMXL ROHK SHPHJDQJ WKH SHULRG LQ ZKLFK WKH GLYLGHQGV DUH
VDKDP*UXS DSSURYHGE\WKH*URXS¶VVKDUHKROGHUV

X %LD\D7DQJJXKDQ X 'HIHUUHG&KDUJHV

3HUDQJNDW/XQDN 6RIWZDUH

%LD\D \DQJ GLED\DUNDQ DWDV OD\DQDQ SLUDQWL &RVWV LQFXUUHG IURP WKH DFTXLVLWLRQ RI
OXQDN NRPSXWHU GDQ ELD\D SHUDZDWDQ FRPSXWHU VRIWZDUH DQG VRIWZDUH VHUYLFH
SHUDQJNDW OXQDN GLWDQJJXKNDQ GDQ IHH DUH GHIHUUHG DQG DUH DPRUWL]HG XVLQJ
GLDPRUWLVDVL PHQJJXQDNDQ PHWRGH JDULV WKH VWUDLJKWOLQH PHWKRG RYHU WKH WHUP RI
OXUXVVHODPDSHULRGHSHUMDQMLDQ WKHDJUHHPHQW

Y 3HQXUXQDQ1LODL$VHW1RQ.HXDQJDQ Y ,PSDLUPHQWRI1RQ)LQDQFLDO$VVHWV

3DGD VHWLDS DNKLU SHULRGH SHODSRUDQ *UXS 7KH *URXS DVVHVVHV DW HDFK DQQXDO
PHQHODDK DSDNDK WHUGDSDW LQGLNDVL VXDWX UHSRUWLQJ SHULRG ZKHWKHU WKHUH LV DQ
DVHW PHQJDODPL SHQXUXQDQ QLODL -LND LQGLFDWLRQ WKDW DQ DVVHW PD\ EH LPSDLUHG
WHUGDSDW LQGLNDVL WHUVHEXW DWDX SDGD VDDW XML ,I DQ\ VXFK LQGLFDWLRQ H[LVWV RU ZKHQ
SHQXUXQDQ QLODL DVHW SHUOX GLODNXNDQ PDND DQQXDO LPSDLUPHQW WHVWLQJ IRU DQ DVVHW LV
*UXS PHPEXDW HVWLPDVL MXPODK WHUSXOLKNDQ UHTXLUHGWKH*URXSPDNHVDQHVWLPDWHRI
DVHWWHUVHEXW WKHDVVHW¶VUHFRYHUDEOHDPRXQW

-LND QLODL WHUFDWDW DVHW OHELK EHVDU GDULSDGD :KHUH WKH FDUU\LQJ DPRXQW RI DQ DVVHW
QLODL WHUSXOLKNDQQ\D PDND DVHW WHUVHEXW H[FHHGVLWVUHFRYHUDEOHDPRXQWWKHDVVHW
GLQ\DWDNDQ PHQJDODPL SHQXUXQDQ QLODL GDQ LV FRQVLGHUHG LPSDLUHG DQG LPSDLUPHQW
UXJL SHQXUXQDQ QLODL GLDNXL GDODP ODED UXJL ORVVHVDUHUHFRJQL]HGLQSURILWRUORVV,Q
'DODPPHQJKLWXQJ QLODL SDNDL HVWLPDVL DUXV DVVHVVLQJ WKH YDOXH LQ XVH WKH HVWLPDWHG
NDV PDVD GHSDQ EHUVLK GLGLVNRQWRNDQ NH QHW IXWXUH FDVK IORZV DUH GLVFRXQWHG WR
QLODL NLQL GHQJDQ PHQJJXQDNDQ WLQJNDW WKHLU SUHVHQW YDOXH XVLQJ D SUHWD[
GLVNRQWRVHEHOXPSDMDN\DQJPHQFHUPLQNDQ GLVFRXQW UDWH WKDW UHIOHFWV FXUUHQW PDUNHW
SHQLODLDQSDVDUNLQLGDULQLODLZDNWXXDQJGDQ DVVHVVPHQWV RI WKH WLPH YDOXH RI PRQH\
ULVLNRVSHVLILNDWDVDVHW DQGWKHULVNVVSHFLILFWRWKHDVVHW

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HQHODDKDQ GLODNXNDQ SDGD DNKLU VHWLDS $Q DVVHVVPHQW LV PDGH DW HDFK DQQXDO
SHULRGHSHODSRUDQXQWXNPHQJHWDKXLDSDNDK UHSRUWLQJSHULRGDVWRZKHWKHUWKHUHLVDQ\
WHUGDSDW LQGLNDVL EDKZD UXJLSHQXUXQDQQLODL LQGLFDWLRQ WKDW SUHYLRXVO\ UHFRJQL]HG
DVHW \DQJ WHODK GLDNXL GDODP SHULRGH LPSDLUPHQWORVVHVUHFRJQL]HGIRUDQDVVHW
VHEHOXPQ\D PXQJNLQ WLGDN DGD ODJL DWDX PD\ QR ORQJHU H[LVW RU PD\ KDYH
PXQJNLQ WHODK PHQXUXQ -LND LQGLNDVL GHFUHDVHG ,I VXFK LQGLFDWLRQ H[LVWV WKH
GLPDNVXG GLWHPXNDQ PDND *UXS UHFRYHUDEOH DPRXQW LV HVWLPDWHG $
PHQJHVWLPDVL MXPODK WHUSXOLKNDQ DVHW SUHYLRXVO\ UHFRJQL]HG LPSDLUPHQW ORVV IRU
WHUVHEXW .HUXJLDQ SHQXUXQDQ QLODL \DQJ DQDVVHWLVUHYHUVHGLQSURILWRUORVVWRWKH
GLDNXL GDODP SHULRGH VHEHOXPQ\D DNDQ H[WHQW WKDW WKH FDUU\LQJ DPRXQW RI WKH
GLSXOLKNDQ DSDELOD QLODL WHUFDWDW DVHW WLGDN DVVHWV GRHV QRW H[FHHG LWV UHFRYHUDEOH
PHOHELKL MXPODK WHUSXOLKNDQQ\D PDXSXQQLODL DPRXQW QRU H[FHHG WKH FDUU\LQJ DPRXQW
WHUFDWDW QHWR VHWHODK SHQ\XVXWDQ WKDW ZRXOG KDYH EHHQ GHWHUPLQHG QHW RI
VHDQGDLQ\D WLGDN DGD UXJL SHQXUXQDQ QLODL GHSUHFLDWLRQKDGQRLPSDLUPHQWORVVEHHQ
\DQJ WHODK GLDNXL XQWXN DVHW WHUVHEXW SDGD UHFRJQL]HG IRU WKH DVVHW LQ SULRU SHULRGV
SHULRGHSHULRGH VHEHOXPQ\D 6HWHODK $IWHU VXFK D UHYHUVDO WKH GHSUHFLDWLRQ
SHPXOLKDQ WHUVHEXW SHQ\XVXWDQ DVHW FKDUJH RQ WKH VDLG DVVHW LV DGMXVWHG LQ
WHUVHEXW GLVHVXDLNDQ GL SHULRGH PHQGDWDQJ IXWXUH SHULRGV WR DOORFDWH WKH DVVHW¶V
XQWXN PHQJDORNDVLNDQ QLODL WHUFDWDW DVHW UHYLVHGFDUU\LQJDPRXQWOHVVDQ\UHVLGXDO
\DQJGLUHYLVLGLNXUDQJLQLODLVLVDQ\DGHQJDQ YDOXH RQ D V\VWHPDWLF EDVLV RYHU LWV
GDVDU \DQJ VLVWHPDWLV VHODPD VLVD XPXU UHPDLQLQJXVHIXOOLIH
PDQIDDWQ\D

Z 3HQJDNXDQ3HQGDSDWDQGDQ%HEDQ Z 5HYHQXHDQG([SHQVH5HFRJQLWLRQ

3HQJDNXDQ3HQGDSDWDQ 5HYHQXH5HFRJQLWLRQ

3HQGDSDWDQ GLDNXL NHWLND NHPXQJNLQDQ 5HYHQXHLVUHFRJQL]HGWRWKHH[WHQWWKDWLW
EHVDU PDQIDDW HNRQRPL PDVD GHSDQ DNDQ LVSUREDEOHWKDWWKHHFRQRPLFEHQHILWVZLOO
PHQJDOLU NH *UXS GDQ PDQIDDW LQL GDSDW IORZWRWKH*URXSDQGWKHUHYHQXHFDQEH
GLXNXUVHFDUDDQGDO UHOLDEO\PHDVXUHG

3HQGDSDWDQ GLXNXU GHQJDQ QLODL ZDMDU 5HYHQXH LV PHDVXUHG DV WKH IDLU YDOXH RI
LPEDODQ \DQJ GLWHULPD DWDX GDSDW GLWHULPD WKH FRQVLGHUDWLRQ UHFHLYHG RU UHFHLYDEOH
GDUL SHQMXDODQ EDUDQJ GDQ MDVD GDODP IRU WKH VDOH RI JRRGV DQG VHUYLFHV LQ WKH
NHJLDWDQ XVDKD QRUPDO *UXS 3HQGDSDWDQ RUGLQDU\ FRXUVH RI WKH *URXS¶V DFWLYLWLHV
GLVDMLNDQEHUVLKVHWHODKGLNXUDQJNDQGHQJDQ 5HYHQXHLVVKRZQQHWRI9DOXH$GGHG7D[
3DMDN 3HUWDPEDKDQ 1LODL GDQ GLVNRQ GDQ DQG GLVFRXQWV DQG DIWHU HOLPLQDWLQJ VDOHV
VHWHODKHOLPLQDVLSHQMXDODQLQWUD*UXS ZLWKLQWKH*URXS

3HQGDSDWDQGDUL3HQMXDODQ3HUVHGLDDQ5HDO 5HYHQXHV IURP 6DOH RI 5HDO (VWDWH
(VWDW ,QYHQWRULHV

3HQGDSDWDQ SHQMXDODQ EDQJXQDQ UXPDK 5HYHQXHV IURP VDOH RI KRXVHV
WLQJJDO UXNR GDQ EDQJXQDQ VHMHQLV ODLQQ\D VKRSKRXVHV DQG RWKHU VLPLODU EXLOGLQJV
EHVHUWD NDSOLQJ WDQDKQ\D GLDNXL GHQJDQ LQFOXGLQJ ODQG DUH UHFRJQL]HG EDVHG RQ
PHWRGH DNUXDO SHQXK IXOO DFFUXDO PHWKRG WKH IXOO DFFUXDO PHWKRG ZKHQ DOO RI WKH
DSDELODVHOXUXKNULWHULDEHULNXWWHUSHQXKL IROORZLQJFRQGLWLRQVDUHPHW

x SURVHVSHQMXDODQWHODKVHOHVDL x WKHVDOHLVFRQVXPPDWHG

x KDUJD MXDO DNDQ WHUWDJLK \DLWX MXPODK x WKHVHOOLQJSULFHLVFROOHFWLEOHZKHUHLQ
\DQJ WHODK GLED\DU VHNXUDQJNXUDQJQ\D WKHWRWDOSD\PHQWVPDGHE\WKHEX\HU
WHODK PHQFDSDL GDUL KDUJD MXDO LV DW OHDVW RI WKH WRWDO DJUHHG
\DQJ GLVHSDNDWL GDQ MXPODK WHUVHEXW VHOOLQJ SULFH DQG WKH DPRXQW SDLG
WLGDN GDSDW GLPLQWD NHPEDOL ROHK FDQQRWEHUHIXQGHGE\WKHEX\HU
SHPEHOL

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

x WDJLKDQ SHQMXDO WLGDN DNDQ EHUVLIDW x WKH VHOOHU¶V UHFHLYDEOH LV QRW VXEMHFW
VXERUGLQDVLGLPDVD\DQJDNDQGDWDQJ WRIXWXUHVXERUGLQDWLRQDQG
GDQ

x SHQMXDO WHODK PHQJDOLKNDQ ULVLNR GDQ x WKHVHOOHUKDVWUDQVIHUUHGWRWKHEX\HU
PDQIDDW NHSHPLOLNDQ XQLW EDQJXQDQ WKH XVXDO ULVNV DQG UHZDUGV RI
NHSDGDSHPEHOLPHODOXLVXDWXWUDQVDNVL RZQHUVKLS LQ D WUDQVDFWLRQ WKDW LV LQ
\DQJVHFDUDVXEVWDQVLDGDODKSHQMXDODQ VXEVWDQFH D VDOH DQG GRHV QRW KDYH
GDQSHQMXDOWLGDNODJLEHUNHZDMLEDQDWDX D VXEVWDQWLDO FRQWLQXLQJ LQYROYHPHQW
WHUOLEDW VHFDUD VLJQLILNDQ GHQJDQ XQLW ZLWKWKHSURSHUW\
EDQJXQDQWHUVHEXW

3HQGDSDWDQ SHQMXDODQ NDSOLQJ WDQDK WDQSD 5HYHQXHV IURP UHWDLOVDOHRI ODQG ZLWKRXW
EDQJXQDQ GLDNXL GHQJDQ PHQJJXQDNDQ EXLOGLQJWKHUHRQDUHUHFRJQL]HGEDVHGRQ
PHWRGH DNUXDO SHQXK IXOO DFFUXDO PHWKRG WKH IXOO DFFUXDO PHWKRG ZKHQ DOO RI WKH
DSDELODVHOXUXKNULWHULDEHULNXWLQLWHUSHQXKL IROORZLQJFRQGLWLRQVDUHPHW

x MXPODK SHPED\DUDQ ROHK x WKHWRWDOSD\PHQWVPDGHE\WKHEX\HU
SHPEHOL VHNXUDQJNXUDQJQ\D WHODK LV DW OHDVW RI WKH DJUHHG VHOOLQJ
PHQFDSDL GDUL KDUJD MXDO \DQJ SULFH DQG WKDW DPRXQW LV QRW
GLVHSDNDWL GDQ MXPODK WHUVHEXW WLGDN UHIXQGDEOH
GDSDWGLPLQWDNHPEDOLROHKSHPEHOL

x KDUJDMXDODNDQWHUWDJLK x WKHVHOOLQJSULFHLVFROOHFWLEOH

x WDJLKDQ SHQMXDO WLGDN EHUVLIDW x WKH VHOOHU¶V UHFHLYDEOH LV QRW VXEMHFW
VXERUGLQDVLGLPDVD\DQJDNDQGDWDQJ WRIXWXUHVXERUGLQDWLRQ

x SURVHV SHQJHPEDQJDQ WDQDK x WKH ODQG GHYHORSPHQW SURFHVV LV
WHODK VHOHVDL VHKLQJJD SHQMXDO FRPSOHWH VR WKDW WKH VHOOHU KDV QR
WLGDN EHUNHZDMLEDQ ODJL XQWXN IXUWKHU REOLJDWLRQV UHODWHG WR WKH ODQG
PHQ\HOHVDLNDQ NDSOLQJ WDQDK \DQJ VROGVXFKDVUHTXLUHPHQWWRLPSURYH
GLMXDO VHSHUWL EHUNHZDMLEDQ XQWXN WKH ODQG RU WR FRQVWUXFW IDFLOLWLHV DV
PHPDWDQJNDQ NDSOLQJ WDQDK DWDX DJUHHG RU LV WKH REOLJDWLRQ RI WKH
EHUNHZDMLEDQ XQWXN PHPEDQJXQ VHOOHU EDVHG RQ WKH SXUFKDVH DQG
IDVLOLWDVIDVLOLWDV SRNRN \DQJ GLMDQMLNDQ VDOH FRQWUDFW RU WKH SURYLVLRQV RI
ROHK DWDX \DQJ PHQMDGL EHUNHZDMLEDQ SUHYDLOLQJODZDQGUHJXODWLRQVDQG
SHQMXDO VHVXDL GHQJDQ SHQJLNDWDQ MXDO
EHOL DWDX NHWHQWXDQ SHUDWXUDQ
SHUXQGDQJXQGDQJDQGDQ

x KDQ\D NDSOLQJ WDQDK VDMD \DQJ GLMXDO x RQO\ WKH ODQG LV VROG ZLWKRXW DQ\
WDQSD GLZDMLENDQ NHWHUOLEDWDQ SHQMXDO UHTXLUHPHQW RI WKH VHOOHU¶V
GDODP SHQGLULDQ EDQJXQDQ GL DWDV LQYROYHPHQWLQWKHFRQVWUXFWLRQRIWKH
NDSOLQJWDQDKWHUVHEXW EXLOGLQJRQWKHODQG

3HQGDSDWDQ DWDV SHQMXDODQ XQLW EDQJXQDQ 5HYHQXHV IURP VDOH RI FRQGRPLQLXPV
NRQGRPLQLXP DSDUWHPHQ SHUNDQWRUDQ DSDUWPHQWV RIILFH EXLOGLQJV VKRSSLQJ
SXVDW SHUEHODQMDDQ GDQ EDQJXQDQ VHMHQLV FHQWHUVRWKHUEXLOGLQJVRIVLPLODUW\SHDQG
ODLQQ\D VHUWD XQLW NHSHPLOLNDQ VHFDUD WLPH XQLWV RI WLPHVKDULQJ RZQHUVKLS DUH
VKDULQJ \DQJ EHOXP VHOHVDL UHFRJQL]HG XVLQJ WKH SHUFHQWDJHRI
SHPEDQJXQDQQ\D GLDNXL GHQJDQ PHWRGH FRPSOHWLRQ PHWKRG LI DOO RI WKH IROORZLQJ
SHUVHQWDVH SHQ\HOHVDLDQ SHUFHQWDJHRI FULWHULDDUHVDWLVILHG
FRPSOHWLRQ PHWKRG DSDELOD VHOXUXK NULWHULD
EHULNXWLQLWHUSHQXKL

x SURVHV NRQVWUXNVL WHODK PHODPSDXL x WKH FRQVWUXFWLRQ SURFHVV KDV DOUHDG\
WDKDS DZDO \DLWX IRQGDVL EDQJXQDQ FRPPHQFHG WKDW LV WKH EXLOGLQJ
WHODK VHOHVDL GDQ VHPXD SHUV\DUDWDQ IRXQGDWLRQ KDV EHHQ FRPSOHWHG DQG
XQWXN PHPXODL SHPEDQJXQDQ WHODK DOO RI WKH UHTXLUHPHQWV WR FRPPHQFH
WHUSHQXKL FRQVWUXFWLRQKDYHEHHQIXOILOOHG

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

x MXPODK SHPED\DUDQ ROHK SHPEHOL WHODK x WKHWRWDOSD\PHQWVPDGHE\WKHEX\HU
PHQFDSDL GDUL KDUJD MXDO \DQJ LV DW OHDVW RI WKH WRWDO DJUHHG
WHODK GLVHSDNDWL GDQ MXPODK WHUVHEXW VHOOLQJ SULFH DQG WKDW DPRXQW LV QRW
WLGDN GDSDW GLPLQWD NHPEDOL ROHK UHIXQGDEOHDQG
SHPEHOLGDQ

x MXPODKSHQGDSDWDQSHQMXDODQGDQELD\D x WKH DPRXQW RI UHYHQXH DQG FRVW RI
XQLW EDQJXQDQ GDSDWGLHVWLPDVL GHQJDQ WKH SURSHUW\ FDQ EH UHOLDEO\
DQGDO HVWLPDWHG

'HQJDQ PHWRGH SHUVHQWDVH SHQ\HOHVDLDQ 8QGHU WKH SHUFHQWDJHRIFRPSOHWLRQ
MXPODK SHQGDSDWDQ GDQ EHEDQ \DQJ GLDNXL PHWKRG WKH DPRXQW RI UHYHQXHV DQG
XQWXN VHWLDS SHULRGH DNXQWDQVL KDUXV VHVXDL H[SHQVHV UHFRJQL]HG IRU HDFK DFFRXQWLQJ
GHQJDQ WLQJNDW DWDX SHUVHQWDVH SHULRG DUH GHWHUPLQHG LQ DFFRUGDQFH ZLWK
SHQ\HOHVDLDQGDULDVHWWHUVHEXW WKH OHYHO RU SHUFHQWDJH RI FRPSOHWLRQ RI
WKHSURSHUW\

7LQJNDW DWDX SHUVHQWDVH SHQ\HOHVDLDQ 7KHOHYHORUSHUFHQWDJHRIFRPSOHWLRQRID
SHQJHPEDQJDQ UHDO HVWDW GLWHQWXNDQ UHDO HVWDWH GHYHORSPHQW LV GHWHUPLQHG LQ
EHUGDVDUNDQ SURSRUVL GDODP SHUVHQWDVH SURSRUWLRQ LQ SHUFHQWDJH WR WKH UHDO
DNWLYLWDV SHQJHPEDQJDQ UHDO HVWDW \DQJ HVWDWH GHYHORSPHQW DFWLYLW\ LQFXUUHG XS WR
WHODK GLODNVDQDNDQ VDPSDL VXDWX WDQJJDO D FHUWDLQ GDWH UHODWLYH WR WKH WRWDO
WHUWHQWX WHUKDGDS WRWDO DNWLYLWDV GHYHORSPHQW DFWLYLW\ RI WKH UHDO HVWDWH
SHQJHPEDQJDQ UHDO HVWDW \DQJ KDUXV SURMHFWV
GLODNVDQDNDQ

3HQGDSDWDQ DWDV SHQMXDODQ XQLW EDQJXQDQ 7KHUHYHQXHVIURPVDOHRIFRQGRPLQLXPV
NRQGRPLQLXP DSDUWHPHQ SHUNDQWRUDQ DSDUWPHQWV RIILFH EXLOGLQJV VKRSSLQJ
SXVDW SHUEHODQMDDQ GDQ EDQJXQDQ VHMHQLV FHQWHUVRWKHUEXLOGLQJVRIVLPLODUW\SHDQG
ODLQQ\D VHUWD XQLW NHSHPLOLNDQ VHFDUD WLPH XQLWV RI WLPHVKDULQJ RZQHUVKLS
VKDULQJ \DQJ WHODK VHOHVDL FRQVWUXFWLRQ RI ZKLFK KDYH EHHQ
SHPEDQJXQDQQ\D KDUXV GLDNXL GHQJDQ FRPSOHWHG DUH UHFRJQL]HG XVLQJ WKH IXOO
PHQJJXQDNDQ PHWRGH DNUXDO SHQXK IXOO DFFUXDOPHWKRG
DFFUXDOPHWKRG

$SDELOD SHUV\DUDWDQ WHUVHEXW GL DWDV WLGDN ,I DQ\ RI WKH DERYH FRQGLWLRQV LV QRW PHW
GDSDW GLSHQXKL PDND VHOXUXK XDQJ \DQJ DOOSD\PHQWVUHFHLYHGIURPWKHEX\HUVDUH
GLWHULPD GDUL SHPEHOL GLSHUODNXNDQ VHEDJDL UHFRUGHGDV³$GYDQFHVUHFHLYHG´XVLQJWKH
³8DQJPXNDGLWHULPD´GLFDWDWGHQJDQPHWRGH GHSRVLW PHWKRG XQWLO DOO RI WKH FRQGLWLRQV
GHSRVLWVDPSDLVHOXUXKSHUV\DUDWDQWHUVHEXW DUHPHW
GLSHQXKL

3HQGDSDWDQ6HZDGDQ-DVD3HOD\DQDQ 5HQWDODQG6HUYLFH5HYHQXHV

3HQGDSDWDQ VHZD GLDNXL EHUGDVDUNDQ 5HQWDOUHYHQXHLVUHFRJQL]HGRQDVWUDLJKW
EHUODOXQ\D ZDNWX GDQ SHQGDSDWDQ MDVD OLQH EDVLV RYHU WKH WHUP RI WKH OHDVH
SHOD\DQDQGLDNXLSDGDVDDWMDVDGLVHUDKNDQ FRQWUDFW ZKLOH VHUYLFH UHYHQXH LV
UHFRJQL]HGZKHQVHUYLFHVDUHUHQGHUHGWR
WKHOHVVHHV

3HQGDSDWDQ.DPDU+RWHOGDQ/DLQODLQ +RWHO5RRPDQG2WKHU+RWHO5HYHQXHV

3HQGDSDWDQ NDPDU KRWHO GLDNXL EHUGDVDUNDQ +RWHO URRP UHYHQXHV DUH UHFRJQL]HG
WLQJNDW KXQLDQ VHPHQWDUD SHQGDSDWDQ KRWHO EDVHG RQ DFWXDO URRP RFFXSDQF\ ZKLOH
ODLQQ\D GLDNXL SDGD VDDW EDUDQJ DWDX MDVD RWKHUKRWHOUHYHQXHVDUHUHFRJQL]HGZKHQ
WHODKGLEHULNDQNHSDGDSHODQJJDQ JRRGV DUH GHOLYHUHG RU ZKHQ VHUYLFHV DUH
UHQGHUHGWRKRWHOJXHVWV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HQGDSDWDQGDUL.HDQJJRWDDQ.OXE &OXE0HPEHUVKLS5HYHQXH

3HQGDSDWDQ GDUL LXUDQ NHDQJJRWDDQ NOXE &OXE PHPEHUVKLS UHYHQXH LV UHFRJQL]HG
GLDNXLVHVXDLGHQJDQSHULRGHNHDQJJRWDDQ EDVHGRQWKHPHPEHUVKLSSHULRG

3HQGDSDWDQ%XQJD ,QWHUHVW,QFRPH

3HQGDSDWDQEXQJDGDULLQVWUXPHQNHXDQJDQ ,QWHUHVW LQFRPH IURP DOO ILQDQFLDO
GLDNXL GDODP ODED UXJL VHFDUD DNUXDO LQVWUXPHQWVDUHUHFRJQL]HGLQSURILWRUORVV
PHQJJXQDNDQPHWRGHVXNXEXQJDHIHNWLI RQ DFFUXDO EDVLV XVLQJ WKH HIIHFWLYH
LQWHUHVWUDWHPHWKRG

3HQJDNXDQ%HEDQ ([SHQVH5HFRJQLWLRQ

%HEDQ SRNRN SHQMXDODQ GLDNXL SDGD VDDW &RVW RI VDOHV DUH UHFRJQL]HG ZKHQ
WHUMDGLQ\D PHWRGH DNUXDO 7HUPDVXN LQFXUUHG DFFUXDO PHWKRG &RVW RI VDOHV
GLGDODP EHEDQ SRNRN SHQMXDODQ DGDODK LQFOXGHV HVWLPDWHG FRVWV IRU IXWXUH
WDNVLUDQ EHEDQ XQWXN SHQJHPEDQJDQ GHYHORSPHQW RI DPHQLWLHV RQ ODQG WKDW LV
SUDVDUDQD GL PDVD \DQJ DNDQ GDWDQJ DWDV DOUHDG\VROG
WDQDK\DQJWHODKWHUMXDO

%HEDQ GLDNXL SDGD VDDW WHUMDGLQ\D DFFUXDO ([SHQVHV DUH UHFRJQL]HG ZKHQ LQFXUUHG
EDVLV DFFUXDOEDVLV

%HEDQ EXQJD GDUL LQVWUXPHQ NHXDQJDQ ,QWHUHVW H[SHQVH IRU DOO ILQDQFLDO
GLDNXL GDODP ODED UXJL VHFDUD DNUXDO LQVWUXPHQWVDUHUHFRJQL]HGLQSURILWRUORVV
PHQJJXQDNDQPHWRGHVXNXEXQJDHIHNWLI RQ DFFUXDO EDVLV XVLQJ WKH HIIHFWLYH
LQWHUHVWUDWHPHWKRG

[ %LD\D3LQMDPDQ [ %RUURZLQJ&RVWV

%LD\D SLQMDPDQ \DQJ GDSDW GLDWULEXVLNDQ %RUURZLQJ FRVWV ZKLFK DUH GLUHFWO\
VHFDUD ODQJVXQJ GHQJDQ SHUROHKDQ DWWULEXWDEOHWRWKHDFTXLVLWLRQFRQVWUXFWLRQ
NRQVWUXNVL DWDX SHPEXDWDQ DVHW RU SURGXFWLRQ RI TXDOLI\LQJ DVVHWV ZKLFK
NXDOLILNDVLDQ GLNDSLWDOLVDVL VHEDJDL EDJLDQ DUH FDSLWDOL]HG DV SDUW RI WKH DFTXLVLWLRQ
GDUL ELD\D SHUROHKDQ DVHW WHUVHEXW %LD\D FRVW RI WKH TXDOLI\LQJ DVVHWV 2WKHU
SLQMDPDQODLQQ\DGLDNXLVHEDJDLEHEDQSDGD ERUURZLQJ FRVWV DUH UHFRJQL]HG DV
VDDWWHUMDGLQ\D H[SHQVH LQ WKH SHULRG LQ ZKLFK WKH\ DUH
LQFXUUHG

-LND *UXS PHPLQMDP GDQD VHFDUD NKXVXV 7R WKH H[WHQW WKDW WKH *URXS ERUURZV
XQWXN WXMXDQ PHPSHUROHK DVHW NXDOLILNDVLDQ IXQGV VSHFLILFDOO\ IRU WKH SXUSRVH RI
PDND HQWLWDV PHQHQWXNDQ MXPODK ELD\D REWDLQLQJ D TXDOLI\LQJ DVVHW WKH HQWLW\
SLQMDPDQ \DQJ OD\DN GLNDSLWDOLVDVLNDQ GHWHUPLQHVWKHDPRXQWRIERUURZLQJFRVWV
VHEHVDU ELD\D SLQMDPDQ DNWXDO \DQJ WHUMDGL HOLJLEOH IRU FDSLWDOL]DWLRQ DV WKH DFWXDO
VHODPDWDKXQEHUMDODQGLNXUDQJLSHQJKDVLODQ ERUURZLQJFRVWVLQFXUUHGRQWKDWERUURZLQJ
LQYHVWDVL DWDV LQYHVWDVL VHPHQWDUD GDUL GXULQJ WKH \HDU OHVV DQ\ LQYHVWPHQW
SLQMDPDQWHUVHEXW LQFRPH RQ WKH WHPSRUDU\ LQYHVWPHQW RI
WKRVHERUURZLQJV

-LND SHQJHPEDQJDQ DNWLI DWDV DVHW 7KH *URXS VXVSHQGV FDSLWDOL]DWLRQ RI
NXDOLILNDVLDQ GLKHQWLNDQ *UXS PHQJKHQWLNDQ ERUURZLQJ FRVWV GXULQJ H[WHQGHG SHULRGV
NDSLWDOLVDVL ELD\D SLQMDPDQ VHODPD SHULRGH LQZKLFKLWVXVSHQGVDFWLYHGHYHORSPHQWRI
\DQJGLSHUSDQMDQJWHUVHEXW DTXDOLI\LQJDVVHW

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

.DSLWDOLVDVL ELD\D SLQMDPDQ GLKHQWLNDQ VDDW 7KH *URXS FHDVHV FDSLWDOL]LQJ ERUURZLQJ
VHOHVDLQ\DVHFDUDVXEVWDQVLVHOXUXKDNWLYLWDV FRVWV ZKHQ VXEVWDQWLDOO\ DOO WKH DFWLYLWLHV
\DQJ GLSHUOXNDQ XQWXN PHPSHUVLDSNDQ DVHW QHFHVVDU\ WR SUHSDUH WKH TXDOLI\LQJ DVVHW
NXDOLILNDVLDQ DJDU GDSDW GLJXQDNDQ DWDX IRULWVLQWHQGHGXVHRUVDOHDUHFRPSOHWH
GLMXDOVHVXDLGHQJDQPDNVXGQ\D

\ ,PEDODQ.HUMD \ (PSOR\HH%HQHILWV

/LDELOLWDV,PEDODQ.HUMD-DQJND3HQGHN 6KRUWWHUP(PSOR\HH%HQHILWV/LDELOLW\

,PEDODQ NHUMD MDQJND SHQGHN GLDNXL VHEHVDU 6KRUWWHUP HPSOR\HH EHQHILWV DUH
MXPODK\DQJWDNWHUGLVNRQWRVHEDJDLOLDELOLWDV UHFRJQL]HG DW LWV XQGLVFRXQWHG DPRXQW DV
SDGDODSRUDQ SRVLVLNHXDQJDQ NRQVROLGDVLDQ D OLDELOLW\ DIWHU GHGXFWLQJ DQ\ DPRXQW
VHWHODK GLNXUDQJL GHQJDQ MXPODK \DQJ WHODK DOUHDG\SDLGLQWKHFRQVROLGDWHGVWDWHPHQW
GLED\DUGDQVHEDJDLEHEDQGDODPODEDUXJL RIILQDQFLDOSRVLWLRQDQGDVDQH[SHQVHLQ
SURILWRUORVV

/LDELOLWDV,PEDODQ.HUMD-DQJND3DQMDQJ /RQJWHUP(PSOR\HH%HQHILWV/LDELOLW\

/LDELOLWDV LPEDODQ NHUMD MDQJND SDQMDQJ /RQJWHUP HPSOR\HH EHQHILWV OLDELOLW\
PHUXSDNDQ LPEDODQ SDVFDNHUMD PDQIDDW UHSUHVHQWV SRVWHPSOR\PHQW EHQHILWV
SDVWL \DQJ GLEHQWXN WDQSD SHQGDQDDQ XQIXQGHG GHILQHGEHQHILW SODQV ZKLFK
NKXVXVGDQGLGDVDUNDQSDGDPDVDNHUMDGDQ DPRXQWV DUH GHWHUPLQHG EDVHG RQ \HDUV
MXPODK SHQJKDVLODQ NDU\DZDQ SDGD VDDW RIVHUYLFHDQGVDODULHVRIWKHHPSOR\HHVDW
SHQVLXQ\DQJGLKLWXQJPHQJJXQDNDQPHWRGH WKH WLPH RI SHQVLRQ DQG FDOFXODWHG XVLQJ
3URMHFWHG 8QLW &UHGLW 3HQJXNXUDQ NHPEDOL WKH3URMHFWHG8QLW&UHGLW5HPHDVXUHPHQW
OLDELOLWDVLPEDODQSDVWLODQJVXQJGLDNXLGDODP LV UHIOHFWHG LPPHGLDWHO\ LQ WKH
ODSRUDQ SRVLVL NHXDQJDQ NRQVROLGDVLDQ GDQ FRQVROLGDWHG VWDWHPHQW RI ILQDQFLDO
SHQJKDVLODQ NRPSUHKHQVLI ODLQ SDGD SHULRGH SRVLWLRQZLWKDFKDUJHRUFUHGLWUHFRJQL]HG
WHUMDGLQ\D GDQ WLGDN DNDQ GLUHNODVLILNDVL NH LQ RWKHU FRPSUHKHQVLYH LQFRPH LQ WKH
ODED UXJL QDPXQ PHQMDGL EDJLDQ GDUL VDOGR SHULRG LQ ZKLFK WKH\ RFFXU DQG QRW WR EH
ODED %LD\D OLDELOLWDV LPEDODQ SDVWL ODLQQ\D UHFODVVLILHG WR SURILW RU ORVV EXW UHIOHFWHG
WHUNDLW GHQJDQ SURJUDP LPEDODQ SDVWL GLDNXL LPPHGLDWHO\LQUHWDLQHGHDUQLQJV$OORWKHU
GDODPODEDUXJL FRVWV UHODWHG WR WKH GHILQHGEHQHILW SODQ
DUHUHFRJQL]HGLQSURILWRUORVV

] 3DMDN3HQJKDVLODQ ] ,QFRPH7D[

3DMDN.LQL &XUUHQW7D[

3DMDNNLQLGLWHQWXNDQEHUGDVDUNDQODEDNHQD &XUUHQW WD[ H[SHQVH LV GHWHUPLQHG EDVHG
SDMDN GDODP SHULRGH \DQJ EHUVDQJNXWDQ RQ WKH WD[DEOH LQFRPH IRU WKH SHULRG
\DQJ GLKLWXQJ EHUGDVDUNDQ WDULI SDMDN \DQJ FRPSXWHGXVLQJSUHYDLOLQJWD[UDWHV
EHUODNX

3DMDN7DQJJXKDQ 'HIHUUHG7D[

3DMDNWDQJJXKDQGLDNXLVHEDJDLOLDELOLWDVMLND 'HIHUUHG WD[ LV SURYLGHG XVLQJ WKH OLDELOLW\
WHUGDSDW SHUEHGDDQ WHPSRUHU NHQD SDMDN PHWKRGRQWHPSRUDU\GLIIHUHQFHVEHWZHHQ
\DQJ WLPEXO GDUL SHUEHGDDQ DQWDUD GDVDU WKH WD[ EDVHV RI DVVHWV DQG OLDELOLWLHV DQG
SHQJHQDDQ SDMDN DVHW GDQ OLDELOLWDV GHQJDQ WKHLU FDUU\LQJ DPRXQWV IRU ILQDQFLDO
MXPODKWHUFDWDWQ\DSDGDWDQJJDOSHODSRUDQ UHSRUWLQJSXUSRVHVDWWKHUHSRUWLQJGDWH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

$VHW SDMDN WDQJJXKDQ GLDNXL XQWXN VHOXUXK 'HIHUUHG WD[ DVVHWV DUH UHFRJQL]HG IRU DOO
SHUEHGDDQWHPSRUHU\DQJGDSDWGLNXUDQJNDQ GHGXFWLEOH WHPSRUDU\ GLIIHUHQFHV DQG WKH
GDQUXJLILVNDO\DQJGDSDWGLNRPSHQVDVLNDQ FDUU\ IRUZDUG EHQHILW RI DQ\ XQXVHG WD[
$VHW SDMDN WDQJJXKDQ GLDNXL GDQ GLUHYLX ORVVHV'HIHUUHGWD[DVVHWVDUHUHFRJQL]HG
SDGD VHWLDS WDQJJDO SHODSRUDQ DWDX DQG UHYLHZHG DW HDFK UHSRUWLQJ GDWH DQG
GLWXUXQNDQ MXPODK WHUFDWDWQ\D VHSDQMDQJ UHGXFHG WR WKH H[WHQW WKDW LW LV SUREDEOH
NHPXQJNLQDQEHVDUODEDNHQDSDMDNWHUVHGLD WKDWWD[DEOHSURILWZLOOEHDYDLODEOHDJDLQVW
XQWXN SHPDQIDDWDQ SHUEHGDDQ WHPSRUHU ZKLFKWKHGHGXFWLEOHWHPSRUDU\GLIIHUHQFHV
\DQJGDSDWGLNXUDQJNDQGDQUXJLILVNDO\DQJ DQG WKH FDUU\ IRUZDUG EHQHILW RI XQXVHG
GDSDWGLNRPSHQVDVLNDQ WD[ORVVHVFDQEHXWLOL]HG

$VHW GDQ OLDELOLWDV SDMDN WDQJJXKDQ GLXNXU 'HIHUUHG WD[ DVVHWV DQG OLDELOLWLHV DUH
GHQJDQ PHQJJXQDNDQ WDULI SDMDN \DQJ PHDVXUHG DW WKH WD[ UDWHV WKDW DUH
GLKDUDSNDQ EHUODNX NHWLND DVHW GLSXOLKNDQ H[SHFWHG WR DSSO\ LQ WKH \HDU ZKHQ WKH
DWDX OLDELOLWDV GLVHOHVDLNDQ EHUGDVDUNDQ WDULI DVVHW LV UHDOL]HG RU WKH OLDELOLW\ LV VHWWOHG
SDMDN DWDX SHUDWXUDQ SDMDN \DQJ WHODK EDVHGRQWD[UDWHVRUWD[ODZVWKDWKDYH
EHUODNX DWDX VHFDUD VXEVWDQWLI WHODK EHUODNX EHHQ HQDFWHG RU VXEVWDQWLYHO\ HQDFWHG DW
SDGDWDQJJDOSHODSRUDQ WKHUHSRUWLQJGDWH

$VHW SDMDN WDQJJXKDQ GDQ OLDELOLWDV SDMDN 'HIHUUHG WD[ DVVHWV DQG GHIHUUHG WD[
WDQJJXKDQ VDOLQJ KDSXV MLND GDQ KDQ\D MLND OLDELOLWLHV DUH RIIVHW LI DQG RQO\ LI D OHJDOO\
WHUGDSDWKDN\DQJGLSDNVDNDQVHFDUDKXNXP HQIRUFHDEOH ULJKW H[LVWV WR VHW RII FXUUHQW
XQWXNPHODNXNDQVDOLQJKDSXVDVHWSDMDNNLQL WD[DVVHWVDJDLQVWFXUUHQWWD[OLDELOLWLHVDQG
WHUKDGDS OLDELOLWDV SDMDN NLQL GDQ SDMDN WKH GHIHUUHG WD[HV UHODWH WR WKH VDPH
WDQJJXKDQ WHUVHEXW WHUNDLW GHQJDQ HQWLWDV WD[DEOH HQWLW\ DQG WKH VDPH WD[DWLRQ
NHQD SDMDN \DQJ VDPD GDQ GLNHQDNDQ ROHK DXWKRULW\
RWRULWDVSHUSDMDNDQ\DQJVDPD

DD $VHW3HQJDPSXQDQ3DMDN DD 7D[$PQHVW\$VVHWV

3DGD VDDW SHQJDNXDQ DZDO DVHW $W LQLWLDO UHFRJQLWLRQ WD[ DPQHVW\ DVVHWV
SHQJDPSXQDQ SDMDN GLXNXU VHEHVDU ELD\D DUH PHDVXUHG DW FRVW EDVHG RQ /HWWHU RI
SHUROHKDQ VHVXDL GHQJDQ 6XUDW .HWHUDQJDQ 7D[ $PQHVW\ $QQRWDWLRQ LVVXHG E\ WKH
3HQJDPSXQDQ 3DMDN \DQJ GLWHUELWNDQ ROHK 0LQLVWHU RI )LQDQFH RI WKH 5HSXEOLF RI
0HQWHUL.HXDQJDQ5HSXEOLN,QGRQHVLD ,QGRQHVLD

$VHW SHQJDPSXQDQ SDMDN GLNUHGLWNDQ SDGD 7D[DPQHVW\DVVHWVDUHUHFRJQL]HGZLWKD
DNXQWDPEDKDQPRGDOGLVHWRU8DQJWHEXVDQ FRUUHVSRQGLQJ FUHGLW WR DGGLWLRQDO SDLGLQ
\DQJ GLED\DUNDQ XQWXN SHQJDPSXQDQ SDMDN FDSLWDO )HHV SDLG IRU REWDLQLQJ WD[
GLDNXLGDODPODEDUXJL DPQHVW\LVUHFRJQL]HGLQSURILWRUORVV

3HQJXNXUDQ VHWHODK SHQJDNXDQ DZDO DVHW 6XEVHTXHQW PHDVXUHPHQW RI WD[ DPQHVW\
SHQJDPSXQDQ SDMDN PHQJDFX SDGD DVVHWV LV LQ DFFRUGDQFH ZLWK VXEVHTXHQW
PDVLQJPDVLQJ NHELMDNDQ DNXQWDQVL UHOHYDQ PHDVXUHPHQW SURYLVLRQ RI HDFK UHOHYDQW
\DQJGLWHUDSNDQ*UXSXQWXNDVHWVHUXSD DFFRXQWLQJVWDQGDUGDSSOLHGE\WKH*URXS
IRUVLPLODUDVVHWV

$VHW SHQJDPSXQDQ SDMDN GLUHNODVLILNDVL NH 7D[ DPQHVW\ DVVHWV DUH UHFODVVLILHG WR
GDODP SRV DVHW VHUXSD NHWLND *UXS VLPLODU DVVHWV DFFRXQWV ZKHQ WKH *URXS
PHQJXNXU NHPEDOL DVHW SHQJDPSXQDQ SDMDN UHPHDVXUHG WD[ DPQHVW\ DVVHWV DW IDLU
EHUGDVDUNDQ QLODL ZDMDU VHVXDL GHQJDQ YDOXH LQ DFFRUGDQFH ZLWK )LQDQFLDO
6WDQGDU $NXQWDQVL .HXDQJDQ 6$. SDGD $FFRXQWLQJ6WDQGDUGVDWWKHGDWHRI/HWWHU
WDQJJDO 6XUDW .HWHUDQJDQ 3HQJDPSXQDQ RI 7D[ $PQHVW\ $QQRWDWLRQ IURP WKH
3DMDN GDUL 0HQWHUL .HXDQJDQ 5HSXEOLN 0LQLVWHU RI )LQDQFH RI WKH 5HSXEOLF RI
,QGRQHVLD ,QGRQHVLD

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

EE %LD\D(PLVL6DKDP EE 6WRFN,VVXDQFH&RVWV

%LD\DHPLVLVDKDPGLVDMLNDQVHEDJDLEDJLDQ 6WRFN LVVXDQFH FRVWV DUH GHGXFWHG IURP
GDUL DNXQ WDPEDKDQPRGDO GLVHWRUGDQWLGDN DGGLWLRQDO SDLGLQ FDSLWDO DQG DUH QRW
GLDPRUWLVDVL DPRUWL]HG

FF /DEDSHU6DKDP FF (DUQLQJVSHU6KDUH

/DED SHU VDKDP GDVDU GLKLWXQJ GHQJDQ %DVLFHDUQLQJVSHUVKDUHDUHFRPSXWHGE\
PHPEDJL ODED EHUVLK \DQJ GDSDW GLYLGLQJSURILWDWWULEXWDEOHWRRZQHUVRIWKH
GLDWULEXVLNDQ NHSDGD SHPLOLN HQWLWDV LQGXN &RPSDQ\ E\ WKH ZHLJKWHG DYHUDJH
GHQJDQ MXPODK UDWDUDWD WHUWLPEDQJ VDKDP QXPEHU RI VKDUHV RXWVWDQGLQJ GXULQJ WKH
\DQJ EHUHGDU SDGD SHULRGH \DQJ SHULRG
EHUVDQJNXWDQ

GG ,QIRUPDVL6HJPHQ GG 6HJPHQW,QIRUPDWLRQ

,QIRUPDVL VHJPHQ GLVXVXQ VHVXDL GHQJDQ 6HJPHQWLQIRUPDWLRQLVSUHSDUHGXVLQJWKH
NHELMDNDQ DNXQWDQVL \DQJ GLDQXW GDODP DFFRXQWLQJ SROLFLHV DGRSWHG IRU SUHSDULQJ
SHQ\XVXQDQ GDQ SHQ\DMLDQ ODSRUDQ DQG SUHVHQWLQJ WKH FRQVROLGDWHG ILQDQFLDO
NHXDQJDQNRQVROLGDVLDQ VWDWHPHQWV

6HJPHQ RSHUDVL GLLGHQWLILNDVL EHUGDVDUNDQ 2SHUDWLQJ VHJPHQWV DUH LGHQWLILHG RQ WKH
ODSRUDQ LQWHUQDO NRPSRQHQNRPSRQHQ *UXS EDVLVRILQWHUQDOUHSRUWVDERXWFRPSRQHQWV
\DQJ VHFDUD EHUNDOD GLODSRUNDQ NHSDGD RIWKH*URXSWKDWDUHUHJXODUO\UHYLHZHGE\
SHQJDPELO NHSXWXVDQ RSHUDVLRQDO GDODP WKHFKLHIRSHUDWLQJGHFLVLRQPDNHULQRUGHU
UDQJND DORNDVL VXPEHU GD\D NH GDODP WRDOORFDWHUHVRXUFHVWRWKHVHJPHQWVDQG
VHJPHQGDQSHQLODLDQNLQHUMD*UXS WRDVVHVVWKHLUSHUIRUPDQFHV

HH 3URYLVL HH 3URYLVLRQV

3URYLVL GLDNXL MLND *UXS PHPSXQ\DL 3URYLVLRQVDUHUHFRJQL]HGZKHQWKH*URXS
NHZDMLEDQ NLQL KXNXP PDXSXQ NRQVWUXNWLI KDV SUHVHQW REOLJDWLRQ OHJDO RU
VHEDJDL DNLEDW SHULVWLZD PDVD ODOX \DQJ FRQVWUXFWLYHDVDUHVXOWRIDSDVWHYHQWLW
PHPXQJNLQNDQ *UXS KDUXV PHQ\HOHVDLNDQ LVSUREDEOHWKDWWKH*URXSZLOOEHUHTXLUHG
NHZDMLEDQ WHUVHEXW GDQ HVWLPDVL \DQJ DQGDO WR VHWWOH WKH REOLJDWLRQ DQG D UHOLDEOH
PHQJHQDL MXPODK NHZDMLEDQ WHUVHEXW GDSDW HVWLPDWH FDQ EH PDGH RI WKH DPRXQW RI
GLEXDW WKHREOLJDWLRQ

-XPODK \DQJ GLDNXL VHEDJDL SURYLVL DGDODK 7KH DPRXQW UHFRJQL]HG DV D SURYLVLRQ LV
KDVLO HVWLPDVL WHUEDLN SHQJHOXDUDQ \DQJ WKH EHVW HVWLPDWH RI WKH FRQVLGHUDWLRQ
GLSHUOXNDQ XQWXN PHQ\HOHVDLNDQ NHZDMLEDQ UHTXLUHG WR VHWWOH WKH REOLJDWLRQ DW WKH
NLQL SDGD WDQJJDO SHODSRUDQ GHQJDQ UHSRUWLQJ GDWH WDNLQJ LQWR DFFRXQW WKH
PHPSHUWLPEDQJNDQULVLNRGDQNHWLGDNSDVWLDQ ULVNV DQG XQFHUWDLQWLHV VXUURXQGLQJ WKH
WHUNDLWNHZDMLEDQWHUVHEXW REOLJDWLRQ

II 3HULVWLZD6HWHODK3HULRGH3HODSRUDQ II (YHQWV$IWHUWKH5HSRUWLQJ'DWH

3HULVWLZDSHULVWLZD \DQJ WHUMDGL VHWHODK 3RVW \HDUHQG HYHQWV WKDW SURYLGH
SHULRGH SHODSRUDQ \DQJ PHQ\HGLDNDQ DGGLWLRQDO LQIRUPDWLRQ DERXW WKH
WDPEDKDQ LQIRUPDVL PHQJHQDL SRVLVL FRQVROLGDWHG VWDWHPHQW RI ILQDQFLDO
NHXDQJDQ NRQVROLGDVLDQ *UXS SDGD WDQJJDO SRVLWLRQ DW WKH UHSRUWLQJ GDWH DGMXVWLQJ
ODSRUDQ SRVLVL NHXDQJDQ NRQVROLGDVLDQ HYHQWV LI DQ\ DUH UHIOHFWHG LQ WKH
SHULVWLZD SHQ\HVXDL MLND DGD WHODK FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV 3RVW
WHUFHUPLQ GDODP ODSRUDQ NHXDQJDQ \HDUHQG HYHQWV WKDW DUH QRW DGMXVWLQJ
NRQVROLGDVLDQ 3HULVWLZDSHULVWLZD \DQJ HYHQWV DUH GLVFORVHG LQ WKH QRWHV WR
WHUMDGL VHWHODK SHULRGH SHODSRUDQ \DQJ WLGDN FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV ZKHQ
PHPHUOXNDQ SHQ\HVXDLDQ SHULVWLZD QRQ PDWHULDO
SHQ\HVXDLDSDELODMXPODKQ\DPDWHULDOWHODK
GLXQJNDSNDQ GDODP ODSRUDQ NHXDQJDQ
NRQVROLGDVLDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HQJJXQDDQ (VWLPDVL 3HUWLPEDQJDQ GDQ 0DQDJHPHQW 8VH RI (VWLPDWHV -XGJPHQWV
$VXPVL0DQDMHPHQ DQG$VVXPSWLRQV

'DODP SHQHUDSDQ NHELMDNDQ DNXQWDQVL *UXS ,Q WKH DSSOLFDWLRQ RI WKH *URXS¶V DFFRXQWLQJ
VHSHUWL \DQJ GLXQJNDSNDQ GDODP &DWDWDQ SDGD SROLFLHV ZKLFK DUH GHVFULEHG LQ 1RWH WR WKH
ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ PDQDMHPHQ FRQVROLGDWHGILQDQFLDOVWDWHPHQWVPDQDJHPHQW
KDUXV PHPEXDW HVWLPDVL SHUWLPEDQJDQ GDQ LV UHTXLUHG WR PDNH HVWLPDWHV MXGJPHQWV DQG
DVXPVL DWDV QLODL WHUFDWDW DVHW GDQ OLDELOLWDV \DQJ DVVXPSWLRQV DERXW WKH FDUU\LQJ DPRXQWV RI
WLGDN WHUVHGLD ROHK VXPEHUVXPEHU ODLQ (VWLPDVL DVVHWV DQG OLDELOLWLHV WKDW DUH QRW UHDGLO\
GDQ DVXPVL WHUVHEXW EHUGDVDUNDQ SHQJDODPDQ DSSDUHQWIURPRWKHUVRXUFHV7KHHVWLPDWHVDQG
KLVWRULV GDQ IDNWRU ODLQ \DQJ GLSHUWLPEDQJNDQ DVVXPSWLRQVDUHEDVHGRQKLVWRULFDOH[SHULHQFH
UHOHYDQ DQG RWKHU IDFWRUV WKDW DUH FRQVLGHUHG WR EH
UHOHYDQW

0DQDMHPHQ EHUNH\DNLQDQ EDKZD SHQJXQJNDSDQ 0DQDJHPHQW EHOLHYHV WKDW WKH IROORZLQJ
EHULNXW WHODK PHQFDNXS LNKWLVDU HVWLPDVL UHSUHVHQW D VXPPDU\ RI WKH VLJQLILFDQW
SHUWLPEDQJDQ GDQ DVXPVL VLJQLILNDQ \DQJ GLEXDW HVWLPDWHV MXGJPHQWV DQG DVVXPSWLRQV PDGH
ROHK PDQDMHPHQ \DQJ EHUSHQJDUXK WHUKDGDS WKDW DIIHFWHG FHUWDLQ UHSRUWHG DPRXQWV RI DQG
MXPODKMXPODK \DQJ GLODSRUNDQ VHUWD GLVFORVXUHV LQ WKH FRQVROLGDWHG ILQDQFLDO
SHQJXQJNDSDQ GDODP ODSRUDQ NHXDQJDQ VWDWHPHQWV
NRQVROLGDVLDQ

3HUWLPEDQJDQ -XGJPHQWV

3HUWLPEDQJDQSHUWLPEDQJDQ EHULNXW GLEXDW ROHK 7KH IROORZLQJ MXGJPHQWV DUH PDGH E\
PDQDMHPHQ GDODP SURVHV SHQHUDSDQ NHELMDNDQ PDQDJHPHQW LQ WKH SURFHVV RI DSSO\LQJ WKH
DNXQWDQVL*UXS\DQJPHPLOLNLGDPSDN\DQJSDOLQJ *URXS¶V DFFRXQWLQJSROLFLHV WKDW KDYH WKHPRVW
VLJQLILNDQ WHUKDGDS MXPODKMXPODK \DQJ GLDNXL VLJQLILFDQWHIIHFWVRQWKHDPRXQWVUHFRJQL]HGLQ
GDODPODSRUDQNHXDQJDQNRQVROLGDVLDQ WKHFRQVROLGDWHGILQDQFLDOVWDWHPHQWV

D 3HQJHQGDOLDQ %HUVDPD SDGD 3HQJHQGDOLDQ D -RLQW&RQWUROLQ-RLQW$UUDQJHPHQWV
%HUVDPD(QWLWDV

3HQJHQGDOLDQ EHUVDPD DWDV VXDWX DNWLYLWDV -RLQW FRQWURO RYHU DQ HFRQRPLF DFWLYLW\
HNRQRPLWHUMDGLMLNDNHSXWXVDQNHXDQJDQGDQ H[LVWVRQO\ZKHQWKHVWUDWHJLFILQDQFLDODQG
RSHUDVLRQDO VWUDWHJLV WHUNDLW GHQJDQ DNWLYLWDV RSHUDWLQJ GHFLVLRQV UHODWLQJ WR WKH DFWLYLW\
WHUVHEXW PHQV\DUDWNDQ NRQVHQVXV GDUL UHTXLUH XQDQLPRXV FRQVHQW RI WKH SDUWLHV
VHOXUXK SLKDN \DQJ EHUEDJL SHQJHQGDOLDQ VKDULQJ FRQWURO 7KH *URXS¶V PDQDJHPHQW
0DQDMHPHQ *UXS PHQHWDSNDQ EDKZD *UXS GHWHUPLQHGWKDWLWKDVMRLQWFRQWURORYHUWKH
PHPLOLNL SHQJHQGDOLDQ DWDV YHQWXUD EHUVDPD MRLQW YHQWXUHV DV GLVFORVHG LQ 1RWH
VHSHUWL \DQJ GLXQJNDSNDQ SDGD &DWDWDQ VLQFHWKH GHFLVLRQ LQHFRQRPLFDFWLYLWLHVRI
NDUHQD NHSXWXVDQ WHUNDLW DNWLYLWDV HNRQRPL WKHVHMRLQWYHQWXUHVDUHPDGHE\WKH*URXS
SDGD YHQWXUD EHUVDPD GLEXDW ROHK *UXS MRLQWO\ZLWKWKHRWKHUYHQWXUHUV
EHUVDPDVDPD GHQJDQ SLKDNSLKDN \DQJ
EHUEDJLSHQJHQGDOLDQ

E 0DWD8DQJ)XQJVLRQDO E )XQFWLRQDO&XUUHQF\

'DODPSURVHVSHQHUDSDQNHELMDNDQDNXQWDQVL ,Q WKH SURFHVV RI DSSO\LQJ WKH *URXS¶V
*UXS PDQDMHPHQ WHODK PHPEXDW DFFRXQWLQJ SROLFLHV PDQDJHPHQW KDV
SHUWLPEDQJDQ XQWXN PHQHQWXNDQ PDWD XDQJ PDGH MXGJPHQW RQ WKH GHWHUPLQDWLRQ RI
IXQJVLRQDOHQWLWDVDQDNOXDUQHJHUL IXQFWLRQDO FXUUHQF\ RI WKH IRUHLJQ
VXEVLGLDULHV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

0DWDXDQJIXQJVLRQDO3HUXVDKDDQGDQHQWLWDV 7KH IXQFWLRQDO FXUUHQF\ RI WKH &RPSDQ\
DQDN DGDODK PDWD XDQJ OLQJNXQJDQ HNRQRPL DQG LWV VXEVLGLDULHV LV WKH FXUUHQF\ RI WKH
XWDPD GLPDQD PDVLQJPDVLQJ HQWLWDV SULPDU\ HFRQRPLF HQYLURQPHQW LQ ZKLFK
EHURSHUDVL 0DWD XDQJ WHUVHEXW DGDODK \DQJ HDFK RI WKHP RSHUDWHV ,W LV WKH FXUUHQF\
SDOLQJ PHPSHQJDUXKL KDUJD MXDO EDUDQJ GDQ DPRQJRWKHUVWKDWPDLQO\LQIOXHQFHVVDOHV
MDVD GDQ PDWD XDQJ GDUL QHJDUD \DQJ SULFHV IRU JRRGV DQG VHUYLFHV DQG RI WKH
NHNXDWDQ SHUVDLQJDQ GDQ SHUDWXUDQQ\D FRXQWU\ ZKRVH FRPSHWLWLYH IRUFHV DQG
VHEDJLDQ EHVDU PHQHQWXNDQ KDUJD MXDO UHJXODWLRQV PDLQO\ GHWHUPLQH WKH VDOHV
EDUDQJGDQMDVDHQWLWDVGDQPHUXSDNDQPDWD SULFHV RI LWV JRRGV DQG VHUYLFHV DQG WKH
XDQJ \DQJ PDQD GDQD GDUL DNWLYLWDV FXUUHQF\ LQ ZKLFK IXQGV IURP ILQDQFLQJ
SHQGDQDDQGLKDVLONDQ DFWLYLWLHVDUHJHQHUDWHG

F .ODVLILNDVL $VHW .HXDQJDQ GDQ /LDELOLWDV F &ODVVLILFDWLRQ RI )LQDQFLDO $VVHWV DQG
.HXDQJDQ )LQDQFLDO/LDELOLWLHV

*UXS PHQHQWXNDQ NODVLILNDVL DVHW GDQ 7KH*URXSGHWHUPLQHVWKHFODVVLILFDWLRQVRI
OLDELOLWDV WHUWHQWX VHEDJDL DVHW NHXDQJDQ GDQ FHUWDLQ DVVHWV DQG OLDELOLWLHV DV ILQDQFLDO
OLDELOLWDV NHXDQJDQ GHQJDQ PHQLODL DSDNDK DVVHWV DQG ILQDQFLDO OLDELOLWLHV E\ MXGJLQJ LI
DVHW GDQ OLDELOLWDV WHUVHEXW PHPHQXKL GHILQLVL WKH\ PHHW WKH GHILQLWLRQ VHW IRUWK LQ 36$.
\DQJ GLWHWDSNDQ GDODP 36$. 1R $VHW 1R $FFRUGLQJO\ WKH ILQDQFLDO DVVHWV
NHXDQJDQ GDQ OLDELOLWDV NHXDQJDQ GLFDWDW DQGILQDQFLDOOLDELOLWLHVDUHDFFRXQWHGIRULQ
VHVXDL GHQJDQ NHELMDNDQ DNXQWDQVL *UXS DFFRUGDQFH ZLWK WKH *URXS¶V DFFRXQWLQJ
VHEDJDLPDQD GLXQJNDSNDQ GDODP SROLFLHVGLVFORVHGLQ1RWH
&DWDWDQ

G $VHW .HXDQJDQ \DQJ 7LGDN 0HPLOLNL .XRWDVL G )LQDQFLDO $VVHWV 1RW 4XRWHG LQ $FWLYH
+DUJDGL3DVDU$NWLI 0DUNHW

*UXS PHQJNODVLILNDVLNDQ DVHW NHXDQJDQ 7KH *URXS FODVVLILHV ILQDQFLDO DVVHWV E\
GHQJDQ PHQJHYDOXDVL DQWDUD ODLQ DSDNDK HYDOXDWLQJ DPRQJ RWKHUV ZKHWKHU WKH
DVHW WHUVHEXW PHPLOLNL DWDX WLGDN PHPLOLNL DVVHW LV TXRWHG RU QRWLQ DQ DFWLYH PDUNHW
NXRWDVL KDUJD GL SDVDU \DQJ DNWLI (YDOXDVL ,QFOXGHG LQ WKH HYDOXDWLRQ RQ ZKHWKHU D
WHUVHEXW MXJD PHQFDNXS DSDNDK NXRWDVL ILQDQFLDODVVHWLVTXRWHGLQDQDFWLYHPDUNHW
KDUJD VXDWX DVHW NHXDQJDQ GL SDVDU \DQJ LV WKH GHWHUPLQDWLRQ RQ ZKHWKHU TXRWHG
DNWLI PHUXSDNDQNXRWDVL KDUJD \DQJ WHUVHGLD SULFHV DUH UHDGLO\ DQG UHJXODUO\ DYDLODEOH
VHFDUD UHJXOHU GDQ NXRWDVL KDUJD WHUVHEXW DQG ZKHWKHU WKRVH SULFHV UHSUHVHQW DFWXDO
PHQFHUPLQNDQWUDQVDNVLGLSDVDU\DQJDNWXDO DQGUHJXODUO\RFFXUULQJPDUNHWWUDQVDFWLRQV
GDQ WHUMDGL VHFDUD UHJXOHU GDODP VXDWX RQDQDUP¶VOHQJWKEDVLV
WUDQVDNVLZDMDU

H &DGDQJDQ .HUXJLDQ 3HQXUXQDQ 1LODL $VHW H $OORZDQFH IRU ,PSDLUPHQW RI )LQDQFLDO
.HXDQJDQ ± 3LQMDPDQ \DQJ 'LEHULNDQ GDQ $VVHWV±/RDQVDQG5HFHLYDEOHV
3LXWDQJ

&DGDQJDQNHUXJLDQSHQXUXQDQQLODLSLQMDPDQ $OORZDQFH IRU LPSDLUPHQW ORVVHV LV
\DQJ GLEHULNDQ GDQ SLXWDQJ GLSHOLKDUD SDGD PDLQWDLQHG DW D OHYHO FRQVLGHUHG DGHTXDWH
MXPODK \DQJ PHQXUXW PDQDMHPHQ DGDODK WR SURYLGH IRU SRWHQWLDOO\ XQFROOHFWLEOH
PHPDGDL XQWXN PHQXWXS NHPXQJNLQDQ WLGDN UHFHLYDEOHV 7KH *URXS DVVHVVHV
WHUWDJLKQ\D DVHW NHXDQJDQ 3DGD VHWLDS VSHFLILFDOO\ DW HDFK FRQVROLGDWHG VWDWHPHQW
WDQJJDO ODSRUDQ SRVLVL NHXDQJDQ RI ILQDQFLDO SRVLWLRQ GDWH ZKHWKHU WKHUH LV
NRQVROLGDVLDQ*UXSVHFDUDVSHVLILNPHQHODDK DQREMHFWLYHHYLGHQFHWKDWDILQDQFLDODVVHW
DSDNDK WHODK WHUGDSDW EXNWL RE\HNWLI EDKZD LVLPSDLUHGXQFROOHFWLEOH
VXDWX DVHW NHXDQJDQ WHODK PHQJDODPL
SHQXUXQDQQLODLWLGDNWHUWDJLK

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

&DGDQJDQ\DQJGLEHQWXNDGDODKEHUGDVDUNDQ 7KH OHYHO RI DOORZDQFH LV EDVHG RQ SDVW
SHQJDODPDQSHQDJLKDQPDVDODOXGDQIDNWRU FROOHFWLRQH[SHULHQFHDQGRWKHUIDFWRUVWKDW
IDNWRU ODLQQ\D \DQJ PXQJNLQ PHPSHQJDUXKL PD\ DIIHFW FROOHFWDELOLW\ VXFK DV WKH
NROHNWLELOLWDV DQWDUD ODLQ NHPXQJNLQDQ SUREDELOLW\ RI LQVROYHQF\ RU VLJQLILFDQW
NHVXOLWDQ OLNXLGLWDV DWDX NHVXOLWDQ NHXDQJDQ ILQDQFLDO GLIILFXOWLHV RI WKH GHEWRUV RU
\DQJVLJQLILNDQ\DQJGLDODPLROHKGHELWXUDWDX VLJQLILFDQWGHOD\LQSD\PHQWV
SHQXQGDDQSHPED\DUDQ\DQJVLJQLILNDQ

-LND WHUGDSDW EXNWL RE\HNWLI SHQXUXQDQ QLODL ,I WKHUH LV DQ REMHFWLYH HYLGHQFH RI
PDND VDDW GDQ EHVDUDQ MXPODK \DQJ GDSDW LPSDLUPHQW WLPLQJ DQG FROOHFWLEOH DPRXQWV
GLWDJLK GLHVWLPDVL EHUGDVDUNDQ SHQJDODPDQ DUHHVWLPDWHGEDVHGRQKLVWRULFDOORVVGDWD
NHUXJLDQ PDVD ODOX &DGDQJDQ NHUXJLDQ $OORZDQFH LV SURYLGHG RQ DFFRXQWV
SHQXUXQDQQLODLGLEHQWXNDWDVDNXQDNXQ\DQJ VSHFLILFDOO\ LGHQWLILHG DV LPSDLUHG :ULWWHQ
GLLGHQWLILNDVL VHFDUD VSHVLILN WHODK PHQJDODPL RII ORDQV DQG UHFHLYDEOHV DUH EDVHG RQ
SHQXUXQDQ QLODL $NXQ SLQMDPDQ \DQJ PDQDJHPHQW¶V GHFLVLRQV WKDW WKH ILQDQFLDO
GLEHULNDQ GDQ SLXWDQJ GLKDSXVEXNXNDQ DVVHWV DUH XQFROOHFWLEOH RU FDQQRW EH
EHUGDVDUNDQ NHSXWXVDQ PDQDMHPHQ EDKZD UHDOL]HG LQ ZKDWVRHYHU DFWLRQV KDYH EHHQ
DVHW NHXDQJDQ WHUVHEXW WLGDN GDSDW GLWDJLK WDNHQ (YDOXDWLRQ RI UHFHLYDEOHV WR
DWDX GLUHDOLVDVL PHVNLSXQ VHJDOD FDUD GDQ GHWHUPLQH WKH WRWDO DOORZDQFH WR EH
WLQGDNDQ WHODK GLODNVDQDNDQ 6XDWX HYDOXDVL SURYLGHG LV SHUIRUPHG SHULRGLFDOO\ GXULQJ
DWDV SLXWDQJ \DQJ EHUWXMXDQ XQWXN WKH\HDU7KHUHIRUHWKHWLPLQJDQGDPRXQW
PHQJLGHQWLILNDVLMXPODKFDGDQJDQ\DQJKDUXV RIDOORZDQFHUHFRUGHGDWHDFKSHULRGPLJKW
GLEHQWXNGLODNXNDQVHFDUDEHUNDODVHSDQMDQJ GLIIHU EDVHG RQ WKH MXGJPHQWV DQG
WDKXQ 2OHK NDUHQD LWX VDDW GDQ EHVDUDQ HVWLPDWHVWKDWKDYHEHHQXVHG
MXPODK FDGDQJDQ NHUXJLDQ SHQXUXQDQ QLODL
\DQJ WHUFDWDW SDGD VHWLDS SHULRGH GDSDW
EHUEHGD WHUJDQWXQJ SDGD SHUWLPEDQJDQ GDQ
HVWLPDVL\DQJGLJXQDNDQ

1LODL WHUFDWDW SLQMDPDQ \DQJ GLEHULNDQ GDQ 7KHFDUU\LQJYDOXHRIWKH*URXS¶VORDQVDQG
SLXWDQJ*UXSWDQJJDO6HSWHPEHUGDQ UHFHLYDEOHVDVRI6HSWHPEHUDQG
'HVHPEHUDGDODKVHEDJDLEHULNXW 'HFHPEHUIROORZV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
3LQMDPDQ\DQJGLEHULNDQGDQSLXWDQJ /RDQVDQGUHFHLYDEOHV
,QYHVWDVLMDQJNDSHQGHN 6KRUWWHUP,QYHVWPHQWV
GHSR VLWREHUMDQJND WLPHGHSRVLWV
3LXWDQJXVDKD 7UDGHDFFRX QWVUHFHLYDEOH
3LXWDQJODLQODLQ 2WKHUDFFRXQWVUHFHLYDEO H
3LXWDQJSLKDNEHUH ODVLQRQXVDKD 'XHIURPUHODWHGSDUWLHV
-XPO DK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

I &DGDQJDQ .HUXJLDQ 3HQXUXQDQ 1LODL 6XUDW I $OORZDQFH IRU ,PSDLUPHQW RI $)6 (TXLW\
%HUKDUJD7HUVHGLDXQWXN'LMXDO ,QYHVWPHQWV

*UXS EHUSHGRPDQ SDGD 36$. 1R XQWXN 7KH *URXS IROORZV WKH JXLGDQFH RI
PHQHQWXNDQ DSDNDK WHUMDGL SHQXUXQDQ QLODL 36$. 1R WR GHWHUPLQH ZKHQ DQ $)6
DWDV LQYHVWDVL WHUVHGLD XQWXN GLMXDO HTXLW\ LQYHVWPHQW LV LPSDLUHG 7KLV
3HQHQWXDQ WHUVHEXW PHQV\DUDWNDQ GHWHUPLQDWLRQUHTXLUHVVLJQLILFDQWMXGJPHQW
SHUWLPEDQJDQ \DQJ VLJQLILNDQ 'DODP ,Q PDNLQJ WKLV MXGJPHQW WKH *URXS
PHPEXDW SHUWLPEDQJDQ WHUVHEXW *UXS HYDOXDWHV DPRQJ RWKHU IDFWRUV WKH
PHQJHYDOXDVL DQWDUD ODLQ ODPDQ\D GDQ GXUDWLRQ DQG H[WHQW WR ZKLFK WKH IDLU YDOXH
VHMDXK PDQD QLODL ZDMDU LQYHVWDVL WHUVHEXW RI DQ LQYHVWPHQW LV OHVV WKDQ LWV FRVW DQG
EHUDGD GL EDZDK ELD\D SHUROHKDQQ\D WLQJNDW WKH ILQDQFLDO KHDOWK RI DQG VKRUWWHUP
NHVHKDWDQ NHXDQJDQ VHUWD JDPEDUDQ ELVQLV EXVLQHVVRXWORRNIRUWKHLQYHVWHHLQFOXGLQJ
MDQJNDSHQGHNGDULLQYHVWHHWHUPDVXNIDNWRU IDFWRUV VXFK DV LQGXVWU\ DQG VHFWRU
IDNWRU VHSHUWL NLQHUMD LQGXVWUL GDQ VHNWRU SHUIRUPDQFH FKDQJHV LQ WHFKQRORJ\ DQG
LQGXVWUL SHUXEDKDQ WHNQRORJL VHUWD DUXV NDV RSHUDWLRQDODQGILQDQFLQJFDVKIORZ
RSHUDVLVHUWDSHQGDQDDQ

J .RPLWPHQ6HZD J /HDVH&RPPLWPHQWV

.RPLWPHQ 6HZD 2SHUDVL ± *UXS VHEDJDL 2SHUDWLQJ /HDVH &RPPLWPHQWV *URXS DV
/HVVHH /HVVHH

*UXS WHODK PHQDQGDWDQJDQL VHMXPODK 7KH *URXS KDV HQWHUHG LQWR YDULRXV OHDVH
SHUMDQMLDQ VHZD *UXS PHQHQWXNDQ EDKZD DJUHHPHQWV 7KH *URXS KDV GHWHUPLQHG
VHZD WHUVHEXW DGDODK VHZD RSHUDVL NDUHQD WKDW WKHVH DUH RSHUDWLQJ OHDVHV VLQFH WKH
*UXS WLGDN PHQDQJJXQJ VHFDUD VLJQLILNDQ *URXS GRHV QRW EHDU VXEVWDQWLDOO\ DOO WKH
VHOXUXK ULVLNR GDQ PDQIDDW GDUL NHSHPLOLNDQ VLJQLILFDQW ULVNV DQG UHZDUGV RI RZQHUVKLS
DVHWDVHWWHUVHEXW RIWKHUHODWHGDVVHWV

.RPLWPHQ 6HZD 2SHUDVL ± *UXS VHEDJDL 2SHUDWLQJ/HDVH&RPPLWPHQWV±*URXSDV
/HVVRU /HVVRU

*UXS WHODK PHQDQGDWDQJDQL VHMXPODK 7KH *URXS KDV HQWHUHG LQWR YDULRXV
SHUMDQMLDQ VHZD *UXS PHQHQWXNDQ EDKZD FRPPHUFLDO OHDVH DJUHHPHQWV 7KH *URXS
VHZD WHUVHEXW DGDODK VHZD RSHUDVL NDUHQD KDV GHWHUPLQHG WKDW WKHVH DUH RSHUDWLQJ
*UXS PHQDQJJXQJ VHFDUD VLJQLILNDQ VHOXUXK OHDVHV VLQFH WKH *URXS EHDUV VXEVWDQWLDOO\
ULVLNRGDQPDQIDDWGDULNHSHPLOLNDQDVHWDVHW DOO WKH VLJQLILFDQW ULVNV DQG UHZDUGV RI
WHUVHEXW RZQHUVKLSRIWKHUHODWHGDVVHWV

.RPLWPHQ6HZD3HPELD\DDQ±*UXS6HEDJDL )LQDQFH /HDVH &RPPLWPHQWV *URXS DV
/HVVHH /HVVHH

*UXS WHODK PHQDQGDWDQJDQL VHMXPODK 7KH *URXS KDV HQWHUHG LQWR RIILFH
SHUMDQMLDQ VHZD SHUDODWDQ NDQWRU *UXS HTXLSPHQW OHDVHV DJUHHPHQW 7KH *URXS
PHQHQWXNDQ EDKZD VHZD WHUVHEXW DGDODK KDV GHWHUPLQHG WKDW WKHVH DUH ILQDQFH
VHZD SHPELD\DDQ NDUHQD VHZD WHUVHEXW OHDVHVVLQFHLWKDVEHHQJUDQWHGRSWLRQVWR
PHPEHULNDQ RSVL EHOL SDGD DNKLU PDVD VHZD SXUFKDVHDWWKHHQGRIWKHOHDVHWHUPDQGLW
GDQ *UXS PHQDQJJXQJ VHFDUD VLJQLILNDQ EHDUV VXEVWDQWLDOO\ DOO WKH VLJQLILFDQW ULVNV
VHOXUXK ULVLNR GDQ PDQIDDW GDUL NHSHPLOLNDQ DQG EHQHILWV LQFLGHQWDO WR WKH RZQHUVKLS RI
DVHWDVHWWHUVHEXW WKHVHSURSHUWLHV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

.RPLWPHQ6HZD3HPELD\DDQ±*UXS6HEDJDL )LQDQFH /HDVH &RPPLWPHQWV *URXS DV
/HVVRU /HVVRU

*UXS WHODK PHQDQGDWDQJDQL SHUMDQMLDQ VHZD 7KH *URXS KDV HQWHUHG LQWR EXLOGLQJ OHDVH
EDQJXQDQ *UXS PHQHQWXNDQ EDKZD VHZD DJUHHPHQW 7KH *URXS KDV GHWHUPLQHG
WHUVHEXW DGDODK VHZD SHPELD\DDQ NDUHQD WKDW WKLV LV D ILQDQFH OHDVH VLQFH OHVVHH
OHVVHHPHQDQJJXQJVHFDUDVLJQLILNDQVHOXUXK EHDUV VXEVWDQWLDOO\ DOO WKH VLJQLILFDQW ULVNV
ULVLNRGDQPDQIDDWGDULNHSHPLOLNDQDVHWDVHW DQG EHQHILWV LQFLGHQWDO WR WKH RZQHUVKLS RI
WHUVHEXW WKHVHSURSHUWLHV

K 3DMDN3HQJKDVLODQ K ,QFRPH7D[HV

3HUEHGDDQ DWDV LQWHUSUHWDVL GDUL SHUDWXUDQ 'LIIHUHQW LQWHUSUHWDWLRQ RI FRPSOH[ WD[
SDMDN \DQJ NRPSOHNV PHQJDNLEDWNDQ UHJXODWLRQ PDNHV WKH XOWLPDWH WD[
NHWLGDNSDVWLDQ SHQHQWXDQ MXPODK SDMDN GHWHUPLQDWLRQ EHFRPHV XQFHUWDLQ :KHUH
SHQJKDVLODQ -LND KDVLO SHPHULNVDDQ SDMDN WKH ILQDO WD[ RXWFRPH RI WKHVH PDWWHUV LV
EHUEHGD GHQJDQ MXPODK \DQJ VHEHOXPQ\D GLIIHUHQWIURPWKHDPRXQWVWKDWZHUHLQLWLDOO\
WHODK GLEXNXNDQ PDND VHOLVLK WHUVHEXW DNDQ UHFRUGHG VXFK GLIIHUHQFHV ZLOO KDYH DQ
EHUGDPSDN WHUKDGDSDVHW GDQ OLDELOLWDV SDMDN LPSDFW RQ WKH FXUUHQW DQG GHIHUUHG WD[
NLQL GDQ WDQJJXKDQ GDODP SHULRGH GLPDQD DVVHWV DQG OLDELOLWLHV LQ WKH SHULRG LQ ZKLFK
KDVLOSHPHULNVDDQWHUVHEXWWHUMDGL VXFKGHWHUPLQDWLRQLVPDGH

(VWLPDVLGDQ$VXPVL (VWLPDWHVDQG$VVXPSWLRQV

$VXPVLXWDPDPHQJHQDLPDVDGHSDQGDQVXPEHU 7KHNH\DVVXPSWLRQVFRQFHUQLQJWKHIXWXUHDQG
XWDPD ODLQ GDODP PHQJHVWLPDVL NHWLGDNSDVWLDQ RWKHU NH\ VRXUFHV RI HVWLPDWLRQ XQFHUWDLQW\ DW
SDGD WDQJJDO SHODSRUDQ \DQJ PHPSXQ\DL ULVLNR WKHUHSRUWLQJGDWHWKDWKDYHDVLJQLILFDQWULVNRI
VLJQLILNDQ \DQJ GDSDW PHQ\HEDENDQ SHQ\HVXDLDQ FDXVLQJ D PDWHULDO DGMXVWPHQW WR WKH FDUU\LQJ
PDWHULDO WHUKDGDS QLODL WHUFDWDW DVHW GDQ OLDELOLWDV DPRXQWVRIDVVHWVDQGOLDELOLWLHVZLWKLQWKHQH[W
GDODP SHULRGH EHULNXWQ\D GLXQJNDSNDQ GL EDZDK ILQDQFLDOSHULRGDUHGLVFORVHGEHORZ7KH*URXS
LQL*UXSPHQGDVDUNDQDVXPVLGDQHVWLPDVLSDGD EDVHG LWV DVVXPSWLRQV DQG HVWLPDWHV RQ
SDUDPHWHU \DQJ WHUVHGLD VDDW ODSRUDQ NHXDQJDQ SDUDPHWHUV DYDLODEOH ZKHQ WKH FRQVROLGDWHG
NRQVROLGDVLDQ GLVXVXQ .RQGLVL \DQJ DGD GDQ ILQDQFLDO VWDWHPHQWV ZHUH SUHSDUHG ([LVWLQJ
DVXPVL PHQJHQDL SHUNHPEDQJDQ PDVD GHSDQ FLUFXPVWDQFHV DQG DVVXPSWLRQV DERXW IXWXUH
GDSDW EHUXEDK NDUHQD SHUXEDKDQ VLWXDVL SDVDU GHYHORSPHQWV PD\ FKDQJH GXH WR PDUNHW
\DQJ EHUDGD GL OXDU NHQGDOL *UXS 3HUXEDKDQ FKDQJHV RQ FLUFXPVWDQFHV DULVLQJ EH\RQG WKH
WHUVHEXW WHUFHUPLQ GDODP DVXPVL NHWLND NHDGDDQ FRQWURO RI WKH *URXS 6XFK FKDQJHV DUH
WHUVHEXWWHUMDGL UHIOHFWHGLQWKHDVVXPSWLRQVZKHQWKH\RFFXU

D 1LODL :DMDU $VHW .HXDQJDQ GDQ /LDELOLWDV D )DLU 9DOXH RI )LQDQFLDO $VVHWV DQG
.HXDQJDQ )LQDQFLDO/LDELOLWLHV

6WDQGDU $NXQWDQVL .HXDQJDQ GL ,QGRQHVLD ,QGRQHVLDQ )LQDQFLDO $FFRXQWLQJ
PHQV\DUDWNDQ SHQJXNXUDQ DVHW NHXDQJDQ 6WDQGDUGVUHTXLUHPHDVXUHPHQWRIFHUWDLQ
GDQ OLDELOLWDV NHXDQJDQ WHUWHQWX SDGD QLODL ILQDQFLDO DVVHWV DQG OLDELOLWLHV DW IDLU
ZDMDUQ\D GDQ SHQ\DMLDQ LQL PHQJKDUXVNDQ YDOXHV DQG WKH GLVFORVXUH UHTXLUHV WKH
SHQJJXQDDQ HVWLPDVL .RPSRQHQ XVHRIHVWLPDWHV6LJQLILFDQWFRPSRQHQWRI
SHQJXNXUDQ QLODL ZDMDU \DQJ VLJQLILNDQ IDLU YDOXH PHDVXUHPHQW LV GHWHUPLQHG
GLWHQWXNDQ EHUGDVDUNDQ EXNWLEXNWL RE\HNWLI EDVHG RQ YHULILDEOH REMHFWLYH HYLGHQFH
\DQJ GDSDW GLYHULILNDVL VHSHUWL QLODL WXNDU LH IRUHLJQ H[FKDQJH UDWH LQWHUHVW UDWH
VXNX EXQJD VHGDQJNDQ VDDW GDQ EHVDUDQ ZKLOHWLPLQJDQGDPRXQWRIFKDQJHVLQIDLU
SHUXEDKDQQLODLZDMDUGDSDWPHQMDGLEHUEHGD YDOXHPLJKWGLIIHUGXHWRGLIIHUHQWYDOXDWLRQ
NDUHQD SHQJJXQDDQ PHWRGH SHQLODLDQ \DQJ PHWKRGXVHG
EHUEHGD

1LODL ZDMDU DVHW NHXDQJDQ GDQ OLDELOLWDV 7KH IDLU YDOXH RI ILQDQFLDO DVVHWV DQG
NHXDQJDQGLXQJNDSNDQSDGD&DWDWDQ ILQDQFLDOOLDELOLWLHVDUHVHWRXWLQ1RWH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

E &DGDQJDQ .HUXJLDQ 3HQXUXQDQ 1LODL E $OORZDQFH IRU 'HFOLQH LQ 9DOXH RI
3HUVHGLDDQ ,QYHQWRULHV

*UXS PHPEHQWXN FDGDQJDQ NHUXJLDQ 7KH *URXS SURYLGHV DOORZDQFH IRU GHFOLQH
SHQXUXQDQ QLODL SHUVHGLDDQ EHUGDVDUNDQ LQ YDOXH RI LQYHQWRULHV EDVHG RQ LWV
HVWLPDVL EDKZD WLGDN WHUGDSDW SHQJJXQDDQ HVWLPDWLRQ WKDW WKHUH ZLOO EH QR IXWXUH
PDVD GHSDQ GDUL SHUVHGLDDQ WHUVHEXW DWDX XVDJH RI VXFK LQYHQWRULHV RU VXFK
WHUGDSDW NHPXQJNLQDQ SHUVHGLDDQ WHUVHEXW LQYHQWRULHV ZLOO EH VORZ PRYLQJ LQ WKH
PHQMDGL XVDQJ 0DQDMHPHQ EHUNH\DNLQDQ IXWXUH :KLOH LW LV EHOLHYHG WKDW WKH
EDKZD DVXPVLDVXPVL \DQJ GLJXQDNDQ DVVXPSWLRQVXVHGLQWKHHVWLPDWLRQRIWKH
GDODP HVWLPDVL FDGDQJDQ NHUXJLDQ DOORZDQFH IRU GHFOLQH LQ WKH YDOXH RI
SHQXUXQDQ QLODL SHUVHGLDDQ GDODP ODSRUDQ LQYHQWRULHV UHIOHFWHG LQ WKH FRQVROLGDWHG
NHXDQJDQ NRQVROLGDVLDQ DGDODK WHSDW GDQ ILQDQFLDO VWDWHPHQWV DUH DSSURSULDWH DQG
ZDMDUQDPXQGHPLNLDQSHUXEDKDQVLJQLILNDQ UHDVRQDEOH VLJQLILFDQW FKDQJHV LQ WKHVH
GDODP DVXPVLDVXPVL WHUVHEXW GDSDW DVVXPSWLRQV PD\ PDWHULDOO\ DIIHFW WKH
EHUGDPSDN VLJQLILNDQ WHUKDGDS QLODL WHUFDWDW DVVHVVPHQW RI WKH FDUU\LQJ YDOXH RI WKH
SHUVHGLDDQ GDQ MXPODK EHEDQ NHUXJLDQ LQYHQWRULHV DQG SURYLVLRQ IRU GHFOLQH LQ
SHQXUXQDQ QLODL SHUVHGLDDQ \DQJ DNKLUQ\D YDOXH RI LQYHQWRULHV H[SHQVH ZKLFK
DNDQEHUGDPSDNSDGDKDVLORSHUDVL*UXS XOWLPDWHO\LPSDFWWKHUHVXOWRIWKH*URXS¶V
RSHUDWLRQV

1LODL WHUFDWDW SHUVHGLDDQ SDGD WDQJJDO 7KH FDUU\LQJ YDOXHV RI LQYHQWRULHV DV RI
6HSWHPEHUGDQ'HVHPEHU 6HSWHPEHU DQG 'HFHPEHU
GLXQJNDSNDQSDGD&DWDWDQ DUHVHWRXWLQ1RWH

F (VWLPDVL 0DVD 0DQIDDW $VHW 7HWDS GDQ F (VWLPDWHG 8VHIXO /LYHV RI 3URSHUW\ DQG
3URSHUWL,QYHVWDVL (TXLSPHQWDQG,QYHVWPHQW3URSHUWLHV

0DVD PDQIDDW GDUL PDVLQJPDVLQJ SURSHUWL 7KH XVHIXO OLIH RI HDFK RI WKH LWHP RI WKH
LQYHVWDVL GDQ DVHW WHWDS *UXS GLHVWLPDVL *URXS¶V LQYHVWPHQW SURSHUWLHV DQG
EHUGDVDUNDQ MDQJND ZDNWX DVHW WHUVHEXW SURSHUW\ DQG HTXLSPHQW DUH HVWLPDWHG
GLKDUDSNDQ WHUVHGLD XQWXN GLJXQDNDQ EDVHG RQ WKH SHULRGRYHU ZKLFK WKHDVVHW
(VWLPDVL WHUVHEXW GLGDVDUNDQ SDGD SHQLODLDQ LV H[SHFWHG WR EH DYDLODEOH IRU XVH 6XFK
NROHNWLI EHUGDVDUNDQ ELGDQJ XVDKD \DQJ HVWLPDWLRQ LV EDVHG RQ D FROOHFWLYH
VDPD HYDOXDVL WHNQLV LQWHUQDO GDQ DVVHVVPHQW RI VLPLODU EXVLQHVV LQWHUQDO
SHQJDODPDQ GHQJDQ DVHW VHMHQLV (VWLPDVL WHFKQLFDO HYDOXDWLRQ DQG H[SHULHQFH ZLWK
PDVD PDQIDDW VHWLDS DVHW GLWHODDK VHFDUD VLPLODUDVVHWV7KHHVWLPDWHGXVHIXOOLIHRI
EHUNDODGDQGLSHUEDUXLMLNDHVWLPDVLEHUEHGD HDFK DVVHW LV UHYLHZHG SHULRGLFDOO\ DQG
GDUL SHUNLUDDQ VHEHOXPQ\D \DQJ GLVHEDENDQ XSGDWHG LI H[SHFWDWLRQV GLIIHU IURP
NDUHQDSHPDNDLDQXVDQJVHFDUDWHNQLVDWDX SUHYLRXV HVWLPDWHV GXH WR SK\VLFDO ZHDU
NRPHUVLDO VHUWD NHWHUEDWDVDQ KDN DWDX DQG WHDU WHFKQLFDO RU FRPPHUFLDO
SHPEDWDVDQ ODLQQ\D WHUKDGDS SHQJJXQDDQ REVROHVFHQFHDQGOHJDORURWKHUOLPLWVRQ
DVHW 'HQJDQ GHPLNLDQ KDVLO RSHUDVL GL WKH XVH RI WKH DVVHW ,W LV SRVVLEOH
PDVD PHQGDWDQJ PXQJNLQ GDSDW KRZHYHU WKDW IXWXUH UHVXOWV RI RSHUDWLRQV
WHUSHQJDUXK VHFDUD VLJQLILNDQ ROHK FRXOGEHPDWHULDOO\DIIHFWHGE\FKDQJHVLQ
SHUXEDKDQ GDODP MXPODK GDQ ZDNWX WKH DPRXQWV DQG WLPLQJ RI UHFRUGHG
WHUMDGLQ\D ELD\D NDUHQD SHUXEDKDQ \DQJ H[SHQVHVEURXJKWDERXWE\FKDQJHVLQWKH
GLVHEDENDQ ROHK IDNWRUIDNWRU \DQJ IDFWRUV PHQWLRQHG DERYH $ UHGXFWLRQ LQ
GLVHEXWNDQ GL DWDV 3HQXUXQDQ HVWLPDVL WKH HVWLPDWHG XVHIXO OLIH RI DQ\ LWHP RI
PDVD PDQIDDW HNRQRPLV VHWLDS DVHW WHWDS LQYHVWPHQW SURSHUWLHV DQG SURSHUW\ DQG
DNDQ PHQ\HEDENDQ NHQDLNDQ EHEDQ HTXLSPHQW ZRXOG LQFUHDVH WKH UHFRUGHG
SHQ\XVXWDQGDQSHQXUXQDQQLODLWHUFDWDWDVHW GHSUHFLDWLRQ DQG GHFUHDVH WKH FDUU\LQJ
WHWDS YDOXHVRIWKHVHDVVHWV

1LODLWHUFDWDWDVHWWHWDSGDQSURSHUWLLQYHVWDVL 7KH FDUU\LQJ YDOXHV RI SURSHUW\ DQG
NRQVROLGDVLDQ SDGD WDQJJDO 6HSWHPEHU HTXLSPHQWDQGLQYHVWPHQWSURSHUWLHVDVRI
GDQ'HVHPEHUPDVLQJPDVLQJ 6HSWHPEHU DQG 'HFHPEHU
GLXQJNDSNDQSDGD&DWDWDQGDQ DUH VHW RXW LQ 1RWHV DQG
UHVSHFWLYHO\

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

G 3HQXUXQDQ 1LODL *RRGZLOO GDQ $VHW G ,PSDLUPHQW RI *RRGZLOO DQG 2WKHU
7DNEHUZXMXG/DLQQ\D ,QWDQJLEOH$VVHWV

$VHW WDNEHUZXMXG VHODLQ JRRGZLOO GLXML ,QWDQJLEOH DVVHWV RWKHU WKDQJRRGZLOO DUH
SHQXUXQDQ QLODL DSDELOD LQGLNDVL SHQXUXQDQ UHYLHZHG IRU LPSDLUPHQW ZKHQHYHU
QLODL WHODK WHUMDGL 8QWXN JRRGZLOO XML LPSDLUPHQW LQGLFDWRUV DUH SUHVHQW :KLOH
SHQXUXQDQ QLODL ZDMLE GLODNXNDQ VHGLNLWQ\D IRUJRRGZLOOLPSDLUPHQWWHVWLQJLVUHTXLUHG
VHWDKXQVHNDOLWDQSDPHPSHUKDWLNDQDSDNDK WR EH SHUIRUPHG DW OHDVW DQQXDOO\
WHODK WHUMDGL LQGLNDVL SHQXUXQDQ QLODL LUUHVSHFWLYH RI ZKHWKHU RU QRW WKHUH DUH
3HQHQWXDQ QLODL SDNDL DVHW WDNEHUZXMXG LQGLFDWLRQVRILPSDLUPHQW'HWHUPLQLQJWKH
PHPEXWXKNDQ HVWLPDVL DUXV NDV \DQJ YDOXH LQ XVH RI DVVHWV UHTXLUHV WKH
GLKDUDSNDQ DNDQ GLKDVLONDQ GDUL SHPDNDLDQ HVWLPDWLRQ RI FDVK IORZV H[SHFWHG WR EH
EHUNHODQMXWDQGDQSHOHSDVDQDNKLUDWDVDVHW JHQHUDWHG IURP WKH FRQWLQXHG XVH DQG
WHUVHEXW 83. VHUWD WLQJNDW GLVNRQWR \DQJ XOWLPDWH GLVSRVLWLRQ RI VXFK DVVHWV &*8
WHSDWXQWXNPHQJKLWXQJQLODLNLQL DQG D VXLWDEOH GLVFRXQW UDWH LQ RUGHU WR
FDOFXODWHWKHSUHVHQWYDOXH

0DQDMHPHQ EHUNH\DNLQDQ EDKZD DVXPVL :KLOH LW LV EHOLHYHG WKDW WKH DVVXPSWLRQV
DVXPVL \DQJ GLJXQDNDQ GDODP HVWLPDVL QLODL XVHGLQ WKH HVWLPDWLRQ RI WKHYDOXH LQ XVH
SDNDLGDODPODSRUDQNHXDQJDQNRQVROLGDVLDQ RI DVVHWV UHIOHFWHG LQ WKH FRQVROLGDWHG
DGDODK WHSDW GDQ ZDMDU QDPXQ GHPLNLDQ ILQDQFLDO VWDWHPHQWV DUH DSSURSULDWH DQG
SHUXEDKDQ VLJQLILNDQ GDODP DVXPVLDVXPVL UHDVRQDEOH VLJQLILFDQW FKDQJHV LQ WKLV
WHUVHEXW GDSDW EHUGDPSDN VLJQLILNDQ SDGD DVVXPSWLRQV PD\ PDWHULDOO\ DIIHFW WKH
MXPODK QLODL WHUSXOLKNDQ GDQ MXPODK NHUXJLDQ DVVHVVPHQWRIUHFRYHUDEOHYDOXHVDQGDQ\
SHQXUXQDQ QLODL \DQJ WHUMDGL PXQJNLQ UHVXOWLQJ LPSDLUPHQW ORVV FRXOG KDYH D
EHUGDPSDNPDWHULDOSDGDKDVLORSHUDVL*UXS PDWHULDODGYHUVHLPSDFWRQWKHWKHUHVXOWV
RI*URXS¶VRSHUDWLRQV

1LODL WHUFDWDW JRRGZLOO GLPDQD WHODK GLXML 7KHFDUU\LQJDPRXQWRIJRRGZLOORQZKLFK
SHQXUXQDQ QLODL GDQ DVHW WDNEHUZXMXG LPSDLUPHQW DQDO\VLV ZDV DSSOLHG DQG
ODLQQ\D SDGD WDQJJDO 6HSWHPEHU RWKHU LQWDQJLEOH DVVHWV DV RI
GDQ 'HVHPEHU GLXQJNDSNDQ SDGD 6HSWHPEHU DQG 'HFHPEHU
&DWDWDQGDQ DUH VHW RXW LQ 1RWHV DQG
UHVSHFWLYHO\

H 3HQXUXQDQ1LODL$VHW1RQ.HXDQJDQ H ,PSDLUPHQWRI1RQ)LQDQFLDO$VVHWV

3HQHODDKDQ DWDV SHQXUXQDQ QLODL GLODNXNDQ ,PSDLUPHQW UHYLHZ LV SHUIRUPHG ZKHQ
DSDELODWHUGDSDWLQGLNDVLSHQXUXQDQQLODLDVHW FHUWDLQ LPSDLUPHQW LQGLFDWRUV DUH SUHVHQW
WHUWHQWX 3HQHQWXDQ QLODL ZDMDU DVHW 'HWHUPLQLQJ WKH IDLU YDOXH RI DVVHWV
PHPEXWXKNDQ HVWLPDVL DUXV NDV \DQJ UHTXLUHV WKH HVWLPDWLRQ RI FDVK IORZV
GLKDUDSNDQ DNDQ GLKDVLONDQ GDUL SHPDNDLDQ H[SHFWHG WR EH JHQHUDWHG IURP WKH
EHUNHODQMXWDQGDQSHOHSDVDQDNKLUDWDVDVHW FRQWLQXHG XVH DQG XOWLPDWH GLVSRVLWLRQ RI
WHUVHEXW 3HUXEDKDQ VLJQLILNDQ GDODP VXFK DVVHWV $Q\ VLJQLILFDQW FKDQJHV LQ
DVXPVLDVXPVL \DQJ GLJXQDNDQ XQWXN WKH DVVXPSWLRQV XVHG LQ GHWHUPLQLQJ WKH
PHQHQWXNDQ QLODL ZDMDU GDSDW EHUGDPSDN IDLU YDOXH PD\ PDWHULDOO\ DIIHFW WKH
VLJQLILNDQ SDGD QLODL WHUSXOLKNDQ GDQ MXPODK DVVHVVPHQWRIUHFRYHUDEOHYDOXHVDQGDQ\
NHUXJLDQ SHQXUXQDQ QLODL \DQJ WHUMDGL UHVXOWLQJ LPSDLUPHQW ORVV FRXOG KDYH D
PXQJNLQ EHUGDPSDN PDWHULDO SDGD KDVLO PDWHULDOLPSDFWRQUHVXOWVRIRSHUDWLRQV
RSHUDVL*UXS

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

1LODL WHUFDWDW DVHW QRQNHXDQJDQ WHUVHEXW 7KH FDUU\LQJ YDOXHV RI WKHVH DVVHWV DV RI
SDGD WDQJJDO 6HSWHPEHU GDQ 6HSWHPEHU DQG 'HFHPEHU
'HVHPEHU GLXQJNDSNDQ SDGD DUH VHW RXW LQ 1RWHV DQG
&DWDWDQGDQ

I ,PEDODQ.HUMD-DQJND3DQMDQJ I /RQJWHUP(PSOR\HH%HQHILWV

3HQHQWXDQ OLDELOLWDV LPEDODQ NHUMD MDQJND 7KH GHWHUPLQDWLRQ RI WKH ORQJWHUP
SDQMDQJ GLSHQJDUXKL ROHK DVXPVL WHUWHQWX HPSOR\HH EHQHILWV LV GHSHQGHQW RQ WKH
\DQJ GLJXQDNDQ ROHK DNWXDULV GDODP VHOHFWLRQ RI FHUWDLQ DVVXPSWLRQV XVHG E\
PHQJKLWXQJ MXPODK WHUVHEXW $VXPVLDVXPVL DFWXDU\ LQ FDOFXODWLQJ VXFK DPRXQWV
WHUVHEXW GLMHODVNDQ GDODP &DWDWDQ GDQ 7KRVH DVVXPSWLRQV DUH GHVFULEHG LQ
PHQFDNXSDQWDUDODLQWLQJNDWNHQDLNDQJDML 1RWHDQGLQFOXGHDPRQJRWKHUVUDWHRI
GDQWLQJNDWGLVNRQWR\DQJGLWHQWXNDQGHQJDQ VDODU\LQFUHDVHDQGGLVFRXQWUDWHZKLFKLV
PHQJDFXSDGDLPEDOKDVLOSDVDUDWDVEXQJD GHWHUPLQHG DIWHU JLYLQJ FRQVLGHUDWLRQ WR
REOLJDVL NRUSRUDVL EHUNXDOLWDV WLQJJL GDODP LQWHUHVW UDWHV RI KLJKTXDOLW\ FRUSRUDWH
PDWD XDQJ \DQJ VDPD GHQJDQ PDWD XDQJ ERQGV WKDW DUH GHQRPLQDWHG LQ WKH
SHPED\DUDQ LPEDODQ GDQ PHPLOLNL MDQJND FXUUHQF\ LQ ZKLFK WKH EHQHILWV DUH WR EH
ZDNWX\DQJPHQGHNDWLHVWLPDVLMDQJNDZDNWX SDLG DQG KDYH WHUPV RI PDWXULW\
OLDELOLWDV LPEDODQ NHUMD MDQJND SDQMDQJ DSSUR[LPDWLQJ WKH WHUPV RI WKH UHODWHG
WHUVHEXW +DVLO DNWXDO \DQJ EHUEHGD GHQJDQ HPSOR\HH EHQHILWV OLDELOLW\ $FWXDO UHVXOWV
DVXPVL *UXS GLEXNXNDQ SDGD SHQJKDVLODQ WKDW GLIIHU IURP WKH *URXS¶V DVVXPSWLRQV
NRPSUHKHQVLI ODLQ GDQ GHQJDQ GHPLNLDQ DUHFKDUJHGWRFRPSUHKHQVLYHLQFRPHDQG
EHUGDPSDN SDGD MXPODK SHQJKDVLODQ WKHUHIRUH JHQHUDOO\ DIIHFW WKH UHFRJQL]HG
NRPSUHKHQVLI ODLQ \DQJ GLDNXL GDQ OLDELOLWDV FRPSUHKHQVLYH LQFRPH DQG UHFRUGHG
\DQJ WHUFDWDW SDGD SHULRGHSHULRGH REOLJDWLRQLQVXFKIXWXUHSHULRGV:KLOHLWLV
PHQGDWDQJ 0DQDMHPHQ EHUNH\DNLQDQ EHOLHYHGWKDWWKH*URXS¶VDVVXPSWLRQVDUH
EDKZD DVXPVLDVXPVL \DQJ GLJXQDNDQ UHDVRQDEOH DQG DSSURSULDWH VLJQLILFDQW
DGDODK WHSDW GDQ ZDMDU QDPXQ GHPLNLDQ GLIIHUHQFHV LQ DFWXDO H[SHULHQFH RU
SHUEHGDDQ VLJQLILNDQ SDGD KDVLO DNWXDO DWDX VLJQLILFDQW FKDQJHV LQ DVVXPSWLRQV PD\
SHUXEDKDQ VLJQLILNDQ GDODP DVXPVLDVXPVL PDWHULDOO\ DIIHFW WKH DPRXQW RI ORQJWHUP
WHUVHEXW GDSDW EHUGDPSDN VLJQLILNDQ SDGD HPSOR\HHEHQHILWVOLDELOLW\
MXPODK OLDELOLWDV LPEDODQ NHUMD MDQJND
SDQMDQJ

'HVHPEHU OLDELOLWDV LPEDODQ NHUMD 'HFHPEHU WKH DPRXQW RI ORQJ
MDQJND SDQMDQJ GLXQJNDSNDQ SDGD WHUP HPSOR\HH EHQHILWV OLDELOLW\ LV VHW RXW
&DWDWDQ LQ1RWH

.DVGDQ6HWDUD.DV &DVKDQG&DVK(TXLYDOHQWV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
.DV &DVKRQKDQG
%DQN &DVKLQEDQNV
5XS LDK 5XSLDK
3LKDNEHUHODVL&DWDWDQ 5HODWHGSDUWLHV1RWH
37%DQN6LQD UPDV7EN%6 37%DQN6LQDUPDV7EN%6
%6XQLW6 \DULDK %66\DULDKXQLW
-XPODK3LKDNEHUHODVL 6XEWRWDO5HODWHGSD UWLHV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HSWHPEHU 'H VHPEHU
6HSWHPEHU 'HFHPEHU
%DQN &DVKLQEDQNV
5XS LDK 5XSLDK
37%DQN&HQWUD O$VLD7EN%&$ 37%DQN&HQWUDO$VLD 7EN%&$
37%DQN3HUPDWD7EN3HUPDWD 37%DQN3HUPDWD7EN3HUPDWD
37%DQN0D\EDQN,QGRQHVLD7EN 37%DQN0D\EDQN,QGRQHVL D7EN
0D\EDQN 0D\E DQN
37%DQN0DQGLUL3H UVHUR7EN 37%DQN0DQ GLUL3HUVHUR7EN
0DQGLUL 0DQGLUL
37%DQN1HJDUD,QGRQHVLD 37%DQN1HJDUD,QGRQHVLD
3HUVHUR7EN%1, 3HUVHUR7EN%1,
37%DQN2&%&1,637EN 37%DQN2&%&1,637EN
2&%&1,63 2&%&1,63
37%DQN&,0%1LDJD7EN1L DJD 37%DQN&,0%1L DJD7EN1LDJD
37%DQN3HPEDQJXQDQ'DHUD K 37%DQN3HPEDQJXQDQ'DHUDK
-D ZD%D UDWGDQ%DQWHQ7EN%-% -DZD%DUDWGDQ%DQWHQ7EN%-%
37%DQN5DN\DW,QGRQHVLD 37%DQN5DN\DW,QGRQH VLD
3HUVHUR7EN%5, 3HUVHUR7EN%5,
37%DQN3DQ,QGRQHVLD7EN3 DQLQ 37%DQN3DQ,QGRQH VLD7EN3DQLQ
37%DQN0HJD7EN0HJD 37%DQN0HJ D7EN0HJD
37%DQN'DQDPRQ,QGRQHVLD7EN 37%DQN'DQDPRQ,Q GRQHVLD7EN
'DQD PRQ 'DQDPRQ
37%DQN7DEXQJDQ1HJDUD 37%DQN7DEXQJDQ1HJDUD
3HUVHUR%71 3HUVHUR%71
37%DQN01&,QWHUQDVLRQDO7EN 37%DQN01&,Q WHUQDVLRQDO7EN
GDKXOX37%DQN,&% IRUPHUO\37%DQN,&%
%XPLSXWHUD7EN01& %XPLSXWHUD7EN01&
37%DQN9LFWRULD,QWHUQDWLRQDO7EN 37%DQN9LFWRULD,QWHUQDWLRQDO7EN
%9, %9,
37%DQN3HPEDQJXQDQ'DHUD K 37%DQN3HPEDQJXQDQ'DHUDK
6XPDWHUD6HODWDQGDQ%DQJND 6XPDWHUD6H ODWDQGDQ%DQ JND
%HOLWXQJ %HOLWXQJ
37%DQN0L]XKR,QGR QHVLD%0, 37%DQN0L]XKR,QGRQHVLD%0,
37%DQN%XNRSLQ7EN%XNRSLQ 37%DQN%XNRSLQ7EN%XNRSLQ
%1,XQLW6\DULDK %1,6\DULDKXQLW
37%DQN0D\DSDGD 37%DQN0D\DSDGD
,QWHUQDWLRQDO7EN0D\DSDGD ,QWHUQDWLRQ DO7EN0D\DSDGD
-XPODK3LKDNNHWLJD 6XEWRWDO7KLUGSDUWLHV
-XPODK5XSLDK 6XEWRWDO5XSLDK
'RO DU$PHULND6HULNDW&DWDWDQ 86'ROODU1RWH

3LKDNEHUHODVL&DWDWDQ 5HODWH GSDUWLHV1RWH
%6 %6
%6XQLWX VDKD6\DULDK %66\DULDKXQLW
-XPODK3LKDNEHUHODVL 6XEWRWDO5HODWHGSD UWLHV
2YHUVHD&KLQHVH%DQNLQJ 2YHUVHD&KLQHVH%DQNLQJ
&RUSR UDWLRQ/LPLWHG &RUSRUDWLRQ/LPLWHG
0D\EDQN 0D\EDQN
0DQGLUL 0DQGLUL
%1, %1,
2&%&1,63 2&%&1,63
%0, %0,
%&$ %&$
%5, %5,
-XPODK'RODU$PHULND6HULNDW 6XEWRWDO86'ROODU
-XPO DK%DQN 7RWDO&DVKLQ%DQ NV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HSWHPEHU 'H VHPEHU
6HSWHPEHU 'HFHPEHU
'HSRVL WREHUMDQJND 7LPHGHSRVLWV

5XS LDK 5XSLDK
3LKDNEHUHODVL&DWDWDQ 5HODWH GSDUW\1RWH
%6 %6
%XNRSLQ %XNRSLQ
%-% %-%
0D\EDQN 0D\EDQN
0HJD 0HJD
3HUPDWD 3HUPDWD
3DQLQ 3DQLQ
%9, %9,
'DQDPRQ 'D QDPRQ
2&%&1,63 2&%&1,63
37%DQN82%,QGRQHVLD82% 37%DQN82%,QGRQHVLD 82%
%1, %1,
0DQGLUL 0DQGLUL
0D\DSDGD 0D\DSDGD
1LDJD 1L DJD
01& 01&
%5, %5,
-XPODK5XSLDK 6XEWRWDO5XSLDK
'RO DU$PHULND6HULNDW&DWDWDQ 86'ROODU1RWH

0HJD 0HJD
'DQDPRQ 'D QDPRQ
%XNRSLQ %XNRSLQ
3HUPDWD 3HUPDWD
0D\EDQN 0D\EDQN
-XPODK'RODU$PHULND6HULNDW 6XEWRWDO86'ROODU
-XPO DK'HSRVLWR%HUMDQJND 7RWDO7LPHGHSRVL WV
-XPO DK 7RWDO
6XNXE XQJDSHUWDKX QGHSRVLWREHUMDQJND ,QWHUHVWUDWHVSHUDQQXPRQ WLPHGHSRVLWV

5XS LDK 5XSLDK
'RO ODU$PHULND6HULNDW 86'ROODU

,QYHVWDVL-DQJND3HQGHN 6KRUWWHUP,QYHVWPHQWV

$NXQ LQL WHUGLUL GDUL LQYHVWDVL GDODP 5XSLDK 7KLV DFFRXQW FRQVLVWV RI WKH IROORZLQJ 5XSLDK
GHQJDQULQFLDQVHEDJDLEHULNXW GHQRPLQDWHGLQYHVWPHQWV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
'HSRVL WREHUMDQJND 7LPHGHSRVLWV
6XUDWEHUKDUJD 6HFXULWLHV
7HUVHGLDXQWXNGL MXDOEHUVLK $YDLODEOHIRUVDOHQHW
-XPODK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

D 'HSRVLWR%HUMDQJND D 7LPH'HSRVLWV

$NXQ LQL WHUGLUL DWDV GHSRVLWR EHUMDQJND 7KHVH UHSUHVHQW WKH IROORZLQJ WKH 5XSLDK
GDODP5XSLDK GHQRPLQDWHGWLPHGHSRVLWV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
37%DQN0DQGLUL3HUVHUR7EN 37%DQN0DQGLUL3HUVHUR7EN
0DQGLUL 0DQGLUL
37%DQN&,0%1LDJD7EN 37%DQN&,0%1LDJD7EN
37%DQN3HUPDWD7EN 37%DQN3HUPDWD7EN
37%DQN2&%&1,637EN 37%DQN2&%&1,637EN
37%DQN0D\EDQN,QGRQHVLD7EN 37%DQN0D\EDQN,QGRQHVLD7EN
37%DQN3DQ,QGRQHVLD7EN 37%DQN3DQ,QGRQHVLD7EN
37%DQN5DN\DW,QGRQHVLD 37%DQN5DN\DW,QGRQHVLD
3HUVHUR7EN 3HUVHUR7EN
37%DQN'DQDPRQ,QGRQHVLD7EN 37%DQN'DQDPRQ,QGRQHVLD7EN
37%DQN&HQWUDO$VLD7EN%&$ 37%DQN&HQWUDO$VLD7EN%&$
37%DQN3HPEDQJXQDQ'DHUDK 37%DQN3HPEDQJXQDQ'DHUDK
-DZD%DUDWGDQ%DQWHQ7EN -DZD%DUDWGDQ%DQWHQ7EN
37%DQN7DEXQJDQ1HJDUD 37%DQN7DEXQJDQ1HJDUD
3HUVHUR 3HUVHUR
37%DQN82%,QGRQHVLD82% 37%DQN82%,QGRQHVLD82%
37%DQN&KLQD&RQVWUXFWLRQ 37%DQN&KLQD&RQVWUXFWLRQ
%DQN,QGRQHVLD %DQN,QGRQHVLD
37%DQN1HJDUD,QGRQHVLD 37%DQN1HJDUD,QGRQHVLD
37%DQN0XDODPDW,QGRQHVLD 37%DQN0XDODPDW,QGRQHVLD
-XPO DK 7RWDO
6XNXEXQJDGHSRVLWREHUMDQJNDSHUWDKXQ ,QWHUHVWUDWHSHUDQQXPRQWLPHGHSRVLWV


3DGD WDQJJDO 6HSWHPEHU GHSRVLWR $V RI 6HSWHPEHU WLPH GHSRVLWV
EHUMDQJND SDGD 0DQGLUL VHEHVDU SODFHG ZLWK 0DQGLUL DPRXQWLQJ WR
5S PHUXSDNDQ GHSRVLWR 5S UHSUHVHQW WLPH
EHUMDQJND PLOLN 3HUXVDKDDQ \DQJ GLJXQDNDQ GHSRVLWV RI WKH &RPSDQ\ ZKLFK ZHUH
VHEDJDL MDPLQDQ SLQMDPDQ \DQJ GLWHULPD SOHGJHGDVFROODWHUDORQORDQVZKLFKZHUH
37 6LQDU 0DV 7HODGDQ HQWLWDV DQDN REWDLQHG E\ 37 6LQDU 0DV 7HODGDQ D
&DWDWDQ6HGDQJNDQGHSRVLWREHUMDQJND VXEVLGLDU\1RWH$VRI6HSWHPEHU
SDGD 0DQGLUL VHEHVDU 5S WKH WLPH GHSRVLWV SODFHG ZLWK
SDGD WDQJJDO 6HSWHPEHU GDQ 0DQGLUL DPRXQWLQJ WR 5S
GHSRVLWR EHUMDQJND \DQJ GLWHPSDWNDQ SDGD DQG WKH WLPH GHSRVLWV SODFHG ZLWK WKH
EDQN SLKDN NHWLJD \DQJ WHUVLVD PHUXSDNDQ UHPDLQLQJWKLUGSDUW\EDQNVUHSUHVHQWWLPH
GHSRVLWR EHUMDQJND PLOLN *UXS \DQJ GHSRVLWVRIWKH*URXSZKLFKZHUHSOHGJHG
GLJXQDNDQ VHEDJDL MDPLQDQ IDVLOLWDV .UHGLW DVFROODWHUDOIRUKRXVLQJORDQV
.HSHPLOLNDQ5XPDK

3DGD WDQJJDO 'HVHPEHU GHSRVLWR $V RI 6HSWHPEHU WLPH GHSRVLWV
EHUMDQJND SDGD 0DQGLUL VHEHVDU SODFHG ZLWK 0DQGLUL DPRXQWLQJ WR
5S PHUXSDNDQ GHSRVLWR 5S UHSUHVHQW WLPH
EHUMDQJND PLOLN 3HUXVDKDDQ \DQJ GLJXQDNDQ GHSRVLWV RI WKH &RPSDQ\ ZKLFK ZHUH
VHEDJDL MDPLQDQ SLQMDPDQ \DQJ GLWHULPD SOHGJHGDVFROODWHUDORQORDQVZKLFKZHUH
37 6LQDU 0DV 7HODGDQ GDQ 37 6LQDUZLVDWD REWDLQHG E\ 37 6LQDU 0DV 7HODGDQ DQG
3HUPDL HQWLWDVHQWLWDV DQDN &DWDWDQ 37 6LQDUZLVDWD 3HUPDL VXEVLGLDULHV
6HGDQJNDQGHSRVLWREHUMDQJNDSDGD0DQGLUL 1RWH $V RI 6HSWHPEHU WKH
VHEHVDU 5S SDGD WDQJJDO WLPH GHSRVLWV SODFHG ZLWK 0DQGLUL
'HVHPEHU GDQ GHSRVLWR EHUMDQJND DPRXQWLQJ WR 5S

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

\DQJ GLWHPSDWNDQ SDGD EDQN SLKDN NHWLJD UHVSHFWLYHO\DQGWKHWLPHGHSRVLWVSODFHG
\DQJ WHUVLVD PHUXSDNDQ GHSRVLWR EHUMDQJND ZLWK WKH UHPDLQLQJ WKLUG SDUW\ EDQNV
PLOLN *UXS \DQJ GLJXQDNDQ VHEDJDL MDPLQDQ UHSUHVHQW WLPH GHSRVLWV RI WKH *URXS
IDVLOLWDV.UHGLW.HSHPLOLNDQ5XPDK ZKLFK ZHUH SOHGJHG DV FROODWHUDO IRU
KRXVLQJORDQV

E 6XUDW%HUKDUJD E 6HFXULWLHV

7HUGLUL DWDV LQYHVWDVL GDODP 5XSLDK GHQJDQ 7KHVH FRQVLVW RI 5XSLDK GHQRPLQDWHG
ULQFLDQVHEDJDLEHULNXW LQYHVWPHQWVZLWKGHWDLOVDVIROORZV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
7HUVHGLDXQWXNGLMXDO $YDLODEOHIRUVDOH
2EOLJDVL %RQGV
37([SUHVV7UDQVLQGR8WDPD7EN 37([SUHVV7UDQVLQGR8WDPD7EN
376LQDU0DV$JUR5HVRXUFHVDQG 376LQDU0DV$JUR5HVRXUFHVDQG
7HFKQRORJ\7EN 7HFKQRORJ\7EN
-XPODK 6XEWRWDO
.HXQWXQJDQEHUVLKEHOXPGLUHDOLVDVL 1HWXQUHDOL]HGJDLQRQLQFUHDVH
DWDVNHQDLNDQQLODLZDMDU LQIDLUYDO XH
-XPODK 6XEWRWDO
5HNVDGDQD 0XWXDOIXQG
0DQGLUL,QYHVWD3DVDU8DQJ 0DQGLUL,QYHVWD3DVDU8DQJ
'DQDPDV6LQDUPDV 'DQDPDV6LQDUPDV
6LPDV6DWX 6LPDV6DWX
.HXQWXQJDQEHUVLKEHOXPGLUHDOLVDVL 1HWXQUHDOL]HGJDLQRQLQFUHDVH
DWDVNHQDLNDQQLODLZDMDU LQIDLUYDO XH
-XPODK 6XEWRWDO
-XPO DK 7RWDO


x 3DGD WDQJJDO 6HSWHPEHU GDQ x $V RI 6HSWHPEHU DQG
'HVHPEHU 3HUXVDKDDQ 'HFHPEHU WKH &RPSDQ\
PHPLOLNL LQYHVWDVL GDODP 2EOLJDVL , KDV LQYHVWPHQW LQ ([SUHVV 7UDQVLQGR
([SUHVV 7UDQVLQGR 8WDPD 7DKXQ 8WDPD %RQGV , <HDU 7$;, ,
7$;, , \DQJ GLWHUELWNDQ ROHK LVVXHG E\ 37 ([SUHVV 7UDQVLQGR
37([SUHVV7UDQVLQGR8WDPD7EN 8WDPD7EN

2EOLJDVL 7$;, , PHPLOLNL MDQJND ZDNWX 7$;, , ERQGV KDYH D WHUP RI ILYH
OLPD WDKXQ GDQ DNDQ MDWXK WHPSR \HDUV DQG ZLOO PDWXUH RQ
SDGDWDQJJDO-XQL6XNXEXQJD -XQH ,QWHUHVW RI WKH ERQGV
REOLJDVL DGDODK WHWDS VHEHVDU LV DW IL[HG UDWH RI SHU DQQXP
SHU WDKXQ \DQJ DNDQ GLED\DU VHFDUD DQGSD\DEOHRQDTXDUWHUO\EDVLV
WULZXODQDQ

3HUXVDKDDQ PHPEHOL REOLJDVL 7$;, , 7KH &RPSDQ\ SXUFKDVHG 7$;, ,
SDGD QLODL QRPLQDO VHEHVDU ERQGV DW QRPLQDO YDOXH RI
5S 3DGD WDQJJDO 5S $V RI
6HSWHPEHU GDQ 'HVHPEHU 6HSWHPEHU DQG
QLODL ZDMDU LQYHVWDVL 7$;, , 'HFHPEHU WKH IDLU YDOXH RI
PDVLQJPDVLQJ DGDODK VHEHVDU 7$;, , ERQGV DPRXQWHG WR
5S GDQ 5S DQG
5S 3DGD WDQJJDO 5S UHVSHFWLYHO\
6HSWHPEHU GDQ 'HVHPEHU $V RI 6HSWHPEHU DQG
3HUXVDKDDQPHQFDWDWNHXQWXQJDQ 'HFHPEHU WKH &RPSDQ\
EHOXP GLUHDOLVDVL DWDV NHQDLNDQ QLODL UHFRJQL]HG XQUHDOL]HG JDLQ RQ
ZDMDU WHUVHEXW PDVLQJPDVLQJ VHEHVDU LQFUHDVH LQ IDLU YDOXH RI WKHVH ERQGV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

5S GDQ GDQ DPRXQWLQJ WR 5S DQG
GLVDMLNDQ VHEDJDL SHQDPEDK GDUL DNXQ 5S UHVSHFWLYHO\ DQG
³(NXLWDV SDGD NHXQWXQJDQ EHOXP SUHVHQWHG DV SDUW RI ³6KDUH LQ
GLUHDOLVDVL DWDV NHQDLNDQ QLODL LQYHVWDVL XQUHDOL]HG JDLQ RQ LQFUHDVH LQ IDLU
WHUVHGLD XQWXN GLMXDO´ GLEDJLDQ HNXLWDV YDOXH RI DYDLODEOH IRU VDOH
SDGD ODSRUDQ SRVLVL NHXDQJDQ LQYHVWPHQWV´ DFFRXQW LQ WKH HTXLW\
NRQVROLGDVLDQ WDQJJDO 6HSWHPEHU VHFWLRQ RI WKH FRQVROLGDWHG
GDQ 'HVHPEHU VWDWHPHQWV RI ILQDQFLDO SRVLWLRQ
&DWDWDQ DV RI 6HSWHPEHU DQG
'HFHPEHU1RWH

'HVHPEHU EHUGDVDUNDQ 'HFHPEHU EDVHG RQ WKH
SHULQJNDW \DQJ GLEXDW ROHK UDQNLQJ PDGH E\ 37 3HPHULQJNDW
37 3HPHULQJNDW (IHN ,QGRQHVLD (IHN ,QGRQHVLD 3HILQGR 7$;, ,
3HILQGR SHULQJNDW REOLJDVL 7$;, , ERQGV DUH UDWHG DV DV LG%%% 7ULSOH
PDVLQJPDVLQJ DGDODK LG%%% 7ULSOH % % QHJDWLYH RXWORRN DQG LG%%%
QHJDWLYH RXWORRN GDQ LG%%% 7ULSOH % 7ULSOH % SOXV QHJDWLYH RXWORRN
SOXVQHJDWLYHRXWORRN UHVSHFWLYHO\

x 3HUXVDKDDQ PHPLOLNL XQLW SHQ\HUWDDQ x 7KH &RPSDQ\ KDV LQYHVWPHQW LQ
SDGD5HNVD'DQD'DQDPDV'ROODU\DQJ 5HNVD 'DQD 'DQDPDV 'ROODU PXWXDO
GLNHOROD ROHK 37 6LQDUPDV $VVHW IXQGV LQ ZKLFK 376LQDUPDV $VVHW
0DQDJHPHQW SLKDN EHUHODVL 0DQDJHPHQW D UHODWHG SDUW\
&DWDWDQ 3DGD WDQJJDO 1RWH DFWV DV WKH LQYHVWPHQW
6HSWHPEHU MXPODK XQLW PDQDJHU $V RI 6HSWHPEHU
SHQ\HUWDDQ SDGD UHNVDGDQD WHUVHEXW WKH LQYHVWPHQW LQ PXWXDO IXQG KDV
DGDODK VHEHVDU XQLW 1LODL XQLWV $V RI
$VHW%HUVLKNHVHOXUXKDQXQLWSHQ\HUWDDQ 6HSWHPEHU WKH 1HW $VVHW
UHNVDGDQD WHUVHEXW SDGD WDQJJDO 9DOXH RI WKLV LQYHVWPHQW DPRXQWHG WR
6HSWHPEHU DGDODK VHEHVDU 5S 7KH &RPSDQ\
5S 3HUXVDKDDQ UHFRJQL]HG XQUHDOL]HG JDLQ RQ
PHQFDWDW NHXQWXQJDQ EHOXP GLUHDOLVDVL LQFUHDVH LQ IDLU YDOXH RI WKHVH ERQGV
DWDV NHQDLNDQ QLODL ZDMDU WHUVHEXW DPRXQWLQJ WR 5S DQG
VHEHVDU 5S GLVDMLNDQ SDGD SUHVHQWHG DV ³6KDUH LQ XQUHDOL]HG
DNXQ ³(NXLWDV SDGD NHXQWXQJDQ EHOXP JDLQRQLQFUHDVHLQYDOXHRIDYDLODEOH
GLUHDOLVDVL DWDV NHQDLNDQ QLODL LQYHVWDVL IRU VDOH LQYHVWPHQWV´ LQ WKH HTXLW\
WHUVHGLD XQWXN GLMXDO´ GLEDJLDQ HNXLWDV VHFWLRQ RI WKH FRQVROLGDWHG
SDGD ODSRUDQ SRVLVL NHXDQJDQ VWDWHPHQWV RI ILQDQFLDO SRVLWLRQ
NRQVROLGDVLDQ&DWDWDQ 1RWH

x 3HUXVDKDDQ PHPLOLNL XQLW SHQ\HUWDDQ x 7KH &RPSDQ\ KDV LQYHVWPHQW LQ
SDGD5HNVD'DQD0DQGLUL,QYHVWD3DVDU 5HNVD 'DQD 0DQGLUL ,QYHVWD 3DVDU
8DQJ \DQJ GLNHOROD ROHK 37 0DQGLUL 8DQJ PXWXDO IXQGV LQ ZKLFK
0DQDJHPHQW ,QYHVWD 3DGD WDQJJDO 370DQGLUL0DQDJHPHQW,QYHVWDDFWV
6HSWHPEHU MXPODK XQLW DV WKH LQYHVWPHQW PDQDJHU $V RI
SHQ\HUWDDQ SDGD UHNVDGDQD WHUVHEXW 6HSWHPEHU WKH LQYHVWPHQW
DGDODK VHEHVDU XQLW LQ PXWXDO IXQG KDV
1LODL $VHW %HUVLK NHVHOXUXKDQ XQLW XQLWV$VRI6HSWHPEHUWKH
SHQ\HUWDDQ UHNVDGDQD WHUVHEXW SDGD 1HW $VVHW 9DOXH RI WKLV LQYHVWPHQW
WDQJJDO 6HSWHPEHU DGDODK DPRXQWHGWR5S
VHEHVDU5S

x 3DGD WDQJJDO 6HSWHPEHU GDQ x $V RI 6HSWHPEHU DQG
'HVHPEHU 37 3HUZLWD 'HFHPEHU 37 3HUZLWD
0DUJDVDNWL 306 GDQ 37 :LMD\D 0DUJDVDNWL 306 DQG 37 :LMD\D
3UDWDPD 5D\D :35 HQWLWDVHQWLWDV 3UDWDPD 5D\D :35 VXEVLGLDULHV
DQDN PDVLQJPDVLQJ PHPLOLNL LQYHVWDVL KDYH LQYHVWPHQWV LQ 60$57 , ERQGV
GDODPREOLJDVL60$57,\DQJGLWHUELWNDQ LVVXHG E\ 37 6LQDU 0DV $JUR
ROHK376LQDU0DV$JUR5HVRXUFHVDQG 5HVRXUFHV DQG 7HFKQRORJ\ 7EN D

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

7HFKQRORJ\ 7EN SLKDN EHUHODVL UHODWHG SDUW\ 1RWH UHVSHFWLYHO\
&DWDWDQ3DGDEXODQ2NWREHU ,Q 2FWREHU :35 GLVSRVHG LWV
:35 PHQMXDO LQYHVWDVL GDODP REOLJDVL LQYHVWPHQWLQ60$57,ERQGV
60$57,WHUVHEXW

2EOLJDVL60$57,PHPLOLNLMDQJNDZDNWX 60$57 , ERQGV KDYH D WHUP RI ILYH
OLPD WDKXQ GDQ DNDQ MDWXK WHPSR \HDUV DQG ZLOO PDWXUH RQ
SDGD WDQJJDO -XOL 6XNX EXQJD -XO\,QWHUHVWLVDWDIL[HGUDWH
REOLJDVL DGDODK WHWDS VHEHVDU SHU RI SHU DQQXP DQG SD\DEOH RQ D
WDKXQ \DQJ DNDQ GLED\DU VHFDUD TXDUWHUO\EDVLV
WULZXODQDQ

306 GDQ :35 PHPEHOL REOLJDVL 306 DQG :35 SXUFKDVHG 60$57 ,
60$57 , SDGD QLODL QRPLQDO VHEHVDU ERQGV DW QRPLQDO YDOXH RI
5S 3DGD WDQJJDO 5S $V RI
6HSWHPEHU GDQ 'HVHPEHU 6HSWHPEHU DQG 'HFHPEHU
QLODLZDMDULQYHVWDVLGDODPREOLJDVL WKH IDLU YDOXH RI 60$57 ,
60$57 , PDVLQJPDVLQJ VHEHVDU ERQGV DPRXQWHG WR
QLKLO GDQ 5S 3DGD QLO DQG 5S
WDQJJDO 6HSWHPEHU GDQ UHVSHFWLYHO\ $V RI 6HSWHPEHU
'HVHPEHU 306 PHQFDWDW DQG 'HFHPEHU 306
NHXQWXQJDQ NHUXJLDQ EHOXP GLUHDOLVDVL UHFRJQL]HG XQUHDOL]HG JDLQ ORVV RQ
DWDV NHQDLNDQ SHQXUXQDQ QLODL ZDMDU LQFUHDVH GHFUHDVH LQ IDLU YDOXH RI
REOLJDVL 60$57 , PDVLQJPDVLQJ 60$57 , ERQGV DPRXQWLQJ WR QLO DQG
VHEHVDUQLKLOGDQ5S 5SUHVSHFWLYHO\

'HVHPEHUEDJLDQ3HUXVDKDDQ 'HFHPEHU WKH &RPSDQ\¶V
DWDV WUDQVDNVL WHUVHEXW DGDODK PDVLQJ LQWHUHVW LQ WKLV XQUHDOL]HG ORVV
PDVLQJ VHEHVDU QLKLO GDQ DPRXQWHG WR QLO DQG
5S \DQJ GLVDMLNDQ 5S UHVSHFWLYHO\ DQG
VHEDJDLEDJLDQGDULDNXQ ³(NXLWDV SDGD SUHVHQWHG DV SDUW RI ³6KDUH LQ
NHXQWXQJDQ EHOXP GLUHDOLVDVL DWDV XQUHDOL]HG JDLQ RQ LQFUHDVH LQ IDLU
NHQDLNDQ QLODL LQYHVWDVL WHUVHGLD XQWXN YDOXH RI DYDLODEOH IRU VDOH
GLMXDO´&DWDWDQ LQYHVWPHQWV´ DFFRXQW LQ WKH HTXLW\
VHFWLRQ RI WKH FRQVROLGDWHG
VWDWHPHQWV RI ILQDQFLDO SRVLWLRQ
1RWH

'HVHPEHU EHUGDVDUNDQ 'HFHPEHU EDVHG RQ WKH
SHULQJNDW \DQJ GLEXDW ROHK 3HILQGR UDQNLQJ PDGH E\ 3HILQGR 60$57 ,
SHULQJNDW REOLJDVL 60$57 , PDVLQJ ERQGV DUH UDWHG DV LG$ 6LQJOH $
PDVLQJ DGDODK LG$ 6LQJOH $ SOXV SOXV6WDEOH2XWORRNUHVSHFWLYHO\
6WDEOH2XWORRN

x 52 PHPLOLNL XQLW SHQ\HUWDDQ SDGD x 52 KDV LQYHVWPHQW LQ 5HNVD 'DQD
5HNVD 'DQD 6LPDV 6DWX \DQJ 6LPDV 6DWX¶V PXWXDO IXQGV LQ ZKLFK
GLNHOROD ROHK 0DQDMHU ,QYHVWDVL 376LQDUPDV $VVHW 0DQDJHPHQW D
37 6LQDUPDV $VVHW 0DQDJHPHQW SLKDN UHODWHG SDUW\ 1RWH DFWV DV WKH
EHUHODVL &DWDWDQ GDQ %DQN LQYHVWPHQW PDQDJHU 37%DQN &,0%
.XVWRGLDQ 37 %DQN &,0% 1LDJD 7EN 1LDJD 7EN DV FXVWRGLDQ DQG 52 DV
GLPDQD 52 EHUWLQGDN VHEDJDL VSRQVRU VSRQVRU WR WKH SODFHPHQW $V RI
3DGD WDQJJDO 6HSWHPEHU GDQ 6HSWHPEHU DQG 'HFHPEHU
'HVHPEHU MXPODK XQLW WKH LQYHVWPHQW LQ PXWXDO
SHQ\HUWDDQ SDGD UHNVDGDQD WHUVHEXW IXQG KDV XQLWV $V RI
DGDODK VHEHVDU XQLW 1LODL 6HSWHPEHU DQG WKH
$VHW%HUVLKNHVHOXUXKDQXQLWSHQ\HUWDDQ 1HW $VVHW 9DOXH RI WKLV LQYHVWPHQW
UHNVDGDQD WHUVHEXW SDGD WDQJJDO DPRXQWHG WR 5S DQG
6HSWHPEHU GDQ 'HVHPEHU 5S UHVSHFWLYHO\

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

PDVLQJPDVLQJ DGDODK VHEHVDU '87,¶V LQWHUHVW LQ WKLV WUDQVDFWLRQ DV
5S GDQ RI 6HSWHPEHU DQG
5S 3DGD WDQJJDO 'HFHPEHU DPRXQWHG WR
6HSWHPEHU GDQ 'HVHPEHU 5S DQG
EDJLDQ '87, DWDV WUDQVDNVL 5S UHVSHFWLYHO\
WHUVHEXW PDVLQJPDVLQJ VHEHVDU 7KH &RPSDQ\¶V LQWHUHVW LQ UHODWLRQ WR
5S GDQ WKLV WUDQVDFWLRQ DPRXQWHG WR
5S 3DGD WDQJJDO 5S DQG
6HSWHPEHU GDQ 'HVHPEHU 5S DV RI 6HSWHPEHU
EDJLDQ3HUXVDKDDQDWDVWUDQVDNVL DQG 'HFHPEHU
WHUVHEXW PDVLQJPDVLQJ VHEHVDU UHVSHFWLYHO\DQGSUHVHQWHGDV³6KDUH
5S GDQ LQ XQUHDOL]HG JDLQ RQ LQFUHDVH LQ
5S GLVDMLNDQ SDGD DNXQ YDOXH RI DYDLODEOH IRU VDOH
³(NXLWDV SDGD NHXQWXQJDQ EHOXP LQYHVWPHQWV´ LQ WKH HTXLW\ VHFWLRQ RI
GLUHDOLVDVL DWDV NHQDLNDQ QLODL LQYHVWDVL WKH FRQVROLGDWHG VWDWHPHQWV RI
WHUVHGLD XQWXN GLMXDO´ GLEDJLDQ HNXLWDV ILQDQFLDO SRVLWLRQ 1RWH 7KH
SDGD ODSRUDQ SRVLVL NHXDQJDQ DQQXDO UHWXUQ RQ WKLV LQYHVWPHQW LV
NRQVROLGDVLDQ &DWDWDQ +DVLO DQGLQWKHQLQHPRQWK
LQYHVWDVL VHODPD SHULRGH WHUDNKLU SHULRG HQGHG 6HSWHPEHU
PDVLQJPDVLQJ DGDODK VHEHVDU DQG\HDUHQGHG
GDQ XQWXN SHULRGH VHPELODQ
EXODQ\DQJEHUDNKLU6HSWHPEHU
GDQWDKXQ

0XWDVL NHQDLNDQ QLODL ZDMDU \DQJ EHOXP 7KH FKDQJHV LQ QHW XQUHDOL]HG JDLQ RQ
GLUHDOLVDVL ± EHUVLK DWDV VXUDW EHUKDUJD ± LQFUHDVH LQ IDLU YDOXH RI DYDLODEOHIRUVDOH
WHUVHGLDXQWXNGLMXDODGDODKVHEDJDLEHULNXW LQYHVWPHQWVIROORZV

6HSWHPEHU 'HVHPEHU
6HSWHPE HU 'HFHPEHU
6DOGRDZDO SHULRGH %DODQFHDWWKHEHJLQQLQJRIWKHSHULRG

.HXQWXQJDQEHOXPGLUHDOLVDVL 8QUHDOL]HGJDLQRQLQ FUHDVH
DWDVNHQDLNDQQLODLZDMDU LQIDLUYDOXH
2EOLJDVL %RQGV
6DOGRDNKLUSHULRGH %DODQFHDWWKHHQGRIWKHSHULRG

3LXWDQJ8VDKD 7UDGH$FFRXQWV5HFHLYDEOH

5LQFLDQSLXWDQJXVDKDWHUGLULGDUL 7KHGHWDLOVRIWUDGHDFFRXQWVUHFHLYDEOHIROORZV

D %HUGDVDUNDQ-HQLV7UDQVDNVL D %\1DWXUHRI7UDQVDFWLRQV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HSWHPEHU 'HVHPEHU
6HSWHPE HU 'HFHPEHU

7DQDK UXPDKWLQJJDOGDQUXNR /DQGKRXVHVDQGVKRSKRXVHV
6HZD 5H QWDO
/DLQODLQ 2WK HUV
-XPO DKSLKDNEH UHODVL 7RWDOUHO DWHGSDUWLHV
3LXWDQJGDULNR QVXPHQ 5H FHLYDEOHVIURPFXVWRPHUV
7DQDK GDQEDQJXQDQVWUDWDWLWOH /DQGDQGEXLO GLQJVZLWKVWUDWDWLWOH
6HZD 5H QWDO
7DQDK UXPDKWLQJJDOGDQUXNR /DQGKRXVHVDQGVKRSKRXVHV
.DPDUPDNDQDQGDQPLQXPDQ 5R RPIRRGDQG EHYHUDJHV
GDQODLQOD LQ DQGRWKHUV
/DLQODLQ 2WK HUV
-XPODKSLKDNNHWLJD 7RWDOWKLUGSDUWLHV
&DG DQJDQNHUXJLDQSHQXUXQDQQLODL $OORZD QFHIRULPSD LUPHQW
-XPODKEHUVLK 7RWDOQHW
-XPO DK 7RWDO

E %HUGDVDUNDQ8PXU+DUL E %\$JH

-XPODK SLXWDQJ XVDKD EHUGDVDUNDQ XPXU 7KH DJLQJ DQDO\VLV RI WUDGH DFFRXQWV
KDUL GLKLWXQJ VHMDN WDQJJDO IDNWXU DGDODK UHFHLYDEOHIURPWKHGDWHRILQYRLFHIROORZV
VHEDJDLEHULNXW

6HSWHPEHU 'HVHPEHU
6HSWHPE HU 'HFHPEHU

%HOXPMDWXKWHPSRGDQWLGDN
PHQJDODPLSHQXUXQDQQ LODL 1R WSDVWGXHDQGXQLPSDLUHG
-DWXKWHPSRG DQWLGDNPHQ JDODPL

SHQXUXQDQQ LODL 3DVWGXHEXWQR WLPSDLUHG
6DPSDLGHQJDQEXODQ /HVVWKDQPRQWK
!EXODQEXODQ !PRQWKPRQ WKV
!EXODQEXODQ !PRQWKVPRQWKV
-XPODK 7RWDO
%HOXPMDWXKWHPSRGDQWLGDN
PHQJDODPLSHQXUXQDQQ LODL 1R WSDVWGXHDQGXQLPSDLUHG
-DWXKWHPSRG DQWLGDNPHQ JDODPL

SHQXUXQDQQ LODL 3DVWGXHEXWQR WLPSDLUHG
6DPSDLGHQJDQEXODQ /HVVWKDQPRQWK
!EXODQEXODQ !PRQWKPRQ WKV
!EXODQEXODQ !PRQWKVPRQWKV
!EXODQWDKXQ !PRQWKV\HDU
!WD KXQ !\H DU
-DWXKWHPSRG DQPHQJDODPL
SHQXUXQDQQ LODL 3DVWGXHDQGLPSDLUHG
-XPODKSLKDNNHWLJD 7RWDOWKLUGSDUWLHV
&DG DQJDQNHUXJLDQSHQXUXQDQQLODL $OORZD QFHIRULPSD LUPHQW
-XPODKEHUVLK 7RWDOQHW
-XPO DK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

F %HUGDVDUNDQ0DWD8DQJ F %\&XUUHQF\

6HSWHPEHU 'HVHPEHU
6HSWHPE HU 'HFHPEHU
5XSLDK 5XSLDK

'RODU$PHULND6HULNDW&DWDWDQ 86'ROODU1RWH
-XPO DK 7RWDO

3LXWDQJ XVDKD GLVDMLNDQ GDODP ODSRUDQ NHXDQJDQ 7UDGH DFFRXQWV UHFHLYDEOH SUHVHQWHG LQ WKH
NRQVROLGDVLDQVHEDJDL FRQVROLGDWHGVWDWHPHQWVRIILQDQFLDOSRVLWLRQDV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
3LKDNEHUHODVL&DWDWDQ 5HODWHGSD UWLHV1RWH
$VHWWL GDNODQFDU 1RQFXUUHQWDVVHWV

-XPODK 7RWDO

%HUGDVDUNDQ HYDOXDVL PDQDMHPHQ WHUKDGDS %DVHG RQ PDQDJHPHQW¶V HYDOXDWLRQ RI WKH
NROHNWLELOLWDV VDOGR PDVLQJPDVLQJ SLXWDQJ SDGD FROOHFWLELOLW\ RI WKH LQGLYLGXDO UHFHLYDEOH
WDQJJDO 6HSWHPEHU GDQ 'HVHPEHU DFFRXQWV DV RI 6HSWHPEHU DQG
PDQDMHPHQEHUNH\DNLQDQEDKZDFDGDQJDQ 'HFHPEHUPDQDJHPHQWEHOLHYHVWKDW
NHUXJLDQSHQXUXQDQQLODLPHPDGDLXQWXNPHQXWXS WKH DOORZDQFH IRU LPSDLUPHQW LV DGHTXDWH WR
NHPXQJNLQDQ NHUXJLDQ GDUL WLGDN WHUWDJLKQ\D FRYHU SRVVLEOH ORVVHV IURP XQFROOHFWLEOH
SLXWDQJXVDKDWHUVHEXW DFFRXQWV

3DGD WDQJJDO 6HSWHPEHU GDQ $V RI 6HSWHPEHU DQG 'HFHPEHU
'HVHPEHU WHUPDVXN GDODP SLXWDQJ WUDGHDFFRXQWVUHFHLYDEOHIURPWKLUGSDUW\
XVDKD SLKDN NHWLJDNRQVXPHQ DGDODK SLXWDQJ FXVWRPHUV DPRXQWLQJ WR 5S
XVDKD EX\ EDFN PDVLQJPDVLQJ VHEHVDU DQG5SUHVSHFWLYHO\UHSUHVHQW
5S GDQ 5S ³EX\EDFN UHFHLYDEOHV´ 7KHVH ³EX\EDFN
3LXWDQJ XVDKD EX\ EDFN PHUXSDNDQ SLXWDQJ GDUL UHFHLYDEOHV´ UHSUHVHQW UHFHLYDEOHV IURP
NRQVXPHQ \DQJ PHQXQJJDN SHPED\DUDQ FLFLODQ FXVWRPHUV ZKR GHIDXOWHG LQ SD\LQJ WKHLU
.UHGLW 3HPLOLNDQ 5XPDK .35 \DQJ GLEHOL KRXVLQJ ORDQV ZKLFK ZHUH ERXJKW EDFN E\ WKH
NHPEDOL ROHK 3HUXVDKDDQ GDUL EDQN VHEHVDU VLVD &RPSDQ\ IURP WKH EDQNV DW LWV RXWVWDQGLQJ
WDJLKDQ FLFLODQ .35 VHVXDL GHQJDQ SHUMDQMLDQ EDODQFH LQ DFFRUGDQFH ZLWK WKHLU DJUHHPHQW
&DWDWDQ 1RWH

3DGD WDQJJDO 6HSWHPEHU GDQ 7KHUHDUHQRWUDGHDFFRXQWVUHFHLYDEOHWKDWDUH
'HVHPEHU WLGDN WHUGDSDW SLXWDQJ XVDKD XVHG DV FROODWHUDO DV RI 6HSWHPEHU
\DQJGLMDGLNDQVHEDJDLMDPLQDQ DQG'HFHPEHU

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

,QYHVWDVL6HZD1HWR3HPELD\DDQ 1HW,QYHVWPHQWLQ)LQDQFH/HDVH

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
,QYHVWDVLVHZDSHPELD\DDQNRWRU ,QYHVWPHQWLQILQDQFHOHDVHJURVV
6XGDKGLWDJLKNDQ %LOOHG
%HOXPGLWDJLKNDQEHUGDVDUNDQMDWXKWHPSR 8QELOOHGEDVHGRQGXHGDWH
.XUDQJGDULWDKXQ /HVVWKDQ\HDU
!WD KXQWDKXQ !\HDU\HDUV
!WD KXQWDKXQ !\HDUV\HDUV
!WD KXQ !\HDUV
-XPODK 7RWDO
3HQGDS DWDQVHZDSHPELD\DDQ
GLWDQJJXKNDQ 8QHDUQHGILQDQFHOHDVHLQ FRPH
,QYHVWDVLVHZDQHWRSHPELD\DDQ 1HWLQYHVWPHQWLQILQDQFHOHDVH

%DJLDQ ODQFDU &XUUHQWSRUWLRQ
%DJLDQ WLGDNODQFDU 1RQFXUUHQWSRUWLRQ

,QYHVWDVL VHZD SHPELD\DDQ PHUXSDNDQ MXPODK ,QYHVWPHQWLQILQDQFHOHDVHUHSUHVHQWVWKHWRWDO
SLXWDQJ VHZD 37 *DUZLWD 6HQWUD 8WDPD *68 OHDVH UHFHLYDEOHV RI 37 *DUZLWD 6HQWUD 8WDPD
HQWLWDVDQDNGDUL37&RXUWV5HWDLO,QGRQHVLDDWDV *68 D VXEVLGLDU\ IURP 37 &RXUWV 5HWDLO
SHQ\HZDDQ JHGXQJ \DQJ GLEDQJXQ ROHK *68 ,QGRQHVLDIRUWKHOHDVHRIDEXLOGLQJZKLFKZDV
&DWDWDQ FRQVWUXFWHGE\*681RWH

3HQGDSDWDQ EXQJD VHZD SHPELD\DDQ PDVLQJ 7KHILQDQFHOHDVHLQWHUHVWLQFRPHDPRXQWHGWR
PDVLQJ DGDODK VHEHVDU 5S GDQ 5S DQG 5S IRU
5S XQWXN SHULRGHSHULRGH WKH QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
VHPELODQEXODQ\DQJEHUDNKLU6HSWHPEHU DQGUHVSHFWLYHO\1RWH
GDQ&DWDWDQ

%HUGDVDUNDQ KDVLO SHQHODDKDQ PDQDMHPHQ SDGD %DVHG RQ PDQDJHPHQW¶V HYDOXDWLRQ WKH\
DNKLU WDKXQ PDQDMHPHQ EHUNH\DNLQDQ EDKZD EHOLHYH WKDW DOO ILQDQFH OHDVH UHFHLYDEOHV DUH
VHOXUXK SLXWDQJ VHZD SHPELD\DDQ SDGD WDQJJDO FROOHFWLEOH DV RI 6HSWHPEHU DQG
6HSWHPEHU GDQ 'HVHPEHU 'HFHPEHU WKXV QR DOORZDQFH IRU
WHUVHEXW GDSDW GLWDJLK VHKLQJJD WLGDN GLEHQWXN LPSDLUPHQWZDVSURYLGHG
FDGDQJDQ NHUXJLDQ SHQXUXQDQ QLODL DWDV SLXWDQJ
WHUVHEXW

3LXWDQJ/DLQODLQ 2WKHU$FFRXQWV5HFHLYDEOH

7HUXWDPD WHUGLULGDULSLXWDQJDWDVEXQJD GHSRVLWR 7KLV DFFRXQW PDLQO\ FRQVLVWV RI LQWHUHVW
EHUMDQJND SLXWDQJ NDU\DZDQ MDVD SHPHOLKDUDDQ UHFHLYDEOH IURP WLPH GHSRVLWV UHFHLYDEOH IURP
GDQWDJLKDQDWDVVHZD HPSOR\HHV UHFHLYDEOH UHODWHG WR PDLQWHQDQFH
VHUYLFH DQG UHFHLYDEOH IURP UHQWDO DPRQJ
RWKHUV

%HUGDVDUNDQ KDVLO SHQHODDKDQ PDQDMHPHQ SDGD %DVHG RQ PDQDJHPHQW¶V HYDOXDWLRQ WKH\
DNKLU WDKXQ PDQDMHPHQ EHUNH\DNLQDQ EDKZD EHOLHYHWKDWDOOVXFKRWKHUDFFRXQWVUHFHLYDEOHV
VHOXUXK SLXWDQJ ODLQODLQ SDGD WDQJJDO DUH FROOHFWLEOH DV RI 6HSWHPEHU DQG
6HSWHPEHU GDQ 'HVHPEHU 'HFHPEHU WKXV QR DOORZDQFH IRU
WHUVHEXW GDSDW GLWDJLK VHKLQJJD WLGDN GLEHQWXN LPSDLUPHQWZDVSURYLGHG
FDGDQJDQ NHUXJLDQ SHQXUXQDQ QLODL DWDV SLXWDQJ
WHUVHEXW

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HUVHGLDDQ ,QYHQWRULHV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
3HUVHGLDDQUHDOHVWDWEHUVLK 5HDOHVWDWH,QYH QWRULHVQHW

7DQDK GDQEDQJXQDQ\DQJVLDSGLMXDO /DQGDQG EXLOGLQJVUHDG\IRUVDOH
%DQJXQDQ\DQJVH GDQJGLNRQVWUXNVL %XLOGLQJVXQGHUFRQVWUXFWLRQ
7DQDK \DQJVHGDQJG LNHPEDQJNDQ /DQGXQG HUGHYHORSPHQW
-XPODK 7RWDO

&DGDQJDQNHUXJLDQSHQXUXQDQQLODL $OORZDQFHIRUGHFOLQHLQYDOXHRI
SHUVHGLDDQ LQYHQWR ULHV
%HUVLK 1HW

3HUVHGLDDQKRWHOGDQODLQQ\D +RWHOLQYHQWRULHVDQGRWKHUV
-XPODK 7RWDO

D 3HUVHGLDDQ5HDO(VWDW D 5HDO(VWDWH,QYHQWRULHV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
7DQDKGDQEDQJXQDQ\DQJVLDSGLMXDO /DQGDQGEXLOGLQJVUHDG\IRUVDOH
%6'&LW\ %6'&LW\
$SDUWHPHQ$NDVD $SDUWHPHQ$NDVD
*UDQG:LVDWD *UDQG:LVDWD
0HJD,7&&HPSDND0DV 0HJD,7&&HPSDND0DV
0DQJJD'XD 0DQJJD'XD
,7&'HSRN ,7&'HSRN
,7&0DQJJD'XD ,7&0DQJJD'XD
6XSHUEORN$PEDVDGRU.XQLQJDQGDQ 6XSHUEORN$PEDVDGRU.XQLQJDQDQG
,7&.XQLQJDQ ,7&.XQLQJDQ
5R[\0DV 5R[\0DV
.RWD:LVDWD .RWD:LVDWD
'XWD0DV)DWPDZDWL 'XWD0DV)DWPDZDWL
+DUFR0DV +DUFR0DV
%DQMDU:LMD\D %DQMDU:LMD\D
.RWD%XQJD .RWD%XQJD
-XDQGD -XDQGD
%DOLNSDSDQ%DUX %DOLNSDSDQ%DUX
*UDKD&HPSDND0DV *UDKD&HPSDND0DV
/HJHQGD:LVDWD /HJHQGD:LVDWD
:LVPD(ND-LZD :LVPD(ND-LZD
7DPDQ3HUPDWD%XDQD 7DPDQ3HUPDWD%XDQD
0DQJJD'XD&HQWHU 0DQJJD'XD&HQWHU
-XPODK 6XEWRWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
%DQJXQDQ\DQJVHGDQJGLNRQVWUXNVL %XLOGLQJVXQGHUFRQVWUXFWLRQ
%6'&LW\ %6'&LW\
6RXWK*DWH 6RXWK*DWH
*UDQG&LW\ *UDQG&LW\
0DQDGR 0DQDGR
-XPODK 6XEWRWDO
7DQDK\DQJVHGDQJGLNHPEDQJNDQ /DQGXQGHUGHYHORSPHQW
%6'&LW\ %6'&LW\
%DOLNSDSDQ%DUXGDQ*UDQG&LW\ %DOLNSDSDQ%DUXDQG*UDQG&LW\
0DQDGR 0DQDGR
6RXWK*DWH 6RXWK*DWH
7DPDQ3HUPDWD%XDQD 7DPDQ3HUPDWD%XDQD
.RWD%XQJD .RWD%XQJD
-XPODK 6XEWRWDO
-XPODK 7RWDO

&DGDQJDQNHUXJLDQSHQXUXQDQQLODL $OORZDQFHIRUGHFOLQHLQYDOXHRI
SHUVHGLDDQ LQYHQWRULHV
%HUVLK 1HW

0XWDVL SHUVHGLDDQ WDQDK GDQ EDQJXQDQ 0RYHPHQW LQ ODQG DQG EXLOGLQJV UHDG\ IRU
\DQJVLDSGLMXDODGDODKVHEDJDLEHULNXW VDOHIROORZV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFH PEHU
6DOGRDZDO %HJLQQLQJEDODQFH

3HQDPEDKDQ $GGLWLRQV
5HNODVLILNDVL 5HFODVVLILFDWLRQV
3HQJXUD QJDQ 'HGXFWLRQV
6DOGRDNKLU (QGLQJEDODQFH

0XWDVL EDQJXQDQ \DQJ VHGDQJ GLNRQVWUXNVL 0RYHPHQW LQ EXLOGLQJV XQGHU FRQVWUXFWLRQ
DGDODKVHEDJDLEHULNXW IROORZV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFH PEHU
6DOGRDZDO %HJLQQLQJ EDODQFH


37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HUVHQWDVH QLODL WHUFDWDW EDQJXQDQ \DQJ 3HUFHQWDJH RI FRVW RI EXLOGLQJV XQGHU
VHGDQJ GLNRQVWUXNVL WHUKDGDS QLODL NRQWUDN FRQVWUXFWLRQ WR WKH WRWDO FRQWUDFW YDOXH

6HSWHPEHU6HSWHPEHU 'HVHPEHU'HFHPEHU
%DQJXQDQ\DQJ WHUKDGDSQLODL %DQJXQDQ\DQJ WHUKDGDSQLODL
VHGDQJ NRQWUDNWR VHGDQJ NRQWUDNWR
GLNRQVWUXNVL%XLOGLQJV WKHFRQWUDFW GLNRQVWUXNVL%XLOGLQJV WKHFRQWUDFW
XQGHUFRQVWUXFWLRQ DPRXQW XQGHUFRQVWUXFWLRQ DPRXQW

%6'&LW\ %6'&LW\
.RPHUVLDO &RPPHUFLDO
5HVLGHQVLDO 5HVLGHQWLDO
6RXWK*DWH 6RXWK*DWH
$NDVD $NDVD
%DOLNSDSDQ%DUX %DOLNSDSDQ%DUX
0DQDGR 0DQDGR
-XPODK 7RWDO

0XWDVL WDQDK \DQJ VHGDQJ GLNHPEDQJNDQ 0RYHPHQW LQ ODQG XQGHU GHYHORSPHQW

6HSWHPEHU 'HVHPEHU
6HSWHPE HU 'HFHPEHU
6DOGRDZDO %HJLQ QLQJEDODQFH

6DOGRDNKLU (QGLQ JEDODQFH

(VWLPDVL SHQ\HOHVDLDQ EDQJXQDQ \DQJ (VWLPDWHG FRPSOHWLRQ RI EXLOGLQJV XQGHU
VHGDQJ GLNRQVWUXNVL SDGD WDQJJDO FRQVWUXFWLRQDVRI6HSWHPEHUDQG
6HSWHPEHU GDQ 'HVHPEHU 'HFHPEHU LV EHWZHHQ XQWLO
DGDODK SDGD WDKXQ VDPSDL GHQJDQ 0DQDJHPHQW EHOLHYHV WKDW WKHUH ZLOO
0DQDMHPHQEHUNH\DNLQDQEDKZDWLGDN EHQRGLIILFXOWLHVLQFRPSOHWLQJWKHSURMHFWV
WHUGDSDW KDPEDWDQ GDODP NHODQMXWDQ RQH[SHFWHGGDWHVRIFRPSOHWLRQ
SHQ\HOHVDLDQSUR\HNSUR\HNWHUVHEXW

-XPODK SHUVHGLDDQ \DQJ SHQJLNDWDQ MXDO 7RWDO LQYHQWRULHV UHDG\ IRU VDOH ZKLFK
EHOLQ\D WHODK EHUODNX QDPXQ SHQMXDODQQ\D DOUHDG\ KDYH VDOHV DQG SXUFKDVH
EHOXP GLDNXL XQWXN SHULRGH VHPELODQ EXODQ DJUHHPHQWV EXW KDG QRW EHHQ UHFRJQL]HG
\DQJ EHUDNKLU 6HSWHPEHU GDQ XQWXN DV VDOHV IRU WKH QLQHPRQWK SHULRG HQGHG
WDKXQ \DQJ EHUDNKLU 'HVHPEHU 6HSWHPEHU DQG IRU WKH \HDU
PDVLQJPDVLQJ DGDODK VHEHVDU GDQ HQGHG 'HFHPEHU UHSUHVHQWV
GDULMXPODKQLODLSHUVHGLDDQ DQG UHVSHFWLYHO\ RI WKH
WRWDOLQYHQWRULHV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

*UXS PHODNXNDQ SHQLQMDXDQ EHUNDOD DWDV 7KH *URXS UHJXODUO\ UHYLHZV WKH FDUU\LQJ
MXPODKWHUFDWDWSHUVHGLDDQXQWXNPHPDVWLNDQ YDOXH RI WKH UHDO HVWDWH LQYHQWRULHV WR
EDKZD MXPODK WHUFDWDWQ\D WLGDN PHOHELKL QLODL HQVXUH WKDW WKH UHFRUGHG YDOXHV GR QRW
UHDOLVDVL EHUVLK 0DQDMHPHQ EHUNH\DNLQDQ H[FHHG WKH QHW UHDOL]DEOH YDOXHV
EDKZD FDGDQJDQ SHQXUXQDQ QLODL SHUVHGLDDQ 0DQDJHPHQW EHOLHYHV WKDW WKH DOORZDQFH
DGDODK PHPDGDL XQWXN PHQXWXS IRU GHFOLQH LQ YDOXH LV DGHTXDWH WR FRYHU
NHPXQJNLQDQ NHUXJLDQ DWDV SHQXUXQDQ QLODL SRVVLEOHORVVHVRQGHFOLQHLQYDOXHRIWKRVH
SHUVHGLDDQWHUVHEXW LQYHQWRULHV

'HVHPEHU QLODL SHUVHGLDDQ 'HFHPEHUWKHODQGWLWOHVRQDOORI
3HUXVDKDDQ VHOXUXKQ\D WHUFDWDW DWDV QDPD WKH &RPSDQ\¶V LQYHQWRULHV DUH XQGHU WKH
3DUD 3HQGLUL GDQ QDPD 3HUXVDKDDQ GDODP )RXQGHUVDQG&RPSDQ\¶VQDPH+RZHYHU
VHUWLILNDW WDQDK 1DPXQ GHPLNLDQ EDVHG RQ WKH &RRSHUDWLRQ $JUHHPHQW
EHUGDVDUNDQ 3HUMDQMLDQ .HUMDVDPD DQWDUD EHWZHHQ WKH )RXQGHUV DQG WKH &RPSDQ\
3DUD 3HQGLUL GDQ 3HUXVDKDDQ WHUWDQJJDO GDWHG 0DUFK DQG 1RYHPEHU
0DUHW VHUWD 1RYHPEHU 1RWHGWKH&RPSDQ\LVWKHRZQHU
&DWDWDQG3HUXVDKDDQDGDODKSHPLOLNGDUL RI WKRVH LQYHQWRULHV DQG KDV WKH DXWKRULW\
SHUVHGLDDQWHUVHEXWGDQPHPLOLNLVXUDWNXDVD OHWWHU WR VHOO WKRVH LQYHQWRULHV 0HDQZKLOH
MXDO DWDV SHUVHGLDDQ WHUVHEXW 6HGDQJNDQ DV RI 6HSWHPEHU DQG
QLODL SHUVHGLDDQ HQWLWDV DQDN SDGD WDQJJDO 'HFHPEHUWKHODQGWLWOHVIRUDOORI
6HSWHPEHU GDQ 'HVHPEHU WKH VXEVLGLDULHV¶ LQYHQWRULHV DUH XQGHU WKH
VHOXUXKQ\DWHUFDWDWDWDVQDPDHQWLWDVDQDN VXEVLGLDULHV¶QDPH

'HVHPEHU QLODL SHUVHGLDDQ WDQDK LQYHQWRULHVXQGHUWKH&RPSDQ\¶V
PDWDQJ 3HUXVDKDDQ PDVLQJPDVLQJ VHEHVDU QDPH UHSUHVHQW DQG
GDQ WHUFDWDW GDODP VHUWLILNDW UHVSHFWLYHO\ RI WKH WRWDO ODQG XQGHU
WDQDK DWDV QDPD 3HUXVDKDDQ 6HGDQJNDQ GHYHORSPHQW :KHUHDV LQYHQWRULHV XQGHU
SDGD WDQJJDO 6HSWHPEHU GDQ WKH &RPSDQ\¶V )RXQGHUV¶ QDPH DV RI
'HVHPEHU VHUWLILNDW WDQDK \DQJ 6HSWHPEHU DQG 'HFHPEHU
WHUFDWDW DWDV QDPD 3DUD 3HQGLUL 3HUXVDKDDQ UHSUHVHQW DQG
PDVLQJPDVLQJVHEHVDUGDQ UHVSHFWLYHO\ RI WKH WRWDO ODQG XQGHU
GHYHORSPHQW

7LGDN WHUGDSDW EHEDQ EXQJD \DQJ 7KHUH LV QR LQWHUHVW H[SHQVHFDSLWDOL]HG WR
GLNDSLWDOLVDVL NH EDQJXQDQ \DQJ VHGDQJ EXLOGLQJV XQGHU FRQVWUXFWLRQ IRU WKH
GLNRQVWUXNVL XQWXN SHULRGHSHULRGH VHPELODQ QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
EXODQ \DQJ EHUDNKLU 6HSWHPEHU GDQ DQG

*UXS PHQJDVXUDQVLNDQ VHOXUXK SHUVHGLDDQ 7KH *URXS KDV LQVXUHG LWV LQYHQWRULHV ZLWK
NHSDGD 37 $VXUDQVL 6LQDU 0DV SLKDN 37$VXUDQVL 6LQDU 0DV D UHODWHG SDUW\
EHUHODVL &DWDWDQ WHUKDGDS ULVLNR 1RWH DJDLQVW ULVNV RI ILUH
NHEDNDUDQ NHUXVDNDQ SHQFXULDQ GDQ GDPDJHV WKHIW DQG RWKHU SRVVLEOH
ULVLNR ODLQQ\D GHQJDQ MXPODK SHUWDQJJXQJDQ ULVNV MRLQW LQVXUDQFH FRYHUDJH
\DQJ PHUXSDNDQ MXPODK SHUWDQJJXQJDQ ZLWK SURSHUW\ DQG HTXLSPHQW DQG
JDEXQJDQ GHQJDQ DVHW WHWDS GDQ LQYHVWPHQWSURSHUWLHV1RWHVDQGIRU
SURSHUWL LQYHVWDVL &DWDWDQ GDQ 5S DQG
VHEHVDU 5S GDQ 86 DV RI 6HSWHPEHU
86 SDGD WDQJJDO DQG 5S DQG
6HSWHPEHU GDQ 86 DV RI
5S GDQ 86 'HFHPEHU0DQDJHPHQWEHOLHYHV
SDGDWDQJJDO'HVHPEHU0DQDMHPHQ WKDWWKHLQVXUDQFHFRYHUDJHVDUHDGHTXDWH
EHUNH\DNLQDQ EDKZD QLODL SHUWDQJJXQJDQ WR FRYHU SRVVLEOH ORVVHV RQ WKH DVVHWV
DVXUDQVL WHUVHEXW DGDODK FXNXS XQWXN LQVXUHG
PHQXWXS NHPXQJNLQDQ NHUXJLDQ DWDV DVHW
\DQJGLSHUWDQJJXQJNDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HVHPEHU EDQJXQDQ \DQJ VHGDQJ 'HFHPEHU EXLOGLQJV XQGHU
GLNRQVWUXNVLGLELD\DLROHKIDVLOLWDVSHPELD\DDQ FRQVWUXFWLRQ DPRXQWLQJ WR
GDQD V\LUNDK WHPSRUHU VHEHVDU 5S DQG 5S
5S GDQ 5S UHVSHFWLYHO\LVIXQGHGE\WHPSRUDU\V\LUNDK
&DWDWDQ %HEDQ EDJL KDVLO \DQJ IXQG 1RWH 3URILW VKDULQJ H[SHQVHV
GLNDSLWDOLVDVL NH EDQJXQDQ \DQJ VHGDQJ FDSLWDOL]HG WR EXLOGLQJ XQGHU FRQVWUXFWLRQ
GLNRQVWUXNVL PDVLQJPDVLQJ VHEHVDU DPRXQWHGWR5SDQGQLOIRUWKH
5S GDQ QLKLO XQWXN SHULRGH QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
SHULRGH VHPELODQ EXODQ \DQJ EHUDNKLU DQG1RWH
6HSWHPEHUGDQ&DWDWDQ

'HVHPEHU WDQDK 3HUXVDKDDQ 'HFHPEHU WKH &RPSDQ\¶V ODQG

GHQJDQOXDVVHEHVDUP GLWHPSDWNDQ ZLWKDWRWDODUHDRIVTXDUHPHWHUV
VHEDJDL MDPLQDQ DWDV XWDQJ 2EOLJDVL LV XVHG DV FROODWHUDO IRU %XPL 6HUSRQJ
%HUNHODQMXWDQ,%XPL6HUSRQJ'DPDL7DKDS,, 'DPDL &RQWLQXRXV %RQGV , 3KDVH ,, <HDU
7DKXQ&DWDWDQ 1RWH

'HVHPEHUWDQDK3HUXVDKDDQVHOXDV 'HFHPEHU WKH &RPSDQ\¶V ODQG

P GLWHPSDWNDQ VHEDJDL MDPLQDQ DWDV ZLWKDWRWDODUHDRIVTXDUHPHWHUVLV
GDQD V\LUNDK WHPSRUHU 3HUXVDKDDQ GDUL XVHG DV FROODWHUDO IRU WHPSRUDU\ V\LUNDK
37%DQN&,0%1LDJD7EN&DWDWDQ IXQG IURP 37 %DQN &,0% 1LDJD 7EN
1RWH

3DGD WDQJJDO 6HSWHPEHU WDQDK $VRI6HSWHPEHUODQGRI37%XPL
37 %XPL 0HJDK *UDKD $VUL HQWLWDV DQDN 0HJDK*UDKD$VULDVXEVLGLDU\ZLWKDWRWDO

VHOXDV P GLWHPSDWNDQ VHEDJDL DUHD RI VTXDUH PHWHUV LV XVHG DV
MDPLQDQ DWDV XWDQJ EDQN GDUL 37 %DQN FROODWHUDO IRU EDQN ORDQ IURP 37 %DQN
3HPEDQJXQDQ 'DHUDK -DZD %DUDW GDQ 3HPEDQJXQDQ 'DHUDK -DZD %DUDW GDQ
%DQWHQ7EN&DWDWDQ %DQWHQ7EN1RWH

E 3HUVHGLDDQGDUL+RWHOGDQ/DLQQ\D E +RWHO,QYHQWRULHVDQG2WKHUV

6HSWHPEHU 'HVHPEHU
6HSWHPE HU 'HFHPEHU
3HUOHQJ NDSDQ 6XSSO LHV

0DNDQDQ )RRG
0LQXPDQ %HYHUDJHV
/DLQO DLQ 2WKHUV
-XPO DK 7RWDO

0DQDMHPHQEHUNH\DNLQDQEDKZDQLODLWHUFDWDW 0DQDJHPHQW EHOLHYHV WKDW WKH FDUU\LQJ
SHUVHGLDDQ GDUL KRWHO WHUVHEXW WLGDN DPRXQW RI WKH KRWHO LQYHQWRULHV GRHV QRW
PHODPSDXL QLODL UHDOLVDVL EHUVLKQ\D SDGD H[FHHG WKH QHW UHDOL]DEOH YDOXH DV RI
WDQJJDO 6HSWHPEHU GDQ 6HSWHPEHU DQG 'HFHPEHU
'HVHPEHU

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

8DQJ0XND $GYDQFHV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
3HPEHOLDQWDQDKGDQJHGXQJ /DQGDQGEXL OGLQJDFTXLVLWLRQ

,QYHVWDVL ,QYHVWPHQWV
.HJLDWDQRSHUDVLRQ DO 2SHUDWLRQDODFWLYLWLHV
3HQJXUX VDQVHUWLILNDWWDQDK 6HUYLFHVIRUSURFHVVLQJRIODQGFHUWLILFDWHV
3URPRVL 3URPRWLRQV
3HQXUXQ DQPRGDOGL VHWRU 5HGXFWLRQLQSDLGXSFDSL WDO
/DLQO DLQ 2WKHUV
-XPODK 7RWDO

8DQJ PXND GLVDMLNDQ GDODP ODSRUDQ NHXDQJDQ $GYDQFHV DUH SUHVHQWHG LQ WKH FRQVROLGDWHG
NRQVROLGDVLDQVHEDJDL VWDWHPHQWVRIILQDQFLDOSRVLWLRQDV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU

-XPODK 7RWDO

'HVHPEHU XDQJ PXND SHPEHOLDQ WDQDK DGYDQFHV IRU ODQG DFTXLVLWLRQ PDLQO\
WHUXWDPD PHUXSDNDQ XDQJ PXND SHPED\DUDQ UHSUHVHQW DGYDQFHG SD\PHQWV PDGH WR WKLUG
NHSDGD SLKDN NHWLJD DWDV SHPEHOLDQ WDQDK GL SDUWLHV IRU WKH DFTXLVLWLRQ RI ODQG LQ /HJRN
GDHUDK /HJRN 3DJHGDQJDQ GDQ 6HUSRQJ GHQJDQ 3DJHGDQJDQDQG6HUSRQJZLWKDWRWDODUHDRIRI
MXPODK OXDV DUHD PDVLQJPDVLQJ VHEHVDU VTXDUH PHWHUV DQG VTXDUH
P GDQ P 8DQJ PXND PHWHUVUHVSHFWLYHO\$VRI6HSWHPEHU
SHPEHOLDQ JHGXQJ SDGD WDQJJDO 6HSWHPEHU DQG 'HFHPEHU DGYDQFHV IRUEXLOGLQJ
GDQ 'HVHPEHU PHUXSDNDQ DFTXLVLWLRQ UHSUHVHQW DGYDQFHG SD\PHQW PDGH
SHPED\DUDQ XDQJ PXND SHPEHOLDQ JHGXQJ GL IRUWKHDFTXLVLWLRQRIEXLOGLQJLQ&HQWUDO-DNDUWD
-DNDUWD 3XVDW ROHK 37 6LQDU 0DV 7HODGDQ 607 E\ 37 6LQDU 0DV 7HODGDQ 607 DQG 37 'XWD
GDQ 37 'XWD &DNUD 3HVRQD HQWLWDVHQWLWDV DQDN &DNUD 3HVRQD VXEVLGLDULHV $V RI 'HFHPEHU
8DQJ PXND LQYHVWDVL SDGD WDQJJDO 'HVHPEHU DGYDQFHV IRU LQYHVWPHQWV PDLQO\
WHUXWDPD PHUXSDNDQ SHPED\DUDQ XDQJ UHSUHVHQW DGYDQFHG SD\PHQW PDGH E\ WKH
PXND LQYHVWDVL ROHK 3HUXVDKDDQ NHSDGD &RPSDQ\ WR 37 .DUDZDQJ %XNLW *ROI UHODWHG
37 .DUDZDQJ %XNLW *ROI SLKDN EHUHODVL SDUW\1RWH
&DWDWDQ

8QWXN SHULRGHSHULRGH VHPELODQ EXODQ \DQJ )RU WKH QLQHPRQWK SHULRGV HQGHG
EHUDNKLU 6HSWHPEHU GDQ ELD\D 6HSWHPEHUDQGERUURZLQJFRVWV
SLQMDPDQ \DQJ GLNDSLWDOLVDVL NH XDQJ PXND FDSLWDOL]HG WR DGYDQFHV IRU EXLOGLQJ DFTXLVLWLRQ
SHPEHOLDQJHGXQJPDVLQJPDVLQJDGDODKVHEHVDU DPRXQWHG WR 5S DQG
5S GDQ 5S 5SUHVSHFWLYHO\1RWH
&DWDWDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3DMDN'LED\DU'LPXND 3UHSDLG7D[HV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
3DMDNSHQJKDVLOD Q ,QFRPHWD[HV
3DVDO $UWLFOH
3DVDO $UWLFOH
3DVDOD\DW&DWDWDQ $UWLFOHSDUDJUDSK1RWH
3DVDO $UWLFOH
3DMDN3HUWDPEDKDQ1LODLEHUVLK 9DOXH$GGHG7D[QHW
-XPODK 7RWDO

%LD\D'LED\DU'LPXND 3UHSDLG([SHQVHV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
3URJUDPNHSHPLOLNDQNHQGDUDDQ &DURZQHUVKLSSURJUDP

/LVHQVL /LFHQVH
3HUOHQJNDSDQ )LWRXW
$VXUDQVL ,QVXUDQFH
6HZD 5HQWDO
/DLQO DLQ 2WKHUV
-XPODK 7RWDO

%LD\D GLED\DU GLPXND GLVDMLNDQ GDODP ODSRUDQ 3UHSDLG H[SHQVHV DUH SUHVHQWHG LQ WKH
NHXDQJDQNRQVROLGDVLDQVHEDJDL FRQVROLGDWHGVWDWHPHQWVRIILQDQFLDOSRVLWLRQDV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU

-XPODK 7RWDO

%LD\D GLED\DU GLPXND WHUVHEXW DNDQ GLDPRUWLVDVL 3UHSDLGH[SHQVHVDUHDPRUWL]HGRYHUWKHSHULRG
VHVXDL GHQJDQ SHULRGH NRQWUDN GHQJDQ PDVD RILWVUHODWHGFRQWUDFWUDQJLQJIURPRQHXSWR
PDQIDDWUDWDUDWDVHODPDVDWXVDPSDLGHQJDQ VL[WHHQPRQWKV
HQDPEHODVEXODQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3LXWDQJ3LKDN%HUHODVL1RQ8VDKD 'XHIURP5HODWHG3DUWLHV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
37,QGRQHVLD,QWHUQDWLRQDO([SR,,( 37,Q GRQHVLD,QWHUQDWLRQDO([SR,,(

37,WRPDV.HPEDQJDQ3HUGDQD,.3 37,WRPDV.HPEDQ JDQ3HUGDQD,.3
-XPODK 7RWDO

,,( ,,(

%HUGDVDUNDQ 3HUMDQMLDQ 3LQMDPDQ WDQJJDO %DVHG RQ /RDQ $JUHHPHQW GDWHG
)HEUXDUL 3HUMDQMLDQ 3LQMDPDQ WDQJJDO )HEUXDU\ /RDQ $JUHHPHQW GDWHG
-XQL GDQ 3HUMDQMLDQ 3LQMDPDQ WDQJJDO -XQH DQG /RDQ $JUHHPHQW GDWHG
0DUHW 3HUXVDKDDQ VHWXMX XQWXN 0DUFKWKH&RPSDQ\DJUHHGWRSURYLGH
PHPEHULNDQ SLQMDPDQ GHQJDQ MXPODK PDNVLPDO ORDQ WR ,,( ZLWK PD[LPXP DPRXQW RI
PDVLQJPDVLQJ VHEHVDU 5S 5S 5S DQG
5S GDQ 5S 5S UHVSHFWLYHO\ 7KH
NHSDGD ,,( 3HPED\DUDQ NHPEDOL DWDV SLQMDPDQ UHSD\PHQW RI WKLV ORDQ ZLOO VWDUW LQ XQWLO
LQL DNDQ GLODNXNDQ SDGD WDKXQ VDPSDL %DVHG RQ &LUFXODU 'HFLVLRQ RI
GHQJDQ WDKXQ %HUGDVDUNDQ .HSXWXVDQ 6KDUHKROGHUV¶ *HQHUDO 0HHWLQJ ,,( GDWHG -XQH
6LUNXOHU5DSDW8PXP3HPHJDQJ6DKDP,,(EXODQ ,,(VKDUHKROGHUV¶DJUHHGRQFRQYHUVLRQRI
-XQL SDUD SHPHJDQJ VDKDP ,,( PHQ\HWXMXL VKDUHKROGHUV¶ORDQWRFDSLWDOVWRFN7KXVORDQV
NRQYHUVL DWDV XWDQJ SDUD SHPHJDQJ VDKDP KDYH EHHQ JLYHQ WR ,,( WRWDOOLQJ
PHQMDGLPRGDOVDKDP6HKLQJJDVHOXUXKSLQMDPDQ 5S FRQYHUWHG LQWR LQYHVWPHQW
\DQJ WHODK GLEHULNDQ NHSDGD ,,( VHEHVDU LQVWRFNV
5S GLNRQYHUVL PHQMDGL LQYHVWDVL
GDODPVDKDP

'HVHPEHU MXPODK SLQMDPDQ \DQJ WHODK WRWDOORDQJLYHQWR,,(DPRXQWHGWRQLODQG
GLEHULNDQ NHSDGD ,,( DGDODK VHEHVDU QLKLO GDQ 5SUHVSHFWLYHO\
5S

1LODL WHUFDWDW SLXWDQJ SLKDN EHUHODVL QRQXVDKD $V RI 6HSWHPEHU DQG 'HFHPEHU
SDGD WDQJJDO 6HSWHPEHU GDQ WKH FDUU\LQJ YDOXH RI GXH IURP UHODWHG
'HVHPEHU SDGD ELD\D SHUROHKDQ SDUWLHV DW DPRUWL]HG FRVW DPRXQWHG WR
GLDPRUWLVDVL PDVLQJPDVLQJ DGDODK VHEHVDU QLKLO QLODQG5SUHVSHFWLYHO\
GDQ5S

'DPSDN SHQGLVNRQWRDQ SLQMDPDQ LQL 7KHHIIHFWRIGLVFRXQWLQJWKLVORDQXVLQJPDUNHW
PHQJJXQDNDQ VXNX EXQJD SDVDU 5XJL KDUL NH LQWHUHVW UDWH 'D\ ORVV IRU WKH QLQHPRQWK
XQWXN SHULRGHSHULRGH VHPELODQ EXODQ \DQJ SHULRGV HQGHG 6HSWHPEHU DQG
EHUDNKLU 6HSWHPEHU GDQ PDVLQJ DPRXQWLQJ WR QLO DQG 5S
PDVLQJ VHEHVDU QLKLO GDQ 5S UHVSHFWLYHO\ LV SUHVHQWHG DV SDUW RI ³,PSDFW RI
GLVDMLNDQ VHEDJDL EDJLDQ GDUL DNXQ ³'DPSDN GLVFRXQWLQJRIILQDQFLDODVVHWV´LQSURILWRUORVV
SHQGLVNRQWRDQ DVHW NHXDQJDQ´ GDODP ODED UXJL UHVSHFWLYHO\)RUWKHQLQHPRQWKSHULRGVHQGHG
$PRUWLVDVL UXJL KDUL NH WHUVHEXW XQWXN SHULRGH 6HSWHPEHU DQG DPRUWL]DWLRQ RI
SHULRGH VHPELODQ EXODQ \DQJ EHUDNKLU WKLV'D\ORVVDPRXQWHGWR5S
6HSWHPEHU GDQ PDVLQJPDVLQJ DQG 5S UHVSHFWLYHO\ ZKLFK LV
DGDODK VHEHVDU 5S GDQ SUHVHQWHG DV SDUW RI ³,QWHUHVW DQG LQYHVWPHQW
5S\DQJGLVDMLNDQVHEDJDLEDJLDQ LQFRPH´1RWH
GDUL DNXQ ³3HQGDSDWDQ EXQJD GDQ LQYHVWDVL´
&DWDWDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

,.3 ,.3

%HUGDVDUNDQ 3HUMDQMLDQ 3LQMDPDQ WDQJJDO %DVHG RQ /RDQ $JUHHPHQW GDWHG
'HVHPEHU 37 .HPEDQJDQ 3HUPDL 'HFHPEHU 37 .HPEDQJDQ 3HUPDL
'HYHORSPHQW HQWLWDV DQDN VHWXMX XQWXN 'HYHORSPHQW D VXEVLGLDU\ DJUHHG WR SURYLGH
PHPEHULNDQ SLQMDPDQ NHSDGD ,.3 YHQWXUD ORDQ WR ,.3 DPRXQWLQJ WR 5S
EHUVDPD GHQJDQ MXPODK VHEHVDU ZLWKDQQXDOLQWHUHVWUDWHRIDQGZLOOPDWXUH
5S GHQJDQ VXNX EXQJD SLQMDPDQ RQ'HFHPEHU
SHU WDKXQ VHEHVDU GDQ DNDQ MDWXK WHPSR
SDGDWDQJJDO'HVHPEHU

3DGD SHULRGH ,.3 PHODNXNDQ SHOXQDVDQ ,Q ,.3 PDGH SDUWLDO SD\PHQW DPRXQWLQJ
VHEDJLDQ SLQMDPDQ VHEHVDU 5S WR 5S DQG UHFHLYHG ORDQ
GDQ PHQHULPD SLQMDPDQ VHEHVDU DPRXQWLQJ WR 5S $V RI
5S SDGD WDQJJDO 6HSWHPEHU 6HSWHPEHU DQG 'HFHPEHU
GDQ 'HVHPEHU MXPODK SLQMDPDQ WRWDO ORDQ JLYHQ WR ,.3 DPRXQWHG WR
\DQJ WHODK GLEHULNDQ NHSDGD ,.3 PDVLQJPDVLQJ 5S DQG 5S
DGDODK VHEHVDU 5S GDQ UHVSHFWLYHO\
5S

3LXWDQJSLKDNEHUHODVLQRQXVDKDGLVDMLNDQGDODP 'XH IURP UHODWHG SDUWLHV DUH SUHVHQWHG LQ WKH
ODSRUDQNHXDQJDQNRQVROLGDVLDQVHEDJDL FRQVROLGDWHGVWDWHPHQWVRIILQDQFLDOSRVLWLRQDV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU

-XPODK 7RWDO

7LGDNGLEHQWXNFDGDQJDQNHUXJLDQSHQXUXQDQQLODL 1R DOORZDQFH IRU LPSDLUPHQW ZDV SURYLGHG DV
DWDV SLXWDQJ WHUVHEXW NDUHQD PDQDMHPHQ PDQDJHPHQWEHOLHYHVWKDWWKHVHORDQVDUHIXOO\
EHUSHQGDSDW EDKZD VHPXD SLQMDPDQ WHUVHEXW FROOHFWLEOH
GDSDWGLWDJLK

,QYHVWDVLGDODP6DKDP ,QYHVWPHQWVLQ6KDUHV

$NXQ LQL WHUGLUL GDUL LQYHVWDVL GDODP VDKDP 7KLV DFFRXQW FRQVLVWV RI WKH IROORZLQJ
GHQJDQULQFLDQVHEDJDLEHULNXW LQYHVWPHQWVLQVKDUHV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
0HWRGHHNXLWDV (TXLW\PHWKRG
$VRVLDVL $VVRFLDWHV
9HQWXUDEHUVDPD -RLQWYHQWXUHV
0HWRGHELD\D &RVWPHWKRG
6DKDPELDVD &RPPRQVKDUHV
-XPODK 7RWDO

5LQFLDQHQWLWDVDVRVLDVLGDQYHQWXUDEHUVDPDGDUL 'HWDLOV RI WKH *URXS¶V DVVRFLDWHV DQG MRLQW
*UXS SDGD WDQJJDO 6HSWHPEHU GDQ YHQWXUHV DV RI 6HSWHPEHU DQG
'HVHPEHUDGDODKVHEDJDLEHULNXW 'HFHPEHUIROORZV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

/RNDVL8VDKD
1HJDUD'RPLVLOL .HSHPLOLNDQ
1DPD(QWLWDV 3ODFHRI%XVLQHVV 2ZQHUVKLS $NWLYLWDV8WDPD
1DPHRI(QWLW\ &RXQWU\RI,QFRUSRUDWLRQ 3ULQFLSDO$FWLYLW\
6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
(QWLWDVDVRVLDVL$VVRFLDWHV
370DWUD2ODKFLSWD ,QGRQHVLD 3XVDWSHUEHODQMDDQ6KRSSLQJFHQWHU
37'XWDNDU\D3URSHUWLQGR ,QGRQHVLD 3HUXPDKDQ5HDOHVWDWH
37&LWUDDJXQJ7LUWD-DWLP ,QGRQHVLD 3XVDWSHUEHODQMDDQ6KRSSLQJFHQWHU
373OD]D,QGRQHVLD5HDOW\7EN ,QGRQHVLD 3XVDWSHUEHODQMDDQKRWHOGDQDSDUWHPHQ
6KRSSLQJFHQWHUKRWHOVDQGDSDUWPHQW
37$06/'HOWD0DV ,QGRQHVLD 3XVDWSHUEHODQMDDQ6KRSSLQJFHQWHU
37$06/,QGRQHVLD ,QGRQHVLD 3XVDWSHUEHODQMDDQ6KRSSLQJFHQWHU
37%LQDPDMX0LWUD6HMDWL ,QGRQHVLD 3HUXPDKDQ5HDOHVWDWH
37+HUPLQD6LQDU0HGLNDPDV ,QGRQHVLD %HOXPEHURSHUDVLNRPHUVLDO
+DVQRWEHHQLQFRPPHUFLDORSHUDWLRQ
37.DUDZDQJ%XNLW*ROI ,QGRQHVLD 3HUXPDKDQGDQRSHUDVLODSDQJDQJROI
5HDOHVWDWHDQGRSHUDWLQJDJROIFRXUVH
37,QGRQHVLD,QWHUQDWLRQDO*UDKD ,QGRQHVLD %HOXPEHURSHUDVLNRPHUVLDO
+DVQRWEHHQLQFRPPHUFLDORSHUDWLRQ
9HQWXUDEHUVDPD-RLQWYHQWXUHV
37%XPL3DUDPD:LVHVD ,QGRQHVLD 3HUXPDKDQ5HDOHVWDWH
37,WRPDV.HPEDQJDQ3HUGDQD ,QGRQHVLD 3HUXPDKDQ5HDOHVWDWH
377UDQV%XPL6HUEDUDMD ,QGRQHVLD 0HQ\HOHQJJDUDNDQSHQJXVDKDDQSUR\HN
MDODQWROUXDV6HUSRQJ%DODUDMD
RSHUDWLRQVRI6HUSRQJ±%DODUDMD
WROOURDGSURMHFW
37,QGRQHVLD,QWHUQDWLRQDO([SR ,QGRQHVLD 6HZDUXDQJSDPHUDQ
5HQWDOH[KLELWLRQVSDFH
%.63DVDU3DJL,7&0DQJJD'XD ,QGRQHVLD 3XVDWSHUEHODQMDDQ6KRSSLQJFHQWHU
37%6''LDPRQG'HYHORSPHQW ,QGRQHVLD 3HUXPDKDQ5HDOHVWDWH

0HWRGH(NXLWDV (TXLW\0HWKRG

D (QWLWDV$VRVLDVL D $VVRFLDWHV

,QYHVWDVL GDODP HQWLWDV DVRVLDVL DGDODK 7KH GHWDLOV RI LQYHVWPHQWV LQ DVVRFLDWHV
VHEDJDLEHULNXW IROORZV

1LODL 3HUXEDKDQVHODPDSHULRGH6HPELODQEXODQ 1LODL
,QYHVWDVL &KDQJHVGXULQJSHULRG1LQHPRQWKV (NXLWDVSDGD ,QYHVWDVL
$ZDO3HULRGH (NXLWDVSDGD 5XJL $NKLU3HULRGH
&DUU\LQJ9DOXHRI 3HQDPEDKDQ 3HPEDJLDQ /DED5XJL3HULRGH .RPSUHKHQVLI/DLQ &DUU\LQJ9DOXHRI
,QYHVWPHQWDWWKH ,QYHVWDVL .HXQWXQJDQ %HUMDODQ 6KDUHLQ2WKHU ,QYHVWPHQWDWWKH
1DPD(QWLWDV %HJLQQLQJ $GGLWLRQDO 3URILW 6KDUHLQ3URILW &RPSUHKHQVLYH (QGRIWKH
1DPHRI&RPSDQLHV RIWKH3HULRG ,QYHVWPHQWV 'LVWULEXWLRQ /RVV)RUWKH3HULRG /RVV 3HULRG
370DWUD2ODKFLSWD

37'XWDNDU\D3URSHUWLQGR
37&LWUDDJXQJ7LUWD-DWLP
373OD]D,QGRQHVLD5HDOW\7EN
37$06/'HOWD0DV
37$06/,QGRQHVLD
37%LQDPDMX0LWUD6HMDWL
37.DUDZDQJ%XNLW*ROI
37+HUPLQD6LQDU0HGLNDPDV
37,QGRQHVLD,QWHUQDWLRQDO*UDKD
-XPODK7RWDO
7HUPDVXNNHXQWXQJDQDWDVDNXLVLVLVDKDPVHEHVDU5S,QFOXGHGJDLQRQEDUJDLQSXUFKDVHDPRXQWLQJWR5S
7HUPDVXNNHXQWXQJDQDWDVDNXLVLVLVDKDPVHEHVDU5S,QFOXGHGJDLQRQEDUJDLQSXUFKDVHDPRXQWLQJWR5S

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HUXEDKDQVHODPDSHULRGH6DWXWDKXQ
1LODL &KDQJHVGXULQJSHULRG2QH\HDU 1LODL
,QYHVWDVL (NXLWDVSDGD ,QYHVWDVL
$ZDO7DKXQ (NXLWDVSDGD (NXLWDVSDGD 3HQJKDVLODQ5XJL $NKLU7DKXQ
&DUU\LQJ9DOXHRI 3HQJXUDQJDQ 3HPEDJLDQ 7DPEDKDQ0RGDO /DED5XJL7DKXQ .RPSUHKHQVLI/DLQ &DUU\LQJ9DOXHRI
,QYHVWPHQWDWWKH ,QYHVWDVL .HXQWXQJDQ 'LVHWRU %HUMDODQ 6KDUHLQ2WKHU ,QYHVWPHQWDWWKH
1DPD(QWLWDV %HJLQQLQJ 'HGXFWLRQ 3URILW $GGLWLRQDO3DLGLQ 6KDUHLQ3URILW &RPSUHKHQVLYH (QGRIWKH
1DPHRI&RPSDQLHV RIWKH<HDU ,QYHVWPHQWV 'LVWULEXWLRQ &DSLWDO /RVV)RUWKH<HDU ,QFRPH/RVV <HDU
370DWUD2ODKFLSWD

37'XWDNDU\D3URSHUWLQGR
37&LWUDDJXQJ7LUWD-DWLP
373OD]D,QGRQHVLD5HDOW\7EN
37$06/'HOWD0DV
37$06/,QGRQHVLD
37%LQDPDMX0LWUD6HMDWL
37,QGRQHVLD,QWHUQDWLRQDO*UDKD
-XPODK7RWDO

370DWUD2ODKFLSWD02& 370DWUD2ODKFLSWD02&

%HUGDVDUNDQ 3HUQ\DWDDQ .HSXWXVDQ 6LUNXOHU %DVHG RQ WKH 6WRFNKROGHUV¶ &LUFXODU
3HPHJDQJ 6DKDP 02& \DQJ 'HFLVLRQ 6WDWHPHQW RI 02& DV VWDWHG LQ
GLGRNXPHQWDVLNDQ GDODP $NWD 1R WDQJJDO 1RWDULDO 'HHG 1R GDWHG )HEUXDU\
)HEUXDULGDUL+DQQ\ZDWL6XVLOR6+ RI +DQQ\ZDWL 6XVLOR 6+ 0.Q
0.Q QRWDULV GL 7DQJHUDQJ 6HODWDQ D SXEOLF QRWDU\ LQ 6RXWK 7DQJHUDQJ WKH
SHPHJDQJ VDKDP PHQ\HWXMXL SHQLQJNDWDQ VWRFNKROGHUV DJUHHG WR LQFUHDVH 02&¶V
PRGDO GDVDU GDUL VHEHVDU 5S DXWKRUL]HG FDSLWDO VWRFN IURP
PHQMDGL 5S PHQ\HWXMXL 5SWR5SWR
SHQLQJNDWDQ PRGDO GLWHPSDWNDQ GDQ GLVHWRU LQFUHDVHLWVLVVXHGDQGSDLGXSFDSLWDOVWRFN
GDUL OHPEDU VDKDP DWDX VHEHVDU IURP VKDUHV RU HTXLYDOHQW WR
5S PHQMDGL OHPEDU 5S WR VKDUHV RU
VDKDPDWDXVHEHVDU5SVHUWD HTXLYDOHQW WR 5S DQG
PHQ\HWXMXL NRQYHUVL XWDQJ NHSDGD SHPHJDQJ FRQYHUVLRQ RI GXH WR VWRFNKROGHUV LQWR
VDKDP PHQMDGL PRGDO GLWHPSDWNDQ GDQ LVVXHGDQGSDLGXSFDSLWDOVWRFN7KHUHZDV
GLVHWRU .HQDLNDQ PRGDO LQL GLODNXNDQ VHFDUD QR FKDQJH LQ WKH RZQHUVKLS LQWHUHVW
SURSRUVLRQDO VHKLQJJD NRPSRVLVL NHSHPLOLNDQ RIVWRFNKROGHUVVLQFHWKHLQFUHDVHZDVGRQH
VDKDP 02& WLGDN EHUXEDK 3HUXEDKDQ LQL SURSRUWLRQDWHO\ 7KLV FKDQJH ZDV DSSURYHG
WHODK PHQGDSDW SHUVHWXMXDQ GDUL 0HQWHUL E\ WKH 0LQLVWHU RI /DZ DQG +XPDQ
+XNXP GDQ +DN $VDVL 0DQXVLD 5HSXEOLN 5LJKWVRI WKH 5HSXEOLF RI ,QGRQHVLD
,QGRQHVLD PHODOXL 6XUDW .HSXWXVDQ WKURXJK KLV 'HFLVLRQ /HWWHU
1R $+8$+7DKXQ 1R $+8$+<HDU
WDQJJDO)HEUXDUL%DJLDQ3HUXVDKDDQ GDWHG )HEUXDU\ 7KH &RPSDQ\¶V
DWDV NHQDLNDQ PRGDO WHUVHEXW DGDODK VKDUH RQ WKH DIRUHPHQWLRQHG LQFUHDVH LQ
5S FDSLWDO RI 02& DPRXQWHG WR
5S

37'XWDNDU\D3URSHUWLQGR'.3 37'XWDNDU\D3URSHUWLQGR'.3

'.3 PHQJDODPL GHILVLW SDGD WDQJJDO '.3 KDV GHILFLW DV RI 6HSWHPEHU
6HSWHPEHU GDQ 'HVHPEHU DQG 'HFHPEHU $V RI 6HSWHPEHU
3DGD WDQJJDO 6HSWHPEHU GDQ DQG 'HFHPEHU '87,¶V
'HVHPEHU EDJLDQ '87, DWDV VKDUH LQ QHW ORVVHV RI '.3 KDV DOUHDG\
NHUXJLDQ '.3 WHODK PHOHELKL QLODL WHUFDWDW H[FHHGHG WKH DFTXLVLWLRQ FRVW RI LWV
LQYHVWDVL VHKLQJJD LQYHVWDVL GDODP VDKDP LQYHVWPHQWV WKXV WKH FDUU\LQJ YDOXH RI
ELDVD SDGD '.3 GLFDWDW VHEHVDU QLKLO -LND LQYHVWPHQWV LQ '.3 KDYH EHHQ UHGXFHG WR
'.3 VHODQMXWQ\D ODED '87, DNDQ PHQJDNXL ]HUR ,I '.3 VXEVHTXHQWO\ UHSRUWHG SURILW
SHQJKDVLODQ DSDELOD VHWHODK EDJLDQQ\D DWDV '87,ZLOOUHVXPHUHFRJQL]LQJLWVVKDUHLQWKH
NHUXJLDQ EHUVLK \DQJ EHOXP GLDNXL %DJLDQ SURILWRIVXFKDVVRFLDWHVRQO\DIWHULWVVKDUH
NHUXJLDQ EHUVLK GDUL '.3 \DQJ EHOXP GLDNXL RI QHW ORVVHV QRW UHFRJQL]HG 8QUHFRJQL]HG
PDVLQJPDVLQJ DGDODK VHEHVDU VKDUH LQ ORVVHV RI '.3 DPRXQWHG WR
5S SDGD WDQJJDO 6HSWHPEHU 5S DV RI 6HSWHPEHU
GDQ'HVHPEHU DQG'HFHPEHU

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

37&LWUDDJXQJ7LUWD-DWLP&7- 37&LWUDDJXQJ7LUWD-DWLP&7-

3DGD SHULRGH &7- PHPEDJLNDQ GLYLGHQ ,Q &7- DJUHHG WR GLVWULEXWH FDVK
WXQDL NHSDGD SHPHJDQJ VDKDP VHEHVDU GLYLGHQGV WR VWRFNKROGHUV DPRXQWLQJ WR
5S DWDX VHWDUD GHQJDQ 5S RU HTXLYDOHQW WR
5S SHU OHPEDU VDKDP %DJLDQ 5S SHU VKDUH 7KH VKDUH RI
'87, DWDV SHPEDJLDQ GLYLGHQ WXQDL DGDODK '87, RQ WKLV FDVK GLYLGHQG DPRXQWHG WR
VHEHVDU5S 5S

3DGD WDKXQ &7- PHPEDJLNDQ GLYLGHQ ,Q &7- DJUHHG WR GLVWULEXWH FDVK
WXQDL NHSDGD SHPHJDQJ VDKDP VHEHVDU GLYLGHQGV WR VWRFNKROGHUV DPRXQWLQJ WR
5S SHU OHPEDU VDKDP GDQ 5S SHU VKDUH DQG
5SSHUOHPEDUVDKDP%DJLDQ'87, 5S SHU VKDUH UHVSHFWLYHO\ 7KH
DWDV SHPEDJLDQ GLYLGHQ WXQDL PDVLQJPDVLQJ VKDUH RI '87, RQ WKLV FDVK GLYLGHQG
DGDODKVHEHVDU5S DPRXQWHG WR 5S
UHVSHFWLYHO\

%HUGDVDUNDQ 3HUQ\DWDDQ .HSXWXVDQ 6LUNXOHU %DVHG RQ WKH 6WRFNKROGHUV¶ &LUFXODU
3HPHJDQJ 6DKDP &7- \DQJ 'HFLVLRQ 6WDWHPHQW RI &7- DV VWDWHG LQ
GLGRNXPHQWDVLNDQ GDODP $NWD 1R WDQJJDO 1RWDULDO 'HHG 1R GDWHG -XO\ RI
-XOL GDUL +DQQ\ZDWL 6XVLOR 6+ +DQQ\ZDWL 6XVLOR 6+ 0.Q D SXEOLF
0.Q QRWDULV GL 7DQJHUDQJ 6HODWDQ QRWDU\LQ6RXWK7DQJHUDQJWKHVWRFNKROGHUV
SHPHJDQJ VDKDP PHQ\HWXMXL SHQXUXQDQ DJUHHG WR UHGXFH &7-¶V DXWKRUL]HG FDSLWDO
PRGDO GDVDU GDUL VHEHVDU 5S VWRFN IURP 5S WR
PHQMDGL 5S VHUWD SHQXUXQDQ 5S DQG LWV LVVXHG DQG SDLG
PRGDO GLWHPSDWNDQ GDQ GLVHWRU GDUL XS FDSLWDO VWRFN IURP VKDUHV RU
OHPEDUVDKDPDWDXVHEHVDU5S HTXLYDOHQW WR 5S WR
PHQMDGL OHPEDU VDKDP DWDX VHEHVDU VKDUHV RU HTXLYDOHQW WR 5S
5S 3HQXUXQDQ PRGDO LQL 7KHUH ZDV QR FKDQJH LQ WKH RZQHUVKLS
GLODNXNDQ VHFDUD SURSRUVLRQDO VHKLQJJD LQWHUHVW RI VWRFNKROGHUV VLQFH WKH GHFUHDVH
NRPSRVLVL NHSHPLOLNDQ VDKDP &7- WLGDN ZDV GRQH SURSRUWLRQDWHO\ 7KLV FKDQJH ZDV
EHUXEDK 3HUXEDKDQ LQL WHODK PHQGDSDW DSSURYHGE\WKH0LQLVWHURI/DZDQG+XPDQ
SHUVHWXMXDQ GDUL 0HQWHUL +XNXP GDQ 5LJKWV RI WKH 5HSXEOLFRI ,QGRQHVLD WKURXJK
+DN $VDVL 0DQXVLD 5HSXEOLN ,QGRQHVLD KLV 'HFLVLRQ /HWWHU
PHODOXL 6XUDW .HSXWXVDQ 1R $+8$+<HDU
1R $+8$+7DKXQ GDWHG -XO\ '87,¶V VKDUH RQ WKH
WDQJJDO -XOL %DJLDQ '87, DWDV DIRUHPHQWLRQHG GHFUHDVH LQ FDSLWDO
SHQJHPEDOLDQ PRGDO WHUVHEXW DGDODK VHEHVDU DPRXQWHGWR5S
5S

37+HUPLQD6LQDU0HGLNDPDV+60 37+HUPLQD6LQDU0HGLNDPDV+60

3DGD EXODQ )HEUXDUL 37 6LQDU 3HUWLZL ,Q )HEUXDU\ 37 6LQDU 3HUWLZL 0HJDK
0HJDK HQWLWDV DQDN PHQHPSDWNDQ LQYHVWDVL D VXEVLGLDU\ LQYHVWHG LQ 37 6LQDU
SDGD 37 6LQDU 0HGLNDPDV ,QYHVLQGR 60, GDQ 0HGLNDPDV,QYHVLQGR60,DQGDFFRUGLQJO\
PHQJNRQVROLGDVLNDQ ODSRUDQ NHXDQJDQ 60, WKH ILQDQFLDO VWDWHPHQWV RI 60, ZHUH
VHMDN )HEUXDUL &DWDWDQ 60, PHPLOLNL FRQVROLGDWHG ZLWK WKDW RI WKH *URXS VWDUWLQJ
LQYHVWDVL SDGD +60 VHEHVDU 5S LQ )HEUXDU\ 1RWH 60, KDV
GHQJDQSHUVHQWDVHNHSHPLOLNDQVHEHVDU LQYHVPHQW LQ +60 DPRXQWLQJ WR
5SUHSUHVHQWLQJRZQHUVKLS
LQWHUHVW

373OD]D,QGRQHVLD5HDOW\7EN3/,1 373OD]D,QGRQHVLD5HDOW\7EN3/,1

3DGD WDQJJDO 0DUHW -XQL 2Q 0DUFK -XQH
6HSWHPEHUGDQ2NWREHU3/,1 6HSWHPEHU DQG 2FWREHU
PHODNXNDQ SHPEHOLDQ NHPEDOL DWDV VDKDP 3/,1 KDG UHSXUFKDVHG RXWVWDQGLQJ VWRFNV
EHUHGDUVHMXPODK OHPEDU VDKDP WRWDOLQJ VKDUHV WKXV
VHKLQJJD SHUVHQWDVH NHSHPLOLNDQ VDKDP LQFUHDVLQJ WKH &RPSDQ\¶V RZQHUVKLS
3HUXVDKDDQ GL 3/,1 PHQLQJNDW GDUL LQWHUHVWLQ3/,1IURPWR
PHQMDGL

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3DGDWDQJJDO-DQXDUL-DQXDUL 2Q -DQXDU\ -DQXDU\ DQG
GDQ0DUHW3/,1PHODNXNDQSHPEHOLDQ 0DUFK 3/,1 KDG UHSXUFKDVHG
NHPEDOL DWDV VDKDP EHUHGDU VHMXPODK RXWVWDQGLQJ VWRFNV WRWDOLQJ
OHPEDU VDKDP VHKLQJJD VKDUHV WKXV LQFUHDVLQJ WKH &RPSDQ\¶V
SHUVHQWDVHNHSHPLOLNDQVDKDP3HUXVDKDDQGL RZQHUVKLS LQWHUHVW LQ 3/,1 IURP WR
3/,1PHQLQJNDWGDULPHQMDGL

3DGD EXODQ -XQL 3HUXVDKDDQ PHPEHOL ,Q -XQH WKH &RPSDQ\ SXUFKDVHG
VDKDP 3/,1 GDUL SDVDU PRGDO VHEDQ\DN 3/,1¶V VKDUHV RI 3/,1 IURP FDSLWDO PDUNHW
OHPEDU VDKDP GHQJDQ KDUJD IRU5SWKXVLQFUHDVLQJWKH
SHPEHOLDQ VHEHVDU 5S &RPSDQ\¶V RZQHUVKLS LQWHUHVW LQ 3/,1 IURP
VHKLQJJD SHUVHQWDVH NHSHPLOLNDQ VDKDP WR )URP WKLV WUDQVDFWLRQ
3HUXVDKDDQ GL 3/,1 PHQLQJNDW GDUL WKH &RPSDQ\ UHFRUGHG JDLQ RQ EDUJDLQ
PHQMDGL'DULWUDQVDNVLLQL3HUXVDKDDQ SXUFKDVHDPRXQWLQJWR5S
PHQFDWDW NHXQWXQJDQ DWDV DNXLVLVL VDKDP ZKLFK LV UHFRUGHG DV SDUW RI ³6KDUH LQ QHW
3/,1 VHEHVDU 5S \DQJ LQFRPH RI DVVRFLDWHV DQG MRLQW YHQWXUHV´ LQ
GLFDWDWVHEDJDLEDJLDQGDUL³(NXLWDVSDGDODED SURILWRUORVV
EHUVLK HQWLWDV DVRVLDVL GDQ YHQWXUD EHUVDPD´
SDGDODEDUXJL

3DGD EXODQ $JXVWXV 3HUXVDKDDQ ,Q $XJXVW WKH &RPSDQ\ SXUFKDVHG
PHPEHOL VDKDP 3/,1 GDUL SDVDU PRGDO 3/,1¶V VKDUHV RI 3/,1 IURP FDSLWDO PDUNHW
VHEDQ\DN OHPEDU VDKDP GHQJDQ IRU 5S WKXV LQFUHDVLQJ WKH
KDUJD SHPEHOLDQ VHEHVDU 5S &RPSDQ\¶V RZQHUVKLS LQWHUHVW LQ 3/,1 IURP
VHKLQJJD SHUVHQWDVH NHSHPLOLNDQ VDKDP WR )URP WKLV WUDQVDFWLRQ
3HUXVDKDDQ GL 3/,1 PHQLQJNDW GDUL WKH &RPSDQ\ UHFRUGHG JDLQ RQ EDUJDLQ
PHQMDGL'DULWUDQVDNVLLQL3HUXVDKDDQ SXUFKDVH DPRXQWLQJ WR 5S
PHQFDWDW NHXQWXQJDQ DWDV DNXLVLVL VDKDP ZKLFK LV UHFRUGHG DV SDUW RI ³6KDUH LQ QHW
3/,1VHEHVDU5S\DQJGLFDWDW LQFRPH RI DVVRFLDWHV DQG MRLQW YHQWXUHV´ LQ
VHEDJDLEDJLDQGDUL³(NXLWDVSDGDODEDEHUVLK SURILWRUORVV
HQWLWDV DVRVLDVL GDQ YHQWXUD EHUVDPD´ SDGD
ODEDUXJL

3DGD WDKXQ 3/,1 PHPEDJLNDQ GLYLGHQ ,Q 3/,1 DJUHHG WR
WXQDL NHSDGD SHPHJDQJ VDKDP VHEHVDU GLVWULEXWH FDVK GLYLGHQGV WR VWRFNKROGHUV
5S DWDX VHWDUD GHQJDQ DPRXQWLQJ WR 5S RU
5SSHUOHPEDUVDKDP%DJLDQ3HUXVDKDDQ HTXLYDOHQWWR5SSHUVKDUH7KHVKDUHRI
DWDV SHPEDJLDQ GLYLGHQ WXQDL DGDODK VHEHVDU WKH &RPSDQ\ RQ WKLV FDVK GLYLGHQG
5S DPRXQWHGWR5S

37$06/,QGRQHVLD$06/, 37$06/,QGRQHVLD$06/,

$06/, PHQJDODPL NHUXJLDQ SDGD WDQJJDO $06/, KDV UHSRUWHG ORVVHV DV RI
6HSWHPEHU GDQ 'HVHPEHU 6HSWHPEHU DQG 'HFHPEHU
'HVHPEHU EDJLDQ 3HUXVDKDDQ DWDV 'HFHPEHU WKH &RPSDQ\¶V VKDUH
NHUXJLDQ $06/, VHWHODK GLNXUDQJL GHQJDQ LQQHWORVVHVDIWHUGHGXFWLQJZLWKXQUHDOL]HG
NHXQWXQJDQ \DQJ EHOXP GLUHDOLVDVL GDUL JDLQ RQ WUDQVDFWLRQ ZLWK WKH *URXS KDV
WUDQVDNVL DQWDU *UXS WHODK PHOHELKL QLODL DOUHDG\ H[FHHGHG WKH DFTXLVLWLRQ FRVW RI LWV
WHUFDWDW LQYHVWDVL VHKLQJJD LQYHVWDVL GDODP LQYHVWPHQW WKXV WKH FDUU\LQJ YDOXH RI
VDKDPELDVDSDGD$06/,GLFDWDWVHEHVDUQLKLO LQYHVWPHQWVLQ$06/,KDYHEHHQUHGXFHGWR
-LND$06/,VHODQMXWQ\DODEDGDQPHOHELKLQLODL ]HUR ,I $06/, VXEVHTXHQWO\ UHSRUWHG SURILW
WHUFDWDWLQYHVWDVL3HUXVDKDDQDNDQPHQJDNXL WKH &RPSDQ\ ZLOO UHVXPH UHFRJQL]LQJ LWV
EDJLDQQ\D DWDV ODED KDQ\D VHWHODK EDJLDQQ\D VKDUH RI WKRVH SURILWV RQO\ DIWHU LWV VKDUH RI
DWDV ODED WHUVHEXW VDPD GHQJDQ EDJLDQ DWDV WKH SURILWV HTXDOV WKH VKDUH RI ORVVHV QRW
UXJL\DQJEHOXPGLDNXL%DJLDQNHUXJLDQEHUVLK UHFRJQL]HG8QUHFRJQL]HGVKDUHLQORVVHVRI
GDUL$06/,\DQJEHOXPGLDNXLDGDODKVHEHVDU $06/,DPRXQWHGWR5SDQG
5S GDQ 5S 5SDVRI6HSWHPEHU
SDGD WDQJJDO 6HSWHPEHU GDQ DQG'HFHPEHUUHVSHFWLYHO\
'HVHPEHU

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

37.DUDZDQJ%XNLW*ROI.%* 37.DUDZDQJ%XNLW*ROI.%*

3DGD 3HUXVDKDDQ PHQHPSDWNDQ PRGDO ,Q WKH &RPSDQ\ SODFHG SDLGXS
GLVHWRU GL .%* VHEHVDU FDSLWDO LQ .%* DPRXQWLQJ WR
5S GHQJDQ SHUVHQWDVH 5S UHSUHVHQWLQJ
NHSHPLOLNDQ VHEHVDU 1LODL ZDMDU DWDV RZQHUVKLS LQWHUHVW )DLU YDOXH RI QHW
DVHW EHUVLK WHULGHQWLINDVL XQWXN NHSHPLOLNDQ LGHQWLILDEOHDVVHWVIRUWKHRZQHUVKLS
DWDV .%* DGDODK VHEHVDU LQWHUHVW RI .%* DPRXQWHG WR
5S 'DUL WUDQVDNVL LQL 5S )URP WKLV WUDQVDFWLRQ
3HUXVDKDDQ PHQFDWDW NHXQWXQJDQ DWDV DNXLVLVL WKH &RPSDQ\ UHFRUGHG JDLQ RQ EDUJDLQ
VDKDP .%* VHEHVDU 5S \DQJ SXUFKDVHDPRXQWLQJWR5S
GLFDWDW VHEDJDL EDJLDQ GDUL ³(NXLWDV SDGD ODED ZKLFK LV UHFRUGHG DV SDUW RI ³6KDUH LQ QHW
EHUVLK HQWLWDV DVRVLDVL GDQ YHQWXUD EHUVDPD´ LQFRPH RI DVVRFLDWHV DQG MRLQW YHQWXUHV´ LQ
SDGDODEDUXJL SURILWRUORVV

,QYHVWDVLLQYHVWDVLGDODPVDKDPSDGDHQWLWDV 7KH DIRUHPHQWLRQHG LQYHVWPHQWV LQ VKDUHV
HQWLWDV WHUVHEXW GLWXMXNDQ XQWXN NHSHQWLQJDQ RI VWRFNV LQ WKHVH FRPSDQLHV DUH KHOG
MDQJNDSDQMDQJNDUHQDVHEDJLDQEHVDUHQWLWDV SULPDULO\ IRU ORQJWHUP SURILW JHQHUDWLRQ
HQWLWDV WHUVHEXW WHUVHEXW EHUJHUDN GL ELGDQJ SXUSRVHVLQFHPRVWRIWKHVHFRPSDQLHVDUH
XVDKD \DQJ VDPD GHQJDQ *UXS \DLWX LQGXVWUL HQJDJHG LQ VLPLODU EXVLQHVVHV ZLWK WKDW RI
UHDOHVWDW WKH*URXSZKLFKLVUHDOHVWDWHLQGXVWU\

,NKWLVDU LQIRUPDVL NHXDQJDQ HQWLWDV DVRVLDVL 7KH IROORZLQJ VXPPDUL]HV WKH ILQDQFLDO
PDWHULDO WDQSD GLVHVXDLNDQ GHQJDQ SURSRUVL LQIRUPDWLRQ UHODWLQJ WR PDWHULDO DVVRFLDWHV
NHSHPLOLNDQ*UXSDGDODKVHEDJDLEHULNXW QRWDGMXVWHGIRUSURSRUWLRQRIRZQHUVKLS

6HSWHPEHU6HSWHPEHU
373OD]D,QGRQHVLD 37%LQDPDMX0LWUD 37&LWUDDJXQJ7LUWD 37.DUDZDQJ%XNLW
37$06/'HOWD0DV 370DWUD2ODKFLSWD 37$06/,QGRQHVLD
5HDOW\7EN 6HMDWL -DWLP *ROI
$VHW $VVHWV
/DQFDU &XUUHQW
7LGDNODQFDU 1RQFXUUHQW
-XPODK 7RWDO

/LDELOLWDV /LDELOLWLHV
-DQJNDSHQGHN &XUUHQW
-DQJNDSDQMDQJ 1RQFXUUHQW
-XPODK 7RWDO
3HQGDSDWDQ 5HYHQXHV

%HEDQ ([SHQVHV
/DEDUXJLEHUVLK 1HWSURILWORVV

'HVHPEHU'HFHPEHU
373OD]D,QGRQHVLD 37%LQDPDMX0LWUD 37&LWUDDJXQJ7LUWD
37$06/'HOWD0DV 370DWUD2ODKFLSWD 37$06/,QGRQHVLD
5HDOW\7EN 6HMDWL -DWLP
$VHW $VVHWV
/DQFDU &XUUHQW
-XPODK 7RWDO

-DQJNDSHQGHN &XUUHQW
-DQJNDSDQMDQJ 1RQFXUUHQW
-XPODK 7RWDO
3HQGDSDWDQ 5HYHQXHV

%HEDQ ([SHQVHV
/DEDUXJLEHUVLK 1HWSURILWORVV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

E 9HQWXUD%HUVDPD E -RLQW9HQWXUHV

3HUXEDKDQ GDODP NHSHQWLQJDQ SDGD YHQWXUD 0RYHPHQW RI LQWHUHVWV LQ WKH MRLQW YHQWXUHV
EHUVDPDDGDODKVHEDJDLEHULNXW DUHVXPPDUL]HGDVIROORZV

3HUXEDKD QVHODPDWD KXQ6HPELODQEXODQ
&KDQJHVGXULQJ1LQHPRQWKV
1LODL .HXQWXQJDQ \DQJ .HXQWXQJDQ 1LODL
,QYHVWDVL %HOXP'LUHDOLVDVL 'LUHDOLVDVLGDUL ,QYHVWDVL
$ZDO3HULRGH (NXLWD VSDGD GDUL7UDQVDNVLGHQJDQ GDUL7UDQVDNVLGHQJDQ $NKLU3HULRGH
&DUU\LQ J9DOXHRI 3HQDPEDKDQ 3HPEDJ LDQ /DED5XJL3HULRGH (NXLWDVSDGD5XJL 9HQWXUD%HUVDPD 9HQWXUD%HUVDPD &DUU\LQJ9DO XHRI
,QYHVWPHQWDWWKH ,QYHVWDVL .HXQWXQJDQ %HUMDODQ .RPSUHKHQVLI/DLQ 8QUHDOL]HG*DLQV 5HDOL]HG *DLQV ,QYHVWPHQWDWWKH
1DPD(QWL WDV %HJLQQLQJ $GGLWLRQDO 3URILW 6KDUHLQ3URILW 6KDUHLQ2WKHU RQ7UDQVDFWLRQV RQ7UDQVDFWLRQV (QGRIWKH
1DPHRI&RPSD QLHV RIWKH3HULRG ,QYHVWPHQWV 'LVWULEXWLRQ /RVV)RUWK H3HULRG &RPSUHKHQVLYH/RVV ZLWKWKH-RLQW9HQWXUHV ZLWKWKH -RLQW9HQWXUH V 3HULRG
37%XPL3DUD PD:LVHVD

37,WRPDV.HPEDQJDQ3H UGDQD
377UDQV%XPL6HUEDUDMD
37,QGRQHVLD,QWHUQDWLRQDO([SR
%.63DVD U3DJL,7&0DQJJD'XD
37%6''LDPRQ G'HYHORSPHQW
-XPO DK7RWDO

3HUXEDKDQVHODPDWDKXQ6DWXWDKXQ
&KDQJHVGXULQJ2QH\HDU
1LODL .HXQWXQJDQ\DQJ .HXQWXQJDQ 1LODL
,QYHVWDVL %HOXP'LUHDOLVDVL 'LUHDOLVDVLGDUL ,QYHVWDVL
$ZDO7DKXQ (NXLWDVSDGD GDUL7UDQVDNVLGHQJDQ GDUL7UDQVDNVLGHQJDQ $NKLU7DKXQ
&DUU\LQJ9DOXHRI 3HQDPEDKDQ 3HPEDJLDQ /DED5XJL7DKXQ (NXLWDVSDGD5XJL 9HQWXUD%HUVDPD 9HQWXUD%HUVDPD &DUU\LQJ9DOXHRI
,QYHVWPHQWDWWKH ,QYHVWDVL .HXQWXQJDQ %HUMDODQ .RPSUHKHQVLI/DLQ 8QUHDOL]HG*DLQV 5HDOL]HG*DLQV ,QYHVWPHQWDWWKH
1DPD(QWLWDV %HJLQQLQJ $GGLWLRQDO 3URILW 6KDUHLQ3URILW 6KDUHLQ2WKHU RQ7UDQVDFWLRQV RQ7UDQVDFWLRQV (QGRIWKH
1DPHRI&RPSDQLHV RIWKH<HDU ,QYHVWPHQWV 'LVWULEXWLRQ /RVV)RUWKH<HDU &RPSUHKHQVLYH/RVV ZLWKWKH-RLQW9HQWXUHV ZLWKWKH-RLQW9HQWXUHV <HDU
37%XPL3DUDPD:LVHVD

37,WRPDV.HPEDQJDQ3HUGDQD
377UDQV%XPL6HUEDUDMD
37,QGRQHVLD,QWHUQDWLRQDO([SR
%.63DVDU3DJL,7&0DQJJD'XD
37%6''LDPRQG'HYHORSPHQW
-XPODK7RWDO

37%XPL3DUDPD:LVHVD%3: 37%XPL3DUDPD:LVHVD%3:

3HUXVDKDDQ PHQFDWDW EDJLDQ NHXQWXQJDQ 7KH &RPSDQ\ UHFRUGHG UHDOL]HG JDLQ IURP
GLUHDOLVDVL GDUL WUDQVDNVL SHQMXDODQ WDQDK ODQG VDOHV WR %3: DPRXQWHG WR
NHSDGD %3: VHEHVDU 5S 5S IRU WKH QLQHPRQWK
XQWXN SHULRGH VHPELODQ EXODQ \DQJ EHUDNKLU SHULRG HQGHG 6HSWHPEHU DQG
6HSWHPEHU GDQ VHEHVDU
5S IRU WKH \HDU HQGHG
5SXQWXNWDKXQ\DQJEHUDNKLU 'HFHPEHU
'HVHPEHU

37,WRPDV.HPEDQJDQ3HUGDQD,.3 37,WRPDV.HPEDQJDQ3HUGDQD,.3

.HXQWXQJDQ \DQJ EHOXP GLUHDOLVDVL GDUL 8QUHDOL]HG JDLQ RQ WUDQVDFWLRQV ZLWK WKH
WUDQVDNVLGHQJDQYHQWXUDEHUVDPDPHUXSDNDQ MRLQW YHQWXUH UHVXOWHG IURP VDOH RI ODQG E\
WUDQVDNVLSHQMXDODQWDQDKROHK37.HPEDQJDQ 37.HPEDQJDQ3HUPDL'HYHORSPHQW.3'
3HUPDL 'HYHORSPHQW .3' HQWLWDV DQDN D VXEVLGLDU\ WR ,.3 D MRLQW YHQWXUH ZLWK D
NHSDGD ,.3 YHQWXUD EHUVDPD GHQJDQ JDLQ RI 5S 8QUHDOL]HG
NHXQWXQJDQ VHEHVDU 5S JDLQ RQ WKHVH WUDQVDFWLRQV DPRXQWHG WR
%DJLDQNHXQWXQJDQ\DQJEHOXPGLUHDOLVDVLGDUL 5SUHSUHVHQWLQJRZQHUVKLS
WUDQVDNVL WHUVHEXW DGDODK VHEHVDU LQWHUHVWRI.3'LQ,.3RI
5S DWDX PHQFHUPLQNDQ
SHUVHQWDVH NHSHPLOLNDQ .3' SDGD ,.3
VHEHVDU

377UDQV%XPL6HUEDUDMD7%6 377UDQV%XPL6HUEDUDMD7%6

%HUGDVDUNDQ $NWD 3HQGLULDQ 7%6 1R %DVHG RQ 'HHG RI (VWDEOLVKPHQW RI
WDQJJDO 0HL GDUL +DQQ\ZDWL 6XVLOR 7%61RGDWHG0D\RI+DQQ\ZDWL
6+ 0.Q QRWDULV GL 7DQJHUDQJ 6HODWDQ 6XVLOR6+0.QDSXEOLFQRWDU\LQ6RXWK

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HUXVDKDDQ GDQ 37 6LQDU 8VDKD 0DKLWDOD 7DQJHUDQJ WKH &RPSDQ\ DQG 37 6LQDU
HQWLWDV DQDN PHQHPSDWNDQ LQYHVWDVL PDVLQJ 8VDKD 0DKLWDOD D VXEVLGLDU\ SODFHG
PDVLQJ VHEHVDU 5S GDQ LQYHVWPHQWDPRXQWLQJWR5S
5S DQG5SUHVSHFWLYH\

37,QGRQHVLD,QWHUQDWLRQDO([SR,,( 37,QGRQHVLD,QWHUQDWLRQDO([SR,,(

%HUGDVDUNDQ .HSXWXVDQ 3HPHJDQJ 6DKDP %DVHG RQ 6KDUHKROGHUV¶ 5HVROXWLRQ ,,( WKH
,,( SDUD SHPHJDQJ VDKDP VHWXMX PHODNXNDQ VKDUHKROGHUV DJUHHG WR FRQYHUW WKH
NRQYHUVL DWDV KXWDQJ SHPHJDQJ VDKDP VKDUHKROGHU
V GHEW LQWR FDSLWDO 7KH
PHQMDGL PRGDO %DJLDQ 3HUXVDKDDQ DWDV &RPSDQ\
V VKDUH RI VKDUHKROGHU
V GHEW
KXWDQJ SHPHJDQJ VDKDP \DQJ GLNRQYHUVL FRQYHUWHG LQWR VKDUHV DPRXQWHG WR
PHQMDGL VDKDP DGDODK VHEHVDU 5S
5S

3HUXVDKDDQ PHQFDWDW EDJLDQ NHXQWXQJDQ 7KH &RPSDQ\ UHFRUGHG UHDOL]HG JDLQ IURP
GLUHDOLVDVL GDUL WUDQVDNVL SHPEHOLDQ WDQDK GDUL ODQG SXUFKDVH IURP ,,( DPRXQWHG WR
,,(VHEHVDU5S 5S

%.63DVDU3DJL±,7&0DQJJD'XD%.6 %.63DVDU3DJL±,7&0DQJJD'XD%.6

8QWXN WDKXQ %.6 PHPEDJLNDQ ,Q %.6 DJUHHG WR GLVWULEXWH SURILW WR
NHXQWXQJDQ NHSDGD SHPHJDQJ VDKDP VWRFNKROGHUV DPRXQWLQJ WR
VHEHVDU 5S %DJLDQ '87, DWDV 5S 7KH VKDUH RI '87, RQ
SHPEDJLDQ NHXQWXQJDQ LQL DGDODK VHEHVDU WKLV SURILW DPRXQWHG WR DQG
5S 5S

37%6''LDPRQG'HYHORSPHQW%'' 37%6''LDPRQG'HYHORSPHQW%''

%HUGDVDUNDQ $NWD 3HQGLULDQ %'' 1R %DVHG RQ 'HHG RI (VWDEOLVKPHQW RI %''
WDQJJDO1RYHPEHUGDUL0LQD1*6+ 1RGDWHG1RYHPEHURI0LQD1*
631 0.Q QRWDULV GL -DNDUWD 6HODWDQ 6+ 631 0.Q D SXEOLF QRWDU\ LQ 6RXWK
3HUXVDKDDQ PHQHPSDWNDQ LQYHVWDVL VHEHVDU -DNDUWD WKH &RPSDQ\ SODFHG LQYHVWPHQW
5S DPRXQWLQJWR5S

.HXQWXQJDQ \DQJ EHOXP GLUHDOLVDVL GDUL 8QUHDOL]HG JDLQ RQ WUDQVDFWLRQV ZLWK WKH
WUDQVDNVLGHQJDQYHQWXUDEHUVDPDPHUXSDNDQ MRLQW YHQWXUH UHVXOWHG IURP VDOH RI ODQG E\
WUDQVDNVL SHQMXDODQ WDQDK ROHK 3HUXVDKDDQ WKH &RPSDQ\ WR ,.3 D MRLQW YHQWXUH ZLWK D
NHSDGD %'' YHQWXUD EHUVDPD GHQJDQ JDLQRI5S
NHXQWXQJDQVHEHVDU5S

*UXS WLGDN PHPLOLNL EDJLDQ DWDV OLDELOLWDV 7KH *URXS KDV QR VKDUH RI DQ\ FRQWLQJHQW
NRQWLQMHQVL DWDX NRPLWPHQ SHUPRGDODQ GDUL OLDELOLWLHVRUFDSLWDOFRPPLWPHQWVRIWKHMRLQW
YHQWXUD EHUVDPD DWDV YHQWXUD EHUVDPD SDGD YHQWXUHV DV RI 6HSWHPEHU DQG
WDQJJDO6HSWHPEHUGDQ'HVHPEHU 'HFHPEHU

,NKWLVDU LQIRUPDVL NHXDQJDQ YHQWXUD EHUVDPD 7KH IROORZLQJ VXPPDUL]HV WKH ILQDQFLDO
WDQSD GLVHVXDLNDQ GHQJDQ SURSRUVL LQIRUPDWLRQ UHODWLQJ WR WKH MRLQW YHQWXUH QRW
NHSHPLOLNDQ*UXSDGDODKVHEDJDLEHULNXW DGMXVWHGIRUSURSRUWLRQRIRZQHUVKLS

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU

$VHW $VVHWV
&XUUHQWFDVKDQGFDVK
/DQFDUNDVGDQVHWDUDNDV H TXLYDOHQWV
/DQFDUWLGDNWHUPDVXNNDV &XUUHQWH[FOXGLQJFDVKDQG
GDQVHWDUDNDV FDVKHTXLYDOHQWV
-XPODK 7RWDO
/LDEL OLWDV /LDELOLWLHV

&XUUHQWWUDGHDFFRXQW
-DQJNDSHQGHNXWDQJXVDKD S D\DEOHRWKHUDFFRXQWV
XWDQJODL QODLQGDQSURYL VL S D\DEOHDQGSURYLVLRQ
-DQJNDSHQGHNWLGDN &XUUHQWH[FOXGLQJWUDGH
WHUPDVXNXWDQJXVDKD D QGRWKHUDFFRXQWVSD\DEOH
XWDQJODL QODLQGDQSURYL VL D QGSURYLVLRQ
1RQFXUUHQWWUD GHDFFRXQW
-DQJNDSDQMDQJXWD QJXVDKD S D\DEOHRWKHUDFFRXQWV
XWDQJODL QODLQGDQSURYL VL S D\DEOHDQGSURYLVLRQ
-DQJNDSDQMDQJWLGDN 1RQFXUUHQWH[FOXG LQJWUDGH
WHUPDVXNXWDQJXVDKD D QGRWKHUDFFRXQWVSD\DEOH
XWDQJODL QODLQGDQSURYL VL D QGSURYLVLRQ
-XPODK 7RWDO
-XPO DKHNXLWDV 7RWDO(TXLW\

6HPELOD QEXODQ1LQHPRQWKV
6HSWHPEHU6HSWHPEHU

3HQGDS DWDQ 5HYHQXHV
3HQ\XVXWDQGDQDPRUWL VDVL 'HSUHFLDWLRQDQGDPRUWL]DWLRQ
3HQGDS DWDQEXQJD ,QWHUHVWLQFRPH

%HEDQEXQJD ,QWHUHVWH[SHQVH
/DEDUXJLVHEHOXPSDMDN *DLQORVVEHIRUHWD[
%HEDQSDMDN 7D[H [SHQVH
/DEDUXJLWDKXQEHUMDODQ *DLQORVVIRUWKHSHULRG
3HQJKD VLODQ 2WKHUFRPSUHKHQVLYH
-XPO DKODEDUXJLNRPSUHKHQVLI 7RWDOFRPSUHKHQVLYHJDLQORVV

0HWRGH%LD\D &RVW0HWKRG

,QYHVWDVL GDODP VDKDP \DQJ GLFDWDW GHQJDQ ,QYHVWPHQWV LQ FRPPRQ VKDUHV RI VWRFN
PHWRGH ELD\D DWDV VDKDP ELDVD DGDODK DFFRXQWHG IRU XQGHU WKH FRVW PHWKRG

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU

37'DPDL,QGDK*ROI7EN 37'DPDL,QGDK*RO I7EN
37%LQWDUR6HUSRQJ'DPDL 37%LQWDUR6HUSRQJ'DPDL
37.DUDZDQJ%XNLW*ROI 37.DUDZDQJ%XNLW*ROI
-XPO DK 7RWDO

37'DPDL,QGDK*ROI7ENWHUHJLVWUDVLVHEDJDL 37 'DPDL ,QGDK *ROI 7EN LV D UHJLVWHUHG
SHUXVDKDDQ WHUEXND 7EN NDUHQD PHPLOLNL SXEOLFFRPSDQ\7ENVLQFHLWKDVPRUHWKDQ
OHELK GDUL WLJD UDWXV SHPHJDQJ VDKDP WKUHH KXQGUHG VWRFNKROGHUV LQ
VHVXDL GHQJDQ 8QGDQJXQGDQJ 3DVDU 0RGDO DFFRUGDQFH ZLWK WKH &DSLWDO 0DUNHW
1RWDKXQGDQEHUGDVDUNDQSHUQ\DWDDQ 5HJXODWLRQ1RRIDQGEDVHGRQWKH
HIHNWLI GDUL %DSHSDP GDQ /. VHNDUDQJ 1RWLFH RI (IIHFWLYLW\ IURP WKH &KDLUPDQ RI
2WRULWDV -DVD .HXDQJDQ2-. PHODOXL VXUDW %DSHSDP/. FXUUHQWO\ )LQDQFLDO 6HUYLFHV
1R 630 WDQJJDO 0DUHW $XWKRULW\2-. WKURXJK KLV /HWWHU
6DKDP37'DPDL,QGDK*ROI7ENWLGDNWHUFDWDW 1R630 GDWHG 0DUFK
SDGD%XUVD(IHN,QGRQHVLD 7KHVKDUHVRI37'DPDL,QGDK*ROI7ENDUH
QRW UHJLVWHUHG DW WKH ,QGRQHVLD 6WRFN
([FKDQJH

'HVHPEHU '87, PHPLOLNL LQYHVWDVL 'HFHPEHU'87,KDVLQYHVWPHQWLQ
SDGD VDKDP ELDVD 37 .DUDZDQJ %XNLW *ROI 37 .DUDZDQJ %XNLW *ROI .%*¶V FRPPRQ
.%*VHEHVDU5SGHQJDQMXPODK VKDUHV RI VWRFN WRWDOLQJ WR VHYHQ VKDUHV
VDKDP VHEDQ\DN WXMXK OHPEDU ,QYHVWDVL DPRXQWLQJWR5S,QYHVWPHQWLQ
SDGD VDKDP ELDVD .%* GLFDWDW SDGD ELD\D FRPPRQ VWRFN RI .%* LV UHFRUGHG XQGHU
SHUROHKDQ NDUHQD QLODL ZDMDUQ\D WLGDN GDSDW FRVWPHWKRGVLQFHWKHPDUNHWSULFHVDUHQRW
GLWHQWXNDQGHQJDQDQGDO&DWDWDQ UHOLDEO\GHWHUPLQDEOH1RWH

,QYHVWDVL SDGD VDKDP \DQJ GLPLOLNL WHUXWDPD 7KH DIRUHPHQWLRQHG LQYHVWPHQWV LQ VKDUHV
GLWXMXNDQXQWXNLQYHVWDVLMDQJNDSDQMDQJ RI VWRFN DUH KHOG SULPDULO\ IRU ORQJWHUP
JURZWKSXUSRVHV

*UXS WLGDN PHPEHQWXN FDGDQJDQ NHUXJLDQ 7KH*URXSGLGQRWSURYLGHDOORZDQFHIRUDQ\
SHQXUXQDQ QLODL DWDV LQYHVWDVL GDODP VDKDP GHFOLQH LQ YDOXH RI WKH DIRUHPHQWLRQHG
SDGD HQWLWDVHQWLWDV GL DWDV NDUHQD LQYHVWPHQWV LQ FRPSDQLHV VLQFH
PDQDMHPHQ EHUNH\DNLQDQ EDKZD HQWLWDV PDQDJHPHQWEHOLHYHVWKDWWKHVHFRPSDQLHV
HQWLWDV WHUVHEXW PDVLK PHPLOLNL SRWHQVL VWLOO KDYH ORQJWHUP JURZWK SRWHQWLDOV DV
SHUWXPEXKDQ GDODP MDQJND SDQMDQJ PRVWRIWKHVHFRPSDQLHVHQJDJHLQWKHUHDO
PHQJLQJDW VHEDJLDQ EHVDU HQWLWDV DVRVLDVL HVWDWHEXVLQHVV
WHUVHEXWEHUJHUDNGDODPMHQLVXVDKDUHDOHVWDW

7DQDK\DQJ%HOXP'LNHPEDQJNDQ /DQGIRU'HYHORSPHQW

$NXQLQLWHUGLULGDULWDQDKPHQWDKEHUGDVDUNDQLMLQ 7KLV DFFRXQW FRQVLVWV RI ODQG FODVVLILHG EDVHG
ORNDVL\DQJGLPLOLNLROHK RQORFDWLRQULJKWVRZQHGE\

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

1DPD3UR\HN /RNDVL /XDV7DQDK -XPODK /XDV7DQDK -XPODK
1DPHRI3URMHFWV /RFDWLRQ /DQG$UHD $PRXQW /DQG$UHD $PRXQW
P P
%6'&LW\ %RJRU6XUDED\DGDQDQG
7DQJHUDQJ
6XUDED\D %HQRZR6XUDED\D
5R[\,, 5R[\-DNDUWD3XVDW
-DNDUWD -DNDUWD-DNDUWD3XVDW
.RWD:LVDWD &LEXEXU-DZD%DUDW
*UDQG:LVDWD %HNDVL
0DNDVVDU 0DNDVVDU6XODZHVL6HODWDQ
&LEXEXU &LEXEXU-DZD%DUDW
6XUDED\D 'XNXK3DNLV6XUDED\D
3DOHPEDQJ 3DOHPEDQJ6XPDWHUD6HODWDQ
*UDQG&LW\ 6DPDULQGD
-DNDUWD 07+DU\RQR-DNDUWD
%HNDVL %HNDVL
6XUDED\D 7DQMXQJ6DUL6XUDED\D
6RXWK*DWH 7DQMXQJ%DUDW
*UDQG&LW\ %DOLNSDSDQ
$NDVD 7DQJHUDQJ
0DQJJD'XD&HQWHU -DJLUZRQRNURPR6XUDED\D
.RWD%XQJD 'HVD6XNDQDJDOLKGDQDQG
'HVD%DWXODZDQJ
-XPODK7RWDO
3UR\HNHQWLWDVDQDN\DQJEHOXPEHURSHUDVLNRPHUVLDO&DWDWDQF
3URMHFWRIVXEVLGLDULHVZKLFKKDVQRFRPPHUFLDORSHUDWLRQ1RWHF

0XWDVL WDQDK \DQJ EHOXP GLNHPEDQJNDQ DGDODK 0RYHPHQWLQODQGIRUGHYHORSPHQWLVDVIROORZV
VHEDJDLEHULNXW

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU

3HQJXUDQJDQ 'HGXFWLRQV

'HVHPEHU OXDV WDQDK \DQJ EHOXP ODQG IRU GHYHORSPHQW RI WKH &RPSDQ\
GLNHPEDQJNDQ 3HUXVDKDDQ PDVLQJPDVLQJ UHSUHVHQWLQJ DQG UHVSHFWLYHO\
VHEHVDU GDQ WHUFDWDW DWDV QDPD RIWKHWRWDODUHDDUHXQGHUWKH)RXQGHUV¶QDPH
3DUD3HQGLULPDVLQJPDVLQJVHEHVDUGDQ DQGUHVSHFWLYHO\DUHXQGHUWKH
WHUFDWDW DWDV QDPD 3HUXVDKDDQ QDPH RI WKH &RPSDQ\ 0HDQZKLOH DOO ODQG IRU
6HGDQJNDQ VHOXUXK WDQDK \DQJ EHOXP GHYHORSPHQW RI &RPSDQ\¶V VXEVLGLDULHV DUH
GLNHPEDQJNDQ HQWLWDV DQDN DGDODK DWDV QDPD XQGHUWKHQDPHRIWKHVXEVLGLDULHV
HQWLWDVDQDN


'HVHPEHU WDQDK VHOXDV P ODQG ZLWK WRWDO DUHD RI VTXDUH
GLMDGLNDQ MDPLQDQ DWDV XWDQJ EDQN PLOLN 37 3XWUD PHWHUV LV XVHG DV FROODWHUDO IRU EDQN ORDQ RI
7LUWD :LVDWD HQWLWDV DQDN GDUL 37 %DQN 5DN\DW 37 3XWUD 7LUWD :LVDWD D VXEVLGLDU\ IURP
,QGRQHVLD3HUVHUR7EN&DWDWDQ 37 %DQN 5DN\DW ,QGRQHVLD 3HUVHUR 7EN
1RWH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HVHPEHU WDQDK \DQJ EHOXP ODQG IRU GHYHORSPHQW RI WKH &RPSDQ\
GLNHPEDQJNDQ 3HUXVDKDDQ GHQJDQ OXDV VHEHVDU KDYLQJDWRWDODUHDRIVTXDUHPHWHUV

P GLWHPSDWNDQ VHEDJDL MDPLQDQ DWDV LV XVHG DV FROODWHUDO IRU %XPL 6HUSRQJ 'DPDL
XWDQJ 2EOLJDVL %HUNHODQMXWDQ , %XPL 6HUSRQJ &RQWLQXRXV %RQGV , 3KDVH , <HDU
'DPDL7DKDS,7DKXQ&DWDWDQ 1RWH

'HVHPEHU WDQDK \DQJ EHOXP ODQG IRU GHYHORSPHQW RI WKH &RPSDQ\

GLNHPEDQJNDQ 3HUXVDKDDQ VHOXDV P KDYLQJDWRWDODUHDRIVTXDUHPHWHUVLV
GLWHPSDWNDQ VHEDJDL MDPLQDQ DWDV XWDQJ 2EOLJDVL XVHG DV FROODWHUDO IRU %XPL 6HUSRQJ 'DPDL
%HUNHODQMXWDQ ,, %XPL 6HUSRQJ 'DPDL 7DKDS , &RQWLQXRXV %RQGV ,, 3KDVH , <HDU
7DKXQ&DWDWDQ 1RWH

0DQDMHPHQ EHUNH\DNLQDQ EDKZD WLGDN WHUGDSDW 0DQDJHPHQW EHOLHYHV WKDW WKHUH LV QR
SHQXUXQDQ QLODL DWDV DVHW WHUVHEXW SDGD WDQJJDO LPSDLUPHQW LQ YDOXH RI WKH DIRUHPHQWLRQHG
6HSWHPEHUGDQ'HVHPEHU DVVHWV DV RI 6HSWHPEHU DQG
'HFHPEHU

$VHW7HWDS 3URSHUW\DQG(TXLSPHQW

3HUXE DKDQVHODP DSHULRGH6HPELODQEXODQ
&KDQJHV GXULQJ1LQHPRQWKV
6DOGRHQWLWDVDQDN
\DQJGLDNXL VLVL
GDQGLNRQVROLGDVLNDQ
- DQXDUL 3HQDP EDKDQ
%DODQF HRIDFTXLUHGDQG 3HQJXUDQJDQ 5HN ODV LILN DVL 6HSWHPEHU
-DQXDU\ F RQVROLGDWHG VXEVLGLDU\ $GGLWL RQV 'HG XFWLRQV 5HF ODVV LILFDWLRQV 6HSWHP EHU
%LD\ DSHUR OHKDQ $WFRVW
.HSHP LOLN DQODQJ VXQJ 'LUHF WDFTXLVLWLRQV
7 DQDK /DQG
%DQJ XQDQ %XLOGLQJV
6DUDQ DSHOHQJN DSEDQJXQDQ %XLOGLQJV LPSURYHPHQW
3HUED LNDQDVHW\DQJGLVHZ D /HDVHKROGL PSURY HPHQWV
3HUDO DWDQNDQWRU 2IILF HHTXLSP HQW
3HUDO DWDQSUR\HN 3URMHFWHTXLSP HQW
3HUDO DWDQSHUHQFD QDDQ 3ODQQLQJHTXLSP HQW
3HUDO DWDQSHQMHUQLKDQDLU : DWHUWUHDWPHQWHTXLSP HQW
0 HVLQP HVLQ 0DF KLQHU\
.HQG DUDDQ 0RWRUYHKLF OHV
-XPO DK 6XEWRWDO
$VHWWH WDSGDODPSHP EDQJXQDQ &RQV WUXFWLRQLQSURJUHV V
-XPO DK 7RWDO
$NXPX ODVLSHQ\XV XWDQ $FF XP XODWHGGHSUHFLDWLRQ

%DQJ XQDQ %XLOGLQJV
6DUDQ DSHOHQJN DSEDQJXQDQ %XLOGLQJV LPSURYHPHQW
3HUED LNDQDVHW\DQJGLVHZ D /HDVHKROGL PSURY HPHQWV
3HUDO DWDQSUR\HN 3URMHFWHTXLSP HQW
3HUDO DWDQSHQMHUQLKDQDLU : DWHUWUHDWPHQWHTXLSP HQW
0 HVLQP HVLQ 0DF KLQHU\
-XPO DK 7RWDO
1LODL7 HUFD WDW 1HW& DUU\L QJ9DOXH

3HUXEDKD QVHODPDWDKXQ6DWXWDKXQ
&KDQJHV GXUL QJ2QH\ HDU
-DQXDUL 3HQDP EDKDQ 3HQJXUDQJDQ 5 HNODVLILN DVL 'H VHP EHU
- DQXDU\ $GGLWLRQV 'HGXF WLRQV 5HF ODV VLILFDWLRQV 'HFHPEHU
%LD\ DSHUROHKDQ $WFRVW
.HSHP LOLNDQODQJVXQJ ' LUHFWDFTXLV LWLRQV
7 DQDK /DQG
%DQJXQDQ %X LOGLQJV
6DUDQDSHOHQJNDSEDQJXQDQ %X LOGLQJVLPSURYHPHQW
3HUEDLNDQDVHW\ DQJGLVHZD /HDVHKROGLPSURY HPHQWV
3HUDODWDQNDQWRU 2IIL FHHTXLSPHQW
3HUDODWDQSUR\HN 3UR MHFWHTXLSP HQW
3HUDODWDQSHUHQFDQDDQ 3O DQQLQJHTXLSP HQW
3HUDODWDQSHQMHUQLKDQDLU :D WHUWUHDWPHQWHTXLSP HQW
0 HVLQP HVLQ 0DFKLQH U\
.HQGDUDDQ 0RWRUYHKLFOHV
- XPODK 6XEWRWDO
$VHWWHWDSG DODPSHPEDQJXQDQ & RQVWUXFWLRQLQSURJUHV V
- XPODK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

$NXPX ODVLSHQ\XV XWDQ $FF XP XODWHGGHSUHF LDWLRQ
%DQJ XQDQ %XLOGLQJV
6DUDQ DSHOHQJN DSEDQJXQDQ %XLOGLQJVLP SURYH PHQW
3HUED LNDQDVHW\DQJGLVHZ D /HDV HKROGLP SURY HPHQWV
3HUDO DWDQSUR\HN 3URMHFWHTXLSPHQ W
3HUDO DWDQSHQMHUQLKDQDLU : DWH UWUHDWP HQWHTXLSP HQW
0 HVLQP HVLQ 0DFKLQHU\
- XPO DK 7RWDO
1 LODL7HUFD WDW 1HW& DUU\LQJ9DOXH

3HQJXUDQJDQ PHUXSDNDQ SHQMXDODQ DVHW WHWDS 'HGXFWLRQV UHSUHVHQW VDOH RI FHUWDLQ SURSHUW\
WHUWHQWXGHQJDQULQFLDQVHEDJDLEHULNXW DQGHTXLSPHQWZLWKGHWDLOVDVIROORZV

6HSWHP EHU 'H VHP EHU
6HSWHPEHU ' HFHP EHU
+ DUJDMX DO 6HOOLQJSULFH

1 LODLWHUFDWDW 1 HWERRNYDOXH
/DEDSHQMXDODQDVHWWHWDS *DLQRQVDOH

3HQJXUDQJDQ DVHW WHWDS SDGD WDKXQ MXJD 'HGXFWLRQV RI SURSHUW\ DQG HTXLSPHQW LQ
WHUPDVXN SHQJKDSXVDQ EDQJXQDQ NDQWRU GHQJDQ DOVRLQFOXGHGWKHZULWHRIIRIRIILFHEXLOGLQJZLWK
QLODL WHUFDWDW VHEHVDU 5S \DQJ QHWFDUU\LQJYDOXHRI5SWKDWZDV
GLEHEDQNDQ GDODP ODED UXJL SDGD DNXQ FKDUJHG WR SURILW DQG ORVV XQGHU ³2WKHUV QHW´
³/DLQODLQEHUVLK´ DFFRXQW

3HPEHEDQDQ SHQ\XVXWDQ GLDORNDVLNDQ VHEDJDL 'HSUHFLDWLRQFKDUJHG WR RSHUDWLRQV LV DOORFDWHG
EHULNXW DVIROORZV

6HSWHPEHU6HSWHPEHU

%HEDQXPXPGDQDGPLQLVWUDVL&DWDWDQ *HQHUDODQGDGPLQLVWUDWLYHH[SHQVHV1RWH

%HEDQSRNRNSHQMXDODQ &RVWRI5HYHQXHV
%HEDQSHQMXDODQ&DWDWDQ 6HOOLQJH[SHQVHV1RWH
%HEDQODLQODLQEHUVLK 2WKHUVQHW
-XPO DK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3DGD WDQJJDO 6HSWHPEHU DVHW WHWDS $V RI 6HSWHPEHU FRQVWUXFWLRQ LQ
GDODPSHPEDQJXQDQPHUXSDNDQDNXPXODVLELD\D SURJUHVV UHSUHVHQWV DFFXPXODWHG FRVWV RI
IDVLOLWDV SHQGXNXQJ JHGXQJ GDQ DNXPXODVL ELD\D FRQVWUXFWLRQRIKRWHOEXLOGLQJFRVWVRIEXLOGLQJV
SHPEDQJXQDQ SHQDPEDKDQ IDVLOLWDV DUHQD IDFLOLWLHV DQG DFFXPXODWHG FRVWV RI FRQVWUXFWLRQ
UHNUHDVL \DQJ PDVLQJPDVLQJ GLPLOLNL ROHK RI DGGLWLRQ IDFLOLWLHV LQ UHFUHDWLRQ DUHQD RZQHG
37 6LQDU 0DV 7HODGDQ 607 HQWLWDV DQDN GDQ E\ 37 6LQDU 0DV 7HODGDQ 607 D VXEVLGLDU\
3HUXVDKDDQ $NXPXODVL ELD\D NRQVWUXNVL DQG WKH &RPSDQ\ UHVSHFWLYHO\ 7KH *URXS¶V
EDQJXQDQ SDGD WDQJJDO FRQVWUXFWLRQ LQ SURJUHVV DV RI 6HSWHPEHU
6HSWHPEHU PDVLQJPDVLQJ VHEHVDU ZLWK DFFXPXODWHG FRVWV RI
5S GDQ 5S DWDX 5S DQG 5S RU
PDVLQJPDVLQJ VHEHVDU GDQ GDUL DQG UHVSHFWLYHO\ RI FRQWUDFW
QLODL NRQWUDN $VHW WHWDS GDODP SHPEDQJXQDQ YDOXH LV H[SHFWHG WR EH FRPSOHWHG LQ
GLSHUNLUDNDQ DNDQ VHOHVDL SDGD WDKXQ %DVHG RQ PDQDJHPHQW¶V HYDOXDWLRQ WKH\
%HUGDVDUNDQ HYDOXDVL PDQDMHPHQ 3HUXVDKDDQ EHOLHYH WKDW WKHUH ZLOO EH QR REVWDFOH LQ
EHUSHQGDSDW EDKZD WLGDN WHUGDSDW KDPEDWDQ FRPSOHWLQJ WKH FRQVWUXFWLRQ LQ SURJUHVV RQ LWV
NHODQMXWDQSHQ\HOHVDLDQSUR\HN H[SHFWHGGDWHRIFRPSOHWLRQ

3DGD WDQJJDO 'HVHPEHU DVHW WHWDS $V RI 6HSWHPEHU FRQVWUXFWLRQ LQ
GDODPSHPEDQJXQDQPHUXSDNDQDNXPXODVLELD\D SURJUHVV UHSUHVHQWV DFFXPXODWHG FRVWV RI
NRQVWUXNVL EDQJXQDQ KRWHO ELD\D IDVLOLWDV FRQVWUXFWLRQRIKRWHOEXLOGLQJFRVWVRIEXLOGLQJV
SHQGXNXQJ JHGXQJ GDQ DNXPXODVL ELD\D IDFLOLWLHV DQG DFFXPXODWHG FRVWV RI FRQVWUXFWLRQ
SHPEDQJXQDQ SHQDPEDKDQ IDVLOLWDV DUHQD RI DGGLWLRQ IDFLOLWLHV LQ UHFUHDWLRQ DUHQD RZQHG
UHNUHDVL \DQJ GLPLOLNL ROHK 37 :LMD\D 3UDWDPD E\37:LMD\D3UDWDPD5D\D607VXEVLGLDULHV
5D\D607HQWLWDVHQWLWDVDQDNGDQ3HUXVDKDDQ DQG WKH &RPSDQ\ UHVSHFWLYHO\ 7KH *URXS¶V
$NXPXODVL ELD\D NRQVWUXNVL EDQJXQDQ SDGD FRQVWUXFWLRQ LQ SURJUHVV DV RI 'HFHPEHU
WDQJJDO 'HVHPEHU PDVLQJPDVLQJ ZLWK DFFXPXODWHG FRVWV RI
VHEHVDU 5S 5S 5S 5S DQG
GDQ 5S DWDX PDVLQJPDVLQJ 5S RU DQG
VHEHVDU GDQ GDUL QLODL UHVSHFWLYHO\ RI FRQWUDFW YDOXH LV
NRQWUDN $VHW WHWDS GDODP SHPEDQJXQDQ H[SHFWHG WR EH FRPSOHWHG LQ %DVHG RQ
GLSHUNLUDNDQ DNDQ VHOHVDL SDGD WDKXQ PDQDJHPHQW¶V HYDOXDWLRQ WKH\ EHOLHYH WKDW
%HUGDVDUNDQ HYDOXDVL PDQDMHPHQ 3HUXVDKDDQ WKHUH ZLOO EH QR REVWDFOH LQ FRPSOHWLQJ WKH
EHUSHQGDSDW EDKZD WLGDN WHUGDSDW KDPEDWDQ FRQVWUXFWLRQLQSURJUHVVRQLWVH[SHFWHGGDWHRI
NHODQMXWDQSHQ\HOHVDLDQSUR\HN FRPSOHWLRQ

5HNODVLILNDVL SDGD SHULRGH WHUPDVXN 5HFODVVLILFDWLRQV LQ UHSUHVHQW
UHNODVLILNDVL GDUL DVHW WHWDS GDODP SHPEDQJXQDQ UHFODVVLILFDWLRQ IURP SURSHUW\ DQG HTXLSPHQW ±
NHSHUDODWDQNDQWRUGDQEDQJXQDQPDVLQJPDVLQJ FRQVWUXFWLRQ LQ SURJUHVV WR RIILFH HTXLSPHQW
VHEHVDU 5S GDQ DQG EXLOGLQJV DPRXQWLQJ WR 5S
5S GDQ UHNODVLILNDVL GDUL DQG 5S UHVSHFWLYHO\ DQG
NHQGDUDDQNHSHUDODWDQNDQWRUGDQPHVLQVHEHVDU UHFODVVLILFDWLRQ IURP YHKLFOHV WR RIILFH
5S GDQ 5S VHUWD HTXLSPHQW DQG PDFKLQHV DPRXQWLQJ WR
UHNODVLILNDVL GDUL VDUDQD SHOHQJNDS EDQJXQDQ NH 5S DQG 5S DQG
EDQJXQDQVHEHVDU5S UHFODVVLILFDWLRQ IURP EXLOGLQJV LPSURYHPHQW WR
EXLOGLQJVDPRXQWLQJWR5S

5HNODVLILNDVL SDGD WDKXQ WHUPDVXN 5HFODVVLILFDWLRQV LQ UHSUHVHQW
UHNODVLILNDVL GDUL DVHW WHWDS GDODP SHPEDQJXQDQ UHFODVVLILFDWLRQ IURP SURSHUW\ DQG HTXLSPHQW ±
NHSHUDODWDQNDQWRUGDQEDQJXQDQPDVLQJPDVLQJ FRQVWUXFWLRQ LQ SURJUHVV WR RIILFH HTXLSPHQW
VHEHVDU 5S GDQ DQG EXLOGLQJV DPRXQWLQJ WR
5S GDQ UHNODVLILNDVL GDUL 5S DQG 5S DQG
SHUVHGLDDQ &DWDWDQ NH SHUDODWDQ NDQWRU UHFODVVLILFDWLRQ IURP LQYHQWRULHV 1RWH WR
VHEHVDU 5S VHUWD UHNODVLILNDVL GDUL RIILFH HTXLSPHQW DPRXQWLQJ WR
SHUDODWDQ NDQWRU NH VDUDQD SHOHQJNDS EDQJXQDQ 5S DQG UHFODVVLILFDWLRQ IURP
VHEHVDU 5S 5HNODVLILNDVL GDUL RIILFH HTXLSPHQW WR EXLOGLQJV LPSURYHPHQW
SHUVHGLDDQNDUHQDSHUXEDKDQWXMXDQSHPDNDLDQ DPRXQWLQJ WR 5S 5HFODVVLILFDWLRQV
IURPLQYHQWRULHVZHUHGXHWRFKDQJHLQLQWHQGHG
XVDJH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

(QWLWDV DQDN PHPLOLNL EHEHUDSD ELGDQJ WDQDK 7KH &RPSDQ\¶V VXEVLGLDULHV RZQ VHYHUDO
WHUOHWDNGL%DOLNSDSDQGDQ-DNDUWDGHQJDQULQFLDQ SDUFHOV RI ODQG ORFDWHG LQ -DNDUWD DQG
VHEDJDLEHULNXW %DOLNSDSDQZLWKGHWDLOVDVIROORZV

6HSWHPEHU6HSWHPEHU
DQG'HVHPEHU
'HFHPEHU
+RWHO/H*UDQGHXU%DOLNSDSDQ%DOLNSDSDQ +RWHO/H*UDQGHXU%DOLNSDSDQ%DOLNSDSDQ

+RWHO/H*UDQGHXU0DQJJD'XD-DNDUWD +RWHO/H*UDQGHXU0DQJJD'XD-DNDUWD
7DPDQ3HUPDWD%XDQD-DNDUWD 7DPDQ3HUPDWD%XDQD-DNDUWD
-XPODK 7RWDO

.HSHPLOLNDQ HQWLWDV DQDN DWDV WDQDK +RWHO /H 7KHSDUFHOVRIODQGZKHUH/H*UDQGHXU0DQJJD
*UDQGHXU 0DQJJD 'XD +RWHO /H *UDQGHXU 'XD +RWHO /H *UDQGHXU %DOLNSDSDQ +RWHO DQG
%DOLNSDSDQGDQ7DPDQ3HUPDWD%XDQDDGDODK 7DPDQ 3HUPDWD %XDQD DUH VLWXDWHG DUH RZQHG
EHUXSDKDNJXQDEDQJXQDQ\DQJMDWXKWHPSR E\ FHUWDLQ VXEVLGLDULHV ZLWK %XLOGLQJ 8VH 5LJKWV
SDGDWDKXQGDQ +DN *XQD %DQJXQDQ RU +*% ZKLFK ZLOO H[SLUH
LQDQGUHVSHFWLYHO\

'HVHPEHU EDQJXQDQ SUR\HN *R :HW *R :HW EXLOGLQJ SURMHFW DUH SOHGJHG DV
GLMDGLNDQMDPLQDQDWDVXWDQJEDQN373XWUD7LUWD FROODWHUDOIRUEDQNORDQRI373XWUD7LUWD:LVDWD
:LVDWD HQWLWDV DQDN GDUL 37 %DQN 5DN\DW D VXEVLGLDU\ IURP 37 %DQN 5DN\DW ,QGRQHVLD
,QGRQHVLD3HUVHUR7EN&DWDWDQ 3HUVHUR7EN1RWH

$VHW WHWDS NHFXDOL WDQDK GLDVXUDQVLNDQ NHSDGD 3URSHUW\ DQG HTXLSPHQW H[FHSW ODQG DUH
37 $VXUDQVL 6LQDU 0DV $60 SLKDN EHUHODVL LQVXUHG ZLWK 37 $VXUDQVL 6LQDU 0DV $60
&DWDWDQ GHQJDQ MXPODK SHUWDQJJXQJDQ D UHODWHG SDUW\ 1RWH IRU
VHEHVDU 5S GDQ 5S DQG 86
86 WHUKDGDS ULVLNR NHEDNDUDQ DJDLQVW ULVNV RI ILUH GDPDJHV WKHIW DQG RWKHU
NHUXVDNDQ SHQFXULDQ GDQ ULVLNR ODLQQ\D SDGD SRVVLEOH ULVNV DV RI 6HSWHPEHU DQG
WDQJJDO 6HSWHPEHU GDQ VHEHVDU 5SDQG86DVRI
5SGDQ86SDGD 'HFHPEHU 0DQDJHPHQW EHOLHYHV WKDW
WDQJJDO 'HVHPEHU 0DQDMHPHQ WKH LQVXUDQFH FRYHUDJHV DUH DGHTXDWH WR FRYHU
EHUNH\DNLQDQ EDKZD QLODL SHUWDQJJXQJDQ SRVVLEOHORVVHVRQWKHDVVHWVLQVXUHG
WHUVHEXW FXNXS XQWXN PHQXWXS NHPXQJNLQDQ
NHUXJLDQDWDVDVHW\DQJGLSHUWDQJJXQJNDQ

'HVHPEHU HVWLPDVL QLODL ZDMDU DVHW WKH HVWLPDWHG IDLU YDOXH RI ODQG DQG
WHWDSEHUXSDWDQDKGDQEDQJXQDQ+RWHOPDVLQJ EXLOGLQJV RI +RWHO DPRXQWLQJ WR
PDVLQJ DGDODK VHEHVDU 5S 5S ZDV EDVHG RQ UHSRUW RI
EHUGDVDUNDQ KDVLO ODSRUDQ ROHK 37 +HEXULQDV 37 +HEXULQDV 1XVDQWDUD .-33 5HQJJDQLV
1XVDQWDUD .-33 5HQJJDQLV +DPLG GDQ +DPLG DQG 3DUWQHUV DQ LQGHSHQGHQW DSSUDLVHU
3DUWQHUV SHQLODL LQGHSHQGHQ WHUWDQJJDO GDWHG)HEUXDU\
)HEUXDUL

0DQDMHPHQ EHUNH\DNLQDQ EDKZD WLGDN WHUGDSDW 0DQDJHPHQWEHOLHYHVWKDWWKHUHLVQRVLJQLILFDQW
SHUXEDKDQ VLJQLILNDQ DWDV QLODL ZDMDU DVHW WHWDS FKDQJH LQ WKH IDLU YDOXH RI SURSHUW\ DQG
VHODPD SHULRGH VHMDN WDQJJDO ODSRUDQ SHQLODL HTXLSPHQWIURPWKHODVWYDOXDWLRQUHSRUWGDWHXS
LQGHSHQGHQ VDPSDL GHQJDQ WDQJJDO ODSRUDQ WR FRQVROLGDWHG VWDWHPHQWV RI ILQDQFLDO SRVLWLRQ
SRVLVLNHXDQJDQNRQVROLGDVLDQGDQWLGDNWHUGDSDW GDWH DQG WKDW WKHUH LV QR LPSDLUPHQW LQ YDOXH RI
SHQXUXQDQ QLODL DWDV DVHW WHUVHEXW SDGD WDQJJDO WKH DIRUHPHQWLRQHG DVVHWV DV RI

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3URSHUWL,QYHVWDVL ,QYHVWPHQW3URSHUWLHV

3DGD WDQJJDO 6HSWHPEHU GDQ 7KH *URXS¶V GLUHFWO\ DFTXLUHG LQYHVWPHQW
'HVHPEHUSURSHUWLLQYHVWDVLNHSHPLOLNDQ SURSHUWLHVDUHORFDWHGLQ-DNDUWD'HSRN%HNDVL
ODQJVXQJ *UXS EHUORNDVL GL -DNDUWD 'HSRN 6HPDUDQJ DQG 7DQJHUDQJ DV RI 6HSWHPEHU
%HNDVL 6HPDUDQJ GDQ 7DQJHUDQJ GDQ DQG 'HFHPEHU EHLQJ OHDVHG RXW
GLVHZDNDQ NHSDGD SLKDN NHWLJD EHUGDVDUNDQ WRWKLUGSDUWLHV1RWHVUVDQGW
SHUMDQMLDQVHZD&DWDWDQUVGDQW

0XWDVLSURSHUWLLQYHVWDVLDGDODKVHEDJDLEHULNXW 7KHPRYHPHQWLQWKLVDFFRXQWLVDVIROORZV

3HUXEDKDQVHODPDSHULRGH6HPELODQEXODQ
&KDQJHVGXULQJ1LQHPRQWKV
/XDV$UHD -DQXDUL 3HQDPEDKDQ 3HQJXUDQJDQ 5HNODVLILNDVL 6HSWHPEHU
$UHD -DQXDU\ $GGLWLRQV 'HGXFWLRQV 5HFODVVLILFDWLRQV 6HSWHPEHU
P
%LD\DSHUROHKDQ $WFRVW
.HSHPLOLNDQODQJVXQJ 'LUHFWDFTXLVLWLRQV
.XQLQJDQ .XQLQJDQ
&RXUWV%6' &RXUWV%6'
*65HWDLO/HJHQGD:LVDWD *65HWDLO/HJHQGD:LVDWD
'30DOO6HPDUDQJ '30DOO6HPDUDQJ
0DOO)DQWDVL 0DOO)DQWDVL
6LQDUPDV/DQG3OD]D 6LQDUPDV/DQG3OD]D
-DNDUWD6XUDED\D -DNDUWD6XUDED\D
GDQ0HGDQ DQG0HGDQ
,7&%6' ,7&%6'
0DOO7KH%UHH]H 0DOO7KH%UHH]H
*23 *23
*23 *23
%RXWLTXH2IILFH %RXWLTXH2IILFH
(SLFHQWUXP:DON.XQLQJDQ (SLFHQWUXP:DON.XQLQJDQ
,7&'HSRN ,7&'HSRN
4%LJ 4%LJ
06,* 06,*
$VHWWHWDSGDODPSHUMDQMLDQ
UDQJNDEDQJXQNHOROD 3URSHUWLHVXQGHUEXLOG
GDQDOLK RSHUDWHDQGWUDQVIHUDJUHHPHQW
-HPEDWDQ %ULGJH
.LRV .LRVN
3XVDWMDMDQ )RRGFRXUW
3DUNLU 3DUNLQJ
7HURZRQJDQ 8QGHUJURXQGFKDQQHO
-XPODK 6XEWRWDO
3URSHUWLLQYHVWDVLGDODP
SHPEDQJXQDQ &RQVWUXFWLRQLQSURJUHVV
-XPODK 7RWDO
$NXPXODVLSHQ\XVXWDQ $FFXPXODWHGGHSUHFLDWLRQ
&RXUWV%6' &RXUWV%6'
GDQ0HGDQ DQG0HGDQ
,7&%6' ,7&%6'
6LQDU0DV/DQG3OD]D 6LQDU0DV/DQG3OD]D
*23 *23
*23 *23
,7&'HSRN ,7&'HSRN
4%LJ 4%LJ
06,* 06,*
-HPEDWDQ %ULGJH
.LRV .LRVN
3DUNLU 3DUNLQJ
-XPODK 7RWDO
1LODL7HUFDWDW 1HW&DUU\LQJ9DOXH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HUXEDKDQVHODPDWDKXQ6DWXWDKXQ
&KDQJHVGXULQJ2QH\HDU
/XDV$UHD -DQXDUL 3HQDPEDKDQ 3HQJXUDQJDQ 5HNODVLILNDVL 'HVHPEHU
$UHD -DQXDU\ $GGLWLRQV 'HGXFWLRQV 5HFODVVLILFDWLRQV 'HFHPEHU
P
%LD\DSHUROHKDQ $WFRVW
.XQLQJDQ .XQLQJDQ
&RXUWV%6' &RXUWV%6'
GDQ0HGDQ DQG0HGDQ
,7&%6' ,7&%6'
*23 *23
,7&'HSRN ,7&'HSRN
4%LJ 4%LJ
-HPEDWDQ %ULGJH
.LRV .LRVN
3DUNLU 3DUNLQJ
-XPODK 6XEWRWDO
3URSHUWLLQYHVWDVLGDODP
SHPEDQJXQDQ &RQVWUXFWLRQLQSURJUHVV
-XPODK 7RWDO
$NXPXODVLSHQ\XVXWDQ $FFXPXODWHGGHSUHFLDWLRQ
&RXUWV%6' &RXUWV%6'
GDQ0HGDQ GDQ0HGDQ
,7&%6' ,7&%6'
6LQDU0DV/DQG3OD]D 6LQDU0DV/DQG3OD]D
*23 *23
,7&'HSRN ,7&'HSRN
4%LJ 4%LJ
-HPEDWDQ %ULGJH
.LRV .LRVN
3DUNLU 3DUNLQJ
-XPODK 7RWDO
1LODL7HUFDWDW 1HW&DUU\LQJ9DOXH

5HNODVLILNDVL SDGD SHULRGH PHUXSDNDQ 5HFODVVLILFDWLRQV LQ LQFOXGH UHFODVVLILFDWLRQ
UHNODVLILNDVL GDUL SURSHUWL LQYHVWDVL GDODP RI FRQVWUXFWLRQ LQ SURJUHVV WR EXLOGLQJV XSRQ
SHPEDQJXQDQ NH SURSHUWL LQYHVWDVL VHEHVDU FRPSOHWLRQ DQG DPRXQWLQJ WR
5S 5S

5HNODVLILNDVL SDGD WDKXQ PHUXSDNDQ 5HFODVVLILFDWLRQV LQ LQFOXGH UHFODVVLILFDWLRQ
UHNODVLILNDVL GDUL SURSHUWL LQYHVWDVL GDODP RI FRQVWUXFWLRQ LQ SURJUHVV WR EXLOGLQJV XSRQ
SHPEDQJXQDQ NH SURSHUWL LQYHVWDVL VHEHVDU FRPSOHWLRQ DPRXQWLQJ WR 5S
5S GDQ UHNODVLILNDVL GDUL DQG UHFODVVLILFDWLRQ RI LQYHQWRULHV WR LQYHVWPHQW
SHUVHGLDDQ NH SURSHUWL LQYHVWDVL VHMXPODK SURSHUWLHV DPRXQWLQJ WR 5S
5S &DWDWDQ 5HNODVLILNDVL 1RWH 5HFODVVLILFDWLRQ RI LQYHVWPHQW
GLODNXNDQNDUHQDSHUXEDKDQWXMXDQSHPDNDLDQ SURSHUWLHVZDVGXHWRFKDQJHRILQWHQGHGXVDJH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HVHPEHU SURSHUWL LQYHVWDVL GDODP FRQVWUXFWLRQ LQ SURJUHVV UHSUHVHQWV
SHPEDQJXQDQ PHUXSDNDQ DNXPXODVL ELD\D DFFXPXODWHGFRVWVRIFRQVWUXFWLRQIROORZV
NRQVWUXNVLVHEDJDLEHULNXW

QLODL QLODL
%DQJXQDQ\DQJ WHUKDGDSQLODL %DQJXQDQ\DQJ WHUKDGDSQLODL
VHGDQJ NRQWUDNWR VHGDQJ NRQWUDNWR
GLNRQVWUXNVL%XLOGLQJV WKHFRQWUDFW GLNRQVWUXNVL%XLOGLQJV WKHFRQWUDFW
XQGHUFRQVWUXFWLRQ DPRXQW XQGHUFRQVWUXFWLRQ DPRXQW

*UHHQ2IILFH3DUN *UHHQ2IILFH3DUN

%6'.QRZOHGJH+XE %6'.QRZOHGJH+XE
.XQLQJDQ .XQLQJDQ
*UHHQ2IILFH3DUN *UHHQ2IILFH3DUN
6LQDUPDV/DQG3OD]D-DNDUWD 6LQDUPDV/DQG3OD]D-DNDUWD
6XUDED\DGDQ0HGDQ 6XUDED\DGDQ0HGDQ
-XPODK 7RWDO

3URSHUWL LQYHVWDVL GDODP SHPEDQJXQDQ 7KH*URXS¶VFRQVWUXFWLRQLQSURJUHVVLVH[SHFWHG
GLSHUNLUDNDQ DNDQ VHOHVDL SDGD WDKXQ WR EH FRPSOHWHG LQ WR %DVHG RQ
VDPSDL%HUGDVDUNDQHYDOXDVLPDQDMHPHQ PDQDJHPHQW¶VHYDOXDWLRQWKH\EHOLHYHWKDWWKHUH
3HUXVDKDDQ EHUSHQGDSDW EDKZD WLGDN WHUGDSDW ZLOOEHQRREVWDFOHLQFRPSOHWLQJWKHFRQVWUXFWLRQ
KDPEDWDQNHODQMXWDQSHQ\HOHVDLDQSUR\HN LQSURJUHVVRQLWVH[SHFWHGGDWHRIFRPSOHWLRQ

3HQGDSDWDQ SURSHUWL LQYHVWDVL \DQJ GLDNXL SDGD ,QFRPH IURP LQYHVWPHQW SURSHUWLHV IRU WKH
ODED UXJL PDVLQJPDVLQJ VHEHVDU QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
5S GDQ 5S DQG DPRXQWHG WR 5S DQG
XQWXN SHULRGHSHULRGH VHPELODQ EXODQ \DQJ 5S UHVSHFWLYHO\ ZKLFK ZDV
EHUDNKLU 6HSWHPEHU GDQ \DQJ UHFRUGHG DV SDUWRI ³5HYHQXHV´ 1RWH LQ WKH
GLODSRUNDQ VHEDJDL EDJLDQ GDUL ³3HQGDSDWDQ SURILWRUORVV
XVDKD´&DWDWDQGDODPODEDUXJL

%HEDQ SHQ\XVXWDQ SURSHUWL LQYHVWDVL XQWXN 'HSUHFLDWLRQ RI LQYHVWPHQW SURSHUWLHV IRU WKH
SHULRGHSHULRGH VHPELODQ EXODQ \DQJ EHUDNKLU QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
6HSWHPEHU GDQ PDVLQJPDVLQJ DQGDPRXQWHGWR5SDQG
DGDODK VHEHVDU 5S GDQ 5S UHVSHFWLYHO\ ZKLFK ZDV
5SGLVDMLNDQVHEDJDLEDJLDQGDUL UHFRUGHGDVSDUWRI³&RVWRIUHYHQXHV´LQSURILWRU
³%HEDQ SRNRN SHQMXDODQ´ GDODP ODED UXJL ORVV1RWH
&DWDWDQ

'HVHPEHU SURSHUWL LQYHVWDVL WKH EXLOGLQJ RI ,7& %6' RZQHG E\ WKH
3HUXVDKDDQEHUXSDEDQJXQDQ,7&%6'GLMDGLNDQ &RPSDQ\ LV SOHGJHG DV FROODWHUDO IRU %XPL
MDPLQDQDWDVXWDQJ2EOLJDVL%HUNHODQMXWDQ,%XPL 6HUSRQJ 'DPDL &RQWLQXRXV %RQGV , 3KDVH ,
6HUSRQJ 'DPDL 7DKDS , 7DKXQ <HDU1RWH
&DWDWDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

.HSHPLOLNDQ 3HUXVDKDDQ DWDV SURSHUWL LQYHVWDVL 7KHLQYHVWPHQWSURSHUW\RZQHGE\WKH&RPSDQ\
DGDODK EHUXSD +DN 0LOLN DWDV 6DWXDQ 5XPDK LVLQWKHIRUPRI6WUDWD7LWOH8QLW2ZQHG5LJKWDOO
6XVXQ \DQJ VHOXUXKQ\D DWDV QDPD 37 'LDQ RI ZKLFK LV XQGHU WKH QDPH RI 37 'LDQ
6ZDVWDWLND 6HQWRVD 7EN VDODK VDWX SHPHJDQJ 6ZDVWDWLND 6HQWRVD 7EN RQH RI WKH KROGHUV RI
6XUDW .HSXWXVDQ ,MLQ /RNDVL \DQJ EHUGLUL GLDWDV WKH 'HFLVLRQ /HWWHU RQ /DQG 5LJKWV DQG ZLWK D
+DN *XQD %DQJXQDQ \DQJ MDWXK WHPSR SDGD WHUP XQWLO -XO\ 0DQDJHPHQW EHOLHYHV
WDQJJDO -XOL 0DQDMHPHQ EHUSHQGDSDW WKDW WKHUH ZLOO EH QR GLIILFXOW\ LQ H[WHQGLQJ WKH
EDKZD WLGDN WHUGDSDW PDVDODK GHQJDQ 6WUDWD 7LWOH 8QLW 2ZQHG 5LJKW VLQFH DOO WKH
SHUSDQMDQJDQ +DN 0LOLN DWDV 6DWXDQ 5XPDK EXLOGLQJV ZHUH DFTXLUHG OHJDOO\ DQG DUH
6XVXQ \DQJ EHUGLUL GLDWDV +DN *XQD %DQJXQDQ VXSSRUWHGE\VXIILFLHQWHYLGHQFHRIRZQHUVKLS
WHUVHEXW NDUHQD SURSHUWL LQYHVWDVL WHUVHEXW
GLSHUROHKVHFDUDVDKGDQGLGXNXQJGHQJDQEXNWL
NHSHPLOLNDQ\DQJPHPDGDL

.HSHPLOLNDQ376LQDU0DV:LVHVDHQWLWDVDQDN 7KH RZQHUVKLS RI 37 6LQDU 0DV :LVHVD D
DWDV WDQDK 0DOO )DQWDVL EHUXSD +DN *XQD VXEVLGLDU\ RQ WKH ODQG ZKHUH 0DOO )DQWDVL LV
%DQJXQDQ+*%EHUMDQJNDZDNWXGXDSXOXK VLWXDWHG LV LQFOXGHG DV SDUW RI %XLOGLQJ 8VH
WDKXQ \DQJ DNDQ MDWXK WHPSR SDGD WDKXQ 5LJKWV+DN*XQD%DQJXQDQRU+*%FHUWLILFDWH
GLPDQD +*% WHUVHEXW PDVLK GDODP EHQWXN IRU D SHULRG RI WZHQW\ \HDUV ZKLFK ZLOO
VHUWLILNDW LQGXN 3DGD WDQJJDO 6HSWHPEHU H[SLUH LQ $V RI 6HSWHPEHU WKH
VHUWLILNDW LQGXN DWDV WDQDK WHUVHEXW PDVLK &RPSDQ\LVVWLOOLQWKHSURFHVVRIVHJUHJDWLQJWKH
GDODPSURVHVSHPHFDKDQ FHUWLILFDWH RI WKH DIRUHPHQWLRQHG %XLOGLQJ 8VH
5LJKWVLQWRVSHFLILFODQGDUHD

.HSHPLOLNDQ376LQDU0DV7HODGDQHQWLWDVDQDN 7KH RZQHUVKLS RI 37 6LQDU 0DV 7HODGDQ D
DWDV WDQDK GL 0HGDQ -DNDUWD GDQ 6XUDED\D VXEVLGLDU\ RQ ODQG ORFDWHG LQ 0HGDQ -DNDUWD
EHUXSD +DN *XQD %DQJXQDQ +*% EHUMDQJND DQG 6XUDED\D ZLWK %XLOGLQJ 8VH 5LJKWV +DN
ZDNWX GXD SXOXK WDKXQ \DQJ DNDQ MDWXK *XQD%DQJXQDQRU+*%LVIRUDSHULRGRIWZHQW\
WHPSRDQWDUDWDKXQVDPSDLGHQJDQ \HDUV ZKLFK ZLOO H[SLUH EHWZHHQ ±

'HVHPEHUSURSHUWLLQYHVWDVL(SLFHQWUXP LQYHVWPHQW SURSHUW\ (SLFHQWUXP :DON
:DON .XQLQJDQ GLDVXUDQVLNDQ NHSDGD .XQLQJDQ LV LQVXUHG ZLWK 37 $VXUDQVL -D\D
37 $VXUDQVL -D\D 3URWHNVL SLKDN NHWLJD 3URWHNVL D WKLUG SDUW\ DJDLQVW ULVNV RI ILUH
WHUKDGDS ULVLNR NHEDNDUDQ NHUXVDNDQ GDQ ULVLNR GDPDJHVWKHIWDQGRWKHUSRVVLEOHULVNVZLWKWRWDO
ODLQQ\D GHQJDQ QLODL SHUWDQJJXQJDQ PDVLQJ LQVXUDQFH FRYHUDJH RI 5S
PDVLQJVHEHVDU5S UHVSHFWLYHO\

3URSHUWL LQYHVWDVL VHODLQ GDUL (SLFHQWUXP :DON ,QYHVWPHQW SURSHUWLHV RWKHU WKDQ (SLFHQWUXP
.XQLQJDQ GLDVXUDQVLNDQ NHSDGD 37$VXUDQVL :DON .XQLQJDQ DUH LQVXUHG ZLWK 37 $VXUDQVL
6LQDU 0DV $60 SLKDN EHUHODVL &DWDWDQ 6LQDU 0DV $60 D UHODWHG SDUW\ 1RWH
WHUKDGDS ULVLNR NHEDNDUDQ NHUXVDNDQ GDQ ULVLNR DJDLQVW ULVNV RI ILUH GDPDJHV WKHIW DQG RWKHU
ODLQQ\D GHQJDQ MXPODK SHUWDQJJXQJDQ \DQJ SRVVLEOH ULVNV ZLWK WRWDO LQVXUDQFH FRYHUDJH RI
PHUXSDNDQ MXPODK SHUWDQJJXQJDQ JDEXQJDQ MRLQW LQVXUDQFH FRYHUDJH ZLWK LQYHQWRULHV
GHQJDQ SHUVHGLDDQ &DWDWDQ DGDODK VHEHVDU 1RWH 5S DQG
5S GDQ 86 86DVRI6HSWHPEHUDQG
SDGD WDQJJDO 6HSWHPEHU GDQ VHEHVDU 5S DQG 86 DV
5S GDQ 86 RI'HFHPEHU
SDGDWDQJJDO'HVHPEHU

-HPEDWDQ GDODP UDQJND EDQJXQ NHOROD GDQ DOLK 7KH EULGJH XQGHU EXLOG RSHUDWH DQG WUDQVIHU
DQWDUD3HUXVDKDDQGDQ3HPGD7DQJHUDQJVHUWD DJUHHPHQW EHWZHHQ WKH &RPSDQ\ DQG 3HPGD
306 GDQ 3HPGD -DNDUWD GLDVXUDQVLNDQ NHSDGD 7DQJHUDQJ DOVR 306 DQG 3HPGD -DNDUWD DUH
37 $VXUDQVL 6LQDU 0DV $60 SLKDN EHUHODVL LQVXUHG ZLWK 37 $VXUDQVL 6LQDU 0DV $60
&DWDWDQ WHUKDGDS ULVLNR NHEDNDUDQ D UHODWHG SDUW\ 1RWH DJDLQVW ULVNV RI ILUH
NHUXVDNDQ SHQFXULDQ GDQ ULVLNR ODLQQ\D GHQJDQ GDPDJHVWKHIWDQGRWKHUSRVVLEOHULVNVZLWKMRLQW
MXPODK SHUWDQJJXQJDQ JDEXQJDQ GHQJDQ LQVXUDQFH FRYHUDJH ZLWK LQYHQWRULHV 1RWH
DVXUDQVL SHUVHGLDDQ &DWDWDQ VHGDQJNDQ ZKLOHWKHEULGJHDQGXQGHUJURXQGFKDQQHOXQGHU
MHPEDWDQGDQWHURZRQJDQGDODPUDQJNDEDQJXQ EXLOG RSHUDWH DQG WUDQVIHU DJUHHPHQW EHWZHHQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

NHOROD GDQ DOLK DQWDUD '87, GDQ 3HPGD -DNDUWD '87,DQG3HPGD-DNDUWDDUHLQVXUHGZLWK$60
GLDVXUDQVLNDQ NHSDGD $60 SLKDN EHUHODVL UHODWHG SDUW\ 1RWH DJDLQVW ULVNVRI SK\VLFDO
&DWDWDQ WHUKDGDS ULVLNR NHKLODQJDQ GDQ ORVVHVDQGGDPDJHVZLWKLQVXUDQFHFRYHUDJHRI
NHUXVDNDQ GHQJDQ MXPODK SHUWDQJJXQJDQ 86 DV RI 6HSWHPEHU DQG
PDVLQJPDVLQJ VHEHVDU 86 SDGD 'HFHPEHU
WDQJJDO 6HSWHPEHU GDQ 'HVHPEHU

'HVHPEHU ELD\D SLQMDPDQ \DQJ ERUURZLQJFRVWVFDSLWDOL]HGWRFRQVWUXFWLRQ
GLNDSLWDOLVDVL NH SURSHUWL LQYHVWDVL GDODP LQ SURJUHVV DPRXQWHG WR 5S DQG
SHPEDQJXQDQ PDVLQJPDVLQJ DGDODK VHEHVDU 5SUHVSHFWLYHO\1RWH
5S GDQ 5S
&DWDWDQ

0DQDMHPHQ EHUSHQGDSDW EDKZD QLODL 0DQDJHPHQW EHOLHYHV WKDW WKH LQVXUDQFH
SHUWDQJJXQJDQ WHUVHEXW FXNXS XQWXN PHQXWXS FRYHUDJHVDUHDGHTXDWHWRFRYHUSRVVLEOHORVVHV
NHPXQJNLQDQ NHUXJLDQ DWDV DVHW \DQJ RQWKHDVVHWVLQVXUHG
GLSHUWDQJJXQJNDQ

%HULNXW DGDODK QLODL ZDMDU DWDV SURSHUWL LQYHVWDVL 7KH IROORZLQJ WDEOH VHWV IRUWK WKH IDLU YDOXHV RI
NHSHPLOLNDQ ODQJVXQJ *UXS SDGD WDQJJDO WKH *URXS¶V GLUHFWO\ DFTXLUHG LQYHVWPHQW
6HSWHPEHUGDQ'HVHPEHU SURSHUWLHV DV RI 6HSWHPEHU DQG
'HFHPEHU

7DQJJDOODSRUDQSHQLODLLQGHSHQGHQ
1LODLZDMDU)DLUYDOXH 'DWHRILQGHSHQGHQWDSSUDLVDO
VUHSRUWV
6HSWHPEHU 'HVHPEHU 3HQLODLLQGHSHQGHQ 6HSWHPEHU 'HVHPEHU
1DPDSUR\HN3URMHFWQDPH 6HSWHPEHU 'HFHPEHU ,QGHSHQGHQWDSSUDLVDO 6HSWHPEHU 'HFHPEHU
0DOO)DQWDVL .-335HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
+DPLG 3DUWQHUV
5HQJJDQLV
%RXWLTXH2IILFH
6LQDUPDV/DQG3OD]D 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
-DNDUWD6XUDED\DGDQ0HGDQ
,7&%6' 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
6LQDUPDV/DQG3OD]D 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
*UHHQ2IILFH3DUN 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
'30DOO6HPDUDQJ 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
0DOO7KH%UHH]H
(SLFHQWUXP:DON.XQLQJDQ 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
0HJD,7&&HPSDND0DV 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
,7&.XQLQJDQ 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
,7&'HSRN 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
.XQLQJDQ 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
*UDQG:LVDWD 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
&RXUWV 5HQJJDQLV 0DUHW0DUFK 0DUHW0DUFK
4%LJ
*65HWDLO/HJHQGD:LVDWD
*UHHQ2IILFH3DUN
06,*
1LODLZDMDUEHUGDVDUNDQ/DSRUDQ3HQLODL,QGHSHQGHQ.-335HQJJDQLV+DPLG 3DUWQHUV
\DQJGLSHUROHKGHQJDQSHQGHNDWDQDUXVNDV\DQJGLGLVNRQWRNDQ
7KHIDLUYDOXHLVEDVHGRQ,QGHSHQGHQW$SSUDLVDO5HSRUW.-335HQJJDQLV+DPLG 3DUWQHUV
ZKLFKZDVDUULYHGDWXVLQJWKHGLVFRXQWHGFDVKIORZVDSSURDFK
1LODLZDMDUEHUGDVDUNDQHVWLPDVLPDQDMHPHQ\DQJGLSHUROHKGHQJDQSHQGHNDWDQELD\DSHQJDQWLDQ
7KHIDLUYDOXHLVEDVHGRQPDQDJHPHQWHVWLPDWLRQZKLF KZDVDUULYHGDWXVLQJWKHFRVWUHSODFHPHQWDSSURDFK

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HVHPEHUHVWLPDVLQLODLZDMDUDVHWWHWDS HVWLPDWHG IDLU YDOXH RI SURSHUW\ XQGHU
GDODP UDQJND SHUMDQMLDQ EDQJXQ NHOROD GDQ DOLK EXLOGRSHUDWHDQGWUDQVIHUDJUHHPHQWFRQVLVWLQJ
EHUXSD MHPEDWDQ QLDJD %6' -XQFWLRQ DGDODK RI %6' -XQFWLRQ EULGJH DPRXQWLQJ WR
VHEHVDU 5S EHUGDVDUNDQ ODSRUDQ 5S ZDV EDVHG RQ LQGHSHQGHQW
SHQLODL LQGHSHQGHQ .-33 5HQJJDQLV +DPLG DSSUDLVDO UHSRUW .-33 5HQJJDQLV +DPLG
3DUWQHUV WHUWDQJJDO 0DUHW 6HPHQWDUD 3DUWQHUV GDWHG 0DUFK :KLOH DV RI
SDGD WDQJJDO 6HSWHPEHU GDQ 6HSWHPEHU DQG 'HFHPEHU
'HVHPEHU HVWLPDVL QLODL ZDMDU DVHW WKH IDLU YDOXH RI RWKHU SURSHUWLHV XQGHU EXLOG
WHWDSGDODPUDQJNDSHUMDQMLDQEDQJXQNHORODGDQ RSHUDWH DQG WUDQVIHU DJUHHPHQW RZQHG E\
DOLK PLOLN HQWLWDV DQDN DGDODK VHEHVDU VXEVLGLDU\ DPRXQWHG WR 5S
5S \DQJ GLSHUROHK GHQJDQ ZKLFK ZHUH DUULYHG DW XVLQJ WKH GLVFRXQWHG
SHQGHNDWDQ SHQGDSDWDQ \DQJ GLGLVNRQWRNDQ LQFRPH DSSURDFK VXSSRUWHG E\ WKH WHUPV RI
EHUGDVDUNDQVLVDMDQJNDZDNWXVHZD\DQJPDVLK H[LVWLQJ OHDVH SHULRG DQG XVLQJ GLVFRXQW UDWHV
EHUMDODQ GHQJDQ PHQJJXQDNDQ WLQJNDW GLVNRQWR WKDWUHIOHFWFXUUHQWPDUNHWFRQGLWLRQ
\DQJPHQFHUPLQNDQNRQGLVLSDVDUVDDWLQL

0DQDMHPHQ EHUNH\DNLQDQ EDKZD WLGDN WHUGDSDW 0DQDJHPHQW EHOLHYHV WKDW WKHUH LV QR
SHQXUXQDQ QLODL DWDV SURSHUWL LQYHVWDVL SDGD LPSDLUPHQW LQ YDOXH RI WKH DIRUHPHQWLRQHG
WDQJJDO 6HSWHPEHU GDQ 'HVHPEHU LQYHVWPHQWSURSHUWLHVDVRI6HSWHPEHU
DQG'HFHPEHU

*RRGZLOO *RRGZLOO

0HUXSDNDQ JRRGZLOO \DQJ GLSHUROHK 37 'XWD 7KLV UHSUHVHQWV JRRGZLOO IURP 37 'XWD 3HUWLZL
3HUWLZL7EN'87,HQWLWDVDQDNDWDVSHQ\HUWDDQ 7EN '87, D VXEVLGLDU\ LQYHVWPHQWV LQ VKDUHV
VDKDPQ\DSDGDHQWLWDVDQDNGDQSUR\HN0DQJJD RI VWRFN RI WKH VXEVLGLDULHV DQG 0DQJJD 'XD
'XD&HQWHUGHQJDQULQFLDQVHEDJDLEHULNXW &HQWHUSURMHFWZLWKGHWDLOVDVIROORZV

6HSWHPEHUGDQ
'HVHPE HU
1DPD3HUXVDKDDQ %XODQ3HUR OHKDQ 6HSWHPE HUDQG
&RPSDQ\
V1DPH 'DWHR I$FTXLVLWLR Q 'HFHPEHU
376LQDUZLMD\D(ND SUDWLVWD -DQXDUL-DQXDU\

375R\DO2ULHQWD O 0DUH W0DUFK
370XVWLND.DU\D6HMDWL $JXVWXV$XJ XVW
370LVD\D3URSHULQG R $JXVWXV$XJ XVW
373XWUD$OYLWD3UDWDPD 'HVHPEHU'HFHPEHU
37.HPEDQJDQ3HUPDL'HYHORSPHQW -DQXDUL-DQXDU\
-XPO DK7RWDO

8ML3HQXUXQDQ1LODL*RRGZLOO ,PSDLUPHQW7HVWIRU*RRGZLOO

*RRGZLOO\DQJGLSHUROHKPHODOXLNRPELQDVLELVQLV *RRGZLOODFTXLUHGWKURXJKEXVLQHVVFRPELQDWLRQ
GLDORNDVLNDQ NH GXD 8QLW 3HQJKDVLO .DV KDYH EHHQ DOORFDWHG WR WZR LQGLYLGXDO &DVK
83. *UXS \DQJ MXJD PHUXSDNDQ VHJPHQ *HQHUDWLQJ 8QLWV &*8 ZKLFK DUH DOVR
GLODSRUNDQ XQWXN XML SHQXUXQDQ QLODL \DLWX 83. UHSRUWDEOH VHJPHQWV IRU LPSDLUPHQW WHVWLQJ
5HDO(VWDWGDQ83.3URSHUWL,QYHVWDVL QDPHO\ 5HDO (VWDWH &*8 DQG ,QYHVWPHQW
3URSHUWLHV&*8

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

1LODLWHUSXOLKNDQGDUL83.83.GLDWDVGLWHQWXNDQ 7KH UHFRYHUDEOH DPRXQWV RI WKH DERYH &*8V
EHUGDVDUNDQ SHUKLWXQJDQ QLODL SDNDL 1LODL SDNDL KDYH EHHQ GHWHUPLQHG EDVHG RQ YDOXHLQXVH
GLWHQWXNDQ GHQJDQ PHQGLVNRQWRNDQ DUXV NDV FDOFXODWLRQV 9DOXH LQ XVH ZDV GHWHUPLQHG E\
PDVD GHSDQ \DQJ GLKDUDSNDQ DNDQ GLKDVLONDQ GLVFRXQWLQJ WKH IXWXUH FDVK IORZV H[SHFWHG WR EH
ROHK XQLWXQLW WHUVHEXW 3HUKLWXQJDQ QLODL SDNDL JHQHUDWHG IURP WKH FRQWLQXLQJ XVH RI WKH XQLWV
EHUGDVDUNDQSDGDDVXPVLDVXPVLEHULNXWLQL 7KHFDOFXODWLRQRIWKHYDOXHLQXVHZDVEDVHGRQ
WKHIROORZLQJNH\DVVXPSWLRQV

x $UXV NDV GL PDVD PHQGDWDQJ GLWHQWXNDQ x )XWXUH FDVK IORZV ZHUH EDVHG RQ WKH
EHUGDVDUNDQSUR\HNVLSHQMXDODQSHUVHGLDDQ SURMHFWHG VDOHV RI UHDO HVWDWH LQYHQWRULHV
UHDOHVWDWDVHWWDQDKXQWXNGLNHPEDQJNDQ ODQG IRU GHYHORSPHQW HVWLPDWHG FRVW RI
HVWLPDVL DVHW \DQJ GDSDW GLSHUROHK GDQ DVVHWV WR EH DFTXLUHG DV ZHOO DV IURP WKH
HVWLPDVL SHQGDSDWDQ VHZD GDUL SURSHUWL HVWLPDWHG UHQWDO LQFRPH IURP LQYHVWPHQW
LQYHVWDVL GHQJDQ DVXPVL WLGDN DGD SURSHUWLHV ZLWK WKH DVVXPSWLRQV WKDW WKHUH
SHQDPEDKDQ LQYHVWDVL EDUX %HEDQ ZDV QR QHZ LQYHVWPHQW 2WKHU RSHUDWLRQDO
RSHUDVLRQDO ODLQQ\D GLHVWLPDVL EHUGDVDUNDQ H[SHQVHV ZHUH HVWLPDWHG EDVHG RQ
GDWDKLVWRULV KLVWRULFDOUDWH

x 7LQJNDW GLVNRQWR VHEHOXP SDMDN x 3UHWD[ GLVFRXQW UDWHV RI DQG
\DQJ GLJXQDNDQ XQWXN PHQJKLWXQJ MXPODK LQ DQG ZDV DSSOLHG LQ
WHUSXOLKNDQ DGDODK VHEHVDU GDQ GHWHUPLQLQJ WKH UHFRYHUDEOH DPRXQWV 7KH
PDVLQJPDVLQJXQWXNSHULRGH GLVFRXQW UDWH XVHG ZDV GHWHUPLQHG EDVHG
GDQ WDKXQ 7LQJNDW GLVNRQWR LQL RQ WKH ZHLJKWHG DYHUDJH FRVW RI FDSLWDO
GLHVWLPDVLEHUGDVDUNDQUDWDUDWDWHUWLPEDQJ DOORFDWHGE\WKH*URXSWRWKHVHXQLWV
ELD\D PRGDO \DQJ GLDORNDVLNDQ *UXS
NHSDGD83.83.WHUVHEXW

$VXPVL XWDPD VHEDJDLPDQD GLMHODVNDQ GL DWDV 7KH NH\ DVVXPSWLRQV GHVFULEHG DERYH PD\
GDSDWEHUXEDKVHMDODQGHQJDQSHUXEDKDQNRQGLVL FKDQJH DV HFRQRPLF DQG PDUNHW FRQGLWLRQV
HNRQRPL GDQ SDVDU *UXS PHPSHUNLUDNDQ EDKZD FKDQJH 7KH *URXS HVWLPDWHV WKDW UHDVRQDEO\
NHPXQJNLQDQ SHUXEDKDQ DVXPVL LQL WLGDN DNDQ SRVVLEOH FKDQJHV LQ WKHVH DVVXPSWLRQV ZRXOG
PHQ\HEDENDQ QLODL WHUFDWDW GDUL PDVLQJPDVLQJ QRW FDXVH WKH FDUU\LQJ YDOXH RI HDFK &*8 WR
83.WHUVHEXWPHOHELKLQLODLWHUSXOLKNDQQ\DVHFDUD PDWHULDOO\ H[FHHG LWV UHFRYHUDEOH DPRXQW 7KXV
PDWHULDO 2OHK NDUHQD LWX PDQDMHPHQ DV RI 6HSWHPEHU DQG 'HFHPEHU
EHUNH\DNLQDQ EDKZD WLGDN WHUGDSDW SHQXUXQDQ PDQDJHPHQW EHOLHYHV WKDW WKHUH LV QR
QLODL DWDV JRRGZLOO WHUVHEXW SDGD LPSDLUPHQWLQWKHFDUU\LQJYDOXHRIJRRGZLOO
WDQJJDO 6HSWHPEHU GDQ 'HVHPEHU

$VHW/DLQODLQ 2WKHU$VVHWV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
/LVHQVLSHUDQJNDWOXQDN 6RIWZDUHOLFHQVH
1LO DLSHUROHKDQ $WFRVW
$PRUWLVDVL $PRUWL]DWLRQ
1LODLWHUFDWDW 1HWFDUU\LQJYDOXH
/DLQO DLQ 2WKHUV
-XPODK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

$VHW ODLQODLQ GLVDMLNDQ GDODP ODSRUDQ NHXDQJDQ 2WKHU DVVHWV DUH SUHVHQWHG LQ WKH FRQVROLGDWHG
NRQVROLGDVLDQVHEDJDL VWDWHPHQWVRIILQDQFLDOSRVLWLRQDVIROORZV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
-XPODK 7RWDO

8WDQJ%DQN-DQJND3HQGHN 6KRUW7HUP%DQN/RDQV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
5XSLDK 5XSLDK
3LKDNNHWLJD 7KLUGSDUW\
37%DQN0DQGLUL3HUVHUR 7E N 37%DQN0DQGLUL 3HUVHUR7EN

37%DQN0DQGLUL3HUVHUR7EN0DQGLUL 37%DQN0DQGLUL3HUVHUR7EN0DQGLUL

37'XWD6HPHVWD0DV 37'XWD6HPHVWD0DV

3DGD WDQJJDO $SULO '60 HQWLWDV DQDN 2Q$SULO'60DVXEVLGLDU\REWDLQHGD
PHQHULPDIDVLOLWDVSLQMDPDQGDUL0DQGLULVHEHVDU
ORDQ IDFLOLW\ IURP 0DQGLUL DPRXQWLQJ WR
5SGHQJDQPDNVLPXPSLQMDPDQ 5SZLWKDPD[LPXPFUHGLWIDFLOLW\
VHEHVDU5SGHQJDQVXNXEXQJD RI 5S ZLWK DQ DQQXDO LQWHUHVW
SLQMDPDQ SHU WDKXQ VHEHVDU GL DWDV VXNX UDWH RI DERYH 0DQGLUL¶V WLPH GHSRVLW
EXQJD GHSRVLWR 0DQGLUL GDQ DNDQ MDWXK WHPSR LQWHUHVWUDWHDQGZLOOPDWXUHRQ0DUFK
SDGDWDQJJDO0DUHW

3LQMDPDQ LQL GLMDPLQ GHQJDQ GHSRVLWR EHUMDQJND 7KHORDQLVVHFXUHGE\WLPHGHSRVLWVRI37'XWD
GL 0DQGLUL PLOLN 37 'XWD 3HUWLZL 7EN '87, 3HUWLZL 7EN '87, D VXEVLGLDU\ DPRXQWLQJ WR
HQWLWDV DQDN VHEHVDU 5S 5S1RWHD
&DWDWDQD

3DGD WDQJJDO -XQL '60 PHOXQDVL 7KLV ORDQ KDV EHHQ IXOO\ SDLG E\ '60 RQ
VHOXUXKSLQMDPDQLQL -XQH

%HEDQ EXQJD \DQJ GLEHEDQNDQ SDGD ODED UXJL ,QWHUHVW H[SHQVH FKDUJHG WR RSHUDWLRQV IRU WKH
XQWXN SHULRGHSHULRGH VHPELODQ EXODQ \DQJ QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
EHUDNKLU 6HSWHPEHU GDQ PDVLQJ DQG DPRXQWHG WR QLO DQG 5S
PDVLQJDGDODKVHEHVDUQLKLOGDQ5S UHVSHFWLYHO\1RWH
&DWDWDQ

376LQDUZLVDWD3HUPDL6:3 376LQDUZLVDWD3HUPDL6:3

3DGD WDQJJDO )HEUXDUL 6:3 HQWLWDV 2Q )HEUXDU\ 6:3 D VXEVLGLDU\
DQDN PHQHULPD IDVLOLWDV SLQMDPDQ GDUL 0DQGLUL REWDLQHGDORDQIDFLOLW\IURP0DQGLULDPRXQWLQJWR
VHEHVDU 5S GHQJDQ PDNVLPXP 5SZLWKDPD[LPXPFUHGLWIDFLOLW\
SLQMDPDQ VHEHVDU 5S GHQJDQ RI 5S ZLWK DQ DQQXDO LQWHUHVW
VXNXEXQJDSLQMDPDQSHUWDKXQVHEHVDUGL UDWH RI DERYH 0DQGLUL¶V WLPH GHSRVLW
DWDVVXNXEXQJDGHSRVLWR0DQGLULGDQDNDQMDWXK LQWHUHVWUDWHDQGPDWXUHVRQ)HEUXDU\
WHPSRSDGDWDQJJDO)HEUXDUL

3LQMDPDQ LQL GLMDPLQ GHQJDQ GHSRVLWR EHUMDQJND 7KH ORDQ LV VHFXUHG E\ WLPH GHSRVLW RI WKH
GL 0DQGLUL PLOLN 3HUXVDKDDQ VHEHVDU &RPSDQ\ LQ 0DQGLUL DPRXQWLQJ WR
5S&DWDWDQD 5S1RWHD

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3DGD WDQJJDO -XOL 6:3 PHOXQDVL 2Q-XO\WKLVORDQKDVEHHQIXOO\SDLGE\
VHOXUXKSLQMDPDQLQL 6:3

XQWXN SHULRGHSHULRGH VHPELODQ EXODQ \DQJ QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
EHUDNKLU 6HSWHPEHU GDQ PDVLQJ DQG DPRXQWHG WR 5S DQG
PDVLQJ DGDODK VHEHVDU 5S GDQ 5SUHVSHFWLYHO\1RWH
5S&DWDWDQ

37'XWD3HUWLZL7EN'87, 37'XWD3HUWLZL7EN'87,

3DGD WDQJJDO )HEUXDUL '87, 2Q )HEUXDU\ '87, HQWHUHG D ZRUNLQJ
PHQDQGDWDQJDQL SHUMDQMLDQ NUHGLW PRGDO NHUMD FDSLWDO ORDQ DJUHPHQW ZLWK 0DQGLUL ZLWK
GHQJDQ 0DQGLUL GHQJDQ PDNVLPXP SLQMDPDQ D PD[LPXP FUHGLW IDFLOLW\ RI
VHEHVDU 5S GHQJDQ VXNX 5SZLWKDQDQQXDOLQWHUHVWUDWH
EXQJDSLQMDPDQSHUWDKXQVHEHVDUIORDWLQJ RI IORDWLQJ UDWH DQG PDWXUHV RQ
UDWH GDQ DNDQ MDWXK WHPSR SDGD WDQJJDO )HEUXDU\
)HEUXDUL

3DGD WDQJJDO )HEUXDUL 0DUHW 2Q )HEUXDU\ 0DUFK DQG
GDQ 1RYHPEHU '87, PHQHULPD IDVLOLWDV 1RYHPEHU '87, REWDLQHG ORDQ IDFLOLW\
SLQMDPDQ PDVLQJPDVLQJ VHEHVDU DPRXQWLQJ WR 5S
5S 5S GDQ 5S DQG 5S
5S UHVSHFWLYHO\

3LQMDPDQLQLGLMDPLQGHQJDQMDPLQDQEHUXSDDVHW 7KLV ORDQ LV VHFXUHG E\ H[LVWLQJ DQG WR EH
'87, EDLN EDUDQJ EHUJHUDN PDXSXQ EDUDQJ DFTXLUHGPRYDEOHDQGLPPRYDEOHDVVHWVRI'87,
WLGDN EHUJHUDN VHUWD \DQJ WHODK DGD PDXSXQ ZKLFKZLOOVHUYHDVJHQHUDOFROODWHUDO
\DQJ DNDQ DGD \DQJ PHQMDGL MDPLQDQ
NHEHQGDDQVHFDUDXPXP

3DGD EXODQ 0DUHW '87, PHOXQDVL VHOXUXK ,Q 0DUFK WKLV ORDQ KDV EHHQ IXOO\ SDLG E\
SLQMDPDQLQL '87,

%HEDQ EXQJD \DQJ GLEHEDQNDQ SDGD ,QWHUHVW H[SHQVH FKDUJHG WR RSHUDWLRQV IRU WKH
ODED UXJL XQWXN SHULRGH VHPELODQ EXODQ \DQJ QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
EHUDNKLU 6HSWHPEHU DGDODK VHEHVDU DPRXQWHGWR5S1RWH
5S&DWDWDQ

376LQDU0DV7HODGDQ607 376LQDU0DV7HODGDQ607

3DGD WDQJJDO 6HSWHPEHU 607 HQWLWDV 2Q 6HSWHPEHU 607 D VXEVLGLDU\
DQDN PHQHULPD IDVLOLWDV SLQMDPDQ GDUL 0DQGLUL REWDLQHGORDQIDFLOLWLHVIURP0DQGLULDPRXQWLQJWR
VHEHVDU5SGHQJDQPDNVLPXP 5SZLWKPD[LPXPFUHGLWIDFLOLW\
SLQMDPDQVHEHVDU5SGDQMDWXK RI 5S DQG PDWXUH RQ
WHPSR SDGD WDQJJDO 6HSWHPEHU 3DGD 6HSWHPEHU ,Q 0D\ 607 PDGH
EXODQ 0HL 607 PHOXQDVL VHEDJLDQ SDUWLDO SD\PHQW DPRXQWLQJ WR
SLQMDPDQ VHEHVDU 5S -DWXK 5S 7KH PDWXULW\ GDWH RI WKH
WHPSRSLQMDPDQLQLGLSHUSDQMDQJVDPSDLGHQJDQ ORDQZDVH[WHQGHGXQWLO6HSWHPEHU,Q
WDQJJDO 6HSWHPEHU 3DGD EXODQ -XO\607PDGHSDUWLDOSD\PHQWDPRXQWLQJ
-XOL 607 PHOXQDVL VHEDJLDQ SLQMDPDQ WR5S7KHPDWXULW\GDWHRIWKH
VHEHVDU 5S -DWXK WHPSR ORDQZDVH[WHQGHGXQWLO6HSWHPEHUZLWK
SLQMDPDQ LQL GLSHUSDQMDQJ VDPSDL GHQJDQ DQ DQQXDO LQWHUHVW UDWH RI DERYH
6HSWHPEHU GHQJDQ VXNX EXQJD 0DQGLUL¶VWLPHGHSRVLWLQWHUHVWUDWH
SLQMDPDQSHUWDKXQVHEHVDUGLDWDVVXNX
EXQJDGHSRVLWR0DQGLUL

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3DGD WDQJJDO 'HVHPEHU 607 2Q 'HFHPEHU 607 REWDLQHG DQRWKHU
PHPSHUROHK WDPEDKDQ SLQMDPDQ GDUL 0DQGLUL ORDQ IDFLOLW\ IURP 0DQGLUL DPRXQWLQJ WR
VHEHVDU 5S GHQJDQ VXNX 5SZLWKDQDQQXDOLQWHUHVWUDWH
EXQJD SLQMDPDQ SHU WDKXQ VHEHVDU GLDWDV RI DERYH 0DQGLUL¶V WLPH GHSRVLW LQWHUHVW
VXNX EXQJD GHSRVLWR 0DQGLUL GDQ MDWXK WHPSR UDWH DQG PDWXUHG RQ 'HFHPEHU 7KH
SDGD WDQJJDO 'HVHPEHU -DWXK WHPSR PDWXULW\ GDWH RI WKH ORDQ ZDV H[WHQGHG PRVW
SLQMDPDQ LQL GLSHUSDQMDQJ GDQ \DQJ WHUEDUX UHFHQWO\XQWLO'HFHPEHU
VDPSDL GHQJDQ GHQJDQ WDQJJDO 'HVHPEHU

3DGD WDQJJDO -XQL 607 PHPSHUROHK 2Q -XQH 607 REWDLQHG DQRWKHU ORDQ
WDPEDKDQ SLQMDPDQ GDUL 0DQGLUL VHEHVDU IDFLOLW\ IURP 0DQGLUL DPRXQWLQJ WR
5SGHQJDQVXNXEXQJDSLQMDPDQ 5S ZLWK DQ DQQXDO LQWHUHVW UDWH
SHU WDKXQ VHEHVDU GL DWDV VXNX EXQJD RI DERYH 0DQGLUL¶V WLPH GHSRVLW LQWHUHVW
GHSRVLWR0DQGLULGDQMDWXKWHPSRSDGDWDQJJDO UDWHDQGPDWXUHVRQ-XQH7KHPDWXULW\
-XQL -DWXK WHPSR SLQMDPDQ LQL GDWHRIWKHORDQZDVH[WHQGHGXQWLO-XQH
GLSHUSDQMDQJ VDPSDL GHQJDQ WDQJJDO ,Q$SULO607KDVIXOO\SDLGWKLVORDQ
-XQL 3DGD EXODQ $SULO 607 WHODK
PHOXQDVLSLQMDPDQLQL

3DGD WDQJJDO 'HVHPEHU 607 2Q 'HFHPEHU 607 REWDLQHG DQRWKHU
PHPSHUROHK WDPEDKDQ SLQMDPDQ GDUL 0DQGLUL ORDQ IDFLOLW\ IURP 0DQGLUL DPRXQWLQJ WR
VHEHVDU 5S GDQ MDWXK WHPSR 5S DQG ZLOO PDWXUH RQ
SDGD WDQJJDO 'HVHPEHU GHQJDQ VXNX 'HFHPEHU ZLWK DQ DQQXDO LQWHUHVW UDWH
EXQJD SLQMDPDQ SHU WDKXQ VHEHVDU GL RI DERYH 0DQGLUL¶V WLPH GHSRVLW LQWHUHVW
DWDVVXNXEXQJDGHSRVLWR0DQGLUL UDWH

'HVHPEHUSLQMDPDQLQLGLMDPLQGHQJDQ WKHVH ORDQV ZLWK 0DQGLUL DUH VHFXUHG E\
GHSRVLWR EHUMDQJND GL 0DQGLUL PLOLN 3HUXVDKDDQ WLPH GHSRVLWV RI WKH &RPSDQ\ LQ 0DQGLUL
VHEHVDU5S&DWDWDQD DPRXQWLQJWR5S1RWHD

'HVHPEHUIDVLOLWDVSLQMDPDQ\DQJWHODK ORDQ IDFLOLW\ WKDW KDV EHHQ XWLOL]HG
GLJXQDNDQ DGDODK VHEHVDU 5S DPRXQWHGWR5S1RWHD
&DWDWDQD

ODED UXJL XQWXN SHULRGHSHULRGH VHPELODQ EXODQ QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
\DQJ EHUDNKLU 6HSWHPEHU GDQ DQG DPRXQWHG WR 5S DQG
DGDODK PDVLQJPDVLQJ VHEHVDU 5SUHVSHFWLYHO\1RWH
5S GDQ 5S
&DWDWDQ

3HUXVDKDDQ 7KH&RPSDQ\

3DGD WDQJJDO 6HSWHPEHU 3HUXVDKDDQ 2Q6HSWHPEHUWKH&RPSDQ\REWDLQHG
PHQHULPD IDVLOLWDV SLQMDPDQ PRGDO NHUMD GDUL D ZRUNLQJ FDSLWDO ORDQ IDFLOLW\ IURP 0DQGLUL
0DQGLUL VHEHVDU 5S GHQJDQ DPRXQWLQJ WR 5S ZLWK
PDNVLPXP SLQMDPDQ VHEHVDU D PD[LPXP FUHGLW IDFLOLW\ RI 5S
5S 6XNX EXQJD SLQMDPDQ 7KHLQWHUHVWUDWHLVIORDWLQJUDWHSHUDQQXP
DGDODKVHEHVDUIORDWLQJUDWHSHUWDKXQGDQ DQG PDWXUHV RQ 6HSWHPEHU
MDWXK WHPSR SDGD WDQJJDO 6HSWHPEHU 7KHPDWXULW\GDWHRIWKHORDQZDVH[WHQGHGXQWLO
-DWXK WHPSR SLQMDPDQ LQL GLSHUSDQMDQJ VDPSDL 6HSWHPEHU 7KLV ORDQ LV VHFXUHG E\
GHQJDQ WDQJJDO 6HSWHPEHU )DVLOLWDV ODQG ZLWK WRWDO DUHD RI VTXDUH PHWHUV
SLQMDPDQ LQL GLMDPLQ GHQJDQ WDQDK VHOXDV 1RWHDQGRFHDQSDUN¶VEXLOGLQJDQGPDFKLQH

P &DWDWDQ VHUWD EDQJXQDQ GDQ 1RWH
PHVLQRFHDQSDUN&DWDWDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3DGD WDQJJDO 2NWREHU 3HUXVDKDDQ 2Q 2FWREHU WKH &RPSDQ\ PDGH
PHOXQDVLSLQMDPDQVHEHVDU5S SULQFLSDO SD\PHQW DPRXQWLQJ WR
5S

3DGD WDQJJDO -XOL 3HUXVDKDDQ 2Q -XO\ WKH &RPSDQ\ REWDLQHG
PHPSHUROHK WDPEDKDQ SLQMDPDQ GDUL 0DQGLUL DGGLWLRQDO ORDQ IDFLOLW\ IURP 0DQGLUL DPRXQWHG WR
VHEHVDU5S 5S

3DGD WDQJJDO 1RYHPEHU 3HUXVDKDDQ 2Q1RYHPEHUWKH&RPSDQ\REWDLQHGD
PHQHULPD IDVLOLWDV SLQMDPDQ PRGDO NHUMD GDUL ZRUNLQJFDSLWDOORDQIDFLOLW\IURP0DQGLULZLWKD
0DQGLUL GHQJDQ PDNVLPXP SLQMDPDQ VHEHVDU PD[LPXP FUHGLW IDFLOLW\ RI 5S
5S GHQJDQ VXNX EXQJD ZLWKDQDQQXDOLQWHUHVWUDWHRIIORDWLQJUDWH
SLQMDPDQ SHU WDKXQ VHEHVDU IORDWLQJ UDWH DQGZLOOPDWXUHRQ6HSWHPEHU
GDQ DNDQ MDWXK WHPSR SDGD WDQJJDO
6HSWHPEHU

)DVLOLWDV SLQMDPDQ LQL GLMDPLQ GHQJDQ WDQDK 7KLV ORDQ LV VHFXUHG E\ ODQG ZLWK WRWDO DUHD RI
VHOXDVP&DWDWDQ VTXDUHPHWHUV1RWH

3DGD EXODQ -XOL GDQ 6HSWHPEHU ,Q-XO\DQG6HSWHPEHUWKH&RPSDQ\
3HUXVDKDDQ PHOXQDVL SLQMDPDQ PDVLQJPDVLQJ PDGH SULQFLSDO SD\PHQW DPRXQWLQJ WR
VHEHVDU 5S GDQ 5S DQG 5S
5S UHVSHFWLYHO\

ODED UXJL XQWXN SHULRGH VHPELODQ EXODQ \DQJ QLQHPRQWK SHULRG HQGHG 6HSWHPEHU
5S&DWDWDQ

6XUDW6DQJJXS-DQJND0HQHQJDK 0HGLXP7HUP1RWHV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
1LODLQRPLQDO 1RPLQDOYDOXH

/DEDKDULNH\DQJEHOXPGLDPRUWLVDVL 8QDPRUWL]HGGD\SURILW
-XPO DK 7RWDO

3DGDWDQJJDO-XQL37'XWD3HUWLZL7EN 2Q-XQH37'XWD3HUWLZL7EN'87,D
'87, HQWLWDV DQDN PHQHUELWNDQ 6XUDW VXEVLGLDU\ LVVXHG XQVHFXUHG DQG QRQLQWHUHVW
6DQJJXS -DQJND 0HQHQJDK DWDX 0HGLXP 7HUP EHDULQJ0HGLXP7HUP1RWHV071ZLWKQRPLQDO
1RWHV 071 GHQJDQ QLODL QRPLQDO VHEHVDU YDOXHDPRXQWLQJWR5S
5S WDQSD MDPLQDQ GDQ WDQSD
EXQJD

-DQJND ZDNWX 071 WHUVHEXW DGDODK VDWX 7KHDYDLODELOLW\RI071LVRQH\HDUDQGZLOOEH
WDKXQ GDQ DNDQ MDWXK WHPSR EHUWDKDS WHUDNKLU GXHSDUWLDOO\DWWKHODWHVWRQ-XQH
SDGDWDQJJDO-XQL

3DGD WDQJJDO -XQL GDQ 'HVHPEHU '87, PDGH SD\PHQWV WRWDOLQJ WR
'87, WHODK PHODNXNDQ SHPED\DUDQ 5SDQG5SDV
PDVLQJPDVLQJ VHEHVDU 5S RI -XQH DQG 'HFHPEHU
GDQ5S UHVSHFWLYHO\

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

8WDQJ8VDKD 7UDGH$FFRXQWV3D\DEOH

0HUXSDNDQ XWDQJ *UXS NHSDGD NRQWUDNWRU 7KLV DFFRXQW FRQVLVWV RI WKH *URXS¶V SD\DEOH WR
SHPEDQJXQDQ SHPDVRN DWDV SHPEHOLDQ FRQWUDFWRUV LQ UHODWLRQ WR WKHGHYHORSPHQW FRVWV
SHUVHGLDDQ KRWHO SHUOHQJNDSDQ GDQ SHUDODWDQ WRVXSSOLHUVLQUHODWLRQWRWKHKRWHORSHUDWLRQVDQG
RSHUDVL GHQJDQ ULQFLDQ SHU PDVLQJPDVLQJ RSHUDWLRQDO VXSSOLHV DQG HTXLSPHQW ZKLFK DUH
VHJPHQVHEDJDLEHULNXW FODVVLILHGSHUEXVLQHVVVHJPHQWDVIROORZV

6HSWHP EHU 'H VHP EHU
6HSWHPEHU ' HFHP EHU
3LKDNNHWLJD 7KL UGSDUWLHV

5HD OHVWDW 5HDOHVWDWH
+RWHO +RWHO
-XPO DK 7RWDO

5LQFLDQXPXUXWDQJXVDKDGLKLWXQJVHMDNWDQJJDO 7KH DJLQJ DQDO\VLV RI WUDGH DFFRXQWV SD\DEOH
IDNWXUDGDODKVHEDJDLEHULNXW IURPWKHGDWHRILQYRLFHIROORZV

6HSWHPEHU 'H VHPEHU
6HSWHPEHU 'HFHPEHU
6DPSDLGHQJDQEXODQ /HVVWKDQRUHTXDOWRPRQWK

0RUHWK DQPRQWKE XWOHVV
!EXODQEXODQ WKDQPRQWKV
0RUHWK DQPRQWKVEXWOHVV
0RUHWK DQPRQKWVEXWOHVV
!EXODQ 0RUHWK DQPRQWKV
-XPO DK 7RWDO

8WDQJ3DMDN 7D[HV3D\DEOH

$NXQLQLWHUGLULGDUL 7KLVDFFRXQWFRQVLVWVRI

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
3DMDNNLQL&DWDWDQ &RUSRUDWHLQFR PHWD[1RWH

3DMDNSHQJKDVLOD Q ,QFRPHWD[HV
3DVDO $UWLFOH
3DVDO $UWLFOH
3DVDO $UWLFOH
3DVDO $UWLFOH
3DVDOD\DW $UWLFOHSDUDJUDSK
3DMDN3HPEDQJXQDQ , 'HYHORSPHQWWD[,
3DMDN3HUWDPEDKDQ1LODLEHUVLK 9DOXH$GGHG7D[QHW
-XPODK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

%HEDQ$NUXDO $FFUXHG([SHQVHV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
%XQJD ,QWHUHVW
8WDQJEDQN %DQNORDQV
-DVDNHDPDQDQGDQNHEHUVLKDQ 6HFXULW\DQGFOHDQLQJVHUYLFH
/LVWULNDLUGDQWHOHSRQ (OHFWULFLW\ZDWHUDQGWHOHSKRQH
.RQWUDNWRU &RQWUDFWRU
3HPHOLKDUDDQGDQSHUEDLNDQ 5HSDLUVDQGPDLQWHQDQFH
3URPRVL 3URPRWLRQ
/DLQODLQ 2WKHUV
-XPODK 7RWDO

/DLQODLQ WHUXWDPD WHUGLUL GDUL EHEDQ DNUXDO DWDV 2WKHUVPDLQO\FRQVLVWRIDFFUXDOVIRUHPSOR\HHV¶
DVXUDQVLWHQDJDNHUMDSHUEDLNDQWDPDQGDQMDVD LQVXUDQFH SDUN PDLQWHQDQFH DQG SURIHVVLRQDO
SURIHVLRQDO IHHV

6HWRUDQ-DPLQDQ 6HFXULW\'HSRVLWV

%HUGDVDUNDQ MHQLV WUDQVDNVL VHWRUDQ MDPLQDQ 7KH GHWDLOV RI VHFXULW\ GHSRVLWV E\ QDWXUH RI
WHUGLULGDUL WUDQVDFWLRQVIROORZV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
6HZD 5HQWDO

-DVDSHOD\DQDQ 6HUYLFHFKDUJH
7HOHSRQ 7HO HSKRQH
5HQRYDVL 5HQRYDWLRQ
/DLQO DLQ 2WKHUV
-XPODK 7RWDO

6HWRUDQ MDPLQDQ GLVDMLNDQ GDODP ODSRUDQ 6HFXULW\ GHSRVLWV DUH SUHVHQWHG LQ WKH

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU

-XPODK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

8DQJ0XND'LWHULPD $GYDQFHV5HFHLYHG

0HUXSDNDQ XDQJ PXND SHQMXDODQ WDQDK GDQ 7KLVDFFRXQWSHUWDLQVWRDGYDQFHVUHFHLYHGIURP
EDQJXQDQ \DQJ GLWHULPD ROHK *UXS DNDQ WHWDSL EX\HUVIRUWKHVDOHRIODQGDQGEXLOGLQJVZKHUHLQ
EHOXPPHPHQXKLV\DUDWSHQJDNXDQSHQMXDODQ WKH FULWHULD RI UHYHQXH UHFRJQLWLRQ KDYH QRW \HW
EHHQIXOO\PHW

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
8DQJPXNDSHQMXDO DQ 6DOHVDGYDQFHV
5XPDKWLQJJDO +RXVHV
.DYOL QJNRPHUVLDO &RPPHUFLDOODQG
5XPDKWRNR 6KRSKRXVHV
7DQDK /DQG
$SDUWHPHQ $SDUWPHQW
%DQJXQDQLQGXVWUL ,QGXVWULDOEXLOGLQJ
3XVDWSHQGLGLNDQ (GXFDWLRQFHQWUH
3XVDWSHUEHODQMDDQ 6KRSSLQJPDOOV
-XPODK 6XEWRWDO
8DQJPXNDODLQODLQ 2WKHUDGYDQFHV
-XPO DK 7RWDO

8DQJ PXND GLWHULPD GLVDMLNDQ GDODP ODSRUDQ $GYDQFHV UHFHLYHG DUH SUHVHQWHG LQ WKH

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU

/LDELOLWDVMDQJNDSDQMDQJ 1RQFXUUHQWOLD ELOLWLHV
-XPODK 7RWDO

8DQJ PXND GLWHULPD ODLQODLQ WHUXWDPD EHUDVDO 2WKHUV PDLQO\ SHUWDLQ WR UHFHLSWV IURP WKH
GDUL SHQ\HZD GDQ DWDX SHPLOLN NLRV DWDV OHVVHHV RU NLRVN RZQHUV IRU WKH IDFLOLWLHV
SHQJJXQDDQ IDVLOLWDV SURPRVL \DQJ GLVHGLDNDQ SURPRWHG E\ WKH *URXS DQG GHSRVLWV IURP
*UXSVHUWDXDQJWLWLSDQNRQVXPHQ FXVWRPHUV

5LQFLDQ XDQJ PXND SHQMXDODQ EHUGDVDUNDQ 'HWDLOV RI VDOHV DGYDQFHV EDVHG RQ WKH
SHUVHQWDVH WHUKDGDS KDUJD MXDO DGDODK VHEDJDL SHUFHQWDJHRIVDOHVSULFHLVDVIROORZV
EHULNXW

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU

-XPODK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HZD'LWHULPD'LPXND 5HQWDO$GYDQFHV

0HUXSDNDQ XDQJ PXND \DQJ GLWHULPD DWDV VHZD 7KLV DFFRXQW SHUWDLQV WR DGYDQFH UHQWDOV
UXDQJ SHUNDQWRUDQ SHUWRNRDQ GDQ ODLQQ\D GDUL UHFHLYHG E\ WKH &RPSDQ\ IURP FXVWRPHUV IRU
SDUDSHODQJJDQ UHQWDO RI RIILFH VSDFHV VKRSKRXVHV DQG DPRQJ
RWKHUV

6HOXUXK VHZD GLWHULPD GLPXND DGDODK GDODP $OO UHQWDO DGYDQFHV DUH GHQRPLQDWHG LQ 5XSLDK
PDWDXDQJ5XSLDK FXUUHQF\

8DQJ0XND6HWRUDQ0RGDO 'HSRVLWIRU)XWXUH6WRFN6XEVFULSWLRQ

'HVHPEHU DNXQ LQL PHUXSDNDQ XDQJ WKLVDFFRXQWUHSUHVHQWVGHSRVLWVIURPQRQ
PXND VHWRUDQ PRGDO HQWLWDVHQWLWDV DQDN \DQJ FRQWUROOLQJ LQWHUHVWV DPRXQWLQJ WR
PHUXSDNDQ EDJLDQ NHSHQWLQJDQ QRQSHQJHQGDOL QLO DQG 5S UHVSHFWLYHO\ IRU
PDVLQJPDVLQJ VHEHVDU QLKLO GDQ VXEVFULSWLRQRIVXEVLGLDU\¶VVKDUHVRIVWRFN
5S

3DGD EXODQ )HEUXDUL XDQJ PXND VHEHVDU ,Q )HEUXDU\ VKDUHV RI VWRFN RI VXEVLGLDU\
5S WHUHDOLVDVL PHQMDGL PRGDO DPRXQWHG 5S KDG DOUHDG\ EHHQ
VHWRUDQ HQWLWDVHQWLWDV DQDN GDQ GLDNXL VHEDJDL LVVXHG IRU WKHVH GHSRVLWV DQG ZDV UHFRUGHG DV
NHSHQWLQJDQ QRQSHQJHQGDOL GDODP ODSRUDQ QRQFRQWUROOLQJ LQWHUHVW LQ WKH FRQVROLGDWHG
NHXDQJDQNRQVROLGDVL ILQDQFLDOVWDWHPHQW

'DQD6\LUNDK7HPSRUHU 7HPSRUDU\6\LUNDK)XQG

%HUGDVDUNDQ 3HUMDQMLDQ 3HPELD\DDQ %DVHG RQ )LQDQFLQJ $JUHHPHQW /HWWHUV
1R $0'&%-.7 WDQJJDO 1R $0'&%-.7 GDWHG
'HVHPEHU 3HUXVDKDDQ PHODNXNDQ 'HFHPEHUWKH&RPSDQ\KDVFRQYHUWHG
NRQYHUVL DWDV IDVLOLWDV SLQMDPDQ XWDQJ EDQN ORQJWHUPEDQNORDQIDFLOLW\IURP37&,0%1LDJD
MDQJND SDQMDQJ GDUL 37 %DQN &,0% 1LDJD 7EN 7EN DQG ZLWK WKH UHPDLQLQJ RXWVWDQGLQJ EDODQFH
EHVHUWD VLVD SLQMDPDQ XWDQJ EDQN WHUVHEXW RI EDQN ORDQ DPRXQWLQJ WR 5S
VHEHVDU 5S &DWDWDQ PHQMDGL 1RWH WR EH D ILQDQFLQJ ORDQ IDFLOLW\ RQ WKH
IDVLOLWDV SHPELD\DDQ DWDV GDVDU DNDG EDVLVRI0XV\DUDNDK0XWDQDTLVKDK
0XV\DUDNDK0XWDQDTLVKDK

)DVLOLWDV SLQMDPDQ LQL PHPLOLNL PDNVLPXP 7KLVORDQIDFLOLW\KDVDPD[LPXPFUHGLWIDFLOLW\RI
SLQMDPDQVHEHVDU5SGDQMDWXK 5S DQG PDWXUHV RQ
WHPSR SDGD WDQJJDO 0DUHW )DVLOLWDV 0DUFK 7KLV ORDQ LV VHFXUHG E\ ODQG
SLQMDPDQ LQL GLMDPLQ GHQJDQ WDQDK VHOXDV ZLWK WRWDO DUHD RI VTXDUH PHWHUV 1RWH

P &DWDWDQMDPLQDQILGXVLDDWDVSLXWDQJ DQG ILGXFLD JXDUDQWHH RQ UHFHLYDEOH DQG
GDQNODLPDVXUDQVLDSDUWHPHQ7KH(OHPHQWV LQVXUDQFHFODLPRI7KH(OHPHQWVDSDUWPHQW

6HODLQMDPLQDQWHUVHEXWGLDWDVWDQSDSHUVHWXMXDQ $VLGH IURP WKH FROODWHUDO PHQWLRQHG DERYH
WHUWXOLV WHUOHELK GDKXOX GDUL &,0% 3HUXVDKDDQ ZLWKRXW ZULWWHQ SHUPLVVLRQ IURP &,0% WKH
WLGDN GLSHUNHQDQNDQ DQWDUD ODLQ WHWDSL WLGDN &RPSDQ\ LV QRW DOORZHG WR GR WKH IROORZLQJ
WHUEDWDVSDGDKDOKDOVHEDJDLEHULNXW DPRQJRWKHUVDVIROORZV

D 0HQJDOLKNDQ KDN PLOLN VHEDJLDQ DWDX D 7UDQVIHUSDUWLDO\RUIXOO\WKHDVVHWVRIGHEWRU
VHOXUXKQ\D NHND\DDQ PLOLN GHELWXU EDLN HLWKHU PRYDEOH DQG LPPRYDEOH DVVHWV ZLWK
EHUXSD EDUDQJ EHUJHUDN DWDX WLGDN EHUJHUDN PD[LPXPDPRXQWRI86'
GHQJDQ MXPODK PDNVLPXP VHEHVDU
86'

E 0HQJDJXQNDQ GHQJDQ FDUD EDJDLPDQDSXQ E &ROODWHUDOL]H WKH DVVHWV RI GHEWRU WR WKLUG
NHND\DDQGHELWXUNHSDGDSLKDNODLQ SDUWLHV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

F 0HQJDGDNDQ SHUMDQMLDQ \DQJ GDSDW F +DYHDJUHHPHQWZLWKWKLUGSDUWLHVZKLFKFDQ
PHQLPEXONDQ NHZDMLEDQ 'HELWXU XQWXN JLYHULVHWRRWKHUOLDELOLWLHV
PHPED\DUNHSDGD3LKDNODLQ

G 0HPEHULNDQ SLQMDPDQ NHSDGD SLKDN ODLQ G 3URYLGH ORDQ WR WKLUG SDUWLHV ZLWK UHVWULFWLRQV
GHQJDQ NHWHQWXDQ SHPEDWDVDQ SRLQW D E F RQSRLQWVDEFH[FHSW
EHUODNXSHQJHFXDOLDQVHEDJDLEHULNXW

L 'LODNXNDQ GDODP UDQJND PHQMDODQNDQ L ,W FRQGXFWV LQ DFFRUGDQFH ZLWK
XVDKD3HUXVDKDDQVHKDULKDUL\DQJWLGDN &RPSDQ\¶V GDLO\ RSHUDWLRQV ZKLFK
PHPSHQJDUXKL NHPDPSXDQ 3HUXVDKDDQ GRHVQRWDIIHFWWKH&RPSDQ\¶VDELOLW\WR
XQWXN PHODNVDQDNDQ SHUMDQMLDQ .UHGLW LPSOHPHQW WKH &UHGLW $JUHHPHQW¶V
DWDX WHUPVRU

LL 7LGDN PHQ\HEDENDQ 3HUXVDKDDQ LL ,W GRHV QRW PDNH WKH &RPSDQ\ WR
PHODQJJDUNHWHQWXDQNHXDQJDQILQDQFLDO YLRODWHWKH ILQDQFLDO FRYHQDQW DVVHW LQ
FRYHQDQW VHEDJDLPDQD GLDWXU GDODP WKH&UHGLW$JUHHPHQW
3HUMDQMLDQ.UHGLWLQL

'HVHPEHU3HUXVDKDDQWHODKPHPHQXKL WKH &RPSDQ\ KDV FRPSOLHG ZLWK WKH
SHUV\DUDWDQ UDVLR NHXDQJDQ DWDV XWDQJ EDQN UHTXLUHGILQDQFLDOUDWLRVUHODWLQJWREDQNORDQDV

3HUV\DUDWDQ 6HSWHPEHU 'HVHPEHU
5HTXLUHPHQW 6HSWHPEHU 'HFHPEHU
8WDQJEHUEXQJDWHUKDGDSHNXLWDV 'HEWWR(TXLW\5DWLR

(%,7'$WHUKDGDSEHEDQEXQJDGDQXWDQJ
EHEDQEXQJDGDQXWDQJMDQJNDSDQMDQJ
EDQNMDQJNDSDQMDQJ ! 'HEWVHUYLFHFRYHUDJHUDWLR'6&5
,QWHUHVW6HUYLFH&RYHUDJH5DWLR,6&5 ! ,QWHUHVW6HUYLFH&RYHUDJH5DWLR,6&5

%HEDQEDJLKDVLO\DQJGLNDSLWDOLVDVLNHEDQJXQDQ 3URILW VKDULQJ H[SHQVH FDSLWDOL]HG WR EXLOGLQJ
VHGDQJ GLNRQVWUXNVL XQWXN SHULRGH VHPELODQ XQGHU FRQVWUXFWLRQ IRU WKH QLQHPRQWK SHULRG
EXODQ \DQJ EHUDNKLU 6HSWHPEHU DGDODK HQGHG 6HSWHPEHU DPRXQWHG WR
VHEHVDU5S&DWDWDQ 5S1RWH

8WDQJ%DQN-DQJND3DQMDQJ /RQJWHUP%DQN/RDQ

6HSWHPEHU 'H VHPEHU
6HSWHPEHU 'HFHPEHU
5XSLDK 5XSLDK
37%DQN0DQGLUL3HUVHUR 7E N 37%DQN0DQGLUL3HUVHUR7EN
0DQGLUL 0DQGLU L
37%DQN3HPEDQJ XQDQ'DHUDK 37%DQN3H PEDQJXQDQ'D HUDK
-DZD%DUDWGDQ%DQWHQ7EN%-% -DZD%DUDWGDQ%DQWHQ7EN%-%
37%DQN5DN\DW,QGRQHVLD 37%DQN5DN\DW,QGRQHVLD
-XPODK 7RWDO
'LNXUDQ JLEDJLDQX WDQJEDQNMDQJND

SDQMDQJ\DQJDNDQMDWXKWHPSRGDODP /HVVFXUUHQWSRUWLRQRIOR QJWHUP
ZDNWXVDWXWDKXQ EDQNORDQV
%DJLDQ XWDQJEDQNMDQJNDSDQMDQJ\DQJ
DNDQMDWXKWHPSROHELKGDULVDWXWDKXQ /RQJWHUPSRUWLRQRIORQJWHUPEDQNORDQ V

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

373XWUD7LUWD:LVDWD37: 373XWUD7LUWD:LVDWD37:

3DGD WDQJJDO 'HVHPEHU 37: HQWLWDV 2Q 'HFHPEHU 37: D VXEVLGLDU\
DQDN PHQDQGDWDQJDQL SHUMDQMLDQ IDVLOLWDV HQWHUHGDZRUNLQJFDSLWDOORDQIDFLOLW\DJUHHPHQW
SLQMDPDQ PRGDO NHUMD GHQJDQ 37 %DQN 5DN\DW ZLWK 37 %DQN 5DN\DW ,QGRQHVLD 3HUVHUR 7EN
,QGRQHVLD 3HUVHUR 7EN %5, GHQJDQ %5, IRU D PD[LPXP FUHGLW IDFLOLW\ RI
PDNVLPXP SLQMDPDQ VHEHVDU 5S ZLWK DQ DQQXDO LQWHUHVW RI
5S GHQJDQ VXNX EXQJD IORDWLQJ UDWH DQG D WHUP RI VL[W\
SLQMDPDQ SHU WDKXQ VHEHVDU IORDWLQJ PRQWKV
UDWH GHQJDQ MDQJND ZDNWX HQDP SXOXK
EXODQ

3DGD WDKXQ 37: PHQHULPD WDPEDKDQ ,Q 37: REWDLQHG DGGLWLRQDO ORDQ
SLQMDPDQVHEHVDU5S DPRXQWLQJWR5S

'HVHPEHU 37: PHODNXNDQ 37:PDGHDSULQFLSDOSD\PHQWDPRXQWLQJ
SHPED\DUDQ SLQMDPDQ PDVLQJPDVLQJ VHEHVDU WR 5S DQG 5S
5SGDQ5S UHVSHFWLYHO\

'HVHPEHUSLQMDPDQLQLGLMDPLQGHQJDQ WKLVORDQLVVHFXUHGE\ODQGZLWKWRWDODUHD
MDPLQDQ EHUXSD WDQDK VHOXDV P GDQ RI VTXDUH PHWHUV DQG *R :HW EXLOGLQJ
EDQJXQDQSUR\HN*R:HW&DWDWDQGDQ SURMHFW1RWHVDQG

8QWXN SHULRGHSHULRGH VHPELODQ EXODQ \DQJ )RU WKH QLQHPRQWK SHULRGV HQGHG
EHUDNKLU 6HSWHPEHU GDQ EHEDQ 6HSWHPEHUDQGLQWHUHVWH[SHQVH
EXQJDPDVLQJPDVLQJVHEHVDU5S FKDUJHG WR RSHUDWLRQV DPRXQWHG WR
GDQ 5S GLEHEDQNDQ NH ODED UXJL 5S DQG 5S
&DWDWDQ UHVSHFWLYHO\1RWH

37%XPL0HJDK*UDKD$VUL%0*$ 37%XPL0HJDK*UDKD$VUL%0*$

3DGDWDQJJDO1RYHPEHU%0*$HQWLWDV 2Q 1RYHPEHU %0*$ D VXEVLGLDU\
DQDN PHQHULPD IDVLOLWDV SLQMDPDQ PRGDO NHUMD REWDLQHG D ZRUNLQJ FDLWDO ORDQ IDFLOLW\ IURP
GDUL37%DQN3HPEDQJXQDQ'DHUDK-DZD%DUDW 37%DQN3HPEDQJXQDQ'DHUDK-DZD%DUDWGDQ
GDQ %DQWHQ 7EN GHQJDQ PDNVLPXP SLQMDPDQ %DQWHQ 7EN ZLWK PD[LPXP FUHGLW IDFLOLW\ RI
VHEHVDU 5S VXNX EXQJD 5S 7KH DQQXDO LQWHUHVW UDWH LV
SLQMDPDQ SHU WDKXQ VHEHVDU IORDWLQJ UDWH IORDWLQJ UDWH DQG ZLOO PDWXUH RQ
GDQDNDQMDWXKWHPSRSDGDWDQJJDO1RYHPEHU 1RYHPEHU

3DGD WDQJJDO 6HSWHPEHU IDVLOLWDV $VRI6HSWHPEHUWKHRXWVWDQGLQJORDQ
SLQMDPDQ \DQJ WHODK GLJXQDNDQ VHEHVDU RQWKLVIDFLOLW\DPRXQWHGWR5S
5S

)DVLOLWDVLQLGLMDPLQGHQJDQ 7KH)DFLOLW\LVFROODWHUDOL]HGZLWK

7DQDK GDQ EDQJXQDQ DSDUWHPHQ /DQG EXLOGLQJ DSDUWPHQW LQFOXGLQJ
EHVHUDW VDUDQD GDQ SUDVDUDQD GDODP IDFLOLWLHVDQG LQIUDVWXFWXUHLQ LQYHQWRULHV
SHUVHGLDDQ GDQ WDQDK \DQJ EHOXP DQGODQGIRUGHYHORSPHQWZLWKWRWDODUHD
GLNHPEDQJNDQ PDVLQJPDVLQJ VHOXDV RI VTXDUH PHWHUV DQG
PGDQP VTXDUHPHWHUVUHVSHFWLYHO\

/HWWHU RI 8QGHUWDNLQJ /R8 GDUL /HWWHU RI 8QGHUWDNLQJ /R8 IURP
37 3DUDJD $UWDPLGD GDQ 37 %HUNDW 37 3DUDJD $UWDPLGD DQG 37 %HUNDW
6XEXU6HMDKWHUD 6XEXU6HMDKWHUD

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

XQWXN SHULRGH VHPELODQ EXODQ \DQJ EHUDNKLU QLQHPRQWK SHULRG HQGHG 6HSWHPEHU
6HSWHPEHU DGDODK VHEHVDU DPRXQWHGWR5S1RWH
5S&DWDWDQ

37'XWD6HPHVWD0DV'60 37'XWD6HPHVWD0DV'60

3DGD WDQJJDO $SULO GDQ -XOL 2Q $SULO DQG -XO\ '60 D
'60 HQWLWDV DQDN PHQHULPD IDVLOLWDV SLQMDPDQ VXEVLGLDU\ REWDLQHG D ORDQ IDFLOLW\ IURP 0DQGLUL
GDUL 0DQGLUL VHEHVDU 5S GDQ DPRXQWLQJ WR 5S DQG
5S GDUL PDNVLPXP SLQMDPDQ 5S ZLWK PD[LPXP FUHGLW IDFLOLW\
VHEHVDU 5S 6XNX EXQJD RI 5S ZLWK DQ DQQXDO LQWHUHVW
SLQMDPDQ SHU WDKXQ VHEHVDU IORDWLQJ UDWH UDWH LV IORDWLQJ UDWH DQG ZLOO PDWXUH LQ
GDQ DNDQ MDWXK WHPSR SDGD WDQJJDO 0DUHW 0DUFK

ODED UXJL XQWXN SHULRGH VHPELODQ EXODQ \DQJ QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
5S&DWDWDQ

376LQDU0DV:LVHVD60: 376LQDU0DV:LVHVD60:

3DGD EXODQ $SULO 60: HQWLWDV DQDN ,Q $SULO 60: D VXEVLGLDU\ REWDLQHG D
PHQHULPD IDVLOLWDV SLQMDPDQ GDUL %5, VHEHVDU ORDQ IDFLOLW\ IURP %5, DPRXQWLQJ WR
5S GDUL PDNVLPXP SLQMDPDQ 5S IURP D PD[LPXP FUHGLW
VHEHVDU 5S 6XNX EXQJD IDFLOLW\ RI 5S 7KH DQQXDO
SLQMDPDQ SHU WDKXQ VHEHVDU IORDWLQJ UDWH LQWHUHVWUDWHLVIORDWLQJUDWHDQGZLOOPDWXUH
GDQ DNDQ MDWXK WHPSR SDGD WDQJJDO $JXVWXV RQ$XJXVW

3DGD EXODQ -XOL 60: PHPSHUROHK ,Q-XO\60:REWDLQHGDQRWKHUORDQIDFLOLW\
WDPEDKDQ SLQMDPDQ GDUL %5, VHEHVDU IURP%5,DPRXQWLQJWR5S
5S

3DGD EXODQ -XQL -XOL GDQ $JXVWXV 60: ,Q-XQH-XO\DQG$XJXVW60:KDVVHWWOHG
PHOXQDVL SLQMDPDQ PDVLQJPDVLQJ VHEHVDU WKH ORDQ E\ PDNLQJ SULQFLSDO SD\PHQWV
5S 5S GDQ DPRXQWLQJ WR 5S
5S 5S DQG 5S
UHVSHFWLYHO\

ODED UXJL XQWXN SHULRGH VHPELODQ EXODQ \DQJ QLQHPRQWK SHULRG HQGHG 6HSWHPEHU
5S&DWDWDQ


x 37%DQN&,0%1LDJD7EN&,0% x 37%DQN&,0%1LDJD7EN&,0%

3DGDEXODQ$SULOGDQ-XQL3HUXVDKDDQ ,Q $SULO DQG -XQH WKH &RPSDQ\
PHQHULPD IDVLOLWDV SLQMDPDQ GDUL REWDLQHGDORDQIDFLOLW\IURP&,0%DPRXQWLQJ
&,0% PDVLQJPDVLQJ VHEHVDU WR 5S DQG
5S GDQ 5S 5S UHVSHFWLYHO\ IURP
GDUL PDNVLPXP SLQMDPDQ VHEHVDU D PD[LPXP FUHGLW IDFLOLW\ RI
5S 6XNX EXQJD SLQMDPDQ 5S 7KH LQWHUHVW UDWH LV
DGDODK VHEHVDU SHU WDKXQ GDQ MDWXK SHU DQQXP DQG PDWXUHV RQ
WHPSRSDGDWDQJJDO0DUHW)DVLOLWDV 0DUFK7KLVORDQLVVHFXUHGE\ODQG

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

SLQMDPDQ LQL GLMDPLQ GHQJDQ WDQDK VHOXDV ZLWK WRWDO DUHD RI VTXDUH PHWHUV
P &DWDWDQ MDPLQDQ ILGXVLD DWDV 1RWH DQG ILGXFLD JXDUDQWHH RQ UHFHLYDEOH
SLXWDQJ GDQ NODLP DVXUDQVL DSDUWHPHQ 7KH DQG LQVXUDQFH FODLP RI 7KH (OHPHQWV
(OHPHQWV DSDUWPHQW

6HODLQ MDPLQDQ WHUVHEXW GLDWDV WDQSD ([FHSW WKH FROODWHUDO PHQWLRQHG DERYH
SHUVHWXMXDQWHUWXOLVWHUOHELKGDKXOXGDUL&,0% ZLWKRXW ZULWWHQ SHUPLVVLRQ IURP &,0% WKH
3HUXVDKDDQ WLGDN GLSHUNHQDQNDQ DQWDUD ODLQ &RPSDQ\ LV QRW DOORZHG WR GR WKH IROORZLQJ
WHWDSL WLGDN WHUEDWDV SDGD KDOKDO VHEDJDL DPRQJRWKHUV
EHULNXW

D 0HQJDOLKNDQ KDN PLOLN VHEDJLDQ DWDX D 7UDQVIHU SDUWLDO\ RU IXOO\ WKH DVVHWV RI
VHOXUXKQ\D NHND\DDQ PLOLN GHELWXU EDLN GHEWRU HLWKHU PRYDEOH DQG LPPRYDEOH
EHUXSD EDUDQJ EHUJHUDN DWDX WLGDN DVVHWV ZLWK PD[LPXP DPRXQW RI
EHUJHUDN GHQJDQ MXPODK PDNVLPXP 86'
VHEHVDU86'

E 0HQJDJXQNDQ GHQJDQ FDUD E &ROODWHUDOL]H WKH DVVHWV RI GHEWRU WR WKLUG
EDJDLPDQDSXQ NHND\DDQ GHELWXU NHSDGD SDUWLHV
SLKDNODLQ

F 0HQJDGDNDQ SHUMDQMLDQ \DQJ GDSDW F +DYH DJUHHPHQW ZLWK WKLUG SDUWLHV ZKLFK
PHQLPEXONDQ NHZDMLEDQ 'HELWXU XQWXN FDQJLYHULVHWRRWKHUOLDELOLWLHV
PHPED\DUNHSDGD3LKDNODLQ

G 0HPEHULNDQ SLQMDPDQ NHSDGD SLKDN G 3URYLGLQJ ORDQ WR WKLUG SDUWLHV ZLWK
ODLQGHQJDQNHWHQWXDQSHPEDWDVDQSRLQ UHVWULFWLRQVRQSRLQWVDEFH[FHSW
D E F EHUODNX SHQJHFXDOLDQ VHEDJDL
EHULNXW

L 'LODNXNDQ GDODP UDQJND L ,W FRQGXFWV LQ DFFRUGDQFH ZLWK
PHQMDODQNDQ XVDKD 3HUXVDKDDQ &RPSDQ\¶V GDLO\ RSHUDWLRQV ZKLFK
VHKDULKDUL \DQJ WLGDN GRHV QRW DIIHFW WKH &RPSDQ\¶V DELOLW\
PHPSHQJDUXKL NHPDPSXDQ WR LPSOHPHQW WKH &UHGLW $JUHHPHQW¶V
3HUXVDKDDQ XQWXN PHODNVDQDNDQ WHUPVRU
SHUMDQMLDQ.UHGLWDWDX

LL 7LGDN PHQ\HEDENDQ 3HUXVDKDDQ LL ,W GRHV QRW PDNH WKH &RPSDQ\ WR
PHODQJJDU NHWHQWXDQ NHXDQJDQ YLRODWHWKHILQDQFLDOFRYHQDQWDVVHWLQ
ILQDQFLDO FRYHQDQW VHEDJDLPDQD WKH&UHGLW$JUHHPHQW
GLDWXUGDODP3HUMDQMLDQ.UHGLWLQL

3DGDWDQJDO'HVHPEHU3HUXVDKDDQ 2Q-XO\WKH&RPSDQ\PDGHSDUWLDO
PHOXQDVL VHEDJLDQ SLQMDPDQ VHEHVDU SULQFLSDO SD\PHQW DPRXQWLQJ WR
5S 5S

3DGD WDQJJDO 'HVHPEHU 2Q 'HFHPEHU WKH &RPSDQ\
3HUXVDKDDQPHODNXNDQNRQYHUVLDWDVIDVLOLWDV FRQYHUWHG WKLV ORDQ IDFLOLW\ DQG ZLWK WKH
SLQMDPDQ LQL EHVHUWD VLVD SLQMDPDQ XWDQJ UHPDLQLQJ RXWVWDQGLQJ EDODQFH RI EDQN ORDQ
EDQN VHEHVDU 5S PHQMDGL DPRXQWLQJ WR 5S WR EH D
IDVLOLWDV SHPELD\DDQ DWDV GDVDU DNDG ILQDQFLQJ ORDQ IDFLOLW\ RQ WKH EDVLV RI
0XV\DUDNDK0XWDQDTLVKD&DWDWDQ 0XV\DUDNDK0XWDQDTLVKD1RWH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

x 37%DQN0DQGLUL3HUVHUR7EN0DQGLUL x 37%DQN0DQGLUL3HUVHUR7EN0DQGLUL

3DGDWDQJJDO6HSWHPEHU3HUXVDKDDQ 2Q 6HSWHPEHU WKH &RPSDQ\
PHQHULPD IDVLOLWDV SLQMDPDQ GDUL 0DQGLUL REWDLQHG D ZRUNLQJ FDSLWDO ORDQ IDFLOLW\ IURP
VHEHVDU 5S GHQJDQ 0DQGLUL DPRXQWLQJ WR 5S
PDNVLPXP SLQMDPDQ VHEHVDU ZLWK D PD[LPXP FUHGLW IDFLOLW\ RI
5S GHQJDQ VXNX EXQJD 5S ZLWK DQ DQQXDO
SLQMDPDQ SHU WDKXQ VHEHVDU IORDWLQJ LQWHUHVW UDWH RI IORDWLQJ UDWH DQG ZLOO
UDWH \DQJ DNDQ MDWXK WHPSR SDGD WDQJJDO PDWXUHRQ6HSWHPEHU
6HSWHPEHU

3DGD EXODQ 2NWREHU 3HUXVDKDDQ ,Q 2FWREHU WKH &RPSDQ\ PDGH IXOO
PHOXQDVL VHOXUXK SLQMDPDQ VHEHVDU SULQFLSDO SD\PHQW DPRXQWLQJ WR
5S 5S

3DGD EXODQ 0DUHW 3HUXVDKDDQ ,Q 0DUFK WKH &RPSDQ\ REWDLQHG
PHPSHUROHKWDPEDKDQSLQMDPDQGDUL0DQGLUL DQRWKHU ORDQ IDFLOLW\ IURP 0DQGLUL DPRXQWLQJ
VHEHVDU 5S \DQJ WHODK WR 5S ZKLFK KDV EHHQ IXOO\
GLOXQDVLSDGDEXODQ$SULO SDLGLQ$SULO

3DGD EXODQ -XQL 3HUXVDKDDQ ,Q-XQHWKH&RPSDQ\REWDLQHGDQRWKHU
PHPSHUROHKWDPEDKDQSLQMDPDQGDUL0DQGLUL ORDQ IDFLOLW\ IURP 0DQGLUL DPRXQWLQJ WR
VHEHVDU 5S \DQJ WHODK 5S ZKLFK KDV EHHQ IXOO\
GLOXQDVLEXODQ-XOL SDLGLQ-XO\

3DGD EXODQ 6HSWHPEHU 3HUXVDKDDQ ,Q 6HSWHPEHU WKH &RPSDQ\ REWDLQHG
PHPSHUROHKWDPEDKDQSLQMDPDQGDUL0DQGLUL DQRWKHU ORDQ IDFLOLW\ IURP 0DQGLUL DPRXQWLQJ
VHEHVDU5S WR5S

3DGD WDQJJDO 6HSWHPEHU IDVLOLWDV $V RI 6HSWHPEHU ORDQ IDFLOLW\ KDV
SLQMDPDQ \DQJ WHODK GLJXQDNDQ DGDODK EHHQXWLOL]HGDPRXQWHG5S
VHEHVDU5S

%HEDQ EXQJD \DQJ GLEHEDQNDQ SDGD ,QWHUHVW H[SHQVH FKDUJHG WR RSHUDWLRQV IRU
ODED UXJL XQWXN SHULRGH VHPELODQ EXODQ \DQJ WKH QLQHPRQWK SHULRG HQGHG 6HSWHPEHU
EHUDNKLU 6HSWHPEHU DGDODK VHEHVDU DPRXQWHG WR 5S
5S&DWDWDQ 1RWH

/LDELOLWDV6HZD3HPELD\DDQ /HDVH/LDELOLWLHV

%HULNXW DGDODK SHPED\DUDQ VHZD SHPELD\DDQ 7KH IROORZLQJ DUH WKH IXWXUH PLQLPXP OHDVH
PLQLPXP PDVD \DQJ DNDQ GDWDQJ IXWXUH SD\PHQWV EDVHG RQ WKH OHDVH DJUHHPHQW
PLQLPXP OHDVH SD\PHQW EHUGDVDUNDQ SHUMDQMLDQ EHWZHHQ WKH *URXS ZLWK 37 +HZOHWW3DFNDUG
VHZD DQWDUD *UXS GHQJDQ 37 +HZOHWW3DFNDUG )LQDQFH ,QGRQHVLD DQG &,6&2 6\VWHPV &DSLWDO
)LQDQFH ,QGRQHVLD GDQ &,6&2 6\VWHPV &DSLWDO $VLD3WH/WG
$VLD3WH/WG

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HSWHPEHU 'H VHPEHU
6HSWHPEHU 'HFHPEHU
3HPED\DU DQ\DQJMDWXKWHPSRSDGDWD KXQ 3D\PHQWVGXHL Q

-XPO DKSHPED\DUDQVHZD
SHPELD\DDQPLQ LPXP 7RWDOPLQLPXPOHDVHOLDEL OLWLHV
%XQJD ,QWHUHVW
1LODLVHNDUDQJSHPED\DUDQVHZD 3UHVHQWYDOXHRIPLQLPXPO HDVH
SHPELD\DDQPLQ LPXP OLDELOLWLHV
%DJLDQ \D QJDNDQMDWXKWHPSR
GDODPVDWXWDK XQ /HVV&XUUHQWSRUWLRQ
%DJLDQ XWDQJMDQJNDSDQMDQJ\DQJDNDQ /RQJWHUPSRUWLRQRIOHDVH

MDWXKWHPSROHELKGDULVDWX WDKXQ OLDELOLWLHVQHWRIFXUUHQWSRUWLRQ

/LDELOLWDV VHZD SHPELD\DDQ PHUXSDNDQ OLDELOLWDV /HDVH OLDELOLWLHV UHSUHVHQW OLDELOLWLHV IRU WKH
DWDVSHUROHKDQ SHUDODWDQNDQWRU ROHK 3HUXVDKDDQ DFTXLVLWLRQ RI RIILFH HTXLSPHQW E\
GDQ 37 'XWD 3HUWLZL 7EN HQWLWDV DQDN /LDELOLWDV WKH &RPSDQ\ DQG 37 'XWD 3HUWLZL 7EN
VHZD SHPELD\DDQ WLGDN PHPLOLNL MDPLQDQ GDQ DVXEVLGLDU\7KHVHOLDELOLWLHVDUHXQVHFXUHGDQG
EHUMDQJNDZDNWXWLJDVDPSDLGHQJDQHPSDW KDYH WHUPV RI WKUHH WR IRXU \HDUV ZLWK
WDKXQ GHQJDQ VXNX EXQJD HIHNWLI VDPSDL HIIHFWLYH LQWHUHVW UDWHV DW SHU
GHQJDQSHUWDKXQ DQQXP

%HEDQ EXQJD VHZD SHPELD\DDQ XQWXN SHULRGH 7KH OHDVH LQWHUHVW H[SHQVH FKDUJHG WR
SHULRGH VHPELODQ EXODQ \DQJ EHUDNKLU RSHUDWLRQV DPRXQWHG WR 5S DQG
6HSWHPEHU GDQ \DQJ GLEHEDQNDQ 5S IRU WKH QLQHPRQWK SHULRGV
SDGD ODED UXJL PDVLQJPDVLQJ VHEHVDU HQGHG 6HSWHPEHU DQG
5S GDQ 5S UHVSHFWLYHO\1RWH
&DWDWDQ

8WDQJ2EOLJDVL %RQGV3D\DEOH

5LQFLDQXWDQJREOLJDVLDGDODKVHEDJDLEHULNXW 7KHIROORZLQJDUHWKHGHWDLOVRIERQGVSD\DEOH

-XQL 'HVHPEHU
-XQH 'HFHPEHU
2EOLJDVL%6', %6',%RQGV

2EOLJDVL%6',, %6',,%RQGV
2EOLJDVL%6',,, %6',,,%RQGV
6HQLRU1R WHV *3&, 6HQLR U1RWHV*3&,
6HQLRU1R WHV *3&,, 6HQLR U1RWHV*3&,,
6HQLRU1R WHV *3&,,, 6HQLR U1RWHV*3&,,,
-XPO DKSHQHUELWDQREOLJDVL 7RWDOERQGVLVVXHG

'LNXUDQJL /HVV
%LD\DHPLVLREOLJDVL\DQJEHO XP
GLDPRUWLVDVL 8QDPRUWL]HGERQGVLVVXDQFHFRVWV
%HUVLK 1HW
%DJLDQ XWDQJREOLJ DVL\DQJDNDQMDWXK

WHPSRGDODPZDNWX VDWXWDKXQ /HVVFXUUHQWSRUWLRQ
2EOLJDVL%6', %6',%RQGV
2EOLJDVL%6',, %6',,%RQGV
%LD\DHPLVLREOLJDVL\DQJEHO XP
GLDPRUWLVDVL 8QDPRUWL]HGERQGVLVVXDQFHFRVWV
%HUVLK 1HW
%DJLDQ XWDQJREOLJ DVL\DQJDNDQMDWXK

WHPSROHELKGD ULVDWXWDKXQ /RQJWHUPSRUWLRQR IERQGVSD\DE OH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

2EOLJDVL%HUNHODQMXWDQ,%XPL6HUSRQJ'DPDL %XPL 6HUSRQJ 'DPDL &RQWLQXRXV %RQGV ,
7DKDS,7DKXQ%6', 3KDVH,<HDU%6',

3DGD WDQJJDO -XOL 3HUXVDKDDQ 2Q -XO\ WKH &RPSDQ\ LVVXHG %XPL
PHQHUELWNDQ 2EOLJDVL %HUNHODQMXWDQ , %XPL 6HUSRQJ 'DPDL &RQWLQXRXV %RQGV , 3KDVH ,
6HUSRQJ 'DPDL 7DKDS , 7DKXQ <HDU %6' , ZLWK QRPLQDO YDOXH RI
%6' , GHQJDQ QLODL QRPLQDO VHEHVDU5S ZKLFK ZHUH GLYLGHG LQWR
5S \DQJ GLWHUELWNDQ GDODP WKUHH ERQG VHULHV ZLWK 37 %DQN &,0%
WLJDMHQLVVHULREOLJDVLGHQJDQ37%DQN&,0% 1LDJD7EN&,0%DV7UXVWHH$OOWKHERQGVZHUH
1LDJD7EN&,0%VHEDJDL:DOL$PDQDW6HOXUXK VROG DW LWV QRPLQDO YDOXH DQG DUH OLVWHG LQ WKH
REOLJDVL GLMXDO SDGD QLODL QRPLQDO GDQ WHUFDWDW GL ,QGRQHVLD6WRFN([FKDQJH
%XUVD(IHN,QGRQHVLD

%HUGDVDUNDQ 5DSDW 8PXP 3HPHJDQJ 2EOLJDVL %DVHG RQ %RQGKROGHU¶V *HQHUDO 0HHWLQJ GDWHG
\DQJ GLDGDNDQ SDGD WDQJJDO $JXVWXV $XJXVW WKH ERQGKROGHUV DSSURYHG
SDUDSHPHJDQJREOLJDVLPHQ\HWXMXLSHQJJDQWLDQ UHSODFHPHQW RI ODQG WUXVWHH IURP &,0% WR
:DOL $PDQDW 2EOLJDVL GDUL &,0% PHQMDGL 37%DQN3HUPDWD7EN
37%DQN3HUPDWD7EN

5LQFLDQ GDUL 2EOLJDVL %6' , DGDODK VHEDJDL 'HWDLOVRI%6',ERQGVDUHDVIROORZV
EHULNXW

6XNX%XQJD7HWDS -DWXKWHPSR 1LODLQRPLQDO
6HUL6HULHV )L[HG,QWHUHVW5DWH 0DWXULW\'DWH 1RPLQDOYDOXH
$ -XOL-XO\

% -XOL-XO\
& -XOL-XO\
-XPODK7RWDO

3DGD EXODQ -XOL 3HUXVDKDDQ PHOXQDVL ,Q -XO\ WKH &RPSDQ\ KDV IXOO\ UHGHHPHG
VHOXUXK 2EOLJDVL %6' , VHUL $ VHMXPODK %6' , ERQGV 6HULHV $ DPRXQWLQJ WR
5S 5S

2EOLJDVL %6' , GLWHUELWNDQ GHQJDQ NRQGLVL 7KH %6' , ERQGV KDYH WKH IROORZLQJ WHUPV DQG
VHEDJDLEHULNXW FRQGLWLRQV

x %XQJD REOLJDVL %6' , 6HUL $ DNDQ GLED\DU x ,QWHUHVWRQ6HULHV$%6',ERQGVLVSD\DEOH
VHWLDS WULZXODQ WDNZLP PXODL WDQJJDO RQ TXDUWHUO\ EDVLV IURP 2FWREHU WR
2NWREHU GDQ EHUDNKLU WDQJJDO -XOL -XO\ ,QWHUHVW RQ 6HULHV % %6' ,
%XQJD REOLJDVL %6' , 6HUL % DNDQ ERQGV LV SD\DEOH RQ TXDUWHUO\ EDVLV IURP
GLED\DUVHWLDSWULZXODQWDNZLPPXODLWDQJJDO 2FWREHUWR-XO\,QWHUHVWRQ
2NWREHU GDQ EHUDNKLU WDQJJDO -XOL 6HULHV & %6' , ERQGV LV SD\DEOH RQ
%XQJD REOLJDVL %6' , 6HUL & DNDQ TXDUWHUO\ EDVLV IURP 2FWREHU WR
GLED\DUVHWLDSWULZXODQWDNZLPPXODLWDQJJDO -XO\7KHODVWLQWHUHVWSD\PHQWZLOO
2NWREHU GDQ EHUDNKLU WDQJJDO -XOL EHRQWKHGDWHRIVHWWOHPHQWRIWKHERQGV
3HPED\DUDQ EXQJD REOLJDVL WHUDNKLU
VHNDOLJXV PHUXSDNDQ WDQJJDO SHOXQDVDQ
SRNRNREOLJDVL

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

x 3HUXVDKDDQ GDSDW PHODNXNDQ SHPEHOLDQ x 7KH&RPSDQ\KDVDQRSWLRQWREX\EDFNWKH
NHPEDOL %X\ %DFN REOLJDVL \DQJ GLWXMXNDQ ERQGVSULQFLSDODVWKHSD\PHQWRUDVGHSRVLW
VHEDJDL SHOXQDVDQ DWDX GLVLPSDQ XQWXN LQ ERQG ZKLFK FDQ EH VROG EDFN DW PDUNHW
NHPXGLDQ GLMXDO NHPEDOL GHQJDQ KDUJD SULFH ZLWK UHTXLUHPHQW WKDW LW RQO\ FDQ EH
SDVDUGHQJDQNHWHQWXDQEDKZDKDOWHUVHEXW GRQHRQH\HDUDIWHUWKHGDWHRIDOORWPHQW
KDQ\DGDSDWGLODNXNDQVDWXWDKXQVHWHODK
WDQJJDOSHQMDWDKDQ

x 2EOLJDVL LQL GLMDPLQ GHQJDQ MDPLQDQ DVHW x 7KH ERQGV DUH VHFXUHG E\ WKH &RPSDQ\¶V
%6' EHUXSD WDQDK GDQ EDQJXQDQ VHUWD SURSHUWLHVZKLFKFRQVLVWRIODQGDQGEXLOGLQJ
WDJLKDQ ODQFDU GDODP MXPODK WLGDN NXUDQJ DQGFXUUHQWELOOVZLWKPLQLPXPYDOXHRIRQH
GDUL VHUDWXV GXD SXOXK SHUVHQ GDUL KXQGUHG DQG WZHQW\ SHUFHQW RI
MXPODK SRNRN REOLJDVL \DQJ WHUXWDQJ ERQGV¶QRPLQDOYDOXHDVIROORZV
VHEDJDLEHULNXW

L 7DQDKGDQEDQJXQDQ L /DQGDQGEXLOGLQJ

/XDVWDQDKP
/DQGDUHDLQVTXDUH
.HWHUDQJDQ-DPLQDQ PHWHUV /RNDVL/RFDWLRQ &ROODWHUDOV
,7&%6'&DWDWDQ 7DQJHUDQJ ,7&%6'1RWH

7DQDKGL%RJRU&DWDWDQ %RJRU-DZD%DUDW /DQGLQ%RJRU1RWH

LL 7DJLKDQ ODQFDU NXUDQJ OHELK VHEHVDU LL &XUUHQW ELOOV DSSUR[LPDWHO\ WRWDOLQJ WR
5S 5S

x 3HUXVDKDDQ GLKDUXVNDQ XQWXN PHPDWXKL x 7KH &RPSDQ\ LV UHTXLUHG WR FRPSO\ ZLWK
VHJDOD VHVXDWX \DQJ WHUFDQWXP GDODP FHUWDLQ FRYHQDQWV ZKLFK DUH VWDWHG LQ WKH
SHUMDQMLDQ DJUHHPHQW

%HUGDVDUNDQ SHPHULQJNDWDQ \DQJ GLWHUELWNDQ %DVHG RQ WKH UDWLQJ LVVXHG E\ 37 3HPHULQJNDW
ROHK 37 3HPHULQJNDW (IHN ,QGRQHVLD SDGD (IHN ,QGRQHVLD DV RI 0DUFK WKH
WDQJJDO 0DUHW SHULQJNDW REOLJDVL %6' , DERYHPHQWLRQHG %6' , ERQGV ZHUH UDWHG DV
GL DWDV DGDODK LG$$ 'RXEOH $ PLQXV 6WDEOH LG$$ 'RXEOH $ PLQXV 6WDEOH 2XWORRN IURP
2XWORRN XQWXN SHULRGH -XQL VDPSDL -XQHWR-XQH
GHQJDQ-XQL

SHUV\DUDWDQ UDVLR NHXDQJDQ DWDV REOLJDVL %6' , UHTXLUHG ILQDQFLDO UDWLRV RQ %6' , %RQGV DV

8WDQJEHUEXQJDWHUKDGDSHNXLWDV 'HEWWRHTXLW\UDWLR

(%,7'$WHUKDGDSEHEDQEXQJD ! (%,7'$WRLQWHUHVWH[SHQVH

6HNLWDUGDQD\DQJGLSHUROHKGDULKDVLOHPLVL $URXQG RI WKH QHW SURFHHGV REWDLQHG IURP
VHWHODK GLNXUDQJ GHQJDQ ELD\DELD\D HPLVL WKH LVVXDQFHRI %6' ,ERQGVDIWHU GHGXFWLQJ WKH
GLJXQDNDQXQWXNSHPEHEDVDQWDQDKVHNLWDU UHODWHG LVVXDQFH FRVWV ZHUH XVHG IRU ODQG
GLJXQDNDQ XQWXN SHPEDQJXQDQ SUR\HN DFTXLVLWLRQV DURXQG ZHUH XVHG IRU
SHUXPDKDQ NRPHUVLDO GDQ SHUNDQWRUDQ GDQ GHYHORSPHQW RI KRXVLQJ FRPPHUFLDO DQG RIILFH
VLVDQ\D VHNLWDU GLJXQDNDQ XQWXN PRGDO DQG WKH UHPDLQLQJ ZHUH XVHG WR ILQDQFH
NHUMD ZRUNLQJFDSLWDOUHTXLUHPHQWV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

$PRUWLVDVL ELD\D HPLVL REOLJDVL %6' , DGDODK $PRUWL]DWLRQRIERQGVLVVXDQFHFRVWRI%6',IRU
VHEHVDU5SGDQ5S WKH QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
PDVLQJPDVLQJ XQWXN SHULRGHSHULRGH VHPELODQ DQG DPRXQWHG WR 5S
EXODQ \DQJ EHUDNKLU 6HSWHPEHU GDQ DQG 5S UHVSHFWLYHO\ DQG ZDV
GDQ GLFDWDW SDGD DNXQ ³%HEDQ EXQJD GDQ LQFOXGHG DV SDUW RI ³,QWHUHVW DQG RWKHU ILQDQFLDO
NHXDQJDQODLQQ\D´SDGDODEDUXJL&DWDWDQ FKDUJHV´LQSURILWRUORVV1RWH

%HEDQ EXQJD XQWXN SHULRGHSHULRGH VHPELODQ )RU WKH QLQHPRQWK SHULRGV HQGHG
EXODQ \DQJ EHUDNKLU 6HSWHPEHU GDQ 6HSWHPEHUDQGLQWHUHVWH[SHQVH
DGDODK PDVLQJPDVLQJ VHEHVDU RQWKHVHERQGVDPRXQWHGWR5S
5SGDQ5S\DQJ DQG 5S UHVSHFWLYHO\ DQG ZDV
GLVDMLNDQ GDODP DNXQ ³%HEDQ EXQJD GDQ SUHVHQWHGDVSDUWRI³,QWHUHVWDQGRWKHUILQDQFLDO

2EOLJDVL%HUNHODQMXWDQ,%XPL6HUSRQJ'DPDL %XPL 6HUSRQJ 'DPDL &RQWLQXRXV %RQGV ,
7DKDS,,7DKXQ%6',, 3KDVH,,<HDU%6',,

3DGD WDQJJDO -XQL 3HUXVDKDDQ 2Q -XQH WKH &RPSDQ\ LVVXHG %XPL
PHQHUELWNDQ 2EOLJDVL %HUNHODQMXWDQ , %XPL 6HUSRQJ 'DPDL &RQWLQXRXV %RQGV , 3KDVH ,,
6HUSRQJ 'DPDL 7DKDS ,, 7DKXQ <HDU %6' ,, ZLWK QRPLQDO YDOXH RI
%6' ,, GHQJDQ QLODL QRPLQDO VHEHVDU 5S ZLWK 37 %DQN &,0%
5S GHQJDQ 37 %DQN &,0% 1LDJD7EN&,0%DV7UXVWHH$OOWKHERQGVZHUH
1LDJD7EN&,0%VHEDJDL:DOL$PDQDW6HOXUXK VROG DW LWV QRPLQDO YDOXH DQG DUH OLVWHG LQ WKH
REOLJDVL GLMXDO SDGD QLODL QRPLQDO GDQ WHUFDWDW GL ,QGRQHVLD6WRFN([FKDQJH
%XUVD(IHN,QGRQHVLD

%HUGDVDUNDQ 5DSDW 8PXP 3HPHJDQJ 2EOLJDVL %DVHG RQ %RQGKROGHU¶V *HQHUDO 0HHWLQJ GDWHG
\DQJ GLDGDNDQ SDGD WDQJJDO $JXVWXV $XJXVW WKH ERQGKROGHUV DSSURYHG
SDUD SHPHJDQJ REOLJDVLPHQ\HWXMXL SHQJJDQWLDQ UHSODFHPHQW RI ODQG WUXVWHH IURP &,0% WR
:DOL $PDQDW 2EOLJDVL GDUL &,0% PHQMDGL 37%DQN3HUPDWD7EN
37%DQN3HUPDWD7EN

2EOLJDVL %6' ,, GLWHUELWNDQ GHQJDQ NRQGLVL 7KH %6' ,, ERQGV KDYH WKH IROORZLQJ WHUPV DQG

x -DWXKWHPSRWDQJJDO-XQL x 0DWXULW\GDWHRQ-XQH
x 6XNX EXQJD REOLJDVL DGDODK WHWDS VHEHVDU x ,QWHUHVW RI WKH ERQGV LV DW D IL[HG UDWH RI
XQWXNWDKXQSHUWDPDVDPSDLGHQJDQ SHUDQQXPIRUWKHILUVW\HDUXQWLOWKH
WDKXQNHOLPD ILIWK\HDU
x %XQJD DNDQ GLED\DU VHWLDS WULZXODQ WDNZLP x ,QWHUHVW LV SD\DEOH RQ TXDUWHUO\ EDVLV IURP
PXODL WDQJJDO 6HSWHPEHU GDQ 6HSWHPEHUWR-XQH7KHODVW
EHUDNKLU WDQJJDO -XQL 3HPED\DUDQ LQWHUHVW SD\PHQW ZLOO EH RQ WKH GDWH RI
EXQJDREOLJDVLWHUDNKLUVHNDOLJXVPHUXSDNDQ VHWWOHPHQWRIWKHERQGV
WDQJJDOSHOXQDVDQSRNRNREOLJDVL
x 3HUXVDKDDQ GDSDW PHODNXNDQ SHPEHOLDQ x 7KH&RPSDQ\KDVDQRSWLRQWREX\EDFNKDOI
NHPEDOL %X\ %DFN XQWXN VHEDJLDQ DWDX RU DOO RI WKHERQGVSULQFLSDODV WKH SD\PHQW
VHOXUXK REOLJDVL VHEDJDL SHOXQDVDQ DWDX RU DV GHSRVLW LQ ERQG ZKLFK FDQ EH VROG
VHEDJDL REOLJDVL GDODP VLPSDQDQ \DQJ EDFNRQH\HDUDIWHUWKHGDWHRIDOORWPHQW
GDSDW GLMXDO NHPEDOL GHQJDQ NHWHQWXDQ
EDKZD KDO WHUVHEXW KDQ\D GDSDW GLODNXNDQ
VDWXWDKXQVHWHODKWDQJJDOSHQMDWDKDQ
x 2EOLJDVL LQL GLMDPLQ GHQJDQ MDPLQDQ DVHW x 7KH ERQGV DUH VHFXUHG E\ SURSHUW\ DQG
3HUXVDKDDQ EHUXSD WDQDK GDQDWDX WDQDK HTXLSPHQWZKLFKFRQVLVWRIODQGDQGRUODQG
GDQ EDQJXQDQ GDODP MXPODK WLGDN NXUDQJ DQG EXLOGLQJ DQG ODQG IRU GHYHORSPHQW ZLWK
GDUL VHUDWXV GXD SXOXK SHUVHQ GDUL PLQLPXP YDOXH RI RQH KXQGUHG DQG WZHQW\
MXPODK SRNRN REOLJDVL \DQJ WHUXWDQJ SHUFHQW RIERQGV¶QRPLQDO YDOXH DV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

L 7DQDK L /DQG

/XDVWDQDKP
/DQGDUHDLQVTXDUH
.DYOLQJ&DWDWDQ 7DQJHUDQJ /DQGORWV1RWH

LL 7DJLKDQ ODQFDU NXUDQJ OHELK VHEHVDU LL &XUUHQW ELOOV DSSUR[LPDWHO\ WRWDOLQJ WR
VDPSDLGHQJDQ WR

x 3HUXVDKDDQ GLPLQWD XQWXN PHPDWXKL VHJDOD x 7KH &RPSDQ\ LV UHTXLUHG WR FRPSO\ ZLWK
VHVXDWX\DQJWHUFDQWXPGDODPSHUMDQMLDQ FHUWDLQ FRYHQDQWV ZKLFK DUH VWDWHG LQ WKH
DJUHHPHQW

ROHK 37 3HPHULQJNDW (IHN ,QGRQHVLD SDGD (IHN ,QGRQHVLD DV RI 0DUHW WKH
WDQJJDO0DUHWSHULQJNDWREOLJDVL%6',, DERYHPHQWLRQHG %6' ,, ERQGV ZHUH UDWHG DV
GHQJDQ-XQL

SHUV\DUDWDQUDVLRNHXDQJDQDWDVREOLJDVL%6',, UHTXLUHG ILQDQFLDO UDWLRV RQ %6' ,, %RQGV DV



6HNLWDUGDQD\DQJGLSHUROHKGDULKDVLOHPLVL $URXQG RI WKH QHW SURFHHGV REWDLQHG IURP
VHWHODK GLNXUDQJ GHQJDQ ELD\DELD\D HPLVL WKHLVVXDQFHDIWHUGHGXFWLQJWKHUHODWHGLVVXDQFH
GLJXQDNDQXQWXNSHPEHEDVDQWDQDKVHNLWDU FRVWV ZHUH XVHG IRU ODQG DFTXLVLWLRQV DURXQG
GLJXQDNDQ XQWXN SHPEDQJXQDQ SUR\HN ZHUH XVHG IRU GHYHORSPHQW RI KRXVLQJ
SHUXPDKDQ NRPHUVLDO GDQ SHUNDQWRUDQ GDQ FRPPHUFLDO DQG RIILFH DQG WKH UHPDLQLQJ
VLVDQ\D VHNLWDU GLJXQDNDQ XQWXN PRGDO ZHUH XVHG WR ILQDQFH ZRUNLQJ FDSLWDO
NHUMD UHTXLUHPHQWV

$PRUWLVDVL ELD\D HPLVL REOLJDVL %6' ,, DGDODK $PRUWL]DWLRQRIERQGVLVVXDQFHFRVWRI%6',,IRU
VHEHVDU5SGDQ5S WKH QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
PDVLQJPDVLQJ XQWXN SHULRGHSHULRGH VHPELODQ DQG DPRXQWHG WR 5S
EXODQ \DQJ EHUDNKLU 6HSWHPEHU GDQ DQG 5S UHVSHFWLYHO\ DQG ZDV
GDQ GLFDWDW SDGD DNXQ ³%HEDQ EXQJD GDQ LQFOXGHG DV SDUW RI ³,QWHUHVW DQG RWKHU ILQDQFLDO

%HEDQ EXQJD XQWXN SHULRGHSHULRGH VHPELODQ )RU WKH QLQHPRQWK SHULRGV HQGHG
EXODQ \DQJ EHUDNKLU 6HSWHPEHU GDQ 6HSWHPEHUDQGLQWHUHVWH[SHQVH
DGDODK PDVLQJPDVLQJ VHEHVDU RQ WKHVH ERQGV HDFK DPRXQWHG WR
5S \DQJ GLVDMLNDQ GDODP DNXQ 5S DQG ZDV SUHVHQWHG DV SDUW
³%HEDQEXQJD GDQ NHXDQJDQODLQQ\D´ SDGD ODED RI ³,QWHUHVW DQG RWKHU ILQDQFLDO FKDUJHV´ LQ SURILW
UXJL&DWDWDQ RUORVV1RWH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

2EOLJDVL %HUNHODQMXWDQ ,, %XPL 6HUSRQJ %XPL 6HUSRQJ 'DPDL &RQWLQXRXV %RQGV ,,
'DPDL7DKDS,7DKXQ%6',,, 3KDVH,<HDU%6',,,

3DGD WDQJJDO -XQL 3HUXVDKDDQ 2Q -XQH WKH &RPSDQ\ LVVXHG %XPL
PHQHUELWNDQ 2EOLJDVL %HUNHODQMXWDQ ,, %XPL 6HUSRQJ 'DPDL &RQWLQXRXV %RQGV ,, 3KDVH ,
6HUSRQJ 'DPDL 7DKDS , 7DKXQ <HDU %6' ,,, ZLWK QRPLQDO YDOXH RI
%6' ,,, GHQJDQ QLODL QRPLQDO VHEHVDU
5SZKLFKZHUHGLYLGHGLQWRWZR
5S \DQJ GLWHUELWNDQ GDODP GXD ERQG VHULHV ZLWK 37 %DQN 3HUPDWD 7EN DV
MHQLV VHUL REOLJDVL GHQJDQ 37 %DQN 3HUPDWD 7UXVWHH $OO WKH ERQGV ZHUH VROG DW LWV QRPLQDO
7ENVHEDJDL:DOL$PDQDW6HOXUXKREOLJDVLGLMXDO YDOXH DQG DUH OLVWHG LQ WKH ,QGRQHVLD 6WRFN
SDGD QLODL QRPLQDO GDQ WHUFDWDW GL %XUVD (IHN ([FKDQJH
,QGRQHVLD

5LQFLDQ GDUL 2EOLJDVL %6' ,,, DGDODK VHEDJDL 'HWDLOVRI%6',,,ERQGVDUHDVIROORZV
EHULNXW

6XNX%XQJD 7HWDS -DWXKWHPSR 1LODLQRPLQDO
6HUL6HULHV )L [HG,QWHUHVW5DWH 0DWXULW\'D WH 1RPLQDOYDOXH
$ -XQL-XQH

% -XQL-XQH
-XPODK7RWDO

2EOLJDVL %6' ,,, GLWHUELWNDQ GHQJDQ NRQGLVL 7KH%6',,,ERQGVKDYHWKHIROORZLQJWHUPVDQG

x %XQJD REOLJDVL %6' ,,, 6HUL $ DNDQ GLED\DU x ,QWHUHVW RQ 6HULHV $ %6' ,,, ERQGV LV
VHWLDS WULZXODQ WDNZLP PXODL WDQJJDO SD\DEOH RQ TXDUWHUO\ EDVLV IURP
6HSWHPEHU GDQ EHUDNKLU WDQJJDO 6HSWHPEHU WR -XQH
-XQL%XQJDREOLJDVL%6',,,6HUL% ,QWHUHVW RQ 6HULHV % %6' ,,, ERQGV LV
DNDQ GLED\DU VHWLDS WULZXODQ WDNZLP PXODL SD\DEOH RQ TXDUWHUO\ EDVLV IURP 6HSWHPEHU
WDQJJDO 6HSWHPEHU GDQ EHUDNKLU WR-XQH7KHODVWLQWHUHVW
WDQJJDO -XQL 3HPED\DUDQ EXQJD SD\PHQWZLOOEHRQWKHGDWHRIVHWWOHPHQWRI
REOLJDVL WHUDNKLU VHNDOLJXV PHUXSDNDQ WKHERQGV
WDQJJDOSHOXQDVDQSRNRNREOLJDVL

x 3HUXVDKDDQ GDSDW PHODNXNDQ SHPEHOLDQ x 7KH&RPSDQ\KDVDQRSWLRQWREX\EDFNWKH
NHPEDOL %X\ %DFN REOLJDVL \DQJ GLWXMXNDQ ERQGVSULQFLSDODVWKHSD\PHQWRUDVGHSRVLW
VHEDJDL SHOXQDVDQ DWDX GLVLPSDQ XQWXN LQ ERQG ZKLFK FDQ EH VROG EDFN DW PDUNHW
NHPXGLDQ GLMXDO NHPEDOL GHQJDQ KDUJD SULFH ZLWK UHTXLUHPHQW WKDW LW RQO\ FDQ EH
SDVDUGHQJDQNHWHQWXDQEDKZDKDOWHUVHEXW GRQHRQH\HDUDIWHUWKHGDWHRIDOORWPHQW
KDQ\DGDSDWGLODNXNDQVDWXWDKXQVHWHODK
WDQJJDOSHQMDWDKDQ

x 2EOLJDVL LQL GLMDPLQ GHQJDQ MDPLQDQ DVHW x 7KH ERQGV DUH VHFXUHG E\ WKH &RPSDQ\¶V
%6' EHUXSD WDQDK GDODP MXPODK WLGDN ODQG ZLWK PLQLPXP YDOXH RI RQH KXQGUHG
NXUDQJ GDUL VHUDWXV SHUVHQ GDUL SHUFHQW RIERQGV¶QRPLQDO YDOXH DV
MXPODK SRNRN REOLJDVL \DQJ WHUXWDQJ IROORZV
VHEDJDLEHULNXW

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

LLL 7DQDKGDQEDQJXQDQ LLL /DQGDQGEXLOGLQJ

/XDVWDQDKP
/DQGDUHDLQVTXDUH
7DQDKGL7DQJHUDQJ&DWDWDQ 7DQJHUDQJ%DQWHQ /DQGLQ7DQJHUDQJ1RWH

x 3HUXVDKDDQ GLKDUXVNDQ XQWXN PHPDWXKL x 7KH &RPSDQ\ LV UHTXLUHG WR FRPSO\ ZLWK
VHJDOD VHVXDWX \DQJ WHUFDQWXP GDODP FHUWDLQ FRYHQDQWV ZKLFK DUH VWDWHG LQ WKH
SHUMDQMLDQ DJUHHPHQW

ROHK 37 3HPHULQJNDW (IHN ,QGRQHVLD SDGD (IHN ,QGRQHVLD DV RI 0DUFK WKH
WDQJJDO0DUHWSHULQJNDWREOLJDVL%6',,, DERYHPHQWLRQHG %6' ,,, ERQGV ZHUH UDWHG DV
GHQJDQ-XQL

SHUV\DUDWDQUDVLRNHXDQJDQDWDVREOLJDVL%6',,, UHTXLUHG ILQDQFLDO UDWLRV RQ %6' ,,, %RQGV DV



$PRUWLVDVL ELD\D HPLVL REOLJDVL %6' ,,, DGDODK $PRUWL]DWLRQ RI ERQGV LVVXDQFH FRVW RI %6' ,,,
VHEHVDU 5S GDQ 5S IRUWKHQLQHPRQWKSHULRGVHQGHG6HSWHPEHU
PDVLQJPDVLQJ XQWXN SHULRGH VHPELODQ EXODQ DQG DPRXQWHG WR 5S
\DQJEHUDNKLU6HSWHPEHUGDQGDQ DQG 5S UHVSHFWLYHO\ DQG ZDV
GLFDWDW SDGD DNXQ ³%HEDQ EXQJD GDQ NHXDQJDQ LQFOXGHG DV SDUW RI ³,QWHUHVW DQG RWKHU ILQDQFLDO
ODLQQ\D´SDGDODEDUXJL&DWDWDQ FKDUJHV´LQSURILWRUORVV1RWH

%HEDQEXQJDXQWXNSHULRGHVHPELODQEXODQ\DQJ )RU WKH QLQHPRQWK SHULRG HQGHG
EHUDNKLU 6HSWHPEHU GDQ PDVLQJ 6HSWHPEHUDQGLQWHUHVWH[SHQVH
PDVLQJ DGDODK VHEHVDU 5S GDQ RQ WKHVH ERQGV HDFK DPRXQWHG WR
5S \DQJ GLVDMLNDQ GDODP DNXQ 5S DQG 5S
³%HEDQEXQJD GDQ NHXDQJDQODLQQ\D´ SDGD ODED UHVSHFWLYHO\ DQG ZDV SUHVHQWHG DV SDUW RI
UXJL&DWDWDQ ³,QWHUHVW DQG RWKHU ILQDQFLDO FKDUJHV´ LQ SURILW RU
ORVV1RWH

6HQLRU1RWHV*OREDO3ULPH&DSLWDO*3&, 6HQLRU1RWHV*OREDO3ULPH&DSLWDO*3&,

3DGDWDQJJDO$SULO*OREDO3ULPH&DSLWDO 2Q$SULO*OREDO3ULPH&DSLWDO3WH/WG
3WH/WGHQWLWDVDQDNPHQHUELWNDQ³6HQLRU1RWHV´ DVXEVLGLDU\LVVXHG³6HQLRU1RWHV´ZLWKQRPLQDO
GHQJDQ QLODL QRPLQDO VHEHVDU 86 YDOXH RI 86 $OO ³6HQLRU 1RWHV´
6HOXUXK ³6HQLRU 1RWHV´ GLMXDO SDGD QLODL QRPLQDO ZHUH VROG DW QRPLQDO YDOXH DQG ZHUH OLVWHG LQ
GDQ WHUFDWDW GL 6LQJDSRUH ([FKDQJH 6HFXULWLHV 6LQJDSRUH([FKDQJH6HFXULWLHV7UDGLQJ/LPLWHG
7UDGLQJ/LPLWHG

6HQLRU 1RWHV *3& , GLWHUELWNDQ GHQJDQ NRQGLVL 7KH*3&,6HQLRU1RWHVKDYHWKHIROORZLQJWHUPV
VHEDJDLEHULNXW DQGFRQGLWLRQV

x -DWXKWHPSRWDQJJDO$SULO x 0DWXULW\GDWHRQ$SULO
x 6XNX EXQJD ³6HQLRU 1RWHV´ DGDODK WHWDS x ,QWHUHVW RI WKH ³6HQLRU 1RWHV´ LV DW D IL[HG

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

VHEHVDU SHU WDKXQ XQWXN WDKXQ UDWH RI SHU DQQXP IRU WKH ILUVW \HDU
SHUWDPDVDPSDLGHQJDQWDKXQNHOLPD XQWLOWKHILIWK\HDU
x %XQJD ³6HQLRU 1RWHV´ *3& , DNDQ GLED\DU x ,QWHUHVWRQ*3&,³6HQLRU1RWHV´LVSD\DEOH
VHWLDS VHPHVWHU PXODL WDQJJDO 2NWREHU RQ VHPLDQQXDOO\ IURP 2FWREHU WR
GDQ EHUDNKLU SDGD WDQJJDO $SULO $SULO

%HUGDVDUNDQ SHPHULQJNDWDQ \DQJ GLWHUELWNDQ %DVHGRQWKHUDWLQJLVVXHGE\0RRG\¶VDQG)LWFK
ROHK0RRG\¶VGDQ)LWFKSHULQJNDW³6HQLRU1RWHV´ WKH DERYHPHQWLRQHG ³6HQLRU 1RWHV´ ZHUH UDWHG
GL DWDV PDVLQJPDVLQJ DGDODK %D GDQ %% DV %D DQG %% QRQLQYHVWPHQW JUDGH DQG
QRQLQYHVWPHQW JUDGH GDQ PHPLOLNL NDUDNWHULVWLN VSHFXODWLYHLQQDWXUH
VSHNXODWLI

'DQD \DQJ GLSHUROHK GDUL KDVLO HPLVL VHWHODK 7KH QHW SURFHHGV REWDLQHG IURP WKH LVVXDQFH
GLNXUDQJ GHQJDQ ELD\DELD\D HPLVL GLJXQDNDQ DIWHU GHGXFWLQJ WKH UHODWHG LVVXDQFH FRVWV ZHUH
XQWXNSHPEHEDVDQWDQDKSHPEDQJXQDQSURSHUWL XVHG IRU ODQG DFTXLVLWLRQV GHYHORSPHQW RI
LQYHVWDVL SHPEDQJXQDQ LQIUDVWUXNWXU GDQ LQYHVWPHQW SURSHUWLHV GHYHORSPHQW RI
SHQJHPEDQJDQUHDOHVWDWODLQQ\D LQIUDVWUXFWXUHDQGRWKHUUHDOHVWDWHGHYHORSPHQW

3DGD WDQJJDO 2NWREHU *OREDO 3ULPH 2Q 2FWREHU *OREDO3ULPH &DSLWDO 3WH
&DSLWDO 3WH /WG HQWLWDV DQDN PHODNXNDQ /WG D VXEVLGLDU\ KDV UHGHHPHG SRUWLRQ RI
SHOXQDVDQ VHEDJLDQ 6HQLRU 1RWHV OHELK DZDO 6HQLRU 1RWHV DPRXQWLQJ WR
VHEHVDU 5S DWDX VHQLODL 5S RU HTXLYDOHQW WR
86 GHQJDQ KDUJD SHQHEXVDQ 86 ZLWK D UHGHPSWLRQ SULFH RI
VHEHVDU 5S NHUXJLDQ DWDV 5SDQGDORVVRQUHGHPSWLRQ
SHOXQDVDQ REOLJDVL VHEHVDU 5S RQ WKLV ERQG DPRXQWLQJ WR 5S
GLFDWDW SDGD ODED UXJL WDKXQ %LD\DELD\D ZKLFK ZDV FKDUJHG WR SURILW RU ORVV
HPLVL \DQJ EHOXP GLDPRUWLVDVL DWDV EDJLDQ 8QDPRUWL]HG LVVXDQFH FRVWV UHODWLQJ WR WKLV
SLQMDPDQ \DQJ GLOXQDVL GLDWDV VHEHVDU SRUWLRQ RI WKLV ORDQ DPRXQWHG WR
5SGLEHEDQNDQGDQGLFDWDWSDGD 5S DQG ZDV FKDUJHG DQG
DNXQ³%HEDQEXQJDGDQNHXDQJDQODLQQ\D´SDGD LQFOXGHG DV SDUW RI ³,QWHUHVW DQG RWKHU ILQDQFLDO
ODEDUXJLWDKXQ&DWDWDQ FKDUJHV´LQWKHSURILWRUORVV1RWH

$PRUWLVDVL ELD\D HPLVL 6HQLRU 1RWHV *3& , $PRUWL]DWLRQ RI LVVXDQFH FRVW RI *3& , 6HQLRU
PDVLQJPDVLQJ DGDODK VHEHVDU 1RWHV IRU WKH QLQHPRQWK SHULRGV HQGHG
5S GDQ 5S XQWXN 6HSWHPEHU DQG DPRXQWHG WR
SHULRGHSHULRGH VHPELODQ EXODQ \DQJ EHUDNKLU 5S DQG 5S
6HSWHPEHU GDQ GDQ GLFDWDW SDGD UHVSHFWLYHO\ DQG ZDV LQFOXGHG DV SDUW RI
DNXQ³%HEDQEXQJDGDQNHXDQJDQODLQQ\D´SDGD ³,QWHUHVW DQG RWKHU ILQDQFLDO FKDUJHV´ LQ SURILW RU
ODEDUXJL&DWDWDQ ORVV1RWH

%HEDQ EXQJD XQWXN SHULRGHSHULRGH VHPELODQ )RU WKH QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
EXODQ \DQJ EHUDNKLU 6HSWHPEHU GDQ DQG LQWHUHVW H[SHQVH RQ WKHVH
PDVLQJPDVLQJ DGDODK VHEHVDU QRWHV DPRXQWHG WR 5S DQG
5S GDQ 5S 5S UHVSHFWLYHO\ DQG ZDV
\DQJ GLVDMLNDQ GDODP DNXQ ³%HEDQ EXQJD GDQ SUHVHQWHGDVSDUWRI³,QWHUHVWDQGRWKHUILQDQFLDO

%LD\DSLQMDPDQSDGDWDQJJDO6HSWHPEHU $V RI 6HSWHPEHU DQG 'HFHPEHU
GDQ 'HVHPEHU PDVLQJPDVLQJ VHEHVDU ERUURZLQJ FRVWV DPRXQWLQJ WR
5S GDQ 5S 5S DQG 5S
GLNDSLWDOLVDVL NH XDQJ PXND &DWDWDQ %LD\D UHVSHFWLYHO\ ZHUH FDSLWDOL]HG WR DGYDQFHV
SLQMDPDQ SDGD WDQJJDO 6HSWHPEHU GDQ 1RWH :KLOH ERUURZLQJ FRVWV DPRXQWLQJ WR
'HVHPEHU PDVLQJPDVLQJ VHEHVDU 5S DQG 5S ZHUH
5S GDQ 5S FDSLWDOL]HG WR LQYHVWPHQW SURSHUWLHV
GLNDSLWDOLVDVL NH SURSHUWL LQYHVWDVL GDODP FRQVWUXFWLRQ LQ SURJUHVV DV RI 6HSWHPEHU
SHPEDQJXQDQ&DWDWDQ DQG 'HFHPEHU UHVSHFWLYHO\
1RWH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HQLRU1RWHV*OREDO3ULPH&DSLWDO*3&,, 6HQLRU1RWHV*OREDO3ULPH&DSLWDO*3&,,

3DGD WDQJJDO 2NWREHU *OREDO 3ULPH 2Q 2FWREHU *OREDO 3ULPH &DSLWDO 3WH
&DSLWDO 3WH /WG HQWLWDV DQDN PHQHUELWNDQ /WG D VXEVLGLDU\ LVVXHG ³6HQLRU 1RWHV´ ZLWK
³6HQLRU 1RWHV´ GHQJDQ QLODL QRPLQDO VHEHVDU QRPLQDO YDOXH RI 86 $OO ³6HQLRU
86 6HOXUXK ³6HQLRU 1RWHV´ GLMXDO 1RWHV´ ZHUH VROG DW QRPLQDO YDOXH DQG ZHUH
SDGD QLODL QRPLQDO GDQ WHUFDWDW GL 6LQJDSRUH OLVWHG LQ 6LQJDSRUH ([FKDQJH 6HFXULWLHV 7UDGLQJ
([FKDQJH6HFXULWLHV7UDGLQJ/LPLWHG /LPLWHG

6HQLRU 1RWHV *3& ,, GLWHUELWNDQ GHQJDQ NRQGLVL 7KH *3& ,, 6HQLRU 1RWHV KDYH WKH IROORZLQJ
VHEDJDLEHULNXW WHUPVDQGFRQGLWLRQV

x -DWXKWHPSRWDQJJDO2NWREHU x 0DWXULW\GDWHRQ2FWREHU
x %XQJD ³6HQLRU 1RWHV´ *3& ,, DNDQ GLED\DU x ,QWHUHVWRQ*3&,,³6HQLRU1RWHV´LVSD\DEOH
VHWLDSVHPHVWHUPXODLWDQJJDO$SULO RQ VHPLDQQXDOO\ IURP $SULO WR
GDQEHUDNKLUSDGDWDQJJDO2NWREHU 2FWREHU

%HUGDVDUNDQ SHPHULQJNDWDQ \DQJ GLWHUELWNDQ %DVHGRQWKHUDWLQJLVVXHGE\0RRG\¶VDQG)LWFK
ROHK0RRG\¶VGDQ)LWFKSHULQJNDW³6HQLRU1RWHV´ WKH DERYHPHQWLRQHG ³6HQLRU 1RWHV´ ZHUH UDWHG
GL DWDV PDVLQJPDVLQJ DGDODK %D GDQ %% DV %D DQG %% QRQLQYHVWPHQW JUDGH DQG
QRQLQYHVWPHQW JUDGH GDQ PHPLOLNL NDUDNWHULVWLN VSHFXODWLYHLQQDWXUH
VSHNXODWLI


$PRUWLVDVL ELD\D HPLVL 6HQLRU 1RWHV *3& ,, $PRUWL]DWLRQ RI LVVXDQFH FRVW RI *3& ,, 6HQLRU
DGDODK VHEHVDU 5S XQWXN SHULRGH 1RWHV IRU WKH QLQHPRQWK SHULRGV HQGHG
VHPELODQ EXODQ \DQJ EHUDNKLU 6HSWHPEHU 6HSWHPEHU DPRXQWHG WR
GDQ GLFDWDW SDGD DNXQ ³%HEDQ EXQJD GDQ 5S DQG ZDV LQFOXGHG DV SDUW RI
NHXDQJDQODLQQ\D´SDGDODEDUXJL&DWDWDQ ³,QWHUHVW DQG RWKHU ILQDQFLDO FKDUJHV´ LQ SURILW RU
ORVV1RWH

%HEDQEXQJDXQWXNSHULRGHVHPELODQEXODQ\DQJ )RUWKHQLQHPRQWKSHULRGHQGHG6HSWHPEHU
EHUDNKLU 6HSWHPEHU DGDODK VHEHVDU LQWHUHVWH[SHQVHRQWKHVHQRWHVDPRXQWHG
5S \DQJ GLVDMLNDQ GDODP DNXQ WR 5S DQG ZDV SUHVHQWHG DV
³%HEDQEXQJD GDQ NHXDQJDQODLQQ\D´ SDGD ODED SDUW RI ³,QWHUHVW DQG RWKHU ILQDQFLDO FKDUJHV´ LQ
UXJL&DWDWDQ SURILWRUORVV1RWH

3HUXVDKDDQ EHUVDPD GHQJDQ 37 6LQDU 8VDKD 7KH &RPSDQ\ WRJHWKHU ZLWK 37 6LQDU 8VDKD
0DKLWDOD 37 3DVWLND &DQGUD 3HUWLZL 37 6HQWUD 0DKLWDOD 37 3DVWLND &DQGUD 3HUWLZL 37 6HQWUD
6HODUDV /HVWDUL 37 %XPL 6HQWUD 6HODUDV 6HODUDV /HVWDUL 37 %XPL 6HQWUD 6HODUDV
37 %XPL 3DUDPXGLWD 0DV 37 *DUZLWD 6HQWUD 37 %XPL 3DUDPXGLWD 0DV 37 *DUZLWD 6HQWUD
8WDPD 37 3UDED 6HODUDV 3UDWDPD 37 6HQWUD 8WDPD 37 3UDED 6HODUDV 3UDWDPD 37 6HQWUD
7DOHQWD8WDPD376LQDU0DV7HODGDQ376LQDU 7DOHQWD8WDPD376LQDU0DV7HODGDQ376LQDU
0DV :LVHVD 37 6LQDU 8VDKD 0DUJD GDQ 0DV :LVHVD 37 6LQDU 8VDKD 0DUJD DQG
37 0XVWLND &DQGUDJXQD HQWLWDVHQWLWDV DQDN 370XVWLND&DQGUDJXQDVXEVLGLDULHVJXDUDQWHH
VHFDUD EHUVDPDVDPD PHQMDPLQ SHPED\DUDQ WKH WLPHO\ SD\PHQW RI WKH SULQFLSDO SUHPLXP LI
VHFDUDWHSDWZDNWXDWDVSRNRNSUHPLXPMLNDDGD DQ\ LQWHUHVW DQG DOO RWKHU DPRXQWV GXH RQ WKH
EXQJDGDQVHPXDMXPODKWHUKXWDQJODLQQ\D\DQJ 1RWHVDQGWKH,QGHQWXUH
MDWXK WHPSR EHUGDVDUNDQ 6XUDW 6DQJJXS GDQ
.RQWUDN2EOLJDVL

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HQLRU1RWHV*OREDO3ULPH&DSLWDO*3&,,, 6HQLRU1RWHV*OREDO3ULPH&DSLWDO*3&,,,

3DGDWDQJJDO0HL*OREDO3ULPH&DSLWDO 2Q 0D\*OREDO3ULPH&DSLWDO3WH/WG
3WH/WGHQWLWDVDQDNPHQHUELWNDQ³6HQLRU1RWHV´ DVXEVLGLDU\LVVXHG³6HQLRU1RWHV´ZLWKQRPLQDO
GHQJDQ QLODL QRPLQDO VHEHVDU YDOXHRI86$OO³6HQLRU1RWHV´ZHUH
86 6HOXUXK ³6HQLRU 1RWHV´ GLMXDO VROG DW QRPLQDO YDOXH DQG ZHUH OLVWHG LQ
SDGD QLODL QRPLQDO GDQ WHUFDWDW GL 6LQJDSRUH 6LQJDSRUH([FKDQJH6HFXULWLHV7UDGLQJ/LPLWHG
([FKDQJH6HFXULWLHV7UDGLQJ/LPLWHG

6HQLRU 1RWHV *3& ,,, GLWHUELWNDQ GHQJDQ NRQGLVL 7KH *3& ,,, 6HQLRU 1RWHV KDYH WKH IROORZLQJ
VHEDJDLEHULNXW WHUPVDQGFRQGLWLRQV

x -DWXKWHPSRWDQJJDO2NWREHU x 0DWXULW\GDWHRQ2FWREHU
x %XQJD ³6HQLRU 1RWHV´ *3& ,,, DNDQ GLED\DU x ,QWHUHVWRQ*3&,,,³6HQLRU1RWHV´LVSD\DEOH
VHWLDS VHPHVWHU PXODL WDQJJDO 2NWREHU RQ VHPLDQQXDOO\ IURP 2FWREHU WR
GDQEHUDNKLUSDGD WDQJJDO 2NWREHU 2FWREHU


$PRUWLVDVL ELD\D HPLVL 6HQLRU 1RWHV *3& ,,, $PRUWL]DWLRQ RI LVVXDQFH FRVW RI *3& ,,, 6HQLRU
DGDODK VHEHVDU 5S XQWXN SHULRGH 1RWHV IRU WKH QLQHPRQWK SHULRGV HQGHG
VHPELODQ EXODQ \DQJ EHUDNKLU 6HSWHPEHU 6HSWHPEHU DPRXQWHG WR
GDQ GLFDWDW SDGD DNXQ ³%HEDQ EXQJD GDQ 5S DQG ZDV LQFOXGHG DV SDUW RI
NHXDQJDQODLQQ\D´SDGDODEDUXJL&DWDWDQ ³,QWHUHVW DQG RWKHU ILQDQFLDO FKDUJHV´ LQ SURILW RU
ORVV1RWH

%HEDQEXQJDXQWXNSHULRGHVHPELODQEXODQ\DQJ )RUWKHQLQHPRQWKSHULRGHQGHG6HSWHPEHU
EHUDNKLU 6HSWHPEHU DGDODK VHEHVDU LQWHUHVWH[SHQVHRQWKHVHQRWHVDPRXQWHG
5S \DQJ GLVDMLNDQ GDODP DNXQ WR5SDQGZDVSUHVHQWHGDVSDUW
³%HEDQEXQJD GDQ NHXDQJDQODLQQ\D´ SDGD ODED RI ³,QWHUHVW DQG RWKHU ILQDQFLDO FKDUJHV´ LQ SURILW
UXJL&DWDWDQ RUORVV1RWH

3HUXVDKDDQ EHUVDPD GHQJDQ 37 6LQDU 8VDKD 7KH &RPSDQ\ WRJHWKHU ZLWK 37 6LQDU 8VDKD
0DKLWDOD 37 3DVWLND &DQGUD 3HUWLZL 37 6HQWUD 0DKLWDOD 37 3DVWLND &DQGUD 3HUWLZL 37 6HQWUD
6HODUDV /HVWDUL 37 %XPL 6HQWUD 6HODUDV 6HODUDV /HVWDUL 37 %XPL 6HQWUD 6HODUDV
37 %XPL 3DUDPXGLWD 0DV 37 *DUZLWD 6HQWUD 37 %XPL 3DUDPXGLWD 0DV 37 *DUZLWD 6HQWUD
8WDPD 37 3UDED 6HODUDV 3UDWDPD 37 6HQWUD 8WDPD 37 3UDED 6HODUDV 3UDWDPD 37 6HQWUD
7DOHQWD8WDPD376LQDU0DV7HODGDQ376LQDU 7DOHQWD8WDPD376LQDU0DV7HODGDQ376LQDU
0DV :LVHVD 37 6LQDU 8VDKD 0DUJD GDQ 0DV :LVHVD 37 6LQDU 8VDKD 0DUJD DQG
37 0XVWLND &DQGUDJXQD HQWLWDVHQWLWDV DQDN 370XVWLND&DQGUDJXQDVXEVLGLDULHVJXDUDQWHH
VHFDUD EHUVDPDVDPD PHQMDPLQ SHPED\DUDQ WKH WLPHO\ SD\PHQW RI WKH SULQFLSDO SUHPLXP LI
VHFDUDWHSDWZDNWXDWDVSRNRNSUHPLXPMLNDDGD DQ\ LQWHUHVW DQG DOO RWKHU DPRXQWV GXH RQ WKH
EXQJDGDQVHPXDMXPODKWHUKXWDQJODLQQ\D\DQJ 1RWHVDQGWKH,QGHQWXUH
MDWXK WHPSR EHUGDVDUNDQ 6XUDW 6DQJJXS GDQ
.RQWUDN2EOLJDVL

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

7DNVLUDQ /LDELOLWDV XQWXN 3HQJHPEDQJDQ (VWLPDWHG/LDELOLWLHVIRU)XWXUH,PSURYHPHQWV
3UDVDUDQD

$NXQ LQL PHUXSDNDQ HVWLPDVL GDUL ELD\D \DQJ 7KLV DFFRXQW UHSUHVHQWV WKH HVWLPDWHG FRVWV
KDUXVGLNHOXDUNDQROHK*UXSGLPDVDPHQGDWDQJ ZKLFK ZLOO EH LQFXUUHG E\ WKH *URXS LQ IXWXUH
XQWXN SHPEXDWDQ MDODQ GDQ VDOXUDQ MHPEDWDQ SHULRGV IRU URDG SDYLQJ EULGJH ODQGVFDSLQJ
SHUWDPDQDQ IDVLOLWDV OLVWULN DLU PLQXP ODQG HOHFWULFLW\DQGZDWHULQVWDOODWLRQODQGJUDGLQJDQG
JUDGLQJ GDQ ODLQODLQ DWDV EDJLDQ WDQDK \DQJ RWKHUFRVWVRQWKHVROGODQG
WHODKWHUMXDO

0XWDVLDNXQLQLDGDODKVHEDJDLEHULNXW 7KHPRYHPHQWLQWKLVDFFRXQWLVDVIROORZV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU

3HQJXUDQJDQNDUHQDUHDOLVDVLSHPED\DUDQ 5HDOL]DWLRQWKURXJKSD\PHQW
DWDVSHQJHPEDQJDQSUDVDUDQD RQIXWXUHLPSURYHPHQWV

'HVHPEHU PDQDMHPHQ EHUNH\DNLQDQ WKHPDQDJHPHQWEHOLHYHVWKDWWKHEDODQFH
EDKZD MXPODK WDNVLUDQWHODKPHQFXNXSLHVWLPDVL LV DGHTXDWH WR FRYHU WKH HVWLPDWHG FRVWV WR EH
ELD\D\DQJDNDQWHUMDGLGLPDVDPHQGDWDQJ LQFXUUHGLQWKHIXWXUH

/LDELOLWDV/DLQODLQ 2WKHU/LDELOLWLHV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
8WDQJSHQJXUXVDQVHUWLILNDW 3D\DEOHIRUSURFHVVLQJRIODQGFHUWLILFDWH

8WDQJNRQVXPHQDWDVSHPEDWDODQ 3D\DEOHWRFXVWRPHUVDULVLQJRQVDOH
SHQMXDODQ FDQFHOODWLRQV
8DQJWLWLSDQ 'HSRVLWV
8WDQJSHQJXUXVDQ%3+7% 3D\DEOHIRUSURFHVVLQJRI%3+7%
/DLQODLQ 2WKHUV
-XPODK 7RWDO

3HQJXNXUDQ1LODL:DMDU )DLU9DOXH0HDVXUHPHQW

7DEHOEHULNXWPHQ\DMLNDQSHQJXNXUDQQLODLZDMDU 7KH IROORZLQJ WDEOH SURYLGHV WKH IDLU YDOXH
DVHWGDQOLDELOLWDVWHUWHQWX*UXS PHDVXUHPHQW RI WKH *URXS¶V FHUWDLQ DVVHWV DQG
OLDELOLWLHV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HQJXNXUDQQLODLZDMDUPHQJJXQDNDQ
)DLUYDOXHPHDVXUHPHQWXVLQJ
,QSXWVLJQLILNDQ ,QSXWVLJQLILNDQ
+DUJDNXRWDVLDQ \DQJGDSDWGL \DQJWLGDNGDSDW
GDODPSDVDUDNWLI REVHUYDVL GLREVHUYDVL
/HYHO /HYHO 6LJQLILFDQW
4XRWHGSULFHV 6LJQLILFDQW XQREVHUYDEOH
1LODL7HUFDWDW LQDFWLYHPDUNHWV REVHUYDEOHLQSXWV LQSXWV
&DUU\LQJ9DOXHV /HYHO /HYHO /HYHO
$VHW\DQJGLXNXUSDGDQLODLZDMDU $VVHWVPHDVXUHGDWIDLUYDOXH
$VHWNHXDQJDQWHUVHGLDXQWXNGLMXDO $)6ILQDQFLDODVVHWV
2EOLJDVL60$57,&DWDWDQ 60$57,ERQGV1RWH
2EOLJDVL7$;,,&DWDWDQ 7$;,,ERQGV1RWH
5HNVDGDQD6LPDV6DWX&DWDWDQ 6LPDV6DWXPXWXDOIXQG1RWH
5HNVDGDQD'DQDPDV6LQDUPDV&DWDWDQ 'DQDPDV6LQDUPDVPXWXDOIXQG1RWH
5HNVDGDQD0DQGLUL&DWDWDQ 0DQGLULPXWXDOIXQG1RWH
$VHW\DQJQLODLZDMDUQ\DGLVDMLNDQ $VVHWVIRUZKLFKIDLUYDOXHVDUHGLVFORVHG
$VHWWHWDS\DQJGLFDWDWSDGDELD\D 3URSHUW\DQGHTXLSPHQW
SHUROHKDQ FDUULHGDWFRVW
7DQDKGDQEDQJXQDQ&DWDWDQ /DQGDQGEXLOGLQJV1RWH
3URSHUWLLQYHVWDVL\DQJGLFDWDW ,QYHVWPHQWSURSHUWLHV
SDGDELD\DSHUROHKDQ FDUULHGDWFRVW
/LDELOLWDV\DQJQLODLZDMDUQ\DGLVDMLNDQ
WHUPDVXNEDJLDQ\DQJDNDQMDWXK
WHPSRGDODPZDNWXVDWXWDKXQ /LDELOLWLHVIRUZKLFKIDLUYDOXHVDUHGLVFORVHG
GDQOHELKGDULVDWXWDKXQ LQFOXGLQJFXUUHQWDQGQRQFXUUHQWSRUWLRQ
8WDQJEDQNMDQJNDSDQMDQJ&DWDWDQ /RQJWHUPEDQNORDQV1RWH
/LDELOLWDVVHZDSHPELD\DDQ&DWDWDQ /HDVHOLDELOLWLHV1RWH
8WDQJREOLJDVL&DWDWDQ %RQGVSD\DEOH1RWH

'HVHPEHU'HFHPEHU
3HQJXNXUDQQLODLZDMDUPHQJJXQDNDQ
)DLUYDOXHPHDVXUHPHQWXVLQJ
,QSXWVLJQLILNDQ ,QSXWVLJQLILNDQ
+DUJDNXRWDVLDQ \DQJGDSDWGL \DQJWLGDNGDSDW
GDODPSDVDUDNWLI REVHUYDVL GLREVHUYDVL
/HYHO /HYHO 6LJQLILFDQW
4XRWHGSULFHV 6LJQLILFDQW XQREVHUYDEOH
1LODL7HUFDWDW LQDFWLYHPDUNHWV REVHUYDEOHLQSXWV LQSXWV
&DUU\LQJ9DOXHV /HYHO /HYHO /HYHO
$VHW\DQJGLXNXUSDGDQLODLZDMDU $VVHWVPHDVXUHGDWIDLUYDOXH
$VHWNHXDQJDQWHUVHGLDXQWXNGLMXDO $)6ILQDQFLDODVVHWV
2EOLJDVL60$57,&DWDWDQ 60$57,ERQGV1RWH
2EOLJDVL7$;,,&DWDWDQ 7$;,,ERQGV1RWH
5HNVDGDQD6LPDV6DWX&DWDWDQ 6LPDV6DWXPXWXDOIXQG1RWH
$VHW\DQJQLODLZDMDUQ\DGLVDMLNDQ $VVHWVIRUZKLFKIDLUYDOXHVDUHGLVFORVHG
$VHWWHWDS\DQJGLFDWDWSDGDELD\D 3URSHUW\DQGHTXLSPHQW
SHUROHKDQ FDUULHGDWFRVW
3URSHUWLLQYHVWDVL\DQJGLFDWDW ,QYHVWPHQWSURSHUWLHV
SDGDELD\DSHUROHKDQ FDUULHGDWFRVW
/LDELOLWDV\DQJQLODLZDMDUQ\DGLVDMLNDQ
WHUPDVXNEDJLDQ\DQJDNDQMDWXK
WHPSRGDODPZDNWXVDWXWDKXQ /LDELOLWLHVIRUZKLFKIDLUYDOXHVDUHGLVFORVHG
GDQOHELKGDULVDWXWDKXQ LQFOXGLQJFXUUHQWDQGQRQFXUUHQWSRUWLRQ
/LDELOLWDVVHZDSHPELD\DDQ&DWDWDQ /HDVHOLDELOLWLHV1RWH
8WDQJREOLJDVL&DWDWDQ
%RQGVSD\DEOH1RWH

1LODL ZDMDU LQVWUXPHQ NHXDQJDQ \DQJ 7KH IDLU YDOXH RI ILQDQFLDO LQVWUXPHQWV WUDGHG LQ
GLSHUGDJDQJNDQ GL SDVDU DNWLI DGDODK DFWLYHPDUNHWVLVEDVHGRQTXRWHGPDUNHWSULFHV
EHUGDVDUNDQ NXRWDVL KDUJD SDVDU SDGD WDQJJDO DW WKH UHSRUWLQJ GDWH $ PDUNHW LV UHJDUGHG DV
SHODSRUDQ 3DVDU GLDQJJDS DNWLIDSDELOD NXRWDVL DFWLYH LI TXRWHG SULFHV DUH UHDGLO\ DQG UHJXODUO\
KDUJD WHUVHGLD VHZDNWXZDNWX GDQ GDSDW DYDLODEOH IURP DQ H[FKDQJH GHDOHU RU EURNHU
GLSHUROHKVHFDUDUXWLQGDULEXUVDSHGDJDQJHIHN LQGXVWU\ JURXS SULFLQJ VHUYLFH RU UHJXODWRU\
SHUDQWDUD HIHN NHORPSRN LQGXVWUL DWDX EDGDQ DJHQF\ DQG WKRVH SULFHV UHSUHVHQW DFWXDO DQG
SHQ\HGLD MDVD SHQHQWXDQ KDUJD DWDX EDGDQ UHJXODUO\ RFFXUULQJ PDUNHW WUDQVDFWLRQ RQ DQ
SHQJDWXU GDQ KDUJD WHUVHEXW PHQFHUPLQNDQ DUP¶V OHQJWKV EDVLV 7KH TXRWHG PDUNHW SULFH
WUDQVDNVL SDVDU \DQJ DNWXDO GDQ UXWLQ GDODP XVHGIRUILQDQFLDODVVHWVKHOGE\WKH*URXSLVWKH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

VXDWXWUDQVDNVL\DQJZDMDU.XRWDVLKDUJDSDVDU FXUUHQWELGSULFH7KHVHLQVWUXPHQWVDUHLQFOXGHG
\DQJ GLJXQDNDQ XQWXN DVHW NHXDQJDQ \DQJ LQ/HYHO7KHIDLUYDOXHRILQYHVWPHQWVLQERQGV
GLPLOLNL ROHK *UXS DGDODK KDUJD SHQDZDUDQ ELG DQG PXWXDO IXQGV DQG ERQGV SD\DEOH DUH
SULFH WHUNLQL ,QVWUXPHQ LQL WHUPDVXN GDODP PHDVXUHGEDVHGRQWKHODWHVWTXRWHGSULFHDVRI
KLUDUNL /HYHO 1LODL ZDMDU LQYHVWDVL GDODP 6HSWHPEHUDQG'HFHPEHU
REOLJDVLGDQUHNVDGDQDGDQXWDQJREOLJDVLGLXNXU
PHQJJXQDNDQ KDUJD NXRWDVLDQ WHUDNKLU \DQJ
GLSXEOLNDVLNDQ SDGD WDQJJDO 6HSWHPEHU
GDQ'HVHPEHU

1LODL ZDMDU LQVWUXPHQ NHXDQJDQ \DQJ WLGDN 7KH IDLU YDOXH RI ILQDQFLDO LQVWUXPHQWV WKDW DUH
GLSHUGDJDQJNDQ GL SDVDU DNWLI GLWHQWXNDQ QRW WUDGHG LQ DQ DFWLYH PDUNHW LV GHWHUPLQHG E\
PHQJJXQDNDQ WHNQLN SHQLODLDQ 7HNQLN SHQLODLDQ XVLQJ YDOXDWLRQ WHFKQLTXHV 7KHVH YDOXDWLRQ
LQLPHPDNVLPDONDQSHQJJXQDDQGDWDSDVDU\DQJ WHFKQLTXHV PD[LPL]H WKH XVH RI REVHUYDEOH
GDSDW GLREVHUYDVL \DQJ WHUVHGLD GDQ VHVHGLNLW PDUNHWGDWDZKHUHLWLVDYDLODEOHDQGUHO\DVOLWWOH
PXQJNLQ PHQJDQGDONDQ HVWLPDVL VSHVLILN \DQJ DV SRVVLEOH RQ HQWLW\¶V VSHFLILF HVWLPDWHV ,I DOO
GLEXDW ROHK HQWLWDV -LND VHOXUXK LQSXW VLJQLILNDQ VLJQLILFDQW LQSXWV UHTXLUHG WR IDLU YDOXH DQ
\DQJ GLEXWXKNDQ XQWXN PHQHQWXNDQ QLODL ZDMDU LQVWUXPHQW DUH REVHUYDEOH WKH LQVWUXPHQW LV
GDSDW GLREVHUYDVL PDND LQVWUXPHQ WHUVHEXW LQFOXGHG LQ /HYHO 7KH IDLU YDOXH RI ORQJWHUP
WHUPDVXNGDODPKLUDUNL/HYHO1LODLZDMDUXWDQJ EDQN ORDQV DQG OHDVH OLDELOLWLHV DUH HVWLPDWHG
EDQN MDQJND SDQMDQJ GDQ OLDELOLWDV VHZD EDVHG RQ GLVFRXQWHG FDVK IORZV XVLQJ LQWHUHVW
SHPELD\DDQ GLHVWLPDVL EHUGDVDUNDQ DUXV NDV UDWHZKLFKLVPDUNHWREVHUYDEOH
\DQJ GLGLVNRQWRNDQ PHQJJXQDNDQ VXNX EXQJD
SDVDU\DQJGDSDWGLREVHUYDVL

,QIRUPDVL WHQWDQJ SHQJXNXUDQ QLODL ZDMDU XQWXN 7KH LQIRUPDWLRQ DERXW IDLU YDOXH PHDVXUHPHQWV
DVHW QRQNHXDQJDQ \DQJ WHUPDVXN KLUDUNL /HYHO RI QRQILQDQFLDO DVVHWV FDWHJRUL]HG DV /HYHO

5HQWDQJ
7HKQLNSHQLODLDQ ,QSXW\DQJWLGDN 5DWDUDWDWHUWLPEDQJ
.HWHUDQJDQ 9DOXDWLRQ GDSDWGLREVHUYDVL 5DQJH
'HVFULSWLRQ 7HFKQLTXH 8QREVHUYDEOH,QSXW :HLJKWHG$YHUDJH
3URSHUWLLQYHVWDVL $UXVNDVGLVNRQWR 7LQJNDWSHUWXPEXKDQODEDEHUVLK

,QYHVWPHQWSURSHUWLHV 'LVFRXQWHGFDVKIORZV MDQJNDSDQMDQJ
/RQJWHUPQHWRSHUDWLQJLQFRPH
3HQGHNDWDQ (VWLPDVLKDUJDMXDOSHUPHWHUSHUVHJL 5S
SDVDUSHPEDQGLQJ (VWLPDWHGVHOOLQJSULFHSHUVTXDUHPHWHUV 5S
0DUNHWFRPSDUDEOH
DSSURDFK
3HQGHNDWDQELD\D (VWLPDVLELD\DSHQJJDQWLDQ
SHQJJDQWL5HSODFHPHQW VHWHODKGLNXUDQJLGHSUHVLDVL
FRVWDSSURDFK (VWLPDWHGUHSODFHPHQWFRVW
QHWRIGHSUHFLDWLRQ
$VHWWHWDS $UXVNDVGLVNRQWR 7LQJNDWSHUWXPEXKDQODEDEHUVLK

3URSHUW\DQGHTXLSPHQW 'LVFRXQWHGFDVKIORZ MDQJNDSDQMDQJ
/RQJWHUPQHWRSHUDWLQJLQFRPH

0RGDO6DKDP &DSLWDO6WRFN

6XVXQDQ NHSHPLOLNDQ VDKDP 3HUXVDKDDQ 7KH &RPSDQ\¶V VWRFNKROGHUV EDVHG RQ
EHUGDVDUNDQ GDWD GDUL %LUR $GPLQLVWUDVL (IHN ³6HFXULWLHV$GPLQLVWUDWLRQ$JHQF\´IROORZV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HSWHPEHU
6HSWHPEHU
-XPODK 3HUVHQWDVH -XPODK
6DKDP .HSHPLOLNDQ 0RGDO'LVHWRU
3HPHJDQJ6DKDP 1XPEHURI 3HUFHQWDJHRI 7RWDO3DLGXS
1DPHRI6WRFNKROGHU 6KDUHV 2ZQHUVKLS &DSLWDO6WRFN

373DUDJD$UWDPLGD
37(NDFHQWUD8VDKDPDMX
376HUDVL1LDJD6DNWL
376LPDV7XQJJDO&HQWUH
370HWURSROLWDQ7UDQVFLWLHV,QGRQHVLD
373HPEDQJXQDQ-D\D
37$QHND.DU\D$PDUWD
37$SWD&LWUD8QLYHUVDO
37'LDQ6ZDVWDWLND6HQWRVD7EN
37%KLQHND.DU\D3UDWDPD
37$QDQJJD3HUWLZL0HJDK
371LUPDOD,QGDK6DNWL
0DV\DUDNDW3XEOLF
-XPODK7RWDO

'HVHPEHU
'HFHPEHU
-XPODK 3HUVHQWDVH -XPODK
6DKDP .HSHPLOLNDQ 0RGDO'LVHWRU
3HPHJDQJ6DKDP 1XPEHURI 3HUFHQWDJHRI 7RWDO3DLGXS
1DPHRI6WRFNKROGHU 6KDUHV 2ZQHUVKLS &DSLWDO6WRFN

373DUDJD$UWDPLGD
37(NDFHQWUD8VDKDPDMX
376HUDVL1LDJD6DNWL
376LPDV7XQJJDO&HQWUH
370HWURSROLWDQ7UDQVFLWLHV,QGRQHVLD
373HPEDQJXQDQ-D\D
37$QHND.DU\D$PDUWD
37$SWD&LWUD8QLYHUVDO
37'LDQ6ZDVWDWLND6HQWRVD7EN
37%KLQHND.DU\D3UDWDPD
37$QDQJJD3HUWLZL0HJDK
371LUPDOD,QGDK6DNWL
0DV\DUDNDW3XEOLF
-XPODK7RWDO

3DGD WDKXQ 37 'LDQ 6ZDVWDWLND 6HQWRVD ,Q 37 'LDQ 6ZDVWDWLND6HQWRVD 7EN VROG
7EN PHQMXDO VHEDJLDQ VDKDP \DQJ PHUHND PLOLNL LWV LQYHVWPHQWV LQ WKH &RPSDQ\ DPRXQWLQJ WR
VHEHVDUVDKDP VKDUHV

3DGD WDKXQ 37 (NDFHQWUD 8VDKDPDMX ,Q 37 (NDFHQWUD 8VDKDPDMX
37 0HWURSROLWDQ 7UDQVFLWLHV ,QGRQHVLD GDQ 37 0HWURSROLWDQ 7UDQVFLWLHV ,QGRQHVLD DQG
37$QHND.DU\D$PDUWDPHQMXDOVHEDJLDQVDKDP 37 $QHND .DU\D $PDUWD VROG WKHLU LQYHVWPHQWV
\DQJ PHUHND PLOLNL PDVLQJPDVLQJ VHEHVDU LQ WKH &RPSDQ\ DPRXQWLQJ WR
VDKDP VDKDP GDQ VKDUHV VKDUHV DQG
VDKDP VKDUHVUHVSHFWLYHO\

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HVHPEHU 3HUXVDKDDQ WHODK DOO RI WKH VKDUHV RI WKH &RPSDQ\ DUH
PHQFDWDWNDQ VHOXUXK VDKDPQ\D SDGD %XUVD (IHN OLVWHG LQ WKH ,QGRQHVLD 6WRFN ([FKDQJH DQG DOO
,QGRQHVLD 6HOXUXK VDKDP \DQJ GLWHUELWNDQ ROHK RIWKHLVVXHGVKDUHVDUHIXOO\SDLG
3HUXVDKDDQWHODKGLVHWRUSHQXK

0DQDMHPHQ3HUPRGDODQ &DSLWDO0DQDJHPHQW

7XMXDQ XWDPD GDUL SHQJHORODDQ PRGDO *UXS 7KH SULPDU\ REMHFWLYH RI WKH *URXS¶V FDSLWDO
DGDODK XQWXN PHPDVWLNDQ EDKZD *UXS PDQDJHPHQW LV WR HQVXUH WKDW LW PDLQWDLQV
PHPSHUWDKDQNDQ UDVLR PRGDO \DQJ VHKDW GDODP KHDOWK\ FDSLWDO UDWLRV LQ RUGHU WR VXSSRUW LWV
UDQJND PHQGXNXQJ ELVQLV GDQ PHPDNVLPDONDQ EXVLQHVVDQGPD[LPL]HVKDUHKROGHUYDOXH7KH
QLODL SHPHJDQJ VDKDP *UXS WLGDN GLZDMLENDQ *URXS LV QRW UHTXLUHG WR PHHW DQ\ FDSLWDO
XQWXNPHPHQXKLV\DUDWV\DUDWPRGDOWHUWHQWX UHTXLUHPHQWV

*UXS PHQJHOROD VWUXNWXU PRGDO GDQ PHPEXDW 7KH *URXS PDQDJHV LWV FDSLWDO VWUXFWXUH DQG
SHQ\HVXDLDQWHUKDGDSVWUXNWXUPRGDOVHKXEXQJDQ PDNHV DGMXVWPHQWV WR LW LQ OLJKW RI FKDQJHV LQ
GHQJDQ SHUXEDKDQ NRQGLVL HNRQRPL *UXS HFRQRPLF FRQGLWLRQV 7KH *URXS PRQLWRUV LWV
PHPDQWDX PRGDOQ\D GHQJDQ PHQJJXQDNDQ FDSLWDOXVLQJJHDULQJUDWLRVE\GLYLGLQJQHWGHEW
DQDOLVDJHDULQJUDWLRUDVLRXWDQJWHUKDGDSPRGDO E\ WRWDO FDSLWDO 7KH *URXS¶V FDSLWDO VWUXFWXUH
\DNQL PHPEDJL XWDQJ EHUVLK WHUKDGDS MXPODK FRQVLVWV RI HTXLW\ DQG ORDQV UHFHLYHG UHGXFHG
PRGDO6WUXNWXUPRGDO*UXSWHUGLULGDULHNXLWDVGDQ E\FDVKDQGFDVKHTXLYDOHQWV
SLQMDPDQ GLWHULPD GLNXUDQJL GHQJDQ NDV GDQ
VHWDUDNDV

5DVLR XWDQJ EHUVLK WHUKDGDS PRGDO SDGD WDQJJDO 5DWLRRIQHWGHEWWRFDSLWDODVRI6HSWHPEHU
6HSWHPEHU GDQ 'HVHPEHU DQG'HFHPEHUIROORZV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
-XPO DKXWDQJ 7RWDOERUURZLQJV

'LNXUDQ JLNDVGDQ VHWDUDNDV /HVVFD VKDQGFDVKHTXLYDOHQWV
8WDQJEHUVLK 1HWGHEW
-XPO DKHNXLWDV 7RWDOHTXLW\
5DVLRXWDQJWHUKDGDSPRGDO *HDULQJUDWLR

7DPEDKDQ0RGDO'LVHWRU $GGLWLRQDO3DLGLQ&DSLWDO

$NXQ LQL PHUXSDNDQ WDPEDKDQ PRGDO GLVHWRU 7KLVDFFRXQWUHSUHVHQWVDGGLWLRQDOSDLGLQFDSLWDO
VHKXEXQJDQGHQJDQ LQFRQQHFWLRQZLWKWKHIROORZLQJ

-XPODK$PRXQ W
6DOGR-DQXDUL %DODQFHDVRI-DQXDU\
'DPSDNSURJUDPSHQJDPSXQDQSDMDN ,PSDFWRIWD[DPQHVW\SURJUDP
6DOGR'HVHPEHU %DODQFHDVRI'HFHPEHU
'DPSDNSURJUDPSHQJDPSXQDQSDMDN ,PSDFWRIWD[DPQHVW\SURJUDP
6HOLVLKQLODLWUDQVDNVLUHVWUXNWXULVDVL 'LIIHUHQFHLQYDOXHRIUHVWUXFWXULQJWUDQVDFWLRQV
HQWLWD VVHSHQJHQGDOL DPRQJHQWLWHVXQGHUFRPPRQFRQWURO
6DOGR6HSWHPEHU %DODQFHDVRI6HSWHPEHU

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3DGD EXODQ 0HL 3HUXVDKDDQ PHPEHOL ,Q 0D\ WKH &RPSDQ\ DFTXLUHG
NHSHPLOLNDQ37%XPL0HJDK*UDKD$VUL RZQHUVKLSLQ37%XPL0HJD*UDKD$VUL%0*$
%0*$ \DQJ GLPLOLNL ROHK 37 3DUDJD $UWDPLGD RZQHG E\ 37 3DUDJD $UWDPLGD 3$0 WKH
3$0 SHPHJDQJ VDKDP 3HUXVDKDDQ GHQJDQ &RPSDQ\¶V VKDUHKROGHU IRU D WRWDO SXUFKDVH
WRWDOQLODLSHPEHOLDQVHEHVDU5S SULFH RI 5S 7RWDO QHW DVVHWV RI
7RWDO DVHW EHUVLK %0*$ \DQJ PHQMDGL EDJLDQ %0*$ DV RI GDWH RI DFTXLVLWLRQ DPRXQWHG WR
3HUXVDKDDQ SDGD WDQJJDO DNXLVLVL DGDODK 5S 7KH GLIIHUHQFH EHWZHHQ WKH
VHEHVDU 5S 6HOLVLK DQWDUD QLODL SXUFKDVH SULFH DQG WRWDO QHW DVVHWV DFTXLUHG LQ
SHPEHOLDQ GHQJDQ WRWDO DVHW EHUVLK DWDV %0*$ DPRXQWLQJ WR 5S ZDV
SHQ\HUWDDQ VDKDP 3HUXVDKDDQ GL %0*$ UHFRUGHG XQGHU ³'LIIHUHQFH LQ YDOXH RI
VHEHVDU 5S GLFDWDW GDQ UHVWUXFWXULQJ WUDQVDFWLRQV DPRQJ HQWLWLHV XQGHU
GLEXNXNDQ SDGD DNXQ ³6HOLVLK QLODL WUDQVDNVL FRPPRQFRQWURO´
UHVWUXNWXULVDVLHQWLWDVVHSHQJHQGDOL´

6HOLVLK 1LODL 7UDQVDNVL GHQJDQ .HSHQWLQJDQ 'LIIHUHQFHLQ9DOXH$ULVLQJIURP7UDQVDFWLRQV
1RQSHQJHQGDOL ZLWK1RQFRQWUROOLQJ,QWHUHVWV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
6DOGRDZDO SHULRGH %DODQFHDWWKHEHJLQQLQJRIWKHSHULRG

0XWDVLSHUL RGHEHUMDODQ 0RYHPHQWGXULQJWKHSHULRG

3DGDWDQJJDO)HEUXDUL3HUXVDKDDQGDQ 2Q )HEUXDU\ WKH &RPSDQ\ DQG
37 3DUDJD $UWDPLGD 3$0 SDUD SHPHJDQJ 37 3DUDJD $UWDPLGD WKH VKDUHKROGHUV RI
VDKDP376LQDU0DV7HODGDQ607PHQ\HWXMXL 37 6LQDU 0DV 7HODGDQ 607 DSSURYHG WKH
SHQXUXQDQ PRGDO GLVHWRU SDGD 607 GHFUHDVHG LQ SDLGXS FDSLWDO RI 607 DPRXQWLQJ
PDVLQJPDVLQJVHEHVDU5SGDQ WR5SDQG5S
5S DWDX VHWDUD GHQJDQ UHVSHFWLYHO\ FRQVLVWLQJ RI DQG
GDQ VDKDP 7UDQVDNVL VKDUHV 7KLV WUDQVDFWLRQ GHFUHDVHG
LQL PHQJDNLEDWNDQ SHQXUXQDQ SHUVHQWDVH WKHRZQHUVKLSLQWHUHVWRI&RPSDQ\LQ607IURP
NHSHPLOLNDQ 3HUXVDKDDQ GL 607 GDUL WR $V D UHVXOW WKH HIIHFW RI
PHQMDGL +DO LQL PHQ\HEDENDQ GHFUHDVH LQ &RPSDQ\¶V RZQHUVKLS LQWHUHVW LQ
SHQ\HUWDDQ 3HUXVDKDDQ SDGD 607 EHUNXUDQJ 607 DPRXQWLQJ WR 5S ZDV
VHEHVDU 5S \DQJ GLEXNXNDQ UHFRUGHG DV ³'LIIHUHQFH LQ 9DOXH $ULVLQJ IURP
SDGD DNXQ ³6HOLVLK 1LODL 7UDQVDNVL GHQJDQ 7UDQVDFWLRQVZLWK1RQFRQWUROOLQJ,QWHUHVWV´
.HSHQWLQJDQ1RQSHQJHQGDOL´

3DGDWDQJJDO'HVHPEHU373XWUD$OYLWD 2Q 'HFHPEHU 37 3XWUD $OYLWD 3UDWDPD
3UDWDPD3$3HQWLWDVDQDNGDUL37'XWD3HUWLZL 3$3VXEVLGLDU\RI37'XWD3HUWLZL7EN'87,
7EN '87, PHQ\HWXMXL SHQDPEDKDQ PRGDO DSSURYHG WKH LQFUHDVHG LQ SDLGXS FDSLWDO ZKLFK
GLVHWRU SDGD 37 3XWUD 7LUWD :LVDWD 37: ZDVIXOO\LVVXHGE\373XWUD7LUWD:LVDWD37:
VHEHVDU 5S WHUGLUL GDUL D VXEVLGLDU\ DPRXQWLQJ WR 5S
VDKDP%DJLDQ'87,DWDVSHUXEDKDQ FRQVLVWLQJ RI VKDUHV '87,¶V LQWHUHVW
SHQ\HUWDDQ 3$3 SDGD 37: DGDODK VHEHVDU GXH WR FKDQJH LQ 3$3¶V LQWHUHVW LQ 37:
5S 7UDQVDNVL LQL PHQDLNNDQ SHUVHQWDVH DPRXQWHG WR 5S 7KLV WUDQVDFWLRQ
NHSHPLOLNDQ 3$3 GL 37: GDUL PHQMDGL LQFUHDVHGWKHRZQHUVKLSLQWHUHVWRI3$3LQ37:
%DJLDQ 3HUXVDKDDQ DWDV WUDQVDNVL IURPWR7KH&RPSDQ\¶VLQWHUHVW
WHUVHEXW DGDODK VHEHVDU 5S \DQJ LQ UHODWLRQ WR WKLV WUDQVDFWLRQ DPRXQWLQJ WR
GLEXNXNDQ SDGD DNXQ ³6HOLVLK 1LODL 7UDQVDNVL 5S ZDV UHFRUGHG DV ³'LIIHUHQFH LQ 9DOXH
GHQJDQ.HSHQWLQJDQ1RQSHQJHQGDOL´ $ULVLQJ IURP 7UDQVDFWLRQV ZLWK 1RQFRQWUROOLQJ
,QWHUHVWV´

3DGDWDQJJDO2NWREHU3HUXVDKDDQGDQ 2Q 2FWREHU WKH &RPSDQ\ DQG
3$0 SDUD SHPHJDQJ VDKDP 607 PHQ\HWXMXL 3$0 WKH VKDUHKROGHUV RI 607 DSSURYHG WKH
SHQDPEDKDQ PRGDO GLVHWRU SDGD 607 LQFUHDVHG LQ SDLGXS FDSLWDO ZKLFK ZDV IXOO\
PDVLQJPDVLQJVHEHVDU5SGDQ LVVXHG E\ 607 DPRXQWLQJ WR
5S DWDX VHWDUD GHQJDQ 5S DQG 5S

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

GDQ VDKDP 7UDQVDNVL UHVSHFWLYHO\ FRQVLVWLQJ RI DQG
LQL PHQDLNNDQ SHUVHQWDVH NHSHPLOLNDQ VKDUHV 7KLV WUDQVDFWLRQ LQFUHDVHG
3HUXVDKDDQ GL 607 GDUL PHQMDGL WKHRZQHUVKLSLQWHUHVWRI&RPSDQ\LQ607IURP
+DO LQL PHQ\HEDENDQ SHQ\HUWDDQ WR $V D UHVXOW WKH HIIHFW RI
3HUXVDKDDQ SDGD 607 EHUWDPEDK VHEHVDU LQFUHDVH LQ &RPSDQ\¶V RZQHUVKLS LQWHUHVW LQ
5S \DQJ GLEXNXNDQ SDGD DNXQ 607 DPRXQWLQJ WR 5S ZDV
³6HOLVLK 1LODL 7UDQVDNVL GHQJDQ .HSHQWLQJDQ UHFRUGHG DV ³'LIIHUHQFH LQ 9DOXH $ULVLQJ IURP
1RQSHQJHQGDOL´ 7UDQVDFWLRQVZLWK1RQFRQWUROOLQJ,QWHUHVWV´

3DGD WDQJJDO 6HSWHPEHU 37 0XVWLND 2Q6HSWHPEHU370XVWLND&DQGUDJXQD
&DQGUDJXQD 0&* PHQLQJNDWNDQPRGDOGLVHWRU 0&* DJUHHG WR LQFUHDVH WKH SDLGXS FDSLWDO
VHEHVDU 5S \DQJ GLVHWRU SHQXK DPRXQWLQJ WR 5S ZKLFK KDYH
ROHK 607 HQWLWDV DQDN 7UDQVDNVL LQL EHHQ IXOO\ SDLG E\ 607 D VXEVLGLDU\ 7KLV
PHQLQJNDWNDQ SHUVHQWDVH NHSHPLOLNDQ 607 GL WUDQVDFWLRQ LQFUHDVHG WKH RZQHUVKLS LQWHUHVW RI
0&* GDUL PHQMDGL 6HOLVLK DQWDUD 607 LQ 0&* IURP WR 7KH
QLODL LQYHVWDVL 607 GL 0&* VHEHOXP GDQ GLIIHUHQFH EHWZHHQ WKH SXUFKDVH SULFH DQG WRWDO
VHVXGDK SHQDPEDKDQ PRGDO GLVHWRU VHEHVDU QHWDVVHWDFTXLUHGE\607LQ0&*DPRXQWHGWR
5S %DJLDQ 3HUXVDKDDQ DWDV 5S 7KH &RPSDQ\¶V LQWHUHVW LQ
WUDQVDNVL WHUVHEXW DGDODK VHEHVDU UHODWLRQ WR WKLV WUDQVDFWLRQ DPRXQWLQJ WR
5S \DQJ GLEXNXNDQ SDGD DNXQ 5S ZDV UHFRUGHG DV
³6HOLVLK 1LODL 7UDQVDNVL GHQJDQ .HSHQWLQJDQ ³'LIIHUHQFH LQ 9DOXH $ULVLQJ IURP 7UDQVDFWLRQV
1RQSHQJHQGDOL´ ZLWK1RQFRQWUROOLQJ,QWHUHVWV´

3DGD WDQJJDO -XQL 37 0LWUDNDU\D 2Q -XQH 37 0LWUDNDU\D 0XOWLJXQD
0XOWLJXQD 0.0 HQWLWDV DQDN PHQLQJNDWNDQ 0.0 D VXEVLGLDU\ DJUHHG WR LQFUHDVH LWV
PRGDO GLWHPSDWNDQ GDQ GLVHWRU VHEHVDU LVVXHG DQG SDLGXS FDSLWDO DPRXQWLQJ WR
5S \DQJ GLVHWRU SHQXK ROHK 5S ZKLFK KDYH EHHQ IXOO\ SDLG
'87, HQWLWDV DQDN GDQ SLKDN NHWLJD 7UDQVDNVL IRU E\ '87, D VXEVLGLDU\ DQG WKLUG SDUW\ 7KLV
LQL PHQXUXQNDQ SHUVHQWDVH NHSHPLOLNDQ '87, GL WUDQVDFWLRQUHGXFHGWKHSHUFHQWDJHRIRZQHUVKLS
0.0GDULPHQMDGL6HOLVLKDQWDUDQLODL LQWHUHVWRI'87,LQ0.0IURPWR7KH
SHPEHOLDQ GHQJDQ MXPODK DVHW EHUVLK DWDV GLIIHUHQFH EHWZHHQ WKH FRQVLGHUDWLRQ SDLG DQG
SHQ\HUWDDQVDKDP'87,GL0.0DGDODKVHEHVDU WRWDO QHW DVVHWV DFTXLUHG E\ '87, LQ 0.0
5S %DJLDQ 3HUXVDKDDQ DWDV DPRXQWHGWR 5S 7KH &RPSDQ\¶V
WUDQVDNVLWHUVHEXWDGDODKVHEHVDU LQWHUHVWLQUHODWLRQWRWKLVWUDQVDFWLRQDPRXQWHGWR
\DQJ GLFDWDW GDQ GLEXNXNDQ SDGD DNXQ ´6HOLVLK 5S DQG ZDV UHFRUGHG XQGHU
1LODL 7UDQVDNVL GHQJDQ .HSHQWLQJDQ ³'LIIHUHQFH LQ 9DOXH $ULVLQJ IURP 7UDQVDFWLRQ
1RQSHQJHQGDOL´ ZLWK1RQFRQWUROOLQJ,QWHUHVW´

3DGDWDQJJDO)HEUXDUL3HUXVDKDDQGDQ 2Q )HEUXDU\ WKH &RPSDQ\ DQG
3$0 PHQ\HWXMXL SHQDPEDKDQ PRGDO GLVHWRU 3$0 DSSURYHG WKH LQFUHDVHG LQ SDLGXS FDSLWDO
SDGD 607 PDVLQJPDVLQJ VHEHVDU ZKLFK ZDV IXOO\ LVVXHG E\ 607 DPRXQWLQJ WR
5S GDQ 5S DWDX 5S DQG 5S
VHWDUDGHQJDQGDQVDKDP UHVSHFWLYHO\ FRQVLVWLQJ RI DQG
7UDQVDNVL LQL PHQDLNNDQ SHUVHQWDVH NHSHPLOLNDQ VKDUHV7KLVWUDQVDFWLRQLQFUHDVHGWKH
3HUXVDKDDQ GL 607 GDUL PHQMDGL RZQHUVKLS LQWHUHVW RI &RPSDQ\ LQ 607 IURP
+DO LQL PHQ\HEDENDQ SHQ\HUWDDQ WR $V D UHVXOW WKH HIIHFW RI
3HUXVDKDDQ SDGD 607 EHUWDPEDK VHEHVDU GHFUHDVH LQ &RPSDQ\¶V RZQHUVKLS LQWHUHVW LQ
5S \DQJ GLEXNXNDQ SDGD DNXQ 607 DPRXQWLQJ WR 5S ZDV
³6HOLVLK 1LODL 7UDQVDNVL GHQJDQ .HSHQWLQJDQ UHFRUGHG DV ³'LIIHUHQFH LQ 9DOXH $ULVLQJ IURP
1RQSHQJHQGDOL´ 7UDQVDFWLRQVZLWK1RQFRQWUROOLQJ,QWHUHVWV´

3DGD WDQJJDO )HEUXDUL 607 HQWLWDV 2Q )HEUXDU\ 607 D VXEVLGLDU\
DQDN PHQ\HWXMXL SHQDPEDKDQ PRGDO GLVHWRU DSSURYHG LQFUHDVHG LQ SDLGXS FDSLWDO RI
SDGD0&*VHEHVDU5SWHUGLULGDUL 0&*DPRXQWLQJWR5SFRQVLVWLQJ
VDKDP %DJLDQ 607 DWDV SHUXEDKDQ RI VKDUHV 607¶V LQWHUHVW LQ WKLV
SHQ\HUWDDQ 0&* DGDODK VHEHVDU WUDQVDFWLRQDPRXQWHGWR5S7KLV
5S 7UDQVDNVL LQL PHQDLNDQ WUDQVDFWLRQ LQFUHDVHG WKH RZQHUVKLS LQWHUHVW RI
SHUVHQWDVH NHSHPLOLNDQ 607 GL 0&* GDUL 607 LQ 0&* IURP WR 7KH
PHQMDGL %DJLDQ 3HUXVDKDDQ &RPSDQ\¶VLQWHUHVWLQUHODWLRQWRWKLVWUDQVDFWLRQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

DWDV WUDQVDNVL WHUVHEXW DGDODK VHEHVDU DPRXQWLQJWR5SZDVUHFRUGHGDV
5S \DQJ GLEXNXNDQ SDGD DNXQ ³'LIIHUHQFH LQ 9DOXH $ULVLQJ IURP 7UDQVDFWLRQV
³6HOLVLK 1LODL 7UDQVDNVL GHQJDQ .HSHQWLQJDQ ZLWK1RQFRQWUROOLQJ,QWHUHVWV´
1RQSHQJHQGDOL´

3DGD WDQJJDO -DQXDUL 3HUXVDKDDQ GDQ 2Q -DQXDU\ WKH &RPSDQ\ DQG
37 %XPL 3DUDPXGLWD 0DV HQWLWDV DQDN 37 %XPL 3DUDPXGLWD 0DV %30 D VXEVLGLDU\
PHQJDNXLVLVL NHSHPLOLNDQ VDKDP 37 7UDQV DFTXLUHG RZQHUVKLS LQWHUHVW LQ 37 7UDQV
%6' %DODUDMD 7%% GDUL SLKDN NHWLJD GHQJDQ %6' %DODUDMD 7%% IURP D WKLUG SDUW\ ZLWK
KDUJD SHPEHOLDQ PDVLQJPDVLQJ VHEHVDU SXUFKDVH SULFH RI 5S DQG
5S GDQ 5S 7UDQVDNVL 5S UHVSHFWLYHO\ 7KLV WUDQVDFWLRQ
LQL PHQLQJNDWNDQ SHUVHQWDVH NHSHPLOLNDQ LQFUHDVHGWKHRZQHUVKLSLQWHUHVWRIWKH&RPSDQ\
3HUXVDKDDQ GDODP 7%% GDUL PHQMDGL LQ 7%% IURP WR 7KH GLIIHUHQFH
6HOLVLK DQWDUD QLODL SHPEHOLDQ GHQJDQ EHWZHHQWKHSXUFKDVHSULFHDQGWRWDOQHWDVVHWV
MXPODK DVHW EHUVLK DWDV SHQ\HUWDDQ VDKDP DFTXLUHG E\ WKH &RPSDQ\ LQ 7%% DPRXQWLQJ WR
3HUXVDKDDQ GL 7%% DGDODK VHEHVDU 5S ZDV UHFRUGHG XQGHU ³'LIIHUHQFH
5S GLFDWDW GDQ GLEXNXNDQ SDGD LQ 9DOXH $ULVLQJ IURP 7UDQVDFWLRQV ZLWK 1RQ
DNXQ ³6HOLVLK 1LODL 7UDQVDNVL GHQJDQ FRQWUROOLQJ,QWHUHVWV´
.HSHQWLQJDQ1RQSHQJHQGDOL´

3DGD WDQJJDO -DQXDUL 3$3 PHQ\HWXMXL 2Q -DQXDU\ 3$3 DSSURYHG WKH
SHQDPEDKDQ PRGDO GLVHWRU SDGD 37: VHEHVDU LQFUHDVHG LQ SDLGXS FDSLWDO ZKLFK ZDV IXOO\
5S WHUGLUL GDUL LVVXHG E\ 37: D VXEVLGLDU\ DPRXQWLQJ WR
VDKDP%DJLDQ'87,DWDVSHUXEDKDQSHQ\HUWDDQ 5S FRQVLVWLQJ RI
3$3 SDGD 37: DGDODK VHEHVDU 5S VKDUHV '87,¶V LQWHUHVW GXH WR FKDQJH LQ 3$3¶V
7UDQVDNVL LQL PHQDLNNDQ SHUVHQWDVH NHSHPLOLNDQ LQWHUHVWLQ37:DPRXQWHGWR5S7KLV
3$3 GL 37: GDUL PHQMDGL WUDQVDFWLRQ LQFUHDVHG WKH RZQHUVKLS LQWHUHVW RI
%DJLDQ 3HUXVDKDDQ DWDV WUDQVDNVL WHUVHEXW 3$3 LQ 37: IURP WR 7KH
DGDODK VHEHVDU 5S \DQJ GLEXNXNDQ &RPSDQ\¶VLQWHUHVWLQUHODWLRQWRWKLVWUDQVDFWLRQ
SDGD DNXQ ³6HOLVLK 1LODL 7UDQVDNVL GHQJDQ DPRXQWLQJ WR 5S ZDV UHFRUGHG DV
.HSHQWLQJDQ1RQSHQJHQGDOL´ ³'LIIHUHQFH LQ 9DOXH $ULVLQJ IURP 7UDQVDFWLRQV
ZLWK1RQFRQWUROOLQJ,QWHUHVWV´

(NXLWDV SDGD .HXQWXQJDQ %HOXP 'LUHDOLVDVL 6KDUH LQ 8QUHDOL]HG *DLQ RQ ,QFUHDVH LQ )DLU
$WDV .HQDLNDQ 1LODL ,QYHVWDVL 7HUVHGLD XQWXN 9DOXHRI$YDLODEOHIRU6DOH,QYHVWPHQWV
'LMXDO

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
6DOGRDZDOSHULRGH %DODQFHDWWKHEHJLQQLQJRIWKHSHULRG

0XWDVLVHODPDSHULRGHEHUMDODQ 0RYHPHQWGXULQJWKHSHULRG
2EOLJDVL&DWDWDQ %RQGV1RWH
5HNVDGDQD&DWDWDQ 0XWXDOIXQG1RWH

6DOGR/DED'LWHQWXNDQ3HQJJXQDDQQ\D $SSURSULDWHG5HWDLQHG(DUQLQJV

%HUGDVDUNDQ 8QGDQJXQGDQJ 3HUVHURDQ 8QGHU WKH ,QGRQHVLDQ /LPLWHG &RPSDQ\ /DZ
7HUEDWDV 8QGDQJXQGDQJ SHUXVDKDDQ /DZ FRPSDQLHV DUH UHTXLUHG WR VHW XS D
GLZDMLENDQ XQWXN PHPEHQWXN FDGDQJDQ VWDWXWRU\ UHVHUYH DPRXQWLQJ WR DW OHDVW RI
VHNXUDQJNXUDQJQ\D VHEHVDU GDUL MXPODK WKH&RPSDQ\¶VLVVXHGDQGSDLGXSFDSLWDO
PRGDOGLWHPSDWNDQGDQGLVHWRU

6DOGR ODED GLWHQWXNDQ SHQJJXQDDQQ\D SDGD 7KHEDODQFHRIDSSURSULDWHGUHWDLQHGHDUQLQJVDV
WDQJJDO 6HSWHPEHU GDQ 'HVHPEHU RI6HSWHPEHUDQG'HFHPEHU
WHUNDLW GHQJDQ 8QGDQJXQGDQJ WHUVHEXW LQ FRQQHFWLRQ ZLWK WKLV /DZ DPRXQWHG WR
PDVLQJPDVLQJ DGDODK VHEHVDU 5S DQG 5S
5SGDQ5S UHVSHFWLYHO\

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'LYLGHQ 'LYLGHQGV

%HUGDVDUNDQ 5DSDW 8PXP 3HPHJDQJ 6DKDP %DVHG RQ WKH &RPSDQ\¶V 6WRFNKROGHU¶V 0HHWLQJ
3HUXVDKDDQ \DQJ GLGRNXPHQWDVLNDQ GDODP $NWD DV GRFXPHQWHG LQ 1RWDULDO 'HHG 1R GDWHG
1R WDQJJDO -XQL GDUL 6\DULIXGLQ 6+ -XQHRI6\DULIXGLQ6+DSXEOLFQRWDU\LQ
QRWDULV GL -DNDUWD SDUD SHPHJDQJ VDKDP -DNDUWD WKH &RPSDQ\¶V VWRFNKROGHUV DJUHHG WR
3HUXVDKDDQWHODKPHQ\HWXMXLSHPEDJLDQGLYLGHQ GLVWULEXWH FDVK GLYLGHQGV WR VWRFNKROGHUV RI
WXQDL NHSDGD SHPHJDQJ VDKDP \DQJ QDPDQ\D UHFRUG DV RI -XQH DPRXQWLQJ WR
WHUFDWDW GDODP 'DIWDU 3HPHJDQJ 6DKDP 5S RU HTXLYDOHQW WR 5S SHU
3HUXVDKDDQ SDGD WDQJJDO -XQL GHQJDQ VKDUH
QLODL VHEHVDU 5S DWDX VHWDUD
GHQJDQ5SSHUVDKDP

%HUGDVDUNDQ 5DSDW 8PXP 3HPHJDQJ 6DKDP %DVHG RQ WKH &RPSDQ\¶V 6WRFNKROGHU¶V 0HHWLQJ
3HUXVDKDDQ \DQJ GLGRNXPHQWDVLNDQ GDODP $NWD DV GRFXPHQWHG LQ 1RWDULDO 'HHG 1R GDWHG
1R WDQJJDO 0HL GDUL 3 6XWULVQR $ 0D\ RI 3 6XWULVQR $ 7DPSXERORQ D
7DPSXERORQ QRWDULV GL -DNDUWD SDUD SHPHJDQJ SXEOLF QRWDU\ LQ -DNDUWD WKH &RPSDQ\¶V
VDKDP 3HUXVDKDDQ WHODK PHQ\HWXMXL SHPEDJLDQ VWRFNKROGHUV DJUHHGWR GLVWULEXWH FDVKGLYLGHQGV
GLYLGHQ WXQDL NHSDGD SHPHJDQJ VDKDP \DQJ WR VWRFNKROGHUV RI UHFRUG DV RI 0D\
QDPDQ\D WHUFDWDW GDODP 'DIWDU 3HPHJDQJ DPRXQWLQJWR5SRUHTXLYDOHQWWR
6DKDP 3HUXVDKDDQ SDGD WDQJJDO 0HL 5SSHUVKDUH
GHQJDQ QLODL VHEHVDU 5S DWDX
VHWDUDGHQJDQ5SSHUVDKDP

.HSHQWLQJDQ1RQSHQJHQGDOL 1RQ&RQWUROOLQJ,QWHUHVWV

0HUXSDNDQ EDJLDQ NHSHPLOLNDQ QRQSHQJHQGDOL 7KLV DFFRXQW UHSUHVHQWV WKH VKDUH RI QRQ
DWDV DVHW EHUVLK HQWLWDV DQDN GHQJDQ ULQFLDQ FRQWUROOLQJVWRFNKROGHUV RQ WKH QHW DVVHWV RI WKH
VHEDJDLEHULNXW VXEVLGLDULHVZLWKGHWDLOVDVIROORZV

6HSWHPEHU6HSWHPEHU
3HQ\HVXDLDQ1LODL 6HOLVLK7UDQVDNVL
3DVDU:DMDU6DKDP 3HQJKDVLODQ5XJL 3HUXEDKDQ(NXLWDV
7DPEDKDQ0RGDO (QWLWDV$QDN 6DOGR/DED /DED5XJL .RPSUHKHQVLI/DLQ (QWLWDV$QDN
'LVHWRU $GMXVWPHQWRQ)DLU 'HILVLW 7DKXQ%HUMDODQ 2WKHU 'LIIHUHQFH'XHWR
1DPD(QWLWDV$QDN 0RGDO6DKDP $GGLWLRQDO 9DOXH0DUNHWRID 5HWDLQHG(DUQLQJV 6KDUHLQ3URILW/RVV &RPSUHKHQVLYH &KDQJHLQ(TXLW\
1DPHRI6XEVLGLDU\ &DSLWDO6WRFN 3DLGLQ&DSLWDO 6XEVLGLDU\6KDUHV 'HILFLW )RU7KH<HDU 'LYLGHQ'LYLGHQGV ,QFRPH/RVV RID6XEVLGLDU\ -XPODK7RWDO
37'XWD3HUWLZL7EN
376LQDU0DV7HODGDQ
373XWUD$OYLWD3UDWDPD
370HNDQXVD&LSWD
376LQDU0DV:LVHVD
370LWUDNDU\D0XOWLJXQD
37:LMD\D3UDWDPD5D\D
37$QHND*UL\D%XPLQXVD
375R\DO2ULHQWDO
373KLQLVL0XOWL3URSHUWL
37%XPL6DPDULQGD'DPDL
37'XWD'KDUPD6LQDUPDV
376LQDU8VDKD0DUJD
37.HPEDQJDQ3HUPDL'HYHORSPHQW
373KLQLVLQGR=DPUXG1XVDQWDUD
373XWUD3UDEX.DU\D
37.DQDND*UDKDDVUL
37%XPL0HJDK*UDKD8WDPD
37%XPL0HJDK*UDKD$VUL
370XVWLND&DQGUDJXQD
373XWUD7LUWD:LVDWD
37'XWD9LUWXDO'RW&RP
37%XPL.DUDZDQJ'DPDL
373UDED6HODUDV3UDWDPD
37*UDKD'LSWD:LVHVD
377UDQV%6'%DODUDMD
-XPODK7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HV HPEHU 'H FHPEHU
3HQ \HVXDLDQ 1LOD L 6 HOLVLK7UDQVDNV L
3DVD U :DMDU6DKDP 3HQJ KDVLODQ 5XJL 3HUXEDKDQ( NXLWDV
7DPEDKDQ0RGD O (Q WLWDV $QDN 6D OGR /DED / DED5XJL .RPSUHKHQVLI/DLQ (Q WLWD V$Q DN
'LVHWRU $G MXVWPHQWRQ )DLU 'HILVLW 7DKXQ%HUMDODQ 2 WKHU 'LI IHUHQFH 'X HWR
1DPD (QWLWDV$QDN 0RGDO6DK DP $GGLWLRQDO 9DOXH0DUNHWRI D 5HWDLQ HG(DUQLQJV 3URILW /RVV &RPS UHKH QVLYH &KDQJHLQ( TXLW \
1DPHRI6 XEV LG LDU\ &DSLWDO6W RFN 3DLG LQ&DSLW DO 6XEVLGLDU\6KDUHV 'HILFLW )RU7KH < HDU 'LYLGHQ 'LYLGHQG V ,Q FRPH /RVV RI D6 XEVLG LDU\ -XPODK 7RW DO
37 'XWD3HUWLZL7EN
37 6LQDU 0DV7HODGDQ

37 3XWUD $ OYLWD3UDWDPD
37 0H NDQXVD&LS WD
37 6LQDU 0DV:LVHVD

37 0LWUDN DU\D0XOWLJXQD
37 :LMD\D3 UD WDPD5D\D

37 $QHND *UL\D%XPLQXVD
37 5R\DO2 ULHQWDO

37 3KLQLVL0XOWL3URSHUWL

37 %XPL6DPDULQG D'DPDL

37 'XWD'KDUPD6LQDUPDV
37 6LQDU 8VD KD0DUJD

37 .HPEDQJD Q3 HUPDL'HYHOR SPHQ W

37 3KLQLVLQGR=DPUXG 1XVDQWDUD

37 3XWUD 3 UDEX .D U\D

37 .DQDND *UDK DDVUL

37 %XPL0HJDK*UDKD8WDPD

37 0X VWLND&DQGUDJXQD
37 3XWUD 7LUW D:LVDWD

37 'XWD9LUWXDO'RW &RP

37 %XPL.DUDZDQJ 'DPDL

37 3UDED6HODUDV 3UDWDPD

37 *UDKD'LSWD :LVHVD

37 7UDQV% 6'% DODUDMD

-XPODK7RWDO

%HUGDVDUNDQ3HUQ\DWDDQ.HSXWXVDQ6LUNXOHU3DUD %DVHG RQ 6WRFNKROGHUV¶ &LUFXODU 'HFLVLRQ
3HPHJDQJ 6DKDP 37 0LWUDNDU\D 0XOWLJXQD 6WDWHPHQW RI 37 0LWUDNDU\D 0XOWLJXQD 0.0
0.0 \DQJ GLGRNXPHQWDVLNDQ GDODP $NWD ZKLFKZDVGRFXPHQWHGLQ1RWDULDO'HHG1R
1RWDQJJDO6HSWHPEHUGDUL+DQQ\ZDWL GDWHG6HSWHPEHURI+DQQ\ZDWL6XVLOR
6XVLOR6+0.QQRWDULVGL7DQJHUDQJ6HODWDQ 6+ 0.Q D SXEOLF QRWDU\ LQ 6RXWK
SDUD SHPHJDQJ VDKDP PHQ\HWXMXL XQWXN 7DQJHUDQJWKHVWRFNKROGHUVDJUHHGWRLQFUHDVH
PHQLQJNDWNDQPRGDOGLWHPSDWNDQGDQGLVHWRUGDUL LWV SDLGXS FDSLWDO IURP 5S
5S WHUGLUL GDUL FRQVLVWLQJ RI VKDUHV WR
VDKDP PHQMDGL 5S WHUGLUL GDUL 5S FRQVLVWLQJ RI
VDKDP DWDX SHQLQJNDWDQ VHEHVDU VKDUHV RU DQ LQFUHDVH RI 5S
5S WHUGLUL GDUL VDKDP FRQVLVWLQJRIVKDUHV7KHQRQFRQWUROOLQJ
%DJLDQ NHSHPLOLNDQ QRQSHQJHQGDOL DWDV NHQDLNDQ LQWHUHVW LQ UHODWLRQ WR WKLV WUDQVDFWLRQ DPRXQWHG
PRGDO LQL DGDODK VHEHVDU 5S WR 5S 7KHVH FKDQJHV KDV
3HUXEDKDQ LQL WHODK PHQGDSDW SHQHULPDDQ UHFHLYHG QRWLILFDWLRQ RI DFFHSWDQFH IURP WKH
SHPEHULWDKXDQGDUL.HPHQWHULDQ+XNXPGDQ+DN 0LQLVWHU RI /DZ DQG +XPDQ 5LJKWV RI WKH
$VDVL 0DQXVLD 5HSXEOLN ,QGRQHVLD GHQJDQ 6XUDW 5HSXEOLFRI,QGRQHVLDEDVHGRQKLV$FFHSWDQFH
3HQHULPDDQ 1R $+8$+ WDQJJDO /HWWHU 1R $+8$+ GDWHG
2NWREHU 2FWREHU

3HPHJDQJ 6DKDP 37 0LWUDNDU\D 0XOWLJXQD 6WDWHPHQW RI 37 0LWUDNDU\D 0XOWLJXQD 0.0
0.0 \DQJ GLGRNXPHQWDVLNDQ GDODP $NWD ZKLFKZDVGRFXPHQWHGLQ1RWDULDO'HHG1R
1RWDQJJDO'HVHPEHUGDUL+DQQ\ZDWL GDWHG'HFHPEHURI+DQQ\ZDWL6XVLOR
6XVLOR6+0.QQRWDULVGL7DQJHUDQJ6HODWDQ 6+ 0.Q D SXEOLF QRWDU\ LQ 6RXWK
SDUD SHPHJDQJ VDKDP PHQ\HWXMXL XQWXN 7DQJHUDQJWKHVWRFNKROGHUVDJUHHGWRLQFUHDVH
PHQLQJNDWNDQPRGDOGLWHPSDWNDQGDQGLVHWRUGDUL LWV SDLGXS FDSLWDO IURP 5S
5S WHUGLUL GDUL FRQVLVWLQJ RI VKDUHV WR
VDKDP PHQMDGL 5S WHUGLUL GDUL 5S FRQVLVWLQJ RI
VDKDP DWDX SHQLQJNDWDQ VHEHVDU VKDUHV RU DQ LQFUHDVH RI 5S
5S WHUGLUL GDUL VDKDP FRQVLVWLQJRIVKDUHV7KHQRQFRQWUROOLQJ
%DJLDQ NHSHPLOLNDQ QRQSHQJHQGDOL DWDV NHQDLNDQ LQWHUHVW LQ UHODWLRQ WR WKLV WUDQVDFWLRQ DPRXQWHG
PRGDO LQL DGDODK VHEHVDU 5S WR 5S 7KHVH FKDQJHV KDV
3HUXEDKDQ LQL WHODK PHQGDSDW SHQHULPDDQ UHFHLYHG QRWLILFDWLRQ RI DFFHSWDQFH IURP WKH
SHPEHULWDKXDQGDUL.HPHQWHULDQ+XNXPGDQ+DN 0LQLVWHU RI /DZ DQG +XPDQ 5LJKWV RI WKH
$VDVL 0DQXVLD 5HSXEOLN ,QGRQHVLD GHQJDQ 6XUDW 5HSXEOLFRI,QGRQHVLDEDVHGRQKLV$FFHSWDQFH
3HQHULPDDQ 1R $+8$+ WDQJJDO /HWWHU 1R $+8$+ GDWHG
-DQXDUL -DQXDU\

3HPHJDQJ 6DKDP 0.0 \DQJ GLGRNXPHQWDVLNDQ 6WDWHPHQW RI 0.0 ZKLFK ZDV GRFXPHQWHG LQ
GDODP $NWD 1R WDQJJDO 1RWDULDO 'HHG 1R GDWHG -XQH RI
-XQL GDUL +DQQ\ZDWL 6XVLOR 6+ 0.Q +DQQ\ZDWL 6XVLOR 6+ 0.Q D SXEOLF QRWDU\

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

QRWDULV GL 7DQJHUDQJ 6HODWDQ SDUD SHPHJDQJ LQ 6RXWK 7DQJHUDQJ 0.0 DJUHHG WR LQFUHDVH
VDKDP PHQ\HWXMXL XQWXN PHQLQJNDWNDQ PRGDO LWV SDLGXS FDSLWDO IURP 5S
GLWHPSDWNDQ GDQ GLVHWRU GDUL FRQVLVWLQJ RI VKDUHV WR
5S WHUGLUL GDUL 5S FRQVLVWLQJ RI
VDKDP PHQMDGL 5S WHUGLUL GDUL VKDUHV RU DQ LQFUHDVH RI 5S
VDKDP DWDX SHQLQJNDWDQ VHEHVDU FRQVLVWLQJ RI VKDUHV 7KH QRQ
5S WHUGLUL GDUL VDKDP FRQWUROOLQJLQWHUHVWLQUHODWLRQWRWKLVWUDQVDFWLRQ
%DJLDQ NHSHPLOLNDQ QRQSHQJHQGDOL DWDV DPRXQWHG WR 5S 7KHVH
SHQLQJNDWDQ PRGDO LQL DGDODK VHEHVDU FKDQJHVKDVUHFHLYHGQRWLILFDWLRQRIDFFHSWDQFH
5S3HUXEDKDQLQLWHODKPHQGDSDW IURP WKH 0LQLVWHU RI /DZ DQG +XPDQ 5LJKWV RI
SHQHULPDDQ SHPEHULWDKXDQ GDUL .HPHQWHULDQ WKH 5HSXEOLF RI ,QGRQHVLD EDVHG RQ KLV
+XNXP GDQ +DN $VDVL 0DQXVLD 5HSXEOLN $FFHSWDQFH /HWWHU 1R $+8$+
,QGRQHVLD GHQJDQ 6XUDW 3HQHULPDDQ GDWHG-XQH
1R $+8$+ SDGD WDQJJDO
-XQL

3HPHJDQJ 6DKDP 0.0 \DQJ GLGRNXPHQWDVLNDQ 6WDWHPHQW RI 0.0 ZKLFK GRFXPHQWHG RQ
GDODP $NWD 1R WDQJJDO 1RWDULDO 'HHG 1R GDWHG -XQH RI
-XQL GDUL +DQQ\ZDWL 6XVLOR 6+ 0.Q +DQQ\ZDWL 6XVLOR 6+ 0.Q D SXEOLF QRWDU\
QRWDULV GL 7DQJHUDQJ 6HODWDQ SDUD SHPHJDQJ LQ6RXWK7DQJHUDQJWKHVWRFNKROGHUVDJUHHGWR
VDKDP PHQ\HWXMXL XQWXN PHQLQJNDWNDQ PRGDO LQFUHDVH LWV DXWKRUL]HG FDSLWDO IURP
GDVDU GDUL 5S WHUGLUL GDUL 5S FRQVLVWLQJ RI
OHPEDU VDKDP PHQMDGL VKDUHV WR 5S FRQVLVWLQJ RI
5S WHUGLUL GDUL OHPEDU VKDUHV DW 5S SDU YDOXH SHU
VDKDP GHQJDQ QLODL QRPLQDO 5S SHU VKDUH DQG WR LQFUHDVH LWV LVVXHG DQG SDLGXS
VDKDPGDQPHQLQJNDWNDQPRGDOGLWHPSDWNDQGDQ FDSLWDO IURP 5S FRQVLVWLQJ RI
GLVHWRU GDUL 5S WHUGLUL GDUL VKDUHV WR 5S
VDKDP PHQMDGL 5S FRQVLVWLQJRIVKDUHVRUDQLQFUHDVHRI
WHUGLUL GDUL VDKDP DWDX SHQLQJNDWDQ 5S 7KH QRQFRQWUROOLQJ
VHEHVDU5S%DJLDQNHSHPLOLNDQ LQWHUHVW LQ UHODWLRQ WR WKLV WUDQVDFWLRQ DPRXQWHG
QRQSHQJHQGDOLDWDVSHQLQJNDWDQPRGDOLQLDGDODK WR 5S 7KHVH FKDQJHV ZDV
5S 3HUXEDKDQ LQL WHODK DSSURYHG E\ WKH 0LQLVWHU RI /DZ DQG +XPDQ
PHQGDSDW SHUVHWXMXDQ GDUL .HPHQWHULDQ +XNXP 5LJKWV RI WKH 5HSXEOLF RI ,QGRQHVLD EDVHG
GDQ +DN $VDVL 0DQXVLD GHQJDQ 6XUDW .HSXWXVDQ RQ KLV 'HFLVLRQ /HWWHU
1R $+8$+7DKXQ WDQJJDO 1R $+8$+<HDU GDWHG
-XQL -XQH

3DGD WDQJJDO 0HL 37 %XPL ,QGDK $VUL 2Q0D\37%XPL,QGDK$VULDFTXLUHG
PHQJDNXLVLVLNHSHPLOLNDQVDKDP37%XPL0HJDK RZQHUVKLS LQWHUHVW RI 37 %XPL 0HJDK *UDKD
*UDKD $VUL %0*$ GDUL 37 3DUDJD $UWDPLGD $VUL %0*$ IURP 37 3DUDJD $UWDPLGD WKH
SHPHJDQJ VDKDP 3HUXVDKDDQ GHQJDQ KDUJD &RPSDQ\ VKDUHKROGHU ZLWK SXUFKDVH SULFH
SHPEHOLDQ VHEHVDU 5S %DJLDQ DPRXQWLQJ WR 5S 7KH QRQ
NHSHQWLQJDQ QRQSHQJHQGDOL DWDV %0*$ DGDODK FRQWUROOLQJLQWHUHVWVKDUHLQ%0*$DPRXQWHGWR
5S 5S

3DGD EXODQ )HEUXDUL 0DUHW GDQ 0HL SDUD ,Q)HEUXDU\0DUFKDQG0D\VKDUHKROGHUV
SHPHJDQJ VDKDP 37 %XPL 0HJDK *UDKD 8WDPD RI 37 %XPL 0HJDK *UDKD 8WDPD %0*8
%0*8 VHWXMX XQWXN PHQLQJNDWNDQ PRGDO DJUHHGWRLQFUHDVHWKHSDLGXSFDSLWDO7KHQRQ
GLWHPSDWNDQ GDQ GLVHWRU %DJLDQ NHSHQWLQJDQ FRQWUROOLQJLQWHUHVWLQUHODWLRQWRWKLVWUDQVDFWLRQ
QRQSHQJHQGDOLDWDVSHQLQJNDWDQPRGDOLQLDGDODK DPRXQWHGWR5S
VHEHVDU5S

%HUGDVDUNDQ $NWD 3HQGLULDQ %0*8 1R %DVHG RQ (VWDEOLVKPHQW %0*8 'HHG 1R
WDQJJDO -DQXDUL GDUL .KULVQD 6DQMD\D GDWHG -DQXDU\ RI .KULVQD 6DQMD\D
37%XPL,QGDK$VULHQWLWDVDQDNGDQSLKDNNHWLJD 7DQJHUDQJ 37 %XPL ,QGDK $VUL D VXEVLGLDU\
PHQGLULNDQ %0*8 %DJLDQ NHSHQWLQJDQ DQGDWKLUGSDUW\HVWDEOLVKHG%0*87KHQRQ
QRQSHQJHQGDOL DWDV %0*8 DGDODK VHEHVDU FRQWUROOLQJ LQWHUHVW¶V VKDUH LQ %0*8 DPRXQWHG
5S WR5S

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3DGD EXODQ )HEUXDUL GDQ -XOL SDUD ,Q )HEUXDU\ DQG -XO\ VKDUHKROGHUV RI
SHPHJDQJ VDKDP 37 'XWD 'KDUPD 6LQDUPDV 37 'XWD 'KDUPD 6LQDUPDV DJUHHG WR LQFUHDVH
VHWXMX XQWXN PHQLQJNDWNDQ PRGDO GLWHPSDWNDQ WKH SDLGXSFDSLWDO 7KH QRQFRQWUROOLQJ LQWHUHVW
GDQ GLVHWRU %DJLDQ NHSHQWLQJDQ QRQSHQJHQGDOL LQ UHODWLRQ WR WKLV WUDQVDFWLRQ DPRXQWHG WR
DWDV SHQLQJNDWDQ PRGDO LQL DGDODK VHEHVDU5S
5S

%HUGDVDUNDQ $NWD 3HUQ\DWDDQ .HSXWXVDQ 6LUNXOHU %DVHG RQ 1RWDULDO 'HHG RI 6WDWHPHQW RI
3HPHJDQJ 6DKDP $NWD 1R WDQJJDO 6WRFNKROGHUV¶ 'HFLVLRQ 1R GDWHG
-DQXDUL GDUL +DQQ\ZDWL 6XVLOR 6+ -DQXDU\ RI +DQQ\ZDWL 6XVLOR 6+
0.Q QRWDULV GL 7DQJHUDQJ 6HODWDQ 37 6LQDU 0.Q D SXEOLF QRWDU\ LQ 6RXWK 7DQJHUDQJ
0DV 7HODGDQ 607 PHQXUXQNDQ PRGDO GLVHWRU 37 6LQDU 0DV 7HODGDQ 607 DJUHHG WR
GDUL 5S WHUGLUL GDUL GHFUHDVH SDLGXS FDSLWDO IURP 5S
VDKDP PHQMDGL 5S WHUGLUL GDUL FRQVLVWLQJ RI
VDKDP DWDX SHQXUXQDQ VHEHVDU VKDUHV WR 5S FRQVLVWLQJ RI
5S %DJLDQ NHSHPLOLNDQ VKDUHV RU GHFUHDVH RI
QRQSHQJHQGDOL DWDV SHQXUXQDQ PRGDO LQL DGDODK 5S 7KH QRQFRQWUROOLQJ
VHEHVDU5S LQWHUHVW LQ UHODWLRQ WR WKLV WUDQVDFWLRQ DPRXQWHG
WR5S

3HPHJDQJ 6DKDP 1R WDQJJDO 6WRFNKROGHUV¶ 'HFLVLRQ 1R GDWHG 2FWREHU
2NWREHU GDUL +DQQ\ZDWL 6XVLOR 6+ RI +DQQ\ZDWL 6XVLOR 6+ 0.Q D
0.Q QRWDULV GL 7DQJHUDQJ 6HODWDQ 607 SXEOLFQRWDU\LQ6RXWK7DQJHUDQJ607DJUHHG
PHQLQJNDWNDQ PRGDO GLVHWRU GDUL WR LQFUHDVH SDLGXS FDSLWDO IURP
5S WHUGLUL GDUL VDKDP 5S FRQVLVWLQJ RI
PHQMDGL 5S WHUGLUL GDUL VKDUHV WR 5S FRQVLVWLQJ RI
VDKDP DWDX SHQLQJNDWDQ VHEHVDU VKDUHV RU DQ LQFUHDVH RI
5S %DJLDQ NHSHPLOLNDQ 5S 7KH QRQFRQWUROOLQJ
QRQSHQJHQGDOLDWDVSHQLQJNDWDQPRGDOLQLDGDODK LQWHUHVW LQ UHODWLRQ WR WKLV WUDQVDFWLRQ DPRXQWHG
VHEHVDU5S WR5S

3HPHJDQJ 6DKDP 1R WDQJJDO 6WRFNKROGHUV¶ 'HFLVLRQ 1R GDWHG
)HEUXDUL GDUL +DQQ\ZDWL 6XVLOR 6+ )HEUXDU\ RI +DQQ\ZDWL 6XVLOR 6+
0.Q QRWDULV GL 7DQJHUDQJ 6HODWDQ D SXEOLF QRWDU\ LQ 6RXWK 7DQJHUDQJ 607
607 PHQLQJNDWNDQ PRGDO GLVHWRU GDUL DJUHHG WR LQFUHDVH SDLGXS FDSLWDO IURP
5S WHUGLUL GDUL VDKDP 5S FRQVLVWLQJ RI
PHQMDGL5SWHUGLULGDUL VKDUHV WR 5S FRQVLVWLQJ RI
VDKDP DWDX SHQLQJNDWDQ VHEHVDU VKDUHV RU DQ LQFUHDVH RI
5S %DJLDQ NHSHPLOLNDQ 5S7KHQRQFRQWUROOLQJLQWHUHVW
QRQSHQJHQGDOLDWDVSHQLQJNDWDQPRGDOLQLDGDODK LQ UHODWLRQ WR WKLV WUDQVDFWLRQ DPRXQWHG WR
VHEHVDU5S 5S

3DGD EXODQ 6HSWHPEHU SDUD SHPHJDQJ ,Q 6HSWHPEHU VKDUHKROGHUV RI 37 3KLQLVL
VDKDP 37 3KLQLVL 0XOWL 3URSHUWL 303 VHWXMX 0XOWL 3URSHUWL 303 DJUHHG WR LQFUHDVH WKH
XQWXN PHQLQJNDWNDQ PRGDO GLWHPSDWNDQ GDQ SDLGXSFDSLWDODPRXQWLQJWR5S
GLVHWRU VHEHVDU 5S %DJLDQ 7KH QRQFRQWUROOLQJ LQWHUHVW LQ UHODWLRQ WR WKLV
NHSHQWLQJDQ QRQSHQJHQGDOL DWDV SHQLQJNDWDQ WUDQVDFWLRQDPRXQWHGWR5S
PRGDOLQLDGDODKVHEHVDU5S

3DGD WDQJJDO )HEUXDUL 3HUXVDKDDQ GDQ 2Q )HEUXDU\ WKH &RPSDQ\ DQG
37 %XPL 3DUDPXGLWD 0DV PHQJDNXLVLVL VHOXUXK 37 %XPL 3DUDPXGLWD 0DV DFTXLUHG DOO
NHSHPLOLNDQ VDKDP 37 7UDQV%6' %DODUDMD GDUL RZQHUVKLS LQWHUHVW RI 37 7UDQV%6' %DODUDMD
SLKDN NHWLJD GHQJDQ KDUJD SHPEHOLDQ VHEHVDU IURP WKLUG SDUW\ ZLWK SXUFKDVH SULFH DPRXQWLQJ
5S 7UDQVDNVL LQL PHQLQJNDWNDQ WR5S7KLVWUDQVDFWLRQLQFUHDVHG
SHUVHQWDVH NHSHPLOLNDQ 3HUXVDKDDQ GDODP 7%% WKH RZQHUVKLS LQWHUHVW RI WKH &RPSDQ\ LQ 7%%
GDULPHQMDGL IURPWR

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HQGDSDWDQ8VDKD 5HYHQXHV

5LQFLDQGDULSHQGDSDWDQXVDKD*UXSEHUGDVDUNDQ 7KH GHWDLOV RI WKH *URXS¶V UHYHQXHV EDVHG RQ
NHORPSRNSURGXNXWDPDDGDODKVHEDJDLEHULNXW LWVSURGXFWOLQHIROORZV

6HPELODQ%XODQ EŝŶĞ 0R QWKV
6HSWHPEHU6HSWHPEHU

3HQMXD ODQ 6DOHV

7DQDK GDQEDQJXQDQ /DQGDQGEXLOGLQ JV
7DQDK GDQEDQJXQDQVWUDWDWLWOH /DQGDQGVWUDWDWLWOH

6HZD&DWDWDQ 5HQWDO1RWH
+RWHO +RWHO
$UHQDUHNUHDVL 5HFUHDWLRQDUHD
3HQJHO RODJHGXQJ %XLOGLQJ PDQDJHPHQ W

-DVDSHOD\DQDQ 6HUYLFHFKDUJH
3URPRVL 3URPR WLRQ
3UDVDUDQD 8WLOLWLHV
3DUNLU 3DUNL QJ
3HNHUMDDQGDQSHUEDLNDQ :RUNDQGUHSDLUV

/DLQODLQ 2WKHUV
-XPO DK 7RWDO

%HEDQ3RNRN3HQMXDODQ &RVWRI5HYHQXHV

6HP ELODQ%XODQEŝŶĞ 0 RQWKV
6HSWHP EHU6HSWHPEHU

%HEDQSRNRNSHQMXDODQ &RVWRIVDOHV
7DQDK GDQEDQJXQDQ /DQGDQG EXLOGLQJV
7DQDK GDQEDQJXQDQVWUDWDWLWOH /DQGDQG VWUDWDWLWOH

%HEDQODQJVXQJ 'LUHFWFRVWV
6HZD&DWDWDQ 5HQWDO1RWH
+RWHO +RWHO
$UHQDUHNUHDVL 5HFUHDWLRQ DUHD
3HQJHOROD*HGXQJ %XLOGLQJPDQDJHPHQW

-XPO DK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

0XWDVL EHEDQ SRNRN SHQMXDODQ DGDODK VHEDJDL ,QYHQWRULHV UHFRJQL]HG LQ FRVW RI UHYHQXHV
EHULNXW IROORZV

6HPELODQ%XODQ EŝŶĞ 0R QWKV
6HSWHPEHU6HS WHPEHU

3HUVHGLDDQDZDO %HJLQQLQJE DODQFH

5HNODVLILNDVL 5HFODVVLILFDWLRQ
%HEDQSURGXNVL 3URGXFWLRQFRVW
%DKDQEDNX 5DZPDWHULDOV
7HQDJ DNHUMD /DERXU
2YHUKHD G 2YHUKHDG
3HUVHGLDDQDNKLU (QGLQJEDOD QFH
-XPO DK 7RWDO

3DGD SHULRGHSHULRGH VHPELODQ EXODQ \DQJ )RU WKH QLQHPRQWK SHULRGV HQGHG
EHUDNKLU 6HSWHPEHU GDQ WLGDN 6HSWHPEHU DQG WKHUH ZHUH QR
WHUGDSDW SHPEHOLDQ GDUL SLKDN SHPDVRN GHQJDQ SXUFKDVHV IURP DQLQGLYLGXDOVXSSOLHU ZKLFK KDV
QLODL SHPEHOLDQ OHELK GDUL GDUL MXPODK D SXUFKDVH YDOXH RI PRUH WKDQ RI WKH WRWDO
SHQGDSDWDQXVDKD UHYHQXHV

%HEDQ3HQMXDODQ 6HOOLQJ([SHQVHV

6HPELODQ%XODQEŝŶĞ 0RQWKV
6HSWHPEHU6HSWHPEHU

,NODQ SURPRVLGD QNRPLVL $GYHUWLVLQJSURPRWLRQVDQG FRPPLVVLRQV

*DMLND U\DZDQ 6DODULHV
8WLOLWDVNRPXQLNDVLGDQSHUOH QJNDSDQND QWRU 8WLOLWLHVFRPPXQLFDWLR QDQGRIILFH HTXLSPHQW
2XWVRXUFLQJ 2XWVRXUFLQJ
.RQVXOWDQSHULMLQDQGDQOD\DQDQ &RQVXOWDQF\IHHVOLFHQFHVDQGVHUYLFHV
3HUEDLNDQGDQSHPHOLKDUDDQ 5HSDLUVDQGPDLQWHQDQFH
$VXUDQVL ,QVXUDQFH
-DPX DQ (QWHUWDLQPHQW
3HQ\XVXWDQ&DWDWDQ 'HSUHFLDWLRQ 1RWH
/DLQO DLQ 2WKHUV
-XPO DK 7RWDO

/DLQODLQ PHUXSDNDQ SHUMDODQDQ GLQDV GDQ 2WKHUV FRQVLVW RI EXVLQHVV UHODWHG WUDYHO DQG
RSHUDVLRQDOODLQQ\D RWKHURSHUDWLQJH[SHQVHV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

%HEDQ8PXPGDQ$GPLQLVWUDVL *HQHUDODQG$GPLQLVWUDWLYH([SHQVHV

6HSWHPEHU6HSWHPEHU

*DMLND U\DZDQ 6DODULHV

3HQ\XVXWDQ&DWDWDQ 'HSUHFLDWLRQ 1RWH
3HUEDLNDQGDQSHPHOLKDUDDQ 5HSDLUVDQGPDLQWHQDQFH
8WLOLWDVNRPXQLNDVLGDQSHUOH QJNDSDQND QWRU 8WLOLWLHVFRPPXQLFDWLR QDQGRIILFH VXSSOLHV
.RQVXOWDQGDQSHULMLQDQ &RQVXOWDQF\IHHVDQGOLFHQ VHV
,PEDO DQNHUMDMDQ JNDSDQMDQJ /RQJWHUPHPSOR\HHEHQHILWV
EHUVLK&DWDWDQ H[SHQVHQHW1R WH
%LD\D,7 ,7H [SHQVH
2XWVRXUFLQJ 2XWVRXUFLQJ
&RUSRUDWH VRFLDOUHVSRQVLELOLWLHV &RUSRUDWHVRFLDOUHVSRQVLELOLWLHV
3HUMDOD QDQGLQDV %XVLQHVVUHO DWHGWUDYHOV
-DPX DQGDQGRQDVL (QWHUWDLQPHQWDQGGRQDWLRQ
$VXUDQVL ,QVXUDQFH
6HZD 5HQWDO
/DLQO DLQ 2WKHUV
-XPO DK 7RWDO

,PEDODQ.HUMD-DQJND3DQMDQJ /RQJWHUP(PSOR\HH%HQHILWV

%HVDUQ\D LPEDODQ SDVFDNHUMD GLKLWXQJ 7KH DPRXQW RI SRVWHPSOR\PHQW EHQHILWV LV
EHUGDVDUNDQ SHUDWXUDQ \DQJ EHUODNX \DNQL GHWHUPLQHG EDVHG RQ /DZ 1R <HDU
8QGDQJXQGDQJ 1R 7DKXQ WDQJJDO GDWHG 0DUFK 1R IXQGLQJ RI WKH
0DUHW 7LGDN WHUGDSDW SHQGDQDDQ ORQJWHUP HPSOR\HH EHQHILWV KDV EHHQ PDGH WR
NKXVXV \DQJ GLVLVLKNDQ VHKXEXQJDQ GHQJDQ GDWH
LPEDODQNHUMDMDQJNDSDQMDQJWHUVHEXW

3HUKLWXQJDQ DNWXDULD WHUDNKLU DWDV OLDELOLWDV 7KH ODWHVW DFWXDULDO YDOXDWLRQ UHSRUW GDWHG
LPEDODQ NHUMD MDQJND SDQMDQJ XQWXN 3HUXVDKDDQ )HEUXDU\ RQ WKH ORQJWHUP HPSOR\HH
GLODNXNDQ ROHK 37 .LV $NWXDULD DNWXDULV EHQHILWVOLDELOLW\RIWKH&RPSDQ\ZDVIURP37.LV
LQGHSHQGHQ WHUWDQJJDO )HEUXDUL $NWXDULD DQ LQGHSHQGHQW DFWXDU\ 0HDQZKLOH
6HGDQJNDQ XQWXN SHUKLWXQJDQ DNWXDULD WHUDNKLU WKH ODWHVW DFWXDULDO YDOXDWLRQ UHSRUW GDWHG
DWDVOLDELOLWDVLPEDODQNHUMDMDQJNDSDQMDQJXQWXN )HEUXDU\ RQ WKH ORQJWHUP HPSOR\HH
HQWLWDV DQDN GLODNXNDQ ROHK 37 3DGPD 5DG\D EHQHILWV OLDELOLW\ RI &RPSDQ\¶V VXEVLGLDULHV ZDV
$NWXDULD DNWXDULV LQGHSHQGHQ WHUWDQJJDOIURP373DGPD5DG\D$NWXDULDDQLQGHSHQGHQW
)HEUXDUL DFWXDU\

-XPODKNDU\DZDQ\DQJEHUKDNDWDVLPEDODQNHUMD 1XPEHU RI HOLJLEOH HPSOR\HHV IRU ORQJWHUP
MDQJND SDQMDQJ WHUVHEXW VHEDQ\DN HPSOR\HHEHQHILWVLVLQ
NDU\DZDQSDGDWDKXQ

-XPODKMXPODK \DQJ GLDNXL GL ,DSRUDQ ODED UXJL $PRXQW UHFRJQL]HG LQ WKH FRQVROLGDWHG
GDQSHQJKDVLODQNRPSUHKHQVLIODLQNRQVROLGDVLDQ VWDWHPHQW RI SURILW RU ORVV DQG RWKHU
VHKXEXQJDQ GHQJDQ LPEDODQ SDVWL DGDODK FRPSUHKHQVLYH LQFRPH LQ UHVSHFW RI WKLV EHQHILW
VHEDJDLEHULNXW SODQVIROORZV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HSWHPEHU6HSWHPEHU

%LD\DMDVDNLQL &XUUHQWVHUYLFHFRVWV

3HQJKDVLODQMDVDODOX 3DVWVHUYLFHLQFRPH
%LD\DEXQJDQHWR 1HWLQWHUHVWH[SHQVH
-XPODKNRPSRQHQELD\DLPEDODQSDVWL 7RWDOFRPSRQHQWRIGHILQHGEHQHILWFRVWV
\DQJGLDNXLGLODEDUXJL UHFRJQL]HGLQSURILWRUORVV

0XWDVL OLDELOLWDV LPEDODQ NHUMD MDQJND SDQMDQJ 0RYHPHQWV RI ORQJWHUP HPSOR\HH EHQHILWV
\DQJ GLDNXL GL ODSRUDQ SRVLVL NHXDQJDQ OLDELOLW\ UHFRJQL]HG LQ WKH FRQVROLGDWHG
NRQVROLGDVLDQDGDODKVHEDJDLEHULNXW VWDWHPHQWVRIILQDQFLDOSRVLWLRQIROORZV

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
6DOGRDZDOSHULRGH %DODQFHDWWKHEHJLQQLQJRIWKHSHULRG

6DOGROLDELOLWDVLPEDODQNHUMDMDQJNDSDQMDQJ %DODQFHRIORQJWHUPHPSOR\HHEHQHILWV
HQWLWDVDQDN\DQJGLDNXLVLVLSDGDWDQJJDO OLDELOLW\RIDFTXLUHGVXEVLGLDU\DW
DNXLVLVL&DWDWDQF DFTXLVLWLRQGDWH1RWHF
%HEDQLPEDODQNHUMDMDQJNDSDQMDQJ /RQJWHUPHPSOR\HHEHQHILWV
SHULRGHEHUMDODQ H[SHQVHGXULQJWKHSHULRG
3HPED\DUDQLPEDODQNHUMDMDQJNDSDQMDQJ %HQHILWVSD\PHQWVGXULQJWKHSHULRG

%HEDQ LPEDODQ NHUMD MDQJND SDQMDQJ VHEHVDU /RQJWHUP HPSOR\HH EHQHILWV H[SHQVH
5SGDQ5SXQWXN DPRXQWLQJ WR 5S DQG
SHULRGHSHULRGH VHPELODQ EXODQ \DQJ EHUDNKLU 5S IRU WKH QLQHPRQWK SHULRGV
6HSWHPEHU GDQ GLVDMLNDQ VHEDJDL HQGHG 6HSWHPEHU DQG
EDJLDQ GDUL ³%HEDQ XPXP GDQ DGPLQLVWUDVL´ UHVSHFWLYHO\ DUH LQFOXGHG LQ ³*HQHUDO DQG
&DWDWDQ DGPLQLVWUDWLYHH[SHQVHV´1RWH

$VXPVLDVXPVL DNWXDULDO XWDPD \DQJ GLJXQDNDQ 3ULQFLSDO DFWXDULDO DVVXPSWLRQV XVHG LQ WKH
GDODPSHUKLWXQJDQLPEDODQNHUMDMDQJNDSDQMDQJ YDOXDWLRQ RI WKH ORQJWHUP HPSOR\HH EHQHILWV

6HSWHPEHUGDQ'HVHPEHU
6HSWHPEHUDQG'HFHPEHU
7LQJNDWGLVNRQWR 'LVFRXQWUDWH

7LQJNDWNHQDLNDQJDML )XWXUHVDODU\LQFUHDVHV
7LQJNDWSHUSXWDUDQNDU\DZDQ SHUWDKXQVDPSDLGHQJDQ /HYHORIHPSOR\HHWXUQRYHU
XVLDWDKXQGDQPHQXUXQVHFDUD
OLQHDUPHQMDGLSDGDXVLDWDKXQ
SHUDQQXPXQWLODJH
\HDUVWKHQGHFUHDVH
OLQHDUO\WRXQWLODJH

$QDOLVD VHQVLWLYLWDV OLDELOLWDV LPEDODQ SDVWL GL 7KH VHQVLWLYLW\ DQDO\VLV RQ WKH GHILQHG EHQHILW
EDZDK LQL GLWHQWXNDQ EHUGDVDUNDQ NHPXQJNLQDQ REOLJDWLRQ VHW RXW EHORZ KDYH EHHQ GHWHUPLQHG
SHUXEDKDQ DVXPVL \DQJ WHUMDGL SDGD DNKLU EDVHG RQ UHDVRQDEO\ SRVVLEOH FKDQJHV RI WKH
SHULRGH SHODSRUDQ GHQJDQ DVXPVL ODLQQ\D UHVSHFWLYH DVVXPSWLRQV RFFXULQJ DW WKH HQG RI
GLDQJJDSWHWDS WKH UHSRUWLQJ SHULRG ZKLOH KROGLQJ DOO RWKHU
FRQVXPSWLRQFRQVWDQW

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HVHPEHU'HFHPEHU
.HQDLNDQ3HQXUXQDQ/LDELOLWDV,PEDODQ3DVWL
'HILQHG%HQHILW/LDELOLW\,QFUHDVH'HFUHDVH
3HUXEDKDQDVXPVL .HQDLNDQGDULDVXPVL 3HQXUXQDQDVXPVL
&KDQJHLQ$VVXPSWLRQV ,QFUHDVHLQ$VVXPSWLRQV 'HFUHDVHLQ$VVXPSWLRQV
%XQJDGLVNRQWR 'LVFRXQWUDWH

7LQJNDWNHQDLNDQJDML 6DODU\JURZWKUDWH

3HQGDSDWDQ%XQJDGDQ,QYHVWDVL ,QWHUHVWDQG,QYHVWPHQW,QFRPH

6HPELODQEXODQ1LQHPRQWKV
6HSWHPEHU6HSWH PEHU

3HQGDS DWDQEXQJDD WDV ,QWHUHVWLQFR PHIURP

'HSRVLWREHUMDQ JND 7LPHGHSRVLWV
-DVDJLUR &XUUHQWDFFRXQWV
6HZDSHPELD\DDQ&DWDWD Q )LQDQFHOHDVH1RWH
3LQMDPDQ /RDQV
2EOLJDVL&DWDWDQ ,QYHVWPHQWVLQERQGV1R WH
$PRUWLVDVLGDPSDNSHQGLVNRQ WRDQ $PRUWL]DWLRQRIHIIHFWRIGLVFRXQWLQJRI
DVHWNHXDQJDQ ILQDQFLDODVVHWV
-XPODK 7RWDO

%HEDQ%XQJDGDQ.HXDQJDQ/DLQQ\D ,QWHUHVWDQG2WKHU)LQDQFLDO&KDUJHV

6HSWHPEHU6HSWH PEHU

%HEDQEXQJDDWDV ,QWHUHVWH[SHQVH
8WDQJREOLJDVL &DWDWDQ %RQGVSD\D EOH1RWH
8WDQJEDQNMDQJNDSHQGHN &DWDWDQ 6KRUWWHUPEDQNORDQV1RWH
$PRUWLVDVLELD\D HPLVLREOLJDVL $PRUWL]DWLRQRIERQGVLVVXDQFHFRVW
&DWDWDQ 1RWH
6HZD&DWDWDQ /HDVH1RWH
$PRUWLVDVLGDPSDNSHQGLVNRQ WRDQ $PRUWL]DWLRQRIHIIHFWRIGLVFRXQWLQJ
OLDELOLWDVNH XDQJDQ ILQDQFLDOOLDELOLWLH V
-XPO DK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

/DLQODLQ±%HUVLK 2WKHUV±1HW

6HSWHPEHU6HSWH PEHU

.HXQWXQJDQGDULNHJLDWDQ
SHQJHORODDQEHUVLK *DLQIURPHVWD WHPDQDJHPHQWQHW
-DVDPDQDMHPHQ 0DQDJHPHQWIHHV
/DLQO DLQEHUVLK 2WKHUVQHW
-XPODKEHUVLK 7RWDO

3HUSDMDNDQ 7D[DWLRQ

D 3DMDN.LQL D &XUUHQW7D[

5HNRQVLOLDVL DQWDUD ODED VHEHOXP SDMDN $ UHFRQFLOLDWLRQ EHWZHHQ SURILW EHIRUH
PHQXUXW ODSRUDQ ODED UXJL GDQ SHQJKDVLODQ WD[SHUFRQVROLGDWHGVWDWHPHQWVRISURILWRU
NRPSUHKHQVLI ODLQ NRQVROLGDVLDQ GHQJDQ ORVV DQG RWKHU FRPSUHKHQVLYH LQFRPH DQG
ODEDNHQDSDMDNDGDODKVHEDJDLEHULNXW WD[DEOHLQFRPHIROORZV

/DEDVHEHOXPSDMDNPHQXUXWODSRUDQ 3URILWEH IRUHWD[SHUFRQVROLGDWHG

ODEDUXJLGDQSHQJKDVLODQ VWDWHPHQWVRISURILWRUORVV
NRPSUHKHQVLIODLQNRQVROLGDVLDQ DQ GRWKHUFRPS UHKHQVLYHLQFRPH
'LWDPEDKEHEDQSDM DNILQDO3HUXVDKDDQ $GGILQDOWD[H[SH QVHRIWKH&RPSDQ\
3HQ\HVXD LDQXQWXNEHEDQSHQGDSDWDQ $GGGHG XFWH[SHQVHVLQ FRPH
\DQJ EHUVLIDWILQDOEHUVLK DO UHDG\VXEMHFWH GWRILQDOWD[QHW
/DEDVHEHOXPSDMDN 3URILWEH IRUHWD[
/DEDHQWLWDVDQDNVHEHOXPSD MDN 3URILWEH IRUHWD[RIWKHVXEVLGLDULHV
/DEDNHQDSDMDNUXJLILVNDO 7D[DEOHLQFRPHORVVHV

3HUKLWXQJDQ EHEDQ SDMDN NLQL GDQ XWDQJ 7KHFXUUHQWWD[H[SHQVHDQGWD[HVSD\DEOH
SDMDNDGDODKVHEDJDLEHULNXW DUHFRPSXWHGDVIROORZV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HPELODQEXODQ1LQHPR QWKV
6HSWHPEHU6HSWH PEHU

3HUXVDKDDQ &RPSD Q\

(QWLWDVDQDN 6XEVLGLDULHV
37'XWD&DNUD3HVRQD 37'XWD&DNUD3HVRQD
373HUZLWD0DUJDVD NWL 373HUZLWD0DUJDVDNWL
373KLQLVLQGR=DPUX G1XVDQWDUD 373KLQLVLQGR=DPUXG1XVDQWDUD
376LQDU0DV:LVHVD 376LQDU0DV:LVHVD
375R\DO2ULH QWDO 375R\DO2UL HQWDO
376LQDUZLMD \D(NDSUDWLVWD 376LQDUZLM D\D(NDSUDWLVWD
376LQDU:LVDWD/HVWDUL 376LQDU:LVDWD/HVWDUL
373XWUD $OYLWD3UDWDPD 373XWUD $OYLWD3UDWDPD
37.HPEDQJDQ3HUPDL'HYHORSPHQW 37.HPEDQJDQ3HUPDL'HYHORSPHQW
373ULPD6HKDWL 373ULPD6HKDWL
37.DQDND*UDKDDVUL 37.DQDND*UDKDDVUL
-XPODK 6XEWRWDO
-XPO DKEHEDQSDMDN 7RWDOFX UUHQWWD[H[S HQVH
3DMDNSHQJKDVLOD QGLED\DUGLPXND /HVVSUHSDLGLQFRPHWD[HV

3HUXVDKDDQ &R PSDQ\
-XPODK 7RWDO
8WDQJSDMDNSHULRGH EHUMDODQ 7D[SD\DEOHFXUUH QWSHULRG

3HUXVDKDDQ &R PSDQ\
-XPODK 7RWDO
8WDQJSDMDNSHULRGH VHEHOXPQ\D 7D[SD\DEOHSUHYLR XVSHULRG

-XPODK 7RWDO
8WDQJSDMDN 7D[SD\DEOH
7HUGLULGDU L 'HWDLO V

8WDQJSDMDN 7D[HVSD\DEOH
3HUXVDKDDQ &RPSDQ \
-XPODK 7RWDO

8WDQJSDMDNSHULRGHVHEHOXPQ\D 7D[HVSD\DE OHSULRUSHULRG
-XPO DK&DWDWDQ 7RWDO1RWH

/DED NHQD SDMDN WDKXQ 3HUXVDKDDQ 7KH WD[DEOH LQFRPH LQ RI WKH
WHODK VHVXDL GHQJDQ 6XUDW 3HPEHULWDKXDQ &RPSDQ\ LV LQ DFFRUGDQFH ZLWK WKH
7DKXQDQ 637 \DQJ GLVDPSDLNDQ ROHK FRUSRUDWH LQFRPH WD[ UHWXUQV ILOHG ZLWK WKH
3HUXVDKDDQ NHSDGD .DQWRU 3HOD\DQDQ 7D[6HUYLFH2IILFH
3DMDN

E 3DMDN)LQDO E )LQDO7D[

3HUKLWXQJDQ EHEDQ SDMDN ILQDO GDQ SDMDN 7KHILQDOWD[H[SHQVHDQGSUHSDLGWD[HVDUH
GLED\DUGLPXNDDGDODKVHEDJDLEHULNXW FRPSXWHGIROORZV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HSWHPEHU6HSWHPEHU

3DMDNSHQJKDVLODQILQDO )LQDOLQFRPHWD[
3HQMXDODQ 6DOHV
6HZDGDQMDVDSHOD\DQDQ 5HQWDODQGVHUYLFHFKDUJH
-XPODK 6XEWRWDO
375R\DO2ULH QWDO 375R\DO2ULHQWDO
37'XWD3HUWLZL7E N 37'XWD3HUWLZL7EN
376LQDU0DV7HODGDQ 376LQDU0DV7HODGDQ
376LQDU0DV:LVHVD 376LQDU0DV:LVHVD
373XWUD $OYLWD3UDWDPD 373XWUD$OYLWD3UDWDPD
373HUZLWD0DUJDVDNWL 373HUZLWD0DUJDVDNWL
373ULPD6HKDWL 373ULPD6HKDWL
373KLQLVLQGR=DPUXG1XVDQWDUD 373KLQLVLQGR=DPUXG1XVDQWDUD
37:LMD\D3UDWDPD5D\D 37:LMD\D3UDWDPD5D\D
37*DUZLWD6HQWUD8WDPD 37*DUZLWD6HQWUD8WDPD
376LQDUZLMD\D(NDSUDWLVWD 376LQDUZLMD\D(NDSUDWLVWD
37$QHNDJUL\D%XPLQXVD 37$QHNDJUL\D%XPLQXVD
370LVD\D3URSHULQGR 370LVD\D3URSHULQGR
37.HPEDQJDQ3HUPDL 37.HPEDQJDQ3HUPDL
'HYHORSPHQW 'HYHORSPHQW
37%XPL,QGDK$VUL
370HNDQXVD&LSWD 370HNDQXVD&LSWD
376DUDQDSDSDQ(NDVHMDWL 376DUDQDSDSDQ(NDVHMDWL
376LQDUZLVDWD/HVWDUL 376LQDUZLVDWD/HVWDUL
373XWUD 3UDEX.DU\D 373XWUD3UDEX.DU\D
373XWUD 7LUWD:LVDWD 373XWUD7LUWD:LVDWD
370XVWLND.DU\D6HMDWL 370XVWLND.DU\D6HMDWL
37.DQDND*UDKDDVUL 37.DQDND*UDKDDVUL
37%XPL6HQWUD6HODUDV 37%XPL6HQWUD6 HODUDV
370LWUDNDU\D0XOWLJXQD 370LWUDNDU\D0XOWLJXQD
-XPODK 6XEWRWDO
-XPO DK 7RWDO
3DMDNSHQJKDVLODQGLED\DUGLPXND /HVVSUHSDLGLQFRPHWD[HV
)L QDO )LQDO
-XPODK 7RWDO
3DMDNGLED\DUGLPXND 3UHSDLGWD[HV
7HUGLULGDU L 'HWDLOV

3HUXVDKDDQ &RPSDQ\
-XPODK&DWDWDQ 7RWDO1RWH

F 6XUDW.HWHWDSDQ3DMDN F 7D[$VVHVVPHQW/HWWHU

6HODPDWDKXQ3HUXVDKDDQPHQHULPD ,QWKH&RPSDQ\UHFHLYHG7D[,QYRLFH
6XUDW 7DJLKDQ 3DMDN DWDV 3DMDN IRU 9DOXH $GGHG 7D[ )LQDO ,QFRPH 7D[ DUW
3HUWDPEDKDQ 1LODL 3DMDN 3HQJKDVLODQ DQG )LQDO ,QFRPH 7D[ DUW IRU ILVFDO
33K 3DVDO GDQ 33K 3DVDO XQWXN \HDUVDQGZKLFKKDGEHHQ
WDKXQ ILVNDO GDQ \DQJ VHWWOHGE\WKH&RPSDQ\LQ
WHODK GLOXQDVL ROHK 3HUXVDKDDQ SDGD WDKXQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

/DED3HU6DKDP'DVDU %DVLF(DUQLQJV3HU6KDUH

3HUKLWXQJDQ ODED SHU VDKDP GDVDU DGDODK 7KH FDOFXODWLRQ RI EDVLF HDUQLQJV SHU VKDUH

6HSWHPEHU6HSWHPEHU

-XPODKODED\DQJGLJXQDNDQGD ODP 3URILWIRUFRPSXWDWLRQRIEDVLFHDUQLQJV

SHUKLWXQJDQODEDSHUVDKDPGDVDU SHUVKDUH
-XPODKODEDEHUVLK\DQJGLDWULEXVLNDQ 3URILWDWWULE XWDEOHWRRZQHUVRI
NHSDGDSHPLOLNHQWLWDVLQGXN WKH&R PSDQ\
-XPODKUDWDUDWDWHUWLPEDQJVDKDP :HLJKWHGDYHUDJHQXPEHURIVKDUHV
GDODPOHPEDUVDKDPSHQXK RXWVWDQG LQJLQIXOOQXPEHURIVKDUHV
/DEDSHUVDKDPGD VDU %DVLFHDUQLQJVSHUVKDUH

6LIDWGDQ7UDQVDNVL+XEXQJDQ%HUHODVL 1DWXUHRI5HODWLRQVKLSDQG7UDQVDFWLRQVZLWK
5HODWHG3DUWLHV

5LQFLDQ VLIDW KXEXQJDQ GDQ MHQLV WUDQVDNVL \DQJ 7KH GHWDLOV RI WKH QDWXUH RI UHODWLRQVKLS DQG WKH
PDWHULDO GHQJDQ SLKDN EHUHODVL DGDODK VHEDJDL VLJQLILFDQW WUDQVDFWLRQV ZLWK UHODWHG SDUWLHV
EHULNXW IROORZV

6LIDW3LKDN%HUHODVL 1DWXUHRI5HODWLRQVKLS

D 37 3DUDJD $UWDPLGD 37 (NDFHQWUD D 37 3DUDJD $UWDPLGD 37 (NDFHQWUD
8VDKDPDMX 37 6HUDVL 1LDJD 6DNWL 8VDKDPDMX 37 6HUDVL 1LDJD 6DNWL
37 0HWURSROLWDQ 7UDQVFLWLHV ,QGRQHVLD 37 0HWURSROLWDQ 7UDQVFLWLHV ,QGRQHVLD
376LPDV7XQJJDO&HQWUH373HPEDQJXQDQ 37 6LPDV 7XQJJDO &HQWUH
-D\D37$QHND.DU\D$PDUWD37$SWD&LWUD 37 3HPEDQJXQDQ -D\D 37 $QHND .DU\D
8QLYHUVDO 37 'LDQ 6ZDVWDWLND 6HQWRVD 7EN $PDUWD 37 $SWD &LWUD 8QLYHUVDO 37 'LDQ
37 %KLQHND .DU\D 3UDWDPD 37 $QDQJJD 6ZDVWDWLND6HQWRVD7EN37%KLQHND.DU\D
3HUWLZL 0HJDK GDQ 37 1LUPDOD ,QGDK 6DNWL 3UDWDPD 37 $QDQJJD 3HUWLZL 0HJDK DQG
PHUXSDNDQSHPHJDQJVDKDP3HUXVDKDDQ 371LUPDOD,QGDK6DNWLDUHVWRFNKROGHUVRI
WKH&RPSDQ\

E (QWLWDV\DQJVHEDJLDQSHPHJDQJVDKDPGDQ E 7KHFRPSDQLHVZKLFKKDYHSDUWO\WKHVDPH
SHQJXUXV DWDX PDQDMHPHQQ\D VDPD GHQJDQ VWRFNKROGHUV DQG PDQDJHPHQW DV WKH
*UXS\DLWX *URXSDUHDVIROORZV

37$UDUD$EDGL 37,YR0DV7XQJJDO
37$VXUDQVL6LQDUPDV 37.%,QVXUDQFH,QGRQHVLD
37%DQN6LQDUPDV7EN 37 /RQWDU 3DS\UXV 3XOS 3DSHU
37%LQWDUR6HUSRQJ'DPDL ,QGXVWU\
37%XPL3HUPDL/HVWDUL 373DEULN.HUWDV7MLZL.LPLD7EN
37%XPL0HJDK*UDKD$VUL 373HPEDQJXQDQ'HOWDPDV
37&DNUDZDOD0HJD,QGDK 373LQGR'HOL3XOSDQG3DSHU0LOOV
37'DPDL,QGDK*ROI7EN 376DPDNWD0LWUD
37'LDQ6ZDVWDWLND6HQWRVD7EN 376LQDUPDV$VVHW0DQDJHPHQW
37'6633RZHU6XPVHO 37 6LQDU 0DV $JUR 5HVRXUFHV
37'6633RZHU.HQGDUL DQG7HFKQRORJ\7EN
37'6633RZHU8WDPD 376LQDU0DV0XOWLDUWKD7EN
37(NDPDV,QWHUQDWLRQDO+RVSLWDO 376LQDU0DV6SHFLDOW\0LQHUDOV
37*OREDO0HGLD7HOHNRPLQGR 376LQDU0DV7XQJJDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

37*ROGHQ(QHUJ\0LQHV7EN 376LQDUPDV6HNXULWDV
37*XQXQJ0XQDUD 376LQDUPDV5HQGUDQXVD
37,QGDK.LDW3XOS 3DSHU7EN 376XPEHU,QGDK3HUNDVD
37,QWHUFLSWD.LPLD3UDWDPD 376PDUWIUHQ7HOHFRP7EN

F 3DGD WDQJJDO 6HSWHPEHU HQWLWDV F ,Q 6HSWHPEHU LQYHVWPHQWV LQ 37
\DQJ GLFDWDW GHQJDQ PHQJJXQDNDQ PHWRGH 0DWUD 2ODKFLSWD 02& 37 'XWDNDU\D
HNXLWDV \DLWX 37 0DWUD 2ODKFLSWD 02& 3URSHUWLQGR '.3 37 &LWUDDJXQJ 7LUWD
37 'XWDNDU\D 3URSHUWLQGR '.3 -DWLP &7- 37 $06/ ,QGRQHVLD $06/,
37 &LWUDDJXQJ 7LUWD -DWLP &7- 37 $06/ 'HOWD 0DV $06/'
37$06/,QGRQHVLD$06/,37$06/'HOWD 37 %LQDPDMX 0LWUD 6HMDWL %06
0DV $06/' 37 %LQDPDMX 0LWUD 6HMDWL 37 ,QGRQHVLD ,QWHUQDWLRQDO ([SR ,,( %.6
%0637,QGRQHVLD,QWHUQDWLRQDO([SR,,( 3DVDU 3DJL ± ,7& 0DQJJD 'XD %.6
%.6 3DVDU 3DJL ± ,7& 0DQJJD 'XD %.6 37 %XPL 3DUDPD :LVHVD %3:
37 %XPL 3DUDPD :LVHVD %3: 37 ,QGRQHVLD ,QWHUQDVLRQDO *UDKD ,,*
37 ,QGRQHVLD ,QWHUQDVLRQDO *UDKD ,,* 37 ,WRPDV .HPEDQJDQ 3HUGDQD ,.3
37 ,WRPDV .HPEDQJDQ 3HUGDQD ,.3 37 3OD]D ,QGRQHVLD 5HDOW\ 7EN 3/,1
37 3OD]D ,QGRQHVLD 5HDOW\ 7EN 3/,1 37 7UDQV %XPL 6HUEDUDMD 7%6 37 %6'
37 7UDQV %XPL 6HUEDUDMD 7%6 37 %6' 'LDPRQG 'HYHORSPHQW %''
'LDPRQG 'HYHORSPHQW %'' 37 .DUDZDQJ 37 .DUDZDQJ %XNLW *ROI .%* DQG
%XNLW *ROI .%* GDQ 37 +HUPLQD 6LQDU 37 +HUPLQD 6LQDU 0HGLNDPDV DUH
0HGLNDPDV DFFRXQWHGIRUXVLQJWKHHTXLW\PHWKRG

3DGD WDQJJDO 'HVHPEHU HQWLWDV ,Q 'HFHPEHU LQYHVWPHQWV LQ
\DQJ GLFDWDW GHQJDQ PHQJJXQDNDQ PHWRGH 02& '.3 &7- $06/, $06/' %06
HNXLWDV \DLWX 02& '.3 &7- $06/, ,,( %.6 %3: ,,* ,.3 3/,1 7%6 DQG
$06/' %06 ,,( %.6 %3: ,,* ,.3 %'' DUH DFFRXQWHG IRU XVLQJ WKH HTXLW\
3/,17%6GDQ%'' PHWKRG

7UDQVDNVLGHQJDQ3LKDN%HUHODVL 7UDQVDFWLRQVZLWK5HODWHG3DUWLHV

,NKWLVDU WUDQVDNVL GHQJDQ SLKDNSLKDN EHUHODVL $ VXPPDU\ RI WUDQVDFWLRQV ZLWK UHODWHG SDUWLHV
SDGDDGDODKVHEDJDLEHULNXW IROORZV

D $NXQDNXQ EHULNXW PHUXSDNDQ WUDQVDNVL D 7KH DFFRXQWV LQYROYLQJ WUDQVDFWLRQV ZLWK
GHQJDQSLKDNEHUHODVL UHODWHGSDUWLHVDUHDVIROORZV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HUVHQWDVH7HUKDGDS
-XPODK$VHW/LDELOLWDV
3HUFHQWDJHWR7RWDO$VVHWV/LDELOLWLHV

$VHW $VVHWV
37%DQN6LQDUPDV7EN 37%DQN6LQDUPDV7EN
%DQN &DVKLQEDQNV
'HSRVLWREHUMDQJND 7LPHGHSRVLWV
37%DQN6LQDUPDV7ENXQLWXVDKD6\DULDK 37%DQN6LQDUPDV7EN6\DULDKXQLW
%DQN &DVKLQEDQNV
-XPODK 7RWDO
,QYHVWDVLMDQJNDSHQGHN 6KRUWWHUP,QYHVWPHQWV
6XUDWEHUKDUJDEHUVLK ,QYHVWPHQWLQVHFXULWLHVQHW
'LNHORODROHKPDQDJHULQYHVWDVL
376LQDUPDV$VVHW0DQDJHPHQW 376LQDUPDV$VVHW0DQDJHPHQW
2EOLJDVL %RQG
376LQDU0DV$JUR5HVRXUFHV 376LQDU0DV$JUR5HVRXUFHV
DQG7HFKQRORJ\7EN DQG7HFKQRORJ\7EN
-XPODK 7RWDO
3LXWDQJXVDKD 7UDGHDFFRXQWVUHFHLYDEOH
37(NDPDV,QWHUQDWLRQDO+RVSLWDO 37(NDPDV,QWHUQDWLRQDO+RVSLWDO
37*ROGHQ(QHUJ\0LQHV7EN 37*ROGHQ(QHUJ\0LQHV7EN
376LQDUPDV0XOWLDUWKD7EN 376LQDUPDV0XOWLDUWKD
37/RQWDU3DS\UXV3XOS 3DSHU,QGXVWU\ 37/RQWDU3DS\UXV3XOS 3DSHU,QGXVWU\
37,QGDK.LDW3XOS 3DSHU7EN 37,QGDK.LDW3XOS 3DSHU7EN
373DEULN.HUWDV7MLZL.LPLD7EN 373DEULN.HUWDV7MLZL.LPLD7EN
37*OREDO0HGLD7HOHNRPLQGR 37*OREDO0HGLD7HOHNRPLQGR
373LQGR'HOL3XOSDQG3DSHU0LOOV 373LQGR'HOL3XOSDQG3DSHU0LOOV
37$UDUD$EDGL 37$UDUD$EDGL
37,YR0DV7XQJJDO 37,YR0DV7XQJJDO
373XULPDNPXU6LQDU*OREDOLQGR 373XULPDNPXU6LQDU*OREDOLQGR
373XULQXVD(NDSHUVDGD 373XULXVD(NDSHUVDGD
376LQDUPDV6SHFLDOW\0LQHUDOV 6,1$50$663(&,$/7<0,1(5$/6
/DLQODLQPDVLQJPDVLQJ 2WKHUVEHORZ
GLEDZDK5SMXWD 5SPLOOLRQ
-XPODK 7RWDO
37,WRPDV.HPEDQJDQ3HUGDQD
37*XQXQJ0XQDUD 37*XQXQJ0XQDUD
376LQDU0DV7XQJJDO 376LQDU0DV7XQJJDO
/DLQODLQPDVLQJPDVLQJ 2WKHUVEHORZ
GLEDZDK5SMXWD 5SPLOOLRQ
-XPODK 7RWDO
%LD\DGLED\DUGLPXND 3UHSDLGH[SHQVHV
37$VXUDQVL6LQDU0DV 37$VXUDQVL6LQDU0DV
3LXWDQJSLKDNEHUHODVLQRQXVDKD 'XHIURPUHODWHGSDUW\
37,WRPDV.HPEDQJDQ3HUGDQD 37,WRPDV.HPEDQJDQ3HUGDQD
37,QGRQHVLD,QWHUQDWLRQDO([SR 37,QGRQHVLD,QWHUQDWLRQDO([SR
-XPODK
,QYHVWDVLGDODPVDKDP ,QYHVWPHQWVLQVKDUHV
0HWRGHHNXLWDV (TXLW\PHWKRG
373OD]D,QGRQHVLD5HDOW\7EN 373OD]D,QGRQHVLD5HDOW\7EN
37%XPL3DUDPD:LVHVD 37%XPL3DUDPD:LVHVD
37,QGRQHVLD,QWHUQDWLRQDO([SR 37,QGRQHVLD,QWHUQDWLRQDO([SR
37$06/'HOWD0DV 37$06/'HOWD0DV
37%6''LDPRQG'HYHORSPHQW 37%6''LDPRQG'HYHORSPHQW
37%LQDPDMX0LWUD6HMDWL 37%LQDPDMX0LWUD6HMDWL
377UDQV%XPL6HUEDUDMD 377UDQV%XPL6HUEDUDMD
370DWUD2ODKFLSWD 370DWUD2ODKFLSWD
37&LWUDDJXQJ7LUWD-DWLP 37&LWUDDJXQJ7LUWD-DWLP
%.63DVDU3DJL,7&0DQJJD'XD %.63DVDU3DJL,7&0DQJJD'XD
37+HUPLQD6LQDU0HGLNDPDV 37+HUPLQD6LQDU0HGLNDPDV
37,QGRQHVLD,QWHUQDWLRQDO*UDKD 37,QGRQHVLD,QWHUQDWLRQDO*UDKD
-XPODK 7RWDO
0HWRGHELD\D &RVWPHWKRG
37'DPDL,QGDK*ROI7EN 37'DPDL,QGDK*ROI7EN
-XPODK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HUVHQWDVH7HUKDGDS
-XPODK$VHW/LDELOLWDV
3HUFHQWDJHWR7RWDO$VVHWV/LDELOLWLHV

-XPODK 7RWDO
37'6633RZHU.HQGDUL 37'6633RZHU.HQGDUL
376LQDU0DV$VVHW0DQDJHPHQW 376LQDU0DV$VVHW0DQDJHPHQW
376LQDUPDV6HNXULWDV 376LQDUPDV6HNXULWDV
37'LDQ6ZDVWDWLND6HQWRVD7EN 37'LDQ6ZDVWDWLND6HQWRVD7EN
37.%,QVXUDQFH,QGRQHVLD 37.%,QVXUDQFH,QGRQHVLD
376PDUWIUHQ7HOHFRP 376PDUWIUHQ7HOHFRP
37.DUDZDQJ%XNLW*ROI 37%XNLW.DUDZDQJ*ROI
37$VXUDQVL-LZD6LQDUPDV06,* 37$VXUDQVL-LZD6LQDUPDV06,*
373HPEDQJXQDQ'HOWDPDV 373HPEDQJXQDQ'HOWDPDV
37'6633RZHU8WDPD 37'6633RZHU8WDPD
37%XPL3HUPDL/HVWDUL 37%XPL3HUPDL/HVWDUL
376XPEHU,QGDK3HUNDVD 376XPEHU,QGDK3HUNDVD
37,QWHUFLSWD.LPLD3UDWDPD 37,QWHUFLSWD.LPLD3UDWDPD
37'6633RZHU6XPVHO 37'6633RZHU6XPVHO
37&DNUDZDOD0HJD,QGDK 37&DNUDZDOD0HJD,QGDK
/DLQODLQPDVLQJPDVLQJ
GLEDZDK5SMXWD 2WKHUVEHORZ5SPLOOLRQ
-XPODK 7RWDO
37.%,QVXUDQFH,QGRQHVLD ,QVXUDQFH,QGRQHVLD
37'6633RZHU6XPVHO 37'66332:(56806(/
37'LDQ6ZDVWDWLND6HQWRVD 37'LDQ6ZDVWDWLND6HQWRVD
376LQDUPDV0XOWLDUWKD7EN 376LQDUPDV0XOWLDUWKD7EN
373LQGR'HOLSXOSDQG3DSHU0LOOV 373LQGR'HOLSXOSDQG3DSHU0LOOV
37/RQWDU3D\S\UXV3XOS 3DSHU,QGXVWU\ 37/RQWDU3D\S\UXV3XOS 3DSHU,QGXVWU\
376PDUW7HOHFRP 376PDUW7HOHFRP

6HGDQJNDQ LNKWLVDU SHQGDSDWDQ GDQ $ VXPPDU\ RI UHYHQXHV DQG SXUFKDVHV DQG
SHPEHOLDQGHQJDQSLKDNSLKDNEHUHODVLXQWXN RWKHUWUDQVDFWLRQVZLWKUHODWHGSDUWLHVIRUWKH
SHULRGHSHULRGHVHPELODQEXODQ\DQJEHUDNKLU QLQHPRQWK SHULRGV HQGHG 6HSWHPEHU
6HSWHPEHU GDQ DGDODK DQGDUHDVIROORZV
VHEDJDLEHULNXW

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HQGDSDWDQ8VDKD 5HYHQXHV
37%XPL3DUDPD:LVHVD 37%XPL3DUDPD:LVHVD
37'LDQ6ZDVWDWLND6HQWRVD7EN 37'LDQ6ZDVWDWLND6HQWRVD7EN
37.%,QVXUDQFH,QGRQHVLD ,QVXUDQFH,QGRQHVLD
376LQDU0DV0XOWLDUWKD7EN 376LQDU0DV0XOWLDUWKD7EN
37'6633RZHU.HQGDUL 37'6633RZHU.HQGDUL
376PDUW7HOHFRP 376PDUW7HOHFRP
37'6633RZHU6XPVHO 37'6633RZHU6XPVHO
37*OREDO0HGLD7HOHNRPLQGR 37*OREDO0HGLD7HOHNRPLQGR
37$VXUDQVL-LZD6LQDU0DV06,* 37$VXUDQVL-LZD6LQDU0DV06,*
37,QWHUFLSWD.LPLD3UDWDPD 37,QWHUFLSWD.LPLD3UDWDPD
373XULQXVD(NDVSHUVDGD 373XULQXVD(NDVSHUVDGD
376LQDU0DV6SHFLDO\0LQHUDOV 376LQDU0DV6SHFLDO\0LQHUDOV
373XULPDNPXU6LQDU*OREDOLQGR 373XULPDNPXU6LQDU*OREDOLQGR
373HPEDQJXQDQ'HOWD0DV 373HPEDQJXQDQ'HOWD0DV
-XPODK 7RWDO
%HEDQSHQMXDODQ 6HOOLQJH[SHQVHV
%HEDQDVXUDQVL ,QVXUDQFHH[SHQVH
%HEDQXPXPGDQDGPLQLVWUDVL *HQHUDODQGDGPLQLVWUDWLYHH[SHQVHV
%HEDQDVXUDQVL ,QVXUDQFHH[SHQVH
3HQJKDVLODQEHEDQODLQODLQ 2WKHULQFRPHH[SHQVH

3HQGDSDWDQEXQJDGDQLQYHVWDVL ,QWHUHVWDQGLQYHVWPHQWLQFRPH
376LQDU0DV$JUR5HVRXUFHVDQG 376LQDU0DV$JUR5HVRXUFHVDQG
7HFKQRORJ\7EN 7HFKQRORJ\7EN
37%DQN6LQDUPDV7ENXQLWXVDKD6\DULDK 37%DQN6LQDUPDV7EN6\DULDKXQLW
-XPODK 7RWDO
3HQGDSDWDQGLYLGHQ
37'DPDL,QGDK*ROI7EN 37'DPDL,QGDK*ROI7EN

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

D 3DGDWDQJJDO6HSWHPEHUGDQ D $V RI 6HSWHPEHU DQG
'HVHPEHU *UXS 'HFHPEHU WKH *URXS LQVXUHG
PHQJDVXUDQVLNDQ DVHWQ\D VRPHRILWVDVVHWVLQYHQWRULHVSURSHUW\
SHUVHGLDDQ DVHW WHWDS GDQ SURSHUWL DQG HTXLSPHQW DQG LQYHVWPHQW
LQYHVWDVL NHSDGD 37 $VXUDQVL 6LQDU SURSHUWLHV WR 37 $VXUDQVL 6LQDU 0DV
0DV PDVLQJPDVLQJ VHEHVDU UHSUHVHQWLQJ RI WKH WRWDO
GDUL MXPODK SUHPL DVXUDQVL \DQJ LQVXUDQFHSUHPLXPVSDLGIRUHDFK\HDU
GLED\DUNDQ&DWDWDQGDQ 1RWHVDQG

E 3DGD WDQJJDO -XQL E 2Q -XQH WKH &RPSDQ\ KDV D
3HUXVDKDDQ PHPSXQ\DL SHUMDQMLDQ UHQWDO DJUHHPHQW ZLWK 37 %LQWDUR
VHZD GHQJDQ 37 %LQWDUR 6HUSRQJ 6HUSRQJ 'DPDL IRU OHDVH RI ODQG
'DPDL DWDV SHPDNDLDQ ODKDQ VHOXDV PHDVXULQJ VTXDUH PHWHUV ZKLFK

P \DQJ WHUOHWDN GL -DODQ 5DZD LV ORFDWHG DW -DODQ 5DZD %XQWX DV
%XQWX XQWXN DNVHV MDODQ PDVXN DFFHVV URDG WR ³7KH *UHHQ´ KRXVLQJ
SHUXPDKDQ ³7KH *UHHQ´ 3HULRGH 7KHWHUPRIWKLVDJUHHPHQWLVIURP
VHZDDGDODKVHMDNWDKXQVDPSDL XQWLO
GHQJDQ

F 8QWXN SHULRGH VHPELODQ EXODQ \DQJ F )RU WKH QLQHPRQWK SHULRG HQGHG
EHUDNKLU 6HSWHPEHU 6HSWHPEHU RI WKH
GDUL SHQGDSDWDQ MDVD PDQDMHPHQ PDQDJHPHQWIHHVHDUQHGZHUHUHFHLYHG
GLWHULPD GDUL 37 6DPDNWD 0LWUD IURP376DPDNWD0LWUD377UDQV%XPL
37 7UDQV %XPL 6HUEDUDMD 37 %6' 6HUEDUDMD 37 %6' 'LDPRQG
'LDPRQG 'HYHORSPHQW 37 6LQDUPDV 'HYHORSPHQW 37 6LQDUPDV
5HQGUDQXVD GDQ 37 &LWUDDJXQJ 7LUWD 5HQGUDQXVD DQG 37 &LWUDDJXQJ 7LUWD
-DWLP &7- &DWDWDQ VHGDQJNDQ -DWLP &7- 1RWH ZKLOH IRU WKH
XQWXN SHULRGH VHPELODQ EXODQ \DQJ QLQHPRQWK SHULRG HQGHG
EHUDNKLU 6HSWHPEHU 6HSWHPEHU RI WKH
GDUL SHQGDSDWDQ MDVD PDQDMHPHQ PDQDJHPHQWIHHVHDUQHGZHUHUHFHLYHG
GLWHULPDGDUL&7-370DWUD2ODKFLSWD IURP &7- 37 0DWUD 2ODKFLSWD DQG
GDQ 37 %XPL 0HJDK *UDKD $VUL 37%XPL0HJDK*UDKD$VUL1RWH
&DWDWDQ

G 3DGD WDQJJDO 6HSWHPEHU G $VRI6HSWHPEHUWKH&RPSDQ\
3HUXVDKDDQ GDQ 37 5R\DO 2ULHQWDO DQG 37 5R\DO 2ULHQWDO SODFHG
PHQHPSDWNDQ GDQD SDGD UHNVD GDQD LQYHVWPHQWV LQ PXWXDO IXQGV ZLWK
\DQJ GLNHOROD ROHK 0DQDMHU ,QYHVWDVL 37 6LQDUPDV $VVHW 0DQDJHPHQW DVDQ
37 6LQDUPDV $VVHW 0DQDJHPHQW LQYHVWPHQWPDQDJHU1RWH
&DWDWDQ

H *UXSPHPEHULNDQNRPSHQVDVLNHSDGD H 7KH *URXS SURYLGHV FRPSHQVDWLRQ WR
NDU\DZDQ NXQFL ,PEDODQ \DQJ WKH NH\ PDQDJHPHQW SHUVRQQHO 7KH
GLEHULNDQ NHSDGD 'HZDQ .RPLVDULV UHPXQHUDWLRQ RI %RDUG RI
GDQ 'LUHNVL XQWXN SHULRGHSHULRGH &RPPLVVLRQHUV DQG 'LUHFWRUV IRU WKH
VHPELODQ EXODQ \DQJ EHUDNKLU QLQHPRQWK SHULRGV HQGHG
6HSWHPEHU GDQ DGDODK 6HSWHPEHUDQGIROORZV
VHEDJDLEHULNXW

6HSWHPEHU6HSWHPEHU

*DMLGDQLPEDODQNHUMD 6DODULHVDQGRWKHUVKRUWWHUP
MDQJNDSHQGHN HPSOR\HHEHQHILWV
,PEDODQSDVFDNHUMD /RQJWHUPHPSOR\HHEHQHILWV
-XPODK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

7XMXDQ GDQ .HELMDNDQ 0DQDMHPHQ 5LVLNR )LQDQFLDO 5LVN 0DQDJHPHQW 2EMHFWLYHV DQG
.HXDQJDQ 3ROLFLHV

5LVLNRULVLNR XWDPD \DQJ WLPEXO GDUL LQVWUXPHQ 7KHPDLQULVNVDULVLQJIURPWKH*URXS¶VILQDQFLDO
NHXDQJDQ \DQJ GLPLOLNL *UXS DGDODK ULVLNR SDVDU LQVWUXPHQWV DUH PDUNHW ULVN LQFOXGLQJ LQWHUHVW
WHUPDVXN ULVLNR VXNX EXQJD GDQ ULVLNR PDWD UDWH ULVN DQG IRUHLJQ H[FKDQJH ULVN FUHGLW ULVN
XDQJ DVLQJ ULVLNR NUHGLW GDQ ULVLNR OLNXLGLWDV DQGOLTXLGLW\ULVN7KHRSHUDWLRQDODFWLYLWLHVRIWKH
.HJLDWDQ RSHUDVLRQDO *UXS GLMDODQNDQ VHFDUD *URXS DUH PDQDJHG LQ D SUXGHQWLDO PDQQHU E\
EHUKDWLKDWL GHQJDQ PHQJHOROD ULVLNRULVLNR PDQDJLQJ WKRVH ULVNV WR PLQLPL]H SRWHQWLDO
WHUVHEXW DJDU WLGDN PHQLPEXONDQ SRWHQVL ORVVHV
NHUXJLDQEDJL*UXS

'LUHNVL EHUWXJDV PHQHQWXNDQ SULQVLS GDVDU 7KH 'LUHFWRUV KDYH WKH UHVSRQVLELOLW\ WR
NHELMDNDQ PDQDMHPHQ ULVLNR *UXS VHFDUD GHWHUPLQHWKHEDVLFSULQFLSOHVRIWKH*URXS¶VULVN
NHVHOXUXKDQ VHUWD NHELMDNDQ SDGD DUHD WHUWHQWX PDQDJHPHQW DV ZHOO DV SULQFLSOHV FRYHULQJ
VHSHUWLULVLNRPDWDXDQJDVLQJULVLNRVXNXEXQJD VSHFLILF DUHDV VXFK DV IRUHLJQ H[FKDQJH ULVN
ULVLNRNUHGLWGDQULVLNROLNXLGLWDV LQWHUHVWUDWHULVNFUHGLWULVNDQGOLTXLGLW\ULVN

5LVLNR3DVDU 0DUNHW5LVN

D 5LVLNR6XNX%XQJD D ,QWHUHVW5DWH5LVN

5LVLNR VXNX EXQJD DGDODK ULVLNR GLPDQD QLODL ,QWHUHVWUDWHULVNLVWKHULVNWKDWWKHIDLUYDOXH
ZDMDUDWDXDUXVNDVNRQWUDNWXDOPDVDGDWDQJ RUFRQWUDFWXDOIXWXUHFDVKIORZVRIDILQDQFLDO
GDUL VXDWX LQVWUXPHQ NHXDQJDQ DNDQ LQVWUXPHQWZLOOEHDIIHFWHGGXHWRFKDQJHVLQ
WHUSHQJDUXK DNLEDW SHUXEDKDQ VXNX EXQJD PDUNHW LQWHUHVW UDWHV 7KH *URXS¶V H[SRVXUH
SDVDU (NVSRVXU XWDPD *UXS \DQJ WHUNDLW UHODWHV WR WKH LQWHUHVW UDWH ULVN UHODWHV
GHQJDQULVLNRVXNXEXQJDDGDODKXWDQJEDQN SULPDULO\WREDQNORDQV

8QWXNPHPLQLPDONDQULVLNRVXNXEXQJD*UXS 7R PLQLPL]H LQWHUHVW UDWH ULVN WKH *URXS
PHQJHOROD EHEDQ EXQJD PHODOXL NRPELQDVL PDQDJHVLQWHUHVWFRVWWKURXJKDPL[RIIL[HG
XWDQJ GHQJDQ VXNX EXQJD WHWDS GDQ VXNX UDWH DQG YDULDEOHUDWH GHEWV E\ HYDOXDWLQJ
EXQJD YDULDEHO GHQJDQ PHQJHYDOXDVL PDUNHW UDWH WUHQGV 0DQDJHPHQW DOVR
NHFHQGHUXQJDQ VXNX EXQJD SDVDU FRQGXFWV DVVHVVPHQW DPRQJ LQWHUHVW UDWHV
0DQDMHPHQ MXJD PHODNXNDQ SHQHODDKDQ RIIHUHG E\ FUHGLWRUV WR REWDLQ WKH PRVW
EHUEDJDL VXNX EXQJD \DQJ GLWDZDUNDQ ROHK IDYRUDEOH LQWHUHVW UDWH EHIRUH WDNLQJ DQ\
NUHGLWXUXQWXNPHQGDSDWNDQVXNXEXQJD\DQJ GHFLVLRQWRHQWHUDQHZORDQDJUHHPHQW
PHQJXQWXQJNDQ VHEHOXP PHQJDPELO
NHSXWXVDQXQWXNPHODNXNDQSHULNDWDQXWDQJ

7DEHO EHULNXW DGDODK QLODL WHUFDWDW 7KH IROORZLQJ WDEOH VHWV RXW WKH FDUU\LQJ
EHUGDVDUNDQ MDWXK WHPSRQ\D DWDV DVHW GDQ DPRXQWE\ PDWXULW\ RI WKH *URXS¶V ILQDQFLDO
OLDELOLWDV NHXDQJDQ *UXS \DQJ WHUNDLW ULVLNR DVVHWV DQG OLDELOLWLHV WKDW DUH H[SRVHG WR
VXNXEXQJD LQWHUHVWUDWHULVN

6HSWHPEHU6HSWHPEHU
-DWXK7HPSR -DWXK7HPSR -DWXK7HPSR -DWXK7HPSR -DWXK7HPSR
6XNX%XQJD GDODP6DWX7DKXQ 3DGD7DKXQNH 3DGD7DKXQNH 3DGD7DKXQNH 3DGD7DKXQNH -XPODK
QG UG WK WK
,QWHUHVW5DWH :LWKLQ2QH<HDU ,QWKH <HDU ,QWKH <HDU ,QWKH <HDU ,QWKH <HDU 7RWDO

/LDELOLWDV/LDELOLWLHV
8WDQJEDQNMDQJNDSHQGHN
6KRUWWHUPEDQNORDQV
8WDQJEDQNMDQJNDSDQMDQJ
/RQJWHUPEDQNORDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HVHPEHU'HFHPEHU
-DWXK7HPSR -DWXK7HPSR -DWXK7HPSR -DWXK7HPSR -DWXK7HPSR
6XNX%XQJD GDODP6DWX7DKXQ 3DGD7DKXQNH 3DGD7DKXQNH 3DGD7DKXQNH 3DGD7DKXQNH -XPODK
QG UG WK WK
,QWHUHVW5DWH :LWKLQ2QH<HDU ,QWKH <HDU ,QWKH <HDU ,QWKH <HDU ,QWKH <HDU 7RWDO

/LDELOLWDV/LDELOLWLHV
8WDQJEDQNMDQJNDSHQGHN
6KRUWWHUPEDQNORDQV
8WDQJEDQNMDQJNDSDQMDQJ
/RQJWHUPEDQNORDQ

3DGD WDQJJDO 6HSWHPEHU GDQ $VRI6HSWHPEHUDQG'HFHPEHU
'HVHPEHU MLND VXNX EXQJD DWDV LI LQWHUHVW UDWHV RQ 5XSLDK
SLQMDPDQ \DQJ GLGHQRPLQDVLNDQ GDODP GHQRPLQDWHG ERUURZLQJV KDG EHHQ
5XSLDKPDVLQJPDVLQJOHELKWLQJJLUHQGDK KLJKHUORZHU ZLWK DOO RWKHU YDULDEOHV KHOG
GDQ YDULDEHO ODLQ GLDQJJDS WHWDS ODED EHUVLK FRQVWDQW QHW SURILW IRU WKH \HDU ZRXOG KDYH
XQWXN WDKXQ EHUMDODQ PDVLQJPDVLQJ DNDQ EHHQ ORZHUKLJKHU E\ 5S DQG
OHELKUHQGDKWLQJJLVHEHVDU5S 5S UHVSHFWLYHO\ PDLQO\ DV D
GDQ 5S WHUXWDPD VHEDJDL UHVXOW RI KLJKHUORZHU LQWHUHVW H[SHQVH RQ
DNLEDW WLQJJLQ\DUHQGDKQ\D EHEDQ EXQJDGDUL IORDWLQJUDWHERUURZLQJV
SLQMDPDQGHQJDQVXNXEXQJDPHQJDPEDQJ

E 5LVLNR0DWD8DQJ$VLQJ E )RUHLJQ([FKDQJH5LVN

5LVLNR QLODL WXNDU DGDODK ULVLNR XVDKD GDODP )RUHLJQH[FKDQJHUDWHULVNLVWKHULVNWKDWWKH
QLODL LQVWUXPHQ NHXDQJDQ DNLEDW IDLUYDOXHRUIXWXUHFRQWUDFWXDOFDVKIORZVRID
EHUIOXNWXDVLQ\DSHUXEDKDQQLODLWXNDU ILQDQFLDO LQVWUXPHQW ZLOO IOXFWXDWH EHFDXVH RI
FKDQJHVLQIRUHLJQH[FKDQJHUDWHV

*UXS GDODP PHODNXNDQ NHJLDWDQ XVDKDQ\D 7KH *URXS¶V PDMRU WUDQVDFWLRQV LH VDOH
VHEDJLDQ EHVDU PHPSHUJXQDNDQ PDWD XDQJ SXUFKDVHV DQG RSHUDWLQJ H[SHQVHV DUH
5XSLDK GDODP KDO WUDQVDNVL SHQMXDODQ PRVWO\ GHQRPLQDWHG LQ ,QGRQHVLDQ FXUUHQF\
SHPEHOLDQ EDKDQ EDNX GDQ EHEDQ XVDKD 7UDQVDFWLRQLQIRUHLJQFXUUHQF\RQO\GRQHIRU
7UDQVDNVL XVDKD GDODP PDWD XDQJ DVLQJ VSHFLDO SXUSRVH DQG WKH PDQDJHPHQW
KDQ\D GLODNXNDQ XQWXN KDOKDO NKXVXV GDQ UHJXODUO\ UHYLHZV LWV IRUHLJQ FXUUHQF\
MLND KDO WHUVHEXW WHUMDGL PDQDMHPHQ DNDQ H[SRVXUH
PHODNXNDQ UHYLHZ EHUNDOD DWDV HNVSRVXU
PDWDXDQJDVLQJWHUVHEXW

(NVSRVXU DVHW GDQ OLDELOLWDV PRQHWHU *UXS 7KH *URXS¶V H[SRVXUH RI PRQHWDU\ DVVHWV
GDODP PDWD XDQJ DVLQJ GLXQJNDSNDQ SDGD DQG OLDELOLWLHV H[SRVHG WR IRUHLJQ H[FKDQJH
&DWDWDQ ULVNDUHVHWRXWLQ1RWH

3DGD WDQJJDO 6HSWHPEHU GDQ $VRI6HSWHPEHUDQG'HFHPEHU
'HVHPEHU MLND PDWD XDQJ LI WKH 5XSLDK FXUUHQF\ KDG
PHOHPDKPHQJXDW VHEHVDU 5S ZHDNHQHGVWUHQJWKHQHG E\ 5S
WHUKDGDS 'RODU $PHULND 6HULNDW GHQJDQ DJDLQVW WKH 86 'ROODU ZLWK DOO RWKHU
YDULDEHO ODLQ NRQVWDQ ODED EHUVLK YDULDEOHV KHOG FRQVWDQW QHW SURILW
XQWXN SHULRGH GDQ WDKXQ LQ DQG ZRXOG KDYH EHHQ
EHUMDODQ DNDQ OHELK UHQGDKWLQJJL PDVLQJ ORZHUKLJKHU E\ 5S DQG
PDVLQJ VHEHVDU 5S GDQ 5SUHVSHFWLYHO\
5S

5LVLNR.UHGLW &UHGLW5LVN

5HVLNR NUHGLW WLPEXO GDUL NHPXQJNLQDQ &UHGLW ULVN LV WKH ULVN WKDW WKH *URXS ZLOO LQFXU D
NHWLGDNPDPSXDQ SHODQJJDQ XQWXN PHPHQXKL ORVVDULVLQJIURPWKHFXVWRPHUVRUFRXQWHUSDUWLHV¶
NHZDMLEDQQ\D VHVXDL GHQJDQ V\DUDW QRUPDO IDLOXUHWRIXOILOOWKHLUFRQWUDFWXDOREOLJDWLRQV
WUDQVDNVLSDGDVDDWMDWXKWHPSRSHPED\DUDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

5LVLNR NUHGLW WLPEXO GDUL NDV GDQ VHWDUD NDV &UHGLW ULVN DULVHV IURP FDVK DQG FDVK
LQYHVWDVL SDGD VXUDW EHUKDUJD GDQ GHSRVLWR HTXLYDOHQWV LQYHVWPHQWV LQ VKDUHV DQG WLPH
EHUMDQJND SLXWDQJ XVDKD SLXWDQJ ODLQODLQ GHSRVLWV WUDGH DFFRXQWV UHFHLYDEOH RWKHU
LQYHVWDVL VHZD QHWR SHPELD\DDQ GDQ SLXWDQJ UHFHLYDEOHVQHWLQYHVWPHQWLQILQDQFHOHDVHDQG
SLKDN EHUHODVL QRQXVDKD 0DQDMHPHQ GXH IURP D UHODWHG SDUW\ 0DQDJHPHQW SODFHG
PHQHPSDWNDQ NDV GHSRVLWR EHUMDQJND GDQ FDVK WLPH GHSRVLWV DQG LQYHVWPHQWV LQ VKDUHV
LQYHVWDVL VXUDW EHUKDUJD KDQ\D SDGD EDQN GDQ RQO\WREDQNVDQGILQDQFLDOLQVWLWXWLRQVZKLFKDUH
OHPEDJD NHXDQJDQ \DQJ EHUHSXWDVL EDLN GDQ UHSXWDEOHDQGUHOLDEOH7RPLQLPL]HFUHGLWULVNRQ
WHUSHUFD\D 8QWXN PHPLQLPDOLVDVL ULVLNR NUHGLW UHFHLYDEOH IURP VDOH RI UHDO HVWDWH SURSHUWLHV
DWDV SLXWDQJ XVDKD \DQJ EHUDVDO GDUL SHQMXDODQ PDQDJHPHQWLPSRVHVILQHVIRUWKHODWHSD\PHQW
SURSHUWL PDQDMHPHQ PHQJHQDNDQ GHQGD DWDV DQGKDQGRYHUWKHXQLWDVWKHWLPHRIUHGHPSWLRQ
NHWHUODPEDWDQ SHPED\DUDQ VHUWD PHODNXNDQ )RUDVVHWVIRUOHDVHWKHFXVWRPHUVDUHDVNHGWR
VHUDK WHULPD XQLW SDGD VDDW SHOXQDVDQ 8QWXN SD\ WKH UHQW LQ DGYDQFH DQG SURYLGH D VHFXULW\
SHQ\HZDDQ SURSHUWL SHODQJJDQ GLPLQWD GHSRVLWV RQ VHUYLFH FKDUJH DQG XWLOLWLHV )RU WKH
PHPED\DU XDQJ VHZD GLPXND GDQ PHPEHULNDQ KRWHO URRPV PDQDJHPHQW DUH KDYLQJ EXVLQHVV
XDQJ MDPLQDQ DWDV VHUYLFH FKDUJH GDQ XWLOLWDV UHODWLRQVKLS ZLWK WUDYHO DJHQWV ZKR KDYH WKH
8QWXN SLXWDQJ NDPDU KRWHO PDQDMHPHQ FUHGLELOLW\ HVWDEOLVK YHULILFDWLRQ SROLF\ DQG FUHGLW
PHODNXNDQ KXEXQJDQ XVDKD GHQJDQ SLKDN DJHQ DXWKRUL]DWLRQ
SHUMDODQDQ \DQJ PHPLOLNL NUHGLELOLWDV
PHQHWDSNDQ NHELMDNDQ YHULILNDVL GDQ RWRULVDVL
NUHGLW

%HUGDVDUNDQHYDOXDVLWHUVHEXWSLKDNPDQDMHPHQ %DVHG RQ WKDW HYDOXDWLRQ PDQDJHPHQW ZLOO
DNDQ PHQHQWXNDQ SHUNLUDDQ MXPODK \DQJ WLGDN GHWHUPLQH WKH DSSUR[LPDWH XQFROOHFWLEOH DPRXQW
GDSDW GLWDJLK DWDV SLXWDQJ WHUVHEXW VHUWD DV ZHOO DV GHWHUPLQH WKH DPRXQW RI LPSDLUPHQW
PHQHQWXNDQ SHPEHQWXNDQ DNXQ FDGDQJDQ ORVVHVRQWUDGHDFFRXQWVUHFHLYDEOH
NHUXJLDQ SHQXUXQDQ QLODL DWDV SLXWDQJ XVDKD
WHUVHEXW

7LGDN DGD OLPLW NUHGLW \DQJ GLODPSDXL VHODPD 1R FUHGLW OLPLWV ZHUH H[FHHGHG GXULQJ WKH
SHULRGH SHODSRUDQ GDQ PDQDMHPHQ WLGDN UHSRUWLQJ SHULRG DQG PDQDJHPHQW GRHV QRW
PHQJKDUDSNDQ NHUXJLDQ GDUL NHJDJDODQ SLKDN H[SHFW DQ\ ORVVHV IURP QRQSHUIRUPDQFH E\
SLKDNGDODPPHOXQDVLXWDQJQ\D WKHVHFRXQWHUSDUWLHV

/LKDW &DWDWDQ XQWXN LQIRUPDVL MXPODK SLXWDQJ 5HIHUWR1RWHIRUWKHLQIRUPDWLRQUHJDUGLQJWKH
XVDKD EHUGDVDUNDQ XPXU KDUL GLKLWXQJ VHMDN DJLQJDQDO\VLVRIWUDGHDFFRXQWVUHFHLYDEOHIURP
WDQJJDOIDNWXU WKHGDWHRILQYRLFH

.XDOLWDV NUHGLW GDUL DVHW NHXDQJDQ *UXS EHUXSD 7KHFUHGLWTXDOLW\RIWKH*URXS¶VILQDQFLDODVVHWV
NDV GDQ VHWDUD NDV LQYHVWDVL SDGD GHSRVLWR RIFDVKDQGFDVKHTXLYDOHQWVLQYHVWPHQWLQWLPH
EHUMDQJNDLQYHVWDVLSDGDVDKDPLQYHVWDVLSDGD GHSRVLWV LQYHVWPHQWV LQ VKDUHV LQYHVWPHQW LQ
REOLJDVL LQYHVWDVL SDGD UHNVDGDQD SLXWDQJ ERQGV LQYHVWPHQW LQ PXWXDO IXQGV WUDGH
XVDKD GDQ ODLQODLQ DGDODK ODQFDU \DQJ GLWHODDK DFFRXQWV UHFHLYDEOH DQG RWKHU UHFHLYDEOHV DUH
GHQJDQ PHQJDFX SDGD NUHGLELOLWDV GDQ UHSXWDVL FXUUHQW ZKLFK DUH H[DPLQHG ZLWK UHIHUHQFH WR
SLKDN UHNDQDQ VHUWD LQIRUPDVL KLVWRULV PHQJHQDL WKH FUHGLELOLW\ DQG UHSXWDWLRQ RI WKH SDUWQHUV DV
SHQHULPDDQ SHPED\DUDQ 7LGDN WHUGDSDW ZHOODVKLVWRULFDOLQIRUPDWLRQDERXWWKHUHFHLSWRI
SHULQJNDW HNVWHUQDO \DQJ WHUVHGLD DWDV DVHWDVHW SD\PHQW1RH[WHUQDOUDWHVDYDLODEOHIRU*URXS¶V
NHXDQJDQPLOLN*UXSSDGDWDQJJDO6HSWHPEHU ILQDQFLDO DVVHWV DV RI 6HSWHPEHU DQG
GDQ'HVHPEHU 'HFHPEHU

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

%HULNXW DGDODK HNVSRVXU PDNVLPDO *UXS \DQJ 7KH WDEOH EHORZ VKRZV WKH *URXS¶V
WHUNDLW ULVLNR NUHGLW SDGD WDQJJDO 6HSWHPEHU PD[LPXP H[SRVXUH UHODWHG WR FUHGLW ULVN DV RI
GDQ'HVHPEHU 6HSWHPEHUDQG'HFHPEHU

6HSWHPEHU 'HVHPEHU
6HSWHPEHU 'HFHPEHU
3LQMDPDQ\DQJGLEHULNDQGDQSLXWDQJ /RDQVDQGUHFHLYDEOHV
,QYHVWDVLMDQJNDSHQGHNGHSRVLWREHUMDQJND 6KRUWWHUPLQYHVWPHQWVWLPHGHSRVLWV
3LXWDQJXVDKD 7UDGHDFFRXQWVUHFHLYDEOH
,QYHVWDVLVHZDQHWRSHPELD\DDQ 1HWLQYHVWPHQWLQILQDQFHOHDVH
3LXWDQJSLKDNEHUHODVLQRQXVDKD 'XHIURPUHODWHGSDUWLHV
,QYHVWDVLGDODPVDKDP ,QYHVWPHQWLQVKDUHV
,QYHVWDVLGDODPREOLJDVL ,QYHVWPHQWLQERQGV
,QYHVWDVLGDODPUHNVDGDQD ,QYHVWPHQWLQPXWXDOIXQGV
-XPODK 7RWDO

5LVLNR/LNXLGLWDV /LTXLGLW\5LVN

5LVLNR OLNXLGLWDV DGDODK ULVLNR NHUXJLDQ \DQJ /LTXLGLW\ULVNLVDULVNDULVLQJZKHQWKHFDVKIORZ
WLPEXONDUHQD*UXSWLGDNPHPLOLNLDUXVNDV\DQJ SRVLWLRQRIWKH*URXSDUHQRWHQRXJKWRFRYHUWKH
FXNXSXQWXNPHPHQXKLOLDELOLWDVQ\D OLDELOLWLHVZKLFKEHFRPHGXH

'DODP SHQJHORODDQ ULVLNR OLNXLGLWDV PDQDMHPHQ ,QWKHPDQDJHPHQWRIOLTXLGLW\ULVNPDQDJHPHQW
PHPDQWDX GDQ PHQMDJD MXPODK NDV GDQ VHWDUD PRQLWRUVDQGPDLQWDLQVDOHYHORIFDVKDQGFDVK
NDV \DQJ GLDQJJDS PHPDGDL XQWXN PHPELD\DL HTXLYDOHQWV GHHPHG DGHTXDWH WR ILQDQFH WKH
RSHUDVLRQDO *UXS GDQ XQWXN PHQJDWDVL GDPSDN *URXS RSHUDWLRQV DQG WR PLWLJDWH WKH HIIHFWV RI
IOXNWXDVL DUXV NDV 0DQDMHPHQ MXJD PHODNXNDQ IOXFWXDWLRQ LQ FDVK IORZV 0DQDJHPHQW DOVR
HYDOXDVLEHUNDODDWDVSUR\HNVLDUXVNDVGDQDUXV UHJXODUO\HYDOXDWHVWKHSURMHFWHGDQGDFWXDOFDVK
NDV DNWXDO WHUPDVXN MDGZDO MDWXK WHPSR XWDQJ IORZV DQG FRQWLQXRXVO\ DVVHVV FRQGLWLRQV LQ WKH
GDQWHUXVPHQHUXVPHODNXNDQSHQHODDKDQSDVDU ILQDQFLDO PDUNHWV IRU RSSRUWXQLWLHV WR REWDLQ
NHXDQJDQ XQWXN PHQGDSDWNDQ VXPEHU RSWLPDOIXQGLQJVRXUFHV
SHQGDQDDQ\DQJRSWLPDO

7DEHO GL EDZDK LQL PHQJDQDOLVD OLDELOLWDV 7KH WDEOH EHORZ DQDO\]HV WKH *URXS¶V ILQDQFLDO
NHXDQJDQ *UXS \DQJ GLVHOHVDLNDQ VHFDUD QHWR OLDELOLWLHV LQWR UHOHYDQW PDWXULW\ JURXSLQJV EDVHG
\DQJ GLNHORPSRNNDQ EHUGDVDUNDQ SHULRGH \DQJ RQ WKH UHPDLQLQJ SHULRG WR WKH FRQWUDFWXDO
WHUVLVD VDPSDL GHQJDQ WDQJJDO MDWXK WHPSR PDWXULW\GDWH7KHDPRXQWVGLVFORVHGLQWKHWDEOH
NRQWUDNWXDO -XPODK \DQJ GLXQJNDSNDQ GDODP DUHWKHFRQWUDFWXDOXQGLVFRXQWHGFDVKIORZV
WDEHOPHUXSDNDQDUXVNDVNRQWUDNWXDO\DQJWLGDN
GLGLVNRQWRNDQ

6HSWHPEHU6HSWHPEHU
WDKXQ WDKXQ WDKXQ !WDKXQ -XPODK 1LODL7HUFDWDW
\HDU \HDUV \HDUV !\HDUV 7RWDO $V5HSRUWHG
/LDELOLWDV.HXDQJDQ/DLQQ\D 2WKHU)LQDQFLDO/LDELOLWLHV
8WDQJXVDKD 7UDGHDFFRXQWVSD\DEOH
/LDELOLWDVVHZDSHPELD\DDQ /HDVHOLDELOLLWLHV
-XPODK 7RWDO

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

'HVHPEHU'HFHPEHU
WDKXQ WDKXQ WDKXQ !WDKXQ -XPODK 1LODL7HUFDWDW
\HDU \HDUV \HDUV !\HDUV 7RWDO $V5HSRUWHG
/LDELOLWDV.HXDQJDQ/DLQQ\D 2WKHU)LQDQFLDO/LDELOLWLHV
6XUDWVDQJJXSMDQJND
PHQHQJDK 0HGLXPWHUPQRWHV
8WDQJXVDKD 7UDGHDFFRXQWVSD\DEOH
/LDELOLWDVVHZDSHPELD\DDQ /HDVHOLDELOLLWLHV
-XPODK 7RWDO

3HUMDQMLDQ $JUHHPHQWV

3HUMDQMLDQ3HPEDQJXQDQGHQJDQ.RQWUDNWRU &RQVWUXFWLRQ$JUHHPHQWV

D *UXS WHODK PHQDQGDWDQJDQL SHUMDQMLDQ D 7KH *URXS HQWHUHG LQWR DJUHHPHQWV ZLWK
GHQJDQ EHEHUDSD NRQWUDNWRU XQWXN VHYHUDO FRQWUDFWRUV IRU WKH GHYHORSPHQW RI
SHPEDQJXQDQ OHELK ODQMXW SUR\HN *UXS UHDOHVWDWHSURMHFWVDVIROORZV
VHEDJDLEHULNXW

1DPD.RQWUDNWRU 1DPD3HUXVDKDDQ /RNDVL3UR\HN 1DPD3UR\HN
&RQWUDFWRU1DPH &RPSDQ\1DPH 3URMHFW/RFDWLRQ 3URMHFW1DPH
372VFDULQGR8WDPD*HPLODQJ 373XWUD$OYLWD3UDWDPD %HNDVL *UDQG:LVDWD

37.LUDQD.XUQLD.DU\D
37&DNUD8VDKD0DQGLUL
376DUDQD%DQJXQ*UL\DGDQDQG
371XJUDKD/DMX.HQFDQD
371XVD5D\D&LSWD 37:LMD\D3UDWDPD5D\D 6HPDUDQJ +RWHO5RRP,QF

37-D\D.HQFDQD
37'RPLVLOLXPGDQDQG
370DKRQL0HEHO,QWHULRU
377URFRQ,QGDK3HUNDVDGDQDQG 37'XWD6HPHVWD0DV -DNDUWD 6RXWK*DWH

37,QGRQHVLD3RQGDVL-D\D
377DWDPXOLD1XVDQWDUD,QGDK 37%XPL6HUSRQJ'DPDL7EN 6HUSRQJ %6'&LW\

377RWDO%DQJXQ3HUVDGD
37-D\D.HQFDQD
37.DU\D&LSWD%DQJXQ0DQGLULGDQDQG
376XPEHU&DKD\D.HQFDQD8WDPD

E 3HUXVDKDDQ PHQDQGDWDQJDQL SHUMDQMLDQ E 7KH &RPSDQ\ KDV HQWHUHG LQWR DQ
GHQJDQ EDQN SHPEHUL .UHGLW 3HPLOLNDQ DJUHHPHQW ZLWK FHUWDLQ EDQNV ZKLFK
5XPDK .35 GLPDQD GLQ\DWDNDQ DSDELOD SURYLGHV WKDW LQ WKH HYHQW WKH FXVWRPHUV
NRQVXPHQ \DQJ PHPLOLNL .35 GL EDQN KDYLQJKRXVLQJORDQV.35ZLWKWKHEDQNV
WHUVHEXW WLGDN PDPSX PHODQMXWNDQ IDLO WR SD\ WKHLU REOLJDWLRQV ZKLOH WKH ODQG
NUHGLWQ\D VHPHQWDUD VHUWLILNDW WDQDK \DQJ WLWOHV DUH VWLOO EHLQJ SURFHVVHG WKH
GLEHOLROHKNRQVXPHQWHUVHEXWPDVLKGDODP &RPSDQ\ LV REOLJHG WR EX\ EDFN IURP WKH
SURVHV PDND 3HUXVDKDDQ EHUNHZDMLEDQ EDQN WKH UHFHLYDEOHV IURP WKH FXVWRPHUV
XQWXN PHPEHOL NHPEDOL EX\ EDFN .35 ZKRDUHLQGHIDXOWLQWKHLUREOLJDWLRQV6XFK
GDUL NRQVXPHQ \DQJ SHQ\HOHVDLDQQ\D UHFHLYDEOHV ZLOO EH ERXJKW EDFN E\ WKH
EHUPDVDODK WHUVHEXW VHMXPODK VDOGR .35 &RPSDQ\IURPWKHEDQNVDWLWVRXWVWDQGLQJ
\DQJ WHUVLVD GHQJDQ PDNVLPXP VHEHVDU EDODQFHRUDWDPD[LPXPDWWKHDPRXQWRI
MXPODK .35 \DQJ GLWHULPD ROHK NRQVXPHQ KRXVLQJ ORDQ IDFLOLW\ UHFHLYHG E\ WKH
GDUL EDQN SHPEHUL .35 .35 WHUVHEXW FXVWRPHU 7KH UHFHLYDEOHV DUH VHFXUHG E\
GLMDPLQ GHQJDQ UXPDK \DQJ GLEHOL ROHK WKH UHODWHG KRXVHV SXUFKDVHG E\ WKH
NRQVXPHQ&DWDWDQ FXVWRPHUV1RWH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3HUMDQMLDQ.HUMDVDPD%DQJXQ.HORODGDQ$OLK %XLOG 2SHUDWH DQG 7UDQVIHU %27
%XLOG2SHUDWHDQG7UDQVIHU%27 $JUHHPHQWV

F 3DGD WDQJJDO -DQXDUL 37 'XWD F 2Q -DQXDU\ 37 'XWD 3HUWLZL 7EN
3HUWLZL 7EN '87, HQWLWDV DQDN '87, D VXEVLGLDU\ HQWHUHG LQWR D %XLOG
PHQDQGDWDQJDQL SHUMDQMLDQ NHUMDVDPD 2SHUDWH DQG 7UDQVIHU %27 DJUHHPHQW
EDQJXQNHORODGDQDOLK%XLOG2SHUDWHDQG ZLWK 376LQDUZLVDWD /HVWDUL 6:/ D
7UDQVIHUDWDX%27GHQJDQ376LQDUZLVDWD VXEVLGLDU\ WR EXLOG DQG RSHUDWH D KRWHO
/HVWDUL 6:/ HQWLWDV DQDN XQWXN EXLOGLQJ ZLWK LWV IDFLOLW\ ORFDWHG LQ -DODQ
PHPEDQJXQ GDQ PHQJHOROD JHGXQJ KRWHO 0DQJJD'XD-DNDUWDIRUDSHULRGRIWZHQW\
GDQVDUDQDSHQXQMDQJQ\D\DQJGLEDQJXQGL \HDUV IURP WKH FRPPHQFHPHQW RI WKH
-DODQ 0DQJJD 'XD -DNDUWD XQWXN MDQJND KRWHO¶VFRPPHUFLDORSHUDWLRQV,QWKH
ZDNWX GXD SXOXK WDKXQ VHMDN KRWHO WHUP RI %27 DJUHHPHQW FKDQJHG WR IRUW\
EHURSHUDVL VHFDUD NRPHUVLDO 3DGD WDKXQ \HDUVEDVHGRQDPHQGHGDJUHHPHQW
MDQJND ZDNWX SHUMDQMLDQ NHUMDVDPD
%27 GLXEDK PHQMDGL HPSDW SXOXK
WDKXQEHUGDVDUNDQDGGHQGXPSHUMDQMLDQ

3DGDZDNWXPDVDSHUMDQMLDQEHUDNKLU6:/ 8SRQ H[SLUDWLRQ RI WKH IRUW\\HDU SHULRG
DNDQPHQ\HUDKNDQJHGXQJWHUVHEXWNHSDGD 6:/ZLOOWUDQVIHUWKHKRWHOEXLOGLQJWR'87,
'87,

G 3DGD WDQJJDO 6HSWHPEHU '87, G 2Q 6HSWHPEHU '87, VLJQHG D
PHQDQGDWDQJDQL SHUMDQMLDQ NHUMDVDPD MRLQW RSHUDWLRQV DJUHHPHQW ZLWK WKH /RFDO
EDQJXQNHORODGDQDOLK%XLOG2SHUDWHDQG *RYHUQPHQW 3HPGD -DNDUWD XQGHU %XLOG
7UDQVIHU DWDX %27 GHQJDQ 3HPHULQWDK 2SHUDWH DQG 7UDQVIHU %27 WR EXLOG D
'DHUDK3HPGD-DNDUWDXQWXNPHPEDQJXQ EULGJH PHDVXULQJ VTXDUH PHWHUV
MHPEDWDQ SHQ\HEHUDQJDQ RUDQJ VHOXDV LQFOXGLQJ LWV VKRS IDFLOLW\ RI XQLWV RU
P EHVHUWD IDVLOLWDV SHUWRNRDQ VTXDUH PHWHUV ZKLFK ZLOO FRQQHFW
VHEDQ\DN XQLW DWDX P \DQJ ,7&0DQJJD'XDEXLOGLQJDQG0DOO0DQJJD
PHQJKXEXQJNDQ JHGXQJ ,7& GHQJDQ 0DO 'XD EXLOGLQJ 7KLV DJUHHPHQW LV YDOLG IRU
0DQJJD'XDXQWXNMDQJNDZDNWXWLJDSXOXK WKLUW\\HDUVVWDUWLQJIURPWKHGDWHZKHQ
WDKXQVHMDNMHPEDWDQVHOHVDLGLEDQJXQ WKHEULGJHLVUHDG\IRUXVH
GDQOD\DNEHURSHUDVL

6HODPD PDVD %27 '87, GDSDW 'XULQJ WKH %27 SHULRG '87, FDQ UHQW RXW
PHQ\HZDNDQ IDVLOLWDV SHUWRNRDQ NHSDGD WUDQVIHULWVULJKWVRUOHQGWKHVKRSIDFLOLW\WR
SLKDNODLQ3DGDZDNWXPDVD%27EHUDNKLU WKLUGSDUWLHV$WWKHHQGRIWKH%27SHULRG
'87, DNDQ PHQ\HUDKNDQ MHPEDWDQ GDQ '87, ZLOO WUDQVIHU WKH EULGJH DQG WKH VKRS
IDVLOLWDV SHUWRNRDQ WHUVHEXW NHSDGD 3HPGD IDFLOLW\WR3HPGD-DNDUWD
-DNDUWD

H 3DGD WDQJJDO $SULO '87, H 2Q $SULO '87, VLJQHG D MRLQW
PHQDQGDWDQJDQL SHUMDQMLDQ NHUMDVDPD RSHUDWLRQVDJUHHPHQWWR%XLOG2SHUDWHDQG
EDQJXQNHORODGDQDOLK%XLOG2SHUDWHDQG 7UDQVIHU %27 ZLWK WKLUG SDUWLHV WKH
7UDQVIHU DWDX %27 GHQJDQ SLKDN NHWLJD $VVRFLDWLRQ RI /RZ &RVW 6KRSKRXVHV
\DLWX3HUKLPSXQDQ3HQJKXQL5XPDK6XVXQ -DNDUWD ,QWHUQDWLRQDO 7UDGH &HQWHU ³WKH
%XNDQ +XQLDQ -DNDUWD ,QWHUQDWLRQDO 7UDGH $VVRFLDWLRQ´ WR EXLOG NLRVNV WRWDOLQJ
&HQWHU XQWXN PHQGLULNDQ EDQJXQDQ NLRV XQLWV LQ D SXEOLF DUHD RI VTXDUH
VHEDQ\DN XQLW GL DWDV $UHD 8PXP PHWHUVZKLFKLQFOXGHVVXSSRUWLQJIDFLOLWLHV
GHQJDQ OXDV P \DQJ GLOHQJNDSL IRUWZHQW\\HDUVVWDUWLQJ-XO\WKH
IDVLOLWDV GDQ EHULNXW VDUDQD SHQXQMDQJQ\D GDWHRIWKHDJUHHPHQWXQWLO-XO\
XQWXN MDQJND ZDNWX GXD SXOXK WDKXQ
VHMDN-XOLVDPSDLGHQJDQ-XOL

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HODPD PDVD %27 '87, EHUKDN 'XULQJ WKH %27 SHULRG '87, FDQ UHQW RXW
PHQ\HZDNDQ NLRV WHUVHEXW NHSDGD SLKDN WUDQVIHU LWV ULJKWV RU OHQG WKH NLRVNV WR WKH
ODLQ -DQJND ZDNWX SHUMDQMLDQ LQL GDSDW $VVRFLDWLRQ 7KH DJUHHPHQW FDQ EH
GLSHUSDQMDQJ XQWXN MDQJND ZDNWX WHUWHQWX H[WHQGHG IRU D FHUWDLQ SHULRG ZLWK WKH
GHQJDQ NHWHQWXDQNHWHQWXDQ GDQ V\DUDW FRQVHQW RI ERWK SDUWLHV $W WKH HQG RI WKH
V\DUDW\DQJDNDQGLWHWDSNDQNHPXGLDQROHK %27SHULRG'87,ZLOOWUDQVIHUWKHNLRVNVWR
NHGXD EHODK SLKDN VHFDUD PXIDNDW 3DGD WKH$VVRFLDWLRQ
ZDNWX PDVD %27 EHUDNKLU '87, DNDQ
PHQ\HUDKNDQ NLRV WHUVHEXW NHSDGD SLKDN
NHWLJDWHUVHEXWGLDWDV

I 3DGD WDQJJDO 0HL '87, I 2Q 0D\ '87, VLJQHG D MRLQW
PHQDQGDWDQJDQL SHUMDQMLDQ NHUMDVDPD RSHUDWLRQV DJUHHPHQW ZLWK WKH /RFDO
EDQJXQNHORODGDQDOLK%XLOG2SHUDWHDQG *RYHUQPHQW 3HPGD LQ -DNDUWD XQGHU
7UDQVIHU DWDX %27 GHQJDQ 3HPHULQWDK %XLOG2SHUDWHDQG7UDQVIHU%27WREXLOG
'DHUDK3HPGD-DNDUWDXQWXNPHPEDQJXQ D EULGJH DQG DQ XQGHUJURXQG FKDQQHO
MHPEDWDQGDQWHURZRQJDQVHOXDVP WRWDOLQJ VTXDUH PHWHUV LQ -DODQ
\DQJ PHOLQWDV GL DWDV GDQ GL EDZDK -DODQ $TXDULXP LQFOXGLQJ LWV VKRS IDFLOLW\ RI
$TXDULXP GLOHQJNDSL GHQJDQ IDVLOLWDV XQLWV RU VTXDUHPHWHUV ZKLFK ZLOO
WRNR VHOXDV P \DQJ FRQQHFW +DUFRPDV EXLOGLQJ DQG 0DOO
PHQJKXEXQJNDQ *HGXQJ +DUFRPDV GDQ 0DQJJD 'XD EXLOGLQJ 7KLV DJUHHPHQW LV
*HGXQJ 0DO 0DQJJD 'XD XQWXN MDQJND YDOLGIRUWZHQW\ILYH\HDUVVWDUWLQJIURP
ZDNWX GXD SXOXK OLPD WDKXQ VHMDN WKHGDWH ZKHQ WKHEULGJHDQGXQGHUJURXQG
MHPEDWDQGDQWHURZRQJDQVHOHVDLGLEDQJXQ FKDQQHODUHUHDG\IRUXVH
GDQOD\DNEHURSHUDVL

6HODPD PDVD %27 '87, GDSDW 'XULQJ WKH %27 SHULRG '87, FDQ UHQW RXW
PHQ\HZDNDQ PHPLQMDPNDQ DWDX WUDQVIHULWVULJKWVRUOHQGWKHVKRSIDFLOLW\WR
PHPEHULNDQKDNIDVLOLWDVSHUWRNRDQNHSDGD WKLUGSDUWLHV$WWKHHQGRIWKH%27SHULRG
SLKDNODLQ3DGDZDNWXPDVD%27EHUDNKLU '87, ZLOO WUDQVIHU WKH EULGJH XQGHUJURXQG
'87, DNDQ PHQ\HUDKNDQ MHPEDWDQ GDQ FKDQQHO DQG WKH VKRS IDFLOLW\ WR 3HPGD
WHURZRQJDQ WHUVHEXW NHSDGD 3HPGD -DNDUWD
-DNDUWD

J 3DGD WDQJJDO 2NWREHU 37 3HUZLWD J 2Q2FWREHU373HUZLWD0DUJDVDNWL
0DUJDVDNWL 306 HQWLWDV DQDN 306 D VXEVLGLDU\ HQWHUHG LQWR D %XLOG
PHQDQGDWDQJDQL SHUMDQMLDQ NHUMDVDPD 2SHUDWH DQG 7UDQVIHU %27 $JUHHPHQW
EDQJXQNHORODGDQDOLK%XLOG2SHUDWHDQG ZLWK WKH /RFDO *RYHUQPHQW 3HPGD LQ
7UDQVIHU DWDX %27 GHQJDQ 3HPHULQWDK -DNDUWD ZKHUHLQ 306 ZLOO EXLOG D EULGJH
'DHUDK 3HPGD -DNDUWD GLPDQD DQG D WXQQHO HDFK FRQVLVWLQJ RI NLRVNV
306 DNDQ PHPEDQJXQ MHPEDWDQ GDQ ZKLFK ZLOO FRQQHFW 6XSHUEORN $PEDVDGRU
WHURZRQJDQ \DQJ EHULVL NLRV \DQJ DNDQ .XQLQJDQ DQG ,7& .XQLQJDQ ORFDWHG DW
PHQJKXEXQJNDQ *HGXQJ 6XSHUEORN -DODQ3URI'U6DWULR6RXWK-DNDUWD
$PEDVDGRU .XQLQJDQ GDQ ,7& .XQLQJDQ
\DQJ EHUORNDVL GL -DODQ 3URI 'U 6DWULR
-DNDUWD6HODWDQ

306 PHPSXQ\DL KDN XQWXN 306 KDV WKH ULJKW WR RSHUDWH WKH EULGJH
PHQJRSHUDVLNDQ MHPEDWDQ GDQ WHURZRQJDQ DQG WXQQHO WRJHWKHU ZLWK WKH NLRVNV IRU
EHUVDPD GHQJDQ NLRV \DQJ EHUDGD WZHQW\ILYH\HDUVFRPPHQFLQJIURPWKH
GLGDODPQ\D VHODPD GXD SXOXK OLPD VLJQLQJ RI WKH DJUHHPHQW 8SRQ H[SLUDWLRQ
WDKXQ VHMDN SHQDQGDWDQJDQDQ SHUMDQMLDQ RI WKH WZHQW\ILYH \HDU SHULRG 306 ZLOO
6HWHODK EHUDNKLUQ\D PDVD WHUVHEXW 306 WUDQVIHU D SRUWLRQ RI WKH NLRVNV IURP WKH
DNDQ PHQ\HUDKNDQ VHEDJLDQ NLRV GDUL EULGJHDQGWKHWXQQHOWR3HPGD
MHPEDWDQGDQWHURZRQJDQNHSDGD3HPGD

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

K 3DGD WDQJJDO 'HVHPEHU K 2Q 'HFHPEHU WKH &RPSDQ\
3HUXVDKDDQ PHQDQGDWDQJDQL SHUMDQMLDQ HQWHUHG LQWR D %XLOG 2SHUDWH DQG 7UDQVIHU
%DQJXQ .HOROD GDQ $OLK GHQJDQ %27 $JUHHPHQW ZLWK WKH 3URYLQFLDO
3HPHULQWDK 'DHUDK 7DQJHUDQJ 3HPGD *RYHUQPHQW RI 7DQJHUDQJ 3HPGD
GLPDQD 3HUXVDKDDQ DNDQ PHPEDQJXQ ZKHUHLQ WKH &RPSDQ\ ZLOO EXLOG D EULGJH
MHPEDWDQ QLDJD %6' -XQFWLRQ \DQJ EHULVL ZKLFK ZLOO EH NQRZQ DV %6' -XQFWLRQ
NLRV \DQJ DNDQ PHQJKXEXQJNDQ %6' EULGJH FRQVLVWLQJ RI NLRVNV ZKLFK ZLOO
-XQFWLRQGDQ,7&%6'&DWDWDQ FRQQHFW %6' -XQFWLRQ DQG ,7& %6'
1RWH

3HUXVDKDDQ PHPSXQ\DL KDN XQWXN 7KH &RPSDQ\ KDV WKH ULJKW WR RSHUDWH WKH
PHQJRSHUDVLNDQMHPEDWDQEHUVDPDGHQJDQ EULGJH WRJHWKHU ZLWK WKH NLRVNV IRU WZHQW\
NLRV \DQJ EHUDGD GLGDODPQ\D VHODPD \HDUV FRPPHQFLQJ IURP -DQXDU\
GXDSXOXKWDKXQVHMDN-DQXDUL XQWLO 'HFHPEHU 8SRQ
VDPSDLGHQJDQ'HVHPEHU6HWHODK H[SLUDWLRQ RI WKH WZHQW\ \HDU SHULRG WKH
EHUDNKLUQ\D PDVD WHUVHEXW 3HUXVDKDDQ &RPSDQ\ ZLOO WUDQVIHU WKH ULJKWV RI XVDJH
DNDQ PHQ\HUDKNDQ SHPDQIDDWDQ GDQ DQG RSHUDWLRQV RI %6' -XQFWLRQ EULGJH WR
SHQJHORODDQ MHPEDWDQ QLDJD %6' -XQFWLRQ 3HPGD
NHSDGD3HPGD

3HUMDQMLDQ.HUMDVDPD -RLQW2SHUDWLRQV$JUHHPHQWV

L 3DGD WDQJJDO 2NWREHU '87, L 2Q 2FWREHU '87, VLJQHG D MRLQW
PHQDQGDWDQJDQL SHUMDQMLDQ NHUMDVDPD RSHUDWLRQV DJUHHPHQW ³%DGDQ .HUMD 6DPD´
GDODP EHQWXN %DGDQ .HUMD 6DPD %.6 %.6 3DVDU 3DJL ,7& 0DQJJD 'XD ZLWK
3DVDU 3DJL ± ,7& 0DQJJD 'XD GHQJDQ 37 3UDMD 3XUL ,QGDK 5HDO (VWDWH DQG
37 3UDMD 3XUL ,QGDK 5HDO (VWDWH GDQ LQGLYLGXDO WR EXLOG D EULGJH LQFOXGLQJ VKRS
LQGLYLGX XQWXN PHPEDQJXQ MHPEDWDQ IDFLOLW\ ZKLFK ZLOO FRQQHFW WKH 3DVDU 3DJL
SHQ\HEHUDQJDQ RUDQJ EHVHUWD IDVLOLWDV 0DQJJD'XDEXLOGLQJDQG,7&0DQJJD'XD
SHUWRNRDQ \DQJ PHQJKXEXQJNDQ JHGXQJ EXLOGLQJ'87,¶VVKDUHLQ%.63DVDU3DJL±
3DVDU 3DJL 0DQJJD 'XD GDQ JHGXQJ ,7& ,7&0DQJJD'XDLV
0DQJJD'XD%DJLDQSDUWLVLSDVL'87,SDGD
%.63DVDU3DJL±,7&0DQJJD'XDDGDODK
VHEHVDU

3DGD WDQJJDO 6HSWHPEHU '87, 2Q 6HSWHPEHU '87, VLJQHG D
PHQDQGDWDQJDQL SHPEDKDUXDQ SHUMDQMLDQ UHQHZDO RI WKH DIRUHPHQWLRQHG MRLQW
NHUMDVDPD %.6 3DVDU 3DJL ,7& 0DQJJD RSHUDWLRQ DJUHHPHQW RQ WKH %.6 3DVDU
'XD GHQJDQ 37 3UDMD 3XUL ,QGDK 5HDO 3DJL ± ,7& 0DQJJD 'XD ZLWK
(VWDWHGDQLQGLYLGX%HUGDVDUNDQSHUMDQMLDQ 37 3UDMD 3XUL ,QGDK 5HDO (VWDWH DQG
WHUVHEXW SDUD SLKDN DNDQ EHNHUMD VDPD LQGLYLGXDOV %DVHG RQ WKH DJUHHPHQW WKH
PHODNVDQDNDQ SHPEDQJXQDQ PHQJHOROD SDUWLHV ZLOO GHYHORS PDQDJH DQG XVH
GDQ PHQJJXQDXVDKDNDQ NLRVNLRV \DQJ WRJHWKHU WKH NLRVNV LQ 3DVDU 3DJL,7&
WHUGDSDW SDGD -HPEDWDQ 3DVDU 3DJL ,7& 0DQJJD 'XD %ULGJH 7KLV DJUHHPHQW LV
0DQJJD 'XD WHUVHEXW VHFDUD EHUVDPD YDOLG VLQFH 2FWREHU XQWLO WKH ULJKWV
VDPD3HUMDQMLDQLQLDNDQEHUODQJVXQJVHMDN WR PDQDJH WKH EULGJH H[SLUHV WKH EULGJH
WDQJJDO 2NWREHU VDPSDL GHQJDQ KDGEHHQWUDQVIHUUHGWR3HPGD'.,DQGDOO
GLVHUDKNDQQ\D MHPEDWDQ 3DVDU 3DJL ,7& SDUWLHV DOUHDG\ PHW DOO WKHLU REOLJDWLRQV
0DQJJD 'XD GDQ GHQJDQ EHUDNKLUQ\D KDN FDOFXODWHGDQGGLVWULEXWHGSURILWDQGORVVHV
SHQJHORODDQ DWDV MHPEDWDQ 3DVDU 3DJL
,7& 0DQJJD 'XD NHSDGD 3HPHULQWDK
'DHUDK -DNDUWD GDQ SDUD SLKDN WHODK
PHPHQXKL VHOXUXK OLDELOLWDVQ\D VHUWD WHODK
PHODNXNDQ SHUKLWXQJDQ GDQ SHPEDJLDQ
NHXQWXQJDQDWDXNHUXJLDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

+DN GDQ NHZDMLEDQ SDUD SLKDN GDODP 7KH ULJKWV DQG REOLJDWLRQV RI WKH SDUWLHV LQ
NHUMDVDPDLQLDGDODKVHEDJDLEHULNXW WKH MRLQW RSHUDWLRQV DJUHHPHQW DUH DV
IROORZV

x 0HODNXNDQSHQ\HWRUDQGHQJDQMXPODK x 3D\WKHDJUHHGDPRXQWRQWKHDJUHHG
GDQ MDQJND ZDNWX \DQJ WHODK GDWH
GLWHWDSNDQ
x 0HQJXUXV SHULMLQDQ SHPEDQJXQDQ x +DQGOH WKH UHWULEXWLRQ FRQVWUXFWLRQ
SHPDVDUDQ VHUWD SHQJHORODDQ SUR\HN PDUNHWLQJ DQG SURMHFW PDQDJHPHQW
GDQ DQG
x 'LVWULEXVL KDVLO SHQGDSDWDQ VHVXDL x 'LVWULEXWH LQFRPH EDVHG RQ SUH
SULRULWDV\DQJWHODKGLWHQWXNDQ GHWHUPLQHGSULRULW\

M 3DGD WDQJJDO 0HL '87, WHODK M 2Q 0D\ '87, HQWHUHG LQWR DQ
PHQJDGDNDQ SHUMDQMLDQ NHUMDVDPD GHQJDQ DJUHHPHQWZLWK370DWUD2ODKFLSWD02&
370DWUD2ODKFLSWD02&HQWLWDVDVRVLDVL DQ DVVRFLDWHG FRPSDQ\ EDVHG RQ
VHEDJDLPDQD \DQJ WHUFDQWXP GDODP 6XUDW $JUHHPHQW 1R RI %XQWDULR 7LJULV
3HUMDQMLDQ .HUMDVDPD 1R GDUL %XQWDULR 'DUPDZD1J6+6(DSXEOLFQRWDU\LQ
7LJULV 'DUPDZD 1J 6+ 6( QRWDULV GL -DNDUWD7KHSXUSRVHRIWKHDJUHHPHQWLVWR
-DNDUWD .HUMDVDPD WHUVHEXW PHOLSXWL EXLOG D VKRSSLQJ FHQWHU ZLWK RU ZLWKRXW
SHPEDQJXQDQ SXVDW SHUGDJDQJDQ GHQJDQ UHVLGHQWLDO DUHDV DQG RWKHU IDFLOLWLHV RQ
DWDX WDQSD KXQLDQ EHULNXW GHQJDQ IDVLOLWDV 02&¶V ODQG ZLWK WRWDO DUHD RI DERXW
SUDVDUDQD DWDXSXQ VDUDQDVDUDQD ODLQQ\D VTXDUH PHWHUV ORFDWHG LQ -DODQ
GLDWDVWDQDKPLOLN02&VHOXDVP $UWHUL 3HUPDWD +LMDX 6RXWK -DNDUWD '87,
\DQJWHUOHWDNGL-DODQ$UWHUL3HUPDWD+LMDX ZLOO IXQG WKH SURMHFW DQG ZLOO GR PDUNHWLQJ
-DNDUWD 6HODWDQ '87, DNDQ PHPELD\DL DQG VDOHV RI WKH SURMHFW WR RWKHU SDUWLHV
SHPEDQJXQDQ SUR\HN WHUVHEXW GDQ 7KH '87,¶V VKDUH LQ WKLV MRLQW RSHUDWLRQV
PHPDVDUNDQ VHUWD PHQMXDOQ\D NHSDGD DJUHHPHQWLV
SLKDN ODLQ %DJLDQ SDUWLVLSDVL '87, SDGD
NHUMDVDPDLQLDGDODKVHEHVDU

'DODP PHODNVDQDNDQ NHUMDVDPD LQL NHGXD '87, DQG WKH RWKHU VWRFNKROGHUV RI 02&
EHODK SLKDN VHSDNDW GDQ VHWXMX EDKZD DJUHHG WKDW SURMHFW PDQDJHPHQW ZLOO EH
PDQDMHPHQ SUR\HN SHPEDQJXQDQ DNDQ SHUIRUPHG MRLQWO\ E\ ERWK SDUWLHV WKURXJK
GLODNXNDQ VHFDUD EHUVDPDVDPD GDQ XQWXN HVWDEOLVKPHQW RI D SURMHFW FRPPLWWHH
LWX NHGXD EHODK SLKDN VHWXMX PHPEHQWXN FRQVLVWLQJ RI UHSUHVHQWDWLYHV IURP ERWK
EDGDQ SHODNVDQD SUR\HN SHPEDQJXQDQ SDUWLHV
\DQJ SHQJXUXVQ\D PHUXSDNDQ SHUZDNLODQ
GDULPDVLQJPDVLQJSLKDN

+DN GDQ NHZDMLEDQ SDUD SLKDN GDODP 7KH ULJKWV DQG REOLJDWLRQV RI WKH SDUWLHV LQ
NHUMDVDPDLQLDGDODKVHEDJDLEHULNXW WKH MRLQW RSHUDWLRQV DJUHHPHQW DUH DV
IROORZV

x 0HQ\HGLDNDQDVHWEHUXSDWDQDK x 3URYLGHWKHODQG
x 0HODNVDQDNDQ SUR\HN SHPEDQJXQDQ x 'HYHORS WKH SURMHFW RQ VFKHGXOHG
VHVXDL GHQJDQ MDGZDO SHODNVDQDDQ GDWHDQG
SUR\HNGDQ
x 'LVWULEXVL KDVLO SHQGDSDWDQ VHVXDL x 'LVWULEXWH LQFRPH EDVHG RQ SUH
SULRULWDV\DQJWHODKGLWHQWXNDQ GHWHUPLQHGSULRULW\

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

N 3DGDWDQJJDO)HEUXDUL'87,WHODK N 2Q )HEUXDU\ '87, HQWHUHG
PHQJDGDNDQ SHUMDQMLDQ NHUMDVDPD GHQJDQ LQWR DQ DJUHHPHQW ZLWK 37 3KLQLVLQGR
37 3KLQLVLQGR =DPUXG 1XVDQWDUD 3=1 =DPUXG 1XVDQWDUD 3=1 DQ DVVRFLDWHG
HQWLWDV DVRVLDVL VHEDJDLPDQD \DQJ FRPSDQ\ EDVHG RQ $JUHHPHQW 1R RI
WHUFDQWXPGDODP$NWD3HUMDQMLDQ.HUMDVDPD 'UV *XQDZDQ 7HGMR 6+ 0+ SXEOLF
1R GDUL 'UV*XQDZDQ 7HGMR 6+ QRWDU\ LQ -DNDUWD 7KH SXUSRVH RI WKH
0+QRWDULVGL-DNDUWD.HUMDVDPDWHUVHEXW DJUHHPHQW LV WR EXLOG D VKRSSLQJ FHQWHU
PHOLSXWL SHPEDQJXQDQ SXVDW SHUGDJDQJDQ ZLWK RU ZLWKRXW UHVLGHQWLDO DUHDV DQG RWKHU
GHQJDQ DWDX WDQSD KXQLDQ EHULNXW GHQJDQ IDFLOLWLHV RQ 3=1¶V ODQG ZLWK WRWDO DUHD RI
IDVLOLWDV SUDVDUDQD DWDXSXQ VDUDQDVDUDQD DERXW VTXDUH PHWHUV ORFDWHG LQ
ODLQQ\D GL DWDV WDQDK PLOLN 3=1 VHOXDV -DODQ0DUJRQGD5D\D'HSRN
P \DQJ WHUOHWDN GL -DODQ
0DUJRQGD5D\D'HSRN

'DODP PHODNVDQDNDQ NHUMDVDPD LQL NHGXD %RWK SDUWLHV DJUHHG WKDW SURMHFW
EHODK SLKDN VHSDNDW GDQ VHWXMX EDKZD PDQDJHPHQW ZLOO EH SHUIRUPHG MRLQWO\
PDQDMHPHQ SUR\HN SHPEDQJXQDQ GDQ WKURXJK WKH HVWDEOLVKPHQW RI D SURMHFW
SHPDVDUDQ DNDQ GLODNXNDQ VHFDUD FRPPLWWHH FRQVLVWLQJ RI UHSUHVHQWDWLYHV
EHUVDPDVDPD GDQ XQWXN LWX NHGXD EHODK IURPERWKSDUWLHV
SLKDN VHWXMX PHPEHQWXN EDGDQ SHODNVDQD
SUR\HN SHPEDQJXQDQ \DQJ SHQJXUXVQ\D
PHUXSDNDQ SHUZDNLODQ GDUL PDVLQJPDVLQJ
SLKDN

+DN GDQ NHZDMLEDQ SDUD SLKDN GDODP 7KH ULJKWV DQG REOLJDWLRQV RI SDUWLHV LQ WKH
NHUMDVDPDLQLDGDODKVHEDJDLEHULNXW MRLQWRSHUDWLRQVDJUHHPHQWDUHDVIROORZV

x 0HQ\HGLDNDQDVHWEHUXSDWDQDK x 3URYLGHWKHODQG
x 0HODNVDQDNDQ SUR\HN SHPEDQJXQDQ x 'HYHORS WKH ODQG RQ VFKHGXOHG GDWH
VHVXDL GHQJDQ MDGZDO SHODNVDQDDQ DQG
SUR\HNGDQ
x 'LVWULEXVL KDVLO SHQGDSDWDQ VHVXDL x 'LVWULEXWH LQFRPH LQ SURSRUWLRQ WR
SULRULWDV\DQJWHODKGLWHQWXNDQ RZQHUVKLS

O 3DGD WDQJJDO 1RYHPEHU O 2Q 1RYHPEHU 37 6DUDQDSDSDQ
37 6DUDQDSDSDQ (NDVHMDWL HQWLWDV DQDN (NDVHMDWL D VXEVLGLDU\ VLJQHG DQRWKHU
PHQDQGDWDQJDQL SHUMDQMLDQ NHUMDVDPD DJUHHPHQWZLWK37)XQ:RUOG3ULPD):3
SHPDNDLDQ ORNDVL DUHQD IDQWDVL GDQ /LWWOH IRU XVLQJ WKH $UHQD )DQWDVL DQG /LWWOH
9HQLFH .RWD %XQJD ± 3XQFDN GHQJDQ 9HQLFH ZKLFK DUH ORFDWHG DW .RWD %XQJD ±
37 )XQ :RUOG 3ULPD ):3 GLPDQD ):3 3XQFDN %DVHG RQ WKH DJUHHPHQW ):3
ZDMLE PHPED\DU VHMXPODK ELD\D VHFDUD KDVDQREOLJDWLRQWRSD\FHUWDLQDPRXQWIRU
EHUWDKDS PXODL GDUL WDQJJDO 1RYHPEHU XVLQJ WKH SODFH EXLOGLQJ DQG IDFLOLWLHV IRU
VDPSDL GHQJDQ $JXVWXV WKH SHULRG FRYHUHG LQ WKH DJUHHPHQW ZLWK
3HUMDQMLDQ WHUVHEXW EHUDNKLU SDGD WDQJJDO WKH LQVWDOOPHQW SD\PHQW VWDUWLQJ IURP
1RYHPEHU GDQ WHODK EHEHUDSD NDOL 1RYHPEHU XQWLO $XJXVW
GLSHUSDQMDQJ WHUDNKLU VDPSDL GHQJDQ 7KLV DJUHHPHQW LV RULJLQDOO\ XQWLO
'HVHPEHU 1RYHPEHU EXW ZDV H[WHQGHG IRU
VHYHUDO WLPHV PRVW UHFHQWO\ YDOLG XQWLO
'HFHPEHU

P 3DGDWDQJJDO2NWREHU3HUXVDKDDQ P 2Q2FWREHUWKH&RPSDQ\VLJQHG
PHQDQGDWDQJDQL SHUMDQMLDQ NHUMDVDPD D MRLQW YHQWXUH DJUHHPHQW ZLWK %\ $OO
GHQJDQ %\ $OO ,QYHVWPHQWV /WG GHQJDQ ,QYHVWPHQWV /WG WR GHYHORS UHDO HVWDWH
WXMXDQ XQWXN PHQJHPEDQJNDQ SUR\HN UHDO SURMHFWLQ%6'&LW\DUHD%DVHGRQ'HHGRI
HVWDW GL %6' &LW\ %HUGDVDUNDQ $NWD (VWDEOLVKPHQW RI 37 %XPL 3DUDPD :LVHVD
3HQGLULDQ 37 %XPL 3DUDPD :LVHVD %3: %3:1RGDWHG1RYHPEHURI
1R WDQJJDO 1RYHPEHU GDUL +DQQ\ZDWL 6XVLOR 6+ 0.Q D SXEOLF
+DQQ\ZDWL 6XVLOR 6+ 0.Q QRWDULV GL QRWDU\ LQ 7DQJHUDQJ WKH &RPSDQ\ DQG
7DQJHUDQJ 3HUXVDKDDQ GDQ %\ $OO %\ $OO ,QYHVWPHQW /WG HVWDEOLVKHG %3:
,QYHVWPHQW /WG PHQGLULNDQ %3: %DJLDQ 7KH&RPSDQ\¶VLQWHUHVWLQ%3:LV
NHSHPLOLNDQ3HUXVDKDDQSDGD%3:DGDODK
VHEHVDU

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

Q %HUGDVDUNDQ $NWD 3HUMDQMLDQ 3HPHJDQJ Q %DVHG RQ 'HHG RI 6KDUHKROGHU $JUHHPHQW
6DKDP 1R WDQJJDO $JXVWXV 1R GDWHG $XJXVW RI $OR\VLXV
GDUL$OR\VLXV0-DVLQ6+QRWDULVGLNRWD 0 -DVLQ 6+ D SXEOLF QRWDU\ LQ 6RXWK
7DQJHUDQJ 6HODWDQ 3HUXVDKDDQ GDQ 7DQJHUDQJ WKH &RPSDQ\ DQG
370HGLDODQG,QWHUQDWLRQDO([KLELWLRQDNDQ 37 0HGLDODQG ,QWHUQDWLRQ ([KLELWLRQ
PHPEHQWXN 37 ,QGRQHVLD ,QWHUQDWLRQDO HVWDEOLVKHG 37 ,QGRQHVLD ,QWHUQDWLRQDO
([SR ,,( \DQJ EHUWXMXDQ XQWXN ([SR ,,( WR EXLOG DQG GHYHORS H[KLELWLRQ
PHPEDQJXQ GDQ PHQJHPEDQJNDQ DQG FRQYHQWLRQ FHQWHU LQ %6' &LW\ DUHD
H[KLELWLRQ GDQ FRQYHQWLRQ FHQWHU GL %6' 7KH&RPSDQ\¶VLQWHUHVWLQ,,(LV
&LW\ %DJLDQ NHSHPLOLNDQ 3HUXVDKDDQ SDGD
,,(DGDODKVHEHVDU

R 3DGD WDQJJDO 'HVHPEHU R 2Q 'HFHPEHU 37 .HPEDQJDQ
37 .HPEDQJDQ 3HUPDL 'HYHORSPHQW 3HUPDL 'HYHORSPHQW .3' D VXEVLGLDU\
.3' HQWLWDV DQDN PHQDQGDWDQJDQL VLJQHG D MRLQW YHQWXUH DJUHHPHQW ZLWK
SHUMDQMLDQ NHUMDVDPD GHQJDQ ,WRFKX ,WRFKX&RUSRUDWLRQDQG6KLPL]X&RUSRUDWLRQ
&RUSRUDWLRQ GDQ 6KLPL]X &RUSRUDWLRQ WR GHYHORS UHDO HVWDWH SURMHFW LQ :HVW
GHQJDQ WXMXDQ XQWXN PHQJHPEDQJNDQ -DNDUWD DUHD %DVHG RQ 'HHG RI
SUR\HN UHDO HVWDW GL -DNDUWD %DUDW (VWDEOLVKPHQW RI 37 ,WRPDV .HPEDQJDQ
%HUGDVDUNDQ $NWD 3HQGLULDQ ,WRPDV 3HUGDQD,.31RGDWHG-DQXDUL
.HPEDQJDQ 3HUGDQD ,.3 1R WDQJJDO RI +DQQ\ZDWL 6XVLOR 6+ 0.Q D SXEOLF
-DQXDUL GDUL +DQQ\ZDWL 6XVLOR QRWDU\ LQ 7DQJHUDQJ .3' ,WRFKX
6+ 0.Q QRWDULV GL 7DQJHUDQJ .3' &RUSRUDWLRQ DQG 73% 'HYHORSPHQW 3WH
,WRFKX &RUSRUDWLRQ GDQ 73% 'HYHORSPHQW /WG HVWDEOLVKHG ,.3 .3'¶V LQWHUHVW LQ ,.3
3WH /WG PHQGLULNDQ ,.3 %DJLDQ LV
NHSHPLOLNDQ.3'SDGD,.3DGDODKVHEHVDU

%HUGDVDUNDQ $NWD 3HUQ\DWDDQ .HSXWXVDQ %DVHG RQ WKH 6WDWHPHQW RI 6KDUHKROGHUV¶
3HPHJDQJ 6DKDP \DQJ GLGRNXPHQWDVLNDQ 'HFLVLRQZKLFKZDVGRFXPHQWHGLQ1RWDULDO
GDODP $NWD 1R WDQJJDO -XQL GDUL 'HHG1RGDWH-XQHRI+DQQ\ZDWL
+DQQ\ZDWL 6XVLOR 6+ 0.Q QRWDULV GL 6XVLOR6+0.QDSXEOLFQRWDU\LQ6RXWK
7DQJHUDQJ6HODWDQSDUDSHPHJDQJVDKDP 7DQJHUDQJWKHVWRFNKROGHUVRI,.3DJUHHG
,.3 PHQ\HWXMXL XQWXN PHQMXDO VHOXUXK WR VHOO DOO ,WRFKX &RUSRUDWLRQ¶V VKDUH RI
VDKDP PLOLN ,WRFKX &RUSRUDWLRQ NHSDGD VWRFNWR37-&5($/
37-&5($/

S 3DGD WDQJJDO 0HL 3HUXVDKDDQ S 2Q 0D\ WKH &RPSDQ\ 37 6LQDU
37 6LQDU 8VDKD 0DKLWDOD 6807 HQWLWDV 8VDKD 0DKLWDOD 6807 D VXEVLGLDU\
DQDN PHQDQGDWDQJDQL SHUMDQMLDQ VLJQHG D MRLQW YHQWXUH DJUHHPHQW ZLWK
NHUMDVDPD GHQJDQ 37 7UDQVLQGR .DU\D 37 7UDQVLQGR .DU\D ,QYHVWDPD 7., DQG
,QYHVWDPD7.,GDQ37$VWUDWHO1XVDQWDUD 37$VWUDWHO1XVDQWDUD$1IRURSHUDWLRQRI
$1GHQJDQWXMXDQXQWXNPHQJHPEDQJNDQ WROO URDG FRQFHVVLRQ SURMHFW LQ 6RXWK
SUR\HN SHQ\HOHQJJDUDDQ SHQJXVDKDDQ 7DQJHUDQJ DUHD %DVHG RQ 'HHG RI
MDODQWROGL7DQJHUDQJ6HODWDQ%HUGDVDUNDQ (VWDEOLVKPHQW RI 37 7UDQV %XPL 6HUEDUDMD
$NWD 3HQGLULDQ 37 7UDQV %XPL 6HUEDUDMD 7%6 1R GDWHG 0D\ RI
7%6 1R WDQJJDO 0HL GDUL +DQQ\ZDWL 6XVLOR 6+ 0.Q D SXEOLF
+DQQ\ZDWL 6XVLOR 6+ 0.Q QRWDULV GL QRWDU\ LQ 6RXWK 7DQJHUDQJ WKH &RPSDQ\
7DQJHUDQJ 6HODWDQ 3HUXVDKDDQ 6807 6807 7., DQG $1 HVWDEOLVKHG 7%6 7KH
7., GDQ $1 PHQGLULNDQ 7%6 %DJLDQ &RPSDQ\¶V DQG 6807¶V LQWHUHVW LQ 7%6 LV
NHSHPLOLNDQ 3HUXVDKDDQ GDQ 6807 SDGD DQGUHVSHFWLYHO\
7%6 PDVLQJPDVLQJ DGDODK VHEHVDU
GDQ

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

T 3DGD WDQJJDO 2NWREHU T 2Q2FWREHUWKH&RPSDQ\VLJQHG
3HUXVDKDDQ PHQDQGDWDQJDQL SHUMDQMLDQ D MRLQW YHQWXUH DJUHHPHQW ZLWK 7DQJHUDQJ
NHUMDVDPD GHQJDQ 7DQJHUDQJ 5HDOW\ 5HDOW\,QYHVWPHQW,QF75,WRGHYHORSUHDO
,QYHVWPHQW ,QF 75, GHQJDQ WXMXDQ XQWXN HVWDWHSURMHFWLQ6HUSRQJ7DQJHUDQJDUHD
PHQJHPEDQJNDQ SUR\HN UHDO HVWDW GL %DVHG RQ 'HHG RI (VWDEOLVKPHQW RI
6HUSRQJ 7DQJHUDQJ %HUGDVDUNDQ $NWD 37 %6' 'LDPRQG 'HYHORSPHQW %''
3HQGLULDQ 37 %6' 'LDPRQG 'HYHORSPHQW 1RGDWHG1RYHPEHURI0LQD1*
%''1RWDQJJDO1RYHPEHUGDUL 6+ 0.Q D SXEOLF QRWDU\ LQ -DNDUWD WKH
0LQD 1* 6+ 0.Q QRWDULV GL -DNDUWD &RPSDQ\ DQG 75, HVWDEOLVKHG %'' 7KH
3HUXVDKDDQ GDQ 75, PHQGLULNDQ %'' &RPSDQ\¶VLQWHUHVWLQ%''LV
%DJLDQNHSHPLOLNDQ3HUXVDKDDQSDGD%''
DGDODKVHEHVDU

3HUMDQMLDQ6HZD-DQJND3DQMDQJ /RQJ±WHUP/HDVH$JUHHPHQWV

U 3DGD WDQJJDO $SULO '87, U 2Q$SULO'87,HQWHUHGLQWRDOHDVH
PHQDQGDWDQJDQL SHUMDQMLDQ VHZD GHQJDQ DJUHHPHQW ZLWK 37 &DUUHIRXU ,QGRQHVLD
37&DUUHIRXU,QGRQHVLDXQWXNMDQJNDZDNWX ZLWKOHDVHSHULRGIRUWKLUW\\HDUV
WLJDSXOXKWDKXQ

V 3DGD WDQJJDO $SULO 37 3HUZLWD V 2Q$SULO373HUZLWD0DUJDVDNWLD
0DUJDVDNWL 306 HQWLWDV DQDN VXEVLGLDU\ HQWHUHG LQWR D OHDVH DJUHHPHQW
PHQDQGDWDQJDQL SHUMDQMLDQ VHZD GHQJDQ ZLWK37&DUUHIRXU,QGRQHVLDIRUDSHULRGRI
37&DUUHIRXU,QGRQHVLDXQWXNMDQJNDZDNWX WZHQW\ \HDUV HIIHFWLYH IURP -XQH
GXD SXOXK WDKXQ \DQJ GLPXODL VHMDN
-XQL

W 3DGDWDQJJDO-DQXDUL3HUXVDKDDQ W 2Q -DQXDU\ WKH &RPSDQ\
GDQ 37 &DUUHIRXU ,QGRQHVLD HQWHUHG LQWR D OHDVH DJUHHPHQW ZLWK
PHQDQGDWDQJDQL SHUMDQMLDQ VHZD WHPSDW 37 &DUUHIRXU ,QGRQHVLD IRU WKH OHDVH RI
VHOXDVPGL,7&%6'XQWXNMDQJND VTXDUH PHWHUV DW ,7& %6' IRU D
ZDNWXVHODPDGXDSXOXKOLPDWDKXQ SHULRGRIWZHQW\ILYH\HDUV

X 3DGD WDQJJDO -XOL GDQ 2NWREHU X 2Q -XO\ DQG 2FWREHU
37 *DUZLWD 6HQWUD 8WDPD *68 37 *DUZLWD 6HQWUD 8WDPD *68 D
HQWLWDV DQDN PHQDQGDWDQJDQL VXEVLGLDU\ HQWHUHG LQWR D 0HPRUDQGXP RI
0HPRUDQGXP RI 8QGHUVWDQGLQJ 0R8 GDQ 8QGHUVWDQGLQJ 0R8 DQG 6LGH /HWWHU 7R
6LGH /HWWHU 7R 0HPRUDQGXP RI 0HPRUDQGXP RI 8QGHUVWDQGLQJ ZLWK
8QGHUVWDQGLQJ GHQJDQ 37 &RXUWV 5HWDLO 37 &RXUWV 5HWDLO ,QGRQHVLD &28576 D
,QGRQHVLD &28576 SLKDN NHWLJD WKLUG SDUW\ UHODWHG WR FRQVWUXFWLRQ RI
PHQJHQDL SHPEDQJXQDQ JHGXQJ GL .RWD EXLOGLQJV DW .RWD +DUDSDQ ,QGDK DQG %6'
+DUDSDQ ,QGDK GDQ %6' 7RZQVKLS ROHK 7RZQVKLSE\*68 ZKLFKZLOOEHOHDVHGE\
*68 GLPDQD JHGXQJ WHUVHEXW QDQWLQ\D *68 WR &28576 IRU WZHQW\ HLJKW
DNDQ GLVHZDNDQ NHSDGD &28576 XQWXN \HDUV DQG WKLUW\ \HDUV UHVSHFWLYHO\
MDQJNDZDNWXGXDSXOXKGHODSDQWDKXQ %DVHGRQ0R8&28576LVUHTXLUHGWRSD\
GDQ WLJD SXOXK WDKXQ %HUGDVDUNDQ UHQWGHSRVLWWR*68
0R8 &28576 GLZDMLENDQ PHPED\DU
VHWRUDQMDPLQDQVHZDNHSDGD*68

3DGD WDQJJDO 1RYHPEHU *68 2Q 1RYHPEHU *68 HQWHUHG LQWR
PHQDQGDWDQJDQL SHUMDQMLDQ VHZD JHGXQJ EXLOGLQJ OHDVH DJUHHPHQW ZLWK D WRWDO DUHD

VHOXDV P GHQJDQ &28576 XQWXN RI VTXDUH PHWHUV ZLWK &28576 DW
VLWHGL.RWD+DUDSDQ,QGDK .RWD+DUDSDQ,QGDK

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

3DGD WDQJJDO -DQXDUL *68 2Q -DQXDU\ *68 HQWHUHG LQWR
PHQDQGDWDQJDQL3HUMDQMLDQ3HQJDOLKDQGDQ $JUHHPHQW RQ WKH $VVLJQPHQW DQG
1RYDVL DWDV 3HUMDQMLDQ 6HZD 0HQ\HZD 1RYDWLRQ RI /DQG /HDVH $JUHHPHQWV ZLWK
7DQDK GHQJDQ &28576 &RXUWV $VLD &28576 &RXUWV $VLD /LPLWHG DQG
/LPLWHG GDQ 37 'HOWDVDUL $GLSUDWDPD 37 'HOWDVDUL $GLSUDWDPD D WKLUG SDUW\
SLKDN NHWLJD PHQJHQDL WDQDK GL .RWD UHODWHG WR WKH ODQG LQ .RWD +DUDSDQ ,QGDK
+DUDSDQ ,QGDK \DQJ DNDQ GLJXQDNDQ ROHK ZKLFK ZLOO EH XVHG E\ *68 WR FRQVWUXFW D
*68XQWXNPHPEDQJXQJHGXQJ EXLOGLQJ

3DGD WDQJJDO 2NWREHU *68 2Q 2FWREHU *68 HQWHUHG LQWR
PHQDQGDWDQJDQL SHUMDQMLDQ VHZD JHGXQJ EXLOGLQJ OHDVH DJUHHPHQW ZLWK D WRWDO DUHD

VHOXDV P GHQJDQ &28576 XQWXN RI VTXDUH PHWHUV ZLWK &28576 DW
VLWHGL%6'7RZQVKLS %6'7RZQVKLS

3HUNDUD+XNXPGDQ.HZDMLEDQ%HUV\DUDW /HJDO0DWWHUVDQG&RQWLQJHQFLHV

D 3HUXVDKDDQ PHQJKDGDSL NDVXV JXJDWDQ D 7KH&RPSDQ\LVDSDUW\WRDODZVXLWILOHGE\
GDUL SLKDN NHWLJD XQWXN PHPEXND SDJDU WKLUGSDUW\LQUHODWLRQWRLWVGHPDQGWRRSHQ
SHPEDWDV SHUXPDKDQ GL GDHUDK /HQJNRQJ WKH JDWH ZLWKLQ %6' FLW\ WR KDYH
*XGDQJ SDGD WDQJJDO 0DUHW SDVVDJHZD\ WR LWV KRXVH LQ WKH 'LVWULFW
GLSXWXVGL3HQJDGLODQ1HJHUL-DNDUWD3XVDW &RXUW RI '., &HQWUDO -DNDUWD GDWHG
VHODQMXWQ\D WHUKDGDS SXWXVDQ WHUVHEXW 0DUFK WKHQ WKH &RPSDQ\ DQG
3HUXVDKDDQ GDQ SLKDN NHWLJD PHQJDMXNDQ WKLUG SDUW\ ILOHG DQ DSSHDO GDWHG
EDQGLQJ GDQ WHODK GLSXWXV 3HQJDGLODQ 1RYHPEHU %DVHG RQ WKH
7LQJJL SDGD WDQJJDO 1RYHPEHU DIRUHPHQWLRQHGGHFLVLRQWKLUGSDUW\ILOHGDQ
$WDV SXWXVDQ WHUVHEXW SLKDN NHWLJD DSSHDO7KHFDVHKDVEHHQGHFLGHGE\WKH
PHQJDMXNDQ EDQGLQJ NH WLQJNDW NDVDVL 6XSUHPH&RXUWRI5HSXEOLFRI,QGRQHVLDRQ
3HUNDUD GL WLQJNDW NDVDVL SDGD 0DKNDPDK $XJXVWDQGSDUWLDOO\WKHFDVHZRQ
$JXQJ 5HSXEOLN ,QGRQHVLD WHODK GLSXWXV E\ WKH WKLUG SDUW\ %DVHG RQ WKH
SDGD WDQJJDO $JXVWXV GDQ DIRUHPHQWLRQHG GHFLVLRQ WKH &RPSDQ\
VHEDJLDQ GLPHQDQJNDQ ROHK SLKDN NHWLJD DSSHDOHG IRU UHHYDOXDWLRQ RQ
$WDV SXWXVDQ WHUVHEXW 3HUXVDKDDQ 2FWREHU 7KH FDVH KDV EHHQ
PHQJDMXNDQ SHQLQMDXDQ NHPEDOL SDGD GHFLGHGRQ-XQHDQGSDUWLDOO\ZRQ
WDQJJDO 2NWREHU 3HUNDUD WHUVHEXW E\WKLUGSDUW\
WHODK GLSXWXV SDGD WDQJJDO -XQL
GDQ GLPHQDQJNDQ VHEDJLDQ ROHK SLKDN
NHWLJD

E 3HUXVDKDDQ PHQJKDGDSL JXJDWDQ GDUL E 7KH &RPSDQ\ LV LQYROYHG LQ D ODZVXLW ILOHG
SLKDN NHWLJD SDGD WDQJJDO 6HSWHPEHU E\ D WKLUG SDUW\ RQ WKH &RPSDQ\¶V ODQG
GL 3HQJDGLODQ 1HJHUL 7DQJHUDQJ PHDVXULQJVTXDUHPHWHUVORFDWHGLQ
PHQJHQDLWDQDKVHOXDVPGL'HVD 'HVD 3DJHGDQJDQ GDWHG 6HSWHPEHU
3DJHGDQJDQ 3HUNDUD LQL VXGDK GLSXWXV GL 7KH FDVH KDV EHHQ GHFLGHG LQ IDYRU
3HQJDGLODQ1HJHUL7DQJHUDQJSDGDWDQJJDO RI WKH &RPSDQ\ EDVHG RQ GHFLVLRQ RI
-XOL GDQ GLPHQDQJNDQ ROHK 'LVWULFW &RXUW RI 7DQJHUDQJ GDWHG -XO\
3HUXVDKDDQ$WDVNHSXWXVDQWHUVHEXWSLKDN %DVHG RQ WKH DIRUHPHQWLRQHG
NHWLJD PHQJDMXNDQ EDQGLQJ GDQ GHFLVLRQWKHWKLUGSDUW\KDVILOHGDQDSSHDO
GLPHQDQJNDQ ROHK 3HUXVDKDDQ GDODP DQG KDV EHHQ GHFLGHG LQ IDYRU RI WKH
SXWXVDQSDGDWDQJJDO2NWREHU$WDV &RPSDQ\ RQ 2FWREHU %DVHG RQ
SXWXVDQ WHUVHEXW SLKDN NHWLJD PHQJDMXNDQ WKHDIRUHPHQWLRQHGGHFLVLRQWKHWKLUGSDUW\
NDVDVL GL 0DKNDPDK $JXQJ 5, \DQJ ILOHG DQ DSSHDO WR 6XSUHPH &RXUW RI
GLPHQDQJNDQ ROHK 3HUXVDKDDQ SDGD 5HSXEOLF RI ,QGRQHVLD DQG ZRQ E\ WKH
WDQJJDO1RYHPEHU &RPSDQ\RQ1RYHPEHU

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

F 3HUXVDKDDQ PHQJKDGDSL JXJDWDQ GDUL F 7KH &RPSDQ\ LV LQYROYHG LQ D ODZVXLW ILOHG
SLKDN NHWLJD SDGD WDQJJDO 1RYHPEHU E\ D WKLUG SDUW\ LQ 'LVWULFW &RXUW RI
GL 3HQJDGLODQ 1HJHUL 7DQJHUDQJ 7DQJHUDQJ UHODWHG WR ODQG FHUWLILFDWH IRU
PHQJHQDLWDQDKVHOXDVPGL'HVD D WRWDO DUHD RI VTXDUH PHWHUV
/HQJNRQJ .XORQ 3HUNDUD LQL GLQ\DWDNDQ ORFDWHG LQ 'HVD /HQJNRQJ .XORQ GDWHG
JXJXU SDGD WDQJJDO 0HL NDUHQD 1RYHPEHU7KLVFDVHZDVFDQFHOHG
SLKDNNHWLJDWLGDNKDGLUGDODPSHUVLGDQJDQ RQ0D\EHFDXVHRIWKHDEVHQFHRI
WKLUGSDUW\LQWKHFRXUW

G 37 'XWD 3HUWLZL 7EN '87, HQWLWDV DQDN G '87, LV D SDUW\ WR VL[ ODZVXLWV LQ
PHQJKDGDSL HQDP JXJDWDQ ROHK SLKDN FRQQHFWLRQ ZLWK WKH %XLOGLQJ 8VH 5LJKWV
NHWLJDPHQJHQDLVHUWLILNDW+*%'87,WHODK &HUWLILFDWH '87, KDV ZRQ DOO WKH FDVHV LQ
PHPHQDQJNDQ VHOXUXK SHUNDUD WHUVHEXW WKH+LJK&RXUWRI'.,-DNDUWDGDWHG0DUFK
GLWLQJNDW EDQGLQJ GL 3HQJDGLODQ 7LQJJL '., 6HSWHPEHU 6HSWHPEHU
-DNDUWD GHQJDQ SXWXVDQ WDQJJDO 0DUHW 0DUFK $XJXVW
6HSWHPEHU 6HSWHPEHU DQG0D\6L[FDVHVKDYHEHHQ
0DUHW $JXVWXV GDQ GHFLGHG LQ IDYRU RI '87, EDVHG RQ
0HL 'L WLQJNDW NDVDVL HQDP 6XSUHPH &RXUW GHFLVLRQ GDWHG 6HSWHPEHU
SHUNDUD WHODK GLPHQDQJNDQ ROHK '87, $SULO2FWREHU
GHQJDQSXWXVDQWDQJJDO6HSWHPEHU 1RYHPEHU $XJXVW DQG
$SULO 2NWREHU 2FWREHU$VRIGDWHRIFRPSOHWLRQ
1RYHPEHU $JXVWXV GDQ RI WKH FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV
2NWREHU 6DPSDL GHQJDQ WDQJJDO WKUHH FDVHV LQ WKH 6XSUHPH &RXUW RI
SHQ\HOHVDLDQ ODSRUDQ NHXDQJDQ 5HSXEOLF RI ,QGRQHVLD ZHUH VHWWOHG RQ
NRQVROLGDVLDQ WLJD SHUNDUD GL WLQJNDW 2FWREHU 0D\ DQG
0DKNDPDK $JXQJ 5HSXEOLN ,QGRQHVLD 6HSWHPEHUDQGKDYHEHHQGHFLGHG
0$5, WHODK GLSXWXV SDGD WDQJJDO LQ IDYRU RI '87, DQG WKUHH FDVHV KDYH
2NWREHU 0HL GDQ QRW EHHQ DQQRXQFHG ZKHWKHU RU QRW WKH
6HSWHPEHU\DQJGLPHQDQJNDQROHK WKLUGSDUWLHVZLOODSSHDOIRUUHHYDOXDWLRQ
'87, GDQ WLJD SHUNDUD EHOXP DGD
SHPEHULWDKXDQ DSDNDK SLKDN NHWLJD DNDQ
PHQJDMXNDQSHQLQMDXDQNHPEDOL

H '87, PHQJKDGDSL GHODSDQ SHUNDUD H '87, LV D SDUW\ LQ HLJKW ODZVXLWV LQ
PHQJHQDL +*% '87, WHODK PHPHQDQJNDQ FRQQHFWLRQ ZLWK WKH %XLOGLQJ 8VH 5LJKWV
SHUNDUD WHUVHEXW GHQJDQ SXWXVDQ WDQJJDO &HUWLILFDWH '87, KDV ZRQ WKRVH FDVHV
0HL SHUNDUD 0DUHW GDWHG 0D\ FDVH 0DUFK
SHUNDUD -XQL SHUNDUD GDQ FDVH-XQHFDVHVDQG
-XQL SHUNDUD 3LKDN SHQJJXJDW -XQH FDVH 7KH SODLQWLII RI DOO
GDUL VHOXUXK SHUNDUD WHUVHEXW PHQJDMXNDQ WKRVH ODZVXLWV ILOHG IRU DSSHDO $OO FDVHV
EDQGLQJ GDQ VXGDK GLSXWXV SDGD WDQJJDO ZHUH VHWWOHG LQ DSSHDO SURFHVV RQ $SULO
$SULO $SULO -XOL $SULO -XO\
6HSWHPEHU 2NWREHU 6HSWHPEHU 2FWREHU
0DUHW-XQLGDQ)HEUXDUL 0DUFK -XQH DQG
GDQ GLPHQDQJNDQ ROHK '87, 'DUL )HEUXDU\DQGKDGEHHQGHFLGHGLQ
GHODSDQ SHUNDUD EDQGLQJ \DQJ WHODK IDYRURIWKH'87,:KHUHDVWKRVHHLJKW
SXWXV WXMXK SHUNDUD QDLN NH WLQJNDW FDVHVZHUHVHWWOHGVHYHQFDVHVHQWHUV
NDVDVLGDQVDWXSHUNDUDVXGDKPHPLOLNL DSSHDO SURFHVV DQG RQH FDVH DOUHDG\
NHNXDWDQ KXNXP WHWDS NDUHQD SLKDN NHWLJD KDGSHUPDQHQWOHJDOIRUFHEHFDXVHDWKLUG
WLGDN PHODNXNDQ XSD\D KXNXP NDVDVL NH SDUW\ GLG QRW ILOH DQ DSSHDO WR 6XSUHPH
0$5,3DGDSHUNDUDGLWLQJNDWNDVDVLVXGDK &RXUWRI5HSXEOLFRI,QGRQHVLD,Q6XSUHPH
GLSXWXV WXMXK SHUNDUD ROHK 0$5, SDGD &RXUW VHYHQ FDVHV ZHUHVHWWOHG E\ WKH
WDQJJDO 1RYHPEHU 6XSUHPH &RXUW RI 5HSXEOLF RI ,QGRQHVLD
'HVHPEHU $SULO GDWHG 1RYHPEHU
-XOL -XOL -DQXDUL 'HFHPEHU $SULO
GDQ -XQL \DQJ GLPHQDQJNDQ ROHK -XO\ -XO\ -DQXDU\
'87, 'DUL WXMXK SHUNDUD GL WLQJNDW DQG-XQHKDYHEHHQGHFLGHG
NDVDVL WHUVHEXW WHUGDSDW GXD SHUNDUD LQ IDYRU RI '87, %DVHG RQ WKH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

\DQJ VHGDQJ GDODP SURVHV 3HQLQMDXDQ DIRUHPHQWLRQHG GHFLVLRQV WZR FDVHV
.HPEDOLGL0$5, DUHDSSHDOHGIRUUHHYDOXDWLRQLQ0$5,

I 37 3KLQLVL 0XOWL 3URSHUWL 303 HQWLWDV I 37 3KLQLVL 0XOWL 3URSHUWL 303
DQDN PHQJKDGDSL JXJDWDQ GDUL SLKDN D VXEGVLGLDU\ LV LQYROYHG LQ D ODZVXLW ILOHG
NHWLJD SDGD WDQJJDO 6HSWHPEHU E\ D WKLUG SDUW\ LQ 'LVWULFW &RXUW 6RXWK
-DQXDUL GDQ )HEUXDUL GL 6XODZHVL GDWHG 6HSWHPEHU
3HQJDGLODQ 7LQJJL 6XODZHVL 6HODWDQ -DQXDU\ DQG )HEUXDU\
PHQJHQDL WDQDK \DQJ GLPLOLNL 303 VHOXDV UHODWHG WR ODQG FHUWLILFDWHV RI 303 IRU WRWDO
P 6DPSDL GHQJDQ WDQJJDO DUHD RI VTXDUH PHWHUV $V RI WKH
SHQ\HOHVDLDQ ODSRUDQ NHXDQJDQ GDWH RI FRPSOHWLRQ RI WKH FRQVROLGDWHG
NRQVROLGDVLDQ SHUNDUD WHUVHEXW PDVLK ILQDQFLDO VWDWHPHQWV WKH FDVH LV VWLOO LQ
GDODPSURVHVEDQGLQJ SURFHVVRIHYDOXDWLQJWRDKLJKHU&RXUW

6HODLQ NDVXV WHUVHEXW GLDWDV *UXS WLGDN $V RI 6HSWHPEHU WKH *URXS LV QRW
PHPSXQ\DLSHUNDUDKXNXP\DQJVLJQLILNDQSDGD LQYROYHG LQ DQ\ RWKHU VLJQLILFDQW OHJDO PDWWHUV
WDQJJDO 6HSWHPEHU 0DQDMHPHQ *UXS 7KH *URXS¶V PDQDJHPHQW EHOLHYHV WKDW WKH
EHUNH\DNLQDQ EDKZD NHZDMLEDQ \DQJ PXQJNLQ HYHQWXDOOLDELOLWLHVXQGHUWKHVHODZVXLWVRUFODLPV
WLPEXO DWDV JXJDWDQ KXNXP DWDX WXQWXWDQ GDUL LIDQ\ZLOOQRWKDYHDPDWHULDODGYHUVHHIIHFWRQ
SLKDNNHWLJDMLNDDGDWLGDNDNDQPHPSHQJDUXKL WKH *URXS¶V IXWXUH ILQDQFLDO SRVLWLRQ DQG
SRVLVL NHXDQJDQ GDQ KDVLO RSHUDVL PDVD \DQJ RSHUDWLQJUHVXOWV
DNDQGDWDQJVHFDUDVLJQLILNDQ

,QIRUPDVL6HJPHQ 6HJPHQW,QIRUPDWLRQ

*UXS GLNHOROD GDQ GLNHORPSRNNDQ GDODP GLYLVL 7KH *URXS¶V RSHUDWLQJ VHJPHQW LQIRUPDWLRQ LV
XVDKD \DQJ WHUGLUL GDUL UHDO HVWDWSURSHUWLKRWHO SUHVHQWHG EDVHG RQ WKHLU EXVLQHVV DFWLYLWLHV
GDQODLQODLQ QDPHO\UHDOHVWDWHSURSHUW\KRWHODQGRWKHUV

,QIRUPDVL EHQWXN VHJPHQ RSHUDVL \DQJ EHUXSD 7KH *URXS¶V RSHUDWLQJ VHJPHQW LQIRUPDWLRQ DUH
VHJPHQXVDKD*UXSDGDODKVHEDJDLEHULNXW SUHVHQWHGEHOORZ

6HSWHPEHU6HSWHPEHU
5HDO(VWDW 3URSHUWL +RWHO /DLQODLQ .RQVROLGDVL
5HDO(VWDWH 3URSHUW\ +RWHO 2WKHUV &RQVROLGDWHG
/DSRUDQ/DED5XJLGDQ3HQJKDVLODQ &RQVROLGDWHG6WDWHPHQWRI3URILWRU/RVVDQG
.RPSUHKHQVLI/DLQ.RQVROLGDVLDQ 2WKHU&RPSUHKHQVLYH,QFRPH
3HQGDSDWDQXVDKD 5HYHQXHV
3HQGDSDWDQXVDKDVHJPHQSLKDNHNVWHUQDO 6HJPHQWUHYHQXHVH[WHUQDOSDUWLHV
+DVLOVHJPHQ 6HJPHQWUHVXOWV
/DEDNRWRUVHJPHQ 6HJPHQWJURVVSURILW
/DEDUXJLXVDKD 2SHUDWLQJSURILWORVV
(NXLWDVSDGDODEDEHUVLKHQWLWDVDVRVLDVLGDQ 6KDUHLQQHWLQFRPHRIDVVRFLDWHVDQG
YHQWXUDEHUVDPD MRLQWYHQWXUHV
3HQGDSDWDQEHEDQODLQODLQEHUVLK 2WKHULQFRPHH[SHQVHVQHW
/DEDVHEHOXPSDMDN 3URILWEHIRUHWD[
%HEDQSDMDN 7D[H[SHQVH
/DEDUXJLSHULRGHEHUMDODQ 3URILWIRUWKHSHULRG
$VHWVHJPHQ 6HJPHQW$VVHWV
/LDELOLWDVVHJPHQ 6HJPHQW/LDELOLWLHV
,QIRUPDVL/DLQQ\D 2WKHULQIRUPDWLRQ
%HEDQSHQ\XVXWDQ 'HSUHFLDWLRQ
7LGDNWHUPDVXNSDMDNGLED\DUGLPXND([FOXGHVSUHSDLGWD[HV
7LGDNWHUPDVXNXWDQJSDMDN([FOXGHVWD[HVSD\DEOH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6HSWHPEHU6HSWHPEHU
/DSRUDQ/DED5XJLGDQ3HQJKDVLODQ &RQVROLGDWHG6WDWHPHQWRI3URILWRU/RVVDQG
.RPSUHKHQVLI/DLQ.RQVROLGDVLDQ 2WKHU&RPSUHKHQVLYH,QFRPH
3HQGDSDWDQXVDKD 5HYHQXHV
3HQGDSDWDQXVDKDVHJPHQSLKDNHNVWHUQDO 6HJPHQWUHYHQXHVH[WHUQDOSDUWLHV
+DVLOVHJPHQ 6HJPHQWUHVXOWV
/DEDNRWRUVHJPHQ 6HJPHQWJURVVSURILW
/DEDUXJLXVDKD 2SHUDWLQJSURILWORVV
%DJLDQODEDEHUVLKHQWLWDVDVRVLDVLGDQ 6KDUHLQQHWLQFRPHRIDVVRFLDWHVDQG
YHQWXUDEHUVDPD MRLQWYHQWXUHV
3HQGDSDWDQEHEDQODLQODLQEHUVLK 2WKHULQFRPHH[SHQVHVQHW
/DEDUXJLVHEHOXPSDMDN 3URILWORVVEHIRUHWD[
%HEDQSDMDN 7D[H[SHQVH
/DEDUXJLSHULRGHEHUMDODQ 3URILWORVVIRUWKHSHULRG

'HVHPEHU'HFHPEHU
$VHWVHJPHQ 6HJPHQW$VVHWV
/LDELOLWDVVHJPHQ 6HJPHQW/LDELOLWLHV
,QIRUPDVL/DLQQ\D 2WKHULQIRUPDWLRQ
%HEDQSHQ\XVXWDQ 'HSUHFLDWLRQ

$VHW GDQ /LDELOLWDV 0RQHWHU %HUVLK GDODP 1HW 0RQHWDU\ $VVHWV DQG /LDELOLWLHV
0DWD8DQJ$VLQJ 'HQRPLQDWHGLQ)RUHLJQ&XUUHQF\

7DEHO EHULNXW PHQJXQJNDSNDQ MXPODK DVHW GDQ 7KHIROORZLQJWDEOHVKRZVFRQVROLGDWHGPRQHWDU\
OLDELOLWDVPRQHWHUNRQVROLGDVLDQ DVVHWVDQGOLDELOLWLHV

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

0DWD8DQJ 0DWD8DQJ
$VLQJ $VLQJ
86 (NXLYDOHQ 86 (NXLYDOHQ
2ULJLQDO 5XSLDK 2ULJLQDO 5XSLDK
&XUUHQF\ (TXLYDOHQWLQ &XUUHQF\ (TXLYDOHQWLQ
LQ86'ROODU 5XSLDK LQ86'ROODU 5XSLDK
$VHW $VVHWV
$VHW/DQFDU &XUUHQW$VVHWV
%DQN &DVKLQEDQNV
3LKDNEHUHODVL 5HODWHGSDUW\
'HSRVLWREHUMDQJND 7LPHGHSRVLWV
3LXWDQ JXVDKD 7UDGHDFFRXQWVUHFHLYDEOH
3LXWDQ JODLQODLQ 2WKHUDFFRXQWVUHFHLYDEOH
/LDELOLWDV-DQJND3HQGHN &XUUHQW/LDELOLWLHV
/LDELOLWDV-DQJND3DQMDQJ 1RQFXUUHQW/LDELOLWLHV
-XPODKOLDELOLWDVEHUVLK 1HWOLDELOLWLHV

'HVHPEHU NXUV NRQYHUVL \DQJ WKH FRQYHUVLRQ UDWHV XVHG E\ WKH *URXS
GLJXQDNDQ *UXS GLXQJNDSNDQ SDGD &DWDWDQ ZHUHGLVFORVHGLQ1RWHWRFRQVROLGDWHGILQDQFLDO
DWDVODSRUDQNHXDQJDQNRQVROLGDVLDQ VWDWHPHQWV

3HULVWLZD6HWHODK3HULRGH3HODSRUDQ (YHQWV$IWHUWKH5HSRUWLQJ'DWH

D 3DGD WDQJJDO 2NWREHU 3HUXVDKDDQ D 2Q 2FWREHU WKH &RPSDQ\ SDLG
PHOXQDVL XWDQJ EDQN MDQJND SDQMDQJ GL ORQJWHUP EDQN ORDQ IURP 37 %DQN 0DQGLUL
%DQN 0DQGLUL 3HUVHUR 7EN VHEHVDU 3HUVHUR 7EN DPRXQWLQJ WR
5S 5S

E 3DGD WDQJJDO 2NWREHU 37 5R\DO E 2Q 2FWREHU 37 5R\DO 2ULHQWDO
2ULHQWDO PHODNXNDQ SHPED\DUDQ GLYLGHQ SDLG GLYLGHQG WR 37 'XWD 3HUWLZL 7EN DQG
WXQDL NH 37 'XWD 3HUWLZL 7EN GDQ 37 3DUDJD $UWDPLGD DPRXQWLQJ WR
37 3DUDJD $UWDPLGD PDVLQJPDVLQJ 5S DQG
VHEHVDU 5S GDQ 5SUHVSHFWLYHO\
5S

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

F 3DGD WDQJJDO 2NWREHU 3HUXVDKDDQ F 2Q 2FWREHU WKH &RPSDQ\
PHODNXNDQ SHQFDLUDQ UHNVDGDQD 0DQGLUL UHGHHPHG 0DQGLUL ,QYHVWDVL 3DVDU 8DQJ
,QYHVWDVL 3DVDU 8DQJ 0,38 VHEHVDU 0,38 PXWXDO IXQG DPRXQWLQJ WR
5S 5S

G 3DGD WDQJJDO 2NWREHU 3HUXVDKDDQ G 2Q 2FWREHU WKH &RPSDQ\ SDLG
PHOXQDVL XWDQJ EDQN 37 %DQN 0DQGLUL EDQN ORDQ IURP 37 %DQN 0DQGLUL 3HUVHUR
3HUVHUR7ENVHEHVDU5S 7ENDPRXQWLQJWR5S

H 3DGD EXODQ 2NWREHU 37 ,WRPDV H 2Q 2FWREHU 37 ,WRPDV .HPEDQJDQ
.HPEDQJDQ 3HUGDQD PHPSHUROHK 3HUGDQD REWDLQHG ORDQ IURP 37 73%'
SLQMDPDQ GDUL 37 73%' 37 -&5($/ GDQ 37 -&5($/ DQG 37 .HPEDQJDQ 3HUPDL
37 .HPEDQJDQ 3HUPDL 'HYHORSPHQW 'HYHORSPHQW WRWDOLQJ WR
VHMXPODK5S 5S

I 3DGD WDQJJDO 2NWREHU 37 %XPL I 2Q 2FWREHU 37 %XPL 0HJDK
0HJDK *UDKD $VUL PHPSHUROHK SLQMDPDQ *UDKD $VUL REWDLQHG EDQN ORDQ IURP
GDUL 37 %DQN 3HPEDQJXQDQ 'DHUDK -DZD 37%DQN3HPEDQJXQDQ'DHUDK-DZD%DUDW
%DUDW GDQ %DQWHQ 7EN VHEHVDU GDQ %DQWHQ 7EN DPRXQWLQJ WR
5S 5S

3HQJXQJNDSDQ 7DPEDKDQ /DSRUDQ $UXV .DV 6XSSOHPHQWDO 'LVFORVXUHV IRU &RQVROLGDWHG
.RQVROLGDVLDQ 6WDWHPHQWVRI&DVK)ORZV

$NWLYLWDV LQYHVWDVL GDQ SHQGDQDDQ *UXS \DQJ 7KH IROORZLQJ DUH WKH QRQFDVK LQYHVWLQJ DQG
WLGDNPHPSHQJDUXKLNDVGDQVHWDUDNDV ILQDQFLQJDFWLYLWLHVRIWKH*URXS

6HPELO DQEXODQ1LQH PRQWKV
6HSWHPEHU6HSWHPEHU

(NXLWDVSDGDNHXQWXQJDQ 6KDUHLQXQUH DOL]HGJDLQRQ

EHOXPGLUHDOLVDVLGDUL LQFUHDVHLQYDOXHRI
NHQDLNDQQLODLLQYHVWDVLWHUVHGLD DYDLODEOHIRUVDOHLQYHVWPHQWV
XQWXNGLMXDO&DWDWDQ 1RWH
5HDOLVDVLXDQJPXNDPHQMDGL $SSOLFDWLRQRIDGYDQFHVWR
SHQDPEDKDQS URSHUWLLQYHVWDVL DFTXLVLWLRQRILQYHVWPHQW
&DWDWDQ SURSHUWLHV1RWH
5HDOLVDVLXDQJPXNDPHQMDGL $SSOLFDWLRQRIDGYDQFHVWR
SHQDPEDKDQD VHWWHWDSGDODP DFTXLVLWLRQRISURSHUW\DQG
SHPEDQJXQDQ&DWDWDQ HTXLSPHQW1RWH
.DSLWDOLVDVLEHEDQEXQJDSDGD
3URSHUWLLQYHVWDVL GDODPSHPEDQJXQDQ ,QWHUHVWH[SHQVHFDSLWDOL]HGWR
&DWDWDQ &RQVWUXFWLRQLQSURJUHVV1RWH
%LD\D\DQJPDVLKKDUXVGLED\DUDWDV /LDELOLWLHVDULVLQJIURPDFTXLVLWLRQRI
SHUROHKDQDVHWWHWDS&DWDWDQ SURSHUW\DQ GHTXLSPHQW1RWH
3HUROHK DQDVHWWHWDSGHQJDQOLD ELOLWDVVHZD $FTXLVLWLRQRISURSHUW\DQGHTXLSPHQW
SHPELD\DDQ&DWDWD Q WKURXJKILQDQFHOHDVH1RWH
%LD\D\DQJPDVLKKDUXVGLED\DUDWDV /LDELOLWLHVDULVLQJIURPDFTXLVLWLRQRI
SHUROHKDQSURSHUWLLQYHVWDVL&DWDWDQ LQYHVWPHQWSURSHUWLHV1RWH
5HNODVLILNDVLSURSHUWLLQYHVWDVLNHDVHW 5HFODVVLILFDWLRQRILQYHVWPHQWSURSHUWLHVWR
WHWDS&DWDWDQ SURSHUW\DQ GHTXLSPHQW1RWH
8DQJPXNDXQWXNSHQDPEDKDQSURSHUWL $GYDQFHVIRUL QYHVWPHQWSURSHUWLHV
LQYHVWDVL&DWDWDQ 1RWH
8DQJPXNDXQWXNSHQDPEDKDQDVHW $GYDQFHVIRUSURSHUW\DQGHTXLSPHQW
WHWDS&DWDWDQ 1RWH
3HPED\DUDQXWDQJSHUROHKDQSURSHUWL 3D\PHQWRILQYHVWPHQWSURSHUWL HV
LQYHVWDVL&DWDWDQ SD\DEOH1R WH

37%80,6(5321*'$0$,7EN 37%80,6(5321*'$0$,7EN
'$1(17,7$6$1$. $1',7668%6,',$5,(6

6WDQGDU$NXQWDQVL.HXDQJDQ%DUX 1HZ)LQDQFLDO$FFRXQWLQJ6WDQGDUGV

,NDWDQ $NXQWDQ ,QGRQHVLD WHODK PHQHUELWNDQ 7KH,QGRQHVLD,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWV
3HUQ\DWDDQ 6WDQGDU $NXQWDQVL .HXDQJDQ KDV LVVXHG WKH IROORZLQJ QHZ 6WDWHPHQW RI
36$. EDUX DPDQGHPHQ 36$. GDQ )LQDQFLDO $FFRXQWLQJ 6WDQGDUGV 36$.
,QWHUSUHWDVL6WDQGDU$NXQWDQVL.HXDQJDQ,6$. DPHQGPHQWVWR36$.VDQGQHZ,QWHUSUHWDWLRQRI
EDUX \DQJ EHUODNX HIHNWLI SDGD SHULRGH \DQJ )LQDQFLDO$FFRXQWLQJ6WDQGDUGV,6$.ZKLFKZLOO
GLPXODL-DQXDULVHEDJDLEHULNXW EH HIIHFWLYH IRU DQQXDO SHULRG EHJLQQLQJ
-DQXDU\

36$. 36$.

36$.1R/DSRUDQ$UXV.DV 36$.1R6WDWHPHQWVRI&DVK)ORZV

36$.1R$VHW7HWDS 36$.1R)L[HG$VVHWV

36$.1R3DMDN3HQJKDVLODQ 36$.1R,QFRPHWD[HV

36$.1R$JULNXOWXU 36$.1R$JULFXOWXUH

,6$. ,6$.

,6$.1R,QWHUSUHWDVLDWDV5XDQJ/LQJNXS ,6$. 1R ,QWHUSUHWDWLRQ RI )UDPHZRUN RI
36$.3URSHUWL,QYHVWDVL 36$.,QYHVWPHQW3URSHUWLHV

*UXS PHPSHUNLUDNDQ EDKZD SHQHUDSDQ 36$. 7KH *URXS GRHV QRW H[SHFW WKDW WKHVH 36$.V
GDQ ,6$. GL DWDV WLGDN EHUGDPSDN VLJQLILNDQ DQG ,6$. ZLOO KDYH D VLJQLILFDQW LPSDFW RQ WKH
WHUKDGDSODSRUDQNHXDQJDQNRQVROLGDVLDQ FRQVROLGDWHGILQDQFLDOVWDWHPHQWV

Bsde LK 3q17

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

Bsde LK 3q17

Uploaded by

Copyright:

Available Formats

PT Bumi Serpong Damai Tbk

dan Entitas Anak/and its Subsidiaries

LAPORAN KEUANGAN KONSOLIDASIAN – Pada tanggal 30 September 2017 dan

Laporan Posisi Keuangan Konsolidasian/Consolidated Statements of Financial Position 1

Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian/Consolidated

Laporan Perubahan Ekuitas Konsolidasian/Consolidated Statements of Changes in Equity 4

Laporan Arus Kas Konsolidasian/Consolidated Statements of Cash Flows 5

Catatan atas Laporan Keuangan Konsolidasian/Notes to Consolidated Financial Statements 6

.DVGDQVHWDUDNDV    &DVKDQGFDVKHTXLYDOHQWV

-XPODK$VHW/DQFDU   7RWDO&XUUHQW$VVHWV

3LXWDQJXVDKDSLKDNNHWLJD    7UDGHDFFRXQWVUHFHLYDEOHWKLUGSDUWLHV

-XPODK$VHW7LGDN/DQFDU   7RWDO1RQFXUUHQW$VVHWV

-80/$+$6(7   727$/$66(76

8WDQJEDQNMDQJNDSHQGHN    6KRUWWHUPEDQNORDQV

-XPODK/LDELOLWDV-DQJND3HQGHN   7RWDO&XUUHQW/LDELOLWLHV

'DQDV\LUNDKWHPSRUHU    7HPSRUDU\V\LUNDKIXQG

-XPODK/LDELOLWDV-DQJND3DQMDQJ   7RWDO1RQFXUUHQW/LDELOLWLHV

-XPODK/LDELOLWDV   7RWDO/LDELOLWLHV

.HSHQWLQJDQ1RQSHQJHQGDOL    1RQFRQWUROOLQJ,QWHUHVWV

-XPODK(NXLWDV   7RWDO(TXLW\

-80/$+/,$%,/,7$6'$1(.8,7$6   727$//,$%,/,7,(6$1'(48,7<

3(1'$3$7$186$+$    5(9(18(6

%(%$132.2.3(1-8$/$1    &2672)5(9(18(6

/$%$.2725   *5266352),7

-XPODK%HEDQ8VDKD   7RWDO2SHUDWLQJ([SHQVHV

/$%$86$+$   23(5$7,1*352),7

3(1*+$6,/$1 %(%$1 /$,1/$,1 27+(5,1&20( (;3(16(6

%HEDQ/DLQODLQ%HUVLK   2WKHU([SHQVHV1HW

/$%$6(%(/803$-$.   352),7%()25(7$;

%(%$13$-$..,1,    &855(177$;(;3(16(

/$%$3(5,2'(%(5-$/$1   352),7)257+(3(5,2'

3(1*+$6,/$1 58*, .2035(+(16,)/$,1 27+(5&2035(+(16,9(,1&20( /266

-XPODK3HQJKDVLODQ.RPSUHKHQVLI/DLQ   7RWDO2WKHU&RPSUHKHQVLYH,QFRPH

-80/$+3(1*+$6,/$1.2035(+(16,)   727$/&2035(+(16,9(,1&20(

/$%$3(56$+$0'$6$5    %$6,&($51,1*63(56+$5(

-XPODKSHQJKDVLODQNRPSUHKHQVLI           7RWDOFRPSUHKHQVLYHLQFRPH

3HPEHQWXNDQFDGDQJDQZDMLE           $SSURSULDWLRQRIUHWDLQHGHDUQLQJV

-XPODKSHQJKDVLODQNRPSUHKHQVLI           7RWDOFRPSUHKHQVLYHLQFRPH

3HPEHQWXNDQFDGDQJDQZDMLE           $SSURSULDWLRQRIUHWDLQHGHDUQLQJV

.DV%HUVLK'LJXQDNDQXQWXN$NWLYLWDV,QYHVWDVL   1HW&DVK8VHGLQ,QYHVWLQJ$FWLYLWLHV

.DV%HUVLK'LSHUROHKGDUL 'LJXQDNDQXQWXN $NWLYLWDV3HQGDQDDQ   1HW&DVK3URYLGHGE\ 8VHGLQ )LQDQFLQJ$FWLYLWLHV

.(1$,.$1 3(18581$1 %(56,+.$6 1(7,1&5($6( '(&5($6( ,1&$6+

3HQJDUXKSHUXEDKDQNXUVPDWDXDQJDVLQJ   (IIHFWRIIRUHLJQH[FKDQJHUDWHFKDQJHV

37%XPL3DUDPXGLWD0DV %30 6XUDED\D      

376XU\D,QWHU:LVHVD 6,: 7DQJHUDQJ      

376LQDU8VDKD0DKLWDOD 6807 7DQJHUDQJ      

373UDED6HODUDV3UDWDPD 7DQJHUDQJ      

37%XPL.DUDZDQJ'DPDL .DUDZDQJ      

376HQWUD7DOHQWD8WDPD 678 7DQJHUDQJ      

376LQDU8VDKD0DUJD 680 3DOHPEDQJ      

373DVWLND&DQGUD3HUWLZL 3&3 7DQJHUDQJ      

376HQWUD6HODUDV/HVWDUL 66/ 7DQJHUDQJ      

376LQDU3HUWLZL0HJDK 630 7DQJHUDQJ      

37%XPL:LVHVD-D\D %:- 7DQJHUDQJ      

37'XWD0LWUD0DV '00 7DQJHUDQJ      

377UDQV%6'%DODUDMD 7%% 7DQJHUDQJ      

37'XWD&DNUD3HVRQD '&3 7DQJHUDQJ      

37%XPL,QGDK$VUL %,$ 7DQJHUDQJ      

37%XPL6HQWUD6HODUDV %66 6XUDED\D      

376XPEHU0DNPXU6HPHVWD 606 7DQJHUDQJ      

37:DKDQD6ZDVD8WDPD :68 7DQJHUDQJ      

37%XPL7LUWD0DV %70 7DQJHUDQJ      

376DWZLND&LSWD/HVWDUL 6&/ 7DQJHUDQJ      

.DVGDQVHWDUDNDV &DVKDQGFDVKHTXLYDOHQWV

-XPODK$VHW/DQFDU 7RWDO&XUUHQW$VVHWV

3LXWDQJXVDKDSLKDNNHWLJD 7UDGHDFFRXQWVUHFHLYDEOHWKLUGSDUWLHV

-XPODK$VHW7LGDN/DQFDU 7RWDO1RQFXUUHQW$VVHWV

-80/$+$6(7 727$/$66(76

8WDQJEDQNMDQJNDSHQGHN 6KRUWWHUPEDQNORDQV

-XPODK/LDELOLWDV-DQJND3HQGHN 7RWDO&XUUHQW/LDELOLWLHV

'DQDV\LUNDKWHPSRUHU 7HPSRUDU\V\LUNDKIXQG

-XPODK/LDELOLWDV-DQJND3DQMDQJ 7RWDO1RQFXUUHQW/LDELOLWLHV

-XPODK/LDELOLWDV 7RWDO/LDELOLWLHV

.HSHQWLQJDQ1RQSHQJHQGDOL 1RQFRQWUROOLQJ,QWHUHVWV

-XPODK(NXLWDV 7RWDO(TXLW\

-80/$+/,$%,/,7$6'$1(.8,7$6 727$//,$%,/,7,(6$1'(48,7<

3(1'$3$7$186$+$ 5(9(18(6

%(%$132.2.3(1-8$/$1 &2672)5(9(18(6

/$%$.2725 *5266352),7

-XPODK%HEDQ8VDKD 7RWDO2SHUDWLQJ([SHQVHV

/$%$86$+$ 23(5$7,1*352),7

3(1*+$6,/$1%(%$1/$,1/$,1 27+(5,1&20((;3(16(6

%HEDQ/DLQODLQ%HUVLK 2WKHU([SHQVHV1HW

/$%$6(%(/803$-$. 352),7%()25(7$;

%(%$13$-$..,1, &855(177$;(;3(16(

/$%$3(5,2'(%(5-$/$1 352),7)257+(3(5,2'

3(1+$6,/$158,.2035(+(16,)/$,1 27+(5&2035(+(16,9(,1&20(/266

-XPODK3HQJKDVLODQ.RPSUHKHQVLI/DLQ 7RWDO2WKHU&RPSUHKHQVLYH,QFRPH

-80/$+3(1*+$6,/$1.2035(+(16,) 727$/&2035(+(16,9(,1&20(

/$%$3(56$+$0'$6$5 %$6,&($51,1*63(56+$5(

-XPODKSHQJKDVLODQNRPSUHKHQVLI 7RWDOFRPSUHKHQVLYHLQFRPH

3HPEHQWXNDQFDGDQJDQZDMLE $SSURSULDWLRQRIUHWDLQHGHDUQLQJV

-XPODKSHQJKDVLODQNRPSUHKHQVLI 7RWDOFRPSUHKHQVLYHLQFRPH

3HPEHQWXNDQFDGDQJDQZDMLE $SSURSULDWLRQRIUHWDLQHGHDUQLQJV

.DV%HUVLK'LJXQDNDQXQWXN$NWLYLWDV,QYHVWDVL 1HW&DVK8VHGLQ,QYHVWLQJ$FWLYLWLHV

.DV%HUVLK'LSHUROHKGDUL'LJXQDNDQXQWXN$NWLYLWDV3HQGDQDDQ 1HW&DVK3URYLGHGE\8VHGLQ)LQDQFLQJ$FWLYLWLHV

.(1$,.$13(18581$1%(56,+.$6 1(7,1&5($6('(&5($6(,1&$6+

3HQJDUXKSHUXEDKDQNXUVPDWDXDQJDVLQJ (IIHFWRIIRUHLJQH[FKDQJHUDWHFKDQJHV

37%XPL3DUDPXGLWD0DV%30 6XUDED\D

376XU\D,QWHU:LVHVD6,: 7DQJHUDQJ

376LQDU8VDKD0DKLWDOD6807 7DQJHUDQJ

373UDED6HODUDV3UDWDPD 7DQJHUDQJ

37%XPL.DUDZDQJ'DPDL .DUDZDQJ

376HQWUD7DOHQWD8WDPD678 7DQJHUDQJ

376LQDU8VDKD0DUJD680 3DOHPEDQJ

373DVWLND&DQGUD3HUWLZL3&3 7DQJHUDQJ

376HQWUD6HODUDV/HVWDUL66/ 7DQJHUDQJ

376LQDU3HUWLZL0HJDK630 7DQJHUDQJ

37%XPL:LVHVD-D\D%:- 7DQJHUDQJ

37'XWD0LWUD0DV'00 7DQJHUDQJ

377UDQV%6'%DODUDMD7%% 7DQJHUDQJ

37'XWD&DNUD3HVRQD'&3 7DQJHUDQJ

37%XPL,QGDK$VUL%,$ 7DQJHUDQJ

37%XPL6HQWUD6HODUDV%66 6XUDED\D

376XPEHU0DNPXU6HPHVWD606 7DQJHUDQJ

37:DKDQD6ZDVD8WDPD:68 7DQJHUDQJ

37%XPL7LUWD0DV%70 7DQJHUDQJ

376DWZLND&LSWD/HVWDUL6&/ 7DQJHUDQJ

37/DNV\D3ULPD/HVWDUL/3/ 7DQJHUDQJ

37.XUQLD6XEXU3HUPDL &LEXEXU

373HUZLWD0DUJDVDNWL -DNDUWD $SDUWHPHQGDQSXVDW 6XSHUEORN$PEDVDGRU

376LQDUZLMD\D(NDSUDWLVWD 7DQJHUDQJ 3HUXPDKDQ %DQMDU:LMD\D

370LVD\D3URSHULQGR &LEXEXU 3HUXPDKDQ /HJHQGD:LVDWD

370LWUDNDU\D0XOWLJXQD 6XUDED\D

376LQDUZLVDWD3HUPDL %DOLNSDSDQ +RWHO+RWHO +RWHO/H*UDQGHXU

37'XWD6HPHVWD0DV -DNDUWD 0L[HGXVH 6RXWK*DWH

373UHVWDVL0DKNRWD8WDPD %HNDVL

376LQDUZLVDWD/HVWDUL -DNDUWD +RWHO+RWHO +RWHO/H*UDQGHXU

370XVWLND.DU\D6HMDWL -DNDUWD 3HUXPDKDQ 7DPDQ3HUPDWD%XDQD

373DQJHUDQ3OD]D8WDPD &LSDQDV 3HUXPDKDQ .RWD%XQJD

37'XWD9LUWXDO'RW&RP -DNDUWD

37.HPEDQJDQ3HUPDL'HYHORSPHQW -DNDUWD 3HUXPDKDQ 7DPDQ3HUPDWD%XDQD

375R\DO2ULHQWDO -DNDUWD 3HUNDQWRUDQ 6LQDU0DV/DQG3OD]D

37$QHNDJUL\D%XPLQXVD &LEXEXU 3HUXPDKDQ .RWD:LVDWD

37.DQDND*UDKDDVUL &LEXEXU 3HUXPDKDQ .RWD:LVDWD

370HNDQXVD&LSWD &LEXEXU 3HUXPDKDQ .RWD:LVDWD

373ULPD6HKDWL &LEXEXU 3HUXPDKDQ .RWD:LVDWD

373XWUD3UDEXNDU\D &LEXEXU 3HUXPDKDQ .RWD:LVDWD

37:LMD\D3UDWDPD5D\D 6HPDUDQJ 3XVDWSHUEHODQMDDQ '30DOO

373KLQLVLQGR=DPUXG1XVDQWDUD 'HSRN 3XVDWSHUEHODQMDDQ ,7&'HSRN

37*UDKD'LSWD:LVHVD 6XUDED\D

37%XPL6DPDULQGD'DPDL 6DPDULQGD

680 3DOHPEDQJ