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JADWAL
Tanggal Efektif : 4 Juni 2026 Tanggal Pengembalian Uang Pemesanan : 12 Juni 2026
Masa Penawaran Umum : 8 – 9 Juni 2026 Tanggal Distribusi Obligasi dan Sukuk Ijarah Secara Elektronik : 12 Juni 2026
Tanggal Penjatahan : 10 Juni 2026 Tanggal Pencatatan pada Bursa Efek Indonesia : 15 Juni 2026
OJK TIDAK MEMBERIKAN PERNYATAAN MENYETUJUI ATAU TIDAK MENYETUJUI EFEK INI, TIDAK JUGA MENYATAKAN KEBENARAN ATAU KECUKUPAN ISI PROSPEKTUS INI. SETIAP PERNYATAAN YANG BERTENTANGAN DENGAN HAL-HAL TERSEBUT
ADALAH PERBUATAN MELANGGAR HUKUM.
PROSPEKTUS INI PENTING DAN PERLU MENDAPAT PERHATIAN SEGERA. APABILA TERDAPAT KERAGUAN PADA TINDAKAN YANG AKAN DIAMBIL, SEBAIKNYA BERKONSULTASI DENGAN PIHAK YANG KOMPETEN.
PT STEEL PIPE INDUSTRY OF INDONESIA TBK (“PERSEROAN”) DAN PENJAMIN PELAKSANA EMISI OBLIGASI DAN SUKUK IJARAH BERTANGGUNG JAWAB SEPENUHNYA ATAS KEBENARAN SEMUA INFORMASI, FAKTA, DATA, ATAU LAPORAN DAN
KEJUJURAN PENDAPAT YANG TERCANTUM DALAM PROSPEKTUS INI.
P R O S P E K T U S
PT STEEL PIPE INDUSTRY OF INDONESIA TBK
Kegiatan Usaha Utama:
Bergerak dalam bidang usaha industri pipa baja
Perseroan memiliki jaringan kerja yang terdiri dari 1 Kantor Pusat, 1 Kantor Representatif, 6 Unit Pabrik, dan 4 Depo (3 unit pabrik berlokasi di Surabaya, 1 unit pabrik di Sidoarjo, 1 unit pabrik di Pasuruan dan 1 unit pabrik di Karawang)
Kantor Pusat: Kantor Representatif Jakarta : Depo Bandung: Depo Jakarta : Depo Samarinda : Depo Makassar :
Jl. Kalibutuh 189-191 Gedung Baja Lantai 7 Bizpark Commercial Estate Kawasan Pergudangan Semanan Megah Mangkupalas Business Center Jl. Ir. Sutami Kelurahan Parang Loe
Surabaya 60173, Jawa Timur Jl. Pangeran Jayakarta No. 55 Jl.Kopo 455 Blok B1 No.26A Kav.7 Blok B No.1 Pergudangan E10-11, F9-10 Kecamatan Tamanlanrea, Kota Makassar
Telp.: (031) 532 0921, 531 6921, Jakarta 10730 Bandung 40277, Jawa Barat Jl.Daan Mogot KM.18 Samarinda, Kalimantan Timur Sulawesi Selatan
532 0320, 535 3290 Telp.: (021) 6231 3502 Telp.: (022) 5441 3737 Jakarta 11710 Telp.: (0541) 2082371, 2082719 Telp.: (0411) 473 - 1977
Faksimili : (031) 531 0712, 532 0290 Faksimili : (021) 6240 313 Faksimili : (022) 5441 3735 Telp.: (021) 2252 3485, 2252 3486 Faksimili : (0541) 2082586 Email: depo.makassar@spindo.co.id
Email: corsec@spindo.co.id Email: marketing.sjo@spindo.co.id Email: depo.bandung@spindo.co.id Faksimili : (021) 2252 0635 Email: depo.samarinda@spindo.co.id
Website : www.spindo.com Email: depo.semanan@spindo.co.id
PENAWARAN UMUM BERKELANJUTAN OBLIGASI BERKELANJUTAN III SPINDO
DENGAN TARGET DANA YANG AKAN DIHIMPUN SEBESAR Rp500.000.000.000,-
(LIMA RATUS MILIAR RUPIAH) (“OBLIGASI BERKELANJUTAN III”)
DAN
PENAWARAN UMUM BERKELANJUTAN SUKUK IJARAH BERKELANJUTAN III SPINDO
DENGAN TARGET DANA YANG AKAN DIHIMPUN SEBESAR Rp500.000.000.000,-
(LIMA RATUS MILIAR RUPIAH) (“SUKUK IJARAH BERKELANJUTAN III”)
DALAM RANGKA PENAWARAN UMUM BERKELANJUTAN TERSEBUT, PERSEROAN AKAN MENERBITKAN DAN MENAWARKAN:
OBLIGASI BERKELANJUTAN III SPINDO TAHAP I TAHUN 2026
DENGAN JUMLAH POKOK SEBESAR Rp101.450.000.000,- (SERATUS SATU MILIAR EMPAT RATUS LIMA PULUH JUTA RUPIAH) (“OBLIGASI”)
Obligasi ini diterbitkan tanpa warkat, ditawarkan dengan nilai 100% (seratus persen), dalam 3 (tiga) seri, yaitu:
Seri A : Jumlah Pokok Obligasi Seri A sebesar Rp31.580.000.000,- (tiga puluh satu miliar lima ratus delapan puluh juta Rupiah) dengan tingkat bunga tetap sebesar 7,00% (tujuh koma nol nol persen) per tahun, yang berjangka waktu 367 (tiga ratus enam puluh tujuh)
Hari Kalender sejak Tanggal Emisi;
Seri B : Jumlah Pokok Obligasi Seri B sebesar Rp26.030.000.000,- (dua puluh enam miliar tiga puluh juta Rupiah) dengan tingkat bunga tetap sebesar 8,25% (delapan koma dua lima persen) per tahun, yang berjangka waktu 3 (tiga) tahun sejak Tanggal Emisi;
Seri C : Jumlah Pokok Obligasi Seri C sebesar Rp43.840.000.000,- (empat puluh tiga miliar delapan ratus empat puluh juta Rupiah) dengan tingkat bunga tetap sebesar 9,00% (sembilan koma nol nol persen) per tahun, yang berjangka waktu 5 (lima) tahun sejak Tanggal
Emisi.
Bunga Obligasi dibayarkan setiap triwulan, dimana Bunga Obligasi pertama akan dibayarkan pada tanggal 12 September 2026, sedangkan Bunga Obligasi terakhir sekaligus pelunasan Obligasi akan dibayarkan pada tanggal 19 Juni 2027 untuk Obligasi Seri A, tanggal 12 Juni
2029 untuk Obligasi Seri B dan tanggal 12 Juni 2031 untuk Obligasi Seri C. Pelunasan masing-masing seri Obligasi akan dilakukan secara penuh (bullet payment) pada saat jatuh tempo.
DAN
SUKUK IJARAH BERKELANJUTAN III SPINDO TAHAP I TAHUN 2026
DENGAN SISA IMBALAN IJARAH SEBESAR Rp58.550.000.000,- (LIMA PULUH DELAPAN MILIAR LIMA RATUS LIMA PULUH JUTA RUPIAH) (“SUKUK IJARAH”)
Sukuk Ijarah ini diterbitkan tanpa warkat, ditawarkan dengan nilai 100% (seratus persen), dalam 3 (tiga) seri, yaitu:
Seri A : Jumlah Sisa Imbalan Ijarah Seri A sebesar Rp36.210.000.000,- (tiga puluh enam miliar dua ratus sepuluh juta Rupiah) dengan Cicilan Imbalan Ijarah sebesar Rp2.534.700.000,- (dua miliar lima ratus tiga puluh empat juta tujuh ratus ribu Rupiah) per tahun yang
dihitung dari jumlah Sisa Imbalan Ijarah Seri A atau sebesar Rp70.000,- (tujuh puluh ribu Rupiah) per Rp1.000.000,- (satu juta Rupiah) per tahun dari jumlah Sisa Imbalan Ijarah Seri A, yang berjangka waktu 367 (tiga ratus enam puluh tujuh) Hari Kalender sejak
Tanggal Emisi;
Seri B : Jumlah Sisa Imbalan Ijarah Seri B sebesar Rp65.000.000,- (enam puluh lima juta Rupiah) dengan Cicilan Imbalan Ijarah sebesar Rp5.362.500,- (lima juta tiga ratus enam puluh dua ribu lima ratus Rupiah) per tahun yang dihitung dari jumlah Sisa Imbalan Ijarah Seri
B atau sebesar Rp82.500,- (delapan puluh dua ribu lima ratus Rupiah) per Rp1.000.000,- (satu juta Rupiah) per tahun dari jumlah Sisa Imbalan Ijarah Seri B, yang berjangka waktu 3 (tiga) tahun sejak Tanggal Emisi;
Seri C : Jumlah Sisa Imbalan Ijarah Seri C sebesar Rp22.275.000.000 (dua puluh dua miliar dua ratus tujuh puluh lima juta Rupiah) dengan Cicilan Imbalan Ijarah sebesar Rp2.004.750.000,- (dua miliar empat juta tujuh ratus lima puluh ribu Rupiah) per tahun yang dihitung
dari jumlah Sisa Imbalan Ijarah Seri C atau sebesar Rp90.000,- (sembilan puluh ribu Rupiah) per Rp1.000.000,- (satu juta Rupiah) per tahun dari jumlah Sisa Imbalan Ijarah Seri C, yang berjangka waktu 5 (lima) tahun sejak Tanggal Emisi.
Cicilan Imbalan Ijarah dibayarkan setiap triwulan, dimana Cicilan Imbalan Ijarah pertama akan dibayarkan pada tanggal 12 September 2026, sedangkan Cicilan Imbalan Ijarah terakhir sekaligus Tanggal Pembayaran Kembali Sisa Imbalan Ijarah akan dibayarkan pada tanggal
19 Juni 2027 untuk Sukuk Ijarah Seri A, tanggal 12 Juni 2029 untuk Sukuk Ijarah Seri B dan 12 Juni 2031 untuk Sukuk Ijarah Seri C. Pembayaran Kembali Sisa Imbalan Ijarah masing-masing seri Sukuk Ijarah akan dilakukan secara penuh (bullet payment) pada saat jatuh tempo.
OBLIGASI BERKELANJUTAN III TAHAP II DAN/ATAU TAHAP SELANJUTNYA (JIKA ADA) DAN SUKUK IJARAH BERKELANJUTAN III TAHAP II DAN/ATAU TAHAP SELANJUTNYA (JIKA ADA) AKAN DITENTUKAN KEMUDIAN.
PENTING UNTUK DIPERHATIKAN
OBLIGASI DAN SUKUK IJARAH INI TIDAK DIJAMIN DENGAN SUATU JAMINAN KHUSUS SERTA TIDAK DIJAMIN OLEH PIHAK MANAPUN, NAMUN DIJAMIN DENGAN SELURUH HARTA KEKAYAAN PERSEROAN, BAIK BARANG BERGERAK MAUPUN
BARANG TIDAK BERGERAK, BAIK YANG TELAH ADA MAUPUN YANG AKAN ADA DI KEMUDIAN HARI SESUAI DENGAN KETENTUAN DALAM PASAL 1131 DAN 1132 KITAB UNDANG-UNDANG HUKUM PERDATA. HAK PEMEGANG OBLIGASI DAN SUKUK
IJARAH ADALAH PARIPASSU TANPA HAK PREFEREN DENGAN HAK-HAK KREDITUR PERSEROAN LAINNYA BAIK YANG ADA SEKARANG MAUPUN DI KEMUDIAN HARI, KECUALI HAK-HAK KREDITUR PERSEROAN YANG DIJAMIN SECARA KHUSUS
DENGAN KEKAYAAN PERSEROAN BAIK YANG TELAH ADA MAUPUN YANG AKAN ADA DI KEMUDIAN HARI SESUAI DENGAN PERATURAN PERUNDANG-UNDANGAN YANG BERLAKU.
PERSEROAN DAPAT MELAKUKAN PEMBELIAN KEMBALI (BUYBACK) OBLIGASI DAN/ATAU SUKUK IJARAH 1 (SATU) TAHUN SETELAH TANGGAL PENJATAHAN, PERSEROAN DAPAT MELAKUKAN PEMBELIAN KEMBALI UNTUK SEBAGIAN ATAU
SELURUH OBLIGASI DAN/ATAU SUKUK IJARAH SEBELUM TANGGAL PELUNASAN POKOK OBLIGASI DAN/ATAU PEMBAYARAN KEMBALI SISA IMBALAN IJARAH. PERSEROAN MEMPUNYAI HAK UNTUK MEMBERLAKUKAN PEMBELIAN KEMBALI
TERSEBUT UNTUK DIPERGUNAKAN SEBAGAI PELUNASAN OBLIGASI DAN/ATAU PEMBAYARAN KEMBALI SISA IMBALAN IJARAH UNTUK DISIMPAN DENGAN MEMPERHATIKAN KETENTUAN DALAM PERJANJIAN PERWALIAMANATAN DAN
PERATURAN PERUNDANG-UNDANGAN YANG BERLAKU. KETERANGAN MENGENAI PEMBELIAN KEMBALI DAPAT DILIHAT PADA BAB I PERIHAL PENAWARAN UMUM DI DALAM PROSPEKTUS INI.
PERSEROAN TIDAK MELAKUKAN PEMOTONGAN ZAKAT ATAS CICILAN IMBALAN IJARAH YANG DIPEROLEH PEMEGANG SUKUK IJARAH INI.
PERSEROAN HANYA MENERBITKAN SERTIFIKAT JUMBO OBLIGASI DAN SUKUK IJARAH DAN DIDAFTARKAN ATAS NAMA PT KUSTODIAN SENTRAL EFEK INDONESIA (“KSEI”) DAN AKAN DIDISTRIBUSIKAN DALAM BENTUK ELEKTRONIK YANG
DIADMINISTRASIKAN DALAM PENITIPAN KOLEKTIF DI KSEI.
RISIKO UTAMA YANG DIHADAPI PERSEROAN ADALAH RISIKO KETERGANTUNGAN KEPADA PIHAK KETIGA DALAM HAL PENYEDIAAN BAHAN BAKU, PENJUALAN PRODUK, DAN PENGIRIMAN PRODUK. RISIKO USAHA PERSEROAN SELENGKAPNYA
DIUNGKAPKAN PADA BAB VI PROSPEKTUS INI.
RISIKO UTAMA YANG MUNGKIN DIHADAPI INVESTOR PEMBELI OBLIGASI DAN SUKUK IJARAH ADALAH RISIKO TIDAK LIKUIDNYA OBLIGASI DAN SUKUK IJARAH YANG DITAWARKAN DALAM PENAWARAN UMUM INI YANG ANTARA LAIN DISEBABKAN
KARENA TUJUAN PEMBELIAN OBLIGASI DAN SUKUK IJARAH SEBAGAI INVESTASI JANGKA PANJANG.
DALAM RANGKA PENERBITAN OBLIGASI DAN SUKUK IJARAH INI, PERSEROAN TELAH MEMPEROLEH HASIL PEMERINGKATAN DARI PT PEMERINGKAT EFEK INDONESIA (“PEFINDO”)
A (Single A)
id id
A(sy) (Single A Syariah)
OBLIGASI DAN SUKUK IJARAH YANG DITAWARKAN INI SELURUHNYA AKAN DICATATKAN PADA BURSA EFEK INDONESIA (“BEI”)
Penjamin Pelaksana Emisi Obligasi dan Sukuk Ijarah yang namanya tercantum di bawah ini menjamin dengan kesanggupan penuh (full commitment) terhadap Penawaran Umum Obligasi dan Sukuk Ijarah ini.
PENJAMIN PELAKSANA EMISI DAN PENJAMIN EMISI OBLIGASI DAN SUKUK IJARAH
PT Indo Premier Sekuritas PT BCA SEKURITAS PT BRI DANAREKSA SEKURITAS
WALI AMANAT OBLIGASI DAN SUKUK IJARAH
PT Bank Rakyat Indonesia (Persero) Tbk.
Penjamin Emisi Obligasi dan Sukuk Ijarah (Akan ditentukan kemudian)
Prospektus ini diterbitkan di Jakarta pada tanggal 8 Juni 2026
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Perseroan telah menyampaikan Pernyataan Pendaftaran dalam rangka Penawaran Umum Berkelanjutan Obligasi Berkelanjutan III dan Penawaran Umum Berkelanjutan Sukuk Ijarah Berkelanjutan III kepada OJK dengan surat No. 012/II/CS-ISSP/2026 pada tanggal 24 Februari 2026, sesuai dengan persyaratan yang ditetapkan dalam Undang-Undang Republik Indonesia No.8 Tahun 1995 tentang Pasar Modal dan peraturan-peraturan pelaksanaannya (selanjutnya disebut “UUPM”). Perseroan merencanakan untuk mencatatkan Obligasi dan Sukuk Ijarah pada BEI sesuai dengan Surat Persetujuan Prinsip Pencatatan Efek Bersifat Utang dan Sukuk No. S-04773/BEI.PP1/04-2026 tanggal 30 April 2026 yang diberikan oleh BEI. Apabila Perseroan tidak mematuhi persyaratan pencatatan yang ditetapkan BEI, maka Penawaran Umum ini batal demi hukum dan pembayaran pesanan Obligasi dan Sukuk Ijarah wajib dikembalikan kepada para pemesan Obligasi dan Sukuk Ijarah sesuai dengan ketentuan-ketentuan dalam Perjanjian Penjaminan Emisi Obligasi dan Sukuk Ijarah dan Peraturan No. IX.A.2. Semua Lembaga dan Profesi Penunjang Pasar Modal yang disebut dalam Prospektus bertanggung jawab sepenuhnya atas data yang disajikan sesuai dengan fungsi dan kedudukan mereka, sesuai dengan ketentuan peraturan perundang-undangan di sektor Pasar Modal, kode etik, norma serta standar profesi masing-masing. Sehubungan dengan Penawaran Umum ini, setiap pihak terafiliasi tidak diperkenankan untuk memberi keterangan dan/atau membuat pernyataan apapun mengenai data yang tidak diungkapkan dalam Prospektus ini tanpa memperoleh persetujuan tertulis dari Perseroan dan Para Penjamin Pelaksana Emisi Obligasi dan Sukuk Ijarah. Para Penjamin Pelaksana Emisi Obligasi dan Sukuk Ijarah serta Lembaga dan Profesi Penunjang Pasar Modal dalam rangka Penawaran Umum ini bukan merupakan pihak terafiliasi dengan Perseroan, sesuai dengan definisi pihak terafiliasi dalam Undang- Undang Pasar Modal. Selanjutnya penjelasan secara lengkap mengenai ada/tidak adanya hubungan afiliasi Penjamin Pelaksana Emisi Obligasi dan Sukuk Ijarah dapat dilihat pada Bab X tentang Penjaminan Emisi Obligasi dan Sukuk Ijarah. Penjelasan mengenai tidak adanya hubungan afiliasi Lembaga dan Profesi Penunjang Pasar Modal dapat dilihat pada Bab XI tentang Lembaga dan Profesi Penunjang Pasar Modal. PENAWARAN UMUM OBLIGASI DAN SUKUK IJARAH INI TIDAK DIDAFTARKAN BERDASARKAN UNDANG-UNDANG ATAU PERATURAN LAIN SELAIN YANG BERLAKU DI REPUBLIK INDONESIA. BARANG SIAPA DI LUAR WILAYAH REPUBLIK INDONESIA MENERIMA PROSPEKTUS INI, MAKA DOKUMEN INI TIDAK DIMAKSUDKAN SEBAGAI PENAWARAN UNTUK MEMBELI OBLIGASI DAN SUKUK IJARAH, KECUALI BILA PENAWARAN DAN PEMBELIAN OBLIGASI DAN SUKUK IJARAH TIDAK BERTENTANGAN ATAU BUKAN MERUPAKAN PELANGGARAN TERHADAP PERATURAN PERUNDANG-UNDANGAN SERTA KETENTUAN-KETENTUAN BURSA EFEK YANG BERLAKU DI NEGARA ATAU YURISDIKSI DI LUAR REPUBLIK INDONESIA TERSEBUT. PERSEROAN MENYATAKAN BAHWA KEGIATAN USAHA YANG MENDASARI PENERBITAN SUKUK IJARAH TIDAK BERTENTANGAN DENGAN PRINSIP-PRINSIP SYARIAH DI PASAR MODAL SERTA MENJAMIN BAHWA SELAMA PERIODE SUKUK IJARAH KEGIATAN USAHA YANG MENDASARI PENERBITAN SUKUK IJARAH TIDAK AKAN BERTENTANGAN DENGAN PRINSIP-PRINSIP SYARIAH DI PASAR MODAL SEBAGAIMANA DIMAKSUD DALAM PASAL 2 PERATURAN OJK NOMOR 15/POJK 04/2015 TENTANG PENERAPAN PRINSIP SYARIAH DI PASAR MODAL. SEMUA INFORMASI YANG WAJIB DIKETAHUI DAN DIPERLUKAN OLEH PUBLIK TERKAIT DENGAN PENAWARAN UMUM, TELAH DIUNGKAPKAN OLEH PERSEROAN DAN TIDAK TERDAPAT LAGI INFORMASI YANG BELUM DIUNGKAPKAN SEHINGGA TIDAK MENYESATKAN PUBLIK. PERSEROAN WAJIB MENYAMPAIKAN PERINGKAT TAHUNAN ATAS SETIAP KLASIFIKASI OBLIGASI DAN SUKUK IJARAH KEPADA OJK PALING LAMBAT 10 (SEPULUH) HARI KERJA SETELAH BERAKHIRNYA MASA BERLAKU PERINGKAT TERAKHIR SAMPAI DENGAN PERSEROAN TELAH MENYELESAIKAN SELURUH KEWAJIBAN YANG TERKAIT DENGAN OBLIGASI DAN SUKUK IJARAH YANG DITERBITKAN, SEBAGAIMANA DIATUR DALAM PERATURAN POJK NO.49/2020.
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
DAFTAR ISI
DAFTAR ISI
DEFINISI DAN SINGKATAN UMUM
RINGKASAN
I. PENAWARAN UMUM
II. PENGGUNAAN DANA YANG DIPEROLEH DARI HASIL PENAWARAN UMUM
III. PERNYATAAN UTANG
IV. IKHTISAR DATA KEUANGAN PENTING
V. ANALISIS DAN PEMBAHASAN OLEH MANAJEMEN
VI. FAKTOR RISIKO
VII. KEJADIAN PENTING SETELAH TANGGAL LAPORAN AUDITOR INDEPENDEN
VIII. KETERANGAN TENTANG PERSEROAN, KEGIATAN USAHA SERTA KECENDERUNGAN DAN PROSPEK
USAHA
A. KETERANGAN TENTANG PERSEROAN
1. RIWAYAT PERSEROAN
2. STRUKTUR PERMODALAN DAN KEPEMILIKAN SAHAM PERSEROAN
3. PERIZINAN
4. PERJANJIAN - PERJANJIAN PENTING
5. ASET TETAP PENTING YANG DIMILIKI DAN/ATAU DIKUASAI PERSEROAN
6. HAKI (HAK KEKAYAAN INTELEKTUAL)
7. ASURANSI
8. DIAGRAM KEPEMILIKAN ANTARA PEMEGANG SAHAM PERSEROAN, PERSEROAN DAN
PERUSAHAAN ANAK
9. KETERANGAN SINGKAT MENGENAI PEMEGANG SAHAM BERBADAN HUKUM
10. PENGURUSAN DAN PENGAWASAN
11. TATA KELOLA PERUSAHAAN (CORPORATE GOVERNANCE)
12. SUMBER DAYA MANUSIA
13. PERKARA YANG SEDANG DIHADAPI PERSEROAN, PERUSAHAAN ANAK, KOMISARIS DAN
DIREKSI PERSEROAN, SERTA KOMISARIS DAN DIREKSI PERUSAHAAN ANAK
14. KETERANGAN MENGENAI PERUSAHAAN ANAK DAN PERUSAHAAN ASOSIASI
i
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
B. KEGIATAN USAHA SERTA KECENDERUNGAN DAN PROSPEK USAHA
1. UMUM
2. KEUNGGULAN BERSAING
3. STRATEGI USAHA
4. KEGIATAN USAHA
5. BAHAN BAKU DAN PASOKAN BAHAN BAKU
6. PENJUALAN PRODUK PERSEROAN
7. PEMASARAN DAN DISTRIBUSI, AGEN DAN PENGGUNA AKHIR
8. PERSAINGAN USAHA
9. SERTIFIKASI DAN ASOSIASI
10. PROSPEK USAHA
11. KECENDERUNGAN USAHA
12. ANALISA MENGENAI DAMPAK LINGKUNGAN (AMDAL)
13. RISET DAN PENGEMBANGAN PRODUK
14. TRANSAKSI AFILIASI DAN/ATAU TRANSAKSI YANG MENGANDUNG BENTURAN
KEPENTINGAN YANG MELIPUTI NAMA PIHAK, JENIS, NILAI, DAN TUJUAN TRANSAKSI
SELAMA 2 (DUA) TAHUN TERAKHIR
IX. PERPAJAKAN
X. PENJAMINAN EMISI OBLIGASI DAN SUKUK IJARAH
XI. LEMBAGA DAN PROFESI PENUNJANG PASAR MODAL
XII. KETERANGAN TENTANG WALI AMANAT
XIII. TATA CARA PEMESANAN PEMBELIAN OBLIGASI DAN SUKUK IJARAH
XIV. PENYEBARLUASAN PROSPEKTUS DAN FORMULIR PEMESANAN PEMBELIAN OBLIGASI DAN SUKUK
IJARAH
XV. PENDAPAT DARI SEGI HUKUM
XVI. LAPORAN AUDITOR INDEPENDEN DAN LAPORAN KEUANGAN KONSOLIDASIAN PERSEROAN
ii
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DEFINISI DAN SINGKATAN UMUM
“Afiliasi” ͗ ĞƌĂƌƚŝ ĨŝůŝĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ WĂƐĂů ϭ hhWW^<
LJĂŝƚƵ͗
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ĚĞƌĂũĂƚŬĞĚƵĂ͕ďĂŝŬƐĞĐĂƌĂŚŽƌŝnjŽŶƚĂůŵĂƵƉƵŶǀĞƌƚŝŬĂů͕LJĂŝƚƵ
ŚƵďƵŶŐĂŶƐĞƐĞŽƌĂŶŐĚĞŶŐĂŶ͗
ϭ͘ ƐƵĂŵŝĂƚĂƵ ŝƐƚƌŝ͖
Ϯ͘ ŽƌĂŶŐƚƵĂ ĚĂƌŝƐƵĂŵŝ ĂƚĂƵ ŝƐƚƌŝĚĂŶƐƵĂŵŝ ĂƚĂƵ ŝƐƚƌŝĚĂƌŝ
ĂŶĂŬ͖
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ĚĂƌŝĐƵĐƵ͖
ϰ͘ ƐĂƵĚĂƌĂĚĂƌŝƐƵĂŵŝ ĂƚĂƵŝƐƚƌŝďĞƐĞƌƚĂƐƵĂŵŝ ĂƚĂƵŝƐƚƌŝŶLJĂ
ĚĂƌŝƐĂƵĚĂƌĂLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͖ĂƚĂƵ
ϱ͘ ƐƵĂŵŝĂƚĂƵ ŝƐƚƌŝĚĂƌŝƐĂƵĚĂƌĂŽƌĂŶŐLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͖
ď͘ ŚƵďƵŶŐĂŶ ŬĞůƵĂƌŐĂ ŬĂƌĞŶĂ ŬĞƚƵƌƵŶĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ĚĞƌĂũĂƚŬĞĚƵĂ͕ďĂŝŬƐĞĐĂƌĂŚŽƌŝnjŽŶƚĂůŵĂƵƉƵŶǀĞƌƚŝŬĂů͕LJĂŝƚƵ
ŚƵďƵŶŐĂŶƐĞƐĞŽƌĂŶŐĚĞŶŐĂŶ͗
ϭ͘ ŽƌĂŶŐƚƵĂĚĂŶĂŶĂŬ͖
Ϯ͘ ŬĂŬĞŬĚĂŶŶĞŶĞŬƐĞƌƚĂĐƵĐƵ͖ĂƚĂƵ
ϯ͘ ƐĂƵĚĂƌĂĚĂƌŝŽƌĂŶŐLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͖
Đ͘ ŚƵďƵŶŐĂŶ ĂŶƚĂƌĂ ƉŝŚĂŬ ĚĞŶŐĂŶ ŬĂƌLJĂǁĂŶ͕ ĚŝƌĞŬƚƵƌ ĂƚĂƵ
ŬŽŵŝƐĂƌŝƐĚĂƌŝƉŝŚĂŬƚĞƌƐĞďƵƚ͖
Ě͘ ŚƵďƵŶŐĂŶ ĂŶƚĂƌĂ Ϯ ;ĚƵĂͿ ĂƚĂƵ ůĞďŝŚ ƉĞƌƵƐĂŚĂĂŶ Ěŝ ŵĂŶĂ
ƚĞƌĚĂƉĂƚ ƐĂƚƵ ĂƚĂƵ ůĞďŝŚĂŶŐŐŽƚĂ ĚŝƌĞŬƐŝ͕ƉĞŶŐƵƌƵƐ͕ĚĞǁĂŶ
ŬŽŵŝƐĂƌŝƐ͕ ĂƚĂƵƉĞŶŐĂǁĂƐLJĂŶŐƐĂŵĂ͖
Ğ͘ ŚƵďƵŶŐĂŶ ĂŶƚĂƌĂ ƉĞƌƵƐĂŚĂĂŶ ĚĞŶŐĂŶƉŝŚĂŬ͕ ďĂŝŬ ůĂŶŐƐƵŶŐ
ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂ ƉƵŶ͕
ŵĞŶŐĞŶĚĂůŝŬĂŶ ĂƚĂƵ ĚŝŬĞŶĚĂůŝŬĂŶ ŽůĞŚ ƉĞƌƵƐĂŚĂĂŶ ĂƚĂƵ
ƉŝŚĂŬ ƚĞƌƐĞďƵƚ ĚĂůĂŵ ŵĞŶĞŶƚƵŬĂŶ ƉĞŶŐĞůŽůĂĂŶ ĚĂŶͬĂƚĂƵ
ŬĞďŝũĂŬĂŶƉĞƌƵƐĂŚĂĂŶĂƚĂƵƉŝŚĂŬĚŝŵĂŬƐƵĚ͖
Ĩ͘ ŚƵďƵŶŐĂŶ ĂŶƚĂƌĂ Ϯ ;ĚƵĂͿ ĂƚĂƵ ůĞďŝŚ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ
ĚŝŬĞŶĚĂůŝŬĂŶ͕ďĂŝŬůĂŶŐƐƵŶŐŵĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ͕ĚĞŶŐĂŶ
ĐĂƌĂ ĂƉĂ ƉƵŶ͕ ĚĂůĂŵ ŵĞŶĞŶƚƵŬĂŶ ƉĞŶŐĞůŽůĂĂŶ ĚĂŶͬĂƚĂƵ
ŬĞďŝũĂŬĂŶƉĞƌƵƐĂŚĂĂŶŽůĞŚƉŝŚĂŬLJĂŶŐƐĂŵĂ͖ĂƚĂƵ
Ő͘ ŚƵďƵŶŐĂŶĂŶƚĂƌĂ ƉĞƌƵƐĂŚĂĂŶĚĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵ ƵƚĂŵĂ
LJĂŝƚƵ ƉŝŚĂŬ LJĂŶŐ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ
ŵĞŵŝůŝŬŝƉĂůŝŶŐŬƵƌĂŶŐϮϬй;ĚƵĂƉƵůƵŚƉĞƌƐĞŶͿƐĂŚĂŵLJĂŶŐ
ŵĞŵƉƵŶLJĂŝŚĂŬƐƵĂƌĂĚĂƌŝƉĞƌƵƐĂŚĂĂŶƚĞƌƐĞďƵƚ͘
‘“Agen Pembayaran” ͗ ĞƌĂƌƚŝ Wd <ƵƐƚŽĚŝĂŶ ^ĞŶƚƌĂů ĨĞŬ /ŶĚŽŶĞƐŝĂ ĂƚĂƵ <^ /͕
ďĞƌŬĞĚƵĚƵŬĂŶĚŝ:ĂŬĂƌƚĂ ^ĞůĂƚĂŶLJĂŶŐŵĞŵďƵĂƚ WĞƌũĂŶũŝĂŶŐĞŶ
WĞŵďĂLJĂƌĂŶ KďůŝŐĂƐŝ ĚĂŶ WĞƌũĂŶũŝĂŶ ŐĞŶ WĞŵďĂLJĂƌĂŶ ^ƵŬƵŬ
/ũĂƌĂŚ ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ͕ LJĂŶŐ ďĞƌŬĞǁĂũŝďĂŶ ŵĞŵďĂŶƚƵ
ŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŵďĂLJĂƌĂŶũƵŵůĂŚ
ƵŶŐĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ͕ ƉĞůƵŶĂƐĂŶWŽŬŽŬ
KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶ ĞŶĚĂ ĚĂŶͬĂƚĂƵ
<ŽŵƉĞŶƐĂƐŝ <ĞƌƵŐŝĂŶ ŬŝďĂƚ <ĞƚĞƌůĂŵďĂƚĂŶ ;ũŝŬĂ ĂĚĂͿ ŬĞƉĂĚĂ
WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ŵĞůĂůƵŝ WĞŵĞŐĂŶŐ
ZĞŬĞŶŝŶŐ ƵŶƚƵŬ ĚĂŶ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ͘
ŬĂĚ/ũĂƌĂŚ;ƉĞŶŐĂůŝŚĂŶŽďLJĞŬ ͗ ĞƌĂƌƚŝŬĂĚ/ũĂƌĂŚƐĞƚLJĂŶŐĚŝďƵĂƚĚŝďĂǁĂŚƚĂŶŐĂŶ͕ ďĞƌŵĞƚĞƌĂŝ
ŝũĂƌĂŚͿ ĐƵŬƵƉ͕ƚĞƌƚĂŶŐŐĂůϮϯ&ĞďƌƵĂƌŝϮϬϮϲ͕ĚŝŵĂŶĂ ŵŝƚĞŶďĞƌŬĞŝŶŐŝŶĂŶ
ŵĞŶŐĂůŝŚŬĂŶ ŵĂŶĨĂĂƚ ĂƚĂƐ DĞƐŝŶ ĚĂŶ WĞƌĂůĂƚĂŶ LJĂŶŐ ĚŝŵŝůŝŬŝ
ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĂŶͬĂƚĂƵ ŶĂŬ WĞƌƵƐĂŚĂĂŶ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ
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tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ƐĞďĂŐĂŝ ǁĂŬŝů ĚĂƌŝ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ͕
ĚĂŶ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ƐĞďĂŐĂŝ ǁĂŬŝů ĚĂƌŝ WĞŵĞŐĂŶŐ ^ƵŬƵŬ
/ũĂƌĂŚ ŵĞŶĞƌŝŵĂ ƉĞŶŐĂůŝŚĂŶ ŵĂŶĨĂĂƚ ĂƚĂƐ DĞƐŝŶ ĚĂŶWĞƌĂůĂƚĂŶ
ƚĞƌƐĞďƵƚƐĞďĂŐĂŝ KďLJĞŬ/ũĂƌĂŚ ĚĂůĂŵ ǁĂŬƚƵ ƐĞũĂŬ dĂŶŐŐĂů ŵŝƐŝ
^ƵŬƵŬ /ũĂƌĂŚ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ďĞƌĂŬŚŝƌŶLJĂ ^ƵŬƵŬ /ũĂƌĂŚ ĚĞŶŐĂŶ
ŶŝůĂŝ ŵĂŶĨĂĂƚ ĂƚĂƐ KďLJĞŬ/ũĂƌĂŚ ƐĞďĞƐĂƌŶŝůĂŝ ƉĞŶĞƌďŝƚĂŶ^ƵŬƵŬ
/ũĂƌĂŚ͕ LJĂŝƚƵ ƐĞďĞƐĂƌ ZƉϱϴ͘ϱϱϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ůŝŵĂ ƉƵůƵŚ ĚĞůĂƉĂŶ
ŵŝůŝĂƌůŝŵĂƌĂƚƵƐůŝŵĂƉƵůƵŚũƵƚĂZƵƉŝĂŚͿ͘
“Akad Ijarah” ͗ ĞƌĂƌƚŝ tĂůŝ ŵĂŶĂƚ ƐĞďĂŐĂŝ ǁĂŬŝů ĚĂƌŝ WĞŵĞŐĂŶŐ ^ƵŬƵŬ
berkedudukan sebagai mu’jir (pemberi sewa) menyewakan
KďLJĞŬ/ũĂƌĂŚďĞƌƵƉĂDĞƐŝŶĚĂŶWĞƌĂůĂƚĂŶƐĞƌƚĂŚĂŬŵĂŶĨĂĂƚŶLJĂ
kepada Perseroan sebagai musta’jir (penyewa) yang Obyek Ijarah
ƚĞƌƐĞďƵƚ ĚŝŐƵŶĂŬĂŶ ƐĞŶĚŝƌŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ
ƉĞŶŝŶŐŬĂƚĂŶƉƌŽĚƵŬƐŝ͘
ƚĂƐ KďLJĞŬ/ũĂƌĂŚ LJĂŶŐ ĚŝƐĞǁĂ ƚĞƌƐĞďƵƚWĞƌƐĞƌŽĂŶŵĞŵďĞƌŝŬĂŶ
ƉĞŵďĂLJĂƌĂŶ ƐĞǁĂ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ƐĞďĂŐĂŝ ǁĂŬŝů ĚĂƌŝ
ƉĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ďĞƌƵƉĂ ŝŵďĂůĂŶ ĨĞĞͬĐŝĐŝůĂŶ ĨĞĞ ŝũĂƌĂŚ
ƐĞĐĂƌĂ ƉĞƌŝŽĚŝŬ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ǁĂŬƚƵ LJĂŶŐ ĚŝƉĞƌũĂŶũŝŬĂŶ ƐĞƌƚĂ
ŝŵďĂůĂŶ ƐŝƐĂ ĨĞĞ ŝũĂƌĂŚ ƉĂĚĂ ƐĂĂƚ ũĂƚƵŚ ƚĞŵƉŽ ^ƵŬƵŬ /ũĂƌĂŚ͕
ƐĞďĂŐĂŝŵĂŶĂ ĚŝƚĞŶƚƵŬĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
^ƵŬƵŬ/ũĂƌĂŚ͘
“Bank Kustodian” ͗ ĞƌĂƌƚŝ ďĂŶŬ ƵŵƵŵ LJĂŶŐ ƚĞůĂŚ ŵĞŵƉĞƌŽůĞŚ ƉĞƌƐĞƚƵũƵĂŶ K:<
ƵŶƚƵŬŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝ<ƵƐƚŽĚŝĂŶƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚĚĂůĂŵ hŶĚĂŶŐͲhŶĚĂŶŐ WĂƐĂƌDŽĚĂů͘
“Bunga Obligasi” ͗ ĞƌĂƌƚŝƚŝŶŐŬĂƚ ďƵŶŐĂKďůŝŐĂƐŝLJĂŶŐŚĂƌƵƐĚŝďĂLJĂƌŽůĞŚWĞƌƐĞƌŽĂŶ
ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ͕ ŬĞĐƵĂůŝ KďůŝŐĂƐŝ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ
WĞƌƐĞƌŽĂŶ͕ LJĂŶŐ ƉĞŵďĂLJĂƌĂŶŶLJĂ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ ƉĂĚĂ ƐĞƚŝĂƉ
dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ƵŶŐĂKďůŝŐĂƐŝ͘ dŝŶŐŬĂƚ ďƵŶŐĂKďůŝŐĂƐŝ ^Ğƌŝ
ƐĞďĞƐĂƌϳ͕ϬϬй;ƚƵũƵŚŬŽŵĂŶŽůŶŽůƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͕ KďůŝŐĂƐŝ
^ĞƌŝƐĞďĞƐĂƌϴ͕Ϯϱй;ĚĞůĂƉĂŶŬŽŵĂĚƵĂůŝŵĂ ƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ
ĚĂŶKďůŝŐĂƐŝ^ĞƌŝƐĞďĞƐĂƌϵ͕ϬϬй;ƐĞŵďŝůĂŶŬŽŵĂŶŽůŶŽůƉĞƌƐĞŶͿ
ƉĞƌƚĂŚƵŶ͘
“Bursa Efek” ͗ ĞƌĂƌƚŝ ƉŝŚĂŬLJĂŶŐ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ĚĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ƐŝƐƚĞŵ
ĚĂŶͬĂƚĂƵƐĂƌĂŶĂƵŶƚƵŬŵĞŵƉĞƌƚĞŵƵŬĂŶƉĞŶĂǁĂƌĂŶũƵĂůĚĂŶďĞůŝ
ĞĨĞŬ ƉŝŚĂŬͲƉŝŚĂŬ ůĂŝŶ ĚĞŶŐĂŶ ƚƵũƵĂŶ ŵĞŵƉĞƌĚĂŐĂŶŐŬĂŶ ĞĨĞŬ
Ěŝ ĂŶƚĂƌĂ ŵĞƌĞŬĂ LJĂŶŐ ĚĂůĂŵ ŚĂů ŝŶŝ ĂĚĂůĂŚ Wd ƵƌƐĂ ĨĞŬ
Indonesia (“ /”), ƐƵĂƚƵƉĞƌƐĞƌŽĂŶƚĞƌďĂƚĂƐ LJĂŶŐďĞƌŬĞĚƵĚƵŬĂŶ
Ěŝ:ĂŬĂƌƚĂ ^ĞůĂƚĂŶ͘
“ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ” ͗ ĞƌĂƌƚŝďĂŐŝĂŶ ĚĂƌŝ/ŵďĂůĂŶ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐǁĂũŝď ĚŝďĂLJĂƌŽůĞŚ
WĞƌƐĞƌŽĂŶŬĞƉĂĚĂ WĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ ƐĞďĂŐĂŝ ŝŵďĂůĂŶ ĂƚĂƐ
ŵĂŶĨĂĂƚ LJĂŶŐĚŝƚĞƌŝŵĂŽůĞŚWĞƌƐĞƌŽĂŶĚĂƌŝŚĂŬŐƵŶĂĂƚĂƐ ŵĞƐŝŶ͕
LJĂŶŐ ƉĞŵďĂLJĂƌĂŶŶLJĂ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ ƉĂĚĂ ƐĞƚŝĂƉ dĂŶŐŐĂů
WĞŵďĂLJĂƌĂŶŝĐŝůĂŶ/ŵďĂůĂŶ/ũĂƌĂŚ͘dŝŶŐŬĂƚ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ
^ƵŬƵŬ /ũĂƌĂŚ ^Ğƌŝ ƐĞďĞƐĂƌ ZƉϮ͘ϱϯϰ͘ϳϬϬ͘ϬϬϬ͕Ͳ;ĚƵĂ ŵŝůŝĂƌ ůŝŵĂ
ƌĂƚƵƐ ƚŝŐĂ ƉƵůƵŚ ĞŵƉĂƚ ũƵƚĂ ƚƵũƵŚ ƌĂƚƵƐ ƌŝďƵZƵƉŝĂŚͿ ƉĞƌƚĂŚƵŶ͕
ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ^ƵŬƵŬ/ũĂƌĂŚ^ĞƌŝZƉϱ͘ϯϲϮ͘ϱϬϬ͕Ͳ;ůŝŵĂ ũƵƚĂ
ƚŝŐĂ ƌĂƚƵƐ ĞŶĂŵ ƉƵůƵŚ ĚƵĂ ƌŝďƵ ůŝŵĂ ƌĂƚƵƐ ZƵƉŝĂŚͿ ĚĂŶ ŝĐŝůĂŶ
/ŵďĂůĂŶ /ũĂƌĂŚ^ƵŬƵŬ/ũĂƌĂŚ ^Ğƌŝ ZƉϮ͘ϬϬϰ͘ϳϱϬ͘ϬϬϬ͕Ͳ;ĚƵĂ ŵŝůŝĂƌ
ĞŵƉĂƚũƵƚĂƚƵũƵŚƌĂƚƵƐůŝŵĂƉƵůƵŚƌŝďƵZƵƉŝĂŚͿ͘
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“Daftar Pemegang Rekening” ͗ ĞƌĂƌƚŝ ĚĂĨƚĂƌ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ <^ / LJĂŶŐ ŵĞŵƵĂƚ
ŬĞƚĞƌĂŶŐĂŶ ƚĞŶƚĂŶŐ ŬĞƉĞŵŝůŝŬĂŶKďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚ
ŽůĞŚƐĞůƵƌƵŚ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ŵĞůĂůƵŝ
WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ ĚĂŶͬĂƚĂƵ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ
^ƵŬƵŬ/ũĂƌĂŚĚŝ<^ /LJĂŶŐŵĞŵƵĂƚ ŬĞƚĞƌĂŶŐĂŶĂŶƚĂƌĂ ůĂŝŶŶĂŵĂ͕
ũƵŵůĂŚ ŬĞƉĞŵŝůŝŬĂŶKďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚ͕ ƐƚĂƚƵƐ ƉĂũĂŬ
ĚĂŶŬĞǁĂƌŐĂŶĞŐĂƌĂĂŶ WĞŵĞŐĂŶŐKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚ
ďĞƌĚĂƐĂƌŬĂŶĚĂƚĂͲĚĂƚĂ LJĂŶŐ ĚŝďĞƌŝŬĂŶŽůĞŚWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ
ŬĞƉĂĚĂ<^ /͘
“Denda” ͗ ĞƌĂƌƚŝ ƐĞũƵŵůĂŚ ĚĂŶĂ LJĂŶŐ ǁĂũŝď ĚŝďĂLJĂƌ ĂŬŝďĂƚ ĂĚĂŶLJĂ
ŬĞƚĞƌůĂŵďĂƚĂŶ ŬĞǁĂũŝďĂŶ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ
WŽŬŽŬKďůŝŐĂƐŝ LJĂŝƚƵ ƐĞďĞƐĂƌϭй;ƐĂƚƵ ƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ ĚŝĂƚĂƐ
ƚŝŶŐŬĂƚ ƵŶŐĂ KďůŝŐĂƐŝ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ^ĞƌŝKďůŝŐĂƐŝ ĚĂƌŝ ũƵŵůĂŚ
ĚĂŶĂ LJĂŶŐ ƚĞƌůĂŵďĂƚ ĚŝďĂLJĂƌLJĂŶŐ ĚŝŚŝƚƵŶŐ ƐĞĐĂƌĂŚĂƌŝĂŶ͕ ƐĞũĂŬ
ŚĂƌŝŬĞƚĞƌůĂŵďĂƚĂŶ ƐĂŵƉĂŝĚĞŶŐĂŶĚŝďĂLJĂƌůƵŶĂƐƐƵĂƚƵŬĞǁĂũŝďĂŶ
LJĂŶŐ ŚĂƌƵƐ ĚŝďĂLJĂƌ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͕
ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ ĂĚĂůĂŚ ϯϲϬ ;ƚŝŐĂ ƌĂƚƵƐ ĞŶĂŵ
ƉƵůƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌĚĂŶ ϭ;ƐĂƚƵͿ ďƵůĂŶ ĂĚĂůĂŚ ϯϬ ;ƚŝŐĂ ƉƵůƵŚͿ
,Ăƌŝ<ĂůĞŶĚĞƌ͘
“Dokumen Emisi” ͗ ĞƌĂƌƚŝWĞƌŶLJĂƚĂĂŶWĞŶĂǁĂƌĂŶhŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ͕WĞŶŐĂŬƵĂŶ
hƚĂŶŐKďůŝŐĂƐŝĚĂŶWĞŶŐŝŬĂƚĂŶ<ĞǁĂũŝďĂŶ^ƵŬƵŬ/ũĂƌĂŚ͕WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ ĚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
^ƵŬƵŬ/ũĂƌĂŚ͕WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝKďůŝŐĂƐŝĚĂŶWĞƌũĂŶũŝĂŶ
WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ^ƵŬƵŬ /ũĂƌĂŚ͕ WĞƌũĂŶũŝĂŶ WĞŶĚĂĨƚĂƌĂŶ KďůŝŐĂƐŝ
ĚĂŶ WĞƌũĂŶũŝĂŶ WĞŶĚĂĨƚĂƌĂŶ ^ƵŬƵŬ /ũĂƌĂŚ͕ WĞƌũĂŶũŝĂŶ ŐĞŶ
WĞŵďĂLJĂƌĂŶ KďůŝŐĂƐŝ ĚĂŶ WĞƌũĂŶũŝĂŶ ŐĞŶ WĞŵďĂLJĂƌĂŶ ^ƵŬƵŬ
/ũĂƌĂŚ͕ WĞƌƐĞƚƵũƵĂŶWƌŝŶƐŝƉWĞŶĐĂƚĂƚĂŶ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ͕
WƌŽƐƉĞŬƚƵƐ͕ WƌŽƐƉĞŬƚƵƐ ZŝŶŐŬĂƐ͕ ƐĞƌƚĂ ĚŽŬƵŵĞŶ–ĚŽŬƵŵĞŶ
ůĂŝŶŶLJĂLJĂŶŐĚŝďƵĂƚĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵ ŝŶŝ͘
“Efek” ͗ ĞƌĂƌƚŝ ƐƵƌĂƚ ďĞƌŚĂƌŐĂ LJĂŝƚƵ ƐƵƌĂƚ ƉĞŶŐĂŬƵĂŶ ŚƵƚĂŶŐ͕ ƐƵƌĂƚ
ďĞƌŚĂƌŐĂ ŬŽŵĞƌƐŝĂů͕ ƐĂŚĂŵ͕ ŽďůŝŐĂƐŝ͕ ƚĂŶĚĂ ďƵŬƚŝ ƵƚĂŶŐ͕ hŶŝƚ
WĞŶLJĞƌƚĂĂŶ <ŽŶƚƌĂŬ /ŶǀĞƐƚĂƐŝ <ŽůĞŬƚŝĨ͕ <ŽŶƚƌĂŬ ĞƌũĂŶŐŬĂ ĂƚĂƐ
ĨĞŬ ĚĂŶ ƐĞƚŝĂƉ ĚĞƌŝǀĂƚŝǀĞ ĨĞŬ͕ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ
hŶĚĂŶŐͲhŶĚĂŶŐ WĂƐĂƌDŽĚĂů͘
“Efek Syariah” ͗ ĞƌĂƌƚŝ ĨĞŬ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ hŶĚĂŶŐͲhŶĚĂŶŐ
ƚĞŶƚĂŶŐ WĂƐĂƌ DŽĚĂů ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ LJĂŶŐ ;ĂͿ
ĂŬĂĚ͕ ĐĂƌĂ ƉĞŶŐĞůŽůĂĂŶ͕ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ͖ ;ďͿ ĂƐĞƚ LJĂŶŐ ŵĞŶũĂĚŝ
ůĂŶĚĂƐĂŶ ĂŬĂĚ͕ ĐĂƌĂ ƉĞŶŐĞůŽůĂĂŶ͕ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ͖ ĚĂŶͬĂƚĂƵ ;ĐͿ
ĂƐĞƚ LJĂŶŐ ƚĞƌŬĂŝƚĚĞŶŐĂŶ ĨĞŬĚŝŵĂŬƐƵĚ ĚĂŶƉĞŶĞƌďŝƚŶLJĂ͕ƚŝĚĂŬ
ďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶWƌŝŶƐŝƉ^LJĂƌŝĂŚĚŝWĂƐĂƌDŽĚĂů͘
“Efektif” ͗ ĞƌĂƌƚŝ ƚĞƌƉĞŶƵŚŝŶLJĂ ƐĞůƵƌƵŚ ƉĞƌƐLJĂƌĂƚĂŶ WĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶWĂƐĂůϳϰhhWW^<͕LJĂŝƚƵ͗
Ă͘ ĂƚĂƐĚĂƐĂƌůĞǁĂƚŶLJĂ ǁĂŬƚƵ͕ LJĂŝƚƵ͗
;ŝͿ͘ ϮϬ;ĚƵĂ ƉƵůƵŚͿ,Ăƌŝ <ĞƌũĂƐĞũĂŬ ƚĂŶŐŐĂů WĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶ ĚŝƚĞƌŝŵĂKƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶƐĞĐĂƌĂ
ůĞŶŐŬĂƉ͕ LJĂŝƚƵ ƚĞůĂŚŵĞŶĐĂŬƵƉ ƐĞůƵƌƵŚŬƌŝƚĞƌŝĂLJĂŶŐ
ĚŝƚĞƚĂƉŬĂŶ ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ
WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ
hŵƵŵ ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ĚĂŶ
ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ͖
ĂƚĂƵ
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;ŝŝͿ͘ ϮϬ ;ĚƵĂ ƉƵůƵŚͿ ,Ăƌŝ <ĞƌũĂ ƐĞũĂŬ ƚĂŶŐŐĂů ƉĞƌƵďĂŚĂŶ
ƚĞƌĂŬŚŝƌĂƚĂƐ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ LJĂŶŐ ĚŝĂũƵŬĂŶ
WĞƌƐĞƌŽĂŶĂƚĂƵ LJĂŶŐĚŝŵŝŶƚĂ KƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ
ĚŝƉĞŶƵŚŝ͖
ď͘ ĂƚĂƐ ĚĂƐĂƌ WĞƌŶLJĂƚĂĂŶ ĨĞŬƚŝĨ ĚĂƌŝKƚŽƌŝƚĂƐ:ĂƐĂ <ĞƵĂŶŐĂŶ
ďĂŚǁĂ ƚŝĚĂŬ ĂĚĂ ůĂŐŝ ƉĞƌƵďĂŚĂŶ ĚĂŶͬĂƚĂƵ ƚĂŵďĂŚĂŶ
ŝŶĨŽƌŵĂƐŝůĞďŝŚůĂŶũƵƚLJĂŶŐĚŝƉĞƌůƵŬĂŶ͘
“Emisi” ͗ ĞƌĂƌƚŝ ŬĞŐŝĂƚĂŶ ƉĞŶĞƌďŝƚĂŶ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŽůĞŚ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ĚŝƚĂǁĂƌŬĂŶ ŬĞƉĂĚĂ ŵĂƐLJĂƌĂŬĂƚ ŵĞůĂůƵŝ
WĞŶĂǁĂƌĂŶhŵƵŵ͘
“&ŽƌĐĞ DĂũĞƵƌĞ” ͗ ĞƌĂƌƚŝŬĞũĂĚŝĂŶͲŬĞũĂĚŝĂŶ LJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶŬĞĂĚĂĂŶĚŝůƵĂƌ
ŬĞŵĂŵƉƵĂŶ ĚĂŶ ŬĞŬƵĂƐĂĂŶ ƉĂƌĂ ƉŝŚĂŬ͕ ƐĞƉĞƌƚŝ ďĂŶũŝƌ͕ ŐĞŵƉĂ
ďƵŵŝ͕ ŐƵŶƵŶŐ ŵĞůĞƚƵƐ͕ ŬĞďĂŬĂƌĂŶ͕ ƉĞƌĂŶŐĂƚĂƵ ŚƵƌƵŚĂƌĂƐĞƌƚĂ
ǁĂďĂŚ ƉĞŶLJĂŬŝƚ ĂƚĂƵ ĞƉŝĚĞŵŝ Ěŝ /ŶĚŽŶĞƐŝĂ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ
ĂŬŝďĂƚ ŶĞŐĂƚŝĨ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů ƚĞƌŚĂĚĂƉ ŬĞŵĂŵƉƵĂŶ ŵĂƐŝŶŐͲ
ŵĂƐŝŶŐ ƉŝŚĂŬ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶŶLJĂ ďĞƌĚĂƐĂƌŬĂŶ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
“Harga Penawaran” ͗ ĞƌĂƌƚŝ ƐĞďĞƐĂƌϭϬϬй ;ƐĞƌĂƚƵƐ ƉĞƌƐĞŶͿĚĂƌŝ ŶŝůĂŝ WŽŬŽŬ KďůŝŐĂƐŝ
ĚĂŶͬĂƚĂƵ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ͘
“Hari Bursa” ͗ ĞƌĂƌƚŝ ŚĂƌŝͲŚĂƌŝ Ěŝ ŵĂŶĂ / ŵĞůĂŬƵŬĂŶ ĂŬƚŝǀŝƚĂƐ ƚƌĂŶƐĂŬƐŝ
ƉĞƌĚĂŐĂŶŐĂŶ ĞĨĞŬ ŵĞŶƵƌƵƚ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ
LJĂŶŐ ďĞƌůĂŬƵ Ěŝ ŶĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĂŶ ŬĞƚĞŶƚƵĂŶͲ
ŬĞƚĞŶƚƵĂŶ /ƚĞƌƐĞďƵƚ͘
“Hari Kalender” ͗ ĞƌĂƌƚŝƐĞƚŝĂƉ ŚĂƌŝĚĂůĂŵ ϭ;ƐĂƚƵͿ ƚĂŚƵŶƐĞƐƵĂŝ ĚĞŶŐĂŶŬĂůĞŶĚĞƌ
'ƌĞŐŽƌŝĂŶ ƚĂŶƉĂ ŬĞĐƵĂůŝ͕ ƚĞƌŵĂƐƵŬ ŚĂƌŝ ^ĂďƚƵ͕ DŝŶŐŐƵ ĚĂŶŚĂƌŝ
ůŝďƵƌŶĂƐŝŽŶĂů LJĂŶŐ ƐĞǁĂŬƚƵͲǁĂŬƚƵ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚWĞŵĞƌŝŶƚĂŚ
ZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘
“Hari Kerja” ͗ ĞƌĂƌƚŝ ŚĂƌŝ ^ĞŶŝŶƐĂŵƉĂŝ ĚĞŶŐĂŶ ŚĂƌŝ :ƵŵĂƚ͕ ŬĞĐƵĂůŝ ŚĂƌŝ ůŝďƵƌ
ŶĂƐŝŽŶĂů LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ
ĂƚĂƵ ,Ăƌŝ <ĞƌũĂ ďŝĂƐĂ LJĂŶŐ ŬĂƌĞŶĂ ƐƵĂƚƵ ŬĞĂĚĂĂŶ ƚĞƌƚĞŶƚƵ
ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚWĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝ ďƵŬĂŶ
,Ăƌŝ<ĞƌũĂ͘
“Imbalan Ijarah” ͗ ĞƌĂƌƚŝ ƐĞŵƵĂ ũƵŵůĂŚ ŬĞƐĞůƵƌƵŚĂŶĚĂŶĂ LJĂŶŐ ǁĂũŝď ĚŝďĂLJĂƌŬĂŶ
ŽůĞŚ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶ ŵŝƐŝ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ
/ũĂƌĂŚ ƐĞƌƚĂ ƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶ ŵŝƐŝŝŶŝ͕LJĂŶŐďĞƌƵƉĂŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ͕^ŝƐĂ/ŵďĂůĂŶ
/ũĂƌĂŚĚĂŶ<ŽŵƉĞŶƐĂƐŝ <ĞƌƵŐŝĂŶŬŝďĂƚ<ĞƚĞƌůĂŵďĂƚĂŶ ;ũŝŬĂĂĚĂͿ
LJĂŶŐ ŚĂƌƵƐĚŝďĂLJĂƌ ŽůĞŚWĞƌƐĞƌŽĂŶĚĂƌŝ ǁĂŬƚƵ ŬĞǁĂŬƚƵ ƐĞůĂŵĂ
ďĞƌůĂŬƵŶLJĂWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͘
“Jumlah Terutang” ͗ ĞƌĂƌƚŝũƵŵůĂŚ ƵĂŶŐ LJĂŶŐ ŚĂƌƵƐ ĚŝďĂLJĂƌ ŽůĞŚWĞƌƐĞƌŽĂŶŬĞƉĂĚĂ
WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
ƐĞƌƚĂ ƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ŵŝƐŝ ŝŶŝ ƚĞƌŵĂƐƵŬ ƚĞƚĂƉŝ ƚŝĚĂŬ ƚĞƌďĂƚĂƐ ƵŶŐĂ KďůŝŐĂƐŝ͕ WŽŬŽŬ
KďůŝŐĂƐŝ ƐĞƌƚĂ ĞŶĚĂ ;ũŝŬĂ ĂĚĂͿ LJĂŶŐ ƚĞƌƵƚĂŶŐ ĚĂƌŝ ǁĂŬƚƵ ŬĞ
ǁĂŬƚƵ͘
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“Kompensasi Kerugian ;ta’widhͿ ͗ ĞƌĂƌƚŝ ũƵŵůĂŚ LJĂŶŐ ŚĂƌƵƐ ĚŝďĂLJĂƌ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ
Akibat Keterlambatan” WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞďĂŐĂŝ ĂŬŝďĂƚ ĚĂƌŝ ŬĞůĂůĂŝĂŶ ĂƚĂƵ
ŬĞƚĞƌůĂŵďĂƚĂŶ WĞƌƐĞƌŽĂŶ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ ƉĞŵďĂLJĂƌĂŶ
ĂƚĂƵ ƚĞƌůĂŵďĂƚ ŵĞŵďĂLJĂƌ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶͬĂƚĂƵ ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ ^ƵŬƵŬ ĚĞŶŐĂŶ ũƵŵůĂŚ
ƉĞŵďĂLJĂƌĂŶ ƐĞďĞƐĂƌ ďŝĂLJĂͬŬĞƌƵŐŝĂŶ ƌŝŝů ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ
ĚĂůĂŵŬĞƚĞŶƚƵĂŶ&ĂƚǁĂ^EͲDh/ EŽŵŽƌ͗ϰϯͬ^EͬDh/ͬs///ͬϮϬ Ϭ ϰ
ƚĞŶƚĂŶŐ 'ĂŶƚŝ ZƵŐŝ ;Ta’widhͿ ĚĂŶ &ĂƚǁĂ ^EͲDh/ EŽŵŽƌ
ϭϮϵͬ^EͲDh/ͬs//ͬϮϬϭϵ ƚĞŶƚĂŶŐŝĂLJĂZŝŝů^ĞďĂŐĂŝTa’widhŬŝďĂƚ
tĂŶƉƌĞƐƚĂƐŝ;ƚͲTakalif Al Fi’liyyah AnͲNasyi’ah AnͲEƵŬƵůͿ͘
EŝůĂŝ<ŽŵƉĞŶƐĂƐŝ<ĞƌƵŐŝĂŶĂŬŝďĂƚ<ĞƚĞƌůĂŵďĂƚĂŶ ;Ta’widhͿƵŶƚƵŬ
ƉĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶͬĂƚĂƵ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ
ƚĞƌƐĞďƵƚ ĂŬĂŶ ĚŝďĞďĂŶŬĂŶ ƐĞƐƵĂŝ ŬĞƌƵŐŝĂŶ ƌŝŝů LJĂŶŐ ĚŝƚĞŶƚƵŬĂŶ
ŬĞŵƵĚŝĂŶĚĂŶĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘
“Konfirmasi Tertulis” ͗ ĞƌĂƌƚŝ ůĂƉŽƌĂŶ ŬŽŶĨŝƌŵĂƐŝ ƚĞƌƚƵůŝƐ ĚĂŶͬĂƚĂƵ ůĂƉŽƌĂŶ ƐĂůĚŽ
KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂůĂŵ ZĞŬĞŶŝŶŐ ĨĞŬ LJĂŶŐ
ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ <^ / ĂƚĂƵ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ ďĞƌĚĂƐĂƌŬĂŶ
ƉĞƌũĂŶũŝĂŶƉĞŵďƵŬĂĂŶZĞŬĞŶŝŶŐ ĨĞŬĚĞŶŐĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝ
ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶ ŬŽŶĨŝƌŵĂƐŝ ƚĞƌƐĞďƵƚ ŵĞŶũĂĚŝ ĚĂƐĂƌ
ďĂŐŝ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ƵŶƚƵŬ
ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ͕
ƉĞůƵŶĂƐĂŶ WŽŬŽŬ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶŚĂŬͲŚĂŬ ůĂŝŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶĚĞŶŐĂŶ KďůŝŐĂƐŝ
ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚ͘
“Konfirmasi Tertulis Untuk ͗ ĞƌĂƌƚŝ ƐƵƌĂƚ ŬŽŶĨŝƌŵĂƐŝ ŬĞƉĞŵŝůŝŬĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ
ZhWKͬZhW^/” atau “KTUR” /ũĂƌĂŚ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ <^ / ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ
ĚĂŶͬĂƚĂƵ^ƵŬƵŬ/ũĂƌĂŚŵĞůĂůƵŝWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ͕ŬŚƵƐƵƐƵŶƚƵŬ
ŬĞƉĞƌůƵĂŶŵĞŶŐŚĂĚŝƌŝ ZhWK ĚĂŶͬĂƚĂƵ ZhW^/ ĂƚĂƵ ŵĞŶŐĂũƵŬĂŶ
ƉĞƌŵŝŶƚĂĂŶĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŶLJĂ ZhWKĚĂŶͬĂƚĂƵ ZhW^/͘
“Konsultan Hukum” ͗ ĞƌĂƌƚŝ ĂŚůŝ ŚƵŬƵŵ LJĂŶŐ ŵĞŵďĞƌŝŬĂŶ ƉĞŶĚĂƉĂƚ ŚƵŬƵŵ ŬĞƉĂĚĂ
WŝŚĂŬ ůĂŝŶ ĚĂŶ ƚĞƌĚĂĨƚĂƌ Ěŝ K:<͕ ĚĂůĂŵ ŚĂů ŝŶŝ ĂĚĂůĂŚ /ƌŵĂ Θ
^ŽůŽŵŽŶ>ĂǁĨŝƌŵ͘
“KSEI” ͗ ĞƌĂƌƚŝ Wd <ƵƐƚŽĚŝĂŶ ^ĞŶƚƌĂů ĨĞŬ /ŶĚŽŶĞƐŝĂ͕ ďĞƌŬĞĚƵĚƵŬĂŶ
Ěŝ:ĂŬĂƌƚĂ ^ĞůĂƚĂŶ LJĂŶŐ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƐĞďĂŐĂŝ >ĞŵďĂŐĂ
WĞŶLJŝŵƉĂŶĂŶ ĚĂŶ WĞŶLJĞůĞƐĂŝĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĚĞĨŝŶŝƐŝŬĂŶ
ĚĂůĂŵ hŶĚĂŶŐͲhŶĚĂŶŐ WĂƐĂƌ DŽĚĂů͕ LJĂŶŐ ĚĂůĂŵ ŵŝƐŝ KďůŝŐĂƐŝ
ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ŝŶŝ ďĞƌƚƵŐĂƐ ƵŶƚƵŬ ŵĞŶLJŝŵƉĂŶ ĚĂŶ
ŵĞŶŐĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶ ƉĞŶLJŝŵƉĂŶĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ
/ũĂƌĂŚ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞŶĚĂĨƚĂƌĂŶ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ
/ũĂƌĂŚ Ěŝ <^ / ĚĂŶ ďĞƌƚƵŐĂƐ ƐĞďĂŐĂŝ ŐĞŶ WĞŵďĂLJĂƌĂŶ
ďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝĚĂŶWĞƌũĂŶũŝĂŶ
ŐĞŶWĞŵďĂLJĂƌĂŶ^ƵŬƵŬ/ũĂƌĂŚĚŝ<^ /͘
“Kustodian” ͗ ĞƌĂƌƚŝ ƉŝŚĂŬ LJĂŶŐ ŵĞŵďĞƌŝ ũĂƐĂ ƉĞŶŝƚŝƉĂŶ ĨĞŬ ĚĂŶ ŚĂƌƚĂ ůĂŝŶ
LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĨĞŬ ƐĞƌƚĂ ũĂƐĂ ůĂŝŶŶLJĂ ƚĞƌŵĂƐƵŬ
ŵĞŶĞƌŝŵĂ /ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶ ŚĂŬͲŚĂŬ ůĂŝŶ͕ ŵĞŶLJĞůĞƐĂŝŬĂŶ
ƚƌĂŶƐĂŬƐŝ ĨĞŬ ĚĂŶ ŵĞǁĂŬŝůŝ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ LJĂŶŐ ŵĞŶũĂĚŝ
ŶĂƐĂďĂŚŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ hŶĚĂŶŐͲhŶĚĂŶŐ WĂƐĂƌ
DŽĚĂů͕LJĂŶŐŵĞůŝƉƵƚŝ>ĞŵďĂŐĂWĞŶLJŝŵƉĂŶĂŶĚĂŶWĞŶLJĞůĞƐĂŝĂŶ͕
WĞƌƵƐĂŚĂĂŶ ĨĞŬĂƚĂƵĂŶŬhŵƵŵ͘
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“Manajer Penjatahan” ͗ ĞƌĂƌƚŝWdZ/ĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐLJĂŶŐďĞƌƚĂŶŐŐƵŶŐũĂǁĂď ĂƚĂƐ
ƉĞŶũĂƚĂŚĂŶ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ ƐĞƐƵĂŝ
ĚĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ĚĂůĂŵ WĞƌĂƚƵƌĂŶ
EŽ͘/y͘͘ϳ͘
“Masa PenawaranhŵƵŵ” ͗ ĞƌĂƌƚŝũĂŶŐŬĂ ǁĂŬƚƵ ďĂŐŝ DĂƐLJĂƌĂŬĂƚ ƵŶƚƵŬ ĚĂƉĂƚ ŵĞŶŐĂũƵŬĂŶ
ƉĞŵĞƐĂŶĂŶKďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ/ũĂƌĂŚƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌĚĂůĂŵ
WƌŽƐƉĞŬƚƵƐ ĚĂŶ &ŽƌŵƵůŝƌ WĞŵĞƐĂŶĂŶ WĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ĚĂŶ
Sukuk Ijarah (“&WWKͬ&WW^/”)͘
“Masyarakat” ͗ ĞƌĂƌƚŝƉĞƌŽƌĂŶŐĂŶ͕ďĂŝŬtĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂŵĂƵƉƵŶtĂƌŐĂ
EĞŐĂƌĂ ƐŝŶŐ͕ ďĂŝŬ ďĂĚĂŶ ŚƵŬƵŵ /ŶĚŽŶĞƐŝĂ ŵĂƵƉƵŶ ďĂĚĂŶ
ŚƵŬƵŵĂƐŝŶŐLJĂŶŐďĞƌƚĞŵƉĂƚƚŝŶŐŐĂůͬďĞƌŬĞĚƵĚƵŬĂŶ Ěŝ/ŶĚŽŶĞƐŝĂ
ŵĂƵƉƵŶLJĂŶŐďĞƌƚĞŵƉĂƚƚŝŶŐŐĂůͬďĞƌŬĞĚƵĚƵŬĂŶĚŝůƵĂƌŶĞŐĞƌŝ͘
“Notaris” ͗ ĞƌĂƌƚŝ ƉĞũĂďĂƚ ƵŵƵŵ LJĂŶŐ ďĞƌǁĞŶĂŶŐ ŵĞŵďƵĂƚ ĂŬƚĂ ŽƚĞŶƚŝŬ
ĚĂŶ ƚĞƌĚĂĨƚĂƌ Ěŝ K:<͕ ĚĂůĂŵ ŚĂů ŝŶŝ ŚƌŝƐƚŝŶĂ ǁŝ hƚĂŵŝ͕ ^͘,͕͘
D͘,Ƶŵ͕͘ D͘<Ŷ͘
“Obligasi” ͗ ĞƌĂƌƚŝKďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϲLJĂŶŐ
ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ
ĚŝďƵŬƚŝŬĂŶĚĞŶŐĂŶ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽKďůŝŐĂƐŝ͕ĚĂŶĂŬĂŶĚŝĐĂƚĂƚŬĂŶ
Ěŝ ƵƌƐĂ ĨĞŬ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ Ěŝ <^ /͕ ĚĂůĂŵ ũƵŵůĂŚ ƉŽŬŽŬ
ƐĞďĞƐĂƌ ZƉϭϬϭ͘ϰϱϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐ ƐĂƚƵ ŵŝůŝĂƌ ĞŵƉĂƚ ƌĂƚƵƐ
ůŝŵĂƉƵůƵŚũƵƚĂƌƵƉŝĂŚͿLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗
Ͳ KďůŝŐĂƐŝ ^Ğƌŝ͗ƐĞďĞƐĂƌZƉϯϭ͘ϱϴϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƉƵůƵŚƐĂƚƵ
ŵŝůŝĂƌ ůŝŵĂƌĂƚƵƐ ĚĞůĂƉĂŶƉƵůƵŚũƵƚĂZƵƉŝĂŚͿ ĚĞŶŐĂŶƚŝŶŐŬĂƚ
ďƵŶŐĂƚĞƚĂƉƐĞďĞƐĂƌϳ͕ϬϬй;ƚƵũƵŚŬŽŵĂŶŽůŶŽůƉĞƌƐĞŶͿƉĞƌ
ƚĂŚƵŶ͕ LJĂŶŐ ďĞƌũĂŶŐŬĂ ǁĂŬƚƵ ϯϲϳ ;ƚŝŐĂ ƌĂƚƵƐ ĞŶĂŵ ƉƵůƵŚ
ƚƵũƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͖
Ͳ KďůŝŐĂƐŝ^Ğƌŝ͗ƐĞďĞƐĂƌZƉϮϲ͘ϬϯϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ĚƵĂƉƵůƵŚĞŶĂŵ
ŵŝůŝĂƌ ƚŝŐĂ ƉƵůƵŚ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ ƚĞƚĂƉ
ƐĞďĞƐĂƌϴ͕Ϯϱй ;ĚĞůĂƉĂŶ ŬŽŵĂ ĚƵĂ ůŝŵĂ ƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͕
LJĂŶŐďĞƌũĂŶŐŬĂǁĂŬƚƵ ϯ;ƚŝŐĂͿƚĂŚƵŶƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͖
Ͳ KďůŝŐĂƐŝ ^Ğƌŝ ͗ ƐĞďĞƐĂƌ ZƉϰϯ͘ϴϰϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ĞŵƉĂƚ ƉƵůƵŚ
ƚŝŐĂ ŵŝůŝĂƌ ĚĞůĂƉĂŶ ƌĂƚƵƐ ĞŵƉĂƚ ƉƵůƵŚ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ
ƚŝŶŐŬĂƚ ďƵŶŐĂ ƚĞƚĂƉ ƐĞďĞƐĂƌϵ͕ϬϬй;ƐĞŵďŝůĂŶ ŬŽŵĂ ŶŽůŶŽů
ƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͕LJĂŶŐďĞƌũĂŶŐŬĂǁĂŬƚƵϱ;ůŝŵĂͿƚĂŚƵŶƐĞũĂŬ
dĂŶŐŐĂů ŵŝƐŝ͘
:ƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝĚĂƉĂƚďĞƌŬƵƌĂŶŐĚĞŶŐĂŶƉĞůƵŶĂƐĂŶWŽŬŽŬ
KďůŝŐĂƐŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ^Ğƌŝ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ƉĞůĂŬƐĂŶĂĂŶ
ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ƐĞďĂŐĂŝ ƉĞůƵŶĂƐĂŶ KďůŝŐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ͘
”OJK” ͗ ĞƌĂƌƚŝ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ LJĂŝƚƵ ďĞƌĂƌƚŝ ůĞŵďĂŐĂ LJĂŶŐ
ŝŶĚĞƉĞŶĚĞŶ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ĨƵŶŐƐŝ͕ ƚƵŐĂƐ͕ ĚĂŶ ǁĞǁĞŶĂŶŐ
ƉĞŶŐĂƚƵƌĂŶ͕ ƉĞŶŐĂǁĂƐĂŶ͕ ƉĞŵĞƌŝŬƐĂĂŶ͕ ĚĂŶ ƉĞŶLJŝĚŝŬĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ hŶĚĂŶŐͲhŶĚĂŶŐ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂEŽ͘ϮϭƚĂŚƵŶϮϬϭϭƚĂŶŐŐĂů ϮϮEŽǀĞŵďĞƌϮϬϭϭƚĞŶƚĂŶŐ
KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ;hh EŽ͘ϮϭͬϮϬϭϭͿ͘ ^ĞũĂŬ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϭϮ͕ĨƵŶŐƐŝ͕ƚƵŐĂƐ͕ ĚĂŶǁĞǁĞŶĂŶŐƉĞŶŐĂƚƵƌĂŶĚĂŶ
ƉĞŶŐĂǁĂƐĂŶ ŬĞŐŝĂƚĂŶ ũĂƐĂ ŬĞƵĂŶŐĂŶ Ěŝ ƐĞŬƚŽƌ WĂƐĂƌ DŽĚĂů͕
ďĞƌĂůŝŚĚĂƌŝDĞŶƚĞƌŝ<ĞƵĂŶŐĂŶĚĂŶĂƉĞƉĂŵ ĚĂŶ><ŬĞ KƚŽƌŝƚĂƐ
:ĂƐĂ <ĞƵĂŶŐĂŶ ĚĂŶ ƐĞũĂŬ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϭϯ͕ ĨƵŶŐƐŝ͕
ƚƵŐĂƐ͕ ĚĂŶǁĞǁĞŶĂŶŐƉĞŶŐĂƚƵƌĂŶĚĂŶƉĞŶŐĂǁĂƐĂŶŬĞŐŝĂƚĂŶũĂƐĂ
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ŬĞƵĂŶŐĂŶĚŝƐĞŬƚŽƌWĞƌďĂŶŬĂŶďĞƌĂůŝŚĚĂƌŝĂŶŬ/ŶĚŽŶĞƐŝĂŬĞK:<͕
ƐĞƐƵĂŝĚĞŶŐĂŶWĂƐĂůϱϱhh EŽ͘ϮϭͬϮϬϭϭ͘
“Pasar Modal” ͗ ĞƌĂƌƚŝ ŬĞŐŝĂƚĂŶ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ
ĚĂŶƉĞƌĚĂŐĂŶŐĂŶ ĨĞŬ͕WĞƌƵƐĂŚĂĂŶWƵďůŝŬLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶ
ĨĞŬ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶŶLJĂ͕ ƐĞƌƚĂ >ĞŵďĂŐĂ ĚĂŶ ƉƌŽĨĞƐŝ LJĂŶŐ
ďĞƌŬĂŝƚĂŶĚĞŶŐĂŶ ĨĞŬ͘
“Pefindo” ͗ ĞƌĂƌƚŝWdWĞŵĞƌŝŶŐŬĂƚ ĨĞŬ/ŶĚŽŶĞƐŝĂ͘
“Pemegang Obligasi” ͗ ĞƌĂƌƚŝ DĂƐLJĂƌĂŬĂƚ LJĂŶŐ ŵĞŵŝůŝŬŝ ŵĂŶĨĂĂƚ ĂƚĂƐ ƐĞďĂŐŝĂŶ ĂƚĂƵ
ƐĞůƵƌƵŚKďůŝŐĂƐŝLJĂŶŐĚŝƐŝŵƉĂŶ ĚĂŶĚŝĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶ ĚĂůĂŵ͗
Ă͘ ZĞŬĞŶŝŶŐ ĨĞŬƉĂĚĂ<^ /͖ĂƚĂƵ
ď͘ ZĞŬĞŶŝŶŐ ĨĞŬ ƉĂĚĂ <^ / ŵĞůĂůƵŝ ĂŶŬ <ƵƐƚŽĚŝĂŶ ĂƚĂƵ
WĞƌƵƐĂŚĂĂŶ ĨĞŬ͘
“Pemegang Rekening” ͗ ĞƌĂƌƚŝ WŝŚĂŬ LJĂŶŐ ŶĂŵĂŶLJĂ ƚĞƌĐĂƚĂƚ ƐĞďĂŐĂŝ ƉĞŵŝůŝŬ ZĞŬĞŶŝŶŐ
ĨĞŬĚŝ<^ /LJĂŶŐ ŵĞůŝƉƵƚŝĂŶŬ <ƵƐƚŽĚŝĂŶĚĂŶͬĂƚĂƵ WĞƌƵƐĂŚĂĂŶ
ĨĞŬ ĚĂŶͬĂƚĂƵ ƉŝŚĂŬ ůĂŝŶ LJĂŶŐ ĚŝƐĞƚƵũƵŝ ŽůĞŚ <^ / ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ
ĚŝďŝĚĂŶŐƉĂƐĂƌŵŽĚĂůĚĂŶƉĞƌĂƚƵƌĂŶ<^ /͘
“Pemegang ^ƵŬƵŬ/ũĂƌĂŚ” ͗ ĞƌĂƌƚŝDĂƐLJĂƌĂŬĂƚ LJĂŶŐŵĞŶĂŶĂŵŬĂŶ ĚĂŶĂŶLJĂ ŬĞĚĂůĂŵ ^ƵŬƵŬ
/ũĂƌĂŚ ĚĂŶ ŵĞŵŝůŝŬŝ ŵĂŶĨĂĂƚ ĂƚĂƐ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ^ƵŬƵŬ
/ũĂƌĂŚ͕LJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗
Ă͘ ƉĞŵĞŐĂŶŐZĞŬĞŶŝŶŐLJĂŶŐŵĞůĂŬƵŬĂŶŝŶǀĞƐƚĂƐŝ ůĂŶŐƐƵŶŐĂƚĂƐ
^ƵŬƵŬ/ũĂƌĂŚ͖ĚĂŶͬĂƚĂƵ
ď͘ ŵĂƐLJĂƌĂŬĂƚ Ěŝ ůƵĂƌ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ LJĂŶŐ ŵĞůĂŬƵŬĂŶ
ŝŶǀĞƐƚĂƐŝĂƚĂƐ ^ƵŬƵŬ/ũĂƌĂŚŵĞůĂůƵŝWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ͘
“Pemeringkat” ͗ ĞƌĂƌƚŝWdWĞŵĞƌŝŶŐŬĂƚ ĨĞŬ/ŶĚŽŶĞƐŝĂ͘
“Pemerintah” ͗ ĞƌĂƌƚŝWĞŵĞƌŝŶƚĂŚEĞŐĂƌĂ ZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘
“Penawaran Awal” ͗ ĞƌĂƌƚŝ ĂũĂŬĂŶ ďĂŝŬ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ
ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ WƌŽƐƉĞŬƚƵƐ ǁĂů LJĂŶŐ ĂŶƚĂƌĂ ůĂŝŶ
ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŶŐĞƚĂŚƵŝ ŵŝŶĂƚ ĐĂůŽŶƉĞŵďĞůŝ ĂƚĂƐ KďůŝŐĂƐŝ
ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĂŬĂŶ ĚŝƚĂǁĂƌŬĂŶ ĚĂŶ ƉĞƌŬŝƌĂĂŶ ƚŝŶŐŬĂƚ
ƵŶŐĂ KďůŝŐĂƐŝ ƐĞƌƚĂ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ
ĚŝƚĂǁĂƌŬĂŶ ƐĞƐƵĂŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϮϯͬWK:<͘ϬϰͬϮϬϭϳ ĚĂŶ
ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶ WĞƌĂƚƵƌĂŶEŽ͘/y͘͘Ϯ͘
“Penawaran Umum” ͗ ĞƌĂƌƚŝ ŬĞŐŝĂƚĂŶ ƉĞŶĂǁĂƌĂŶ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ
ĚŝůĂŬƵŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ
^ƵŬƵŬ /ũĂƌĂŚ ƵŶƚƵŬ ŵĞŶũƵĂů KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŬĞƉĂĚĂ
DĂƐLJĂƌĂŬĂƚ ďĞƌĚĂƐĂƌŬĂŶ ƚĂƚĂ ĐĂƌĂ LJĂŶŐ ĚŝƵŶŐŬĂƉŬĂŶ ĚĂůĂŵ
hhWDĚĂŶƉĞƌĂƚƵƌĂŶƉĞůĂŬƐĂŶĂĂŶŶLJĂ͘
“Penawaran Umum Berkelanjutan” ͗ ĞƌĂƌƚŝ ŬĞŐŝĂƚĂŶ ƉĞŶĂǁĂƌĂŶ ƵŵƵŵ KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ ///
^ƉŝŶĚŽĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽLJĂŶŐĚŝƚĞƌďŝƚŬĂŶ
ĚĂŶĚŝƚĂǁĂƌŬĂŶ ƐĞĐĂƌĂďĞƌƚĂŚĂƉ͕ LJĂŶŐŵĞŶŐĂĐƵƉĂĚĂWĞƌĂƚƵƌĂŶ
K:< EŽ͘ ϯϲͬWK:<͘ϬϰͬϮϬϭϰƚĂŶŐŐĂů Ϭϴ ĞƐĞŵďĞƌ ϮϬϭϰƚĞŶƚĂŶŐ
WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ ĨĞŬ ĞƌƐŝĨĂƚ hƚĂŶŐ ĚĂŶͬĂƚĂƵ
^ƵŬƵŬ͘
“PengĂŬƵĂŶ<ĞǁĂũŝďĂŶ” ͗ ĞƌĂƌƚŝ ƉĞŶŐĂŬƵĂŶ ŬĞǁĂũŝďĂŶ WĞƌƐĞƌŽĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
^ƵŬƵŬ /ũĂƌĂŚ͕ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ ĂŬƚĂ WĞŶŐĂŬƵĂŶ
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<ĞǁĂũŝďĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ
ϮϬϮϲEŽ͘ ϭϲϮƚĞƌƚĂŶŐŐĂů Ϯϯ &ĞďƌƵĂƌŝϮϬϮϲũƵŶĐƚŽ ĚĚĞŶĚƵŵ /
WĞŶŐĂŬƵĂŶ <ĞǁĂũŝďĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ
dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ ϭϴϯ ƚĂŶŐŐĂů ϭϯ DĂƌĞƚ ϮϬϮϲ ũƵŶĐƚŽ
ĚĚĞŶĚƵŵ//WĞŶŐĂŬƵĂŶ<ĞǁĂũŝďĂŶ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///
^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϲEŽ͘ϮϵϵƚĂŶŐŐĂů ϯϬƉƌŝůϮϬϮϲũƵŶĐƚŽ
ĚĚĞŶĚƵŵ/// WĞŶŐĂŬƵĂŶ <ĞǁĂũŝďĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ
///^ƉŝŶĚŽdĂŚĂƉ /dĂŚƵŶϮϬϮϲEŽ͘ϮϲϯƚĂŶŐŐĂů ϮϱDĞŝϮϬϮϲ͕LJĂŶŐ
ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ŚƌŝƐƚŝŶĂ ǁŝ hƚĂŵŝ͕ ^͘,͕͘ D͘,Ƶŵ͕͘ D͘<Ŷ͕͘
EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“Pengakuan ,Ƶtang” ͗ ĞƌĂƌƚŝƉĞŶŐĂŬƵĂŶƵƚĂŶŐWĞƌƐĞƌŽĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶKďůŝŐĂƐŝ͕
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ ĂŬƚĂ WĞŶŐĂŬƵĂŶ ,ƵƚĂŶŐ KďůŝŐĂƐŝ
ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽdĂŚĂƉ /dĂŚƵŶ ϮϬϮϲEŽ͘ ϭϱϳƚĞƌƚĂŶŐŐĂů
Ϯϯ&ĞďƌƵĂƌŝϮϬϮϲũƵŶĐƚŽĚĚĞŶĚƵŵ/WĞŶŐĂŬƵĂŶ,ƵƚĂŶŐ KďůŝŐĂƐŝ
ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ ϭϳϵ ƚĂŶŐŐĂů
ϭϯDĂƌĞƚ ϮϬϮϲũƵŶĐƚŽ ĚĚĞŶĚƵŵ// WĞŶŐĂŬƵĂŶ ,ƵƚĂŶŐ KďůŝŐĂƐŝ
ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ Ϯϵϱ ƚĂŶŐŐĂů
ϯϬƉƌŝů ϮϬϮϲ ũƵŶĐƚŽ ĚĚĞŶĚƵŵ /// WĞŶŐĂŬƵĂŶ ,ƵƚĂŶŐ KďůŝŐĂƐŝ
ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ Ϯϱϵ ƚĂŶŐŐĂů
ϮϱDĞŝϮϬϮϲ͕LJĂŶŐ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ ŚƌŝƐƚŝŶĂ ǁŝ hƚĂŵŝ͕ ^͘,͕͘
D͘,Ƶŵ͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“Penitipan Kolektif” ͗ ĞƌĂƌƚŝũĂƐĂ ƉĞŶŝƚŝƉĂŶĂƚĂƐ ĨĞŬLJĂŶŐĚŝŵŝůŝŬŝ ďĞƌƐĂŵĂŽůĞŚůĞďŝŚ
ĚĂƌŝ ƐĂƚƵ ƉŝŚĂŬ LJĂŶŐ ŬĞƉĞŶƚŝŶŐĂŶŶLJĂ ĚŝǁĂŬŝůŝ ŽůĞŚ <ƵƐƚŽĚŝĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵhhWD͘
“Penjamin Emisi ObligasiĚĂŶ^ƵŬƵŬ ͗ ĞƌĂƌƚŝƉŝŚĂŬͲƉŝŚĂŬLJĂŶŐŵĞŵďƵĂƚ ƉĞƌũĂŶũŝĂŶĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ
/ũĂƌĂŚ” ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ďĂŐŝ ŬĞƉĞŶƚŝŶŐĂŶ
WĞƌƐĞƌŽĂŶĚĂŶ ŵĞŶũĂŵŝŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ďĂŐŝĂŶ ŵĂƐŝŶŐͲŵĂƐŝŶŐ
ĚĞŶŐĂŶ ŬĞƐĂŶŐŐƵƉĂŶ ƉĞŶƵŚ ;ĨƵůů ĐŽŵŵŝƚŵĞŶƚͿ ƵŶƚƵŬ ŵĞŵďĞůŝ
ĚĂŶŵĞŵďĂLJĂƌ ƐŝƐĂKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ LJĂŶŐƚŝĚĂŬĚŝĂŵďŝů
ŽůĞŚDĂƐLJĂƌĂŬĂƚ ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ
ŵŝƐŝ KďůŝŐĂƐŝĚĂŶWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝ^ƵŬƵŬ/ũĂƌĂŚ͘
“WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ͗ ĞƌĂƌƚŝWd /ŶĚŽWƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐ͕ Wd ^ĞŬƵƌŝƚĂƐĚĂŶ Wd Z/
ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ ĂŶĂƌĞŬƐĂ ^ĞŬƵƌŝƚĂƐ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶƵŚ ĂƚĂƐ
/ũĂƌĂŚ” ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ĚĂŶ ƉĞŶĂƚĂůĂŬƐĂŶĂĂŶ ŵŝƐŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ hhWD͕ ƐĞůƵƌƵŚŶLJĂ ďĞƌŬĞĚƵĚƵŬĂŶ
Ěŝ:ĂŬĂƌƚĂ͕ ƐĞƐƵĂŝĚĞŶŐĂŶƐLJĂƌĂƚͲƐLJĂƌĂƚ ĚĂŶŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ WĞƌũĂŶũŝĂŶ
WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ^ƵŬƵŬ/ũĂƌĂŚ͘
“Peraturan No. IX.A.2” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶEŽ͘/y͘͘Ϯ>ĂŵƉŝƌĂŶ<ĞƉƵƚƵƐĂŶ<ĞƚƵĂĂƉĞƉĂŵ
><EŽ͘ <ĞƉͲϭϮϮͬ>ͬϮϬϬϵƚĂŶŐŐĂůϮϵDĞŝϮϬϬϵƚĞŶƚĂŶŐdĂƚĂĂƌĂ
WĞŶĚĂĨƚĂƌĂŶĂůĂŵ ZĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵ͘
“Peraturan No. IX.A.7” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ EŽ͘ /y͘͘ϳ >ĂŵƉŝƌĂŶ ĂƚĂƐ <ĞƉƵƚƵƐĂŶ <ĞƚƵĂ
ĂƉĞƉĂŵĚĂŶ><EŽ͘<ĞƉϲϵϭͬ>ͬϮϬϭϭƚĂŶŐŐĂů ϯϬĞƐĞŵďĞƌϮϬϭϭ
ƚĞŶƚĂŶŐ WĞŵĞƐĂŶĂŶ ĚĂŶ WĞŶũĂƚĂŚĂŶ ĨĞŬ ĂůĂŵ WĞŶĂǁĂƌĂŶ
hŵƵŵ͘
“Perjanjian Agen Pembayaran ͗ ĞƌĂƌƚŝWĞƌũĂŶũŝĂŶĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĂŶ<^ /ƉĞƌŝŚĂůƉĞůĂŬƐĂŶĂĂŶ
Obligasi” ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ƐĞƌƚĂ ƉĞůƵŶĂƐĂŶ WŽŬŽŬ KďůŝŐĂƐŝ͕
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵƵĂƚ ĚĂůĂŵ ŬƚĂ WĞƌũĂŶũŝĂŶ ŐĞŶ WĞŵďĂLJĂƌĂŶ
KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ ϭϱϵ
x
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ƚĞƌƚĂŶŐŐĂůϮϯ&ĞďƌƵĂƌŝϮϬϮϲLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶŚƌŝƐƚŝŶĂǁŝ
hƚĂŵŝ͕ ^͘,͕͘ D͘,Ƶŵ͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“Perjanjian Agen Pembayaran ͗ ĞƌĂƌƚŝWĞƌũĂŶũŝĂŶĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĂŶ<^ /ƉĞƌŝŚĂůƉĞůĂŬƐĂŶĂĂŶ
Sukuk” ƉĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ƐĞƌƚĂ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ
^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ͕ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵƵĂƚ ĚĂůĂŵ ŬƚĂ WĞƌũĂŶũŝĂŶ
ŐĞŶWĞŵďĂLJĂƌĂŶ ^ƵŬƵŬ/ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ /
dĂŚƵŶ ϮϬϮϲEŽ͘ϭϲϰƚĞƌƚĂŶŐŐĂů Ϯϯ&ĞďƌƵĂƌŝϮϬϮϲLJĂŶŐĚŝďƵĂƚ Ěŝ
ŚĂĚĂƉĂŶ ŚƌŝƐƚŝŶĂ ǁŝ hƚĂŵŝ͕ ^͘,͕͘ D͘,Ƶŵ͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐ Ěŝ
:ĂŬĂƌƚĂ͘
“Perjanjian Pendaftaran KďůŝŐĂƐŝĚŝ ͗ ĞƌĂƌƚŝƉĞƌũĂŶũŝĂŶLJĂŶŐĚŝďƵĂƚĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĂŶ<^ /͕ƉĞƌŝŚĂů
KSEI” WĞŶĚĂĨƚĂƌĂŶ ĨĞŬ ĞƌƐŝĨĂƚ hƚĂŶŐ Ěŝ <^ / ĚĞŶŐĂŶ
EŽ͘^WͲϬϮϰͬK>ͬ<^ /ͬϬϮϮϲƚĂŶŐŐĂů Ϯϯ&ĞďƌƵĂƌŝϮϬϮϲ͕LJĂŶŐĚŝďƵĂƚ
ĚŝďĂǁĂŚƚĂŶŐĂŶ ďĞƌŵĞƚĞƌĂŝĐƵŬƵƉ͘
“Perjanjian Pendaftaran ^ƵŬƵŬ ͗ ĞƌĂƌƚŝƉĞƌũĂŶũŝĂŶLJĂŶŐĚŝďƵĂƚĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĂŶ<^ /͕ƉĞƌŝŚĂů
/ũĂƌĂŚdi KSEI” WĞŶĚĂĨƚĂƌĂŶ ^ƵƌĂƚ ĞƌŚĂƌŐĂ ^LJĂƌŝĂŚ Ěŝ <^ / ĚĞŶŐĂŶ
EŽ͘^WͲϬϭϮͬ^<<ͬ<^ /ͬϬϮϮϲƚĂŶŐŐĂů Ϯϯ&ĞďƌƵĂƌŝϮϬϮϲ͕LJĂŶŐĚŝďƵĂƚ
ĚŝďĂǁĂŚƚĂŶŐĂŶ ďĞƌŵĞƚĞƌĂŝĐƵŬƵƉ͘
“Perjanjian Penjaminan Emisi ͗ ĞƌĂƌƚŝ ƉĞƌũĂŶũŝĂŶ LJĂŶŐ ĚŝďƵĂƚ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶĚĂŶ WĞŶũĂŵŝŶ
KďůŝŐĂƐŝ” WĞůĂŬƐĂŶĂ ŵŝƐŝ KďůŝŐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵƵĂƚ ĚĂůĂŵ ŬƚĂ
WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ ///
^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲEŽ͘ ϭϱϴ ƚĂŶŐŐĂů Ϯϯ &ĞďƌƵĂƌŝϮϬϮϲ
ũƵŶĐƚŽ ĚĚĞŶĚƵŵ / WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ KďůŝŐĂƐŝ
ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ ϭϴϬƚĂŶŐŐĂů
ϭϯDĂƌĞƚϮϬϮϲũƵŶĐƚŽ ĚĚĞŶĚƵŵ//WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝ
ĨĞŬKďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϲEŽ͘Ϯϵϲ
ƚĂŶŐŐĂůϯϬƉƌŝůϮϬϮϲũƵŶĐƚŽĚĚĞŶĚƵŵ///WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ
ŵŝƐŝ ĨĞŬKďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ ///^ƉŝŶĚŽdĂŚĂƉ /dĂŚƵŶϮϬϮϲ
EŽ͘ ϮϲϬƚĂŶŐŐĂů ϮϱDĞŝϮϬϮϲ͕LJĂŶŐĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ ŚƌŝƐƚŝŶĂ
ǁŝhƚĂŵŝ͕ ^͘,͕͘ D͘,Ƶŵ͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“Perjanjian Penjaminan Emisi ^ƵŬƵŬ ͗ ĞƌĂƌƚŝ ƉĞƌũĂŶũŝĂŶ LJĂŶŐ ĚŝďƵĂƚ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶĚĂŶ WĞŶũĂŵŝŶ
/ũĂƌĂŚ” WĞůĂŬƐĂŶĂ ŵŝƐŝ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵƵĂƚ ĚĂůĂŵ ŬƚĂ
WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ ^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ ///
^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ ϭϲϯƚĂŶŐŐĂů Ϯϯ &ĞďƌƵĂƌŝ ϮϬϮϲ
ũƵŶĐƚŽĚĚĞŶĚƵŵ/WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ^ƵŬƵŬ/ũĂƌĂŚ
ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ ϭϴϰ ƚĂŶŐŐĂů
ϭϯDĂƌĞƚϮϬϮϲũƵŶĐƚŽĚĚĞŶĚƵŵ//WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝ
ĨĞŬ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϲEŽ͘
ϯϬϬ ƚĂŶŐŐĂů ϯϬ Ɖƌŝů ϮϬϮϲ ũƵŶĐƚŽ ĚĚĞŶĚƵŵ /// WĞƌũĂŶũŝĂŶ
WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ ^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ
dĂŚĂƉ /dĂŚƵŶ ϮϬϮϲEŽ͘ ϮϲϰƚĂŶŐŐĂů ϮϱDĞŝ ϮϬϮϲ͕LJĂŶŐ ĚŝďƵĂƚ
Ěŝ ŚĂĚĂƉĂŶ ŚƌŝƐƚŝŶĂ ǁŝ hƚĂŵŝ͕ ^͘,͕͘ D͘,Ƶŵ͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐ
Ěŝ:ĂŬĂƌƚĂ͘
“Perjanjian Perwaliamanatan ͗ ĞƌĂƌƚŝƉĞƌũĂŶũŝĂŶLJĂŶŐĚŝďƵĂƚĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĂŶtĂůŝŵĂŶĂƚ
KďůŝŐĂƐŝ” ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵƵĂƚ ĚĂůĂŵ ŬƚĂ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲEŽ͘ ϭϱϲ
ƚĂŶŐŐĂů Ϯϯ &ĞďƌƵĂƌŝ ϮϬϮϲ ũƵŶĐƚŽ ĚĚĞŶĚƵŵ / WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶ
ϮϬϮϲ EŽ͘ ϭϳϴ ƚĂŶŐŐĂů ϭϯ DĂƌĞƚ ϮϬϮϲ ũƵŶĐƚŽ ĚĚĞŶĚƵŵ //
WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ
dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ Ϯϵϰ ƚĂŶŐŐĂů ϯϬ Ɖƌŝů ϮϬϮϲ ũƵŶĐƚŽ
ĚĚĞŶĚƵŵ///WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ
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///^ƉŝŶĚŽdĂŚĂƉ /dĂŚƵŶϮϬϮϲEŽ͘ϮϱϴƚĂŶŐŐĂů ϮϱDĞŝϮϬϮϲ͕LJĂŶŐ
ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ŚƌŝƐƚŝŶĂ ǁŝ hƚĂŵŝ͕ ^͘,͕͘ D͘,Ƶŵ͕͘ D͘<Ŷ͕͘
EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“Perjanjian Perwaliamanatan ^ƵŬƵŬ ͗ ĞƌĂƌƚŝƉĞƌũĂŶũŝĂŶLJĂŶŐĚŝďƵĂƚĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĂŶtĂůŝŵĂŶĂƚ
/ũĂƌĂŚ” ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵƵĂƚ ĚĂůĂŵ ŬƚĂ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϲEŽ͘ϭϲϭ
ƚĂŶŐŐĂů Ϯϯ &ĞďƌƵĂƌŝ ϮϬϮϲ ũƵŶĐƚŽ ĚĚĞŶĚƵŵ / WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ /
dĂŚƵŶϮϬϮϲEŽ͘ ϭϴϮƚĂŶŐŐĂů ϭϯDĂƌĞƚϮϬϮϲũƵŶĐƚŽĚĚĞŶĚƵŵ//
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽ
dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ Ϯϵϴ ƚĂŶŐŐĂů ϯϬ Ɖƌŝů ϮϬϮϲ ũƵŶĐƚŽ
ĚĚĞŶĚƵŵ /// WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ
ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ ϮϲϮ ƚĂŶŐŐĂů
ϮϱDĞŝϮϬϮϲ͕LJĂŶŐ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ ŚƌŝƐƚŝŶĂ ǁŝ hƚĂŵŝ͕ ^͘,͕͘
D͘,Ƶŵ͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“WĞƌŶLJĂƚĂĂŶWĞŶĂǁĂƌĂŶhŵƵŵ ͗ ĞƌĂƌƚŝ ŬƚĂ WĞƌŶLJĂƚĂĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ
ĞƌŬĞůĂŶũƵƚĂŶKďůŝŐĂƐŝ” KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲEŽ͘ ϭϱϱ
ƚĂŶŐŐĂů Ϯϯ &ĞďƌƵĂƌŝ ϮϬϮϲ ũƵŶĐƚŽ ĚĚĞŶĚƵŵ / WĞƌŶLJĂƚĂĂŶ
WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ ///
^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϲEŽ͘ϭϳϳƚĂŶŐŐĂůϭϯDĂƌĞƚϮϬϮϲũƵŶĐƚŽ
ĚĚĞŶĚƵŵ // WĞƌŶLJĂƚĂĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ
KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲEŽ͘ Ϯϵϯ
ƚĂŶŐŐĂů ϯϬ Ɖƌŝů ϮϬϮϲ ũƵŶĐƚŽ ĚĚĞŶĚƵŵ /// WĞƌŶLJĂƚĂĂŶ
WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ ///
^ƉŝŶĚŽdĂŚĂƉ /dĂŚƵŶ ϮϬϮϲEŽ͘ ϮϱϳƚĂŶŐŐĂů ϮϱDĞŝϮϬϮϲ ͕LJĂŶŐ
ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ŚƌŝƐƚŝŶĂ ǁŝ hƚĂŵŝ͕ ^͘,͕͘ D͘,Ƶŵ͕͘ D͘<Ŷ͕͘
EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“WĞƌŶLJĂƚĂĂŶWĞŶĂǁĂƌĂŶhŵƵŵ ͗ ĞƌĂƌƚŝŬƚĂWĞƌŶLJĂƚĂĂŶWĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ^ƵŬƵŬ
ĞƌŬĞůĂŶũƵƚĂŶ^ƵŬƵŬ/ũĂƌĂŚ” /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ ϭϲϬ
ƚĂŶŐŐĂů Ϯϯ &ĞďƌƵĂƌŝ ϮϬϮϲ ũƵŶĐƚŽ ĚĚĞŶĚƵŵ / WĞƌŶLJĂƚĂĂŶ
WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ ///
^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϲEŽ͘ϭϴϭƚĂŶŐŐĂůϭϯDĂƌĞƚϮϬϮϲũƵŶĐƚŽ
ĚĚĞŶĚƵŵ//WĞƌŶLJĂƚĂĂŶWĞŶĂǁĂƌĂŶhŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ^ƵŬƵŬ
/ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ EŽ͘ Ϯϵϳ
ƚĂŶŐŐĂů ϯϬ Ɖƌŝů ϮϬϮϲ ũƵŶĐƚŽ ĚĚĞŶĚƵŵ /// WĞƌŶLJĂƚĂĂŶ
WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ ///
^ƉŝŶĚŽdĂŚĂƉ /dĂŚƵŶ ϮϬϮϲEŽ͘ ϮϲϭƚĂŶŐŐĂů ϮϱDĞŝϮϬϮϲ͕LJĂŶŐ
ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ŚƌŝƐƚŝŶĂ ǁŝ hƚĂŵŝ͕ ^͘,͕͘ D͘,Ƶŵ͕͘ D͘<Ŷ͕͘
EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“Perusahaan Anak” ͗ ĞƌĂƌƚŝƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶŶLJĂ ĚŝŬŽŶƐŽůŝĚĂƐŝŬĂŶ
ĚĞŶŐĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
“Perusahaan Asosiasi” ͗ ĞƌĂƌƚŝ ƐƵĂƚƵ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ŵĂŶĂ ŝŶǀĞƐƚŽƌ ŵĞŵƉƵŶLJĂŝ
ƉĞŶŐĂƌƵƐŝŐŶŝĨŝŬĂŶ͘ WĞŶŐĂƌƵŚƐŝŐŶŝĨŝŬĂŶ ĂĚĂůĂŚ ŬĞŬƵĂƐĂĂŶ ƵŶƚƵŬ
ďĞƌƉĂƌƚŝƐŝƉĂƐŝ ĚĂůĂŵ ŬĞƉƵƚƵƐĂŶ ŬĞďŝũĂŬĂŶ ŬĞƵĂŶŐĂŶ ĚĂŶ
ŽƉĞƌĂƐŝŽŶĂů ŝŶǀĞƐƚĞĞ͕ ƚĞƚĂƉŝ ƚŝĚĂŬ ŵĞŶŐĞŶĚĂůŝŬĂŶ ĂƚĂƵ
ŵĞŶŐĞŶĚĂůŝŬĂŶďĞƌƐĂŵĂĂƚĂƐ ŬĞďŝũĂŬĂŶ͘
“WĞƌƵƐĂŚĂĂŶ ĨĞŬ” ͗ ĞƌĂƌƚŝƉŝŚĂŬ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƐĞďĂŐĂŝ WĞŶũĂŵŝŶ
ŵŝƐŝ ĨĞŬ͕WĞƌĂŶƚĂƌĂWĞĚĂŐĂŶŐ ĨĞŬĚĂŶͬĂƚĂƵ DĂŶĂũĞƌ/ŶǀĞƐƚĂƐŝ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵhhWD͘
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“Perseroan” ͗ ĞƌĂƌƚŝ Wd ^ƚĞĞů WŝƉĞ /ŶĚƵƐƚƌLJ ŽĨ /ŶĚŽŶĞƐŝĂ dďŬ ĂƚĂƵ ^W/EK͕
ƐƵĂƚƵ ƉĞƌƐĞƌŽĂŶ ƚĞƌďĂƚĂƐ LJĂŶŐ ĚŝĚŝƌŝŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŚƵŬƵŵ
ŶĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚĂŶďĞƌŬĞĚƵĚƵŬĂŶĚŝ^ƵƌĂďĂLJĂ͘
“Pernyataan Efektif” ͗ ĞƌĂƌƚŝ WĞƌŶLJĂƚĂĂŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ŽůĞŚ K:< LJĂŶŐ ŵĞŶLJĂƚĂŬĂŶ
ďĂŚǁĂ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ŵĞŶũĂĚŝ ĨĞŬƚŝĨ ƐĞŚŝŶŐŐĂ
WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ
ďĞƌŚĂŬ ŵĞŶĂǁĂƌŬĂŶ ĚĂŶ ŵĞŶũƵĂů KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ
ƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
“Pernyataan Pendaftaran” ͗ ĞƌĂƌƚŝ ĚŽŬƵŵĞŶ ƉĞƌŶLJĂƚĂĂŶ ƉĞŶĚĂĨƚĂƌĂŶ LJĂŶŐ ǁĂũŝď ĚŝĂũƵŬĂŶ
ŬĞƉĂĚĂK:<ŽůĞŚWĞƌƐĞƌŽĂŶĚĞŶŐĂŶďĂŶƚƵĂŶ WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ
ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĚĂůĂŵ ƌĂŶŐŬĂWĞŶĂǁĂƌĂŶ hŵƵŵ
ĞƌŬĞůĂŶũƵƚĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ƉĂƐĂů ϭŶŐŬĂ ϭϵ
hhWDũƵŶĐƚŽWK:<EŽ͘ϳͬϮϬϭϳ͘
“Persetujuan Prinsip Pencatatan ͗ ĞƌĂƌƚŝ ƉĞƌƐĞƚƵũƵĂŶ LJĂŶŐ ĂŬĂŶ ĚŝďĞƌŝŬĂŶ ŽůĞŚ ƵƌƐĂ ĨĞŬ ĂƚĂƐ
Obligasi dan Sukuk Ijarah” ƉĞƌŵŽŚŽŶĂŶ ƉĞŶĐĂƚĂƚĂŶ LJĂŶŐ ĚŝĂũƵŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ
ďĞƌĚĂƐĂƌŬĂŶ ĞǀĂůƵĂƐŝ ĚĂŶ ƉĞŶŝůĂŝĂŶ ƵƌƐĂ ĨĞŬ͕ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵƵĂƚĚĂůĂŵWĞƌƐĞƚƵũƵĂŶWƌŝŶƐŝƉWĞŶĐĂƚĂƚĂŶ ĨĞŬĞƌƐŝĨĂƚhƚĂŶŐ
ĚĂŶ^ƵŬƵŬEŽ͘^ͲϬϰϳϳϯͬ /͘WWϭͬϬϰͲϮϬϮϲƚĂŶŐŐĂů ϯϬƉƌŝůϮϬϮϲ͘
“POJK Penggunaan Dana” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϯϬͬWK:<͘ϬϰͬϮϬϭϱ ƚĂŶŐŐĂů
ϭϲĞƐĞŵďĞƌϮϬϭϱƚĞŶƚĂŶŐ >ĂƉŽƌĂŶZĞĂůŝƐĂƐŝ WĞŶŐŐƵŶĂĂŶĂŶĂ
,ĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵLJĂŶŐƚĞůĂŚĚŝƵďĂŚĚĞŶŐĂŶWĞƌĂƚƵƌĂŶK:<
EŽ͘ϰϬdĂŚƵŶϮϬϮϱƚĂŶŐŐĂůϭϵĞƐĞŵďĞƌϮϬϮϱ͘
“POJK No. 3/2018” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϯͬWK:<͘ϬϰͬϮϬϭϴƚĂŶŐŐĂůϮϲDĂƌĞƚϮϬϭϴ
ƚĞŶƚĂŶŐ WĞƌƵďĂŚĂŶ ĂƚĂƐ WK:< EŽ͘ ϭϴͬϮϬϭϱƚĞŶƚĂŶŐ WĞŶĞƌďŝƚĂŶ
ĚĂŶWĞƌƐLJĂƌĂƚĂŶ^ƵŬƵŬ͘
“POJK No.7/2017” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϳͬWK:<͘ϬϰͬϮϬϭϳƚĂŶŐŐĂůϭϰDĂƌĞƚϮϬϭϳ
ƚĞŶƚĂŶŐ ŽŬƵŵĞŶ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ĂůĂŵ ZĂŶŐŬĂ
WĞŶĂǁĂƌĂŶ hŵƵŵ ĨĞŬ ĞƌƐŝĨĂƚ ŬƵŝƚĂƐ͕ ĨĞŬ ĞƌƐŝĨĂƚ hƚĂŶŐ
ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ͘
“POJK EŽ͘ϵͬϮϬϭϳ” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϵͬWK:<͘ϬϰͬϮϬϭϳƚĂŶŐŐĂůϭϰDĂƌĞƚϮϬϭϳ
ƚĞŶƚĂŶŐĞŶƚƵŬĚĂŶ/ƐŝWƌŽƐƉĞŬƚƵƐĚĂŶWƌŽƐƉĞŬƚƵƐZŝŶŐŬĂƐĂůĂŵ
ZĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵ ĨĞŬĞƌƐŝĨĂƚhƚĂŶŐ͘
“POJK No.23/ 2017” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ ϮϯͬWK:<͘ϬϰͬϮϬϭϳƚĂŶŐŐĂů Ϯϭ:ƵŶŝϮϬϭϳ
ƚĞŶƚĂŶŐWƌŽƐƉĞŬƚƵƐǁĂůĚĂŶ/ŶĨŽDĞŵŽ͘
“POJK No.9/2018” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶ K:<EŽ͘ ϵͬWK:<͘ϬϰͬϮϬϭϴƚĂŶŐŐĂů Ϯϳ:Ƶůŝ ϮϬϭϴ
ƚĞŶƚĂŶŐWĞŶŐĂŵďŝůĂůŝŚĂŶ WĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ͘
“POJK No.14/2025” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ EŽ͘ ϭϰͬWK:<͘ϬϰͬϮϬϮϱ
ƚĂŶŐŐĂů ϮϬ :ƵŶŝ ϮϬϮϱ ƚĞŶƚĂŶŐ WĞůĂŬƐĂŶĂĂŶ ZĂƉĂƚ hŵƵŵ
WĞŵĞŐĂŶŐ ^ĂŚĂŵ͕ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ͕ ĂŶ ZĂƉĂƚ
hŵƵŵ WĞŵĞŐĂŶŐ^ƵŬƵŬ^ĞĐĂƌĂ ůĞŬƚƌŽŶŝŬ͘
“POJK No.ϭϳͬϮϬ20” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϭϳͬWK:<͘ϬϰͬϮϬϮϬƚĂŶŐŐĂůϮϭƉƌŝůϮϬϮϬ
ƚĞŶƚĂŶŐdƌĂŶƐĂŬƐŝ DĂƚĞƌŝĂůĚĂŶWĞƌƵďĂŚĂŶ<ĞŐŝĂƚĂŶhƐĂŚĂ͘
“POJK No. 18/2015” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϭϴͬWK:<͘ϬϰͬϮϬϭϱ ƚĂŶŐŐĂů
ϭϬEŽǀĞŵďĞƌϮϬϭϱƚĞŶƚĂŶŐWĞŶĞƌďŝƚĂŶĚĂŶWĞƌƐLJĂƌĂƚĂŶ^ƵŬƵŬ͘
xiii
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“POJK No.19/2020” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϭϵͬWK:<͘ϬϰͬϮϬϮϬƚĂŶŐŐĂůϮϯƉƌŝůϮϬϮϬ
ƚĞŶƚĂŶŐ ĂŶŬ hŵƵŵ LJĂŶŐ DĞůĂŬƵŬĂŶ <ĞŐŝĂƚĂŶ ^ĞďĂŐĂŝ tĂůŝ
ŵĂŶĂƚ͘
“POJK No.20/2020” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϬͬWK:<͘ϬϰͬϮϬϮϬƚĂŶŐŐĂůϮϯƉƌŝůϮϬϮϬ
ƚĞŶƚĂŶŐ <ŽŶƚƌĂŬ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĨĞŬ ĞƌƐŝĨĂƚhƚĂŶŐ ĚĂŶͬĂƚĂƵ
^ƵŬƵŬ͘
“POJK No.33/2014” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ ϯϯͬWK:<͘ϬϰͬϮϬϭϰƚĂŶŐŐĂů ϴĞƐĞŵďĞƌ
ϮϬϭϰ ƚĞŶƚĂŶŐ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵŝƚĞŶ ĂƚĂƵ
WĞƌƵƐĂŚĂĂŶWƵďůŝŬ͘
“POJK No.34/2014” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ ϯϰͬWK:<͘ϬϰͬϮϬϭϰƚĂŶŐŐĂů ϴĞƐĞŵďĞƌ
ϮϬϭϰ ƚĞŶƚĂŶŐ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ ZĞŵƵŶĞƌĂƐŝ ŵŝƚĞŶ ĂƚĂƵ
WĞƌƵƐĂŚĂĂŶWƵďůŝŬ͘
“POJK No.35/2014” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ ϯϱͬWK:<͘ϬϰͬϮϬϭϰƚĂŶŐŐĂů ϴĞƐĞŵďĞƌ
ϮϬϭϰ ƚĞŶƚĂŶŐ ^ĞŬƌĞƚĂƌŝƐ WĞƌƵƐĂŚĂĂŶ ŵŝƚĞŶ ĂƚĂƵ WĞƌƵƐĂŚĂĂŶ
WƵďůŝŬ͘
“POJK No.3ϲ/2014” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϯϲͬWK:<͘ϬϰͬϮϬϭϰƚĂŶŐŐĂůϬϴĞƐĞŵďĞƌ
ϮϬϭϰ ƚĞŶƚĂŶŐ WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ ĨĞŬ ĞƌƐŝĨĂƚ
hƚĂŶŐ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ͘
“POJK No.42/2020” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶ K:<EŽ͘ ϰϮͬWK:<͘ϬϰͬϮϬϮϬƚĂŶŐŐĂů ϭ:Ƶůŝ ϮϬϮϬ
ƚĞŶƚĂŶŐdƌĂŶƐĂŬƐŝ ĨŝůŝĂƐŝĚĂŶdƌĂŶƐĂŬƐŝĞŶƚƵƌĂŶ<ĞƉĞŶƚŝŶŐĂŶ͘
“POJK No.49/2020” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ ϰϵͬWK:<͘ϬϰͬϮϬϮϬƚĂŶŐŐĂů ϯĞƐĞŵďĞƌ
ϮϬϮϬ ƚĞŶƚĂŶŐ WĞŵĞƌŝŶŐŬĂƚĂŶ ĨĞŬ ĞƌƐŝĨĂƚ hƚĂŶŐ ĂŶͬƚĂƵ
^ƵŬƵŬ͘
“POJK No.55/2015” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϱϱͬWK:<͘ϬϰͬϮϬϭϱƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌ
ϮϬϭϱ ƚĞŶƚĂŶŐ WĞŵďĞŶƚƵŬĂŶ ĚĂŶ WĞĚŽŵĂŶ WĞůĂŬƐĂŶĂĂŶ <ĞƌũĂ
<ŽŵŝƚĞƵĚŝƚ͘
“POJK No.56/2015” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϱϲͬWK:<͘ϬϰͬϮϬϭϱƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌ
ϮϬϭϱƚĞŶƚĂŶŐ WĞŵďĞŶƚƵŬĂŶ ĚĂŶ WĞĚŽŵĂŶ WĞŶLJƵƐƵŶĂŶ WŝĂŐĂŵ
hŶŝƚƵĚŝƚ/ŶƚĞƌŶĂů͘
“POJK No.45/2024” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ ϰϱdĂŚƵŶ ϮϬϮϰƚĂŶŐŐĂů ϮϳĞƐĞŵďĞƌ
ϮϬϮϰ ƚĞŶƚĂŶŐ WĞŶŐĞŵďĂŶŐĂŶ ĚĂŶ WĞŶŐƵĂƚĂŶ ŵŝƚĞŶ ĚĂŶ
WĞƌƵƐĂŚĂĂŶWƵďůŝŬ͘
“Pokok Obligasi” ͗ ĞƌĂƌƚŝ ũƵŵůĂŚ ƉŽŬŽŬ ƉŝŶũĂŵĂŶ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ
KďůŝŐĂƐŝ LJĂŶŐ ƚĞƌƵƚĂŶŐ ĚĂƌŝǁĂŬƚƵ ŬĞǁĂŬƚƵ LJĂŶŐ ƉĂĚĂ dĂŶŐŐĂů
ŵŝƐŝ ƐĞďĞƐĂƌ ZƉϭϬϭ͘ϰϱϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐ ƐĂƚƵ ŵŝůŝĂƌ ĞŵƉĂƚ
ƌĂƚƵƐůŝŵĂƉƵůƵŚũƵƚĂƌƵƉŝĂŚͿĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ :ƵŵůĂŚ WŽŬŽŬ KďůŝŐĂƐŝ ^Ğƌŝ ƐĞďĞƐĂƌ ZƉϯϭ͘ϱϴϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
;ƚŝŐĂƉƵůƵŚƐĂƚƵŵŝůŝĂƌůŝŵĂƌĂƚƵƐĚĞůĂƉĂŶƉƵůƵŚũƵƚĂ ZƵƉŝĂŚͿ
ĚĞŶŐĂŶƚŝŶŐŬĂƚ ďƵŶŐĂƚĞƚĂƉ ƐĞďĞƐĂƌϳ͕ϬϬй;ƚƵũƵŚŬŽŵĂ ŶŽů
ŶŽůƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͕LJĂŶŐďĞƌũĂŶŐŬĂǁĂŬƚƵϯϲϳ;ƚŝŐĂƌĂƚƵƐ
ĞŶĂŵƉƵůƵŚƚƵũƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͖
ď͘ :ƵŵůĂŚ WŽŬŽŬ KďůŝŐĂƐŝ ^Ğƌŝ ƐĞďĞƐĂƌ ZƉϮϲ͘ϬϯϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
;ĚƵĂ ƉƵůƵŚ ĞŶĂŵ ŵŝůŝĂƌ ƚŝŐĂ ƉƵůƵŚ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ
ƚŝŶŐŬĂƚ ďƵŶŐĂ ƚĞƚĂƉƐĞďĞƐĂƌϴ͕Ϯϱй;ĚĞůĂƉĂŶŬŽŵĂ ĚƵĂůŝŵĂ
ƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͕LJĂŶŐďĞƌũĂŶŐŬĂǁĂŬƚƵϯ;ƚŝŐĂͿƚĂŚƵŶƐĞũĂŬ
dĂŶŐŐĂů ŵŝƐŝ͖ĚĂŶ
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Đ͘ :ƵŵůĂŚ WŽŬŽŬ KďůŝŐĂƐŝ ^Ğƌŝ ƐĞďĞƐĂƌ ZƉϰϯ͘ϴϰϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
;ĞŵƉĂƚ ƉƵůƵŚ ƚŝŐĂ ŵŝůŝĂƌ ĚĞůĂƉĂŶ ƌĂƚƵƐ ĞŵƉĂƚ ƉƵůƵŚ ũƵƚĂ
ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ ƚĞƚĂƉ ƐĞďĞƐĂƌ ϵ͕ϬϬй
;ƐĞŵďŝůĂŶ ŬŽŵĂ ŶŽůŶŽůƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͕ LJĂŶŐ ďĞƌũĂŶŐŬĂ
ǁĂŬƚƵϱ;ůŝŵĂͿ ƚĂŚƵŶƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͘
:ƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝĚĂƉĂƚďĞƌŬƵƌĂŶŐĚĞŶŐĂŶƉĞůƵŶĂƐĂŶWŽŬŽŬ
KďůŝŐĂƐŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ^Ğƌŝ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ƉĞůĂŬƐĂŶĂĂŶ
ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ƐĞďĂŐĂŝ ƉĞůƵŶĂƐĂŶ KďůŝŐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶĚĂůĂŵƉĂƐĂůϱWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ͘
“Prospektus” ͗ ĞƌĂƌƚŝƐĞƚŝĂƉ ŝŶĨŽƌŵĂƐŝ ƚĞƌƚƵůŝƐƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ
hŵƵŵ ĂƚĂƐ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝƐƵƐƵŶ ŽůĞŚ
WĞƌƐĞƌŽĂŶ ďĞƌƐĂŵĂͲƐĂŵĂ ĚĞŶŐĂŶ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ
KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĚĞŶŐĂŶ ƚƵũƵĂŶ ĂŐĂƌ ŵĂƐLJĂƌĂŬĂƚ
ŵĞŵďĞůŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ǁĂũŝď ĚŝƐƵƐƵŶ ƐĞƐƵĂŝ
ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ Ěŝ ƐĞŬƚŽƌ WĂƐĂƌ DŽĚĂů ƚĞƌŵĂƐƵŬ ŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌĚĂůĂŵ WK:<EŽ͘ ϵͬϮϬϭϳ͕WK:<EŽ͘ ϭϴͬϮϬϭϱ͕
WK:<EŽ͘ϯͬϮϬϭϴĚĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶ WĞƌĂƚƵƌĂŶEŽ͘/y͘͘Ϯ͘
“Rekening Efek” ͗ ĞƌĂƌƚŝƌĞŬĞŶŝŶŐLJĂŶŐ ŵĞŵƵĂƚ ĐĂƚĂƚĂŶ ƉŽƐŝƐŝKďůŝŐĂƐŝĚĂŶ ^ƵŬƵŬ
/ũĂƌĂŚ ĚĂŶͬĂƚĂƵ ĚĂŶĂ ŵŝůŝŬ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ
LJĂŶŐĚŝĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶ Ěŝ<^ /͕ ĂŶŬ<ƵƐƚŽĚŝĂŶĂƚĂƵ WĞƌƵƐĂŚĂĂŶ
ĨĞŬ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌũĂŶũŝĂŶ ƉĞŵďƵŬĂĂŶ ƌĞŬĞŶŝŶŐ ĞĨĞŬ LJĂŶŐ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ WĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ͕
WĞƌƵƐĂŚĂĂŶ ĨĞŬĚĂŶĂŶŬ<ƵƐƚŽĚŝĂŶ͘
“RUPO” ͗ ĞƌĂƌƚŝ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ͘
“RUPS/” ͗ ĞƌĂƌƚŝZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͘
“Satuan Pemindahbukuan” ͗ ĞƌĂƌƚŝ ƐĂƚƵĂŶ ũƵŵůĂŚ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚĂƉĂƚ
ĚŝƉŝŶĚĂŚďƵŬƵŬĂŶĚĂƌŝƐĂƚƵƌĞŬĞŶŝŶŐĞĨĞŬŬĞƌĞŬĞŶŝŶŐĞĨĞŬůĂŝŶŶLJĂ
Ěŝ<^ /͕ WĞƌƵƐĂŚĂĂŶ ĨĞŬĂƚĂƵĂŶŬ <ƵƐƚŽĚŝĂŶ LJĂŝƚƵƐĞŶŝůĂŝZƉϭ͕Ͳ
;ƐĂƚƵZƵƉŝĂŚͿĂƚĂƵŬĞůŝƉĂƚĂŶŶLJĂ͘
“Satuan Perdagangan” ͗ ĞƌĂƌƚŝ ƐĂƚƵĂŶ ũƵŵůĂŚ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ
ĚŝƉĞƌĚĂŐĂŶŐŬĂŶ͕ LJĂŝƚƵ ƐĞŶŝůĂŝ ZƉϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ůŝŵĂ ũƵƚĂ ZƵƉŝĂŚͿ
ĚĂŶͬĂƚĂƵ ŬĞůŝƉĂƚĂŶŶLJĂ͘
“Seri Obligasi” ϭͿ͘
͗ ĞƌĂƌƚŝϯ;ƚŝŐĂͿƐĞƌŝKďůŝŐĂƐŝ͕LJĂŝƚƵ͗
Ă͘ KďůŝŐĂƐŝ ^ĞƌŝƐĞďĞƐĂƌZƉϯϭ͘ϱϴϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂ ƉƵůƵŚƐĂƚƵ
ŵŝůŝĂƌ ůŝŵĂ ƌĂƚƵƐ ĚĞůĂƉĂŶƉƵůƵŚũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶũĂŶŐŬĂ
ǁĂŬƚƵ ϯϲϳ;ƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚƚƵũƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬ
dĂŶŐŐĂů ŵŝƐŝ͕ĚĂŶƉĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝ^ĞƌŝƚĞƌƐĞďƵƚĂŬĂŶ
ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƉĞŶƵŚĂƚĂƵ ďƵůůĞƚ ƉĂLJŵĞŶƚ ƐĞďĞƐĂƌϭϬϬй
;ƐĞƌĂƚƵƐ ƉĞƌƐĞŶͿ ĚĂƌŝ ũƵŵůĂŚ ƉŽŬŽŬ KďůŝŐĂƐŝ ^Ğƌŝ ƉĂĚĂ
dĂŶŐŐĂů WĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝƵŶƚƵŬKďůŝŐĂƐŝ^Ğƌŝ͖
ď͘ KďůŝŐĂƐŝ^ĞƌŝƐĞďĞƐĂƌZƉϮϲ͘ϬϯϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ĚƵĂƉƵůƵŚĞŶĂŵ
ŵŝůŝĂƌ ƚŝŐĂ ƉƵůƵŚ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶũĂŶŐŬĂ ǁĂŬƚƵ ϯ;ƚŝŐĂͿ
ƚĂŚƵŶ ƐĞũĂŬ dĂŶŐŐĂů ŵŝƐŝ͕ ĚĂŶ ƉĞŵďĂLJĂƌĂŶ KďůŝŐĂƐŝ ^Ğƌŝ
ƚĞƌƐĞďƵƚĂŬĂŶ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂƉĞŶƵŚĂƚĂƵ ďƵůůĞƚ ƉĂLJŵĞŶƚ
ƐĞďĞƐĂƌ ϭϬϬй ;ƐĞƌĂƚƵƐ ƉĞƌƐĞŶͿ ĚĂƌŝ ũƵŵůĂŚ ƉŽŬŽŬ KďůŝŐĂƐŝ
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^ĞƌŝƉĂĚĂdĂŶŐŐĂůWĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝƵŶƚƵŬKďůŝŐĂƐŝ
^Ğƌŝ͖
Đ͘ KďůŝŐĂƐŝ^ĞƌŝƐĞďĞƐĂƌZƉϰϯ͘ϴϰϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ĞŵƉĂƚƉƵůƵŚƚŝŐĂ
ŵŝůŝĂƌĚĞůĂƉĂŶƌĂƚƵƐĞŵƉĂƚƉƵůƵŚũƵƚĂZƵƉŝĂŚͿĚĞŶŐĂŶũĂŶŐŬĂ
ǁĂŬƚƵ ϱ;ůŝŵĂͿ ƚĂŚƵŶ ƐĞũĂŬ dĂŶŐŐĂů ŵŝƐŝ͕ ĚĂŶƉĞŵďĂLJĂƌĂŶ
KďůŝŐĂƐŝ ^Ğƌŝ ƚĞƌƐĞďƵƚ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƉĞŶƵŚĂƚĂƵ
ďƵůůĞƚ ƉĂLJŵĞŶƚ ƐĞďĞƐĂƌ ϭϬϬй;ƐĞƌĂƚƵƐ ƉĞƌƐĞŶͿĚĂƌŝ ũƵŵůĂŚ
ƉŽŬŽŬKďůŝŐĂƐŝ^ĞƌŝƉĂĚĂdĂŶŐŐĂůWĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝ
ƵŶƚƵŬKďůŝŐĂƐŝ^Ğƌŝ͘
ϮͿ͘ :ƵŵůĂŚ ƉŽŬŽŬ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ^Ğƌŝ KďůŝŐĂƐŝ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ
ďĞƌŬƵƌĂŶŐ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞůƵŶĂƐĂŶ WŽŬŽŬ KďůŝŐĂƐŝ ĚĂƌŝ
ŵĂƐŝŶŐͲŵĂƐŝŶŐ ^Ğƌŝ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŵďĞůŝĂŶ
ŬĞŵďĂůŝ ƐĞďĂŐĂŝ ƉĞůƵŶĂƐĂŶ KďůŝŐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝďƵŬƚŝŬĂŶ
ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ
ŬĞƚĞŶƚƵĂŶĚĂůĂŵWĂƐĂůϱWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ͘
ϯͿ͘
“Seri ^ƵŬƵŬ/ũĂƌĂŚ” ϰͿ͘
͗ ĞƌĂƌƚŝϯ;ƚŝŐĂͿƐĞƌŝ^ƵŬƵŬ/ũĂƌĂŚ͕LJĂŝƚƵ͗
Ă͘ ^ƵŬƵŬ /ũĂƌĂŚ ^ĞƌŝƐĞďĞƐĂƌ ZƉϯϲ͘ϮϭϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂ ƉƵůƵŚ
ĞŶĂŵ ŵŝůŝĂƌ ĚƵĂ ƌĂƚƵƐ ƐĞƉƵůƵŚũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶũĂŶŐŬĂ
ǁĂŬƚƵϯϲϳ;ƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚƚƵũƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬ
dĂŶŐŐĂů ŵŝƐŝ͕ ĚĂŶƉĞŵďĂLJĂƌĂŶŬĞŵďĂůŝ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ
^ƵŬƵŬ /ũĂƌĂŚ ^Ğƌŝ ƚĞƌƐĞďƵƚ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƉĞŶƵŚ
ĂƚĂƵďƵůůĞƚƉĂLJŵĞŶƚƐĞďĞƐĂƌϭϬϬй;ƐĞƌĂƚƵƐƉĞƌƐĞŶͿĚĂƌŝ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ^ĞƌŝƉĂĚĂdĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ<ĞŵďĂůŝ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ^ƵŬƵŬ/ũĂƌĂŚ^Ğƌŝ͖
ď͘ ^ƵŬƵŬ/ũĂƌĂŚ^ĞƌŝƐĞďĞƐĂƌZƉϲϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ĞŶĂŵƉƵůƵŚůŝŵĂ
ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ϯ ;ƚŝŐĂͿ ƚĂŚƵŶ ƐĞũĂŬ
dĂŶŐŐĂů ŵŝƐŝ͕ ĚĂŶƉĞŵďĂLJĂƌĂŶŬĞŵďĂůŝ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ
^ƵŬƵŬ /ũĂƌĂŚ ^Ğƌŝ ƚĞƌƐĞďƵƚ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƉĞŶƵŚ
ĂƚĂƵďƵůůĞƚƉĂLJŵĞŶƚƐĞďĞƐĂƌϭϬϬй;ƐĞƌĂƚƵƐƉĞƌƐĞŶͿĚĂƌŝ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ^ĞƌŝƉĂĚĂdĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ<ĞŵďĂůŝ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ^ƵŬƵŬ/ũĂƌĂŚ^Ğƌŝ͖ĚĂŶ
Đ͘ ^ƵŬƵŬ/ũĂƌĂŚ^ĞƌŝƐĞďĞƐĂƌZƉϮϮ͘Ϯϳϱ͘ϬϬϬ͘ϬϬϬ;ĚƵĂƉƵůƵŚĚƵĂ
ŵŝůŝĂƌĚƵĂƌĂƚƵƐƚƵũƵŚƉƵůƵŚůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĞŶŐĂŶũĂŶŐŬĂ
ǁĂŬƚƵ ϱ;ůŝŵĂͿ ƚĂŚƵŶ ƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͕ ĚĂŶƉĞŵďĂLJĂƌĂŶ
ŬĞŵďĂůŝ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ^ƵŬƵŬ/ũĂƌĂŚ^ĞƌŝƚĞƌƐĞďƵƚĂŬĂŶ
ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂƉĞŶƵŚĂƚĂƵ ďƵůůĞƚ ƉĂLJŵĞŶƚ ƐĞďĞƐĂƌϭϬϬй
;ƐĞƌĂƚƵƐƉĞƌƐĞŶͿĚĂƌŝ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ^ĞƌŝƉĂĚĂdĂŶŐŐĂů
WĞŵďĂLJĂƌĂŶ<ĞŵďĂůŝ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ^ƵŬƵŬ/ũĂƌĂŚ^Ğƌŝ͖
:ƵŵůĂŚ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ^Ğƌŝ ^ƵŬƵŬ /ũĂƌĂŚ
ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ďĞƌŬƵƌĂŶŐ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŵďĂLJĂƌĂŶ
ŬĞŵďĂůŝ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚĚĂƌŝŵĂƐŝŶŐͲŵĂƐŝŶŐ ^Ğƌŝ^ƵŬƵŬ/ũĂƌĂŚ
ĚĂŶͬĂƚĂƵ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ƐĞďĂŐĂŝ ƉĞŵďĞůŝĂŶ
ŬĞŵďĂůŝ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ
^ƵŬƵŬ /ũĂƌĂŚ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĂƐĂů ϱ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ
^ƵŬƵŬ/ũĂƌĂŚ͘
ϱͿ͘
“Sertifikat Jumbo Obligasi” ͗ ĞƌĂƌƚŝďƵŬƚŝƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝ LJĂŶŐĚŝƐŝŵƉĂŶĚĂůĂŵ WĞŶŝƚŝƉĂŶ
<ŽůĞŬƚŝĨ <^ /͕ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶĂƚĂƐ ŶĂŵĂ ĂƚĂƵ
ƚĞƌĐĂƚĂƚ ĂƚĂƐ ŶĂŵĂ <^ / ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ
ŵĞůĂůƵŝ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ͕ LJĂŶŐ ƚĞƌĚŝƌŝ ĚĂƌŝ KďůŝŐĂƐŝ ^Ğƌŝ ͕
KďůŝŐĂƐŝ^ĞƌŝĚĂŶKďůŝŐĂƐŝ^Ğƌŝ͘
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“Sertifikat Jumbo ^ƵŬƵŬ/ũĂƌĂŚ” ͗ ĞƌĂƌƚŝ ďƵŬƚŝ ƉĞŶĞƌďŝƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝƐŝŵƉĂŶ ĚĂůĂŵ
WĞŶŝƚŝƉĂŶ <ŽůĞŬƚŝĨ <^ /͕ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĂƚĂƐ
ŶĂŵĂĂƚĂƵƚĞƌĐĂƚĂƚĂƚĂƐŶĂŵĂ<^ /ƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐ
^ƵŬƵŬ/ũĂƌĂŚŵĞůĂůƵŝWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ͕LJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ^ƵŬƵŬ
/ũĂƌĂŚ^Ğƌŝ͕^ƵŬƵŬ/ũĂƌĂŚ^ĞƌŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ^Ğƌŝ͘
“Sukuk Ijarah” ͗ ĞƌĂƌƚŝ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ/// ^ƉŝŶĚŽdĂŚĂƉ /dĂŚƵŶ ϮϬϮϲ
LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶŬĞƉĂĚĂWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ
ĚĂŶ ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ ^ƵŬƵŬ/ũĂƌĂŚ͕ ĚĂŶ ĂŬĂŶ
ĚŝĐĂƚĂƚŬĂŶ Ěŝ ƵƌƐĂ ĨĞŬĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ Ěŝ <^ /͕ ĚĂůĂŵ ũƵŵůĂŚ
^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ƐĞďĞƐĂƌ ZƉϱϴ͘ϱϱϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ůŝŵĂ ƉƵůƵŚ
ĚĞůĂƉĂŶŵŝůŝĂƌůŝŵĂƌĂƚƵƐůŝŵĂƉƵůƵŚũƵƚĂZƵƉŝĂŚͿLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗
Ͳ ^ƵŬƵŬ/ũĂƌĂŚ^Ğƌŝ͗^ĞďĞƐĂƌZƉϯϲ͘ϮϭϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƉƵůƵŚ
ĞŶĂŵ ŵŝůŝĂƌ ĚƵĂ ƌĂƚƵƐ ƐĞƉƵůƵŚ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ŝĐŝůĂŶ
/ŵďĂůĂŶ /ũĂƌĂŚ ƐĞďĞƐĂƌ ZƉϮ͘ϱϯϰ͘ϳϬϬ͘ϬϬϬ͕Ͳ;ĚƵĂ ŵŝůŝĂƌ ůŝŵĂ
ƌĂƚƵƐ ƚŝŐĂ ƉƵůƵŚ ĞŵƉĂƚ ũƵƚĂ ƚƵũƵŚ ƌĂƚƵƐ ƌŝďƵ ZƵƉŝĂŚͿ ƉĞƌ
ƚĂŚƵŶ LJĂŶŐ ĚŝŚŝƚƵŶŐ ĚĂƌŝ ũƵŵůĂŚ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ^Ğƌŝ
ĂƚĂƵ ƐĞďĞƐĂƌ ZƉϳϬ͘ϬϬϬ͕Ͳ ;ƚƵũƵŚ ƉƵůƵŚ ƌŝďƵ ZƵƉŝĂŚͿ ƉĞƌ
ZƉϭ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĂƚƵ ũƵƚĂ ZƵƉŝĂŚͿƉĞƌƚĂŚƵŶĚĂƌŝ ũƵŵůĂŚ ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ ^Ğƌŝ͕LJĂŶŐ ďĞƌũĂŶŐŬĂǁĂŬƚƵ ϯϲϳ;ƚŝŐĂ ƌĂƚƵƐ
ĞŶĂŵƉƵůƵŚƚƵũƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͖
Ͳ ^ƵŬƵŬ /ũĂƌĂŚ ^Ğƌŝ ͗ ^ĞďĞƐĂƌ ZƉϲϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ĞŶĂŵ ƉƵůƵŚ
ůŝŵĂ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ƐĞďĞƐĂƌ
ZƉϱ͘ϯϲϮ͘ϱϬϬ͕Ͳ;ůŝŵĂũƵƚĂƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚĚƵĂƌŝďƵůŝŵĂ
ƌĂƚƵƐ ZƵƉŝĂŚͿ ƉĞƌ ƚĂŚƵŶ LJĂŶŐ ĚŝŚŝƚƵŶŐ ĚĂƌŝ ũƵŵůĂŚ ^ŝƐĂ
/ŵďĂůĂŶ/ũĂƌĂŚ^ĞƌŝĂƚĂƵƐĞďĞƐĂƌZƉϴϮ͘ϱϬϬ͕Ͳ;ĚĞůĂƉĂŶƉƵůƵŚ
ĚƵĂ ƌŝďƵ ůŝŵĂ ƌĂƚƵƐ ZƵƉŝĂŚͿ ƉĞƌ ZƉϭ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƐĂƚƵ ũƵƚĂ
ZƵƉŝĂŚͿƉĞƌƚĂŚƵŶĚĂƌŝũƵŵůĂŚ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ^Ğƌŝ͕LJĂŶŐ
ďĞƌũĂŶŐŬĂǁĂŬƚƵϯ;ƚŝŐĂͿƚĂŚƵŶƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͖
Ͳ ^ƵŬƵŬ /ũĂƌĂŚ ^Ğƌŝ͗^ĞďĞƐĂƌ ZƉϮϮ͘Ϯϳϱ͘ϬϬϬ͘ϬϬϬ;ĚƵĂƉƵůƵŚ
ĚƵĂ ŵŝůŝĂƌ ĚƵĂ ƌĂƚƵƐ ƚƵũƵŚ ƉƵůƵŚ ůŝŵĂ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ
ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚƐĞďĞƐĂƌZƉϮ͘ϬϬϰ͘ϳϱϬ͘ϬϬϬ͕Ͳ;ĚƵĂŵŝůŝĂƌ
ĞŵƉĂƚ ũƵƚĂ ƚƵũƵŚ ƌĂƚƵƐ ůŝŵĂ ƉƵůƵŚ ƌŝďƵZƵƉŝĂŚͿ ƉĞƌ ƚĂŚƵŶ
LJĂŶŐ ĚŝŚŝƚƵŶŐ ĚĂƌŝ ũƵŵůĂŚ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ^Ğƌŝ ĂƚĂƵ
ƐĞďĞƐĂƌ ZƉϵϬ͘ϬϬϬ͕Ͳ ;ƐĞŵďŝůĂŶ ƉƵůƵŚ ƌŝďƵ ZƵƉŝĂŚͿ ƉĞƌ
ZƉϭ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĂƚƵ ũƵƚĂ ZƵƉŝĂŚͿƉĞƌƚĂŚƵŶĚĂƌŝ ũƵŵůĂŚ ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ ^Ğƌŝ͕ LJĂŶŐ ďĞƌũĂŶŐŬĂǁĂŬƚƵ ϱ;ůŝŵĂͿ ƚĂŚƵŶ
ƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͘
:ƵŵůĂŚ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ^Ğƌŝ ^ƵŬƵŬ /ũĂƌĂŚ
ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ďĞƌŬƵƌĂŶŐ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŵďĂLJĂƌĂŶ
ŬĞŵďĂůŝ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚĚĂƌŝŵĂƐŝŶŐͲŵĂƐŝŶŐ ^Ğƌŝ^ƵŬƵŬ/ũĂƌĂŚ
ĚĂŶͬĂƚĂƵ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ƐĞďĂŐĂŝ ƉĞŵďĞůŝĂŶ
ŬĞŵďĂůŝ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ
^ƵŬƵŬ /ũĂƌĂŚ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĂƐĂů ϱ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ͘
“Tanggal Distribusi” ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂů ƉĞŶLJĞƌĂŚĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ ĚĂŶ
^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ ^ƵŬƵŬ /ũĂƌĂŚ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ ŬĞƉĂĚĂ
<^ / ďĞƐĞƌƚĂ ďƵŬƚŝ ŬĞƉĞŵŝůŝŬĂŶ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ
ǁĂũŝďĚŝůĂŬƵŬĂŶ ŬĞƉĂĚĂƉĞŵďĞůŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ /ũĂƌĂŚĚĂůĂŵ
WĞŶĂǁĂƌĂŶ hŵƵŵ LJĂŶŐ ĂŬĂŶ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ƐĞĐĂƌĂ ĞůĞŬƚƌŽŶŝŬ
ƉĂůŝŶŐ ůĂŵďĂƚ Ϯ ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ ƚĞƌŚŝƚƵŶŐ ƐĞƚĞůĂŚ dĂŶŐŐĂů
WĞŶũĂƚĂŚĂŶ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ WĞŵĞŐĂŶŐ ^ƵŬƵŬ
/ũĂƌĂŚ͘
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“Tanggal Emisi” ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂů ĚŝƐƚƌŝďƵƐŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŬĞ ĚĂůĂŵ
ZĞŬĞŶŝŶŐ ĨĞŬ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ
/ũĂƌĂŚ ďĞƌĚĂƐĂƌŬĂŶ ƉĞŶLJĞƌĂŚĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ ĚĂŶ
^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝƚĞƌŝŵĂ ŽůĞŚ <^ / ĚĂƌŝ
WĞƌƐĞƌŽĂŶLJĂŶŐũƵŐĂŵĞƌƵƉĂŬĂŶdĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ͘
“Tanggal Pelunasan Pokok Obligasi” ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂů ũĂƚƵŚ ƚĞŵƉŽ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞƌŝ KďůŝŐĂƐŝ ĚĂŶ
ĚĂƉĂƚĚŝƚĂŐŝŚŶLJĂƐĞůƵƌƵŚƉŽŬŽŬŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞƌŝKďůŝŐĂƐŝLJĂŶŐ
ǁĂũŝď ĚŝďĂLJĂƌ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝƚĞƚĂƉŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ͕ ŽůĞŚ WĞƌƐĞƌŽĂŶ
ŵĞůĂůƵŝ ŐĞŶ WĞŵďĂLJĂƌĂŶ͕ LJĂŝƚƵ ƚĂŶŐŐĂů ϭϵ :ƵŶŝ ϮϬϮϳ ƵŶƚƵŬ
KďůŝŐĂƐŝ ^Ğƌŝ͕ƚĂŶŐŐĂů ϭϮ:ƵŶŝ ϮϬϮϵƵŶƚƵŬ KďůŝŐĂƐŝ ^Ğƌŝ ĚĂŶ
ƚĂŶŐŐĂů ϭϮ :ƵŶŝ ϮϬϯϭ ƵŶƚƵŬ KďůŝŐĂƐŝ ^Ğƌŝ ͕ ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĂƐĂů ϱ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
“Tanggal Pembayaran” ͗ ĞƌĂƌƚŝƚĂŶŐŐĂů ƉĞŵďĂLJĂƌĂŶ ĚĂŶĂ ŚĂƐŝů ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ
/ũĂƌĂŚ ŬĞƉĂĚĂWĞƌƐĞƌŽĂŶLJĂŶŐ ƚĞůĂŚĚŝƐĞƚŽƌŽůĞŚWĞŶũĂŵŝŶ ŵŝƐŝ
KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŵĞůĂůƵŝ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ
KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ
ŵŝƐŝ KďůŝŐĂƐŝĚĂŶWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝ^ƵŬƵŬ/ũĂƌĂŚ͘
“Tanggal Pembayaran Bunga ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂůͲƚĂŶŐŐĂů ƐĂĂƚ ƵŶŐĂ KďůŝŐĂƐŝ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ^Ğƌŝ
Obligasi” KďůŝŐĂƐŝ ŵĞŶũĂĚŝ ũĂƚƵŚ ƚĞŵƉŽ ĚĂŶ ǁĂũŝď ĚŝďĂLJĂƌ ŬĞƉĂĚĂ
WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ LJĂŶŐ ŶĂŵĂŶLJĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ ĂĨƚĂƌ
WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ ŵĞůĂůƵŝ ŐĞŶ WĞŵďĂLJĂƌĂŶ LJĂŝƚƵ ƐĞƚŝĂƉ
ƚƌŝǁƵůĂŶĂŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ dĂŶŐŐĂů ŵŝƐŝ͕ ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ WĂƐĂů ϱWĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
KďůŝŐĂƐŝ͘
WĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ƉĞƌƚĂŵĂ ĂŬĂŶ ĚŝďĂLJĂƌŬĂŶ ƉĂĚĂ
ƚĂŶŐŐĂů ϭϮ ^ĞƉƚĞŵďĞƌ ϮϬϮϲ͕ ƐĞĚĂŶŐŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ
KďůŝŐĂƐŝ ƚĞƌĂŬŚŝƌ ƐĞŬĂůŝŐƵƐ ƉĞůƵŶĂƐĂŶ KďůŝŐĂƐŝ ĂŬĂŶ ĚŝďĂLJĂƌŬĂŶ
ƉĂĚĂ ƚĂŶŐŐĂů ϭϵ:ƵŶŝ ϮϬϮϳƵŶƚƵŬKďůŝŐĂƐŝ^Ğƌŝ͕ƚĂŶŐŐĂů ϭϮ:ƵŶŝ
ϮϬϮϵ ƵŶƚƵŬ KďůŝŐĂƐŝ ^Ğƌŝ ͕ ĚĂŶ ƚĂŶŐŐĂů ϭϮ :ƵŶŝ ϮϬϯϭ ƵŶƚƵŬ
KďůŝŐĂƐŝ^Ğƌŝ͘
“Tanggal Pembayaran Kembali Sisa ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂů ũĂƚƵŚ ƚĞŵƉŽ ĚĂŶ ĚĂƉĂƚ ĚŝƚĂŐŝŚŶLJĂ ƐĞůƵƌƵŚ ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ” /ŵďĂůĂŶ /ũĂƌĂŚ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞƌŝ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ǁĂũŝď
ĚŝďĂLJĂƌ ŽůĞŚ WĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ƵŬƵŬ
/ũĂƌĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƚĞƚĂƉŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ
ZĞŬĞŶŝŶŐ͕ŵĞůĂůƵŝŐĞŶWĞŵďĂLJĂƌĂŶ͕ LJĂŝƚƵ ƚĂŶŐŐĂů ϭϵ:ƵŶŝϮϬϮϳ
ƵŶƚƵŬ^ƵŬƵŬ/ũĂƌĂŚ^Ğƌŝ͕ƚĂŶŐŐĂů ϭϮ:ƵŶŝϮϬϮϵƵŶƚƵŬ^ƵŬƵŬ/ũĂƌĂŚ
^ĞƌŝĚĂŶƚĂŶŐŐĂů ϭϮ:ƵŶŝϮϬϯϭƵŶƚƵŬ^ƵŬƵŬ/ũĂƌĂŚ^Ğƌŝ͕ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĂƐĂů ϱ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
“Tanggal Pembayaran Cicilan ͗ ĞƌĂƌƚŝƚĂŶŐŐĂůͲƚĂŶŐŐĂů ƐĂĂƚ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ ŵĞŶũĂĚŝ ũĂƚƵŚ
Imbalan Ijarah” ƚĞŵƉŽ ĚĂŶ ǁĂũŝď ĚŝďĂLJĂƌ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ
ŶĂŵĂŶLJĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ ŵĞůĂůƵŝ
ŐĞŶWĞŵďĂLJĂƌĂŶLJĂŝƚƵƐĞƚŝĂƉƚƌŝǁƵůĂŶĂŶƚĞƌŚŝƚƵŶŐƐĞũĂŬdĂŶŐŐĂů
ŵŝƐŝ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ WĂƐĂů ϱ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͘
WĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ƉĞƌƚĂŵĂ ĂŬĂŶ ĚŝďĂLJĂƌŬĂŶ
ƉĂĚĂƚĂŶŐŐĂů ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϲ͕ƐĞĚĂŶŐŬĂŶƉĞŵďĂLJĂƌĂŶŝĐŝůĂŶ
/ŵďĂůĂŶ /ũĂƌĂŚ ƚĞƌĂŬŚŝƌ ƐĞŬĂůŝŐƵƐ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ^ŝƐĂ
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/ŵďĂůĂŶ /ũĂƌĂŚĂŬĂŶ ĚŝďĂLJĂƌŬĂŶƉĂĚĂ ƚĂŶŐŐĂů ϭϵ:ƵŶŝϮϬϮϳƵŶƚƵŬ
^ƵŬƵŬ/ũĂƌĂŚ^Ğƌŝ͕ƚĂŶŐŐĂů ϭϮ:ƵŶŝϮϬϮϵƵŶƚƵŬ^ƵŬƵŬ/ũĂƌĂŚ^Ğƌŝ
ĚĂŶƚĂŶŐŐĂů ϭϮ:ƵŶŝϮϬϯϭƵŶƚƵŬ^ƵŬƵŬ/ũĂƌĂŚ^Ğƌŝ͘
“Tanggal Pencatatan” ͗ ĞƌĂƌƚŝƚĂŶŐŐĂů KďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ ĚŝĐĂƚĂƚŬĂŶ ĚŝƵƌƐĂ ĨĞŬ
/ŶĚŽŶĞƐŝĂ͕LJĂŝƚƵ ƉĂůŝŶŐůĂŵďĂƚ ϭ;ƐĂƚƵͿŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚdĂŶŐŐĂů
ŝƐƚƌŝďƵƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ͘
“Tanggal Penjatahan” ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂů ĚŝůĂŬƵŬĂŶŶLJĂ ƉĞŶũĂƚĂŚĂŶ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ
/ũĂƌĂŚLJĂŶŐ ǁĂũŝď ĚŝƐĞůĞƐĂŝŬĂŶ ƉĂůŝŶŐ ůĂŵďĂƚ Ϯ ;ĚƵĂͿ ŚĂƌŝ ŬĞƌũĂ
ƐĞƚĞůĂŚďĞƌĂŬŚŝƌŶLJĂŵĂƐĂ WĞŶĂǁĂƌĂŶhŵƵŵ͘
“TAS” ͗ ĞƌĂƌƚŝ dŝŵ Śůŝ ^LJĂƌŝĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ WK:<
EŽ͘ϱͬWK:<͘ϬϰͬϮϬϮϭ dĞŶƚĂŶŐ Śůŝ ^LJĂƌŝĂŚ WĂƐĂƌ DŽĚĂů LJĂŶŐ
ďĞƌƚƵŐĂƐ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ŽƉŝŶŝ ŬĞƐĞƐƵĂŝĂŶ ƐLJĂƌŝĂŚ ĚĂůĂŵ
WĞŶĂǁĂƌĂŶ hŵƵŵ ^ƵŬƵŬ/ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽdĂŚĂƉ /
dĂŚƵŶϮϬϮϯ͘
“USD” ͗ ĞƌĂƌƚŝŵĂƚĂ ƵĂŶŐŽůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚ͘
“UUPM” ͗ ĞƌĂƌƚŝ hŶĚĂŶŐͲhŶĚĂŶŐ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ EŽ͘ ϴ ƚĂŚƵŶ ϭϵϵϱ͕
ƚĂŶŐŐĂů ϭϬ EŽǀĞŵďĞƌ ϭϵϵϱ ƚĞŶƚĂŶŐ WĂƐĂƌ DŽĚĂů LJĂŶŐ ĚŝŵƵĂƚ
ĚĂůĂŵ >ĞŵďĂƌĂŶEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ EŽ͘ϲϰdĂŚƵŶϭϵϵϱ͕
dĂŵďĂŚĂŶ EŽ͘ϯϲϬϴ͘
“UUPPSK” ͗ ĞƌĂƌƚŝ hŶĚĂŶŐͲƵŶĚĂŶŐ EŽ͘ ϰ dĂŚƵŶ ϮϬϮϯ ƚĞŶƚĂŶŐ
WĞŶŐĞŵďĂŶŐĂŶ ĚĂŶ WĞŶŐƵĂƚĂŶ ^ĞŬƚŽƌ<ĞƵĂŶŐĂŶ ďĞƌŝŬƵƚƐĞŵƵĂ
ƉĞƌƵďĂŚĂŶĚĂŶƉĞƌďĂŝŬĂŶŶLJĂ͘
“UUPT” ĞƌĂƌƚŝ hŶĚĂŶŐͲhŶĚĂŶŐ ZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ EŽ͘ ϰϬdĂŚƵŶ ϮϬϬϳ
ƚĂŶŐŐĂůϭϲŐƵƐƚƵƐϮϬϬϳƚĞŶƚĂŶŐWĞƌƐĞƌŽĂŶdĞƌďĂƚĂƐLJĂŶŐĚŝŵƵĂƚ
ĚĂůĂŵ>ĞŵďĂƌĂŶEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϭϬϲdĂŚƵŶϮϬϬϳ͕
dĂŵďĂŚĂŶ EŽ͘ϰϳϱϲ͘
“Wali Amanat” ͗ ĞƌĂƌƚŝWdĂŶŬZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͕ƐƵĂƚƵƉĞƌƐĞƌŽĂŶ
ƚĞƌďĂƚĂƐ LJĂŶŐ ĚŝĚŝƌŝŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŚƵŬƵŵ ŶĞŐĂƌĂ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂĚĂŶďĞƌŬĞĚƵĚƵŬĂŶĚŝ:ĂŬĂƌƚĂ WƵƐĂƚ͘
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SINGKATAN NAMA PERUSAHAAN, PERUSAHAAN ANAK DAN
ENTITAS LAINNYA
“WW” ͗ ĞƌĂƌƚŝWdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂ
“SEI” ͗ ĞƌĂƌƚŝWd^ƉŝŶĚŽ ŶŐŝŶĞĞƌŝŶŐ/ŶĚƵƐƚƌLJ
“SPINDO” ͗ ĞƌĂƌƚŝWd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJŽĨ/ŶĚŽŶĞƐŝĂdďŬ͘
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RINGKASAN
ZŝŶŐŬĂƐĂŶĚŝďĂǁĂŚŝŶŝŵĞƌƵƉĂŬĂŶďĂŐŝĂŶLJĂŶŐƚŝĚĂŬƚĞƌƉŝƐĂŚŬĂŶĚĂƌŝ͕ĚĂŶŚĂƌƵƐĚŝďĂĐĂďĞƌƐĂŵĂ ͲƐĂŵĂĚĞŶŐĂŶ
ŬĞƚĞƌĂŶŐĂŶLJĂŶŐůĞďŝŚƌŝŶĐŝ ƐĞƌƚĂůĂƉŽƌĂŶŬĞƵĂŶŐĂŶĚĂŶĐĂƚĂƚĂŶ ͲĐĂƚĂƚĂŶ LJĂŶŐƚĞƌĐĂŶƚƵŵ ĚĂůĂŵWƌŽƐƉĞŬƚƵƐ ŝŶŝ͘
ZŝŶŐŬĂƐĂŶ ŝŶŝ ĚŝďƵĂƚ ĂƚĂƐ ĚĂƐĂƌ ĨĂŬƚĂͲĨĂŬƚĂ ĚĂŶ ƉĞƌƚŝŵďĂŶŐĂŶͲƉĞƌƚŝŵďĂŶŐĂŶ LJĂŶŐ ƉĂůŝŶŐ ƉĞŶƚŝŶŐ ďĂŐŝ
WĞƌƐĞƌŽĂŶ͘ ^ĞŵƵĂŝŶĨŽƌŵĂƐŝŬĞƵĂŶŐĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐŝŶŝďĞƌƐƵŵďĞƌ ĚĂƌŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ
WĞƌƐĞƌŽĂŶ͕ LJĂŶŐ ĚŝŶLJĂƚĂŬĂŶ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐZƵƉŝĂŚ ĚĂŶ ĚŝƐĂũŝŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ W ƌŝŶƐŝƉ ŬƵŶƚĂŶƐŝ LJĂŶŐ
ďĞƌůĂŬƵƵŵƵŵĚŝ/ŶĚŽŶĞƐŝĂ͘
ϭ͘ < d ZE'E ^/E'<dW Z^ ZKE
ZŝǁĂLJĂƚ WĞƌƐĞƌŽĂŶ
WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ƐƵĂƚƵ ƉĞƌƐĞƌŽĂŶ ƚĞƌďĂƚĂƐ LJĂŶŐ ĚŝĚŝƌŝŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŚƵŬƵŵ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ
ĚĞŶŐĂŶ nama ”PT ^ƚĞĞů WŝƉĞ Industry of Indonesia”, ĚĞŶŐĂŶ ŬƚĂ WĞŶĚŝƌŝĂŶ WĞƌƐĞƌŽĂŶ ŶŽŵŽƌ ϭϬϵ ƚĂŶŐŐĂů
ϯϬ:ĂŶƵĂƌŝ ϭϵϳϭũƵŶĐƚŽ ŬƚĂWĞƌƵďĂŚĂŶŬƚĂ WĞŶĚŝƌŝĂŶŶŽŵŽƌ ϭϬƚĂŶŐŐĂů ϲĞƐĞŵďĞƌϭϵϳϭ͕ŬĞĚƵĂŶLJĂĚŝďƵĂƚ
ĚŝŚĂĚĂƉĂŶ ũŽũŽDƵůũĂĚŝ͕^͘,͕͘ EŽƚĂƌŝƐ ĚŝũĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚŵĞŶĚĂƉĂƚ WĞŶŐĞƐĂŚĂŶŬƚĂWĞŶĚŝƌŝĂŶWĞƌƐĞƌŽĂŶ
dĞƌďĂƚĂƐĚĂƌŝDĞŶƚĞƌŝ<ĞŚĂŬŝŵĂŶZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚŝďĂǁĂŚŶŽŵŽƌ:͘͘ϱͬϮϭϯͬϭϬƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϭϵϳϭ͕
ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ďƵŬƵ ƌĞŐŝƐƚĞƌ Ěŝ <ĞƉĂŶŝƚĞƌĂĂŶ WĞŶŐĂĚŝůĂŶ EĞŐĞƌŝ ^ƵƌĂďĂLJĂ Ěŝ ďĂǁĂŚ ŶŽŵŽƌ
ϭϵϱͬϭϵϳϮ͕EŽŵŽƌϭϵϲͬϭϵϳϮĚĂŶŶŽŵŽƌϭϵϳͬϭϵϳϮƚĂŶŐŐĂůϮϵ&ĞďƌƵĂƌŝϭϵϳϮĚĂŶƚĞůĂŚĚŝƵŵƵŵŬĂŶ ĚĂůĂŵ ĞƌŝƚĂ
EĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂŶŽŵŽƌϰϮƚĂŶŐŐĂů ϮϲDĞŝϭϵϳϮ͕dĂŵďĂŚĂŶ ĞƌŝƚĂEĞŐĂƌĂŶŽŵŽƌϭϵϲ͘
ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶƚĞůĂŚ ŵĞŶŐĂůĂŵŝ ďĞďĞƌĂƉĂ ŬĂůŝ ƉĞƌƵďĂŚĂŶ͕ ĚŝŵĂŶĂ ŬĞƐĞůƵƌƵŚĂŶ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ
WĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŵĂŬƚƵďĚĂůĂŵŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZĂƉĂƚWĞƌƐĞƌŽĂŶdĞƌďĂƚĂƐWd ^ƚĞĞů
WŝƉĞ /ŶĚƵƐƚƌLJ ŽĨ /ŶĚŽŶĞƐŝĂ dďŬ ĚŝƐŝŶŐŬĂƚ Wd ^ƉŝŶĚŽ dďŬ EŽ͘ϲϵ ƚĂŶŐŐĂů Ϯϴ :Ƶůŝ Ϯ ϬϮϭ͕ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ
ƌ͘/ƌ͘ zŽŚĂŶĞƐ tŝůŝŽŶ͕ ^͘ ͕͘ ^͘,͕͘ D͘D͕͘ EŽƚĂƌŝƐ Ěŝ:ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ŽůĞŚDĞŶƚĞƌŝ,ƵŬƵŵ ĚĂŶ,ĂŬ
ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ <ĞƉƵƚƵƐĂŶ EŽ͘,hͲϬϬϰϯϴϲϮ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶ ϮϬϮϭ ƚĂŶŐŐĂů
ϭϯŐƵƐƚƵƐϮϬϮϭ͕ĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂ
ƚĞůĂŚĚŝƚĞƌŝŵĂ ĚĂŶĚŝĐĂƚĂƚ ƉĂĚĂ ƚĂŶŐŐĂů ϭϯŐƵƐƚƵƐϮϬϮϭĚĞŶŐĂŶEŽ͘,hͲ,͘Ϭϭ͘ϬϯͲϬϰϯϲϵϬϰ͕ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ
ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶEŽ͘,hͲϬϭϯϳϵϱϯ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϮϭƚĂŶŐŐĂů ϭϯŐƵƐƚƵƐ ϮϬϮϭ͕LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝ ƉĞƌƐĞƚƵũƵĂŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞƌƐĞƌŽĂŶĂƚĂƐ ƉĞƌƵďĂŚĂŶ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ WĞƌƐĞƌŽĂŶ
guna disesuaikan dengan Peraturan Otoritas Jasa Keuangan (“POJK”) No.15/POJK.04/2020 tanggal 20 April 2020
ƚĞŶƚĂŶŐ ZĞŶĐĂŶĂĚĂŶWĞŶLJĞůĞnggaraan Rapat Umum Pemegang Saham Perusahaan Terbuka (“Akta 69/2021”),
ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ ZĂƉĂƚ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ Wd ^ƚĞĞů WŝƉĞ /ŶĚƵƐƚƌLJ ŽĨ /ŶĚŽŶĞƐŝĂ dďŬ ĚŝƐŝŶŐŬĂƚ
Wd^ƉŝŶĚŽdďŬEŽ͘ϵϵƚĂŶŐŐĂů ϭϬEŽǀĞŵďĞƌϮϬϮϮ͕ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ ŚƌŝƐƚŝŶĂǁŝhƚĂŵŝ͕ ^͘,͕͘ D͘,Ƶŵ͕͘ D͘<Ŷ͕͘
EŽƚĂƌŝƐ Ěŝ:ĂŬĂƌƚĂ͕ LJĂŶŐƚĞůĂŚĚŝƐĞƚƵũƵŝŽůĞŚDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚĞŶŐĂŶ
<ĞƉƵƚƵƐĂŶ EŽ͘,hͲϬϬϴϮϯϴϮ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶ ϮϬϮϮƚĂŶŐŐĂů ϭϱEŽǀĞŵďĞƌϮϬϮϮ͕ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ
WĞƌƐĞƌŽĂŶEŽ͘,hͲϬϮϮϴϰϭϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϮϮƚĂŶŐŐĂů ϭϱ EŽǀĞŵďĞƌ ϮϬϮϮLJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ
ƉĞƌƵďĂŚĂŶƉĂƐĂůϯŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶƚĞŶƚĂŶŐŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƐĞƌƚĂŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƐĞƐƵĂŝ
dengan Klasifikasi Baku Lapangan Usaha Indonesia tahun 2020 (“Akta 99/2022”) ĚĂŶŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶ
ZĂƉĂƚ Wd ^ƚĞĞů WŝƉĞ/ŶĚƵƐƚƌLJ ŽĨ /ŶĚŽŶĞƐŝĂ dďŬ ĚŝƐŝŶŐŬĂƚ Wd ^ƉŝŶĚŽ dďŬ EŽ͘ϯϳϰ ƚĂŶŐŐĂů ϯϬ:ƵŶŝ ϮϬϮϯ͕ĚŝďƵĂƚ
Ěŝ ŚĂĚĂƉĂŶ ŚƌŝƐƚŝŶĂ ǁŝ hƚĂŵŝ͕ ^͘,͕͘ D͘,Ƶŵ͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ
DĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚĚŝƚĞƌŝŵĂĚĂŶĚŝĐĂƚĂƚƉĂĚĂƚĂŶŐŐĂů
ϲ :Ƶůŝ ϮϬϮϯ ĚĞŶŐĂŶ EŽ͘,hͲ,͘Ϭϭ͘ϬϯͲϬϬϴϳϴϭϯ͕ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϭϮϲϯϯϮ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϮϯƚĂŶŐŐĂů ϲ:ƵůŝϮϬϮϯĚĂŶƚĞůĂŚĚŝƵŵƵŵŬĂŶ ĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂĚĞŶŐĂŶEŽ͘ϬϮϮƚĂŶŐŐĂů ϭϱDĂƌĞƚϮϬϮϰ͕dĂŵďĂŚĂŶ EŽ͘ϬϬϴϯϲϵ (“Akta ϯϳϰͬϮϬϮϯ”).
WĂĚĂƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐĚŝƚĞƌďŝƚŬĂŶ͕ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂƵƚĂŵĂ WĞƌƐĞƌŽĂŶLJĂŶŐƐĂĂƚ ŝŶŝĚŝůĂŬƵŬĂŶ ĂĚĂůĂŚ ďĞƌŐĞƌĂŬ
ĚĂůĂŵ ďŝĚĂŶŐƵƐĂŚĂŝŶĚƵƐƚƌŝƉŝƉĂďĂũĂ͘
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^ƚƌƵŬƚƵƌWĞƌŵŽĚĂůĂŶĚĂŶ<ĞƉĞŵŝůŝŬĂŶ ^ĂŚĂŵdĞƌŬŝŶŝ
^ƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶƐĂŚĂŵ ƐĂĂƚŝŶŝĂĚĂůĂŚďĞƌĚĂƐĂƌŬĂŶ͗
ŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƐĞƌŽĂŶdĞƌďĂƚĂƐWd ^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJŽĨ/ŶĚŽŶĞƐŝĂĚŝƐŝŶŐŬĂƚ
Wd ^W/EK EŽ͘ϭϱϰ ƚĂŶŐŐĂů ϭϮĞƐĞŵďĞƌ ϮϬϭϮ͕ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ƌ͘ /ƌĂǁĂŶ ^ŽĞƌŽĚũŽ͕ ^͘,͕͘ D͘^ŝ͕͘ EŽƚĂƌŝƐ
Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ŽůĞŚ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ
ŬĞƉƵƚƵƐĂŶ EŽ͘,hͲϲϰϯϴϲ͘,͘Ϭϭ͘ϬϮ͘ƚĂŚƵŶ ϮϬϭϮ ƚĂŶŐŐĂů ϭϰ ĞƐĞŵďĞƌ ϮϬϭϮ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ
WĞƌƐĞƌŽĂŶEŽ͘,hͲϬϭϬϵϬϮϭ͘,͘Ϭϭ͘Ϭϵ͘dĂŚƵŶ ϮϬϭϮƚĂŶŐŐĂů ϭϰ ĞƐĞŵďĞƌϮϬϭϮ͕ ĚĂŶ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ
ƉĞƌƵďĂŚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌWĞƌƐĞƌŽĂŶĚĂůĂŵƌĂŶŐŬĂƉĞŶĂǁĂƌĂŶƵŵƵŵƉĞƌĚĂŶĂƐĂŚĂŵ ;/WKͿWĞƌƐĞƌŽĂŶĚŝŵĂŶĂ
ũƵŵůĂŚ ŵŽĚĂůĚĂƐĂƌWĞƌƐĞƌŽĂŶLJĂŝƚƵƐĞďĂŶLJĂŬ ϭϳ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ;ƚƵũƵŚďĞůĂƐŵŝůŝĂƌͿƐĂŚĂŵ ĚĞŶŐĂŶŶŝůĂŝŶŽŵŝŶĂů
ƉĞƌƐĂŚĂŵ ƐĞďĞƐĂƌZƉϭϬϬ͕Ͳ;ƐĞƌĂƚƵƐZƵƉŝĂŚͿĂƚĂƵ ƐĞůƵƌƵŚŶLJĂƐĞďĞƐĂƌZƉϭ͘ϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĂƚƵ ƚƌŝůŝƵŶƚƵũƵŚ
ƌĂƚƵƐ ŵŝůŝĂƌ ZƵƉŝĂŚͿ͖ ĚĂŶ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ Wd ^ƚĞĞů WŝƉĞ
/ŶĚƵƐƚƌLJ ŽĨ/ŶĚŽŶĞƐŝĂdďŬ ĚŝƐŝŶŐŬĂƚ Wd ^W/EK dďŬEŽ͘ϵϮ ƚĂŶŐŐĂů ϭϬDĞŝϮϬϭϯ͕ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ ƌ͘/ƌĂǁĂŶ
^ŽĞƌŽĚũŽ͕^͘,͕͘D͘^ŝ͕͘ EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕LJĂŶŐƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂ
ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƚĞƌŝŵĂ ĚĂŶ ĚŝĐĂƚĂƚ ƉĂĚĂ ƚĂŶŐŐĂů ϭϵ :ƵŶŝ ϮϬϭϯ ĚĞŶŐĂŶ
EŽ͘,hͲ,͘Ϭϭ͘ϭϬͲϮϰϴϵϲ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ EŽ͘,hͲϬϬϱϴϮϲϳ͘,͘Ϭϭ͘Ϭϵ͘dĂŚƵŶ ϮϬϭϯ
ƚĂŶŐŐĂů ϭϵ:ƵŶŝ ϮϬϭϯ͕ĚĂŶ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞƌŶLJĂƚĂĂŶ ŬĞŵďĂůŝ ŬĞƉĂƐƚŝĂŶ ũƵŵůĂŚ ƐĂŚĂŵ LJĂŶŐ ƚĞůĂŚ
ĚŝĂŵďŝů ŽůĞŚŵĂƐLJĂƌĂŬĂƚ ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞůĂŬƐĂŶĂĂŶ ƉĞŶĂǁĂƌĂŶƵŵƵŵ ƉĞƌĚĂŶĂƐĂŚĂŵ ;/WKͿWĞƌƐĞƌŽĂŶ͕
ƐĞŚŝŶŐŐĂ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ WĞƌƐĞƌŽĂŶŵĞŶũĂĚŝ ƐĞďĂŶLJĂŬ ϳ͘ϭϴϱ͘ϵϵϮ͘Ϭϯϱ ;ƚƵũƵŚ ŵŝůŝĂƌ ƐĞƌĂƚƵƐ
ĚĞůĂƉĂŶ ƉƵůƵŚ ůŝŵĂ ũƵƚĂ ƐĞŵďŝůĂŶ ƌĂƚƵƐ ƐĞŵďŝůĂŶ ƉƵůƵŚ ĚƵĂ ƌŝďƵ ƚŝŐĂ ƉƵůƵŚ ůŝŵĂͿ ƐĂŚĂŵ ĂƚĂƵ ƐĞďĞƐĂƌ
ZƉϳϭϴ͘ϱϵϵ͘ϮϬϯ͘ϱϬϬ͕Ͳ;ƚƵũƵŚ ƌĂƚƵƐĚĞůĂƉĂŶ ďĞůĂƐŵŝůŝĂƌ ůŝŵĂ ƌĂƚƵƐ ƐĞŵďŝůĂŶ ƉƵůƵŚƐĞŵďŝůĂŶ ũƵƚĂ ĚƵĂƌĂƚƵƐ ƚŝŐĂ
ƌŝďƵůŝŵĂƌĂƚƵƐZƵƉŝĂŚͿ͘
ĞŶŐĂŶ ƐƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ LJĂŶŐ ĚŝƐŝĂƉŬĂŶ ŽůĞŚ
Wd ĚŝŵŝƚƌĂ :ĂƐĂ <ŽƌƉŽƌĂ ƐĞůĂŬƵ ŝƌŽ ĚŵŝŶŝƐƚƌĂƐŝ ĨĞŬ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŬĞƉĞŵŝůŝŬĂŶ ŵĞŶĐĂƉĂŝ ϱй ;ůŝŵĂ
ƉĞƌƐĞŶͿĂƚĂƵ ůĞďŝŚ ƉĞƌϯϭ ĞƐĞŵďĞƌϮϬϮϱ͖ ƐƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ ĚĂŶ ƐƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ
ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝEŽŵŝŶĂů ZƉϭϬϬ͕ͲƉĞƌƐĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů ;ZƉͿ й
DŽĚĂůĂƐĂƌ ϭϳ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭ͘ϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
DŽĚĂůŝƚĞŵƉĂƚŬĂŶ ĚĂŶŝƐĞƚŽƌ
ͲWdĂŬƌĂ ŚĂŬƚŝWĂƌĂWƵƚƌĂ ϰ͘ϭϰϬ͘ϵϰϴ͘ϱϯϬ ϰϭϰ͘Ϭϵϰ͘ϴϱϯ͘ϬϬϬ ϱϳ͕ϲϯ
Ͳ^ĂŶŬ>ƚĚ^ͬ WĞŵďĞƌƚŽŶƐŝĂKƉƉŽƌƚƵŶŝƚŝĞƐ&ƵŶĚ ϰϴϴ͘ϰϭϬ͘ϴϬϬ ϰϴ͘ϴϰϭ͘ϬϴϬ͘ϬϬϬ ϲ͕ϴϬ
ͲDĂƐLJĂƌĂŬĂƚ ;ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĚŝďĂǁĂŚϱйͿ Ϯ͘ϰϮϮ͘ϭϭϵ͘ϭϬϱ ϮϰϮ͘Ϯϭϭ͘ϵϭϬ͘ϱϬϬ ϯϯ͕ϳϭ
^ƵďͲũƵŵůĂŚ ϳ͘Ϭϱϭ͘ϰϳϴ͘ϰϯϱ ϳϬϱ͘ϭϰϳ͘ϴϰϯ͘ϱϬϬ ϵϴ͕ϭϯ
^ĂŚĂŵ ƚƌĞĂƐƵƌŝ ϭϯϰ͘ϱϭϯ͘ϲϬϬ ϭϯ͘ϰϱϭ͘ϯϲϬ͘ϬϬϬ ϭ͕ϴϳ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŝƐĞƚŽƌWĞŶƵŚ ϳ͘ϭϴϱ͘ϵϵϮ͘Ϭϯϱ ϳϭϴ͘ϱϵϵ͘ϮϬϯ͘ϱϬϬ ϭϬϬ͕ϬϬ
:ƵŵůĂŚ^ĂŚĂŵ ĂůĂŵWŽƌƚĞƉĞů ϵ͘ϴϭϰ͘ϬϬϳ͘ϵϲϱ ϵϴϭ͘ϰϬϬ͘ϳϵϲ͘ϱϬϬ
<ĞŐŝĂƚĂŶ hƐĂŚĂ
WĂĚĂƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐĚŝƚĞƌďŝƚŬĂŶ͕ŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐƐĂĂƚ ŝŶŝďĞŶĂƌͲďĞŶĂƌĚŝũĂůĂŶŬĂŶ LJĂŝƚƵ͗
Ă͘ DĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂŝŶĚƵƐƚƌŝ͕LJĂŝƚƵ͗
ϭͿ ŝŶĚƵƐƚƌŝƉĞŶŐŐŝůŝŶŐĂŶďĂũĂ;ƐƚĞĞůƌŽůůŝŶŐͿ͖
ϮͿ ŝŶĚƵƐƚƌŝƉŝƉĂĚĂŶƐĂŵďƵŶŐĂŶ ƉŝƉĂĚĂƌŝďĂũĂĚĂŶďĞƐŝ͖
ϯͿ ŝŶĚƵƐƚƌŝƐƵŬƵĐĂĚĂŶŐĚĂŶĂŬƐĞƐŽƌŝƐŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌƌŽĚĂĞŵƉĂƚĂƚĂƵ ůĞďŝŚ͖
ϰͿ ŝŶĚƵƐƚƌŝŬŽŵƉŽŶĞŶĚĂŶƉĞƌůĞŶŐŬĂƉĂŶƐĞƉĞĚĂŵŽƚŽƌƌŽĚĂĚƵĂĚĂŶƚŝŐĂ͖
ϱͿ ũĂƐĂŝŶĚƵƐƚƌŝƵŶƚƵŬďĞƌďĂŐĂŝƉĞŶŐĞƌũĂĂŶŬŚƵƐƵƐůŽŐĂŵ ĚĂŶďĂƌĂŶŐĚĂƌŝůŽŐĂŵ͘
ď͘ DĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂƉĞƌĚĂŐĂŶŐĂŶ͕LJĂŝƚƵƉĞƌĚĂŐĂŶŐĂŶďĞƐĂƌďĂũĂĚĂŶďĞƐŝ͘
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WƌŽĚƵŬĚĂŶ:ĂƐĂWĞƌƐĞƌŽĂŶ
<ĞŐŝĂƚĂŶ ƵƐĂŚĂWĞƌƐĞƌŽĂŶŵĞůŝƉƵƚŝ ƉƌŽĚƵŬƐŝďĞƌďĂŐĂŝ ũĞŶŝƐƉŝƉĂLJĂŶŐ ĚŝďƵĂƚĚĂƌŝŬĂƌďŽŶ ŚŽƚƌŽůůĞĚ͕ĐŽůĚƌŽůůĞĚ
ĚĂŶƐƚĂŝŶůĞƐƐƐƚĞĞů͘ ,ĂƐŝů ƉƌŽĚƵŬƐŝƉŝƉĂWĞƌƐĞƌŽĂŶĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬŝŶĚƵƐƚƌŝŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ ŽƚŽŵŽƚŝĨ͕ ŵŝŶLJĂŬ ĚĂŶ
ŐĂƐ͕ƉŝƉĂĂŝƌŵŝŶƵŵĚĂŶůĂŝŶͲůĂŝŶ͘WƌŽĚƵŬƉŝƉĂLJĂŶŐĚŝƉƌŽĚƵŬƐŝŽůĞŚWĞƌƐĞƌŽĂŶƚĞƌĚŝƌŝĚĂƌŝϯŬĂƚĞŐŽƌŝLJĂŝƚƵ͗
▪ Zt; ůĞĐƚƌŝĐĂů ZĞƐŝƐƚĂŶĐĞ tĞůĚĞĚͿ
Dibuat dari lembaran baja yang kemudian diproses menjadi pipa baja berdiameter 0,25” sampai dengan
8”.
▪ ^^t;^ƉŝƌĂů^ƵďŵĞƌŐĞĚ ĂƌĐtĞůĚĞĚͿ
Dibuat dari lembaran baja yang kemudian diproses menjadi pipa baja berdiameter 6” sampai dengan 120“.
▪ d/'͗dƵŶŐƐƚĞŶ/ŶĞƌƚ'ĂƐtĞůĚĞĚ
ŝďƵĂƚĚĂƌŝůembaran baja stainless menjadi pipa stainless berdiameter 3/8” sampai dengan 8”.
ĞƌŝŬƵƚĂĚĂůĂŚƌŝŶĐŝĂŶƉƌŽĚƵŬƉŝƉĂLJĂŶŐĚŝƉƌŽĚƵŬƐŝŽůĞŚWĞƌƐĞƌŽĂŶ͗
• WŝƉĂŝƌ
• WŝƉĂ^ƉŝƌĂů
• WŝƉĂWĞƌĂďŽƚ
• WŝƉĂDĞŬĂŶŝŬ
• ^ƚƌŝƉĚĂŶWĞůĂƚ
• WŝƉĂ,ŝƚĂŵ Ɖŝ
• WŝƉĂ,ŝƚĂŵ
• WŝƉĂ^ƚĂŝŶůĞƐƐ
• dŝĂŶŐ͕ ŶŐƐĞůĚĂŶ^ĐƌĂƉƐ
<ĞƚĞƌĂŶŐĂŶƐĞůĞŶŐŬĂƉŶLJĂŵĞŶŐĞŶĂŝ<ĞŐŝĂƚĂŶhƐĂŚĂ ĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂĂďs/// WƌŽƐƉĞŬƚƵƐŝŶŝ͘
WƌŽƐƉĞŬhƐĂŚĂ
WƌŽƐƉĞŬ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚŝĚƵŬƵŶŐ ŽůĞŚ ŬŽŶĚŝƐŝ ŵĂŬƌŽĞŬŽŶŽŵŝ /ŶĚŽŶĞƐŝĂ LJĂŶŐ ƐŽůŝĚ͕ ƚĞƌĐĞƌŵŝŶ ĚĂƌŝ
ƉĞƌƚƵŵďƵŚĂŶ W dƌŝǁƵůĂŶ ///ͲϮϬϮϱ ƐĞďĞƐĂƌϱ͕Ϭϰй;LJͲŽŶͲLJͿ ĚĂŶ ƉĞƌƚƵŵďƵŚĂŶ WDd ƐĞďĞƐĂƌϲ͕ϯϳй ;ƋͲƚŽͲƋͿ͕
LJĂŶŐŵĞŶŐŝŶĚŝŬĂƐŝŬĂŶ ƉĞŶŝŶŐŬĂƚĂŶ ďĞůĂŶũĂŵŽĚĂůĚĂŶƉƌŽLJĞŬĨŝƐŝŬ͘WĞƌŵŝŶƚĂĂŶ ƉƌŽĚƵŬƉŝƉĂďĂũĂ ũƵŐĂĚŝƚŽƉĂŶŐ
ŽůĞŚĂŐĞŶĚĂŝŶĨƌĂƐƚƌƵŬƚƵƌƉĞŵĞƌŝŶƚĂŚŵĞůĂůƵŝƉĂŐƵŝŶĚŝŬĂƚŝĨ<ĞŵĞŶƚĞƌŝĂŶWhWZƐĞďĞƐĂƌZƉϳϱ͕ϲϯƚƌŝůŝƵŶ͕ƉƌŽŐƌĂŵ
ũĂƌŐĂƐ ϭϭϱ͘ϮϲϰƐĂŵďƵŶŐĂŶ ƌƵŵĂŚƚĂŚƵŶϮϬϮϱ–ϮϬϮϲ͕ƐĞƌƚĂĞŬƐƉĂŶƐŝũĂƌŝŶŐĂŶŝŶĨƌĂƐƚƌƵŬƚƵƌ ŐĂƐďƵŵŝLJĂŶŐƚĞůĂŚ
ŵĞŶĐĂƉĂŝ ϮϮ͘ϰϵϴ͕ϴϰ Ŭŵ͘ ŝ ƐŝƐŝ ŝŶĚƵƐƚƌŝ͕ ƉĞŶũƵĂůĂŶ ŽƚŽŵŽƚŝĨ ĚŽŵĞƐƚŝŬ ƐĞďĞƐĂƌ ϴϲϱ͘ϳϮϯ ƵŶŝƚ ;ϮϬϮϰͿ ƚƵƌƵƚ
ŵĞŶĚŽƌŽŶŐƉĞƌŵŝŶƚĂĂŶ ƉŝƉĂŵĞŬĂŶŝŬ ĚĂƌŝƐĞŬƚŽƌŵĂŶƵĨĂŬƚƵƌ͘ ĞŶŐĂŶ ƉŽƌƚŽĨŽůŝŽƉƌŽĚƵŬLJĂŶŐ ďĞƌ ĂŐĂŵ͕ ƐŬĂůĂ
ĞŬŽŶŽŵŝƉƌŽĚƵŬƐŝ͕ĚĂŶũĂƌŝŶŐĂŶĚŝƐƚƌŝďƵƐŝLJĂŶŐůƵĂƐ͕WĞƌƐĞƌŽĂŶďĞƌĂĚĂƉĂĚĂƉŽƐŝƐŝLJĂŶŐďĂŝŬƵŶƚƵŬŵĞŶĂŶŐŬĂƉ
ƉĞƌƚƵŵďƵŚĂŶƉĞƌŵŝŶƚĂĂŶĚŝƉĂƐĂƌĚŽŵĞƐƚŝŬŵĂƵƉƵŶĞŬƐƉŽƌ͘
Ϯ͘ < d ZE'E d EdE' K>/'^/zE'/dtZ<E
WĞŶĂǁĂƌĂŶhŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ ͗ WĞŶĂǁĂƌĂŶhŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶKďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ///^ƉŝŶĚŽ
KďůŝŐĂƐŝ ĚĞŶŐĂŶ ƚĂƌŐĞƚ ĚĂŶĂ ƐĞďĞƐĂƌ ZƉϱϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ůŝŵĂ ƌĂƚƵƐ
ŵŝůŝĂƌƌƵƉŝĂŚͿ͘
EĂŵĂ KďůŝŐĂƐŝ ͗ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϲ
:ĞŶŝƐKďůŝŐĂƐŝ ͗ KďůŝŐĂƐŝ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ ƚĂŶƉĂ ǁĂƌŬĂƚ͕ ŬĞĐƵĂůŝ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ
KďůŝŐĂƐŝ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ƵŶƚƵŬ ĚŝĚĂĨƚĂƌŬĂŶ ĂƚĂƐ ŶĂŵĂ <^ /
ƐĞďĂŐĂŝ ďƵŬƚŝ ƵƚĂŶŐ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ͘
KďůŝŐĂƐŝ ŝŶŝ ĚŝĚĂĨƚĂƌŬĂŶ ĂƚĂƐ ŶĂŵĂ <^ / ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ
WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐĚŝ<^ /LJĂŶŐ ƐĞůĂŶũƵƚŶLJĂ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ
WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ĚŝƐĞƌĂŚŬĂŶŶLJĂ
^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ <^ /͘ ƵŬƚŝ
ŬĞƉĞŵŝůŝŬĂŶ KďůŝŐĂƐŝ ďĂŐŝ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĂĚĂůĂŚ <ŽŶĨŝƌŵĂƐŝ
dĞƌƚƵůŝƐLJĂŶŐĚŝƚĞƌďŝƚŬĂŶŽůĞŚ<^ /ĂƚĂƵWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ͘
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,ĂƌŐĂWĞŶĂǁĂƌĂŶKďůŝŐĂƐŝ ͗ ϭϬϬйĚĂƌŝ:ƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝ͘
:ƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝ ͗ ^ĞďĞƐĂƌZƉϭϬϭ͘ϰϱϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐƐĂƚƵŵŝůŝĂƌĞŵƉĂƚƌĂƚƵƐůŝŵĂ
ƉƵůƵŚũƵƚĂƌƵƉŝĂŚͿLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝϯ;ƚŝŐĂͿƐĞƌŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ KďůŝŐĂƐŝ ^Ğƌŝ ĚĞŶŐĂŶ ũƵŵůĂŚ ƉŽŬŽŬ ƐĞďĞƐĂƌ
ZƉϯϭ͘ϱϴϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƉƵůƵŚƐĂƚƵŵŝůŝĂƌůŝŵĂƌĂƚƵƐĚĞůĂƉĂŶ
ƉƵůƵŚũƵƚĂZƵƉŝĂŚͿ͖
ď͘ KďůŝŐĂƐŝ ^Ğƌŝ ĚĞŶŐĂŶ ũƵŵůĂŚ ƉŽŬŽŬ ƐĞďĞƐĂƌ
ZƉϮϲ͘ϬϯϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ĚƵĂ ƉƵůƵŚ ĞŶĂŵ ŵŝůŝĂƌ ƚŝŐĂ ƉƵůƵŚ ũƵƚĂ
ZƵƉŝĂŚͿ͖
Đ͘ KďůŝŐĂƐŝ ^Ğƌŝ ĚĞŶŐĂŶ ũƵŵůĂŚ ƉŽŬŽŬ ƐĞďĞƐĂƌ
ZƉϰϯ͘ϴϰϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ĞŵƉĂƚ ƉƵůƵŚ ƚŝŐĂ ŵŝůŝĂƌ ĚĞůĂƉĂŶ ƌĂƚƵƐ
ĞŵƉĂƚƉƵůƵŚũƵƚĂZƵƉŝĂŚͿ͘
:ĂŶŐŬĂtĂŬƚƵKďůŝŐĂƐŝ ͗ Ă͘ KďůŝŐĂƐŝ ^Ğƌŝ ĚĞŶŐĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ϯϲϳ;ƚŝŐĂ ƌĂƚƵƐ ĞŶĂŵ
ƉƵůƵŚƚƵũƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͖
ď͘ KďůŝŐĂƐŝ ^Ğƌŝ ĚĞŶŐĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ϯ ;ƚŝŐĂͿ ƚĂŚƵŶ ƐĞũĂŬ
dĂŶŐŐĂů ŵŝƐŝ͖
Đ͘ KďůŝŐĂƐŝ ^Ğƌŝ ĚĞŶŐĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ϱ ;ůŝŵĂͿ ƚĂŚƵŶ ƐĞũĂŬ
dĂŶŐŐĂů ŵŝƐŝ͘
dŝŶŐŬĂƚ ƵŶŐĂ ͗ Ă͘ KďůŝŐĂƐŝ ^Ğƌŝ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ ƚĞƚĂƉ ƐĞďĞƐĂƌ ϳ͕ϬϬй
;ƚƵũƵŚŬŽŵĂŶŽůŶŽůƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͖
ď͘ KďůŝŐĂƐŝ ^Ğƌŝ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ ƚĞƚĂƉ ƐĞďĞƐĂƌ ϴ͕Ϯϱй
;ĚĞůĂƉĂŶŬŽŵĂĚƵĂůŝŵĂƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͖
Đ͘ KďůŝŐĂƐŝ ^Ğƌŝ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ ƚĞƚĂƉ ƐĞďĞƐĂƌ ϵ͕ϬϬй
;ƐĞŵďŝůĂŶŬŽŵĂŶŽůŶŽůƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͘
^ĂƚƵĂŶWĞŵŝŶĚĂŚďƵŬƵĂŶ ͗ ZƉϭ͕Ͳ;ƐĂƚƵ ZƵƉŝĂŚͿĚĂŶͬĂƚĂƵ ŬĞůŝƉĂƚĂŶŶLJĂ͘
^ĂƚƵĂŶWĞƌĚĂŐĂŶŐĂŶ ͗ ZƉϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĂŶͬĂƚĂƵ ŬĞůŝƉĂƚĂŶŶLJĂ͘
WĞƌŝŽĚĞWĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝ ͗ ^ĞƚŝĂƉϯ;ƚŝŐĂͿ ďƵůĂŶƚĞƌŚŝƚƵŶŐƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͘
:ĂŵŝŶĂŶ ͗ KďůŝŐĂƐŝŝŶŝƚŝĚĂŬĚŝũĂŵŝŶ ĚĞŶŐĂŶƐƵĂƚƵũĂŵŝŶĂŶŬŚƵƐƵƐƐĞƌƚĂƚŝĚĂŬ
ĚŝũĂŵŝŶŽůĞŚƉŝŚĂŬŵĂŶĂƉƵŶŶĂŵƵŶĚŝũĂŵŝŶĚĞŶŐĂŶƐĞůƵƌƵŚŚĂƌƚĂ
ŬĞŬĂLJĂĂŶ WĞƌƐĞƌŽĂŶ͕ďĂŝŬ ďĂƌĂŶŐ ďĞƌŐĞƌĂŬŵĂƵƉƵŶ ďĂƌĂŶŐƚŝĚĂŬ
ďĞƌŐĞƌĂŬ͕ďĂŝŬLJĂŶŐƚĞůĂŚĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶ
ŚĂƌŝ͕ ŵĞŶũĂĚŝ ũĂŵŝŶĂŶ ďĂŐŝ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĂƐĂů ϭϭϯϭ ĚĂŶ ϭϭϯϮ <ŝƚĂď hŶĚĂŶŐͲhŶĚĂŶŐ
,ƵŬƵŵ WĞƌĚĂƚĂ͘ ,ĂŬ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĂĚĂůĂŚ ƉĂƌŝƉĂƐƐƵ ƚĂŶƉĂ
ŚĂŬƉƌĞĨĞƌĞŶĚĞŶŐĂŶŚĂŬͲŚĂŬŬƌĞĚŝƚƵƌWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂďĂŝŬLJĂŶŐ
ĂĚĂƐĞŬĂƌĂŶŐŵĂƵƉƵŶ ĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͕ŬĞĐƵĂůŝŚĂŬͲŚĂŬ ŬƌĞĚŝƚƵƌ
WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝũĂŵŝŶ ƐĞĐĂƌĂ ŬŚƵƐƵƐ ĚĞŶŐĂŶ ŬĞŬĂLJĂĂŶ
WĞƌƐĞƌŽĂŶďĂŝŬLJĂŶŐƚĞůĂŚĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶ
ŚĂƌŝ͕ƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
WĞŶLJŝƐŝŚĂŶĂŶĂ;ƐŝŶŬŝŶŐĨƵŶĚͿ ͗ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ƉĞŶLJŝƐŝŚĂŶ ĚĂŶĂ ƉĞůƵŶĂƐĂŶ
ƵŶƚƵŬ KďůŝŐĂƐŝ ŝŶŝ ĚĞŶŐĂŶ ƉĞƌƚŝŵďĂŶŐĂŶ ƵŶƚƵŬ ŵĞŶŐŽƉƚŝŵĂůŬĂŶ
ƉĞŶŐŐƵŶĂĂŶĚĂŶĂŚĂƐŝů WĞŶĂǁĂƌĂŶhŵƵŵ KďůŝŐĂƐŝƐĞƐƵĂŝĚĞŶŐĂŶ
ƚƵũƵĂŶ ƌĞŶĐĂŶĂ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ
KďůŝŐĂƐŝ͘
WĞŵďĞůŝĂŶ<ĞŵďĂůŝ;ďƵLJďĂĐŬͿ ͗ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ƉĞŶũĂƚĂŚĂŶ͕ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ
KďůŝŐĂƐŝ ŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ƵŶƚƵŬ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ
KďůŝŐĂƐŝƐĞďĞůƵŵdĂŶŐŐĂů WĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝ͘
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WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ĚĞŶŐĂŶ ƚƵũƵĂŶ
ƵŶƚƵŬ ƉĞůƵŶĂƐĂŶ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ KďůŝŐĂƐŝ ĂƚĂƵ ĚŝƐŝŵƉĂŶ
ƵŶƚƵŬ ŬĞŵƵĚŝĂŶ ĚŝũƵĂů ŬĞŵďĂůŝ ĚĞŶŐĂŶ ŚĂƌŐĂ ƉĂƐĂƌ ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
KďůŝŐĂƐŝĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
,ĂƐŝůWĞŵĞƌŝŶŐŬĂƚĂŶKďůŝŐĂƐŝ ͗ ŝĚ;^ŝŶŐůĞͿ
tĂůŝŵĂŶĂƚ ͗ WdĂŶŬZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘
ZĂƚŝŶŐZĂƚŝŽŶĂůĞ ͗ ĞďĞƌĂƉĂĨĂŬƚŽƌLJĂŶŐĚŝƐĂŵƉĂŝŬĂŶ W &/EKƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
&ĂŬƚŽƌLJĂŶŐŵĞŶĚƵŬƵŶŐWĞƌŝŶŐŬĂƚ͗
Ͳ WĞŵŝŵƉŝŶƉĂƐĂƌĚĂůĂŵďŝƐŶŝƐŵĂŶƵĨĂŬƚƵƌ ƉŝƉĂďĂũĂ͘
Ͳ ŝƐŶŝƐLJĂŶŐƚĞƌĚŝǀĞƌƐŝĨŝŬĂƐŝĚĞŶŐĂŶďĂŝŬ͘
Ͳ DĂƌũŝŶůĂďĂLJĂŶŐďĂŝŬĚĂŶƉĞƌůŝŶĚƵŶŐĂŶĂƌƵƐŬĂƐLJĂŶŐ ŬƵĂƚ͘
&ĂŬƚŽƌLJĂŶŐŵĞŵďĂƚĂƐŝWĞƌŝŶŐŬĂƚ͗
Ͳ ^ƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶLJĂŶŐŵŽĚĞƌĂƚ͘
Ͳ <ĞďƵƚƵŚĂŶŵŽĚĂů ŬĞƌũĂLJĂŶŐƚŝŶŐŐŝ͘
Ͳ WĂƉĂƌĂŶ ƚĞƌŚĂĚĂƉ ǀŽůĂƚŝůŝƚĂƐ ŚĂƌŐĂ ďĂũĂ ĚĂŶ ĨůƵŬƚƵĂƐŝ ŶŝůĂŝ
ƚƵŬĂƌ͘
&ĂŬƚŽƌůŝŶŐŬƵŶŐĂŶ͕ ƐŽƐŝĂů͕ ĚĂŶƚĂƚĂŬĞůŽůĂ ; ^'Ϳ ĚĂůĂŵ ƉĞŶŝůĂŝĂŶ
ƉĞŵĞƌŝŶŐŬĂƚĂŶ͗
&ĂŬƚŽƌͲĨĂŬƚŽƌ ^'ĚŝƉĂŶĚĂŶŐŶĞƚƌĂůĚĂůĂŵĂŶĂůŝƐŝƐƉĞƌŝŶŐŬĂƚŬƌĞĚŝƚ
WĞĨŝŶĚŽƚĞƌŚĂĚĂƉWĞƌƐĞƌŽĂŶ͘
ϯ͘ < d ZE'E d EdE' ^h<h</:Z,zE'/dtZ<E
WĞŶĂǁĂƌĂŶhŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ ͗ WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ ///
^ƵŬƵŬ/ũĂƌĂŚ ^ƉŝŶĚŽ ĚĞŶŐĂŶ ƚĂƌŐĞƚ ĚĂŶĂ ƐĞďĞƐĂƌ ZƉϱϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ůŝŵĂ
ƌĂƚƵƐŵŝůŝĂƌƌƵƉŝĂŚͿ͘
EĂŵĂ ^ƵŬƵŬ/ũĂƌĂŚ ͗ ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽdĂŚĂƉ /dĂŚƵŶϮϬϮϲ
:ĞŶŝƐ^ƵŬƵŬ/ũĂƌĂŚ ͗ ^ƵŬƵŬ/ũĂƌĂŚŝŶŝĚŝƚĞƌďŝƚŬĂŶƚĂŶƉĂǁĂƌŬĂƚ͕ŬĞĐƵĂůŝ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽ
^ƵŬƵŬ/ũĂƌĂŚ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ƵŶƚƵŬĚŝĚĂĨƚĂƌŬĂŶ ĂƚĂƐ ŶĂŵĂ <^ /
ƐĞďĂŐĂŝ ďƵŬƚŝ ƵƚĂŶŐ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ͘
^ƵŬƵŬ /ũĂƌĂŚ ŝŶŝĚŝĚĂĨƚĂƌŬĂŶ ĂƚĂƐ ŶĂŵĂ <^ / ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ
WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐĚŝ<^ /LJĂŶŐ ƐĞůĂŶũƵƚŶLJĂ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ
WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ƉĂĚĂ ƚĂŶŐŐĂů
ĚŝƐĞƌĂŚŬĂŶŶLJĂ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ ^ƵŬƵŬ /ũĂƌĂŚ ŽůĞŚ WĞƌƐĞƌŽĂŶ
ŬĞƉĂĚĂ <^ /͘ ƵŬƚŝ ŬĞƉĞŵŝůŝŬĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ďĂŐŝ WĞŵĞŐĂŶŐ
^ƵŬƵŬ/ũĂƌĂŚĂĚĂůĂŚ<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐLJĂŶŐĚŝƚĞƌďŝƚŬĂŶŽůĞŚ<^ /
ĂƚĂƵWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ͘
,ĂƌŐĂWĞŶĂǁĂƌĂŶ^ƵŬƵŬ/ũĂƌĂŚ ͗ ϭϬϬйĚĂƌŝ:ƵŵůĂŚ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ͘
:ƵŵůĂŚ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ ͗ ^ĞďĞƐĂƌZƉϱϴ͘ϱϱϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂ ƉƵůƵŚĚĞůĂƉĂŶŵŝůŝĂƌůŝŵĂ ƌĂƚƵƐ
ůŝŵĂ ƉƵůƵŚ ũƵƚĂ ZƵƉŝĂŚͿ LJĂŶŐ ƚĞƌĚŝƌŝ ĚĂƌŝ ϯ ;ƚŝŐĂͿ ƐĞƌŝ ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
Ă͘ ^ƵŬƵŬ/ũĂƌĂŚ^ĞƌŝĚĞŶŐĂŶũƵŵůĂŚ^ŝƐĂ/ŵďĂůĂŶ/ũĂƌĂŚƐĞďĞƐĂƌ
ZƉϯϲ͘ϮϭϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƉƵůƵŚĞŶĂŵŵŝůŝĂƌĚƵĂƌĂƚƵƐƐĞƉƵůƵŚ
ũƵƚĂZƵƉŝĂŚͿ͖
ď͘ ^ƵŬƵŬ/ũĂƌĂŚ^ĞƌŝĚĞŶŐĂŶũƵŵůĂŚ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚƐĞďĞƐĂƌ
ZƉϲϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ĞŶĂŵƉƵůƵŚůŝŵĂ ũƵƚĂZƵƉŝĂŚͿ͖
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Đ͘ ^ƵŬƵŬ/ũĂƌĂŚ^ĞƌŝĚĞŶŐĂŶũƵŵůĂŚ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚƐĞďĞƐĂƌ
ZƉϮϮ͘Ϯϳϱ͘ϬϬϬ͘ϬϬϬ ;ĚƵĂ ƉƵůƵŚ ĚƵĂ ŵŝůŝĂƌ ĚƵĂ ƌĂƚƵƐ ƚƵũƵŚ
ƉƵůƵŚůŝŵĂũƵƚĂZƵƉŝĂŚͿ͘
:ĂŶŐŬĂtĂŬƚƵ^ƵŬƵŬ/ũĂƌĂŚ ͗ Ă͘ ^ƵŬƵŬ/ũĂƌĂŚ^ĞƌŝĚĞŶŐĂŶũĂŶŐŬĂǁĂŬƚƵ ϯϲϳ;ƚŝŐĂƌĂƚƵƐĞŶĂŵ
ƉƵůƵŚƚƵũƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͖
ď͘ ^ƵŬƵŬ/ũĂƌĂŚ ^ĞƌŝĚĞŶŐĂŶũĂŶŐŬĂ ǁĂŬƚƵ ϯ;ƚŝŐĂͿ ƚĂŚƵŶƐĞũĂŬ
dĂŶŐŐĂů ŵŝƐŝ͖
Đ͘ ^ƵŬƵŬ/ũĂƌĂŚ^ĞƌŝĚĞŶŐĂŶũĂŶŐŬĂ ǁĂŬƚƵ ϱ;ůŝŵĂͿ ƚĂŚƵŶƐĞũĂŬ
dĂŶŐŐĂů ŵŝƐŝ͘
ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ ͗ Ă͘ ^ƵŬƵŬ /ũĂƌĂŚ ^Ğƌŝ ĚĞŶŐĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ƐĞďĞƐĂƌ
ZƉϮ͘ϱϯϰ͘ϳϬϬ͘ϬϬϬ͕Ͳ ;ĚƵĂ ŵŝůŝĂƌ ůŝŵĂ ƌĂƚƵƐ ƚŝŐĂ ƉƵůƵŚ ĞŵƉĂƚ
ũƵƚĂƚƵũƵŚƌĂƚƵƐƌŝďƵZƵƉŝĂŚͿƉĞƌƚĂŚƵŶ͖
ď͘ ^ƵŬƵŬ /ũĂƌĂŚ ^Ğƌŝ ĚĞŶŐĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ƐĞďĞƐĂƌ
ZƉϱ͘ϯϲϮ͘ϱϬϬ͕Ͳ;ůŝŵĂ ũƵƚĂ ƚŝŐĂ ƌĂƚƵƐĞŶĂŵƉƵůƵŚĚƵĂƌŝďƵůŝŵĂ
ƌĂƚƵƐZƵƉŝĂŚͿƉĞƌƚĂŚƵŶ͖
Đ͘ ^ƵŬƵŬ /ũĂƌĂŚ ^Ğƌŝ ĚĞŶŐĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ƐĞďĞƐĂƌ
ZƉϮ͘ϬϬϰ͘ϳϱϬ͘ϬϬϬ͕Ͳ ;ĚƵĂ ŵŝůŝĂƌ ĞŵƉĂƚ ũƵƚĂ ƚƵũƵŚ ƌĂƚƵƐ ůŝŵĂ
ƉƵůƵŚƌŝďƵZƵƉŝĂŚͿƉĞƌƚĂŚƵŶ͘
^ĂƚƵĂŶWĞŵŝŶĚĂŚďƵŬƵĂŶ ͗ ZƉϭ͕Ͳ;ƐĂƚƵ ZƵƉŝĂŚͿĚĂŶͬĂƚĂƵ ŬĞůŝƉĂƚĂŶŶLJĂ͘
^ĂƚƵĂŶWĞƌĚĂŐĂŶŐĂŶ ͗ ZƉϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĂŶͬĂƚĂƵ ŬĞůŝƉĂƚĂŶŶLJĂ͘
WĞƌŝŽĚĞ WĞŵďĂLJĂƌĂŶ WĞŶĚĂƉĂƚĂŶ ͗ ^ĞƚŝĂƉϯ;ƚŝŐĂͿ ďƵůĂŶƚĞƌŚŝƚƵŶŐƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͘
ĂŐŝ,ĂƐŝů
:ĂŵŝŶĂŶ ͗ ^ƵŬƵŬ/ũĂƌĂŚŝŶŝƚŝĚĂŬĚŝũĂŵŝŶ ĚĞŶŐĂŶƐƵĂƚƵ ũĂŵŝŶĂŶ ŬŚƵƐƵƐƐĞƌƚĂ
ƚŝĚĂŬĚŝũĂŵŝŶŽůĞŚƉŝŚĂŬŵĂŶĂƉƵŶŶĂŵƵŶĚŝũĂŵŝŶ ĚĞŶŐĂŶƐĞůƵƌƵŚ
ŚĂƌƚĂŬĞŬĂLJĂĂŶ WĞƌƐĞƌŽĂŶ͕ďĂŝŬďĂƌĂŶŐďĞƌŐĞƌĂŬŵĂƵƉƵŶ ďĂƌĂŶŐ
ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ďĂŝŬ LJĂŶŐ ƚĞůĂŚ ĂĚĂ ŵĂƵƉƵŶ LJĂŶŐ ĂŬĂŶ ĂĚĂ
Ěŝ ŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ ŵĞŶũĂĚŝ ũĂŵŝŶĂŶ ďĂŐŝ WĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ
ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĂƐĂů ϭϭϯϭ ĚĂŶ ϭϭϯϮ <ŝƚĂď
hŶĚĂŶŐͲhŶĚĂŶŐ ,ƵŬƵŵ WĞƌĚĂƚĂ͘ ,ĂŬ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ
ĂĚĂůĂŚ ƉĂƌŝƉĂƐƐƵ ƚĂŶƉĂ ŚĂŬ ƉƌĞĨĞƌĞŶĚĞŶŐĂŶ ŚĂŬͲŚĂŬ ŬƌĞĚŝƚƵƌ
WĞƌƐĞƌŽĂŶůĂŝŶŶLJĂ ďĂŝŬ LJĂŶŐ ĂĚĂ ƐĞŬĂƌĂŶŐ ŵĂƵƉƵŶ Ěŝ ŬĞŵƵĚŝĂŶ
ŚĂƌŝ͕ ŬĞĐƵĂůŝ ŚĂŬͲŚĂŬ ŬƌĞĚŝƚƵƌ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝũĂŵŝŶ ƐĞĐĂƌĂ
ŬŚƵƐƵƐĚĞŶŐĂŶŬĞŬĂLJĂĂŶ WĞƌƐĞƌŽĂŶďĂŝŬLJĂŶŐ ƚĞůĂŚĂĚĂŵĂƵƉƵŶ
LJĂŶŐ ĂŬĂŶ ĂĚĂ Ěŝ ŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
WĞŶLJŝƐŝŚĂŶĂŶĂ;ƐŝŶŬŝŶŐĨƵŶĚͿ ͗ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ƉĞŶLJŝƐŝŚĂŶ ĚĂŶĂ ƉĞůƵŶĂƐĂŶ
ƵŶƚƵŬ ^ƵŬƵŬ /ũĂƌĂŚ ŝŶŝ ĚĞŶŐĂŶ ƉĞƌƚŝŵďĂŶŐĂŶ ƵŶƚƵŬ
ŵĞŶŐŽƉƚŝŵĂůŬĂŶ ƉĞŶŐŐƵŶĂĂŶĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ ^ƵŬƵŬ
/ũĂƌĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƚƵũƵĂŶ ƌĞŶĐĂŶĂ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŚĂƐŝů
WĞŶĂǁĂƌĂŶ^ƵŬƵŬ/ũĂƌĂŚ͘
WĞŵďĞůŝĂŶ<ĞŵďĂůŝ;ďƵLJďĂĐŬͿ ͗ WĞƌƐĞƌŽĂŶĚĂƉĂƚ ŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ƵŶƚƵŬ ƐĞďĂŐŝĂŶ
^ƵŬƵŬ/ũĂƌĂŚ ĂƚĂƵ ƐĞůƵƌƵŚ ^ƵŬƵŬ /ũĂƌĂŚ ŝŶŝ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů
ƉĞŶũĂƚĂŚĂŶ͘
WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ĚĞŶŐĂŶ ƚƵũƵĂŶ
ƵŶƚƵŬ ƉĞůƵŶĂƐĂŶ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ ^ƵŬƵŬ /ũĂƌĂŚ ĂƚĂƵ
ĚŝƐŝŵƉĂŶ ƵŶƚƵŬ ŬĞŵƵĚŝĂŶ ĚŝũƵĂů ŬĞŵďĂůŝ ĚĞŶŐĂŶ ŚĂƌŐĂ ƉĂƐĂƌ
ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
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,ĂƐŝůWĞŵĞƌŝŶŐŬĂƚĂŶ ͗ ŝĚ ;ƐLJͿ;^ŝŶŐůĞ^LJĂƌŝĂŚͿ
tĂůŝŵĂŶĂƚ ͗ WdĂŶŬZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘
ZĂƚŝŶŐZĂƚŝŽŶĂůĞ ͗ ĞďĞƌĂƉĂĨĂŬƚŽƌLJĂŶŐĚŝƐĂŵƉĂŝŬĂŶ W &/EKƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
&ĂŬƚŽƌLJĂŶŐŵĞŶĚƵŬƵŶŐWĞƌŝŶŐŬĂƚ͗
Ͳ WĞŵŝŵƉŝŶƉĂƐĂƌĚĂůĂŵ ďŝƐŶŝƐŵĂŶƵĨĂŬƚƵƌ ƉŝƉĂďĂũĂ
Ͳ ŝƐŶŝƐLJĂŶŐƚĞƌĚŝǀĞƌƐŝĨŝŬĂƐŝĚĞŶŐĂŶďĂŝŬ͘
Ͳ DĂƌũŝŶůĂďĂLJĂŶŐďĂŝŬĚĂŶƉĞƌůŝŶĚƵŶŐĂŶĂƌƵƐŬĂƐLJĂŶŐŬƵĂƚ
&ĂŬƚŽƌLJĂŶŐŵĞŵďĂƚĂƐŝWĞƌŝŶŐŬĂƚ͗
Ͳ ^ƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶLJĂŶŐŵŽĚĞƌĂƚ
Ͳ <ĞďƵƚƵŚĂŶŵŽĚĂů ŬĞƌũĂLJĂŶŐƚŝŶŐŐŝ
Ͳ WĂƉĂƌĂŶ ƚĞƌŚĂĚĂƉ ǀŽůĂƚŝůŝƚĂƐ ŚĂƌŐĂ ďĂũĂ ĚĂŶ ĨůƵŬƚƵĂƐŝ ŶŝůĂŝ
ƚƵŬĂƌ
&ĂŬƚŽƌůŝŶŐŬƵŶŐĂŶ͕ ƐŽƐŝĂů͕ ĚĂŶƚĂƚĂŬĞůŽůĂ ; ^'Ϳ ĚĂůĂŵ ƉĞŶŝůĂŝĂŶ
ƉĞŵĞƌŝŶŐŬĂƚĂŶ
&ĂŬƚŽƌͲĨĂŬƚŽƌ ^'ĚŝƉĂŶĚĂŶŐŶĞƚƌĂůĚĂůĂŵĂŶĂůŝƐŝƐƉĞƌŝŶŐŬĂƚŬƌĞĚŝƚ
WĞĨŝŶĚŽƚĞƌŚĂĚĂƉWĞƌƐĞƌŽĂŶ͘
ϰ͘ < d ZE'E d EdE' & < Z^/&d hdE'E^h<h<zE'D^/,,Zh^/>hE^/
KďůŝŐĂƐŝ
:ƵŵůĂŚ
dĂŶŐŐĂů dŽƚĂů ŵŝƐŝ :ĂŶŐŬĂ dŝŶŐŬĂƚ^ƵŬƵ :ĂƚƵŚ dĞƌƵƚĂŶŐ
EĂŵĂ ĨĞŬ ^Ğƌŝ WĞŶĞƌďŝƚĂŶ ;ZƉũƵƚĂͿ tĂŬƚƵ ƵŶŐĂ dĞŵƉŽ ;ZƉũƵƚĂͿ
KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ ///
^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϰƉƌŝůϮϬϮϯ ϴϬϬ ϱƚĂŚƵŶ ϭϬ͕ϬϬй ϰƉƌŝůϮϬϮϴ ϴϬϬ
KďůŝŐĂƐŝdĞƌŬĂŝƚ<ĞďĞƌůĂŶũƵƚĂŶ/
^ƉŝŶĚŽdĂŚƵŶϮϬϮϰ ϵ:ƵůŝϮϬϮϰ ϯϯ͘ϳϴϬ ϯƚĂŚƵŶ ϳ͕ϬϬй ϵ:ƵůŝϮϬϮϳ ϯϯ͘ϳϴϬ
KďůŝŐĂƐŝdĞƌŬĂŝƚ<ĞďĞƌůĂŶũƵƚĂŶ/
^ƉŝŶĚŽdĂŚƵŶϮϬϮϰ ϵ:ƵůŝϮϬϮϰ ϳϲϲ͘ϮϮϬ ϱƚĂŚƵŶ ϳ͕ϯϱй ϵ:ƵůŝϮϬϮϵ ϳϲϲ͘ϮϮϬ
KďůŝŐĂƐŝdĞƌŬĂŝƚ<ĞďĞƌůĂŶũƵƚĂŶ/
^ƉŝŶĚŽdĂŚƵŶϮϬϮϰ ϵ:ƵůŝϮϬϮϰ ϮϬϬ͘ϬϬϬ ϳƚĂŚƵŶ ϳ͕ϯϱй ϵ:ƵůŝϮϬϯϭ ϮϬϬ͘ϬϬϬ
KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ // ϮϯƉƌŝů
^ƉŝŶĚŽdĂŚĂƉ///dĂŚƵŶϮϬϮϱ ϮϯƉƌŝůϮϬϮϱ Ϯϳ͘ϲϲϱ ϯƚĂŚƵŶ ϳ͕ϳϱй ϮϬϮϴ Ϯϳ͘ϲϲϱ
KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ // ϮϯƉƌŝů
^ƉŝŶĚŽdĂŚĂƉ///dĂŚƵŶϮϬϮϱ ϮϯƉƌŝůϮϬϮϱ ϰϬ͘ϱϮϬ ϱƚĂŚƵŶ ϴ͕ϬϬй ϮϬϯϬ ϰϬ͘ϱϮϬ
:ƵŵůĂŚdŽƚĂůdĞƌƵƚĂŶŐ ϭ͘Ϭϲϴ͘ϵϲϱ
^ƵŬƵŬ
:ƵŵůĂŚĂŶĂ
dĂŶŐŐĂů dŽƚĂů ŵŝƐŝ :ĂŶŐŬĂ dŝŶŐŬĂƚ ^ƵŬƵŬ
EĂŵĂ ĨĞŬ ^Ğƌŝ WĞŶĞƌďŝƚĂŶ ;ZƉũƵƚĂͿ tĂŬƚƵ ĂŐŝ,ĂƐŝů :ĂƚƵŚdĞŵƉŽ ;ZƉũƵƚĂͿ
^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ ///
^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϰƉƌŝůϮϬϮϯ ϭϬ͘ϵϬϬ ϱƚĂŚƵŶ ϭϬ͕ϬϬй ϰƉƌŝůϮϬϮϴ ϭϬ͘ϵϬϬ
^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ //
^ƉŝŶĚŽdĂŚĂƉ///dĂŚƵŶϮϬϮϱ ϮϯƉƌŝůϮϬϮϱ ϭϱϱ ϯƚĂŚƵŶ ϳ͕ϳϱй ϮϯƉƌŝůϮϬϮϴ ϭϱϱ
^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ //
^ƉŝŶĚŽdĂŚĂƉ///dĂŚƵŶϮϬϮϱ ϮϯƉƌŝůϮϬϮϱ ϳϲ͘ϬϭϬ ϱƚĂŚƵŶ ϴ͕ϬϬй ϮϯƉƌŝůϮϬϯϬ ϳϲ͘ϬϭϬ
:ƵŵůĂŚdŽƚĂůdĞƌƵƚĂŶŐ ϴϳ͘Ϭϲϱ
:ƵŵůĂŚ dŽƚĂů dĞƌƵƚĂŶŐLJĂŶŐĂŬĂŶũĂƚƵŚ ƚĞŵƉŽƉĂĚĂƚĂďĞůĚŝĂƚĂƐ ĂŬĂŶĚŝůƵŶĂƐŝ ŵĞŶŐŐƵŶĂŬĂŶ ĚĂŶĂŝŶƚĞƌŶĂůŬĂƐ
WĞƌƐĞƌŽĂŶĚĂƌŝŚĂƐŝůŽƉĞƌĂƐŝŽŶĂůĂƚĂƵƐƵŵďĞƌͲƐƵŵďĞƌůĂŝŶLJĂŶŐŵĞŵĂĚĂŝ ƐĞƉĞƌƚŝĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚďĂŶŬĂƚĂƵƚŝĚĂŬ
ŵĞŶƵƚƵƉŬĞŵƵŶŐŬŝŶĂŶĚŝĂĚĂŬĂŶƉĞŶĞƌďŝƚĂŶƐƵƌĂƚƵƚĂŶŐĂƚĂƵƐƵŬƵŬ͘
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ϱ͘ W E''hEEEzE'/W ZK> ,Z/,^/>W EtZEhDhD
^ĞůƵƌƵŚĚĂŶĂ LJĂŶŐĚŝƉĞƌŽůĞŚĚĂƌŝŚĂƐŝůWĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝ ĚĞŶŐĂŶďŝĂLJĂͲďŝĂLJĂ ĞŵŝƐŝ
ƚĞƌŬĂŝƚ͕ƐĞůƵƌƵŚŶLJĂĂŬĂŶĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵŽĚĂůŬĞƌũĂWĞƌƐĞƌŽĂŶ͕ĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŽ͘ <ŽŵƉŽŶĞŶDŽĚĂů<ĞƌũĂ WĞƌƐĞŶƚĂƐĞ;йͿ <ĞƚĞƌĂŶŐĂŶ
ϭ͘ WĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ ŚŽƚͲƌŽůůĞĚ ĐĂƌďŽŶ ƐƚĞĞů ĐŽŝůƐ ϭϬϬй >ĞǀĞů ϭ – WĞŶŐŐƵŶĂĂŶ
;,ZͿ ůĂŶŐƐƵŶŐŽůĞŚWĞƌƐĞƌŽĂŶ
dŽƚĂů ϭϬϬй
^ĞůƵƌƵŚĚĂŶĂ LJĂŶŐ ĚŝƉĞƌŽůĞŚĚĂƌŝŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ ^ƵŬƵŬ/ũĂƌĂŚ ƐĞƚĞůĂŚ ĚŝŬƵƌĂŶŐŝĚĞŶŐĂŶ ďŝĂLJĂͲďŝĂLJĂ
ĞŵŝƐŝƚĞƌŬĂŝƚ͕ƐĞůƵƌƵŚŶLJĂĂŬĂŶĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵŽĚĂů ŬĞƌũĂWĞƌƐĞƌŽĂŶ͕ĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĞƌŬŝƌĂĂŶ
EŽ͘ <ŽŵƉŽŶĞŶDŽĚĂů<ĞƌũĂ WĞƌƐĞŶƚĂƐĞ;йͿ <ĞƚĞƌĂŶŐĂŶ
ϭ͘ WĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ ŚŽƚͲƌŽůůĞĚ ĐĂƌďŽŶ ƐƚĞĞů ĐŽŝůƐ ϴϬй >ĞǀĞů ϭ – WĞŶŐŐƵŶĂĂŶ
;,ZͿ ůĂŶŐƐƵŶŐŽůĞŚWĞƌƐĞƌŽĂŶ
Ϯ͘ WĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ ĐŽůĚͲƌŽůůĞĚ ĐĂƌďŽŶ ƐƚĞĞů ĐŽŝůƐ ϮϬй >ĞǀĞů ϭ – WĞŶŐŐƵŶĂĂŶ
;ZͿ ůĂŶŐƐƵŶŐŽůĞŚWĞƌƐĞƌŽĂŶ
dŽƚĂů ϭϬϬй
ϲ͘ /<,d/^Zd < hE'EW Ed/E'
ĂůŽŶŝŶǀĞƐƚŽƌŚĂƌƵƐŵĞŵďĂĐĂ ŝŬŚƚŝƐĂƌ ĚĂƚĂ ŬĞƵĂŶŐĂŶƉĞŶƚŝŶŐLJĂŶŐ ĚŝƐĂũŝŬĂŶ ĚŝďĂǁĂŚ ŝŶŝďĞƌƐĂŵĂĂŶ ĚĞŶŐĂŶ
ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶďĞƐĞƌƚĂĐĂƚĂƚĂŶĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘ĂůŽŶ
ŝŶǀĞƐƚŽƌũƵŐĂŚĂƌƵƐŵĞŵďĂĐĂ ĂďsŵĞŶŐĞŶĂŝŶĂůŝƐŝƐĚĂŶWĞŵďĂŚĂƐĂŶŽůĞŚDĂŶĂũĞŵĞŶ͘
ŶŐŬĂͲĂŶŐŬĂ ŝŬŚƚŝƐĂƌ ĚĂƚĂ ŬĞƵĂŶŐĂŶ ƉĞŶƚŝŶŐ Ěŝ ďĂǁĂŚ ŝŶŝ ďĞƌĂƐĂů ĚĂŶͬĂƚĂƵ ĚŝŚŝƚƵŶŐ ďĞƌĚĂƐĂƌŬĂŶ ŝŶĨŽƌŵĂƐŝ
ŬĞƵĂŶŐĂŶ LJĂŶŐ ĚŝĂŵďŝů ĚĂƌŝůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ŬŽŶƐŽůŝĚĂƐŝĂŶ WĞƌƐĞƌŽĂŶƉĂĚĂ ƚĂŶŐŐĂů ϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶ
ϮϬϮϰĚĂŶLJĂŶŐĚŝƐƵƐƵŶĚĂŶĚŝƐĂũŝŬĂŶ ƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌ ŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝ/ŶĚŽŶĞƐŝĂ͘
>ĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝĂŶ WĞƌƐĞƌŽĂŶƉĂĚĂ ƚĂŶŐŐĂů ϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ
<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ<ĂŶĂŬĂWƵƌĂĚŝƌĞĚũĂ͕^ƵŚĂƌƚŽŶŽ(KPS) member of “Nexia International” network dengan
ŽƉŝŶŝ dĂŶƉĂ DŽĚŝĨŝŬĂƐŝĂŶ ĚĂůĂŵ ůĂƉŽƌĂŶŶLJĂ EŽ͘ ϬϬϮϮϰͬϯ͘Ϭϯϱϳͬh͘ϭͬϬϰͬϬϳϱϭ Ͳϭͬϭͬ/sͬϮϬϮϲƚĂŶŐŐĂů Ϯϭ Ɖƌŝů
ϮϬϮϲ͘ƵĚŝƚĚŝůĂŬƐĂŶĂŬĂŶ ƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌĚƵĚŝƚLJĂŶŐĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ/ŶƐƚŝƚƵƚ ŬƵŶƚĂŶWƵďůŝŬ/Ŷ ĚŽŶĞƐŝĂ
;/W/Ϳ͘ >ĂƉŽƌĂŶ ĂƵĚŝƚ ƚĞƌƐĞďƵƚ ĚŝƚĂŶĚĂƚĂŶŐĂŶ ŽůĞŚ ĚĞLJĂŶĂ tŝĚũĂũĂ ;ZĞŬĂŶ ƉĂĚĂ <W <W^ ĚĞŶŐĂŶ /ũŝŶ W
EŽ͘ϬϳϱϭͿ͘
>WKZEWK^/^/< hE'E<KE^K>/^/E
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
:ƵŵůĂŚƐĞƚ ϴ͘ϳϵϲ͘ϯϳϬ ϴ͘Ϯϵϱ͘ϰϮϳ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ ϯ͘ϭϮϯ͘Ϭϭϭ ϯ͘Ϯϱϭ͘ϲϳϲ
:ƵŵůĂŚ ŬƵŝƚĂƐ ϱ͘ϲϳϯ͘ϯϱϵ ϱ͘Ϭϰϯ͘ϳϱϭ
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>WKZE>Zh'/EW E',^/>E<KDWZ , E^/& >/E<KE^K>/^/E
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
WĞŶũƵĂůĂŶĂŶWĞŶĚĂƉĂƚĂŶ:ĂƐĂ ϱ͘ϵϯϮ͘ϳϵϳ ϲ͘ϭϭϴ͘ϯϲϰ
ĞďĂŶWŽŬŽŬWĞŶĚĂƉĂƚĂŶ ;ϰ͘ϴϬϮ͘ϰϮϰͿ ;ϱ͘ϬϭϮ͘ϯϴϳͿ
>ĂďĂ<ŽƚŽƌ ϭ͘ϭϯϬ͘ϯϳϯ ϭ͘ϭϬϱ͘ϵϳϳ
ϲϳϮ͘ϰϴϲ ϲϳϱ͘ϱϴϵ
>ĂďĂ^ĞďĞůƵŵdĂŬƐŝƌĂŶ WĞŶŐŚĂƐŝůĂŶ;ĞďĂŶͿWĂũĂŬ
>ĂďĂͬZƵŐŝWĞƌŝŽĚĞĞƌũĂůĂŶ ϱϯϰ͘Ϯϭϲ ϱϯϬ͘Ϭϲϯ
:ƵŵůĂŚ>ĂďĂ<ŽŵƉƌĞŚĞŶƐŝĨdĂŚƵŶ ĞƌũĂůĂŶ ϳϰϲ͘ϰϮϵ ϱϯϭ͘ϯϴϱ
>ĂďĂWĞƌ^ĂŚĂŵ ĂƐĂƌ ;ZƵƉŝĂŚWĞŶƵŚͿ ϳϱ͕ϳϮ ϳϱ͕Ϭϯ
Z^/K< hE'E W Ed/E'
ϯϭĞƐĞŵďĞƌ
hƌĂŝĂŶ
ϮϬϮϱ ϮϬϮϰ
Z^/K W ZdhDh,E
WĞŶũƵĂůĂŶĚĂŶWĞŶĚĂƉĂƚĂŶhƐĂŚĂ ;ϯ͕ϬϯйͿ ;ϱ͕ϮϮйͿ
>ĂďĂdĂŚƵŶ ĞƌũĂůĂŶ Ϭ͕ϳϵй ϲ͕ϰϯй
:ƵŵůĂŚƐĞƚ ϲ͕Ϭϰй ϰ͕Ϭϲй
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ ;ϯ͕ϵϲйͿ ;ϯ͕ϬϯйͿ
:ƵŵůĂŚ ŬƵŝƚĂƐ ϭϮ͕ϰϴй ϵ͕Ϯϭй
Z^/K h^,
>ĂďĂ<ŽƚŽƌͬWĞŶũƵĂůĂŶĚĂŶWĞŶĚĂƉĂƚĂŶhƐĂŚĂ ϭϵ͕Ϭϱй ϭϴ͕Ϭϴй
>ĂďĂdĂŚƵŶ ĞƌũĂůĂŶͬWĞŶũƵĂůĂŶĚĂŶWĞŶĚĂƉĂƚĂŶhƐĂŚĂ ϵ͕ϬϬй ϴ͕ϲϲй
>ĂďĂdĂŚƵŶ ĞƌũĂůĂŶͬĞďĂŶhƐĂŚĂ ϭϲϳ͕ϴϮй ϭϴϲ͕Ϭϱй
>ĂďĂdĂŚƵŶ ĞƌũĂůĂŶͬ:ƵŵůĂŚƐĞƚ;ZKͿ ϲ͕Ϭϳй ϲ͕ϯϵй
>ĂďĂdĂŚƵŶ ĞƌũĂůĂŶͬ:ƵŵůĂŚ ŬƵŝƚĂƐ ;ZK Ϳ ϵ͕ϰϮй ϭϬ͕ϱϭй
Z^/K < hE'E
ƐĞƚ>ĂŶĐĂƌͬ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ;ƵƌƌĞŶƚƌĂƚŝŽͿ ϯ͕Ϭϵdž ϯ͕Ϯϲdž
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐͬ:ƵŵůĂŚ ŬƵŝƚĂƐ ;ĞďƚƚŽ ƋƵŝƚLJƌĂƚŝŽͿ Ϭ͕ϱϱdž Ϭ͕ϲϰdž
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐͬ:ƵŵůĂŚƐĞƚ;ĞďƚƚŽƐƐĞƚ ƌĂƚŝŽͿ Ϭ͕ϯϲdž Ϭ͕ϯϵdž
/ŶƚĞƌĞƐƚŽǀĞƌĂŐĞZĂƚŝŽ;/ZͿ;ϭͿ ϱ͕ϴϮdž ϳ͕ϮϬdž
Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ;^ZͿ;ϮͿ ϭ͕ϰϯdž Ϯ͕ϴϵdž
<ĞƚĞƌĂŶŐĂŶ͗
;ϭͿ /ŶƚĞƌĞƐƚŽǀĞƌĂŐĞZĂƚŝŽс /dͬ/ŶƚĞƌĞƐƚ džƉĞŶƐĞ
;ϮͿ Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽс /dͬ;ƵƌƌĞŶƚWŽƌƚŝŽŶŽĨ>ŽŶŐͲdĞƌŵĞďƚн/ŶƚĞƌĞƐƚ džƉĞŶƐĞͿ
Z^/K< hE'E W Ed/E'zE'/W Z^zZd<E >D&^/>/d^<Z /d
ϯϭĞƐĞŵďĞƌ
hƌĂŝĂŶ WĞƌƐLJĂƌĂƚĂŶ
ϮϬϮϱ ϮϬϮϰ
ƐĞƚ>ĂŶĐĂƌͬ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂ WĞŶĚĞŬ
ŵŝŶ͘ϭdž ϯ͕Ϭϵdž ϯ͕Ϯϲdž
;ƵƌƌĞŶƚƌĂƚŝŽͿ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐͬ:ƵŵůĂŚ ŬƵŝƚĂƐ
ŵĂŬƐ͘ Ϯ͕ϱdž Ϭ͕ϱϱdž Ϭ͕ϲϰdž
;ĞďƚƚŽ ƋƵŝƚLJƌĂƚŝŽͿ
Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ ;ϭͿ ŵŝŶ͘ϭdž ϭ͕ϰϯdž Ϯ͕ϴϵdž
>ĂďĂdĂŚƵŶ ĞƌũĂůĂŶͬWĞŶũƵĂůĂŶĚĂŶ
ƉŽƐŝƚŝĨ ϵ͕ϬϬй ϴ͕ϲϲй
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ ;EĞƚWƌŽĨŝƚDĂƌŐŝŶͿ
'ĞĂƌŝŶŐZĂƚŝŽ ;ϮͿ ŵĂŬƐ͘ Ϯ͕ϱdž Ϭ͕ϰϮdž Ϭ͕ϰϵdž
<ĞƚĞƌĂŶŐĂŶ͗
;ϭͿ Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽс /dͬ;ƵƌƌĞŶƚWŽƌƚŝŽŶŽĨ>ŽŶŐͲdĞƌŵĞďƚн/ŶƚĞƌĞƐƚ džƉĞŶƐĞͿ
;ϮͿ 'ĞĂƌŝŶŐZĂƚŝŽсĂŶŬĞďƚн>ĞĂƐŝŶŐͬ ƋƵŝƚLJ
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƐĞůƵƌƵŚƌĂƐŝŽŬĞƵĂŶŐĂŶLJĂŶŐĚŝƉĞƌƐLJĂƌĂƚŬĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚ͘
<ĞƚĞƌĂŶŐĂŶ ƐĞůĞŶŐŬĂƉŶLJĂ ŵĞŶŐĞŶĂŝ /ŬŚƚŝƐĂƌ ĂƚĂ <ĞƵĂŶŐĂŶ WĞŶƚŝŶŐ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ĚŝůŝŚĂƚ ƉĂĚĂ Ăď /s
WƌŽƐƉĞŬƚƵƐŝŶŝ͘
ϳ͘ &<dKZ Z/^/<K
ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ͕ WĞƌƐĞƌŽĂŶƚŝĚĂŬ ƚĞƌůĞƉĂƐĚĂƌŝ ďĞƌďĂŐĂŝĨĂŬƚŽƌ ƌŝƐŝŬŽLJĂŶŐ ĚŝƉĞŶŐĂƌƵŚŝ
ŽůĞŚĨĂŬƚŽƌͲĨĂŬƚŽƌ ŝŶƚĞƌŶĂůŵĂƵƉƵŶ ĞŬƐƚĞƌŶĂů͕LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ŬŝŶĞƌũĂĚĂŶ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ͘
ZŝƐŝŬŽͲƌŝƐŝŬŽLJĂŶŐĚŝƵŶŐŬĂƉŬĂŶĚĂůĂŵƵƌĂŝĂŶďĞƌŝŬƵƚŵĞƌƵƉĂŬĂŶƌŝƐŝŬŽͲƌŝƐŝŬŽLJĂŶŐŵĂƚĞƌŝĂůďĂŐŝWĞƌƐĞƌŽĂŶ͘ZŝƐŝŬŽ
ƵƐĂŚĂĚĂŶƌŝƐŝŬŽƵŵƵŵƚĞůĂŚĚŝƐƵƐƵŶƐĞƐƵĂŝĚĞŶŐĂŶďŽďŽƚƌŝƐŝŬŽLJĂŶŐĚŝŚĂĚĂƉŝWĞƌƐĞƌŽĂŶ͘
͘ Z/^/<K hdD zE' D DWhEz/ W E'Zh, ^/'E/&/<E d Z,W < >E'^hE'E h^,
W Z^ ZKE
ZŝƐŝŬŽ <ĞƚĞƌŐĂŶƚƵŶŐĂŶ <ĞƉĂĚĂ WŝŚĂŬ <Ğ dŝŐĂ ĂůĂŵ ,Ăů WĞŶLJĞĚŝĂĂŶ ďĂŚĂŶ ĂŬƵ͕ WĞŶũƵĂůĂŶ WƌŽĚƵŬ͕ ĚĂŶ
WĞŶŐŝƌŝŵĂŶWƌŽĚƵŬ͘
͘ Z/^/<Kh^,zE' Z^/&d Dd Z/>/<^ Z >E'^hE'DhWhEd/<>E'^hE'zE'
WdD DW E'Zh,/ ,^/>h^,E<KE/^/< hE'EW Z^ ZKE
ϭ͘ ZŝƐŝŬŽĞŬŽŶŽŵŝ͕ƉŽůŝƚŝŬ͕ĚĂŶƚƌĞŶŵĂŬƌŽLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝŬŝŶĞƌũĂWĞƌƐĞƌŽĂŶ͖
Ϯ͘ ZŝƐŝŬŽ ƉĞƌƵďĂŚĂŶ ƉĂƐŽŬĂŶ ĂƚĂƵ ŚĂƌŐĂ ďĂũĂ ĚĂƉĂƚ ďĞƌĚĂŵƉĂŬ ďƵƌƵŬ ďĂŐŝ ŽƉĞƌĂƐŝŽŶĂů ĚĂŶ ŬĞƵŶƚƵŶŐĂŶ
WĞƌƐĞƌŽĂŶ͖
ϯ͘ ZŝƐŝŬŽĨůƵŬƚƵĂƐŝZƵƉŝĂŚĂŬĂŶďĞƌĚĂŵƉĂŬďƵƌƵŬƉĂĚĂŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶĚĂŶŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͖
ϰ͘ ZŝƐŝŬŽƚĞƌŬĂŝƚƉĞŵďĂŶŐƵŶĂŶ ĂƚĂƵĞŬƐƉĂŶƐŝƉĂďƌŝŬĚŝŵĂƐĂ ĚĞƉĂŶ͖
ϱ͘ ZŝƐŝŬŽ ŐĂŶŐŐƵĂŶ ďŝƐŶŝƐ ƐĞƉĞƌƚŝ ŬĞďĂŬĂƌĂŶ͕ ŬĞĐĞůĂŬĂĂŶ ĚĂŶ ďĞŶĐ ĂŶĂ ůĂŝŶŶLJĂ ƉĂĚĂ ƐĂůĂŚ ƐĂƚƵ ƉĂďƌŝŬ
WĞƌƐĞƌŽĂŶ͖
ϲ͘ ZŝƐŝŬŽƉĞƌƚĂŶŐŐƵŶŐĂŶĂƐƵƌĂŶƐŝƚŝĚĂŬĚĂƉĂƚŵĞŶƵƚƵƉŝƐĞůƵƌƵŚŬĞƌƵŐŝĂŶWĞƌƐĞƌŽĂŶ͖
ϳ͘ ZŝƐŝŬŽƌĞŶĐĂŶĂĞŬƐƉĂŶƐŝƚŝĚĂŬŵĞŵďĞƌŝŬĂŶƉĞƌƚƵŵďƵŚĂŶďŝƐŶŝƐLJĂŶŐĚŝŚĂƌĂƉŬĂŶ͖
ϴ͘ ZŝƐŝŬŽ ŵĂŶĂũĞƌŝĂů ƉĞƌƐĞĚŝĂĂŶ LJĂŶŐ ƚŝĚĂŬ ĞĨŝƐŝĞŶ͕ ĚĂŶ ŬĞůĞďŝŚĂŶ ƉĂƐŽŬĂŶ ƉĞƌƐĞĚŝĂĂŶ LJĂŶŐ ĚĂƉĂƚ
ŵĞŵďĞƌŝŬĂŶĚĂŵƉĂŬŶĞŐĂƚŝĨďĂŐŝŽƉĞƌĂƐŝŽŶĂůĚĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͖
ϵ͘ ZŝƐŝŬŽ ƚŝŶŐŬĂƚ ůĞǀĞƌĂŐĞ LJĂŶŐ ƚŝŶŐŐŝ͕ ĚĂŶ ƉĞŵďĂƚĂƐĂŶ ŽƉĞƌĂƐŝŽŶĂů ƉĞƌƐĞƌŽĂŶ ĚĂƌŝ ƉĞƌũĂŶũŝĂŶ ŚƵƚĂŶŐ
WĞƌƐĞƌŽĂŶ͖
ϭϬ͘ ZŝƐŝŬŽŝŶĨůĂƐŝƚŝŶŐŐŝĚĂŶƐƵŬƵďƵŶŐĂƚŝŶŐŐŝ͖
ϭϭ͘ ZŝƐŝŬŽďŝƐŶŝƐƉĞƌƐĞƌŽĂŶƐĞďĂŐĂŝ ŝŶĚƵƐƚƌŝƉĂĚĂƚŵŽĚĂů LJĂŶŐŵĞŵďƵƚƵŚŬĂŶ ŝŶǀĞƐƚĂƐŝĚĂŶŵŽĚĂů ŬĞƌũĂĚĂŶ
WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĂŵƉƵ ŵĞŵƉĞƌŽůĞŚƐƵŵďĞƌĚĂŶĂŬĞďƵƚƵŚĂŶƚĞƌƐĞďƵƚ͖
ϭϮ͘ ZŝƐŝŬŽƉĞƌƐĂŝŶŐĂŶŝŶĚƵƐƚƌŝLJĂŶŐƚŝŶŐŐŝũŝŬĂWĞƌƐĞƌŽĂŶƚŝĚĂŬĚĂƉĂƚďĞƌŽƉĞƌĂƐŝƐĞĐĂƌĂĞĨŝƐŝĞŶ͖
ϭϯ͘ ZŝƐŝŬŽŬĞŚŝůĂŶŐĂŶŬĂƌLJĂǁĂŶŬƵŶĐŝ͖
ϭϰ͘ ZŝƐŝŬŽƚŝĚĂŬďĞƌũĂůĂŶŶLJĂƐĂůĂŚ ƐĂƚƵĂůƵƌƉƌŽĚƵŬƐŝƐĞŚŝŶŐŐĂŵĞŶŐŐĂŶŐŐƵ ƉƌŽƐĞƐƉƌŽĚƵŬƐŝ͖
ϭϱ͘ ZŝƐŝŬŽŬĞĐĞůĂŬĂĂŶŬĞƌũĂƉƌŽĚƵŬƐŝ͖
ϭϲ͘ ZŝƐŝŬŽŬĞƌƵƐĂŬĂŶƉƌŽĚƵŬ͕ŬĞƐĂůĂŚĂŶƚĞŬŶŝƐĚĂŶĚĞƐĂŝŶ͖
ϭϳ͘ ZŝƐŝŬŽƉĞƌƵƐĂŚĂĂŶƚŝĚĂŬŵĂŵƉƵ ŵĞŵĞŶƵŚŝŬƌŝƚĞƌŝĂĚĂŶŬƵĂůŝƚĂƐ ƉƌŽĚƵŬLJĂŶŐĚŝŵŝŶƚĂ ƉĞůĂŶŐŐĂŶ͖
ϭϴ͘ ZŝƐŝŬŽƉĞƌƵƐĂŚĂĂŶŐĂŐĂůŵĞůĂŬƐĂŶĂŬĂŶƉĞƌĂƚƵƌĂŶƚĞŶƚĂŶŐůŝŶŐŬƵŶŐĂŶŚŝĚƵƉ͕ŬĞƐĞŚĂƚĂŶ͕ĚĂŶŬĞƐĞůĂŵĂƚĂŶ͖
ϭϵ͘ ZŝƐŝŬŽŬĞůĂŶŐƐƵŶŐĂŶ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶƚĞƌŐĂŶƚƵŶŐƉĂĚĂ ŬĞŵĂŵƉƵĂŶ ŵĞŶĚĂƉĂƚŬĂŶ ůĂŚĂŶďĂƌƵ͕ŵĞŶũĂŐĂ ͕
ĚĂŶŵĞŵƉĞƌďĂŚĂƌƵŝŚĂŬƉĞŶŐŐƵŶĂĂŶůĂŚĂŶƚĞƌƐĞďƵƚ͖
ϮϬ͘ ZŝƐŝŬŽ ŬĞƚĞƌŐĂŶƚƵŶŐĂŶ ŽƉĞƌĂƐŝŽŶĂů ƚĞƌŚĂĚĂƉ ŬĞŵĂŵƉƵĂŶ ƉĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ͕ ŵĞŶũĂŐĂ ĚĂŶ
ŵĞŵƉĞƌďĂŚĂƌƵŝŝũŝŶĚĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝƉĞŵĞƌŝŶƚĂŚ͖
Ϯϭ͘ ZŝƐŝŬŽƚĞŶĂŐĂŬĞƌũĂLJĂŶŐƚĞƌŐĂďƵŶŐĚĂůĂŵ ƐĞƌŝŬĂƚƉĞŬĞƌũĂ͕ƐĞŚŝŶŐŐĂĂĚĂŬĞŵƵŶŐŬŝŶĂŶƚĞƌũĂĚŝƉĞƌƐĞůŝƐŝŚĂŶ
ĂŶƚĂƌĂƚĞŶĂŐĂ ŬĞƌũĂĚĂŶWĞƌƐĞƌŽĂŶ͖
ϮϮ͘ ZŝƐŝŬŽĨůƵŬƚƵĂƐŝďĞďĞƌĂƉĂĨĂŬƚŽƌ͖
Ϯϯ͘ ZŝƐŝŬŽŬƌĞĚŝƚƉŝŚĂŬŬĞƚŝŐĂ͖
Ϯϰ͘ ZŝƐŝŬŽƉĞŶƵŶĚĂĂŶĂƚĂƵƉĞŶũĂĚƵĂůĂŶ ƵůĂŶŐƉƌŽLJĞŬ͖
Ϯϱ͘ ZŝƐŝŬŽ/ŶǀĞƐƚĂƐŝĂƚĂƵŬƐŝ<ŽƌƉŽƌĂƐŝ͖
Ϯϲ͘ ZŝƐŝŬŽŬĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵƚĞƌŬĂŝƚďŝĚĂŶŐƵƐĂŚĂWĞƌƐĞƌŽĂŶ͖
Ϯϳ͘ ZŝƐŝŬŽ<ĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚ͖
Ϯϴ͘ ZŝƐŝŬŽ<ĞƚĞŶƚƵĂŶEĞŐĂƌĂ>ĂŝŶĂƚĂƵ WĞƌĂƚƵƌĂŶ/ŶƚĞƌŶĂƐŝŽŶĂů͘
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͘ Z/^/<KhDhD
ϭ͘ ZŝƐŝŬŽƉĞƌĞŬŽŶŽŵŝĂŶ
Ϯ͘ ZŝƐŝŬŽƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂ
ϯ͘ ZŝƐŝŬŽŬĞƉĂƚƵŚĂŶ
ϰ͘ ZŝƐŝŬŽƚƵŶƚƵƚĂŶ ĂƚĂƵ ŐƵŐĂƚĂŶ ŚƵŬƵŵ
͘ Z/^/<K/Es ^d^/zE' Z</dE E'EK>/'^/E^h<h</:Z,
ϭ͘ ZŝƐŝŬŽƚŝĚĂŬůŝŬƵŝĚŶLJĂKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝƚĂǁĂƌŬĂŶ ĚĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵ ŝŶŝLJĂŶŐĂŶƚĂƌĂ
ůĂŝŶĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƚƵũƵĂŶƉĞŵďĞůŝĂŶKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚƐĞďĂŐĂŝŝŶǀĞƐƚĂƐŝũĂŶŐŬĂƉĂŶũĂŶŐ͘
Ϯ͘ ZŝƐŝŬŽ ŐĂŐĂů ďĂLJĂƌ ĚŝƐĞďĂďŬĂŶ ŬĞŐĂŐĂůĂŶ ĚĂƌŝ WĞƌƐĞƌŽĂŶƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ͕ ŝĐŝůĂŶ
/ŵďĂůĂŶ /ũĂƌĂŚ͕ WŽŬŽŬ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ƉĂĚĂ ǁĂŬƚƵ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞƚĂƉŬĂŶ͕ ĂƚĂƵ
ŬĞŐĂŐĂůĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ ůĂŝŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ ĚĂŶ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ŵĞƌƵƉĂŬĂŶĚĂŵƉĂŬ ĚĂƌŝ
ŵĞŵďƵƌƵŬŶLJĂŬŝŶĞƌũĂĚĂŶƉĞƌŬĞŵďĂŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
<ĞƚĞƌĂŶŐĂŶƐĞůĞŶŐŬĂƉŶLJĂŵĞŶŐĞŶĂŝ&ĂŬƚŽƌZŝƐŝŬŽĚĂƉĂƚ ĚŝůŝŚĂƚƉĂĚĂĂďs/WƌŽƐƉĞŬƚƵƐŝŶŝ͘
͘ < d ZE'E D E' E/W Zh^,E E<EW Zh^,E ^K^/^/
WĞƌƵƐĂŚĂĂŶ ŶĂŬ
<ŽŶƚƌŝďƵƐŝ
dĂŚƵŶ WĞƌƐĞŶƚĂƐĞ WĞŶĚĂƉĂƚĂŶ ^ƚĂƚƵƐ
EŽ EĂŵĂWĞƌƵƐĂŚĂĂŶ <ĞŐŝĂƚĂŶhƐĂŚĂ ŽŵŝƐŝůŝ WĞŶLJĞƌƚĂĂŶ <ĞƉĞŵŝůŝŬĂŶ ;йͿ KƉĞƌĂƐŝŽŶĂů
ϭ͘ Wd^ƉŝŶĚŽ WĞƌĚĂŐĂŶŐĂŶ͕ :ů<ĂůŝďƵƚƵŚ ϮϬϬϴ ϵϬ͕ϬϬй Ϭ͕ϬϬй ^ƵĚĂŚ
ŶŐŝŶĞĞƌŝŶŐ/ŶĚƵƐƚƌLJ ƉĞƌŝŶĚƵƐƚƌŝĂŶ EŽ͘ϭϴϵͲϭϵϭ͕ ĞƌŽƉĞƌĂƐŝ
(“^ /”) ĚĂŶũĂƐĂ͘ ^ƵƌĂďĂLJĂ
ϲϬϭϳϯ͕:ĂǁĂ
dŝŵƵƌ
WĞƌƵƐĂŚĂĂŶ ƐŽƐŝĂƐŝ
<ŽŶƚƌŝďƵƐŝ
dĂŚƵŶ WĞƌƐĞŶƚĂƐĞ WĞŶĚĂƉĂƚĂŶ ^ƚĂƚƵƐ
EŽ EĂŵĂWĞƌƵƐĂŚĂĂŶ <ĞŐŝĂƚĂŶhƐĂŚĂ ŽŵŝƐŝůŝ WĞŶLJĞƌƚĂĂŶ <ĞƉĞŵŝůŝŬĂŶ ;йͿ KƉĞƌĂƐŝŽŶĂů
ϭ͘ Wd^ĂŶŬŽ^ƚĞĞů /ŶĚƵƐƚƌŝƐƵŬƵ :ůDŝůůĞŶŝƵŵ ϮϬϭϯ ϱϬ͕ϬϬй Ϭ͕ϭϲй ^ƵĚĂŚ
/ŶĚŽŶĞƐŝĂ ĐĂĚĂŶŐĚĂŶ ZĂLJĂůŽŬ/ͲϮ ĞƌŽƉĞƌĂƐŝ
ĂŬƐĞƐŽƌŝ EŽ͘ϳŝŬƵƉĂ͕
ŬĞŶĚĂƌĂĂŶ dŝŐĂƌĂŬƐĂ
ďĞƌŵŽƚŽƌ dĂŶŐĞƌĂŶŐ
ĂŶƚĞŶ
<ĞƚĞƌĂŶŐĂŶ ƐĞůĞŶŐŬĂƉŶLJĂ ŵĞŶŐĞŶĂŝ WĞƌƵƐĂŚĂĂŶ ĂŶĂŬ ĚĂŶ WĞƌƵƐĂŚĂĂŶ ĂƐŽƐŝĂƐŝ ĚĂƉĂƚ ĚŝůŝŚĂƚ ƉĂĚĂ Ăď s///
WƌŽƐƉĞŬƚƵƐŝŶŝ͘
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/͘ PENAWARAN UMUM
ϭ͘ < d ZE'E d EdE' K>/'^/zE'/dtZ<E
W EtZEhDhD Z< >E:hdE K>/'^/
WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ ĚĞŶŐĂŶ ƚĂƌŐĞƚ ĚĂŶĂ ƐĞďĞƐĂƌ
ZƉϱϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂƌĂƚƵƐŵŝůŝĂƌƌƵƉŝĂŚͿ͘
EDK>/'^/
KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϲ͘
: E/^K>/'^/
KďůŝŐĂƐŝŝŶŝĚŝƚĞƌďŝƚŬĂŶ ƚĂŶƉĂǁĂƌŬĂƚ͕ ŬĞĐƵĂůŝ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽKďůŝŐĂƐŝ LJĂŶŐĚŝƚĞƌďŝƚŬĂŶƵŶƚƵŬĚŝĚĂĨƚĂƌŬĂŶ ĂƚĂƐ
ŶĂŵĂ <^ / ƐĞďĂŐĂŝ ďƵŬƚŝƵƚĂŶŐ ƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐ KďůŝŐĂƐŝ͘ KďůŝŐĂƐŝ ŝŶŝĚŝĚĂĨƚĂƌŬĂŶ ĂƚĂƐ ŶĂŵĂ <^ /
ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ Ěŝ <^ / LJĂŶŐ ƐĞůĂŶũƵƚŶLJĂ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ
ĚŝĚĂĨƚĂƌŬĂŶƉĂĚĂƚĂŶŐŐĂůĚŝƐĞƌĂŚŬĂŶŶLJĂ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽKďůŝŐĂƐŝŽůĞŚWĞƌƐĞƌŽĂŶŬĞƉĂĚĂ<^ /͘ƵŬƚŝŬĞƉĞŵŝůŝŬĂŶ
KďůŝŐĂƐŝďĂŐŝWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂĚĂůĂŚ<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐLJĂŶŐĚŝƚĞƌďŝƚŬĂŶŽůĞŚ<^ /ĂƚĂƵWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ͘
,Z' W EtZEK>/'^/
,ĂƌŐĂWĞŶĂǁĂƌĂŶKďůŝŐĂƐŝŝŶŝĂĚĂůĂŚϭϬϬй;ƐĞƌĂƚƵƐƉĞƌƐĞŶͿĚĂƌŝ:ƵŵůĂŚ WŽŬŽŬKďůŝŐĂƐŝ͘
:hD>,WK<K<K>/'^/͕hE'K>/'^/E:dh, d DWKK>/'^/
^ĞůƵƌƵŚŶŝůĂŝWŽŬŽŬKďůŝŐĂƐŝLJĂŶŐĂŬĂŶĚŝŬĞůƵĂƌŬĂŶƐĞďĞƐĂƌZƉϭϬϭ͘ϰϱϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐƐĂƚƵŵŝůŝĂƌĞŵƉĂƚƌĂƚƵƐ
ůŝŵĂƉƵůƵŚũƵƚĂƌƵƉŝĂŚͿLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝϯ;ƚŝŐĂͿ ƐĞƌŝ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
^Ğƌŝ ͗ :ƵŵůĂŚ WŽŬŽŬ KďůŝŐĂƐŝ ^Ğƌŝ ƐĞďĞƐĂƌ ZƉϯϭ͘ϱϴϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂ ƉƵůƵŚ ƐĂƚƵ ŵŝůŝĂƌ ůŝŵĂ ƌĂƚƵƐ
ĚĞůĂƉĂŶ ƉƵůƵŚ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ ƚĞƚĂƉ ƐĞďĞƐĂƌ ϳ͕ϬϬй ;ƚƵũƵŚ ŬŽŵĂ ŶŽů ŶŽů
ƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͕ LJĂŶŐďĞƌũĂŶŐŬĂǁĂŬƚƵϯϲϳ;ƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚƚƵũƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬ
dĂŶŐŐĂů ŵŝƐŝ͖
^Ğƌŝ ͗ :ƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝ^ĞƌŝƐĞďĞƐĂƌZƉϮϲ͘ϬϯϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ĚƵĂƉƵůƵŚĞŶĂŵŵŝůŝĂƌƚŝŐĂƉƵůƵŚũƵƚĂ
ZƵƉŝĂŚͿĚĞŶŐĂŶƚŝŶŐŬĂƚ ďƵŶŐĂƚĞƚĂƉƐĞďĞƐĂƌϴ͕Ϯϱй;ĚĞůĂƉĂŶŬŽŵĂĚƵĂůŝŵĂƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͕
LJĂŶŐďĞƌũĂŶŐŬĂǁĂŬƚƵ ϯ;ƚŝŐĂͿƚĂŚƵŶƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͖
^Ğƌŝ ͗ :ƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝ^ĞƌŝƐĞďĞƐĂƌZƉϰϯ͘ϴϰϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ĞŵƉĂƚƉƵůƵŚƚŝŐĂŵŝůŝĂƌĚĞůĂƉĂŶƌĂƚƵƐ
ĞŵƉĂƚ ƉƵůƵŚũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶƚŝŶŐŬĂƚ ďƵŶŐĂ ƚĞƚĂƉ ƐĞďĞƐĂƌϵ͕ϬϬй ;ƐĞŵďŝůĂŶ ŬŽŵĂ ŶŽůŶŽů
ƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͕LJĂŶŐďĞƌũĂŶŐŬĂǁĂŬƚƵ ϱ;ůŝŵĂͿ ƚĂŚƵŶƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͘
ƵŶŐĂ KďůŝŐĂƐŝ ĚŝďĂLJĂƌŬĂŶ ƐĞƚŝĂƉ ƚƌŝǁƵůĂŶ͕ ĚŝŵĂŶĂ ƵŶŐĂ KďůŝŐĂƐŝ ƉĞƌƚĂŵĂ ĂŬĂŶ ĚŝďĂLJĂƌŬĂŶ ƉĂĚĂ ƚĂŶŐŐĂů
ϭϮ ^ĞƉƚĞŵďĞƌϮϬϮϲ͕ ƐĞĚĂŶŐŬĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ƚĞƌĂŬŚŝƌ ƐĞŬĂůŝŐƵƐ ƉĞůƵŶĂƐĂŶ KďůŝŐĂƐŝ ĂŬĂŶ ĚŝďĂLJĂƌŬĂŶ ƉĂĚĂ
ƚĂŶŐŐĂů ϭϵ:ƵŶŝϮϬϮϳƵŶƚƵŬKďůŝŐĂƐŝ ^Ğƌŝ͕ƚĂŶŐŐĂů ϭϮ:ƵŶŝϮϬϮϵƵŶƚƵŬKďůŝŐĂƐŝ ^ĞƌŝĚĂŶƚĂŶŐŐĂů ϭϮ:ƵŶŝϮϬϯϭ
ƵŶƚƵŬKďůŝŐĂƐŝ^Ğƌŝ͘WĞůƵŶĂƐĂŶŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞƌŝKďůŝŐĂƐŝĂŬĂŶĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƉĞŶƵŚ;ďƵůůĞƚƉĂLJŵĞŶƚͿƉĂĚĂ
ƐĂĂƚũĂƚƵŚ ƚĞŵƉŽ͘
ĂůĂŵ ŚĂů dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ũĂƚƵŚ ƉĂĚĂ ŚĂƌŝ LJĂŶŐ ďƵŬĂŶ ,Ăƌŝ ƵƌƐĂ͕ ŵĂŬĂ ƵŶŐĂ KďůŝŐĂƐŝ
ĚŝďĂLJĂƌ ƉĂĚĂ ,Ăƌŝ ƵƌƐĂ ƐĞƐƵĚĂŚŶLJĂ ƚĂŶƉĂ ĚŝŬĞŶĂŬĂŶ ĚĞŶĚĂ͘ dŝŶŐŬĂƚ ƵŶŐĂ KďůŝŐĂƐŝ ƚĞƌƐĞďƵƚ ŵĞƌƵƉĂŬĂŶ
ƉĞƌƐĞŶƚĂƐĞƉĞƌƚĂŚƵŶ ĚĂƌŝ ŶŝůĂŝ ŶŽŵŝŶĂů LJĂŶŐ ĚŝŚŝƚƵŶŐ ďĞƌĚĂƐĂƌŬĂŶ ũƵŵůĂŚ ,Ăƌŝ <ĂůĞŶĚĞƌLJĂŶŐ ůĞǁĂƚ ĚĞŶŐĂŶ
ƉĞƌŚŝƚƵŶŐĂŶϭ;ƐĂƚƵͿƚĂŚƵŶĂĚĂůĂŚ ϯϲϬ;ƚŝŐĂ ƌĂƚƵƐĞŶĂŵƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌĚĂŶϭ;ƐĂƚƵͿďƵůĂŶĂĚĂůĂŚϯϬ;ƚŝŐĂ
ƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͘
KďůŝŐĂƐŝ ŚĂƌƵƐ ĚŝůƵŶĂƐŝ ĚĞŶŐĂŶŚĂƌŐĂ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶũƵŵůĂŚ WŽŬŽŬKďůŝŐĂƐŝ LJĂŶŐ ƚĞƌƚƵůŝƐ ƉĂĚĂ <ŽŶĨŝƌŵĂƐŝ
dĞƌƚƵůŝƐLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͕ ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶ ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽ KďůŝŐĂƐŝĚĂŶŬĞƚĞŶƚƵĂŶ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ͘
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:ĂĚǁĂůƉĞŵďĂLJĂƌĂŶWŽŬŽŬĚĂŶƵŶŐĂƵŶƚƵŬŵĂƐŝŶŐͲŵĂƐŝŶŐ KďůŝŐĂƐŝĂĚĂůĂŚƐĞďĂŐĂŝŵĂŶĂƚĞƌĐĂŶƚƵŵĚĂůĂŵƚĂďĞů
ĚŝďĂǁĂŚŝŶŝ͗
ƵŶŐĂ<ĞͲ ^Ğƌŝ ^Ğƌŝ ^Ğƌŝ
ϭ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϲ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϲ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϲ
Ϯ ϭϮĞƐĞŵďĞƌϮϬϮϲ ϭϮĞƐĞŵďĞƌϮϬϮϲ ϭϮĞƐĞŵďĞƌϮϬϮϲ
ϯ ϭϮDĂƌĞƚϮϬϮϳ ϭϮDĂƌĞƚϮϬϮϳ ϭϮDĂƌĞƚϮϬϮϳ
ϰ ϭϵ:ƵŶŝϮϬϮϳ ϭϮ:ƵŶŝϮϬϮϳ ϭϮ:ƵŶŝϮϬϮϳ
ϱ Ͳ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϳ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϳ
ϲ Ͳ ϭϮĞƐĞŵďĞƌϮϬϮϳ ϭϮĞƐĞŵďĞƌϮϬϮϳ
ϳ Ͳ ϭϮDĂƌĞƚϮϬϮϴ ϭϮDĂƌĞƚϮϬϮϴ
ϴ Ͳ ϭϮ:ƵŶŝϮϬϮϴ ϭϮ:ƵŶŝϮϬϮϴ
ϵ Ͳ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϴ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϴ
ϭϬ Ͳ ϭϮĞƐĞŵďĞƌϮϬϮϴ ϭϮĞƐĞŵďĞƌϮϬϮϴ
ϭϭ Ͳ ϭϮDĂƌĞƚϮϬϮϵ ϭϮDĂƌĞƚϮϬϮϵ
ϭϮ Ͳ ϭϮ:ƵŶŝϮϬϮϵ ϭϮ:ƵŶŝϮϬϮϵ
ϭϯ Ͳ Ͳ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϵ
ϭϰ Ͳ Ͳ ϭϮĞƐĞŵďĞƌϮϬϮϵ
ϭϱ Ͳ Ͳ ϭϮDĂƌĞƚϮϬϯϬ
ϭϲ Ͳ Ͳ ϭϮ:ƵŶŝϮϬϯϬ
ϭϳ Ͳ Ͳ ϭϮ^ĞƉƚĞŵďĞƌϮϬϯϬ
ϭϴ Ͳ Ͳ ϭϮĞƐĞŵďĞƌϮϬϯϬ
ϭϵ Ͳ Ͳ ϭϮDĂƌĞƚϮϬϯϭ
ϮϬ Ͳ Ͳ ϭϮ:ƵŶŝϮϬϯϭ
WĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝ ĚĂŶƉĞŵďĂLJĂƌĂŶ ƵŶŐĂKďůŝŐĂƐŝĂŬĂŶĚŝďĂLJĂƌŬĂŶ ŽůĞŚWĞƌƐĞƌŽĂŶŵĞůĂůƵŝ<^ / ƐĞůĂŬƵ
ŐĞŶ WĞŵďĂLJĂƌĂŶ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ LJĂŶŐ ĚŝĂƚƵƌ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶ ŐĞŶ WĞŵďĂLJĂƌĂŶ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ŵĞůĂůƵŝ WĞŵĞŐĂŶŐ ZĞŬĞ ŶŝŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ũĂĚǁĂů ǁĂŬƚƵ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ĚĂŶ WŽŬŽŬKďůŝŐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞŶƚƵŬĂŶ͘ ŝůĂŵĂŶĂ
ƚĂŶŐŐĂů ƉĞŵďĂLJĂƌĂŶũĂƚƵŚ ƉĂĚĂŚĂƌŝLJĂŶŐďƵŬĂŶ,ĂƌŝƵƌƐĂ͕ŵĂŬĂƉĞŵďĂLJĂƌĂŶ ĂŬĂŶĚŝůĂŬƵŬĂŶƉĂĚĂ,ĂƌŝƵƌƐĂ
ďĞƌŝŬƵƚŶLJĂ͘
^dhEW D/E,h<hE
^ĂƚƵĂŶ ƉĞŵŝŶĚĂŚďƵŬƵĂŶ KďůŝŐĂƐŝ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϭ͕Ͳ ;ƐĂƚƵ ZƵƉŝĂŚͿ ĚĂŶͬĂƚĂƵ ŬĞůŝƉĂƚĂŶŶLJĂ͘ ^ĂƚƵ ƐĂƚƵĂŶ
ƉĞŵŝŶĚĂŚďƵŬƵĂŶŵĞŵƉƵŶLJĂŝ ŚĂŬƵŶƚƵŬŵĞŶŐĞůƵĂƌŬĂŶϭ;ƐĂƚƵͿ ƐƵĂƌĂĚĂůĂŵ ZhWK͘
^dhEW Z'E'E K>/'^/
WĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ŚĂƌƵƐ ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ũƵŵůĂŚ ƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂ ƐĞďĞƐĂƌ ƐĂƚƵ ƐĂƚƵĂŶ
ƉĞƌĚĂŐĂŶŐĂŶƐĞďĞƐĂƌZƉϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĂŶͬĂƚĂƵŬĞůŝƉĂƚĂŶŶLJĂ͘
:D/EEK>/'^/
KďůŝŐĂƐŝŝŶŝƚŝĚĂŬĚŝũĂŵŝŶĚĞŶŐĂŶƐƵĂƚƵũĂŵŝŶĂŶ ŬŚƵƐƵƐƐĞƌƚĂƚŝĚĂŬĚŝũĂŵŝŶ ŽůĞŚƉŝŚĂŬŵĂŶĂƉƵŶŶĂŵƵŶ ĚŝũĂŵŝŶ
ĚĞŶŐĂŶƐĞůƵƌƵŚŚĂƌƚĂŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶ͕ďĂŝŬďĂƌĂŶŐďĞƌŐĞƌĂŬŵĂƵƉƵŶďĂƌĂŶŐƚŝĚĂŬďĞƌŐĞƌĂŬ͕ďĂŝŬLJĂŶŐƚĞůĂŚ
ĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͕ŵĞŶũĂĚŝũĂŵŝŶĂŶďĂŐŝWĞŵĞŐĂŶŐKďůŝŐĂƐŝƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
ĚĂůĂŵ WĂƐĂů ϭϭϯϭĚĂŶ ϭϭϯϮ<ŝƚĂď hŶĚĂŶŐͲhŶĚĂŶŐ ,ƵŬƵŵ WĞƌĚĂƚĂ͘ ,ĂŬ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĂĚĂůĂŚ ƉĂƌŝƉĂƐƐƵ
ƚĂŶƉĂ ŚĂŬ ƉƌĞĨĞƌĞŶĚĞŶŐĂŶŚĂŬͲŚĂŬ ŬƌĞĚŝƚƵƌWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂ ďĂŝŬLJĂŶŐ ĂĚĂ ƐĞŬĂƌĂŶŐ ŵĂƵƉƵŶ ĚŝŬĞŵƵĚŝĂŶ
ŚĂƌŝ͕ŬĞĐƵĂůŝŚĂŬͲŚĂŬŬƌĞĚŝƚƵƌWĞƌƐĞƌŽĂŶLJĂŶŐĚŝũĂŵŝŶƐĞĐĂƌĂŬŚƵƐƵƐĚĞŶŐĂŶŬĞŬĂLJĂĂŶWĞƌ ƐĞƌŽĂŶďĂŝŬLJĂŶŐƚĞůĂŚ
ĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͕ƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
W ZW:<E
<ĞƚĞƌĂŶŐĂŶŵĞŶŐĞŶĂŝƉĞƌƉĂũĂŬĂŶƚĞƌŬĂŝƚĚĞŶŐĂŶKďůŝŐĂƐŝŝŶŝĚŝƵƌĂŝŬĂŶĚĂůĂŵĂď/yWƌŽƐƉĞŬƚƵƐ͘
2
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W Ez/^/,EEW >hE^EK>/'^/
WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ƉĞŶLJŝƐŝŚĂŶĚĂŶĂ ƵŶƚƵŬƉĞůƵŶĂƐĂŶKďůŝŐĂƐŝ ŝŶŝĚĞŶŐĂŶƉĞƌƚŝŵďĂŶŐĂŶ ƵŶƚƵŬ
ŵĞŶŐŽƉƚŝŵĂůŬĂŶ ƉĞŶŐŐƵŶĂĂŶĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ KďůŝŐĂƐŝƐĞƐƵĂŝĚĞŶŐĂŶƚƵũƵĂŶƌĞŶĐĂŶĂƉĞŶŐŐƵŶĂĂŶ
ĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ KďůŝŐĂƐŝ͕ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵŶŐŬĂƉŬĂŶƉĂĚĂĂď//ĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘
W D >/E< D>/ ;hz<Ϳ
ĂůĂŵ ŚĂůWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͕ŵĂŬĂ ďĞƌůĂŬƵŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ WĞŵďĞůŝĂŶ ŬĞŵďĂůŝ KďůŝŐĂƐŝ ĚŝƚƵũƵŬĂŶ ƐĞďĂŐĂŝ ƉĞůƵŶĂƐĂŶ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚŶLJĂ ĂƚĂƵ ĚŝƐŝŵƉĂŶ ƵŶƚƵŬ
ŬĞŵƵĚŝĂŶĚŝũƵĂůŬĞŵďĂůŝ͖
Ϯ͘ WĞůĂŬƐĂŶĂĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶŵĞůĂůƵŝƵƌƐĂ ĨĞŬĂƚĂƵĚŝůƵĂƌƵƌƐĂ ĨĞŬ͖
ϯ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝďĂƌƵĚĂƉĂƚ ĚŝůĂŬƵŬĂŶϭ;ƐĂƚƵͿ ƚĂŚƵŶƐĞƚĞůĂŚdĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ͖
ϰ͘ WĞŵďĞůŝĂŶ ŬĞŵďĂůŝ KďůŝŐĂƐŝ ƚŝĚĂŬ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ĂƉĂďŝůĂ ŚĂů ƚĞƌƐĞďƵƚ ŵĞŶŐĂŬŝďĂƚŬĂŶ WĞƌƐĞƌŽĂŶƚŝĚĂŬ
ĚĂƉĂƚŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶĚŝĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ͖
ϱ͘ WĞŵďĞůŝĂŶ ŬĞŵďĂůŝ KďůŝŐĂƐŝ ƚŝĚĂŬ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ĂƉĂďŝůĂ WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶ ŬĞůĂůĂŝĂŶ ;ǁĂŶƉƌĞƐƚĂƐŝͿ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ͕ŬĞĐƵĂůŝƚĞůĂŚŵĞŵƉĞƌŽůĞŚƉĞƌƐĞƚƵũƵĂŶ
ZhWK͖
ϲ͘ ZĞŶĐĂŶĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝǁĂũŝďĚŝůĂƉŽƌŬĂŶŬĞƉĂĚĂK:<ŽůĞŚWĞƌƐĞƌŽĂŶƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿ,Ăƌŝ
<ĞƌũĂƐĞďĞůƵŵƉĞŶŐƵŵƵŵĂŶ ƌĞŶĐĂŶĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝƚĞƌƐĞďƵƚĚŝƐƵƌĂƚŬĂďĂƌ͖
ϳ͘ WĞŵďĞůŝĂŶ ŬĞŵďĂůŝ KďůŝŐĂƐŝ͕ ďĂƌƵ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ƐĞƚĞůĂŚ ƉĞŶŐƵŵƵŵĂŶ ƌĞŶĐĂŶĂ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ
KďůŝŐĂƐŝ͘WĞŶŐƵŵƵŵĂŶƚĞƌƐĞďƵƚǁĂũŝďĚŝůĂŬƵŬĂŶƉĂůŝŶŐƐĞĚŝŬŝƚŵĞůĂůƵŝϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶ ďĞƌďĂŚĂƐĂ
/ŶĚŽŶĞƐŝĂ LJĂŶŐ ďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů ƉĂůŝŶŐ ůĂŵďĂƚ Ϯ;ĚƵĂͿ ,Ăƌŝ <ĂůĞŶĚĞƌƐĞďĞůƵŵƚĂŶŐŐĂů ƉĞŶĂǁĂƌĂŶ
ƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝĚŝŵƵůĂŝ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ ^ŝƚƵƐ ǁĞď WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ ĚĂŶ ďĂŚĂƐĂ ĂƐŝŶŐ͕ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚĂƐĂ LJĂŶŐ
ĚŝŐƵŶĂŬĂŶƉĂůŝŶŐƐĞĚŝŬŝƚĂŚĂƐĂ/ŶŐŐƌŝƐ͖ĚĂŶ
ϮͿ ^ŝƚƵƐǁĞďƵƌƐĂ ĨĞŬĂƚĂƵϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů͘
ϴ͘ ZĞŶĐĂŶĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚĚĂůĂŵ ƉŽŝŶϳĚĂŶƉĞŶŐƵŵƵŵĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚĚĂůĂŵ ƉŽŝŶϴŝŶŝƉĂůŝŶŐƐĞĚŝŬŝƚŵĞŵƵĂƚ ŝŶĨŽƌŵĂƐŝƚĞŶƚĂŶŐ͗
Ă͘ ƉĞƌŝŽĚĞƉĞŶĂǁĂƌĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͖
ď͘ ũƵŵůĂŚĚĂŶĂŵĂŬƐŝŵĂů LJĂŶŐĂŬĂŶĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͖
Đ͘ ŬŝƐĂƌĂŶũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐĂŬĂŶĚŝďĞůŝŬĞŵďĂůŝ͖
Ě͘ ŚĂƌŐĂĂƚĂƵŬŝƐĂƌĂŶŚĂƌŐĂLJĂŶŐĚŝƚĂǁĂƌŬĂŶ ƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͖
Ğ͘ ƚĂƚĂ ĐĂƌĂƉĞŶLJĞůĞƐĂŝĂŶƚƌĂŶƐĂŬƐŝ͖
Ĩ͘ ƉĞƌƐLJĂƌĂƚĂŶďĂŐŝWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐŵĞŶŐĂũƵŬĂŶ ƉĞŶĂǁĂƌĂŶ ũƵĂů͖
Ő͘ ƚĂƚĂ ĐĂƌĂƉĞŶLJĂŵƉĂŝĂŶƉĞŶĂǁĂƌĂŶũƵĂůŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͖
Ś͘ ƚĂƚĂ ĐĂƌĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͖ĚĂŶ
ŝ͘ ŚƵďƵŶŐĂŶĨŝůŝĂƐŝĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶĚĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͖
ϵ͘ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞůĂŬƵŬĂŶƉĞŶũĂƚĂŚĂŶƐĞĐĂƌĂƉƌŽƉŽƌƐŝŽŶĂůƐĞďĂŶĚŝŶŐĚĞŶŐĂŶƉĂƌƚŝƐŝƉĂƐŝ ƐĞƚŝĂƉWĞŵĞŐĂŶŐ
KďůŝŐĂƐŝ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ƉĞŶũƵĂůĂŶ KďůŝŐĂƐŝ ĂƉĂďŝůĂ ũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ ƵŶƚƵŬ ĚŝũƵĂů ŽůĞŚ
WĞŵĞŐĂŶŐKďůŝŐĂƐŝ͕ŵĞůĞďŝŚŝũƵŵůĂŚ KďůŝŐĂƐŝLJĂŶŐĚĂƉĂƚĚŝďĞůŝŬĞŵďĂůŝ͖
ϭϬ͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶũĂŐĂ ŬĞƌĂŚĂƐŝĂĂŶ ĂƚĂƐ ƐĞŵƵĂ ŝŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ƉĞŶĂǁĂƌĂŶ ũƵĂů LJĂŶŐ ƚĞůĂŚ
ĚŝƐĂŵƉĂŝŬĂŶ ŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͖
ϭϭ͘ WĞƌƐĞƌŽĂŶĚĂƉĂƚ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŵďĞůŝĂŶŬĞŵďĂůŝ KďůŝŐĂƐŝƚĂŶƉĂ ŵĞůĂŬƵŬĂŶ ƉĞŶŐƵŵƵŵĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚĚĂůĂŵ ƉŽŝŶϵĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗
Ă͘ :ƵŵůĂŚƉĞŵďĞůŝĂŶŬĞŵďĂůŝ KďůŝŐĂƐŝƚŝĚĂŬůĞďŝŚĚĂƌŝϱй;ůŝŵĂƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝƵŶƚƵŬŵĂƐŝŶŐ Ͳ
ŵĂƐŝŶŐ ũĞŶŝƐKďůŝŐĂƐŝLJĂŶŐďĞƌĞĚĂƌĚĂůĂŵ ƉĞƌŝŽĚĞϭ;ƐĂƚƵͿƚĂŚƵŶƐĞƚĞůĂŚdĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ͖
ď͘ KďůŝŐĂƐŝLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝƚĞƌƐĞďƵƚďƵŬĂŶKďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚĨŝůŝĂƐŝWĞƌƐĞƌŽĂŶ͖ĚĂŶ
Đ͘ KďůŝŐĂƐŝLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝŚĂŶLJĂƵŶƚƵŬĚŝƐŝŵƉĂŶLJĂŶŐŬĞŵƵĚŝĂŶŚĂƌŝĚĂƉĂƚĚŝũƵĂůŬĞŵďĂůŝ͖
ĚĂŶǁĂũŝďĚŝůĂƉŽƌŬĂŶŬĞƉĂĚĂK:<ƉĂůŝŶŐ ůĂŵďĂƚ ĂŬŚŝƌ,Ăƌŝ<ĞƌũĂŬĞ ͲϮ;ŬĞĚƵĂͿƐĞƚĞůĂŚƚĞƌũĂĚŝŶLJĂ ƉĞŵďĞůŝĂŶ
ŬĞŵďĂůŝKďůŝŐĂƐŝ͖
ϭϮ͘ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞůĂƉŽƌŬĂŶŬĞƉĂĚĂK:<ĚĂŶtĂůŝŵĂŶĂƚƐĞƌƚĂŵĞŶŐƵŵƵŵŬĂŶ ŬĞƉĂĚĂƉƵďůŝŬĚĂůĂŵǁĂŬƚƵ
ƉĂůŝŶŐůĂŵďĂƚ Ϯ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚĚŝůĂŬƵŬĂŶŶLJĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͕ ŝŶĨŽƌŵĂƐŝLJĂŶŐŵĞůŝƉƵƚŝ
ĂŶƚĂƌĂůĂŝŶ͗
Ă͘ ũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐƚĞůĂŚĚŝďĞůŝ͖
ď͘ ƌŝŶĐŝĂŶũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐƚĞůĂŚĚŝďĞůŝŬĞŵďĂůŝƵŶƚƵŬƉĞůƵŶĂƐĂŶĂƚĂƵ ĚŝƐŝŵƉĂŶƵŶƚƵŬĚŝũƵĂůŬĞŵďĂůŝ͖
3
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Đ͘ ŚĂƌŐĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝ KďůŝŐĂƐŝLJĂŶŐƚĞůĂŚƚĞƌũĂĚŝ͖ĚĂŶ
Ě͘ ũƵŵůĂŚĚĂŶĂLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͖
ϭϯ͘ WĞŵďĞůŝĂŶ ŬĞŵďĂůŝ KďůŝŐĂƐŝ ǁĂũŝď ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ĂƐƉĞŬ ŬĞƉĞŶƚŝŶŐĂŶ ĞŬŽŶŽŵŝƐ WĞƌƐĞƌŽĂŶ ĂƚĂƐ
ƉĞŵďĞůŝĂŶŬĞŵďĂůŝƚĞƌƐĞďƵƚ͖
ϭϰ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝŽůĞŚWĞƌƐĞƌŽĂŶŵĞŶŐĂŬŝďĂƚŬĂŶ͗
Ă͘ ŚĂƉƵƐŶLJĂƐĞŐĂůĂŚĂŬLJĂŶŐŵĞůĞŬĂƚƉĂĚĂKďůŝŐĂƐŝLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝ͕ŚĂŬŵĞŶŐŚĂĚŝƌŝZhWK͕ŚĂŬƐƵĂƌĂ͕
ĚĂŶ ŚĂŬ ŵĞŵƉĞƌŽůĞŚ ƵŶŐĂ KďůŝŐĂƐŝ ƐĞƌƚĂ ŵĂŶĨĂĂƚ ůĂŝŶ ĚĂƌŝ KďůŝŐĂƐŝ LJĂŶŐ ĚŝďĞůŝ ŬĞ ŵďĂůŝ ũŝŬĂ
ĚŝŵĂŬƐƵĚŬĂŶ ƵŶƚƵŬƉĞůƵŶĂƐĂŶ͖ĂƚĂƵ
ď͘ WĞŵďĞƌŚĞŶƚŝĂŶƐĞŵĞŶƚĂƌĂƐĞŐĂůĂŚĂŬLJĂŶŐŵĞůĞŬĂƚƉĂĚĂKďůŝŐĂƐŝLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝ͕ŚĂŬŵĞŶŐŚĂĚŝƌŝ
ZhWK͕ŚĂŬƐƵĂƌĂ͕ ĚĂŶŚĂŬŵĞŵƉĞƌŽůĞŚƵŶŐĂƐĞƌƚĂŵĂŶĨĂĂƚ ůĂŝŶĚĂƌŝKďůŝŐĂƐŝLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝ͕ũŝŬĂ
ĚŝŵĂŬƐƵĚŬĂŶ ƵŶƚƵŬĚŝƐŝŵƉĂŶ ƵŶƚƵŬĚŝũƵĂůŬĞŵďĂůŝ͘
,<^ E/KZ/d^Z/hdE'
,ĂŬWĞŵĞŐĂŶŐ KďůŝŐĂƐŝĂĚĂůĂŚ ƉĂƌŝƉĂƐƐƵƚĂŶƉĂ ŚĂŬƉƌĞĨĞƌĞŶĚĞŶŐĂŶŚĂŬͲŚĂŬ ŬƌĞĚŝƚƵƌWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂ ďĂŝŬ
LJĂŶŐƐĞŬĂƌĂŶŐĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶ ĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͕ŬĞĐƵĂůŝŚĂŬͲŚĂŬŬƌĞĚŝƚƵƌWĞƌƐĞƌŽĂŶLJĂŶŐĚŝũĂŵŝŶƐĞĐĂƌĂ
ŬŚƵƐƵƐĚĞŶŐĂŶŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶďĂŝŬLJĂŶŐƚĞůĂŚĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂ͘
W Dd^EͲW Dd^E E< t:/EW Z^ ZKE
ϭ͘ ^ĞďĞůƵŵ ĚŝůƵŶĂƐŝŶLJĂ ƐĞŵƵĂ :ƵŵůĂŚ dĞƌŚƵƚĂŶŐ ĂƚĂƵ ƉĞŶŐĞůƵĂƌĂŶ ůĂŝŶ LJĂŶŐ ŵĞŶũĂĚŝ ƚĂŶŐŐƵŶŐ ũĂǁĂď
WĞƌƐĞƌŽĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝWĞƌƐĞƌŽĂŶďĞƌũĂŶũŝĚĂŶŵĞŶŐŝŬĂƚĚŝƌŝďĂŚǁĂ WĞƌƐĞƌŽĂŶ͕
ƚĂŶƉĂ ƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐĚĂƌŝtĂůŝŵĂŶĂƚ͕ ƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐ ƚĞƌƐĞďƵƚƚƵŶĚƵŬƉĂĚĂŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
Ă͘ ƉĞƌƐĞƚƵũƵĂŶƚĞƌƐĞďƵƚƚŝĚĂŬĂŬĂŶĚŝƚŽůĂŬƚĂŶƉĂ ĂůĂƐĂŶLJĂŶŐǁĂũĂƌ͖
ď͘ tĂůŝŵĂŶĂƚǁĂũŝďŵĞŵďĞƌŝŬĂŶƚĂŶŐŐĂƉĂŶĂƚĂƐ ƉĞƌŵŽŚŽŶĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵǁĂŬƚƵϭϰ;ĞŵƉĂƚďĞůĂƐͿ
,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ ƉĞƌŵŽŚŽŶĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌƐĞďƵƚ ĚĂŶ ĚŽŬƵŵĞŶ ƉĞŶĚƵŬƵŶŐŶLJĂ ĚŝƚĞƌŝŵĂ ƐĞĐĂƌĂ
ůĞŶŐŬĂƉŽůĞŚtĂůŝŵĂŶĂƚ͕ ĚĂŶũŝŬĂĚĂůĂŵǁĂŬƚƵϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĞƌũĂWĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŶĞƌŝŵĂ
ƚĂŶŐŐĂƉĂŶ ĂƉĂƉƵŶĚĂƌŝtĂůŝŵĂŶĂƚ͕ ŵĂŬĂtĂůŝŵĂŶĂƚ ĚŝĂŶŐŐĂƉ ƚĞůĂŚŵĞŵďĞƌŝŬĂŶŝnjŝŶŶLJĂ͖ĚĂŶ
Đ͘ :ŝŬĂĚĂůĂŵƚĂŶŐŐĂƉĂŶŶLJĂ tĂůŝŵĂŶĂƚŵĞŵŝŶƚĂƚĂŵďĂŚĂŶ ĚĂƚĂĂƚĂƵĚŽŬƵŵĞŶƉĞŶĚƵŬƵŶŐůĂŝŶŶLJĂ͕ŝnjŝŶ
ĂƚĂƵƉĞŶŽůĂŬĂŶǁĂũŝďĚŝďĞƌŝŬĂŶŽůĞŚtĂůŝŵĂŶĂƚĚĂůĂŵǁĂŬƚƵϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚĚĂƚĂ
ĂƚĂƵ ĚŽŬƵŵĞŶƉĞŶĚƵŬƵŶŐůĂŝŶŶLJĂ ƚĞƌƐĞďƵƚĚŝƚĞƌŝŵĂ ƐĞĐĂƌĂůĞŶŐŬĂƉŽůĞŚtĂůŝ ŵĂŶĂƚ ĚĂŶũŝŬĂĚĂůĂŵ
ǁĂŬƚƵ ϭϰ;ĞŵƉĂƚ ďĞůĂƐͿ,Ăƌŝ <ĞƌũĂƚĞƌƐĞďƵƚ WĞƌƐĞƌŽĂŶƚŝĚĂŬ ŵĞŶĞƌŝŵĂ ƚĂŶŐŐĂƉĂŶ ĂƉĂƉƵŶ ĚĂƌŝ tĂůŝ
ŵĂŶĂƚ͕ ŵĂŬĂtĂůŝŵĂŶĂƚ ĚŝĂŶŐŐĂƉƚĞůĂŚŵĞŵďĞƌŝŬĂŶŝnjŝŶ͖
WĞƌƐĞƌŽĂŶĚŝůĂƌĂŶŐŵĞůĂŬƵŬĂŶƚŝŶĚĂŬĂŶ ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ DĞŵďĞƌŝŬĂŶƉŝŶũĂŵĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶĚŝůƵĂƌŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞŚĂƌŝͲŚĂƌŝ͕ŬĞĐƵĂůŝ͗
ŝ͘ ƉŝŶũĂŵĂŶ ƚĞƌƐĞďƵƚƚŝĚĂŬŵĞůĞďŝŚŝϮϬй;ĚƵĂƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝĞŬƵŝƚĂƐWĞƌƐĞƌŽĂŶ͖
ŝŝ͘ ƉŝŶũĂŵĂŶ LJĂŶŐƚĞůĂŚĂĚĂƐĞďĞůƵŵĚŝƚĂŶĚĂƚĂŶŐĂŶŝ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͖
ŝŝŝ͘ ƉŝŶũĂŵĂŶ ŬĞƉĂĚĂ ŬĂƌLJĂǁĂŶ ƚĞƌŵĂƐƵŬ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞƉĂŶũĂŶŐ ŚĂů ƚĞƌƐĞďƵƚ
ĚŝůĂŬƵŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵƐĂŚĂĂŶLJĂŶŐďĞƌůĂŬƵĚĂŶĚŝůĂŬƐĂŶĂŬĂŶ ƐĞĐĂƌĂǁĂũĂƌ͘
ď͘ DĞůĂŬƵŬĂŶƉĞŶŐŐĂďƵŶŐĂŶĂƚĂƵŬŽŶƐŽůŝĚĂƐŝĚĂŶͬĂƚĂƵ ƉĞůĞďƵƌĂŶĚĞŶŐĂŶWĞƌƐĞƌŽĂŶĂƚĂƵƉŝŚĂŬůĂŝŶĂƚĂƵ
ŵĞŶŐŝnjŝŶŬĂŶŶĂŬWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŶŐŐĂďƵŶŐĂŶ͕ ŬŽŶƐŽůŝĚĂƐŝĚĂŶͬĂƚĂƵ ƉĞůĞďƵƌĂŶĚĞŶŐĂŶ
ƉĞƌƵƐĂŚĂĂŶ ĂƚĂƵ ƉŝŚĂŬ ůĂŝŶ͕ ŬĞĐƵĂůŝ ƐĞƉĂŶũĂŶŐ ĚŝůĂŬƵŬĂŶ ƉĂĚĂ ďŝĚĂŶŐ ƵƐĂŚĂ LJĂŶŐ ƐĂŵĂ ĚĂŶ ƚŝĚĂŬ
ŵĞŵƉƵŶLJĂŝ ĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ƚĞƌŚĂĚĂƉ ũĂůĂŶŶLJĂ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ƚŝĚĂŬ ŵĞŵƉĞŶŐĂƌƵŚŝ
ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶĚĂůĂŵŵĞůĂŬƵŬĂŶWĞŵďĂLJĂƌĂŶWŽŬŽŬKďůŝŐĂƐŝĚĂŶͬĂƚĂƵƵŶŐĂKďůŝŐĂƐŝĚĞŶŐĂŶ
ŵĞŵĞŶƵŚŝ ƐĞŵƵĂ ƐLJĂƌĂƚ ĚĂŶ ŬŽŶĚŝƐŝ KďůŝŐĂƐŝ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶ ĚŽŬƵŵĞŶ ůĂŝŶ
LJĂŶŐďĞƌŬĂŝƚĂŶƚĞƚĂƉďĞƌůĂŬƵĚĂŶŵĞŶŐŝŬĂƚ ƐĞƉĞŶƵŚŶLJĂƉĞƌƵƐĂŚĂĂŶƉĞŶĞƌƵƐ;ƐƵƌǀŝǀŝŶŐĐŽŵƉĂŶLJͿ͕ĚĂŶ
ĚĂůĂŵ ŚĂůWĞƌƐĞƌŽĂŶďƵŬĂŶŵĞƌƵƉĂŬĂŶ ƉĞƌƵƐĂŚĂĂŶƉĞŶĞƌƵƐ͕ŵĂŬĂ ƐĞůƵƌƵŚŬĞǁĂũŝďĂŶ KďůŝŐĂƐŝ ƚĞůĂŚ
ĚŝĂůŝŚŬĂŶ ƐĞĐĂƌĂ ƐĂŚ ŬĞƉĂĚĂƉĞƌƵƐĂŚĂĂŶ ƉĞŶĞƌƵƐ͕ĚĂŶ ƉĞƌƵƐĂŚĂĂŶ ƉĞŶĞƌƵƐƚĞƌƐĞďƵƚŵĞŵŝůŝŬŝ ĂŬƚŝǀĂ
ĚĂŶŬĞŵĂŵƉƵĂŶ LJĂŶŐŵĞŵĂĚĂŝ ƵŶƚƵŬŵĞŶũĂŵŝŶ ƉĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝ
Đ͘ DĞůĂŬƵŬĂŶ ƉĞŶũƵĂůĂŶ ĂƚĂƵ ƉĞŶŐĂůŝŚĂŶ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ŵĞůĞƉĂƐŬĂŶ ĚĂůĂŵ ϭ ;ƐĂƚƵͿ ĂƚĂƵ
ďĞďĞƌĂƉĂƚƌĂŶƐĂŬƐŝLJĂŶŐďĞƌŚƵďƵŶŐĂŶ͕ƐĞůƵƌƵŚĂŬƚŝǀĂĂƚĂƵ ƐĞďĂŐŝĂŶďĞƐĂƌĂŬƚŝǀĂ͕ŬĞĐƵĂůŝ
ŝ͘ ĚĂůĂŵ ƌĂŶŐŬĂŬĞŐŝĂƚĂŶ ƵƐĂŚĂƐĞŚĂƌŝͲŚĂƌŝWĞƌƐĞƌŽĂŶ͖
ŝŝ͘ ƉĞŶũƵĂůĂŶ͕ ƉĞŶŐĂůŝŚĂŶĂƚĂƵ ƉĞůĞƉĂƐĂŶĂƚĂƐ ĂŬƚŝǀĂ ƚĞƚĂƉ LJĂŶŐƐƵĚĂŚƚƵĂĂƚĂƵ ƚŝĚĂŬ ƉƌŽĚƵŬƚŝĨ;ďĂŝŬ
ƐĞĐĂƌĂƐĞŶĚŝƌŝͲƐĞŶĚŝƌŝŵĂƵƉƵŶďĞƌƐĂŵĂĚĞŶŐĂŶƐĂƚƵĂƚĂƵůĞďŝŚƉĞŶũƵĂůĂŶ͕ƉĞŶLJĞǁĂĂŶ͕ƉĞŶŐĂůŝŚĂŶ
ĂƚĂƵƉĞůĞƉĂƐĂŶͿ͖
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
ŝŝŝ͘ ĂůĂŵ ƌĂŶŐŬĂ ƉĞůĂŬƐĂŶĂĂŶ ŚĂŬ ĚĂŶŬĞǁĂũŝďĂŶ LJĂŶŐ ƚĞƌƚƵĂŶŐ ĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ
ĚĂŶͬĂƚĂƵ ƉĞƌŝŬĂƚĂŶLJĂŶŐƚĞůĂŚĂĚĂĂƚĂƵĚŝďƵĂƚŽůĞŚWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƉŝŚĂŬůĂŝŶƐĞďĞůƵŵƚĂŶŐŐĂů
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ŝŶŝ͘
ĚĂƉƵŶLJĂŶŐĚŝŵĂŬƐƵĚƐĞďĂŐŝĂŶďĞƐĂƌĂŬƚŝǀĂĂĚĂůĂŚůĞďŝŚĚĂƌŝϮϬй;ĚƵĂƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝƚŽƚĂů ĂŬƚŝǀĂ
WĞƌƐĞƌŽĂŶďĞƌĚĂƐĂƌŬĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝ WĞƌƐĞƌŽĂŶ͘
Ě͘ DĞůĂŬƵŬĂŶƉĞƌƵďĂŚĂŶ<ĞŐŝĂƚĂŶhƐĂŚĂ ƵƚĂŵĂ WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞƌƵďĂŚ<ĞŐŝĂƚĂŶhƐĂŚĂ ƵƚĂŵĂŶLJĂ͘
Ğ͘ DĞŶŐƵƌĂŶŐŝ ŵŽĚĂů ĚĂƐĂƌ ĚĂŶ ŵŽĚĂů ĚŝƐĞƚŽƌ WĞƌƐĞƌŽĂŶƚĞƚĂƉŝ ƚŝĚĂŬ ƚĞƌŵĂƐƵŬ ƚƌĞĂƐƵƌLJ ƐƚŽĐŬ ƐĞƐƵĂŝ
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶŚƵŬƵŵLJĂŶŐďĞƌůĂŬƵ͘
Ĩ͘ DĞŶĞƌďŝƚŬĂŶŝŶƐƚƌƵŵĞŶ ĨĞŬŚƵƚĂŶŐ ůĂŝŶLJĂŶŐŵĞŵƉƵŶLJĂŝŬĞĚƵĚƵŬĂŶůĞďŝŚƚŝŶŐŐŝ ĚĂƌŝKďůŝŐĂƐŝ͘
Ϯ͘ WĞƌƐĞƌŽĂŶďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬ͗
Ă͘ DĞŵĞŶƵŚŝ ƐĞŵƵĂ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶ ƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ ƐĞŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ
ď͘ DĞŶLJĞƚŽƌŬĂŶũƵŵůĂŚ ƵĂŶŐƵŶƚƵŬƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ƉĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝLJĂŶŐ
ũĂƚƵŚƚĞŵƉŽLJĂŶŐŚĂƌƵƐƚĞůĂŚĚŝƚĞƌŝŵĂƐĞĐĂƌĂĞĨĞŬƚŝĨ;ŝŶŐŽŽĚĨƵŶĚƐͿƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϭ;ƐĂƚƵͿ ,Ăƌŝ
<ĞƌũĂƐĞďĞůƵŵdĂŶŐŐĂů WĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ dĂŶŐŐĂů WĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝ͕ ŚĂƌƵƐ
ƚĞůĂŚ ĞĨĞŬƚŝĨ ĚĂůĂŵ ƌĞŬĞŶŝŶŐ <^ / LJĂŶŐ ĂĚĂ Ěŝ ŐĞŶ WĞŵďĂLJĂƌĂŶ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ ŐĞŶ
WĞŵďĂLJĂƌĂŶ͘ ^ĞŚƵďƵŶŐĂŶĚĞŶŐĂŶ ƉĞŵďĂLJĂƌĂŶĚĂŶĂ ƚĞƌƐĞďƵƚĚŝĂƚĂƐ͕ WĞƌƐĞƌŽĂŶďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬ
ŵĞŶLJĞƌĂŚŬĂŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚ ďƵŬƚŝƉĞŶŐŝƌŝŵĂŶĚĂŶĂƚĞƌƐĞďƵƚƉĂĚĂŚĂƌŝLJĂŶŐƐĂŵĂ͘ ƉĂďŝůĂůĞǁĂƚ
ƚĂŶŐŐĂů ũĂƚƵŚ ƚĞŵƉŽ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ũƵŵůĂŚ WŽŬŽŬKďůŝŐĂƐŝ͕ WĞƌƐĞƌŽĂŶďĞůƵŵ
ŵĞŶLJĞƌĂŚŬĂŶ ĚĂŶĂͲĚĂŶĂ ƚĞƌƐĞďƵƚ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶŚĂƌƵƐ ŵĞŵďĂLJĂƌ ĞŶĚĂ ĂƚĂƐ ũƵŵůĂŚ ĚĂŶĂ LJĂŶŐ
ǁĂũŝď ĚŝďĂLJĂƌ͘ ĞŶĚĂ ƚĞƌƐĞďƵƚ ĚŝŚŝƚƵŶŐ ďĞƌĚĂƐĂƌŬĂŶ ũƵŵůĂŚ ŚĂƌŝ LJĂŶŐ ůĞǁĂƚ ĚĞŶŐĂŶ ƉĞƌŚŝƚƵŶŐĂŶ ϭ
;ƐĂƚƵͿďƵůĂŶĂĚĂůĂŚϯϬ;ƚŝŐĂƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌĚĂŶϭ;ƐĂƚƵͿƚĂŚƵŶĂĚĂůĂŚϯϲϬ;ƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚͿ
,Ăƌŝ<ĂůĞŶĚĞƌ͕ƐĂŵƉĂŝĚĞŶŐĂŶƉĞůƵŶĂƐĂŶĞĨĞŬƚŝĨũƵŵůĂŚĚĞŶĚĂƚĞƌƐĞďƵƚĚŝĂƚĂƐ͘ ĞŶĚĂLJĂŶŐĚŝďĂLJĂƌŬĂŶ
ŽůĞŚWĞƌƐĞƌŽĂŶLJĂŶŐŵĞƌƵƉĂŬĂŶ ŚĂŬ WĞŵĞŐĂŶŐKďůŝŐĂƐŝ ĂŬĂŶ ĚŝďĂLJĂƌŬĂŶ ŬĞƉĂĚĂWĞŵĞŐĂŶŐ KďůŝŐĂƐŝ
ƐĞĐĂƌĂ ƉƌŽƉŽƌƐŝŽŶĂů ďĞƌĚĂƐĂƌŬĂŶ ďĞƐĂƌŶLJĂ KďůŝŐĂƐŝ LJĂŶŐ ĚŝŵŝůŝŬŝŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ
WĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ͘
Đ͘ ^ĞŐĞƌĂŵĞŵďĞƌŝƚĂŚƵŬĂŶ ĂƚĂƵŵĞŵďĞƌŝŬĂŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚ͕ ĚĂƚĂ͕ĚŽŬƵŵĞŶĚĂŶͬĂƚĂƵŬĞƚĞƌĂŶŐĂŶͲ
ŬĞƚĞƌĂŶŐĂŶLJĂŶŐƐĞǁĂŬƚƵͲǁĂŬƚƵ ĚŝŵŝŶƚĂ ŽůĞŚtĂůŝŵĂŶĂƚ ĚĞŶŐĂŶǁĂũĂƌŵĞŶŐĞŶĂŝŽƉĞƌĂƐŝ͕ŬĞĂĚĂĂŶ
ŬĞƵĂŶŐĂŶ͕ĂŬƚŝǀĂ WĞƌƐĞƌŽĂŶĚĂŶŚĂůůĂŝŶͲůĂŝŶ͘
Ě͘ DĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ĚĞŶŐĂŶ ƐĞďĂŝŬͲďĂŝŬŶLJĂ ĚĂŶ ƐĞĐĂƌĂĞĨŝƐŝĞŶ ƐĞƌƚĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉƌĂŬƚĞŬ
ŬĞƵĂŶŐĂŶĚĂŶŬĞŐŝĂƚĂŶ ƵƐĂŚĂƐĞďĂŐĂŝŵĂŶĂ ŵĞƐƚŝŶLJĂ ĚĂŶƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵ͘
Ğ͘ DĞŵďĞƌŝŝnjŝŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚĂƚĂƵ ƉŝŚĂŬLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚtĂůŝŵĂŶĂƚ͕ ƵŶƚƵŬƐĞůĂŵĂũĂŵŬĞƌũĂ
WĞƌƐĞƌŽĂŶŵĞŵĂƐƵŬŝ ŐĞĚƵŶŐͲŐĞĚƵŶŐĚĂŶŚĂůĂŵĂŶͲŚĂůĂŵĂŶ LJĂŶŐĚŝŵŝůŝŬŝ ĂƚĂƵĚŝŬƵĂƐĂŝ WĞƌƐĞƌŽĂŶĚĂŶ
ƵŶƚƵŬŵĞůĂŬƵŬĂŶ ƉĞŵĞƌŝŬƐĂĂŶĂƚĂƐ ďƵŬƵͲďƵŬƵ͕ŝnjŝŶͲŝnjŝŶĚĂŶĐĂƚĂƚĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶLJĂŶŐƚĞƌŬĂŝƚ
ĚĞŶŐĂŶ ƉĞŶĞƌďŝƚĂŶ KďůŝŐĂƐŝ ƐĞƉĂŶũĂŶŐ ƚŝĚĂŬ ďĞƌƚĞŶƚĂŶŐĂŶ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ďĞƌůĂŬƵ͕ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ tĂůŝ ŵĂŶĂƚ ǁĂũŝď ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŚĂů ƚĞƌƐĞďƵƚ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ
ŵŝŶŝŵĂů ϯ;ƚŝŐĂͿ,Ăƌŝ<ĞƌũĂƐĞďĞůƵŵŶLJĂ͘
Ĩ͘ ^ĞŐĞƌĂŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ tĂůŝŵĂŶĂƚ ƐĞĐĂƌĂƚĞƌƚƵůŝƐĚĂůĂŵ ǁĂŬƚƵ Ϯ;ĚƵĂͿ,Ăƌŝ <ĞƌũĂƐĞƚĞůĂŚ
ŬĞũĂĚŝĂŶͲŬĞũĂĚŝĂŶ ƚĞƌƐĞďƵƚďĞƌůĂŶŐƐƵŶŐ͗
ŝ͘ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ͕ƐĞƚŝĂƉ ƉĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ͕ ƉĞƌƵďĂŚĂŶ ƐƵƐƵŶĂŶ ŝƌĞŬƐŝ ĚĂŶ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ƐĞƌƚĂ ĚŝŝŬƵƚŝ ĚĞŶŐĂŶ
ƉĞŶLJĞƌĂŚĂŶĂŬƚĂͲĂŬƚĂ ŬĞƉƵƚƵƐĂŶZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ^ĂŚĂŵ͖
ŝŝ͘ ƉĞƌŬĂƌĂƉŝĚĂŶĂ͕ ƉĞƌĚĂƚĂ͕ŬĞƉĂŝůŝƚĂŶ͕ ĂĚŵŝŶŝƐƚƌĂƐŝ ĚĂŶƉĞƌďƵƌƵŚĂŶLJĂŶŐŵĞůŝďĂƚŬĂŶ WĞƌƐĞƌŽĂŶLJĂŶŐ
ƐĞĐĂƌĂŵĂƚĞƌŝĂůŵĞŵƉĞŶŐĂƌƵŚŝŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶ ŬĞǁĂũŝďĂŶďĞƌĚĂƐĂƌŬĂŶ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
Ő͘ DĞŶLJĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂtĂůŝŵĂŶĂƚ͗
ŝ͘ ^ĂůŝŶĂŶ ĚĂƌŝ ůĂƉŽƌĂŶͲůĂƉŽƌĂŶ ĚŝƐĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂ K:<͕ ƵƌƐĂ ĨĞŬ ĚĂŶ <^ /͕ ƐĂůŝŶĂŶ ĚĂƌŝ
ƉĞŵďĞƌŝƚĂŚƵĂŶ ĂƚĂƵ ƐƵƌĂƚ ĞĚĂƌĂŶ ŬĞƉĂĚĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂůĂŵ ǁĂŬƚƵ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ Ϯ
;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚůĂƉŽƌĂŶͲůĂƉŽƌĂŶ ƚĞƌƐĞďƵƚĚŝƐĞƌĂŚŬĂŶŬĞƉĂĚĂƉŝŚĂŬͲƉŝŚĂŬ LJĂŶŐĚŝƐĞďƵƚŬĂŶ
ĚŝĂƚĂƐ͘ ĂůĂŵ ŚĂůtĂůŝŵĂŶĂƚ ŵĞŵĂŶĚĂŶŐ ƉĞƌůƵ͕ďĞƌĚĂƐĂƌŬĂŶƉĞƌŵŽŚŽŶĂŶtĂůŝŵĂŶĂƚ ƐĞĐĂƌĂ
ƚĞƌƚƵůŝƐ͕WĞƌƐĞƌŽĂŶǁĂũŝď ŵĞŶLJĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂtĂůŝŵĂŶĂƚ ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶƚĂŵďĂŚĂŶ LJĂŶŐ
ďĞƌŬĂŝƚĂŶĚĞŶŐĂŶůĂƉŽƌĂŶͲůĂƉŽƌĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐ;ũŝŬĂĂĚĂͿƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϱ;ůŝŵĂͿ,Ăƌŝ<ĞƌũĂ
ƐĞƚĞůĂŚƚĂŶŐŐĂů ƐƵƌĂƚƉĞƌŵŽŚŽŶĂŶƚĞƌƐĞďƵƚĚŝƚĞƌŝŵĂŽůĞŚWĞƌƐĞƌŽĂŶ͘
ŝŝ͘ ^ĂůŝŶĂŶƌĞƐŵŝĂŬƚĂͲĂŬƚĂ ĚĂŶƉĞƌũĂŶũŝĂŶLJĂŶŐĚŝďƵĂƚƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝĚĂůĂŵ
ǁĂŬƚƵƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ Ϯ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƐĂůŝŶĂŶƚĞƌƐĞďƵƚŽůĞŚWĞƌƐĞƌŽĂŶ͘
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ŝŝŝ͘ ůĂƉŽƌĂŶ ƐĞƚŝĂƉ ƉĞůĂŶŐŐĂƌĂŶ ƚĞƌŚĂĚĂƉ ƉĞŵďĂƚĂƐĂŶͲƉĞŵďĂƚĂƐĂŶ ĚĂŶ ŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ŝŶŝ͕ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ Ϯ;ĚƵĂͿ ,Ăƌŝ
<ĞƌũĂƐĞƚĞůĂŚĚŝŬĞƚĂŚƵŝŶLJĂƉĞůĂŶŐŐĂƌĂŶ ƚĞƌƐĞďƵƚ͘
ŝǀ͘ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ ƚĂŚƵŶĂŶ WĞƌƐĞƌŽĂŶ;ŬŽŶƐŽůŝĚĂƐŝͿ LJĂŶŐ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚĂŬƵŶƚĂŶ ƉƵďůŝŬ LJĂŶŐ
ƚĞƌĚĂĨƚĂƌ Ěŝ K:< ĚŝƐĂŵƉĂŝŬĂŶ ďĞƌƐĂŵĂĂŶ ĚĞŶŐĂŶ ƉĞŶLJĞƌĂŚĂŶ ůĂƉŽƌĂŶ ŬĞ K:< ĂƚĂƵ ƐĞůĂŵďĂƚͲ
ůĂŵďĂƚŶLJĂ ƉĂĚĂĂŬŚŝƌďƵůĂŶŬĞƚŝŐĂƐĞƚĞůĂŚƚĂŶŐŐĂůůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƚĂŚƵŶĂŶ WĞƌƐĞƌŽĂŶŵĂŶĂLJĂŶŐ
ůĞďŝŚĚĂŚƵůƵ͘
ǀ͘ >ĂƉŽƌĂŶŬĞƵĂŶŐĂŶ ƚĞŶŐĂŚ ƚĂŚƵŶĂŶ WĞƌƐĞƌŽĂŶ;ŬŽŶƐŽůŝĚĂƐŝͿ LJĂŶŐ ĚŝƐĂŵƉĂŝŬĂŶ ďĞƌƐĂŵĂĂŶ ĚĞŶŐĂŶ
ƉĞŶLJĞƌĂŚĂŶůĂƉŽƌĂŶ ŬĞ K:< ĂƚĂƵ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ƉĂĚĂ ĂŬŚŝƌ ďƵůĂŶ ƉĞƌƚĂŵĂ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĞŶŐĂŚ ƚĂŚƵŶĂŶ͕ ũŝŬĂ ƚŝĚĂŬ ĚŝƐĞƌƚĂŝ ůĂƉŽƌĂŶ ĂŬƵŶƚĂŶ͖ ĂƚĂƵ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ
ƉĂĚĂ ĂŬŚŝƌ ďƵůĂŶ ŬĞĚƵĂ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĞŶŐĂŚ ƚĂŚƵŶĂŶ͕ ũŝŬĂ ĚŝƐĞƌƚĂŝ ůĂƉŽƌĂŶ
ĂŬƵŶƚĂŶ ƉƵďůŝŬLJĂŶŐƚĞƌĚĂĨƚĂƌĚŝK:<ĚĂůĂŵƌĂŶŐŬĂƉĞŶĞůĂĂŚĂŶƚĞƌďĂƚĂƐ͖ĂƚĂƵ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ
ƉĂĚĂ ĂŬŚŝƌ ďƵůĂŶ ŬĞƚŝŐĂ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĞŶŐĂŚ ƚĂŚƵŶĂŶ͕ ũŝŬĂ ĚŝƐĞƌƚĂŝ ůĂƉŽƌĂŶ
ĂŬƵŶƚĂŶ ƉƵďůŝŬ LJĂŶŐ ƚĞƌĚĂĨƚĂƌ Ěŝ K:< LJĂŶŐ ŵĞŵďĞƌŝŬĂŶ ƉĞŶĚĂƉĂƚ ƚĞŶƚĂŶŐ ŬĞǁĂũĂƌĂŶ ůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶŵĂŶĂ LJĂŶŐůĞďŝŚĚĂŚƵůƵ͘
Ś͘ ^ĞŐĞƌĂ ŵĞŵďĞƌŝŬĂŶ ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ƚĞŶƚĂŶŐ ƚĞƌũĂĚŝŶLJĂ ŬĞůĂůĂŝĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ĂŶŐŬĂ Ϯ ĚĂŶ ĂŶŐŬĂ ϯ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ŝŶŝ ĂƚĂƵ ĂĚĂŶLJĂ ƉĞŵďĞƌŝƚĂŚƵĂŶ
ŵĞŶŐĞŶĂŝ ŬĞůĂůĂŝĂŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ŽůĞŚ ŬƌĞĚŝƚƵƌ WĞƌƐĞƌŽĂŶ ĂƚĂƵ ƐĞƚŝĂƉ ƉĞƌŝƐƚŝǁĂ LJĂŶŐ ĚĂƉĂƚ
ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŵďĂLJĂƌĂŶƵŶŐĂ KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ƉĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝĚĂŶ:ƵŵůĂŚ dĞƌŚƵƚĂŶŐ
ůĂŝŶŶLJĂƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶ ŵŝƐŝ KďůŝŐĂƐŝ͘ WĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐƚĞƌƐĞďƵƚǁĂũŝď ĚŝƐĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂ
tĂůŝŵĂŶĂƚ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ Ϯ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞũĂŬƚŝŵďƵůŶLJĂ ŬĞůĂůĂŝĂŶƚĞƌƐĞďƵƚ͘
ŝ͘ DĞŵĞůŝŚĂƌĂ ƐŝƐƚĞŵ ĂŬƵŶƚĂŶƐŝ ĚĂŶ ƉĞŶŐĂǁĂƐĂŶ ďŝĂLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ WƌŝŶƐŝƉ ^ƚĂŶĚĂƌ ŬƵŶƚĂŶƐŝ LJĂŶŐ
ďĞƌůĂŬƵ Ěŝ /ŶĚŽŶĞƐŝĂ ĚĂŶ ŵĞŵĞůŝŚĂƌĂ ďƵŬƵͲďƵŬƵ ĚĂŶ ĐĂƚĂƚĂŶͲĐĂƚĂƚĂŶ ůĂŝŶ LJĂŶŐ ĐƵŬƵƉ ƵŶƚƵŬ
ŵĞŶŐŐĂŵďĂƌŬĂŶ ĚĞŶŐĂŶƚĞƉĂƚ ŬĞĂĚĂĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶĚĂŶŚĂƐŝů ŽƉĞƌĂƐŝŽŶĂůŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉĂŬƵŶƚĂŶƐŝ LJĂŶŐďĞƌůĂŬƵƵŵƵŵ ĚĂŶĚŝƚĞƌĂƉŬĂŶƐĞĐĂƌĂŬŽŶƐŝƐƚĞŶ ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶ
ŬĞƚĞŶƚƵĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ũ͘ DĞŵƉĞƌƚĂŚĂŶŬĂŶ ĚĂŶ ŵĞŶũĂŐĂ ŬĞĚƵĚƵŬĂŶ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝ ƉĞƌƐĞƌŽĂŶƚĞƌďĂƚĂƐ ĚĂŶ ďĂĚĂŶ ŚƵŬƵŵ͕
ĚĂŶ ƐĞŵƵĂ ŚĂŬͲŚĂŬ ĚĂŶŝnjŝŶͲŝnjŝŶ LJĂŶŐ ƐĞŬĂƌĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ WĞƌƐĞƌŽĂŶĚĂŶ ƐĞŐĞƌĂŵĞŵŽŚŽŶ ŝnjŝŶͲŝnjŝŶ
ďŝůĂŵĂŶĂ ŝnjŝŶͲŝnjŝŶƚĞƌƐĞďƵƚďĞƌĂŬŚŝƌĂƚĂƵ ĚŝƉĞƌůƵŬĂŶƵŶƚƵŬŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂŶLJĂ͘
Ŭ͘ DĞŵƉĞƌŽůĞŚ͕ŵĞŵĂƚƵŚŝ ƐĞŐĂůĂŬĞƚĞŶƚƵĂŶĚĂŶŵĞůĂŬƵŬĂŶŚĂůͲŚĂůLJĂŶŐĚŝƉĞƌůƵŬĂŶƵŶƚƵŬŵĞŶũĂŐĂ ƚĞƚĂƉ
ďĞƌůĂŬƵŶLJĂƐĞŐĂůĂŬƵĂƐĂ͕ŝnjŝŶĚĂŶƉĞƌƐĞƚƵũƵĂŶ;ďĂŝŬĚĂƌŝƉĞŵĞƌŝŶƚĂŚĂƚĂƵƉƵŶůĂŝŶŶLJĂͿĚĂŶĚĞŶŐĂŶƐĞŐĞƌĂ
ŵĞŵďĞƌŝŬĂŶ ůĂƉŽƌĂŶ ĚĂŶ ŵĂƐƵŬĂŶ ĚĂŶ ŵĞůĂŬƵŬĂŶ ŚĂůͲŚĂů LJĂŶŐ ĚŝǁĂũŝďŬĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ƐĞĐĂƌĂ ƐĂŚ ŵĞŶũĂůĂŶŬĂŶ ŬĞǁĂũŝďĂŶŶLJĂ
ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶ ƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ
WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂůĂŵ ŵĂŶĂ WĞƌƐĞƌŽĂŶ ŵĞŶũĂĚŝ ƐĂůĂŚ ƐĂƚƵ ƉŝŚĂŬŶLJĂ ĂƚĂƵ ŵĞŵĂƐƚŝŬĂŶ
ŬĞĂďƐĂŚĂŶ͕ ŬĞďĞƌůĂŬƵĂŶ͕ ĚĂƉĂƚ ĚŝůĂŬƐĂŶĂŬĂŶŶLJĂ ƐĞƚŝĂƉ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶ ƉĞƌũĂŶũŝĂŶͲ
ƉĞƌũĂŶũŝĂŶůĂŝŶŶLJĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶWĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚŝZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘
ů͘ DĞŵĞůŝŚĂƌĂ ŚĂƌƚĂ ŬĞŬĂLJĂĂŶ ĂŐĂƌ ƚĞƚĂƉ ĚĂůĂŵ ŬĞĂĚĂĂŶ ďĂŝŬ ĚĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶͲ
ŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝůĂŬƵŬĂŶƉĂĚĂƵŵƵŵŶLJĂ ŵĞŶŐĞŶĂŝŚĂƌƚĂŵŝůŝŬĚĂŶƵƐĂŚĂLJĂŶŐƐĞƌƵƉĂ͘
ŵ͘ DĞŵĞůŝŚĂƌĂ ĂƐƵƌĂŶƐŝͲĂƐƵƌĂŶƐŝ LJĂŶŐ ƐƵĚĂŚ ďĞƌũĂůĂŶ ĚĂŶ ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ <ĞŐŝĂƚĂŶ hƐĂŚĂ
WĞƌƐĞƌŽĂŶĚĂŶŚĂƌƚĂŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƉĞƌƵƐĂŚĂĂŶĂƐƵƌĂŶƐŝLJĂŶŐďĞƌĞƉƵƚĂƐŝďĂŝŬƚĞƌŚĂĚĂƉƐĞŐĂůĂ
ƌĞƐŝŬŽLJĂŶŐďŝĂƐĂĚŝŚĂĚĂƉŝŽůĞŚƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶ LJĂŶŐďĞƌŐĞƌĂŬĚĂůĂŵďŝĚĂŶŐƵƐĂŚĂƵƚĂŵĂLJĂŶŐ
ƐĂŵĂ ĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͘
Ŷ͘ DĞŵďĂLJĂƌ ŬĞǁĂũŝďĂŶ ƉĂũĂŬ ĂƚĂƵ ďĞĂ ůĂŝŶŶLJĂ LJĂŶŐ ŵĞŶũĂĚŝ ďĞďĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ
ƵƐĂŚĂŶLJĂƐĞďĂŐĂŝŵĂŶĂ ŵĞƐƚŝŶLJĂ͘
Ž͘ DĞůĂŬƵŬĂŶƉĞŵĞƌŝŶŐŬĂƚĂŶ ĂƚĂƐKďůŝŐĂƐŝ ƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶK:<EŽŵŽƌ ϰϵďĞƌŝŬƵƚƉĞƌƵďĂŚĂŶŶLJĂ
ĚĂŶͬĂƚĂƵ ƉĞŶŐĂƚƵƌĂŶ ůĂŝŶŶLJĂ LJĂŶŐ ǁĂũŝď ĚŝƉĂƚƵŚŝ ŽůĞŚ WĞƌƐĞƌŽĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶ ƉĞŵĞƌŝŶŐŬĂƚĂŶ
ƚĞƌƐĞďƵƚƐĞƌƚĂŵĞŶLJĂŵƉĂŝŬĂŶ ŚĂƐŝůƉĞŵĞƌŝŶŐŬĂƚĂŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚ͘
Ɖ͘ DĞŵĂƐƚŝŬĂŶ ŬĞĂĚĂĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƚĂŚƵŶĂŶ WĞƌƐĞƌŽĂŶ
ƚĞƌĂŬŚŝƌLJĂŶŐ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ<ĂŶƚŽƌŬƵŶƚĂŶ WƵďůŝŬLJĂŶŐ ƚĞƌĚĂĨƚĂƌ ĚŝK:<LJĂŶŐ ĚŝƐĞƌĂŚŬĂŶ ŬĞƉĂĚĂ
tĂůŝŵĂŶĂƚ ďĞƌĚĂƐĂƌŬĂŶŬĞƚĞŶƚƵĂŶĚĂůĂŵ ŚƵƌƵĨŐ͕ŚĂƌƵƐŵĞŶĐĞƌŵŝŶŬĂŶƌĂƐŝŽ͗
ŝ͘ ƵƌƌĞŶƚZĂƚŝŽ;dŽƚĂůƐĞƚ>ĂŶĐĂƌĚŝďĂŐŝdŽƚĂů>ŝĂďŝůŝƚĂƐ >ĂŶĐĂƌͿŵŝŶŝŵĂů ϭdž;ƐĂƚƵŬĂůŝͿ͖
ŝŝ͘ 'ĞĂƌŝŶŐZĂƚŝŽ ;dŽƚĂůhƚĂŶŐ ĚŝďĂŐŝdŽƚĂů ŬƵŝƚĂƐͿ ŵĂŬƐŝŵĂů Ϯ͕ϱdž;ĚƵĂŬŽŵĂůŝŵĂŬĂůŝͿ͖
ŝŝŝ͘ ^Z ;Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ LJĂŝƚƵ /d ĚŝďĂŐŝ ĚĞŶŐĂŶƉĞŶũƵŵůĂŚĂŶ ĂŐŝĂŶ >ĂŶĐĂƌĚĂƌŝ
hƚĂŶŐ :ĂŶŐŬĂWĂŶũĂŶŐĚĂŶĞďĂŶƵŶŐĂͿŵŝŶŝŵĂů ϭdž;ƐĂƚƵŬĂůŝͿ͖
6
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Ƌ͘ DĞŵĂƐƚŝŬĂŶĚĂŶŵĞ ŵƉĞƌƚĂŚĂŶŬĂŶĂŐĂƌŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ŬĞůƵĂƌŐĂ /Eh ^h^EdK͕ ŬĞůƵĂƌŐĂ
,h/EdK ĚĂŶŬĞůƵĂƌŐĂd/<DEhdKDKŵŝŶŝŵƵŵ ϱϭй;ůŝŵĂƉƵůƵŚƉĞƌƐĞŶͿƐĞĐĂƌĂƚŝĚĂŬůĂŶŐƐƵŶŐƉĂĚĂ
WĞƌƐĞƌŽĂŶŵĞůĂůƵŝWdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂ͘
ƌ͘ DĞŶĞƌďŝƚŬĂŶ ĚĂŶ ŵĞŶLJĞƌĂŚŬĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ ŬĞƉĂĚĂ <^ / ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ
KďůŝŐĂƐŝ ƐĞƌƚĂŵĞŶLJĞƌĂŚŬĂŶ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽ KďůŝŐĂƐŝ LJĂŶŐďĂƌƵŬĞƉĂĚĂ<^ / ƵŶƚƵŬĚŝƚƵŬĂƌŬĂŶ ĚĞŶŐĂŶ
^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝLJĂŶŐ ůĂŵĂ ĂƉĂďŝůĂ WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶŬĞŵďĂůŝ KďůŝŐĂƐŝ ĚĞŶŐĂŶ
ƚƵũƵĂŶƵŶƚƵŬƉĞůƵŶĂƐĂŶKďůŝŐĂƐŝĚĂŶĨŽƚŽŬŽƉŝŶLJĂĚŝƐĞƌĂŚŬĂŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚ͖
Ɛ͘ dŝĚĂŬ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƉĂŝůŝƚ ĂƚĂƵ ƉĞƌŵŽŚŽŶĂŶ ƉĞŶƵŶĚĂĂŶ ŬĞǁĂũŝďĂŶ ƉĞŵďĂLJĂƌĂŶ ŚƵƚĂŶŐ
(“W<Wh”) oleh WĞƌƐĞƌŽĂŶ͕ŬĞĐƵĂůŝ ƉĞƌŵŽŚŽŶĂŶ W<Wh ƐĞďĂŐĂŝ ĂŬŝďĂƚ ĂĚĂŶLJĂ ŐƵŐĂƚĂŶ ƉĂŝůŝƚ ƉŝŚĂŬ ůĂŝŶ
ŬĞƉĂĚĂWĞŶŐĂĚŝůĂŶEŝĂŐĂ͘
,<Ͳ,< W D 'E' K>/'^/
ϭ͘ DĞŶĞƌŝŵĂƉĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝĚĂŶͬĂƚĂƵƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝĚĂƌŝWĞƌƐĞƌŽĂŶLJĂŶŐĚŝďĂLJĂƌŬĂŶ
ŵĞůĂůƵŝ <^ / ƐĞůĂŬƵ ŐĞŶ WĞŵďĂLJĂƌĂŶ ƉĂĚĂ dĂŶŐŐĂů WĞůƵŶĂƐĂŶ WŽŬŽŬ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ dĂŶŐŐĂů
WĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝ͘WŽŬŽŬKďůŝŐĂƐŝŚĂƌƵƐĚŝůƵŶĂƐŝĚĞŶŐĂŶŚĂƌŐĂLJĂŶŐƐĂŵĂĚĞŶŐĂŶũƵŵůĂŚWŽŬŽŬ
KďůŝŐĂƐŝ LJĂŶŐ ƚĞƌƚƵůŝƐ ƉĂĚĂ <ŽŶĨŝƌŵĂƐŝ dĞƌƚƵůŝƐ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ƉĂĚĂ dĂŶŐŐĂů
WĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝ͖
Ϯ͘ zĂŶŐďĞƌŚĂŬĂƚĂƐƵŶŐĂKďůŝŐĂƐŝĂĚĂůĂŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐŶĂŵĂŶLJĂ ƚĞƌĐĂƚĂƚĚĂůĂŵĂĨƚĂƌWĞŵĞŐĂŶŐ
ZĞŬĞŶŝŶŐƉĂĚĂϰ;ĞŵƉĂƚͿ ,Ăƌŝ<ĞƌũĂƐĞďĞůƵŵdĂŶŐŐĂů WĞŵďĂLJĂƌĂŶƵŶŐĂ KďůŝŐĂƐŝ͕ŬĞĐƵĂůŝĚŝƚĞŶƚƵŬĂŶ ůĂŝŶ
ŽůĞŚ<^ /ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ<^ /LJĂŶŐďĞƌůĂŬƵ͖
ϯ͘ ƉĂďŝůĂ WĞƌƐĞƌŽĂŶ ƚĞƌŶLJĂƚĂ ƚŝĚĂŬ ŵĞŶLJĞĚŝĂŬĂŶ ĚĂŶĂ ƐĞĐƵŬƵƉŶLJĂ ƵŶƚƵŬ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ
ĚĂŶͬĂƚĂƵ ƉĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝ ƐĞƚĞůĂŚůĞǁĂƚ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ dĂŶŐŐĂů
WĞůƵŶĂƐĂŶ WŽŬŽŬKďůŝŐĂƐŝ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶŚĂƌƵƐŵĞŵďĂLJĂƌ ĚĞŶĚĂƐĞďĞƐĂƌϭй;ƐĂƚƵ ƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ
Ěŝ ĂƚĂƐ ƚŝŶŐŬĂƚ ƵŶŐĂ KďůŝŐĂƐŝ ĂƚĂƐ ũƵŵůĂŚ LJĂŶŐ ƚĞƌƵƚĂŶŐ͘ ĞŶĚĂ ƚĞƌƐĞďƵƚ ĚŝŚŝƚƵŶŐ ŚĂƌŝĂŶ ďĞƌĚĂƐĂƌŬĂŶ
ũƵŵůĂŚ ŚĂƌŝLJĂŶŐ ƚĞƌůĞǁĂƚ LJĂŝƚƵ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ ĂĚĂůĂŚ ϯϲϬ;ƚŝŐĂ ƌĂƚƵƐ ĞŶĂŵ ƉƵůƵŚͿ,Ăƌŝ <ĂůĞŶĚĞƌĚĂŶϭ
;ƐĂƚƵͿďƵůĂŶĂĚĂůĂŚϯϬ;ƚŝŐĂ ƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͖
ϰ͘ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝďĂŝŬ ƐĞŶĚŝƌŝŵĂƵƉƵŶ ďĞƌƐĂŵĂͲƐĂŵĂ LJĂŶŐ ŵĞǁĂŬŝůŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚůĞďŝŚĚĂƌŝϮϬй;ĚƵĂ
ƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝ LJĂŶŐďĞůƵŵĚŝůƵŶĂƐŝ͕ƚĞƌŵĂƐƵŬ ĚŝĚĂůĂŵŶLJĂ KďůŝŐĂƐŝ LJĂŶŐĚŝŵŝůŝŬŝŽůĞŚ
WĞƌƐĞƌŽĂŶ ĚĂŶͬĂƚĂƵ ĨŝůŝĂƐŝ WĞƌƐĞƌŽĂŶ͕ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŝŶƚĂĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ƵŶƚƵŬ
ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶZhWKĚĞŶŐĂŶŵĞůĂŵƉŝƌŬĂŶ ĂƐůŝ<dhZ͘ WĞƌŵŝŶƚĂĂŶƚĞƌƚƵůŝƐĚŝŵĂŬƐƵĚŚĂƌƵƐŵĞŵƵĂƚ ĂĐĂƌĂ
LJĂŶŐĚŝŵŝŶƚĂ͕ ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞũĂŬĚŝƚĞƌďŝƚŬĂŶŶLJĂ<dhZƚĞƌƐĞďƵƚKďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚWĞŵĞŐĂŶŐ
KďůŝŐĂƐŝ LJĂŶŐ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŝŶƚĂĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ tĂůŝŵĂŶĂƚ ĂŬĂŶ ĚŝďĞŬƵŬĂŶ ŽůĞŚ<^ / ƐĞũƵŵůĂŚ
KďůŝŐĂƐŝ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ <dhZ ƚĞƌƐĞďƵƚ͘WĞŶĐĂďƵƚĂŶ ƉĞŵďĞŬƵĂŶŽůĞŚ<^ / ƚĞƌƐĞďƵƚŚĂŶLJĂ ĚĂƉĂƚ
ĚŝůĂŬƵŬĂŶƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶƐĞĐĂƌĂƚĞƌƚƵůŝƐĚĂƌŝtĂůŝŵĂŶĂƚ͖
ϱ͘ ^ĞƚŝĂƉ KďůŝŐĂƐŝ ƐĞďĞƐĂƌZƉϭ͕Ͳ ;ƐĂƚƵ ZƵƉŝĂŚͿ ďĞƌŚĂŬ ŵĞŶŐĞůƵĂƌŬĂŶ ϭ ;ƐĂƚƵͿ ƐƵĂƌĂ ĚĂůĂŵ ZhWK͕ ĚĞŶŐĂŶ
ĚĞŵŝŬŝĂŶ ƐĞƚŝĂƉ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂůĂŵ ZhWK ŵĞŵƉƵŶLJĂŝ ŚĂŬ ƵŶƚƵŬ ŵĞŶŐĞůƵĂƌŬĂŶ ƐƵĂƌĂ ƐĞũƵŵůĂŚ
KďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŶLJĂ͘
< >>/EW Z^ ZKE
ϭ͘ ĂůĂŵ ŚĂůƚĞƌũĂĚŝƐĂůĂŚƐĂƚƵ ŬĞĂĚĂĂŶĂƚĂƵŬĞũĂĚŝĂŶLJĂŶŐĚŝƐĞďƵƚŬĂŶĚĂůĂŵ͗
Ă͘ ^ĞďĂŐĂŝŵĂŶĂ ĂŶŐŬĂ Ϯ ŚƵƌƵĨ Ă Ěŝ ďĂǁĂŚ ŝŶŝ ĚĂŶ ŬĞĂĚĂĂŶ ĂƚĂƵ ŬĞũĂĚŝĂŶ ƚĞƌƐĞďƵƚ ďĞƌůĂŶŐƐƵŶŐ ƚĞƌƵƐͲ
ŵĞŶĞƌƵƐƐĞůĂŵĂ ϭϰ;ĞŵƉĂƚ ďĞůĂƐͿ,Ăƌŝ <ĞƌũĂ͕ƐĞƚĞůĂŚ ĚŝƚĞƌŝŵĂŶLJĂ ƚĞŐƵƌĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ tĂůŝ ŵĂŶĂƚ͕
ƚĂŶƉĂ ĚŝƉĞƌďĂŝŬŝͬĚŝŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶ ƚĞƌƐĞďƵƚ ĂƚĂƵ ƚĂŶƉĂ ĂĚĂŶLJĂ ƵƉĂLJĂ ƉĞƌďĂŝŬĂŶ ƵŶƚƵŬ
ŵĞŶŐŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶƚĞƌƐĞďƵƚ͕LJĂŶŐĚĂƉĂƚĚŝƐĞƚƵũƵŝŽůĞŚtĂůŝŵĂŶĂƚ͖ĂƚĂƵ
ď͘ ^ĞďĂŐĂŝŵĂŶĂ ĂŶŐŬĂ Ϯ ŚƵƌƵĨď Ěŝ ďĂǁĂŚ ŝŶŝ ĚĂŶ ŬĞĂĚĂĂŶ ĂƚĂƵ ŬĞũĂĚŝĂŶ ƚĞƌƐĞďƵƚ ďĞƌůĂŶŐƐƵŶŐ ƚĞƌƵƐͲ
ŵĞŶĞƌƵƐƐĞůĂŵĂϲϬ;ĞŶĂŵƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͕ƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƚĞŐƵƌĂŶƚĞƌƚƵůŝƐĚĂƌŝtĂůŝŵĂŶĂƚ͕
ƚĂŶƉĂ ĚŝƉĞƌďĂŝŬŝͬĚŝŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶ ƚĞƌƐĞďƵƚ ĂƚĂƵ ƚĂŶƉĂ ĂĚĂŶLJĂ ƵƉĂLJĂ ƉĞƌďĂŝŬĂŶ ƵŶƚƵŬ
ŵĞŶŐŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶƚĞƌƐĞďƵƚ͕LJĂŶŐĚĂƉĂƚĚŝƐĞƚƵũƵŝŽůĞŚtĂůŝŵĂŶĂƚ͖ĂƚĂƵ
Đ͘ ^ĞďĂŐĂŝŵĂŶĂ ĂŶŐŬĂ Ϯ ŚƵƌƵĨ Đ͕Ě͕ Ğ͕ Ĩ͕ Ő͕ ĂƚĂƵ Ś Ěŝ ďĂǁĂŚ ŝŶŝ ĚĂŶ ŬĞĂĚĂĂŶ ĂƚĂƵ ŬĞũĂĚŝĂŶ ƚĞƌƐĞďƵƚ
ďĞƌůĂŶŐƐƵŶŐƚĞƌƵƐͲŵĞŶĞƌƵƐƐĞůĂŵĂĚĂƌŝϵϬ;ƐĞŵďŝůĂŶƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͕ƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƚĞŐƵƌĂŶ
ƚĞƌƚƵůŝƐ ĚĂƌŝ tĂůŝ ŵĂŶĂƚ͕ ƚĂŶƉĂ ĚŝƉĞƌďĂŝŬŝͬĚŝŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶ ƚĞƌƐĞďƵƚ ĂƚĂƵ ƚĂŶƉĂ ĂĚĂŶLJĂ ƵƉĂLJĂ
ƉĞƌďĂŝŬĂŶƵŶƚƵŬŵĞŶŐŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶƚĞƌƐĞďƵƚ͕LJĂŶŐĚĂƉĂƚĚŝƐĞƚƵũƵŝŽůĞŚtĂůŝŵĂŶĂƚ͖
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ŵĂŬĂ tĂůŝŵĂŶĂƚ ǁĂũŝď ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŬĞũĂĚŝĂŶ ƚĞƌƐĞďƵƚŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ŵĞůĂůƵŝ ϭ;ƐĂƚƵͿ
ƐƵƌĂƚ ŬĂďĂƌ ŚĂƌŝĂŶ ďĞƌďĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ LJĂŶŐ ďĞƌƉĞƌĞĚĂƌĂŶ ŶĂƐŝŽŶĂů ĚĂŶ tĂůŝ ŵĂŶĂƚ ĂƚĂƐ
ƉĞƌƚŝŵďĂŶŐĂŶŶLJĂ ƐĞŶĚŝƌŝďĞƌŚĂŬŵĞŵĂŶŐŐŝů ZhWK ŵĞŶƵƌƵƚŬĞƚĞŶƚƵĂŶ ĚĂŶ ƚĂƚĂ ĐĂƌĂĚŝĚĂůĂŵ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘ ĂůĂŵ ZhWK ƚĞƌƐĞďƵƚ͕ tĂůŝ ŵĂŶĂƚ ĂŬĂŶ ŵĞŵŝŶƚĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ
ƉĞŶũĞůĂƐĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŬĞůĂůĂŝĂŶŶLJĂ ƚĞƌƐĞďƵƚ͘ ƉĂďŝůĂ ZhWK ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŶĞƌŝŵĂ ƉĞŶũĞůĂƐĂŶ
ƐĞƌƚĂ ĂůĂƐĂŶ WĞƌƐĞƌŽĂŶ͕ĚĂŶ ŵĞŵŝŶƚĂ WĞƌƐĞƌŽĂŶƵŶƚƵŬ ŵĞůƵŶĂƐŝ ƐĞůƵƌƵŚ:ƵŵůĂŚ dĞƌŚƵƚĂŶŐ͕ ŵĂŬĂ tĂůŝ
ŵĂŶĂƚ ĚĂůĂŵ ǁĂŬƚƵ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ĚĂůĂŵ ZhWK ǁĂũŝď ŵĞůĂŬƵŬĂŶ ƉĞŶĂŐŝŚĂŶ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶĂƚĂƐ
ƐĞůƵƌƵŚ:ƵŵůĂŚdĞƌŚƵƚĂŶŐ͘
Ϯ͘ <ŽŶĚŝƐŝͲŬŽŶĚŝƐŝLJĂŶŐĚĂƉĂƚ ŵĞŶLJĞďĂďŬĂŶ WĞƌƐĞƌŽĂŶĚŝŶLJĂƚĂŬĂŶ ůĂůĂŝ ƐĞďĂŐĂŝŵĂŶĂ ĂŶŐŬĂ ϭ͕ĂĚĂůĂŚ ĂƉĂďŝůĂ
ƚĞƌũĂĚŝƐĂůĂŚ ƐĂƚƵĂƚĂƵůĞďŝŚĚĂƌŝŬĞĂĚĂĂŶĂƚĂƵŬĞũĂĚŝĂŶƚĞƌƐĞďƵƚĚŝďĂǁĂŚŝŶŝ͗
Ă͘ WĞƌƐĞƌŽĂŶƚŝĚĂŬ ŵĞůĂŬƐĂŶĂŬĂŶ ĂƚĂƵ ƚŝĚĂŬ ŵĞŶƚĂĂƚŝ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ ŬĞǁĂũŝďĂŶ ƉĞŵďĂLJĂƌĂŶ WŽŬŽŬ
KďůŝŐĂƐŝ ƉĂĚĂ dĂŶŐŐĂů WĞůƵŶĂƐĂŶ WŽŬŽŬKďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ƵŶŐĂ KďůŝŐĂƐŝ ƉĂĚĂ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ
ƵŶŐĂKďůŝŐĂƐŝŬĞƉĂĚĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͖ĂƚĂƵ
ď͘ &ĂŬƚĂ ŵĞŶŐĞŶĂŝ ũĂŵŝŶĂŶ͕ ŬĞĂĚĂĂŶ ĂƚĂƵ ƐƚĂƚƵƐ WĞƌƐĞƌŽĂŶƐĞƌƚĂ ƉĞŶŐĞůŽůĂĂŶŶLJĂ ƚŝĚĂŬ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŝŶĨŽƌŵĂƐŝĚĂŶŬĞƚĞƌĂŶŐĂŶLJĂŶŐĚŝďĞƌŝŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͖ĂƚĂƵ
Đ͘ WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞůĂŬƐĂŶĂŬĂŶ ĂƚĂƵƚŝĚĂŬŵĞŶƚĂĂƚŝĚĂŶͬĂƚĂƵ ŵĞůĂŶŐŐĂƌƐĂůĂŚƐĂƚƵĂƚĂƵůĞďŝŚŬĞƚĞŶƚƵĂŶ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ;ƐĞůĂŝŶĂŶŐŬĂϮŚƵƌƵĨĂĚĂŶŚƵƌƵĨďĚŝĂƚĂƐŝŶŝͿ͖ĂƚĂƵ
Ě͘ ƉĂďŝůĂ WĞƌƐĞƌŽĂŶ ĚŝŶLJĂƚĂŬĂŶ ůĂůĂŝ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƐƵĂƚƵ ƉĞƌũĂŶũŝĂŶ ŚƵƚĂŶŐ ŽůĞŚ ƐĂůĂŚ ƐĂƚƵ
ŬƌĞĚŝƚƵƌŶLJĂ;ĐƌŽƐƐĚĞĨĂƵůƚͿďĂŝŬLJĂŶŐƚĞůĂŚĂĚĂƐĞŬĂƌĂŶŐŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝĚĂůĂŵ
ũƵŵůĂŚ ŬĞƐĞůƵƌƵŚĂŶŶLJĂ ŵĞůĞďŝŚŝ ϯϬй ;ƚŝŐĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ŶŝůĂŝ ĞŬƵŝƚĂƐ WĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚƌŝǁƵůĂŶĂŶ ƚĞƌĂŬŚŝƌ͕ LJĂŶŐ ďĞƌĂŬŝďĂƚ ũƵŵůĂŚ LJĂŶŐ ƚĞƌŚƵƚĂŶŐ ŽůĞŚ WĞƌƐĞƌŽĂŶ
ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌũĂŶũŝĂŶŚƵƚĂŶŐ ƚĞƌƐĞďƵƚƐĞůƵƌƵŚŶLJĂŵĞŶũĂĚŝ ĚĂƉĂƚ ƐĞŐĞƌĂĚŝƚĂŐŝŚ ŽůĞŚŬƌĞĚŝƚƵƌLJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶƐĞďĞůƵŵǁĂŬƚƵŶLJĂ ƵŶƚƵŬŵĞŵďĂLJĂƌ ŬĞŵďĂůŝ;ĂŬƐĞůĞƌĂƐŝƉĞŵďĂLJĂƌĂŶŬĞŵďĂůŝͿƐĞŚŝŶŐŐĂ
ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů ƚĞƌŚĂĚĂƉ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶͲ
ŬĞǁĂũŝďĂŶŶLJĂ LJĂŶŐĚŝƚĞŶƚƵŬĂŶ ĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
Ğ͘ ĚĂŶLJĂWĞŶƵŶĚĂĂŶ<ĞǁĂũŝďĂŶWĞŵďĂLJĂƌĂŶhƚĂŶŐ ;ŵŽƌĂƚŽƌŝƵŵͿ LJĂŶŐĚŝĂũƵŬĂŶ ŽůĞŚWĞƌƐĞƌŽĂŶ͘
Ĩ͘ ^ĞďĂŐŝĂŶďĞƐĂƌĂƚĂƵƐĞůƵƌƵŚŚĂŬ͕ŝnjŝŶĂƚĂƵƉĞƌƐĞƚƵũƵĂŶůĂŝŶŶLJĂĚĂƌŝWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂLJĂŶŐ
ĚŝŵŝůŝŬŝƚŝĚĂŬƐĂŚ͕ĂƚĂƵ WĞƌƐĞƌŽĂŶĚŝďĂƚĂůŬĂŶĂƚĂƵĚŝŶLJĂƚĂŬĂŶ ƚŝĚĂŬ ƐĂŚ͕ĂƚĂƵ WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŶĚĂƉĂƚ
ŝnjŝŶ ĂƚĂƵ ƉĞƌƐĞƚƵũƵĂŶ LJĂŶŐ ĚŝŝƐLJĂƌĂƚŬĂŶ ŽůĞŚ ŬĞƚĞŶƚƵĂŶ ŚƵŬƵŵ LJĂŶŐ ďĞƌůĂŬƵ͕ LJĂŶŐ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů
ďĞƌĂŬŝďĂƚ ŶĞŐĂƚŝĨ ƚĞƌŚĂĚĂƉ ŬĞůĂŶŐƐƵŶŐĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů
ƚĞƌŚĂĚĂƉ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶ LJĂŶŐ ĚŝƚĞŶƚƵŬĂŶ ĚĂůĂŵ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶŽŬƵŵĞŶ ŵŝƐŝ ůĂŝŶŶLJĂ͖ĂƚĂƵ
Ő͘ WĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌŝŶƚĂŚ ƉĞŶŐĂĚŝůĂŶ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ŬĞŬƵĂƚĂŶ ŚƵŬƵŵ ƚĞƚĂƉ ĚŝŚĂƌƵƐŬĂŶ
ŵĞŵďĂLJĂƌ ƐĞũƵŵůĂŚ ĚĂŶĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ LJĂŶŐ ĂƉĂďŝůĂ ĚŝďĂLJĂƌŬĂŶ ĂŬĂŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ
ŵĂƚĞƌŝĂů ƚĞƌŚĂĚĂƉ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶ LJĂŶŐ ĚŝƚĞŶƚƵŬĂŶ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͖ ĂƚĂƵ
Ś͘ WĞŶŐĂĚŝůĂŶĂƚĂƵŝŶƐƚĂŶƐŝ ƉĞŵĞƌŝŶƚĂŚLJĂŶŐďĞƌǁĞŶĂŶŐƚĞůĂŚŵĞŶLJŝƚĂĂƚĂƵ ŵĞŶŐĂŵďŝů ĂůŝŚĚĞŶŐĂŶĐĂƌĂ
ĂƉĂƉƵŶ ũƵŐĂƐĞŵƵĂ ĂƚĂƵ ƐĞďĂŐŝĂŶďĞƐĂƌŚĂƌƚĂ ďĞŶĚĂ WĞƌƐĞƌŽĂŶĂƚĂƵƚĞůĂŚ ŵĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶ LJĂŶŐ
ŵĞŶŐŚĂůĂŶŐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶũĂůĂŶŬĂŶ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ĂƚĂƵ ƐĞůƵƌƵŚ ƵƐĂŚĂŶLJĂ ƐĞŚŝŶŐŐĂ
ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶŶLJĂ
ďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͖
ϯ͘ ƉĂďŝůĂ͗
WĞƌƐĞƌŽĂŶ ĚŝďƵďĂƌŬĂŶ ŬĂƌĞŶĂ ƐĞďĂď ĂƉĂƉƵŶ ĂƚĂƵ ŵĞŵďƵďĂƌŬĂŶ Ěŝƌŝ ŵĞůĂůƵŝ ŬĞƉƵƚƵƐĂŶ ZĂƉĂƚ hŵƵŵ
WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĂƚĂƵ ƚĞƌĚĂƉĂƚ ŬĞƉƵƚƵƐĂŶ ƉĂŝůŝƚ LJĂŶŐ ƚĞůĂŚ ŵĞŵŝůŝŬŝ ŬĞŬƵĂƚĂŶ ŚƵŬƵŵ ƚĞƚĂƉ͖ ŵĂŬĂ tĂůŝ
ŵĂŶĂƚ ďĞƌŚĂŬ ƚĂŶƉĂ ŵĞŵĂŶŐŐŝů ZhWK͕ ďĞƌƚŝŶĚĂŬ ŵĞǁĂŬŝůŝ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ
ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶLJĂŶŐĚŝĂŶŐŐĂƉ ŵĞŶŐƵŶƚƵŶŐŬĂŶ ďĂŐŝ WĞŵĞŐĂŶŐKďůŝŐĂƐŝĚĂŶƵŶƚƵŬŝƚƵtĂůŝŵĂŶĂƚ
ĚŝďĞďĂƐŬĂŶĚĂƌŝƐĞŐĂůĂƚŝŶĚĂŬĂŶ ĚĂŶƚƵŶƚƵƚĂŶŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͘ĂůĂŵŚĂůŝŶŝKďůŝŐĂƐŝŵĞŶũĂĚŝũĂƚƵŚ
ƚĞŵƉŽĚĞŶŐĂŶƐĞŶĚŝƌŝŶLJĂ͘
ϰ͘ ƉĂďŝůĂ ŬĞůĂůĂŝĂŶ WĞƌƐĞƌŽĂŶĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ&ŽƌĐĞDĂũĞƵƌĞŵĂŬĂ ĂŬĂŶ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ZhWK ĚĞŶŐĂŶ
ƚĞƚĂƉŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ZhWK
hŶƚƵŬ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhWK͕ ŬƵŽƌƵŵ LJĂŶŐ ĚŝƐLJĂƌĂƚŬĂŶ͕ ŚĂŬ ƐƵĂƌĂ ĚĂŶ ƉĞŶŐĂŵďŝůĂŶ ŬĞƉƵƚƵƐĂŶ ďĞƌůĂŬƵ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ĚŝďĂǁĂŚ ŝŶŝ͕ ƚĂŶƉĂ ŵĞŶŐƵƌĂŶŐŝ ƉĞƌĂƚƵƌĂŶ WĂƐĂƌ DŽĚĂů ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞƌƚĂƉĞƌĂƚƵƌĂŶƵƌƐĂ ĨĞŬ
8
Page 43
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ϭ͘ ZhWKĚŝĂĚĂŬĂŶƵŶƚƵŬƚƵũƵĂŶ ĂŶƚĂƌĂůĂŝŶ͗
Ă͘ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƵƐƵůĂŶ WĞƌƐĞƌŽĂŶ ĂƚĂƵ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ŵĞŶŐĞŶĂŝ
ƉĞƌƵďĂŚĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ KďůŝŐĂƐŝ͕ ũƵŵůĂŚ WŽŬŽŬKďůŝŐĂƐŝ͕ ƐƵŬƵ ƵŶŐĂ KďůŝŐĂƐŝ͕ ƉĞƌƵďĂŚĂŶ ƚĂƚĂ ĐĂƌĂ
ĂƚĂƵ ƉĞƌŝŽĚĞ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ͕ ƉĞƌƵďĂŚĂŶ ũĂŵŝŶĂŶ ĂƚĂƵ ƉĞŶLJŝƐŝŚĂŶ ĚĂŶĂ ƉĞůƵŶĂƐĂŶ͕
ĚĂŶͬĂƚĂƵ ŬĞƚĞŶƚƵĂŶůĂŝŶĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͖
ď͘ ŵĞŶLJĂŵƉĂŝŬĂŶƉĞ ŵďĞƌŝƚĂŚƵĂŶŬĞƉĂĚĂWĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵtĂůŝŵĂŶĂƚ͕ ŵĞŵďĞƌŝŬĂŶ ƉĞŶŐĂƌĂŚĂŶ
ŬĞƉĂĚĂtĂůŝŵĂŶĂƚ͕ĚĂŶͬĂƚĂƵŵĞŶLJĞƚƵũƵŝƐƵĂƚƵŬĞůŽŶŐŐĂƌĂŶǁĂŬƚƵ ĂƚĂƐƐƵĂƚƵ ŬĞůĂůĂŝĂŶďĞƌĚĂƐĂƌŬĂŶ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ƐĞƌƚĂĂŬŝďĂƚŶLJĂ͕ ĂƚĂƵƵŶƚƵŬŵĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶůĂŝŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶ
ŬĞůĂůĂŝĂŶ͖
Đ͘ ŵĞŵďĞƌŚĞŶƚŝŬĂŶ tĂůŝ ŵĂŶĂƚ ĚĂŶ ŵĞŶƵŶũƵŬ ƉĞŶŐŐĂŶƚŝ tĂůŝ ŵĂŶĂƚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͖
Ě͘ ŵĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶ LJĂŶŐ ĚŝŬƵĂƐĂŬĂŶ ŽůĞŚ ĂƚĂƵ ĂƚĂƐ ŶĂŵĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ƚĞƌŵĂƐƵŬ ĚĂůĂŵ
ƉĞŶĞŶƚƵĂŶ ƉŽƚĞŶƐŝ ŬĞůĂůĂŝĂŶ LJĂŶŐ ĚĂƉĂƚ ŵĞŶLJĞďĂďŬĂŶ ƚĞƌũĂĚŝŶLJĂ ŬĞůĂůĂŝĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶĚĂůĂŵ WĞƌĂƚƵƌĂŶK:<EŽŵŽƌϮϬ͖ĚĂŶ
Ğ͘ ŵĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶ ůĂŝŶLJĂŶŐ ĚŝƵƐƵůŬĂŶŽůĞŚtĂůŝŵĂŶĂƚ LJĂŶŐ ƚŝĚĂŬ ĚŝŬƵĂƐĂŬĂŶ ĂƚĂƵ ƚŝĚĂŬ ƚĞƌŵƵĂƚ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĂƚĂƵďĞƌĚĂƐĂƌŬĂŶŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͖
Ϯ͘ ZhWKĚĂƉĂƚĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĂƚĂƐƉĞƌŵŝŶƚĂĂŶ͗
Ă͘ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝďĂŝŬƐĞŶĚŝƌŝŵĂƵƉƵŶ ƐĞĐĂƌĂďĞƌƐĂŵĂͲƐĂŵĂ LJĂŶŐŵĞǁĂŬŝůŝ ƉĂůŝŶŐƐĞĚŝŬŝƚůĞďŝŚĚĂƌŝ
ϮϬй ;ĚƵĂƉƵůƵŚ ƉĞƌƐĞƌĂƚƵƐͿ ĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ďĞůƵŵ ĚŝůƵŶĂƐŝ ƚŝĚĂŬ ƚĞƌŵĂƐƵŬ KďůŝŐĂƐŝ LJĂŶŐ
ĚŝŵŝůŝŬŝ ŽůĞŚWĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵ ĨŝůŝĂƐŝͲŶLJĂ͕ ŬĞĐƵĂůŝĨŝůŝĂƐŝƚĞƌƐĞďƵƚƚĞƌũĂĚŝŬĂƌĞŶĂŬĞƉĞŵŝůŝŬĂŶ ĂƚĂƵ
ƉĞŶLJĞƌƚĂĂŶŵŽĚĂůWĞŵĞƌŝŶƚĂŚ͘
ď͘ WĞƌƐĞƌŽĂŶ͖
Đ͘ tĂůŝŵĂŶĂƚ͖
Ě͘ K:<͘
ϯ͘ WĞƌŵŝŶƚĂĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ĂŶŐŬĂ Ϯ ŚƵƌƵĨĂ͕ ď͕ ĚĂŶ Ě ǁĂũŝď ĚŝƐĂŵƉĂŝŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ
ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ĚĂŶ ƉĂůŝŶŐ ůĂŵďĂƚ ϯϬ;ƚŝŐĂ ƉƵůƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌƐĞƚĞůĂŚ ƚĂŶŐŐĂů ĚŝƚĞƌŝŵĂŶLJĂ ƐƵƌĂƚ
ƉĞƌŵŝŶƚĂĂŶƚĞƌƐĞďƵƚtĂůŝŵĂŶĂƚǁĂũŝď ŵĞůĂŬƵŬĂŶƉĂŶŐŐŝůĂŶƵŶƚƵŬZhWK͘
ϰ͘ ĂůĂŵŚĂůtĂůŝŵĂŶĂƚŵĞŶŽůĂŬƉĞƌŵŽŚŽŶĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶŐĂĚĂŬĂŶZhWK͕
ŵĂŬĂ tĂůŝ ŵĂŶĂƚ ǁĂũŝď ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ĂůĂƐĂŶ ƉĞŶŽůĂŬĂŶ ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ ƉĞŵŽŚŽŶ
ĚĞŶŐĂŶ ƚĞŵďƵƐĂŶ ŬĞƉĂĚĂ K:<͕ ƉĂůŝŶŐ ůĂŵĂ ϭϰ ;ĞŵƉĂƚ ďĞůĂƐͿ ,Ăƌŝ <ĂůĞŶĚĞƌ ƐĞƚĞůĂŚ ĚŝƚĞƌŝŵĂŶLJĂ ƐƵƌĂƚ
ƉĞƌŵŽŚŽŶĂŶ͘
ϱ͘ <ĞƚĞŶƚƵĂŶƉĞŶŐƵŵƵŵĂŶ͕ ƉĞŵĂŶŐŐŝůĂŶ͕ ĚĂŶǁĂŬƚƵ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhWKĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ WĞŶŐƵŵƵŵĂŶ ZhWK ǁĂũŝď ĚŝůĂŬƵŬĂŶ ŵĞůĂůƵŝ ϭ ;ƐĂƚƵͿ ƐƵƌĂƚ ŬĂďĂƌ ŚĂƌŝĂŶ ďĞƌďĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ LJĂŶŐ
ďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů͕ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ƉĂůŝŶŐ ůĂŵďĂƚ ϭϰ;ĞŵƉĂƚ ďĞůĂƐͿ ,Ăƌŝ <ĂůĞŶĚĞƌƐĞďĞůƵŵ
ƉĞŵĂŶŐŐŝůĂŶ͘
ď͘ ƉĞŵĂŶŐŐŝůĂŶZhWKĚŝůĂŬƵŬĂŶƉĂůŝŶŐůĂŵĂϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĂůĞŶĚĞƌ ƐĞďĞůƵŵ ZhWK͕ ŵĞůĂůƵŝ
ƉĂůŝŶŐƐĞĚŝŬŝƚϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů͖
Đ͘ ƉĞŵĂŶŐŐŝůĂŶ ƵŶƚƵŬ ZhWK ŬĞĚƵĂ ĂƚĂƵ ŬĞƚŝŐĂ ĚŝůĂŬƵŬĂŶ ƉĂůŝŶŐ ůĂŵĂ ϳ ;ƚƵũƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌƐĞďĞůƵŵ
ZhWK ŬĞĚƵĂ ĂƚĂƵ ŬĞƚŝŐĂ ĚŝůĂŬƵŬĂŶ ĚĂŶ ĚŝƐĞƌƚĂŝ ŝŶĨŽƌŵĂƐŝ ďĂŚǁĂ ZhWK ƐĞďĞůƵŵŶLJĂ ƚĞůĂŚ
ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƚĞƚĂƉŝƚŝĚĂŬŵĞŶĐĂƉĂŝŬƵŽƌƵŵ͖
Ě͘ ƉĂŶŐŐŝůĂŶ ŚĂƌƵƐŵĞŵƵĂƚ ƌĞŶĐĂŶĂZhWKĚĂŶŵĞŶŐƵŶŐŬĂƉŬĂŶ ŝŶĨŽƌŵĂƐŝƉĂůŝŶŐƐĞĚŝŬŝƚ͗
ŝ͘ ƚĂŶŐŐĂů͕ ƚĞŵƉĂƚ͕ ĚĂŶǁĂŬƚƵƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhWK͖
ŝŝ͘ ĂŐĞŶĚĂZhWK͖
ŝŝŝ͘ ƉŝŚĂŬLJĂŶŐŵĞŶŐĂũƵŬĂŶ ƵƐƵůĂŶZhWK͖
ŝǀ͘ WĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐďĞƌŚĂŬŚĂĚŝƌĚĂŶŵĞŵŝůŝŬŝŚĂŬƐƵĂƌĂĚĂůĂŵ ZhWK͖ĚĂŶ
ǀ͘ ŬƵŽƌƵŵLJĂŶŐĚŝƉĞƌƐLJĂƌĂƚŬĂŶƵŶƚƵŬƉĞŶLJĞůĞŶŐŐĂƌĂĂŶĚĂŶƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶZhWK͖
Ğ͘ ZhWKŬĞĚƵĂĂƚĂƵŬĞƚŝŐĂĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƉĂůŝŶŐƐŝŶŐŬĂƚϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĂůĞŶĚĞƌĚĂŶƉĂůŝŶŐůĂŵĂ
Ϯϭ;ĚƵĂƉƵůƵŚƐĂƚƵͿ,Ăƌŝ<ĂůĞŶĚĞƌƚĞƌŚŝƚƵŶŐƐĞũĂŬZhWK ƐĞďĞůƵŵŶLJĂ͘
ϲ͘ dĂƚĂ ĐĂƌĂZhWK͗
Ă͘ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ͕ ďĂŝŬ ƐĞŶĚŝƌŝŵĂƵƉƵŶ ĚŝǁĂŬŝůŝ ďĞƌĚĂƐĂƌŬĂŶ ƐƵƌĂƚ ŬƵĂƐĂ ďĞƌŚĂŬŵĞŶŐŚĂĚŝƌŝ ZhWK
ĚĂŶŵĞŶŐŐƵŶĂŬĂŶ ŚĂŬƐƵĂƌĂŶLJĂƐĞƐƵĂŝĚĞŶŐĂŶũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŶLJĂ͖
ď͘ KďůŝŐĂƐŝ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĂŶͬĂƚĂƵ ĨŝůŝĂƐŝͲŶLJĂ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŚĂŬ ƐƵĂƌĂ ĚĂŶ ƚŝĚĂŬ
ĚŝƉĞƌŚŝƚƵŶŐŬĂŶ ĚĂůĂŵ ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ͕ ŬĞĐƵĂůŝ ĨŝůŝĂƐŝ ƚĞƌƐĞďƵƚ ƚĞƌũĂĚŝ ŬĂƌĞŶĂ ŬĞƉĞŵŝůŝŬĂŶ ĂƚĂƵ
ƉĞŶLJĞƌƚĂĂŶŵŽĚĂůWĞŵĞƌŝŶƚĂŚ͖
Đ͘ ƐĞďĞůƵŵƉĞůĂŬƐĂŶĂĂŶZhWK͕WĞƌƐĞƌŽĂŶďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬ ŵĞŶLJĞƌĂŚŬĂŶ ĚĂĨƚĂƌ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ
LJĂŶŐŵĞƌƵƉĂŬĂŶĨŝůŝĂƐŝͲŶLJĂŬĞƉĂĚĂtĂůŝŵĂŶĂƚ͖
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Ě͘ ZhWKĚĂƉĂƚĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚŝƚĞ ŵƉĂƚWĞƌƐĞƌŽĂŶĂƚĂƵƚĞŵƉĂƚůĂŝŶLJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ
ĚĂŶtĂůŝŵĂŶĂƚ͖
Ğ͘ ZhWKĚŝƉŝŵƉŝŶŽůĞŚtĂůŝŵĂŶĂƚ͖
Ĩ͘ tĂůŝŵĂŶĂƚ ǁĂũŝďŵĞŵƉĞƌƐŝĂƉŬĂŶ ĂĐĂƌĂZhWKƚĞƌŵĂƐƵŬ ŵĂƚĞƌŝ ZhWKĚĂŶŵĞŶƵŶũƵŬEŽƚĂƌŝƐ ƵŶƚƵŬ
ŵĞŵďƵĂƚ ďĞƌŝƚĂĂĐĂƌĂZhWK͖
Ő͘ ĚĂůĂŵŚĂůƉĞŶŐŐĂŶƚŝĂŶtĂůŝŵĂŶĂƚĚŝŵŝŶƚĂŽůĞŚWĞƌƐĞƌŽĂŶĂƚĂƵWĞŵĞŐĂŶŐ KďůŝŐĂƐŝ͕ ZhWK ĚŝƉŝŵƉŝŶ
ŽůĞŚWĞƌƐĞƌŽĂŶĂƚĂƵǁĂŬŝůWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐŵĞŵŝŶƚĂ ĚŝĂĚĂŬĂŶŶLJĂZhWKƚĞƌƐĞďƵƚ͖ĚĂŶ
Ś͘ WĞƌƐĞƌŽĂŶĂƚĂƵWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐŵĞŵŝŶƚĂ ĚŝĂĚĂŬĂŶŶLJĂ ZhWKƚĞƌƐĞďƵƚƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ
ƉĂĚĂĂŶŐŬĂŐĚŝǁĂũŝďŬĂŶ ƵŶƚƵŬŵĞŵƉĞƌƐŝĂƉŬĂŶĂĐĂƌĂZhWKĚĂŶŵĂƚĞƌŝZhWK͖
ϳ͘ <ƵŽƌƵŵĚĂŶƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶ͗
ϭ͘ ĂůĂŵ ŚĂů ZhWK ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵƵƚƵƐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞƌƵďĂŚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ĂŶŐŬĂ ϭ͕ĚŝĂƚƵƌƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŝ͘ ĂƉĂďŝůĂ ZhWKĚŝŵŝŶƚĂŬĂŶ ŽůĞŚWĞƌƐĞƌŽĂŶŵĂŬĂ ǁĂũŝďĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
Ă͘ ĚŝŚĂĚŝƌŝŽůĞŚƉĞŵĞŐĂŶŐKďůŝŐĂƐŝ ĂƚĂƵ ĚŝǁĂŬŝůŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂ ƉĞƌĞŵƉĂƚͿ ďĂŐŝĂŶ ĚĂƌŝ
ũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ
ŵĞŶŐŝŬĂƚĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐ
ŚĂĚŝƌĚĂůĂŵ ZhWK͖
ď͘ ĚĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂŶŐŬĂ ϭͿ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKLJĂŶŐŬĞĚƵĂ͖
Đ͘ ZhWKŬĞĚƵĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐ
ƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬ
ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ ŵĞŶŐŝŬĂƚ ĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ϯͬϰ ;ƚŝŐĂ ƉĞƌ
ĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵZhWK͖
Ě͘ ĚĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂ ĂŶŐŬĂ ϯͿ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKLJĂŶŐŬĞƚŝŐĂ͖ĚĂŶ
Ğ͘ ZhWKŬĞƚŝŐĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐ
ƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬ
ŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿ
ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵ ZhWK͖
ŝŝ͘ ĂƉĂďŝůĂ ZhWKĚŝŵŝŶƚĂŬĂŶ ŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵ tĂůŝŵĂŶĂƚ ŵĂŬĂǁĂũŝď ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ ĚŝŚĂĚŝƌŝ ŽůĞŚ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĂƚĂƵ ĚŝǁĂŬŝůŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ Ϯͬϯ ;ĚƵĂ ƉĞƌ ƚŝŐĂͿ ďĂŐŝĂŶ ĚĂƌŝ
ũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ
ŵĞŶŐŝŬĂƚ ĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵ ƉĞƌĚƵĂͿ ďĂŐŝĂŶ ĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝLJĂŶŐ
ŚĂĚŝƌĚĂůĂŵ ZhWK͖
ϮͿ ĚĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂŶŐŬĂ ϭͿ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKLJĂŶŐŬĞĚƵĂ͖
ϯͿ ZhWKŬĞĚƵĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐ
ƐĞĚŝŬŝƚϮͬϯ;ĚƵĂƉĞƌƚŝŐĂͿ ďĂŐŝĂŶ ĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵĚŝůƵŶĂƐŝ ĚĂŶďĞƌŚĂŬ
ŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿ
ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵ ZhWK͖
ϰͿ ĚĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂŶŐŬĂ ϯͿ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKLJĂŶŐŬĞƚŝŐĂ͖ĚĂŶ
ϱͿ ZhWKŬĞƚŝŐĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚ WĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐ
ƐĞĚŝŬŝƚϮͬϯ;ĚƵĂƉĞƌƚŝŐĂͿ ďĂŐŝĂŶ ĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵĚŝůƵŶĂƐŝ ĚĂŶďĞƌŚĂŬ
ŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿ
ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵ ZhWK͖ĚĂŶ
ŝŝŝ͘ ĂƉĂďŝůĂZhWKĚŝŵŝŶƚĂŬĂŶ ŽůĞŚK:<ŵĂŬĂ ǁĂũŝďĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝ ďĞƌŝŬƵƚ͗
ϭ͘ ĚŝŚĂĚŝƌŝ ŽůĞŚWĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĂƚĂƵ ĚŝǁĂŬŝůŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ϭͬϮ ;ƐĂƚƵ ƉĞƌĚƵĂͿ ďĂŐŝĂŶ ĚĂƌŝ
ũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ
ŵĞŶŐŝŬĂƚ ĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵ ƉĞƌĚƵĂͿ ďĂŐŝĂŶ ĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝLJĂŶŐ
ŚĂĚŝƌĚĂůĂŵ ZhWK͖
Ϯ͘ ĚĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚƉĂĚĂĂŶŐŬĂϭͿƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ŵĂŬĂǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKLJĂŶŐŬĞĚƵĂ͖
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
ϯ͘ ZhWKŬĞĚƵĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐ
ƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿ ďĂŐŝĂŶ ĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬ
ŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿ
ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵ ZhWK͖
ϰ͘ ĚĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚƉĂĚĂĂŶŐŬĂϯͿƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ŵĂŬĂǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKLJĂŶŐŬĞƚŝŐĂ͖ĚĂŶ
ϱ͘ ZhWKŬĞƚŝŐĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐ
ƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿ ďĂŐŝĂŶ ĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬ
ŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿ
ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵ ZhWK͖ĚĂŶ
Ϯ͘ ZhWK LJĂŶŐ ĚŝĂĚĂŬĂŶ ƵŶƚƵŬ ƚƵũƵĂŶ ƐĞůĂŝŶ ƉĞƌƵďĂŚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͕ ĚĂƉĂƚ
ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĂͿ ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝ ƉĂůŝŶŐƐĞĚŝŬŝƚв;ƚŝŐĂ ƉĞƌĞŵƉĂƚͿ ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ
KďůŝŐĂƐŝ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ ŵĞŶŐŝŬĂƚ
ĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝƉĂůŝŶŐ ƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂ ƉĞƌĞŵƉĂƚͿ ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝLJĂŶŐ ŚĂĚŝƌĚĂůĂŵ
ZhWK͖
ďͿ ĚĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚĚĂůĂŵŚƵƌƵĨĂͿƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ǁĂũŝďĚŝĂĚĂŬĂŶ
ZhWKŬĞĚƵĂ͖
ĐͿ ZhWK ŬĞĚƵĂ ĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝ ŽůĞŚWĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĂƚĂƵ ĚŝǁĂŬŝůŝ ƉĂůŝŶŐ
ƐĞĚŝŬŝƚ ϯͬϰ;ƚŝŐĂ ƉĞƌĞŵƉĂƚͿ ďĂŐŝĂŶ ĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬ
ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿ
ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵ ZhWK͖
ĚͿ ĚĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚĚĂůĂŵ ŚƵƌƵĨĐͿƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ǁĂũŝďĚŝĂĚĂŬĂŶ
ZhWKLJĂŶŐŬĞƚŝŐĂ͖
ĞͿ ZhWK ŬĞƚŝŐĂ ĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝ ŽůĞŚWĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĂƚĂƵ ĚŝǁĂŬŝůŝ ƉĂůŝŶŐ
ƐĞĚŝŬŝƚ ϯͬϰ;ƚŝŐĂ ƉĞƌĞŵƉĂƚͿ ďĂŐŝĂŶ ĚĂƌŝũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬ
ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚ ďĞƌĚĂƐĂƌŬĂŶŬĞƉƵƚƵƐĂŶƐƵĂƌĂƚĞƌďĂŶLJĂŬ͖
ĨͿ ĚĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵ ŚƵƌƵĨ ĞͿ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ŵĂŬĂ ĚĂƉĂƚ
ĚŝĂĚĂŬĂŶZhWKLJĂŶŐŬĞĞŵƉĂƚ͖
ŐͿ ZhWKŬĞĞŵƉĂƚĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĂƚĂƵ ĚŝǁĂŬŝůŝ LJĂŶŐ
ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ ŵĞŶŐŝŬĂƚ ĚĂůĂŵ ŬƵŽƌƵŵ
ŬĞŚĂĚŝƌĂŶĚĂŶŬƵŽƌƵŵŬĞƉƵƚƵƐĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚK:<ĂƚĂƐƉĞƌŵŽŚŽŶĂŶtĂůŝŵĂŶĂƚ͖ ĚĂŶ
ŚͿ WĞŶŐƵŵƵŵĂŶ͕ ƉĞŵĂŶŐŐŝůĂŶ͕ ĚĂŶ ǁĂŬƚƵ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhWK ŬĞĞŵƉĂƚ ǁĂũŝď ŵĞŵĞŶƵŚŝ
ŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵŚƵƌƵĨĞͿ͘
ϴ͘ ŝĂLJĂͲďŝĂLJĂ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhWKŵĞŶũĂĚŝ ďĞďĂŶWĞƌƐĞƌŽĂŶĚĂŶǁĂũŝď ĚŝďĂLJĂƌŬĂŶ ŬĞƉĂĚĂ tĂůŝŵĂŶĂƚ
ƉĂůŝŶŐůĂŵďĂƚ ϳ;ƚƵũƵŚͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚƉĞƌŵŝŶƚĂĂŶďŝĂLJĂƚĞƌƐĞďƵƚĚŝƚĞƌŝŵĂ WĞƌƐĞƌŽĂŶĚĂƌŝtĂůŝŵĂŶĂƚ͕
ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ϵ͘ WĞŶLJĞůĞŶŐŐĂƌĂĂŶZhWKǁĂũŝďĚŝďƵĂƚŬĂŶĞƌŝƚĂĐĂƌĂƐĞĐĂƌĂŶŽƚĂƌŝŝůŽůĞŚEŽƚĂƌŝƐ͘
ϭϬ͘ WĞƌƐĞƌŽĂŶ͕ tĂůŝ ŵĂŶĂƚ͕ ĚĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ǁĂũŝď ŵĞŵĞŶƵŚŝ ŬĞƉƵƚƵƐĂŶͲŬĞƉƵƚƵƐĂŶ LJĂŶŐ ĚŝĂŵďŝů
ĚĂůĂŵ ZhWK͘
ϭϭ͘ tĂůŝŵĂŶĂƚ ǁĂũŝďŵĞŶŐƵŵƵŵŬĂŶ ŚĂƐŝůZhWKĚĂůĂŵ ϭ;ƐĂƚƵͿ ƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐ
ďĞƌƉĞƌĞĚĂƌĂŶ ŶĂƐŝŽŶĂů͕ ďŝĂLJĂͲďŝĂLJĂ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ƵŶƚƵŬ ƉĞŶŐƵŵƵŵĂŶ ŚĂƐŝů ZhWK ƚĞƌƐĞďƵƚ ǁĂũŝď
ĚŝƚĂŶŐŐƵŶŐ ŽůĞŚWĞƌƐĞƌŽĂŶ͘
ϭϮ͘ ƉĂďŝůĂ ZhWK LJĂŶŐ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ŵĞŵƵƚƵƐŬĂŶ ƵŶƚƵŬ ŵĞŶŐĂĚĂŬĂŶ ƉĞƌƵďĂŚĂŶ ĂƚĂƐ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶͬĂƚĂƵ ƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ ĂŶƚĂƌĂ ůĂŝŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞƌƵďĂŚĂŶ ŶŝůĂŝ WŽŬŽŬ
KďůŝŐĂƐŝ͕ ƉĞƌƵďĂŚĂŶ ƚŝŶŐŬĂƚ ƵŶŐĂ KďůŝŐĂƐŝ͕ ƉĞƌƵďĂŚĂŶ ƚĂƚĂ ĐĂƌĂ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ͕ ĚĂŶ
ƉĞƌƵďĂŚĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ KďůŝŐĂƐŝ ĚĂŶ WĞƌƐĞƌŽĂŶŵĞŶŽůĂŬ ƵŶƚƵŬ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƉĞƌƵďĂŚĂŶ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶͬĂƚĂƵ ƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŚĂů ƚĞƌƐĞďƵƚ͕ ŵĂŬĂ ĚĂůĂŵ ǁĂŬƚƵ
ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϯϬ;ƚŝŐĂƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬŬĞƉƵƚƵƐĂŶZhWKĂƚĂƵƚĂŶŐŐĂů ůĂŝŶLJĂŶŐĚŝƉƵƚƵƐŬĂŶ
ZhWK ;ũŝŬĂ ZhWK ŵĞŵƵƚƵƐŬĂŶ ƐƵĂƚƵ ƚĂŶŐŐĂů ƚĞƌƚĞŶƚƵ ƵŶƚƵŬ ƉĞŶĂŶĚĂƚĂŶŐĂŶĂŶ ƉĞƌƵďĂŚĂŶ ĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶͬĂƚĂƵ ƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ ƚĞƌƐĞďƵƚͿ ŵĂŬĂ tĂůŝ ŵĂŶĂƚ ďĞƌŚĂŬ ůĂŶŐƐƵŶŐ ƵŶƚƵŬ
ŵĞůĂŬƵŬĂŶƉĞŶĂŐŝŚĂŶ:ƵŵůĂŚdĞƌƵƚĂŶŐŬĞƉĂĚĂWĞƌƐĞƌŽĂŶƚĂŶƉĂƚĞƌůĞďŝŚĚĂŚƵůƵŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ZhWK͘
ϭϯ͘ WĞƌĂƚƵƌĂŶͲƉĞƌĂƚƵƌĂŶůĞďŝŚůĂŶũƵƚ ŵĞŶŐĞŶĂŝƉĞŶLJĞůĞŶŐŐĂƌĂĂŶƐĞƌƚĂƚĂƚĂ ĐĂƌĂĚĂůĂŵ ZhWKĚĂƉĂƚ ĚŝďƵĂƚĚĂŶ
ďŝůĂƉĞƌůƵŬĞŵƵĚŝĂŶ ĚŝƐĞŵƉƵƌŶĂŬĂŶĂƚĂƵ ĚŝƵďĂŚŽůĞŚ WĞƌƐĞƌŽĂŶĚĂŶtĂůŝŵĂŶĂƚ ĚĞŶŐĂŶŵĞŶŐŝŶĚĂŚŬĂŶ
ƉĞƌĂƚƵƌĂŶ WĂƐĂƌ DŽĚĂů ĚĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞƌƚĂ
ƉĞƌĂƚƵƌĂŶƵƌƐĂ ĨĞŬ͘
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ϭϰ͘ ƉĂďŝůĂ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ŵĞŶŐĞŶĂŝ ZhWK ĚŝƚĞŶƚƵŬĂŶ ůĂŝŶ ŽůĞŚ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ
ĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͕ŵĂŬĂ ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶĚŝWĂƐĂƌDŽĚĂůƚĞƌƐĞďƵƚLJĂŶŐďĞƌůĂŬƵ͘^ĞůĂŝŶ
ZhWKƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚĚĂůĂŵWĞƌĂƚƵƌĂŶK:<EŽŵŽƌϮϬ͕WĞƌƐĞ ƌŽĂŶĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶ ZhWKƐĞĐĂƌĂ
ĞůĞŬƚƌŽŶŝŬƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌĚĂůĂŵ WK:<ϭϰͬϮϬϮϱŵĞŶŐŐƵŶĂŬĂŶ Ğ ͲZhWKLJĂŶŐĚŝƐĞĚŝĂŬĂŶŽůĞŚƉĞŶLJĞĚŝĂ
ĞͲZhWK͘
WĞŶLJĞĚŝĂĞͲZhW^ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ WĞƌĂƚƵƌĂŶK:<EŽŵŽƌ ϭϲͬWK:<͘ϬϰͬϮϬϮϬƚĞ ŶƚĂŶŐ WĞůĂŬƐĂŶĂĂŶ
ZĂƉĂƚ hŵƵŵ Pemegang Saham Perusahaan Terbuka Secara Elektronik (“WĞƌĂƚƵƌĂŶ K:< EŽŵŽƌϭϲ”), dapat
ŵĞŶLJĞĚŝĂŬĂŶ ĚĂŶ ŵĞŶŐĞůŽůĂ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƌĂƉĂƚ ůĂŝŶ ƐĞůĂŝŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞƌƵƐĂŚĂĂŶ
dĞƌďƵŬĂ͘^ĞůĂŝŶZhWKƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ WĞƌĂƚƵƌĂŶK:<EŽŵŽƌϮϬ͕ WĞƌƐĞƌŽĂŶĚĂƉĂƚ ŵĞůĂŬƐĂŶĂŬĂŶ
ZhWKƐĞĐĂƌĂĞůĞŬƚƌŽŶŝŬŵĞŶŐŐƵŶĂŬĂŶĞͲZhWKLJĂŶŐĚŝƐĞĚŝĂŬĂŶƉĞŶLJĞĚŝĂĞͲZhWKƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ
ƉĞŶũĞůĂƐĂŶWĂƐĂůϱĂLJĂƚ ϭWĞƌĂƚƵƌĂŶK:<EŽŵŽƌϭϲ͘
Ϯ͘ < d ZE'E d EdE' ^h<h</:Z,zE'/dtZ<E
W EtZEhDhD Z< >E:hdE ^h<h</:Z,
WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ /// ^ƉŝŶĚŽ ĚĞŶŐĂŶ ƚĂƌŐĞƚ ĚĂŶĂ ƐĞďĞƐĂƌ
ZƉϱϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂƌĂƚƵƐŵŝůŝĂƌƌƵƉŝĂŚͿ͘
ED^h<h</:Z,
^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽdĂŚĂƉ /dĂŚƵŶϮϬϮϲ͘
: E/^^h<h</:Z,
^ƵŬƵŬ /ũĂƌĂŚ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ ƚĂŶƉĂ ǁĂƌŬĂƚ͕ ŬĞĐƵĂůŝ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ƵŶƚƵŬ
ĚŝĚĂĨƚĂƌŬĂŶ ĂƚĂƐ ŶĂŵĂ <^ / ƐĞďĂŐĂŝ ďƵŬƚŝ ƵƚĂŶŐ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ͘ ^ƵŬƵŬ /ũĂƌĂŚ ŝŶŝ
ĚŝĚĂĨƚĂƌŬĂŶĂƚĂƐ ŶĂŵĂ<^ /ƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐĚŝ<^ /LJĂŶŐƐĞůĂŶũƵƚŶLJĂƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶ
WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ĚŝƐĞƌĂŚŬĂŶŶLJĂ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ ^ƵŬƵŬ /ũĂƌĂŚ ŽůĞŚ
WĞƌƐĞƌŽĂŶŬĞƉĂĚĂ<^ /͘ƵŬƚŝŬĞƉĞŵŝůŝŬĂŶ ^ƵŬƵŬ/ũĂƌĂŚ ďĂŐŝWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚĂĚĂůĂŚ<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐ
LJĂŶŐĚŝƚĞƌďŝƚŬĂŶŽůĞŚ<^ /ĂƚĂƵ WĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ͘
,Z' W EtZE^h<h</:Z,
,ĂƌŐĂWĞŶĂǁĂƌĂŶ^ƵŬƵŬ/ũĂƌĂŚŝŶŝĂĚĂůĂŚ ϭϬϬй;ƐĞƌĂƚƵƐƉĞƌƐĞŶͿĚĂƌŝ:ƵŵůĂŚ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ͘
:hD>,^/^/D>E/:Z,͕//>E/D>E/:Z,E:dh, d DWK ^h<h</:Z,
^ĞůƵƌƵŚŶŝůĂŝ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ LJĂŶŐĂŬĂŶ ĚŝŬĞůƵĂƌŬĂŶƐĞďĞƐĂƌZƉϱϴ͘ϱϱϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂƉƵůƵŚĚĞůĂƉĂŶŵŝůŝĂƌ
ůŝŵĂƌĂƚƵƐůŝŵĂƉƵůƵŚũƵƚĂZƵƉŝĂŚͿ LJĂŶŐƚĞƌĚŝƌŝĚĂƌŝϯ;ƚŝŐĂͿƐĞƌŝ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
^Ğƌŝ ͗ :ƵŵůĂŚ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ^ĞƌŝƐĞďĞƐĂƌZƉϯϲ͘ϮϭϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂ ƉƵůƵŚĞŶĂŵŵŝůŝĂƌĚƵĂƌĂƚƵƐ
ƐĞƉƵůƵŚũƵƚĂ ZƵƉŝĂŚͿĚĞŶŐĂŶ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ ƐĞďĞƐĂƌZƉϮ͘ϱϯϰ͘ϳϬϬ͘ϬϬϬ͕Ͳ;ĚƵĂŵŝůŝĂƌ ůŝŵĂ
ƌĂƚƵƐ ƚŝŐĂ ƉƵůƵŚ ĞŵƉĂƚ ũƵƚĂ ƚƵũƵŚ ƌĂƚƵƐ ƌŝďƵZƵƉŝĂŚͿ ƉĞƌƚĂŚƵŶ LJĂŶŐ ĚŝŚŝƚƵŶŐ ĚĂƌŝũƵŵůĂŚ ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ^ĞƌŝĂƚĂƵ ƐĞďĞƐĂƌZƉϳϬ͘ϬϬϬ͕Ͳ;ƚƵũƵŚƉƵůƵŚƌŝďƵZƵƉŝĂŚͿƉĞƌZƉϭ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĂƚƵ
ũƵƚĂ ZƵƉŝĂŚͿ ƉĞƌƚĂŚƵŶ ĚĂƌŝũƵŵůĂŚ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ^Ğƌŝ͕LJĂŶŐ ďĞƌũĂŶŐŬĂǁĂŬƚƵ ϯϲϳ;ƚŝŐĂ
ƌĂƚƵƐĞŶĂŵƉƵůƵŚƚƵũƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͖
^Ğƌŝ ͗ :ƵŵůĂŚ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ ^ĞƌŝƐĞďĞƐĂƌZƉϲϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ĞŶĂŵƉƵůƵŚůŝŵĂũƵƚĂ ZƵƉŝĂŚͿĚĞŶŐĂŶ
ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚƐĞďĞƐĂƌZƉϱ͘ϯϲϮ͘ϱϬϬ͕Ͳ;ůŝŵĂũƵƚĂƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚĚƵĂƌŝďƵůŝŵĂƌĂƚƵƐ
ZƵƉŝĂŚͿƉĞƌƚĂŚƵŶ LJĂŶŐĚŝŚŝƚƵŶŐĚĂƌŝũƵŵůĂŚ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ^ĞƌŝĂƚĂƵ ƐĞďĞƐĂƌZƉϴϮ͘ϱϬϬ͕Ͳ
;ĚĞůĂƉĂŶƉƵůƵŚĚƵĂƌŝďƵůŝŵĂ ƌĂƚƵƐZƵƉŝĂŚͿ ƉĞƌZƉϭ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĂƚƵũƵƚĂ ZƵƉŝĂŚͿƉĞƌƚĂŚƵŶ ĚĂƌŝ
ũƵŵůĂŚ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ^Ğƌŝ͕LJĂŶŐďĞƌũĂŶŐŬĂǁĂŬƚƵϯ;ƚŝŐĂͿƚĂŚƵŶƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͖
^Ğƌŝ ͗ :ƵŵůĂŚ^ŝƐĂ/ŵďĂůĂŶ/ũĂƌĂŚ^ĞƌŝƐĞďĞƐĂƌZƉϮϮ͘Ϯϳϱ͘ϬϬϬ͘ϬϬϬ;ĚƵĂƉƵůƵŚĚƵĂŵŝůŝĂƌĚƵĂƌĂƚƵƐƚƵũƵŚ
ƉƵůƵŚ ůŝŵĂ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ƐĞďĞƐĂƌ ZƉϮ͘ϬϬϰ͘ϳϱϬ͘ϬϬϬ͕Ͳ ;ĚƵĂ ŵŝůŝĂƌ
ĞŵƉĂƚũƵƚĂƚƵũƵŚƌĂƚƵƐůŝŵĂƉƵůƵŚƌŝďƵZƵƉŝĂŚͿƉĞƌƚĂŚƵŶLJĂŶŐĚŝŚŝƚƵŶŐĚĂƌŝũƵŵůĂŚ^ŝƐĂ/ŵďĂůĂŶ
/ũĂƌĂŚ^ĞƌŝĂƚĂƵ ƐĞďĞƐĂƌZƉϵϬ͘ϬϬϬ͕Ͳ;ƐĞŵďŝůĂŶ ƉƵůƵŚƌŝďƵZƵƉŝĂŚͿƉĞƌZƉϭ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĂƚƵ ũƵƚĂ
ZƵƉŝĂŚͿ ƉĞƌƚĂŚƵŶ ĚĂƌŝũƵŵůĂŚ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ^Ğƌŝ͕LJĂŶŐ ďĞƌũĂŶŐŬĂ ǁĂŬƚƵ ϱ;ůŝŵĂͿ ƚĂŚƵŶ
ƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͘
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ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚĚŝďĂLJĂƌŬĂŶƐĞƚŝĂƉƚƌŝǁƵůĂŶ͕ĚŝŵĂŶĂ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚƉĞƌƚĂŵĂĂŬĂŶĚŝďĂLJĂƌŬĂŶƉĂĚĂ
ƚĂŶŐŐĂů ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϲ͕ƐĞĚĂŶŐŬĂŶ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ ƚĞƌĂŬŚŝƌƐĞŬĂůŝŐƵƐ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ<ĞŵďĂůŝ
^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚĂŬĂŶ ĚŝďĂLJĂƌŬĂŶƉĂĚĂ ƚĂŶŐŐĂů ϭϵ:ƵŶŝϮϬϮϳƵŶƚƵŬ^ƵŬƵŬ/ũĂƌĂŚ ^Ğƌŝ͕ƚĂŶŐŐĂů ϭϮ:ƵŶŝϮϬϮϵ
ƵŶƚƵŬ^ƵŬƵŬ/ũĂƌĂŚ^ĞƌŝĚĂŶƚĂŶŐŐĂů ϭϮ:ƵŶŝϮϬϯϭƵŶƚƵŬ^ƵŬƵŬ/ũĂƌĂŚ^Ğƌŝ͘WĞŵďĂLJĂƌĂŶ<ĞŵďĂůŝ^ŝƐĂ/ŵďĂůĂŶ
/ũĂƌĂŚŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞƌŝ^ƵŬƵŬ/ũĂƌĂŚĂŬĂŶĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƉĞŶƵŚ;ďƵůůĞƚƉĂLJŵĞŶƚͿƉĂĚĂƐĂĂƚ ũĂƚƵŚƚĞŵƉŽ͘
ĂůĂŵ ŚĂů dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ũĂƚƵŚ ƉĂĚĂ ŚĂƌŝ LJĂŶŐ ďƵŬĂŶ ,Ăƌŝ ƵƌƐĂ͕ ŵĂŬĂ ŝĐŝůĂŶ
/ŵďĂůĂŶ /ũĂƌĂŚ ĚŝďĂLJĂƌ ƉĂĚĂ ,Ăƌŝ ƵƌƐĂ ƐĞƐƵĚĂŚŶLJĂ ƚĂŶƉĂ ĚŝŬĞŶĂŬĂŶ <ŽŵƉĞŶƐĂƐŝ <ĞƌƵŐŝĂŶ ŬŝďĂƚ
<ĞƚĞƌůĂŵďĂƚĂŶ͘ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ƚĞƌƐĞďƵƚ ĚŝŚŝƚƵŶŐ ďĞƌĚĂƐĂƌŬĂŶ ũƵŵůĂŚ ŚĂƌŝ LJĂŶŐ ƚĞƌůĞǁĂƚ ďĞƌĚĂƐĂƌŬĂŶ
ũƵŵůĂŚ ,Ăƌŝ <ĂůĞŶĚĞƌLJĂŶŐ ůĞǁĂƚ ĚĞŶŐĂŶƉĞƌŚŝƚƵŶŐĂŶ ϭ;ƐĂƚƵͿ ƚĂŚƵŶ ĂĚĂůĂŚ ϯϲϬ;ƚŝŐĂ ƌĂƚƵƐ ĞŶĂŵƉƵůƵŚͿ ,Ăƌŝ
<ĂůĞŶĚĞƌĚĂŶϭ;ƐĂƚƵͿďƵůĂŶĂĚĂůĂŚϯϬ;ƚŝŐĂƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͘
^ƵŬƵŬ/ũĂƌĂŚ ŚĂƌƵƐĚŝďĂLJĂƌ ŬĞŵďĂůŝ ĚĞŶŐĂŶŚĂƌŐĂ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶũƵŵůĂŚ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ LJĂŶŐƚĞƌƚƵůŝƐ
ƉĂĚĂ <ŽŶĨŝƌŵĂƐŝ dĞƌƚƵůŝƐ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ
^ƵŬƵŬ/ũĂƌĂŚĚĂŶŬĞƚĞŶƚƵĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͘
:ĂĚǁĂů ƉĞŵďĂLJĂƌĂŶ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ƵŶƚƵŬ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ^Ğƌŝ^ƵŬƵŬ /ũĂƌĂŚ
ĂĚĂůĂŚƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĐĂŶƚƵŵĚĂůĂŵƚĂďĞůĚŝďĂǁĂŚŝŶŝ͗
ŝĐŝůĂŶ/ŵďĂůĂŶ
^Ğƌŝ ^Ğƌŝ ^Ğƌŝ
/ũĂƌĂŚ <ĞͲ
ϭ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϲ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϲ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϲ
Ϯ ϭϮĞƐĞŵďĞƌϮϬϮϲ ϭϮĞƐĞŵďĞƌϮϬϮϲ ϭϮĞƐĞŵďĞƌϮϬϮϲ
ϯ ϭϮDĂƌĞƚϮϬϮϳ ϭϮDĂƌĞƚϮϬϮϳ ϭϮDĂƌĞƚϮϬϮϳ
ϰ ϭϵ:ƵŶŝϮϬϮϳ ϭϮ:ƵŶŝϮϬϮϳ ϭϮ:ƵŶŝϮϬϮϳ
ϱ Ͳ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϳ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϳ
ϲ Ͳ ϭϮĞƐĞŵďĞƌϮϬϮϳ ϭϮĞƐĞŵďĞƌϮϬϮϳ
ϳ Ͳ ϭϮDĂƌĞƚϮϬϮϴ ϭϮDĂƌĞƚϮϬϮϴ
ϴ Ͳ ϭϮ:ƵŶŝϮϬϮϴ ϭϮ:ƵŶŝϮϬϮϴ
ϵ Ͳ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϴ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϴ
ϭϬ Ͳ ϭϮĞƐĞŵďĞƌϮϬϮϴ ϭϮĞƐĞŵďĞƌϮϬϮϴ
ϭϭ Ͳ ϭϮDĂƌĞƚϮϬϮϵ ϭϮDĂƌĞƚϮϬϮϵ
ϭϮ Ͳ ϭϮ:ƵŶŝϮϬϮϵ ϭϮ:ƵŶŝϮϬϮϵ
ϭϯ Ͳ Ͳ ϭϮ^ĞƉƚĞŵďĞƌϮϬϮϵ
ϭϰ Ͳ Ͳ ϭϮĞƐĞŵďĞƌϮϬϮϵ
ϭϱ Ͳ Ͳ ϭϮDĂƌĞƚϮϬϯϬ
ϭϲ Ͳ Ͳ ϭϮ:ƵŶŝϮϬϯϬ
ϭϳ Ͳ Ͳ ϭϮ^ĞƉƚĞŵďĞƌϮϬϯϬ
ϭϴ Ͳ Ͳ ϭϮĞƐĞŵďĞƌϮϬϯϬ
ϭϵ Ͳ Ͳ ϭϮDĂƌĞƚϮϬϯϭ
ϮϬ Ͳ Ͳ ϭϮ:ƵŶŝϮϬϯϭ
WĞŵďĂLJĂƌĂŶ<ĞŵďĂůŝ^ŝƐĂ/ŵďĂůĂŶ/ũĂƌĂŚĚĂŶƉĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚĂŬĂŶĚŝďĂLJĂƌŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ
ŵĞůĂůƵŝ <^ / ƐĞůĂŬƵ ŐĞŶ WĞŵďĂLJĂƌĂŶ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶͲ
ŬĞƚĞŶƚƵĂŶLJĂŶŐ ĚŝĂƚƵƌĚĂůĂŵ WĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ ŬĞƉĂĚĂWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ ŵĞůĂůƵŝWĞŵĞŐĂŶŐ
ZĞŬĞŶŝŶŐƐĞƐƵĂŝĚĞŶŐĂŶũĂĚǁĂů ǁĂŬƚƵ ƉĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚĚĂŶ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ ƐĞďĂŐĂŝŵĂŶĂ
LJĂŶŐƚĞůĂŚĚŝƚĞŶƚƵŬĂŶ͘ŝůĂŵĂŶĂ ƚĂŶŐŐĂů ƉĞŵďĂLJĂƌĂŶũĂƚƵŚƉĂĚĂŚĂƌŝLJĂŶŐďƵŬĂŶ,ĂƌŝƵƌƐĂ͕ŵĂŬĂƉĞŵďĂLJĂƌĂŶ
ĂŬĂŶĚŝůĂŬƵŬĂŶƉĂĚĂ,ĂƌŝƵƌƐĂďĞƌŝŬƵƚŶLJĂ͘
K: < /:Z,
ƐĞƚLJĂŶŐŵĞŶũĂĚŝĚĂƐĂƌ;ƵŶĚĞƌůLJŝŶŐĂƐƐĞƚͿĚĂůĂŵƉĞŶĞƌďŝƚĂŶ^ƵŬƵŬ/ũĂƌĂŚ;KďũĞŬ/ũĂƌĂŚͿŝŶŝĂĚĂůĂŚďĞƌƵƉĂŵĞƐŝŶ
ŵŝůŝŬWĞƌƐĞƌŽĂŶ͕LJĂŝƚƵŵĞƐŝŶ
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͘ DĞƐŝŶWĞŵďƵĂƚ WŝƉĂ'ĂůǀĂŶŝƐ ĚĂŶŵĞƐŝŶͲŵĞƐŝŶ ĚĂŶ ƐĂƌĂŶĂƉĞŶƵŶũĂŶŐŶLJĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌůĂŵƉŝƌ ĚĞŶŐĂŶ
ŶŝůĂŝ ƉĞŶŐŐĂŶƚŝĂŶ ďĂƌƵ ƚŽƚĂů ŵĞƐŝŶ ƚĞƌƐĞďƵƚ ƐĞďĞƐĂƌZƉϭϴϯ͘Ϭϯϯ͘ϴϰϬ͘ϬϬϬ͕Ͳ͘DĞƐŝŶ ƚĞƌƐĞďƵƚ ŵĞŵƉƌŽĚƵŬƐŝ
ƉŝƉĂďĂũĂ ďĞƌĚŝĂŵĞƚĞƌϬ͕ϱ –ϴŝŶĐŝĚĂŶƉĂŶũĂŶŐϲŵĞƚĞƌ͘DĞƐŝŶĚŝďƵĂƚƉĂĚĂ ϭϵϳϳĚĂŶŵƵůĂŝĚĂŶƌĞŬŽŶĚŝƐŝ
ƉĂĚĂϮϬϭϱ͘
͘ DĞƐŝŶ WĞŵďƵĂƚ WŝƉĂ /ŶĚƵƐƚƌŝĂů ĚĂŶ WŝƉĂ KƌŶĂŵĞŶƚĂů ĚĂŶ ŵĞƐŝŶͲŵĞƐŝŶ ĚĂŶ ƐĂƌĂŶĂ ƉĞŶƵŶũĂŶŐŶLJĂ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌůĂŵƉŝƌ ĚĞŶŐĂŶŶŝůĂŝƉĞŶŐŐĂŶƚŝĂŶ ďĂƌƵƚŽƚĂů ŵĞƐŝŶƚĞƌƐĞďƵƚƐĞďĞƐĂƌZƉϭϬϬ͘ϬϯϮ͘ϳϲϬ͘ϯϰϬ͕Ͳ͘
DĞƐŝŶ ƚĞƌƐĞďƵƚŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ ďĂũĂ ďĞƌĚŝĂŵĞƚĞƌϬ͕ϱ –Ϯ ŝŶĐŝĚĞŶŐĂŶ ŬĞƚĞďĂůĂŶ Ϭ͕ϰ – Ϯ͕Ϭŵŵ͘ DĞƐŝŶ
ĚŝďƵĂƚĚĂŶŵƵůĂŝ ďĞƌŽƉĞƌĂƐŝƉĂĚĂƚĂŚƵŶϭϵϴϭ͘
͘ DĞƐŝŶWĞŵďƵĂƚWŝƉĂ,ŝƚĂŵĚĂŶŵĞƐŝŶͲŵĞƐŝŶĚĂŶƐĂƌĂŶĂƉĞŶƵŶũĂŶŐŶLJĂƐĞďĂŐĂŝŵĂŶĂ ƚĞƌůĂŵƉŝƌĚĞŶŐĂŶŶŝůĂŝ
ƉĞŶŐŐĂŶƚŝĂŶ ďĂƌƵƚŽƚĂů ŵĞƐŝŶ ƚĞƌƐĞďƵƚƐĞďĞƐĂƌZƉϭϵϮ͘ϭϵϰ͘ϮϬϬ͘ϬϬϬ͕Ͳ͘DĞƐŝŶƚĞƌƐĞďƵƚĚĂƉĂƚ ŵĞŵƉƌŽĚƵŬƐŝ
ƉŝƉĂďĂũĂ ĚĞŶŐĂŶĚŝĂŵĞƚĞƌ Ϭ͕ϱ–ϴŝŶĐŝĚĞŶŐĂŶ ŬĞƚĞďĂůĂŶϰ͕ϱ –ϴŵŵ͘ DĞƐŝŶĚŝďƵĂƚ ĚĂŶďĞƌŽƉĞƌĂƐŝƉĂĚĂ
ƚĂŚƵŶϭϵϳϮ͘
͘ DĞƐŝŶ WĞŵďƵĂƚ WŝƉĂ WĞƌĂďŽƚ͕ WŝƉĂ ,ŝƚĂŵ͕ ĚĂŶ WŝƉĂ '/ ĚĂŶ ŵĞƐŝŶͲŵĞƐŝŶ ĚĂŶ ƐĂƌĂŶĂ ƉĞŶƵŶũĂŶŐŶLJĂ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌůĂŵƉŝƌ ĚĞŶŐĂŶŶŝůĂŝƉĞŶŐŐĂŶƚŝĂŶ ďĂƌƵƚŽƚĂů ŵĞƐŝŶƚĞƌƐĞďƵƚƐĞďĞƐĂƌZƉϭϭϬ͘ϰϴϭ͘ϳϮϱ͘ϬϬϬ͕Ͳ͘
DĞƐŝŶĚĂƉĂƚŵĞŵƉƌŽĚƵŬƐŝƉŝƉĂďĂũĂďĞƌĚŝĂŵĞƚĞƌϯͬϴ–ϯŝŶĐŝ͘DĞƐŝŶĚŝďƵĂƚƉĂĚĂϮϬϭϯĚĂŶďĞƌŽƉĞƌĂƐŝƉĂĚĂ
ϮϬϭϰ͘
͘ DĞƐŝŶWĞŵďƵĂƚWŝƉĂ ZtĚĂŶŵĞƐŝŶͲŵĞƐŝŶĚĂŶƐĂƌĂŶĂƉĞŶƵŶũĂŶŐŶLJĂƐĞďĂŐĂŝŵĂŶĂ ƚĞƌůĂŵƉŝƌĚĞŶŐĂŶŶŝůĂŝ
ƉĞŶŐŐĂŶƚŝĂŶ ďĂƌƵ ƚŽƚĂů ŵĞƐŝŶ ƚĞƌƐĞďƵƚƐĞďĞƐĂƌ ZƉϭϮϳ͘ϭϯϮ͘ϲϮϵ͘ϱϴϯ͕Ͳ͘DĞƐŝŶ ƚĞƌƐĞďƵƚ ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ
ďĂũĂĚĞŶŐĂŶĚŝĂŵĞƚĞƌϯ͕ϱ–ϴŝŶĐŝĚĞŶŐĂŶŬĞƚĞďĂůĂŶϰ–ϭϯŵŵ͘<ĂƉĂƐŝƚĂƐŵĞƐŝŶĚĂƉĂƚŵĞŵƉƌŽĚƵŬƐŝϮϬ͘ϬϬϬ
ƚŽŶͬďƵůĂŶ͘ DĞƐŝŶĂŬĂŶŵƵůĂŝďĞƌŽƉĞƌĂƐŝƉĂĚĂϮϬϮϲ͘
DĞƐŝŶ ƉĞŶƵŶũĂŶŐƚĞƌŵĂƐƵŬ ŵĞƐŝŶƐůŝƚƚĞƌ͕ ŵĞƐŝŶ ƌĞƉƌŽƐĞƐ;ƌĞĐƵƚƚŝŶŐ͕ ĞŶĚͲĨĂĐŝŶŐ͕ ƚĞƐƚŝŶŐͿ͕ ZŽůů&ŽƌŵŝŶŐ͕ ŵĞƐŝŶ
ŵĂƌŬŝŶŐΘƉĂĐŬŝŶŐ͕ĚĂŶĂůĂƚͲĂůĂƚ ĂŶŐŬƵƚ͘
ƐĞƚ LJĂŶŐ ŵĞŶũĂĚŝ ĚĂƐĂƌ ;ƵŶĚĞƌůLJŝŶŐ ĂƐƐĞƚͿ ^ƵŬƵŬ /ũĂƌĂŚ ;KďũĞŬ /ũĂƌĂŚͿ͕ ƚŝĚĂŬ ďĞƌƚĞŶƚĂŶŐĂŶ ĚĞŶŐĂŶ WƌŝŶƐŝƉ
^LJĂƌŝĂŚĚŝWĂƐĂƌ DŽĚĂůĚĂŶWĞƌƐĞƌŽĂŶŵĞŶũĂŵŝŶ ƐĞůĂŵĂ ƉĞƌŝŽĚĞ^ƵŬƵŬ/ũĂƌĂŚ͕ ĂƐĞƚLJĂŶŐ ŵĞŶũĂĚŝĚĂƐĂƌ ^ƵŬƵŬ
ƚŝĚĂŬĂŬĂŶďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶWƌŝŶƐŝƉ^LJĂƌŝĂŚĚŝWĂƐĂƌDŽĚĂů͘
ĂůĂŵŚĂůƚĞƌũĂĚŝŶLJĂƉĞŶƵƌƵŶĂŶŶŝůĂŝKďũĞŬ/ũĂƌĂŚƐĞŚŝŶŐŐĂŶŝůĂŝŶLJĂŬƵƌĂŶŐĚĂƌŝũƵŵůĂŚ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ͕ŵĂŬĂ
WĞƌƐĞƌŽĂŶĂŬĂŶŵĞŶŐŐĂŶƚŝ ĚĂŶͬĂƚĂƵ ŵĞŶĂŵďĂŚ ĚĞŶŐĂŶĂƐĞƚ LJĂŶŐƚŝĚĂŬ ďĞƌƚĞŶƚĂŶŐĂŶ ĚĞŶŐĂŶWƌŝŶƐŝƉ^LJĂƌŝĂŚ
ĚŝWĂƐĂƌDŽĚĂůƵŶƚƵŬŵĞŶƵƚƵƉŝŬĞŬƵƌĂŶŐĂŶŶŝůĂŝKďũĞŬ/ũĂƌĂŚ͘
^< D ^h<h</:Z,
ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚ ĚŝĂŐƌĂŵƐŬĞŵĂ ^ƵŬƵŬ/ũĂƌĂŚ͗
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WĞŶũĞůĂƐĂŶ͗
ϭ͘ ͘ /ŶǀĞƐƚŽƌ ;WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ŵĞŶLJĞƌĂŚŬĂŶ ĚĂŶĂ ƐĞďĞƐĂƌŶŝůĂŝ ^ƵŬƵŬ /ũĂƌĂŚ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ
ƐĞďĂŐĂŝƉĞŶĞƌďŝƚĚĂŶƉĞŵŝůŝŬKďũĞŬ/ũĂƌĂŚ͘
͘ WĞƌƐĞƌŽĂŶŵĞŶĞƌďŝƚŬĂŶ^ƵŬƵŬ/ũĂƌĂŚŬĞƉĂĚĂ/ŶǀĞƐƚŽƌĚĞŶŐĂŶŶŝůĂŝƉĞŶĞƌďŝƚĂŶLJĂŶŐĚŝĚĂƐĂƌŬĂŶƉĂĚĂ
KďũĞŬ/ũĂƌĂŚLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͘
Ϯ͘ WĞƌƐĞƌŽĂŶĚĂŶ/ŶǀĞƐƚŽƌ;WĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚͿ LJĂŶŐ ĚŝǁĂŬŝůŝŽůĞŚWdĂŶŬZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿ
dďŬ;tĂůŝŵĂŶĂƚ^ƵŬƵŬ/ũĂƌĂŚͿŵĞůĂŬƵŬĂŶŬĂĚ/ũĂƌĂŚ͕ŵĂŬĂWĞƌƐĞƌŽĂŶŵĞŶŐĂůŝŚŬĂŶ ŚĂŬŵĂŶĨĂĂƚ KďũĞŬ
/ũĂƌĂŚ ŬĞƉĂĚĂ/ŶǀĞƐƚŽƌ͕ ĚĂŶ/ŶǀĞƐƚŽƌLJĂŶŐ ĚŝǁĂŬŝůŝ tĂůŝŵĂŶĂƚ ^ƵŬƵŬ/ũĂƌĂŚ ŵĞŶĞƌŝŵĂ ƉĞŶŐĂůŝŚĂŶŚĂŬ
ŵĂŶĨĂĂƚ KďũĞŬ/ũĂƌĂŚĚĂƌŝWĞƌƐĞƌŽĂŶ͘
ϯ͘ ͘ ^ĞůĂŶũƵƚŶLJĂ ďĞƌĚĂƐĂƌŬĂŶ ŬĂĚ /ũĂƌĂŚ͕ /ŶǀĞƐƚŽƌ LJĂŶŐ ĚŝǁĂŬŝůŝ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ /ũĂƌĂŚ ďĞƌƚŝŶĚĂŬ
ƐĞďĂŐĂŝ DƵΖũŝƌ ;ƉĞŵďĞƌŝ ƐĞǁĂͿ ŵĞŶLJĞǁĂŬĂŶ KďũĞŬ /ũĂƌĂŚ ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ
DƵƐƚĂΖũŝƌ;ƉĞŶLJĞǁĂͿ͘
͘ ƚĂƐKďũĞŬ/ũĂƌĂŚ LJĂŶŐĚŝƐĞǁĂƚĞƌƐĞďƵƚ͕WĞƌƐĞƌŽĂŶŵĞŵďĞƌŝŬĂŶƉĞŵďĂLJĂƌĂŶ ƐĞǁĂŬĞƉĂĚĂ/ŶǀĞƐƚŽƌ
ďĞƌƵƉĂ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ƐĞĐĂƌĂ ƉĞƌŝŽĚŝŬƐĞƐƵĂŝ ĚĞŶŐĂŶ ǁĂŬƚƵ LJĂŶŐ ĚŝƉĞƌũĂŶũŝŬĂŶ ƐĞƌƚĂ ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚƉĂĚĂƐĂĂƚũĂƚƵŚƚĞŵƉŽ^ƵŬƵŬ/ũĂƌĂŚ͘
^ĞƚĞůĂŚ^ƵŬƵŬ/ũĂƌĂŚũĂƚƵŚ ƚĞŵƉŽĚĂŶƐĞƚĞůĂŚƉĞůƵŶĂƐĂŶ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ͕ ŵĂŬĂ /ŶǀĞƐƚŽƌLJĂŶŐ ĚŝǁĂŬŝůŝŽůĞŚ
ǁĂůŝĂŵĂŶĂƚ ŵĞŶŐĂůŝŚŬĂŶ ŬĞŵďĂůŝŚĂŬŵĂŶĨĂĂƚ ďĞƐĞƌƚĂKďũĞŬ/ũĂƌĂŚ;ŵĂŚĂůůĂůŵĂŶĨĂĂŚͿŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘
W ZEzdE < ^ ^h/E ^zZ/, d^ ^h<h< /:Z, >D W EtZE hDhD Z/ d/D ,>/
^zZ/,
^ĞƐƵĂŝ ĚĞŶŐĂŶ WĞƌŶLJĂƚĂĂŶ <ĞƐĞƐƵĂŝĂŶ ^LJĂƌŝĂŚ ĚĂƌŝ dŝŵ Śůŝ ^LJĂƌŝĂŚ LJĂŶŐ ƚĞƌŵƵĂƚ ĚĂůĂŵ ƐƵƌĂƚ ƚĞƌƚĂŶŐŐĂů
ϭϴ&ĞďƌƵĂƌŝϮϬϮϲƉĞƌŝŚĂůWĞƌŶLJĂƚĂĂŶ <ĞƐĞƐƵĂŝĂŶ ^LJĂƌŝĂŚ͕ dŝŵ Śůŝ^LJĂƌŝĂŚŵĞŶLJĂƚĂŬĂŶ ďĂŚǁĂ WĞƌũĂŶũŝĂŶ ĚĂŶ
ŬĂĚLJĂŶŐĚŝďƵĂƚĚĂůĂŵ ƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ^ƵŬƵŬ/ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽ dĂŚĂƉ /
dĂŚƵŶ ϮϬϮϲƚŝĚĂŬ ďĞƌƚĞŶƚĂŶŐĂŶ ĚĞŶŐĂŶ ƉƌŝŶƐŝƉ ƐLJĂƌŝĂŚ ƐĞƐƵĂŝ ĨĂƚǁĂͲĨĂƚǁĂ ĞǁĂŶ ^LJĂƌŝĂŚ EĂƐŝŽŶĂůͲDĂũĞůŝƐ
hůĂŵĂ /ŶĚŽŶĞƐŝĂ͘
^hD Z W EWdE ^h<h</:Z,
^ƵŵďĞƌƉĞŶĚĂƉĂƚĂŶ LJĂŶŐ ŵĞŶũĂĚŝ ĚĂƐĂƌ ƉĞŶŐŚŝƚƵŶŐĂŶ ƉĞŵďĂLJĂƌĂŶ ŝŵďĂůĂŶ ƐĞǁĂ ĚĂŶ ĚĂŶĂ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ
ƵŶƚƵŬ ƉĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ďĞƌĂƐĂů ĚĂƌŝ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌũĂůĂŶ ĂƚĂƐ ŚĂƐŝů
ƉĞŶŐŐƵŶĂĂŶKďũĞŬ/ũĂƌĂŚ͘
Z/E'<^E<^h<h</:Z,
^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŶĂǁĂƌĂŶ ^ƵŬƵŬ /ũĂƌĂŚ͕ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂĚĂŬĂŶ ĂŬĂĚͲĂŬĂĚ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ƵŶƚƵŬ
ŵĞŵĞŶƵŚŝ ƚƌĂŶƐĂŬƐŝ ŝũĂƌĂŚ ĂƚĂƐ KďũĞŬ/ũĂƌĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉƌŝŶƐŝƉƐLJĂƌŝĂŚ ĚŝWĂƐĂƌ DŽĚĂů͘ ŬĂĚLJĂŶŐ ĚŝďƵĂƚ
ƚĞƌƐĞďƵƚĂŶƚĂƌĂůĂŝŶ͗
ϭ͘ ŬĂĚ/ũĂƌĂŚ;ƉĞŶŐĂůŝŚĂŶ ŽďũĞŬŝũĂƌĂŚͿ
• ŬĂĚĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶĚĞŶŐĂŶ/ŶǀĞƐƚŽƌͬWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ LJĂŶŐ ĚŝǁĂŬŝůŝtĂůŝŵĂŶĂƚ͘ WĞƌƐĞƌŽĂŶ
sebagai pemilik aset Sukuk Ijarah (Mu’jir) berupa ŚĂŬŵĂŶĨĂĂƚ ĂƚĂƐDĞƐŝŶĚĂŶWĞƌĂůĂƚĂŶWĂďƌŝŬWŝƉĂĂũĂ
ďĞƐĞƌƚĂƐĂƌĂŶĂ ƉĞŶƵŶũĂŶŐŶLJĂ ĚĂŶŵĞŶŐĂůŝŚŬĂŶ ŚĂŬ ŵĂŶĨĂĂƚ KďũĞŬ/ũĂƌĂŚ ŬĞƉĂĚĂ ŝŶǀĞƐƚŽƌͬWĞŵĞŐĂŶŐ
^ƵŬƵŬLJĂŶŐ ĚŝǁĂŬŝůŝ tĂůŝŵĂŶĂƚ ^ƵŬƵŬ/ũĂƌĂŚ͕ ĚĂŶtĂůŝŵĂŶĂƚ ŵĞŶĞƌŝŵĂ ŚĂŬŵĂŶĨĂĂƚ KďũĞŬ/ũĂƌĂŚ
ĚĂƌŝ WĞƌƐĞƌŽĂŶƐĞŚŝŶŐŐĂ ŚĂŬ ŵĂŶĨĂĂƚ KďũĞŬ /ũĂƌĂŚ ĚŝŵŝůŝŬŝ /ŶǀĞƐƚŽƌ͘ EŝůĂŝ ŵĂŶĨĂĂƚ ĂƚĂƐ KďũĞŬ/ũĂƌĂŚ
ƚĞƌƐĞďƵƚƐĞďĞƐĂƌŶŝůĂŝ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝƚĂǁĂƌŬĂŶ ŽůĞŚWĞƌƐĞƌŽĂŶ͕ĚĞŶŐĂŶũĂŶŐŬĂǁĂŬƚƵƚĞƌƚĞŶƚƵLJĂŶŐ
ĚŝƐĞƉĂŬĂƚŝ͘
15
Page 50
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
Ϯ͘ ŬĂĚ/ũĂƌĂŚ
• ŬĂĚĂŶƚĂƌĂWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝǁĂŬŝůŝtĂůŝŵĂŶĂƚĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͘tĂůŝŵĂŶĂƚƐĞďĂŐĂŝ
Mu’jir (pemberi sewa) dan perseroan sebagai Musta’jir (penyewa). Objek Ijarah berupa DĞƐŝŶ ĚĂŶ
WĞƌĂůĂƚĂŶ WĂďƌŝŬWŝƉĂ ĂũĂ ďĞƐĞƌƚĂƐĂƌĂŶĂ ƉĞŶƵŶũĂŶŐŶLJĂ ĚĂŶ ŚĂŬ ŵĂŶĨĂĂƚŶLJĂ ĚŝŐƵŶĂŬĂŶ ƐĞŶĚŝƌŝŽůĞŚ
WĞƌƐĞƌŽĂŶ͘ƚĂƐKďũĞŬ/ũĂƌĂŚ LJĂŶŐ ĚŝƐĞǁĂ ƚĞƌƐĞďƵƚWĞƌƐĞƌŽĂŶŵĞŵďĞƌŝŬĂŶƉĞŵďĂLJĂƌĂŶ ƐĞǁĂ ŬĞƉĂĚĂ
WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ďĞƌƵƉĂ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ƐĞĐĂƌĂ ƉĞƌŝŽĚŝŬ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ǁĂŬƚƵ LJĂŶŐ
ĚŝƉĞƌũĂŶũŝŬĂŶƐĞƌƚĂ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚƉĂĚĂƐĂĂƚũĂƚƵŚƚĞŵƉŽ^ƵŬƵŬ/ũĂƌĂŚ͘
• ^ĞƚĞůĂŚ^ƵŬƵŬ/ũĂƌĂŚ ũĂƚƵŚƚĞŵƉŽĚĂŶƐĞƚĞůĂŚƉĞůƵŶĂƐĂŶͬƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚŽůĞŚ
WĞƌƐĞƌŽĂŶ͕ ŵĂŬĂ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝǁĂŬŝůŝ ŽůĞŚ tĂůŝ ŵĂŶĂƚ ŵĞŶŐĂůŝŚŬĂŶ ŬĞŵďĂůŝ ŚĂŬ
ŵĂŶĨĂĂƚ ďĞƐĞƌƚĂKďũĞŬ/ũĂƌĂŚ;ŵĂŚĂůů ĂůŵĂŶĨĂĂŚͿ ŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘
&ŽƌĐĞDĂũĞƵƌĞ ĚĂŶdƵƌƵŶŶLJĂ EŝůĂůKďLJĞŬ/ũĂƌĂŚ
ĂůĂŵ ŚĂů ƚĞƌũĂĚŝ ƉĞƌŝƐƚŝǁĂ Ěŝ ůƵĂƌ ŬĞŬƵĂƐĂĂŶ ŵĂŶƵƐŝĂ ;ĨŽƌĐĞ ŵĂũĞƵƌĞͿ ƚĞƌŵĂƐƵŬ ŬĞũĂĚŝĂŶ͕ ďĂŝŬ LJĂŶŐ ĚĂƉĂƚ
ŵĂƵƉƵŶƚŝĚĂŬ ĚĂƉĂƚĚŝƉĞƌŬŝƌĂŬĂŶƐĞďĞůƵŵŶLJĂ͕ƐĞƉĞƌƚŝŬĞďĂŬĂƌĂŶ͕ŐĞŵƉĂďƵŵŝ͕ ďĂŶũŝƌ͕ŚƵƌƵŚĂƌĂ͕ĂŶŐŝŶƚŽƉĂŶ͕
ďĞŶƚƵƌĂŶĚĞŶŐĂŶďĞŶĚĂĂŶŐŬĂƐĂ ůĂŝŶ͕ďĂĚĂŝŵĂƚĂŚĂƌŝ͕ŬĞƌƵƐĂŬĂŶŵĞŬĂŶŝŬ͕ĚĂŶĞůĞŬƚƌŽŶŝŬƉĂĚĂKďLJĞŬ/ũĂƌĂŚĚĂŶ
ůĂŝŶͲůĂŝŶ LJĂŶŐ ŵĞŶŐĂŬŝďĂƚŬĂŶ ŬĞƌƵƐĂŬĂŶ ĂƚĂƵ ƚŝĚĂŬ ĚĂƉĂƚ ĚŝŐƵŶĂŬĂŶŶLJĂ KďLJĞŬ /ũĂƌĂŚ͕ ŚĂů ŵĂŶĂ ĚĂƉĂƚ
ŵĞŶŐĂŬŝďĂƚŬĂŶ ŬĞƌƵŐŝĂŶ ďĂŐŝ WĞŵĞŐĂŶŐ ^ƵŬƵŬ ĂƚĂƐ ƚƵƌƵŶŶLJĂ ŶŝůĂŝ KďLJĞŬ /ũĂƌĂŚ ŵĞŶũĂĚŝ ŬƵƌĂŶŐ ĚĂƌŝ ŶŝůĂŝ
ƉĞŶŐĂůŝŚĂŶ KďLJĞŬ/ũĂƌĂŚ ƐĞďĞƐĂƌ ŶŝůĂŝ ƉĞŶĞƌďŝƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŝƚƵ ƐĞďĞƐĂƌ ZƉϱϴ͘ϱϱϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂ ƉƵůƵŚ
ĚĞůĂƉĂŶŵŝůŝĂƌůŝŵĂƌĂƚƵƐůŝŵĂ ƉƵůƵŚũƵƚĂ ZƵƉŝĂŚͿ͕ŵĂŬĂ WĞƌƐĞƌŽĂŶĂŬĂŶŵĞŶŐŐĂŶƚŝ KďLJĞŬ/ũĂƌĂŚ ĚĞŶŐĂŶŽďLJĞŬ
ĂƚĂƵŵĂŶĨĂĂƚ ůĂŝŶLJĂŶŐƐĞƐƵĂŝĚĞŶŐĂŶƉƌŝŶƐŝƉƐLJĂƌŝĂŚ͕LJĂŶŐĚŝŵŝůŝŬŝĂƚĂƵĚŝŬƵĂƐĂŝŽůĞŚWĞƌƐĞƌŽĂŶƐĂŵƉĂŝ ĚĞŶŐĂŶ
ũƵŵůĂŚ LJĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŶŝůĂŝ KďLJĞŬ ĚĞŶŐĂŶ ƚĂƚĂ ĐĂƌĂ LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ ďĞƌƐĂŵĂ ;ŽďLJĞŬ ĂƚĂƵ ŵĂŶĨĂĂƚ
ƉĞŶŐŐĂŶƚŝĂƚĂƐ KďLJĞŬ/ũĂƌĂŚƚĞƌƐĞďƵƚƐĞůĂŶũƵƚŶLJĂ ĚŝƐĞďƵƚΗKďLJĞŬ/ũĂƌĂŚWĞŶŐŐĂŶƚŝΗͿ͘
WĞŵďĞƌŝƚĂŚƵĂŶĂƚĂƐƉĞƌŝƐƚŝǁĂ ĨŽƌĐĞŵĂũĞƵƌĞ ǁĂũŝďĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƚĞƌƚƵůŝƐŽůĞŚWĞƌƐĞƌŽĂŶLJĂŶŐŵĞŶŐĂůĂŵŝŶLJĂ
ƐĞůĂŵďĂƚͲ/ĂŵďĂƚŶLJĂ ĚĂůĂŵǁĂŬƚƵ ϭϰ;ĞŵƉĂƚďĞůĂƐͿŚĂƌŝŬĂůĞŶĚĞƌƐĞũĂŬƚĞƌũĂĚŝŶLJĂĨŽƌĐĞŵĂũĞƵƌĞ ĚŝƐĞƌƚĂŝĚĞŶŐĂŶ
ďƵŬƚŝͲďƵŬƚŝLJĂŶŐƐĂŚ͘ƉĂďŝůĂŚĂůƚĞƌƐĞďƵƚƚŝĚĂŬĚŝůĂŬƐĂŶĂŬĂŶ ŵĂŬĂ tĂůŝŵĂŶĂƚĂŬĂŶŵĞŶŐĂŶŐŐĂƉ ŚĂůƚĞƌƐĞďƵƚ
ƚŝĚĂŬƉĞƌŶĂŚƚĞƌũĂĚŝ͘WĞŶLJĞĚŝĂĂŶĚĂŶƉĞŵďĞƌŝĂŶKďLJĞŬ/ũĂƌĂŚWĞŶŐŐĂŶƚŝŵĞŵĞƌůƵŬĂŶƉĞƌƐĞƚƵũƵĂŶZhW^/ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝďĂǁĂŚŝŶŝ͘
WƌŽƐĞĚƵƌWĞŶŐŐĂŶƚŝĂŶ͕ WĞƌƵďĂŚĂŶĚĂŶƚĂƵWĞŶĂŵďĂŚĂŶ KďLJĞŬ/ũĂƌĂŚ
ϭ͘ ĂůĂŵ ŚĂůƚĞƌĚĂƉĂƚ ƌĞŶĐĂŶĂ WĞŶŐŐĂŶƚŝĂŶ͕ WĞƌƵďĂŚĂŶĚĂŶĂƚĂƵ WĞŶĂŵďĂŚĂŶ KďLJĞŬ/ũĂƌĂŚ ŬĂƌĞŶĂĂĚĂŶLJĂ
ƉĞŶƵƌƵŶĂŶŶŝůĂŝKďLJĞŬ/ũĂƌĂŚ͕ŵĂŬĂWĞƌƐĞƌŽĂŶǁĂũŝďŵĞůĂƉŽƌŬĂŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚĚĂůĂŵ ǁĂŬƚƵϯϬ;ƚŝŐĂ
ƉƵůƵŚͿ,Ăƌŝ<ĞƌũĂƐĞďĞůƵŵŵĞŶŐĂũƵŬĂŶ KďLJĞŬ/ũĂƌĂŚWĞŶŐŐĂŶƚŝ͕ KďLJĞŬ/ũĂƌĂŚ WĞƌƵďĂŚĂŶ͕ ĚĂŶͬĂƚĂƵ KďũĞŬ
/ũĂƌĂŚ dĂŵďĂŚĂŶ ĚĂŶ ŵĞŵŝŶƚĂ tĂůŝ ŵĂŶĂƚ ƵŶƚƵŬ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ZhW^/ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͘
Ϯ͘ EŝůĂŝKďLJĞŬ/ũĂƌĂŚ WĞŶŐŐĂŶƚŝĚĂŶĂƚĂƵEŝůĂŝ KďLJĞŬ/ũĂƌĂŚ WĞƌƵďĂŚĂŶĚĂŶĂƚĂƵEŝůĂŝ KďLJĞŬ/ũĂƌĂŚ dĂŵďĂŚĂŶ
LJĂŶŐĚŝƚĞƚĂƉŬĂŶŚĂƌƵƐƐĂŵĂĚĞŶŐĂŶũƵŵůĂŚŶŝůĂŝKďLJĞŬ/ũĂƌĂŚLJĂŶŐƚĞůĂŚĚŝƐĞƌĂŚŬĂŶƐĞďĞůƵŵŶLJĂĂƚĂƵƵŶƚƵŬ
ŶŝůĂŝKďLJĞŬ/ũĂƌĂŚdĂŵďĂŚĂŶ LJĂŶŐĚŝƚĞƚĂƉŬĂŶŚĂƌƵƐƐĂŵĂĚĞŶŐĂŶŶŝůĂŝƉĞŶƵƌƵŶĂŶKďLJĞŬ/ũĂƌĂŚ͘KďLJĞŬ/ũĂƌĂŚ
WĞŶŐŐĂŶƚŝĚĂŶĂƚĂƵ KďLJĞŬ/ũĂƌĂŚ WĞƌƵďĂŚĂŶĚĂŶĂƚĂƵKďLJĞŬ/ũĂƌĂŚdĂŵďĂŚĂŶ ŚĂƌƵƐƐĞƐƵĂŝĚĞŶŐĂŶƉƌŝŶƐŝƉ
ƐLJĂƌŝĂŚ͕ƐĞŚŝŶŐŐĂŶŝůĂŝKďLJĞŬ/ũĂƌĂŚĂŬĂŶŬĞŵďĂůŝ ƐĞƐƵĂŝĚĞŶŐĂŶŶŝůĂŝƉĞŶŐĂůŝŚĂŶKďLJĞŬ/ũĂƌĂŚ͘
ϯ͘ ^ĞƚĞůĂŚZhW^/ ŵĞŶLJĞƚƵũƵŝ ƉĞŶĞƚĂƉĂŶ KďLJĞŬ/ũĂƌĂŚ WĞŶŐŐĂŶƚŝ ĚĂŶ ĂƚĂƵ KďLJĞŬ/ũĂƌĂŚ WĞƌƵďĂŚĂŶĚĂŶ ĂƚĂƵ
KďLJĞŬ /ũĂƌĂŚ dĂŵďĂŚĂŶ͕ ĚĂůĂŵ ǁĂŬƚƵ ϭϬ ;ƐĞƉƵůƵŚͿ ,Ăƌŝ <ĞƌũĂ͕ WĞƌƐĞƌŽĂŶ ĚĂŶ tĂůŝ ŵĂŶĂƚ ǁĂũŝď
ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƌĞǀŝƐŝ>ĂŵƉŝƌĂŶ/LJĂŶŐŵĞŶũĞůĂƐŬĂŶ ƚĞŶƚĂŶŐƐƉĞƐŝĨŝŬĂƐŝKďLJĞŬ/ũĂƌĂŚƚĞƌƐĞďƵƚ͘
ϰ͘ WĂůŝŶŐ ůĂŵďĂƚ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ϭϬ ;ƐĞƉƵůƵŚͿ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ ĚŝƉĞƌŽůĞŚŶLJĂ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ tĂůŝ
ŵĂŶĂƚ͕ WĂƌĂWŝŚĂŬǁĂũŝďŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƉĞƌƵďĂŚĂŶŬĂĚ/ũĂƌĂŚ͘
ϱ͘ KďLJĞŬ/ũĂƌĂŚWĞŶŐŐĂŶƚŝ ĚĂŶ ĂƚĂƵ KďLJĞŬ/ũĂƌĂŚ WĞƌƵďĂŚĂŶĚĂŶ ĂƚĂƵ KďLJĞŬ/ũĂƌĂŚ dĂŵďĂŚĂŶ ĂŬĂŶ ďĞ ƌůĂŬƵ
ĞĨĞŬƚŝĨƐĞƚĞůĂŚĚŝƚĂŶĚĂƚĂŶŐĂŶŝŶLJĂ ƉĞŶĞƚĂƉĂŶKďLJĞŬ/ũĂƌĂŚ ƉĂĚĂƉĞƌƵďĂŚĂŶŬĂĚ/ũĂƌĂŚ
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WĞƌƵďĂŚĂŶĂƚĂƵWĞŶĂŵďĂŚĂŶ
^ĞƚŝĂƉƉĞƌƵďĂŚĂŶĚĂŶͬĂƚĂƵƉĞŶĂŵďĂŚĂŶĂƚĂƐŬĂĚ/ũĂƌĂŚŚĂƌƵƐŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶĚĂůĂŵWĞƌĂƚƵƌĂŶKƚŽƌŝƚĂƐ
:ĂƐĂ <ĞƵĂŶŐĂŶ EŽ͘ ϭϴͬWK:<͘ϬϰͬϮϬϭϱƚĞŶƚĂŶŐ WĞŶĞƌďŝƚĂŶĚĂŶ WĞƌƐLJĂƌĂƚĂŶ ^ƵŬƵŬƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ ĚĞŶŐĂŶ
WĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ EŽ͘ ϯͬWK:<͘ϬϰͬϮϬϭϴ ƚĞŶƚĂŶŐ WĞƌƵďĂŚĂŶ ƚĂƐ WĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ
<ĞƵĂŶŐĂŶEŽ͘ϭϴͬWK:<͘ϬϰͬϮϬϭϱƚĞŶƚĂŶŐWĞŶĞƌďŝƚĂŶĂŶWĞƌƐLJĂƌĂƚĂŶ^ƵŬƵŬĚĂŶ ŚĂŶLJĂĚĂƉĂƚ ĚŝůĂŬƵŬĂŶƐĞƚĞůĂŚ
ƚĞƌůĞďŝŚĚĂŚƵůƵŵĞŵƉĞƌŽůĞŚ WĞƌŶLJĂƚĂĂŶ <ĞƐĞƐƵĂŝĂŶ^LJĂƌŝĂŚ ĚĂƌŝ dŝŵ Śůŝ^LJĂƌŝĂŚ͕ ĚŝƐĞƚƵũƵŝ ŽůĞŚZhW^/ ƐĞƌƚĂ
ǁĂũŝď ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂƚĞƌƚƵůŝƐ ĚĂŶ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ WĂƌĂWŝŚĂŬ ĚĂůĂŵ ƐƵĂƚƵ ƉĞƌũĂŶũŝĂŶ LJĂŶŐ ƚŝĚĂŬ ĚĂƉĂƚ
ƚĞƌƉŝƐĂŚŬĂŶ ĚĂƌŝŬĂĚ/ũĂƌĂŚ͕ ƚĂŶƉĂ ĂĚĂŶLJĂ ŚĂůLJĂŶŐ ĚĞŵŝŬŝĂŶ ƉĞƌũĂŶũŝĂŶ ƚĞƌƐĞďƵƚĚŝĂŶŐŐĂƉ ƚŝĚĂŬ ƉĞƌŶĂŚĂĚĂ
ĚĂŶĚŝŶLJĂƚĂŬĂŶ ƚŝĚĂŬďĞƌůĂŬƵ͘
^dhEW D/E,h<hE^h<h< /:Z,
^ĂƚƵĂŶƉĞŵŝŶĚĂŚďƵŬƵĂŶ ^ƵŬƵŬ/ũĂƌĂŚĂĚĂůĂŚƐĞďĞƐĂƌZƉϭ͕Ͳ;ƐĂƚƵ ZƵƉŝĂŚͿĚĂŶͬĂƚĂƵ ŬĞůŝƉĂƚĂŶŶLJĂ͘
^dhEW Z'E'E ^h<h</:Z,
WĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŚĂƌƵƐ ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ũƵŵůĂŚ ƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂ ƐĞďĞƐĂƌ ƐĂƚƵ ƐĂƚƵĂŶ
ƉĞƌĚĂŐĂŶŐĂŶƐĞďĞƐĂƌZƉϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĂŶͬĂƚĂƵŬĞůŝƉĂƚĂŶŶLJĂ͘
:D/EE^h<h< /:Z,
^ƵŬƵŬ /ũĂƌĂŚ ŝŶŝ ƚŝĚĂŬ ĚŝũĂŵŝŶ ĚĞŶŐĂŶ ƐƵĂƚƵ ũĂŵŝŶĂŶ ŬŚƵƐƵƐ ƐĞƌƚĂ ƚŝĚĂŬ ĚŝũĂŵŝŶ ŽůĞŚ ƉŝŚĂŬ ŵĂŶĂƉƵŶ ŶĂŵƵŶ
ĚŝũĂŵŝŶ ĚĞŶŐĂŶƐĞůƵƌƵŚŚĂƌƚĂ ŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶ͕ďĂŝŬďĂƌĂŶŐ ďĞƌŐĞƌĂŬŵĂƵƉƵŶ ďĂƌĂŶŐƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ďĂŝŬ
LJĂŶŐƚĞůĂŚ ĂĚĂŵĂƵƉƵŶ LJĂŶŐ ĂŬĂŶĂĚĂ ĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͕ŵĞŶũĂĚŝ ũĂŵŝŶĂŶ ďĂŐŝWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚƐĞƐƵĂŝ
ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĂƐĂů ϭϭϯϭĚĂŶ ϭϭϯϮ<ŝƚĂď hŶĚĂŶŐͲhŶĚĂŶŐ ,ƵŬƵŵ WĞƌĚĂƚĂ͘ ,ĂŬ WĞŵĞŐĂŶŐ ^ƵŬƵŬ
/ũĂƌĂŚĂĚĂůĂŚ ƉĂƌŝƉĂƐƐƵƚĂŶƉĂ ŚĂŬƉƌĞĨĞƌĞŶĚĞŶŐĂŶŚĂŬͲŚĂŬ ŬƌĞĚŝƚƵƌWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂďĂŝŬLJĂŶŐĂĚĂƐĞŬĂƌĂŶŐ
ŵĂƵƉƵŶ ĚŝŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ ŬĞĐƵĂůŝŚĂŬͲŚĂŬ ŬƌĞĚŝƚƵƌWĞƌƐĞƌŽĂŶLJĂŶŐ ĚŝũĂŵŝŶ ƐĞĐĂƌĂŬŚƵƐƵƐ ĚĞŶŐĂŶ ŬĞŬĂLJĂĂŶ
WĞƌƐĞƌŽĂŶďĂŝŬLJĂŶŐƚĞůĂŚ ĂĚĂŵĂƵƉƵŶ LJĂŶŐĂŬĂŶ ĂĚĂĚŝŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
W ZW:<E
<ĞƚĞƌĂŶŐĂŶŵĞŶŐĞŶĂŝƉĞƌƉĂũĂŬĂŶƚĞƌŬĂŝƚĚĞŶŐĂŶ^ƵŬƵŬ/ũĂƌĂŚŝŶŝĚŝƵƌĂŝŬĂŶĚĂůĂŵ Ăď/yWƌŽƐƉĞŬƚƵƐ͘
W Ez/^/,EEW DzZE < D>/^h<h</:Z,
WĞƌƐĞƌŽĂŶƚŝĚĂŬ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ƉĞŶLJŝƐŝŚĂŶ ĚĂŶĂ ƵŶƚƵŬ ƉĞůƵŶĂƐĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŝŶŝĚĞŶŐĂŶ ƉĞƌƚŝŵďĂŶŐĂŶ
ƵŶƚƵŬŵĞŶŐŽƉƚŝŵĂůŬĂŶ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ ^ƵŬƵŬ/ũĂƌĂŚ ƐĞƐƵĂŝĚĞŶŐĂŶƚƵũƵĂŶ ƌĞŶĐĂŶĂ
ƉĞŶŐŐƵŶĂĂŶĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ^ƵŬƵŬ/ũĂƌĂŚ͕ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵŶŐŬĂƉŬĂŶƉĂĚĂĂď//ĚĂůĂŵWƌŽƐƉĞŬƚƵƐ
ŝŶŝ͘
W D >/E< D>/ ;hz<Ϳ
ĂůĂŵ ŚĂůWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚ͕ ŵĂŬĂďĞƌůĂŬƵŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ WĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ^ƵŬƵŬ /ũĂƌĂŚ ĚŝƚƵũƵŬĂŶ ƐĞďĂŐĂŝ ƉĞůƵŶĂƐĂŶ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚŶLJĂ ĂƚĂƵ ĚŝƐŝŵƉĂŶ
ƵŶƚƵŬŬĞŵƵĚŝĂŶĚŝũƵĂůŬĞŵďĂůŝĚĞŶŐĂŶŚĂƌŐĂƉĂƐĂƌ͖
Ϯ͘ WĞůĂŬƐĂŶĂĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚĚŝůĂŬƵŬĂŶŵĞůĂůƵŝƵƌƐĂ ĨĞŬĂƚĂƵĚŝůƵĂƌƵƌƐĂ ĨĞŬ͖
ϯ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚďĂƌƵĚĂƉĂƚĚŝůĂŬƵŬĂŶϭ;ƐĂƚƵͿƚĂŚƵŶƐĞƚĞůĂŚdĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ͖
ϰ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚƚŝĚĂŬĚĂƉĂƚ ĚŝůĂŬƵŬĂŶĂƉĂďŝůĂ ŚĂůƚĞƌƐĞďƵƚŵĞŶŐĂŬŝďĂƚŬĂŶ WĞƌƐĞƌŽĂŶƚŝĚĂŬ
ĚĂƉĂƚŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶĚŝĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͖
ϱ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚƚŝĚĂŬĚĂƉĂƚĚŝůĂŬƵŬĂŶĂƉĂďŝůĂWĞƌƐĞ ƌŽĂŶŵĞůĂŬƵŬĂŶŬĞůĂůĂŝĂŶ;ǁĂŶƉƌĞƐƚĂƐŝͿ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ͕ ŬĞĐƵĂůŝ ƚĞůĂŚ ŵĞŵƉĞƌŽůĞŚ
ƉĞƌƐĞƚƵũƵĂŶZhW^h͖
ϲ͘ ZĞŶĐĂŶĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚǁĂũŝďĚŝůĂƉŽƌŬĂŶŬĞƉĂĚĂK:<ŽůĞŚWĞƌƐĞƌŽĂŶƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿ
,Ăƌŝ<ĞƌũĂƐĞďĞůƵŵƉĞŶŐƵŵƵŵĂŶ ƌĞŶĐĂŶĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚƚĞƌƐĞďƵƚĚŝƐƵƌĂƚŬĂďĂƌ͖
17
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ϳ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝ ^ƵŬƵŬ/ũĂƌĂŚ͕ ďĂƌƵĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ƐĞƚĞůĂŚƉĞŶŐƵŵƵŵĂŶ ƌĞŶĐĂŶĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝ
^ƵŬƵŬ /ũĂƌĂŚ͘ WĞŶŐƵŵƵŵĂŶ ƚĞƌƐĞďƵƚ ǁĂũŝď ĚŝůĂŬƵŬĂŶ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ŵĞůĂůƵŝ ϭ ;ƐĂƚƵͿ ƐƵƌĂƚ ŬĂďĂƌ ŚĂƌŝĂŶ
ďĞƌďĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ LJĂŶŐ ďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů ƉĂůŝŶŐ ůĂŵďĂƚ Ϯ ;ĚƵĂͿ ,Ăƌŝ <ĂůĞŶĚĞƌƐĞďĞ ůƵŵ ƚĂŶŐŐĂů
ƉĞŶĂǁĂƌĂŶƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚĚŝŵƵůĂŝ͕ ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ ^ŝƚƵƐ ǁĞď WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ ĚĂŶ ďĂŚĂƐĂ ĂƐŝŶŐ͕ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚĂƐĂ LJĂŶŐ
ĚŝŐƵŶĂŬĂŶƉĂůŝŶŐƐĞĚŝŬŝƚĂŚĂƐĂ/ŶŐŐƌŝƐ͖ĚĂŶ
ϮͿ ^ŝƚƵƐǁĞďƵƌƐĂ ĨĞŬĂƚĂƵϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů͘
ϴ͘ ZĞŶĐĂŶĂ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ƉŽŝŶ ϲ ĚĂŶ ƉĞŶŐƵŵƵŵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵƉŽŝŶ ϳƉĂůŝŶŐƐĞĚŝŬŝƚŵĞŵƵĂƚŝŶĨŽƌŵĂƐŝ ƚĞŶƚĂŶŐ͗
Ă͘ ƉĞƌŝŽĚĞƉĞŶĂǁĂƌĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚ͖
ď͘ ũƵŵůĂŚĚĂŶĂŵĂŬƐŝŵĂů LJĂŶŐĂŬĂŶĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚ͖
Đ͘ ŬŝƐĂƌĂŶũƵŵůĂŚ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĂŬĂŶĚŝďĞůŝŬĞŵďĂůŝ͖
Ě͘ ŚĂƌŐĂĂƚĂƵŬŝƐĂƌĂŶŚĂƌŐĂLJĂŶŐĚŝƚĂǁĂƌŬĂŶ ƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚ͖
Ğ͘ ƚĂƚĂ ĐĂƌĂƉĞŶLJĞůĞƐĂŝĂŶƚƌĂŶƐĂŬƐŝ͖
Ĩ͘ ƉĞƌƐLJĂƌĂƚĂŶďĂŐŝWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŵĞŶŐĂũƵŬĂŶ ƉĞŶĂǁĂƌĂŶũƵĂů͖
Ő͘ ƚĂƚĂ ĐĂƌĂƉĞŶLJĂŵƉĂŝĂŶƉĞŶĂǁĂƌĂŶũƵĂůŽůĞŚWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚ͖
Ś͘ ƚĂƚĂ ĐĂƌĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚ͖ĚĂŶ
ŝ͘ ŚƵďƵŶŐĂŶĨŝůŝĂƐŝĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶĚĂŶWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚ͖
ϵ͘ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞůĂŬƵŬĂŶƉĞŶũĂƚĂŚĂŶƐĞĐĂƌĂƉƌŽƉŽƌƐŝŽŶĂůƐĞďĂŶĚŝŶŐĚĞŶŐĂŶƉĂƌƚŝƐŝƉĂƐŝ ƐĞƚŝĂƉWĞŵĞŐĂŶŐ
^ƵŬƵŬ/ũĂƌĂŚ LJĂŶŐŵĞůĂŬƵŬĂŶƉĞŶũƵĂůĂŶ^ƵŬƵŬ/ũĂƌĂŚĂƉĂďŝůĂ ũƵŵůĂŚ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝƚĂǁĂƌŬĂŶ ƵŶƚƵŬ
ĚŝũƵĂůŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ͕ŵĞůĞďŝŚŝũƵŵůĂŚ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚĂƉĂƚ ĚŝďĞůŝŬĞŵďĂůŝ͖
ϭϬ͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶũĂŐĂ ŬĞƌĂŚĂƐŝĂĂŶ ĂƚĂƐ ƐĞŵƵĂ ŝŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ƉĞŶĂǁĂƌĂŶ ũƵĂů LJĂŶŐ ƚĞůĂŚ
ĚŝƐĂŵƉĂŝŬĂŶ ŽůĞŚWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚ͖
ϭϭ͘ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ^ƵŬƵŬ /ũĂƌĂŚ ƚĂŶƉĂ ŵĞůĂŬƵŬĂŶ ƉĞŶŐƵŵƵŵĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵƉŽŝŶ ϵĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗
Ă͘ :ƵŵůĂŚ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ^ƵŬƵŬ /ũĂƌĂŚ ƚŝĚĂŬ ůĞďŝŚĚĂƌŝ ϱй;ůŝŵĂ ƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ /ũĂƌĂŚ
ƵŶƚƵŬ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ũĞŶŝƐ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ďĞƌĞĚĂƌĚĂůĂŵ ƉĞƌŝŽĚĞϭ;ƐĂƚƵͿ ƚĂŚƵŶ ƐĞƚĞůĂŚdĂŶŐŐĂů
WĞŶũĂƚĂŚĂŶ͖
ď͘ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝƚĞƌƐĞďƵƚďƵŬĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚĨŝůŝĂƐŝWĞƌƐĞƌŽĂŶ͖ĚĂŶ
Đ͘ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝŚĂŶLJĂƵŶƚƵŬĚŝƐŝŵƉĂŶ LJĂŶŐŬĞŵƵĚŝĂŶŚĂƌŝĚĂƉĂƚ ĚŝũƵĂůŬĞŵďĂůŝ͖
ĚĂŶǁĂũŝďĚŝůĂƉŽƌŬĂŶŬĞƉĂĚĂK:<ƉĂůŝŶŐ ůĂŵďĂƚ ĂŬŚŝƌ,Ăƌŝ<ĞƌũĂŬĞͲϮ;ŬĞĚƵĂͿƐĞƚĞůĂŚƚĞƌũĂĚŝŶLJĂ ƉĞŵďĞůŝĂŶ
ŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚ͖
ϭϮ͘ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞůĂƉŽƌŬĂŶŬĞƉĂĚĂK:<ĚĂŶtĂůŝŵĂŶĂƚƐĞƌƚĂŵĞŶŐƵŵƵŵŬĂŶ ŬĞƉĂĚĂƉƵďůŝŬĚĂůĂŵǁĂŬƚƵ
ƉĂůŝŶŐ ůĂŵďĂƚ Ϯ ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ ĚŝůĂŬƵŬĂŶŶLJĂ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ^ƵŬƵŬ /ũĂƌĂŚ͕ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ
ŵĞůŝƉƵƚŝĂŶƚĂƌĂůĂŝŶ͗
Ă͘ ũƵŵůĂŚ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐƚĞůĂŚĚŝďĞůŝ͖
ď͘ ƌŝŶĐŝĂŶ ũƵŵůĂŚ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ƚĞůĂŚ ĚŝďĞůŝ ŬĞŵďĂůŝ ƵŶƚƵŬ ƉĞůƵŶĂƐĂŶ ĂƚĂƵ ĚŝƐŝŵƉĂŶ ƵŶƚƵŬ ĚŝũƵĂů
ŬĞŵďĂůŝ͖
Đ͘ ŚĂƌŐĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐƚĞůĂŚƚĞƌũĂĚŝ͖ĚĂŶ
Ě͘ ũƵŵůĂŚĚĂŶĂLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚ͖
ϭϯ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝ ^ƵŬƵŬ/ũĂƌĂŚ ǁĂũŝď ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ĂƐƉĞŬ ŬĞƉĞŶƚŝŶŐĂŶĞŬŽŶŽŵŝƐ WĞƌƐĞƌŽĂŶĂƚĂƐ
ƉĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚƚĞƌƐĞďƵƚ͖
ϭϰ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚŽůĞŚWĞƌƐĞƌŽĂŶŵĞŶŐĂŬŝďĂƚŬĂŶ͗
Ă͘ ŚĂƉƵƐŶLJĂƐĞŐĂůĂŚĂŬLJĂŶŐŵĞůĞŬĂƚƉĂĚĂ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝ͕ŚĂŬŵĞŶŐŚĂĚŝƌŝ ZhW^h͕ ŚĂŬ
ƐƵĂƌĂ͕ ĚĂŶ ŚĂŬ ŵĞŵƉĞƌŽůĞŚWĞŶĚĂƉĂƚĂŶ ĂŐŝ ,ĂƐŝů ƐĞƌƚĂ ŵĂŶĨĂĂƚ ůĂŝŶĚĂƌŝ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝďĞůŝ
ŬĞŵďĂůŝũŝŬĂĚŝŵĂŬƐƵĚŬĂŶ ƵŶƚƵŬƉĞůƵŶĂƐĂŶ͖ĂƚĂƵ
ď͘ WĞŵďĞƌŚĞŶƚŝĂŶ ƐĞŵĞŶƚĂƌĂ ƐĞŐĂůĂ ŚĂŬ LJĂŶŐ ŵĞůĞŬĂƚ ƉĂĚĂ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝďĞůŝ ŬĞŵďĂůŝ͕ ŚĂŬ
ŵĞŶŐŚĂĚŝƌŝ ZhW^h͕ ŚĂŬ ƐƵĂƌĂ͕ ĚĂŶ ŚĂŬ ŵĞŵƉĞƌŽůĞŚ WĞŶĚĂƉĂƚĂŶ ĂŐŝ ,ĂƐŝů ƐĞƌƚĂ ŵĂŶĨĂĂƚ ůĂŝŶ ĚĂƌŝ
^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝ͕ũŝŬĂĚŝŵĂŬƐƵĚŬĂŶ ƵŶƚƵŬĚŝƐŝŵƉĂŶ ƵŶƚƵŬĚŝũƵĂůŬĞŵďĂůŝ͘
,<^ E/KZ/d^Z/ ^h<h</:Z,
,ĂŬWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ ĂĚĂůĂŚ ƉĂƌŝƉĂƐƐƵƚĂŶƉĂ ŚĂŬƉƌĞĨĞƌĞŶĚĞŶŐĂŶŚĂŬͲŚĂŬŬƌĞĚŝƚƵƌWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂ
ďĂŝŬ LJĂŶŐ ƐĞŬĂƌĂŶŐ ĂĚĂ ŵĂƵƉƵŶ LJĂŶŐ ĂŬĂŶ ĂŬĂŶ ĚŝŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ ŬĞĐƵĂůŝ ŚĂŬͲŚĂŬ ŬƌĞĚŝƚƵƌWĞƌƐĞƌŽĂŶLJĂŶŐ
ĚŝũĂŵŝŶƐĞĐĂƌĂŬŚƵƐƵƐĚĞŶŐĂŶŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶďĂŝŬLJĂŶŐƚĞůĂŚĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂ͘
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W Dd^EͲW Dd^E E< t:/EW Z^ ZKE
ϭ͘ ^ĞďĞůƵŵ ĚŝůƵŶĂƐŝŶLJĂ ƐĞŵƵĂ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ĂƚĂƵ ƉĞŶŐĞůƵĂƌĂŶ ůĂŝŶ LJĂŶŐ ŵĞŶũĂĚŝ ƚĂŶŐŐƵŶŐ ũĂǁĂď
WĞƌƐĞƌŽĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŶĞƌďŝƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ͕ WĞƌƐĞƌŽĂŶ ďĞƌũĂŶũŝ ĚĂŶ ŵĞŶŐŝŬĂƚ Ěŝƌŝ ďĂŚǁĂ
WĞƌƐĞƌŽĂŶ͕ƚĂŶƉĂƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐĚĂƌŝtĂůŝŵĂŶĂƚ ^ƵŬƵŬ͕ƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌƐĞďƵƚƚƵŶĚƵŬƉĂĚĂ
ŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ WĞƌƐĞƚƵũƵĂŶƚĞƌƐĞďƵƚƚŝĚĂŬĂŬĂŶĚŝƚŽůĂŬƚĂŶƉĂĂůĂƐĂŶ LJĂŶŐǁĂũĂƌ͖
ď͘ tĂůŝŵĂŶĂƚǁĂũŝďŵĞŵďĞƌŝŬĂŶƚĂŶŐŐĂƉĂŶĂƚĂƐ ƉĞƌŵŽŚŽŶĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵǁĂŬƚƵϭϰ;ĞŵƉĂƚďĞůĂƐͿ
,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ ƉĞƌŵŽŚŽŶĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌƐĞďƵƚ ĚĂŶ ĚŽŬƵŵĞŶ ƉĞŶĚƵŬƵŶŐŶLJĂ ĚŝƚĞƌŝŵĂ ƐĞĐĂƌĂ
ůĞŶŐŬĂƉ ŽůĞŚtĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ͕ĚĂŶ ũŝŬĂ ĚĂůĂŵ ǁĂŬƚƵ ϭϰ;ĞŵƉĂƚ ďĞůĂƐͿ,Ăƌŝ <ĞƌũĂ WĞƌƐĞƌŽĂŶƚŝĚĂŬ
ŵĞŶĞƌŝŵĂ ƚĂŶŐŐĂƉĂŶ ĂƉĂƉƵŶ ĚĂƌŝ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ͕ ŵĂŬĂ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ĚŝĂŶŐŐĂƉ ƚĞůĂŚ
ŵĞŵďĞƌŝŬĂŶŝnjŝŶŶLJĂ͖ĚĂŶ
Đ͘ :ŝŬĂĚĂůĂŵƚĂŶŐŐĂƉĂŶŶLJĂtĂůŝ ŵĂŶĂƚ^ƵŬƵŬŵĞŵŝŶƚĂƚĂŵďĂŚĂŶ ĚĂƚĂ ĂƚĂƵ ĚŽŬƵŵĞŶ ƉĞŶĚƵŬƵŶŐ
ůĂŝŶŶLJĂ͕ ŝnjŝŶ ĂƚĂƵ ƉĞŶŽůĂŬĂŶ ǁĂũŝď ĚŝďĞƌŝŬĂŶŽůĞŚ tĂůŝŵĂŶĂƚ ^ƵŬƵŬ ĚĂůĂŵ ǁĂŬƚƵ ϭϰ;ĞŵƉĂƚ ďĞůĂƐͿ
,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚĚĂƚĂĂƚĂƵĚŽŬƵŵĞŶƉĞŶĚƵŬƵŶŐůĂŝŶŶLJĂƚĞƌƐĞďƵƚ ĚŝƚĞƌŝŵĂ ƐĞĐĂƌĂ ůĞŶŐŬĂƉ ŽůĞŚ tĂůŝ
ŵĂŶĂƚ ^ƵŬƵŬ ĚĂŶũŝŬĂĚĂůĂŵ ǁĂŬƚƵ ϭϰ;ĞŵƉĂƚ ďĞůĂƐͿ ,Ăƌŝ<ĞƌũĂƚĞƌƐĞďƵƚ WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŶĞƌŝŵĂ
ƚĂŶŐŐĂƉĂŶ ĂƉĂƉƵŶĚĂƌŝtĂůŝŵĂŶĂƚ^ƵŬƵŬ͕ŵĂŬĂtĂůŝŵĂŶĂƚ^ƵŬƵŬĚŝĂŶŐŐĂƉƚĞůĂŚŵĞŵďĞƌŝŬĂŶŝnjŝŶ͖
WĞƌƐĞƌŽĂŶĚŝůĂƌĂŶŐŵĞůĂŬƵŬĂŶƚŝŶĚĂŬĂŶ ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ DĞŵďĞƌŝŬĂŶƉŝŶũĂŵĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶĚŝůƵĂƌŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞŚĂƌŝͲŚĂƌŝ͕ŬĞĐƵĂůŝ͗
Ă͘ ƉŝŶũĂŵĂŶ ƚĞƌƐĞďƵƚƚŝĚĂŬŵĞůĞďŝŚŝϮϬй;ĚƵĂƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝĞŬƵŝƚĂƐ WĞƌƐĞƌŽĂŶ͖
ď͘ ƉŝŶũĂŵĂŶ LJĂŶŐƚĞůĂŚĂĚĂƐĞďĞůƵŵĚŝƚĂŶĚĂƚĂŶŐĂŶŝ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͖
Đ͘ ƉŝŶũĂŵĂŶ ŬĞƉĂĚĂ ŬĂƌLJĂǁĂŶ ƚĞƌŵĂƐƵŬ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƐĞƉĂŶũĂŶŐ ŚĂů ƚĞƌƐĞďƵƚ
ĚŝůĂŬƵŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵƐĂŚĂĂŶLJĂŶŐďĞƌůĂŬƵĚĂŶĚŝůĂŬƐĂŶĂŬĂŶ ƐĞĐĂƌĂǁĂũĂƌ͘
ϮͿ DĞůĂŬƵŬĂŶƉĞŶŐŐĂďƵŶŐĂŶĂƚĂƵŬŽŶƐŽůŝĚĂƐŝĚĂŶͬĂƚĂƵƉĞůĞďƵƌĂŶĚĞŶŐĂŶ ƉĞƌƵƐĂŚĂĂŶ ĂƚĂƵ ƉŝŚĂŬ ůĂŝŶ
ĂƚĂƵ ŵĞŶŐŝnjŝŶŬĂŶ ŶĂŬWĞƌƵƐĂŚĂĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶ ƉĞŶŐŐĂďƵŶŐĂŶ͕ ŬŽŶƐŽůŝĚĂƐŝĚĂŶͬĂƚĂƵ ƉĞůĞďƵƌĂŶ
ĚĞŶŐĂŶ ƉĞƌƵƐĂŚĂĂŶ ĂƚĂƵ ƉŝŚĂŬ ůĂŝŶ͕ ŬĞĐƵĂůŝƐĞƉĂŶũĂŶŐ ĚŝůĂŬƵŬĂŶ ƉĂĚĂ ďŝĚĂŶŐ ƵƐĂŚĂ LJĂŶŐ ƐĂŵĂ ĚĂŶ
ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ƚĞƌŚĂĚĂƉ ũĂůĂŶŶLJĂ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ƚŝĚĂŬ ŵĞŵƉĞŶŐĂƌƵŚŝ
ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶĚĂůĂŵ ŵĞůĂŬƵŬĂŶ WĞŵďĂLJĂƌĂŶ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶͬĂƚĂƵ ŝĐŝůĂŶ /ŵďĂůĂŶ
/ũĂƌĂŚ ĚĞŶŐĂŶŵĞŵĞŶƵŚŝ ƐĞŵƵĂ ƐLJĂƌĂƚ ĚĂŶ ŬŽŶĚŝƐŝ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶ ĚŽŬƵŵĞŶůĂŝŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ƚĞƚĂƉ ďĞƌůĂŬƵ ĚĂŶ ŵĞŶŐŝŬĂƚ ƐĞƉĞŶƵŚŶLJĂƉĞƌƵƐĂŚĂĂŶ
ƉĞŶĞƌƵƐ;ƐƵƌǀŝǀŝŶŐĐŽŵƉĂŶLJͿ͕ĚĂŶĚĂůĂŵ ŚĂůWĞƌƐĞƌŽĂŶďƵŬĂŶŵĞƌƵƉĂŬĂŶƉĞƌƵƐĂŚĂĂŶƉĞŶĞƌƵƐ͕ŵĂŬĂ
ƐĞůƵƌƵŚŬĞǁĂũŝďĂŶ^ƵŬƵŬ/ũĂƌĂŚƚĞůĂŚĚŝĂůŝŚŬĂŶƐĞĐĂƌĂƐĂŚŬĞƉĂĚĂƉĞƌƵƐĂŚĂĂŶƉĞŶĞƌƵƐ͕ĚĂŶƉĞƌƵƐĂŚĂĂŶ
ƉĞŶĞƌƵƐƚĞƌƐĞďƵƚŵĞŵŝůŝŬŝ ĂŬƚŝǀĂĚĂŶŬĞŵĂŵƉƵĂŶ LJĂŶŐŵĞŵĂĚĂŝ ƵŶƚƵŬŵĞŶũĂŵŝŶƉĞŵďĂLJĂƌĂŶ ^ƵŬƵŬ
/ũĂƌĂŚ͖
ϯͿ DĞůĂŬƵŬĂŶ ƉĞŶũƵĂůĂŶ ĂƚĂƵ ƉĞŶŐĂůŝŚĂŶ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ŵĞůĞƉĂƐŬĂŶ ĚĂůĂŵ ϭ ;ƐĂƚƵͿ ĂƚĂƵ
ďĞďĞƌĂƉĂƚƌĂŶƐĂŬƐŝLJĂŶŐďĞƌŚƵďƵŶŐĂŶ͕ƐĞůƵƌƵŚĂŬƚŝǀĂĂƚĂƵ ƐĞďĂŐŝĂŶďĞƐĂƌĂŬƚŝǀĂ͕ŬĞĐƵĂůŝ͗
Ă͘ ĚĂůĂŵ ƌĂŶŐŬĂŬĞŐŝĂƚĂŶ ƵƐĂŚĂƐĞŚĂƌŝͲŚĂƌŝWĞƌƐĞƌŽĂŶ͖
ď͘ ƉĞŶũƵĂůĂŶ͕ ƉĞŶŐĂůŝŚĂŶĂƚĂƵ ƉĞůĞƉĂƐĂŶĂƚĂƐ ĂŬƚŝǀĂ ƚĞƚĂƉ LJĂŶŐƐƵĚĂŚƚƵĂĂƚĂƵ ƚŝĚĂŬ ƉƌŽĚƵŬƚŝĨ;ďĂŝŬ
ƐĞĐĂƌĂƐĞŶĚŝƌŝͲƐĞŶĚŝƌŝŵĂƵƉƵŶďĞƌƐĂŵĂĚĞŶŐĂŶƐĂƚƵĂƚĂƵůĞďŝŚƉĞŶũƵĂůĂŶ͕ƉĞŶLJĞǁĂĂŶ͕ƉĞŶŐĂůŝŚĂŶ
ĂƚĂƵƉĞůĞƉĂƐĂŶͿ͖
Đ͘ ĚĂůĂŵ ƌĂŶŐŬĂ ƉĞůĂŬƐĂŶĂĂŶ ŚĂŬ ĚĂŶŬĞǁĂũŝďĂŶ LJĂŶŐ ƚĞƌƚƵĂŶŐ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶͬĂƚĂƵ ƉĞƌŝŬĂƚĂŶ LJĂŶŐ ƚĞůĂŚ ĂĚĂ ĂƚĂƵ ĚŝďƵĂƚ ŽůĞŚ WĞƌƐĞƌŽĂŶĚĞŶŐĂŶ ƉŝŚĂŬ ůĂŝŶ
ƐĞďĞůƵŵƚĂŶŐŐĂů WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚŝŶŝ͘
ĚĂƉƵŶ LJĂŶŐ ĚŝŵĂŬƐƵĚ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ĂŬƚŝǀĂ ĂĚĂůĂŚ ůĞďŝŚ ĚĂƌŝ ϮϬ й ;ĚƵĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ƚŽƚĂů ĂŬƚŝǀĂ
WĞƌƐĞƌŽĂŶďĞƌĚĂƐĂƌŬĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝ WĞƌƐĞƌŽĂŶ͘
ϰͿ DĞůĂŬƵŬĂŶƉĞƌƵďĂŚĂŶ<ĞŐŝĂƚĂŶhƐĂŚĂ ƵƚĂŵĂ WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞƌƵďĂŚ<ĞŐŝĂƚĂŶhƐĂŚĂ ƵƚĂŵĂŶLJĂ͘
ϱͿ DĞŶŐƵƌĂŶŐŝ ŵŽĚĂů ĚĂƐĂƌ ĚĂŶ ŵŽĚĂů ĚŝƐĞƚŽƌ WĞƌƐĞƌŽĂŶƚĞƚĂƉŝ ƚŝĚĂŬ ƚĞƌŵĂƐƵŬ ƚƌĞĂƐƵƌLJ ƐƚŽĐŬ ƐĞƐƵĂŝ
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶŚƵŬƵŵLJĂŶŐďĞƌůĂŬƵ͘
ϲͿ DĞŶĞƌďŝƚŬĂŶŝŶƐƚƌƵŵĞŶ ĨĞŬŚƵƚĂŶŐ ůĂŝŶLJĂŶŐŵĞŵƉƵŶLJĂŝŬĞĚƵĚƵŬĂŶůĞďŝŚƚŝŶŐŐŝ ĚĂƌŝ^ƵŬƵŬ/ũĂƌĂŚ͘
ϯ͘ WĞƌƐĞƌŽĂŶďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬ͗
ϭͿ DĞŵĞŶƵŚŝƐĞŵƵĂŬĞ ƚĞŶƚƵĂŶĚĂůĂŵWĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶ ƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ
ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͘
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ϮͿ DĞŶLJĞƚŽƌŬĂŶũƵŵůĂŚƵĂŶŐƵŶƚƵŬƉĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚĚĂŶͬĂƚĂƵ ƉĞůƵŶĂƐĂŶ^ŝƐĂ /ŵďĂůĂŶ
/ũĂƌĂŚLJĂŶŐũĂƚƵŚƚĞŵƉŽLJĂŶŐŚĂƌƵƐƚĞůĂŚĚŝƚĞƌŝŵĂƐĞĐĂƌĂĞĨĞŬƚŝĨ;ŝŶŐŽŽĚĨƵŶĚƐͿƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϭ
;ƐĂƚƵͿ ,Ăƌŝ <ĞƌũĂƐĞďĞůƵŵ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶͬĂƚĂƵdĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ
<ĞŵďĂůŝ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ͕ ŚĂƌƵƐƚĞůĂŚ ĞĨĞŬƚŝĨ ĚĂůĂŵ ƌĞŬĞŶŝŶŐ<^ / LJĂŶŐ ĂĚĂ Ěŝ ŐĞŶWĞŵďĂLJĂƌĂŶ͘
WĞŵďĂLJĂƌĂŶďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ͘ ^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŵďĂLJĂƌĂŶ ĚĂŶĂ
ƚĞƌƐĞďƵƚĚŝĂƚĂƐ͕WĞƌƐĞƌŽĂŶďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞŶLJĞƌĂŚŬĂŶŬĞƉĂĚĂt Ăůŝ ŵĂŶĂƚ ďƵŬƚŝ ƉĞŶŐŝƌŝŵĂŶ
ĚĂŶĂ ƚĞƌƐĞďƵƚƉĂĚĂ ŚĂƌŝLJĂŶŐ ƐĂŵĂ͘ ƉĂďŝůĂ ůĞǁĂƚ ƚĂŶŐŐĂů ũĂƚƵŚ ƚĞŵƉŽ ƉĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ/ŵďĂůĂŶ
/ũĂƌĂŚĚĂŶͬĂƚĂƵ ũƵŵůĂŚ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ͕ WĞƌƐĞƌŽĂŶďĞůƵŵŵĞŶLJĞƌĂŚŬĂŶĚĂŶĂͲĚĂŶĂ ƚĞƌƐĞďƵƚ͕ŵĂŬĂ
WĞƌƐĞƌŽĂŶŚĂƌƵƐŵĞŵďĂLJĂƌ <ŽŵƉĞŶƐĂƐŝ <ĞƌƵŐŝĂŶŬŝďĂƚ <ĞƚĞƌůĂŵďĂƚĂŶ (Ta’widh) ĂƚĂƐ ũƵŵůĂŚ ĚĂŶĂ
LJĂŶŐ ǁĂũŝď ĚŝďĂLJĂƌ͘ <ŽŵƉĞŶƐĂƐŝ <ĞƌƵŐŝĂŶ ŬŝďĂƚ <ĞƚĞƌůĂŵďĂƚĂŶ (Ta’widh) LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ ŽůĞŚ
WĞƌƐĞƌŽĂŶLJĂŶŐ ŵĞƌƵƉĂŬĂŶ ŚĂŬ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ĂŬĂŶ ĚŝďĂLJĂƌŬĂŶ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ ^ƵŬƵŬ
/ũĂƌĂŚƐĞĐĂƌĂƉƌŽƉŽƌƐŝŽŶĂůďĞƌĚĂƐĂƌŬĂŶďĞƐĂƌŶLJĂ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝŵŝůŝŬŝŶLJĂƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
WĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ͘
ϯͿ ^ĞŐĞƌĂŵĞŵďĞƌŝƚĂŚƵŬĂŶĂƚĂƵŵĞ ŵďĞƌŝŬĂŶŬĞƉĂĚĂtĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ͕ ĚĂƚĂ͕ ĚŽŬƵŵĞŶ ĚĂŶͬĂƚĂƵ
ŬĞƚĞƌĂŶŐĂŶͲŬĞƚĞƌĂŶŐĂŶ LJĂŶŐ ƐĞǁĂŬƚƵͲǁĂŬƚƵ ĚŝŵŝŶƚĂ ŽůĞŚ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ /ũĂƌĂŚ ĚĞŶŐĂŶ ǁĂũĂƌ
ŵĞŶŐĞŶĂŝŽƉĞƌĂƐŝ͕ŬĞĂĚĂĂŶŬĞƵĂŶŐĂŶ͕ĂŬƚŝǀĂ WĞƌƐĞƌŽĂŶĚĂŶŚĂůůĂŝŶͲůĂŝŶ͘
ϰͿ DĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂĚĞŶŐĂŶƐĞďĂŝŬͲďĂŝŬŶLJĂĚĂŶ ƐĞĐĂƌĂ ĞĨŝƐŝĞŶ ƐĞƌƚĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉƌĂŬƚĞŬ
ŬĞƵĂŶŐĂŶĚĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝŵĂŶĂ ŵĞƐƚŝŶLJĂĚĂŶƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϱͿ DĞŵďĞƌŝŝnjŝŶŬĞƉĂĚĂtĂůŝ ŵĂŶĂƚ^ƵŬƵŬĂƚĂƵƉŝŚĂŬLJĂŶŐ ĚŝƚƵŶũƵŬ ŽůĞŚ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ͕ ƵŶƚƵŬ
ƐĞůĂŵĂ ũĂŵ ŬĞƌũĂ WĞƌƐĞƌŽĂŶ ŵĞŵĂƐƵŬŝ ŐĞĚƵŶŐͲŐĞĚƵŶŐ ĚĂŶ ŚĂůĂŵĂŶͲŚĂůĂŵĂŶ LJĂŶŐ ĚŝŵŝůŝŬŝ ĂƚĂƵ
ĚŝŬƵĂƐĂŝWĞƌƐĞƌŽĂŶĚĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŵĞƌŝŬƐĂĂŶĂƚĂƐ ďƵŬƵͲďƵŬƵ͕ŝnjŝŶͲŝnjŝŶĚĂŶĐĂƚĂƚĂŶ ŬĞƵĂŶŐĂŶ
WĞƌƐĞƌŽĂŶ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉĞŶĞƌďŝƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞƉĂŶũĂŶŐ ƚŝĚĂŬ ďĞƌƚĞŶƚĂŶŐĂŶ ĚĞŶŐĂŶ
ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ďĞƌůĂŬƵ͕ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ǁĂũŝď ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŚĂů
ƚĞƌƐĞďƵƚƐĞĐĂƌĂƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵŵŝŶŝŵĂů ϯ;ƚŝŐĂͿ ,Ăƌŝ<ĞƌũĂƐĞďĞůƵŵŶLJĂ͘
ϲͿ ^ĞŐĞƌĂŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ĚĂůĂŵ ǁĂŬƚƵ Ϯ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ
ƐĞƚĞůĂŚŬĞũĂĚŝĂŶͲŬĞũĂĚŝĂŶ ƚĞƌƐĞďƵƚďĞƌůĂŶŐƐƵŶŐ͗
Ă͘ ďĞƌŬĂŝƚĂŶĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͕ƐĞƚŝĂƉƉĞƌƵďĂŚĂŶŶŐŐĂƌĂŶ ĂƐĂƌ͕ ƉĞƌƵďĂŚĂŶ ƐƵƐƵŶĂŶ ŝƌĞŬƐŝĚĂŶ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ ĚĂŶ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ƐĞƌƚĂ ĚŝŝŬƵƚŝ ĚĞŶŐĂŶ
ƉĞŶLJĞƌĂŚĂŶĂŬƚĂͲĂŬƚĂ ŬĞƉƵƚƵƐĂŶZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ^ĂŚĂŵ͖
ď͘ ƉĞƌŬĂƌĂƉŝĚĂŶĂ͕ƉĞƌĚĂƚĂ͕ŬĞƉĂŝůŝƚĂŶ͕ĂĚŵŝŶŝƐƚƌĂƐŝĚĂŶ ƉĞƌďƵƌƵŚĂŶLJĂŶŐŵĞůŝďĂƚŬĂŶ WĞƌƐĞƌŽĂŶLJĂŶŐ
ƐĞĐĂƌĂŵĂƚĞƌŝĂů ŵĞŵƉĞŶŐĂƌƵŚŝ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ŬĞǁĂũŝďĂŶ
ďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͘
ϳͿ DĞŶLJĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂtĂůŝŵĂŶĂƚ ^ƵŬƵŬ͗
Ă͘ ^ĂůŝŶĂŶĚĂƌŝůĂƉŽƌĂŶͲůĂƉŽƌĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂK:<͕ƵƌƐĂ ĨĞŬ ĚĂŶ <^ /͕ ƐĂůŝŶĂŶ ĚĂƌŝ
ƉĞŵďĞƌŝƚĂŚƵĂŶ ĂƚĂƵ ƐƵƌĂƚ ĞĚĂƌĂŶŬĞƉĂĚĂƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂůĂŵ ǁĂŬƚƵ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ Ϯ
;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚůĂƉŽƌĂŶͲůĂƉŽƌĂŶƚĞƌƐĞďƵƚĚŝƐĞƌĂŚŬĂŶŬĞƉĂĚĂƉŝŚĂŬͲƉŝŚĂŬLJĂŶŐĚŝƐĞďƵƚŬĂŶ
ĚŝĂƚĂƐ͘ ĂůĂŵ ŚĂůtĂůŝŵĂŶĂƚ ^ƵŬƵŬŵĞŵĂŶĚĂŶŐ ƉĞƌůƵ͕ďĞƌĚĂƐĂƌŬĂŶƉĞƌŵŽŚŽŶĂŶtĂůŝŵĂŶ Ăƚ
^ƵŬƵŬ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ͕ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶLJĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ĚŽŬƵŵĞŶͲ
ĚŽŬƵŵĞŶƚĂŵďĂŚĂŶ LJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶůĂƉŽƌĂŶͲůĂƉŽƌĂŶ ƚĞƌƐĞďƵƚĚŝĂƚĂƐ ;ũŝŬĂ ĂĚĂͿƐĞůĂŵďĂƚͲ
ůĂŵďĂƚŶLJĂ ϱ;ůŝŵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚƚĂŶŐŐĂů ƐƵƌĂƚƉĞƌŵŽŚŽŶĂŶƚĞƌƐĞďƵƚĚŝƚĞ ƌŝŵĂŽůĞŚWĞƌƐĞƌŽĂŶ
͘
ď͘ ^ĂůŝŶĂŶƌĞƐŵŝĂŬƚĂͲĂŬƚĂĚĂŶƉĞƌũĂŶũŝĂŶLJĂŶŐĚŝďƵĂƚƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŶĞƌďŝƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ
ĚĂůĂŵ ǁĂŬƚƵ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ Ϯ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ ĚŝƚĞƌŝŵĂŶLJĂ ƐĂůŝŶĂŶ ƚĞƌƐĞďƵƚ ŽůĞŚ
WĞƌƐĞƌŽĂŶ͘
Đ͘ ůĂƉŽƌĂŶƐĞƚŝĂƉƉĞůĂŶŐŐĂƌĂŶƚĞƌŚĂĚĂƉ ƉĞŵďĂƚĂƐĂŶͲƉĞŵďĂƚĂƐĂŶ ĚĂŶ ŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶ
ƐĞďĂŐĂŝŵĂŶĂƚĞƌĐĂŶƚƵŵĚĂůĂŵWĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ ŝŶŝ͕ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ
Ϯ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚĚŝŬĞƚĂŚƵŝŶLJĂƉĞůĂŶŐŐĂƌĂŶƚĞƌƐĞďƵƚ͘
Ě͘ >ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƚĂŚƵŶĂŶWĞƌƐĞƌŽĂŶ;ŬŽŶƐŽůŝĚĂƐŝͿLJĂŶŐƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ ĂŬƵŶƚĂŶ ƉƵďůŝŬ LJĂŶŐ
ƚĞƌĚĂĨƚĂƌ Ěŝ K:< ĚŝƐĂŵƉĂŝŬĂŶ ďĞƌƐĂŵĂĂŶ ĚĞŶŐĂŶ ƉĞŶLJĞƌĂŚĂŶ ůĂƉŽƌĂŶ ŬĞ K:< ĂƚĂƵ ƐĞůĂŵďĂƚ Ͳ
ůĂŵďĂƚŶLJĂƉĂĚĂĂŬŚŝƌďƵůĂŶŬĞƚŝŐĂ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĂŚƵŶĂŶ WĞƌƐĞƌŽĂŶ ŵĂŶĂ
LJĂŶŐůĞďŝŚĚĂŚƵůƵ͘
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Ğ͘ >ĂƉŽƌĂŶŬĞƵĂŶŐĂŶƚĞŶŐĂŚƚĂŚƵŶĂŶ WĞƌƐĞƌŽĂŶ;ŬŽŶƐŽůŝĚĂƐŝͿ LJĂŶŐĚŝƐĂŵƉĂŝŬĂŶ ďĞƌƐĂŵĂĂŶ ĚĞŶŐĂŶ
ƉĞŶLJĞƌĂŚĂŶůĂƉŽƌĂŶ ŬĞK:<ĂƚĂƵ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ƉĂĚĂ ĂŬŚŝƌ ďƵůĂŶƉĞƌƚĂŵĂ ƐĞƚĞůĂŚƚĂŶŐŐĂů
ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ ƚĞŶŐĂŚ ƚĂŚƵŶĂŶ͕ ũŝŬĂƚŝĚĂŬ ĚŝƐĞƌƚĂŝ ůĂƉŽƌĂŶ ĂŬƵŶƚĂŶ͖ ĂƚĂƵ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ
ƉĂĚĂĂŬŚŝƌďƵůĂŶŬĞĚƵĂƐĞƚĞůĂŚ ƚĂŶŐŐĂů ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĞŶŐĂŚ ƚĂŚƵŶĂŶ͕ ũŝŬĂ ĚŝƐĞƌƚĂŝ ůĂƉŽƌĂŶ
ĂŬƵŶƚĂŶƉƵďůŝŬLJĂŶŐƚĞƌĚĂĨƚĂƌĚŝK:<ĚĂůĂŵƌĂŶŐŬĂ ƉĞŶĞůĂĂŚĂŶ ƚĞƌďĂƚĂƐ͖ ĂƚĂƵ ƐĞůĂŵďĂƚͲ
ůĂŵďĂƚŶLJĂƉĂĚĂĂŬŚŝƌďƵůĂŶŬĞƚŝŐĂƐĞƚĞůĂŚƚĂŶŐŐĂů ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƚĞŶŐĂŚƚĂŚƵŶĂŶ͕ ũŝŬĂĚŝƐĞƌƚĂŝ
ůĂƉŽƌĂŶ ĂŬƵŶƚĂŶ ƉƵďůŝŬ LJĂŶŐ ƚĞƌĚĂĨƚĂƌ Ěŝ K:< LJĂŶŐ ŵĞŵďĞƌŝŬĂŶ ƉĞŶĚĂƉĂƚ ƚĞŶƚĂŶŐ ŬĞǁĂũĂƌĂŶ
ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶŵĂŶĂLJĂŶŐůĞďŝŚĚĂŚƵůƵ͘
ϴͿ ^ĞŐĞƌĂŵĞŵďĞƌŝŬĂŶƉĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂtĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ƚĞŶƚĂŶŐ ƚĞƌũĂĚŝŶLJĂ ŬĞůĂůĂŝĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌƐĞďƵƚĚĂůĂŵ ĂŶŐŬĂ ϮĚĂŶ ĂŶŐŬĂ ϯWĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ ŝŶŝ ĂƚĂƵ
ĂĚĂŶLJĂƉĞŵďĞƌŝƚĂŚƵĂŶ ŵĞŶŐĞŶĂŝ ŬĞůĂůĂŝĂŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ŽůĞŚ ŬƌĞĚŝƚƵƌ WĞƌƐĞƌŽĂŶ ĂƚĂƵ ƐĞƚŝĂƉ
ƉĞƌŝƐƚŝǁĂ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶͬĂƚĂƵ ƉĞůƵŶĂƐĂŶ ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŵŝƐŝ ^ƵŬƵŬ /ũĂƌĂŚ͘ WĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ƚĞƌƐĞďƵƚ ǁĂũŝď
ĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ Ϯ ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ ƐĞũĂŬ ƚŝŵďƵůŶLJĂ
ŬĞůĂůĂŝĂŶƚĞƌƐĞďƵƚ͘
ϵͿ DĞŵĞůŝŚĂƌĂ ƐŝƐƚĞŵ ĂŬƵŶƚĂŶƐŝ ĚĂŶ ƉĞŶŐĂǁĂƐĂŶ ďŝĂLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ WƌŝŶƐŝƉ^ƚĂŶĚĂƌ ŬƵŶƚĂŶƐŝ LJĂŶŐ
ďĞƌůĂŬƵ Ěŝ /ŶĚŽŶĞƐŝĂ ĚĂŶ ŵĞŵĞůŝŚĂƌĂ ďƵŬƵͲďƵŬƵ ĚĂŶ ĐĂƚĂƚĂŶͲĐĂƚĂƚĂŶ ůĂŝŶ LJĂŶŐ ĐƵŬƵƉ ƵŶƚƵŬ
ŵĞŶŐŐĂŵďĂƌŬĂŶ ĚĞŶŐĂŶƚĞƉĂƚ ŬĞĂĚĂĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶĚĂŶŚĂƐŝů ŽƉĞƌĂƐŝŽŶĂůŶLJĂƐĞƐƵĂŝ ĚĞŶŐĂŶ
ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉĂŬƵŶƚĂŶƐŝLJĂŶŐďĞƌůĂŬƵƵŵƵŵĚĂŶĚŝƚĞƌĂƉŬĂŶƐĞĐĂƌĂŬŽŶƐŝƐƚĞŶĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶ
ŬĞƚĞŶƚƵĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϭϬͿ DĞŵƉĞƌƚĂŚĂŶŬĂŶ ĚĂŶ ŵĞŶũĂŐĂ ŬĞĚƵĚƵŬĂŶ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝƉĞƌƐĞƌŽĂŶƚĞƌďĂƚĂƐ ĚĂŶďĂĚĂŶ ŚƵŬƵŵ͕
ĚĂŶƐĞŵƵĂ ŚĂŬͲŚĂŬĚĂŶ ŝnjŝŶͲŝnjŝŶLJĂŶŐƐĞŬĂƌĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚWĞƌƐĞƌŽĂŶĚĂŶƐĞŐĞƌĂŵĞŵŽŚŽŶ ŝnjŝŶͲŝnjŝŶ
ďŝůĂŵĂŶĂ ŝnjŝŶͲŝnjŝŶƚĞƌƐĞďƵƚďĞƌĂŬŚŝƌĂƚĂƵ ĚŝƉĞƌůƵŬĂŶƵŶƚƵŬŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂŶLJĂ͘
ϭϭͿ DĞŵƉĞƌŽůĞŚ͕ŵĞŵĂƚƵŚŝƐĞŐĂůĂŬĞƚĞŶƚƵĂŶĚĂŶŵĞůĂŬƵŬĂŶŚĂůͲŚĂůLJĂŶŐĚŝƉĞƌůƵŬĂŶƵŶƚƵŬŵĞŶũĂŐĂƚĞƚĂƉ
ďĞƌůĂŬƵŶLJĂ ƐĞŐĂůĂ ŬƵĂƐĂ͕ ŝnjŝŶ ĚĂŶ ƉĞƌƐĞƚƵũƵĂŶ ;ďĂŝŬ ĚĂƌŝ ƉĞŵĞƌŝŶƚĂŚ ĂƚĂƵƉƵŶ ůĂŝŶŶLJĂͿ ĚĂŶ ĚĞŶŐĂŶ
ƐĞŐĞƌĂ ŵĞŵďĞƌŝŬĂŶ ůĂƉŽƌĂŶ ĚĂŶ ŵĂƐƵŬĂŶ ĚĂŶ ŵĞůĂŬƵŬĂŶ ŚĂůͲŚĂů LJĂŶŐ ĚŝǁĂũŝďŬĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ƐĞĐĂƌĂ ƐĂŚ ŵĞŶũĂůĂŶŬĂŶ
ŬĞǁĂũŝďĂŶŶLJĂ ďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ ĚĂŶƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶůĂŝŶŶLJĂ
LJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚĚĂůĂŵ ŵĂŶĂWĞƌƐĞƌŽĂŶŵĞŶũĂĚŝƐĂůĂŚ
ƐĂƚƵ ƉŝŚĂŬŶLJĂ ĂƚĂƵ ŵĞŵĂƐƚŝŬĂŶ ŬĞĂďƐĂŚĂŶ͕ ŬĞďĞƌůĂŬƵĂŶ͕ ĚĂƉĂƚ ĚŝůĂŬƐĂŶĂŬĂŶŶLJĂ ƐĞƚŝĂƉ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶ ƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚĚŝZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘
ϭϮͿ DĞŵĞůŝŚĂƌĂ ŚĂƌƚĂ ŬĞŬĂLJĂĂŶ ĂŐĂƌ ƚĞƚĂƉ ĚĂůĂŵ ŬĞĂĚĂĂŶ ďĂŝŬ ĚĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶͲ
ŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝůĂŬƵŬĂŶƉĂĚĂƵŵƵŵŶLJĂ ŵĞŶŐĞŶĂŝŚĂƌƚĂŵŝůŝŬĚĂŶƵƐĂŚĂLJĂŶŐƐĞƌƵƉĂ͘
ϭϯͿ DĞŵĞůŝŚĂƌĂ ĂƐƵƌĂŶƐŝͲĂƐƵƌĂŶƐŝ LJĂŶŐ ƐƵĚĂŚ ďĞƌũĂůĂŶ ĚĂŶ ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ <ĞŐŝĂƚĂŶ hƐĂŚĂ
WĞƌƐĞƌŽĂŶĚĂŶ ŚĂƌƚĂ ŬĞŬĂLJĂĂŶ WĞƌƐĞƌŽĂŶƉĂĚĂ ƉĞƌƵƐĂŚĂĂŶ ĂƐƵƌĂŶƐŝ LJĂŶŐ ďĞƌĞƉƵƚĂƐŝ ďĂŝŬ ƚĞƌŚĂĚĂƉ
ƐĞŐĂůĂ ƌĞƐŝŬŽ LJĂŶŐ ďŝĂƐĂ ĚŝŚĂĚĂƉŝ ŽůĞŚ ƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ďĞƌŐĞƌĂŬ ĚĂůĂŵ ďŝĚĂŶŐ ƵƐĂŚĂ
ƵƚĂŵĂ LJĂŶŐƐĂŵĂĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ͘
ϭϰͿ DĞŵďĂLJĂƌ ŬĞǁĂũŝďĂŶ ƉĂũĂŬ ĂƚĂƵ ďĞĂ ůĂŝŶŶLJĂ LJĂŶŐ ŵĞŶũĂĚŝ ďĞďĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ
ƵƐĂŚĂŶLJĂƐĞďĂŐĂŝŵĂŶĂ ŵĞƐƚŝŶLJĂ͘
ϭϱͿ DĞůĂŬƵŬĂŶ ƉĞŵĞƌŝŶŐŬĂƚĂŶ ĂƚĂƐ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ K:< EŽŵŽƌ ϰϵ ďĞƌŝŬƵƚ
ƉĞƌƵďĂŚĂŶŶLJĂĚĂŶͬĂƚĂƵ ƉĞŶŐĂƚƵƌĂŶ ůĂŝŶŶLJĂLJĂŶŐ ǁĂũŝď ĚŝƉĂƚƵŚŝ ŽůĞŚWĞƌƐĞƌŽĂŶƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ
ƉĞŵĞƌŝŶŐŬĂƚĂŶƚĞƌƐĞďƵƚƐĞƌƚĂŵĞŶLJĂŵƉĂŝŬĂŶ ŚĂƐŝůƉĞŵĞƌŝŶŐŬĂƚĂŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚ͘
ϭϲͿ DĞŵĂƐƚŝŬĂŶ ŬĞĂĚĂĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ ƚĂŚƵŶĂŶ
WĞƌƐĞƌŽĂŶƚĞƌĂŬŚŝƌLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬLJĂŶŐƚĞƌĚĂĨƚĂƌĚŝK:<LJĂŶŐĚŝƐĞƌĂŚŬĂŶ
ŬĞƉĂĚĂtĂůŝŵĂŶĂƚ ďĞƌĚĂƐĂƌŬĂŶŬĞƚĞŶƚƵĂŶĂŶŐŬĂϮďĂŐŝĂŶϳͿ͕ŚĂƌƵƐŵĞŶĐĞƌŵŝŶŬĂŶƌĂƐŝŽ͗
ŝ͘ ƵƌƌĞŶƚZĂƚŝŽ;dŽƚĂůƐĞƚ>ĂŶĐĂƌĚŝďĂŐŝdŽƚĂů>ŝĂďŝůŝƚĂƐ >ĂŶĐĂƌͿŵŝŶŝŵĂů ϭdž;ƐĂƚƵŬĂůŝͿ͖
ŝŝ͘ 'ĞĂƌŝŶŐZĂƚŝŽ ;dŽƚĂůhƚĂŶŐ ĚŝďĂŐŝdŽƚĂů ŬƵŝƚĂƐͿ ŵĂŬƐŝŵĂů Ϯ͕ϱdž;ƚŝŐĂŬŽŵĂ ůŝŵĂŬĂůŝͿ͖
ŝŝŝ͘ ^Z ;Ğďƚ ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ LJĂŝƚƵ /d ĚŝďĂŐŝ ĚĞŶŐĂŶ ƉĞŶũƵŵůĂŚĂŶ ĂŐŝĂŶ >ĂŶĐĂƌĚĂƌŝ
hƚĂŶŐ :ĂŶŐŬĂWĂŶũĂŶŐĚĂŶĞďĂŶƵŶŐĂͿŵŝŶŝŵĂů ϭdž;ƐĂƚƵŬĂůŝͿ͖
ϭϳͿ DĞŵĂƐƚŝŬĂŶ ĚĂŶ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ĂŐĂƌ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ŬĞůƵĂƌŐĂ /Eh ^h^EdK͕ ŬĞůƵĂƌŐĂ
,h/EdK ĚĂŶŬĞůƵĂƌŐĂ d/<DE hdKDK ŵŝŶŝŵƵŵ ϱϭй;ůŝŵĂ ƉƵůƵŚƉĞƌƐĞŶͿƐĞĐĂƌĂƚŝĚĂŬ ůĂŶŐƐƵŶŐ
ƉĂĚĂWĞƌƐĞƌŽĂŶŵĞůĂůƵŝWdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂ͘
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ϭϴͿ DĞŶĞƌďŝƚŬĂŶ ĚĂŶ ŵĞŶLJĞƌĂŚŬĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ ^ƵŬƵŬ /ũĂƌĂŚ ŬĞƉĂĚĂ <^ / ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ
WĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚƐĞƌƚĂŵĞŶLJĞƌĂŚŬĂŶ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐďĂƌƵŬĞƉĂĚĂ<^ /ƵŶƚƵŬ
ĚŝƚƵŬĂƌŬĂŶ ĚĞŶŐĂŶ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽ ^ƵŬƵŬ/ũĂƌĂŚ LJĂŶŐůĂŵĂ ĂƉĂďŝůĂ WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶ
ŬĞŵďĂůŝ^ƵŬƵŬ/ũĂƌĂŚĚĞŶŐĂŶƚƵũƵĂŶƵŶƚƵŬƉĞůƵŶĂƐĂŶ^ƵŬƵŬ/ũĂƌĂŚĚĂŶĨŽƚŽŬŽƉŝŶLJĂĚŝƐĞƌĂŚŬĂŶŬĞƉĂĚĂ
tĂůŝŵĂŶĂƚ͖
ϭϵͿ dŝĚĂŬ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƉĂŝůŝƚ ĂƚĂƵ ƉĞƌŵŽŚŽŶĂŶ ƉĞŶƵŶĚĂĂŶ ŬĞǁĂũŝďĂŶ ƉĞŵďĂLJĂƌĂŶ ŚƵƚĂŶŐ
(“W<Wh”) oleh WĞƌƐĞƌŽĂŶ͕ŬĞĐƵĂůŝƉĞƌŵŽŚŽŶĂŶ W<WhƐĞďĂŐĂŝ ĂŬŝďĂƚ ĂĚĂŶLJĂ ŐƵŐĂƚĂŶ ƉĂŝůŝƚ ƉŝŚĂŬůĂŝŶ
ŬĞƉĂĚĂWĞŶŐĂĚŝůĂŶEŝĂŐĂ͘
ϮϬͿ DĞŶŐŐĂŶƚŝKďLJĞŬ/ũĂƌĂŚĚĞŶŐĂŶKďLJĞŬ/ũĂƌĂŚƉĞŶŐŐĂŶƚŝ ũŝŬĂ KďLJĞŬ /ũĂƌĂŚ ƌƵƐĂŬ ĚĂŶͬĂƚĂƵ ŚŝůĂŶŐ
ĚĂŶͬĂƚĂƵ ƉĞƌũĂŶũŝĂŶŶLJĂ ďĞƌĂŬŚŝƌ ĚĂŶͬĂƚĂƵ ĚŝďĂƚĂůŬĂŶ ĚĂŶͬĂƚĂƵ ŚĂďŝƐ ĚĂŶͬĂƚĂƵ ŬĂƌĞŶĂ ŚĂů ůĂŝŶŶLJĂ
ŵĞŶũĂĚŝŚŝůĂŶŐ ŵĂŶĨĂĂƚŶLJĂ ĚĂŶͬĂƚĂƵ ƚƵƌƵŶŶŝůĂŝŵĂŶĨĂĂƚŶLJĂ ĚĞŶŐĂŶƚĞƚĂƉŵĞŵƉĞƌŚĂƚŝŬĂŶ WĂƐĂůϱ͘ϭϮ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ͘
ϮϭͿ ĂůĂŵŚĂů^ƵŬƵŬ/ũĂƌĂŚƚĞůĂŚũĂƚƵŚƚĞŵƉŽ͕ŵĂŬĂ WĞƌƐĞƌŽĂŶďĞƌƐĞĚŝĂĚĂŶĚŝǁĂũŝďŬĂŶ ƵŶƚƵŬďĞƌƚĂŶŐŐƵŶŐ
ũĂǁĂď ƐĞĐĂƌĂĨŝŶĂŶƐŝĂů ĚĂŶŚƵŬƵŵŵĞŶŐĞŶĂŝƉĞŵďĂLJĂƌĂŶŬĞŵďĂůŝ/ŵďĂůĂŶ /ũĂƌĂŚ͘
ϮϮͿ DĞŵƉĞƌŽůĞŚŽƉŝŶŝ;ƉĞƌŶLJĂƚĂĂŶŬĞƐĞƐƵĂŝĂŶ^LJĂƌŝĂŚĂƚĂƐ ^ƵŬƵŬ/ũĂƌĂŚͿĚĂƌŝdŝŵ Śůŝ^LJĂƌŝĂŚ;d^Ϳ͘
ϮϯͿ ĂůĂŵŚĂůƚĞƌũĂĚŝŬŽŶĚŝƐŝĚŝŵĂŶĂ^ƵŬƵŬ/ũĂƌĂŚŵĞŶũĂĚŝ ƵƚĂŶŐ ƉŝƵƚĂŶŐ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ WĂƐĂů
ϱ͘ϭϮŚƵƌƵĨĨWĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶǁĂũŝď ŵĞŶLJĞůĞƐĂŝŬĂŶ ŬĞǁĂũŝďĂŶŶLJĂ
ĂƚĂƐƵƚĂŶŐ ƉŝƵƚĂŶŐŬĞƉĂĚĂWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚ͘
ϮϰͿ DĞŵĂƚƵŚŝ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ƚĞŶƚĂŶŐ WĞŶĞƌĂƉĂŶ WƌŝŶƐŝƉ ^LJĂƌŝĂŚ
Ěŝ WĂƐĂƌ DŽĚĂů͕ ƚĞƌŵĂƐƵŬ ŶĂŵƵŶ ƚŝĚĂŬ ƚĞƌďĂƚĂƐ ƵŶƚƵŬ ŵĞŶũĂŵŝŶ ďĂŚǁĂ KďũĞŬ /ũĂƌĂŚ ƚŝĚĂŬ ĂŬĂŶ
ďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶWƌŝŶƐŝƉ^LJĂƌŝĂŚĚŝWĂƐĂƌDŽĚĂůƐĞůĂŵĂ ƉĞƌŝŽĚĞ^ƵŬƵŬ/ũĂƌĂŚ͘
,<Ͳ,< W D 'E' ^h<h< /:Z,
ϭ͘ DĞŶĞƌŝŵĂ ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶͬĂƚĂƵ ƉĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ĚĂƌŝ
WĞƌƐĞƌŽĂŶLJĂŶŐĚŝďĂLJĂƌŬĂŶŵĞůĂůƵŝ<^ /ƐĞůĂŬƵŐĞŶWĞŵďĂLJĂƌĂŶƉĂĚĂdĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ<ĞŵďĂůŝ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶͬĂƚĂƵ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ͘ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ŚĂƌƵƐ ĚŝďĂLJĂƌ
ŬĞŵďĂůŝĚĞŶŐĂŶŚĂƌŐĂLJĂŶŐƐĂŵĂ ĚĞŶŐĂŶũƵŵůĂŚ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚLJĂŶŐƚĞƌƚƵůŝƐƉĂĚĂ<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐ
LJĂŶŐĚŝŵŝůŝŬŝŽůĞŚWĞŵĞŐĂŶŐ^ƵŬƵŬ /ũĂƌĂŚƉĂĚĂdĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ͖
Ϯ͘ zĂŶŐďĞƌŚĂŬĂƚĂƐŝĐŝůĂŶ/ŵďĂůĂŶ/ũĂƌĂŚĂĚĂůĂŚWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŶĂŵĂŶLJĂ ƚĞƌĐĂƚĂƚĚĂůĂŵĂĨƚĂƌ
WĞŵĞŐĂŶŐZĞŬĞŶŝŶŐƉĂĚĂϰ;ĞŵƉĂƚͿ,Ăƌŝ<ĞƌũĂƐĞďĞůƵŵdĂŶŐŐĂů WĞŵďĂLJĂƌĂŶWĞŶĚĂƉĂƚĂŶĂŐŝ,ĂƐŝů^ƵŬƵŬ
/ũĂƌĂŚ͕ŬĞĐƵĂůŝĚŝƚĞŶƚƵŬĂŶůĂŝŶŽůĞŚ<^ /ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ<^ /LJĂŶŐďĞƌůĂŬƵ͖
ϯ͘ ƉĂďŝůĂWĞƌƐĞƌŽĂŶƚĞƌŶLJĂƚĂƚŝĚĂŬŵĞŶLJĞĚŝĂŬĂŶĚĂŶĂƐĞĐƵŬƵƉŶLJĂƵŶƚƵŬƉĞŵďĂLJĂƌĂŶŝĐŝůĂŶ/ŵďĂůĂŶ/ũĂƌĂŚ
ĂƚĂƵ WĞŵďĂLJĂƌĂŶ <ĞŵďĂůŝ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ ƐĞƚĞůĂŚ ůĞǁĂƚ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ
ĂƚĂƵ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ <ĞŵďĂůŝ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶŚĂƌƵƐ ŵĞŵďĂLJĂƌ <ŽŵƉĞŶƐĂƐŝ
<ĞƌƵŐŝĂŶ ŬŝďĂƚ <ĞƚĞƌůĂŵďĂƚĂŶ ĂƚĂƐ ŬĞůĂůĂŝĂŶ ŵĞŵďĂLJĂƌ ũƵŵůĂŚ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶͬĂƚĂƵ ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ͘ <ŽŵƉĞŶƐĂƐŝŬĞƌƵŐŝĂŶĂŬŝďĂƚ ŬĞƚĞƌůĂŵďĂƚĂŶ LJĂŶŐĚŝďĂLJĂƌŽůĞŚWĞƌƐĞƌŽĂŶƐĞĐĂƌĂǁĂũĂƌ ĚĂŶ
ƌĞĂůŝƐƚŝƐ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ŚĂŬ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ŽůĞŚ ŐĞŶ WĞŵďĂLJĂƌĂŶ ĂŬĂŶ ĚŝďĞƌŝŬĂŶ ŬĞƉĂĚĂ
WĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚƐĞĐĂƌĂƉƌŽƉŽƌƐŝŽŶĂůďĞƌĚĂƐĂƌŬĂŶďĞƐĂƌŶLJĂ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝŵŝůŝŬŝŶLJĂ͖
ϰ͘ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ďĂŝŬƐĞŶĚŝƌŝŵĂƵƉƵŶ ďĞƌƐĂŵĂͲƐĂŵĂ LJĂŶŐ ŵĞǁĂŬŝůŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ůĞďŝŚĚĂƌŝϮϬй
;ĚƵĂƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚ^ƵŬƵŬ /ũĂƌĂŚLJĂŶŐďĞůƵŵĚŝůƵŶĂƐŝ͕ƚĞƌŵĂƐƵŬĚŝĚĂůĂŵŶLJĂ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐ
ĚŝŵŝůŝŬŝŽůĞŚWĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵ ĨŝůŝĂƐŝWĞƌƐĞƌŽĂŶ͕ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŝŶƚĂĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂtĂůŝŵĂŶĂƚ
ƵŶƚƵŬĚŝƐĞůĞŶŐŐĂƌĂŬĂŶZhW^/ĚĞŶŐĂŶŵĞůĂŵƉŝƌŬĂŶĂƐůŝ<dhZ͘WĞƌŵŝŶƚĂĂŶƚĞƌƚƵůŝƐĚŝŵĂŬƐƵĚŚĂƌƵƐŵĞŵƵĂƚ
ĂĐĂƌĂLJĂŶŐĚŝŵŝŶƚĂ͕ ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞũĂŬĚŝƚĞƌďŝƚŬĂŶŶLJĂ <dhZƚĞƌƐĞďƵƚ^ƵŬƵŬ /ũĂƌĂŚLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚ
WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚLJĂŶŐ ŵĞŶŐĂũƵŬĂŶ ƉĞƌŵŝŶƚĂĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂtĂůŝŵĂŶĂƚ ĂŬĂŶĚŝďĞŬƵŬĂŶŽůĞŚ
<^ / ƐĞũƵŵůĂŚ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ <dhZ ƚĞƌƐĞďƵƚ͘ WĞŶĐĂďƵƚĂŶ ƉĞŵďĞŬƵĂŶ ŽůĞŚ <^ /
ƚĞƌƐĞďƵƚŚĂŶLJĂĚĂƉĂƚĚŝůĂŬƵŬĂŶƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶƐĞĐĂƌĂƚĞƌƚƵůŝƐĚĂƌŝtĂůŝŵĂŶĂƚ͖
ϱ͘ ^ĞƚŝĂƉ^ƵŬƵŬ/ũĂƌĂŚƐĞďĞƐĂƌZƉϭ͕Ͳ;ƐĂƚƵZƵƉŝĂŚͿďĞƌŚĂŬŵĞŶŐĞůƵĂƌŬĂŶϭ;ƐĂƚƵͿ ƐƵĂƌĂĚĂůĂŵZhW^/͕ ĚĞŶŐĂŶ
ĚĞŵŝŬŝĂŶƐĞƚŝĂƉWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚĚĂůĂŵZhW^/ŵĞŵƉƵŶLJĂŝŚĂŬƵŶƚƵŬŵĞŶŐĞůƵĂƌŬĂŶƐƵĂƌĂƐĞũƵŵůĂŚ
^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝŵŝůŝŬŝŶLJĂ͘
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ϭ͘ ĂůĂŵ ŚĂůƚĞƌũĂĚŝƐĂůĂŚƐĂƚƵŬĞĂĚĂĂŶĂƚĂƵŬĞũĂĚŝĂŶLJĂŶŐĚŝƐĞďƵƚŬĂŶĚĂůĂŵ͗
Ă͘ ^ĞďĂŐĂŝŵĂŶĂ ĂŶŐŬĂ ϮŚƵƌƵĨ Ă Ěŝ ďĂǁĂŚ ŝŶŝ ĚĂŶ ŬĞĂĚĂĂŶ ĂƚĂƵ ŬĞũĂĚŝĂŶ ƚĞƌƐĞďƵƚ ďĞƌůĂŶŐƐƵŶŐ ƚĞƌƵƐͲ
ŵĞŶĞƌƵƐƐĞůĂŵĂ ϭϰ;ĞŵƉĂƚ ďĞůĂƐͿ ,Ăƌŝ<ĞƌũĂ͕ ƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂ ƚĞŐƵƌĂŶ ƚĞƌƚƵůŝƐĚĂƌŝ tĂůŝŵĂŶĂƚ
^ƵŬƵŬ/ũĂƌĂŚ͕ƚĂŶƉĂĚŝƉĞƌďĂŝŬŝͬĚŝŚŝůĂŶŐŬĂŶŬĞĂĚĂĂŶƚĞƌƐĞďƵƚĂƚĂƵƚĂŶƉĂĂĚĂŶLJĂƵƉĂLJĂƉĞƌďĂŝŬĂŶƵŶƚƵŬ
ŵĞŶŐŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶƚĞƌƐĞďƵƚ͕LJĂŶŐĚĂƉĂƚĚŝƐĞƚƵũƵŝŽůĞŚtĂůŝŵĂŶĂƚ ^ƵŬƵŬ/ũĂƌĂŚ͖ĂƚĂƵ
ď͘ ^ĞďĂŐĂŝŵĂŶĂ ĂŶŐŬĂ ϮŚƵƌƵĨ ďĚŝ ďĂǁĂŚ ŝŶŝ ĚĂŶ ŬĞĂĚĂĂŶ ĂƚĂƵ ŬĞũĂĚŝĂŶ ƚĞƌƐĞďƵƚ ďĞƌůĂŶŐƐƵŶŐ ƚĞƌƵƐͲ
ŵĞŶĞƌƵƐƐĞůĂŵĂϲϬ;ĞŶĂŵƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͕ƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂ ƚĞŐƵƌĂŶƚĞƌƚƵůŝƐĚĂƌŝ tĂůŝŵĂŶĂƚ
^ƵŬƵŬ͕ ƚĂŶƉĂ ĚŝƉĞƌďĂŝŬŝͬĚŝŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶ ƚĞƌƐĞďƵƚ ĂƚĂƵ ƚĂŶƉĂ ĂĚĂŶLJĂ ƵƉĂLJĂ ƉĞƌďĂŝŬĂŶ ƵŶƚƵŬ
ŵĞŶŐŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶƚĞƌƐĞďƵƚ͕LJĂŶŐĚĂƉĂƚĚŝƐĞƚƵũƵŝŽůĞŚtĂůŝŵĂŶĂƚ ^ƵŬƵŬ͖ĂƚĂƵ
Đ͘ ^ĞďĂŐĂŝŵĂŶĂ ĂŶŐŬĂ Ϯ ŚƵƌƵĨ Đ͕Ě͕ Ğ͕ Ĩ͕ Ő͕ ĂƚĂƵ Ś Ěŝ ďĂǁĂŚ ŝŶŝ ĚĂŶ ŬĞĂĚĂĂŶ ĂƚĂƵ ŬĞũĂĚŝĂŶ ƚĞƌƐĞďƵƚ
ďĞƌůĂŶŐƐƵŶŐƚĞƌƵƐͲŵĞŶĞƌƵƐƐĞůĂŵĂĚĂƌŝϵϬ;ƐĞŵďŝůĂŶƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͕ƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƚĞŐƵƌĂŶ
ƚĞƌƚƵůŝƐ ĚĂƌŝ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ͕ ƚĂŶƉĂ ĚŝƉĞƌďĂŝŬŝͬĚŝŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶ ƚĞƌƐĞďƵƚ ĂƚĂƵ ƚĂŶƉĂ ĂĚĂŶLJĂ
ƵƉĂLJĂ ƉĞƌďĂŝŬĂŶ ƵŶƚƵŬ ŵĞŶŐŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶ ƚĞƌƐĞďƵƚ͕ LJĂŶŐ ĚĂƉĂƚ ĚŝƐĞƚƵũƵŝ ŽůĞŚ tĂůŝ ŵĂŶĂƚ
^ƵŬƵŬ͖
ŵĂŬĂtĂůŝŵĂŶĂƚ ^ƵŬƵŬǁĂũŝďŵĞŵďĞƌŝƚĂŚƵŬĂŶŬĞũĂĚŝĂŶƚĞƌƐĞďƵƚŬĞƉĂĚĂWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚŵĞůĂůƵŝ
ϭ;ƐĂƚƵͿ ƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů ĚĂŶtĂůŝŵĂŶĂƚ ^ƵŬƵŬĂƚĂƐ
ƉĞƌƚŝŵďĂŶŐĂŶŶLJĂ ƐĞŶĚŝƌŝ ďĞƌŚĂŬ ŵĞŵĂŶŐŐŝů ZhW^/ ŵĞŶƵƌƵƚ ŬĞƚĞŶƚƵĂŶ ĚĂŶ ƚĂƚĂ ĐĂƌ Ă
ĚŝĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͘
ĂůĂŵ ZhW^/ ƚĞƌƐĞďƵƚ͕ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ĂŬĂŶ ŵĞŵŝŶƚĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ƉĞŶũĞůĂƐĂŶ
ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶŬĞůĂůĂŝĂŶŶLJĂ ƚĞƌƐĞďƵƚ͘ƉĂďŝůĂ ZhW^/ ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŶĞƌŝŵĂ ƉĞŶũĞůĂƐĂŶ ƐĞƌƚĂĂůĂƐĂŶ
WĞƌƐĞƌŽĂŶ͕ĚĂŶŵĞŵŝŶƚĂ WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞůƵŶĂƐŝƐĞůƵƌƵŚ^ŝƐĂ/ŵďĂůĂŚ /ũĂƌĂŚ͕ŵĂŬĂ tĂůŝŵĂŶĂƚ^ƵŬƵŬ
ĚĂůĂŵǁĂŬƚƵLJĂŶŐĚŝƚĞƚĂƉŬĂŶĚĂůĂŵZhW^/ǁĂũŝďŵĞůĂŬƵŬĂŶƉĞŶĂŐŝŚĂŶŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶĂƚĂƐƐĞůƵƌƵŚ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ͘
Ϯ͘ <ŽŶĚŝƐŝͲŬŽŶĚŝƐŝLJĂŶŐ ĚĂƉĂƚ ŵĞŶLJĞďĂďŬĂŶ WĞƌƐĞƌŽĂŶĚŝŶLJĂƚĂŬĂŶ ůĂůĂŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ĂŶŐŬĂ
ϭ͕ĂĚĂůĂŚĂƉĂďŝůĂ ƚĞƌũĂĚŝƐĂůĂŚƐĂƚƵĂƚĂƵ ůĞďŝŚĚĂƌŝŬĞĂĚĂĂŶĂƚĂƵ ŬĞũĂĚŝĂŶƚĞƌƐĞďƵƚĚŝďĂǁĂŚŝŶŝ͗
Ă͘ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞůĂŬƐĂŶĂŬĂŶ ĂƚĂƵ ƚŝĚĂŬ ŵĞŶƚĂĂƚŝ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ ŬĞǁĂũŝďĂŶ ƉĞŵďĂLJĂƌĂŶ ^ŝƐĂ
/ŵďĂůĂŶ /ũĂƌĂŚ ƉĂĚĂdĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ <ĞŵďĂůŝ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚĚĂŶͬĂƚĂƵ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ
ƉĂĚĂdĂŶŐŐĂů WĞŵďĂLJĂƌĂŶŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚŬĞƉĂĚĂWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚ͖ĂƚĂƵ
ď͘ &ĂŬƚĂŵĞŶŐĞŶĂŝƉĞƌŶLJĂƚĂĂŶ͕ũĂŵŝŶĂŶ͕ŬĞĂĚĂĂŶĂƚĂƵƐƚĂƚƵƐ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ƉĞŶŐĞůŽůĂĂŶŶLJĂ ƚŝĚĂŬ
ƐĞƐƵĂŝĚĞŶŐĂŶŝŶĨŽƌŵĂƐŝĚĂŶŬĞƚĞƌĂŶŐĂŶLJĂŶŐĚŝďĞƌŝŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͖ĂƚĂƵ
Đ͘ WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞůĂŬƐĂŶĂŬĂŶĂƚĂƵƚŝĚĂŬŵĞŶƚĂĂƚŝĚĂŶͬĂƚĂƵ ŵĞůĂŶŐŐĂƌ ƐĂůĂŚ ƐĂƚƵ ĂƚĂƵ ůĞďŝŚ
ŬĞƚĞŶƚƵĂŶĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ ;ƐĞůĂŝŶĂŶŐŬĂϮŚƵƌƵĨĂĚĂŶŚƵƌƵĨďĚŝĂƚĂƐ
ŝŶŝͿ͖ĂƚĂƵ
Ě͘ ĚĂŶLJĂWĞŶƵŶĚĂĂŶ<ĞǁĂũŝďĂŶWĞŵďĂLJĂƌĂŶhƚĂŶŐ ;ŵŽƌĂƚŽƌŝƵŵͿ LJĂŶŐĚŝĂũƵŬĂŶ ŽůĞŚWĞƌƐĞƌŽĂŶ͘
Ğ͘ ƉĂďŝůĂ WĞƌƐĞƌŽĂŶ ĚŝŶLJĂƚĂŬĂŶ ůĂůĂŝ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƐƵĂƚƵ ƉĞƌũĂŶũŝĂŶ ŚƵƚĂŶŐ ŽůĞŚ ƐĂůĂŚ ƐĂƚƵ
ŬƌĞĚŝƚƵƌŶLJĂ;ĐƌŽƐƐĚĞĨĂƵůƚͿďĂŝŬLJĂŶŐƚĞůĂŚĂĚĂƐĞŬĂƌĂŶŐŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝĚĂůĂŵ
ũƵŵůĂŚ ŬĞƐĞůƵƌƵŚĂŶŶLJĂ ŵĞůĞďŝŚŝ ϯϬй ;ƚŝŐĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ŶŝůĂŝ ĞŬƵŝƚĂƐ WĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚƌŝǁƵůĂŶĂŶ ƚĞƌĂŬŚŝƌ͕ LJĂŶŐ ďĞƌĂŬŝďĂƚ ũƵŵůĂŚ LJĂŶŐ ƚĞƌŚƵƚĂŶŐ ŽůĞ Ś WĞƌƐĞƌŽĂŶ
ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌũĂŶũŝĂŶŚƵƚĂŶŐ ƚĞƌƐĞďƵƚƐĞůƵƌƵŚŶLJĂŵĞŶũĂĚŝ ĚĂƉĂƚ ƐĞŐĞƌĂĚŝƚĂŐŝŚ ŽůĞŚŬƌĞĚŝƚƵƌLJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶƐĞďĞůƵŵǁĂŬƚƵŶLJĂ ƵŶƚƵŬŵĞŵďĂLJĂƌ ŬĞŵďĂůŝ;ĂŬƐĞůĞƌĂƐŝƉĞŵďĂLJĂƌĂŶŬĞŵďĂůŝͿƐĞŚŝŶŐŐĂ
ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů ƚĞƌŚĂĚĂƉ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶͲ
ŬĞǁĂũŝďĂŶŶLJĂ LJĂŶŐĚŝƚĞŶƚƵŬĂŶ ĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͘
Ĩ͘ ^ĞďĂŐŝĂŶďĞƐĂƌĂƚĂƵƐĞůƵƌƵŚŚĂŬ͕ŝnjŝŶĂƚĂƵƉĞƌƐĞƚƵũƵĂŶůĂŝŶŶLJĂĚĂƌŝWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂLJĂŶŐ
ĚŝŵŝůŝŬŝƚŝĚĂŬƐĂŚ͕ĂƚĂƵWĞƌƐĞƌŽĂŶĚŝďĂƚĂůŬĂŶĂƚĂƵĚŝŶLJĂƚĂŬĂŶ ƚŝĚĂŬƐĂŚ͕ĂƚĂƵ WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŶĚĂƉĂƚ
ŝnjŝŶ ĂƚĂƵ ƉĞƌƐĞƚƵũƵĂŶ LJĂŶŐ ĚŝŝƐLJĂƌĂƚŬĂŶ ŽůĞŚ ŬĞƚĞŶƚƵĂŶ ŚƵŬƵŵ LJĂŶŐ ďĞƌůĂŬƵ͕ LJĂŶŐ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů
ďĞƌĂŬŝďĂƚ ŶĞŐĂƚŝĨ ƚĞƌŚĂĚĂƉ ŬĞůĂŶŐƐƵŶŐĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů
ƚĞƌŚĂĚĂƉ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶ LJĂŶŐ ĚŝƚĞŶƚƵŬĂŶ ĚĂůĂŵ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚĚĂŶŽŬƵŵĞŶ ŵŝƐŝůĂŝŶŶLJĂ͖ĂƚĂƵ
Ő͘ WĞƌƐĞƌŽĂŶďĞƌĚĂƐĂƌŬĂŶƉĞƌŝŶƚĂŚƉĞŶŐĂĚŝůĂŶLJĂŶŐŵĞŵƉƵŶLJĂŝ ŬĞŬƵĂƚĂŶ ŚƵŬƵŵ ƚĞƚĂƉ ĚŝŚĂƌƵƐŬĂŶ
ŵĞŵďĂLJĂƌ ƐĞũƵŵůĂŚ ĚĂŶĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ LJĂŶŐ ĂƉĂďŝůĂ ĚŝďĂLJĂƌŬĂŶ ĂŬĂŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ
ŵĂƚĞƌŝĂů ƚĞƌŚĂĚĂƉ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶ LJĂŶŐ ĚŝƚĞŶƚƵŬĂŶ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͖ĂƚĂƵ
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Ś͘ WĞŶŐĂĚŝůĂŶĂƚĂƵŝŶƐƚĂŶƐŝ ƉĞŵĞƌŝŶƚĂŚLJĂŶŐďĞƌǁĞŶĂŶŐƚĞůĂŚŵĞŶLJŝƚĂĂƚĂƵ ŵĞŶŐĂŵďŝů ĂůŝŚĚĞŶŐĂŶĐĂƌĂ
ĂƉĂƉƵŶũƵŐĂ ƐĞŵƵĂĂƚĂƵ ƐĞďĂŐŝĂŶďĞƐĂƌŚĂƌƚĂďĞŶĚĂWĞƌƐĞƌŽĂŶĂƚĂƵ ƚĞůĂŚŵĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶ LJĂŶŐ
ŵĞŶŐŚĂůĂŶŐŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶũĂůĂŶŬĂŶ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ĂƚĂƵ ƐĞůƵƌƵŚ ƵƐĂŚĂŶLJĂ ƐĞŚŝŶŐŐĂ
ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶŶLJĂ
ďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͖
ϯ͘ ƉĂďŝůĂ͗
Ͳ WĞƌƐĞƌŽĂŶ ŵĞŵďƵďĂƌŬĂŶ Ěŝƌŝ ŵĞůĂůƵŝ ŬĞƉƵƚƵƐĂŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ĂƚĂƵ ƚĞƌĚĂƉĂƚ
ŬĞƉƵƚƵƐĂŶƉĂŝůŝƚLJĂŶŐƚĞůĂŚŵĞŵŝůŝŬŝŬĞŬƵĂƚĂŶ ŚƵŬƵŵƚĞƚĂƉ͖ĂƚĂƵ
ŵĂŬĂtĂůŝŵĂŶĂƚ^ƵŬƵŬďĞƌŚĂŬƚĂŶƉĂŵĞŵĂŶŐŐŝů ZhW^/͕ďĞƌƚŝŶĚĂŬŵĞǁĂŬŝůŝŬĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐ^ƵŬƵŬ
/ũĂƌĂŚĚĂŶŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐĚŝĂŶŐŐĂƉ ŵĞŶŐƵŶƚƵŶŐŬĂŶďĂŐŝWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚĚĂŶƵŶƚƵŬŝƚƵ
tĂůŝŵĂŶĂƚ ^ƵŬƵŬĚŝďĞďĂƐŬĂŶĚĂƌŝƐĞŐĂůĂ ƚŝŶĚĂŬĂŶ ĚĂŶƚƵŶƚƵƚĂŶ ŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ͘ĂůĂŵ ŚĂů
ŝŶŝ^ƵŬƵŬ/ũĂƌĂŚŵĞŶũĂĚŝũĂƚƵŚƚĞŵƉŽĚĞŶŐĂŶƐĞŶĚŝƌŝŶLJĂ͘
ϰ͘ ĂůĂŵ ŚĂůƚĞƌũĂĚŝƉĞƌƵďĂŚĂŶũĞŶŝƐŬĂĚ^LJĂƌŝĂŚ͕ŝƐŝŬĂĚ/ũĂƌĂŚ͕ ĚĂŶͬĂƚĂƵ KďLJĞŬ/ũĂƌĂŚLJĂŶŐŵĞŶũĂĚŝĚĂƐĂƌ
^ƵŬƵŬ /ũĂƌĂŚ ƐĞŚŝŶŐŐĂ ďĞƌƚĞŶƚĂŶŐĂŶ ĚĞŶŐĂŶ WƌŝŶƐŝƉ ^LJĂƌŝĂŚ Ěŝ WĂƐĂƌ DŽĚĂů͕ ŵĂŬĂ ^ƵŬƵŬ /ũĂƌĂŚ ďĞƌƵďĂŚ
ƐƚĂƚƵƐ ŵĞŶũĂĚŝƵƚĂŶŐƉŝƵƚĂŶŐĚĂŶWĞƌƐĞƌŽĂŶǁĂũŝďŵĞŶLJĞůĞƐĂŝŬĂŶƐĞůƵƌƵŚŬĞǁĂũŝďĂŶŶLJĂ ŬĞƉĂĚĂWĞŵĞŐĂŶŐ
^ƵŬƵŬ/ũĂƌĂŚ ĚĞŶŐĂŶƚĞƚĂƉ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶƉĂĚĂ WĂƐĂů ϱ͘ϭϮWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ
ĚĂŶŬĞƚĞŶƚƵĂŶƉĂĚĂWĂƐĂůϭϬWĞƌĂƚƵƌĂŶK:<EŽŵŽƌϭϴ͘
ϱ͘ ƉĂďŝůĂ ŬĞůĂůĂŝĂŶ WĞƌƐĞƌŽĂŶĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂ&ŽƌĐĞDĂũĞƵƌĞŵĂŬĂ ĂŬĂŶ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ZhW^/ ĚĞŶŐĂŶ
ƚĞƚĂƉŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ZWdhDhDW D 'E' ^h<h</:Z,;ZhW^/Ϳ
hŶƚƵŬ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhW^/͕ ŬƵŽƌƵŵ LJĂŶŐ ĚŝƐLJĂƌĂƚŬĂŶ͕ ŚĂŬ ƐƵĂƌĂ ĚĂŶ ƉĞŶŐĂŵďŝůĂŶ ŬĞƉƵƚƵƐĂŶ ďĞƌůĂŬƵ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ĚŝďĂǁĂŚ ŝŶŝ͕ ƚĂŶƉĂ ŵĞŶŐƵƌĂŶŐŝ ƉĞƌĂƚƵƌĂŶ WĂƐĂƌ DŽĚĂů ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐ Ͳ
ƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞƌƚĂƉĞƌĂƚƵƌĂŶƵƌƐĂ ĨĞŬ͘
ϭ͘ ZhW^/ĚŝĂĚĂŬĂŶ ƵŶƚƵŬƚƵũƵĂŶĂŶƚĂƌĂ ůĂŝŶ͗
Ă͘ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƵƐƵůĂŶ WĞƌƐĞƌŽĂŶĂƚĂƵWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚŵĞŶŐĞŶĂŝ
ƉĞƌƵďĂŚĂŶũĂŶŐŬĂ ǁĂŬƚƵ ^ƵŬƵŬ/ũĂƌĂŚ͕ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ͕ ŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ͕ƉĞƌƵďĂŚĂŶƚĂƚĂ ĐĂƌĂ
ĂƚĂƵƉĞƌŝŽĚĞƉĞŵďĂLJĂƌĂŶŝĐŝůĂŶ/ŵďĂůĂŶ /ũĂƌĂŚ͕ ƉĞƌƵďĂŚĂŶũĂŵŝŶĂŶ ĂƚĂƵƉĞŶLJŝƐŝŚĂŶĚĂŶĂƉĞůƵŶĂƐĂŶ͕
ĚĂŶͬĂƚĂƵ ŬĞƚĞŶƚƵĂŶůĂŝŶĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͖
ď͘ ŵĞŶLJĂŵƉĂŝŬĂŶ ƉĞŵďĞƌŝƚĂŚƵĂŶ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ĚĂŶͬĂƚĂƵ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ͕ ŵĞŵďĞƌŝŬĂŶ
ƉĞŶŐĂƌĂŚĂŶ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ͕ ĚĂŶͬĂƚĂƵ ŵĞŶLJĞƚƵũƵŝ ƐƵĂƚƵ ŬĞůŽŶŐŐĂƌĂŶ ǁĂŬƚƵ ĂƚĂƐ ƐƵĂƚƵ
ŬĞůĂůĂŝĂŶďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚƐĞƌƚĂĂŬŝďĂƚŶLJĂ͕ĂƚĂƵƵŶƚƵŬŵĞŶŐĂŵďŝů
ƚŝŶĚĂŬĂŶůĂŝŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞůĂůĂŝĂŶ͖
Đ͘ ŵĞŵďĞƌŚĞŶƚŝŬĂŶ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ĚĂŶ ŵĞŶƵŶũƵŬ ƉĞŶŐŐĂŶƚŝ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͖
Ě͘ ŵĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶ LJĂŶŐ ĚŝŬƵĂƐĂŬĂŶ ŽůĞŚ ĂƚĂƵ ĂƚĂƐ ŶĂŵĂ WĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ ƚĞƌŵĂƐƵŬ ĚĂůĂŵ
ƉĞŶĞŶƚƵĂŶ ƉŽƚĞŶƐŝ ŬĞůĂůĂŝĂŶ LJĂŶŐ ĚĂƉĂƚ ŵĞŶLJĞďĂďŬĂŶ ƚĞƌũĂĚŝŶLJĂ ŬĞůĂůĂŝĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚĚĂŶĚĂůĂŵWĞƌĂƚƵƌĂŶK:<EŽŵŽƌϮϬ͖ĚĂŶ
Ğ͘ ŵĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶ ůĂŝŶ LJĂŶŐ ĚŝƵƐƵůŬĂŶ ŽůĞŚtĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ LJĂŶŐ ƚŝĚĂŬ ĚŝŬƵĂƐĂŬĂŶ ĂƚĂƵ ƚŝĚĂŬ
ƚĞƌŵƵĂƚ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĂƚĂƵ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƚĞŶƚƵĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͖
Ϯ͘ ZhW^/ĚĂƉĂƚĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ĂƚĂƐƉĞƌŵŝŶƚĂĂŶ͗
Ă͘ WĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚďĂŝŬ ƐĞŶĚŝƌŝŵĂƵƉƵŶ ƐĞĐĂƌĂďĞƌƐĂŵĂͲƐĂŵĂ LJĂŶŐ ŵĞǁĂŬŝůŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚůĞďŝŚ
ĚĂƌŝϮϬй;ĚƵĂƉƵůƵŚƉĞƌƐĞƌĂƚƵƐͿĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐ ďĞůƵŵĚŝůƵŶĂƐŝƚŝĚĂŬ ƚĞƌŵĂƐƵŬ ^ƵŬƵŬ
/ũĂƌĂŚLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚWĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵĨŝůŝĂƐŝͲŶLJĂ͕ŬĞĐƵĂůŝĨŝůŝĂƐŝ ƚĞƌƐĞďƵƚ ƚĞƌũĂĚŝ ŬĂƌĞŶĂ
ŬĞƉĞŵŝůŝŬĂŶĂƚĂƵƉĞŶLJĞƌƚĂĂŶŵŽĚĂůWĞŵĞƌŝŶƚĂŚ͘
ď͘ WĞƌƐĞƌŽĂŶ͖
Đ͘ tĂůŝŵĂŶĂƚ ^ƵŬƵŬ͖ĂƚĂƵ
Ě͘ K:<
ϯ͘ WĞƌŵŝŶƚĂĂŶƐĞďĂŐĂŝŵĂŶĂ ĂŶŐŬĂ ϮŚƵƌƵĨĂ͕ď͕ĚĂŶĚǁĂũŝďĚŝƐĂŵƉĂŝŬĂŶ ƐĞĐĂƌĂƚĞƌƚƵůŝƐŬĞƉĂĚĂ tĂůŝŵĂŶĂƚ
^ƵŬƵŬ ĚĂŶ ƉĂůŝŶŐ ůĂŵďĂƚ ϯϬ ;ƚŝŐĂ ƉƵůƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ĚŝƚĞƌŝŵĂŶLJĂ ƐƵƌĂƚ ƉĞƌŵŝŶƚĂĂŶ
ƚĞƌƐĞďƵƚtĂůŝŵĂŶĂƚ^ƵŬƵŬǁĂũŝď ŵĞůĂŬƵŬĂŶƉĂŶŐŐŝůĂŶƵŶƚƵŬZhW^/͘
ϰ͘ ĂůĂŵ ŚĂů tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ŵĞŶŽůĂŬ ƉĞƌŵŽŚŽŶĂŶ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ĂƚĂƵ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ
ŵĞŶŐĂĚĂŬĂŶ ZhW^/͕ ŵĂŬĂ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ǁĂũŝď ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ĂůĂƐĂŶ ƉĞŶŽůĂŬĂŶ
ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ ƉĞŵŽŚŽŶ ĚĞŶŐĂŶ ƚĞŵďƵƐĂŶ ŬĞƉĂĚĂ K:<͕ ƉĂůŝŶŐ ůĂŵĂ ϭϰ ;ĞŵƉĂƚ ďĞůĂƐͿ ,Ăƌŝ <ĂůĞŶĚĞƌ
ƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂ ƐƵƌĂƚƉĞƌŵŽŚŽŶĂŶ͘
24
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ϱ͘ <ĞƚĞŶƚƵĂŶƉĞŶŐƵŵƵŵĂŶ͕ƉĞŵĂŶŐŐŝůĂŶ͕ĚĂŶǁĂŬƚƵƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhW^/ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ƉĞŶŐƵŵƵŵĂŶ ZhW^/ ǁĂũŝď ĚŝůĂŬƵŬĂŶ ŵĞůĂůƵŝ ϭ;ƐĂƚƵͿ ƐƵƌĂƚ ŬĂďĂƌ ŚĂƌŝĂŶ ďĞƌďĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ LJĂŶŐ
ďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů͕ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ƉĂůŝŶŐ ůĂŵďĂƚ ϭϰ;ĞŵƉĂƚ ďĞůĂƐͿ ,Ăƌŝ <ĂůĞŶĚĞƌƐĞďĞůƵŵ
ƉĞŵĂŶŐŐŝůĂŶ͘
ď͘ ƉĞŵĂŶŐŐŝůĂŶZhW^/ĚŝůĂŬƵŬĂŶƉĂůŝŶŐůĂŵĂϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞďĞůƵŵZhW^/͕ŵĞůĂůƵŝƉĂůŝŶŐ
ƐĞĚŝŬŝƚϭ;ƐĂƚƵͿ ƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů͖
Đ͘ ƉĞŵĂŶŐŐŝůĂŶ ƵŶƚƵŬ ZhW^/ ŬĞĚƵĂ ĂƚĂƵ ŬĞƚŝŐĂ ĚŝůĂŬƵŬĂŶ ƉĂůŝŶŐ ůĂŵĂ ϳ;ƚƵũƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌƐĞďĞůƵŵ
ZhW^/ ŬĞĚƵĂ ĂƚĂƵ ŬĞƚŝŐĂ ĚŝůĂŬƵŬĂŶ ĚĂŶ ĚŝƐĞƌƚĂŝ ŝŶĨŽƌŵĂƐŝ ďĂŚǁĂ ZhW^/ ƐĞďĞůƵŵŶLJĂ ƚĞůĂŚ
ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƚĞƚĂƉŝƚŝĚĂŬŵĞŶĐĂƉĂŝŬƵŽƌƵŵ͖
Ě͘ ƉĂŶŐŐŝůĂŶ ŚĂƌƵƐŵĞŵƵĂƚ ƌĞŶĐĂŶĂZhW^/ ĚĂŶŵĞŶŐƵŶŐŬĂƉŬĂŶ ŝŶĨŽƌŵĂƐŝƉĂůŝŶŐƐĞĚŝŬŝƚ͗
ŝͿ ƚĂŶŐŐĂů͕ ƚĞŵƉĂƚ͕ ĚĂŶǁĂŬƚƵƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhW^/͖
ŝŝͿ ĂŐĞŶĚĂZhW^/͖
ŝŝŝͿ ƉŝŚĂŬLJĂŶŐŵĞŶŐĂũƵŬĂŶ ƵƐƵůĂŶZhW^/͖
ŝǀͿ WĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐďĞƌŚĂŬŚĂĚŝƌĚĂŶŵĞŵŝůŝŬŝŚĂŬƐƵĂƌĂĚĂůĂŵZhW^/͖ĚĂŶ
ǀͿ ŬƵŽƌƵŵLJĂŶŐĚŝƉĞƌƐLJĂƌĂƚŬĂŶƵŶƚƵŬƉĞŶLJĞůĞŶŐŐĂƌĂĂŶĚĂŶ ƉĞŶŐĂŵďŝůĂŶ ŬĞƉƵƚƵƐĂŶZhW^/͖
Ğ͘ ZhW^/ŬĞĚƵĂĂƚĂƵŬĞƚŝŐĂĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƉĂůŝŶŐƐŝŶŐŬĂƚϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĂůĞŶĚĞƌĚĂŶƉĂůŝŶŐůĂŵĂ
Ϯϭ;ĚƵĂƉƵůƵŚƐĂƚƵͿ,Ăƌŝ<ĂůĞŶĚĞƌƚĞƌŚŝƚƵŶŐƐĞũĂŬZhW^/ƐĞďĞůƵŵŶLJĂ͘
ϲ͘ dĂƚĂ ĐĂƌĂZhW^/
Ă͘ WĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚ͕ďĂŝŬƐĞŶĚŝƌŝŵĂƵƉƵŶĚŝǁĂŬŝůŝďĞƌĚĂƐĂƌŬĂŶƐƵƌĂƚŬƵĂƐĂďĞƌŚĂŬŵĞŶŐŚĂĚŝƌŝZhW^/
ĚĂŶŵĞŶŐŐƵŶĂŬĂŶ ŚĂŬƐƵĂƌĂŶLJĂƐĞƐƵĂŝĚĞŶŐĂŶũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝŵŝůŝŬŝŶLJĂ͖
ď͘ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ WĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵ ĨŝůŝĂƐŝͲŶLJĂ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŚĂŬ ƐƵĂƌĂ ĚĂŶ ƚŝĚĂŬ
ĚŝƉĞƌŚŝƚƵŶŐŬĂŶ ĚĂůĂŵ ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ͕ ŬĞĐƵĂůŝ ĨŝůŝĂƐŝ ƚĞƌƐĞďƵƚ ƚĞƌũĂĚŝ ŬĂƌĞŶĂ ŬĞƉĞŵŝůŝŬĂŶ ĂƚĂƵ
ƉĞŶLJĞƌƚĂĂŶŵŽĚĂůWĞŵĞƌŝŶƚĂŚ͖
Đ͘ ƐĞďĞůƵŵ ƉĞůĂŬƐĂŶĂĂŶ ZhW^/͕ WĞƌƐĞƌŽĂŶ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŶLJĞƌĂŚŬĂŶ ĚĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ƵŬƵŬ
/ũĂƌĂŚLJĂŶŐŵĞƌƵƉĂŬĂŶĨŝůŝĂƐŝͲŶLJĂŬĞƉĂĚĂtĂůŝŵĂŶĂƚ͖
Ě͘ ZhW^/ ĚĂƉĂƚ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚŝƚĞŵƉĂƚ WĞƌƐĞƌŽĂŶĂƚĂƵ ƚĞŵƉĂƚ ůĂŝŶLJĂŶŐĚŝƐĞƉĂŬĂƚŝ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ
ĚĂŶtĂůŝŵĂŶĂƚ͖
Ğ͘ ZhW^/ĚŝƉŝŵƉŝŶŽůĞŚtĂůŝŵĂŶĂƚ͖
Ĩ͘ tĂůŝŵĂŶĂƚ ǁĂũŝď ŵĞŵƉĞƌƐŝĂƉŬĂŶ ĂĐĂƌĂZhW^/ ƚĞƌŵĂƐƵŬ ŵĂƚĞƌŝZhW^/ ĚĂŶŵĞŶƵŶũƵŬEŽƚĂƌŝƐ ƵŶƚƵŬ
ŵĞŵďƵĂƚ ďĞƌŝƚĂĂĐĂƌĂZhW^/͖
Ő͘ ĚĂůĂŵŚĂůƉĞŶŐŐĂŶƚŝĂŶtĂůŝŵĂŶĂƚ ^ƵŬƵŬĚŝŵŝŶƚĂŽůĞŚWĞƌƐĞƌŽĂŶĂƚĂƵWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚ͕ZhW^/
ĚŝƉŝŵƉŝŶŽůĞŚWĞƌƐĞƌŽĂŶĂƚĂƵǁĂŬŝůWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŵĞŵŝŶƚĂĚŝĂĚĂŬĂŶŶLJĂ ZhW^/ƚĞƌƐĞďƵƚ͖
ĚĂŶ
Ś͘ WĞƌƐĞƌŽĂŶ ĂƚĂƵ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ŵĞŵŝŶƚĂ ĚŝĂĚĂŬĂŶŶLJĂ ZhW^/ ƚĞƌƐĞďƵƚ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚƉĂĚĂĂŶŐŬĂŐĚŝǁĂũŝďŬĂŶƵŶƚƵŬŵĞŵƉĞƌƐŝĂƉŬĂŶĂĐĂƌĂZhW^/ĚĂŶŵĂƚĞƌŝZhW^/͖
ϳ͘ <ƵŽƌƵŵĚĂŶƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶ͗
ϭ͘ ĂůĂŵ ŚĂů ZhW^/ ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵƵƚƵƐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞƌƵďĂŚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
^ƵŬƵŬ/ũĂƌĂŚƐĞďĂŐĂŝŵĂŶĂ ĂŶŐŬĂϭ͕ĚŝĂƚƵƌƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĂͿ ƉĂďŝůĂZhW^/ ĚŝŵŝŶƚĂŬĂŶ ŽůĞŚWĞƌƐĞƌŽĂŶŵĂŬĂǁĂũŝď ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
ϭͿ ĚŝŚĂĚŝƌŝŽůĞŚƉĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ ĂƚĂƵ ĚŝǁĂŬŝůŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂ ƉĞƌĞŵƉĂƚͿ ďĂŐŝĂŶ
ĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ
ƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ
/ũĂƌĂŚLJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^/͖
ϮͿ ĚĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂŶŐŬĂ ϭͿ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhW^/ LJĂŶŐŬĞĚƵĂ͖
ϯͿ ZhW^/ ŬĞĚƵĂĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ ĂƚĂƵ ĚŝǁĂŬŝůŝ
ƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŵĂƐŝŚ ďĞůƵŵĚŝůƵŶĂƐŝ
ĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚ ĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ
;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^/͖
ϰͿ ĚĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂŶŐŬĂ ϯͿ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhW^/ LJĂŶŐŬĞƚŝŐĂ͖ĚĂŶ
ϱͿ ZhW^/ ŬĞƚŝŐĂ ĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ ĂƚĂƵ ĚŝǁĂŬŝůŝ
ƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŵĂƐŝŚ ďĞůƵŵĚŝůƵŶĂƐŝ
ĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚ ĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ
;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^/͖
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ďͿ ĂƉĂďŝůĂ ZhW^/ ĚŝŵŝŶƚĂŬĂŶ ŽůĞŚ WĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ĂƚĂƵ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ŵĂŬĂ ǁĂũŝď
ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚĂƚĂƵĚŝǁĂŬŝůŝ ƉĂůŝŶŐƐĞĚŝŬŝƚϮͬϯ;ĚƵĂƉĞƌƚŝŐĂͿ ďĂŐŝĂŶĚĂƌŝ
ũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ
ĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚ
LJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^/͖
ϮͿ ĚĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂŶŐŬĂ ϭͿ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhW^/ LJĂŶŐŬĞĚƵĂ͖
ϯͿ ZhW^/ ŬĞĚƵĂĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ ĂƚĂƵ ĚŝǁĂŬŝůŝ
ƉĂůŝŶŐƐĞĚŝŬŝƚϮͬϯ;ĚƵĂƉĞƌƚŝŐĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶ
ďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞ ƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵ
ƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^/͖
ϰͿ ĚĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ĂŶŐŬĂ ϯͿ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhW^/ LJĂŶŐŬĞƚŝŐĂ͖ĚĂŶ
ϱͿ ZhW^/ ŬĞƚŝŐĂ ĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ ĂƚĂƵ ĚŝǁĂŬŝůŝ
ƉĂůŝŶŐƐĞĚŝŬŝƚϮͬϯ;ĚƵĂƉĞƌƚŝŐĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶ
ďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵ
ƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^/͖ĚĂŶ
ĐͿ ĂƉĂďŝůĂZhW^/ĚŝŵŝŶƚĂŬĂŶ ŽůĞŚK:<ŵĂŬĂǁĂũŝďĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
1) ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝ
ũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ
ĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚ
LJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^/͖
2) ĚĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚƉĂĚĂĂŶŐŬĂϭͿƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ŵĂŬĂǁĂũŝď
ĚŝĂĚĂŬĂŶZhW^/ LJĂŶŐŬĞĚƵĂ͖
3) ZhW^/ ŬĞĚƵĂĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ ĂƚĂƵ ĚŝǁĂŬŝůŝ
ƉĂůŝŶŐ ƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵ ƉĞƌĚƵĂͿďĂŐŝĂŶ ĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚ LJĂŶŐŵĂƐŝŚ ďĞůƵŵĚŝůƵŶĂƐŝ
ĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚ ĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ
;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^/͖
4) ĚĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚƉĂĚĂĂŶŐŬĂϯͿƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ŵĂŬĂǁĂũŝď
ĚŝĂĚĂŬĂŶZhW^/ LJĂŶŐŬĞƚŝŐĂ͖ĚĂŶ
5) ZhW^/ ŬĞƚŝŐĂ ĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚ ĂƚĂƵ ĚŝǁĂŬŝůŝ
ƉĂůŝŶŐ ƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵ ƉĞƌĚƵĂͿďĂŐŝĂŶ ĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚ LJĂŶŐŵĂƐŝŚ ďĞůƵŵĚŝůƵŶĂƐŝ
ĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚ ĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝ ƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ
;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^/͖ĚĂŶ
Ϯ͘ ZhW^/ LJĂŶŐ ĚŝĂĚĂŬĂŶ ƵŶƚƵŬƚƵũƵĂŶ ƐĞůĂŝŶƉĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ͕ ĚĂƉĂƚ
ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĂͿ ĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚ ĂƚĂƵ ĚŝǁĂŬŝůŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂ ƉĞƌĞŵƉĂƚͿ ďĂŐŝĂŶ ĚĂƌŝ
ũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ
ŵĞŶŐŝŬĂƚ ĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐ
ŚĂĚŝƌĚĂůĂŵ ZhW^/͖
ďͿ ĚĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚĚĂůĂŵŚƵƌƵĨĂͿƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ǁĂũŝďĚŝĂĚĂŬĂŶ
ZhW^/ŬĞĚƵĂ͖
ĐͿ ZhW^/ŬĞĚƵĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐ
ƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿ ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬ
ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿ
ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŚĂĚŝƌĚĂůĂŵZhW^/͖
ĚͿ ĚĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚĚĂůĂŵ ŚƵƌƵĨĐͿƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ǁĂũŝďĚŝĂĚĂŬĂŶ
ZhW^/LJĂŶŐŬĞƚŝŐĂ͖
ĞͿ ZhW^/ŬĞƚŝŐĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐ
ƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿ ďĂŐŝĂŶĚĂƌŝũƵŵůĂŚ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬ
ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚ ďĞƌĚĂƐĂƌŬĂŶŬĞƉƵƚƵƐĂŶƐƵĂƌĂƚĞƌďĂŶLJĂŬ͖
ĨͿ ĚĂůĂŵ ŚĂůŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ŚƵƌƵĨĞͿƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ŵĂŬĂ ĚĂƉĂƚ
ĚŝĂĚĂŬĂŶZhW^/ LJĂŶŐŬĞĞŵƉĂƚ͖
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ŐͿZhW^/ ŬĞĞŵƉĂƚ ĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝ ŽůĞŚWĞŵĞŐĂŶŐ ^ƵŬƵŬ /ũĂƌĂŚ ĂƚĂƵ ĚŝǁĂŬŝůŝ
LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ ŵĞŶŐŝŬĂƚ ĚĂůĂŵ
ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ĚĂŶ ŬƵŽƌƵŵ ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ K:< ĂƚĂƐ ƉĞƌŵŽŚŽŶĂŶ tĂůŝ
ŵĂŶĂƚ ^ƵŬƵŬ͖ĚĂŶ
ŚͿ WĞŶŐƵŵƵŵĂŶ͕ ƉĞŵĂŶŐŐŝůĂŶ͕ ĚĂŶ ǁĂŬƚƵ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhW^/ ŬĞĞŵƉĂƚ ǁĂũŝď ŵĞŵĞŶƵŚŝ
ŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵŚƵƌƵĨĞͿ͘
ϴ͘ ŝĂLJĂͲďŝĂLJĂ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhW^/ ŵĞŶũĂĚŝďĞďĂŶ WĞƌƐĞƌŽĂŶĚĂŶǁĂũŝďĚŝďĂLJĂƌŬĂŶ ŬĞƉĂĚĂ tĂůŝŵĂŶĂƚ
^ƵŬƵŬƉĂůŝŶŐ ůĂŵďĂƚ ϳ;ƚƵũƵŚͿ ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚ ƉĞƌŵŝŶƚĂĂŶ ďŝĂLJĂ ƚĞƌƐĞďƵƚĚŝƚĞƌŝŵĂ WĞƌƐĞƌŽĂŶĚĂƌŝ tĂůŝ
ŵĂŶĂƚ ^ƵŬƵŬ͕ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞŶƚƵĂŶĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͘
ϵ͘ WĞŶLJĞůĞŶŐŐĂƌĂĂŶZhW^/ ǁĂũŝďĚŝďƵĂƚŬĂŶĞƌŝƚĂĐĂƌĂƐĞĐĂƌĂŶŽƚĂƌŝŝůŽůĞŚEŽƚĂƌŝƐ͘
ϭϬ͘ WĞƌƐĞƌŽĂŶ͕tĂůŝŵĂŶĂƚ ^ƵŬƵŬ͕ĚĂŶWĞŵĞŐĂŶŐ ^ƵŬƵŬ/ũĂƌĂŚǁĂũŝď ŵĞŵĞŶƵŚŝ ŬĞƉƵƚƵƐĂŶͲŬĞƉƵƚƵƐĂŶ LJĂŶŐ
ĚŝĂŵďŝůĚĂůĂŵ ZhW^/͘
ϭϭ͘ tĂůŝŵĂŶĂƚ^ƵŬƵŬǁĂũŝďŵĞŶŐƵŵƵŵŬĂŶ ŚĂƐŝůZhW^/ĚĂůĂŵϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂ
LJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů͕ďŝĂLJĂͲďŝĂLJĂ LJĂŶŐĚŝŬĞůƵĂƌŬĂŶƵŶƚƵŬƉĞŶŐƵŵƵŵĂŶ ŚĂƐŝůZhW^/ ƚĞƌƐĞďƵƚǁĂũŝď
ĚŝƚĂŶŐŐƵŶŐ ŽůĞŚWĞƌƐĞƌŽĂŶ͘
ϭϮ͘ ƉĂďŝůĂ ZhW^/ LJĂŶŐ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ŵĞŵƵƚƵƐŬĂŶ ƵŶƚƵŬ ŵĞŶŐĂĚĂŬĂŶ ƉĞƌƵďĂŚĂŶ ĂƚĂƐ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ/ũĂƌĂŚĚĂŶͬĂƚĂƵ ƉĞƌũĂŶũŝĂŶůĂŝŶŶLJĂĂŶƚĂƌĂůĂŝŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞƌƵďĂŚĂŶŶŝůĂŝ
^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ͕ ƉĞƌƵďĂŚĂŶŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ͕ ƉĞƌƵďĂŚĂŶƚĂƚĂ ĐĂƌĂƉĞŵďĂLJĂƌĂŶ ŝĐŝůĂŶ /ŵďĂůĂŶ
/ũĂƌĂŚ͕ĚĂŶƉĞƌƵďĂŚĂŶũĂŶŐŬĂǁĂŬƚƵ ^ƵŬƵŬ/ũĂƌĂŚĚĂŶWĞƌƐĞƌŽĂŶŵĞŶŽůĂŬƵŶƚƵŬŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƉĞƌƵďĂŚĂŶ
WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶͬĂƚĂƵ ƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŚĂů ƚĞƌƐĞďƵƚ͕
ŵĂŬĂ ĚĂůĂŵ ǁĂŬƚƵ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϯϬ;ƚŝŐĂ ƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬŬĞƉƵƚƵƐĂŶ ZhW^/ĂƚĂƵ ƚĂŶŐŐĂů
ůĂŝŶ LJĂŶŐ ĚŝƉƵƚƵƐŬĂŶ ZhW^/ ;ũŝŬĂ ZhW^/ ŵĞŵƵƚƵƐŬĂŶ ƐƵĂƚƵ ƚĂŶŐŐĂů ƚĞƌƚĞŶƚƵ ƵŶƚƵŬ ƉĞŶĂŶĚĂƚĂŶŐĂŶĂŶ
ƉĞƌƵďĂŚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶͬĂƚĂƵ ƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ ƚĞƌƐĞďƵƚͿ ŵĂŬĂ tĂůŝ
ŵĂŶĂƚ ^ƵŬƵŬďĞƌŚĂŬůĂŶŐƐƵŶŐ ƵŶƚƵŬŵĞůĂŬƵŬĂŶ ƉĞŶĂŐŝŚĂŶ ^ŝƐĂ/ŵďĂůĂŶ /ũĂƌĂŚ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶƚĂŶƉĂ
ƚĞƌůĞďŝŚĚĂŚƵůƵŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶZhW^/͘
ϭϯ͘ WĞƌĂƚƵƌĂŶͲƉĞƌĂƚƵƌĂŶůĞďŝŚůĂŶũƵƚŵĞŶŐĞŶĂŝƉĞŶLJĞůĞŶŐŐĂƌĂĂŶƐĞƌƚĂƚĂƚĂ ĐĂƌĂĚĂůĂŵZhW^/ĚĂƉĂƚ ĚŝďƵĂƚĚĂŶ
ďŝůĂ ƉĞƌůƵ ŬĞŵƵĚŝĂŶ ĚŝƐĞŵƉƵƌŶĂŬĂŶ ĂƚĂƵ ĚŝƵďĂŚ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĂŶ tĂůŝ ŵĂŶĂƚ ^ƵŬƵŬ ĚĞŶŐĂŶ
ŵĞŶŐŝŶĚĂŚŬĂŶƉĞƌĂƚƵƌĂŶWĂƐĂƌDŽĚĂůĚĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
ƐĞƌƚĂƉĞƌĂƚƵƌĂŶƵƌƐĂ ĨĞŬ͘
ϭϰ͘ ƉĂďŝůĂ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ŵĞŶŐĞŶĂŝ ZhW^/ ĚŝƚĞŶƚƵŬĂŶ ůĂŝŶ ŽůĞŚ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ
ĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͕ ŵĂŬĂƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶ ĚŝWĂƐĂƌDŽĚĂů͘ƚĞƌƐĞďƵƚLJĂŶŐďĞƌůĂŬƵ͘
ϭϱ͘ WĞŶLJĞĚŝĂ ĞͲZhW^ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ WĞƌĂƚƵƌĂŶ K:< EŽŵŽƌ ϭϲͬWK:<͘ϬϰͬϮϬϮϬ ƚĞŶƚĂŶŐ
WĞůĂŬƐĂŶĂĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ^Ğcara Elektronik (“WĞƌĂƚƵƌĂŶK:<EŽŵŽƌ
ϭϲ”), dapat ŵĞŶLJĞĚŝĂŬĂŶĚĂŶŵĞŶŐĞůŽůĂƉĞŶLJĞůĞŶŐŐĂƌĂĂŶƌĂƉĂƚůĂŝŶƐĞůĂŝŶZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ^ĂŚĂŵ
WĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂ͘^ĞůĂŝŶZhW^/ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWĞƌĂƚƵƌĂŶK:<EŽŵŽƌϮϬ͕WĞƌƐĞƌŽĂŶĚĂƉĂƚ
ŵĞůĂŬƐĂŶĂŬĂŶ ZhW^/ ƐĞĐĂƌĂ ĞůĞŬƚƌŽŶŝŬ ŵĞŶŐŐƵŶĂŬĂŶ ĞͲZhWK LJĂŶŐ ĚŝƐĞĚŝĂŬĂŶ ƉĞŶLJĞĚŝĂŶ ĞͲZhW^/
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵƉĞŶũĞůĂƐĂŶWĂƐĂů ϱĂLJĂƚϭWĞƌĂƚƵƌĂŶK:<EŽŵŽƌϭϲ͘
d/D,>/^zZ/,
ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ WĞŶƵŶũƵŬĂŶ dŝŵ Śůŝ ^LJĂƌŝĂŚ EŽ͘ ϬϬϮͬ/ͬ^Ͳ/^^WͬϮϬϮϲ ƚĂŶŐŐĂů ϳ :ĂŶƵĂƌŝ ϮϬϮϲĚĂŶ ^ƵƌĂƚ
ZĞŬŽŵĞŶĚĂƐŝWĞŶƵŶũƵŬĂŶdŝŵŚůŝ^LJĂƌŝĂŚĚĂƌŝĞǁĂŶ^LJĂƌŝĂŚEĂƐŝŽŶĂůDh/EŽŵŽƌ͗hͲϬϵϲϭͬ^EͲDh/ͬy//ͬϮϬϮ ϱ
ƚĂŶŐŐĂů ϭϬĞƐĞŵďĞƌϮϬϮϱ͕^EͲDh/ ŵĞŶƵŐĂƐŬĂŶ ŬĞƉĂĚĂ ŶĂŵĂͲŶĂŵĂ ĚŝďĂǁĂŚ ŝŶŝƐĞďĂŐĂŝ dŝŵ Śůŝ^LJĂƌŝĂŚ
LJĂŶŐ ďĞƌƚƵŐĂƐ ŵĞŵďĞƌŝŬĂŶ ƉĞŶĚĂŵƉŝŶŐĂŶ ĚĂůĂŵ ƉĞŶĞƌďŝƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ Ž ƉŝŶŝ ^LJĂƌŝĂŚ͕
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŽ͘ EĂŵĂ :ĂďĂƚĂŶ EŽŵŽƌ WĞƌŝnjŝŶĂŶ dĂŶŐŐĂůWĞƌŝnjŝŶĂŶ
ϭ͘ ƌ͘ƐĞƉ^ƵƉLJĂĚŝůůĂŚ͕ D͘Ő <ĞƚƵĂ < WͲ ϱƉƌŝůϮϬϮϭ
ϬϲͬWD͘ϮϮϯͬW:Ͳ
^WDͬϮϬϮϭ
Ϯ͘ ŝŶŝDĂƐƌƵƌŽŚ͕ ^ /͕DD ŶŐŐŽƚĂ < WͲ ϭϳ:ĂŶƵĂƌŝ ϮϬϮϯ
ϬϮͬWD͘ϮϮϯͬW:Ͳ
^WDͬϮϬϮϯ
27
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ϯ͘ ,^/>W D Z/E'<dE
hŶƚƵŬŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶWK:<EŽ͘ϳͬϮϬϭϳĚĂŶWK:<EŽ͘ϰϵͬϮϬϮϬ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶƉĞŵĞƌŝŶŐŬĂƚĂŶ
LJĂŶŐĚŝůĂŬƐĂŶĂŬĂŶŽůĞŚWdWĞŵĞƌŝŶŐŬĂƚ ĨĞŬ/ŶĚŽŶĞƐŝĂ;“W &/EK”). Berdasarkan hasil pemeringkatan atas surat
ƵƚĂŶŐ ũĂŶŐŬĂ ƉĂŶũĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐƵƌĂƚ EŽ͘ ZͲϬϭϮϭͬW &Ͳ/Zͬ//ͬϮϬϮϲ ĚĂŶ EŽ͘ ZͲϬϭϮϮͬW &Ͳ/Zͬ//ͬϮϬϮϲ͕
ŬĞĚƵĂŶLJĂƚĞƌƚĂŶŐŐĂůϭϵ&ĞďƌƵĂƌŝϮϬϮϲ͕KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚƚĞůĂŚŵĞŶĚĂƉĂƚ ƉĞƌŝŶŐŬĂƚ͗
ŝĚ;^ŝŶŐůĞͿ ŝĚ;ƐLJͿ;^ŝŶŐůĞ^LJĂƌŝĂŚͿ
WĞƌŝŶŐŬĂƚŝŶŝďĞƌůĂŬƵƵŶƚƵŬƉĞƌŝŽĚĞϭϵ&ĞďƌƵĂƌŝϮϬϮϲƐĂŵƉĂŝ ĚĞŶŐĂŶϭ&ĞďƌƵĂƌŝϮϬϮϳ͘
dŝĚĂŬƚĞƌĚĂƉĂƚŚƵďƵŶŐĂŶĂĨŝůŝĂƐŝĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĂŶƉĞƌƵƐĂŚĂĂŶƉĞŵĞƌŝŶŐŬĂƚLJĂŶŐŵĞůĂŬƵŬĂŶƉĞŵĞƌŝŶŐŬĂƚĂŶ
ĂƚĂƐKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝƚĞƌďŝƚŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘
^ĞƐƵĂŝŬĞƚĞŶƚƵĂŶLJĂŶŐĚŝĂƚƵƌĚĂůĂŵ WK:<EŽ͘ϰϵͬϮϬϮϬ͕WĞƌƐĞƌŽĂŶĂŬĂŶŵĞůĂŬƵŬĂŶƉĞŵĞƌŝŶŐŬĂƚĂŶĂƚĂƐKďůŝŐĂƐŝ
ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ƐĞƚŝĂƉ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ ƐĞŬĂůŝ͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶLJĂŵƉĂŝŬĂŶ WĞƌŝŶŐŬĂƚ
dĂŚƵŶĂŶ ĂƚĂƐ ƐĞƚŝĂƉ <ůĂƐŝĨŝŬĂƐŝ ĨĞŬ ĞƌƐŝĨĂƚ hƚĂŶŐ ŬĞƉĂĚĂ K:<ƉĂůŝŶŐ ůĂŵďĂƚ ϭϬ;ƐĞƉƵůƵŚͿ ŚĂƌŝŬĞƌũĂ ƐĞƚĞůĂŚ
ďĞƌĂŬŚŝƌŶLJĂŵĂƐĂ ďĞƌůĂŬƵƉĞƌŝŶŐŬĂƚƚĞƌĂŬŚŝƌƐĂŵƉĂŝ ĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶLJĞůĞƐĂŝŬĂŶƐĞůƵƌƵŚŬĞǁĂũŝďĂŶ
LJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝƚĞƌďŝƚŬĂŶ͘
ZĂƚŝŶŐZĂƚŝŽŶĂůĞ
&ĂŬƚŽƌLJĂŶŐŵĞŶĚƵŬƵŶŐWĞƌŝŶŐŬĂƚ͗
WĞŵŝŵƉŝŶƉĂƐĂƌĚĂůĂŵďŝƐŶŝƐŵĂŶƵĨĂŬƚƵƌ ƉŝƉĂďĂũĂ
WĞĨŝŶĚŽŵĞŶŝůĂŝ WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝ ƉĞŵŝŵƉŝŶ ƉĂƐĂƌ ĚĂůĂŵ ŝŶĚƵƐƚƌŝ ŵĂŶƵĨĂŬƚƵƌ ƉŝƉĂ ďĂũĂ ĚŽŵĞƐƚŝŬ͕ ĚŝĚƵŬƵŶŐ
ŽůĞŚĨĂƐŝůŝƚĂƐ ƉƌŽĚƵŬƐŝďĞƌƐŬĂůĂ ďĞƐĂƌ͘WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝ ƚŽƚĂů ŬĂƉĂƐŝƚĂƐ ƚĞƌƉĂƐĂŶŐ ƐĞďĞƐĂƌϭ͕ϴϱũƵƚĂ ƚŽŶ ƉĞƌ
ƚĂŚƵŶ͕ LJĂŶŐ ƚĞƌĚŝƌŝĚĂƌŝ ƐĞŬŝƚĂƌ ϵϴϱƌŝďƵƚŽŶ ƉƌŽĚƵŬƐŝƐƚƌŝƉ ĚĂŶ ƉĞůĂƚ ƐĞƌƚĂϴϲϲƌŝďƵƚŽŶ ƉƌŽĚƵŬƐŝƉŝƉĂ͘ dƵũƵŚ
ĨĂƐŝůŝƚĂƐ ŵĂŶƵĨĂŬƚƵƌ WĞƌƐĞƌŽĂŶďĞƌůŽŬĂƐŝƐƚƌĂƚĞŐŝƐĚŝ^ƵƌĂďĂLJĂ͕ WĂƐƵƌƵĂŶ͕^ŝĚŽĂƌũŽ͕<ĂƌĂǁĂŶŐ͕ ĚĂŶ'ƌĞƐŝŬ͕LJĂŶŐ
ŵĞŵďĞƌŝŬĂŶ WĞƌƐĞƌŽĂŶĨůĞŬƐŝďŝůŝƚĂƐ ŽƉĞƌĂƐŝŽŶĂů͕ ĞĨŝƐŝĞŶƐŝ ůŽŐŝƐƚŝŬ͕ ƐĞƌƚĂŬĞĚĞŬĂƚĂŶ ĚĞŶŐĂŶƉĂƐĂƌ ŝŶĚƵƐƚƌŝ ĚĂŶ
ŝŶĨƌĂƐƚƌƵŬƚƵƌ ƵƚĂŵĂ͘ :ĞũĂŬ ŐĞŽŐƌĂĨŝƐ ŝŶŝ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŵĞŶƵŚŝ ƉĞƐĂŶĂŶ
ƉĞůĂŶŐŐĂŶ ƐĞĐĂƌĂƚĞƉĂƚ ǁĂŬƚƵ ĚĂŶ ŵĞŶŐĞůŽůĂ ďŝĂLJĂ ĚŝƐƚƌŝďƵƐŝ ƐĞĐĂƌĂĞĨĞŬƚŝĨ͘ WĞĨŝŶĚŽŵĞŵƉĞƌŬŝƌĂŬĂŶ ƉĂŶŐƐĂ
ƉĂƐĂƌ WĞƌƐĞƌŽĂŶŵĞůĞďŝŚŝ ϯϱй ĚĂƌŝ ƉƌŽĚƵŬƐŝ ƉŝƉĂ ďĂũĂ ŶĂƐŝŽŶĂů͕ LJĂŶŐ ŵĞŶĐĞƌŵŝŶŬĂŶ ŬĞƵŶŐŐƵůĂŶ ƐŬĂůĂŶLJĂ͘
WĞĨŝŶĚŽ ŵĞŵƉĞƌŬŝƌĂŬĂŶ WĞƌƐĞƌŽĂŶĂŬĂŶ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƉŽƐŝƐŝ ƚĞƌĚĞƉĂŶŶLJĂ ĚĂůĂŵ ũĂŶŐŬĂ ƉĞŶĚĞ Ŭ ŚŝŶŐŐĂ
ŵĞŶĞŶŐĂŚ͕ĚŝĚƵŬƵŶŐŽůĞŚƉĞŶŐŽƉĞƌĂƐŝĂŶƉĂďƌŝŬƚĞƌďĂƌƵŶLJĂĚŝ'ƌĞƐŝŬLJĂŶŐŵĞŵƉĞƌůƵĂƐŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝĚĂŶ
ŬĞŚĂĚŝƌĂŶƉĂƐĂƌŶLJĂŬŚƵƐƵƐŶLJĂĚŝƐĞŬƚŽƌŵŝŐĂƐ͘
ŝƐŶŝƐLJĂŶŐƚĞƌĚŝǀĞƌƐŝĨŝŬĂƐŝĚĞŶŐĂŶďĂŝŬ
WĞĨŝŶĚŽďĞƌƉĂŶĚĂŶŐĂŶ ďĂŚǁĂ ƉƌŽĨŝůƌŝƐŝŬŽďŝƐŶŝƐWĞƌƐĞ ƌŽĂŶĚŝĚƵŬƵŶŐŽůĞŚĚŝǀĞƌƐŝĨŝŬĂƐŝƉƌŽĚƵŬĚĂŶƉĂƐĂƌĂŬŚŝƌ
LJĂŶŐ ŬƵĂƚ͕ LJĂŶŐ ŵĞŶŐƵƌĂŶŐŝ ǀŽůĂƚŝůŝƚĂƐ ůĂďĂ ĚĂŶ ŵĞŵďĂƚĂƐŝ ƉĂƉĂƌĂŶ ƚĞƌŚĂĚĂƉ ƉĞŶƵƌƵŶĂŶ ƐŝŬůƵƐ Ěŝ ƐĞŬƚŽƌ
ŵĂŶĂƉƵŶ͘WĞƌƐĞƌŽĂŶŵĞŶĂǁĂƌŬĂŶďĞƌĂŐĂŵƉƌŽĚƵŬƉŝƉĂƚĞƌŵĂƐƵŬƉŝƉĂŚŝƚĂŵ͕ƉŝƉĂƐƉŝƌĂů͕ƉŝƉĂĂŝƌ͕ƉŝƉĂŵĞŬĂŶŝƐ͕
ƉŝƉĂĨƵƌŶŝƚƵƌ͕ƉŝƉĂ ďĂũĂƚĂŚĂŶ ŬĂƌĂƚ͕ ƐĞƌƚĂƉƌŽĚƵŬƐƚƌŝƉ ĚĂŶƉĞůĂƚĚĂůĂŵ ďĞƌďĂŐĂŝƐƉĞƐŝĨŝŬĂƐŝ ĚĂŶƵŬƵƌĂŶ͘WĂĚĂ
ƚĂŚƵŶ ϮϬϮϱ͕ƉƌŽĚƵŬƉŝƉĂWĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂ ďĞƌĂƐĂůĚĂƌŝƐĞŐŵĞŶ ŬŽŶƐƚƌƵŬƐŝ͕ ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ ĚĂŶƵƚŝůŝƚĂƐ LJĂŶŐ
ŵĞŶĐĂŬƵƉ ƐĞŬŝƚĂƌ ϱϬ͕ϳй ĚĂƌŝ ƚŽƚĂů ƉĞŶĚĂƉĂƚĂŶ ƉŝƉĂ͕ ĚŝŝŬƵƚŝ ŽůĞŚ ŽƚŽŵŽƚŝĨ ;ϭϱ͕ϳйͿ͕ ĨƵƌŶŝƚƵƌ ;ϭϱ͕ϰйͿ͕ ŵŝŐĂƐ
;ϰ͕ϳйͿ͕ ĚĂŶ ĂƉůŝŬĂƐŝ ůĂŝŶŶLJĂ ;ϭϯ͕ϱйͿ͘ WƌŽĨŝů ƉĞůĂŶŐŐĂŶ LJĂŶŐ ďĞƌĂŐĂŵ͕ LJĂŶŐ ũƵŐĂ ŵĞŶĐĂŬƵƉ ƉƌŽĚƵŬ Śŝůŝƌ͕
ŵĞŶĐĞƌŵŝŶŬĂŶŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŶĞŵďƵƐƐĞŐŵĞŶƉĞƌŵŝŶƚĂĂŶďĞƌďĂƐŝƐƉƌŽLJĞŬŵĂƵƉƵŶƐĞŐŵĞŶ
LJĂŶŐ ĚŝĚŽƌŽŶŐ ŽůĞŚŵĂŶƵĨĂŬƚƵƌ͕ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƐĂŝŶŐ LJĂŶŐ ůĞďŝŚƚĞƌŬŽŶƐĞŶƚƌĂƐŝ ƉĂĚĂ ƉƌŽĚƵŬƐŝďĂũĂ
ŚƵůƵ͘
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DĂƌũŝŶůĂďĂLJĂŶŐďĂŝŬĚĂŶƉĞƌůŝŶĚƵŶŐĂŶĂƌƵƐŬĂƐLJĂŶŐŬƵĂƚ
WĞĨŝŶĚŽďĞƌƉĂŶĚĂŶŐĂŶďĂŚǁĂWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƉƌŽĨŝƚĂďŝůŝƚĂƐ LJĂŶŐďĂŝŬĚĂŶŵĞƚƌŝŬƉĞƌůŝŶĚƵŶŐĂŶĂƌƵƐŬĂƐLJĂŶŐ
ŬƵĂƚ͘ WĞĨŝŶĚŽŵĞŵƉƌŽLJĞŬƐŝŬĂŶŵĂƌũŝŶ ůĂďĂŬŽƚŽƌĚĂŶ /d WĞƌƐĞƌŽĂŶŵĂƐŝŶŐͲŵĂƐŝŶŐ ĂŬĂŶďĞƌĂĚĂĚŝŬŝƐĂƌĂŶ
ƌĂƚĂͲƌĂƚĂ ƐĞŬŝƚĂƌϭϳйͲϭϴйĚĂŶϭϰйͲϭϱйƐĞůĂŵĂ ƉĞƌŝŽĚĞϮϬϮϲͲϮϬϮϴ͕LJĂŶŐŵĞŶĐĞƌŵŝŶŬĂŶ ďĂƵƌĂŶƉƌŽĚƵŬLJĂŶŐ
ŵĞŶŐƵŶƚƵŶŐŬĂŶ͕ ƉĞŶĞƚĂƉĂŶŚĂƌŐĂLJĂŶŐĞĨĞŬƚŝĨ͕ƐĞƌƚĂŵĞŬĂŶŝƐŵĞƉĞŶĞƌƵƐĂŶďŝĂLJĂ͘DĂƌũŝŶƚĞƌƐĞďƵƚĚŝƉĞƌŬŝƌĂŬĂŶ
ĂŬĂŶ ŵĞŶĚƵŬƵŶŐ ƌĂƐŝŽ /d ƚĞƌŚĂĚĂƉ ďƵŶŐĂ ƌĂƚĂͲƌĂƚĂ ƐĞŬŝƚĂƌ ϰ͕Ϯdž ƐĞůĂŵĂ ƉĞƌŝŽĚĞ LJĂŶŐ ƐĂŵĂ͕ LJĂŶŐ
ŵĞŶŐŝŶĚŝŬĂƐŝŬĂŶ ŬĂƉĂƐŝƚĂƐ LJĂŶŐ ŬƵĂƚ ƵŶƚƵŬ ŵĞůĂLJĂŶŝ ŬĞǁĂũŝďĂŶ ďƵŶŐĂ ďĞƌĚĂƐĂƌŬĂŶ ĂƐƵŵƐŝ ĚĂƐĂƌ WĞĨŝŶĚŽ͘
WŽƌƚŽĨŽůŝŽ ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƚĞƌĚŝǀĞƌƐŝĨŝŬĂƐŝ ĚĂŶ ďĂƐŝƐ ƉĞůĂŶŐŐĂŶ LJĂŶŐ ůƵĂƐ ƐĞďĂŶLJĂŬ Ϯ͘ϬϬϬ Ͳϯ͘ϬϬϬ
ƉĞůĂŶŐŐĂŶ ĂŬƚŝĨ ƐĞŵĂŬŝŶ ŵĞŶĚƵŬƵŶŐ ƐƚĂďŝůŝƚĂƐ ůĂďĂ ĚĂŶ ŵĞŵŝƚŝŐĂƐŝ ƌŝƐŝŬŽ ŬŽŶƐĞŶƚƌĂƐŝ͕ LJĂŶŐ ŵĞŶ ĚĂƐĂƌŝ
ŬĞƚĂŚĂŶĂŶĂƌƵƐŬĂƐĚĂůĂŵ ũĂŶŐŬĂŵĞŶĞŶŐĂŚ͘
:ĂŵŝŶĂŶ ƉĞŶƵŚ͕ƚĂŶƉĂƐLJĂƌĂƚ͕ ĚĂŶƚŝĚĂŬĚĂƉĂƚĚŝďĂƚĂůŬĂŶ ĚĂƌŝ'/&
KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ ĞƌǁĂǁĂƐĂŶ >ŝŶŐŬƵŶŐĂŶ ;KďůŝŐĂƐŝ ^>Ϳ WĞƌƐĞƌŽĂŶĚŝũĂŵŝŶ ŽůĞŚũĂŵŝŶĂŶ ŬŽƌƉŽƌĂƐŝ ĚĂƌŝ
'/&LJĂŶŐďĞƌƐŝĨĂƚƚĂŶƉĂ ƐLJĂƌĂƚĚĂŶƚŝĚĂŬĚĂƉĂƚĚŝďĂƚĂůŬĂŶ͕ LJĂŶŐŵĞŶĐĂŬƵƉƉĞŵďĂLJĂƌĂŶƉŽŬŽŬĚĂŶďƵŶŐĂƐĞĐĂƌĂ
ƉĞŶƵŚ͕ƚĞƌŵĂƐƵŬ ƉŽƚĞŶƐŝŐĂŐĂůďĂLJĂƌ͘ DĞƌƵũƵŬƉĂĚĂƉĞƌũĂŶũŝĂŶũĂŵŝŶĂŶ͕ ũĂŵŝŶĂŶ ƚĞƌƐĞďƵƚŵĞƌƵƉĂŬĂŶũĂŵŝŶĂŶ
ďĞƌŬĞůĂŶũƵƚĂŶĚĂŶĂŬĂŶŵĞŶĐĂŬƵƉƐĞůƵƌƵŚƐĂůĚŽĂŬŚŝƌĚĂƌŝƐĞŵƵĂũƵŵůĂŚLJĂŶŐĚŝũĂŵŝŶLJĂŶŐŚĂƌƵƐĚŝďĂLJĂƌŽůĞŚ
WĞƌƐĞƌŽĂŶ͕ ƚĞƌůĞƉĂƐ ĚĂƌŝ ĂĚĂŶLJĂ ƉĞŵďĂLJĂƌĂŶ ĂƚĂƵ ƉĞůƵŶĂƐĂŶ ƐĞŵĞŶƚĂƌĂ͕ ďĂŝŬ ƐĞĐĂƌĂ ŬĞƐĞůƵƌƵŚĂŶ ŵĂƵƉƵŶ
ƐĞďĂŐŝĂŶ͘ ĂůĂŵ ŬŽŶĚŝƐŝ ƚĞƌƐĞďƵƚ͕ WĞĨŝŶĚŽ ďĞƌƉĂŶĚĂŶŐĂŶ ďĂŚǁĂ ƉĞƌŝŶŐŬĂƚ ŝŶƐƚƌƵŵĞŶ ŚĂƌƵƐ ŵĞŶĐĞƌŵŝŶŬĂŶ
ƉƌŽĨŝůŬƌĞĚŝƚ'/&ƐĞůĂŬƵƉĞŶũĂŵŝŶ͘
<ĞŬƵĂƚĂŶĨŝŶĂŶƐŝĂů'/&LJĂŶŐƐƵƉĞƌŝŽƌĚŝƚŽƉĂŶŐ ŽůĞŚĚƵŬƵŶŐĂŶŬƵĂƚĚĂƌŝƉĞŵĞŐĂŶŐƐĂŚĂŵ ĚĂŶŵĂŶĚĂƚ ƉĞŶƚŝŶŐ
ƵŶƚƵŬŵĞŶŐĞŵďĂŶŐŬĂŶ ƉĂƐĂƌ ŽďůŝŐĂƐŝ ƌĞŐŝŽŶĂů͘ƵŬƵŶŐĂŶ ĚĂƌŝŬŽŶƚƌŝďƵƚŽƌĚŝďƵŬƚŝŬĂŶ ŵĞůĂůƵŝ ƐƵŶƚŝŬĂŶ ŵŽĚĂů
ƐĞĐĂƌĂďĞƌŬĂůĂ͕ LJĂŶŐ ŵĞŶŐŚĂƐŝůŬĂŶ ŵŽĚĂů ĚŝƐĞƚŽƌƐĞďĞƐĂƌh^ϭ͕ϭϱϴ ŵŝůŝĂƌ ƉĞƌ^ĞƉƚĞŵďĞƌϮϬϮϰ͘>ĂLJĂŶĂŶŶLJĂ
ƐĂŶŐĂƚƉĞŶƚŝŶŐďĂŐŝƉĞŶŐĞŵďĂŶŐĂŶƉĂƐĂƌŽďůŝŐĂƐŝ^ EŬĂƌĞŶĂ'/&ŵĞŵďĂŶƚƵƉĞŶĞƌďŝƚŽďůŝŐĂƐŝLJĂŶŐŬƌĞĚŝďĞů
ƵŶƚƵŬŵĞŵĂƐƵŬŝƉĂƐĂƌŽďůŝŐĂƐŝƌĞŐŝŽŶĂů͕ƚĞƌŵĂƐƵŬƉĞŶĞƌďŝƚĂŶůŝŶƚĂƐďĂƚĂƐĚŝŶĞŐĂƌĂͲŶĞŐĂƌĂ^ EůĂŝŶŶLJĂƐĞůĂŝŶ
ŶĞŐĂƌĂĂƐĂůƉĞŶĞƌďŝƚ͘WƌŽĨŝůŬƌĞĚŝƚ'/&ũƵŐĂĚŝĚƵŬƵŶŐŽůĞŚƉƌŽĨŝůƉĞƌŵŽĚĂůĂŶLJĂŶŐƐƵƉĞƌŝŽƌ͕ƉŽƐŝƐŝůŝŬƵŝĚŝƚĂƐLJĂŶŐ
ƐĂŶŐĂƚ ŬƵĂƚ͕ ĚĂŶŬƌŝƚĞƌŝĂƉĞŶũĂŵŝŶĂŶ LJĂŶŐ ŬŽŶƐĞƌǀĂƚŝĨ͕ ŵĞƐŬŝƉƵŶ ƐĞĚŝŬŝƚ ĚŝďĂƚĂƐŝ ŽůĞŚŬŝŶĞƌũĂŽƉĞƌĂƐŝ ŽŶĂůŶLJĂ
LJĂŶŐŵŽĚĞƌĂƚ͘
&ĂŬƚŽƌLJĂŶŐŵĞŵďĂƚĂƐŝWĞƌŝŶŐŬĂƚ͗
^ƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶLJĂŶŐŵŽĚĞƌĂƚ
WĞĨŝŶĚŽďĞƌƉĂŶĚĂŶŐĂŶ ďĂŚǁĂ ƐƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ WĞƌƐĞƌŽĂŶĂŬĂŶ ƚĞƚĂƉ ŵŽĚĞƌĂƚ ƵŶƚƵŬ ŬĂƚĞŐŽƌŝ ƉĞƌŝŶŐŬĂƚ
ƚĞƌƐĞďƵƚĚĂůĂŵ ũĂŶŐŬĂ ƉĞŶĚĞŬŚŝŶŐŐĂ ŵĞŶĞŶŐĂŚ͕ ĚŝŵĂŶĂ WĞĨŝŶĚŽŵĞŵƉĞƌŬŝƌĂŬĂŶ ůĞǀĞƌĂŐĞͲŶLJĂ͕ LJĂŶŐĚŝƵŬƵƌ
ďĞƌĚĂƐĂƌŬĂŶƌĂƐŝŽƵƚĂŶŐƚĞƌŚĂĚĂƉ /d͕ ĂŬĂŶďĞƌĂĚĂĚŝŬŝƐĂƌĂŶƌĂƚĂͲƌĂƚĂ ƐĞŬŝƚĂƌϯdžƉĂĚĂƉĞƌŝŽĚĞϮϬϮϲͲϮϬϮϴ͘
dŝŶŐŬĂƚ ƵƚĂŶŐ WĞƌƐĞƌŽĂŶĚŝƉĞƌŬŝƌĂŬĂŶĂŬĂŶ ƚĞƚĂƉ ƌĞůĂƚŝĨ ƐƚĂďŝů ŬĂƌĞŶĂ ƚĂŵďĂŚĂŶ ƉŝŶũĂŵĂŶ ƵŶƚƵŬ ŵĞŶĚƵ ŬƵŶŐ
ŵŽĚĂů ŬĞƌũĂ͕ ŬŚƵƐƵƐŶLJĂ ƉĞŶŐĂĚĂĂŶ ďĂŚĂŶ ďĂŬƵ͕ ƐĞƌƚĂďĞůĂŶũĂ ŵŽĚĂů ƵŶƚƵŬ ĞŬƐƉĂŶƐŝ ƉĂďƌŝŬĚĂŶ ƉĞŶŝŶŐŬĂƚĂŶ
ŵĞƐŝŶŬĞŵƵŶŐŬŝŶĂŶĂŬĂŶŵĞŶŐŝŵďĂŶŐŝ ƉĞƌŽůĞŚĂŶŬĂƐŝŶƚĞƌŶĂů͕ƐĞŚŝŶŐŐĂŵĞŵďĂƚĂƐŝ ĚĞůĞǀĞƌĂŐŝŶŐĚĂůĂŵ ũĂŶŐŬĂ
ƉĞŶĚĞŬ͘
<ĞďƵƚƵŚĂŶŵŽĚĂů ŬĞƌũĂLJĂŶŐƚŝŶŐŐŝ
WĞĨŝŶĚŽ ŵĞŵĂŶĚĂŶŐ ŬĞďƵƚƵŚĂŶ ŵŽĚĂů ŬĞƌũĂ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ƐƚƌƵŬƚƵƌĂů ƚŝŶŐŐŝ͕ LJĂŶŐ ƚĞƌĐĞƌŵŝŶ ĚĂƌŝ ŚĂƌŝ
ƉĞƌƐĞĚŝĂĂŶ ĚĂŶ ƉŝƵƚĂŶŐ LJĂŶŐ ƉĂŶũĂŶŐ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ ϮϮϮ ŚĂƌŝ ĚĂŶ ϱϵ ŚĂƌŝ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͕
ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶũĂŶŐŬĂ ǁĂŬƚƵ ƉĞŵďĂLJĂƌĂŶ LJĂŶŐůĞďŝŚƉĞŶĚĞŬŬĞƉĂĚĂƉĞŵĂƐŽŬŶLJĂ LJĂŝƚƵ ƐĞŬŝƚĂƌϮϯŚĂƌŝ͘
WĞƌƐĞƌŽĂŶŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƉĞƌƐĞĚŝĂĂŶďĂŚĂŶ ďĂŬƵLJĂŶŐ ƚŝŶŐŐŝ ŬĂƌĞŶĂǁĂŬƚƵ ƚƵŶŐŐƵ ƉĞŶŐŝƌŝŵĂŶ ůƵĂƌŶĞŐĞƌŝ
LJĂŶŐ ůĂŵĂ ĚĂŶ ƵŶƚƵŬ ŵĞŶŐĂŬŽŵŽĚĂƐŝ ƉŽƚĞŶƐŝ ƉĞƐĂŶĂŶ ƉƌŽLJĞŬ ďĞƌƐŬĂůĂ ďĞƐĂƌ͘ DĞƐŬŝƉƵŶ WĞƌƐĞƌŽĂŶ
ŵĞŶŝŶŐŬĂƚŬĂŶ ƉĞŶŐĂĚĂĂŶ ĚĂƌŝ ƉĞŵĂƐŽŬ ůŽŬĂů ƵŶƚƵŬ ŵĞŶŐŽƉƚŝŵĂůŬĂŶ ƚŝŶŐŬĂƚ ƉĞƌƐĞĚŝĂĂŶ͕ WĞĨŝŶĚŽ ŵĞLJĂŬŝŶŝ
ĚĂŵƉĂŬŶLJĂ ĂŬĂŶ ďĞƌƐŝĨĂƚ ďĞƌƚĂŚĂƉ͕ ƐĞŚŝŶŐŐĂ ŵĞŶŐŚĂƌƵƐŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƚŝŶŐŬĂƚ
ƵƚĂŶŐŶLJĂ ŐƵŶĂŬĞďƵƚƵŚĂŶŵŽĚĂůŬĞƌũĂ͘
29
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
WĂƉĂƌĂŶƚĞƌŚĂĚĂƉǀŽůĂƚŝůŝƚĂƐ ŚĂƌŐĂďĂũĂĚĂŶĨůƵŬƚƵĂƐŝŶŝůĂŝƚƵŬĂƌ
WĞĨŝŶĚŽďĞƌƉĂŶĚĂŶŐĂŶ ďĂŚǁĂ ďĂŚĂŶďĂŬƵƵƚĂŵĂ WĞƌƐĞƌŽĂŶĂĚĂůĂŚƉƌŽĚƵŬƚĞƌŬĂŝƚďĂũĂ͕ ƐĞƉĞƌƚŝŐƵůƵŶŐĂŶ ďĂũĂ
ĐĂŶĂŝ ĚŝŶŐŝŶ ĚĂŶ ĐĂŶĂŝ ƉĂŶĂƐ͕ LJĂŶŐ ƌĞŶƚĂŶ ƚĞƌŚĂĚĂƉ ǀŽůĂƚŝůŝƚĂƐ ŚĂƌŐĂ ďĂũĂ ŐůŽďĂů͘ DĞŶŐŝŶŐĂƚ ďĂŚĂŶ ďĂŬƵ
ŵĞŶLJƵŵďĂŶŐ ƐĞŬŝƚĂƌϴϱйͲϵϬйĚĂƌŝďŝĂLJĂƉƌŽĚƵŬƐŝ͕WĞĨŝŶĚŽŵĞLJĂŬŝŶŝďĂŚǁĂ ĨůƵŬƚƵĂƐŝƚŝŶŐŐŝĚĂůĂŵ ŚĂƌŐĂďĂŚĂŶ
ďĂŬƵ ĚĂƉĂƚ ŵĞŵďĞďĂŶŝ ƉƌŽĨŝƚĂďŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ͘DĞƐŬŝƉƵŶ WĞƌƐĞƌŽĂŶĚĂƉĂƚ ŵĞŶĞƌƵƐŬĂŶ ƐĞďĂŐŝĂŶ ŬĞŶĂŝŬĂŶ
ďŝĂLJĂ ŬĞƉĂĚĂƉĞůĂŶŐŐĂŶŶLJĂ͕ ĚĂůĂŵ ƉƌĂŬƚŝŬŶLJĂ ŚĂůƚĞƌƐĞďƵƚƚŝĚĂŬďĞƌůĂŶŐƐƵŶŐ ƐĞĐĂƌĂŝŶƐƚĂŶ͘ ,ĂůŝŶŝĚŝďƵŬƚŝŬĂŶ
ŽůĞŚƉĞŶƵƌƵŶĂŶŵĂƌũŝŶ ůĂďĂŬŽƚŽƌĚĂŶ /d ƉĂĚĂƚĂŚƵŶ ϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐ ŵĞŶũĂĚŝϭϮ͕ϭйĚĂŶϵ͕ϴй͕ ĚĂƌŝ
ϮϬ͕ϴйĚĂŶϭϱ͕ϵйƉĂĚĂ ƚĂŚƵŶƐĞďĞůƵŵŶLJĂ͕ ĂŬŝďĂƚ ŬĞŶĂŝŬĂŶ ďŝĂLJĂƉĞŵďĞůŝĂŶƐĞďĞƐĂƌϴйƐĞŵĞŶƚĂƌĂ ŚĂƌŐĂũƵĂů
ƌĂƚĂͲƌĂƚĂ ŚĂŶLJĂ ŶĂŝŬϰйƐĞĐĂƌĂƚĂŚƵŶĂŶ͘ WĞĨŝŶĚŽũƵŐĂŵĞŶŝůĂŝ ďĂŚǁĂWĞƌƐĞƌŽĂŶƌĞŶƚĂŶƚĞƌŚĂĚĂƉĨůƵŬƚƵĂƐŝŶŝůĂŝ
ƚƵŬĂƌ ŵĞŶŐŝŶŐĂƚ ƐĞŬŝƚĂƌ ϱϲ͕ϲй ďĂŚĂŶ ďĂŬƵŶLJĂ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ ĚŝŝŵƉŽƌ ƐĞŵĞŶƚĂƌĂ ƐĞďĂŐŝĂŶ ďĞƐĂƌ
ƉĞŶĚĂƉĂƚĂŶŶLJĂ ĚĂůĂŵĚĞŶŽŵŝŶĂƐŝZƵƉŝĂŚ͘
&ĂŬƚŽƌůŝŶŐŬƵŶŐĂŶ͕ ƐŽƐŝĂů͕ ĚĂŶƚĂƚĂŬĞůŽůĂ; ^'Ϳ ĚĂůĂŵƉĞŶŝůĂŝĂŶ ƉĞŵĞƌŝŶŐŬĂƚĂŶ
&ĂŬƚŽƌͲĨĂŬƚŽƌ ^' ĚŝƉĂŶĚĂŶŐ ŶĞƚƌĂů ĚĂůĂŵ ĂŶĂůŝƐŝƐ ƉĞƌŝŶŐŬĂƚ ŬƌĞĚŝƚ WĞĨŝŶĚŽ ƚĞƌŚĂĚĂƉ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ
ŵĞŵŝůŝŬŝ ƉĂƉĂƌĂŶ ƚĞƌŚĂĚĂƉ ƌŝƐŝŬŽƐŽƐŝĂů͕ LJĂŶŐƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ŵĂŶĂũĞŵĞŶ ŬĞƐĞŚĂƚĂŶ ĚĂŶ ŬĞƐĞůĂŵĂƚĂŶ ƐĞůĂŵĂ
ƉƌŽƐĞƐ ŵĂŶƵĨĂŬƚƵƌ͘ EĂŵƵŶ ĚĞŵŝŬŝĂŶ͕ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶLJĂŶŐ ŬƵĂƚ ŵĞŶƵŶũƵŬŬĂŶ ƚŝĚĂŬ ĂĚĂŶLJĂ ĐĂƚĂƚĂŶ
ŬĞĐĞůĂŬĂĂŶŬĞƌũĂLJĂŶŐƐĞƌŝƵƐ͘
ϰ͘ t>/DEd
WĞƌƐĞƌŽĂŶƚĞůĂŚ ŵĞŶƵŶũƵŬ Wd ĂŶŬ ZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ ;WĞƌƐĞƌŽͿ dďŬ ƐĞďĂŐĂŝ tĂůŝ ŵĂŶĂƚ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ
KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŝŶŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
KďůŝŐĂƐŝ ĚĂŶ WĞŶũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝďƵĂƚ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶĚĞŶŐĂŶ WdĂŶŬ ZĂŬLJĂƚ
/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘ůĂŵĂƚtĂůŝŵĂŶĂƚĂĚĂůĂŚ ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WdĂŶŬZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ ;WĞƌƐĞƌŽͿdďŬ͘
'ĞĚƵŶŐZ///>ƚ͘ϲ
:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶ<Ăǀ͘ϰϰͲϰϲ
:ĂŬĂƌƚĂ ϭϬϮϭϬͲ/ŶĚŽŶĞƐŝĂ
dĞů͘;ϬϮϭͿϱϳϱϴϭϰϯ
&ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϮϱϭϬϯϭϲͬϱϳϱϮϰϰϰ
ŵĂŝů ͗ƚĐƐŽƉĞƌĂƚŝŽŶΛĐŽƌƉ͘ďƌŝ͘ĐŽ͘ŝĚ
h͘Ɖ͘dƌƵƐƚΘŽƌƉŽƌĂƚĞ^ĞƌǀŝĐĞƐĞƉĂƌƚŵĞŶƚ
/ŶǀĞƐƚŵĞŶƚ^ĞƌǀŝĐĞƐ 'ƌŽƵƉ
WĞƌƐĞƌŽĂŶƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŚƵďƵŶŐĂŶ ĨŝůŝĂƐŝ ĚĞŶŐĂŶ Wd ĂŶŬ ZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ ;WĞƌƐĞƌŽͿ dďŬ LJĂŶŐ ďĞƌƚŝŶĚĂŬ
ƐĞďĂŐĂŝtĂůŝŵĂŶĂƚ͘
ϱ͘ W D Eh,E <Z/d Z/ W EtZEhDhD Z< >E:hdE
WĞŶĂǁĂƌĂŶhŵƵŵ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ ĚĂƉĂƚ ĚŝůĂŬƐĂŶĂŬĂŶ ŽůĞŚWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ
ĚĂůĂŵ WĞƌĂƚƵƌĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶEŽ͘ϯϲͬWK:<͘ϬϰͬϮϬϭϰ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ /// ĚĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ ^ƵŬƵŬ
/ũĂƌĂŚ ĞƌŬĞůĂŶũƵƚĂŶ/// ĂŬĂŶĚŝůĂŬƐĂŶĂŬĂŶ ĚĂůĂŵ ƉĞƌŝŽĚĞϮ;ĚƵĂͿƚĂŚƵŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĞŵďĞƌŝƚĂŚƵĂŶ
ƉĞůĂŬƐĂŶĂĂŶWĞŶĂǁĂƌĂŶhŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶKďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///ĚĂŶ^ƵŬƵŬĞƌŬĞůĂŶũƵƚĂŶ///ƚĞƌĂŬŚŝƌ
ĚŝƐĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂ K:< ƉĂůŝŶŐ ůĂŵďĂƚ ƉĂĚĂ ƵůĂŶŐ ƚĂŚƵŶ ŬĞĚƵĂ ƐĞũĂŬ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ŵĞŶũĂĚŝ
ĨĞŬƚŝĨ͖
Ϯ͘ dĞůĂŚ ŵĞŶũĂĚŝ ĞŵŝƚĞŶ ĂƚĂƵ ƉĞƌƵƐĂŚĂĂŶ ƉƵďůŝŬ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ Ϯ ;ĚƵĂͿ ƚĂŚƵŶ ƐĞďĞůƵŵ ƉĞŶLJĂŵƉĂŝĂŶ
WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ŬĞƉĂĚĂ K:<͕ Ěŝ ŵĂŶĂ ŚĂů ŝŶŝ ƚĞůĂŚ ĚŝƉĞŶƵŚŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŵĞŶũĂĚŝ
ƉĞƌƵƐĂŚĂĂŶƉƵďůŝŬ͘
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ϯ͘ dŝĚĂŬ ƉĞƌŶĂŚ ŵĞŶŐĂůĂŵŝ ŬŽŶĚŝƐŝ ŐĂŐĂů ďĂLJĂƌ ƐĞůĂŵĂ Ϯ ;ĚƵĂͿ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ ƐĞďĞůƵŵ ƉĞŶLJĂŵƉĂŝĂŶ
ƉĞƌŶLJĂƚĂĂŶƉĞŶĚĂĨƚĂƌĂŶĚĂůĂŵƌĂŶŐŬĂƉĞŶĂǁĂƌĂŶƵŵƵŵďĞƌŬĞůĂŶũƵƚĂŶ͕ĚŝŵĂŶĂŚĂůŝŶŝƚĞůĂŚĚŝƉĞŶƵŚŝ ŽůĞŚ
WĞƌƐĞƌŽĂŶĚĞŶŐĂŶ^ƵƌĂƚ WĞƌŶLJĂƚĂĂŶ ĚĂƌŝWĞƌƐĞƌŽĂŶƚĂŶŐŐĂů Ϯϯ&ĞďƌƵĂƌŝϮϬϮϲĚĂŶ^ƵƌĂƚ WĞƌŶLJĂƚĂĂŶ ĚĂƌŝ
ŬƵŶƚĂŶWƵďůŝŬEŽ͘ϲϯϴͬ'Eͬtͬ<W^ͬ//ͬϮϲƚĂŶŐŐĂůϮϯ&ĞďƌƵĂƌŝϮϬϮϲ͕ŬĞĚƵĂŶLJĂŵĞŶLJĂƚĂŬĂŶ WĞƌƐĞƌŽĂŶƚŝĚĂŬ
ƉĞƌŶĂŚ ŵĞŶŐĂůĂŵŝ 'ĂŐĂů ĂLJĂƌ ƐĞůĂŵĂ Ϯ ;ĚƵĂͿ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ ƐĞďĞůƵŵ ƉĞŶLJĂŵƉĂŝĂŶ WĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///ĚĂŶWĞŶĂǁĂƌĂŶhŵƵŵ ^ƵŬƵŬ/ũĂƌĂŚ
ĞƌŬĞůĂŶũƵƚĂŶ ///͘ 'ĂŐĂů ĂLJĂƌ ďĞƌĂƌƚŝ ŬŽŶĚŝƐŝ ĚŝŵĂŶĂ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĂŵƉƵ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ
ŬĞƵĂŶŐĂŶŬĞƉĂĚĂŬƌĞĚŝƚƵƌƉĂĚĂƐĂĂƚũĂƚƵŚƚĞŵƉŽLJĂŶŐŶŝůĂŝŶLJĂůĞďŝŚďĞƐĂƌĚĂƌŝϬ͕ϱй;ŶŽůŬŽŵĂůŝŵĂƉĞƌƐĞŶͿ
ĚĂƌŝŵŽĚĂůĚŝƐĞƚŽƌ͘
ϰ͘ DĞŵŝůŝŬŝ ƉĞƌŝŶŐŬĂƚ LJĂŶŐ ƚĞƌŵĂƐƵŬ ĚĂůĂŵ ŬĂƚĞŐŽƌŝϰ;ĞŵƉĂƚͿ ƉĞƌŝŶŐŬĂƚƚĞƌĂƚĂƐ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƵƌƵƚĂŶϰ
;ĞŵƉĂƚͿ ƉĞƌŝŶŐŬĂƚ ƚĞƌďĂŝŬ ĚĂŶŵĂƐƵŬ ĚĂůĂŵ ŬĂƚĞŐŽƌŝ ƉĞƌŝŶŐŬĂƚ ůĂLJĂŬ ŝŶǀĞƐƚĂƐŝ ďĞƌĚĂƐĂƌŬĂŶ ƐƚĂŶĚĂƌ LJĂŶŐ
ĚŝŵŝůŝŬŝ ŽůĞŚƉĞƌƵƐĂŚĂĂŶ ƉĞŵĞƌŝŶŐŬĂƚ ĞĨĞŬ͕ Ěŝ ŵĂŶĂ ŚĂů ŝŶŝ ƚĞůĂŚ ĚŝƉĞŶƵŚŝ ŽůĞŚ WĞƌƐĞƌŽĂŶĚĞŶŐĂŶ ŚĂƐŝů
ƉĞŵĞƌŝŶŐŬĂƚĂŶŝĚ;^ŝŶŐůĞͿĚĂŶŝĚ;ƐLJͿ;^ŝŶŐůĞ^LJĂƌŝĂŚͿĚĂƌŝWĞĨŝŶĚŽ͘
WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ĚĂŶ ƚĂŚĂƉͲƚĂŚĂƉ ƐĞůĂŶũƵƚŶLJĂ ;ũŝŬĂ ĂĚĂͿ ĂŬĂŶ ŵĞŶŐŝŬƵƚŝ ŬĞƚĞŶƚƵĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚĚĂůĂŵ WK:<EŽ͘ϯϲͬϮϬϭϰ͘
PT STEEL PIPE INDUSTRY OF INDONESIA TBK
<ĞŐŝĂƚĂŶhƐĂŚĂhƚĂŵĂ͗
ĞƌŐĞƌĂŬĚĂůĂŵďŝĚĂŶŐƵƐĂŚĂŝŶĚƵƐƚƌŝ ƉŝƉĂďĂũĂ
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝũĂƌŝŶŐĂŶŬĞƌũĂLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝϭ<ĂŶƚŽƌWƵƐĂƚ͕ϭ<ĂŶƚŽƌZĞƉƌĞƐĞŶƚĂƚŝĨ͕ϲhŶŝƚWĂďƌŝŬ͕ĚĂŶϰĞƉŽ
;ϯƵŶŝƚ ƉĂďƌŝŬďĞƌůŽŬĂƐŝĚŝ^ƵƌĂďĂLJĂ͕ϭƵŶŝƚƉĂďƌŝŬĚŝ^ŝĚŽĂƌũŽ͕ϭƵŶŝƚƉĂďƌŝŬĚŝWĂƐƵƌƵĂŶĚĂŶϭƵŶŝƚƉĂďƌŝŬĚŝ<ĂƌĂǁĂŶŐͿ
<ĂŶƚŽƌWƵƐĂƚ͗ <ĂŶƚŽƌZĞƉƌĞƐĞŶƚĂƚŝĨ ĞƉŽĂŶĚƵŶŐ͗ ĞƉŽ:ĂŬĂƌƚĂ͗ ĞƉŽ^ĂŵĂƌŝŶĚĂ͗ ĞƉŽDĂŬĂƐƐĂƌ͗
:ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ :ĂŬĂƌƚĂ͗ ŝnjƉĂƌŬŽŵŵĞƌĐŝĂů <ĂǁĂƐĂŶWĞƌŐƵĚĂŶŐĂŶ DĂŶŐŬƵƉĂůĂƐƵƐŝŶĞƐƐ :ů͘/ƌ͘ ^ƵƚĂŵŝ<ĞůƵƌĂŚĂŶ
^ƵƌĂďĂLJĂϲϬϭϳϯ͕:ĂǁĂ 'ĞĚƵŶŐĂũĂ>ĂŶƚĂŝϳ ƐƚĂƚĞ ^ĞŵĂŶĂŶDĞŐĂŚ<Ăǀ͘ϳ ĞŶƚĞƌWĞƌŐƵĚĂŶŐĂŶ WĂƌĂŶŐ>ŽĞ
dŝŵƵƌ :ů͘WĂŶŐĞƌĂŶ:ĂLJĂŬĂƌƚĂ :ů͘<ŽƉŽϰϱϱůŽŬϭ ůŽŬEŽ͘ϭ ϭϬͲϭϭ͕&ϵͲϭϬ <ĞĐĂŵĂƚĂŶ
dĞůƉ͗͘;ϬϯϭͿϱϯϮϬϵϮϭ͕ EŽ͘ϱϱ EŽ͘Ϯϲ :ů͘ĂĂŶDŽŐŽƚ<D͘ϭϴ ^ĂŵĂƌŝŶĚĂ͕ <ĂůŝŵĂŶƚĂŶ dĂŵĂŶůĂŶƌĞĂ͕ <ŽƚĂ
ϱϯϭϲϵϮϭ͕ :ĂŬĂƌƚĂ ϭϬϳϯϬ ĂŶĚƵŶŐϰϬϮϳϳ͕:ĂǁĂ :ĂŬĂƌƚĂ ϭϭϳϭϬ dŝŵƵƌ DĂŬĂƐƐĂƌ
ϱϯϮϬϯϮϬ͕ϱϯϱϯϮϵϬ dĞůƉ͗͘;ϬϮϭͿϲϮϯϭϯϱϬϮ ĂƌĂƚ dĞůƉ͗͘;ϬϮϭͿϮϮϱϮϯϰϴϱ͕ dĞůƉ͗͘;ϬϱϰϭͿϮϬϴϮϯϳϭ͕ ^ƵůĂǁĞƐŝ^ĞůĂƚĂŶ
&ĂŬƐŝŵŝůŝ͗;ϬϯϭͿϱϯϭ &ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϲϮϰϬ dĞůƉ͗͘;ϬϮϮͿϱϰϰϭϯϳϯϳ ϮϮϱϮϯϰϴϲ ϮϬϴϮϳϭϵ dĞůƉ͗͘;ϬϰϭϭͿϰϳϯͲϭϵϳϳ
ϬϳϭϮ͕ϱϯϮϬϮϵϬ ϯϭϯ &ĂŬƐŝŵŝůŝ͗;ϬϮϮͿϱϰϰϭ &ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϮϮϱϮ &ĂŬƐŝŵŝůŝ͗;ϬϱϰϭͿϮϬϴϮϱϴϲ ŵĂŝů͗
ŵĂŝů͗ ŵĂŝů͗ ϯϳϯϱ Ϭϲϯϱ ŵĂŝů͗ ĚĞƉŽ͘ŵĂŬĂƐƐĂƌΛƐƉŝŶĚ
ĐŽƌƐĞĐΛƐƉŝŶĚŽ͘ĐŽ͘ŝĚ ŵĂƌŬĞƚŝŶŐ͘ƐũŽΛƐƉŝŶĚŽ͘ ŵĂŝů͗ ŵĂŝů͗ ĚĞƉŽ͘ƐĂŵĂƌŝŶĚĂΛƐƉŝŶ Ž͘ĐŽ͘ŝĚ
tĞďƐŝƚĞ͗ ĐŽ͘ŝĚ ĚĞƉŽ͘ďĂŶĚƵŶŐΛƐƉŝŶĚŽ ĚĞƉŽ͘ƐĞŵĂŶĂŶΛƐƉŝŶĚŽ͘Đ ĚŽ͘ĐŽ͘ŝĚ
ǁǁǁ͘ƐƉŝŶĚŽ͘ĐŽŵ ͘ĐŽ͘ŝĚ
Ž͘ŝĚ
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ϭ͘ <ĞƚĞƌŬĂŝƚĂŶWĞŵďĞůŝĂŶĂŚĂŶĂŬƵĚĞŶŐĂŶ<ĞŐŝĂƚĂŶhƐĂŚĂhƚĂŵĂWĞƌƐĞƌŽĂŶ
WĞƌƐĞƌŽĂŶŵĞƌƵƉĂŬĂŶƉĞƌƵƐĂŚĂĂŶLJĂŶŐďĞƌŐĞƌĂŬĚŝďŝĚĂŶŐŝŶĚƵƐƚƌŝƉŝƉĂďĂũĂ͘<ĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞůŝƉƵƚŝƉƌŽĚƵŬƐŝĚĂŶƉĞŶũƵĂůĂŶƉŝƉĂ ďĂũĂ ;ƐƚĞĞůƉŝƉĞͿ LJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬďĞƌďĂŐĂŝŬĞƉĞƌůƵĂŶĂŶƚĂƌĂůĂŝŶ
ŬŽŶƐƚƌƵŬƐŝ͕ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ƐĂůƵƌĂŶĂŝƌ͕ŵŝŶLJĂŬĚĂŶŐĂƐ͕ƐĞƌƚĂŬĞďƵƚƵŚĂŶŝŶĚƵƐƚƌŝůĂŝŶŶLJĂ͘
,ŽƚͲƌŽůůĞĚĐĂƌďŽŶƐƚĞĞůĐŽŝůƐ;,ZͿĚĂŶĐŽůĚͲƌŽůůĞĚĐĂƌďŽŶƐƚĞĞůĐŽŝůƐ;ZͿŵĞƌƵƉĂŬĂŶďĂŚĂŶďĂŬƵƵƚĂŵĂLJĂŶŐ
ĚŝŐƵŶĂŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƉƌŽƐĞƐ ƉƌŽĚƵŬƐŝ ƉŝƉĂ ďĂũĂ͘ ,Z ĚŝŐƵŶĂŬĂŶ ƐĞďĂŐĂŝ ďĂŚĂŶ ĚĂƐĂƌ ƵŶƚƵŬ
ƉĞŵďƵĂƚĂŶƉŝƉĂďĂũĂďĞƌĚŝĂŵĞƚĞƌďĞƐĂƌĚĂŶƉŝƉĂĚĞŶŐĂŶŬĞƚĞďĂůĂŶƚĞƌƚĞŶƚƵ͕ƐĞĚĂŶŐŬĂŶZĚŝŐƵŶĂŬĂŶƵŶƚƵŬ
ƉĞŵďƵĂƚĂŶ ƉŝƉĂ ďĂũĂ ĚĞŶŐĂŶ ƉĞƌŵƵŬĂĂŶ LJĂŶŐ ůĞďŝŚ ŚĂůƵƐ ĚĂŶ ƉƌĞƐŝƐŝ ĚŝŵĞŶƐŝ LJĂŶŐ ůĞďŝŚ ƚŝŶŐŐŝ͘ ĞŶŐĂŶ
ĚĞŵŝŬŝĂŶ͕ƉĞŵďĞůŝĂŶďĂŚĂŶďĂŬƵ,Z ĚĂŶZ ŵĞŵŝůŝŬŝŬĞƚĞƌŬĂŝƚĂŶůĂŶŐƐƵŶŐĚĞŶŐĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂ
WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝƉƌŽĚƵƐĞŶƉŝƉĂďĂũĂ͘
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Ϯ͘ WĞƌŬŝƌĂĂŶ:ƵŵůĂŚĂƚĂƵǀŽůƵŵĞĂŚĂŶĂŬƵLJĂŶŐĂŬĂŶĚŝďĞůŝ
WĞƌŬŝƌĂĂŶũƵŵůĂŚĚĂŶǀŽůƵŵĞďĂŚĂŶďĂŬƵLJĂŶŐĂŬĂŶĚŝďĞůŝĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ
KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĞƌŬŝƌĂĂŶsŽůƵŵĞ WĞƌŬŝƌĂĂŶ,ĂƌŐĂƉĞƌ
EŽ͘ :ĞŶŝƐĂŚĂŶĂŬƵ ;DdͿ Dd ^ƵŵďĞƌĂŶĂ
ϭ͘ ,Z ϵ͘ϬϬϬ–ϭϮ͘ϬϬϬ ZƉϵ͘ϬϬϬ͘ϬϬϬ͕Ͳ– KďůŝŐĂƐŝ
ZƉϭϭ͘ϬϬϬ͘ϬϬϬ͕Ͳ
Ϯ͘ ,Z ϯ͘ϯϬϬ–ϰ͘ϲϬϬ ZƉϵ͘ϬϬϬ͘ϬϬϬ͕Ͳ– ^ƵŬƵŬ/ũĂƌĂŚ
ZƉϭϭ͘ϬϬϬ͘ϬϬϬ͕Ͳ
ϯ͘ Z ϭ͘ϯϬϬ–Ϯ͘ϬϬϬ ZƉϭϭ͘ϬϬϬ͘ϬϬϬ͕Ͳ– ^ƵŬƵŬ/ũĂƌĂŚ
ZƉϭϮ͘ϬϬϬ͘ϬϬϬ͕Ͳ
ϯ͘ DĞŬĂŶŝƐŵĞWĞŶŐĂĚĂĂŶĂŚĂŶĂŬƵ
DĞŬĂŶŝƐŵĞƉĞŶŐĂĚĂĂŶďĂŚĂŶďĂŬƵ,ZĚĂŶZŽůĞŚWĞƌƐĞƌŽĂŶĚŝůĂŬƵŬĂŶŵĞůĂůƵŝ͗
Ă͘ /ĚĞŶƚŝĨŝŬĂƐŝ<ĞďƵƚƵŚĂŶĚĂŶWĞƌĞŶĐĂŶĂĂŶ
ŝǀŝƐŝ ƉƌŽĚƵŬƐŝ WĞƌƐĞƌŽĂŶ ŵĞŶLJƵƐƵŶ ƌĞŶĐĂŶĂ ŬĞďƵƚƵŚĂŶ ďĂŚĂŶ ďĂŬƵ ďĞƌĚĂƐĂƌŬĂŶ ũĂĚǁĂů ƉƌŽĚƵŬƐŝ͕ ƉĞƐĂŶĂŶ
ƉĞůĂŶŐŐĂŶLJĂŶŐƚĞůĂŚĚŝƚĞƌŝŵĂ͕ƐĞƌƚĂƉƌŽLJĞŬƐŝƉĞƌŵŝŶƚĂĂŶƉĂƐĂƌ͘ZĞŶĐĂŶĂŬĞďƵƚƵŚĂŶŝŶŝŵĞŶũĂĚŝĚĂƐĂƌďĂŐŝĚŝǀŝƐŝ
ƉĞŶŐĂĚĂĂŶƵŶƚƵŬŵĞŵƵůĂŝƉƌŽƐĞƐƉĞŵďĞůŝĂŶďĂŚĂŶďĂŬƵ͘
ď͘ ^ĞůĞŬƐŝĚĂŶWĞŶĞƚĂƉĂŶWĞŵĂƐŽŬ
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŚƉĞŵĂƐŽŬďĞƌĚĂƐĂƌŬĂŶƉĞŶŐĂůĂŵĂŶĚĂŶũĂƌŝŶŐĂŶƉĞŵĂƐŽŬLJĂŶŐƚĞůĂŚƚĞƌũĂůŝŶďĂŝŬ͕ďĂŝŬĚĂƌŝ
ƐƵŵďĞƌĚŽŵĞƐƚŝŬŵĂƵƉƵŶŝŶƚĞƌŶĂƐŝŽŶĂů͘WĞŵŝůŝŚĂŶƉĞŵĂƐŽŬĚŝĚĂƐĂƌŬĂŶƉĂĚĂďĞďĞƌĂƉĂŬƌŝƚĞƌŝĂƵƚĂŵĂ͕LJĂŝƚƵ͗;ŝͿ
ŬĞƐĞƐƵĂŝĂŶƐƉĞƐŝĨŝŬĂƐŝƚĞŬŶŝƐďĂŚĂŶďĂŬƵĚĞŶŐĂŶŬĞďƵƚƵŚĂŶƉƌŽĚƵŬƐŝ͖;ŝŝͿŚĂƌŐĂLJĂŶŐŬŽŵƉĞƚŝƚŝĨ͖;ŝŝŝͿŬĞĂŶĚĂůĂŶ
ƉĞŶŐŝƌŝŵĂŶĚĂŶŬĞƚĞƌƐĞĚŝĂĂŶƐƚŽŬ͖;ŝǀͿƌĞŬĂŵũĞũĂŬŬƵĂůŝƚĂƐƉƌŽĚƵŬ͖ƐĞƌƚĂ;ǀͿƐLJĂƌĂƚƉĞŵďĂLJĂƌĂŶLJĂŶŐĚŝďĞƌŝŬĂŶ͘
WĞƌƐĞƌŽĂŶƐĞĐĂƌĂďĞƌŬĂůĂŵĞŶŐĞǀĂůƵĂƐŝŬŝŶĞƌũĂƉĞŵĂƐŽŬƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶŬĞůĂŶŐƐƵŶŐĂŶƉĂƐŽŬĂŶďĂŚĂŶďĂŬƵ
LJĂŶŐŽƉƚŝŵĂů͘
Đ͘ DĞŬĂŶŝƐŵĞWĞŵĞƐĂŶĂŶ
WĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ ĚŝůĂŬƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ;ƉƵƌĐŚĂƐĞ ŽƌĚĞƌͿ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ
WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ ƉĞŵĂƐŽŬ͘ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ƚĞƌŝŬĂƚ ƉĂĚĂ ŬŽŶƚƌĂŬ ƉĞŵďĞůŝĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ LJĂŶŐ ďĞƌƐŝĨĂƚ
ŵĞŶŐŝŬĂƚĚĞŶŐĂŶƐĂƚƵƉĞŵĂƐŽŬƚĞƌƚĞŶƚƵ͕ƐĞŚŝŶŐŐĂWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝĨůĞŬƐŝďŝůŝƚĂƐƵŶƚƵŬŵĞŵŝůŝŚƉĞŵĂƐŽŬLJĂŶŐ
ŵĞŶĂǁĂƌŬĂŶ ŚĂƌŐĂ ĚĂŶ ƐLJĂƌĂƚ ƚĞƌďĂŝŬ ƉĂĚĂ ƐĞƚŝĂƉ ŬĂůŝ ƉĞŵďĞůŝĂŶ͘ ƉĂďŝůĂ ďĂŚĂŶ ďĂŬƵ ĚĞŶŐĂŶ ƐƉĞƐŝĨŝŬĂƐŝ
ƚĞƌƚĞŶƚƵƚŝĚĂŬĚĂƉĂƚĚŝƉĞƌŽůĞŚĚĂƌŝƉĞŵĂƐŽŬĚŽŵĞƐƚŝŬ͕WĞƌƐĞƌŽĂŶĂŬĂŶŵĞŵďĞůŝŶLJĂĚĂƌŝƉĞŵĂƐŽŬŝŶƚĞƌŶĂƐŝŽŶĂů͕
ĂƚĂƵƐĞďĂůŝŬŶLJĂ͘
Ě͘ ^LJĂƌĂƚWĞŵďĂLJĂƌĂŶ
WĞŵďĂLJĂƌĂŶ ŬĞƉĂĚĂ ƉĞŵĂƐŽŬ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ďĞƌďĂŐĂŝ ŵĞƚŽĚĞ ƚĞƌŐĂŶƚƵŶŐ ƉĂĚĂ ƉĞŵĂƐŽŬ ĚĂŶ ŬĞƚĞŶƚƵĂŶ
LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ͕ ĂŶƚĂƌĂ ůĂŝŶ ŵĞůĂůƵŝ͗ ;ŝͿ ƉĞŵďĂLJĂƌĂŶ ƚƵŶĂŝ ;ĐĂƐŚ ƉĂLJŵĞŶƚͿ͖ ;ŝŝͿ ůĞƚƚĞƌ ŽĨ ĐƌĞĚŝƚ ;>ͬͿ ƵŶƚƵŬ
ƉĞŵďĞůŝĂŶŝŵƉŽƌ͖ĚĂŶͬĂƚĂƵ;ŝŝŝͿƉĞŵďĂLJĂƌĂŶďĞƌũĂŶŐŬĂ;ĐƌĞĚŝƚƚĞƌŵͿƐĞƐƵĂŝĚĞŶŐĂŶƐLJĂƌĂƚLJĂŶŐďĞƌůĂŬƵ͘
Ğ͘ WĞŶĞƌŝŵĂĂŶĚĂŶWĞŶŐĞŶĚĂůŝĂŶDƵƚƵ
^ĞƚŝĂƉďĂŚĂŶďĂŬƵLJĂŶŐĚŝƚĞƌŝŵĂŽůĞŚWĞƌƐĞƌŽĂŶĂŬĂŶŵĞůĂůƵŝƉƌŽƐĞƐƉĞŵĞƌŝŬƐĂĂŶŬƵĂůŝƚĂƐ;ƋƵĂůŝƚLJĐŽŶƚƌŽůͿLJĂŶŐ
ŵĞůŝƉƵƚŝƉĞŶŐƵũŝĂŶƐƉĞƐŝĨŝŬĂƐŝƚĞŬŶŝƐ͕ĚŝŵĞŶƐŝ͕ĚĂŶŬŽŵƉŽƐŝƐŝŬŝŵŝĂďĂŚĂŶďĂŬƵƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶŬĞƐĞƐƵĂŝĂŶ
ĚĞŶŐĂŶƐƚĂŶĚĂƌLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘ĂŚĂŶďĂŬƵLJĂŶŐƚŝĚĂŬŵĞŵĞŶƵŚŝƐƚĂŶĚĂƌĂŬĂŶĚŝŬĞŵďĂůŝŬĂŶ
ŬĞƉĂĚĂƉĞŵĂƐŽŬƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐďĞƌůĂŬƵ͘
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ϰ͘ EĂŵĂWŝŚĂŬWĞŶũƵĂůĚĂŶ^ŝĨĂƚ,ƵďƵŶŐĂŶĨŝůŝĂƐŝ
WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚďĂŚĂŶďĂŬƵ,ZĚĂŶZĚĂƌŝďĞƌďĂŐĂŝƉĞŵĂƐŽŬĚŽŵĞƐƚŝŬĚĂŶŝŶƚĞƌŶĂƐŝŽŶĂů͘ĞƌŝŬƵƚ
ĂĚĂůĂŚĚĂĨƚĂƌƉĞŵĂƐŽŬƵƚĂŵĂďĂŚĂŶďĂŬƵWĞƌƐĞƌŽĂŶďĞƐĞƌƚĂƐŝĨĂƚŚƵďƵŶŐĂŶĂĨŝůŝĂƐŝŶLJĂ͗
EŽ͘ EĂŵĂWŝŚĂŬWĞŶũƵĂů EĞŐĂƌĂƐĂů :ĞŶŝƐĂŚĂŶ ,ƵďƵŶŐĂŶ ^ŝĨĂƚ,ƵďƵŶŐĂŶĨŝůŝĂƐŝ
ĂŬƵ ĨŝůŝĂƐŝ
WĞŵĂƐŽŬŽŵĞƐƚŝŬ
ϭ͘ Wd<ƌĂŬĂƚĂƵ^ƚĞĞů;WĞƌƐĞƌŽͿdďŬ /ŶĚŽŶĞƐŝĂ ,ZͬZ dŝĚĂŬ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŚƵďƵŶŐĂŶ
ĂĨŝůŝĂƐŝ
Ϯ͘ Wd<ƌĂŬĂƚĂƵWŽƐĐŽ /ŶĚŽŶĞƐŝĂ ,ZͬZ dŝĚĂŬ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŚƵďƵŶŐĂŶ
ĂĨŝůŝĂƐŝ
ϯ͘ Wd>ĂƵƚĂŶĂũĂ/ŶĚŽŶĞƐŝĂ /ŶĚŽŶĞƐŝĂ ,ZͬZ dŝĚĂŬ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŚƵďƵŶŐĂŶ
ĂĨŝůŝĂƐŝ
ϰ͘ WdĞŚĂŶŐdƌĂĚŝŶŐ/ŶĚŽŶĞƐŝĂ /ŶĚŽŶĞƐŝĂ ,Z dŝĚĂŬ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŚƵďƵŶŐĂŶ
ĂĨŝůŝĂƐŝ
ϱ͘ WdDĂƌƵďĞŶŝͲ/ƚŽĐŚƵ^ƚĞĞů /ŶĚŽŶĞƐŝĂ ,ZͬZ dŝĚĂŬ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŚƵďƵŶŐĂŶ
/ŶĚŽŶĞƐŝĂ ĂĨŝůŝĂƐŝ
WĞŵĂƐŽŬ/ŶƚĞƌŶĂƐŝŽŶĂů
ϲ͘ WK^K/ŶƚĞƌŶĂƚŝŽŶĂůŽƌƉŽƌĂƚŝŽŶ <ŽƌĞĂ ,ZͬZ dŝĚĂŬ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŚƵďƵŶŐĂŶ
ĂĨŝůŝĂƐŝ
ϳ͘ ĂŽƐƚĞĞů^ŝŶŐĂƉŽƌĞWƚĞ͘>ƚĚ͘ ^ŝŶŐĂƉƵƌĂ ,ZͬZ dŝĚĂŬ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŚƵďƵŶŐĂŶ
ĂĨŝůŝĂƐŝ
ϴ͘ DĂƌƵďĞŶŝ/ƚŽĐŚƵ^ƚĞĞůWƚĞ͘>ƚĚ͘ ^ŝŶŐĂƉƵƌĂ ,ZͬZ dŝĚĂŬ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŚƵďƵŶŐĂŶ
ĂĨŝůŝĂƐŝ
ϵ͘ ^ŝŶŽ'ůŽƌLJDĞƚĂůZĞƐŽƵƌĐĞƐ ,ŽŶŐŬŽŶŐ ,Z dŝĚĂŬ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŚƵďƵŶŐĂŶ
/ŶƚĞƌŶĂƚŝŽŶĂů>ƚĚ͘ ĂĨŝůŝĂƐŝ
ϱ͘ EŽŵŽƌĚĂŶƚĂŶŐŐĂůWĞƌũĂŶũŝĂŶWĞŵďĞůŝĂŶĂŚĂŶĂŬƵ
WĞŵďĞůŝĂŶďĂŚĂŶďĂŬƵ,ZĚĂŶZŽůĞŚWĞƌƐĞƌŽĂŶĚŝůĂŬƵŬĂŶďĞƌĚĂƐĂƌŬĂŶƉĞƐĂŶĂŶƉĞŵďĞůŝĂŶ;ƉƵƌĐŚĂƐĞŽƌĚĞƌͿ
LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞďƵƚƵŚĂŶ ƉƌŽĚƵŬƐŝ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ƚĞƌŝŬĂƚ ƉĂĚĂ
ƉĞƌũĂŶũŝĂŶ ƉĞŵďĞůŝĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ LJĂŶŐ ďĞƌƐŝĨĂƚ ŵĞŶŐŝŬĂƚ ;ďŝŶĚŝŶŐ ůŽŶŐͲƚĞƌŵ ƐƵƉƉůLJ ĂŐƌĞĞŵĞŶƚͿ ĚĞŶŐĂŶ
ƉĞŵĂƐŽŬ ƚĞƌƚĞŶƚƵ͕ ŵĞůĂŝŶŬĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ŵĞŬĂŶŝƐŵĞ ƉĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ;ƉƵƌĐŚĂƐĞ ŽƌĚĞƌ ďĂƐŝƐͿ LJĂŶŐ
ŵĞŵďĞƌŝŬĂŶĨůĞŬƐŝďŝůŝƚĂƐďĂŐŝWĞƌƐĞƌŽĂŶĚĂůĂŵŚĂůƉĞŵŝůŝŚĂŶƉĞŵĂƐŽŬ͕ŶĞŐŽƐŝĂƐŝŚĂƌŐĂ͕ĚĂŶƉĞŶŐĞůŽůĂĂŶǁĂŬƚƵ
ƉĞŶŐŝƌŝŵĂŶ͘
DĞŬĂŶŝƐŵĞ ŝŶŝ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ƉƌĂŬƚŝŬ ƵŵƵŵ ĚĂůĂŵ ŝŶĚƵƐƚƌŝ ƉŝƉĂ ďĂũĂ͕ ŵĞŶŐŝŶŐĂƚ ŚĂƌŐĂ ďĂŚĂŶ ďĂŬƵ ďĂũĂ
ŵĞŶŐĂůĂŵŝĨůƵŬƚƵĂƐŝLJĂŶŐĚŝƉĞŶŐĂƌƵŚŝŽůĞŚŬŽŶĚŝƐŝƉĂƐĂƌďĂũĂĚƵŶŝĂĚĂŶŶŝůĂŝƚƵŬĂƌŵĂƚĂƵĂŶŐĂƐŝŶŐ͘ĞŶŐĂŶ
ƚŝĚĂŬ ƚĞƌŝŬĂƚ ƉĂĚĂ ƉĞƌũĂŶũŝĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ ƉĂĚĂ ŚĂƌŐĂ ƚĞƌƚĞŶƚƵ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ŬĞŵĂŵƉƵĂŶ ƵŶƚƵŬ
ŵĞŶLJĞƐƵĂŝŬĂŶƐƚƌĂƚĞŐŝƉĞŵďĞůŝĂŶďĂŚĂŶďĂŬƵĚĞŶŐĂŶŬŽŶĚŝƐŝƉĂƐĂƌƚĞƌŬŝŶŝ͕ƐĞŚŝŶŐŐĂĚĂƉĂƚŵĞŶŐŽƉƚŝŵĂůŬĂŶ
ďŝĂLJĂďĂŚĂŶďĂŬƵ͘
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WĞƌƐĞƌŽĂŶ ŵĞŶĂƌŐĞƚŬĂŶ ƐĞůƵƌƵŚ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĂŬĂŶ ĚŝƌĞĂůŝƐĂƐŝŬĂŶ
ƐĞůƵƌƵŚŶLJĂ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ϯ ďƵůĂŶ ƐĞũĂŬ ƚĂŶŐŐĂů ƉĞŶLJĞƌĂŚĂŶ ĨĞŬ͕ ĚĞŶŐĂŶ ƉĞƌŬŝƌĂĂŶ ũĂĚǁĂů ƌĞĂůŝƐĂƐŝ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŽ͘ ZĞŶĐĂŶĂWĞŶŐŐƵŶĂĂŶĂŶĂ dĂƌŐĞƚDƵůĂŝZĞĂůŝƐĂƐŝ dĂƌŐĞƚ^ĞůĞƐĂŝZĞĂůŝƐĂƐŝ <ĞƚĞƌĂŶŐĂŶ
^ĞĐĂƌĂďĞƌƚĂŚĂƉƐĞƐƵĂŝ
ϭ͘ WĞŵďĞůŝĂŶ,Z;KďůŝŐĂƐŝͿ :ƵŶŝϮϬϮϲ ^ĞƉƚĞŵďĞƌϮϬϮϲ
ŬĞďƵƚƵŚĂŶƉƌŽĚƵŬƐŝ
^ĞĐĂƌĂďĞƌƚĂŚĂƉƐĞƐƵĂŝ
Ϯ͘ WĞŵďĞůŝĂŶ,Z;^ƵŬƵŬ/ũĂƌĂŚͿ :ƵŶŝϮϬϮϲ ^ĞƉƚĞŵďĞƌϮϬϮϲ
ŬĞďƵƚƵŚĂŶƉƌŽĚƵŬƐŝ
^ĞĐĂƌĂďĞƌƚĂŚĂƉƐĞƐƵĂŝ
ϯ͘ WĞŵďĞůŝĂŶZ;^ƵŬƵŬ/ũĂƌĂŚͿ :ƵŶŝϮϬϮϲ ^ĞƉƚĞŵďĞƌϮϬϮϲ
ŬĞďƵƚƵŚĂŶƉƌŽĚƵŬƐŝ
͘ ^hD ZE>/E
ƉĂďŝůĂ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ƚŝĚĂŬ ŵĞŶĐƵŬƵƉŝ ƵŶƚƵŬ ŵĞŵďŝĂLJĂŝ ƐĞůƵƌƵŚ
ŬĞďƵƚƵŚĂŶƉĞŵďĞůŝĂŶďĂŚĂŶďĂŬƵƐĞďĂŐĂŝŵĂŶĂĚŝƐĞďƵƚŬĂŶĚŝĂƚĂƐ͕WĞƌƐĞƌŽĂŶďĞƌĞŶĐĂŶĂƵŶƚƵŬŵĞŵƉĞƌŽůĞŚ
ƐƵŵďĞƌĚĂŶĂƚĂŵďĂŚĂŶĚĂƌŝ͗;ŝͿŬĂƐŝŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌĂƐĂůĚĂƌŝŚĂƐŝůŽƉĞƌĂƐŝŽŶĂůƵƐĂŚĂ͖;ŝŝͿĨĂƐŝůŝƚĂƐ
ŬƌĞĚŝƚŵŽĚĂůŬĞƌũĂ ĚĂƌŝƉĞƌďĂŶŬĂŶLJĂŶŐƚĞůĂŚĚŝƉĞƌŽůĞŚWĞƌƐĞƌŽĂŶ͖ĚĂŶͬĂƚĂƵ;ŝŝŝͿƐƵŵďĞƌ ƉĞŶĚĂŶĂĂŶůĂŝŶŶLJĂ
LJĂŶŐĚŝŶŝůĂŝŵĞŵĂĚĂŝŽůĞŚWĞƌƐĞƌŽĂŶ͘
&͘ KW/E/d^dZE^<^/Dd Z/>͕dZE^<^/&/>/^/͕E EdhZE< W Ed/E'E
^ĞůƵƌƵŚ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ƉĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ ,Z ĚĂŶ Z LJĂŶŐ
ŵĞƌƵƉĂŬĂŶ ŬĞďƵƚƵŚĂŶ ŽƉĞƌĂƐŝŽŶĂů ƌƵƚŝŶ ĚĂůĂŵ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƵƚĂŵĂ WĞƌƐĞƌŽĂŶ͘ WĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ
ƚĞƌƐĞďƵƚ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ďĞƌƚĂŚĂƉ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ;ƉƵƌĐŚĂƐĞ ŽƌĚĞƌͿ ƐĞƐƵĂŝ ŬĞďƵƚƵŚĂŶ
ƉƌŽĚƵŬƐŝ͕ ĚĂŶ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƚƌĂŶƐĂŬƐŝ ƉĞŵďĞůŝĂŶ ƚŝĚĂŬ ŵĞƌƵƉĂŬĂŶ ƐĂƚƵ ƚƌĂŶƐĂŬƐŝ ƚƵŶŐŐĂů LJĂŶŐ ŶŝůĂŝŶLJĂ
ŵĞŵĞŶƵŚŝĂŵďĂŶŐďĂƚĂƐƚƌĂŶƐĂŬƐŝŵĂƚĞƌŝĂůƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵWK:<EŽ͘ϭϳͬWK:<͘ϬϰͬϮϬϮϬ͘
ĞƌĚĂƐĂƌŬĂŶ ĚĂĨƚĂƌ ƉĞŵĂƐŽŬ ďĂŚĂŶ ďĂŬƵ WĞƌƐĞƌŽĂŶ͕ ƉĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ ,Z ĚĂŶ Z ƉĂĚĂ ƵŵƵŵŶLJĂ
ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ƉŝŚĂŬ ŬĞƚŝŐĂ LJĂŶŐ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŚƵďƵŶŐĂŶ ĂĨŝůŝĂƐŝ ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ͘ ƉĂďŝůĂ ƚĞƌĚĂƉĂƚ
ƉĞŵďĞůŝĂŶďĂŚĂŶďĂŬƵĚĂƌŝƉŝŚĂŬLJĂŶŐƚĞƌĂĨŝůŝĂƐŝ͕WĞƌƐĞƌŽĂŶŵĞŵĂƐƚŝŬĂŶďĂŚǁĂƚƌĂŶƐĂŬƐŝƚĞƌƐĞďƵƚĚŝůĂŬƵŬĂŶ
ƐĞĐĂƌĂ ǁĂũĂƌ ĚĂŶ ƉĂĚĂ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ LJĂŶŐ ďĞƌůĂŬƵ ƵŵƵŵ (arm’s length)͕ ƐĞƌƚĂ ƚŝĚĂŬ ŵĞƌƵŐŝŬĂŶ
ŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶ͘
dŝĚĂŬƚĞƌĚĂƉĂƚďĞŶƚƵƌĂŶŬĞƉĞŶƚŝŶŐĂŶĚĂůĂŵƌĞŶĐĂŶĂƉĞŶŐŐƵŶĂĂŶĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝĚĂŶ
^ƵŬƵŬ/ũĂƌĂŚ͕ŵĞŶŐŝŶŐĂƚƉĞŵďĞůŝĂŶďĂŚĂŶďĂŬƵŵĞƌƵƉĂŬĂŶƚƌĂŶƐĂŬƐŝŽƉĞƌĂƐŝŽŶĂůƌƵƚŝŶLJĂŶŐĚŝůĂŬƵŬĂŶĚĂůĂŵ
ƌĂŶŐŬĂŬĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂWĞƌƐĞƌŽĂŶĚĂŶĚŝůĂŬƐĂŶĂŬĂŶďĞƌĚĂƐĂƌŬĂŶŵĞŬĂŶŝƐŵĞƉĂƐĂƌLJĂŶŐďĞƌůĂŬƵƵŵƵŵ͘
^ĞƐƵĂŝ ĚĞŶŐĂŶ WĂƐĂů ϭϵ WK:< EŽ͘ ϰϬ dĂŚƵŶ ϮϬϮϱ͕ ĚĂůĂŵ ŚĂů ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ
ŵĞƌƵƉĂŬĂŶƚƌĂŶƐĂŬƐŝŵĂƚĞƌŝĂůĚĂŶͬĂƚĂƵƚƌĂŶƐĂŬƐŝĂĨŝůŝĂƐŝ͕ƐĞƚĞůĂŚĞĨĞŬƚŝĨŶLJĂWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶ͕WĞƌƐĞƌŽĂŶ
ƚŝĚĂŬ ĚŝǁĂũŝďŬĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ WK:< ŵĞŶŐĞŶĂŝ ƚƌĂŶƐĂŬƐŝ ŵĂƚĞƌŝĂů ĚĂŶͬĂƚĂƵ ƚƌĂŶƐĂŬƐŝ ĂĨŝůŝĂƐŝ
ƐĞƉĂŶũĂŶŐƚƌĂŶƐĂŬƐŝƚĞƌƐĞďƵƚƚĞůĂŚĚŝƵŶŐŬĂƉŬĂŶĚĂůĂŵWƌŽƐƉĞŬƚƵƐĚĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƉƌŽƐĞĚƵƌƐĞƐƵĂŝĚĞŶŐĂŶ
WK:<ƚĞƌŬĂŝƚ͘
'͘ >WKZEZ >/^^/EW ZdE''hE':tEW E''hEEE
WĞƌƐĞƌŽĂŶĂŬĂŶŵĞŶLJĂŵƉĂŝŬĂŶůĂƉŽƌĂŶƌĞĂůŝƐĂƐŝƉĞŶŐŐƵŶĂĂŶĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵƐĞĐĂƌĂďĞƌŬĂůĂƐĞƚŝĂƉ
ϲ;ĞŶĂŵͿďƵůĂŶŬĞƉĂĚĂK:<ĚĂŶtĂůŝŵĂŶĂƚƐĞƌƚĂŵĞŵƉĞƌƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶĚĂůĂŵƐĞƚŝĂƉZhW^dĂŚƵŶĂŶ
ƐĂŵƉĂŝĚĞŶŐĂŶƐĞůƵƌƵŚĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵƚĞůĂŚĚŝƌĞĂůŝƐĂƐŝŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶWK:<EŽ͘ϰϬdĂŚƵŶϮϬϮϱ
ƚĞŶƚĂŶŐWĞŶŐŐƵŶĂĂŶĂŶĂ,ĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ĂŬĂŶ ŵĞŵƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶ ƌĞĂůŝƐĂƐŝ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ ĚĂůĂŵ
ůĂƉŽƌĂŶƚĂŚƵŶĂŶƐĂŵƉĂŝĚĞŶŐĂŶƐĞůƵƌƵŚĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵĚŝƌĞĂůŝƐĂƐŝŬĂŶ͕ƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵ
WĂƐĂůϭϯĂLJĂƚ;ϮͿWK:<EŽ͘ϰϬdĂŚƵŶϮϬϮϱ͘
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,͘ W E DWdE^ D EdZE,^/>W EtZEhDhD
ƉĂďŝůĂ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ďĞůƵŵ ĚŝƉĞƌŐƵŶĂŬĂŶ ƐĞůƵƌƵŚŶLJĂ͕ ŵĂŬĂ
WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶĞŵƉĂƚŬĂŶ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ ƉĂĚĂ ƌĞŬĞŶŝŶŐ ƉĞŶĂŵƉƵŶŐĂŶ ĚĂŶĂ ŚĂƐŝů
WĞŶĂǁĂƌĂŶ hŵƵŵ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƌĞŬĞŶŝŶŐ ŬŚƵƐƵƐ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝƉŝƐĂŚŬĂŶ ĚĂƌŝ ƌĞŬĞŶŝŶŐ
ŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͕ƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵWĂƐĂůϮϬĚĂŶWĂƐĂůϮϭWK:<EŽ͘ϰϬdĂŚƵŶϮϬϮϱ͘
ĂŶĂLJĂŶŐďĞůƵŵĚŝƌĞĂůŝƐĂƐŝŬĂŶŚĂŶLJĂĚĂƉĂƚĚŝƚĞŵƉĂƚŬĂŶĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶĚĂůĂŵŝŶƐƚƌƵŵĞŶŬĞƵĂŶŐĂŶLJĂŶŐ
ĂŵĂŶ͕ůŝŬƵŝĚ͕ĚĂŶƚŝĚĂŬŵĞŶŐĂůĂŵŝĨůƵŬƚƵĂƐŝŚĂƌŐĂ͘<ŚƵƐƵƐƵŶƚƵŬĚĂŶĂŚĂƐŝů^ƵŬƵŬ/ũĂƌĂŚ͕ƌĞŬĞŶŝŶŐƉĞŶĂŵƉƵŶŐĂŶ
ĚĂŶĂǁĂũŝďďĞƌƵƉĂƌĞŬĞŶŝŶŐŬŚƵƐƵƐƉĂĚĂďĂŶŬƵŵƵŵƐLJĂƌŝĂŚĂƚĂƵƌĞŬĞŶŝŶŐƐLJĂƌŝĂŚƉĂĚĂďĂŶŬƵŵƵŵ͕ƐĞƐƵĂŝ
ĚĞŶŐĂŶWĂƐĂůϮϭĂLJĂƚ;ϯͿWK:<EŽ͘ϰϬdĂŚƵŶϮϬϮϱ͘
ĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ LJĂŶŐ ďĞůƵŵ ĚŝƌĞĂůŝƐĂƐŝŬĂŶ ĚŝůĂƌĂŶŐ ĚŝũĂĚŝŬĂŶ ũĂŵŝŶĂŶ ƵƚĂŶŐ ĚĂŶͬĂƚĂƵ ƐĞďĂŐĂŝ
ƐƵŵďĞƌĚĂŶĂƵŶƚƵŬƉĞůĂŬƐĂŶĂĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝƐĂŚĂŵ͕ƐĞƐƵĂŝĚĞŶŐĂŶWĂƐĂůϮϯWK:<EŽ͘ϰϬdĂŚƵŶϮϬϮϱ͘
/͘ W Zh,EW E''hEEE,^/>W EtZEhDhD
ƉĂďŝůĂWĞƌƐĞƌŽĂŶďĞƌŵĂŬƐƵĚƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞƌƵďĂŚĂŶƉĞŶŐŐƵŶĂĂŶĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ͕ŵĂŬĂ
WĞƌƐĞƌŽĂŶǁĂũŝďŵĞůĂŬƐĂŶĂŬĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵWĂƐĂůϭϲWK:<EŽ͘ϰϬdĂŚƵŶϮϬϮϱ͕ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
͘ DĞŵƉĞƌŽůĞŚƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝƌĂƉĂƚƵŵƵŵƉĞŵĞŐĂŶŐŽďůŝŐĂƐŝ;ZhWKͿĚĂŶͬĂƚĂƵ ƌĂƉĂƚƵŵƵŵƉĞŵĞŐĂŶŐ
^ƵŬƵŬ;ZhW^/Ϳ͕ƐĞƌƚĂŵĞůĂŬƵŬĂŶŬĞƚĞƌďƵŬĂĂŶŝŶĨŽƌŵĂƐŝŬĞƉĂĚĂŵĂƐLJĂƌĂŬĂƚĚĂŶŵĞŶLJĂŵƉĂŝŬĂŶĚŽŬƵŵĞŶ
ƉĞŶĚƵŬƵŶŐŬĞƉĂĚĂK:<͕ĚĂůĂŵŚĂů͗
;ŝͿ ƉĞƌƵďĂŚĂŶƐĂůĂŚƐĂƚƵƵŶƐƵƌƉĞŶŐŐƵŶĂĂŶĚĂŶĂƉĂůŝŶŐƐĞĚŝŬŝƚƐĞďĞƐĂƌϮϬй;ĚƵĂƉƵůƵŚƉĞƌƐĞŶͿĂƚĂƵůĞďŝŚ
ĚĂƌŝƚŽƚĂůWĞŶĂǁĂƌĂŶhŵƵŵ͖
;ŝŝͿ ƉĞƌƵďĂŚĂŶůŽŬĂƐŝLJĂŶŐŵĞŶLJĞďĂďŬĂŶƉĞƌƵďĂŚĂŶƉĞŶŐŐƵŶĂĂŶĚĂŶĂLJĂŶŐƚŝĚĂŬŵĞŵŝůŝŬŝĚĂŵƉĂŬƉŽƐŝƚŝĨ
ďĞƌĚĂƐĂƌŬĂŶƐƚƵĚŝŬĞůĂLJĂŬĂŶLJĂŶŐĚŝďƵĂƚŽůĞŚƉĞŶŝůĂŝ͖ĂƚĂƵ
;ŝŝŝͿ ƉĞƌƵďĂŚĂŶƉĞŶŐŐƵŶĂĂŶĚĂŶĂLJĂŶŐďĞƌďĞĚĂĚĞŶŐĂŶƌĞŶĐĂŶĂƉĞŶŐŐƵŶĂĂŶĚĂŶĂĚĂůĂŵWƌŽƐƉĞŬƚƵƐĂƚĂƵ
ŚĂƐŝůZhWKĚĂŶͬĂƚĂƵZhW^/ĚĞŶŐĂŶŶŝůĂŝĚŝĂƚĂƐϭϬй;ƐĞƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝƚŽƚĂůWĞŶĂǁĂƌĂŶhŵƵŵ͘
͘ DĞůĂŬƵŬĂŶ ŬĞƚĞƌďƵŬĂĂŶ ŝŶĨŽƌŵĂƐŝ ŬĞƉĂĚĂ ŵĂƐLJĂƌĂŬĂƚ ĚĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ ĚŽŬƵŵĞŶ ƉĞŶĚƵŬƵŶŐ ŬĞƉĂĚĂ
K:<;ƚĂŶƉĂƉĞƌůƵƉĞƌƐĞƚƵũƵĂŶZhWKͬZhW^/Ϳ͕ĚĂůĂŵŚĂů͗
;ŝͿ͘ ƉĞƌƵďĂŚĂŶ ƐĂůĂŚ ƐĂƚƵ ƵŶƐƵƌ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŬƵƌĂŶŐ ĚĂƌŝ ϮϬй ;ĚƵĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ƚŽƚĂů
WĞŶĂǁĂƌĂŶhŵƵŵ͖
;ŝŝͿ͘ ƉĞƌƵďĂŚĂŶ ůŽŬĂƐŝ LJĂŶŐ ŵĞŶLJĞďĂďŬĂŶ ƉĞƌƵďĂŚĂŶ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŵĞŵŝůŝŬŝ ĚĂŵƉĂŬ ƉŽƐŝƚŝĨ
ďĞƌĚĂƐĂƌŬĂŶƐƚƵĚŝŬĞůĂLJĂŬĂŶLJĂŶŐĚŝďƵĂƚŽůĞŚƉĞŶŝůĂŝ͖ĂƚĂƵ
;ŝŝŝͿ͘ ƉĞƌƵďĂŚĂŶƉĞŶŐŐƵŶĂĂŶĚĂŶĂLJĂŶŐďĞƌďĞĚĂĚĞŶŐĂŶƌĞŶĐĂŶĂƉĞŶŐŐƵŶĂĂŶĚĂŶĂĚĂůĂŵWƌŽƐƉĞŬƚƵƐĂƚĂƵ
ŚĂƐŝů ŬĞƉƵƚƵƐĂŶ ZhWK ĚĂŶͬĂƚĂƵ ZhW^/ ĚĞŶŐĂŶ ŶŝůĂŝ ƉĂůŝŶŐ ďĂŶLJĂŬ ϭϬй ;ƐĞƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ƚŽƚĂů
WĞŶĂǁĂƌĂŶhŵƵŵ͘
<ĞƚĞƌďƵŬĂĂŶ ŝŶĨŽƌŵĂƐŝ ĚĂůĂŵ ƌĂŶŐŬĂ ƉĞůĂŬƐĂŶĂĂŶ ZhWK ĚĂŶͬĂƚĂƵ ZhW^/ ǁĂũŝď ĚŝůĂŬƵŬĂŶ ƉĂůŝŶŐ ůĂŵďĂƚ ϭϰ
;ĞŵƉĂƚďĞůĂƐͿŚĂƌŝƐĞďĞůƵŵƚĂŶŐŐĂůƉĞůĂŬƐĂŶĂĂŶZhWKĚĂŶͬĂƚĂƵZhW^/͕ƐĞƐƵĂŝĚĞŶŐĂŶWĂƐĂůϭϳWK:<EŽ͘ϰϬ
dĂŚƵŶϮϬϮϱ͘<ĞƚĞƌďƵŬĂĂŶŝŶĨŽƌŵĂƐŝƚĞƌƐĞďƵƚǁĂũŝďĚŝůĂŬƵŬĂŶƉĂůŝŶŐƐĞĚŝŬŝƚŵĞůĂůƵŝƐŝƚƵƐǁĞďWĞƌƐĞƌŽĂŶĚĂŶƐŝƚƵƐ
ǁĞďƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂ͕ƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵWĂƐĂůϮϱWK:<EŽ͘ϰϬdĂŚƵŶϮϬϮϱ͘
:͘ W Z</ZE/z D/^/
^ĞƐƵĂŝWK:<EŽ͘ϵͬϮϬϭϳ͕ƚŽƚĂůďŝĂLJĂ ;ďĞůƵŵƚĞƌŵĂƐƵŬƉĂũĂŬͿ LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĂĚĂůĂŚŬƵƌĂŶŐ
ůĞďŝŚƐĞƚĂƌĂĚĞŶŐĂŶϮ͕ϵϱϯϰϱϬй;ĚƵĂŬŽŵĂƐĞŵďŝůĂŶůŝŵĂƚŝŐĂĞŵƉĂƚůŝŵĂŶŽůƉĞƌƐĞŶͿĚĂƌŝŶŝůĂŝ ŵŝƐŝKďůŝŐĂƐŝ
LJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗
• ŝĂLJĂũĂƐĂƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ;ŵĂŶĂŐĞŵĞŶƚĨĞĞͿ͖ ͗ Ϭ͕ϱϬϬϬϬϬй
• ŝĂLJĂũĂƐĂƉĞŶũĂŵŝŶĂŶ;ƵŶĚĞƌǁƌŝƚŝŶŐĨĞĞͿ͖ ͗ Ϭ͕ϭϬϬϬϬϬй
• ŝĂLJĂũĂƐĂƉĞŶũƵĂůĂŶ;ƐĞůůŝŶŐĨĞĞͿ͖ ͗ Ϭ͕ϭϬϬϬϬϬй
• ŝĂLJĂWƌŽĨĞƐŝWĞŶƵŶũĂŶŐWĂƐĂƌDŽĚĂůƚĞƌĚŝƌŝĚĂƌŝ͗
- ŝĂLJĂũĂƐĂŬƵŶƚĂŶWƵďůŝŬ ͗ Ϭ͕ϰϰϯϱϲϴй
- ŝĂLJĂũĂƐĂ<ŽŶƐƵůƚĂŶ,ƵŬƵŵ ͗ Ϭ͕ϭϴϰϴϮϬй
- ŝĂLJĂũĂƐĂEŽƚĂƌŝƐ ͗ Ϭ͕Ϭϵϴϱϳϭй
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• ŝĂLJĂ>ĞŵďĂŐĂWĞŶƵŶũĂŶŐWĂƐĂƌDŽĚĂůƚĞƌĚŝƌŝĚĂƌŝ͗
- ŝĂLJĂũĂƐĂtĂůŝŵĂŶĂƚ ͗ Ϭ͕ϬϱϰϮϭϰй
- ŝĂLJĂũĂƐĂWĞƌƵƐĂŚĂĂŶWĞŵĞƌŝŶŐŬĂƚ ĨĞŬ ͗ Ϭ͕ϭϲϮϲϰϮй
• ŝĂLJĂůĂŝŶͲůĂŝŶ;ďŝĂLJĂWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶK:<͕ƉĞŶĚĂĨƚĂƌĂŶĚĂŶƉĞŶĐĂƚĂƚĂŶĚŝ ͗ ϭ͕ϯϬϵϲϯϱй
/Θ<^ /͕ƉĞƌĐĞƚĂŬĂŶ͕ŝŬůĂŶĚĂŶƵĚŝƚWĞŶũĂƚĂŚĂŶͿƐĞŬŝƚĂƌ
^ĞƐƵĂŝWK:<EŽ͘ϵͬϮϬϭϳ͕ƚŽƚĂůďŝĂLJĂ ;ďĞůƵŵƚĞƌŵĂƐƵŬƉĂũĂŬͿ LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĂĚĂůĂŚŬƵƌĂŶŐ
ůĞďŝŚƐĞƚĂƌĂĚĞŶŐĂŶϰ͕ϯϮϳϰϱϱй;ĞŵƉĂƚŬŽŵĂƚŝŐĂĚƵĂƚƵũƵŚĞŵƉĂƚůŝŵĂůŝŵĂƉĞƌƐĞŶͿĚĂƌŝŶŝůĂŝ ŵŝƐŝ^ƵŬƵŬ/ũĂƌĂŚ
LJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗
• ŝĂLJĂũĂƐĂƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ;ŵĂŶĂŐĞŵĞŶƚĨĞĞͿ͖
͗ Ϭ͕ϱϬϬϬϬϬй
• ŝĂLJĂũĂƐĂƉĞŶũĂŵŝŶĂŶ;ƵŶĚĞƌǁƌŝƚŝŶŐĨĞĞͿ͖
͗ Ϭ͕ϭϬϬϬϬϬй
• ŝĂLJĂũĂƐĂƉĞŶũƵĂůĂŶ;ƐĞůůŝŶŐĨĞĞͿ͖
͗ Ϭ͕ϭϬϬϬϬϬй
• ŝĂLJĂWƌŽĨĞƐŝWĞŶƵŶũĂŶŐWĂƐĂƌDŽĚĂůƚĞƌĚŝƌŝĚĂƌŝ͗
- ŝĂLJĂũĂƐĂŬƵŶƚĂŶWƵďůŝŬ ͗ Ϭ͕ϳϲϴϱϳϰй
- ŝĂLJĂũĂƐĂ<ŽŶƐƵůƚĂŶ,ƵŬƵŵ ͗ Ϭ͕ϯϮϬϮϯϵй
- ŝĂLJĂũĂƐĂEŽƚĂƌŝƐ ͗ Ϭ͕ϭϳϬϳϵϰй
- ŝĂLJĂũĂƐĂdŝŵŚůŝ^LJĂƌŝĂŚ ͗ Ϭ͕Ϭϴϱϯϵϳй
• ŝĂLJĂ>ĞŵďĂŐĂWĞŶƵŶũĂŶŐWĂƐĂƌDŽĚĂůƚĞƌĚŝƌŝĚĂƌŝ͗
- ŝĂLJĂũĂƐĂtĂůŝŵĂŶĂƚ ͗ Ϭ͕Ϭϵϯϵϯϳй
- ŝĂLJĂũĂƐĂWĞƌƵƐĂŚĂĂŶWĞŵĞƌŝŶŐŬĂƚ ĨĞŬ ͗ Ϭ͕ϮϴϭϴϭϬй
• ŝĂLJĂůĂŝŶͲůĂŝŶ;ďŝĂLJĂWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶK:<͕ƉĞŶĚĂĨƚĂƌĂŶĚĂŶƉĞŶĐĂƚĂƚĂŶĚŝ /Θ
͗ ϭ͕ϵϬϲϳϬϰй
<^ /͕ƉĞƌĐĞƚĂŬĂŶ͕ŝŬůĂŶ͕ĚĂŶƵĚŝƚWĞŶũĂƚĂŚĂŶͿƐĞŬŝƚĂƌ
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///͘ PERNYATAAN UTANG
dĂďĞůĚŝďĂǁĂŚŝŶŝŵĞŵƉĞƌůŝŚĂƚŬĂŶƚŽƚĂůůŝĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕LJĂŶŐĚŝĂŵďŝůĚĂƌŝ
ůĂƉŽƌĂŶƉŽƐŝƐŝŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚ͘
>ĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ
Kantor Akuntan Publik Kanaka Puradiredja, Suhartono (KPS) member of “Nexia International” network dengan
ŽƉŝŶŝ dĂŶƉĂ DŽĚŝĨŝŬĂƐŝĂŶ ĚĂůĂŵ ůĂƉŽƌĂŶŶLJĂ EŽ͘ ϬϬϮϮϰͬϯ͘Ϭϯϱϳͬh͘ϭͬϬϰͬϬϳϱϭͲϭͬϭͬ/sͬϮϬϮϲ ƚĂŶŐŐĂů Ϯϭ Ɖƌŝů
ϮϬϮϲ͘ƵĚŝƚĚŝůĂŬƐĂŶĂŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌĚƵĚŝƚLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚ/ŶƐƚŝƚƵƚŬƵŶƚĂŶWƵďůŝŬ/ŶĚŽŶĞƐŝĂ
;/W/Ϳ͘ >ĂƉŽƌĂŶ ĂƵĚŝƚ ƚĞƌƐĞďƵƚ ĚŝƚĂŶĚĂƚĂŶŐĂŶ ŽůĞŚ ĚĞLJĂŶĂ tŝĚũĂũĂ ;ZĞŬĂŶ ƉĂĚĂ <W <W^ ĚĞŶŐĂŶ /ũŝŶ W
EŽ͘ϬϳϱϭͿ͘
WdE''>ϯϭ ^ D ZϮϬϮϱ͕W Z^ ZKED D/>/</:hD>,>//>/d^^ ^ZZWϯ͘ϭϮϯ͘Ϭϭϭ:hd͕
zE'd Z/Z/Z/^>K>//>/d^:E'<W E <E>//>/d^:E'<WE:E'D^/E'ͲD^/E'
^ ^Z ZWϭ͘ϲϮϴ͘ϲϬϵ :hd E ZWϭ͘ϰϵϰ͘ϰϬϮ :hd͘ d/< d ZWd &<d Dd Z/> >//>/d^
Eͬdh W Z/<dE ^ d >, >WKZE < hE'E d Z<,/Z ^DW/ E'E dE''> >WKZE
<hEdEWh>/<͘
ZŝŶĐŝĂŶůŝĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
>//>/d^:E'<W E <
hƚĂŶŐďĂŶŬũĂŶŐŬĂƉĞŶĚĞŬ ϳϬϯ͘ϮϴϮ
hƚĂŶŐƵƐĂŚĂ
WŝŚĂŬŬĞƚŝŐĂ ϯϬϲ͘ϯϳϰ
WŝŚĂŬďĞƌĞůĂƐŝ ϳϬϱ
hƚĂŶŐƉĂũĂŬ Ϯϰ͘ϴϵϬ
ŝĂLJĂŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌ ϯϲ͘ϰϲϭ
hĂŶŐŵƵŬĂƉĞůĂŶŐŐĂŶ ϴ͘ϱϵϳ
>ŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬůĂŝŶŶLJĂ ϰϰ͘ϲϵϲ
ĂŐŝĂŶůĂŶĐĂƌĂƚĂƐůŝĂďŝůŝƚĂƐũĂŶŐŬĂWĂŶũĂŶŐ͗
>ŝĂďŝůŝƚĂƐƐĞǁĂ ϯ͘Ϭϱϰ
hƚĂŶŐŽďůŝŐĂƐŝ ϮϴϮ͘ϳϲϱ
hƚĂŶŐƐƵŬƵŬŝũĂƌĂŚ Ϯϭϳ͘ϳϴϱ
:hD>,>//>/d^:E'<W E < ϭ͘ϲϮϴ͘ϲϬϵ
>//>/d^:E'<WE:E'
hƚĂŶŐũĂŶŐŬĂƉĂŶũĂŶŐ–ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝďĂŐŝĂŶũĂƚƵŚƚĞŵƉŽĚĂůĂŵƐĂƚƵƚĂŚƵŶ͗
>ŝĂďŝůŝƚĂƐƐĞǁĂ Ͳ
hƚĂŶŐŽďůŝŐĂƐŝ ϭ͘Ϭϲϴ͘ϵϴϱ
hƚĂŶŐƐƵŬƵŬŝũĂƌĂŚ ϴϳ͘Ϭϲϱ
>ŝĂďŝůŝƚĂƐƉĂũĂŬƚĂŶŐŐƵŚĂŶ Ϯϯϴ͘ϵϵϰ
>ŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂŬĂƌLJĂǁĂŶ ϵϵ͘ϯϱϴ
:hD>,>//>/d^:E'<WE:E' ϭ͘ϰϵϰ͘ϰϬϮ
:hD>,>//>/d^ ϯ͘ϭϮϯ͘Ϭϭϭ
ϭ͘ hƚĂŶŐĂŶŬ:ĂŶŐŬĂWĞŶĚĞŬ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ƵƚĂŶŐũĂŶŐŬĂƉĞŶĚĞŬWĞƌƐĞƌŽĂŶƐĞďĞƐĂƌZƉϳϬϯ͘ϮϴϮũƵƚĂ͕ƚĞƌĚŝƌŝĚĂƌŝ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
WdĂŶŬĞŶƚƌĂůƐŝĂdďŬ ϯϬϯ͘ϴϮϲ
WdĂŶŬZĞƐŽŶĂWĞƌĚĂŶŝĂ Ϯϰϴ͘ϯϰϵ
WdĂŶŬ^D/ŶĚŽŶĞƐŝĂdďŬ ϭϱϭ͘ϭϬϳ
:hD>, ϳϬϯ͘ϮϴϮ
38
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WĞŵďĂLJĂƌĂŶ ƵƚĂŶŐ ďĂŶŬ ũĂŶŐŬĂ ƉĞŶĚĞŬ ƐĞůĂŵĂ ƉĞƌŝŽĚĞ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ĚĂŶ ϮϬϮϰ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϯ͘ϭϲϯ͘ϱϲϲũƵƚĂĚĂŶZƉϱ͘ϯϵϰ͘ϳϬϲũƵƚĂ͘
WdĂŶŬĞŶƚƌĂůƐŝĂdďŬ
WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚƉŝŶũĂŵĂŶĚĂƌŝďĞƌƵƉĂĨĂƐŝůŝƚĂƐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
&ĂƐŝůŝƚĂƐ DĂŬƐŝŵƵŵ<ƌĞĚŝƚ :ĂƚƵŚdĞŵƉŽ
sĂůƵƚĂƐŝŶŐͬ&ŽƌĞŝŐŶ džĐŚĂŶŐĞ h^ϮϬ͘ϬϬϬƌŝďƵ ϮϴDĞŝϮϬϮϲ
<ƌĞĚŝƚ>ŽŬĂůͬ>ŽĐĂůƌĞĚŝƚ ZƉϭϬϬ͘ϬϬϬũƵƚĂ ϮϴDĞŝϮϬϮϲ
<ƌĞĚŝƚDƵůƚŝ&ĂĐŝůŝƚLJͬDƵůƚŝ&ĂĐŝůŝƚLJƌĞĚŝƚ h^ϭϱϱ͘ϬϬϬƌŝďƵ ϮϴDĞŝϮϬϮϲ
dŝŵĞ>ŽĂŶZĞǀŽůǀŝŶŐ ZƉϰϰϬ͘ϬϬϬũƵƚĂ ϮϴDĞŝϮϬϮϲ
ĂŶŬ'ĂƌĂŶƐŝͬĂŶŬ'ƵĂƌĂŶƚĞĞ ZƉϯϬ͘ϬϬϬƌŝďƵ ϮϴDĞŝϮϬϮϲ
EĞŐŽͬŝƐŬŽŶƚŽͬEĞŐŽƚŝĂƚŝŽŶͬŝƐĐŽƵŶƚƐ h^ϱ͘ϬϬϬƌŝďƵ ϮϴDĞŝϮϬϮϲ
&ĂƐŝůŝƚĂƐ ƉŝŶũĂŵĂŶ ƚĞƌƐĞďƵƚ ĚŝũĂŵŝŶ ĚĞŶŐĂŶ ƉŝƵƚĂŶŐ ƵƐĂŚĂ͕ ƉĞƌƐĞĚŝĂĂŶ͕ ƚĂŶĂŚ͕ ďĂŶŐƵŶĂŶ͕ ĚĂŶ ŵĞƐŝŶ ŵŝůŝŬ
WĞƌƐĞƌŽĂŶ͘WŝŶũĂŵĂŶŝŶŝĚŝũĂŵŝŶĚĞŶŐĂŶũĂŵŝŶĂŶLJĂŶŐƐĂŵĂĚĞŶŐĂŶĨĂƐŝůŝƚĂƐũĂŶŐŬĂƉĂŶũĂŶŐLJĂŶŐĚŝƉĞƌŽůĞŚĚĂƌŝ
ďĂŶŬLJĂŶŐƐĂŵĂ͘WŝŶũĂŵĂŶŝŶŝĚŝŬĞŶĂŬĂŶďƵŶŐĂƚĂŚƵŶĂŶƐĞďĞƐĂƌϳ͕ϬϬй–ϳ͕ϱϬйƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ
ĚĂŶϮϬϮϰ͘
WĞƌƐLJĂƌĂƚĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŝŶŝŵĞůŝƉƵƚŝƉĞŵďĂƚĂƐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ WĞŵĞůŝŚĂƌĂĂŶƌĂƐŝŽŬĞƵĂŶŐĂŶ;ƵƌƌĞŶƚZĂƚŝŽŵŝŶŝŵƵŵϭ͕>ĞǀĞƌĂŐĞZĂƚŝŽŵĂŬƐŝŵƵŵϮ͕ϱĚĂŶĞďƚ^ĞƌǀŝĐĞ
ŽǀĞƌĂŐĞŵŝŶŝŵƵŵϭ͕ϬͿ͘
Ϯ͘ dĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗
Ă͘ DĞŶŐŝŬĂƚŬĂŶĚŝƌŝƐĞďĂŐĂŝƉĞŶũĂŵŝŶ
ď͘ DĞŶĂŵďĂŚĨĂƐŝůŝƚĂƐŬƌĞĚŝƚĚĂƌŝďĂŶŬĂƚĂƵůĞŵďĂŐĂŬĞƵĂŶŐĂŶůĂŝŶ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƚĞƌƐĞďƵƚ͘
WdĂŶŬZĞƐŽŶĂWĞƌĚĂŶŝĂ;ZĞƐŽŶĂͿ
WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ƉŝŶũĂŵĂŶ ĚĂƌŝ ZĞƐŽŶĂ ďĞƌƵƉĂ ĨĂƐŝůŝƚĂƐ >ŝŵŝƚ 'ĂďƵŶŐĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ŵĂŬƐŝŵƵŵ
ƐĞďĞƐĂƌ h^ϭϱ͘ϬϬϬ ƌŝďƵ ĚĂŶ ĚŝŬĞŶĂŬĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ ƐĞďĞƐĂƌ K>&нϬ͕ϳϱй ƵŶƚƵŬ ŵĂƚĂ ƵĂŶŐ h^ ĚĂŶ
K>&нϭ͕ϴϳϱйƵŶƚƵŬŵĂƚĂƵĂŶŐZƵƉŝĂŚ͘WŝŶũĂŵĂŶŝŶŝũĂƚƵŚƚĞŵƉŽƉĂĚĂƚĂŶŐŐĂůϭϱŐƵƐƚƵƐϮϬϮϲ͘
&ĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶƚĞƌƐĞďƵƚĚŝũĂŵŝŶĚĞŶŐĂŶƉŝƵƚĂŶŐƵƐĂŚĂĚĂŶƉĞƌƐĞĚŝĂĂŶLJĂŶŐĚŝŝŬĂƚ&ŝĚƵƐŝĂEŽƚĂƌŝŝůƐĞďĞƐĂƌ
h^ϭϱ͘ϬϬϬƌŝďƵŵŝůŝŬWĞƌƐĞƌŽĂŶ͘
WĞƌƐLJĂƌĂƚĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŝŶŝŵĞůŝƉƵƚŝƉĞŵďĂƚĂƐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘dĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝZĞƐŽŶĂ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬ͗
Ă͘DĞŵƉĞƌŽůĞŚĨĂƐŝůŝƚĂƐŬƌĞĚŝƚďĂƌƵĚĂƌŝƉŝŚĂŬůĂŝŶ͘
ď͘DĞŶŐŝŬĂƚŬĂŶĚŝƌŝƐĞďĂŐĂŝƉĞŶũĂŵŝŶ͘
Đ͘DĞŵŝŶĚĂŚƚĂŶŐĂŶŬĂŶ͕ŵĞŶũƵĂůĂƚĂƵŵĞůĞƉĂƐŬĂŶĂƐĞƚŵĂƚĞƌŝĂůWĞƌƐĞƌŽĂŶ͘
Ě͘DĞŶŐƵďĂŚďĞŶƚƵŬͬƐƚĂƚƵƐŚƵŬƵŵWĞƌƐĞƌŽĂŶ͘
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƚĞƌƐĞďƵƚ͘
WdĂŶŬ//ŶĚŽŶĞƐŝĂ;/Ϳ
WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚƉŝŶũĂŵĂŶ ĚĂƌŝ/ďĞƌƵƉĂĨĂƐŝůŝƚĂƐ/ŵƉŽƌƚ>>ŝŶĞ;^ŝŐŚƚͬhƐĂŶĐĞͿĚĞŶŐĂŶŵĂŝŶůŝŵŝƚ
ƐĞďĞƐĂƌ ZƉϭϴϮ͘ϱϬϬ ũƵƚĂ͘ WŝŶũĂŵĂŶ ŝŶŝ ĚŝŬĞŶĂŬĂŶ ďƵŶŐĂ ƐĞďĞƐĂƌ ϱ – ϴй ƉĞƌ ƚĂŚƵŶ͘ WĞƌũĂŶũŝĂŶ ŝŶŝ ƚĞůĂŚ
ĚŝƉĞƌƉĂŶũĂŶŐĚĂŶĂŬĂŶũĂƚƵŚƚĞŵƉŽƉĂĚĂƚĂŶŐŐĂůϮϲDĞŝϮϬϮϲ͘
&ĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶƚĞƌƐĞďƵƚĚŝũĂŵŝŶĚĞŶŐĂŶƉŝƵƚĂŶŐƵƐĂŚĂĚĂŶƉĞƌƐĞĚŝĂĂŶŵŝůŝŬWĞƌƐĞƌŽĂŶLJĂŶŐĚŝŝŬĂƚ&ŝĚƵƐŝĂ
EŽƚĂƌŝŝůƐĞďĞƐĂƌh^ϮϬ͘ϬϬϬƌŝďƵ͘
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WĞƌƐLJĂƌĂƚĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŝŶŝŵĞůŝƉƵƚŝƉĞŵďĂƚĂƐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ WĞŵĞůŝŚĂƌĂĂŶ'ĞĂƌŝŶŐZĂƚŝŽŵĂŬƐŝŵƵŵϯ͕Ϯϱ͘
Ϯ͘ dĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝ/͕WĞƌƐĞƌŽĂŶƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬŵĞŶŐĂůŝŚŬĂŶ
ŚĂŬ ĚĂŶ ŬĞǁĂũŝďĂŶ͕ ŵĞŵƉĞƌŽůĞŚ ƉŝŶũĂŵĂŶ ĚĂƌŝ ƉŝŚĂŬ ŬĞƚŝŐĂ͕ ŵĞŶŐƵďĂŚ ďŝĚĂŶŐ ƵƐĂŚĂ͕ ŵĞŶŐƵďĂŚ
ďĞŶƚƵŬͬƐƚĂƚƵƐŚƵŬƵŵ͕ŵĞůĂŬƵŬĂŶŵĞƌŐĞƌͬĂŬƵŝƐŝƐŝ͕ĂƚĂƵŵĞŵŝŶĚĂŚƚĂŶŐĂŶŬĂŶĂƐĞƚŵĂƚĞƌŝĂů͘
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƚĞƌƐĞďƵƚ͘
WdĂŶŬ^D/ŶĚŽŶĞƐŝĂdďŬ
WĞƌƐĞƌŽĂŶŵĞŶĚĂƉĂƚŬĂŶĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶĚĂƌŝWdĂŶŬ^D/ŶĚŽŶĞƐŝĂdďŬďĞƌƵƉĂ͗
&ĂƐŝůŝƚĂƐ DĂŬƐŝŵƵŵ<ƌĞĚŝƚ <ĞŐƵŶĂĂŶ
>ŽĂŶŽŶEŽƚĞͲϭ h^ϯ͘ϬϬϬƌŝďƵ DŽĚĂůŬĞƌũĂ
>ŽĂŶŽŶEŽƚĞͲϮ h^ϭϰ͘ϬϬϬƌŝďƵ WĞŵďŝĂLJĂĂŶƚĂŐŝŚĂŶƐƵƉƉůŝĞƌ
ŽŵŵĞƌĐŝĂů>ĞƚƚĞƌŽĨƌĞĚŝƚ h^ϮϬ͘ϬϬϬƌŝďƵ /ŵƉŽƌ;ƉĞŶĞƌďŝƚĂŶ>ͬŝŵƉŽƌĚĂŶ>ͬůŽŬĂůͿ
ĐĐĞƉƚĂŶĐĞ h^ϮϬ͘ϬϬϬƌŝďƵ /ŵƉŽƌ;ƉĞŵďĂLJĂƌĂŶ>ͬ/ŵƉŽƌ;hƐĂŶĐĞͿĚĂŶ>ͬ>ŽŬĂůͿ
>ŽĂŶŽŶEŽƚĞdƌƵƐƚZĞĐĞŝƉƚ h^ϮϬ͘ϬϬϬƌŝďƵ /ŵƉŽƌ;ƉĞŵďĂLJĂƌĂŶ>ͬĚĂŶ>ͬ>ŽŬĂů;^ŝŐŚƚĚĂŶhƐĂŶĐĞͿͿ
ĂŶŬ'ĂƌĂŶƐŝ h^ϭϰ͘ϬϬϬƌŝďƵ WĞŶĞƌďŝƚĂŶďĂŶŬŐĂƌĂŶƐŝ
&ŽƌĞŝŐŶŝůůƐŽƵŐŚƚͲϮ h^ϭϰ͘ϬϬϬƌŝďƵ DŽĚĂůŬĞƌũĂ
WŝŶũĂŵĂŶŝŶŝĚŝŬĞŶĂŬĂŶďƵŶŐĂƚĂŚƵŶĂŶƐĞďĞƐĂƌϭ͕ϱйĚŝƚĂŵďĂŚĐŽƐƚŽĨĨƵŶĚƵŶƚƵŬƉŝŶũĂŵĂŶĚĂůĂŵŵĂƚĂƵĂŶŐ
/ZĚĂŶϮ͕ϱйĚŝƚĂŵďĂŚĐŽƐƚŽĨĨƵŶĚƵŶƚƵŬƉŝŶũĂŵĂŶĚĂůĂŵŵĂƚĂƵĂŶŐh^͕ƐĞƌƚĂĚŝũĂŵŝŶĚĞŶŐĂŶƉŝƵƚĂŶŐĚĂŶ
ƉĞƌƐĞĚŝĂĂŶWĞƌƐĞƌŽĂŶ͘WŝŶũĂŵĂŶŝŶŝĂŬĂŶũĂƚƵŚƚĞŵƉŽƉĂĚĂƚĂŶŐŐĂůϯϬ^ĞƉƚĞŵďĞƌϮϬϮϲ͘
WĞƌƐLJĂƌĂƚĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŝŶŝŵĞůŝƉƵƚŝƉĞŵďĂƚĂƐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ ZĂƐŝŽůĂŶĐĂƌĚŝƉĞƌƚĂŚĂŶŬĂŶƉĂůŝŶŐƐĞĚŝŬŝƚϭ͕ϬďĂŶĚŝŶŐϭ͕ϬŬĂůŝ͘
Ϯ͘ WĞƌďĂŶĚŝŶŐĂŶƵƚĂŶŐƚĞƌŚĂĚĂƉĞŬƵŝƚĂƐĚŝƉĞƌƚĂŚĂŶŬĂŶƐĂŵĂĂƚĂƵƚŝĚĂŬůĞďŝŚĚĂƌŝϯ͕ϱďĂŶĚŝŶŐϭ͕ϬŬĂůŝ͘
ϯ͘ dĂŶƉĂ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ ĚĂƌŝ ĂŶŬ͕ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ĚŝƉĞƌŬĞŶĂŶŬĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ
ŬĞŐŝĂƚĂŶĂƚĂƵƚƌĂŶƐĂŬƐŝLJĂŶŐƚŝĚĂŬǁĂũĂƌ͕ŵĞůĂŬƵŬĂŶŵĞƌŐĞƌͬŬŽŶƐŽůŝĚĂƐŝͬƉĞŶLJĞƌƚĂĂŶŵŽĚĂů͕ŵĞŶŐĂĚĂŬĂŶ
ƉĞƌũĂŶũŝĂŶƵƚĂŶŐŬĞĐƵĂůŝĚĂůĂŵŬĞŐŝĂƚĂŶƵƐĂŚĂ͕ĂƚĂƵŵĞŶũĂŵŝŶĂƐĞƚWĞƌƐĞƌŽĂŶ͘
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƚĞƌƐĞďƵƚ͘
WdĂŶŬĂŶĂŵŽŶ/ŶĚŽŶĞƐŝĂdďŬ
WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚƉŝŶũĂŵĂŶĚĂƌŝĂŶĂŵŽŶďĞƌƵƉĂĨĂƐŝůŝƚĂƐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
&ĂƐŝůŝƚĂƐ DĂŬƐŝŵƵŵ<ƌĞĚŝƚ :ĂƚƵŚdĞŵƉŽ
&ĂƐŝůŝƚĂƐKŵŶŝďƵƐdƌĂĚĞ ZƉϭϬϬ͘ϬϬϬũƵƚĂ ϮϯDĞŝϮϬϮϲ
&ĂƐŝůŝƚĂƐdƌĂŶƐĂŬƐŝsĂůƵƚĂƐŝŶŐ h^ϱϬϬƌŝďƵ ϮϯDĞŝϮϬϮϲ
&ĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶƚĞƌƐĞďƵƚĚŝũĂŵŝŶĚĞŶŐĂŶƉŝƵƚĂŶŐƵƐĂŚĂĚĂŶ ƉĞƌƐĞĚŝĂĂŶŵŝůŝŬWĞƌƐĞƌŽĂŶLJĂŶŐĚŝŝŬĂƚ&ŝĚƵƐŝĂ
EŽƚĂƌŝŝů ƐĞďĞƐĂƌ h^ϮϬ͘ϬϬϬ ƌŝďƵ͘ WŝŶũĂŵĂŶ ŝŶŝ ĚŝďĞďĂŶŝ ďƵŶŐĂ ƚĂŚƵŶĂŶ ƐĞďĞƐĂƌ ϱ͕ϴй – ϳ͕ϱϬй ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͘
WĞƌƐLJĂƌĂƚĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŝŶŝŵĞůŝƉƵƚŝƉĞŵďĂƚĂƐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ WĞŵĞůŝŚĂƌĂĂŶ'ĞĂƌŝŶŐZĂƚŝŽŵĂŬƐŝŵƵŵϮ͕ϱ͘
Ϯ͘ dĂŶƉĂ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ ĚĂƌŝ ĂŶĂŵŽŶ͕ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ĚŝƉĞƌŬĞŶĂŶŬĂŶ ƵŶƚƵŬ
ŵĞŶũƵĂůͬŵĞŶŐĂůŝŚŬĂŶ ŬĞŬĂLJĂĂŶ͕ ŵĞŶũĂŵŝŶŬĂŶ ŬĞŬĂLJĂĂŶ͕ ŵĞŶŐĂĚĂŬĂŶ ƉĞƌũĂŶũŝĂŶ ƵƚĂŶŐ Ěŝ ůƵĂƌ ŬĞŐŝĂƚĂŶ
ƵƐĂŚĂ͕ŵĞŶũĂŵŝŶƉŝŚĂŬŬĞƚŝŐĂ͕ŵĞŵďĞƌŝŬĂŶƉŝŶũĂŵĂŶĚŝůƵĂƌŬĞŐŝĂƚĂŶƵƐĂŚĂ͕ŵĞƌƵďĂŚƐŝĨĂƚĚĂŶŬĞŐŝĂƚĂŶ
ƵƐĂŚĂ͕ŵĞŵďƵďĂƌŬĂŶWĞƌƐĞƌŽĂŶ͕ŵĞŵďĂLJĂƌƵƚĂŶŐƉĞŵĞŐĂŶŐƐĂŚĂŵ͕ĂƚĂƵŵĞƌƵďĂŚĂŶŐŐĂƌĂŶĚĂƐĂƌ͘
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƚĞƌƐĞďƵƚ͘
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WdĂŶŬ^ŚŝŶŚĂŶ/ŶĚŽŶĞƐŝĂ
WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚƉŝŶũĂŵĂŶĚĂƌŝ^ŚŝŶŚĂŶĂŶŬďĞƌƵƉĂĨĂƐŝůŝƚĂƐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
&ĂƐŝůŝƚĂƐ DĂŬƐŝŵƵŵ<ƌĞĚŝƚ :ĂƚƵŚdĞŵƉŽ
&ĂƐŝůŝƚĂƐKŵŶŝďƵƐƌĞĚŝƚ h^ϴ͘ϬϬϬƌŝďƵ ϯDĂƌĞƚϮϬϮϱ
&ĂƐŝůŝƚĂƐ&ŽƌĞdž&ŽƌǁĂƌĚ>ŝŶĞ h^ϱϬϬƌŝďƵ ϯDĂƌĞƚϮϬϮϱ
&ĂƐŝůŝƚĂƐ ƉŝŶũĂŵĂŶ ƚĞƌƐĞďƵƚ ĚŝũĂŵŝŶ ĚĞŶŐĂŶ ƉĞƌƐĞĚŝĂĂŶ ŵŝůŝŬ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝŝŬĂƚ &ŝĚƵƐŝĂ EŽƚĂƌŝŝů ƐĞďĞƐĂƌ
h^ϵ͘ϬϬϬƌŝďƵ͘&ĂƐŝůŝƚĂƐŝŶŝĚŝďĞďĂŶŝďƵŶŐĂƚĂŚƵŶĂŶƐĞďĞƐĂƌϱ͕ϬϬйƉĞƌƚĂŚƵŶ͘
WĞƌƐLJĂƌĂƚĂŶ ĚĂůĂŵ ƉĞƌũĂŶũŝĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŝŶŝ ŵĞůŝƉƵƚŝ ƉĞŵĞůŝŚĂƌĂĂŶ ƌĂƐŝŽ ŬĞƵĂŶŐĂŶ
;ƵƌƌĞŶƚZĂƚŝŽŵŝŶŝŵĂůϭ͕'ĞĂƌŝŶŐZĂƚŝŽŵĂŬƐŝŵĂůϯ͕Ϯϱ͕ĚĂŶĞďƚ^ĞƌǀŝĐĞZĂƚŝŽŵŝŶŝŵĂůϭͿ͕ƐĞƌƚĂƉĞŵďĂƚĂƐĂŶ
ƚĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝĂŶŬ^ŚŝŶŚĂŶ͘
ĞƌĚĂƐĂƌŬĂŶƐƵƌĂƚ^W/EKEŽ͘ϬϳϮͬ&/Eͬ//ͬϮϬϮϱƚĂŶŐŐĂůϮϲ&ĞďƌƵĂƌŝϮϬϮϱŬĞƉĂĚĂWdĂŶŬ^ŚŝŶŚĂŶ/ŶĚŽŶĞƐŝĂ
ƵŶƚƵŬƚŝĚĂŬŵĞŵƉĞƌƉĂŶũĂŶŐĨĂƐŝůŝƚĂƐŬƌĞĚŝƚ͘
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƚĞƌƐĞďƵƚ͘
Ϯ͘ hƚĂŶŐhƐĂŚĂ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ƵƚĂŶŐƵƐĂŚĂWĞƌƐĞƌŽĂŶďĞƌũƵŵůĂŚZƉϯϬϳ͘ϬϳϵũƵƚĂLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝƵƚĂŶŐŬĞ
ƉŝŚĂŬŬĞƚŝŐĂƐĞďĞƐĂƌZƉϯϬϲ͘ϯϳϰũƵƚĂĚĂŶƵƚĂŶŐŬĞƉŝŚĂŬďĞƌĞůĂƐŝƐĞďĞƐĂƌZƉϳϬϱũƵƚĂ͕ƚĞƌĚŝƌŝĚĂƌŝ͗
Ă͘ ĞƌĚĂƐĂƌŬĂŶƉĞŵĂƐŽŬ
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
WŝŚĂŬŬĞƚŝŐĂ
WĞŵĂƐŽŬůƵĂƌŶĞŐĞƌŝ Ϯϭϭ͘ϲϭϮ
WĞŵĂƐŽŬĚĂůĂŵŶĞŐĞƌŝ ϵϰ͘ϳϲϮ
^ƵďͲũƵŵůĂŚ ϯϬϲ͘ϯϳϰ
WŝŚĂŬďĞƌĞůĂƐŝ
Wd^ĂƌĂŶĂ^ƵƌLJĂ^ĂŬƚŝ ϲϳϮ
Wd^ĂƌĂŶĂ^ƚĞĞůŽƌƉŽƌĂƚŝŽŶ ϯϯ
^ƵďͲũƵŵůĂŚ ϳϬϱ
:hD>, ϯϬϳ͘Ϭϳϵ
ď͘ ĞƌĚĂƐĂƌŬĂŶŵĂƚĂƵĂŶŐ
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
WŝŚĂŬŬĞƚŝŐĂ
WĞŵĂƐŽŬůƵĂƌŶĞŐĞƌŝ͗
ŽůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚ ϰϳ͘ϱϯϱ
>ĂŝŶͲůĂŝŶ ϭϴϵ͘ϰϯϳ
^ƵďͲũƵŵůĂŚƉĞŵĂƐŽŬůƵĂƌŶĞŐĞƌŝ Ϯϯϲ͘ϵϳϮ
WĞŵĂƐŽŬĚĂůĂŵŶĞŐĞƌŝ͗
ZƵƉŝĂŚ ϲϵ͘ϯϱϳ
ŽůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚ ϰϱ
^ƵďͲũƵŵůĂŚƉĞŵĂƐŽŬĚĂůĂŵŶĞŐĞƌŝ ϲϵ͘ϰϬϮ
WŝŚĂŬďĞƌĞůĂƐŝ
ZƵƉŝĂŚ ϳϬϱ
:hD>, ϯϬϳ͘Ϭϳϵ
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ϯ͘ hƚĂŶŐWĂũĂŬ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ƵƚĂŶŐƉĂũĂŬWĞƌƐĞƌŽĂŶďĞƌũƵŵůĂŚZƉϮϰ͘ϴϵϬũƵƚĂĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
WĂũĂŬWĞŶŐŚĂƐŝůĂŶ͗
WĂƐĂůϮϭ ϲ͘ϴϯϵ
WĂƐĂůϮϯ ϱϳϲ
WĂƐĂůϰĂLJĂƚϮ ϯϰϯ
WĂũĂŬWĞƌƚĂŵďĂŚĂŶEŝůĂŝ͗ ϭ
WĂƐĂůϮϵ ϭϳ͘ϭϯϭ
:hD>, Ϯϰ͘ϴϵϬ
ϰ͘ ĞďĂŶDĂƐŝŚ,ĂƌƵƐŝďĂLJĂƌ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ďĞďĂŶŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌWĞƌƐĞƌŽĂŶďĞƌũƵŵůĂŚZƉϯϲ͘ϰϲϭũƵƚĂĚĞŶŐĂŶƌŝŶĐŝĂŶ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
ƵŶŐĂŽďůŝŐĂƐŝĚĂŶƐƵŬƵŬ ϯϭ͘ϯϯϰ
hƚŝůŝƚĂƐ ϯ͘Ϭϯϱ
KŶŐŬŽƐĂŶŐŬƵƚ Ϯ͘ϬϵϮ
:hD>, ϯϲ͘ϰϲϭ
ϱ͘ >ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ>ĂŝŶŶLJĂ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬůĂŝŶŶLJĂWĞƌƐĞƌŽĂŶďĞƌũƵŵůĂŚ ZƉϰϰ͘ϲϵϲũƵƚĂĚĞŶŐĂŶ
ƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
hĂŶŐũĂŵŝŶĂŶƉĞůĂŶŐŐĂŶ ϰϰ͘ϭϱϰ
hƚĂŶŐůĂŝŶͲůĂŝŶ ϱϰϮ
:hD>, ϰϰ͘ϲϵϲ
hƚĂŶŐ ůĂŝŶͲůĂŝŶ ŵĞƌƵƉĂŬĂŶ ƚƌĂŶƐĂŬƐŝ ŬƵƌĂŶŐ ďĂLJĂƌ ĂƚĂƐ ƉĞŵďĞůŝĂŶ ƉƌŽƉĞƌƚŝ ^ĂŵĂƌŝŶĚĂ͘ ^ĂůĚŽ LJĂŶŐ ďĞůƵŵ
ĚŝďĂLJĂƌŬĂŶ ƚĞƌƐĞďƵƚ ŵĞƌƵƉĂŬĂŶ ƌĞƚĞŶƐŝ ϱй ĚĂƌŝ ƚŽƚĂů ŬŽŶƚƌĂŬ ŬĞƉĂĚĂ ŬŽŶƚƌĂŬƚŽƌ ƉĞŵďĂŶŐƵŶĂŶ ĞƉŽ
^ĂŵĂƌŝŶĚĂ͘
ϲ͘ hƚĂŶŐ:ĂŶŐŬĂWĂŶũĂŶŐ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ƵƚĂŶŐũĂŶŐŬĂƉĂŶũĂŶŐWĞƌƐĞƌŽĂŶďĞƌũƵŵůĂŚZƉϯ͘ϬϱϰũƵƚĂLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝƵƚĂŶŐ
ďĂŶŬƐĞďĞƐĂƌZƉϬũƵƚĂĚĂŶůŝĂďŝůŝƚĂƐƐĞǁĂƐĞďĞƐĂƌZƉϯ͘ϬϱϰũƵƚĂĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
>ŝĂďŝůŝƚĂƐ^ĞǁĂ
WdƵŵŝƉƵƚĞƌĂͲKd&ŝŶĂŶĐĞ Ϯ͘ϲϴϳ
Wd&ŝŶĂŶĐĞ ϯϲϳ
EŝůĂŝŬŝŶŝƉĞŵďĂLJĂƌĂŶƐĞǁĂŵŝŶŝŵĂů ϯ͘Ϭϱϰ
ĂŐŝĂŶLJĂŶŐũĂƚƵŚƚĞŵƉŽĚĂůĂŵƐĂƚƵƚĂŚƵŶ ;ϯ͘ϬϱϰͿ
ĂŐŝĂŶ:ĂŶŐŬĂWĂŶũĂŶŐ Ͳ
:ƵŵůĂŚ ϯ͘Ϭϱϰ
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DŝƚƐƵďŝƐŚŝh&:>ĞĂƐĞΘ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
WĂĚĂƚĂŶŐŐĂůϴDĂƌĞƚϮϬϮϭ͕WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚĨĂƐŝůŝƚĂƐũƵĂůĚĂŶƐĞǁĂďĂůŝŬĚĂƌŝWdDŝƚƐƵďŝƐŚŝh&:>ĞĂƐĞΘ
&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂĂƚĂƐƉĞƌĂůĂƚĂŶĚĂŶŵĞƐŝŶĚĞŶŐĂŶŶŝůĂŝƉĞŵďŝĂLJĂĂŶƐĞďĞƐĂƌZƉϮϲ͘ϱϵϯĚĞŶŐĂŶũĂŶŐŬĂǁĂŬƚƵ
ϰϴďƵůĂŶ;ϰƚĂŚƵŶͿ͘dŝŶŐŬĂƚƐƵŬƵďƵŶŐĂLJĂŶŐďĞƌůĂŬƵĂĚĂůĂŚϭϬ͕ϱϬй͘
WĂĚĂƚĂŶŐŐĂůϮϴ^ĞƉƚĞŵďĞƌϮϬϮϮ͕WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚŬĞŵďĂůŝĨĂƐŝůŝƚĂƐũƵĂůĚĂŶƐĞǁĂďĂůŝŬĚĂƌŝWdDŝƚƐƵďŝƐŚŝ
h&:>ĞĂƐĞΘ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂĂƚĂƐƉĞƌĂůĂƚĂŶĚĂŶŵĞƐŝŶĚĞŶŐĂŶŶŝůĂŝƉĞŵďŝĂLJĂĂŶƐĞďĞƐĂƌZƉϮϱ͘ϵϬϴĚĞŶŐĂŶ
ũĂŶŐŬĂǁĂŬƚƵϯϲďƵůĂŶ;ϯƚĂŚƵŶͿ͘dŝŶŐŬĂƚƐƵŬƵďƵŶŐĂLJĂŶŐďĞƌůĂŬƵĂĚĂůĂŚϵ͕ϴϬй͘&ĂƐŝůŝƚĂƐŝŶŝƚĞůĂŚůƵŶĂƐƉĂĚĂ
ƚĂŚƵŶϮϬϮϱ͘
Wd&ŝŶĂŶĐĞ
WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ĨĂƐŝůŝƚĂƐ ĚĂƌŝ Wd &ŝŶĂŶĐĞ ƐĞďĞƐĂƌ ZƉϰ͘ϯϴϳ ĚĞŶŐĂŶ ũĂŶŐŬĂ ϰ ƚĂŚƵŶ͘ WŝŶũĂŵĂŶ ŝŶŝ
ĚŝďĞďĂŶŝďƵŶŐĂĂŶƚĂƌĂϰ͕ϵϵй–ϲ͕ϬϬйƉĞƌƚĂŚƵŶ͘
WdƵŵŝƉƵƚĞƌĂͲKd&ŝŶĂŶĐĞ
WĂĚĂƚĂŶŐŐĂůϭϴDĞŝϮϬϮϮ͕ ŶƚŝƚĂƐŵĞŵƉĞƌŽůĞŚĨĂƐŝůŝƚĂƐƉĞŵďŝĂLJĂĂŶĚĂƌŝWdƵŵŝƉƵƚĞƌĂͲŽƚ&ŝŶĂŶĐĞƐĞďĞƐĂƌ
ZƉϭϯ͘ϳϵϳũƵƚĂĚĞŶŐĂŶũĂŶŐŬĂǁĂŬƚƵϰƚĂŚƵŶ͘WŝŶũĂŵĂŶŝŶŝĚŝďĞďĂŶŝďƵŶŐĂƐĞďĞƐĂƌϵ͕ϳϱйƉĞƌƚĂŚƵŶ͘
^ĞůŝƐŝŚĂŶƚĂƌĂŚĂƌŐĂũƵĂůĚĂŶŶŝůĂŝďƵŬƵĂƐĞƚLJĂŶŐĚŝũƵĂůĚŝĂŬƵŝĚĂŶĚŝĐĂƚĂƚƐĞďĂŐĂŝŬĞƵŶƚƵŶŐĂŶĚŝƚĂŶŐŐƵŚŬĂŶĂƚĂƐ
ƚƌĂŶƐĂŬƐŝƐĞǁĂĚĂŶũƵĂůďĂůŝŬĚĂŶĚŝĂŵŽƌƚŝƐĂƐŝƐĞůĂŵĂƉĞƌŝŽĚĞƐĞǁĂ͘WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ
ďĞƐĂƌŶLJĂŬĞƵŶƚƵŶŐĂŶ;ŬĞƌƵŐŝĂŶͿĚŝƚĂŶŐŐƵŚŬĂŶĂƚĂƐƚƌĂŶƐĂŬƐŝũƵĂůĚĂŶƐĞǁĂďĂůŝŬŵĂƐŝŶŐͲŵĂƐŝŶŐĂĚĂůĂŚƐĞďĞƐĂƌ
ZƉŶŝŚŝůĚĂŶ;ZƉϯ͘ϴϱϯͿũƵƚĂ͘
ϳ͘ hƚĂŶŐWŝŚĂŬĞƌĞůĂƐŝ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ƵƚĂŶŐƉŝŚĂŬďĞƌĞůĂƐŝWĞƌƐĞƌŽĂŶďĞƌũƵŵůĂŚZƉϳϬϱũƵƚĂĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
Wd^ĂƌĂŶĂ^ƵƌLJĂ^ĂŬƚŝ ϲϳϮ
Wd^ĂƌĂŶĂ^ƚĞĞůŽƌƉŽƌĂƚŝŽŶ ϯϯ
:hD>, ϳϬϱ
ϴ͘ >ŝĂďŝůŝƚĂƐWĂũĂŬdĂŶŐŐƵŚĂŶ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ůŝĂďŝůŝƚĂƐƉĂũĂŬƚĂŶŐŐƵŚĂŶWĞƌƐĞƌŽĂŶďĞƌũƵŵůĂŚZƉϮϯϴ͘ϵϵϰũƵƚĂĚĞŶŐĂŶƌŝŶĐŝĂŶ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
DĂŶĨĂĂƚƉĂũĂŬƚĂŶŐŐƵŚĂŶ
WĞŶLJƵƐƵƚĂŶĂƐƐĞƚƚĞƚĂƉ ϳ͘ϵϳϵ
/ŵďĂůĂŶƉĂƐĐĂŬĞƌũĂ ϭ͘ϬϬϴ
WĞŶĐĂĚĂŶŐĂŶƉĞŶƵƌƵŶĂŶƉŝƵƚĂŶŐ ϱϳϬ
>ŝĂďŝůŝƚĂƐƐĞǁĂ ;ϯ͘ϭϲϯͿ
:hD>, ϲ͘ϯϵϰ
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ϵ͘ >ŝĂďŝůŝƚĂƐ/ŵďĂůĂŶ<ĞƌũĂ<ĂƌLJĂǁĂŶ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ůŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶďĞƌũƵŵůĂŚZƉϵϵ͘ϯϱϴũƵƚĂĚĞŶŐĂŶ
ƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
EŝůĂŝŬŝŶŝůŝĂďŝůŝƚĂƐŝŵďĂůĂŶƉĂƐƚŝ ϭϬϬ͘ϯϳϰ
^ĂůĚŽƉŽůŝƐĂƐƵƌĂŶƐŝũŝǁĂ;hŶŝƚ>ŝŶŬͿ ;ϭ͘ϬϭϲͿ
:hD>, ϵϵ͘ϯϱϴ
^ĂŵƉĂŝ ĚĞŶŐĂŶ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ͕ ƉĞƌŚŝƚƵŶŐĂŶ ŝŵďĂůĂŶ ƉĂƐĐĂ ŬĞƌũĂ ŶƚŝƚĂƐƚĞůĂŚ ŵĞŶŐŝŬƵƚŝ hhŝƉƚĂ <ĞƌũĂ
ƵŶƚƵŬŐŽůŽŶŐĂŶŵĂŶĂũĞŵĞŶƐĞĚĂŶŐŬĂŶŶŽŶͲŵĂŶĂũĞŵĞŶŵĂƐŝŚŵĞŶĞƌĂƉŬĂŶW<ĚĞŶŐĂŶƐĞƌŝŬĂƚƉĞŬĞƌũĂƐĂŵƉĂŝ
ĚĞŶŐĂŶĂŬŚŝƌƚĂŚƵŶϮϬϮϲ͘hŶƚƵŬƐĞďĂŐŝĂŶŬĂƌLJĂǁĂŶ͕ƉƌŽŐƌĂŵŝŶŝĚŝĚĂŶĂŝŽůĞŚ ŶƚŝƚĂƐŵĞůĂůƵŝƉĞŵďĂLJĂƌĂŶƉƌĞŵŝ
ĂƐƵƌĂŶƐŝŬĞƉĂĚĂWd^ƵŶ>ŝĨĞ&ŝŶĂŶĐŝĂů/ŶĚŽŶĞƐŝĂĚĂŶWdy&ŝŶĂŶĐŝĂů/ŶĚŽŶĞƐŝĂ͘:ƵŵůĂŚŬĂƌLJĂǁĂŶLJĂŶŐďĞƌŚĂŬ
ĂƚĂƐŝŵďĂůĂŶƚĞƌƐĞďƵƚĂĚĂůĂŚϴϳϱĚĂŶϴϳϮƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͘
^ĂůĚŽ ůŝĂďŝůŝƚĂƐ ĚŝĞƐƚŝŵĂƐŝ ĂƚĂƐ ŝŵďĂůĂŶ ŬĞƌũĂ ƉĂĚĂ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ĚĂŶ ϮϬϮϰ ĚŝŚŝƚƵŶŐ ŽůĞŚ Wd ^ŝĞŶĐŽ
ŬƚƵĂƌŝŶĚŽ hƚĂŵĂ͕ ĂŬƚƵĂƌŝƐ ŝŶĚĞƉĞŶĚĞŶ ĚĞŶŐĂŶ ŶŽŵŽƌ Ϭϯϲͬ>Ͳ/<ͬ<</^ͬ//ͲϮϬϮϲ ƚĂŶŐŐĂů ϯ &ĞďƌƵĂƌŝ ϮϬϮϲ͘
ƐƵŵƐŝͲĂƐƵŵƐŝĂŬƚƵĂƌŝĂLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵĞŶŐŚŝƚƵŶŐďĞďĂŶĚĂŶůŝĂďŝůŝƚĂƐŝŵďĂůĂŶƉĂƐŬĂŬĞƌũĂĂĚĂůĂŚ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
hƐŝĂWĞŶƐŝƵŶ ͗ ϱϱƚĂŚƵŶ
dŝŶŐŬĂƚ ŬĞŶĂŝŬĂŶ ͗ ϱйƉĞƌƚĂŚƵŶ
ŐĂũŝ
dŝŶŐŬĂƚĚŝƐŬŽŶƚŽ ͗ ϱ͕ϵϲй
dŝŶŐŬĂƚŵŽƌƚĂůŝƚĂƐ ͗ ;dD/Ͳ/sͿϮϬϭϵ
ŶĂůŝƐŝƐůŝĂďŝůŝƚĂƐĚŝĞƐƚŝŵĂƐŝĂƚĂƐŝŵďĂůĂŶŬĞƌũĂĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
<ĞƚĞƌĂŶŐĂŶ :ƵŵůĂŚ
^ĂůĚŽĂǁĂůƚĂŚƵŶ ϴϳ͘ϰϴϰ
ĞďĂŶƉĞƌŝŽĚĞďĞƌũĂůĂŶ ϭϰ͘Ϭϭϯ
ĞďĂŶũĂƐĂůĂůƵ ;ϭ͘ϲϰϮͿ
WĞŶŐŚĂƐŝůĂŶŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶ ϳ͘ϮϵϮ
<ŽŶƚƌŝďƵƐŝƉĞŵďĞƌŝŬĞƌũĂ ;ϱϬͿ
<ĞůĞďŝŚĂŶƉĞŵďĞƌŝŬĞƌũĂ ;ϲϲϮͿ
WĞŵďĂLJĂƌĂŶŵĂŶĨĂĂƚ ;ϳ͘ϬϳϳͿ
:hD>, ϵϵ͘ϯϱϴ
dĂďĞů ďĞƌŝŬƵƚ ŵĞŶLJĂũŝŬĂŶ ƐĞŶƐŝƚŝǀŝƚĂƐ ĂƚĂƐ ŬĞŵƵŶŐŬŝŶĂŶ ƉĞƌƵďĂŚĂŶ ƚŝŶŐŬĂƚ ƐƵŬƵ ďƵŶŐĂ ƉĂƐĂƌ͕ ĚĞŶŐĂŶ ůĂŝŶ
ĚŝĂŶŐŐĂƉƚĞƚĂƉ͕ƚĞƌŚĂĚĂƉůŝĂďŝůŝƚĂƐĚŝĞƐƚŝŵĂƐŝĂƚĂƐŝŵďĂůĂŶŬĞƌũĂĚĂŶďĞďĂŶũĂƐĂ͗
ϯϭĞƐĞŵďĞƌϮϬϮϱ
WĞƌƵďĂŚĂŶ <ĞŶĂŝŬĂŶ WĞŶƵƌƵŶĂŶ
dŝŶŐŬĂƚĚŝƐŬŽŶƚŽϭй ϵϰ͘ϭϲϬ ϭϬϳ͘ϯϭϳ
dŝŶŐŬĂƚŬĞŶĂŝŬĂŶŐĂũŝϭй ϭϬϳ͘ϯϯϲ ϵϰ͘ϬϯϬ
DĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶďĞƌƉĞŶĚĂƉĂƚďĂŚǁĂũƵŵůĂŚƉĞŶLJŝƐŝŚĂŶĂƚĂƐŝŵďĂůĂŶŬĞƌũĂƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌ
ϮϬϮϱƚĞƌƐĞďƵƚĂĚĂůĂŚŵĞŵĂĚĂŝƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶĚĂůĂŵW^<EŽ͘Ϯϭϵ;ZĞǀŝƐŝϮϬϭϱͿ͘
<KD/dD EE<KEd/E: E^/
<ŽŵŝƚŵĞŶũƵĂů
WĞƌƐĞƌŽĂŶďĞƌŬŽŵŝƚŵĞŶƵŶƚƵŬŵĞŶũƵĂůƉŝƉĂďĂũĂŬĞƉĂĚĂƐĞŵƵĂƉĞůĂŶŐŐĂŶŶLJĂ͕ƚŝĚĂŬƚĞƌĚĂƉĂƚƉĞŶũƵĂůĂŶLJĂŶŐ
ĚŝŝŬĂƚĚĞŶŐĂŶŬŽŶƚƌĂŬƉĞŶũƵĂůĂŶ͘EĂŵƵŶŚĂŶLJĂƚĞƌŝŬĂƚĚĞŶŐĂŶƉĞƐĂŶĂŶƉĞŵďĞůŝĂŶďŝĂƐĂ͘
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<ŽŵŝƚŵĞŶĞůŝ
WƵƌĐŚĂƐĞŽŵŵŝƚŵĞŶƚ
WĞƌƐĞƌŽĂŶďĞƌŬŽŵŝƚŵĞŶƵŶƚƵŬŵĞŵďĞůŝĐŽŝůĚĂŶƐƚƌŝƉŬĞƉĂĚĂƉĞŵĂƐŽŬůŽŬĂůĚĂŶƉĞŵĂƐŽŬŝŵƉŽƌ͘WĞŵĂƐŽŬůŽŬĂů
LJĂŝƚƵWd<ƌĂŬĂƚĂƵ^ƚĞĞůdďŬ͕Wd^ĂƌĂŶĂ^ƚĞĞů͕Wd'ƵŶƵŶŐZĂũĂWĂŬƐŝ͕Wd ƐƐĂƌ/ŶĚŽŶĞƐŝĂ͕ĚĂŶWd:ŝŶĚĂů^ƚĂŝŶůĞƐƐ
/ŶĚŽŶĞƐŝĂ͘^ĞĚĂŶŐŬĂŶƉĞŵĂƐŽŬŝŵƉŽƌLJĂŝƚƵ,LJƵŶĚĂŝ^ƚĞĞů͕:& ͕WŽƐĐŽ͕ĚĂŶƌĐĞůŽƌ͘
<ŽŶƚŝŶũĞŶƐŝ
WĂĚĂƐĂĂƚůĂƉŽƌĂŶŬĞƵĂŶŐĂŶŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬƐĞĚĂŶŐƚĞƌƐĂŶŐŬƵƚƉĞƌŬĂƌĂƉŝĚĂŶĂ͕ƉĞƌŬĂƌĂƉĞƌĚĂƚĂ͕
ĂĚŵŝŶŝƐƚƌĂƚŝĨĚĞŶŐĂŶŝŶƐƚĂŶƐŝƉĞŵĞƌŝŶƚĂŚLJĂŶŐďĞƌǁĞŶĂŶŐ͘ĞŵŝŬŝĂŶƉƵůĂWĞƌƐĞƌŽĂŶƚŝĚĂŬƉĞƌŶĂŚĚŝŶLJĂƚĂŬĂŶ
ƉĂŝůŝƚĂƚĂƐďĂŝŬƉĞƌŵŽŚŽŶĂŶƐĞŶĚŝƌŝŵĂƵƉƵŶƉĞƌŵŽŚŽŶĂŶƉŝŚĂŬůĂŝŶ͘ĂŚǁĂWĞƌƐĞƌŽĂŶƚŝĚĂŬƉĞƌŶĂŚĚŝŚƵŬƵŵ
ŬĂƌĞŶĂŵĞůĂŬƵŬĂŶƚŝŶĚĂŬƉŝĚĂŶĂLJĂŶŐŵĞƌƵŐŝŬĂŶEĞŐĂƌĂ͘
DE: D E W Z^ ZKE D Ezd<E ,t ^ >hZh, >//>/d^ W Z^ ZKE W dE''>
ϯϭ ^ D ZϮϬϮϱd >,/hE'<W<E>DWZK^W <dh^/E/͘
^ d >,dE''>ϯϭ ^ D ZϮϬϮϱ^DW/ E'EdE''>>WKZEh/dKZ/E W E EE
^ d >, dE''> >WKZE h/dKZ /E W E E ^DW/ E'E dE''> & <d/&Ez
W ZEzdE W E&dZE͕ W Z^ ZKE d/< D D/>/</ >//>/d^Ͳ>//>/d^ >/E < h>/
>//>/d^Ͳ>//>/d^ zE' d/Dh> Z/ < '/dE h^, EKZD> W Z^ ZKE ^ Zd >//>/d^Ͳ
>//>/d^ zE' d >, /Ezd<E / >D WZK^W <dh^ /E/ E zE' d >, /hE'<W<E
>D>WKZE< hE'E<KE^K>/^/E zE' D ZhW<E'/EzE'd/<d ZW/^,<E
Z/WZK^W <dh^/E/͘
DE: D E W Z^ ZKE D Ezd<E < ^E''hWE hEdh< D Ez > ^/<E ^ >hZh,
>//>/d^Ez zE' d >, /hE'<W<E >D >WKZE < hE'E ^ Zd /^:/<E >D
WZK^W <dh^/E/͘
^DW/ E'E WZK^W <dh^ /E/ /d Z/d<E͕ d/< d ZWd W >E''ZE zE' /><h<E
W Z^ ZKE d^ W Z^zZdE zE' d ZWd >D W Z:E:/E hdE' W Z^ ZKE zE'
ZDW<Dd Z/>d Z,W< >E'^hE'Eh^,W Z^ ZKE͘
^ d >, dE''> >WKZE < hE'E <KE^K>/^/E Z<,/Z ^DW/ E'E & <d/&Ez
W ZEzdE W E&dZE͕ W Z^ ZKE d/< D D/>/</ < >>/E >D D ><h<E
W DzZEWK<K<EͬdhhE'W/E:DE͘
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/s͘ IKHTISAR DATA KEUANGAN PENTING
ĂůŽŶŝŶǀĞƐƚŽƌŚĂƌƵƐŵĞŵďĂĐĂŝŬŚƚŝƐĂƌĚĂƚĂŬĞƵĂŶŐĂŶƉĞŶƚŝŶŐLJĂŶŐĚŝƐĂũŝŬĂŶĚŝďĂǁĂŚŝŶŝďĞƌƐĂŵĂĂŶĚĞŶŐĂŶ
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ŬŽŶƐŽůŝĚĂƐŝĂŶ WĞƌƐĞƌŽĂŶ ďĞƐĞƌƚĂ ĐĂƚĂƚĂŶ ĂƚĂƐ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ
WƌŽƐƉĞŬƚƵƐŝŶŝ͘ĂůŽŶŝŶǀĞƐƚŽƌũƵŐĂŚĂƌƵƐŵĞŵďĂĐĂĂďsŵĞŶŐĞŶĂŝŶĂůŝƐŝƐĚĂŶWĞŵďĂŚĂƐĂŶŽůĞŚDĂŶĂũĞŵĞŶ͘
ŶŐŬĂͲĂŶŐŬĂ ŝŬŚƚŝƐĂƌ ĚĂƚĂ ŬĞƵĂŶŐĂŶ ƉĞŶƚŝŶŐ Ěŝ ďĂǁĂŚ ŝŶŝ ďĞƌĂƐĂů ĚĂŶͬĂƚĂƵ ĚŝŚŝƚƵŶŐ ďĞƌĚĂƐĂƌŬĂŶ ŝŶĨŽƌŵĂƐŝ
ŬĞƵĂŶŐĂŶLJĂŶŐĚŝĂŵďŝůĚĂƌŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶ
ϮϬϮϰĚĂŶLJĂŶŐĚŝƐƵƐƵŶĚĂŶĚŝƐĂũŝŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝ/ŶĚŽŶĞƐŝĂ͘
>ĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ
<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ<ĂŶĂŬĂWƵƌĂĚŝƌĞĚũĂ͕Suhartono (KPS) member of “Nexia International” network dengan
ŽƉŝŶŝ dĂŶƉĂ DŽĚŝĨŝŬĂƐŝĂŶ ĚĂůĂŵ ůĂƉŽƌĂŶŶLJĂ EŽ͘ ϬϬϮϮϰͬϯ͘Ϭϯϱϳͬh͘ϭͬϬϰͬϬϳϱϭͲϭͬϭͬ/sͬϮϬϮϲ ƚĂŶŐŐĂů Ϯϭ Ɖƌŝů
ϮϬϮϲ͘ƵĚŝƚĚŝůĂŬƐĂŶĂŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌĚƵĚŝƚLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚ/ŶƐƚŝƚƵƚŬƵŶƚĂŶWƵďůŝŬ/ŶĚŽŶĞƐŝĂ
;/W/Ϳ͘ >ĂƉŽƌĂŶ ĂƵĚŝƚ ƚĞƌƐĞďƵƚ ĚŝƚĂŶĚĂƚĂŶŐĂŶ ŽůĞŚ ĚĞLJĂŶĂ tŝĚũĂũĂ ;ZĞŬĂŶ ƉĂĚĂ <W <W^ ĚĞŶŐĂŶ /ũŝŶ W
EŽ͘ϬϳϱϭͿ͘
>WKZEWK^/^/< hE'E<KE^K>/^/E
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
^ d
^ d>EZ
<ĂƐĚĂŶ^ĞƚĂƌĂ<ĂƐ ϵϱϲ͘ϱϮϲ ϱϬϯ͘ϲϰϵ
WŝƵƚĂŶŐhƐĂŚĂ
WŝŚĂŬ<ĞƚŝŐĂ ϵϬϰ͘ϭϭϭ ϭ͘Ϭϴϰ͘ϲϱϴ
WŝŚĂŬĞƌĞůĂƐŝ ϱϯ͘Ϭϱϰ ϯϳ͘ϭϮϵ
WŝƵƚĂŶŐ>ĂŝŶͲ>ĂŝŶ
WŝŚĂŬ<ĞƚŝŐĂ ϭ͘ϰϯϳ ϱϳϭ
WĞƌƐĞĚŝĂĂŶ Ϯ͘ϵϮϰ͘ϭϲϬ ϯ͘ϱϭϵ͘ϵϳϰ
WĂũĂŬĚŝďĂLJĂƌŝŵƵŬĂ Ϯ͘Ϯϯϲ ϯϯ
hĂŶŐDƵŬĂ ϱϰ͘Ϭϭϯ ϯϳ͘ϲϰϵ
ŝĂLJĂŝďĂLJĂƌŝŵƵŬĂ ϭϯϬ͘ϭϲϰ ϳϬ͘ϱϳϴ
:hD>,^ d>EZ ϱ͘ϬϮϱ͘ϳϬϭ ϱ͘Ϯϱϰ͘Ϯϰϭ
^ dd/<>EZ
WŝƵƚĂŶŐWŝŚĂŬĞƌĞůĂƐŝ Ͳ Ͳ
/ŶǀĞƐƚĂƐŝ ϰϮ͘ϳϬϱ ϯϵ͘ϱϳϵ
ƐĞƚdĞƚĂƉ–ŶĞƚŽ ϯ͘ϬϮϭ͘ϳϮϰ Ϯ͘ϱϮϵ͘ϯϯϭ
WƌŽƉĞƌƚŝ/ŶǀĞƐƚĂƐŝ ϮϬ͘ϮϬϵ ϵ͘Ϭϲϳ
ƐĞƚdĂŬĞƌǁƵũƵĚ–ŶĞƚŽ ϭ͘ϬϴϬ ϭ͘ϳϯϭ
hĂŶŐDƵŬĂ ϲϴϰ͘ϵϱϭ ϰϲϭ͘ϰϳϴ
:hD>,^ dd/<>EZ ϯ͘ϳϳϬ͘ϲϲϵ ϯ͘Ϭϰϭ͘ϭϴϲ
:hD>,^ d ϴ͘ϳϵϲ͘ϯϳϬ ϴ͘Ϯϵϱ͘ϰϮϳ
>//>/d^E <h/d^
>//>/d^:E'<W E <
hƚĂŶŐďĂŶŬũĂŶŐŬĂƉĞŶĚĞŬ ϳϬϯ͘ϮϴϮ ϵϭϴ͘ϲϲϳ
hƚĂŶŐƵƐĂŚĂ
WŝŚĂŬŬĞƚŝŐĂ ϯϬϲ͘ϯϳϰ ϯϯϲ͘ϵϵϮ
WŝŚĂŬďĞƌĞůĂƐŝ ϳϬϱ ϭ͘ϭϮϱ
hƚĂŶŐƉĂũĂŬ Ϯϰ͘ϴϵϬ ϯϭ͘ϰϭϱ
ŝĂLJĂŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌ ϯϲ͘ϰϲϭ ϰϭ͘ϱϵϴ
hĂŶŐŵƵŬĂƉĞůĂŶŐŐĂŶ ϴ͘ϱϵϳ ϱϴ͘ϲϭϴ
>ŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬůĂŝŶŶLJĂ ϰϰ͘ϲϵϲ ϭϵ͘ϵϰϮ
ĂŐŝĂŶůĂŶĐĂƌĂƚĂƐůŝĂďŝůŝƚĂƐũĂŶŐŬĂWĂŶũĂŶŐ͗
ĂŶŬ Ͳ Ͳ
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ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
>ŝĂďŝůŝƚĂƐƐĞǁĂ ϯ͘Ϭϱϰ ϭϳ͘ϳϵϭ
hƚĂŶŐŽďůŝŐĂƐŝ ϮϴϮ͘ϳϲϱ ϭϯϱ͘ϬϬϬ
hƚĂŶŐƐƵŬƵŬŝũĂƌĂŚ Ϯϭϳ͘ϳϴϱ ϱϬ͘ϬϬϬ
:hD>,>//>/d^:E'<W E < ϭ͘ϲϮϴ͘ϲϬϵ ϭ͘ϲϭϭ͘ϭϰϴ
>//>/d^:E'<WE:E'
hƚĂŶŐũĂŶŐŬĂƉĂŶũĂŶŐ–ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝďĂŐŝĂŶũĂƚƵŚƚĞŵƉŽ
ĚĂůĂŵƐĂƚƵƚĂŚƵŶ͗
>ŝĂďŝůŝƚĂƐƐĞǁĂ Ͳ ϯ͘ϰϭϭ
hƚĂŶŐŽďůŝŐĂƐŝ ϭ͘Ϭϲϴ͘ϵϴϱ ϭ͘ϮϭϮ͘ϭϬϬ
hƚĂŶŐƐƵŬƵŬŝũĂƌĂŚ ϴϳ͘Ϭϲϱ ϭϱϮ͘ϬϬϬ
>ŝĂďŝůŝƚĂƐƉĂũĂŬƚĂŶŐŐƵŚĂŶ Ϯϯϴ͘ϵϵϰ ϭϴϱ͘ϱϯϯ
>ŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂŬĂƌLJĂǁĂŶ ϵϵ͘ϯϱϴ ϴϳ͘ϰϴϰ
:hD>,>//>/d^:E'<WE:E' ϭ͘ϰϵϰ͘ϰϬϮ ϭ͘ϲϰϬ͘ϱϮϴ
:hD>,>//>/d^ ϯ͘ϭϮϯ͘Ϭϭϭ ϯ͘Ϯϱϭ͘ϲϳϲ
<h/d^
DŽĚĂůƐĂŚĂŵ
DŽĚĂůĚĂƐĂƌ–DŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƉĞŶƵŚ ϳϭϴ͘ϱϵϵ ϳϭϴ͘ϱϵϵ
dĂŵďĂŚĂŶDŽĚĂůŝƐĞƚŽƌͲEĞƚŽ ϰϵϴ͘Ϯϲϵ ϱϬϬ͘ϴϴϬ
^ĂŚĂŵdƌĞĂƐƵƌŝ ;ϭϯ͘ϰϱϭͿ ;ϭϮ͘ϬϲϱͿ
^ĂůĚŽ>ĂďĂ
ŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ ϱϬ͘ϬϬϬ ϰϬ͘ϬϬϬ
dŝĚĂŬĚŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ Ϯ͘ϵϴϳ͘ϭϲϴ Ϯ͘ϱϳϱ͘ϳϰϱ
<ŽŵƉŽŶĞŶ ŬƵŝƚĂƐ>ĂŝŶŶLJĂ ϭ͘ϰϯϮ͘ϳϵϭ ϭ͘ϮϮϬ͘ϱϳϴ
^ƵďũƵŵůĂŚ ϱ͘ϲϳϯ͘ϯϳϲ ϱ͘Ϭϰϯ͘ϳϯϳ
<ĞƉĞŶƚŝŶŐĂŶEŽŶWĞŶŐĞŶĚĂůŝ ;ϭϳͿ ϭϰ
:hD>, <h/d^ ϱ͘ϲϳϯ͘ϯϱϵ ϱ͘Ϭϰϯ͘ϳϱϭ
:hD>,>//>/d^E <h/d^ ϴ͘ϳϵϲ͘ϯϳϬ ϴ͘Ϯϵϱ͘ϰϮϳ
>WKZE>Zh'/EW E',^/>E<KDWZ , E^/&>/E<KE^K>/^/E
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
W E:h>EEW EWdE:^ ϱ͘ϵϯϮ͘ϳϵϳ ϲ͘ϭϭϴ͘ϯϲϰ
EWK<K<W EWdE ;ϰ͘ϴϬϮ͘ϰϮϰͿ ;ϱ͘ϬϭϮ͘ϯϴϳͿ
><KdKZ ϭ͘ϭϯϬ͘ϯϳϯ ϭ͘ϭϬϱ͘ϵϳϳ
WĞŶĚĂƉĂƚĂŶ>ĂŝŶͲ>ĂŝŶ ϭϭϴ͘ϲϵϳ ϭϮϭ͘ϴϳϯ
ĞďĂŶWĞŶũƵĂůĂŶĂŶŝƐƚƌŝďƵƐŝ ;ϭϵϮ͘ϯϭϬͿ ;ϭϱϵ͘ϲϰϲͿ
ĞďĂŶhŵƵŵĚĂŶĚŵŝŶŝƐƚƌĂƐŝ ;ϭϮϲ͘ϬϭϵͿ ;ϭϮϱ͘ϮϱϰͿ
ĞďĂŶ<ĞƵĂŶŐĂŶ ;ϮϬϯ͘ϵϵϭͿ ;ϮϭϬ͘ϴϯϮͿ
ĞďĂŶ>ĂŝŶͲůĂŝŶ ;ϱϰ͘ϮϲϰͿ ;ϱϲ͘ϱϮϵͿ
>^ >hDd<^/ZEW E',^/>E; EͿW:< ϲϳϮ͘ϰϴϲ ϲϳϱ͘ϱϴϵ
dĂŬƐŝƌĂŶWĞŶŐŚĂƐŝůĂŶ;ĞďĂŶͿWĂũĂŬ͗
<ŝŶŝ ;ϭϰϰ͘ϲϲϰͿ ;ϭϲϬ͘ϭϮϭͿ
dĂŶŐŐƵŚĂŶ ϲ͘ϯϵϰ ϭϰ͘ϱϵϱ
:ƵŵůĂŚdĂŬƐŝƌĂŶĞďĂŶWĂũĂŬ ;ϭϯϴ͘ϮϳϬͿ ;ϭϰϱ͘ϱϮϲͿ
>ͬZh'/d,hE Z:>E ϱϯϰ͘Ϯϭϲ ϱϯϬ͘Ϭϲϯ
WĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ>ĂŝŶ
WŽƐͲWŽƐLJĂŶŐdŝĚĂŬĂŬĂŶŝƌĞŬůĂƐŝĨŝŬĂƐŝŬĞ>ĂďĂZƵŐŝ
^ƵƌƉůƵƐZĞǀĂůƵĂƐŝ Ϯϳϵ͘ϯϲϬ Ͳ
<ĞƌƵŐŝĂŶŬƚƵĂƌŝĂ ;ϳ͘ϮϵϮͿ ϭ͘ϲϵϱ
WĂũĂŬWĞŶŐŚĂƐŝůĂŶƚĞƌŬĂŝƚWŽƐͲƉŽƐLJĂŶŐdŝĚĂŬĂŬĂŶŝƌĞŬůĂƐŝĨŝŬĂƐŝ
ŬĞ>ĂďĂZƵŐŝ ;ϱϵ͘ϴϱϱͿ ;ϯϳϯͿ
WĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ>ĂŝŶdĂŚƵŶĞƌũĂůĂŶ^ĞƚĞůĂŚWĂũĂŬ ϮϭϮ͘ϯϭϯ ϭ͘ϯϮϮ
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ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
:hD>,><KDWZ , E^/&d,hE Z:>E ϳϰϲ͘ϰϮϵ ϱϯϭ͘ϯϴϱ
>ĂďĂdĂŚƵŶĞƌũĂůĂŶLJĂŶŐĚĂƉĂƚĚŝĂƚƌŝďƵƐŝŬĂŶŬĞƉĂĚĂ͗
WĞŵŝůŝŬ ŶƚŝƚĂƐ/ŶĚƵŬ ϱϯϰ͘Ϯϰϳ ϱϯϬ͘ϬϴϮ
<ĞƉĞŶƚŝŶŐĂŶEŽŶWĞŶŐĞŶĚĂůŝ ;ϯϭͿ ;ϭϵͿ
:hD>, ϱϯϰ͘Ϯϭϲ ϱϯϬ͘Ϭϲϯ
:ƵŵůĂŚ>ĂďĂŬŽŵƉƌĞŚĞŶƐŝĨƉĞƌŝŽĚĞďĞƌũĂůĂŶLJĂŶŐĚĂƉĂƚ
ĚŝĂƚƌŝďƵƐŝŬĂŶŬĞƉĂĚĂ͗
WĞŵŝůŝŬ ŶƚŝƚĂƐ/ŶĚƵŬ ϳϰϲ͘ϰϲϬ ϱϯϭ͘ϰϬϰ
<ĞƉĞŶƚŝŶŐĂŶEŽŶWĞŶŐĞŶĚĂůŝ ;ϯϭͿ ;ϭϵͿ
:hD>, ϳϰϲ͘ϰϮϵ ϱϯϭ͘ϯϴϱ
>W Z^,D^Z
:ƵŵůĂŚ^ĂŚĂŵ ϳ͘Ϭϱϱ͘ϴϱϳ͘ϬϭϬ ϳ͘Ϭϲϱ͘ϯϰϬ͘ϳϯϱ
>ĂďĂWĞƌ^ĂŚĂŵĂƐĂƌ;ZƵƉŝĂŚWĞŶƵŚͿ ϳϱ͕ϳϮ ϳϱ͕Ϭϯ
ŝǀŝĚĞŶWĞƌ^ĂŚĂŵĂƐĂƌ;ZƵƉŝĂŚWĞŶƵŚͿ ϭϱ͕ϵϵ ϭϱ͕ϬϬ
Z^/K< hE'EW Ed/E'
ϯϭĞƐĞŵďĞƌ
hƌĂŝĂŶ
ϮϬϮϱ ϮϬϮϰ
Z^/KW ZdhDh,E
WĞŶũƵĂůĂŶĚĂŶWĞŶĚĂƉĂƚĂŶhƐĂŚĂ ;ϯ͕ϬϯйͿ ;ϱ͕ϮϮйͿ
>ĂďĂdĂŚƵŶĞƌũĂůĂŶ Ϭ͕ϳϵй ϲ͕ϰϯй
:ƵŵůĂŚƐĞƚ ϲ͕Ϭϰй ϰ͕Ϭϲй
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ ;ϯ͕ϵϲйͿ ;ϯ͕ϬϯйͿ
:ƵŵůĂŚ ŬƵŝƚĂƐ ϭϮ͕ϰϴй ϵ͕Ϯϭй
Z^/Kh^,
>ĂďĂ<ŽƚŽƌͬWĞŶũƵĂůĂŶĚĂŶWĞŶĚĂƉĂƚĂŶhƐĂŚĂ ϭϵ͕Ϭϱй ϭϴ͕Ϭϴй
>ĂďĂdĂŚƵŶĞƌũĂůĂŶͬWĞŶũƵĂůĂŶĚĂŶWĞŶĚĂƉĂƚĂŶhƐĂŚĂ ϵ͕ϬϬй ϴ͕ϲϲй
>ĂďĂdĂŚƵŶĞƌũĂůĂŶͬĞďĂŶhƐĂŚĂ ϭϲϳ͕ϴϮй ϭϴϲ͕Ϭϱй
>ĂďĂdĂŚƵŶĞƌũĂůĂŶͬ:ƵŵůĂŚƐĞƚ;ZKͿ ϲ͕Ϭϳй ϲ͕ϯϵй
>ĂďĂdĂŚƵŶĞƌũĂůĂŶͬ:ƵŵůĂŚ ŬƵŝƚĂƐ;ZK Ϳ ϵ͕ϰϮй ϭϬ͕ϱϭй
Z^/K< hE'E
ƐĞƚ>ĂŶĐĂƌͬ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ;ƵƌƌĞŶƚƌĂƚŝŽͿ ϯ͕Ϭϵdž ϯ͕Ϯϲdž
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐͬ:ƵŵůĂŚ ŬƵŝƚĂƐ;ĞďƚƚŽ ƋƵŝƚLJƌĂƚŝŽͿ Ϭ͕ϱϱdž Ϭ͕ϲϰdž
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐͬ:ƵŵůĂŚƐĞƚ;ĞďƚƚŽƐƐĞƚƌĂƚŝŽͿ Ϭ͕ϯϲdž Ϭ͕ϯϵdž
/ŶƚĞƌĞƐƚŽǀĞƌĂŐĞZĂƚŝŽ;/ZͿ;ϭͿ ϱ͕ϴϮdž ϳ͕ϮϬdž
Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ;^ZͿ;ϮͿ ϭ͕ϰϯdž Ϯ͕ϴϵdž
<ĞƚĞƌĂŶŐĂŶ͗
;ϭͿ /ŶƚĞƌĞƐƚŽǀĞƌĂŐĞZĂƚŝŽс /dͬ/ŶƚĞƌĞƐƚ džƉĞŶƐĞ
;ϮͿ Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽс /dͬ;ƵƌƌĞŶƚWŽƌƚŝŽŶŽĨ>ŽŶŐͲdĞƌŵĞďƚн/ŶƚĞƌĞƐƚ džƉĞŶƐĞͿ
WĞƌŚŝƚƵŶŐĂŶĂƚĂƐ/ŶƚĞƌĞƐƚŽǀĞƌĂŐĞZĂƚŝŽĚĂŶĞďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hƌĂŝĂŶ
ϮϬϮϱ ϮϬϮϰ
ĞďĂŶWĞŶLJƵƐƵƚĂŶ;ĞƉƌĞĐŝĂƚŝŽŶͿ ϭϭϳ͘ϱϬϯ ϭϲϱ͘Ϭϰϳ
ĞďĂŶŬĞƵĂŶŐĂŶ;/ŶƚĞƌĞƐƚ džƉĞŶƐĞͿ ϭϲϰ͘Ϭϵϵ ϭϯϱ͘ϳϲϬ
ŵŽƌƚŝƐĂƐŝ;ŵŽƌƚŝnjĂƚŝŽŶͿ ϭ͘ϰϯϮ ϭ͘ϲϴϮ
WĂũĂŬ;dĂdžͿ ϭϯϴ͘ϮϳϬ ϭϰϱ͘ϱϮϲ
>ĂďĂďĞƌƐŝŚ;EĞƚ/ŶĐŽŵĞͿ ϱϯϰ͘Ϯϭϲ ϱϯϬ͘Ϭϲϯ
dŽƚĂů /d ϵϱϱ͘ϱϮϬ ϵϳϴ͘Ϭϳϴ
ƵƌƌĞŶƚWŽƌƚŝŽŶŽĨ>ŽŶŐͲdĞƌŵĞďƚ ϱϬϯ͘ϲϬϰ ϮϬϮ͘ϳϵϭ
/ŶƚĞƌĞƐƚŽǀĞƌĂŐĞZĂƚŝŽ;/ZͿ
dŽƚĂů /dͬ/ŶƚĞƌĞƐƚ džƉĞŶƐĞ ϱ͕ϴϮdž ϳ͕ϮϬdž
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ϯϭĞƐĞŵďĞƌ
hƌĂŝĂŶ
ϮϬϮϱ ϮϬϮϰ
Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ;^ZͿ
dŽƚĂů /dͬ
ϭ͕ϰϯdž Ϯ͕ϴϵdž
;ƵƌƌĞŶƚWŽƌƚŝŽŶŽĨ>ŽŶŐͲdĞƌŵĞďƚн/ŶƚĞƌĞƐƚ džƉĞŶƐĞͿ
Z^/K< hE'EW Ed/E'zE'/W Z^zZd<E>D&^/>/d^<Z /d
ϯϭĞƐĞŵďĞƌ
hƌĂŝĂŶ WĞƌƐLJĂƌĂƚĂŶ
ϮϬϮϱ ϮϬϮϰ
ƐĞƚ>ĂŶĐĂƌͬ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ
ŵŝŶ͘ϭdž ϯ͕Ϭϵdž ϯ͕Ϯϲdž
;ƵƌƌĞŶƚƌĂƚŝŽͿ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐͬ:ƵŵůĂŚ ŬƵŝƚĂƐ
ŵĂŬƐ͘Ϯ͕ϱdž Ϭ͕ϱϱdž Ϭ͕ϲϰdž
;ĞďƚƚŽ ƋƵŝƚLJƌĂƚŝŽͿ
Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ;ϭͿ ŵŝŶ͘ϭdž ϭ͕ϰϯdž Ϯ͕ϴϵdž
>ĂďĂdĂŚƵŶĞƌũĂůĂŶͬWĞŶũƵĂůĂŶĚĂŶ
ƉŽƐŝƚŝĨ ϵ͕ϬϬй ϴ͕ϲϲй
WĞŶĚĂƉĂƚĂŶhƐĂŚĂ;EĞƚWƌŽĨŝƚDĂƌŐŝŶͿ
'ĞĂƌŝŶŐZĂƚŝŽ;ϮͿ ŵĂŬƐ͘Ϯ͕ϱdž Ϭ͕ϰϮdž Ϭ͕ϰϵdž
<ĞƚĞƌĂŶŐĂŶ͗
;ϭͿ Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽс /dͬ;ƵƌƌĞŶƚWŽƌƚŝŽŶŽĨ>ŽŶŐͲdĞƌŵĞďƚн/ŶƚĞƌĞƐƚ džƉĞŶƐĞͿ
;ϮͿ 'ĞĂƌŝŶŐZĂƚŝŽсĂŶŬĞďƚн>ĞĂƐŝŶŐͬ ƋƵŝƚLJ
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƐĞůƵƌƵŚƌĂƐŝŽŬĞƵĂŶŐĂŶLJĂŶŐĚŝƉĞƌƐLJĂƌĂƚŬĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚĂŶŬďĞƐĞƌƚĂ
ƉĞŵĞŶƵŚĂŶŶLJĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WdĂŶŬĞŶƚƌĂůƐŝĂdďŬ;Ϳ
ϯϭĞƐĞŵďĞƌ
WĞƌƐLJĂƌĂƚĂŶ ϮϬϮϱ
ƐĞƚ>ĂŶĐĂƌͬ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ;ƵƌƌĞŶƚƌĂƚŝŽͿ ŵŝŶ͘ϭdž ϯ͕Ϭϵdž
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐͬ:ƵŵůĂŚ ŬƵŝƚĂƐ;ĞďƚƚŽ ƋƵŝƚLJƌĂƚŝŽͿ ŵĂŬƐ͘Ϯ͕ϱdž Ϭ͕ϱϱdž
Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ ŵŝŶ͘ϭdž ϭ͕ϰϯdž
WdĂŶŬ//ŶĚŽŶĞƐŝĂ;/Ϳ
ϯϭĞƐĞŵďĞƌ
WĞƌƐLJĂƌĂƚĂŶ ϮϬϮϱ
'ĞĂƌŝŶŐZĂƚŝŽ ŵĂŬƐ͘ϯ͕Ϯϱdž Ϭ͕ϰϮdž
WdĂŶŬ^D/ŶĚŽŶĞƐŝĂdďŬ
ϯϭĞƐĞŵďĞƌ
WĞƌƐLJĂƌĂƚĂŶ ϮϬϮϱ
ƐĞƚ>ĂŶĐĂƌͬ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ;ƵƌƌĞŶƚƌĂƚŝŽͿ ŵŝŶ͘ϭdž ϯ͕Ϭϵdž
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐͬ:ƵŵůĂŚ ŬƵŝƚĂƐ;ĞďƚƚŽ ƋƵŝƚLJƌĂƚŝŽͿ ŵĂŬƐ͘ϯ͕ϱdž Ϭ͕ϱϱdž
WdĂŶŬĂŶĂŵŽŶ/ŶĚŽŶĞƐŝĂdďŬ;ĂŶĂŵŽŶͿ
ϯϭĞƐĞŵďĞƌ
WĞƌƐLJĂƌĂƚĂŶ ϮϬϮϱ
'ĞĂƌŝŶŐZĂƚŝŽ ŵĂŬƐ͘Ϯ͕ϱdž Ϭ͕ϰϮdž
WdĂŶŬ^ŚŝŶŚĂŶ/ŶĚŽŶĞƐŝĂ;^ŚŝŶŚĂŶͿ
ϯϭĞƐĞŵďĞƌ
WĞƌƐLJĂƌĂƚĂŶ ϮϬϮϱ
ƐĞƚ>ĂŶĐĂƌͬ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ;ƵƌƌĞŶƚƌĂƚŝŽͿ ŵŝŶ͘ϭdž ϯ͕Ϭϵdž
'ĞĂƌŝŶŐZĂƚŝŽ ŵĂŬƐ͘ϯ͕Ϯϱdž Ϭ͕ϰϮdž
Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ ŵŝŶ͘ϭdž ϭ͕ϰϯdž
WĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ƌĂƐŝŽ ŬĞƵĂŶŐĂŶ LJĂŶŐ ĚŝƉĞƌƐLJĂƌĂƚŬĂŶ ĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶƉĞƌǁĂůŝĂŵĂŶĂƚĂŶƵŶƚƵŬKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐƚĞůĂŚĚŝƚĞƌďŝƚŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
s͘ ANALISIS DAN PEMBAHASAN OLEH MANAJEMEN
ŶĂůŝƐŝƐĚĂŶƉĞŵďĂŚĂƐĂŶŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶƐĞƌƚĂŚĂƐŝůŽƉĞƌĂƐŝWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬĚĂůĂŵďĂďŝŶŝ
ŚĂƌƵƐĚŝďĂĐĂďĞƌƐĂŵĂͲƐĂŵĂĚĞŶŐĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝĂŶWĞƌƐĞƌŽĂŶďĞƐĞƌƚĂĐĂƚĂƚĂŶĂƚĂƐůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘
WĞŵďĂŚĂƐĂŶĚĂůĂŵďĂďͬƐƵďďĂďŝŶŝĚĂƉĂƚŵĞŶŐĂŶĚƵŶŐƉĞƌŶLJĂƚĂĂŶLJĂŶŐŵĞŶŐŐĂŵďĂƌŬĂŶŬĞĂĚĂĂŶĚŝŵĂƐĂ
ŵĞŶĚĂƚĂŶŐ ;ĨŽƌǁĂƌĚ ůŽŽŬŝŶŐ ƐƚĂƚĞŵĞŶƚͿ ĚĂŶ ŵĞƌĞĨůĞŬƐŝŬĂŶ ƉĂŶĚĂŶŐĂŶ ŵĂŶĂũĞŵĞŶ ďĞƌĚĂƐĂƌŬĂŶ ďĞƌďĂŐĂŝ
ĂƐƵŵƐŝƉĂĚĂƐĂĂƚŝŶŝĚĂŶŵĂƐĂĚĞƉĂŶďĞƌŬĞŶĂĂŶĚĞŶŐĂŶŚĂƐŝůĚĂŶŬŝŶĞƌũĂŬĞƵĂŶŐĂŶĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐLJĂŶŐ
ƉĞŶĐĂƉĂŝĂŶĂŬƚƵĂůWĞƌƐĞƌŽĂŶĚĂƉĂƚďĞƌďĞĚĂƐĞĐĂƌĂŵĂƚĞƌŝĂůĂŶƚĂƌĂůĂŝŶ͕ŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ͕ŚĂůͲŚĂů
LJĂŶŐ ĚŝďĂŚĂƐ ƉĂĚĂ ďĂŐŝĂŶ ĚĂƌŝ Ăď s ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚĞŶŐĂŶ judul “Analisis dan Pembahasan oleh
Manajemen.” Pada saat membaca forward looking statement, calon investor harus mempertimbangkan dengan
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ĚĂƉĂƚŵĞŶLJĞďĂďŬĂŶŚĂƐŝůƵƐĂŚĂ'ƌƵƉĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐŵƵŶŐŬŝŶďĞƌďĞĚĂƐĞĐĂƌĂŵĂƚĞƌŝĚĂŶůĞďŝŚďƵƌƵŬĚĂƌŝ
LJĂŶŐ ĚŝŚĂƌĂƉŬĂŶ͘ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵďƵĂƚ ƉĞƌŶLJĂƚĂĂŶ͕ ũĂŵŝŶĂŶ͕ ĂƚĂƵ ƉƌĞĚŝŬƐŝ ĂƉĂƉƵŶ ďĂŚǁĂ ŚĂƐŝů LJĂŶŐ
ĚŝĂŶƚŝƐŝƉĂƐŝŽůĞŚĨŽƌǁĂƌĚůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƚĞƌƐĞďƵƚĂŬĂŶƚĞƌĐĂƉĂŝ͘
/ŶĨŽƌŵĂƐŝLJĂŶŐĚŝƐĂũŝŬĂŶďĞƌŝŬƵƚŝŶŝďĞƌĂƐĂůĚĂŶͬĂƚĂƵĚŝŚŝƚƵŶŐďĞƌĚĂƐĂƌŬĂŶŝŶĨŽƌŵĂƐŝŬĞƵĂŶŐĂŶLJĂŶŐĚŝĂŵďŝůĚĂƌŝ
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ĚŝƐĂũŝŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝ/ŶĚŽŶĞƐŝĂ͘
>ĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ŬŽŶƐŽůŝĚĂƐŝĂŶ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ĚĂŶ ϮϬϮϰ LJĂŶŐ ƚĞůĂŚ ĚŝĂƵĚŝƚ ŽůĞŚ <ĂŶƚŽƌ
ŬƵŶƚĂŶ WƵďůŝŬ <ĂŶĂŬĂ WƵƌĂĚŝƌĞĚũĂ͕ ^ƵŚĂƌƚŽŶŽ (KPS) member of “Nexia International” network dengan opini Tanpa
DŽĚŝĨŝŬĂƐŝĂŶĚĂůĂŵůĂƉŽƌĂŶŶLJĂEŽ͘ϬϬϮϮϰͬϯ͘Ϭϯϱϳͬh͘ϭͬϬϰͬϬϳϱϭͲϭͬϭͬ/sͬϮϬϮϲƚĂŶŐŐĂůϮϭƉƌŝůϮϬϮϲ͘ƵĚŝƚĚŝůĂŬƐĂŶĂŬĂŶ
ƐĞƐƵĂŝ ĚĞŶŐĂŶ ^ƚĂŶĚĂƌĚ ƵĚŝƚ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ /ŶƐƚŝƚƵƚ ŬƵŶƚĂŶ WƵďůŝŬ /ŶĚŽŶĞƐŝĂ ;/W/Ϳ͘ >ĂƉŽƌĂŶ ĂƵĚŝƚ ƚĞƌƐĞďƵƚ
ĚŝƚĂŶĚĂƚĂŶŐĂŶ ŽůĞŚ ĚĞLJĂŶĂ tŝĚũĂũĂ ;ZĞŬĂŶ ƉĂĚĂ <W <W^ ĚĞŶŐĂŶ /ũŝŶ W
EŽ͘ϬϳϱϭͿ͘
dŝĚĂŬĂĚĂƉĞƌƵďĂŚĂŶŬĞďŝũĂŬĂŶĂŬƵŶƚĂŶƐŝŵĂƚĞƌŝĂůĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵϮƚĂŚƵŶďƵŬƵƚĞƌĂŬŚŝƌLJĂŶŐďĞƌĚĂŵƉĂŬ
ƚĞƌŚĂĚĂƉƉĞƌƵďĂŚĂŶŬŝŶĞƌũĂŬĞƵĂŶŐĂŶƉĞƌƵƐĂŚĂĂŶ͘
ϭ͘ hDhD
^ĞƐƵĂŝĚĞŶŐĂŶŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZĂƉĂƚWd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJKĨ/ŶĚŽŶĞƐŝĂdďŬĚŝƐŝŶŐŬĂƚWd^ƉŝŶĚŽ
dďŬEŽ͘ϰϭƚĂŶŐŐĂůϮϴ:ƵŶŝϮϬϮϰ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ'ĂƚŽƚtŝĚŽĚŽ͕^͘ ͕͘^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂWƵƐĂƚ͕LJĂŶŐ
ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ŽůĞŚ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ <ĞƉƵƚƵƐĂŶ
EŽ͘,hͲϬϬϯϵϭϵϲ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϮϰƚĂŶŐŐĂůϮ:ƵůŝϮϬϮϰ͕ĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝ
DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƚĞƌŝŵĂ ĚĂŶ ĚŝĐĂƚĂƚ ƉĂĚĂ ƚĂŶŐŐĂů Ϯ :Ƶůŝ ϮϬϮϰ ĚĞŶŐĂŶ
EŽ͘,hͲ,͘Ϭϭ͘ϬϵͲϬϮϮϬϳϭϱ͕ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ EŽ͘,hͲϬϭϯϭϬϳϮ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϮϰ
tanggal 2 Juli 2024, (“ŬƚĂϰϭͬϮϬϮϰ”)͕ŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƐĞƌƚĂŬĞŐŝĂƚĂŶƵƐĂŚĂ ŶƚŝƚĂƐĂĚĂůĂŚďĞƌƵƐĂŚĂĚĂůĂŵ
ďŝĚĂŶŐŝŶĚƵƐƚƌŝĚĂŶƉĞƌĚĂŐĂŶŐĂŶ͘WĞƌƐĞƌŽĂŶŵƵůĂŝďĞƌŽƉĞƌĂƐŝƐĞĐĂƌĂŬŽŵĞƌƐŝĂůƉĂĚĂƚĂŚƵŶϭϵϳϮ͘WĞƌƐĞƌŽĂŶƐĂĂƚ
ŝŶŝ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐŝŶĚƵƐƚƌŝ ƉŝƉĂ ďĂũĂ͕ LJĂŝƚƵ ŵĞƌĂŶĐĂŶŐ ĚĂŶ ŵĞŵƉƌŽĚƵŬƐŝ ďĞƌďĂŐĂŝ
ŵĂĐĂŵƉƌŽĚƵŬƉŝƉĂďĂũĂďĞƌĚĂƐĂƌŬĂŶŬĂƚĞŐŽƌŝ͕LJĂŶŐĚŝďƵĂƚƵŶƚƵŬŵĞŵĞŶƵŚŝƉĞƐĂŶĂŶĚĂŶƵŶƚƵŬƉĞƌƐĞĚŝĂĂŶ͕
LJĂŶŐŵĞůŝƉƵƚŝƉƌŽĚƵŬƐŝďĞƌďĂŐĂŝũĞŶŝƐƉŝƉĂLJĂŶŐĚŝďƵĂƚĚĂƌŝŬĂƌďŽŶŚŽƚƌŽůůĞĚ͕ĐŽůĚƌŽůůĞĚĚĂŶƐƚĂŝŶůĞƐƐƐƚĞĞů͘,ĂƐŝů
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ůĂŝŶͲůĂŝŶ͘
,ŝŶŐŐĂWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝϭ;ƐĂƚƵͿ<ĂŶƚŽƌWƵƐĂƚĚŝ:ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ^ƵƌĂďĂLJĂ
ĚĂŶϯ;ƚŝŐĂͿƉĂďƌŝŬďĞƌůŽŬĂƐŝĚŝ^ƵƌĂďĂLJĂ͕ϭ;ƐĂƚƵͿƉĂďƌŝŬĚŝ^ŝĚŽĂƌũŽ͕ϭ;ƐĂƚƵͿƉĂďƌŝŬĚŝWĂƐƵƌƵĂŶ͕ϭ;ƐĂƚƵͿƉĂďƌŝŬ
Ěŝ<ĂƌĂǁĂŶŐĚĂŶϭ;ƐĂƚƵͿĚŝ'ƌĞƐŝŬ͘
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Ϯ͘ E>/^/^< hE'E
<ŽŵƉŽŶĞŶ<ƵŶĐŝ>ĂƉŽƌĂŶ>ĂďĂZƵŐŝ
Ă͘ WĞŶũƵĂůĂŶĚĂŶWĞŶĚĂƉĂƚĂŶ:ĂƐĂ
WĞŶũƵĂůĂŶĚĂŶƉĞŶĚĂƉĂƚĂŶũĂƐĂƚĞƌĚŝƌŝĚĂƌŝƉĞŶĚĂƉĂƚĂŶĚĂƌŝƉĞŶũƵĂůĂŶďĞƌďĂŐĂŝũĞŶŝƐƉŝƉĂďĂũĂƉĞŶĚĂƉĂƚĂŶĂƚĂƐ
ũĂƐĂƉƌŽƐĞƐƉĞŵŽƚŽŶŐĂŶĐŽŝů͕ũĂƐĂƉƌŽƐĞƐƉĞůĂƉŝƐĂŶƉŝƉĂĚĂŶũĂƐĂƉĞŵďƵĂƚĂŶƉŝƉĂ;ƚŽŽůŝŶŐͿ͘
dĂďĞů ďĞƌŝŬƵƚ ŵĞŶƵŶũƵŬŬĂŶ ƉĞŶŐĞůŽŵƉŽŬĂŶ ƉĞŶũƵĂůĂŶ ĚĂŶ ƉĞŶĚĂƉĂƚĂŶ ũĂƐĂ ƵŶƚƵŬ ďĞƌĚĂƐĂƌŬĂŶ ůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
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WŝƉĂƐƉŝƌĂů ϭ͘ϭϰϰ͘ϲϯϵ ϭ͘ϬϮϮ͘ϴϲϬ
WŝƉĂŵĞŬĂŶŝƐ ϵϮϱ͘ϮϬϬ ϵϴϯ͘ϰϭϵ
WŝƉĂĂŝƌ ϳϵϲ͘ϳϯϬ ϴϯϯ͘ϰϵϵ
WŝƉĂƉĞƌĂďŽƚ ϲϯϰ͘ϲϲϬ ϳϭϵ͘ϭϳϭ
^ƚƌŝƉΘWůĂƚ ϲϲϱ͘ϳϯϲ ϱϵϬ͘Ϯϵϵ
WŝƉĂƐƚĂŝŶůĞƐƐ Ϯϳϱ͘ϱϱϯ ϯϬϭ͘ϲϴϵ
dŝĂŶŐ ϭϲϯ͘ϮϬϭ ϮϮϱ͘ϳϯϭ
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^ƵďͲũƵŵůĂŚ ϱ͘ϳϰϵ͘ϭϮϯ ϱ͘ϵϰϭ͘ϰϯϱ
ŬƐƉŽƌ
WŝƉĂŚŝƚĂŵ ϭϯϲ͘ϭϱϴ ϭϯϵ͘ϯϮϳ
WŝƉĂĂŝƌ ϰϰ͘ϲϵϰ ϯϱ͘ϯϮϴ
WŝƉĂƐƉŝƌĂů Ͳ Ϯϳϲ
:ĂƐĂΘ>ĂŝŶͲůĂŝŶ Ϯ͘ϴϮϮ ϭ͘ϵϵϴ
^ƵďͲũƵŵůĂŚ ϭϴϯ͘ϲϳϰ ϭϳϲ͘ϵϮϵ
:ƵŵůĂŚ ϱ͘ϵϯϮ͘ϳϵϳ ϲ͘ϭϭϴ͘ϯϲϰ
ď͘ ĞďĂŶWŽŬŽŬWĞŶĚĂƉĂƚĂŶ
ĞďĂŶƉŽŬŽŬƉĞŶũƵĂůĂŶƚĞƌĚŝƌŝĚĂƌŝďŝĂLJĂůĂŶŐƐƵŶŐLJĂŶŐĚŝŬĞůƵĂƌŬĂŶĚĂůĂŵƉĞŵďƵĂƚĂŶƉŝƉĂďĂũĂĚĂŶƉĞŶLJĞĚŝĂĂŶ
ůĂLJĂŶĂŶ͘ŝĂLJĂŝŶŝƚĞƌƵƚĂŵĂƚĞƌĚŝƌŝĚĂƌŝďŝĂLJĂďĂŚĂŶďĂŬƵ͕ƐĞƌƚĂƚĞŶĂŐĂŬĞƌũĂůĂŶŐƐƵŶŐĚĂŶďŝĂLJĂŵĂŶƵĨĂŬƚƵƌ͘
ĞďĂŶ ƉŽŬŽŬ ƉĞŶũƵĂůĂŶ ũƵŐĂ ŵĞŶĐĂŬƵƉ ƉĞŶLJĞƐƵĂŝĂŶ ƵŶƚƵŬ ƉĞƌƵďĂŚĂŶ ĚĂůĂŵ ƚŝŶŐŬĂƚ ďĂƌĂŶŐ ũĂĚŝ LJĂŶŐ
ĚŝƉƌŽĚƵŬƐŝ͕ƚĞƚĂƉŝƚŝĚĂŬƚĞƌũƵĂůƐĞůĂŵĂƉĞƌŝŽĚĞƉĞůĂƉŽƌĂŶ͘
Đ͘ WĞŶĚĂƉĂƚĂŶ>ĂŝŶͲůĂŝŶ
WĞŶĚĂƉĂƚĂŶůĂŝŶͲůĂŝŶƚĞƌĚŝƌŝĚĂƌŝƉĞŶũƵĂůĂŶďĂƌĂŶŐĂĨǀĂůĂŶ͕ƉĞŶĚĂƉĂƚĂŶũĂƐĂŐŝƌŽ͕ĚĂŶůĂŝŶͲůĂŝŶ͘
Ě͘ ĞďĂŶWĞŶũƵĂůĂŶĚĂŶŝƐƚƌŝďƵƐŝ
ĞďĂŶ ƉĞŶũƵĂůĂŶ ĚĂŶ ĚŝƐƚƌŝďƵƐŝ WĞƌƐĞƌŽĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ ďŝĂLJĂ ĞŬƐƉŽƌ ĚĂŶ ƉĞŶŐŝƌŝŵĂŶ͕ ŬŽŵŝƐŝ ĚĂŶ ŬůĂŝŵ LJĂŶŐ
ĚŝďĂLJĂƌŬĞƉĂĚĂƉŝŚĂŬŬĞƚŝŐĂ͕ŐĂũŝĚĂŶƚƵŶũĂŶŐĂŶƵŶƚƵŬƐƚĂĨƉĞŶũƵĂůĂŶ͕ďŝĂLJĂŝŬůĂŶĚĂŶũĂŵƵĂŶ͕ĚĂŶďŝĂLJĂůĂŝŶŶLJĂ͘
Ğ͘ ĞďĂŶhŵƵŵĚĂŶĚŵŝŶŝƐƚƌĂƐŝ
ĞďĂŶ ƵŵƵŵ ĚĂŶ ĂĚŵŝŶŝƐƚƌĂƐŝ ƚĞƌĚŝƌŝ ĚĂƌŝ ŐĂũŝ ĚĂŶ ƚƵŶũĂŶŐĂŶ͕ ŝŵďĂůĂŶ ƉĂƐĐĂ ŬĞƌũĂ͕ ĂŵŽƌƚŝƐĂƐŝ ĂŬƚŝǀĂ ƚŝĚĂŬ
ďĞƌǁƵũƵĚ͕ũĂƐĂŵĂŶĂũĞŵĞŶ͕ƉĞƌďĂŝŬĂŶĚĂŶƉĞŵĞůŝŚĂƌĂĂŶ͕ŚŽŶŽƌĂƌŝƵŵƚĞŶĂŐĂĂŚůŝ͕ƉĞŶĐĂĚĂŶŐĂŶƉŝƵƚĂŶŐƚŝĚĂŬ
ƚĞƌƚĂŐŝŚ͕ƉĞŶLJƵƐƵƚĂŶ͕ĚĂŶďŝĂLJĂůĂŝŶŶLJĂ͘
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Ĩ͘ ĞďĂŶ<ĞƵĂŶŐĂŶ
ĞďĂŶ ŬĞƵĂŶŐĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ ƉƌŽǀŝƐŝ ĚĂŶ ĂĚŵŝŶŝƐƚƌĂƐŝ ďĂŶŬ ͕ďĞďĂŶ ďƵŶŐĂ ĂƚĂƐ ĨĂƐŝůŝƚĂƐ ďĂŶŬ ĚĂŶ ďƵŶŐĂ ƐĞǁĂ
ƉĞŵďŝĂLJĂĂŶ
Ő͘ ĞďĂŶ>ĂŝŶͲůĂŝŶ
ĞďĂŶ ůĂŝŶͲůĂŝŶ ƚĞƌĚŝƌŝ ĚĂƌŝ ŬĞƌƵŐŝĂŶ ƐĞůŝƐŝŚ ŬƵƌƐ͕ ďĞďĂŶ ƉĞŶƵƌƵŶĂŶ ŶŝůĂŝ ƉĞƌƐĞĚŝĂĂŶ ͕ ďĞďĂŶ ƉĞŵďƵŬĂĂŶ ĚĂŶ
ĂŬƐĞƉƚĂƐŝ>ĞƚƚĞƌŽĨƌĞĚŝƚĚĂŶďĞďĂŶůĂŝŶůĂŝŶ
Ś͘ DĂŶĨĂĂƚ;ĞďĂŶͿWĂũĂŬ
DĂŶĨĂĂƚ ;ďĞďĂŶͿ ƉĂũĂŬ ƚĞƌĚŝƌŝ ĚĂƌŝ ƉĂũĂŬ ŬŝŶŝ ĚŝŬƵƌĂŶŐŝ ŵĂŶĨĂĂƚ ;ďĞďĂŶͿ ƉĂũĂŬ ƚĂŶŐŐƵŚĂŶ͘ ĞďĂŶ ƉĂũĂŬ ŬŝŶŝ
ĚŝŚŝƚƵŶŐďĞƌĚĂƐĂƌŬĂŶůĂďĂŬĞŶĂƉĂũĂŬƚĂŚƵŶ ďĞƌũĂůĂŶĚŝŚŝƚƵŶŐĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶƚĂƌŝĨƉĂũĂŬLJĂŶŐďĞƌůĂŬƵ
ƵŶƚƵŬ ƉĞƌŝŽĚĞ ĚŝŵĂŶĂ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶĐĂƚĂƚ ƉĂũĂŬ ŬŝŶŝ ŬĂƌĞŶĂ ƌƵŐŝ ĨŝƐŬĂů͘ ƐĞƚ ĚĂŶ ŬĞǁĂũŝďĂŶ ƉĂũĂŬ
ƚĂŶŐŐƵŚĂŶĚŝĂŬƵŝĂƚĂƐŬŽŶƐĞŬƵĞŶƐŝƉĂũĂŬƉĞƌŝŽĚĞŵĞŶĚĂƚĂŶŐLJĂŶŐƚŝŵďƵůĚĂƌŝƉĞƌďĞĚĂĂŶũƵŵůĂŚƚĞƌĐĂƚĂƚĂƐĞƚ
ĚĂŶŬĞǁĂũŝďĂŶĚĞŶŐĂŶĚĂƐĂƌƉĞŶŐĞŶĂĂŶƉĂũĂŬ͘
ŝ͘ WĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ>ĂŝŶŶLJĂ
WĞŶŐŚĂƐŝůĂŶŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶŶLJĂƚĞƌĚŝƌŝĚĂƌŝƐƵƌƉůƵƐƌĞǀĂůƵĂƐŝƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝƉĂũĂŬ͘^ƵƌƉůƵƐƌĞǀĂůƵĂƐŝďĞƌĂƐĂů
ĚĂƌŝƌĞǀĂůƵĂƐŝƚĂŶĂŚ͕ďĂŶŐƵŶĂŶĚĂŶƉƌĂƐĂƌĂŶĂ͕ŵĞƐŝŶĚĂŶƉĞƌĂůĂƚĂŶ͘ŝŵĂŶĂƉĞŶŝůĂŝĂŶŬĞŵďĂůŝĂƐĞƚƚĞƚĂƉLJĂŶŐ
ĚŝũƵĂů͕ƐĞďĂŐŝĂŶĚĂƌŝƐƵƌƉůƵƐƌĞǀĂůƵĂƐŝLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶƉƌŽƉĞƌƚŝ͕ƉĂďƌŝŬĚĂŶƉĞƌĂůĂƚĂŶƐĞĐĂƌĂĞĨĞŬƚŝĨ
ƚĞƌĞĂůŝƐĂƐŝĚĂŶĚŝƚƌĂŶƐĨĞƌůĂŶŐƐƵŶŐŬĞƐĂůĚŽůĂďĂ͘
<ŽŵƉŽŶĞŶͲŬŽŵƉŽŶĞŶƉĞŶƚŝŶŐĚĂƌŝƉĞŶĚĂƉĂƚĂŶĂƚĂƵďĞďĂŶůĂŝŶŶLJĂ
▪ <ĞƵŶƚƵŶŐĂŶ;ŬĞƌƵŐŝĂŶͿ^ĞůŝƐŝŚ<ƵƌƐͲĞƌƐŝŚ
WĞŵďƵŬƵĂŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ͘dƌĂŶƐĂŬƐŝͲƚƌĂŶƐĂŬƐŝƐĞůĂŵĂƚĂŚƵŶ
ďĞƌũĂůĂŶĚĂůĂŵŵĂƚĂƵĂŶŐĂƐŝŶŐĚŝĐĂƚĂƚĚĞŶŐĂŶŬƵƌƐLJĂŶŐďĞƌůĂŬƵƉĂĚĂƐĂĂƚƚĞƌũĂĚŝŶLJĂƚƌĂŶƐĂŬƐŝ͘WĂĚĂƚĂŶŐŐĂůŶĞƌĂĐĂ͕ĂƐĞƚ
ĚĂŶŬĞǁĂũŝďĂŶŵŽŶĞƚĞƌĚĂůĂŵŵĂƚĂƵĂŶŐĂƐŝŶŐĚŝƐĞƐƵĂŝŬĂŶƵŶƚƵŬŵĞŶĐĞƌŵŝŶŬĂŶŬƵƌƐLJĂŶŐďĞƌůĂŬƵƉĂĚĂƚĂŶŐŐĂůƚĞƌƐĞďƵƚ͘
<ĞƵŶƚƵŶŐĂŶĂƚĂƵŬĞƌƵŐŝĂŶŬƵƌƐLJĂŶŐƚŝŵďƵůĚŝŬƌĞĚŝƚŬĂŶĂƚĂƵĚŝďĞďĂŶŬĂŶƉĂĚĂƵƐĂŚĂƚĂŚƵŶďĞƌũĂůĂŶ͘
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͕ ŬƵƌƐ LJĂŶŐĚŝŐƵŶĂŬĂŶ LJĂŶŐ ŵĞƌƵƉĂŬĂŶƌĂƚĂͲƌĂƚĂ ŬƵƌƐďĞůŝĚĂŶ ŬƵƌƐũƵĂů LJĂŶŐ
ĚŝƉƵďůŝŬĂƐŝŬĂŶƚĞƌŬĂŚŝƌƉĂĚĂƚĂŚƵŶƚĞƌƐĞďƵƚƵŶƚƵŬƵĂŶŐŬĞƌƚĂƐĚĂŶŬƵƌƐƚƌĂŶƐĂŬƐŝĂŶŬ/ŶĚŽŶĞƐŝĂŵĂƐŝŶŐͲŵĂƐŝŶŐƵŶƚƵŬϭ
h^ĂĚĂůĂŚZƉϭϲ͘ϱϬϰĚĂŶZƉϭϱ͘ϵϬϲ͘
▪ ĞďĂŶƵŶŐĂ
WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƉŝŶũĂŵĂŶ ďĂŶŬ ĚĂŶ ƉŝŶũĂŵĂŶ ƐĞǁĂ ƉĞŵďŝĂLJĂĂŶ͘ WĞƌƐĞƌŽĂŶ ƐĞůĂůƵ ŵĞŶŐƵƉĂLJĂŬĂŶ ƉĞŶĂƌŝŬĂŶ ŬƌĞĚŝƚ
ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞďƵƚƵŚĂŶ ŽƉĞƌĂƐŝŽŶĂů͕ ŵĞŶĐĂƌŝ ƉĞŶĚĂŶĂĂŶ ĚĞŶŐĂŶ ƐƚƌƵŬƚƵƌ ďƵŶŐĂ LJĂŶŐ ůĞďŝŚ ƌĞŶĚĂŚ ƐĞƌƚĂ ŬŽŵďŝŶĂƐŝ
ƉŝŶũĂŵĂŶĚĞŶŐĂŶŵĂƚĂƵĂŶŐĂƐŝŶŐLJĂŶŐŵĞŵŝůŝŬŝƐƵŬƵďƵŶŐĂLJĂŶŐůĞďŝŚƌĞŶĚĂŚ͘WĞƌƐĞƌŽĂŶƐĞůĂůƵŵĞŵĂŶƚĂƵƐƵŬƵďƵŶŐĂ
LJĂŶŐĂĚĂďĂŝŬƵŶƚƵŬZƵƉŝĂŚŵĂƵƉƵŶŵĂƚĂƵĂŶŐĂƐŝŶŐ͘
dĂďĞůďĞƌŝŬƵƚŝŶŝŵĞŶƵŶũƵŬŬĂŶƐĞŶƐŝƚŝǀŝƚĂƐŬĞŵƵŶŐŬŝŶĂŶƉĞƌƵďĂŚĂŶƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂƉŝŶũĂŵĂŶ͘ĞŶŐĂŶĂƐƵŵƐŝǀĂƌŝĂďůĞ
ůĂŝŶŬŽŶƐƚĂŶ͕ůĂďĂƐĞďĞůƵŵďĞďĂŶƉĂũĂŬƉĞŶŐŚĂƐŝůĂŶĂŬĂŶůĞďŝŚƚŝŶŐŐŝ;ƌĞŶĚĂŚͿĂƉĂďŝůĂƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂŵĞŶŐĂŵďĂŶŐ
ŵĞŶŐĂůĂŵŝƉĞƌƵďĂŚĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
<ĞŶĂŝŬĂŶ ĚĂŶ WĞŶƵƌƵŶĂŶ
ĚĂůĂŵďĂƐŝƐƉŽŝŶ͗
ZƵƉŝĂŚ ;ϭϮϱͿ Ͳ
ĨĞŬ ƚĞƌŚĂĚĂƉ ůĂďĂ ƚĂŚƵŶ
ďĞƌũĂůĂŶĚĂŶĞŬƵŝƚĂƐ͗
ZƵƉŝĂŚ ;ϱ͘ϳϴϳͿ ϮϬ͘ϰϰϭ
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ϭ͘ϭ WĞƌƚƵŵďƵŚĂŶWĞŶĚĂƉĂƚĂŶĚĂŶĞďĂŶ
dĂďĞů ďĞƌŝŬƵƚ ŝŶŝ ŵĞŵƉĞƌůŝŚĂƚŬĂŶ ŬŽŵƉŽƐŝƐŝ ƉĞŶĚĂƉĂƚĂŶ ĚĂŶ ďĞďĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ WĞƌƵƐĂŚĂĂŶ ŶĂŬ ƵŶƚƵŬ
ďĞƌĚĂƐĂƌŬĂŶůĂŽƌĂŶŬĞƵĂŶŐĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͘
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
WĞŶũƵĂůĂŶĂŶWĞŶĚĂƉĂƚĂŶ:ĂƐĂ ϱ͘ϵϯϮ͘ϳϵϳ ϲ͘ϭϭϴ͘ϯϲϰ
ĞďĂŶWŽŬŽŬWĞŶĚĂƉĂƚĂŶ ;ϰ͘ϴϬϮ͘ϰϮϰͿ ;ϱ͘ϬϭϮ͘ϯϴϳͿ
WĞŶĚĂƉĂƚĂŶ>ĂŝŶͲ>ĂŝŶ ϭϭϴ͘ϲϵϳ ϭϮϭ͘ϴϳϯ
ĞďĂŶWĞŶũƵĂůĂŶĂŶŝƐƚƌŝďƵƐŝ ;ϭϵϮ͘ϯϭϬͿ ;ϭϱϵ͘ϲϰϲͿ
ĞďĂŶhŵƵŵĚĂŶĚŵŝŶŝƐƚƌĂƐŝ ;ϭϮϲ͘ϬϭϵͿ ;ϭϮϱ͘ϮϱϰͿ
ĞďĂŶ<ĞƵĂŶŐĂŶ ;ϮϬϯ͘ϵϵϭͿ ;ϮϭϬ͘ϴϯϮͿ
ĞďĂŶ>ĂŝŶͲůĂŝŶ ;ϱϰ͘ϮϲϰͿ ;ϱϲ͘ϱϮϵͿ
>d,hE Z:>E ϱϯϰ͘Ϯϭϲ ϱϯϬ͘Ϭϲϯ
WĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ>ĂŝŶdĂŚƵŶĞƌũĂůĂŶ^ĞƚĞůĂŚ ϮϭϮ͘ϯϭϯ ϭ͘ϯϮϮ
WĂũĂŬ
:hD>,><KDWZ , E^/&d,hE Z:>E ϳϰϲ͘ϰϮϵ ϱϯϭ͘ϯϴϱ
ŝǀŝĚĞŶWĞƌ^ĂŚĂŵĂƐĂƌ;ZƵƉŝĂŚWĞŶƵŚͿ ϭϱ͕ϵϵ ϭϱ͕ϬϬ
WĞŶũƵĂůĂŶĚĂŶWĞŶĚĂƉĂƚĂŶ:ĂƐĂ
dĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ
WĞŶũƵĂůĂŶ ĚĂŶ ƉĞŶĚĂƉĂƚĂŶ ũĂƐĂ WĞƌƐĞƌŽĂŶ ĚĂŶ WĞƌƵƐĂŚĂĂŶ ŶĂŬ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ ϭϴϱ͘ϱϲϳ ũƵƚĂ ĂƚĂƵ Ͳϯ͕Ϭϯй ŵĞŶũĂĚŝ ϱ͘ϵϯϮ͘ϳϵϳ ũƵƚĂ ďŝůĂ
ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ LJĂŶŐ ƐĞďĞƐĂƌ ϲ͘ϭϭϴ͘ϯϲϰ ũƵƚĂ͘
WĞŶƵƌƵŶĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂŵĞŶƵƌƵŶŶLJĂŚĂƌŐĂďĂŚĂŶďĂŬƵ,ŽƚͲZŽůůĞĚŽŝů;,ZͿLJĂŶŐŬĞŵƵĚŝĂŶ
ďĞƌƉĞŶŐĂƌƵŚƉĂĚĂŚĂƌŐĂƉĞŶũƵĂůĂŶƌĂƚĂͲƌĂƚĂ͘WĞŶƵƌƵŶĂŶƉĞŶĚĂƉĂƚĂŶƐĞĐĂƌĂŶŽŵŝŶĂůƚĞƌƐĞďƵƚƚĞƌƵƚĂŵĂďĞƌƐŝĨĂƚ
ƉƌŝĐĞͲĚƌŝǀĞŶƐĞďĂŐĂŝĚĂŵƉĂŬĚĂƌŝŬĞďŝũĂŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶLJĞƐƵĂŝŬĂŶŚĂƌŐĂũƵĂůƉƌŽĚƵŬƐĞĐĂƌĂďĞƌƚĂŚĂƉ
ŵĞŶŐŝŬƵƚŝƉĞŶƵƌƵŶĂŶŚĂƌŐĂďĂŚĂŶďĂŬƵ;ƉĂƐƐͲƚŚƌŽƵŐŚƉƌŝĐŝŶŐͿ͕ĚĞŶŐĂŶƚĞƚĂƉŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶĚĂLJĂƐĂŝŶŐ
ŚĂƌŐĂĚŝƉĂƐĂƌ͘ŝƐŝƐŝůĂŝŶ͕ďĞďĞƌĂƉĂƐĞŐŵĞŶƉƌŽĚƵŬƐĞƉĞƌƚŝƉŝƉĂƐƉŝƌĂů͕ƐƚƌŝƉĚĂŶƉůĂƚ͕ƐĞƌƚĂũĂƐĂĚĂŶůĂŝŶͲůĂŝŶ
ŵĞŶĐĂƚĂƚŬĂŶ ƉĞƌƚƵŵďƵŚĂŶ ƉĞŶĚĂƉĂƚĂŶ LJĂŶŐ ĚŝĚƵŬƵŶŐ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ǀŽůƵŵĞ ƉĞŶũƵĂůĂŶ͕ LJĂŶŐ
ŵĞŶĐĞƌŵŝŶŬĂŶƵƉĂLJĂWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŶĚŝǀĞƌƐŝĨŝŬĂƐŝŬŽŵƉŽƐŝƐŝƉĞŶĚĂƉĂƚĂŶ͘
WŝƉĂŝƌ
WĞŶĚĂƉĂƚĂŶĚĂƌŝƉĞŶũƵĂůĂŶƉŝƉĂĂŝƌŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌϮϳ͘ϰϬϯũƵƚĂĂƚĂƵͲϯ͕ϭϱйŵĞŶũĂĚŝϴϰϭ͘ϰϮϰũƵƚĂ
ƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶϴϲϴ͘ϴϮϳũƵƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕ƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶƵƌƵŶĂŶŚĂƌŐĂũƵĂůƉŝƉĂĂŝƌƐĞďĂŐĂŝ
ĂŬŝďĂƚĚĂƌŝƉĞŶƵƌƵŶĂŶŚĂƌŐĂďĂŚĂŶďĂŬƵ͘
WŝƉĂŵĞŬĂŶŝƐ
WĞŶĚĂƉĂƚĂŶ ĚĂƌŝ ƉĞŶũƵĂůĂŶ ƉŝƉĂ ŵĞŬĂŶŝƐ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ ϱϴ͘Ϯϭϵ ũƵƚĂ ĂƚĂƵ Ͳϱ͕ϵϮй ŵĞŶũĂĚŝ
ϵϮϱ͘ϮϬϬũƵƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶϵϴϯ͘ϰϭϵũƵƚĂ
ƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕ƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶƵƌƵŶĂŶŚĂƌŐĂũƵĂů
ƉŝƉĂŵĞŬĂŶŝƐƐĞďĂŐĂŝĂŬŝďĂƚĚĂƌŝƉĞŶƵƌƵŶĂŶŚĂƌŐĂďĂŚĂŶďĂŬƵ͘
WŝƉĂ^ƉŝƌĂů
WĞŶĚĂƉĂƚĂŶ ĚĂƌŝ ƉĞŶũƵĂůĂŶ ƉŝƉĂ ƐƉŝƌĂů ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ ϭϮϭ͘ϱϬϯ ũƵƚĂ ĂƚĂƵ ϭϭ͕ϴϴй ŵĞŶũĂĚŝ ϭ͘ϭϰϰ͘ϲϯϵ ũƵƚĂ
ƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶϭ͘ϬϮϯ͘ϭϯϲũƵƚĂƵŶƚƵŬƚĂŚƵŶ
LJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕ƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶŝŶŐŬĂƚĂŶǀŽůƵŵĞƉĞŶũƵĂůĂŶ͘
53
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WŝƉĂWĞƌĂďŽƚ
WĞŶĚĂƉĂƚĂŶ ĚĂƌŝ ƉĞŶũƵĂůĂŶ ƉŝƉĂ ƉĞƌĂďŽƚ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ ϴϰ͘ϱϭϭ ũƵƚĂ ĂƚĂƵ Ͳϭϭ͕ϳϱй ŵĞŶũĂĚŝ
ϲϯϰ͘ϲϲϬũƵƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶϳϭϵ͘ϭϳϭũƵƚĂ
ƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕ƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂ ƉĞŶƵƌƵŶĂŶǀŽůƵŵĞ
ƉĞŶũƵĂůĂŶĚĂŶƉĞŶƵƌƵŶĂŶŚĂƌŐĂũƵĂůƉŝƉĂƉĞƌĂďŽƚƐĞďĂŐĂŝĂŬŝďĂƚĚĂƌŝƉĞŶƵƌƵŶĂŶŚĂƌŐĂďĂŚĂŶďĂŬƵ͘
WŝƉĂ,ŝƚĂŵ
WĞŶĚĂƉĂƚĂŶ ĚĂƌŝ ƉĞŶũƵĂůĂŶ ƉŝƉĂ ŚŝƚĂŵ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ ϭϱϲ͘ϲϯϬ ũƵƚĂ ĂƚĂƵ Ͳϭϭ͕ϰϱй ŵĞŶũĂĚŝ
ϭ͘Ϯϭϭ͘ϱϯϯũƵƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶϭ͘ϯϲϴ͘ϭϲϯũƵƚĂ
ƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕ƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶƵƌƵŶĂŶǀŽůƵŵĞ
ƉĞŶũƵĂůĂŶĚĂŶƉĞŶƵƌƵŶĂŶŚĂƌŐĂũƵĂůƉŝƉĂŚŝƚĂŵƐĞďĂŐĂŝĂŬŝďĂƚĚĂƌŝƉĞŶƵƌƵŶĂŶŚĂƌŐĂďĂŚĂŶďĂŬƵ͘
^ƚƌŝƉĚĂŶWůĂƚ
WĞŶĚĂƉĂƚĂŶĚĂƌŝƉĞŶũƵĂůĂŶƐƚƌŝƉĚĂŶƉůĂƚŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌϳϱ͘ϰϯϳũƵƚĂĂƚĂƵϭϮ͕ϳϴйŵĞŶũĂĚŝϲϲϱ͘ϳϯϲũƵƚĂƵŶƚƵŬ
ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ϱϵϬ͘Ϯϵϵ ũƵƚĂ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕ƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂŬĞŶĂŝŬĂŶǀŽůƵŵĞƉĞŶũƵĂůĂŶ͘
WŝƉĂ^ƚĂŝŶůĞƐƐ
WĞŶĚĂƉĂƚĂŶ ĚĂƌŝ ƉĞŶũƵĂůĂŶ ƉŝƉĂ ƐƚĂŝŶůĞƐƐ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ Ϯϲ͘ϭϯϲ ũƵƚĂ ĂƚĂƵ Ͳϴ͕ϲϳй ŵĞŶũĂĚŝ
Ϯϳϱ͘ϱϱϯũƵƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶϯϬϭ͘ϲϴϵũƵƚĂ
ƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕ƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶƵƌƵŶĂŶǀŽůƵŵĞ
ƉĞŶũƵĂůĂŶĚŝƚĂŵďĂŚĚĞŶŐĂŶƉĞŶƵƌƵŶĂŶŚĂƌŐĂũƵĂů͘
dŝĂŶŐ
WĞŶĚĂƉĂƚĂŶĚĂƌŝƉĞŶũƵĂůĂŶƚŝĂŶŐŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌϲϮ͘ϱϯϬũƵƚĂĂƚĂƵͲϮϳ͕ϳϬйŵĞŶũĂĚŝϭϲϯ͘ϮϬϭũƵƚĂ
ƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶϮϮϱ͘ϳϯϭũƵƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕ƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶƵƌƵŶĂŶǀŽůƵŵĞƉĞŶũƵĂůĂŶĚŝƚĂŵďĂŚ
ĚĞŶŐĂŶƉĞŶƵƌƵŶĂŶŚĂƌŐĂũƵĂů͘
:ĂƐĂĚĂŶůĂŝŶͲůĂŝŶ
WĞŶĚĂƉĂƚĂŶĚĂƌŝũĂƐĂĚĂŶůĂŝŶͲůĂŝŶŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌϯϮ͘ϵϮϮũƵƚĂĂƚĂƵϴϲ͕ϴϬйŵĞŶũĂĚŝϳϬ͘ϴϱϭũƵƚĂƵŶƚƵŬƚĂŚƵŶ
LJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭ ĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶϯϳ͘ϵϮϵũƵƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌ
ƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕ƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶŝŶŐŬĂƚĂŶǀŽůƵŵĞƉĞŶũƵĂůĂŶ͘
ĞďĂŶWŽŬŽŬWĞŶĚĂƉĂƚĂŶ
dĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ
ĞďĂŶƉŽŬŽŬƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌ
ϮϬϮϱŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌϮϬϵ͘ϵϲϯũƵƚĂĂƚĂƵͲϰ͕ϭϵйŵĞŶũĂĚŝϰ͘ϴϬϮ͘ϰϮϰũƵƚĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶ
ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ LJĂŶŐ ƐĞďĞƐĂƌ ϱ͘ϬϭϮ͘ϯϴϳ ũƵƚĂ͘ WĞŶƵƌƵŶĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ
ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ŚĂƌŐĂ ďĂŚĂŶ ďĂŬƵ LJĂŶŐ ŵĞŶƵƌƵŶ ƐĞŚŝŶŐŐĂ ŶŝůĂŝ ƉĞŵĂŬĂŝĂŶ ďĂŚĂŶ ďĂŬƵ ŵĞŶƵƌƵŶ͘ ^ĞůĂŝŶ
ĨĂŬƚŽƌ ƉĞŶƵƌƵŶĂŶ ŚĂƌŐĂ ďĂŚĂŶ ďĂŬƵ͕ ƉĞŶƵƌƵŶĂŶ ďĞďĂŶ ƉŽŬŽŬ ƉĞŶĚĂƉĂƚĂŶ ũƵŐĂ ĚŝƚƵŶũĂŶŐ ŽůĞŚ ŬĞďŝũĂŬĂŶ
ŵĂŶĂũĞŵĞŶĚĂůĂŵŵĞŶŐĞĨŝƐŝĞŶƐŝŬĂŶƉĞŶŐĞůŽůĂĂŶƉĞƌƐĞĚŝĂĂŶďĂƌĂŶŐũĂĚŝĚŝŐƵĚĂŶŐƐĞƌƚĂ ŽƉƚŝŵĂůŝƐĂƐŝƉƌŽƐĞƐ
ƉƌŽĚƵŬƐŝ͘ ,Ăů ŝŶŝ ƚĞƌĐĞƌŵŝŶ ĚĂƌŝ ƉĞŶƵƌƵŶĂŶ ďĞďĂŶ ƉŽŬŽŬ ƉĞŶĚĂƉĂƚĂŶ ƐĞďĞƐĂƌ ϰ͕ϭϵй LJĂŶŐ ůĞďŝŚ ďĞƐĂƌ
ĚŝďĂŶĚŝŶŐŬĂŶ ƉĞŶƵƌƵŶĂŶ ƉĞŶĚĂƉĂƚĂŶ ƐĞďĞƐĂƌ ϯ͕Ϭϯй͕ ƐĞŚŝŶŐŐĂ ŵĂƌũŝŶ ůĂďĂ ŬŽƚŽƌ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂůĂŵŝ
ƉĞŶŝŶŐŬĂƚĂŶĚĂƌŝϭϴ͕ϬϴйƉĂĚĂƚĂŚƵŶϮϬϮϰŵĞŶũĂĚŝϭϵ͕ϬϱйƉĂĚĂƚĂŚƵŶϮϬϮϱ͘
54
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WĞŶĚĂƉĂƚĂŶ>ĂŝŶͲůĂŝŶ
dĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ
WĞŶĚĂƉĂƚĂŶůĂŝŶͲůĂŝŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶ ŶĂŬƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌ
ϮϬϮϱ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ ϯ͘ϭϳϲ ũƵƚĂ ĂƚĂƵ ͲϮ͕ϲϭй ŵĞŶũĂĚŝ ϭϭϴ͘ϲϵϳ ũƵƚĂ ďŝůĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ LJĂŶŐ ƐĞďĞƐĂƌ ϭϮϭ͘ϴϳϯ ũƵƚĂ͘ WĞŶƵƌƵŶĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ
ĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂŵĞŶƵƌƵŶŶLJĂƉĞŶũƵĂůĂŶďĂƌĂŶŐĂǀĂů͘
ĞďĂŶWĞŶũƵĂůĂŶĚĂŶŝƐƚƌŝďƵƐŝ
dĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ
ĞďĂŶ WĞŶũƵĂůĂŶ ĚĂŶ ŝƐƚƌŝďƵƐŝ WĞƌƐĞƌŽĂŶ ĚĂŶ WĞƌƵƐĂŚĂĂŶ ŶĂŬ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ ϯϮ͘ϲϲϰ ũƵƚĂ ĂƚĂƵ ϮϬ͕ϰϲй ŵĞŶũĂĚŝ ϭϵϮ͘ϯϭϬ ũƵƚĂ ďŝůĂ
ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ LJĂŶŐ ƐĞďĞƐĂƌ ϭϱϵ͘ϲϰϲ ũƵƚĂ͘
WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂŵĞŶŝŶŐŬĂƚŶLJĂďŝĂLJĂĞŬƐƉŽƌĚĂŶƉĞŶŐŝƌŝŵĂŶ͘WĞŶŝŶŐŬĂƚĂŶďĞďĂŶ
ƉĞŶũƵĂůĂŶ ĚĂŶ ĚŝƐƚƌŝďƵƐŝ ƚĞƌƐĞďƵƚ ĂŶƚĂƌĂ ůĂŝŶ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ƵƉĂLJĂ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŵƉĞƌůƵĂƐ ũĂŶŐŬĂƵĂŶ
ĚŝƐƚƌŝďƵƐŝ ĚĂŶ ŵĞŶŝŶŐŬĂƚŬĂŶ ĂŬƚŝǀŝƚĂƐ ƉĞŶũƵĂůĂŶ ŬĞ ďĞƌďĂŐĂŝ ƐĞŐŵĞŶ ƉĂƐĂƌ͕ ƚĞƌŵĂƐƵŬ ƉĞŶŝŶŐŬĂƚĂŶ ǀŽůƵŵĞ
ƉĞŶŐŝƌŝŵĂŶƵŶƚƵŬƐĞŐŵĞŶͲƐĞŐŵĞŶƉƌŽĚƵŬLJĂŶŐŵĞŶŐĂůĂŵŝƉĞƌƚƵŵďƵŚĂŶƉĞŶũƵĂůĂŶƉĂĚĂƉĞƌŝŽĚĞďĞƌũĂůĂŶ͘
ĞďĂŶhŵƵŵĚĂŶĚŵŝŶŝƐƚƌĂƐŝ
dĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ
ĞďĂŶ hŵƵŵ ĚĂŶ ĚŵŝŶŝƐƚƌĂƐŝ WĞƌƐĞƌŽĂŶ ĚĂŶ WĞƌƵƐĂŚĂĂŶ ŶĂŬ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϱŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƐĞďĞƐĂƌϳϲϱũƵƚĂĂƚĂƵϬ͕ϲϭйŵĞŶũĂĚŝϭϮϲ͘ϬϭϵũƵƚĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶ
ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ LJĂŶŐ ƐĞďĞƐĂƌ ϭϮϱ͘Ϯϱϰ ũƵƚĂ͘ WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ
ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ŵĞŶŝŶŐŬĂƚŶLJĂ ŐĂũŝ ĚĂŶ ƚƵŶũĂŶŐĂŶ ŬĂƌLJĂǁĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ ĚĂŶ ƉĞŵĞůŝŚĂƌĂĂŶ
ďĂŶŐƵŶĂŶ͘
ĞďĂŶ<ĞƵĂŶŐĂŶ
dĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ
ĞďĂŶ<ĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ
ŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌϲ͘ϴϰϭũƵƚĂĂƚĂƵͲϯ͕ϮϰйŵĞŶũĂĚŝϮϬϯ͘ϵϵϭũƵƚĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶ
LJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰLJĂŶŐƐĞďĞƐĂƌϮϭϬ͘ϴϯϮũƵƚĂ͘WĞŶƵƌƵŶĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶ
ŬĂƌĞŶĂŵĞŶƵƌƵŶŶLJĂďĞďĂŶďƵŶŐĂďĂŶŬ͘
ĞďĂŶ>ĂŝŶͲůĂŝŶ
dĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ
ĞďĂŶůĂŝŶͲůĂŝŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬ ƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ
ŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌϮ͘ϮϲϱũƵƚĂĂƚĂƵͲϰ͕ϬϭйŵĞŶũĂĚŝϱϰ͘ϮϲϰũƵƚĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰLJĂŶŐƐĞďĞƐĂƌϱϲ͘ϱϮϵũƵƚĂ͘WĞŶƵƌƵŶĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂ
ŵĞŶƵƌƵŶŶLJĂďĞďĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝƉĞƌƐĞĚŝĂĂŶ͘
55
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>ĂďĂ;ZƵŐŝͿWĞƌŝŽĚĞĞƌũĂůĂŶ
dĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ
>ĂďĂƉĞƌŝŽĚĞďĞƌũĂůĂŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌ
ϮϬϮϱŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƐĞďĞƐĂƌϰ͘ϭϱϯũƵƚĂĂƚĂƵϬ͕ϳϴйŵĞŶũĂĚŝϱϯϰ͘ϮϭϲũƵƚĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶ
ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ LJĂŶŐ ƐĞďĞƐĂƌ ϱϯϬ͘Ϭϲϯ ũƵƚĂ͘ WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ
ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ŵĞŶƵƌƵŶŶLJĂ ũƵŵůĂŚ ƚĂŬƐŝƌĂŶ ƉĂũĂŬ – ŶĞƚŽ͘ ^ĞĐĂƌĂ ŬĞƐĞůƵƌƵŚĂŶ͕ ůĂďĂ ƚĂŚƵŶ ďĞƌũĂůĂŶ
WĞƌƐĞƌŽĂŶŵĞŶƵŶũƵŬŬĂŶŬŽŶĚŝƐŝLJĂŶŐƌĞůĂƚŝĨƐƚĂďŝůĚĞŶŐĂŶƉĞƌƚƵŵďƵŚĂŶƐĞďĞƐĂƌϬ͕ϳϵйŵĞŶũĂĚŝϱϯϰ͘ϮϭϲũƵƚĂ͕
LJĂŶŐ ƚĞƌƵƚĂŵĂ ĚŝƚŽƉĂŶŐ ŽůĞŚ ƉĞŶŝŶŐŬĂƚĂŶ ĞĨŝƐŝĞŶƐŝ ďĞďĂŶ ƉŽŬŽŬ ƉĞŶĚĂƉĂƚĂŶ ƐĞƌƚĂ ƉĞŶŐĞůŽůĂĂŶ ďŝĂLJĂ
ŽƉĞƌĂƐŝŽŶĂůŽůĞŚŵĂŶĂũĞŵĞŶ͕ŵĞƐŬŝƉƵŶƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞĐĂƌĂŶŽŵŝŶĂů͘
WĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ>ĂŝŶ
dĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ
WĞŶŐŚĂƐŝůĂŶ ŬŽŵƉƌĞŚĞŶƐŝĨ ůĂŝŶ WĞƌƐĞƌŽĂŶ ĚĂŶ WĞƌƵƐĂŚĂĂŶ ŶĂŬ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ ϮϭϬ͘ϵϵϭ ũƵƚĂ ĂƚĂƵ ϭϱ͘ϵϲϭ͕ϱй ŵĞŶũĂĚŝ ϮϭϮ͘ϯϭϯ ũƵƚĂ ďŝůĂ
ĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰLJĂŶŐƐĞďĞƐĂƌϭ͘ϯϮϮũƵƚĂ͘WĞŶŝŶŐŬĂƚĂŶ
ŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂWĞƌƐĞƌŽĂŶŵĞŶĐĂƚĂƚƐƵƌƉůƵƐƌĞǀĂůƵĂƐŝ͘
>ĂďĂ;ZƵŐŝͿ<ŽŵƉƌĞŚĞŶƐŝĨWĞƌŝŽĚĞĞƌũĂůĂŶ
dĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ
>ĂďĂ<ŽŵƉƌĞŚĞŶƐŝĨƚĂŚƵŶ ďĞƌũĂůĂŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƐĞďĞƐĂƌ Ϯϭϱ͘Ϭϰϰ ũƵƚĂ ĂƚĂƵ ϰϬ͕ϰϳй ŵĞŶũĂĚŝ ϳϰϲ͘ϰϮϵ ũƵƚĂ ďŝůĂ
ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ LJĂŶŐ ƐĞďĞƐĂƌ ϱϯϭ͘ϯϴϱ ũƵƚĂ͘
WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ƉĞŶĐĂƚĂƚĂŶ ƐƵƌƉůƵƐ ƌĞǀĂůƵĂƐŝ͘ WĞŶŝŶŐŬĂƚĂŶ ũƵŵůĂŚ ůĂďĂ
ŬŽŵƉƌĞŚĞŶƐŝĨƚĂŚƵŶďĞƌũĂůĂŶƐĞďĞƐĂƌϰϬ͕ϰϳйŵĞŶũĂĚŝϳϰϲ͘ϰϮϵũƵƚĂƚĞƌƵƚĂŵĂĚŝƉĞŶŐĂƌƵŚŝŽůĞŚĂĚĂŶLJĂƐƵƌƉůƵƐ
ƌĞǀĂůƵĂƐŝĂƐĞƚƚĞƚĂƉƐĞďĞƐĂƌϮϳϵ͘ϯϲϬũƵƚĂLJĂŶŐĚŝĐĂƚĂƚƉĂĚĂƚĂŚƵŶϮϬϮϱ͘<ĞďŝũĂŬĂŶƌĞǀĂůƵĂƐŝĂƐĞƚƚĞƚĂƉƚĞƌƐĞďƵƚ
ĚŝůĂŬƵŬĂŶŽůĞŚŵĂŶĂũĞŵĞŶŐƵŶĂŵĞŶĐĞƌŵŝŶŬĂŶŶŝůĂŝǁĂũĂƌĂƐĞƚWĞƌƐĞƌŽĂŶƐĞĐĂƌĂůĞďŝŚĂŬƵƌĂƚĚĂŶŵĞŵƉĞƌŬƵĂƚ
ƉŽƐŝƐŝĞŬƵŝƚĂƐWĞƌƐĞƌŽĂŶ͘
ϭ͘Ϯ WĞƌƚƵŵďƵŚĂŶƐĞƚ
dĂďĞůďĞƌŝŬƵƚŝŶŝŵĞŵƉĞƌůŝŚĂƚŬĂŶŬŽŵƉŽƐŝƐŝĂƐĞƚWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌ
ϮϬϮϱĚĂŶϮϬϮϰ͘
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
:ƵŵůĂŚƐĞƚ>ĂŶĐĂƌ ϱ͘ϬϮϱ͘ϳϬϭ ϱ͘Ϯϱϰ͘Ϯϰϭ
:ƵŵůĂŚƐĞƚdŝĚĂŬ>ĂŶĐĂƌ ϯ͘ϳϳϬ͘ϲϲϵ ϯ͘Ϭϰϭ͘ϭϴϲ
:ƵŵůĂŚƐĞƚ ϴ͘ϳϵϲ͘ϯϳϬ ϴ͘Ϯϵϱ͘ϰϮϳ
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^ d
dŽƚĂůƐĞƚ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ
:ƵŵůĂŚĂƐĞƚWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƉĂĚĂƚĂŚƵŶϮϬϮϱŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶƐĞďĞƐĂƌϱϬϬ͘ϵϰϯũƵƚĂĂƚĂƵ
ϲ͕Ϭϰй ŵĞŶũĂĚŝ ϴ͘ϳϵϲ͘ϯϳϬ ũƵƚĂ ďŝůĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ ϮϬϮϰ ƐĞďĞƐĂƌ ϴ͘Ϯϵϱ͘ϰϮϳ ũƵƚĂ͘ <ĞŶĂŝŬĂŶ ŝŶŝ
ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ŵĞŶŝŶŐŬĂƚŶLJĂ ĂƐĞƚ ƚŝĚĂŬ ůĂŶĐĂƌ͘ WĞŶŝŶŐŬĂƚĂŶ ũƵŵůĂŚ ĂƐĞƚ ƚĞƌƐĞďƵƚ ƚĞƌƵƚĂŵĂ
ĚŝĚŽƌŽŶŐŽůĞŚŬĞďŝũĂŬĂŶŵĂŶĂũĞŵĞŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƌĞǀĂůƵĂƐŝĂƐĞƚƚĞƚĂƉƉĂĚĂƚĂŚƵŶϮϬϮϱLJĂŶŐŵĞŶŝŶŐŬĂƚŬĂŶ
ŶŝůĂŝƚĞƌĐĂƚĂƚĂƐĞƚƚŝĚĂŬůĂŶĐĂƌ͕ƐĞƌƚĂƉĞŶŝŶŐŬĂƚĂŶŬĂƐĚĂŶƐĞƚĂƌĂŬĂƐLJĂŶŐƐĞũĂůĂŶĚĞŶŐĂŶŵĞŵďĂŝŬŶLJĂĂƌƵƐŬĂƐ
ĚĂƌŝĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝWĞƌƐĞƌŽĂŶƉĂĚĂƉĞƌŝŽĚĞďĞƌũĂůĂŶ͘
ƐĞƚ>ĂŶĐĂƌ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ
:ƵŵůĂŚĂƐĞƚůĂŶĐĂƌWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƉĂĚĂƚĂŚƵŶϮϬϮϱŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌϮϮϴ͘ϱϰϬ
ũƵƚĂ ĂƚĂƵ Ͳϰ͕ϯϱй ŵĞŶũĂĚŝ ϱ͘ϬϮϱ͘ϳϬϭ ũƵƚĂ ďŝůĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ ϮϬϮϰ ƐĞďĞƐĂƌ ϱ͘Ϯϱϰ͘Ϯϰϭ ũƵƚĂ͘
WĞŶƵƌƵŶĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶƵƌƵŶĂŶƉŝƵƚĂŶŐƵƐĂŚĂĚĂŶƉĞŶƵƌƵŶĂŶƉĞƌƐĞĚŝĂĂŶ͘WĞŶƵƌƵŶĂŶ
ƉŝƵƚĂŶŐƵƐĂŚĂĚĂƌŝϭ͘Ϭϴϰ͘ϲϱϴũƵƚĂŵĞŶũĂĚŝϵϬϰ͘ϭϭϭũƵƚĂĂŶƚĂƌĂůĂŝŶŵĞŶĐĞƌŵŝŶŬĂŶƚŝŶŐŬĂƚŬŽůĞŬƚŝďŝůŝƚĂƐƉŝƵƚĂŶŐ
LJĂŶŐ ƚĞƌũĂŐĂ͕ ƐĞŵĞŶƚĂƌĂ ƉĞŶƵƌƵŶĂŶ ƉĞƌƐĞĚŝĂĂŶ ĚĂƌŝ ϯ͘ϱϭϵ͘ϵϳϰ ũƵƚĂ ŵĞŶũĂĚŝ Ϯ͘ϵϮϰ͘ϭϲϬ ũƵƚĂ ƐĞũĂůĂŶ ĚĞŶŐĂŶ
ŬĞďŝũĂŬĂŶŵĂŶĂũĞŵĞŶĚĂůĂŵŵĞŶŐĞĨŝƐŝĞŶƐŝŬĂŶƚŝŶŐŬĂƚƉĞƌƐĞĚŝĂĂŶďĂƌĂŶŐũĂĚŝĚŝŐƵĚĂŶŐ͘ŝƐŝƐŝůĂŝŶ͕ŬĂƐĚĂŶ
ƐĞƚĂƌĂ ŬĂƐ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ĚĂƌŝ ϱϬϯ͘ϲϰϵ ũƵƚĂ ŵĞŶũĂĚŝ ϵϱϲ͘ϱϮϲ ũƵƚĂ LJĂŶŐ ŵĞŶƵŶũƵŬŬĂŶ
ƉĞŶŐƵĂƚĂŶƉŽƐŝƐŝůŝŬƵŝĚŝƚĂƐWĞƌƐĞƌŽĂŶ͘
ƐĞƚdŝĚĂŬ>ĂŶĐĂƌ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ
:ƵŵůĂŚĂƐĞƚƚŝĚĂŬůĂŶĐĂƌWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƉĂĚĂƚĂŚƵŶϮϬϮϱŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶƐĞďĞƐĂƌϳϮϵ͘ϰϴϯ
ũƵƚĂĂƚĂƵϮϯ͕ϵϵйŵĞŶũĂĚŝϯ͘ϳϳϬ͘ϲϲϵũƵƚĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶϮϬϮϰƐĞďĞƐĂƌϯ͘Ϭϰϭ͘ϭϴϲũƵƚĂ͘<ĞŶĂŝŬĂŶ
ŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂŵĞŶŝŶŐŬĂƚŶLJĂĂƐĞƚƚĞƚĂƉ͘WĞŶŝŶŐŬĂƚĂŶĂƐĞƚƚĞƚĂƉĚĂƌŝϮ͘ϱϮϵ͘ϯϯϭũƵƚĂŵĞŶũĂĚŝ
ϯ͘ϬϮϭ͘ϳϮϰũƵƚĂƚĞƌƵƚĂŵĂĚŝƉĞŶŐĂƌƵŚŝŽůĞŚĂĚĂŶLJĂƉĞŶĐĂƚĂƚĂŶƐƵƌƉůƵƐƌĞǀĂůƵĂƐŝĂƐĞƚƚĞƚĂƉƉĂĚĂƚĂŚƵŶϮϬϮϱƐĞƌƚĂ
ƉĞŶĂŵďĂŚĂŶďĞůĂŶũĂŵŽĚĂůWĞƌƐĞƌŽĂŶĚĂůĂŵƌĂŶŐŬĂƉĞŶŝŶŐŬĂƚĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝĚĂŶƉĞŵĞůŝŚĂƌĂĂŶĨĂƐŝůŝƚĂƐ
ƉĂďƌŝŬ͘
ϭ͘ϯ WĞƌŬĞŵďĂŶŐĂŶ>ŝĂďŝůŝƚĂƐĚĂŶ ŬƵŝƚĂƐ
dĂďĞů ďĞƌŝŬƵƚ ŵĞŶƵŶũƵŬŬĂŶ ŬŽŵƉŽƐŝƐŝ ůŝĂďŝůŝƚĂƐ ĚĂŶ ĞŬƵŝƚĂƐ WĞƌƐĞƌŽĂŶ ĚĂŶ WĞƌƵƐĂŚĂĂŶ ŶĂŬ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͘
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
>//>/d^E <h/d^
>//>/d^
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ ϭ͘ϲϮϴ͘ϲϬϵ ϭ͘ϲϭϭ͘ϭϰϴ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĂŶũĂŶŐ ϭ͘ϰϵϰ͘ϰϬϮ ϭ͘ϲϰϬ͘ϱϮϴ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ ϯ͘ϭϮϯ͘Ϭϭϭ ϯ͘Ϯϱϭ͘ϲϳϲ
<h/d^
DŽĚĂůƐĂŚĂŵ
DŽĚĂůĚĂƐĂƌ–DŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƉĞŶƵŚ ϳϭϴ͘ϱϵϵ ϳϭϴ͘ϱϵϵ
dĂŵďĂŚĂŶDŽĚĂůŝƐĞƚŽƌͲEĞƚŽ ϰϵϴ͘Ϯϲϵ ϱϬϬ͘ϴϴϬ
^ĂŚĂŵdƌĞĂƐƵƌŝ ;ϭϯ͘ϰϱϭͿ ;ϭϮ͘ϬϲϱͿ
^ĂůĚŽ>ĂďĂ ϯ͘Ϭϯϳ͘ϭϲϴ Ϯ͘ϲϭϱ͘ϳϰϱ
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ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
<ŽŵƉŽŶĞŶ ŬƵŝƚĂƐ>ĂŝŶŶLJĂ ϭ͘ϰϯϮ͘ϳϵϭ ϭ͘ϮϮϬ͘ϱϳϴ
^ƵďũƵŵůĂŚ ϱ͘ϲϳϯ͘ϯϳϲ ϱ͘Ϭϰϯ͘ϳϯϳ
<ĞƉĞŶƚŝŶŐĂŶEŽŶWĞŶŐĞŶĚĂůŝ ;ϭϳͿ ϭϰ
:ƵŵůĂŚ ŬƵŝƚĂƐ ϱ͘ϲϳϯ͘ϯϱϵ ϱ͘Ϭϰϯ͘ϳϱϭ
:hD>,>//>/d^E <h/d^ ϴ͘ϳϵϲ͘ϯϳϬ ϴ͘Ϯϵϱ͘ϰϮϳ
dŽƚĂů>ŝĂďŝůŝƚĂƐ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ
:ƵŵůĂŚůŝĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƉĂĚĂƚĂŚƵŶϮϬϮϱŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌϭϮϴ͘ϲϲϱũƵƚĂ
ĂƚĂƵͲϯ͕ϵϲйŵĞŶũĂĚŝϯ͘ϭϮϯ͘ϬϭϭũƵƚĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶϮϬϮϰƐĞďĞƐĂƌϯ͘Ϯϱϭ͘ϲϳϲũƵƚĂ͘WĞŶƵƌƵŶĂŶ
ŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶƵƌƵŶĂŶůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĂŶũĂŶŐ͘WĞŶƵƌƵŶĂŶũƵŵůĂŚůŝĂďŝůŝƚĂƐƚĞƌƐĞďƵƚĂŶƚĂƌĂ
ůĂŝŶŵĞŶĐĞƌŵŝŶŬĂŶŬĞďŝũĂŬĂŶŵĂŶĂũĞŵĞŶĚĂůĂŵƉĞŶŐĞůŽůĂĂŶƐƚƌƵŬƚƵƌƵƚĂŶŐWĞƌƐĞƌŽĂŶ͕ƚĞƌŵĂƐƵŬƉĞŶƵƌƵŶĂŶ
ƵƚĂŶŐďĂŶŬũĂŶŐŬĂƉĞŶĚĞŬĚĂƌŝϵϭϴ͘ϲϲϳũƵƚĂŵĞŶũĂĚŝϳϬϯ͘ϮϴϮũƵƚĂ͘,ĂůŝŶŝƚƵƌƵƚďĞƌŬŽŶƚƌŝďƵƐŝƚĞƌŚĂĚĂƉƉĞƌďĂŝŬĂŶ
ƌĂƐŝŽĚĞďƚƚŽĞƋƵŝƚLJWĞƌƐĞƌŽĂŶĚĂƌŝϬ͕ϲϰdžƉĂĚĂƚĂŚƵŶϮϬϮϰŵĞŶũĂĚŝϬ͕ϱϱdžƉĂĚĂƚĂŚƵŶϮϬϮϱ͘
>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĞŶĚĞŬ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ
:ƵŵůĂŚůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƉĂĚĂƚĂŚƵŶϮϬϮϱŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶƐĞďĞƐĂƌ
ϭϳ͘ϰϲϭũƵƚĂĂƚĂƵϭ͕ϬϴйŵĞŶũĂĚŝϭ͘ϲϮϴ͘ϲϬϵũƵƚĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶϮϬϮϰƐĞďĞƐĂƌϭ͘ϲϭϭ͘ϭϰϴũƵƚĂ͘
<ĞŶĂŝŬĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂĂĚĂŶLJĂƵƚĂŶŐŽďůŝŐĂƐŝĚĂŶƐƵŬƵŬLJĂŶŐĂŬĂŶũĂƚƵŚƚĞŵƉŽĚĂůĂŵǁĂŬƚƵ
ƐĂƚƵƚĂŚƵŶ͘
>ŝĂďŝůŝƚĂƐ:ĂŶŐŬĂWĂŶũĂŶŐ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ
:ƵŵůĂŚ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĂŶũĂŶŐ WĞƌƐĞƌŽĂŶ ĚĂŶ WĞƌƵƐĂŚĂĂŶ ŶĂŬ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ
ƐĞďĞƐĂƌ ϭϰϲ͘ϭϮϲ ũƵƚĂ ĂƚĂƵ Ͳϴ͕ϵϭй ŵĞŶũĂĚŝ ϭ͘ϰϵϰ͘ϰϬϮ ũƵƚĂ ďŝůĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ ϮϬϮϰ ƐĞďĞƐĂƌ
ϭ͘ϲϰϬ͘ϱϮϴũƵƚĂ͘WĞŶƵƌƵŶĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂ ĂĚĂŶLJĂƵƚĂŶŐŽďůŝŐĂƐŝĚĂŶƐƵŬƵŬLJĂŶŐĂŬĂŶũĂƚƵŚ
ƚĞŵƉŽĚĂůĂŵǁĂŬƚƵƐĂƚƵƚĂŚƵŶĚĂŶĚŝƌĞŬůĂƐŬĞůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬ͘ZĞŬůĂƐŝĨŝŬĂƐŝƚĞƌƐĞďƵƚŵĞƌƵƉĂŬĂŶďĂŐŝĂŶ
ĚĂƌŝƐŝŬůƵƐŶŽƌŵĂůũĂƚƵŚƚĞŵƉŽŝŶƐƚƌƵŵĞŶƵƚĂŶŐWĞƌƐĞƌŽĂŶĚĂŶƚŝĚĂŬŵĞŶĐĞƌŵŝŶŬĂŶĂĚĂŶLJĂƉĞƌƵďĂŚĂŶŵĂƚĞƌŝĂů
ƚĞƌŚĂĚĂƉŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŵĞŶƵŚŝŬĞǁĂũŝďĂŶŬĞƵĂŶŐĂŶŶLJĂ͘
ŬƵŝƚĂƐ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ
:ƵŵůĂŚ ŬƵŝƚĂƐWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƉĂĚĂƚĂŚƵŶϮϬϮϱŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶƐĞďĞƐĂƌϲϮϵ͘ϲϬϴũƵƚĂĂƚĂƵ
ϭϮ͕ϰϴй ŵĞŶũĂĚŝ ϱ͘ϲϳϯ͘ϯϱϵ ũƵƚĂ ďŝůĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ ϮϬϮϰ ƐĞďĞƐĂƌ ϱ͘Ϭϰϯ͘ϳϱϭ ũƵƚĂ͘ <ĞŶĂŝŬĂŶ ŝŶŝ
ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ĂĚĂŶLJĂ ƉĞŶĐĂƚĂƚĂŶ ůĂďĂ ƵƐĂŚĂ ĚĂŶ ůĂďĂ ŬŽŵƉƌĞŚĞŶƐŝĨ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ͘
WĞŶŝŶŐŬĂƚĂŶ ĞŬƵŝƚĂƐ ƚĞƌƐĞďƵƚ ĚŝƚŽƉĂŶŐ ŽůĞŚ ĂŬƵŵƵůĂƐŝ ůĂďĂ ƚĂŚƵŶ ďĞƌũĂůĂŶ ƐĞďĞƐĂƌ ϱϯϰ͘Ϯϭϲ ũƵƚĂ ƐĞƌƚĂ
ƉĞŶĐĂƚĂƚĂŶ ƐƵƌƉůƵƐ ƌĞǀĂůƵĂƐŝ ĂƐĞƚ ƚĞƚĂƉ ƐĞƚĞůĂŚ ƉĂũĂŬ ƐĞďĞƐĂƌ ϮϭϮ͘Ϯϭϯ ũƵƚĂ ƉĂĚĂ ŬŽŵƉŽŶĞŶ ƉĞŶŐŚĂƐŝůĂŶ
ŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶ͘,ĂůŝŶŝŵĞŵƉĞƌŬƵĂƚƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝŵĂŶĂƚĞƌĐĞƌŵŝŶĚĂƌŝƉĞƌďĂŝŬĂŶ
ƌĂƐŝŽĚĞďƚƚŽĞƋƵŝƚLJĚĂŶĚĞďƚƚŽĂƐƐĞƚWĞƌƐĞƌŽĂŶ͘
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ϭ͘ϰ WĞƌŬĞŵďĂŶŐĂŶƌƵƐ<ĂƐ
dĂďĞůďĞƌŝŬƵƚŵĞŵƵĂƚŝŬŚƚŝƐĂƌ>ĂƉŽƌĂŶƌƵƐ<ĂƐ<ŽŶƐŽůŝĚĂƐŝĂŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƵŶƚƵŬƉĞƌŝŽĚĞ
ƚĂŚƵŶĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͘
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
<ĂƐĞƌƐŝŚĚŝƉĞƌŽůĞŚĚĂƌŝŬƚŝǀŝƚĂƐKƉĞƌĂƐŝ ϭ͘ϮϬϱ͘ϰϯϭ ϴϵϯ͘Ϭϱϴ
<ĂƐĞƌƐŝŚĚŝŐƵŶĂŬĂŶƵŶƚƵŬŬƚŝǀŝƚĂƐ/ŶǀĞƐƚĂƐŝ ;ϱϬϵ͘ϵϭϵͿ ;Ϯϲϰ͘ϳϳϬͿ
<ĂƐĞƌƐŝŚĚŝŐƵŶĂŬĂŶƵŶƚƵŬŬƚŝǀŝƚĂƐWĞŶĚĂŶĂĂŶ ;ϮϰϮ͘ϵϭϲͿ ;ϯϬϭ͘ϴϲϭͿ
WŽůĂƌƵƐ<ĂƐĚĂŶ^ŝŬůƵƐŝƐŶŝƐ
WŽůĂĂƌƵƐŬĂƐWĞƌƐĞƌŽĂŶƐĞĐĂƌĂƵŵƵŵŵĞŶĐĞƌŵŝŶŬĂŶŬĂƌĂŬƚĞƌŝƐƚŝŬŝŶĚƵƐƚƌŝŵĂŶƵĨĂŬƚƵƌƉŝƉĂďĂũĂLJĂŶŐďĞƌƐŝĨĂƚ
ƉĂĚĂƚŵŽĚĂůŬĞƌũĂ͘^ŝŬůƵƐďŝƐŶŝƐWĞƌƐĞƌŽĂŶĚŝŵƵůĂŝĚĂƌŝƉĞŶŐĂĚĂĂŶďĂŚĂŶďĂŬƵƵƚĂŵĂďĞƌƵƉĂ ,ŽƚͲZŽůůĞĚŽŝů
;,ZͿ ĚĂŶ ŽůĚͲZŽůůĞĚ Žŝů ;ZͿ LJĂŶŐ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ĚŝƉĞƌŽůĞŚ ŵĞůĂůƵŝ ŝŵƉŽƌ͕ ĚŝůĂŶũƵƚŬĂŶ ĚĞŶŐĂŶ ƉƌŽƐĞƐ
ƉƌŽĚƵŬƐŝ͕ĚĂŶĚŝĂŬŚŝƌŝĚĞŶŐĂŶƉĞŶũƵĂůĂŶƐĞƌƚĂƉĞŶĂŐŝŚĂŶƉŝƵƚĂŶŐŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͘ĞŶŐĂŶĚĞŵŝŬŝĂŶ͕ĂƌƵƐŬĂƐ
ŽƉĞƌĂƐŝWĞƌƐĞƌŽĂŶƐĂŶŐĂƚĚŝƉĞŶŐĂƌƵŚŝŽůĞŚƐŝŬůƵƐŵŽĚĂůŬĞƌũĂLJĂŶŐŵĞŶĐĂŬƵƉƉĞŶŐĞůŽůĂĂŶƉĞƌƐĞĚŝĂĂŶďĂŚĂŶ
ďĂŬƵĚĂŶďĂƌĂŶŐũĂĚŝ͕ũĂŶŐŬĂǁĂŬƚƵƉĞŶĂŐŝŚĂŶƉŝƵƚĂŶŐƵƐĂŚĂ͕ƐĞƌƚĂũĂŶŐŬĂǁĂŬƚƵƉĞŵďĂLJĂƌĂŶŬĞƉĂĚĂƉĞŵĂƐŽŬ͘
^ĞůĂŝŶŝƚƵ͕ĨůƵŬƚƵĂƐŝŚĂƌŐĂďĂŚĂŶďĂŬƵďĂũĂĚĂŶŶŝůĂŝƚƵŬĂƌZƵƉŝĂŚƚĞƌŚĂĚĂƉŵĂƚĂƵĂŶŐĂƐŝŶŐƚƵƌƵƚŵĞŵƉĞŶŐĂƌƵŚŝ
ďĞƐĂƌĂŶŬĞďƵƚƵŚĂŶŵŽĚĂůŬĞƌũĂĚĂŶƉŽůĂĂƌƵƐŬĂƐWĞƌƐĞƌŽĂŶĚĂƌŝǁĂŬƚƵŬĞǁĂŬƚƵ͘
ƌƵƐ<ĂƐĚĂƌŝŬƚŝǀŝƚĂƐKƉĞƌĂƐŝ
<ĂƐ ďĞƌƐŝŚ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ ĂŬƚŝǀŝƚĂƐ ŽƉĞƌĂƐŝ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ϭ͘ϮϬϱ͘ϰϯϭ ũƵƚĂ͕
ŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶƐĞďĞƐĂƌϯϭϮ͘ϯϳϯũƵƚĂĂƚĂƵƐĞďĞƐĂƌϯϰ͕ϵϴйďŝůĂĚŝďĂŶĚŝŶŐŬĂŶŬĂƐďĞƌƐŝŚLJĂŶŐĚŝƉĞƌŽůĞŚĚĂƌŝ
ĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝŽŶĂůƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰƐĞďĞƐĂƌϴϵϯ͘ϬϱϴũƵƚĂ͘<ĞŶĂŝŬĂŶƉĞƌŽůĞŚĂŶŬĂƐďĞƌƐŝŚĚĂƌŝ
ĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝƚĞƌƐĞďƵƚĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶƵƌƵŶĂŶďŝĂLJĂŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘^ĞĚĂŶŐŬĂŶƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ͕ŬĂƐďĞƌƐŝŚLJĂŶŐĚŝƉĞƌŽůĞŚĚĂƌŝĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝďĞƌĂƐĂůĚĂƌŝƉĞŶĞƌŝŵĂĂŶŬĂƐĚĂƌŝWĞůĂŶŐŐĂŶ͘
WĞŶŝŶŐŬĂƚĂŶĂƌƵƐŬĂƐŽƉĞƌĂƐŝƚĞƌƐĞďƵƚũƵŐĂĚŝƚƵŶũĂŶŐŽůĞŚƉĞƌďĂŝŬĂŶƉĞŶŐĞůŽůĂĂŶŵŽĚĂůŬĞƌũĂWĞƌƐĞƌŽĂŶ͕ĂŶƚĂƌĂ
ůĂŝŶŵĞůĂůƵŝĞĨŝƐŝĞŶƐŝƉĞƌƐĞĚŝĂĂŶĚĂŶ ƉĞŶĂŐŝŚĂŶ ƉŝƵƚĂŶŐƵƐĂŚĂLJĂŶŐƚĞƌũĂŐĂ͕ƐĞŚŝŶŐŐĂŵĞŶŐŚĂƐŝůŬĂŶŬŽŶǀĞƌƐŝ
ůĂďĂŵĞŶũĂĚŝŬĂƐŽƉĞƌĂƐŝLJĂŶŐůĞďŝŚďĂŝŬƉĂĚĂƚĂŚƵŶϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶƚĂŚƵŶƐĞďĞůƵŵŶLJĂ͘
ƌƵƐ<ĂƐĚĂƌŝŬƚŝǀŝƚĂƐ/ŶǀĞƐƚĂƐŝ
<ĂƐďĞƌƐŝŚLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐŝŶǀĞƐƚĂƐŝƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĂĚĂůĂŚƐĞďĞƐĂƌ ϱϬϵ͘ϵϭϵũƵƚĂ͕
ŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶƐĞďĞƐĂƌϮϰϱ͘ϭϰϵũƵƚĂĂƚĂƵƐĞďĞƐĂƌϵϮ͕ϱϵйďŝůĂĚŝďĂŶĚŝŶŐŬĂŶŬĂƐďĞƌƐŝŚLJĂŶŐĚŝŐƵŶĂŬĂŶ
ŽůĞŚĂŬƚŝǀŝƚĂƐŝŶǀĞƐƚĂƐŝƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰƐĞďĞƐĂƌϮϲϰ͘ϳϳϬũƵƚĂ͘<ĞŶĂŝŬĂŶƉĞŶŐŐƵŶĂĂŶŬĂƐďĞƌƐŝŚ
ƵŶƚƵŬĂŬƚŝǀŝƚĂƐŝŶǀĞƐƚĂƐŝƚĞƌƐĞďƵƚĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶĂŵďĂŚĂŶƉĞƌŽůĞŚĂŶĂƐĞƚƚĞƚĂƉĚĂŶƉĞŵďĂLJĂƌĂŶƵĂŶŐ
ŵƵŬĂƵŶƚƵŬĂƐĞƚƚĞƚĂƉ͘^ĞĚĂŶŐŬĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕ŬĂƐďĞƌƐŝŚLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐ
ŝŶǀĞƐƚĂƐŝďĞƌĂƐĂůĚĂƌŝƉĞƌŽůĞŚĂŶĂƐĞƚƚĞƚĂƉ͘WĞŶŐŐƵŶĂĂŶŬĂƐƵŶƚƵŬĂŬƚŝǀŝƚĂƐŝŶǀĞƐƚĂƐŝƚĞƌƐĞďƵƚƐĞũĂůĂŶĚĞŶŐĂŶ
ƐƚƌĂƚĞŐŝWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŶŝŶŐŬĂƚŬĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝĚĂŶŵĞůĂŬƵŬĂŶƉĞŵĞůŝŚĂƌĂĂŶƐĞƌƚĂƉĞŶŐĞŵďĂŶŐĂŶ
ĨĂƐŝůŝƚĂƐ ƉĂďƌŝŬ ŐƵŶĂ ŵĞŶĚƵŬƵŶŐ ŬĞůĂŶŐƐƵŶŐĂŶ ŽƉĞƌĂƐŝŽŶĂů ĚĂŶ ƉĞƌƚƵŵďƵŚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ Ěŝ ŵĂƐĂ
ŵĞŶĚĂƚĂŶŐ͘
ƌƵƐ<ĂƐĚĂƌŝŬƚŝǀŝƚĂƐWĞŶĚĂŶĂĂŶ
<ĂƐďĞƌƐŝŚLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐƉĞŶĚĂŶĂĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĂĚĂůĂŚƐĞďĞƐĂƌϮϰϮ͘ϵϭϲũƵƚĂ͕
ŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌϱϴ͘ϵϰϱũƵƚĂĂƚĂƵƐĞďĞƐĂƌͲϭϵ͕ϱϯйďŝůĂĚŝďĂŶĚŝŶŐŬĂŶŬĂƐďĞƌƐŝŚLJĂŶŐĚŝŐƵŶĂŬĂŶ
ŽůĞŚĂŬƚŝǀŝƚĂƐƉĞŶĚĂŶĂĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰƐĞďĞƐĂƌϯϬϭ͕ϴϲϭũƵƚĂ͘WĞŶƵƌƵŶĂŶƉĞŶŐŐƵŶĂĂŶŬĂƐ
ďĞƌƐŝŚ ƵŶƚƵŬ ĂŬƚŝǀŝƚĂƐ ƉĞŶĚĂŶĂĂŶ ƚĞƌƐĞďƵƚ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ĂĚĂŶLJĂ ƉĞƌŽůĞŚĂŶ ƵƚĂŶŐ ŽďůŝŐĂƐŝ ĚĂŶ ƐƵŬƵŬ͘
^ĞĚĂŶŐŬĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕ ŬĂƐďĞƌƐŝŚLJĂŶŐĚŝƉĞƌŽůĞŚĚĂƌŝĂŬƚŝǀŝƚĂƐƉĞŶĚĂŶĂĂŶďĞƌĂƐĂůĚĂƌŝ
ƉĞŵďĂLJĂƌĂŶ ƵƚĂŶŐ ďĂŶŬ ũĂŶŐŬĂ ƉĞŶĚĞŬ͘ WĞŶƵƌƵŶĂŶ ƉĞŶŐŐƵŶĂĂŶ ŬĂƐ ďĞƌƐŝŚ ƵŶƚƵŬ ĂŬƚŝǀŝƚĂƐ ƉĞŶĚĂŶĂĂŶ ƉĂĚĂ
ƚĂŚƵŶϮϬϮϱŵĞŶĐĞƌŵŝŶŬĂŶŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŶŐĞůŽůĂƐƚƌƵŬƚƵƌƉĞŶĚĂŶĂĂŶƐĞĐĂƌĂůĞďŝŚĞĨŝƐŝĞŶ͕
ĂŶƚĂƌĂůĂŝŶŵĞůĂůƵŝƉĞŶƵƌƵŶĂŶƉĞŵĂŶĨĂĂƚĂŶĨĂƐŝůŝƚĂƐƵƚĂŶŐďĂŶŬũĂŶŐŬĂƉĞŶĚĞŬLJĂŶŐĚŝĚƵŬƵŶŐŽůĞŚĂƌƵƐŬĂƐ
ŽƉĞƌĂƐŝLJĂŶŐůĞďŝŚŬƵĂƚ͘
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ϯ͘ ^ 'D EKW Z^/
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ ϮϬϮϱ
ϮϬϮϰ
ZƉũƵƚĂ й ZƉũƵƚĂ й
WĞŶũƵĂůĂŶĚĂŶWĞŶĚĂƉĂƚĂŶ:ĂƐĂ
WŝƉĂĂũĂ>ĂƐ>ƵƌƵƐ ϰ͘Ϭϱϭ͘ϱϳϭ ϲϴ͕Ϯϵй ϰ͘ϰϲϳ͘ϬϬϬ ϳϯ͕Ϭϭй
WŝƉĂďĂũĂ>ĂƐ^ƉŝƌĂů ϭ͘ϭϰϰ͘ϲϯϵ ϭϵ͕Ϯϵй ϭ͘ϬϮϯ͘ϭϯϲ ϭϲ͕ϳϮй
^ƚƌŝƉĚĂŶWůĂƚ ϲϲϱ͘ϳϯϲ ϭϭ͕ϮϮй ϱϵϬ͘Ϯϵϵ ϵ͕ϲϱй
:ĂƐĂĚĂŶůĂŝŶͲůĂŝŶ ϳϬ͘ϴϱϭ ϭ͕ϭϵй ϯϳ͘ϵϮϵ Ϭ͕ϲϮй
:ƵŵůĂŚ ϱ͘ϵϯϮ͘ϳϵϳ ϭϬϬ͕ϬϬй ϲ͘ϭϭϴ͘ϯϲϰ ϭϬϬ͕ϬϬй
ĞďĂŶWŽŬŽŬWĞŶũƵĂůĂŶ
WŝƉĂĂũĂ>ĂƐ>ƵƌƵƐ ϯ͘Ϯϳϵ͘ϲϮϴ ϲϴ͕Ϯϵй ϯ͘ϲϱϵ͘ϱϯϬ ϳϯ͕Ϭϭй
WŝƉĂďĂũĂ>ĂƐ^ƉŝƌĂů ϵϮϲ͘ϱϱϭ ϭϵ͕Ϯϵй ϴϯϴ͘ϭϵϬ ϭϲ͕ϳϮй
^ƚƌŝƉĚĂŶWůĂƚ ϱϯϴ͘ϴϵϰ ϭϭ͕ϮϮй ϰϴϯ͘ϱϵϰ ϵ͕ϲϱй
:ĂƐĂĚĂŶůĂŝŶͲůĂŝŶ ϱϳ͘ϯϱϮ ϭ͕ϭϵй ϯϭ͘Ϭϳϯ Ϭ͕ϲϮй
:ƵŵůĂŚ ϰ͘ϴϬϮ͘ϰϮϰ ϭϬϬ͕ϬϬй ϱ͘ϬϭϮ͘ϯϴϳ ϭϬϬ͕ϬϬй
>ĂďĂ<ŽƚŽƌ
WŝƉĂĂũĂ>ĂƐ>ƵƌƵƐ ϳϳϭ͘ϵϰϯ ϲϴ͕Ϯϵй ϴϬϳ͘ϰϳϬ ϳϯ͕Ϭϭй
WŝƉĂďĂũĂ>ĂƐ^ƉŝƌĂů Ϯϭϴ͘Ϭϴϴ ϭϵ͕Ϯϵй ϭϴϰ͘ϵϰϲ ϭϲ͕ϳϮй
^ƚƌŝƉĚĂŶWůĂƚ ϭϮϲ͘ϴϰϮ ϭϭ͕ϮϮй ϭϬϲ͘ϳϬϱ ϵ͕ϲϱй
:ĂƐĂĚĂŶůĂŝŶͲůĂŝŶ ϭϯ͘ϰϵϵ ϭ͕ϭϵй ϲ͘ϴϱϲ Ϭ͕ϲϮй
:ƵŵůĂŚ ϭ͘ϭϯϬ͘ϯϳϯ ϭϬϬ͕ϬϬй ϭ͘ϭϬϱ͘ϵϳϳ ϭϬϬ͕ϬϬй
dĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϰ
WĞŶũƵĂůĂŶWĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂĚŝƉĞƌŽůĞŚĚĂƌŝƉĞŶũƵĂůĂŶƉŝƉĂďĂũĂůĂƐůƵƌƵƐLJĂŶŐŵĞŵďĞƌŝŬĂŶŬŽŶƚƌŝďƵƐŝƐĞďĞƐĂƌ
ϲϴ͕ϮϵйĚĂŶϳϯ͕ϬϭйŵĂƐŝŶŐͲŵĂƐŝŶŐƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͘WĞŶũƵĂůĂŶƐĞŐŵĞŶŽƉĞƌĂƐŝƉŝƉĂďĂũĂůĂƐ
ůƵƌƵƐ ƉĞƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ŵĞŶƵƌƵŶ ƐĞďĞƐĂƌ ϰϭϱ͘ϰϮϵ ũƵƚĂ ĂƚĂƵ ƐĞďĞƐĂƌ ϵ͕ϯϬй ŵĞŶũĂĚŝ ϰ͘Ϭϱϭ͘ϱϳϭ ũƵƚĂ
ĚŝďĂŶĚŝŶŐŬĂŶ ϰ͘ϰϲϳ͘ϬϬϬ ũƵƚĂ ƉĞƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ͕ LJĂŶŐ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ƉĞŶƵƌƵŶĂŶ ŚĂƌŐĂ ũƵĂů ĂŬŝďĂƚ
ƉĞŶƵƌƵŶĂŶŚĂƌŐĂďĂũĂĚƵŶŝĂ͘ĚĂƉƵŶǀŽůƵŵĞƉƌŽĚƵŬƐŝƉŝƉĂďĂũĂůĂƐůƵƌƵƐƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱĂĚĂůĂŚƐĞďĞƐĂƌ
Ϯϭϵ͘ϲϯϲƚŽŶĂƚĂƵƚƵƌƵŶƐĞďĞƐĂƌ ϳ͕ϭϭй ĚŝďĂŶĚŝŶŐŬĂŶǀŽůƵŵĞƉƌŽĚƵŬƐŝƉĂĚĂƚĂŚƵŶƐĞďĞůƵŵŶLJĂLJĂŝƚƵƐĞďĞƐĂƌ
Ϯϯϲ͘ϰϱϮƚŽŶ͕LJĂŶŐĚŝƐĞďĂďŬĂŶWĞƌƐĞƌŽĂŶŵĞŶŐĞĨŝƐŝĞŶƐŝŬĂŶƉĞƌƐĞĚŝĂĂŶďĂƌĂŶŐĚŝŐƵĚĂŶŐ͕ƐĞĚĂŶŐŬĂŶŬĂƉĂƐŝƚĂƐ
ƉƌŽĚƵŬƐŝƉŝƉĂďĂũĂůĂƐůƵƌƵƐWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĞƐĂƌϱϲϬ͘ϮϴϬƚŽŶƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͘^ĞŐŵĞŶ
ƉŝƉĂ ďĂũĂ ůĂƐůƵƌƵƐ ŵĞŵďĞƌŝŬĂŶ ŬŽŶƚƌŝďƵƐŝ ƉƌŽĨŝƚĂďŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ ƉĞƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ĚĂŶ ϮϬϮϰ ƐĞďĞƐĂƌ
ϲϴ͕ϮϵйĚĂŶϳϯ͕ϬϭйƚĞƌŚĂĚĂƉũƵŵůĂŚůĂďĂŬŽƚŽƌ͘
WĞŶũƵĂůĂŶWĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂĚŝƉĞƌŽůĞŚĚĂƌŝƉĞŶũƵĂůĂŶƉŝƉĂďĂũĂůĂƐƐƉŝƌĂůLJĂŶŐŵĞŵďĞƌŝŬĂŶŬŽŶƚƌŝďƵƐŝƐĞďĞƐĂƌ
ϭϵ͕ϮϵйĚĂŶϭϲ͕ϳϮйŵĂƐŝŶŐͲŵĂƐŝŶŐƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͘WĞŶũƵĂůĂŶƐĞŐŵĞŶŽƉĞƌĂƐŝƉŝƉĂďĂũĂůĂƐ
ƐƉŝƌĂů ƉĞƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ ϭϮϭ͘ϱϬϯ ũƵƚĂ ĂƚĂƵ ƐĞďĞƐĂƌ ϭϭ͕ϴϴй ŵĞŶũĂĚŝ ϭ͘ϭϰϰ͘ϲϯϵ ũƵƚĂ
ĚŝďĂŶĚŝŶŐŬĂŶϭ͘ϬϮϯ͘ϭϯϲũƵƚĂƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϰ͕LJĂŶŐĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶŝŶŐŬĂƚĂŶǀŽůƵŵĞƉĞŶũƵĂůĂŶ͘
ĚĂƉƵŶǀŽůƵŵĞƉƌŽĚƵŬƐŝƉŝƉĂďĂũĂůĂƐƐƉŝƌĂůƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱĂĚĂůĂŚƐĞďĞƐĂƌϲϲ͘ϴϲϲƚŽŶĂƚĂƵƚƵƌƵŶϭϴ͕ϰϭй
ĚŝďĂŶĚŝŶŐŬĂŶ ǀŽůƵŵĞ ƉƌŽĚƵŬƐŝ ƉĂĚĂ ƚĂŚƵŶ ƐĞďĞůƵŵŶLJĂ LJĂŝƚƵ ƐĞďĞƐĂƌ ϴϭ͘ϵϱϳ ƚŽŶ͕ LJĂŶŐ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ
WĞƌƐĞƌŽĂŶŵĞŶŐĞĨŝƐŝĞŶƐŝŬĂŶƉĞƌƐĞĚŝĂĂŶďĂƌĂŶŐũĂĚŝLJĂŶŐĂĚĂĚŝŐƵĚĂŶŐ͕ƐĞĚĂŶŐŬĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝƉŝƉĂďĂũĂ
ůĂƐƐƉŝƌĂůWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĞƐĂƌϭϴϬ͘ϬϬϬƚŽŶƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͘^ĞŐŵĞŶƉŝƉĂďĂũĂůĂƐƐƉŝƌĂů
ŵĞŵďĞƌŝŬĂŶŬŽŶƚƌŝďƵƐŝƉƌŽĨŝƚĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰƐĞďĞƐĂƌϭϵ͕ϮϵйĚĂŶϭϲ͕ϳϮй
ƚĞƌŚĂĚĂƉũƵŵůĂŚůĂďĂŬŽƚŽƌ͘
WĞŶũƵĂůĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌƵƚĂŵĂ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ ƉĞŶũƵĂůĂŶ ƐƚƌŝƉ ĚĂŶ ƉůĂƚ LJĂŶŐ ŵĞŵďĞƌŝŬĂŶ ŬŽŶƚƌŝďƵƐŝ ƐĞďĞƐĂƌ
ϭϭ͕ϮϮйĚĂŶϵ͕ϲϱйŵĂƐŝŶŐͲŵĂƐŝŶŐƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͘WĞŶũƵĂůĂŶƐĞŐŵĞŶŽƉĞƌĂƐŝƐƚƌŝƉĚĂŶƉůĂƚƉĞƌ
ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ ϳϱ͘ϰϯϳ ũƵƚĂ ĂƚĂƵ ƐĞďĞƐĂƌ ϭϮ͕ϳϴй ŵĞŶũĂĚŝ ϲϲϱ͘ϳϯϲ ũƵƚĂ ĚŝďĂŶĚŝŶŐŬĂŶ
ϱϵϬ͘ϮϵϵũƵƚĂƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϰ͕LJĂŶŐĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂŵĞŶŝŶŐŬĂƚŶLJĂǀŽůƵŵĞƉĞŶũƵĂůĂŶ͘ĚĂƉƵŶǀŽůƵŵĞ
ƉƌŽĚƵŬƐŝƐƚƌŝƉĚĂŶƉůĂƚƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱĂĚĂůĂŚƐĞďĞƐĂƌϵϱ͘ϭϳϳƚŽŶĂƚĂƵŶĂŝŬϭϭ͕ϬϱйĚŝďĂŶĚŝŶŐŬĂŶǀŽůƵŵĞ
ƉƌŽĚƵŬƐŝƉĂĚĂƚĂŚƵŶƐĞďĞůƵŵŶLJĂLJĂŝƚƵƐĞďĞƐĂƌ ϴϱ͘ϳϬϳƚŽŶ͕LJĂŶŐĚŝƐĞďĂďŬĂŶ ŵĞŶŝŶŐŬĂƚŶLJĂƉĞƌŵŝŶƚĂĂŶƐƚƌŝƉ
ĚĂŶƉůĂƚ͕ƐĞĚĂŶŐŬĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝƐƚƌŝƉĚĂŶƉůĂƚWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĞƐĂƌϯϭϵ͘ϮϬϬƚŽŶƉĞƌϯϭĞƐĞŵďĞƌ
ϮϬϮϱĚĂŶϮϬϮϰ͘^ĞŐŵĞŶƐƚƌŝƉĚĂŶƉůĂƚŵĞŵďĞƌŝŬĂŶŬŽŶƚƌŝďƵƐŝƉƌŽĨŝƚĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱ
ĚĂŶϮϬϮϰƐĞďĞƐĂƌϭϭ͕ϮϮйĚĂŶϵ͕ϲϱйƚĞƌŚĂĚĂƉũƵŵůĂŚůĂďĂŬŽƚŽƌ͘
WĞŶũƵĂůĂŶƐĞŐŵĞŶŽƉĞƌĂƐŝũĂƐĂĚĂŶůĂŝŶͲůĂŝŶƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌϯϮ͘ϵϮϮũƵƚĂĂƚĂƵƐĞďĞƐĂƌ
ϴϲ͕ϴϬй ŵĞŶũĂĚŝ ϳϬ͘ϴϱϭ ũƵƚĂ ĚŝďĂŶĚŝŶŐŬĂŶ ϯϳ͘ϵϮϵ ũƵƚĂ ƉĞƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ͕ LJĂŶŐ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ
ŵĞŶŝŶŐŬĂƚŶLJĂƉĞƌŵŝŶƚĂĂŶũĂƐĂĚĂƌŝƉĞůĂŶŐŐĂŶ͘
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ĂƉĂƚ WĞƌƐĞƌŽĂŶ ƐĂŵƉĂŝŬĂŶ ďĂŚǁĂ ƚŝĚĂŬ ƚĞƌĚĂƉĂƚ ĚĂŵƉĂŬ ŵĂƚĞƌŝĂů ŬĂƌĞŶĂ ƉĞƌƵďĂŚĂŶ ŚĂƌŐĂ ƚĞƌŚĂĚĂƉ
ƉĞŶũƵĂůĂŶĚĂŶƉĞŶĚĂƉĂƚĂŶďĞƌƐŝŚĚĂŶůĂďĂŽƉĞƌĂƐŝWĞƌƐĞƌŽĂŶƐĞůĂŵĂϮƚĂŚƵŶƚĞƌĂŬŚŝƌ͘
ϰ͘ >/<h//d^E^hD ZW EEE
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŵŽĚĂůŬĞƌũĂĚĂƌŝďĞďĞƌĂƉĂ ďĂŶŬĚĞŶŐĂŶ
ƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĂŶŬ :ĞŶŝƐ&ĂƐŝůŝƚĂƐ WůĂĨŽŶĚ KƵƚƐƚĂŶĚŝŶŐƉĞƌ
ϯϭĞƐϮϬϮϱ
<ƌĞĚŝƚ>ŽŬĂů;ZĞŬĞŶŝŶŐ<ŽƌĂŶͿ ZƉϭϬϬ͘ϬϬϬũƵƚĂ Ͳ
WdĂŶŬĞŶƚƌĂůƐŝĂdďŬ dŝŵĞ>ŽĂŶZĞǀŽůǀŝŶŐ ZƉϰϰϬ͘ϬϬϬũƵƚĂ Ͳ
DƵůƚŝ&ĂĐŝůŝƚLJƌĞĚŝƚ h^ϭϱϱ͘ϬϬϬƌŝďƵ ZƉϯϬϯ͘ϴϮϲũƵƚĂ
WdĂŶŬZĞƐŽŶĂWĞƌĚĂŶŝĂ >ŝŵŝƚ'ĂďƵŶŐĂŶ h^ϭϱ͘ϬϬϬƌŝďƵ ZƉϮϰϴ͘ϯϰϵũƵƚĂ
WdĂŶŬ^D/ŶĚŽŶĞƐŝĂdďŬ &ĂƐŝůŝƚĂƐ<ƌĞĚŝƚ h^ϮϬ͘ϬϬϬƌŝďƵ ZƉϭϱϭ͘ϭϬϳũƵƚĂ
WdĂŶŬ//ŶĚŽŶĞƐŝĂ /ŵƉŽƌƚ>>ŝŶĞ ZƉϭϴϮ͘ϱϬϬũƵƚĂ Ͳ
WdĂŶŬĂŶĂŵŽŶ/ŶĚŽŶĞƐŝĂdďŬ KŵŶŝďƵƐdƌĂĚĞ&ŝŶĂŶĐĞ ZƉϭϬϬ͘ϬϬϬũƵƚĂ Ͳ
ĞƌĚĂƐĂƌŬĂŶƚĂďĞůĚŝĂƚĂƐ͕ũƵŵůĂŚĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŵŽĚĂůŬĞƌũĂLJĂŶŐďĞůƵŵĚŝŐƵŶĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂů
ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϯ͘ϰϵϲ͘ϳϬϴ ũƵƚĂ͘ &ĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ LJĂŶŐ ďĞůƵŵ ĚŝŐƵŶĂŬĂŶ ƚĞƌƐĞďƵƚ
ŵĞŵďĞƌŝŬĂŶĨůĞŬƐŝďŝůŝƚĂƐďĂŐŝWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶŵŽĚĂůŬĞƌũĂƚĂŵďĂŚĂŶĂƉĂďŝůĂĚŝƉĞƌůƵŬĂŶ͘
,ŝŶŐŐĂƐĂĂƚŝŶŝ͕ŬĞďƵƚƵŚĂŶŵŽĚĂůŬĞƌũĂWĞƌƐĞƌŽĂŶŵĂƐŝŚŵĞŶĐƵŬƵƉŝ͘<ĞƚĞƌƐĞĚŝĂĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚŵŽĚĂůŬĞƌũĂ
LJĂŶŐďĞůƵŵƐĞůƵƌƵŚŶLJĂĚŝŐƵŶĂŬĂŶƐĞďĂŐĂŝŵĂŶĂĚŝƵƌĂŝŬĂŶĚŝĂƚĂƐŵĞŵďĞƌŝŬĂŶƚĂŵďĂŚĂŶƐƵŵďĞƌůŝŬƵŝĚŝƚĂƐďĂŐŝ
WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶŐĂŶƚŝƐŝƉĂƐŝ ŬĞďƵƚƵŚĂŶ ŵŽĚĂů ŬĞƌũĂ LJĂŶŐ ĚĂƉĂƚ ďĞƌĨůƵŬƚƵĂƐŝ ƐĞŝƌŝŶŐ ĚĞŶŐĂŶ ƉĞƌƵďĂŚĂŶ
ŚĂƌŐĂďĂŚĂŶďĂŬƵĚĂŶƐŝŬůƵƐďŝƐŶŝƐWĞƌƐĞƌŽĂŶ͘
dŝŶŐŬĂƚůŝŬƵŝĚŝƚĂƐŵĞŶĐĞƌŵŝŶŬĂŶŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬĚĂůĂŵŵĞŵĞŶƵŚŝůŝĂďŝůŝƚĂƐũĂŶŐŬĂ
ƉĞŶĚĞŬ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ĂƐĞƚ ůĂŶĐĂƌ LJĂŶŐ ĚŝŵŝůŝŬŝŶLJĂ͘ dŝŶŐŬĂƚ ůŝŬƵŝĚŝƚĂƐ ĚŝƵŬƵƌ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ
ĐƵƌƌĞŶƚƌĂƚŝŽ;ƌĂƐŝŽůĂŶĐĂƌͿLJĂŝƚƵƉĞƌďĂŶĚŝŶŐĂŶĂƐĞƚůĂŶĐĂƌĚĂŶůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬ͘ZĂƐŝŽůĂŶĐĂƌWĞƌƐĞƌŽĂŶ
ƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰŵĂƐŝŶŐͲŵĂƐŝŶŐĂĚĂůĂŚƐĞďĞƐĂƌϯ͕ϬϵdžĚĂŶϯ͕Ϯϲdž͘
WĞƌƐĞƌŽĂŶ ŵĞŵďĂŐŝ ƐƵŵďĞƌ ůŝŬƵŝĚŝƚĂƐ ŵĞŶũĂĚŝ ůŝŬƵŝĚŝƚĂƐ ŝŶƚĞƌŶĂů ĚĂŶ ĞŬƐƚĞƌŶĂů͘ ĂůĂŵ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ
LJĂŶŐ ũĂƚƵŚ ƚĞŵƉŽ͕ WĞƌƐĞƌŽĂŶ ƚĞƌƵƚĂŵĂ ŵĞŶŐĂŶĚĂůŬĂŶ ůŝŬƵŝĚŝƚĂƐ ŝŶƚĞƌŶĂů LJĂŶŐ ďĞƌĂƐĂů ĚĂƌŝ ŚĂƐŝů ƉĞŶũƵĂůĂŶ
ƉƌŽĚƵŬďĂƌĂŶŐĚĂŶũĂƐĂWĞƌƐĞƌŽĂŶ͕ƐĞĚĂŶŐŬĂŶƐƵŵďĞƌůŝŬƵŝĚŝƚĂƐĞŬƐƚĞƌŶĂůWĞƌƐĞƌŽĂŶLJĂŶŐƉĂůŝŶŐƵƚĂŵĂĂĚĂůĂŚ
ƵƚĂŶŐũĂŶŐŬĂƉĞŶĚĞŬĚĂŶũĂŶŐŬĂƉĂŶũĂŶŐ͘WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƐƵŵďĞƌůŝŬƵŝĚŝƚĂƐĞŬƐƚĞƌŶĂůLJĂŶŐŵĂƚĞƌŝĂůLJĂŶŐ
ďĞůƵŵ ĚŝŐƵŶĂŬĂŶ͕ ĂŶƚĂƌĂ ůĂŝŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŵŽĚĂů ŬĞƌũĂ LJĂŶŐ ƚĞƌƐĞĚŝĂ ĚĂƌŝ ďĂŶŬ LJĂŶŐ ďĞůƵŵ ƐĞůƵƌƵŚŶLJĂ
ĚŝŐƵŶĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͕ƐĞƌƚĂĨĂƐŝůŝƚĂƐƐĞǁĂƉĞŵďŝĂLJĂĂŶLJĂŶŐƚĞƌƐĞĚŝĂ͘
,ĂůͲŚĂůLJĂŶŐĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶͬŵĞŶƵƌƵŶŬĂŶƐĞĐĂƌĂŵĂƚĞƌŝĂůůŝŬƵŝĚŝƚĂƐWĞƌƐĞƌŽĂŶĂĚĂůĂŚ͗
<ƵƌƐDĂƚĂhĂŶŐ
ŝůĂ ƚĞƌũĂĚŝ ŬĞŶĂŝŬĂŶ LJĂŶŐ ƐŝŐŶŝĨŝŬĂŶ ŬƵƌƐ ŵĂƚĂ ƵĂŶŐ ĚŽůůĂƌ ƚĞƌŚĂĚĂƉ ZƵƉŝĂŚ ĚĂƉĂƚ ŵĞŶLJĞďĂďŬĂŶ ŬĞǁĂũŝďĂŶ
WĞƌƐĞƌŽĂŶŵĞŶũĂĚŝůĞďŝŚďĞƐĂƌ͕ƐĞŚŝŶŐŐĂŵĞŶƵƌƵŶŬĂŶůŝŬƵŝĚŝƚĂƐLJĂŶŐŵĂƚĞƌŝĂů͘,ĂůŝŶŝĚŝŬĂƌĞŶĂŬĂŶŚƵƚĂŶŐLJĂŶŐ
ĚŝŵŝůŝŬŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ ĚŽůůĂƌ͕ ƐĞĚĂŶŐŬĂŶ ƉĞŶĞƌŝŵĂĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŐŝĂŶ
ďĞƐĂƌĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ͘
<ŽůĞŬƚŝďŝůŝƚĂƐ
WŝƵƚĂŶŐƵƐĂŚĂWĞƌƐĞƌŽĂŶƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱĂĚĂůĂŚƐĞďĞƐĂƌZƉϵϱϳ͘ϭϲϱũƵƚĂLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝƉŝƵƚĂŶŐƵƐĂŚĂ
ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ ƐĞďĞƐĂƌ ZƉϵϬϰ͘ϭϭϭ ũƵƚĂ ĚĂŶ ƉŝƵƚĂŶŐ ƵƐĂŚĂ ƉŝŚĂŬ ďĞƌĞůĂƐŝ ƐĞďĞƐĂƌ ZƉϱϯ͘Ϭϱϰ ũƵƚĂ ƐĞƌƚĂ
ƉŝƵƚĂŶŐ ůĂŝŶͲůĂŝŶ ƐĞďĞƐĂƌ ZƉϭ͘ϰϯϳ ũƵƚĂ͘ ŝůĂ ŬŽůĞŬƚŝďŝůŝƚĂƐ ĚĂƌŝ ƉŝƵƚĂŶŐ ƵƐĂŚĂ ƚĞƌƐĞďƵƚ ůĂŶĐĂƌ ŵĂŬĂ ĚĂƉĂƚ
ŵĞŶŝŶŐŬĂƚŬĂŶƚŝŶŐŬĂƚůŝŬƵŝĚŝƚĂƐWĞƌƐĞƌŽĂŶ͘
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WĞŶŐĂƌƵŚ,ĂƌŐĂĂũĂ
,ĂƌŐĂďĂũĂĚĂƌŝƚĂŚƵŶŬĞ ƚĂŚƵŶƐĞůĂůƵŵĞŶŐĂůĂŵŝĨůƵŬƚƵĂƐŝ͘<ĞŶĂŝŬĂŶĚĂŶƉĞŶƵƌƵŶĂŶŚĂƌŐĂďĂũĂLJĂŶŐƐĂŶŐĂƚ
ƐŝŐŶŝĨŝŬĂŶƚĞƌƐĞďƵƚĚĂƉĂƚŵĞŵƉĞŶŐĂƌƵŚŝƐĞĐĂƌĂŵĂƚĞƌŝĂůƚŝŶŐŬĂƚůŝŬƵŝĚŝƚĂƐWĞƌƐĞƌŽĂŶ
,ŝŶŐŐĂƐĂĂƚŝŶŝ͕ŬĞďƵƚƵŚĂŶŵŽĚĂůŬĞƌũĂWĞƌƐĞƌŽĂŶŵĂƐŝŚŵĞŶĐƵŬƵƉŝ͘ĂůĂŵŚĂůŬĞďƵƚƵŚĂŶŵŽĚĂůŬĞƌũĂŶĂŶƚŝŶLJĂ
ƚŝĚĂŬ ŵĞŶĐƵŬƵƉŝ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŶŐŐƵŶĂŬĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŵŽĚĂů ŬĞƌũĂ LJĂŶŐ ďĞůƵŵ ƐĞůƵƌƵŚŶLJĂ
ĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵĞŵďŝĂLJĂŝŬĞŐŝĂƚĂŶKƉĞƌĂƐŝŽŶĂů͘
ϱ͘ >E:DK>
WĞŶŐĞůƵĂƌĂŶďĞůĂŶũĂŵŽĚĂůƵƚĂŵĂWĞƌƐĞƌŽĂŶĂĚĂůĂŚƵŶƚƵŬƉĞŵďĞůŝĂŶƚĂŶĂŚ͕ŵĞƐŝŶĚĂŶƉĞƌĂůĂƚĂŶĚĂŶďĂŶŐƵŶĂŶ
ĚĂŶ ƉƌĂƐĂƌĂŶĂ͕ ŬĞŶĚĂƌĂĂŶ ĚĂŶ ŝŶǀĞŶƚĂƌŝƐ ŬĂŶƚŽƌ͘ ^ĞĐĂƌĂ ŚŝƐƚŽƌŝƐ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵďŝĂLJĂŝ ďĞůĂŶũĂ ŵŽĚĂů
ŵĞůĂůƵŝ ŬŽŵďŝŶĂƐŝ ĚĂƌŝ ŬĂƐ ŝŶƚĞƌŶĂů ĚĂŶ ƐĞǁĂ ƉĞŵďŝĂLJĂĂŶ͘ dĂďĞů ďĞƌŝŬƵƚ ŵĞŶƵŶũƵŬŬĂŶ ŝŶĨŽƌŵĂƐŝ ƚĞŶƚĂŶŐ
ƉĞŶŐĞůƵĂƌĂŶďĂƌĂŶŐŵŽĚĂůWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
WĞŵŝůŝŬĂŶ>ĂŶŐƐƵŶŐ
dĂŶĂŚ ϵϯ͘ϴϭϭ ϵϰ͘ϱϭϭ
ĂŶŐƵŶĂŶĚĂŶWƌĂƐĂƌĂŶĂ ϭ͘ϳϭϱ ϴϬϮ
DĞƐŝŶĚĂŶWĞƌĂůĂƚĂŶ ϵ͘ϵϯϴ ϰϯ͘ϴϱϯ
<ĞŶĚĂƌĂĂŶ ϳϭϵ ϭ͘ϵϵϭ
/ŶǀĞŶƚĂƌŝƐ<ĂŶƚŽƌ ϲϵϯ ϭ͘ϯϯϵ
ƐĞƚĚĂůĂŵWĞŶLJĞůĞƐĂŝĂŶ
ĂŶŐƵŶĂŶĚĂŶWƌĂƐĂƌĂŶĂ ϭϴϮ͘ϳϲϴ ϴϮ͘ϰϴϲ
DĞƐŝŶĚĂŶWĞƌĂůĂƚĂŶ ϰϬ͘ϳϯϲ ϭϱ͘ϲϯϮ
/ŶǀĞŶƚĂƌŝƐ<ĂŶƚŽƌ ϮϮϭ ϱϭϱ
ƐĞƚWĞŵďŝĂLJĂĂŶ
DĞƐŝŶĚĂŶWĞƌĂůĂƚĂŶ Ͳ Ͳ
/ŶǀĞŶƚĂƌŝƐ<ĂŶƚŽƌ Ͳ Ͳ
dKd> ϯϯϬ͘ϲϬϭ Ϯϰϭ͘ϭϮϵ
ϲ͘ <KD/dD E/Es ^d^/ZE'DK>
^ĂŵƉĂŝĚĞŶŐĂŶƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝŬŽŵŝƚŵĞŶŝŶǀĞƐƚĂƐŝďĂƌĂŶŐŵŽĚĂůLJĂŶŐďĞƌƐŝĨĂƚ
ŵĂƚĞƌŝĂůƐĞůĂŝŶƉƌŽLJĞŬƉĞŵďĂŶŐƵŶĂŶĨĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝhŶŝƚϳWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌůŽŬĂƐŝĚŝ'ƌĞƐŝŬ͕:ĂǁĂdŝŵƵƌ͕LJĂŶŐƐĂĂƚŝŶŝ
ŵĂƐŝŚ ĚĂůĂŵ ƚĂŚĂƉ ƉĞůĂŬƐĂŶĂĂŶ͘ dĂďĞů ďĞƌŝŬƵƚ ŵĞƌĂŶŐŬƵŵ ŝŶĨŽƌŵĂƐŝ ĂƚĂƐ ŬŽŵŝƚŵĞŶ ŝŶǀĞƐƚĂƐŝ ďĂƌĂŶŐ ŵŽĚĂů WĞƌƐĞƌŽĂŶ
ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞŵďĂŶŐƵŶĂŶĨĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝhŶŝƚϳ͗
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EŽ͘ /ŶĨŽƌŵĂƐŝ WĞŶũĞůĂƐĂŶ
ϭ WŝŚĂŬLJĂŶŐƚĞƌŬĂŝƚĚĂůĂŵƉĞƌũĂŶũŝĂŶ WŝŚĂŬͲƉŝŚĂŬLJĂŶŐƚĞƌŬĂŝƚĚĂůĂŵƉĞůĂŬƐĂŶĂĂŶƉƌŽLJĞŬƉĞŵďĂŶŐƵŶĂŶhŶŝƚϳĂŶƚĂƌĂůĂŝŶ
ĂĚĂůĂŚWd<ĂƌLJĂ/ŶƚĞƌŶƵƐĂĚĂŶs<ĂƌLJĂ:ĂLJĂ͕ďĞƐĞƌƚĂŬŽŶƚƌĂŬƚŽƌĚĂŶƉĞŵĂƐŽŬůĂŝŶ
LJĂŶŐ ĚŝƚƵŶũƵŬ WĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĞďƵƚƵŚĂŶ ƉĂĚĂ ƐĞƚŝĂƉ ƚĂŚĂƉĂŶ
ƉĞŵďĂŶŐƵŶĂŶ͘^ĞůƵƌƵŚƉŝŚĂŬƚĞƌƐĞďƵƚďƵŬĂŶŵĞƌƵƉĂŬĂŶƉŝŚĂŬƚĞƌĂĨŝůŝĂƐŝĚĞŶŐĂŶ
WĞƌƐĞƌŽĂŶ͘
Ϯ EŝůĂŝ ŬĞƐĞůƵƌƵŚĂŶ͕ ŵĂƚĂ ƵĂŶŐ͕ ĚĂŶ ^ĞůƵƌƵŚŬŽŵŝƚŵĞŶŝŶǀĞƐƚĂƐŝĚŝĚĞŶŽŵŝŶĂƐŝĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ͘EŝůĂŝLJĂŶŐƚĞůĂŚ
ďĂŐŝĂŶLJĂŶŐƚĞůĂŚĚŝƌĞĂůŝƐĂƐŝ ĚŝƌĞĂůŝƐĂƐŝƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱ;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ͗
hĂŶŐDƵŬĂWĞŵďĞůŝĂŶDĞƐŝŶ ϯϱϰ͘ϯϵϮ
hĂŶŐDƵŬĂWĞŵďĞůŝĂŶdĂŶĂŚ ϯϯϬ͘ϱϱϵ
ƐĞƚĚĂůĂŵWĞŵďĂŶŐƵŶĂŶ ϭϳϰ͘ϳϵϬ
ƐĞƚdĞƚĂƉ–dĂŶĂŚ ϴϮϯ͘ϳϳϬ
ƐĞƚdĞƚĂƉ–ĂŶŐƵŶĂŶ ϲϯ͘ϲϮϱ
dŽƚĂůZĞĂůŝƐĂƐŝ ϭ͘ϳϰϳ͘ϭϯϲ
ϯ ^ĂŶŬƐŝ dŝĚĂŬƚĞƌĚĂƉĂƚƐĂŶŬƐŝLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂůLJĂŶŐĚŝĂƚƵƌĚĂůĂŵƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ
ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞŵďĂŶŐƵŶĂŶhŶŝƚϳLJĂŶŐĚĂƉĂƚďĞƌĚĂŵƉĂŬŵĂƚĞƌŝĂůƚĞƌŚĂĚĂƉ
ŬĞŐŝĂƚĂŶƵƐĂŚĂŵĂƵƉƵŶŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
ϰ dƵũƵĂŶĚĂƌŝŝŶǀĞƐƚĂƐŝďĂƌĂŶŐŵŽĚĂů ^ĞďĂŐĂŝ ďĂŐŝĂŶ ĚĂƌŝ ƐƚƌĂƚĞŐŝ ƉĞŶŐĞŵďĂŶŐĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ
ŵĞŶŝŶŐŬĂƚŬĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝƉŝƉĂďĂũĂ͕ŬŚƵƐƵƐŶLJĂƵŶƚƵŬƉƌŽĚƵŬƉŝƉĂũĞŶŝƐ Zt
W/ĚĂŶŶŽŶͲW/͕ŐƵŶĂŵĞŵĞŶƵŚŝƉĞƌƚƵŵďƵŚĂŶƉĞƌŵŝŶƚĂĂŶƉĂƐĂƌ͘
ϱ ŝƐƚƌŝďƵƐŝŝŶǀĞƐƚĂƐŝƐĞĐĂƌĂŐĞŽŐƌĂĨŝƐ dĞƌƉƵƐĂƚ ƉĂĚĂ ƐĂƚƵ ůŽŬĂƐŝ͕ LJĂŝƚƵ Ěŝ :ů͘ ZĂLJĂ ĂĞŶĚĞůƐ <D ϰϵ͕ ĞƐĂ tĂĚĞŶŐ͕
<ĞĐĂŵĂƚĂŶ^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕:ĂǁĂdŝŵƵƌ͘
ϲ ^ƵŵďĞƌĚĂŶĂLJĂŶŐĚŝŐƵŶĂŬĂŶ ^ĞůƵƌƵŚŶLJĂďĞƌĂƐĂůĚĂƌŝĚĂŶĂŝŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶ͘
ϳ DĂƚĂ ƵĂŶŐ ĚĞŶŽŵŝŶĂƐŝ ĚĂůĂŵ ŚĂů dŝĚĂŬƚĞƌĚĂƉĂƚĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵĞŵďŝĂLJĂŝƉĞŵďĂŶŐƵŶĂŶ
ƐƵŵďĞƌĚĂŶĂďĞƌĂƐĂůĚĂƌŝƉŝŶũĂŵĂŶ hŶŝƚϳ͘
ϴ dŝŶĚĂŬĂŶ ůŝŶĚƵŶŐ ŶŝůĂŝ ƚĞƌŚĂĚĂƉ ƌŝƐŝŬŽ ĞŶŐĂŶŵĞŶŝŵďĂŶŐƐĞůƵƌƵŚŬŽŵŝƚŵĞŶŝŶǀĞƐƚĂƐŝĚŝĚĞŶŽŵŝŶĂƐŝĚĂůĂŵZƵƉŝĂŚĚĂŶ
ĨůƵŬƚƵĂƐŝŬƵƌƐŵĂƚĂƵĂŶŐĂƐŝŶŐ ĚŝďŝĂLJĂŝĚĂƌŝĚĂŶĂŝŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶ͕ŵĂŬĂƚŝĚĂŬƚĞƌĚĂƉĂƚĞŬƐƉŽƐƵƌƚĞƌŚĂĚĂƉƌŝƐŝŬŽ
ĨůƵŬƚƵĂƐŝŬƵƌƐŵĂƚĂƵĂŶŐĂƐŝŶŐ͘
ϵ WƌĂŬŝƌĂĂŶ ƉĞƌŝŽĚĞ ĚŝŵƵůĂŝ ĚĂŶ WĞŵďĂŶŐƵŶĂŶ ĚŝŵƵůĂŝ ƉĂĚĂ ĂǁĂů ƚĂŚƵŶ ϮϬϮϯ ĚĂŶ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞĐĂƌĂ ďĞƌƚĂŚĂƉ͘
ƐĞůĞƐĂŝŶLJĂƉƌŽƐĞƐƉĞŵďĂŶŐƵŶĂŶ dĂŚĂƉ///ĚŝƉĞƌŬŝƌĂŬĂŶƐĞůĞƐĂŝƉĂĚĂ^ĞŵĞƐƚĞƌ//ƚĂŚƵŶϮϬϮϲ͘
ϭϬ WĞŶŝŶŐŬĂƚĂŶ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ LJĂŶŐ dĂŵďĂŚĂŶŬĂƉĂƐŝƚĂƐƚĞƌƉĂƐĂŶŐďĂŐŝWĞƌƐĞƌŽĂŶƐĞďĞƐĂƌϳϬ͘ϬϬϬƚŽŶƉĞƌďƵůĂŶ͘
ĚŝŚĂƌĂƉŬĂŶ
dŝĚĂŬƚĞƌĚĂƉĂƚŝƐƵůŝŶŐŬƵŶŐĂŶŚŝĚƵƉĂƚĂƐŝŶǀĞƐƚĂƐŝďĂƌĂŶŐŵŽĚĂůLJĂŶŐĚŝŬĞůƵĂƌŬĂŶ͘
ϳ͘ W Dd^Ed^W E'>/,EEZ/W Zh^,EE<< W Z^ ZKE
WĂĚĂ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ϭ ;ƐĂƚƵͿ WĞƌƵƐĂŚĂĂŶ ŶĂŬ͕ LJĂŝƚƵ Wd ^ƉŝŶĚŽ
ŶŐŝŶĞĞƌŝŶŐ/ŶĚƵƐƚƌLJ;Η^ /ΗͿ͕ĚĞŶŐĂŶŬĞƉĞŵŝůŝŬĂŶƐĞďĞƐĂƌϵϬ͕ϬϬй͘
dŝĚĂŬ ƚĞƌĚĂƉĂƚ ƉĞŵďĂƚĂƐĂŶ LJĂŶŐ ƐŝŐŶŝĨŝŬĂŶ ƚĞƌŚĂĚĂƉ ŬĞŵĂŵƉƵĂŶ ^ / ƵŶƚƵŬ ŵĞŶŐĂůŝŚŬĂŶ ĚĂŶĂ ŬĞƉĂĚĂ
WĞƌƐĞƌŽĂŶ͕ƐĞůĂŝŶƉĞŵďĂƚĂƐĂŶLJĂŶŐďĞƌůĂŬƵƐĞĐĂƌĂƵŵƵŵďĞƌĚĂƐĂƌŬĂŶhŶĚĂŶŐͲhŶĚĂŶŐEŽŵŽƌϰϬdĂŚƵŶϮϬϬϳ
ƚĞŶƚĂŶŐ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ͕ ĂŶƚĂƌĂ ůĂŝŶ ŬĞǁĂũŝďĂŶ ƉĞŶLJŝƐŝŚĂŶ ĐĂĚĂŶŐĂŶ ǁĂũŝď ĚĂŶ ƉĞƌƐLJĂƌĂƚĂŶ ƉĞŵďĂŐŝĂŶ
ĚŝǀŝĚĞŶďĞƌĚĂƐĂƌŬĂŶŬĞƉƵƚƵƐĂŶZhW^͘
63
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WĞŵďĂƚĂƐĂŶƚĞƌƐĞďƵƚƚŝĚĂŬďĞƌĚĂŵƉĂŬŵĂƚĞƌŝĂůƚĞƌŚĂĚĂƉŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŵĞŶƵŚŝŬĞǁĂũŝďĂŶ
ƉĞŵďĂLJĂƌĂŶ ƚƵŶĂŝ͕ ƚĞƌŵĂƐƵŬ ƉĞŵďĂLJĂƌĂŶ ƉŽŬŽŬ ĚĂŶ ďƵŶŐĂ KďůŝŐĂƐŝ ƐĞƌƚĂ ŝĐŝůĂŶ /ŵďĂůĂŶ /ũĂƌĂŚ ĚĂŶ ^ŝƐĂ
/ŵďĂůĂŶ/ũĂƌĂŚĂƚĂƐ^ƵŬƵŬ/ũĂƌĂŚ͕ŵĞŶŐŝŶŐĂƚƐĞůƵƌƵŚŬĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂƉƌŽĚƵŬƐŝĚĂŶƉĞŶũƵĂůĂŶƉŝƉĂďĂũĂ
ĚŝůĂŬƐĂŶĂŬĂŶůĂŶŐƐƵŶŐƉĂĚĂƚŝŶŐŬĂƚWĞƌƐĞƌŽĂŶĚĂŶƚŝĚĂŬďĞƌŐĂŶƚƵŶŐƉĂĚĂƉĞŶŐĂůŝŚĂŶĚĂŶĂĚĂƌŝ^ /͘
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ƉĞŶĚĂƉĂƚĂŶ ĚĂŶ ƉƌŽĨŝƚĂďŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƉĞƌŝŽĚĞ ƚĞƌƐĞďƵƚ ƵŵƵŵŶLJĂ ĚŝƉĞŶŐĂƌƵŚŝ ŽůĞŚ ĨĂŬƚŽƌͲĨĂŬƚŽƌ
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,ĂůŝŶŝƐĞĐĂƌĂůĂŶŐƐƵŶŐŵĞŵƉĞŶŐĂƌƵŚŝŬŝŶĞƌũĂŬĞƵĂŶŐĂŶ͕ŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůĚĂŶƉƌŽƐƉĞŬƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
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h^͘
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64
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hƚĂŶŐĂŶŬ
hƚĂŶŐďĂŶŬũĂŶŐŬĂƉĞŶĚĞŬ ϳϬϯ͘ϮϴϮ Ͳ ϳϬϯ͘ϮϴϮ
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ϭϭ͘ < /:<E W D Z/Ed, E /E^d/dh^/ >/EEz zE' ZDW< W < '/dE h^, E
/Es ^d^/W Z^ ZKE
<ĞďŝũĂŬĂŶƉĞŵĞƌŝŶƚĂŚĚĂůĂŵďŝĚĂŶŐĨŝƐŬĂů͕ŵŽŶĞƚĞƌ͕ƉĂũĂŬĂƚĂƵŬĞďŝũĂŬĂŶůĂŝŶLJĂŶŐďĞƌĚĂŵƉĂŬƉĂĚĂŬĞŐŝĂƚĂŶ
ƵƐĂŚĂWĞƌƐĞƌŽĂŶĚĂŶŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ <ĞďŝũĂŬĂŶŵŽŶĞƚĞƌƐĞƉĞƌƚŝŬĞŶĂŝŬĂŶƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂĚĂŶĨůƵŬƚƵĂƐŝŶŝůĂŝƚƵŬĂƌŵĂƚĂƵĂŶŐĂƐŝŶŐLJĂŶŐ
ĚĂƉĂƚŵĞŵƉĞŶŐĂƌƵŚŝůĂďĂWĞƌƐĞƌŽĂŶ͘
ď͘ <ĞďŝũĂŬĂŶĨŝƐŬĂůƐĞƉĞƌƚŝƉĞƌƵďĂŚĂŶƚĂƌŝĨƉĂũĂŬĚĂŶĐƵŬĂŝ ƚĞƌƚĞŶƚƵĂŬĂŶďĞƌĚĂŵƉĂŬƉĂĚĂŵĞŶŝŶŐŬĂƚŶLJĂ
ďĞďĂŶƉĂũĂŬĚĂŶďŝĂLJĂƉĞƌŽůĞŚĂŶŵĂƚĞƌŝĂůƚĞƌƚĞŶƚƵ͘ <ĞďŝũĂŬĂŶƚĂƌŝĨƉĂũĂŬƉĞŶŐŚĂƐŝůĂŶĂŬĂŶďĞƌĚĂŵƉĂŬ
ƉĂĚĂďĞďĂŶƉĂũĂŬĚĂŶůĂďĂďĞƌƐŝŚWĞƌƐĞƌŽĂŶ͘
Đ͘ <ĞďŝũĂŬĂŶŝŶĨƌĂƐƚƌƵŬƚƵƌĚĂůĂŵŶĞŐĞƌŝĂŬĂŶďĞƌĚĂŵƉĂŬƉĂĚĂŵĞŶŝŶŐŬĂƚŶLJĂƉĂŶŐƐĂƉĂƐĂƌLJĂŶŐďĞƌƉŽƚĞŶƐŝ
ŵĞŶŝŶŐŬĂƚŬĂŶŶŝůĂŝƉĞŶũƵĂůĂŶWĞƌƐĞƌŽĂŶ͘
Ě͘ <ĞďŝũĂŬĂŶ ƚĞƌŬĂŝƚ ƉĞŶĞŶƚƵĂŶ ŚĂƌŐĂ ďĂũĂĚĂŶ ƉĞŵďĂƚĂƐĂŶ ŝŵƉŽƌ ƉƌŽĚƵŬ ďĂũĂũƵŐĂ ĂŬĂŶŵĞŵƉĞŶŐĂƌƵŚŝ
ŚĂƌŐĂĚĂƌŝƉĞŵĂƐŽŬĚĂŶďŝĂLJĂƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶ͘
Ğ͘ <ĞďŝũĂŬĂŶŬĞƚĞŶĂŐĂŬĞƌũĂĂŶƐĞƉĞƌƚŝƉĞƌƵďĂŚĂŶƚŝŶŐŬĂƚhD<ĚĂŶ:ĂŵŝŶĂŶƐŽƐŝĂůLJĂŶŐĂŬĂŶŵĞŵƉĞŶŐĂƌƵŚŝ
ďŝĂLJĂƵƉĂŚĚĂŶŐĂũŝƉĞŬĞƌũĂͬƉĞŐĂǁĂŝWĞƌƐĞƌŽĂŶ͘
65
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
s/͘ FAKTOR RISIKO
/ŶǀĞƐƚĂƐŝƉĂĚĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ^ƵŬƵŬ/ũĂƌĂŚWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƌŝƐŝŬŽ͘ĂůŽŶŝŶǀĞƐƚŽƌŚĂƌƵƐŵĞŵƉĞƌŚĂƚŝŬĂŶ
ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ĂĚĂ Ěŝ ĚĂůĂŵ ƉĞŶũĞůĂƐĂŶ ŵĞŶŐĞŶĂŝ ƌŝƐŝŬŽ ƵƐĂŚĂ ŝŶŝ ĚĞŶŐĂŶ ƐĞŬƐĂŵĂ͕ ŬŚƵƐƵƐŶLJĂ ŝŶĨŽƌŵĂƐŝ
ŵĞŶŐĞŶĂŝƌŝƐŝŬŽͲƌŝƐŝŬŽƵƐĂŚĂďĞƌŝŬƵƚ͕ƐĞďĞůƵŵŵĞŵƵƚƵƐŬĂŶƵŶƚƵŬďĞƌŝŶǀĞƐƚĂƐŝƉĂĚĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ^ƵŬƵŬ
/ũĂƌĂŚWĞƌƐĞƌŽĂŶ͘ZŝƐŝŬŽͲƌŝƐŝŬŽLJĂŶŐďĞůƵŵĚŝŬĞƚĂŚƵŝWĞƌƐĞƌŽĂŶĂƚĂƵLJĂŶŐĚŝĂŶŐŐĂƉƚŝĚĂŬŵĂƚĞƌŝĂůĚĂƉĂƚũƵŐĂ
ŵĞŵƉĞŶŐĂƌƵŚŝ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ͕ ĂƌƵƐ ŬĂƐ͕ ŬŝŶĞƌũĂ ŽƉĞƌĂƐŝ͕ ŬŝŶĞƌũĂ ŬĞƵĂŶŐĂŶ ĂƚĂƵ ƉƌŽƐƉĞŬ ƵƐĂŚĂ͘ WĞŶũĞůĂƐĂŶ
ŵĞŶŐĞŶĂŝ ƌisiko usaha ini berisi pernyataan perkiraan ke depan (“forward looking statements”) yang
ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŬĞũĂĚŝĂŶ LJĂŶŐ ŵĞŶŐĂŶĚƵŶŐ ƵŶƐƵƌ ƌŝƐŝŬŽ ĚĂŶ ŬĞƚŝĚĂŬƉĂƐƚŝĂŶ͘ ZŝƐŝŬŽͲƌŝƐŝŬŽ LJĂŶŐ
ĚŝƵŶŐŬĂƉŬĂŶďĞƌŝŬƵƚďƵŬĂŶůĂŚƐĂƚƵͲƐĂƚƵŶLJĂLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬ͘
ĞƌŝŬƵƚĂĚĂůĂŚƌŝƐŝŬŽŵĂƚĞƌŝĂůLJĂŶŐĚŝƐƵƐƵŶďĞƌĚĂƐĂƌŬĂŶďŽďŽƚƌŝƐŝŬŽĚĂŶĚŝŵƵůĂŝĚĂƌŝƌŝƐŝŬŽƵƚĂŵĂLJĂŶŐĚŝŚĂĚĂƉŝ
WĞƌƐĞƌŽĂŶ ĚĂŶ WĞƌƵƐĂŚĂĂŶ ŶĂŬ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ŬŝŶĞƌũĂ
ŵĂƵƉƵŶŚĂƌŐĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ^ƵŬƵŬ/ũĂƌĂŚWĞƌƐĞƌŽĂŶďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐŵĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐ͗
͘ Z/^/<K hdD zE' D DWhEz/ W E'Zh, ^/'E/&/<E d Z,W < >E'^hE'E h^,
W Z^ ZKE
ZŝƐŝŬŽ <ĞƚĞƌŐĂŶƚƵŶŐĂŶ <ĞƉĂĚĂ WŝŚĂŬ <Ğ dŝŐĂ ĂůĂŵ ,Ăů WĞŶLJĞĚŝĂĂŶ ďĂŚĂŶ ĂŬƵ͕ WĞŶũƵĂůĂŶ WƌŽĚƵŬ͕ ĚĂŶ
WĞŶŐŝƌŝŵĂŶWƌŽĚƵŬ͘
WƌŽĚƵŬƐŝĚĂŶƉĞŶŐŝƌŝŵĂŶƉƌŽĚƵŬLJĂŶŐƚĞƉĂƚǁĂŬƚƵŬĞƉĂĚĂƉĞůĂŶŐŐĂŶƚĞƌŐĂŶƚƵŶŐƉĂĚĂŬĞƚĞƌƐĞĚŝĂĂŶďĂŚĂŶďĂŬƵ
LJĂŶŐŵƵƌĂŚĚĂŶďĞƌŬƵĂůŝƚĂƐƚŝŶŐŐŝ͘:ŝŬĂƉĞŵĂƐŽŬƚŝĚĂŬŵĂŵƉƵ ŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶďĂŚĂŶďĂŬƵ WĞƌƐĞƌŽĂŶ͕
ŵĂŬĂ ĂŬĂŶ ŵĞŶŐŐĂŶŐŐƵ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ďĞƌƉƌŽĚƵŬƐŝ ĚĞŶŐĂŶ ŬĂƉĂƐŝƚĂƐ ƉĞŶƵŚ ĚĂŶ ũƵŐĂ
ŵĞŶŐŐĂŶŐŐƵ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ŵĞŵĞŶƵŚŝ ŬŽŶƚƌĂŬ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ͘ ĂŵƉĂŬŶLJĂ ĂŬĂŶ ŵĞŶLJĞďĂďŬĂŶ
ƉĞŶŐĞŶĂĂŶƐĂŶŬƐŝƚĞƌŚĂĚĂƉWĞƌƐĞƌŽĂŶĂŬŝďĂƚŬĞůĂůĂŝĂŶƚĞƌƐĞďƵƚĂƚĂƵWĞƌƐĞƌŽĂŶĂŬĂŶŬĞŚŝůĂŶŐĂŶƉĞůĂŶŐŐĂŶĂƚĂƵ
ŬŽŶƚƌĂŬ LJĂŶŐ ďĞƌĂŬŝďĂƚ ƉĂĚĂ ďŝƐŶŝƐ͕ ŽƉĞƌĂƐŝŽŶĂů ĚĂŶ ŬĞƵĂŶŐĂŶ LJĂŶŐ ƐĞĚĂŶŐ ďĞƌũĂůĂŶ ŵĂƵƉƵŶ Ěŝ ŵĂƐĂ
ŵĞŶĚĂƚĂŶŐ͘
WĞƌƐĞƌŽĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ďĞďĞƌĂƉĂ ĚŝƐƚƌŝďƵƚŽƌ ĚĂƌŝ ƉŝŚĂŬ ŬĞƚŝŐĂ ƵŶƚƵŬ ŵĞŵĂƐĂƌŬĂŶ ƉƌŽĚƵŬ ŬĞ ƉĞůĂŶŐŐĂŶ
ĚŝƐĞůƵƌƵŚ/ŶĚŽŶĞƐŝĂWĂĚĂƐĂĂƚŝŶŝ͕ƐĞŬŝƚĂƌϯϬйƉĞŶũƵĂůĂŶƉƌŽĚƵŬWĞƌƐĞƌŽĂŶĚŝůĂŬƵŬĂŶŵĞůĂůƵŝĚŝƐƚƌŝďƵƚŽƌĚĞŶŐĂŶ
ƐŬĞŵĂƉĞƐĂŶĂŶƉĞŵďĞůŝĂŶƉĂĚĂƐĂĂƚĚŝďƵƚƵŚŬĂŶƐĂũĂ͕ďƵŬĂŶĚĞŶŐĂŶƐŬĞŵĂƉĞŵďĞůŝĂŶƚĞƌũĂĚǁĂů͘ŝƐƚƌŝďƵƚŽƌ
ĂƚĂƵ ĂŐĞŶ ƚĞƌƐĞďƵƚ ŵƵŶŐŬŝŶ ŬƵƌĂŶŐ ŵĞŵŝůŝŬŝ ŝŶƐĞŶƚŝĨ LJĂŶŐ ƐŝŐŶŝĨŝŬĂŶ ƵŶƚƵŬ ŵĞŶũƵĂů ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ ĂƚĂƵ
ŵĞŶĐĂƌŝ ƉĞůƵĂŶŐ ƉĞŶũƵĂůĂŶ ƉƌŽĚƵŬ ůĂŝŶ ƵŶƚƵŬ WĞƌƐĞƌŽĂŶ ĚĂŶ ƚŝĚĂŬ ĂĚĂ ũĂŵŝŶĂŶ ĚŝƐƚƌŝďƵƚŽƌ ƚĞƌƐĞďƵƚ ĂŬĂŶ
ŵĞŵďĞƌŝŬĂŶ ƵƉĂLJĂ ƚĞƌďĂŝŬ ƵŶƚƵŬ ŵĞŶũƵĂů ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ͘ dŝĚĂŬ ĂĚĂ ũĂŵŝŶĂŶ ďĂŚǁĂ ĚŝƐƚƌŝďƵƚŽƌ ƚĞƌƐĞďƵƚ
ďĞƌƵƉĂLJĂ ƉĞŶƵŚ ƵŶƚƵŬ ŵĞŵƉƌŽŵŽƐŝŬĂŶ ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ ĂƚĂƵ ŵĞŵƉŽƐŝƐŝŬĂŶ ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ
ƉƌŽĚƵŬƵƚĂŵĂLJĂŶŐŵĞƌĞŬĂũƵĂů͘,ĂůŝŶŝŵĞŶŝŵďƵůŬĂŶƌŝƐŝŬŽŶĂŵĂƉƌŽĚƵŬƉĞƌƐĞƌŽĂŶƚŝĚĂŬĚŝŬĞŶĂůďĂŝŬŽůĞŚĐĂůŽŶ
ƉĞŵďĞůŝ͘>ĞďŝŚůĂŶũƵƚ͕ĚŝƐĂĂƚWĞƌƐĞƌŽĂŶŵĞŶŐŚĂƌĂƉŬĂŶĚŝƐƚƌŝďƵƚŽƌƵŶƚƵŬďĞƌƵƉĂLJĂƉĞŶƵŚĚĂůĂŵŵĞŶũƵĂůƉƌŽĚƵŬ
WĞƌƐĞƌŽĂŶ͕ƚŝĚĂŬĂĚĂƉĞƌũĂŶũŝĂŶLJĂŶŐŵĞŶŐŝŬĂƚŬĞƐĞƉĂŬĂƚĂŶƚĞƌƐĞďƵƚ͘:ŝŬĂƉĞƐĂŝŶŐŵĞŶĂǁĂƌŬĂŶŝŶƐĞŶƚŝĨLJĂŶŐ
ůĞďŝŚďĂŝŬŬĞƉĂĚĂĚŝƐƚƌŝďƵƚŽƌ͕ŵĂŬĂŵĞƌĞŬĂďŝƐĂƐĂũĂŵĞŵƉƌŝŽƌŝƚĂƐŬĂŶƉĞŶũƵĂůĂŶƉƌŽĚƵŬƉĞƐĂŝŶŐƚĞƌƐĞďƵƚ͘:ŝŬĂ
ŚƵďƵŶŐĂŶWĞƌƐĞƌŽĂŶĚĞŶŐĂŶĚŝƐƚƌŝďƵƚŽƌƚĞƌŐĂŶŐŐƵĚĂŶWĞƌƐĞƌŽĂŶƚŝĚĂŬŵĂŵƉƵŵĞŶĐĂƌŝƉĞŶŐŐĂŶƚŝĚŝƐƚƌŝďƵƚŽƌ
ƚĞƌƐĞďƵƚ͕ŵĂŬĂĂŬĂŶďĞƌĚĂŵƉĂŬďĂŐŝƉĞŶĚĂƉĂƚĂŶĚĂŶƉĞŶũƵĂůĂŶWĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ ƉĞƌƵƐĂŚĂĂŶ ůŽŐŝƐƚŝŬ ƵŶƚƵŬ ŵĞŶŐŝƌŝŵŬĂŶ ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ ŬĞ
ƉĞůĂŶŐŐĂŶ ĚŽŵĞƐƚŝŬ ĚĂŶ ŝŶƚĞƌŶĂƐŝŽŶĂů͘ <ƵƌĂŶŐŶLJĂ ĂƌŵĂĚĂ ƉĞŶŐŝƌŝŵĂŶ ĂƚĂƵ ŬĞŶĚĂůĂ ůĂŝŶ ĚĂůĂŵ ďŝƐŶŝƐ
ƉĞƌƵƐĂŚĂĂŶƌĞŬĂŶĂŶƚĞƌƐĞďƵƚĚĂƉĂƚŵĞŶLJĞďĂďŬĂŶŬĞƚĞƌůĂŵďĂƚĂŶƉĞŶŐŝƌŝŵĂŶƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͘,ĂůŝŶŝĚĂƉĂƚ
ŵĞŶLJĞďĂďŬĂŶ ŵƵŶĐƵůŶLJĂ ŬůĂŝŵ ĂƚĂƐ ŬĞƚĞƌůĂŵďĂƚĂŶ͕ ƚĞƌůĂŶŐŐĂƌŶLJĂ ŬŽŶƚƌĂŬ ĚĂŶ ƉĞŶƵŶƚƵƚĂŶ ƉĞůĂŶŐŐĂŶ ĂƚĂƐ
ƌĞƉƵƚĂƐŝWĞƌƐĞƌŽĂŶƐĞƌƚĂŬĞŵƵŶŐŬŝŶĂŶŬĞŚŝůĂŶŐĂŶƉĞůĂŶŐŐĂŶƚĞƌƐĞďƵƚ͘WĞƌƐĞƌŽĂŶũƵŐĂƚĞƌŬĞŶĂĚĂŵƉĂŬŬĞŶĂŝŬĂŶ
ƚĂƌŝĨƉĞŶŐŝƌŝŵĂŶďĂƌĂŶŐĂƚĂƵŬĞƚŝĚĂŬƚĞƌƐĞĚŝĂĂŶũĂƐĂŬƵƌŝƌ͘:ŝŬĂWĞƌƐĞƌŽĂŶƚŝĚĂŬďŝƐĂŵĞŶĞƌƵƐŬĂŶďŝĂLJĂƚĞƌƐĞďƵƚ
ŬĞƉĞůĂŶŐŐĂŶ͕ŵĂŬĂĂŬĂŶŵĞŶŐƵƌĂŶŐŝŬĞƵŶƚƵŶŐĂŶWĞƌƐĞƌŽĂŶ͘
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WĞŶŐŝƌŝŵĂŶ ƉƌŽĚƵŬ ƉĞƌƐĞƌŽĂŶ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ŵĞůĂůƵŝ ƉĂďƌŝŬ Ěŝ ^ƵƌĂďĂLJĂ͕ WĂƐƵƌƵĂŶ͕ ^ŝĚŽĂƌũŽ͕ĚĂŶ <ĂƌĂǁĂŶŐ͘
^ĞĚĂŶŐŬĂŶ ƉĞŶŐŝƌŝŵĂŶ ďĂŚĂŶ ďĂŬƵ ĚŝůĂŬƵŬĂŶ ŵĞůĂůƵŝ ƉĞůĂďƵŚĂŶ dĂŶũƵŶŐ WĞƌĂŬ͕ ^ƵƌĂďĂLJĂ ĂƚĂƵ ŵĞůĂůƵŝ
ƉĞůĂďƵŚĂŶdĂŶũƵŶŐWƌŝŽŬ͕:ĂŬĂƌƚĂ͘^ĞŐĂůĂŬĞŶĚĂůĂĚŝƉĂďƌŝŬWĞƌƐĞƌŽĂŶĂƚĂƵĚŝƉĞƌƵƐĂŚĂĂŶŬĂƌŐŽŵŝƚƌĂWĞƌƐĞƌŽĂŶ͕
ƚĞƌŵĂƐƵŬ ŬĞŵƵŶŐŬŝŶĂŶ ŬĞďĂŬĂƌĂŶ͕ ďĂŶũŝƌ͕ ŵŽŐŽŬ ŬĞƌũĂ͕ ĂŬƐŝ ĚĞŵŽ͕ ŬĞƌƵƐĂŬĂŶ ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ ĚĂŶ ŬƵƌĂŶŐ
ƚĞƌƐĞĚŝĂŶLJĂĂƌŵĂĚĂƉĞŶŐĂŶŐŬƵƚĂŶĚĂƉĂƚŵĞŶŐĂŬŝďĂƚŬĂŶŐĂŶŐŐƵĂŶĚŝƐƚƌŝďƵƐŝƉĞƌƐĞĚŝĂĂŶŵĂƵƉƵŶďĂŚĂŶďĂŬƵ͘
ĂůĂŵŵĞŵƉƌŽĚƵŬƐŝƉƌŽĚƵŬͲƉƌŽĚƵŬŶLJĂ͕WĞƌƐĞƌŽĂŶƐĂŶŐĂƚƚĞƌŐĂŶƚƵŶŐƉĂĚĂŬĞƚĞƌƐĞĚŝĂĂŶƉĂƐŽŬĂŶďĂŚĂŶďĂŬƵ
ďĂŝŬ,ZŵĂƵƉƵŶZ͘^ĞďĂŐŝĂŶďĂŚĂŶďĂŬƵWĞƌƐĞƌŽĂŶĚŝƉĞƌŽůĞŚĚĂƌŝƉĂƐŽŬĂŶůƵĂƌŶĞŐĞƌŝĚĂŶƐŝƐĂŶLJĂĚŝƉĞƌŽůĞŚ
ĚĂƌŝůŽŬĂů͘WĂƐŽŬĂŶďĂŚĂŶďĂŬƵĚĂƉĂƚƚĞƌŐĂŶŐŐƵďŝůĂĚŝŶĞŐĂƌĂĂƐĂůďĂŚĂŶďĂŬƵƚĞƌƐĞďƵƚƉĞƌƐĞĚŝĂĂŶŶLJĂƚĞƌďĂƚĂƐ
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ĂŬŚŝƌŶLJĂĚĂƉĂƚŵĞŵƉĞŶŐĂƌƵŚŝƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶ͘
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WĞƌĞŬŽŶŽŵŝĂŶŐůŽďĂůƐĂĂƚŝŶŝĚŝŚĂĚĂƉŬĂŶƉĂĚĂŵĞŶŝŶŐŬĂƚŶLJĂŬĞƚŝĚĂŬƉĂƐƚŝĂŶLJĂŶŐĚŝƉŝĐƵŽůĞŚĞƐŬĂůĂƐŝŬĞďŝũĂŬĂŶ
ƉĞƌĚĂŐĂŶŐĂŶƵŶŝůĂƚĞƌĂůĚĂŶƉƌŽƚĞŬƐŝŽŶŝƐŵĞĚŝƐĞũƵŵůĂŚŶĞŐĂƌĂŵĂũƵ͕ƚĞƌŵĂƐƵŬƉĞŶĞƌĂƉĂŶƚĂƌŝĨƌĞƐŝƉƌŽŬĂůŽůĞŚ
ŵĞƌŝŬĂ ^ĞƌŝŬĂƚ ƚĞƌŚĂĚĂƉ ŵŝƚƌĂ ĚĂŐĂŶŐŶLJĂ͘ <ĞƚĞŐĂŶŐĂŶ ƉĞƌĚĂŐĂŶŐĂŶ ƚĞƌƐĞďƵƚ ďĞƌƉŽƚĞŶƐŝ ŵĞŶLJĞďĂďŬĂŶ
ƉĞŶŐĂůŝŚĂŶ ĂƌƵƐ ƉĞƌĚĂŐĂŶŐĂŶ ;ƚƌĂĚĞ ĚŝǀĞƌƐŝŽŶͿ ƉƌŽĚƵŬ ďĂũĂ ŬĞ ƉĂƐĂƌ ĚŽŵĞƐƚŝŬ͕ Ěŝ ƚĞŶŐĂŚ ŬŽŶĚŝƐŝ ŬĞůĞďŝŚĂŶ
ŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝďĂũĂŐůŽďĂůLJĂŶŐŵĂƐŝŚďĞƌůĂŶŐƐƵŶŐ͘DĞŶŝŶŐŬĂƚŶLJĂǀŽůƵŵĞŝŵƉŽƌďĂũĂĚĞŶŐĂŶ ŚĂƌŐĂLJĂŶŐ
ƌĞůĂƚŝĨ ƌĞŶĚĂŚ ĚĂƉĂƚ ŵĞŶĞŬĂŶ ŚĂƌŐĂ ũƵĂů ƉƌŽĚƵŬ Ěŝ ƉĂƐĂƌ ĚĂůĂŵ ŶĞŐĞƌŝ͕ LJĂŶŐ ƉĂĚĂ ŐŝůŝƌĂŶŶLJĂ ĚĂƉĂƚ
ŵĞŵƉĞŶŐĂƌƵŚŝŵĂƌũŝŶŬĞƵŶƚƵŶŐĂŶĚĂŶĚĂLJĂƐĂŝŶŐWĞƌƐĞƌŽĂŶ͘
WĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝ/ŶĚŽŶĞƐŝĂƉĂĚĂƚĂŚƵŶϮϬϮϱƚĞƌũĂŐĂĚŝŬŝƐĂƌĂŶϱй͕ĚĞŶŐĂŶŝŶĨůĂƐŝLJĂŶŐƚĞƌŬĞŶĚĂůŝĚĂůĂŵ
ƐĂƐĂƌĂŶĂŶŬ/ŶĚŽŶĞƐŝĂ͘ĂŶŬ/ŶĚŽŶĞƐŝĂƚĞůĂŚŵĞŶĞŵƉƵŚŬĞďŝũĂŬĂŶƉĞůŽŶŐŐĂƌĂŶŵŽŶĞƚĞƌŵĞůĂůƵŝƉĞŶƵƌƵŶĂŶ
ƐƵŬƵďƵŶŐĂĂĐƵĂŶŐƵŶĂŵĞŶĚŽƌŽŶŐƉĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝ͕ĚĞŶŐĂŶƚĞƚĂƉŵĞŵƉĞƌŚĂƚŝŬĂŶƐƚĂďŝůŝƐĂƐŝŶŝůĂŝƚƵŬĂƌ
ZƵƉŝĂŚ LJĂŶŐ ŵĞŶŐĂůĂŵŝ ƚĞŬĂŶĂŶ ĂŬŝďĂƚ ŬĞƚŝĚĂŬƉĂƐƚŝĂŶ ŐůŽďĂů͘ WĞůĞŵĂŚĂŶ ZƵƉŝĂŚ ƚĞƌŚĂĚĂƉ ŽůĂƌ ŵĞƌŝŬĂ
^ĞƌŝŬĂƚĚĂƉĂƚďĞƌĚĂŵƉĂŬƉĂĚĂďŝĂLJĂďĂŚĂŶďĂŬƵWĞƌƐĞƌŽĂŶLJĂŶŐƐĞďĂŐŝĂŶďĞƌĚĞŶŽŵŝŶĂƐŝŵĂƚĂƵĂŶŐĂƐŝŶŐ͘ŝ
ƐŝƐŝƉŽůŝƚŝŬ͕ƚƌĂŶƐŝƐŝƉĞŵĞƌŝŶƚĂŚĂŶƉĂƐĐĂWĞŵŝůŝŚĂŶhŵƵŵϮϬϮϰŵĞŵďĂǁĂƉĞƌƵďĂŚĂŶĂƌĂŚŬĞďŝũĂŬĂŶĚŝďĞďĞƌĂƉĂ
ƐĞŬƚŽƌ͕ ƚĞƌŵĂƐƵŬ ĞǀĂůƵĂƐŝ ŬĞďŝũĂŬĂŶ dŝŶŐŬĂƚ <ŽŵƉŽŶĞŶ ĂůĂŵ EĞŐĞƌŝ ;d<EͿ ƐĞƌƚĂ ƉĞŶŐƵĂƚĂŶ ŝŶƐƚƌƵŵĞŶ
ƉĞƌůŝŶĚƵŶŐĂŶ ŝŶĚƵƐƚƌŝ ďĂũĂ ŵĞůĂůƵŝ ĞĂ DĂƐƵŬ Ŷƚŝ ƵŵƉŝŶŐ ;DͿ͕ ƉĞŶĞƌĂƉĂŶ ^E/ ǁĂũŝď͕ ĚĂŶ ƉƌŽŐƌĂŵ
WĞŶŝŶŐŬĂƚĂŶ WĞŶŐŐƵŶĂĂŶ WƌŽĚƵŬ ĂůĂŵ EĞŐĞƌŝ ;WϯEͿ͘ WĞƌƵďĂŚĂŶ ƌĞŐƵůĂƐŝ ĚĂŶ ŬĞďŝũĂŬĂŶ ďĂƌƵ ďĞƌƉŽƚĞŶƐŝ
ŵĞŶŝŵďƵůŬĂŶ ďŝĂLJĂ ƉĞŶLJĞƐƵĂŝĂŶ ƐĞƌƚĂ ŵĞŵƉĞŶŐĂƌƵŚŝ ƚŝŶŐŬĂƚ ƉĞƌƐĂŝŶŐĂŶ LJĂŶŐ ĚŝŚĂĚĂƉŝ WĞƌƐĞƌŽĂŶ Ěŝ ƉĂƐĂƌ
ĚŽŵĞƐƚŝŬ͘
/ŶĚƵƐƚƌŝ ďĂũĂ ďĂŝŬ ĚŽŵĞƐƚŝŬ ŵĂƵƉƵŶ ŐůŽďĂů ƚĞƌƵƐ ŵĞŶŐĂůĂŵŝ ĚŝŶĂŵŝŬĂ ĚĂƌŝ ƐĞŐŝ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ͕ ƚŝŶŐŬĂƚ
ƉĞƌŵŝŶƚĂĂŶ͕ ĚĂŶ ŬĞƚĞƌƐĞĚŝĂĂŶ ďĂŚĂŶ ďĂŬƵ͘ <ŽŵďŝŶĂƐŝ ŬĞůĞďŝŚĂŶ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ ŐůŽďĂů͕ ŬĞďŝũĂŬĂŶ ƚĂƌŝĨ
ƉĞƌĚĂŐĂŶŐĂŶLJĂŶŐďĞƌƵďĂŚͲƵďĂŚ͕ƐĞƌƚĂƉŽƚĞŶƐŝƉĞƌůĂŵďĂƚĂŶƉĞƌŵŝŶƚĂĂŶĚĂƌŝŶĞŐĂƌĂŵĂũƵĚĂƉĂƚďĞƌĚĂŵƉĂŬ
ƉĂĚĂƉĞŶLJĞƐƵĂŝĂŶŚĂƌŐĂďĂũĂĚƵŶŝĂĚĂŶŶĂƐŝŽŶĂů͘dŝĚĂŬĂĚĂŬĞƉĂƐƚŝĂŶďĂŚǁĂWĞƌƐĞƌŽĂŶĂŬĂŶŵĂŵƉƵďĞƌƐĂŝŶŐ
ƐĞĐĂƌĂĞĨĞŬƚŝĨĚĂůĂŵŬŽŶĚŝƐŝĞŬŽŶŽŵŝLJĂŶŐƚĞƌƵƐďĞƌƵďĂŚ͕ĂƚĂƵďĂŚǁĂďĞƌůĂŶũƵƚŶLJĂƚĞŬĂŶĂŶƚĞƌŚĂĚĂƉŝŶĚƵƐƚƌŝ
ďĂũĂŐůŽďĂůƚŝĚĂŬĂŬĂŶďĞƌĚĂŵƉĂŬƚĞƌŚĂĚĂƉďŝƐŶŝƐ͕ŽƉĞƌĂƐŝŽŶĂů͕ĚĂŶŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
<ĞďŝũĂŬĂŶĨŝƐŬĂůĚĂŶŵŽŶĞƚĞƌWĞŵĞƌŝŶƚĂŚƚƵƌƵƚŵĞŵƉĞŶŐĂƌƵŚŝŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͕ĂŶƚĂƌĂůĂŝŶ͗
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ZƵƉŝĂŚ͕ĂŬĂŶŵĞŵƉĞŶŐĂƌƵŚŝďŝĂLJĂƉĞŶĚĂŶĂĂŶĚĂŶďŝĂLJĂďĂŚĂŶďĂŬƵWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌĚĞŶŽŵŝŶĂƐŝŵĂƚĂ
ƵĂŶŐĂƐŝŶŐ͘
ď͘ <ĞďŝũĂŬĂŶ ĨŝƐŬĂů ƐĞƉĞƌƚŝ ƉĞƌƵďĂŚĂŶ ƚĂƌŝĨ ƉĂũĂŬ ĚĂŶ ĐƵŬĂŝ ƚĞƌƚĞŶƚƵ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ŵĞŶŝŶŐŬĂƚŶLJĂ
ďĞďĂŶ ƉĂũĂŬ ĚĂŶ ďŝĂLJĂ ƉĞƌŽůĞŚĂŶ ŵĂƚĞƌŝĂů ƚĞƌƚĞŶƚƵ͘ <ĞďŝũĂŬĂŶ ƚĂƌŝĨ ƉĂũĂŬ ƉĞŶŐŚĂƐŝůĂŶ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ
ƉĂĚĂďĞďĂŶƉĂũĂŬĚĂŶůĂďĂďĞƌƐŝŚWĞƌƐĞƌŽĂŶ͘
Đ͘ <ĞďŝũĂŬĂŶŝŶĨƌĂƐƚƌƵŬƚƵƌĚĂůĂŵŶĞŐĞƌŝĂŬĂŶďĞƌĚĂŵƉĂŬƉĂĚĂƉĂŶŐƐĂƉĂƐĂƌLJĂŶŐďĞƌƉŽƚĞŶƐŝŵĞŵƉĞŶŐĂƌƵŚŝ
ŶŝůĂŝƉĞŶũƵĂůĂŶWĞƌƐĞƌŽĂŶ͘
Ě͘ <ĞďŝũĂŬĂŶ ƚĞƌŬĂŝƚ ƉĞŶĞŶƚƵĂŶ ŚĂƌŐĂ ďĂũĂ͕ ƉĞŵďĂƚĂƐĂŶ ŝŵƉŽƌ ƉƌŽĚƵŬ ďĂũĂ͕ ƐĞƌƚĂ ƉĞŶĞƌĂƉĂŶ ŝŶƐƚƌƵŵĞŶ
ƉĞƌůŝŶĚƵŶŐĂŶƉĞƌĚĂŐĂŶŐĂŶĂŬĂŶŵĞŵƉĞŶŐĂƌƵŚŝŚĂƌŐĂĚĂƌŝƉĞŵĂƐŽŬĚĂŶďŝĂLJĂƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶ͘
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Ğ͘ <ĞďŝũĂŬĂŶŬĞƚĞŶĂŐĂŬĞƌũĂĂŶƐĞƉĞƌƚŝƉĞƌƵďĂŚĂŶƚŝŶŐŬĂƚhD<ĚĂŶũĂŵŝŶĂŶƐŽƐŝĂůĂŬĂŶŵĞŵƉĞŶŐĂƌƵŚŝďŝĂLJĂ
ƵƉĂŚĚĂŶŐĂũŝƉĞŬĞƌũĂͬƉĞŐĂǁĂŝWĞƌƐĞƌŽĂŶ͘
Ϯ͘ ZŝƐŝŬŽWĞƌƵďĂŚĂŶWĂƐŽŬĂŶĂƚĂƵ,ĂƌŐĂĂũĂĂƉĂƚĞƌĚĂŵƉĂŬƵƌƵŬĂŐŝKƉĞƌĂƐŝŽŶĂůĚĂŶ<ĞƵŶƚƵŶŐĂŶ
WĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶ ďĞƌŐĂŶƚƵŶŐ ƉĂĚĂ ďĂũĂ ƐĞďĂŐĂŝ ďĂŚĂŶ ďĂŬƵ ƵƚĂŵĂ ƉƌŽĚƵŬƐŝ͕ ƐĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ďĞƌĞƐŝŬŽ ĂƚĂƐ
ƚĞƌũĂĚŝŶLJĂƉĞƌƵďĂŚĂŶŚĂƌŐĂďĂũĂƚĞƌƐĞďƵƚ͘,ĂƌŐĂďĂũĂƐĂŶŐĂƚƚŝĚĂŬƐƚĂďŝůLJĂŶŐĚŝƐĞďĂďŬĂŶŽůĞŚďĞďĞƌĂƉĂŚĂů
ƚĞƌŵĂƐƵŬƉĞƌŬĞŵďĂŶŐĂŶŝŶĚƵƐƚƌŝďĂũĂŝƚƵƐĞŶĚŝƌŝ͘&ĂŬƚŽƌůĂŝŶƐĞƉĞƌƚŝŬĞĂĚĂĂŶĞŬŽŶŽŵŝŵĂŬƌŽ͕ũƵŵůĂŚƉƌŽĚƵŬƐŝ
ďĂũĂ ĚŽŵĞƐƚŝŬ ŵĂƵƉƵŶ ŝŶƚĞƌŶĂƐŝŽŶĂů͕ ƵƚŝůŝƐĂƐŝ ƉƌŽĚƵŬƐŝ͕ ƉĞŶƵƌƵŶĂŶ ŬŝŶĞƌũĂ ŝŶĚƵƐƚƌŝ ŵĂŶƵĨĂŬƚƵƌ͕ ŬĞŶĚĂůĂ
ƉĞƌĚĂŐĂŶŐĂŶ͕ďĞďĂŶůŝƐƚƌŝŬ͕ŶŝůĂŝƚƵŬĂƌ͕ƉĂũĂŬŝŵƉŽƌĚĂŶƉĞŵďĂƚĂƐĂŶůĂŝŶŶLJĂ͘:ŝŬĂŚĂƌŐĂďĂũĂŵĞŶŝŶŐŬĂƚĚŝŵĂƐĂ
ĚĞƉĂŶ͕ƚŝĚĂŬĂĚĂũĂŵŝŶĂŶWĞƌƐĞƌŽĂŶĂŬĂŶŵĂŵƉƵŵĞŶĂŶŐŐƵŶŐƐĞůƵƌƵŚďŝĂLJĂLJĂŶŐƚŝŵďƵůĂƚĂƐŬĞŶĂŝŬĂŶƚĞƌƐĞďƵƚ
ĂƚĂƵ ŬĞŶĂŝŬĂŶ ďŝĂLJĂ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ĚŝƚĞƌƵƐŬĂŶ ŬĞ ƉĞůĂŶŐŐĂŶ͕ ƐĞŚŝŶŐŐĂ ďĞƌĚĂŵƉĂŬ ďƵƌƵŬ ƚĞƌŚĂĚĂƉ ŵĂƌũŝŶ
ŬĞƵŶƚƵŶŐĂŶWĞƌƐĞƌŽĂŶ͘<ĞŶĂŝŬĂŶŚĂƌŐĂďĂũĂũƵŐĂŵĞŵƵŶŐŬŝŶŬĂŶĚŝƚƵŶĚĂŶLJĂƉĞŵďĞůŝĂŶďĂƌĂŶŐŽůĞŚƉĞůĂŶŐŐĂŶ͘
^ĞůĂŝŶŝƚƵ͕ũŝŬĂWĞƌƐĞƌŽĂŶƐĂůĂŚŵĞŶŐŚŝƚƵŶŐďŝĂLJĂĂƚĂƵǀŽůƵŵĞďĂŚĂŶďĂŬƵƵŶƚƵŬŵĞŵĞŶƵŚŝŬŽŶƚƌĂŬƉĞůĂŶŐŐĂŶ͕
ĂƚĂƵũŝŬĂŚĂƌŐĂƉĂƐĂƌďĂũĂďĞƌƵďĂŚƐŝŐŶŝĨŝŬĂŶĚĂŶWĞƌƐĞƌŽĂŶďĞƌƵƐĂŚĂƵŶƚƵŬƚŝĚĂŬŵĞŶĞƌƵƐŬĂŶďŝĂLJĂƚĞƌƐĞďƵƚ
ŬĞƉĞůĂŶŐŐĂŶ͕ŵĂŬĂĂŬĂŶďĞƌĚĂŵƉĂŬŶĞŐĂƚŝĨƚĞƌŚĂĚĂƉŽƉĞƌĂƐŝŽŶĂůĚĂŶŵĂƌũŝŶŬĞƵŶƚƵŶŐĂŶWĞƌƐĞƌŽĂŶ͘
ϯ͘ ZŝƐŝŬŽ&ůƵŬƚƵĂƐŝZƵƉŝĂŚŬĂŶĞƌĚĂŵƉĂŬƵƌƵŬWĂĚĂ<ŽŶĚŝƐŝ<ĞƵĂŶŐĂŶĚĂŶKƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ
WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ƉĞŶĚĂƉĂƚĂŶ ĚĂŶ ďĞďĂŶ ĚĂůĂŵ ŬƵƌƐ LJĂŶŐ ďĞƌďĞĚĂͲďĞĚĂ͘ DĂƚĂ ƵĂŶŐ LJĂŶŐ ĚŝƉĂŬĂŝ
WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŽƉĞƌĂƐŝŽŶĂů ĂĚĂůĂŚ ZƵƉŝĂŚ ĚĂŶ ŽůůĂƌ ŵĞƌŝŬĂ͕ ĚĂŶ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ĚĂůĂŵ ĚĞŶŽŵŝŶĂƐŝ
ZƵƉŝĂŚ͘ DĂLJŽƌŝƚĂƐ ƚƌĂŶƐĂŬƐŝ Ěŝ /ŶĚŽŶĞƐŝĂ ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ZƵƉŝĂŚ͕ ĚĂŶ ƐĞďĂŐŝĂŶ ĂĚĂůĂŚ ĚĂůĂŵ ďĞŶƚƵŬ ŽůůĂƌ
ŵĞƌŝŬĂ LJĂŬŶŝ ƵŶƚƵŬ ƉĞŶũƵĂůĂŶ ĞŬƐƉŽƌ͘ ^ĞďĂŐŝĂŶ ďĞƐĂƌ ďŝĂLJĂ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉĞŵďĞůŝĂŶ ďĂŚĂŶ
ďĂŬƵ ĂĚĂůĂŚ ďĞƌĚĞŶŽŵŝŶĂƐŝ ŽůůĂƌ ŵĞƌŝŬĂ͕ ƐĞůĂŝŶ ŝƚƵ ƵŶƚƵŬ ƉĞŵďĞůŝĂŶ ďĂŚĂŶ ƉĞŵďĂŶƚƵ͕ ŵĞƐŝŶ ƉĞƌĂůĂƚĂŶ
ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ďŝĂLJĂ ďĂŚĂŶ ďĂŬƵ ĚĂůĂŵ ĚĞŶŽŵŝŶĂƐŝ zĞŶ͕ ƵƌŽ͕ ĚĂŶ ŽůůĂƌ ^ŝŶŐĂƉƵƌĂ͘ ^ĞŚŝŶŐŐĂ ďŝĂLJĂ
ŽƉĞƌĂƐŝŽŶĂů͕ŵĂƌũŝŶŬĞƵŶƚƵŶŐĂŶ͕ĚĂŶŶŝůĂŝĂƐƐĞƚƉĞƌƐĞƌŽĂŶĂŬĂŶƚĞƌƉĞŶŐĂƌƵŚŽůĞŚĨůƵŬƚƵĂƐŝŵĂƚĂƵĂŶŐƚĞƌƐĞďƵƚ͘
^ĞďĂŐĂŝ ĐŽŶƚŽŚ͕ ZƵƉŝĂŚ ƚĞůĂŚ ŵĞŶŐĂůĂŵŝ ĚĞƉƌĞƐŝĂƐŝ ƚĞƌŚĂĚĂƉ ĚŽůĂƌ ŵĞƌŝŬĂ LJĂŬŶŝ ŬƵƌƐ ƚƵŬĂƌ ZƉϭϱ͘ϯϵϰ ƉĞƌ
ϯϭĞƐĞŵďĞƌϮϬϮϯŵĞŶũĂĚŝZƉϭϲ͘ϳϭϱƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱ͘ĞƉƌĞƐŝĂƐŝZƵƉŝĂŚƚĞƌƐĞďƵƚĚĂƉĂƚŵĞŶLJĞďĂďŬĂŶ
ƉĞŶŝŶŐŬĂƚĂŶďŝĂLJĂĚĂŶƉĞŶƵƌƵŶĂŶŵĂƌũŝŶůĂďĂ͘&ůƵŬƚƵĂƐŝŶŝůĂŝƚƵŬĂƌĚŽůĂƌŵĞƌŝŬĂƚĞƌŚĂĚĂƉZƵƉŝĂŚƐĞĐĂƌĂĐĞƉĂƚ
ĚĂƉĂƚŵĞŶLJĞďĂďŬĂŶƉĞŶŝŶŐŬĂƚĂŶďŝĂLJĂĚĂŶƉĞŶƵƌƵŶĂŶŵĂƌũŝŶůĂďĂWĞƌƐĞƌŽĂŶ͘WĞƌƐĞƌŽĂŶŵĞŵďƵƚƵŚŬĂŶǁĂŬƚƵ
ƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŶLJĞƐƵĂŝĂŶŚĂƌŐĂƐĞĐĂƌĂďĞƌƚĂŚĂƉŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͕ƚŝĚĂŬďŝƐĂƐĞĐĂƌĂƚŝďĂͲƚŝďĂŵĞŶĞƌƵƐŬĂŶ
ŬĞƌƵŐŝĂŶĂŬŝďĂƚĨůƵŬƚƵĂƐŝƚĞƌƐĞďƵƚŬĞƉĞůĂŶŐŐĂŶ͕ƐĞŚŝŶŐŐĂĂŬĂŶďĞƌĚĂŵƉĂŬƉĂĚĂďŝƐŶŝƐ͕ŽƉĞƌĂƐŝŽŶĂů͕ŬŽŶĚŝƐŝĚĂŶ
ƉƌŽƐƉĞŬŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
ϰ͘ ZŝƐŝŬŽdĞƌŬĂŝƚWĞŵďĂŶŐƵŶĂŶĂƚĂƵ ŬƐƉĂŶƐŝWĂďƌŝŬŝDĂƐĂĞƉĂŶ
<ĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵďĂŶŐƵŶ ĂƚĂƵ ĞŬƐƉĂŶƐŝ ƉĂďƌŝŬ͕ ƚĞƌŵĂƐƵŬ ĂůŽŬĂƐŝ ǁĂŬƚƵ ĚĂŶ ďŝĂLJĂ ƐĞůĂŵĂ
ƉĞŵďĂŶŐƵŶĂŶ͕ĚĂƉĂƚƚĞƌŐĂŶŐŐƵŽůĞŚďĞďĞƌĂƉĂĨĂŬƚŽƌ͕ĂŶƚĂƌĂůĂŝŶ͗
• DƵŶĐƵůŶLJĂďŝĂLJĂƉƌĂŝŶǀĞƐƚĂƐŝŽƉĞƌĂƐŝŽŶĂůLJĂŶŐƐŝŐŶŝĨŝŬĂŶ͕LJĂŶŐƚŝĚĂŬĂŬĂŶŬĞŵďĂůŝ͕ĂƚĂƵWĞƌƐĞƌŽĂŶŐĂŐĂů
ŵĞŶŐĞƐƚŝŵĂƐŝŬĞŶĂŝŬĂŶďŝĂLJĂƉƌĂŝŶǀĞƐƚĂƐŝŽƉĞƌĂƐŝŽŶĂůƚĞƌƐĞďƵƚ͘
• <ĞƚŝĚĂŬ ŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶŐĂŬƵŝƐŝƐŝ ůĂŚĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝƌĞŶĐĂŶĂŬĂŶ ƵŶƚƵŬ ƉĞŵďĂŶŐƵŶĂŶ
ƉĂďƌŝŬďĂƌƵ
• dĞƌƚƵŶĚĂŶLJĂĂƚĂƵŬĞƚŝĚĂŬŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶƐĞŵƵĂůĂŚĂŶ͕ďĂŶŐƵŶĂŶ͕ƉĞƌƐĞƚƵũƵĂŶ
WĞŵĞƌŝŶƚĂŚ͕ůŝƐĞŶƐŝ͕ŝũŝŶĂƚĂƐŚĂŬƉĞŶŐŐƵŶĂĂŶůĂŚĂŶĚĂŶďĂŶŐƵŶĂŶLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĂďƌŝŬWĞƌƐĞƌŽĂŶ
• ZŝƐŝŬŽ ƉĞŵďĂŶŐƵŶĂŶ͕ ƚĞƌŵĂƐƵŬ ƚĞƌƚƵŶĚĂŶLJĂ ƉĞŵďĂŶŐƵŶĂŶ͕ ŵĞůŽŶũĂŬŶLJĂ ďŝĂLJĂ͕ ƚĞŶĂŐĂ ĂŚůŝ LJĂŶŐ ƐƵůŝƚ
ĚŝĐĂƌŝ͕ ŵĂƐĂůĂŚ ůŝŶŐŬƵŶŐĂŶ ĚĂŶ ŐĞŽůŽŐŝƐ͕ ŬĞƐĂůĂŚĂŶ ŬŽŶƚƌĂŬƚŽƌ ĂƚĂƵ ƉŝŚĂŬ ŬĞƚŝŐĂ ůĂŝŶ͕ ĚĂŶ ŬĞƐƵůŝƚĂŶ
ŬĞƵĂŶŐĂŶƐĞůĂŵĂŵĂƐĂƉĞŵďĂŶŐƵŶĂŶ͘
• <ĞƐƵůŝƚĂŶŵĞŵƉĞƌŽůĞŚƉĞŶĚĂŶĂĂŶLJĂŶŐůĂLJĂŬƐĞůĂŵĂŵĂƐĂŬŽŶƐƚƌƵŬƐŝƉƌŽLJĞŬ
• WĞƌŵŝŶƚĂĂŶLJĂŶŐŵĞŶƵƌƵŶƐĞƚĞůĂŚƐĞůĞƐĂŝŶLJĂƉĞŵďĂŶŐƵŶĂŶĂƚĂƵĞŬƐƉĂŶƐŝƉĂďƌŝŬ͕ďĂŝŬĚĂƌŝŵĞŵďƵƌƵŬŶLJĂ
ĞŬŽŶŽŵŝŵĂŬƌŽ͕ƉĞƌƵďĂŚĂŶŬŽŶĚŝƐŝůŝŶŐŬƵŶŐĂŶƐĞŬŝƚĂƌƉƌŽLJĞŬ͕ƚĞƌŵĂƐƵŬƉĞƌƵďĂŚĂŶůŽŬĂƐŝŚƵďƚƌĂŶƐƉŽƌƚĂƐŝ
ĂƚĂƵƉƵƐĂƚƉŽƉƵůĂƐŝƉĞŶĚƵĚƵŬ͕ĂƚĂƵŚĂůůĂŝŶŶLJĂ͘
:ŝŬĂ WĞƌƐĞƌŽĂŶ ŐĂŐĂů ŵĞŶLJĞůĞƐĂŝŬĂŶ ƉĞŵďĂŶŐƵŶĂŶ ƉƌŽLJĞŬ ƉĂďƌŝŬ ĚĞŶŐĂŶ ĂŶŐŐĂƌĂŶ ĚĂŶ ǁĂŬƚƵ LJĂŶŐ ƚĞůĂŚ
ĚŝƌĞŶĐĂŶĂŬĂŶ͕ŵĂŬĂĂŬĂŶďĞƌĚĂŵƉĂŬŶĞŐĂƚŝĨƚĞƌŚĂĚĂƉďŝƐŶŝƐ͕ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶ͕ŚĂƐŝůŽƉĞƌĂƐŝŽŶĂů͘
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ϱ͘ ZŝƐŝŬŽ 'ĂŶŐŐƵĂŶ ŝƐŶŝƐ ^ĞƉĞƌƚŝ <ĞďĂŬĂƌĂŶ͕ <ĞĐĞůĂŬĂĂŶ ĚĂŶ ĞŶĐĂŶĂ >ĂŝŶŶLJĂ WĂĚĂ ^ĂůĂŚ ^ĂƚƵ WĂďƌŝŬ
WĞƌƐĞƌŽĂŶ
^ĞŐĂůĂ ŐĂŶŐŐƵĂŶ LJĂŶŐ ƚĞƌũĂĚŝ Ěŝ ƉĂďƌŝŬ͕ ƚĞƌŵĂƐƵŬ ƉĂĚĂŵŶLJĂ ũĂƌŝŶŐĂŶ ůŝƐƚƌŝŬ͕ ŬĞƌƵƐĂŬĂŶ ŵĞƐŝŶ ƉĂďƌŝŬ͕ ĚĂƉĂƚ
ŵĞŶŐŐĂŶŐƵƉƌŽƐĞƐƉƌŽĚƵŬƐŝĚĂŶŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶ͘ĞŵŝŬŝĂŶũƵŐĂ
ĚĞŶŐĂŶŬĞďĂŬĂƌĂŶ͕ĚĂŶŬĞĐĞůĂŬĂĂŶLJĂŶŐƚĞƌũĂĚŝĚŝƉĂďƌŝŬĚĂƉĂƚŵĞŶŐŐĂŶŐŐƵŽƉĞƌĂƐŝŽŶĂůƉƌŽĚƵŬƐŝ͘^ĞůĂŝŶŝƚƵ͕
ƚŝĚĂŬĚĂƉĂƚƚĞƌƉĞŶƵŚŝŶLJĂŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶƚĞƌƐĞďƵƚĂŬĂŶďĞƌĚĂŵƉĂŬƉĂĚĂƌƵƐĂŬŶLJĂŚƵďƵŶŐĂŶďĂŝŬLJĂŶŐ
ƚĞůĂŚĚŝũĂůŝŶĚĂŶƉĞŶŐĞŶĂĂŶƐĂŶŬƐŝĚĂƌŝƉĞůĂŶŐŐĂŶƚĞƌƐĞďƵƚ͘WĞůĂŶŐŐĂŶĚĂƉĂƚŵĞůĂŬƵŬĂŶƉĞŵďĂƚĂůĂŶŬŽŶƚƌĂŬ
ĚĂŶŵĞŶŽůĂŬŵĞŶũĂůŝŶŚƵďƵŶŐĂŶŬĞŵďĂůŝĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͘
:ŝŬĂ ƉĞůĂŶŐŐĂŶ ƚĞƌƐĞďƵƚ ƚĞƌƚŝŵƉĂ ďĞŶĐĂŶĂ͕ ŵĂŬĂ ƉĞƌŵŝŶƚĂĂŶ ŵĞƌĞŬĂ ĂŬĂŶ ŵĞŶƵƌƵŶ ĚĂŶ ƉĞŶƵŶĚĂĂŶ ũĂĚǁĂů
ƉĞŶŐŝƌŝŵĂŶŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͘ĞŵŝŬŝĂŶũƵŐĂĚĞŶŐĂŶƉĞŵĂƐŽŬLJĂŶŐƚĞƌŬĞŶĂďĞŶĐĂŶĂĂŬĂŶďĞƌĚĂŵƉĂŬƉĂĚĂ
ŬƵƌĂŶŐŶLJĂƉĂƐŽŬĂŶďĂŚĂŶďĂŬƵ͕ƐĞŚŝŶŐŐĂŵĞŶŐĂŬŝďĂƚŬĂŶŬĞƚĞƌůĂŵďĂƚĂŶƉĞŶŐŝƌŝŵĂŶƉƌŽĚƵŬŬĞƉĞůĂŶŐŐĂŶ͘ŬĂŶ
ƚĞƌũĂĚŝƉĞŶĂŵďĂŚĂŶďŝĂLJĂũŝŬĂWĞƌƐĞƌŽĂŶďĞƌƵƐĂŚĂŵĞŵĂƐŽŬďĂŚĂŶďĂŬƵŵĞůĂůƵŝƉĞŵĂƐŽŬůĂŝŶ͘
WĞƌƐĞƌŽĂŶƚŝĚĂŬĚĂƉĂƚŵĞŶŐĞƚĂŚƵŝĚŝŵĂŶĂĚĂŶŬĂƉĂŶďĞŶĐĂŶĂƚĞƌƐĞďƵƚĂŬĂŶƚĞƌũĂĚŝĂƚĂƵĞĨĞŬ ĚĂƌŝďĞŶĐĂŶĂ
ƚĞƌƐĞďƵƚĂŬĂŶŵĞŵƉĞŶŐĂƌƵŚŝƉĂďƌŝŬLJĂŶŐŵĂŶĂ͘tĂůĂƵƉƵŶWĞƌƐĞƌŽĂŶŵĞŶŐŐƵŶĂŬĂŶĂƐƵƌĂŶƐŝƵŶƚƵŬŵĞŵŝƚŝŐĂƐŝ
ŬĞŵƵŶŐŬŝŶĂŶŬĞƌƵŐŝĂŶ͕ĂĚĂŬĞŵƵŶŐŬŝŶĂŶƉĞƌƚĂŶŐŐƵŶŐĂŶĂƐƵƌĂŶƐŝƚŝĚĂŬĚĂƉĂƚŵĞŶƵƚƵƉƐĞŵƵĂŬĞƌƵŐŝĂŶLJĂŶŐ
ƚĞƌũĂĚŝ͘^ĞďĂŐĂŝĐŽŶƚŽŚ͕ƐƵƌĂŶƐŝƚŝĚĂŬĂŬĂŶĚĂƉĂƚŵĞŶŐŐĂŶƚŝŬĞƌƵŐŝĂŶƌĞƉƵƚĂƐŝWĞƌƐĞƌŽĂŶLJĂŶŐũĂƚƵŚĂŬŝďĂƚ
ďĞŶĐĂŶĂƚĞƌƐĞďƵƚ͘
ϲ͘ ZŝƐŝŬŽWĞƌƚĂŶŐŐƵŶŐĂŶƐƵƌĂŶƐŝdŝĚĂŬĂƉĂƚDĞŶƵƚƵƉŝ^ĞůƵƌƵŚ<ĞƌƵŐŝĂŶWĞƌƐĞƌŽĂŶ
WĞƌƐĞƌŽĂŶŵĞŶŐŐƵŶĂŬĂŶĂƐƵƌĂŶƐŝƵŶƚƵŬŵĞůŝŶĚƵŶŐŝŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůŶLJĂ͕ƚĞƌŵĂƐƵŬŐĞĚƵŶŐ͕ĨĂƐŝůŝƚĂƐƉĂďƌŝŬ͕
ƉĞƌĂůĂƚĂŶ ĞůĞŬƚƌŽŶŝŬ͕ ŬĞŶĚĂƌĂĂŶ͕ ŬĞďĂŬĂƌĂŶ͕ ŬĞĐĞůĂŬĂĂŶ͕ ƉĞƌƐĞĚŝĂĂŶ͕ ŬĞƌƵƐĂŬĂŶ ŵĞƐŝŶ͕ ĚĂŶ ŐĂŶŐŐƵĂŶ ďŝƐŶŝƐ͘
EĂŵƵŶĂƐƵƌĂŶƐŝƚĞƌƐĞďƵƚ ŵĞŵƉƵŶLJĂŝďĞďĞƌĂƉĂ ďĂƚĂƐĂŶĚĂŶŬŽŶĚŝƐŝƚĞƌƚĞŶƚƵ͘:ŝŬĂũƵŵůĂŚŬĞƌƵŐŝĂŶŵĞůĞďŝŚŝ
ũƵŵůĂŚƉĞƌƚĂŶŐŐƵŶŐĂŶĂƐƵƌĂŶƐŝ͕WĞƌƐĞƌŽĂŶĂŬĂŶŵĞŶĂŶŐŐƵŶŐƐĞůŝƐŝŚŬĞƌƵŐŝĂŶƚĞƌƐĞďƵƚ͘WĞƌƐĞƌŽĂŶƚŝĚĂŬĚĂƉĂƚ
ŵĞŶŐĞƚĂŚƵŝƚŝŶŐŬĂƚŵĂƚĞƌŝĂůŝƚĂƐƐĞůŝƐŝŚƚĞƌƐĞďƵƚũŝŬĂďĞŶĐĂŶĂƚĞƌũĂĚŝ͘
ϳ͘ ZŝƐŝŬŽZĞŶĐĂŶĂ ŬƐƉĂŶƐŝdŝĚĂŬDĞŵďĞƌŝŬĂŶWĞƌƚƵŵďƵŚĂŶŝƐŶŝƐzĂŶŐŝŚĂƌĂƉŬĂŶ͘
WĞƌƐĞƌŽĂŶďĞƌŶŝĂƚŵĞůĂŬƵŬĂŶŝŶǀĞƐƚĂƐŝĚĞŶŐĂŶŶŝůĂŝLJĂŶŐƐŝŐŶŝĨŝŬĂŶƵŶƚƵŬƉĞƌďĂŝŬĂŶĨĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝLJĂŶŐĂĚĂ
ďĂŝŬĚĞŶŐĂŶŵĞŶĂŵďĂŚŬĂŶůŝŶŝƉƌŽĚƵŬƐŝďĂƌƵƵŶƚƵŬŵĞŶŝŶŐŬĂƚŬĂŶŬĂƉĂƐŝƚĂƐĂƚĂƵĚĞŶŐĂŶƉĞƌĞŵĂũĂĂŶŵĞƐŝŶ
ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ĞĨŝƐŝĞŶƐŝ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ďĞƌŶŝĂƚ ŵĞŵďĂŶŐƵŶ ƉĂďƌŝŬ ďĂƌƵ Ěŝ 'ƌĞƐŝŬ͕ :ĂǁĂ dŝŵƵƌ ĚĂŶ
ŵĞŶĂŵďĂŚ ũƵŵůĂŚ ĚĞƉŽ ǁĂƌĞŚŽƵƐĞ Ěŝ ďĞďĞƌĂƉĂ ŬŽƚĂ ďĞƐĂƌ ŵĞŶĞŶŐĂŚ Ěŝ ƐĞůƵƌƵŚ /ŶĚŽŶĞƐŝĂ͘ KƉĞƌĂƐŝŽŶĂů
WĞƌƐĞƌŽĂŶƚĞƌŐĂŶƚƵŶŐƉĂĚĂŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶŵĞŶĚĂƉĂƚŬĂŶ͕ŵĞŵƉĞƌƚĂŚĂŶŬĂŶĚĂŶŵĞŵƉĞƌďĂŚĂƌƵŝŚĂŬ
ƉĞŶŐŐƵŶĂĂŶ ůĂŚĂŶ ƚĞŵƉĂƚ ĨĂƐŝůŝƚĂƐ ƉƌŽĚƵŬƐŝ ͬ ƉĞŶũƵĂůĂŶ WĞƌƐĞƌŽĂŶ ďĞƌĂĚĂ͘ WĞƌƐĞƌŽĂŶ ŵƵŶŐŬŝŶ ƚŝĚĂŬ ĚĂƉĂƚ
ďĞƌŚĂƐŝůŵĞůĂŬƐĂŶĂŬĂŶƌĞŶĐĂŶĂďŝƐŶŝƐLJĂŶŐƚĞůĂŚĚŝƚĂƌŐĞƚŬĂŶĚĂŶŵƵŶŐŬŝŶƚŝĚĂŬĚĂƉĂƚŵĞŶĐĂƉĂŝƉĞŶŝŶŐŬĂƚĂŶ
ƉĞŶĚĂƉĂƚĂŶLJĂŶŐĚŝŚĂƌĂƉŬĂŶ͕ƉĞŶŐŚĞŵĂƚĂŶďĞďĂŶ͕ƉĞƌďĂŝŬĂŶďŝƐŶŝƐĚĂƌŝĞŬƐƉĂŶƐŝƵƐĂŚĂLJĂŶŐƐĞďĂďŬĂŶŽůĞŚ
ŬĞƐƵůŝƚĂŶƚĂŬƚĞƌĚƵŐĂ͕ďŝĂLJĂLJĂŶŐƚĂŬƚĞƌĚƵŐĂĂƚĂƵŬĞƚŝĚĂŬŵĂŵƉƵĂŶƵŶƚƵŬŵĞŶŝŶŐŬĂƚŬĂŶƉĞŶũƵĂůĂŶ͕ƐĞŚŝŶŐŐĂ
ďĞƌĚĂŵƉĂŬŶĞŐĂƚŝĨƚĞƌŚĂĚĂƉŽƉĞƌĂƐŝŽŶĂůĚĂŶŬĞƵŶƚƵŶŐĂŶWĞƌƐĞƌŽĂŶ͘
dŝĚĂŬ ĂĚĂ ũĂŵŝŶĂŶ ƚŝĚĂŬ ƚĞƌũĂĚŝŶLJĂ ƉĞŵďĞŶŐŬĂŬĂŶ ďŝĂLJĂ ĚĂůĂŵ ƌĞŶĐĂŶĂ ĞŬƐƉĂŶƐŝ WĞƌƐĞƌŽĂŶ ĂƚĂƵ WĞƌƐĞƌŽĂŶ
ŵĂŵƉƵŵĞŶŐŚĂƐŝůŬĂŶŬĞƵŶƚƵŶŐĂŶĚĂƌŝƌĞŶĐĂŶĂĞŬƐƉĂŶƐŝƚĞƌƐĞďƵƚ͘
WĞƌƚƵŵďƵŚĂŶ ĚĂƌŝ ŽƉĞƌĂƐŝŽŶĂů Ěŝ ƚĂŚƵŶ ďĞƌũĂůĂŶ ĚĂŶ Ěŝ ŵĂƐĂ ŵĞŶĚĂƚĂŶŐ ĂŬĂŶ ŵĞŶŝŵďƵůŬĂŶ ďĞďĞƌĂƉĂ
ŬĞďƵƚƵŚĂŶƚĂŵďĂŚĂŶĚŝĚĂůĂŵƚŝŵŵĂŶĂũĞŵĞŶ͕ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ͕ĚĂŶƐŝƐƚĞŵŝŶĨŽƌŵĂƐŝ͘<ĞďƵƚƵŚĂŶƚĂŵďĂŚĂŶ
ŝŶŝ ŬĞŵƵŶŐŬŝŶĂŶ ƚŝĚĂŬ ĚĂƉĂƚ ƚĞƌƉĞŶƵŚŝ͕ LJĂŶŐ ďĞƌĂŬŝďĂƚ ƉĂĚĂ ŬĞŐĂŐĂůĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂŵďŝů ŬĞƐĞŵƉĂƚĂŶ
ĂŬƵŝƐŝƐŝ ĚĂŶ ĞŬƐƉĂŶƐŝ͕ ŵĞŵďĂŶŐƵŶ ĨĂƐŝůŝƚĂƐ ƉƌŽĚƵŬƐŝ ďĂƌƵ͕ ŵĞŵĞŶƵŚŝ ŬĞďƵƚƵŚĂŶ ƉĞůĂŶŐŐĂŶ͕ ŵĞůĂŬƐĂŶĂŬĂŶ
ƚĂƌŐĞƚďŝƐŶŝƐĚĂŶďĞƌĞĂŬƐŝƚĞƌŚĂĚĂƉƉĞƌƐĂŝŶŐĂŶƉĂƐĂƌ͘:ƵŐĂƚŝĚĂŬĂĚĂũĂŵŝŶĂŶWĞƌƐĞƌŽĂŶĂŬĂŶĚĂƉĂƚŵĞƌĞŬƌƵƚ
ĚĂŶŵĞŵƉĞƌƚĂŚĂŶŬĂŶŵĂŶĂũĞŵĞŶĚĂŶƐƚĂĨLJĂŶŐďĞƌŬƵĂůŝƚĂƐƵŶƚƵŬŽƉĞƌĂƐŝŽŶĂůĚŝŵĂƐĂĚĞƉĂŶ͘:ŝŬĂWĞƌƐĞƌŽĂŶ
ƚŝĚĂŬ ŵĂŵƉƵ ŵĞůĂŬƐĂŶĂŬĂŶ ĞŬƐƉĂŶƐŝ ƐĞƐƵĂŝ ƚĂƌŐĞƚ͕ ŝŶǀĞƐƚĂƐŝ LJĂŶŐ ƚĞůĂŚ ĚŝƚĂŶĂŵŬĂŶ ƚŝĚĂŬ ĂŬĂŶ ĚĂƉĂƚ
ŵĞŶŐŚĂƐŝůŬĂŶŝŵďĂůŚĂƐŝůLJĂŶŐĚŝŚĂƌĂƉŬĂŶĚĂŶďĂŚŬĂŶďŝƐĂŵĞŶŐĂŬŝďĂƚŬĂŶŬĞƌƵŐŝĂŶLJĂŶŐŵĂƚĞƌŝĂů͘
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ϴ͘ ZŝƐŝŬŽ DĂŶĂũĞƌŝĂů WĞƌƐĞĚŝĂĂŶ zĂŶŐ dŝĚĂŬ ĨŝƐŝĞŶ͕ ĚĂŶ <ĞůĞďŝŚĂŶ WĂƐŽŬĂŶ WĞƌƐĞĚŝĂĂŶ zĂŶŐ ĂƉĂƚ
DĞŵďĞƌŝŬĂŶĂŵƉĂŬEĞŐĂƚŝĨĂŐŝKƉĞƌĂƐŝŽŶĂůĚĂŶ<ĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
^ĞďĂŐĂŝ ďĂŐŝĂŶ ĚĂƌŝ ŽƉĞƌĂƐŝŽŶĂů ƉƌŽĚƵŬƐŝ͕ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ŵĞŶŝŶŐŬĂƚŬĂŶ ŵŽĚĂů ŬĞƌũĂ ƵŶƚƵŬ ŵĞŵƉĞƌŽůĞŚ
ƉĞůĂŶŐŐĂŶďĂƌƵĚĂŶŵĞŵĞŶƵŚŝƉĞƌŵŝŶƚĂĂŶŝŶĚƵƐƚƌŝ͕ƚĞƌŵĂƐƵŬŵĞŶũĂŐĂƚŝŶŐŬĂƚŬĞƚĞƌƐĞĚŝĂĂŶƉĞƌƐĞĚŝĂĂŶĂŐĂƌ
ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞďƵƚƵŚĂŶ ƉĞƌŵŝŶƚĂĂŶ ƉĞůĂŶŐŐĂŶ͘ ^ĞďĂŐŝĂŶ ďĞƐĂƌ ƉĞƌƐĞĚŝĂĂŶ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ƉŝƉĂ
ďĞƌƐƚĂŶĚĂƌŝƐĂƐŝLJĂŶŐƚŝĚĂŬĚŝƉĞƌƵŶƚƵŬĂŶƉĞŵĞƐĂŶĂŶĚŝĂǁĂůƉĞůĂŶŐŐĂŶĂƚĂƵƉŝƉĂLJĂŶŐĚŝũƵĂůƉĂĚĂƐĂĂƚƚĞƌĂŬŚŝƌ͘
&ĂŬƚŽƌͲĨĂŬƚŽƌ ƐĞƉĞƌƚŝ ƉĞƌƵďĂŚĂŶ ĞŬŽŶŽŵŝ ĚĂŶ ƉĞƌƵďĂŚĂŶ ƉĞƌŵŝŶƚĂĂŶ ƉĞůĂŶŐŐĂŶ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ
ƉĞŶƵŵƉƵŬĂŶ ũƵŵůĂŚ ƉĞƌƐĞĚŝĂĂŶ͘ WĂĚĂ ŬĂƐƵƐ ƚĞƌƚĞŶƚƵ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ LJĂŶŐ ƚŝĚĂŬ
ďĞƌƐƚĂŶĚĂƌŝƐĂƐŝLJĂŶŐĚŝƐŝŵƉĂŶƐĞďĂŐĂŝƉĞƌƐĞĚŝĂĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝ ŽƌĚĞƌ ƉĞůĂŶŐŐĂŶ͘WĞƌƐĞƌŽĂŶ ŵĞŶLJŝŵƉĂŶ
ƉĞƌƐĞĚŝĂĂŶ ĚĂůĂŵ ũƵŵůĂŚ ƚĞƌƚĞŶƚƵ ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ŬĞƐŝĂƉĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞďƵƚƵŚĂŶ
ƉĞůĂŶŐŐĂŶ ĚĂůĂŵ ǁĂŬƚƵ ƐŝŶŐŬĂƚ͘ ŝŬĂƌĞŶĂŬĂŶ ĂĚĂŶLJĂ ƉĞƌŵŝŶƚĂĂŶ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ ƐĞĐĂƌĂ ƐĞǁĂŬƚƵͲǁĂŬƚƵ
ŵĞŶŐĂŬŝďĂƚŬĂŶWĞƌƐĞƌŽĂŶƚŝĚĂŬĚĂƉĂƚŵĞŶŐŚŝƚƵŶŐƐŝŬůƵƐƉĞƌƐĞĚŝĂĂŶƐĞĐĂƌĂĂŬƵƌĂƚ͕ƐĞŚŝŶŐŐĂďĞƌĚĂŵƉĂŬƉĂĚĂ
ƉĞŶƵŵƉƵŬĂŶƉĞƌƐĞĚŝĂĂŶ͘hŶƚƵŬŵĞŶŐƵƌĂŶŐŝƉĞŶƵŵƉƵŬĂŶƉĞƌƐĞĚŝĂĂŶ͕WĞƌƐĞƌŽĂŶƚĞƌŬĂĚĂŶŐŵĞŶƵƌƵŶŬĂŶŚĂƌŐĂ
ũƵĂůLJĂŶŐďĞƌĚĂŵƉĂŬƉĂĚĂƉĞŶƵƌƵŶĂŶŵĂƌũŝŶŬĞƵŶƚƵŶŐĂŶ͘WĞƌƐĞĚŝĂĂŶLJĂŶŐƚĞƌůĂůƵůĂŵĂĚŝƐŝŵƉĂŶĚĂƉĂƚŵĞŶũĂĚŝ
ƌƵƐĂŬ͘^ĞůĂŝŶŝƚƵ͕ƉĞƌƐĞĚŝĂĂŶƵŶƚƵŬƐĂƚƵƉƌŽĚƵŬƚĞƌƚĞŶƚƵLJĂŶŐĚŝƐŝŵƉĂŶĚĂůĂŵƌƵĂŶŐŐƵĚĂŶŐLJĂŶŐƚĞƌďĂƚĂƐĚĂƉĂƚ
ŵĞŵďĂƚĂƐŝũƵŵůĂŚƉĞƌƐĞĚŝĂĂŶƉƌŽĚƵŬůĂŝŶLJĂŶŐĚŝƐŝŵƉĂŶWĞƌƐĞƌŽĂŶ͘
^ĂŵĂŚĂůŶLJĂ͕ ũŝŬĂƉĞƌŵŝŶƚĂĂŶƉŝƉĂŵĞůĞďŝŚŝƉĞƌŬŝƌĂĂŶWĞƌƐĞƌŽĂŶ͕ũƵŵůĂŚƉĞƌƐĞĚŝĂĂŶLJĂŶŐƚĞƌƐĞĚŝĂŵƵŶŐŬŝŶ
ƚŝĚĂŬ ŵĞŶĐƵŬƵƉŝ ũƵŵůĂŚ ƉĞƌŵŝŶƚĂĂŶ ƚĞƌƐĞďƵƚ ƐĞŚŝŶŐŐĂ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ŬĞƚĞƌůĂŵďĂƚĂŶ ƉĞŶŐŝƌŝŵĂŶ͕
ŬĞŚŝůĂŶŐĂŶ ƉĞƐĂŶĂŶ ĚĂŶ ƉĞŶƵƌƵŶĂŶ ƉĞŶũƵĂůĂŶ͘ dŝĚĂŬ ĂĚĂ ũĂŵŝŶĂŶ ďĂŚǁĂ ũƵŵůĂŚ ƉĞƌƐĞĚŝĂĂŶ LJĂŶŐ ĂĚĂ ĂŬĂŶ
ŵĞŵĞŶƵŚŝƐĞŵƵĂƉĞƐĂŶĂŶƉĞůĂŶŐŐĂŶ͕ƐĞŚŝŶŐŐĂďĞƌĚĂŵƉĂŬƉĂĚĂŽƉĞƌĂƐŝŽŶĂůĚĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶŵƵŶŐŬŝŶŵĞŵŝůŝŬŝƉĂƐŽŬĂŶďĂŚĂŶďĂŬƵĚĂŶďĂŚĂŶůĂŝŶŶLJĂƵŶƚƵŬƉƌŽƐĞƐƉƌŽĚƵŬƐŝ͘,ĂůŝŶŝĚŝƐĞďĂďŬĂŶ
ŽůĞŚďĞďĞƌĂƉĂŚĂůƚĞƌŵĂƐƵŬƚŝĚĂŬƚĞƌĂŶƚŝƐŝƉĂƐŝŶLJĂĂĚĂŶLJĂƉĞŶŝŶŐŬĂƚĂŶƉĞƌŵŝŶƚĂĂŶ͕ŬĞƚŝĚĂŬƚĞƌƐĞĚŝĂĂŶƉƌŽĚƵŬ
ĚĂƌŝƉĞŵĂƐŽŬ͕ŬĞƚĞƌůĂŵďĂƚĂŶŝŵƉŽƌ͕ŬŽŶĨůŝŬĂŶƚĂƌďƵƌƵŚ͕ƉĞŶŐŝƌŝŵĂŶLJĂŶŐƚĂŬƚĞƉĂƚǁĂŬƚƵ͕ŐĂŶŐŐƵĂŶƐŝƐƚĞŵ
ƚƌĂŶƐƉŽƌƚĂƐŝŶĂƐŝŽŶĂůĚĂŶŝŶƚĞƌŶĂƐŝŽŶĂů͘,ĂůƚĞƌƐĞďƵƚĚĂƉĂƚŵĞŶŐĂŬŝďĂƚŬĂŶŐĂŶŐŐƵĂŶƉĂƐŽŬĂŶƉĞƌƐĞĚŝĂĂŶĚĂŶ
ŐĂŶŐŐƵĂŶŽƉĞƌĂƐŝŽŶĂůĚĂŶŬĞƵĂŶŐĂŶ͘
ϵ͘ ZŝƐŝŬŽ dŝŶŐŬĂƚ >ĞǀĞƌĂŐĞ LJĂŶŐ dŝŶŐŐŝ͕ ĚĂŶ WĞŵďĂƚĂƐĂŶ KƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ĚĂƌŝ WĞƌũĂŶũŝĂŶ ,ƵƚĂŶŐ
WĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŚƵƚĂŶŐLJĂŶŐŵĞŵďĂƚĂƐŝŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůĚĂŶŬĞƵĂŶŐĂŶ͘^ĞůĂŝŶŝƚƵ͕ŚƵƚĂŶŐďĞƌĂŬŝďĂƚ
ƉĂĚĂ ŵĞŶŝŶŐŬĂƚŶLJĂ ůĞǀĞƌĂŐĞ WĞƌƐĞƌŽĂŶ ĚĂŶ ƚŝŶŐŐŝŶLJĂ ďĞďĂŶ ďƵŶŐĂ LJĂŶŐ ŚĂƌƵƐ ĚŝďĂLJĂƌ͕ ƐĞƌƚĂ ĂŬĂŶ
ŵĞŶŝŶŐŬĂƚŬĂŶďĞďĂŶƉŝŶũĂŵĂŶĚŝŵĂƐĂĚĞƉĂŶ͘<ĞŐĂŐĂůĂŶƉĞŵďĂLJĂƌĂŶŚƵƚĂŶŐĚĂƉĂƚŵĞŶŐĂŬŝďĂƚŬĂŶĚŝƚĂƌŝŬŶLJĂ
ƉŝŶũĂŵĂŶůĂŝŶŽůĞŚŬƌĞĚŝƚƵƌĚĂŶƐĂŶŬƐŝƚĞƌŬĂŝƚŬĞŐĂŐĂůĂŶďĂLJĂƌƚĞƌƐĞďƵƚ͕ƐĞƌƚĂũƵŐĂďĞƌĚĂŵƉĂŬƉĂĚĂĐƌŽƐƐĚĞĨĂƵůƚ
ƉĂĚĂ ŚƵƚĂŶŐ WĞƌƐĞƌŽĂŶ LJĂŶŐ ůĂŝŶ͕ LJĂŶŐ ƉĂĚĂ ĂŬŚŝƌŶLJĂ ďĞƌĚĂŵƉĂŬ ďƵƌƵŬ ďĂŐŝ ŽƉĞƌĂƐŝŽŶĂů ĚĂŶ ŬĞƵĂŶŐĂŶ
WĞƌƐĞƌŽĂŶ͘
ϭϬ͘ ZŝƐŝŬŽ/ŶĨůĂƐŝdŝŶŐŐŝĚĂŶ^ƵŬƵƵŶŐĂdŝŶŐŐŝ
dŝŶŐŬĂƚ ŝŶĨůĂƐŝ /ŶĚŽŶĞƐŝĂ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϱ ƚĞƌũĂŐĂ ĚĂůĂŵ ŬŝƐĂƌĂŶ ƐĂƐĂƌĂŶ ĂŶŬ /ŶĚŽŶĞƐŝĂ ƐĞďĞƐĂƌ Ϯ͕ϱцϭй͘
DĞƐŬŝƉƵŶĚĞŵŝŬŝĂŶ͕ƚĞŬĂŶĂŶŝŶĨůĂƐŝƚĞƚĂƉĚĂƉĂƚŵĞŶŝŶŐŬĂƚƐĞǁĂŬƚƵͲǁĂŬƚƵLJĂŶŐĚŝƉĞŶŐĂƌƵŚŝŽůĞŚĨĂŬƚŽƌͲĨĂŬƚŽƌ
ƐĞƉĞƌƚŝŐĂŶŐŐƵĂŶƌĂŶƚĂŝƉĂƐŽŬŐůŽďĂů͕ĨůƵŬƚƵĂƐŝŚĂƌŐĂŬŽŵŽĚŝƚĂƐ͕ƉĞůĞŵĂŚĂŶŶŝůĂŝƚƵŬĂƌZƵƉŝĂŚ͕ƐĞƌƚĂŬĞďŝũĂŬĂŶ
ƉĞƌĚĂŐĂŶŐĂŶŝŶƚĞƌŶĂƐŝŽŶĂů͘:ŝŬĂŝŶĨůĂƐŝŶĂŝŬƐĞĐĂƌĂƐŝŐŶŝĨŝŬĂŶ͕ďŝĂLJĂWĞƌƐĞƌŽĂŶƐĞƉĞƌƚŝďĂŚĂŶďĂŬƵ͕ŐĂũŝƉĞŐĂǁĂŝ͕
ůŝƐƚƌŝŬ͕ƚƌĂŶƐƉŽƌƚĂƐŝ͕ŬŽŶƐƚƌƵŬƐŝ͕ƉĞƌĂǁĂƚĂŶĚĂŶďŝĂLJĂŽǀĞƌŚĞĂĚůĂŝŶĂŬĂŶũƵŐĂŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶ͘/ŶĨůĂƐŝLJĂŶŐ
ƚŝŶŐŐŝ ĚĂƉĂƚ ŵĞŶĚŽƌŽŶŐ ĂŶŬ /ŶĚŽŶĞƐŝĂ ƵŶƚƵŬ ŵĞŶĂŝŬŬĂŶ ŬĞŵďĂůŝƐƵŬƵ ďƵŶŐĂ ĂĐƵĂŶ͕ LJĂŶŐ ŬĞŵƵĚŝĂŶ ĚĂƉĂƚ
ďĞƌĚĂŵƉĂŬƉĂĚĂŵĞŶŝŶŐŬĂƚŶLJĂďŝĂLJĂƉĞŶĚĂŶĂĂŶWĞƌƐĞƌŽĂŶ͘<ŽŶĚŝƐŝƚĞƌƐĞďƵƚƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶ ďĞƌƉŽƚĞŶƐŝ
ďĞƌĚĂŵƉĂŬŶĞŐĂƚŝĨďĂŐŝƉĞƌĞŬŽŶŽŵŝĂŶ/ŶĚŽŶĞƐŝĂ͕ƚŝŶŐŬĂƚŬĞLJĂŬŝŶĂŶŬŽŶƐƵŵĞŶ͕ƐƚƌƵŬƚƵƌďŝĂLJĂ͕ĂƌƵƐŬĂƐ͕ďŝƐŶŝƐ͕
ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶĚĂŶŚĂƐŝůŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘
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ϭϭ͘ ZŝƐŝŬŽŝƐŶŝƐWĞƌƐĞƌŽĂŶ^ĞďĂŐĂŝ/ŶĚƵƐƚƌŝWĂĚĂƚDŽĚĂůLJĂŶŐDĞŵďƵƚƵŚŬĂŶ/ŶǀĞƐƚĂƐŝĚĂŶDŽĚĂů<ĞƌũĂĚĂŶ
WĞƌƐĞƌŽĂŶdŝĚĂŬDĂŵƉƵDĞŵƉĞƌŽůĞŚ^ƵŵďĞƌĂŶĂ<ĞďƵƚƵŚĂŶdĞƌƐĞďƵƚ͘
WĞƌƐĞƌŽĂŶďĞƌŐĞƌĂŬĚŝŝŶĚƵƐƚƌŝLJĂŶŐŵĞŵďƵƚƵŚŬĂŶŝŶǀĞƐƚĂƐŝLJĂŶŐĐƵŬƵƉďĞƐĂƌĚĂŶƉĞŶĂŵďĂŚĂŶŵŽĚĂůŬĞƌũĂ
LJĂŶŐ ďĞƐĂƌ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬŝŶĞƌũĂ ŽƉĞƌĂƐŝŽŶĂů ƉĂďƌŝŬ ĚĂŶ ŬƵĂůŝƚĂƐ ƉƌŽĚƵŬ͘ WĂďƌŝŬ ƚĞƌƐĞďƵƚ ũƵŐĂ
ŵĞŵďƵƚƵŚŬĂŶ ŵŽĚĂů ŬĞƌũĂ ďĞƌŬĞůĂŶũƵƚĂŶ ƵŶƚƵŬ ƉĞŵĞůŝŚĂƌĂĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ ƉĂďƌŝŬ ĚĂůĂŵ ƌĂŶŐŬĂ
ŵĞŶŝŶŐŬĂƚŬĂŶ ƉŽƐŝƐŝ ďŝƐŶŝƐ͘ WĞƌƐĞƌŽĂŶ ŵƵŶŐŬŝŶ ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŵƉĞƌŽůĞŚ ƐƵŵďĞƌ ĚĂŶĂ ƵŶƚƵŬ ŵĞŶƵƚƵƉŝ
ŬĞďƵƚƵŚĂŶ ƚĞƌƐĞďƵƚ͕ ƐĞŚŝŶŐŐĂ ďĞƌĂŬŝďĂƚ ƉĂĚĂ ƌĞŶĚĂŚŶLJĂ ƚŝŶŐŬĂƚ ŽƉĞƌĂƐŝŽŶĂů ĂƚĂƵ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĂŵƉƵ
ŵĞƌĞĂůŝƐĂƐŝŬĂŶƌĞŶĐĂŶĂĞŬƐƉĂŶƐŝ͕ƌĞŶŽǀĂƐŝ͕ĚĂŶƉĞŶŝŶŐŬĂƚĂŶŬŝŶĞƌũĂƉĂďƌŝŬ͘
WĞŵďŝĂLJĂĂŶĚĂƌŝƉŝŚĂŬŬĞƚŝŐĂŵƵŶŐŬŝŶŵĞŵďĂǁĂďĞďĞƌĂƉĂƉĞŵďĂƚĂƐĂŶƚĞƌŚĂĚĂƉĂŬƚŝǀŝƚĂƐWĞƌƐĞƌŽĂŶ͕ƐĞƉĞƌƚŝ͗
Ă͘ WĞŵďĂƚĂƐĂŶ ƉĞŵďĂLJĂƌĂŶ ĚŝǀŝĚĞŶ ĂƚĂƵ ŵĞŵĂŬƐĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵŝŶƚĂ ŝũŝŶ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ ŬĞƉĂĚĂ
ŬƌĞĚŝƚƵƌƵŶƚƵŬƉĞŵďĂLJĂƌĂŶĚŝǀŝĚĞŶ
ď͘ ŝǁĂũŝďŬĂŶŶLJĂWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶĐĂĚĂŶŐŬĂŶĂƌƵƐŬĂƐƵŶƚƵŬƉĞŵďĂLJĂƌĂŶďƵŶŐĂĚĂŶŚƵƚĂŶŐLJĂŶŐĂŬĂŶ
ũĂƚƵŚ ƚĞŵƉŽ͕ ƐĞŚŝŶŐŐĂ ŵĞŶƵƌƵŶŬĂŶ ũƵŵůĂŚ ŬĂƐ LJĂŶŐ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶĚĂŶĂŝ
ŬĞďƵƚƵŚĂŶŝŶǀĞƐƚĂƐŝ͕ŵŽĚĂůŬĞƌũĂ͕ĚĂŶŬĞďƵƚƵŚĂŶWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂ
ϭϮ͘ ZŝƐŝŬŽWĞƌƐĂŝŶŐĂŶ/ŶĚƵƐƚƌŝzĂŶŐdŝŶŐŐŝ:ŝŬĂWĞƌƐĞƌŽĂŶdŝĚĂŬĂƉĂƚĞƌŽƉĞƌĂƐŝ^ĞĐĂƌĂ ĨŝƐŝĞŶ͘
/ŶĚƵƐƚƌŝ ƉŝƉĂ ďĂũĂ ŵĞƌƵƉĂŬĂŶ ŝŶĚƵƐƚƌŝ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ƉĞƌƐĂŝŶŐĂŶ LJĂŶŐ ƚŝŶŐŐŝ͘ WĞƌƐĞƌŽĂŶ ďĞƌƐĂŝŶŐ ĚĞŶŐĂŶ
ƉĞƌƵƐĂŚĂĂŶ ƉŝƉĂ ďĂũĂ ďĞƐĂƌ ůĂŝŶŶLJĂ͕ ĚŝƐƚƌŝďƵƚŽƌ͕ĚĂŶ ƉĞƌƵƐĂŚĂĂŶ ĞĐĞƌĂŶ͘ ^ĞŚŝŶŐŐĂ ĂĚĂ ƌŝƐŝŬŽ ĚŝƐƚƌŝďƵƚŽƌ ĚĂŶ
ƉĞĚĂŐĂŶŐĞĐĞƌĂŶƚĞƌƐĞďƵƚĂŬĂŶŵĞŶũĂĚŝƉĞƐĂŝŶŐƉĞƌƐĞƌŽĂŶĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͘WĞƌƐĞƌŽĂŶŵƵŶŐŬŝŶƚŝĚĂŬĚĂƉĂƚ
ŵĞŶĂŶŐŬĂů ƐĞƚŝĂƉ ĂŬƐŝ ĚĂƌŝ ƉĞƐĂŝŶŐ ƐĞƉĞƌƚŝ ƉĞŶĂŵďĂŚĂŶ ŵĞƐŝŶ ďĂƌƵ͕ ŵĂƐƵŬŶLJĂ ƉĞŵĂŝŶ ďĂƌƵ ĚĞŶŐĂŶ ŵŽĚĂů
ďĞƐĂƌ͕ƉƌŽĚƵŬďĂƌƵŬĞƉĂƐĂƌ͕ƉĞƌƵďĂŚĂŶŬĞŝŶŐŝŶĂŶƉĞůĂŶŐŐĂŶ͕ƚƌĞŶĚĞŵŽŐƌĂĨŝ͕ŬŽŶĚŝƐŝĞŬŽŶŽŵŝŶĂƐŝŽŶĂůĚĂŶ
ŝŶƚĞƌŶĂƐŝŽŶĂůĚĂŶƐƚƌĂƚĞŐŝƉĞƐĂŝŶŐƵŶƚƵŬŵĞŵďĞƌŝŬĂŶĚŝƐŬŽŶĚĂŶƐƚƌĂƚĞŐŝƉĞŵĂƐĂƌĂŶůĂŝŶŶLJĂ͘^ƚƌĂƚĞŐŝWĞƌƐĞƌŽĂŶ
ƵŶƚƵŬŵĂƐƵŬŬĞƐĞŐŵĞŶƉĂƐĂƌďĂƌƵĂƚĂƵƉƌŽĚƵŬďĂƌƵĚŝŵĂƐĂĚĞƉĂŶĂŬĂŶŵĞŵŝĐƵƐĞŵĂŬŝŶƚŝŶŐŐŝŶLJĂƉĞƌƐĂŝŶŐĂŶ
ĚŝŝŶĚƵƐƚƌŝŝŶŝƐĞŚŝŶŐŐĂĚĂƉĂƚďĞƌĚĂŵƉĂŬŶĞŐĂƚŝĨƉĂĚĂďŝƐŶŝƐ͕ŬŽŶĚŝƐŝĞŬŽŶŽŵŝĚĂŶŽƉĞƌĂƐŝŽŶĂů͘
ĂůĂŵ ŚĂů ƌŝƐŝŬŽ ƉĞƌƐĂŝŶŐĂŶŝŶĚƵƐƚƌŝ ƚĞƌũĂĚŝ ĚĂŶ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĂŵƉƵ ďĞƌŽƉĞƌĂƐŝ ƐĞĐĂƌĂ ĞĨŝƐŝĞŶ͕ ŵĂŬĂ ŚĂů
ƚĞƌƐĞďƵƚĚĂƉĂƚďĞƌĚĂŵƉĂŬƉĂĚĂƉĞŶƵƌƵŶĂŶǀŽůƵŵĞƉĞŶũƵĂůĂŶĚĂŶͬĂƚĂƵƚĞŬĂŶĂŶƚĞƌŚĂĚĂƉŚĂƌŐĂũƵĂůƉƌŽĚƵŬ
WĞƌƐĞƌŽĂŶLJĂŶŐƐĂůĂŚƐĂƚƵŶLJĂĚĂƉĂƚĚŝƐĞďĂďŬĂŶŽůĞŚƐƚƌĂƚĞŐŝĚŝƐŬŽŶĚĂŶƉĞŵĂƐĂƌĂŶĂŐƌĞƐŝĨĚĂƌŝƉĞƐĂŝŶŐ͘<ŽŶĚŝƐŝ
ŝŶŝďĞƌƉŽƚĞŶƐŝŵĞŶLJĞďĂďŬĂŶƉĞŶƵƌƵŶĂŶƉĞŶĚĂƉĂƚĂŶƵƐĂŚĂĚĂŶŵĞŶĞŬĂŶŵĂƌũŝŶůĂďĂďĞƌƐŝŚWĞƌƐĞƌŽĂŶ͘^ĞůĂŝŶ
ŝƚƵ͕ŵĂƐƵŬŶLJĂƉĞŵĂŝŶďĂƌƵĚĞŶŐĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝĚĂŶŵŽĚĂůLJĂŶŐďĞƐĂƌĚĂƉĂƚŵĞŶŐĂŬŝďĂƚŬĂŶŬĞůĞďŝŚĂŶ
ƉĂƐŽŬĂŶ ;ŽǀĞƌƐƵƉƉůLJͿ Ěŝ ƉĂƐĂƌ ƉŝƉĂ ďĂũĂ ĚŽŵĞƐƚŝŬ͕ LJĂŶŐ ƐĞůĂŶũƵƚŶLJĂ ĂŬĂŶ ƐĞŵĂŬŝŶ ŵĞŶĞŬĂŶ ŚĂƌŐĂ ũƵĂů ĚĂŶ
ŵĞŶƵƌƵŶŬĂŶƚŝŶŐŬĂƚƵƚŝůŝƐĂƐŝƉĂďƌŝŬWĞƌƐĞƌŽĂŶ͘WĞŶƵƌƵŶĂŶƉĞŶĚĂƉĂƚĂŶĚĂŶƉƌŽĨŝƚĂďŝůŝƚĂƐƐĞĐĂƌĂďĞƌŬĞůĂŶũƵƚĂŶ
ĚĂƉĂƚŵĞŵƉĞŶŐĂƌƵŚŝŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŵĞŶƵŚŝŬĞǁĂũŝďĂŶŬĞƵĂŶŐĂŶŶLJĂ͕ƚĞƌŵĂƐƵŬƌĂƐŝŽͲƌĂƐŝŽ
ŬĞƵĂŶŐĂŶ LJĂŶŐ ĚŝƉĞƌƐLJĂƌĂƚŬĂŶ ĚĂůĂŵ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ͕ ƐĞƌƚĂ ŵĞŶŐŚĂŵďĂƚ ƌĞŶĐĂŶĂ ĞŬƐƉĂŶƐŝ ĚĂŶ ŝŶǀĞƐƚĂƐŝ
WĞƌƐĞƌŽĂŶ Ěŝ ŵĂƐĂ ĚĞƉĂŶ͕ LJĂŶŐ ƉĂĚĂ ĂŬŚŝƌŶLJĂ ĚĂƉĂƚ ďĞƌĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ƚĞƌŚĂĚĂƉ ŬĞůĂŶŐƐƵŶŐĂŶ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ͘
ϭϯ͘ ZŝƐŝŬŽ<ĞŚŝůĂŶŐĂŶ<ĂƌLJĂǁĂŶ<ƵŶĐŝ͘
WĞƌƐĞƌŽĂŶƐĂŶŐĂƚďĞƌŐĂŶƚƵŶŐƉĂĚĂŵĂŶĂũĞŵĞŶLJĂŶŐƚĞůĂŚŵĞŵŝůŝŬŝƉĞŶŐĂůĂŵĂŶƉĂŶũĂŶŐĚŝďŝƐŶŝƐƉŝƉĂďĂũĂ͘
DĂŶĂũĞŵĞŶ ƐĞŶŝŽƌ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĂĚĂ ŽƉĞƌĂƐŝŽŶĂů ďŝƐŶŝƐ ĚĂŶ ĂƌĂŚ ŬĞďŝũĂŬĂŶ ƐƚƌĂƚĞŐŝƐ ďŝƐŶŝƐ͘ ^ĞƚŝĂƉ
ĂŶŐŐŽƚĂŵĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƉĞŶŐĂůĂŵĂŶĚŝĂŶƚĂƌĂϭϬƚĂŚƵŶŚŝŶŐŐĂϰϬƚĂŚƵŶĚŝŝŶĚƵƐƚƌŝƉŝƉĂďĂũĂ͘
ĞŶŐĂŶ ƉĞŶŐĂůĂŵĂŶ ƉĂŶũĂŶŐ ƚĞƌƐĞďƵƚ ŵĞŵďĞƌŝŬĂŶ ŬĞƵŶƚƵŶŐĂŶ ďŝƐŶŝƐ ďĂŐŝ WĞƌƐĞƌŽĂŶ ŬĂƌĞŶĂ ƚŝĚĂŬ ďĂŶLJĂŬ
ŵĂŶĂũĞŵĞŶĚĞŶŐĂŶƉĞŶŐĂůĂŵĂŶƉĂŶũĂŶŐĚŝ/ŶĚŽŶĞƐŝĂ͘ĞďĞƌĂƉĂŵĂŶĂũĞŵĞŶŬƵŶĐŝƚĞƌƐĞďƵƚũƵŐĂŵĞŵƉƵŶLJĂŝ
ŚƵďƵŶŐĂŶLJĂŶŐŬƵĂƚĚĞŶŐĂŶƉĞŵĂƐŽŬĚĂŶĚŝƐƚƌŝďƵƚŽƌ͘<ĞŚŝůĂŶŐĂŶŵĂŶĂũĞŵĞŶŬƵŶĐŝŝŶŝĂŬĂŶďĞƌĚĂŵƉĂŬƉĂĚĂ
ŬĞŚŝůĂŶŐĂŶŚƵďƵŶŐĂŶďĂŝŬĚĞŶŐĂŶƉĞŵĂƐŽŬĚĂŶĚŝƐƚƌŝďƵƚŽƌƐĞŚŝŶŐŐĂĂŬĂŶďĞƌƉĞŶŐĂƌƵŚŶĞŐĂƚŝĨďĂŐŝďŝƐŶŝƐĚĂŶ
ŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶŐĂůĂŵŝ ŬĞƐƵůŝƚĂŶ ĚĂůĂŵ ƉĞƌĞŬƌƵƚĂŶ ĚĂŶ ŵĞŶũĂŐĂ ůŽLJĂůŝƚĂƐ ƉĞŐĂǁĂŝ ďĞƌŬƵĂůŝƚĂƐŶLJĂ͘ ŝƐŶŝƐ
WĞƌƐĞƌŽĂŶ ƚĞƌŐĂŶƚƵŶŐ ƉĂĚĂ ŬĞŵĂŵƉƵĂŶ͕ ŵĞůĂƚŝŚ͕ ĚĂŶ ŵĞŶũĂŐĂ ƉĞƌƐŽŶŝů ŬƵŶĐŝ LJĂŶŐ ŵĞŵŝůŝŬŝ ƉĞŶŐĂůĂŵĂŶ
ƉĂŶũĂŶŐ͕ƐĞƉĞƌƚŝŝŶƐŝŶLJƵƌŵĞƐŝŶĚĂŶůĂďŽƌĂƚŽƌŝƵŵ͘dĞŶĂŐĂŬĞƌũĂƐĞƉĞƌƚŝŝŶŝƐĂŶŐĂƚƚĞƌďĂƚĂƐũƵŵůĂŚŶLJĂƐĞŚŝŶŐŐĂ
ĂĚĂŬĞŵƵŶŐŬŝŶĂŶĚŝĂŵďŝůŽůĞŚƉĞƐĂŝŶŐ͘DĂŶĂũĞŵĞŶĚĂŶƚĞŶĂŐĂŬĞƌũĂƐĂũĂƚĞƌƐĞďƵƚŵƵŶŐŬŝŶďŝƐĂŵĞŶĚŝƌŝŬĂŶ
ƉĞƌƵƐĂŚĂĂŶƐĞũĞŶŝƐĚĂŶďĞƌƐĂŝŶŐĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͘
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ϭϰ͘ ZŝƐŝŬŽdŝĚĂŬĞƌũĂůĂŶŶLJĂ^ĂůĂŚ^ĂƚƵůƵƌWƌŽĚƵŬƐŝ^ĞŚŝŶŐŐĂDĞŶŐŐĂŶŐŐƵWƌŽƐĞƐWƌŽĚƵŬƐŝ
WĞƌƐĞƌŽĂŶ ďĞƌƵƐĂŚĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬŝŶĞƌũĂ ŽƉĞƌĂƐŝŽŶĂů ĚĞŶŐĂŶ ŵĞŵďĂŶŐƵŶ ƉĂďƌŝŬ ďĂƌƵ Ěŝ 'ƌĞƐŝŬ͕ ĚĂŶ
ŵĞŵƉĞƌďĂŚĂƌƵŝ ĨĂƐŝůŝƚĂƐ ƉĂďƌŝŬ LJĂŶŐ ƚĞůĂŚ ĂĚĂ͘ WĞƌƐĞƌŽĂŶ ŵƵŶŐŬŝŶ ŵĞŵŝŶĚĂŚŬĂŶ ƐĞďĂŐŝĂŶ ĨĂƐŝůŝƚĂƐ ƉĂďƌŝŬ
^ƵƌĂďĂLJĂĚĂŶWĂƐƵƌƵĂŶŬĞ'ƌĞƐŝŬLJĂŶŐďĞƌĚĂŵƉĂŬƉĂĚĂƉĞŵďĞƌŚĞŶƚŝĂŶƐĞŵĞŶƚĂƌĂďĞďĞƌĂƉĂŵĞƐŝŶƉƌŽĚƵŬƐŝ
ĂƚĂƵ ƉĞŶŐŚĂƉƵƐĂŶ ďĞďĞƌĂƉĂ ĂůĂƚ ƉƌŽĚƵŬƐŝ͘ ^ĞůĂŝŶ ŝƚƵ͕ ũƵŐĂ ƚŝĚĂŬ ĂĚĂ ũĂŵŝŶĂŶ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ƐĞĐĂƌĂ ĞĨĞŬƚŝĨ
ŵĞŶŐŝŵƉůĞŵĞŶƚĂƐŝŬĂŶƌĞŶĐĂŶĂďŝƐŶŝƐ͕ŬĞďŝũĂŬĂŶ͕ƐƚƌĂƚĞŐŝ͕ĚĂŶƉƌŽƐĞĚƵƌLJĂŶŐĚŝƌĞŶĐĂŶĂŬĂŶ͘
ĂůĂŵŚĂůƌŝƐŝŬŽƚĞƌƐĞďƵƚƚĞƌũĂĚŝ͕ƚĞƌŚĞŶƚŝŶLJĂƐĂůĂŚƐĂƚƵĂůƵƌƉƌŽĚƵŬƐŝĚĂƉĂƚŵĞŶŐĂŬŝďĂƚŬĂŶƉĞŶƵƌƵŶĂŶŬĂƉĂƐŝƚĂƐ
ƉƌŽĚƵŬƐŝ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ŬĞƐĞůƵƌƵŚĂŶ͕ ƐĞŚŝŶŐŐĂ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŵĞŶƵŚŝ
ƉĞƐĂŶĂŶƉĞůĂŶŐŐĂŶƐĞĐĂƌĂƚĞƉĂƚǁĂŬƚƵ͘<ĞƚĞƌůĂŵďĂƚĂŶƉĞŵĞŶƵŚĂŶƉĞƐĂŶĂŶĚĂƉĂƚŵĞŶŐĂŬŝďĂƚŬĂŶƉĞŶŐĞŶĂĂŶ
ƉĞŶĂůƚŝ ŬŽŶƚƌĂŬ͕ ŬĞŚŝůĂŶŐĂŶ ƉĞůĂŶŐŐĂŶ͕ ĚĂŶ ŵĞŶƵƌƵŶŶLJĂ ƌĞƉƵƚĂƐŝ WĞƌƐĞƌŽĂŶ͘ ^ĞůĂŝŶ ŝƚƵ͕ ƉƌŽƐĞƐ ƉĞŵŝŶĚĂŚĂŶ
ĨĂƐŝůŝƚĂƐƉĂďƌŝŬĚĂƌŝ^ƵƌĂďĂLJĂĚĂŶWĂƐƵƌƵĂŶŬĞ'ƌĞƐŝŬLJĂŶŐŵĞůŝďĂƚŬĂŶƉĞŵďĞƌŚĞŶƚŝĂŶƐĞŵĞŶƚĂƌĂŵĞƐŝŶƉƌŽĚƵŬƐŝ
ďĞƌƉŽƚĞŶƐŝŵĞŶŝŵďƵůŬĂŶďŝĂLJĂƚĂŵďĂŚĂŶLJĂŶŐĂŶƚĂƌĂůĂŝŶďŝĂLJĂƌĞůŽŬĂƐŝ͕ĚŽǁŶƚŝŵĞƉƌŽĚƵŬƐŝ͕ĚĂŶďŝĂLJĂŬĂůŝďƌĂƐŝ
ƵůĂŶŐŵĞƐŝŶ͘WĞŶƵƌƵŶĂŶǀŽůƵŵĞƉƌŽĚƵŬƐŝĚĂŶƉĞŶĚĂƉĂƚĂŶLJĂŶŐĚŝƐĞƌƚĂŝĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶďŝĂLJĂŽƉĞƌĂƐŝŽŶĂů
ĂŬĂŶ ŵĞŶĞŬĂŶ ƉƌŽĨŝƚĂďŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ͕ ŵĞŶŐŐĂŶŐŐƵ ĂƌƵƐ ŬĂƐ͕ ƐĞƌƚĂ ďĞƌƉŽƚĞŶƐŝ ŵĞŵƉĞŶŐĂƌƵŚŝ ŬĞŵĂŵƉƵĂŶ
WĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŵĞŶƵŚŝŬĞǁĂũŝďĂŶŬĞƵĂŶŐĂŶŶLJĂŬĞƉĂĚĂŬƌĞĚŝƚƵƌ͘ƉĂďŝůĂŐĂŶŐŐƵĂŶƉƌŽĚƵŬƐŝďĞƌůĂŶŐƐƵŶŐ
ĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵLJĂŶŐďĞƌŬĞƉĂŶũĂŶŐĂŶ͕ŚĂůƚĞƌƐĞďƵƚĚĂƉĂƚďĞƌĚĂŵƉĂŬŶĞŐĂƚŝĨƚĞƌŚĂĚĂƉŬŝŶĞƌũĂŬĞƵĂŶŐĂŶ
ĚĂŶŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
ϭϱ͘ ZŝƐŝŬŽ<ĞĐĞůĂŬĂĂŶ<ĞƌũĂWƌŽĚƵŬƐŝ
KƉĞƌĂƐŝŽŶĂůďŝƐŶŝƐWĞƌƐĞƌŽĂŶƉĂƐƚŝŵĞŵŝůŝŬŝƌŝƐŝŬŽŬĞĐĞůĂŬĂĂŶLJĂŶŐƚŝĚĂŬĚĂƉĂƚĚŝŚŝŶĚĂƌŝ͕ƚĞƌƵƚĂŵĂďĂŐŝƉĞŐĂǁĂŝ
ƉĂďƌŝŬ LJĂŶŐ ŵĞŶLJĞďĂďŬĂŶ ŬĞĐĂĐĂƚĂŶ ĚĂŶ ŬĞŵĂƚŝĂŶ ƚĞƌŚĂĚĂƉ ƚĞŶĂŐĂ ŬĞƌũĂ WĞƌƐĞƌŽĂŶ͘ dŝĚĂŬ ĂĚĂ ũĂŵŝŶĂŶ
ŬĞĐĞůĂŬĂĂŶŬĞƌũĂƚŝĚĂŬĂŬĂŶƚĞƌũĂĚŝĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐ͘
ĂůĂŵ ŚĂů ƌŝƐŝŬŽ ŬĞĐĞůĂŬĂĂŶ ŬĞƌũĂ ƚĞƌũĂĚŝ͕ WĞƌƐĞƌŽĂŶ ďĞƌƉŽƚĞŶƐŝ ŵĞŶŐŚĂĚĂƉŝ ĚĂŵƉĂŬ ůĂŶŐƐƵŶŐ ďĞƌƵƉĂ
ƚĞƌŚĞŶƚŝŶLJĂƐĞďĂŐŝĂŶĂƚĂƵƐĞůƵƌƵŚƉƌŽƐĞƐƉƌŽĚƵŬƐŝĚŝĂƌĞĂƚĞƌũĂĚŝŶLJĂŬĞĐĞůĂŬĂĂŶƵŶƚƵŬŬĞƉĞƌůƵĂŶŝŶǀĞƐƚŝŐĂƐŝ
ĚĂŶ ƉĞŵƵůŝŚĂŶ͕ ƐĞŚŝŶŐŐĂ ĚĂƉĂƚ ŵĞŶŐĂŬŝďĂƚŬĂŶ ǀŽůƵŵĞ ƉƌŽĚƵŬƐŝ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ďĞƌƉŽƚĞŶƐŝ
ŵĞŶĂŶŐŐƵŶŐďŝĂLJĂLJĂŶŐŵĞůŝƉƵƚŝďŝĂLJĂƉĞŶŐŽďĂƚĂŶĚĂŶŬŽŵƉĞŶƐĂƐŝŬĞƉĂĚĂƚĞŶĂŐĂŬĞƌũĂLJĂŶŐƚĞƌĚĂŵƉĂŬ͕ďŝĂLJĂ
ƉĞƌďĂŝŬĂŶĨĂƐŝůŝƚĂƐĚĂŶƉĞƌĂůĂƚĂŶƉĂďƌŝŬLJĂŶŐƌƵƐĂŬ͕ƐĞƌƚĂƉŽƚĞŶƐŝƚƵŶƚƵƚĂŶŚƵŬƵŵĚĂƌŝƉŝŚĂŬLJĂŶŐĚŝƌƵŐŝŬĂŶ͘
^ĞůĂŝŶ ŝƚƵ͕ ŬĞĐĞůĂŬĂĂŶ ŬĞƌũĂ LJĂŶŐ ƐĞƌŝƵƐ ĚĂƉĂƚ ŵĞŵŝĐƵ ƉĞŵĞƌŝŬƐĂĂŶ ĚĂŶ ƉĞŶŐĂǁĂƐĂŶ LJĂŶŐ ůĞďŝŚ ŬĞƚĂƚ ĚĂƌŝ
ŝŶƐƚĂŶƐŝƉĞŵĞƌŝŶƚĂŚƚĞƌŬĂŝƚŬĞƐĞůĂŵĂƚĂŶŬĞƌũĂ͕LJĂŶŐďĞƌƉŽƚĞŶƐŝŵĞŶŐĂŬŝďĂƚŬĂŶƉĞŶŐĞŶĂĂŶƐĂŶŬƐŝ͕ĚĞŶĚĂ͕ĂƚĂƵ
ďĂŚŬĂŶƉĞŶŐŚĞŶƚŝĂŶƐĞŵĞŶƚĂƌĂŽƉĞƌĂƐŝŽŶĂůƉĂďƌŝŬŚŝŶŐŐĂƉĞŵĞŶƵŚĂŶƐƚĂŶĚĂƌŬĞƐĞůĂŵĂƚĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶ͘
ϭϲ͘ ZŝƐŝŬŽ<ĞƌƵƐĂŬĂŶWƌŽĚƵŬ͕<ĞƐĂůĂŚĂŶdĞŬŶŝƐĚĂŶĞƐĂŝŶ
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ďĞďĞƌĂƉĂ ƉƌŽƐĞƐ ƵŶƚƵŬ ŵĞŶŐƵũŝ ŬƵĂůŝƚĂƐ ƉƌŽĚƵŬ͘ EĂŵƵŶ ƚŝĚĂŬ ĂĚĂ ũĂŵŝŶĂŶ ƉƌŽƐĞƐ
ƚĞƌƐĞďƵƚĚĂƉĂƚŵĞŶĐĞŐĂŚŬĞĐĂĐĂƚĂŶƉƌŽĚƵŬ͘WƌŽĚƵŬLJĂŶŐĚŝŚĂƐŝůŬĂŶŵƵŶŐŬŝŶƚĞĚĂƉĂƚŬĞĐĂĐĂƚĂŶLJĂŶŐďĞƌĂƐĂů
ĚĂƌŝŬĞůĂůĂŝĂŶƚĞŶĂŐĂŬĞƌũĂ͕ŬĞƐĂůĂŚĂŶĚĞƐĂŝŶ͕ĐĂĐĂƚƉƌŽĚƵŬƐŝĂƚĂƵĐĂĐĂƚůĂŝŶŶLJĂLJĂŶŐƚŝĚĂŬĚĂƉĂƚĚŝĚĞƚĞŬƐŝ͘:ŝŬĂ
ĂĚĂŬŽŶƐƵŵĞŶLJĂŶŐŵĞŶĞŵƵŬĂŶƉƌŽĚƵŬĐĂĐĂƚ͕WĞƌƐĞƌŽĂŶĂŬĂŶůĂŶŐƐƵŶŐŵĞŶŐĂĚĂŬĂŶŝŶƐƉĞŬƐŝĚĂŶŵƵŶŐŬŝŶ
ĂŬĂŶŵĞŶŝŵďƵůŬĂŶďŝĂLJĂƚĂŵďĂŚĂŶƚĞƌŬĂŝƚƉĞŶŐŐĂŶƚŝĂŶƉƌŽĚƵŬĐĂĐĂƚƚĞƌƐĞďƵƚ͘WĞƌƐĞƌŽĂŶŵĞŶŐĞǀĂůƵĂƐŝƐĞƚŝĂƉ
ĂĚĂůĂƉŽƌĂŶĐĂĐĂƚƉĞƌŬĂƐƵƐŬĂƌĞŶĂŵĂƐĂŐĂƌĂŶƐŝƉƌŽĚƵŬWĞƌƐĞƌŽĂŶƚŝĚĂŬƚĞƌďĂƚĂƐǁĂŬƚƵĚĂŶWĞƌƐĞƌŽĂŶƚŝĚĂŬ
ŵĞŵŝůŝŬŝ ƉĞŶĐĂĚĂŶŐĂŶ ŬĞƌƵŐŝĂŶ ŐĂƌĂŶƐŝ͘ ^ĞůĂŝŶ ŝƚƵ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵŝůŝŬŝ ŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŶĂŶŐŐƵŶŐ
ŬĞƌƵŐŝĂŶ ũŝŬĂ ƉƌŽĚƵŬ ƌƵƐĂŬ ƚĞƌƐĞďƵƚ ŵĞŶŐĂŬŝďĂƚŬĂŶ ŬĞĐĞůĂŬĂĂŶ ƉĞŵĂŬĂŝ ďĂŝŬ ĚĂƌŝ ƉƌŽLJĞŬ͕ ŐĞĚƵŶŐ͕ ĚĂŶ ŚĂů
ůĂŝŶŶLJĂ͘ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ĂƐƵƌĂŶƐŝ LJĂŶŐ ĐƵŬƵƉ ƵŶƚƵŬ ŵĞŵŝƚŝŐĂƐŝ ŬĞƌƵŐŝĂŶ ƚĞƌƐĞďƵƚ ƐĞŚŝŶŐŐĂ
ŬĞŵƵŶŐŬŝŶĂŶ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ďƵƌƵŬ ďĂŐŝ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ ^ĞŐĂůĂ ŬĞĐĂĐĂƚĂŶ ƉƌŽĚƵŬ LJĂŶŐ ŵƵŶĐƵů ĂŬĂŶ
ŵĞŶŐĂŬŝďĂƚŬĂŶ ƉĞŶƵƌƵŶĂŶ ƉĞŶĚĂƉĂƚĂŶ͕ ƉĞŶŝŶŐŬĂƚĂŶ ďŝĂLJĂ ŽƉĞƌĂƐŝŽŶĂů͕ ƉĞŶƵƌƵŶĂŶ ƉĞŶĞƌŝŵĂĂŶ ƉĂƐĂƌ ĂƚĂƐ
ƉƌŽĚƵŬ͕ ƉĞŶƵƌƵŶĂŶ ƌĞƉƵƚĂƐŝ WĞƌƐĞƌŽĂŶ ĚĂŶ ƉƌŽĚƵŬ͕ ƉĞŶĂƌŝŬĂŶ ƉƌŽĚƵŬ ĚĂƌŝ ƉĂƐĂƌ͕ ĚĂŶ ŐĂŶŐŐƵĂŶ ďŝƐŶŝƐ ĚĂŶ
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ϭϳ͘ ZŝƐŝŬŽWĞƌƵƐĂŚĂĂŶdŝĚĂŬDĂŵƉƵDĞŵĞŶƵŚŝ<ƌŝƚĞƌŝĂĚĂŶ<ƵĂůŝƚĂƐWƌŽĚƵŬzĂŶŐŝŵŝŶƚĂWĞůĂŶŐŐĂŶ
<ĞůĂŶŐƐƵŶŐĂŶďŝƐŶŝƐWĞƌƐĞƌŽĂŶƚĞƌŐĂŶƚƵŶŐƉĂĚĂƉĞŶũƵĂůĂŶĚĂŶƉƌŽLJĞŬĚĂƌŝŬŽŶƐƚƌƵŬƐŝ͕ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ŵŝŶLJĂŬĚĂŶ
ŐĂƐ͕ ĨƵƌŶŝƚƵƌĞ͕ ŽƚŽŵŽƚŝĨ͕ ĚĂŶ ƐĞŬƚŽƌ ůĂŝŶ͘ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƐĞƌƚŝĨŝŬĂƐŝ ĚĂŶ ĂŬƌĞĚŝƚĂƐŝ LJĂŶŐ ŵĞŵƵŶŐŬŝŶŬĂŶ
WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŶŐŝŬƵƚŝďĞďĞƌĂƉĂƉƌŽLJĞŬ͘WĞůĂŶŐŐĂŶLJĂŶŐƚĞƌŚƵďƵŶŐĚĂŶŐĂŶƉĞŵĞƌŝŶƚĂŚĚĂŶƉĞƌƵƐĂŚĂĂŶ
ďŝĂƐĂŶLJĂŵĞŶƐLJĂƌĂƚŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵŝůŝŬŝƐĞƌƚŝĨŝŬĂƐŝĚĂŶĂŬƌĞĚŝƚĂƐŝƵŶƚƵŬĚĂƉĂƚŵĞŶŐŝŬƵƚŝƚĞŶĚĞƌƉƌŽLJĞŬ
LJĂŶŐŵĞƌĞŬĂĂĚĂŬĂŶ͘WƌĞͲŬƵĂůŝĨŝŬĂƐŝƉƌŽƐĞƐƚĞŶĚĞƌƚĞƌŵĂƐƵŬƐƚĂŶĚĂƌĨĂƐŝůŝƚĂƐƉĂďƌŝŬ͕ŬƵĂůŝƚĂƐĚĂŶƐƚĂŶĚĂƌŝƐĂƐŝ
ƉƌŽĚƵŬ ĚĂŶ ŝŶƐƉĞŬƐŝ ŬĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ WĞŵĞƌŝŶƚĂŚ ĚĂŶ ŬŽŶƚƌĂŬ͘ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵƉĞƌŽůĞŚ
ƉĞƌƐĞƚƵũƵĂŶƉƌŽLJĞŬĚĂƌŝďĞďĞƌĂƉĂƉĞůĂŶŐŐĂŶ͕ƐĞƉĞƌƚŝ͗ŚĞǀƌŽŶ͕dŽƚĂů͕ dždžŽŶ͕WĞƌƚĂŵŝŶĂ͕ĚĂŶWĞƌƵƐĂŚĂĂŶ'ĂƐ
EĞŐĂƌĂ͕WĞƌƵƐĂŚĂĂŶ>ŝƐƚƌŝŬEĞŐĂƌĂ͘:ŝŬĂWĞƌƐĞƌŽĂŶŐĂŐĂůŵĞŵĞŶƵŚŝƐƚĂŶĚĂƌŬƵĂůŝƚĂƐLJĂŶŐĚŝŵŝŶƚĂWĞůĂŶŐŐĂŶ
ŵĂŬĂĂŬĂŶďĞƌĚĂŵƉĂŬďĞƌĚĂŵƉĂŬďƵƌƵŬďĂŐŝďŝƐŶŝƐ͕ŽƉĞƌĂƐŝŽŶĂůĚĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
ĂůĂŵ ŚĂů WĞƌƐĞƌŽĂŶ ŐĂŐĂů ŵĞŵĞŶƵŚŝ ƐƚĂŶĚĂƌ ŬƵĂůŝƚĂƐ ĚĂŶ ŬƌŝƚĞƌŝĂ LJĂŶŐ ĚŝŵŝŶƚĂ ƉĞůĂŶŐŐĂŶ͕ WĞƌƐĞƌŽĂŶ
ďĞƌƉŽƚĞŶƐŝŬĞŚŝůĂŶŐĂŶƉĞƌƐĞƚƵũƵĂŶƉƌŽLJĞŬ;ĂƉƉƌŽǀĞĚǀĞŶĚŽƌƐƚĂƚƵƐͿĚĂƌŝƉĞůĂŶŐŐĂŶͲƉĞůĂŶŐŐĂŶƵƚĂŵĂ͕ƚĞƌŵĂƐƵŬ
ĚĂƌŝ ƐĞŬƚŽƌ ŵŝŐĂƐ ĚĂŶ ƵƚŝůŝƚĂƐ ƐĞƉĞƌƚŝ WĞƌƚĂŵŝŶĂ͕ WĞƌƵƐĂŚĂĂŶ 'ĂƐ EĞŐĂƌĂ͕ ĚĂŶ WĞƌƵƐĂŚĂĂŶ >ŝƐƚƌŝŬ EĞŐĂƌĂ͘
,ŝůĂŶŐŶLJĂƐƚĂƚƵƐƚĞƌƐĞďƵƚĂŬĂŶŵĞŶŐĂŬŝďĂƚŬĂŶWĞƌƐĞƌŽĂŶƚŝĚĂŬĚĂƉĂƚŵĞŶŐŝŬƵƚŝƉƌŽƐĞƐƚĞŶĚĞƌƉƌŽLJĞŬďĂƌƵĚĂƌŝ
ƉĞůĂŶŐŐĂŶ ƚĞƌŬĂŝƚ͕ ƐĞŚŝŶŐŐĂ ďĞƌĚĂŵƉĂŬ ůĂŶŐƐƵŶŐ ƉĂĚĂ ƉĞŶƵƌƵŶĂŶ ǀŽůƵŵĞ ƉĞŶũƵĂůĂŶ ĚĂŶ ƉĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ͘^ĞůĂŝŶŝƚƵ͕ŬĞŐĂŐĂůĂŶŵĞŵĞŶƵŚŝƐƚĂŶĚĂƌŬƵĂůŝƚĂƐĚĂƉĂƚŵĞƌƵƐĂŬƌĞƉƵƚĂƐŝWĞƌƐĞƌŽĂŶĚŝŝŶĚƵƐƚƌŝƉŝƉĂ
ďĂũĂ͕ LJĂŶŐ ŵĞŶŐĂŬŝďĂƚŬĂŶ ŵĞŶƵƌƵŶŶLJĂ ŬĞƉĞƌĐĂLJĂĂŶ ƉĞůĂŶŐŐĂŶ ƐĞĐĂƌĂ ůĞďŝŚ ůƵĂƐ ĚĂŶ ďĞƌŬƵƌĂŶŐŶLJĂ ƉĂŶŐƐĂ
ƉĂƐĂƌWĞƌƐĞƌŽĂŶ͘WĞŶƵƌƵŶĂŶƉĞŶĚĂƉĂƚĂŶƐĞĐĂƌĂďĞƌŬĞůĂŶũƵƚĂŶĂŬŝďĂƚďĞƌŬƵƌĂŶŐŶLJĂƉƌŽLJĞŬĚĂŶƉĞůĂŶŐŐĂŶĂŬĂŶ
ŵĞŶĞŬĂŶ ŵĂƌũŝŶ ůĂďĂ͕ ŵĞŶŐŐĂŶŐŐƵ ĂƌƵƐ ŬĂƐ ŽƉĞƌĂƐŝŽŶĂů͕ ƐĞƌƚĂ ĚĂƉĂƚ ďĞƌĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů
ƚĞƌŚĂĚĂƉŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶĚĂŶŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
ϭϴ͘ ZŝƐŝŬŽ WĞƌƵƐĂŚĂĂŶ 'ĂŐĂů DĞůĂŬƐĂŶĂŬĂŶ WĞƌĂƚƵƌĂŶ dĞŶƚĂŶŐ >ŝŶŐŬƵŶŐĂŶ ,ŝĚƵƉ͕ <ĞƐĞŚĂƚĂŶ͕ ĚĂŶ
<ĞƐĞůĂŵĂƚĂŶ͘
WĞƌƐĞƌŽĂŶ ŚĂƌƵƐ ŵĞŶŐŝŬƵƚŝ ďĞďĞƌĂƉĂ ŬĞďŝũĂŬĂŶ ƚĞŶƚĂŶŐ ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ͕ ŬĞƐĞŚĂƚĂŶ ĚĂŶ ŬĞƐĞůĂŵĂƚĂŶ͘
WĞƌĂƚƵƌĂŶLJĂŶŐďĂƌƵĚĂƉĂƚďĞƌĂŬŝďĂƚƉĂĚĂƉĞŶĂŵďĂŚĂŶďŝĂLJĂƵŶƚƵŬƉĞƌĂůĂƚĂŶƉĂďƌŝŬ͕ƉĞƌďĂŝŬĂŶĨĂƐŝůŝƚĂƐƉĂďƌŝŬ͕
ĚĞƐĂŝŶ ƵůĂŶŐ ƐƚĂŶĚĂƌ ƉƌŽĚƵŬ ĂƚĂƵ ďŝĂLJĂ ůĂŝŶ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ĂŐĂƌ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ďĞƌĂĚĂ ĚĂůĂŵ ŬŽƌŝĚŽƌ
ƉĞƌĂƚƵƌĂŶƚĞƌƐĞďƵƚ͘:ŝŬĂWĞƌƐĞƌŽĂŶŐĂŐĂůŵŶŐŝŬƵƚŝƉĞƌĂƚƵƌĂŶƚĞƌƐĞďƵƚŵĂŬĂŶĂŬĂŶďĞƌĚĂŵƉĂŬŶĞŐĂƚŝĨďĂŐŝďĂŐŝ
ďŝƐŶŝƐ͕ŽƉĞƌĂƐŝŽŶĂůĚĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
ĂůĂŵ ŚĂů WĞƌƐĞƌŽĂŶ ŐĂŐĂů ĚĂůĂŵ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞƌĂƚƵƌĂŶ ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ĚŝŬĞŶĂŬĂŶ ƐĂŶŬƐŝ
ĂĚŵŝŶŝƐƚƌĂƚŝĨ͕ ĚĞŶĚĂ͕ ĂƚĂƵ ďĂŚŬĂŶ ƉĞŶŐŚĞŶƚŝĂŶ ƐĞŵĞŶƚĂƌĂ ŽƉĞƌĂƐŝŽŶĂů ƉĂďƌŝŬ ŽůĞŚ ƉŝŚĂŬ ďĞƌǁĞŶĂŶŐ ŚŝŶŐŐĂ
WĞƌƐĞƌŽĂŶŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶLJĂŶŐďĞƌůĂŬƵ͘WĞŶŐŚĞŶƚŝĂŶŽƉĞƌĂƐŝŽŶĂůƉĂďƌŝŬ͕ŵĞƐŬŝƉƵŶďĞƌƐŝĨĂƚƐĞŵĞŶƚĂƌĂ͕
ĚĂƉĂƚŵĞŶŐĂŬŝďĂƚŬĂŶƉĞŶƵƌƵŶĂŶǀŽůƵŵĞƉƌŽĚƵŬƐŝĚĂŶŬĞƚĞƌůĂŵďĂƚĂŶƉĞŵĞŶƵŚĂŶ ƉĞƐĂŶĂŶƉĞůĂŶŐŐĂŶ͕LJĂŶŐ
ƐĞůĂŶũƵƚŶLJĂ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ƉĞŶƵƌƵŶĂŶ ƉĞŶĚĂƉĂƚĂŶ ƵƐĂŚĂ͘ ŝ ƐĂŵƉŝŶŐ ŝƚƵ͕ ƉĞŵĞŶƵŚĂŶ ƉĞƌĂƚƵƌĂŶ ďĂƌƵ
ďĞƌƉŽƚĞŶƐŝŵĞŶŝŶŐŬĂƚŬĂŶďŝĂLJĂŝŶǀĞƐƚĂƐŝĂƚĂƐƉĞƌĂůĂƚĂŶƉĂďƌŝŬ͕ƉĞƌďĂŝŬĂŶĨĂƐŝůŝƚĂƐ͕ĚĂŶďŝĂLJĂƚĞƌŬĂŝƚĂƚĂƐĚĞƐĂŝŶ
ƵůĂŶŐƐƚĂŶĚĂƌƉƌŽĚƵŬ͕LJĂŶŐĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶďĞďĂŶŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶĚĂŶŵĞŶĞŬĂŶŵĂƌũŝŶůĂďĂ͘^ĞůĂŝŶ
ŝƚƵ͕ ƉĞůĂŶŐŐĂƌĂŶ LJĂŶŐ ďĞƌƐŝĨĂƚ ƐĞƌŝƵƐ ĚĂƉĂƚ ŵĞŶŐĂŬŝďĂƚŬĂŶ ƉĞŶĐĂďƵƚĂŶ ŝnjŝŶ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ͕ ƐĞŚŝŶŐŐĂ
ĚĂƉĂƚďĞƌĚĂŵƉĂŬƚĞƌŚĂĚĂƉŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
ϭϵ͘ ZŝƐŝŬŽ <ĞůĂŶŐƐƵŶŐĂŶ ŝƐŶŝƐ WĞƌƐĞƌŽĂŶ dĞƌŐĂŶƚƵŶŐ WĂĚĂ <ĞŵĂŵƉƵĂŶ DĞŶĚĂƉĂƚŬĂŶ >ĂŚĂŶ ĂƌƵ͕
DĞŶũĂŐĂ͕ĚĂŶDĞŵƉĞƌďĂŚĂƌƵŝ,ĂŬWĞŶŐŐƵŶĂĂŶůĂŚĂŶdĞƌƐĞďƵƚ
WĞƌƐĞƌŽĂŶŵĞŶŐŽƉĞƌĂƐŝŬĂŶĞŶĂŵƉĂďƌŝŬ͘WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŚĂŬŐƵŶĂďĂŶŐƵŶĂŶƵŶƚƵŬŵĞŶĚŝƌŝŬĂŶďĂŶŐƵŶĂŶ
ƉĂďƌŝŬĚŝĂƚĂƐůĂŚĂŶƚĞƌƐĞďƵƚ͘,ĂŬŐƵŶĂďĂŶŐƵŶĂŶƚĞƌƐĞďƵƚŵĞŵƉƵŶLJĂŝũĂŶŐŬĂǁĂŬƚƵLJĂŶŐďĞƌďĞĚĂͲďĞĚĂĚĞŶŐĂŶ
ŬŝƐĂƌĂŶŵĂƐĂďĞƌůĂŬƵ͘KƉĞƌĂƐŝŽŶĂůƚĞƌƐĞďƵƚƚĞƌŐĂŶƚƵŶŐƉĂĚĂŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶŵĞŶĚĂƉĂƚŬĂŶůĂŚĂŶďĂƌƵ͕
ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ͕ ĚĂŶ ŵĞŵƉĞƌďĂŚĂƌƵŝ ŚĂŬ ƉĞŶŐŐƵŶĂĂŶ ůĂŚĂŶ ƚĞƌƐĞďƵƚ͘ WĞŵĞƌŝŶƚĂŚ ďŝƐĂ ƐĂũĂ ŵĞƌƵďĂŚ
ŬĞƚĞŶƚƵĂŶ ƚĂŶƚĂŶŐ ŚĂŬ ƉĞŶŐŐƵŶĂĂŶ ůĂŚĂŶ ƉĞƌƐĞƌŽĂŶ͘ :ŝŬĂ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ďŝƐĂ ŵĞŵƉĞƌŽůĞŚ ůĂŚĂŶ ďĂƌƵ͕
ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ͕ ĚĂŶ ŵĞŵƉĞƌďĂŚĂƌƵŝ ŚĂŬ ƉĞŶŐŐƵŶĂĂŶ ůĂŚĂŶ ĚŝŵĂŶĂ WĞƌƐĞƌŽĂŶ ďĞƌƉƌŽĚƵŬƐŝ͕ ĚĂŶ ũŝŬĂ
WĞƌƐĞŽĂŶŵĞŵďƵƚƵŚŬĂŶƚĂŵďĂŚĂŶĚĂŶĂLJĂŶŐďĞƐĂƌƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶůĂŚĂŶďĂƌƵ͕ĚĂŶũŝŬĂĂĚĂƚĂŵďĂŚĂŶ
ďŝĂLJĂďĞƐĂƌĂƚĂƐƉĞƌƵďĂŚĂŶŚĂŬƉĞŶŐŐƵŶĂĂŶůĂŚĂŶ͕ŵĂŬĂĂŬĂŶďĞƌĚĂŵƉĂŬŶĞŐĂƚŝĨƉĂĚĂŽƉĞƌĂƐŝŽŶĂů͕ŬĞƵĂŶŐĂŶ͕
ĚĂŶĂƌƵƐŬĂƐWĞƌƐĞƌŽĂŶ͘
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WĞƌƐĞƌŽĂŶƐĞĚĂŶŐĚĂůĂŵƚĂŚĂƉŵĞŶŐĂŬƵŝƐŝƐŝůĂŚĂŶĚĂŶŵƵůĂŝŵĞŵďĂŶŐƵŶƉĂďƌŝŬĚŝ'ƌĞƐŝŬ͘^ĞďĂŐĂŝďĂŐŝĂŶĚĂƌŝ
ĞŬƐƉĂŶƐŝ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵŝŶƚĂŚŝũŝŶůŽŬĂƐŝŬĞƉĂĚĂWĞŵĞƌŝŶƚĂŚƐĞƚĞŵƉĂƚĚĂŶŚĂŬŐƵŶĂďĂŶŐƵŶĂŶĂƚĂƐƚĂŶĂŚ
LJĂŶŐ ƚĞůĂŚ ĚĂŶ ĂŬĂŶ ĚŝĂŬƵƐŝƐŝ ƚĞƌƐĞďƵƚ͘ :ŝŬĂ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŵƉĞƌŽůĞŚ ŝũŝŶ ůŽŬĂƐŝ ĚĂŶ ŚĂŬ ŐƵŶĂ
ďĂŶŐƵŶĂŶ ĂƚĂƵ ƉƌŽƐĞƐ ŝũŝŶŶLJĂ ŵƵŶĚƵƌ ŵĂŬĂ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ďĂŐŝ ŬŽŶĚŝƐŝ ĚĂŶ ƉƌŽƐƉĞŬ ŬĞƵĂŶŐĂŶ
ŬĞĚĞƉĂŶ͘
ϮϬ͘ ZŝƐŝŬŽ <ĞƚĞƌŐĂŶƚƵŶŐĂŶ KƉĞƌĂƐŝŽŶĂů dĞƌŚĂĚĂƉ <ĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ͕ DĞŶũĂŐĂ ĚĂŶ
DĞŵƉĞƌďĂŚĂƌƵŝ/ũŝŶĚĂŶWĞƌƐĞƚƵũƵĂŶĚĂƌŝWĞŵĞƌŝŶƚĂŚ
WĞƌƐĞƌŽĂŶŵĞŵŝŶƚĂďĞƌďĂŐĂŝůŝƐĞŶƐŝĚĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝWĞŵĞƌŝŶƚĂŚƐĞƚĞŵƉĂƚĚĂŶďĞƌŽƉĞƌĂƐŝƐĞƐƵĂŝĚĞŶŐĂŶ
ƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵĚŝĚĂĞƌĂŚƚĞƌƐĞďƵƚ͘>ŝƐĞŶƐŝĚĂŶŬĞƚĞŶƚƵĂŶƚĞƌƐĞďƵƚƚĞƌŵĂƐƵŬŬŽƌƉŽƌĂƐŝƵŵƵŵ͕ďŝƐŶŝƐ͕
ŬĞƉĞŐĂǁĂŝĂŶ͕ůŝŶŐŬƵŶŐĂŶŚŝĚƵƉ͕ĚĂŶũƵŐĂƉƌŽƉĞƌƚŝĚĂŶůŝƐĞŶƐŝŽƉĞƌĂƐŝŽŶĂů͘ŐĂƌWĞƌƐĞƌŽĂŶĚĂƉĂƚ ďĞƌŽƉĞƌĂƐŝ͕
WĞƌƐĞƌŽĂŶ ŚĂƌƵƐ ŵĞŵŝůŝŬŝ ůŝƐĞŶƐŝ ĂƚĂƵ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ ďĂĚĂŶ <ŽŽƌĚŝŶĂƐŝ ƉĞŶĂŶĂŵĂŶ DŽĚĂů ;<WDͿ͕ ^ƵƌĂƚ
ŬĞƚĞƌĂŶŐĂŶŽŵŝƐŝůŝ͕^ƵƌĂƚ/ũŝŶhƐĂŚĂ͕/ũŝŶDĞŶĚŝƌŝŬĂŶĂŶŐƵŶĂŶ͕ĚĂŶ^ƚĂŶĚĂƌ ŶĂƐŝŽŶĂů/ŶĚŽŶĞƐŝĂ;^E/ͿƵŶƚƵŬ
ƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͘
ĚĂ ƌŝƐŝŬŽ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĂŵƉƵ ŵĞŶĚĂƉĂƚŬĂŶ ůŝƐĞŶƐŝ ĂƚĂƵ ŝũŝŶ ƵŶƚƵŬ ŵĞŶŐŽƉĞƌĂƐŝŬĂŶ ƉĂďƌŝŬ͕ ƉĂĚĂŚĂů
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶLJĞůĞƐĂŝŬĂŶ ƉĞŵďĂŶŐƵŶĂŶ ƉĂďƌŝŬ LJĂŶŐ ƚĞůĂŚ ĚŝƌĞŶĐĂŶĂŬĂŶ͘ ZŝƐŝŬŽ ŝŶŝ ũƵŐĂ ƚĞƌŵĂƐƵŬ
ƉĞŵďĂŶŐƵŶĂŶƉĂďƌŝŬĚŝ'ƌĞƐŝŬLJĂŶŐƚĞůĂŚĚŝƌĞŶĐĂŶĂŬĂŶ͘^ĞůĂŝŶŝƚƵ͕ůŝƐĞŶƐŝĚĂŶŝũŝŶLJĂŶŐƚĞůĂŚĚŝĚĂƉĂƚĂŬĂŶĚŝũĂŐĂ
ĚĂŶ ĚŝƉĞƌƉĂŶũĂŶŐ ũŝŬĂ ŵĂƐĂ ďĞƌůĂŬƵŶLJĂ ŚĂďŝƐ͘ dŝĚĂŬ ĂĚĂ ũĂŵŝŶĂŶ ůŝƐĞŶƐŝ ĚĂŶ ŝũŝŶ LJĂŶŐ ƚĞůĂŚ ŵĞůĞǁĂƚŝ ŵĂƐĂ
ďĞƌůĂŬƵ ĂŬĂŶ ĚŝƐĞƚƵũƵŝ ƵŶƚƵŬ ĚŝƉĞƌƉĂŶũĂŶŐ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ƐĞƚĞŵƉĂƚ͕ ƐĞŚŝŶŐŐĂ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ
ƚĞƌŐĂŶŐŐƵŶLJĂŽƉĞƌĂƐŝŽŶĂů͕ďŝƐŶŝƐ͕ĚĂŶŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶ͘
Ϯϭ͘ ZŝƐŝŬŽ dĞŶĂŐĂ <ĞƌũĂ zĂŶŐ dĞƌŐĂďƵŶŐ ĂůĂŵ ^ĞƌŝŬĂƚ WĞŬĞƌũĂ͕ ^ĞŚŝŶŐŐĂ ĚĂ <ĞŵƵŶŐŬŝŶĂŶ dĞƌũĂĚŝ
WĞƌƐĞůŝƐŝŚĂŶŶƚĂƌĂdĞŶĂŐĂ<ĞƌũĂĚĂŶWĞƌƐĞƌŽĂŶ
dĞŶĂŐĂ ŬĞƌũĂ WĞƌƐĞƌŽĂŶ ŵĞƌƵƉĂŬĂŶ ďĂŐŝĂŶ ĚĂƌŝ ^ĞƌŝŬĂƚ WĞŬĞƌũĂ ^ĞůƵƌƵŚ /ŶĚŽŶĞƐŝĂ ;^W^/Ϳ ĂƚĂƵ ^ĞƌŝŬĂƚ ƵƌƵŚ
^ĞũĂŚƚĞƌĂ/ŶĚŽŶĞƐŝĂ;^^/ͿLJĂŶŐŵĞŵŝůŝŬŝŚĂŬƚĂǁĂƌŬĞWĞƌƐĞƌŽĂŶ͘tĂůĂƵƉƵŶƚŝĚĂŬĂĚĂŵŽŐŽŬŬĞƌũĂƐĞĐĂƌĂďĞƐĂƌͲ
ďĞƐĂƌĂŶƐĞůĂŵĂϯƚĂŚƵŶƚĞƌĂŬŚŝƌ͕ŶĂŵƵŶŵŽŐŽŬŬĞƌũĂŵĞƌƵƉĂŬĂŶƐƵĂƚƵŚĂůLJĂŶŐƐĞƌŝŶŐƚĞƌũĂĚŝĚŝ/ŶĚŽŶĞƐŝĂ͕
ƐĞŚŝŶŐŐĂƚŝĚĂŬĂĚĂũĂŵŝŶĂŶŵŽŐŽŬŬĞƌũĂƚŝĚĂŬĂŬĂŶƚĞƌũĂĚŝůĂŐŝƚĞƌŚĂĚĂƉWĞƌƐĞƌŽĂŶ͘
ϮϮ͘ ZŝƐŝŬŽ&ůƵŬƚƵĂƐŝĞďĞƌĂƉĂ&ĂŬƚŽƌ
WĞŶĚĂƉĂƚĂŶĚĂŶŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶƚĞƌŐĂŶƚƵŶŐƉĂĚĂďĞďĞƌĂƉĂĨĂŬƚŽƌ͘&ĂŬƚŽƌͲĨĂŬƚŽƌƚĞƌƐĞďƵƚŵƵŶŐŬŝŶĂŬĂŶ
ŵĞŵďƵĂƚƉĞŶĚĂƉĂƚĂŶĚĂŶŽƉĞƌĂƐŝŽŶĂůŵĞŶũĂĚŝďĞƌĨůƵŬƚƵĂƐŝƚĞƌŐĂŶƚƵŶŐƐĞďĞƌĂƉĂďĞƐĂƌƉĞŶŐĂƌƵŚĨĂĐƚŽƌͲĨĂŬƚŽƌ
ƚĞƌƐĞďƵƚ͘&ĂŬƚŽƌͲĨĂŬƚŽƌƚĞƌƐĞďƵƚĂŶƚĂƌĂůĂŝŶ͗
Ă͘ ^ŝŬůƵƐďĞůĂŶũĂŵĂƐLJĂƌĂŬĂƚ
ď͘ ŶŐŐĂƌĂŶĚĂŶďĞůĂŶũĂWĞŵĞƌŝŶƚĂŚ
Đ͘ <ŽŶĚŝƐŝĞŬŽŶŽŵŝŵĂŬƌŽ
Ě͘ <ĞƚĞƌƐĞĚŝĂĂŶƉƌŽĚƵŬĚĂŶŚĂƌŐĂ
Ğ͘ ,Ăƌŝ>ŝďƵƌ
WĞƌƐĞƌŽĂŶďŝĂƐĂŶLJĂŵĞŶĂŝŬĂŶǀŽůƵŵĞƉĞŶũƵĂůĂŶƉĂĚĂŬƵĂƌƚĂůŬĞƚŝŐĂĂƚĂƵŬĞĞŵƉĂƚ͕ƐĞŝƌŝŶŐĚĞŶŐĂŶŬĞďŝĂƐĂĂŶ
WĞŵĞƌŝŶƚĂŚŵĞŵĂŬƐŝŵĂůŬĂŶƌĞĂůŝƐĂƐŝĂŶŐŐĂƌĂŶ͕ƚĞƌƵƚĂŵĂƵŶƚƵŬŬŽŶƐƚƌƵŬƐŝ͕ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ĚĂŶƵƚŝůŝƚĂƐ͘dŝĚĂŬĂĚĂ
ũĂŵŝŶĂŶ WĞŵĞƌŝŶƚĂŚ ĂŬĂŶ ƐĞůĂůƵ ŵĞŵĂŬƐŝŵĂůŬĂŶ ĂŶŐŐĂƌĂŶ Ěŝ ƉĞƌŝŽĚĞ ƚĞƌƐĞďƵƚ ĂƚĂƵ WĞƌƐĞƌŽĂŶ ĂŬĂŶ
ŵĞŵƉĞƌŽůĞŚƉƌŽLJĞŬĚĂƌŝŵĂŬƐŝŵĂůŝƐĂƐŝĂŶŐŐĂƌĂŶWĞŵĞƌŝŶƚĂŚƚĞƌƐĞďƵƚ͘^ĞůĂŝŶŝƚƵ͕ǀŽůƵŵĞƉĞŶũƵĂůĂŶWĞƌƐĞƌŽĂŶ
ƐĞůĂůƵ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ Ěŝ ŬƵĂƌƚĂů ŬĞĚƵĂ ĚŝŬĂƌĞŶĂŬĂŶ ĂĚĂ ůŝďƵƌĂŶ ,Ăƌŝ ZĂLJĂ /ĚƵů &ŝƚƌŝ ƐĞŚŝŶŐŐĂ ďĂŶLJĂŬ
ƉĞůĂŶŐŐĂŶLJĂŶŐŵĞŶƵƚƵƉďŝƐŶŝƐŶLJĂƐĞůĂŵĂůŝďƵƌĂŶƚĞƌƐĞďƵƚ͘&ůƵŬƚƵĂƐŝƉĞŶũƵĂůĂŶƚĞƌƐĞďƵƚďĞƌĚĂŵƉĂŬŶĞŐĂƚŝĨ
ƚĞƌŚĂĚĂƉ ŽƉĞƌĂƐŝŽŶĂů͕ ďŝƐŶŝƐ͕ ŬĞƵĂŶŐĂŶ͕ ƚĞƌƵƚĂŵĂ ũŝŬĂ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĂŵƉƵ ŵĞŶŐĂƚƵƌ ĂƌƵƐ ŬĂƐ ƐĞĐĂƌĂ
ďĞƌŬĞůĂŶũƵƚĂŶ͘
74
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
Ϯϯ͘ ZŝƐŝŬŽ<ƌĞĚŝƚWŝŚĂŬ<ĞƚŝŐĂ
WĞƌƐĞƌŽĂŶĂŬĂŶŵĞŶŐŝƌŝŵŬĂŶƉƌŽĚƵŬƐĞƚĞůĂŚŵĞŶĞƌŝŵĂŬŽŶƚƌĂŬĂƚĂƵƉĞƐĂŶĂŶƉĞŵďĞůŝĂŶĂƚĂƵƵĂŶŐŵƵŬĂĚĂƌŝ
ƉĞůĂŶŐŐĂŶ͘ ŝĂƐĂŶLJĂ ƉĞůĂŶŐŐĂŶ ĂŬĂŶ ŵĞůĂŬƵŬĂŶ ƉĞůƵŶĂƐĂŶ ϯϬ ŚĂƌŝ ŚŝŶŐŐĂ ϵϬ ŚĂƌŝ ƐĞƚĞůĂŚ ĂĚĂŶLJĂ ƚĂŐŝŚĂŶ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶĚĂŶĂŝƉĞŵďĞůŝĂŶďĂŚĂŶďĂŬƵŵĞůĂůƵŝƉŝŶũĂŵĂŶŵŽĚĂůŬĞƌũĂ͘dŝĚĂŬĂĚĂũĂŵŝŶĂŶƉĞůĂŶŐŐĂŶ
ĂŬĂŶŵĞŵďĂLJĂƌƚĂŐŝŚĂŶƚĞƉĂƚǁĂŬƚƵ͕ĂƚĂƵĂĚĂƉŝƵƚĂŶŐLJĂŶŐƚŝĚĂŬĚŝďĂLJĂƌƉĞůĂŶŐŐĂŶ͕ƐĞŚŝŶŐŐĂĂŬĂŶďĞƌĚĂŵƉĂŬ
ďƵƌƵŬƚĞƌŚĂĚĂƉďŝƐŶŝƐ͕ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶĚĂŶŽƉĞƌĂƐŝŽŶĂů͘
Ϯϰ͘ ZŝƐŝŬŽWĞŶƵŶĚĂĂŶĂƚĂƵWĞŶũĂĚƵĂůĂŶhůĂŶŐWƌŽLJĞŬ
WĞƌƐĞƌŽĂŶ ŵĞŶLJĂůƵƌŬĂŶ ƉŝƉĂ ŬĞ ŵƵůƚŝ ŝŶĚƵƐƚƌŝ͕ ƚĞƌŵĂƐƵŬ ŬŽŶƐƚƌƵŬƐŝ͕ ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ ƵƚŝůŝƚĂƐ͕ ŵŝŶLJĂŬ ĚĂŶ ŐĂƐ͕
ŽƚŽŵŽƚŝĨ͕ ĨƵƌŶŝƚƵƌĞ͕ ƉĞƌĂůĂƚĂŶ ƌƵŵĂŚ ƚĂŶŐŐĂ Ěŝ ƐĞůƵƌƵŚ /ŶĚŽŶĞƐŝĂ͘ WĞƌŵŝŶƚĂĂŶ ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ ƚĞƌŐĂŶƚƵŶŐ
ƉĂĚĂŬĞŬƵĂƚĂŶŝŶĚƵƐƚƌŝƚĞƌƐĞďƵƚ͘^ĞĐĂƌĂƵŵƵŵ͕ŝŶĚƵƐƚƌŝ–ŝŶĚƵƐƚƌŝƚĞƌƐĞďƵƚƚĞƌŐĂŶƚƵŶŐƉĂĚĂĞŬŽŶŽŵŝŵĂŬƌŽĚĂŶ
ŬĞĂĚĂĂŶƉĂƐĂƌ͕ƚŝŶŐŬĂƚŝŶǀĞƐƚĂƐŝĚĂŶďĞůĂŶũĂƉƌŽLJĞŬŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ŬĞƵĂŶŐĂŶĚĂŶŬĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚůĂŝŶŶLJĂ
LJĂŶŐĚĂƉĂƚŵĞŵƉĞƌůĂŵďĂƚĂƚĂƵŵĞŵĂĐƵƉĞƌŵŝŶƚĂĂŶ͕ŬŽŶĚŝƐŝŬĞďŝũĂŬĂŶƐĞŬĂƌĂŶŐ͕ƐƚĂďŝůŝƚĂƐƉŽůŝƚŝŬĂŶƚĂƌĚĂĞƌĂŚ
ĚĂŶĨĂĐƚŽƌůĂŝŶŶLJĂĚŝůƵĂƌŬĞŶĚĂůŝWĞƌƐĞƌŽĂŶ͘
Ϯϱ͘ ZŝƐŝŬŽ/ŶǀĞƐƚĂƐŝĂƚĂƵŬƐŝ<ŽƌƉŽƌĂƐŝ
WĞƌƐĞƌŽĂŶ ŵĞŶŐŚĂĚĂƉŝ ƌŝƐŝŬŽ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ŝŶǀĞƐƚĂƐŝ ĂƚĂƵ ĂŬƐŝ ŬŽƌƉŽƌĂƐŝ LJĂŶŐ ĚĂƉĂƚ ďĞƌĚĂŵƉĂŬ ƐŝŐŶŝĨŝŬĂŶ
ƚĞƌŚĂĚĂƉŬĞŐŝĂƚĂŶƵƐĂŚĂĚĂŶŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶŶLJĂ͘ƉĂďŝůĂWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƌĞŶĐĂŶĂŝŶǀĞƐƚĂƐŝ͕ĂŬƵŝƐŝƐŝ͕ĂƚĂƵ
ĂŬƐŝ ŬŽƌƉŽƌĂƐŝ ůĂŝŶŶLJĂ͕ WĞƌƐĞƌŽĂŶ ŵĞŶŐŚĂĚĂƉŝ ƌŝƐŝŬŽ͕ ĂŶƚĂƌĂ ůĂŝŶ ŬĞƚŝĚĂŬƐĞƐƵĂŝĂŶ ƌĞĂůŝƐĂƐŝ ŬŝŶĞƌũĂ ĂƐĞƚ LJĂŶŐ
ĚŝĂŬƵŝƐŝƐŝĚĞŶŐĂŶƚĂƌŐĞƚĂƚĂƵĂƐƵŵƐŝLJĂŶŐƚĞůĂŚĚŝďƵĂƚƐĂĂƚĂŬƐŝŬŽƌƉŽƌĂƐŝƚĞƌƐĞďƵƚĚŝƌĞŶĐĂŶĂŬĂŶ͕ĂƚĂƵƌŝƐŝŬŽĂŬƐŝ
ŬŽƌƉŽƌĂƐŝƚĞƌƐĞďƵƚƚŝĚĂŬŵĞŵďĞƌŝŬĂŶŶŝůĂŝƚĂŵďĂŚƐĞďĂŐĂŝŵĂŶĂĚŝŚĂƌĂƉŬĂŶ͕ ďĂŝŬĚĂƌŝƐŝƐŝƐŝŶĞƌŐŝŽƉĞƌĂƐŝŽŶĂů
ĚĞŶŐĂŶ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ WĞƌƐĞƌŽĂŶ͕ ĞĨŝƐŝĞŶƐŝ ďŝĂLJĂ͕ ĂƚĂƵ ƉĞƌƚƵŵďƵŚĂŶ ƉĞŶĚĂƉĂƚĂŶ͘ ƉĂďŝůĂ ƌŝƐŝŬŽ ƚĞƌƐĞďƵƚ
ƚĞƌũĂĚŝ͕ŵĂŬĂŚĂůŝŶŝĚĂƉĂƚŵĞŶŝŵďƵůŬĂŶĚĂŵƉĂŬŶĞŐĂƚŝĨƉĂĚĂƉƌŽĨŝƚĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶ͘
Ϯϲ͘ ZŝƐŝŬŽŬĞƉĂƚƵŚĂŶƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵƚĞƌŬĂŝƚďŝĚĂŶŐƵƐĂŚĂWĞƌƐĞƌŽĂŶ
WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵĂƚƵŚŝďĞƌďĂŐĂŝƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶďŝĚĂŶŐƵƐĂŚĂŶLJĂ͕
ĂŶƚĂƌĂůĂŝŶƉĞƌĂƚƵƌĂŶĚŝďŝĚĂŶŐƉĞƌŝŶĚƵƐƚƌŝĂŶ;ƚĞƌŵĂƐƵŬ^E/ǁĂũŝď͕d<E͕ĚĂŶƉĞƌŝnjŝŶĂŶŝŶĚƵƐƚƌŝͿ͕ƉĞƌĚĂŐĂŶŐĂŶ
;ƚĞƌŵĂƐƵŬ ŬĞƚĞŶƚƵĂŶ ŝŵƉŽƌ ďĂŚĂŶ ďĂŬƵ ĚĂŶ DͿ͕ ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ ;ƚĞƌŵĂƐƵŬ D> ĚĂŶ ƉĞŶŐĞůŽůĂĂŶ
ůŝŵďĂŚͿ͕ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ;ƚĞƌŵĂƐƵŬ<ϯĚĂŶƵƉĂŚŵŝŶŝŵƵŵͿ͕ƉĂƐĂƌŵŽĚĂů;ƚĞƌŵĂƐƵŬŬĞƚĞŶƚƵĂŶK:<ĚĂŶƵƌƐĂ
ĨĞŬ /ŶĚŽŶĞƐŝĂͿ͕ ƐĞƌƚĂ ƉĞƌƉĂũĂŬĂŶ͘ WĞƌƵďĂŚĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ ƚĞƌƐĞďƵƚ ďĞƌƉŽƚĞŶƐŝ ŵĞŵĞƌůƵŬĂŶ
ƉĞŶLJĞƐƵĂŝĂŶĚĂůĂŵƉƌŽƐĞƐƉƌŽĚƵŬƐŝĂƚĂƵŝŶǀĞƐƚĂƐŝƚĂŵďĂŚĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝƐƚĂŶĚĂƌďĂƌƵ͘<ĞŐĂŐĂůĂŶĚĂůĂŵ
ŵĞŵĂƚƵŚŝ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ďĞƌůĂŬƵ ďĞƌƉŽƚĞŶƐŝ ŵĞŶŐĂŬŝďĂƚŬĂŶ ƉĞŶŐĞŶĂĂŶ ƐĂŶŬƐŝ ĂĚŵŝŶŝƐƚƌĂƚŝĨ͕ ĚĞŶĚĂ͕
ƉĞŶŐŚĞŶƚŝĂŶ ƐĞŵĞŶƚĂƌĂ ŽƉĞƌĂƐŝŽŶĂů͕ ĂƚĂƵ ƉĞŶĐĂďƵƚĂŶ ŝnjŝŶ ƵƐĂŚĂ͕ LJĂŶŐ ĚĂƉĂƚ ďĞƌĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ƚĞƌŚĂĚĂƉ
ďŝƐŶŝƐ͕ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶ͕ĚĂŶŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
Ϯϳ͘ ZŝƐŝŬŽ<ĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚ
<ĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚŝƉĞŶŐĂƌƵŚŝ ŽůĞŚ ŬĞďŝũĂŬĂŶ WĞŵĞƌŝŶƚĂŚ ďĂŝŬ Ěŝ ƚŝŶŐŬĂƚ ƉƵƐĂƚ ŵĂƵƉƵŶ ĚĂĞƌĂŚ͘
WĞƌƵďĂŚĂŶŬĞďŝũĂŬĂŶƉĞŵĞƌŝŶƚĂŚďĞƌƉŽƚĞŶƐŝŵĞŵďĞƌŝŬĂŶĚĂŵƉĂŬƚĞƌŚĂĚĂƉŬŝŶĞƌũĂWĞƌƐĞƌŽĂŶ͕ĂŶƚĂƌĂůĂŝŶ͗;ŝͿ
ƉĞƌƵďĂŚĂŶƉƌŝŽƌŝƚĂƐĚĂŶĂůŽŬĂƐŝĂŶŐŐĂƌĂŶŝŶĨƌĂƐƚƌƵŬƚƵƌLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝƉĞƌŵŝŶƚĂĂŶƉƌŽĚƵŬƉŝƉĂďĂũĂ͖;ŝŝͿ
ƉĞƌƵďĂŚĂŶŬĞďŝũĂŬĂŶƉĞƌĚĂŐĂŶŐĂŶĚĂŶƉĞƌůŝŶĚƵŶŐĂŶŝŶĚƵƐƚƌŝƐĞƉĞƌƚŝD͕^E/ǁĂũŝď͕WϯE͕ĚĂŶd<ELJĂŶŐ
ŵĞŵƉĞŶŐĂƌƵŚŝ ƚŝŶŐŬĂƚ ƉĞƌƐĂŝŶŐĂŶ ĚĂŶ ĂŬƐĞƐ ďĂŚĂŶ ďĂŬƵ͖ ;ŝŝŝͿ ƉĞƌƵďĂŚĂŶ ƚĂƌŝĨ ƉĂũĂŬ ĚĂŶ ďĞĂ ŵĂƐƵŬ LJĂŶŐ
ŵĞŵƉĞŶŐĂƌƵŚŝďĞďĂŶďŝĂLJĂWĞƌƐĞƌŽĂŶ͖;ŝǀͿŬĞďŝũĂŬĂŶŵŽŶĞƚĞƌLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝďŝĂLJĂƉĞŶĚĂŶĂĂŶĚĂŶŶŝůĂŝ
ƚƵŬĂƌ͖ƐĞƌƚĂ;ǀͿƉĞƌƵďĂŚĂŶŬĞƚĞŶƚƵĂŶŬĞƚĞŶĂŐĂŬĞƌũĂĂŶLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝďŝĂLJĂƚĞŶĂŐĂŬĞƌũĂ͘
dŝĚĂŬĂĚĂũĂŵŝŶĂŶďĂŚǁĂŬĞďŝũĂŬĂŶƉĞŵĞƌŝŶƚĂŚĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐĂŬĂŶƐĞůĂůƵŵĞŶĚƵŬƵŶŐŝŶĚƵƐƚƌŝƉŝƉĂďĂũĂ͘
WĞƌƵďĂŚĂŶŬĞďŝũĂŬĂŶLJĂŶŐƚŝĚĂŬƚĞƌĚƵŐĂďĞƌƉŽƚĞŶƐŝŵĞŵĞƌůƵŬĂŶƉĞŶLJĞƐƵĂŝĂŶƐƚƌĂƚĞŐŝďŝƐŶŝƐĚĂŶďĞƌĚĂŵƉĂŬ
ŶĞŐĂƚŝĨƚĞƌŚĂĚĂƉďŝƐŶŝƐ͕ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶ͕ĚĂŶŚĂƐŝůŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘
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Ϯϴ͘ ZŝƐŝŬŽ<ĞƚĞŶƚƵĂŶEĞŐĂƌĂ>ĂŝŶĂƚĂƵWĞƌĂƚƵƌĂŶ/ŶƚĞƌŶĂƐŝŽŶĂů
WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶĞŬƐƉŽƌƉƌŽĚƵŬŬĞďĞďĞƌĂƉĂŶĞŐĂƌĂĚĂŶŵĞŵƉĞƌŽůĞŚƐĞďĂŐŝĂŶďĂŚĂŶďĂŬƵĚĂƌŝƉĞŵĂƐŽŬ
ůƵĂƌŶĞŐĞƌŝ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵƉƌŽĚƵŬƐŝƉŝƉĂďĂũĂLJĂŶŐŵĞŵĞŶƵŚŝƐƚĂŶĚĂƌŝŶƚĞƌŶĂƐŝŽŶĂůƐĞƉĞƌƚŝ^dD͕:/^͕/^K͕
ĚĂŶ W/ ϱ>͘ ŬƚŝǀŝƚĂƐ ƚĞƌƐĞďƵƚ ŵĞŶLJĞďĂďŬĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌƉĂƉĂƌ ƌŝƐŝŬŽ ƚĞƌŬĂŝƚ ŬĞƚĞŶƚƵĂŶ ŶĞŐĂƌĂ ůĂŝŶ ĚĂŶ
ƉĞƌĂƚƵƌĂŶŝŶƚĞƌŶĂƐŝŽŶĂů͘
ZŝƐŝŬŽƚĞƌƐĞďƵƚŵĞůŝƉƵƚŝĂŶƚĂƌĂůĂŝŶ͗
;ŝͿ ƉĞŶŐĞŶĂĂŶ ƚĂƌŝĨ ŝŵƉŽƌ ĂƚĂƵ ďĞĂ ŵĂƐƵŬ ĂŶƚŝͲĚƵŵƉŝŶŐ ŽůĞŚ ŶĞŐĂƌĂ ƚƵũƵĂŶ ĞŬƐƉŽƌ LJĂŶŐ ďĞƌƉŽƚĞŶƐŝ
ŵĞŶŐƵƌĂŶŐŝĚĂLJĂƐĂŝŶŐƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͖
;ŝŝͿ ƉĞƌƵďĂŚĂŶ ŬĞďŝũĂŬĂŶ ƉĞƌĚĂŐĂŶŐĂŶ ŝŶƚĞƌŶĂƐŝŽŶĂů͕ ƚĞƌŵĂƐƵŬ ƚĂƌŝĨ ƌĞƐŝƉƌŽŬĂů ĚĂŶ ƉĞƌĂŶŐ ĚĂŐĂŶŐ͕ LJĂŶŐ
ďĞƌƉŽƚĞŶƐŝŵĞŵďĂƚĂƐŝĂŬƐĞƐƉĂƐĂƌĞŬƐƉŽƌĂƚĂƵŵĞŶLJĞďĂďŬĂŶƉĞŶŐĂůŝŚĂŶĂƌƵƐƉĞƌĚĂŐĂŶŐĂŶƉƌŽĚƵŬďĂũĂ
ŬĞƉĂƐĂƌĚŽŵĞƐƚŝŬ͖
;ŝŝŝͿ ƉĞƌƵďĂŚĂŶƐƚĂŶĚĂƌĚĂŶƐĞƌƚŝĨŝŬĂƐŝŝŶƚĞƌŶĂƐŝŽŶĂůLJĂŶŐďĞƌƉŽƚĞŶƐŝŵĞŵĞƌůƵŬĂŶŝŶǀĞƐƚĂƐŝƚĂŵďĂŚĂŶƵŶƚƵŬ
ƉĞŶLJĞƐƵĂŝĂŶƉƌŽƐĞƐƉƌŽĚƵŬƐŝ͖ƐĞƌƚĂ
;ŝǀͿ ŬĞďŝũĂŬĂŶ ƉĞŵďĂƚĂƐĂŶ ĞŬƐƉŽƌ ďĂŚĂŶ ďĂŬƵ ŽůĞŚ ŶĞŐĂƌĂ ƉĞŵĂƐŽŬ LJĂŶŐ ďĞƌƉŽƚĞŶƐŝ ŵĞŶŐŐĂŶŐŐƵ
ŬĞƚĞƌƐĞĚŝĂĂŶĚĂŶŚĂƌŐĂďĂŚĂŶďĂŬƵWĞƌƐĞƌŽĂŶ͘
WĞƌƵďĂŚĂŶƚĞƌŚĂĚĂƉŬĞƚĞŶƚƵĂŶĚĂŶƉĞƌĂƚƵƌĂŶƚĞƌƐĞďƵƚďĞƌƉŽƚĞŶƐŝŵĞŵƉĞŶŐĂƌƵŚŝǀŽůƵŵĞƉĞŶũƵĂůĂŶĞŬƐƉŽƌ͕
ŬĞƚĞƌƐĞĚŝĂĂŶĚĂŶŚĂƌŐĂďĂŚĂŶďĂŬƵ͕ƐĞƌƚĂďŝĂLJĂŬĞƉĂƚƵŚĂŶWĞƌƐĞƌŽĂŶ͕LJĂŶŐƉĂĚĂĂŬŚŝƌŶLJĂĚĂƉĂƚďĞƌĚĂŵƉĂŬ
ŶĞŐĂƚŝĨƚĞƌŚĂĚĂƉďŝƐŶŝƐ͕ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶ͕ĚĂŶŚĂƐŝůŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ
WĞƌŬĞŵďĂŶŐĂŶŶĞŐĂƚŝĨĚĂƌŝĨĂŬƚŽƌͲĨĂŬƚŽƌĚŝĂƚĂƐĂŬĂŶďĞƌĚĂŵƉĂŬƉĂĚĂ ƉĞŶƵƌƵŶĂŶ ƉĞƌŵŝŶƚĂĂŶƉŝƉĂ͕ďĂŝŬĚĂƌŝ
ƐĞŐŝǀŽůƵŵĞŵĂƵƉƵŶŚĂƌŐĂ͘WĞƌƐĞƌŽĂŶŵƵŶŐŬŝŶƚŝĚĂŬĚĂƉĂƚŵĞŶŐĂŶƚŝƐŝƉĂƐŝŵĂƐĂůĂŚƚĞƌƐĞďƵƚƐĞŚŝŶŐŐĂďĞƌĂŬŝďĂƚ
ƉĂĚĂƉĞŶƵƌƵŶĂŶŵĂƌũŝŶůĂďĂƐĞůĂŵĂŵĂƐĂƐƵůŝƚƚĞƌƐĞďƵƚ͘
͘ Z/^/<KhDhD
ϭ͘ ZŝƐŝŬŽWĞƌĞŬŽŶŽŵŝĂŶ
ZŝƐŝŬŽ ƉĞƌĞŬŽŶŽŵŝĂŶ ŵĞƌƵƉĂŬĂŶ ƌŝƐŝŬŽ LJĂŶŐ ƚŝŵďƵů ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞƌƵďĂŚĂŶ ŬŽŶĚŝƐŝ ƉĞƌĞŬŽŶŽŵŝĂŶ
ŐůŽďĂůŵĂƵƉƵŶŶĂƐŝŽŶĂů͘dŝŶŐŬĂƚƉĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝ͕ƚŝŶŐŬĂƚŝŶĨůĂƐŝ͕ƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂĚĂŶ ĨůƵŬƚƵĂƐŝŶŝůĂŝ
ƚƵŬĂƌZƵƉŝĂŚƚĞƌŚĂĚĂƉĂƐŝŶŐĂŬĂŶŵĞŵƉĞŶŐĂƌƵŚŝďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐŵĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐƚĞƌŚĂĚĂƉŬŝŶĞƌũĂ
ƵƐĂŚĂWĞƌƐĞƌŽĂŶĂƉĂďŝůĂƚĞƌũĂĚŝŬƌŝƐŝƐĞŬŽŶŽŵŝ͘
Ϯ͘ ZŝƐŝŬŽdŝŶŐŬĂƚ^ƵŬƵƵŶŐĂ
WĞƌƐĞƌŽĂŶĚŝĚĂŶĂŝĚĞŶŐĂŶďĞƌďĂŐĂŝƉŝŶũĂŵĂŶďĂŶŬĚĂŶƐĞǁĂƉĞŵďŝĂLJĂĂŶ͘KůĞŚŬĂƌĞŶĂŝƚƵ͕WĞƌƐĞƌŽĂŶƚĞƌŚĂĚĂƉ
ƌŝƐŝŬŽ ƉĂƐĂƌ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞƌƵďĂŚĂŶ ƚŝŶŐŬĂƚ ƐƵŬƵ ďƵŶŐĂ ƚĞƌƵƚĂŵĂ ĂƚĂƐ ůŝĂďŝůŝƚĂƐ ũĂŶŐŬĂ ƉĞŶĚĞŬ ĚĂŶ
ƉĂŶũĂŶŐ͘ <ĞďŝũĂŬĂŶ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ƵŶƚƵŬ ŵĞŵƉĞƌŽůĞŚ ƚŝŶŐŬĂƚ ƐƵŬƵ ďƵŶŐĂ LJĂŶŐ ƉĂůŝŶŐ ŵĞŶŐƵŶƚƵŶŐŬĂŶ
ŵĞŶŐĞůŽůĂ ďŝĂLJĂ ƉŝŶũĂŵĂŶŶLJĂ ŵĞŶŐŐƵŶĂŬĂŶ ŬŽŵďŝŶĂƐŝ ĂŶƚĂƌĂ ƵƚĂŶŐ ƵƐĂŚĂ ĚĂŶ ƉŝŶũĂŵĂŶ ďĂŶŬ ƐĞƌƚĂ ƐĞǁĂ
ƉĞŵďŝĂLJĂĂŶĚĞŶŐĂŶƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂƚĞƚĂƉĚĂŶŵĞŶŐĂŵďĂŶŐ͘
ϯ͘ ZŝƐŝŬŽ<ĞƉĂƚƵŚĂŶ
ZŝƐŝŬŽŬĞƉĂƚƵŚĂŶŵĞƌƵƉĂŬĂŶƌŝƐŝŬŽLJĂŶŐĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂWĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵĂƚƵŚŝĚĂŶƚŝĚĂŬŵĞůĂŬƐĂŶĂŬĂŶ
ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚĂŶŬĞƚĞŶƚƵĂŶůĂŝŶLJĂŶŐĂŬĂŶďĞƌĚĂŵƉĂŬŬĞƉĂĚĂŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
^ĞďĂŐĂŝ ƐĞďƵĂŚ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ďĞƌŐĞƌĂŬ Ěŝ ďŝĚĂŶŐ ŵĂŶƵĨĂŬƚƵƌͬƉĂďƌŝŬĂŶ͕ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ
ŵĞŵĂƐƚŝŬĂŶŬĞƉĂƚƵŚĂŶƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚĂŶŬĞƚĞŶƚƵĂŶůĂŝŶĂĚĂůĂŚĨĂŬƚŽƌLJĂŶŐƐĂŶŐĂƚ
ƉĞŶƚŝŶŐ͘ <ĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ ĚĂŶ ŬĞƚĞŶƚƵĂŶ ůĂŝŶ ƐĂŶŐĂƚ ƚĞƌŐĂŶƚƵŶŐ ĚĂƌŝ
ŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĞƌƵƐŵĞŶŐŬŝŶŝŬĂŶƉĞŶŐĞƚĂŚƵĂŶWĞƌƐĞƌŽĂŶĂƚĂƐƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ
ĚĂŶ ŬĞƚĞŶƚƵĂŶ ůĂŝŶ ũƵŐĂ ŵĞƌƵƉĂŬĂŶ ŚĂů LJĂŶŐ ƉĞŶƚŝŶŐ ƵŶƚƵŬ ĚŝŵŝůŝŬŝ WĞƌƐĞƌŽĂŶ͘ <ƵƌĂŶŐ ĂƚĂƵ ƚŝĚĂŬ ĂĚĂŶLJĂ
ƉĞŶŐŬŝŶŝĂŶĂƚĂƐƉĞŶŐĞƚĂŚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐƵŶĚĂŶŐĂŶĚĂŶŬĞƚĞŶƚƵĂŶůĂŝŶƐĞƌƚĂŬƵƌĂŶŐĂƚĂƵƚŝĚĂŬĂĚĂŶLJĂ
ƉĞŶŐĂǁĂƐĂŶƚĞƌŚĂĚĂƉŬĞƉĂƚƵŚĂŶŬĞƉĂĚĂƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚĂŶŬĞƚĞŶƚƵĂŶůĂŝŶĂŬĂŶďĞƌĚĂŵƉĂŬ
ƉĂĚĂŬĞƌƵŐŝĂŶLJĂŶŐĚĂƉĂƚŵĞŶŝŵďƵůŬĂŶĚŝŬĞŶĂŬĂŶŶLJĂƐĂŶŬƐŝďĂŚŬĂŶƐĂŵƉĂŝĚŝĐĂďƵƚŶLJĂŝnjŝŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ
ĚĂŶĂŬŚŝƌŶLJĂĂŬĂŶďĞƌĚĂŵƉĂŬƉĂĚĂŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
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ϰ͘ ZŝƐŝŬŽdƵŶƚƵƚĂŶĂƚĂƵ'ƵŐĂƚĂŶ,ƵŬƵŵ
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LJĂŶŐ ŵĂŶĂ ĚĂƉĂƚ ďĞƌƉŽƚĞŶƐŝ ŵĞŶŝŵďƵůŬĂŶ ƚĞƌũĂĚŝŶLJĂ ƐĞŶŐŬĞƚĂ ĂƚĂƵ ƉĞƌŬĂƌĂ ŚƵŬƵŵ ĚĂůĂŵ ďĞŶƚƵŬ ƚƵŶƚƵƚĂŶ
ŚƵŬƵŵĚĂŶůŝƚŝŐĂƐŝLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶƉŝŚĂŬŬĞƚŝŐĂĚĂŶͬĂƚĂƵŚƵďƵŶŐĂŶĚĞŶŐĂŶŵĂƐLJĂƌĂŬĂƚƐĞƚĞŵƉĂƚĚŝŵĂŶĂ
WĞƌƐĞƌŽĂŶďĞƌŽƉĞƌĂƐŝ͘
͘ Z/^/<K/Es ^d^/zE' Z</dE E'EK>/'^/E^h<h</:Z,
ϭ͘ ZŝƐŝŬŽƚŝĚĂŬůŝŬƵŝĚŶLJĂKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝƚĂǁĂƌŬĂŶĚĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝLJĂŶŐĂŶƚĂƌĂ
ůĂŝŶĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƚƵũƵĂŶƉĞŵďĞůŝĂŶKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚƐĞďĂŐĂŝŝŶǀĞƐƚĂƐŝũĂŶŐŬĂƉĂŶũĂŶŐ͘
Ϯ͘ ZŝƐŝŬŽ ŐĂŐĂů ďĂLJĂƌ ĚŝƐĞďĂďŬĂŶ ŬĞŐĂŐĂůĂŶ ĚĂƌŝWĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ͕ ŝĐŝůĂŶ
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s//͘ KEJADIAN PENTING SETELAH TANGGAL LAPORAN
AUDITOR INDEPENDEN
^ĂŵƉĂŝ ĚĞŶŐĂŶ ƚĂŶŐŐĂů ƉƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͕ ŵĂŶĂũĞŵĞŶ ďĞƌŬĞLJĂŬŝŶĂŶ ďĂŚǁĂ ƚŝĚĂŬ ĂĚĂ ŬĞũĂĚŝĂŶ ĚĂŶ
ƚƌĂŶƐĂŬƐŝƉĞŶƚŝŶŐLJĂŶŐƚĞƌũĂĚŝƐĞƚĞůĂŚƚĂŶŐŐĂů>ĂƉŽƌĂŶƵĚŝƚŽƌ/ŶĚĞƉĞŶĚĞŶƚĞƌƚĂŶŐŐĂůϮϭƉƌŝůϮϬϮϲLJĂŶŐĚĂƉĂƚ
ďĞƌĚĂŵƉĂŬŵĂƚĞƌŝĂůƚĞƌŚĂĚĂƉŬĞƵĂŶŐĂŶĚĂŶŚĂƐŝůƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
>ĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ
Kantor Akuntan Publik Kanaka Puradiredja, Suhartono (KPS) member of “Nexia International” network dengaŶ
ŽƉŝŶŝ dĂŶƉĂ DŽĚŝĨŝŬĂƐŝĂŶ ĚĂůĂŵ ůĂƉŽƌĂŶŶLJĂ EŽ͘ ϬϬϮϮϰͬϯ͘Ϭϯϱϳͬh͘ϭͬϬϰͬϬϳϱϭͲϭͬϭͬ/sͬϮϬϮϲ ƚĂŶŐŐĂů Ϯϭ Ɖƌŝů
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;/W/Ϳ͘ >ĂƉŽƌĂŶ ĂƵĚŝƚ ƚĞƌƐĞďƵƚ ĚŝƚĂŶĚĂƚĂŶŐĂŶ ŽůĞŚ ĚĞLJĂŶĂ tŝĚũĂũĂ ;ZĞŬĂŶ ƉĂĚĂ <W <W^ ĚĞŶŐĂŶ /ũŝŶ W
EŽ͘ϬϳϱϭͿ͘
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s///͘ KETERANGAN TENTANG PERSEROAN, KEGIATAN USAHA
SERTA KECENDERUNGAN DAN PROSPEK USAHA
͘ < d ZE'Ed EdE'W Z^ ZKE
ϭ͘ Z/tzdW Z^ ZKE
WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ƐƵĂƚƵ ƉĞƌƐĞƌŽĂŶ ƚĞƌďĂƚĂƐ LJĂŶŐ ĚŝĚŝƌŝŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŚƵŬƵŵ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ
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ŶŽŵŽƌϭϬƚĂŶŐŐĂůϲĞƐĞŵďĞƌϭϵϳϭ͕ŬĞĚƵĂŶLJĂĚŝďƵĂƚĚŝŚĂĚĂƉĂŶũŽũŽDƵůũĂĚŝ͕^͘,͕͘EŽƚĂƌŝƐĚŝũĂŬĂƌƚĂ͕LJĂŶŐ
ƚĞůĂŚ ŵĞŶĚĂƉĂƚ WĞŶŐĞƐĂŚĂŶ ŬƚĂ WĞŶĚŝƌŝĂŶ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ ĚĂƌŝ DĞŶƚĞƌŝ <ĞŚĂŬŝŵĂŶ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ
Ěŝ ďĂǁĂŚ ŶŽŵŽƌ :͘͘ ϱͬϮϭϯͬϭϬ ƚĂŶŐŐĂů ϯϬ ĞƐĞŵďĞƌ ϭϵϳϭ͕ ĚĂŶ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ďƵŬƵ ƌĞŐŝƐƚĞƌ
Ěŝ<ĞƉĂŶŝƚĞƌĂĂŶWĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂĚŝďĂǁĂŚŶŽŵŽƌϭϵϱͬϭϵϳϮ͕EŽŵŽƌϭϵϲͬϭϵϳϮĚĂŶŶŽŵŽƌϭϵϳͬϭϵϳϮ
ƚĂŶŐŐĂů Ϯϵ &ĞďƌƵĂƌŝ ϭϵϳϮ ĚĂŶ ƚĞůĂŚ ĚŝƵŵƵŵŬĂŶ ĚĂůĂŵ ĞƌŝƚĂ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ŶŽŵŽƌ ϰϮ ƚĂŶŐŐĂů
ϮϲDĞŝϭϵϳϮ͕dĂŵďĂŚĂŶĞƌŝƚĂEĞŐĂƌĂŶŽŵŽƌϭϵϲ͘
ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶŐĂůĂŵŝ ďĞďĞƌĂƉĂ ŬĂůŝ ƉĞƌƵďĂŚĂŶ͕ ĚĞŶŐĂŶ ƉĞƌƵďĂŚĂŶ ƚĞƌĂŬŚŝƌ ĂĚĂůĂŚ
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ĚĞŶŐĂŶ EŽ͘,hͲ,͘Ϭϭ͘ϬϵͲϬϮϮϬϳϭϱ͕ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ EŽ͘,hͲϬϭϯϭϬϳϮ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ
2024 tanggal 2 Juli 2024, (“ŬƚĂϰϭͬϮϬϮϰ”), yang menerangkan mengenai perumusan dan penyusunan kembali
WĂƐĂůϯŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶƚĞŶƚĂŶŐŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƐĞƌƚĂŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ
ƉĞŶƵŶũĂŶŐ ŐƵŶĂ ŵĞŶLJĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ ĂĚĂŶ WĞŶŐĂǁĂƐ WĂƐĂƌ DŽĚĂů ĚĂŶ >ĞŵďĂŐĂ <ĞƵĂŶŐĂŶ
EŽ͘/y͘:͘ϭ ƚĞŶƚĂŶŐ WŽŬŽŬͲWŽŬŽŬ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞůĂŬƵŬĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ĨĞŬ ĞƌƐŝĨĂƚ
ŬƵŝƚĂƐĚĂŶWĞƌƵƐĂŚĂĂŶWƵďůŝŬĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶ<ůĂƐŝĨŝŬĂƐŝĂŬƵ>ĂƉĂŶŐĂŶhƐĂŚĂ/ŶĚŽŶĞƐŝĂƚĂŚƵŶϮϬϮϬ͘
DĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ ƐĞƌƚĂ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ LJĂŝƚƵ ďĞƌƵƐĂŚĂ ĚĂůĂŵ ďŝĚĂŶŐ ŝŶĚƵƐƚƌŝ ĚĂŶ ƉĞƌĚĂŐĂŶŐĂŶ͘
hŶƚƵŬŵĞŶĐĂƉĂŝŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƚĞƌƐĞďƵƚĚŝ ĂƚĂƐWĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
<ĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂWĞƌƐĞƌŽĂŶĂĚĂůĂŚ͗
Ă͘ /ŶĚƵƐƚƌŝƉĞŶŐŐŝůŝŶŐĂŶďĂũĂ;ƐƚĞĞůƌŽůůŝŶŐͿ͕LJĂŶŐŵĞŶĐĂŬƵƉƵƐĂŚĂƉĞŶŐŐŝůŝŶŐĂŶďĂũĂ͕ďĂŝŬƉĞŶŐŐŝůŝŶŐĂŶƉĂŶĂƐ
ŵĂƵƉƵŶ ĚŝŶŐŝŶ͕ LJĂŶŐ ŵĞŵďƵĂƚ ƉƌŽĚƵŬͲƉƌŽĚƵŬ ŐŝůŝŶŐĂŶ ďĂƚĂŶŐ ŬĂǁĂƚ ďĂũĂ͕ ďĂũĂ ƚƵůĂŶŐĂŶ͕ ďĂũĂ ƉƌŽĨŝů
;,ͲďĞĂŵ͕ /ͲďĞĂŵ ĚĂŶ ƐĞũĞŶŝƐŶLJĂͿ͕ ďĂũĂ ƐƚƌŝƉ͕ ďĂũĂ ƌĞů͕ ƉĞůĂƚ ďĂũĂ͕ ďĂũĂ ůĞŵďĂƌĂŶ ŚĂƐŝů ŐŝůŝŶŐĂŶ ƉĂŶĂƐ
;ŚŽƚƌŽůůĞĚƐŚĞĞƚͿĚŝůĂƉŝƐŝĂƚĂƵƚŝĚĂŬĚŝůĂƉŝƐŝĚĞŶŐĂŶůŽŐĂŵĂƚĂƵŶŽŶůŽŐĂŵůĂŝŶŶLJĂƚĞƌŵĂƐƵŬƉĞŶŐŐŝůŝŶŐĂŶ
ďĂũĂƐĐƌĂƉ͘dĞƌŵĂƐƵŬŝŶĚƵƐƚƌŝďĂũĂďĂůŽŬĂƚĂƵƉŽƚŽŶŐĂŶŐƵůƵŶŐĂŶƉĂŶĂƐ͕ŝŶĚƵƐƚƌŝďĂũĂŽƉĞŶƐĞĐƚŝŽŶŐƵůƵŶŐĂŶ
ƉĂŶĂƐ͕ŝŶĚƵƐƚƌŝďĂũĂďĂůŽŬĚĂŶďĂũĂƐŽůŝĚƐĞĐƚŝŽŶŚĂƐŝůƉƌŽƐĞƐĐŽůĚĚƌĂǁŝŶŐ͕ŐƌŝŶĚŝŶŐĚĂŶƚƵƌŶŝŶŐ͕ŝŶĚƵƐƚƌŝ
ďĂũĂŽƉĞŶƐĞĐƚŝŽŶŚĂƐŝůƉĞŵďĞŶƚƵŬĂŶĚŝŶŐŝŶƉƌŽŐƌĞƐŝĨƉĂĚĂŵĞƐŝŶƉĞŶŐŐƵůƵŶŐĂƚĂƵƉĞůŝƉĂƚĂŶƉĂĚĂŵĞƐŝŶ
ƉƌĞƐĂƚĂƵƉĂĚĂƉĞŶŐŐƵůƵŶŐĂŶĨůĂƚďĂũĂ͕ŝŶĚƵƐƚƌŝŬĂǁĂƚďĂũĂďĂŝŬŬĂǁĂƚƐĂƚƵĂŶŵĂƵƉƵŶƉŝůŝŶĂŶ;ƐƚƌĂŶĚͿŚĂƐŝů
ƉƌŽƐĞƐ ĐŽůĚ ĚƌĂǁŝŶŐ͕ ƚĞŵƉĞƌŝŶŐ ĚĂŶ ƐƚƌĞƐƐŝŶŐ͕ ŝŶĚƵƐƚƌŝ ůĞŵďĂƌĂŶ ƚŝĂŶŐ ƉĂŶĐĂŶŐ ďĂũĂ ĂƚĂƵ ďĂũĂ ůĂƐ ŽƉĞŶ
ƐĞĐƚŝŽŶ͕ŝŶĚƵƐƚƌŝŵĂƚĞƌŝĂůƌĞůŬĞƌĞƚĂĂƉŝďĂũĂ;ƌĞůďĞůƵŵƚĞƌƉĂƐĂŶŐͿ;<>/ϮϰϭϬϮͿ͖
ď͘ /ŶĚƵƐƚƌŝƉŝƉĂĚĂŶƐĂŵďƵŶŐĂŶƉŝƉĂĚĂƌŝďĂũĂĚĂŶďĞƐŝLJĂŶŐŵĞŶĐĂŬƵƉƵƐĂŚĂƉĞŵďƵĂƚĂŶƚĂďƵŶŐ͕ƉŝƉĂĚĂŶ
ƐĂŵďƵŶŐĂŶƉŝƉĂĚĂƌŝďĞƐŝĚĂŶďĂũĂ͘dĞƌŵĂƐƵŬŝŶĚƵƐƚƌŝƚĂďƵŶŐ͕ƉŝƉĂĚĂŶƉƌŽĨŝůĞďĞƌŽŶŐŐĂďĂũĂƚĂŶƉĂŬĞůŝŵ
ŚĂƐŝůƉĞŵďĞŶƚƵŬĂŶŐƵůƵŶŐĂŶƉĂŶĂƐ͕ŚŽƚĚƌĂǁŝŶŐĂƚĂƵŚŽƚĞdžƚƌƵĚŝŶŐ͕ŐƵůƵŶŐĂŶĚŝŶŐŝŶĂƚĂƵĐŽůĚĚƌĂǁŝŶŐ͖
ŝŶĚƵƐƚƌŝ ƚĂďƵŶŐ ĚĂŶ ƉŝƉĂ ďĂũĂ ůĂƐ ŚĂƐŝů ƉĞŶŐĞůĂƐĂŶ ĚĂŶ ƉĞŵďĞŶƚƵŬĂŶ ƉĂŶĂƐ ĚĂŶ ĚŝŶŐŝŶ͕ ƐĞďĂŐĂŝ ƉƌŽƐĞƐ
ůĂŶũƵƚĂŶ ĚĂƌŝ ŐƵůƵŶŐĂŶ ĚŝŶŐŝŶ ĂƚĂƵ ĐŽůĚ ĚƌĂǁŝŶŐ͖ ĚĂŶ ŝŶĚƵƐƚƌŝ ĨŝƚƚŝŶŐƐ ƉŝƉĂ ďĂũĂ͕ ƐĞƉĞƌƚŝ ĨůĂƚ ĨůĂŶŐĞƐ ĚĂŶ
ĨůĂŶŐĞƐǁŝƚŚĨŽƌŐĞĚĐŽůůĂƌ͕ďƵƚƚͲǁĞůĚĞĚĨŝƚƚŝŶŐƐ͕ƚŚƌĞĂĚĞĚĨŝƚƚŝŶŐƐĚĂŶƐŽĐŬĞƚͲǁĞůĚĞĚĨŝƚƚŝŶŐƐ;<>/ϮϰϭϬϯͿ͖
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Đ͘ /ŶĚƵƐƚƌŝ ƐƵŬƵ ĐĂĚĂŶŐ ĚĂŶ ĂŬƐĞƐŽƌŝƐ ŬĞŶĚĂƌĂĂŶ ďĞƌŵŽƚŽƌ ƌŽĚĂ ĞŵƉĂƚ ĂƚĂƵ ůĞďŝŚ͕ LJĂŶŐ ŵĞŶĐĂŬƵƉ ƵƐĂŚĂ
ƉĞŵďƵĂƚĂŶŬŽŵƉŽŶĞŶĚĂŶƐƵŬƵĐĂĚĂŶŐŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌƌŽĚĂĞŵƉĂƚĂƚĂƵůĞďŝŚ͕ƐĞƉĞƌƚŝůĞĂĨƐƉŽƌŝŶŐ͕
ƌĂĚŝĂƚŽƌ͕ĨƵĞů͕ƚĂŶŬ͕ŵƵĨĨůĞ͕ƌĞŵ͕ŐĞĂƌďŽdžĞƐͬƉĞƌƐŶĞůůŝŶŐ͕^ƌŽĚĂ͕ƌŽĂĚǁŚĞĞů͕ƐƵƐƉĞŶƐŝŽŶƐŚŽĐŬĂďƐŽƌďĞƌ͕
ƐŝůĞŶĐĞƌ͕ ƉŝƉĂ ƉĞŵďƵĂŶŐĂŶ͕ ŬĂƚĂůŝƐĞƌ ƉĞŶŐƵďĂŚ͕ ŬŽƉůŝŶŐ͕ ƌŽĚĂ ŬĞŵƵĚŝ͕ ƐŝƐƚĞŵ ŬŽůŽŵ ŬĞŵƵĚŝ ĚĂŶ ŬŽƚĂŬ
ŬĞŵƵĚŝ͖ ƐƵŬƵ ĐĂĚĂŶŐ ĚĂŶ ĂŬƐĞƐŽƌŝƐ ƵŶƚƵŬ ďŽĚŝ ŬĂƌŽƐĞƌŝ ŬĞŶĚĂƌĂĂŶ ďĞƌŵŽƚŽƌ͕ ƐĞƉĞƌƚŝ ƐĂďƵŬ ƉĞŶŐĂŵĂŶ͕
ƉŝŶƚƵ͕ ďĂŵƉĞƌ͕ ĂŝƌďĂŐ͖ ƚĞŵƉĂƚ ĚƵĚƵŬ ŵŽďŝů͖ ƉĞƌĂůĂƚĂŶ ůŝƐƚƌŝŬ ŬĞŶĚĂƌĂĂŶ ďĞƌŵŽƚŽƌ͕ ƐĞƉĞƌƚŝ ŐĞŶĞƌĂƚŽƌ͕
ĂůƚĞƌŶĂƚŽƌ͕ ďƵƐŝ͕ ŝŐŶŝƚŝŽŶ ǁŝƌŝŶŐ ŚĂƌŶĞƐƐĞƐͬƐƚĂƌƚĞƌ͕ ƐŝƐƚĞŵ ďƵŬĂ ƚƵƚƵƉ ƉŝŶƚƵ ĚĂŶ ũĞŶĚĞůĂ ŽƚŽŵĂƚŝƐ͕
ƉĞŵĂƐĂŶŐĂŶĂƌŐŽŵĞƚĞƌŬĞĚĂůĂŵƉĂŶĞůŝŶƐƚƌƵŵĞŶ͕ƉĞŶŐĂƚƵƌǀŽůƚĂǁƐĞ͖ŝŶǀĞƌƚĞƌƵŶƚƵŬŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌ
ƌŽĚĂĞŵƉĂƚĂƚĂƵůĞďŝŚ͖ĚĂŶůĂŝŶͲůĂŝŶ;<>/ϮϵϯϬϬͿ͖
Ě͘ /ŶĚƵƐƚƌŝŬŽŵƉŽŶĞŶĚĂŶƉĞƌůĞŶŐŬĂƉĂŶƐĞƉĞĚĂŵŽƚŽƌƌŽĚĂĚƵĂĚĂŶƚŝŐĂ͕LJĂŶŐŵĞŶĐĂŬƵƉƵƐĂŚĂƉĞŵďƵĂƚĂŶ
ŬŽŵƉŽŶĞŶ ĚĂŶ ƐƵŬƵ ĐĂĚĂŶŐ ŬĞŶĚĂƌĂĂŶ ďĞƌŵŽƚŽƌ ƌŽĚĂ ĚƵĂ ĚĂŶ ƚŝŐĂ͕ ƐĞƉĞƌƚŝ ŵŽƚŽƌ ƉĞŵďĂŬĂƌĂŶ ĚĂůĂŵ͕
ƐƵƐƉĞŶƐŝĚĂŶŬŶĂůƉŽƚ͘dĞƌŵĂƐƵŬŝŶǀĞƌƚĞƌƵŶƚƵŬŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌƌŽĚĂĚƵĂĚĂŶƚŝŐĂ;<>/ϯϬϵϭϮͿ͖ĚĂŶ
<ĞŐŝĂƚĂŶƵƐĂŚĂƉĞŶƵŶũĂŶŐ͗
Ă͘ :ĂƐĂŝŶĚƵƐƚƌŝƵŶƚƵŬďĞƌďĂŐĂŝƉĞŶŐĞƌũĂĂŶŬŚƵƐƵƐůŽŐĂŵĚĂŶďĂƌĂŶŐĚĂƌŝůŽŐĂŵ͕LJĂŶŐŵĞŶĐĂŬƵƉŬĞŐŝĂƚĂŶũĂƐĂ
ŝŶĚƵƐƚƌŝ ƵŶƚƵŬ ƉĞůĂƉŝƐĂŶ͕ ƉĞŵŽůĞƐĂŶ͕ ƉĞǁĂƌŶĂĂŶ͕ ƉĞŶŐƵŬŝƌĂŶ͕ ƉĞŶŐĞƌĂƐĂŶ͕ ƉĞŶŐŬŝůĂƉĂŶ͕ ƉĞŶŐĞůĂƐĂŶ͕
ƉĞŵŽƚŽŶŐĂŶĚĂŶďĞƌďĂŐĂŝƉĞŬĞƌũĂĂŶŬŚƵƐƵƐƚĞƌŚĂĚĂƉůŽŐĂŵĂƚĂƵďĂƌĂŶŐͲďĂƌĂŶŐĚĂƌŝůŽŐĂŵ͘<ĞŐŝĂƚĂŶŶLJĂ
ƚĞƌŵĂƐƵŬŝŶĚƵƐƚƌŝƉĞŶLJĞƉƵŚĂŶůŽŐĂŵ͕ĂŶŽĚŝnjŝŶŐĚĂŶůĂŝŶͲůĂŝŶ͖ŝŶĚƵƐƚƌŝƉĞŶŐŽůĂŚĂŶƉĂŶĂƐůŽŐĂŵ͖ĚĞďƵƌƌŝŶŐ͕
ƉĞŶLJĞŵƉƌŽƚĂŶƉĂƐŝƌ;ƐĂŶĚďĂůĂƐƚŝŶŐͿ͕ƉĞƌŽďŽŚĂŶ;ƚƵŵďůŝŶŐͿĚĂŶƉĞŵďĞƌƐŝŚĂŶůŽŐĂŵ͖ŝŶĚƵƐƚƌŝƉĞǁĂƌŶĂĂŶ
ĚĂŶƉĞŶŐƵŬŝƌĂŶĂƚĂƵƉĞŵĂŚĂƚĂŶůŽŐĂŵ͖ŝŶĚƵƐƚƌŝƉĞůĂƉŝƐĂŶďƵŬĂŶŵĞƚĂůŝŬůŽŐĂŵ͕ƐĞƉĞƌƚŝƉĞůĂƉŝƐĂŶĚĞŶŐĂŶ
ƉůĂƐƚŝŬ͕ĞŵĂŝůĂƚĂƵƉŽƌĐĞůĂŝŶ͕ůĂŬͬƉĞƌŶŝƐĚĂŶůĂŝŶͲůĂŝŶ͖ŝŶĚƵƐƚƌŝƉĞŶŐĞƌĂƐĂŶĚĂŶƉĞŶŐŬŝůĂƉĂŶůŽŐĂŵ͖ŝŶĚƵƐƚƌŝ
ƉĞŶŐĞďŽƌĂŶ͕ ƉĞŶŐŽůĂŚĂŶ͕ ƉĞŶŐŐŝůŝŶŐĂŶ͕ ƉĞŶŐŝŬŝƐĂŶ͕ ƉĞŵďĞŶƚƵŬĂŶ͕ ƉĞŵƵƚĂƌĂŶ͕ ďƌŽĂĐŚŝŶŐ͕ ůĞǀĞůůŝŶŐ͕
ƉĞŶŐŐĞƌŐĂũŝĂŶ͕ ƉĞŶŐŚĂůƵƐĂŶ͕ ƉĞŶĂũĂŵĂŶ͕ ƉĞŶLJĞŵŝƌĂŶ͕ ƉĞŶŐĞůĂƐĂŶ͕ ƉĞŶLJĂŵďƵŶŐĂŶ ĚĂŶ ůĂŝŶͲůĂŝŶ ďĂŐŝĂŶ
ƉĞŬĞƌũĂĂŶůŽŐĂŵ͖ĚĂŶŝŶĚƵƐƚƌŝƉĞŵŽƚŽŶŐĂŶĂƚĂƵƉĞŶƵůŝƐĂŶƉĂĚĂůŽŐĂŵĚĞŶŐĂŶƐŝŶĂƌůĂƐĞƌ;<>/ϮϱϵϮϬͿ͘
ď͘ WĞƌĚĂŐĂŶŐĂŶ ďĞƐĂƌ ďĂƌĂŶŐ ůŽŐĂŵ ƵŶƚƵŬ ďĂŚĂŶ ŬŽŶƐƚƌƵŬƐŝ͕ LJĂŶŐ ŵĞŶĐĂŬƵƉ ƵƐĂŚĂ ƉĞƌĚĂŐĂŶŐĂŶ ďĞƐĂƌ
ďĞƌďĂŐĂŝŵĂĐĂŵďĂũĂͬďĞƐŝƵŶƚƵŬďĂŚĂŶŬŽŶƐƚƌƵŬƐŝƐĞƉĞƌƚŝďĂũĂƚƵůĂŶŐĂŶ͕ďĂũĂƉƌŽĨŝů͕ƉĞůĂƚďĂũĂ͕ĚĂŶďĂũĂ
ůĞŵďĂƌĂŶ͕ƉŝƉĂďĞƐŝͬďĂũĂ͕ŬĂǁĂƚƚĂůŝ͕ŬĂǁĂƚŶLJĂŵƵŬ͕ƉĂŬƵ͕ŵƵƌͬďĂƵƚ͕ĞŶŐƐĞů͕ŐĞƌĞŶĚĞů͕ŬƵŶĐŝ͕ĂŶĂŬŬƵŶĐŝ͕
ƚĂŶŐŬŝĂŝƌ͕ŵĞŶĂƌĂĂŝƌ͕ƌŽůůŝŶŐĚŽŽƌ͕ĂǁŶŝŶŐĚĂŶƐĞŶŐůĞŵďĂƌĂŶ;<>/ϰϲϲϯϭͿ͘
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐĚŝƚĞƌďŝƚŬĂŶ͕ŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐƐĂĂƚŝŶŝďĞŶĂƌͲďĞŶĂƌĚŝũĂůĂŶŬĂŶLJĂŝƚƵ͗
Ă͘ DĞŶũĂůĂŶŬĂŶƵƐĂŚĂŝŶĚƵƐƚƌŝ͕LJĂŝƚƵ͗
ϭͿ ŝŶĚƵƐƚƌŝƉĞŶŐŐŝůŝŶŐĂŶďĂũĂ;ƐƚĞĞůƌŽůůŝŶŐͿ͖
ϮͿ ŝŶĚƵƐƚƌŝƉŝƉĂĚĂŶƐĂŵďƵŶŐĂŶƉŝƉĂĚĂƌŝďĂũĂĚĂŶďĞƐŝ͖
ϯͿ ŝŶĚƵƐƚƌŝƐƵŬƵĐĂĚĂŶŐĚĂŶĂŬƐĞƐŽƌŝƐŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌƌŽĚĂĞŵƉĂƚĂƚĂƵůĞďŝŚ͖
ϰͿ ŝŶĚƵƐƚƌŝŬŽŵƉŽŶĞŶĚĂŶƉĞƌůĞŶŐŬĂƉĂŶƐĞƉĞĚĂŵŽƚŽƌƌŽĚĂĚƵĂĚĂŶƚŝŐĂ͖
ϱͿ ũĂƐĂŝŶĚƵƐƚƌŝƵŶƚƵŬďĞƌďĂŐĂŝƉĞŶŐĞƌũĂĂŶŬŚƵƐƵƐůŽŐĂŵĚĂŶďĂƌĂŶŐĚĂƌŝůŽŐĂŵ͘
ď͘ DĞŶũĂůĂŶŬĂŶƵƐĂŚĂƉĞƌĚĂŐĂŶŐĂŶ͕LJĂŝƚƵƉĞƌĚĂŐĂŶŐĂŶďĞƐĂƌďĂũĂĚĂŶďĞƐŝ͘
WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ϭ ;ƐĂƚƵͿ <ĂŶƚŽƌ WƵƐĂƚ Ěŝ :ů͘ <ĂůŝďƵƚƵŚ ϭϴϵͲϭϵϭ ^ƵƌĂďĂLJĂ ĚĂŶ ϯ ;ƚŝŐĂͿ ƉĂďƌŝŬ ďĞƌůŽŬĂƐŝ
Ěŝ^ƵƌĂďĂLJĂ͕ϭ;ƐĂƚƵͿƉĂďƌŝŬĚŝ^ŝĚŽĂƌũŽ͕ϭ;ƐĂƚƵͿƉĂďƌŝŬĚŝWĂƐƵƌƵĂŶ͕ϭ;ƐĂƚƵͿƉĂďƌŝŬĚŝ<ĂƌĂǁĂŶŐĚĂŶϭ;ƐĂƚƵͿ
Ěŝ'ƌĞƐŝŬ͘
ĞďĞƌĂƉĂŬĞũĂĚŝĂŶƉĞŶƚŝŶŐLJĂŶŐƚĞƌũĂĚŝƐĞůĂŵĂϮ;ĚƵĂͿƚĂŚƵŶƚĞƌĂŬŚŝƌLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝƉĞƌŬĞŵďĂŶŐĂŶƵƐĂŚĂ
WĞƌƐĞƌŽĂŶŚŝŶŐŐĂƐĞďĞůƵŵƉĞŶLJĂŵƉĂŝĂŶWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
dĂŚƵŶ <ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ - DĞŵƉĞƌŽůĞŚƉƌĞƐƚĂƐŝWĞŶĞƌĂƉĂŶ^ŝƐƚĞŵDĂŶĂũĞŵĞŶ<ĞƐĞůĂŵĂƚĂŶΘ<ĞƐĞŚĂƚĂŶ<ĞƌũĂ;^D<ϯͿ
ĚĞŶŐĂŶŚĂƐŝůƉĞŶĐĂƉĂŝĂŶϴϳ͕ϱϬй;DĞŵƵĂƐŬĂŶͿƵŶƚƵŬ<ĂƚĞŐŽƌŝdŝŶŐŬĂƚǁĂůƵŶƚƵŬhŶŝƚϮ͘
- DĞŵƉĞƌŽůĞŚƐĞƌƚŝĨŝŬĂƚDKEK'ZD>/ E^ W/ϱ>ͲϭϮϳϲĚĂƌŝŵĞƌŝĐĂŶWĞƚƌŽůĞƵŵ/ŶƐƚŝƚƵƚĞ͘
ϮϬϮϰ - WĞƌƐĞƌŽĂŶŵĞŶĞƌďŝƚŬĂŶKďůŝŐĂƐŝdĞƌŬĂŝƚ<ĞďĞƌůĂŶũƵƚĂŶ/dĂŚƵŶϮϬϮϰĚĞŶŐĂŶƉĞŶŐŐƵŶĂĂŶĚĂŶĂ
ƐĞƚĞůĂŚ ĚŝŬƵƌĂŶŐŝ ďŝĂLJĂ ĞŵŝƐŝ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ;ŝͿ ƉĞŵďĂŶŐƵŶĂŶ ďĂŶŐƵŶĂŶ ŐƵĚĂŶŐ ƵŶŝƚ ϳ
;ƚƵũƵŚͿ͖;ŝŝͿďĞůĂŶũĂŵŽĚĂůƉĞŵĞůŝŚĂƌĂĂŶƐĞůƵƌƵŚƵŶŝƚƉƌŽĚƵŬƐŝLJĂŝƚƵhŶŝƚϭ͕Ϯ͕ϯ͕ϰ͕ϱĚĂŶϲ͖;ŝŝŝͿ
ƉĞůƵŶĂƐĂŶƐĞůƵƌƵŚƉŽŬŽŬƚĞƌƵƚĂŶŐŽďůŝŐĂƐŝĚĂŶͬĂƚĂƵƐƵŬƵŬĚĂŶƉĞůƵŶĂƐĂŶƚĞƌƵƚĂŶŐƐĞďĂŐŝĂŶ
ĨĂƐŝůŝƚĂƐŵŽĚĂůŬĞƌũĂ͖ĚĂŶ;ŝǀͿƐŝƐĂŶLJĂĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĞůŝĂŶďĂŚĂŶLJĂŝƚƵŚŽƚͲƌŽůůĞĚĐĂƌďŽŶ
ƐƚĞĞůĐŽŝůƐ;,ZͿĚĂŶĐŽůĚͲƌŽůůĞĚĐĂƌďŽŶƐƚĞĞůĐŽŝůƐ;ZͿ͘
- DĞŵƉĞƌŽůĞŚ ƉĞŶŐŚĂƌŐĂĂŶ ĚĂƌŝ tĂůŝŬŽƚĂ ^ƵƌĂďĂLJĂ ĂƚĂƐ ƉĞƌĂŶ ƐĞƌƚĂŶLJĂ ĚĂůĂŵ ĂƉĂŝĂŶ
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dĂŚƵŶ <ĞƚĞƌĂŶŐĂŶ
ZĞĂůŝƐĂƐŝ/ŶǀĞƐƚĂƐŝdĞƌƚŝŶŐŐŝ<ĞƐĞŵďŝůĂŶĚŝ<ŽƚĂ^ƵƌĂďĂLJĂdĂŚƵŶϮϬϮϯ͘
- DĞŵƉĞƌŽůĞŚƉƌĞƐƚĂƐŝWĞŵĞŶĂŶŐ<ĂƚĞŐŽƌŝ<ĂƉŝƚĂůŝƐĂƐŝDŝĚĚůĞĂƉƐ^ĞŬƚŽƌĂƌĂŶŐĂŬƵĚĂůĂŵ
ĞƐƚ ^ƚŽĐŬ ǁĂƌĚƐ ϮϬϮϱ LJĂŶŐ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ŽůĞŚ /ŶǀĞƐƚŽƌƚƌƵƐƚ͘ŝĚ ĚĂŶ /ŶĨŽǀĞƐƚĂ hƚĂŵĂ
;ĐĂƚĂƚĂŶ͗ƉĞŶLJĞůĞŶŐŐĂƌĂƚŝĚĂŬŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶĨŝůŝĂƐŝĚĞŶŐĂŶWĞƌƐĞƌŽĂŶͿ͘
- DĞŵƉĞƌŽůĞŚƉĞŶŐŚĂƌŐĂĂŶWĞƌƵƐĂŚĂĂŶ/ŶĚƵƐƚƌŝ:ĂǁĂdŝŵƵƌƐĞďĂŐĂŝWĞƐĞƌƚĂ^ĞƌƚŝĨŝŬĂƐŝ,ŝũĂƵ
dĂŚƵŶϮϬϮϰŽůĞŚWĞũĂďĂƚ'ƵďĞƌŶƵƌ:ĂǁĂdŝŵƵƌ͘
- DĞŵƉĞƌŽůĞŚĞƐƚsĞŶĚŽƌŝŶWƌŝĐŝŶŐ^ƵƉƉŽƌƚĚĂƌŝWdWĞƌƚĂŵŝŶĂWĂƚƌĂEŝĂŐĂ
- DĞŵƉĞƌŽůĞŚĞƐƚ^ƵƐƚĂŝŶĂďŝůŝƚLJͲ>ŝŶŬĞĚdƌĂŶƐĂĐƚŝŽŶ ϮϬϮϰƉĂĚĂĂĐĂƌĂϭϴƚŚŶŶƵĂůŽƌƌŽǁĞƌ
/ƐƐƵĞƌǁĂƌĚƐϮϬϮϰLJĂŶŐĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŽůĞŚůƉŚĂ^ŽƵƚŚĞĂƐƚƐŝĂ͘;ĐĂƚĂƚĂŶ͗ƉĞŶLJĞůĞŶŐŐĂƌĂ
ƚŝĚĂŬŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶĨŝůŝĂƐŝĚĞŶŐĂŶWĞƌƐĞƌŽĂŶͿ
^ƚƌƵŬƚƵƌWĞƌŵŽĚĂůĂŶĚĂŶ<ĞƉĞŵŝůŝŬĂŶ^ĂŚĂŵƐĂĂƚWĞŶĚŝƌŝĂŶ
WĞƌƐĞƌŽĂŶĚŝĚŝƌŝŬĂŶƉĂĚĂƚĂŚƵŶϭϵϳϭďĞƌĚĂƐĂƌŬĂŶŬƚĂWĞŶĚŝƌŝĂŶWĞƌƐĞƌŽĂŶŶŽŵŽƌϭϬϵƚĂŶŐŐĂůϯϬ:ĂŶƵĂƌŝϭϵϳϭ
ũƵŶĐƚŽŬƚĂWĞƌƵďĂŚĂŶŬƚĂWĞŶĚŝƌŝĂŶŶŽŵŽƌϭϬƚĂŶŐŐĂůϲĞƐĞŵďĞƌϭϵϳϭ͕ŬĞĚƵĂŶLJĂĚŝďƵĂƚĚŝŚĂĚĂƉĂŶũŽũŽ
DƵůũĂĚŝ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ ũĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ŵĞŶĚĂƉĂƚ WĞŶŐĞƐĂŚĂŶ ŬƚĂ WĞŶĚŝƌŝĂŶ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ ĚĂƌŝ
DĞŶƚĞƌŝ<ĞŚĂŬŝŵĂŶZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚŝďĂǁĂŚŶŽŵŽƌ:͘͘ϱͬϮϭϯͬϭϬƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϭϵϳϭ͕ĚĂŶƚĞůĂŚ
ĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵďƵŬƵƌĞŐŝƐƚĞƌĚŝ<ĞƉĂŶŝƚĞƌĂĂŶWĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂĚŝďĂǁĂŚŶŽŵŽƌϭϵϱͬϭϵϳϮ͕EŽŵŽƌ
ϭϵϲͬϭϵϳϮĚĂŶŶŽŵŽƌϭϵϳͬϭϵϳϮƚĂŶŐŐĂůϮϵ&ĞďƌƵĂƌŝϭϵϳϮĚĂŶƚĞůĂŚĚŝƵŵƵŵŬĂŶĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂŶŽŵŽƌϰϮƚĂŶŐŐĂůϮϲDĞŝϭϵϳϮ͕dĂŵďĂŚĂŶĞƌŝƚĂEĞŐĂƌĂŶŽŵŽƌϭϵϲ͖ĚŝŵĂŶĂƉĂĚĂƐĂĂƚŝƚƵŬĞƚĞŶƚƵĂŶ
LJĂŶŐďĞƌůĂŬƵďĂŐŝƉĞƌƐĞƌŽĂŶƚĞƌďĂƚĂƐĂĚĂůĂŚƉĂƐĂůϯϲͲϱϲ<ŝƚĂďhŶĚĂŶŐhŶĚĂŶŐ,ƵŬƵŵĂŐĂŶŐͬtĞƚďŽĞŬǀĂŶ
<ŽŽƉŚĂŶĚĞů;tǀ<ͿĚŝŵĂŶĂŬĞƚĞŶƚƵĂŶŵĞŶŐĞŶĂŝďĞƐĂƌĂŶŵŽĚĂůĚŝƐĞƚŽƌϭϬйĚĂƌŝŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶŵĞŶŐĂĐƵ
ƉĂĚĂWĂƐĂůϯϴ;ĂLJĂƚϭͿtǀ<͘
ĞƌĚĂƐĂƌŬĂŶŬƚĂWĞŶĚŝƌŝĂŶ͕ƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶ͕ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝEŽŵŝŶĂůZƉϳϱ͘ϲϬϬͬΨϮϬϬ͕ͲƉĞƌƐĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͬΨͿ й
DŽĚĂůĂƐĂƌ ϭϬ͘ϬϬϬ ϳϱϲ͘ϬϬϬ͘ϬϬϬͬϮ͘ϬϬϬ͘ϬϬϬ
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌ
Ͳs'ĂLJĂŶƚĂƌĂ Ϯ͘ϬϬϬ ϭϱϭ͘ϮϬϬ͘ϬϬϬͬϰϬϬ͘ϬϬϬ ϰϬ
Ͳ͘/ƚŽŚΘŽŵƉĂŶLJ>ŝŵŝƚĞĚ Ϯ͘ϬϬϬ ϭϱϭ͘ϮϬϬ͘ϬϬϬͬϰϬϬ͘ϬϬϬ ϰϬ
Ͳ<ĂǁĂƐĂŬŝ^ƚĞĞůŽƌƉŽƌĂƚŝŽŶ ϭ͘ϬϬϬ ϳϱ͘ϲϬϬ͘ϬϬϬͬϮϬϬ͘ϬϬϬ ϮϬ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶ ϱ͘ϬϬϬ ϯϳϴ͘ϬϬϬ͘ϬϬϬͬϭ͘ϬϬϬ͘ϬϬϬ ϭϬϬ
:ƵŵůĂŚ^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů ϱ͘ϬϬϬ ϯϳϴ͘ϬϬϬ͘ϬϬϬͬϭ͘ϬϬϬ͘ϬϬϬ
Ϯ͘ ^dZh<dhZW ZDK>EE< W D/>/<E^,DW Z^ ZKE
^ĞũĂŬ WĞŶĂǁĂƌĂŶ hŵƵŵ WĞƌĚĂŶĂ ^ĂŚĂŵ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϯ ŚŝŶŐŐĂ ĚŝƚĞƌďŝƚŬĂŶŶLJĂ WƌŽƐƉĞŬƚƵƐ ŝŶŝ
ƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶWĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŶŐĂůĂŵŝƉĞƌƵďĂŚĂŶ͘
WĞƌŬĞŵďĂŶŐĂŶƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶƐƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶƐĞůĂŵĂϮ;ĚƵĂͿƚĂŚƵŶƚĞƌĂŬŚŝƌ
ƐĞďĞůƵŵƉĞŶLJĂŵƉĂŝĂŶWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
dĂŚƵŶϮϬϮϰ
ĞƌĚĂƐĂƌŬĂŶ͗
ϭ͘ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ Wd ^ƚĞĞů WŝƉĞ /ŶĚƵƐƚƌLJ ŽĨ /ŶĚŽŶĞƐŝĂ
ĚŝƐŝŶŐŬĂƚWd^W/EKEŽ͘ϭϱϰƚĂŶŐŐĂůϭϮĞƐĞŵďĞƌϮϬϭϮ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƌ͘/ƌĂǁĂŶ^ŽĞƌŽĚũŽ͕^͘,͕͘D͘^ŝ͕͘
EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ŽůĞŚ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ
ĚĞŶŐĂŶ ŬĞƉƵƚƵƐĂŶ EŽ͘,hͲϲϰϯϴϲ͘,͘Ϭϭ͘ϬϮ͘ƚĂŚƵŶ ϮϬϭϮ ƚĂŶŐŐĂů ϭϰ ĞƐĞŵďĞƌ ϮϬϭϮ͕ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ
ĂĨƚĂƌWĞƌƐĞƌŽĂŶEŽ͘,hͲϬϭϬϵϬϮϭ͘,͘Ϭϭ͘Ϭϵ͘dĂŚƵŶϮϬϭϮƚĂŶŐŐĂůϭϰĞƐĞŵďĞƌϮϬϭϮ͕ĚĂŶĚŝƵŵƵŵŬĂŶĚĂůĂŵ
ĞƌŝƚĂ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ EŽ͘ϰϲ ƚĂŶŐŐĂů ϳ :ƵŶŝ ϮϬϭϯ͕ dĂŵďĂŚĂŶ EŽ͘ϳϭϮϯϳ͕ LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝ ƉĞƌƵďĂŚĂŶ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ ƉĞŶĂǁĂƌĂŶ ƵŵƵŵ ƉĞƌĚĂŶĂ ƐĂŚĂŵ ;/WKͿ
WĞƌƐĞƌŽĂŶĚŝŵĂŶĂũƵŵůĂŚŵŽĚĂůĚĂƐĂƌWĞƌƐĞƌŽĂŶLJĂŝƚƵƐĞďĂŶLJĂŬϭϳ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ;ƚƵũƵŚďĞůĂƐŵŝůŝĂƌͿƐĂŚĂŵ
ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ƉĞƌ ƐĂŚĂŵ ƐĞďĞƐĂƌ ZƉϭϬϬ͕Ͳ ;ƐĞƌĂƚƵƐ ZƵƉŝĂŚͿ ĂƚĂƵ ƐĞůƵƌƵŚŶLJĂ ƐĞďĞƐĂƌ
ZƉϭ͘ϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĂƚƵƚƌŝůŝƵŶƚƵũƵŚƌĂƚƵƐŵŝůŝĂƌZƵƉŝĂŚͿ͖ĚĂŶ
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Ϯ͘ ŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƐĞƌŽĂŶdĞƌďĂƚĂƐWd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJŽĨ/ŶĚŽŶĞƐŝĂdďŬ
ĚŝƐŝŶŐŬĂƚWd^W/EKdďŬEŽ͘ϵϮƚĂŶŐŐĂůϭϬDĞŝϮϬϭϯ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶƌ͘/ƌĂǁĂŶ^ŽĞƌŽĚũŽ͕^͘,͕͘D͘^ŝ͕͘
EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ĚŝƚĞƌŝŵĂ ĚĂŶ ĚŝĐĂƚĂƚ ƉĂĚĂ ƚĂŶŐŐĂů ϭϵ :ƵŶŝ ϮϬϭϯ ĚĞŶŐĂŶ EŽ͘,hͲ,͘Ϭϭ͘ϭϬͲ
Ϯϰϴϵϲ͕ĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵĂĨƚĂƌWĞƌƐĞƌŽĂŶEŽ͘,hͲϬϬϱϴϮϲϳ͘,͘Ϭϭ͘Ϭϵ͘dĂŚƵŶ ϮϬϭϯƚĂŶŐŐĂůϭϵ:ƵŶŝϮϬϭϯ͕
ĚĂŶĚŝƵŵƵŵŬĂŶĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϮϲƚĂŶŐŐĂůϭƉƌŝůϮϬϭϰ͕dĂŵďĂŚĂŶEŽ͘Ϯϲϵϵͬ>͕
LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞƌŶLJĂƚĂĂŶ ŬĞŵďĂůŝ ŬĞƉĂƐƚŝĂŶ ũƵŵůĂŚ ƐĂŚĂŵ LJĂŶŐ ƚĞůĂŚ ĚŝĂŵďŝů ŽůĞŚ
ŵĂƐLJĂƌĂŬĂƚƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞůĂŬƐĂŶĂĂŶƉĞŶĂǁĂƌĂŶƵŵƵŵƉĞƌĚĂŶĂƐĂŚĂŵ;/WKͿWĞƌƐĞƌŽĂŶ͕ƐĞŚŝŶŐŐĂ
ŵŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌWĞƌƐĞƌŽĂŶŵĞŶũĂĚŝƐĞďĂŶLJĂŬϳ͘ϭϴϱ͘ϵϵϮ͘Ϭϯϱ;ƚƵũƵŚŵŝůŝĂƌƐĞƌĂƚƵƐĚĞůĂƉĂŶ
ƉƵůƵŚ ůŝŵĂ ũƵƚĂ ƐĞŵďŝůĂŶ ƌĂƚƵƐ ƐĞŵďŝůĂŶ ƉƵůƵŚ ĚƵĂ ƌŝďƵ ƚŝŐĂ ƉƵůƵŚ ůŝŵĂͿ ƐĂŚĂŵ ĂƚĂƵ ƐĞďĞƐĂƌ
ZƉϳϭϴ͘ϱϵϵ͘ϮϬϯ͘ϱϬϬ͕Ͳ;ƚƵũƵŚƌĂƚƵƐĚĞůĂƉĂŶďĞůĂƐŵŝůŝĂƌůŝŵĂƌĂƚƵƐƐĞŵďŝůĂŶƉƵůƵŚƐĞŵďŝůĂŶũƵƚĂĚƵĂƌĂƚƵƐƚŝŐĂ
ƌŝďƵůŝŵĂƌĂƚƵƐZƵƉŝĂŚͿ͕LJĂŝƚƵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
^ƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵďĞƌĚĂƐĂƌŬĂŶ>ĂƉŽƌĂŶ<ĞƉĞŵŝůŝŬĂŶ ĨĞŬzĂŶŐDĞŶĐĂƉĂŝϱйƚĂƵ>ĞďŝŚĂƌŝ^ĂŚĂŵ
zĂŶŐ ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŝƐĞƚŽƌ WĞŶƵŚ ƉĞƌ ƚĂŶŐŐĂů ϯϭ :ĂŶƵĂƌŝ ϮϬϮϲ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ Wd ĚŝŵŝƚƌĂ :ĂƐĂ
<ŽƌƉŽƌĂ͕ƐƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŬĞƉĞŵŝůŝŬĂŶŵĞŶĐĂƉĂŝϱй;ůŝŵĂƉĞƌƐĞŶͿĂƚĂƵůĞďŝŚĂĚĂůĂŚ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝEŽŵŝŶĂůZƉϭϬϬ͕ͲƉĞƌƐĂŚĂŵ
EĂŵĂWĞŵĞŐĂŶŐƐĂŚĂŵ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͿ й
WdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂ ϰ͘ϭϰϰ͘ϵϬϱ͘ϱϯϬ ϰϭϰ͘ϰϵϬ͘ϱϱϯ͘ϬϬϬ ϱϳ͕ϲϴ
^ĂŶŬ>ƚĚ^ͬWĞŵďĞƌƚŽŶƐŝĂŶ ϰϴϳ͘ϳϰϬ͘ϳϬϬ ϰϴ͘ϳϳϰ͘ϬϳϬ͘ϬϬϬ ϲ͕ϳϵ
KƉƉŽƌƚƵŶŝƚŝĞƐ&ƵŶĚ
DĂƐLJĂƌĂŬĂƚ Ϯ͘ϰϭϴ͘ϴϯϮ͘ϮϬϱ Ϯϰϭ͘ϴϴϯ͘ϮϮϬ͘ϱϬϬ ϯϯ͕ϲϲ
^Ƶď:ƵŵůĂŚ ϳ͘Ϭϱϭ͘ϰϳϴ͘ϰϯϱ ϳϬϱ͘ϭϰϳ͘ϴϰϯ͘ϱϬϬ ϵϴ͕ϭϯ
^ĂŚĂŵdƌĞĂƐƵƌLJΎͿ ϭϯϰ͘ϱϭϯ͘ϲϬϬ ϭϯ͘ϰϱϭ͘ϯϲϬ͘ϬϬϬ ϭ͕ϴϳ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌ ϳ͘ϭϴϱ͘ϵϵϮ͘Ϭϯϱ ϳϭϴ͘ϱϵϵ͘ϮϬϯ͘ϱϬϬ ϭϬϬ͕ϬϬ
dĂŚƵŶϮϬϮϱ
dŝĚĂŬƚĞƌĚĂƉĂƚƉĞƌƵďĂŚĂŶƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶ͕ĚŝŵĂŶĂƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŚƵŶϮϬϮϱĂĚĂůĂŚƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
EŝůĂŝŶŽŵŝŶĂůZƉϭϬϬ͕ͲƉĞƌƐĂŚĂŵ
WĞƌŵŽĚĂůĂŶ
^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͿ
DŽĚĂůĂƐĂƌ ϭϳ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭ͘ϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
DŽĚĂůŝƚĞŵƉĂƚŬĂŶ ϳ͘ϭϴϱ͘ϵϵϮ͘Ϭϯϱ ϳϭϴ͘ϱϵϵ͘ϮϬϯ͘ϱϬϬ
DŽĚĂůŝƐĞƚŽƌ ϳ͘ϭϴϱ͘ϵϵϮ͘Ϭϯϱ ϳϭϴ͘ϱϵϵ͘ϮϬϯ͘ϱϬϬ
WŽƌƚĞƉĞů ϵ͘ϴϭϰ͘ϬϬϳ͘ϵϲϱ ϵϴϭ͘ϰϬϬ͘ϳϵϲ͘ϱϬϬ
^ƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ďĞƌĚĂƐĂƌŬĂŶ >ĂƉŽƌĂŶ <ĞƉĞŵŝůŝŬĂŶ ĨĞŬ zĂŶŐ DĞŶĐĂƉĂŝ ϱй ƚĂƵ >ĞďŝŚ Ăƌŝ ^ĂŚĂŵ zĂŶŐ
ŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚƉĞƌƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱLJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚWdĚŝŵŝƚƌĂ:ĂƐĂ<ŽƌƉŽƌĂ͕ƐƵƐƵŶĂŶ
ƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŬĞƉĞŵŝůŝŬĂŶŵĞŶĐĂƉĂŝϱй;ůŝŵĂƉĞƌƐĞŶͿĂƚĂƵůĞďŝŚĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝEŽŵŝŶĂůZƉϭϬϬ͕ͲƉĞƌƐĂŚĂŵ
EĂŵĂWĞŵĞŐĂŶŐƐĂŚĂŵ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͿ й
WdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂ ϰ͘ϭϰϬ͘ϵϰϴ͘ϱϯϬ ϰϭϰ͘Ϭϵϰ͘ϴϱϯ͘ϬϬϬ ϱϳ͕ϲϯ
^ ĂŶŬ >ƚĚ ^ͬ WĞŵďĞƌƚŽŶ ƐŝĂŶ ϰϴϴ͘ϰϭϬ͘ϴϬϬ ϰϴ͘ϴϰϭ͘ϬϴϬ͘ϬϬϬ ϲ͕ϴϬ
KƉƉŽƌƚƵŶŝƚŝĞƐ&ƵŶĚ
DĂƐLJĂƌĂŬĂƚ Ϯ͘ϰϮϮ͘ϭϭϵ͘ϭϬϱ ϮϰϮ͘Ϯϭϭ͘ϵϭϬ͘ϱϬϬ ϯϯ͕ϳϭ
^Ƶď:ƵŵůĂŚ ϳ͘Ϭϱϭ͘ϰϳϴ͘ϰϯϱ ϳϬϱ͘ϭϰϳ͘ϴϰϯ͘ϱϬϬ ϵϴ͕ϭϯ
^ĂŚĂŵdƌĞĂƐƵƌLJΎͿ ϭϯϰ͘ϱϭϯ͘ϲϬϬ ϭϯ͘ϰϱϭ͘ϯϲϬ͘ϬϬϬ ϭ͕ϴϳ
:ƵŵůĂŚ DŽĚĂů ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ϳ͘ϭϴϱ͘ϵϵϮ͘Ϭϯϱ ϳϭϴ͘ϱϵϵ͘ϮϬϯ͘ϱϬϬ ϭϬϬ͕ϬϬ
ŝƐĞƚŽƌ
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^ƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶ^ƵƐƵŶĂŶ<ĞƉĞŵŝůŝŬĂŶ^ĂŚĂŵdĞƌŬŝŶŝ
dŝĚĂŬƚĞƌĚĂƉĂƚƉĞƌƵďĂŚĂŶƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶ͕ĚŝŵĂŶĂƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŚƵŶϮϬϮϱĂĚĂůĂŚ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝŶŽŵŝŶĂůZƉϭϬϬ͕ͲƉĞƌƐĂŚĂŵ
WĞƌŵŽĚĂůĂŶ
^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͿ
DŽĚĂůĂƐĂƌ ϭϳ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭ͘ϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
DŽĚĂůŝƚĞŵƉĂƚŬĂŶ ϳ͘ϭϴϱ͘ϵϵϮ͘Ϭϯϱ ϳϭϴ͘ϱϵϵ͘ϮϬϯ͘ϱϬϬ
DŽĚĂůŝƐĞƚŽƌ ϳ͘ϭϴϱ͘ϵϵϮ͘Ϭϯϱ ϳϭϴ͘ϱϵϵ͘ϮϬϯ͘ϱϬϬ
WŽƌƚĞƉĞů ϵ͘ϴϭϰ͘ϬϬϳ͘ϵϲϱ ϵϴϭ͘ϰϬϬ͘ϳϵϲ͘ϱϬϬ
^ƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵďĞƌĚĂƐĂƌŬĂŶ>ĂƉŽƌĂŶ<ĞƉĞŵŝůŝŬĂŶ ĨĞŬzĂŶŐDĞŶĐĂƉĂŝϱйƚĂƵ>ĞďŝŚĂƌŝ^ĂŚĂŵ
zĂŶŐ ŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ŝƐĞƚŽƌ WĞŶƵŚ ƉĞƌ ƚĂŶŐŐĂů ϯϭ :ĂŶƵĂƌŝ ϮϬϮϲ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ Wd ĚŝŵŝƚƌĂ :ĂƐĂ
<ŽƌƉŽƌĂ͕ƐƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŬĞƉĞŵŝůŝŬĂŶŵĞŶĐĂƉĂŝϱй;ůŝŵĂƉĞƌƐĞŶͿĂƚĂƵůĞďŝŚĂĚĂůĂŚ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝEŽŵŝŶĂůZƉϭϬϬ͕ͲƉĞƌƐĂŚĂŵ
EĂŵĂWĞŵĞŐĂŶŐƐĂŚĂŵ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŽŵŝŶĂů;ZƉͿ й
WdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂ ϰ͘ϭϰϰ͘ϵϬϱ͘ϱϯϬ ϰϭϰ͘ϰϵϬ͘ϱϱϯ͘ϬϬϬ ϱϳ͕ϲϴ
^ ĂŶŬ >ƚĚ ^ͬ WĞŵďĞƌƚŽŶ ƐŝĂŶ ϰϴϳ͘ϳϰϬ͘ϳϬϬ ϰϴ͘ϳϳϰ͘ϬϳϬ͘ϬϬϬ ϲ͕ϳϵ
KƉƉŽƌƚƵŶŝƚŝĞƐ&ƵŶĚ
DĂƐLJĂƌĂŬĂƚ Ϯ͘ϰϭϴ͘ϴϯϮ͘ϮϬϱ Ϯϰϭ͘ϴϴϯ͘ϮϮϬ͘ϱϬϬ ϯϯ͕ϲϲ
^Ƶď:ƵŵůĂŚ ϳ͘Ϭϱϭ͘ϰϳϴ͘ϰϯϱ ϳϬϱ͘ϭϰϳ͘ϴϰϯ͘ϱϬϬ ϵϴ͕ϭϯ
^ĂŚĂŵdƌĞĂƐƵƌLJΎͿ ϭϯϰ͘ϱϭϯ͘ϲϬϬ ϭϯ͘ϰϱϭ͘ϯϲϬ͘ϬϬϬ ϭ͕ϴϳ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌ ϳ͘ϭϴϱ͘ϵϵϮ͘Ϭϯϱ ϳϭϴ͘ϱϵϵ͘ϮϬϯ͘ϱϬϬ ϭϬϬ͕ϬϬ
ĂƚĂƚĂŶ͗
ϭ͘ Ă͘ WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶƉĞŵĞŶƵŚĂŶWĞƌĂƚƵƌĂŶWƌĞƐŝĚĞŶEŽŵŽƌϭϯƚĂŚƵŶϮϬϭϴƚĂŶŐŐĂůϭDĂƌĞƚ
ϮϬϭϴLJĂŶŐĚŝƵŶĚĂŶŐŬĂŶƚĂŶŐŐĂůϱDĂƌĞƚϮϬϭϴƚĞŶƚĂŶŐWĞŶĞƌĂƉĂŶWƌŝŶƐŝƉDĞŶŐĞŶĂůŝWĞŵŝůŝŬDĂŶĨĂĂƚ
ĚĂƌŝ<ŽƌƉŽƌĂƐŝĚĂůĂŵƌĂŶŐŬĂWĞŶĐĞŐĂŚĂŶ ĚĂŶWĞŵďĞƌĂŶƚĂƐĂŶdŝŶĚĂŬWŝĚĂŶĂWĞŶĐƵĐŝĂŶhĂŶŐĚĂŶ
Tindak Pidana Pendanaan Terorisme (“Perpres 13 /2018”), dengan melaporkan pada sistem
ĂĚŵŝŶŝƐƚƌĂƐŝ ŚƵŬƵŵ ƵŵƵŵ <ĞŵĞŶƚĞƌŝĂŶ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ
berdasarkan bukti pelaporan pada tanggal 10 Februari 2026 (“Pelaporan Pemilik Manfaat“) bahwa
ƉĞŵŝůŝŬŵĂŶĨĂĂƚ;ĞŬŽŶŽŵŝƐͿĂƚĂƐWĞƌƐĞƌŽĂŶĂĚĂůĂŚ͗;ŝͿ/ďŶƵ^ƵƐĂŶƚŽ͖;ŝŝͿ^ŽĞĚŝĂƌƚŽ^ŽĞƌũŽƉƌĂŚŽŶŽ͖
;ŝŝŝͿdĞĚũĂ^ƵŬŵĂŶĂ,ƵĚŝĂŶƚŽ͖;ŝǀͿdĞĚĚLJtŝďŽǁŽhƚŽŵŽ͖;ǀͿ,ĂƌŵĂŶƵ,ƵĚŝĂŶƚŽ͖;ǀŝͿ'ŽŶŐ,ĂŶĚŝŵĂŶ
hƚŽŵŽ͖;ǀŝŝͿ/ƌ,ĂƌĚŝŵĂŶhƚŽŵŽ͖;ǀŝŝŝͿ'ƵŶĂǁĂŶ,ƵĚŝĂŶƚŽ͖;ŝdžͿtĞůLJ^ƵƐĂŶƚŽ͖;džͿ,ĂƌƵŶ^ƵƐĂŶƚŽ͖;džŝͿ
>ŝƚĂDƵƚŝĂŚ,ƵĚŝĂŶƚŽ͖;džŝŝͿ>ĂŬƐŵŝǁŝ,ƵĚŝĂŶƚŽ͖;džŝŝŝͿ>ŝůŝĂŶĂ,ƵĚŝĂŶƚŽ͖;džŝǀͿWƵƌŶĂŵĂĚĞǁŝ,ƵĚŝĂŶƚŽ͖
;džǀͿ^ǁĂŶĚĂƌŝLJĂŶŝ,ƵĚŝĂŶƚŽ͕ĚĂŶ;džǀŝͿ/ƚĂƌLJĂƚŝ,ƵĚŝĂŶƚŽ͖ĚŝŵĂŶĂŵĞŵĞŶƵŚŝŬƌŝƚĞƌŝĂWĂƐĂůϰĂLJĂƚ
;ϭͿŚƵƌƵĨĨWĞƌƉƌĞƐϭϯͬϮϬϭϴ͘
ď͘ WĞŵĞŐĂŶŐ ƐĂŚĂŵ ƉĞŶŐĞŶĚĂůŝ ƉĞƌŽƌĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ŵĞůĂůƵŝ WW LJĂŝƚƵ͗ ;ŝͿ
/ďŶƵ^ƵƐĂŶƚŽ͖;ŝŝͿ^ŽĞĚŝĂƌƚŽ^ŽĞƌũŽƉƌĂŚŽŶŽ͖;ŝŝŝͿdĞĚũĂ^ƵŬŵĂŶĂ,ƵĚŝĂŶƚŽ͖;ŝǀͿdĞĚĚLJtŝďŽǁŽhƚŽŵŽ͖
;ǀͿ ,ĂƌŵĂŶƵ ,ƵĚŝĂŶƚŽ͖ ;ǀŝͿ 'ŽŶŐ ,ĂŶĚŝŵĂŶ hƚŽŵŽ͖ ;ǀŝŝͿ /ƌ ,ĂƌĚŝŵĂŶ hƚŽŵŽ͖ ;ǀŝŝŝͿ 'ƵŶĂǁĂŶ
,ƵĚŝĂŶƚŽ͖;ŝdžͿtĞůLJ^ƵƐĂŶƚŽ͖;džͿ,ĂƌƵŶ^ƵƐĂŶƚŽ;džŝͿ>ŝƚĂDƵƚŝĂŚ,ƵĚŝĂŶƚŽ͖;džŝŝͿ>ĂŬƐŵŝǁŝ,ƵĚŝĂŶƚŽ͖
;džŝŝŝͿ>ŝůŝĂŶĂ,ƵĚŝĂŶƚŽ͖;džŝǀͿWƵƌŶĂŵĂĚĞǁŝ,ƵĚŝĂŶƚŽ͖;džǀͿ^ǁĂŶĚĂƌŝLJĂŶŝ,ƵĚŝĂŶƚŽ͕ĚĂŶ;džǀŝͿ/ƚĂƌLJĂƚŝ
,ƵĚŝĂŶƚŽ ŵĞŶLJĂƚĂŬĂŶ ďĂŚǁĂ ŵĞƌĞŬĂ ŵĞƌƵƉĂŬĂŶ <ĞůŽŵƉŽŬ zĂŶŐ dĞƌŽƌŐĂŶŝƐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚ ĚĂůĂŵ WĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ EŽ͘ϵͬWK:<͘ϬϰͬϮϬϭϴ ƚĞŶƚĂŶŐ WĞŶŐĂŵďŝůĂůŝŚĂŶ
Perusahaan Terbuka, ditetapkan tanggal 25 Juli 2018 dan diundangkan tanggal 27 Juli 2018 (“POJK
9/2018”), yanŐ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĞŶĚĂůŝĂŶ ƐĞĐĂƌĂ ďĞƌƐĂŵĂͲƐĂŵĂ ƚĞƌŚĂĚĂƉ WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ
ŵĞŬĂŶŝƐŵĞĚĂŶƚĂƚĂĐĂƌĂLJĂŶŐĚŝĂƚƵƌďĞƌĚĂƐĂƌŬĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌWWƐĞďĂŐĂŝŵĂŶĂƚĞƌƚƵĂŶŐĚĂůĂŵ
^ƵƌĂƚ WĞƌŶLJĂƚĂĂŶ WĞŶŐĞŶĚĂůŝĂŶ ĞƌƐĂŵĂ LJĂŶŐ ƚĞůĂŚ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ƐĞĐĂƌĂ ůĞŶŐŬĂƉ ƉĂĚĂ ƚĂŶŐŐĂů
ϮϳDĞŝϮϬϮϰ͘
83
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
ůŵĂƌŚƵŵ dŝŬŵĂŶ hƚŽŵŽ LJĂŶŐ ƐĞďĞůƵŵŶLJĂ ŵĞƌƵƉĂŬĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ Wd ĂŬƌĂ ŚĂŬƚŝ WĂƌĂ WƵƚƌĂ
(“WW”) tidak lagi dilaporkan sebagai pemilik manfaat Perseroan dan CBPP pada sistem administrasi hukum
ƵŵƵŵ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂŬĂƌĞŶĂůŵĂƌŚƵŵdŝŬŵĂŶhƚŽŵŽ
ƚĞůĂŚŵĞŶŝŶŐŐĂůĚƵŶŝĂƉĂĚĂƚĂŶŐŐĂůϮϳ:ƵůŝϮϬϮϱ͖ĚĂŶďĞƌĚĂƐĂƌŬĂŶŬƚĂWĞŵďĂŐŝĂŶ,ĂŬtĂƌŝƐEŽ͘ϬϵƚĂŶŐŐĂů
ϱ &ĞďƌƵĂƌŝ ϮϬϮϲ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ zƵůŝĂŶŝ :ƵǁŝƚĂ ^ƵŐŝŚĂƌƚŽ͕ ^͘ ͕͘ ^͘,͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐ Ěŝ <ŽƚĂ ^ƵƌĂďĂLJĂ͕
ĚŝƚĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝƉĞŵďĂŐŝĂŶŚĂƌƚĂǁĂƌŝƐĂŶůŵĂƌŚƵŵdŝŬŵĂŶhƚŽŵŽŬĞƉĂĚĂdĞĚĚLJtŝďŽǁŽhƚŽŵŽ
LJĂŶŐŵĞƌƵƉĂŬĂŶĂŚůŝǁĂƌŝƐďĞƌƵƉĂϭϬ͘ϭϲϮ͘ϮϱϵƐĂŚĂŵĚĂůĂŵWW͘
>ĞďŝŚ ůĂŶũƵƚ ĚĂƉĂƚ ĚŝƐĂŵƉĂŝŬĂŶ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞŶũĞůĂƐĂŶ ĚĂƌŝ WĞƌƐĞƌŽĂŶ͕ ƉŝŚĂŬͲƉŝŚĂŬ LJĂŶŐ ŵĞŵŝůŝŬŝ
ŚƵďƵŶŐĂŶŬĞůƵĂƌŐĂĚĞŶŐĂŶtĂƌĚĂŶĂ,ƵĚŝĂŶƚŽĚĂŶ/ďŶƵ^ƵƐĂŶƚŽĂĚĂůĂŚ/ďŶƵ^ƵƐĂŶƚŽ͕ĂŚůŝǁĂƌŝƐtĂƌĚĂŶĂ
,ƵĚŝĂŶƚŽ͕ ^ŽĞĚŝĂƌƚŽ ^ŽĞƌũŽƉƌĂŚŽŶŽ͕ dĞĚũĂ ^ƵŬŵĂŶĂ ,ƵĚŝĂŶƚŽ͕ ,ĂƌŵĂŶƵ ,ƵĚŝĂŶƚŽ͕ 'ƵŶĂǁĂŶ ,ƵĚŝĂŶƚŽ͕
tĞůůLJ^ƵƐĂŶƚŽĚĂŶ,ĂƌƵŶ^ƵƐĂŶƚŽ͖ƐĞƌƚĂLJĂŶŐŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶĚĞŶŐĂŶůŵ͘dŝŬŵĂŶhƚŽŵŽĂĚĂůĂŚ'ŽŶŐ
,ĂŶĚŝŵĂŶhƚŽŵŽĚĂŶ,ĂƌĚŝŵĂŶhƚŽŵŽ͘
ΎͿdĞƌĚĂƉĂƚƐĂŚĂŵƚƌĞĂƐƵƌLJ;ƚƌĞĂƐƵƌLJƐƚŽĐŬͿƐĞďĂŶLJĂŬϭϮϬ͘ϲϱϭ͘ϯϬϬƐĂŚĂŵĂƚĂƵƐĞďĞƐĂƌϭ͕ϲϴй͘
WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝƐĂŚĂŵƉĂĚĂƚĂŚƵŶϮϬϭϱƉĞƌŝŽĚĞϮϭ^ĞƉƚĞŵďĞƌƐĂŵƉĂŝĚĞŶŐĂŶ
ϯϬEŽǀĞŵďĞƌϮϬϭϱ͖WĞŵďĞůŝĂŶ<ĞŵďĂůŝƚĞƌƐĞďƵƚĚŝůĂŬƵŬĂŶĚĞŶŐĂŶƚƵŶĚƵŬƉĂĚĂWK:<EŽ͘ϮͬWK:<͘ϬϰͬϮϬϭϯ
ƚĞŶƚĂŶŐWĞŵďĞůŝĂŶ<ĞŵďĂůŝ^ĂŚĂŵzĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚ ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬĂůĂŵ<ŽŶĚŝƐŝ
WĂƐĂƌ zĂŶŐ ĞƌĨůƵŬƚƵĂƐŝ ^ĞĐĂƌĂ ^ŝŐŶŝĨŝŬĂŶ ĚŝƚĞƚĂƉŬĂŶ ƚĂŶŐŐĂů Ϯϯ ŐƵƐƚƵƐ ϮϬϭϯ ĚŝƵŶĚĂŶŐŬĂŶ ƚĂŶŐŐĂů
ϮϲŐƵƐƚƵƐϮϬϭϯ͘
dŽƚĂůũƵŵůĂŚƐĂŚĂŵLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝƐĞďĂŶLJĂŬϭϭϰ͘Ϭϲϴ͘ϭϬϬƐĂŚĂŵĚĂŶƚĞůĂŚĚŝůĂƉŽƌŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ
ĚĞŶŐĂŶ ^ƵƌĂƚ EŽ͘ϭϳϰͬy//ͬ^Ͳ/^^WͬϮϬϭϱ ƚĂŶŐŐĂů Ϯ ĞƐĞŵďĞƌ ϮϬϭϱ ƉĞƌŝŚĂů >ĂƉŽƌĂŶ WĞŵďĞůŝĂŶ <ĞŵďĂůŝ
^ĂŚĂŵ͘
WĂĚĂ ƚĂŚƵŶ ϮϬϮϬ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ƐĂŚĂŵ ĚĞŶŐĂŶ ƚƵŶĚƵŬ ƉĂĚĂ ^ƵƌĂƚ ĚĂƌĂŶ
KƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶEŽ͘ϯͬ^ K:<͘ϬϰͬϮϬϮϬƚĞŶƚĂŶŐ<ŽŶĚŝƐŝ>ĂŝŶ^ĞďĂŐĂŝ<ŽŶĚŝƐŝWĂƐĂƚzĂŶŐĞƌĨůƵŬƚƵĂƐŝ
^ĞĐĂƌĂ ^ŝŐŶŝĨŝŬĂŶ ĂůĂŵ WĞůĂŬƐĂŶĂĂŶ WĞŵďĞůŝĂŶ <ĞŵďĂůŝ ^ĂŚĂŵ zĂŶŐ ŝŬĞůƵĂƌŬĂŶ KůĞŚ ŵŝƚĞŶ ĂƚĂƵ
WĞƌƵƐĂŚĂĂŶWƵďůŝŬƚĂŶŐŐĂůϵDĂƌĞƚϮϬϮϬ͘
WĞůĂŬƐĂŶĂĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝƚĞƌƐĞďƵƚƚĞůĂŚĚŝůĂƉŽƌŬĂŶŬĞƉĂĚĂK:<ĚĞŶŐĂŶ͗
Ă͘ ^ƵƌĂƚWĞƌƐĞƌŽĂŶEŽ͘ϬϭϬͬ///ͬ^Ͳ/^^WͬϮϬϮϬƚĂŶŐŐĂůϭϴDĂƌĞƚϮϬϮϬ͖
ď͘ ^ƵƌĂƚWĞƌƐĞƌŽĂŶEŽ͘Ϭϭϰͬ///ͬ^Ͳ/^^WͬϮϬϮϬƚĂŶŐŐĂůϮϳDĂƌĞƚϮϬϮϬ͖
Đ͘ ^ƵƌĂƚWĞƌƐĞƌŽĂŶEŽ͘Ϭϭϯͬ///ͬ^Ͳ/^^WͬϮϬϮϬƚĂŶŐŐĂůϮϯDĂƌĞƚϮϬϮϬ͖
Ě͘ ^ƵƌĂƚWĞƌƐĞƌŽĂŶEŽ͘ϬϬϵͬ///ͬ^Ͳ/^^WͬϮϬϮϬƚĂŶŐŐĂůϭϴDĂƌĞƚϮϬϮϬ͖ĚĂŶ
Ğ͘ ^ƵƌĂƚWĞƌƐĞƌŽĂŶEŽ͘ϬϭϮͬ///ͬ^Ͳ/^^WͬϮϬϮϬƚĂŶŐŐĂůϭϵDĂƌĞƚϮϬϮϬ͘
WĞƌƐĞƌŽĂŶďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŶŐĂůŝŚĂŶĂƚĂƐƚƌĞĂƐƵƌLJƐƚŽĐŬƚĞƌƐĞďƵƚĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶ
ũĂŶŐŬĂǁĂŬƚƵLJĂŶŐĚŝĂƚƵƌĚĂůĂŵŬĞƚĞŶƚƵĂŶĂŶŐŬĂϭϬŚƵƌƵĨ^ƵƌĂƚ ĚĂƌĂŶK:<EŽ͘ϮϬͬ^ K:<͘ϬϰͬϮϬϮϭƚĂŶŐŐĂů
ϭϬŐƵƐƚƵƐϮϬϮϭƚĞŶƚĂŶŐ<ĞďŝũĂŬĂŶ^ƚŝŵƵůƵƐĚĂŶZĞůĂŬƐĂƐŝ<ĞƚĞŶƚƵĂŶƚĞƌŬĂŝƚ ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ
ĂůĂŵDĞŶũĂŐĂ<ŝŶerja dan Stabilitas Pasar Modal Akibat Penyebaran Corona Virus Disease 2019 (“^ K:<
ϮϬͬϮϬϮϭ”) yaitu akumulasi dari:
Ă͘ ũĂŶŐŬĂǁĂŬƚƵƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵWĂƐĂůϭϮWK:<ϮͬϮϬϭϯLJĂŶŐƐĞůƵƌƵŚŶLJĂĂĚĂůĂŚϲ;ĞŶĂŵͿƚĂŚƵŶ͖
ĚĂŶ
ď͘ ũĂŶŐŬĂ ǁĂŬƚƵ ƐĞůĂŵĂ ƚĞƌũĂĚŝŶLJĂ ŬŽŶĚŝƐŝ ƉĂƐĂƌ LJĂŶŐ ďĞƌĨůƵŬƚƵĂƐŝ ƐĞĐĂƌĂ ƐŝŐŶŝĨŝŬĂŶ ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶ͗
ŝͿ ƚĂŶŐŐĂůĚŝƚĞƚĂƉŬĂŶŶLJĂ^ƵƌĂƚ ĚĂƌĂŶK:<EŽ͘ϯͬ^ K:<͘ϬϰͬϮϬϮϬLJĂŝƚƵƚĂŶŐŐĂůϵDĂƌĞƚϮϬϮϬ͖ĚĂŶ
ŝŝͿ ŬĞƚĞŶƚƵĂŶ WĂƐĂů ϰ ĂŶŐŬĂ ;ϭͿ WK:< EŽ͘ϰͬWK:<͘ϬϰͬϮϬϮϮ dĂŚƵŶ ϮϬϮϮ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ƚĂŶŐŐĂů
ϭϴ DĂƌĞƚ ϮϬϮϮ ĚĂŶ ĚŝƵŶĚĂŶŐŬĂŶ ƚĂŶŐŐĂů ϮϮ DĂƌĞƚ ϮϬϮϮ ƚĞŶƚĂŶŐ WĞƌƵďĂŚĂŶ ƚĂƐ WĞƌĂƚƵƌĂŶ
KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ EŽ͘ϳͬWK:<͘ϬϰͬϮϬϮϭ ƚĞŶƚĂŶŐ <ĞďŝũĂŬĂŶ ĂůĂŵ DĞŶũĂŐĂ <ŝŶĞƌũĂ ĂŶ
Stabilitas Pasar Modal Akibat Penyebaran Corona Virus Disease 2019 (“WK:<ϰͬϮϬϮϮ”).
;ƐĞůĂŶũutnya disebut “WĞŶŐŚŝƚƵŶŐĂŶ:ĂŶŐŬĂtĂŬƚƵWĞŶŐĂůŝŚĂŶ”)
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WĞŶŐĂůŝŚĂŶƐĂŚĂŵŽůĞŚWĞƌƐĞƌŽĂŶƚĞƌƐĞďƵƚǁĂũŝďĚŝŵƵůĂŝŬĞŵďĂůŝƚĞƌŚŝƚƵŶŐƐĞƚĞůĂŚďĞƌĂŬŚŝƌŶLJĂƉĞŶĞƌĂƉĂŶ
ŬĞďŝũĂŬĂŶ ĚĂůĂŵ ŵĞŶũĂŐĂ ŬŝŶĞƌũĂ ĚĂŶ ƐƚĂďŝůŝƚĂƐ WĂƐĂƌ DŽĚĂů ĂŬŝďĂƚ ƉĞŶLJĞďĂƌĂŶ ŽǀŝĚͲϭϵ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚĚĂůĂŵWĂƐĂůϰĂŶŐŬĂϭWK:<ϰͬϮϬϮϮLJĂŝƚƵƉĂĚĂƚĂŶŐŐĂůϯƉƌŝůϮϬϮϯ͘
hŶƚƵŬWĞŵďĞůŝĂŶ<ĞŵďĂůŝdĂŚƵŶϮϬϭϱ͗
WĞŶŐĂůŝŚĂŶƐĂŚĂŵ ƚƌĞĂƐƵƌLJŽůĞŚWĞƌƐĞƌŽĂŶLJĂŶŐ ǁĂũŝďĚŝŵƵůĂŝŬĞŵďĂůŝƉĂĚĂƚĂŶŐŐĂůϯƉƌŝůϮϬϮϯ͕ǁĂũŝď
ŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞŶƚƵĂŶ͗
Ă͘ ^ K:< EŽ͘ϱͬ^ K:<͘ϬϰͬϮϬϭϳ ƚĞŶƚĂŶŐ WĞŶĐĂďƵƚĂŶ ^ƵƌĂƚ ĚĂƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ
EŽ͘ϮϮͬ^ K:<͘ϬϰͬϮϬϭϱdĞŶƚĂŶŐ<ŽŶĚŝƐŝ>ĂŝŶ^ĞďĂŐĂŝ<ŽŶĚŝƐŝWĂƐĂƌzĂŶŐĞƌĨůƵŬƚƵĂƐŝ^ĞĐĂƌĂ^ŝŐŶŝĨŝŬĂŶ
ĂůĂŵWĞůĂŬƐĂŶĂĂŶWĞŵďĞůŝĂŶ<ĞŵďĂůŝ^ĂŚĂŵzĂŶŐŝŬĞůƵĂƌŬĂŶKůĞŚ ŵŝƚĞŶƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ
yang ditetapkan tanggal 19 Januari 2017 (“SEOJK 22/2015”); dan
ď͘ WĞŶŐŚŝƚƵŶŐĂŶ:ĂŶŐŬĂtĂŬƚƵWĞŶŐĂůŝŚĂŶ͘
hŶƚƵŬWĞŵďĞůŝĂŶ<ĞŵďĂůŝdĂŚƵŶϮϬϮϬ͗
<ĞǁĂũŝďĂŶƉĞŶŐĂůŝŚĂŶƐĂŚĂŵƚƌĞĂƐƵƌLJŽůĞŚWĞƌƐĞƌŽĂŶLJĂŶŐǁĂũŝďĚŝŵƵůĂŝƉĂĚĂƚĂŶŐŐĂůϯƉƌŝůϮϬϮϯ͕ǁĂũŝď
ŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞŶƚƵĂŶWĞŶŐŚŝƚƵŶŐĂŶ:ĂŶŐŬĂtĂŬƚƵWĞŶŐĂůŝŚĂŶ͘
ĞŶŐĂŶĚĞŵŝŬŝĂŶ͕ƉĞƌŝŽĚĞǁĂŬƚƵĚŝŵĂŶĂWĞƌƐĞƌŽĂŶǁĂũŝď ƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŶŐĂůŝŚĂŶŬĞŵďĂůŝƐĞůƵƌƵŚ
ƐĂŚĂŵƚƌĞĂƐƵƌLJƚĞƌƐĞďƵƚĚŝĂƚĂƐďĞůƵŵƚĞƌůĂŵƉĂƵŝ͘
ĂƚĂƚĂŶ͗
,ŝŶŐŐĂ ƐĂĂƚ ŝŶŝ ďĞůƵŵ ĚŝůĂŬƵŬĂŶ ƌĞĂůŝƐĂƐŝ ĚĂƌŝ ƉĞŶŐĂůŝŚĂŶ ŬĞŵďĂůŝ ;ƌĞĨůŽĂƚͿ ĂƚĂƐ ƐĂŚĂŵ ĚĂůĂŵ ƚƌĞĂƐƵƌLJ
WĞƌƐĞƌŽĂŶƚĞƌƐĞďƵƚĚĂŶWĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵƉĞƌŚĂƚŝŬĂŶƉĞƌŝŽĚĞǁĂŬƚƵƉĞŶŐĂůŝŚĂŶŬĞŵďĂůŝƐĞůƵƌƵŚƐĂŚĂŵ
ƚƌĞĂƐƵƌLJƐĞƐƵĂŝƉĞƌĂƚƵƌĂŶK:<EŽŵŽƌϯϬͬWK:<͘ϬϰͬϮϬϭϳũƵŶĐƚŽWK:<EŽŵŽƌϮϵdĂŚƵŶϮϬϮϯ͘
,ŝŶŐŐĂ dĂŚƵŶ ƵŬƵ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ͕ ďĞƌĚĂƐĂƌŬĂŶ >ĂƉŽƌĂŶ
<ĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶŬĞǁĂũŝďĂŶ
ƉĞŶLJŝƐŝŚĂŶĚĂŶĂĐĂĚĂŶŐĂŶĚĞŶŐĂŶũƵŵůĂŚƐĞůƵƌƵŚŶLJĂZƉϰϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƉƵůƵŚŵŝůŝĂƌZƵƉŝĂŚͿĂƚĂƵ
ƐĞďĞƐĂƌ ϱ͕ϱϲϲй ;ůŝŵĂ ŬŽŵĂ ůŝŵĂ ĞŶĂŵ ĞŶĂŵ ƉĞƌƐĞŶͿ ĚĂƌŝ ƐĞůƵƌƵŚ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ
WĞƌƐĞƌŽĂŶ͖ĚŝŵĂŶĂũƵŵůĂŚƚĞƌƐĞďƵƚďĞůƵŵŵĞŶĐĂƉĂŝũƵŵůĂŚŵŝŶŝŵƵŵƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵWĂƐĂůϳϬ
ĂLJĂƚ ϯ hhWd LJĂŝƚƵ ŵŝŶŝŵƵŵ ϮϬй ;ĚƵĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ũƵŵůĂŚ ŵŽĚĂů LJĂŶŐ ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ͘
^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŚĂů ƚĞƌƐĞďƵƚ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶLJĂŵƉĂŝŬĂŶ ŬŽŵŝƚŵĞŶŶLJĂ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ
WĞƌŶLJĂƚĂĂŶƚĞƌƚĂŶŐŐĂůϮ&ĞďƌƵĂƌŝϮϬϮϲƵŶƚƵŬƐĞŶĂŶƚŝĂƐĂŵĞůĂŬƵŬĂŶŬĞǁĂũŝďĂŶŵĞŶLJŝƐŝŚŬĂŶũƵŵůĂŚƚĞƌƚĞŶƚƵ
ĚĂƌŝůĂďĂďĞƌƐŝŚƐĞƚŝĂƉƚĂŚƵŶďƵŬƵWĞƌƐĞƌŽĂŶƵŶƚƵŬĚĂŶĂĐĂĚĂŶŐĂŶ͕ŚŝŶŐŐĂĚĂŶĂĐĂĚĂŶŐĂŶŵĞŶĐĂƉĂŝƉĂůŝŶŐ
ƐĞĚŝŬŝƚϮϬй;ĚƵĂƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚŵŽĚĂůLJĂŶŐĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝŵĂŶĂ
ĚŝĂƚƵƌĚĂůĂŵWĂƐĂůϳϬhŶĚĂŶŐͲƵŶĚĂŶŐEŽ͘ϰϬdĂŚƵŶϮϬϬϳƚĞŶƚĂŶŐWĞƌƐĞƌŽĂŶdĞƌďĂƚĂƐ͘
dĂďĞů ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ŽůĞŚ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ďĞƌĚĂƐĂƌŬĂŶ ůĂƉŽƌĂŶ ƉĞƌ
ϯϭ:ĂŶƵĂƌŝϮϬϮϲLJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚWdĚŝŵŝƚƌĂ:ĂƐĂ<ŽƌƉŽƌĂ͗
:ƵŵůĂŚ й
EŽ͘ EĂŵĂ :ĂďĂƚĂŶ
^ĂŚĂŵ
ϭ͘ DĂŬŵƵƌtŝĚũĂũĂ <ŽŵŝƐĂƌŝƐhƚĂŵĂͬ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ Ϭ Ϭ͕ϬϬ
Ϯ͘ ŶƚĂƌŝŽtŝĚũĂũĂ^ƵƐĂŶƚŽ <ŽŵŝƐĂƌŝƐ Ϭ Ϭ͕ϬϬ
ϯ͘ tĞůůLJdĂŶƚŽŶŽ <ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ Ϭ Ϭ͕ϬϬ
ϰ͘ ŝŶŐ,ĂƌƚŽŶŽWŽĞƌŶŽŵŽƐŝĚŝ <ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ Ϭ Ϭ͕ϬϬ
ϱ͘ /ďŶƵ^ƵƐĂŶƚŽ ŝƌĞŬƚƵƌhƚĂŵĂ Ϭ Ϭ͕ϬϬ
ϲ͘ dĞĚũĂ^ƵŬŵĂŶĂ,ƵĚŝĂŶƚŽ tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂ Ϭ Ϭ͕ϬϬ
ϳ͘ EŝĐŽ'ƵŶĂǁĂŶ ŝƌĞŬƚƵƌ Ϭ Ϭ͕ϬϬ
ϴ͘ ^ŽĞĚŝĂƌƚŽ^ŽĞƌũŽƉƌĂŚŽŶŽ ŝƌĞŬƚƵƌ Ϭ Ϭ͕ϬϬ
ϵ͘ dŚĞ͕,ĂŶŶLJWƵƌŶŽŵŽ ŝƌĞŬƚƵƌ Ϭ Ϭ͕ϬϬ
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ϯ͘ W Z//EE
WĂĚĂ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͕ WĞƌƐĞƌŽĂŶ ĚĂŶ WĞƌƵƐĂŚĂĂŶ ŶĂŬ ƚĞůĂŚ ŵĞŵŝůŝŬŝ ŝnjŝŶͲŝnjŝŶ LJĂŶŐ ǁĂũŝď
ĚŝƉĞŶƵŚŝƚĞƌŬĂŝƚĚĞŶŐĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐĚŝůĂŬƵŬĂŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
W Z^ ZKE
EŽ͘ :ĞŶŝƐ/ũŝŶ <ĞƚĞƌĂŶŐĂŶ
ϭ͘ EŽŵŽƌ/ŶĚƵŬĞƌƵƐĂŚĂ EŽŵŽƌ͗ϴϭϮϬϬϬϲϴϯϮϭϳϲĚŝƚĞƌďŝƚŬĂŶƉĞƌƚĂŵĂŬĂůŝƚĂŶŐŐĂůϮϳŐƵƐƚƵƐϮϬϭϴ͕
ĚĂŶ ĚŝĐĞƚĂŬ ƚĞƌĂŬŚŝƌ ƚĂŶŐŐĂů ϭϱ :ƵŶŝ ϮϬϮϱ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ
ZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘
<>/LJĂŶŐƚĞƌĐĂŬƵƉĚĂůĂŵE/ŝŶŝĂĚĂůĂŚ<>/ϮϵϯϬϬ͕ ϯϬϵϭϮ͕ϮϰϭϬϯ͕ϰϲϲϯϭ
ĚĂŶϮϱϵϮϬ͘
E/ďĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞƐƵĂŝŬĞƚĞŶƚƵĂŶ
ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
Ϯ͘ /ũŝŶhƐĂŚĂ/ŶĚƵƐƚƌŝ dĂŶŐŐĂů ϱ ^ĞƉƚĞŵďĞƌ ϮϬϭϴ͕ ƉĞƌƵďĂŚĂŶ ŬĞͲϲ ƚĂŶŐŐĂů Ϯϵ ĞƐĞŵďĞƌ ϮϬϮϬ͕
ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶ
WĞŶLJĞůĞŶŐŐĂƌĂK^^͘ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
<>/ϮϰϭϬϯ͗:ů͘ZĂLJĂĂŶĚĞůƐtĂĚĞŶŐ^ŝĚĂLJƵ'ƌĞƐŝŬ͕<Ğů͘tĂĚĞŶŐ͕<ĞĐ͘^ŝĚĂLJƵ͕
<Ăď͘'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͖
<>/ ϮϰϭϬϮ͗ :ů͘ DŝƚƌĂ ZĂLJĂ // ůŽŬ &Ϯ͕ <Ğů͘ WĂƌƵŶŐŵƵůLJĂ͕ <ĞĐ͘ ŝĂŵƉĞů͕ <Ăď͘
<ĂƌĂǁĂŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ͖
<>/ ϮϰϭϬϯ͗ :ů͘ DŝƚƌĂ ZĂLJĂ // ůŽŬ &Ϯ͕ <Ğů͘ WĂƌƵŶŐŵƵůLJĂ͕ <ĞĐ͘ ŝĂŵƉĞů͕ <Ăď͘
<ĂƌĂǁĂŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ͖
dĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϭϵ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
<>/ ϮϵϯϬϬ Ͳ :ů͘ DŝƚƌĂ ZĂLJĂ ůŽŬ &Ϯ͕ <Ğů͘ WĂƌƵŶŐŵƵůLJĂ͕ <ĞĐ͘ ŝĂŵƉĞů͕ <Ăď͘
<ĂƌĂǁĂŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ͖
<>/ ϮϰϭϬϯͲ :ů͘ ZĂLJĂ ĞŵĞŶŐŬĂůĂŶŐ͕ <Ğů͘ ĞŵĞŶŬĂůĂŶŐ͕ <ĞĐ͘ ^ŝĚŽĂƌũŽ͕ <Ăď͘
^ŝĚŽĂƌũŽ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͖
<>/ ϮϰϭϬϯ Ͳ :ů͘ <ĂďƵƉĂƚĞŶ ĞƐĂ ĂŶŐŬƌŝŶŐ DĂůĂŶŐ͕ <Ğů͘ ĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕
<ĞĐ͘Ğũŝ͕<Ăď͘WĂƐƵƌƵĂŶ͕:ĂǁĂdŝŵƵƌ͖
<>/ ϮϰϭϬϯ Ͳ :ů͘ DĂƐƚƌŝƉ ϴϲϬ͕ <Ğů͘ tĂƌƵŐƵŶƵŶŐ͕ <ĞĐ͘ <ĂƌĂŶŐƉŝůĂŶŐ͕ <ŽƚĂ
^ƵƌĂďĂLJĂ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͖
<>/ϮϰϭϬϯͲ:ů͘DŝƚƌĂZĂLJĂ//ůŽŬ&Ϯ͕<Ğů͘WĂƌƵŶŐŵƵůLJĂ͕<ĞĐ͘ŝĂŵƉĞů͕<Ăď͘
<ĂƌĂǁĂŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ͖
<>/ϮϰϭϬϮͲ:ů͘DŝƚƌĂZĂLJĂ//ůŽŬ&Ϯ͕<Ğů͘WĂƌƵŶŐŵƵůLJĂ͕<ĞĐ͘ŝĂŵƉĞů͕<Ăď͘
<ĂƌĂǁĂŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ͖
<>/ ϮϰϭϬϯ Ͳ :ů͘ ZĂLJĂ ĂŶĚĞůƐ tĂĚĞŶŐ ^ŝĚĂLJƵ 'ƌĞƐŝŬ͕ <Ğů͘ tĂĚĞŶŐ͕ <ĞĐ͘
^ŝĚĂLJƵ͕<Ăď͘'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͘
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ĞƌůĂŬƵ ƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ϮϰϭϬϯ͖:ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/ͬϮϴͲϯϮ͕<Ğů͘ZƵŶŐŬƵƚ<ŝĚƵů͕<ĞĐ͘ZƵŶŐŬƵƚ͕<ŽƚĂ
^ƵƌĂďĂLJĂ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ϮϰϭϬϯ͖:ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ//ͬϭϬ͕<Ğů͘ZƵŶŐŬƵƚ<ŝĚƵů͕<ĞĐ͘ZƵŶŐŬƵƚ͕<ŽƚĂ
^ƵƌĂďĂLJĂ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͘
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
EŽ͘ :ĞŶŝƐ/ũŝŶ <ĞƚĞƌĂŶŐĂŶ
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ ϮϰϭϬϯ͖ :ů͘ DĂƐƚƌŝƉ ϴϲϬ͕ <Ğů͘ tĂƌƵŐƵŶƵŶŐ͕ <ĞĐ͘ <ĂƌĂŶŐƉŝůĂŶŐ͕ <ŽƚĂ
^ƵƌĂďĂLJĂ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͘
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ϯϬϵϭϮ͖ :ů͘ DŝƚƌĂ ZĂLJĂ // ůŽŬ &Ϯ͕ <Ğů͘ WĂƌƵŶŐŵƵůLJĂ͕ <ĞĐ͘ ŝĂŵƉĞů͕ <Ăď͘
<ĂƌĂǁĂŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ͘
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ϮϵϯϬϬ͖ :ů͘ DŝƚƌĂ ZĂLJĂ ůŽŬ &Ϯ͕ <Ğů͘ WĂƌƵŶŐŵƵůLJĂ͕ <ĞĐ͘ ŝĂŵƉĞů͕ <Ăď͘
<ĂƌĂǁĂŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ͘
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ ϮϰϭϬϯ͖ :ů͘ ZĂLJĂ ĞŵĞŶŐŬĂůĂŶŐ͕ <Ğů͘ ĞŵĞŶŐŬĂůĂŶŐ͕ <ĞĐ͘ ^ŝĚŽĂƌũŽ͕ <Ăď͘
^ŝĚŽĂƌũŽ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͘
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ ϮϰϭϬϮ͖ :ů͘ DŝƚƌĂ ZĂLJĂ // ůŽŬ &Ϯ͕ <Ğů͘ WĂƌƵŶŐŵƵůLJĂ͕ <ĞĐ͘ ŝĂŵƉĞů͕ <Ăď͘
<ĂƌĂǁĂŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ͘
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘<>/ϮϰϭϬϯ͖:ů͘<ĂďƵƉĂƚĞŶĞƐĂĂŶŐŬƌŝŶŐDĂůĂŶŐ͕<Ğů͘ĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕
<ĞĐ͘Ğũŝ͕<Ăď͘WĂƐƵƌƵĂŶ͕:ĂǁĂdŝŵƵƌ͘
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ϮϰϭϬϯ͖ :ů͘ DĂƐƚƌŝƉ ϴϲϬ͕ <Ğů͘ tĂƌƵŐƵŶƵŶŐ͕ <ĞĐ͘ <ĂƌĂŶŐƉŝůĂŶŐ͕ <ŽƚĂ
^ƵƌĂďĂLJĂ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ϮϰϭϬϯ͖:ů͘ZĂLJĂĂŶĚĞůƐtĂĚĞŶŐ^ŝĚĂLJƵ'ƌĞƐŝŬ͕<Ğů͘tĂĚĞŶŐ͕<ĞĐ͘^ŝĚĂLJƵ͕
<Ăď͘'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͘
ϯ͘ /ũŝŶhƐĂŚĂWĞƌĚĂŐĂŶŐĂŶ dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ϰϲϲϯϭ͖ :ů͘ <ĂůŝďƵƚƵŚ EŽ͘ϭϴϵͲϭϵϭ͕ <ĞůƵƌĂŚĂŶ dĞŵďŽŬ ƵŬƵŚ͕ <ĞĐĂŵĂƚĂŶ
ƵďƵƚĂŶ͕<ŽƚĂ^ƵƌĂďĂLJĂ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͘
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ĞƌůĂŬƵ ƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
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hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ϰϲϲϯϭ͖ :ů͘ <ŽƉŽ ϰϱϱ ŝnjƉĂƌŬ ŽŵŵĞƌĐŝĂů ƐƚĂƚĞ ůŽŬ / EŽ͘Ϯϲ͕ <Ğů͘
ŝƌĂŶŐƌĂŶŐ͕<ĞĐ͘ĂďĂŬĂŶŝƉĂƌĂLJ͕<ŽƚĂĂŶĚƵŶŐ͕:ĂǁĂĂƌĂƚ
dĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ ĞƌůĂŬƵƐĞůĂŵĂWĞƌƐĞƌŽĂŶ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ϰϲϲϯϭ͖<ŽŵƉ͘WĞƌŐƵĚĂŶŐĂŶ^ĞŵĂŶĂŶDĞŐĂŚZĂLJĂ<Ăǀ͘ϳůŽŬϭ͕:ů͘ĂĂŶ
DŽŐŽƚ<D͘ϭϴ͕^ĞŵĂŶĂŶ͕<ĂůŝĚĞƌĞƐ͕<Ğů͘^ĞŵĂŶĂŶ͕<ĞĐ͘<ĂůŝĚĞƌĞƐ͕<ŽƚĂ:ĂŬĂƌƚĂ
ĂƌĂƚ͕</:ĂŬĂƌƚĂ͘
dĂŶŐŐĂů ƚĂŶŐŐĂů ϱ ^ĞƉƚĞŵďĞƌ ϮϬϭϴ͕ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂ Đ͘Ƌ͘ >ĞŵďĂŐĂ WĞŶŐĞůŽůĂ ĚĂŶ WĞŶLJĞůĞŶŐŐĂƌĂ K^^͘ ĞƌůĂŬƵ ƐĞůĂŵĂ
WĞƌƐĞƌŽĂŶŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ϰϲϲϯϭ͖:ů͘WĂŶŐĞƌĂŶ:ĂLJĂŬĂƌƚĂEŽ͘ϱϱ'ĞĚƵŶŐĂũĂ>ĂŶƚĂŝϳ͕<Ğů͘DĂŶŐŐĂ
ƵĂ^ĞůĂƚĂŶ͕<ĞĐ͘^ĂǁĂŚĞƐĂƌ͕:ĂŬĂƌƚĂWƵƐĂƚ͕</:ĂŬĂƌƚĂ
dĂŶŐŐĂů ƚĂŶŐŐĂů ϱ ^ĞƉƚĞŵďĞƌ ϮϬϭϴ͕ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂ Đ͘Ƌ͘ >ĞŵďĂŐĂ WĞŶŐĞůŽůĂ ĚĂŶ WĞŶLJĞůĞŶŐŐĂƌĂ K^^͘ ĞƌůĂŬƵ ƐĞůĂŵĂ
WĞƌƐĞƌŽĂŶŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
hŶƚƵŬ<>/ĚĂŶůŽŬĂƐŝƵƐĂŚĂ͗
EŽ͘ϰϲϲϯϭ͖DĂŶŐŬƵƉĂůĂƐƵƐŝŶĞĞƐĞŶƚĞƌWĞƌŐƵĚĂŶŐĂŶ ͲϭϬͲϭϭ͕&ϵͲϭϬ͕<Ğů͘
^ŝŵƉĂŶŐWĂƐŝƌ͕<ĞĐ͘WĂůĂƌĂŶ͕<ŽƚĂ^ĂŵĂƌŝŶĚĂ͕<ĂůŝŵĂŶƚĂŶdŝŵƵƌ͘
ϰ͘ /ũŝŶ>ŝŶŐŬƵŶŐĂŶ hŶƚƵŬ ůŽŬĂƐŝ ƉĂďƌŝŬ WĞƌƐĞƌŽĂŶ Ěŝ :ů͘ DŝƚƌĂ ZĂLJĂ ůŽŬ &Ϯ͕ ĞƐĂͬ<ĞůƵƌĂŚĂŶ
WĂƌƵŶŐŵƵůLJĂ͕<ĞĐĂŵĂƚĂŶŝĂŵƉĞů͕<ĂďƵƉĂƚĞŶ<ĂƌĂǁĂŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ
ƚĞƌƚĂŶŐŐĂů ϱ ^ĞƉƚĞŵďĞƌ ϮϬϭϴ͕ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂĐ͘Ƌ>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͕͘
hŶƚƵŬ ůŽŬĂƐŝ ƉĂďƌŝŬ WĞƌƐĞƌŽĂŶ Ěŝ :ů͘ DŝƚƌĂ͘ ZĂLJĂ // ůŽŬ &Ϯ͕ ĞƐĂͬ<ĞůƵƌĂŚĂŶ
WĂƌƵŶŐŵƵůLJĂ͕ <ĞĐĂŵĂƚĂŶ ŝĂŵƉĞů͕ <ĂďƵƉĂƚĞŶ <ĂƌĂǁĂŶŐ͕ WƌŽǀŝŶƐŝ :ĂǁĂ
ĂƌĂƚ͕ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ Đ͘Ƌ͘ >ĞŵďĂŐĂ
WĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͕
hŶƚƵŬ ůŽŬĂƐŝ ƉĂďƌŝŬ WĞƌƐĞƌŽĂŶ Ěŝ :ů͘ZĂLJĂ ĞŵĞŶŐŬĂůĂŶŐ͕ ĞƐĂͬ<ĞůƵƌĂŚĂŶ
ĞŵĞŶŬĂůĂŶŐ͕<ĞĐĂŵĂƚĂŶ^ŝĚŽĂƌũŽ͕<ĂďƵƉĂƚĞŶ^ŝĚŽĂƌũŽ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͕
ƚĞƌƚĂŶŐŐĂůϳDĞŝϮϬϭϰ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘
>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͕
hŶƚƵŬ ůŽŬĂƐŝ ƉĂďƌŝŬ WĞƌƐĞƌŽĂŶ Ěŝ :ů͘ <ĂůŝďƵƚƵŚ EŽ͘ϭϴϵͲϭϵϭ͕ ĞƐĂͬ<ĞůƵƌĂŚĂŶ
dĞŵďŽŬ ƵŬƵŚ͕ <ĞĐĂŵĂƚĂŶ ƵďƵƚĂŶ͕ <ŽƚĂ ^ƵƌĂďĂLJĂ͕ WƌŽǀŝŶƐŝ :ĂǁĂ dŝŵƵƌ͕
ƚĞƌƚĂŶŐŐĂů ϱ ^ĞƉƚĞŵďĞƌ ϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͕
hŶƚƵŬ ůŽŬĂƐŝ ƉĂďƌŝŬ WĞƌƐĞƌŽĂŶ Ěŝ :ů͘ <ĂďƵƉĂƚĞŶ ĞƐĂ ĂŶŐŬƌŝŶŐ DĂůĂŶŐ͕
ĞƐĂͬ<ĞůƵƌĂŚĂŶ ĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕ <ĞĐĂŵĂƚĂŶ Ğũŝ͕ <ĂďƵƉĂƚĞŶ WĂƐƵƌƵĂŶ͕
WƌŽǀŝŶƐŝ :ĂǁĂ dŝŵƵƌ͕ ƚĞƌƚĂŶŐŐĂů ϭϳ EŽǀĞŵďĞƌ ϮϬϬϯ͕ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ
K^^͕
hŶƚƵŬ ůŽŬĂƐŝ ƉĂďƌŝŬ WĞƌƐĞƌŽĂŶ Ěŝ :ů͘ DĂƐƚƌŝƉ ϴϲϬ͕ ĞƐĂͬ<ĞůƵƌĂŚĂŶ
tĂƌƵŐƵŶƵŶŐ͕<ĞĐĂŵĂƚĂŶ<ĂƌĂŶŐƉŝůĂŶŐ͕<ŽƚĂ^ƵƌĂďĂLJĂ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͕
ƚĞƌƚĂŶŐŐĂůϮϮ:ƵŶŝϮϬϭϮ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘
>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͕
hŶƚƵŬůŽŬĂƐŝƉĂďƌŝŬWĞƌƐĞƌŽĂŶĚŝ:ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/ͬϮϴͲϯϮ͕ĞƐĂͬ<ĞůƵƌĂŚĂŶ
ZƵŶŐŬƵƚ <ŝĚƵů͕ <ĞĐĂŵĂƚĂŶ ZƵŶŐŬƵƚ͕ <ŽƚĂ ^ƵƌĂďĂLJĂ͕ WƌŽǀŝŶƐŝ :ĂǁĂ dŝŵƵƌ͕
ƚĞƌƚĂŶŐŐĂů ϵ DĂƌĞƚ ϮϬϬϰ͕ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ
Đ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͕
hŶƚƵŬůŽŬĂƐŝƉĂďƌŝŬWĞƌƐĞƌŽĂŶĚŝ:ů͘ZƵŶŐŬƵƚ /ŶĚƵƐƚƌŝ//ͬϭϬ͕ĞƐĂͬ<ĞůƵƌĂŚĂŶ
ZƵŶŐŬƵƚ <ŝĚƵů͕ <ĞĐĂŵĂƚĂŶ ZƵŶŐŬƵƚ͕ <ŽƚĂ ^ƵƌĂďĂLJĂ͕ WƌŽǀŝŶƐŝ :ĂǁĂ dŝŵƵƌ
ƚĞƌƚĂŶŐŐĂůϵDĂƌĞƚϮϬϬϰ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ
>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘
ϱ͘ /njŝŶDĞŶĚŝƌŝŬĂŶĂŶŐƵŶĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ tĂůŝŬŽƚĂ <ĞƉĂůĂ ĂĞƌĂŚ <ŽƚĂŵĂĚLJĂ ^ƵƌĂďĂLJĂ ƚĂŶŐŐĂů ϭϮ
^ĞƉƚĞŵďĞƌ ϭϵϳϵ ŶŽŵŽƌ͗ Ő͘ϲϵϬϭͬϰϱϳͲϰϮϳϳ LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ
ƉĞŵďĞƌŝĂŶ ŝnjŝŶ ŵĞŶĚŝƌŝŬĂŶ ďĂŶŐƵŶĂŶ ŬĞƉĂĚĂ Wd͘ ZĂĚũŝŶ WĞƌ͘ ĂŐĂŶŐ
/ŶĚŽŶĞƐŝĂƵŶƚƵŬŵĞŶĚŝƌŝŬĂŶďĂŶŐƵŶĂŶƚĂŵďĂŚĂŶĚĂƌŝďĂƚƵŐƵŶĂŬĂŶƚŽƌĚĂŶ
88
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ŐƵĚĂŶŐ͕ĚŝƉĞƌƐŝů:ů͘<ĂůŝďƵƚƵŚEŽ͘ϭϴϵͲϭϵϭ^ƵƌĂďĂLJĂ͕dĂŶĂŚ͗ ŝŐ͘sĞƌƉ͘ŶŽ͘ϭϭϬϮ͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂů
ϮϬ &ĞďƌƵĂƌŝ ϭϵϴϬ ŶŽŵŽƌ͗ Ő͘ϲϵϬϭͬϭϳϭϰ LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ
ƉĞŵďĞƌŝĂŶ ŝnjŝŶ ŵĞŶĚŝƌŝŬĂŶ ďĂŶŐƵŶĂŶ ŬĞƉĂĚĂ Wd͘ ZĂĚũŝŶ WĞƌ͘ ĂŐĂŶŐ
/ŶĚŽŶĞƐŝĂƵŶƚƵŬŵĞŶĚŝƌŝŬĂŶďĂŶŐƵŶĂŶďĂƌƵĚĂƌŝďĂƚƵŐƵŶĂŬĂŶƚŽƌŐƵĚĂŶŐ͕
ĚŝƉĞƌƐŝů:ů͘<ĂůŝďƵƚƵŚEŽ͘ϭϴϵͲϭϵϭ^ƵƌĂďĂLJĂ͕dĂŶĂŚ͗,'͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂůϴ
:Ƶůŝ ϭϵϴϰ ŶŽŵŽƌ͗ Ő͘W͘ϲϵϬϭ LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ŝnjŝŶ
ŵĞŶĚŝƌŝŬĂŶ ďĂŶŐƵŶĂŶ ŬĞƉĂĚĂ Wd͘ ZĂĚũŝŶ WĞƌ͘ ĂŐĂŶŐ /ŶĚŽŶĞƐŝĂ ƵŶƚƵŬ
ŵĞŶĚŝƌŝŬĂŶďĂŶŐƵŶĂŶƚĂŵďĂŚĂŶĚĂƌŝďĂƚƵŐƵŶĂůŽƐŬĞƌũĂ͕ĚŝƉĞƌƐŝů:ů͘<ĂůŝďƵƚƵŚ
EŽ͘ϭϴϵͲϭϵϭ^ƵƌĂďĂLJĂƚĂŶĂŚŶĞŐĂƌĂ͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂů
Ϯϴ DĂƌĞƚ ϭϵϴϴ ŶŽŵŽƌ͗ ϭϴϴ͘ϰϱϭϳϮϲͲϳϮͬϰϭϭ͘ϱϲͬϴϴ LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ŝnjŝŶ Wd͘ ZĂĚũŝŶ WĞƌ͘ ĂŐĂŶŐ /ŶĚŽŶĞƐŝĂ ƵŶƚƵŬ
ŵĞŵƉĞƌƚĂŚĂŶŬĂŶƐĞďƵĂŚďĂŶŐƵŶĂŶĚĂƌŝďĂƚƵ͕ďĞƚŽŶĚĂŶŬĂLJƵŐƵŶĂƉĂďƌŝŬ
ĚĂŶŐƵĚĂŶŐ͕ĚŝƉĞƌƐŝů:ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/EŽ͗Ϯϴ–ϯϬ^ƵƌĂďĂLJĂ͕ƐƚĂƚƵƐƚĂŶĂŚ
ŶĞŐĂƌĂ͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂů
ϭϯ &ĞďƌƵĂƌŝ ϭϵϴϵ ŶŽŵŽƌ͗ ϭϴϴ͘ϰϱͬϭϳϭϲͲϵϭ͘ϭϰϭϭ͘ϱϲͬϴϵ LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ŝnjŝŶ Wd͘ ZĂĚũŝŶ WĞƌ͘ ĂŐĂŶŐ /ŶĚŽŶĞƐŝĂ ƵŶƚƵŬ
ŵĞŵƉĞƌƚĂŚĂŶŬĂŶϲďƵĂŚďĂŶŐƵŶĂŶĚĂƌŝďĂƚƵ͕ďĞƚŽŶĚĂŶŬĂLJƵŐƵŶĂƉĂďƌŝŬ͕
ĚŝƉĞƌƐŝů:ů͘DĂƐƚƌŝƉEŽ͗ϴϲϬ^ƵƌĂďĂLJĂ͕ƐƚĂƚƵƐƚĂŶĂŚŶĞŐĂƌĂ,ĂŬ'ƵŶĂĂŶŐƵŶĂŶ
EŽ͗ϭ͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂů
ϭϬŐƵƐƚƵƐϭϵϵϭŶŽŵŽƌ͗ϭϴϴ͘ϰϱͬϮϯϭϲ͘ϵϮͬϰϬϮ͘ϱ͘ϬϵͬϭϵϵϭLJĂŶŐŵĞŶĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝƉĞŵďĞƌŝĂŶŝnjŝŶWd͘ZĂĚũŝŶWĞƌ͘ĂŐĂŶŐ/ŶĚŽŶĞƐŝĂƵŶƚƵŬŵĞŶĚŝƌŝŬĂŶ
ƐĞďƵĂŚďĂŶŐƵŶĂŶĚĂƌŝďĂƚƵ͕ďĞƚŽŶĚĂŶŬĂLJƵŐƵŶĂƉĂďƌŝŬĚĂŶŐƵĚĂŶŐ͕ĚŝƉĞƌƐŝů
:ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ//EŽ͗ϭϬ^ƵƌĂďĂLJĂ͕ƐƚĂƚƵƐƚĂŶĂŚEĞŐĂƌĂ,ĂŬWĞŶŐĞůŽůĂĂŶ
Wd͘^/ Z͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂů
ϭϳKŬƚŽďĞƌϭϵϵϮŶŽŵŽƌ͗ϭϴϴ͘ϰϱͬϯϭϴϴ͘ϵϮͬϰϬϮ͘ϱ͘ϬϵͬϭϵϵϮLJĂŶŐŵĞŶĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝƉĞŵďĞƌŝĂŶŝnjŝŶWd͘ZĂĚũŝŶWĞƌ͘ĂŐĂŶŐ/ŶĚŽŶĞƐŝĂƵŶƚƵŬŵĞŶĚŝƌŝŬĂŶ
ƐĞďƵĂŚ ďĂŶŐƵŶĂŶ ĚĂƌŝ ďĂƚƵ͕ ďĞƚŽŶ ĚĂŶ ŬĂLJƵ ŐƵŶĂ ƉĂďƌŝŬ ƉŝƉĂ͕ ĚŝƉĞƌƐŝů :ů͘
ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ//EŽ͗ϭϬ^ƵƌĂďĂLJĂ͕ƐƚĂƚƵƐƚĂŶĂŚEĞŐĂƌĂ,ĂŬWĞŶŐĞůŽůĂĂŶWd͘
^/ Z͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂů
ϭϴ EŽǀĞŵďĞƌ ϭϵϵϯ ŶŽŵŽƌ͗ ϭϴϴ͘ϰϱͬϯϳϮϭ͘ϵϮͬϰϬϮ͘ϱ͘Ϭϵͬϭϵϵϯ LJĂŶŐ
ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ŝnjŝŶ Wd͘ ZĂĚũŝŶ WĞƌ͘ ĂŐĂŶŐ /ŶĚŽŶĞƐŝĂ
ƵŶƚƵŬŵĞŶĚŝƌŝŬĂŶƐĞďƵĂŚďĂŶŐƵŶĂŶĚĂƌŝďĂƚƵ͕ďĞƚŽŶĚĂŶŬĂLJƵŐƵŶĂƉĂďƌŝŬ͕
ĚŝƉĞƌƐŝů:ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ//EŽ͗ϭϬ^ƵƌĂďĂLJĂ͕ƐƚĂƚƵƐƚĂŶĂŚEĞŐĂƌĂ,ĂŬ'ƵŶĂ
ĂŶŐƵŶĂŶEŽ͘ϭϲ͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂůϰ
DĞŝ ϭϵϵϯ ŶŽŵŽƌ͗ ϭϴϴ͘ϰϱͬϳϰϭ͘ϵϭͬϰϬϮ͘ϱ͘Ϭϵͬϭϵϵϯ LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ŝnjŝŶ Wd͘ ZĂĚũŝŶ WĞƌ͘ ĂŐĂŶŐ /ŶĚŽŶĞƐŝĂ ƵŶƚƵŬ ƐĞďƵĂŚ
ďĂŶŐƵŶĂŶ ƚĂŵďĂŚĂŶ ĚĂƌŝ ďĂƚƵ͕ ďĞƚŽŶ ĚĂŶ ŬĂLJƵ LJĂŶŐ ƚĞůĂŚ ďĞƌĚŝƌŝ ŐƵŶĂ
ŐƵĚĂŶŐ͕ĚŝƉĞƌƐŝů:ů͘DĂƐƚƌŝƉEŽ͘ϴϲϬ^ƵƌĂďĂLJĂ͕ƐƚĂƚƵƐƚĂŶĂŚEĞŐĂƌĂ,ĂŬ'ƵŶĂ
ĂŶŐƵŶĂŶEŽ͗ϭ͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂů
ϭϬŐƵƐƚƵƐϭϵϵϱŶŽŵŽƌ͗ϭϴϴ͘ϰϱͬϭϯϳϲ͘ϵϭͬϰϬϮ͘ϱ͘ϬϵͬϭϵϵϱLJĂŶŐŵĞŶĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ŝnjŝŶ Wd͘ ^W/EK ƵŶƚƵŬ ŵĞŶĚŝƌŝŬĂŶ ϯ ďƵĂŚ ďĂŶŐƵŶĂŶ
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EŽ͘ :ĞŶŝƐ/ũŝŶ <ĞƚĞƌĂŶŐĂŶ
ƚĂŵďĂŚĂŶƐĞďĂŐŝĂŶďĞƌƚŝŶŐŬĂƚĚĂƌŝďĂƚƵ͕ďĞƚŽŶĚĂŶŬĂLJƵŐƵŶĂƌƵĂŶŐŬĞƌũĂ
ĚĂŶƉŽƐŬĞĂŵĂŶĂŶ͕ĚŝƉĞƌƐŝů:ů͘DĂƐƚƌŝƉEŽ͘ϴϲϬ^ƵƌĂďĂLJĂ͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂů
Ϯϳ&ĞďƌƵĂƌŝϭϵϵϴŶŽŵŽƌ͗ϭϴϴ͘ϰϱͬϭϲϰ͘ϵϭͬϰϬϮ͘ϱ͘ϬϵͬϭϵϵϴLJĂŶŐŵĞŶĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝƉĞŵďĞƌŝĂŶŝnjŝŶWd͘^W/EKƵŶƚƵŬŵĞŶĚŝƌŝŬĂŶďĂŶŐƵŶĂŶƚĂŵďĂŚĂŶ
ďĞƌƚŝŶŐŬĂƚĚĂƌŝďĂƚƵ͕ďĞƚŽŶĚĂŶŬĂLJƵLJĂŶŐƚĞůĂŚďĞƌĚŝƌŝŐƵŶĂŬĂŶƚŽƌ͕ĚŝƉĞƌƐŝů
:ů͘DĂƐƚƌŝƉEŽ͘ϴϲϬ^ƵƌĂďĂLJĂ͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂů
ϮϬ Ɖƌŝů ϭϵϵϵ ŶŽŵŽƌ͗ ϭϴϴ͘ϰϱͬϲϭϭ͘ϵϰͬϰϬϮ͘ϱ͘Ϭϵͬϭϵϵϵ LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝƉĞŵďĞƌŝĂŶŝnjŝŶWd͘^W/EKƵŶƚƵŬŵĞŶĚŝƌŝŬĂŶďĂŶŐƵŶĂŶƚĂŵďĂŚĂŶ
ďĞƌƚŝŶŐŬĂƚĚĂƌŝďĂƚƵ͕ďĞƚŽŶĚĂŶŬĂLJƵLJĂŶŐƚĞůĂŚďĞƌĚŝƌŝŐƵŶĂŐƵĚĂŶŐ͕ĚŝƉĞƌƐŝů
:ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ//ͬϭϬ^ƵƌĂďĂLJĂ͘
^ƵƌĂƚ<ĞƉƵƚƵƐĂŶtĂůŝŬŽƚĂŵĂĚLJĂ<ĞƉĂůĂĂĞƌĂŚdŝŶŐŬĂƚ//^ƵƌĂďĂLJĂƚĂŶŐŐĂů
ϭϴ DĞŝ ϭϵϵϵ ŶŽŵŽƌ͗ ϭϴϴ͘ϰϱͬϳϱϲ͘ϵϰͬϰϬϮ͘ϱ͘Ϭϵͬϭϵϵϵ LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ŝnjŝŶ Wd͘ ^W/EK ƵŶƚƵŬ ŵĞŶĚŝƌŝŬĂŶ ƐĞďƵĂŚ ďĂŶŐƵŶĂŶ
ƚĂŵďĂŚĂŶ ďĞƌƚŝŶŐŬĂƚ ĚĂƌŝ ďĂƚƵ͕ ďĞƚŽŶ ĚĂŶ ŬĂLJƵ LJĂŶŐ ƚĞůĂŚ ďĞƌĚŝƌŝ ŐƵŶĂ
ŐƵĚĂŶŐ͕ĚŝƉĞƌƐŝů:ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝEŽ͘Ϯϴ–ϯϬͲϯϮ^ƵƌĂďĂLJĂ͘
^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ƵƉĂƚŝ WĂƐƵƌƵĂŶ ƚĂŶŐŐĂů Ϯϰ ŐƵƐƚƵƐ ϮϬϬϭ ŶŽŵŽƌ͗
ϭϴϴ͘ϰϱͬϯϳϰͬϰϯϭ͘ϬϳϳͬϮϬϬϭLJĂŶŐŵĞŶĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝƉĞŵďĞƌŝĂŶŝnjŝŶWd͘
^W/EKƵŶƚƵŬŵĞŶĚŝƌŝŬĂŶďĂŶŐƵŶĂŶĚŝ:ů͘<ĂůŝďƵƚƵŚEŽ͘ϭϴϵ–ϭϵϭ^ƵƌĂďĂLJĂ͘
^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ƵƉĂƚŝ <ĂƌĂǁĂŶŐ ƚĂŶŐŐĂů ϭϱ Ɖƌŝů ϮϬϬϰ ŶŽŵŽƌ͗
ϱϬϯ͘ϲϰϬͬϮϬϮͬ/sͬ< LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ŝnjŝŶ Wd͘
^W/EK ƵŶƚƵŬ ŵĞŶĚŝƌŝŬĂŶ ďĂŶŐƵŶĂŶ Ěŝ :ů͘ :ĂůĂŶ DŝƚƌĂ hƚĂƌĂ // ůŽŬ &ͲϮ͕
<ĂǁĂƐĂŶ/ŶĚƵƐƚƌŝDŝƚƌĂ<ĂƌĂǁĂŶŐũĂLJĂ͕<ĞĐĂŵĂƚĂŶŝĂŵƉĞů͘
^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ƵƉĂƚŝ <ĂƌĂǁĂŶŐ ƚĂŶŐŐĂů ϯϭ DĂƌĞƚ ϮϬϬϱ ŶŽŵŽƌ͗
ϱϬϯ͘ϲϰϬͬϮϵϭͬ///ͬ< LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ŝnjŝŶ Wd͘
^W/EK ƵŶƚƵŬ ŵĞŶĚŝƌŝŬĂŶ ďĂŶŐƵŶĂŶ Ěŝ :ů͘ :ĂůĂŶ DŝƚƌĂ hƚĂƌĂ // ůŽŬ &ͲϮ͕
<ĂǁĂƐĂŶ/ŶĚƵƐƚƌŝDŝƚƌĂ<ĂƌĂǁĂŶŐũĂLJĂ͕<ĞĐĂŵĂƚĂŶŝĂŵƉĞů͘
^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ƵƉĂƚŝ <ĂƌĂǁĂŶŐ ƚĂŶŐŐĂů ϭϭ ĞƐĞŵďĞƌ ϮϬϬϲ ŶŽŵŽƌ͗
ϲϰϳͬϳϲϮͬϰϮϰϬϲϭͬϮϬϬϲ LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ŝnjŝŶ Wd͘
^W/EK ƵŶƚƵŬ ŵĞŶĚŝƌŝŬĂŶ ďĂŶŐƵŶĂŶ Ěŝ ĞƐĂ ĂŶŐŬƌŝŶŐŵĂůĂŶŐ <ĞĐĂŵĂƚĂŶ
Ğũŝ<ĂďƵƉĂƚĞŶWĂƐƵƌƵĂŶ͘
^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ƵƉĂƚŝ <ĂƌĂǁĂŶŐ ƚĂŶŐŐĂů Ϯϯ DĞŝ ϮϬϬϴ ŶŽŵŽƌ͗
ϱϬϯ͘ϲϰϬͬϯϲϭͬ/sͬ< LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞŵďĞƌŝĂŶ ŝnjŝŶ Wd͘
^W/EK ƵŶƚƵŬ ŵĞŶĚŝƌŝŬĂŶ ďĂŶŐƵŶĂŶ Ěŝ :ů͘ :ĂůĂŶ DŝƚƌĂ hƚĂƌĂ // ůŽŬ &ͲϮ͕
<ĂǁĂƐĂŶ/ŶĚƵƐƚƌŝDŝƚƌĂ<ĂƌĂǁĂŶŐũĂLJĂ͕<ĞĐĂŵĂƚĂŶŝĂŵƉĞů͘
WĞƌƐĞƚƵũƵĂŶ ĂŶŐƵŶĂŶ 'ĞĚƵŶŐ EŽŵŽƌ ͗ ^<ͲW'ͲϯϱϭϱϬϴͲϬϵϬϭϮϬϮϯͲϬϬϭ
ƚĂŶŐŐĂůϵ:ĂŶƵĂƌŝϮϬϮϯ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘
ƵƉĂƚŝ^ŝĚŽĂƌũŽĐ͘Ƌ͘<ĞƉĂůĂWDWd^W<ĂďƵƉĂƚĞŶ^ŝĚŽĂƌũŽ͘
ĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚ<ĞƚĞƌĂŶŐĂŶEŽ͘Ϭϳϯͬ^<ĞƚͲ'hͬsͬϮϬϮϰƚĂŶŐŐĂůϮϴDĞŝϮϬϮϰ
LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ s 'ŚĂŶŝ hƚĂŵĂ ƐĞůĂŬƵ <ŽŶƐƵůƚĂŶ WĞƌĞŶĐĂŶĂ͕ LJĂŶŐ
ŵĞŶĞƌĂŶŐŬĂŶďĂŚǁĂWĞƌŵŽŚŽŶĂŶWĞƌƐĞƚƵũƵĂŶĂŶŐƵŶĂŶ'ĞĚƵŶŐ;W'ͿĂƚĂƐ
ŶĂŵĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ :ů͘ ZĂLJĂ ĂĞŶĚůĞƐ͕ ĞƐĂ tĂĚĞŶŐ͕ <ĞĐ͘
^ŝĚĂLJƵ͕<Ăď͘'ƌĞƐŝŬĚĞŶŐĂŶEŽŵŽƌZĞŐŝƐƚƌĂƐŝ͗
ϭ͘ W'ͲϯϱϮϱϬϵͲϯϭϬϯϮϬϮϰͲϬϭĂŶŐƵŶĂŶ'ƵĚĂŶŐϭ͕Ϯ͕ϯ͕ϰ
Ϯ͘ W'ͲϯϱϮϱϬϵͲϯϭϬϯϮϬϮϰͲϬϮĂŶŐƵŶĂŶZƵĂŶŐ>ŽĐŬĞƌ
ϯ͘ W'ͲϯϱϮϱϬϵͲϯϭϬϯϮϬϮϰͲϬϯĂŶŐƵŶĂŶKĨĨŝĐĞW>
ϰ͘ W'ͲϯϱϮϱϬϵͲϯϭϬϯϮϬϮϰͲϬϰĂŶŐƵŶĂŶWŽƐ^ĞĐƵƌŝƚLJϭ
ϱ͘ W'ͲϯϱϮϱϬϵͲϯϭϬϯϮϬϮϰͲϬϱĂŶŐƵŶĂŶWŽƐ^ĞĐƵƌŝƚLJϮ
ϲ͘ W'ͲϯϱϮϱϬϵͲϯϭϬϯϮϬϮϰͲϬϲĂŶŐƵŶĂŶ<DͬtΘhƌŝŶŽŝƌϭ
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ϳ͘ W'ͲϯϱϮϱϬϵͲϯϭϬϯϮϬϮϰͲϬϳĂŶŐƵŶĂŶ<DͬtΘhƌŝŶŽŝƌϮ
ϴ͘ W'ͲϯϱϮϱϬϵͲϬϰϬϰϮϬϮϰͲϬϭWƌĂƐĂƌĂŶĂƌĞĂW>
DĂƐŝŚĚĂůĂŵƉƌŽƐĞƐŬĞůĞŶŐŬĂƉĂŶŽŬƵŵĞŶ,ĂƌĚĐŽƉLJ;ƐďƵŝůĚƌĂǁŝŶŐͿ
ϲ͘ /njŝŶ>ŽŬĂƐŝ /njŝŶ>ŽŬĂƐŝĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ
K^^͖ƵŶƚƵŬůŽŬĂƐŝ:ůDŝƚƌĂZĂLJĂ//ůŽŬ&Ϯ͕WĂƌƵŶŐŵƵůLJĂ͕<ĂƌĂǁĂŶŐ͕:ĂǁĂĂƌĂƚ
ĚĞŶŐĂŶ>ƵĂƐ>ĂŚĂŶϱϬ͘ϬϬϬŵϮ͘
/njŝŶ>ŽŬĂƐŝĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ
K^^͖ƵŶƚƵŬůŽŬĂƐŝ:ůDŝƚƌĂZĂLJĂ//ůŽŬ&Ϯ͕WĂƌƵŶŐŵƵůLJĂ͕<ĂƌĂǁĂŶŐ͕:ĂǁĂĂƌĂƚ
ĚĞŶŐĂŶ>ƵĂƐ>ĂŚĂŶϱϬ͘ϬϬϬŵϮ͘
/njŝŶ>ŽŬĂƐŝĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ
K^^͖ƵŶƚƵŬůŽŬĂƐŝ:ůDŝƚƌĂZĂLJĂ//ůŽŬ&Ϯ͕WĂƌƵŶŐŵƵůLJĂ͕<ĂƌĂǁĂŶŐ͕:ĂǁĂĂƌĂƚ
ĚĞŶŐĂŶ>ƵĂƐ>ĂŚĂŶϱϬ͘ϬϬϬŵϮ͘
/njŝŶ>ŽŬĂƐŝĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ
K^^͖ƵŶƚƵŬůŽŬĂƐŝ:ůZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/ͬϮϴͲϯϮZƵŶŐŬƵƚ^ƵƌĂďĂLJĂĚĞŶŐĂŶ>ƵĂƐ
>ĂŚĂŶϯϯ͘ϱϰϴŵϮ͘
/njŝŶ>ŽŬĂƐŝĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ
K^^͖ ƵŶƚƵŬ ůŽŬĂƐŝ :ů ZƵŶŐŬƵƚ /ŶĚƵƐƚƌŝ //ͬϭϬ͕ ^ƵƌĂďĂLJĂ ĚĞŶŐĂŶ >ƵĂƐ >ĂŚĂŶ
ϭϱ͘ϰϮϴŵϮ͘
/njŝŶ>ŽŬĂƐŝĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ
K^^͖ƵŶƚƵŬůŽŬĂƐŝ:ůDĂƐƚƌŝƉϴϲϬtĂƌƵŐƵŶƵŶŐ<ĂƌĂŶŐWŝůĂŶŐ^ƵƌĂďĂLJĂĚĞŶŐĂŶ
>ƵĂƐ>ĂŚĂŶϮϵ͘ϴϬϬŵϮ͘
/njŝŶ>ŽŬĂƐŝĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ
K^^͖ ƵŶƚƵŬ ůŽŬĂƐŝ :ů <ĂďƵƉĂƚĞŶ ĞƐĂ ĂŶŐŬƌŝŶŐŵĂůĂŶŐ Ğũŝ WĂƐƵƌƵĂŶ :ĂǁĂ
dŝŵƵƌĚĞŶŐĂŶ>ƵĂƐ>ĂŚĂŶϭϰϯ͘ϮϱϳŵϮ͘
/njŝŶ>ŽŬĂƐŝĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ
K^^͖ ƵŶƚƵŬ ůŽŬĂƐŝ :ů ZĂLJĂ ĂŵĞŶŐŬůĂŶŐ ^ŝĚŽĂƌũŽ ĚĞŶŐĂŶ >ƵĂƐ >ĂŚĂŶ
ϰϬϰ͘ϳϳϬŵϮ͘
/njŝŶ>ŽŬĂƐŝĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ
K^^͖ ƵŶƚƵŬ ůŽŬĂƐŝ :ů <ĂůŝďƵƚƵŚ EŽ͘ ϭϴϵͲϭϵϭ͕ dĞŵďŽŬ ƵŬƵŚ ƵďƵƚĂŶ͕ :ĂǁĂ
dŝŵƵƌĚĞŶŐĂŶ>ƵĂƐ>ĂŚĂŶϱ͘ϳϳϬŵϮ͘
/njŝŶ>ŽŬĂƐŝĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϱ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂ
K^^͖ƵŶƚƵŬůŽŬĂƐŝ:ůZĂLJĂĂŶĚĞůƐtĂĚĞŶŐ^ŝĚĂLJƵ'ƌĞƐŝŬĚĞŶŐĂŶ>ƵĂƐ>ĂŚĂŶ
ϭ͘ϬϬϬ͘ϬϬϬŵϮ͘
ϳ͘ EWtW EŽ͘Ϭϭ͘ϬϬϭ͘ϳϯϮ͘ϱͲϬϵϮ͘ϬϬϬ͕ĂůĂŵĂƚĚŝ:ůŶ͘<ĂůŝďƵƚƵŚEŽ͘ϭϴϵͲϭϵϭ<Ğů͘dĞŵďŽŬ
ƵŬƵŚ <ĞĐ͘ ƵďƵƚĂŶ <ŽƚĂ ^ƵƌĂďĂLJĂ ďĞƌůĂŬƵ ƐĞůĂŵĂ WĞƌƐĞƌŽĂŶ ŵĂƐŝŚ
ŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
EŽ͘Ϭϭ͘ϬϬϭ͘ϳϯϮ͘ϱͲϲϭϱ͘ϬϬϭ͕ ĂůĂŵĂƚ Ěŝ :ů͘ ZƵŶŐŬƵƚ /ŶĚƵƐƚƌŝ /ͬϮϴͲϯϬ dĞŶŐŐŝůŝƐ
DĞũŽLJŽ͕^ƵƌĂďĂLJĂ
EŽ͘Ϭϭ͘ϬϬϭ͘ϳϯϮ͘ϱͲϲϭϱ͘ϬϬϮ͕ ĂůĂŵĂƚ Ěŝ :ů͘ ZƵŶŐŬƵƚ /ŶĚƵƐƚƌŝ //ͬϭϬ dĞŶŐŐŝůŝƐ
DĞũŽLJŽ͕^ƵƌĂďĂLJĂ
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EŽ͘Ϭϭ͘ϬϬϭ͘ϳϯϮ͘ϱͲϲϭϴ͘ϬϬϭ͕ ĂůĂŵĂƚ Ěŝ tĂƌƵ 'ƵŶƵŶŐ ZdͬZt ϬϭͬϬϮ͕ tĂƌƵ
'ƵŶƵŶŐ͕<ĂƌĂŶŐWŝůĂŶŐ^ƵƌĂďĂLJĂ
EŽ͘Ϭϭ͘ϬϬϭ͘ϳϯϮ͘ϱͲϲϮϰ͘ϬϬϭ͕ ĂůĂŵĂƚ Ěŝ :ĂůĂŶ <ĂďƵƉĂƚĞŶĂŶŐŬƌŝŶŐŵĂůĂŶŐĞũŝ
WĂƐƵƌƵĂŶ
EŽ͘Ϭϭ͘ϬϬϭ͘ϳϯϮ͘ϱͲϰϯϯ͘ϬϬϭ͕ĂůĂŵĂƚĚŝ:ů͘DŝƚƌĂZĂLJĂ//ůŽŬ&Ϯ<ĂǁĂƐĂŶ/ŶĚƵƐƚƌŝ
DŝƚƌĂ͕WĂƌƵŶŐŵƵůLJĂŝĂŵƉĞů͕<ĂƌĂǁĂŶŐ͘
EŽ͘Ϭϭ͘ϬϬϭ͘ϳϯϮ͘ϱͲϬϵϮ͘ϬϬϭ͕ ĂůĂŵĂƚ Ěŝ :ů͘ WĂŶŐĞƌĂŶ :ĂLJĂŬĂƌƚĂ EŽ͘ϱϱ DĂŶŐŐĂ
ƵĂ^ĞůĂƚĂŶ^ĂǁĂŚĞƐĂƌ͕:ĂŬĂƌƚĂWƵƐĂƚ͘
EŽ͘Ϭϭ͘ϬϬϭ͘ϳϯϮ͘ϱͲϲϭϳ͘ϬϬϭ͕ ĂůĂŵĂƚ Ěŝ :ů͘ WĂŚůĂǁĂŶ Zd ϬϬ Zt ϬϬ͕
ĞŵĞŶŐŬĂůĂŶŐ͕^ŝĚŽĂƌũŽ͕:ĂǁĂdŝŵƵƌ͘
EŽ͘Ϭϭ͘ϬϬϭ͘ϳϯϮ͘ϱͲϰϮϮ͘ϬϬϭ͕ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ĂůĂŵĂƚ Ěŝ ŝnjƉĂƌŬ
ŽŵŵĞƌĐŝĂů ƐƚĂƚĞ :ů͘<ŽƉŽ ϰϱϱ ϭ EŽ͘Ϯϲ ŝƌĂŶŐƌĂŶŐ ĂďĂŬĂŶ WĂƌĂLJ
ĂŶĚƵŶŐ͕ĚŝƚĞƌďŝƚŬĂŶŽůĞŚ<WWyyyĚĂŶďĞƌůĂŬƵƐĞůĂŵĂƚŝĚĂŬĚŝŚĂƉƵƐ͘
EŽ͘Ϭϭ͘ϬϬϭ͘ϳϯϮ͘ϱͲϳϮϮ͘ϬϬϭ͕ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ĂůĂŵĂƚ Ěŝ :ů͘
DĂŶŐŬƵƉĂůĂƐƵƐŝŶĞƐƐĞŶƚƌĞWĞƌŐƵĚĂŶŐĂŶůŽŬ ϭϬͲϭϭ&ϵͲϭϬ^ŝŵƉĂŶŐWĂƐŝƌ
WĂůĂƌĂŶ͕ ^ĂŵĂƌŝŶĚĂ͕ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ <WW yyy ĚĂŶ ďĞƌůĂŬƵ ƐĞůĂŵĂ ƚŝĚĂŬ
ĚŝŚĂƉƵƐ͘
EŽ͘Ϭϭ͘ϬϬϭ͘ϳϯϮ͘ϱͲϴϬϭ͘ϬϬϭ͕ĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶĂůĂŵĂƚĚŝ/ƌ͘^ƵƚĂŵŝ
^ƵŶŐĂŝĂƌĞŚWƵůĂƵWƵŶũƵŶŐWĂƌĂŶŐDĂŬĂƐƐĂƌ͕ĚŝƚĞƌďŝƚŬĂŶŽůĞŚ<WWyyyĚĂŶ
ďĞƌůĂŬƵƐĞůĂŵĂƚŝĚĂŬĚŝŚĂƉƵƐ͘
ϴ͘ dĂŶĚĂĂĨƚĂƌ'ƵĚĂŶŐ WĞƌŝnjŝŶĂŶĞƌƵƐĂŚĂhŶƚƵŬDĞŶƵŶũĂŶŐ<ĞŐŝĂƚĂŶhƐĂŚĂdĂŶĚĂĂĨƚĂƌ'ƵĚĂŶŐ
WͲhD<h͗ϴϭϮϬϬϬϲϴϯϮϭϳϲϬϬϮϯϬϬϭϭ ƚĂŶŐŐĂů ϭϳ :Ƶůŝ ϮϬϮϯ͕ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ
WĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘Ă͘ŶtĂůŝ<ŽƚĂĂŶĚƵŶŐ<ĞƉĂůĂWDWd^W
<ŽƚĂĂŶĚƵŶŐĐ͘Ƌ>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘hŶƚƵŬůŽŬĂƐŝ
'ƵĚĂŶŐ :ů͘ <ŽƉŽ ϰϱϱ /WZ< ŽŵŵĞƌĐŝĂů ƐƚĂƚĞ ůŽŬ / EŽ Ϯϲ͕
ĞƐĂͬ<ĞůƵƌĂŚĂŶ ŝƌĂŶŐƌĂŶŐ͕ <ĞĐ ĂďĂŬĂŶ ŝƉĂƌĂLJ <ŽƚĂ ĂŶĚƵŶŐ͘ :ĂŶŐŬĂ
ǁĂŬƚƵϱƚĂŚƵŶ͘
<ĞƉƵƚƵƐĂŶ <ĞƉĂůĂ ŝŶĂƐ WĞŶĂŶĂŵĂŶ DŽĚĂů ĂŶ WĞůĂLJĂŶĂŶ dĞƌƉĂĚƵ ^ĂƚƵ
WŝŶƚƵ <ŽƚĂ ^ĂŵĂƌŝŶĚĂ EŽ͘ϱϬϯͬϬϭͬd'ͬϭϬϬ͘Ϯϲ ƚĂŶŐŐĂů ϭϳ &ĞďƌƵĂƌŝ ϮϬϮϬ
ƚĞŶƚĂŶŐdĂŶĚĂĂĨƚĂƌ'ƵĚĂŶŐĚĞŶŐĂŶŬĞǁĂũŝďĂŶŵĞůĂŬƵŬĂŶĚĂĨƚĂƌƵůĂŶŐϱ
ƚĂŚƵŶƐĞŬĂůŝ͘
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ŬĞǁĂũŝďĂŶ ƉĞŶĚĂĨƚĂƌĂŶ ƵůĂŶŐ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ ďƵŬƚŝ ƉĞŶŐƵƌƵƐĂŶ K^^ ĚĞŶŐĂŶ ƚĂŶŐŐĂů ƉĞŶŐĂũƵĂŶ ϭϭ
DĂƌĞƚϮϬϮϱĚĞŶŐĂŶƐƚĂƚƵƐŵĞŶƵŶŐŐƵǀĞƌŝĨŝŬĂƐŝKW
dĂŶĚĂ ĂĨƚĂƌ 'ƵĚĂŶŐ EŽ͘Ϯͬͬ͘ϰ͘ϭͬϯϭ͘ϳϯ͘Ϭϲ͘ϭϬϬϮ͘Ϭϭ͘ϬϮϱ͘/͘ϭͬϯͬͲ
ϭ͘ϴϮϰ͘ϮϳͬĞͬϮϬϮϭ ƚĂŶŐŐĂů ϲ ^ĞƉƚĞŵďĞƌ ϮϬϮϭ͕ ůŽŬĂƐŝ 'ƵĚĂŶŐ <ŽŵƉůĞŬ
WĞƌŐƵĚĂŶŐĂŶ^ĞŵĂŶĂŶDĞŐĂŚZĂLJĂ<Ăǀ͘ϳůŽŬ͘EŽ͘ϭ:ů͘ĂĂŶDŽŐŽƚ<Dϭϴ
Zd ϬϬϭ Zt ϬϬϱ͕ <Ğů͘ ^ĞŵĂŶĂŶ͕ <ĞĐ͘ <Ăůŝ ĞƌĞƐ͕ <ŽƚĂ ĚŵŝŶŝƐƚƌĂƐŝ :ĂŬĂƌƚĂ
ĂƌĂƚ͘:ĂŶŐŬĂǁĂŬƚƵϱƚĂŚƵŶ͘
WĞƌŝnjŝŶĂŶĞƌƵƐĂŚĂhŶƚƵŬDĞŶƵŶũĂŶŐ<ĞŐŝĂƚĂŶhƐĂŚĂdĂŶĚĂĂĨƚĂƌ'ƵĚĂŶŐ
WͲhD<h͗ϴϭϮϬϬϬϲϴϯϮϭϳϲϬϬϮϯϬϬϬϴƚĂŶŐŐĂůϮϲĞƐĞŵďĞƌϮϬϮϮ͕ĚŝŬĞůƵĂƌŬĂŶ
ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ Đ͘Ƌ͘ Ă͘Ŷ tĂůŝ <ŽƚĂ DĂŬĂƐƐĂƌ <ĞƉĂůĂ
WDWd^W <ŽƚĂ DĂŬĂƐƐĂƌ Đ͘Ƌ >ĞŵďĂŐĂ WĞŶŐĞůŽůĂ ĚĂŶ WĞŶLJĞůĞŶŐŐĂƌĂ K^^͘
>ŽŬĂƐŝ'ƵĚĂŶŐ:ů͘/ƌ͘^ƵƚĂŵŝ<ĞůƵƌĂŚĂŶWĂƌĂŶŐ>ŽĞ͕<ĞĐĂŵĂƚĂŶdĂŵĂůĂŶƌĞĂ͕
<ŽƚĂDĂŬĂƐƐĂƌ͕WƌŽǀŝŶƐŝ^ƵůĂǁĞƐŝ^ĞůĂƚĂŶ͘:ĂŶŐŬĂǁĂŬƚƵϱƚĂŚƵŶ͘
ϵ͘ WĞƌũĂŶũŝĂŶ<ĞƌũĂĞƌƐĂŵĂ WĞƌũĂŶũŝĂŶ <ĞƌũĂ ĞƌƐĂŵĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ^ĞƌŝŬĂƚ WĞŬĞƌũĂ Wh< > D ^W^/
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ƚĞƌĚĂĨƚĂƌ ďĞƌĚĂƐĂƌŬĂŶ <ĞƉƵƚƵƐĂŶ ŝƌĞŬƚƵƌ :ĞŶĚĞƌĂů
WĞŵďŝŶĂĂŶ ,ƵďƵŶŐĂŶ /ŶĚƵƐƚƌŝĂů ĂŶ :ĂŵŝŶĂŶ ^ŽƐŝĂů dĞŶĂŐĂ <ĞƌũĂ
EŽ͘< W͘ϰͬ,/͘ϬϬ͘ϬϭͬϬϬ͘ϬϬϬϬ͘ϮϮϭϭϬϯϬϭϴͬͬ/sͬϮϬϮϰ ƚĂŶŐŐĂů Ϯ Ɖƌŝů ϮϬϮϰ
dĞŶƚĂŶŐ WĞƌũĂŶũŝĂŶ <ĞƌũĂ ĞƌƐĂŵĂ ŶƚĂƌĂ Wd ^d > W/W /Eh^dZz K&
/EKE ^/d<ĚĞŶŐĂŶ͗
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EŽ͘ :ĞŶŝƐ/ũŝŶ <ĞƚĞƌĂŶŐĂŶ
ϭ͘ Wh<^W> DͲ^W^/Wd^W/EKd<hE/ds/
Ϯ͘ ^W> D^W^/Wd͘^W/EK
ϯ͘ Wh<^W> D^W^/Wd͘^W/EK
ϰ͘ Wh<&^W> D^W^/Wd͘^d >W/W /Eh^dZzK&/EKE ^/d<͕hE/d
/s^W͘> DͲ^W^/Wd͘^W/EK///tZh'hEhE'͕
LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ ƉĂĚĂ ƉŽŬŽŬŶLJĂ͕ WĞƌũĂŶũŝĂŶ <ĞƌũĂ ĞƌƐĂŵĂ ƚĞƌƐĞďƵƚ Ěŝ
ĂƚĂƐ͕ƚĞůĂŚƚĞƌĚĂĨƚĂƌƉĂĚĂ<ĞŵĞŶƚĞƌŝĂŶ<ĞƚĞŶĂŐĂŬĞƌũĂĂŶZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
Đ͘Ƌ ŝƌĞŬƚƵƌ :ĞŶĚĞƌĂů WĞŵďŝŶĂĂŶ ,ƵďƵŶŐĂŶ /ŶĚƵƐƚƌŝĂů ĂŶ :ĂŵŝŶĂŶ ^ŽƐŝĂů
dĞŶĂŐĂ<ĞƌũĂEŽ͘ϮϮϭϭϬϯϬϭϴ͘
DĂƐĂ ďĞƌůĂŬƵ ƚĞƌŚŝƚƵŶŐ ƚĂŶŐŐĂů ϭ :ĂŶƵĂƌŝ ϮϬϮϰ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ƚĂŶŐŐĂů ϯϭ
ĞƐĞŵďĞƌϮϬϮϱ͘
ϭϬ͘ >ĞŵďĂŐĂ <ĞƌũĂ ^ĂŵĂ ;><^Ϳ ^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ WĞŶĐĂƚĂƚĂŶ EŽ͘ϱϲϬͬϲϯϲϳͬϰϯϲ͘ϴͬs/ͬϮϬϭϴ ƚĂŶŐŐĂů ϴ :ƵŶŝ
ŝƉĂƌƚŝƚ ϮϬϭϴ ƚĞŶƚĂŶŐ >ĞŵďĂŐĂ <ĞƌũĂƐĂŵĂ ŝƉĂƌƚŝƚ͕ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ <ĞƉĂůĂ ŝŶĂƐ
dĞŶĂŐĂ<ĞƌũĂWĞŵĞƌŝŶƚĂŚ<ŽƚĂ^ƵƌĂďĂLJĂ͕ƵŶƚƵŬ><^ŝƉĂƌƚŝƚhŶŝƚ/͕//͕s/͘
^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ WĞŶĐĂƚĂƚĂŶ EŽ͘ϱϲϬͬϮϭϬϬͬϰϯϲ͘ϲ͘ϭϮͬ///ͬϮϬϭϲ ƚĂŶŐŐĂů ϭϰ
DĂƌĞƚ ϮϬϭϲ ƚĞŶƚĂŶŐ >ĞŵďĂŐĂ <ĞƌũĂƐĂŵĂ ŝƉĂƌƚŝƚ͕ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ <ĞƉĂůĂ
ŝŶĂƐdĞŶĂŐĂ<ĞƌũĂWĞŵĞƌŝŶƚĂŚ<ŽƚĂ^ƵƌĂďĂLJĂ͕ƵŶƚƵŬ><^ŝƉĂƌƚŝƚhŶŝƚ///͘
^ƵƌĂƚ<ĞƚĞƌĂŶŐĂŶWĞŶĐĂƚĂƚĂŶEŽ͘ϱϲϬͬϮϯWͬϰϮϰ͘ϬϳϴͬϮϬϭϵƚĂŶŐŐĂůϮϵ:ƵůŝϮϬϭϵ
ƚĞŶƚĂŶŐ>ĞŵďĂŐĂ<ĞƌũĂƐĂŵĂŝƉĂƌƚŝƚ͕ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ<ĞƉĂůĂŝŶĂƐdĞŶĂŐĂ
<ĞƌũĂ<ĂďƵƉĂƚĞŶWĂƐƵƌƵĂŶƵŶƚƵŬƵŶŝƚ///͘
ƵŬƚŝ WĞŶĐĂƚĂƚĂŶ EŽ͘WĞŶĐ͘ϱϲϴͬϮϱϳϴͬ,/Ͳ^ͬ///ͬϮϬϭϲ ƚĂŶŐŐĂů ϯϬ DĂƌĞƚ ϮϬϭϲ
ƚĞƌŬĂŝƚ^ƵƌĂƚWĞƌŵŽŚŽŶĂŶĂƚĂƐ><^ŝƉĂƌƚŝƚWĞƌƐĞƌŽĂŶLJĂŶŐĚŝĂũƵŬĂŶƚĂŶŐŐĂů
ϭϳ DĂƌĞƚ ϮϬϭϲ ĚĞŶŐĂŶ EŽ͘ϬϲϬͬ ŬƐͬW'Ͳhϯͬ///ͬϮϬϭϲ ƵŶƚƵŬ ><^ ŝƉĂƌƚŝƚ Wd
^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJKĨ/ŶĚŽŶĞƐŝĂdďŬhŶŝƚ///tĂƌƵŐƵŶƵŶŐLJĂŶŐďĞƌůĂŵĂƚĚŝ:ů͘
DŝƚƌĂZĂLJĂ//ůŽŬ&Ϯ<ĂǁĂƐĂŶ/ŶĚƵƐƚƌŝDŝƚƌĂĞƐĂWĂƌƵŶŐŵƵůLJĂ͕<ĞĐĂŵĂƚĂŶ
ŝĂŵƉĞů͕<ĂƌĂǁĂŶŐ͘
ϭϭ͘ ^ĞƌƚŝĨŝŬĂƚ>ĂŝŬ&ƵŶŐƐŝ ^>&WĞƌƐĞƌŽĂŶƐĞĚĂŶŐĚĂůĂŵƉƌŽƐĞƐƉĞŶŐƵƌƵƐĂŶďĞƌĚĂƐĂƌŬĂŶ͗
^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ EŽ͘ ^<ͬϮϳͬsͬϮϰͬ^<ͲWͬϭϮ ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϮϰ͕
ŵĞŶĞƌĂŶŐŬĂŶďĂŚǁĂ^>&ďĂŶŐƵŶĂŶŐĞĚƵŶŐLJĂŶŐďĞƌůŽŬĂƐŝĚŝ:ů͘<ĂůŝďƵƚƵŚEŽ͘
ϭϴϵͲϭϵϭ͕ <ĞůƵƌĂŚĂŶ dĞŵďŽŬ ƵŬƵŚ͕ <ĞĐĂŵĂƚĂŶ ƵďƵƚĂŶ͕ <ŽƚĂ ^ƵƌĂďĂLJĂ͕
ƐĞĚĂŶŐĚĂůĂŵƉƌŽƐĞƐƉĞŶŐƵƌƵƐĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚ^ƵƌĂďĂLJĂ<ŽŶƐƵůƚĂŶ͘
^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ EŽ͘ ^<ͬϮϳͬsͬϮϰͬ^<ͲWͬϭϯ ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϮϰ͕
ŵĞŶĞƌĂŶŐŬĂŶ ďĂŚǁĂ ^>& ďĂŶŐƵŶĂŶ ŐĞĚƵŶŐ LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ :ů͘ ZƵŶŐŬƵƚ
/ŶĚƵƐƚƌŝ / EŽŵŽƌ ϮϴͲϯϮ͕ <ĞůƵƌĂŚĂŶ <ĂůŝƌƵŶŐŬƵƚ͕ <ĞĐĂŵĂƚĂŶ ZƵŶŐŬƵƚ͕ <ŽƚĂ
^ƵƌĂďĂLJĂ͕ ƐĞĚĂŶŐ ĚĂůĂŵ ƉƌŽƐĞƐ ƉĞŶŐƵƌƵƐĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ^ƵƌĂďĂLJĂ
<ŽŶƐƵůƚĂŶ͘
^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ EŽ͘ ^<ͬϮϳͬsͬϮϰͬ^<ͲWͬϭϰ ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϮϰ͕
ŵĞŶĞƌĂŶŐŬĂŶ ďĂŚǁĂ ^>& ďĂŶŐƵŶĂŶ ŐĞĚƵŶŐ LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ :ů͘ ZƵŶŐŬƵƚ
/ŶĚƵƐƌŝ//EŽ͘ϭϬ͕<ĞůƵƌĂŚĂŶdĞŶŐŐŝůŝƐDĞũŽLJŽ͕<ĞĐĂŵĂƚĂŶdĞŶŐŐŝůŝƐDĞũŽLJŽ͕
<ŽƚĂ ^ƵƌĂďĂLJĂ͕ ƐĞĚĂŶŐ ĚĂůĂŵ ƉƌŽƐĞƐ ƉĞŶŐƵƌƵƐĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ
^ƵƌĂďĂLJĂ<ŽŶƐƵůƚĂŶ͘
^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ EŽ͘ ^<ͬϮϳͬsͬϮϰͬ^<ͲWͬϭϱ ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϮϰ͕
ŵĞŶĞƌĂŶŐŬĂŶ ďĂŚǁĂ ^>& ďĂŶŐƵŶĂŶ ŐĞĚƵŶŐ LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ :ů͘ DĂƐƚƌŝƉ
tĂƌƵŐƵŶƵŶŐ EŽ͘ ϴϲϬ͕ <ĞůƵƌĂŚĂŶ tĂƌƵŐƵŶƵŶŐ͕ <ĞĐĂŵĂƚĂŶ <ĂƌĂŶŐƉŝůĂŶŐ͕
<ŽƚĂ ^ƵƌĂďĂLJĂ͕ ƐĞĚĂŶŐ ĚĂůĂŵ ƉƌŽƐĞƐ ƉĞŶŐƵƌƵƐĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ
^ƵƌĂďĂLJĂ<ŽŶƐƵůƚĂŶ͘
^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ EŽ͘ ^<ͬϮϳͬsͬϮϰͬ^<ͲWͬϭϲ ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϮϰ͕
ŵĞŶĞƌĂŶŐŬĂŶďĂŚǁĂ^>&ďĂŶŐƵŶĂŶŐĞĚƵŶŐLJĂŶŐďĞƌůŽŬĂƐŝĚŝ:ů͘<ĂďƵƉĂƚĞŶ͕
ĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕<ĞĐĂŵĂƚĂŶĞũŝ͕<ĂďƵƉĂƚĞŶWĂƐƵƌƵĂŶ͕ƐĞĚĂŶŐĚĂůĂŵ
ƉƌŽƐĞƐƉĞŶŐƵƌƵƐĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚ^ƵƌĂďĂLJĂ<ŽŶƐƵůƚĂŶ͘
^>& WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ůŽŬĂƐŝ ŐĞĚƵŶŐ Ěŝ <ĂƌĂǁĂŶŐ ƐĞĚĂŶŐ ĚĂůĂŵ ƉƌŽƐĞƐ
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ƉĞŶŐƵƌƵƐĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ ĂůĂŵ WƌŽƐĞƐ Ͳ
;ŽǀĞƌŶŽƚĞͿ EŽ͘ϬϬϯͬ^<W^>&ͲWͬd/DϮ^>&ͬsͬϮϬϮϰ ƚĂŶŐŐĂů ϭϱ DĞŝ ϮϬϮϰ͕
ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ Wd WƵƌŝ ŝŵĞŶƐŝ ƐĞůĂŬƵ WĞŶŐŬĂũŝ dĞŬŶŝƐ ďĂŶŐƵŶĂŶ ŐĞĚƵŶŐ
WĞƌƐĞƌŽĂŶhŶŝƚsLJĂŶŐďĞƌůŽŬĂƐŝĚŝ</D:ů͘DŝƚƌĂZĂLJĂ//ůŽŬ&Ϯ͕<ĂƌĂǁĂŶŐ͕
ϰϭϯϲϭ͕LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶďĂŚǁĂďĂŶŐƵŶĂŶŐĞĚƵŶŐƚĞƌƐĞďƵƚƐĂĂƚŝŶŝĚĂůĂŵ
ƉƌŽƐĞƐ ƉĞŶŐĂũƵĂŶ ^>& ĚĞŶŐĂŶ ƉĞŵĞƌŝŬƐĂĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŵĞůŝƉƵƚŝ
ƉĞŵĞƌŝŬƐĂĂŶ ƉĞƌƐLJĂƌĂƚĂŶ ƚĂƚĂ ďĂŶŐƵŶĂŶ ĚĂŶ ƉĞŵĞƌŝŬƐĂĂŶ ƉĞƌƐLJĂƌĂƚĂŶ
ŬĞĂŶĚĂůĂŶďĂŶŐƵŶĂŶŐĞĚƵŶŐ͘
^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ EŽ͘ ^<ͬϮϳͬsͬϮϰͬ^<ͲWͬϭϳ ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϮϰ͕
ŵĞŶĞƌĂŶŐŬĂŶ ďĂŚǁĂ ^>& ďĂŶŐƵŶĂŶ ŐĞĚƵŶŐ LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ :ů͘ ZĂLJĂ
ĞŵĞŶŐŬĂůĂŶŐ EŽ͘ ϭϬ͕ <ĞůƵƌĂŚĂŶ ĞŵĞŶŐŬĂůĂŶŐ͕ <ĞĐĂŵĂƚĂŶ ^ŝĚŽĂƌũŽ͕
<ĂďƵƉĂƚĞŶ^ŝĚŽĂƌũŽ͕ƐĞĚĂŶŐĚĂůĂŵƉƌŽƐĞƐƉĞŶŐƵƌƵƐĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚ
^ƵƌĂďĂLJĂ<ŽŶƐƵůƚĂŶ͘
^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ EŽ͘ ^<ͬϮϳͬsͬϮϰͬ^<ͲWͬϭϴ ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϮϰ͕
ŵĞŶĞƌĂŶŐŬĂŶ ďĂŚǁĂ ^>& ďĂŶŐƵŶĂŶ ŐĞĚƵŶŐ LJĂŶŐďĞƌůŽŬĂƐŝ Ěŝ WĞƌŐƵĚĂŶŐĂŶ
^ĞŵĂŶĂŶ DĞŐĂŚ <Ăǀ͘ ϳ ůŽŬ EŽ͘ ϭ ;:ů͘ ĂĂŶ DŽŐŽƚ <D ϭϴͿ͕ <ĞůƵƌĂŚĂŶ
^ĞŵĂŶĂŶ͕ <ĞĐĂŵĂƚĂŶ <Ăůŝ ĞƌĞƐ͕ <ŽƚĂ ĚŵŝŶŝƐƚƌĂƐŝ :ĂŬĂƌƚĂ ĂƌĂƚ͕ ƐĞĚĂŶŐ
ĚĂůĂŵƉƌŽƐĞƐƉĞŶŐƵƌƵƐĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚ^ƵƌĂďĂLJĂ<ŽŶƐƵůƚĂŶ͘
^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ EŽ͘ ^<ͬϮϳͬsͬϮϰͬ^<ͲWͬϭϵ ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϮϰ͕
ŵĞŶĞƌĂŶŐŬĂŶ ďĂŚǁĂ ^>& ďĂŶŐƵŶĂŶ ŐĞĚƵŶŐ LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ ŝnjƉĂƌŬ
ŽŵŵĞƌĐŝĂů ƐƚĂƚĞ ;:ů͘ <ŽƉŽ ϰϱϱ ůŽŬ ϭ EŽ͘ ϮϲͿ͕ <ĞůƵƌĂŚĂŶ ŝŬĂƌĂŶŐ͕
<ĞĐĂŵĂƚĂŶ ĂďĂƚĂŶ ŝƉĂƌĂLJ͕ <ŽƚĂ ĂŶĚƵŶŐ͕ ƐĞĚĂŶŐ ĚĂůĂŵ ƉƌŽƐĞƐ
ƉĞŶŐƵƌƵƐĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚ^ƵƌĂďĂLJĂ<ŽŶƐƵůƚĂŶ͘
^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ EŽ͘ ^<ͬϮϳͬsͬϮϰͬ^<ͲWͬϮϬ ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϮϰ͕
ŵĞŶĞƌĂŶŐŬĂŶ ďĂŚǁĂ ^>& ďĂŶŐƵŶĂŶ ŐĞĚƵŶŐ LJĂŶŐ ďĞƌůŽŬĂƐŝ Ěŝ <ŽŵƉůĞŬ
WĞƌŐƵĚĂŶŐĂŶDĂŶŐŬƵƉĂůĂƐƵƐŝŶĞƐƐĞŶƚĞƌ;:ů͘ůƚĞƌŶĂƚŝĨZdϮϮͿ͕<ĞůƵƌĂŚĂŶ
^ŝŵƉĂŶŐ WĂƐŝƌ͕ <ĞĐĂŵĂƚĂŶ WĂůĂƌĂŶ͕ <ŽƚĂ ^ĂŵĂƌŝŶĚĂ͕ ƐĞĚĂŶŐ ĚĂůĂŵ ƉƌŽƐĞƐ
ƉĞŶŐƵƌƵƐĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚ^ƵƌĂďĂLJĂ<ŽŶƐƵůƚĂŶ͘
^ƵƌĂƚ <ĞƚĞƌĂŶŐĂŶ EŽ͘ ^<ͬϮϳͬsͬϮϰͬ^<ͲWͬϮϭ ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϮϰ͕
ŵĞŶĞƌĂŶŐŬĂŶďĂŚǁĂ^>&ďĂŶŐƵŶĂŶŐĞĚƵŶŐLJĂŶŐďĞƌůŽŬĂƐŝĚŝ:ů͘/ƌ͘^ƵƚĂŵŝEŽ͘
ϮϬ͕ <ĞůƵƌĂŚĂŶ WĂƌĂŶŐ >ŽĞ͕ <ĞĐĂŵĂƚĂŶ dĂŵĂůĂŶƌĞĂ <ŽƚĂ DĂŬĂƐƐĂƌ͕ ƐĞĚĂŶŐ
ĚĂůĂŵƉƌŽƐĞƐƉĞŶŐƵƌƵƐĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚ^ƵƌĂďĂLJĂ<ŽŶƐƵůƚĂŶ͘
^ /
EŽ͘ :ĞŶŝƐ/ũŝŶ <ĞƚĞƌĂŶŐĂŶ
ϭ͘ EŽŵŽƌ/ŶĚƵŬĞƌƵƐĂŚĂ EŽŵŽƌ͗ϴϭϮϬϮϭϱϬϰϭϵϱϲƚĂŶŐŐĂůϭϱKŬƚŽďĞƌϮϬϭϴ͕WĞƌƵďĂŚĂŶ<ĞͲϭϮƚĂŶŐŐĂů
ϭϭ :Ƶůŝ ϮϬϮϮ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ Đ͘Ƌ͘ DĞŶƚĞƌŝ
/ŶǀĞƐƚĂƐŝͬ<ĞƉĂůĂ ĂĚĂŶ <ŽŽƌĚŝŶĂƐŝ WĞŶĂŶĂŵĂŶ DŽĚĂů Đ͘Ƌ͘ >ĞŵďĂŐĂ
WĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ĞƌůĂŬƵƐĞůĂŵĂ^ /ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶ
ƵƐĂŚĂƐĞƐƵĂŝŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
Ϯ͘ /ũŝŶhƐĂŚĂWĞƌĚĂŐĂŶŐĂŶ dĞƌƚĂŶŐŐĂů ϯϬ ^ĞƉƚĞŵďĞƌ ϮϬϭϵ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂĐ͘Ƌ͘>ĞŵďĂŐĂWĞŶŐĞůŽůĂĚĂŶWĞŶLJĞůĞŶŐŐĂƌĂK^^͘ĞƌůĂŬƵƐĞůĂŵĂ^ /
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞƐƵĂŝŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐĂŶLJĂŶŐ
ďĞƌůĂŬƵ͘
ϯ͘ EWtW EŽ͘ϬϮ͘ϴϮϰ͘Ϯϳϰ͘ϭͲϲϭϰ͘ϬϬϬĂƚĂƐŶĂŵĂ^ /ĚĞŶŐĂŶĂůĂŵĂƚĚŝ<ĂůŝďƵƚƵŚEŽ͘ϭϴϵ
ϭϵϭ Zd ϬϬϮ Zt ϬϬϱ dĞŵďŽŬ ƵŬƵŚ͕ ƵďƵƚĂŶ͕ ^ƵƌĂďĂLJĂ͕ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ
<ĂŶƚŽƌWĞůĂLJĂŶĂŶWĂũĂŬWƌĂƚĂŵĂ^ƵƌĂďĂLJĂ^ĂǁĂŚĂŶĚĂŶƚĞƌĚĂĨƚĂƌƚĂŶŐŐĂůϱ
DĞŝϮϬϬϴ
ϰ͘ W Z:E:/EͲW Z:E:/EW Ed/E'
WĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂŵĞŶŐĂĚĂŬĂŶƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶĚĞŶŐĂŶƉŝŚĂŬƚĞƌĂĨŝůŝĂƐŝĚĂŶ
ƉŝŚĂŬŬĞƚŝŐĂƵŶƚƵŬŵĞŶĚƵŬƵŶŐŬĞůĂŶŐƐƵŶŐĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂƐĞďĂŐĂŝŵĂŶĂĚŝƵƌĂŝŬĂŶďĞƌŝŬƵƚŝŶŝ͗
94
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PERJANJIAN - PERJANJIAN PENTING DENGAN PIHAK TERAFILIASI
WĞƌũĂŶũŝĂŶWŝŶũĂŵWĂŬĂŝ
WĞƌũĂŶũŝĂŶWŝŶũĂŵWĂŬĂŝƚĂŶŐŐĂůϭϵ:ƵůŝϮϬϭϮ͕LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ
Wd^ƉŝŶĚŽ ŶŐŝŶĞĞƌŝŶŐ/ŶĚƵƐƚƌLJ;WŝŚĂŬ<ĞĚƵĂͿ
DĞŶŐĞŶĂŝWĂƌĂWŝŚĂŬ ͗ ϭͿ WŝŚĂŬ WĞƌƚĂŵĂ ĂĚĂůĂŚ ƉĞŵŝůŝŬ ƚĂŶĂŚ ĚĂŶ ďĂŶŐƵŶĂŶ ƐĞƌƚĂ ďĞďĞƌĂƉĂ
ŵĞƐŝŶĚĂŶƚĞŶĂŐĂŬĞƌũĂƵŶƚƵŬůĂďŽƌĂƚŽƌŝƵŵĚĞŶŐĂŶůŽŬĂƐŝĚŝ:ů͘ĞƐĂ
ĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕Ğũŝ͕WĂƐƵƌƵĂŶ͖
ϮͿ WŝŚĂŬ <ĞĚƵĂ ĂĚĂůĂŚ ƉĞƌƐĞƌŽĂŶ ƚĞƌďĂƚĂƐ LJĂŶŐ ŵĞŵďƵƚƵŚŬĂŶ ŬĂŶƚŽƌ
ĚĂŶŵĞƐŝŶƐĞƌƚĂƚĞŶĂŐĂŬĞƌũĂƵŶƚƵŬŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůŶLJĂ͘
WŝŶũĂŵWĂŬĂŝ<ĂŶƚŽƌĚĂŶĞďĞƌĂƉĂ ͗ WŝŚĂŬWĞƌƚĂŵĂŵĞŵŝŶũĂŵŬĂŶƐĞďƵĂŚƌƵĂŶŐĂŶĚĂŶďĞďĞƌĂƉĂŵĞƐŝŶŬĞƉĂĚĂ
DĞƐŝŶ WŝŚĂŬ<ĞĚƵĂLJĂŶŐƚĞƌůĞƚĂŬĚŝĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕Ğũŝ͕WĂƐƵƌƵĂŶ͘
WŝŚĂŬWĞƌƚĂŵĂũƵŐĂŵĞŵƉĞƌďĂŶƚƵŬĂŶƚĞŶĂŐĂŬĞƌũĂWŝŚĂŬWĞƌƚĂŵĂƵŶƚƵŬ
ŵĞƌĂŶŐŬĂƉƉĞŬĞƌũĂĂŶĚŝWŝŚĂŬ<ĞĚƵĂ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ :ĂŶŐŬĂǁĂŬƚƵƉĞŶŐŐƵŶĂĂŶďĂŶŐƵŶĂŶĚĂŶŵĞƐŝŶďĞƌůĂŬƵ͗
Ă͘ ƐĞůĂŵĂ WŝŚĂŬ WĞƌƚĂŵĂ ďĞůƵŵ ŵĞŵĞƌůƵŬĂŶ ƌƵĂŶŐĂŶ ƚĞƌƐĞďƵƚ ƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶWŝŚĂŬWĞƌƚĂŵĂĚĂŶͬĂƚĂƵ͖
ď͘ ƐĞůĂŵĂ WŝŚĂŬ <ĞĚƵĂ ŵĞŵĂƚƵŚŝ ĚĂŶ ŵĞŶũĂůĂŶŬĂŶ ƐĞŵƵĂ ŬĞƚĞŶƚƵĂŶ
ĚĂŶƉĞƌƐLJĂƌĂƚĂŶLJĂŶŐĚŝĂƚƵƌĚĂůĂŵƉĞƌũĂŶũŝĂŶŝŶŝĚĂŶͬĂƚĂƵ͖
Đ͘ ƐĞůĂŵĂ ďĞůƵŵ ĂĚĂ ƉĞŶŝŶũĂƵĂŶ ƵůĂŶŐ ĂƚĂƐ ƉĞŶŐŐƵŶĂĂŶ ŬĂŶƚŽƌ
ĚĂŶͬĂƚĂƵ͖
Ě͘ ƐĞůĂŵĂ ďĞůƵŵ ĂĚĂ ƐƵĂƚƵ ŬĞƉƵƚƵƐĂŶ ĚĂŶͬĂƚĂƵ ŬĞƚĞƚĂƉĂŶ ĚĂŶͬĂƚĂƵ
ŬĞďŝũĂŬĂŶ ĚĂƌŝ WŝŚĂŬ WĞƌƚĂŵĂ LJĂŶŐ ŵĞŶŐĂƚƵƌ ŚĂůͲŚĂů ůĂŝŶ ĚĂŶͬĂƚĂƵ
ƐĞďĂůŝŬŶLJĂ͘
ĂƚĂƚĂŶ͗
WĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƚĂƉ ďĞƌůĂŬƵ ƐĞůĂŵĂ ^ / ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ
ŽƉĞƌĂƐŝŽŶĂů͘
,ĂŬĚĂŶ<ĞǁĂũŝďĂŶ ͗ ,ĂŬWŝŚĂŬWĞƌƚĂŵĂ͗
Ă͘ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŚĂŬ ƵŶƚƵŬ ƐĞǁĂŬƚƵͲǁĂŬƚƵ ŵĞŶŐŐƵŶĂŬĂŶ ƌƵĂŶŐĂŶ
ĚĂŶ ŵĞƐŝŶ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ ĂƉĂƉƵŶ ƚĂŶƉĂ ĚŝƉĞƌůƵŬĂŶ ƐƵĂƚƵ
ƉĞŶũĞůĂƐĂŶĚĂŶƉĞŵďƵŬƚŝĂŶŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂ͖
ď͘ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŶŝŶũĂƵĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ
ĂƚĂƐ ŬĞďĞŶĂƌĂŶ ƉĞŶŐŐƵŶĂĂŶ ƌƵĂŶŐĂŶ ĚĂŶ ŵĞƐŝŶ ƚĞƌƐĞďƵƚ ƐĞƐƵĂŝ
ĚĞŶŐĂŶƉĞƌƵŶƚƵŬĂŶŶLJĂ͖
Đ͘ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŶŐƵďĂŚ͕ ŵĞŶŐĂůŝŚŬĂŶ ĚĂŶͬĂƚĂLJ
ŵĞŶŐŚĞŶƚŝŬĂŶ ĨĂƐŝůŝƚĂƐ ƉĞŶŐŐƵŶĂĂŶ ƌƵĂŶŐĂŶ͕ ŬĞƐĞŵƵĂŶLJĂ ĂƚĂƐ
ƉĞƌƚŝŵďĂŶŐĂŶ WŝŚĂŬ WĞƌƚĂŵĂ ƐĞƉĞŶƵŚŶLJĂ͕ ŬĞƉƵƚƵƐĂŶ ƚĞƌƐĞďƵƚ
ďĞƌƐŝĨĂƚŵƵƚůĂŬĂĚĂŶLJĂ͘
,ĂŬWŝŚĂŬ<ĞĚƵĂ͗
Ă͘ WŝŚĂŬ <ĞĚƵĂ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŶĞŵƉĂƚŝ ƌƵĂŶŐĂŶ ĚĂŶ ŵĞŶŐŐƵŶĂŬĂŶ
ŵĞƐŝŶ͖
ď͘ WŝŚĂŬ <ĞĚƵĂ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŶŐĂƚƵƌ ƚĂƚĂ ƌƵĂŶŐĂŶ ĚĂŶ ŝƐŝ ƌƵĂŶŐĂŶ
ĂƐĂůŬĂŶ ƚŝĚĂŬ ŵĞƌƵďĂŚ ƐƚƌƵŬƚƵƌ͕ ŐĂŵďĂƌ ĚĞŶĂŚ͕ ƉĞƌƵŶƚƵŬĂŶ ĚĂŶ
ďĂŶŐƵŶĂŶƉĞƌŵĂŶĞŶ͖
Đ͘ WŝŚĂŬ <ĞĚƵĂ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŶŐŐƵŶĂŬĂŶ ƌƵĂŶŐĂŶ ŚĂŶLJĂ ƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶ ŽƉĞƌĂƐŝŽŶĂů WŝŚĂŬ <ĞĚƵĂ ĚĂŶ ƚŝĚĂŬ ĚŝƉĞƌďŽůĞŚŬĂŶ
ŵĞŶŐŐƵŶĂŬĂŶĚŝůƵĂƌŬĞƉĞŶƚŝŶŐĂŶŽƉĞƌĂƐŝŽŶĂů͘
<ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
Ă͘ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ĚĂŶ
ŵĞŵďĞƌŝŬĂŶĐƵŬƵƉǁĂŬƚƵƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿďƵůĂŶŬĞƉĂĚĂWŝŚĂŬ
<ĞĚƵĂ ƵŶƚƵŬ ŵĞŶŐĂƚƵƌ ŬĞƉŝŶĚĂŚĂŶ ďŝůĂŵĂŶĂ ĂŬĂŶ ŵĞŶŐŐƵŶĂŬĂŶ
ƌƵĂŶŐĂŶƚĞƌƐĞďƵƚ͖
ď͘ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ƚĞƚĂƉ ŵĞŵďĂLJĂƌ ƵƉĂŚ ƚĞŶĂŐĂ
ŬĞƌũĂLJĂŶŐĚŝƉĞƌďĂŶƚƵŬĂŶŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂ͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
Ă͘ WŝŚĂŬ <ĞĚƵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞƌĂǁĂƚ ďĂŶŐƵŶĂŶ ƌƵĂŶŐĂŶ ĚĂŶ
ŵĞƐŝŶƐĞĐĂƌĂďĂŝŬ͕ƚĞƌĂƚƵƌĚĂŶƐĞďĂŐĂŝŵĂŶĂŵĞƐƚŝŶLJĂůĂLJĂŬŶLJĂŵŝůŝŬ
ƐĞŶĚŝƌŝ͖
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ď͘ WŝŚĂŬ<ĞĚƵĂďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞŵƉĞƌďĂŝŬŝďĂŶŐƵŶĂŶƌƵĂŶŐĂŶĚĂŶ
ŵĞƐŝŶ ďĂŝŬ ŬĂƌĞŶĂ ŬĞƌƵƐĂŬĂŶ ŬĞĐŝů ŵĂƵƉƵŶ ŬĂƌĞŶĂ ŬĞƌƵƐĂŬĂŶ ďĞƐĂƌ
ĂƚĂƐƉĞŶŐŐƵŶĂĂŶďĂŶŐƵŶĂŶĚĂŶŵĞƐŝŶƐĞďĂŐĂŝŬĂŶƚŽƌ;ƚŝĚĂŬƚĞƌŵĂƐƵŬ
ŬĞƌƵƐĂŬĂŶĂŬŝďĂƚĨŽƌĐĞŵĂũĞƵƌͿ͖
Đ͘ WŝŚĂŬ <ĞĚƵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŶLJĞƌĂŚŬĂŶ ŬĞŵďĂůŝ ƌƵĂŶŐĂŶ
ĚĂůĂŵŬĞĂĚĂĂŶďĂŝŬ͕ƚĞƌĂǁĂƚƚĚĂŶŬŽƐŽŶŐĚĂƌŝƉĞŶŐŚƵŶŝĚĂŶďĂƌĂŶŐͲ
ďĂƌĂŶŐƉĞŶŐŚƵŶŝďŝůĂŵĂŶĂĚŝŵŝŶƚĂŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ͖
Ě͘ WŝŚĂŬ<ĞĚƵĂďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶŬĞƚĞŶƚƵĂŶďƵƚŝƌĐĚŝ
ĂƚĂƐ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ Ϯ ;ĚƵĂͿ ďƵůĂŶ ƐĞũĂŬ
ƚĂŶŐŐĂůƉĞƌŵŝŶƚĂĂŶĚĂƌŝWŝŚĂŬWĞƌƚĂŵĂ͖
Ğ͘ WŝŚĂŬ <ĞĚƵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŶŐŐƵŶĂŬĂŶ ƌƵĂŶŐĂŶ ƐĞƐƵĂŝ
ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ŚƵŬƵŵ LJĂŶŐ ďĞƌůĂŬƵ ĚĂŶ ĂĚĂƚ ŝƐƚŝĂĚĂƚͬŬĞďŝĂƐĂĂŶ
LJĂŶŐďĞƌůĂŬƵĚŝŵĂƐLJĂƌĂŬĂƚ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ
Wd^ƉŝŶĚŽ ŶŐŝŶĞĞƌŝŶŐ/ŶĚŽŶĞƐŝĂŵĞƌƵƉĂŬĂŶƉĞƌƵƐĂŚĂĂŶĂŶĂŬLJĂŶŐĚŝŬĞŶĚĂůŝŬĂŶWĞƌƐĞƌŽĂŶƐĞďĞƐĂƌϵϬй͘
PERJANJIAN - PERJANJIAN PENTING DENGAN PIHAK KETIGA
ϭ͘Ϯ͘ϭ W Z:E:/E<Z /d
WdE<Z ^KEW ZE/
WĞƌũĂŶũŝĂŶ &ĂƐŝůŝƚĂƐ EŽ͘&^ϬϬϮϯ ƚĂŶŐŐĂů ϭϯ ^ĞƉƚĞŵďĞƌ ϮϬϭϴ͕ LJĂŶŐ ĚŝƵďĂŚ ƚĞƌĂŬŚŝƌ ŬĂůŝ ĚĞŶŐĂŶ WĞƌƵďĂŚĂŶ
WĞƌũĂŶũŝĂŶ&ĂƐŝůŝƚĂƐ&^ϬϬϮϯLJĂŶŐĚŝďƵĂƚĚĂŶĚŝƚĂŶĚĂƚĂŶŐĂŶŝƚĂŶŐŐĂůϭϰŐƵƐƚƵƐϮϬϮϱĚĂŶďĞƌůĂŬƵƐĞĐĂƌĂƉĞŶƵŚ
ĚĂŶĞĨĞŬƚŝĨƚĞƌŚŝƚƵŶŐƚĂŶŐŐĂůϭϱŐƵƐƚƵƐϮϬϮϱ͕LJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WdĂŶŬZĞƐŽŶĂWĞƌĚĂŶŝĂ;ĂŶŬͿ
WĞƌƐĞƌŽĂŶ;ĞďŝƚƵƌͿ
&ĂƐŝůŝƚĂƐĚĂŶ:ƵŵůĂŚ ͗ ϭͿ &ĂƐŝůŝƚĂƐWŝŶũĂŵĂŶĞƌũĂŶŐŬĂƐĞďĞƐĂƌE/>͖
ϮͿ &ĂƐŝůŝƚĂƐWŝŶũĂŵĂŶĞƌŐƵůŝƌƐĞďĞƐĂƌh^ϭϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂďĞůĂƐ
ũƵƚĂ ŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ ĞŬƵŝǀĂůĞŶ hZ͕ :Wz͕ /Z ĚĞŶŐĂŶ
EŽ͘ZĞĨĞƌĞŶƐŝ&^ϬϬϮϯϮϭ&>͘
ĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ ŶŝůĂŝ ƉŽŬŽŬ ŵĂŬƐŝŵƵŵ ƐĞďĞƐĂƌ
h^ϭϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ůŝŵĂ ďĞůĂƐ ũƵƚĂ ŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ
ƚĞƌƐĞďƵƚ ƚĞƌŵĂƐƵŬ Ěŝ ĚĂůĂŵ ŶŝůĂŝ ůŝŵŝƚ ŐĂďƵŶŐĂŶ ďĞƌƵƉĂ
ƉĞŶLJĞĚŝĂĂŶĨĂƐŝůŝƚĂƐďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŝŶŝĚĞŶŐĂŶĨĂƐŝůŝƚĂƐ
ƉŝŶũĂŵĂŶ ďĞƌŐƵůŝƌ ĚĞŶŐĂŶ EŽ͘ZĞĨĞƌĞŶƐŝ &^ϬϬϮϯϮϭ&>͕ ĨĂƐŝůŝƚĂƐ
>ĞƚƚĞƌŽĨƌĞĚŝƚĚĞŶŐĂŶEŽ͘ZĞĨĞƌĞŶƐŝ&^ϬϬϮϯϱϭ>͕ĨĂƐŝůŝƚĂƐdƌƵƐƚ
ZĞĐĞŝƉƚEŽ͘ZĞĨĞƌĞŶƐŝ&^ϬϬϮϯϳϭdZ͖
ϯͿ &ĂƐŝůŝƚĂƐKǀĞƌĚƌĂĨƚƐĞďĞƐĂƌE/>͖
ϰͿ &ĂƐŝůŝƚĂƐĂŶŬ'ĂƌĂŶƐŝĚĞŶŐĂŶƉůĂĨŽŶĚƐĞďĞƐĂƌE/>͖
ϱͿ &ĂƐŝůŝƚĂƐ>ĞƚƚĞƌŽĨƌĞĚŝƚƉůĂĨŽŶĚƐĞďĞƐĂƌh^ϭϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂ
ďĞůĂƐ ũƵƚĂ ŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ ĞŬƵŝǀĂůĞŶ hZ͕ :Wz͕ /Z
ĚĞŶŐĂŶEŽ͘ZĞĨĞƌĞŶƐŝ&^ϬϬϮϯϱϭ>͘
ĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ ŶŝůĂŝ ƉŽŬŽŬ ŵĂŬƐŝŵƵŵ ƐĞďĞƐĂƌ
h^ϭϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ůŝŵĂ ďĞůĂƐ ũƵƚĂ ŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ
ƚĞƌƐĞďƵƚ ƚĞƌŵĂƐƵŬ Ěŝ ĚĂůĂŵ ŶŝůĂŝ ůŝŵŝƚ ŐĂďƵŶŐĂŶ ďĞƌƵƉĂ
ƉĞŶLJĞĚŝĂĂŶĨĂƐŝůŝƚĂƐďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŝŶŝĚĞŶŐĂŶĨĂƐŝůŝƚĂƐ
>ĞƚƚĞƌ ŽĨ ƌĞĚŝƚ ĚĞŶŐĂŶ EŽ͘ZĞĨĞƌĞŶƐŝ &^ϬϬϮϯϱϭ>͕ ĨĂƐŝůŝƚĂƐ
WŝŶũĂŵĂŶ ĞƌŐƵůŝƌ ĚĞŶŐĂŶ EŽ͘ZĞĨĞƌĞŶƐŝ &^ϬϬϮϯϮϭ&>͕ ĨĂƐŝůŝƚĂƐ
dƌƵƐƚZĞĐĞŝƉƚEŽ͘ZĞĨĞƌĞŶƐŝ&^ϬϬϮϯϳϭdZ͖
ϲͿ &ĂƐŝůŝƚĂƐ &ŽƌǁĂƌĚ džĐŚĂŶŐĞ ƐĞďĞƐĂƌ E/> ĚĞŶŐĂŶ EŽ͘ZĞĨĞƌĞŶƐŝ
E/>͖
ϳͿ &ĂƐŝůŝƚĂƐdƌƵƐƚZĞĐĞŝƉƚƐĞďĞƐĂƌh^ϭϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂďĞůĂƐũƵƚĂ
ŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ ĞŬƵŝǀĂůĞŶ hZ͕ :Wz͕ /Z ĚĞŶŐĂŶ
EŽ͘ZĞĨĞƌĞŶƐŝ&^ϬϬϮϯϳϭdZ͘
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ĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ ŶŝůĂŝ ƉŽŬŽŬ ŵĂŬƐŝŵƵŵ ƐĞďĞƐĂƌ
h^ϭϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ůŝŵĂ ďĞůĂƐ ũƵƚĂ ŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ
ƚĞƌƐĞďƵƚ ƚĞƌŵĂƐƵŬ Ěŝ ĚĂůĂŵ ŶŝůĂŝ ůŝŵŝƚ ŐĂďƵŶŐĂŶ ďĞƌƵƉĂ
ƉĞŶLJĞĚŝĂĂŶĨĂƐŝůŝƚĂƐďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŝŶŝĚĞŶŐĂŶĨĂƐŝůŝƚĂƐ
>ĞƚƚĞƌ ŽĨ ƌĞĚŝƚ ĚĞŶŐĂŶ͕ ĨĂƐŝůŝƚĂƐ dƌƵƐƚ ZĞĐĞŝƉƚ EŽ͘ZĞĨĞƌĞŶƐŝ
&^ϬϬϮϯϳϭdZ͕ EŽ͘ZĞĨĞƌĞŶƐŝ &^ϬϬϮϯϱϭ>͕ ĨĂƐŝůŝƚĂƐ ƉŝŶũĂŵĂŶ
ďĞƌŐƵůŝƌĚĞŶŐĂŶEŽ͘ZĞĨĞƌĞŶƐŝ&^ϬϬϮϯϮϭ&>͖
ϴͿ &ĂƐŝůŝƚĂƐEĞŐŽ ŬƐƉŽƌƉůĂĨŽŶĚƐĞďĞƐĂƌE/>͘
ĂůĂŵ ŚĂů ĨĂƐŝůŝƚĂƐ LJĂŶŐ ĚŝƚĞƌŝŵĂ ĞďŝƚƵƌ ŵĞŶŐŐƵŶĂŬĂŶ ďĞďĞƌĂƉĂ
ŵĂƚĂƵĂŶŐ͕ŵĂŬĂƵŶƚƵŬƉĞŶŐŐƵŶĂĂŶĞďŝƚƵƌĂƚĂƐĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶ
ďĞƌůĂŬƵŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ ƉĂďŝůĂ ĞďŝƚƵƌ ŵĞůĂŬƵŬĂŶ ƉĞŶĂƌŝŬĂŶ ĂƚĂƐ ĨĂƐŝůŝƚĂƐ ƉŝŶũĂŵĂŶ
ĚĂůĂŵŵĂƚĂƵĂŶŐƵƚĂŵĂĂƚĂƐĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶ͕ŵĂŬĂĞďŝƚƵƌ
ĚĂƉĂƚŵĞŶĂƌŝŬϭϬϬйĚĂƌŝũƵŵůĂŚƚŽƚĂůĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞƌƐĞĚŝĂĂŶůŝŵŝƚ͖
ϮͿ ĞŶŐĂŶ ŵĞŵƉĞƚŝŵďĂŶŐŬĂŶ ŬĞďƵƚƵŚĂŶ ďŝƐŶŝƐ ĞďŝƚƵƌ ĚĂŶ
ŬĞƚĞƌƐĞĚŝĂĂŶůŝŵŝƚĨĂƐŝůŝƚĂƐ͕ĞďŝƚƵƌĚĂƉĂƚŵĞůĂŬƵŬĂŶƉĞŶĂƌŝŬĂŶ
ŵĞŶŐŐƵŶĂŬĂŶŵĂƚĂƵĂŶŐƐĞůĂŝŶŵĂƚĂƵĂŶŐƵƚĂŵĂƐĞďĞƐĂƌϴϬй
ĚĂƌŝ ƚŽƚĂů ĨĂƐŝůŝƚĂƐ ƉŝŶũĂŵĂŶ͕ ƐĞĚĂŶŐŬĂŶ ƐŝƐĂŶLJĂ ŚĂŶLJĂ ĚĂƉĂƚ
ĚŝƚĂƌŝŬĚĂůĂŵŵĂƚĂƵĂŶŐƵƚĂŵĂ͘
WĞŶŐŐƵŶĂĂŶ ͗ hŶƚƵŬ ŵĞŵďŝĂLJĂŝ ŵŽĚĂů ŬĞƌũĂ͕ ĚŽŬƵŵĞŶ ůĞƚƚĞƌ ŽĨ ĐƌĞĚŝƚ ƐŝŐŚƚ͕
ƵƐĂŶĐĞ͕ůŽĐĂů͘
^ƵŬƵƵŶŐĂ ͗ ϭͿ &ĂƐŝůŝƚĂƐ WŝŶũĂŵĂŶ ĞƌũĂŶŐŬĂ͕ ďƵŶŐĂ ƐĞďĞƐĂƌ ;E/>Ϳ ƉĞƌ ƚĂŚƵŶ
;ĨůŽĂƚŝŶŐͬĨŝdžĞĚͿ͖
ϮͿ &ĂƐŝůŝƚĂƐ WŝŶũĂŵĂŶ ĞƌŐƵůŝƌ͗ ƵŶŐĂ ƐĞďĞƐĂƌ K>& н Ϭ͕ϲϮϱй
;ƵŶƚƵŬ ĨĂƐŝůŝƚĂƐ h^Ϳ ƉĞƌ ƚĂŚƵŶ ;ĨůŽĂƚŝŶŐͿ͖ ĚĂŶ K>& н Ϭ͕ϳϱй
;ƵŶƚƵŬĨĂƐŝůŝƚĂƐ hZĚĂŶ:WzͿƉĞƌƚĂŚƵŶ;ĨůŽĂƚŝŶŐͿ͖ĚĂŶK>&н
ϭ͕ϴϳϱй;ƵŶƚƵŬĨĂƐŝůŝƚĂƐ/ZͿƉĞƌƚĂŚƵŶ;ĨůŽĂƚŝŶŐͿ͖
ϯͿ &ĂƐŝůŝƚĂƐ KǀĞƌĚƌĂĨƚ͕ ďƵŶŐĂ ƐĞďĞƐĂƌ ;E/>Ϳ ƉĞƌ ƚĂŚƵŶ
;ĨůŽĂƚŝŶŐͬĨŝdžĞĚͿ͖
ϰͿ &ĂƐŝůŝƚĂƐ dƌƵƐƚ ZĞĐĞŝƉƚ͗ ƵŶŐĂ ƐĞďĞƐĂƌ K>& н Ϭ͕ϲϮϱй ;ƵŶƚƵŬ
ĨĂƐŝůŝƚĂƐ h^Ϳ ƉĞƌ ƚĂŚƵŶ ;ĨůŽĂƚŝŶŐͿ͖ ĚĂŶ K>& н Ϭ͕ϳϱй ;ƵŶƚƵŬ
ĨĂƐŝůŝƚĂƐ hZĚĂŶ:WzͿƉĞƌƚĂŚƵŶ;ĨůŽĂƚŝŶŐͿ͖ĚĂŶK>&нϭ͕ϴϳϱй
;ƵŶƚƵŬĨĂƐŝůŝƚĂƐ/ZͿƉĞƌƚĂŚƵŶ;ĨůŽĂƚŝŶŐͿ͘
WĞƌŚŝƚƵŶŐĂŶďƵŶŐĂĚŝůĂŬƵŬĂŶƐĞĐĂƌĂŚĂƌŝĂŶĂƚĂƐĚĂƐĂƌƉĞŵďĂŐŝƚĞƚĂƉ
ϯϲϬŚĂƌŝĚĂůĂŵƐĞƚĂŚƵŶĚĂŶǁĂũŝďĚŝďĂLJĂƌůƵŶĂƐŬĞƉĂĚĂĂŶŬƉĂĚĂ
ƚĂŶŐŐĂů Ϯϱ ƐĞƚŝĂƉ ďƵůĂŶŶLJĂ ĚĞŶŐĂŶ ĐĂƌĂ ŵĞŶĚĞďĞƚ ũƵŵůĂŚ ďƵŶŐĂ
LJĂŶŐ ƚĞƌŚƵƚĂŶŐ ĚĂƌŝ ƌĞŬĞŶŝŶŐ ĞďŝƚƵƌ LJĂŶŐ ĂĚĂ ƉĂĚĂ ĂŶŬ ĂƚĂƵ
ĚĞŶŐĂŶĐĂƌĂůĂŝŶLJĂŶŐĚŝƐĞƉĂŬĂƚŝŽůĞŚWĂƌĂWŝŚĂŬ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
ďĂŚǁĂdĂŶŐŐĂůWĞŵďĂLJĂƌĂŶƵŶŐĂƚŝĚĂŬďŽůĞŚŵĞůĂŵƉĂƵŝƚĂŶŐŐĂů
ƐĂĂƚĨĂƐŝůŝƚĂƐǁĂũŝďĚŝďĂLJĂƌůƵŶĂƐ͘
ĂůĂŵ ŚĂů ĞďŝƚƵƌ ůĂůĂŝ ŵĞŵďĂLJĂƌ ŚƵƚĂŶŐ ďĞƌĚĂƐĂƌŬĂŶ ĚŽŬƵŵĞŶ
ƉĞŵďŝĂLJĂĂŶ ŬĂƌĞŶĂ ƐĞďĂď ĂƉĂƉƵŶ ũƵŐĂ ƉĂĚĂ ƚĂŶŐŐĂů ũĂƚƵŚ
ƚĞŵƉŽŶLJĂŵĂŬĂĞďŝƚƵƌǁĂũŝďŵĞŵďĂLJĂƌďƵŶŐĂŬĞƚĞƌůĂŵďĂƚĂŶĂƚĂƐ
ũƵŵůĂŚ ƵĂŶŐ LJĂŶŐ ůĂůĂŝ ĚŝďĂLJĂƌŬĂŶ ƚĞƌƐĞďƵƚ ĚĂƌŝ ǁĂŬƚƵ ŬĞ ǁĂŬƚƵ
ƐĞďĞƐĂƌ Ϯй ƉĞƌ ƚĂŚƵŶ Ěŝ ĂƚĂƐ ďƵŶŐĂ LJĂŶŐ ďĞƌůĂŬƵ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ƚĂŶŐŐĂů ƚĞƌƐĞďƵƚ ǁĂũŝď ĚŝďĂLJĂƌ ƐĂŵƉĂŝ ũƵŵůĂŚ ƚĞƌƐĞďƵƚ ĚŝďĂLJĂƌ
ƐĞůƵƌƵŚŶLJĂ͘ ƵŶŐĂ ŬĞƚĞƌůĂŵďĂƚĂŶ LJĂŶŐ ŵĞŶŐƵŵƉƵů ŚĂƌƵƐ
ĚŝďĂLJĂƌŬĂŶ ĚĞŶŐĂŶ ƐĞŐĞƌĂ ŽůĞŚ ĞďŝƚƵƌ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌŵŝŶƚĂĂŶ
ĚĂƌŝĂŶŬ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ &ĂƐŝůŝƚĂƐ WŝŶũĂŵĂŶ ĞƌŐƵůŝƌ͕ &ĂƐŝůŝƚĂƐ >ĞƚƚĞƌ ŽĨ ƌĞĚŝƚ ũĂƚƵŚ ƚĞŵƉŽ
ƉĂĚĂƚĂŶŐŐĂůϭϱŐƵƐƚƵƐϮϬϮϲ͘
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:ĂŵŝŶĂŶ ͗ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ŶŝůĂŝ ƉĞŶũĂŵŝŶĂŶ ƐĞďĞƐĂƌ
h^ϭϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂďĞůĂƐũƵƚĂŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚͿĂƚĂƐŽďLJĞŬ
ũĂŵŝŶĂŶ ĨŝĚƵƐŝĂ ďĞƌƵƉĂ ƉŝƵƚĂŶŐ ĚĂŶͬĂƚĂƵ ƚĂŐŝŚĂŶ ƵƐĂŚĂ
ƐĞďĂŐĂŝŵĂŶĂƐĞƐƵĂŝĚĞŶŐĂŶ͗
ϭͿ ^ƵƌĂƚ WĞƌŶLJĂƚĂĂŶ WĞŶLJĞƌĂŚĂŶ :ĂŵŝŶĂŶ ^ĞĐĂƌĂ &ŝĚƵƐŝĂ LJĂŶŐ
ĚŝďƵĂƚ Ěŝ ďĂǁĂŚ ƚĂŶŐĂŶ͕ ďĞƌŵĞƚĞƌĂŝ ĐƵŬƵƉ ƚĂŶŐŐĂů ϭϴ
^ĞƉƚĞŵďĞƌϮϬϭϴ͖
ϮͿ ĂĨƚĂƌƚĂŐŝŚĂŶͲƚĂŐŝŚĂŶĂƚĂƐŶĂŵĂĞďŝƚƵƌLJĂŶŐĚŝũĂŵŝŶŬĂŶƉĂĚĂ
ĂŶŬ͕ďĞƌŵĞƚĞƌĂŝĐƵŬƵƉƚĂŶŐŐĂůϭϯ^ĞƉƚĞŵďĞƌϮϬϭϴ͘
<ĞƚĞƌĂŶŐĂŶ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ ƚĞƌĐĂŶƚƵŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ŬƚĂ
:ĂŵŝŶĂŶ &ŝĚƵƐŝĂ EŽ͘ϭϯ ƚĂŶŐŐĂů ϭϴ ^ĞƉƚĞŵďĞƌ ϮϬϭϴ ĚŝďƵĂƚ Ěŝ
ŚĂĚĂƉĂŶ,ĞůĞŶ^ŝƐĐĞƌŝĂŶLJũŝŶĂƚĂ͕^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ'ƌĞƐŝŬ͘
ŬƚĂ:ĂŵŝŶĂŶĨŝĚƵƐŝĂƚĞůĂŚĚŝĚĂĨƚĂƌŬĂŶĚŝ<ĂŶƚŽƌWĞŶĚĂĨƚĂƌĂŶ&ŝĚƵƐŝĂ
ĚĂŶ ƚĞůĂŚ ĚŝŬĞůƵĂƌŬĂŶ ^ĞƌƚŝĨŝŬĂƚ WĞƌƵďĂŚĂŶ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ
EŽ͘tϭϱ͘ϬϬϴϱϵϱϮϱ͘,͘Ϭϱ͘ϬϮ dĂŚƵŶ ϮϬϮϯ ƚĂŶŐŐĂů ϯϬ EŽǀĞŵďĞƌ
ϮϬϮϯ͘
<ĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶ ͗ <ĞĐƵĂůŝĂŶŬƐĞĐĂƌĂƚĞƌƚƵůŝƐŵĞŶĞƚĂƉŬĂŶůĂŝŶ͕ĞďŝƚƵƌǁĂũŝďƵŶƚƵŬ͗
ϭͿ DĞŵĂƚƵŚŝ ĚĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ƐĞƚŝĂƉ ĚĂŶ ƐĞůƵƌƵŚ ŬĞƚĞŶƚƵĂŶ
ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ ƉĞŵďŝĂLJĂĂŶ ƐĞďĂŐĂŝŵĂŶĂ ŵĞƐƚŝŶLJĂ ĚĂŶ
ƚĞƉĂƚƉĂĚĂǁĂŬƚƵŶLJĂ͖
ϮͿ DĞŶĂĂƚŝ ƐĞƚŝĂƉ ƵŶĚĂŶŐͲƵŶĚĂŶŐ͕ ƉĞƌĂƚƵƌĂŶ ƉĞŵĞƌŝŶƚĂŚ͕
ŬĞďŝũĂŬĂŶƉĞŵĞƌŝŶƚĂŚ͕ƉĞƚƵŶũƵŬĂƚĂƵŝŶƐƚƌƵŬƐŝĚĂƌŝƉĞŵĞƌŝŶƚĂŚ
LJĂŶŐďĞƌůĂŬƵƚĞƌŚĂĚĂƉĞďŝƚƵƌ͖
ϯͿ DĞŶũĂŐĂ ĚĂůĂŵ ŬĞĂĚĂĂŶ ĚĂŶ ŬŽŶĚŝƐŝ ďĂŝŬ ;ŬĞƌƵƐĂŬĂŶ ŬĂƌĞŶĂ
ƉĞŵĂŬĂŝĂŶ LJĂŶŐ ǁĂũĂƌ ĚŝŬĞĐƵĂůŝŬĂŶͿ ƐĞůƵƌƵŚ ĂƐĞƚ LJĂŶŐ
ĚŝƉĞƌůƵŬĂŶĚĂůĂŵŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂ͖
ϰͿ dĂŶƉĂ ŵĞŶŐĞƐĂŵƉŝŶŐŬĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ĚŽŬƵŵĞŶͲ
ĚŽŬƵŵĞŶũĂŵŝŶĂŶĞďŝƚƵƌŚĂƌƵƐŵĞŵĂƐƚŝŬĂŶďĂŚǁĂŬĞǁĂũŝďĂŶ
ĞďŝƚƵƌ ďĞƌĚĂƐĂƌŬĂŶ ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ ƉĞŵďŝĂLJĂĂŶ ĂŬĂŶ
ďĞƌƉĞƌŝŶŐŬĂƚ ƉĂĚĂ ƐĂĂƚ ĂƉĂƉƵŶ͕ ƐĞĚŝŬŝƚŶLJĂ ƉĂƌŝƉĂƐƐƵ ;ƐĞƚĂƌĂͿ
ĚĂůĂŵŚĂŬƉƌŝŽƌŝƚĂƐĚĂŶƉĞŵďĂLJĂƌĂŶŬůĂŝŵĂƚĂƐƐĞŵƵĂŬƌĞĚŝƚƵƌ
ůĂŝŶŶLJĂ LJĂŶŐ ƚĂŶƉĂ ũĂŵŝŶĂŶ ĚĂŶ ďƵŬĂŶ ƐƵďŽƌĚŝŶĂƐŝ͕ ŬĞĐƵĂůŝ
ƵŶƚƵŬ ŬĞǁĂũŝďĂŶ LJĂŶŐ ĚŝŵŝŶƚĂ ƵŶƚƵŬ ĚŝƵƚĂŵĂŬĂŶ ŽůĞŚ ŚƵŬƵŵ
LJĂŶŐďĞƌůĂŬƵŬĞƉĂĚĂƉĞƌƵƐĂŚĂĂŶƐĞĐĂƌĂƵŵƵŵ͖
ϱͿ DĞŵďĂLJĂƌ ƐĞůƵƌƵŚ ũƵŵůĂŚ LJĂŶŐ ũĂƚƵŚ ƚĞŵƉŽ ĚĂƌŝ ĞďŝƚƵƌ
ĚĞŶŐĂŶ ƚĞƉĂƚ ǁĂŬƚƵ ĚĂŶ ƐĞďĂůŝŬŶLJĂ ŵĞŵĂƚƵŚŝ ŬĞǁĂũŝďĂŶͲ
ŬĞǁĂũŝďĂŶŶLJĂďĞƌĚĂƐĂƌŬĂŶĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶƉĞŵďŝĂLJĂĂŶ͕Ěŝ
ŵĂŶĂĞďŝƚƵƌ;ĂƚĂƵKďůŝŐŽƌůĂŝŶŶLJĂͿŵĞƌƵƉĂŬĂŶƉŝŚĂŬ͖
ϲͿ ^ĞŐĞƌĂ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ ĂŶŬ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ƚĞŶƚĂŶŐ
ĂĚĂŶLJĂƐĞƚŝĂƉƉĞƌŬĂƌĂLJĂŶŐŵĞůŝďĂƚŬĂŶĞďŝƚƵƌ͕ďĂŝŬƉĞƌĚĂƚĂ͕
ƚĂƚĂ ƵƐĂŚĂ ŶĞŐĂƌĂ͕ ŬĞƉĂŝůŝƚĂŶ͕ ƚƵŶƚƵƚĂŶ ƉĂũĂŬ͕ ƉĞŶLJŝĚŝŬĂŶ
ŵĂƵƉƵŶ ƉĞƌŬĂƌĂ ƉŝĚĂŶĂ LJĂŶŐ ĂŬĂŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ƵƐĂŚĂ
ŵĂƵƉƵŶŚĂƌƚĂŬĞŬĂLJĂĂŶĞďŝƚƵƌ;ĂƚĂƵKďůŝŐŽƌůĂŝŶŶLJĂͿ͖
ϳͿ ^ĞŐĞƌĂŵĞŵďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĂŶŬƐĞĐĂƌĂƚĞƌƚƵůŝƐƐĞƚŝĂƉŬĂůŝ
ƚĞƌũĂĚŝ ƉĞƌƵďĂŚĂŶ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ ƐĞƌƚĂ ƉĞƌƵďĂŚĂŶ ƐƵƐƵŶĂŶ
ŝƌĞŬƐŝĂƚĂƵĞǁĂŶ<ŽŵŝƐĂƌŝƐĞďŝƚƵƌ͖
ϴͿ ^ĞŐĞƌĂ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ ĂŶŬ ƐĞĐĂƌĂ ůŝƐĂŶ ŵĂƵƉƵŶ
ƚĞƌƚƵůŝƐ ĂƚĂƐ ƉĞƌƵďĂŚĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ͕ ŬŽŶĚŝƐŝ ƵƐĂŚĂ͕ ŚĂƌƚĂ
ŬĞŬĂLJĂĂŶ ĚĂŶ ĂƐĞƚ ĞďŝƚƵƌ͕ ƚĞƌŵĂƐƵŬ ƚĞƚĂƉŝ ƚŝĚĂŬ ƚĞƌďĂƚĂƐ
ƐĞƚŝĂƉ ŬĂůŝ ƚĞƌĚĂƉĂƚ ŚĂůͲŚĂů LJĂŶŐ ŵƵŶŐŬŝŶ ĂŬĂŶ ƚŝŵďƵů Ěŝ
ŬĞŵƵĚŝĂŶŚĂƌŝLJĂŶŐŵĞŵďĂǁĂĚĂŵƉĂŬŶĞŐĂƚŝĨďĂŐŝĞďŝƚƵƌ͖
ϵͿ DĞŵďĂLJĂƌƐĞůƵƌƵŚďŝĂLJĂLJĂŶŐƚŝŵďƵůĚĂŶďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶ
ƉĞŵďĞƌŝĂŶ ĨĂƐŝůŝƚĂƐ ƐĞƌƚĂ ƉĞůĂŬƐĂŶĂĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ ĚĂŶ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ ƉĞŵďŝĂLJĂĂŶ
ŵĞƐŬŝƉƵŶ ĨĂƐŝůŝƚĂƐ ƚŝĚĂŬ ĚŝŐƵŶĂŬĂŶ ĚĂŶͬĂƚĂƵ ĚŽŬƵŵĞŶͲ
ĚŽŬƵŵĞŶƉĞŵďŝĂLJĂĂŶĚŝďĂƚĂůŬĂŶ͖
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ϭϬͿ DĞŵďĞƌŝŬĂŶ ƐĞƚŝĂƉ ĚĂƚĂ ĚĂŶ ŬĞƚĞƌĂŶŐĂŶ LJĂŶŐ ĚŝŵŝŶƚĂ ŽůĞŚ
ĂŶŬ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŵďĞƌŝĂŶ ĨĂƐŝůŝƚĂƐ ĚĂŶ
ũĂŵŝŶĂŶƐĞƌƚĂŚĂůͲŚĂůLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶŶLJĂ͖
ϭϭͿ DĞŵƉĞƌƚĂŚĂŶŬĂŶŚĂŬĂƚĂƐŬĞŬĂLJĂĂŶŝŶƚĞůĞŬƚƵĂů͕ĂŶƚĂƌĂůĂŝŶŚĂŬ
ĐŝƉƚĂ͕ƉĂƚĞŶĚĂŶŵĞƌĞŬLJĂŶŐĚŝŵŝůŝŬŝĞďŝƚƵƌ͖
ϭϮͿ DĞŶLJĞƌĂŚŬĂŶ͗;ĂͿůĂƉŽƌĂŶŬĞƵĂŶŐĂŶĞďŝƚƵƌ;ĚĂŶƉĞŶĂŶŐŐƵŶŐ
ƉĞƌƵƐĂŚĂĂŶͿ ƐĞƚŝĂƉ ƐĂĂƚ ĚŝŵŝŶƚĂ ŽůĞŚ ĂŶŬ͕ ;ďͿ ůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶŝŶƚĞƌŶĂůĞďŝƚƵƌ;ĚĂŶƉĞŶĂŶŐŐƵŶŐƉĞƌƵƐĂŚĂĂŶͿLJĂŶŐ
ƚĞƌďĂƌƵ ƐĞƚŝĂƉ ϯ ;ƚŝŐĂͿ ďƵůĂŶ ƐĞŬĂůŝ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ŚĂƌƵƐ
ĚŝƚĞƌŝŵĂ ŽůĞŚ ĂŶŬ ƉĂĚĂ ďƵůĂŶ ŬĞƚŝŐĂ ƐĞƚĞůĂŚ ƚƵƚƵƉ ďƵŬƵ
ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ŝŶƚĞƌŶĂů LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ͕ ;ĐͿ ůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶ ƚĂŚƵŶĂŶ ĞďŝƚƵƌ ;ĚĂŶ ƉĞŶĂŶŐŐƵŶŐ ƉĞƌƵƐĂŚĂĂŶͿ
;ŶĞƌĂĐĂĚĂŶůĂďĂƌƵŐŝͿLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŚĂƌƵƐĚŝďĞƌŝŬĂŶŬĞƉĂĚĂ
ĂŶŬ ƉĂůŝŶŐ ůĂŵďĂƚ ϲ ;ĞŶĂŵͿ ďƵůĂŶ ƐĞƚĞůĂŚ ĂŬŚŝƌ ƚƵƚƵƉ ƚĂŚƵŶ
ďƵŬƵ͖
ϭϯͿ ^ĞŐĞƌĂ ŵĞůĂŬƵŬĂŶ ƐĞŐĂůĂ ƚŝŶĚĂŬĂŶ ƚĞƌƐĞďƵƚ ĂƚĂƵ
ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƐĞŐĂůĂ ĚŽŬƵŵĞŶ ƚĞƌƐĞďƵƚ ;ƚĞƌŵĂƐƵŬ
ƉĞŶŐĂůŝŚĂŶ͕ƉĞŵŝŶĚĂŚƚĂŶŐĂŶĂŶ͕ƉĞŵďĞƌŝƚĂŚƵĂŶ͕ƉĞŵďĞďĂŶĂŶ
ĚĂŶŝŶƐƚƌƵŬƐŝͿƐĞďĂŐĂŝŵĂŶĂĂŶŬĚĂƉĂƚŵĞŶĞŶƚƵŬĂŶ;ĚĂŶĚĂůĂŵ
ďĞŶƚƵŬ ƐĞďĂŐĂŝŵĂŶĂ ĂŶŬ ĚĂƉĂƚ ŵĞŵŝŶƚĂ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ
ĂŶŬĂƚĂƵŶŽŵŝŶĞĞŶLJĂ͖
ϭϰͿ DĞŶŐĂŵďŝů ƐĞŵƵĂ ƚŝŶĚĂŬĂŶ LJĂŶŐ ĚĂƉĂƚ ĚŝĂŵďŝů ;ƚĞƌŵĂƐƵŬ
ŵĞůĂŬƵŬĂŶ ƐĞŵƵĂ ƉĞŶĚĂĨƚĂƌĂŶ ĚĂŶ ƌĞŐŝƐƚƌĂƐŝͿ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝƉĞƌůƵŬĂŶ ƵŶƚƵŬ ƚƵũƵĂŶ ƉĞŵďƵĂƚĂŶ͕ ƉĞŶLJĞŵƉƵƌŶĂĂŶ͕
ƉĞƌůŝŶĚƵŶŐĂŶ ĂƚĂƵ ƉĞŵĞůŝŚĂƌĂĂŶ ĚĂƌŝ ƐĞƚŝĂƉ ũĂŵŝŶĂŶ LJĂŶŐ
ĚŝďĞƌŝŬĂŶĂƚĂƵĚŝŵĂŬƐƵĚŬĂŶƵŶƚƵŬĚŝďĞƌŝŬĂŶŬĞƉĂĚĂĂŶŬŽůĞŚ
ĂƚĂƵƐĞƐƵĂŝĚĞŶŐĂŶĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶƉĞŵďŝĂLJĂĂŶ͘
ϭϱͿ ĞďŝƚƵƌ ĚĞŶŐĂŶ ŝŶŝ ŵĞŶŐŝnjŝŶŬĂŶ ĂŶŬ ĚĂŶͬĂƚĂƵ ŬĂƌLJĂǁĂŶͲ
ŬĂƌLJĂǁĂŶ ĚĂŶͬĂƚĂƵ ŬƵĂƐĂͲŬƵĂƐĂŶLJĂ ĚĂŶͬĂƚĂƵ ƉŝŚĂŬ ůĂŝŶ LJĂŶŐ
ŵĞǁĂŬŝůŝŬĞƉĞŶƚŝŶŐĂŶĂŶŬƵŶƚƵŬŵĂƐƵŬĚĂůĂŵŬĂŶƚŽƌĞďŝƚƵƌ
;ďĂŝŬ ŬĂŶƚŽƌ ƉƵƐĂƚ ŵĂƵƉƵŶ ŬĂŶƚŽƌ ĐĂďĂŶŐͿ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ
ƉĞŵĞƌŝŬƐĂĂŶƚĞƌŚĂĚĂƉũĂŵŝŶĂŶĚĂŶͬĂƚĂƵŐƵĚĂŶŐͲŐƵĚĂŶŐŵŝůŝŬ
ĞďŝƚƵƌ ;ĚĂŶ KďůŝŐŽƌͿ ĚĂŶͬĂƚĂƵ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ĚĂŶͬĂƚĂƵ
ůĂƉŽƌĂŶ ƉĞŶũƵĂůĂŶ ĚĂŶͬĂƚĂƵ ĚŽŬƵŵĞŶ ůĂŝŶŶLJĂ LJĂŶŐ ŵĞŶũĂĚŝ
ƐLJĂƌĂƚĚĂƌŝĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶLJĂŶŐĚŝƚĞƌŝŵĂĞďŝƚƵƌĚĂƌŝĂŶŬ͘
ϭϲͿ ^ĞůĂŵĂƉĞƌũĂŶũŝĂŶŝŶŝŵĂƐŝŚďĞƌůĂŬƵ͕ĂƐĞƚLJĂŶŐĚŝũĂŵŝŶŬĂŶLJĂŶŐ
ŵĞŶƵƌƵƚƐŝĨĂƚŶLJĂĚĂƉĂƚĚŝĂƐƵƌĂŶƐŝŬĂŶ͕ǁĂũŝďĚŝĂƐƵƌĂŶƐŝŬĂŶŽůĞŚ
ĞďŝƚƵƌ ƚĞƌŚĂĚĂƉ ƐĞŐĂůĂ ďĞŶƚƵŬ ƌŝƐŝŬŽ ŬĞƌƵƐĂŬĂŶ͕ ƉĞŶĐƵƌŝĂŶ͕
ŬĞďĂŬĂƌĂŶ ĂƚĂƵ ďĂŚĂLJĂͲďĂŚĂLJĂ ůĂŝŶŶLJĂ LJĂŶŐ ĚŝĂŶŐŐĂƉ ƉĞƌůƵ
ŽůĞŚĂŶŬ͘
ϭϳͿ ĞďŝƚƵƌǁĂũŝďŵĞŶũĂŐĂŬŝŶĞƌũĂŬĞƵĂŶŐĂŶĞďŝƚƵƌƐĞƐƵĂŝĚĞŶŐĂŶ
ƐĞůƵƌƵŚŬƌŝƚĞƌŝĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗;ŝͿZĂƐŝŽ>ĂŶĐĂƌŵŝŶŝŵĂůϭϬϬй
;ƐĞƌĂƚƵƐ ƉĞƌƐĞŶͿ ĚĂŶ ;ŝŝͿ ZĂƐŝŽ ,ƵƚĂŶŐ ƚĞƌŚĂĚĂƉ ŬƵŝƚĂƐ ; ZͿ
ŵĂŬƐŝŵĂůϱ͕ϱdž;ůŝŵĂŬŽŵĂůŝŵĂŬĂůŝͿ͘ƉĂďŝůĂŽůĞŚƐĞďĂďĂƉĂƉƵŶ
ĞďŝƚƵƌ ƚŝĚĂŬ ŵĞŵĞŶƵŚŝ ŬŝŶĞƌũĂ ŬĞƵĂŶŐĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌƐĞďƵƚ ĚŝĂƚĂƐ͕ ŵĂŬĂ ĂŶŬ ĚĂƉĂƚ ŵĞŵƵƚƵƐŬĂŶ ƵŶƚƵŬ
ŵĞŵďůŽŬŝƌĚĂŶͬĂƚĂƵŵĞŶƵƌƵŶŬĂŶƉĞŵďĞƌŝĂŶ&ĂƐŝůŝƚĂƐ͘
WĞŵďĂƚĂƐĂŶͲƉĞŵďĂƚĂƐĂŶ ͗ ĞďŝƚƵƌƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶŚĂůͲŚĂůĚŝďĂǁĂŚŝŶŝ͕
ƚĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝĂŶŬ͗
ϭͿ DĞŵƉĞƌŽůĞŚƉŝŶũĂŵĂŶƵĂŶŐĂƚĂƵĨĂƐŝůŝƚĂƐŬƌĞĚŝƚďĂƌƵĚĂƌŝƉŝŚĂŬ
ůĂŝŶŬĞĐƵĂůŝĚĂƌŝďĂŶŬůĂŝŶĚĂŶͬĂƚĂƵƉĞŵĞŐĂŶŐƐĂŚĂŵĞďŝƚƵƌ͖
ϮͿ DĞŵŝŶũĂŵŬĂŶ ƵĂŶŐ͕ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝ
ƉĞŶĂŶŐŐƵŶŐͬƉĞŶũĂŵŝŶĚĂůĂŵďĞŶƚƵŬĚĂŶĚĞŶŐĂŶŶĂŵĂĂƉĂƉƵŶ
ĚĂŶͬĂƚĂƵŵĞŶŐĂŐƵŶŬĂŶ ŚĂƌƚĂŬĞŬĂLJĂĂŶĞďŝƚƵƌ ŬĞƉĂĚĂƉŝŚĂŬ
ůĂŝŶ͕ ƚĞƌŵĂƐƵŬ ŶĂŵƵŶ ƚŝĚĂŬ ƚĞƌďĂƚĂƐ ŬĞƉĂĚĂ ƉĞƌƵƐĂŚĂĂŶ
ĂĨŝůŝĂƐŝŶLJĂ ďĂŝŬ LJĂŶŐ ƚĞƌŬĂŝƚ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ
99
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ůĂŶŐƐƵŶŐ ĚĞŶŐĂŶ ĞďŝƚƵƌ͕ ŵĂƵƉƵŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ LJĂŶŐ
ƚŝĚĂŬƚĞƌŬĂŝƚĚĞŶŐĂŶĞďŝƚƵƌ͕ŬĞĐƵĂůŝĚĂůĂŵƌĂŶŐŬĂŵĞŶũĂůĂŶŬĂŶ
ŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞŚĂƌŝͲŚĂƌŝ͖
ϯͿ ĞďŝƚƵƌ ƚŝĚĂŬ ĂŬĂŶ ŵĞůĂŶŐƐƵŶŐŬĂŶ ƐƵĂƚƵ ƚƌĂŶƐĂŬƐŝ ĂƚĂƵ
ƐĞƌĂŶŐŬĂŝĂŶ ƚƌĂŶƐĂŬƐŝ ;ďĂŝŬ ƚĞƌŬĂŝƚ ĂƚĂƵƉƵŶ ƚŝĚĂŬͿ ĚĂŶ ďĂŝŬ
ƐƵŬĂƌĞůĂ ĂƚĂƵƉƵŶ ƚŝĚĂŬ ƵŶƚƵŬ ŵĞŶũƵĂů͕ ŵĞŶLJĞǁĂŬĂŶ͕
ŵĞŶŐĂůŝŚŬĂŶ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ůĂŝŶ ŵĞůĞƉĂƐŬĂŶ ƐƵĂƚƵ ĂƐĞƚ
ƐĞůĂŝŶƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂƐĞŚĂƌŝͲŚĂƌŝ͖
ϰͿ ƉĂďŝůĂĞďŝƚƵƌďĞƌďĞŶƚƵŬďĂĚĂŶŚƵŬƵŵ͗
Ă͘ DĞůĂŬƵŬĂŶ ƉĞůĞďƵƌĂŶ͕ ƉĞŶŐŐĂďƵŶŐĂŶ͕ ƉĞŶŐĂŵďŝůĂůŝŚĂŶ͕
ƉĞŶLJĞƌƚĂĂŶ ŵŽĚĂů͕ ƉĞŵďƵďĂƌĂŶͬůŝŬƵŝĚĂƐŝ ĂƚĂƵ ŵĞŵŝŶƚĂ
ƉĞƌƵƐĂŚĂĂŶŶLJĂĚŝŶLJĂƚĂŬĂŶƉĂŝůŝƚŽůĞŚWĞŶŐĂĚŝůĂŶEŝĂŐĂ͖
ď͘ DĞŶŐƵďĂŚƐƚĂƚƵƐďĂĚĂŶŚƵŬƵŵ͘
ϱͿ DĞůĂŬƵŬĂŶ ƚƌĂŶƐĂŬƐŝ ĚĞŶŐĂŶ ƉŝŚĂŬ ůĂŝŶ ƚĞƌŵĂƐƵŬ ŬĞƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶ ĂĨŝůŝĂƐŝ ĂƚĂƵ ŬĞƉĂĚĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĞďŝƚƵƌ
ŬĞĐƵĂůŝĚŝůĂŬƵŬĂŶĚĂůĂŵďĂƚĂƐŬĞǁĂũĂƌĂŶ;arm’s lengthͿ͖
ϲͿ ĞďŝƚƵƌƚŝĚĂŬĂŬĂŶŵĞŵďƵĂƚĂƚĂƵŵĞŶŐĂĚĂŬĂŶƉĞŵďĞƌŝƚĂŚƵĂŶ
ĂƉĂƉƵŶ͕ũƵŵƉĂƉĞƌƐĂƚĂƵƉƵďůŝƐŝƚĂƐůĂŝŶŶLJĂƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶ
ƉĞƌũĂŶũŝĂŶ ŝŶŝ ĂƚĂƵ ĚĂůĂŵ ŚĂů ĂƉĂƉƵŶ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ĨĂƐŝůŝƚĂƐ
ĂƚĂƵŵĞŵďƵĂƚƌƵũƵŬĂŶƚĞƌŚĂĚĂƉĂŶŬ͘
ϳͿ WĞƌƵďĂŚĂŶĂƚĂƐŬŽŵƉŽƐŝƐŝƉĞŵĞŐĂŶŐƐĂŚĂŵŵĂLJŽƌŝƚĂƐĞďŝƚƵƌ
ŬĞĐƵĂůŝ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ƐĞďĞůƵŵŶLJĂ ƚĞůĂŚ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ
ĂŶŬ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ĂƚĂƚĂŶ ͗ ^ĞŚƵďƵŶŐĂŶ ƌĞŶĐĂŶĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ KďůŝŐĂƐŝ
ĞƌŬĞůĂŶũƵƚĂŶIII (“PUB III Obligasi”) dan Sukuk Ijarah Berkelanjutan
III (“PUB III Sukuk Ijarah”) Perseroan, Perseroan telah memperoleh
ƉĞƌƐĞƚƵũƵĂŶĚĂƌŝWdĂŶŬZĞƐŽŶĂWĞƌĚĂŶŝĂďĞƌĚĂƐĂƌŬĂŶ͗
^ƵƌĂƚ Wd ĂŶŬ ZĞƐŽŶĂ WĞƌĚĂŶŝĂ EŽ͘ ϬϬϭͬ^<ͬZWͬ^zͬD<dͬ//ͬϮϬϮϲ
ƚĂŶŐŐĂů ϰ &ĞďƌƵĂƌŝ ϮϬϮϲ WĞƌŝŚĂů WĞƌƐĞƚƵũƵĂŶ WĞŶĞƌďŝƚĂŶ KďůŝŐĂƐŝ
<ĞďĞƌůĂŶũƵƚĂŶ͕ LJĂŶŐ ŵĞŶĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞƌƐĞƚƵũƵĂŶ Wd ĂŶŬ
ZĞƐŽŶĂ WĞƌĚĂŶŝĂ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ WĞŶĂǁĂƌĂŶ
Umum Berkelanjutan Obligasi Berkelanjutan III (“PUB III Obligasi”)
ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĞƌŬĞlanjutan III (“PUB III Sukuk Ijarah”) dengan
ũƵŵůĂŚƉŽŬŽŬZƉϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĂƚƵƚƌŝůŝƵŶZƵƉŝĂŚͿ͘
WdE<^D/EKE ^/d<;ĂŚƵůƵĚŝŬĞŶĂůƐĞďĂŐĂŝWdE<dWEd<Ϳ
WĞƌũĂŶũŝĂŶ<ƌĞĚŝƚ;ƌĞĚŝƚŐƌĞĞŵĞŶƚͿEŽ͘^D/ͬE^ͬϬϯϳϴƚĂŶŐŐĂůϮϵKŬƚŽďĞƌϮϬϭϱLJĂŶŐƚĞůĂŚŵĞŶŐĂůĂŵŝ
ďĞďĞƌĂƉĂ ŬĂůŝ ƉĞƌƵďĂŚĂŶ ĚĂŶ ƚĞƌĂŬŚŝƌ ďĞƌĚĂƐĂƌŬĂŶ WĞƌƵďĂŚĂŶ <ĞĞŶĂŵ ƚĂƐ WĞƌũĂŶũŝĂŶ <ƌĞĚŝƚ
EŽ͘^D/ͬE^ͬϬϯϳϴ ƚĂŶŐŐĂů Ϯϵ KŬƚŽďĞƌ ϮϬϭϱ ĚŝďƵĂƚ ƚĂŶŐŐĂů Ϯϱ ^ĞƉƚĞŵďĞƌ ϮϬϮϱ͕ LJĂŶŐ ŵĞŶŐĂƚƵƌ
ƉĞƌƵďĂŚĂŶŬĞƚĞŶƚƵĂŶŬƌĞĚŝƚĚĂůĂŵďĞďĞƌĂƉĂ^ŬĞĚƵů͕ŵĂƐŝŶŐͲŵĂƐŝŶŐƚĞƌƚĂŶŐŐĂůϮϱ^ĞƉƚĞŵďĞƌϮϬϮϱ͕ĚĂŶ
ďĞƌůĂŬƵĞĨĞŬƚŝĨƐĞũĂŬƚĂŶŐŐĂůϯϬ^ĞƉƚĞŵďĞƌϮϬϮϱ͕LJĂŝƚƵ͗
- ^ŬĞĚƵůEŽ͘Ϭϲϭ;ŵĞŶŐŐĂŶƚŝŬĂŶ^ŬĞĚƵůEŽ͘ϬϱϱͿ͖
- ^ŬĞĚƵůEŽ͘ϬϲϮ;ŵĞŶŐŐĂŶƚŝŬĂŶ^ŬĞĚƵůEŽ͘ϬϱϲͿ͖
- ^ŬĞĚƵůEŽ͘Ϭϲϯ;ŵĞŶŐŐĂŶƚŝŬĂŶ^ŬĞĚƵůEŽ͘ϬϱϳͿ͖
- ^ŬĞĚƵůEŽ͘Ϭϲϰ;ŵĞŶŐŐĂŶƚŝŬĂŶ^ŬĞĚƵůEŽ͘ϬϱϴͿ͖
- ^ŬĞĚƵůEŽ͘Ϭϲϱ;ŵĞŶŐŐĂŶƚŝŬĂŶ^ŬĞĚƵůEŽ͘ϬϱϵͿ͖
- ^ŬĞĚƵůEŽ͘Ϭϲϲ;ŵĞŶŐŐĂŶƚŝŬĂŶ^ŬĞĚƵůEŽ͘ϬϲϬͿ͘
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LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝ
WĂƌĂWŝŚĂŬ ͗ Wd ĂŶŬ ^D /ŶĚŽŶĞƐŝĂ dďŬ ;ĚĂŚƵůƵ ĚŝŬĞŶĂů ƐĞďĂŐĂŝ Wd ĂŶŬ dWE
dďŬͿ;ĂŶŬͿ
WĞƌƐĞƌŽĂŶ;WĞŵŝŶũĂŵͿ
&ĂƐŝůŝƚĂƐ͕ :ƵŵůĂŚ͕ dƵũƵĂŶ͕ ^ƵŬƵ ͗ ϭͿ ^ŬĞĚƵůEŽ͘ϬϱϱLJĂŶŐĚŝŐĂŶƚŝŬĂŶĚĞŶŐĂŶ^ŬĞĚƵůEŽ͘Ϭϲϭ͗
ƵŶŐĂ͕:ĂƚƵŚdĞŵƉŽĚĂŶ:ĂŶŐŬĂ - EĂŵĂ&ĂƐŝůŝƚĂƐ͗>ŽĂŶŽŶEŽƚĞͲϭ͘
tĂŬƚƵ&ĂƐŝůŝƚĂƐ - DĂƚĂ hĂŶŐ͗ ŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚ ;h^Ϳ ĂƚĂƵ ŶŝůĂŝƐĞƚĂƌĂŶLJĂ
ĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ;/ZͿ͘
- :ƵŵůĂŚ &ĂƐŝůŝƚĂƐ͗ h^ϯ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƚŝŐĂ ũƵƚĂ ŽůůĂƌ ŵĞƌŝŬĂ
^ĞƌŝŬĂƚͿĂƚĂƵŶŝůĂŝƐĞƚĂƌĂŶLJĂĚĂůĂŵŵĂƚĂƵĂŶŐ/Z͘
- dƵũƵĂŶ͗DŽĚĂůŬĞƌũĂ͘
- WĞƌŝŽĚĞ <ĞƚĞƌƐĞĚŝĂĂŶ͗ ŝƉĞƌƉĂŶũĂŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ĞĨĞŬƚŝĨ
ƐĂŵƉĂŝĚĞŶŐĂŶϯϬ^ĞƉƚĞŵďĞƌϮϬϮϲ͘
- dĂŶŐŐĂů :ĂƚƵŚ dĞŵƉŽ͗ DĂŬƐŝŵƵŵ ϯ ďƵůĂŶ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů
ƉĞŶŐŐƵŶĂĂŶƚĞƌĂŬŚŝƌĨĂƐŝůŝƚĂƐ͘
- :ĂŶŐŬĂtĂŬƚƵWĞŵŝŶũĂŵĂŶ͗DĂŬƐŝŵƵŵϯďƵůĂŶ͘
- ^ƵŬƵƵŶŐĂƉĞƌƚĂŚƵŶ͗
^ĞƚŝĂƉ ƉĞŶĂƌŝŬĂŶ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ h^ ĂƚĂƵ /Z͗ ŝĂLJĂ
ƉĞŶĚĂŶĂĂŶĚŝƚĂŵďĂŚϭ͕ϱϬйƉĞƌƚĂŚƵŶĂƚĂƵƉĂĚĂƚŝŶŐŬĂƚƐƵŬƵ
ďƵŶŐĂ LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ ďĞƌƐĂŵĂ ŽůĞŚ WĞŵŝŶũĂŵ ĚĂŶ ĂŶŬ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝďƵŬƚŝŬĂŶ ĚĂůĂŵ WĞƌŵŽŚŽŶĂŶ WĞŶĂƌŝŬĂŶ LJĂŶŐ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ WĞŵŝŶũĂŵ ĚĂŶ ĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂ ĂŶŬ
ƉĂĚĂƐĞƚŝĂƉƉĞŶĂƌŝŬĂŶ͘
ŝĂLJĂ ƉĞŶĚĂŶĂĂŶ ďĞƌĂƌƚŝ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ũƵŵůĂŚ ĂƉĂƉƵŶ
LJĂŶŐ ƌĞůĞǀĂŶ ĚĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ĂƉĂƉƵŶ LJĂŶŐ ƌĞůĞǀĂŶ͕ ďŝĂLJĂ
;ĚŝƚĞŶƚƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ďĂƐŝƐ ĂŬƚƵĂů ĂƚĂƵ ŶĂƐŝŽŶĂů ĚĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝƚĞŶƚƵŬĂŶ ƐĞĐĂƌĂ ŬŽŶŬůƵƐŝĨ ŽůĞŚ ĂŶŬ ĚĂŶ
ĚŝŶLJĂƚĂŬĂŶ ƐĞďĂŐĂŝ ƉĞƌƐĞŶƚĂƐĞ ƐƵŬƵ ďƵŶŐĂ ƉĞƌ ƚĂŚƵŶͿ LJĂŶŐ
ĂŶŬĂŬĂŶƚĂŶŐŐƵŶŐũŝŬĂĂŶŬŵĞŵďŝĂLJĂŝĚĂƌŝƐƵŵďĞƌͲƐƵŵďĞƌ
ŵĂŶĂƉƵŶ LJĂŶŐ ĚĂƉĂƚ ĚŝƉŝůŝŚŶLJĂ͕ ƐƵĂƚƵ ũƵŵůĂŚ LJĂŶŐ ƐĞƚĂƌĂ
ĚĞŶŐĂŶ ũƵŵůĂŚ ƉĂƌƚŝƐŝƉĂƐŝ ƚĞƌƐĞďƵƚ ĚĂůĂŵ ƉŝŶũĂŵĂŶ ƚĞƌƐĞďƵƚ
ƵŶƚƵŬ ƐƵĂƚƵ ƉĞƌŝŽĚĞ LJĂŶŐ ƐĂŵĂ ƉĂŶũĂŶŐŶLJĂ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ
ďƵŶŐĂƉŝŶũĂŵĂŶƚĞƌƐĞďƵƚ͘
- WĞŵďĂLJĂƌĂŶ >ĞďŝŚ ǁĂů͗ ^ĞŐĂůĂ ƉĞŵďĂLJĂƌĂŶ ůĞďŝŚ ĂǁĂů LJĂŶŐ
ĚŝďƵĂƚ ŽůĞŚ WĞŵŝŶũĂŵ ƚƵŶĚƵŬ ƉĂĚĂ ŬĞƚĞŶƚƵĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝƚĞŶƚƵŬĂŶŽůĞŚĂŶŬ͘
ϮͿ ^ŬĞĚƵůEŽ͘ϬϱϲLJĂŶŐĚŝŐĂŶƚŝŬĂŶĚĞŶŐĂŶ^ŬĞĚƵůEŽ͘ϬϲϮ͗
- EĂŵĂ&ĂƐŝůŝƚĂƐ͗ŽŵŵĞƌĐŝĂů>ĞƚƚĞƌŽĨƌĞĚŝƚ͘
- DĂƚĂ hĂŶŐ͗ ŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚ ;h^Ϳ ĂƚĂƵ ŶŝůĂŝƐĞƚĂƌĂŶLJĂ
ĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ;/ZͿĂƚĂƵzƵĂŶdŝŽŶŐŬŽŬ;EzͿ͘/Z
ĚĂŶEzĚŝƐĞďƵƚƐĞďĂŐĂŝŶŽŶh^͘
- :ƵŵůĂŚ &ĂƐŝůŝƚĂƐ͗ h^ϮϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ĚƵĂ ƉƵůƵŚ ũƵƚĂ ŽůůĂƌ
ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ ĂƚĂƵ ŶŝůĂŝ ƐĞƚĂƌĂŶLJĂ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ EŽŶͲ
h^͘
- dƵũƵĂŶ͗WĞŶĞƌďŝƚĂŶůĞƚƚĞƌŽĨĐƌĞĚŝƚ;>ͬͿĚĂŶ>ͬĚŽŵĞƐƚŝĐĂƚĂƵ
^<EƐŝŐŚƚĚĂŶƵƐĂŶĐĞƵŶƚƵŬŵĞŵĨĂƐŝůŝƚĂƐŝƉĞŵďĞůŝĂŶďĂƌĂŶŐͲ
ďĂƌĂŶŐƵŶƚƵŬŬĞŐŝĂƚĂŶͲŬĞŐŝĂƚĂŶƵƐĂŚĂWĞŵŝŶũĂŵ͘
- WĞƌŝŽĚĞ <ĞƚĞƌƐĞĚŝĂĂŶ͗ ŝƉĞƌƉĂŶũĂŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ĞĨĞŬƚŝĨ
ƐĂŵƉĂŝĚĞŶŐĂŶϯϬ^ĞƉƚĞŵďĞƌϮϬϮϲ͘
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- dĂŶŐŐĂů :ĂƚƵŚ dĞŵƉŽ͗ DĂŬƐŝŵƵŵ ϲ ďƵůĂŶ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů
ƉĞŶŐŐƵŶĂĂŶƚĞƌĂŬŚŝƌĨĂƐŝůŝƚĂƐ͘
- :ĂŶŐŬĂtĂŬƚƵWĞŵŝŶũĂŵĂŶ͗DĂŬƐŝŵƵŵϲďƵůĂŶ͘
- ^ƵŬƵƵŶŐĂƉĞƌƚĂŚƵŶ͗dŝĚĂŬďĞƌůĂŬƵ͘
- WĞŵďĂLJĂƌĂŶ>ĞďŝŚǁĂů͗dŝĚĂŬďĞƌůĂŬƵ͘
ϯͿ ^ŬĞĚƵůEŽ͘ϬϱϳLJĂŶŐĚŝŐĂŶƚŝŬĂŶĚĞŶŐĂŶ^ŬĞĚƵůEŽ͘Ϭϲϯ͗
- EĂŵĂ&ĂƐŝůŝƚĂƐ͗ĐĐĞƉƚĂŶĐĞ͘
- DĂƚĂhĂŶŐ͗ŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚ;h^ͿĂƚĂƵŶŝůĂŝƐĞƚĂƌĂŶLJĂ
ĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ;/ZͿĂƚĂƵzƵĂŶdŝŽŶŐŬŽŬ;EzͿ;/Z
ĚĂŶEzĚŝƐĞďƵƚƐĞďĂŐĂŝEŽŶͲh^Ϳ͘
- :ƵŵůĂŚ &ĂƐŝůŝƚĂƐ͗ h^ϮϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ĚƵĂ ƉƵůƵŚ ũƵƚĂ ŽůůĂƌ
ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ ĂƚĂƵ ŶŝůĂŝ ƐĞƚĂƌĂŶLJĂ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ EŽŶͲ
h^͘
- dƵũƵĂŶ͗ hŶƚƵŬ ŵĞŵďĂLJĂƌ ĂƚĂƐ >ͬ ĚĂŶ >ͬ ĚŽŵĞƐƚŝŬ ĂƚĂƵ
^<E ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ ƵƐĂŶĐĞ ƉĂLJĂďůĞ Ăƚ ƐŝŐŚƚ
;hW^Ϳ>ͬĂƚĂƵ^<EĂƚĂƵƵƐĂŶĐĞƉĂLJĂďůĞĂƚƵƐĂŶĐĞ;hWhͿ
>ͬĂƚĂƵ^<EĚŝƉĞƌďŽůĞŚŬĂŶ͘
- WĞƌŝŽĚĞ <ĞƚĞƌƐĞĚŝĂĂŶ͗ ŝƉĞƌƉĂŶũĂŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ĞĨĞŬƚŝĨ
ƐĂŵƉĂŝĚĞŶŐĂŶϯϬ^ĞƉƚĞŵďĞƌϮϬϮϲ͘
- dĂŶŐŐĂů :ĂƚƵŚ dĞŵƉŽ͗ DĂŬƐŝŵƵŵ ϲ ďƵůĂŶ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů
ƉĞŶŐŐƵŶĂĂŶƚĞƌĂŬŚŝƌĨĂƐŝůŝƚĂƐ͘
- :ĂŶŐŬĂtĂŬƚƵWĞŵŝŶũĂŵĂŶ͗DĂŬƐŝŵƵŵϲďƵůĂŶ͘
- ^ƵŬƵƵŶŐĂƉĞƌƚĂŚƵŶ͗dŝĚĂŬďĞƌůĂŬƵ͘
- WĞŵďĂLJĂƌĂŶ>ĞďŝŚǁĂů͗dŝĚĂŬďĞƌůĂŬƵ͘
ϰͿ ^ŬĞĚƵůEŽ͘ϬϱϴLJĂŶŐĚŝŐĂŶƚŝŬĂŶĚĞŶŐĂŶ^ŬĞĚƵůEŽ͘Ϭϲϰ͗
- EĂŵĂ&ĂƐŝůŝƚĂƐ͗>ŽĂŶŽŶEŽƚĞdƌƵƐƚZĞĐĞŝƉƚ;>ŽĂŶŽŶEŽƚĞdͬZͿ͘
- DĂƚĂhĂŶŐ͗ŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚ;h^ͿĂƚĂƵŶŝůĂŝƐĞƚĂƌĂŶLJĂ
ĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ;/ZͿĂƚĂƵzƵĂŶdŝŽŶŐŬŽŬ;EzͿ;/Z
ĚĂŶEzĚŝƐĞďƵƚƐĞďĂŐĂŝEŽŶͲh^Ϳ͘
- :ƵŵůĂŚ &ĂƐŝůŝƚĂƐ͗ h^ϮϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ĚƵĂ ƉƵůƵŚ ũƵƚĂ ŽůůĂƌ
ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ ĂƚĂƵ ŶŝůĂŝ ƐĞƚĂƌĂŶLJĂ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ EŽŶͲ
h^͘
- dƵũƵĂŶ͗ hŶƚƵŬ ŵĞŵďĂLJĂƌ >ͬ ĚĂŶ >ͬ ĚŽŵĞƐƚŝŬ ĂƚĂƵ ^<E
ƐŝŐŚƚĚĂŶƵƐĂŶĐĞ͘
- WĞƌŝŽĚĞ <ĞƚĞƌƐĞĚŝĂĂŶ͗ ŝƉĞƌƉĂŶũĂŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ĞĨĞŬƚŝĨ
ƐĂŵƉĂŝĚĞŶŐĂŶϯϬ^ĞƉƚĞŵďĞƌϮϬϮϲ͘
- dĂŶŐŐĂů :ĂƚƵŚ dĞŵƉŽ͗ DĂŬƐŝŵƵŵ ϵ ďƵůĂŶ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů
ƉĞŶŐŐƵŶĂĂŶƚĞƌĂŬŚŝƌĨĂƐŝůŝƚĂƐ͘
- :ĂŶŐŬĂtĂŬƚƵWĞŵŝŶũĂŵĂŶ͗DĂŬƐŝŵƵŵϵďƵůĂŶ͘
- ^ƵŬƵƵŶŐĂƉĞƌƚĂŚƵŶ͗
^ĞƚŝĂƉƉĞŶĂƌŝŬĂŶĚĂůĂŵŵĂƚĂƵĂŶŐ h^ĂƚĂƵEŽŶͲh^͗ŝĂLJĂ
ƉĞŶĚĂŶĂĂŶĚŝƚĂŵďĂŚϭ͕ϱϬйƉĞƌƚĂŚƵŶĂƚĂƵƉĂĚĂƚŝŶŐŬĂƚƐƵŬƵ
ďƵŶŐĂ LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ ďĞƌƐĂŵĂ ŽůĞŚ WĞŵŝŶũĂŵ ĚĂŶ ĂŶŬ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝďƵŬƚŝŬĂŶ ĚĂůĂŵ WĞƌŵŽŚŽŶĂŶ WĞŶĂƌŝŬĂŶ LJĂŶŐ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚWĞŵŝŶũĂŵĚĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂĂŶŬ
ƉĂĚĂƐĞƚŝĂƉƉĞŶĂƌŝŬĂŶ͘
ŝĂLJĂƉĞŶĚĂŶĂĂŶďĞƌĂƌƚŝƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶũƵŵůĂŚĂƉĂƉƵŶ
LJĂŶŐ ƌĞůĞǀĂŶ͕ ĚĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ĂƉĂƉƵŶ LJĂŶŐ ƌĞůĞǀĂŶ͕ ďŝĂLJĂ
;ĚŝƚĞŶƚƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ďĂƐŝƐ ĂŬƚƵĂů ĂƚĂƵ ŶĂƐŝŽŶĂů ĚĂŶ
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ƐĞďĂŐĂŝŵĂŶĂ ĚŝƚĞŶƚƵŬĂŶ ƐĞĐĂƌĂ ŬŽŶŬůƵƐŝĨ ŽůĞŚ ĂŶŬ ĚĂŶ
ĚŝŶLJĂƚĂŬĂŶ ƐĞďĂŐĂŝ ƉĞƌƐĞŶƚĂƐĞ ƐƵŬƵ ďƵŶŐĂ ƉĞƌ ƚĂŚƵŶͿ LJĂŶŐ
ĂŶŬĂŬĂŶƚĂŶŐŐƵŶŐũŝŬĂĂŶŬŵĞŵďŝĂLJĂŝĚĂƌŝƐƵŵďĞƌͲƐƵŵďĞƌ
ŵĂŶĂƉƵŶ LJĂŶŐ ĚĂƉĂƚ ĚŝƉŝůŝŚŶLJĂ͕ ƐƵĂƚƵ ũƵŵůĂŚ LJĂŶŐ ƐĞƚĂƌĂ
ĚĞŶŐĂŶ ƉĂƌƚŝƐŝƉĂƐŝ ƚĞƌƐĞďƵƚ ĚĂůĂŵ ƉŝŶũĂŵĂŶ ƚĞƌƐĞďƵƚ ƵŶƚƵŬ
ƐƵĂƚƵ ƉĞƌŝŽĚĞ LJĂŶŐ ƐĂŵĂ ƉĂŶũĂŶŐŶLJĂ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ ďƵŶŐĂ
ƉŝŶũĂŵĂŶƚĞƌƐĞďƵƚ͘
- WĞŵďĂLJĂƌĂŶ>ĞďŝŚǁĂů͗^ĞŐĂůĂƉĞŵďĂLJĂƌĂŶĂǁĂůLJĂŶŐĚŝďƵĂƚ
ŽůĞŚ WĞŵŝŶũĂŵ ƚƵŶĚƵŬ ƉĂĚĂ ŬĞƚĞŶƚƵĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝƚĞŶƚƵŬĂŶŽůĞŚĂŶŬ͘
ϱͿ ^ŬĞĚƵůEŽ͘ϬϱϵLJĂŶŐĚŝŐĂŶƚŝŬĂŶĚĞŶŐĂŶ^ŬĞĚƵůEŽ͘Ϭϲϱ͗
- EĂŵĂ&ĂƐŝůŝƚĂƐ͗'ƵĂƌĂŶƚĞĞ͘
- DĂƚĂhĂŶŐ͗ŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚ;h^ͿĂƚĂƵŶŝůĂŝƐĞƚĂƌĂŶLJĂ
ĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ;/ZͿ͘
- :ƵŵůĂŚ &ĂƐŝůŝƚĂƐ͗ h^ϭϰ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ĞŵƉĂƚ ďĞůĂƐ ũƵƚĂ ŽůůĂƌ
ŵĞƌŝŬĂ^ĞƌŝŬĂƚͿĂƚĂƵŶŝůĂŝƐĞƚĂƌĂŶLJĂĚĂůĂŵŵĂƚĂƵĂŶŐ/Z͘
- dƵũƵĂŶ͗ hŶƚƵŬ ŵĞŶĞƌďŝƚŬĂŶ ƐĞŵƵĂ ũĞŶŝƐ ďĂŶŬ ŐĂƌĂŶƐŝ
ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂWĞŵŝŶũĂŵ͘
- WĞƌŝŽĚĞ <ĞƚĞƌƐĞĚŝĂĂŶ͗ ŝƉĞƌƉĂŶũĂŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ĞĨĞŬƚŝĨ
ƐĂŵƉĂŝĚĞŶŐĂŶϯϬ^ĞƉƚĞŵďĞƌϮϬϮϲ͘
- dĂŶŐŐĂů :ĂƚƵŚ dĞŵƉŽ͗ DĂŬƐŝŵƵŵ ϲ ďƵůĂŶ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů
ƉĞŶŐŐƵŶĂĂŶƚĞƌĂŬŚŝƌĨĂƐŝůŝƚĂƐƚŝĚĂŬƚĞƌŵĂƐƵŬϭϰŚĂƌŝ ŬĂůĞŶĚĞƌ
ƉĞƌŝŽĚĞŬůĂŝŵ͘
- :ĂŶŐŬĂtĂŬƚƵWĞŵŝŶũĂŵĂŶ͗DĂŬƐŝŵƵŵϲďƵůĂŶƚŝĚĂŬƚĞƌŵĂƐƵŬ
ϭϰŚĂƌŝŬĂůĞŶĚĞƌƉĞƌŝŽĚĞŬůĂŝŵ͘
- ^ƵŬƵƵŶŐĂƉĞƌƚĂŚƵŶ͗dŝĚĂŬďĞƌůĂŬƵ͘
- WĞŵďĂLJĂƌĂŶ>ĞďŝŚǁĂů͗dŝĚĂŬďĞƌůĂŬƵ͘
ϲͿ ^ŬĞĚƵůEŽ͘ϬϲϬLJĂŶŐĚŝŐĂŶƚŝŬĂŶĚĞŶŐĂŶ^ŬĞĚƵůEŽ͘Ϭϲϲ͗
- EĂŵĂ&ĂƐŝůŝƚĂƐ͗>ŽĂŶŽŶEŽƚĞ–Ϯ;ĐĐŽƵŶƚWĂLJĂďůĞ&ŝŶĂŶĐŝŶŐͿ͘
- DĂƚĂhĂŶŐ͗ŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚ;h^ͿĂƚĂƵŶŝůĂŝƐĞƚĂƌĂŶLJĂ
ĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ;/ZͿĂƚĂƵzƵĂŶdŝŽŶŐŬŽŬ;EzͿ;/Z
ĚĂŶEzĚŝƐĞďƵƚƐĞďĂŐĂŝEŽŶͲh^Ϳ͘
- :ƵŵůĂŚ &ĂƐŝůŝƚĂƐ͗ h^ϭϰ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ĞŵƉĂƚ ďĞůĂƐ ũƵƚĂ ŽůůĂƌ
ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ ĂƚĂƵ ŶŝůĂŝ ƐĞƚĂƌĂŶLJĂ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ EŽŶͲ
h^͘
- dƵũƵĂŶ͗DŽĚĂůŬĞƌũĂLJĂŝƚƵƵŶƚƵŬŵĞŶLJĞĚŝĂŬĂŶƉĞŵďŝĂLJĂĂŶĂƚĂƐ
ƚĂŐŝŚĂŶĚĂƌŝƉĞŵĂƐŽŬͲƉĞŵĂƐŽŬ;ƐƵƉƉůŝĞƌƐͿWĞŵŝŶũĂŵ͘
- WĞƌŝŽĚĞ <ĞƚĞƌƐĞĚŝĂĂŶ͗ ŝƉĞƌƉĂŶũĂŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ĞĨĞŬƚŝĨ
ƐĂŵƉĂŝĚĞŶŐĂŶϯϬ^ĞƉƚĞŵďĞƌϮϬϮϲ͘
- dĂŶŐŐĂů :ĂƚƵŚ dĞŵƉŽ͗ DĂŬƐŝŵƵŵ ϵ ďƵůĂŶ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů
ƉĞŶĂƌŝŬĂŶƚĞƌĂŬŚŝƌĨĂƐŝůŝƚĂƐ͘
- :ĂŶŐŬĂtĂŬƚƵWĞŵŝŶũĂŵĂŶ͗DĂŬƐŝŵƵŵϵďƵůĂŶ͘
- ^ƵŬƵƵŶŐĂƉĞƌƚĂŚƵŶ͗
^ĞƚŝĂƉƉĞŶĂƌŝŬĂŶĚĂůĂŵŵĂƚĂƵĂŶŐh^ĂƚĂƵEŽŶͲh^͗ŝĂLJĂ
ƉĞŶĚĂŶĂĂŶĚŝƚĂŵďĂŚϭ͕ϱϬйƉĞƌƚĂŚƵŶĂƚĂƵƉĂĚĂƚŝŶŐŬĂƚƐƵŬƵ
ďƵŶŐĂ LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ ďĞƌƐĂŵĂ ŽůĞŚ WĞŵŝŶũĂŵ ĚĂŶ ĂŶŬ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝďƵŬƚŝŬĂŶ ĚĂůĂŵ WĞƌŵŽŚŽŶĂŶ WĞŶĂƌŝŬĂŶ LJĂŶŐ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚWĞŵŝŶũĂŵĚĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂĂŶŬ
ƉĂĚĂƐĞƚŝĂƉƉĞŶĂƌŝŬĂŶ͘
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ŝĂLJĂƉĞŶĚĂŶĂĂŶďĞƌĂƌƚŝƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶũƵŵůĂŚĂƉĂƉƵŶ
LJĂŶŐ ƌĞůĞǀĂŶ͕ ĚĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ ĂƉĂƉƵŶ LJĂŶŐ ƌĞůĞǀĂŶ͕ ďŝĂLJĂ
;ĚŝƚĞŶƚƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ďĂƐŝƐ ĂŬƚƵĂů ĂƚĂƵ ŶĂƐŝŽŶĂů ĚĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝƚĞŶƚƵŬĂŶ ƐĞĐĂƌĂ ŬŽŶŬůƵƐŝĨ ŽůĞŚ ĂŶŬ ĚĂŶ
ĚŝŶLJĂƚĂŬĂŶ ƐĞďĂŐĂŝ ƉĞƌƐĞŶƚĂƐĞ ƐƵŬƵ ďƵŶŐĂ ƉĞƌ ƚĂŚƵŶͿ LJĂŶŐ
ĂŶŬĂŬĂŶƚĂŶŐŐƵŶŐũŝŬĂĂŶŬŵĞŵďŝĂLJĂŝĚĂƌŝƐƵŵďĞƌͲƐƵŵďĞƌ
ŵĂŶĂƉƵŶ LJĂŶŐ ĚĂƉĂƚ ĚŝƉŝůŝŚŶLJĂ͕ ƐƵĂƚƵ ũƵŵůĂŚ LJĂŶŐ ƐĞƚĂƌĂ
ĚĞŶŐĂŶ ƉĂƌƚŝƐŝƉĂƐŝ ƚĞƌƐĞďƵƚ ĚĂůĂŵ ƉŝŶũĂŵĂŶ ƚĞƌƐĞďƵƚ ƵŶƚƵŬ
ƐƵĂƚƵ ƉĞƌŝŽĚĞ LJĂŶŐ ƐĂŵĂ ƉĂŶũĂŶŐŶLJĂ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ ďƵŶŐĂ
ƉŝŶũĂŵĂŶƚĞƌƐĞďƵƚ͘
- WĞŵďĂLJĂƌĂŶ>ĞďŝŚǁĂů͗^ĞŐĂůĂƉĞŵďĂLJĂƌĂŶĂǁĂůLJĂŶŐĚŝďƵĂƚ
ŽůĞŚ WĞŵŝŶũĂŵ ƚƵŶĚƵŬ ƉĂĚĂ ŬĞƚĞŶƚƵĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝƚĞŶƚƵŬĂŶŽůĞŚĂŶŬ͘
ĂƚĂƐ ůŝŵŝƚ ŐĂďƵŶŐĂŶ ŵĂŬƐŝŵƵŵ ďĞƌĚĂƐĂƌŬĂŶ &ĂƐŝůŝƚĂƐ
ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ ĚĂŶ &ĂƐŝůŝƚĂƐ &ŽƌĞŝŐŶ ŝůůƐ ŽƵŐŚƚͲϮ
ďĞƌĚĂƐĂƌŬĂŶ>ĂŵƉŝƌĂŶEŽ͘ϬϬϵďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶ&ĂƐŝůŝƚĂƐ
WĞƌĚĂŐĂŶŐĂŶ ĚĂŶ &ĂƐŝůŝƚĂƐ &ŽƌĞŝŐŶ ŝůůƐ ŽƵŐŚƚ ;ϮͿ ĐĐŽƵŶƚ
ZĞĐĞŝǀĂďůĞ WƵƌĐŚĂƐĞ ǁŝƚŚ ŝůůƐ ŽĨ džĐŚĂŶŐĞ Žƌ WƌŽŵŝƐƐŽƌLJ
EŽƚĞƐ ďĞƌĚĂƐĂƌŬĂŶ ^LJĂƌĂƚ ĚĂŶ <ĞƚĞŶƚƵĂŶ WĞŵďĞůŝĂŶ
/ŶƐƚƌƵŵĞŶ ^ƵƌĂƚ ĞƌŚĂƌŐĂ dĂŶƉĂ ,ĂŬ ZĞĐŽƵƐĞ͕ LJĂŶŐ ĂŬĂŶ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ WĂƌĂ WŝŚĂŬ ĚŝŬĞŵƵĚŝĂ ŚĂƌŝ͕ ĂĚĂůĂŚ h^
ϮϬ͕ϬϬϬ͕ϬϬϬ;ĚƵĂƉƵůƵŚũƵƚĂŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚͿ͘
<ĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶ ͗ ĞďŝƚƵƌǁĂũŝď͗
ϭͿ DĞŶŐŐƵŶĂŬĂŶ ƉŝŶũĂŵĂŶ ŚĂŶLJĂ ƵŶƚƵŬ ŵĂŬƐƵĚ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ
ĚĂůĂŵ ^ŬĞĚƵů ĚĂŶ ĂŬĂŶ ŵĞŵďĂLJĂƌ ƐĞŵƵĂ hƚĂŶŐŶLJĂ ĚĂŶ
ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶŶLJĂ ĚĞŶŐĂŶ ƚĞƉĂƚ ǁĂŬƚƵ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
WĞƌũĂŶũŝĂŶ͘
ϮͿ DĞŵƉĞƌŽůĞŚ͕ ŵĞŵĂƚƵŚŝ ŬĞƚĞŶƚƵĂŶ ĚĂŶ ŵĞůĂŬƵŬĂŶ ƐĞŵƵĂ LJĂŶŐ
ĚŝƉĞƌůƵŬĂŶ ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ƚĞƚĂƉ ďĞƌůĂŬƵŶLJĂ ƐĞŵƵĂ
ƉĞŶŐĞƐĂŚĂŶ͕ƉĞƌƐĞƚƵũƵĂŶ͕ŝũŝŶĚĂŶůŝƐĞŶƐŝLJĂŶŐĚŝƉĞƌƐLJĂƌĂƚŬĂŶŽůĞŚ
ŬĞƚĞŶƚƵĂŶ ƵŶƚƵŬ ŵĞŵƵŶŐŬŝŶŬĂŶ WĞŵŝŶũĂŵ ŵĞŶŐĂĚĂŬĂŶ
WĞƌũĂŶũŝĂŶŝŶŝ͘
ϯͿ ^ĞŐĞƌĂ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ĂŶŬ ŵĞŶŐĞŶĂŝ ƚĞƌũĂĚŝŶLJĂ ƐĞƚŝĂƉ
ƉĞƌŝƐƚŝǁĂ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ĂƚĂƵ ĂŬĂŶ ŵĞŶũĂĚŝ ;LJĂŶŐ ĚĞŶŐĂŶ
ůĞǁĂƚŶLJĂǁĂŬƚƵ͕ƉĞŶLJĂŵƉĂŝĂŶ͕ƉĞŵďĞƌŝƚĂŚƵĂŶ͕ƉĞŵďƵĂƚĂŶƐƵĂƚƵ
ŬĞƉƵƚƵƐĂŶ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ ŝŶŝ ĂƚĂƵ ŬŽŵďŝŶĂƐŝŶLJĂͿ ƐƵĂƚƵ
ƉĞƌŝƐƚŝǁĂĐŝĚĞƌĂũĂŶũŝĚĂŶƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƉĞƌŵŝŶƚĂĂŶƚĞƌƚƵůŝƐ
ĚĂƌŝ ĂŶŬ͕ ŵĞůĂŬƵŬĂŶ ŬŽŶĨŝƌŵĂƐŝ ŬĞƉĂĚĂ ĂŶŬ͕ ŬĞĐƵĂůŝ ƚĞůĂŚ
ĚŝďĞƌŝƚĂŚƵŬĂŶ ƐĞďĞůƵŵŶLJĂ ŬĞƉĂĚĂ ĂŶŬ ĂƚĂƵ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝďĞƌŝƚĂŚƵŬĂŶĚĂůĂŵŬŽŶĨŝƌŵĂƐŝƚĞƌƐĞďƵƚ͘
ϰͿ DĞŵƉĞƌƚĂŚĂŶŬĂŶ ŬĞďĞƌĂĚĂĂŶŶLJĂ ŵĞŶƵƌƵƚ ŚƵŬƵŵ Ěŝ /ŶĚŽŶĞƐŝĂ
ĚĂŶƐĞůƵƌƵŚŚĂŬĚĂŶŚĂŬŝƐƚŝŵĞǁĂŶLJĂ͕ŚĂƌƵƐŵĞŵĂƐƚŝŬĂŶƐĞŵƵĂ
ĂƐĞƚŶLJĂ͘ ^ĞŶĂŶƚŝĂƐĂ ďĞƌŐƵŶĂ ĚĂŶ ĚĂůĂŵ ŬŽŶĚŝƐŝ ďĂŝŬ͕ ŚĂƌƵƐ
ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂŶLJĂ ƐĞĐĂƌĂ ƚĞƌƚŝď͕ ĞĨŝƐŝĞŶ ĚĂŶ ƚĞƌĂƚƵƌ͕ ŚĂƌƵƐ
ŵĞŵĂƚƵŚŝ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ŚƵŬƵŵ LJĂŶŐ ďĞƌůĂŬƵ ĚĂŶ
ŵĞůĂŬƵŬĂŶƉĞŵďĂLJĂƌĂŶƚĞƉĂƚǁĂŬƚƵĂƚĂƐƐĞŵƵĂƉĂũĂŬ͘
ϱͿ DĞŶŐĂƐƵƌĂŶƐŝŬĂŶ ĚĞŶŐĂŶ ƉĞƌƵƐĂŚĂĂŶ ĂƐƵƌĂŶƐŝ LJĂŶŐ ŵĞŵŝůŝŬŝ
ƌĞƉƵƚĂƐŝLJĂŶŐďĂŝŬĚĂŶĚŝƐĞƚƵũƵŝĂŶŬƚĞƌŚĂĚĂƉƐĞŵƵĂƉƌŽƉĞƌƚŝĚĂŶ
ĂƐĞƚŶLJĂĚĞŶŐĂŶƉĞƌůŝŶĚƵŶŐĂŶĚĂŶũƵŵůĂŚƉĞƌƚĂŶŐŐƵŶŐĂŶĂƐƵƌĂŶƐŝ
LJĂŶŐůĂnjŝŵĚĂŶďŝĂƐĂĚĂůĂŵƉĞŶŐĞůŽůĂĂŶďŝƐŶŝƐŝŶƚĞƌŶĂƐŝŽŶĂůLJĂŶŐ
ďĂŝŬĚĂůĂŵďŝĚĂŶŐŬĞŐŝĂƚĂŶĚŝŵĂŶĂWĞŵŝŶũĂŵďĞƌŐĞƌĂŬ͕ƚĞƌŵĂƐƵŬ
ƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂĂƐƵƌĂŶƐŝƐĞŵƵĂƌŝƐŝŬŽLJĂŶŐƐĞĐĂƌĂƚĞŐĂƐ
ŵĞůŝƉƵƚŝ ƉĞƌůŝŶĚƵŶŐĂŶ ƚĞƌŚĂĚĂƉ ŬĞďĂŬĂƌĂŶ͕ ƉĞŵŽŐŽŬĂŶ͕
ŬĞƌƵƐƵŚĂŶ ĚĂŶ ŚƵƌƵ ŚĂƌĂ͘ <ĞĐƵĂůŝ ĚŝƚĞŶƚƵŬĂŶ ůĂŝŶ ĚĂůĂŵ ƐŬĞĚƵů
WĞƌũĂŶũŝĂŶ ŝŶŝ͕ ƐĞŵƵĂ ƉŽůŝƐ ĂƐƵƌĂŶƐŝ ĂƚĂƐ ƉĞƌƐĞĚŝĂĂŶ ƐĞďĂŐĂŝ
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ƉĞŶĞƌŝŵĂ ƉĞŵďĂLJĂƌĂŶ ŬĞƌƵŐŝĂŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ ƉŽůŝƐ
ĂƐƵƌĂŶƐŝ ƚĞƌƐĞďƵƚ ŚĂƌƵƐ ĚŝƐĞƌĂŚŬĂŶ ŬĞƉĂĚĂ ĂŶŬ ƐĞŬƵƌĂŶŐŶLJĂ
ƐĞŬĂůŝƐĞƚĂŚƵŶ͘
ϲͿ DĞŶLJĞƌĂŚŬĂŶŬĞƉĂĚĂĂŶŬ͗
Ă͘ ƐĞŐĞƌĂ ƐĞƚĞůĂŚ ƚĞƌƐĞĚŝĂ ĚĂŶ ƐĞŶĂŶƚŝĂƐĂ ĚĂůĂŵ ǁĂŬƚƵ ϭϴϬ
ŚĂƌŝ ŬĂůĞŶĚĞƌ ƐĞƚĞůĂŚ ďĞƌĂŬŚŝƌŶLJĂ ƐĞƚŝĂƉ ƚĂŚƵŶ ĨŝƐŬĂů͕
ƐĂůŝŶĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƚĂŚƵŶĂŶLJĂŶŐĚŝĂƵĚŝƚ͕ƚĞƌŵĂƐƵŬ
ŶĞƌĂĐĂ ƉĂĚĂ ĂŬŚŝƌ ƚĂŚƵŶ ĨŝƐŬĂů ƚĞƌƐĞďƵƚ ĚĂŶ ůĂƉŽƌĂŶ ůĂďĂ
ƌƵŐŝ;ƐƚĂƚĞŵĞŶƚƐŽĨƉƌŽĨŝƚĂŶĚůŽƐƐͿĚĂŶĂƌƵƐŬĂƐ;ĐĂƐŚĨůŽǁͿ
ƚĞƌŬĂŝƚ͕ ĚĞŶŐĂŶ ĚŝƐĞƌƚĂŝ ƵŶƋƵĂůŝĨŝĞĚ ŽƉŝŶŝŽŶ ;ƉĞŶĚĂƉĂƚ
ǁĂũĂƌƚĂŶƉĂƉĞŶŐĞĐƵĂůŝĂŶͿĚĂƌŝĂŬƵŶƚĂŶƉƵďůŝŬŝŶĚĞƉĞŶĚĞŶ
LJĂŶŐďĞƌĞƉƵƚĂƐŝďĂŝŬ͖
ď͘ ƐĞŐĞƌĂƐĞƚĞůĂŚƚĞƌƐĞĚŝĂĚĂŶƐĞŶĂŶƚŝĂƐĂĚĂůĂŵǁĂŬƚƵϵϬŚĂƌŝ
ŬĂůĞŶĚĞƌ ƐĞƚĞůĂŚ ďĞƌĂŬŚŝƌŶLJĂ ƐĞƚŝĂƉ ƚƌŝǁƵůĂŶ ĚĂƌŝ ƐĞƚŝĂƉ
ƚĂŚƵŶĨŝƐŬĂů͕ƐĂůŝŶĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƵŶƚƵŬƉĞƌŝŽĚĞƐĞũĂŬ
ĂǁĂůƚĂŚƵŶĨŝƐŬĂůƚĞƌƐĞďƵƚŚŝŶŐŐĂŚĂƌŝƚĞƌĂŬŚŝƌĚĂƌŝƚƌŝǁƵůĂŶ
ƚĞƌƐĞďƵƚ͕ƚĞƌŵĂƐƵŬŶĞƌĂĐĂƉĂĚĂĂŬŚŝƌƉĞƌŝŽĚĞƚĞƌƐĞďƵƚĚĂŶ
ůĂƉŽƌĂŶ ůĂďĂ ƌƵŐŝ ĚĂŶ ĂƌƵƐ ŬĂƐ ƚĞƌŬĂŝƚ ;ƐĞŵƵĂ ůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶ ǁĂũŝď ĚŝƐƵƐƵŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉƌŝŶƐŝƉ ĂŬƵŶƚĂŶƐŝ
LJĂŶŐďĞƌůĂŬƵƵŵƵŵĚĂŶĚŝƚĞƌĂƉŬĂŶĚŝ/ŶĚŽŶĞƐŝĂͿ͖
Đ͘ ĚĂůĂŵ ǁĂŬƚƵ ϭϱ ;ůŝŵĂ ďĞůĂƐͿ ŚĂƌŝ ŬĂůĞŶĚĞƌ ƐĞƚĞůĂŚ
ƉĞƌƵďĂŚĂŶ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ ĂƚĂƵ ƉĞƌƵďĂŚĂŶ ƐƵƐƵŶĂŶ
ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞŵŝŶũĂŵ ĂƚĂƵ ƉĞƌƵďĂŚĂŶ
ƐƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĂƚĂƵ ƐƚƌƵŬƚƵƌ ƉĞƌƵƐĂŚĂĂŶ͕
ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ĂŶŬ͕ ďĞƐĞƌƚĂ ĚĞŶŐĂŶ
ƐĞŵƵĂĚŽŬƵŵĞŶƉĞŶĚƵŬƵŶŐƚĞƌŬĂŝƚŚĂůƚĞƌƐĞďƵƚ͘
Ě͘ ƐĞŐĞƌĂ ƐĞƚĞůĂŚ ƚĞƌũĂĚŝ ƉĞƌŝƐƚŝǁĂ ĐŝĚĞƌĂ ũĂŶũŝ ŵĞůĂŬƵŬĂŶ
ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ LJĂŶŐ ďĞƌŝƐŝ ƉĞŶũĞůĂƐĂŶ ƉĞƌŝƐƚŝǁĂ
ĐŝĚĞƌĂ ũĂŶũŝ ĚĂŶ >ĂŶŐŬĂŚͲůĂŶŐŬĂŚ LJĂŶŐ ĚŝĂŵďŝů ŽůĞŚ
WĞŵŝŶũĂŵ ƵŶƚƵŬ ŵĞŵƉĞƌďĂŝŬŝ ƉĞƌŝƐƚŝǁĂ ĐŝĚĞƌĂ ũĂŶũŝ
ƚĞƌƐĞďƵƚ͘
ϳͿ DĞŶũĂŐĂƌĂƐŝŽͲƌĂƐŝŽŬĞƵĂŶŐĂŶ͗
Ă͘ ZĂƐŝŽ ůĂŶĐĂƌ ĚŝƉĞƌƚĂŚĂŶŬĂŶ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ϭ͘Ϭ ďĂŶĚŝŶŐ ϭ͘Ϭ ŬĂůŝ͘
“Rasio Lancar” adalah perbandingan total aset lancar Peminjam
ƚĞƌŚĂĚĂƉƚŽƚĂůŚƵƚĂŶŐůĂŶĐĂƌ͘
ď͘ WĞƌďĂŶĚŝŶŐĂŶhƚĂŶŐƚĞƌŚĂĚĂƉ ŬƵŝƚĂƐĚŝƉĞƌƚĂŚĂŶŬĂŶƐĂŵĂĂƚĂƵ
ƚŝĚĂŬ ůĞďŝŚ ĚĂƌŝ ϯ͘ϱ ďĂŶĚŝŶŐ ϭ͘Ϭ ŬĂůŝ͘ “Utang” berarti LJĂŶŐ
ĚŝďĞďĂŶŬĂŶďƵŶŐĂĚĂƌŝƉĞƌďĂŶŬĂŶƚĞƌŵĂƐƵŬŽďůŝŐĂƐŝ͕ƉŝŶũĂŵĂŶ
ƉĞƌƵƐĂŚĂĂŶ ƉĞŵďŝĂLJĂĂŶ͕ ůĞĂƐŝŶŐ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂůĂŵ
ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞŵŝŶũĂŵ͘
ϴͿ ŵĞŵĂƐƚŝŬĂŶƐĞƚŝĂƉƐĂĂƚďĂŚǁĂŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵ<ĞůƵĂƌŐĂ/ďŶƵ
^ƵƐĂŶƚŽĚĂŶͬĂƚĂƵ<ĞůƵĂƌŐĂ,ƵĚŝĂŶƚŽ͕ƐĞĐĂƌĂůĂŶŐƐƵŶŐĂƚĂƵƚŝĚĂŬ
ůĂŶŐƐƵŶŐĚŝƉĞƌƚĂŚĂŶŬĂŶƐĞŬƵƌĂŶŐŶLJĂƐĂŵĂĚĞŶŐĂŶĂƚĂƵůĞďŝŚĚĂƌŝ
ϱϭй ĚĂƌŝ ŵŽĚĂů ĚŝƚĞŵƉĂƚŬĂŶ ĚĂŶ ĚŝƐĞƚŽƌ WĞŵŝŶũĂŵ ĂƚĂƵ ŚĂƌƵƐ
ĚŝƉĞƌƚĂŚĂŶŬĂŶƐĞďĂŐĂŝƉĞŵĞŐĂŶŐƐĂŚĂŵŝŶĚŝǀŝĚƵŵĂLJŽƌŝƚĂƐƉĂĚĂ
WĞŵŝŶũĂŵLJĂŶŐŵĞŵŝůŝŬŝŚĂŬƐƵĂƌĂLJĂŶŐƐĂŚ͘
ϵͿ DĞŵďƵĂƚ͕ ŵĞŶŐĂĚĂŬĂŶ ĂƚĂƵ ŵĞŶŝŵďƵůŬĂŶ ƉĞŶŐŝŬĂƚĂŶ ŚĂŬ
ƚĂŶŐŐƵŶŐĂŶ ĂƚĂƐ ŚĂƌƚĂ ƚĂŬ ďĞƌŐĞƌĂŬŶLJĂ͕ ĂƚĂƵ ŵĞŶũĂŵŝŶŬĂŶ
ĂƐĞƚŶLJĂ ĂƚĂƵ ŵĞŶũƵĂů͕ ŵĞŶLJĞǁĂŬĂŶ ĂƚĂƵ ŵĞůĞƉĂƐŬĂŶ ĂƐĞƚŶLJĂ͘
ĂůĂŵϭ;ƐĂƚƵͿĂƚĂƵůĞďŝŚƚƌĂŶƐĂŬƐŝĂƚĂƵƐĞƌĂŶŐŬĂŝĂŶƚƌĂŶƐĂŬƐŝLJĂŶŐ
ďĞƌƐŝĨĂƚ ŝŶĚĞƉĞŶĚĞŶ ĂƚĂƵ LJĂŶŐ ƐĂůŝŶŐ ďĞƌŬĂŝƚĂŶ ƐĞůĂŝŶ ĚĂƌŝ
ƚƌĂŶƐĂŬƐŝͲƚƌĂŶƐĂŬƐŝ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ǁĂũĂƌ ;on an arm’s
ůĞŶŐƚŚďĂƐŝƐͿĚĞŶŐĂŶŝŵďĂůĂŶƉĞŶƵŚĚĂůĂŵŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞŚĂƌŝͲ
ŚĂƌŝ͕ŬĞĐƵĂůŝƵŶƚƵŬ͗
Ă͘ ƐĞƚŝĂƉũĂŵŝŶĂŶLJĂŶŐƚĞůĂŚĚŝƵŶŐŬĂƉƐĞĐĂƌĂƚĞƌƚƵůŝƐŬĞƉĂĚĂ
ĂŶŬ ƐĞďĞůƵŵ ƚĂŶŐŐĂů WĞƌũĂŶũŝĂŶ ŝŶŝ͕ ƚĞƚĂƉŝ ũƵŵůĂŚ ƉŽŬŽŬ
ƉŝŶũĂŵĂŶ LJĂŶŐ ĚŝũĂŵŝŶ ŽůĞŚ ũĂŵŝŶĂŶ ƚĞƌƐĞďƵƚ ƚŝĚĂŬ ĚĂƉĂƚ
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ĚĂŶ
ď͘ ƐĞƚŝĂƉ ũĂŵŝŶĂŶ ůĂŝŶ LJĂŶŐ ĚŝďƵĂƚ ĂƚĂƵ ĚŝĂĚĂŬĂŶ ĚĞŶŐĂŶ
ƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƐĞďĞůƵŵŶLJĂĚĂƌŝĂŶŬ͘
ϭϬͿ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŶLJĞƌĂŚŬĂŶ ŬĞƉĂĚĂ ĂŶŬ ƉŽůŝƐ ĂƐƵƌĂŶƐŝ͕ LJĂŶŐ
ĚŝďƵĂƚ ŽůĞŚ ƉĞƌƵƐĂŚĂĂŶ ĂƐƵƌĂŶƐŝ ƌĞŬĂŶĂŶ ĂŶŬ͕ ĚĞŶŐĂŶ ŬůĂƵƐƵů
bank (banker’s clause) atas nama Bank yang menutup
ƉĞƌůŝŶĚƵŶŐĂŶ ĂƚĂƐ WĞƌƐĞĚŝĂĂŶ WĞŵŝŶũĂŵ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ƐĞƚĂŚƵŶ
ƐĞŬĂůŝ͘
ϭϭͿ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŶLJĞƌĂŚŬĂŶ ĚĂĨƚĂƌ ƚĞƌŬŝŶŝ ĂƚĂƐ WŝƵƚĂŶŐ
WĞŵŝŶũĂŵĚĂŶWĞƌƐĞĚŝĂĂŶWĞŵŝŶũĂŵLJĂŶŐƚĞůĂŚĚŝĂůŝŚŬĂŶƐĞĐĂƌĂ
ĨŝĚƵƐŝĂ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ ĂŶŬ ƐĞƚŝĂƉ ƚƌŝǁƵůĂŶĂŶ͕ ƐĞůĂŵďĂƚͲ
ůĂŵďĂƚŶLJĂ ϵϬ ŚĂƌŝ ŬĂůĞŶĚĞƌ ƐĞũĂŬ ďĞƌĂŬŚŝƌŶLJĂ ƚŝĂƉ ƚƌŝǁƵůĂŶĂŶ
ƚĞƌƐĞďƵƚ ĂƚĂƵ ƉĂĚĂ ƉĞƌŝŽĚĞ ůĂŝŶ LJĂŶŐ ĚŝĂŶŐŐĂƉ ƉĞƌůƵ ŽůĞŚ ĂŶŬ͕
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶďĂŚǁĂ͗
Ă͘ ĂĨƚĂƌ WŝƵƚĂŶŐ WĞŵŝŶũĂŵ LJĂŶŐ ĂŬĂŶ ĚŝƐĞƌĂŚŬĂŶ ƐĞƚŝĂƉ
ƚƌŝǁƵůĂŶ ŚĂƌƵƐ ŵĞŵƵĂƚ ŶŝůĂŝ ƐĂŵƉĂŝ ƐĞũƵŵůĂŚ ŶŝůĂŝ
ƉĞŶũĂŵŝŶĂŶĨŝĚƵƐŝĂĂƚĂƐƉŝƵƚĂŶŐ͖ĚĂŶ
ď͘ ĂĨƚĂƌ WĞƌƐĞĚŝĂĂŶ WĞŵŝŶũĂŵ LJĂŶŐ ĂŬĂŶ ĚŝƐĞƌĂŚŬĂŶ ƐĞƚŝĂƉ
ƚƌŝǁƵůĂŶ ŚĂƌƵƐ ŵĞŵƵĂƚ ŶŝůĂŝ ƐĂŵƉĂŝ ƐĞũƵŵůĂŚ ŶŝůĂŝ
ƉĞŶũĂŵŝŶĂŶĨŝĚƵƐŝĂĂƚĂƐƉĞƌƐĞĚŝĂĂŶ͘
WĞŵďĂƚĂƐĂŶͲƉĞŵďĂƚĂƐĂŶ ͗ dĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐĚĂƌŝĂŶŬ͕WĞŵŝŶũĂŵƚŝĚĂŬďŽůĞŚŵĞůĂŬƵŬĂŶ͗
ϭͿ DĞůĂŬƵŬĂŶƚƌĂŶƐĂŬƐŝĚĞŶŐĂŶƉŝŚĂŬůĂŝŶŬĞĐƵĂůŝĚŝůĂŬƵŬĂŶƐĞĐĂƌĂ
ǁĂũĂƌ;ŽŶarm’s length basisͿ͕ĚĂŶƚĂŶƉĂŵĞŵďĂƚĂƐŝŬĞƚĞŶƚƵĂŶ
ƐĞďĞůƵŵŶLJĂ͕ WĞŵŝŶũĂŵ ƚŝĚĂŬ ďŽůĞŚ ƚĞƌůŝŚĂƚ ĚĂůĂŵ ƚƌĂŶƐĂŬƐŝ
ĂƉĂƉƵŶ ĚĞŶŐĂŶ ƐĞƚŝĂƉ ĨŝůŝĂƐŝ͘ ĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ LJĂŶŐ
ŬƵƌĂŶŐ ŵĞŶŐƵŶƚƵŶŐŬĂŶ WĞŵŝŶũĂŵ ĚĂƌŝ ƉĂĚĂ LJĂŶŐ ŵƵŶŐŬŝŶ
ĚŝƉĞƌŽůĞŚƉĂĚĂƐĂĂƚƚĞƌƐĞďƵƚĚĞŶŐĂŶƚƌĂŶƐĂŬƐŝƐĞďĂŶĚŝŶŐĚĂƌŝ
WĞŵŝŶũĂŵ ĚĂůĂŵƚƌĂŶƐĂŬƐŝ ǁĂũĂƌ ;arm’s lĞŶŐƚŚͿĚĞŶŐĂŶ ƉŝŚĂŬ
ůĂŝŶƐĞůĂŝŶĨŝůŝĂƐŝƚĞƌƐĞďƵƚ͘
ϮͿ DĞůĂŬƵŬĂŶ ƌĞŽƌŐĂŶŝƐĂƐŝ ĂƚĂƵ ŬŽŶƐŽůŝĚĂƐŝ ĂƚĂƵ ŵĞƌŐĞƌ ĚĞŶŐĂŶ
ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ ĂƚĂƵ ŵĞŶLJĞǁĂŬĂŶ͕ ŵĞŵŝŶĚĂŚƚĂŶŐĂŶŬĂŶ͕
ŵĞŶŐĂůŝŚŬĂŶ ĂƚĂƵ ŵĞůĞƉĂƐŬĂŶ ;ďĂŝŬ ĚĂůĂŵ ƐĂƚƵ ƚƌĂŶƐĂŬƐŝ
ŵĂƵƉƵŶďĞďĞƌĂƉĂƚƌĂŶƐĂŬƐŝƚĞƌŬĂŝƚͿƐĞŵƵĂĂƚĂƵƐĞďĂŐŝĂŶďĞƐĂƌ
ĚĂƌŝ ĂƐĞƚͲĂƐĞƚŶLJĂ͕ ďĂŝŬ LJĂŶŐ ƚĞůĂŚ ĚŝŵŝůŝŬŝ ƐĂĂƚ ŝŶŝ ĂƚĂƵ LJĂŶŐ
ĂŬĂŶĚŝƉĞƌŽůĞŚĚŝŬĞŵƵĚŝĂŶŚĂƌŝĚĂŶƚŝĚĂŬďŽůĞŚƐĞĐĂƌĂŵĂƚĞƌŝŝů
ŵĞŶŐƵďĂŚ ƐŝĨĂƚ ƵƐĂŚĂ ƐĞďĂŐĂŝŵĂŶĂ LJĂŶŐ ĚŝũĂůĂŶŬĂŶŶLJĂ ƉĂĚĂ
ƚĂŶŐŐĂůWĞƌũĂŶũŝĂŶŝŶŝ͘
ϯͿ DĞŵďƵĂƚĂƚĂƵŵĞŶŝŵďƵůŬĂŶƵƚĂŶŐƚĂŵďĂŚĂŶĂƚĂƐĚĂŶĂLJĂŶŐ
ĚŝƉŝŶũĂŵĂƚĂƵŬƌĞĚŝƚLJĂŶŐĚŝďĞƌŝŬĂŶ;ƚĞƌŵĂƐƵŬƵƚĂŶŐŬŽŶƚŝũĞŶƐŝ
ĚĞŶŐĂŶ ũĂŵŝŶĂŶ ĂƚĂƵ ůĂŝŶŶLJĂͿ ƐĞůĂŝŶ ĚĂƌŝƉĂĚĂ LJĂŶŐ ĚŝďƵĂƚ
ĚĂůĂŵŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞŚĂƌŝͲŚĂƌŝ͕ĂƚĂƵŵĞŵďĞƌŝŬĂŶƉŝŶũĂŵĂŶ
ĂƉĂƉƵŶ ŬĞƉĂĚĂ ŽƌĂŶŐ ĂƚĂƵ ďĂĚĂŶ ŵĂŶĂƉƵŶ ;ŬĞĐƵĂůŝ ĚĂůĂŵ
ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƐĞŚĂƌŝͲŚĂƌŝͿ ĂƚĂƵ ŵĞŵďĞƌŝŬĂŶ ũĂŵŝŶĂŶ ĂƚĂƵ
ƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶƉŝŚĂŬŵĂŶĂƉƵŶ͘
:ĂŵŝŶĂŶ ͗ ϭͿ ŬƚĂ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂĂƚĂƐWŝƵƚĂŶŐEŽ͘ϴϲƚĂŶŐŐĂůϮϵKŬƚŽďĞƌϮϬϭϱ
LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ^ŝƚĂƌĞƐŵŝ WƵƐƉĂĚĞǁŝ ^ƵďŝĂŶƚŽ͕ ^͘,͕͘
EŽƚĂƌŝƐ Ěŝ ^ƵƌĂďĂLJĂ͕ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĂŬŚŝƌ ĚŝƵďĂŚ ĚĞŶŐĂŶ
WĞƌƵďĂŚĂŶ ŬƚĂ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ ĂƚĂƐ WŝƵƚĂŶŐ EŽ͘ϰϳ ƚĂŶŐŐĂů ϭϯ
EŽǀĞŵďĞƌ ϮϬϭϳ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ^ŝƚĂƌĞƐŵŝ WƵƐƉĂĚĞǁŝ
^ƵďŝĂŶƚŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ^ƵƌĂďĂLJĂ͕ƐĞďĂŐĂŝŵĂŶĂƚĞƌĂŬŚŝƌĚŝƵďĂŚ
ĚĞŶŐĂŶ WĞƌƵďĂŚĂŶ <ĞĚƵĂ ƚĞƌŚĂĚĂƉ ŬƚĂ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ ĂƚĂƐ
WŝƵƚĂŶŐ EŽ͘ϰϯ ƚĂŶŐŐĂů ϭϭ KŬƚŽďĞƌ ϮϬϮϮ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ
^ŝƚĂƌĞƐŵŝ WƵƐƉĂĚĞǁŝ ^ƵďŝĂŶƚŽ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ ^ƵƌĂďĂLJĂ ĚĂŶ
^ĞƌƚŝĨŝŬĂƚ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ EŽ͘tϭϱ͘ϬϬϳϯϵϯϳϬ͘,͘Ϭϱ͘Ϭϭ dĂŚƵŶ
ϮϬϭϱ ƚĂŶŐŐĂů Ϯϲ EŽǀĞŵďĞƌ ϮϬϭϱ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĂŬŚŝƌ ĚŝƵďĂŚ
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ĚĞŶŐĂŶ WĞƌƵďĂŚĂŶ ^ĞƌƚŝĨŝŬĂƚ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ ĂƚĂƐ WŝƵƚĂŶŐ
EŽ͘tϭϱ͘ϬϬϴϳϳϭϬϳ͘,͘Ϭϱ͘ϬϮ dĂŚƵŶ ϮϬϮϮ ƚĂŶŐŐĂů Ϯ EŽǀĞŵďĞƌ
ϮϬϮϮ͖ LJĂŶŐ ŵĞŵďƵŬƚŝŬĂŶ ŬĞƐĞŵƉƵƌŶĂĂŶ ƉĞŶĚĂĨƚĂƌĂŶ ũĂŵŝŶĂŶ
ĨŝĚƵƐŝĂƚĞƌŚĂĚĂƉƐĞƚŝĂƉĚĂŶƐĞŐĂůĂƉŝƵƚĂŶŐƐĂĂƚŝŶŝĚĂŶĂŬĂŶĚĂƚĂŶŐ
ŵŝůŝŬWĞŵŝŶũĂŵƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶĂŶŬĚĞŶŐĂŶŶŝůĂŝƉĞŶũĂŵŝŶĂŶ
ƚŝĚĂŬ ŬƵƌĂŶŐ ĚĂƌŝ h^ϭϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƐĞƉƵůƵŚ ũƵƚĂ ŽůůĂƌ ŵĞƌŝŬĂ
^ĞƌŝŬĂƚͿ͖
ϮͿ ŬƚĂ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ ĂƚĂƐ WĞƌƐĞĚŝĂĂŶ EŽ͘ϴϳ ƚĂŶŐŐĂů Ϯϵ KŬƚŽďĞƌ
ϮϬϭϱLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ^ŝƚĂƌĞƐŵŝWƵƐƉĂĚĞǁŝ^ƵďŝĂŶƚŽ͕^͘,͕͘
EŽƚĂƌŝƐĚŝ^ƵƌĂďĂLJĂ͕ƐĞďĂŐĂŝŵĂŶĂĚŝƵďĂŚĚĞŶŐĂŶWĞƌƵďĂŚĂŶŬƚĂ
:ĂŵŝŶĂŶ&ŝĚƵƐŝĂĂƚĂƐWĞƌƐĞĚŝĂĂŶEŽ͘ϰϴƚĂŶŐŐĂůϭϯEŽǀĞŵďĞƌϮϬϭϳ
LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ^ŝƚĂƌĞƐŵŝ WƵƐƉĂĚĞǁŝ ^ƵďŝĂŶƚŽ͕ ^͘,͕͘
EŽƚĂƌŝƐ Ěŝ ^ƵƌĂďĂLJĂ͕ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĂŬŚŝƌ ĚŝƵďĂŚ ĚĞŶŐĂŶ
WĞƌƵďĂŚĂŶ<ĞĚƵĂƚĞƌŚĂĚĂƉŬƚĂ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂĂƚĂƐWĞƌƐĞĚŝĂĂŶ
EŽ͘ϰϰƚĂŶŐŐĂůϭϭKŬƚŽďĞƌϮϬϮϮLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ^ŝƚĂƌĞƐŵŝ
WƵƐƉĂĚĞǁŝ ^ƵďŝĂŶƚŽ͕ ^͘,͕͘ EŽƚĂƌŝƐ Ěŝ ^ƵƌĂďĂLJĂ ĚĂŶ ^ĞƌƚŝĨŝŬĂƚ
:ĂŵŝŶĂŶ&ŝĚƵƐŝĂEŽ͘tϭϱ͘ϬϬϳϯϵϯϳϭ͘,͘Ϭϱ͘ϬϭdĂŚƵŶϮϬϭϱƚĂŶŐŐĂů
Ϯϲ EŽǀĞŵďĞƌ ϮϬϭϱ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĂŬŚŝƌ ĚŝƵďĂŚ ĚĞŶŐĂŶ
WĞƌƵďĂŚĂŶ^ĞƌƚŝĨŝŬĂƚ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂEŽ͘tϭϱ͘ϬϬϴϳϳϭϲϳ͘,͘Ϭϱ͘ϬϮ
dĂŚƵŶ ϮϬϮϮ ƚĂŶŐŐĂů Ϯ EŽǀĞŵďĞƌ ϮϬϮϮ͖ LJĂŶŐ ŵĞŵďƵŬƚŝŬĂŶ
ŬĞƐĞŵƉƵƌŶĂĂŶ ƉĞŶĚĂĨƚĂƌĂŶ ũĂŵŝŶĂŶ ĨŝĚƵƐŝĂ ƚĞƌŚĂĚĂƉ ƐĞƚŝĂƉ ĚĂŶ
ƐĞŐĂůĂƉĞƌƐĞĚŝĂĂŶƐĂĂƚŝŶŝĚĂŶLJĂŶŐĂŬĂŶĚĂƚĂŶŐŵŝůŝŬWĞŵŝŶũĂŵ
ƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶĂŶŬĚĞŶŐĂŶŶŝůĂŝƉĞŶũĂŵŝŶĂŶƚŝĚĂŬŬƵƌĂŶŐĚĂƌŝ
h^ϭϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƉƵůƵŚũƵƚĂŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚͿ͘
ĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ͕ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƌĂƐŝŽ
ĂƚĂƐ ŶŝůĂŝ ũĂŵŝŶĂŶ WŝƵƚĂŶŐ WĞŵŝŶũĂŵ ĚĂŶ WĞƌƐĞĚŝĂĂŶ WĞŵŝŶũĂŵ
ƚĞƌŚĂĚĂƉ ũƵŵůĂŚ ƚĞƌƵƚĂŶŐ ĂƚĂƐ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ ĚĂŶ &ĂƐŝůŝƚĂƐ
WĞƌĚĂŐĂŶŐĂŶ;^ĞĐƵƌŝƚLJŽǀĞƌĂŐĞZĂƚŝŽͿƚŝĚĂŬŬƵƌĂŶŐĚĂƌŝϭϬϬй͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ:ĂŬĂƌƚĂ^ĞůĂƚĂŶ͘
ĂƚĂƚĂŶ͗
^ĞŚƵďƵŶŐĂŶƌĞŶĐĂŶĂPenawaran Umum Obligasi Terkait Keberkelanjutan III Spindo (“PUB III Obligasi”) dan
Penawaran Umum Berkelanjutan Sukuk Ijarah Berkelanjutan III Spindo (“PUB III Sukuk Ijarah”), Perseroan
ƚĞůĂŚŵĞŵƉĞƌŽůĞŚƉĞƌƐĞƚƵũƵĂŶĚĂƌŝWdĂŶŬ^D/ŶĚŽŶĞƐŝĂdďŬďĞƌĚĂƐĂƌŬĂŶ͗
^ƵƌĂƚWdĂŶŬ^D/ŶĚŽŶĞƐŝĂdďŬEŽ͘^͘Ϭϭϭͬttͬ/ͬϮϬϮϲƚĂŶŐŐĂůϳ:ĂŶƵĂƌŝϮϬϮϲ͕LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶƉĂĚĂ
ƉŽŬŽŬŶLJĂĂŶŬŵĞŶLJĞƚƵũƵŝƌĞŶĐĂŶĂWh///KďůŝŐĂƐŝĚĂŶWh///^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĂŬĂŶĚŝƚĞƌďŝƚŬĂŶĚĂůĂŵ
ďĞďĞƌĂƉĂƚĂŚĂƉĚĞŶŐĂŶƚĂƌŐĞƚĚĂŶĂLJĂŶŐĂŬĂŶĚŝŚŝŵƉƵŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂƐĞďĞƐĂƌ
ZƉϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ(satu triliun Rupiah) (“PUB III”).
ĂŶĂŶŬŵĞŶLJĞƚƵũƵŝŵĞůĞƉĂƐŬĂŶƐĞŵĞŶƚĂƌĂǁĂŬƚƵŚĂŬĂŶŬďĞƌĚĂƐĂƌŬĂŶWĂƐĂůϵŚƵƌƵĨĐ͘
WĂƐĂůϵ>ĂƌĂŶŐĂŶͲůĂƌĂŶŐĂŶ͗
WĞŵŝŶũĂŵ ũƵŐĂ ŵĞŶLJĞƚƵũƵŝ ďĂŚǁĂ ƐĞůĂŵĂ ƉŝŶũĂŵĂŶ ĂƚĂƵ ũƵŵůĂŚ ůĂŝŶ LJĂŶŐ ǁĂũŝď ĚŝďĂLJĂƌ ďĞƌĚĂƐĂƌŬĂŶ
ƉĞƌũĂŶũŝĂŶŝŶŝŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝ͕ƉĞŵŝŶũĂŵƚŝĚĂŬďŽůĞŚƚĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐĚĂƌŝĂŶŬ͗
;ĐͿ ŵĞŵďƵĂƚ ĂƚĂƵ ŵĞŶŝŵďƵůŬĂŶ ƵƚĂŶŐ ƚĂŵďĂŚĂŶ ĂƚĂƐ ĚĂŶĂ LJĂŶŐ ĚŝƉŝŶũĂŵ ĂƚĂƵ ŬƌĞĚŝƚ LJĂŶŐ ĚŝďĞƌŝŬĂŶ
;ƚĞƌŵĂƐƵŬƵƚĂŶŐŬŽŶƚŝũĞŶƐŝĚĞŶŐĂŶũĂŵŝŶĂŶĂƚĂƵůĂŝŶŶLJĂͿ ƐĞůĂŝŶĚĂƌŝƉĂĚĂLJĂŶŐĚŝďƵĂƚĚĂůĂŵƵƐĂŚĂƐĞŚĂƌŝͲ
ŚĂƌŝ͕ĂƚĂƵŵĞŵďĞƌŝŬĂŶƉŝŶũĂŵĂŶĂƉĂƉƵŶŬĞƉĂĚĂŽƌĂŶŐĂƚĂƵďĂĚĂŶŵĂŶĂƉƵŶ;ŬĞĐƵĂůŝĚĂůĂŵŬĞŐŝĂƚĂŶƐĞŚĂƌŝͲ
ŚĂƌŝͿĂƚĂƵŵĞŵďĞƌŝŬĂŶũĂŵŝŶĂŶƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶŵĂŶĂƉƵŶ͘
WĞƌũĂŶũŝĂŶ &ĂƐŝůŝƚĂƐ WĞƌĚĂŐĂŶŐĂŶ EŽ͘^D/ͬE^ͬϬϰϵϯ ƚĂŶŐŐĂů ϯϭ KŬƚŽďĞƌ ϮϬϭϳ ũƵŶĐƚŽ WĞƌƵďĂŚĂŶ <ĞĚƵĂ ƚĂƐ
WĞƌũĂŶũŝĂŶ &ĂƐŝůŝƚĂƐ WĞƌĚĂŐĂŶŐĂŶ EŽ͘^D/ͬE^ͬϬϰϵϯ ƚĞƌƚĂŶŐŐĂů ϯϭ KŬƚŽďĞƌ ϮϬϭϳ LJĂŶŐ ĚŝďƵĂƚ ƚĂŶŐŐĂů
Ϯϱ^ĞƉƚĞŵďĞƌϮϬϮϱ͕ĚŝŵĂŶĂƌŝŶĐŝĂŶƉĞŵďĞƌŝĂŶŬƌĞĚŝƚĚŝĂƚƵƌĚĂůĂŵ͗
- >ĂŵƉŝƌĂŶEŽ͘ϬϬϵ;ŵĞŶŐƵďĂŚ ĚĂŶŵĞŶLJĂƚĂŬĂŶŬĞŵďĂůŝ>ĂŵƉŝƌĂŶEŽ͘ϬϬϴͿĞĨĞŬƚŝĨƚĂŶŐŐĂůϯϬ^ĞƉƚĞŵďĞƌ
ϮϬϮϱĚĂŶĚŝƚĂŶĚĂƚĂŶŐĂŶŝƚĂŶŐŐĂůϮϱ^ĞƉƚĞŵďĞƌϮϬϮϱ͕LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝ͗
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WĂƌĂWŝŚĂŬ ͗WdĂŶŬ^D/ŶĚŽŶĞƐŝĂdďŬ;ĚĂŚƵůƵĚŝŬĞŶĂůƐĞďĂŐĂŝWdĂŶŬdWE
dďŬͿ;WĞŵďĞƌŝWŝŶũĂŵĂŶͿ
WĞƌƐĞƌŽĂŶ;WĞŵŝŶũĂŵͿ
&ĂƐŝůŝƚĂƐ͕ :ƵŵůĂŚ͕ dƵũƵĂŶ͕ ^ƵŬƵ ͗ &ŽƌĞŝŐŶŝůůƐŽƵŐŚƚ–Ϯ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ƵŶŐĂ͕:ĂƚƵŚdĞŵƉŽĚĂŶ:ĂŶŐŬĂ
tĂŬƚƵ&ĂƐŝůŝƚĂƐ Ă͘ :ƵŵůĂŚ ͗ h^ϭϰ͘ϬϬϬ͘ϬϬϬ ;ĞŵƉĂƚ ďĞůĂƐ
ũƵƚĂŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚͿ
ď͘ dƵũƵĂŶ ͗ DŽĚĂů ŬĞƌũĂ͕ LJĂŝƚƵ ƵŶƚƵŬ
ŵĞŶĚŝƐŬŽŶƚŽ >ͬ ĞŬƐƉŽƌ͕ >ͬ
ůŽŬĂů͕ ĚĂŶ ŽŬƵŵĞŶƚƐ ĂŐĂŝŶƐƚ
ĐĐĞƉƚĂŶĐĞ ;ͬͿ ĚĞŶŐĂŶ
ƌĞĐŽƵƌƐĞŬĞƉĂĚĂWĞŵŝŶũĂŵ
Đ͘ ^ƵŬƵƵŶŐĂ ͗ ƚŝĚĂŬďĞƌůĂŬƵ
Ě͘ WĞƌŝŽĚĞ<ĞƚĞƌƐĞĚŝĂĂŶ ͗ ŝƉĞƌƉĂŶũĂŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů
ĞĨĞŬƚŝĨ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϯϬ
^ĞƉƚĞŵďĞƌϮϬϮϲ
Ğ͘ dĂŶŐŐĂů:ĂƚƵŚdĞŵƉŽ ͗ DĂŬƐŝŵƵŵ ϲ ;ĞŶĂŵͿ ďƵůĂŶ
ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ƉĞŶĂƌŝŬĂŶ
ƚĞƌĂŬŚŝƌĨĂƐŝůŝƚĂƐ͘
Ĩ͘ DĂƚĂƵĂŶŐ ͗ h^
Ő͘ WĞŵďĂLJĂƌĂŶ>ĞďŝŚ ͗ DĞŶŐĂĐƵ ƉĂĚĂ ŬĞƚĞŶƚƵĂŶͲ
ǁĂů ŬĞƚĞŶƚƵĂŶ ƉĞƌũĂŶũŝĂŶ ĨĂƐŝůŝƚĂƐ
ƉĞƌĚĂŐĂŶŐĂŶ͘
ĂƚĂƐůŝŵŝƚŐĂďƵŶŐĂŶŵĂŬƐŝŵƵŵĨĂƐŝůŝƚĂƐƐĂŵĂƐĞƉĞƌƚŝƉĂĚĂWĞƌũĂŶũŝĂŶ
<ƌĞĚŝƚ ;ƌĞĚŝƚ ŐƌĞĞŵĞŶƚͿ EŽ͘^D/ͬE^ͬϬϯϳϴ Ěŝ ĂƚĂƐ ĚĂŶ &ĂƐŝůŝƚĂƐ
&ŽƌĞŝŐŶ ŝůůƐ ŽƵŐŚƚ Ϯ ďĞƌĚĂƐĂƌŬĂŶ >ĂŵƉŝƌĂŶ ϬϬϵ ďĞƌĚĂƐĂƌŬĂŶ
WĞƌũĂŶũŝĂŶ &ĂƐŝůŝƚĂƐ WĞƌĚĂŐĂŶŐĂŶ ĚĂŶ &ĂƐŝůŝƚĂƐ &ŽƌĞŝŐŶ ŝůůƐ ŽƵŐŚƚ Ϯ
ĐĐŽƵŶƚ ZĞĐĞŝǀĂďůĞ WƵƌĐŚĂƐĞ ǁŝƚŚ ŝůůƐ ŽĨ džĐŚĂŶŐĞ Žƌ WƌŽŵŝƐƐŽƌLJ
EŽƚĞƐďĞƌĚĂƐĂƌŬĂŶ^LJĂƌĂƚĚĂŶ<ĞƚĞŶƚƵĂŶWĞŵďĞůŝĂŶ/ŶƐƚƌƵŵĞŶ^ƵƌĂƚ
ĞƌŚĂƌŐĂ dĂŶƉĂ ,ĂŬ ZĞĐŽƵƌƐĞ͕ LJĂŶŐ ĂŬĂŶ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ WĂƌĂ
WŝŚĂŬĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͕ĂĚĂĂŚƐĞďĞƐĂƌh^ϮϬ͘ϬϬϬ͘ϬϬϬ;ĚƵĂƉƵůƵŚũƵƚĂ
ŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚͿ͘
<ĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶ ͗ ĞďŝƚƵƌǁĂũŝď͗
ϭͿ DĞŶLJĞƌĂŚŬĂŶŬĞƉĂĚĂĂŶŬ͗
Ă͘ ƐĞŐĞƌĂ ƐĞƚĞůĂŚ ƚĞƌƐĞĚŝĂ ŶĂŵƵŶ ĚĂůĂŵ ŚĂů ĂƉĂƉƵŶ ĚĂůĂŵ ϭϴϬ
ŚĂƌŝŬĂůĞŶĚĞƌƐĞƚĞůĂŚĂŬŚŝƌƐĞƚŝĂƉƚĂŚƵŶďƵŬƵ͕ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ
ŬŽŶƐŽůŝĚĂƐŝWĞŵŝŶũĂŵLJĂŶŐĚŝĂƵĚŝƚƵŶƚƵŬƚĂŚƵŶďƵŬƵƚĞƌƐĞďƵƚ͖
ĚĂŶ
ď͘ ƐĞƚĞůĂŚ ĚŝŵŝŶƚĂ ŽůĞŚ WĞŵďĞƌŝ WŝŶũĂŵĂŶ ĚĂŶ ĚĂůĂŵ ϵϬ ŚĂƌŝ
ŬĂůĞŶĚĞƌ ƐĞƚĞůĂŚ ĂŬŚŝƌ ƉĞƌŝŽĚĞ ůĂƉŽƌĂŶ͕ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ
ŬŽŶƐŽůŝĚĂƐŝĂŶWĞŵŝŶũĂŵƵŶƚƵŬƚƌŝǁƵůĂŶƚĂŚƵŶďƵŬƵƚĞƌƐĞďƵƚ͘
ϮͿ WĞŵŝŶũĂŵŚĂƌƵƐŵĞŵďĞƌŝŬĂŶŬĞƉĂĚĂWĞŵďĞƌŝWŝŶũĂŵĂŶ͗
Ă͘ ƐĂůŝŶĂŶ ĚĂƌŝ ƐĞŵƵĂ ĚŽŬƵŵĞŶ LJĂŶŐ ĚŝƐĞƌĂŚŬĂŶ ŽůĞŚ WĞŵŝŶũĂŵ
ŬĞƉĂĚĂ ƉĂƌĂ ŬƌĞĚŝƚƵƌŶLJĂ ƐĞĐĂƌĂ ƵŵƵŵ ;ĂƚĂƵ ƐĞƚŝĂƉ ŬĞůĂƐŶLJĂͿ
ƉĂĚĂ ƐĂĂƚ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶ ƐĂĂƚ ĚŝŬŝƌŝŵŬĂŶŶLJĂ ĚŽŬƵŵĞŶͲ
ĚŽŬƵŵĞŶƚĞƌƐĞďƵƚ͖
ď͘ ƐĞŐĞƌĂƐĞƚĞůĂŚŵĞŶŐĞƚĂŚƵŝŶLJĂ͕ƌŝŶĐŝĂŶŵĞŶŐĞŶĂŝƐĞƚŝĂƉůŝƚŝŐĂƐŝ͕
ĂƌďŝƚƌĂƐĞĂƚĂƵƉƌŽƐĞƐĂĚŵŝŶŝƐƚƌĂƐŝLJĂŶŐĂĚĂƐĂĂƚŝŶŝ͕ƚĞƌĂŶĐĂŵ
ĂŬĂŶ ĚŝĂũƵŬĂŶ ĂƚĂƵ ƐĞĚĂŶŐ ŵĞŶƵŶŐŐƵ ƉƵƚƵƐĂŶ ƚĞƌŚĂĚĂƉ
WĞŵŝŶũĂŵ͕LJĂŶŐĂƉĂďŝůĂĚŝũĂƚƵŚŝƉƵƚƵƐĂŶLJĂŶŐŵĞƌƵŐŝŬĂŶ͕ĂŬĂŶ
ŵĞŶŝŵďƵůŬĂŶĚĂŵƉĂŬŶĞŐĂƚŝĨLJĂŶŐƐŝŐŶŝĨŝŬĂŶ͖ĚĂŶ
Đ͘ ƐĞŐĞƌĂ ƐĞƚĞůĂŚ ĚŝŵŝŶƚĂ͕ ŝŶĨŽƌŵĂƐŝ ůĂŝŶ ŵĞŶŐĞŶĂŝ ŬŽŶĚŝƐŝ
ŬĞƵĂŶŐĂŶ͕ ďŝƐŶŝƐ ĚĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞŵŝŶũĂŵ ƐĞďĂŐĂŝŵĂŶĂ
ŵƵŶŐŬŝŶĚŝŵŝŶƚĂƐĞĐĂƌĂǁĂũĂƌŽůĞŚWĞŵďĞƌŝWŝŶũĂŵĂŶ͘
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ϯͿ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ WĞŵďĞƌŝ WŝŶũĂŵĂŶ
ŵĞŶŐĞŶĂŝƐĞƚŝĂƉĐŝĚĞƌĂũĂŶũŝ;ĚĂŶ>ĂŶŐŬĂŚͲůĂŶŐŬĂŚ͕ďŝůĂĂĚĂ͕LJĂŶŐ
ƐĞĚĂŶŐĚŝĂŵďŝůƵŶƚƵŬŵĞŵƉĞƌďĂŝŬŝŶLJĂͿƐĞŐĞƌĂƐĞƚĞůĂŚŵĞŶŐĞƚĂŚƵŝ
ƚĞƌũĂĚŝŶLJĂŚĂůͲŚĂůƚĞƌƐĞďƵƚ͘
ϰͿ ^ĞŐĞƌĂ ƐĞƚĞůĂŚ ĚŝŵŝŶƚĂ ŽůĞŚ WĞŵďĞƌŝ WŝŶũĂŵĂŶ͕ WĞŵŝŶũĂŵ ŚĂƌƵƐ
ŵĞŵďĞƌŝŬĂŶ ŬĞƉĂĚĂ WĞŵďĞƌŝ WŝŶũĂŵĂŶ ƐƵƌĂƚ ŬĞƚĞƌĂŶŐĂŶ LJĂŶŐ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ƉĞŶĂŶĚĂƚĂŶŐĂŶ LJĂŶŐ ďĞƌǁĞŶĂŶŐ ĚĂƌŝ
WĞŵŝŶũĂŵ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ WĞŵŝŶũĂŵ͕ LJĂŶŐ
ŵĞŶLJĂƚĂŬĂŶďĂŚǁĂƚŝĚĂŬĂĚĂĐŝĚĞƌĂũĂŶũŝƐĞĚĂŶŐďĞƌůĂŶŐƐƵŶŐ;ĂƚĂƵ
ďŝůĂĂĚĂĐŝĚĞƌĂũĂŶũŝƐĞĚĂŶŐďĞƌůĂŶŐƐƵŶŐ͕ŵĞŶĞƌĂŶŐŬĂŶĐŝĚĞƌĂũĂŶũŝ
ƚĞƌƐĞďƵƚ͕ ĚĂŶ >ĂŶŐŬĂŚͲůĂŶŐŬĂŚ͕ ďŝůĂ ĂĚĂ͕ LJĂŶŐ ƐĞĚĂŶŐ ĚŝĂŵďŝů
ƵŶƚƵŬŵĞŵƉĞƌďĂŝŬŝŶLJĂͿ͘
ϱͿ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŶũĂŐĂ ĚĂŶ ŵĞŵĞůŝŚĂƌĂ ŬĞďĞƌůĂŬƵĂŶ ĚĂŶ
ŬĞĂďƐĂŚĂŶ͗
Ă͘ ŬĞďĞƌĂĚĂĂŶŶLJĂƐĞĐĂƌĂŚƵŬƵŵ͖ĚĂŶ
ď͘ ŬĞǁĞŶĂŶŐĂŶŶLJĂƵŶƚƵŬŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂŶLJĂƐĞŚĂƌŝͲŚĂƌŝ͘
WĞŵŝŶũĂŵ ũƵŐĂ ŚĂƌƵƐ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ƚŝĚĂŬ ĂĚĂ ƉĞƌƵďĂŚĂŶ
ƐŝŐŶŝĨŝŬĂŶ ƉĂĚĂ ƐŝĨĂƚ ƵŵƵŵ ĚĂƌŝ ƵƐĂŚĂ WĞŵŝŶũĂŵ ĚĂƌŝ LJĂŶŐ
ĚŝũĂůĂŶŬĂŶŶLJĂƉĂĚĂƚĂŶŐŐĂůWĞƌũĂŶũŝĂŶŝŶŝ͘
ϲͿ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŵĂƚƵŚŝ ĚĂůĂŵ ƐĞŐĂůĂ ŚĂů ƐĞŵƵĂ ŚƵŬƵŵ LJĂŶŐ
ďĞƌůĂŬƵƚĞƌŚĂĚĂƉŶLJĂ͕ĚŝŵĂŶĂŬĞŐĂŐĂůĂŶƵŶƚƵŬŵĞŵĂƚƵŚŝŶLJĂĂŬĂŶ
ƐĞĐĂƌĂƐŝŐŶŝĨŝŬĂŶŵĞŶŐƵƌĂŶŐŝŬĞŵĂŵƉƵĂŶŶLJĂƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶ
ŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶŶLJĂ ďĞƌĚĂƐĂƌŬĂŶ ĚŽŬƵŵĞŶ ƉĞŵďŝĂLJĂĂŶ ĚĂŶ
ŚĂƌƵƐƐĞŐĞƌĂŵĞŵďĞƌŝŬĂŶŬĞƉĂĚĂWĞŵďĞƌŝWŝŶũĂŵĂŶƐĂůŝŶĂŶLJĂŶŐ
ƚĞůĂŚ ĚŝƐĂŚŬĂŶ ĂƚĂƐ ƐĞƚŝĂƉ ŽƚŽƌŝƚĂƐ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ
ŚƵŬƵŵĂƚĂƵƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϳͿ WĞŵŝŶũĂŵŚĂƌƵƐŵĞŶũĂŐĂĚĂŶŵĞŵĞůŝŚĂƌĂƉĞŵďƵŬƵĂŶ͕ĂŬƵŶƚĂŶƐŝ͕
ƐƵƌĂƚ ŬĞƚĞƌĂŶŐĂŶ ďĂŶŬ ĚĂŶ ĐĂƚĂƚĂŶͲĐĂƚĂƚĂŶ ůĂŝŶŶLJĂ ĂŐĂƌ ƚĞƚĂƉ
ŵƵƚĂŬŚŝƌ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ
ďĞƌůĂŬƵ͘
ϴͿ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ƐĞŵƵĂ ƉŝŶũĂŵĂŶ ƉĞŵĞŐĂŶŐ
ƐĂŚĂŵ LJĂŶŐ ĂĚĂ ĂƚĂƵ ďĞƌůĂŬƵ ƐĂĂƚ ŝŶŝ ĚŝƐƵďŽƌĚŝŶĂƐŝŬĂŶ ƚĞƌŚĂĚĂƉ
ŚĂŬͲŚĂŬWĞŵďĞƌŝWŝŶũĂŵĂŶďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŝŶŝ͘
ϵͿ WĞŵŝŶũĂŵ ŚĂƌƵƐ ƐĞŐĞƌĂ ƐĞƚĞůĂŚ ĚŝŵŝŶƚĂ ŵĞŵďĞďĂŶŬĂŶ ,ĂŬ
:ĂŵŝŶĂŶ ĂƚĂƵ ,ĂŬ :ĂŵŝŶĂŶ ƚĂŵďĂŚĂŶ ĂƚĂƐ ďĂƌĂŶŐ ĂƚĂƵ ĂƐĞƚͲĂƐĞƚ
WĞŵŝŶũĂŵ͕ ĂƚĂƵ ŵĞŵďĞƌŝŬĂŶ ũĂŵŝŶĂŶ ĂƚĂƵ ũĂŵŝŶĂŶ ƚĂŵďĂŚĂŶ͕
LJĂŶŐĚĂƉĂƚĚŝƚĞƌŝŵĂŽůĞŚWĞŵďĞƌŝWŝŶũĂŵĂŶƐĞƚŝĂƉƐĂĂƚĚŝĂŶŐŐĂƉ
ƉĞƌůƵ ŽůĞŚ WĞŵďĞƌŝ WŝŶũĂŵĂŶ ƵŶƚƵŬ ŵĞůŝŶĚƵŶŐŝ ŚĂŬͲŚĂŬŶLJĂ
ďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŝŶŝ͘
ϭϬͿ ,ĂƌƵƐ ŵĞŶLJĂůƵƌŬĂŶ ƚƌĂŶƐĂŬƐŝͲƚƌĂŶƐĂŬƐŝ WĞŵŝŶũĂŵ ŬĞ ƌĞŬĞŶŝŶŐ
WĞŵŝŶũĂŵ ƉĂĚĂ ĂŶŬ͕ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ ũƵŵůĂŚ LJĂŶŐ
ĚŝƐĂůƵƌŬĂŶŚĂƌƵƐĂƚĂƐĚĂƐĂƌƉƌŽƉŽƌƐŝŽŶĂů;ŽŶďĞƐƚĞĨĨŽƌƚďĂƐŝƐͿ͘
ϭϭͿ DĞŶũĂŐĂƌĂƐŝŽͲƌĂƐŝŽŬĞƵĂŶŐĂŶ͗
Ă͘ ZĂƐŝŽůĂŶĐĂƌĚŝƉĞƌƚĂŚĂŶŬĂŶƉĂůŝŶŐƐĞĚŝŬŝƚϭ͘ϬďĂŶĚŝŶŐϭ͘ϬŬĂůŝ͘
“Rasio Lancar” adalah perbandingan total aset lancar Peminjam
ƚĞƌŚĂĚĂƉƚŽƚĂůŚƵƚĂŶŐůĂŶĐĂƌ͘
ď͘ WĞƌďĂŶĚŝŶŐĂŶhƚĂŶŐƚĞƌŚĂĚĂƉ ŬƵŝƚĂƐĚŝƉĞƌƚĂŚĂŶŬĂŶƐĂŵĂĂƚĂƵ
ƚŝĚĂŬ ůĞďŝŚ ĚĂƌŝ ϯ͘ϱ ďĂŶĚŝŶŐ ϭ͘Ϭ ŬĂůŝ͘ “Utang” berarti total
ŬŽŶƐŽůŝĚĂƐŝƵƚĂŶŐďĂŶŬƚĞƌŵĂƐƵŬŽďůŝŐĂƐŝ͕ƉŝŶũĂŵĂŶƉĞƌƵƐĂŚĂĂŶ
ƉĞŵďŝĂLJĂĂŶ͕ ƐĞǁĂ͕ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ ůĂƉŽƌĂŶ͘
Keuangan konsolidasi Peminjam; “Ekuitas” berarti. Total aset
WĞŵŝŶũĂŵĚŝŬƵƌĂŶŐŝƚŽƚĂůŬĞǁĂũŝďĂŶŶLJĂ͘
ϭϮͿ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŶLJĞƌĂŚŬĂŶ ŬĞƉĂĚĂ WĞŵďĞƌŝ WŝŶũĂŵĂŶ ƉŽůŝƐ
ĂƐƵƌĂŶƐŝ͕LJĂŶŐĚŝďƵĂƚŽůĞŚƉĞƌƵƐĂŚĂĂŶĂƐƵƌĂŶƐŝƌĞŬĂŶĂŶWĞŵďĞƌŝ
Pinjaman, dengan klausul bank (banker’s clause) atas nama
WĞŵďĞƌŝ WŝŶũĂŵĂŶ LJĂŶŐ ŵĞŶƵƚƵƉ ƉĞƌůŝŶĚƵŶŐĂŶ ĂƚĂƐ WĞƌƐĞĚŝĂĂŶ
WĞŵŝŶũĂŵƉĂůŝŶŐƐĞĚŝŬŝƚƐĞƚĂŚƵŶƐĞŬĂůŝ͘
109
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ϭϯͿ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŶLJĞƌĂŚŬĂŶ ĚĂĨƚĂƌ ƚĞƌŬŝŶŝ ĂƚĂƐ WŝƵƚĂŶŐ
WĞŵŝŶũĂŵ ĚĂŶ WĞƌƐĞĚŝĂĂŶ WĞŵŝŶũĂŵ LJĂŶŐ ƚĞůĂŚ ĚŝĂůŝŚŬĂŶ ƐĞĐĂƌĂ
ĨŝĚƵƐŝĂ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵďĞƌŝ WŝŶũĂŵĂŶ ƐĞƚŝĂƉ ƚƌŝǁƵůĂŶĂŶ͕
ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϵϬ ŚĂƌŝ ŬĂůĞŶĚĞƌ ƐĞũĂŬ ďĞƌĂŬŚŝƌŶLJĂ ƚŝĂƉ
ƚƌŝǁƵůĂŶĂŶ ƚĞƌƐĞďƵƚ ĂƚĂƵ ƉĂĚĂ ƉĞƌŝŽĚĞ ůĂŝŶ LJĂŶŐ ĚŝĂŶŐŐĂƉ ƉĞƌůƵ
ŽůĞŚWĞŵďĞƌŝWŝŶũĂŵĂŶ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶďĂŚǁĂ͗
Ă͘ ĂĨƚĂƌWŝƵƚĂŶŐWĞŵŝŶũĂŵLJĂŶŐĂŬĂŶĚŝƐĞƌĂŚŬĂŶƐĞƚŝĂƉƚƌŝǁƵůĂŶ
ŚĂƌƵƐ ŵĞŵƵĂƚ ŶŝůĂŝ ƐĂŵƉĂŝ ƐĞũƵŵůĂŚ ŶŝůĂŝ ƉĞŶũĂŵŝŶĂŶ ĨŝĚƵƐŝĂ
ĂƚĂƐƉŝƵƚĂŶŐ͖ĚĂŶ
ď͘ ĂĨƚĂƌ WĞƌƐĞĚŝĂĂŶ WĞŵŝŶũĂŵ LJĂŶŐ ĂŬĂŶ ĚŝƐĞƌĂŚŬĂŶ ƐĞƚŝĂƉ
ƚƌŝǁƵůĂŶŚĂƌƵƐŵĞŵƵĂƚŶŝůĂŝƐĂŵƉĂŝƐĞũƵŵůĂŚŶŝůĂŝƉĞŶũĂŵŝŶĂŶ
ĨŝĚƵƐŝĂĂƚĂƐƉĞƌƐĞĚŝĂĂŶ͘
ϭϰͿ ^ĞďĞůƵŵ ƉĞŶŐŐƵŶĂĂŶ &ĂƐŝůŝƚĂƐ &ŽƌĞŝŐŶ ŝůůƐ ŽƵŐŚƚͲϮ͕ WĞŵŝŶũĂŵ
ŚĂƌƵƐ ŵĞŶLJĞƌĂŚŬĂŶ ĂƉůŝŬĂƐŝ džƉŽƌƚ ŝůů EĞŐŽƚŝĂƚŝŽŶ ĚĂŶ ƐƵƌĂƚ
ƉĞƌŵŝŶƚĂĂŶŬĞƉĂĚĂWĞŵďĞƌŝWŝŶũĂŵĂŶ͘
ϭϱͿ ĞŶŐĂŶ ĚĂƐĂƌ ƵƉĂLJĂ ƚĞƌďĂŝŬ͕ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŶLJĂůƵƌŬĂŶ
ƚƌĂŶƐĂŬƐŝͲƚƌĂŶƐĂŬƐŝWĞŵŝŶũĂŵŬĞƌĞŬĞŶŝŶŐWĞŵŝŶũĂŵƉĂĚĂWĞŵďĞƌŝ
WŝŶũĂŵĂŶ͘
WĞŵďĂƚĂƐĂŶͲƉĞŵďĂƚĂƐĂŶ ͗ dĂŶƉĂ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ůĞďŝŚ ĚƵůƵ ĚĂƌŝ WĞŵďĞƌŝ WŝŶũĂŵĂŶ͕
WĞŵŝŶũĂŵƚŝĚĂŬĚĂƉĂƚ͗
ϭͿ DĞŵĂƐĂŶŐ ĂƚĂƵ ŵĞŶŐŝnjŝŶŬĂŶ ĂĚĂŶLJĂ ĂƚĂƵ ĚŝƉĂƐĂŶŐŶLJĂ ŚĂŬ
ũĂŵŝŶĂŶĂƚĂƐĂƐĞƚͲĂƐĞƚŶLJĂ͖
ϮͿ DĞŶũƵĂů͕ ŵĞŶŐĂůŝŚŬĂŶ ĂƚĂƵ ŵĞůĞƉĂƐŬĂŶ ĂƐĞƚͲĂƐĞƚŶLJĂ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ĚŝŵĂŶĂ ĂƐĞƚͲĂƐĞƚŶLJĂ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ
ĚŝƐĞǁĂŬĂŶĂƚĂƵĚŝďĞůŝŬĞŵďĂůŝŽůĞŚWĞŵŝŶũĂŵ͖
ϯͿ DĞŶũƵĂů͕ ŵĞŶŐĂůŝŚŬĂŶ ĂƚĂƵ ŵĞůĞƉĂƐŬĂŶ ƉŝƵƚĂŶŐŶLJĂ ĚĞŶŐĂŶ ŚĂŬ
ƌĞŐƌĞƐ͖
ϰͿ DĞŶŐĂĚĂŬĂŶƉĞŶŐĂƚƵƌĂŶĂƉĂƉƵŶĚŝŵĂŶĂƵĂŶŐĂƚĂƵŵĂŶĨĂĂƚďĂŶŬ
ĂƚĂƵƌĞŬĞŶŝŶŐůĂŝŶĚĂƉĂƚĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĂLJĂƌĂŶ͕ĚŝůĂŬƵŬĂŶ
ŬŽŵƉĞŶƐĂƐŝ ;ƐĞƚͲŽĨĨͿ ĂƚĂƵ ĚŝŵƵŶŐŬŝŶŬĂŶŶLJĂ ƉĞŶŐŐĂďƵŶŐĂŶ
ďĞďĞƌĂƉĂƌĞŬĞŶŝŶŐ͖ĂƚĂƵ
ϱͿ DĞŶŐĂĚĂŬĂŶƉĞŶŐĂƚƵƌĂŶƉƌŝŽƌŝƚĂƐƉĞŶĞƌŝŵĂĂŶƉĞŵďĂLJĂƌĂŶLJĂŶŐ
ŵĞŵŝůŝŬŝĚĂŵƉĂŬLJĂŶŐƐĂŵĂ͕
ĚĂůĂŵ ŬĞĂĚĂĂŶ ƉĞŶŐĂƚƵƌĂŶ ĂƚĂƵ ƚƌĂŶƐĂŬƐŝ ĚŝůĂŬƵŬĂŶ ƚĞƌƵƚĂŵĂ
ƐĞďĂŐĂŝ ƐƵĂƚƵ ĐĂƌĂ ƵŶƚƵŬ ŵĞŶĂŵďĂŚ hƚĂŶŐ WĞŵďŝĂLJĂĂŶ ĂƚĂƵ
ŵĞŵďŝĂLJĂŝƉĞŵďĞůŝĂŶĂƐĞƚ͖
ϲͿ <ĞĐƵĂůŝďŝůĂĚŝĂƚƵƌĚŝďĂǁĂŚŝŶŝ͕ƚĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚ
ĚĂŚƵůƵ ĚĂƌŝ WĞŵďĞƌŝ WŝŶũĂŵĂŶ͕ WĞŵŝŶũĂŵ ƚŝĚĂŬ ďŽůĞŚ
ŵĞŶŝŵďƵůŬĂŶ ĂƚĂƵ ŵĞŶŐŝnjŝŶŬĂŶ ĚŝƚŝŵďƵůŬĂŶŶLJĂ hƚĂŶŐ
WĞŵďŝĂLJĂĂŶ͘
,ĂůƚĞƌƐĞďƵƚ͕ƚŝĚĂŬďĞƌůĂŬƵƵŶƚƵŬ͗
Ă͘ hƚĂŶŐ WĞŵďŝĂLJĂĂŶ LJĂŶŐ ƚŝŵďƵů ďĞƌĚĂƐĂƌŬĂŶ ĚŽŬƵŵĞŶ
ƉĞŵďŝĂLJĂĂŶ͖
ď͘ dƌĂŶƐĂŬƐŝĚĞƌŝǀĂƚŝǀĞLJĂŶŐŵĞůŝŶĚƵŶŐŝƚĞƌŚĂĚĂƉĂƚĂƵĚŝůĂŬƵŬĂŶ
ĚĞŶŐĂŶ ŵĞŵĂŶĨĂĂƚŬĂŶ ĨůƵŬƚƵĂƐŝ ŬƵƌƐ ĂƚĂƵ ŚĂƌŐĂ ĚĂŶ
ĚŝůĂŬƵŬĂŶĚĂůĂŵŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞŚĂƌŝͲŚĂƌŝ͘
ϳͿ WĞŵŝŶũĂŵ ƚŝĚĂŬ ďŽůĞŚ ŵĞůĂŬƵŬĂŶ ƉĞůĞďƵƌĂŶ͕ ƉĞŵŝƐĂŚĂŶ͕
ƉĞŶŐŐĂďƵŶŐĂŶ ĂƚĂƵ ƌĞŬŽŶƐƚƌƵŬƐŝ ƉĞƌƵƐĂŚĂĂŶ ƚĂŶƉĂ ƉĞƌƐĞƚƵũƵĂŶ
ƚĞƌƚƵůŝƐůĞďŝŚĚƵůƵĚĂƌŝWĞŵďĞƌŝWŝŶũĂŵĂŶ͘
WĞŵŝŶũĂŵƚŝĚĂŬďŽůĞŚ͗
ϭͿ <ĞĐƵĂůŝďŝůĂĚŝĂƚƵƌĚŝďĂǁĂŚŝŶŝ͕WĞŵŝŶũĂŵƚŝĚĂŬďŽůĞŚ͕ďĂŝŬĚĂůĂŵ
ƐĂƚƵƚƌĂŶƐĂŬƐŝĂƚĂƵƐĞƌĂŶŐŬĂŝĂŶƚƌĂŶƐĂŬƐŝĚĂŶďĂŝŬďĞƌŬĂŝƚĂŶĂƚĂƵ
ƚŝĚĂŬ͕ŵĞůĞƉĂƐŬĂŶĂƐĞƚͲĂƐĞƚŶLJĂ͘
,ĂůŝŶŝƚŝĚĂŬďĞƌůĂŬƵƵŶƚƵŬƉĞůĞƉĂƐĂŶ͗
Ă͘ LJĂŶŐĚŝůĂŬƵŬĂŶĚĂůĂŵŬĞŐŝĂƚĂŶƵƐĂŚĂŶŽƌŵĂůWĞŵŝŶũĂŵ͖ĚĂŶ
110
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ď͘ ĂƚĂƐ ĂƐĞƚ LJĂŶŐ ĚŝŐĂŶƚŝŬĂŶ ĚĞŶŐĂŶ ĂƐĞƚ ůĂŝŶ LJĂŶŐ ƐĞďĂŶĚŝŶŐ
ĂƚĂƵůĞďŝŚďĂŝŬĚĂƌŝƐĞŐŝũĞŶŝƐ͕ŶŝůĂŝĚĂŶŬƵĂůŝƚĂƐŶLJĂ͘
ϮͿ WĞŵŝŶũĂŵ ƚŝĚĂŬ ďŽůĞŚ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ŵĞŶŐĂůŝŚŬĂŶ ĂƚĂƵ
ŵĞŶŐŽƉĞƌ ŚĂŬ ĂƚĂƵ ŬĞǁĂũŝďĂŶŶLJĂ ďĞƌĚĂƐĂƌŬĂŶ ĚŽŬƵŵĞŶ
ƉĞŵďŝĂLJĂĂŶ͘
:ĂŵŝŶĂŶ ͗ ϭͿ ŬƚĂ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂĂƚĂƐWŝƵƚĂŶŐEŽ͘ϴϲƚĂŶŐŐĂůϮϵKŬƚŽďĞƌϮϬϭϱ
LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ^ŝƚĂƌĞƐŵŝ WƵƐƉĂĚĞǁŝ ^ƵďŝĂŶƚŽ͕ ^͘,͕͘
EŽƚĂƌŝƐ Ěŝ ^ƵƌĂďĂLJĂ͕ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĂŬŚŝƌ ĚŝƵďĂŚ ĚĞŶŐĂŶ
WĞƌƵďĂŚĂŶ ŬƚĂ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ ĂƚĂƐ WŝƵƚĂŶŐ EŽ͘ϰϳ ƚĂŶŐŐĂů
ϭϯEŽǀĞŵďĞƌϮϬϭϳLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ^ŝƚĂƌĞƐŵŝWƵƐƉĂĚĞǁŝ
^ƵďŝĂŶƚŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ^ƵƌĂďĂLJĂĚĂŶ^ĞƌƚŝĨŝŬĂƚ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂ
EŽ͘tϭϱ͘ϬϬϳϯϵϯϳϬ͘,͘Ϭϱ͘Ϭϭ dĂŚƵŶ ϮϬϭϱ ƚĂŶŐŐĂů Ϯϲ EŽǀĞŵďĞƌ
ϮϬϭϱ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĂŬŚŝƌ ĚŝƵďĂŚ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ ƉĞƌƵďĂŚĂŶ
:ĂŵŝŶĂŶ&ŝĚƵƐŝĂEŽ͘tϭϱ͘ϬϭϬϯϯϳϴϲ͘,͘Ϭϱ͘ϬϮdĂŚƵŶϮϬϮϭƚĂŶŐŐĂů
ϭϯKŬƚŽďĞƌϮϬϮϭ͖LJĂŶŐŵĞŵďƵŬƚŝŬĂŶŬĞƐĞŵƉƵƌŶĂĂŶƉĞŶĚĂĨƚĂƌĂŶ
ũĂŵŝŶĂŶ ĨŝĚƵƐŝĂ ƚĞƌŚĂĚĂƉ ƐĞƚŝĂƉ ĚĂŶ ƐĞŐĂůĂ ƉŝƵƚĂŶŐ ƐĂĂƚ ŝŶŝ ĚĂŶ
ĂŬĂŶĚĂƚĂŶŐŵŝůŝŬWĞŵŝŶũĂŵƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶĂŶŬĚĞŶŐĂŶŶŝůĂŝ
ƉĞŶũĂŵŝŶĂŶ ƚŝĚĂŬ ŬƵƌĂŶŐ ĚĂƌŝ h^ϳ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƚƵũƵŚ ũƵƚĂ ŽůůĂƌ
ŵĞƌŝŬĂ^ĞƌŝŬĂƚͿ͖
ϮͿ ŬƚĂ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂĂƚĂƐWĞƌƐĞĚŝĂĂŶEŽ͘ϴϳƚĂŶŐŐĂůϮϵKŬƚŽďĞƌ
ϮϬϭϱLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ^ŝƚĂƌĞƐŵŝWƵƐƉĂĚĞǁŝ^ƵďŝĂŶƚŽ͕^͘,͕͘
EŽƚĂƌŝƐ Ěŝ ^ƵƌĂďĂLJĂ͕ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĂŬŚŝƌ ĚŝƵďĂŚ ĚĞŶŐĂŶ
WĞƌƵďĂŚĂŶ ŬƚĂ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ ĂƚĂƐ WĞƌƐĞĚŝĂĂŶ EŽ͘ϰϴ ƚĂŶŐŐĂů
ϭϯEŽǀĞŵďĞƌϮϬϭϳLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ^ŝƚĂƌĞƐŵŝWƵƐƉĂĚĞǁŝ
^ƵďŝĂŶƚŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ^ƵƌĂďĂLJĂĚĂŶ^ĞƌƚŝĨŝŬĂƚ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂ
EŽ͘tϭϱ͘ϬϬϳϯϵϯϳϭ͘,͘Ϭϱ͘Ϭϭ dĂŚƵŶ ϮϬϭϱ ƚĂŶŐŐĂů Ϯϲ EŽǀĞŵďĞƌ
ϮϬϭϱ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĂŬŚŝƌ ĚŝƵďĂŚ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ WĞƌƵďĂŚĂŶ
:ĂŵŝŶĂŶ&ŝĚƵƐŝĂEŽ͘tϭϱ͘ϬϭϬϯϰϭϱϴ͘,͘Ϭϱ͘ϬϮdĂŚƵŶϮϬϮϭƚĂŶŐŐĂů
ϭϯKŬƚŽďĞƌϮϬϮϭ͖LJĂŶŐŵĞŵďƵŬƚŝŬĂŶŬĞƐĞŵƉƵƌŶĂĂŶƉĞŶĚĂĨƚĂƌĂŶ
ũĂŵŝŶĂŶĨŝĚƵƐŝĂƚĞƌŚĂĚĂƉƐĞƚŝĂƉĚĂŶƐĞŐĂůĂƉĞƌƐĞĚŝĂĂŶƐĂĂƚŝŶŝĚĂŶ
LJĂŶŐĂŬĂŶĚĂƚĂŶŐŵŝůŝŬWĞŵŝŶũĂŵƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶĂŶŬĚĞŶŐĂŶ
ŶŝůĂŝ ƉĞŶũĂŵŝŶĂŶ ƚŝĚĂŬ ŬƵƌĂŶŐ ĚĂƌŝ h^ϳ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƚƵũƵŚ ũƵƚĂ
ŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚͿ͘
ĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ͕ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƌĂƐŝŽ
ĂƚĂƐ ŶŝůĂŝ ũĂŵŝŶĂŶ WŝƵƚĂŶŐ WĞŵŝŶũĂŵ ĚĂŶ WĞƌƐĞĚŝĂĂŶ WĞŵŝŶũĂŵ
ƚĞƌŚĂĚĂƉ ũƵŵůĂŚ ƚĞƌƵƚĂŶŐ ĂƚĂƐ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ ĚĂŶ &ĂƐŝůŝƚĂƐ
WĞƌĚĂŐĂŶŐĂŶ;^ĞĐƵƌŝƚLJŽǀĞƌĂŐĞZĂƚŝŽͿƚŝĚĂŬŬƵƌĂŶŐĚĂƌŝϭϬϬй͘
<ĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶƉƌĂƐLJĂƌĂƚƚĂŵďĂŚĂŶ͗
ŽŬƵŵĞŶͲĚŽŬƵŵĞŶũĂŵŝŶĂŶďĞƌƵƉĂ͗
ϭͿ WĞƌƵďĂŚĂŶ ƚĞƌŚĂĚĂƉ ŬƚĂ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ ĂƚĂƐ WŝƵƚĂŶŐ ĚĂŶ
WĞƌƵďĂŚĂŶƚĞƌŚĂĚĂƉŬƚĂ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂĂƚĂƐWĞƌƐĞĚŝĂĂŶLJĂŶŐ
ĚŝďƵĂƚ ĚĂŶ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ĚĂŶ ĂŶƚĂƌĂ WĞŵŝŶũĂŵ ƐĞďĂŐĂŝ
ƉĞŵďĞƌŝĨŝĚƵƐŝĂĚĂŶĂŶŬƐĞďĂŐĂŝƉĞŶĞƌŝŵĂĨŝĚƵƐŝĂƐĞďĂŐĂŝŵĂŶĂ
ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ ƐƵƌĂƚ ŬĞƚĞƌĂŶŐĂŶ ĚĂƌŝ ŶŽƚĂƌŝƐ LJĂŶŐ ĚŝƚƵŶũƵŬ
ƵŶƚƵŬ ŵĞŶŐŬŽŶĨŝƌŵĂƐŝ ďĂŚǁĂ ŬƚĂ WĞƌƵďĂŚĂŶ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ
ƚĞůĂŚ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŚƵŬƵŵ ĚĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͕ LJĂŶŐ ŵĞŵďƵŬƚŝŬĂŶ
ƉĞŵďĞƌŝĂŶũĂŵŝŶĂŶĨŝĚƵƐŝĂƚĞƌŚĂĚĂƉ͗
;ŝͿ WŝƵƚĂŶŐWĞŵŝŶũĂŵĚĞŶŐĂŶŶŝůĂŝũĂŵŝŶĂŶƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂ
ƐĞďĞƐĂƌ h^ϭϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƐĞƉƵůƵŚ ũƵƚĂ ŽůůĂƌ ŵĞƌŝŬĂ
^ĞƌŝŬĂƚͿ;&ŝĚƵƐŝĂĂƚĂƐWŝƵƚĂŶŐͿ͖
;ŝŝͿ WĞƌƐĞĚŝĂĂŶ WĞŵŝŶũĂŵ ĚĞŶŐĂŶ ŶŝůĂŝ ũĂŵŝŶĂŶ ƐĞŬƵƌĂŶŐͲ
ŬƵƌĂŶŐŶLJĂ ƐĞďĞƐĂƌ h^ϭϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƐĞƉƵůƵŚ ũƵƚĂ ŽůůĂƌ
ŵĞƌŝŬĂ^ĞƌŝŬĂƚͿ;&ŝĚƵƐŝĂĂƚĂƐWĞƌƐĞĚŝĂĂŶͿ͖
111
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ĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ͕ WĞŵŝŶũĂŵ ŚĂƌƵƐ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƌĂƐŝŽ
ĂƚĂƐ ŶŝůĂŝ ũĂŵŝŶĂŶ WŝƵƚĂŶŐ WĞŵŝŶũĂŵ ĚĂŶ WĞƌƐĞĚŝĂĂŶ WĞŵŝŶũĂŵ
ƚĞƌŚĂĚĂƉ ũƵŵůĂŚ ƚĞƌƵƚĂŶŐ ĂƚĂƐ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ ĚĂŶ &ĂƐŝůŝƚĂƐ
WĞƌĚĂŐĂŶŐĂŶ;^ĞĐƵƌŝƚLJŽǀĞƌĂŐĞZĂƚŝŽͿƚŝĚĂŬŬƵƌĂŶŐĚĂƌŝϭϬϬй͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ:ĂŬĂƌƚĂ^ĞůĂƚĂŶ͘
WdE<//EKE ^/
ŬƚĂWĞƌũĂŶũŝĂŶWĞŵďƵŬĂĂŶ>ĞƚƚĞƌKĨƌĞĚŝƚEŽ͘ϳϵƚĂŶŐŐĂůϮϲƉƌŝůϮϬϭϯ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ^ŝƚĂƌĞƐŵŝWƵƐƉĂĚĞǁŝ
^ƵďŝĂŶƚŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ^ƵƌĂďĂLJĂ͕LJĂŶŐƚĞƌĂŬŚŝƌŬĂůŝĚŝƵďĂŚĚĞŶŐĂŶWĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘ϬϬϱͬ/Ͳ
>tͬ>ͬ/sͬϮϬϭϰͬWZϴƚĂŶŐŐĂůϮϭDĞŝϮϬϮϱ͕LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WdĂŶŬ//ŶĚŽŶĞƐŝĂ;ĂŶŬͿ
WĞƌƐĞƌŽĂŶ;ĞďŝƚƵƌͿ
&ĂƐŝůŝƚĂƐ͕ĚĂŶ:ƵŵůĂŚ ͗ &ĂƐŝůŝƚĂƐ/ŵƉŽƌƚ>>ŝŶĞ;^ŝŐŚƚͬhƐĂŶĐĞͿͲhŶĐŽŵŵŝƚƚĞĚ͕ĚĞŶŐĂŶũƵŵůĂŚ
ƉŽŬŽŬ ƐĞƚŝŶŐŐŝͲƚŝŶŐŐŝŶLJĂ ƐĞďĞƐĂƌ ZƉϭϴϮ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƐĞƌĂƚƵƐ
ĚĞůĂƉĂŶƉƵůƵŚĚƵĂŵŝůŝĂƌůŝŵĂƌĂƚƵƐũƵƚĂZƵƉŝĂŚͿĚĞŶŐĂŶƐƵďůŝŵŝƚ͗
ϭͿ ^<E ;^ŝŐŚƚͬhƐĂŶĐĞͿ ƐĞďĞƐĂƌ ZƉϭϴϮ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƐĞƌĂƚƵƐ
ĚĞůĂƉĂŶƉƵůƵŚĚƵĂŵŝůŝĂƌůŝŵĂƌĂƚƵƐũƵƚĂZƵƉŝĂŚͿ͖
ϮͿ dZƐĞďĞƐĂƌZƉϭϴϮ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐĚĞůĂƉĂŶƉƵůƵŚĚƵĂŵŝůŝĂƌ
ůŝŵĂƌĂƚƵƐũƵƚĂZƵƉŝĂŚͿ͖
ϯͿ hW^ ƐĞďĞƐĂƌ ZƉϭϴϮ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƐĞƌĂƚƵƐ ĚĞůĂƉĂŶ ƉƵůƵŚ ĚƵĂ
ŵŝůŝĂƌůŝŵĂƌĂƚƵƐũƵƚĂZƵƉŝĂŚͿ͖
ϰͿ WdƐĞďĞƐĂƌZƉϳϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚƵũƵŚƉƵůƵŚŵŝůŝĂƌZƵƉŝĂŚͿ͖
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶďĂŚǁĂƚŽƚĂůƉĞŵĂŬĂŝĂŶƐĞůƵƌƵŚ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚĚĂƌŝ
ǁĂŬƚƵŬĞǁĂŬƚƵƚŝĚĂŬŵĞůĞďŝŚŝZƉϭϴϮ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐĚĞůĂƉĂŶ
ƉƵůƵŚĚƵĂŵŝůŝĂƌůŝŵĂƌĂƚƵƐũƵƚĂZƵƉŝĂŚͿĚĂŶƵŶƚƵŬďĂƚĂƐƉĞŵĂŬĂŝĂŶ
^Ƶď >ŝŵŝƚ Wd ƐĞďĞƐĂƌ ZƉϳϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƚƵũƵŚ ƉƵůƵŚ ŵŝůŝĂƌ
ZƵƉŝĂŚͿ͘
WĞŶŐŐƵŶĂĂŶ ͗ hŶƚƵŬ ŵĞŵďŝĂLJĂŝ ŬĞďƵƚƵŚĂŶ ŵŽĚĂů ŬĞƌũĂ ĞďŝƚƵƌ ;ŬŚƵƐƵƐŶLJĂ ƵŶƚƵŬ
ŵĞŶŐĂŬŽŵŽĚĂƐŝƉĞŵďĞůŝĂŶďĂŚĂŶďĂŬƵͿ͘
ĂƚĂƚĂŶ͗&ĂƐŝůŝƚĂƐ>ͬ^<EĚĂƉĂƚĚŝƉĞƌŐƵŶĂŬĂŶƵŶƚƵŬŵĞŵďĞůŝďĂŚĂŶ
ďĂŬƵĚĂŶďĂŚĂŶƉĞŶĚƵŬƵŶŐ͕ƐƵŬƵĐĂĚĂŶŐ͕ƉĞƌĂůĂƚĂŶĚĂŶŵĞƐŝŶͲŵĞƐŝŶ
ŬĞĐŝů͘
^ƵŬƵƵŶŐĂ ͗ hW^͕dZ͕Wd;/ZͿƐĞďĞƐĂƌϴ͘ϬϬйƉĞƌƚĂŚƵŶ
ZDƐĞďĞƐĂƌϱ͘ϬϬйƉĞƌƚĂŚƵŶ
ĞŶĚĂ<ĞƚĞƌůĂŵďĂƚĂŶ ͗ dƵŶŐŐĂŬĂŶ ƉŽŬŽŬ͕ ďƵŶŐĂ ĚĂŶ ũƵŵůĂŚ ůĂŝŶ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ďƵŶŐĂ
ĚĞŶŐĂŶƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂƉĞƌƚĂŚƵŶƐĞďĞƐĂƌϯйĚŝĂƚĂƐƚŝŶŐŬĂƚƐƵŬƵ
ďƵŶŐĂƉŝŶũĂŵĂŶLJĂŶŐďĞƌůĂŬƵ
:ĂŶŐŬĂtĂŬƚƵ ͗ ϮϲDĞŝϮϬϮϱƐͬĚϮϲDĞŝϮϬϮϲ
:ĂŵŝŶĂŶ ͗ WĞƌƐĞĚŝĂĂŶ ďĂƌĂŶŐ ĚĂŶͬĂƚĂƵ ƉŝƵƚĂŶŐ ƵƐĂŚĂ ĚĞŶŐĂŶ ŶŝůĂŝ ŵŝŶŝŵƵŵ
ƐĞďĞƐĂƌ h^ϮϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ĚƵĂ ƉƵůƵŚ ũƵƚĂ ŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ͕
ŵŝŶŝŵƵŵZƐĞďĞƐĂƌϭϮϱй͘
:ĂŵŝŶĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐƐĞďĂŐĂŝŵĂŶĂ ƚĞƌƚƵĂŶŐĚĂůĂŵŬƚĂ:ĂŵŝŶĂŶ
&ŝĚƵƐŝĂ EŽ͘ϴϬ ƚĂŶŐŐĂů Ϯϲ Ɖƌŝů ϮϬϭϯ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ ^ŝƚĂƌĞƐŵŝ
WƵƐƉĂĚĞǁŝ^ƵďŝĂŶƚŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ^ƵƌĂďĂLJĂ͘
ŬƚĂ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂƚĞůĂŚĚŝĚĂĨƚĂƌŬĂŶĚŝŬĂŶƚŽƌ WĞŶĚĂĨƚĂƌĂŶ&ŝĚƵƐŝĂ
ĚĂŶ ƚĞůĂŚ ĚŝŬĞůƵĂƌŬĂŶ ^ĞƌƚŝĨŝŬĂƚ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ
EŽ͘tϭϱ͘Ϯϯϲϵϭϲ͘,͘Ϭϱ͘ϬϭdĂŚƵŶϮϬϭϯƚĂŶŐŐĂůϮϭ:ƵŶŝϮϬϭϯ͘
<ĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶ ͗ ϭͿ ĂŶŬ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŵŝŶƚĂ ŬĞůĂůĂŝĂŶ ƐŝůĂŶŐ ĚĂŶ ƉĞŵďĂLJĂƌĂŶ
LJĂŶŐĚŝƉĞƌĐĞƉĂƚĚĂƌŝĨĂƐŝůŝƚĂƐŝŶŝũŝŬĂĂĚĂŬĞůĂůĂŝĂŶŽůĞŚĞďŝƚƵƌ͕
ĂŶĂŬƉĞƌƵƐĂŚĂĂŶ͕ĚĂŶŝŶĚƵŬŶLJĂĚĂůĂŵŚĂůŚƵƚĂŶŐ͘^LJĂƌĂƚŝŶŝĂŬĂŶ
ďĞƌůĂŬƵŚĂŶLJĂũŝŬĂ<ƌĞĚŝƚƵƌůĂŝŶĚĂƌŝĞďŝƚƵƌŵĞŶũĂůĂŶŬĂŶƐLJĂƌĂƚ
ƐĞƌƵƉĂ͖
ϮͿ DĞŶLJĂůƵƌŬĂŶƚƌĂŶƐĂŬƐŝƉĞŶũƵĂůĂŶŵĞůĂůƵŝĂŶŬ;ďĞƐƚĞĨĨŽƌƚͿ͖
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ϯͿ WĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ŬĞ ĂŶŬ ƵŶƚƵŬ ƉĞƌƵďĂŚĂŶ ƉĂĚĂ
ŵĂŶĂũĞŵĞŶĞďŝƚƵƌƚŝĚĂŬůĞďŝŚĚĂƌŝϯϬŚĂƌŝƐĞƚĞůĂŚŬĞũĂĚŝĂŶ͖
ϰͿ WĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐŬĞĂŶŬƵŶƚƵŬƉĞƌƵďĂŚĂŶƉĂĚĂƐƵƐƵŶĂŶ
ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ŶŽŶ ƉƵďůŝŬ ĞďŝƚƵƌ ƚŝĚĂŬ ůĞďŝŚ ĚĂƌŝ ϯϬ ŚĂƌŝ
ƐĞƚĞůĂŚŬĞũĂĚŝĂŶ͖
ϱͿ WĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂĂŶŬƵŶƚƵŬƉĞŵďĂLJĂƌĂŶĚĞǀŝĚĞŶ
ƉĂůŝŶŐůĂŵďĂƚϯϬŚĂƌŝƐĞƚĞůĂŚŬĞũĂĚŝĂŶ͖
ϲͿ ŝƉĞƌďŽůĞŚŬĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ƉĞƌƵƐĂŚĂĂŶ ĂƐƵƌĂŶƐŝ ŶŽŶͲƉĂŶĞů
ƵŶƚƵŬ ƚƵũƵĂŶ ƉĞŶĞƌďŝƚĂŶ > ĚĂŶ ƉĞƌůŝŶĚƵŶŐĂŶ ũĂŵŝŶĂŶ ƚĞƚĂƉŝ
ĚĞŶŐĂŶBanker’s ClauseŬĞƉĂĚĂĂŶŬ͖
ϳͿ >ŚĂƌƚĞƌĞĚWĂƌƚLJĚĂƉĂƚĚŝƚĞƌŝŵĂ;ƚĞƌŵĂƐƵŬŝƌǁĂLJŝůů͕ƐĞďĂŐĂŝ
ĚŽŬƵŵĞŶƚƌĂŶƐƉŽƌƚŶŽŶƚŝƚůĞͿ͖
ϴͿ WĞŵďĂLJĂƌĂŶŬĞŵďĂůŝddĚŝƉĞƌďŽůĞŚŬĂŶ͖
ϵͿ ^ĞŵƵĂ ďŝĂLJĂ ƚĞƌŵĂƐƵŬ ďŝĂLJĂ ŽƵƚͲƉŽĐŬĞƚ͕ ŚƵŬƵŵ ĚĂŶ ďŝĂLJĂ
ƉƌŽĨĞƐŝŽŶĂů ůĂŝŶŶLJĂ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ĂŶŬ ƐĞŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶŶĞŐŽƐŝĂƐŝ͕ƉĞƌƐŝĂƉĂŶĚĂŶƉĞůĂŬƐĂŶĂĂŶƉĞƌũĂŶũŝĂŶĨĂƐŝůŝƚĂƐ
ĚĂŶ ĚŽŬƵŵĞŶƚĂƐŝ ƚĞƌŬĂŝƚ ĂŬĂŶ ĚŝƚĂŶŐŐƵŶŐ ŽůĞŚ ĞďŝƚƵƌ ďĂŝŬ
ƉĞƌũĂŶũŝĂŶ ĨĂƐŝůŝƚĂƐ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŵĂƵƉƵŶ ƚŝĚĂŬ͕ ĚĂŶ ĞďŝƚƵƌ
ũƵŐĂŚĂƌƵƐďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂƚĂƐďŝĂLJĂŚƵŬƵŵŵĞƌĞŬĂƐĞŶĚŝƌŝ͖
ϭϬͿ WĞŶLJĞƌĂŚĂŶ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶdĂŚƵŶĂŶLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚ;ƚŝĚĂŬ
ůĞďŝŚĚĂƌŝϲďƵůĂŶƐĞƚĞůĂŚĂŬŚŝƌƉĞƌŝŽĚĞůĂƉŽƌĂŶ͘
ϭϭͿ WĞŶLJĞƌĂŚĂŶ >ĂƉŽƌĂŶ <ĞƵĂŶŐĂŶ /ŶͲ,ŽƵƐĞ ŬǁĂƌƚĂůĂŶ ƚŝĚĂŬ ůĞďŝŚ
ĚĂƌŝϵϬŚĂƌŝƐĞƚĞůĂŚĂŬŚŝƌƉĞƌŝŽĚĞůĂƉŽƌĂŶ͕ĚĞŶŐĂŶƉĞŶŐĞĐƵĂůŝĂŶ
ƵŶƚƵŬ ƉŽƐŝƐŝ ĞƐĞŵďĞƌ͕ ƚŝĚĂŬ ůĞďŝŚ ĚĂƌŝ ϭϮϬ ŚĂƌŝ ƐĞƚĞůĂŚ ĂŬŚŝƌ
ƉĞƌŝŽĚĞůĂƉŽƌĂŶĂƚĂƵĚĂƉĂƚĚŝŐĂŶƚŝŬĂŶĚĞŶŐĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ
LJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚ͖
ϭϮͿ WĞŶLJĞƌĂŚĂŶĚĂĨƚĂƌŝŶǀĞŶƚŽƌĚĂŶĂĐĐŽƵŶƚ ƌĞĐĞŝǀĂďůĞƐŬǁĂƌƚĂůĂŶ
LJĂŶŐ ĚŝũĂŵŝŶŬĂŶ Ěŝ ĂŶŬ LJĂŶŐ ƚĞůĂŚ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ĚĂŶ
ĚŝƐƚĞŵƉĞů ŽůĞŚ ĞďŝƚƵƌ ƚŝĚĂŬ ůĞďŝŚ ĚĂƌŝ ϵϬ ŚĂƌŝ ƐĞƚĞůĂŚ ĂŬŚŝƌ
ƉĞƌŝŽĚĞůĂƉŽƌĂŶ͖
ϭϯͿ WĞƌƵďĂŚĂŶ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ƚŝĚĂŬ ďŽůĞŚ ŵĞŶŐƵƌĂŶŐŝ ƉŽƐŝƐŝ
ŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵWdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂĚĂŶͬĂƚĂƵŬĞůƵĂƌŐĂ
^ƵƐĂŶƚŽƐĞďĂŐĂŝƉĞŵĞŐĂŶŐƐĂŚĂŵŵĂLJŽƌŝƚĂƐĚĂŶͬĂƚĂƵƐĞďĂŐĂŝ
ƉĞŵĞŐĂŶŐŬĞŶĚĂůŝƵƚĂŵĂĞďŝƚƵƌ͘
ϭϰͿ 'ĞĂƌŝŶŐ ZĂƚŝŽ ;ƵƚĂŶŐ ĂŶŬ ĚŝďĂŐŝ ĞŬƵŝƚĂƐͿ ŚĂƌƵƐ ĚŝũĂŐĂ ƚŝĚĂŬ
ŵĞůĞďŝŚŝϯ͘ϮϱŬĂůŝĚĂƌŝǁĂŬƚƵŬĞǁĂŬƚƵ͘WĞƌŚŝƚƵŶŐĂŶĚŝƐĞƐƵĂŝŬĂŶ
ĚĞŶŐĂŶ ŵĞŶŐĞůƵĂƌŬĂŶ ƉŝŶũĂŵĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂƌŝ ƵƚĂŶŐ
ƉĞƌƵƐĂŚĂĂŶ͖
ϭϱͿ ^ĞƚŝĂƉŬǁĂƌƚĂůĂŶ͕ŬĂŶƚŽƌĐĂďĂŶŐ^ƵƌĂďĂLJĂŚĂƌƵƐŵĞŵĞƌŝŬƐĂĚĂŶ
ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ũƵŵůĂŚ ƚŽƚĂů ŝŶǀĞŶƚŽƌLJ ĚĂŶ ĂĐĐŽƵŶƚ
ƌĞĐĞŝǀĂďůĞŵĞůĞďŝŚŝũƵŵůĂŚƵƚĂŶŐƉŝŶũĂŵĂŶĂŶŬũĂŶŐŬĂƉĞŶĚĞŬ
ĚŝƚĂŵďĂŚĐĐŽƵŶƚWĂLJĂďůĞ͘
ϭϲͿ hŶƚƵŬĨĂƐŝůŝƚĂƐ>ͬ^<EƐĞůĂŝŶƵŶƚƵŬŵĞŵďĞůŝďĂŚĂŶďĂŬƵĚĂŶ
ďĂŚĂŶ ƉĞŶĚƵŬƵŶŐ ƚŝĚĂŬ ďŝƐĂ ĚŝŐĂďƵŶŐŬĂŶ ĚĞŶŐĂŶ ĨĂƐŝůŝƚĂƐ dZ
ĂƚĂƵWdͲ͘
ϭϳͿ DĞŶŐŝnjŝŶŬĂŶ dĞůĞdž ZĞůĞĂƐĞͬdĞůĞdž >ͬ^ƵƌƌĞŶĚĞƌ > ĂƚĂƵ ^<E
LJĂŶŐĚŝƚĞƌďŝƚŬĂŶŵĞŶŐŐƵŶĂŬĂŶƐĞĂĨƌĞŝŐŚƚ͕ƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬ
ƚĞƌďĂƚĂƐƵŶƚƵŬWdĞŚĂŶŐdƌĂĚŝŶŐ/ŶĚŽŶĞƐŝĂͬ'ƵĂŶŐĐŚŝŶŐĚĞDĞƚĂů
ZŽůůŝŶŐͬŐƌŽƵƉŶLJĂ͘
WĞŵďĂƚĂƐĂŶͲƉĞŵďĂƚĂƐĂŶ ͗ ĞďŝƚƵƌǁĂũŝďŵĞŶĚĂƉĂƚŬĂŶƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝ
ĂŶŬĚĂůĂŵŚĂů͗
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ϭͿ hŶƚƵŬƚĂŵďĂŚĂŶƉŝŶũĂŵĂŶĚĂŶͬĂƚĂƵƉĞŵďĞƌŝĂŶƉŝŶũĂŵĂŶ;ŬĞĐƵĂůŝ
ĚĂůĂŵ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ŶŽƌŵĂůŶLJĂͿ ĂƚĂƵ ŵĞŵďĞƌŝŬĂŶ ũĂŵŝŶĂŶ
ŬĞƉĂĚĂƉŝŚĂŬůĂŝŶ͖
ϮͿ dŝĚĂŬĂĚĂƉĞƌƵďĂŚĂŶĚĂůĂŵƐŝĨĂƚďŝƐŶŝƐ͖
ϯͿ dŝĚĂŬ ĂĚĂ ƌĞͲŽƌŐĂŶŝƐĂƐŝ ;ŬŽŶƐŽůŝĚĂƐŝ͕ ŵĞƌŐĞƌ͕ ĂŬƵŝƐŝƐŝ͕ ŵĞůĂŬƵŬĂŶ
ŝŶǀĞƐƚĂƐŝďĂƌƵĂƚĂƵƉĞŶĞŵƉĂƚĂŶĞŬƵŝƚĂƐĚĂůĂŵƵƐĂŚĂůĂŝŶŶLJĂͿ͖
ϰͿ DĞŶƚƌĂŶƐĨĞƌ͕ŵĞŶũƵĂů͕ŵĞŶŐĂůŝŚŬĂŶĂƚĂƵĚĞŶŐĂŶĐĂƌĂůĂŝŶŵĞůĞƉĂƐ
ĂƐĞƚŵĂƚĞƌŝĂůĞďŝƚƵƌ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ĂƚĂƚĂŶ͗
dĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉĞŵďĂƚĂƐĂŶ ĚĂůĂŵ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ LJĂŶŐ ƉĂĚĂ ƉŽŬŽŬŶLJĂ ŵĞŶŐĂƚƵƌ ŬĞǁĂũŝďĂŶ WĞƌƐĞƌŽĂŶ
ŵĞŵƉĞƌŽůĞŚ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ Wd ĂŶŬ / /ŶĚŽŶĞƐŝĂ ƐĞŚƵďƵŶŐĂŶ ƌĞŶĐĂŶĂ WĞŶĂǁĂƌĂŶ hŵƵŵ
KďůŝŐĂƐŝ dĞƌŬĂŝƚ <ĞďĞƌŬĞůĂŶũƵƚĂŶ /// ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ <ĞďĞƌůĂŶũƵƚĂŶ /// dĂŚƵŶ ϮϬϮϲ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ
ŵĞŵƉĞƌŽůĞŚƉĞƌƐĞƚƵũƵĂŶĚĂƌŝWdĂŶŬ//ŶĚŽŶĞƐŝĂďĞƌĚĂƐĂƌŬĂŶ͗
^ƵƌĂƚ Wd ĂŶŬ / /ŶĚŽŶĞƐŝĂ EŽ͘ϬϬϯͬ/Ͳ^zͬ/ͬϮϬϮϲ ƚĂŶŐŐĂů ϭϰ :ĂŶƵĂƌŝ ϮϬϮϲ WĞƌŝŚĂů WĞƌƐĞƚƵũƵĂŶ
WĞŶĂǁĂƌĂŶhŵƵŵĞƌŬĞůĂŶũƵƚĂŶKďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///ĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///dĂŚƵŶϮϬϮϲ͕
LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝƉĞƌƐĞƚƵũƵĂŶĂŶŬĂƚĂƐƌĞŶĐĂŶĂWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶWĞŶĂǁĂƌĂŶhŵƵŵ
ĞƌŬĞůĂŶũƵƚĂŶKďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///ĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///dĂŚƵŶϮϬϮϲĚĞŶŐĂŶũƵŵůĂŚƉŽŬŽŬ
ƐĞďĂŶLJĂŬͲďĂŶLJĂŬŶLJĂZƉϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĂƚƵƚƌŝůŝƵŶZƵƉŝĂŚͿ͘
WdE<EDKE/EKE ^/d<
ŬƚĂWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘ϭϳƚĂŶŐŐĂůϳDĞŝϮϬϬϴ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ^ŝƚĂƌĞƐŵŝWƵƐƉĂĚĞǁŝ^ƵďŝĂŶƚŽ͕^͘,͕͘EŽƚĂƌŝƐ
Ěŝ^ƵƌĂďĂLJĂ͕LJĂŶŐƚĞƌĂŬŚŝƌŬĂůŝĚŝƵďĂŚĚĞŶŐĂŶWĞƌũĂŶũŝĂŶWĞƌƵďĂŚĂŶdĞƌŚĂĚĂƉWĞƌũĂŶũŝĂŶWĞƌƵďĂŚĂŶdĞƌŚĂĚĂƉ
WĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘ϮϯϭͬWWͬ ͬϮϬϮϱƚĂŶŐŐĂůϮϮ:ƵůŝϮϬϮϱ͕LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WdĂŶŬĂŶĂŵŽŶ/ŶĚŽŶĞƐŝĂdďŬ;ĂŶŬͿ
WĞƌƐĞƌŽĂŶ;ĞďŝƚƵƌͿ
&ĂƐŝůŝƚĂƐ͕ :ƵŵůĂŚ͕ ͗ ϭͿ &ĂƐŝůŝƚĂƐ KŵŶŝďƵƐ dƌĂĚĞ &ŝŶĂŶĐĞ ;&ĂƐŝůŝƚĂƐ KŵŶŝďƵƐͿ ;hŶĐŽŵŵŝƚƚĞĚ͕ ZĞǀŽůǀŝŶŐͿ
dƵũƵĂŶ͕ :ĂŶŐŬĂ ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
tĂŬƚƵ͕ ĞŶĚĂ Ă͘ :ƵŵůĂŚ͗ZƉϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐŵŝůŝĂƌZƵƉŝĂŚͿ͖
<ĞƚĞƌůĂŵďĂƚĂŶ͕ ď͘ dƵũƵĂŶ WĞŶŐŐƵŶĂĂŶ͗ hŶƚƵŬ ƉĞŵďŝĂLJĂĂŶ ƉĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ ĚĂŶ ƐƵŬƵ
WĞŵďĂLJĂƌĂŶ ĐĂĚĂŶŐĚĂŶƉĞŵďŝĂLJĂĂŶŵŽĚĂůŬĞƌũĂ͖
ŝƉĞƌĐĞƉĂƚ Đ͘ :ĂŶŐŬĂtĂŬƚƵĨĂƐŝůŝƚĂƐ͗Ϯϯ:ƵůŝϮϬϮϱƐĂŵƉĂŝĚĞŶŐĂŶƚĂŶŐŐĂůϮϯDĞŝϮϬϮϲ͘
Ě͘ ĞŶĚĂ<ĞƚĞƌůĂŵďĂƚĂŶ͗ϯй;ƚŝŐĂƉĞƌƐĞŶͿĚŝĂƚĂƐƐƵŬƵďƵŶŐĂLJĂŶŐďĞƌůĂŬƵ͘
Ğ͘ WĞŵďĂLJĂƌĂŶ ŝƉĞƌĐĞƉĂƚ͗ WĞŵďĂLJĂƌĂŶ ůĞďŝŚ ĂǁĂů ŵĞŶŐŐƵŶĂŬĂŶ ĚĂŶĂ LJĂŶŐ
ďĞƌĂƐĂů ĚĂƌŝ ĂƌƵƐ ŬĂƐ ŽƉĞƌĂƐŝ ;ŽƉĞƌĂƚŝŶŐ ĐĂƐŚ ĨůŽǁͿ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ƚĂŶƉĂ
ƉĞŶĂůƚŝ͘ ƉĂďŝůĂ ŵĞŶŐŐƵŶĂŬĂŶ ƐƵŵďĞƌ ĚĂŶĂ ůĂŝŶ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ƉĞŶĂůƚŝ
ƐĞďĞƐĂƌϮй;ĚƵĂƉĞƌƐĞŶͿĚĂŶũƵŵůĂŚLJĂŶŐĚŝďĂLJĂƌůĞďŝŚĂǁĂůƚĞƌƐĞďƵƚ͘
&ĂƐŝůŝƚĂƐKŵŶŝďƵƐdƌĂĚĞ&ŝŶĂŶĐĞĚĂƉĂƚĚŝƉĞƌŐƵŶĂŬĂŶƐĞĐĂƌĂďĞƌƐĂŵĂͲƐĂŵĂ;ƐƵďůŝŵŝƚͿ
ĚĂůĂŵďĞŶƚƵŬ͗
;ϭͿ &ĂƐŝůŝƚĂƐWĞŵďƵŬĂĂŶ>ĞƚƚĞƌŽĨƌĞĚŝƚ/ŵƉŽƌĚĂůĂŵďĞŶƚƵŬ^ŝŐŚƚĚĂŶͬĂƚĂƵhƐĂŶĐĞ
;&ĂƐŝůŝƚĂƐ>ͬͿ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗
;ĂͿ :ƵŵůĂŚ͗ZƉϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐŵŝůŝĂƌZƵƉŝĂŚͿ͖
;ďͿ DĂƚĂhĂŶŐ͗h^;ŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚͿ͕/Z;ZƵƉŝĂŚͿ͕:Wz;zĞŶͿ͕ hZ; ƵƌŽͿ͕
ĚĂŶŵĂƚĂƵĂŶŐůĂŝŶŶLJĂLJĂŶŐƚĞƌƐĞĚŝĂĚŝĂŶŬ͖
;ĐͿ :ĂŶŐŬĂtĂŬƚƵhƐĂŶĐĞ͗ϭϴϬŚĂƌŝƐĞƚĞůĂŚƚĂŶŐŐĂůŝůůŽĨ>ĂĚŝŶŐ;ĚŝƉĞƌŬĞŶĂŶŬĂŶ
ĚŝŝŬƵƚŝŽůĞŚdZĚĞŶŐĂŶƚŽƚĂůƚĞŶŽƌϭϴϬͿ͘
;ϮͿ &ĂƐŝůŝƚĂƐWĞŵďƵŬĂĂŶ^ƵƌĂƚ<ƌĞĚŝƚĞƌĚŽŬƵŵĞŶĂůĂŵEĞŐĞƌŝĚĂůĂŵďĞŶƚƵŬ^ŝŐŚƚ
ĚĂŶͬĂƚĂƵhƐĂŶĐĞ;&ĂƐŝůŝƚĂƐ^<EͿĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗
;ĂͿ :ƵŵůĂŚ͗ZƉϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐŵŝůŝĂƌZƵƉŝĂŚͿ͖
;ďͿ DĂƚĂhĂŶŐ͗h^;ŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚͿ͕/Z;ZƵƉŝĂŚͿ͕:Wz;zĞŶͿ͕ hZ; ƵƌŽͿ͕
ĚĂŶŵĂƚĂƵĂŶŐůĂŝŶŶLJĂLJĂŶŐƚĞƌƐĞĚŝĂĚŝĂŶŬ
;ĐͿ :ĂŶŐŬĂtĂŬƚƵhƐĂŶĐĞ͗ϭϴϬŚĂƌŝ͘
;ϯͿ &ĂƐŝůŝƚĂƐhƐĂŶĐĞWĂLJĂďůĞƚ^ŝŐŚƚ;&ĂƐŝůŝƚĂƐhW^ͿĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗
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;ĂͿ :ƵŵůĂŚ͗ZƉϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐŵŝůŝĂƌZƵƉŝĂŚͿ͖
;ďͿ dĞŶŽƌ&ĂƐŝůŝƚĂƐ͗ϭϴϬŚĂƌŝĚĂƌŝƚĂŶŐŐĂůŝůůŽĨ>ĂĚŝŶŐ͖
;ĐͿ ƵŶŐĂ͗
ĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ͗
- ϭďƵůĂŶƐĞďĞƐĂƌϳ͕ϮϱйƉĞƌƚĂŚƵŶ͖
- ϯďƵůĂŶƐĞďĞƐĂƌϳ͕ϯϱйƉĞƌƚĂŚƵŶ͖
- ϲďƵůĂŶƐĞďĞƐĂƌϳ͕ϱϬйƉĞƌƚĂŚƵŶ͘
ĂůĂŵŵĂƚĂƵĂŶŐŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚƐĞďĞƐĂƌϱ͕ϴйƉĞƌƚĂŚƵŶ͘
;ϰͿ &ĂƐŝůŝƚĂƐdƌƵƐƚZĞĐĞŝƉƚ;&ĂƐŝůŝƚĂƐdZͿĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗
;ĂͿ :ƵŵůĂŚ͗ZƉϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐŵŝůŝĂƌZƵƉŝĂŚͿ͖
;ďͿ dĞŶŽƌ&ĂƐŝůŝƚĂƐ͗ϭϴϬŚĂƌŝĚĂƌŝƚĂŶŐŐĂůŝůůŽĨ>ĂĚŝŶŐ͖
;ĐͿ ƵŶŐĂ͗
ĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ͗
- ϭďƵůĂŶƐĞďĞƐĂƌϳ͕ϮϱйƉĞƌƚĂŚƵŶ͖
- ϯďƵůĂŶƐĞďĞƐĂƌϳ͕ϯϱйƉĞƌƚĂŚƵŶ͖
- ϲďƵůĂŶƐĞďĞƐĂƌϳ͕ϱϬйƉĞƌƚĂŚƵŶ͘
ĂůĂŵŵĂƚĂƵĂŶŐŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚƐĞďĞƐĂƌϱ͕ϴйƉĞƌƚĂŚƵŶ͘
;ϱͿ &ĂƐŝůŝƚĂƐ KƉĞŶ ĐĐŽƵŶƚ &ŝŶĂŶĐŝŶŐ ƵLJĞƌ ;&ĂƐŝůŝƚĂƐ K& ƵLJĞƌͿ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶ͗
;ĂͿ :ƵŵůĂŚ͗ZƉϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐŵŝůŝĂƌZƵƉŝĂŚͿ͖
;ďͿ dĞŶŽƌ&ĂƐŝůŝƚĂƐ͗ϭϴϬŚĂƌŝ͖
;ĐͿ ƵŶŐĂ͗
ĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ͗
- ϭďƵůĂŶƐĞďĞƐĂƌϳ͕ϮϱйƉĞƌƚĂŚƵŶ͖
- ϯďƵůĂŶƐĞďĞƐĂƌϳ͕ϯϱйƉĞƌƚĂŚƵŶ͖
- ϲďƵůĂŶƐĞďĞƐĂƌϳ͕ϱϬйƉĞƌƚĂŚƵŶ͘
ĂůĂŵŵĂƚĂƵĂŶŐŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚƐĞďĞƐĂƌϱ͕ϴйƉĞƌƚĂŚƵŶ͘
;ϲͿ &ĂƐŝůŝƚĂƐ ŝƐĐƌĞƉĂŶƚͬůĞĂŶ >ͬ EĞŐŽƚŝĂƚŝŽŶ ;>EͿ LJĂŝƚƵ WĞŵďŝĂLJĂĂŶ
EĞŐŽƐŝĂƐŝ ĚŽŬƵŵĞŶ >ͬͬ^<E ƵŶƚƵŬ ^ŝŐŚƚ ĚĂŶͬĂƚĂƵ hƐĂŶĐĞ ;&ĂƐŝůŝƚĂƐ
>Eͬ>EͿĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗
;ĂͿ :ƵŵůĂŚ͗ZƉϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐŵŝůŝĂƌZƵƉŝĂŚͿ͖
;ďͿ dĞŶŽƌ&ĂƐŝůŝƚĂƐ͗ϭϴϬŚĂƌŝ͘
ϮͿ &ĂƐŝůŝƚĂƐ&ŽƌĞŝŐŶ džĐŚĂŶŐĞͲWƌĞ^ĞƚƚůĞŵĞŶƚ džƉŽƐƵƌĞ;W^ ͿƐĞďĞƐĂƌh^ϱϬϬ͘ϬϬϬ͕Ͳ
;ůŝŵĂƌĂƚƵƐƌŝďƵŽůůĂƌŵĞƌŝŬĂ^ĞƌŝŬĂƚͿƐĞďĂŐĂŝŵĂŶĂƚĞƌĐĂŶƚƵŵĚĂůĂŵWĞƌũĂŶũŝĂŶ
WŽŬŽŬdƌĂŶƐĂŬƐŝsĂůƵƚĂƐŝŶŐĞƌŝǀĂƚŝĨ͕LJĂŶŐƚĞůĂŚĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚƉĂƌĂƉŝŚĂŬ͕
ďĞƌŝŬƵƚƉĞƌƵďĂŚĂŶͲƉĞƌƵďĂŚĂŶŶLJĂ;&ĂƐŝůŝƚĂƐW^ Ϳ͘
:ĂŵŝŶĂŶ ͗ hŶƚƵŬŵĞŶũĂŵŝŶƉĞůƵŶĂƐĂŶŚƵƚĂŶŐ͕ŵĂŬĂĞďŝƚƵƌŵĞŶLJĞƌĂŚŬĂŶŬĞƉĂĚĂĂŶŬũĂŵŝŶĂŶ
ďĞƌƵƉĂ͗
Ă͘ &ŝĚƵƐŝĂĂƚĂƐƉĞƌƐĞĚŝĂĂŶĚĂŶͬĂƚĂƵZƐĞďĞƐĂƌZƉϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐŵŝůŝĂƌ
ZƵƉŝĂŚͿLJĂŶŐŵĞŶĐĂŬƵƉϭϬϬйŽƵƚƐƚĂŶĚŝŶŐ
^ĞůƵƌƵŚĂŬĂĚ;ͲĂŬĂĚͿũĂŵŝŶĂŶƚĞƌƐĞďƵƚũƵŐĂƚĞƌŝŬĂƚƐĞĐĂƌĂƌŽƐƐŽůůĂƚĞƌĂůŝnjĞĚ͘
dĞůĂŚĚŝůĂŬƵŬĂŶƉĞŶŐŝŬĂƚĂŶũĂŵŝŶĂŶƐĞĐĂƌĂĨŝĚƵƐŝĂƐĞďĂŐĂŝŵĂŶĂĚĂůĂŵŬƚĂ:ĂŵŝŶĂŶ
&ŝĚƵƐŝĂEŽ͘ϭϴƚĂŶŐŐĂůϳDĞŝϮϬϬϴ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ^ŝƚĂƌĞƐŵŝWƵƐƉĂĚĞǁŝ^ƵďŝĂŶƚŽ͕
^͘,͕͘EŽƚĂƌŝƐĚŝ^ƵƌĂďĂLJĂ͕LJĂŶŐƚĞƌĂŬŚŝƌŬĂůŝĚŝƵďĂŚĚĞŶŐĂŶŬƚĂWĞƌƵďĂŚĂŶƚĂƐŬƚĂ
:ĂŵŝŶĂŶ&ŝĚƵƐŝĂ;WĞƌƐĞĚŝĂĂŶĂƌĂŶŐ:ĂŵŝŶĂŶͿEŽ͘ϭϳϯƚĂŶŐŐĂůϮϯDĞŝϮϬϭϭĚŝďƵĂƚĚŝ
ŚĂĚĂƉĂŶŐŶĞƐEŝŶŝŬDƵƚŝĂƌĂtŝĚũĂũĂ͕^͘,͕͘EŽƚĂƌŝƐĚŝ^ƵƌĂďĂLJĂ͘
WĞŶĚĂĨƚĂƌĂŶĂŬƚĂũĂŵŝŶĂŶĨŝĚƵƐŝĂƚĞůĂŚĚŝůĂŬƵŬĂŶĚŝ<ĂŶƚŽƌWĞŶĚĂĨƚĂƌĂŶ&ŝĚƵƐŝĂĚĂŶ
ƚĞůĂŚĚŝŬĞůƵĂƌŬĂŶ͗
ϭͿ ^ĞƌƚŝĨŝŬĂƚ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂEŽ͘tϭϬͲϴϲϬϱ,d͘Ϭϰ͘Ϭϲ͘d,ϮϬϬϴͬ^dƚĂŶŐŐĂůϳŐƵƐƚƵƐ
ϮϬϬϴ͕ĚŝƵďĂŚƚĞƌĂŬŚŝƌŬĂůŝĚĞŶŐĂŶ^ĞƌƚŝĨŝŬĂƚWĞƌƵďĂŚĂŶ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂEŽ͘tϭϬͲ
Ϭϵϰϵ͘,͘Ϭϱ͘ϬϮ͘d,͘ϮϬϭϭͬWƚĂŶŐŐĂůϮϭKŬƚŽďĞƌϮϬϭϭ͘
ϮͿ ^ĞƌƚŝĨŝŬĂƚ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂEŽ͘tϭϬͲϴϲϬϲ,d͘Ϭϰ͘Ϭϲ͘d,ϮϬϬϴͬ^dƚĂŶŐŐĂůϳŐƵƐƚƵƐ
ϮϬϬϴ͕ĚŝƵďĂŚƚĞƌĂŬŚŝƌŬĂůŝĚĞŶŐĂŶ^ĞƌƚŝĨŝŬĂƚWĞƌƵďĂŚĂŶ:ĂŵŝŶĂŶ&ŝĚƵƐŝĂEŽ͘tϭϬͲ
Ϭϵϰϴ͘,͘Ϭϱ͘ϬϮ͘d,͘ϮϬϭϭͬWƚĂŶŐŐĂůϮϭKŬƚŽďĞƌϮϬϭϭ͘
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<ĞǁĂũŝďĂŶͲ ͗ <ĞĐƵĂůŝ ĚŝƚĞŶƚƵŬĂŶ ůĂŝŶ ŽůĞŚ ĂŶŬ͕ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ƉĞƌũĂŶũŝĂŶ ŝŶŝ ƐĂŵƉĂŝ
ŬĞǁĂũŝďĂŶ ĚĞŶŐĂŶ ĚŝůƵŶĂƐŝŶLJĂ ƐĞůƵƌƵŚ ŬĞǁĂũŝďĂŶ LJĂŶŐ ƚĞƌŚƵƚĂŶŐ ŽůĞŚ ĞďŝƚƵƌ ŬĞƉĂĚĂ ĂŶŬ
ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌũĂŶũŝĂŶ ŝŶŝ͕ ŵĂŬĂ ĞďŝƚƵƌ ǁĂũŝď ŵĞůĂŬƵŬĂŶͬŵĞůĂŬƐĂŶĂŬĂŶ ŚĂůͲŚĂů
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ DĞŶũĂůĂŶŬĂŶƵƐĂŚĂŶLJĂƐĞĐĂƌĂůĂLJĂŬĚĂŶĞĨŝƐŝĞŶƐĞƌƚĂƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
ŚƵŬƵŵĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͖
ϮͿ DĞŶŐŐƵŶĂŬĂŶ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ ƐĞŵĂƚĂͲŵĂƚĂ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝƚĞƚĂƉŬĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶŝŶŝ͖
ϯͿ ^ĞŶĂŶƚŝĂƐĂ ŵĞŵďĞƌŝŬĂŶ ŝnjŝŶ ŬĞƉĂĚĂ ĂŶŬ ĂƚĂƵ ƉĞƚƵŐĂƐͲƉĞƚƵŐĂƐ LJĂŶŐ ĚŝďĞƌŝ
ŬƵĂƐĂŽůĞŚĂŶŬƵŶƚƵŬƐĞǁĂŬƚƵͲǁĂŬƚƵ͗
Ă͘ ŵĞůĂŬƵŬĂŶ ƉĞŶŝŶũĂƵĂŶ ŬĞ ĚĂůĂŵ ƉƌŽLJĞŬ͕ ďĂŶŐƵŶĂŶͲďĂŶŐƵŶĂŶ ůĂŝŶ ĚĂŶ
ŬĂŶƚŽƌͲŬĂŶƚŽƌLJĂŶŐĚŝŐƵŶĂŬĂŶĞďŝƚƵƌ͖
ď͘ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƌŝŬƐĂĂŶ ƚĞƌŚĂĚĂƉ ĐĂƚĂƚĂŶ ŬĞƵĂŶŐĂŶ ĚĂŶ ĂĚŵŝŶŝƐƚƌĂƐŝ
ĞďŝƚƵƌ͖
Đ͘ DĞůĂŬƵŬĂŶŝŶƐƉĞŬƐŝĚĂŶͬĂƚĂƵƉĞŶŝůĂŝĂŶĂƚĂƐ:ĂŵŝŶĂŶ͘
^ĞŵƵĂ ďŝĂLJĂͲďŝĂLJĂ LJĂŶŐ ƚŝŵďƵů ƐĞĐĂƌĂ ǁĂũĂƌ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŶŝŶũĂƵĂŶ͕
ƉĞŵĞƌŝŬƐĂĂŶ͕ ŝŶƐƉĞŬƐŝ ĚĂŶͬĂƚĂƵ ƉĞŶŝůĂŝĂŶ ƚĞƌƐĞďƵƚ ƐĞƉĞŶƵŚŶLJĂ ŵĞŶũĂĚŝ
ƚĂŶŐŐƵŶŐĂŶLJĂŶŐǁĂũŝďĚŝďĂLJĂƌŽůĞŚĞďŝƚƵƌ͖
ϰͿ DĞůĂŬƵŬĂŶƉĞŵďƵŬƵĂŶŵĞŶŐĞŶĂŝŬĞƵĂŶŐĂŶƉĞƌƵƐĂŚĂĂŶĚĂŶŵĞŵďƵĂƚĐĂƚĂƚĂŶͲ
ĐĂƚĂƚĂŶ LJĂŶŐ ŵĞŶĐĞƌŵŝŶŬĂŶ ŬĞĂĚĂĂŶ ŬĞƵĂŶŐĂŶ ƉĞƌƵƐĂŚĂĂŶ ĞďŝƚƵƌ LJĂŶŐ
ƐĞƐƵŶŐŐƵŚŶLJĂƐĞƌƚĂŚĂƐŝůƉĞŶŐŽƉĞƌĂƐŝĂŶƉĞƌƵƐĂŚĂĂŶĞďŝƚƵƌLJĂŶŐƐĞƐƵĂŝĚĞŶŐĂŶ
ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ ƉĞŵďƵŬƵĂŶ LJĂŶŐ ĚŝƚĞƌŝŵĂ ƐĞĐĂƌĂ ƵŵƵŵ ĂƚĂƵ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ ŬƵŶƚĂŶƐŝ /ŶĚŽŶĞƐŝĂ LJĂŶŐ ŵĞŶĐĞƌŵŝŶŬĂŶ ŬĞǁĂũĂƌĂŶ ĚĂŶ
ĚŝůĂŬƐĂŶĂŬĂŶƐĞĐĂƌĂŬŽŶƐŝƐƚĞŶ͖
ϱͿ DĞŵďĞƌŝŬĂŶ ŬĞƉĂĚĂ ĂŶŬ ƐĞŐĂůĂ ŝŶĨŽƌŵĂƐŝͬŬĞƚĞƌĂŶŐĂŶͬĚĂƚĂͲĚĂƚĂ ;ƚĞƌŵĂƐƵŬ
ƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂůĂƉŽƌĂŶŬĞƵĂŶŐĂŶĞďŝƚƵƌͿLJĂŝƚƵ͗
Ă͘ ƐĞŐĂůĂƐĞƐƵĂƚƵƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞƵĂŶŐĂŶĚĂŶƵƐĂŚĂĞďŝƚƵƌ͖
ď͘ ďŝůĂŵĂŶĂƚĞƌũĂĚŝƉĞƌƵďĂŚĂŶĚĂůĂŵƐŝĨĂƚĂƚĂƵůŝŶŐŬƵƉƵƐĂŚĂĞďŝƚƵƌĚĂŶͬĂƚĂƵ
ďŝůĂŵĂŶĂ ƚĞƌũĂĚŝ ƐƵĂƚƵ ƉĞƌŝƐƚŝǁĂ ŬĞůĂůĂŝĂŶ ĂƚĂƵ ŬĞĂĚĂĂŶ LJĂŶŐ ĚĂƉĂƚ
ŵĞŵƉĞŶŐĂƌƵŚŝŬĞĂĚĂĂŶƵƐĂŚĂĂƚĂƵŬĞƵĂŶŐĂŶĞďŝƚƵƌ͕ƐĞƚŝĂƉǁĂŬƚƵ͕ďĂŝŬ
ĚŝŵŝŶƚĂŵĂƵƉƵŶƚŝĚĂŬĚŝŵŝŶƚĂŽůĞŚĂŶŬ͖
Đ͘ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ ĚĂŶ ƉĞƌƵďĂŚĂŶŶLJĂ ďĞƌŝŬƵƚ ƐĞůƵƌƵŚ ƉĞŶŐĞƐĂŚĂŶŶLJĂ͕
ƉĞƌƐĞƚƵũƵĂŶĚĂŶͬĂƚĂƵƉĞůĂƉŽƌĂŶ ŽůĞŚĚĂŶŬĞƉĂĚĂƉŝŚĂŬLJĂŶŐďĞƌǁĞŶĂŶŐ͕
ƐĞƌƚĂƉĞŶĚĂĨƚĂƌĂŶŬĞƉĂĚĂƉŝŚĂŬLJĂŶŐďĞƌǁĞŶĂŶŐĚĂŶƉĞŶŐƵŵƵŵĂŶĚĂůĂŵ
ĞƌŝƚĂ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ͕ ƉĞƌƵďĂŚĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂŶ
ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵŶLJĂ ĂƚĂƵ ƉĞŶĚŝƌŝ ĚĂŶ ŵŽĚĂů LJĂŶŐ ĚŝƐĞƚŽƌŬĂŶ͕ ƐƵƐƵŶĂŶ
ŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĂƚĂƵƉĞŶŐƵƌƵƐĚĂŶƉĞŶŐĂǁĂƐĂƚĂƵLJĂŶŐƐĞƚĂƌĂ
ĚĞŶŐĂŶŝƚƵ͕ƐĞƌƚĂƐŝĨĂƚĚĂŶͬĂƚĂƵůŝŶŐŬƵƉƵƐĂŚĂĞďŝƚƵƌ͖
Ě͘ ƉĞƌŝƐƚŝǁĂ ĂƚĂƵ ŬĞĂĚĂĂŶ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ŬĞĂĚĂĂŶ͕ ŚĂƌƚĂ
ŬĞŬĂLJĂĂŶ͕ ũĂůĂŶŶLJĂ ƵƐĂŚĂ ĚĂŶͬĂƚĂƵ ŬĞƵĂŶŐĂŶ ĞďŝƚƵƌ ĂƚĂƵ WĞŵďĞƌŝ
:ĂŵŝŶĂŶ͕ ƚĞƌŵĂƐƵŬ ŬĞůĂůĂŝĂŶ ĞďŝƚƵƌ ĂƚĂƵ WĞŵďĞƌŝ :ĂŵŝŶĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ
ŬĞƚŝŐĂ͘
ϲͿ DĞŵƉĞƌŽůĞŚ͕ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ͕ŵĞŵƉĞƌƉĂŶũĂŶŐĂƚĂƵŵĞŵƉĞƌďĂŚĂƌƵŝĂƉĂďŝůĂ
ƐƵĚĂŚ ŚĂďŝƐ ũĂŶŐŬĂ ǁĂŬƚƵŶLJĂ ƐĞŵƵĂ ŝnjŝŶ ƵƐĂŚĂĚĂŶ ŝnjŝŶͲŝnjŝŶ ůĂŝŶŶLJĂƚĞƌŵĂƐƵŬ
ŶĂŵƵŶ ƚŝĚĂŬ ƚĞƌďĂƚĂƐ ƉĂĚĂ ŝnjŝŶ ŵĞŶŐĞŶĂŝ D> LJĂŶŐ ŚĂƌƵƐ ĚŝŵŝůŝŬŝ ŽůĞŚ
ĞďŝƚƵƌ ĚĂůĂŵ ƌĂŶŐŬĂ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂŶLJĂ ĚĂŶ ŵĞŶLJĞƌĂŚŬĂŶ ĨŽƚŽŬŽƉŝ ĚĂƌŝ
ŝnjŝŶͲŝnjŝŶƚĞƌƐĞďƵƚŬĞƉĂĚĂĂŶŬƐĞƌƚĂŵĞŶLJŝŵƉĂŶƐĞďĂŝŬͲďĂŝŬŶLJĂƐƵƌĂƚͲƐƵƌĂƚŝnjŝŶ
ĚĂŶƉĞƌƐĞƚƵũƵĂŶͲƉĞƌƐĞƚƵũƵĂŶLJĂŶŐƚĞůĂŚĚŝƉĞƌŽůĞŚĚĂƌŝƉŝŚĂŬLJĂŶŐďĞƌǁĞŶĂŶŐ
ĚĂŶ ĂƉĂďŝůĂ ƚĞƌŶLJĂƚĂ ĚŝŬĞŵƵĚŝĂŶ ŚĂƌŝ ĚŝƉĞƌůƵŬĂŶ ƐƵƌĂƚͲƐƵƌĂƚ ŝnjŝŶ ĚĂŶ
ƉĞƌƐĞƚƵũƵĂŶͲƉĞƌƐĞƚƵũƵĂŶ LJĂŶŐ ďĂƌƵ͕ ĞďŝƚƵƌ ǁĂũŝď ƐĞŐĂƌĂ ŵĞŶŐƵƌƵƐ ĚĂŶ
ŵĞŵƉĞƌŽůĞŚŶLJĂ͖
ϳͿ DĞŵďĂLJĂƌ ƉĂũĂŬͲƉĂũĂŬ ĚĂŶ ďĞďĂŶͲďĞďĂŶ ůĂŝŶŶLJĂ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ
ƉĞŵĞƌŝŶƚĂŚ͕ ďĞĂ ŵĂƚĞƌĂŝ͕ ďŝĂLJĂͲďŝĂLJĂ ĚĂŶ ƐĞŵƵĂ ƚĂŐŝŚĂŶͲƚĂŐŝŚĂŶ LJĂŶŐ ǁĂũŝď
ĚŝďĂLJĂƌ ŽůĞŚ ĞďŝƚƵƌ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƵƐĂŚĂŶLJĂ ĚĞŶŐĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ŵĞƐƚŝŶLJĂ͖
ϴͿ ĞƌƐĞĚŝĂ ƵŶƚƵŬ ƚƵŶĚƵŬ͕ ŵĞŵĂƚƵŚŝ ĚĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ƐĞŐĂůĂ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ
ƐĞŬĂƌĂŶŐďĞƌůĂŬƵŵĂƵƉƵŶLJĂŶŐĂŬĂŶĚŝƚĞƚĂƉŬĂŶŬĞŵƵĚŝĂŶŽůĞŚĂŶŬ/ŶĚŽŶĞƐŝĂ͕
116
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K:<͕ĂƚĂƵŝŶƐƚĂŶƐŝƉĞŵĞƌŝŶƚĂŚůĂŝŶŶLJĂLJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝ<ĞƚĞŶƚƵĂŶĂƚĂƐ
DĂŬƐŝŵƵŵ WĞŵďĞƌŝĂŶ <ƌĞĚŝƚ ;DW<Ϳ ĚĂůĂŵ ŚĂů ƉĞŵďĞƌŝĂŶ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ
ŬĞƉĂĚĂ ĞďŝƚƵƌ ŵĞŶƵƌƵƚ ƉĞƌũĂŶũŝĂŶ ŝŶŝ ĂƚĂƵ ŐƌŽƵƉ ĞďŝƚƵƌ ;ƚĞƌŵĂƐƵŬ ĂĨŝůŝĂƐŝ͕
ĂŶĂŬƉĞƌƵƐĂŚĂĂŶĂƚĂƵƉŝŚĂŬƚĞƌŬĂŝƚͿĚĂůĂŵƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶůĂŝŶLJĂŶŐĂĚĂ
ƉĂĚĂĂŶŬƚĞƌŶLJĂƚĂŵĞůĂŵƉĂƵŝDW<͖
ϵͿ DĞŶũĂŐĂĂŐĂƌŬŽůĞŬƚŝďŝůŝƚĂƐĞďŝƚƵƌƉĂĚĂƐĞƚŝĂƉŬƌĞĚŝƚƵƌĚĂƌŝĞďŝƚƵƌ;ƚĞƌŵĂƐƵŬ
ƉĂĚĂ ĂŶŬͿ ĂĚĂůĂŚ ƚĞƚĂƉ ƉĂĚĂ ŬŽůĞŬƚŝďŝůŝƚĂƐ ϭ ;ƐĂƚƵͿ ƐĞƐƵĂŝ ĂƚƵƌĂŶ LJĂŶŐ
ĚŝƚĞƚĂƉŬĂŶŽůĞŚĂŶŬ/ŶĚŽŶĞƐŝĂ͖
ϭϬͿ DĞŵďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ ĂŶŬ ƐĞůĂŵďĂƚŶLJĂ ϱ ŚĂƌŝ ŬĞƌũĂ ĂƉĂďŝůĂ ƚĞƌũĂĚŝ ;ŝͿ
ƉĞƌƐĞůŝƐŝŚĂŶ ĂƚĂƵ ƉĞƌŬĂƌĂ ĂƉĂƉƵŶ ĚŝŵĂŶĂ ĞďŝƚƵƌ ĚĂŶͬĂƚĂƵ WĞŵďĞƌŝ :ĂŵŝŶĂŶ
ŵĞŶũĂĚŝƐĂůĂŚƐĂƚƵƉŝŚĂŬLJĂŶŐƚĞƌůŝďĂƚ͕;ŝŝͿŬĞĂĚĂĂŶLJĂŶŐƉĂƚƵƚĚŝŬĞƚĂŚƵŝĂƚĂƵ
ƉĂƚƵƚ ĚŝŬĞƚĂŚƵŝ ŽůĞŚ ĞďŝƚƵƌ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ŬĞŵĂŵƉƵĂŶŶLJĂ ƵŶƚƵŬ
ŵĞůĂŬƐĂŶĂŬĂŶŬĞǁĂũŝďĂŶŶLJĂďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶ͖
ϭϭͿ DĞŶLJĞƌĂŚŬĂŶŬĞƉĂĚĂĂŶŬ͗
Ă͘ >ĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƚĂŚƵŶĂŶ ;ĂƵĚŝƚĞĚͿ ƐĞŐĞƌĂ ƐĞƚĞůĂŚ ĚŝŵŝŶƚĂ ŽůĞŚ ĂŶŬ͕
ƐĞůĂŵďĂƚŶLJĂ ϭϴϬ ŚĂƌŝ ŬĂůĞŶĚĞƌ ƐĞũĂŬ ƚĂŶŐŐĂů ĂŬŚŝƌ ƉĞƌŝŽĚĞ ůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶ͕ LJĂŶŐ ďĞƌůĂŬƵ ƵŶƚƵŬ ĞďŝƚƵƌ ďĞƌďĞŶƚƵŬ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ
ĚĞŶŐĂŶĂƐĞƚĚĂŶͬĂƚĂƵũƵŵůĂŚƉĞƌĞĚĂƌĂŶƵƐĂŚĂĚĞŶŐĂŶŶŝůĂŝůĞďŝŚĚĂƌŝĂƚĂƵ
ƐĂŵĂĚĞŶŐĂŶZƉϱϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂƉƵůƵŚŵŝůŝĂƌZƵƉŝĂŚͿ͖
ď͘ >ĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ƉĞƌ ŬƵĂƌƚĂů ;ƵŶͲĂƵĚŝƚĞĚͿ͕ ƚĞƌŵĂƐƵŬ ŶĞƌĂĐĂ ĚĂŶ
ƉĞƌŚŝƚƵŶŐĂŶůĂďĂƌƵŐŝ͕ƐĞŐĞƌĂƐĞƚĞůĂŚĚŝŵŝŶƚĂŽůĞŚĂŶŬƐĞůĂŵďĂƚŶLJĂϵϬŚĂƌŝ
ƐĞũĂŬ ƚĂŶŐŐĂů ĂŬŚŝƌ ƉĞƌŝŽĚĞ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ͕ LJĂŶŐ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ
ĞďŝƚƵƌ͖
Đ͘ ŽŬƵŵĞŶ ;ͲĚŽŬƵŵĞŶͿ LJĂŶŐ ƌĞůĞǀĂŶ ĚĞŶŐĂŶ ƉĞƌŽůĞŚĂŶ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ
ƐĞďĂŐĂŝŵĂŶĂĚŝŵŝŶƚĂŬĂŶŽůĞŚĂŶŬƐĞǁĂŬƚƵͲǁĂŬƚƵ͖
Ě͘ >ĂƉŽƌĂŶ ƚƌŝǁƵůĂŶĂŶ ǀĞƌĂŐĞ WƌŝĐĞ ĚĂŶ sŽůƵŵĞ /ŶǀĞŶƚŽƌLJ ƐĞůĂŵďĂƚŶLJĂ ϮϬ
ŚĂƌŝĚĂƌŝĂŬŚŝƌƉĞƌŝŽĚĞůĂƉŽƌĂŶ͖
Ğ͘ >ĂƉŽƌĂŶ ƚĂŚƵŶĂŶ ŵĂŶĂũĞŵĞŶ ĂĐĐŽƵŶƚ ĞďŝƚƵƌ ƐĞůĂŵďĂƚŶLJĂ ϵϬ ŚĂƌŝ ĚĂƌŝ
ĂŬŚŝƌƉĞƌŝŽĚĞůĂƉŽƌĂŶ͖
ϭϮͿ ƐƵƌĂŶƐŝ͗
Ă͘ ĞďŝƚƵƌĂƚĂƐƚĂŶŐŐƵŶŐĂŶƐĞŶĚŝƌŝǁĂũŝďƐĞůĂůƵŵĞŶŐĂƐƵƌĂŶƐŝŬĂŶŚĂƌƚĂďĞŶĚĂ
LJĂŶŐĚŝũĂŵŝŶŬĂŶŽůĞŚĞďŝƚƵƌĚĂŶͬĂƚĂƵWĞŵďĞƌŝ:ĂŵŝŶĂŶŬĞƉĂĚĂĂŶŬƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶ ĂƐƵƌĂŶƐŝ LJĂŶŐ ĚĂƉĂƚ ĚŝƐĞƚƵũƵŝ ŽůĞŚ ĂŶŬ ĚĂŶ ƐĂŵƉĂŝ ũƵŵůĂŚ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ĂŶŬ͕ ƚĞƌŚĂĚĂƉ ŬĞƌƵŐŝĂŶ ŬĂƌĞŶĂ
ŬĞďĂŬĂƌĂŶĚĂŶďĂŚĂLJĂͲďĂŚĂLJĂůĂŝŶLJĂŶŐŵĞŶƵƌƵƚƉĞƌƚŝŵďĂŶŐĂŶĂŶŬĚĂƉĂƚ
ŵĞŶŝŵƉĂŚĂƌƚĂďĞŶĚĂƚĞƌƐĞďƵƚ͖
ď͘ ^ĞƚŝĂƉ ƉŽůŝƐ ĂƐƵƌĂŶƐŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ƉŽŝŶ Ă Ěŝ ĂƚĂƐ ǁĂũŝď
ŵĞŵďƵĂƚBanker’s Clause͘
Đ͘ :ŝŬĂ ŵĞŶƵƌƵƚ ƉĞƌƚŝŵďĂŶŐĂŶ ĂŶŬ͕ ĞďŝƚƵƌ ůĂůĂŝ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ
ƐĞďĂŐĂŝŵĂŶĂ LJĂŶŐ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ŚƵƌƵĨ Ă͕ ŵĂŬĂ ƚĂŶƉĂ ŵĞŶŐƵƌĂŶŐŝ
ŬĞǁĂũŝďĂŶĞďŝƚƵƌ͕ĂŶŬďĞƌŚĂŬ;ŶĂŵƵŶƚŝĚĂŬǁĂũŝďͿĚĂŶĚĞŶŐĂŶŝŶŝĚŝďĞƌŝ
ŬƵĂƐĂ ŽůĞŚ ĞďŝƚƵƌ ƵŶƚƵŬ ĚĂŶ ĂƚĂƐ ƚĂŶŐŐƵŶŐĂŶ ĞďŝƚƵƌ ŵĞŶŐĂƐƵƌĂŶƐŝŬĂŶ
ŚĂƌƚĂ ďĞŶĚĂ LJĂŶŐ ĚŝũĂŵŝŶŬĂŶ ĚĂŶ ŵĞŶĚĞďĞƚ ƌĞŬĞŶŝŶŐ ĞďŝƚƵƌ ƉĂĚĂ ĂŶŬ
ƐĞũƵŵůĂŚƉƌĞŵŝĂƐƵƌĂŶƐŝƐĞƌƚĂďŝĂLJĂͲďŝĂLJĂůĂŝŶLJĂŶŐŚĂƌƵƐĚŝďĂLJĂƌ͕ƚĞƚĂƉŝŚĂů
ƚĞƌƐĞďƵƚďƵŬĂŶŵĞƌƵƉĂŬĂŶŬĞǁĂũŝďĂŶĂŶŬ͖
Ě͘ ƉĂďŝůĂ ĞďŝƚƵƌ ŬĂƌĞŶĂ ƐĂƚƵ ĚĂŶ ůĂŝŶ ŚĂů ůĂůĂŝ ĂƚĂƵ ƚŝĚĂŬ ŵĞůĂŬƐĂŶĂŬĂŶ
ŚĂŬŶLJĂ ƉĂĚĂ ƐĂĂƚ ŚĂŬ ƚĞƌƐĞďƵƚ ƚŝŵďƵů ƵŶƚƵŬ ŵĞŶŐĂũƵŬĂŶ ŬůĂŝŵ ŬĞƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶĂƐƵƌĂŶƐŝ͕ŵĂŬĂĂŶŬĂƚĂƐƚĂŶŐŐƵŶŐĂŶĞďŝƚƵƌĚĞŶŐĂŶŝŶŝĚŝďĞƌŝ
ŬƵĂƐĂ ŽůĞŚ ĞďŝƚƵƌ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ŬůĂŝŵ ŬĞƉĂĚĂ ƉĞƌƵƐĂŚĂĂŶ ĂƐƵƌĂŶƐŝ
ƵŶƚƵŬ ĚĂŶ ĂƚĂƐ ŶĂŵĂ ĞďŝƚƵƌ ĚĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ
ĚŝƉĞƌůƵŬĂŶƵŶƚƵŬŝƚƵƚĞƌŵĂƐƵŬƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂƉĞŶŐƵƌƵƐĂŶƐƵƌĂƚͲ
ƐƵƌĂƚͬĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŶŐĂũƵĂŶ ŬůĂŝŵ
ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ ƉĞƌƵƐĂŚĂĂŶ ĂƐƵƌĂŶƐŝ ƐĞƌƚĂ ĞďŝƚƵƌ ǁĂũŝď ŵĞŶLJĞƌĂŚŬĂŶ
ƐĞŐĂůĂĚŽŬƵŵĞŶLJĂŶŐĚŝƉĞƌůƵŬĂŶŽůĞŚĂŶŬƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶƉĞŶŐĂũƵĂŶ
ŬůĂŝŵ ĂƐƵƌĂŶƐŝ ƚĞƌƐĞďƵƚ͕ ƚĞƚĂƉŝ ƉĞŶŐĂũƵĂŶ ŬůĂŝŵ ĚŝŵĂŬƐƵĚ Ěŝ ĂƚĂƐ ďƵŬĂŶ
ŬĞǁĂũŝďĂŶĂŶŬ͘
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ϭϯͿ ^ĞůĂŵĂũĂŶŐŬĂǁĂŬƚƵĨĂƐŝůŝƚĂƐĚĂŶƚĞƌĚĂƉĂƚũƵŵůĂŚLJĂŶŐƚĞƌŚƵƚĂŶŐƉĂĚĂĂŶŬ͕
KďůŝŐŽƌǁĂũŝďŵĞŶũĂŐĂŬĞƚĞŶƚƵĂŶĂƚĂƵƌĂƐŝŽŬĞƵĂŶŐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ 'ĞĂƌŝŶŐZĂƚŝŽ;Ğďƚͬ ƋƵŝƚLJͿŵĂŬƐŝŵƵŵϮ͘ϱŬĂůŝ͖
ď͘ ^ZŵŝŶŝŵƵŵϭŬĂůŝ͖
Đ͘ WŽƐŝƚŝǀĞEWD͖
Ě͘ /EsK,ŵĂŬƐŝŵƵŵϮϱϬŚĂƌŝ͘
ϭϰͿ ZĞŬĞŶŝŶŐKƉĞƌĂƐŝŽŶĂůĚĂŶƚƌĂŶƐĂŬƐŝĂƐŚDĂŶĂŐĞŵĞŶƚKďůŝŐŽƌĚĂŶͬĂƚĂƵĂŶĂŬ
ƉĞƌƵƐĂŚĂĂŶŚĂƌƵƐĚŝůĂŬƐĂŶĂŬĂŶŵĞůĂůƵŝĂŶŬƐĞĐĂƌĂƉƌŽƉŽƌƐŝŽŶĂůďĞƌĚĂƐĂƌŬĂŶ
ũƵŵůĂŚĨĂƐŝůŝƚĂƐLJĂŶŐĚŝďĞƌŝŬĂŶĂŶŬƚĞƌŚĂĚĂƉĞďŝƚƵƌ͘
WĞŵďĂƚĂƐĂŶ ͗ <ĞĐƵĂůŝ ĚŝƚĞŶƚƵŬĂŶ ůĂŝŶ ŽůĞŚ ĂŶŬ͕ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ƉĞƌũĂŶũŝĂŶ ŝŶŝ ƐĂŵƉĂŝ
ĚĞŶŐĂŶ ĚŝůƵŶĂƐŝŶLJĂ ƐĞůƵƌƵŚ ŬĞǁĂũŝďĂŶ LJĂŶŐ ƚĞƌŚƵƚĂŶŐ ŽůĞŚ ĞďŝƚƵƌ ŬĞƉĂĚĂ ĂŶŬ
ďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŝŶŝ͕ŵĂŬĂƚĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝĂŶŬ͕
ĞďŝƚƵƌĚŝůĂƌĂŶŐŵĞůĂŬƵŬĂŶŚĂůͲŚĂůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ DĞŶũƵĂůĂƚĂƵĚĞŶŐĂŶĐĂƌĂůĂŝŶŵĞŶŐĂůŝŚŬĂŶŚĂŬĂƚĂƵŵĞŶLJĞǁĂŬĂŶͬŵĞŶLJĞƌĂŚŬĂŶ
ƉĞŵĂŬĂŝĂŶ ƐĞůƵƌƵŚ ĂƚĂƵ ƐĞďĂŐŝĂŶ ŬĞŬĂLJĂĂŶͬĂƐĞƚ ĞďŝƚƵƌ͕ ďĂŝŬ ďĂƌĂŶŐͲďĂƌĂŶŐ
ďĞƌŐĞƌĂŬ ŵĂƵƉƵŶ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ ŵŝůŝŬ ĞďŝƚƵƌ͕ ŬĞĐƵĂůŝ ĚĂůĂŵ ƌĂŶŐŬĂ
ŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĞďŝƚƵƌƐĞŚĂƌŝͲŚĂƌŝ͖
ϮͿ ĞďŝƚƵƌ ĂŬĂŶ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ ĂŶŬ ƵŶƚƵŬ
ŵĞŶũĂŵŝŶŬĂŶͬŵĞŶŐĂŐƵŶŬĂŶ ĚĞŶŐĂŶ ĐĂƌĂ ďĂŐĂŝŵĂŶĂƉƵŶ ŬĞŬĂLJĂĂŶ ĞďŝƚƵƌ
ŬĞƉĂĚĂŽƌĂŶŐͬƉŝŚĂŬůĂŝŶ͕ŬĞĐƵĂůŝŵĞŶũĂŵŝŶŬĂŶͬŵĞŶŐĂŐƵŶŬĂŶŬĞŬĂLJĂĂŶŬĞƉĂĚĂ
ĂŶŬƐĞďĂŐĂŝŵĂŶĂƚĞƌŵĂŬƚƵďĚĂůĂŵƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶũĂŵŝŶĂŶ͖
ϯͿ ĞďŝƚƵƌĂŬĂŶŵĞŵďĞƌŝƚĂŚƵŬĂŶƐĞĐĂƌĂƚĞƌƚƵůŝƐŬĞƉĂĚĂĂŶŬƵŶƚƵŬŵĞŶŐĂĚĂŬĂŶ
ƉĞƌũĂŶũŝĂŶLJĂŶŐĚĂƉĂƚŵĞŶŝŵďƵůŬĂŶŬĞǁĂũŝďĂŶĞďŝƚƵƌƵŶƚƵŬŵĞŵďĂLJĂƌŬĞƉĂĚĂ
ƉŝŚĂŬŬĞƚŝŐĂ͕ŬĞĐƵĂůŝĚĂůĂŵƌĂŶŐŬĂŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĞďŝƚƵƌƐĞŚĂƌŝͲŚĂƌŝ͖
ϰͿ DĞŶũĂŵŝŶ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ƉŝŚĂŬ ŬĞƚŝŐĂ ůĂŝŶŶLJĂ͕ ŬĞĐƵĂůŝ
ŵĞůĂŬƵŬĂŶ ĞŶĚŽƌƐĞŵĞŶ ĂƚĂƐ ƐƵƌĂƚͲƐƵƌĂƚ LJĂŶŐ ĚĂƉĂƚ ĚŝƉĞƌĚĂŐĂŶŐŬĂŶ ƵŶƚƵŬ
ŬĞƉĞƌůƵĂŶ ƉĞŵďĂLJĂƌĂŶ ĂƚĂƵ ƉĞŶĂŐŝŚĂŶ ƚƌĂŶƐĂŬƐŝͲƚƌĂŶƐĂŬƐŝ ůĂŝŶ LJĂŶŐ ůĂnjŝŵ
ĚŝůĂŬƵŬĂŶĚĂůĂŵŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂ͖
ϱͿ ĞďŝƚƵƌĂŬĂŶŵĞŵďĞƌŝƚĂŚƵŬĂŶƐĞĐĂƌĂƚĞƌƚƵůŝƐŬĞƉĂĚĂĂŶŬƵŶƚƵŬŵĞŵďĞƌŝŬĂŶ
ƉŝŶũĂŵĂŶŬĞƉĂĚĂĂƚĂƵŵĞŶĞƌŝŵĂƉŝŶũĂŵĂŶĚĂƌŝƉŝŚĂŬůĂŝŶ͕ŬĞĐƵĂůŝĚĂůĂŵƌĂŶŐŬĂ
ŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂĞďŝƚƵƌƐĞŚĂƌŝͲŚĂƌŝ͖
ϲͿ DĞŶŐĂĚĂŬĂŶ ƉĞƌƵďĂŚĂŶ ĚĂƌŝ ƐŝĨĂƚ ĚĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ĞďŝƚƵƌ ƐĞƉĞƌƚŝ LJĂŶŐ
ƐĞĚĂŶŐĚŝũĂůĂŶŬĂŶƐĂĂƚŝŶŝ͖
ϳͿ DĞŶŐƵďĂŚ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ͕ ƐƵƐƵŶĂŶ ƉĞŶŐƵƌƵƐ͕ ƐƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂŶ
ŶŝůĂŝƐĂŚĂŵĞďŝƚƵƌ;ŬĞĐƵĂůŝƵŶƚƵŬƉĞƌƵƐĂŚĂĂŶƚĞƌďƵŬĂͲŐŽƉƵďůŝĐͿ͖
ϴͿ DĞŶŐƵŵƵŵŬĂŶ ĚĂŶ ŵĞŵďĂŐŝŬĂŶ ĚĞǀŝĚĞŶ ƐĂŚĂŵ ĞďŝƚƵƌ ;ŬĞĐƵĂůŝ ƵŶƚƵŬ
ƉĞƌƵƐĂŚĂĂŶƚĞƌďƵŬĂͲŐŽƉƵďůŝĐͿ͖
ϵͿ DĞůĂŬƵŬĂŶƉĞŶŐŐĂďƵŶŐĂŶƵƐĂŚĂ;ŵĞƌŐĞƌͿĚĞŶŐĂŶďĂĚĂŶƵƐĂŚĂůĂŝŶ͕ƉĞůĞďƵƌĂŶ
ƵƐĂŚĂ;ŬŽŶƐŽůŝĚĂƐŝͿďĞƌƐĂŵĂĚĞŶŐĂŶďĂĚĂŶƵƐĂŚĂůĂŝŶ͕ƉĞŶŐĂŵďŝůĂůŝŚĂŶ;ĂŬƵŝƐŝƐŝͿ
ƐĂŚĂŵ͕ƉĞŵŝƐĂŚĂŶƵƐĂŚĂ;ƐƉŝŶͲŽĨĨͿĚĂŶĂŬƵŝƐŝƐŝ;ƉĞŶŐĂŵďŝůĂůŝŚĂŶͿ͖
ϭϬͿ DĞůĂŬƵŬĂŶ ƉĞŵďƵďĂƌĂŶ ĂƚĂƵ ůŝŬƵŝĚĂƐŝ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƉƵƚƵƐĂŶ ZĂƉĂƚ hŵƵŵ
WĞŵĞŐĂŶŐ^ĂŚĂŵ͖
ϭϭͿ DĞŵďĂLJĂƌ ĂƚĂƵ ŵĞŵďĂLJĂƌ ŬĞŵďĂůŝ ƚĂŐŝŚĂŶͲƚĂŐŝŚĂŶ ĂƚĂƵ ƉŝƵƚĂŶŐͲƉŝƵƚĂŶŐ
ďĞƌƵƉĂĂƉĂƉƵŶũƵŐĂLJĂŶŐƐĞŬĂƌĂŶŐĚĂŶͬĂƚĂƵĚŝŬĞŵƵĚŝĂŶŚĂƌŝĂŬĂŶĚŝďĞƌŝŬĂŶŽůĞŚ
ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĞďŝƚƵƌ ĚĂŶͬĂƚĂƵ ŐƌŽƵƉ ĞďŝƚƵƌ ďĂŝŬ ďĞƌƵƉĂ ũƵŵůĂŚ ƉŽŬŽŬ͕
ďƵŶŐĂĚĂŶůĂŝŶͲůĂŝŶũƵŵůĂŚƵĂŶŐLJĂŶŐǁĂũŝďĚŝďĂLJĂƌ͖
ϭϮͿ DĞŶŐĂũƵŬĂŶ ƉĞŵďŝĂLJĂĂŶ ŬĞŵďĂůŝ ;ĚŽƵďůĞ ĨŝŶĂŶĐŝŶŐͿ ŵĞůĂůƵŝ ďĂŶŬ ĚĂŶ ĂƚĂƵ
ůĞŵďĂŐĂƉĞŵďŝĂLJĂĂŶůĂŝŶŶLJĂĂƚĂƐƐĞƚŝĂƉƚƌĂŶƐĂŬƐŝLJĂŶŐƚĞůĂŚĚŝďŝĂLJĂŝŽůĞŚĂŶŬ͖
ϭϯͿ DĞŵďĞƌŝŬĂŶ ƵĂŶŐͬ ŬŽŵŝƐŝͬ ĨĞĞͬ ŚĂĚŝĂŚͬ ďŝŶŐŬŝƐĂŶͬ ƚŝƉͬ ĐŝŶĚĞƌĂŵĂƚĂͬ ƉĂƌƐĞůͬ
ĨĂƐŝůŝƚĂƐĂƚĂƵďĞŶƚƵŬͲďĞŶƚƵŬƉĞŵďĞƌŝĂŶůĂŝŶŶLJĂďĞƌƵƉĂĂƉĂƉƵŶũƵŐĂLJĂŶŐƐĞũĞŶŝƐ
ĚĞŶŐĂŶŝƚƵŬĞƉĂĚĂŬĂƌLJĂǁĂŶĂŶŬĂƚĂƵŬĞůƵĂƌŐĂŶLJĂĂƚĂƵƉŝŚĂŬͲƉŝŚĂŬůĂŝŶLJĂŶŐ
ŵĞŵŝůŝŬŝ ŚƵďƵŶŐĂŶ ŬŚƵƐƵƐ ĚĞŶŐĂŶ ŬĂƌLJĂǁĂŶ ĂŶŬ ƚĞƌƐĞďƵƚ͕ LJĂŶŐ ĂŬĂŶ
ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ĚĂůĂŵ ďĞƌƚŝŶĚĂŬ
ŵĞǁĂŬŝůŝŬĞƉĞŶƚŝŶŐĂŶĂŶŬďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶŝŶŝĂƚĂƵƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶ
ĚŝďĞƌŝŬĂŶŶLJĂ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚŝŶŝĚĂŶͬĂƚĂƵĨĂƐŝůŝƚĂƐŬƌĞĚŝƚůĂŝŶŶLJĂĚĂƌŝĂŶŬŬĞƉĂĚĂ
ĞďŝƚƵƌ͘
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ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ:ĂŬĂƌƚĂ^ĞůĂƚĂŶ͘
ĂƚĂƚĂŶ͗
dĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉĞŵďĂƚĂƐĂŶ ĚĂůĂŵ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ LJĂŶŐ ƉĂĚĂ ƉŽŬŽŬŶLJĂ ŵĞŶŐĂƚƵƌ ŬĞǁĂũŝďĂŶ WĞƌƐĞƌŽĂŶ
ŵĞŵƉĞƌŽůĞŚ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ Wd ĂŶŬ ĂŶĂŵŽŶ /ŶĚŽŶĞƐŝĂ dďŬ ƐĞŚƵďƵŶŐĂŶ ƌĞŶĐĂŶĂ WĞŶĂǁĂƌĂŶ
hŵƵŵKďůŝŐĂƐŝdĞƌŬĂŝƚ<ĞďĞƌŬĞůĂŶũƵƚĂŶ///ĚĂŶ^ƵŬƵŬĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽdĂŚƵŶϮϬϮϲ͕WĞƌƐĞƌŽĂŶƚĞůĂŚ
ŵĞŵƉĞƌŽůĞŚ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ Wd ĂŶŬ ĂŶĂŵŽŶ /ŶĚŽŶĞƐŝĂ dďŬ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ Wd ĂŶŬ ĂŶĂŵŽŶ
/ŶĚŽŶĞƐŝĂdďŬEŽ͘^<͘Ϭϭϱͬ ^zͬϬϮϮϲƚĂŶŐŐĂůϮϬ&ĞďƌƵĂƌŝϮϬϮϲ͘
WdE< EdZ>^/d<
ŬƚĂWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘ϮϬƚĂŶŐŐĂůϴ:ƵůŝϮϬϭϭ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ^ƌŝƵĞŶĂƌĂŚŵĂŶĂ͕^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐ
Ěŝ:ĂŬĂƌƚĂ͕LJĂŶŐƚĞƌĂŬŚŝƌŬĂůŝĚŝƵďĂŚŬƚĂWĞƌƵďĂŚĂŶ<ĞĚƵĂWƵůƵŚ ŵƉĂƚƚĂƐWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚEŽ͘ϱϱƚĂŶŐŐĂů
ϮϯDĞŝϮϬϮϱ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ^ŝƚĂƌĞƐŵŝWƵƐƉĂĚĞǁŝ^ƵďŝĂŶƚŽ͕^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ^ƵƌĂďĂLJĂũƵŶĐƚŽ^ƵƌĂƚ
Wd ĂŶŬ ĞŶƚƌĂů ƐŝĂ EŽ͘ ϯϬϬϵϮͬ'<ͬϮϬϮϲ ƚĂŶŐŐĂů ϮϬ &ĞďƌƵĂƌŝ ϮϬϮϲ ƉĞƌŝŚĂů WĞƌŝŚĂů WĞŵďĞƌŝƚĂŚƵĂŶ
WĞƌƉĂŶũĂŶŐĂŶĂƚĂƐtĂŬƚƵWĞŶĂƌŝŬĂŶĚĂŶͬĂƚĂƵWĞŶŐŐƵŶĂĂŶ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚ͕LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;ĞďŝƚƵƌͿ
PT Bank Central Asia Tbk (“BCA”)
&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚ ͗ ϭͿ &ĂƐŝůŝƚĂƐ<ƌĞĚŝƚ>ŽŬĂů;ZĞŬĞŶŝŶŐ<ŽƌĂŶͿ͗
:ƵŵůĂŚ ͗ ĚĞŶŐĂŶ ũƵŵůĂŚ ƚŝĚĂŬ
WŽŬŽŬ ŵĞůĞďŝŚŝ
ZƉϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
;ƐĞƌĂƚƵƐ ŵŝůŝĂƌ ZƵƉŝĂŚͿ͕
LJĂŶŐ ĚĂƉĂƚ ĚŝŐƵŶĂŬĂŶ
ƵŶƚƵŬ ƉĞŵďƵŬĂĂŶ >ͬ
ĚĂŶͬĂƚĂƵ ^<E ďĞƌƵƉĂ
^ŝŐŚƚ >͕ͬ hƐĂŶĐĞ >͕ͬ
hƐĂŶĐĞ WĂLJĂďůĞ ƚ ^ŝŐŚƚ
>ͬ ;hW^ >ͬͿ͕ ^<E
ƚĂƐ hŶũƵŬ͕ ^<E
ĞƌũĂŶŐŬĂ͕ ^<E
ĞƌũĂŶŐŬĂ ŝďĂLJĂƌ ƚĂƐ
hŶũƵŬ LJĂŶŐ ĚĂƉĂƚ ĚŝďƵŬĂ
ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ LJĂŶŐ
ƚĞƌƐĞĚŝĂ Ěŝ
;ŵƵůƚŝĐƵƌƌĞŶĐLJͿ
Ă͘ ^ƵŬƵƵŶŐĂ ͗ ϳ͕ϮϱйƉĞƌƚĂŚƵŶ͘
ď͘ ĂƚĂƐ ǁĂŬƚƵ ͗ ,ŝŶŐŐĂ ƚĂŶŐŐĂů Ϯϴ DĞŝ
ƉĞŶĂƌŝŬĂŶ ϮϬϮϲ
ĚĂŶͬĂƚĂƵ
ƉĞŶŐŐƵŶĂĂŶ
&ĂƐŝůŝƚĂƐ
<ƌĞĚŝƚ
ϮͿ &ĂƐŝůŝƚĂƐ<ƌĞĚŝƚDƵůƚŝ͗
Ă͘ :ƵŵůĂŚ ͗ dŝĚĂŬ ŵĞůĞďŝŚŝ
WŽŬŽŬ h^ϭϱϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĞƌĂƚƵƐ
ůŝŵĂƉƵůƵŚůŝŵĂũƵƚĂŽůůĂƌ
ŵĞƌŝŬĂ^ĞƌŝŬĂƚͿĂƚĂƵŶŝůĂŝ
LJĂŶŐ ƐĞƚĂƌĂ ;ĞŬƵŝǀĂůĞŶͿ
ĚĂůĂŵŵĂƚĂƵĂŶŐůĂŝŶLJĂŶŐ
ƚĞƌƐĞĚŝĂ Ěŝ
;ŵƵůƚŝĐƵƌƌĞŶĐLJͿ͕ LJĂŶŐ
ƚĞƌĚŝƌŝĚĂƌŝĨĂƐŝůŝƚĂƐ>ͬĚĂŶ
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^<E ďĞƌƵƉĂ ^ŝŐŚƚ >͕ͬ
hƐĂŶĐĞ >͕ͬ hW^ >͕ͬ
^<EƚĂƐhŶũƵŬ͕^<E
ĞƌũĂŶŐŬĂ͕ ^<E
ĞƌũĂŶŐŬĂ ŝďĂLJĂƌ ƚĂƐ
hŶũƵŬ͕ĂŶŬ'ĂƌĂŶƐŝĚĂůĂŵ
ŵĂƚĂ ƵĂŶŐ /Z ĚĂŶͬĂƚĂƵ
h^ ĚĂŶ dƌƵƐƚ ZĞĐĞŝƉƚ
ZƵƉŝĂŚ͘
ĂƚĂƐĂŶ ũƵŵůĂŚ ƐƵďůŝŵŝƚ ĚĂƌŝ ƉĞŵďĞƌŝĂŶ ũƵŵůĂŚ ƉŽŬŽŬ
ĨĂƐŝůŝƚĂƐ<ƌĞĚŝƚDƵůƚŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
- ĨĂƐŝůŝƚĂƐ >ͬ ĚĂŶͬĂƚĂƵ ^<E ƵŶƚƵŬ ƉĞŵďĞůŝĂŶ ďĂŚĂŶ
ďĂŬƵ ďĞƌƵƉĂ ďĞƐŝ ďĂũĂ͕ ŵĂƵƉƵŶ ďĂŚĂŶ ďĂŬƵ ďĂƌĂŶŐ
ĚĂŐĂŶŐ ƉƌŽLJĞŬ ĚĂŶ ŶŽŶ ƉƌŽLJĞŬ͕ ĚĞŶŐĂŶ ũƵŵůĂŚ ƉŽŬŽŬ
ƚŝĚĂŬŵĞůĞďŝŚŝĞŬƵŝǀĂůĞŶh^ϭϱϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ
- &ĂƐŝůŝƚĂƐ ĂŶŬ 'ĂƌĂŶƐŝ ĚĞŶŐĂŶ ũƵŵůĂŚ ƉŽŬŽŬ ƚŝĚĂŬ
ŵĞůĞďŝŚŝ ĞŬƵŝǀĂůĞŶ ZƉϯϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ LJĂŶŐ ĚĂƉĂƚ
ĚŝƚĞƌďŝƚŬĂŶ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ /Z ĚĂŶͬĂƚĂƵ h^͕
ĚŝŐƵŶĂŬĂŶ ƐĞďĂŐĂŝ ĐŽƵŶƚĞƌͬŐƵĂƌĂŶƚĞĞ ũĂŵŝŶĂŶ ƉƌŽLJĞŬ
ĚĂƉĂƚ ĚŝƚĞƌďŝƚŬĂŶ ĚĂůĂŵ ďĞŶƚƵŬ ĂŶŬ 'ĂƌĂŶƐŝ ĂƚĂƵ
^ƚĂŶĚďLJ>ĞƚƚĞƌŽĨƌĞĚŝƚ;^ƚĂŶĚďLJ>ͬͿŬĞďĂŶŬůĂŝŶ͘
- &ĂƐŝůŝƚĂƐdZZƵƉŝĂŚĚĞŶŐĂŶũƵŵůĂŚƉŽŬŽŬƚŝĚĂŬŵĞůĞďŝŚŝ
ĞŬƵŝǀĂůĞŶh^ϭϬϬ͘ϬϬϬ͘ϬϬϬ͕ͲĚĂůĂŵŵĂƚĂƵĂŶŐ/Z͕LJĂŶŐ
ĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵĞůƵŶĂƐŝĨĂƐŝůŝƚĂƐ>ͬĚĂŶͬĂƚĂƵ^<E
LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƐƵďůŝŵŝƚ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ůŽŬĂů͕ ĨĂƐŝůŝƚĂƐ
ŬƌĞĚŝƚŵƵůƚŝĚĂŶĨĂƐŝůŝƚĂƐƚŝŵĞůŽĂŶƌĞǀŽůǀŝŶŐ͘
- &ĂƐŝůŝƚĂƐ >ͬ ĚĂŶͬĂƚĂƵ ^<E ďĞƌƵƉĂ ^ŝŐŚƚ >ͬ ^<E
ƚĂƐ hŶũƵŬ͕ hƐĂŶĐĞ >ͬ ĚĂŶ ^<E ĞƌũĂŶŐŬĂ ƵŶƚƵŬ
ƉĞŵďĞůŝĂŶŵĞƐŝŶĚĂŶƐƉĂƌĞƉĂƌƚƐ͕ĚĞŶŐĂŶũƵŵůĂŚƉŽŬŽŬ
ƚŝĚĂŬ ŵĞůĞďŝŚŝ ĞŬƵŝǀĂůĞŶ h^ ϯϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶ ŬŚƵƐƵƐ ƵŶƚƵŬ ƉĞŵďĞůŝĂŶ ƐƉĂƌĞƉĂƌƚƐ ƚŝĚĂŬ
ŵĞůĞďŝŚŝĞŬƵŝǀĂůĞŶh^ϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ͘
- &ĂƐŝůŝƚĂƐ >ͬ hƐĂŶĐĞ ĚĂŶͬĂƚĂƵ ^<E ĞƌũĂŶŐŬĂ LJĂŶŐ
ŵĞƌƵƉĂŬĂŶďĂŐŝĂŶĚĂƌŝƐƵďůŝŵŝƚďƵƚŝƌ;ŝͿĚĂŶ;ŝǀͿĚŝĂƚĂƐ͕
LJĂŝƚƵ ƵŶƚƵŬ ŐĂďƵŶŐĂŶ ƉĞŵďĞůŝĂŶ ĚĂƌŝ ďĂŚĂŶ ďĂŬƵ͕
ŵĞƐŝŶ ĚĂŶ ƐƉĂƌĞƉĂƌƚ ƐĞƌƚĂ ƉƌŽLJĞŬ ĚĂƉĂƚ ĚŝŐƵŶĂŬĂŶ
ĚĞŶŐĂŶ ũƵŵůĂŚ ƉŽŬŽŬ ŐĂďƵŶŐĂŶ ƚŝĚĂŬ ŵĞůĞďŝŚŝ
ĞŬƵŝǀĂůĞŶh^Ϯϱ͘ϬϬϬ͘ϬϬϬ͘
- ^ƵŬƵƵŶŐĂ ͗ - hW^/Z͗ϵ͕ϳϱйƉ͘Ă͘
- hW^ h^͗ >/KZ нϮ͕ϳϱй
Ɖ͘Ă͘
- hW^ ;ǀĂůĂƐ ŶŽŶ h^Ϳ͗
>/KZнϮ͕ϳϱйƉ͘Ă͘
- ĂƚĂƐ ǁĂŬƚƵ ͗ - ,ŝŶŐŐĂ ƚĂŶŐŐĂů Ϯϴ DĞŝ
ƉĞŶĂƌŝŬĂŶ ϮϬϮϲ
ĚĂŶͬĂƚĂƵ
ƉĞŶŐŐƵŶĂĂŶ
&ĂƐŝůŝƚĂƐ
<ƌĞĚŝƚ
ϯͿ &ĂƐŝůŝƚĂƐĂŶŬ'ĂƌĂŶƐŝ͗
Ă͘ :ƵŵůĂŚ ͗ dŝĚĂŬ ŵĞůĞďŝŚŝ
WŽŬŽŬ ZƉϯϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƚŝŐĂ
ƉƵůƵŚŵŝůŝĂƌZƵƉŝĂŚͿ͕LJĂŶŐ
ŵĂŶĂ ĂŶŬ 'ĂƌĂŶƐŝ ĚĂƉĂƚ
120
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ĚŝƚĞƌďŝƚŬĂŶ ĚĂůĂŵ ŵĂƚĂ
ƵĂŶŐ /Z ĚĂŶͬĂƚĂƵ h^͕
ĨĂƐŝůŝƚĂƐ ĂŶŬ 'ĂƌĂŶƐŝ
ĚĂƉĂƚ ĚŝŐƵŶĂŬĂŶ ƐĞďĂŐĂŝ
ĐŽƵŶƚĞƌ ŐƵĂƌĂŶƚĞĞ
ũĂŵŝŶĂŶ ƉƌŽLJĞŬ ĚĂůĂŵ
ďĞŶƚƵŬ ĂŶŬ 'ĂƌĂŶƐŝ ĂƚĂƵ
^ƚĂŶĚďLJ>ͬŬĞďĂŶŬůĂŝŶ
ď͘ ^ƵŬƵƵŶŐĂ ͗ ϭϬйƉĞƌƚĂŚƵŶ͘
Đ͘ ĂƚĂƐ ǁĂŬƚƵ ͗ ,ŝŶŐŐĂ ƚĂŶŐŐĂů Ϯϴ DĞŝ
ƉĞŶĂƌŝŬĂŶ ϮϬϮϲ
ĚĂŶͬĂƚĂƵ
ƉĞŶŐŐƵŶĂĂŶ
&ĂƐŝůŝƚĂƐ
<ƌĞĚŝƚ
ϰͿ &ĂƐŝůŝƚĂƐEĞŐŽƐŝĂƐŝͬŝƐŬŽŶƚŽĚĞŶŐĂŶŬŽŶĚŝƐŝŬŚƵƐƵƐ͗
Ă͘ :ƵŵůĂŚ ͗ dŝĚĂŬ ŵĞůĞďŝŚŝ
WŽŬŽŬ h^ϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂũƵƚĂ
ŽůůĂƌ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚͿ
LJĂŶŐ ĚĂƉĂƚ ĚŝŐƵŶĂŬĂŶ
ƵŶƚƵŬ ƉĞŶĞƌďŝƚĂŶ ĂŶŬ
'ĂƌĂŶƐŝĚĂůĂŵŵĂƚĂƵĂŶŐ
/ZĚĂŶh^͘
ď͘ ^ƵŬƵƵŶŐĂ ͗ ϭϬйƉĞƌƚĂŚƵŶ͘
Đ͘ ĂƚĂƐ ǁĂŬƚƵ ͗ ,ŝŶŐŐĂ ƚĂŶŐŐĂů Ϯϴ DĞŝ
ƉĞŶĂƌŝŬĂŶ ϮϬϮϲ
ĚĂŶͬĂƚĂƵ
ƉĞŶŐŐƵŶĂĂŶ
&ĂƐŝůŝƚĂƐ
<ƌĞĚŝƚ
ϱͿ Fasilitas Kredit Investasi 6 (“KI 6”):
Ă͘ :ƵŵůĂŚ ͗ dŝĚĂŬ ŵĞůĞďŝŚŝ
ZƉϭϬϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
;ƐĞƌĂƚƵƐ ůŝŵĂ ŵŝůŝĂƌ
ZƵƉŝĂŚͿ
ď͘ ƵŶŐĂ ͗ ϳ͕Ϯϱй
Đ͘ ĂƚĂƐ ǁĂŬƚƵ ͗ dĞƌŚŝƚƵŶŐƐĞũĂŬƚĂŶŐŐĂůϮϴ
ƉĞŶĂƌŝŬĂŶ &ĞďƌƵĂƌŝ ϮϬϮϱ ĚĂŶ
ĚĂŶͬĂƚĂƵ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϬ
ƉĞŶŐŐƵŶĂĂŶ :ƵŶŝϮϬϮϲ͘
&ĂƐŝůŝƚĂƐ
<ƌĞĚŝƚ
ϲͿ &ĂƐŝůŝƚĂƐdŝŵĞ>ŽĂŶZĞǀŽůǀŝŶŐ
Ă͘ :ƵŵůĂŚ ͗ dŝĚĂŬ ŵĞůĞďŝŚŝ
ZƉϰϰϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
;ĞŵƉĂƚƌĂƚƵƐĞŵƉĂƚƉƵůƵŚ
ŵŝůŝĂƌ ZƵƉŝĂŚͿ LJĂŶŐ ĚĂƉĂƚ
ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ
ƉĞŵďƵŬĂĂŶ >ͬ ĚĂŶͬĂƚĂƵ
^<E
;^ŝŐŚƚͬhƐĂŶĐĞͬhW^Ϳ
ĚĂůĂŵŵĂƚĂƵĂŶŐůĂŝŶLJĂŶŐ
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ƚĞƌƐĞĚŝĂ Ěŝ
;ŵƵůƚŝĐƵƌƌĞŶĐLJͿ͘
ď͘ ƵŶŐĂ ͗ ϳ͕Ϯϱй
Đ͘ ĂƚĂƐ ǁĂŬƚƵ ͗ ,ŝŶŐŐĂ ƚĂŶŐŐĂů Ϯϴ DĞŝ
ƉĞŶĂƌŝŬĂŶ ϮϬϮϲ
ĚĂŶͬĂƚĂƵ
ƉĞŶŐŐƵŶĂĂŶ
&ĂƐŝůŝƚĂƐ
<ƌĞĚŝƚ
^ĞůĂŝŶĨĂƐŝůŝƚĂƐĚŝĂƚĂƐ͕ŵĞŵďĞƌŝŬĂŶũƵŐĂ&ĂƐŝůŝƚĂƐ&ŽƌĞdž džĐŚĂŶŐĞ
Line (“Forex Line”) kepada Debitur ;ŵƵůƚŝĐƵƌƌĞŶĐLJͿ ĚĞŶŐĂŶ ũƵŵůĂŚ
ƚŝĚĂŬ ŵĞůĞďŝŚŝ ĞŬƵŝǀĂůĞŶ h^ϮϬ͘ϬϬϬ͘ϬϬϬ͕ ĚĞŶŐĂŶ ũĂŶŐŬĂ ǁĂŬƚƵ
&ŽƌǁĂƌĚ ŵĂŬƐŝŵĂů ϲ ;ĞŶĂŵͿ ďƵůĂŶ ĚĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ ĚĂŶ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ >ĂŵƉŝƌĂŶ
<ĞƚĞŶƚƵĂŶ <ŚƵƐƵƐ ƵŶƚƵŬ &ĂƐŝůŝƚĂƐ :ƵĂů Ğůŝ sĂůƵƚĂ ƐŝŶŐ ;ƵŶƚƵŬ
ƚƌĂŶƐĂŬƐŝ dŽĚ͕ dŽŵ͕ ^ƉŽƚ͕ ĚĂŶ &ŽƌǁĂƌĚͿ LJĂŶŐ ĚŝůĞŬĂƚŬĂŶ ƉĂĚĂ
WĞƌƵďĂŚĂŶ <ĞĞŶĂŵ ĞůĂƐ ĂƚĂƐ WĞƌũĂŶũŝĂŶ <ƌĞĚŝƚ EŽ͘ϲϬ ƚĂŶŐŐĂů Ϯϳ
DĂƌĞƚϮϬϮϬ͘
WĞŶŐŐƵŶĂĂŶ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚ ϭͿ DĞŵďŝĂLJĂŝ ŵŽĚĂů ŬĞƌũĂ ĞďŝƚƵƌ͕ ŬŚƵƐƵƐ ƵŶƚƵŬ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ
>ŽŬĂů;ZĞŬĞŶŝŶŐ<ŽƌĂŶͿ͘
ϮͿ ;ŝͿŵĞŵĨĂƐŝůŝƚĂƐŝƉĞŵďĞůŝĂŶďĂŚĂŶďĂŬƵĚĂŶƉĞŶĚƵŬƵŶŐŶLJĂƵŶƚƵŬ
&ĂƐŝůŝƚĂƐ >ͬ ďĞƌƵƉĂ ^ŝŐŚƚ >ͬ ĂƚĂƵ hW^ >ͬ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ
ďĂŐŝĂŶĚĂƌŝĨĂƐŝůŝƚĂƐ<ƌĞĚŝƚ>ŽŬĂů;ZĞŬĞŶŝŶŐ<ŽƌĂŶͿ͖;ŝŝͿƉĞŵďĞůŝĂŶ
ŵĞƐŝŶ ĚĂŶ ƐƉĂƌĞƉĂƌƚƐ͕ ƵŶƚƵŬ ĨĂƐŝůŝƚĂƐ >ͬ ďĞƌƵƉĂ ^ŝŐŚƚ >ͬ ĂƚĂƵ
hƐĂŶĐĞ >ͬ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ďĂŐŝĂŶ ĚĂƌŝ ĨĂƐŝůŝƚĂƐ <ƌĞĚŝƚ DƵůƚŝ
ĚĞŶŐĂŶũƵŵůĂŚƉŽŬŽŬƚŝĚĂŬŵĞůĞďŝŚŝĞŬƵŝǀĂůĞŶh^ϯϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ͕
ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ŬŚƵƐƵƐ ƵŶƚƵŬ ƉĞŵďĞůŝĂŶ ƐƉĂƌĞƉĂƌƚƐ ƚŝĚĂŬ
ŵĞůĞďŝŚŝ ĞŬƵŝǀĂůĞŶ h^ϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ͖ ;ŝŝŝͿ ƉĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ
ďĞƌƵƉĂ ďĞƐŝ ďĂũĂ͕ ƵŶƚƵŬ ĨĂƐŝůŝƚĂƐ >ͬ ĚĂŶͬĂƚĂƵ ^<E LJĂŶŐ
ŵĞƌƵƉĂŬĂŶďĂŐŝĂŶĚĂƌŝĨĂƐŝůŝƚĂƐ<ƌĞĚŝƚDƵůƚŝĚĞŶŐĂŶũƵŵůĂŚƉŽŬŽŬ
ƚŝĚĂŬ ŵĞůĞďŝŚŝ ĞŬƵŝǀĂůĞŶ h^ϭϱϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ͖ ;ŝǀͿ ŵĞŵĨĂƐŝůŝƚĂƐŝ
ƉĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ ĚĂŶ ƉĞŶĚƵŬƵŶŐŶLJĂ ƵŶƚƵŬ ĨĂƐŝůŝƚĂƐ >ͬ
ĚĂŶͬĂƚĂƵ^<ELJĂŶŐŵĞƌƵƉĂŬĂŶďĂŐŝĂŶĚĂƌŝĨĂƐŝůŝƚĂƐ<ƌĞĚŝƚDƵůƚŝ
ϯ͘
ϯͿ :ĂŵŝŶĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ ;ƐĞůĂŝŶ ũĂŵŝŶĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ
ŵĞŵƉĞƌŽůĞŚ ƉŝŶũĂŵĂŶͿ͕ ƚĞƌŵĂƐƵŬ ƵŶƚƵŬ ƉĞŶũĂŵŝŶĂŶ ŬĞ ƉƌŽLJĞŬ
ĚĂŶ ďĞĂ ĐƵŬĂŝ ƵŶƚƵŬ &ĂƐŝůŝƚĂƐ ĂŶŬ 'ĂƌĂŶƐŝ ĚĂŶ ĨĂƐŝůŝƚĂƐ ĂŶŬ
'ĂƌĂŶƐŝLJĂŶŐŵĞƌƵƉĂŬĂŶďĂŐŝĂŶĚĂƌŝĨĂƐŝůŝƚĂƐ<ƌĞĚŝƚDƵůƚŝ͘
ϰͿ DĞůƵŶĂƐŝ ^ŝŐŚƚ >͕ͬ hƐĂŶĐĞ >͕ͬ hW^ >͕ͬ ^<E ĂƚĂƐ ƵŶũƵŬ͕
^<E ĞƌũĂŶŐŬĂ ĚĂŶ ^<E ĞƌũĂŶŐŬĂ ŝďĂLJĂƌ ƚĂƐ hŶũƵŬ͕
ŬŚƵƐƵƐ ƵŶƚƵŬ &ĂƐŝůŝƚĂƐ dZ ZƵƉŝĂŚ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ďĂŐŝĂŶ ĚĂƌŝ
&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚDƵůƚŝ͖
ϱͿ DĞŶĞŐŽƐŝĂƐŝͬŵĞŶĚŝƐŬŽŶƚŽ ǁĞƐĞů ;ĚŽŬƵŵĞŶͿ ĞŬƐƉŽƌ͕ ŬŚƵƐƵƐ
ƵŶƚƵŬ&ĂƐŝůŝƚĂƐEĞŐŽƐŝĂƐŝͬŝƐŬŽŶƚŽĚĞŶŐĂŶŬŽŶĚŝƐŝŬŚƵƐƵƐ͖
ϲͿ DĞŵďŝĂLJĂŝ ŵŽĚĂů ŬĞƌũĂ ĞďŝƚƵƌ ƵŶƚƵŬ &ĂƐŝůŝƚĂƐ dŝŵĞ >ŽĂŶ
ZĞǀŽůǀŝŶŐ
ϳͿ ;ŝͿ WĞŵďŝĂLJĂĂŶ ŬĞŵďĂůŝ ;ƌĞĨŝŶĂŶĐŝŶŐͿ ƉĞŵďĞůŝĂŶ ƚĂŶĂŚ Ěŝ :ĂůĂŶ
DŝƚƌĂ ĂƌĂƚ / 'Ͳϯ ĞƐĂ WĂƌĂŶŐŵƵůLJĂ͕ <ĂƌĂǁĂŶŐ :ĂǁĂ ĂƌĂƚ͕
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶůƵĂƐƚĂŶĂŚLJĂŶŐƉĞŵďĞůŝĂŶŶLJĂĚŝďŝĂLJĂŝŵŝŶŝŵĂů
ƐĞďĞƐĂƌϭϵ͘ϴϳϬŵϮ͖;ŝŝͿƉĞŵďŝĂLJĂĂŶƉĞŵďĂŶŐƵŶĂŶŐƵĚĂŶŐďĞƌƵƉĂ
ďĂŶŐƵŶĂŶ͕ƐĂƌĂŶĂ͕ĚĂŶƉƌĂƐĂƌĂŶĂĚŝ:ĂůĂŶDŝƚƌĂĂƌĂƚ/'Ͳϯ͕ĞƐĂ
WĂƌĂŶŐŵƵůLJĂ <ĂƌĂǁĂŶŐ :ĂǁĂ ĂƌĂƚ͕ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ůƵĂƐ
ďĂŶŐƵŶĂŶ LJĂŶŐ ƉĞŵďĂŶŐƵŶĂŶŶLJĂ ĚŝďŝĂLJĂŝ ŵŝŶŝŵĂů ϭϮ͘ϬϬϬ ŵϮ
ĚĞŶŐĂŶ ƚŽůĞƌĂŶƐŝ ďĂǁĂŚ ƐĞďĞƐĂƌ Ϯй͖ ĚĂŶ ;ŝŝŝͿ ƉĞŵďŝĂLJĂĂŶ
ƉĞŵďĞůŝĂŶĂůĂƚĂŶŐŬĂƚĚĂŶĂůĂƚĂŶŐŬƵƚƵŶƚƵŬŐƵĚĂŶŐĚŝ:ĂůĂŶDŝƚƌĂ
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ĂƌĂƚ / 'Ͳϯ ĞƐĂ WĂƌĂŶŐŵƵůLJĂ <ĂƌĂǁĂŶŐ :ĂǁĂ ĂƌĂƚ͕ ƵŶƚƵŬ
ĨĂƐŝůŝƚĂƐ<ƌĞĚŝƚ/ŶǀĞƐƚĂƐŝϲ
ϴͿ &ĂƐŝůŝƚĂƐ &ŽƌĞdž >ŝŶĞ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞůŝŶĚƵŶŐŝ ŶŝůĂŝ ŬƵƌƐ
;ŚĞĚŐŝŶŐͿ͘
:ĂŵŝŶĂŶ ͗ Ă͘ Ϯ ;ĚƵĂͿ ďŝĚĂŶŐ ƚĂŶĂŚ LJĂŶŐ ƚĞƌůĞƚĂŬ Ěŝ WƌŽǀŝŶƐŝ :ĂǁĂ dŝŵƵƌ͕
<ŽƚĂŵĂĚLJĂ ^ƵƌĂďĂLJĂ͕ <ĞĐĂŵĂƚĂŶ ƵďƵƚĂŶ͕ <ĞůƵƌĂŚĂŶ dĞŵďŽŬ
ƵŬƵŚ͕ ƐĞŵƵĂŶLJĂ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ͕ ĚĞŶŐĂŶƌŝŶĐŝĂŶ ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
ϭͿ ^ĞƌƚŝĨŝŬĂƚ,ĂŬ'ƵŶĂĂŶŐƵŶĂŶEŽ͘Ϯϭͬ<͕ƐĞůƵĂƐϰ͘ϴϱϬŵϸ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϲϰϴϭͬϮϬϭϭƚĂŶŐŐĂůϲĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϳϰϲͬϮϬϭϯƚĂŶŐŐĂůϰ&ĞďƌƵĂƌŝϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϳϵϵϴͬϮϬϭϯƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϲϰϳͬϮϬϭϳƚĂŶŐŐĂůϴ&ĞďƌƵĂƌŝϮϬϭϳ
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϬϰϬͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϭϱϭϱͬϮϬϮϯ
ϮͿ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ 'ƵŶĂ ĂŶŐƵŶĂŶ EŽ͘ϴϰͬ<ĞůƵƌĂŚĂŶ dĞŵďŽŬ
ƵŬƵŚ͕ƐĞůƵĂƐϵϮϬŵϸ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϲϰϴϮͬϮϬϭϭƚĂŶŐŐĂůϲĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϱϲϬͬϮϬϭϯƚĂŶŐŐĂůϮϴ:ĂŶƵĂƌŝϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϴϬϮϲͬϮϬϭϯƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϲϰϳͬϮϬϭϳƚĂŶŐŐĂůϴ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϬϰϬͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϭϱϭϱͬϮϬϮϯ
ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ ĚĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ ƚĞůĂŚ ĚĂŶ
ĂƚĂƵ ĂŬĂŶ ĚŝĚŝƌŝŬĂŶ͕ ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ
ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ
ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ƚŝĚĂŬ ĂĚĂ LJĂŶŐ
ĚŝŬĞĐƵĂůŝŬĂŶ͘
ď͘ ϰ ;ĞŵƉĂƚͿ ďŝĚĂŶŐ ƚĂŶĂŚ LJĂŶŐ ƚĞƌůĞƚĂŬ Ěŝ WƌŽǀŝŶƐŝ :ĂǁĂ dŝŵƵƌ͕
<ŽƚĂŵĂĚLJĂ ^ƵƌĂďĂLJĂ͕ <ĞĐĂŵĂƚĂŶ ZƵŶŐŬƵƚ͕ <ĞůƵƌĂŚĂŶ ZƵŶŐŬƵƚ
<ŝĚƵů͕ ƐĞŵƵĂŶLJĂ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ͕ ĚĞŶŐĂŶ ƌŝŶĐŝĂŶ ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
ϭͿ ^ĞƌƚŝĨŝŬĂƚ,ĂŬ'ƵŶĂĂŶŐƵŶĂŶEŽ͘ϲͬ<ĞůƵƌĂŚĂŶZƵŶŐŬƵƚ<ŝĚƵů͕
ƐĞůƵĂƐϯ͘ϰϰϱŵϸ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϲϰϴϯͬϮϬϭϭƚĂŶŐŐĂůϲĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϵϮϰͬϮϬϭϯƚĂŶŐŐĂůϭϭ&ĞďƌƵĂƌŝϮϬϭϯ͖
123
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- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϳϵϳϴͬϮϬϭϯƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϳϴϮϵͬϮϬϭϰƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϭϰ͘
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϴϮϭͬϮϬϭϳƚĂŶŐŐĂůϭϲ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϬϯϱͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚƵũƵŚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϮϴϬͬϮϬϮϯ
ϮͿ ^ĞƌƚŝĨŝŬĂƚ,ĂŬ'ƵŶĂĂŶŐƵŶĂŶ EŽ͘ϭϳϯϳͬ<ĞůƵƌĂŚĂŶZƵŶŐŬƵƚ
<ŝĚƵů͕ƐĞůƵĂƐϮ͘ϲϰϭŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϲϵϳϵͬϮϬϭϭƚĂŶŐŐĂůϲĞƐĞŵďĞƌϮϬϭϭ
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϵϮϱͬϮϬϭϯƚĂŶŐŐĂůϭϭ&ĞďƌƵĂƌŝϮϬϭϯ
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϴϬϬϯͬϮϬϭϯƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌϮϬϭϯ
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϳϴϯϲͬϮϬϭϰƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϭϰ
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϴϮϭͬϮϬϭϳƚĂŶŐŐĂůϭϲ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϬϯϱͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚƵũƵŚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϮϴϬͬϮϬϮϯ
ϯͿ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ 'ƵŶĂ ĂŶŐƵŶĂŶ EŽ͘ϭϳϯϲͬ<ĞůƵƌĂŚĂŶ ZƵŶŐŬƵƚ
<ŝĚƵů͕ƐĞůƵĂƐϱ͘ϳϬϳŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϲϱϳϴͬϮϬϭϭƚĂŶŐŐĂůϲĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϳϰϰͬϮϬϭϯƚĂŶŐŐĂůϰ&ĞďƌƵĂƌŝϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϴϬϭϱͬϮϬϭϯƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϳϴϯϳͬϮϬϭϰƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϭϰ͘
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϴϮϭͬϮϬϭϳƚĂŶŐŐĂůϭϲ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϬϯϱͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚƵũƵŚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϮϴϬͬϮϬϮϯ
ϰͿ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ 'ƵŶĂ ĂŶŐƵŶĂŶ EŽ͘ϭϱϵͬ<ĞůƵƌĂŚĂŶ ZƵŶŐŬƵƚ
<ŝĚƵů͕ƐĞůƵĂƐϭϴ͘ϯϯϴŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϲϰϴϰͬϮϬϭϭƚĂŶŐŐĂůϲĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϳϰϯͬϮϬϭϯƚĂŶŐŐĂůϰ&ĞďƌƵĂƌŝϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϳϵϴϴͬϮϬϭϯƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌϮϬϭϯ͖
124
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- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϳϴϯϴͬϮϬϭϰƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϭϰ͘
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϴϮϭͬϮϬϭϳƚĂŶŐŐĂůϭϲ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϬϯϱͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚƵũƵŚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϮϴϬͬϮϬϮϯ
ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ ĚĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ ƚĞůĂŚ ĚĂŶ
ĂƚĂƵ ĂŬĂŶ ĚŝĚŝƌŝŬĂŶ͕ ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ
ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ
ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ƚŝĚĂŬ ĂĚĂ LJĂŶŐ
ĚŝŬĞĐƵĂůŝŬĂŶ
Đ͘ Ϯ ;ĚƵĂͿ ďŝĚĂŶŐ ƚĂŶĂŚ LJĂŶŐ ƚĞƌůĞƚĂŬ Ěŝ WƌŽǀŝŶƐŝ :ĂǁĂ dŝŵƵƌ͕
<ŽƚĂŵĂĚLJĂ ^ƵƌĂďĂLJĂ͕ <ĞĐĂŵĂƚĂŶ dĞŶŐŐŝůŝƐ DĞũŽLJŽ͕ <ĞůƵƌĂŚĂŶ
dĞŶŐŐŝůŝƐDĞũŽLJŽ͕ƐĞŵƵĂŶLJĂĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͕ĚĞŶŐĂŶƌŝŶĐŝĂŶ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ 'ƵŶĂ ĂŶŐƵŶĂŶ EŽ͘ϭϲͬ<ĞůƵƌĂŚĂŶ dĞŶŐŐŝůŝƐ
DĞũŽLJŽ͕ƐĞůƵĂƐϯ͘ϱϵϰŵϸ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϲϱϳϳͬϮϬϭϭƚĂŶŐŐĂůϲĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϵϮϲͬϮϬϭϯƚĂŶŐŐĂůϭϭ&ĞďƌƵĂƌŝϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϴϮϭϲͬϮϬϭϯƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϳϴϯϭͬϮϬϭϰƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϭϰ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϴϵϭͬϮϬϭϳƚĂŶŐŐĂůϮϬ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϬϯϲͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚƵũƵŚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϮϴϭͬϮϬϮϯ
ϮͿ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ 'ƵŶĂ ĂŶŐƵŶĂŶ EŽ͘ϵϬϳͬ<ĞůƵƌĂŚĂŶ dĞŶŐŐŝůŝƐ
DĞũŽLJŽ͕ƐĞůƵĂƐϭϭ͘ϲϴϲŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϬϯϲͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚƵũƵŚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϮϴϭͬϮϬϮϯ
ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ ĚĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ ƚĞůĂŚ ĚĂŶ
ĂƚĂƵ ĂŬĂŶ ĚŝĚŝƌŝŬĂŶ͕ ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ
ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ
ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ƚŝĚĂŬ ĂĚĂ LJĂŶŐ
ĚŝŬĞĐƵĂůŝŬĂŶ͘
Ě͘ ^ĞďŝĚĂŶŐƚĂŶĂŚƐĞďĂŐĂŝŵĂŶĂĚŝƵƌĂŝŬĂŶĚĂůĂŵ^ĞƌƚŝĨŝŬĂƚ,ĂŬ'ƵŶĂ
ĂŶŐƵŶĂŶEŽ͘ϭ͕ƚĞƌůĞƚĂŬĚĂůĂŵWƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͕<ŽƚĂŵĂĚLJĂ
^ƵƌĂďĂLJĂ͕ <ĞĐĂŵĂƚĂŶ <ĂƌĂŶŐƉŝůĂŶŐ͕ ĞƐĂͬ>ŝŶŐŬƵŶŐĂŶ
tĂƌƵŐƵŶƵŶŐ͕ƐĞůƵĂƐϮϵ͘ϴϬϬŵϮƚĞƌĚĂĨƚĂƌĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
125
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- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϲϴϬϮͬϮϬϭϭƚĂŶŐŐĂůϴĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϭϱϳϳͬϮϬϭϯƚĂŶŐŐĂůϰDĂƌĞƚϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϱϯͬϮϬϭϰƚĂŶŐŐĂůϮϭ:ĂŶƵĂƌŝϮϬϭϰ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϭϭϯϭͬϮϬϭϳƚĂŶŐŐĂůϵDĂƌĞƚϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϰϱϯͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϵϰϬͬϮϬϮϯ
ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ ĚĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ ƚĞůĂŚ ĚĂŶ
ĂƚĂƵ ĂŬĂŶ ĚŝĚŝƌŝŬĂŶ͕ ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ
ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ
ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ƚŝĚĂŬ ĂĚĂ LJĂŶŐ
ĚŝŬĞĐƵĂůŝŬĂŶ͘
Ğ͘ ϲ ;ĞŶĂŵͿ ďŝĚĂŶŐ ƚĂŶĂŚ LJĂŶŐ ƚĞƌůĞƚĂŬ Ěŝ WƌŽǀŝŶƐŝ :ĂǁĂ dŝŵƵƌ͕
<ĂďƵƉĂƚĞŶ WĂƐƵƌƵĂŶ͕ <ĞĐĂŵĂƚĂŶ Ğũŝ͕ ĞƐĂ ĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕
ƐĞŵƵĂŶLJĂĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͕ĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ ^,'EŽ͘ϳͬĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕ƐĞůƵĂƐϲϭ͘ϯϵϬŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϭϴϭͬϮϬϭϭƚĂŶŐŐĂůϭϵĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϱϭϳͬϮϬϭϮƚĂŶŐŐĂůϭϭĞƐĞŵďĞƌϮϬϭϮ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϮϱϯͬϮϬϭϯƚĂŶŐŐĂůϰEŽǀĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϬϰϭͬϭϳƚĂŶŐŐĂůϭϲ:ĂŶƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϭϭϮͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϵϮϳͬϮϬϮϯ
ϮͿ ^,'EŽ͘ϮϯͬĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕ƐĞůƵĂƐϮϯ͘ϲϵϮŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϭϴϬͬϮϬϭϭƚĂŶŐŐĂůϭϵĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϱϭϴͬϮϬϭϮƚĂŶŐŐĂůϭϭĞƐĞŵďĞƌϮϬϭϮ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϮϱϬͬϮϬϭϯƚĂŶŐŐĂůϰEŽǀĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϬϰϭͬϭϳƚĂŶŐŐĂůϭϲ:ĂŶƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϭϭϮͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϵϮϳͬϮϬϮϯ
ϯͿ ^,'EŽ͘ϰϬͬĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕ƐĞůƵĂƐϮϬ͘ϴϭϱŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϭϳϴͬϮϬϭϭƚĂŶŐŐĂůϭϵĞƐĞŵďĞƌϮϬϭϭ͖
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- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϱϭϱͬϮϬϭϮƚĂŶŐŐĂůϭϭĞƐĞŵďĞƌϮϬϭϮ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϮϰϵͬϮϬϭϯƚĂŶŐŐĂůϰEŽǀĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϬϰϭͬϭϳƚĂŶŐŐĂůϭϲ:ĂŶƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϭϭϮͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϵϮϳͬϮϬϮϯ
ϰͿ ^,'EŽ͘ϰϰͬĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕ƐĞůƵĂƐϰ͘ϳϲϬŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϭϴϮͬϮϬϭϭƚĂŶŐŐĂůϭϵĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϱϭϰͬϮϬϭϮƚĂŶŐŐĂůϭϭĞƐĞŵďĞƌϮϬϭϮ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϮϮϮͬϮϬϭϯƚĂŶŐŐĂůϯϭKŬƚŽďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϬϰϭͬϭϳƚĂŶŐŐĂůϭϲ:ĂŶƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϭϭϮͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϵϮϳͬϮϬϮϯ
ϱͿ ^,'EŽ͘ϰϱͬĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕ƐĞůƵĂƐϮ͘ϳϮϬŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϭϳϲͬϮϬϭϭƚĂŶŐŐĂůϭϵĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϱϭϯͬϮϬϭϮƚĂŶŐŐĂůϭϭĞƐĞŵďĞƌϮϬϭϮ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϮϭϵͬϮϬϭϯƚĂŶŐŐĂůϯϭKŬƚŽďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϬϰϭͬϭϳƚĂŶŐŐĂůϭϲ:ĂŶƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϭϭϮͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϵϮϳͬϮϬϮϯ
ϲͿ ^,'EŽ͘ϱϮͬĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕ƐĞůƵĂƐϭϯ͘ϴϵϱŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϭϳϵͬϮϬϭϭƚĂŶŐŐĂůϭϵĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϱϭϮͬϮϬϭϮƚĂŶŐŐĂůϭϬĞƐĞŵďĞƌϮϬϭϮ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϮϰϴͬϮϬϭϯƚĂŶŐŐĂůϰEŽǀĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϬϰϭͬϭϳƚĂŶŐŐĂůϭϲ:ĂŶƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϭϭϮͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϵϮϳͬϮϬϮϯ
ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ ĚĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ ƚĞůĂŚ ĚĂŶ
ĂƚĂƵ ĂŬĂŶ ĚŝĚŝƌŝŬĂŶ͕ ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ
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ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ
ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ƚŝĚĂŬ ĂĚĂ LJĂŶŐ
ĚŝŬĞĐƵĂůŝŬĂŶ͘
Ĩ͘ ^ĞďŝĚĂŶŐƚĂŶĂŚƐĞďĂŐĂŝŵĂŶĂĚŝƵƌĂŝŬĂŶĚĂůĂŵ^,'EŽ͘ϮϰͬĞƐĂ
'ƵŶƵŶŐŐĂŶƐŝƌ͕ƚĞƌůĞƚĂŬĚŝĚĂůĂŵWƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ͕<ĂďƵƉĂƚĞŶ
WĂƐƵƌƵĂŶ͕<ĞĐĂŵĂƚĂŶĞũŝ͕ĞƐĂ'ƵŶƵŶŐŐĂŶƐŝƌ͕ƐĞůƵĂƐϭϱ͘ϵϴϱŵϮ
ƚĞƌĚĂĨƚĂƌĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͕
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϭϳϳͬϮϬϭϭƚĂŶŐŐĂůϭϵĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϱϭϲͬϮϬϭϮƚĂŶŐŐĂůϭϭĞƐĞŵďĞƌϮϬϭϮ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϮϱϭͬϮϬϭϯƚĂŶŐŐĂůϰEŽǀĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϬϰϭͬϭϳƚĂŶŐŐĂůϭϲ:ĂŶƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϭϭϮͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϵϮϳͬϮϬϮϯ
ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ ĚĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ ƚĞůĂŚ ĚĂŶ
ĂƚĂƵ ĂŬĂŶ ĚŝĚŝƌŝŬĂŶ͕ ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ
ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ
ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ƚŝĚĂŬ ĂĚĂ LJĂŶŐ
ĚŝŬĞĐƵĂůŝŬĂŶ͘
Ő͘ ϯ ;ƚŝŐĂͿ ďŝĚĂŶŐ ƚĂŶĂŚ LJĂŶŐ ƚĞƌůĞƚĂŬ Ěŝ WƌŽǀŝŶƐŝ :ĂǁĂ ĂƌĂƚ͕
<ĂďƵƉĂƚĞŶ <ĂƌĂǁĂŶŐ͕ <ĞĐĂŵĂƚĂŶ ŝĂŵƉĞů͕ ĞƐĂ WĂƌƵŶŐŵƵůLJĂ͕
ƐĞŵƵĂŶLJĂĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͕ĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ ^,'EŽ͘ϰϵͬĞƐĂWĂƌƵŶŐŵƵůLJĂ͕ƐĞůƵĂƐϭϵ͘ϱϯϬŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϱϮϱϱͬϮϬϭϭƚĂŶŐŐĂůϴĞƐĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϯϵϲͬϮϬϭϯƚĂŶŐŐĂůϮϵ:ĂŶƵĂƌŝϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϱϴϭϲͬϮϬϭϯƚĂŶŐŐĂůϲEŽǀĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϵϮϭͬϮϬϭϳƚĂŶŐŐĂůϮϳ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϱϬϱϬͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϴϮϲͬϮϬϮϯ
ϮͿ ^,'EŽ͘ϱϭͬĞƐĂWĂƌƵŶŐŵƵůLJĂ͕ƐĞůƵĂƐϮϱ͘ϬϬϬŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϰϴϰϴͬϮϬϭϭƚĂŶŐŐĂůϭϱEŽǀĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϯϵϱͬϮϬϭϯƚĂŶŐŐĂůϮϵ:ĂŶƵĂƌŝϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϱϴϭϳͬϮϬϭϯƚĂŶŐŐĂůϲEŽǀĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϵϮϭͬϮϬϭϳƚĂŶŐŐĂůϮϳ&ĞďƌƵĂƌŝϮϬϭϳ͖
128
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- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϱϬϱϬͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϴϮϲͬϮϬϮϯ
ϯͿ ^,'EŽ͘ϬϭϮϭϱͬĞƐĂWĂƌƵŶŐŵƵůLJĂ͕ƐĞůƵĂƐϱ͘ϰϳϬŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϰϴϰϳͬϮϬϭϭƚĂŶŐŐĂůϭϱEŽǀĞŵďĞƌϮϬϭϭ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϯϵϴͬϮϬϭϯƚĂŶŐŐĂůϮϵ:ĂŶƵĂƌŝϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϱϴϭϴͬϮϬϭϯƚĂŶŐŐĂůϲEŽǀĞŵďĞƌϮϬϭϯ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϬϵϮϭͬϮϬϭϳƚĂŶŐŐĂůϮϳ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞůŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϱϬϱϬͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŶĂŵ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϯϴϮϲͬϮϬϮϯ
ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ ĚĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ ƚĞůĂŚ ĚĂŶ
ĂƚĂƵ ĂŬĂŶ ĚŝĚŝƌŝŬĂŶ͕ ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ
ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ
ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ƚŝĚĂŬ ĂĚĂ LJĂŶŐ
ĚŝŬĞĐƵĂůŝŬĂŶ͘
Ś͘ ϱ;ůŝŵĂͿďŝĚĂŶŐƚĂŶĂŚLJĂŶŐƚĞƌůĞƚĂŬĚŝWƌŽǀŝŶƐŝ</:ĂŬĂƌƚĂ͕<ŽƚĂ
:ĂŬĂƌƚĂ ĂƌĂƚ͕ <ĞĐĂŵĂƚĂŶ <ĂůŝĚĞƌĞƐ͕ <ĞůƵƌĂŚĂŶ ^ĞŵĂŶĂŶ͕
ƐĞŵƵĂŶLJĂĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͕ĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ ^,'EŽ͘ϳϵϬϳͬ<ĞůƵƌĂŚĂŶ^ĞŵĂŶĂŶ͕ƐĞůƵĂƐϳϭϳŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϬϬϭͬϮϬϭϱƚĂŶŐŐĂůϭϲDĂƌĞƚϮϬϭϱ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϭϬϮϴͬϮϬϭϳƚĂŶŐŐĂůϭϯ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϰϱϰϭͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϮϵϮͬϮϬϮϯ͘
ϮͿ ^,'EŽ͘ϳϵϬϴͬ<ĞůƵƌĂŚĂŶ^ĞŵĂŶĂŶ͕ƐĞůƵĂƐϰϲŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϬϬϱͬϮϬϭϱƚĂŶŐŐĂůϭϲDĂƌĞƚϮϬϭϱ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϭϬϮϴͬϮϬϭϳƚĂŶŐŐĂůϭϯ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϰϱϰϭͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϮϵϭͬϮϬϮϯ͘
ϯͿ ^,'EŽ͘ϳϵϬϵͬ<ĞůƵƌĂŚĂŶ^ĞŵĂŶĂŶ͕ƐĞůƵĂƐϯϯϬŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϬϬϳͬϮϬϭϱƚĂŶŐŐĂůϭϲDĂƌĞƚϮϬϭϱ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϭϬϮϴͬϮϬϭϳƚĂŶŐŐĂůϭϯ&ĞďƌƵĂƌŝϮϬϭϳ͖
129
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- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϰϱϰϭͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϰϵϯͬϮϬϮϯ͘
ϰͿ ^,'EŽ͘ϳϵϭϬͬ<ĞůƵƌĂŚĂŶ^ĞŵĂŶĂŶ͕ƐĞůƵĂƐϮϮϳŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϬϬϰͬϮϬϭϱƚĂŶŐŐĂůϱDĂƌĞƚϮϬϭϱ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϭϬϮϴͬϮϬϭϳƚĂŶŐŐĂůϭϯ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϰϱϰϭͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϰϳϮͬϮϬϮϯ͘
ϱͿ ^,'EŽ͘ϳϵϭϭͬ<ĞůƵƌĂŚĂŶ^ĞŵĂŶĂŶ͕ƐĞůƵĂƐϴϯϴŵϮ͖
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϬϬϮͬϮϬϭϱƚĂŶŐŐĂůϲDĂƌĞƚϮϬϭϱ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϭϬϮϴͬϮϬϭϳƚĂŶŐŐĂůϭϯ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϰϱϰϭͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϮϰϴϰͬϮϬϮϯ͘
ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ ĚĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ ƚĞůĂŚ ĚĂŶ
ĂƚĂƵ ĂŬĂŶ ĚŝĚŝƌŝŬĂŶ͕ ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ
ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ
ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ƚŝĚĂŬ ĂĚĂ LJĂŶŐ
ĚŝŬĞĐƵĂůŝŬĂŶ͘
ŝ͘ ^ĞďŝĚĂŶŐƚĂŶĂŚƐĞďĂŐĂŝŵĂŶĂĚŝƵƌĂŝŬĂŶĚĂůĂŵ^,'EŽ͘ϳϴϳͬĞƐĂ
ĞŵĞŶŐŬĂůĂŶŐ͕ ƚĞƌůĞƚĂŬ ĚĂůĂŵ WƌŽǀŝŶƐŝ :ĂǁĂ dŝŵƵƌ͕ <ĂďƵƉĂƚĞŶ
^ŝĚŽĂƌũŽ͕<ĞĐĂŵĂƚĂŶ^ŝĚŽĂƌũŽ͕ĞƐĂĞŵĞŶŐŬĂůĂŶŐ͕ƐĞůƵĂƐϰϬ͘ϰϳϳ
ŵϮ ƚĞƌĚĂĨƚĂƌ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ͕ ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ
ĚĂŶƐĞŐĂůĂƐĞƐƵĂƚƵLJĂŶŐƚĞůĂŚĚĂŶĂƚĂƵĂŬĂŶĚŝĚŝƌŝŬĂŶ͕ĚŝƚĂŶĂŵ
ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕
ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ
ƚŝĚĂŬďĞƌŐĞƌĂŬ͕ƚŝĚĂŬĂĚĂLJĂŶŐĚŝŬĞĐƵĂůŝŬĂŶ͘
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϮϰϳϵͬϮϬϭϱƚĂŶŐŐĂůϵDĂƌĞƚϮϬϭϱ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϭϴϱϮͬϮϬϭϳƚĂŶŐŐĂůϮϮ&ĞďƌƵĂƌŝϮϬϭϳ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞƚŝŐĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϲϵϰϱͬϮϬϮϬ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϱϭϮϬͬϮϬϮϯ͘
ũ͘ ^ĞďŝĚĂŶŐ ƚĂŶĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵƌĂŝŬĂŶ ĚĂůĂŵ ^,'
EŽ͘Ϯϱϴͬ<ĞůƵƌĂŚĂŶŝƌĂŶŐƌĂŶŐ͕ƚĞƌůĞƚĂŬĚĂůĂŵWƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ͕
<ŽƚĂ ĂŶĚƵŶŐ͕ <ĞĐĂŵĂƚĂŶ ĂďĂŬĂŶ ŝƉĂƌĂLJ͕ <ĞůƵƌĂŚĂŶ
ŝƌĂŶŐƌĂŶŐ͕ ƐĞůƵĂƐ ϭ͘ϰϬϱ ŵϮ ƚĞƌĚĂĨƚĂƌ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ͕
ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ ĚĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ ƚĞůĂŚ ĚĂŶ
ĂƚĂƵ ĂŬĂŶ ĚŝĚŝƌŝŬĂŶ͕ ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ
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ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ
ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ƚŝĚĂŬ ĂĚĂ LJĂŶŐ
ĚŝŬĞĐƵĂůŝŬĂŶ͘
Ŭ͘ ^ĞďŝĚĂŶŐ ƚĂŶĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵƌĂŝŬĂŶ ĚĂůĂŵ ^,'
EŽ͘ϳϴϰͬ<ĞůƵƌĂŚĂŶŝďĂĚƵLJƵƚ͕ƚĞƌůĞƚĂŬĚĂůĂŵWƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ͕
<ŽƚĂĂŶĚƵŶŐ͕<ĞĐĂŵĂƚĂŶŽũŽŶŐůŽĂ<ŝĚƵů͕<ĞůƵƌĂŚĂŶŝďĂĚƵLJƵƚ͕
ƐĞůƵĂƐ ϳϰ ŵϮ ƚĞƌĚĂĨƚĂƌ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ͕ ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ
ďĂŶŐƵŶĂŶĚĂŶƐĞŐĂůĂƐĞƐƵĂƚƵLJĂŶŐƚĞůĂŚĚĂŶĂƚĂƵĂŬĂŶĚŝĚŝƌŝŬĂŶ͕
ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ
ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ
ďĂƌĂŶŐƚŝĚĂŬďĞƌŐĞƌĂŬ͕ƚŝĚĂŬĂĚĂLJĂŶŐĚŝŬĞĐƵĂůŝŬĂŶ͘
ů͘ ^ĞďŝĚĂŶŐ ƚĂŶĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵƌĂŝŬĂŶ ĚĂůĂŵ ^,'
EŽ͘ϳϴϳͬ<ĞůƵƌĂŚĂŶŝďĂĚƵLJƵƚ͕ƚĞƌůĞƚĂŬĚĂůĂŵWƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ͕
<ŽƚĂĂŶĚƵŶŐ͕<ĞĐĂŵĂƚĂŶŽũŽŶŐůŽĂ<ŝĚƵů͕<ĞůƵƌĂŚĂŶŝďĂĚƵLJƵƚ͕
ƐĞůƵĂƐϮϲϳŵϮƚĞƌĚĂĨƚĂƌĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͕ĚĞŵŝŬŝĂŶďĞƌŝŬƵƚ
ďĂŶŐƵŶĂŶĚĂŶƐĞŐĂůĂƐĞƐƵĂƚƵLJĂŶŐƚĞůĂŚĚĂŶĂƚĂƵĂŬĂŶĚŝĚŝƌŝŬĂŶ͕
ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ
ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ
ďĂƌĂŶŐƚŝĚĂŬďĞƌŐĞƌĂŬ͕ƚŝĚĂŬĂĚĂLJĂŶŐĚŝŬĞĐƵĂůŝŬĂŶ͘
ĂƚĂƚĂŶ͗
,ƵƌƵĨũͲůĚŝďĞďĂŶŝ ĚĞŶŐĂŶŚĂŬƚĂŶŐŐƵŶŐĂŶƉĞƌŝŶŐŬĂƚƉĞƌƚĂŵĂ͕
ŬĞĚƵĂ͕ ŬĞƚŝŐĂ͕ ĚĂŶ ŬĞĞŵƉĂƚ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ WĞƌŝŶŐŬĂƚƉĞƌƚĂŵĂ͗
- ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ dĂŶŐŐƵŶŐĂŶ EŽ͘ϭϭϰϵϲͬϮϬϭϱ ƚĂŶŐŐĂů ϯ
EŽǀĞŵďĞƌ ϮϬϭϱ ƵŶƚƵŬ ^,' EŽ͘Ϯϱϴͬ<ĞůƵƌĂŚĂŶ
ŝƌĂŶŐƌĂŶŐ͖
- ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ dĂŶŐŐƵŶŐĂŶ EŽ͘ϭϭϮϵϭͬϮϬϭϱ ƚĂŶŐŐĂů Ϯϴ
KŬƚŽďĞƌϮϬϭϱƵŶƚƵŬ^,'EŽ͘ϳϴϰͬ<ĞůƵƌĂŚĂŶŝďĂĚƵLJƵƚ͖
- ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ dĂŶŐŐƵŶŐĂŶ EŽ͘ϭϭϱϯϵͬϮϬϭϱ ƚĂŶŐŐĂů ϯ
EŽǀĞŵďĞƌ ϮϬϭϱ ƵŶƚƵŬ ^,' EŽ͘ϳϴϳͬ<ĞůƵƌĂŚĂŶ
ŝďĂĚƵLJƵƚ͘
ϮͿ WĞƌŝŶŐŬĂƚŬĞĚƵĂ͗
^ĞƌƚŝĨŝŬĂƚ ,ĂŬ dĂŶŐŐƵŶŐĂŶ EŽ͘ϬϭϬϯϮͬϮϬϭϳ ƚĂŶŐŐĂů ϴ
&ĞďƌƵĂƌŝ ϮϬϭϳ ƵŶƚƵŬ ^,' EŽ͘Ϯϱϴͬ<ĞůƵƌĂŚĂŶ ŝƌĂŶŐƌĂŶŐ͕
^,' EŽ͘ϳϴϰͬ<ĞůƵƌĂŚĂŶ ŝďĂĚƵLJƵƚ ĚĂŶ ^,'
EŽ͘ϳϴϳͬ<ĞůƵƌĂŚĂŶŝďĂĚƵLJƵƚ͘
ϯͿ WĞƌŝŶŐŬĂƚŬĞƚŝŐĂ͗
^ĞƌƚŝĨŝŬĂƚ ,ĂŬ dĂŶŐŐƵŶŐĂŶ EŽ͘ϬϱϵϬϬͬϮϬϮϬ ƚĂŶŐŐĂů Ϯϯ
EŽǀĞŵďĞƌϮϬϮϬƵŶƚƵŬ^,'EŽ͘Ϯϱϴͬ<ĞůƵƌĂŚĂŶŝƌĂŶŐƌĂŶŐ͕
^,' EŽ͘ϳϴϰͬ<ĞůƵƌĂŚĂŶ ŝďĂĚƵLJƵƚ ĚĂŶ ^,'
EŽ͘ϳϴϳͬ<ĞůƵƌĂŚĂŶŝďĂĚƵLJƵƚ͘
ϰͿ WĞƌŝŶŐŬĂƚŬĞĞŵƉĂƚ͗
^ĞƌƚŝĨŝŬĂƚ ,ĂŬ dĂŶŐŐƵŶŐĂŶ EŽ͘ϬϮϵϴϬͬϮϬϮϯ ƵŶƚƵŬ ^,'
EŽ͘Ϯϱϴͬ<ĞůƵƌĂŚĂŶ ŝƌĂŶŐƌĂŶŐ͕ ^,' EŽ͘ϳϴϰͬ<ĞůƵƌĂŚĂŶ
ŝďĂĚƵLJƵƚĚĂŶ^,'EŽ͘ϳϴϳͬ<ĞůƵƌĂŚĂŶŝďĂĚƵLJƵƚ͘
ŵ͘ ^ĞďŝĚĂŶŐ ƚĂŶĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵƌĂŝŬĂŶ ĚĂůĂŵ ^,'
EŽ͘ϮϬϳϴϬͬ<ĞůƵƌĂŚĂŶWĂƌĂŶŐ>ŽĞ͕ƚĞƌůĞƚĂŬĚĂůĂŵWƌŽǀŝŶƐŝ^ƵůĂǁĞƐŝ
^ĞůĂƚĂŶ͕ <ŽƚĂ DĂŬĂƐƐĂƌ͕ <ĞĐĂŵĂƚĂŶ dĂŵĂůĂŶƌĞĂ͕ <ĞůƵƌĂŚĂŶ
WĂƌĂŶŐ >ŽĞ͕ ƐĞůƵĂƐ ϲ͘Ϭϱϳ ŵϮ ƚĞƌĚĂĨƚĂƌ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ͕
ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ ĚĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ ƚĞůĂŚ ĚĂŶ
ĂƚĂƵ ĂŬĂŶ ĚŝĚŝƌŝŬĂŶ͕ ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ
ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ
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ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ƚŝĚĂŬ ĂĚĂ LJĂŶŐ
ĚŝŬĞĐƵĂůŝŬĂŶ͘
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶ͗
- ƉĞƌŝŶŐŬĂƚ ƉĞƌƚĂŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϭϰϳϮͬϮϬϭϵƚĂŶŐŐĂůϮϳ&ĞďƌƵĂƌŝϮϬϭϵ͖
- ƉĞƌŝŶŐŬĂƚ ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚĂůĂŵ ^ĞƌƚŝĨŝŬĂƚ ,ĂŬ
dĂŶŐŐƵŶŐĂŶEŽ͘ϬϭϴϯϬͬϮϬϮϯ͘
Ŷ͘ ^ĞďŝĚĂŶŐ ƚĂŶĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵƌĂŝŬĂŶ ĚĂůĂŵ ^,'
EŽ͘Ϭϭϰϳϲͬ<ĞůƵƌĂŚĂŶ WĂƌĂŶŐŵƵůLJĂ͕ ƚĞƌůĞƚĂŬ ĚĂůĂŵ WƌŽǀŝŶƐŝ :ĂǁĂ
ĂƌĂƚ͕ <ĂďƵƉĂƚĞŶ <ĂƌĂǁĂŶŐ͕ <ĞĐĂŵĂƚĂŶ ŝĂŵƉĞů͕ ĞƐĂ
WĂƌĂŶŐŵƵůLJĂ͕ ƐĞůƵĂƐ ϭϵ͘ϴϳϬ ŵϮ ƚĞƌĚĂĨƚĂƌ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ͕
ĚĞŵŝŬŝĂŶ ďĞƌŝŬƵƚ ďĂŶŐƵŶĂŶ ĚĂŶ ƐĞŐĂůĂ ƐĞƐƵĂƚƵ LJĂŶŐ ƚĞůĂŚ ĚĂŶ
ĂƚĂƵ ĂŬĂŶ ĚŝĚŝƌŝŬĂŶ͕ ĚŝƚĂŶĂŵ ĚĂŶ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ĂƚĂƐ ƚĂŶĂŚ
ƚĞƌƐĞďƵƚ ŵĞŶƵƌƵƚ ƐŝĨĂƚŶLJĂ͕ ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶ ƵŶĚĂŶŐͲƵŶĚĂŶŐ
ĚŝĂŶŐŐĂƉ ƐĞďĂŐĂŝ ďĂƌĂŶŐ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ͕ ƚŝĚĂŬ ĂĚĂ LJĂŶŐ
ĚŝŬĞĐƵĂůŝŬĂŶ͘
ĂƚĂƚĂŶ͗
ŝďĞďĂŶŝŚĂŬƚĂŶŐŐƵŶŐĂŶƉĞƌŝŶŐŬĂƚƉĞƌƚĂŵĂƐĞďĂŐĂŝŵĂŶĂĚĂůĂŵ
^ĞƌƚŝĨŝŬĂƚ,ĂŬdĂŶŐŐƵŶŐĂŶEŽ͘ϬϰϴϰϰͬϮϬϮϱ͘
Ž͘ ^ĞũƵŵůĂŚ ŵĞƐŝŶͲŵĞƐŝŶ ƉƌŽĚƵŬƐŝ ďĞƌŝŬƵƚ
ƉĞƌĂůĂƚĂŶͬƉĞƌůĞŶŐŬĂƉĂŶŶLJĂ LJĂŶŐ ƚĞƌůĞƚĂŬ Ěŝ ZƵŶŐŬƵƚ /ŶĚƵƐƚƌŝ /
EŽ͘ϮϴͲϯϮ͕ ^ƵƌĂďĂLJĂ͕ ZƵŶŐŬƵƚ /ŶĚƵƐƚƌŝ // EŽ͘ϭϬ͕ ^ƵƌĂďĂLJĂ͕ :ĂůĂŶ
DĂƐƚƌŝƉ EŽ͘ϴϲϬ͕ <ĞůƵƌĂŚĂŶ tĂƌƵŐƵŶƵŶŐ͕ <ĞĐĂŵĂƚĂŶ
<ĂƌĂŶŐƉŝůĂŶŐ͕ ^ƵƌĂďĂLJĂ͕ :ĂůĂŶ 'ƵŶƵŶŐ 'ĂŶƐŝƌ͕ ĞƐĂ
ĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕ <ĞĐĂŵĂƚĂŶ Ğũŝ͕ WĂƐƵƌƵĂŶ͕ :ĂǁĂ dŝŵƵƌ͕
<ĂǁĂƐĂŶ/ŶĚƵƐƚƌŝDŝƚƌĂ<ĂƌĂǁĂŶŐ͕:ĂůĂŶDŝƚƌĂZĂLJĂůŽŬ&Ϯ͕ĞƐĂ
WĂƌƵŶŐŵƵůLJĂ͕ <ĞĐĂŵĂƚĂŶ ŝĂŵƉĞů͕ <ĂďƵƉĂƚĞŶ <ĂƌĂǁĂŶŐ͕ :ĂǁĂ
ĂƌĂƚ ĚĂŶ ĂƚĂƵ ĚŝŬĞŵƵĚŝĂŶ ŚĂƌŝ ĚŝƐŝŵƉĂŶ ĚŝŵĂŶĂƉƵŶ ũƵŐĂ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂƌŝ ĂĨƚĂƌ DĞƐŝŶ ĚĂŶͬĂƚĂƵ ^ƵƌĂƚ
WĞƌŶLJĂƚĂĂŶƚĂŶŐŐĂůϴ:ƵůŝϮϬϭϭEŽ͘Ϭϯϳͬ^Wͬs//ͬϮϬϭϭ͕ƚĞƌĚĂĨƚĂƌ
ĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͘
ĂƚĂƚĂŶ͗
dĞůĂŚ ĚŝƚĞƌďŝƚŬĂŶ ^ĞƌƚŝĨŝŬĂƚ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ EŽ͘tϭϬͲ
ϰϬϱϰϭ͘,͘Ϭϱ͘Ϭϭ͘d,͘ϮϬϭϭͬ^dƚĂŶŐŐĂůϭϮĞƐĞŵďĞƌϮϬϭϭ͘
Ɖ͘ ^ĞũƵŵůĂŚ ŵĞƐŝŶͲŵĞƐŝŶ ƉƌŽĚƵŬƐŝ ďĞƌŝŬƵƚ
ƉĞƌĂůĂƚĂŶͬƉĞƌůĞŶŐŬĂƉĂŶŶLJĂ LJĂŶŐ ƚĞƌůĞƚĂŬ Ěŝ ZƵŶŐŬƵƚ /ŶĚƵƐƚƌŝ /
EŽ͘ϮϴͲϯϮ͕ ^ƵƌĂďĂLJĂ͕ ZƵŶŐŬƵƚ /ŶĚƵƐƚƌŝ // EŽ͘ϭϬ͕ ^ƵƌĂďĂLJĂ͕ :ĂůĂŶ
DĂƐƚƌŝƉ EŽ͘ϴϲϬ͕ <ĞůƵƌĂŚĂŶ tĂƌƵŐƵŶƵŶŐ͕ <ĞĐĂŵĂƚĂŶ
<ĂƌĂŶŐƉŝůĂŶŐ͕ ^ƵƌĂďĂLJĂ͕ :ĂůĂŶ 'ƵŶƵŶŐ 'ĂŶƐŝƌ͕ ĞƐĂ
ĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕ <ĞĐĂŵĂƚĂŶ Ğũŝ͕ WĂƐƵƌƵĂŶ͕ :ĂǁĂ dŝŵƵƌ͕
<ĂǁĂƐĂŶ/ŶĚƵƐƚƌŝDŝƚƌĂ<ĂƌĂǁĂŶŐ͕:ĂůĂŶDŝƚƌĂZĂLJĂůŽŬ&Ϯ͕ĞƐĂ
WĂƌƵŶŐŵƵůLJĂ͕ <ĞĐĂŵĂƚĂŶ ŝĂŵƉĞů͕ <ĂďƵƉĂƚĞŶ <ĂƌĂǁĂŶŐ͕ :ĂǁĂ
ĂƌĂƚ ĚĂŶ ĂƚĂƵ ĚŝŬĞŵƵĚŝĂŶ ŚĂƌŝ ĚŝƐŝŵƉĂŶ ĚŝŵĂŶĂƉƵŶ ũƵŐĂ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂƌŝ ĂĨƚĂƌ DĞƐŝŶ ĚĂŶͬĂƚĂƵ ^ƵƌĂƚ
WĞƌŶLJĂƚĂĂŶƚĂŶŐŐĂůϮϮDĞŝϮϬϭϱEŽ͘Ϭϯϰͬ^Wͬ&ͬsͬϭϱ͕ƚĞƌĚĂĨƚĂƌ
ĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͘
ĂƚĂƚĂŶ͗
dĞůĂŚ ĚŝƚĞƌďŝƚŬĂŶ ^ĞƌƚŝĨŝŬĂƚ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ
EŽ͘tϭϱ͘ϬϬϰϬϭϴϴϬ͘,͘Ϭϱ͘Ϭϭ͘dĂŚƵŶ ϮϬϭϱ ƚĂŶŐŐĂů ϭϵ :ƵŶŝ ϮϬϭϱ͕
LJĂŶŐ ƚĞƌĂŬŚŝƌ ŬĂůŝ ĚŝƵďĂŚ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ WĞƌƵďĂŚĂŶ :ĂŵŝŶĂŶ
&ŝĚƵƐŝĂEŽ͘tϭϱ͘ϬϬϰϳϲϮϲϬ͘,͘Ϭϱ͘ϬϮ͘dĂŚƵŶ ϮϬϮϮ ƚĂŶŐŐĂůϭϱ:ƵŶŝ
ϮϬϮϮ͘
132
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
Ƌ͘ ^ĞũƵŵůĂŚ ŵĞƐŝŶͲŵĞƐŝŶ ƉƌŽĚƵŬƐŝ ďĞƌŝŬƵƚ
ƉĞƌĂůĂƚĂŶͬƉĞƌůĞŶŐŬĂƉĂŶŶLJĂLJĂŶŐƚĞƌůĞƚĂŬĚŝ:ĂůĂŶDŝƚƌĂZĂLJĂůŽŬ
&Ϯ͕ĞƐĂWĂƌƵŶŐŵƵůLJĂ͕<ĞĐĂŵĂƚĂŶŝĂŵƉĞů͕<ĂďƵƉĂƚĞŶ<ĂƌĂǁĂŶŐ͕
:ĂǁĂ ĂƌĂƚ ĚĂŶ ĂƚĂƵ ĚŝŬĞŵƵĚŝĂŶ ŚĂƌŝ ĚŝƐŝŵƉĂŶĚŝŵĂŶĂƉƵŶ ũƵŐĂ
ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂƌŝ ĂĨƚĂƌ DĞƐŝŶ ĚĂŶͬĂƚĂƵ ^ƵƌĂƚ
WĞƌŶLJĂƚĂĂŶƚĂŶŐŐĂůϮϮDĞŝϮϬϭϱEŽ͘Ϭϯϳͬ^Wͬ&ͬsͬϭϱ͕ƚĞƌĚĂĨƚĂƌ
ĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͘
ĂƚĂƚĂŶ͗
dĞůĂŚ ĚŝƚĞƌďŝƚŬĂŶ ^ĞƌƚŝĨŝŬĂƚ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ
EŽ͘tϭϱ͘ϬϬϰϬϭϴϳϴ͘,͘Ϭϱ͘Ϭϭ͘dĂŚƵŶ ϮϬϭϱ ƚĂŶŐŐĂů ϭϵ :ƵŶŝ ϮϬϭϱ͕
LJĂŶŐ ƚĞƌĂŬŚŝƌ ŬĂůŝ ĚŝƵďĂŚ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ WĞƌƵďĂŚĂŶ :ĂŵŝŶĂŶ
&ŝĚƵƐŝĂ EŽ͘tϭϱ͘ϬϬϰϳϲϮϰϴ͘,͘Ϭϱ͘ϬϮ͘dĂŚƵŶ ϮϬϮϮ ƚĂŶŐŐĂů ϭϱ :ƵŶŝ
ϮϬϮϮ͘
ƌ͘ ^ĞũƵŵůĂŚ ŵĞƐŝŶͲŵĞƐŝŶ ƉƌŽĚƵŬƐŝ ďĞƌŝŬƵƚ
ƉĞƌĂůĂƚĂŶͬƉĞƌůĞŶŐŬĂƉĂŶŶLJĂ LJĂŶŐ ƚĞƌůĞƚĂŬ Ěŝ :ĂůĂŶ WĂŚůĂǁĂŶ͕
ĞƐĂͬ<ĞůƵƌĂŚĂŶ ĞŵĞŶŐŬĂůĂŶŐ͕ <ĞĐĂŵĂƚĂŶ ^ŝĚŽĂƌũŽ͕
<ŽƚĂͬ<ĂďƵƉĂƚĞŶ ^ŝĚŽĂƌũŽ͕ WƌŽǀŝŶƐŝ :ĂǁĂ dŝŵƵƌ͕ ĚĂŶ ĂƚĂƵ
ĚŝŬĞŵƵĚŝĂŶŚĂƌŝĚŝƐŝŵƉĂŶĚŝŵĂŶĂƉƵŶũƵŐĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂ
ĚĂƌŝĂĨƚĂƌDĞƐŝŶĚĂŶͬĂƚĂƵ^ƵƌĂƚWĞƌŶLJĂƚĂĂŶƚĂŶŐŐĂůϭϰKŬƚŽďĞƌ
ϮϬϭϰ͕ƚĞƌĚĂĨƚĂƌĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͘
ĂƚĂƚĂŶ͗
dĞůĂŚ ĚŝƚĞƌďŝƚŬĂŶ ^ĞƌƚŝĨŝŬĂƚ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ
EŽ͘tϭϱ͘ϬϭϬϬϳϬϴϴ͘,͘Ϭϱ͘Ϭϭ͘dĂŚƵŶ ϮϬϭϰ ƚĂŶŐŐĂů ϯϬ KŬƚŽďĞƌ
ϮϬϭϰ͕ LJĂŶŐ ƚĞƌĂŬŚŝƌ ŬĂůŝ ĚŝƵďĂŚ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ WĞƌƵďĂŚĂŶ
:ĂŵŝŶĂŶ&ŝĚƵƐŝĂEŽ͘tϭϱ͘ϬϬϰϳϲϮϱϲ͘,͘Ϭϱ͘ϬϮ͘dĂŚƵŶϮϬϮϮƚĂŶŐŐĂů
ϭϱ:ƵŶŝϮϬϮϮ͘
Ɛ͘ ^ĞŵƵĂ ƐƚŽŬ ďĂƌĂŶŐ ďĞƌƵƉĂ ďĂŚĂŶ ďĂŬƵ ĚĂŶ ďĂŚĂŶ ũĂĚŝ LJĂŶŐ
ĚŝŵŝůŝŬŝŽůĞŚƉĞŵďĞƌŝĂŐƵŶĂŶ͕ďĂŝŬƐĞŬĂƌĂŶŐŵĂƵƉƵŶĚŝŬĞŵƵĚŝĂŶ
ŚĂƌŝLJĂŶŐƚĞƌůĞƚĂŬĚŝŵĂŶĂƉƵŶũƵŐĂ͕ƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂůĂŵ
ĂĨƚĂƌ WĞƌƐĞĚŝĂĂŶ ĂƌĂŶŐ ƚĂŶŐŐĂů ϴ :Ƶůŝ ϮϬϭϭ EŽ͘ϬϭϮͬ>'>Ͳ
ydͬs//ͬϮϬϭϭ͕ ďĞƌŝŬƵƚ ƐĞŐĞŶĂƉ ƉĞƌƵďĂŚĂŶ ĚĂŶ ĂƚĂƵ
ƉĞŵďĂŚĂƌƵĂŶŶLJĂ͘
ĂƚĂƚĂŶ͗
dĞůĂŚ ĚŝƚĞƌďŝƚŬĂŶ ^ĞƌƚŝĨŝŬĂƚ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ EŽ͘tϭϬͲ
ϭϭϴϳϴ͘,͘Ϭϱ͘Ϭϭ͘d,͘ϮϬϭϮͬ^dƚĂŶŐŐĂůϭϯƉƌŝůϮϬϭϮ͕LJĂŶŐƚĞƌĂŬŚŝƌ
ŬĂůŝ ĚŝƵďĂŚ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ WĞƌƵďĂŚĂŶ :ĂŵŝŶĂŶ &ŝĚƵƐŝĂ
EŽ͘tϭϱ͘ϬϬϮϵϲϰϰϬ͘,͘Ϭϱ͘ϬϮ͘dĂŚƵŶϮϬϮϰƚĂŶŐŐĂůϮϰƉƌŝůϮϬϮϰ͘
ƚ͘ ^ĞŐĂůĂ ŚĂŬ͕ ŚĂŬͲŚĂŬ ƵƚĂŵĂ ƐĞƌƚĂ ƚƵŶƚƵƚĂŶͲƚƵŶƚƵƚĂŶ ŵĞŶƵƌƵƚ
ŚƵŬƵŵLJĂŶŐĚĂƉĂƚĚŝũĂůĂŶŬĂŶĚĂŶĚŝŐƵŶĂŬĂŶĂƚĂƐƚĂŐŝŚĂŶͲƚĂŐŝŚĂŶ
ĚĂŶ ƉŝƵƚĂŶŐ LJĂŶŐ ƐĞŬĂƌĂŶŐ ĂƚĂƵ ĚŝŬĞŵƵĚŝĂŶ ŚĂƌŝ ĂĚĂ͕ ĂƚĂƵ
ĚŝŵŝůŝŬŝ͕ ĂƚĂƵƉƵŶ LJĂŶŐ ŵĞŶũĂĚŝ ŚĂŬ ƉĞŵďĞƌŝ ĂŐƵŶĂŶ ƚĞƌŚĂĚĂƉ
ƉŝŚĂŬŵĂŶĂƉƵŶũƵŐĂ͖ƚĂŐŝŚĂŶͲƚĂŐŝŚĂŶĚĂŶƉŝƵƚĂŶŐƚĞƌƐĞďƵƚĂŬĂŶ
ĚŝŵƵĂƚĚĂůĂŵƐƵĂƚƵĚĂĨƚĂƌƚĞƌƐĞŶĚŝƌŝLJĂŶŐĂŬĂŶĚŝƐĞƌĂŚŬĂŶŽůĞŚ
ƉĞŵďĞƌŝ ĂŐƵŶĂŶ ĚĂŶ ĚŝƚĞƌŝŵĂ ŽůĞŚ ͕ ĚĂĨƚĂƌ ƚĞƌƐĞďƵƚ ďĞƌŝŬƵƚ
ƐĞŐĞŶĂƉƉĞƌƵďĂŚĂŶĚĂŶĂƚĂƵ ƉĞŵďĂŚĂƌƵĂŶŶLJĂ ŵĞƌƵƉĂŬĂŶƐĂƚƵ
ŬĞƐĂƚƵĂŶĚĂŶďĂŐŝĂŶLJĂŶŐƚŝĚĂŬƚĞƌƉŝƐĂŚŬĂŶĚĂƌŝƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚ͘
<ĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶĞďŝƚƵƌ ͗ <ĞĐƵĂůŝďŝůĂŵĂŶĂƐĞĐĂƌĂƚĞƌƚƵůŝƐŵĞŶĞƚĂƉŬĂŶůĂŝŶ͕ /dKZǁĂũŝď
ƵŶƚƵŬ͗
Ă͘ DĞŶŐŐƵŶĂŬĂŶ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ŚĂŶLJĂ ƵŶƚƵŬ
ŬĞƉĞƌůƵĂŶLJĂŶŐĚŝĂƚƵƌĚĂůĂŵWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚ͖
ď͘ DĞŶƚĂĂƚŝ ƐĞŵƵĂ ƵŶĚĂŶŐͲƵŶĚĂŶŐ͕ ƉĞƌĂƚƵƌĂŶ ƉĞŵĞƌŝŶƚĂŚ͕
ŬĞďŝũĂŬĂŶ ƉĞŵĞƌŝŶƚĂŚ͕ ƉĞƚƵŶũƵŬ ĂƚĂƵ ŝŶƐƚƌƵŬƐŝ ĚĂƌŝ ƉĞŵĞƌŝŶƚĂŚ
LJĂŶŐďĞƌůĂŬƵƚĞƌŚĂĚĂƉ /dKZ͖
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Đ͘ ^ĞŐĞƌĂŵĞŵďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂƐĞĐĂƌĂƚĞƌƚƵůŝƐƚĞŶƚĂŶŐ
ĂĚĂŶLJĂ ƐĞƚŝĂƉ ƉĞƌŬĂƌĂ LJĂŶŐ ŵĞŶLJĂŶŐŬƵƚ /dKZ͕ ďĂŝŬ
ƉĞƌĚĂƚĂ͕ ƚĂƚĂ ƵƐĂŚĂ ŶĞŐĂƌĂ͕ ƚƵŶƚƵƚĂŶ ƉĂũĂŬ͕ ƉĞŶLJŝĚŝŬĂŶ
ŵĂƵƉƵŶ ƉĞƌŬĂƌĂ ƉŝĚĂŶĂ LJĂŶŐ ĂŬĂŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ƵƐĂŚĂ
ŵĂƵƉƵŶŚĂƌƚĂŬĞŬĂLJĂĂŶ /dKZ͖
Ě͘ DĞŵďĂLJĂƌ ƐĞŵƵĂ ďŝĂLJĂ LJĂŶŐ ƚŝŵďƵů ĚĂŶ ďĞƌŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶƉĞŵďĞƌŝĂŶ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚƐĞƌƚĂƉĞůĂŬƐĂŶĂĂŶƐLJĂƌĂƚͲ
ƐLJĂƌĂƚĚĂŶŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚŵĞƐŬŝƉƵŶ
&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚƚŝĚĂŬĚŝƉĞƌŐƵŶĂŬĂŶĚĂŶͬĂƚĂƵWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚ
ĚŝďĂƚĂůŬĂŶ͖
Ğ͘ DĞŵďĞƌŝŬĂŶƐĞŐĂůĂŬĞƚĞƌĂŶŐĂŶLJĂŶŐĚŝŵŝŶƚĂŽůĞŚLJĂŶŐ
ďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞŵďĞƌŝĂŶ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚĚĂŶŐƵŶĂŶ͖
Ĩ͘ DĞŵƉĞƌƚĂŚĂŶŬĂŶ,ĂŬĂƚĂƐ<ĞŬĂLJĂĂŶ/ŶƚĞůĞŬƚƵĂůĂŶƚĂƌĂůĂŝŶ
ŚĂŬ ĐŝƉƚĂ͕ ƉĂƚĞŶ ĚĂŶ ŵĞƌĞŬ LJĂŶŐ ƚĞůĂŚ ĂƚĂƵ ĂŬĂŶ ĚŝŵŝůŝŬŝ
/dKZ͖
Ő͘ DĞŵďĞŶƚƵŬĚĂŶŵĞŵĞůŝŚĂƌĂƐŝƐƚŝŵƉĞŵďƵŬƵĂŶ͕ĂĚŵŝŶŝƐƚƌĂƐŝ
ĚĂŶƉĞŶŐĂǁĂƐĂŶŬĞƵĂŶŐĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉƌŝŶƐŝƉĂŬƵŶƚĂŶƐŝ
LJĂŶŐƵŵƵŵĚŝƚĞƌŝŵĂĚŝ/ŶĚŽŶĞƐŝĂĚĂŶLJĂŶŐĚŝƚĞƌĂƉŬĂŶƐĞĐĂƌĂ
ƚĞƌƵƐ ŵĞŶĞƌƵƐ ƵŶƚƵŬ ŵĞŶĐĞƌŵŝŶŬĂŶ ƐĞĐĂƌĂ ǁĂũĂƌ ŬĞĂĚĂĂŶ
ŬĞŬĂLJĂĂŶ͕ŬĞƵĂŶŐĂŶƐĞƌƚĂŚĂƐŝůƵƐĂŚĂ /dKZ͘
Ś͘ DĞŶŐŝnjŝŶŬĂŶĂƚĂƵƉƵŶƉŝŚĂŬůĂŝŶLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚ
ƉĂĚĂ ƐĞƚŝĂƉ ǁĂŬƚƵ ƵŶƚƵŬ ŵĞŵĞƌŝŬƐĂ ŬĞŐŝĂƚĂŶ͕ ƉĞŵďƵŬƵĂŶ
ĚĂŶĐĂƚĂƚĂŶͲĐĂƚĂƚĂŶůĂŝŶŶLJĂLJĂŶŐĚŝďƵĂƚŽůĞŚ /dKZ͖
ŝ͘ DĞŶLJĂŵƉĂŝŬĂŶŬĞƉĂĚĂĚĂůĂŵďĞŶƚƵŬĚĂŶĚĞŶŐĂŶƌŝŶĐŝĂŶ
LJĂŶŐĚĂƉĂƚĚŝƚĞƌŝŵĂŽůĞŚ͗
- ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƚĂŚƵŶĂŶ;ŶĞƌĂĐĂĚĂŶƉĞƌŚŝƚƵŶŐĂŶƌƵŐŝůĂďĂͿ
LJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬdĞƌĚĂĨƚĂƌLJĂŶŐ
ĚŝƐĞƚƵũƵŝ ŽůĞŚ ĚĂůĂŵ ďĞŶƚƵŬ ůŽŶŐ ĨŽƌŵ ĂƵĚŝƚĞĚ ƌĞƉŽƌƚ
LJĂŶŐ ǁĂũŝď ĚŝƐĂŵƉĂŝŬĂŶ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϭϴϬ ;ƐĞƌĂƚƵƐ
ĚĞůĂƉĂŶƉƵůƵŚͿŚĂƌŝƐĞƚĞůĂŚƚĂŶŐŐĂůƉĞŶƵƚƵƉĂŶƚĂŚƵŶďƵŬƵ͖
- ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ;ŶĞƌĂĐĂ ĚĂŶ ƉĞƌŚŝƚƵŶŐĂŶ ƌƵŐŝ ůĂďĂͿ
ƐĞŵĞƐƚĞƌĂŶ ďĞƌƐŝĨĂƚ ŝŶƚĞƌŶĂů͕ LJĂŶŐ ǁĂũŝď ĚŝƐĂŵƉĂŝŬĂŶ
ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϲϬ ;ĞŶĂŵ ƉƵůƵŚͿ ŚĂƌŝ ƐĞƚĞůĂŚ ĂŬŚŝƌ
ƉĞƌŝŽĚĞƚŝĂƉͲƚŝĂƉůĂƉŽƌĂŶ͖
- ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ ;ŶĞƌĂĐĂ ĚĂŶ ƉĞƌŚŝƚƵŶŐĂŶ ƌƵŐŝ ůĂďĂͿ
ƚƌŝǁƵůĂŶĂŶ LJĂŶŐ ǁĂũŝď ĚŝƐĂŵƉĂŝŬĂŶ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϲϬ
;ĞŶĂŵƉƵůƵŚͿŚĂƌŝƐĞƚĞůĂŚĂŬŚŝƌƉĞƌŝŽĚĞƚŝĂƉͲƚŝĂƉůĂƉŽƌĂŶ͖
ũ͘ DĞŵďĞƌŝŬĂŶ ƉƌŝŽƌŝƚĂƐ ƚĞƌůĞďŝŚ ĚĂŚƵůƵ ĂƚĂƐ ůĂďĂ ƵƐĂŚĂ LJĂŶŐ
ĚŝƚĞƌŝŵĂ /dKZƵŶƚƵŬŵĞŵďĂLJĂƌŬĞǁĂũŝďĂŶ /dKZLJĂŶŐ
ũĂƚƵŚǁĂŬƚƵŬĞƉĂĚĂ͖
Ŭ͘ DĞŶũĂŐĂĚĂŶŵĞŵĞůŝŚĂƌĂĂŐĂƌŶŝůĂŝƐĂůĚŽƉŝƵƚĂŶŐƵƐĂŚĂĚĂŶ
ƉĞƌƐĞĚŝĂĂŶ /dKZ ŵŝŶŝŵƵŵ ƐĞďĞƐĂƌ ũƵŵůĂŚ ďĂŬŝ ĚĞďĞƚ
;ŽƵƚƐƚĂŶĚŝŶŐͿ ƵƚĂŶŐ ĂŬŝďĂƚ ƉĞŶŐŐƵŶĂĂŶ ĨĂƐŝůŝƚĂƐ >ͬ ĚĂŶ
ĨĂƐŝůŝƚĂƐŵŽĚĂůŬĞƌũĂďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚ͖
ů͘ DĞŵĂƐƚŝŬĂŶĚĂŶŵĞŵƉĞƌƚĂŚĂŶŬĂŶĂŐĂƌŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵ
ƵůƚŝŵĂƚĞ ƐŚĂƌĞŚŽůĚĞƌƐ LJĂŝƚƵ ŬĞůƵĂƌŐĂ ƚƵĂŶ /Eh ^h^EdK͕
ŬĞůƵĂƌŐĂ ƚƵĂŶ ,h/EdK ĚĂŶ ŬĞůƵĂƌŐĂ /ŶƐŝŶLJƵƌ d/<DE
hdKDK;ďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐŵĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐͿĚĂůĂŵ
/dKZŵŝŶŝŵƵŵƐĞďĞƐĂƌϱϭй;ůŝŵĂƉƵůƵŚƐĂƚƵƉĞƌƐĞŶͿĚĂƌŝ
ŬĞƐĞůƵƌƵŚĂŶ ƐĂŚĂŵ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ /dKZ ĚĂŶ
ŵĞŵŝůŝŬŝŚĂŬƐƵĂƌĂLJĂŶŐƐĂŚĚĂŶƚŝĚĂŬĚŝũĂŵŝŶŬĂŶͬĚŝĂŐƵŶŬĂŶ
ŬĞƉĂĚĂƉŝŚĂŬŵĂŶĂƉƵŶ͖
ŵ͘ DĞŶLJĞƌĂŚŬĂŶ ůĂƉŽƌĂŶ ƉĞŶŝůĂŝĂŶ ĂƚĂƐ ŐƵŶĂŶ ;ĂƉƉƌĂŝƐĂůͿ
ŬĞƉĂĚĂ͕LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚƉŝŚĂŬƉĞŶŝůĂŝŝŶĚĞƉĞŶĚĞŶ
;ŝŶĚĞƉĞŶĚĞŶƚ ĂƉƉƌĂŝƐĂůͿ LJĂŶŐ ĚŝƐĞƚƵũƵŝ ŽůĞŚ ĚĂŶ ǁĂũŝď
ĚŝƐĂŵƉĂŝŬĂŶƐĞƚŝĂƉϮ;ĚƵĂͿƚĂŚƵŶƐĞŬĂůŝ͕ĂƚĂƵƐĞǁĂŬƚƵͲǁĂŬƚƵ
ĂƉĂďŝůĂŬŽůĞŬƚŝďŝůŝƚĂƐĞďŝƚƵƌŵĞŶƵƌƵŶͬŬƵƌĂŶŐĚĂƌŝůĂŶĐĂƌ͖
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Ŷ͘ DĞŶLJĞƌĂŚŬĂŶŬĞƉĂĚĂ͕ĨŽƚŽŬŽƉŝLJĂŶŐƐĞƐƵĂŝĚĞŶŐĂŶĂƐůŝ
ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ hƉĂLJĂ WĞŵĂŶƚĂƵĂŶ >ŝŶŐŬƵŶŐĂŶ ;hW>Ϳ
ĂƚĂƵhƉĂLJĂ<ĞůŽůĂ>ŝŶŐŬƵŶŐĂŶ;h<>ͿĂƚĂƐƐĞůƵƌƵŚƉĂďƌŝŬŵŝůŝŬ
/dKZƚĞƌŵĂƐƵŬƉĞƌƵďĂŚĂŶŶLJĂ;ũŝŬĂĂĚĂͿ͖
Ž͘ DĞŶƐƵďŽƌĚŝŶĂƐŝŬĂŶ ƚĞƌŚĂĚĂƉ hƚĂŶŐ ƐĞůƵƌƵŚ ƉŝŶũĂŵĂŶ
/dKZ ŬĞƉĂĚĂ ƉŝŚĂŬ ĂĨŝůŝĂƐŝ ĚĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵŶLJĂ
ŵĂƵƉƵŶ ƉŝŶũĂŵĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ ƉƌŝǀĂƚĞ ĞƋƵŝƚLJ͕ ďĂŝŬ LJĂŶŐ
ƚĞůĂŚĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͕ĚĞŶŐĂŶ
ŵĞŶLJĂŵƉĂŝŬĂŶŬĞƉĂĚĂƉĞƌŶLJĂƚĂĂŶƚĞƌƚƵůŝƐĚĂƌŝƐĞůƵƌƵŚ
ƉĞŵďĞƌŝ ƉŝŶũĂŵĂŶ ƚĞƌƐĞďƵƚ ďĂŚǁĂ ƉĂƌĂ ƉĞŵďĞƌŝ ƉŝŶũĂŵĂŶ
ďĞƌƐĞĚŝĂŵĞŶƐƵďŽƌĚŝŶĂƐŝŬĂŶƐĞůƵƌƵŚƵƚĂŶŐ /dKZŬĞƉĂĚĂ
ƉĂƌĂƉĞŵďĞƌŝƉŝŶũĂŵĂŶƚĞƌƐĞďƵƚƚĞƌŚĂĚĂƉhƚĂŶŐ͖
Ɖ͘ DĞŶũĂŐĂ ĚĂŶ ŵĞŵĞůŝŚĂƌĂ ĂŐĂƌ ŬŽŶĚŝƐŝ ĨŝŶĂŶƐŝĂů ;ĨŝŶĂŶĐŝĂů
ĐŽǀĞŶĂŶƚƐͿĚŝďĂǁĂŚŝŶŝƚĞƌƉĞŶƵŚŝ͗
- ƵƌƌĞŶƚZĂƚŝŽ;ƉĞƌďĂŶĚŝŶŐĂŶ;ƌĂƐŝŽͿĂŶƚĂƌĂũƵŵůĂŚĂŬƚŝǀĂ
ůĂŶĐĂƌ /dKZ ƚĞƌŚĂĚĂƉ ƉĂƐŝǀĂ ůĂŶĐĂƌ /dKZͿ
ŵŝŶŝŵĂůƐĞďĞƐĂƌϭ;ƐĂƚƵͿŬĂůŝ͖
- >ĞǀĞƌĂŐĞ ZĂƚŝŽ ;ƉĞƌďĂŶĚŝŶŐĂŶ ;ƌĂƐŝŽͿ ĂŶƚĂƌĂ ũƵŵůĂŚ
ƵƚĂŶŐ /dKZ ;ƚŝĚĂŬ ƚĞƌŵĂƐƵŬ ƐŚĂƌĞŚŽůĚĞƌ ůŽĂŶ ĚĂŶ
ĂĨĨŝůŝĂƚĞ ůŽĂŶ LJĂŶŐ ĚŝƐƵďŽƌĚŝŶĂƐŝŬĂŶ ƚĞƌŚĂĚĂƉ hƚĂŶŐͿ
ƚĞƌŚĂĚĂƉ ũƵŵůĂŚ ĞŬƵŝƚĂƐͬŵŽĚĂů ;ĞƋƵŝƚLJͿ /dKZ ƉĂĚĂ
ƐĞƚŝĂƉ ĂŬŚŝƌ ƚĂŚƵŶ ůĂƉŽƌĂŶͿ ŵĂŬƐŝŵĂů ƐĞďĞƐĂƌ Ϯ͕ϱ ;ĚƵĂ
ŬŽŵĂůŝŵĂͿŬĂůŝ͖
- Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ;ƉĞƌďĂŶĚŝŶŐĂŶ;ƌĂƐŝŽͿĂŶƚĂƌĂ
ũƵŵůĂŚ ŬĞƐĞůƵƌƵŚĂŶ ƉĞŶĚĂƉĂƚĂŶ /dKZ ƐĞďĞůƵŵ
ĚŝŬƵƌĂŶŐŝ ŬĞǁĂũŝďĂŶ ďƵŶŐĂ͕ ƉĂũĂŬ͕ ĚĞƉƌĞƐŝĂƐŝ ĚĂŶ
ĂŵŽƌƚŝƐĂƐŝ ; /dͿ ƚĞƌŚĂĚĂƉ ũƵŵůĂŚ ŬĞǁĂũŝďĂŶ ďƵŶŐĂ
ĚĂŶĂŶŐƐƵƌĂŶƉŽŬŽŬ /dKZͿŵŝŶŝŵĂůƐĞďĞƐĂƌϭ͕ϱ;ƐĂƚƵ
ŬŽŵĂůŝŵĂͿŬĂůŝ͖
Ƌ͘ DĞŶLJĞƌĂŚŬĂŶĂŐƵŶĂŶƚĂŵďĂŚĂŶďĞƌƵƉĂďĞŶĚĂƚĞƚĂƉĂƉĂďŝůĂ
ŐƵŶĂŶ ďĞƌƵƉĂ ƚĂŶĂŚ ĚĂŶ ďĂŶŐƵŶĂŶ ƉĂďƌŝŬ ĚŝƚĂƌŝŬ ŽůĞŚ
/dKZ͕ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ďĂŚǁĂ ŶŝůĂŝ ƉĂƐĂƌ ĂŐƵŶĂŶ
ƚĂŵďĂŚĂŶƚĞƌƐĞďƵƚŵŝŶŝŵĂůƐĂŵĂĚĞŶŐĂŶŶŝůĂŝƉĂƐĂƌŐƵŶĂŶ
LJĂŶŐĚŝƚĂƌŝŬ͖
ƌ͘ DĞŶĂŶĚĂƚĂŶŐĂŶŝ ŽŬƵŵĞŶ ŐƵŶĂŶ ĚĂůĂŵ ďĞŶƚƵŬ ĚĂŶ ŝƐŝ
LJĂŶŐĚŝƐĞƚƵũƵŝŽůĞŚƵŶƚƵŬŵĞŶũĂŵŝŶƉĞůƵŶĂƐĂŶƐĞůƵƌƵŚ
ĨĂƐŝůŝƚĂƐŬƌĞĚŝƚ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗
;ŝͿ ŶŝůĂŝ ŚĂŬ ƚĂŶŐŐƵŶŐĂŶ ĂƚĂƐ ƚĂŶĂŚ ĚĂŶ ďĂŶŐƵŶĂŶ ŐƵĚĂŶŐ
ĚĞŶŐĂŶůƵĂƐďĂŶŐƵŶĂŶŵŝŶŝŵĂůϭϮ͘ϬϬϬŵϮLJĂŶŐƚĞƌůĞƚĂŬĚŝ
:ĂůĂŶ DŝƚƌĂ ĂƌĂƚ / 'Ͳϯ͕ ĞƐĂ WĂƌĂŶŐŵƵůLJĂ͕ <ĂƌĂǁĂŶŐ͕
:ĂǁĂ ĂƌĂƚ LJĂŶŐ ƉĞŵďĞůŝĂŶŶLJĂ ĚŝďŝĂLJĂŝ ŬĞŵďĂůŝ ŽůĞŚ
ĨĂƐŝŝƚĂƐ</ϲ͕ƚĞƌŵĂƐƵŬĚĞŶŐĂŶƐĂƌĂŶĂĚĂŶƉƌĂƐĂƌĂŶĂĂƚĂƐ
ŐƵĚĂŶŐLJĂŶŐƉĞŵďĂŶŐƵŶĂŶŶLJĂĚŝďŝĂLJĂŝŽůĞŚĨĂƐŝůŝƚĂƐ</ϲ
ƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂƐĞďĞƐĂƌϭϬϬйĚĂƌŝ͗
- ŶŝůĂŝ ƉĂƐĂƌ ĂŐƵŶĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŚĂƐŝů ƉĞŶŝůĂŝĂŶ ĚĂƌŝ
ƉĞŶŝůĂŝŝŶĚĞƉĞŶĚĞŶ͖ĂƚĂƵ
- ŶŝůĂŝ ŝŶǀŽŝĐĞ͕ ŬƵŝƚĂŶƐŝ͕ ĂƚĂƵ ďƵŬƚŝ ƉĞŵďĂLJĂƌĂŶ LJĂŶŐ
ĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŶĐĂŝƌĂŶĨĂƐŝůŝƚĂƐ</ϲLJĂŶŐĚŝŐƵŶĂŬĂŶ
ƵŶƚƵŬ ƉĞŵďŝĂLJĂĂŶ ƉĞŵďĂŶŐƵŶĂŶ ŐƵĚĂŶŐ ďĞƌƵƉĂ
ďĂŶŐƵŶĂŶ͕ƐĂƌĂŶĂ͕ĚĂŶƉƌĂƐĂƌĂŶĂŐĞĚƵŶŐ͖
ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ƉĞŶŐŝŬĂƚĂŶ ĚŝůĂŬƵŬĂŶ ƐĞůĂŵďĂƚŶLJĂ ϯ
ďƵůĂŶ ƐĞƚĞůĂŚ ƉĞŵďĂŶŐƵŶĂŶ ŐƵĚĂŶŐ ƚĞůĂŚ ƐĞůĞƐĂŝ ĂƚĂƵ
ƐĞůĂŵďĂƚŶLJĂ ƚĂŶŐŐĂů ϯϬ :ƵŶŝ ϮϬϮϲ͕ ŵĂŶĂ LJĂŶŐ ůĞďŝŚ
ĚĂŚƵůƵ͘
;ŝŝͿ ŶŝůĂŝ ƉĞŶŐŝŬĂƚĂŶ ĨŝĚƵƐŝĂ ĂƚĂƐ ĂůĂƚ ĂŶŐŬĂƚ ĚĂŶ ĂůĂƚ ĂŶŐŬƵƚ
LJĂŶŐ ƉĞŵďĞůŝĂŶŶLJĂ ĚŝďŝĂLJĂŝ ŽůĞŚ ĨĂƐŝůŝƚĂƐ </ ϲ ƐĞŬƵƌĂŶŐͲ
ŬƵƌĂŶŐŶLJĂƐĞďĞƐĂƌϭϬϬйĚĂƌŝ͗
135
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- ŶŝůĂŝ ƉĂƐĂƌ ĂŐƵŶĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŚĂƐŝů ƉĞŶŝůĂŝĂŶ ĚĂƌŝ
ƉĞŶŝůĂŝŝŶĚĞƉĞŶĚĞŶ͖ĂƚĂƵ
- ŶŝůĂŝ ŝŶǀŽŝĐĞ͕ ŬƵŝƚĂŶƐŝ͕ ĂƚĂƵ ďƵŬƚŝ ƉĞŵďĂLJĂƌĂŶ LJĂŶŐ
ĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŶĐĂŝƌĂŶĨĂƐŝůŝƚĂƐ</ϲLJĂŶŐĚŝŐƵŶĂŬĂŶ
ƵŶƚƵŬ ƉĞŵďŝĂLJĂĂŶ ƉĞŵďĞůŝĂŶ ĂůĂƚ ĂŶŐŬĂƚ ĚĂŶ ĂůĂƚ
ĂŶŐŬƵƚ͖
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĞŶŐŝŬĂƚĂŶĚŝůĂŬƵŬĂŶƐĞůĂŵďĂƚŶLJĂϯďƵůĂŶ
ƐĞƚĞůĂŚƉĞŵďĂŶŐƵŶĂŶŐƵĚĂŶŐƚĞůĂŚƐĞůĞƐĂŝĂƚĂƵƐĞůĂŵďĂƚŶLJĂ
ƚĂŶŐŐĂůϯϬ:ƵŶŝϮϬϮϲ͕ŵĂŶĂLJĂŶŐůĞďŝŚĚĂŚƵůƵ͘
Ɛ͘ DĞŶLJĞƌĂŚŬĂŶůĂƉŽƌĂŶƉĞŶŝůĂŝĂŶƚĞƌďĂƌƵĂƚĂƐŐƵŶĂŶďĞƌƵƉĂ
ƚĂŶĂŚĚĂŶďĂŶŐƵŶĂŶŐƵĚĂŶŐ͕ƐĂƌĂŶĂ͕ƉƌĂƐĂƌĂŶĂ͕ĂůĂƚĂŶŐŬĂƚ͕
ĚĂŶ ĂůĂƚ ĂŶŐŬƵƚ LJĂŶŐ ĚŝďŝĂLJĂŝ ŽůĞŚ ĨĂƐŝůŝƚĂƐ </ ϲ LJĂŶŐ
ĚŝŬĞůƵĂƌŬĂŶŽůĞŚƉĞŶŝůĂŝŝŶĚĞƉĞŶĚĞŶLJĂŶŐĚŝƐĞƚƵũƵŝŽůĞŚ͕
LJĂŶŐĚŝƐĂŵƉĂŝŬĂŶƉĞƌƚĂŵĂŬĂůŝƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϮďƵůĂŶ
ƐĞƚĞůĂŚ ďĂŶŐƵŶĂŶ ŐƵĚĂŶŐ ƚĞůĂŚ ƐĞůĞƐĂŝ ĂƚĂƵ ƐĞůĂŵďĂƚͲ
ůĂŵďĂƚŶLJĂƚĂŶŐŐĂůϯϬ:ƵŶŝϮϬϮϲ͕ŵĂŶĂLJĂŶŐůĞďŝŚĚĂŚƵůƵ͖
ĚĂŶĚŝůĂŬƵŬĂŶƉĞŶŝůĂŝĂŶƵůĂŶŐŬĞŵďĂůŝƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂϮ
ƚĂŚƵŶƐĞŬĂůŝũŝŬĂŬŽůĞŬƚŝďŝůŝƚĂƐƉŝŶũĂŵĂŶĞďŝƚƵƌĂĚĂůĂŚůĂŶĐĂƌ͕
ĂƚĂƵ ƐĞƚŝĂƉ ƐĂĂƚ ũŝŬĂ ĚŝŵŝŶƚĂ ŽůĞŚ ũŝŬĂ ŬŽůĞŬƚŝďŝůŝƚĂƐ
ƉŝŶũĂŵĂŶĞďŝƚƵƌŬƵƌĂŶŐůĂŶĐĂƌĂƚĂƵůĞďŝŚƌĞŶĚĂŚ͘
ƚ͘ ĂůĂŵ ŚĂů ŬĂƌĞŶĂ ƉĞƌƵďĂŚĂŶ ŶŝůĂŝ ŬƵƌƐ ĂƚĂƵ ƐĞďĂď ůĂŝŶŶLJĂ
;ƚĞƌŵĂƐƵŬ ŬĂƌĞŶĂ ƉĞƌƵďĂŚĂŶ ďŽďŽƚ ƌŝƐŝŬŽͿ ũƵŵůĂŚ
ŽƵƚƐƚĂŶĚŝŶŐ ;ďĂŬŝ ĚĞďĞƚͿ ƐƵĂƚƵ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ ĚĂŶͬĂƚĂƵ
&ĂƐŝůŝƚĂƐ&ŽƌĞdž>ŝŶĞLJĂŶŐƚĞůĂŚĚŝƚĂƌŝŬͬĚŝƉĞƌŐƵŶĂŬĂŶŵĞůĞďŝŚŝ
ũƵŵůĂŚ ƉůĂĨŽŶĚ &ĂƐŝůŝĂƐ <ƌĞĚŝƚ ĚĂŶͬĂƚĂƵ &ĂƐŝůŝƚĂƐ &ŽƌĞdž >ŝŶĞ
LJĂŶŐƚĞƌŬĂŝƚ͕ŵĂŬĂ͗
;ŝͿ <ŚƵƐƵƐƵŶƚƵŬ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚ͗
ĂŬĂŶ ŵĞŵďůŽŬŝƌ ƉůĂĨŽŶĚ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ŵŽĚĂů ŬĞƌũĂ
ŵĂŶĂƉƵŶ LJĂŶŐ ƚĞůĂŚ ĚŝďĞƌŝŬĂŶ ŬĞƉĂĚĂ /dKZ LJĂŶŐ
ŵĂƐŝŚ ƚĞƌƐĞĚŝĂ ƵŶƚƵŬ ĚŝƚĂƌŝŬ ƐĞďĞƐĂƌ ƉĞůĂŵƉĂƵĂŶ ƉůĂĨŽŶĚ
&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚƚĞƌƐĞďƵƚ͘ĂůĂŵŚĂůƚŝĚĂŬĂĚĂĨĂƐŝůŝƚĂƐŬƌĞĚŝƚ
ŵŽĚĂů ŬĞƌũĂ LJĂŶŐ ĚĂƉĂƚ ĚŝďůŽŬŝƌ ŽůĞŚ ĂƚĂƵ ĚĂůĂŵ ŚĂů
/dKZŝŶŐŝŶĂŐĂƌďůŽŬŝƌƚĞƌƐĞďƵƚĚŝĂƚĂƐĚŝůĞƉĂƐŬĂŶ͕ŵĂŬĂ
ĚĂůĂŵ ǁĂŬƚƵ ŵĂŬƐŝŵƵŵ ϱ ;ůŝŵĂͿ ŚĂƌŝ ŬĂůĞŶĚĞƌ /dKZ
ǁĂũŝď͗
- ŵĞůƵŶĂƐŝ ƐĞďĂŐŝĂŶ ŽƵƚƐƚĂŶĚŝŶŐ ;ďĂŬŝ ĚĞďĞƚͿ &ĂƐŝůŝƚĂƐ
<ƌĞĚŝƚ LJĂŶŐ ƚĞƌŬĂŝƚ ƐĞŚŝŶŐŐĂ ũƵŵůĂŚ ŽƵƚƐƚĂŶĚŝŶŐ ;ďĂŬŝ
ĚĞďĞƚͿ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ ƚŝĚĂŬ ŵĞůĂŵƉĂƵŝ ũƵŵůĂŚ ƉůĂĨŽŶĚ
&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚ͖ĂƚĂƵ
- ŵĞŶLJĞĚŝĂŬĂŶ ĚĂŶĂ ƚƵŶĂŝ ƐĞďĞƐĂƌ ƐĞůŝƐŝŚ ĂŶƚĂƌĂ ũƵŵůĂŚ
ŽƵƚƐƚĂŶĚŝŶŐ ;ďĂŬŝ ĚĞďĞƚͿ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ
ƉůĂĨŽŶĚ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ LJĂŶŐ ĚŝŚŝƚƵŶŐ ďĞƌĚĂƐĂƌŬĂŶ ŶŝůĂŝ
ƚƵŬĂƌ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ ĚĂŶ ďĞƌŚĂŬ ŵĞůĂŬƵŬĂŶ
ďůŽŬŝƌ ĚĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ĚĂŶĂ LJĂŶŐ ĚŝƐĞƌĂŚŬĂŶ ĚĂůĂŵ
ƌĞŬĞŶŝŶŐ /dKZ Ěŝ ƵŶƚƵŬ ƉĞůƵŶĂƐĂŶ ŽƵƚƐƚĂŶĚŝŶŐ
;ďĂŬŝ ĚĞďĞƚͿ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ LJĂŶŐ ŵĞůĞďŝŚŝ ƉůĂĨŽŶĚ
&ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ ƚĞƌƐĞďƵƚ ƉĂĚĂ ƐĂĂƚ ũĂƚƵŚ ƚĞŵƉŽ LJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶ ƐĞŚŝŶŐŐĂ ƚŝĚĂŬ ůĂŐŝ ƚĞƌũĂĚŝ ƉĞůĂŵƉĂƵĂŶ
ƉůĂĨŽŶĚƚĞƌƐĞďƵƚ͘
:ŝŬĂ /dKZ ƚŝĚĂŬ ŵĞůĂŬƵŬĂŶ ƐĂůĂŚ ƐĂƚƵ ĚĂƌŝ ŬĞĚƵĂ
ƉŝůŝŚĂŶĚŝĂƚĂƐĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵLJĂŶŐĚŝƚĞŶƚƵŬĂŶ͕ŵĂŬĂ
ďĞƌŚĂŬ ŵĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶ ƵŶƚƵŬ ƉĞŶLJĞůĞƐĂŝĂŶ
ŬĞǁĂũŝďĂŶ /dKZƚĞƌƐĞďƵƚĚŝĂƚĂƐ͘
;ŝŝͿ <ŚƵƐƵƐƵŶƚƵŬ&ĂƐŝůŝƚĂƐ&ŽƌĞdž>ŝŶĞ͗
ĂůĂŵǁĂŬƚƵŵĂŬƐŝŵƵŵϱ;ůŝŵĂͿŚĂƌŝŬĂůĞŶĚĞƌ /dKZ
ǁĂũŝďŵĞŶLJĞĚŝĂŬĂŶĚĂŶĂƚƵŶĂŝĚĂůĂŵƌĞŬĞŶŝŶŐ /dKZ
Ěŝ ƐĞďĞƐĂƌ ũƵŵůĂŚ ƉĞůĂŵƉĂƵĂŶ ƉůĂĨŽŶĚ ĚŝŬĂůŝŬĂŶ
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ĚĞŶŐĂŶďŽďŽƚƌŝƐŝŬŽ&ĂƐŝůŝƚĂƐ&ŽƌĞdž>ŝŶĞLJĂŶŐĚŝŐƵŶĂŬĂŶ
ĚĂŶ ďĞƌŚĂŬ ŵĞůĂŬƵŬĂŶ ďůŽŬŝƌ ƐĞƌƚĂ ŵĞŶŐŐƵŶĂŬĂŶ
ĚĂŶĂ ƚĞƌƐĞďƵƚ ƵŶƚƵŬ ƉĞůƵŶĂƐĂŶ ƉĞůĂŵƉĂƵĂŶ ƉůĂĨŽŶĚ
ƚĞƌƐĞďƵƚƉĂĚĂƐĂĂƚũĂƚƵŚƚĞŵƉŽŶLJĂ͖
Ƶ͘ DĞŶƵĂŶŐŬĂŶŶŝůĂŝƐĞůƵƌƵŚĂƐĞƚLJĂŶŐĚŝďŝĂLJĂŝŽůĞŚĨĂƐŝůŝƚĂƐ</ϲ
ĚĂůĂŵůĂƉŽƌĂŶŬĞƵĂŶŐĂŶĞďŝƚƵƌ͕ĚŝŵĂŶĂŶŝůĂŝĂƐĞƚƚĞƌƐĞďƵƚ
ƚĞƌůŝŚĂƚĚĂůĂŵůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƚĞƌƐĞďƵƚ͖
ǀ͘ DĞŶĐĂŶƚƵŵŬĂŶ ƐĞůƵƌƵŚ ŐƵŶĂŶ ďĞƌƵƉĂ ŵĞƐŝŶ LJĂŶŐ ĚŝŶŝůĂŝ
ŽůĞŚƉŝŚĂŬƉĞŶŝůĂŝŝŶĚĞƉĞŶĚĞŶ;ŝŶĚĞƉĞŶĚĞŶƚĂƉƉƌĂŝƐĂůͿĚĂůĂŵ
ůĂŵƉŝƌĂŶĨŝĚƵƐŝĂĂƚĂƐŵĞƐŝŶ͖
ǁ͘ DĞŵƵƐĂƚŬĂŶĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝŽŶĂů /dKZƉĂĚĂ͖
dž͘ DĞŶLJĞƌĂŚŬĂŶůĂƉŽƌĂŶǀŽůƵŵĞŶŝůĂŝĚĂŶƉĞŶũƵĂůĂŶ͕ƉĞŵďĞůŝĂŶ
ĚĂŶƉĞƌƐĞĚŝĂĂŶƉĞƌϯ;ƚŝŐĂͿďƵůĂŶŵĂŬƐŝŵĂůϰϱ;ĞŵƉĂƚƉƵůƵŚ
ůŝŵĂͿŚĂƌŝĚĂƌŝƚĂŶŐŐĂůůĂƉŽƌĂŶ͖
LJ͘ DĞŶLJĞƌĂŚŬĂŶ ĚĂĨƚĂƌ ƉĞƌƐĞĚŝĂĂŶ ĚĂŶ ƉŝƵƚĂŶŐ /dKZ LJĂŶŐ
ŵĞŶũĂĚŝ ŐƵŶĂŶ Ěŝ ƐĞƚŝĂƉ ϲ ;ĞŶĂŵͿ ďƵůĂŶ ƐĞŬĂůŝ
ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϯϬ;ƚŝŐĂƉƵůƵŚͿŚĂƌŝƐĞƚĞůĂŚĂŬŚŝƌƉĞƌŝŽĚĞ
ƚŝĂƉͲƚŝĂƉůĂƉŽƌĂŶ͖
nj͘ ĂůĂŵ ŚĂů ŬĞƉĞƌůƵĂŶ ƉĞŶŐƵƌƵƐĂŶ ƉĞƌƉĂŶũĂŶŐĂŶ ^,'
EŽ͘ϭϲͬdĞŶŐŐŝůŝƐ DĞũŽLJŽ ĚĂŶ ϵϬϳͬdĞŶŐŐŝůŝƐ DĞũŽLJŽ ;ĚĂŚƵůƵ
EŽ͘ϴϴͿ͕ĞďŝƚƵƌǁĂũŝďŵĞŶLJĞƌĂŚŬĂŶŬĞƉĂĚĂƉĞƌƐĞƚƵũƵĂŶ
/njŝŶ ,ĂŬ WĞŶŐĞůŽůĂĂŶ ;,W>Ϳ ĂƚĂƐ Ϯ ;ĚƵĂͿ ƐĞƌƚŝĨŝŬĂƚ ƚĞƌƐĞďƵƚ
ƐĞůĂŵďĂƚŶLJĂ ďƵůĂŶ Ɖƌŝů ϮϬϮϮ͕ ƵŶƚƵŬ ƐĞůĂŶũƵƚŶLJĂ ĚŝůĂŬƵŬĂŶ
ƉƌŽƐĞƐ ƉĞƌƉĂŶũĂŶŐĂŶ ,' ŵĞůĂůƵŝ EŽƚĂƌŝƐ ƌĞŬĂŶĂŶ ͕
ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ĞďŝƚƵƌ ƚĞůĂŚ ŵĞŶLJĞƌĂŚŬĂŶ ŬĞƉĂĚĂ
ͬŶŽƚĂƌŝƐƌĞŬĂŶĂŶƐƵƌĂƚŬƵĂƐĂLJĂŶŐŝƐŝŶLJĂŵĞŶLJĂƚĂŬĂŶ
ďĂŚǁĂ ĞďŝƚƵƌ ŵĞŵďĞƌŝŬĂŶ ŬƵĂƐĂ ŬĞƉĂĚĂ ͬŶŽƚĂƌŝƐ
ƌĞŬĂŶĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƉƌŽƐĞƐƉĞƌƉĂŶũĂŶŐĂŶ,'͖
ĂĂ͘ DĞŶLJĞůĞƐĂŝŬĂŶ ƉƌŽƐĞƐ ƉĞŵďĂŶŐƵŶĂŶ ĂƚĂƐ ƉƌŽLJĞŬ
ƉĞŵďĂŶŐƵŶĂŶ ŐƵĚĂŶŐ LJĂŶŐ ĚŝďŝĂLJĂŝ ŽůĞŚ ĨĂƐŝůŝƚĂƐ </ ϲ
ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϯϭ DĂƌĞƚ ϮϬϮϲ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ
ďĂŶŐƵŶĂŶŚĂƌƵƐŵĞŵŝůŝŬŝůƵĂƐƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂϭϮ͘ϬϬϬŵϮ
ĚĞŶŐĂŶƚŽůĞƌĂŶƐŝďĂǁĂŚƐĞďĞƐĂƌŵĂŬƐŝŵĂůϮй͘
ďď͘ DĞŵďĞƌŝƚĂŚƵŬĂŶƐĞĐĂƌĂƚĞƌƚƵůŝƐŬĞƉĂĚĂƉĂůŝŶŐůĂŵďĂƚϱ
;ůŝŵĂͿ ŚĂƌŝ ŬĞƌũĂ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ƚĞƌũĂĚŝŶLJĂ ƉĞƌƵďĂŚĂŶ
ƐƵƐƵŶĂŶ ƉĞŶŐƵƌƵƐ ĚĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ƵůƚŝŵĂƚĞ
ƐŚĂƌĞŚŽůĚĞƌƐ;ƚŝĚĂŬƚĞƌŵĂƐƵŬƐĂŚĂŵƉƵďůŝŬͿ͘
ĐĐ͘ DĞŶŐƵƌƵƐƉƌŽƐĞƐƉĞƌƉĂŶũĂŶŐĂŶũĂŶŐŬĂǁĂŬƚƵĂŐƵŶĂŶ͕ďĞƌƵƉĂ
^,' EŽ͘Ϭϭϰϳϲͬ<ĞůƵƌĂŚĂŶ WĂƌĂŶŐŵƵůLJĂ͕ ƚĞƌůĞƚĂŬ ĚĂůĂŵ
WƌŽǀŝŶƐŝ :ĂǁĂ ĂƌĂƚ͕ <ĂďƵƉĂƚĞŶ <ĂƌĂǁĂŶŐ͕ <ĞĐĂŵĂƚĂŶ
ŝĂŵƉĞů͕ ĞƐĂ WĂƌĂŶŐŵƵůLJĂ͕ ŵĞůĂůƵŝ ŶŽƚĂƌŝƐ LJĂŶŐ ƚĞƌŵĂƐƵŬ
ĚĂůĂŵ ĚĂĨƚĂƌ ƐĞƚĞůĂŚ ĚŝůĂŬƵŬĂŶŶLJĂ ƉĞŶŐŝŬĂƚĂŶ ŬƚĂ
WĞŵďĞƌŝĂŶ,ĂŬdĂŶŐŐƵŶŐĂŶĂƚĂƐ^,'ƚĞƌƐĞďƵƚ͘
WĞŵďĂƚĂƐĂŶͲƉĞŵďĂƚĂƐĂŶ ͗ ^ĞůĂŵĂ /dKZ ďĞůƵŵ ŵĞŵďĂLJĂƌ ůƵŶĂƐ hƚĂŶŐ ĂƚĂƵ ĂƚĂƐ tĂŬƚƵ
WĞŶĂƌŝŬĂŶ ĚĂŶͬĂƚĂƵ WĞŶŐŐƵŶĂĂŶ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ ďĞůƵŵ ďĞƌĂŬŚŝƌ͕
/dKZ ƚŝĚĂŬ ĚŝƉĞƌŬĞŶĂŶŬĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ŚĂůͲŚĂů ďĞƌŝŬƵƚ Ěŝ
ďĂǁĂŚŝŶŝ͕ƚĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƚĞƌůĞďŝŚĚĂŚƵůƵĚĂƌŝ͗
Ă͘ DĞŵƉĞƌŽůĞŚ ƉŝŶũĂŵĂŶ ƵĂŶŐͬŬƌĞĚŝƚ ďĂƌƵ ĚĂƌŝ ƉŝŚĂŬͬůĞŵďĂŐĂ
ŬĞƵĂŶŐĂŶ ůĂŝŶ ĚĂŶͬĂƚĂƵ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ƐĞďĂŐĂŝ
ƉĞŶĂŶŐŐƵŶŐͬƉĞŶũĂŵŝŶĚĂůĂŵďĞŶƚƵŬĚĂŶĚĞŶŐĂŶŶĂŵĂĂƉĂƉƵŶ
ĚĂŶͬĂƚĂƵ ŵĞŶŐĂŐƵŶŬĂŶ ŚĂƌƚĂ ŬĞŬĂLJĂĂŶ /dKZ ŬĞƉĂĚĂ WŝŚĂŬ
>ĂŝŶ͖
ď͘ DĞŵŝŶũĂŵŬĂŶ ƵĂŶŐ͕ ƚĞƌŵĂƐƵŬ ƚĞƚĂƉŝ ƚŝĚĂŬ ƚĞƌďĂƚĂƐ ŬĞƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶĂĨŝůŝĂƐŝŶLJĂ͕ŬĞĐƵĂůŝĚĂůĂŵƌĂŶŐŬĂŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂ
ƐĞŚĂƌŝͲŚĂƌŝ͖
Đ͘ DĞůĂŬƵŬĂŶ ƚƌĂŶƐĂŬƐŝ ĚĞŶŐĂŶ ƐĞƐĞŽƌĂŶŐ ĂƚĂƵ ƐĞƐƵĂƚƵ ƉŝŚĂŬ͕
ƚĞƌŵĂƐƵŬ ƚĞƚĂƉŝ ƚŝĚĂŬ ƚĞƌďĂƚĂƐ ĚĞŶŐĂŶ ƉĞƌƵƐĂŚĂĂŶ ĂĨŝůŝĂƐŝŶLJĂ͕
137
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
ĚĞŶŐĂŶ ĐĂƌĂ LJĂŶŐ ďĞƌďĞĚĂ ĂƚĂƵ Ěŝ ůƵĂƌ ƉƌĂŬƚĞŬ ĚĂŶ ŬĞďŝĂƐĂĂŶ
LJĂŶŐĂĚĂ͖
Ě͘ DĞŶŐĂũƵŬĂŶ ƉĞƌŵŽŚŽŶĂŶ ƉĂŝůŝƚ ĂƚĂƵ ƉĞƌŵŽŚŽŶĂŶ ƉĞŶƵŶĚĂĂŶ
ƉĞŵďĂLJĂƌĂŶŬĞƉĂĚĂŝŶƐƚĂŶƐŝLJĂŶŐďĞƌǁĞŶĂŶŐ;WĞŶŐĂĚŝůĂŶͿ͖
Ğ͘ DĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ͕ ƉĞŶLJĞƌƚĂĂŶ ĂƚĂƵ ŵĞŵďƵŬĂ ƵƐĂŚĂ ďĂƌƵ
ƐĞůĂŝŶƵƐĂŚĂLJĂŶŐƚĞůĂŚĂĚĂ͖
Ĩ͘ DĞŶũƵĂů ĂƚĂƵ ŵĞůĞƉĂƐŬĂŶ ŚĂƌƚĂ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ ĂƚĂƵ ŚĂƌƚĂ
ŬĞŬĂLJĂĂŶ ƵƚĂŵĂ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂŶLJĂ͕ ŬĞĐƵĂůŝ ĚĂůĂŵ
ƌĂŶŐŬĂŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂƐĞŚĂƌŝͲŚĂƌŝ͖
Ő͘ DĞůĂŬƵŬĂŶ ƉĞůĞďƵƌĂŶ͕ ƉĞŶŐŐĂďƵŶŐĂŶ͕ ƉĞŶŐĂŵďŝůĂůŝŚĂŶ ĂƚĂƵ
ƉĞŵďƵďĂƌĂŶ͖
Ś͘ DĞŶŐƵďĂŚƐƚĂƚƵƐŬĞůĞŵďĂŐĂĂŶ͕ĂŶŐŐĂƌĂŶĚĂƐĂƌ͕ƐƵƐƵŶĂŶŝƌĞŬƐŝ
ĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞƌƚĂƉĂƌĂƉĞŵĞŐĂŶŐƐĂŚĂŵ͖
ŝ͘ DĞŵďĂŐŝŬĂŶ ĚŝǀŝĚĞŶ ŬĞƉĂĚĂ ;ƉĂƌĂͿ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ /dKZ͕
ŬĞĐƵĂůŝƚĞƌƉĞŶƵŚŝƐLJĂƌĂƚͲƐLJĂƌĂƚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ŝͿ /dKZ ƚĞůĂŚ ŵĞŵďĂLJĂƌ ƐĞůƵƌƵŚ hƚĂŶŐ LJĂŶŐ ƚĞůĂŚ ũĂƚƵŚ
ƚĞŵƉŽ͖
;ŝŝͿ DĞŶũĂŐĂ ŬŽŶĚŝƐŝ ĨŝŶĂŶĐŝĂů ;ĨŝŶĂŶĐŝĂů ĐŽǀĞŶĂŶƚͿ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝƚĞŶƚƵŬĂŶĚĂůĂŵWĞƌũĂŶũŝĂŶ<ƌĞĚŝƚĂŐĂƌƚĞƚĂƉĚŝƉĞŶƵŚŝ͖
;ŝŝŝͿ :ƵŵůĂŚ ŶŝůĂŝ ĚŝǀŝĚĞŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ƚŝĚĂŬ ŵĞŶŐĂŶŐŐƵ
ůŝŬƵŝĚŝƚĂƐĚĂŶĂůŝƌĂŶĚĂŶĂ;ĐĂƐŚĨůŽǁͿLJĂŶŐĚŝďƵƚƵŚŬĂŶƵŶƚƵŬ
ŽƉĞƌĂƐŝŽŶĂů /dKZ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ:ĂŬĂƌƚĂWƵƐĂƚ͘
ĂƚĂƚĂŶ ͗ ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ Wd ĂŶŬ dďŬ ;Ϳ EŽ͘ ϯϬϰϳϮͬ'<ͬϮϬϮϭ
ƚĂŶŐŐĂů ϵ ^ĞƉƚĞŵďĞƌ ϮϬϮϭ͖ ƚĞůĂŚ ŵĞŶLJĞƚƵũƵŝ ƉĞƌƵďĂŚĂŶ
ŬĞƚĞŶƚƵĂŶƉĞŵďĂƚĂƐĂŶƐĞŚŝŶŐŐĂŵĞŶũĂĚŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ DĞŵďĞƌŝƚĂŚƵŬĂŶƐĞĐĂƌĂƚĞƌƚƵůŝƐŬĞƉĂĚĂƉĂůŝŶŐůĂŵďĂƚϱ,Ăƌŝ
<ĞƌũĂ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ƚĞƌũĂĚŝŶLJĂ ƉĞƌƵďĂŚĂŶ ƐƵƐƵŶĂŶ ƉĞŶŐƵƌƵƐ
ĚĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵ;ƚŝĚĂŬƚĞƌŵĂƐƵŬƉĞŵĞŐĂŶŐƐĂŚĂŵƉƵďůŝŬͿ͖
ď͘ DĞŵďĂŐŝŬĂŶ ĚŝǀŝĚĞŶ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĞďŝƚƵƌ
ĚĞŶŐĂŶƚĞƌƉĞŶƵŚŝŶLJĂƐLJĂƌĂƚ͗;ŝͿ͘ĞďŝƚƵƌƚĞůĂŚŵĞŵďĂLJĂƌƐĞůƵƌƵŚ
hƚĂŶŐ LJĂŶŐ ƚĞůĂŚ ũĂƚƵŚ ƚĞŵƉŽ͖ ;ŝŝͿ ŵĞŶũĂŐĂ ŬŽŶĚŝƐŝ ĨŝŶĂŶĐŝĂů
ƐĞďĂŐĂŝŵĂŶĂ ĚŝƚĞŶƚƵŬĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ <ƌĞĚŝƚ ĂŐĂƌ ƚĞƚĂƉ
ƚĞƌƉĞŶƵŚŝ͖ ;ŝŝŝͿ ũƵŵůĂŚ ŶŝůĂŝ ĚŝǀŝĚĞŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ƚŝĚĂŬ
ŵĞŶŐŐĂŶŐŐƵ ůŝŬƵŝĚŝƚĂƐ ĚĂŶ ĂůŝƌĂŶ ĚĂŶĂ ;ĐĂƐŚ ĨůŽǁͿ LJĂŶŐ
ĚŝďƵƚƵŚŬĂŶƵŶƚƵŬŽƉĞƌĂƐŝŽŶĂůĞďŝƚƵƌ͘
Đ͘ DĞŵĂƐƚŝŬĂŶ ĚĂŶ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ĂŐĂƌ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ
ƵůƚŝŵĂƚĞƐŚĂƌĞŚŽůĚĞƌƐLJĂŝƚƵŬĞůƵĂƌŐĂdŶ͘/ďŶƵ^ƵƐĂŶƚŽ͕<ĞůƵĂƌŐĂ
dŶ ,ƵĚŝĂŶƚŽ ĚĂŶ <ĞůƵĂƌŐĂ dŶ͘ /ƌ͘ dŝŬŵĂŶ hƚŽŵŽ ;ďĂŝŬ ƐĞĐĂƌĂ
ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐͿ ĚĂůĂŵ ĞďŝƚƵƌ ŵŝŶŝŵƵŵ
ƐĞďĞƐĂƌ ϱϭй ĚĂƌŝ ŬĞƐĞůƵƌƵŚĂŶ ƐĂŚĂŵ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ
ĞďŝƚƵƌ ĚĂŶ ŵĞŵŝůŝŬŝ ŚĂŬ ƐƵĂƌĂ LJĂŶŐ ƐĂŚ ĚĂŶ ƚŝĚĂŬ
ĚŝũĂŵŝŶŬĂŶͬĚŝĂŐƵŶŬĂŶŬĞƉĂĚĂƉŝŚĂŬŵĂŶĂƉƵŶ͘
ĂƚĂƚĂŶ͗
ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ Wd ĂŶŬ ĞŶƚƌĂů ƐŝĂ dďŬ EŽ͘ϯϬϮϴϰͬ'<ͬϮϬϮϰ
ƚĂŶŐŐĂů Ϯϴ DĞŝ ϮϬϮϰ ƉĞƌŝŚĂů ƉĞŶĐĂďƵƚĂŶ ƐLJĂƌĂƚ ĚŝǀŝĚĞŶ͖ Wd ĂŶŬ
ĞŶƚƌĂů ƐŝĂ dďŬ ŵĞŶLJĞƚƵũƵŝ ƉĞƌŵŽŚŽŶĂŶ WĞƌƐĞƌŽĂŶ LJĂŝƚƵ
ƉĞŶŐŚĂƉƵƐĂŶŶĞŐĂƚŝǀĞĐŽǀĞŶĂŶƚƚĞƌŬĂŝƚƐLJĂƌĂƚƉĞŵďĂŐŝĂŶĚŝǀŝĚĞŶ͘
ĂƚĂƚĂŶ͗
ĞƌĚĂƐĂƌŬĂŶŬƚĂWĞƌƐĞƚƵũƵĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐEŽ͘ϭϯƚĂŶŐŐĂůϰƉƌŝůϮϬϭϴũƵŶĐƚŽŬƚĂWĞƌƐĞƚƵũƵĂŶĞǁĂŶ
<ŽŵŝƐĂƌŝƐEŽ͘ϬϰƚĂŶŐŐĂůϮϳDĞŝϮϬϮϬũƵŶĐƚŽŬƚĂWĞƌƐĞƚƵũƵĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐEŽ͘ϭϯƚĂŶŐŐĂůϭϱKŬƚŽďĞƌ
ϮϬϮϬũƵŶĐƚŽŬƚĂWĞƌƐĞƚƵũƵĂŶĞǁĂŶ <ŽŵŝƐĂƌŝƐEŽ͘ϬϭƚĂŶŐŐĂůϱ:ƵůŝϮϬϮϮũƵŶĐƚŽŬƚĂWĞƌƐĞƚƵũƵĂŶĞǁĂŶ
<ŽŵŝƐĂƌŝƐEŽ͘ϰϰƚĂŶŐŐĂůϭϵ&ĞďƌƵĂƌŝϮϬϮϰ͕ƐĞůƵƌƵŚŶLJĂĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ,ĞůĞŶ^ŝƐĐĞƌŝĂŶLJũŝŶĂƚĂ͕^͘,͕͘D͘<Ŷ͕͘
EŽƚĂƌŝƐĚŝ<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ŵĂƐŝŶŐͲŵĂƐŝŶŐĂŬƚĂďĞƌůĂŬƵƐĞůĂŵĂϮ;ĚƵĂͿƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬƚĂŶŐŐĂůĂŬƚĂ
ĚŝďƵĂƚ͕ũƵŶĐƚŽŬƚĂWĞƌƐĞƚƵũƵĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐEŽ͘ϭϮƚĂŶŐŐĂůϭϮŐƵƐƚƵƐϮϬϮϰĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ,ĞůĞŶ
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^ŝƐĐĞƌŝĂŶLJ ũŝŶĂƚĂ͕ ^͘,͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐ Ěŝ <ĂďƵƉĂƚĞŶ 'ƌĞƐŝŬ͕ ĚŝƚĞƌĂŶŐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞƌƐĞƚƵũƵĂŶ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐŬĞƉĂĚĂŝƌĞŬƐŝĚĂůĂŵŚĂů͗
ϭͿ DĞŵƉĞƌŽůĞŚͬŵĞŶĞƌŝŵĂ ƉŝŶũĂŵĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ;ͲĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚͿ ĚĂŶͬĂƚĂƵ ŵĞŶĚĂƉĂƚŬĂŶ ĨĂƐŝůŝƚĂƐͲ
ĨĂƐŝůŝƚĂƐ ƉĞƌďĂŶŬĂŶ ůĂŝŶŶLJĂ LJĂŶŐ ƚŝŵďƵů ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ĂƉĂƉƵŶ ũƵŐĂ ďĂŝŬ LJĂŶŐ ƚĞůĂŚ ĚĂŶͬĂƚĂƵ ĂŬĂŶ
ĚŝƚĞƌŝŵĂ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĂƌŝ Wd ĂŶŬ ĞŶƚƌĂů ƐŝĂ dďŬ ĚĂŶͬĂƚĂƵ ďĂŶŬ ůĂŝŶŶLJĂ ;ƐǁĂƐƚĂͬŶĞŐĂƌĂͿ ƐĞƌƚĂ
ůĞŵďĂŐĂ ŬĞƵĂŶŐĂŶ ůĂŝŶŶLJĂ͕ ƵŶƚƵŬ ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ ĚĂŶͬĂƚĂƵ ƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ
ůĂŝŶŶLJĂƚĞƌŵĂƐƵŬƵŶƚƵŬƉĞƌƉĂŶũĂŶŐĂŶĚĂŶͬĂƚĂƵ ƉĞƌƵďĂŚĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚ;ͲĨĂƐŝůŝƚĂƐŬƌĞĚŝƚͿLJĂŶŐĂŬĂŶ
ĚŝďĞƌŝŬĂŶ ĚĂŶ ĚŝƚĞƌŝŵĂ ĚŝŬĞŵƵĚŝĂŶ ŽůĞŚ ŝƌĞŬƐŝ ĚĂƌŝ ĚĂŶͬĂƚĂƵ ďĂŶŬ ůĂŝŶ ;ƐǁĂƐƚĂͬŶĞŐĂƌĂͿ ƐĞƌƚĂ
ůĞŵďĂŐĂ ŬĞƵĂŶŐĂŶ ůĂŝŶŶLJĂ͕ ŶĂŵƵŶ ƚĞƌŵĂƐƵŬ ƵŶƚƵŬ ƉĞŶĂŵďĂŚĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ;ͲĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚͿ
ďĞƌŝŬƵƚŶLJĂLJĂŶŐĂŬĂŶĚŝĂũƵŬĂŶŬĞŵƵĚŝĂŶŽůĞŚŝƌĞŬƐŝWĞƌƐĞƌŽĂŶƐĞƚĞůĂŚƉĞŵďĞƌŝĂŶƉĞƌƐĞƚƵũƵĂŶŝŶŝ͘
ϮͿ DĞŶLJĞƌĂŚŬĂŶĚĂŶͬĂƚĂƵŵĞŶŐŝŬĂƚŚĂƌƚĂŬĞŬĂLJĂĂŶŵŝůŝŬWĞƌƐĞƌŽĂŶďĂŝŬďĞƌŐĞƌĂŬŵĂƵƉƵŶƚŝĚĂŬďĞƌŐĞƌĂŬ
;ĂƐĞƚƉĞƌƵƐĂŚĂĂŶͿƐĞďĂŐĂŝũĂŵŝŶĂŶƵŶƚƵŬĨĂƐŝůŝƚĂƐLJĂŶŐƚĞůĂŚĚĂŶͬĂƚĂƵĂŬĂŶĚŝďĞƌŝŬĂŶŽůĞŚĚĂŶͬĂƚĂƵ
ďĂŶŬůĂŝŶŶLJĂ;ƐǁĂƐƚĂͬŶĞŐĂƌĂͿƐĞƌƚĂůĞŵďĂŐĂŬĞƵĂŶŐĂŶůĂŝŶŶLJĂ͘
ϯͿ DĞŶĂŶĚĂƚĂŶŐĂŶŝƐĞŐĂůĂƐƵƌĂƚĚĂŶĂŬƚĂĚŝďĂǁĂŚƚĂŶŐĂŶŵĂƵƉƵŶŶŽƚĂƌŝůůĚĂŶŵĞůĂŬƵŬĂŶƐĞŐĂůĂƚŝŶĚĂŬĂŶ
LJĂŶŐƵŵƵŵŶLJĂĚŝĂŶŐŐĂƉƉĞƌůƵĚĂŶďĞƌŐƵŶĂƵŶƚƵŬŵĞŶĐĂƉĂŝŵĂŬƐƵĚƚĞƌƐĞďƵƚĚŝĂƚĂƐƚĂŶƉĂĂĚĂƚŝŶĚĂŬĂŶ
LJĂŶŐĚŝŬĞĐƵĂůŝŬĂŶ͕
ŬĞƐĞŵƵĂŶLJĂ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ĚĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ LJĂŶŐ ĚŝƉĂŶĚĂŶŐ ďĂŝŬ ŵĞŶƵƌƵƚ ƉĞƌƚŝŵďĂŶŐĂŶ
ŝƌĞŬƐŝWĞƌƐĞƌŽĂŶ͕ƐĞŚŝŶŐŐĂƐĞůĂŶũƵƚŶLJĂďŝůĂŵĂŶĂŝƌĞŬƐŝWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞůĂŬƵŬĂŶƚŝŶĚĂŬĂŶŚƵŬƵŵƵŶƚƵŬ
ĚĂŶĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶĚŝƉĞƌůƵŬĂŶƐƵƌĂƚƉĞƌƐĞƚƵũƵĂŶĚĂƌŝĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕ŵĂŬĂƉĞƌƐĞƚƵũƵĂŶĚŝŵĂŬƐƵĚ
ĚŝĂŶŐŐĂƉƚĞůĂŚĚŝďĞƌŝŬĂŶƉƵůĂĚĞŶŐĂŶĂŬƚĂŝŶŝ͘
dĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉĞŵďĂƚĂƐĂŶ ĚĂůĂŵ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ LJĂŶŐ ƉĂĚĂ ƉŽŬŽŬŶLJĂ ŵĞŶŐĂƚƵƌ ŬĞǁĂũŝďĂŶ WĞƌƐĞƌŽĂŶ
ŵĞŵƉĞƌŽůĞŚ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ Wd ĂŶŬ ĞŶƚƌĂů ƐŝĂ dďŬ ƐĞŚƵďƵŶŐĂŶ ƌĞŶĐĂŶĂ WĞŶĂǁĂƌĂŶ hŵƵŵ
ĞƌŬĞůĂŶũƵƚĂŶKďůŝŐĂƐŝ///;Wh///KďůŝŐĂƐŝͿĚĂŶWĞŶĂǁĂƌĂŶhŵƵŵĞƌŬĞůĂŶũƵƚĂŶ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ
///;Wh///^ƵŬƵŬ/ũĂƌĂŚͿ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵƉĞƌŽůĞŚƉĞƌƐĞƚƵũƵĂŶĚĂƌŝWdĂŶŬĞŶƚƌĂůƐŝĂdďŬďĞƌĚĂƐĂƌŬĂŶ͗
^ƵƌĂƚWdĂŶŬĞŶƚƌĂůƐŝĂdďŬEŽ͘ϯϬϬϲϱͬ'<ͬϮϬϮϲƚĂŶŐŐĂůϵ&ĞďƌƵĂƌŝϮϬϮϲWĞƌŝŚĂůWĞƌƐĞƚƵũƵĂŶ/njŝŶƵŶƚƵŬ
ZĞŶĐĂŶĂWĞŶĂǁĂƌĂŶhŵƵŵĞƌŬĞůĂŶũƵƚĂŶ///͕LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝƉĞƌƐĞƚƵũƵĂŶWdĂŶŬĞŶƚƌĂůƐŝĂ
dďŬ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ĂƚĂƐ ƌĞŶĐĂŶĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶ KďůŝŐĂƐŝ /// ;Wh /// KďůŝŐĂƐŝͿ ĚĂŶ
WĞŶĂǁĂƌĂŶhŵƵŵĞƌŬĞůĂŶũƵƚĂŶ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///;Wh///^ƵŬƵŬ/ũĂƌĂŚͿ͕ĚĞŶŐĂŶũƵŵůĂŚƉŽŬŽŬ
ŵĂŬƐŝŵĂůZƉϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƐĂƚƵƚƌŝůŝƵŶZƵƉŝĂŚͿ͘
ĂƚĂƚĂŶƵŵƵŵ͗
WĞŵĞŶƵŚĂŶZĂƐŝŽ
^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶ LJĂŶŐ ĚŝƉĞƌƐLJĂƌĂƚŬĂŶ ŽůĞŚ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ŬƌĞĚŝƚƵƌ WĞƌƐĞƌŽĂŶ
ƐĞďĂŐĂŝŵĂŶĂ ĚŝƐĞďƵƚŬĂŶ ƉĂĚĂ ŵĂƐŝŶŐͲŵĂƐŝŶŐ WĞƌũĂŶũŝĂŶ <ƌĞĚŝƚ Ěŝ ĂƚĂƐ͕ ŚŝŶŐŐĂ ƚĂŶŐŐĂů >ĂƉŽƌĂŶ WĞŵĞƌŝŬƐĂĂŶ
,ƵŬƵŵŝŶŝWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƐĂŶĂŬĂŶŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶŬĞƉĂĚĂŵĂƐŝŶŐͲŵĂƐŝŶŐŬƌĞĚŝƚƵƌƐĞďĂŐĂŝŵĂŶĂ
ĚŝĂƚƵƌ ĚĂůĂŵ ŵĂƐŝŶŐͲŵĂƐŝŶŐ WĞƌũĂŶũŝĂŶ <ƌĞĚŝƚ ƐĞƌƚĂ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶũĂŐĂ ƌĂƐŝŽ ŬĞƵĂŶŐĂŶ ƐĞƐƵĂŝ LJĂŶŐ
ĚŝƉĞƌƐLJĂƌĂƚŬĂŶƉĂĚĂŵĂƐŝŶŐͲŵĂƐŝŶŐWĞƌũĂŶũŝĂŶŬƌĞĚŝƚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Posisi per 31 Desember
Uraian Rasio Persyaratan
2025
Aset lancar/liabilitas lancar Min 1.0x 3,09x
Jumlah Liabilitas/Jumlah Ekuitas Max. 2,5x 0,55x
Debt Service Coverage Ratio Min 1,0x 1,43x
Laba bersih/penjualan bersih positif 9,00%
Gearing ratio Max. 2,5x 0,42x
WĞƌƐĞƚƵũƵĂŶ<ŽƌƉŽƌĂƐŝ
^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞƌŽůĞŚĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ĚĂƌŝ ƉĞƌďĂŶŬĂŶ ƚĞƌƐĞďƵƚ ĚŝĂƚĂƐ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ
ŵĞŵƉĞƌŽůĞŚ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ
WĞƌƐĞƌŽĂŶ͕ďĞƌĚĂƐĂƌŬĂŶŬƚĂWĞƌƐĞƚƵũƵĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐEŽ͘ϭϯƚĂŶŐŐĂůϰƉƌŝůϮϬϭϴũƵŶĐƚŽŬƚĂWĞƌƐĞƚƵũƵĂŶ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ EŽ͘Ϭϰ ƚĂŶŐŐĂů Ϯϳ DĞŝ ϮϬϮϬ ũƵŶĐƚŽ ŬƚĂ WĞƌƐĞƚƵũƵĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ EŽ͘ϭϯ ƚĂŶŐŐĂů
ϭϱKŬƚŽďĞƌϮϬϮϬũƵŶĐƚŽŬƚĂWĞƌƐĞƚƵũƵĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐEŽ͘ϬϭƚĂŶŐŐĂůϱ:ƵůŝϮϬϮϮũƵŶĐƚŽŬƚĂWĞƌƐĞƚƵũƵĂŶ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐEŽ͘ϰϰƚĂŶŐŐĂůϭϵ&ĞďƌƵĂƌŝϮϬϮϰ͕ƐĞůƵƌƵŚŶLJĂĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ,ĞůĞŶ^ŝƐĐĞƌŝĂŶLJũŝŶĂƚĂ͕^͘,͕͘
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D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕LJĂŶŐŵĞŶŐĂƚƵƌƉĞƌƐĞƚƵũƵĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐŬĞƉĂĚĂŝƌĞŬƐŝďĞƌůĂŬƵƐĞůĂŵĂ
Ϯ;ĚƵĂͿƚĂŚƵŶƚĞƌŚŝƚƵŶŐƐĞũĂŬƚĂŶŐŐĂůĂŬƚĂĚŝďƵĂƚLJĂŶŐŵĞŶLJĞƚƵũƵŝ͗
ϭͿ DĞŵƉĞƌŽůĞŚͬŵĞŶĞƌŝŵĂƉŝŶũĂŵĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚ;ͲĨĂƐŝůŝƚĂƐŬƌĞĚŝƚͿĚĂŶͬĂƚĂƵŵĞŶĚĂƉĂƚŬĂŶĨĂƐŝůŝƚĂƐͲĨĂƐŝůŝƚĂƐ
ƉĞƌďĂŶŬĂŶůĂŝŶŶLJĂLJĂŶŐƚŝŵďƵůĚŝƐĞďĂďŬĂŶŽůĞŚĂƉĂƉƵŶũƵŐĂďĂŝŬLJĂŶŐƚĞůĂŚĚĂŶͬĂƚĂƵĂŬĂŶĚŝƚĞƌŝŵĂŽůĞŚ
WĞƌƐĞƌŽĂŶ ĚĂƌŝ ;Ϳ ĚĂŶͬĂƚĂƵ ďĂŶŬ ůĂŝŶŶLJĂ ;ƐǁĂƐƚĂͬŶĞŐĂƌĂͿ ƐĞƌƚĂ ůĞŵďĂŐĂ ŬĞƵĂŶŐĂŶ ůĂŝŶŶLJĂ͕ ƵŶƚƵŬ
ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ ĚĂŶͬĂƚĂƵ ƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ ƚĞƌŵĂƐƵŬ ƵŶƚƵŬ ƉĞƌƉĂŶũĂŶŐĂŶ
ĚĂŶͬĂƚĂƵ ƉĞƌƵďĂŚĂŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ ;ͲĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚͿ LJĂŶŐ ĂŬĂŶ ĚŝďĞƌŝŬĂŶ ĚĂŶ ĚŝƚĞƌŝŵĂ ĚŝŬĞŵƵĚŝĂŶ ŽůĞŚ
ŝƌĞŬƐŝĚĂƌŝ;ͿĚĂŶͬĂƚĂƵďĂŶŬůĂŝŶ;ƐǁĂƐƚĂͬŶĞŐĂƌĂͿƐĞƌƚĂůĞŵďĂŐĂŬĞƵĂŶŐĂŶůĂŝŶŶLJĂ͕ŶĂŵƵŶƚĞƌŵĂƐƵŬ
ƵŶƚƵŬƉĞŶĂŵďĂŚĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚ;ͲĨĂƐŝůŝƚĂƐŬƌĞĚŝƚͿďĞƌŝŬƵƚŶLJĂLJĂŶŐĂŬĂŶĚŝĂũƵŬĂŶŬĞŵƵĚŝĂŶŽůĞŚŝƌĞŬƐŝ
WĞƌƐĞƌŽĂŶƐĞƚĞůĂŚƉĞŵďĞƌŝĂŶƉĞƌƐĞƚƵũƵĂŶĚŝĂƚĂƐ͘
ϮͿ DĞŶLJĞƌĂŚŬĂŶ ĚĂŶͬĂƚĂƵ ŵĞŶŐŝŬĂƚ ŚĂƌƚĂ ŬĞŬĂLJĂĂŶ ŵŝůŝŬ WĞƌƐĞƌŽĂŶ ďĂŝŬ ďĞƌŐĞƌĂŬ ŵĂƵƉƵŶ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ
;ĂƐĞƚƉĞƌƵƐĂŚĂĂŶͿƐĞďĂŐĂŝũĂŵŝŶĂŶƵŶƚƵŬĨĂƐŝůŝƚĂƐLJĂŶŐƚĞůĂŚĚĂŶͬĂƚĂƵĂŬĂŶĚŝďĞƌŝŬĂŶŽůĞŚ;ͿĚĂŶͬĂƚĂƵ
ďĂŶŬůĂŝŶŶLJĂ;ƐǁĂƐƚĂͬŶĞŐĂƌĂͿƐĞƌƚĂůĞŵďĂŐĂŬĞƵĂŶŐĂŶůĂŝŶŶLJĂ͘
ϯͿ DĞŶĂŶĚĂƚĂŶŐĂŶŝƐĞŐĂůĂƐƵƌĂƚĚĂŶĂŬƚĂĚŝďĂǁĂŚƚĂŶŐĂŶŵĂƵƉƵŶŶŽƚĂƌŝůůĚĂŶŵĞůĂŬƵŬĂŶƐĞŐĂůĂƚŝŶĚĂŬĂŶ
LJĂŶŐƵŵƵŵŶLJĂĚŝĂŶŐŐĂƉƉĞƌůƵĚĂŶďĞƌŐƵŶĂƵŶƚƵŬŵĞŶĐĂƉĂŝŵĂŬƐƵĚƚĞƌƐĞďƵƚĚŝĂƚĂƐƚĂŶƉĂĂĚĂƚŝŶĚĂŬĂŶ
LJĂŶŐ ĚŝŬĞĐƵĂůŝŬĂŶ͕ ŬĞƐĞŵƵĂŶLJĂ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ĚĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ LJĂŶŐ ĚŝƉĂŶĚĂŶŐ ďĂŝŬ
ŵĞŶƵƌƵƚ ƉĞƌƚŝŵďĂŶŐĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ͕ ƐĞŚŝŶŐŐĂ ƐĞůĂŶũƵƚŶLJĂ ďŝůĂŵĂŶĂ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ
ŵĞůĂŬƵŬĂŶ ƚŝŶĚĂŬĂŶ ŚƵŬƵŵ ƵŶƚƵŬ ĚĂŶ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ ĚŝƉĞƌůƵŬĂŶ ƐƵƌĂƚ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐ͕ŵĂŬĂƉĞƌƐĞƚƵũƵĂŶĚŝŵĂŬƐƵĚĚŝĂŶŐŐĂƉƚĞůĂŚĚŝďĞƌŝŬĂŶƉƵůĂĚĞŶŐĂŶĂŬƚĂĚŝĂƚĂƐ͘
dŝĚĂŬƚĞƌĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶůĂŝŶŶLJĂLJĂŶŐďĞůƵŵĚŝƉĞƌŽůĞŚWĞƌƐĞƌŽĂŶĚĂƌŝďĂŶŬƵŵƵŵůĂŝŶŶLJĂ͘
:ƵŵůĂŚKƵƚƐƚĂŶĚŝŶŐƉŝŶũĂŵĂŶWĞƌƐĞƌŽĂŶƉŽƐŝƐŝƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
EŽ EĂŵĂĂŶŬ :ƵŵůĂŚKƵƚƐƚĂŶĚŝŶŐ
ϭ WdĂŶŬĞŶƚƌĂůƐŝĂdďŬ ϯϬϯ͘ϴϮϲ
Ϯ WdĂŶŬZĞƐŽŶĂWĞƌĚĂŶŝĂ Ϯϰϴ͘ϯϰϵ
ϯ WdĂŶŬ^D/ŶĚŽŶĞƐŝĂdďŬ ϭϱϭ͘ϭϬϳ
ϰ WdĂŶŬĂŶĂŵŽŶ/ŶĚŽŶĞƐŝĂdďŬ Ͳ
ϱ WdĂŶŬ//ŶĚŽŶĞƐŝĂ Ͳ
ϰ͘Ϯ͘ϮW Z:E:/E< Z:^D
WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂůŝŚĂLJĂWĞƚƵŐĂƐ^ĂƚƵĂŶWĞŶŐĂŵĂŶĂŶĂŶWĞŶŐĞůŽůĂĂŶ<ĞĂŵĂŶĂŶ
ϭͿ WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ůŝŚ ĂLJĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ ĂŶ WĞŶŐĞůŽůĂĂŶ <ĞĂŵĂŶĂŶ
EŽ͘ϮϰϬϮͬW<^ͬ^EͲ^W/EKW^hZhEͬ/ͬϮϬϮϱƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϮϰLJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
Wd^ŚĞůƚĞƌEƵƐĂŶƚĂƌĂ;WŝŚĂŬ<ĞĚƵĂͿ͘
WĞŶƵŶũƵŬĂŶ ͗ WŝŚĂŬ WĞƌƚĂŵĂ ƚĞůĂŚ ŵĞŶƵŶũƵŬ WŝŚĂŬ <ĞĚƵĂ ƵŶƚƵŬ
ŵĞŶLJĞĚŝĂŬĂŶ :ĂƐĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ ĚĂŶ
WĞŶŐĞůŽůĂĂŶ<ĞĂŵĂŶĂŶ;KƵƚƐŽƵƌĐŝŶŐͿ͕ƐĞƐƵĂŝĚĞŶŐĂŶƐLJĂƌĂƚͲ
ƐLJĂƌĂƚĚĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵƉĂĚĂƉĂƐĂůͲƉĂƐĂůĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶŬĞƌũĂƐĂŵĂĂůŝŚĚĂLJĂ͘
,ĂŬĚĂŶ<ĞǁĂũŝďĂŶWĂƌĂWŝŚĂŬ ͗ <ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞŶLJĞůĞƐĂŝŬĂŶ ƉĞŵďĂLJĂƌĂŶ ŝŶǀŽŝĐĞ ƐĞůĂŵďĂƚŶLJĂ ϯϬ
ŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚŝŶǀŽŝĐĞĚŝƚĞƌŝŵĂŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ͖
ϮͿ DĞŵďĞƌŝŬĂŶĚƵŬƵŶŐĂŶŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂĚĂůĂŵŚĂů
ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƉĞůĂƚŝŚĂŶ ƉĞŵďŝŶĂĂŶ ƉĞƚƵŐĂƐ
ŬĞĂŵĂŶĂŶŽůĞŚWŝŚĂŬ<ĞĚƵĂ͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞŶĞŵƉĂƚŬĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ Ěŝ ůŽŬĂƐŝ
WŝŚĂŬWĞƌƚĂŵĂLJĂŶŐƚĞůĂŚĚŝƐĞƉĂŬĂƚŝĚĂŶĚŝĂƚƵƌ ĚĂůĂŵ
ůĂŵƉŝƌĂŶ ƚĞƌƐĞŶĚŝƌŝ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƐĂƚƵ ŬĞƐĂƚƵĂŶ
ĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶ͖
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ϮͿ DĞŶũĂŐĂŬĞĂŵĂŶĂŶĂƐĞƚĚĂŶƐƵŵďĞƌĚĂLJĂƉĞƌƵƐĂŚĂĂŶ
WŝŚĂŬWĞƌƚĂŵĂĚĞŶŐĂŶũĂĚǁĂůũĂŐĂLJĂŶŐĚŝĂƚƵƌŽůĞŚ^ŝƚĞ
ŽŽƌĚŝŶĂƚŽƌ ĚĂŶ ĚŝŬŽŵƵŶŝŬĂƐŝŬĂŶ ŬĞƉĂĚĂ WŝŚĂŬ
WĞƌƚĂŵĂ͖
ϯͿ DĞůĂŬƵŬĂŶƉĞŶŐĞůŽůĂĂŶ͕ƉĞŶŐŽŶƚƌŽůĂŶ͕ƉĞŶŐĞŵďĂŶŐĂŶ
ĚĂŶ ƉĞŶŐĂǁĂƐĂŶ ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶƵŶƚƵŬŵĞŶũĂŵŝŶŬĞƐĞƐƵĂŝĂŶŬĞƌũĂĚĞŶŐĂŶ
^KWƐƚĂŶĚĂƌŬĞĂŵĂŶĂŶĂƚĂƵtŽƌŬ/ŶƐƚƌƵĐƚŝŽŶĚŝůŽŬĂƐŝ
WŝŚĂŬWĞƌƚĂŵĂ͖
ϰͿ DĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ ƉĞŵďŝŶĂĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶ ƚĞƌŵĂƐƵŬ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ
WŝŚĂŬ WĞƌƚĂŵĂ ;ďŝůĂ ĂĚĂͿ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ WŝŚĂŬ
<ĞĚƵĂ ƵŶƚƵŬ ŵĞŶũĂŵŝŶ ƉĞŵĂŚĂŵĂŶ ƚĞƌŚĂĚĂƉ ƚƵŐĂƐͲ
ƚƵŐĂƐŬĞĂŵĂŶĂŶLJĂŶŐĚŝďĞƌŝŬĂŶ͖
ϱͿ <ŽŽƌĚŝŶĂƐŝ ĚĞŶŐĂŶ ŵĂŶĂũĞŵĞŶ ƉĞƌƵƐĂŚĂĂŶ WŝŚĂŬ
WĞƌƚĂŵĂĚĂůĂŵŵĞŶLJƵƐƵŶ^ĞĐƵƌŝƚLJ^ƚĂŶĚĂƌƚKƉĞƌĂƚŝŶŐ
WƌŽĐĞĚƵƌĞƐĚĂŶŵĞŶŐĞůŽůĂŝŵƉůĞŵĞŶƚĂƐŝŶLJĂ͖
ϲͿ DĞŶLJĞĚŝĂŬĂŶ^ĞĐƵƌŝƚLJZĞƉŽƌƚŬĞƉĂĚĂŵĂŶĂũĞŵĞŶWŝŚĂŬ
WĞƌƚĂŵĂ ƐĞƌƚĂ ŵĞŵĨĂƐŝůŝƚĂƐŝ ĂĚĂŶLJĂ ŵĂŶĂũĞŵĞŶƚ
ƌĞǀŝĞǁ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ĞǀĂůƵĂƐŝ ƚĞƌƵƐ ŵĞŶĞƌƵƐ ŽůĞŚ
WŝŚĂŬ WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ĚĞŶŐĂŶ ũĂĚǁĂů
ďĞƌŬĂůĂLJĂŶŐĚŝƐĞƉĂŬĂƚŝƐĞďĞůƵŵŶLJĂ͖
ϳͿ ĂůĂŵŚĂůƉĞŶĂƌŝŬĂŶĂƚĂƵƉĞŶŐŐĂŶƚŝĂŶWĞƚƵŐĂƐ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶLJĂŶŐĚŝƚĞŵƉĂƚŬĂŶĚŝůŽŬĂƐŝWŝŚĂŬWĞƌƚĂŵĂ
ďĂŝŬ ŬĂƌĞŶĂ ĂůĂƐĂŶ ƉƌŽŵŽƐŝ ĂƚĂƵ ŚĂů ĂƉĂƉƵŶ͕ WŝŚĂŬ
<ĞĚƵĂ ǁĂũŝď ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŚĂů ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ
WŝŚĂŬWĞƌƚĂŵĂĂƚĂƵĚĞŶŐĂŶƉĞƌƐĞƚƵũƵĂŶWŝŚĂŬWĞƌƚĂŵĂ͘
,ĂŬWĂƌĂWŝŚĂŬ͗
ϭͿ ,ĂŬ WŝŚĂŬ WĞƌƚĂŵĂ ĂƉĂďŝůĂ WŝŚĂŬ WĞƌƚĂŵĂ ŵĞŵŝŶƚĂ
ƚĂŵďĂŚĂŶ ŬĞďƵƚƵŚĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ
ƵŶƚƵŬ ůĞŵďƵƌ ĂƚĂƵ ďĞŬĞƌũĂ Ěŝ ůƵĂƌ ũĂŵ ƐƚĂŶĚĂƌ͕ WŝŚĂŬ
WĞƌƚĂŵĂ ŵĞŶŐĂũƵŬĂŶ ƐƵƌĂƚ ŬĞ WŝŚĂŬ <ĞĚƵĂ ƉĂůŝŶŐ
ůĂŵďĂƚϭϮũĂŵƐĞďĞůƵŵŶLJĂĚĞŶŐĂŶƉĞƌŚŝƚƵŶŐĂŶĚŝůƵĂƌ
ŝŶǀŽŝĐĞLJĂŶŐĂŬĂŶĚŝďŝĐĂƌĂŬĂŶƚĞƌůĞďŝŚĚĂŚƵůƵ͘
ϮͿ ĞŶŐĂŶ ƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƉĞƌĨŽƌŵĂ
ƉĞƚƵŐĂƐ͕ WŝŚĂŬ <ĞĚƵĂ ďĞƌŚĂŬ ŵĞƌĞŬŽŵĞŶĚĂƐŝŬĂŶ ĚĂŶ
ĂƚĂƵ ďĞƌŚĂŬ ŵĞŶĞƌĂƉŬĂŶ ƉĞŶŝůĂŝĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶLJĂŶŐĂĚĂĚĂŶĂƉĂďŝůĂŵĞŵĂŶŐĚŝƉĂŶĚĂŶŐ
ƉĞƌůƵďĞƌĚĂƐĂƌŬĂŶƉĂƌĂŵĞƚĞƌŬŝŶĞƌũĂ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ ϭ:ĂŶƵĂƌŝϮϬϮϱƐĂŵƉĂŝϯϭĞƐĞŵďĞƌϮϬϮϱ͘
^ĞƚĞůĂŚďĞƌũĂůĂŶĚĂůĂŵŬƵƌƵŶǁĂŬƚƵϭ;ƐĂƚƵͿƚĂŚƵŶ͕ƉĞƌũĂŶũŝĂŶ
ĂŬĂŶ ƐĞĐĂƌĂ ŽƚŽŵĂƚŝƐ ďĞƌůĂŶũƵƚ ƵŶƚƵŬ ŵĂƐĂ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ
ŬĞĚĞƉĂŶ͕ LJĂŶŐ ƚĞƚĂƉ ĂŬĂŶ ĚŝƚƵĂŶŐŬĂŶ ĚĂůĂŵ ĚĚĞŶĚƵŵ
WĞƌũĂŶũŝĂŶ LJĂŶŐ ĂŬĂŶ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ƉĂƌĂ ƉŝŚĂŬ ƐĞƐƵĂŝ
ĚĞŶŐĂŶ ŬĞƐĞƉĂŬĂƚĂŶ͕ ŬĞĐƵĂůŝ ĂƉĂďŝůĂ ƐĂůĂŚ ƐĂƚƵ ƉŝŚĂŬ
ŵĞŵƵƚƵƐŬĂŶƵŶƚƵŬŵĞŶŐĂŬŚŝƌŝƉĞƌũĂŶũŝĂŶĚĂŶͬĂƚĂƵŵĞƌƵďĂŚ
ŵĂƐĂƉĞƌũĂŶũŝĂŶĚĞŶŐĂŶƉĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂƉŝŚĂŬ
LJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͕ƉĂůŝŶŐůĂŵďĂƚĚĂůĂŵŬƵƌƵŶǁĂŬƚƵϭ;ƐĂƚƵͿ
ďƵůĂŶƐĞďĞůƵŵƚĂŶŐŐĂůďĞƌĂŬŚŝƌŶLJĂƉĞƌũĂŶũŝĂŶ͘
ĞŶĚĂ ͗ ƉĂďŝůĂ ƚĞƌũĂĚŝ ŬĞƚĞƌůĂŵďĂƚĂŶ ƉĞŵďĂLJĂƌĂŶ͕ ŵĂŬĂ WŝŚĂŬ
WĞƌƚĂŵĂ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ĚĞŶĚĂ ŽůĞŚ WŝŚĂŬ <ĞĚƵĂ ƐĞďĞƐĂƌ
Ϭ͕ϭй ƉĞƌ ŚĂƌŝ ĚĂƌŝ ŶŝůĂŝ ŬŽŶƚƌĂŬ ĂƉĂďŝůĂ ĂĚĂ ŬĞƚĞƌůĂŵďĂƚĂŶ
ĚĞŶŐĂŶ ĚĞŶĚĂ ŵĂŬƐŝŵĂů ĂĚĂůĂŚ ϱй ĚĂƌŝ ƚŽƚĂů ũƵŵůĂŚ LJĂŶŐ
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ƌĞĂWĞƌƵƐĂŚĂĂŶͬ>ŽŬĂƐŝ<ĞƌũĂ ͗ :ĂůĂŶ <ĂďƵƉĂƚĞŶ͕ ĞƐĂ ĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕ <ĞĐĂŵĂƚĂŶ Ğũŝ͕
WĂƐƵƌƵĂŶ͘
,ĂƌŐĂWĞŬĞƌũĂĂŶ ͗ dŽƚĂůŚĂƌŐĂƐĞďĞůƵŵƉĂũĂŬĂĚĂůĂŚƐĞďĞƐĂƌZƉϭϬϮ͘ϲϱϭ͘ϳϳϵ͕ϱϳ
;ƐĞƌĂƚƵƐĚƵĂũƵƚĂĞŶĂŵƌĂƚƵƐůŝŵĂƉƵůƵŚƐĂƚƵƌŝďƵƚƵũƵŚƌĂƚƵƐ
ƚƵũƵŚƉƵůƵŚƐĞŵďŝůĂŶZƵƉŝĂŚůŝŵĂƉƵůƵŚƚƵũƵŚƐĞŶͿ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ϮͿ WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂůŝŚĂLJĂŶƚĂƌĂWd ^ƚĞĞů WŝƉĞ/ŶĚƵƐƚƌLJKĨ/ŶĚŽŶĞƐŝĂdďŬĞŶŐĂŶWd^ŚĞůƚĞƌ
/ŶĚŽŶĞƐŝĂ 'ĞŵŝůĂŶŐ EŽ͘W<^ͬ^/'ͬϱ/ͲϬϭϮϬϮϲͲϬϬϬϬϮ ƚĂŶŐŐĂů ϯϬ ĞƐĞŵďĞƌ ϮϬϮϱ LJĂŶŐ ŵĞŶŐĂƚƵƌ
ŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
Wd^ŚĞůƚĞƌ/ŶĚŽŶĞƐŝĂ'ĞŵŝůĂŶŐ;WŝŚĂŬ<ĞĚƵĂͿ͘
WĞŶŐĞƌƚŝĂŶĚĂŶZƵĂŶŐ>ŝŶŐŬƵƉ ͗ ϭͿ dĞŶĂŐĂŬĞƌũĂďĞƌĂƌƚŝƚĞŶĂŐĂŬĞƌũĂLJĂŶŐƚĞƌŝŬĂƚŚƵďƵŶŐĂŶ
WĞŬĞƌũĂĂŶ ŬĞƌũĂĚĂŶͬĂƚĂƵŬŽŶƚƌĂŬŬĞƌũĂĚĞŶŐĂŶWŝŚĂŬ<ĞĚƵĂ͖
ϮͿ ŝĂLJĂ :ĂƐĂ ďĞƌĂƌƚŝ ďŝĂLJĂ LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ ŽůĞŚ WŝŚĂŬ
WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ĂƚĂƐ WĞƌũĂŶũŝĂŶ ĚĂŶ
ĚŝŬĞŶĂŬĂŶĂƚĂƐƵƉĂŚLJĂŶŐĚŝƚĞƌŝŵĂŽůĞŚdĞŶĂŐĂ<ĞƌũĂ͕Ěŝ
ůƵĂƌhƉĂŚ>ĞŵďƵƌĚĂŶd,Z͘
ϯͿ zĂŶŐĚŝŵĂŬƐƵĚĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶůŝŚĂLJĂ;ƐĞůĂŶũƵƚŶLJĂ
ĚŝƐĞďƵƚ ΗWĞƌũĂŶũŝĂŶΗͿ ĂĚĂůĂŚ WŝŚĂŬ WĞƌƚĂŵĂ
ŵĞŶLJĞƌĂŚŬĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƐĂƚƵ ĂƚĂƵ ůĞďŝŚ ũĞŶŝƐ
ƉĞŬĞƌũĂĂŶ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ͕ ĚŝŵĂŶĂ ŚĂƐŝů
ƉĞůĂŬƐĂŶĂĂŶƉĞŬĞƌũĂĂŶĚŝŵĂŬƐƵĚĂŬĂŶĚŝƐĞƌĂŚŬĂŶŽůĞŚ
WŝŚĂŬ <ĞĚƵĂ ŬĞƉĂĚĂ WŝŚĂŬ WĞƌƚĂŵĂ ĚĂŶ ƐĞƉĞŶƵŚŶLJĂ
ŵĞŶũĂĚŝŵŝůŝŬWŝŚĂŬWĞƌƚĂŵĂ͘
ϰͿ WĞŬĞƌũĂĂŶ LJĂŶŐ ƉĞůĂŬƐĂŶĂŶLJĂ ĚŝƐĞƌĂŚŬĂŶ ŽůĞŚ WŝŚĂŬ
WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ĂĚĂůĂŚ ƉĞŬĞƌũĂĂŶͲ
ƉĞŬĞƌũĂĂŶLJĂŶŐĚĂƌŝƐŝĨĂƚĚĂŶŬĂƌĂŬƚĞƌŝƐƚŝŬƉĞŬĞƌũĂĂŶŶLJĂ
ĚŝŐŽůŽŶŐŬĂŶ ƐĞďĂŐĂŝ ƉĞŬĞƌũĂĂŶ ƉĞŶƵŶũĂŶŐ͕
ƐĞďĂŐĂŝŵĂŶĂƚĞƌůĂŵƉŝƌĚĂůĂŵůĂŵƉŝƌĂŶůĚĂƌŝƉĞƌũĂŶũŝĂŶ͘
ϱͿ hƌĂŝĂŶ ƚĞŬŶŝƐ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ĚŝŵĂŬƐƵĚ ĂŬĂŶ
ĚŝũĞůĂƐŬĂŶ ƐĞĐĂƌĂ ƚĞƌƐĞŶĚŝƌŝ ĚĂůĂŵ ůĂŵƉŝƌĂŶ ƉĞƌũĂŶũŝĂŶ
;Η>ĂŵƉŝƌĂŶϭWĞƌũĂŶũŝĂŶΗͿĚĂŶŵĞƌƵƉĂŬĂŶďĂŐŝĂŶƚŝĚĂŬ
ƚĞƌƉŝƐĂŚŬĂŶĚĂƌŝƉĞƌũĂŶũŝĂŶ͘
,ĂŬĚĂŶ<ĞǁĂũŝďĂŶWĂƌĂWŝŚĂŬ ͗ <ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞůĂƉŽƌŬĂŶ ƉĞŬĞƌũĂĂŶ ƉĞŶƵŶũĂŶŐ LJĂŶŐ ĚŝƐĞƌĂŚŬĂŶ
WŝŚĂŬ <ĞĚƵĂ ŬĞƉĂĚĂ ŝŶƐƚĂŶƐŝ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐũĂǁĂď
ĚŝďŝĚĂŶŐŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ ŬĂďƵƉĂƚĞŶͬŬŽƚĂƚĞŵƉĂƚůŝŚ
ĂLJĂĚŝůĂŬƐĂŶĂŬĂŶ͘
ϮͿ DĞůĂƉŽƌŬĂŶ dĞŶĂŐĂ <ĞƌũĂ ŬĞƉĂĚĂ WŝŚĂŬ LJĂŶŐ ďĞƌǁĂũŝď
ĂƉĂďŝůĂ dĞŶĂŐĂ <ĞƌũĂ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƐƵĂƚƵ ƚŝŶĚĂŬ
ƉŝĚĂŶĂ ĚĂŶ ƵŶƚƵŬ ŝƚƵ WŝŚĂŬ WĞƌƚĂŵĂ ǁĂũŝď
ŵĞŵďĞƌŝƚĂŚƵŬĂŶŚĂůƚĞƌƐĞďƵƚƉĂůŝŶŐůĂŵĂϮϰ;ĚƵĂƉƵůƵŚ
ĞŵƉĂƚͿũĂŵƐĞũĂŬĚŝŬĞƚĂŚƵŝŶLJĂƚŝŶĚĂŬƉŝĚĂŶĂĚŝŵĂŬƐƵĚ
ŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂ͘
ϯͿ DĞŵďĂLJĂƌ ƚĂŐŝŚĂŶ ƐĞƐƵĂŝ ũƵŵůĂŚ LJĂŶŐ ƚĞƌĚĂƉĂƚ ƉĂĚĂ
ƉĂƐĂů ϱ ďƵƚŝƌ ϭ ĚĂƌŝ WŝŚĂŬ <ĞĚƵĂ LJĂŶŐ ƚĂƚĂ ĐĂƌĂ ƐĞƌƚĂ
ƌŝŶĐŝĂŶŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ĂĚĚĞŶĚƵŵ LJĂŶŐ ĚŝůĂŵƉŝƌŬĂŶ
ĚĂŶƚŝĚĂŬƚĞƌƉŝƐĂŚŬĂŶĚĂƌŝWĞƌũĂŶũŝĂŶ͘
ϰͿ DĞŶLJĞůĞƐĂŝŬĂŶ ƉĞŵďĂLJĂƌĂŶ ŝŶǀŽŝĐĞ ƐĞůĂŵďĂƚͲ
ůĂŵďĂƚŶLJĂϯϬ;ƚŝŐĂƉƵůƵŚͿŚĂƌŝƐĞƚĞůĂŚŝŶǀŽŝĐĞĚŝƚĞƌŝŵĂ
WŝŚĂŬWĞƌƚĂŵĂ͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
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ϭͿ DĞŶĚĂĨƚĂƌŬĂŶƉĞƌũĂŶũŝĂŶůŝŚĂLJĂŬĞƉĂĚĂŝŶƐƚĂŶƐŝLJĂŶŐ
ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď Ěŝ ďŝĚĂŶŐ ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ
ŬĂďƵƉĂƚĞŶͬŬŽƚĂƚĞŵƉĂƚĂůŝŚĚĂLJĂĚŝůĂŬƐĂŶĂŬĂŶ͘
ϮͿ DĞŶLJĞĚŝĂŬĂŶ dĞŶĂŐĂ <ĞƌũĂ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌŵŝŶƚĂĂŶ
ƐĞĐĂƌĂƚĞƌƚƵůŝƐĚĂƌŝWŝŚĂŬWĞƌƚĂŵĂ͕LJĂŶŐďĞƌŝƐŝŬĂŶũĂŶŐŬĂ
ǁĂŬƚƵ͕ƉĞƌƐLJĂƌĂƚĂŶŬĞƚĞƌĂŵƉŝůĂŶLJĂŶŐĚŝďƵƚƵŚŬĂŶ͕ũĞŶŝƐ
ƉĞŬĞƌũĂĂŶ͕ ũƵŵůĂŚ dĞŶĂŐĂ <ĞƌũĂ LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ͕
ƵƉĂŚͬŐĂũŝ ĚĂŶ ŬŽŵƉĞŶƐĂƐŝ ůĂŝŶŶLJĂ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ
ŬĞƉĂĚĂdĞŶĂŐĂ<ĞƌũĂ͘
ϯͿ DĞŵďĞƌŝŬĂŶĂĨƚĂƌEĂŵĂdĞŶĂŐĂ<ĞƌũĂLJĂŶŐĚŝĂŶŐŐĂƉ
ŵĞŵĞŶƵŚŝ ƐLJĂƌĂƚ ƐĞƌƚĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬƌŝƚĞƌŝĂ LJĂŶŐ
ĚŝŵŝŶƚĂŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ͘
ϰͿ DĞŵďĞƌŝŬĂŶ ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ WŝŚĂŬ
WĞƌƚĂŵĂƚĞŶƚĂŶŐďĂƚĂƐǁĂŬƚƵƉĞŶŐŐƵŶĂĂŶdĞŶĂŐĂ<ĞƌũĂ
ƉĂůŝŶŐ ůĂŵďĂƚ ϯϬ ;ƚŝŐĂ ƉƵůƵŚͿ ŚĂƌŝ ƐĞďĞůƵŵ WĞƌũĂŶũŝĂŶ
<ĞƌũĂLJĂŶŐĚŝďƵĂƚŽůĞŚĚĂŶĂŶƚĂƌĂWŝŚĂŬ<ĞĚƵĂĚĞŶŐĂŶ
dĞŶĂŐĂ<ĞƌũĂďĞƌĂŬŚŝƌ͘
ϱͿ DĞŶŐĂũƵŬĂŶ ĚĂŶ ŵĞŵďƵĂƚ ƐƵƌĂƚ ƉĞƌƉĂŶũĂŶŐĂŶ
WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ĂƉĂďŝůĂ͕ ƚĞƌŶLJĂƚĂ WŝŚĂŬ WĞƌƚĂŵĂ
ďĞƌŵĂŬƐƵĚ ƵŶƚƵŬ ŵĞŵƉĞƌƉĂŶũĂŶŐ ǁĂŬƚƵ WĞŶĞŵƉĂƚĂŶ
dĞŶĂŐĂ<ĞƌũĂďĞƌƐĂŶŐŬƵƚĂŶƐĂŵƉĂŝĚĞŶŐĂŶďĂƚĂƐǁĂŬƚƵ
ƚĞƌƚĞŶƚƵLJĂŶŐĚŝƉĞƌďŽůĞŚŬĂŶŽůĞŚƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϲͿ DĞŶLJĞĚŝĂŬĂŶ ůĞŵďĂƌ ĂďƐĞŶƐŝ LJĂŶŐ ďĞƌŐƵŶĂ ƵŶƚƵŬ
ŵĞŶĐĂƚĂƚ ŬĞŚĂĚŝƌĂŶ ŬĞƌũĂ ďĂŐŝ ŵĂƐŝŶŐͲŵĂƐŝŶŐ dĞŶĂŐĂ
Kerja (selanjutnya disebut “Absensi") serta wajib
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚ^ƵƉĞƌǀŝƐŽƌLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚWŝŚĂŬ
WĞƌƚĂŵĂͬ^ƚĂĨĨ WŝŚĂŬ WĞƌƚĂŵĂ ƵŶƚƵŬ ŵĞŶƵŶũƵŬŬĂŶ
ŶŽƌŵĂůũĂŵŬĞƌũĂĚĂŶũĂŵ/ĞŵďƵƌLJĂŶŐĚŝƐĞƚƵũƵŝ;ĂƉĂďŝůĂ
ĂĚĂͿ͘
ϳͿ DĞŶũĂŐĂŬĞƌĂŚĂƐŝĂĂŶWŝŚĂŬWĞƌƚĂŵĂƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ
ƐĞŵƵĂ ĚŽŬƵŵĞŶ͕ ŬĞƚĞƌĂŶŐĂŶ͕ ĚĂƚĂͲĚĂƚĂ͕ ĐĂƚĂƚĂŶͲ
ĐĂƚĂƚĂŶ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ďĂŝŬ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ
ůĂŶŐƐƵŶŐ͕ŬĞƉĂĚĂƉŝŚĂŬůĂŝŶƚĂŶƉĂŝnjŝŶƚĞƌƚƵůŝƐĚĂƌŝWŝŚĂŬ
WĞƌƚĂŵĂ ďĂŝŬ ƐĞůĂŵĂ ďĞƌůĂŬƵŶLJĂ WĞƌũĂŶũŝĂŶ ŵĂƵƉƵŶ
WĞƌũĂŶũŝĂŶ ďĞƌĂŬŚŝƌ͘ hŶƚƵŬ ŝŶŝ WŝŚĂŬ <ĞĚƵĂ ǁĂũŝď
ŵĞŵĂƐƚŝŬĂŶďĂŚǁĂdĞŶĂŐĂ<ĞƌũĂƚĞůĂŚŵĞŶĂŶĚĂƚĂŶŐĂŶŝ
^ƵƌĂƚ WĞƌŶLJĂƚĂĂŶ ƵŶƚƵŬ ŵĞŶũĂŐĂ ŬĞƌĂŚĂƐŝĂĂŶ WŝŚĂŬ
WĞƌƚĂŵĂ͘
ϴͿ ƉĂďŝůĂ dĞŶĂŐĂ <ĞƌũĂ ĚĂƌŝ WŝŚĂŬ <ĞĚƵĂ ƚŝĚĂŬ ŵĂŵƉƵ
ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂďŶLJĂ ƐĞƐƵĂŝ
ůŝŶŐŬƵƉ ƚƵŐĂƐ WŝŚĂŬ WĞƌƚĂŵĂ͕ WŝŚĂŬ <ĞĚƵĂ ĂŬĂŶ
ŵĞŶŐŐĂŶƚŝdĞŶĂŐĂ<ĞƌũĂLJĂŶŐĚŝŵĂŬƐƵĚĚĂůĂŵǁĂŬƚƵϭϰ
;ĞŵƉĂƚďĞůĂƐͿŚĂƌŝŬĂůĞŶĚĞƌƚĞƌŚŝƚƵŶŐƐĞũĂŬĚŝƚĞƌŝŵĂŶLJĂ
ƐƵƌĂƚƉĞŵďĞƌŝƚĂŚƵĂŶĚĂƌŝWŝŚĂŬWĞƌƚĂŵĂŬĞƉĂĚĂWŝŚĂŬ
<ĞĚƵĂ͘
ϵͿ hŶƚƵŬŵĞŶŐŚŝƚƵŶŐĚĂŶŵĞŵďĂLJĂƌhƉĂŚ͕WWŚϮϭ͕hƉĂŚ
>ĞŵďƵƌ͕ d,Z͕ W:^ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ ĚĂŶ W:^
<ĞƐĞŚĂƚĂŶ͕ĂƚĂƐƐĞƚŝĂƉdĞŶĂŐĂ<ĞƌũĂLJĂŶŐĚŝŬĂƌLJĂŬĂŶĚŝ
WŝŚĂŬWĞƌƚĂŵĂďĞƌĚĂƐĂƌŬĂŶŬĞƐĞƉĂŬĂƚĂŶWĂƌĂWŝŚĂŬ͘
ϭϬͿ DĞŶŐŝƌŝŵŬĂŶ ƚĂŐŝŚĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ
ĚŝĂƚƵƌĚĂůĂŵWĞƌũĂŶũŝĂŶŬĞƉĂĚĂWŝŚĂŬWĞƌƚĂŵĂ͘
143
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ϭϭͿ WŝŚĂŬ <ĞĚƵĂ ƐĞƚƵũƵ ƵŶƚƵŬ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶƵŚ
ĂƚĂƐ ƉĞƌŚŝƚƵŶŐĂŶ͕ ƉĞŵŽƚŽŶŐĂŶ͕ ƉĞŵďĂLJĂƌĂŶ ĚĂŶ
ƉĞůĂƉŽƌĂŶ WWŚ Ϯϭ ŬĞƉĂĚĂ ŬĂŶƚŽƌ ƉĂũĂŬ ĂƚĂƐ ƐĞůƵƌƵŚ
ƉĞŶŐŚĂƐŝůĂŶ LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ ŬĞƉĂĚĂ dĞŶĂŐĂ <ĞƌũĂ
ƐĞƐƵĂŝĚĞŶŐĂŶWĞƌũĂŶũŝĂŶ͘WŝŚĂŬ<ĞĚƵĂũŝŬĂĚŝŵŝŶƚĂŽůĞŚ
WŝŚĂŬ WĞƌƚĂŵĂ ǁĂũŝď ŵĞŶƵŶũƵŬŬĂŶ ƐĞŵƵĂ ĚŽŬƵŵĞŶ
LJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶWWŚϮϭƚĞƌƐĞďƵƚ͘
ϭϮͿ WŝŚĂŬ<ĞĚƵĂǁĂũŝďŵĞŵďĞƌŝŬĂŶďƵŬƚŝƉĞŵďĂLJĂƌĂŶW:^
<ĞƚĞŶĂŐĂŬĞƌũĂĂŶĚĂŶ<ĞƐĞŚĂƚĂŶŬĞƉĂĚĂWŝŚĂŬWĞƌƚĂŵĂ
ƐĞƚŝĂƉďƵůĂŶ͘
ϭϯͿ ƉĂďŝůĂĚĂůĂŵƌĞĂůŝƐĂƐŝŶLJĂƚĞƌŶLJĂƚĂƚĞƌĚĂƉĂƚƉĞƌďĞĚĂĂŶ
ũƵŵůĂŚ ƉĞŵďĂLJĂƌĂŶ W:^ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ ĚĂŶ
<ĞƐĞŚĂƚĂŶĚĂƌŝũƵŵůĂŚLJĂŶŐĚŝďĂLJĂƌŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ
ŵĂŬĂWŝŚĂŬ<ĞĚƵĂĂŬĂŶĚŝŬĞŶĂŬĂŶĚĞŶĚĂƐĞďĞƐĂƌϭϬϬй
ĚĂƌŝũƵŵůĂŚLJĂŶŐƚŝĚĂŬĚŝďĂLJĂƌŬĂŶLJĂŶŐŵĞƌƵƉĂŬĂŶŚĂŬ
ĚĂƌŝWĞŬĞƌũĂĚĞŶŐĂŶĚŝƚĂŵďĂŚŬŽŶƐĞŬƵĞŶƐŝƉĞŶŐĂŬŚŝƌĂŶ
ƉĞƌũĂŶũŝĂŶŬĞƌũĂƐĂŵĂ͘
,ĂŬWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞŶĞŶƚƵŬĂŶ ŬƌŝƚĞƌŝĂ͕ ƉĞŶŐĂƚƵƌĂŶ ǁĂŬƚƵ ŬĞƌũĂ ƐĞƌƚĂ
ƚƵŐĂƐ Ͳ ƚƵŐĂƐ ůĂŝŶŶLJĂ ƵŶƚƵŬ dĞŶĂŐĂ <ĞƌũĂ LJĂŶŐ
ĚŝďƵƚƵŚŬĂŶĚĂŶĂŬĂŶĚŝƉĞŬĞƌũĂŬĂŶ;ĚŝŬĂƌLJĂŬĂŶͿĚŝWŝŚĂŬ
WĞƌƚĂŵĂ͕
ϮͿ DĞŵďĞƌůĂŬƵŬĂŶ ƐĞŐĂůĂ ƉĞƌĂƚƵƌĂŶ ĚĂŶͬĂƚĂƵ ƚĂƚĂ ƚĞƌƚŝď
LJĂŶŐ ďĞƌůĂŬƵ Ěŝ WŝŚĂŬ WĞƌƚĂŵĂ ŬĞƉĂĚĂ dĞŶĂŐĂ <ĞƌũĂ
WŝŚĂŬ<ĞĚƵĂLJĂŶŐĚŝƚĞŵƉĂƚŬĂŶƉĂĚĂWŝŚĂŬWĞƌƚĂŵĂ͘
,ĂŬWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞŶĞƌŝŵĂ ƉĞŵďĂLJĂƌĂŶ ĂƚĂƐ ďŝĂLJĂ ũĂƐĂ dĞŶĂŐĂ <ĞƌũĂ
LJĂŶŐƚĞůĂŚĚŝƚĞŵƉĂƚŬĂŶĚŝƚĞŵƉĂƚLJĂŶŐĚŝƚĞŶƚƵŬĂŶŽůĞŚ
WŝŚĂŬWĞƌƚĂŵĂ͘
ϮͿ DĞŶŐĂũƵŬĂŶ ŬĞŶĂŝŬĂŶ ƵƉĂŚ ĚĂŶͬĂƚĂƵ ƚƵŶũĂŶŐĂŶ LJĂŶŐ
ĚŝďĞƌŝŬĂŶ ŬĞƉĂĚĂ dĞŶĂŐĂ <ĞƌũĂ LJĂŶŐ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ
WŝŚĂŬ WĞƌƚĂŵĂ͕ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ hƉĂŚ DŝŶŝŵƵŵ
<ŽƚĂ;hD<ͿLJĂŶŐďĞƌůĂŬƵ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ ϭ:ĂŶƵĂƌŝϮϬϮϲƐĂŵƉĂŝϯϭĞƐĞŵďĞƌϮϬϮϲĚĂŶĚĂƉĂƚĚŝƚŝŶũĂƵ
ŬĞŵďĂůŝŽůĞŚƉĂƌĂƉŝŚĂŬ͘
ĞŶĚĂ ͗ <ĞƚĞƌůĂŵďĂƚĂŶ ƉĞŵďĂLJĂƌĂŶ ůĞďŝŚ ĚĂƌŝ ƐĂƚƵ ŵŝŶŐŐƵ͕ ĂŬĂŶ
ĚŝŬĞŶĂŬĂŶĚĞŶĚĂƉĞƌ ŚĂƌŝϬ͕ϭй;ŶŽůŬŽŵĂƐĂƚƵƉĞƌƐĞŶͿĚĂƌŝ
ŶŝůĂŝŬŽŶƚƌĂŬ͘
ƌĞĂWĞƌƵƐĂŚĂĂŶͬ>ŽŬĂƐŝ<ĞƌũĂ ͗ WĞƌŐƵĚĂŶŐĂŶDĂŶŐŬƵƉĂůĂƐƵƐŝŶĞƐƐĞŶƚĞƌ ϭϬͲ ϭϭ͕Zd͘ϬϬϮ͕
<Ğů͘^ŝŵƉĂŶŐWĂƐŝƌ͕WĂůĂƌĂŶ͕^ĂŵĂƌŝŶĚĂŝƚLJ͕ ĂƐƚ<ĂůŝŵĂŶƚĂŶ
ϳϱϮϱϭ͘
,ĂƌŐĂWĞŬĞƌũĂĂŶ ͗ dŽƚĂů ŚĂƌŐĂ ƐĞďĞůƵŵ ƉĂũĂŬ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϯϳ͘ϴϴϭ͘ϵϯϴ͕ϭϱ
;ƚŝŐĂƉƵůƵŚƚƵũƵŚũƵƚĂĚĞůĂƉĂŶƌĂƚƵƐĚĞůĂƉĂŶƉƵůƵŚƐĂƚƵƌŝďƵ
ƐĞŵďŝůĂŶƌĂƚƵƐƚŝŐĂƉƵůƵŚĚĞůĂƉĂŶZƵƉŝĂŚůŝŵĂďĞůĂƐƐĞŶͿ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ϯͿ WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ůŝŚ ĂLJĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ ĂŶ WĞŶŐĞůŽůĂĂŶ <ĞĂŵĂŶĂŶ
EŽ͘W<^ͬ'^hͬ:ϳͲϭϭϮϬϮϱͲϬϬϬϬϭƚĂŶŐŐĂůϭ:ĂŶƵĂƌŝϮϬϮϲLJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
Wd'ůŽďĂů^ĞĐƵƌŝŶĚŽhƚĂŵĂ;WŝŚĂŬ<ĞĚƵĂͿ͘
WĞŶƵŶũƵŬĂŶ ͗ WŝŚĂŬ WĞƌƚĂŵĂ ƚĞůĂŚ ŵĞŶƵŶũƵŬ WŝŚĂŬ <ĞĚƵĂ ƵŶƚƵŬ
ŵĞŶLJĞĚŝĂŬĂŶ :ĂƐĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ ĚĂŶ
WĞŶŐĞůŽůĂĂŶ<ĞĂŵĂŶĂŶ;KƵƚƐŽƵƌĐŝŶŐͿ͕ƐĞƐƵĂŝĚĞŶŐĂŶƐLJĂƌĂƚͲ
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ƐLJĂƌĂƚĚĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵƉĂĚĂƉĂƐĂůͲƉĂƐĂůĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶŬĞƌũĂƐĂŵĂĂůŝŚĚĂLJĂ͘
,ĂŬĚĂŶ<ĞǁĂũŝďĂŶWĂƌĂWŝŚĂŬ ͗ <ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞŶLJĞůĞƐĂŝŬĂŶ ƉĞŵďĂLJĂƌĂŶ ŝŶǀŽŝĐĞ ƐĞůĂŵďĂƚŶLJĂ ϯϬ
ŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚŝŶǀŽŝĐĞĚŝƚĞƌŝŵĂŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ͖
ϮͿ DĞŵďĞƌŝŬĂŶĚƵŬƵŶŐĂŶŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂĚĂůĂŵŚĂů
ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƉĞůĂƚŝŚĂŶ ƉĞŵďŝŶĂĂŶ ƉĞƚƵŐĂƐ
ŬĞĂŵĂŶĂŶŽůĞŚWŝŚĂŬ<ĞĚƵĂ͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞŶĞŵƉĂƚŬĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ Ěŝ ůŽŬĂƐŝ
WŝŚĂŬWĞƌƚĂŵĂLJĂŶŐƚĞůĂŚĚŝƐĞƉĂŬĂƚŝĚĂŶĚŝĂƚƵƌ ĚĂůĂŵ
ůĂŵƉŝƌĂŶ ƚĞƌƐĞŶĚŝƌŝ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƐĂƚƵ ŬĞƐĂƚƵĂŶ
ĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶ͖
ϮͿ DĞŶũĂŐĂŬĞĂŵĂŶĂŶĂƐĞƚĚĂŶƐƵŵďĞƌĚĂLJĂƉĞƌƵƐĂŚĂĂŶ
WŝŚĂŬWĞƌƚĂŵĂĚĞŶŐĂŶũĂĚǁĂůũĂŐĂLJĂŶŐĚŝĂƚƵƌŽůĞŚ^ŝƚĞ
ŽŽƌĚŝŶĂƚŽƌ ĚĂŶ ĚŝŬŽŵƵŶŝŬĂƐŝŬĂŶ ŬĞƉĂĚĂ WŝŚĂŬ
WĞƌƚĂŵĂ͖
ϯͿ DĞůĂŬƵŬĂŶƉĞŶŐĞůŽůĂĂŶ͕ƉĞŶŐŽŶƚƌŽůĂŶ͕ƉĞŶŐĞŵďĂŶŐĂŶ
ĚĂŶ ƉĞŶŐĂǁĂƐĂŶ ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶƵŶƚƵŬŵĞŶũĂŵŝŶŬĞƐĞƐƵĂŝĂŶŬĞƌũĂĚĞŶŐĂŶ
^KWƐƚĂŶĚĂƌŬĞĂŵĂŶĂŶĂƚĂƵtŽƌŬ/ŶƐƚƌƵĐƚŝŽŶĚŝůŽŬĂƐŝ
WŝŚĂŬWĞƌƚĂŵĂ͖
ϰͿ DĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ ƉĞŵďŝŶĂĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶ ƚĞƌŵĂƐƵŬ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ
WŝŚĂŬ WĞƌƚĂŵĂ ;ďŝůĂ ĂĚĂͿ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ WŝŚĂŬ
<ĞĚƵĂ ƵŶƚƵŬ ŵĞŶũĂŵŝŶ ƉĞŵĂŚĂŵĂŶ ƚĞƌŚĂĚĂƉ ƚƵŐĂƐͲ
ƚƵŐĂƐŬĞĂŵĂŶĂŶLJĂŶŐĚŝďĞƌŝŬĂŶ͖
ϱͿ <ŽŽƌĚŝŶĂƐŝ ĚĞŶŐĂŶ ŵĂŶĂũĞŵĞŶ ƉĞƌƵƐĂŚĂĂŶ WŝŚĂŬ
WĞƌƚĂŵĂĚĂůĂŵŵĞŶLJƵƐƵŶ^ĞĐƵƌŝƚLJ^ƚĂŶĚĂƌƚKƉĞƌĂƚŝŶŐ
WƌŽĐĞĚƵƌĞƐĚĂŶŵĞŶŐĞůŽůĂŝŵƉůĞŵĞŶƚĂƐŝŶLJĂ͖
ϲͿ DĞŶLJĞĚŝĂŬĂŶ^ĞĐƵƌŝƚLJZĞƉŽƌƚŬĞƉĂĚĂŵĂŶĂũĞŵĞŶWŝŚĂŬ
WĞƌƚĂŵĂ ƐĞƌƚĂ ŵĞŵĨĂƐŝůŝƚĂƐŝ ĂĚĂŶLJĂ ŵĂŶĂũĞŵĞŶƚ
ƌĞǀŝĞǁ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ĞǀĂůƵĂƐŝ ƚĞƌƵƐ ŵĞŶĞƌƵƐ ŽůĞŚ
WŝŚĂŬ WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ĚĞŶŐĂŶ ũĂĚǁĂů
ďĞƌŬĂůĂLJĂŶŐĚŝƐĞƉĂŬĂƚŝƐĞďĞůƵŵŶLJĂ͖
ϳͿ ĂůĂŵŚĂůƉĞŶĂƌŝŬĂŶĂƚĂƵƉĞŶŐŐĂŶƚŝĂŶWĞƚƵŐĂƐ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶLJĂŶŐĚŝƚĞŵƉĂƚŬĂŶĚŝůŽŬĂƐŝWŝŚĂŬWĞƌƚĂŵĂ
ďĂŝŬ ŬĂƌĞŶĂ ĂůĂƐĂŶ ƉƌŽŵŽƐŝ ĂƚĂƵ ŚĂů ĂƉĂƉƵŶ͕ WŝŚĂŬ
<ĞĚƵĂ ǁĂũŝď ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŚĂů ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ
WŝŚĂŬWĞƌƚĂŵĂĂƚĂƵĚĞŶŐĂŶƉĞƌƐĞƚƵũƵĂŶWŝŚĂŬWĞƌƚĂŵĂ͘
,ĂŬWĂƌĂWŝŚĂŬ͗
ϭͿ ,ĂŬ WŝŚĂŬ WĞƌƚĂŵĂ ĂƉĂďŝůĂ WŝŚĂŬ WĞƌƚĂŵĂ ŵĞŵŝŶƚĂ
ƚĂŵďĂŚĂŶ ŬĞďƵƚƵŚĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ
ƵŶƚƵŬ ůĞŵďƵƌ ĂƚĂƵ ďĞŬĞƌũĂ Ěŝ ůƵĂƌ ũĂŵ ƐƚĂŶĚĂƌ͕ WŝŚĂŬ
WĞƌƚĂŵĂ ŵĞŶŐĂũƵŬĂŶ ƐƵƌĂƚ ŬĞ WŝŚĂŬ <ĞĚƵĂ ƉĂůŝŶŐ
ůĂŵďĂƚϭϮũĂŵƐĞďĞůƵŵŶLJĂĚĞŶŐĂŶƉĞƌŚŝƚƵŶŐĂŶĚŝůƵĂƌ
ŝŶǀŽŝĐĞLJĂŶŐĂŬĂŶĚŝďŝĐĂƌĂŬĂŶƚĞƌůĞďŝŚĚĂŚƵůƵ͘
ϮͿ ĞŶŐĂŶ ƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƉĞƌĨŽƌŵĂ
ƉĞƚƵŐĂƐ͕ WŝŚĂŬ <ĞĚƵĂ ďĞƌŚĂŬ ŵĞƌĞŬŽŵĞŶĚĂƐŝŬĂŶ ĚĂŶ
ĂƚĂƵ ďĞƌŚĂŬ ŵĞŶĞƌĂƉŬĂŶ ƉĞŶŝůĂŝĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶLJĂŶŐĂĚĂĚĂŶĂƉĂďŝůĂŵĞŵĂŶŐĚŝƉĂŶĚĂŶŐ
ƉĞƌůƵďĞƌĚĂƐĂƌŬĂŶƉĂƌĂŵĞƚĞƌŬŝŶĞƌũĂ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ ϭ:ĂŶƵĂƌŝϮϬϮϲƐĂŵƉĂŝϯϭĞƐĞŵďĞƌϮϬϮϲ͘
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^ĞƚĞůĂŚďĞƌũĂůĂŶĚĂůĂŵŬƵƌƵŶǁĂŬƚƵϭ;ƐĂƚƵͿƚĂŚƵŶ͕ƉĞƌũĂŶũŝĂŶ
ĂŬĂŶ ƐĞĐĂƌĂ ŽƚŽŵĂƚŝƐ ďĞƌůĂŶũƵƚ ƵŶƚƵŬ ŵĂƐĂ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ
ŬĞĚĞƉĂŶ͕ LJĂŶŐ ƚĞƚĂƉ ĂŬĂŶ ĚŝƚƵĂŶŐŬĂŶ ĚĂůĂŵ ĚĚĞŶĚƵŵ
WĞƌũĂŶũŝĂŶ LJĂŶŐ ĂŬĂŶ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ƉĂƌĂ ƉŝŚĂŬ ƐĞƐƵĂŝ
ĚĞŶŐĂŶ ŬĞƐĞƉĂŬĂƚĂŶ͕ ŬĞĐƵĂůŝ ĂƉĂďŝůĂ ƐĂůĂŚ ƐĂƚƵ ƉŝŚĂŬ
ŵĞŵƵƚƵƐŬĂŶƵŶƚƵŬŵĞŶŐĂŬŚŝƌŝƉĞƌũĂŶũŝĂŶĚĂŶͬĂƚĂƵŵĞƌƵďĂŚ
ŵĂƐĂƉĞƌũĂŶũŝĂŶĚĞŶŐĂŶƉĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂƉŝŚĂŬ
LJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͕ƉĂůŝŶŐůĂŵďĂƚĚĂůĂŵŬƵƌƵŶǁĂŬƚƵϭ;ƐĂƚƵͿ
ďƵůĂŶƐĞďĞůƵŵƚĂŶŐŐĂůďĞƌĂŬŚŝƌŶLJĂƉĞƌũĂŶũŝĂŶ͘
ĞŶĚĂ ͗ ƉĂďŝůĂ ƚĞƌũĂĚŝ ŬĞƚĞƌůĂŵďĂƚĂŶ ƉĞŵďĂLJĂƌĂŶ͕ ŵĂŬĂ WŝŚĂŬ
WĞƌƚĂŵĂ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ĚĞŶĚĂ ŽůĞŚ WŝŚĂŬ <ĞĚƵĂ ƐĞďĞƐĂƌ
Ϭ͕ϭй ƉĞƌ ŚĂƌŝ ƐĂŵƉĂŝ ĂĚĂŶLJĂ ƉĞůƵŶĂƐĂŶ ĂƚĂƐ ƚĂŐŝŚĂŶ
ƚĞƌƐĞďƵƚ͘͘
ƌĞĂWĞƌƵƐĂŚĂĂŶͬ>ŽŬĂƐŝ<ĞƌũĂ ͗ WĞƌŐƵĚĂŶŐĂŶ^ĞŵĂŶĂŶDĞŐĂŚ<ĂǀϳůŽŬEŽ͘ϭϭ͕:ĂůĂŶĂĂŶ
DŽŐŽƚEŽ͘<ŵϭϴ͕^ĞŵĂŶĂŶ͕<ĂůŝĚĞƌĞƐ͕:ĂŬĂƌƚĂĂƌĂƚ͘
,ĂƌŐĂWĞŬĞƌũĂĂŶ ͗ 'ƌĂŶĚ ƚŽƚĂů ƐĞďĞůƵŵ ƉĂũĂŬ ƐĞďĞƐĂƌ ZƉϭϯ͘ϵϴϬ͘ϱϬϰ͕Ϭϰ ;ƚŝŐĂ
ďĞůĂƐũƵƚĂƐĞŵďŝůĂŶƌĂƚƵƐĚĞůĂƉĂŶƉƵůƵŚƌŝďƵůŝŵĂƌĂƚƵƐĞŵƉĂƚ
ZƵƉŝĂŚĞŵƉĂƚƐĞŶͿ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ϰͿ WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂůŝŚĂLJĂŶƚĂƌĂWd^ƚĞĞů WŝƉĞ/ŶĚƵƐƚƌLJKĨ/ŶĚŽŶĞƐŝĂdďŬĞŶŐĂŶWd^ŚĞůƚĞƌ
/ŶĚŽŶĞƐŝĂ 'ĞŵŝůĂŶŐ EŽ͘W<^ͬ^/'ͬ:ϴͲϭϭϮϬϮϱͲϬϬϬϬϮ ƚĂŶŐŐĂů ϭ :ĂŶƵĂƌŝ ϮϬϮϲ͕ LJĂŶŐ ŵĞŶŐĂƚƵƌ
ŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
Wd^ŚĞůƚĞƌ/ŶĚŽŶĞƐŝĂ'ĞŵŝůĂŶŐ;WŝŚĂŬ<ĞĚƵĂͿ͘
WĞŶŐĞƌƚŝĂŶĚĂŶZƵĂŶŐ>ŝŶŐŬƵƉ ͗ ϭͿ dĞŶĂŐĂŬĞƌũĂďĞƌĂƌƚŝƚĞŶĂŐĂŬĞƌũĂLJĂŶŐƚĞƌŝŬĂƚŚƵďƵŶŐĂŶ
WĞŬĞƌũĂĂŶ ŬĞƌũĂĚĂŶͬĂƚĂƵŬŽŶƚƌĂŬŬĞƌũĂĚĞŶŐĂŶWŝŚĂŬ<ĞĚƵĂ͖
ϮͿ ŝĂLJĂ :ĂƐĂ ďĞƌĂƌƚŝ ďŝĂLJĂ LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ ŽůĞŚ WŝŚĂŬ
WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ĂƚĂƐ WĞƌũĂŶũŝĂŶ ĚĂŶ
ĚŝŬĞŶĂŬĂŶĂƚĂƐƵƉĂŚLJĂŶŐĚŝƚĞƌŝŵĂŽůĞŚdĞŶĂŐĂ<ĞƌũĂ͕Ěŝ
ůƵĂƌhƉĂŚ>ĞŵďƵƌĚĂŶd,Z͘
ϯͿ zĂŶŐĚŝŵĂŬƐƵĚĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶůŝŚĂLJĂ;ƐĞůĂŶũƵƚŶLJĂ
ĚŝƐĞďƵƚ ΗWĞƌũĂŶũŝĂŶΗͿ ĂĚĂůĂŚ WŝŚĂŬ WĞƌƚĂŵĂ
ŵĞŶLJĞƌĂŚŬĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƐĂƚƵ ĂƚĂƵ ůĞďŝŚ ũĞŶŝƐ
ƉĞŬĞƌũĂĂŶ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ͕ ĚŝŵĂŶĂ ŚĂƐŝů
ƉĞůĂŬƐĂŶĂĂŶƉĞŬĞƌũĂĂŶĚŝŵĂŬƐƵĚĂŬĂŶĚŝƐĞƌĂŚŬĂŶŽůĞŚ
WŝŚĂŬ <ĞĚƵĂ ŬĞƉĂĚĂ WŝŚĂŬ WĞƌƚĂŵĂ ĚĂŶ ƐĞƉĞŶƵŚŶLJĂ
ŵĞŶũĂĚŝŵŝůŝŬWŝŚĂŬWĞƌƚĂŵĂ͘
ϰͿ WĞŬĞƌũĂĂŶ LJĂŶŐ ƉĞůĂŬƐĂŶĂŶLJĂ ĚŝƐĞƌĂŚŬĂŶ ŽůĞŚ WŝŚĂŬ
WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ĂĚĂůĂŚ ƉĞŬĞƌũĂĂŶͲ
ƉĞŬĞƌũĂĂŶLJĂŶŐĚĂƌŝƐŝĨĂƚĚĂŶŬĂƌĂŬƚĞƌŝƐƚŝŬƉĞŬĞƌũĂĂŶŶLJĂ
ĚŝŐŽůŽŶŐŬĂŶ ƐĞďĂŐĂŝ ƉĞŬĞƌũĂĂŶ ƉĞŶƵŶũĂŶŐ͕
ƐĞďĂŐĂŝŵĂŶĂƚĞƌůĂŵƉŝƌĚĂůĂŵůĂŵƉŝƌĂŶůĚĂƌŝƉĞƌũĂŶũŝĂŶ͘
ϱͿ hƌĂŝĂŶ ƚĞŬŶŝƐ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ĚŝŵĂŬƐƵĚ ĂŬĂŶ
ĚŝũĞůĂƐŬĂŶ ƐĞĐĂƌĂ ƚĞƌƐĞŶĚŝƌŝ ĚĂůĂŵ ůĂŵƉŝƌĂŶ ƉĞƌũĂŶũŝĂŶ
;Η>ĂŵƉŝƌĂŶϭWĞƌũĂŶũŝĂŶΗͿĚĂŶŵĞƌƵƉĂŬĂŶďĂŐŝĂŶƚŝĚĂŬ
ƚĞƌƉŝƐĂŚŬĂŶĚĂƌŝƉĞƌũĂŶũŝĂŶ͘
,ĂŬĚĂŶ<ĞǁĂũŝďĂŶWĂƌĂWŝŚĂŬ ͗ <ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞůĂƉŽƌŬĂŶdĞŶĂŐĂ<ĞƌũĂŬĞƉĂĚĂWŝŚĂŬLJĂŶŐďĞƌǁĂũŝď
ĂƉĂďŝůĂ dĞŶĂŐĂ <ĞƌũĂ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƐƵĂƚƵ ƚŝŶĚĂŬ
ƉŝĚĂŶĂ ĚĂŶ ƵŶƚƵŬ ŝƚƵ WŝŚĂŬ WĞƌƚĂŵĂ ǁĂũŝď
ŵĞŵďĞƌŝƚĂŚƵŬĂŶŚĂůƚĞƌƐĞďƵƚƉĂůŝŶŐůĂŵĂϮϰ;ĚƵĂƉƵůƵŚ
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ĞŵƉĂƚͿũĂŵƐĞũĂŬĚŝŬĞƚĂŚƵŝŶLJĂƚŝŶĚĂŬƉŝĚĂŶĂĚŝŵĂŬƐƵĚ
ŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂ͘
ϮͿ DĞŵďĂLJĂƌ ƚĂŐŝŚĂŶ ƐĞƐƵĂŝ ũƵŵůĂŚ LJĂŶŐ ƚĞƌĚĂƉĂƚ ƉĂĚĂ
ƉĂƐĂů ϱ ďƵƚŝƌ ϭ ĚĂƌŝ WŝŚĂŬ <ĞĚƵĂ LJĂŶŐ ƚĂƚĂ ĐĂƌĂ ƐĞƌƚĂ
ƌŝŶĐŝĂŶŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ĂĚĚĞŶĚƵŵ LJĂŶŐ ĚŝůĂŵƉŝƌŬĂŶ
ĚĂŶƚŝĚĂŬƚĞƌƉŝƐĂŚŬĂŶĚĂƌŝWĞƌũĂŶũŝĂŶ͘
ϯͿ DĞŶLJĞůĞƐĂŝŬĂŶ ƉĞŵďĂLJĂƌĂŶ ŝŶǀŽŝĐĞ ƐĞůĂŵďĂƚͲ
ůĂŵďĂƚŶLJĂϯϬ;ƚŝŐĂƉƵůƵŚͿŚĂƌŝƐĞƚĞůĂŚŝŶǀŽŝĐĞĚŝƚĞƌŝŵĂ
WŝŚĂŬWĞƌƚĂŵĂ͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞŶĚĂĨƚĂƌŬĂŶƉĞƌũĂŶũŝĂŶůŝŚĂLJĂŬĞƉĂĚĂŝŶƐƚĂŶƐŝLJĂŶŐ
ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď Ěŝ ďŝĚĂŶŐ ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ
ŬĂďƵƉĂƚĞŶͬŬŽƚĂƚĞŵƉĂƚĂůŝŚĚĂLJĂĚŝůĂŬƐĂŶĂŬĂŶ͘
ϮͿ DĞŶLJĞĚŝĂŬĂŶ dĞŶĂŐĂ <ĞƌũĂ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌŵŝŶƚĂĂŶ
ƐĞĐĂƌĂƚĞƌƚƵůŝƐĚĂƌŝWŝŚĂŬWĞƌƚĂŵĂ͕LJĂŶŐďĞƌŝƐŝŬĂŶũĂŶŐŬĂ
ǁĂŬƚƵ͕ƉĞƌƐLJĂƌĂƚĂŶŬĞƚĞƌĂŵƉŝůĂŶLJĂŶŐĚŝďƵƚƵŚŬĂŶ͕ũĞŶŝƐ
ƉĞŬĞƌũĂĂŶ͕ ũƵŵůĂŚ dĞŶĂŐĂ <ĞƌũĂ LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ͕
ƵƉĂŚͬŐĂũŝ ĚĂŶ ŬŽŵƉĞŶƐĂƐŝ ůĂŝŶŶLJĂ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ
ŬĞƉĂĚĂdĞŶĂŐĂ<ĞƌũĂ͘
ϯͿ DĞŵďĞƌŝŬĂŶĂĨƚĂƌEĂŵĂdĞŶĂŐĂ<ĞƌũĂLJĂŶŐĚŝĂŶŐŐĂƉ
ŵĞŵĞŶƵŚŝ ƐLJĂƌĂƚ ƐĞƌƚĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬƌŝƚĞƌŝĂ LJĂŶŐ
ĚŝŵŝŶƚĂŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ͘
ϰͿ DĞŵďĞƌŝŬĂŶ ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ WŝŚĂŬ
WĞƌƚĂŵĂƚĞŶƚĂŶŐďĂƚĂƐǁĂŬƚƵƉĞŶŐŐƵŶĂĂŶdĞŶĂŐĂ<ĞƌũĂ
ƉĂůŝŶŐ ůĂŵďĂƚ ϯϬ ;ƚŝŐĂ ƉƵůƵŚͿ ŚĂƌŝ ƐĞďĞůƵŵ WĞƌũĂŶũŝĂŶ
<ĞƌũĂLJĂŶŐĚŝďƵĂƚŽůĞŚĚĂŶĂŶƚĂƌĂWŝŚĂŬ<ĞĚƵĂĚĞŶŐĂŶ
dĞŶĂŐĂ<ĞƌũĂďĞƌĂŬŚŝƌ͘
ϱͿ DĞŶŐĂũƵŬĂŶ ĚĂŶ ŵĞŵďƵĂƚ ƐƵƌĂƚ ƉĞƌƉĂŶũĂŶŐĂŶ
WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ĂƉĂďŝůĂ͕ ƚĞƌŶLJĂƚĂ WŝŚĂŬ WĞƌƚĂŵĂ
ďĞƌŵĂŬƐƵĚƵŶƚƵŬŵĞŵƉĞƌƉĂŶũĂŶŐǁĂŬƚƵWĞŶĞŵƉĂƚĂŶ
dĞŶĂŐĂ<ĞƌũĂďĞƌƐĂŶŐŬƵƚĂŶƐĂŵƉĂŝĚĞŶŐĂŶďĂƚĂƐǁĂŬƚƵ
ƚĞƌƚĞŶƚƵ LJĂŶŐ ĚŝƉĞƌďŽůĞŚŬĂŶ ŽůĞŚ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϲͿ DĞŶLJĞĚŝĂŬĂŶ ůĞŵďĂƌ ĂďƐĞŶƐŝ LJĂŶŐ ďĞƌŐƵŶĂ ƵŶƚƵŬ
ŵĞŶĐĂƚĂƚ ŬĞŚĂĚŝƌĂŶ ŬĞƌũĂ ďĂŐŝ ŵĂƐŝŶŐͲŵĂƐŝŶŐ dĞŶĂŐĂ
Kerja (selanjutnya disebut “AďƐĞŶƐŝΗͿ ƐĞƌƚĂ ǁĂũŝď
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚ^ƵƉĞƌǀŝƐŽƌLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚWŝŚĂŬ
WĞƌƚĂŵĂͬ^ƚĂĨĨ WŝŚĂŬ WĞƌƚĂŵĂ ƵŶƚƵŬ ŵĞŶƵŶũƵŬŬĂŶ
ŶŽƌŵĂůũĂŵŬĞƌũĂĚĂŶũĂŵ/ĞŵďƵƌLJĂŶŐĚŝƐĞƚƵũƵŝ;ĂƉĂďŝůĂ
ĂĚĂͿ͘
ϳͿ DĞŶũĂŐĂŬĞƌĂŚĂƐŝĂĂŶWŝŚĂŬWĞƌƚĂŵĂƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ
ƐĞŵƵĂ ĚŽŬƵŵĞŶ͕ ŬĞƚĞƌĂŶŐĂŶ͕ ĚĂƚĂͲĚĂƚĂ͕ ĐĂƚĂƚĂŶͲ
ĐĂƚĂƚĂŶ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ďĂŝŬ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ
ůĂŶŐƐƵŶŐ͕ŬĞƉĂĚĂƉŝŚĂŬůĂŝŶƚĂŶƉĂŝnjŝŶƚĞƌƚƵůŝƐĚĂƌŝWŝŚĂŬ
WĞƌƚĂŵĂ ďĂŝŬ ƐĞůĂŵĂ ďĞƌůĂŬƵŶLJĂ WĞƌũĂŶũŝĂŶ ŵĂƵƉƵŶ
WĞƌũĂŶũŝĂŶ ďĞƌĂŬŚŝƌ͘ hŶƚƵŬ ŝŶŝ WŝŚĂŬ <ĞĚƵĂ ǁĂũŝď
ŵĞŵĂƐƚŝŬĂŶďĂŚǁĂdĞŶĂŐĂ<ĞƌũĂƚĞůĂŚŵĞŶĂŶĚĂƚĂŶŐĂŶŝ
^ƵƌĂƚ WĞƌŶLJĂƚĂĂŶ ƵŶƚƵŬ ŵĞŶũĂŐĂ ŬĞƌĂŚĂƐŝĂĂŶ WŝŚĂŬ
WĞƌƚĂŵĂ͘
ϴͿ ƉĂďŝůĂ dĞŶĂŐĂ <ĞƌũĂ ĚĂƌŝ WŝŚĂŬ <ĞĚƵĂ ƚŝĚĂŬ ŵĂŵƉƵ
ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂďŶLJĂ ƐĞƐƵĂŝ
ůŝŶŐŬƵƉ ƚƵŐĂƐ WŝŚĂŬ WĞƌƚĂŵĂ͕ WŝŚĂŬ <ĞĚƵĂ ĂŬĂŶ
ŵĞŶŐŐĂŶƚŝdĞŶĂŐĂ<ĞƌũĂLJĂŶŐĚŝŵĂŬƐƵĚĚĂůĂŵǁĂŬƚƵϭϰ
147
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;ĞŵƉĂƚďĞůĂƐͿŚĂƌŝŬĂůĞŶĚĞƌƚĞƌŚŝƚƵŶŐƐĞũĂŬĚŝƚĞƌŝŵĂŶLJĂ
ƐƵƌĂƚƉĞŵďĞƌŝƚĂŚƵĂŶĚĂƌŝWŝŚĂŬWĞƌƚĂŵĂŬĞƉĂĚĂWŝŚĂŬ
<ĞĚƵĂ͘
ϵͿ hŶƚƵŬŵĞŶŐŚŝƚƵŶŐĚĂŶŵĞŵďĂLJĂƌhƉĂŚ͕WWŚϮϭ͕hƉĂŚ
>ĞŵďƵƌ͕ d,Z͕ W:^ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ ĚĂŶ W:^
<ĞƐĞŚĂƚĂŶ͕ĂƚĂƐƐĞƚŝĂƉdĞŶĂŐĂ<ĞƌũĂLJĂŶŐĚŝŬĂƌLJĂŬĂŶĚŝ
WŝŚĂŬWĞƌƚĂŵĂďĞƌĚĂƐĂƌŬĂŶŬĞƐĞƉĂŬĂƚĂŶWĂƌĂWŝŚĂŬ͘
ϭϬͿ DĞŶŐŝƌŝŵŬĂŶ ƚĂŐŝŚĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ
ĚŝĂƚƵƌĚĂůĂŵWĞƌũĂŶũŝĂŶŬĞƉĂĚĂWŝŚĂŬWĞƌƚĂŵĂ͘
ϭϭͿ WŝŚĂŬ <ĞĚƵĂ ƐĞƚƵũƵ ƵŶƚƵŬ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶƵŚ
ĂƚĂƐ ƉĞƌŚŝƚƵŶŐĂŶ͕ ƉĞŵŽƚŽŶŐĂŶ͕ ƉĞŵďĂLJĂƌĂŶ ĚĂŶ
ƉĞůĂƉŽƌĂŶ WWŚ Ϯϭ ŬĞƉĂĚĂ ŬĂŶƚŽƌ ƉĂũĂŬ ĂƚĂƐ ƐĞůƵƌƵŚ
ƉĞŶŐŚĂƐŝůĂŶ LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ ŬĞƉĂĚĂ dĞŶĂŐĂ <ĞƌũĂ
ƐĞƐƵĂŝĚĞŶŐĂŶWĞƌũĂŶũŝĂŶ͘WŝŚĂŬ<ĞĚƵĂũŝŬĂĚŝŵŝŶƚĂŽůĞŚ
WŝŚĂŬ WĞƌƚĂŵĂ ǁĂũŝď ŵĞŶƵŶũƵŬŬĂŶ ƐĞŵƵĂ ĚŽŬƵŵĞŶ
LJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶWWŚϮϭƚĞƌƐĞďƵƚ͘
ϭϮͿ WŝŚĂŬ<ĞĚƵĂǁĂũŝďŵĞŵďĞƌŝŬĂŶďƵŬƚŝƉĞŵďĂLJĂƌĂŶW:^
<ĞƚĞŶĂŐĂŬĞƌũĂĂŶĚĂŶ<ĞƐĞŚĂƚĂŶŬĞƉĂĚĂWŝŚĂŬWĞƌƚĂŵĂ
ƐĞƚŝĂƉďƵůĂŶ͘
ϭϯͿ ƉĂďŝůĂĚĂůĂŵƌĞĂůŝƐĂƐŝŶLJĂƚĞƌŶLJĂƚĂƚĞƌĚĂƉĂƚƉĞƌďĞĚĂĂŶ
ũƵŵůĂŚ ƉĞŵďĂLJĂƌĂŶ W:^ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ ĚĂŶ
<ĞƐĞŚĂƚĂŶĚĂƌŝũƵŵůĂŚLJĂŶŐĚŝďĂLJĂƌŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ
ŵĂŬĂWŝŚĂŬ<ĞĚƵĂĂŬĂŶĚŝŬĞŶĂŬĂŶĚĞŶĚĂƐĞďĞƐĂƌϭϬϬй
ĚĂƌŝũƵŵůĂŚLJĂŶŐƚŝĚĂŬĚŝďĂLJĂƌŬĂŶLJĂŶŐŵĞƌƵƉĂŬĂŶŚĂŬ
ĚĂƌŝWĞŬĞƌũĂĚĞŶŐĂŶĚŝƚĂŵďĂŚŬŽŶƐĞŬƵĞŶƐŝƉĞŶŐĂŬŚŝƌĂŶ
ƉĞƌũĂŶũŝĂŶŬĞƌũĂƐĂŵĂ͘
,ĂŬWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞŶĞŶƚƵŬĂŶ ŬƌŝƚĞƌŝĂ͕ ƉĞŶŐĂƚƵƌĂŶ ǁĂŬƚƵ ŬĞƌũĂ ƐĞƌƚĂ
ƚƵŐĂƐ Ͳ ƚƵŐĂƐ ůĂŝŶŶLJĂ ƵŶƚƵŬ dĞŶĂŐĂ <ĞƌũĂ LJĂŶŐ
ĚŝďƵƚƵŚŬĂŶĚĂŶĂŬĂŶĚŝƉĞŬĞƌũĂŬĂŶ;ĚŝŬĂƌLJĂŬĂŶͿĚŝWŝŚĂŬ
WĞƌƚĂŵĂ͕
ϮͿ DĞŵďĞƌůĂŬƵŬĂŶ ƐĞŐĂůĂ ƉĞƌĂƚƵƌĂŶ ĚĂŶͬĂƚĂƵ ƚĂƚĂ ƚĞƌƚŝď
LJĂŶŐ ďĞƌůĂŬƵ Ěŝ WŝŚĂŬ WĞƌƚĂŵĂ ŬĞƉĂĚĂ dĞŶĂŐĂ <ĞƌũĂ
WŝŚĂŬ<ĞĚƵĂLJĂŶŐĚŝƚĞŵƉĂƚŬĂŶƉĂĚĂWŝŚĂŬWĞƌƚĂŵĂ͘
,ĂŬWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞŶĞƌŝŵĂ ƉĞŵďĂLJĂƌĂŶ ĂƚĂƐ ďŝĂLJĂ ũĂƐĂ dĞŶĂŐĂ <ĞƌũĂ
LJĂŶŐƚĞůĂŚĚŝƚĞŵƉĂƚŬĂŶĚŝƚĞŵƉĂƚLJĂŶŐĚŝƚĞŶƚƵŬĂŶŽůĞŚ
WŝŚĂŬWĞƌƚĂŵĂ͘
ϮͿ DĞŶŐĂũƵŬĂŶ ŬĞŶĂŝŬĂŶ ƵƉĂŚ ĚĂŶͬĂƚĂƵ ƚƵŶũĂŶŐĂŶ LJĂŶŐ
ĚŝďĞƌŝŬĂŶ ŬĞƉĂĚĂ dĞŶĂŐĂ <ĞƌũĂ LJĂŶŐ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ
WŝŚĂŬ WĞƌƚĂŵĂ͕ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ hƉĂŚ DŝŶŝŵƵŵ
<ŽƚĂ;hD<ͿLJĂŶŐďĞƌůĂŬƵ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ ϭ:ĂŶƵĂƌŝϮϬϮϲƐĂŵƉĂŝϯϭĞƐĞŵďĞƌϮϬϮϲĚĂŶĚĂƉĂƚĚŝƚŝŶũĂƵ
ŬĞŵďĂůŝŽůĞŚƉĂƌĂƉŝŚĂŬ͘
ĞŶĚĂ ͗ ƉĂďŝůĂ WŝŚĂŬ WĞƌƚĂŵĂ ƚĞƌůĂŵďĂƚ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ
ƐĞƐƵĂŝũĂŶŐŬĂǁĂŬƚƵŶLJĂŵĂŬĂĂŬĂŶĚŝŬĞŶĂŬĂŶĚĞŶĚĂƉĞƌŚĂƌŝ
Ϭ͕ϭйĚĂƌŝŶŝůĂŝŬŽŶƚƌĂŬƉĞƌŚĂƌŝƐĂŵƉĂŝĂĚĂŶLJĂƉĞůƵŶĂƐĂŶĂƚĂƐ
ƚĂŐŝŚĂŶƚĞƌƐĞďƵƚ͘
ƌĞĂ WĞƌƵƐĂŚĂĂŶͬ>ŽŬĂƐŝ <ĞƌũĂ ͗ ϭͿ 'ĞĚƵŶŐ ĂũĂ͕ :ĂůĂŶ WĂŶŐĞƌĂŶ :ĂLJĂŬĂƌƚĂ ĂůĂŵ EŽ͘ϱϱ
ĚĂŶ,ĂƌŐĂ >ĂŶƚĂŝϳ^ĂǁĂŚĞƐĂƌ͕:ĂŬĂƌƚĂWƵƐĂƚ͖
ϮͿ WĞƌŐƵĚĂŶŐĂŶ^ĞŵĂŶĂŶDĞŐĂŚ<Ăǀ͘ϳůŽŬEŽ͘ϭϭ:ĂůĂŶ
ĂĂŶ DŽŐŽƚ EŽ͘<ŵ ϭϴ ^ĞŵĂŶĂŶ͕ <ĂůŝĚĞƌĞƐ͕ :ĂŬĂƌƚĂ
ĂƌĂƚ͖
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ZƉϭϬϯ͘ϰϲϵ͘Ϯϵϴ͕ϵϬ;ƐĞƌĂƚƵƐƚŝŐĂũƵƚĂĞŵƉĂƚƌĂƚƵƐĞŶĂŵ
ƉƵůƵŚƐĞŵďŝůĂŶƌŝďƵĚƵĂƌĂƚƵƐƐĞŵďŝůĂŶƉƵůƵŚĚĞůĂƉĂŶ
ZƵƉŝĂŚƐĞŵďŝůĂŶƉƵůƵŚƐĞŶͿ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ϱͿ WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂůŝŚĂLJĂŶƚĂƌĂWd^ƚĞĞů WŝƉĞ/ŶĚƵƐƚƌLJKĨ/ŶĚŽŶĞƐŝĂdďŬĞŶŐĂŶWd^ŚĞůƚĞƌ
/ŶĚŽŶĞƐŝĂ 'ĞŵŝůĂŶŐ EŽ͘W<^ͬ^/'ͬϱϲͲϬϭϮϬϮϲͲϬϬϬϬϭ ƚĂŶŐŐĂů ϯϬ ĞƐĞŵďĞƌ ϮϬϮϱ͕ LJĂŶŐ ŵĞŶŐĂƚƵƌ
ŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
Wd^ŚĞůƚĞƌ/ŶĚŽŶĞƐŝĂ'ĞŵŝůĂŶŐ;WŝŚĂŬ<ĞĚƵĂͿ͘
WĞŶŐĞƌƚŝĂŶĚĂŶZƵĂŶŐ>ŝŶŐŬƵƉ ͗ ϭͿ dĞŶĂŐĂŬĞƌũĂďĞƌĂƌƚŝƚĞŶĂŐĂŬĞƌũĂLJĂŶŐƚĞƌŝŬĂƚŚƵďƵŶŐĂŶ
WĞŬĞƌũĂĂŶ ŬĞƌũĂĚĂŶͬĂƚĂƵŬŽŶƚƌĂŬŬĞƌũĂĚĞŶŐĂŶWŝŚĂŬ<ĞĚƵĂ͖
ϮͿ ŝĂLJĂ :ĂƐĂ ďĞƌĂƌƚŝ ďŝĂLJĂ LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ ŽůĞŚ WŝŚĂŬ
WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ĂƚĂƐ WĞƌŝĂŶũŝĂŶ ĚĂŶ
ĚŝŬĞŶĂŬĂŶĂƚĂƐƵƉĂŚLJĂŶŐĚŝƚĞƌŝŵĂŽůĞŚdĞŶĂŐĂ<ĞƌũĂ͕
ĚŝůƵĂƌhƉĂŚ>ĞŵďƵƌĚĂŶd,Z͘
ϯͿ zĂŶŐĚŝŵĂŬƐƵĚĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶůŝŚĂLJĂ;ƐĞůĂŶũƵƚŶLJĂ
ĚŝƐĞďƵƚ ΗWĞƌũĂŶũŝĂŶΗͿ ĂĚĂůĂŚ WŝŚĂŬ WĞƌƚĂŵĂ
ŵĞŶLJĞƌĂŚŬĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƐĂƚƵ ĂƚĂƵ ůĞďŝŚ ũĞŶŝƐ
ƉĞŬĞƌũĂĂŶ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ͕ ĚŝŵĂŶĂ ŚĂƐŝů
ƉĞůĂŬƐĂŶĂĂŶƉĞŬĞƌũĂĂŶĚŝŵĂŬƐƵĚĂŬĂŶĚŝƐĞƌĂŚŬĂŶŽůĞŚ
WŝŚĂŬ <ĞĚƵĂ ŬĞƉĂĚĂ WŝŚĂŬ WĞƌƚĂŵĂ ĚĂŶ ƐĞƉĞŶƵŚŶLJĂ
ŵĞŶũĂĚŝŵŝůŝŬWŝŚĂŬWĞƌƚĂŵĂ͘
ϰͿ WĞŬĞƌũĂĂŶ LJĂŶŐ ƉĞůĂŬƐĂŶĂŶLJĂ ĚŝƐĞƌĂŚŬĂŶ ŽůĞŚ WŝŚĂŬ
WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ĂĚĂůĂŚ ƉĞŬĞƌũĂĂŶͲ
ƉĞŬĞƌũĂĂŶLJĂŶŐĚĂƌŝƐŝĨĂƚĚĂŶŬĂƌĂŬƚĞƌŝƐƚŝŬƉĞŬĞƌũĂĂŶŶLJĂ
ĚŝŐŽůŽŶŐŬĂŶ ƐĞďĂŐĂŝ ƉĞŬĞƌũĂĂŶ ƉĞŶƵŶũĂŶŐ͕
ƐĞďĂŐĂŝŵĂŶĂƚĞƌůĂŵƉŝƌĚĂůĂŵůĂŵƉŝƌĂŶůĚĂƌŝƉĞƌũĂŶũŝĂŶ͘
ϱͿ hƌĂŝĂŶ ƚĞŬŶŝƐ ƉĞŬĞƌũĂĂŶͲƉĞŬĞƌũĂĂŶ ĚŝŵĂŬƐƵĚ ĂŬĂŶ
ĚŝũĞůĂƐŬĂŶ ƐĞĐĂƌĂ ƚĞƌƐĞŶĚŝƌŝ ĚĂůĂŵ ůĂŵƉŝƌĂŶ ƉĞƌũĂŶũŝĂŶ
(“Lampiran 1 Perjanjian”) dan merupakan bagian tidak
ƚĞƌƉŝƐĂŚŬĂŶĚĂƌŝƉĞƌũĂŶũŝĂŶ͘
,ĂŬĚĂŶ<ĞǁĂũŝďĂŶWĂƌĂWŝŚĂŬ ͗ <ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞůĂƉŽƌŬĂŶ ƉĞŬĞƌũĂĂŶ ƉĞŶƵŶũĂŶŐ LJĂŶŐ ĚŝƐĞƌĂŚŬĂŶ
WŝŚĂŬ <ĞĚƵĂ ŬĞƉĂĚĂ ŝŶƐƚĂŶƐŝ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď
ĚŝďŝĚĂŶŐ ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ ŬĂďƵƉĂƚĞŶͬŬŽƚĂ ƚĞŵƉĂƚ ĂůŝŚ
ĚĂLJĂĚŝůĂŬƐĂŶĂŬĂŶ͘
ϮͿ DĞůĂƉŽƌŬĂŶdĞŶĂŐĂ<ĞƌũĂŬĞƉĂĚĂWŝŚĂŬLJĂŶŐďĞƌǁĂũŝď
ĂƉĂďŝůĂ dĞŶĂŐĂ <ĞƌũĂ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƐƵĂƚƵ ƚŝŶĚĂŬ
ƉŝĚĂŶĂ ĚĂŶ ƵŶƚƵŬ ŝƚƵ WŝŚĂŬ WĞƌƚĂŵĂ ǁĂũŝď
ŵĞŵďĞƌŝƚĂŚƵŬĂŶŚĂůƚĞƌƐĞďƵƚƉĂůŝŶŐůĂŵĂϮϰ;ĚƵĂƉƵůƵŚ
ĞŵƉĂƚͿũĂŵƐĞũĂŬĚŝŬĞƚĂŚƵŝŶLJĂƚŝŶĚĂŬƉŝĚĂŶĂĚŝŵĂŬƐƵĚ
ŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂ͘
ϯͿ DĞŵďĂLJĂƌ ƚĂŐŝŚĂŶ ƐĞƐƵĂŝ ũƵŵůĂŚ LJĂŶŐ ƚĞƌĚĂƉĂƚ ƉĂĚĂ
ƉĂƐĂů ϱ ďƵƚŝƌ ϭ ĚĂƌŝ WŝŚĂŬ <ĞĚƵĂ LJĂŶŐ ƚĂƚĂ ĐĂƌĂ ƐĞƌƚĂ
ƌŝŶĐŝĂŶŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ĂĚĚĞŶĚƵŵ LJĂŶŐ ĚŝůĂŵƉŝƌŬĂŶ
ĚĂŶƚŝĚĂŬƚĞƌƉŝƐĂŚŬĂŶĚĂƌŝWĞƌũĂŶũŝĂŶ͘
ϰͿ DĞŶLJĞůĞƐĂŝŬĂŶ ƉĞŵďĂLJĂƌĂŶ ŝŶǀŽŝĐĞ ƐĞůĂŵďĂƚͲ
ůĂŵďĂƚŶLJĂϯϬ;ƚŝŐĂƉƵůƵŚͿŚĂƌŝƐĞƚĞůĂŚŝŶǀŽŝĐĞĚŝƚĞƌŝŵĂ
WŝŚĂŬWĞƌƚĂŵĂ͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
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ϭͿ DĞŶĚĂĨƚĂƌŬĂŶƉĞƌũĂŶũŝĂŶůŝŚĂLJĂŬĞƉĂĚĂŝŶƐƚĂŶƐŝLJĂŶŐ
ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď Ěŝ ďŝĚĂŶŐ ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ
ŬĂďƵƉĂƚĞŶͬŬŽƚĂƚĞŵƉĂƚĂůŝŚĚĂLJĂĚŝůĂŬƐĂŶĂŬĂŶ͘
ϮͿ DĞŶLJĞĚŝĂŬĂŶ dĞŶĂŐĂ <ĞƌũĂ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌŵŝŶƚĂĂŶ
ƐĞĐĂƌĂƚĞƌƚƵůŝƐĚĂƌŝWŝŚĂŬWĞƌƚĂŵĂ͕LJĂŶŐďĞƌŝƐŝŬĂŶũĂŶŐŬĂ
ǁĂŬƚƵ͕ƉĞƌƐLJĂƌĂƚĂŶŬĞƚĞƌĂŵƉŝůĂŶLJĂŶŐĚŝďƵƚƵŚŬĂŶ͕ũĞŶŝƐ
ƉĞŬĞƌũĂĂŶ͕ ũƵŵůĂŚ dĞŶĂŐĂ <ĞƌũĂ LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ͕
ƵƉĂŚͬŐĂũŝ ĚĂŶ ŬŽŵƉĞŶƐĂƐŝ ůĂŝŶŶLJĂ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ
ŬĞƉĂĚĂdĞŶĂŐĂ<ĞƌũĂ͘
ϯͿ DĞŵďĞƌŝŬĂŶĂĨƚĂƌEĂŵĂdĞŶĂŐĂ<ĞƌũĂLJĂŶŐĚŝĂŶŐŐĂƉ
ŵĞŵĞŶƵŚŝ ƐLJĂƌĂƚ ƐĞƌƚĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬƌŝƚĞƌŝĂ LJĂŶŐ
ĚŝŵŝŶƚĂŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ͘
ϰͿ DĞŵďĞƌŝŬĂŶ ƉĞŵďĞƌŝƚĂŚƵĂŶ ƚĞƌƚƵůŝƐ ŬĞƉĂĚĂ WŝŚĂŬ
WĞƌƚĂŵĂƚĞŶƚĂŶŐďĂƚĂƐǁĂŬƚƵƉĞŶŐŐƵŶĂĂŶdĞŶĂŐĂ<ĞƌũĂ
ƉĂůŝŶŐ ůĂŵďĂƚ ϯϬ ;ƚŝŐĂ ƉƵůƵŚͿ ŚĂƌŝ ƐĞďĞůƵŵ WĞƌũĂŶũŝĂŶ
<ĞƌũĂLJĂŶŐĚŝďƵĂƚŽůĞŚĚĂŶĂŶƚĂƌĂWŝŚĂŬ<ĞĚƵĂĚĞŶŐĂŶ
dĞŶĂŐĂ<ĞƌũĂďĞƌĂŬŚŝƌ͘
ϱͿ DĞŶŐĂũƵŬĂŶ ĚĂŶ ŵĞŵďƵĂƚ ƐƵƌĂƚ ƉĞƌƉĂŶũĂŶŐĂŶ
WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ĂƉĂďŝůĂ͕ ƚĞƌŶLJĂƚĂ WŝŚĂŬ WĞƌƚĂŵĂ
ďĞƌŵĂŬƐƵĚƵŶƚƵŬŵĞŵƉĞƌƉĂŶũĂŶŐǁĂŬƚƵWĞŶĞŵƉĂƚĂŶ
dĞŶĂŐĂ<ĞƌũĂďĞƌƐĂŶŐŬƵƚĂŶƐĂŵƉĂŝĚĞŶŐĂŶďĂƚĂƐǁĂŬƚƵ
ƚĞƌƚĞŶƚƵ LJĂŶŐ ĚŝƉĞƌďŽůĞŚŬĂŶ ŽůĞŚ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϲͿ DĞŶLJĞĚŝĂŬĂŶ ůĞŵďĂƌ ĂďƐĞŶƐŝ LJĂŶŐ ďĞƌŐƵŶĂ ƵŶƚƵŬ
ŵĞŶĐĂƚĂƚ ŬĞŚĂĚŝƌĂŶ ŬĞƌũĂ ďĂŐŝ ŵĂƐŝŶŐͲŵĂƐŝŶŐ dĞŶĂŐĂ
Kerja (selanjutnya disebut “Absensi") serta wajib
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚ^ƵƉĞƌǀŝƐŽƌLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚWŝŚĂŬ
WĞƌƚĂŵĂͬ^ƚĂĨĨ WŝŚĂŬ WĞƌƚĂŵĂ ƵŶƚƵŬ ŵĞŶƵŶũƵŬŬĂŶ
ŶŽƌŵĂůũĂŵŬĞƌũĂĚĂŶũĂŵ/ĞŵďƵƌLJĂŶŐĚŝƐĞƚƵũƵŝ;ĂƉĂďŝůĂ
ĂĚĂͿ͘
ϳͿ DĞŶũĂŐĂŬĞƌĂŚĂƐŝĂĂŶWŝŚĂŬWĞƌƚĂŵĂƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ
ƐĞŵƵĂ ĚŽŬƵŵĞŶ͕ ŬĞƚĞƌĂŶŐĂŶ͕ ĚĂƚĂͲĚĂƚĂ͕ ĐĂƚĂƚĂŶͲ
ĐĂƚĂƚĂŶ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ďĂŝŬ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ
ůĂŶŐƐƵŶŐ͕ŬĞƉĂĚĂƉŝŚĂŬůĂŝŶƚĂŶƉĂŝnjŝŶƚĞƌƚƵůŝƐĚĂƌŝWŝŚĂŬ
WĞƌƚĂŵĂ ďĂŝŬ ƐĞůĂŵĂ ďĞƌůĂŬƵŶLJĂ WĞƌũĂŶũŝĂŶ ŵĂƵƉƵŶ
WĞƌũĂŶũŝĂŶ ďĞƌĂŬŚŝƌ͘ hŶƚƵŬ ŝŶŝ WŝŚĂŬ <ĞĚƵĂ ǁĂũŝď
ŵĞŵĂƐƚŝŬĂŶďĂŚǁĂdĞŶĂŐĂ<ĞƌũĂƚĞůĂŚŵĞŶĂŶĚĂƚĂŶŐĂŶŝ
^ƵƌĂƚ WĞƌŶLJĂƚĂĂŶ ƵŶƚƵŬ ŵĞŶũĂŐĂ ŬĞƌĂŚĂƐŝĂĂŶ WŝŚĂŬ
WĞƌƚĂŵĂ͘
ϴͿ ƉĂďŝůĂ dĞŶĂŐĂ <ĞƌũĂ ĚĂƌŝ WŝŚĂŬ <ĞĚƵĂ ƚŝĚĂŬ ŵĂŵƉƵ
ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂďŶLJĂ ƐĞƐƵĂŝ
ůŝŶŐŬƵƉ ƚƵŐĂƐ WŝŚĂŬ WĞƌƚĂŵĂ͕ WŝŚĂŬ <ĞĚƵĂ ĂŬĂŶ
ŵĞŶŐŐĂŶƚŝdĞŶĂŐĂ<ĞƌũĂLJĂŶŐĚŝŵĂŬƐƵĚĚĂůĂŵǁĂŬƚƵϭϰ
;ĞŵƉĂƚďĞůĂƐͿŚĂƌŝŬĂůĞŶĚĞƌƚĞƌŚŝƚƵŶŐƐĞũĂŬĚŝƚĞƌŝŵĂŶLJĂ
ƐƵƌĂƚƉĞŵďĞƌŝƚĂŚƵĂŶĚĂƌŝWŝŚĂŬWĞƌƚĂŵĂŬĞƉĂĚĂWŝŚĂŬ
<ĞĚƵĂ͘
ϵͿ hŶƚƵŬŵĞŶŐŚŝƚƵŶŐĚĂŶŵĞŵďĂLJĂƌhƉĂŚ͕WWŚϮϭ͕hƉĂŚ
>ĞŵďƵƌ͕ d,Z͕ W:^ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ ĚĂŶ W:^
<ĞƐĞŚĂƚĂŶ͕ĂƚĂƐƐĞƚŝĂƉdĞŶĂŐĂ<ĞƌũĂLJĂŶŐĚŝŬĂƌLJĂŬĂŶĚŝ
WŝŚĂŬWĞƌƚĂŵĂďĞƌĚĂƐĂƌŬĂŶŬĞƐĞƉĂŬĂƚĂŶWĂƌĂWŝŚĂŬ͘
ϭϬͿ DĞŶŐŝƌŝŵŬĂŶ ƚĂŐŝŚĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ
ĚŝĂƚƵƌĚĂůĂŵWĞƌũĂŶũŝĂŶŬĞƉĂĚĂWŝŚĂŬWĞƌƚĂŵĂ͘
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ϭϭͿ WŝŚĂŬ <ĞĚƵĂ ƐĞƚƵũƵ ƵŶƚƵŬ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶƵŚ
ĂƚĂƐ ƉĞƌŚŝƚƵŶŐĂŶ͕ ƉĞŵŽƚŽŶŐĂŶ͕ ƉĞŵďĂLJĂƌĂŶ ĚĂŶ
ƉĞůĂƉŽƌĂŶ WWŚ Ϯϭ ŬĞƉĂĚĂ ŬĂŶƚŽƌ ƉĂũĂŬ ĂƚĂƐ ƐĞůƵƌƵŚ
ƉĞŶŐŚĂƐŝůĂŶ LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ ŬĞƉĂĚĂ dĞŶĂŐĂ <ĞƌũĂ
ƐĞƐƵĂŝĚĞŶŐĂŶWĞƌũĂŶũŝĂŶ͘WŝŚĂŬ<ĞĚƵĂũŝŬĂĚŝŵŝŶƚĂŽůĞŚ
WŝŚĂŬ WĞƌƚĂŵĂ ǁĂũŝď ŵĞŶƵŶũƵŬŬĂŶ ƐĞŵƵĂ ĚŽŬƵŵĞŶ
LJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶWWŚϮϭƚĞƌƐĞďƵƚ͘
ϭϮͿ WŝŚĂŬ<ĞĚƵĂǁĂũŝďŵĞŵďĞƌŝŬĂŶďƵŬƚŝƉĞŵďĂLJĂƌĂŶW:^
<ĞƚĞŶĂŐĂŬĞƌũĂĂŶĚĂŶ<ĞƐĞŚĂƚĂŶŬĞƉĂĚĂWŝŚĂŬWĞƌƚĂŵĂ
ƐĞƚŝĂƉďƵůĂŶ͘
ϭϯͿ ƉĂďŝůĂĚĂůĂŵƌĞĂůŝƐĂƐŝŶLJĂƚĞƌŶLJĂƚĂƚĞƌĚĂƉĂƚƉĞƌďĞĚĂĂŶ
ũƵŵůĂŚ ƉĞŵďĂLJĂƌĂŶ W:^ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ ĚĂŶ
<ĞƐĞŚĂƚĂŶĚĂƌŝũƵŵůĂŚLJĂŶŐĚŝďĂLJĂƌŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ
ŵĂŬĂWŝŚĂŬ<ĞĚƵĂĂŬĂŶĚŝŬĞŶĂŬĂŶĚĞŶĚĂƐĞďĞƐĂƌϭϬϬй
ĚĂƌŝũƵŵůĂŚLJĂŶŐƚŝĚĂŬĚŝďĂLJĂƌŬĂŶLJĂŶŐŵĞƌƵƉĂŬĂŶŚĂŬ
ĚĂƌŝWĞŬĞƌũĂĚĞŶŐĂŶĚŝƚĂŵďĂŚŬŽŶƐĞŬƵĞŶƐŝƉĞŶŐĂŬŚŝƌĂŶ
ƉĞƌũĂŶũŝĂŶŬĞƌũĂƐĂŵĂ͘
,ĂŬWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞŶĞŶƚƵŬĂŶ ŬƌŝƚĞƌŝĂ͕ ƉĞŶŐĂƚƵƌĂŶ ǁĂŬƚƵ ŬĞƌũĂ ƐĞƌƚĂ
ƚƵŐĂƐ Ͳ ƚƵŐĂƐ ůĂŝŶŶLJĂ ƵŶƚƵŬ dĞŶĂŐĂ <ĞƌũĂ LJĂŶŐ
ĚŝďƵƚƵŚŬĂŶĚĂŶĂŬĂŶĚŝƉĞŬĞƌũĂŬĂŶ;ĚŝŬĂƌLJĂŬĂŶͿĚŝWŝŚĂŬ
WĞƌƚĂŵĂ͕
ϮͿ DĞŵďĞƌůĂŬƵŬĂŶ ƐĞŐĂůĂ ƉĞƌĂƚƵƌĂŶ ĚĂŶͬĂƚĂƵ ƚĂƚĂ ƚĞƌƚŝď
LJĂŶŐ ďĞƌůĂŬƵ Ěŝ WŝŚĂŬ WĞƌƚĂŵĂ ŬĞƉĂĚĂ dĞŶĂŐĂ <ĞƌũĂ
WŝŚĂŬ<ĞĚƵĂLJĂŶŐĚŝƚĞŵƉĂƚŬĂŶƉĂĚĂWŝŚĂŬWĞƌƚĂŵĂ͘
,ĂŬWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞŶĞƌŝŵĂ ƉĞŵďĂLJĂƌĂŶ ĂƚĂƐ ďŝĂLJĂ ũĂƐĂ dĞŶĂŐĂ <ĞƌũĂ
LJĂŶŐƚĞůĂŚĚŝƚĞŵƉĂƚŬĂŶĚŝƚĞŵƉĂƚLJĂŶŐĚŝƚĞŶƚƵŬĂŶŽůĞŚ
WŝŚĂŬWĞƌƚĂŵĂ͘
ϮͿ DĞŶŐĂũƵŬĂŶ ŬĞŶĂŝŬĂŶ ƵƉĂŚ ĚĂŶͬĂƚĂƵ ƚƵŶũĂŶŐĂŶ LJĂŶŐ
ĚŝďĞƌŝŬĂŶ ŬĞƉĂĚĂ dĞŶĂŐĂ <ĞƌũĂ LJĂŶŐ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ
WŝŚĂŬ WĞƌƚĂŵĂ͕ ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ hƉĂŚ DŝŶŝŵƵŵ
<ŽƚĂ;hD<ͿLJĂŶŐďĞƌůĂŬƵ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ ϭ:ĂŶƵĂƌŝϮϬϮϲƐĂŵƉĂŝϯϭĞƐĞŵďĞƌϮϬϮϲ͘
ĞŶĚĂ ͗ <ĞƚĞƌůĂŵďĂƚĂŶ ƉĞŵďĂLJĂƌĂŶ ůĞďŝŚ ĚĂƌŝ ƐĂƚƵ ŵŝŶŐŐƵ͕ ĂŬĂŶ
ĚŝŬĞŶĂŬĂŶĚĞŶĚĂƉĞƌŚĂƌŝϬ͕ϭй;ŶŽůŬŽŵĂƐĂƚƵƉĞƌƐĞŶͿĚĂƌŝ
ŶŝůĂŝŬŽŶƚƌĂŬ͘
ƌĞĂWĞƌƵƐĂŚĂĂŶͬ>ŽŬĂƐŝ<ĞƌũĂ ͗ :ů͘ůƌ͘^ƵƚĂŵŝ͕DĂŬĂƐƐĂƌ
,ĂƌŐĂWĞŬĞƌũĂĂŶ ͗ dŽƚĂů ŚĂƌŐĂ ƐĞďĞůƵŵ ƉĂũĂŬ ƐĞďĞƐĂƌ ZƉϯϯ͘ϭϬϯ͘ϴϳϲ͕ϲϴ ;ƚŝŐĂ
ƉƵůƵŚ ƚŝŐĂ ũƵƚĂ ƐĞƌĂƚƵƐ ƚŝŐĂ ƌŝďƵ ĚĞůĂƉĂŶ ƌĂƚƵƐ ƚƵũƵŚ ƉƵůƵŚ
ĞŶĂŵZƵƉŝĂŚĞŶĂŵƉƵůƵŚĚĞůĂƉĂŶƐĞŶͿ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ϲͿ WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ůŝŚ ĂLJĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ ĂŶ WĞŶŐĞůŽůĂĂŶ <ĞĂŵĂŶĂŶ
EŽ͘ϮϰϬϯͬW<^ͬ^EͲ^W/EKD<^^Zͬ/ͬϮϬϮϱƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϮϰLJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
Wd^ŚĞůƚĞƌEƵƐĂŶƚĂƌĂ;WŝŚĂŬ<ĞĚƵĂͿ͘
WĞŶƵŶũƵŬĂŶ ͗ WŝŚĂŬ WĞƌƚĂŵĂ ƚĞůĂŚ ŵĞŶƵŶũƵŬ WŝŚĂŬ <ĞĚƵĂ ƵŶƚƵŬ
ŵĞŶLJĞĚŝĂŬĂŶ :ĂƐĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ ĚĂŶ
WĞŶŐĞůŽůĂĂŶ<ĞĂŵĂŶĂŶ;KƵƚƐŽƵƌĐŝŶŐͿ͕ƐĞƐƵĂŝĚĞŶŐĂŶƐLJĂƌĂƚͲ
ƐLJĂƌĂƚĚĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵƉĂĚĂƉĂƐĂůͲƉĂƐĂůĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶŬĞƌũĂƐĂŵĂĂůŝŚĚĂLJĂ͘
,ĂŬĚĂŶ<ĞǁĂũŝďĂŶWĂƌĂWŝŚĂŬ ͗ <ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
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ϭͿ DĞŶLJĞůĞƐĂŝŬĂŶ ƉĞŵďĂLJĂƌĂŶ ŝŶǀŽŝĐĞ ƐĞůĂŵďĂƚŶLJĂ ϯϬ
ŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚŝŶǀŽŝĐĞĚŝƚĞƌŝŵĂŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ͖
ϮͿ DĞŵďĞƌŝŬĂŶĚƵŬƵŶŐĂŶŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂĚĂůĂŵŚĂů
ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƉĞůĂƚŝŚĂŶ ƉĞŵďŝŶĂĂŶ ƉĞƚƵŐĂƐ
ŬĞĂŵĂŶĂŶŽůĞŚWŝŚĂŬ<ĞĚƵĂ͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞŶĞŵƉĂƚŬĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ Ěŝ ůŽŬĂƐŝ
WŝŚĂŬWĞƌƚĂŵĂLJĂŶŐƚĞůĂŚĚŝƐĞƉĂŬĂƚŝĚĂŶĚŝĂƚƵƌ ĚĂůĂŵ
ůĂŵƉŝƌĂŶ ƚĞƌƐĞŶĚŝƌŝ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƐĂƚƵ ŬĞƐĂƚƵĂŶ
ĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶ͖
ϮͿ DĞŶũĂŐĂŬĞĂŵĂŶĂŶĂƐĞƚĚĂŶƐƵŵďĞƌĚĂLJĂƉĞƌƵƐĂŚĂĂŶ
WŝŚĂŬWĞƌƚĂŵĂĚĞŶŐĂŶũĂĚǁĂůũĂŐĂLJĂŶŐĚŝĂƚƵƌŽůĞŚ^ŝƚĞ
ŽŽƌĚŝŶĂƚŽƌ ĚĂŶ ĚŝŬŽŵƵŶŝŬĂƐŝŬĂŶ ŬĞƉĂĚĂ WŝŚĂŬ
WĞƌƚĂŵĂ͖
ϯͿ DĞůĂŬƵŬĂŶƉĞŶŐĞůŽůĂĂŶ͕ƉĞŶŐŽŶƚƌŽůĂŶ͕ƉĞŶŐĞŵďĂŶŐĂŶ
ĚĂŶ ƉĞŶŐĂǁĂƐĂŶ ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶƵŶƚƵŬŵĞŶũĂŵŝŶŬĞƐĞƐƵĂŝĂŶŬĞƌũĂĚĞŶŐĂŶ
^KWƐƚĂŶĚĂƌŬĞĂŵĂŶĂŶĂƚĂƵtŽƌŬ/ŶƐƚƌƵĐƚŝŽŶĚŝůŽŬĂƐŝ
WŝŚĂŬWĞƌƚĂŵĂ͖
ϰͿ DĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ ƉĞŵďŝŶĂĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶ ƚĞƌŵĂƐƵŬ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ
WŝŚĂŬ WĞƌƚĂŵĂ ;ďŝůĂ ĂĚĂͿ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ WŝŚĂŬ
<ĞĚƵĂ ƵŶƚƵŬ ŵĞŶũĂŵŝŶ ƉĞŵĂŚĂŵĂŶ ƚĞƌŚĂĚĂƉ ƚƵŐĂƐͲ
ƚƵŐĂƐŬĞĂŵĂŶĂŶLJĂŶŐĚŝďĞƌŝŬĂŶ͖
ϱͿ <ŽŽƌĚŝŶĂƐŝ ĚĞŶŐĂŶ ŵĂŶĂũĞŵĞŶ ƉĞƌƵƐĂŚĂĂŶ WŝŚĂŬ
WĞƌƚĂŵĂĚĂůĂŵŵĞŶLJƵƐƵŶ^ĞĐƵƌŝƚLJ^ƚĂŶĚĂƌƚKƉĞƌĂƚŝŶŐ
WƌŽĐĞĚƵƌĞƐĚĂŶŵĞŶŐĞůŽůĂŝŵƉůĞŵĞŶƚĂƐŝŶLJĂ͖
ϲͿ DĞŶLJĞĚŝĂŬĂŶ^ĞĐƵƌŝƚLJZĞƉŽƌƚŬĞƉĂĚĂŵĂŶĂũĞŵĞŶWŝŚĂŬ
WĞƌƚĂŵĂ ƐĞƌƚĂ ŵĞŵĨĂƐŝůŝƚĂƐŝ ĂĚĂŶLJĂ ŵĂŶĂũĞŵĞŶƚ
ƌĞǀŝĞǁ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ĞǀĂůƵĂƐŝ ƚĞƌƵƐ ŵĞŶĞƌƵƐ ŽůĞŚ
WŝŚĂŬ WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ĚĞŶŐĂŶ ũĂĚǁĂů
ďĞƌŬĂůĂLJĂŶŐĚŝƐĞƉĂŬĂƚŝƐĞďĞůƵŵŶLJĂ͖
ϳͿ ĂůĂŵŚĂůƉĞŶĂƌŝŬĂŶĂƚĂƵƉĞŶŐŐĂŶƚŝĂŶWĞƚƵŐĂƐ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶLJĂŶŐĚŝƚĞŵƉĂƚŬĂŶĚŝůŽŬĂƐŝWŝŚĂŬWĞƌƚĂŵĂ
ďĂŝŬ ŬĂƌĞŶĂ ĂůĂƐĂŶ ƉƌŽŵŽƐŝ ĂƚĂƵ ŚĂů ĂƉĂƉƵŶ͕ WŝŚĂŬ
<ĞĚƵĂ ǁĂũŝď ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŚĂů ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ
WŝŚĂŬWĞƌƚĂŵĂĂƚĂƵĚĞŶŐĂŶƉĞƌƐĞƚƵũƵĂŶWŝŚĂŬWĞƌƚĂŵĂ͘
,ĂŬWĂƌĂWŝŚĂŬ͗
ϭͿ ,ĂŬ WŝŚĂŬ WĞƌƚĂŵĂ ĂƉĂďŝůĂ WŝŚĂŬ WĞƌƚĂŵĂ ŵĞŵŝŶƚĂ
ƚĂŵďĂŚĂŶ ŬĞďƵƚƵŚĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ
ƵŶƚƵŬ ůĞŵďƵƌ ĂƚĂƵ ďĞŬĞƌũĂ Ěŝ ůƵĂƌ ũĂŵ ƐƚĂŶĚĂƌ͕ WŝŚĂŬ
WĞƌƚĂŵĂ ŵĞŶŐĂũƵŬĂŶ ƐƵƌĂƚ ŬĞ WŝŚĂŬ <ĞĚƵĂ ƉĂůŝŶŐ
ůĂŵďĂƚϭϮũĂŵƐĞďĞůƵŵŶLJĂĚĞŶŐĂŶƉĞƌŚŝƚƵŶŐĂŶĚŝůƵĂƌ
ŝŶǀŽŝĐĞLJĂŶŐĂŬĂŶĚŝďŝĐĂƌĂŬĂŶƚĞƌůĞďŝŚĚĂŚƵůƵ͘
ϮͿ ĞŶŐĂŶ ƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƉĞƌĨŽƌŵĂ
ƉĞƚƵŐĂƐ͕ WŝŚĂŬ <ĞĚƵĂ ďĞƌŚĂŬ ŵĞƌĞŬŽŵĞŶĚĂƐŝŬĂŶ ĚĂŶ
ĂƚĂƵ ďĞƌŚĂŬ ŵĞŶĞƌĂƉŬĂŶ ƉĞŶŝůĂŝĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶLJĂŶŐĂĚĂĚĂŶĂƉĂďŝůĂŵĞŵĂŶŐĚŝƉĂŶĚĂŶŐ
ƉĞƌůƵďĞƌĚĂƐĂƌŬĂŶƉĂƌĂŵĞƚĞƌŬŝŶĞƌũĂ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ ϭ:ĂŶƵĂƌŝϮϬϮϱƐĂŵƉĂŝϯϭĞƐĞŵďĞƌϮϬϮϱ͘
^ĞƚĞůĂŚďĞƌũĂůĂŶĚĂůĂŵŬƵƌƵŶǁĂŬƚƵϭ;ƐĂƚƵͿƚĂŚƵŶ͕ƉĞƌũĂŶũŝĂŶ
ĂŬĂŶƐĞĐĂƌĂŽƚŽŵĂƚŝƐďĞƌůĂŶũƵƚƵŶƚƵŬŵĂƐĂϭ;ƐĂƚƵͿƚĂŚƵŶŬĞ
ĚĞƉĂŶ͕ LJĂŶŐ ƚĞƚĂƉ ĂŬĂŶ ĚŝƚƵĂŶŐŬĂŶ ĚĂůĂŵ ĚĚĞŶĚƵŵ
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WĞƌũĂŶũŝĂŶ LJĂŶŐ ĂŬĂŶ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ƉĂƌĂ ƉŝŚĂŬ ƐĞƐƵĂŝ
ĚĞŶŐĂŶ ŬĞƐĞƉĂŬĂƚĂŶ͕ ŬĞĐƵĂůŝ ĂƉĂďŝůĂ ƐĂůĂŚ ƐĂƚƵ ƉŝŚĂŬ
ŵĞŵƵƚƵƐŬĂŶƵŶƚƵŬŵĞŶŐĂŬŚŝƌŝƉĞƌũĂŶũŝĂŶĚĂŶͬĂƚĂƵŵĞƌƵďĂŚ
ŵĂƐĂƉĞƌũĂŶũŝĂŶĚĞŶŐĂŶƉĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂƉŝŚĂŬ
LJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͕ƉĂůŝŶŐůĂŵďĂƚĚĂůĂŵŬƵƌƵŶǁĂŬƚƵϭ;ƐĂƚƵͿ
ďƵůĂŶƐĞďĞůƵŵƚĂŶŐŐĂůďĞƌĂŬŚŝƌŶLJĂƉĞƌũĂŶũŝĂŶ͘
ĞŶĚĂ ͗ ƉĂďŝůĂ ƚĞƌũĂĚŝ ŬĞƚĞƌůĂŵďĂƚĂŶ ƉĞŵďĂLJĂƌĂŶ͕ ŵĂŬĂ WŝŚĂŬ
WĞƌƚĂŵĂ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ĚĞŶĚĂ ŽůĞŚ WŝŚĂŬ <ĞĚƵĂ ƐĞďĞƐĂƌ
Ϭ͕ϭй ƉĞƌ ŚĂƌŝ ĚĂƌŝ ŶŝůĂŝ ŬŽŶƚƌĂŬ ĂƉĂďŝůĂ ĂĚĂ ŬĞƚĞƌůĂŵďĂƚĂŶ
ĚĞŶŐĂŶ ĚĞŶĚĂ ŵĂŬƐŝŵĂů ĂĚĂůĂŚ ϱй ĚĂƌŝ ƚŽƚĂů ũƵŵůĂŚ LJĂŶŐ
ŚĂƌƵƐĚŝďĂLJĂƌ͘
ƌĞĂWĞƌƵƐĂŚĂĂŶͬ>ŽŬĂƐŝ<ĞƌũĂ ͗ :ů͘ůƌ͘^ƵƚĂŵŝ͕DĂŬĂƐƐĂƌ
,ĂƌŐĂWĞŬĞƌũĂĂŶ ͗ dŽƚĂů ŚĂƌŐĂ ƐĞďĞůƵŵ ƉĂũĂŬ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϭϬ͘ϳϯϬ͘ϰϲϳ͕ϵϴ
;ƐĞƉƵůƵŚũƵƚĂƚƵũƵŚƌĂƚƵƐƚŝŐĂƉƵůƵŚƌŝďƵĞŵƉĂƚ ƌĂƚƵƐĞŶĂŵ
ƉƵůƵŚƚƵũƵŚZƵƉŝĂŚƐĞŵďŝůĂŶƉƵůƵŚĚĞůĂƉĂŶƐĞŶͿ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ϳͿ WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ůŝŚ ĂLJĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ ĂŶ WĞŶŐĞůŽůĂĂŶ <ĞĂŵĂŶĂŶ
EŽ͘ϮϰϬϭͬW<^ͬ^EͲ^W/EKWh^dͬ/ͬϮϬϮϱƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϮϰLJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
Wd^ŚĞůƚĞƌEƵƐĂŶƚĂƌĂ;WŝŚĂŬ<ĞĚƵĂͿ͘
WĞŶƵŶũƵŬĂŶ ͗ WŝŚĂŬ WĞƌƚĂŵĂ ƚĞůĂŚ ŵĞŶƵŶũƵŬ WŝŚĂŬ <ĞĚƵĂ ƵŶƚƵŬ
ŵĞŶLJĞĚŝĂŬĂŶ :ĂƐĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ ĚĂŶ
WĞŶŐĞůŽůĂĂŶ<ĞĂŵĂŶĂŶ;KƵƚƐŽƵƌĐŝŶŐͿ͕ƐĞƐƵĂŝĚĞŶŐĂŶƐLJĂƌĂƚͲ
ƐLJĂƌĂƚĚĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵƉĂĚĂƉĂƐĂůͲƉĂƐĂůĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶŬĞƌũĂƐĂŵĂĂůŝŚĚĂLJĂ͘
,ĂŬĚĂŶ<ĞǁĂũŝďĂŶWĂƌĂWŝŚĂŬ ͗ <ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞŶLJĞůĞƐĂŝŬĂŶ ƉĞŵďĂLJĂƌĂŶ ŝŶǀŽŝĐĞ ƐĞůĂŵďĂƚŶLJĂ ϯϬ
ŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚŝŶǀŽŝĐĞĚŝƚĞƌŝŵĂŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ͖
ϮͿ DĞŵďĞƌŝŬĂŶĚƵŬƵŶŐĂŶŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂĚĂůĂŵŚĂů
ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƉĞůĂƚŝŚĂŶ ƉĞŵďŝŶĂĂŶ ƉĞƚƵŐĂƐ
ŬĞĂŵĂŶĂŶŽůĞŚWŝŚĂŬ<ĞĚƵĂ͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞŶĞŵƉĂƚŬĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ Ěŝ ůŽŬĂƐŝ
WŝŚĂŬWĞƌƚĂŵĂLJĂŶŐƚĞůĂŚĚŝƐĞƉĂŬĂƚŝĚĂŶĚŝĂƚƵƌ ĚĂůĂŵ
ůĂŵƉŝƌĂŶ ƚĞƌƐĞŶĚŝƌŝ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƐĂƚƵ ŬĞƐĂƚƵĂŶ
ĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶ͖
ϮͿ DĞŶũĂŐĂŬĞĂŵĂŶĂŶĂƐĞƚĚĂŶƐƵŵďĞƌĚĂLJĂƉĞƌƵƐĂŚĂĂŶ
WŝŚĂŬWĞƌƚĂŵĂĚĞŶŐĂŶũĂĚǁĂůũĂŐĂLJĂŶŐĚŝĂƚƵƌŽůĞŚ^ŝƚĞ
ŽŽƌĚŝŶĂƚŽƌ ĚĂŶ ĚŝŬŽŵƵŶŝŬĂƐŝŬĂŶ ŬĞƉĂĚĂ WŝŚĂŬ
WĞƌƚĂŵĂ͖
ϯͿ DĞůĂŬƵŬĂŶƉĞŶŐĞůŽůĂĂŶ͕ƉĞŶŐŽŶƚƌŽůĂŶ͕ƉĞŶŐĞŵďĂŶŐĂŶ
ĚĂŶ ƉĞŶŐĂǁĂƐĂŶ ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶƵŶƚƵŬŵĞŶũĂŵŝŶŬĞƐĞƐƵĂŝĂŶŬĞƌũĂĚĞŶŐĂŶ
^KWƐƚĂŶĚĂƌŬĞĂŵĂŶĂŶĂƚĂƵtŽƌŬ/ŶƐƚƌƵĐƚŝŽŶĚŝůŽŬĂƐŝ
WŝŚĂŬWĞƌƚĂŵĂ͖
ϰͿ DĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ ƉĞŵďŝŶĂĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶ ƚĞƌŵĂƐƵŬ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ
WŝŚĂŬ WĞƌƚĂŵĂ ;ďŝůĂ ĂĚĂͿ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ WŝŚĂŬ
<ĞĚƵĂ ƵŶƚƵŬ ŵĞŶũĂŵŝŶ ƉĞŵĂŚĂŵĂŶ ƚĞƌŚĂĚĂƉ ƚƵŐĂƐͲ
ƚƵŐĂƐŬĞĂŵĂŶĂŶLJĂŶŐĚŝďĞƌŝŬĂŶ͖
ϱͿ <ŽŽƌĚŝŶĂƐŝ ĚĞŶŐĂŶ ŵĂŶĂũĞŵĞŶ ƉĞƌƵƐĂŚĂĂŶ WŝŚĂŬ
WĞƌƚĂŵĂĚĂůĂŵŵĞŶLJƵƐƵŶ^ĞĐƵƌŝƚLJ^ƚĂŶĚĂƌƚKƉĞƌĂƚŝŶŐ
WƌŽĐĞĚƵƌĞƐĚĂŶŵĞŶŐĞůŽůĂŝŵƉůĞŵĞŶƚĂƐŝŶLJĂ͖
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ϲͿ DĞŶLJĞĚŝĂŬĂŶ^ĞĐƵƌŝƚLJZĞƉŽƌƚŬĞƉĂĚĂŵĂŶĂũĞŵĞŶWŝŚĂŬ
WĞƌƚĂŵĂ ƐĞƌƚĂ ŵĞŵĨĂƐŝůŝƚĂƐŝ ĂĚĂŶLJĂ ŵĂŶĂũĞŵĞŶƚ
ƌĞǀŝĞǁ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ĞǀĂůƵĂƐŝ ƚĞƌƵƐ ŵĞŶĞƌƵƐ ŽůĞŚ
WŝŚĂŬ WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ĚĞŶŐĂŶ ũĂĚǁĂů
ďĞƌŬĂůĂLJĂŶŐĚŝƐĞƉĂŬĂƚŝƐĞďĞůƵŵŶLJĂ͖
ϳͿ ĂůĂŵŚĂůƉĞŶĂƌŝŬĂŶĂƚĂƵƉĞŶŐŐĂŶƚŝĂŶWĞƚƵŐĂƐ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶLJĂŶŐĚŝƚĞŵƉĂƚŬĂŶĚŝůŽŬĂƐŝWŝŚĂŬWĞƌƚĂŵĂ
ďĂŝŬ ŬĂƌĞŶĂ ĂůĂƐĂŶ ƉƌŽŵŽƐŝ ĂƚĂƵ ŚĂů ĂƉĂƉƵŶ͕ WŝŚĂŬ
<ĞĚƵĂ ǁĂũŝď ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŚĂů ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ
WŝŚĂŬWĞƌƚĂŵĂĂƚĂƵĚĞŶŐĂŶƉĞƌƐĞƚƵũƵĂŶWŝŚĂŬWĞƌƚĂŵĂ͘
,ĂŬWĂƌĂWŝŚĂŬ͗
ϭͿ ,ĂŬ WŝŚĂŬ WĞƌƚĂŵĂ ĂƉĂďŝůĂ WŝŚĂŬ WĞƌƚĂŵĂ ŵĞŵŝŶƚĂ
ƚĂŵďĂŚĂŶ ŬĞďƵƚƵŚĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ
ƵŶƚƵŬ ůĞŵďƵƌ ĂƚĂƵ ďĞŬĞƌũĂ Ěŝ ůƵĂƌ ũĂŵ ƐƚĂŶĚĂƌ͕ WŝŚĂŬ
WĞƌƚĂŵĂ ŵĞŶŐĂũƵŬĂŶ ƐƵƌĂƚ ŬĞ WŝŚĂŬ <ĞĚƵĂ ƉĂůŝŶŐ
ůĂŵďĂƚϭϮũĂŵƐĞďĞůƵŵŶLJĂĚĞŶŐĂŶƉĞƌŚŝƚƵŶŐĂŶĚŝůƵĂƌ
ŝŶǀŽŝĐĞLJĂŶŐĂŬĂŶĚŝďŝĐĂƌĂŬĂŶƚĞƌůĞďŝŚĚĂŚƵůƵ͘
ϮͿ ĞŶŐĂŶ ƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƉĞƌĨŽƌŵĂ
ƉĞƚƵŐĂƐ͕ WŝŚĂŬ <ĞĚƵĂ ďĞƌŚĂŬ ŵĞƌĞŬŽŵĞŶĚĂƐŝŬĂŶ ĚĂŶ
ĂƚĂƵ ďĞƌŚĂŬ ŵĞŶĞƌĂƉŬĂŶ ƉĞŶŝůĂŝĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶLJĂŶŐĂĚĂĚĂŶĂƉĂďŝůĂŵĞŵĂŶŐĚŝƉĂŶĚĂŶŐ
ƉĞƌůƵďĞƌĚĂƐĂƌŬĂŶƉĂƌĂŵĞƚĞƌŬŝŶĞƌũĂ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ ϭ:ĂŶƵĂƌŝϮϬϮϱƐĂŵƉĂŝϯϭĞƐĞŵďĞƌϮϬϮϱ͘
^ĞƚĞůĂŚďĞƌũĂůĂŶĚĂůĂŵŬƵƌƵŶǁĂŬƚƵϭ;ƐĂƚƵͿƚĂŚƵŶ͕ƉĞƌũĂŶũŝĂŶ
ĂŬĂŶ ƐĞĐĂƌĂ ŽƚŽŵĂƚŝƐ ďĞƌůĂŶũƵƚ ƵŶƚƵŬ ŵĂƐĂ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ
ŬĞĚĞƉĂŶ͕ LJĂŶŐ ƚĞƚĂƉ ĂŬĂŶ ĚŝƚƵĂŶŐŬĂŶ ĚĂůĂŵ ĚĚĞŶĚƵŵ
WĞƌũĂŶũŝĂŶ LJĂŶŐ ĂŬĂŶ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ƉĂƌĂ ƉŝŚĂŬ ƐĞƐƵĂŝ
ĚĞŶŐĂŶ ŬĞƐĞƉĂŬĂƚĂŶ͕ ŬĞĐƵĂůŝ ĂƉĂďŝůĂ ƐĂůĂŚ ƐĂƚƵ ƉŝŚĂŬ
ŵĞŵƵƚƵƐŬĂŶƵŶƚƵŬŵĞŶŐĂŬŚŝƌŝƉĞƌũĂŶũŝĂŶĚĂŶͬĂƚĂƵŵĞƌƵďĂŚ
ŵĂƐĂƉĞƌũĂŶũŝĂŶĚĞŶŐĂŶƉĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂƉŝŚĂŬ
LJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͕ƉĂůŝŶŐůĂŵďĂƚĚĂůĂŵŬƵƌƵŶǁĂŬƚƵϭ;ƐĂƚƵͿ
ďƵůĂŶƐĞďĞůƵŵƚĂŶŐŐĂůďĞƌĂŬŚŝƌŶLJĂƉĞƌũĂŶũŝĂŶ͘
ĞŶĚĂ ͗ ƉĂďŝůĂ ƚĞƌũĂĚŝ ŬĞƚĞƌůĂŵďĂƚĂŶ ƉĞŵďĂLJĂƌĂŶ͕ ŵĂŬĂ WŝŚĂŬ
WĞƌƚĂŵĂ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ĚĞŶĚĂ ŽůĞŚ WŝŚĂŬ <ĞĚƵĂ ƐĞďĞƐĂƌ
Ϭ͕ϭй ƉĞƌ ŚĂƌŝ ĚĂƌŝ ŶŝůĂŝ ŬŽŶƚƌĂŬ ĂƉĂďŝůĂ ĂĚĂ ŬĞƚĞƌůĂŵďĂƚĂŶ
ĚĞŶŐĂŶ ĚĞŶĚĂ ŵĂŬƐŝŵĂů ĂĚĂůĂŚ ϱй ĚĂƌŝ ƚŽƚĂů ũƵŵůĂŚ LJĂŶŐ
ŚĂƌƵƐĚŝďĂLJĂƌ͘
ƌĞĂWĞƌƵƐĂŚĂĂŶͬ>ŽŬĂƐŝ<ĞƌũĂ ͗ ϭͿ :ĂůĂŶZƵŶŐŬƵƚůŶĚƵƐƚƌŝ/EŽ͘ϮϴͲϯϬ^ƵƌĂďĂLJĂ͘
ϮͿ :ĂůĂŶZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ//EŽ͘ϭϬ^ƵƌĂďĂLJĂ͘
ϯͿ :ĂůĂŶtĂƌƵ'ƵŶƵŶŐ<ĂƌĂŶŐWŝůĂŶŐ^ƵƌĂďĂLJĂ͘
ϰͿ :ĂůĂŶ<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ^ƵƌĂďĂLJĂ͘
,ĂƌŐĂWĞŬĞƌũĂĂŶ ͗ ϭͿ dŽƚĂů ŚĂƌŐĂ ƐĞďĞůƵŵ ƉĂũĂŬ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϭϬϰ͘ϭϬϵ͘ϵϯϳ͕ϳϭ;ƐĞƌĂƚƵƐĞŵƉĂƚũƵƚĂƐĞƌĂƚƵƐƐĞŵďŝůĂŶ
ƌŝďƵƐĞŵďŝůĂŶƌĂƚƵƐƚŝŐĂƉƵůƵŚƚƵũƵŚZƵƉŝĂŚƚƵũƵŚƉƵůƵŚ
ƐĂƚƵƐĞŶͿ͘
ϮͿ dŽƚĂů ŚĂƌŐĂ ƐĞďĞůƵŵ ƉĂũĂŬ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϴϬ͘ϮϵϮ͘ϰϬϳ͕ϰϳ ;ĚĞůĂƉĂŶ ƉƵůƵŚ ũƵƚĂ ĚƵĂ ƌĂƚƵƐ
ƐĞŵďŝůĂŶ ƉƵůƵŚ ĚƵĂ ƌŝďƵ ĞŵƉĂƚ ƌĂƚƵƐ ƚƵũƵŚ ZƵƉŝĂŚ
ĞŵƉĂƚƉƵůƵŚƚƵũƵŚƐĞŶͿ͘
ϯͿ dŽƚĂů ŚĂƌŐĂ ƐĞďĞůƵŵ ƉĂũĂŬ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϵϲ͘ϭϳϬ͘ϳϲϬ͕ϵϳ ;ƐĞŵďŝůĂŶ ƉƵůƵŚ ĞŶĂŵ ũƵƚĂ ƐĞƌĂƚƵƐ
ƚƵũƵŚ ƉƵůƵŚ ƌŝďƵ ƚƵũƵŚ ƌĂƚƵƐ ĞŶĂŵ ƉƵůƵŚ ZƵƉŝĂŚ
ƐĞŵďŝůĂŶƉƵůƵŚƚƵũƵŚƐĞŶͿ͘
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ϰͿ dŽƚĂů ŚĂƌŐĂ ƐĞďĞůƵŵ ƉĂũĂŬ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϱϱ͘ϴϮϲ͘ϴϳϳ͕Ϯϯ ;ůŝŵĂ ƉƵůƵŚ ůŝŵĂ ũƵƚĂ ĚĞůĂƉĂŶ ƌĂƚƵƐ
ĚƵĂ ƉƵůƵŚ ĞŶĂŵ ƌŝďƵ ĚĞůĂƉĂŶ ƌĂƚƵƐ ƚƵũƵŚ ƉƵůƵŚ ƚƵũƵŚ
ZƵƉŝĂŚĚƵĂƉƵůƵŚƚŝŐĂƐĞŶͿ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ϴͿ WĞƌũĂŶũŝĂŶ <ĞƌũĂƐĂŵĂ ůŝŚ ĂLJĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ ĂŶ WĞŶŐĞůŽůĂĂŶ <ĞĂŵĂŶĂŶ
EŽ͘ϮϰϬϰͬW<^ͬ^EͲ^W/EK^/KZ:Kͬ/ͬϮϬϮϱƚĂŶŐŐĂůϯϬĞƐĞŵďĞƌϮϬϮϰLJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
Wd^ŚĞůƚĞƌEƵƐĂŶƚĂƌĂ;WŝŚĂŬ<ĞĚƵĂͿ͘
WĞŶƵŶũƵŬĂŶ ͗ WŝŚĂŬ WĞƌƚĂŵĂ ƚĞůĂŚ ŵĞŶƵŶũƵŬ WŝŚĂŬ <ĞĚƵĂ ƵŶƚƵŬ
ŵĞŶLJĞĚŝĂŬĂŶ :ĂƐĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ ĚĂŶ
WĞŶŐĞůŽůĂĂŶ<ĞĂŵĂŶĂŶ;KƵƚƐŽƵƌĐŝŶŐͿ͕ƐĞƐƵĂŝĚĞŶŐĂŶƐLJĂƌĂƚͲ
ƐLJĂƌĂƚĚĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵƉĂĚĂƉĂƐĂůͲƉĂƐĂůĚĂůĂŵ
ƉĞƌũĂŶũŝĂŶŬĞƌũĂƐĂŵĂĂůŝŚĚĂLJĂ͘
,ĂŬĚĂŶ<ĞǁĂũŝďĂŶWĂƌĂWŝŚĂŬ ͗ <ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞŶLJĞůĞƐĂŝŬĂŶ ƉĞŵďĂLJĂƌĂŶ ŝŶǀŽŝĐĞ ƐĞůĂŵďĂƚŶLJĂ ϯϬ
ŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚŝŶǀŽŝĐĞĚŝƚĞƌŝŵĂŽůĞŚWŝŚĂŬWĞƌƚĂŵĂ͖
ϮͿ DĞŵďĞƌŝŬĂŶĚƵŬƵŶŐĂŶŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂĚĂůĂŵŚĂů
ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ƉĞůĂƚŝŚĂŶ ƉĞŵďŝŶĂĂŶ ƉĞƚƵŐĂƐ
ŬĞĂŵĂŶĂŶŽůĞŚWŝŚĂŬ<ĞĚƵĂ͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞŶĞŵƉĂƚŬĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ Ěŝ ůŽŬĂƐŝ
WŝŚĂŬWĞƌƚĂŵĂLJĂŶŐƚĞůĂŚĚŝƐĞƉĂŬĂƚŝĚĂŶĚŝĂƚƵƌ ĚĂůĂŵ
ůĂŵƉŝƌĂŶ ƚĞƌƐĞŶĚŝƌŝ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ƐĂƚƵ ŬĞƐĂƚƵĂŶ
ĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶ͖
ϮͿ DĞŶũĂŐĂŬĞĂŵĂŶĂŶĂƐĞƚĚĂŶƐƵŵďĞƌĚĂLJĂƉĞƌƵƐĂŚĂĂŶ
WŝŚĂŬWĞƌƚĂŵĂĚĞŶŐĂŶũĂĚǁĂůũĂŐĂLJĂŶŐĚŝĂƚƵƌŽůĞŚ^ŝƚĞ
ŽŽƌĚŝŶĂƚŽƌ ĚĂŶ ĚŝŬŽŵƵŶŝŬĂƐŝŬĂŶ ŬĞƉĂĚĂ WŝŚĂŬ
WĞƌƚĂŵĂ͖
ϯͿ DĞůĂŬƵŬĂŶƉĞŶŐĞůŽůĂĂŶ͕ƉĞŶŐŽŶƚƌŽůĂŶ͕ƉĞŶŐĞŵďĂŶŐĂŶ
ĚĂŶ ƉĞŶŐĂǁĂƐĂŶ ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶƵŶƚƵŬŵĞŶũĂŵŝŶŬĞƐĞƐƵĂŝĂŶŬĞƌũĂĚĞŶŐĂŶ
^KWƐƚĂŶĚĂƌŬĞĂŵĂŶĂŶĂƚĂƵtŽƌŬ/ŶƐƚƌƵĐƚŝŽŶĚŝůŽŬĂƐŝ
WŝŚĂŬWĞƌƚĂŵĂ͖
ϰͿ DĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ ƉĞŵďŝŶĂĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶ ƚĞƌŵĂƐƵŬ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ
WŝŚĂŬ WĞƌƚĂŵĂ ;ďŝůĂ ĂĚĂͿ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ WŝŚĂŬ
<ĞĚƵĂ ƵŶƚƵŬ ŵĞŶũĂŵŝŶ ƉĞŵĂŚĂŵĂŶ ƚĞƌŚĂĚĂƉ ƚƵŐĂƐͲ
ƚƵŐĂƐŬĞĂŵĂŶĂŶLJĂŶŐĚŝďĞƌŝŬĂŶ͖
ϱͿ <ŽŽƌĚŝŶĂƐŝ ĚĞŶŐĂŶ ŵĂŶĂũĞŵĞŶ ƉĞƌƵƐĂŚĂĂŶ WŝŚĂŬ
WĞƌƚĂŵĂĚĂůĂŵŵĞŶLJƵƐƵŶ^ĞĐƵƌŝƚLJ^ƚĂŶĚĂƌƚKƉĞƌĂƚŝŶŐ
WƌŽĐĞĚƵƌĞƐĚĂŶŵĞŶŐĞůŽůĂŝŵƉůĞŵĞŶƚĂƐŝŶLJĂ͖
ϲͿ DĞŶLJĞĚŝĂŬĂŶ^ĞĐƵƌŝƚLJZĞƉŽƌƚŬĞƉĂĚĂŵĂŶĂũĞŵĞŶWŝŚĂŬ
WĞƌƚĂŵĂ ƐĞƌƚĂ ŵĞŵĨĂƐŝůŝƚĂƐŝ ĂĚĂŶLJĂ ŵĂŶĂũĞŵĞŶƚ
ƌĞǀŝĞǁ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ĞǀĂůƵĂƐŝ ƚĞƌƵƐ ŵĞŶĞƌƵƐ ŽůĞŚ
WŝŚĂŬ WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ĚĞŶŐĂŶ ũĂĚǁĂů
ďĞƌŬĂůĂLJĂŶŐĚŝƐĞƉĂŬĂƚŝƐĞďĞůƵŵŶLJĂ͖
ϳͿ ĂůĂŵŚĂůƉĞŶĂƌŝŬĂŶĂƚĂƵƉĞŶŐŐĂŶƚŝĂŶWĞƚƵŐĂƐ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶLJĂŶŐĚŝƚĞŵƉĂƚŬĂŶĚŝůŽŬĂƐŝWŝŚĂŬWĞƌƚĂŵĂ
ďĂŝŬ ŬĂƌĞŶĂ ĂůĂƐĂŶ ƉƌŽŵŽƐŝ ĂƚĂƵ ŚĂů ĂƉĂƉƵŶ͕ WŝŚĂŬ
<ĞĚƵĂ ǁĂũŝď ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŚĂů ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ
WŝŚĂŬWĞƌƚĂŵĂĂƚĂƵĚĞŶŐĂŶƉĞƌƐĞƚƵũƵĂŶWŝŚĂŬWĞƌƚĂŵĂ͘
155
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,ĂŬWĂƌĂWŝŚĂŬ͗
ϭͿ ,ĂŬ WŝŚĂŬ WĞƌƚĂŵĂ ĂƉĂďŝůĂ WŝŚĂŬ WĞƌƚĂŵĂ ŵĞŵŝŶƚĂ
ƚĂŵďĂŚĂŶ ŬĞďƵƚƵŚĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ WĞŶŐĂŵĂŶĂŶ
ƵŶƚƵŬ ůĞŵďƵƌ ĂƚĂƵ ďĞŬĞƌũĂ Ěŝ ůƵĂƌ ũĂŵ ƐƚĂŶĚĂƌ͕ WŝŚĂŬ
WĞƌƚĂŵĂ ŵĞŶŐĂũƵŬĂŶ ƐƵƌĂƚ ŬĞ WŝŚĂŬ <ĞĚƵĂ ƉĂůŝŶŐ
ůĂŵďĂƚϭϮũĂŵƐĞďĞůƵŵŶLJĂĚĞŶŐĂŶƉĞƌŚŝƚƵŶŐĂŶĚŝůƵĂƌ
ŝŶǀŽŝĐĞLJĂŶŐĂŬĂŶĚŝďŝĐĂƌĂŬĂŶƚĞƌůĞďŝŚĚĂŚƵůƵ͘
ϮͿ ĞŶŐĂŶ ƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ƉĞƌĨŽƌŵĂ
ƉĞƚƵŐĂƐ͕ WŝŚĂŬ <ĞĚƵĂ ďĞƌŚĂŬ ŵĞƌĞŬŽŵĞŶĚĂƐŝŬĂŶ ĚĂŶ
ĂƚĂƵ ďĞƌŚĂŬ ŵĞŶĞƌĂƉŬĂŶ ƉĞŶŝůĂŝĂŶ WĞƚƵŐĂƐ ^ĂƚƵĂŶ
WĞŶŐĂŵĂŶĂŶLJĂŶŐĂĚĂĚĂŶĂƉĂďŝůĂŵĞŵĂŶŐĚŝƉĂŶĚĂŶŐ
ƉĞƌůƵďĞƌĚĂƐĂƌŬĂŶƉĂƌĂŵĞƚĞƌŬŝŶĞƌũĂ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ ϭ:ĂŶƵĂƌŝϮϬϮϱƐĂŵƉĂŝϯϭĞƐĞŵďĞƌϮϬϮϱ͘
^ĞƚĞůĂŚďĞƌũĂůĂŶĚĂůĂŵŬƵƌƵŶǁĂŬƚƵϭ;ƐĂƚƵͿƚĂŚƵŶ͕ƉĞƌũĂŶũŝĂŶ
ĂŬĂŶƐĞĐĂƌĂŽƚŽŵĂƚŝƐďĞƌůĂŶũƵƚƵŶƚƵŬŵĂƐĂϭ;ƐĂƚƵͿƚĂŚƵŶŬĞ
ĚĞƉĂŶ͕ LJĂŶŐ ƚĞƚĂƉ ĂŬĂŶ ĚŝƚƵĂŶŐŬĂŶ ĚĂůĂŵ ĚĚĞŶĚƵŵ
WĞƌũĂŶũŝĂŶ LJĂŶŐ ĂŬĂŶ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ƉĂƌĂ ƉŝŚĂŬ ƐĞƐƵĂŝ
ĚĞŶŐĂŶ ŬĞƐĞƉĂŬĂƚĂŶ͕ ŬĞĐƵĂůŝ ĂƉĂďŝůĂ ƐĂůĂŚ ƐĂƚƵ ƉŝŚĂŬ
ŵĞŵƵƚƵƐŬĂŶƵŶƚƵŬŵĞŶŐĂŬŚŝƌŝƉĞƌũĂŶũŝĂŶĚĂŶͬĂƚĂƵŵĞƌƵďĂŚ
ŵĂƐĂƉĞƌũĂŶũŝĂŶĚĞŶŐĂŶƉĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂƉŝŚĂŬ
LJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͕ƉĂůŝŶŐůĂŵďĂƚĚĂůĂŵŬƵƌƵŶǁĂŬƚƵϭ;ƐĂƚƵͿ
ďƵůĂŶƐĞďĞůƵŵƚĂŶŐŐĂůďĞƌĂŬŚŝƌŶLJĂƉĞƌũĂŶũŝĂŶ͘
ĞŶĚĂ ͗ ƉĂďŝůĂ ƚĞƌũĂĚŝ ŬĞƚĞƌůĂŵďĂƚĂŶ ƉĞŵďĂLJĂƌĂŶ͕ ŵĂŬĂ WŝŚĂŬ
WĞƌƚĂŵĂ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ĚĞŶĚĂ ŽůĞŚ WŝŚĂŬ <ĞĚƵĂ ƐĞďĞƐĂƌ
Ϭ͕ϭй ƉĞƌ ŚĂƌŝ ĚĂƌŝ ŶŝůĂŝ ŬŽŶƚƌĂŬ ĂƉĂďŝůĂ ĂĚĂ ŬĞƚĞƌůĂŵďĂƚĂŶ
ĚĞŶŐĂŶ ĚĞŶĚĂ ŵĂŬƐŝŵĂů ĂĚĂůĂŚ ϱй ĚĂƌŝ ƚŽƚĂů ũƵŵůĂŚ LJĂŶŐ
ŚĂƌƵƐĚŝďĂLJĂƌ͘
ƌĞĂWĞƌƵƐĂŚĂĂŶͬ>ŽŬĂƐŝ<ĞƌũĂ ͗ ĞƐĂĞŵĞŶŐŬĂůĂŶŐ^ŝĚŽĂƌũŽ͕:ĂǁĂdŝŵƵƌ͘
,ĂƌŐĂWĞŬĞƌũĂĂŶ ͗ dŽƚĂůŚĂƌŐĂƐĞďĞůƵŵƉĂũĂŬĂĚĂůĂŚƐĞďĞƐĂƌZƉϭϬϮ͘ϳϬϳ͘ϰϯϴ͕ϲϴ
;ƐĞƌĂƚƵƐĚƵĂũƵƚĂƚƵũƵŚƌĂƚƵƐƚƵũƵŚƌŝďƵĞŵƉĂƚƌĂƚƵƐƚŝŐĂƉƵůƵŚ
ĚĞůĂƉĂŶZƵƉŝĂŚĞŶĂŵƉƵůƵŚĚĞůĂƉĂŶƐĞŶͿ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ϵͿ WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂEŽ͘ϯϴϮͬ ŬƐͬŝƌͲ,ZΘ'ͬy//ͬϮϬϮϱƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕LJĂŶŐŵĞŶŐĂƚƵƌ
ŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
Wd<ĂƌLJĂDĂŶƵŶŐŐĂů:Ăƚŝ;WŝŚĂŬ<ĞĚƵĂͿ͘
:ĂŶŐŬĂtĂŬƚƵWĞƌũĂŶũŝĂŶ ͗ WĞƌũĂŶũŝĂŶ ŝŶŝ ďĞƌůĂŬƵ ƐĞůĂŵĂ ϭϮ ;ĚƵĂ ďĞůĂƐͿ ďƵůĂŶ ŵƵůĂŝ
ƚĂŶŐŐĂůϭ:ĂŶƵĂƌŝϮϬϮϲĚĂŶĂŬĂŶďĞƌĂŬŚŝƌƐĞĐĂƌĂŚƵŬƵŵƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϲWĞƌũĂŶũŝĂŶŝŶŝĚĂƉĂƚĚŝƉĞƌƉĂŶũĂŶŐ
ŬĞŵďĂůŝĂƚĂƐŬĞƐĞƉĂŬĂƚĂŶŬĞĚƵĂďĞůĂŚƉŝŚĂŬ͘
ZƵĂŶŐ>ŝŶŐŬƵƉ ͗ ϭͿ W/,< < h ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĚĂŶ ďĞƌƐĞĚŝĂ
ŵĞůĂŬƐĂŶĂŬĂŶ ũĂƐĂ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŬĞƌũĂĂŶ ĚĞŶŐĂŶ
ƌƵĂŶŐůŝŶŐŬƵƉƐĞďĂŐĂŝŵĂŶĂƚĞƌƚƵĂŶŐĚĂůĂŵůĂŵƉŝƌĂŶ͘
ϮͿ W/,< < h ĚĞŶŐĂŶ ŝŶŝ ŵĞŶLJĂƚĂŬĂŶ ŬĞƐĂŶŐŐƵƉĂŶ
ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ũĂƐĂ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŬĞƌũĂĂŶ
ĚĞŶŐĂŶ ƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ W/,<
W ZdD͕ƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂƐĞŵƵĂ
ƉĞŬĞƌũĂĂŶ ŬĞĐŝů LJĂŶŐ ƐĞůĂLJĂŬŶLJĂ ŚĂƌƵƐ ĚŝůĂŬƐĂŶĂŬĂŶ
ƐĞďĂŐĂŝ ŬĞůĞŶŐŬĂƉĂŶ ĚĂŶ ŬĞƐĞŵƉƵŵĂĂŶ ƉĞůĂŬƐĂŶĂĂŶ
WĞŬĞƌũĂĂŶ͘
ϯͿ W/,<< hŵĞŶLJĂƚĂŬĂŶĚĂŶŵĞŶũĂŵŝŶŬĞƉĂĚĂW/,<
W ZdD ďĂŚǁĂ ƐĞŵƵĂ ŬĂƌLJĂǁĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌŵĂƐƵŬ ĚĂůĂŵ ƉĞƌũĂŶũŝĂŶ ŬĞƌũĂƐĂŵĂ ŝŶŝ͕ ƚĂŶƉĂ ĂĚĂ
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LJĂŶŐĚŝŬĞĐƵĂůŝŬĂŶŵĞŶƚĂĂƚŝĂƚƵƌĂŶĚĂŶƚĂƚĂƚĞƌƚŝďŬĞƌũĂ
LJĂŶŐďĞƌůĂŬƵĚŝƉĞƌƵƐĂŚĂĂŶW/,<W ZdD͘
ϰͿ dĞƌŚĂĚĂƉ ƐĞŐĂůĂ ĚĂŶ ƐĞƚŝĂƉ ŝƐƚŝůĂŚ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ĂLJĂƚ ϭ ƉĂƐĂů ŝŶŝ͕ W/,< < h
ŵĞŶLJĂƚĂŬĂŶƚĞůĂŚŵĞŶĞƌŝŵĂƉĞŶũĞůĂƐĂŶLJĂŶŐďĞƌŬĂŝƚĂŶ
ĚĞŶŐĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŶLJĞĚŝĂĂŶ ũĂƐĂ ƉĞŬĞƌũĂͬďƵƌƵŚ
ĚĂƌŝ W/,< W ZdD͕ ƐĞŚŝŶŐŐĂ W/,< < h
ŵĞŶLJĂƚĂŬĂŶƚĞůĂŚŵĞŶŐĞƌƚŝŵĂŬƐƵĚĚĂŶƚƵũƵĂŶŶLJĂ͘
<ĞǁĂũŝďĂŶWĂƌĂWŝŚĂŬ ͗ <ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞŵďĂLJĂƌŬĞƉĂĚĂW/,<< hƐĞũƵŵůĂŚƚĂŐŝŚĂŶLJĂŶŐ
ĚŝƐĂŵƉĂŝŬĂŶW/,<W ZdDƐĞƐƵĂŝŬĞƐĞƉĂŬĂƚĂŶ͘
ϮͿ DĞŵďĞƌŝŬĂŶ ƐĂŶŬƐŝ ŬĞƉĂĚĂ WĞŬĞƌũĂ W/,< < h
ĂƉĂďŝůĂ ƉĞŬĞƌũĂ W/,< < h ŵĞůĂŶŐŐĂƌ ƉĞƌĂƚƵƌĂŶ
LJĂŶŐďĞƌůĂŬƵĚŝƉĞƌƵƐĂŚĂĂŶW/,<W ZdD͘
ϯͿ W/,< < h ƐŝĂƉ ŵĞŶĞƌŝŵĂ ĚŝƉƵƚƵƐ ƐĞĐĂƌĂ ƐĞƉŝŚĂŬ
ĂƉĂďŝůĂ ƉĞŬĞƌũĂ W/,< < h ŵĞůĂŶŐŐĂƌ ŚƵŬƵŵ ĂƚĂƵ
ŵĞůĂŶŐŐĂƌƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵĚŝƉĞƌƵƐĂŚĂĂŶW/,<
W ZdD͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞůĂŬƐĂŶĂŬĂŶƐĞŵƵĂďĞŶƚƵŬƉĞŬĞƌũĂĂŶƐĞƐƵĂŝĚĞŶŐĂŶ
WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂ͘
ϮͿ DĞŶLJĞƌĂŚŬĂŶ ƐĞŵƵĂ ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ LJĂŶŐ
ĚŝƉĞƌůƵŬĂŶ ƉĂĚĂ ƐĂĂƚ ƉĞŶĂŐŝŚĂŶ ŬĞƉĂĚĂ W/,<
W ZdD
ϯͿ DĞŶLJĂŵƉĂŝŬĂŶďƵŬƚŝLJĂŶŐƐĂŚŬĞƉĂĚĂW/,<W ZdD
ƐĞƚŝĂƉ ƉĞŵďĂLJĂƌĂŶ W:^ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ W:^
<ĞƐĞŚĂƚĂŶ͕ d,Z ĚĂŶ ƉĞŵďĂLJĂƌĂŶͲƉĞŵďĂLJĂƌĂŶ ůĂŝŶŶLJĂ
LJĂŶŐƚĞůĂŚĚŝƐĞƚŽƌŽůĞŚW/,<W ZdDŬĞƉĂĚĂW/,<
< h͘
ϰͿ DĞŶLJĞƌĂŚŬĂŶƐĂůŝŶĂŶƐůŝƉŐĂũŝŬĂƌLJĂǁĂŶW/,<< h
LJĂŶŐ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ƉĞƌƵƐĂŚĂĂŶ W/,< W ZdD
ŬĞƉĂĚĂW/,<W ZdD͘
ϱͿ DĞŶLJĞĚŝĂŬĂŶŚůŝ<ϯhŵƵŵĚĂŶŵĞŶLJĞƌĂŚŬĂŶƐĂůŝŶĂŶ
^ĞƌƚŝĨŝŬĂƚ <ϯ hŵƵŵ ƐĞƌƚĂ ůĂƉŽƌĂŶ ϯ ďƵůĂŶĂŶ <ϯ
ƵŵƵŵ LJĂŶŐ ĚŝůĂƉŽƌŬĂŶ ŬĞ ŝŶĂƐ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ
ŬĞƉĂĚĂW/,<W ZdD͘
ϲͿ DĞŶLJĞƌĂŚŬĂŶ ƐĂůŝŶĂŶ ^ƵƌĂƚ /njŝŶ KƉĞƌĂƚŽƌ ŬĂƌLJĂǁĂŶ
W/,< < h LJĂŶŐ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ƉĞƌƵƐĂŚĂĂŶ W/,<
W ZdDĚĞŶŐĂŶƉŽƐŝƐŝKƉĞƌĂƚŽƌůĂƚŶŐŬĂƚŶŐŬƵƚ͘
>ŽŬĂƐŝ<ĞƌũĂ ͗ <ŽƚĂ ^ƵƌĂďĂLJĂ͕ <ĂďƵƉĂƚĞŶ ^ŝĚŽĂƌũŽ͕ <ĂďƵƉĂƚĞŶ WĂƐƵƌƵĂŶ͕
<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ
,ĂƌŐĂ :ĂƐĂ WĞůĂŬƐĂŶĂĂŶ ͗ - <ŽƚĂ ^ƵƌĂďĂLJĂ͗ ƚŽƚĂů ŚĂƌŐĂ ũĂƐĂ ƚĞŶĂŐĂ ŬĞƌũĂ
WĞŬĞƌũĂĂŶ ZƉϲ͘ϮϳϬ͘ϲϴϲͬŽƌĂŶŐͬďƵůĂŶ
- <ĂďƵƉĂƚĞŶ ^ŝĚŽĂƌũŽ͗ ƚŽƚĂů ŚĂƌŐĂ ũĂƐĂ ƚĞŶĂŐĂ ŬĞƌũĂ
ZƉϲ͘ϭϱϳ͘ϵϳϳͬŽƌĂŶŐͬďƵůĂŶ
- <ĂďƵƉĂƚĞŶ WĂƐƵƌƵĂŶ͗ ƚŽƚĂů ŚĂƌŐĂ ũĂƐĂ ƚĞŶĂŐĂ ŬĞƌũĂ
ZƉϲ͘ϭϱϯ͘ϱϬϰͬŽƌĂŶŐͬďƵůĂŶ
- <ĂďƵƉĂƚĞŶ 'ƌĞƐŝŬ͗ ƚŽƚĂů ŚĂƌŐĂ ũĂƐĂ ƚĞŶĂŐĂ ŬĞƌũĂ
ZƉϲ͘ϭϲϮ͘ϰϱϬͬŽƌĂŶŐͬďƵůĂŶ
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
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ϭϬͿ WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂEŽ͘ϯϴϯͬ ŬƐͬŝƌͲ,ZΘ'ͬy//ͬϮϬϮϱƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕LJĂŶŐŵĞŶŐĂƚƵƌ
ŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
Wd<ĂƌLJĂhƐĂŚĂĂƌƵ;WŝŚĂŬ<ĞĚƵĂͿ͘
:ĂŶŐŬĂtĂŬƚƵWĞƌũĂŶũŝĂŶ ͗ WĞƌũĂŶũŝĂŶ ŝŶŝ ďĞƌůĂŬƵ ƐĞůĂŵĂ ϭϮ ;ĚƵĂ ďĞůĂƐͿ ďƵůĂŶ ŵƵůĂŝ
ƚĂŶŐŐĂůϭ:ĂŶƵĂƌŝϮϬϮϲĚĂŶĂŬĂŶďĞƌĂŬŚŝƌƐĞĐĂƌĂŚƵŬƵŵƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϲWĞƌũĂŶũŝĂŶŝŶŝĚĂƉĂƚĚŝƉĞƌƉĂŶũĂŶŐ
ŬĞŵďĂůŝĂƚĂƐŬĞƐĞƉĂŬĂƚĂŶŬĞĚƵĂďĞůĂŚƉŝŚĂŬ͘
ZƵĂŶŐ>ŝŶŐŬƵƉ ͗ ϭͿ W/,< < h ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĚĂŶ ďĞƌƐĞĚŝĂ
ŵĞůĂŬƐĂŶĂŬĂŶ ũĂƐĂ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŬĞƌũĂĂŶ ĚĞŶŐĂŶ
ƌƵĂŶŐůŝŶŐŬƵƉƐĞďĂŐĂŝŵĂŶĂƚĞƌƚƵĂŶŐĚĂůĂŵůĂŵƉŝƌĂŶ͘
ϮͿ W/,< < h ĚĞŶŐĂŶ ŝŶŝ ŵĞŶLJĂƚĂŬĂŶ ŬĞƐĂŶŐŐƵƉĂŶ
ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ũĂƐĂ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŬĞƌũĂĂŶ
ĚĞŶŐĂŶ ƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ W/,<
W ZdD͕ƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂƐĞŵƵĂ
ƉĞŬĞƌũĂĂŶ ŬĞĐŝů LJĂŶŐ ƐĞůĂLJĂŬŶLJĂ ŚĂƌƵƐ ĚŝůĂŬƐĂŶĂŬĂŶ
ƐĞďĂŐĂŝ ŬĞůĞŶŐŬĂƉĂŶ ĚĂŶ ŬĞƐĞŵƉƵŵĂĂŶ ƉĞůĂŬƐĂŶĂĂŶ
WĞŬĞƌũĂĂŶ͘
ϯͿ W/,<< hŵĞŶLJĂƚĂŬĂŶĚĂŶŵĞŶũĂŵŝŶŬĞƉĂĚĂW/,<
W ZdD ďĂŚǁĂ ƐĞŵƵĂ ŬĂƌLJĂǁĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌŵĂƐƵŬ ĚĂůĂŵ ƉĞƌũĂŶũŝĂŶ ŬĞƌũĂƐĂŵĂ ŝŶŝ͕ ƚĂŶƉĂ ĂĚĂ
LJĂŶŐĚŝŬĞĐƵĂůŝŬĂŶŵĞŶƚĂĂƚŝĂƚƵƌĂŶĚĂŶƚĂƚĂƚĞƌƚŝďŬĞƌũĂ
LJĂŶŐďĞƌůĂŬƵĚŝƉĞƌƵƐĂŚĂĂŶW/,<W ZdD͘
ϰͿ dĞƌŚĂĚĂƉ ƐĞŐĂůĂ ĚĂŶ ƐĞƚŝĂƉ ŝƐƚŝůĂŚ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ĂLJĂƚ ϭ ƉĂƐĂů ŝŶŝ͕ W/,< < h
ŵĞŶLJĂƚĂŬĂŶƚĞůĂŚŵĞŶĞƌŝŵĂƉĞŶũĞůĂƐĂŶLJĂŶŐďĞƌŬĂŝƚĂŶ
ĚĞŶŐĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŶLJĞĚŝĂĂŶ ũĂƐĂ ƉĞŬĞƌũĂͬďƵƌƵŚ
ĚĂƌŝ W/,< W ZdD͕ ƐĞŚŝŶŐŐĂ W/,< < h
ŵĞŶLJĂƚĂŬĂŶƚĞůĂŚŵĞŶŐĞƌƚŝŵĂŬƐƵĚĚĂŶƚƵũƵĂŶŶLJĂ͘
<ĞǁĂũŝďĂŶWĂƌĂWŝŚĂŬ ͗ <ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞŵďĂLJĂƌŬĞƉĂĚĂW/,<< hƐĞũƵŵůĂŚƚĂŐŝŚĂŶLJĂŶŐ
ĚŝƐĂŵƉĂŝŬĂŶW/,<W ZdDƐĞƐƵĂŝŬĞƐĞƉĂŬĂƚĂŶ͘
ϮͿ DĞŵďĞƌŝŬĂŶ ƐĂŶŬƐŝ ŬĞƉĂĚĂ WĞŬĞƌũĂ W/,< < h
ĂƉĂďŝůĂ ƉĞŬĞƌũĂ W/,< < h ŵĞůĂŶŐŐĂƌ ƉĞƌĂƚƵƌĂŶ
LJĂŶŐďĞƌůĂŬƵĚŝƉĞƌƵƐĂŚĂĂŶW/,<W ZdD͘
ϯͿ W/,< < h ƐŝĂƉ ŵĞŶĞƌŝŵĂ ĚŝƉƵƚƵƐ ƐĞĐĂƌĂ ƐĞƉŝŚĂŬ
ĂƉĂďŝůĂ ƉĞŬĞƌũĂ W/,< < h ŵĞůĂŶŐŐĂƌ ŚƵŬƵŵ ĂƚĂƵ
ŵĞůĂŶŐŐĂƌƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵĚŝƉĞƌƵƐĂŚĂĂŶW/,<
W ZdD͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞůĂŬƐĂŶĂŬĂŶƐĞŵƵĂďĞŶƚƵŬƉĞŬĞƌũĂĂŶƐĞƐƵĂŝĚĞŶŐĂŶ
WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂ͘
ϮͿ DĞŶLJĞƌĂŚŬĂŶ ƐĞŵƵĂ ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ LJĂŶŐ
ĚŝƉĞƌůƵŬĂŶ ƉĂĚĂ ƐĂĂƚ ƉĞŶĂŐŝŚĂŶ ŬĞƉĂĚĂ W/,<
W ZdD
ϯͿ DĞŶLJĂŵƉĂŝŬĂŶďƵŬƚŝLJĂŶŐƐĂŚŬĞƉĂĚĂW/,<W ZdD
ƐĞƚŝĂƉ ƉĞŵďĂLJĂƌĂŶ W:^ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ W:^
<ĞƐĞŚĂƚĂŶ͕ d,Z ĚĂŶ ƉĞŵďĂLJĂƌĂŶͲƉĞŵďĂLJĂƌĂŶ ůĂŝŶŶLJĂ
LJĂŶŐƚĞůĂŚĚŝƐĞƚŽƌŽůĞŚW/,<W ZdDŬĞƉĂĚĂW/,<
< h͘
ϰͿ DĞŶLJĞƌĂŚŬĂŶƐĂůŝŶĂŶƐůŝƉŐĂũŝŬĂƌLJĂǁĂŶW/,<< h
LJĂŶŐ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ƉĞƌƵƐĂŚĂĂŶ W/,< W ZdD
ŬĞƉĂĚĂW/,<W ZdD͘
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ϱͿ
DĞŶLJĞĚŝĂŬĂŶŚůŝ<ϯhŵƵŵĚĂŶŵĞŶLJĞƌĂŚŬĂŶƐĂůŝŶĂŶ
^ĞƌƚŝĨŝŬĂƚ <ϯ hŵƵŵ ƐĞƌƚĂ ůĂƉŽƌĂŶ ϯ ďƵůĂŶĂŶ <ϯ
ƵŵƵŵ LJĂŶŐ ĚŝůĂƉŽƌŬĂŶ ŬĞ ŝŶĂƐ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ
ŬĞƉĂĚĂW/,<W ZdD͘
ϲͿ DĞŶLJĞƌĂŚŬĂŶ ƐĂůŝŶĂŶ ^ƵƌĂƚ /njŝŶ KƉĞƌĂƚŽƌ ŬĂƌLJĂǁĂŶ
W/,< < h LJĂŶŐ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ƉĞƌƵƐĂŚĂĂŶ W/,<
W ZdDĚĞŶŐĂŶƉŽƐŝƐŝKƉĞƌĂƚŽƌůĂƚŶŐŬĂƚŶŐŬƵƚ͘
>ŽŬĂƐŝ<ĞƌũĂ ͗ <ŽƚĂ^ƵƌĂďĂLJĂ͕<ĂďƵƉĂƚĞŶWĂƐƵƌƵĂŶ͕<ĂďƵƉĂƚĞŶ^ŝĚŽĂƌũŽ
,ĂƌŐĂ :ĂƐĂ WĞůĂŬƐĂŶĂĂŶ ͗ - <ŽƚĂ ^ƵƌĂďĂLJĂ͗ ƚŽƚĂů ŚĂƌŐĂ ũĂƐĂ ƚĞŶĂŐĂ ŬĞƌũĂ
WĞŬĞƌũĂĂŶ ZƉϲ͘Ϯϵϳ͘ϭϯϬͬŽƌĂŶŐͬďƵůĂŶ
- <ĂďƵƉĂƚĞŶ WĂƐƵƌƵĂŶ͗ ƚŽƚĂů ŚĂƌŐĂ ũĂƐĂ ƚĞŶĂŐĂ ŬĞƌũĂ
ZƉϲ͘ϭϳϵ͘ϰϰϮͬŽƌĂŶŐͬďƵůĂŶ
- <ĂďƵƉĂƚĞŶ ^ŝĚŽĂƌũŽ͗ ƚŽƚĂů ŚĂƌŐĂ ũĂƐĂ ƚĞŶĂŐĂ ŬĞƌũĂ
ZƉϲ͘ϭϴϯ͘ϵϯϱͬŽƌĂŶŐͬďƵůĂŶ
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ϭϭͿ WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂEŽ͘ϯϴϭͬ ŬƐͬŝƌͲ,ZΘ'ͬy//ͬϮϬϮϱƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕LJĂŶŐŵĞŶŐĂƚƵƌ
ŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
Wd^ƵƌLJĂDĂŶƵŶŐŐĂů^ĞŵĞƐƚĂ;WŝŚĂŬ<ĞĚƵĂͿ͘
:ĂŶŐŬĂtĂŬƚƵWĞƌũĂŶũŝĂŶ ͗ WĞƌũĂŶũŝĂŶ ŝŶŝ ďĞƌůĂŬƵ ƐĞůĂŵĂ ϭϮ ;ĚƵĂ ďĞůĂƐͿ ďƵůĂŶ ŵƵůĂŝ
ƚĂŶŐŐĂůϭ:ĂŶƵĂƌŝϮϬϮϲĚĂŶĂŬĂŶďĞƌĂŬŚŝƌƐĞĐĂƌĂŚƵŬƵŵƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϲWĞƌũĂŶũŝĂŶŝŶŝĚĂƉĂƚĚŝƉĞƌƉĂŶũĂŶŐ
ŬĞŵďĂůŝĂƚĂƐŬĞƐĞƉĂŬĂƚĂŶŬĞĚƵĂďĞůĂŚƉŝŚĂŬ͘
ZƵĂŶŐ>ŝŶŐŬƵƉ ͗ ϭͿ W/,< < h ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĚĂŶ ďĞƌƐĞĚŝĂ
ŵĞůĂŬƐĂŶĂŬĂŶ ũĂƐĂ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŬĞƌũĂĂŶ ĚĞŶŐĂŶ
ƌƵĂŶŐůŝŶŐŬƵƉƐĞďĂŐĂŝŵĂŶĂƚĞƌƚƵĂŶŐĚĂůĂŵůĂŵƉŝƌĂŶ͘
ϮͿ W/,< < h ĚĞŶŐĂŶ ŝŶŝ ŵĞŶLJĂƚĂŬĂŶ ŬĞƐĂŶŐŐƵƉĂŶ
ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ũĂƐĂ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŬĞƌũĂĂŶ
ĚĞŶŐĂŶ ƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ W/,<
W ZdD͕ƚĞƌŵĂƐƵŬŶĂŵƵŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂƐĞŵƵĂ
ƉĞŬĞƌũĂĂŶ ŬĞĐŝů LJĂŶŐ ƐĞůĂLJĂŬŶLJĂ ŚĂƌƵƐ ĚŝůĂŬƐĂŶĂŬĂŶ
ƐĞďĂŐĂŝ ŬĞůĞŶŐŬĂƉĂŶ ĚĂŶ ŬĞƐĞŵƉƵŵĂĂŶ ƉĞůĂŬƐĂŶĂĂŶ
WĞŬĞƌũĂĂŶ͘
ϯͿ W/,<< hŵĞŶLJĂƚĂŬĂŶĚĂŶŵĞŶũĂŵŝŶŬĞƉĂĚĂW/,<
W ZdD ďĂŚǁĂ ƐĞŵƵĂ ŬĂƌLJĂǁĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ƚĞƌŵĂƐƵŬ ĚĂůĂŵ ƉĞƌũĂŶũŝĂŶ ŬĞƌũĂƐĂŵĂ ŝŶŝ͕ ƚĂŶƉĂ ĂĚĂ
LJĂŶŐĚŝŬĞĐƵĂůŝŬĂŶŵĞŶƚĂĂƚŝĂƚƵƌĂŶĚĂŶƚĂƚĂƚĞƌƚŝďŬĞƌũĂ
LJĂŶŐďĞƌůĂŬƵĚŝƉĞƌƵƐĂŚĂĂŶW/,<W ZdD͘
ϰͿ dĞƌŚĂĚĂƉ ƐĞŐĂůĂ ĚĂŶ ƐĞƚŝĂƉ ŝƐƚŝůĂŚ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ĂLJĂƚ ϭ ƉĂƐĂů ŝŶŝ͕ W/,< < h
ŵĞŶLJĂƚĂŬĂŶƚĞůĂŚŵĞŶĞƌŝŵĂƉĞŶũĞůĂƐĂŶLJĂŶŐďĞƌŬĂŝƚĂŶ
ĚĞŶŐĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŶLJĞĚŝĂĂŶ ũĂƐĂ ƉĞŬĞƌũĂͬďƵƌƵŚ
ĚĂƌŝ W/,< W ZdD͕ ƐĞŚŝŶŐŐĂ W/,< < h
ŵĞŶLJĂƚĂŬĂŶƚĞůĂŚŵĞŶŐĞƌƚŝŵĂŬƐƵĚĚĂŶƚƵũƵĂŶŶLJĂ͘
<ĞǁĂũŝďĂŶWĂƌĂWŝŚĂŬ ͗ <ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
ϭͿ DĞŵďĂLJĂƌŬĞƉĂĚĂW/,<< hƐĞũƵŵůĂŚƚĂŐŝŚĂŶLJĂŶŐ
ĚŝƐĂŵƉĂŝŬĂŶW/,<W ZdDƐĞƐƵĂŝŬĞƐĞƉĂŬĂƚĂŶ͘
ϮͿ DĞŵďĞƌŝŬĂŶ ƐĂŶŬƐŝ ŬĞƉĂĚĂ WĞŬĞƌũĂ W/,< < h
ĂƉĂďŝůĂ ƉĞŬĞƌũĂ W/,< < h ŵĞůĂŶŐŐĂƌ ƉĞƌĂƚƵƌĂŶ
LJĂŶŐďĞƌůĂŬƵĚŝƉĞƌƵƐĂŚĂĂŶW/,<W ZdD͘
ϯͿ W/,< < h ƐŝĂƉ ŵĞŶĞƌŝŵĂ ĚŝƉƵƚƵƐ ƐĞĐĂƌĂ ƐĞƉŝŚĂŬ
ĂƉĂďŝůĂ ƉĞŬĞƌũĂ W/,< < h ŵĞůĂŶŐŐĂƌ ŚƵŬƵŵ ĂƚĂƵ
159
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ŵĞůĂŶŐŐĂƌƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵĚŝƉĞƌƵƐĂŚĂĂŶW/,<
W ZdD͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
ϭͿ DĞůĂŬƐĂŶĂŬĂŶƐĞŵƵĂďĞŶƚƵŬƉĞŬĞƌũĂĂŶƐĞƐƵĂŝĚĞŶŐĂŶ
WĞƌũĂŶũŝĂŶ<ĞƌũĂƐĂŵĂ͘
ϮͿ DĞŶLJĞƌĂŚŬĂŶ ƐĞŵƵĂ ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ LJĂŶŐ
ĚŝƉĞƌůƵŬĂŶ ƉĂĚĂ ƐĂĂƚ ƉĞŶĂŐŝŚĂŶ ŬĞƉĂĚĂ W/,<
W ZdD
ϯͿ DĞŶLJĂŵƉĂŝŬĂŶďƵŬƚŝLJĂŶŐƐĂŚŬĞƉĂĚĂW/,<W ZdD
ƐĞƚŝĂƉ ƉĞŵďĂLJĂƌĂŶ W:^ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ W:^
<ĞƐĞŚĂƚĂŶ͕ d,Z ĚĂŶ ƉĞŵďĂLJĂƌĂŶͲƉĞŵďĂLJĂƌĂŶ ůĂŝŶŶLJĂ
LJĂŶŐƚĞůĂŚĚŝƐĞƚŽƌŽůĞŚW/,<W ZdDŬĞƉĂĚĂW/,<
< h͘
ϰͿ DĞŶLJĞƌĂŚŬĂŶƐĂůŝŶĂŶƐůŝƉŐĂũŝŬĂƌLJĂǁĂŶW/,<< h
LJĂŶŐ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ƉĞƌƵƐĂŚĂĂŶ W/,< W ZdD
ŬĞƉĂĚĂW/,<W ZdD͘
ϱͿ DĞŶLJĞĚŝĂŬĂŶŚůŝ<ϯhŵƵŵĚĂŶŵĞŶLJĞƌĂŚŬĂŶƐĂůŝŶĂŶ
^ĞƌƚŝĨŝŬĂƚ <ϯ hŵƵŵ ƐĞƌƚĂ ůĂƉŽƌĂŶ ϯ ďƵůĂŶĂŶ <ϯ
ƵŵƵŵ LJĂŶŐ ĚŝůĂƉŽƌŬĂŶ ŬĞ ŝŶĂƐ <ĞƚĞŶĂŐĂŬĞƌũĂĂŶ
ŬĞƉĂĚĂW/,<W ZdD͘
ϲͿ DĞŶLJĞƌĂŚŬĂŶ ƐĂůŝŶĂŶ ^ƵƌĂƚ /njŝŶ KƉĞƌĂƚŽƌ ŬĂƌLJĂǁĂŶ
W/,< < h LJĂŶŐ ĚŝƚĞŵƉĂƚŬĂŶ Ěŝ ƉĞƌƵƐĂŚĂĂŶ W/,<
W ZdDĚĞŶŐĂŶƉŽƐŝƐŝKƉĞƌĂƚŽƌůĂƚŶŐŬĂƚŶŐŬƵƚ͘
>ŽŬĂƐŝ<ĞƌũĂ ͗ <ŽƚĂ^ƵƌĂďĂLJĂ͕<ĂďƵƉĂƚĞŶ^ŝĚŽĂƌũŽ͕<ĂďƵƉĂƚĞŶWĂƐƵƌƵĂŶ
,ĂƌŐĂ :ĂƐĂ WĞůĂŬƐĂŶĂĂŶ ͗ - <ŽƚĂ^ƵƌĂďĂLJĂ͗ƚŽƚĂůŚĂƌŐĂũĂƐĂƚĞŶĂŐĂŬĞƌũĂ
WĞŬĞƌũĂĂŶ ZƉϲ͘Ϯϭϳ͘ϳϵϴͬŽƌĂŶŐͬďƵůĂŶ
- <ĂďƵƉĂƚĞŶ ^ŝĚŽĂƌũŽ͗ ƚŽƚĂů ŚĂƌŐĂ ũĂƐĂ ƚĞŶĂŐĂ ŬĞƌũĂ
ZƉϲ͘ϭϬϲ͘ϬϲϭͬŽƌĂŶŐͬďƵůĂŶ
- <ĂďƵƉĂƚĞŶ WĂƐƵƌƵĂŶ͗ ƚŽƚĂů ŚĂƌŐĂ ũĂƐĂ ƚĞŶĂŐĂ ŬĞƌũĂ
ZƉϲ͘ϭϬϭ͘ϲϮϳͬŽƌĂŶŐͬďƵůĂŶ
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
ϰ͘Ϯ͘ϯ W Z:E:/EW/E:DW</
WĞƌũĂŶũŝĂŶWŝŶũĂŵWĂŬĂŝƚĂŶŐŐĂůϭϵ:ƵůŝϮϬϭϮ͕LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ
Wd^ƉŝŶĚŽ ŶŐŝŶĞĞƌŝŶŐ/ŶĚƵƐƚƌLJ;WŝŚĂŬ<ĞĚƵĂͿ
DĞŶŐĞŶĂŝWĂƌĂWŝŚĂŬ ͗ ϭͿ WŝŚĂŬ WĞƌƚĂŵĂ ĂĚĂůĂŚ ƉĞŵŝůŝŬ ƚĂŶĂŚ ĚĂŶ ďĂŶŐƵŶĂŶ ƐĞƌƚĂ
ďĞďĞƌĂƉĂŵĞƐŝŶĚĂŶƚĞŶĂŐĂŬĞƌũĂƵŶƚƵŬůĂďŽƌĂƚŽƌŝƵŵĚĞŶŐĂŶ
ůŽŬĂƐŝĚŝ:ů͘ĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕Ğũŝ͕WĂƐƵƌƵĂŶ͖
ϮͿ WŝŚĂŬ <ĞĚƵĂ ĂĚĂůĂŚ ƉĞƌƐĞƌŽĂŶ ƚĞƌďĂƚĂƐ LJĂŶŐ ŵĞŵďƵƚƵŚŬĂŶ
ŬĂŶƚŽƌ ĚĂŶ ŵĞƐŝŶ ƐĞƌƚĂ ƚĞŶĂŐĂ ŬĞƌũĂ ƵŶƚƵŬ ŬĞŐŝĂƚĂŶ
ŽƉĞƌĂƐŝŽŶĂůŶLJĂ͘
WŝŶũĂŵ WĂŬĂŝ <ĂŶƚŽƌ ĚĂŶ ͗ WŝŚĂŬWĞƌƚĂŵĂŵĞŵŝŶũĂŵŬĂŶƐĞďƵĂŚƌƵĂŶŐĂŶĚĂŶďĞďĞƌĂƉĂŵĞƐŝŶ
ĞďĞƌĂƉĂDĞƐŝŶ ŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂLJĂŶŐƚĞƌůĞƚĂŬĚŝĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕Ğũŝ͕
WĂƐƵƌƵĂŶ͘
WŝŚĂŬWĞƌƚĂŵĂũƵŐĂŵĞŵƉĞƌďĂŶƚƵŬĂŶƚĞŶĂŐĂŬĞƌũĂWŝŚĂŬWĞƌƚĂŵĂ
ƵŶƚƵŬŵĞƌĂŶŐŬĂƉƉĞŬĞƌũĂĂŶĚŝWŝŚĂŬ<ĞĚƵĂ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ :ĂŶŐŬĂǁĂŬƚƵƉĞŶŐŐƵŶĂĂŶďĂŶŐƵŶĂŶĚĂŶŵĞƐŝŶďĞƌůĂŬƵ͗
ƐĞůĂŵĂWŝŚĂŬWĞƌƚĂŵĂďĞůƵŵŵĞŵĞƌůƵŬĂŶƌƵĂŶŐĂŶƚĞƌƐĞďƵƚƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶWŝŚĂŬWĞƌƚĂŵĂĚĂŶͬĂƚĂƵ͖
Ă͘ ƐĞůĂŵĂ WŝŚĂŬ <ĞĚƵĂ ŵĞŵĂƚƵŚŝ ĚĂŶ ŵĞŶũĂůĂŶŬĂŶ ƐĞŵƵĂ
ŬĞƚĞŶƚƵĂŶ ĚĂŶ ƉĞƌƐLJĂƌĂƚĂŶ LJĂŶŐ ĚŝĂƚƵƌ ĚĂůĂŵ ƉĞƌũĂŶũŝĂŶ ŝŶŝ
ĚĂŶͬĂƚĂƵ͖
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ď͘ ƐĞůĂŵĂďĞůƵŵĂĚĂƉĞŶŝŶũĂƵĂŶƵůĂŶŐĂƚĂƐƉĞŶŐŐƵŶĂĂŶŬĂŶƚŽƌ
ĚĂŶͬĂƚĂƵ͖
Đ͘ ƐĞůĂŵĂ ďĞůƵŵ ĂĚĂ ƐƵĂƚƵ ŬĞƉƵƚƵƐĂŶ ĚĂŶͬĂƚĂƵ ŬĞƚĞƚĂƉĂŶ
ĚĂŶͬĂƚĂƵŬĞďŝũĂŬĂŶĚĂƌŝWŝŚĂŬWĞƌƚĂŵĂLJĂŶŐŵĞŶŐĂƚƵƌŚĂůͲŚĂů
ůĂŝŶĚĂŶͬĂƚĂƵƐĞďĂůŝŬŶLJĂ͘
ĂƚĂƚĂŶ͗
WĞƌũĂŶũŝĂŶ ŵĂƐŝŚ ƚĞƚĂƉ ďĞƌůĂŬƵ ƐĞůĂŵĂ ^ / ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ
ŽƉĞƌĂƐŝŽŶĂů͘
,ĂŬĚĂŶ<ĞǁĂũŝďĂŶ ͗ ,ĂŬWŝŚĂŬWĞƌƚĂŵĂ͗
Ă͘ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŚĂŬ ƵŶƚƵŬ ƐĞǁĂŬƚƵͲǁĂŬƚƵ ŵĞŶŐŐƵŶĂŬĂŶ
ƌƵĂŶŐĂŶ ĚĂŶ ŵĞƐŝŶ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ ĂƉĂƉƵŶ ƚĂŶƉĂ
ĚŝƉĞƌůƵŬĂŶ ƐƵĂƚƵ ƉĞŶũĞůĂƐĂŶ ĚĂŶ ƉĞŵďƵŬƚŝĂŶ ŬĞƉĂĚĂ WŝŚĂŬ
<ĞĚƵĂ͖
ď͘ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŶŝŶũĂƵĂŶ ƐĞĐĂƌĂ
ďĞƌŬĂůĂ ĂƚĂƐ ŬĞďĞŶĂƌĂŶ ƉĞŶŐŐƵŶĂĂŶ ƌƵĂŶŐĂŶ ĚĂŶ ŵĞƐŝŶ
ƚĞƌƐĞďƵƚƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌƵŶƚƵŬĂŶŶLJĂ͖
Đ͘ WŝŚĂŬWĞƌƚĂŵĂďĞƌŚĂŬƵŶƚƵŬŵĞŶŐƵďĂŚ͕ŵĞŶŐĂůŝŚŬĂŶĚĂŶͬĂƚĂƵ
ŵĞŶŐŚĞŶƚŝŬĂŶĨĂƐŝůŝƚĂƐƉĞŶŐŐƵŶĂĂŶƌƵĂŶŐĂŶ͕ŬĞƐĞŵƵĂŶLJĂĂƚĂƐ
ƉĞƌƚŝŵďĂŶŐĂŶWŝŚĂŬWĞƌƚĂŵĂƐĞƉĞŶƵŚŶLJĂ͕ŬĞƉƵƚƵƐĂŶƚĞƌƐĞďƵƚ
ďĞƌƐŝĨĂƚŵƵƚůĂŬĂĚĂŶLJĂ͘
,ĂŬWŝŚĂŬ<ĞĚƵĂ͗
Ă͘ WŝŚĂŬ <ĞĚƵĂ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŶĞŵƉĂƚŝ ƌƵĂŶŐĂŶ ĚĂŶ
ŵĞŶŐŐƵŶĂŬĂŶŵĞƐŝŶ͖
ď͘ WŝŚĂŬ <ĞĚƵĂ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŶŐĂƚƵƌ ƚĂƚĂ ƌƵĂŶŐĂŶ ĚĂŶ ŝƐŝ
ƌƵĂŶŐĂŶ ĂƐĂůŬĂŶ ƚŝĚĂŬ ŵĞƌƵďĂŚ ƐƚƌƵŬƚƵƌ͕ ŐĂŵďĂƌ ĚĞŶĂŚ͕
ƉĞƌƵŶƚƵŬĂŶĚĂŶďĂŶŐƵŶĂŶƉĞƌŵĂŶĞŶ͖
Đ͘ WŝŚĂŬ<ĞĚƵĂďĞƌŚĂŬƵŶƚƵŬŵĞŶŐŐƵŶĂŬĂŶƌƵĂŶŐĂŶŚĂŶLJĂƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶŽƉĞƌĂƐŝŽŶĂůWŝŚĂŬ<ĞĚƵĂĚĂŶƚŝĚĂŬĚŝƉĞƌďŽůĞŚŬĂŶ
ŵĞŶŐŐƵŶĂŬĂŶĚŝůƵĂƌŬĞƉĞŶƚŝŶŐĂŶŽƉĞƌĂƐŝŽŶĂů͘
<ĞǁĂũŝďĂŶWŝŚĂŬWĞƌƚĂŵĂ͗
Ă͘ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ĚĂŶ
ŵĞŵďĞƌŝŬĂŶĐƵŬƵƉǁĂŬƚƵƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿďƵůĂŶŬĞƉĂĚĂ
WŝŚĂŬ <ĞĚƵĂ ƵŶƚƵŬ ŵĞŶŐĂƚƵƌ ŬĞƉŝŶĚĂŚĂŶ ďŝůĂŵĂŶĂ ĂŬĂŶ
ŵĞŶŐŐƵŶĂŬĂŶƌƵĂŶŐĂŶƚĞƌƐĞďƵƚ͖
ď͘ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ƚĞƚĂƉ ŵĞŵďĂLJĂƌ ƵƉĂŚ
ƚĞŶĂŐĂŬĞƌũĂLJĂŶŐĚŝƉĞƌďĂŶƚƵŬĂŶŬĞƉĂĚĂWŝŚĂŬ<ĞĚƵĂ͘
<ĞǁĂũŝďĂŶWŝŚĂŬ<ĞĚƵĂ͗
Ă͘ WŝŚĂŬ<ĞĚƵĂďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞƌĂǁĂƚďĂŶŐƵŶĂŶƌƵĂŶŐĂŶ
ĚĂŶ ŵĞƐŝŶ ƐĞĐĂƌĂ ďĂŝŬ͕ ƚĞƌĂƚƵƌ ĚĂŶ ƐĞďĂŐĂŝŵĂŶĂ ŵĞƐƚŝŶLJĂ
ůĂLJĂŬŶLJĂŵŝůŝŬƐĞŶĚŝƌŝ͖
ď͘ WŝŚĂŬ <ĞĚƵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌďĂŝŬŝ ďĂŶŐƵŶĂŶ
ƌƵĂŶŐĂŶĚĂŶŵĞƐŝŶďĂŝŬŬĂƌĞŶĂŬĞƌƵƐĂŬĂŶŬĞĐŝůŵĂƵƉƵŶŬĂƌĞŶĂ
ŬĞƌƵƐĂŬĂŶ ďĞƐĂƌ ĂƚĂƐ ƉĞŶŐŐƵŶĂĂŶ ďĂŶŐƵŶĂŶ ĚĂŶ ŵĞƐŝŶ
ƐĞďĂŐĂŝŬĂŶƚŽƌ;ƚŝĚĂŬƚĞƌŵĂƐƵŬŬĞƌƵƐĂŬĂŶĂŬŝďĂƚĨŽƌĐĞŵĂũĞƵƌͿ͖
Đ͘ WŝŚĂŬ <ĞĚƵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŶLJĞƌĂŚŬĂŶ ŬĞŵďĂůŝ
ƌƵĂŶŐĂŶ ĚĂůĂŵ ŬĞĂĚĂĂŶ ďĂŝŬ͕ ƚĞƌĂǁĂƚ ĚĂŶ ŬŽƐŽŶŐ ĚĂƌŝ
ƉĞŶŐŚƵŶŝĚĂŶďĂƌĂŶŐͲďĂƌĂŶŐƉĞŶŐŚƵŶŝďŝůĂŵĂŶĂĚŝŵŝŶƚĂŽůĞŚ
WŝŚĂŬWĞƌƚĂŵĂ͖
Ě͘ WŝŚĂŬ <ĞĚƵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ŬĞƚĞŶƚƵĂŶ
ďƵƚŝƌĐĚŝĂƚĂƐĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϮ;ĚƵĂͿ
ďƵůĂŶƐĞũĂŬƚĂŶŐŐĂůƉĞƌŵŝŶƚĂĂŶĚĂƌŝWŝŚĂŬWĞƌƚĂŵĂ͖
Ğ͘ WŝŚĂŬ<ĞĚƵĂďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞŶŐŐƵŶĂŬĂŶƌƵĂŶŐĂŶƐĞƐƵĂŝ
ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ŚƵŬƵŵ LJĂŶŐ ďĞƌůĂŬƵ ĚĂŶ ĂĚĂƚ
ŝƐƚŝĂĚĂƚͬŬĞďŝĂƐĂĂŶLJĂŶŐďĞƌůĂŬƵĚŝŵĂƐLJĂƌĂŬĂƚ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ
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ĂƚĂƚĂŶ ͗ DĞŶŐŝŶŐĂƚ WĞƌũĂŶũŝĂŶ WŝŶũĂŵ WĂŬĂŝ ƚĞůĂŚ ĚŝďƵĂƚ ŽůĞŚ WĞƌƐĞƌŽĂŶ
ĚĞŶŐĂŶ ^ / ƐĞũĂŬ ƐĞďĞůƵŵ WĞƌƐĞƌŽĂŶ ŵĞŶũĂĚŝ ƉĞƌƵƐĂŚĂĂŶ dďŬ
;ƚƌĂŶƐĂŬƐŝďĞƌŬĞůĂŶũƵƚĂŶLJĂŶŐƚĞůĂŚĚŝůĂŬƵŬĂŶƐĞďĞůƵŵWĞƌƐĞƌŽĂŶ
ŵĞŶũĂĚŝƉĞƌƵƐĂŚĂĂŶdďŬͿƐĞƌƚĂƉĞƌũĂŶũŝĂŶƚĞƌƐĞďƵƚƚĞůĂŚĚŝƵŶŐŬĂƉ
ĚĂůĂŵWƌŽƐƉĞŬƚƵƐƉĂĚĂƐĂĂƚ/WK͖ĚĂŶƚŝĚĂŬƚĞƌĚĂƉĂƚƉĞƌƉĂŶũĂŶŐĂŶ
ĚĂŶͬĂƚĂƵ ƉĞƌƵďĂŚĂŶ ĂƚĂƐ ƐLJĂƌĂƚ ĚĂŶ ŬŽŶĚŝƐŝ WĞƌũĂŶũŝĂŶ WŝŶũĂŵ
WĂŬĂŝ LJĂŶŐ ŵĞƌƵŐŝŬĂŶ WĞƌƐĞƌŽĂŶ͕ ŵĂŬĂ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƚĞŶƚƵĂŶ
WĂƐĂůϱŚƵƌƵĨĚWK:<EŽ͘ϰϮͬWK:<͘ϬϰͬϮϬϮϬƚĞŶƚĂŶŐdƌĂŶƐĂŬƐŝĨŝůŝĂƐŝ
ĚĂŶ dƌĂŶƐĂŬƐŝ ĞŶƚƵƌĂŶ <ĞƉĞŶƚŝŶŐĂŶ ƚĂŶŐŐĂů ϭ :Ƶůŝ ϮϬϮϬ
diundangkan tanggal 2 Juli 2020 (“POJK 42/2020”) Perseroan tidak
ǁĂũŝďŵĞůĂŬƵŬĂŶƉƌŽƐĞĚƵƌƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWĂƐĂůϯ
ƐĞƌƚĂ ƚŝĚĂŬ ǁĂũŝď ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ
ĚĂůĂŵWĂƐĂůϰĂLJĂƚϭWK:<ϰϮͬϮϬϮϬ͘
,ŝŶŐŐĂ ƐĂĂƚ ŝŶŝ ďĞůƵŵ ƚĞƌĚĂƉĂƚ ƉĞƌƵďĂŚĂŶ ƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶ
LJĂŶŐĚŝďƵĂƚWĞƌƐĞƌŽĂŶLJĂŶŐŵĞŶƐLJĂƌĂƚŬĂŶƉĞŵĞŶƵŚĂŶƉĞƌĂƚƵƌĂŶ
ŵĞŶŐĞŶĂŝ ƚƌĂŶƐĂŬƐŝ ĂĨŝůŝĂƐŝ͕ ƚƌĂŶƐĂŬƐŝ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ
ĚĂŶͬĂƚĂƵƚƌĂŶƐĂŬƐŝŵĂƚĞƌŝĂů͘
ϰ͘Ϯ͘ϰ͘W Z:E:/E^ t
WĞƌũĂŶũŝĂŶ^ĞǁĂDĞŶLJĞǁĂdĂŶĂŚŶƚĂƌĂWd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJKĨ/ŶĚŽŶĞƐŝĂdďŬĞŶŐĂŶWdĂŬƌĂŚĂŬƚŝ
ŐƌŽ /ŶĚƵƐƚƌŝ EŽ͘Ϭϴϱͬ>'>Ͳ ydͬy/ͬϮϬϮϯ ƚĂŶŐŐĂů ϲ KŬƚŽďĞƌ ϮϬϮϯ͕ ũƵŶĐƚŽ ĚĚĞŶĚƵŵ / WĞƌũĂŶũŝĂŶ ^ĞǁĂ
DĞŶLJĞǁĂ dĂŶĂŚ ŶƚĂƌĂ Wd ^ƚĞĞů WŝƉĞ /ŶĚƵƐƚƌLJ KĨ /ŶĚŽŶĞƐŝĂ dďŬ ĞŶŐĂŶ Wd ĂŬƌĂ ŚĂŬƚŝ ŐƌŽ /ŶĚƵƐƚƌŝ
EŽ͘ϭϭϭͬ>'>Ͳ ydͬyͬϮϬϮϰƚĂŶŐŐĂůϰKŬƚŽďĞƌ ϮϬϮϰ͕ ũƵŶĐƚŽĚĚĞŶĚƵŵ//WĞƌũĂŶũŝĂŶ^ĞǁĂDĞŶLJĞǁĂ dĂŶĂŚ
ŶƚĂƌĂ Wd ^ƚĞĞů WŝƉĞ /ŶĚƵƐƚƌLJ KĨ /ŶĚŽŶĞƐŝĂ dďŬ ĞŶŐĂŶ Wd ĂŬƌĂ ŚĂŬƚŝ ŐƌŽ /ŶĚƵƐƚƌŝ EŽ͘ϬϵϬͬ͘>'>Ͳ
ydͬyͬϮϬϮϱƚĂŶŐŐĂůϯKŬƚŽďĞƌϮϬϮϱ͕LJĂŶŐŵĞŶĞƌĂŶŐŬĂŶŵĞŶŐĞŶĂŝ͗
WĂƌĂWŝŚĂŬ ͗ WĞƌƐĞƌŽĂŶ;WŝŚĂŬWĞƌƚĂŵĂͿ͖
WdĂŬƌĂŚĂŬƚŝŐƌŽ/ŶĚƵƐƚƌŝ;WŝŚĂŬ<ĞĚƵĂͿ͘
DĂŬƐƵĚĚĂŶdƵũƵĂŶ ͗ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŵĂŬƐƵĚ ƵŶƚƵŬ ŵĞŶLJĞǁĂŬĂŶ ƚĂŶĂŚ ƵŶƚƵŬ
ŬĞďƵƚƵŚĂŶWŝŚĂŬ<ĞĚƵĂƐĞďĂŐĂŝůĂŚĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŵŝůŝŬWŝŚĂŬ
<ĞĚƵĂ LJĂŶŐ ďĞƌŐĞƌĂŬ ĚĂůĂŵ ďŝĚĂŶŐ ŝŶĚƵƐƚƌŝ ďĂƌĂŶŐ ĚĂƌŝ ůŽŐĂŵ
ďƵŬĂŶ ĂůƵŵŝŶŝƵŵ ƐŝĂƉ ƉĂƐĂŶŐ ƵŶƚƵŬ ďĂŶŐƵŶĂŶ͕ ƉĞƌĂůĂƚĂŶ ĚĂŶ
ƉĞƌůĞŶŐŬĂƉĂŶƉĞƌƚĂŶŝĂŶ͘
ZƵĂŶŐ >ŝŶŐŬƵƉ ĚĂŶ KďLJĞŬ ͗ ^ĞǁĂ ŵĞŶLJĞǁĂ ƚĂŶĂŚ ĂƐĞƚ ŵŝůŝŬ WŝŚĂŬ WĞƌƚĂŵĂ ŬĞƉĂĚĂ WŝŚĂŬ
WĞƌũĂŶũŝĂŶ <ĞĚƵĂ ĚĞŶŐĂŶ ŽďLJĞŬ ƐĞǁĂ ŵĞŶLJĞǁĂ ĂĚĂůĂŚ ƚĂŶĂŚ ƐĞůƵĂƐ
ϭϵ͘ϲϭϮ͘ϯϴ ŵϮ LJĂŶŐ ƚĞƌůĞƚĂŬ Ěŝ :ĂůĂŶ <ĂďƵƉĂƚĞŶ͕ ĞƐĂ
ĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕<ĞĐĂŵĂƚĂŶĞũŝ͕<ĂďƵƉĂƚĞŶWĂƐƵƌƵĂŶ͕WƌŽǀŝŶƐŝ
:ĂǁĂdŝŵƵƌ͘
:ĂŶŐŬĂtĂŬƚƵ ͗ ϲKŬƚŽďĞƌϮϬϮϱƐĂŵƉĂŝϱKŬƚŽďĞƌϮϬϮϳ͘
,ĂƌŐĂ^ĞǁĂ ͗ ŝĂLJĂ ƐĞǁĂ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϱϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ůŝŵĂ ƌĂƚƵƐ ũƵƚĂ
ZƵƉŝĂŚͿƉĞƌƚĂŚƵŶ͘
,ĂŬĚĂŶ<ĞǁĂũŝďĂŶ ͗ ϭͿ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŚĂŬ ĂƚĂƐ ƉĞŵďĂLJĂƌĂŶ ƐĞǁĂ LJĂŶŐ
ĚŝďĞƌŝŬĂŶŽůĞŚWŝŚĂŬ<ĞĚƵĂƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĂĚĂ
ƉĂƐĂůϯƉĞƌũĂŶũŝĂŶ͘
ϮͿ WŝŚĂŬ<ĞĚƵĂďĞƌŚĂŬƵŶƚƵŬŵĞŶĞŵƉĂƚŝƚĂŶĂŚƐĞƐƵĂŝĚĞŶŐĂŶ
ƉĂƐĂůϮƉĞƌũĂŶũŝĂŶ͘
ϯͿ WŝŚĂŬ <ĞĚƵĂ ďĞƌŚĂŬ ƵŶƚƵŬ ŵĞŶŐĂƚƵƌ ƚĂƚĂ ƚĞŵƉĂƚ LJĂŶŐ
ƚĞƌĐĂŬƵƉĚĂůĂŵĂƌĞĂƚĂŶĂŚ͘
ϰͿ WŝŚĂŬWĞƌƚĂŵĂďĞƌŬĞǁĂũŝďĂŶŵĞŵďĞƌŝŬĂŶŚĂŬŬĞƉĂĚĂWŝŚĂŬ
<ĞĚƵĂƵŶƚƵŬŵĞŶŐĞůŽůĂƚĂŶĂŚLJĂŶŐĚŝƐĞǁĂƐĞƐƵĂŝĚĞŶŐĂŶ
ƉĞƌƵŶƚƵŬĂŶŶLJĂ ĚĂŶŵĂƐĂƐĞǁĂŶLJĂLJĂŶŐƚĞƌůĂŚƚĞƌĐĂŶƚƵŵ
ĚĂůĂŵƉĞƌũĂŶũŝĂŶ͘
162
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ϱͿ WŝŚĂŬ WĞƌƚĂŵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ĚĂŶ
ŵĞŵďĞƌŝŬĂŶ ĐƵŬƵƉ ǁĂŬƚƵ ƉĂůŝŶŐ ůĂŵďĂƚ Ϯ ;ĚƵĂͿ ďƵůĂŶ
ŬĞƉĂĚĂ WŝŚĂŬ <ĞĚƵĂ ƵŶƚƵŬ ŵĞŶŐĂƚƵƌ ŬĞƉŝŶĚĂŚĂŶ ĂƉĂďŝůĂ
WŝŚĂŬWĞƌƚĂŵĂĂŬĂŶŵĞŵƉĞƌŐƵŶĂŬĂŶƚĂŶĂŚŬĞŵďĂůŝƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶĚĂŶͬĂƚĂƵŬĞďƵƚƵŚĂŶĚĂƌŝƉĂĚĂWŝŚĂŬWĞƌƚĂŵĂ͘
ϲͿ WŝŚĂŬ<ĞĚƵĂďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞŵďĂLJĂƌŬĂŶďŝĂLJĂƐĞǁĂ
ŬĞƉĂĚĂWŝŚĂŬWĞƌƚĂŵĂƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĂĚĂƉĂƐĂů
ϯƉĞƌũĂŶũŝĂŶ͘
ϳͿ WŝŚĂŬ <ĞĚƵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞƌĂǁĂƚ ĂƌĞĂ ŶĂŵƵŶ
ƚŝĚĂŬ ƚĞƌďĂƚĂƐ ƉĂĚĂ ĂƌĞĂ ƚĂŶĂŚ ƚĞƌƐĞďƵƚ ƐĞĐĂƌĂ ďĂŝŬ͕
ƚĞƌĂƚƵƌ͕ĚĂŶƐĞďĂŐĂŝŵĂŶĂŵĞƐƚŝŶLJĂƐĞƉĞƌƚŝŵŝůŝŬƐĞŶĚŝƌŝ͘
ϴͿ WŝŚĂŬ <ĞĚƵĂ ďĞƌŬĞǁĂũŝďĂŶ ƵŶƚƵŬ ŵĞŶũĂŐĂ ƚĂŶĂŚ LJĂŶŐ
ĚŝƐĞǁĂ ĚĂŶ ǁĂũŝď ŵĞŶŐŐƵŶĂŬĂŶŶLJĂ ƐĞďĂŐĂŝ
ŝŶĚƵƐƚƌŝͬŐƵĚĂŶŐ ƉĞŶLJŝŵƉĂŶĂŶ ŚĂƐŝů ŽůĂŚĂŶ ŝŶĚƵƐƚƌŝ LJĂŶŐ
ƚŝĚĂŬ ďĞƌƚĞŶƚĂŶŐĂŶ ĚĞŶŐĂŶ ŚƵŬƵŵ LJĂŶŐ ďĞƌůĂŬƵ͕
ŬĞƐƵƐŝůĂĂŶ͕ĚĂŶĂĚĂƚŝƐƚŝĂĚĂƚĂƚĂƵŬĞďŝĂƐĂĂŶLJĂŶŐďĞƌůĂŬƵĚŝ
ƚĞŶŐĂŚŵĂƐLJĂƌĂŬĂƚ͘
ĞŶĚĂ ͗ ^ĞƚŝĂƉ ŬĞƚĞƌůĂŵďĂƚĂŶ ƉĞŶŐĞŵďĂůŝĂŶ ƚĂŶĂŚ ŽůĞŚ WŝŚĂŬ <ĞĚƵĂ
ŬĞƉĂĚĂ WŝŚĂŬ WĞƌƚĂŵĂ ĂŬĂŶ ĚŝŬĞŶĂŬĂŶ ĚĞŶĚĂ ƐĞďĞƐĂƌ
ZƉϮϱϬ͘ϬϬϬ͕Ͳ;ĚƵĂƌĂƚƵƐůŝŵĂƉƵůƵŚƌŝďƵZƵƉŝĂŚͿƵŶƚƵŬƐĞƚŝĂƉŚĂƌŝ
ŬĞƚĞƌůĂŵďĂƚĂŶ͘
>ĂƌĂŶŐĂŶ ͗ WŝŚĂŬ <ĞĚƵĂ ĚŝůĂƌĂŶŐ ƵŶƚƵŬ ŵĞŵŝŶĚĂŚƚĂŶŐĂŶŬĂŶ ŽďLJĞŬ
ƉĞƌũĂŶũŝĂŶ ŬĞƉĂĚĂ ƉŝŚĂŬ ůĂŝŶ͕ ŵĞŶũƵĂů ĚĂŶͬĂƚĂƵ
ŵĞŶŐĂůŝŚĨƵŶŐƐŝŬĂŶƵŶƚƵŬŬĞƉĞƌůƵĂŶůĂŝŶ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ^ƵƌĂďĂLJĂ͘
WĞƌũĂŶũŝĂŶ ^ĞǁĂ DĞŶLJĞǁĂ Ͳ 'ĞĚƵŶŐ ĂũĂ 'ĞĚƵŶŐ hŶŝƚ ϬϳͲϬϭ EŽ͘ϭϱϵͬ^^Ͳ^W/EKͬs///ͬϮϬϮϱ ƚĂŶŐŐĂů
ϮϵŐƵƐƚƵƐϮϬϮϱ͕LJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝŚĂůͲŚĂůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĂƌĂWŝŚĂŬ ͗ Wd^ĂƌĂŶĂ^ƚĞĞů;WŝŚĂŬWĞƌƚĂŵĂͿ͖
WĞƌƐĞƌŽĂŶ;WŝŚĂŬ<ĞĚƵĂͿ
KďLJĞŬ^ĞǁĂ ͗ ZƵĂŶŐƵƐĂŚĂĚĂůĂŵŐĞĚƵŶŐĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
dŽǁĞƌ͗'ĞĚƵŶŐ
>ĂŶƚĂŝ͗ϳ;ƚƵũƵŚͿ
EŽ͘hŶŝƚ͗Ϭϭ
>ƵĂƐ͗ϱϯϱ͘ϭŵϮ
<ŽŶĚŝƐŝ͗&Ƶůů&ƵƌŶŝƐŚĞĚ
LJĂŶŐ ƚĞƌůĞƚĂŬ Ěŝ :ĂůĂŶ WĂŶŐĞƌĂŶ :ĂLJĂŬĂƌƚĂ EŽ͘ϱϱ͕ <ĞůƵƌĂŚĂŶ
DĂŶŐŐĂ ƵĂ ^ĞůĂƚĂŶ͕ <ĞĐĂŵĂƚĂŶ ^ĂǁĂŚ ĞƐĂƌ͕ :ĂŬĂƌƚĂ WƵƐĂƚ
;ƐĞƚĞŵƉĂƚĚŝŬĞŶĂů'ĞĚƵŶŐĂũĂͿŵŝůŝŬWŝŚĂŬWĞƌƚĂŵĂ͘
:ĂŶŐŬĂtĂŬƚƵ^ĞǁĂ ͗ ϭ^ĞƉƚĞŵďĞƌϮϬϮϱƐĂŵƉĂŝĚĞŶŐĂŶƚĂŶŐŐĂůϯϭ:ƵůŝϮϬϮϲ͘
,ĂƌŐĂ^ĞǁĂ ͗ ,ĂƌŐĂƐĞǁĂĂƚĂƐƌƵĂŶŐƵƐĂŚĂĂĚĂůĂŚZƉϭϬϬ͘ϬϬϬ͕ͲͬŵϮͬďƵůĂŶĂƚĂƵ
ZƉϱϯ͘ϱϭϬ͘ϬϬϬ͕Ͳ ;ůŝŵĂ ƉƵůƵŚ ƚŝŐĂ ũƵƚĂ ůŝŵĂ ƌĂƚƵƐ ƐĞƉƵůƵŚ ƌŝďƵ
ZƵƉŝĂŚͿƉĞƌďƵůĂŶ͘,ĂƌŐĂƐĞǁĂďĞůƵŵƚĞƌŵĂƐƵŬWWE͘
ĞŶĚĂ<ĞƚĞƌůĂŵďĂƚĂŶ ͗ ĞŶĚĂ ĂƚĂƐ ŬĞƚĞƌůĂŵďĂƚĂŶ ƉĞŵďĂLJĂƌĂŶ ŚĂƌŐĂ ƐĞǁĂ ĚĂŶ ďŝĂLJĂ
ƉĞŶŐĞůŽůĂĂŶĚŝƚĞŶƚƵŬĂŶƐĞŬĂƌĂŶŐƵŶƚƵŬĚŝŬĞŵƵĚŝĂŶŚĂƌŝƐĞďĞƐĂƌ
ϭйƉĞƌŵŝŶŐŐƵLJĂŶŐĚŝŚŝƚƵŶŐĚĂƌŝƚĂŐŝŚĂŶƚĞƌƚƵŶŐŐĂŬ͘
WĞƌƵŶƚƵŬĂŶKďLJĞŬ^ĞǁĂ ͗ WĞŵĂŶĨĂĂƚĂŶ ƌƵĂŶŐ ƵƐĂŚĂ ƐĞŵĂƚĂͲŵĂƚĂ ŚĂŶLJĂ ĚĂƉĂƚ
ĚŝƉĞƌŐƵŶĂŬĂŶƐĞďĂŐĂŝŬĂŶƚŽƌƵƐĂŚĂƉĞƌĚĂŐĂŶŐĂŶďĂƌĂŶŐĚĂŶũĂƐĂ
ĂƚĂƵ ƵƐĂŚĂ ůĂŝŶ LJĂŶŐ ĚŝŝnjŝŶŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌĂƚƵƌĂŶ ĚĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝ/ŶĚŽŶĞƐŝĂ͘
ŽŵŝƐŝůŝ,ƵŬƵŵ ͗ WĞŶŐĂĚŝůĂŶEĞŐĞƌŝ:ĂŬĂƌƚĂWƵƐĂƚ͘
163
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ϱ͘ ^ dd dWW Ed/E'zE'/D/>/</Eͬdh/<h^/W Z^ ZKE
WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ĚĂŶ ĂƚĂƵ ŵĞŶŐƵĂƐĂŝ ďĞďĞƌĂƉĂ ĂƐĞƚ ƚĞƚĂƉ ƉĞŶƚŝŶŐ ƵŶƚƵŬ ĚŝŐƵŶĂŬĂŶ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ
ŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂďĞƌƵƉĂďĞŶĚĂƚŝĚĂŬďĞƌŐĞƌĂŬĚĂŶďĞŶĚĂďĞƌŐĞƌĂŬ͘
EŝůĂŝ ďƵŬƵ ĚĂƌŝ ĂƐĞƚ ƚĞƚĂƉ ƵƚĂŵĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƚĞƌĐĂƚĂƚ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϱ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϯ͘ϬϮϭ͘ϳϮϰũƵƚĂ͘
͘ ,ĂŬ'ƵŶĂĂŶŐƵŶĂŶ;,'ͿĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ
dĂŶŐŐĂů 'ĂŵďĂƌ^ŝƚƵĂƐŝͬ
EŽŵŽƌ >ƵĂƐ dĂŶŐŐĂů WĞƌƵŶƚƵŬĂŶ
EŽ͘ >ŽŬĂƐŝ ŝŬĞůƵĂƌŬĂ ^ƵƌĂƚhŬƵƌ
,' ;DϮͿ ĞƌĂŬŚŝƌ,ĂŬ
Ŷ^ĞƌƚŝĨŝŬĂƚ EŽŵŽƌ dĂŶŐŐĂů
<ĞůƵƌĂŚĂŶdĞŵďŽŬƵŬƵŚ͕
ϭ͘ Ϯϭ <ĞĐĂŵĂƚĂŶƵďƵƚĂŶ͕^ƵƌĂďĂLJĂ͕ ϰ͘ϴϱϬ ϭϴͬϭͬϭϵϴϴ ϭϲͬϭϮͬϮϬϮϳ ϳϵϯϵ ϭϵͬϭϮͬϭϵϴϳ <ĂŶƚŽƌWƵƐĂƚ
:ĂǁĂdŝŵƵƌ
<ĞůƵƌĂŚĂŶdĞŵďŽŬƵŬƵŚ͕
<ĞĐĂŵĂƚĂŶƵďƵƚĂŶ͕^ƵƌĂďĂLJĂ͕
Ϯ͘ ϴϰ ϵϮϬ ϱͬϭͬϭϵϵϲ ϯͬϭͬϮϬϯϲ ϭϰ͘ϯϳϬͬϭϵϵϱ ϴͬϭϮͬϭϵϵϱ <ĂŶƚŽƌWƵƐĂƚ
:ĂǁĂdŝŵƵƌ;:ů͘<ĂůŝďƵƚƵŚ
EŽ͘ϭϴϵͲϭϵϭͿ
<ĞůƵƌĂŚĂŶZƵŶŐŬƵƚŬŝĚƵů͕
WĂďƌŝŬhŶŝƚ
ϯ͘ ϲ <ĞĐĂŵĂƚĂŶZƵŶŐŬƵƚ͕^ƵƌĂďĂLJĂ͕ ϯ͘ϰϰϱ Ϯϲͬϭϭͬϭϵϴϰ ϭϯͬϭϮͬϮϬϮϲ ϴϱϵϭ ϱͬϲͬϭϵϴϰ
ϭ
:ĂǁĂdŝŵƵƌ
ϭϳϯϳ <ĞůƵƌĂŚĂŶ<ĂůŝƌƵŶŐŬƵƚ͕
<ĞĐĂŵĂƚĂŶZƵŶŐŬƵƚ͕^ƵƌĂďĂLJĂ͕
ĂƚĂƚĂŶ͗ :ĂǁĂdŝŵƵƌ
DĞƌƵƉĂŬĂ
ϰ͘ Ϯ͘ϲϰϭ Ϯϲͬϭϭͬϭϵϴϰ ϭϯͬϭϮͬϮϬϮϲ ϴϱϵϬ ϱͬϲͬϭϵϴϰ
Ŷ
ƉĞŶŐŐĂŶƚŝ
ĚĂƌŝ^,'
EŽ͘ϭϬ
ϭϳϯϲ <ĞůƵƌĂŚĂŶ<ĂůŝƌƵŶŐŬƵƚ͕
<ĞĐĂŵĂƚĂŶZƵŶŐŬƵƚ͕^ƵƌĂďĂLJĂ͕
ĂƚĂƚĂŶ͗ :ĂǁĂdŝŵƵƌ
DĞƌƵƉĂŬĂ
ϱ͘ ϱ͘ϳϬϳ ϯϬͬϭϭͬϭϵϴϳ ϭϰͬϭϮͬϮϬϮϲ ϯϵϳϭ ϭͬϴͬϭϵϴϳ
Ŷ
ƉĞŶŐŐĂŶƚŝ
ĚĂƌŝ^,'
EŽ͘ϳϲ
<ĞůƵƌĂŚĂŶZƵŶŐŬƵƚŬŝĚƵů͕
ϲ͘ ϭϱϵ
<ĞĐĂŵĂƚĂŶZƵŶŐŬƵƚ͕^ƵƌĂďĂLJĂ͕ ϭϴ͘ϯϯϴ ϯϬͬϭϭͬϭϵϴϳ ϭϰͬϭϮͬϮϬϮϲ ϯϵϳϮ ϭͬϴͬϭϵϴϳ
:ĂǁĂdŝŵƵƌ
<ĞůƵƌĂŚĂŶdĞŶŐŐŝůŝƐDĞũŽLJŽ͕
WĂďƌŝŬhŶŝƚ
ϳ͘ ϵϬϳ
<ĞĐĂŵĂƚĂŶdĞŶŐŐŝůŝƐDĞũŽLJŽ͕ ϭϭ͘ϲϴϲ ϭϮͬϱͬϭϵϴϵ ϮϭͬϬϰͬϮϬϰϯ ϳϮϭͬϮϬϮϬ ϬϳͬϬϰͬϮϬϮϬ
Ϯ
^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
<ĞůƵƌĂŚĂŶdĞŶŐŐŝůŝƐDĞũŽLJŽ͕
ϴ͘ ϭϲ <ĞĐĂŵĂƚĂŶdĞŶŐŐŝůŝƐDĞũŽLJŽ͕ ϯ͘ϱϵϰ ϭϮͬϬϱͬϭϵϴϵ ϮϭͬϬϰͬϮϬϰϯ ϰϬϭ ϭϲͬϭͬϭϵϴϵ
^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
<ĞůƵƌĂŚĂŶtĂƌƵ'ƵŶƵŶŐ͕
WĂďƌŝŬhŶŝƚ
ϵ͘ ϭ <ĞĐĂŵĂƚĂŶ<ĂƌĂŶŐƉŝůĂŶŐ͕ Ϯϵ͘ϴϬϬ ϰͬϮͬϭϵϳϰ ϭϯͬϴͬϮϬϱϯ ϳϯͬϴͬϭϵϳϰ Ϯϲͬϭͬϭϵϳϰ
ϯ
^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
<ĞůƵƌĂŚĂŶ'ƵŶƵŶŐŐĂŶŐƐŝƌ͕
WĂďƌŝŬhŶŝƚ
ϭϬ͘ Ϯϰ <ĞĐĂŵĂƚĂŶĞũŝ͕WĂƐƵƌƵĂŶ͕:ĂǁĂ ϭϱ͘ϵϴϱ Ϯϰͬϭͬϭϵϵϴ ϭϰͬϭͬϮϬϮϴ ϮϴϮϵ ϮϵͬϭϬͬϭϵϵϳ
ϰ
dŝŵƵƌ
ĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕
ϭϭ͘ ϳ <ĞĐĂŵĂƚĂŶĞũŝ͕WĂƐƵƌƵĂŶ͕:ĂǁĂ ϲϭ͘ϯϵϬ ϰͬϯͬϭϵϵϮ ϭϵͬϭͬϮϬϯϮ ϵϵϵ ϲͬϱͬϭϵϵϭ
dŝŵƵƌ
ĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕
ϭϮ͘ Ϯϯ <ĞĐĂŵĂƚĂŶĞũŝ͕<ĂďƵƉĂƚĞŶ Ϯϯ͘ϲϵϮ ϮϲͬϬϲͬϭϵϵϱ ϮϬͬϬϲͬϮϬϰϱ ϵϵϭ ϮϰͬϬϱͬϭϵϵϱ
WĂƐƵƌƵĂŶ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕
ϭϯ͘ ϰϬ <ĞĐĂŵĂƚĂŶĞũŝ͕<ĂďƵƉĂƚĞŶ ϮϬ͘ϴϭϱ Ϯϰͬϭͬϭϵϵϴ ϭϰͬϭͬϮϬϮϴ ϮϴϮϴ ϮϵͬϭϬͬϭϵϵϳ
WĂƐƵƌƵĂŶ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕
ϭϰ͘ ϰϰ <ĞĐĂŵĂƚĂŶĞũŝ͕<ĂďƵƉĂƚĞŶ ϰ͘ϳϲϬ ϮϲͬϭϮͬϭϵϵϭ ϮϰͬϵͬϮϬϯϭ Ϯϲϳϳ Ϯϯͬϭϭͬϭϵϵϭ
WĂƐƵƌƵĂŶ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕
ϭϱ͘ ϰϱ <ĞĐĂŵĂƚĂŶĞũŝ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϳϮϬ ϭϱͬϭͬϭϵϵϮ ϮϰͬϵͬϮϬϯϭ Ϯϲϳϲ Ϯϯͬϭϭͬϭϵϵϭ
WĂƐƵƌƵĂŶ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕
ϭϲ͘ ϱϮ <ĞĐĂŵĂƚĂŶĞũŝ͕<ĂďƵƉĂƚĞŶ ϭϯ͘ϴϵϱ ϭϲͬϵͬϮϬϬϯ ϮϬͬϴͬϮϬϯϮ ϭϰͬĂŶŐŬƌŝŶŐŵĂůĂŶŐͬϮϬϬϭ ϮϰͬϳͬϮϬϬϭ
WĂƐƵƌƵĂŶ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂWĂƌƵŶŐŵƵůLJĂ͕<ĞĐĂŵĂƚĂŶ WĂďƌŝŬhŶŝƚ
ϭϳ͘ ϰϵ ϭϵ͘ϱϯϬ ϭϭͬϴͬϭϵϵϴ ϯͬϰͬϮϬϮϳ ϬϬϬϵϰ ϵͬϲͬϭϵϵϴ
ŝĂŵƉĞů͕<ĂƌĂǁĂŶŐ͕:ĂǁĂĂƌĂƚ ϱ
ĞƐĂWĂƌƵŶŐŵƵůLJĂ͕<ĞĐĂŵĂƚĂŶ
ϭϴ͘ ϱϭ Ϯϱ͘ϬϬϬ ϭϭͬϴͬϭϵϵϴ ϯͬϰͬϮϬϮϳ ϬϬϬϵϲ ϵͬϲͬϭϵϵϴ
ŝĂŵƉĞů͕<ĂƌĂǁĂŶŐ͕:ĂǁĂĂƌĂƚ
ĞƐĂWĂƌƵŶŐŵƵůLJĂ͕<ĞĐĂŵĂƚĂŶ ϬϬϬϯϮͬ
ϭϵ͘ ϬϭϮϭϱ
ŝĂŵƉĞů͕<ĂƌĂǁĂŶŐ͕:ĂǁĂĂƌĂƚ ϱ͘ϰϳϬ ϮϰͬϴͬϮϬϭϬ ϭϮͬϯͬϮϬϯϳ WĂƌƵŶŐ ϭϴͬϮͬϮϬϭϬ
ŵƵůLJĂͬϮϬϭϬ
ĞƐĂĞŵĞŶŐŬĂůĂŶŐ͕<ĞĐĂŵĂƚĂŶ WĂďƌŝŬhŶŝƚ
ϮϬ͘ ϳϴϳ
ϰϬ͘ϰϳϳ ϰͬϭϭͬϮϬϭϯ ϭϭͬϭϭͬϮϬϯϮ ϬϬϬϵϴͬϭϮϭϬϬϴϮϬͬϮϬϭϯ ϮϮͬϭϬͬϮϬϭϯ
^ŝĚŽĂƌũŽ͕^ŝĚŽĂƌũŽ͕:ĂǁĂdŝŵƵƌ ϲ
<ĞůƵƌĂŚĂŶŝďĂĚƵLJƵƚ͕
<ĞĐĂŵĂƚĂŶŽũŽŶŐůŽĂ<ŝĚƵů͕
Ϯϭ͘ ϳϴϰ
ϳϰ ϬϰͬϭϮͬϮϬϭϰ ϯϬͬϬϱͬϮϬϰϰ ϬϬϭϬϰͬϮϬϭϰ ϮϲͬϭϭͬϮϬϭϰ ĞƉŽ
<ŽƚĂĂŶĚƵŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂ
ĂƌĂƚ
164
Page 199
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
dĂŶŐŐĂů 'ĂŵďĂƌ^ŝƚƵĂƐŝͬ
EŽŵŽƌ >ƵĂƐ dĂŶŐŐĂů WĞƌƵŶƚƵŬĂŶ
EŽ͘ >ŽŬĂƐŝ ŝŬĞůƵĂƌŬĂ ^ƵƌĂƚhŬƵƌ
,' ;DϮͿ ĞƌĂŬŚŝƌ,ĂŬ
Ŷ^ĞƌƚŝĨŝŬĂƚ EŽŵŽƌ dĂŶŐŐĂů
<ĞůƵƌĂŚĂŶŝďĂĚƵLJƵƚ͕
<ĞĐĂŵĂƚĂŶŽũŽŶŐůŽĂ<ŝĚƵů͕
ϮϮ͘ ϳϴϳ
Ϯϲϳ ϮϯͬϬϭͬϮϬϭϱ ϭϬͬϬϴͬϮϬϰϭ ϬϬϬϵϰͬϮϬϭϰ ϭϯͬϬϭͬϮϬϭϱ ĞƉŽ
<ŽƚĂĂŶĚƵŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂ
ĂƌĂƚ
<ĞůƵƌĂŚĂŶŝƌĂŶŐƌĂŶŐ͕
<ĞĐĂŵĂƚĂŶĂďĂŬĂŶŝƉĂƌĂLJ͕
Ϯϯ͘ Ϯϱϴ
ϭ͘ϰϬϱ ϬϰͬϭϮͬϮϬϭϰ ϭϳͬϬϭͬϮϬϰϰ ϬϬϬϯϴͬϮϬϭϰ ϭϰͬϭϭͬϮϬϭϰ ĞƉŽ
<ŽƚĂĂŶĚƵŶŐ͕WƌŽǀŝŶƐŝ:ĂǁĂ
ĂƌĂƚ
<ĞůƵƌĂŚĂŶ^ĞŵĂŶĂŶ͕<ĞĐĂŵĂƚĂŶ
Ϯϰ͘ ϳϵϬϳ
<ĂůŝĚĞƌĞƐ͕<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚ͕ ϳϭϳ ϭϱͬϬϯͬϮϬϭϯ ϬϵͬϬϵͬϮϬϰϯ ϬϬϬϯϬͬϮϬϭϯ ϮϬͬϬϮͬϮϬϭϯ ĞƉŽ
WƌŽǀŝŶƐŝ</:ĂŬĂƌƚĂ
<ĞůƵƌĂŚĂŶ^ĞŵĂŶĂŶ͕<ĞĐĂŵĂƚĂŶ
Ϯϱ͘ ϳϵϬϴ
<ĂůŝĚĞƌĞƐ͕<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚ͕ ϰϲ ϬϱͬϬϯͬϮϬϭϯ ϬϵͬϬϵͬϮϬϰϯ ϬϬϬϮϲͬϮϬϭϯ ϮϬͬϬϮͬϮϬϭϯ ĞƉŽ
WƌŽǀŝŶƐŝ</:ĂŬĂƌƚĂ
<ĞůƵƌĂŚĂŶ^ĞŵĂŶĂŶ͕<ĞĐĂŵĂƚĂŶ
Ϯϲ͘ ϳϵϬϵ
<ĂůŝĚĞƌĞƐ͕<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚ͕ ϯϱ ϭϱͬϬϯͬϮϬϭϯ ϬϵͬϬϵͬϮϬϰϯ ϬϬϬϯϲͬϮϬϭϯ ϮϬͬϬϮͬϮϬϭϯ ĞƉŽ
WƌŽǀŝŶƐŝ</:ĂŬĂƌƚĂ
<ĞůƵƌĂŚĂŶ^ĞŵĂŶĂŶ͕<ĞĐĂŵĂƚĂŶ
Ϯϳ͘ ϳϵϭϬ
<ĂůŝĚĞƌĞƐ͕<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚ͕ ϭϲ ϬϱͬϬϯͬϮϬϭϯ ϬϵͬϬϵͬϮϬϰϯ ϬϬϬϮϱͬϮϬϭϯ ϮϬͬϬϮͬϮϬϭϯ ĞƉŽ
WƌŽǀŝŶƐŝ</:ĂŬĂƌƚĂ
<ĞůƵƌĂŚĂŶ^ĞŵĂŶĂŶ͕<ĞĐĂŵĂƚĂŶ
Ϯϴ͘ ϳϵϭϭ
<ĂůŝĚĞƌĞƐ͕<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚ͕ ϴϯϴ ϭϱͬϬϯͬϮϬϭϯ ϬϵͬϬϵͬϮϬϰϯ ϬϬϬϯϭͬϮϬϭϯ ϮϬͬϬϮͬϮϬϭϯ ĞƉŽ
WƌŽǀŝŶƐŝ</:ĂŬĂƌƚĂ
ĞƐĂͬ<ĞůƵƌĂŚĂŶWĂƌĂŶŐ>ŽĞ͕
<ĞĐĂŵĂƚĂŶdĂŵĂůĂŶƌĞĂ͕<ŽƚĂ
Ϯϵ͘ ϮϬϳϴϬ
ϲ͘Ϭϱϳ ϮϱͬϬϭͬϮϬϬϴ ϬϭͬϬϯͬϮϬϰϴ ϬϭϰϳϮͬϮϬϬϳ ϭϯͬϬϵͬϮϬϬϳ ĞƉŽ
DĂŬĂƐƐĂƌ͕WƌŽǀŝŶƐŝ^ƵůĂǁĞƐŝ
^ĞůĂƚĂŶ
<ĞůƵƌĂŚĂŶ:ĞŵƵƌtŽŶŽƐĂƌŝ͕
<ĞĐĂŵĂƚĂŶtŽŶŽĐŽůŽ͕
ϯϬ͘ ϴϯϯ
ϰϳϭ ϬϴͬϬϭͬϭϵϵϴ ϭϲͬϭϮͬϮϬϯϳ ϭϬϰϰϭͬϭϵϵϳ ϮϬͬϬϴͬϭϵϵϳ ZƵŵĂŚĚŝŶĂƐ
<ŽƚĂŵĂĚLJĂ^ƵƌĂďĂLJĂ͕WƌŽǀŝŶƐŝ
:ĂǁĂdŝŵƵƌ
ĞƐĂͬ<ĞůƵƌĂŚĂŶWƌŝŐĞŶ͕
<ĞĐĂŵĂƚĂŶWƌŝŐĞŶ͘ ϬϬϮϲϱͬ dĂŶĂŚ
ϯϭ͘ ϱϳϮ
Ϯ͘ϲϴϬ ϬϳͬϬϲͬϮϬϭϴ ϮϰͬϬϵͬϮϬϰϴ ϯϭͬϬϱͬϮϬϭϴ
<ĂďƵƉĂƚĞŶͬ<ŽƚĂWĂƐƵƌƵĂŶ͕ WƌŝŐĞŶͬϮϬϭϴ ŬŽƐŽŶŐ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂ^ƵŵĞƌƚĂ<ůŽĚ͕<ĞĐĂŵĂƚĂŶ
Ϭϭϵϯϳͬ dĂŶĂŚ
ϯϮ͘ ϭϬϮ
ĞŶƉĂƐĂƌdŝŵƵƌ͕<ŽƚĂĞŶƉĂƐĂƌ͕ ϰϬϬ ϬϴͬϭϮͬϮϬϭϱ ϮϯͬϭϮͬϮϬϰϱ ϬϴͬϭϮͬϮϬϭϱ
^ƵŵĞƌƚĂ<ůŽĚͬϮϬϭϱ ŬŽƐŽŶŐ
WƌŽǀŝŶƐŝĂůŝ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϯϯ͘ ϬϬϬϬϮ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϬϬϬ ϴͬϱͬϮϬϭϱ ϲͬϯͬϮϬϰϱ ϬϬϮϲϴͬϭϲϬϮͬϮϬϭϰ ϴͬϴͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϯϰ͘ ϬϬϬϬϯ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϵϰϭ ϴͬϱͬϮϬϭϱ ϲͬϯͬϮϬϰϱ ϬϬϮϲϯͬϭϲϬϮͬϮϬϭϰ ϴͬϴͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϯϱ͘ ϬϬϬϬϰ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϲ͘ϵϯϳ ϴͬϱͬϮϬϭϱ ϲͬϯͬϮϬϰϱ ϬϬϮϲϰͬϭϲϬϮͬϮϬϭϰ ϴͬϴͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϯϲ͘ ϬϬϬϬϱ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϲϬϱ ϴͬϱͬϮϬϭϱ ϲͬϯͬϮϬϰϱ ϬϬϮϲϲͬϭϲϬϮͬϮϬϭϰ ϴͬϴͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϯϳ͘ ϬϬϬϬϲ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϮϮϯ ϴͬϱͬϮϬϭϱ ϲͬϯͬϮϬϰϱ ϬϬϮϲϱͬϭϲϬϮͬϮϬϭϰ ϴͬϴͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϯϴ͘ ϬϬϬϬϳ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϱϯϮ ϴͬϱͬϮϬϭϱ ϲͬϯͬϮϬϰϱ ϬϬϮϱϴͬϭϲϬϮͬϮϬϭϰ ϴͬϴͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϯϵ͘ ϬϬϬϬϴ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϲϬϳ ϴͬϱͬϮϬϭϱ ϲͬϯͬϮϬϰϱ ϬϬϮϲϳͬϭϲϬϮͬϮϬϭϰ ϴͬϴͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϰϬ͘ ϬϬϬϬϵ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϰϱϮ ϴͬϱͬϮϬϭϱ ϲͬϯͬϮϬϰϱ ϬϬϮϲϬͬϭϲϬϮͬϮϬϭϰ ϴͬϴͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ dĂŶĂŚ
ϰϭ͘ ϬϬϬϭϬ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϱϰϭ ϴͬϱͬϮϬϭϱ ϲͬϯͬϮϬϰϱ ϬϬϮϲϮͬϭϲϬϮͬϮϬϭϰ ϴͬϴͬϮϬϭϰ <ŽƐŽŶŐ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ ƵŶƚƵŬůĂŚĂŶ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ ŝŶĚƵƐƚƌŝ
ϰϮ͘ ϬϬϬϭϭ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘Ϯϴϵ ϴͬϱͬϮϬϭϱ ϲͬϯͬϮϬϰϱ ϬϬϮϱϵͬϭϲϬϮͬϮϬϭϰ ϴͬϴͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϰϯ͘ ϬϬϬϭϮ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘Ϯϯϵ ϭϳͬϲͬϮϬϭϲ ϯϭͬϱͬϮϬϰϲ ϬϬϮϴϳͬϭϲϬϮͬϮϬϭϱ ϭϬͬϰͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϰϰ͘ ϬϬϬϭϯ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϲ͘ϴϮϰ ϭϳͬϲͬϮϬϭϲ ϯϭͬϱͬϮϬϰϲ ϬϬϮϴϱͬϭϲϬϮͬϮϬϭϱ ϭϬͬϰͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϰϱ͘ ϬϬϬϭϰ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϲ͘ϯϱϴ ϭϳͬϲͬϮϬϭϲ ϯϭͬϱͬϮϬϰϲ ϬϬϮϴϯͬϭϲϬϮͬϮϬϭϱ ϭϬͬϰͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϰϲ͘ ϬϬϬϭϱ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϴϯϲ ϮϬͬϲͬϮϬϭϲ ϮϴͬϲͬϮϬϰϲ ϬϬϮϴϮͬϭϲϬϮͬϮϬϭϱ ϭϬͬϰͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϰϳ͘ ϬϬϬϭϲ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϳ͘ϴϬϱ ϮϬͬϲͬϮϬϭϲ ϮϴͬϲͬϮϬϰϲ ϬϬϮϲϭͬϭϲϬϮͬϮϬϭϰ ϴͬϴͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϰϴ͘ ϬϬϬϭϳ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϮϮϬ ϭϯͬϵͬϮϬϭϲ ϱͬϵͬϮϬϰϲ ϬϬϮϴϲͬϭϲϬϮͬϮϬϭϱ ϭϬͬϰͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϰϵ͘ ϬϬϬϭϴ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϴ͘ϬϴϬ ϭϲͬϭϮͬϮϬϭϲ ϭϬͬϭϭͬϮϬϰϲ ϬϬϮϵϳͬϭϲϬϮͬϮϬϭϲ ϯϬͬϱͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
165
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
dĂŶŐŐĂů 'ĂŵďĂƌ^ŝƚƵĂƐŝͬ
EŽŵŽƌ >ƵĂƐ dĂŶŐŐĂů WĞƌƵŶƚƵŬĂŶ
EŽ͘ >ŽŬĂƐŝ ŝŬĞůƵĂƌŬĂ ^ƵƌĂƚhŬƵƌ
,' ;DϮͿ ĞƌĂŬŚŝƌ,ĂŬ
Ŷ^ĞƌƚŝĨŝŬĂƚ EŽŵŽƌ dĂŶŐŐĂů
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϱϬ͘ ϬϬϬϭϵ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϲϳϯ ϭϲͬϭϮͬϮϬϭϲ ϭϬͬϭϭͬϮϬϰϲ ϬϬϯϬϲͬϭϮϬϵϭϲϬϮͬϮϬϭϲ ϭϵͬϬϳͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϱϭ͘ ϬϬϬϮϬ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϴ͘ϱϬϱ ϭϲͬϭϮͬϮϬϭϲ ϭϬͬϭϭͬϮϬϰϲ ϬϬϯϬϱͬϭϲϬϮͬϮϬϭϲ ϭϵͬϳͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϱϮ͘ ϬϬϬϮϭ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘Ϯϭϳ ϭϲͬϭϮͬϮϬϭϲ ϭϬͬϭϭͬϮϬϰϲ ϬϬϯϬϯͬϭϲϬϮͬϮϬϭϲ ϴͬϲͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϱϯ͘ ϬϬϬϮϮ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϰϭϯ ϭϲͬϭϮͬϮϬϭϲ ϭϬͬϭϭͬϮϬϰϲ ϬϬϯϬϰͬϭϲϬϮͬϮϬϭϲ ϭϵͬϳͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϱϰ͘ ϬϬϬϮϯ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘Ϯϲϱ ϭϲͬϭϮͬϮϬϭϲ ϭϬͬϭϭͬϮϬϰϲ ϬϬϮϵϵͬϭϲϬϮͬϮϬϭϲ ϲͬϲͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϱϱ͘ ϬϬϬϮϰ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϵϰϳ ϭϲͬϭϮͬϮϬϭϲ ϭϬͬϭϭͬϮϬϰϲ ϬϬϯϭϭͬϭϲϬϮͬϮϬϭϲ ϱͬϵͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϱϲ͘ ϬϬϬϮϱ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϰϬϬ ϯͬϭͬϮϬϭϳ ϴͬϭϮͬϮϬϰϲ ϬϬϯϭϬͬϭϲϬϮͬϮϬϭϲ ϱͬϵͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϱϳ͘ ϬϬϬϮϲ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϰ͘ϭϳϵ ϯͬϭͬϮϬϭϳ ϴͬϭϮͬϮϬϰϲ ϬϬϯϭϲͬϭϲϬϮͬϮϬϭϲ ϭϲͬϵͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϱϴ͘ ϬϬϬϮϳ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϭϮϴ ϯͬϭͬϮϬϭϳ ϴͬϭϮͬϮϬϰϲ ϬϬϯϭϵͬϭϲϬϮͬϮϬϭϲ ϭϲͬϵͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϱϵ͘ ϬϬϬϮϴ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϰϯϰ ϯͬϭͬϮϬϭϳ ϴͬϭϮͬϮϬϰϲ ϬϬϯϭϳͬϭϲϬϮͬϮϬϭϲ ϭϲͬϵͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϲϬ͘ ϬϬϬϮϵ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϱϱϯ ϭϲͬϮͬϮϬϭϳ ϴͬϭϮͬϮϬϰϲ ϬϬϯϮϮͬϭϲϬϮͬϮϬϭϲ ϭϰͬϭϮͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϲϭ͘ ϬϬϬϯϬ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϯϰϱ ϭϲͬϮͬϮϬϭϳ ϴͬϭϮͬϮϬϰϲ ϬϬϯϮϯͬϭϲϬϮͬϮϬϭϲ ϭϰͬϭϮͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϲϮ͘ ϬϬϬϯϭ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϲ͘ϰϲϮ ϮϮͬϯͬϮϬϭϳ ϮϴͬϮͬϮϬϰϳ ϬϬϯϬϵͬϭϲϬϮͬϮϬϭϲ ϱͬϴͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϲϯ͘ ϬϬϬϯϮ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϭϭϭ ϮϮͬϯͬϮϬϭϳ ϮϴͬϮͬϮϬϰϳ ϬϬϮϵϬͬϭϲϬϮͬϮϬϭϱ ϭϲͬϲͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϲϰ͘ ϬϬϬϯϯ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϭϴϱ ϱͬϲͬϮϬϭϳ ϱͬϲͬϮϬϰϳ ϬϬϯϮϲͬϭϲϬϮͬϮϬϭϳ ϭϰͬϭͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϲϱ͘ ϬϬϬϯϰ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϭ͘ϭϵϮ ϱͬϲͬϮϬϭϳ ϱͬϲͬϮϬϰϳ ϬϬϯϯϭͬϭϲϬϮͬϮϬϭϳ ϭϲͬϭͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϲϲ͘ ϬϬϬϯϱ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϲϱϵ ϱͬϲͬϮϬϭϳ ϱͬϲͬϮϬϰϳ ϬϬϯϯϮͬϭϲϬϮͬϮϬϭϳ ϭϲͬϭͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϲϳ͘ ϬϬϬϯϳ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϭϱϳ ϱͬϲͬϮϬϭϳ ϱͬϲͬϮϬϰϳ ϬϬϯϯϰͬϭϲϬϮͬϮϬϭϳ ϭϲͬϭͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϲϴ͘ ϬϬϬϯϴ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϭϯ͘ϰϱϮ ϱͬϲͬϮϬϭϳ ϱͬϲͬϮϬϰϳ ϬϬϯϮϴͬϭϲϬϮͬϮϬϭϳ ϭϲͬϭͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϲϵ͘ ϬϬϬϯϵ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϱϬϭ ϱͬϲͬϮϬϭϳ ϱͬϲͬϮϬϰϳ ϬϬϯϯϬͬϭϲϬϮͬϮϬϭϳ ϭϲͬϭͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϳϬ͘ ϬϬϬϰϬ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϴϮϬ ϱͬϲͬϮϬϭϳ ϱͬϲͬϮϬϰϳ ϬϬϯϮϵͬϭϲϬϮͬϮϬϭϳ ϭϲͬϭͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϳϭ͘ ϬϬϬϰϭ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϴϬϰ ϱͬϲͬϮϬϭϳ ϱͬϲͬϮϬϰϳ ϬϬϯϯϯͬϭϲϬϮͬϮϬϭϳ ϭϲͬϭͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϳϮ͘ ϬϬϬϰϮ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϱϳϬ ϯϬͬϵͬϮϬϮϬ ϴͬϲͬϮϬϰϳ ϬϬϮϵϭͬϭϲϬϮͬϮϬϭϱ ϭϵͬϲͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϳϯ͘ ϬϬϬϰϰ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϵϳϮ ϭϰͬϮͬϮϬϭϴ ϮϬͬϲͬϮϬϰϳ ϬϬϮϵϮͬϭϲϬϮͬϮϬϭϱ ϮϯͬϲͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϳϰ͘ ϬϬϬϰϱ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϭϳϲ ϭϰͬϮͬϮϬϭϴ ϮϬͬϲͬϮϬϰϳ ϬϬϮϵϯͬϭϲϬϮͬϮϬϭϱ ϮϯͬϲͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϳϱ͘ ϬϬϬϰϲ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϵ͘ϭϬϮ ϭϰͬϮͬϮϬϭϴ ϮϬͬϲͬϮϬϰϳ ϬϬϮϴϴͬϭϲϬϮͬϮϬϭϱ ϯͬϲͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϳϲ͘ ϬϬϬϰϳ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϱ͘ϭϯϳ ϭϳͬϭϮͬϮϬϮϬ ϮϰͬϴͬϮϬϰϳ ϬϬϯϯϱͬϭϲϬϮͬϮϬϭϳ ϭϳͬϬϮͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϳϳ͘ ϬϬϬϰϴ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϵϴϮ ϮϮͬϭͬϮϬϭϴ ϱͬϲͬϮϬϰϳ ϬϬϯϰϴͬϭϲϬϮͬϮϬϭϳ ϭϬͬϴͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϳϴ͘ ϬϬϬϰϵ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϵϰϱ ϭϭͬϳͬϮϬϭϵ ϭϬͬϭϮͬϮϬϱϬ ϬϭϭϮϰͬϭϮϬϵϭϲϬϮͬϮϬϭϵ ϰͬϳͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
166
Page 201
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
dĂŶŐŐĂů 'ĂŵďĂƌ^ŝƚƵĂƐŝͬ
EŽŵŽƌ >ƵĂƐ dĂŶŐŐĂů WĞƌƵŶƚƵŬĂŶ
EŽ͘ >ŽŬĂƐŝ ŝŬĞůƵĂƌŬĂ ^ƵƌĂƚhŬƵƌ
,' ;DϮͿ ĞƌĂŬŚŝƌ,ĂŬ
Ŷ^ĞƌƚŝĨŝŬĂƚ EŽŵŽƌ dĂŶŐŐĂů
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϳϵ͘ ϬϬϬϱϬ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϰϵϮ ϭϭͬϳͬϮϬϭϵ ϭϱͬϭϮͬϮϬϱϬ ϬϭϭϮϳͬϭϮϬϵϭϲϬϮͬϮϬϭϵ ϰͬϳͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϴϬ͘ ϬϬϬϱϭ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϯϯϱ ϭϭͬϳͬϮϬϭϵ ϭϱͬϭϮͬϮϬϱϬ ϬϭϭϮϲͬϭϮϬϵϭϲϬϮͬϮϬϭϵ ϰͬϳͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϴϭ͘ ϬϬϬϱϮ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϰ͘ϲϮϰ ϭϬͬϯͬϮϬϮϭ ϭϵͬϭϮͬϮϬϱϭ ϬϬϯϬϴͬϭϮϬϵϭϲϬϮͬϮϬϭϲ ϱͬϴͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϴϮ͘ ϬϬϬϱϯ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϮϲϬ ϭϬͬϯͬϮϬϮϭ ϭϵͬϬϮͬϮϬϱϭ ϬϬϮϵϱͬϭϮϬϵϭϲϬϮͬϮϬϭϲ ϭϭͬϬϮͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϴϯ͘ ϬϬϬϬϵ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϯ͘ϭϵϲ ϭϯͬϵͬϮϬϭϲ ϭϬͬϴͬϮϬϰϲ ϬϬϯϰϮͬϭϯϭϯͬϮϬϭϱ ϯͬϮͬϮϬϭϱ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϴϰ͘ ϬϬϬϭϬ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϲ͘ϳϰϵ ϭϯͬϵͬϮϬϭϲ ϭϬͬϴͬϮϬϰϲ ϬϬϯϰϳͬϭϯϭϯͬϮϬϭϱ ϯͬϮͬϮϬϭϱ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϴϱ͘ ϬϬϬϭϭ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϯ͘ϲϵϱ ϭϯͬϵͬϮϬϭϲ ϭϬͬϴͬϮϬϰϲ ϬϬϯϰϰͬϭϯϭϯͬϮϬϭϱ ϯͬϮͬϮϬϭϱ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϴϲ͘ ϬϬϬϭϮ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ Ϯ͘ϵϱϮ ϭϯͬϵͬϮϬϭϲ ϭϬͬϴͬϮϬϰϲ ϬϬϯϰϱͬϭϯϭϯͬϮϬϭϱ ϯͬϮͬϮϬϭϱ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϴϳ͘ ϬϬϬϭϯ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϰ͘ϲϮϰ ϭϯͬϵͬϮϬϭϲ ϭϬͬϴͬϮϬϰϲ ϬϬϯϰϲͬϭϯϭϯͬϮϬϭϱ ϯͬϮͬϮϬϭϱ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϴϴ͘ ϬϬϬϭϰ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϯ͘ϰϭϵ ϭϰͬϮͬϮϬϭϴ ϮϬͬϲͬϮϬϰϳ ϬϬϯϰϵͬϭϯϭϯͬϮϬϭϱ ϮϯͬϲͬϮϬϭϱ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϴϵ͘ ϬϬϬϭϱ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϯϮϬ ϭϬͬϭϭͬϮϬϭϳ ϯϭͬϴͬϮϬϰϳ ϬϬϯϲϱͬϭϯϭϯͬϮϬϭϳ ϭϬͬϯͬϮϬϭϳ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϵϬ͘ ϬϬϬϭϲ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ Ϯ͘ϮϬϱ ϭϬͬϭϭͬϮϬϭϳ ϮϰͬϴͬϮϬϰϳ ϬϬϯϲϮͬϭϯϭϯͬϮϬϭϳ ϭϬͬϯͬϮϬϭϳ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϵϭ͘ ϬϬϬϭϴ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϭϱϴ ϭϬͬϭϭͬϮϬϭϳ ϮϰͬϴͬϮϬϰϳ ϬϬϯϲϴͬϭϯϭϯͬϮϬϭϳ ϭϬͬϯͬϮϬϭϳ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϵϮ͘ ϬϬϬϭϵ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϭϵϬ ϭϬͬϭϭͬϮϬϭϳ ϮϰͬϴͬϮϬϰϳ ϬϬϯϲϯͬϭϯϭϯͬϮϬϭϳ ϭϬͬϯͬϮϬϭϳ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϵϯ͘ ϬϬϬϮϬ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϴ͘ϴϬϱ ϭϬͬϭϭͬϮϬϭϳ ϮϰͬϴͬϮϬϰϳ ϬϬϯϲϭͬϭϯϭϯͬϮϬϭϳ ϭϬͬϯͬϮϬϭϳ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϵϰ͘ ϬϬϬϮϭ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϯ͘Ϯϳϴ ϭϬͬϭϭͬϮϬϭϳ ϮϰͬϴͬϮϬϰϳ ϬϬϯϲϬͬϭϯϭϯͬϮϬϭϳ ϭϳͬϮͬϮϬϭϳ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϵϱ͘ ϬϬϬϮϮ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϭϰϳ ϭϬͬϭϭͬϮϬϭϳ ϮϰͬϴͬϮϬϰϳ ϬϬϯϲϰͬϭϯϭϯͬϮϬϭϳ ϭϬͬϯͬϮϬϭϳ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϵϲ͘ ϬϬϬϮϯ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϭϲϵ ϭϬͬϭϭͬϮϬϭϳ ϮϰͬϴͬϮϬϰϳ ϬϬϯϲϳͬϭϯϭϯͬϮϬϭϳ ϭϬͬϯͬϮϬϭϳ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϵϳ͘ ϬϬϬϮϳ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϯ͘ϳϭϳ ϭͬϭϬͬϮϬϬϵ ϭϯͬϭϮͬϮϬϱϬ ϱϵϵͬϭϯ͘ϭϯͬϮϬϬϵ ϮϳͬϴͬϮϬϬϵ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϵϴ͘ ϬϬϬϮϴ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϭ͘ϴϯϲ ϮͬϭϬͬϮϬϬϵ ϭϬͬϭϮͬϮϬϱϬ ϱϵϴͬϭϯ͘ϭϯͬϮϬϬϵ ϮϳͬϴͬϮϬϬϵ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϵϵ͘ ϬϬϬϮϵ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϮϮϮ ϯϬͬϵͬϮϬϬϵ ϭϬͬϭϮͬϮϬϱϬ ϯϱϮͬϭϯ͘ϭϯͬϮϬϬϵ ϮϳͬϴͬϮϬϬϵ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ
ϭϬϬ͘ ϬϬϬϯϬ
^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ ϯ͘Ϭϱϲ ϮͬϭϬͬϮϬϬϵ ϭϳͬϭϮͬϮϬϱϬ ϲϬϬͬϭϯ͘ϭϯͬϮϬϬϵ ϮϳͬϴͬϮϬϬϵ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϬϭ͘ ϬϬϬϳϳ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϵϯϮ ϯϬͬϳͬϮϬϮϭ ϮϯͬϯͬϮϬϱϭ ϬϬϯϰϱͬϭϮϬϵϭϲϬϮͬϮϬϭϳ ϯͬϲͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϬϮ͘ ϬϬϬϴϬ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϰ͘ϴϭϵ ϯϬͬϳͬϮϬϮϭ ϮϵͬϯͬϮϬϱϭ ϬϬϯϰϲͬϭϮϬϵϭϲϬϮͬϮϬϭϳ ϯͬϲͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϬϯ͘ ϬϬϬϴϯ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϯϮϱ ϯϬͬϳͬϮϬϮϭ ϱͬϰͬϮϬϱϭ ϬϬϯϰϯͬϭϮϬϵϭϲϬϮͬϮϬϭϳ ϯͬϲͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϬϰ͘ ϬϬϬϱϵ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϳϵϯ ϮͬϴͬϮϬϮϭ ϮϯͬϯͬϮϬϱϭ ϬϬϯϰϮͬϭϮϬϵϭϲϬϮͬϮϬϭϳ ϯͬϲͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϬϱ͘ ϬϬϬϴϭ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϱ͘ϭϵϭ ϯϬͬϳͬϮϬϮϭ ϮϲͬϯͬϮϬϱϭ ϬϬϯϰϳͬϭϮϬϵϭϲϬϮͬϮϬϭϳ ϯͬϲͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϬϲ͘ ϬϬϬϳϴ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϭ͘ϴϱϵ ϯϬͬϳͬϮϬϮϭ ϮϱͬϯͬϮϬϱϭ ϬϬϯϰϬͬϭϮϬϵϭϲϬϮͬϮϬϭϳ ϯͬϲͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϬϳ͘ ϬϬϬϴϮ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϰϴϭ ϯϬͬϳͬϮϬϮϭ ϮϲͬϯͬϮϬϱϭ ϬϬϯϰϭͬϭϮϬϵϭϲϬϮͬϮϬϭϳ ϯͬϲͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
dĂŶŐŐĂů 'ĂŵďĂƌ^ŝƚƵĂƐŝͬ
EŽŵŽƌ >ƵĂƐ dĂŶŐŐĂů WĞƌƵŶƚƵŬĂŶ
EŽ͘ >ŽŬĂƐŝ ŝŬĞůƵĂƌŬĂ ^ƵƌĂƚhŬƵƌ
,' ;DϮͿ ĞƌĂŬŚŝƌ,ĂŬ
Ŷ^ĞƌƚŝĨŝŬĂƚ EŽŵŽƌ dĂŶŐŐĂů
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϬϴ͘ ϬϬϬϳϵ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϵϰϬ ϯϬͬϳͬϮϬϮϭ ϮϱͬϯͬϮϬϱϭ ϬϬϯϯϵͬϭϮϬϵϭϲϬϮͬϮϬϭϳ ϯͬϲͬϮϬϭϳ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂtĂĚĞŶŐ<ĞĐĂŵĂƚĂŶ^ŝĚĂLJƵ
ϭϬϵ͘ ϬϬϬϯϭ
<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂ ϭϲ͘ϯϳϰ ϮϭͬϭϬͬϮϬϮϭ ϮϵͬϲͬϮϬϱϭ ϬϭϲϰϯͬϭϮϬϵϭϯϭϯͬϮϬϮϭ ϲͬϭϬͬϮϬϮϭ
dŝŵƵƌ
ĞƐĂtĂĚĞŶŐ<ĞĐĂŵĂƚĂŶ^ŝĚĂLJƵ
ϭϭϬ͘ ϬϬϬϯϮ
<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂ ϲ͘ϲϭϯ ϮϭͬϭϬͬϮϬϮϭ ϮϵͬϲͬϮϬϱϭ ϬϭϲϰϯͬϭϮϬϵϭϯϭϯͬϮϬϮϭ ϲͬϭϬͬϮϬϮϭ
dŝŵƵƌ
ĞƐĂtĂĚĞŶŐ<ĞĐĂŵĂƚĂŶ^ŝĚĂLJƵ
ϭϭϭ͘ ϬϬϬϯϯ
<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂ Ϯ͘ϲϭϴ ϭϯͬϱͬϮϬϮϮ ϭϬͬϰͬϮϬϱϮ ϬϭϲϲϮͬϭϮϬϵϭϯϭϯͬϮϬϮϮ ϭϬͬϱͬϮϬϮϮ
dŝŵƵƌ
ĞƐĂtĂĚĞŶŐ<ĞĐĂŵĂƚĂŶ^ŝĚĂLJƵ
ϭϭϮ͘ ϬϬϬϯϲ
<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂ ϭϬ͘ϭϴϲ ϮϲͬϱͬϮϬϮϯ ϭϬͬϰͬϮϬϱϯ ϬϭϲϳϮͬϭϮϬϵϭϯϭϯͬϮϬϮϯ ϮϱͬϱͬϮϬϮϯ
dŝŵƵƌ
ĞƐĂtĂĚĞŶŐ<ĞĐĂŵĂƚĂŶ^ŝĚĂLJƵ
ϭϭϯ͘ ϬϬϬϯϳ
<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂ ϱ͘ϳϵϱ ϮϳͬϲͬϮϬϮϯ ϮϳͬϲͬϮϬϱϯ ϬϭϲϳϭͬϭϮϬϵϭϯϭϯͬϮϬϮϯ ϮϳͬϲͬϮϬϮϯ
dŝŵƵƌ
ĞƐĂ'ŽƐĂƌŝ<ĞĐĂŵĂƚĂŶ
ϭϭϰ͘ Ϭϭ
Ϭ hũƵŶŐƉĂŶŐŬĂŚ<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ ϯ͘ϯϲϲ ϭϮͬϲͬϮϬϭϵ ϮϲͬϭϮͬϮϬϱϭ ϬϬϰϮϬͬϭϮϬϵϭϲϬϴͬϮϬϭϵ ϭϮͬϲͬϮϬϭϵ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂ^ĞŬĂƉƵŬ<ĞĐĂŵĂƚĂŶ
ϭϭϱ͘ Ϭϱ hũƵŶŐƉĂŶŐŬĂŚ<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ ϰ͘ϱϮϳ ϯϬͬϳͬϮϬϭϵ ϮϲͬϭϮͬϮϬϱϭ ϬϬϴϬϰͬϭϮϬϵϭϲϬϭͬϮϬϭϵ ϮϱͬϳͬϮϬϭϵ
WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂ<ĞďŽŶĂŐƵŶŐ͕<ĞĐĂŵĂƚĂŶ
ϭϭϲ͘ ϬϮ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϳ͘ϱϭϴ ϬϮͬϬϵͬϮϬϭϵ ϮϲͬϭϮͬϮϬϱϭ ϬϭϯϬϵͬϭϮϬϵϭϲϬϳͬϮϬϭϵ ϯϭͬϬϴͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂ<ĞďŽŶĂŐƵŶŐ͕<ĞĐĂŵĂƚĂŶ
ϭϭϳ͘ ϯ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϭϰϰ ϭϵͬϬϵͬϮϬϭϵ ϮϲͬϭϮͬϮϬϱϭ ϬϭϰϱϴͬϭϮϬϵϭϲϬϳͬϮϬϭϵ ϭϬͬϬϵͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂ<ĞďŽŶĂŐƵŶŐ͕<ĞĐĂŵĂƚĂŶ
ϭϭϴ͘ ϰ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϭϳϲ ϬϮͬϬϵͬϮϬϭϵ ϮϲͬϭϮͬϮϬϱϭ ϬϭϯϬϯͬϭϮϬϵϭϲϬϳͬϮϬϭϵ ϯϭͬϬϴͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂ<ĞďŽŶĂŐƵŶŐ͕<ĞĐĂŵĂƚĂŶ
ϭϭϵ͘ Ϭϱ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϵ͘ϴϭϮ ϮϲͬϬϵͬϮϬϬϴ ϮϲͬϭϮͬϮϬϱϭ ϭϱͬϭϲ͘ϬϳͬϮϬϬϴ ϬϴͬϬϵͬϮϬϬϴ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂ<ĞďŽŶĂŐƵŶŐ͕<ĞĐĂŵĂƚĂŶ
ϭϮϬ͘ Ϭϲ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϲϲϬ ϭϴͬϬϳͬϮϬϭϵ ϮϲͬϭϮͬϮϬϱϭ ϬϭϬϬϳͬϭϮϬϵϭϲϬϳͬϮϬϭϵ ϭϳͬϬϳͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂ<ĞďŽŶĂŐƵŶŐ͕<ĞĐĂŵĂƚĂŶ
ϭϮϭ͘ ϬϬϬϬϳ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϰ͘ϵϲϰ ϮϭͬϬϯͬϮϬϮϯ ϬϮͬϬϯͬϮϬϱϯ ϬϭϱϵϬͬϭϮϬϵϭϲϬϳͬϮϬϮϯ ϭϳͬϬϯͬϮϬϮϯ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂ<ĞďŽŶĂŐƵŶŐ͕<ĞĐĂŵĂƚĂŶ
ϭϮϮ͘ ϬϬϬϮϰ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϭϮ͘ϯϭϲ ϬϵͬϬϱͬϮϬϮϯ ϭϭͬϬϰͬϮϬϱϯ ϬϭϱϵϭͬϭϮϬϵϭϲϬϳͬϮϬϮϯ ϬϰͬϬϱͬϮϬϮϯ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϮϯ͘ ϬϬϬϱϰ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϰϵϬ ϯϭͬϬϯͬϮϬϭϱ ϭϱͬϬϰͬϮϬϱϭ ϬϬϮϳϵͬϭϮϬϵϭϲϬϮͬϮϬϭϱ ϮϬͬϬϮͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϮϰ͘ ϬϬϬϱϱ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϲ͘ϲϭϱ ϯϭͬϬϯͬϮϬϭϱ ϭϱͬϬϰͬϮϬϱϭ ϬϬϮϴϬͬϭϮϬϵϭϲϬϮͬϮϬϭϱ ϮϬͬϬϮͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϮϱ͘ ϬϬϬϱϲ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϭϴϮ ϯϭͬϬϯͬϮϬϭϱ ϭϱͬϬϰͬϮϬϱϭ ϬϬϮϳϳͬϭϮϬϵϭϲϬϮͬϮϬϭϱ ϮϬͬϬϮͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϮϲ͘ ϬϬϬϱϳ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϳϬϳ ϯϭͬϬϯͬϮϬϭϱ ϭϱͬϬϰͬϮϬϱϭ ϬϬϮϳϴͬϭϮϬϵϭϲϬϮͬϮϬϭϱ ϮϬͬϬϮͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϮϳ͘ ϬϬϬϱϴ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϯϰϮ ϯϭͬϬϯͬϮϬϭϱ ϭϱͬϬϰͬϮϬϱϭ ϬϬϮϴϭͬϭϮϬϵϭϲϬϮͬϮϬϭϱ ϮϬͬϬϮͬϮϬϭϱ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϮϴ͘ ϴϰ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϱϮϭ ϮϵͬϬϱͬϮϬϭϳ ϮϲͬϬϳͬϮϬϱϭ ϬϬϯϮϭͬϭϮϬϵϭϲϬϮͬϮϬϭϲ ϮϭͬϭϮͬϮϬϭϲ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϮϵ͘ ϴϱ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϳϭϳ ϮϳͬϭϭͬϮϬϭϰ ϮϲͬϬϳͬϮϬϱϭ ϬϬϮϱϱͬϭϮϬϵϭϲϬϮͬϮϬϭϰ ϭϬͬϬϳͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϯϬ͘ ϴϲ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϭ͘ϴϲϳ ϮϳͬϭϭͬϮϬϭϰ ϮϲͬϬϳͬϮϬϱϭ ϬϬϮϱϲͬϭϮϬϵϭϲϬϮͬϮϬϭϰ ϭϬͬϬϳͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϯϭ͘ ϴϳ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϭ͘ϱϴϵ ϮϳͬϭϭͬϮϬϭϰ ϮϲͬϬϳͬϮϬϱϭ ϬϬϮϱϯͬϭϮϬϵϭϲϬϮͬϮϬϭϰ ϬϴͬϬϳͬϮϬϭϰ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϯϮ͘ ϴϴ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϭ͘ϴϱϲ ϭϱͬϭϬͬϮϬϭϵ ϮϲͬϬϳͬϮϬϱϭ ϬϭϰϳϭͬϭϮϬϵϭϲϬϮͬϮϬϭϵ ϬϯͬϭϬͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϯϯ͘ ϴϵ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϭ͘ϵϲϵ ϭϱͬϭϬͬϮϬϭϵ ϮϲͬϬϳͬϮϬϱϭ ϬϭϰϳϬͬϭϮϬϵϭϲϬϮͬϮϬϭϵ ϬϯͬϭϬͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϯϰ͘ ϵϬ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϭ͘ϳϭϳ ϬϳͬϭϬͬϮϬϭϵ ϮϲͬϬϳͬϮϬϱϭ ϬϭϰϳϴͬϭϮϬϵϭϲϬϮͬϮϬϭϵ ϬϯͬϭϬͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϯϱ͘ ϵϭ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϰ͘Ϭϲϱ ϭϲͬϬϳͬϮϬϭϵ ϮϲͬϬϳͬϮϬϱϭ ϬϭϮϭϲͬϭϮϬϵϭϲϬϮͬϮϬϭϵ ϭϯͬϬϳͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϯϲ͘ ϵϮ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘Ϯϱϴ ϭϬͬϬϳͬϮϬϭϵ ϮϲͬϬϳͬϮϬϱϭ ϬϭϬϮϵͬϭϮϬϵϭϲϬϮͬϮϬϭϵ ϮϴͬϬϲͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
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dĂŶŐŐĂů 'ĂŵďĂƌ^ŝƚƵĂƐŝͬ
EŽŵŽƌ >ƵĂƐ dĂŶŐŐĂů WĞƌƵŶƚƵŬĂŶ
EŽ͘ >ŽŬĂƐŝ ŝŬĞůƵĂƌŬĂ ^ƵƌĂƚhŬƵƌ
,' ;DϮͿ ĞƌĂŬŚŝƌ,ĂŬ
Ŷ^ĞƌƚŝĨŝŬĂƚ EŽŵŽƌ dĂŶŐŐĂů
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϯϳ͘ ϵϯ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϮϬϲ ϭϬͬϬϳͬϮϬϭϵ ϮϲͬϬϳͬϮϬϱϭ ϬϬϵϵϯͬϭϮϬϵϭϲϬϮͬϮϬϭϵ ϮϴͬϬϲͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϯϴ͘ ϵϱ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϮϭϮ ϭϬͬϬϳͬϮϬϭϵ ϮϲͬϭϮͬϮϬϱϭ ϬϭϬϱϯͬϭϮϬϵϭϲϬϮͬϮϬϭϵ ϮϴͬϬϲͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϯϵ͘ ϵϲ hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϳϯϭ ϭϲͬϬϳͬϮϬϭϵ ϮϲͬϭϮͬϮϬϱϭ ϬϭϭϮϱͬϭϮϬϵϭϲϬϮͬϮϬϭϵ ϬϰͬϬϳͬϮϬϭϵ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϰϬ͘ ϬϬϬϵϵ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ Ϯ͘ϵϰϭ ϬϵͬϬϯͬϮϬϮϯ ϭϱͬϭϭͬϮϬϱϮ ϬϭϱϭϭͬϭϮϬϵϭϲϬϮͬϮϬϮϯ ϬϮͬϬϯͬϮϬϮϯ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϰϭ͘ ϬϬϭϭϰ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϯ͘ϰϭϵ ϬϵͬϬϱͬϮϬϮϯ ϭϭͬϬϰͬϮϬϱϯ ϬϭϱϭϰͬϭϮϬϵϭϲϬϮͬϮϬϮϯ ϬϰͬϬϱͬϮϬϮϯ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂŽůŽ͕<ĞĐĂŵĂƚĂŶ
ϭϰϮ͘ ϬϬϭϭϱ
hũƵŶŐƉĂŶŐŬĂŚ͕<ĂďƵƉĂƚĞŶ ϰ͘ϴϭϳ ϬϵͬϬϱͬϮϬϮϯ ϭϭͬϬϰͬϮϬϱϯ ϬϭϱϭϯͬϭϮϬϵϭϲϬϮͬϮϬϮϯ ϬϰͬϬϱͬϮϬϮϯ
'ƌĞƐŝŬ͕WƌŽǀŝŶƐŝ:ĂǁĂdŝŵƵƌ
ĞƐĂWĂƌƵŶŐŵƵůLJĂ͕<ĞĐĂŵĂƚĂŶ
ϭϰϯ͘ Ϭϭϰϳϲ
ŝĂŵƉĞů͕<ĂďƵƉĂƚĞŶ<ĂƌĂǁĂŶŐ͕ ϭϵ͘ϴϳϬ ϯϬͬϬϰͬϮϬϭϮ ϬϯͬϬϰͬϮϬϮϳ ϬϬϬϮϵͬWĂƌƵŶŐŵƵůLJĂͬϮϬϭϮ ϮϲͬϬϯͬϮϬϭϮ
WƌŽǀŝŶƐŝ:ĂǁĂĂƌĂƚ
ĂƚĂƚĂŶ͗
^ĞďĂŶLJĂŬϮϵ;ĚƵĂƉƵůƵŚƐĞŵďŝůĂŶͿ,ĂŬ'ƵŶĂĂŶŐƵŶĂŶĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ;LJĂŝƚƵĂŶŐŬĂϭƐĂŵƉĂŝĚĞŶŐĂŶϮϵ
ƉĂĚĂ ƚĂďĞů ĚŝĂƚĂƐͿ ƐĞĚĂŶŐ ĚŝũĂŵŝŶŬĂŶ ŬĞƉĂĚĂ Wd ĂŶŬ ĞŶƚƌĂů ƐŝĂ dďŬ ƐĞůĂŬƵ ŬƌĞĚŝƚƵƌ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ
ŵĞŶũĂŵŝŶƉĞůƵŶĂƐĂŶƉŝŶũĂŵĂŶLJĂŶŐĚŝƚĞƌŝŵĂŽůĞŚWĞƌƐĞƌŽĂŶĚĂƌŝWdĂŶŬĞŶƚƌĂůƐŝĂdďŬ͘
WĞŵďĞƌŝĂŶ ũĂŵŝŶĂŶ ĂƚĂƐ ŚĂƌƚĂ ŬĞŬĂLJĂĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŶLJĂŬ Ϯϵ ;ĚƵĂ ƉƵůƵŚ ƐĞŵďŝůĂŶͿ ,ĂŬ 'ƵŶĂ ĂŶŐƵŶĂŶ
ƚĞƌƐĞďƵƚƚĞůĂŚĚŝůĂŬƵŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĚĂŶ ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐ
ďĞƌůĂŬƵ͘ĂůĂŵŚĂůĂƐĞƚͲĂƐĞƚWĞƌƐĞƌŽĂŶLJĂŶŐƐĞĚĂŶŐĚŝũĂŵŝŶŬĂŶŬĞƉĂĚĂWdĂŶŬĞŶƚƌĂůƐŝĂdďŬƐĞůĂŬƵŬƌĞĚŝƚƵƌ
ƚĞƌƐĞďƵƚ ĚŝĞŬƐĞŬƵƐŝ ŽůĞŚ ŬƌĞĚŝƚƵƌ͕ ŵĂŬĂ ŚĂů ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ďĞƌĚĂŵƉĂŬ ŵĂƚĞƌŝĂů ƚĞƌŚĂĚĂƉ ŬĞŐŝĂƚĂŶ ĚĂŶ
ŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
͘ <ĞŶĚĂƌĂĂŶĞƌŵŽƚŽƌ
dŽƚĂůŶŝůĂŝďƵŬƵĚĂƌŝƐĞůƵƌƵŚŬĞŶĚĂƌĂĂŶWĞƌƐĞƌŽĂŶLJĂŶŐƚĞƌĐĂƚĂƚƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĂĚĂůĂŚƐĞďĞƐĂƌ
ZƉϯϬ͘ϱϮϲũƵƚĂ͘
<ĞŶĚĂƌĂĂŶĞƌŵŽƚŽƌZŽĚĂϰ; ŵƉĂƚͿĂƚĂƵ>ĞďŝŚĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ
EŽŵŽƌ
EŽŵŽƌWŽůŝƐŝ dĂŚƵŶ DĞƌĞŬ dŝƉĞ :ĞŶŝƐ EŽŵŽƌDĞƐŝŶ EŽŵŽƌZĂŶŐŬĂ
W<
>ϵϮϲϮd ϮϬϭϮ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ> dƌƵĐŬ tϬϰdZ:ϳϬϳϴϬ D: ϭ:'ϰϯϱϬϲϵϳϴϴ :ͲϬϰϭϴϰϬϴϱ
>ϵϱϬϭhW ϮϬϭϯ ,ŝŶŽ &>ϮϲϬ:d dƌƵĐŬ :Ϭϴ h&:ϱϯϯϳϴ D: &>ϴ:d>:Dϭϱϳϱϲ <ͲϬϬϯϲϰϲϯϮ
>ϵϳϴϲE ϮϬϭϯ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ>ͬϭϯϬD> dƌƵĐŬ tϬϰdZ:ϴϲϳϰϰ D: ϭ:'ϰϯϱϬϴϵϳϲϮ <ͲϬϮϴϲϳϴϳϭ
>ϵϳϱϭd ϮϬϭϮ DŝƚƐƵďŝƐŚŝ &Dϱϭϳ,>;ϰdžϮͿDͬd dƌƵĐŬ ϲϭϲ,ϵϱϴϯϰ D,D&Dϱϭϳ<ϬϬϰϮϯϱ :ͲϬϱϵϵϵϵϱϲ
>ϵϳϱϬd ϮϬϭϮ DŝƚƐƵďŝƐŚŝ &Dϱϭϳ,>;ϰdžϮͿDͬd dƌƵĐŬ ϲϭϲ,ϴϱϳϵϱ D,D&Dϱϭϳ<ϬϬϰϮϭϴ :ͲϬϱϵϵϵϵϱϱ
DŽď͘
>ϵϰϴϬh ϭϵϵϬ ĂŝŚĂƚƐƵ sϴϮͲZ, ϵϯϲϲϵϯ ϯϱϲϵ ϵϰϵϲϴϴϵ
ĞďĂŶ
Dď͘
Ϯϵϴ'Z ϮϬϭϰ Dt ϯϮϬ/EϮϬͬd ϱϴϲϬϵϭϯ D,,ϯ&ϭϵϬϯ <ϵϱϮϰϳϭ >ͲϭϭϵϲϮϯϴϵ
WĞŶƵŵƉĂŶŐ
Dď͘
ϵϬϯϵW ϮϬϬϵ ,LJƵŶĚĂŝ ,D/',dz^dDd ϰϴϯϳϭϵϲϲ D:d'ϭZϵ:ϬϬϭϭϭϮ 'ϭϵϲϴϵϬϳ'
ĂƌĂŶŐ
DŽď͘
>ϭϬϯϯdz ϭϵϵϳ /ƐƵnjƵ dZϱϰWZ>^d KϯϬϭϰϳ D,dZϱϰsϬϯϬϭϰϳ ϱϰϴϭϮϴϵ
WĞŶƵŵƉĂŶŐ
DŽď͘
>ϭϬϴϲ^h ϮϬϬϭ dŽLJŽƚĂ >&ϴϮ Ϯ>ϵϲϱϱϬϳϭ D,&//>&ϴϮϭϬϬϮϮϮϴϳ Ϭϲϯϳϵϳϲ
WĞŶƵŵƉĂŶŐ
DŽď͘
>ϭϭϯϳ^& ϭϵϵϳ /ƐƵnjƵ WĂŶƚŚĞƌ KKϴϳϭϱ D,dZϱϰdϬϬϴϳϭϱ ϱϯϱϳϵϱϱ
WĞŶƵŵƉĂŶŐ
Dď͘ DͲ
>ϭϮϴϮE ϮϬϭϱ ĂŝŚĂƚƐƵ yĞŶŝĂϭ͘ϯZDͬd&ϲϱϯZsͲ'D&: ϭEZ&ϬϭϬϵϮϱ D,<sϱ Ϯ:&:ϬϬϬϴϴϵ
WĞŶƵŵƉĂŶŐ ϬϮϲϭϱϰϯϭ
Dď͘ DͲ
>ϭϰϯϮd ϮϬϭϱ ĂŝŚĂƚƐƵ yĞŶŝĂϭ͘ϯZDͬd&ϲϱϯZsͲ'D&: ϭEZ&ϬϲϭϳϲϬ D,<sϱ Ϯ:&:ϬϬϯϳϱϯ
WĞŶƵŵƉĂŶŐ ϬϮϲϭϱϯϳϲ
Dď͘
>ϭϲϳϵd ϮϬϭϭ ĂŝŚĂƚƐƵ &ϲϬϬZsͲ'D&:: Wϰϱϯϯϯ D,<sϭϮ:<ϭϬϭϭϱϰ /ͲϬϮϵϲϯϮϮϯ
WĞŶƵŵƉĂŶŐ
Dď͘
>ϭϲϴϬd ϮϬϭϭ ĂŝŚĂƚƐƵ &ϲϬϬZsͲ'D&:: WϰϮϭϯϳ D,<sϭϮ:<Ϭϵϳϵϴϱ /ͲϬϮϵϲϯϮϮϰ
WĞŶƵŵƉĂŶŐ
169
Page 204
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
EŽŵŽƌ
EŽŵŽƌWŽůŝƐŝ dĂŚƵŶ DĞƌĞŬ dŝƉĞ :ĞŶŝƐ EŽŵŽƌDĞƐŝŶ EŽŵŽƌZĂŶŐŬĂ
W<
Dď͘
>ϭϲϴϰd ϮϬϭϭ ĂŝŚĂƚƐƵ &ϲϬϬZsͲ'D&:: Wϰϱϭϱϭ D,<sϭϮ:<ϭϬϬϳϮϭ /ͲϬϮϵϲϯϮϮϲ
WĞŶƵŵƉĂŶŐ
Dď͘
>ϭϲϴϱd ϮϬϭϭ ĂŝŚĂƚƐƵ &ϲϬϬZsͲ'D&:: Wϰϱϴϴϱ D,<sϭϮ:<ϭϬϭϰϱϰ /ͲϬϮϵϲϯϮϮϳ
WĞŶƵŵƉĂŶŐ
Dď͘ DͲ
>ϭϳϲϭ^ ϮϬϭϱ ĂŝŚĂƚƐƵ yĞŶŝĂϭ͘ϯZDͬd&ϲϱϯZsͲ'D&: ϭEZ&Ϭϭϵϰϭϱ D,<sϱ Ϯ:&:ϬϬϭϴϵϮ
WĞŶƵŵƉĂŶŐ ϬϮϲϭϱϯϳϳ
Dď͘ DͲ
>ϭϴϭϰ s ϮϬϭϱ ĂŝŚĂƚƐƵ yĞŶŝĂϭ͘ϯZDͬd&ϲϱϯZsͲ'D&: ϭEZ&Ϭϱϱϳϵϯ D,<sϱ Ϯ:&:ϬϬϯϲϬϮ
WĞŶƵŵƉĂŶŐ ϬϮϲϭϱϰϮϴ
Dď͘ KͲ
>ϭϵϱϰ<, ϮϬϭϵ DŝƚƐƵďŝƐŚŝ WĂũĞƌŽ^ƉŽƌƚϮ͘ϰ>ĂŬĂƌͲ<;ϰdžϮͿϴͬd ϰEϭϱh'ϰϬϴϭ DD'h<ZϭϬ<,Ϭϭϵϯϳϴ
WĞŶƵŵƉĂŶŐ ϬϲϲϱϵϭϯϮ
Dď͘
>ϭϵϱϰZs ϮϬϬϳ DĞƌĐĞĚĞƐĞŶnj ϮϰϬd ϭϭϮϵϭϮϯϭϵϴϯϬϲϲ D,>ϮϬϯϬϲϭϱ:Ϭϰϭϱϵϭ ϱϰϲϳϯϳϮ
WĞŶƵŵƉĂŶŐ
>ϴϬϯϲY ϭϵϵϯ ,ŝŶŽ &&ϭϳϯE dƌƵĐŬ ,ϬϳͲ :ͲϭϴϰϬϬ D, &&ϭϳϯDyyͲϭϱϵϰϲ ϭϮϭϲϯϱϭ
>ϴϬϰϳd ϭϵϵϲ ĂŝŚĂƚƐƵ sϴϮ dƌƵĐŬ ϵϴϬϵϬϱ ϱϴϬϭ ϰϱϵϰϭϳϴ
>ϴϬϰϴWE ϭϵϳϵ ĂŝŚĂƚƐƵ sϮϮ >ŝŐŚƚdƌƵĐŬ ϭϬϭϬϱϴ ϰϯϳϰ ϯϲϵϲϳϳϮ
>ϴϬϰϴWY ϭϵϵϱ ĂŝŚĂƚƐƵ sͲϴϮͲZ, dƌƵĐŬ ϵϴϬϵϬϯ ϱϳϵϵ ϯϭϳϮϭϳϴ
>ϴϬϰϵEY ϭϵϵϱ ĂŝŚĂƚƐƵ sϴϮͲZ, dƌƵĐŬ ϵϴϬϮϮϲ ϱϳϲϮ Ϯϳϯϯϭϯϭ
>ϴϬϰϵEZ ϭϵϵϲ ĂŝŚĂƚƐƵ sϴϮ dƌƵĐŬ ϵϴϲϵϳϵ ϲϱϳϱ ϰϳϬϮϭϵϮ
>ϴϬϰϵEd ϭϵϵϰ ĂŝŚĂƚƐƵ sϴϮͲZ, dƌƵĐŬ ϵϳϲϭϵϴ ϰϵϳϰ ϭϵϯϴϱϱϳ
>ϴϬϰϵEh ϭϵϵϰ ĂŝŚĂƚƐƵ sϴϮͲZ, dƌƵĐŬ ϵϳϲϭϵϭ ϰϵϲϳ ϭϵϯϴϲϰϱ
>ϴϬϱϭd ϭϵϵϮ DŝƚƐƵďŝƐŚŝ >ϯϬϬW WŝĐŬhƉŽdž ϰϱϲͲϮϲϯϴϬϬ >ϯϬϬWͲϮϭϳϰϯϴ ϬϰϳϮϲϱϱ
>ϴϬϱϭd ϭϵϵϳ DŝƚƐƵďŝƐŚŝ &Dϱϭϳ, dƌƵĐŬ ϲ/ϲͲϳϱϰϲϬϳ &Dϱϭϳ,ͲϬϰϮϰϴϮ ϲϮϵϬϳϰϭ
>ϴϬϱϮd ϭϵϵϬ ĂŝŚĂƚƐƵ sϴϮͲZ, dƌƵĐŬ ϵϯϱϰϮϯ ϯϱϭϵ ϵϭϮϲϮϬϯ
>ϴϬϱϮd< ϭϵϵϳ DŝƚƐƵďŝƐŚŝ &Dϱϭϳ, dƌƵĐŬ ϲ/ϲͲϳϱϰϲϭϮ &Dϱϭϳ,ͲϬϰϮϰϴϳ ϲϮϵϬϳϰϬ
>ϴϬϲϰdt ϭϵϵϭ /ƐƵnjƵ &^Zϭϭ dƌƵĐŬ ϰϴϱϬϱϱ ϯϲϬϮϬϬϴ ϵϯϳϳϬϲϬ
>ϴϯϴϰhd ϮϬϭϰ ,ŝŶŽ &ϵ:E<ͲEE:ͬ&ϵ: dƌƵĐŬ :Ϭϱ hWϭϬϭϮϱ D: &ϵ:E< :EϭϬϬϮϵ >ͲϬϮϮϵϬϰϬϭ
>ϴϰϱϯz ϮϬϭϯ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ>ͬϭϯϬD> dƌƵĐŬ tϬϰdZ:ϵϱϯϮϮ D: ϭ:'ϰϯϱϬϵϴϵϬϬ <ͲϬϲϳϭϱϯϰϴ
>ϴϰϱϲz ϮϬϭϯ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ>ͬϭϯϬD> dƌƵĐŬ tϬϰdZ:ϵϱϰϱϲ D: ϭ:'ϰϯϱϬϵϵϬϴϰ <ͲϬϲϳϭϱϯϰϯ
>ϴϰϱϳz ϮϬϭϯ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ>ͬϭϯϬD> dƌƵĐŬ tϬϰdZ:ϵϱϱϬϳ D: ϭ:'ϰϯϱϬϵϵϬϴϱ <ͲϬϲϳϭϱϯϰϲ
>ϴϰϱϵz ϮϬϭϯ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ>ͬϭϯϬD> dƌƵĐŬ tϬϰdZ:ϵϱϰϱϱ D: ϭ:'ϰϯϱϬϵϵϬϴϯ <ͲϬϲϳϭϱϯϰϳ
>ϴϰϵϱE: ϮϬϬϰ DŝƚƐƵďŝƐŚŝ &Dϱϭϳ, dĂŶŐŬŝdƌŽŶƚŽŶ ϲϭϲͲϰϭϮϵϭϵ D,D&Dϱϭϳ,ϰZϬϰϵϱϲϳ ϴϵϲϬϲϯϯ
>ϴϵϭϵh^ ϭϵϵϳ DŝƚƐƵďŝƐŚŝ &EϱϮϳD dƌƵĐŬ ϲϭϲdͲϳϳϭϵϭϴ &EϱϮϳDͲϬϬϭϵϭϴ ϲϯϰϯϯϬϲ
>ϵϬϴϮZ ϮϬϭϮ /ƐƵnjƵ dZϱϰdƵƌďŽ WŝĐŬhƉ ϭϲϭϭϰϬ D,dZϱϰ<ϭϲϭϭϰϬ /ͲϬϴϰϬϴϴϵϰ
>ϵϭϱϭ ϮϬϭϯ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ> dƌƵĐŬ tϬϰdZ:ϵϱϯϮϯ D: ϭ:'ϰϯϱϬϵϴϵϬϭ <ͲϬϲϳϭϱϵϴϱ
>ϵϮϱϴd ϮϬϭϮ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ> dƌƵĐŬ tϬϰdZ:ϳϬϳϳϴ D: ϭ:'ϰϯϱϬϲϵϳϴϲ :ͲϬϰϭϴϰϬϴϰ
>ϵϮϱϵd ϮϬϭϮ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ> dƌƵĐŬ tϬϰdZ:ϳϬϳϴϭ D: ϭ:'ϰϯϱϬϲϵϳϴϵ :ͲϬϰϭϴϰϬϴϮ
>ϵϮϲϬd ϮϬϭϮ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ> dƌƵĐŬ tϬϰdZ:ϳϬϳϳϵ D: ϭ:'ϰϯϱϬϲϵϳϴϳ :ͲϬϰϭϴϰϬϴϬ
>ϵϱϬϮhW ϮϬϭϯ ,ŝŶŽ &>ϮϲϬ:d dƌƵŬdƌŽŶƚŽŶ :Ϭϴ h&:ϱϯϰϱϭ D: &>ϴ:d>:Dϭϱϳϲϵ <ͲϬϬϯϲϰϲϯϯ
>ϵϱϬϰhZ ϮϬϭϰ ,ŝŶŽ &ϵ:E<ͲEE:ͬ&ϵ: dƌƵĐŬ :Ϭϱ hWϭϬϭϮϴ D: &ϵ:E< :EϭϬϬϯϮ >ͲϬϮϮϵϬϯϳϵ
>ϵϲϳϲd ϮϬϭϮ DŝƚƐƵďŝƐŚŝ &h^K&sϱϭ:,Dͬd d,ĞĂĚdƌŽŶƚŽŶ ϲDϳϬϰϱϯϰϮϲ &sϱϭ:,ϬϬϱϭϲ :ͲϬϱϵϵϴϲϮϭ
>ϵϲϳϲhW ϮϬϭϰ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ>ͬϭϯϬD> dƌƵĐŬ tϬϰdZZϬϴϵϰϲ D: ϭ:'ϰϯ ϱϭϭϬϱϬϱ >ͲϬϮϮϵϬϬϱϲ
>ϵϲϳϳd ϮϬϭϮ DŝƚƐƵďŝƐŚŝ &h^K&sϱϭ:,Dͬd d,ĞĂĚdƌŽŶƚŽŶ ϲDϳϬϰϱϯϰϮϮ &sϱϭ:,ϬϬϱϭϱ :ͲϬϱϵϵϴϲϮϮ
>ϵϲϴϱhW ϮϬϭϰ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ>ͬϭϯϬD> dƌƵĐŬ tϬϰdZZϬϴϲϯϵ D: ϭ:'ϰϯ ϱϭϭϬϭϬϯ >ͲϬϮϮϵϬϬϱϰ
>ϵϳϬϮhW ϮϬϭϰ ,ŝŶŽ thϯϰϮZͲ,<DZ:ϯ>ͬϭϯϬD> dƌƵĐŬ tϬϰdZZϬϵϬϳϴ D: ϭ:'ϰϯ ϱϭϭϬϲϰϱ >ͲϬϮϮϵϬϬϱϱ
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<ĞŶĚĂƌĂĂŶĞƌŵŽƚŽƌZŽĚĂϮ;ƵĂͿĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ
EŽŵŽƌWŽůŝƐŝ dĂŚƵŶ DĞƌĞŬ dŝƉĞ EŽŵŽƌDĞƐŝŶ EŽŵŽƌZĂŶŐŬĂ EŽŵŽƌW<
>ϯϮϳϳ^E ϮϬϭϴ ,ŽŶĚĂ ϭϬϮEϮϲ>Ϯͬd :&ϭ ϮϲϱϵϲϬϮ D,ϭ:&ϭϮϱ:<ϲϱϴϭϬϬ EͲϭϬϰϯϳϲϮϬ
>ϰϭϮϭdy ϮϬϭϰ ,ŽŶĚĂ E&ϭϭdϭϭϬϭDͬd :<Ϯ ϭϬϯϰϯϳϲ D,ϭ:<Ϯϭϵ <Ϭϯϰϭϯϲ >ͲϬϭϭϮϵϱϴϯ
>ϰϯϮϯYs ϮϬϬϳ zĂŵĂŚĂ ϯ^K ϯ^KϭϵϬϵϵϲ D,ϯϯ^ϬϬϬϮϳ<ϭϵϬϴϱϲ Ϯϵϴϲϲϲϲ
>ϰϳϲϰdy ϮϬϭϵ ,ŽŶĚĂ ϭDϬϮEϰϭ>Ϭͬd :Dϲϭ ϭϬϬϬϳϯϱ D,ϭ:DϲϭϭϮ<<ϬϬϬϴϱϵ KͲϬϲϭϳϮϱϬϯ
>ϰϵϵϴ> ϮϬϭϰ ,ŽŶĚĂ E&ϭϭdϭϭϬϭDͬd :<Ϯ ϭϬϮϭϴϳϱ D,ϭ:<Ϯϭϰ <ϬϮϭϵϬϴ >ͲϬϭϭϮϵϱϴϱ
>ϱϴϲϬ^z ϮϬϭϯ ,ŽŶĚĂ E&ϭϭϮϭDͬd : Ϯ ϭϮϰϳϴϴϵ D,ϭ: ϮϭϮ<ϮϱϮϭϱϴ :ͲϬϱϭϭϬϱϮϭ
>ϲϬϮϯ> ϮϬϬϵ zĂŵĂŚĂ ϱϵ ϱϵͲϭϳϲϭϲϱ D,ϯϱϵϬϬϭϵ:ϭϳϲϭϭϴ &ϴϱϵϬϯϱϯ
>ϲϮϮϭ> ϮϬϭϰ ,ŽŶĚĂ E&ϭϭdϭϭϬϭDͬd :<Ϯ ϭϬϮϬϴϳϮ D,ϭ:<Ϯϭϲ <ϬϮϬϲϬϭ >ͲϬϭϭϮϵϱϴϰ
dŝĚĂŬƚĞƌĚĂƉĂƚŬĞƚĞŶƚƵĂŶŚƵŬƵŵ͕ŬĞďŝũĂŬĂŶƉĞŵĞƌŝŶƚĂŚ͕ĂƚĂƵƉĞƌŵĂƐĂůĂŚĂŶĚŝďŝĚĂŶŐůŝŶŐŬƵŶŐĂŶŚŝĚƵƉLJĂŶŐ
ŵƵŶŐŬŝŶďĞƌĚĂŵƉĂŬŵĂƚĞƌŝĂůƚĞƌŚĂĚĂƉƉĞŶŐŐƵŶĂĂŶĂƐĞƚWĞƌƐĞƌŽĂŶ͘
ϲ͘ ,</;,<< <zE/Ed > <dh>Ϳ
dĂďĞů ďĞƌŝŬƵƚ ŵĞŶƵŶũƵŬŬĂŶ ƌŝŶĐŝĂŶ ŚĂŬ ĂƚĂƐ ŵĞƌĞŬ ĚĂŐĂŶŐ LJĂŶŐ ƚĞůĂŚ ƚĞƌĚĂĨƚĂƌ ĂƚĂƐ ŶĂŵĂ WĞƌƐĞƌŽĂŶ
ĚŝŝƌĞŬƚŽƌĂƚ:ĞŶĚĞƌĂů,ĂŬ<ĞŬĂLJĂĂŶ/ŶƚĞůĞŬƚƵĂů͕ĞƉĂƌƚĞŵĞŶ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘
<ĞůĂƐ EŽŵŽƌ :ĂŶŐŬĂtĂŬƚƵ
DĞƌĞŬ dĂŶŐŐĂůWĞŶĞƌŝŵĂĂŶ
ĂƌĂŶŐͬ:ĂƐĂ WĞŶĚĂĨƚĂƌĂŶ WĞƌůŝŶĚƵŶŐĂŶ
ϭϭ^ĞƉƚĞŵďĞƌϮϬϮϰ
ĂƚĂƚĂŶ͗
ĞƌĚĂƐĂƌŬĂŶ
^ĞƌƚŝĨŝŬĂƚ
WĞƌƉĂŶũĂŶŐĂŶ:ĂŶŐŬĂ
^W Ϭϲ /DϬϬϬϱϰϴϴϲϳ ϭϰ^ĞƉƚĞŵďĞƌϮϬϭϰ
tĂŬƚƵWĞƌůŝŶĚƵŶŐĂŶ
DĞƌĞŬdĞƌĚĂĨƚĂƌ͕
ŵĞƌĞŬŝŶŝƚĞůĂŚ
ĚŝƉĞƌƉĂŶũĂŶŐŚŝŶŐŐĂ
ƚĂŶŐŐĂůϭϭ
^ĞƉƚĞŵďĞƌϮϬϯϰ͘
^W/EK ϲ /DϬϬϭϭϰϵϳϰϱ ϭϮƉƌŝůϮϬϮϯ ϭϮƉƌŝůϮϬϯϯ
^W/EK ϭϭ /DϬϬϭϭϰϵϳϰϯ ϭϮƉƌŝůϮϬϮϯ ϭϮƉƌŝůϮϬϯϯ
^W/EK ϭϭ /DϬϬϬϬϯϭϭϯϳ ϭϬ^ĞƉƚĞŵďĞƌϮϬϮϯ ϭϬ^ĞƉƚĞŵďĞƌϮϬϯϯ
d d^hZ ϲ /DϬϬϬϬϯϭϭϯϴ ϭϬ^ĞƉƚĞŵďĞƌϮϬϮϯ ϭϬ^ĞƉƚĞŵďĞƌϮϬϯϯ
W/W:
Ϭϲ /DϬϬϬϵϱϭϬϰϯ ϱ&ĞďƌƵĂƌŝϮϬϮϭ ϱ&ĞďƌƵĂƌŝϮϬϯϭ
W^d/^W/EK
W/W: ϭϭ /DϬϬϭϬϱϵϲϯϯ ϭϱDĂƌĞƚϮϬϮϮ ϭϱDĂƌĞƚϮϬϯϮ
W^d/^W/EK
ϳ͘ ^hZE^/
WĞƌƐĞƌŽĂŶ ŵĞŶŐĂƐƵƌĂŶƐŝŬĂŶ ĂƐĞƚͲĂƐĞƚ LJĂŶŐ ĚŝŵŝůŝŬŝŶLJĂ ƉĂĚĂ ďĞďĞƌĂƉĂ ƉĞƌƵƐĂŚĂĂŶ ĂƐƵƌĂŶƐŝ ƉŝŚĂŬ ŬĞƚŝŐĂ
ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŶLJĂ͘/ŶĨŽƌŵĂƐŝŵĞŶŐĞŶĂŝĚĂĨƚĂƌĂƐĞƚLJĂŶŐĚŝĂƐƵƌĂŶƐŝŬĂŶĂĚĂůĂŚƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
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WƌŽƉĞƌƚLJůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϵϮϰϬϬϭϭϵ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ WƌŽƉĞƌƚLJůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ͘
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ :ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/EŽ͘ϮϴͲϯϮ^ƵƌĂďĂLJĂ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ :ů͘/ƌ͘^ƵƚĂŵŝEŽ͘ϮϮDĂŬĂƐƐĂƌ͕^ƵůĂǁĞƐŝ^ĞůĂƚĂŶ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϴEŽǀĞŵďĞƌϮϬϮϱƐͬĚϴEŽǀĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϭϰ͘ϮϬϰ͘ϯϬϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϮϮ͘ϰϳϴ͘ϱϴϵ͕ϳϬ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϵϭϳϬϬϭϱϳ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ WƌŽƉĞƌƚLJůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ Wd ĂŶŬ YY WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ
ĚĂŶͬĂƚĂƵ ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ͘
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ ŝnjƉĂƌŬŽŵŵĞƌĐŝĂů ƐƚĂƚĞ
:ů͘<ŽƉŽϰϱϱůŽŬϭEŽ͘ϮϲͲĂŶĚƵŶŐϰϬϮϳϳ:ĂǁĂĂƌĂƚ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ ŝnjƉĂƌŬŽŵŵĞƌĐŝĂů ƐƚĂƚĞ
:ů͘<ŽƉŽϰϱϱůŽŬϭEŽ͘ϮϲͲĂŶĚƵŶŐϰϬϮϳϳ:ĂǁĂĂƌĂƚ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϯϬ:ƵŶŝϮϬϮϱƐͬĚϯϬ:ƵŶŝϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϮ͘ϳϱϭ͘ϯϲϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶĚĂŶŝƐŝͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϰ͘ϱϯϭ͘ϵϲϱ͕ϰϰ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϵϭϳϬϬϬϯϮ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ WƌŽƉĞƌƚLJůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ Wd ĂŶŬ YY WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ
ĚĂŶͬĂƚĂƵ ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ <ĂǁĂƐĂŶ WĞƌŐƵĚĂŶŐĂŶ ^ĞŵĂŶĂŶ DĞŐĂŚ <Ăǀ͘ϳ ůŽŬ EŽ͘ϭ͕ :ů͘
ĂĂŶDŽŐŽƚ:ĂŬĂƌƚĂ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ <ĂǁĂƐĂŶ WĞƌŐƵĚĂŶŐĂŶ ^ĞŵĂŶĂŶ DĞŐĂŚ <Ăǀ͘ϳ ůŽŬ EŽ͘ϭ͕ :ů͘
ĂĂŶDŽŐŽƚ<Ăǀ͘ϭϴ͕<Ğů͘^ĞŵĂŶĂŶ͕<ĞĐ͘<ĂůŝĚĞƌĞƐ͕:ĂŬĂƌƚĂĂƌĂƚ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϯϭDĞŝϮϬϮϱƐͬĚϯϭDĞŝϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϮ͘Ϯϲϲ͘ϴϰϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶĚĂŶŝƐŝͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϯ͘ϳϰϮ͘ϲϴϮ͕ϯϲ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϵϭϲϬϬϮϵϬ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ WƌŽƉĞƌƚLJůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ Wd ĂŶŬ ĞŶƚƌĂů ƐŝĂ YY WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ
ĚĂŶͬĂƚĂƵ ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ Ϯϰ^ĞƉƚĞŵďĞƌϮϬϮϱƐͬĚϮϰ^ĞƉƚĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϯ͘ϱϮϭ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϮ͘ϵϯϳ͘ϮϮϬ͕Ͳ
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/ŶĚŽŶĞƐŝĂŶ ĂƌƚŚƋƵĂŬĞ^ƚĂŶĚĂƌĚWŽůŝĐLJ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϱϮϰϬϬϬϴϵ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚŽŶĞƐŝĂŶ ĂƌƚŚƋƵĂŬĞ^ƚĂŶĚĂƌĚWŽůŝĐLJ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ͘
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ :ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/EŽ͘ϮϴͲϯϮ^ƵƌĂďĂLJĂ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ :ů͘/ƌ͘^ƵƚĂŵŝEŽ͘ϮϮDĂŬĂƐƐĂƌ͕^ƵůĂǁĞƐŝ^ĞůĂƚĂŶ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϴEŽǀĞŵďĞƌϮϬϮϱƐͬĚϴEŽǀĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϭϰ͘ϮϬϰ͘ϯϬϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϭϬ͘ϳϵϱ͘Ϯϲϴ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϱϭϳϬϬϭϬϲ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚŽŶĞƐŝĂŶ ĂƌƚŚƋƵĂŬĞ^ƚĂŶĚĂƌĚWŽůŝĐLJ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ Wd ĂŶŬ YY WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ
ĚĂŶͬĂƚĂƵ ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ ŝnjƉĂƌŬŽŵŵĞƌĐŝĂů ƐƚĂƚĞ
:ů͘<ŽƉŽϰϱϱůŽŬϭEŽ͘ϮϲͲĂŶĚƵŶŐϰϬϮϳϳ:ĂǁĂĂƌĂƚ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ ŝnjƉĂƌŬŽŵŵĞƌĐŝĂů ƐƚĂƚĞ
:ů͘<ŽƉŽϰϱϱůŽŬϭEŽ͘ϮϲͲĂŶĚƵŶŐϰϬϮϳϳ:ĂǁĂĂƌĂƚ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϯϬ:ƵŶŝϮϬϮϱƐͬĚϯϬ:ƵŶŝϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϮ͘ϳϱϭ͘ϯϲϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶĚĂŶŝƐŝͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϱ͘ϮϮϳ͘ϱϴϰ͕Ͳ;ŐĞŵƉĂďƵŵŝ͕ůĞƚƵƐĂŶŐƵŶƵŶŐďĞƌĂƉŝĚĂŶƚƐƵŶĂŵŝͿ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϱϭϳϬϬϬϮϲ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚŽŶĞƐŝĂŶ ĂƌƚŚƋƵĂŬĞ^ƚĂŶĚĂƌĚWŽůŝĐLJ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ Wd ĂŶŬ YY WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ
ĚĂŶͬĂƚĂƵ ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ <ĂǁĂƐĂŶ WĞƌŐƵĚĂŶŐĂŶ ^ĞŵĂŶĂŶ DĞŐĂŚ <Ăǀ͘ϳ ůŽŬ EŽ͘ϭ͕ :ů͘
ĂĂŶDŽŐŽƚ<Ăǀ͘ϭϴ͕<Ğů͘^ĞŵĂŶĂŶ͕<ĞĐ͘<ĂůŝĚĞƌĞƐ͕:ĂŬĂƌƚĂĂƌĂƚ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ <ĂǁĂƐĂŶ WĞƌŐƵĚĂŶŐĂŶ ^ĞŵĂŶĂŶ DĞŐĂŚ <Ăǀ͘ϳ ůŽŬ EŽ͘ϭ͕ :ů͘
ĂĂŶDŽŐŽƚ<Ăǀ͘ϭϴ͕<Ğů͘^ĞŵĂŶĂŶ͕<ĞĐ͘<ĂůŝĚĞƌĞƐ͕:ĂŬĂƌƚĂĂƌĂƚ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϯϭDĞŝϮϬϮϱƐͬĚϯϭDĞŝϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϮ͘Ϯϲϲ͘ϴϰϬ͘ϬϬϬ͕Ͳ
dŽƚĂůWƌĞŵŝ ͗ ZƉϯ͘Ϯϰϭ͘ϱϴϭ͕ϮϬ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϱϭϲϬϬϭϰϭ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚŽŶĞƐŝĂŶ ĂƌƚƋƵĂŬĞ^ƚĂŶĚĂƌĚWŽůŝĐLJ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ Wd ĂŶŬ ĞŶƚƌĂů ƐŝĂ YY WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ
ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ
ĚŝŵƵůĂŝŶLJĂƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ Ϯϰ^ĞƉƚĞŵďĞƌϮϬϮϱƐͬĚϮϰ^ĞƉƚĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϯ͘ϱϮϭ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϯ͘ϱϮϭ͘ϬϬϬ͕Ͳ;ŐĞŵƉĂďƵŵŝͿ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
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EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϱϭϲϬϬϭϮϵ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚŽŶĞƐŝĂŶ ĂƌƚƋƵĂŬĞ^ƚĂŶĚĂƌĚWŽůŝĐLJ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϮϭŐƵƐƚƵƐϮϬϮϱƐͬĚϮϭŐƵƐƚƵƐϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϯ͘ϰϬϳ͘ϱϴϲ͘ϴϲϯ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϯ͘ϰϬϳ͘ϱϴϲ͕ϴϲ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϱϭϰϬϬϮϭϬ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚŽŶĞƐŝĂŶ ĂƌƚŚƋƵĂŬĞ^ƚĂŶĚĂƌĚWŽůŝĐLJ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ :ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/EŽ͘ϮϴͲϯϮ^ƵƌĂďĂLJĂ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ :ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/EŽ͘ϮϴͲϯϮ^ƵƌĂďĂLJĂ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϭĞƐĞŵďĞƌϮϬϮϱƐͬĚϭĞƐĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϮϯ͘ϰϬϰ͘ϮϬϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϮϯ͘ϰϬϰ͘ϮϬϬ͕Ͳ ;ŐĞŵƉĂ ďƵŵŝ͕ ůĞƚƵƐĂŶ ŐƵŶƵŶŐ ďĞƌĂƉŝ͕ ĚĂŶ
ƚƐƵŶĂŵŝͿ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϱϭϰϬϬϮϭϭ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚŽŶĞƐŝĂŶ ĂƌƚŚƋƵĂŬĞ^ƚĂŶĚĂƌĚWŽůŝĐLJ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ :ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/EŽ͘ϮϴͲϯϮ^ƵƌĂďĂLJĂ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ :ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ//EŽ͘ϭϬ^ƵƌĂďĂLJĂ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϭĞƐĞŵďĞƌϮϬϮϱƐͬĚϭĞƐĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϭϮ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϭϮ͘ϰϬϬ͘ϬϬϬ͕Ͳ;ŐĞŵƉĂďƵŵŝͿ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϱϭϰϬϬϮϭϮ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚŽŶĞƐŝĂŶ ĂƌƚŚƋƵĂŬĞ^ƚĂŶĚĂƌĚWŽůŝĐLJ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ hŶŝƚ///͕ĞƐĂtĂƌƵŐƵŶƵŶŐ͕<ĞĐ͘<ĂƌĂŶŐƉŝůĂŶŐ^ƵƌĂďĂLJĂ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ hŶŝƚ///͕ĞƐĂtĂƌƵŐƵŶƵŶŐ͕<ĞĐ͘<ĂƌĂŶŐƉŝůĂŶŐ^ƵƌĂďĂLJĂ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϯϭĞƐĞŵďĞƌϮϬϮϱƐͬĚϯϭĞƐĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϮϵ͘ϱϮϵ͘ϰϬϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϮϵ͘ϱϮϵ͘ϰϬϬ͕Ͳ;ŐĞŵƉĂďƵŵŝͿ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϬϱϭϰϬϬϮϭϳ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚŽŶĞƐŝĂŶ ĂƌƚŚƋƵĂŬĞ^ƚĂŶĚĂƌĚWŽůŝĐLJ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ hŶŝƚ///͕ĞƐĂtĂƌƵŐƵŶƵŶŐ͕<ĞĐ͘<ĂƌĂŶŐƉŝůĂŶŐ^ƵƌĂďĂLJĂ
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>ŽŬĂƐŝZĞƐŝŬŽ ͗ hŶŝƚ///͕ĞƐĂtĂƌƵŐƵŶƵŶŐ͕<ĞĐ͘<ĂƌĂŶŐƉŝůĂŶŐ^ƵƌĂďĂLJĂ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϯϭĞƐĞŵďĞƌϮϬϮϱƐͬĚϯϭĞƐĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϯϴ͘Ϯϭϱ͘ϮϮϬ͘ϬϬϬ͕Ͳ;ŵĞƐŝŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϯϴ͘Ϯϭϱ͘ϮϮϬ͕Ͳ;ŐĞŵƉĂďƵŵŝͿ
/ŶĚƵƐƚƌŝĂůůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϭϬϭϳϬϬϭϰϭ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚƵƐƚƌŝĂůůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶŝŶŝ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ DĂŶŐŬƵƉĂůĂƐƵƐŝŶĞƐƐĞŶƚĞƌ;DͿ:ĂůĂŶŵƉĞƌĂ<Ğů͘^ŝŵƉĂŶŐ
WĂƐŝƌ͕<ĞĐ͘WĂůĂƌĂŶ͕^ĂŵĂƌŝŶĚĂ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ DĂŶŐŬƵƉĂůĂƐƵƐŝŶĞƐƐĞŶƚĞƌ;DͿ:ĂůĂŶŵƉĞƌĂ<Ğů͘^ŝŵƉĂŶŐ
WĂƐŝƌ͕<ĞĐ͘WĂůĂƌĂŶ͕^ĂŵĂƌŝŶĚĂ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ Ϯϲ:ƵůŝϮϬϮϱƐͬĚϮϲ:ƵůŝϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϱ͘Ϯϴϳ͘ϲϴϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶĚĂŶŝƐŝͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϴ͘ϯϵϵ͘Ϯϰϲ͕ϳϮ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϭϬϭϲϬϬϬϳϮ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚƵƐƚƌŝĂůůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϮϭŐƵƐƚƵƐϮϬϮϱƐͬĚϮϭŐƵƐƚƵƐϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϯ͘ϰϬϳ͘ϱϴϲ͘ϴϲϯ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϮ͘ϴϰϰ͘ϮϮϭ͕Ϯϯ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϭϬϭϰϬϬϭϵϲ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚƵƐƚƌŝĂůůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ :ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/EŽ͘ϮϴͲϯϮ^ƵƌĂďĂLJĂ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ :ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/EŽ͘ϮϴͲϯϮ^ƵƌĂďĂLJĂ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϭĞƐĞŵďĞƌϮϬϮϱƐͬĚϭĞƐĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϮϯ͘ϰϬϰ͘ϮϬϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϮϰ͘Ϯϵϲ͘ϳϱϭ͕ϮϬ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϭϬϭϰϬϬϭϵϳ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚƵƐƚƌŝĂůůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ :ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/EŽ͘ϮϴͲϯϮ^ƵƌĂďĂLJĂ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ :ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ//EŽ͘ϭϬ^ƵƌĂďĂLJĂ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϭĞƐĞŵďĞƌϮϬϮϱƐͬĚϭĞƐĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϭϮ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶͿ
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dŽƚĂůWƌĞŵŝ ͗ ZƉϭϮ͘ϴϵϲ͘ϰϬϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϭϬϭϰϬϬϭϵϴ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚƵƐƚƌŝĂůůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ hŶŝƚ///͕ĞƐĂtĂƌƵŐƵŶƵŶŐ͕<ĞĐ<ĂƌĂŶŐƉŝůĂŶŐ^ƵƌĂďĂLJĂ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ hŶŝƚ///͕ĞƐĂtĂƌƵŐƵŶƵŶŐ͕<ĞĐ<ĂƌĂŶŐƉŝůĂŶŐ^ƵƌĂďĂLJĂ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϯϭĞƐĞŵďĞƌϮϬϮϱƐͬĚϯϭĞƐĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϮϵ͘ϱϮϵ͘ϰϬϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϯϬ͘ϲϰϮ͘ϰϱϴ͕ϰϬ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϭϬϭϰϬϬϮϬϮ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚƵƐƚƌŝĂůůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ hŶŝƚ///͕ĞƐĂtĂƌƵŐƵŶƵŶŐ͕<ĞĐ<ĂƌĂŶŐƉŝůĂŶŐ^ƵƌĂďĂLJĂ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ hŶŝƚ///͕ĞƐĂtĂƌƵŐƵŶƵŶŐ͕<ĞĐ<ĂƌĂŶŐƉŝůĂŶŐ^ƵƌĂďĂLJĂ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϯϭĞƐĞŵďĞƌϮϬϮϱƐͬĚϯϭĞƐĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϯϴ͘Ϯϭϱ͘ϮϮϬ͘ϬϬϬ͕Ͳ;ŵĞƐŝŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϯϵ͘ϲϰϬ͘ϵϲϳ͕ϵϮ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ Wd>ŝƉƉŽ'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞdďŬ
EŽŵŽƌWŽůŝƐ ͗ ϭϮϬϭϭϬϭϲϬϬϬϲϰ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ /ŶĚƵƐƚƌŝĂůůůZŝƐŬ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƐĞƚŝĂƉ ĂŶĂŬ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶͬĂƚĂƵ
ƉĞƌƵƐĂŚĂĂŶ ƚĞƌŬĂŝƚ LJĂŶŐ ĂĚĂ ƉĂĚĂ ƐĂĂƚ ĚŝŵƵůĂŝŶLJĂ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ
ůĂŵĂƚ<ŽƌĞƐƉŽŶĚĞŶ ͗ <ĂǁĂƐĂŶ /ŶĚƵƐƚƌŝ DŝƚƌĂ <ĂƌĂǁĂŶŐ͕ :ů͘ DŝƚƌĂ ZĂLJĂ ůŽŬ &Ϯ͕ ĞƐĂ
WĂƌƵŶŐŵƵůLJĂ͕<ĞĐŝĂŵƉĞůͲ<ĂƌĂǁĂŶŐ
>ŽŬĂƐŝZĞƐŝŬŽ ͗ <ĂǁĂƐĂŶ /ŶĚƵƐƚƌŝ DŝƚƌĂ <ĂƌĂǁĂŶŐ͕ :ů͘ DŝƚƌĂ ZĂLJĂ ůŽŬ &Ϯ͕ ĞƐĂ
WĂƌƵŶŐŵƵůLJĂ͕<ĞĐŝĂŵƉĞůͲ<ĂƌĂǁĂŶŐ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϰŐƵƐƚƵƐϮϬϮϱƐͬĚϰŐƵƐƚƵƐϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϭϬϱ͘ϰϯϭ͘ϭϱϬ͘ϬϬϬ͕Ͳ;ďĂŶŐƵŶĂŶͿ
dŽƚĂůWƌĞŵŝ ͗ ZƉϭϭϰ͘ϱϰϴ͘ϮϮϴ͕ϵϬ
ƐƵƌĂŶƐŝ<ĞŶĚĂƌĂĂŶĞƌŵŽƚŽƌ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϭϮϲϬϭϬϬϬϯϱϰ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝ͗
ϭͿ >ϭϴϭϰ s
ϮͿ >ϭϳϲϭ^
ϯͿ >ϭϰϯϮd
ϰͿ >ϭϮϴϮE
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϵ:ĂŶƵĂƌŝϮϬϮϲƐͬĚϵ:ĂŶƵĂƌŝϮϬϮϳ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ dŽƚĂůƐĞďĞƐĂƌZƉϯϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
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dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϭϮ͘ϲϬϳ͘ϬϬϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϯϮϱϬϳϬϬϬϭϯϱ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝ>ϰϯϮϯYsĚĂŶ>ϲϯϳϳWE
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϭϰ:ƵůŝϮϬϮϱƐͬĚϭϰ:ƵůŝϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ dŽƚĂůƐĞďĞƐĂƌZƉϲ͘ϮϱϬ͘ϬϬϬ͕Ͳ
dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϮϵϬ͘ϭϯϱ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϭϮϱϬϯϬϬϬϴϬϵ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ƐƵƌĂŶƐŝ^LJĂƌŝĂŚ<ĞŶĚĂƌĂĂŶĞƌŵŽƚŽƌ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝ>ϵϲϳϳdĚĂŶ>ϵϲϳϲd
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϮϮDĂƌĞƚϮϬϮϱƐͬĚϮϮDĂƌĞƚϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ dŽƚĂůƐĞďĞƐĂƌZƉϱϴϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϮϬ͘ϵϳϮ͘ϲϬϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϭϮϱϬϵϬϬϬϮϲϯ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚEŽ͘ϭϴϵͲϭϵϭ^ƵƌĂďĂLJĂ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝϮϳϬϲW<
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϭϱŐƵƐƚƵƐϮϬϮϱƐͬĚϭϱŐƵƐƚƵƐϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϴϱϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
dŽƚĂůWƌĞŵŝ ͗ ZƉϭϯ͘ϯϬϲ͘ϮϱϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϭϮϲϬϰϬϬϬϬϲϲ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ^ƵƌĂďĂLJĂ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝ>ϯϮϳϳ^E
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϭϲƉƌŝůϮϬϮϲƐͬĚϭϲƉƌŝůϮϬϮϳ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϳ͘ϱϬϬ͘ϬϬϬ͕Ͳ
dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϭϵϬ͘ϮϱϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϯϮϱϭϬϬϬϬϭϮϳ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝ͗
ϭͿ >ϱϴϲϬ^z
ϮͿ >ϰϭϮϭdy
ϯͿ >ϰϭϮϯdy
ϰͿ >ϰϭϮϰdy
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϮϮKŬƚŽďĞƌϮϬϮϱƐͬĚϮϮKŬƚŽďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ dŽƚĂůƐĞďĞƐĂƌZƉϯϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
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dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϲϰϭ͘ϬϬϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ ƐƵƌĂŶƐŝDŝƚƌĂWĞůŝŶĚƵŶŐDƵƐƚŝŬĂ
EŽŵŽƌWŽůŝƐ ͗ ϬϮϬϮϮϭϮϱϬϬϬϮϳϮ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ WŽůŝƐ^ƚĂŶĚĂƌƐƵƌĂŶƐŝ<ĞŶĚĂƌĂĂŶĞƌŵŽƚŽƌ/ŶĚŽŶĞƐŝĂ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝ͗
ϭͿ >ϵϮϱϵd
ϮͿ >ϵϮϲϮd
ϯͿ >ϵϳϴϲE
ϰͿ >ϵϮϲϬd
ϱͿ >ϵϮϱϴd
ϲͿ >ϵϳϱϭd
ϳͿ >ϵϳϱϬd
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϭŐƵƐƚƵƐϮϬϮϱƐͬĚϭŐƵƐƚƵƐϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ dŽƚĂůƐĞďĞƐĂƌZƉϵϳϮ͘ϬϬϬ͘ϬϬϬ͕Ͳ
dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϯϳ͘ϭϯϰ͘ϲϭϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϭϮϱϭϬϬϬϬϯϱϰ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝ͗
ϭͿ >ϭϬϴϲ^h
ϮͿ >ϵϱϬϭhW
ϯͿ >ϵϲϴϱhW
ϰͿ >ϵϲϳϲhW
ϱͿ >ϵϳϬϮhW
ϲͿ >ϵϱϬϮhW
ϳͿ >ϴϯϴϰhd
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϮϴKŬƚŽďĞƌϮϬϮϱƐͬĚϮϴKŬƚŽďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ dŽƚĂůƐĞďĞƐĂƌZƉϭ͘Ϭϯϴ͘ϬϬϬ͘ϬϬϬ͕Ͳ
dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϯϵ͘ϲϳϰ͘ϯϰϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϭϮϱϬϵϬϬϬϮϰϴ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝ͗
ϭͿ >ϴϰϱϲz
ϮͿ >ϴϰϱϳz
ϯͿ >ϴϰϱϵz
ϰͿ >ϵϭϱϭ
ϱͿ >ϴϰϱϯz
ϲͿ >ϵϭϯϴE>
ϳͿ >ϵϭϯϵE>
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϮϬ^ĞƉƚĞŵďĞƌϮϬϮϱƐĂŵƉĂŝϮϬ^ĞƉƚĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ dŽƚĂůƐĞďĞƐĂƌZƉϲϬϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ
dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϮϯ͘ϱϯϭ͘ϰϮϱ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
178
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EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϭϮϱϭϭϬϬϬϮϱϰ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶ ďĞƌŵŽƚŽƌ ĚĞŶŐĂŶ EŽ͘WŽůŝƐŝ͗ > ϭϲϮϮ :<͕ > ϭϵϲϯ E^͕ >
ϭϬϲϰEd͕>ϭϳϲϰDZ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϮEŽǀĞŵďĞƌϮϬϮϱƐͬĚϮEŽǀĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ dŽƚĂůƐĞďĞƐĂƌZƉϮϰϰ͘ϬϬϬ͘ϬϬϬ͕Ͳ
dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϭϭ͘ϱϭϭ͘ϭϰϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϭϮϱϭϭϬϬϬϮϲϲ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝ͗
ϭͿ >ϴϵϮϯh
ϮͿ >ϴϬϱϮd<
ϯͿ >ϴϬϱϭd
ϰͿ >ϴϬϴϰ>Y
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϵEŽǀĞŵďĞƌϮϬϮϱƐͬĚϵEŽǀĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ dŽƚĂůƐĞďĞƐĂƌZƉϰϵϮ͘ϬϬϬ͘ϬϬϬ͕Ͳ
dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϭϬ͘ϲϬϴ͘ϴϬϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϭϮϱϭϭϬϬϬϮϰϮ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝ͗>ϭϵϱϰ<,
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϭϮEŽǀĞŵďĞƌϮϬϮϱƐͬĚϭϮEŽǀĞŵďĞƌϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ZƉϰϭϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬ
dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϲ͘ϴϳϳ͘ϳϬϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϭϮϱϬϲϬϬϬϰϭϭ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶ ďĞƌŵŽƚŽƌ ĚĞŶŐĂŶ EŽ͘WŽůŝƐŝ͗ > ϴϭϲϴ ĚĂŶ > ϴϭϲϵ
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ϭϭ:ƵŶŝϮϬϮϱƐͬĚϭϭ:ƵŶŝϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ dŽƚĂůƐĞďĞƐĂƌZƉϭ͘ϵϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϰϵ͘ϯϴϱ͘ϬϬϬ͕Ͳ
WĞƌƵƐĂŚĂĂŶƐƵƌĂŶƐŝ ͗ WdƐƵƌĂŶƐŝŚƵďď^LJĂƌŝĂŚ/ŶĚŽŶĞƐŝĂ
EŽŵŽƌWŽůŝƐ ͗ ϭϬϯϬϮϬϭϮϱϬϳϬϬϬϯϱϵ
:ĞŶŝƐWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ ^ŚĂƌŝĂDŽƚŽƌsĞŚŝĐůĞ/ŶƐƵƌĂŶĐĞ
EĂŵĂdĞƌƚĂŶŐŐƵŶŐ ͗ WĞƌƐĞƌŽĂŶ
ůĂŵĂƚdĞƌƚĂŶŐŐƵŶŐ ͗ :ů͘<ĂůŝďƵƚƵŚϭϴϵͲϭϵϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdŝŵƵƌ
KďLJĞŬWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ <ĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĞŶŐĂŶEŽ͘WŽůŝƐŝ͗>ϴϳϬϵE
WĞƌŝŽĚĞWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ Ϯϱ:ƵůŝϮϬϮϱƐͬĚϮϱ:ƵůŝϮϬϮϲ
EŝůĂŝWĞƌƚĂŶŐŐƵŶŐĂŶ ͗ dŽƚĂůƐĞďĞƐĂƌZƉϮϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
dŽƚĂů<ŽŶƚƌŝďƵƐŝ ͗ ZƉϱ͘ϴϲϱ͘ϱϬϬ͕Ͳ
179
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DĂŶĂũĞŵĞŶďĞƌƉĞŶĚĂƉĂƚďĂŚǁĂũƵŵůĂŚƉĞƌƚĂŶŐŐƵŶŐĂŶĂƐƵƌĂŶƐŝĂĚĂůĂŚĐƵŬƵƉƵŶƚƵŬŵĞŶƵƚƵƉŬĞƌƵŐŝĂŶĚĂƌŝ
ƌŝƐŝŬŽĂƚĂƐĂƐĞƚĚĂŶƉĞƌƐĞĚŝĂĂŶLJĂŶŐĚŝƉĞƌƚĂŶŐŐƵŶŐŬĂŶ͘
ϴ͘ /'ZD < W D/>/<E EdZ W D 'E' ^,D W Z^ ZKE͕ W Z^ ZKE E W Zh^,E
E<
ĞƌŝŬƵƚŵĞƌƵƉĂŬĂŶƐƚƌƵŬƚƵƌŬĞƉĞŵŝůŝŬĂŶWĞƌƐĞƌŽĂŶƉĂĚĂϭ:ĂŶƵĂƌŝϮϬϮϲ͗
^ŽĞĚŝĂƌƚŽ dĞĚũĂ 'ŽŶŐ ,ĂƌƵŶ >ĂŬƐŵŝ Ğǁŝ WƵƌŶĂŵĂĚĞǁŝ /ƚĂ ,ĂƌLJĂƚŝ
,ĂƌŵĂŶƵ
,ĂŶĚŝŵĂŶ
^ŽĞƌũŽƉƌĂŚŽŶŽ ^ƵŬŵĂŶĂ ,ƵĚŝĂŶƚŽ
hƚŽŵŽ ^ƵƐĂŶƚŽ ,ƵĚŝĂŶƚŽ ,ƵĚŝĂŶƚŽ ,ƵĚŝĂŶƚŽ
ϭϰ͕ϵϵй ϰ͕ϵϭй ϰ͕ϵϭй ϱ͕ϱϰй Ϭ͕ϱϬй ϭ͕ϯϲй ϭ͕ϯϲй ϭ͕ϯϲй
/ďŶƵ dĞĚĚLJtŝďŽǁŽ 'ƵŶĂǁĂŶ ,ĂƌĚŝŵĂŶ tĞůLJ >ŝůŝĂŶĂ ^ǁĂŶĚƌŝLJĂŶŝ >ŝƚĂDƵƚŝĂŚ
WW;ϭͿ
^ƵƐĂŶƚŽ hƚŽŵŽ ,ƵĚŝĂŶƚŽ hƚŽŵŽ ^ƵƐĂŶƚŽ ,ƵĚŝĂŶƚŽ ,ƵĚŝĂŶƚŽ ,ƵĚŝĂŶƚŽ
ϰϮ͕ϱϭй ϳ͕Ϭϰй ϰ͕ϵϭй ϱ͕ϱϰй Ϭ͕ϱϬй Ϭ͕ϱϬй ϭ͕ϯϲй ϭ͕ϯϲй ϭ͕ϯϲй
^ĂŶŬ>ƚĚ^ͬ
WdĂŬƌĂŚĂŬƚŝWĂƌĂ
WdĂŬƌĂŚĂŬƚŝƵŵŝ WĞŵďĞƌƚŽŶƐŝĂŶ DĂƐLJĂƌĂŬĂƚфϱй
WƵƚƌĂ;WWͿ
WĞƌƐĂĚĂ KƉƉŽƌƚƵŶŝƚŝĞƐ&ƵŶĚ
ϵϬй
ϱϳ͕ϲϯй ϲ͕ϴϬй ϯϱ͕ϱϳй
ϵϬ͕ϬϬй ϱϬ͕ϬϬй ϮϬ͕ϬϬй
Wd^W/EK ŶŐŝŶĞĞƌŝŶŐ Wd^ĂŶŬŽ^ƚĞĞů
WdWŽƐĞƐ
/ŶĚƵƐƚƌLJ /ŶĚŽŶĞƐŝĂ
ΎͿ<ŽŵƉŽƐŝƐŝƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŬĞƉĞŵŝůŝŬĂŶŵĞŶĐĂƉĂŝϱй;ůŝŵĂƉĞƌƐĞŶͿĂƚĂƵůĞďŝŚƉĞƌƚĂŶŐŐĂůϭ:ĂŶƵĂƌŝϮϬϮϲ
ΎͿWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƐĂŚĂŵƚƌĞĂƐƵƌŝƐĞďĂŶLJĂŬϭϮϬ͘ϲϱϭ͘ϯϬϬƐĂŚĂŵ
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶƉĞŵĞŶƵŚĂŶWĞƌĂƚƵƌĂŶWƌĞƐŝĚĞŶEŽŵŽƌϭϯƚĂŚƵŶϮϬϭϴƚĂŶŐŐĂůϭDĂƌĞƚϮϬϭϴLJĂŶŐ
ĚŝƵŶĚĂŶŐŬĂŶƚĂŶŐŐĂůϱDĂƌĞƚϮϬϭϴƚĞŶƚĂŶŐWĞŶĞƌĂƉĂŶWƌŝŶƐŝƉDĞŶŐĞŶĂůŝWĞŵŝůŝŬDĂŶĨĂĂƚĚĂƌŝ<ŽƌƉŽƌĂƐŝĚĂůĂŵ
ƌĂŶŐŬĂWĞŶĐĞŐĂŚĂŶĚĂŶWĞŵďĞƌĂŶƚĂƐĂŶdŝŶĚĂŬWŝĚĂŶĂWĞŶĐƵĐŝĂŶhĂŶŐĚĂŶdŝŶĚĂŬWŝĚĂŶĂWĞŶĚĂŶĂĂŶdĞƌŽƌŝƐŵĞ
(“Perpres 13 /2018”), dengan melaporkan pada sistem administrasi hukum umum Kementerian Hukum dan Hak
Asasi Manusia Republik Indonesia berdasarkan bukti pelaporan pada tanggal 10 Februari 2026 (“Pelaporan
Pemilik Manfaat“) bahwa pemilik manfaat (ekonomis) atas Perseroan adalah: (i) Ibnu Susanto; (ii) Soediarto
^ŽĞƌũŽƉƌĂŚŽŶŽ͖ ;ŝŝŝͿ dĞĚũĂ ^ƵŬŵĂŶĂ ,ƵĚŝĂŶƚŽ͖ ;ŝǀͿ dĞĚĚLJ tŝďŽǁŽ hƚŽŵŽ͖ ;ǀͿ ,ĂƌŵĂŶƵ ,ƵĚŝĂŶƚŽ͖ ;ǀŝͿ 'ŽŶŐ
,ĂŶĚŝŵĂŶhƚŽŵŽ͖;ǀŝŝͿ/ƌ,ĂƌĚŝŵĂŶhƚŽŵŽ͖;ǀŝŝŝͿ'ƵŶĂǁĂŶ,ƵĚŝĂŶƚŽ͖;ŝdžͿtĞůLJ^ƵƐĂŶƚŽ͖;džͿ,ĂƌƵŶ^ƵƐĂŶƚŽ͖;džŝͿ
>ŝƚĂ DƵƚŝĂŚ ,ƵĚŝĂŶƚŽ͖ ;džŝŝͿ >ĂŬƐŵŝ ǁŝ ,ƵĚŝĂŶƚŽ͖ ;džŝŝŝͿ >ŝůŝĂŶĂ ,ƵĚŝĂŶƚŽ͖ ;džŝǀͿ WƵƌŶĂŵĂĚĞǁŝ ,ƵĚŝĂŶƚŽ͖ ;džǀͿ
^ǁĂŶĚĂƌŝLJĂŶŝ ,ƵĚŝĂŶƚŽ͕ ĚĂŶ ;džǀŝͿ /ƚĂ ƌLJĂƚŝ ,ƵĚŝĂŶƚŽ͖ Ěŝ ŵĂŶĂ ŵĞŵĞŶƵŚŝ ŬƌŝƚĞƌŝĂ WĂƐĂů ϰ ĂLJĂƚ ;ϭͿ ŚƵƌƵĨ Ĩ
WĞƌƉƌĞƐϭϯͬϮϬϭϴ͘
ϵ͘ < d ZE'E^/E'<dD E' E/W D 'E'^,D ZE,h<hD
PT Cakra Bhakti Para Putra (“CBPP”)
Ă͘ ZŝǁĂLJĂƚ^ŝŶŐŬĂƚ
WW ĂĚĂůĂŚ ƐƵĂƚƵ ƉĞƌƐĞƌŽĂŶ ƚĞƌďĂƚĂƐ͕ LJĂŶŐ ĚŝĚŝƌŝŬĂŶ ŵĞŶƵƌƵƚ ŚƵŬƵŵ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ
ŶĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚĞŶŐĂŶŶĂŵĂWdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂ͕LJĂŶŐďĞƌŬĞĚƵĚƵŬĂŶ:ů͘<ĂůŝďƵƚƵŚEŽ͘ϭϴϵͲ
ϭϵϭ͕<ĞůƵƌĂŚĂŶdĞŵďŽŬƵŬƵŚ͕<ĞĐĂŵĂƚĂŶƵďƵƚĂŶ͕<ŽƚĂ^ƵƌĂďĂLJĂ͕ďĞƌĚĂƐĂƌŬĂŶŬƚĂWĞŶĚŝƌŝĂŶ ŶŽŵŽƌϭϯϰ
ƚĂŶŐŐĂůϮϱ&ĞďƌƵĂƌŝϭϵϵϳ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶsĞƌŽŶŝĐĂ>ŝůLJŚĂƌŵĂ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕LJĂŶŐƚĞůĂŚŵĞŶĚĂƉĂƚ
ƉĞŶŐĞƐĂŚĂŶĚĂƌŝDĞŶƚĞƌŝ<ĞŚĂŬŝŵĂŶZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚŝďĂǁĂŚŶŽŵŽƌϮͲϮϱϱϬ,d͘Ϭϭ͘Ϭϭ͘dŚ͘ϵϳƚĂŶŐŐĂůϴƉƌŝů
ϭϵϵϳ͘
WĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĚĂƐĂƌWWƚĞƌĂŬŚŝƌďĞƌĚĂƐĂƌŬĂŶŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZĂƉĂƚWdĂŬƌĂŚĂŬƚŝWĂƌĂ
WƵƚƌĂEŽ͘ϭϱƚĂŶŐŐĂůϭϰ&ĞďƌƵĂƌŝϮϬϮϯ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ,ĞůĞŶ^ŝƐĐĞƌŝĂŶLJũŝŶĂƚĂ͕^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ'ƌĞƐŝŬ͕
LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ŽůĞŚ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ <ĞƉƵƚƵƐĂŶ
EŽ͘,hͲϬϬϭϱϲϴϭ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶ ϮϬϮϯ ƚĂŶŐŐĂů ϭϯ DĂƌĞƚ ϮϬϮϯ͕ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϬϱϭϮϲϵ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϮϯƚĂŶŐŐĂůϭϯDĂƌĞƚϮϬϮϯ(“ŬƚĂϭϱͬϮϬϮϯ”), yang menerangkan mengenai
ƉĞƌƵďĂŚĂŶWĂƐĂůϯŶŐŐĂƌĂŶĂƐĂƌWWƚĞŶƚĂŶŐŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƐĞƌƚĂŬĞŐŝĂƚĂŶƵƐĂŚĂWWƐĞƐƵĂŝĚĞŶŐĂŶ
<ůĂƐŝĨŝŬĂƐŝĂŬƵ>ĂƉĂŶŐĂŶhƐĂŚĂ/ŶĚŽŶĞƐŝĂƚĂŚƵŶϮϬϮϬ͘
180
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
ď͘ <ĞŐŝĂƚĂŶhƐĂŚĂ
ĞƌĚĂƐĂƌŬĂŶŬƚĂϭϱͬϮϬϮϯ͕ŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWWĂĚĂůĂŚ͗
Ă͘ WĞƌĚĂŐĂŶŐĂŶĞƐĂƌ͖
ď͘ ŬƚŝǀŝƚĂƐ<ĞƵĂŶŐĂŶĚĂŶƐƵƌĂŶƐŝ͖
Đ͘ ŬƚŝǀŝƚĂƐWĞŶLJĞǁĂĂŶĚĂŶ^ĞǁĂ'ƵŶĂhƐĂŚĂdĂŶƉĂ,ĂŬKƉƐŝ͘
hŶƚƵŬŵĞŶĐĂƉĂŝŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐ͕WWĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ WĞƌĚĂŐĂŶŐĂŶĞƐĂƌ͗
- WĞƌĚĂŐĂŶŐĂŶďĞƐĂƌďĂƌĂŶŐůŽŐĂŵƵŶƚƵŬďĂŚĂŶŬŽŶƐƚƌƵŬƐŝ;<>/ϰϲϲϯϭͿ͖ŬĞůŽŵƉŽŬŝŶŝŵĞŶĐĂŬƵƉƵƐĂŚĂ
ƉĞƌĚĂŐĂŶŐĂŶďĞƐĂƌďĞƌďĂŐĂŝŵĂĐĂŵďĂũĂͬďĞƐŝƵŶƚƵŬďĂŚĂŶŬŽŶƐƚƌƵŬƐŝƐĞƉĞƌƚŝďĂũĂƚƵůĂŶŐĂŶ͕ďĂũĂƉƌŽĨŝů͕
ƉĞůĂƚ ďĂũĂ͕ ĚĂŶ ďĂũĂ ůĞŵďĂƌĂŶ͕ ƉŝƉĂ ďĞƐŝͬďĂũĂ͕ ŬĂǁĂƚ ƚĂůŝ͕ ŬĂǁĂƚ ŶLJĂŵƵŬ͕ ƉĂŬƵ͕ ŵƵƌͬďĂƵƚ͕ ĞŶŐƐĞů͕
ŐĞƌĞŶĚĞů͕ŬƵŶĐŝ͕ĂŶĂŬŬƵŶĐŝ͕ƚĂŶŐŬŝĂŝƌ͕DĞŶĂƌĂĂŝƌ͕ƌŽůůŝŶŐĚŽŽƌ͕ĂǁŶŝŶŐĚĂŶƐĞŶŐůĞŵďĂƌĂŶ͘
ď͘ ŬƚŝǀŝƚĂƐ<ĞƵĂŶŐĂŶĚĂŶƐƵƌĂŶƐŝ͗
- ŬƚŝǀŝƚĂƐ ƉĞƌƵƐĂŚĂĂŶ ŚŽůĚŝŶŐ ;<>/ ϲϰϮϬϬͿ͖ ŬĞůŽŵƉŽŬ ŝŶŝ ŵĞŶĐĂŬƵƉ ŬĞŐŝĂƚĂŶ ĚĂƌŝ ƉĞƌƵƐĂŚĂĂŶ ŚŽůĚŝŶŐ
;ŚŽůĚŝŶŐĐŽŵƉĂŶŝĞƐͿ͕LJĂŝƚƵƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞŶŐƵĂƐĂŝĂƐĞƚĚĂƌŝƐĞŬĞůŽŵƉŽŬƉĞƌƵƐĂŚĂĂŶƐƵďƐŝĚŝĂƌLJĚĂŶ
ŬĞŐŝĂƚĂŶ ƵƚĂŵĂŶLJĂ ĂĚĂůĂŚ ŬĞƉĞŵŝůŝŬĂŶ ŬĞůŽŵƉŽŬ ƚĞƌƐĞďƵƚ͘ “,ŽůĚŝŶŐ ŽŵƉĂŶŝĞƐ” tidak terlibat dalam
ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƉĞƌƵƐĂŚĂĂŶ ƐƵďƐŝĚŝĂƌŝŶLJĂ͘ <ĞŐŝĂƚĂŶŶLJĂ ŵĞŶĐĂŬƵƉ ũĂƐĂ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ƉĞŶĂƐŝŚĂƚ
;ĐŽƵŶƐĞůůŽƌƐͿĚĂŶƉĞƌƵŶĚŝŶŐ;ŶĞŐŽƚŝĂƚŽƌƐͿĚĂůĂŵŵĞƌĂŶĐĂŶŐŵĞƌŐĞƌĚĂŶĂŬƵŝƐŝƐŝƉĞƌƵƐĂŚĂĂŶ͘
Đ͘ ŬƚŝǀŝƚĂƐWĞŶLJĞǁĂĂŶĚĂŶ^ĞǁĂ'ƵŶĂhƐĂŚĂdĂŶƉĂ,ĂŬKƉƐŝ͗
- ŬƚŝǀŝƚĂƐƉĞŶLJĞǁĂĂŶĚĂŶƐĞǁĂŐƵŶĂƵƐĂŚĂƚĂŶƉĂŚĂŬŽƉƐŝŵŽďŝů͕ďƵƐ͕ƚƌƵŬ͕ĚĂŶƐĞũĞŶŝƐŶLJĂ;<>/ϳϳϭϬϬͿ͖
ŬĞůŽŵƉŽŬŝŶŝŵĞŶĐĂŬƵƉŬĞŐŝĂƚĂŶƉĞŶLJĞǁĂĂŶĚĂŶƐĞǁĂŐƵŶĂƵƐĂŚĂƚĂŶƉĂŚĂŬŽƉƐŝ;ŽƉĞƌĂƚŝŽŶĂůůĞĂƐŝŶŐͿ
ƐĞŵƵĂũĞŶŝƐĂůĂƚƚƌĂŶƐƉŽƌƚĂƐŝĚĂƌĂƚƚĂŶƉĂŽƉĞƌĂƚŽƌŶLJĂƐĞƉĞƌƚŝŵŽďŝů͕ƚƌƵŬĚĂŶŵŽďŝůĚĞƌĞŬ͘WĞŶLJĞǁĂĂŶ
ĂƚĂƵƐĞǁĂŐƵŶĂƵƐĂŚĂƚĂŶƉĂŚĂŬŽƉƐŝĂůĂƚƚƌĂŶƐƉŽƌƚĂƐŝĚĂƌĂƚĚĞŶŐĂŶŽƉĞƌĂƚŽƌŶLJĂĚŝĐĂŬƵƉĚĂůĂŵŐŽůŽŶŐĂŶ
ϰϵϮĚĂŶϰϵϰ͘WĞŶLJĞǁĂĂŶƐĞƉĞĚĂĚŝĐĂŬƵƉĚĂůĂŵŬĞůŽŵƉŽŬϳϳϮϭϬ͘
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐĚŝƚĞƌďŝƚŬĂŶ͕WWŵĞƌƵƉĂŬĂŶŚŽůĚŝŶŐĐŽŵƉĂŶLJĚĂŶďĞƌŐĞƌĂŬĚŝďŝĚĂŶŐŝŶǀĞƐƚĂƐŝĚĂŶ
ƚĞůĂŚďĞƌŝŶǀĞƐƚĂƐŝĚŝĂƐĞƚƐĞƉĞƌƚŝƚĂŶĂŚ͕ƉƌŽƉĞƌƚŝ͕ĚĂŶĂŶĂŬƵƐĂŚĂ͘
Đ͘ ^ƚƌƵŬƚƵƌWĞƌŵŽĚĂůĂŶĚĂŶ<ĞƉĞŵŝůŝŬĂŶ^ĂŚĂŵ
ĞƌĚĂƐĂƌŬĂŶ͗
ϭ͘ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ ZĂƉĂƚ Wd ĂŬƌĂ ŚĂŬƚŝ WĂƌĂ WƵƚƌĂ EŽ͘ϭϴ ƚĂŶŐŐĂů ϭϮ ĞƐĞŵďĞƌ ϮϬϬϱ͕ ĚŝďƵĂƚ
ĚŝŚĂĚĂƉĂŶDĂƌŝŶĂ^ŽĞǁĂŶĂ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕LJĂŶŐƚĞůĂŚĚŝƐĞƚƵũƵŝŽůĞŚDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝ
DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ <ĞƉƵƚƵƐĂŶ EŽ͘ͲϬϰϮϳϭ ,d͘Ϭϭ͘Ϭϰ͘dŚ͘ϮϬϬϲ ƚĂŶŐŐĂů ϭϱ &ĞďƌƵĂƌŝ ϮϬϬϲ͕
ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƵƐĂŚĂĂŶ Ěŝ <ĂŶƚŽƌ WĞŶĚĂĨƚĂƌĂŶ WĞƌƵƐĂŚĂĂŶ <ŽƚĂ ^ƵƌĂďĂLJĂ Ěŝ ďĂǁĂŚ
EŽ͘ϭϳϲϴͬ,͘ϭϯ͘ϬϭͬƉƌŝůͬϮϬϬϲ ƚĂŶŐŐĂů Ϯϱ Ɖƌŝů ϮϬϬϲ͕ ĚĂŶ ĚŝƵŵƵŵŬĂŶ ĚĂůĂŵ ĞƌŝƚĂ EĞŐĂƌĂ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂEŽ͘ϲϮƚĂŶŐŐĂůϰŐƵƐƚƵƐϮϬϬϲ͕dĂŵďĂŚĂŶEŽ͘ϴϯϬϰ͕LJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶ
WW͖
Ϯ͘ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ ZĂƉĂƚ Wd ĂŬƌĂ ŚĂŬƚŝ WĂƌĂ WƵƚƌĂ EŽ͘ϭϴ ƚĂŶŐŐĂů Ϯϭ ^ĞƉƚĞŵďĞƌ ϮϬϮϯ ĚŝďƵĂƚ
Ěŝ ŚĂĚĂƉĂŶ ,ĞůĞŶ ^ŝƐĐĞƌŝĂŶLJ ũŝŶĂƚĂ͕ ^͘,͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐ Ěŝ <ĂďƵƉĂƚĞŶ 'ƌĞƐŝŬ LJĂŶŐ ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ
ŬĞƉĂĚĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚĂŶĚŝĐĂƚĂƚĚĞŶŐĂŶEŽ͘,hͲ,͘Ϭϭ͘ϬϵͲ
ϬϭϲϴϮϳϳ ƚĂŶŐŐĂů Ϯϵ ^ĞƉƚĞŵďĞƌ ϮϬϮϯ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ EŽ͘,hͲ
Ϭϭϵϯϭϵϳ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϮϯƚĂŶŐŐĂůϮϵ^ĞƉƚĞŵďĞƌϮϬϮϯŵĞŶŐĞŶĂŝƉĞƌƐĞƚƵũƵĂŶƉĞŶŐĂůŝŚĂŶƐĂŚĂŵŵŝůŝŬ
ĂŵďĂŶŐ WƌĂLJŝƚŶŽ ^ƵƐĂŶƚŽ ƐĞďĂŶLJĂŬ ϳϮϮ͘ϮϮϴ ŬĞƉĂĚĂ WW͖ ĚŝŵĂŶĂ ƉĞŶŐĂůŝŚĂŶ ƐĂŚĂŵ ƚĞƌƐĞďƵƚ
ĚŝƌĞĂůŝƐĂƐŝŬĂŶďĞƌĚĂƐĂƌŬĂŶŬƚĂWĞŶŐŽƉĞƌĂŶ,ĂŬͲŚĂŬƚĂƐ^ĂŚĂŵWdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂEŽ͘ϭϵƚĂŶŐŐĂů
Ϯϭ^ĞƉƚĞŵďĞƌϮϬϮϯĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ,ĞůĞŶ^ŝƐĐĞƌŝĂŶLJũŝŶĂƚĂ͕^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͖ĚĂŶ
ϯ͘ ŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZĂƉĂƚWdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂEŽ͘ϬϮƚĂŶŐŐĂůϭϬƉƌŝůϮϬϮϱĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ
,ĞůĞŶ ^ŝƐĐĞƌŝĂŶLJ ũŝŶĂƚĂ͕ ^͘,͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐ Ěŝ <ĂďƵƉĂƚĞŶ 'ƌĞƐŝŬ LJĂŶŐ ƉĞƌƵďĂŚĂŶ ĚĂƚĂ ŶLJĂ ƚĞůĂŚ
ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĂŶ ĚŝĐĂƚĂƚ ĚĞŶŐĂŶ
EŽ͘,hͲ,͘Ϭϭ͘ϬϵͲϬϭϴϲϭϲϯ ƚĂŶŐŐĂů ϭϰ Ɖƌŝů ϮϬϮϱ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ
EŽ͘,hͲϬϬϳϵϵϯϭ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϮϱƚĂŶŐŐĂůϭϰƉƌŝůϮϬϮϱŵĞŶŐĞŶĂŝƉĞŶĞŐĂƐĂŶŬŽŵƉŽƐŝƐŝŬĞƉĞŵŝůŝŬĂŶ
ƐĂŚĂŵ ƐĞŚƵďƵŶŐĂŶ ŵĞŶŝŶŐŐĂůŶLJĂ Ăůŵ͘ tĂƌĚĂŶĂ ,ƵĚŝĂŶƚŽ͕ ƐĂŚĂŵ ŵŝůŝŬ Ăůŵ͘tĂƌĚĂŶĂ ,ƵĚŝĂŶƚŽ ĚŝďĂŐŝ
ďĞƌĚĂƐĂƌŬĂŶ ŬĞƐĞƉĂŬĂƚĂŶ ƉĂƌĂ ĂŚůŝ ǁĂƌŝƐ ƐĂŚĂŵ Ăůŵ͘ tĂƌĚĂŶĂ ,ƵĚŝĂŶƚŽ LJĂŶŐ ĚŝƚƵĂŶŐŬĂŶ ĚĂůĂŵ
<ĞƐĞƉĂŬĂƚĂŶĞƌƐĂŵĂƚĞƌƚĂŶŐŐĂůϲDĂƌĞƚϮϬϮϱ͖
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ƐĞŚŝŶŐŐĂƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶƐƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵWWŵĞŶũĂĚŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝEŽŵŝŶĂůZƉϱϬϬ͕ͲƉĞƌƐĂŚĂŵ
:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŝůĂŝEŽŵŝŶĂů ;йͿ
DŽĚĂůĂƐĂƌ ϰϬϬ͘ϬϬϬ͘ϬϬϬ ϮϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ
ϭ͘ /ďŶƵ^ƵƐĂŶƚŽ ϲϭ͘ϯϯϭ͘ϳϲϯ ϯϬ͘ϲϲϱ͘ϴϴϭ͘ϱϬϬ ϰϮ͕ϱϭ
Ϯ͘ dĞĚũĂ^ƵŬŵĂŶĂ ϳ͘Ϭϴϲ͘ϲϯϬ ϯ͘ϱϰϯ͘ϯϭϱ͘ϬϬϬ ϰ͕ϵϭ
ϯ͘ ^ŽĞĚŝĂƌƚŽ^ŽĞƌũŽƉƌĂŚŽŶŽ Ϯϭ͘ϲϮϯ͘ϯϭϬ ϭϬ͘ϴϭϭ͘ϲϱϱ͘ϬϬϬ ϭϱ͕ϬϬ
ϰ͘ dŝŬŵĂŶhƚŽŵŽΎΎͿ ϭϬ͘ϭϲϮ͘Ϯϱϵ ϱ͘Ϭϴϭ͘ϭϮϵ͘ϱϬϬ ϳ͕Ϭϰ
ϱ͘ 'ƵŶĂǁĂŶ,ƵĚŝĂŶƚŽ ϳ͘Ϭϴϲ͘ϲϯϬ ϯ͘ϱϰϯ͘ϯϭϱ͘ϬϬϬ ϰ͕ϵϭ
ϲ͘ ,ĂƌŵĂŶƵ,ƵĚŝĂŶƚŽ ϳ͘Ϭϴϲ͘ϲϯϬ ϯ͘ϱϰϯ͘ϯϭϱ͘ϬϬϬ ϰ͕ϵϭ
ϳ͘ ,ĂƌĚŝŵĂŶhƚŽŵŽ ϳ͘ϵϵϱ͘ϱϳϯ ϯ͘ϵϵϳ͘ϳϴϲ͘ϱϬϬ ϱ͕ϱϰ
ϴ͘ 'ŽŶŐ,ĂŶĚŝŵĂŶhƚŽŵŽ ϳ͘ϵϵϱ͘ϱϳϯ ϯ͘ϵϵϳ͘ϳϴϲ͘ϱϬϬ ϱ͕ϱϰ
ϵ͘ ,ĂƌƵŶ^ƵƐĂŶƚŽ ϳϮϮ͘ϮϮϵ ϯϲϭ͘ϭϭϰ͘ϱϬϬ Ϭ͕ϱϬ
ϭϬ͘ tĞůLJ^ƵƐĂŶƚŽ ϳϮϮ͘ϮϮϴ ϯϲϭ͘ϭϭϰ͘ϬϬϬ Ϭ͕ϱϬ
ϭϭ͘ WWΎͿ ϳϮϮ͘ϮϮϴ ϯϲϭ͘ϭϭϰ͘ϬϬϬ Ϭ͕ϱϬ
ϭϮ͘ >ŝƚĂDƵƚŝĂŚ,ƵĚŝĂŶƚŽ ϭ͘ϵϱϴ͘ϲϯϬ ϵϳϵ͘ϯϭϱ͘ϬϬϬ ϭ͕ϯϲ
ϭϯ͘ >ĂŬƐŵŝǁŝ,ƵĚŝĂŶƚŽ ϭ͘ϵϱϴ͘ϲϯϭ ϵϳϵ͘ϯϭϱ͘ϱϬϬ ϭ͕ϯϲ
ϭϰ͘ >ŝůŝĂŶĂ,ƵĚŝĂŶƚŽ ϭ͘ϵϱϴ͘ϲϯϭ ϵϳϵ͘ϯϭϱ͘ϱϬϬ ϭ͕ϯϲ
ϭϱ͘ WƵƌŶĂŵĂĚĞǁŝ,ƵĚŝĂŶƚŽ ϭ͘ϵϱϴ͘ϲϯϭ ϵϳϵ͘ϯϭϱ͘ϱϬϬ ϭ͕ϯϲ
ϭϲ͘ ^ǁĂŶĚĂƌŝLJĂŶŝ,ƵĚŝĂŶƚŽ ϭ͘ϵϱϴ͘ϲϯϭ ϵϳϵ͘ϯϭϱ͘ϱϬϬ ϭ͕ϯϲ
ϭϳ͘ /ƚĂƌLJĂƚŝ,ƵĚŝĂŶƚŽ ϭ͘ϵϱϴ͘ϲϯϭ ϵϳϵ͘ϯϭϱ͘ϱϬϬ ϭ͕ϯϲ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ ϭϰϰ͘Ϯϴϲ͘ϴϯϴ ϳϮ͘ϭϰϯ͘ϰϭϵ͘ϬϬϬ ϭϬϬ
^ĂŚĂŵĚĂůĂŵWŽƌƚĞƉĞů Ϯϱϱ͘ϳϭϯ͘ϭϲϮ ϭϮϳ͘ϴϱϲ͘ϱϴϭ͘ϬϬϬ
ĂƚĂƚĂŶ͗
ΎͿ<ĞƉĞŵŝůŝŬĂŶƐĂŚĂŵWWƚƵŶĚƵŬƉĂĚĂŬĞƚĞŶƚƵĂŶƉĂƐĂůϯϳhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϰϬͬϮϬϬϳƚĞŶƚĂŶŐWĞƌƐĞƌŽĂŶ
Terbatas (“UUPT”).
WĞŵďĞůŝĂŶ ƐĂŚĂŵ ŵŝůŝŬ ĂŵďĂŶŐ WƌĂLJŝƚŶŽ ^ƵƐĂŶƚŽ ƐĞďĂŶLJĂŬ ϳϮϮ͘ϮϮϴ ĚĞŶŐĂŶ ŚĂƌŐĂ ŶŽŵŝŶĂů ŬĞƉĂĚĂ WW͖
ĚŝůĂŬƐĂŶĂŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬƚĂ WĞŶŐŽƉĞƌĂŶ ,ĂŬͲŚĂŬ ƚĂƐ ^ĂŚĂŵ Wd ĂŬƌĂ ŚĂŬƚŝ WĂƌĂ WƵƚƌĂ EŽ͘ϭϵ ƚĂŶŐŐĂů
Ϯϭ^ĞƉƚĞŵďĞƌϮϬϮϯĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ,ĞůĞŶ^ŝƐĐĞƌŝĂŶLJũŝŶĂƚĂ͕^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͘
WW ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŵĞŶƵŚĂŶ WĞƌĂƚƵƌĂŶ WƌĞƐŝĚĞŶ EŽŵŽƌ ϭϯ ƚĂŚƵŶ ϮϬϭϴ ƚĂŶŐŐĂů ϭ DĂƌĞƚ ϮϬϭϴ LJĂŶŐ
ĚŝƵŶĚĂŶŐŬĂŶƚĂŶŐŐĂůϱDĂƌĞƚϮϬϭϴƚĞŶƚĂŶŐWĞŶĞƌĂƉĂŶWƌŝŶƐŝƉDĞŶŐĞŶĂůŝWĞŵŝůŝŬDĂŶĨĂĂƚĚĂƌŝ<ŽƌƉŽƌĂƐŝĚĂůĂŵ
ƌĂŶŐŬĂWĞŶĐĞŐĂŚĂŶĚĂŶWĞŵďĞƌĂŶƚĂƐĂŶdŝŶĚĂŬWŝĚĂŶĂWĞŶĐƵĐŝĂŶhĂŶŐĚĂŶdŝŶĚĂŬWŝĚĂŶĂWĞŶĚĂŶĂĂŶdĞƌŽƌŝƐŵĞ
(“Perpres 13 /2018”)͕ĚĞŶŐĂŶŵĞůĂƉŽƌŬĂŶƉĂĚĂƐŝƐƚĞŵĂĚŵŝŶŝƐƚƌĂƐŝŚƵŬƵŵƵŵƵŵ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵĚĂŶ,ĂŬ
ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ďĞƌĚĂƐĂƌŬĂŶ ďƵŬƚŝ ƉĞůĂƉŽƌĂŶ ƉĂĚĂ ƚĂŶŐŐĂů 10 Februari 2026 (“WĞůĂƉŽƌĂŶ
Pemilik Manfaat“) bahwa pemilik manfaat (ekonomis) atas CBPP adalah: (i) /ďŶƵ ^ƵƐĂŶƚŽ͖ ;ŝŝͿ ^ŽĞĚŝĂƌƚŽ
^ŽĞƌũŽƉƌĂŚŽŶŽ͖ ;ŝŝŝͿ dĞĚũĂ ^ƵŬŵĂŶĂ ,ƵĚŝĂŶƚŽ͖ ;ŝǀͿ dĞĚĚLJ tŝďŽǁŽ hƚŽŵŽ͖ ;ǀͿ ,ĂƌŵĂŶƵ ,ƵĚŝĂŶƚŽ͖ ;ǀŝͿ 'ŽŶŐ
,ĂŶĚŝŵĂŶhƚŽŵŽ͖;ǀŝŝͿ/ƌ,ĂƌĚŝŵĂŶhƚŽŵŽ͖;ǀŝŝŝͿ'ƵŶĂǁĂŶ,ƵĚŝĂŶƚŽ͖;ŝdžͿtĞůLJ^ƵƐĂŶƚŽ͖;džͿ,ĂƌƵŶ^ƵƐĂŶƚŽ͖;džŝͿ
>ĂŬƐŵŝ ǁŝ ,ƵĚŝĂŶƚŽ͖ ;džŝŝͿ >ŝƚĂ DƵƚŝĂŚ ,ƵĚŝĂŶƚŽ͖ ;džŝŝŝͿ >ŝůŝĂŶĂ ,ƵĚŝĂŶƚŽ͖ ;džŝǀͿ WƵƌŶĂŵĂĚĞǁŝ ,ƵĚŝĂŶƚŽ͖ ;džǀͿ
^ǁĂŶĚĂƌŝLJĂŶŝ,ƵĚŝĂŶƚŽ͖;džǀŝͿ/ƚĂƌLJĂƚŝ,ƵĚŝĂŶƚŽ͘
ΎΎͿůŵĂƌŚƵŵ dŝŬŵĂŶ hƚŽŵŽ LJĂŶŐ ƐĞďĞůƵŵŶLJĂ ŵĞƌƵƉĂŬĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ Wd ĂŬƌĂ ŚĂŬƚŝ WĂƌĂ WƵƚƌĂ
(“WW”) tidak lagi dilaporkanƐĞďĂŐĂŝƉĞŵŝůŝŬŵĂŶĨĂĂƚWĞƌƐĞƌŽĂŶĚĂŶWWƉĂĚĂƐŝƐƚĞŵĂĚŵŝŶŝƐƚƌĂƐŝŚƵŬƵŵ
ƵŵƵŵ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂŬĂƌĞŶĂůŵĂƌŚƵŵdŝŬŵĂŶhƚŽŵŽƚĞůĂŚ
ŵĞŶŝŶŐŐĂůĚƵŶŝĂƉĂĚĂƚĂŶŐŐĂůϮϳ:ƵůŝϮϬϮϱ͖ĚĂŶďĞƌĚĂƐĂƌŬĂŶŬƚĂWĞŵďĂŐŝĂŶ,ĂŬtĂƌŝƐEŽ͘ϬϵƚĂŶŐŐĂůϱ&ĞďƌƵĂƌŝ
ϮϬϮϲ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ zƵůŝĂŶŝ :ƵǁŝƚĂ ^ƵŐŝŚĂƌƚŽ͕ ^͘ ͕͘ ^͘,͕͘ D͘<Ŷ͕͘ EŽƚĂƌŝƐ Ěŝ <ŽƚĂ ^ƵƌĂďĂLJĂ͕ ĚŝƚĞƌĂŶŐŬĂŶ
ŵĞŶŐĞŶĂŝƉĞŵďĂŐŝĂŶŚĂƌƚĂǁĂƌŝƐĂŶůŵĂƌŚƵŵdŝŬŵĂŶhƚŽŵŽŬĞƉĂĚĂdĞĚĚLJtŝďŽǁŽhƚŽŵŽLJĂŶŐŵĞƌƵƉĂŬĂŶ
ĂŚůŝǁĂƌŝƐďĞƌƵƉĂϭϬ͘ϭϲϮ͘ϮϱϵƐĂŚĂŵĚĂůĂŵWW͘
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Ě͘ WĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶ
ĞƌĚĂƐĂƌŬĂŶŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZĂƉĂƚWdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂEŽ͘ϰϴƚĂŶŐŐĂůϮϲ:ƵůŝϮϬϮϰ͕ĚŝďƵĂƚ
ĚŝŚĂĚĂƉĂŶ,ĞůĞŶ^ŝƐĐĞƌŝĂŶLJũŝŶĂƚĂ͕^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ'ƌĞƐŝŬ͕LJĂŶŐƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶƚĞƌŝ
,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚĚŝƚĞƌŝŵĂĚĂŶĚŝĐĂƚĂƚƉĂĚĂƚĂŶŐŐĂůϯϬ:Ƶůŝ
ϮϬϮϰ ĚĞŶŐĂŶ EŽ͘,hͲ,͘Ϭϭ͘ϬϵͲϬϮϯϯϰϲϵ͕ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϭϱϲϳϳϱ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϮϰƚĂŶŐŐĂůϯϬ:ƵůŝϮϬϮϰ͕ƐƵƐƵŶĂŶŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWWƵŶƚƵŬ
ƉĞƌŝŽĚĞϱ;ůŝŵĂͿƚĂŚƵŶƚĞƌŚŝƚƵŶŐĚĂƌŝƚĂŶŐŐĂůZĂƉĂƚ͕ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŝƌĞŬƐŝ͗
ŝƌĞŬƚƵƌ ͗dĞĚũĂ^ƵŬŵĂŶĂ,ƵĚŝĂŶƚŽ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ͗
<ŽŵŝƐĂƌŝƐhƚĂŵĂ ͗/ďŶƵ^ƵƐĂŶƚŽ
<ŽŵŝƐĂƌŝƐ ͗^ŽĞĚŝĂƌƚŽ^ŽĞƌũŽƉƌĂŚŽŶŽ
<ŽŵŝƐĂƌŝƐ ͗,ĂƌŵĂŶƵ,ƵĚŝĂŶƚŽ
ϭϬ͘ W E'hZh^EEW E't^E
^ƵƐƵŶĂŶŝƌĞŬƐŝWĞƌƐĞƌŽĂŶƉĂĚĂƐĂĂƚWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶĂĚĂůĂŚďĞƌĚĂƐĂƌŬĂŶŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶ
ZĂƉĂƚ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ Wd ^ƚĞĞů WŝƉĞ /ŶĚƵƐƚƌLJ ŽĨ /ŶĚŽŶĞƐŝĂ dďŬ ĚŝƐŝŶŐŬĂƚ Wd ^W/EK dďŬ EŽ͘ ϰϭ ƚĂŶŐŐĂů
Ϯϴ:ƵŶŝϮϬϮϰ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ'ĂƚŽƚtŝĚŽĚŽ͕^͘ ͕͘^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕LJĂŶŐƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶ
ŬĞƉĂĚĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚĚŝƚĞƌŝŵĂĚĂŶĚŝĐĂƚĂƚƉĂĚĂ
ƚĂŶŐŐĂů Ϯ :Ƶůŝ ϮϬϮϰ ĚĞŶŐĂŶ EŽ͘,hͲϬϭ͘Ϭϵ͘ͲϬϮϮϬϳϭϱ͕ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
,hͲϬϬϯϵϭϵϲ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϮϰƚĂŶŐŐĂůϮ:ƵůŝϮϬϮϰLJĂŝƚƵ͗
ŝƌĞŬƐŝ
ŝƌĞŬƚƵƌhƚĂŵĂ ͗/ďŶƵ^ƵƐĂŶƚŽ
tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂ ͗dĞĚũĂ^ƵŬŵĂŶĂ,ƵĚŝĂŶƚŽ
ŝƌĞŬƚƵƌ ͗^ŽĞĚŝĂƌƚŽ^ŽĞƌũŽƉƌĂŚŽŶŽ
ŝƌĞŬƚƵƌ ͗EŝĐŽ'ƵŶĂǁĂŶ
ŝƌĞŬƚƵƌ ͗dŚĞ,ĂŶŶLJWƵƌŶŽŵŽ
ĂŶƐƵƐƵŶĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶƉĂĚĂƐĂĂƚWƌŽƐƉĞŬƚƵƐĚŝƚĞƌďŝƚŬĂŶĂĚĂůĂŚďĞƌĚĂƐĂƌŬĂŶŬƚĂWĞƌŶLJĂƚĂĂŶ
<ĞƉƵƚƵƐĂŶZĂƉĂƚWd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJŽĨ/ŶĚŽŶĞƐŝĂdďŬĚŝƐŝŶŐŬĂƚWd^W/EKdďŬEŽ͘ϰϭƚĂŶŐŐĂůϮϴ:ƵŶŝϮϬϮϰ͕
ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ'ĂƚŽƚtŝĚŽĚŽ͕^͘ ͕͘^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕LJĂŶŐƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂDĞŶƚĞƌŝ
,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚĚŝƚĞƌŝŵĂĚĂŶĚŝĐĂƚĂƚƉĂĚĂƚĂŶŐŐĂůϮ:Ƶůŝ
ϮϬϮϰĚĞŶŐĂŶEŽ͘,hͲϬϭ͘ϬϵͲϬϮϮϬϳϭϱ͕ĚĂŶĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵĂĨƚĂƌWĞƌƐĞƌŽĂŶϬϬϯϵϭϵϲ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϮϰ
ƚĂŶŐŐĂůϮ:ƵůŝϮϬϮϰ͕ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
<ŽŵŝƐĂƌŝƐhƚĂŵĂĚĂŶ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗DĂŬŵƵƌtŝĚũĂũĂ
<ŽŵŝƐĂƌŝƐ ͗ ŶƚĂƌŝŽtŝĚũĂũĂ^ƵƐĂŶƚŽ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗ŝŶŐ,ĂƌƚŽŶŽWŽĞƌŶŽŵŽƐŝĚŝ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗tĞůůLJdĂŶƚŽŶŽ
^ĞƐƵĂŝĚĞŶŐĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͕ŵĂƐĂũĂďĂƚĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶĂĚĂůĂŚ
ƵŶƚƵŬǁĂŬƚƵƚĞƌŚŝƚƵŶŐƐĞũĂŬĚŝƚƵƚƵƉŶLJĂZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐƚĂŶŐŐĂůϮϴ:ƵŶŝϮϬϮϰƐĂŵƉĂŝĚĞŶŐĂŶĚŝƚƵƚƵƉŶLJĂ
ZhW^d WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϳ ĚĞŶŐĂŶ ƚŝĚĂŬ ŵĞŶŐƵƌĂŶŐŝ ŚĂŬ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ƵŶƚƵŬ
ŵĞŵďĞƌŚĞŶƚŝŬĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞƌƐĞďƵƚ ƐĞǁĂŬƚƵͲǁĂŬƚƵ ƐĞďĞůƵŵ ŵĂƐĂ ũĂďĂƚĂŶŶLJĂ
ďĞƌĂŬŚŝƌ͘
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ĞƌŝŬƵƚŝŶŝŬĞƚĞƌĂŶŐĂŶƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ͗
Dewan Komisaris
DĂŬŵƵƌtŝĚũĂũĂ
<ŽŵŝƐĂƌŝƐ hƚĂŵĂ ĚĂŶ <ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ͕ ϲϭ ƚĂŚƵŶ͕ tĂƌŐĂ EĞŐĂƌĂ
/ŶĚŽŶĞƐŝĂ͘
WĞŶĚŝĚŝŬĂŶ ĨŽƌŵĂů ƚĞƌĂŬŚŝƌ DĂƐƚĞƌ ŽĨ ƵƐŝŶĞƐƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ Θ DĂŐŝƐƚĞƌ
DĂŶĂũĞŵĞŶ͕ ũƵƌƵƐĂŶ DĂŶĂũĞŵĞŶ͕ WƌĂƐĞƚLJĂ DƵůLJĂ ƵƐŝŶĞƐƐ ^ĐŚŽŽů ;ϭϵϵϮͿ͘
ĞůŝĂƵŵĞŶũĂďĂƚƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐhƚĂŵĂWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϮϬϮϬŚŝŶŐŐĂ
ƐĂĂƚŝŶŝ͘ĞůŝĂƵďĞƌŐĂďƵŶŐƐĞũĂŬƚĂŚƵŶϮϬϭϮĚĂŶƉĞƌŶĂŚŵĞŶĚƵĚƵŬŝďĞďĞƌĂƉĂ
ũĂďĂƚĂŶƉĞŶƚŝŶŐĚŝĚĂůĂŵWĞƌƐĞƌŽĂŶ͘
WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗
ϮϬϮϬ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐhƚĂŵĂWĞƌƐĞƌŽĂŶ
ϮϬϭϵ–ƐĞŬĂƌĂŶŐ ͗ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd^ŚŝŶŚĂŶ^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ
ϮϬϭϳ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ Wd ĂŵƉŝŶĂ /ĐĞ ƌĞĂŵ
/ŶĚƵƐƚƌLJdďŬ͘
ϮϬϭϲ–ϮϬϭϵ ͗ <ŽŵŝƐĂƌŝƐWd^ŚŝŶŚĂŶ^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ
ϮϬϭϮ–ϮϬϮϬ ͗ tĂŬŝů<ŽŵŝƐĂƌŝƐhƚĂŵĂWĞƌƐĞƌŽĂŶ
ϮϬϭϮ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ ĚĂŶ <ĞƚƵĂ <ŽŵŝƚĞ ƵĚŝƚ
WĞƌƐĞƌŽĂŶ
ϮϬϬϰ–ϮϬϬϵ ͗ WƌĞƐŝĚĞŶŝƌĞŬƚƵƌWdDĂŬŝŶƚĂ^ĞŬƵƌŝƚĂƐ
ϮϬϬϬ–ϮϬϬϰ ͗ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌWdDĂŬŝŶƚĂ^ĞŬƵƌŝƚĂƐ
ϭϵϵϰ–ϭϵϵϵ ͗ ŝƌĞŬƚƵƌŽƌƉŽƌĂƚĞ&ŝŶĂŶĐĞĚŝWdŚĂŬƚŝ/ŶǀĞƐƚĂŵĂ
dďŬ͘
ϭϵϵϮ–ϭϵϵϰ ͗ ,ĞĂĚŽĨŽƌƉŽƌĂƚĞ&ŝŶĂŶĐĞWdĂůŝ^ĞĐƵƌŝƚŝĞƐ
ϭϵϴϴ–ϭϵϵϬ ͗ &ŝŶĂŶĐŝĂů Θ ĐĐŽƵŶƚŝŶŐ ŽŶƚƌŽůůĞƌ Wd ƌƵƐŚŝŶĚŽ
ĞŵĞƌůĂŶŐĚĂŶWdhůƚƌĂWƌŝŵĂďĂĚŝ;'ƌŽƵƉͿ
ϭϵϴϱ–ϭϵϴϴ ͗ ƐƐŝƐƚĂŶƚŝƌĞĐƚŽƌWdtĂLJŬĂŶĚŝƐ
ϭϵϴϯ–ϭϵϴϱ ͗ ƵĚŝƚŽƌĚŝ ƌŶƐƚΘzŽƵŶŐ;ĚͬŚ^'shƚŽŵŽͿ
ŶƚĂƌŝŽtŝĚũĂũĂ^ƵƐĂŶƚŽ
<ŽŵŝƐĂƌŝƐ͕ϱϬƚĂŚƵŶ͕tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͘
WĞŶĚŝĚŝŬĂŶ ĨŽƌŵĂů ƚĞƌĂŬŚŝƌ ĂĐŚĞůŽƌ ŽĨ ŶŐŝŶĞĞƌŝŶŐ ĚĂƌŝ hŶŝǀĞƌƐŝƚLJ ŽĨ
DĂƐƐĂĐŚƵƐƐĞƚƚƐ͕ŵĞƌŝŬĂ^ĞƌŝŬĂƚ;ϭϵϵϲͿ͘ĞůŝĂƵŵĞŶũĂďĂƚƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐ
WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϮϰ ŚŝŶŐŐĂ ƐĂĂƚ ŝŶŝ͘ ĞůŝĂƵ ŵĞŶũĂĚŝ ŝƌĞŬƚƵƌ
Wd^ĂƌĂŶĂĐĞŶƚƌĂůĂũĂƚĂŵĂdďŬƐĞũĂŬϮϬϬϱ͘
WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗
ϮϬϮϰ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ
ϮϬϬϱ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌWd^ĂƌĂŶĂĐĞŶƚƌĂůĂũĂƚĂŵĂdďŬ
ϮϬϬϬ–ϮϬϬϱ ͗ DĂƌŬĞƚŝŶŐDĂŶĂŐĞƌ
Wd^ĂƌĂŶĂĐĞŶƚƌĂůĂũĂƚĂŵĂdďŬ
ϭϵϵϵ–ϮϬϬϬ ͗ dƌĂĚĞƌĨŽƌDLJĂŶŵĂƌĂŶĚ^ŝŶŐĂƉŽƌĞDĂƌŬĞƚĂƚ
/ƚŽĐŚƵ^ƚĞĞůƐŝĂ
ϭϵϵϴ–ϭϵϵϵ ͗ ^LJƐƚĞŵ ŶŐŝŶĞĞƌ ƌŝĐƐƐŽŶ/ŶĚŽŶĞƐŝĂ
ϭϵϵϳ–ϭϵϵϴ ͗ D WWƌŽŐƌĂŵDĂƚƚĞů/ŶĚŽŶĞƐŝĂ
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ŝŶŐ,ĂƌƚŽŶŽWŽĞƌŶŽŵŽƐŝĚŝ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ͕ϲϰƚĂŚƵŶ͕tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ
WĞŶĚŝĚŝŬĂŶĨŽƌŵĂůƚĞƌĂŬŚŝƌ^ĂƌũĂŶĂ ŬŽŶŽŵŝ͕ũƵƌƵƐĂŶŬƵŶƚĂŶƐŝ͕hŶŝǀĞƌƐŝƚĂƐ
ŝƌůĂŶŐŐĂ;ϭϵϴϰͿ͘ĞůŝĂƵŵĞŶũĂďĂƚƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶWĞƌƐĞƌŽĂŶ
ƐĞũĂŬ ƚĂŚƵŶ ϮϬϮϮ ŚŝŶŐŐĂ ƐĂĂƚ ŝŶŝ͘ ĞůŝĂƵ ďĞƌŐĂďƵŶŐ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϭϯ ĚĂŶ
ƉĞƌŶĂŚ
ŵĞŶĚƵĚƵŬŝďĞďĞƌĂƉĂũĂďĂƚĂŶƉĞŶƚŝŶŐĚŝĚĂůĂŵWĞƌƐĞƌŽĂŶ͘
WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ͖Wd^ĞŬĂƌ>ĂƵƚdďŬ
ϮϬϮϮ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ͖WĞƌƐĞƌŽĂŶ
ϮϬϮϬ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ͖Wd^ĞŵĞŶ/ŶĚŽŐƌĞĞŶ^ĞŶƚŽƐĂ
ϮϬϭϳ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƚĞƵĚŝƚ͖WdĂŵƉŝŶĂ/ĐĞƌĞĂŵ/ŶĚƵƐƚƌLJdďŬ
ϮϬϭϲ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ͖Wd/ŶƚĞŐƌĂ/ŶĚŽĐĂďŝŶĞƚdďŬ
ϮϬϭϰ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ͖Wd>ĂŶŐŐĞŶŐDĂŬŵƵƌ/ŶĚƵƐƚƌŝ
dďŬ
ϮϬϬϴ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƚĞƵĚŝƚ͖WddƌŝĂƐ^ĞŶƚŽƐĂdďŬ
ϮϬϬϮ–ϮϬϬϲ ͗ DĂŶĂŐŝŶŐ WĂƌƚŶĞƌ͖ WƌĂƐĞƚŝŽ͕ ^ĂƌǁŽŬŽ Θ ^ĂŶĚũĂũĂ͕
ƌŶƐƚΘzŽƵŶŐ^ƵƌĂďĂLJĂKĨĨŝĐĞ
ϮϬϬϬ–ϮϬϬϮ ͗ DĂŶĂŐŝŶŐ WĂƌƚŶĞƌ͖ ,ĂŶĂĚŝ͕ ^ĂƌǁŽŬŽ Θ ^ĂŶĚũĂũĂ͕
ƌŶƐƚΘzŽƵŶŐ^ƵƌĂďĂLJĂKĨĨŝĐĞ
ϭϵϵϲ–ϮϬϬϬ ͗ ŝƌĞŬƚƵƌhƚĂŵĂ͖Wd:ĂLJĂWĂƌŝ^ƚĞĞůdďŬ
ϭϵϵϬ–ϭϵϵϱ ͗ WŝŵƉŝŶĂŶĂďĂŶŐ͖WƌĂƐĞƚŝŽhƚŽŵŽ͕ƌƚŚƵƌŶĚĞƌƐĞŶ
^ƵƌĂďĂLJĂ
tĞůůLJdĂŶƚŽŶŽ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ͕ϰϳƚĂŚƵŶ͕tĂƌŐĂEĞŐĂƌĂƐŝŶŐ
WĞŶĚŝĚŝŬĂŶĨŽƌŵĂůƚĞƌĂŬŚŝƌ:͘͘ǁŝƚŚŚŽŶŽƌƐ͕ũƵƌƵƐĂŶŚƵŬƵŵ͕ƵŬĞhŶŝǀĞƌƐŝƚLJ
^ĐŚŽŽůŽĨ>Ăǁ;ϭϵϵϵͿ͕͘͘ĚĞŐƌĞĞ͕ũƵƌƵƐĂŶDĂƚĞŵĂƚŝŬĂ͕,ĂƌǀĂƌĚhŶŝǀĞƌƐŝƚLJ
;ϭϵϵϲͿ͘ ĞůŝĂƵ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ
ƚĂŚƵŶϮϬϮϮŚŝŶŐŐĂƐĂĂƚŝŶŝ͘ĞůŝĂƵďĞƌŐĂďƵŶŐĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶ
ϮϬϮϮ͘
WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗
ϮϬϮϮ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶWĞƌƐĞƌŽĂŶ
ϮϬϮϬ–ϮϬϮϱ ͗ ŽƐĞŶ͖EĂƚŝŽŶĂůhŶŝǀĞƌƐŝƚLJŽĨ^ŝŶŐĂƉŽƌĞ
ϮϬϭϵ–ƐĞŬĂƌĂŶŐ ͗ džĞĐƵƚŝǀĞ,ĞĂĚ͕>ĞŐĂů͕ŽŵƉůŝĂŶĐĞΘ/ŶĨŽƌŵĂƚŝŽŶ
^ĞĐƵƌŝƚLJ͕ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJĂŶĚĂƚĂWƌŽƚĞĐƚŝŽŶ
KĨĨŝĐĞƌ͖^ĞĐƌĞƚůĂď
ϮϬϭϴ–ϮϬϭϵ ͗ ŽŶƐƵůƚĂŶƚ͖,ŽŶĞƐƚďĞĞ
ϮϬϭϳ–ϮϬϭϴ ͗ 'ĞŶĞƌĂů ŽƵŶƐĞů ĂŶĚ ĂƚĂ WƌŝǀĂĐLJ KĨĨŝĐĞƌ͖
,ŽŶĞƐƚďĞĞ
ϮϬϭϱ–ϮϬϭϳ ͗ ŽƵŶƚƌLJŽƵŶƐĞů͖,ĞǁůĞƚƚWĂĐŬĂƌĚ ŶƚĞƌƉƌŝƐĞ
ϮϬϭϯ–ϮϬϭϰ ͗ K ĚĂŶ 'ĞŶĞƌĂů ŽƵŶƐĞů͖ dŚĞ 'ŽŽĚ >ŝĨĞ
ŽŽƉĞƌĂƚŝǀĞ
ϮϬϭϭ–ϮϬϭϰ ͗ ŽƵŶƐĞů͖ƐŝĂWĂĐŝĨŝĐĂŝŶΘŽŵƉĂŶLJ
ϮϬϭϬ–ϮϬϭϭ ͗ /WŽƵŶƐĞů͖ƐŝĂWĂĐŝĨŝĐ,ĞǁůĞƚƚͲWĂĐŬĂƌĚ
ϮϬϬϴ–ϮϬϭϬ ͗ ^ĞŶŝŽƌ ŽƌƉŽƌĂƚĞ ŽƵŶƐĞů͖ ŶƚƌŽƉŝĐ
ŽŵŵƵŶŝĐĂƚŝŽŶƐ;DĂdžůŝŶĞĂƌͿ
ϮϬϬϰ–ϮϬϬϴ ͗ ƵƐŝŶĞƐƐ ƐƐŽĐŝĂƚĞ͖ ŽŽůĞLJ 'ŽĚǁĂƌĚ <ƌŽŶŝƐŚ
;ŽŽůĞLJͿ
ϮϬϬϯ–ϮϬϬϰ ͗ >ŝƚŝŐĂƚŝŽŶ͖ŽŽůĞLJ'ŽĚǁĂƌĚ<ƌŽŶŝƐŚ;ŽŽůĞLJͿ
ϮϬϬϭ–ϮϬϬϯ ͗ ƐƐŽĐŝĂƚĞ͖tĞŝů'ŽƚƐŚĂůΘDĂŶŐĞƐ
ϭϵϵϵ–ϮϬϬϭ ͗ ƐƐŽĐŝĂƚĞ͖ <ĞŶLJŽŶ Θ <ĞŶLJŽŶ ;ŶĚƌĞǁƐ <ƵƌƚŚ
<ĞŶLJŽŶͿ
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ϭϵϵϴ ͗ ^ƵŵŵĞƌ ƐƐŽĐŝĂƚĞ͖ <ĞŶLJŽŶ Θ <ĞŶLJŽŶ ;ŶĚƌĞǁƐ
<ƵƌƚŚ<ĞŶLJŽŶͿ
Direksi
/ďŶƵ^ƵƐĂŶƚŽ
ŝƌĞŬƚƵƌhƚĂŵĂ͕ϴϬƚĂŚƵŶ͕tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͘
WĞŶĚŝĚŝŬĂŶ ĨŽƌŵĂů ƚĞƌĂŬŚŝƌ ^D WĂŚ dƐƵŶŐ ^ĐŚŽŽů Ěŝ :ĂŬĂƌƚĂ ;ϭϵϲϭͿ͘ ĞůŝĂƵ
ŵĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌhƚĂŵĂWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϭϵϴϬŚŝŶŐŐĂƐĂĂƚŝŶŝ͘
WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗
ϮϬϮϬ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdEƵŐƌĂŚĂWƵƌŶĂŵĂ
ϮϬϭϵ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWĂŶĐĂĞŵĞƌůĂŶŐďĂĚŝ
ϮϬϭϰ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWd&ƵũŝdĞĐŚŶŽůŽŐLJ/ŶĚŽŶĞƐŝĂ
ϮϬϭϯ–ϮϬϭϳ ͗ <ŽŵŝƐĂƌŝƐWdDŝƚƌĂ'ƌĂŚĂŶĚĂůĂŶ
;ϮϬϭϯ–ϮϬϭϳͿ ͗ <ŽŵŝƐĂƌŝƐWdƵĂŶĂDĂũƵ^ĞůĂƌĂƐ
;ϮϬϭϭ–ƐĞŬĂƌĂŶŐͿ ͗ <ŽŵŝƐĂƌŝƐWd^ĂƌĂŶĂĐĞŶƚƌĂůĂũĂƚĂŵĂdďŬ͘
;ϮϬϭϭ–ƐĞŬĂƌĂŶŐͿ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWdZĞĂĚLJ/ŶĚĂŚ
ϮϬϬϴ–ƐĞŬĂƌĂŶŐͿ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWdũĂǁĂ/ŶĚĂŚ
ϮϬϬϳ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWdWĂŚdƐƵŶŐ^ĐŚŽŽů
ϮϬϬϲ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdDĞŶĂƌĂWƌĂŵďĂŶĂŶ
ϮϬϬϰ–ϮϬϭϭ ͗ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdZĞĂĚLJ/ŶĚĂŚ
ϮϬϬϯ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWd^ĂƌĂŶĂ^ƚĞĞů ŶŐŝŶĞĞƌŝŶŐ
ϮϬϬϯ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂ
ϭϵϵϰ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd<ĂƐŝŚ:Ăƚŝŵ
ϭϵϵϯ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌWdEĂƌ^ƚĂŝŶůĞƐƐƐƚĞĞůĞŶƚĞƌ
ϭϵϵϯ–ϮϬϭϭ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWd^ĂƌĂŶĂĞŶƚƌĂůĂũĂƚĂŵĂ
ϭϵϴϵ–ϮϬϭϮ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWd/ŶĚŽŵĞƚĂůĞŶƚƌĂůƚĂŵĂ/ŶĚƵƐƚƌLJ
ϭϵϴϬ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWĞƌƐĞƌŽĂŶ
ϭϵϳϯ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWd^ĂƌĂŶĂ^ƚĞĞů
ϭϵϳϮ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWd^ĂƌĂŶĂ^ƵƌLJĂ^ĂŬƚŝ
ϭϵϳϮ–ϭϵϵϳ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWdZĂĚũŝŶ^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJ
ϭϵϳϬ–ϮϬϮϬ ͗ ŝƌĞŬƚƵƌhƚĂŵĂWdEƵŐƌĂŚĂWƵƌŶĂŵĂ
ϭϵϲϵ–ϭϵϳϭ ͗ ŝƌĞŬƚƵƌWdĂŚĂLJĂKŶĚĞƌĚŝů^ĞƉĞĚĂ
ϭϵϲϰ–ϭϵϲϴ ͗ WƌŽĚƵĐƚŝŽŶDĂŶĂŐĞƌWdũĂǁĂDƵůŝĂ
dĞĚũĂ^ƵŬŵĂŶĂ,ƵĚŝĂŶƚŽ
tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂ͕ϱϴƚĂŚƵŶ͕tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͘
WĞŶĚŝĚŝŬĂŶ ĨŽƌŵĂů ƚĞƌĂŬŚŝƌ Ěŝ tĂƐĞĚĂ hŶŝǀĞƌƐŝƚLJ ůĞĐƚƌŽŶŝĐ ŽŵŵƵŶŝĐĂƚŝŽŶ
&ĂĐƵůƚLJ͕dŽŬLJŽ–:ĂƉĂŶ͕ďŝĚĂŶŐƐƚƵĚŝ ůĞĐƚƌŽŶŝĐŽŵŵƵŶŝĐĂƚŝŽŶ;ϭϵϴϵͿ͘ĞůŝĂƵ
ƐĞďĞůƵŵŶLJĂ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ WĞƌƐĞƌŽĂŶ Ěŝ ƚĂŚƵŶ ϭϵϵϴ – ϮϬϭϮ͕
ŬĞŵƵĚŝĂŶ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ tĂŬŝů ŝƌĞŬƚƵƌ hƚĂŵĂ WĞƌƐĞƌŽĂŶ Ěŝ ƚĂŚƵŶ ϮϬϭϮ
ŚŝŶŐŐĂƐĂĂƚŝŶŝ͘
WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗
ϮϬϮϰ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌ͖Wd^ƉŝŶĚŽWůĂƐƚŝĐ/ŶĚƵƐƚƌLJ/ŶĚŽŶĞƐŝĂ
ϮϬϮϰ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌ͖WdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂ
ϮϬϭϮ–ƐĞŬĂƌĂŶŐ ͗ tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂ͖WĞƌƐĞƌŽĂŶ
ϮϬϭϴ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ͖Wd<D&DĂŶƵĨĂĐƚƵƌŝŶŐ/ŶĚŽŶĞƐŝĂ
ϮϬϭϳ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ͖Wd<ŽũŝŵĂDĞƚĂů/ŶĚŽŶĞƐŝĂ
ϮϬϭϰ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌhƚĂŵĂ͖WdĂŬƌĂŚĂŬƚŝƵŵŝWĞƌƐĂĚĂ
ϮϬϭϰ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌ͖WdĂŬƌĂWƵƚƌĂ>ĞƐƚĂƌŝ
ϮϬϭϯ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ͖Wd^ĂŶŬŽ^ƚĞĞů/ŶĚŽŶĞƐŝĂ
ϮϬϬϴ–ϮϬϭϮ ͗ ŝƌĞŬƚƵƌhƚĂŵĂ͖Wd^ƉŝŶĚŽ ŶŐŝŶĞĞƌŝŶŐ/ŶĚƵƐƚƌLJ
ϮϬϬϭ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐ͖WdůĂŵDĞƚĂůDĞƌĐƵŶŝĂŐĂ
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ϭϵϵϴ–ϮϬϭϮ ͗ ŝƌĞŬƚƵƌ͖WĞƌƐĞƌŽĂŶ
ϭϵϵϳ–ϮϬϮϰ ͗ ŝƌĞŬƚƵƌhƚĂŵĂ͖WdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂ
ϭϵϵϯ–ϭϵϵϴ ͗ ŝƌĞŬƚƵƌ͖WĞƌƵƐĂŚĂĂŶĂŐĂŶŐZĂĚũŝŶ
ϭϵϵϮ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌ͖Wd<ĂƐŝŚ:ĂƚŝŵDĂŶĚĂ
ϭϵϵϭ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌ͖WdEĂƌ^ƚĂŝŶůĞƐƐ^ƚĞĞůĞŶƚĞƌ
ϭϵϴϵ–ϭϵϵϭ ͗ ĐĐŽƵŶƚKĨĨŝĐĞƌ͖ĂŶŬŽĨdŽŬLJŽ>ƚĚ͕͘^ƵƌĂďĂLJĂ
ƌĂŶĐŚ
ϭϵϴϵ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌ͖Wd<ĂƐŝŚ:Ăƚŝŵ
^ŽĞĚŝĂƌƚŽ^ŽĞƌũŽƉƌĂŚŽŶŽ
ŝƌĞŬƚƵƌ͕ϳϱƚĂŚƵŶ͕tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͘
WĞŶĚŝĚŝŬĂŶĨŽƌŵĂůƚĞƌĂŬŚŝƌ^DĚŝ^ƵƌĂďĂLJĂ;ϭϵϲϰͿ͘ĞůŝĂƵŵĞŶũĂďĂƚƐĞďĂŐĂŝ
ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϭϵϴϬŚŝŶŐŐĂƐĂĂƚŝŶŝ͘
WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗
ϭϵϵϯ–ƐĞŬĂƌĂŶŐ ͗ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd^ĂƌĂŶĂĐĞŶƚƌĂůĂũĂƚĂŵĂ
ϭϵϴϵ–ϮϬϭϮ ͗ ŝƌĞŬƚƵƌWd/ŶĚŽŵĞƚĂůĞŶƚƌĂůƚĂŵĂ/ŶĚƵƐƚƌLJ
ϭϵϴϬ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶ
ϭϵϳϯ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌWd^ĂƌĂŶĂ^ƚĞĞů
ϭϵϳϮ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌWd^ĂƌĂŶĂ^ƵƌLJĂ^ĂŬƚŝ
ϭϵϳϮ–ϭϵϵϲ ͗ ŝƌĞŬƚƵƌWdZĂĚũŝŶ^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJ
ϭϵϳϬ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌWdEƵŐƌĂŚĂWƵƌŶĂŵĂ
ϭϵϳϭ–ϭϵϳϯ ͗ ŝƌĞŬƚƵƌsEƵŐƌĂŚĂΘŽ͘
ϭϵϲϴ–ϭϵϳϬ ͗ /ŵƉŽƌƚDĂŶĂŐĞƌsWĞůŝƚĂdƌĂĚŝŶŐŽ͘
EŝĐŽ'ƵŶĂǁĂŶ
ŝƌĞŬƚƵƌ͕ϰϰƚĂŚƵŶ͕tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͘
WĞŶĚŝĚŝŬĂŶĨŽƌŵĂůƚĞƌĂŬŚŝƌDĂŐŝƐƚĞƌDĂŶĂũĞŵĞŶdĞŬŶŽůŽŐŝĚŝ/ŶƐƚŝƚƵƚdĞŬŶŽůŽŐŝ
^ĞƉƵůƵŚ EŽǀĞŵďĞƌ ^ƵƌĂďĂLJĂ ;ϮϬϬϲͿ͘ ĞůŝĂƵ ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ ŝƌĞŬƚƵƌ
WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϮϰ ŚŝŶŐŐĂ ƐĂĂƚ ŝŶŝ͘ ĞůŝĂƵ ďĞƌŐĂďƵŶŐ Ěŝ WĞƌƐĞƌŽĂŶ
ƐĞũĂŬϮϬϬϯĚĂŶƉĞƌŶĂŚŵĞŶĚƵĚƵŬŝũĂďĂƚĂŶƉĞŶƚŝŶŐĚĂůĂŵWĞƌƐĞƌŽĂŶ
WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗
ϮϬϮϰ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶ
ϮϬϮϯ–ϮϬϮϰ ͗ tĂŬŝůŝƌĞŬƚƵƌKƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ
ϮϬϮϭ–ϮϬϮϯ ͗ W>dŝƌĞŬƚƵƌKƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ
ϮϬϭϰ–ϮϬϮϯ ͗ <ĞƉĂůĂŝǀŝƐŝhŶŝƚϲWĞƌƐĞƌŽĂŶ
ϮϬϭϬ–ϮϬϭϰ ͗ <ĞƉĂůĂŝǀŝƐŝhŶŝƚϭWĞƌƐĞƌŽĂŶ
ϮϬϬϵ–ϮϬϮϰ ͗ <ĞƉĂůĂŝǀŝƐŝhŶŝƚϮWĞƌƐĞƌŽĂŶ
ϮϬϬϴ–ϮϬϬϵ ͗ <ĞƉĂůĂĞƉĂƌƚĞŵĞŶWƌŽĚƵŬƐŝhŶŝƚϮWĞƌƐĞƌŽĂŶ
ϮϬϬϰ–ϮϬϬϴ ͗ ^ƚĂĨŶĂůLJƐƚWW/hŶŝƚϮWĞƌƐĞƌŽĂŶ
ϮϬϬϯ–ϮϬϬϰ ͗ <ĞƉĂůĂ^ĞŬƐŝWƌŽĚƵŬƐŝhŶŝƚϮ
dŚĞ͕,ĂŶŶLJWƵƌŶŽŵŽ
ŝƌĞŬƚƵƌ͕ϱϱƚĂŚƵŶ͕tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͘
WĞŶĚŝĚŝŬĂŶ ĨŽƌŵĂů ƚĞƌĂŬŚŝƌ ^ĂƌũĂŶĂ dĞŬŶŝŬ ĚĂŶ DĂŶĂũĞŵĞŶ /ŶĚƵƐƚƌŝ
ĚŝhŶŝǀĞƌƐŝƚĂƐϭϳŐƵƐƚƵƐϭϵϰϱ͕^ƵƌĂďĂLJĂ;ϭϵϵϬͿ͘^ĞůĂŝŶŝƚƵ͕ĞůŝĂƵũƵŐĂƚĞůĂŚ
ŵĞŵŝůŝŬŝ ďĞďĞƌĂƉĂ ^ĞƌƚŝĨŝŬĂƐŝ WƌŽĨĞƐŝ͕ ĚŝĂŶƚĂƌĂŶLJĂ ŵĞŶĚĂƉĂƚŬĂŶ ^W Ͳ
WƌŽĚƵĐƚŝŽŶWůĂŶŶŝŶŐĂŶĚDĂŶƵĨĂĐƚƵƌŝŶŐͲƐƐŽĐŝĂƚĞ>ĞǀĞůLJĂŶŐĚŝƚĞƌďŝƚŬĂŶŽůĞŚ
^W'ůŽďĂůĞƌƚŝĨŝĐĂƚŝŽŶ;ϮϬϬϵͿ͕ĞƌƚŝĨŝĞĚ/ŶĨŽƌŵĂƚŝŽŶ^LJƐƚĞŵƐƵĚŝƚŽƌΠ;/^Ϳ
LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ /^ ;ϮϬϭϱͿ͕ ^W – WƌŽĚƵĐƚŝŽŶ WůĂŶŶŝŶŐ ĂŶĚ
DĂŶƵĨĂĐƚƵƌŝŶŐ Ͳ WƌŽĨĞƐƐŝŽŶĂů >ĞǀĞů LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ ^W 'ůŽďĂů
ĞƌƚŝĨŝcation (2016), dan Certified Business Analysis Professional™ (CBAP ®)
yang diterbitkan oleh International Institute of Business Analysis™ (IIBA®)
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;ϮϬϭϵͿ͘ĞůŝĂƵŵĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϮϬϭϴŚŝŶŐŐĂ
ƐĂĂƚŝŶŝ͘^ĞũĂŬďĞƌŐĂďƵŶŐŶLJĂĚŝƚĂŚƵŶϭϵϵϵ͕ďĞůŝĂƵƉĞƌŶĂŚŵĞŶĚƵĚƵŬŝďĞďĞƌĂƉĂ
ũĂďĂƚĂŶƉĞŶƚŝŶŐĚŝĚĂůĂŵWĞƌƐĞƌŽĂŶ͘
WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗
ϮϬϭϴ–ƐĞŬĂƌĂŶŐ ͗ ŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶ
ϮϬϭϲ–ϮϬϭϴ ͗ ĞƉƵƚLJ'ĞŶĞƌĂůDĂŶĂŐĞƌWĞƌƐĞƌŽĂŶ
ϮϬϬϵ–ϮϬϭϲ ͗ ^ĞŶŝŽƌDĂŶĂŐĞƌ^WWĞƌƐĞƌŽĂŶ
ϮϬϬϭ–ϮϬϬϴ ͗ ^ĞŶŝŝŽƌD/^WĞƌƐĞƌŽĂŶ
ϭϵϵϵ–ϮϬϬϭ ͗ D/^DĂŶĂŐĞƌWĞƌƐĞƌŽĂŶ
ϭϵϵϮ–ϭϵϵϵ ͗ D/^DĂŶĂŐĞƌWdWĞůĂLJĂƌĂŶEƵƐĂŶƚĂƌĂDĞƌĂƚƵƐ
dŝĚĂŬĂĚĂƉĞƌũĂŶũŝĂŶĂƚĂƵŬĞƐĞƉĂŬĂƚĂŶĂŶƚĂƌĂĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝĚĞŶŐĂŶWĞŵĞŐĂŶŐ
^ĂŚĂŵ hƚĂŵĂ͕ ƉĞůĂŶŐŐĂŶ͕ ƉĞŵĂƐŽŬ͕ ĚĂŶͬĂƚĂƵ ƉŝŚĂŬ ůĂŝŶ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ƉĞŶĞŵƉĂƚĂŶ ĂƚĂƵ ƉĞŶƵŶũƵŬĂŶ
ƐĞďĂŐĂŝĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝ ŵŝƚĞŶ͘
dŝĚĂŬĂĚĂŬĞƉĞŶƚŝŶŐĂŶůĂŝŶLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂůĚŝůƵĂƌŬĂƉĂƐŝƚĂƐŶLJĂƐĞďĂŐĂŝĂŶŐŐŽƚĂŝƌĞŬƐŝƚĞƌŬĂŝƚWĞŶĂǁĂƌĂŶ
hŵƵŵ ĨĞŬ ďĞƌƐŝĨĂƚ ƵƚĂŶŐ ĂƚĂƵ ƉĞŶĐĂƚĂƚĂŶŶLJĂ Ěŝ ƵƌƐĂ ĨĞŬ ĚĂŶ ƚŝĚĂŬ ĂĚĂ ŚĂů LJĂŶŐ ĚĂƉĂƚ ŵĞŶŐŚĂŵďĂƚ
ŬĞŵĂŵƉƵĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďŶLJĂƐĞďĂŐĂŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĞŵŝ
ŬĞƉĞŶƚŝŶŐĂŶ ŵŝƚĞŶ͘
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,ƵďƵŶŐĂŶŬĞŬĞůƵĂƌŐĂĂŶĚŝĂŶƚĂƌĂĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ
sĞƌƚŝŬĂů–,ŽƌŝnjŽŶƚĂů DĂŬŵƵƌtŝĚũĂũĂ ŶƚĂƌŝŽtŝĚũĂũĂ ŝŶŐ, tĞůůLJdĂŶƚŽŶŽ /ďŶƵ^ƵƐĂŶƚŽ dĞĚũĂ^ƵŬŵĂŶĂ ^ŽĞĚŝĂƌƚŽ EŝĐŽ'ƵŶĂǁĂŶ dŚĞ͕,ĂŶŶLJ
<ŽŵŝƐĂƌŝƐhƚĂŵĂ ^ƵƐĂŶƚŽ WŽĞƌŶŽŵŽƐŝĚŝ <ŽŵŝƐĂƌŝƐ ŝƌĞŬƚƵƌhƚĂŵĂ ,ƵĚŝĂŶƚŽ ^ŽĞƌũŽƉƌĂŚŽŶŽ ŝƌĞŬƚƵƌ WƵƌŶŽŵŽ
;<ŽŵŝƐĂƌŝƐ <ŽŵŝƐĂƌŝƐ <ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ tĂŬŝůŝƌĞŬƚƵƌ ŝƌĞŬƚƵƌ ŝƌĞŬƚƵƌ
/ŶĚĞƉĞŶĚĞŶͿ /ŶĚĞƉĞŶĚĞŶ hƚĂŵĂ
DĂŬŵƵƌtŝĚũĂũĂ
<ŽŵŝƐĂƌŝƐhƚĂŵĂ y y y y y y y y
;<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶͿ
ŶƚĂƌŝŽtŝĚũĂũĂ^ƵƐĂŶƚŽ
y y y s s s y y
<ŽŵŝƐĂƌŝƐ
ŝŶŐ,WŽĞƌŶŽŵŽƐŝĚŝ
y y y y y y y y
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ
tĞůůLJdĂŶƚŽŶŽ
y y y y y y y y
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ
/ďŶƵ^ƵƐĂŶƚŽ
y s y y s s y y
ŝƌĞŬƚƵƌhƚĂŵĂ
189
dĞĚũĂ^ƵŬŵĂŶĂ,ƵĚŝĂŶƚŽ
y s y y s s y y
tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂ
^ŽĞĚŝĂƌƚŽ^ŽĞƌũŽƉƌĂŚŽŶŽ
y s y y s s y y
ŝƌĞŬƚƵƌ
EŝĐŽ'ƵŶĂǁĂŶ
y y y y y y y y
ŝƌĞŬƚƵƌ
dŚĞ͕,ĂŶŶLJWƵƌŶŽŵŽ
y y y y y y y y
ŝƌĞŬƚƵƌ
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
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ϭϭ͘ dd< >K>W Zh^,E;KZWKZd 'Ks ZEE Ϳ
ϭϭ͘ϭ ZhW^
WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ ƉĞƌƵƐĂŚĂŶ ƉƵďůŝŬ ǁĂũŝď ŵĞŶŐĂĚĂŬĂŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ ;ZhW^Ϳ LJĂŶŐ
ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶͲŶLJĂ ŵĞŶŐĂĐƵ ƉĂĚĂ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϯϮͬWK:<͘ϬϰͬϮϬϭϰ ƚĞŶƚĂŶŐ ZĞŶĐĂŶĂ ĚĂŶ
WĞŶLJĞůĞŶŐŐĂƌĂĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂĚĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͘^ĞďĂŐĂŝ
ŽƚŽƌŝƚĂƐ ƚĞƌƚŝŶŐŐŝ ĚĂůĂŵ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ŬĞǁĞŶĂŶŐĂŶ LJĂŶŐ ƚŝĚĂŬ ĚŝďĞƌŝŬĂŶ ŬĞƉĂĚĂ ŝƌĞŬƐŝ ĂƚĂƵ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂůĂŵ ďĂƚĂƐ LJĂŶŐ ĚŝƚĞŶƚƵŬĂŶ ĚĂůĂŵ hŶĚĂŶŐͲƵŶĚĂŶŐ ĚĂŶͬĂƚĂƵ ŶŐŐĂƌĂŶ ĂƐĂƌ͘ ^ĞƐƵĂŝ
ŶŐŐĂƌĂŶĂƐĂƌWĞƌƵƐĂŚĂĂŶ͕ZhW^ĚŝďĂŐŝŵĞŶũĂĚŝϮ;ĚƵĂͿLJĂŝƚƵZhW^dĂŚƵŶĂŶLJĂŶŐǁĂũŝďĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚĂůĂŵ
ũĂŶŐŬĂ ǁĂŬƚƵ ƉĂůŝŶŐ ůĂŵďĂƚ ϲ ;ĞŶĂŵͿ ďƵůĂŶ ƐĞƚĞůĂŚ ƚĂŚƵŶ ďƵŬƵ ďĞƌĂŬŚŝƌ ĚĂŶ ZhW^ >ƵĂƌ ŝĂƐĂ LJĂŶŐ ĚĂƉĂƚ
ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƉĂĚĂƐĞƚŝĂƉǁĂŬƚƵďĞƌĚĂƐĂƌŬĂŶŬĞďƵƚƵŚĂŶƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞƌƵƐĂŚĂĂŶ͘ WĂĚĂƚĂŚƵŶďƵŬƵ
ϮϬϮϱ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶƐĞďĂŶLJĂŬϭ;ƐĂƚƵͿZhW^dĂŚƵŶĂŶ͘
ϭϭ͘Ϯ ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
^ĞƐƵĂŝ ĚĞŶŐĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ĚĂŶ ŚƵŬƵŵ ƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ďĞƌůĂŬƵ͕ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ
ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ŬĞƉĂĚĂ ZhW^ ĚĂŶ ŵĞŶŐĂǁĂƐŝ ƉĞŶŐĞůŽůĂĂŶ WĞƌƐĞƌŽĂŶ ŽůĞŚ ŝƌĞŬƐŝ͘ hŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ
ĞĨĞŬƚŝǀŝƚĂƐ ƉƌĂŬƚŝŬ '' LJĂŶŐ ĚŝƚĞƌĂƉŬĂŶ WĞƌƵƐĂŚĂĂŶ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WĂŶĚƵĂŶ ƵŶƚƵŬ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐ͘ ^ĞĐĂƌĂ ƉƌŝŶƐŝƉ ĚĂƐĂƌ ƚƵŐĂƐ ĚĂŶ ŬĞǁĂũŝďĂŶ ŬŽŵŝƐĂƌŝƐ ĂĚĂůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĂǁĂƐĂŶ ƉĞŶŐƵƌƵƐĂŶ
WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ŝƌĞŬƐŝ͕ ƐĞƌƚĂ ŵĞŵďĞƌŝŬĂŶ ŶĂƐŝŚĂƚ ŬĞƉĂĚĂ ŝƌĞŬƐŝ ƚĞƌŵĂƐƵŬ ƉĞůĂŬƐĂŶĂĂŶ
ZĞŶĐĂŶĂ–ZĞŶĐĂŶĂWĞƌƵƐĂŚĂĂŶƐĞƌƚĂ<ĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌĚĂŶZhW^͕ĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͘
ĞƌĚĂƐĂƌŬĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĚĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϯϯͬWK:<͘ϬϰͬϮϬϭϰƉĂƐĂůϯϭŵĞŶLJĞďƵƚŬĂŶďĂŚǁĂ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ǁĂũŝď ŵĞŶŐĂĚĂŬĂŶ ƌĂƉĂƚ ƉĂůŝŶŐ ŬƵƌĂŶŐ ϭ ŬĂůŝ ĚĂůĂŵ Ϯ ďƵůĂŶ ĚĂŶ ǁĂũŝď ŵĞŶŐĂĚĂŬĂŶ ƌĂƉĂƚ
ďĞƌƐĂŵĂŝƌĞŬƐŝƐĞĐĂƌĂďĞƌŬĂůĂƉĂůŝŶŐŬƵƌĂŶŐϭŬĂůŝĚĂůĂŵϰďƵůĂŶ͘<ŽŵŝƐĂƌŝƐĚŝŝnjŝŶŬĂŶƵŶƚƵŬďĞƌƉĂƌƚŝƐŝƉĂƐŝĚĂůĂŵ
ƉĞƌƚĞŵƵĂŶƌĂƉĂƚŵĞůĂůƵŝǀŝĚĞŽĂƚĂƵƚĞůĞŬŽŶĨĞƌĞŶƐŝ͘^ĞƚŝĚĂŬŶLJĂƐĂƚƵŬĂůŝĚĂůĂŵƐĞƚĂŚƵŶ<ŽŵŝƐĂƌŝƐŵĞŵďĂŚĂƐ
ĨƵŶŐƐŝ͕ŬĞĂŶŐŐŽƚĂĂŶĚĂŶŬŽŵƉĞƚĞŶƐŝĞǁĂŶĚĂŶĚĂůĂŵƉĞƌƚĞŵƵĂŶŝŶŝďĞƌůĂŶŐƐƵŶŐƚĂŶƉĂŬĞŚĂĚŝƌĂŶŝƌĞŬƐŝ͘
WĂĚĂƚĂŚƵŶϮϬϮϱ͕ĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐƚĞůĂŚŵĞůĂŬƐĂŶĂŬĂŶϲŬĂůŝƌĂƉĂƚ͕ĚŝŵĂŶĂŚĂůŝŶŝƚĞůĂŚƐĞƐƵĂŝĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶĚĂůĂŵ ƉĞƌĂƚƵƌĂŶďĞƌůĂŬƵ͘ĚĂƉƵŶƚŝŶŐŬĂƚŬĞŚĂĚŝƌĂŶƐĞƚŝĂƉĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂůĂŵƌĂƉĂƚ
ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĞƌƐĞŶƚĂƐĞ
EĂŵĂ :ƵŵůĂŚZĂƉĂƚϮϬϮϱ :ƵŵůĂŚ<ĞŚĂĚŝƌĂŶ
<ĞŚĂĚŝƌĂŶ
DĂŬŵƵƌtŝĚũĂũĂ ϲ ϱ ϴϯй
ŶƚĂƌŝŽtŝĚũĂũĂ^ƵƐĂŶƚŽ ϲ ϯ ϱϬй
ŝŶŐ,ĂƌƚŽŶŽWŽĞƌŶŽŵŽƐŝĚŝ ϲ ϱ ϴϯй
tĞůůLJdĂŶƚŽŶŽ ϲ ϱ ϴϯй
ϭϭ͘ϯ ŝƌĞŬƐŝ
ŝƌĞŬƐŝ ŵĞƌƵƉĂŬĂŶ ŽƌŐĂŶ WĞƌƵƐĂŚĂĂŶ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶƵŚ ĂƚĂƐ ƉĞŶŐƵƌƵƐĂŶ WĞƌƵƐĂŚĂĂŶ ƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶWĞƌƵƐĂŚĂĂŶƐĞƌƚĂƐĞƐƵĂŝŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWĞƌƵƐĂŚĂĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌ͘
^ĞĐĂƌĂ ƵŵƵŵ͕ ŝƌĞŬƐŝ ďĞƌƉĞƌĂŶ ƵŶƚƵŬ ŵĞŶŐĞůŽůĂ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů ƉĞƌƵƐĂŚĂĂŶ ĚĞŶŐĂŶ ŽƌŝĞŶƚĂƐŝ
ŬĞƉĞŶƚŝŶŐĂŶƚĞƌďĂŝŬƉĞƌƵƐĂŚĂĂŶ͘ĞƌŝŬƵƚƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝ͗
EĂŵĂ :ĂďĂƚĂŶ dƵŐĂƐĚĂŶdĂŶŐŐƵŶŐ:ĂǁĂď
/ďŶƵ^ƵƐĂŶƚŽ ŝƌĞŬƚƵƌhƚĂŵĂ ĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĂƚĂƐ ŬĞďŝũĂŬĂŶ
ƐƚƌĂƚĞŐŝƐ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ
ĂƌĂŚĂŶƵŵƵŵƚĞŶƚĂŶŐƚĂƌŐĞƚĚĂŶƐŽůƵƐŝ
ĂƚĂƐƚĂŶƚĂŶŐĂŶLJĂŶŐĚŝŚĂĚĂƉŝ͘
dĞĚũĂ^ƵŬŵĂŶĂ,ƵĚŝĂŶƚŽ tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂ ĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĂƚĂƐ ĂƐƉĞŬ
ŬĞƵĂŶŐĂŶ͕ ƉĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ ĚĂŶ
ŬŝŶĞƌũĂƌƵƚŝŶƉĞƌƐĞƌŽĂŶ͘
^ŽĞĚŝĂƌƚŽ^ŽĞƌũŽƉƌĂŚŽŶŽ ŝƌĞŬƚƵƌ ĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂƚĂƐƉĞŵĂƐĂƌĂŶĚĂŶ
ƉĞŶũƵĂůĂŶƉĞƌƵƐĂŚĂŶ͘
EŝĐŽ'ƵŶĂǁĂŶ ŝƌĞŬƚƵƌ ĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂƚĂƐƉĞŶŐĞůŽůĂĂŶ
ŽƉĞƌĂƐŝŽŶĂůƉĞƌƵƐĂŚĂĂŶ͘
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EĂŵĂ :ĂďĂƚĂŶ dƵŐĂƐĚĂŶdĂŶŐŐƵŶŐ:ĂǁĂď
dŚĞ,ĂŶŶLJWƵƌŶŽŵŽ ŝƌĞŬƚƵƌ ĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĂƚĂƐ ƉĞƌĞŶĐĂŶĂĂŶ͕
ƉĞůĂŬƐĂŶĂĂŶ͕ĞǀĂůƵĂƐŝ͕ĚĂŶƉĞŶŝŶŐŬĂƚĂŶ
ƐŝƐƚĞŵŬŽŵƵŶŝŬĂƐŝ͕ƚĞŬŶŽůŽŐŝ͕ĚĂŶĚĂƚĂ
Ěŝ ůŝŶŐŬƵŶŐĂŶ WĞƌƵƐĂŚĂĂŶ͕ ƚĞƌŵĂƐƵŬ
ĂƐƉĞŬƉĞŶŐŐƵŶĂĂŶƚĞŬŶŽůŽŐŝ͘
ĞƌĚĂƐĂƌŬĂŶWĞƌĂƚƵƌĂŶK:< EŽŵŽƌ ϯϯͬWK:<͘ϬϰͬϮϬϭϰ͕ŝƌĞŬƐŝǁĂũŝďŵĞŵĞŶƵŚŝƐĞƚŝĚĂŬŶLJĂϭϮŬĂůŝƉĞƌƚĞŵƵĂŶ
ĚĂůĂŵƐĞƚĂŚƵŶ͘ŝƌĞŬƐŝũƵŐĂĚĂƉĂƚŵĞŶŐĂĚĂŬĂŶƉĞƌƚĞŵƵĂŶƚĂŵďĂŚĂŶƐĞƚŝĂƉƐĂĂƚũŝŬĂĚŝĂŶŐŐĂƉƉĞƌůƵ͘ŝƌĞŬƐŝ
ĚŝŝnjŝŶŬĂŶ ďĞƌƉĂƌƚŝƐŝƉĂƐŝ ĚĂůĂŵ ƉĞƌƚĞŵƵĂŶ ŵĞůĂůƵŝ ǀŝĚĞŽ ĐĂůů ͬ ƚĞůĞŬŽŶĨĞƌĞŶƐŝ͘ <ĞƉƵƚƵƐĂŶ ƉĂĚĂ ƌĂƉĂƚ ŝƌĞŬƐŝ
ĚŝĂŵďŝůĚĞŶŐĂŶƐƵĂƌĂƚĞƌďĂŶLJĂŬ͕ĚŝŵĂŶĂŵĂƐŝŶŐͲŵĂƐŝŶŐŝƌĞŬƚƵƌŵĞŵĞŐĂŶŐƐĂƚƵƐƵĂƌĂ͘ĞƌĚĂƐĂƌŬĂŶĚĞŶŐĂŶ
ŶŐŐĂƌĂŶĂƐĂƌ͕ŬƵŽƌƵŵƚĞƌĐĂƉĂŝũŝŬĂůĞďŝŚĚĂƌŝƐĞƚĞŶŐĂŚĚĂƌŝŝƌĞŬƐŝŚĂĚŝƌĂƚĂƵĚŝǁĂŬŝůŝĚĂůĂŵƌĂƉĂƚ͘EĂŵƵŶ
ĚĂůĂŵŬĂƐƵƐƚƌĂŶƐĂŬƐŝLJĂŶŐƉĞŶƚŝŶŐ͕ƐĞƚŝĚĂŬŶLJĂĚƵĂƉĞƌƚŝŐĂĚĂƌŝŝƌĞŬƐŝŚĂƌƵƐŚĂĚŝƌĂƚĂƵĚŝǁĂŬŝůŝƵŶƚƵŬŵĞŶĐĂƉĂŝ
ŬƵŽƌƵŵ͘
WĂĚĂƚĂŚƵŶϮϬϮϱ͕ŝƌĞŬƐŝƚĞůĂŚŵĞůĂŬƐĂŶĂŬĂŶϭϮŬĂůŝƉĞƌƚĞŵƵĂŶ͕ĚŝŵĂŶĂŚĂůŝŶŝƚĞůĂŚƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
ĚĂůĂŵƉĞƌĂƚƵƌĂŶďĞƌůĂŬƵ͘ĚĂƉƵŶƚŝŶŐŬĂƚŬĞŚĂĚŝƌĂŶƐĞƚŝĂƉĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂůĂŵƌĂƉĂƚĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĞƌƐĞŶƚĂƐĞ
EĂŵĂ :ƵŵůĂŚZĂƉĂƚϮϬϮϱ :ƵŵůĂŚ<ĞŚĂĚŝƌĂŶ
<ĞŚĂĚŝƌĂŶ
/ďŶƵ^ƵƐĂŶƚŽ ϭϮ ϴ ϲϳй
dĞĚũĂ^ƵŬŵĂŶĂ,ƵĚŝĂŶƚŽ ϭϮ ϭϭ ϵϭй
^ŽĞĚŝĂƌƚŽ^ŽĞƌũŽƉƌĂŚŽŶŽ ϭϮ ϳ ϱϴй
EŝĐŽ'ƵŶĂǁĂŶ ϭϮ ϵ ϳϱй
dŚĞ,ĂŶŶLJWƵƌŶŽŵŽ ϭϮ ϭϬ ϴϯй
ĞƌŝŬƵƚ ŝŶŝ ŵĞƌƵƉĂŬĂŶ ƉƌŽŐƌĂŵ ƉĞůĂƚŝŚĂŶ LJĂŶŐ ĚŝŝŬƵƚŝ ŽůĞŚ ŝƌĞŬƐŝ ƐĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϱ ĚĂůĂŵ ƌĂŶŐŬĂ
ŵĞŶŝŶŐŬĂƚŬĂŶŬŽŵƉĞƚĞŶƐŝ͕ĂŶƚĂƌĂůĂŝŶ͗
EŽ dŽƉŝŬ WĞŶŐĞůŽůĂ dĂŶŐŐĂů
^ƉŝŶĚŽ džĞĐƵƚŝǀĞ^ŚĂƌŝŶŐ^ĞƐƐŝŽŶ͗
ϭ /ŶƐƉŝƌŝŶŐdŚĞEĞdžƚŽƌƉŽƌĂƚĞ /ŶƚĞƌŶĂů ϮϳŐƵƐƚƵƐϮϬϮϱ
'ĞŶĞƌĂƚŝŽŶ
DĞŶƚŽƌŝŶŐ&ŝŶĂŶĐĞ&ŽƌEŽŶ&ŝŶĂŶĐĞ
Ϯ /ŶƚĞƌŶĂů Ϯϴ:ƵůŝϮϬϮϱ
;&/EKEͿ&Žƌ>ĞĂĚĞƌƐ
/ŶĚŝǀŝĚƵĂůWĞƌĨŽƌŵĂŶĐĞDĂŶĂŐĞŵĞŶƚ
ϯ WĞƌƐĞƌŽĂŶ͕KŶĞ'D> ϮϰͲϮϱƉƌŝůϮϬϮϱ
^LJƐƚĞŵ
dŝĚĂŬĂĚĂŬĞƉĞŶƚŝŶŐĂŶůĂŝŶLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂůĚŝůƵĂƌŬĂƉĂƐŝƚĂƐƉĞŶŐƵƌƵƐĂŶĚŝƌĞŬƐŝƚĞƌŬĂŝƚWĞŶĂǁĂƌĂŶ
hŵƵŵ ĨĞŬďĞƌƐŝĨĂƚĞŬƵŝƚĂƐĂƚĂƐƉĞŶĐĂƚĂƚĂŶŶLJĂĚŝƵƌƐĂ ĨĞŬ͘
dŝĚĂŬĂĚĂŚĂůLJĂŶŐĚĂƉĂƚŵĞŶŐŚĂŵďĂƚŬĞŵĂŵƉƵĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐ
ũĂǁĂďŶLJĂƐĞďĂŐĂŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĞŵŝŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶ
ZĞŵƵŶĞƌĂƐŝĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ
ZĞŵƵŶĞƌĂƐŝ ďĂŐŝ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ĚŝƚĞŶƚƵŬĂŶ ŽůĞŚ ZhW^͘ ZhW^ dĂŚƵŶĂŶ
ŵĞŵďĞƌŝŬĂŶŽƚŽƌŝƚĂƐƵŶƚƵŬŵĞŶĞŶƚƵŬĂŶŬĞƐĞůƵƌƵŚĂŶũƵŵůĂŚƌĞŵƵŶĞƌĂƐŝƐĞƚŝĂƉƚĂŚƵŶŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ
ĚĂŶŝƌĞŬƐŝ͘ĞǁĂŶ<ŽŵŝƐĂƌŝƐŬĞŵƵĚŝĂŶŵĞŵĞƌŝŶƚĂŚŬĂŶWdĂŬƌĂŚĂŬƚŝWĂƌĂWƵƚƌĂƵŶƚƵŬŵĞŶŐƵƐƵůŬĂŶƉĂŬĞƚ
ƌĞŵƵŶĞƌĂƐŝ͘ <ĞŵƵĚŝĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ LJĂŶŐ ďĞƌƚŝŶĚĂŬ ĂƚĂƐ ǁĞǁĞŶĂŶŐ LJĂŶŐ ĚŝůŝŵƉĂŚŬĂŶ ŽůĞŚ ZhW^͕
ŵĞŶLJĞƚƵũƵŝũƵŵůĂŚĂŬŚŝƌƚĞƌƐĞďƵƚ͘
ĞƌŝŬƵƚũƵŵůĂŚƌĞŵƵŶĞƌĂƐŝĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝWĞƌƐĞƌŽĂŶ͗
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ Ϯϯ͘ϯϱϭ Ϯϲ͘ϳϭϳ
dŝĚĂŬĂĚĂŬŽŶƚƌĂŬƚĞƌŬĂŝƚŝŵďĂůĂŶŬĞƌũĂƐĞƚĞůĂŚŵĂƐĂŬĞƌũĂďĞƌĂŬŚŝƌďĂŐŝĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ
ϭϭ͘ϰ ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ
191
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hŶƚƵŬŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϯϱͬWK:<͘ϬϰͬϮϬϭϰƚĂŶŐŐĂůϴĞƐĞŵďĞƌϮϬϭϰƚĞŶƚĂŶŐ^ĞŬƌĞƚĂƌŝƐ
WĞƌƵƐĂŚĂĂŶ ŵŝƚĞŶ ĂƚĂƵ WĞƌƵƐĂŚĂĂŶ WƵďůŝŬ͕ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶĞƚĂƉŬĂŶ :ŽŚĂŶĞƐ tĂŚLJƵĚŝ ĚǁĂƌĚ
ƐĞďĂŐĂŝ ^ĞŬƌĞƚĂƌŝƐ WĞƌƵƐĂŚĂĂŶ ;ŽƌƉŽƌĂƚĞ ^ĞĐƌĞƚĂƌLJͿ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌůĂŬƵ ĞĨĞŬƚŝĨ ƉĂĚĂ ƚĂŶŐŐĂů ϭ KŬƚŽďĞƌ
ϮϬϭϱƐĞƐƵĂŝĚĞŶŐĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽŵŽƌEŽ͘Ϭϯϰͬ>'>Ͳ^<ͬyͬϮϬϭϱƚĂŶŐŐĂůϭKŬƚŽďĞƌϮϬϭϱ͘
:ŽŚĂŶĞƐ tĂŚLJƵĚŝ ĚǁĂƌĚ͘ tĂƌŐĂ EĞŐĂƌĂ /ŶĚŽŶĞƐŝĂ͕ ϰϱ ƚĂŚƵŶ͘ DĞŶũĂďĂƚ ƐĞďĂŐĂŝ ŚŝĞĨ ^ƚƌĂƚĞŐLJ Θ ƵƐŝŶĞƐƐ
ĞǀĞůŽƉŵĞŶƚKĨĨŝĐĞƌWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶŝƌĞŬƐŝƚĂŶŐŐĂůϬϭ:ƵůŝϮϬϭϵĚĂŶďĞůŝĂƵƚĞƚĂƉ
ŵĞŶũĂďĂƚ ƐĞďĂŐĂŝ ^ĞŬƌĞƚĂƌŝƐ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ Ϭϭ KŬƚŽďĞƌ ϮϬϭϱ͘ ĞůŝĂƵ ŵĞŶŝƚŝ ŬĂƌŝƌ Ěŝ ďŝĚĂŶŐ ŬĞƵĂŶŐĂŶ ĚĂŶ
ŝŶǀĞƐƚĂƐŝ ĚĞŶŐĂŶ ďĞŬĞƌũĂ Ěŝ Wd ŶĚĂůĂŶ ƌƚŚĂ ĚǀŝƐŝŶĚŽ ^ĞŬƵƌŝƚĂƐ ƚĂŚƵŶ ϮϬϬϬ Ͳ ϮϬϬϵ͘ ĞůŝĂƵ ũƵŐĂ ƉĞƌŶĂŚ
ŵĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌhƚĂŵĂĚĂƌŝWd ǀĞƌŐƌĞĞŶ/ŶǀĞƐĐŽdďŬƉĂĚĂƚĂŚƵŶϮϬϬϵͲϮϬϭϱ͘^ĞůĂŝŶŝƚƵ͕ďĞůŝĂƵũƵŐĂ
ŵĞŶũĂďĂƚƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐĚŝEĂƌĂĚĂŽŵŵƵŶŝĐĂƚŝŽŶƐĞũĂŬƚĂŚƵŶϮϬϬϯŚŝŶŐŐĂŬŝŶŝ͘ĞůŝĂƵƚĞůĂŚŵĞŶLJĞůĞƐĂŝŬĂŶ
ƐƚƵĚŝĚĂƌŝ&ĂŬƵůƚĂƐ ŬŽŶŽŵŝ:ƵƌƵƐĂŶŬƵŶƚĂŶƐŝ͕hŶŝǀĞƌƐŝƚĂƐ<ĂƚŚŽůŝŬ/ŶĚŽŶĞƐŝĂƚŵĂ:ĂLJĂ͕:ĂŬĂƌƚĂƚĂŚƵŶϮϬϬϬ͘
ĞůŝĂƵ ũƵŐĂ ƚĞůĂŚ ŵĞŶŐŝŬƵƚŝ ďĞƌďĂŐĂŝ ƉĞůĂƚŝŚĂŶ ƉƌŽĨĞƐŝŽŶĂů Ěŝ ďŝĚĂŶŐ ŬĞƵĂŶŐĂŶ ĚĂŶ ŝŶǀĞƐƚĂƐŝ LJĂŶŐ
ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŽůĞŚ ƵƌŽŵŽŶĞLJƚĂŚƵŶϮϬϬϬ͕ϮϬϬϰĚĂŶϮϬϬϲ͕ƐĞƌƚĂŵĞŵŝůŝŬŝůŝƐĞŶƐŝƐĞďĂŐĂŝDĂŶĂũĞƌ/ŶǀĞƐƚĂƐŝ
ĚĂƌŝĂƉĞƉĂŵͲ><ĚĂŶůƵůƵƐƵũŝĂŶƐĞƌƚŝĨŝŬĂƐŝDĂŶĂũĞŵĞŶ/ŶǀĞƐƚĂƐŝŽůĞŚK:<ƚĂŚƵŶϮϬϬϰ͘
^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶũƵŐĂŵĞŵŝŵƉŝŶĚŝǀŝƐŝ,ƵďƵŶŐĂŶ/ŶǀĞƐƚŽƌŵĞŵŝůŝŬŝƉĞƌĂŶĂŶƉĞŶƚŝŶŐĚĂůĂŵŵĞŵĨĂƐŝůŝƚĂƐŝ
ŬŽŵƵŶŝŬĂƐŝĂŶƚĂƌĂKƌŐĂŶWĞƌƐĞƌŽĂŶ͕ƐĞƌƚĂďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĚĂůĂŵƉĞŶLJƵƐƵŶĂŶŬĞďŝũĂŬĂŶ͕ƉĞƌĞŶĐĂŶĂĂŶƐĞƌƚĂ
ŵĞŵĂƐƚŝŬĂŶĞĨĞŬƚŝĨŝƚĂƐĚĂŶƚƌĂŶƐƉĂƌĂŶƐŝŬŽŵƵŶŝŬĂƐŝƉĞƌƵƐĂŚĂĂŶ͕ŚƵďƵŶŐĂŶŬĞůĞŵďĂŐĂĂŶ͕ŚƵďƵŶŐĂŶŝŶǀĞƐƚŽƌ
ĚĂŶƉĞůĂŬƵƉĂƐĂƌŵŽĚĂůůĂŝŶŶLJĂĚĞŶŐĂŶƚĞƚĂƉŵĞŵƉĞƌŚĂƚŝŬĂŶƉƌŝŶƐŝƉƐƚĂŶĚĂƌĞƚŝŬĂƉĞƌƵƐĂŚĂĂŶ͕ƉƌŝŶƐŝƉƚĂƚĂ
ŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶ͕ĚĂŶŶŝůĂŝͲŶŝůĂŝƉĞƌƵƐĂŚĂĂŶ͘^ĞůĂŝŶŝƚƵ͕^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶǁĂũŝďŵĞŵĂƐƚŝŬĂŶƉĞŵĞŶƵŚĂŶ
ŬĞƉĂƚƵŚĂŶƉĞƌƵƐĂŚĂĂŶƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶƉĞƌͲhŶĚĂŶŐͲhŶĚĂŶŐĂŶĚŝďŝĚĂŶŐƉĂƐĂƌŵŽĚĂů͘
ĞƌŝŬƵƚĂĚĂůĂŚƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďƵƚĂŵĂ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ͗
ϭ͘ DĞŶŐŝŬƵƚŝƉĞƌŬĞŵďĂŶŐĂŶWĂƐĂƌDŽĚĂůŬŚƵƐƵƐŶLJĂƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝďŝĚĂŶŐ
WĂƐĂƌDŽĚĂů͖
Ϯ͘ DĞŵďĞƌŝŬĂŶ ŵĂƐƵŬĂŶ ŬĞƉĂĚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƵŶƚƵŬ ŵĞŵĂƚƵŚŝ ŬĞƚĞŶƚƵĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐĂŶͲƵŶĚĂŶŐĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂůĚĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͖
ϯ͘ DĞŵďĂŶƚƵŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂůĂŵƉĞůĂŬƐĂŶĂĂŶƚĂƚĂŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞůŝƉƵƚŝ͗
Ă͘ <ĞƚĞƌďƵŬĂĂŶŝŶĨŽƌŵĂƐŝŬĞƉĂĚĂŵĂƐLJĂƌĂŬĂƚ͕ŵĞůĂůƵŝŝŶĨŽƌŵĂƐŝƉĂĚĂƐŝƚƵƐǁĞďWĞƌƵƐĂŚĂĂŶ͖
ď͘ WĞŶLJĂŵƉĂŝĂŶůĂƉŽƌĂŶŬĞƉĂĚĂŽƚŽƌŝƚĂƐƉĂƐĂƌŵŽĚĂůƐĞĐĂƌĂƚĞƉĂƚǁĂŬƚƵ͖
Đ͘ WĞŶLJĞůĞŶŐŐĂƌĂĂŶĚĂŶĚŽŬƵŵĞŶƚĂƐŝZhW^͖
Ě͘ WĞŶLJĞůĞŶŐŐĂƌĂĂŶĚĂŶĚŽŬƵŵĞŶƚĂƐŝZĂƉĂƚŝƌĞŬƐŝ͕ZĂƉĂƚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕ZĂƉĂƚĞƌƐĂŵĂĚĂŶZĂƉĂƚ
<ŽŵŝƚĞ͖
Ğ͘ WĞůĂŬƐĂŶĂĂŶWƌŽŐƌĂŵKƌŝĞŶƚĂƐŝWĞƌƵƐĂŚĂĂŶƵŶƚƵŬŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϰ͘ DĞŶŝŶŐŬĂƚŬĂŶŚƵďƵŶŐĂŶďĂŝŬĚĂŶƐĞďĂŐĂŝƉĞŶŐŚƵďƵŶŐĂŶƚĂƌĂWĞƌƵƐĂŚĂĂŶĚĞŶŐĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵ͕K:<͕
ĚĂŶƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶůĂŝŶŶLJĂ͘
ĂůĂŵƌĂŶŐŬĂŵĞŶŝŶŐŬĂƚŬĂŶƉĞŶŐĞƚĂŚƵĂŶĚĂŶŬŽŵƉĞƚĞŶƐŝ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ͕^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶĚĂƌŝ
ǁĂŬƚƵ ŬĞ ǁĂŬƚƵ ŵĞŶŐŝŬƵƚŝ ƉĞŶĚŝĚŝŬĂŶ ĚĂŶͬĂƚĂƵ ƉĞůĂƚŝŚĂŶ LJĂŶŐ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ŽůĞŚ K:<͕ /͕ ĂƐŽƐŝĂƐŝ ĚĂŶ
ůĞŵďĂŐĂďĞƌǁĞŶĂŶŐůĂŝŶŶLJĂ͘^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶƚĞůĂŚŵĞŶŐŝŬƵƚŝďĞďĞƌĂƉĂŬĞŐŝĂƚĂŶƉĞůĂƚŝŚĂŶĚŝƚĂŚƵŶϮϬϮϭ͕
ĂŶƚĂƌĂůĂŝŶ͗
EŽ dŽƉŝŬ WĞŶLJĞůĞŶŐŐĂƌĂ dĂŶŐŐĂů
ϭ ^ŽƐŝĂůŝƐĂƐŝ ^'ZĞƉŽƌƚŝŶŐ ƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂ ϮϮ:ĂŶƵĂƌŝϮϬϮϱ
Ϯ ^ŽƐŝĂůŝƐĂƐŝ WK:< EŽŵŽƌ ϰϱ dĂŚƵŶ ϮϬϮϰ ƚĞŶƚĂŶŐ KƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ ϲ&ĞďƌƵĂƌŝϮϬϮϱ
WĞŶŐĞŵďĂŶŐĂŶ ĚĂŶ WĞŶŐƵĂƚĂŶ ŵŝƚĞŶ ĚĂŶ
WĞƌƵƐĂŚĂĂŶWƵďůŝŬ
ϯ ĂŶĂŶƚĂƌĂ͗ ZĞǀŽůƵƚŝŽŶĂƌLJ sŝƐŝŽŶ Žƌ ƌĐŚŝƚĞĐƚƵƌĂů ^ƵĐŽƌ^ĞŬƵƌŝƚĂƐ ϭϮDĂƌĞƚϮϬϮϱ
KǀĞƌƌĞĂĐŚ͍
ϰ ^ŝĂƉĂ ŝďĂůŝŬ <ŽƌƉŽƌĂƐŝ͍ DĞŶĐĞƌŵĂƚŝ dƌĂŶƐƉĂƌĂŶƐŝ ƐŽƐŝĂƐŝ ŵŝƚĞŶ/ŶĚŽŶĞƐŝĂ ϭϵDĂƌĞƚϮϬϮϱ
ĞŶĞĨŝĐŝĂůKǁŶĞƌƐŚŝƉĚĂŶWĞŶŐĂƚƵƌĂŶŶLJĂĚŝ/ŶĚŽŶĞƐŝĂ
ϱ 'ŽŽŐůĞ/ŽŶĨĞƌĞŶĐĞ 'ŽŽŐůĞ ϭϬƉƌŝůϮϬϮϱ
ϲ ĐĐĞůĞƌĂƚĞ zŽƵƌ 'ƌŽǁƚŚ͗ ^ĞĐƵƌĞ ĂƉŝƚĂů ĂŶĚ hŶůŽĐŬ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ͕ ϯ:ƵŶŝϮϬϮϱ
sĂůƵĞƐǁŝƚŚŽŵĞƐƚŝĐŽŶĚDĂƌŬĞƚƐ <ƵƐƚŽĚŝĂŶ ^ĞŶƚƌĂů ĨĞŬ
/ŶĚŽŶĞƐŝĂ͕ W &/EK͕
192
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EŽ dŽƉŝŬ WĞŶLJĞůĞŶŐŐĂƌĂ dĂŶŐŐĂů
ƌĞĚŝƚ 'ƵĂƌĂŶƚĞĞ ĂŶĚ
/ŶǀĞƐƚŵĞŶƚ&ĂĐŝůŝƚŝĞƐ
ϳ EĂǀŝŐĂƚŝŶŐ 'ůŽďĂů LJŶĂŵŝĐƐ͗ dŚĞ ZĞƐŝůŝĞŶĐĞ ŽĨ ƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂ ϴ:ƵůŝϮϬϮϱ
Indonesia’s Economic and Financial Systems
ϴ 'Z/ϭϬϮΘ'Z/ ƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂ͕'Z/͕ ϯ^ĞƉƚĞŵďĞƌϮϬϮϱ
ϭϬϯ͗ůŝŵĂƚĞŚĂŶŐĞĂŶĚ ŶĞƌŐLJdŽƉŝĐ^ƚĂŶĚĂƌĚƐ ƐŽƐŝĂƐŝ ŵŝƚĞŶ/ŶĚŽŶĞƐŝĂ
ϵ ^W ƵƐŝŶĞƐƐ ^ƵŝƚĞ /ŶŶŽǀĂƚŝŽŶ ĂLJ ĨŽƌ ŝƐĐƌĞƚĞ ^W ϭϴ^ĞƉƚĞŵďĞƌϮϬϮϱ
DĂŶƵĨĂĐƚƵƌŝŶŐ
ϭϬ /ŶǀĞƐƚŽƌĂŝůLJ^Ƶŵŵŝƚ /ŶǀĞƐƚŽƌĂŝůLJ ϴͲϵKŬƚŽďĞƌϮϬϮϱ
ϭϭ /ŶĚŽŶĞƐŝĂΖƐ/ŶǀĞƐƚŵĞŶƚ,ŽƌŝnjŽŶ͗^ĞŝnjŝŶŐKƉƉŽƌƚƵŶŝƚŝĞƐ '/&͕<ĞŵĞŶƚƌŝĂŶ ϰEŽǀĞŵďĞƌϮϬϮϱ
ΘhŶůŽĐŬŝŶŐĂƉŝƚĂůŝŶϮϬϮϲ <ĞƵĂŶŐĂŶ
ϭϮ ZĂƚĞĚ ĨŽƌ 'ƌŽǁƚŚ͗ ZĂƚŝŶŐ͕ ZĞƉƵƚĂƐŝ͕ ĂŶ ĂLJĂ ^ĂŝŶŐ ƐŽƐŝĂƐŝ ŵŝƚĞŶ/ŶĚŽŶĞƐŝĂ͕ ϳEŽǀĞŵďŽƌϮϬϮϱ
ŵŝƚĞŶĚŝ ƌĂ<ĞďĞƌůĂŶũƵƚĂŶ W &/EK
ϭϯ džƉŽƐĞ WƌŽƉŽƐĂů ŝƐŶŝƐ ,ŝůŝƌŝƐĂƐŝ /ŶǀĞƐƚĂƐŝ ^ƚƌĂƚĞŐŝƐ <ĞŵĞŶƚƌŝĂŶ /ŶǀĞƐƚĂƐŝ ĚĂŶ ϭϴĞƐĞŵďĞƌϮϬϮϱ
dĂŚƵŶϮϬϮϱ ,ŝůŝƌŝƐĂƐŝ
ϭϰ ^ŽƐŝĂůŝƐĂƐŝ <ĞǁĂũŝďĂŶ WĞŶLJĂŵƉĂŝĂŶ >ĂƉŽƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ͕ ϭϵĞƐĞŵďĞƌϮϬϮϱ
<ĞƉĞŵŝůŝŬĂŶ ĂƚĂƵ ^ĞƚŝĂƉ WĞƌƵďĂŚĂŶ <ĞƉĞŵŝůŝŬĂŶ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ͕
^ĂŚĂŵ ƐĞƌƚĂ >ĂƉŽƌĂŶ ŬƚŝǀŝƚĂƐ DĞŶũĂŵŝŶŬĂŶ ^ĂŚĂŵ <ƵƐƚŽĚŝĂŶ ^ĞŶƚƌĂů ĨĞŬ
^ĞĐĂƌĂ ůĞŬƚƌŽŶŝŬ /ŶĚŽŶĞƐŝĂ
ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚŝŶĨŽƌŵĂƐŝƚĞŶƚĂŶŐ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ͗
EĂŵĂ ͗ :ŽŚĂŶĞƐtĂŚLJƵĚŝ ĚǁĂƌĚ
EŽŵŽƌdĞůĞƉŽŶ ͗ ;ϬϮϭͿϲϮϯϭϯϱϬϮ
&ĂŬƐŵŝůŝ ͗ ;ϬϮϭͿϲϮϰϬϯϭϯ
ŵĂŝů ͗ ĐŽƌƐĞĐΛƐƉŝŶĚŽ͘ĐŽ͘ŝĚ
ůĂŵĂƚ ͗ 'ĞĚƵŶŐĂũĂͲ:ů͘WĂŶŐĞƌĂŶ:ĂLJĂŬĂƌƚĂEŽ͘ϱϱ͕Zd͘ϭͬZt͘ϵ͕DĂŶŐŐĂƵĂ^Ğů͕͘<ĞĐĂŵĂƚĂŶ
^ĂǁĂŚĞƐĂƌ͕<ŽƚĂ:ĂŬĂƌƚĂWƵƐĂƚ͕ĂĞƌĂŚ<ŚƵƐƵƐ/ďƵŬŽƚĂ:ĂŬĂƌƚĂϭϬϳϯϬ
ϭϭ͘ϱ Komite Audit
^ĞƐƵĂŝ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ K:< EŽ͘ϱϱͬWK:<͘ϬϰͬϮϬϭϱ ƚĂŶŐŐĂů Ϯϯ ĞƐĞŵďĞƌ ϮϬϭϱ ƚĞŶƚĂŶŐ WĞŵďĞŶƚƵŬĂŶ ĚĂŶ
WĞĚŽŵĂŶWĞůĂŬƐĂŶĂĂŶ<ĞƌũĂ<ŽŵŝƚĞƵĚŝƚ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵďĞŶƚƵŬ<ŽŵŝƚĞƵĚŝƚƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶ
ĚĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐďĞƌůĂŬƵƐĞďĂŐĂŝŵĂŶĂƚĞƌĐĂŶƚƵŵĚĂůĂŵŬĞƉƵƚƵƐĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂů
ϭϵ&ĞďƌƵĂƌŝϮϬϭϴƚĞŶƚĂŶŐWĞŶŐĂŶŐŬĂƚĂŶ<ŽŵŝƚĞƵĚŝƚ͕ĚĞŶŐĂŶƐƵƐƵŶĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
<ĞƚƵĂ ͗ tĞůůLJdĂŶƚŽŶŽ;ŵĞƌĂŶŐŬĂƉƐĞďĂŐĂŝ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶWĞƌƐĞƌŽĂŶͿ
hƌĂŝĂŶƉĞŶŐĂůĂŵĂŶŬĞƌũĂĚĂƉĂƚŵĞƌƵũƵŬƉĂĚĂŚĂůĂŵĂŶϭϯϬ͘
ŶŐŐŽƚĂ ͗ ŶƚŽŶŝƵƐ<ĂƌĂŵŽLJ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϲϳƚĂŚƵŶ͘ĞůŝĂƵĚŝĂŶŐŬĂƚƐĞďĂŐĂŝĂŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚWĞƌƐĞƌŽĂŶƐĞũĂŬ
ƚĂŚƵŶ ϮϬϮϮ͘ ĞůŝĂƵ ŵĞƌĂŝŚ ŐĞůĂƌ DĂƐƚĞƌ ŽĨ ŽŵŵĞƌĐĞͲWƌŽĨĞƐƐŝŽŶĂů ĐĐŽƵŶƚŝŶŐ Ěŝ DĂĐƋƵĂƌŝĞ
hŶŝǀĞƌƐŝƚLJ͕^LJĚŶĞLJ͕ƵƐƚƌĂůŝĂƉĂĚĂϮϬϬϱ͘
WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗
• ŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚWĞƌƐĞƌŽĂŶ;ϮϬϮϮͲƐĞŬĂƌĂŶŐͿ
• ŚŝĞĨƵĚŝƚ džĞĐƵƚŝǀĞWdůĂŵ^ƵƚƌĂZĞĂůƚLJdďŬ;ϮϬϭϮͲϮϬϭϳͿ
• ƵƐŝŶĞƐƐĂŶĚƵĚŝƚ^ƵƉĞƌǀŝƐŽƌŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚ&ŝƌŵƐŝŶ^LJĚŶĞLJ͕ƵƐƚƌĂůŝĂ;ϭϵϵϵͲϮϬϭϭͿ
• ŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌWdWƵƚƌĂůǀŝƚĂWƌĂƚĂŵĂ;ϭϵϵϱͲϭϵϵϴͿ
• ŝƌĞŬƚƵƌ<ĞƵĂŶŐĂŶWdDŽĚĞƌŶůĂŶĚZĞĂůƚLJdďŬ;ϭϵϵϮͲϭϵϵϰͿ
• ŝƌĞŬƚƵƌ<ĞƵĂŶŐĂŶWd,ŽŶŽƌŝƐ/ŶĚƵƐƚƌLJ;ϭϵϴϴͲϭϵϵϮͿ
• /ŶƚĞƌŶĂůƵĚŝƚ^ƵƉĞƌǀŝƐŽƌWdƌLJĂhƉĂLJĂŽƌƉŽƌĂƚŝŽŶ;ϭϵϴϱͲϭϵϴϳͿ
• ^ĞŶŝŽƌƵĚŝƚŽƌƌƐ͘hƚŽŵŽΘŽ;ƌƚŚƵƌŶĚĞƌƐĞŶͿ;ϭϵϳϵͲϭϵϴϱͿ
DĂŶĂũĞƌĂďĂŶŐWƌĂƐĞƚŝŽhƚŽŵŽΘŽ;ƌƚŚƵƌŶĚĞƌƐĞŶΘŽ͕͘^Ϳ;ϭϵϵϬ–ϭϵϵϱͿ
ŶŐŐŽƚĂ ͗ zŽƐŚŝŶŽƌŝEŝƐŚŝŵŽƚŽ
tĂƌŐĂEĞŐĂƌĂ:ĞƉĂŶŐ͕ϱϬƚĂŚƵŶ͘ĞůŝĂƵĚŝĂŶŐŬĂƚŬĞŵďĂůŝƐĞďĂŐĂŝĂŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚWĞƌƐĞƌŽĂŶ
ƐĞũĂŬƚĂŚƵŶϮϬϮϰ͘ĞůŝĂƵŵĞƌĂŝŚŐĞůĂƌ^ĂƌũĂŶĂ,ƵŬƵŵĚŝhŶŝǀĞƌƐŝƚĂƐtĂƐĞĚĂ͕dŽŬLJŽ͕:ĞƉĂŶŐƚĂŚƵŶ
ϮϬϬϭ͘
WĞŶŐĂůĂŵĂŶŬĞƌũĂ͗
• ŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚWĞƌƐĞƌŽĂŶ;ϮϬϮϰͲƐĞŬĂƌĂŶŐͿ
• ^ĂůĞƐ^ƵƉĞƌǀŝƐŽƌ͕WĂďƌŝŬ<ĂƌĂǁĂŶŐWĞƌƐĞƌŽĂŶ;ϮϬϬϳͲϮϬϮϬͿ
• ŚŝĞĨŽĨ&ŽƌĞŝŐŶŝǀŝƐŝŽŶ͕Wd^ŚŝŐĞƚĂŶŝŵĂůWŚĂƌŵĂĐĞƵƚŝĐĂůƐ;ϮϬϬϱͲϮϬϬϳͿ
193
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<ŽŵŝƚĞ ƵĚŝƚ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ĚĞŶŐĂŶ ŵĞŶŐĂĐƵ ƉĂĚĂ WŝĂŐĂŵ <ŽŵŝƚĞ ƵĚŝƚ LJĂŶŐ
ĚŝƐĂŚŬĂŶďĞƌĚĂƐĂƌŬĂŶ<ĞƉƵƚƵƐĂŶ ĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ ƚĂŶŐŐĂůϯϬKŬƚŽďĞƌϮϬϭϳ͘ dƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐ
ũĂǁĂď<ŽŵŝƚĞƵĚŝƚŵĞůŝƉƵƚŝĂŶƚĂƌĂůĂŝŶ͗
ϭ͘ DĞůĂŬƵŬĂŶƉĞŶĞůĂĂŚĂŶĂƚĂƐŝŶĨŽƌŵĂƐŝŬĞƵĂŶŐĂŶLJĂŶŐĂŬĂŶĚŝŬĞůƵĂƌŬĂŶWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉƵďůŝŬĚĂŶͬĂƚĂƵ
ƉŝŚĂŬ ŽƚŽƌŝƚĂƐ ĂŶƚĂƌĂ ůĂŝŶ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ͕ ƉƌŽLJĞŬƐŝ͕ ĚĂŶ ůĂƉŽƌĂŶ ůĂŝŶŶLJĂ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ŝŶĨŽƌŵĂƐŝ
ŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͖
Ϯ͘ DĞůĂŬƵŬĂŶ ƉĞŶĞůĂĂŚĂŶ ĂƚĂƐ ŬĞƚĂĂƚĂŶ ƚĞƌŚĂĚĂƉ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶŬĞŐŝĂƚĂŶWĞƌƐĞƌŽĂŶ͖
ϯ͘ DĞŵďĞƌŝŬĂŶƉĞŶĚĂƉĂƚŝŶĚĞƉĞŶĚĞŶĚĂůĂŵŚĂůƚĞƌũĂĚŝƉĞƌďĞĚĂĂŶƉĞŶĚĂƉĂƚĂŶƚĂƌĂŵĂŶĂũĞŵĞŶĚĂŶŬƵŶƚĂŶ
ĂƚĂƐũĂƐĂLJĂŶŐĚŝďĞƌŝŬĂŶŶLJĂ͖
ϰ͘ DĞŵďĞƌŝŬĂŶƌĞŬŽŵĞŶĚĂƐŝŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞŶŐĞŶĂŝƉĞŶƵŶũƵŬĂŶŬƵŶƚĂŶLJĂŶŐĚŝĚĂƐĂƌŬĂŶƉĂĚĂ
ŝŶĚĞƉĞŶĚĞŶƐŝ͕ƌƵĂŶŐůŝŶŐŬƵƉƉĞŶƵŐĂƐĂŶĚĂŶĨĞĞ͖
ϱ͘ DĞůĂŬƵŬĂŶƉĞŶĞůĂĂŚĂŶĂƚĂƐƉĞůĂŬƐĂŶĂĂŶƉĞŵĞƌŝŬƐĂĂŶŽůĞŚĂƵĚŝƚŽƌŝŶƚĞƌŶĂůĚĂŶŵĞŶŐĂǁĂƐŝƉĞůĂŬƐĂŶĂĂŶ
ƚŝŶĚĂŬůĂŶũƵƚŽůĞŚŝƌĞŬƐŝĂƚĂƐƚĞŵƵĂŶĂƵĚŝƚŽƌŝŶƚĞƌŶĂů͖
ϲ͘ DĞůĂŬƵŬĂŶƉĞŶĞůĂĂŚĂŶƚĞƌŚĂĚĂƉĂŬƚŝǀŝƚĂƐƉĞůĂŬƐĂŶĂĂŶŵĂŶĂũĞŵĞŶƌŝƐŝŬŽLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚŝƌĞŬƐŝ͕ũŝŬĂ
WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝĨƵŶŐƐŝƉĞŵĂŶƚĂƵƌŝƐŝŬŽĚŝďĂǁĂŚĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖
ϳ͘ DĞŶĞůĂĂŚƉĞŶŐĂĚƵĂŶLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉƌŽƐĞƐĂŬƵŶƚĂŶƐŝĚĂŶƉĞůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͖
ϴ͘ DĞŶĞůĂĂŚ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ƐĂƌĂŶ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ĂĚĂŶLJĂ ƉŽƚĞŶƐŝ ďĞŶƚƵƌĂŶ
ŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶ͖ĚĂŶ
ϵ͘ DĞŶũĂŐĂŬĞƌĂŚĂƐŝĂĂŶĚŽŬƵŵĞŶ͕ĚĂƚĂĚĂŶŝŶĨŽƌŵĂƐŝWĞƌƐĞƌŽĂŶ͘
<ŽŵŝƚĞƵĚŝƚĚŝĂŶŐŬĂƚĚĂŶďĞƌƚĂŶŐŐƵŶŐũĂǁĂďƚĞƌŚĂĚĂƉĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ZĂƉĂƚ<ŽŵŝƚĞƵĚŝƚĚŝůĂŬƵŬĂŶƐĞĐĂƌĂďĞƌŬĂůĂƉĂůŝŶŐŬƵƌĂŶŐϭ;ƐĂƚƵͿŬĂůŝĚĂůĂŵϯ;ƚŝŐĂͿďƵůĂŶ͘^ĞůĂŵĂƚĂŚƵŶϮϬϮϱ͕
<ŽŵŝƚĞƵĚŝƚƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚƐĞďĂŶLJĂŬϴŬĂůŝ͕ĚĞŶŐĂŶƌŝŶĐŝĂŶƚŝŶŐŬĂƚŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĞƌƐĞŶƚĂƐĞ
EĂŵĂ :ƵŵůĂŚZĂƉĂƚϮϬϮϱ :ƵŵůĂŚ<ĞŚĂĚŝƌĂŶ
<ĞŚĂĚŝƌĂŶ
tĞůůLJdĂŶƚŽŶŽ ϴŬĂůŝ ϴŬĂůŝ ϭϬϬй
ŶƚŽŶŝƵƐ<ĂƌĂŵŽLJ ϴŬĂůŝ ϴŬĂůŝ ϭϬϬй
zŽƐŚŝŶŽƌŝEŝƐŚŝŵŽƚŽ ϴŬĂůŝ ϱŬĂůŝ ϲϮй
^ĞůĂŵĂƚĂŚƵŶϮϬϮϱ͕<ŽŵŝƚĞƵĚŝƚWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶͲŬĞŐŝĂƚĂŶĂŶƚĂƌĂůĂŝŶZĂƉĂƚ<ŝŶĞƌũĂ͕ZĂƉĂƚ
<ŽŵŝƚĞ͕ZĂƉĂƚ^ƚƌĂƚĞŐŝƐ͕ĚĂŶZĂƉĂƚ<ŽŽƌĚŝŶĂƐŝĚĞŶŐĂŶƵĚŝƚŽƌ/ŶƚĞƌŶĂů͘
ϭϭ͘ϲ <ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ
WĞůĂŬƐĂŶĂĂŶĨƵŶŐƐŝZĞŵƵŶĞƌĂƐŝĚĂŶEŽŵŝŶĂƐŝWĞƌƐĞƌŽĂŶĚŝũĂůĂŶŬĂŶŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞďĂŐĂŝƉĞŵĞŶƵŚĂŶ
ƚĞƌŚĂĚĂƉŬĞƚĞŶƚƵĂŶWK:<EŽ͘ϯϰͬWK:<͘ϬϰͬϮϬϭϰ͘hƌĂŝĂŶƉĞŶŐĂůĂŵĂŶŬĞƌũĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂƉĂƚŵĞƌƵũƵŬƉĂĚĂ
WƌŽƐƉĞŬƚƵƐŚĂůĂŵĂŶϭϯϬ–ϭϯϭ͘
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞůĂŚ ŵĞŵŝůŝŬŝ WĞĚŽŵĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĂůĂŵ WĞůĂŬƐĂŶĂĂŶ &ƵŶŐƐŝ EŽŵŝŶĂƐŝ ĚĂŶ
ZĞŵƵŶĞƌĂƐŝƚĂŶŐŐĂůϯϭŐƵƐƚƵƐϮϬϮϭ͘
<ŽŵŝƚĞ ZĞŵƵŶĞƌĂƐŝ ĚĂŶ EŽŵŝŶĂƐŝ ŵĞůĂŬƵŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐĞƐƵĂŝ ĚĞŶŐĂŶ WŝĂŐĂŵ <ŽŵŝƚĞ
ZĞŵƵŶĞƌĂƐŝĚĂŶEŽŵŝŶĂƐŝ͘dƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂď<ŽŵŝƚĞZĞŵƵŶĞƌĂƐŝĚĂŶEŽŵŝŶĂƐŝĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
dĞƌŬĂŝƚĚĞŶŐĂŶĨƵŶŐƐŝŶŽŵŝŶĂƐŝ͗
ϭ͘ ŵĞŶĞŶƚƵŬĂŶ͗
;ŝͿŬŽŵƉŽƐŝƐŝũĂďĂƚĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĞǁĂŶ<ŽŵŝƐĂƌŝƐ͖;ŝŝͿŬĞďŝũĂŬĂŶĚĂŶŬƌŝƚĞƌŝĂLJĂŶŐĚŝďƵƚƵŚŬĂŶ
ĚĂůĂŵƉƌŽƐĞƐŶŽŵŝŶĂƐŝ͖ĚĂŶ;ŝŝŝͿŬĞďŝũĂŬĂŶĞǀĂůƵĂƐŝŬŝŶĞƌũĂďĂŐŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĂŶŐŐŽƚĂĞǁĂŶ
<ŽŵŝƐĂƌŝƐ͖
Ϯ͘ ŵĞůĂŬƵŬĂŶƉĞŶŝůĂŝĂŶŬŝŶĞƌũĂĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶͬĂƚĂƵĞǁĂŶ<ŽŵŝƐĂƌŝƐďĞƌĚĂƐĂƌŬĂŶƚŽůĂŬƵŬƵƌLJĂŶŐƚĞůĂŚ
ĚŝƐƵƐƵŶƐĞďĂŐĂŝďĂŚĂŶĞǀĂůƵĂƐŝ͖
ϯ͘ ŵĞƌĞŬŽŵĞŶĚĂƐŝŬĂŶ ƉƌŽŐƌĂŵ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĞŵĂŵƉƵĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐ͖
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ϰ͘ ŵĞŵďĞƌŝŬĂŶ ƵƐƵůĂŶ ĐĂůŽŶ LJĂŶŐ ŵĞŵĞŶƵŚŝ ƐLJĂƌĂƚ ƐĞďĂŐĂŝ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶͬĂƚĂƵ ĂŶŐŐŽƚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐŬĞƉĂĚĂŝƌĞŬƐŝƵŶƚƵŬĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂZhW^͖
ĂůĂŵĨƵŶŐƐŝƌĞŵƵŶĞƌĂƐŝ͗
ϭ͘ ŵĞůĂŬƵŬĂŶƉĞŶŝůĂŝĂŶŬŝŶĞƌũĂĚĞŶŐĂŶŬĞƐĞƐƵĂŝĂŶZĞŵƵŶĞƌĂƐŝLJĂŶŐĚŝƚĞƌŝŵĂŵĂƐŝŶŐŵĂƐŝŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝ
ĚĂŶͬĂƚĂƵĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ͘
Ϯ͘ ŵĞŶĞŶƚƵŬĂŶ ͗ ;ŝͿ ƐƚƌƵŬƚƵƌ ƌĞŵƵŶĞƌĂƐŝ ;ƚĞƌŵĂƐƵŬ ĨĂƐŝůŝƚĂƐͲĨĂƐŝůŝƚĂƐ ĚĂŶ ƚƵŶũĂŶŐĂŶͲƚƵŶũĂŶŐĂŶͿ ďĂŐŝ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝƵŶƚƵŬĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂZhW^͕ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶŬŝŶĞƌũĂŬĞƵĂŶŐĂŶ͕ƉƌĞƐƚĂƐŝ
ŬĞƌũĂŝŶĚŝǀŝĚƵĂů͕ŬĞǁĂũĂƌĂŶĚĞŶŐĂŶƉĞĞƌŐƌŽƵƉ͕ŶŝůĂŝƚĂŵďĂŚďĂŐŝƉĞŵĞŐĂŶŐƐĂŚĂŵ͕ƉĞƌƚŝŵďĂŶŐĂŶƐĂƐĂƌĂŶ
ĚĂŶƐƚƌĂƚĞŐŝũĂŶŐŬĂƉĂŶũĂŶŐWĞƌƐĞƌŽĂŶ͖;ŝŝͿŬĞďŝũĂŬĂŶƌĞŵƵŶĞƌĂƐŝďĂŐŝƉĞũĂďĂƚĞŬƐĞŬƵƚŝĨĚĂŶŬĂƌLJĂǁĂŶƉĂĚĂ
ƵŵƵŵŶLJĂƵŶƚƵŬĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝ͖ĚĂŶ;ŝŝŝͿďĞƐĂƌĂŶĂƚĂƐƌĞŵƵŶĞƌĂƐŝ͘
ϭϭ͘ϳ hŶŝƚƵĚŝƚ/ŶƚĞƌŶĂů
ĞƌĚĂƐĂƌŬĂŶ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϱϲͬWK:<͘ϬϰͬϮϬϭϱ ƚĂŶŐŐĂů Ϯϯ ĞƐĞŵďĞƌ ϮϬϭϱ ƚĞŶƚĂŶŐ WĞŵďĞŶƚƵŬĂŶ ĚĂŶ
WĞĚŽŵĂŶ WĞŶLJƵƐƵŶĂŶ WŝĂŐĂŵ hŶŝƚ ƵĚŝƚ /ŶƚĞƌŶĂů͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵďĞŶƚƵŬ hŶŝƚ /ŶƚĞƌŶĂů ƵĚŝƚ ƚĞƌĂŬŚŝƌ
ďĞƌĚĂƐĂƌŬĂŶ<ĞƉƵƚƵƐĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϵ:ĂŶƵĂƌŝϮϬϭϴĚĂŶŵĞŶŐĂŶŐŬĂƚ<ĞƉĂůĂ
hŶŝƚƵĚŝƚ/ŶƚĞƌŶĂůLJĂŝƚƵdĞŐƵŚ^ĂŶƚŽƐŽ͘
dĞŐƵŚ^ĂŶƚŽƐŽ͘tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϰϴƚĂŚƵŶ͘ĞůŝĂƵŵĞŶũĂďĂƚƐĞďĂŐĂŝ<ĞƉĂůĂƵĚŝƚ/ŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶ
ƐĞũĂŬƚĂŚƵŶϮϬϭϭ͘ĞůŝĂƵŵĞŶŝƚŝŬĂƌŝƌĚŝďŝĚĂŶŐĂŬƵŶƚĂŶƐŝƐĞũĂŬƚĂŚƵŶϭϵϵϲĚĞŶŐĂŶďĞŬĞƌũĂƉĂĚĂŬƵŶƚĂŶWƵďůŝŬ
dŽŶLJ ^ĂŶƚŽƐŽ Θ Ž͘͘ WĂĚĂ ƚĂŚƵŶ ϮϬϬϬ͕ ďĞůŝĂƵ ďĞƌŐĂďƵŶŐ ĚĞŶŐĂŶ Wd DƵůƚŝ WƌĂǁŶ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝ <ĞƉĂůĂ
ŬƵŶƚĂŶ͘^ĞůĂŶũƵƚŶLJĂďĞůŝĂƵďĞƌŐĂďƵŶŐĚĞŶŐĂŶWd,D^ĂŵƉŽĞƌŶĂdďŬƐĞũĂŬƚĂŚƵŶϮϬϬϭŚŝŶŐŐĂƚĂŚƵŶϮϬϭϭĚĂŶ
ƐĞŵƉĂƚ ŵĞŶũĂůĂŶŬĂŶ ďĞƌďĂŐĂŝ ƚƵŐĂƐ ƐĞďĂŐĂŝ /ŶƚĞƌŶĂů ƵĚŝƚ ͬ <ŽŶƚƌŽů /ŶƚĞƌŶĂů͕ ^ƵƉĞƌǀŝƐŽƌ ŬƵŶƚĂŶ͕ <ŽŶƚƌŽů
WƌŽLJĞŬ ^W ĚĂŶ ŶĂůŝƐ W ;ĐĐŽƵŶƚ WĂLJĂďůĞͿ͘ ĞůŝĂƵ ŵĞŵƉĞƌŽůĞŚ ŐĞůĂƌ ƐĂƌũĂŶĂ ĚĂƌŝ ^d/ DĂůĂŶŐŬƵĐĞĐǁĂƌĂ͕
DĂůĂŶŐ͕/ŶĚŽŶĞƐŝĂ͘
^ĞƐƵĂŝĚĞŶŐĂŶWŝĂŐĂŵƵĚŝƚ/ŶƚĞƌŶĂůLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶŽůĞŚŝƌĞŬƐŝďĞƌĚĂƐĂƌŬĂŶ<ĞƉƵƚƵƐĂŶEŽ͘ϬϬϯͬ<ŽŵͲ
/^^WͬϮϬϭϴƚĂŶŐŐĂůϵ:ĂŶƵĂƌŝϮϬϭϴ͕hŶŝƚƵĚŝƚ/ŶƚĞƌŶĂůŵĞŵƉƵŶLJĂŝƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ DĞŶLJƵƐƵŶĚĂŶŵĞůĂŬƐĂŶĂŬĂŶƌĞŶĐĂŶĂĂƵĚŝƚƚĂŚƵŶĂŶďĞƌďĂƐŝƐƌŝƐŝŬŽ͖
Ϯ͘ DĞŶŐƵũŝĚĂŶŵĞŶŐĞǀĂůƵĂƐŝƉĞůĂŬƐĂŶĂĂŶƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůĚĂŶƐŝƐƚĞŵŵĂŶĂũĞŵĞŶƌŝƐŝŬŽƐĞƐƵĂŝĚĞŶŐĂŶ
ŬĞďŝũĂŬĂŶƉĞƌƵƐĂŚĂĂŶ͖
ϯ͘ DĞůĂŬƵŬĂŶ ƉĞŵĞƌŝŬƐĂĂŶ ĚĂŶ ƉĞŶŝůĂŝĂŶ ĂƚĂƐ ĞĨŝĞŝŶƐŝ ĚĂŶ ĞĨĞŬƚŝĨŝƚĂƐ Ěŝ ďŝĚĂŶŐ ŬĞƵĂŶŐĂŶ͕ ĂŬƵŶƚĂŶƐŝ͕
ŽƉĞƌĂƐŝŽŶĂů͕ƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂ͕ƉĞŵĂƐĂƌĂŶ͕ƚĞŬŶŽůŽŐŝŝŶĨŽƌŵĂƐŝĚĂŶŬĞŐŝĂƚĂŶůĂŝŶŶLJĂ͖
ϰ͘ DĞŵďĞƌŝŬĂŶƐĂƌĂŶƉĞƌďĂŝŬĂŶĚĂŶŝŶĨƌŽŵĂƐŝLJĂŶŐŽďLJĞŬƚŝĨƚĞŶƚĂŶŐŬĞŐŝĂƚĂŶLJĂŶŐĚŝƉĞƌŝŬƐĂŬĞƉĂĚĂƐĞůƵƌƵŚ
ƚŝŶŐŬĂƚŵĂŶĂũĞŵĞŶ͖
ϱ͘ DĞŵďƵĂƚ ůĂƉŽƌĂŶ ŚĂƐŝů ƉĞŵĞƌŝŬƐĂĂŶ ĚĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ ůĂƉŽƌĂŶ ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ ŝƌĞŬƚƵƌ hƚĂŵĂ ĚĂŶ
<ŽŵŝƚĞƵĚŝƚ͖
ϲ͘ DĞŵĂŶƚĂƵ͕ŵĞŶŐĂŶĂůŝƐŝƐĚĂŶŵĞůĂƉŽƌŬĂŶƉĞůĂŬƐĂŶĂĂŶƚŝŶĚĂŬůĂŶũƵƚƉĞƌďĂŝŬĂŶLJĂŶŐƚĞůĂŚĚŝƐĂƌĂŶŬĂŶĚĂŶ
ĚŝƐĞƉĂŬĂƚŝ͖
ϳ͘ ĞŬĞƌũĂƐĂŵĂĚĞŶŐĂŶ<ŽŵŝƚĞƵĚŝƚ͖
ϴ͘ DĞŶLJƵƐƵŶƉƌŽŐƌĂŵƵŶƚƵŬŵĞŶŐĞǀĂůƵĂƐŝŵƵƚƵŬĞŐŝĂƚĂŶƵĚŝƚ/ŶƚĞƌŶĂůLJĂŶŐĚŝůĂŬƵŬĂŶ͖
ϵ͘ ĞƌƐĂŵĂͲƐĂŵĂ ĚĞŶŐĂŶ ŝƌĞŬƚƵƌ hƚĂŵĂ ŵĞŵďĂŚĂƐ ƚĂƌŐĞƚ ĚĂŶ <W/ ;<ĞLJ WĞƌĨŽƌŵĂŶĐĞ /ŶĚŝĐĂƚŽƌͿ ƵĚŝƚ
/ŶƚĞƌŶĂů͖
ϭϬ͘ DĞůĂŬƵŬĂŶƉĞŵĞƌŝŬƐĂĂŶŬŚƵƐƵƐũŝŬĂĚŝƉĞƌůƵŬĂŶ͖ĚĂŶ
ϭϭ͘ :ŝŬĂĚŝƉĞƌůƵŬĂŶŽůĞŚŵĂŶĂũĞŵĞŶ͕<ĞƉĂůĂƵĚŝƚ/ŶƚĞƌŶĂůĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďĚŝ
ůƵĂƌŬĞŐŝĂƚĂŶƵĚŝƚ/ŶƚĞƌŶĂů͘hŶƚƵŬŬĞƉĞƌůƵĂŶŝŶŝ͕ƉĞƌůƵĚŝďƵĂƚŬĂŶďĂƚĂƐĂŶĚĂŶƉĞŶŐĂǁĂƐĂŶŽůĞŚ<ŽŵŝƚĞ
ƵĚŝƚƵŶƚƵŬĚĂƉĂƚŵĞŶũĂŵŝŶŝŶĚĞƉĞŶĚĞŶƐŝĚĂŶŽďLJĞŬƚŝĨŝƚĂƐ͘
<ĞŐŝĂƚĂŶͲŬĞŐŝĂƚĂŶLJĂŶŐĚŝůĂŬƵŬĂŶhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂůƐĞůĂŵĂƚĂŚƵŶϮϬϮϬŚŝŶŐŐĂŬƵĂƌƚĂů/ƚĂŚƵŶϮϬϮϭŵĞůŝƉƵƚŝ
LJĂŝƚƵŵĞůĂŬƵŬĂŶĂƵĚŝƚŽƉĞƌĂƐŝŽŶĂůƵŶƚƵŬƐĞƚŝĂƉŽƌŐĂŶŝƐĂƐŝLJĂŶŐĂĚĂƐĞƐƵĂŝĚĞŶŐĂŶƉƌŽŐƌĂŵŬĞƌũĂĚĂŶŵĞůĂŬƵŬĂŶ
ŵŽŶŝƚŽƌŝŶŐĂƚĂƐƚŝŶĚĂŬůĂŶũƵƚŚĂƐŝůƚĞŵƵĂŶLJĂŶŐĂŬĂŶĚŝůĂŬƐĂŶĂŬĂŶ͘
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ϭϭ͘ϴ dĂŶŐŐƵŶŐ:ĂǁĂď^ŽƐŝĂůWĞƌƵƐĂŚĂĂŶ;ŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJĂƚĂƵ^ZͿ
WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝŐĂƌĚĂƚĞƌĚĞƉĂŶďĞƌƉĞƌĂŶŵĞŵďĞƌŝŬŽŶƚƌŝďƵƐŝƉĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝLJĂŶŐďĂŝŬƐƵĂƚƵŶĞŐĂƌĂ
ĚĂŶƐĞůĂůƵŵĞŵƉĞƌŚĂƚŝŬĂŶůŝŶŐŬƵŶŐĂŶĚŝƐĞŬŝƚĂƌŶLJĂ͘dĂŶŐŐƵŶŐ:ĂǁĂď^ŽƐŝĂůWĞƌƵƐĂŚĂĂŶ;^ZͿŵĞƌƵƉĂŬĂŶƐƵĂƚƵ
ƉƌŽŐƌĂŵ LJĂŶŐ ŵĞŶũĞŵďĂƚĂŶŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞǁƵũƵĚŬĂŶ ŚĂů ƚĞƌƐĞďƵƚ͘ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ĚĂůĂŵ
ƉĞŵĞŶƵŚĂŶdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶzĂŶŐďĂŝŬŵĂŬĂƚĂŶŐŐƵŶŐũĂǁĂďƐŽƐŝĂůŵĞƌƵƉĂŬĂŶŬĞǁĂũŝďĂŶƐĞƉĞƌƚŝLJĂŶŐ
ĚŝĐĂŶƚƵŵŬĂŶƉĂĚĂƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵ͘WĞƌƐĞƌŽĂŶƐĞůĂůƵƚƵƌƵƚƐĞƌƚĂĚĂůĂŵŵĞŵƉĞƌŚĂƚŝŬĂŶŵĂƐLJĂƌĂŬĂƚĚĂŶ
ŵĞŶŐŬŽŶƚƌŝďƵƐŝŬĂŶ ŶŝůĂŝ ƚĂŵďĂŚ ƐŽƐŝĂů ďĞƌƵƉĂ ƉĞŶŝŶŐŬĂƚĂŶ ŬƵĂůŝƚĂƐ ƉĞŶĚŝĚŝŬĂŶ͕ ƉĞŶŐĞŵďĂŶŐĂŶ ůŝŶŐŬƵŶŐĂŶ͕
ƐĞƌƚĂ ƉĞŶŝŶŐŬĂƚĂŶ ŬƵĂůŝƚĂƐ ŚŝĚƵƉ ƉĂƌĂ ŬĂƌLJĂǁĂŶ ĚĂŶ ŬŽŵƵŶŝƚĂƐ LJĂŶŐ ĂĚĂ Ěŝ ƐĞŬŝƚĂƌ WĞƌƐĞƌŽĂŶ͘ WĞůĂŬƐĂŶĂĂŶ
ŬĞŐŝĂƚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ƐŽƐŝĂů ƉĞƌƵƐĂŚĂĂŶ ŵĞƌƵƉĂŬĂŶ ďĞŶƚƵŬ ƚĂŶŐŐƵŶŐ ũĂǁĂď WĞƌƐĞƌŽĂŶ ƚĞƌŚĂĚĂƉ ƐĞůƵƌƵŚ
ƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶ͕ĂŶƚĂƌĂůĂŝŶŬŽŶƐƵŵĞŶ͕ŬĂƌLJĂǁĂŶ͕ƉĞŵĞŐĂŶŐƐĂŚĂŵ͕ŬŽŵƵŶŝƚĂƐĚĂŶůŝŶŐŬƵŶŐĂŶ͘
ĞƌŝŬƵƚďĞďĞƌĂƉĂŬĞŐŝĂƚĂŶ^ZLJĂŶŐƚĞůĂŚĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͕ĚŝĂŶƚĂƌĂŶLJĂ͗
ϭ͘ WĞŵďĂŶŐƵŶĂŶ^ĂƌĂŶĂĚĂŶWƌĂƐĂƌĂŶĂƵŵƵŵ
Ϯ͘ WĞŶŐĞŵďĂŶŐĂŶ ĚƵŬĂƐŝ
ϯ͘ WĞŶŐĞŵďĂŶŐĂŶ<ĞŐŝĂƚĂŶ^ŽƐŝĂůĚĂŶ<ĞĂŐĂŵĂĂŶ
ϰ͘ WĞŶLJĞĚŝĂĂŶ&ĂƐŝůŝƚĂƐ<ĞƐĞŚĂƚĂŶ
Perseroan juga memiliki kegiatan CSR Tematik yang diadakan pada tahun 2025 bertajuk ”SPINDO Peduli”.
WƌŽŐƌĂŵ ŝŶŝ ŵĞƌƵƉĂŬĂŶ ǁƵũƵĚ ŶLJĂƚĂ ŬŽŵŝƚŵĞŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŶĚƵŬƵŶŐ ƉĞŶŝŶŐŬĂƚĂŶ ŬƵĂůŝƚĂƐ ŚŝĚƵƉ
ŵĂƐLJĂƌĂŬĂƚ ŵĞůĂůƵŝ ƉĞŶLJĞĚŝĂĂŶ ĂŬƐĞƐ ƚĞƌŚĂĚĂƉ ĨĂƐŝůŝƚĂƐ ĚĂƐĂƌ LJĂŶŐ ůĂLJĂŬ͕ ŬŚƵƐƵƐŶLJĂ Ăŝƌ ďĞƌƐŝŚ͘ /ŶŝƐŝĂƚŝĨ ŝŶŝ
ƐĞũĂůĂŶ ĚĞŶŐĂŶ dƵũƵĂŶ WĞŵďĂŶŐƵŶĂŶ ĞƌŬĞůĂŶũƵƚĂŶ ;^ƵƐƚĂŝŶĂďůĞ ĞǀĞůŽƉŵĞŶƚ 'ŽĂůƐͬ^'ƐͿ ŶŽŵŽƌ ϲ LJĂŶŐ
ĚŝĐĂŶĂŶŐŬĂŶŽůĞŚWĞƌƐĞƌŝŬĂƚĂŶĂŶŐƐĂͲĂŶŐƐĂ͕LJĂŝƚƵŝƌĞƌƐŝŚĚĂŶ^ĂŶŝƚĂƐŝ>ĂLJĂŬ͘<ĞƚĞƌƐĞĚŝĂĂŶĂŝƌďĞƌƐŝŚLJĂŶŐ
ŵĞŵĂĚĂŝĚŝŚĂƌĂƉŬĂŶĚĂƉĂƚŵĞŵďĞƌŝŬĂŶĚĂŵƉĂŬƉŽƐŝƚŝĨƚĞƌŚĂĚĂƉŬĞƐĞŚĂƚĂŶ͕ƉƌŽĚƵŬƚŝǀŝƚĂƐ͕ĚĂŶŬĞƐĞũĂŚƚĞƌĂĂŶ
ŵĂƐLJĂƌĂŬĂƚ͘WĂĚĂƚĂŚƵŶϮϬϮϱ͕ƉƌŽŐƌĂŵĚŝůĂŬƵŬĂŶĚŝĚƵĂĚĞƐĂLJĂŝƚƵƵƐƵŶhŶĚĂŬĂŶ͕tŽŶŽƐŽďŽĚĂŶĞƐĂƵůƵ͕
'ƵŶƵŶŐŬŝĚƵů͘<ĂŵŝŵĞŶLJĞĚŝĂŬĂŶƉŝƉĂĂŝƌĚĂŶƉĞŶĂŵƉƵŶŐĂŶĂŝƌŬĞƉĂĚĂǁĂƌŐĂĞƐĂƐĞŚŝŶŐŐĂĚĂƉĂƚŵĞŵƉĞƌŽůĞŚ
ĂŝƌďĞƌƐŝŚƚĂŶƉĂŚĂƌƵƐďĞƌũĂůĂŶũĂƵŚŬĞƐƵŵďĞƌŵĂƚĂĂŝƌ͘>ĞďŝŚĚĂƌŝϱϬϬŬĞƉĂůĂŬĞůƵĂƌŐĂŵĞŶĚĂƉĂƚŵĂŶĨĂĂƚĚĂƌŝ
ƉƌŽŐƌĂŵŝŶŝ͘
ĞƌŝŬƵƚĂĚĂůĂŚƌŝŶĐŝĂŶĚĂŶĂLJĂŶŐĚŝĂůŽŬĂƐŝŬĂŶƵŶƚƵŬ^ZLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
^Z ϴϴϲ͘ϯϬϲ͘ϭϮϳ ϳϯϵ͘ϳϭϵ͘ϳϮϯ
ϭϭ͘ϵ ^ƚƌƵŬƚƵƌKƌŐĂŶŝƐĂƐŝWĞƌƐĞƌŽĂŶ
196
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11.10 DŝƚŝŐĂƐŝZŝƐŝŬŽ
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ <ĞƚĞƌŐĂŶƚƵŶŐĂŶ<ĞƉĂĚĂWŝŚĂŬ<ĞƚŝŐĂĚĂůĂŵ,ĂůWĞŶLJĞĚŝĂĂŶĂŚĂŶĂŬƵ͕WĞŶũƵĂůĂŶ
WƌŽĚƵŬ͕ĚĂŶWĞŶŐŝƌŝŵĂŶWƌŽĚƵŬ
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶũĂůŝŶŚƵďƵŶŐĂŶĚĞŶŐĂŶďĞďĞƌĂƉĂƉĞŵĂƐŽŬďĂŚĂŶďĂŬƵ;,ZĚĂŶZͿďĂŝŬĚĂƌŝƉĞŵĂƐŽŬ
ĚŽŵĞƐƚŝŬŵĂƵƉƵŶŝŶƚĞƌŶĂƐŝŽŶĂůLJĂŶŐďĞƌĂƐĂůĚĂƌŝďĞďĞƌĂƉĂŶĞŐĂƌĂ;ĂŶƚĂƌĂůĂŝŶ:ĞƉĂŶŐ͕ŝŶĂ͕ĚĂŶ<ŽƌĞĂͿŐƵŶĂ
ŵĞŶŐƵƌĂŶŐŝ ŬĞƚĞƌŐĂŶƚƵŶŐĂŶ ƉĂĚĂ ƐĂƚƵ ƉĞŵĂƐŽŬ ƚĞƌƚĞŶƚƵ͘ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ
ďĞƌĚĂƐĂƌŬĂŶƉĞƌƉĞƐĂŶĂŶƵŶƚƵŬŵĞŶũĂŐĂĨůĞŬƐŝďŝůŝƚĂƐƚĞƌŚĂĚĂƉƉĞƌƵďĂŚĂŶŚĂƌŐĂƉĂƐĂƌ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶũĂŐĂ
ƚŝŶŐŬĂƚƉĞƌƐĞĚŝĂĂŶďĂŚĂŶďĂŬƵƉĂĚĂůĞǀĞůƚĞƌƚĞŶƚƵƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶŬĞůĂŶŐƐƵŶŐĂŶƉƌŽƐĞƐƉƌŽĚƵŬƐŝ͘
ŝ ƐŝƐŝ ƉĞŶũƵĂůĂŶ͕ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ŵĞŶŐĞŵďĂŶŐŬĂŶ ũĂƌŝŶŐĂŶ ƉĞŶũƵĂůĂŶ ůĂŶŐƐƵŶŐ ĚĂŶ ŵĞŵƉĞƌůƵĂƐ ũĂŶŐŬĂƵĂŶ
ĚĞƉŽ ǁĂƌĞŚŽƵƐĞ Ěŝ ďĞďĞƌĂƉĂ ŬŽƚĂ ƵŶƚƵŬ ŵĞŶŐƵƌĂŶŐŝ ŬĞƚĞƌŐĂŶƚƵŶŐĂŶ ƚĞƌŚĂĚĂƉ ĚŝƐƚƌŝďƵƚŽƌ ƉŝŚĂŬ ŬĞƚŝŐĂ͘
WĞƌƐĞƌŽĂŶďĞƌƵƉĂLJĂŵĞŵďĂŶŐƵŶŚƵďƵŶŐĂŶLJĂŶŐŵĞŶŐŝŬĂƚĚĞŶŐĂŶĚŝƐƚƌŝďƵƚŽƌĚĂŶŵĞŵďĞƌŝŬĂŶŝŶƐĞŶƚŝĨLJĂŶŐ
ŬŽŵƉĞƚŝƚŝĨƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶĚŝƐƚƌŝďƵƚŽƌŵĞŵƉƌŝŽƌŝƚĂƐŬĂŶƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͘
hŶƚƵŬƉĞŶŐŝƌŝŵĂŶ͕WĞƌƐĞƌŽĂŶŵĞŶũĂůŝŶŬĞƌũĂƐĂŵĂĚĞŶŐĂŶďĞďĞƌĂƉĂƉĞƌƵƐĂŚĂĂŶůŽŐŝƐƚŝŬĚĂŶŵĞŶĚŝƐƚƌŝďƵƐŝŬĂŶ
ƉƌŽĚƵŬ ŵĞůĂůƵŝ ďĞďĞƌĂƉĂ ƉĂďƌŝŬ Ěŝ ^ƵƌĂďĂLJĂ͕ WĂƐƵƌƵĂŶ͕ ^ŝĚŽĂƌũŽ͕ ĚĂŶ <ĂƌĂǁĂŶŐ ŐƵŶĂ ŵĞŵŝƚŝŐĂƐŝ ƌŝƐŝŬŽ
ŬĞƚĞƌŐĂŶƚƵŶŐĂŶƉĂĚĂƐĂƚƵũĂůƵƌĚŝƐƚƌŝďƵƐŝ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵĂŶƚĂƵŬĞƚĞƌƐĞĚŝĂĂŶĂƌŵĂĚĂƉĞŶŐŝƌŝŵĂŶĚĂŶƚĂƌŝĨ
ƉĞŶŐŝƌŝŵĂŶďĂƌĂŶŐƵŶƚƵŬŵĞŶŐĂŶƚŝƐŝƉĂƐŝƉŽƚĞŶƐŝŐĂŶŐŐƵĂŶĚŝƐƚƌŝďƵƐŝ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ ŬŽŶŽŵŝ͕WŽůŝƚŝŬ͕ĚĂŶdƌĞŶDĂŬƌŽ
WĞƌƐĞƌŽĂŶ ŵĞŵĂŶƚĂƵ ƉĞƌŬĞŵďĂŶŐĂŶ ŬĞďŝũĂŬĂŶ ƉĞŵĞƌŝŶƚĂŚ ƚĞƌŵĂƐƵŬ ŬĞďŝũĂŬĂŶ ŵŽŶĞƚĞƌ ĂŶŬ /ŶĚŽŶĞƐŝĂ͕
ŬĞďŝũĂŬĂŶĨŝƐŬĂů͕ŬĞďŝũĂŬĂŶŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ŬĞďŝũĂŬĂŶƉĞƌĚĂŐĂŶŐĂŶ;D͕^E/ǁĂũŝď͕WϯE͕d<EͿ͕ƐĞƌƚĂŬĞďŝũĂŬĂŶ
ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ͘ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ĚŝǀĞƌƐŝĨŝŬĂƐŝ ƐĞŐŵĞŶ ƉĂƐĂƌ ŬĞ ďĞƌďĂŐĂŝ ŝŶĚƵƐƚƌŝ ;ŬŽŶƐƚƌƵŬƐŝ͕
ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ŵŝŶLJĂŬĚĂŶŐĂƐ͕ŽƚŽŵŽƚŝĨ͕ĨƵƌŶŝƚƵƌĞ͕ƉĞƌĂůĂƚĂŶƌƵŵĂŚƚĂŶŐŐĂͿƵŶƚƵŬŵĞŶŐƵƌĂŶŐŝŬĞƚĞƌŐĂŶƚƵŶŐĂŶ
ƉĂĚĂƐĂƚƵƐĞŬƚŽƌƚĞƌƚĞŶƚƵ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶLJĞƐƵĂŝŬĂŶƐƚƌĂƚĞŐŝŚĂƌŐĂĚĂŶƐƚƌƵŬƚƵƌďŝĂLJĂŽƉĞƌĂƐŝŽŶĂůƚĞƌŚĂĚĂƉ
ƉĞƌƵďĂŚĂŶŬŽŶĚŝƐŝĞŬŽŶŽŵŝĚĂŶƌĞŐƵůĂƐŝLJĂŶŐďĞƌůĂŬƵ͘
WĞƌƐĞƌŽĂŶ ŵĞŵĂŶƚĂƵ ĚŝŶĂŵŝŬĂ ŝŶĚƵƐƚƌŝ ďĂũĂ ŐůŽďĂů ƚĞƌŵĂƐƵŬ ŬĞůĞďŝŚĂŶ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ͕ ŬĞďŝũĂŬĂŶ ƚĂƌŝĨ
ƉĞƌĚĂŐĂŶŐĂŶ͕ ƐĞƌƚĂ ƉŽƚĞŶƐŝ ƉĞŶŐĂůŝŚĂŶ ĂƌƵƐ ƉĞƌĚĂŐĂŶŐĂŶ ;ƚƌĂĚĞ ĚŝǀĞƌƐŝŽŶͿ ƉƌŽĚƵŬ ďĂũĂ ŬĞ ƉĂƐĂƌ ĚŽŵĞƐƚŝŬ͘
WĞƌƐĞƌŽĂŶ ŵĞŵĂŶĨĂĂƚŬĂŶ ŝŶƐƚƌƵŵĞŶ ƉĞƌůŝŶĚƵŶŐĂŶ ŝŶĚƵƐƚƌŝ LJĂŶŐ ƚĞƌƐĞĚŝĂ ƐĞƉĞƌƚŝ D ĚĂŶ ^E/ǁĂũŝď ƵŶƚƵŬ
ŵĞŶũĂŐĂĚĂLJĂƐĂŝŶŐĚŝƉĂƐĂƌĚŽŵĞƐƚŝĐ
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚWĞƌƵďĂŚĂŶWĂƐŽŬĂŶĂƚĂƵ,ĂƌŐĂĂũĂ
WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌŽůĞŚ ďĂŚĂŶ ďĂŬƵ ĚĂƌŝ ďĞďĞƌĂƉĂ ƉĞŵĂƐŽŬ LJĂŶŐ ďĞƌďĞĚĂ ďĂŝŬ ĚĂƌŝ ŝŶƚĞƌŶĂƐŝŽŶĂů ŵĂƵƉƵŶ
ĚŽŵĞƐƚŝŬƵŶƚƵŬŵĞŵƵŶŐŬŝŶŬĂŶWĞƌƐĞƌŽĂŶŵĞŶŐĂŵďŝůŬĞƵŶƚƵŶŐĂŶĚĂƌŝƉĞƌďĞĚĂĂŶŚĂƌŐĂĚŝƉĂƐĂƌLJĂŶŐďĞƌďĞĚĂ͘
WĞƌƐĞƌŽĂŶŵĞŵĂŶƚĂƵƉĞƌŐĞƌĂŬĂŶŚĂƌŐĂďĂũĂĚŽŵĞƐƚŝŬĚĂŶŝŶƚĞƌŶĂƐŝŽŶĂůƐĞƌƚĂŵĞŵďƵĂƚƉƌŽLJĞŬƐŝŵĞŶŐĞŶĂŝƚƌĞŶ
ŚĂƌŐĂďĂŚĂŶďĂŬƵĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐ͘
ƉĂďŝůĂƚĞƌũĂĚŝŬĞŶĂŝŬĂŶŚĂƌŐĂďĂŚĂŶďĂŬƵ͕WĞƌƐĞƌŽĂŶŵĞŶŐĞǀĂůƵĂƐŝĂŶƚĂƌĂůĂŝŶŶŝůĂŝƉĞƌƐĞĚŝĂĂŶďĂŚĂŶďĂŬƵ͕
ĞŬƐƉĞŬƚĂƐŝ ŬĞŶĂŝŬĂŶ ŚĂƌŐĂ Ěŝ ŵĂƐĂ ŵĞŶĚĂƚĂŶŐ͕ ƉĞƌŵŝŶƚĂĂŶ ƉĞůĂŶŐŐĂŶ͕ ĚĂŶ ĨĂŬƚŽƌ ƉĂƐĂƌ ůĂŝŶŶLJĂ ƐĞďĞůƵŵ
ŵĞŶĞŶƚƵŬĂŶ ƉĞŶLJĞƐƵĂŝĂŶ ŚĂƌŐĂ ũƵĂů͘ WĞƌƐĞƌŽĂŶ ŵĞŶũĂŐĂ ŚƵďƵŶŐĂŶ ďĂŝŬ ĚĞŶŐĂŶ ƉĂƌĂ ƉĞŵĂƐŽŬ ƵŶƚƵŬ
ŵĞŵĂƐƚŝŬĂŶĂŬƐĞƐƚĞƌŚĂĚĂƉďĂŚĂŶďĂŬƵLJĂŶŐďĞƌŬƵĂůŝƚĂƐĚĞŶŐĂŶŚĂƌŐĂLJĂŶŐŬŽŵƉĞƚŝƚŝĨ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ&ůƵŬƚƵĂƐŝZƵƉŝĂŚ
WĞƌƐĞƌŽĂŶŵĞŵĂŶƚĂƵƉĞƌŐĞƌĂŬĂŶŶŝůĂŝƚƵŬĂƌŵĂƚĂƵĂŶŐĂƐŝŶŐƚĞƌƵƚĂŵĂh^͕zĞŶ͕ ƵƌŽ͕ĚĂŶŽůůĂƌ^ŝŶŐĂƉƵƌĂ͘
WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶƉĞŶLJĞƐƵĂŝĂŶŚĂƌŐĂũƵĂůďĞƌƚĂŚĂƉŬĞƉĂĚĂƉĞůĂŶŐŐĂŶƵŶƚƵŬŵĞŶŐŝŵďĂŶŐŝĚĂŵƉĂŬĨůƵŬƚƵĂƐŝ
ŶŝůĂŝ ƚƵŬĂƌ͘ DĂŶĂũĞŵĞŶ WĞƌƐĞƌŽĂŶ ŵĞŶŐĞǀĂůƵĂƐŝ ĞŬƐƉŽƐƵƌ ŵĂƚĂ ƵĂŶŐ ĂƐŝŶŐ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ĚĂŶ
ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶƉĞŶŐŐƵŶĂĂŶŝŶƐƚƌƵŵĞŶůŝŶĚƵŶŐŶŝůĂŝĂƉĂďŝůĂĚŝƉĞƌůƵŬĂŶ͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶŐĞůŽůĂ ŬŽŵƉŽƐŝƐŝ ƚƌĂŶƐĂŬƐŝ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ ĂƐŝŶŐ ƵŶƚƵŬ ŵĞŶũĂŐĂ ŬĞƐĞŝŵďĂŶŐĂŶ ĂŶƚĂƌĂ
ƉĞŶĚĂƉĂƚĂŶĚĂŶďŝĂLJĂLJĂŶŐďĞƌĚĞŶŽŵŝŶĂƐŝŵĂƚĂƵĂŶŐĂƐŝŶŐ͘
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DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚWĞŵďĂŶŐƵŶĂŶĂƚĂƵ ŬƐƉĂŶƐŝWĂďƌŝŬĚŝDĂƐĂĞƉĂŶ
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƐƚƵĚŝ ŬĞůĂLJĂŬĂŶ ĚĂŶ ƉĞƌĞŶĐĂŶĂĂŶ ĂŶŐŐĂƌĂŶ ƐĞďĞůƵŵ ŵĞŵƵůĂŝ ƐĞƚŝĂƉ ƉƌŽLJĞŬ
ƉĞŵďĂŶŐƵŶĂŶ ĂƚĂƵ ĞŬƐƉĂŶƐŝ͘ WĞƌƐĞƌŽĂŶ ŵĞŵĂƐƚŝŬĂŶ ŬĞƚĞƌƐĞĚŝĂĂŶ ƉĞƌŝnjŝŶĂŶ ĚĂƌŝ ƉĞŵĞƌŝŶƚĂŚ ƐĞƚĞŵƉĂƚ͕
ƉĞŶĚĂŶĂĂŶLJĂŶŐŵĞŵĂĚĂŝ͕ƐĞƌƚĂŬĞƚĞƌƐĞĚŝĂĂŶůĂŚĂŶƐĞďĞůƵŵŵĞŵƵůĂŝƚĂŚĂƉŬŽŶƐƚƌƵŬƐŝ͘WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶ
ƉĞŶŐĂǁĂƐĂŶƉƌŽLJĞŬƐĞĐĂƌĂďĞƌŬĂůĂƵŶƚƵŬŵĞŵĂŶƚĂƵƌĞĂůŝƐĂƐŝĂŶŐŐĂƌĂŶĚĂŶũĂĚǁĂůƉĞŵďĂŶŐƵŶĂŶ͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶŐĂŶŐŐĂƌŬĂŶ ďŝĂLJĂ ŬŽŶƚŝŶŐĞŶƐŝ ƵŶƚƵŬ ŵĞŶŐĂŶƚŝƐŝƉĂƐŝ ŬĞŵƵŶŐŬŝŶĂŶ ŬĞŶĂŝŬĂŶ ďŝĂLJĂ ĂƚĂƵ
ŬĞƚĞƌůĂŵďĂƚĂŶLJĂŶŐƚŝĚĂŬƚĞƌĚƵŐĂƐĞůĂŵĂŵĂƐĂƉĞŵďĂŶŐƵŶĂŶ͘WĞƌƐĞƌŽĂŶŵĞŶŐĞǀĂůƵĂƐŝƉƌŽLJĞŬƐŝƉĞƌŵŝŶƚĂĂŶ
ƉĂƐĂƌƐĞďĞůƵŵŵĞŵƵƚƵƐŬĂŶĚŝŵƵůĂŝŶLJĂƉĞŵďĂŶŐƵŶĂŶĂƚĂƵĞŬƐƉĂŶƐŝƉĂďƌŝŬƵŶƚƵŬŵĞŶŐƵƌĂŶŐŝƌŝƐŝŬŽƉĞŶƵƌƵŶĂŶ
ƉĞƌŵŝŶƚĂĂŶƐĞƚĞůĂŚƐĞůĞƐĂŝŶLJĂƉƌŽLJĞŬ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ'ĂŶŐŐƵĂŶŝƐŶŝƐ^ĞƉĞƌƚŝ<ĞďĂŬĂƌĂŶ͕<ĞĐĞůĂŬĂĂŶĚĂŶĞŶĐĂŶĂ>ĂŝŶŶLJĂƉĂĚĂ^ĂůĂŚ^ĂƚƵ
WĂďƌŝŬWĞƌƐĞƌŽĂŶ
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶŐŐƵŶĂŬĂŶĂƐƵƌĂŶƐŝƵŶƚƵŬŵĞůŝŶĚƵŶŐŝĂƐĞƚĚĂŶŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůŶLJĂ͕ƚĞƌŵĂƐƵŬŐĞĚƵŶŐ͕
ĨĂƐŝůŝƚĂƐ ƉĂďƌŝŬ͕ ƉĞƌĂůĂƚĂŶ͕ ŬĞŶĚĂƌĂĂŶ͕ ƉĞƌƐĞĚŝĂĂŶ͕ ŬĞƌƵƐĂŬĂŶ ŵĞƐŝŶ͕ ĚĂŶ ŐĂŶŐŐƵĂŶ ďŝƐŶŝƐ͘ WĞƌƐĞƌŽĂŶ
ŵĞŶĞƌĂƉŬĂŶ ƉƌŽƚŽŬŽů ƉĞŵĞůŝŚĂƌĂĂŶ ĨĂƐŝůŝƚĂƐ ƉĂďƌŝŬ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ĚĂŶ ƐƚĂŶĚĂƌ ŬĞƐĞůĂŵĂƚĂŶ Ěŝ ƐĞůƵƌƵŚ ĂƌĞĂ
ƉƌŽĚƵŬƐŝ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶLJĞďĂƌŬĂŶůŽŬĂƐŝƉƌŽĚƵŬƐŝĚŝďĞďĞƌĂƉĂƉĂďƌŝŬ;^ƵƌĂďĂLJĂ͕WĂƐƵƌƵĂŶ͕^ŝĚŽĂƌũŽ͕<ĂƌĂǁĂŶŐ͕ĚĂŶ
ƌĞŶĐĂŶĂ ƉĂďƌŝŬ Ěŝ 'ƌĞƐŝŬͿ ƵŶƚƵŬ ŵĞŶŐƵƌĂŶŐŝ ƌŝƐŝŬŽ ŬŽŶƐĞŶƚƌĂƐŝ ƉĂĚĂ ƐĂƚƵ ůŽŬĂƐŝ͘ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶLJƵƐƵŶ
ƌĞŶĐĂŶĂŬĞůĂŶŐƐƵŶŐĂŶďŝƐŶŝƐƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶƉƌŽƐĞƐƉƌŽĚƵŬƐŝƚĞƚĂƉďĞƌũĂůĂŶĂƉĂďŝůĂƚĞƌũĂĚŝŐĂŶŐŐƵĂŶƉĂĚĂ
ƐĂůĂŚƐĂƚƵƉĂďƌŝŬ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚWĞƌƚĂŶŐŐƵŶŐĂŶƐƵƌĂŶƐŝLJĂŶŐdŝĚĂŬĂƉĂƚDĞŶƵƚƵƉŝ^ĞůƵƌƵŚ<ĞƌƵŐŝĂŶWĞƌƐĞƌŽĂŶ
WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ŵĞŶŐĞǀĂůƵĂƐŝ ĐĂŬƵƉĂŶ ƉŽůŝƐ ĂƐƵƌĂŶƐŝ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ĚĂŶ ŵĞŶLJĞƐƵĂŝŬĂŶ ŶŝůĂŝ
ƉĞƌƚĂŶŐŐƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞƌŬĞŵďĂŶŐĂŶ ŶŝůĂŝ ĂƐĞƚ ĚĂŶ ƉŽƚĞŶƐŝ ŬĞƌƵŐŝĂŶ͘ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ
ƉĞŶĂŵďĂŚĂŶƉŽůŝƐĂƐƵƌĂŶƐŝƵŶƚƵŬƌŝƐŝŬŽƚĞƌƚĞŶƚƵLJĂŶŐďĞůƵŵƚĞƌĐĂŬƵƉĚĂůĂŵŚĂůƉĞƌƚĂŶŐŐƵŶŐĂŶƚĞƌƐĞďƵƚďĞůƵŵ
ĂĚĂ͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞůĂŬƵŬĂŶ ŵŝƚŝŐĂƐŝ ƌŝƐŝŬŽ ĚĂƌŝ ƐŝƐŝ ŽƉĞƌĂƐŝŽŶĂů ŵĞůĂůƵŝ ƉĞŶĞƌĂƉĂŶ ƐƚĂŶĚĂƌ ŬĞƐĞůĂŵĂƚĂŶ ĚĂŶ
ƉĞŵĞůŝŚĂƌĂĂŶ ĨĂƐŝůŝƚĂƐ ƉĂďƌŝŬ ŐƵŶĂ ŵĞŶŐƵƌĂŶŐŝ ŬĞŵƵŶŐŬŝŶĂŶ ƚĞƌũĂĚŝŶLJĂ ŬĞƌƵŐŝĂŶ LJĂŶŐ ŵĞůĞďŝŚŝ ŶŝůĂŝ
ƉĞƌƚĂŶŐŐƵŶŐĂŶĂƐƵƌĂŶƐŝ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚZĞŶĐĂŶĂ ŬƐƉĂŶƐŝLJĂŶŐdŝĚĂŬDĞŵďĞƌŝŬĂŶWĞƌƚƵŵďƵŚĂŶŝƐŶŝƐLJĂŶŐŝŚĂƌĂƉŬĂŶ
WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶĂŶĂůŝƐŝƐƉĂƐĂƌĚĂŶƉĞƌĞŶĐĂŶĂĂŶďŝƐŶŝƐƐĞďĞůƵŵŵĞŵƵƚƵƐŬĂŶŝŶǀĞƐƚĂƐŝĞŬƐƉĂŶƐŝ͘WĞƌƐĞƌŽĂŶ
ŵĞŶĞƚĂƉŬĂŶƚĂŚĂƉĂŶĞŬƐƉĂŶƐŝƐĞĐĂƌĂďĞƌƚĂŚĂƉĚĂŶŵĞŵĂŶƚĂƵƌĞĂůŝƐĂƐŝƚĞƌŚĂĚĂƉƚĂƌŐĞƚLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͘
WĞƌƐĞƌŽĂŶŵĞŵƉĞƌƐŝĂƉŬĂŶŬĞďƵƚƵŚĂŶƚĂŵďĂŚĂŶĚŝďŝĚĂŶŐŵĂŶĂũĞŵĞŶ͕ƐŝƐƚĞŵŝŶĨŽƌŵĂƐŝ͕ĚĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ
ƵŶƚƵŬŵĞŶĚƵŬƵŶŐƉĞƌƚƵŵďƵŚĂŶŽƉĞƌĂƐŝŽŶĂů͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ďĞƌƵƉĂLJĂ ŵĞƌĞŬƌƵƚ ĚĂŶ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ŵĂŶĂũĞŵĞŶ ĚĂŶ ƐƚĂĨ LJĂŶŐ ďĞƌŬƵĂůŝƚĂƐ ƵŶƚƵŬ
ŵĞŶĚƵŬƵŶŐ ƌĞŶĐĂŶĂ ŽƉĞƌĂƐŝŽŶĂů Ěŝ ŵĂƐĂ ĚĞƉĂŶ͘ WĞƌƐĞƌŽĂŶ ŵĞŶŐĞǀĂůƵĂƐŝ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ŝŵďĂů ŚĂƐŝů ĚĂƌŝ
ŝŶǀĞƐƚĂƐŝLJĂŶŐƚĞůĂŚĚŝƚĂŶĂŵŬĂŶĚĂŶŵĞůĂŬƵŬĂŶƉĞŶLJĞƐƵĂŝĂŶƌĞŶĐĂŶĂďŝƐŶŝƐĂƉĂďŝůĂĚŝƉĞƌůƵŬĂŶ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚDĂŶĂũĞƌŝĂůWĞƌƐĞĚŝĂĂŶLJĂŶŐdŝĚĂŬ ĨŝƐŝĞŶĚĂŶ<ĞůĞďŝŚĂŶWĂƐŽŬĂŶWĞƌƐĞĚŝĂĂŶ
WĞƌƐĞƌŽĂŶŵĞŶŐĞůŽůĂƚŝŶŐŬĂƚƉĞƌƐĞĚŝĂĂŶĚĞŶŐĂŶŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶƚƌĞŶƉĞƌŵŝŶƚĂĂŶƉĞůĂŶŐŐĂŶĚĂŶŬŽŶĚŝƐŝ
ƉĂƐĂƌ͘ WĞƌƐĞƌŽĂŶ ŵĞŶLJŝŵƉĂŶ ƉĞƌƐĞĚŝĂĂŶ ĚĂůĂŵ ũƵŵůĂŚ ƚĞƌƚĞŶƚƵ ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ŬĞƐŝĂƉĂŶ ŵĞŵĞŶƵŚŝ
ŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶ͕ƐĞŬĂůŝŐƵƐŵĞŵĂŶƚĂƵƐŝŬůƵƐƉĞƌƐĞĚŝĂĂŶƵŶƚƵŬŵĞŶŐƵƌĂŶŐŝƌŝƐŝŬŽƉĞŶƵŵƉƵŬĂŶ͘
WĞƌƐĞƌŽĂŶŵĞŶLJĞƐƵĂŝŬĂŶƌĞŶĐĂŶĂƉƌŽĚƵŬƐŝďĞƌĚĂƐĂƌŬĂŶƉƌŽLJĞŬƐŝƉĞƌŵŝŶƚĂĂŶĚĂŶŵĞůĂŬƵŬĂŶĞǀĂůƵĂƐŝƚĞƌŚĂĚĂƉ
ƉĞƌƐĞĚŝĂĂŶLJĂŶŐŵĞŶĚĞŬĂƚŝďĂƚĂƐǁĂŬƚƵƉĞŶLJŝŵƉĂŶĂŶƵŶƚƵŬŵĞŶŐŚŝŶĚĂƌŝŬĞƌƵƐĂŬĂŶƉƌŽĚƵŬ͘WĞƌƐĞƌŽĂŶũƵŐĂ
ŵĞŶŐĞůŽůĂŬĂƉĂƐŝƚĂƐŐƵĚĂŶŐƵŶƚƵŬŵĞŶũĂŐĂŬĞƐĞŝŵďĂŶŐĂŶĂŶƚĂƌĂŬĞƚĞƌƐĞĚŝĂĂŶďĞƌďĂŐĂŝũĞŶŝƐƉƌŽĚƵŬ͘
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DŝƚŝŐĂƐŝ ZŝƐŝŬŽ ƚĞƌŬĂŝƚ dŝŶŐŬĂƚ >ĞǀĞƌĂŐĞ LJĂŶŐ dŝŶŐŐŝ ĚĂŶ WĞŵďĂƚĂƐĂŶ KƉĞƌĂƐŝŽŶĂů ĚĂƌŝ WĞƌũĂŶũŝĂŶ ,ƵƚĂŶŐ
WĞƌƐĞƌŽĂŶ
WĞƌƐĞƌŽĂŶƚĞƌƵƐŵĞŶũĂŐĂƌĂƐŝŽŬĞƵĂŶŐĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌƐLJĂƌĂƚĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶĚĞŶŐĂŶ
ƉĂƌĂ ŬƌĞĚŝƚƵƌ͘ hƉĂLJĂ ƚĞƌƐĞďƵƚ ĚŝůĂŬƐĂŶĂŬĂŶ ŵĞůĂůƵŝ ƉĞŶŐĞůŽůĂĂŶ ĂƌƵƐ ŬĂƐ ŐƵŶĂ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ
ƉĞŵďĂLJĂƌĂŶďƵŶŐĂĚĂŶŚƵƚĂŶŐLJĂŶŐũĂƚƵŚƚĞŵƉŽ͘WĞƌƐĞƌŽĂŶũƵŐĂƚƵƌƵƚĂŬƚŝĨĚĂůĂŵŵĞŶĐĂƌŝƐƚƌƵŬƚƵƌƉĞŶĚĂŶĂĂŶ
ĚĞŶŐĂŶďŝĂLJĂLJĂŶŐŬŽŵƉĞƚŝƚŝĨĚĂŶŵĞŶŐĞůŽůĂŬŽŵƉŽƐŝƐŝŚƵƚĂŶŐƵŶƚƵŬŵĞŶŐƵƌĂŶŐŝďĞďĂŶďƵŶŐĂ͘
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƐĞůƵƌƵŚƌĂƐŝŽŬĞƵĂŶŐĂŶLJĂŶŐĚŝƉĞƌƐLJĂƌĂƚŬĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶŬƌĞĚŝƚƐĂŵƉĂŝĚĞŶŐĂŶ
ƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝƚĞůĂŚĚŝƚĞƌďŝƚŬĂŶ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚŝƐŶŝƐWĞƌƐĞƌŽĂŶ^ĞďĂŐĂŝ/ŶĚƵƐƚƌŝWĂĚĂƚDŽĚĂůLJĂŶŐDĞŵďƵƚƵŚŬĂŶ/ŶǀĞƐƚĂƐŝĚĂŶDŽĚĂů
<ĞƌũĂ
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶƉĞƌĞŶĐĂŶĂĂŶŝŶǀĞƐƚĂƐŝĚĂŶŵŽĚĂůŬĞƌũĂƐĞĐĂƌĂƚĞƌƐƚƌƵŬƚƵƌƐĞƌƚĂŵĞŵƉƌŝŽƌŝƚĂƐŬĂŶ
ĂůŽŬĂƐŝĚĂŶĂƵŶƚƵŬŬĞďƵƚƵŚĂŶŽƉĞƌĂƐŝŽŶĂů͘WĞƌƐĞƌŽĂŶŵĞŶŐĂŬƐĞƐƐƵŵďĞƌƉĞŶĚĂŶĂĂŶLJĂŶŐďĞƌĂŐĂŵ͕ƚĞƌŵĂƐƵŬ
ƉŝŶũĂŵĂŶƉĞƌďĂŶŬĂŶ͕ƉĂƐĂƌŵŽĚĂů;ŵĞůĂůƵŝƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚͿ͕ƐĞƌƚĂƉĞŶĚĂŶĂĂŶŝŶƚĞƌŶĂůĚĂƌŝ
ĂƌƵƐŬĂƐŽƉĞƌĂƐŝŽŶĂů͘
WĞƌƐĞƌŽĂŶŵĞŶLJƵƐƵŶƉƌŝŽƌŝƚĂƐŝŶǀĞƐƚĂƐŝďĞƌĚĂƐĂƌŬĂŶŬĞďƵƚƵŚĂŶƉĞŵĞůŝŚĂƌĂĂŶĚĂŶƉĞƌďĂŝŬĂŶƉĂďƌŝŬLJĂŶŐƉĂůŝŶŐ
ŵĞŶĚĞƐĂŬƵŶƚƵŬŵĞŶũĂŐĂŬŝŶĞƌũĂŽƉĞƌĂƐŝŽŶĂů͘WĞƌƐĞƌŽĂŶũƵŐĂƚĞƌƵƐŵĞŶũĂŐĂŚƵďƵŶŐĂŶďĂŝŬĚĞŶŐĂŶŬƌĞĚŝƚƵƌ
ĚĂŶŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶLJĂŶŐĚŝƉĞƌƐLJĂƌĂƚŬĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶƉĞŵďŝĂLJĂĂŶ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚWĞƌƐĂŝŶŐĂŶ/ŶĚƵƐƚƌŝLJĂŶŐdŝŶŐŐŝ
WĞƌƐĞƌŽĂŶƚĞůĂŚďĞƌƵƉĂLJĂŵĞŶŝŶŐŬĂƚŬĂŶĞĨŝƐŝĞŶƐŝŽƉĞƌĂƐŝŽŶĂůĚĂŶŵĞŵƉĞƌůƵĂƐǀĂƌŝĂƐŝƉƌŽĚƵŬƵŶƚƵŬŵĞůĂLJĂŶŝ
ďĞƌďĂŐĂŝ ƐĞŐŵĞŶ ƉĂƐĂƌ͘ WĞƌƐĞƌŽĂŶ ŵĞŶũĂŐĂ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞůĂŶŐŐĂŶ ĚĂŶ ĚŝƐƚƌŝďƵƚŽƌ ƐĞƌƚĂ ŵĞŵĂŶƚĂƵ
ƐƚƌĂƚĞŐŝƉĞƐĂŝŶŐĚŝƉĂƐĂƌĚŽŵĞƐƚŝŬ͘WĞƌƐĞƌŽĂŶŵĞŵĂŶĨĂĂƚŬĂŶƉĞŶŐĂůĂŵĂŶƉĂŶũĂŶŐŵĂŶĂũĞŵĞŶĚŝŝŶĚƵƐƚƌŝƉŝƉĂ
ďĂũĂ͕ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ LJĂŶŐ ŵĞŵĂĚĂŝ͕ ƐĞƌƚĂ ũĂƌŝŶŐĂŶ ĚŝƐƚƌŝďƵƐŝ LJĂŶŐ ƚĞƌƐĞďĂƌ Ěŝ ďĞďĞƌĂƉĂ ůŽŬĂƐŝ ƵŶƚƵŬ
ŵĞŵƉĞƌƚĂŚĂŶŬĂŶƉŽƐŝƐŝŬŽŵƉĞƚŝƚŝĨ͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶũĂŐĂ ƚŝŶŐŬĂƚ ƵƚŝůŝƐĂƐŝ ƉĂďƌŝŬ ĚĂŶ ďĞƌƵƉĂLJĂ ŵĞŵƉĞƌŽůĞŚ ďĂŚĂŶ ďĂŬƵ ĚĞŶŐĂŶ ŚĂƌŐĂ LJĂŶŐ
ŬŽŵƉĞƚŝƚŝĨ ƵŶƚƵŬ ŵĞŶũĂŐĂ ŵĂƌũŝŶ ŬĞƵŶƚƵŶŐĂŶ͘ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ŵĞŶŐĞŵďĂŶŐŬĂŶ ƉƌŽĚƵŬ ĚĂŶ ůĂLJĂŶĂŶ ƵŶƚƵŬ
ŵĞŵĞŶƵŚŝƉĞƌƵďĂŚĂŶŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶĚŝďĞƌďĂŐĂŝƐĞŬƚŽƌŝŶĚƵƐƚƌŝ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ<ĞŚŝůĂŶŐĂŶ<ĂƌLJĂǁĂŶ<ƵŶĐŝ
WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ƉƌŽŐƌĂŵ ƌĞƚĞŶƐŝ ƵŶƚƵŬ ŵĞŶũĂŐĂ ůŽLJĂůŝƚĂƐ ŵĂŶĂũĞŵĞŶ ƐĞŶŝŽƌ ĚĂŶ ƚĞŶĂŐĂ ŬĞƌũĂ
ďĞƌŬƵĂůŝƚĂƐ͘ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞůĂƚŝŚĂŶ ĚĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ŬŽŵƉĞƚĞŶƐŝ ŬĂƌLJĂǁĂŶ ƉŽƚĞŶƐŝĂů͕ ƚĞƌŵĂƐƵŬ
ŝŶƐŝŶLJƵƌ ŵĞƐŝŶ ĚĂŶ ůĂďŽƌĂƚŽƌŝƵŵ͕ ƵŶƚƵŬ ŵĞŵƉĞƌƐŝĂƉŬĂŶ ƌĞŐĞŶĞƌĂƐŝ͘ WĞƌƐĞƌŽĂŶ ŵĞŶLJƵƐƵŶ ƌĞŶĐĂŶĂ ƐƵŬƐĞƐŝ
ŵĂŶĂũĞŵĞŶĚĂŶŵĞŶũĂŐĂůŝŶŐŬƵŶŐĂŶŬĞƌũĂLJĂŶŐŬŽŶĚƵƐŝĨ͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵďĂŶŐƵŶ ŚƵďƵŶŐĂŶ ŝŶƐƚŝƚƵƐŝŽŶĂů ĚĞŶŐĂŶ ƉĞŵĂƐŽŬ ĚĂŶ ƉĞůĂŶŐŐĂŶ ĂŐĂƌ ƚŝĚĂŬ ƐĞƉĞŶƵŚŶLJĂ
ďĞƌŐĂŶƚƵŶŐ ƉĂĚĂ ŚƵďƵŶŐĂŶ ƉĞƌƐŽŶĂů ŵĂŶĂũĞŵĞŶ ŬƵŶĐŝ͘ WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂLJĂ ŵĞŶũĂŐĂ ŬŽŵƉĞŶƐĂƐŝ ĚĂŶ
ƚƵŶũĂŶŐĂŶLJĂŶŐŬŽŵƉĞƚŝƚŝĨƵŶƚƵŬŵĞŶŐƵƌĂŶŐŝƌŝƐŝŬŽŬĂƌLJĂǁĂŶŬƵŶĐŝĚŝĂŵďŝůŽůĞŚƉĞƐĂŝŶŐ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚdŝĚĂŬĞƌũĂůĂŶŶLJĂ^ĂůĂŚ^ĂƚƵůƵƌWƌŽĚƵŬƐŝ^ĞŚŝŶŐŐĂDĞŶŐŐĂŶŐŐƵWƌŽƐĞƐWƌŽĚƵŬƐŝ
WĞƌƐĞƌŽĂŶŵĞŶLJƵƐƵŶũĂĚǁĂůƌĞůŽŬĂƐŝĚĂŶƉĞŵŝŶĚĂŚĂŶĨĂƐŝůŝƚĂƐƉĂďƌŝŬƐĞĐĂƌĂďĞƌƚĂŚĂƉ;ƚĞƌŵĂƐƵŬĚĂƌŝ^ƵƌĂďĂLJĂ
ĚĂŶ WĂƐƵƌƵĂŶ ŬĞ 'ƌĞƐŝŬͿ ƵŶƚƵŬ ŵĞŵŝŶŝŵĂůŬĂŶ ǁĂŬƚƵ ŚĞŶƚŝ ;ĚŽǁŶƚŝŵĞͿ ƉƌŽĚƵŬƐŝ͘ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂŶŐŐĂƌŬĂŶ
ďŝĂLJĂƌĞůŽŬĂƐŝ͕ŬĂůŝďƌĂƐŝƵůĂŶŐŵĞƐŝŶ͕ĚĂŶďŝĂLJĂƚĞƌŬĂŝƚůĂŝŶŶLJĂĚĂůĂŵƉĞƌĞŶĐĂŶĂĂŶƉƌŽLJĞŬ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵĂƐƚŝŬĂŶŬĞƚĞƌƐĞĚŝĂĂŶĨĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝĂůƚĞƌŶĂƚŝĨĚŝƉĂďƌŝŬůĂŝŶƐĞůĂŵĂƉƌŽƐĞƐƉĞŵŝŶĚĂŚĂŶ
ďĞƌůĂŶŐƐƵŶŐƵŶƚƵŬŵĞŶũĂŐĂƉĞŵĞŶƵŚĂŶƉĞƐĂŶĂŶƉĞůĂŶŐŐĂŶ͘WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶƉĞƌĞŶĐĂŶĂĂŶŽƉĞƌĂƐŝŽŶĂů
ƚĞƌŵĂƐƵŬƉĞŶũĂĚǁĂůĂŶƉƌŽĚƵŬƐŝůŝŶƚĂƐƉĂďƌŝŬƵŶƚƵŬŵĞŶŐĂŶƚŝƐŝƉĂƐŝŐĂŶŐŐƵĂŶĂůƵƌƉƌŽĚƵŬƐŝ͘
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DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ<ĞĐĞůĂŬĂĂŶ<ĞƌũĂWƌŽĚƵŬƐŝ
WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ƐƚĂŶĚĂƌ <ĞƐĞůĂŵĂƚĂŶ ĚĂŶ <ĞƐĞŚĂƚĂŶ <ĞƌũĂ ;<ϯͿ Ěŝ ƐĞůƵƌƵŚ ĂƌĞĂ ƉƌŽĚƵŬƐŝ͘ WĞƌƐĞƌŽĂŶ
ŵĞŵďĞƌŝŬĂŶƉĞůĂƚŝŚĂŶŬĞƐĞůĂŵĂƚĂŶŬĞƉĂĚĂƚĞŶĂŐĂŬĞƌũĂ͕ŵĞŶLJĞĚŝĂŬĂŶĂůĂƚƉĞůŝŶĚƵŶŐĚŝƌŝ͕ĚĂŶŵĞůĂŬƵŬĂŶĂƵĚŝƚ
ŬĞƐĞůĂŵĂƚĂŶƐĞĐĂƌĂďĞƌŬĂůĂ͘WĞƌƐĞƌŽĂŶŵĞŶLJŝĂƉŬĂŶƉƌŽƐĞĚƵƌŝŶǀĞƐƚŝŐĂƐŝĚĂŶƉĞŵƵůŝŚĂŶƉĂƐĐĂŬĞĐĞůĂŬĂĂŶƐĞƌƚĂ
ŵĞŵŝůŝŬŝĂƐƵƌĂŶƐŝŬĞĐĞůĂŬĂĂŶŬĞƌũĂďĂŐŝŬĂƌLJĂǁĂŶ͘
WĞƌƐĞƌŽĂŶũƵŐĂƚĞƌƵƐŵĞŵĂŶƚĂƵƉĞŵĞŶƵŚĂŶƐƚĂŶĚĂƌŬĞƐĞůĂŵĂƚĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚŝŶƐƚĂŶƐŝƉĞŵĞƌŝŶƚĂŚ
ƚĞƌŬĂŝƚĚĂŶŵĞůĂŬƵŬĂŶƉĞƌďĂŝŬĂŶĨĂƐŝůŝƚĂƐĚĂŶƉƌŽƐĞĚƵƌŬĞƐĞůĂŵĂƚĂŶĂƉĂďŝůĂĚŝƉĞƌůƵŬĂŶďĞƌĚĂƐĂƌŬĂŶŚĂƐŝůĂƵĚŝƚ
ĚĂŶĞǀĂůƵĂƐŝ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ<ĞƌƵƐĂŬĂŶWƌŽĚƵŬ͕<ĞƐĂůĂŚĂŶdĞŬŶŝƐĚĂŶĞƐĂŝŶ
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶĞƌĂƉŬĂŶ ƉƌŽƐĞƐ ƉĞŶŐĞŶĚĂůŝĂŶ ŵƵƚƵ ;ƋƵĂůŝƚLJ ĐŽŶƚƌŽůͿ ƉĂĚĂ ƐĞƚŝĂƉ ƚĂŚĂƉ ƉƌŽĚƵŬƐŝ ƵŶƚƵŬ
ŵĞŶũĂŐĂŬƵĂůŝƚĂƐƉƌŽĚƵŬLJĂŶŐĚŝŚĂƐŝůŬĂŶ͘WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶŝŶƐƉĞŬƐŝĂƚĂƐƐĞƚŝĂƉůĂƉŽƌĂŶƉƌŽĚƵŬĐĂĐĂƚĚĂŶ
ŵĞŶŐĞǀĂůƵĂƐŝƉĞŶLJĞďĂďŬĞĐĂĐĂƚĂŶƵŶƚƵŬŵĞŵƉĞƌďĂŝŬŝƉƌŽƐĞƐĚĞƐĂŝŶĚĂŶƉƌŽĚƵŬƐŝ͘
DŝƚŝŐĂƐŝ ZŝƐŝŬŽ ƚĞƌŬĂŝƚ WĞƌƵƐĂŚĂĂŶ dŝĚĂŬ DĂŵƉƵ DĞŵĞŶƵŚŝ <ƌŝƚĞƌŝĂ ĚĂŶ <ƵĂůŝƚĂƐ WƌŽĚƵŬ LJĂŶŐ ŝŵŝŶƚĂ
WĞůĂŶŐŐĂŶ
WĞƌƐĞƌŽĂŶŵĞŵĂƐƚŝŬĂŶƵŶƚƵŬŵĞŵŝůŝŬŝƐĞƌƚŝĨŝŬĂƐŝĚĂŶĂŬƌĞĚŝƚĂƐŝLJĂŶŐĚŝƉĞƌůƵŬĂŶƵŶƚƵŬĚĂƉĂƚŵĞŶŐŝŬƵƚŝƉƌŽƐĞƐ
ƚĞŶĚĞƌ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ Ěŝ ďĞƌďĂŐĂŝ ƐĞŬƚŽƌ ;ƚĞƌŵĂƐƵŬ ŵŝŐĂƐ͕ ƵƚŝůŝƚĂƐ͕ ŬŽŶƐƚƌƵŬƐŝ͕ ĚĂŶ ŝŶĨƌĂƐƚƌƵŬƚƵƌͿ͘ WĞƌƐĞƌŽĂŶ
ƚĞůĂŚ ŵĞŵƉĞƌŽůĞŚ ƉĞƌƐĞƚƵũƵĂŶ ƉƌŽLJĞŬ ;ĂƉƉƌŽǀĞĚ ǀĞŶĚŽƌ ƐƚĂƚƵƐͿ ĚĂƌŝ ƉĞůĂŶŐŐĂŶͲƉĞůĂŶŐŐĂŶ ƵƚĂŵĂ ƚĞƌŶĂŵĂ
ƐĞƉĞƌƚŝŚĞǀƌŽŶ͕dŽƚĂů͕ dždžŽŶ͕WĞƌƚĂŵŝŶĂ͕WĞƌƵƐĂŚĂĂŶ'ĂƐEĞŐĂƌĂ͕ĚĂŶWĞƌƵƐĂŚĂĂŶ>ŝƐƚƌŝŬEĞŐĂƌĂ͘
WĞƌƐĞƌŽĂŶŵĞŵĂŶƚĂƵƐƚĂŶĚĂƌŬƵĂůŝƚĂƐLJĂŶŐĚŝŵŝŶƚĂƉĞůĂŶŐŐĂŶĚĂŶŵĞůĂŬƵŬĂŶƉĞŶŝŶŐŬĂƚĂŶĨĂƐŝůŝƚĂƐƐĞƌƚĂƉƌŽƐĞƐ
ƉƌŽĚƵŬƐŝƵŶƚƵŬŵĞŵƉĞƌƚĂŚĂŶŬĂŶŬĞƉĂƚƵŚĂŶƚĞƌŚĂĚĂƉƐƚĂŶĚĂƌƚĞƌƐĞďƵƚ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶũĂůĂŶŝƉƌŽƐĞƐƉƌĞͲ
ŬƵĂůŝĨŝŬĂƐŝ ƚĞŶĚĞƌ LJĂŶŐ ŵĞŶĐĂŬƵƉ ƐƚĂŶĚĂƌ ĨĂƐŝůŝƚĂƐ ƉĂďƌŝŬ͕ ŬƵĂůŝƚĂƐ ĚĂŶ ƐƚĂŶĚĂƌŝƐĂƐŝ ƉƌŽĚƵŬ͕ ƐĞƌƚĂ ŝŶƐƉĞŬƐŝ
ŬĞƉĂƚƵŚĂŶƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚĚĂŶŬŽŶƚƌĂŬ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚWĞƌƵƐĂŚĂĂŶ'ĂŐĂůDĞůĂŬƐĂŶĂŬĂŶWĞƌĂƚƵƌĂŶƚĞŶƚĂŶŐ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ͕<ĞƐĞŚĂƚĂŶ͕ĚĂŶ
<ĞƐĞůĂŵĂƚĂŶ
WĞƌƐĞƌŽĂŶƚĞƌƵƐŵĞŵĂŶƚĂƵƉĞƌŬĞŵďĂŶŐĂŶƌĞŐƵůĂƐŝƚĞƌŬĂŝƚůŝŶŐŬƵŶŐĂŶŚŝĚƵƉ͕ŬĞƐĞŚĂƚĂŶ͕ĚĂŶŬĞƐĞůĂŵĂƚĂŶŬĞƌũĂ͘
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶŐĂůŽŬĂƐŝŬĂŶĂŶŐŐĂƌĂŶƵŶƚƵŬƉĞŶLJĞƐƵĂŝĂŶĨĂƐŝůŝƚĂƐ͕ƉĞƌĂůĂƚĂŶƉĂďƌŝŬ͕ĚĂŶĚĞƐĂŝŶƉƌŽĚƵŬĂŐĂƌ
ƚĞƚĂƉŵĞŵĞŶƵŚŝƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵ͘
WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶĂƵĚŝƚŬĞƉĂƚƵŚĂŶƐĞĐĂƌĂďĞƌŬĂůĂĚĂŶŵĞŵĂƐƚŝŬĂŶƐĞůƵƌƵŚƉĂďƌŝŬďĞƌŽƉĞƌĂƐŝƐĞƐƵĂŝĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚŝŶƐƚĂŶƐŝƉĞŵĞƌŝŶƚĂŚƚĞƌŬĂŝƚ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶŐĂŶƚŝƐŝƉĂƐŝƉŽƚĞŶƐŝƉĞƌƵďĂŚĂŶ
ƉĞƌĂƚƵƌĂŶďĂƌƵĚĞŶŐĂŶŵĞŶLJŝĂƉŬĂŶƌĞŶĐĂŶĂƉĞŶLJĞƐƵĂŝĂŶĨĂƐŝůŝƚĂƐĚĂŶƉƌŽƐĞƐƉƌŽĚƵŬƐŝ͘
DŝƚŝŐĂƐŝ ZŝƐŝŬŽ ƚĞƌŬĂŝƚ <ĞůĂŶŐƐƵŶŐĂŶ ŝƐŶŝƐ WĞƌƐĞƌŽĂŶ LJĂŶŐ dĞƌŐĂŶƚƵŶŐ ƉĂĚĂ <ĞŵĂŵƉƵĂŶ DĞŶĚĂƉĂƚŬĂŶ
>ĂŚĂŶĂƌƵ͕DĞŶũĂŐĂ͕ĚĂŶDĞŵƉĞƌďĂŚĂƌƵŝ,ĂŬWĞŶŐŐƵŶĂĂŶ>ĂŚĂŶ
WĞƌƐĞƌŽĂŶƚĞƌƵƐŵĞŵĂŶƚĂƵŵĂƐĂďĞƌůĂŬƵŚĂŬŐƵŶĂďĂŶŐƵŶĂŶƵŶƚƵŬƐĞůƵƌƵŚĞŶĂŵƉĂďƌŝŬLJĂŶŐĚŝŽƉĞƌĂƐŝŬĂŶĚĂŶ
ŵĞŶŐƵƌƵƐƉĞƌƉĂŶũĂŶŐĂŶƐĞďĞůƵŵũĂƚƵŚƚĞŵƉŽ͘WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶŬŽŽƌĚŝŶĂƐŝĚĞŶŐĂŶƉĞŵĞƌŝŶƚĂŚƐĞƚĞŵƉĂƚ
ƚĞƌŬĂŝƚƉĞƌŝnjŝŶĂŶůĂŚĂŶ͕ƚĞƌŵĂƐƵŬŝnjŝŶůŽŬĂƐŝĚĂŶŚĂŬŐƵŶĂďĂŶŐƵŶĂŶƵŶƚƵŬƉĂďƌŝŬĚŝ'ƌĞƐŝŬ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞůĂŬƵŬĂŶƉĞƌĞŶĐĂŶĂĂŶŬĞďƵƚƵŚĂŶůĂŚĂŶƵŶƚƵŬŵĞŶĚƵŬƵŶŐƌĞŶĐĂŶĂĞŬƐƉĂŶƐŝĚŝŵĂƐĂĚĞƉĂŶ
ĚĂŶŵĞŶŐĂŶƚŝƐŝƉĂƐŝŬĞŵƵŶŐŬŝŶĂŶƉĞƌƵďĂŚĂŶŬĞƚĞŶƚƵĂŶŵĞŶŐĞŶĂŝŚĂŬƉĞŶŐŐƵŶĂĂŶůĂŚĂŶŽůĞŚƉĞŵĞƌŝŶƚĂŚ͘
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DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ<ĞƚĞƌŐĂŶƚƵŶŐĂŶKƉĞƌĂƐŝŽŶĂůƚĞƌŚĂĚĂƉ<ĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶDĞŵƉĞƌŽůĞŚ͕DĞŶũĂŐĂ
ĚĂŶDĞŵƉĞƌďĂŚĂƌƵŝ/njŝŶĚĂŶWĞƌƐĞƚƵũƵĂŶĚĂƌŝWĞŵĞƌŝŶƚĂŚ
WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ŵĞŶũĂŐĂ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŝŶƐƚĂŶƐŝ ƉĞŵĞƌŝŶƚĂŚ ƚĞƌŬĂŝƚ ĂŶƚĂƌĂ ůĂŝŶ <WD ĚĂŶ ƉĞŵĞƌŝŶƚĂŚ
ĚĂĞƌĂŚ ƐĞƚĞŵƉĂƚ͘ WĞƌƐĞƌŽĂŶ ŵĞŵĂŶƚĂƵ ŵĂƐĂ ďĞƌůĂŬƵ ƐĞůƵƌƵŚ ůŝƐĞŶƐŝ ĚĂŶ ŝnjŝŶ ŽƉĞƌĂƐŝŽŶĂů ;ƚĞƌŵĂƐƵŬ ^ƵƌĂƚ
<ĞƚĞƌĂŶŐĂŶ ŽŵŝƐŝůŝ͕ ^ƵƌĂƚ /njŝŶ hƐĂŚĂ͕ /njŝŶ DĞŶĚŝƌŝŬĂŶ ĂŶŐƵŶĂŶ͕ ĚĂŶ ^E/ ƵŶƚƵŬ ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶͿ ƐĞƌƚĂ
ŵĞŶŐƵƌƵƐƉĞƌƉĂŶũĂŶŐĂŶƐĞďĞůƵŵŵĂƐĂďĞƌůĂŬƵƉĞƌŝnjŝŶĂŶƚĞƌƐĞďƵƚďĞƌĂŬŚŝƌ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵĂƐƚŝŬĂŶŬĞƉĂƚƵŚĂŶƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵĚŝƐĞƚŝĂƉĚĂĞƌĂŚƚĞŵƉĂƚWĞƌƐĞƌŽĂŶ
ďĞƌŽƉĞƌĂƐŝ͕ƚĞƌŵĂƐƵŬŬĞƚĞŶƚƵĂŶŬŽƌƉŽƌĂƐŝƵŵƵŵ͕ďŝƐŶŝƐ͕ŬĞƉĞŐĂǁĂŝĂŶ͕ůŝŶŐŬƵŶŐĂŶŚŝĚƵƉ͕ƉƌŽƉĞƌƚŝ͕ĚĂŶůŝƐĞŶƐŝ
ŽƉĞƌĂƐŝŽŶĂů͘
DŝƚŝŐĂƐŝ ZŝƐŝŬŽ ƚĞƌŬĂŝƚ dĞŶĂŐĂ <ĞƌũĂ LJĂŶŐ dĞƌŐĂďƵŶŐ ĚĂůĂŵ ^ĞƌŝŬĂƚ WĞŬĞƌũĂ ĚĂŶ <ĞŵƵŶŐŬŝŶĂŶWĞƌƐĞůŝƐŝŚĂŶ
ĂŶƚĂƌĂdĞŶĂŐĂ<ĞƌũĂĚĂŶWĞƌƐĞƌŽĂŶ
WĞƌƐĞƌŽĂŶ ŵĞŵďĂŶŐƵŶ ŬŽŵƵŶŝŬĂƐŝ ĚĞŶŐĂŶ ƐĞƌŝŬĂƚ ƉĞŬĞƌũĂ ;^W^/ ĚĂŶ ^^/Ϳ ĚĂŶ ŵĞŵĞŶƵŚŝ ŚĂŬͲŚĂŬ ŶŽƌŵĂƚŝĨ
ƉĞŬĞƌũĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ŬĞƚĞŶĂŐĂŬĞƌũĂĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ ĂůĂŵ ŚĂů ƚĞƌĚĂƉĂƚ ƉĞƌƐĞůŝƐŝŚĂŶ͕ WĞƌƐĞƌŽĂŶ
ĂŬĂŶŵĞŶLJĞůĞƐĂŝŬĂŶƉĞƌƐĞůŝƐŝŚĂŶƚĞƌƐĞďƵƚƐĞĐĂƌĂŵƵƐLJĂǁĂƌĂŚĚĂŶŵĞůĂŬƵŬĂŶŵĞĚŝĂƐŝ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶũĂŐĂůŝŶŐŬƵŶŐĂŶŬĞƌũĂLJĂŶŐŬŽŶĚƵƐŝĨĚĂŶŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶŵĞŶŐĞŶĂŝƵƉĂŚ͕ƚƵŶũĂŶŐĂŶ͕
ĚĂŶũĂŵŝŶĂŶƐŽƐŝĂůďĂŐŝƐĞůƵƌƵŚŬĂƌLJĂǁĂŶƵŶƚƵŬŵĞŶŐƵƌĂŶŐŝƉŽƚĞŶƐŝƚĞƌũĂĚŝŶLJĂƉĞƌƐĞůŝƐŝŚĂŶĂŶƚĂƌƚĞŶĂŐĂŬĞƌũĂ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ&ůƵŬƚƵĂƐŝĞďĞƌĂƉĂ&ĂŬƚŽƌ
WĞƌƐĞƌŽĂŶŵĞŶŐĞůŽůĂĂƌƵƐŬĂƐĚĞŶŐĂŶŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶƉŽůĂŵƵƐŝŵĂŶƉĞŶũƵĂůĂŶ͕ƚĞƌŵĂƐƵŬŬĞĐĞŶĚĞƌƵŶŐĂŶ
ƉĞŶŝŶŐŬĂƚĂŶƉĞŶũƵĂůĂŶĚŝŬƵĂƌƚĂůŬĞƚŝŐĂĚĂŶŬĞĞŵƉĂƚƐĞƌƚĂƉĞŶƵƌƵŶĂŶĚŝŬƵĂƌƚĂůŬĞĚƵĂĂŬŝďĂƚůŝďƵƌ,ĂƌŝZĂLJĂ
/ĚƵů&ŝƚƌŝ͘WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶĚŝǀĞƌƐŝĨŝŬĂƐŝƐĞŐŵĞŶƉĞůĂŶŐŐĂŶŬĞďĞƌďĂŐĂŝƐĞŬƚŽƌŝŶĚƵƐƚƌŝƵŶƚƵŬŵĞŶŐƵƌĂŶŐŝ
ŬĞƚĞƌŐĂŶƚƵŶŐĂŶƉĂĚĂĂŶŐŐĂƌĂŶďĞůĂŶũĂWĞŵĞƌŝŶƚĂŚ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶLJĞƐƵĂŝŬĂŶƌĞŶĐĂŶĂƉƌŽĚƵŬƐŝĚĂŶƉĞŶŐĞůŽůĂĂŶŵŽĚĂůŬĞƌũĂďĞƌĚĂƐĂƌŬĂŶƉƌŽLJĞŬƐŝƉĞƌŵŝŶƚĂĂŶ
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ŬĞƚĞƌƐĞĚŝĂĂŶƉƌŽĚƵŬĚĂŶŚĂƌŐĂ͕ƐĞƌƚĂŚĂƌŝůŝďƵƌLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝƉŽůĂƉĞƌŵŝŶƚĂĂŶ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ<ƌĞĚŝƚWŝŚĂŬ<ĞƚŝŐĂ
WĞƌƐĞƌŽĂŶŵĞŶĞƌĂƉŬĂŶŬĞďŝũĂŬĂŶŬƌĞĚŝƚLJĂŶŐƚĞƌƵŬƵƌĚĞŶŐĂŶŵĞŶƐLJĂƌĂƚŬĂŶŬŽŶƚƌĂŬ͕ƉĞƐĂŶĂŶƉĞŵďĞůŝĂŶ͕ĂƚĂƵ
ƵĂŶŐ ŵƵŬĂ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ ƐĞďĞůƵŵ ŵĞůĂŬƵŬĂŶ ƉĞŶŐŝƌŝŵĂŶ ƉƌŽĚƵŬ͘ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ ƚĞƌŚĂĚĂƉ
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WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶŐĞůŽůĂ ŵŽĚĂů ŬĞƌũĂ ŵĞůĂůƵŝ ƉŝŶũĂŵĂŶ ďĂŶŬ ƵŶƚƵŬ ŵĞŶĚĂŶĂŝ ƉĞŵďĞůŝĂŶ ďĂŚĂŶ ďĂŬƵ ĚĂŶ
ŵĞŶũĂŐĂ ŬĞůĂŶŐƐƵŶŐĂŶ ŽƉĞƌĂƐŝŽŶĂů͘ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŵĂŶƚĂƵĂŶ ƚĞƌŚĂĚĂƉ ĂŐŝŶŐ ƉŝƵƚĂŶŐ ƵŶƚƵŬ
ŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝƉŽƚĞŶƐŝƉŝƵƚĂŶŐďĞƌŵĂƐĂůĂŚ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚWĞŶƵŶĚĂĂŶĂƚĂƵWĞŶũĂĚǁĂůĂŶhůĂŶŐWƌŽLJĞŬ
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ĚŝǀĞƌƐŝĨŝŬĂƐŝŝŶĚƵƐƚƌŝ ƉĞůĂŶŐŐĂŶ LJĂŶŐ ŵĞŶĐĂŬƵƉ ŬŽŶƐƚƌƵŬƐŝ͕ ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ ƵƚŝůŝƚĂƐ͕
ŵŝŶLJĂŬĚĂŶŐĂƐ͕ŽƚŽŵŽƚŝĨ͕ĨƵƌŶŝƚƵƌĞ͕ĚĂŶƉĞƌĂůĂƚĂŶƌƵŵĂŚƚĂŶŐŐĂĚŝƐĞůƵƌƵŚ/ŶĚŽŶĞƐŝĂ͘WĞƌƐĞƌŽĂŶŵĞŵĂŶƚĂƵ
ƉĞƌŬĞŵďĂŶŐĂŶŬĞďŝũĂŬĂŶďĞůĂŶũĂƉĞŵĞƌŝŶƚĂŚĚĂŶŬŽŶĚŝƐŝĞŬŽŶŽŵŝŵĂŬƌŽ͘
WĞƌƐĞƌŽĂŶ ŵĞŶLJĞƐƵĂŝŬĂŶ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ ĚĂŶ ƚŝŶŐŬĂƚ ƉĞƌƐĞĚŝĂĂŶ ƚĞƌŚĂĚĂƉ ƉƌŽLJĞŬƐŝ ƉĞƌŵŝŶƚĂĂŶ ƐĞƌƚĂ
ŵĞŶŐĞŵďĂŶŐŬĂŶ ŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞůĂŶŐŐĂŶ ĚĂƌŝ ďĞƌďĂŐĂŝ ƐĞŬƚŽƌ ƵŶƚƵŬ ŵĞŶŐƵƌĂŶŐŝ ĚĂŵƉĂŬ ƉĞŶƵŶĚĂĂŶ
ƉƌŽLJĞŬĚŝƐĂƚƵƐĞŬƚŽƌƚĞƌƚĞŶƚƵ͘
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DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ/ŶǀĞƐƚĂƐŝĂƚĂƵŬƐŝ<ŽƌƉŽƌĂƐŝ
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ Ƶũŝ ƚƵŶƚĂƐ ;ĚƵĞ ĚŝůŝŐĞŶĐĞͿ ƐĞďĞůƵŵ ŵĞůĂŬƵŬĂŶ ŝŶǀĞƐƚĂƐŝ ĂƚĂƵ ĂŬƵŝƐŝƐŝ͕ ƚĞƌŵĂƐƵŬ
ĞǀĂůƵĂƐŝ ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ ĂƐĞƚ LJĂŶŐ ĂŬĂŶ ĚŝĂŬƵŝƐŝƐŝ ĚĂŶ ƉŽƚĞŶƐŝƐŝŶĞƌŐŝ ŽƉĞƌĂƐŝŽŶĂů ĚĞŶŐĂŶ ĂŶĂŬƉĞƌƵƐĂŚĂĂŶ
WĞƌƐĞƌŽĂŶ͘WĞƌƐĞƌŽĂŶŵĞŶĞƚĂƉŬĂŶƚĂƌŐĞƚŬŝŶĞƌũĂLJĂŶŐƚĞƌƵŬƵƌƵŶƚƵŬƐĞƚŝĂƉŝŶǀĞƐƚĂƐŝĚĂŶŵĞŵĂŶƚĂƵƌĞĂůŝƐĂƐŝ
ƚĞƌŚĂĚĂƉƚĂƌŐĞƚƚĞƌƐĞďƵƚƐĞĐĂƌĂďĞƌŬĂůĂ͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶŐĞǀĂůƵĂƐŝ ŶŝůĂŝ ƚĂŵďĂŚ ĚĂƌŝ ƐĞƚŝĂƉ ĂŬƐŝ ŬŽƌƉŽƌĂƐŝ ďĂŝŬ ĚĂƌŝ ƐŝƐŝ ĞĨŝƐŝĞŶƐŝ ďŝĂLJĂ ŵĂƵƉƵŶ
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ũĂŶŐŬĂƉĂŶũĂŶŐWĞƌƐĞƌŽĂŶ͘
DŝƚŝŐĂƐŝ ZŝƐŝŬŽ ƚĞƌŬĂŝƚ <ĞƉĂƚƵŚĂŶ ƚĞƌŚĂĚĂƉ WĞƌĂƚƵƌĂŶ WĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ĞƌůĂŬƵ dĞƌŬĂŝƚ ŝĚĂŶŐ
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WĞƌƐĞƌŽĂŶŵĞŶŐĂůŽŬĂƐŝŬĂŶƐƵŵďĞƌĚĂLJĂƵŶƚƵŬƉĞŶLJĞƐƵĂŝĂŶƉƌŽƐĞƐƉƌŽĚƵŬƐŝĚĂŶŝŶǀĞƐƚĂƐŝLJĂŶŐĚŝƉĞƌůƵŬĂŶĂŐĂƌ
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ŝŶĚƵƐƚƌŝ ;D͕ ^E/ ǁĂũŝď͕ WϯE͕ d<EͿ͕ ƚĂƌŝĨ ƉĂũĂŬ ĚĂŶ ďĞĂ ŵĂƐƵŬ͕ ŬĞďŝũĂŬĂŶ ŵŽŶĞƚĞƌ͕ ƐĞƌƚĂ ŬĞƚĞŶƚƵĂŶ
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WĞƌƐĞƌŽĂŶ ŵĞŶLJĞƐƵĂŝŬĂŶ ƐƚƌĂƚĞŐŝ ďŝƐŶŝƐ ĚĂŶ ƉĞƌĞŶĐĂŶĂĂŶ ŽƉĞƌĂƐŝŽŶĂů ƚĞƌŚĂĚĂƉ ƉĞƌƵďĂŚĂŶ ŬĞďŝũĂŬĂŶ
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ŬĞƚĞƌŐĂŶƚƵŶŐĂŶ ƉĂĚĂ ƐĂƚƵ ŬĞďŝũĂŬĂŶ ƚĞƌƚĞŶƚƵ ƐĞƌƚĂ ŵĞŶũĂŐĂ ĨůĞŬƐŝďŝůŝƚĂƐ ĚĂůĂŵ ŵĞƌĞƐƉŽŶƐ ƉĞƌƵďĂŚĂŶ ĂƌĂŚ
ŬĞďŝũĂŬĂŶ͘
DŝƚŝŐĂƐŝZŝƐŝŬŽƚĞƌŬĂŝƚ<ĞƚĞŶƚƵĂŶEĞŐĂƌĂ>ĂŝŶĂƚĂƵWĞƌĂƚƵƌĂŶ/ŶƚĞƌŶĂƐŝŽŶĂů
WĞƌƐĞƌŽĂŶƚĞƌƵƐŵĞŵĂŶƚĂƵŬĞďŝũĂŬĂŶƉĞƌĚĂŐĂŶŐĂŶŝŶƚĞƌŶĂƐŝŽŶĂůƚĞƌŵĂƐƵŬƚĂƌŝĨŝŵƉŽƌ͕ďĞĂŵĂƐƵŬĂŶƚŝͲĚƵŵƉŝŶŐ
Ěŝ ŶĞŐĂƌĂ ƚƵũƵĂŶ ĞŬƐƉŽƌ͕ ƐĞƌƚĂ ƉĞƌƵďĂŚĂŶ ŬĞďŝũĂŬĂŶ ƉĞƌĚĂŐĂŶŐĂŶ ŐůŽďĂů͘ WĞƌƐĞƌŽĂŶ ŵĞŶũĂŐĂ ŬĞƉĂƚƵŚĂŶ
ƚĞƌŚĂĚĂƉƐƚĂŶĚĂƌĚĂŶƐĞƌƚŝĨŝŬĂƐŝŝŶƚĞƌŶĂƐŝŽŶĂů;^dD͕:/^͕/^K͕ĚĂŶW/ϱ>ͿƐĞƌƚĂŵĞŶŐĂůŽŬĂƐŝŬĂŶŝŶǀĞƐƚĂƐŝƵŶƚƵŬ
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<ŽŵƉŽƐŝƐŝŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬ
WĞƌƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕WĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬŵĞŵƉĞŬĞƌũĂŬĂŶϴϵϵŽƌĂŶŐŬĂƌLJĂǁĂŶƚĞƚĂƉĚĂŶ
ϵϱŬĂƌLJĂǁĂŶƚŝĚĂŬƚĞƚĂƉ͘
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ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚƌŝŶĐŝĂŶŬŽŵƉŽƐŝƐŝŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƵŶƚƵŬŵĂƐŝŶŐͲŵĂƐŝŶŐƚĂŚƵŶ͗
• <ŽŵƉŽƐŝƐŝ<ĂƌLJĂǁĂŶDĞŶƵƌƵƚ^ƚĂƚƵƐ
ϯϭĞƐĞŵďĞƌ
ϮϬϮϰ ϮϬϮϱ
WĞƌƐĞƌŽĂŶ
dĞƚĂƉ ϴϵϵ ϴϵϵ
dŝĚĂŬdĞƚĂƉ ϵϲ ϵϱ
ϵϵϱ ϵϵϰ
WĞƌƵƐĂŚĂĂŶŶĂŬ
dĞƚĂƉ Ͳ
dŝĚĂŬdĞƚĂƉ
Ͳ Ͳ
dŽƚĂů ϵϵϱ ϵϵϰ
• <ŽŵƉŽƐŝƐŝ<ĂƌLJĂǁĂŶDĞŶƵƌƵƚ:ĞŶũĂŶŐWĞŶĚŝĚŝŬĂŶ
ϯϭĞƐĞŵďĞƌ
ϮϬϮϰ ϮϬϮϱ
WĞƌƐĞƌŽĂŶ
dĞƚĂƉ
^ĂƌũĂŶĂŬĞĂƚĂƐ ϯϮϯ ϯϲϬ
ŝƉůŽŵĂ ϵϬ ϴϴ
^DŬĞďĂǁĂŚ ϰϴϲ ϰϱϭ
ϴϵϵ ϴϵϵ
WĞƌƵƐĂŚĂĂŶŶĂŬ
^ĂƌũĂŶĂŬĞĂƚĂƐ Ͳ Ͳ
ŝƉůŽŵĂ Ͳ Ͳ
^DŬĞďĂǁĂŚ Ͳ Ͳ
Ͳ Ͳ
dŽƚĂů ϴϵϵ ϴϵϵ
ϯϭĞƐĞŵďĞƌ
ϮϬϮϰ ϮϬϮϱ
WĞƌƐĞƌŽĂŶ
dŝĚĂŬdĞƚĂƉ
^ĂƌũĂŶĂŬĞĂƚĂƐ ϵϯ ϵϯ
ŝƉůŽŵĂ ϯ Ϯ
^DŬĞďĂǁĂŚ
ϵϲ ϵϱ
WĞƌƵƐĂŚĂĂŶŶĂŬ
^ĂƌũĂŶĂŬĞĂƚĂƐ Ͳ Ͳ
ŝƉůŽŵĂ Ͳ Ͳ
^DŬĞďĂǁĂŚ Ͳ Ͳ
Ͳ Ͳ
dŽƚĂů ϵϲ ϵϱ
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<ŽŵƉŽƐŝƐŝ<ĂƌLJĂǁĂŶDĞŶƵƌƵƚ:ĞŶũĂŶŐDĂŶĂũĞŵĞŶ
ϯϭĞƐĞŵďĞƌ
ϮϬϮϰ ϮϬϮϱ
WĞƌƐĞƌŽĂŶ
dĞƚĂƉ
DĂŶĂũĞŵĞŶŬĞĂƚĂƐ ϭϭϴ ϭϮϮ
^ƚĂĨĚĂŶKƉĞƌĂƚŽƌ ϳϴϭ ϳϳϳ
ϴϵϵ ϴϵϵ
dŝĚĂŬdĞƚĂƉ
DĂŶĂũĞŵĞŶŬĞĂƚĂƐ ϭϮ ϭϮ
^ƚĂĨĚĂŶKƉĞƌĂƚŽƌ ϴϰ ϴϯ
ϵϲ ϵϱ
WĞƌƵƐĂŚĂĂŶŶĂŬ
DĂŶĂũĞŵĞŶŬĞĂƚĂƐ Ͳ Ͳ
^ƚĂĨĚĂŶKƉĞƌĂƚŽƌ Ͳ Ͳ
Ͳ Ͳ
dŽƚĂů ϵϵϱ ϵϵϰ
• <ŽŵƉŽƐŝƐŝ<ĂƌLJĂǁĂŶDĞŶƵƌƵƚ:ĞŶũĂŶŐhƐŝĂ
ϯϭĞƐĞŵďĞƌ
ϮϬϮϰ ϮϬϮϱ
WĞƌƐĞƌŽĂŶ
dĞƚĂƉ
хϱϲƚĂŚƵŶ ϭϯ ϭϳ
ϱϭ–ϱϱƚĂŚƵŶ ϭϯϰ ϭϯϴ
ϰϲ–ϱϬƚĂŚƵŶ ϭϱϳ ϭϱϯ
ϯϲ–ϰϱƚĂŚƵŶ ϯϱϭ ϯϲϭ
Ϯϲ–ϯϱƚĂŚƵŶ ϮϮϯ ϮϬϰ
фϮϲƚĂŚƵŶ Ϯϭ Ϯϲ
ϴϵϵ ϴϵϵ
dŝĚĂŬdĞƚĂƉ
хϱϲƚĂŚƵŶ ϭϬ ϭϬ
ϱϭ–ϱϱƚĂŚƵŶ ϭ Ϭ
ϰϲ–ϱϬƚĂŚƵŶ Ϯ Ϭ
ϯϲ–ϰϱƚĂŚƵŶ ϱ ϱ
Ϯϲ–ϯϱƚĂŚƵŶ ϰϬ ϯϲ
фϮϲƚĂŚƵŶ ϯϴ ϰϰ
ϵϲ ϵϱ
WĞƌƵƐĂŚĂĂŶŶĂŬ
хϱϲƚĂŚƵŶ Ͳ Ͳ
ϱϭ–ϱϱƚĂŚƵŶ Ͳ Ͳ
ϰϲ–ϱϬƚĂŚƵŶ Ͳ Ͳ
ϯϲ–ϰϱƚĂŚƵŶ Ͳ Ͳ
Ϯϲ–ϯϱƚĂŚƵŶ Ͳ Ͳ
фϮϲƚĂŚƵŶ Ͳ Ͳ
Ͳ Ͳ
dŽƚĂů ϵϵϱ ϵϵϰ
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• <ŽŵƉŽƐŝƐŝ<ĂƌLJĂǁĂŶDĞŶƵƌƵƚŬƚŝǀŝƚĂƐhŵƵŵ
ϯϭĞƐĞŵďĞƌ
ϮϬϮϰ ϮϬϮϱ
dĞƚĂƉ
WĞƌƐĞƌŽĂŶ
hŶŝƚϭ ϭϱϴ ϭϱϯ
hŶŝƚϮ ϱϵ ϲϯ
hŶŝƚϯ ϭϮϲ ϭϮϭ
hŶŝƚϰ ϭϬϳ ϭϬϯ
hŶŝƚϱ ϭϴϬ ϭϳϯ
hŶŝƚϲ ϭϭϬ ϭϬϯ
hŶŝƚϳ Ϯ ϭϮ
<ĂŶƚŽƌWƵƐĂƚ ϭϭϲ ϭϮϱ
<ĂŶƚŽƌZĞƉƌĞƐĞŶƚĂƚŝĨ:ĂŬĂƌƚĂ;^:KͿ ϯϴ ϯϴ
ĞƉŽ^ĂŵĂƌŝŶĚĂ Ϯ ϯ
ĞƉŽDĂŬĂƐƐĂƌ ϭ ϭ
ĞƉŽĂŶĚƵŶŐ Ϭ Ϯ
ĞƉŽ^ĞŵĂŶĂŶ Ϭ Ϯ
ϴϵϵ ϴϵϵ
WĞƌƵƐĂŚĂĂŶŶĂŬ Ͳ Ͳ
dŽƚĂů ϴϵϵ ϴϵϵ
ϯϭĞƐĞŵďĞƌ
ϮϬϮϰ ϮϬϮϱ
dŝĚĂŬdĞƚĂƉ
WĞƌƐĞƌŽĂŶ
hŶŝƚϭ ϭϭ ϱ
hŶŝƚϮ ϭ ϭ
hŶŝƚϯ ϳ ϯ
hŶŝƚϰ ϭϭ ϱ
hŶŝƚϱ ϯϴ ϰϴ
hŶŝƚϲ Ϯ Ϯ
hŶŝƚϳ ϯ Ϭ
<ĂŶƚŽƌWƵƐĂƚ Ϯϭ Ϯϰ
<ĂŶƚŽƌZĞƉƌĞƐĞŶƚĂƚŝĨ:ĂŬĂƌƚĂ;^:KͿ ϱ
ĞƉŽ^ĂŵĂƌŝŶĚĂ ϭ
ĞƉŽDĂŬĂƐƐĂƌ Ϯ
ĞƉŽĂŶĚƵŶŐ
ĞƉŽ^ĞŵĂŶĂŶ ϭ
ϵϲ ϵϱ
WĞƌƵƐĂŚĂĂŶŶĂŬ Ͳ Ͳ
dŽƚĂů ϵϵϱ ϵϵϰ
• <ŽŵƉŽƐŝƐŝ<ĂƌLJĂǁĂŶDĞŶƵƌƵƚ>ŽŬĂƐŝ
ϯϭĞƐĞŵďĞƌ
ϮϬϮϰ ϮϬϮϱ
WĞƌƐĞƌŽĂŶ
dĞƚĂƉ
^ƵƌĂďĂLJĂ ϰϱϵ ϰϲϮ
WĂƐƵƌƵĂŶ ϭϬϳ ϭϬϯ
^ŝĚŽĂƌũŽ ϭϭϬ ϭϬϯ
'ƌĞƐŝŬ Ϯ ϭϮ
<ĂƌĂǁĂŶŐ ϭϴϬ ϭϳϯ
:ĂŬĂƌƚĂ ϯϴ ϯϴ
^ĂŵĂƌŝŶĚĂ Ϯ ϯ
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ϯϭĞƐĞŵďĞƌ
ϮϬϮϰ ϮϬϮϱ
ĂŶĚƵŶŐ Ϭ Ϯ
^ĞŵĂŶĂŶ Ϭ Ϯ
DĂŬĂƐƐĂƌ ϭ ϭ
ϴϵϵ ϴϵϵ
WĞƌƵƐĂŚĂĂŶŶĂŬ Ͳ Ͳ
dŽƚĂů ϴϵϵ ϴϵϵ
ϯϭĞƐĞŵďĞƌ
ϮϬϮϰ ϮϬϮϱ
WĞƌƐĞƌŽĂŶ
dŝĚĂŬdĞƚĂƉ
^ƵƌĂďĂLJĂ ϰϬ ϯϯ
WĂƐƵƌƵĂŶ ϭϭ ϱ
^ŝĚŽĂƌũŽ Ϯ Ϯ
'ƌĞƐŝŬ ϯ Ϭ
<ĂƌĂǁĂŶŐ ϯϴ ϰϴ
:ĂŬĂƌƚĂ Ϭ ϱ
^ĂŵĂƌŝŶĚĂ ϭ Ϭ
ĂŶĚƵŶŐ Ϭ Ϭ
^ĞŵĂŶĂŶ ϭ Ϭ
DĂŬĂƐƐĂƌ Ϭ Ϯ
ϵϲ ϵϱ
WĞƌƵƐĂŚĂĂŶŶĂŬ Ͳ Ͳ
dŽƚĂů ϵϵϱ ϵϵϰ
dĞŶĂŐĂ<ĞƌũĂƐŝŶŐ
WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵƉĞŬĞƌũĂŬĂŶƐĞũƵŵůĂŚƚĞŶĂŐĂŬĞƌũĂĂƐŝŶŐ͘
Karyawan yang Memiliki Keahlian Khusus
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝďĞďĞƌĂƉĂŬĂƌLJĂǁĂŶĚĞŶŐĂŶŬĞĂŚůŝĂŶŬŚƵƐƵƐ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EĂŵĂ hŵƵƌ WĞŶŐĂůĂŵĂŶ ZŝǁĂLJĂƚWĞŶŐĂůĂŵĂŶ WĞƌŝnjŝŶĂŶ dƵŐĂƐ
<ĞƌũĂ <ĞƌũĂ
ĚŝWƌĂŶĂǁĂ ϰϮ ϮϬƚĂŚƵŶ - ϮϬϬϲͲϮϬϭϯ͗ WWZdŬ͘ϭ DĞŵĂƐƚŝŬĂŶĚĂŶŵĞŵĂŶƚĂƵ
<ĂƐŝWƌŽĚƵŬƐŝĂƌĞ ;^/WWZͲ ƉƌŽƐĞƐZĂĚŝŽŐƌĂƉŚLJďĂŝŬ
WŝƉĞhϰ W d EͿ ƐĞĐĂƌĂƉĞƌŝnjŝŶĂŶĚĂŶƉƌŽƐĞƐ
- ϮϬϭϯͲϮϬϭϳ͗ ZĂĚŝŽŐƌƉŚLJďĞƌũĂůĂŶƐĞƐƵĂŝ
tĂŬĂĚĞƉ ĂƚƵƌĂŶŬĞƐĞůĂŵĂƚĂŶĚĂŶ
WƌŽĚƵŬƐŝĂƌĞ ŬĞƐĞŚĂƚĂŶŬĞƌũĂ
WŝƉĞhϰ
- ϮϬϭϳ͗<ĂĚĞƉY
hϰ
- <ĂĚĞƉ ŶŐŝŶĞĞƌŝŶŐ
ĂŐƵƐtĂŚLJƵ ϰϰ ϭϴƚĂŚƵŶϱ - ϮϬϬϴ–ϮϬϭϬ͗ Edhd>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
^ĂƌǁŽĂũŝ ďƵůĂŶ ƐƚĂĨYƵĂůŝƚLJ –DD^ ĚĞĨĞĐƚĚĞŶŐĂŶƵůƚƌĂƐŽŶŝĐ
ŽŶƚƌŽů KƉĞƌĂƚŽƌ Ϯ͘ DĞůĂŬƵŬĂŶWƌŽƐĞƐ
- ϮϬϭϬ–ƐĞŬĂƌĂŶŐ͗ ZĂĚŝŽŐƌĂƉŚLJ ZĂĚŝŽŐƌĂƉŚLJ;yƌĂLJ
<ĞƉĂůĂ^ĞŬƐŝ ;^/KZ– /ŶĚƵƐƚƌLJͿ
YƵĂůŝƚLJŽŶƚƌŽů W d EͿ
ŽĂƚŝŶŐ
/ŶƐƉĞĐƚŽƌ>ĞǀĞů
Ϯ–<Z
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EĂŵĂ hŵƵƌ WĞŶŐĂůĂŵĂŶ ZŝǁĂLJĂƚWĞŶŐĂůĂŵĂŶ WĞƌŝnjŝŶĂŶ dƵŐĂƐ
<ĞƌũĂ <ĞƌũĂ
ŝŵĂƐ'ŚĂĨĨĂƌ ϯϱ ϭϯƚĂŚƵŶ - ϮϬϭϯ–ƐĞŬĂƌĂŶŐ͗ Edhd>ĞǀĞůϮ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ƐLJ^LJĂŬƵƌŝ ^ƚĂĨYƵĂůŝƚLJ –DD^ ĚĞĨĞĐƚĚĞŶŐĂŶƵůƚƌĂƐŽŶŝĐ
ŽŶƚƌŽů
ϰϴ ϮϴƚĂŚƵŶϵ - ϭϵϵϵ–ϮϬϬϬ͗ Edhd>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ŬŽ&ĂũĂƌ ďƵůĂŶ ƉĞůĂŬƐĂŶĂͬ –DD^ ĚĞĨĞĐƚĚĞŶŐĂŶƵůƚƌĂƐŽŶŝĐ
ZŝLJĂŶƚŽ ŝŶƐƉĞĐƚŽƌYƵĂůŝƚLJ EdDdͬWd Ϯ͘ DĞůĂŬƵŬĂŶƉĞŶŐƵũŝĂŶ
ŽŶƚƌŽů ůĞǀĞůϮ–DD^ WĞŶĞƚƌĂŶĚĂŶDW/ƚĞƐƚ
- ϮϬϬϬͲƐĞŬĂƌĂŶŐ͗
<ĞƉĂůĂZĞŐƵ
ƋƵĂůŝƚLJĐŽŶƚƌŽů
^ƵũĂƚŵŝŬŽ ϱϯ ϯϯƚĂŚƵŶϱ - ϭϵϵϯ–ϮϬϬϬ͗ Edhd>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ďƵůĂŶ ŽƉĞƌĂƚŽƌͬYƵĂůŝƚLJ –/d^ ĚĞĨĞĐƚĚĞŶŐĂŶƵůƚƌĂƐŽŶŝĐ
ŽŶƚƌŽů EdDdͬWd Ϯ͘ DĞůĂŬƵŬĂŶ/ŶƐƉĞŬƐŝƉƌŽƐĞƐ
- ϮϬϬϬ–ƐĞŬĂƌĂŶŐ͗ ůĞǀĞůϮ–DD^ ŽĂƚŝŶŐƉĞŶŐƵũŝĂŶ
<ĞƉĂůĂZĞŐƵ WĞŶĞƚƌĂŶĚĂŶDW/ƚĞƐƚ
YƵĂůŝƚLJŽŶƚƌŽů
ŝĚŝŬWƵƌǁĂŶƚŽ ϰϳ ϭϯƚĂŚƵŶϯ - ϮϬϭϬ–ϮϬϭϭ͗ Edhd>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ďƵůĂŶ ŽƉĞƌĂƚŽƌYƵĂůŝƚLJ –DD^ ĚĞĨĞĐƚĚĞŶŐĂŶƵůƚƌĂƐŽŶŝĐ
ĐŽŶƚƌŽů KƉĞƌĂƚŽƌ Ϯ͘ DĞůĂŬƵŬĂŶWƌŽƐĞƐ
- ϮϬϭϭͲƐĞŬĂƌĂŶŐ͗ ZĂĚŝŽŐƌĂƉŚLJ ZĂĚŝŽŐƌĂƉŚLJ;yƌĂLJ
/ŶƐƉĞŬƚŽƌ;YƵĂůŝƚLJ ;^/KZ– /ŶĚƵƐƚƌLJͿ
ŽŶƚƌŽůͿ W d EͿ
ELJŽƚŽ:ĂƚŵŝŬŽ ϯϵ ϭϰƚĂŚƵŶϮ - ϮϬϭϮ–ϮϬϭϯ͗ Edhd>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ďƵůĂŶ ŽƉĞƌĂƚŽƌYƵĂůŝƚLJ –DD^ ĚĞĨĞĐƚĚĞŶŐĂŶƵůƚƌĂƐŽŶŝĐ
ĐŽŶƚƌŽů Śůŝ Ϯ͘ DĞůĂŬƵŬĂŶ/ŶƚĞƌƉƌĞƐƚĂƐŝ
- ϮϬϭϯ–ƐĞŬĂƌĂŶŐ͗ ZĂĚŝŽŐƌĂƉŚLJ ZĂĚŝŽŐƌĂƉŚLJ;yƌĂLJ
/ŶƐƉĞŬƚŽƌ;YƵĂůŝƚLJ ;^/Z– /ŶĚƵƐƚƌLJͿ
ŽŶƚƌŽůͿ W d EͿ
,ĞŶĚƌŝŬ ϱϬ ϯϭƚĂŚƵŶ - ϭϵϵϱ–ϮϬϬϬ͗ Edhd>ĞǀĞůϮ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
&ĞďƌƵĂŶƚŽƌŽ ďƵůĂŶ ŽƉĞƌĂƚŽƌYƵĂůŝƚLJ –DD^ ĚĞĨĞĐƚĚĞŶŐĂŶƵůƚƌĂƐŽŶŝĐ
ŽŶƚƌŽů
- ϮϬϬϬ–ƐĞŬĂƌĂŶŐ͗
/ŶƐƉĞĐƚŽƌ;YƵĂůŝƚLJ
ŽŶƚƌŽůͿ
zŽŐĂŚĂƌŵĂ ϯϵ ϭϰƚĂŚƵŶϮ - ϮϬϭϭ–ϮϬϭϮ͗ ŽĂƚŝŶŐ DĞůĂŬƵŬĂŶ/ŶƐƉĞŬƐŝƉƌŽƐĞƐ
ďƵůĂŶ ŽƉĞƌĂƚŽƌYƵĂůŝƚLJ /ŶƐƉĞĐƚŽƌ>ĞǀĞů ŽĂƚŝŶŐ
ŽŶƚƌŽů Ϯ–DD^
- ϮϬϭϮͲƐĞŬĂƌĂŶŐ͗
/ŶƐƉĞĐƚŽƌ;YƵĂůŝƚLJ
ŽŶƚƌŽůͿŵĞƐŝŶ
ŽĂƚŝŶŐ
WŝƉŝƚĞƐŝ ϱϬ ϮϵƚĂŚƵŶϴ - ϭϵϵϳ–ϮϬϬϬ͗ ŽĂƚŝŶŐ DĞůĂŬƵŬĂŶ/ŶƐƉĞŬƐŝƉƌŽƐĞƐ
ƌŝLJĂŶƚŽ ďƵůĂŶ ŽƉĞƌĂƚŽƌƋƵĂůŝƚLJ /ŶƐƉĞĐƚŽƌ>ĞǀĞů ŽĂƚŝŶŐ
ŽŶƚƌŽů Ϯ–DD^
- ϮϬϬϬ–ƐĞŬĂƌĂŶŐ͗
/ŶƐƉĞĐƚŽƌ;YƵĂůŝƚLJ
ŽŶƚƌŽůͿ
^LJĂŝĨƵůhŵĂƌ ϱϯ ϯϯƚĂŚƵŶϲ - ϭϵϵϯ–ϮϬϬϬ͗ tĞůĚŝŶŐ DĞůĂŬƵŬĂŶ/ŶƐƉĞŬƐŝǁĞůĚŝŶŐ
ďƵůĂŶ ŽƉĞƌĂƚŽƌŵĞƐŝŶ /ŶƐƉĞĐƚŽƌ–
ƉƌŽĚƵŬƐŝ͕ WWE^Ͳ/d^
- ϮϬϬϬ–ƐĞŬĂƌĂŶŐ͗
<ĞƉĂůĂƐĞŬƐŝ
DĞƐŝŶWƌŽĚƵŬƐŝ
ŶĂƐǁŝ ϰϯ ϮϬƚĂŚƵŶ - ϮϬϬϲ–ϮϬϭϰ͗ tĞůĚŝŶŐ ϭ͘ DĞŵďƵĂƚĚŽŬƵŵĞŶtW^͕
WƵƌŶŽŵŽ <ĂƐŝ ŶŐŝŶĞĞƌŝŶŐ /ŶƐƉĞĐƚŽƌ– WYZ͕ĚĂŶtWYd
hϯ WWE^ Ϯ͘ DĂŝŶƚĂŝŶƌĞŬĂŵĂŶ
ŬƵĂůŝĨŝŬĂƐŝƵŶƚƵŬƐĞůƵƌƵŚ
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EĂŵĂ hŵƵƌ WĞŶŐĂůĂŵĂŶ ZŝǁĂLJĂƚWĞŶŐĂůĂŵĂŶ WĞƌŝnjŝŶĂŶ dƵŐĂƐ
<ĞƌũĂ <ĞƌũĂ
- ϮϬϭϰ–ϮϬϭϳ͗ ƉĞƌƐŽŶĞůLJĂŶŐŵĞůĂŬƵŬĂŶ
<ĂĚĞƉ ƐƉĞĐŝĂůƉƌŽĐĞƐƐĞƐ
ŶŐŝŶĞĞƌŝŶŐhϯ
- ϮϬϭϳ–ƐĞŬĂƌĂŶŐ͗
<ĂĚĞƉY
njŝŬƌŝ,ŝĚĂLJĂƚ ϰϭ ϭϴƚĂŚƵŶϴ - ϮϬϬϱ–ϮϬϬϲ͗ Edhd>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ďƵůĂŶ Wd͘DĞĐŽ –Wd͘D^^ hdŵĞŶŐŐƵŶĂŬĂŶ
/ŶŽdžƉƌŝŵĂ ƵƚŽŵĂƚŝĐhdĚĂŶ
^ƵƌĂďĂLJĂƐĞďĂŐĂŝ ,ĂŶĚŚĞůĚhd
ŽƉĞƌĂƚŽƌY Ϯ͘ DĞŵďƵĂƚƌĞƉŽƌƚŚĂƐŝů
- ϮϬϬϲ–ϮϬϬϳ͗ ŝŶƐƉĞŬƐŝhd
Wd͘/ƐƉĂƚŝŶĚŽ
ƐĞďĂŐĂŝKƉĞƌĂƚŽƌ
Y
- ϮϬϬϳ–ϮϬϭϱ͗
ŽƉĞƌĂƚŽƌY
- ϮϬϭϱ͗<ĂƐŝY
- ϮϬϮϰͲƐĞŬĂƌĂŶŐ͗
<ĂĚĞƉY
/ŵĂŵ<ŚĂŶĂĨŝ ϰϴ ϮϵƚĂŚƵŶ - ϭϵϵϳ–ϭϵϵϴ͗ Ed d>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
Wd͘ĂŚĂLJĂWůĂƐƚŝŬ –/d^ dŵĞŶŐŐƵŶĂŬĂŶ
ƐĞďĂŐĂŝŽƉĞƌĂƚŽƌ ƵƚŽŵĂƚŝĐ dĚĂŶ
Y ,ĂŶĚŚĞůĚ d
- ϭϵϵϴ–ϮϬϭϲ͗ Ϯ͘ DĞŵďƵĂƚƌĞƉŽƌƚŚĂƐŝů
ŽƉĞƌĂƚŽƌY ŝŶƐƉĞŬƐŝ d
- ϮϬϭϲ–ƐĞŬĂƌĂŶŐ͗
ƐĞďĂŐĂŝ<ĂƐŝ
YƵĂůŝƚLJŽŶƚƌŽů
ĚŝWƌŝLJĂŶƚŽ ϰϴ ϮϴƚĂŚƵŶϭϭ - ϭϵϵϳ–ϮϬϭϯ͗ EdDdͬWd ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ďƵůĂŶ ŽƉĞƌĂƚŽƌY >ĞǀĞůϮ–Wd͘ DdĚĂŶWd
- ϮϬϭϯͲƐĞŬĂƌĂŶŐ͗ D^^ Ϯ͘ DĞŵďƵĂƚƌĞƉŽƌƚŚĂƐŝů
<ĞƉĂůĂZĞŐƵY ŝŶƐƉĞŬƐŝDdĚĂŶWd
ĐŚŵĂĚƵŶ ϱϬ ϮϵƚĂŚƵŶϰ - ϭϵϵϲ–ƐĞŬĂƌĂŶŐ͗ EdDdͬWd ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ďƵůĂŶ ŽƉĞƌĂƚŽƌY >ĞǀĞůϮ–Wd͘ DdĚĂŶWd
D^^ Ϯ͘ DĞŵďƵĂƚƌĞƉŽƌƚŚĂƐŝů
ŝŶƐƉĞŬƐŝDdĚĂŶWd
͘^ƵĚĂƌŵĂŶƚŽ ϰϱ ϮϲƚĂŚƵŶϯ - ϮϬϬϬ–ƐĞŬĂƌĂŶŐ͗ Edhd>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ďƵůĂŶ ŽƉĞƌĂƚŽƌY –Wd͘D^^ hdŵĞŶŐŐƵŶĂŬĂŶ
ƵƚŽŵĂƚŝĐhdĚĂŶ
,ĂŶĚŚĞůĚhd
Ϯ͘ DĞŵďƵĂƚƌĞƉŽƌƚŚĂƐŝů
ŝŶƐƉĞŬƐŝhd
ƵĚŝ/ƐŵŽŶŽ ϰϱ ϮϲƚĂŚƵŶϮ - ϮϬϬϬ–ϮϬϬϭ͗ Edhd>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ďƵůĂŶ s͘>ĂŶŐŐĞŶŐ –Wd͘D^^ hdŵĞŶŐŐƵŶĂŬĂŶ
<ĂƌLJĂDĂŬŵƵƌ ƵƚŽŵĂƚŝĐhdĚĂŶ
- ϮϬϬϭ–ƐĞŬĂƌĂŶŐ͗ ,ĂŶĚŚĞůĚhd
ŽƉĞƌĂƚŽƌY Ϯ͘ DĞŵďƵĂƚƌĞƉŽƌƚŚĂƐŝů
ŝŶƐƉĞŬƐŝhd
:ƵƉƌŝ^ĂŶƚŽƐŽ ϯϵ ϭϰƚĂŚƵŶϴ - ϮϬϭϮ–ϮϬϭϯ͗ Edhd>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ďƵůĂŶ Wd͘^ƵƌLJĂ/ŶĚŽ –Wd͘D^^ hdŵĞŶŐŐƵŶĂŬĂŶ
DĂŶĚŝƌŝƐĞďĂŐĂŝ ƵƚŽŵĂƚŝĐhdĚĂŶ
ŽƉĞƌĂƚŽƌY ,ĂŶĚŚĞůĚhd
- ϮϬϭϯͲƐĞŬĂƌĂŶŐ͗ Ϯ͘ DĞŵďƵĂƚƌĞƉŽƌƚŚĂƐŝů
ŽƉĞƌĂƚŽƌY ŝŶƐƉĞŬƐŝhd
ƌŝĨƵĚŝLJĂŶƚŽ ϰϬ ϭϰƚĂŚƵŶϴ - ϮϬϭϮ–ϮϬϭϰ͗ Edhd>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ďƵůĂŶ Wd͘ũĂďĞƐ^ĞũĂƚŝ –Wd͘D^^ hdŵĞŶŐŐƵŶĂŬĂŶ
208
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EĂŵĂ hŵƵƌ WĞŶŐĂůĂŵĂŶ ZŝǁĂLJĂƚWĞŶŐĂůĂŵĂŶ WĞƌŝnjŝŶĂŶ dƵŐĂƐ
<ĞƌũĂ <ĞƌũĂ
ƐĞďĂŐĂŝŽƉĞƌĂƚŽƌ ƵƚŽŵĂƚŝĐhdĚĂŶ
Y ,ĂŶĚŚĞůĚhd
- ϮϬϭϯ–ƐĞŬĂƌĂŶŐ͗ Ϯ͘ DĞŵďƵĂƚƌĞƉŽƌƚŚĂƐŝů
ŽƉĞƌĂƚŽƌY ŝŶƐƉĞŬƐŝhd
͘zƵƐƌŽŶŝ ϰϮ ϭϰƚĂŚƵŶϴ - ϮϬϭϮ–ϮϬϭϯ͗ Edhd>ĞǀĞůϮ ϭ͘ DĞůĂŬƵŬĂŶƉƌŽƐĞƐŝŶƐƉĞŬƐŝ
ďƵůĂŶ Wd͘^ĞƉĂŶũĂŶŐ –Wd͘D^^ hdŵĞŶŐŐƵŶĂŬĂŶ
:ĂLJĂƐĞďĂŐĂŝ ƵƚŽŵĂƚŝĐhdĚĂŶ
ŽƉĞƌĂƚŽƌY ,ĂŶĚŚĞůĚhd
- ϮϬϭϯ–ƐĞŬĂƌĂŶŐ͗ Ϯ͘ DĞŵďƵĂƚƌĞƉŽƌƚŚĂƐŝů
ŽƉĞƌĂƚŽƌY ŝŶƐƉĞŬƐŝhd
&ĂƐŝůŝƚĂƐĚĂŶ<ĞƐĞũĂŚƚĞƌĂĂŶ<ĂƌLJĂǁĂŶ
<ĞƐĞũĂŚƚĞƌĂĂŶŬĂƌLJĂǁĂŶŵĞŶũĂĚŝƐĂůĂŚƐĂƚƵƉĞƌŚĂƚŝĂŶƵƚĂŵĂWĞƌƐĞƌŽĂŶĂŐĂƌŬĂƌLJĂǁĂŶĚĂƉĂƚŵĞƌĂƐĂĂŵĂŶĚĂŶ
ŶLJĂŵĂŶ ĚĂůĂŵ ďĞŬĞƌũĂ͕ ƐĞŚŝŶŐŐĂ ĚĂƉĂƚ ďĞŬĞƌũĂ ĚĞŶŐĂŶ ŵŽƚŝǀĂƐŝ LJĂŶŐ ůĞďŝŚ ďĂŝŬ͕ LJĂŶŐ ƉĂĚĂ ĂŬŚŝƌŶLJĂ ĂŬĂŶ
ŵĞŶŝŶŐŬĂƚŬĂŶ ƉƌĞƐƚĂƐŝ ĚĂŶ ƉƌŽĚƵŬƚŝǀŝƚĂƐ ŬĞƌũĂ͘ WĞƌƐĞƌŽĂŶ ƐĞůĂůƵ ďĞƌƵƐĂŚĂ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ
WĞŵĞƌŝŶƚĂŚLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞƐĞũĂŚƚĞƌĂĂŶŬĂƌLJĂǁĂŶďĞƌƵƉĂƉĞŶLJĞƐƵĂŝĂŶďĞƐĂƌŶLJĂŐĂũŝLJĂŶŐƐĞũĂůĂŶ
ĚĞŶŐĂŶůĂũƵŝŶĨůĂƐŝƐĞƌƚĂŵĞŵĞŶƵŚŝƐƚĂŶĚĂƌhƉĂŚDŝŶŝŵƵŵ<ĂďƵƉĂƚĞŶͬ<ŽƚĂ;hD<ͿďĂŐŝŬĂƌLJĂǁĂŶŶLJĂƐĞƐƵĂŝ
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ<ĞŵĞŶƚĞƌŝĂŶ<ĞƚĞŶĂŐĂŬĞƌũĂĂŶ͘ŝƐĂŵƉŝŶŐŝƚƵ͕WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶLJĞĚŝĂŬĂŶďĞƌďĂŐĂŝĨĂƐŝůŝƚĂƐ
ĚĂŶƚƵŶũĂŶŐĂŶůĂŝŶ͕ƐĞƉĞƌƚŝ͗
- dƵŶũĂŶŐĂŶŬĞƐĞŚĂƚĂŶ͕ĚŝďĞƌŝŬĂŶďĞƌĚĂƐĂƌŬĂŶůĞǀĞůĚĂŶůĂŵĂďĞŬĞƌũĂĚĂƌŝŵĂƐŝŶŐͲŵĂƐŝŶŐŬĂƌLJĂǁĂŶ͖
- dƵŶũĂŶŐĂŶƉĞŶƐŝƵŶ͕ĚŝďĞƌŝŬĂŶŬĞƉĂĚĂŬĂƌLJĂǁĂŶLJĂŶŐƚĞůĂŚďĞŬĞƌũĂƐĞůĂŵĂϮϱƚĂŚƵŶĂƚĂƵůĞďŝŚĚĂŶƚĞůĂŚ
ŵĞŶĐĂƉĂŝƵƐŝĂƉĞŶƐŝƵŶ;ϱϱƚĂŚƵŶͿ͖
- dƵŶũĂŶŐĂŶƵĂŶŐŵĂŬĂŶĚĂŶƵĂŶŐƚƌĂŶƐƉŽƌƚ͖
- dƵŶũĂŶŐĂŶĂůĂƚŬŽŵƵŶŝŬĂƐŝ͕ƵŶƚƵŬĚŝǀŝƐŝƚĞƌƚĞŶƚƵ͖
- dƵŶũĂŶŐĂŶĐƵƚŝƐĞůĂŵĂϭϮŚĂƌŝŬĞƌũĂ͖
- dƵŶũĂŶŐĂŶĐƵƚŝƐĞůĂŵĂϯďƵůĂŶƵŶƚƵŬŬĂƌLJĂǁĂƚŝLJĂŶŐŵĞůĂŚŝƌŬĂŶ͖
- dƵŶũĂŶŐĂŶĐƵƚŝƵŶƚƵŬŬĞũĂĚŝĂŶŬŚƵƐƵƐƐĞƉĞƌƚŝŬĞŵĂƚŝĂŶ͕ƐƵŶĂƚĂŶ͕ƉĞŵďĂƉƚŝƐĂŶ͕ǁŝƐƵĚĂ͕ŬĞůĂŚŝƌĂŶ͕ĚĂŶůĂŝŶ
ƐĞďĂŐĂŝŶLJĂƵŶƚƵŬŬĂƌLJĂǁĂŶLJĂŶŐĚŝĂƚƵƌĚĂůĂŵWĞƌũĂŶũŝĂŶ<ĞƌũĂĞƌƐĂŵĂ;W<Ϳ͘
^ĞůĂŝŶĨĂƐŝůŝƚĂƐĚĂŶƚƵŶũĂŶŐĂŶLJĂŶŐƚĞůĂŚĚŝƐĞďƵƚŬĂŶĚŝĂƚĂƐ͕WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶĚĂĨƚĂƌŬĂŶƐĞůƵƌƵŚŬĂƌLJĂǁĂŶ
ƉĂĚĂW:^<ĞƚĞŶĂŐĂŬĞƌũĂĂŶ;ĚͬŚ:ĂŵƐŽƐƚĞŬͿƐĞƌƚĂW:^<ĞƐĞŚĂƚĂŶ͕ŐƵŶĂŵĞŶŐĂŶƚŝƐŝƉĂƐŝŬĞũĂĚŝĂŶƚĂŬƚĞƌĚƵŐĂ
LJĂŶŐĚŝĂůĂŵŝŬĂƌLJĂǁĂŶƉĂĚĂƐĂĂƚŵĞůĂŬƐĂŶĂŬĂŶƉĞŬĞƌũĂĂŶŶLJĂ͘
WĞůĂƚŝŚĂŶĂŶWĞŶŐĞŵďĂŶŐĂŶ<ĂƌLJĂǁĂŶ
WĞƌƐĞƌŽĂŶ ƐĞůĂůƵ ďĞƌƵƉĂLJĂ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ƉĞŶŐĞƚĂŚƵĂŶ͕ ŬĞƚƌĂŵƉŝůĂŶ͕ ĚĂŶ ƐŝŬĂƉ ŬĞƌũĂ ĂŐĂƌ ŬĂƌLJĂǁĂŶ
ŬŽŵƉĞƚĞŶƐĞŚŝŶŐŐĂĚĂƉĂƚďĞŬĞƌũĂĚĞŶŐĂŶĞĨĞŬƚŝĨ͘<ƵĂůŝƚĂƐŬĂƌLJĂǁĂŶĚĂůĂŵƉĞŶŐĞŵďĂŶŐĂŶƉĞŶŐĞƚĂŚƵĂŶĚĂŶ
ŬĞƚƌĂŵƉŝůĂŶ ;ĚŝƐĞƌƚĂŝ ƐŝŬĂƉ ŬĞƌũĂͿ ĚŝůĂŬƐĂŶĂŬĂŶ ƐĞĐĂƌĂ ďĞƌŬĞůĂŶũƵƚĂŶ Ěŝ ƐĞŐĂůĂ ďŝĚĂŶŐ ƉĞŬĞƌũĂĂŶ ƵŶƚƵŬ
ŵĞŶƵŶũĂŶŐ ĚĂŶ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬŝŶĞƌũĂ WĞƌƐĞƌŽĂŶ͘ hƉĂLJĂ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĂƌLJĂǁĂŶ ƚĞƌƵƐ ŵĞŶĞƌƵƐ ĚŝůĂŬƵŬĂŶ
ŵĞůĂůƵŝďĞƌďĂŐĂŝũĞŶŝƐŬĞŐŝĂƚĂŶĚŝĂŶƚĂƌĂŶLJĂŵĞůĂůƵŝŬĞŝŬƵƚƐĞƌƚĂĂŶƉĞůĂƚŝŚĂŶƐĞĐĂƌĂŝŶƚĞƌŶĂů;ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ
ƐĞĐĂƌĂŵĂŶĚŝƌŝĚŝĚĂůĂŵƉĞƌƐĞƌŽĂŶ ĚĂŶ ƉĞůĂƚŝŚĂŶĞŬƐƚĞƌŶĂů;ŵĞŶŐŝŬƵƚŝƉĞůĂƚŝŚĂŶƉƵďůŝŬͿ͕ĚĞŵŝŵĞŶĚĂƉĂƚŬĂŶ
ŚĂƐŝů LJĂŶŐ ŽƉƚŝŵĂů ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ŬĂƌLJĂǁĂŶ LJĂŶŐ ďĞŬĞƌũĂ ĂĚĂůĂŚ ŬĂƌLJĂǁĂŶ LJĂŶŐ ŬŽŵƉĞƚĞŶ
Ěŝ ƉĞŬĞƌũĂĂŶŶLJĂ͘ WĞŶĂŵďĂŚĂŶ ĚĂŶ ƉĞŶLJĞŵƉƵƌŶĂĂŶ ŵĂƚĞƌŝ ƉĞůĂƚŝŚĂŶ ĂŬĂŶ ƚĞƌƵƐ ĚŝůĂŬƵŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬĞďƵƚƵŚĂŶĚĂŶƉĞƌŬĞŵďĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚďĞďĞƌĂƉĂũĞŶŝƐƉĞůĂƚŝŚĂŶLJĂŶŐĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƐĞƉĂŶũĂŶŐƚĂŚƵŶϮϬϮϱ͗
WĞůĂƚŝŚĂŶ<ĂƌLJĂǁĂŶ
EŽ͘ :ƵĚƵůWĞůĂƚŝŚĂŶ :ƵŵůĂŚWĞƐĞƌƚĂ
WĞůĂƚŝŚĂŶhŵƵŵ
ϭ ŶĂůŝƐĂĂƚĂ^ƚĂƚŝƐƚŝŬ;^ĞǀĞŶdŽŽůƐͿ ϱϭ
Ϯ ŽŵƉĂŶLJWƌŽĨŝůĞΘsŝƐŝDŝƐŝWd^W/EKdďŬ Ϯϵ
ϯ &ŝƌƐƚŝĚ Ϯ
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ϰ /ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐLJǁĂƌĞŶĞƐƐ ϭϮ
ϱ <ŽĚĞ ƚŝŬWĞƌƵƐĂŚĂĂŶ ϭϮ
ϲ DĞůĂŬƐĂŶĂŬĂŶϱZ ϭϱϮ
ϳ WĞŶŐĞŶĂůĂŶŝǀŝƐŝ Ϯϵ
ϴ WĞŶũĞůĂƐĂŶWĞŶŐŐƵŶĂĂŶ'ƌĞĂƚĂLJ ϭϮ
ϵ WĞŶũĞůĂƐĂŶW<WĞƌƵƐĂŚĂĂŶ ϭϮ
ϭϬ WĞŶũĞůĂƐĂŶWƌŽŐƌĂŵDĂŐĂŶŐ ϭϳ
ϭϭ WĞŶũĞůĂƐĂŶWƌŽŐƌĂŵ^dW;ďĂŐŝƉĞƐĞƌƚĂDdͿ ϴ
ϭϮ WĞƌĨŽƌŵĂŶĐĞ>ĞĂĚĞƌƐŚŝƉ ϯϮ
ϭϯ ZŽŽƚĂƵƐĞΘŶĂůLJƐŝƐWƌŽďůĞŵ^ŽůǀŝŶŐ ϭ
ϭϰ ^ĂĨĞƚLJ/ŶĚƵĐƚŝŽŶ ϭϳ
WĞůĂƚŝŚĂŶ/Ŷƚŝͬ<ŚƵƐƵƐͬdĞŬŶŝƐ
ϭ ƐƉĞĐƚ/ŵƉĂĐƚZŝƐŬƐƐĞƐƐŵĞŶƚ;/ZͿ Ϯ
Ϯ ƵƚŽŶŽŵŽƵƐDĂŝŶƚĞŶĂŶĐĞ ϭϳ
ϯ ĨĨĞĐƚŝǀĞƵĚŐĞƚŝŶŐΘŽƐƚŽŶƚƌŽů Ϯϴ
ϰ /ŶǀĞƐƚŝŐĂƐŝ<ĞĐĞůĂŬĂĂŶ<ĞƌũĂ ϭϯ
ϱ <ƵĂůŝƚĂƐĚĂŶ:ĞŶŝƐĂĐĂƚ,ĂƐŝůWĞŶŐĞůĂƐĂŶ,& ϮϮ
ϲ DĂŝŶƚĞŶĂŶĐĞDĂŶĂŐĞŵĞŶƚ ϭϱ
ϳ DĂŶĂũĞŵĞŶWĞƌŐƵĚĂŶŐĂŶ ϭ
ϴ DĞůĂŬƐĂŶĂŬĂŶ,ƵďƵŶŐĂŶ<ĞƌũĂ ϭ
ϵ DĞůĂŬƐĂŶĂŬĂŶWĞŵďƵĂƚĂŶ,&t ϭ
ϭϬ DĞůĂŬƵŬĂŶWĞŵĞƌŝŬƐĂĂŶŬŚŝƌWŝƉĂ Zt ϭϰ
ϭϭ DĞůĂŬƵŬĂŶWĞŵĞƌŝŬƐĂĂŶDƵĂƚ;>ŽĂĚŝŶŐ/ŶƐƉĞĐƚŝŽŶͿ ϭ
ϭϮ DĞůĂŬƵŬĂŶWĞŶŐĞůĂƐĂŶ^Dt ϭϱ
ϭϯ DĞůĂŬƵŬĂŶWĞŶŐĞŶĚĂůŝĂŶůĂƚhŬƵƌ ϭ
ϭϰ DĞůĂŬƵŬĂŶWĞŶŐĞƌũĂĂŶWĞƌƐŝĂƉĂŶ^ƉĞĐŝŵĞŶ ϴ
ϭϱ DĞůĂŬƵŬĂŶWĞŶŐƵũŝĂŶ,LJĚƌŽƐƚĂƚŝĐ ϭ
ϭϲ DĞůĂŬƵŬĂŶWĞŶLJŝŵƉĂŶĂŶWŝƉĂĚŝ'ƵĚĂŶŐ ϱ
ϭϳ DĞůĂŬƵŬĂŶWƌŽƐĞƐZĞƚƵƌWĞůĂŶŐŐĂŶ;ƵƐƚŽŵĞƌͿ ϭ
ϭϴ DĞůĂŬƵŬĂŶ^ĞƚƚŝŶŐDĞƐŝŶ,&t ϭ
ϭϵ DĞŶŐĞůŽůĂƐĞƚDĞƐŝŶĚĂŶWĞƌĂůĂƚĂŶ ϭ
ϮϬ DĞŶŐŚŝƚƵŶŐhƉĂŚ>ĞŵďƵƌ ϭ
Ϯϭ DĞŶŐƵŬƵƌĞŶŐĂŶDĞŶŐŐƵŶĂŬĂŶůĂƚhŬƵƌ ϴ
ϮϮ DĞƌĂǁĂƚ͕DĞŶĚŝĂŐŶŽƐĂ͕ĚĂŶDĞŵƉĞƌďĂŝŬŝ^ŝƐƚĞŵDĞŬĂŶŝŬ ϭ
Ϯϯ DĞƌĂǁĂƚ͕DĞŶĚŝĂŐŶŽƐĂ͕ĚĂŶDĞŵƉĞƌďĂŝŬŝ^ŝƐƚĞŵWŶĞƵŵĂƚŝŬ ϯϮ
Ϯϰ WĞŵĂŚĂŵĂŶĚĂŶWĞŶĞƌĂƉĂŶ^ŝƐƚĞŵDĂŶĂũĞŵĞŶDƵƚƵ/^KϵϬϬϭsĞƌƐŝϮϬϭϱ ϭϴ
Ϯϱ WĞŵĞůŝŚĂƌĂĂŶ<ŽŵƉŽŶĞŶΘ^ŝƐƚĞŵ,ŝĚƌŽůŝŬ Ϯϯ
Ϯϲ WĞŶŐĞŶĚĂůŝĂŶ/ŶĨŽƌŵĂƐŝdĞƌĚŽŬƵŵĞŶƚĂƐŝ ϭ
Ϯϳ WĞŶŐĞƚĂŚƵĂŶĚĂŶWĞŶŐŽƉĞƌĂƐŝĂŶDĞƐŝŶWĞƌŬĂŬĂƐDĂŶƵĂů ϭ
Ϯϴ WĞŶŝůĂŝĂŶZĞƐŝŬŽΘ/ĚĞŶƚŝĨŝŬĂƐŝWŽƚĞŶƐŝĂŚĂLJĂŝdĞŵƉĂƚ<ĞƌũĂ;,/ZͿ ϭϳ
Ϯϵ WƌŽĐĞƐƐΘWƌŽĚƵĐƚ<ŶŽǁůĞĚŐĞ Ϯϵ
ϯϬ YƵĂůŝƚLJDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ/^KϵϬϬϭ͗ϮϬϭϱ ϭ
ϯϭ ZŝƐŬDĂŶĂŐĞŵĞŶƚ ϲ
ϯϮ ^WWD Ϯ
ϯϯ ^WW^ Ϯ
ϯϰ ^WYD͕DD͕W^͕WD ϭ
ϯϱ ^ŝƐƚĞŵDĂŶĂũĞŵĞŶ<ϯ;K,^D^Ϳ/^KϰϱϬϬϭͲϮϬϭϴ ϭϬ
ϯϲ ^ƉĞƐŝĨŝŬĂƐŝWŝƉĂWĞƌĂďŽƚ ϯ
ϯϳ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵĐƚ^dDϱϯ͗ϮϬϭϴ ϭ
ϯϴ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵĐƚ^dDϳϵϱ͗ϮϬϭϯ ϭ
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ϯϵ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵĐƚ^E/ϬϬϯϵ͗ϮϬϭϯ ϭ
ϰϬ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵĐƚ^E/ϬϬϲϴ͗ϮϬϭϯ ϭ
ϰϭ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵĐƚ^E/ϬϳͲϬϬϲϳ; ĚŝƐŝƚĞƌĂŬŚŝƌͿ ϭ
ϰϮ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵŬ:/^'ϯϰϰϰ͗ϮϬϭϬ ϭ
ϰϯ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵŬWŝƉĂ<ŽŶƐƚƌƵŬƐŝDĞƐŝŶ^E/ϬϳͲϬϬϲϳ Ϯ
ϰϰ dƌĞŶdĞƌŬŝŶŝĚĂůĂŵWĞŶŐĞůĂƐĂŶĚĂŶƉůŝŬĂƐŝŶLJĂĚŝdĂŚƵŶϮϬϮϱ ϯ
ϰϱ WĞŶŐĂĚĂĂŶdĂŶĂŚƵŶƚƵŬWĞƌƵƐĂŚĂĂŶ͗DĞŶĂŶŐĂŶŝƐƉĞŬ,ƵŬƵŵ͕ZŝƐŝŬŽ͕ĚĂŶ^ĞŶŐŬĞƚĂŶLJĂ ϭ
ϰϲ ,ŽǁƚŽĐŚŝĞǀĞ^ƵƐƚĂŝŶĂďŝůŝƚLJĨŽƌƚŚĞ&ƵƚƵƌĞZĞƐŝůŝĞŶĐĞƚŚƌŽƵŐŚŝŐŝƚĂůdĞĐŚŶŽůŽŐLJ ϭ
ϰϳ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝ/ŶƐƉĞĐƚŽƌ'ĂůǀĂŶŝnjĞ Ϯ
ϰϴ ,Z^ƚƌĂƚĞŐLJϰ͘Ϭ͗dƌĂŶƐĨŽƌŵŝŶŐĚŵŝŶŝƐƚƌĂƚŝǀĞ,ZŝŶƚŽĞůŝǀĞƌŝŶŐ^ƚƌĂƚĞŐLJ Ϯ
ϰϵ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝĂŵŬĂƌ<ĞůĂƐ ϳ
ϱϬ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝWĞŶĂŶŐŐƵŶŐ:ĂǁĂďWĞŶŐĞŶĚĂůŝĂŶWĞŶĐĞŵĂƌĂŶhĚĂƌĂ;WWWhͿ ϯ
ϱϭ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝWĞŶĂŶŐŐƵŶŐ:ĂǁĂďWĞŶŐĞŶĚĂůŝĂŶWĞŶĐĞŵĂƌĂŶŝƌ;WWWͿ ϰ
WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝWĞŶŐĂǁĂƐĂŶWĞŶŐŽůĂŚĂŶ>ŝŵďĂŚϯĚĂŶWĞŶŐŽůĂŚĂŶ>ŝŵďĂŚϯ
ϱϮ
;WW>ϯͿ ϯ
ϱϯ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƐŝŽŶĂůWĞŶŐŽůĂŚĂŶŝƌ>ŝŵďĂŚ;WKW>Ϳ Ϯ
ϱϰ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƐŝŽŶĂů/ŶƐƚĂůĂƐŝWĞŶŐĞŶĚĂůŝĂŶWĞŶĐĞŵĂƌĂŶhĚĂƌĂ;WK/WWhͿ Ϯ
WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƚŽƌWĞŶŐŽůĂŚĂŶ>ŝŵďĂŚĂŚĂŶĞƌďĂŚĂLJĂĚĂŶĞƌĂĐƵŶ
ϱϱ
;KW>ϯͿ Ϯ
ϱϲ ZĞƐĞƌƚŝĨŝŬĂƐŝ<ϯhŵƵŵ ϯ
ϱϳ ŝŐŝƚĂůDĂƌŬĞƚŝŶŐĐĐĞůĞƌĂƚĞĚKŶůŝŶĞŽŽƚĐĂŵƉ Ϯ
ϱϴ ^ĞŵŝŶĂƌdƌĂŶƐĨŽƌŵĂƐŝ^ƚƌĂƚĞŐŝΘZĞƐƚƌƵŬ<ĞƵĂŶŐĂŶƵŶƚƵŬ^ĐĂůĞhƉϭϬdž>ŝƉĂƚ ϭ
^ŝĂƉĂŝďĂůŝŬ<ŽƌƉŽƌĂƐŝ͍DĞŶĐĞƌŵĂƚŝdƌĂŶƐƉĂƌĂŶƐŝĞŶĞĨŝĐŝĂůKǁŶĞƌƐŚŝƉĚĂŶ
ϱϵ
WĞŶŐĂƚƵƌĂŶŶLJĂĚŝ/ŶĚŽŶĞƐŝĂ ϭ
ϲϬ >ĞĂĚĞƌƐŚŝƉ'ĂŵĞWůĂŶ ϵ
ϲϭ <ϯZƵĂŶŐdĞƌďĂƚĂƐ Ϯ
ϲϮ WĞůĂƚŝŚĂŶĚĂŶ^ĞƌƚŝĨŝŬĂƐŝĂŵŬĂƌ ϯ
ϲϯ KƉĞƌĂƐŝŽŶĂůWĞŶŐŽůĂŚĂŶŝƌ>ŝŵďĂŚ;KWWͿ ϭ
ϲϰ ZĞƐĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƐŝŽŶĂůWĞŶŐŽůĂŚĂŶ>ŝŵďĂŚϯ;KW>ϯͿ Ϯ
ϲϱ ZĞƐĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƐŝŽŶĂůWĞŶŐŽůĂŚĂŶŝƌ>ŝŵďĂŚ;KWWͿ Ϯ
ϲϲ ZĞƐĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƐŝŽŶĂů/ŶƐƚĂůĂƐŝWĞŶŐĞŶĚĂůŝĂŶWĞŶĐĞŵĂƌĂŶhĚĂƌĂ;KWWhͿ Ϯ
ϲϳ ZĞƐĞƌƚŝĨŝŬĂƐŝDĂŶĂũĞƌWĞŶŐŽůĂŚĂŶ>ŝŵďĂŚϯ;DW>ϯͿ ϭ
ϲϴ ZĞƐĞƌƚŝĨŝŬĂƐŝWĞŶĂŶŐŐƵŶŐ:ĂǁĂďWĞŶŐĞŶĚĂůŝĂŶWĞŶĐĞŵĂƌĂŶŝƌ;WWWͿ ϭ
ϲϵ ZĞƐĞƌƚŝĨŝŬĂƐŝDĂŶĂũĞƌWĞŶŐĞŶĚĂůŝĂŶWĞŶĐĞŵĂƌĂŶhĚĂƌĂ;DWWhͿ ϭ
ϳϬ ŶĞƌŐLJ ĨĨŝĐŝĞŶĐLJ͕',' ŵŝƐƐŝŽŶƐ&ŽŽƚƉƌŝŶƚĂůĐƵůĂƚŝŽŶ͕ĂŶĚ ^'&ŝŶĂŶĐŝŶŐ^ŽůƵƚŝŽŶ ϯ
ϳϭ ĚǀĂŶĐĞdYD;ͲdYDͿĨŽƌ,ŝŐŚWĞƌĨŽƌŵĂŶĐĞƵůƚƵƌĞĂŶĚKƉĞƌĂƚŝŽŶĂů džĐĞůůĞŶĐĞ ϴ
ϳϮ ^ĞƌƚŝĨŝŬĂƐŝhd>ĞǀĞů// Ϯ
ϳϯ ZĞƐĞƌƚŝĨŝŬĂƐŝhd>ĞǀĞů// ϰ
ϳϰ WĞůĂƚŝŚĂŶ,ƵŬƵŵEĂƐŝŽŶĂů ϭ
ϳϱ &ƌĞĞtŽƌŬƐŚŽƉ͗ĞƐĂŝŶ>ĞďŝŚĞƉĂƚΘ ĨŝƐŝĞŶ͘dŝƉƐĚĂŶdƌŝŬŵĞŶũĂĚŝWƌŽĨĞƐŝŽŶĂů ϴ
ϳϲ ^/KŽŝůĞƌ<ĞůĂƐ// ϭ
ϳϳ DĂŝŶƚĞŶĂŶĐĞDĂŶĂŐĞŵĞŶƚ ϭ
ϳϴ ZĞƐĞƌƚŝĨŝŬĂƐŝŚůŝ<ϯhŵƵŵ ϰ
ϳϵ ZĞƐĞƌƚŝĨŝŬĂƐŝWϯ< ϭ
ϴϬ ZĞĐƌƵŝƚŵĞŶƚ^Ƶŵŵŝƚ͗ZĞĐƌƵŝƚŵĞŶƚΘĐƋƵŝƐŝƚŝŽŶ^ƚƌĂƚĞŐLJŝŶdŚĞŐĞŽĨdĂůĞŶƚtĂƌ Ϯ
ϴϭ ZĞƐĞƌƚŝĨŝŬĂƐŝŚůŝ<ϯ<ĞďĂŬĂƌĂŶ ϭ
ϴϮ ^ĞƌƚŝĨŝŬĂƐŝŚůŝ<ϯ>ŝƐƚƌŝŬ ϭ
ϴϯ dƌĂŝŶŝŶŐĞƌƚŝĨŝĞĚWĞŽƉůĞŶĂůLJƚŝĐƐ ϭ
ϴϰ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝWϯ< ϯ
ϴϱ ^ĂǀŝŶŐ ŶĞƌŐLJ͕/ŵƉƌŽǀŝŶŐ&ůŽǁĂŶĚŽŽƐƚŝŶŐWƌŽĚƵĐƚŝǀŝƚLJ Ϯ
ϴϲ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝ^/KƌĂŶĞ<ĞůĂƐϯ ϯ
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ϴϳ ZĞƐĞƌƚŝĨŝŬĂƐŝtĞůĚŝŶŐ/ŶƐƉĞĐƚŽƌ ϭ
ϴϴ h^ŝŐŶĂƚƵƌĞWĂƌƚŶĞƌΖƐĂLJ Ϯ
ϴϵ ŝŵďŝŶŐĂŶdĞŬŶŝƐK^^ZΘ><WD;WWϮϴΘWĞƌ<WDϮϬϮϱͿ ϭ
ϵϬ ^ĞŵŝŶĂƌdĂůĞŶƚ^ƉĂƌŬ^ŚŽǁĐĂƐĞ ϰ
ϵϭ WƐŝŬŽůŽŐŝĚĂŶ<ŽŵƵŶŝŬĂƐŝĂůĂŵƵĚŝƚ;W^/<KDͿ ϵ
ϵϮ dĞĐŚŶŝĐĂůWĞƌĨŽƌŵĂŶĐĞE >ĞǀĞů//hd ϵ
ϵϯ dĞĐŚŶŝĐĂůWĞƌĨŽƌŵĂŶĐĞE >ĞǀĞů//Wd ϰ
ϵϰ dĞĐŚŶŝĐĂůWĞƌĨŽƌŵĂŶĐĞE >ĞǀĞů//Dd ϰ
ϵϱ ^ĞƌƚŝĨŝŬĂƐŝWdDd>ĞǀĞů// ϭ
ϵϲ WĞůĂƚŝŚĂŶĚĂŶ^ĞƌƚŝĨŝŬĂƐŝŚůŝ<ϯ<ĞďĂŬĂƌĂŶ<ĞůĂƐ ϯ
ϵϳ ZŝŶŐŽĨ^ĂůĞƐ ϱϬ
ϵϴ tŽƌŬƐŚŽƉ/WD^ ϭϮϲ
ϵϵ &ŝŶĂŶĐĞĨŽƌEŽŶ&ŝŶĂŶĐĞ Ϯϰ
ϭϬϬ ^ŽƐŝĂůŝƐĂƐŝǁĂƌĞŶĞƐƐĂŚĂLJĂWŝŶũĂŵĂŶKŶůŝŶĞ ϭϱϭ
ϭϬϭ ^ƉŝŶĚŽ džĞĐƵƚŝǀĞ^ŚĂƌŝŶŐ^ĞƐƐŝŽŶ͗/ŶƐƉŝƌŝŶŐdŚĞEĞdžƚŽƌƉŽƌĂƚĞ'ĞŶĞƌĂƚŝŽŶ ϳϭ
ϭϬϮ ^ƚƌĞŶŐƚŚĞŶŝŶŐ&ŽƵŶĚĂƚŝŽŶƐ͕ĚǀĂŶĐŝŶŐWƌŽŐƌĞƐƐ ϭϯϱ
ϭϬϯ dƌĂŶƐĨŽƌŵĂƚŝŽŶĂůŝƌĞĐƚŽƌƐŚŝƉ͗WƵƌƉŽƐĞ͕WƌĂĐƚŝĐĞ͕WĞƌĨŽƌŵĂŶĐĞ͕WƌŽŐƌĞƐƐ ϭ
WĞůĂƚŝŚĂŶ/ŶƚĞƌŶĂů
EŽ͘ :ƵĚƵůWĞůĂƚŝŚĂŶ :ƵŵůĂŚWĞƐĞƌƚĂ
WĞůĂƚŝŚĂŶhŵƵŵ
ϭ ŶĂůŝƐĂĂƚĂ^ƚĂƚŝƐƚŝŬ;^ĞǀĞŶdŽŽůƐͿ ϱϭ
Ϯ ƐƉĞĐƚ/ŵƉĂĐƚZŝƐŬƐƐĞƐƐŵĞŶƚ;/ZͿ Ϯ
ϯ ƵƚŽŶŽŵŽƵƐDĂŝŶƚĞŶĂŶĐĞ ϭϳ
ϰ ŽŵƉĂŶLJWƌŽĨŝůĞΘsŝƐŝDŝƐŝWd^W/EKdďŬ Ϯϵ
ϱ ĨĨĞĐƚŝǀĞƵĚŐĞƚŝŶŐΘŽƐƚŽŶƚƌŽů Ϯϴ
ϲ &ŝƌƐƚŝĚ Ϯ
ϳ /ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐLJǁĂƌĞŶĞƐƐ ϭϮ
ϴ /ŶǀĞƐƚŝŐĂƐŝ<ĞĐĞůĂŬĂĂŶ<ĞƌũĂ ϭϯ
ϵ <ŽĚĞ ƚŝŬWĞƌƵƐĂŚĂĂŶ ϭϮ
ϭϬ <ƵĂůŝƚĂƐĚĂŶ:ĞŶŝƐĂĐĂƚ,ĂƐŝůWĞŶŐĞůĂƐĂŶ,& ϮϮ
ϭϭ DĂŝŶƚĞŶĂŶĐĞDĂŶĂŐĞŵĞŶƚ ϭϱ
ϭϮ DĂŶĂũĞŵĞŶWĞƌŐƵĚĂŶŐĂŶ ϭ
ϭϯ DĞůĂŬƐĂŶĂŬĂŶϱZ ϭϮϯ
ϭϰ DĞůĂŬƐĂŶĂŬĂŶ,ƵďƵŶŐĂŶ<ĞƌũĂ ϭ
ϭϱ DĞůĂŬƐĂŶĂŬĂŶWĞŵďƵĂƚĂŶ,&t ϭ
ϭϲ DĞůĂŬƵŬĂŶWĞŵĞƌŝŬƐĂĂŶŬŚŝƌWŝƉĂ Zt ϭϰ
ϭϳ DĞůĂŬƵŬĂŶWĞŵĞƌŝŬƐĂĂŶDƵĂƚ;>ŽĂĚŝŶŐ/ŶƐƉĞĐƚŝŽŶͿ ϭ
ϭϴ DĞůĂŬƵŬĂŶWĞŶŐĞůĂƐĂŶ^Dt ϭϱ
ϭϵ DĞůĂŬƵŬĂŶWĞŶŐĞŶĚĂůŝĂŶůĂƚhŬƵƌ ϭ
ϮϬ DĞůĂŬƵŬĂŶWĞŶŐĞƌũĂĂŶWĞƌƐŝĂƉĂŶ^ƉĞĐŝŵĞŶ ϴ
Ϯϭ DĞůĂŬƵŬĂŶWĞŶŐƵũŝĂŶ,LJĚƌŽƐƚĂƚŝĐ ϭ
ϮϮ DĞůĂŬƵŬĂŶWĞŶLJŝŵƉĂŶĂŶWŝƉĂĚŝ'ƵĚĂŶŐ ϱ
Ϯϯ DĞůĂŬƵŬĂŶWƌŽƐĞƐZĞƚƵƌWĞůĂŶŐŐĂŶ;ƵƐƚŽŵĞƌͿ ϭ
Ϯϰ DĞůĂŬƵŬĂŶ^ĞƚƚŝŶŐDĞƐŝŶ,&t ϭ
Ϯϱ DĞŶŐĞůŽůĂƐĞƚDĞƐŝŶĚĂŶWĞƌĂůĂƚĂŶ ϭ
Ϯϲ DĞŶŐŚŝƚƵŶŐhƉĂŚ>ĞŵďƵƌ ϭ
Ϯϳ DĞŶŐƵŬƵƌĞŶŐĂŶDĞŶŐŐƵŶĂŬĂŶůĂƚhŬƵƌ ϴ
Ϯϴ DĞƌĂǁĂƚ͕DĞŶĚŝĂŐŶŽƐĂ͕ĚĂŶDĞŵƉĞƌďĂŝŬŝ^ŝƐƚĞŵDĞŬĂŶŝŬ ϭ
Ϯϵ DĞƌĂǁĂƚ͕DĞŶĚŝĂŐŶŽƐĂ͕ĚĂŶDĞŵƉĞƌďĂŝŬŝ^ŝƐƚĞŵWŶĞƵŵĂƚŝŬ ϯϮ
ϯϬ WĞŵĂŚĂŵĂŶĚĂŶWĞŶĞƌĂƉĂŶ^ŝƐƚĞŵDĂŶĂũĞŵĞŶDƵƚƵ/^KϵϬϬϭsĞƌƐŝϮϬϭϱ ϭϴ
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ϯϭ WĞŵĞůŝŚĂƌĂĂŶ<ŽŵƉŽŶĞŶΘ^ŝƐƚĞŵ,ŝĚƌŽůŝŬ Ϯϯ
ϯϮ WĞŶĞƌĂƉĂŶϱZĚŝdĞŵƉĂƚ<ĞƌũĂ Ϯϵ
ϯϯ WĞŶŐĞŶĂůĂŶŝǀŝƐŝ Ϯϵ
ϯϰ WĞŶŐĞŶĚĂůŝĂŶ/ŶĨŽƌŵĂƐŝdĞƌĚŽŬƵŵĞŶƚĂƐŝ ϭ
ϯϱ WĞŶŐĞƚĂŚƵĂŶĚĂŶWĞŶŐŽƉĞƌĂƐŝĂŶDĞƐŝŶWĞƌŬĂŬĂƐDĂŶƵĂů ϭ
ϯϲ WĞŶũĞůĂƐĂŶWĞŶŐŐƵŶĂĂŶ'ƌĞĂƚĂLJ ϭϮ
ϯϳ WĞŶŝůĂŝĂŶZĞƐŝŬŽΘ/ĚĞŶƚŝĨŝŬĂƐŝWŽƚĞŶƐŝĂŚĂLJĂŝdĞŵƉĂƚ<ĞƌũĂ;,/ZͿ ϭϳ
ϯϴ WĞŶũĞůĂƐĂŶW<WĞƌƵƐĂŚĂĂŶ ϭϮ
ϯϵ WĞŶũĞůĂƐĂŶWƌŽŐƌĂŵDĂŐĂŶŐ ϭϳ
ϰϬ WĞŶũĞůĂƐĂŶWƌŽŐƌĂŵ^dW;ďĂŐŝƉĞƐĞƌƚĂDdͿ ϴ
ϰϭ WĞƌĨŽƌŵĂŶĐĞ>ĞĂĚĞƌƐŚŝƉ ϯϮ
ϰϮ WƌŽĐĞƐƐΘWƌŽĚƵĐƚ<ŶŽǁůĞĚŐĞ Ϯϵ
ϰϯ YƵĂůŝƚLJDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ/^KϵϬϬϭ͗ϮϬϭϱ ϭ
ϰϰ ZŝƐŬDĂŶĂŐĞŵĞŶƚ ϲ
ϰϱ ZŽŽƚĂƵƐĞΘŶĂůLJƐŝƐWƌŽďůĞŵ^ŽůǀŝŶŐ ϭ
ϰϲ ^ĂĨĞƚLJ/ŶĚƵĐƚŝŽŶ ϭϳ
ϰϳ ^WWD Ϯ
ϰϴ ^WW^ Ϯ
ϰϵ ^WYD͕DD͕W^͕WD ϭ
ϱϬ ^ŝƐƚĞŵDĂŶĂũĞŵĞŶ<ϯ;K,^D^Ϳ/^KϰϱϬϬϭͲϮϬϭϴ ϭϬ
ϱϭ ^ƉĞƐŝĨŝŬĂƐŝWŝƉĂWĞƌĂďŽƚ ϯ
ϱϮ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵĐƚ^dDϱϯ͗ϮϬϭϴ ϭ
ϱϯ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵĐƚ^dDϳϵϱ͗ϮϬϭϯ ϭ
ϱϰ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵĐƚ^E/ϬϬϯϵ͗ϮϬϭϯ ϭ
ϱϱ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵĐƚ^E/ϬϬϲϴ͗ϮϬϭϯ ϭ
ϱϲ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵĐƚ^E/ϬϳͲϬϬϲϳ; ĚŝƐŝƚĞƌĂŬŚŝƌͿ ϭ
ϱϳ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵŬ:/^'ϯϰϰϰ͗ϮϬϭϬ ϭ
ϱϴ ^ƉĞƐŝĨŝŬĂƐŝWƌŽĚƵŬWŝƉĂ<ŽŶƐƚƌƵŬƐŝDĞƐŝŶ^E/ϬϳͲϬϬϲϳ Ϯ
dŽƚĂů ϲϵϴ
WĞůĂƚŝŚĂŶ ŬƐƚĞƌŶĂů
:ƵŵůĂŚ
EŽ͘ :ƵĚƵůWĞůĂƚŝŚĂŶ
WĞƐĞƌƚĂ
WĞůĂƚŝŚĂŶhŵƵŵͬ'ĞŶĞƌĂů
ϭ ŝŵďŝŶŐĂŶdĞŬŶŝƐK^^ZΘ><WD;WWϮϴΘWĞƌ<WDϮϬϮϱͿ ϭ
Ϯ ŝŐŝƚĂůDĂƌŬĞƚŝŶŐĐĐĞůĞƌĂƚĞĚKŶůŝŶĞŽŽƚĐĂŵƉ Ϯ
ϯ &ƌĞĞtŽƌŬƐŚŽƉ͗ĞƐĂŝŶ>ĞďŝŚĞƉĂƚΘ ĨŝƐŝĞŶ͘dŝƉƐĚĂŶdƌŝŬŵĞŶũĂĚŝWƌŽĨĞƐŝŽŶĂů ϴ
ϰ ,Z^ƚƌĂƚĞŐLJϰ͘Ϭ͗dƌĂŶƐĨŽƌŵŝŶŐĚŵŝŶŝƐƚƌĂƚŝǀĞ,ZŝŶƚŽĞůŝǀĞƌŝŶŐ^ƚƌĂƚĞŐLJ ϭ
ϱ <ϯZƵĂŶŐdĞƌďĂƚĂƐ Ϯ
ϲ KƉĞƌĂƐŝŽŶĂůWĞŶŐŽůĂŚĂŶŝƌ>ŝŵďĂŚ;KWWͿ ϭ
ϳ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝĂŵŬĂƌ<ĞůĂƐ ϱ
ϴ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝ/ŶƐƉĞĐƚŽƌ'ĂůǀĂŶŝnjĞ ϭ
ϵ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƐŝŽŶĂů/ŶƐƚĂůĂƐŝWĞŶŐĞŶĚĂůŝĂŶWĞŶĐĞŵĂƌĂŶhĚĂƌĂ;WK/WWhͿ Ϯ
ϭϬ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƐŝŽŶĂůWĞŶŐŽůĂŚĂŶŝƌ>ŝŵďĂŚ;WKW>Ϳ Ϯ
ϭϭ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƚŽƌWĞŶŐŽůĂŚĂŶ>ŝŵďĂŚĂŚĂŶĞƌďĂŚĂLJĂĚĂŶĞƌĂĐƵŶ;KW>ϯͿ Ϯ
ϭϮ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝWϯ< ϯ
ϭϯ WĞůĂƚŝŚĂŶΘ^ĞƌƚŝĨŝŬĂƐŝ^/KƌĂŶĞ<ĞůĂƐϯ ϯ
ϭϰ WĞůĂƚŝŚĂŶĚĂŶ^ĞƌƚŝĨŝŬĂƐŝĂŵŬĂƌ Ϯ
ϭϱ WĞůĂƚŝŚĂŶ,ƵŬƵŵEĂƐŝŽŶĂů ϭ
ϭϲ WĞŶŐĂĚĂĂŶdĂŶĂŚƵŶƚƵŬWĞƌƵƐĂŚĂĂŶ͗DĞŶĂŶŐĂŶŝƐƉĞŬ,ƵŬƵŵ͕ZŝƐŝŬŽ͕ĚĂŶ^ĞŶŐŬĞƚĂŶLJĂ ϭ
ϭϳ WdDd>ĞǀĞů// ϭ
ϭϴ ZĞƐĞƌƚŝĨŝŬĂƐŝŚůŝ<ϯ<ĞďĂŬĂƌĂŶ ϭ
ϭϵ ZĞƐĞƌƚŝĨŝŬĂƐŝŚůŝ<ϯhŵƵŵ ϭ
ϮϬ ZĞƐĞƌƚŝĨŝŬĂƐŝ<ϯhŵƵŵ ϭ
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:ƵŵůĂŚ
EŽ͘ :ƵĚƵůWĞůĂƚŝŚĂŶ
WĞƐĞƌƚĂ
Ϯϭ ZĞƐĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƐŝŽŶĂůWĞŶŐŽůĂŚĂŶ>ŝŵďĂŚϯ;KW>ϯͿ Ϯ
ϮϮ ZĞƐĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƐŝŽŶĂůWĞŶŐŽůĂŚĂŶŝƌ>ŝŵďĂŚ;KWWͿ Ϯ
Ϯϯ ZĞƐĞƌƚŝĨŝŬĂƐŝKƉĞƌĂƐŝŽŶĂů/ŶƐƚĂůĂƐŝWĞŶŐĞŶĚĂůŝĂŶWĞŶĐĞŵĂƌĂŶhĚĂƌĂ;KWWhͿ Ϯ
Ϯϰ ZĞƐĞƌƚŝĨŝŬĂƐŝWϯ< ϭ
Ϯϱ ZĞƐĞƌƚŝĨŝŬĂƐŝhd>ĞǀĞů// ϰ
Ϯϲ ZĞƐĞƌƚŝĨŝŬĂƐŝtĞůĚŝŶŐ/ŶƐƉĞĐƚŽƌ ϭ
Ϯϳ ^ĂǀŝŶŐ ŶĞƌŐLJ͕/ŵƉƌŽǀŝŶŐ&ůŽǁĂŶĚŽŽƐƚŝŶŐWƌŽĚƵĐƚŝǀŝƚLJ Ϯ
Ϯϴ ^ĞŵŝŶĂƌdĂůĞŶƚ^ƉĂƌŬ^ŚŽǁĐĂƐĞ ϰ
Ϯϵ ^ĞƌƚŝĨŝŬĂƐŝhd>ĞǀĞů// Ϯ
ϯϬ ^ŝĂƉĂ ŝďĂůŝŬ <ŽƌƉŽƌĂƐŝ͍ DĞŶĐĞƌŵĂƚŝ dƌĂŶƐƉĂƌĂŶƐŝ ĞŶĞĨŝĐŝĂů KǁŶĞƌƐŚŝƉ ĚĂŶ WĞŶŐĂƚƵƌĂŶŶLJĂ Ěŝ Ϯ
/ŶĚŽŶĞƐŝĂ
ϯϭ dĞĐŚŶŝĐĂůWĞƌĨŽƌŵĂŶĐĞDd Ϯ
ϯϮ dĞĐŚŶŝĐĂůWĞƌĨŽƌŵĂŶĐĞWd Ϯ
ϯϯ dĞĐŚŶŝĐĂůWĞƌĨŽƌŵĂŶĐĞhd ϱ
ϯϰ dĞĐŚŶŝĐĂůWĞƌĨŽƌŵĂŶĐĞE >ĞǀĞů//Dd Ϯ
ϯϱ dĞĐŚŶŝĐĂůWĞƌĨŽƌŵĂŶĐĞE >ĞǀĞů//Wd Ϯ
ϯϲ dĞĐŚŶŝĐĂůWĞƌĨŽƌŵĂŶĐĞE >ĞǀĞů//hd ϯ
ϯϳ WƐŝŬŽůŽŐŝĚĂŶ<ŽŵƵŶŝŬĂƐŝĂůĂŵƵĚŝƚ;W^/<KDͿ ϱ
ϯϴ dƌĞŶdĞƌŬŝŶŝĚĂůĂŵWĞŶŐĞůĂƐĂŶĚĂŶƉůŝŬĂƐŝŶLJĂĚŝdĂŚƵŶϮϬϮϱ ϭ
ϯϵ WĞůĂƚŝŚĂŶĚĂŶ^ĞƌƚŝĨŝŬĂƐŝŚůŝ<ϯ<ĞďĂŬĂƌĂŶ<ĞůĂƐ Ϯ
ϰϬ ^ŽƐŝĂůŝƐĂƐŝǁĂƌĞŶĞƐƐĂŚĂLJĂWŝŶũĂŵĂŶKŶůŝŶĞ ϯϬ
dŽƚĂů ϭϭϳ
WĞůĂƚŝŚĂŶ/ŶŚŽƵƐĞ
:ƵŵůĂŚ
EŽ͘ :ƵĚƵůWĞůĂƚŝŚĂŶ
WĞƐĞƌƚĂ
WĞůĂƚŝŚĂŶ/Ŷƚŝͬ<ŚƵƐƵƐͬdĞŬŶŝƐ
ϭ ^ƉŝŶĚŽ džĞĐƵƚŝǀĞ^ŚĂƌŝŶŐ^ĞƐƐŝŽŶ͗/ŶƐƉŝƌŝŶŐdŚĞEĞdžƚŽƌƉŽƌĂƚĞ'ĞŶĞƌĂƚŝŽŶ ϳϭ
Ϯ ^ƚƌĞŶŐƚŚĞŶŝŶŐ&ŽƵŶĚĂƚŝŽŶƐ͕ĚǀĂŶĐŝŶŐWƌŽŐƌĞƐƐ ϭϯϱ
ϯ dƌĂŶƐĨŽƌŵĂƚŝŽŶĂůŝƌĞĐƚŽƌƐŚŝƉ͗WƵƌƉŽƐĞ͕WƌĂĐƚŝĐĞ͕WĞƌĨŽƌŵĂŶĐĞ͕WƌŽŐƌĞƐƐ ϭ
dŽƚĂů ϮϬϳ
^ĞƌŝŬĂƚWĞŬĞƌũĂ
WĞƌƐĞƌŽĂŶŵĞŵďĂŶŐƵŶŽƉƚŝŵĂůŝƐĂƐŝĚĂůĂŵƉĞŶŐĞůŽůĂĂŶƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂĚĞŶŐĂŶƚĞƚĂƉŵĞŵƉĞƌŚĂƚŝŬĂŶŚĂŬ
ĚĂŶ ŬĞǁĂũŝďĂŶ ƉĞŬĞƌũĂ͘ ^ĞďĂŐĂŝ ďĂŐŝĂŶ ĚĂƌŝ ƉĞůĂŬƐĂŶĂĂŶ ŬĞďŝũĂŬĂŶ ƉĞŶŐĞůŽůĂĂŶ ^D LJĂŶŐ ďĞƌŬƵĂůŝƚĂƐ ĚĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƉĞŶƚŝŶŐĂŶĚƵĂƉŝŚĂŬ͕ŵĂŶĂũĞŵĞŶŵĞŶĞƌĂƉŬĂŶƉĞŵďŝŶĂĂŶŚƵďƵŶŐĂŶŝŶĚƵƐƚƌŝĂů͘<ĞďĞƌŚĂƐŝůĂŶ
ďŝĚĂŶŐ ^D ƐĞůĂůƵ ĚŝĂǁĂůŝ ĚĞŶŐĂŶ ŬĞďĞƌŚĂƐŝůĂŶ ƉĞŵďŝŶĂĂŶ ŚƵďƵŶŐĂŶ ŝŶĚƵƐƚƌŝĂů LJĂŶŐ ŚĂƌŵŽŶŝƐ ĂŶƚĂƌĂ
ƉĞƌƐĞƌŽĂŶĚĂŶƉĞŬĞƌũĂ͘WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƐĞƌŝŬĂƚƉĞŬĞƌũĂĚĂŶƐĞůĂůƵŵĞŶĚƵŬƵŶŐƉĞŵĞŶƵŚĂŶŚĂŬďĞƌƐĞƌŝŬĂƚ
ŬĂƌLJĂǁĂŶ ƐĞďĂŐĂŝ ďĂŐŝĂŶ ƵƉĂLJĂ ŵĞŵďĂŶŐƵŶ ŚƵďƵŶŐĂŶ ŝŶĚƵƐƚƌŝĂů LJĂŶŐ ƐŽůŝĚ͘ ^ĞƌŝŬĂƚ WĞŬĞƌũĂ Ěŝ ^W/EK
ƉĞƌƚĞŵƵĂŶďŝƉĂƌƚŝƚĞƌƵƚŝŶĚŝĂĚĂŬĂŶ͘ĞƌƚĞŵƵƐĞƚŝĚĂŬŶLJĂƚŝŐĂďƵůĂŶƐĞŬĂůŝĚŝůŽŬĂƐŝŽƉĞƌĂƐŝŽŶĂů͕ŬĞƐĞŵƉĂƚĂŶŝŶŝ
ĚŝŵĂŶĨĂĂƚŬĂŶ ƵŶƚƵŬ ŵĞŵďŝŶĂ ŚƵďƵŶŐĂŶ ďĂŝŬ͘ WĞƌƚĞŵƵĂŶ ďŝƉĂƌƚŝƚ ũƵŐĂ ŵĞŶũĂĚŝ ĨŽƌƵŵ ƵŶƚƵŬ ŵĞŶŐĂŶƚŝƐŝƉĂƐŝ
ŵĂƐĂůĂŚLJĂŶŐƉŽƚĞŶƐŝĂůŵƵŶĐƵůĚŝƚĞŵƉĂƚŬĞƌũĂĚĂŶƉĞŶLJĞůĞƐĂŝĂŶŵĂƐĂůĂŚƐĞĐĂƌĂŵƵƐLJĂǁĂƌĂŚĚĂŶŵƵĨĂŬĂƚ͘
<ŽŵƵŶŝŬĂƐŝƌƵƚŝŶŝŶŝĚŝůĂŬƵŬĂŶĚĞŶŐĂŶƐĞƚŝĂƉƐĞƌŝŬĂƚƉĞŬĞƌũĂĚŝŵĂƐŝŶŐͲŵĂƐŝŶŐůŽŬĂƐŝŽƉĞƌĂƐŝŽŶĂůƚĞƌŵĂƐƵŬĚĂƌŝ
^ĞƌŝŬĂƚWĞŬĞƌũĂ^ĞůƵƌƵŚ/ŶĚŽŶĞƐŝĂ;^W^/Ϳ^W/EK͘
,ĂŬƐĞůƵƌƵŚŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶĚŝƚĞƚĂƉŬĂŶĚĂŶĚŝůŝŶĚƵŶŐŝŽůĞŚWƌŝŶƐŝƉŝƐŶŝƐĚĂŶ WĞĚŽŵĂŶ<ĞďŝũĂŬĂŶ;<ŽĚĞ
ƚŝŬͿ͕ƐĞƌƚĂŽůĞŚŬĞƚĞŶƚƵĂŶĚĂůĂŵWĞƌũĂŶũŝĂŶ<ĞƌũĂĞƌƐĂŵĂ;W<Ϳ͘W<ĚŝŶĞŐŽƐŝĂƐŝŬĂŶĚĂŶĚŝƚĂŶĚĂƚĂŶŐĂŶŝƵůĂŶŐ
ƐĞƚŝĂƉĚƵĂƚĂŚƵŶŽůĞŚƐĞƌŝŬĂƚƉĞŬĞƌũĂĚĂŶŵĂŶĂũĞŵĞŶ͘
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ϭϯ͘ W Z<Z zE' ^ E' /,W/ W Z^ ZKE͕ W Zh^,E E<͕ <KD/^Z/^ E /Z <^/
W Z^ ZKE͕^ Zd<KD/^Z/^E/Z <^/W Zh^,EE<
^ĂŵƉĂŝĚĞŶŐĂŶĚŝƚĞƌďŝƚŬĂŶŶLJĂWƌŽƐƉĞŬƚƵƐŝŶŝĚĂŶĚŝĚƵŬƵŶŐŽůĞŚ^ƵƌĂƚWĞƌŶLJĂƚĂĂŶWĞƌƐĞƌŽĂŶĚĂŶ^ /ƐĞůƵƌƵŚŶLJĂ
ƚĞƌƚĂŶŐŐĂůϮ&ĞďƌƵĂƌŝϮϬϮϲ͖WĞƌƐĞƌŽĂŶĚĂŶ^ /ƚŝĚĂŬƚĞƌůŝďĂƚĚĂůĂŵƉĞƌŬĂƌĂƉĞƌĚĂƚĂŵĂƵƉƵŶƉŝĚĂŶĂĚŝƉĞŶŐĂĚŝůĂŶ
ŶĞŐĞƌŝ͕ƉĞƌŬĂƌĂƚĂƚĂƵƐĂŚĂŶĞŐĂƌĂĚŝƉĞŶŐĂĚŝůĂŶƚĂƚĂƵƐĂŚĂŶĞŐĂƌĂ͕ƐĞŶŐŬĞƚĂLJĂŶŐƚĞƌĐĂƚĂƚĚŝĂĚĂŶƌďŝƚƌĂƐĞ
EĂƐŝŽŶĂů /ŶĚŽŶĞƐŝĂ ŵĂƵƉƵŶ ďĂĚĂŶͲďĂĚĂŶ ĂƌďŝƚƌĂƐĞ ůĂŝŶŶLJĂ ďĂŝŬ Ěŝ ĚĂůĂŵ ŵĂƵƉƵŶ Ěŝ ůƵĂƌ ǁŝůĂLJĂŚ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂ͕ƐĞŶŐŬĞƚĂƉĂũĂŬĚŝWĞŶŐĂĚŝůĂŶWĂũĂŬ͕ƉĞƌŬĂƌĂŬĞƉĂŝůŝƚĂŶĚĂŶW<WhĚŝƉĞŶŐĂĚŝůĂŶŶŝĂŐĂ͕ƐĞŶŐŬĞƚĂƚĂƚĂ
ƵƐĂŚĂŶĞŐĂƌĂĚŝWĞŶŐĂĚŝůĂŶdĂƚĂhƐĂŚĂEĞŐĂƌĂ͕ƉĞƌƐĞůŝƐŝŚĂŶŚƵďƵŶŐĂŶŝŶĚƵƐƚƌŝĂů͕ƐĞŶŐŬĞƚĂĚŝĂĚĂŶWĞŶLJĞůĞƐĂŝĂŶ
^ĞŶŐŬĞƚĂ <ŽŶƐƵŵĞŶ͕ ƚŝĚĂŬ ƐĞĚĂŶŐ ŵĞŶũĂĚŝ ƉŝŚĂŬ ƚĞƌůĂƉŽƌ Ěŝ ŚĂĚĂƉĂŶ <ŽŵŝƐŝ WĞŶŐĂǁĂƐĂŶ WĞƌƐĂŝŶŐĂŶ hƐĂŚĂ
ZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚĂŶWĞƌƐĞƌŽĂŶƚŝĚĂŬƚĞƌůŝďĂƚĚĂůĂŵŬĞŐŝĂƚĂŶŵŽŶŽƉŽůŝĚĂŶͬĂƚĂƵƉĞƌƐĂŝŶŐĂŶƵƐĂŚĂƚŝĚĂŬƐĞŚĂƚ͕
ƐĞƌƚĂƚŝĚĂŬƚĞƌĚĂƉĂƚƐĞŶŐŬĞƚĂĂƚĂƵƉĞƌƐĞůŝƐŝŚĂŶLJĂŶŐďĞƌƉŽƚĞŶƐŝĚŝĂũƵŬĂŶŬĞƉĞŶŐĂĚŝůĂŶĚĂŶͬĂƚĂƵďĂĚĂŶĂƌďŝƚƌĂƐĞ
ĂƚĂƵƐŽŵĂƐŝͬŬůĂŝŵ͘
DĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶĚĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ^ /
ĚĞŶŐĂŶ ĚŝĚƵŬƵŶŐ ^ƵƌĂƚ WĞƌŶLJĂƚĂĂŶ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ĚĂŶ ^ /
ƐĞůƵƌƵŚŶLJĂƚĞƌƚĂŶŐŐĂůϮ&ĞďƌƵĂƌŝϮϬϮϲŚŝŶŐŐĂĚŝƚĞƌďŝƚŬĂŶŶLJĂWƌŽƐƉĞŬƚƵƐŝŶŝ͖ŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶ
ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ŵĂƵƉƵŶ ^ / ďĂŝŬ ƐĞůĂŬƵ ƉƌŝďĂĚŝ ŵĂƵƉƵŶ ũĂďĂƚĂŶŶLJĂ ƐĂĂƚ ŝŶŝ ƚŝĚĂŬ ƚĞƌůŝďĂƚ ĚĂůĂŵ
ƉĞƌŬĂƌĂƉĞƌĚĂƚĂŵĂƵƉƵŶƉŝĚĂŶĂĚŝƉĞŶŐĂĚŝůĂŶŶĞŐĞƌŝ͕ƉĞƌŬĂƌĂƚĂƚĂƵƐĂŚĂŶĞŐĂƌĂĚŝƉĞŶŐĂĚŝůĂŶƚĂƚĂƵƐĂŚĂŶĞŐĂƌĂ͕
ƐĞŶŐŬĞƚĂ LJĂŶŐ ƚĞƌĐĂƚĂƚ Ěŝ ĂĚĂŶ ƌďŝƚƌĂƐĞ EĂƐŝŽŶĂů /ŶĚŽŶĞƐŝĂ ŵĂƵƉƵŶ ďĂĚĂŶͲďĂĚĂŶ ĂƌďŝƚƌĂƐĞ ůĂŝŶŶLJĂ ďĂŝŬ
ĚŝĚĂůĂŵŵĂƵƉƵŶĚŝůƵĂƌǁŝůĂLJĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͕ƐĞŶŐŬĞƚĂƉĂũĂŬĚŝWĞŶŐĂĚŝůĂŶWĂũĂŬ͕ƉĞƌŬĂƌĂŬĞƉĂŝůŝƚĂŶĚĂŶ
W<Wh Ěŝ ƉĞŶŐĂĚŝůĂŶ ŶŝĂŐĂ͕ƐĞŶŐŬĞƚĂ ƚĂƚĂ ƵƐĂŚĂ ŶĞŐĂƌĂ Ěŝ WĞŶŐĂĚŝůĂŶ dĂƚĂ hƐĂŚĂ EĞŐĂƌĂ͕ ƐĞƌƚĂ ƐĞŶŐŬĞƚĂ ĂƚĂƵ
ƉĞƌƐĞůŝƐŝŚĂŶ LJĂŶŐ ďĞƌƉŽƚĞŶƐŝ ĚŝĂũƵŬĂŶ ŬĞ ƉĞŶŐĂĚŝůĂŶ ĚĂŶͬĂƚĂƵ ďĂĚĂŶ ĂƌďŝƚƌĂƐĞ ĂƚĂƵ ƐŽŵĂƐŝͬŬůĂŝŵ ĚĂŶ ƚŝĚĂŬ
ƚĞƌůŝďĂƚĚĂůĂŵŬĞŐŝĂƚĂŶŵŽŶŽƉŽůŝĚĂŶͬĂƚĂƵƉĞƌƐĂŝŶŐĂŶƵƐĂŚĂƚŝĚĂŬƐĞŚĂƚ͘
ϭϰ͘ < d ZE'ED E' E/W Zh^,EE<EW Zh^,E^K^/^/
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝϭ;ƐĂƚƵͿWĞƌƵƐĂŚĂĂŶŶĂŬĚĂŶϮ;ĚƵĂͿWĞƌƵƐĂŚĂĂŶ
ƐŽƐŝĂƐŝ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĞƌƵƐĂŚĂĂŶŶĂŬ
<ĞŐŝĂƚĂŶ dĂŚƵŶ WĞƌƐĞŶƚĂƐĞ <ŽŶƚƌŝďƵƐŝ ^ƚĂƚƵƐ
EŽ EĂŵĂWĞƌƵƐĂŚĂĂŶ ŽŵŝƐŝůŝ
hƐĂŚĂ WĞŶLJĞƌƚĂĂŶ <ĞƉĞŵŝůŝŬĂŶ WĞŶĚĂƉĂƚĂŶ KƉĞƌĂƐŝŽŶĂů
ϭ͘ Wd^ƉŝŶĚŽ WĞƌĚĂŐĂŶŐĂŶ͕ :ů<ĂůŝďƵƚƵŚ ϮϬϬϴ ϵϬ͕ϬϬй Ϭ͕ϬϬй ^ƵĚĂŚ
ŶŐŝŶĞĞƌŝŶŐ ƉĞƌŝŶĚƵƐƚƌŝĂŶ EŽ͘ϭϴϵͲϭϵϭ͕ ĞƌŽƉĞƌĂƐŝ
/ŶĚƵƐƚƌLJ ĚĂŶũĂƐĂ͘ ^ƵƌĂďĂLJĂ
(“SEI”) ϲϬϭϳϯ͕:ĂǁĂ
<ĞŐŝĂƚĂŶhƐĂŚĂ dŝŵƵƌ
hƚĂŵĂ͗
:ĂƐĂƉĞŶŐƵũŝĂŶ
ůĂďŽƌĂƚŽƌŝƵŵ͘
WĞƌƵƐĂŚĂĂŶƐŽƐŝĂƐŝ
dĂŚƵŶ WĞƌƐĞŶƚĂƐĞ <ŽŶƚƌŝďƵƐŝ ^ƚĂƚƵƐ
EŽ EĂŵĂWĞƌƵƐĂŚĂĂŶ <ĞŐŝĂƚĂŶhƐĂŚĂ ŽŵŝƐŝůŝ
WĞŶLJĞƌƚĂĂŶ <ĞƉĞŵŝůŝŬĂŶ WĞŶĚĂƉĂƚĂŶ KƉĞƌĂƐŝŽŶĂů
ϭ͘ Wd^ĂŶŬŽ^ƚĞĞů /ŶĚƵƐƚƌŝƐƵŬƵ :ůDŝůůĞŶŝƵŵ ϮϬϭϯ ϱϬ͕ϬϬй Ϭ͕ϭϲй ^ƵĚĂŚ
/ŶĚŽŶĞƐŝĂ ĐĂĚĂŶŐĚĂŶ ZĂLJĂůŽŬ/ͲϮ ĞƌŽƉĞƌĂƐŝ
ĂŬƐĞƐŽƌŝ EŽ͘ϳŝŬƵƉĂ͕
ŬĞŶĚĂƌĂĂŶ dŝŐĂƌĂŬƐĂ
ďĞƌŵŽƚŽƌ dĂŶŐĞƌĂŶŐ
ĂŶƚĞŶ
<ĞŐŝĂƚĂŶhƐĂŚĂ
hƚĂŵĂ͗
DĞŵƉƌŽĚƵŬƐŝ
ĐŽůĚͲĚƌĂǁŶ
ƐƚĞĞůƉŝƉĞ
215
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dĂŚƵŶ WĞƌƐĞŶƚĂƐĞ <ŽŶƚƌŝďƵƐŝ ^ƚĂƚƵƐ
EŽ EĂŵĂWĞƌƵƐĂŚĂĂŶ <ĞŐŝĂƚĂŶhƐĂŚĂ ŽŵŝƐŝůŝ
WĞŶLJĞƌƚĂĂŶ <ĞƉĞŵŝůŝŬĂŶ WĞŶĚĂƉĂƚĂŶ KƉĞƌĂƐŝŽŶĂů
Ϯ͘ WdWŽƐĞƐ WĞƌĚĂŐĂŶŐĂŶ :ů^dŝƌƚĂLJĂƐĂ ϮϬϭϭ ϮϬ͕ϬϬй Ϭ͕ϬϬй dŝĚĂŬ
ďĞƐĂƌĚĂŶ EŽ͘ϳ͕ZƵŬĂŶ ĞƌŽƉĞƌĂƐŝ
ũĂƐĂƉƵƌŶĂũƵĂů DĞŐĂŝůĞŐŽŶ
ůŽŬ͕
ZĂǁĂŶƵũƵ͕
WƵƌǁĂŬĂƌƚĂ͕
ŝůĞŐŽŶ͕
ĂŶƚĞŶ͘
ĞƌŝŬƵƚĂĚĂůĂŚŬĞƚĞƌĂŶŐĂŶƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝWĞƌƵƐĂŚĂĂŶŶĂŬŵŝůŝŬWĞƌƐĞƌŽĂŶ͗
PT Spindo Engineering Industry (”SEI”)
͘ ZŝǁĂLJĂƚ^ŝŶŐŬĂƚ
^ / ŝĚŝƌŝŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ŬƚĂ WĞŶĚŝƌŝĂŶ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ Wd͘ ^ƉŝŶĚŽ ŶŐŝŶĞĞƌŝŶŐ /ŶĚƵƐƚƌLJ EŽ͘ϴϰ ƚĂŶŐŐĂů
Ϯϵ &ĞďƌƵĂƌŝ ϮϬϬϴ ũƵŶĐƚŽ ŬƚĂ WĞƌďĂŝŬĂŶ Wd͘ ^ƉŝŶĚŽ ŶŐŝŶĞĞƌŝŶŐ /ŶĚƵƐƚƌLJ EŽ͘ϵϬ ƚĂŶŐŐĂů Ϯϱ ŐƵƐƚƵƐ ϮϬϬϴ͕
ŬĞĚƵĂŶLJĂĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ^ŝƚĂƌĞƐŵŝWƵƐƉĂĚĞǁŝ^ƵďŝĂŶƚŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ^ƵƌĂďĂLJĂ͕LJĂŶŐƚĞůĂŚŵĞŶĚĂƉĂƚŬĂŶ
ƉĞŶŐĞƐĂŚĂŶ ĚĂƌŝ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ
EŽ͘,hͲϳϭϲϳϰ͘,͘Ϭϭ͘Ϭϭ͘dĂŚƵŶ ϮϬϬϴ ƚĂŶŐŐĂů ϵ KŬƚŽďĞƌ ϮϬϬϴ͕ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϬϵϯϵϵϵ͘,͘Ϭϭ͘Ϭϵ͘dĂŚƵŶϮϬϬϴƚĂŶŐŐĂůϵKŬƚŽďĞƌϮϬϬϴ͕ƐĞƌƚĂĚŝƵŵƵŵŬĂŶĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂEŽ͘ϳϬ
ƚĂŶŐŐĂůϮ^ĞƉƚĞŵďĞƌϮϬϭϭ͕dĂŵďĂŚĂŶEŽ͘ϮϲϳϬϰ(“ŬƚĂWĞŶĚŝƌŝĂŶ”)͘
ŶŐŐĂƌĂŶ ĚĂƐĂƌ ƚĞƌĂŬŚŝƌ ^ / ĂĚĂůĂŚ ďĞƌĚĂƐĂƌŬĂŶ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ Wd ^ƉŝŶĚŽ ŶŐŝŶĞĞƌŝŶŐ /ŶĚƵƐƚƌLJ
EŽ͘ϬϮƚĂŶŐŐĂůϯ:ƵŶŝϮϬϮϬ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ,ĞůĞŶ^ŝƐĐĞƌŝĂŶLJũŝŶĂƚĂ͕^͘,͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ
LJĂŶŐ ƚĞůĂŚ ĚŝƐĂŚŬĂŶ ŽůĞŚ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ <ĞƉƵƚƵƐĂŶ
EŽ͘,hͲϬϬϯϴϳϮϭ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶ ϮϬϮϬ ƚĂŶŐŐĂů ϱ :ƵŶŝ ϮϬϮϬ͕ ĚĂŶ Ěŝ ĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϬϴϵϯϭϰ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϮϬƚĂŶŐŐĂůϱ:ƵŶŝϮϬϮϬ(“ŬƚĂϬϮͬϮϬϮϬ”)
͘ <ĞŐŝĂƚĂŶhƐĂŚĂ
ĞƌĚĂƐĂƌŬĂŶŬƚĂϬϮͬϮϬϮϬŵĂŬƐƵĚĚĂŶƚƵũƵĂŶ^ /ŝĂůĂŚďĞƌƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐƉĞƌĚĂŐĂŶŐĂŶďĞƐĂƌĚĂŶĞĐĞƌĂŶ͖
ĂŬƚŝǀŝƚĂƐƉƌŽĨĞƐŝŽŶĂů͕ŝůŵŝĂŚĚĂŶƚĞŬŶŝƐ͘
hŶƚƵŬŵĞŶĐĂƉĂŝŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƚĞƌƐĞďƵƚ^ /ĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ͗
WĞƌĚĂŐĂŶŐĂŶďĞƐĂƌďĂƌĂŶŐůŽŐĂŵƵŶƚƵŬďĂŚĂŶŬŽŶƐƚƌƵŬƐŝĚĂŶũĂƐĂƉĞŶŐƵũŝĂŶůĂďŽƌĂƚŽƌŝƵŵ͘
<ĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂ^ /LJĂŝƚƵũĂƐĂƉĞŶŐƵũŝĂŶůĂďŽƌĂƚŽƌŝƵŵ͘
͘ ^ƚƌƵŬƚƵƌWĞƌŵŽĚĂůĂŶĚĂŶ<ĞƉĞŵŝůŝŬĂŶ^ĂŚĂŵ
ĞƌĚĂƐĂƌŬĂŶŬƚĂWĞŶĚŝƌŝĂŶƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶƐƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵ^ /ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝEŽŵŝŶĂůZƉϱϬϬ͕ͲƉĞƌƐĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ ZƵƉŝĂŚ й
DŽĚĂůĂƐĂƌ ϴ͘ϬϬϬ͘ϬϬϬ ϰ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ
ͲWĞƌƐĞƌŽĂŶ ϭ͘ϴϬϬ͘ϬϬϬ ϵϬϬ͘ϬϬϬ͘ϬϬϬ ϵϬ͕ϬϬ
ͲWW ϮϬϬ͘ϬϬϬ ϭϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͕ϬϬ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ Ϯ͘ϬϬϬ͘ϬϬϬ ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů ϲ͘ϬϬϬ͘ϬϬϬ ϯ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
216
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͘ WĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶ
ĞƌĚĂƐĂƌŬĂŶŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZĂƉĂƚWd^ƉŝŶĚŽ ŶŐŝŶĞĞƌŝŶŐ/ŶĚƵƐƚƌLJEŽ͘ϬϵƚĂŶŐŐĂůϴ:ƵůŝϮϬϮϮ͕ĚŝďƵĂƚ
ĚŝŚĂĚĂƉĂŶ,ĞůĞŶ^ŝƐĐĞƌŝĂŶLJũŝŶĂƚĂ͕^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕LJĂŶŐƚĞůĂŚĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂ
DĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚĚŝƚĞƌŝŵĂĚĂŶĚŝĐĂƚĂƚƉĂĚĂƚĂŶŐŐĂů
ϭϮ :Ƶůŝ ϮϬϮϮ ĚĞŶŐĂŶ EŽ͘,hͲ,͘Ϭϭ͘ϬϵͲϬϬϯϮϬϲϴ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϭϯϯϮϯϴ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶϮϬϮϮƚĂŶŐŐĂůϭϮ:ƵůŝϮϬϮϮ͕ƐƵƐƵŶĂŶŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ^ /ĂĚĂůĂŚ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗ŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZĂƉĂƚWd^ƉŝŶĚŽ ŶŐŝŶĞĞƌŝŶŐ/ŶĚƵƐƚƌLJEŽ͘ϭϰƚĂŶŐŐĂůϮϰDĞŝϮϬϭϳ͕
ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ,ĞůĞŶ^ŝƐĐĞƌŝĂŶLJũŝŶĂƚĂ͕^͘,͕͘D͘<Ŷ͕͘EŽƚĂƌŝƐĚŝ<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕ƐƵƐƵŶĂŶŝƌĞŬƐŝĚĂŶĞǁĂŶ
<ŽŵŝƐĂƌŝƐ^ /ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
<ŽŵŝƐĂƌŝƐ ͗ >ŝƚĂDƵƚŝĂŚ
ŝƌĞŬƐŝ
ŝƌĞŬƚƵƌhƚĂŵĂ ͗ ,ĂƌŵĂŶƵ,ƵĚŝĂŶƚŽ
ŝƌĞŬƚƵƌ ͗ 'ŽŶŐ,ĂĚŝŵĂŶhƚŽŵŽ
͘ /ŬŚƚŝƐĂƌĂƚĂ<ĞƵĂŶŐĂŶWĞŶƚŝŶŐ
ŶŐŬĂͲĂŶŐŬĂŝŬŚƚŝƐĂƌĚĂƚĂŬĞƵĂŶŐĂŶƉĞŶƚŝŶŐĚŝďĂǁĂŚŝŶŝďĞƌĂƐĂůĚĂƌŝĚĂŶĂƚĂƵĚŝŚŝƚƵŶŐďĞƌĚĂƐĂƌŬĂŶůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶ^ /ƵŶƚƵŬƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<ĂŶƚŽƌ
ŬƵŶƚĂŶWƵďůŝŬ<ĂŶĂŬĂWƵƌĂĚŝƌĞĚũĂ͕^ƵŚĂƌƚŽŶŽ;<W^Ϳmember of “Nexia International” network ĚĞŶŐĂŶKƉŝŶŝ
dĂŶƉĂDŽĚŝĨŝŬĂƐŝĂŶ͘
>ĂƉŽƌĂŶWŽƐŝƐŝ<ĞƵĂŶŐĂŶ
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
:ƵŵůĂŚƐĞƚ ϱϴϬ ϭ͘ϭϯϲ
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐ ϳϱϰ ϭ͘ϬϬϯ
:ƵŵůĂŚ ŬƵŝƚĂƐ ;ϭϳϰͿ ϭϯϯ
>ĂƉŽƌĂŶ>ĂďĂZƵŐŝĂŶWĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ>ĂŝŶ
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
WĞŶĚĂƉĂƚĂŶ ϯϴ ϭϯϮ
>ĂďĂ;ZƵŐŝͿhƐĂŚĂ ;ϯϬϳͿ ;ϭϴϴͿ
>ĂďĂ;ZƵŐŝͿĞƌƐŝŚƚĂŚƵŶďĞƌũĂůĂŶ ;ϯϬϳͿ ;ϭϴϴͿ
&͘ ŶĂůŝƐĂ^ŝŶŐŬĂƚĂƚĂƐWĞƌƵďĂŚĂŶ^ŝŐŶŝĨŝŬĂŶĂƚĂ<ĞƵĂŶŐĂŶWĞŶƚŝŶŐ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ
ƐĞƚ
:ƵŵůĂŚĂƐĞƚ^ /LJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌZƉϱϱϲũƵƚĂĂƚĂƵ
ϰϵй ŵĞŶũĂĚŝ ZƉϱϴϬ ũƵƚĂ ďŝůĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ LJĂŶŐ ƐĞďĞƐĂƌ ZƉϭ͘ϭϯϲ ũƵƚĂ͘
WĞŶƵƌƵŶĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƚƵƌƵŶŶLJĂƐĂůĚŽŬĂƐĚĂŶďĂŶŬĚĂŶƉŝƵƚĂŶŐƵƐĂŚĂ͘
>ŝĂďŝůŝƚĂƐ
:ƵŵůĂŚůŝĂďŝůŝƚĂƐ^ /LJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌZƉϮϰϵũƵƚĂ
ĂƚĂƵϮϱйŵĞŶũĂĚŝZƉϳϱϰũƵƚĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰLJĂŶŐƐĞďĞƐĂƌZƉϭ͘ϬϬϯũƵƚĂ͘
WĞŶƵƌƵŶĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƚƵƌƵŶŶLJĂůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĂŶũĂŶŐ͘
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WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ
WĞŶĚĂƉĂƚĂŶ
WĞŶĚĂƉĂƚĂŶ^ /LJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱŵĞŶŐĂůĂŵŝWĞŶƵƌƵŶĂŶƐĞďĞƐĂƌZƉϵϰũƵƚĂĂƚĂƵ
ϳϭй ŵĞŶũĂĚŝ ZƉϯϴ ũƵƚĂ ďŝůĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉĞƌŝŽĚĞ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϰ
ƐĞďĞƐĂƌZƉϭϯϮũƵƚĂ͘WĞŶƵƌƵŶĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƚƵƌƵŶŶLJĂƉĞŶĚĂƉĂƚĂŶũĂƐĂƵũŝ͘hŶƚƵŬƉĞƌŝŽĚĞ
LJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕^ /ŵĞŵďĞƌŝŬĂŶŬŽŶƚƌŝďƵƐŝƉĞŶĚĂƉĂƚĂŶƐĞďĞƐĂƌϬ͕ϬϬйƚĞƌŚĂĚĂƉ
WĞƌƐĞƌŽĂŶ͘
ZƵŐŝhƐĂŚĂ
ZƵŐŝhƐĂŚĂ^ /ƵŶƚƵŬƉĞƌŝŽĚĞLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶƐĞďĞƐĂƌZƉϭϭϵ
ũƵƚĂŵĞŶũĂĚŝƌƵŐŝZƉϯϬϳũƵƚĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉĞƌŝŽĚĞLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰ
LJĂŶŐƐĞďĞƐĂƌZƉϭϴϴũƵƚĂ͘<ĞŶĂŝŬĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂŬĞŶĂŝŬĂŶďĞďĂŶĂĚŵŝŶŝƐƚƌĂƐŝĚĂŶƵŵƵŵĚĂŶ
ďĞƌŬƵƌĂŶŐŶLJĂƉĞŶĚĂƉĂƚĂŶũĂƐĂƵũŝ͘
ZƵŐŝĞƌƐŝŚ
ZƵŐŝĞƌƐŝŚ^ /ƵŶƚƵŬƉĞƌŝŽĚĞLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶƐĞďĞƐĂƌZƉϭϭϵ
ũƵƚĂŵĞŶũĂĚŝZƉϯϬϳũƵƚĂďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉĞƌŝŽĚĞLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰLJĂŶŐ
ƐĞďĞƐĂƌ ZƉ ϭϴϴ ũƵƚĂ͘ <ĞŶĂŝŬĂŶ ŝŶŝ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ŬĞŶĂŝŬĂŶ ďĞďĂŶ ĂĚŵŝŶŝƐƚƌĂƐŝ ĚĂŶ ƵŵƵŵ ĚĂŶ
ďĞƌŬƵƌĂŶŐŶLJĂƉĞŶĚĂƉĂƚĂŶũĂƐĂƵũŝ͘
͘ < '/dEh^,^ Zd< E ZhE'EEWZK^W <h^,
ϭ͘ hDhD
WĞƌƐĞƌŽĂŶĚŝĚŝƌŝŬĂŶƉĂĚĂƚĂŚƵŶϭϵϳϭĚŝ^ƵƌĂďĂLJĂĚĞŶŐĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌƐĞďĂŐĂŝƉƌŽĚƵƐĞŶƉŝƉĂďĂũĂ͘<ĞŐŝĂƚĂŶ
ƵƐĂŚĂLJĂŶŐĚŝůĂŬƵŬĂŶWĞƌƐĞƌŽĂŶĂĚĂůĂŚŵĞƌĂŶĐĂŶŐĚĂŶŵĞŵƉƌŽĚƵŬƐŝďĞƌďĂŐĂŝŵĂĐĂŵƉƌŽĚƵŬƉŝƉĂďĂũĂLJĂŶŐ
ŵĞůŝƉƵƚŝƉƌŽĚƵŬƐŝďĞƌďĂŐĂŝũĞŶŝƐƉŝƉĂLJĂŶŐĚŝďƵĂƚĚĂƌŝŬĂƌďŽŶŚŽƚƌŽůůĞĚ͕ĐŽůĚƌŽůůĞĚĚĂŶƐƚĂŝŶůĞƐƐƐƚĞĞů͘WĂĚĂ
ƚĂŚƵŶϭϵϵϴ͕WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶƉĞŶŐŐĂďƵŶŐĂŶƵƐĂŚĂĚĞŶŐĂŶWdZĂĚũŝŶƐĞďĂŐĂŝďĞŶƚƵŬƉĞƌůƵĂƐĂŶďŝƐŶŝƐLJĂŶŐ
ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵƉƌŽĚƵŬƐŝ ďĞƌĂŐĂŵ ƉŝƉĂ ďĂũĂ ĚĂŶ Ěŝ ƚĂŚƵŶ ϮϬϬϵ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉĞƌůƵĂƐ ƵŶŝƚ ƵƐĂŚĂŶLJĂ
ĚĞŶŐĂŶŵĞŵďĂŶŐƵŶƵŶŝƚƉƌŽĚƵŬƐŝĚŝ<ĂƌĂǁĂŶŐĚĞŶŐĂŶƉĞƌůĞŶŐŬĂƉĂŶŝŶĚƵƐƚƌŝƉŝƉĂďĂũĂLJĂŶŐĐĂŶŐŐŝŚ͘
WĞƌƐĞƌŽĂŶŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵƉƌŽĚƵƐĞŶƉŝƉĂ ďĂũĂƚĞƌďĞƐĂƌĚŝ/ŶĚŽŶĞƐŝĂ͕LJĂŶŐũƵŐĂďĞƌƉĞŶŐĂůĂŵĂŶĚĂůĂŵ
ŵĞŵƉƌŽĚƵŬƐŝďĞƌďĂŐĂŝŵĂĐĂŵƉŝƉĂďĂũĂͬƚĂďƵŶŐĚĂŶďĞƌďĂŐĂŝƉƌŽĚƵŬƚĞƌŬĂŝƚůĂŝŶŶLJĂ͕LJĂŝƚƵ ůĞĐƚƌŝĐƌĞƐŝƐƚĂŶĐĞ
ǁĞůĚĞĚ; ZtͿ͕ƐƉŝƌĂůƐƵďŵĞƌŐĞĚ;ĂƌĐͿǁĞůĚĞĚ;^tͿĚĂŶƐƚĂŝŶůĞƐƐƐƚĞĞůƚƵŶŐƐƚĞŶŝŶĞƌƚŐĂƐ;d/'Ϳ͕ƐĞƌƚĂƐĞůĂůƵ
ŝŶŽǀĂƚŝĨĚĂůĂŵƌĂŶŐŬĂŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶͲŬĞďƵƚƵŚĂŶƐƉĞƐŝĨŝŬƉĂƌĂŬŽŶƐƵŵĞŶŶLJĂ͘^ĂĂƚŝŶŝWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝ
ϲ ;ĞŶĂŵͿ ĨĂƐŝůŝƚĂƐ ƉĂďƌŝŬ ĚĞŶŐĂŶ ƚŽƚĂů ϯϳ ůŝŶŝ ƉƌŽĚƵŬƐŝ ƉŝƉĂ ďĂũĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŵĞŵƉƌŽĚƵŬƐŝ Zt WŝƉĞƐ
ďĞƌĚŝĂŵĞƚĞƌϬ͕ϮϱŝŶĐŚŝƐĂŵƉĂŝĚĞŶŐĂŶϴŝŶĐŚŝ͕^t^ƉŝƌĂůtĞůĚĞĚWŝƉĞƐďĞƌĚŝĂŵĞƚĞƌϲŝŶĐŚŝƐĂŵƉĂŝĚĞŶŐĂŶϭϮϬ
ŝŶĐŚŝ͕^ƚĂŝŶůĞƐƐWŝƉĞƐďĞƌĚŝĂŵƚĞƌϬ͕ϱŝŶĐŚŝƐĂŵƉĂŝĚĞŶŐĂŶ ϴŝŶĐŚŝ͘^ĞůĂŝŶŵĞŵƉƌŽĚƵŬƐŝŬĞϯƉƌŽĚƵŬƚĞƌƐĞďƵƚ
WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵďĞƌŝŬĂŶ ũĂƐĂ ƉĞůĂƉŝƐĂŶ ĐŽĂƚŝŶŐ ĚĂŶ ŐĂůďĂŶŝ͕ ũĂƐĂ ƉŽƚŽŶŐ ;ƐŚĞĂƌŝŶŐͿ͕ ũĂƐĂ ƐůŝƚƚŝŶŐ͕ ũĂƐĂ
ƉĞŶŐƵũŝĂŶŬƵĂůŝƚĂƐ͕ĚĂŶƉƌŽĚƵŬŬŚƵƐƵƐůĂŝŶŶLJĂLJĂŶŐƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌŵŝŶƚĂĂŶŬŽŶƐƵŵĞŶ͘
^ĂĂƚŝŶŝĨĂƐŝůŝƚĂƐƉĂďƌŝŬWĞƌƐĞƌŽĂŶƚĞƌůĞƚĂŬĚŝ^ƵƌĂďĂLJĂ͕WĂƐƵƌƵĂŶ͕<ĂƌĂǁĂŶŐĚĂŶ^ŝĚŽĂƌũŽĚĞŶŐĂŶϲ;ĞŶĂŵͿƵŶŝƚ
ƉĂďƌŝŬĚĞŶŐĂŶƚŽƚĂůůƵĂƐĂƌĞĂůĞďŝŚĚĂƌŝϯϬϴ͘ϵϰϱŵ Ϯ͘ĞƌŝŬƵƚĂĚĂůĂŚŬĞƚĞƌĂŶŐĂŶĂƚĂƐϲ;ĞŶĂŵͿƵŶŝƚƉĂďƌŝŬLJĂŶŐ
ĚŝŵŝůŝŬŝŽůĞŚWĞƌƐĞƌŽĂŶ͗
>ƵĂƐ DƵůĂŝ :ƵŵůĂŚͬdŝƉĞ
>ŽŬĂƐŝWĂďƌŝŬ WƌŽĚƵŬͬ:ĂƐĂ
;ŵϮͿ ĞƌŽƉĞƌĂƐŝ WŝƉĂ
hŶŝƚ/ ϯϬ͘ϭϯϭ ϭϵϳϴ ϰ Zt ^ƚƌĂŝŐŚƚtĞůĚĞĚ^ƚĞĞůWŝƉĞ; ZtƉŝƉĞƐͿ
ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/͕^ƵƌĂďĂLJĂ Ϯ^ĞƚƐ 'ĂůǀĂŶŝnjŝŶŐ
ϰ^ĞƚƐ ^ůŝƚƚŝŶŐ
Ϯ^ĞƚƐ ^ŚĞĂƌŝŶŐ
ϴ^ĞƚƐ ZĞĐƵƚƚŝŶŐ
hŶŝƚ// ϭϱ͘ϮϴϬ ϭϵϴϮ Ϯ Zt ^ƚƌĂŝŐŚƚtĞůĚĞĚ^ƚĞĞůWŝƉĞ; ZtƉŝƉĞƐͿ
ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ//͕^ƵƌĂďĂLJĂ ϲd/' ^ƚĂŝŶůĞƐƐtĞůĚĞĚ^ƚĞĞůWŝƉĞ;d/'ƉŝƉĞƐͿ
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>ƵĂƐ DƵůĂŝ :ƵŵůĂŚͬdŝƉĞ
>ŽŬĂƐŝWĂďƌŝŬ WƌŽĚƵŬͬ:ĂƐĂ
;ŵϮͿ ĞƌŽƉĞƌĂƐŝ WŝƉĂ
Ϯ^ĞƚƐ ^ůŝƚƚŝŶŐ
ϭ^Ğƚ /ŶĚƵĐƚŝŽŶŶŶĞĂůŝŶŐ
ϭ^Ğƚ ƵƚƚŝŶŐ>ĂƐĞƌ
hŶŝƚ/// Ϯϵ͘ϴϬϬ ϭϵϳϮ ϯ Zt ^ƚƌĂŝŐŚƚtĞůĚĞĚ^ƚĞĞůWŝƉĞ; ZtƉŝƉĞƐͿ
tĂƌƵŐƵŶƵŶŐ͕^ƵƌĂďĂLJĂ Ϯ^ĞƚƐ 'ĂůǀĂŶŝnjŝŶŐ
Ϯ^ĞƚƐ ^ůŝƚƚŝŶŐ
hŶŝƚ/s ϭϰϯ͘Ϯϱϳ ϭϵϵϮ ϰ^t ^ƉŝƌĂůtĞůĚĞĚ^ƚĞĞůWŝƉĞ
Ğũŝ͕WĂƐƵƌƵĂŶ ϭ^Ğƚ ^ŚĞĂƌŝŶŐ
ϯͲ>ĂLJĞƌWŽůLJĞƚŚLJůĞŶĞŽĂƚŝŶŐ
ĞŵĞŶƚ>ŝŶŝŶŐ
ƉŽdžLJ džƚĞƌŶĂůŽĂƚŝŶŐ
ƉŽdžLJ/ŶƚĞƌŶĂůŽĂƚŝŶŐ
hŶŝƚs ϱϬ͘ϬϬϬ ϮϬϬϱ ϵ Zt ^ƚƌĂŝŐŚƚtĞůĚĞĚ^ƚĞĞůWŝƉĞ; ZtƉŝƉĞƐͿ
<ĂǁĂƐĂŶ/ŶĚƵƐƚƌŝDŝƚƌĂ<ĂƌĂǁĂŶŐ͕ ϯϳ^ĞƚƐ ZĞĐƵƚƚŝŶŐ
<ĂƌĂǁĂŶŐ Ϯ^ĞƚƐ ^ůŝƚƚŝŶŐ
hŶŝƚs/ ϰϬ͘ϰϳϳ ϮϬϭϰ ϵ Zt ^ƚƌĂŝŐŚƚtĞůĚĞĚ^ƚĞĞůWŝƉĞ; ZtƉŝƉĞƐͿ
ĞŵĞŶŐŬĂůĂŶŐ͕^ŝĚŽĂƌũŽ ϱ^ĞƚƐ ZĞĐƵƚƚŝŶŐ
ϭ^ĞƚƐ ƉŽdžLJŽĂƚŝŶŐ
ϭ^Ğƚ ƵƚƚŝŶŐWůĂƐŵĂ
ϭ^Ğƚ ^ůŝƚƚŝŶŐ
ϭ^Ğƚ ^ŚĞĂƌŝŶŐ
WŽƌƚŽĨŽůŝŽƉƌŽĚƵŬƉŝƉĂWĞƌƐĞƌŽĂŶƚĞƌĚŝƌŝĚĂƌŝƉŝƉĂĐĂƌďŽŶĚĂŶƐƚĂŝŶůĞƐƐƐƚĞĞůĚĂŶƉŝƉĂƚĞƌŬĂŝƚůĂŝŶŶLJĂĚŝŵĂŶĂƉŝƉĂ
ƚĞƌƐĞďƵƚ ĚŝďƵĂƚ ďĞƌĚĂƐĂƌŬĂŶ ŽƌĚĞƌ ĚĂŶ ƉŝƉĂ LJĂŶŐ ĚŝďƵĂƚ ƵŶƚƵŬ ƉĞƌƐĞĚŝĂĂŶ͘ WŝƉĂ ŚĂƐŝů ƉƌŽĚƵŬƐŝ WĞƌƐĞƌŽĂŶ
ĚŝŐƵŶĂŬĂŶĚĂůĂŵďĞƌĂŐĂŵŝŶĚƵƐƚƌŝ͕LJĂŝƚƵŝŶĚƵƐƚƌŝŬŽŶƐƚƌƵŬƐŝ͕ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ƵƚŝůŝƚĂƐ͕ŵŝŶLJĂŬĚĂŶŐĂƐ͕ĨƵƌŶŝƚƵƌĚĂŶ
ŝŶĚƵƐƚƌŝ ŽƚŽŵŽƚŝĨ͘ ĂƐŝƐ ƉĞůĂŶŐŐĂŶ WĞƌƐĞƌŽĂŶ ŵĞůŝƉƵƚŝ ƉĞƌƵƐĂŚĂĂŶ ĚŽŵĞƐƚŝŬ͕ ƐĞƌƚĂ ƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶ
ŝŶƚĞƌŶĂƐŝŽŶĂůƐĞƉĞƌƚŝ,ŽŶĚĂ͕zĂŵĂŚĂ͕ŚĞǀƌŽŶĚĂŶdŽƚĂů͘
WĞƌƐĞƌŽĂŶ ŵĞŵĂƐĂƌŬĂŶ ƉŝƉĂ ĚĂůĂŵ ĚƵĂ ŵĞƌĞŬ͕ LJĂŝƚƵ ŵĞƌĞŬ Η^ƉŝŶĚŽΗ͕ ƵŶƚƵŬ ƉŝƉĂ ďĂũĂ ŬĂƌďŽŶ͕ ĚĂŶ ŵĞƌĞŬ
ΗdĞƚƐƵƌĂΗ͕ƵŶƚƵŬƉŝƉĂƐƚĂŝŶůĞƐƐƐƚĞĞů͘DĞƌĞŬƚĞƌƐĞďƵƚƐĂĂƚŝŶŝĚŝŬĞŶĂůĚŝŝŶĚƵƐƚƌŝƐĞďĂŐĂŝƉŝƉĂLJĂŶŐďĞƌŬƵĂůŝƚĂƐ
ĚĂŶŚĂƌŐĂLJĂŶŐŬŽŵƉĞƚŝƚŝĨ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶĂǁĂƌŬĂŶũĂƐĂLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶƉŝƉĂďĂũĂLJĂŝƚƵũĂƐĂ
ŵĞůĂƉŝƐƉŝƉĂďĂũĂ;ĐŽĂƚŝŶŐͿ͕ĚĂŶŵĞŵŽƚŽŶŐƉŝƉĂďĂũĂ;ƐŚĞĂƌŝŶŐ͕ƐůŝƚƚŝŶŐͿĚĂŶũĂƐĂůĂďŽƌĂƚŽƌŝƵŵƵŶƚƵŬƉĞŶŐƵũŝĂŶ
ŬƵĂůŝƚĂƐƉŝƉĂďĂũĂ͘
ĂůĂŵ ŬƵƌƵŶ ǁĂŬƚƵ ϱϱ ƚĂŚƵŶ͕ WĞƌƐĞƌŽĂŶ ďĞƌŚĂƐŝů ŵĞŶŐĞŵďĂŶŐŬĂŶ ďŝƐŶŝƐ ƐĞĐĂƌĂ ƐŝŐŶŝĨŝŬĂŶ ĚĂŶ ŵĞŶŝŶŐŬĂƚ
ŵĞůĂůƵŝŬĞŵĂŵƉƵĂŶƉƌŽĚƵŬƐŝ͕ƉĞŶŐŐĂďƵŶŐĂŶƵƐĂŚĂĚĂŶŵĞŵƉĞƌŽůĞŚƐĞƌƚŝĨŝŬĂƐŝƉƌŽĚƵŬƐŝƵŶƚƵŬŬƵĂůŝƚĂƐƉƌŽĚƵŬ
LJĂŶŐ ƵŶŐŐƵů͘ WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ďĞƌŝŶŽǀĂƐŝ ĚĞŶŐĂŶ ŵĞůŝŚĂƚ ƉĞůƵĂŶŐŝŶǀĞƐƚĂƐŝ ƵŶƚƵŬ ŵĞŶŐƵƉĂLJĂŬĂŶ ďŝƐŶŝƐ
LJĂŶŐďĞƌŬĞůĂŶũƵƚĂŶ͕ƚĞƌŵĂƐƵŬŵĞŶŝŶŐŬĂƚŬĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝĚĂŶĞĨŝƐŝĞŶƐŝ͘,ĂƐŝůŶLJĂƚĂƉĞŶŐĞŵďĂŶŐĂŶďŝƐŶŝƐ
ĂĚĂůĂŚ ĚĞŶŐĂŶ ďĞƌŽƉĞƌĂƐŝŶLJĂ ƵŶŝƚ ƉƌŽĚƵŬƐŝ Ěŝ ^ŝĚŽĂƌũŽ ƉĂĚĂ ƚĂŚƵŶ ϮϬϭϰ͘ hƉĂLJĂ ŵĞŵƉĞƌůƵĂƐ ũĂŶŐŬĂƵĂŶ
ĚŝƐƚƌŝďƵƐŝĚŝǁƵũƵĚŬĂŶĚĞŶŐĂŶƉĞŵďĂŶŐƵŶĂŶŐƵĚĂŶŐƐƚŽŬĚĂŶƉĞŶũƵĂůĂŶĚŝĂŶĚƵŶŐĚĂŶ:ĂŬĂƌƚĂ ƉĂĚĂƚĂŚƵŶ
ϮϬϭϲ͕ŐƵĚĂŶŐƐƚŽŬĚĂŶƉĞŶũƵĂůĂŶĚŝ^ĂŵĂƌŝŶĚĂƉĂĚĂƚĂŚƵŶϮϬϭϴ͕ĚĂŶƐĞůĂŶũƵƚŶLJĂĚŝDĂŬĂƐƐĂƌ͘WĞƌƐĞƌŽĂŶƚĞůĂŚ
ŵĞŵŝůŝŬŝϲĨĂƐŝůŝƚĂƐŵĂŶƵĨĂŬƚƵƌĚŝ/ŶĚŽŶĞƐŝĂĚĞŶŐĂŶƚŽƚĂůϯϴůŝŶŝƉƌŽĚƵŬƐŝƵŶƚƵŬŵĞŶŐŚĂƐŝůŬĂŶďĞƌďĂŐĂŝũĞŶŝƐ
ƉŝƉĂ͘
Ϯ͘ < hE''h>E Z^/E'
^ĞũĂŬ ĚŝĚŝƌŝŬĂŶŶLJĂ ƉĂĚĂ ƚĂŚƵŶ ϭϵϳϭ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ďĞƌďĂŐĂŝ ƵƉĂLJĂ ĂŐĂƌ ŵĂŵƉƵ ďĞƌƐĂŝŶŐ ĚĂŶ
ďĞƌƚĂŚĂŶ ĚĂůĂŵ ĚƵŶŝĂ ŝŶĚƵƐƚƌŝ ƉĞŶŐŚĂƐŝů ƉŝƉĂ ďĂũĂ ŝŶŝ͘ hŶƚƵŬ ŵĞŶĐĂƉĂŝ ŚĂů ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ
ŬĞƵŶŐŐƵůĂŶŬŽŵƉĞƚŝƚŝĨƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
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WĞŵŝŵƉŝŶWĂƐĂƌWŝƉĂĂũĂĚŝ/ŶĚŽŶĞƐŝĂ
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƌĞŬĂŵũĞũĂŬŽƉĞƌĂƐŝLJĂŶŐƉĂŶũĂŶŐĚŝŝŶĚƵƐƚƌŝƉĞŶŐŚĂƐŝůƉŝƉĂďĂũĂƐĞůĂŵĂůĞďŝŚĚĂƌŝϰϱƚĂŚƵŶ͘
ĞŶŐĂŶƉŽƐŝƐŝĞƌĚĂƐĂƌŬĂŶůĂƉŽƌĂŶƚĂŚƵŶĂŶϮϬϮϭĚĂƌŝĂŬƌŝĞ'ƌŽƵƉĚĂŶ<ƌĂŬĂƚĂƵ^ƚĞĞů͕WĞƌƐĞƌŽĂŶďĞƌƵƉĂƐĂůĂŚ
ƐĂƚƵƉĞŵĂŝŶƉĂƐĂƌƉŝƉĂďĂũĂƚĞƌďĞƐĂƌĚŝ/ŶĚŽŶĞƐŝĂĚĂŶŵĞŵďĞƌŝŬĂŶďĂŶLJĂŬŬĞƵŶŐŐƵůĂŶŬŽŵƉĞƚŝƚŝĨLJĂŶŐƚŝĚĂŬ
ĚŝŵŝůŝŬŝŽůĞŚƉƌŽĚƵƐĞŶƉŝƉĂďĂũĂůĂŝŶŶLJĂ͕ŵŝƐĂůŶLJĂĚĂƌŝƐĞŐŝƵŬƵƌĂŶĚĂŶƐŬĂůĂƉƌŽĚƵŬƐŝŵĞŵƵŶŐŬŝŶŬĂŶWĞƌƐĞƌŽĂŶ
ƵŶƚƵŬ ŵĞŵďĂŶŐƵŶ ŚƵďƵŶŐĂŶ LJĂŶŐ ůĞďŝŚ ĚĞŬĂƚ ĚĞŶŐĂŶ ďĞƌďĂŐĂŝ ƉĞŵĂƐŽŬ ŝŶƚĞƌŶĂƐŝŽŶĂů ĚĂŶ ĚŽŵĞƐƚŝŬ͕ LJĂŶŐ
ŵĞŵƵŶŐŬŝŶŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶŬĞƵŶƚƵŶŐĂŶĚĂƌŝƐĞŐŝƐŬĂůĂĞŬŽŶŽŵŝ͘^ĞďĂŐŝĂŶďĞƐĂƌůĞŵďĂƌĂŶ
ďĂũĂ WĞƌƐĞƌŽĂŶ Ěŝ ƉĞƌŽůĞŚ ĚĂƌŝ ƉĞŵĂƐŽŬ ŝŶƚĞƌŶĂƐŝŽŶĂů͕ ƚĞƌŵĂƐƵŬ ĚĂƌŝ :ĞƉĂŶŐ ĚĂŶ <ŽƌĞĂ͕ ĚĂŶ ƐŝƐĂŶLJĂ ĚĂƌŝ
ƉĞŵĂƐŽŬ ĚĂůĂŵ ŶĞŐĞƌŝ /ŶĚŽŶĞƐŝĂ͕ ƚĞƌƵƚĂŵĂ <ƌĂŬĂƚĂƵ ^ƚĞĞů͘ WĞƌƐĞƌŽĂŶ ďĞƌŬĞLJĂŬŝŶĂŶ ĚĞŶŐĂŶ ŬĞŵĂŵƉƵĂŶ
WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵƉĞƌŽůĞŚďĂŚĂŶďĂŬƵůĞŵďĂƌĂŶďĂũĂĚĂƌŝďĞƌďĂŐĂŝƉĞŵĂƐŽŬŝŶƚĞƌŶĂƐŝŽŶĂůĚĞŶŐĂŶĚĂůĂŵ
ũƵŵůĂŚďĞƐĂƌƐĞĐĂƌĂƐĞĐĂƌĂƚĞƌƵƐŵĞŶĞƌƵƐ͕ŵĞŵƵŶŐŬŝŶŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵďĞůŝŬƵĂůŝƚĂƐďĂũĂLJĂŶŐůĞďŝŚ
ďĂŝŬ ŶĂŵƵŶ ĚĞŶŐĂŶ ŚĂƌŐĂ LJĂŶŐ ůĞďŝŚ ƌĞŶĚĂŚ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƉƌŽĚƵƐĞŶ ƉŝƉĂ ďĂũĂ ůĂŝŶŶLJĂ LJĂŶŐ ŚĂŶLJĂ
ŵĂŵƉƵŵĞŵďĞůŝďĂŚĂŶďĂŬƵĚĂƌŝƉĞŵĂƐŽŬĚĂůĂŵŶĞŐĞƌŝĚĂůĂŵũƵŵůĂŚLJĂŶŐůĞďŝŚŬĞĐŝů͘^ĞůĂŝŶŝƚƵ͕WĞƌƐĞƌŽĂŶ
juga memiliki hubungan jangka panjang yang erat dengan Japan’Ɛ:& ^ƚĞĞůŽƌƉŽƌĂƚŝŽŶ͕ƉĞŵĂƐŽŬWĞƌƐĞƌŽĂŶ
LJĂŶŐŵĞŵďĞƌŝŬĂŶŚĂƌŐĂLJĂŶŐŬŽŵƉĞƚŝƚŝĨĚĞŶŐĂŶůĞŵďĂƌĂŶďĂũĂLJĂŶŐďĞƌŬƵĂůŝƚĂƐƚŝŶŐŐŝ͕ƚĞƌŵĂƐƵŬůĞŵďĂƌĂŶďĂũĂ
LJĂŶŐƐĂŶŐĂƚƚŝƉŝƐLJĂŶŐƚŝĚĂŬƚĞƌƐĞĚŝĂĚŝƉĂƐĂƌƚĞƌďƵŬĂ͘WĞƌƐĞƌŽĂŶƉĞƌĐĂLJĂďĂŚǁĂŚƵďƵŶŐĂŶĞƌĂƚĚĞŶŐĂŶƉĞŵĂƐŽŬ
ŵĞŵďĞƌŝŬĂŶWĞƌƐĞƌŽĂŶǁĂǁĂƐĂŶƉĂƐĂƌLJĂŶŐůĞďŝŚďĂŝŬĚĂŶŵĂŶĨĂĂƚŬŽŵƉĞƚŝƚŝĨůĂŝŶŶLJĂ͕ƐĞƉĞƌƚŝŬĞŵĂŵƉƵĂŶ
ƵŶƚƵŬŵĞŶũƵĂůŬĞůĞďŝŚĂŶƉĞƌƐĞĚŝĂĂŶŐƵůƵŶŐĂŶďĂũĂLJĂŶŐƉĂĚĂĂŬŚŝƌŶLJĂŵĞŵďĂŶƚƵWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶŐĞůŽůĂ
ƉĞƌƐĞĚŝĂĂŶŐƵůƵŶŐĂŶďĂũĂLJĂŶŐĂĚĂĚĂŶŵĞŵƉĞƌŽůĞŚďĞďĞƌĂƉĂĚŝǀĞƌƐŝĨŝŬĂƐŝƉĞŶĚĂƉĂƚĂŶ͘ĞŶŐĂŶƐŬĂůĂƉƌŽĚƵŬƐŝ
LJĂŶŐĚŝŚĂƐŝůŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͕ŵĞŵƵŶŐŬŝŶŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĞƌƵƐŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶLJĂŶŐ
ƚĞƌƵƐ ďĞƌŬĞŵďĂŶŐ ĚĂŶ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ůŽLJĂůŝƚĂƐ ƉĞůĂŶŐŐĂŶ WĞƌƐĞƌŽĂŶ͘ DŝƐĂůŶLJĂ͕ ŚĞǀƌŽŶ ƚĞůĂŚ ŵĞŶũĂĚŝ
ƉĞůĂŶŐŐĂŶWĞƌƐĞƌŽĂŶƐĞůĂŵĂůĞďŝŚĚĂƌŝϭϬƚĂŚƵŶĚĂŶĚŚŝ<ĂƌLJĂ͕,ƵƚĂŵĂ<ĂƌLJĂ͕tĂƐŬŝƚĂ<ĂƌLJĂ͕tŝũĂLJĂ<ĂƌLJĂ͕
WĞƌƚĂŵŝŶĂ͕WĞƌƚĂŐĂƐ͕zĂŵĂŚĂ͕tŝŵĐLJĐůĞ͕:ĂũĂ͕sĂůĞŶĐŝĂ͕WƌŽƚŝŶ͕dŽƚĂů ΘW͕dW/sŝƌŐŝŶŝĂ/ŶĚŽŶĞƐŝĂŽŵƉĂŶLJ
;s/KͿƚĞůĂŚƉĞůĂŶŐŐĂŶWĞƌƐĞƌŽĂŶƐĞůĂŵĂůĞďŝŚĚĂƌŝϭϬƚĂŚƵŶ͘WĂĚĂƚĂŚƵŶϮϬϮϬ͕ƐĞŬŝƚĂƌϴϬƉĞƌƐĞŶƉĞůĂŶŐŐĂŶ
WĞƌƐĞƌŽĂŶĂĚĂůĂŚƉĞůĂŶŐŐĂŶƚĞƚĂƉĚĂŶƌĂƚĂͲƌĂƚĂƚĞůĂŚŵĞŶũĂĚŝƉĞůĂŶŐŐĂŶWĞƌƐĞƌŽĂŶƐĞůĂŵĂϱƚĂŚƵŶ͘
ŝǀĞƌƐŝĨŝŬĂƐŝWƌŽĚƵŬWŽƌƚŽĨŽůŝŽLJĂŶŐDĞůĂLJĂŶŝĞƌďĂŐĂŝ:ĞŶŝƐWĞůĂŶŐŐĂŶ
ĞŶŐĂŶŬĞƌĂŐĂŵĂŶƉŽƌƚŽĨŽůŝŽƉƌŽĚƵŬLJĂŶŐWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝ͕ŵĞŵďĞĚĂŬĂŶWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƉĂƌĂƉƌŽĚƵƐĞŶ
ƉŝƉĂďĂũĂůĂŝŶŶLJĂ͘^ĞďĂŐĂŝĐŽŶƚŽŚ͕WĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĂůĂŚƐĂƚƵƉƌŽĚƵƐĞŶƚĞƌŬĞŵƵŬĂĚŝƉĂƐĂƌƉŝƉĂďĂũĂ/ŶĚŽŶĞƐŝĂ
LJĂŶŐĚĂƉĂƚŵĞŶŐŚĂƐŝůŬĂŶ ĞůĞĐƚƌŝĐͲƌĞƐŝƐƚĂŶĐĞǁĞůĚĞĚĚĂŶƐƉŝƌĂůǁĞůĚĞĚƉŝƉĞƐĚĂŶĚĞŶŐĂŶĨĂƐŝůŝƚĂƐƉĂďƌŝŬLJĂŶŐ
ĚŝŵŝůŝŬŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƐĂĂƚ ŝŶŝ ŵĞŵƵŶŐŬŝŶŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ƉĞƌŵŝŶƚĂĂŶ ƉŝƉĂ ďĂũĂ LJĂŶŐ
ĚŝƉĞƌůƵŬĂŶŽůĞŚƉĞŶŐŐƵŶĂĂŬŚŝƌ͘^ĂĂƚŝŶŝWĞƌƐĞƌŽĂŶŵĞŶŐŽƉĞƌĂƐŝŬĂŶƚŽƚĂůϯϳůŝŶŝƉƌŽĚƵŬƐŝLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝϮϳůŝŶŝ
ĞůĞĐƚƌŝĐ ƌĞƐŝƐƚĂŶĐĞͲǁĞůĚĞĚ ƉƌŽĚƵĐƚŝŽŶ͕ ϲ ůŝŶŝ ƐƚĂŝŶůĞƐƐ ƐƚĞĞů ƚƵŶŐƐƚĞŶ ŝŶĞƌƚ ŐĂƐ ĂƌĐͲǁĞůĚĞĚ ĚĂŶ ϰ ůŝŶŝ ƐƉŝƌĂů
ƐƵďŵĞƌŐĞĚĂƌĐͲǁĞůĚĞĚƉŝƉĞ͕ĚŝŵĂŶĂŵĂƐŝŶŐͲŵĂƐŝŶŐůŝŶŝƚĞƌƐĞďƵƚĚĂƉĂƚŵĞŵƉƌŽĚƵŬƐŝďĞƌďĂŐĂŝũĞŶŝƐƉŝƉĂĚĞŶŐĂŶ
ƐƉĞƐŝĨŝŬĂƐŝƚĞƌƚĞŶƚƵ͘WŽƌƚŽĨŽůŝŽƉƌŽĚƵŬWĞƌƐĞƌŽĂŶŵĞůŝƉƵƚŝƉŝƉĂĂŝƌ͕ƉŝƉĂƉĞƌĂďŽƚ͕ƉŝƉĂŵĞŬĂŶŝŬ͕ƉŝƉĂŚŝƚĂŵ͕ƉŝƉĂ
ŚŝƚĂŵĚĂŶƉŝƉĂƐƉŝƌĂů;LJĂŶŐƐĞŵƵĂŶLJĂƚĞƌďƵĂƚĚĂƌŝďĂũĂŬĂƌďŽŶͿ͕ƐĞƌƚĂƉŝƉĂƐƚĂŝŶůĞƐƐƐƚĞĞů͕ƐƚƌŝƉĚĂŶƉůĂƚ͕ƚŝĂŶŐ͕
ĞŶŐƐĞůĚĂŶƉƌŽĚƵŬďĂũĂŬĂƌďŽŶůĂŝŶŶLJĂ͘WŝƉĂWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝďĞƌďĂŐĂŝŬĞŐƵŶĂĂŶĚĂůĂŵďĞƌďĂŐĂŝŝŶĚƵƐƚƌŝ͕
ƚĞƌŵĂƐƵŬŝŶĚƵƐƚƌŝŬŽŶƐƚƌƵŬƐŝ͕ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ƵƚŝůŝƚĂƐ͕ŵŝŶLJĂŬĚĂŶŐĂƐ͕ĨƵƌŶŝƚƵƌĚĂŶŝŶĚƵƐƚƌŝŽƚŽŵŽƚŝĨ͘^ĞůĂŝŶŝƚƵ
ũƵŐĂWĞƌƐĞƌŽĂŶũƵŐĂŵĞŵďĞƌŝŬĂŶũĂƐĂLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶƉŝƉĂďĂũĂLJĂŝƚƵũĂƐĂŵĞůĂƉŝƐƉŝƉĂďĂũĂ;ĐŽĂƚŝŶŐͿ͕
ĚĂŶŵĞŵŽƚŽŶŐƉŝƉĂďĂũĂ;ƐŚĞĂƌŝŶŐ͕ƐůŝƚƚŝŶŐͿ ĚĂŶũĂƐĂůĂďŽƌĂƚŽƌŝƵŵ ƵŶƚƵŬƉĞŶŐƵũŝĂŶŬƵĂůŝƚĂƐƉŝƉĂďĂũĂƵŶƚƵŬ
ƉŝŚĂŬŬĞƚŝŐĂ͘
WĞƌƐĞƌŽĂŶŵĞŵƉƌŽĚƵŬƐŝƉŝƉĂďĂũĂƵŶƚƵŬƉĞƌƐĞĚŝĂĂŶ;ŵĂĚĞƚŽƐƚŽĐŬͿ͕ĚŝŵĂŶĂĂŬĂŶĚŝũƵĂůĚŝŬĞŵƵĚŝĂŶŚĂƌŝĚĂŶ
ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ ďĂũĂ LJĂŶŐ ĚŝďƵĂƚ ;ŵĂĚĞ ƚŽ ŽƌĚĞƌͿ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐƉĞƐŝĨŝŬĂƐŝ ƉĞůĂŶŐŐĂŶ ƚĞƌƚĞŶƚƵ͘ WŝƉĂ
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ƉƌŽLJĞŬͲƉƌŽLJĞŬ ŬŽŶƐƚƌƵŬƐŝ ďĞƌƐŬĂůĂ ďĞƐĂƌ Ěŝ /ŶĚŽŶĞƐŝĂ͕ ĂŶƚĂƌĂ ůĂŝŶ ĂŝƌƉŽƌƚ
ĚŝĂůŝ͕^ƵƌĂďĂLJĂĚĂŶĂůŝŬƉĂƉĂŶ͕WĞůĂďƵŚĂŶĚŝ dĂŶũƵŶŐWĞƌĂŬĚĂŶ^ĞŵĂƌĂŶŐ ĚĂŶƐĂůƵƌĂŶƉŝƉĂŐĂƐ^ƵŵĂƚĞƌĂ
^ĞůĂƚĂŶŬĞ:ĂǁĂĂƌĂƚ͘^ĞůĂŝŶŝƚƵũƵŐĂƚĞůĂŚĚŝŐƵŶĂŬĂŶĚĂůĂŵƉƌŽLJĞŬͲƉƌŽLJĞŬŬŽŶƐƚƌƵŬƐŝŝŶƚĞƌŶĂƐŝŽŶĂů͕ĂŶƚĂƌĂůĂŝŶ
ƉĞŵďĂŶŐƵŶĂŶ ƉĞůĂďƵŚĂŶ ,ĞĚůĂŶĚ Ěŝ ƵƐƚƌĂůŝĂ͕ ƉƌŽLJĞŬ ďĂŚĂŶ ďĂŬĂƌ ŐĂƐ ĂůĂŵ 'ůĂĚƐƚŽŶĞ Ěŝ ƵƐƚƌĂůŝĂ ĚĂŶ
ƉĞŵďĂŶŐƵŶĂŶĚĂŶƉĞƌůƵĂƐĂŶŬŝůĂŶŐŵŝŶLJĂŬŵĞŶƚĂŚƵŶŐYƵĂƚĚŝsŝĞƚŶĂŵ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶLJĞĚŝĂŬĂŶƉŝƉĂ
ƵŶƚƵŬƉĞƌƵƐĂŚĂĂŶŵŽďŝůĚĂŶƐĞƉĞĚĂŵŽƚŽƌƚĞƌŬĞŵƵŬĂLJĂŝƚƵ,ŽŶĚĂĚĂŶzĂŵĂŚĂ͕ĚĂŶƉĞƌƵƐĂŚĂĂŶŵŝŶLJĂŬĚĂŶ
ŐĂƐ ƚĞƌŬĞŵƵŬĂ ƵŶƚƵŬ ƉƌŽLJĞŬ ƉĞŵďĂŚĂƌƵĂŶ ĚĂŶ ƉĞŵĞůŝŚĂƌĂĂŶ ƉŝƉĂ Ěŝ /ŶĚŽŶĞƐŝĂ LJĂŝƚƵ ŚĞǀƌŽŶ͕ WĞƌƚĂŵŝŶĂ͕
WĞƌƵƐĂŚĂĂŶ'ĂƐEĞŐĂƌĂĚĂŶdŽƚĂů͘
WĞƌƐĞƌŽĂŶŵĞŶŐŐƵŶĂŬĂŶďĞƌďĂŐĂŝƐĂůƵƌĂŶĚŝƐƚƌŝďƵƐŝďĂŝŬĚŝĚĂůĂŵŶĞŐĞƌŝĚŝ/ŶĚŽŶĞƐŝĂĚĂŶŝŶƚĞƌŶĂƐŝŽŶĂůƵŶƚƵŬ
ŵĞŶũƵĂůƉŝƉĂWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉĞůĂŶŐŐĂŶĂŬŚŝƌWĞƌƐĞƌŽĂŶ;ĞŶĚƵƐĞƌͿ͘WĞƌƐĞƌŽĂŶŵĞŶũƵĂůƐĞďĂŐŝĂŶďĞƐĂƌƉŝƉĂ
LJĂŶŐĚŝŚĂƐŝůŬĂŶŬĞƉĂĚĂĚŝƐƚƌŝďƵƐŝĚŽŵĞƐƚŝŬLJĂŶŐŬĞŵƵĚŝĂŶŵĞŶũƵĂůŬĞŵďĂůŝƉŝƉĂWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ
ĚŝƐĞůƵƌƵŚǁŝůĂLJĂŚ/ŶĚŽŶĞƐŝĂƐĞůĂŝŶŝƚƵWĞƌƐĞƌŽĂŶũƵŐĂŵĞŶŐŐƵŶĂŬĂŶũĂƐĂĂŐĞŶůŽŬĂůĚĂŶŝŶƚĞƌŶĂƐŝŽŶĂůƵŶƚƵŬ
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ŵĞŶũƵĂůƉŝƉĂWĞƌƐĞƌŽĂŶĚŝŵĂŶĂWĞƌƐĞƌŽĂŶĂŬĂŶ ŵĞŵďĞƌŝŬĂŶŝŵďĂůĂŶŬŽŵŝƐŝƉĞŶũƵĂůĂŶ͘^ĞůĂŝŶŝƚƵWĞƌƐĞƌŽĂŶ
ũƵŐĂŵĞůĂŬƵŬĂŶƉĞŶũƵĂůĂŶůĂŶŐƐƵŶŐŬĞƉĂĚĂƉĞŶŐŐƵŶĂĂŬŚŝƌ͘WĞƌƐĞƌŽĂŶďĞƌŬĞLJĂŬŝŶĂŶĚĞŶŐĂŶƉƌŽƚŽĨŽůŝŽƉƌŽĚƵŬ
ĚĂŶũĂŶŐŬĂƵĂŶLJĂŶŐůƵĂƐĚŝƉĂƐĂƌƉŝƉĂďĂũĂĂĚĂůĂŚŵĞƌƵƉĂŬĂŶŬĞƵŶŐŐƵůĂŶŬŽŵƉĞƚŝƚŝĨWĞƌƐĞƌŽĂŶLJĂŶŐƐŝŐŶŝĨŝŬĂŶ
LJĂŶŐ ƚŝĚĂŬ ĚŝŵŝůŝŬŝ ŽůĞŚ ƉƌŽĚƵƐĞŶ ƉŝƉĂ ďĂũĂ ůĂŝŶŶLJĂ͕ LJĂŶŐ ŚĂŶLJĂ ŵĞŵƉƌŽĚƵŬƐŝ ũĞŶŝƐ ƉŝƉĂ ĚĞŶŐĂŶ ũĞŶŝƐ LJĂŶŐ
ƚĞƌďĂƚĂƐĚĂŶŚĂŶLJĂĚŝŐƵŶĂŬĂŶĚŝƐĞũƵŵůĂŚŬĞĐŝůŝŶĚƵƐƚƌŝ͘
ĞŶŐĂŶŬĞŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶŐŚĂƐŝůŬĂŶďĞƌďĂŐĂŝŵĂĐĂŵũĞŶŝƐƉŝƉĂ͕WĞƌƐĞƌŽĂŶďĞƌŬĞLJĂŬŝŶĂŶďĂŚǁĂ
WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŵƉĞƌŽůĞŚ ďĂƐŝƐ ƉĞůĂŶŐŐĂŶ LJĂŶŐ ďĞƌĂƐĂů ĚĂƌŝ ďĞƌďĂŐĂŝ ŵĂĐĂŵ ũĞŶŝƐ ŝŶĚƵƐƚƌŝ LJĂŶŐ ƉĂĚĂ
ĂŬŚŝƌŶLJĂ ŵĞŵƵŶŐŬŝŶŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌŽůĞŚ ƉĞůƵĂŶŐ ďŝůĂ ƚĞƌũĂĚŝ ŬĞŶĂŝŬĂŶ ƉĂĚĂ ƐĂůĂŚ ƐĂƚƵ ĂƚĂƵ
ďĞďĞƌĂƉĂ ũĞŶŝƐ ŝŶĚƵƐƚƌŝ͘ ,Ăů ƚĞƌƐĞďƵƚ ŵĞŵďĂŶƚƵ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶŐƵƌĂŶŐŝ ƌŝƐŝŬŽ ŬĞƚĞƌŐĂŶƚƵŶŐĂŶ ŬĞƉĂĚĂ
ƐĂůĂŚƐĂƚƵƉĞůĂŶŐŐĂŶĚĂƌŝŝŶĚƵƐƚƌŝƚĞƌƚĞŶƚƵĚĂŶŵĞŶŐĞůŽůĂƌŝƐŝŬŽďŝůĂƚĞƌũĂĚŝƉĞŶƵƌƵŶĂŶĚĂůĂŵƐĂůĂŚƐĂƚƵƐĞŬƚŽƌ
ŝŶĚƵƐƚƌŝƚĞƌƚĞŶƚƵ͘WĞƌƐĞƌŽĂŶLJĂŬŝŶĚĞŶŐĂŶĨůĞŬƐŝďŝůŝƚĂƐŵĞƐŝŶͲŵĞƐŝŶLJĂŶŐĚŝŵŝůŝŬŝƐĂĂƚŝŶŝĚĂƉĂƚŵĞŵƉƌŽĚƵŬƐŝ
ďĞƌďĂŐĂŝ ũĞŶŝƐ ĚĂŶ ƵŬƵƌĂŶ ƉŝƉĂ ŵĞŵƵŶŐŬŝŶŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƐĞŐĞƌĂ ďĞƌĂĚĂƉƚĂƐŝ ĚĞŶŐĂŶ ƚƌĞŶ ƉĂƐĂƌ LJĂŶŐ
ƚĞƌƵƐďĞƌƵďĂŚĚĂŶŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶ͘WĞƌϯϭĞƐĞŵďĞƌϮϬϮϱWĞƌƐĞƌŽĂŶƚĞůĂŚďĞƌŚĂƐŝůŵĞŶĐĂƉĂŝƉŽƌƚŽĨŽůŝŽ
ƉƌŽĚƵŬLJĂŶŐƚĞƌĚŝǀĞƌƐŝĨŝŬĂƐŝLJĂŶŐƚĞůĂŚŵĞůĂLJĂŶŝďĞƌďĂŐĂŝƐĞŬƚŽƌŝŶĚƵƐƚƌŝƚĞƌŵĂƐƵŬŬŽŶƐƚƌƵŬƐŝĚĂŶŝŶĨƌĂƐƚƌƵŬƚƵƌ
ƚĞƌŬĂŝƚƐĞŬŝƚĂƌϱϵйĨƵƌŶŝƚƵƌĞƐĞŬŝƚĂƌϭϴй͕ŽƚŽŵŽƚŝĨƐĞŬŝƚĂƌϭϴйĚĂŶƐŝƐĂŶLJĂŵŝŶLJĂŬĚĂŶŐĂƐ͘
DĞƌĞŬLJĂŶŐŝĂŬƵŝƵŶƚƵŬWƌŽĚƵŬĞƌŬƵĂůŝƚĂƐdŝŶŐŐŝĚĂŶ<ƵĂůŝƚĂƐ<ŽŶƚƌŽůLJĂŶŐ<ĞƚĂƚ
Perseroan menjual semua pipa baja karbon dengan merek ”Spindo” dan semua pipa baja ƐƚĂŝŶůĞƐƐƐƚĞĞůĚĞŶŐĂŶ
merek ”Tetsura”. Perseroan berƵƐĂŚĂ ƵŶƚƵŬ ŵĞŶĐĂƉĂŝ ŬƵĂůŝƚĂƐ ƉĂĚĂ ƐĞƚŝĂƉ ƚĂŚĂƉ ƉƌŽĚƵŬƐŝ͕ ĚĂŶ ƉƌŽĚƵŬ
WĞƌƐĞƌŽĂŶ ŚĂƌƵƐ ŵĞŶũĂůĂŶŝ ƉĞŶŐƵũŝĂŶ ŬĞƚĂƚ ĚĂŶ ƉƌŽƐĞƐ ƉĞŵĞƌŝŬƐĂĂŶ ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ŬƵĂůŝƚĂƐƉƌŽĚƵŬ ũĂĚŝ͘
WĞŶŐƵũŝĂŶĚŝůĂŬƵŬĂŶƵŶƚƵŬŵĞŶũĂŐĂŬƵĂůŝƚĂƐ͕ĚĂLJĂƚĂŚĂŶĚĂŶĚĂLJĂƚĞŬĂŶĂŶƐĞďĂŐĂŝďĂŐŝĂŶƉƌŽƐĞƐƉƌŽĚƵŬƐŝƉŝƉĂ
ďĂũĂ ĚĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶŐƵũŝĂŶ ƚĂŵďĂŚĂŶ Ěŝ ůĂďŽƌĂƚŽƌŝƵŵ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƉĞŶŐƵũŝĂŶ ƚĂŵďĂŚĂŶ ĚĂŶ ƵŶƚƵŬ
ŵĞŵďĞƌŝŬĂŶƐĞƌƚŝĨŝŬĂƚŵƵƚƵ͘
WƌŽĚƵŬƉŝƉĂďĂũĂLJĂŶŐĚŝŚĂƐŝůŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶƚĞůĂŚƐĞƐƵĂŝĚĞŶŐĂŶƐƚĂŶĚĂƌŝŶƚĞƌŶĂƐŝŽŶĂůĚĂŶŶĂƐŝŽŶĂů͕ĚĂŶ
ŵĞŵŝůŝŬŝƐĞŵƵĂƐĞƌƚŝĨŝŬĂƐŝŝŶƚĞƌŶĂƐŝŽŶĂůLJĂŶŐĚŝƉĞƌůƵŬĂŶ͕ƚĞƌŵĂƐƵŬ/^KϵϬϬϮ ƵŶƚƵŬ ƵŵƵŵŵĂŶƵĨĂŬƚƵƌ͕/^K
ϵϬϬϭ͗ϮϬϭϱ ƵŶƚƵŬ ƐŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ŵƵƚƵ͕ /^K ϰϱϬϬϭ͗ϮϬϭϴ ƵŶƚƵŬ ^ŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ŬĞƐĞŚĂƚĂŶ ĚĂŶ
ŬĞƐĞůĂŵĂƚĂŶŬĞƌũĂ͕/^Kd^ƵŶƚƵŬƐŝƐƚĞŵŵĂŶĂũĞŵĞŶĚŝƐĞŬƚŽƌŽƚŽŵŽƚŝĨĚĂŶW/ϱ>ƵŶƚƵŬƐĞŬƚŽƌŵŝŶLJĂŬĚĂŶŐĂƐ͘
ŝ/ŶĚŽŶĞƐŝĂ͕WĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĂůĂŚƐĂƚƵĚĂƌŝŚĂŶLJĂůŝŵĂƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞŵĞŐĂŶŐƐĞƌƚŝĨŝŬĂƐŝW/ϱ>ƵŶƚƵŬ
ƉŝƉĂƐƵďŵĞƌŐĞĚĂƌĐǁĞůĚĞĚ͕ĚĂŶƐĂůĂŚƐĂƚƵĚĂƌŝůŝŵĂƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞŵĞŐĂŶŐƐĞƌƚŝĨŝŬĂƐŝW/ϱ>ƵŶƚƵŬƉŝƉĂ
ĞůĞĐƚƌŝĐ ƌĞƐŝƐƚĂŶĐĞ ǁĞůĚĞĚ͘ ^ĞƌƚŝĨŝŬĂƐŝ W/ ĚŝďĞƌŝŬĂŶ ŽůĞŚ ŵĞƌŝĐĂŶ WĞƚƌŽůĞƵŵ /ŶƐƚŝƚƵƚĞ LJĂŶŐ ŵĞŵƵŶŐŬŝŶŬĂŶ
WĞƌƐĞƌŽĂŶ ŵĞŵĂƐŽŬ ƉŝƉĂ ƐƉŝƌĂů ĚĂŶ ƉŝƉĂ ŚŝƚĂŵ ƐƚƌĂŝŐŚƚͲǁĞůĚĞĚ W/ ƵŶƚƵŬ ĚŝŐƵŶĂŬĂŶ ĚĂůĂŵ ƉƌŽLJĞŬ ƉƌŽLJĞŬ
Ěŝ/ŶĚƵƐƚƌŝŵŝŶLJĂŬĚĂŶŐĂƐĚŝ/ŶĚŽŶĞƐŝĂ͘WĞƌƐĞƌŽĂŶƐĂĂƚŝŶŝŵĞŶũĂĚŝƉĞŵĂƐŽŬƉŝƉĂďĂũĂƵŶƚƵŬƉĞƌƵƐĂŚĂĂŶŵŝŶLJĂŬ
ĚĂŶŐĂƐƚĞƌŬĞŵƵŬĂLJĂŝƚƵĂŶƚĂƌĂůĂŝŶŚĞǀƌŽŶ͕dŽƚĂů͕ dždžŽŶ͕WdWĞƌƚĂŵŝŶĂĚĂŶWĞƌƵƐĂŚĂĂŶ'ĂƐEĞŐĂƌĂ͘
ĞďĞƌĂƉĂ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ WĞƌƐĞƌŽĂŶ͕ ƚĞƌŵĂƐƵŬ ƉĞůĂŶŐŐĂŶ ĚĂƌŝ ĂƵƚŽͲŝŶĚƵƐƚƌŝ͕ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƌŝŬƐĂŶĂĂŶ
ƚĞƌŚĂĚĂƉƉƌŽƐĞĚƵƌŬƵĂůŝƚĂƐŬŽŶƚƌŽůLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶƐĞďĞůƵŵŵĞŶƵŶũƵŬWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶũĂĚŝ
ƉĞŵĂƐŽŬŵĞƌĞŬĂ͘WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƐLJĂƌĂƚŬƵĂůŝƚĂƐŬŽŶƚƌŽůĚĂƌŝĂƵƚŽŝŶĚƵƐƚƌŝLJĂŝƚƵĚĂƌŝzĂŵĂŚĂĚĂŶ
,ŽŶĚĂ͘ŝŵĂŶĂWĞƌƐĞƌŽĂŶŵĞŵĂƐŽŬƉŝƉĂďĂũĂŬĂƌďŽŶƵŶƚƵŬďĂŐŝĂŶĚĂƌŝƐĞƉĞĚĂŵŽƚŽƌLJĂŶŐĚŝƉƌŽĚƵŬƐŝzĂŵĂŚĂ͕
ĚĂŶƐĂĂƚŝŶŝWĞƌƐĞƌŽĂŶƐĞĚĂŶŐďĞƌƵƐĂŚĂƵŶƚƵŬŵĞŵĞŶƵŚŝƐĞŵƵĂƉĞƌƐLJĂƌĂƚĂŶĚĂƌŝzĂŵĂŚĂƵŶƚƵŬĚĂƉĂƚŵĞŶũĂĚŝ
ƉĞŵĂƐŽŬƵŶƚƵŬƉŝƉĂƐƚĂŝŶůĞƐƐƐƚĞĞůǁĞůĚĞĚƵŶƚƵŬĚŝŐƵŶĂŬĂŶĚĂůĂŵŵƵĨĨůĞƌƐ͘
>ŽŬĂƐŝ&ĂƐŝůŝƚĂƐWƌŽĚƵŬƐŝLJĂŶŐ^ƚƌĂƚĞŐŝƐ
&ĂƐŝůŝƚĂƐ ƉƌŽĚƵŬƐŝ WĞƌƐĞƌŽĂŶ ƚĞƌůĞƚĂŬ Ěŝ ůŽŬĂƐŝ LJĂŶŐ ƐƚƌĂƚĞŐŝƐ͕ ĚĞŬĂƚ ĚĞŶŐĂŶ ƉĞůĂŶŐŐĂŶ ĚŽŵĞƐƚŝŬ ŵĂƵƉƵŶ
ƉĞůĂďƵŚĂŶŝŶƚĞƌŶĂƐŝŽŶĂůĚŝ/ŶĚŽŶĞƐŝĂ͘WĞƌƐĞƌŽĂŶŵĞŶŐŚĂƌĂƉŬĂŶĚĂĞƌĂŚ/ŶĚŽŶĞƐŝĂďĂŐŝĂŶdŝŵƵƌĂŬĂŶŵĞŶŐĂůĂŵŝ
ƉĞƌŬĞŵďĂŶŐĂŶLJĂŶŐĐƵŬƵƉďĂŝŬĂŬĂŶƉĞƌŵŝŶƚĂĂŶƉŝƉĂďĂũĂ͕ĚŝŵĂŶĂĚĂĞƌĂŚ/ŶĚŽŶĞƐŝĂďĂŐŝĂŶdŝŵƵƌŵĞƌƵƉĂŬĂŶ
ďĂƐŝƐƐƵŵďĞƌĚĂLJĂĂůĂŵ͕ƐĞƉĞƌƚŝŬĞůĂƉĂƐĂǁŝƚĚĂŶŬĂƌĞƚĚĂŶŝŶĚƵƐƚƌŝŵŝŶLJĂŬĚĂŶŐĂƐ͕ƉĞƌƚĂŵďĂŶŐĂŶĚĂŶůĂŝŶůĂŝŶ
LJĂŶŐŵĞƌƵƉĂŬĂŶƚĂƌŐĞƚƉĂƐĂƌWĞƌƐĞƌŽĂŶ͘&ĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌůŽŬĂƐŝĚŝ^ƵƌĂďĂLJĂ͕^ŝĚŽĂƌũŽĚĂŶ
WĂƐƵƌƵĂŶ ĚŝƚƵũƵŬĂŶ ƵŶƚƵŬ ŵĞůĂLJĂŶŝ ƉĞƌŵŝŶƚĂĂŶ ƚĞƌƐĞďƵƚ ĚĞŶŐĂŶ ƚĞƚĂƉ ŵĞůĂLJĂŶŝ ƉĞƌŵŝŶƚĂĂŶ ƉĞůĂŶŐŐĂŶ
ĚŝĚĂĞƌĂŚ/ŶĚŽŶĞƐŝĂďĂŐŝĂŶƚŝŵƵƌ͘&ĂƐŝůŝƚĂƐƉĂďƌŝŬĚŝĚĂĞƌĂŚ:ĂǁĂdŝŵƵƌŝŶŝďĞƌůŽŬĂƐŝĚĞŬĂƚĚĞŶŐĂŶWĞůĂďƵŚĂŶ
>ĂŵŽŶŐĂŶ LJĂŶŐ ĂŬĂŶ ŵĞŵƵŶŐŬŝŶŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚ ďŝĂLJĂ ƚƌĂŶƐƉŽƌƚĂƐŝ LJĂŶŐ ůĞďŝŚ ƌĞŶĚĂŚ ĚĂŶ
ŵĂŶĂũĞŵĞŶůŽŐŝƐƚŝŬLJĂŶŐƐĞĚĞƌŚĂŶĂ͕ďĂŝŬƵŶƚƵŬŵĞŶĞƌŝŵĂďĂŚĂŶďĂŬƵĚĂƌŝƉĞŵĂƐŽŬŝŶƚĞƌŶĂƐŝŽŶĂůĚĂŶƵŶƚƵŬ
ƉĞŶŐŝƌŝŵĂŶďĂƌĂŶŐLJĂŶŐŚĂƌƵƐĚŝĂŶŐŬƵƚŵĞůĂůƵŝůĂƵƚ͘^ĞůĂŝŶŝƚƵ͕ůŽŬĂƐŝĨĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶĚŝ<ĂƌĂǁĂŶŐ
LJĂŶŐĚĞŬĂƚĚĞŶŐĂŶƉĞůĂŶŐŐĂŶĚĂƌŝŝŶĚƵƐƚƌŝŽƚŽŵŽƚŝĨŵĞŵƵŶŐŬŝŶŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝƉĞƌŵŝŶƚĂĂŶ
pengantaran “ũƵƐƚͲŝŶͲƚŝŵĞ” pipa untuk otomotif dan untuk memberikan respon cepat terhadap tambahan
ƉĞƌŵŝŶƚĂĂŶƉŝƉĂĂƚĂƵƐƉĞƐŝĨŝŬĂƐŝƉŝƉĂďĂƌƵĚĂƌŝƉĞůĂŶŐŐĂŶ͘
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:ĂƌŝŶŐĂŶ ůƵĂƐ ƉĞŵĂƐŽŬ ďĂŝŬ ĚŽŵĞƐƚŝŬ ŵĂƵƉƵŶ ŝŶƚĞƌŶĂƐŝŽŶĂů ŵĞŵƵŶŐŬŝŶŬĂŶ ƉĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ
ďĞƌďĂŐĂŝ ƉŝůŝŚĂŶ ƵŶƚƵŬ ŵĞŶŐŽƉƚŝŵĂůŬĂŶ ŚĂƌŐĂ ďĂŚĂŶ ďĂŬƵ͘ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƚƌĂŶƐĂŬƐŝ ƉĞŵďĞůŝĂŶ
ďĂŚĂŶďĂŬƵĐƵŬƵƉďĞƐĂƌƚŝĂƉƚĂŚƵŶŶLJĂƐĞŚŝŶŐŐĂWĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŵƉĞƌŽůĞŚŬƵŽƚĂĚĂŶŚĂƌŐĂLJĂŶŐŬŽŵƉĞƚŝƚŝĨ
ĚĂƌŝƉĞŵĂƐŽŬ͘
dŝŵDĂŶĂũĞŵĞŶΘdŝŵdĞŬŶŝƐLJĂŶŐĞƌƉĞŶŐĂůĂŵĂŶĚŝ/ŶĚƵƐƚƌŝWŝƉĂĂũĂ
dŝŵ ŵĂŶĂũĞŵĞŶ ĚĂŶ ƚŝŵ ƚĞŬŶŝƐ WĞƌƐĞƌŽĂŶ ƚĞƌĚŝƌŝ ĚĂƌŝ ŽƌĂŶŐͲŽƌĂŶŐ LJĂŶŐ ďĞƌƉĞŶŐĂůĂŵĂŶ ĚĂůĂŵ ŝŶĚƵƐƚƌŝ
ŵĂŶƵĨĂŬƚƵƌƉŝƉĂďĂũĂĚĞŶŐĂŶƌĞŬĂŵũĞũĂŬ;ƚƌĂĐŬƌĞĐŽƌĚͿLJĂŶŐƚĞůĂŚƚĞƌďƵŬƚŝƐƵŬƐĞƐĚĂůĂŵŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶ
ďŝƐŶŝƐ ƐĞŚĂƌŝͲŚĂƌŝ ĚĂŶ ďĞƌŚĂƐŝů ĚĂůĂŵ ŵĞŶŐĞŵďĂŶŐŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƉĞƐĂƚ͘ dŝŵ ƐĞŶŝŽƌ
ŵĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƌĂƚĂͲƌĂƚĂůĞďŝŚĚĂƌŝϱƚĂŚƵŶƉĞŶŐĂůĂŵĂŶĚĂůĂŵŝŶĚƵƐƚƌŝŵĂŶĂĨƵŬƚƵƌƉŝƉĂďĂũĂ͕
ĚŝŵĂŶĂƐĞďĂŐŝĂŶďĞƌƉĞŶŐĂůĂŵĂŶĚĂůĂŵŬĂƉĂƐŝƚĂƐďŝƐŶŝƐŵĂŶĂũĞŵĞŶ͕ƐĞďĂŐŝĂŶĚĂůĂŵŬĂƉĂƐŝƚĂƐĞŶŐŝŶĞĞƌŝŶŐĚĂŶ
ƐĞďĂŐŝĂŶůĂŝŶŶLJĂďĞƌƉĞŶŐĂůĂŵĂŶĚĂůĂŵďŝĚĂŶŐŬĞĚƵĂŶLJĂ͘^ĂůĂŚƐĂƚƵĚŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶLJĂŝƚƵdĞĚũĂ^ƵŵĂŶĂ
,ƵĚŝĂŶƚŽ͕ũƵŐĂŵĞƌƵƉĂŬĂŶĚŝƌĞŬƚƵƌWdEZ^ƚĂŝŶůĞƐƐƐƚĞĞůWƵƐĂƚ͕^ƵƌĂďĂLJĂ͕ƐĞďƵĂŚƉĞƌƵƐĂŚĂĂŶŵĂŶƵĨĂŬƚƵƌďĂũĂ
/ŶĚŽŶĞƐŝĂ͘^ĞůĂŝŶŝƚƵtĂƌĚĂŶĂ,ƵĚŝĂŶƚŽ͕ŬŽŵŝƐĂƌŝƐƵƚĂŵĂWĞƌƐĞƌŽĂŶ͕ƐĞďĞůƵŵŶLJĂƉĂĚĂƚĂŚƵŶϭϵϵϯƐĂŵƉĂŝϭϵϵϴ
ĂĚĂůĂŚWƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWdZĂĚũŝŶ͕^ƵƌĂďĂLJĂ͕ĚŝŵĂŶĂƉĂĚĂƚĂŚƵŶϭϵϵϴWdZĂĚũŝŶŵĞůĂŬƵŬĂŶŵĞƌŐĞƌWd^ƚĞĞů
WŝƉĞ/ŶĚƵƐƚƌLJŽĨ/ŶĚŽŶĞƐŝĂƉĂĚĂƚĂŚƵŶϭϵϵϴ͘WĞƌƐĞƌŽĂŶďĞƌƵƐĂŚĂƵŶƚƵŬƐĞůĂůƵŵĞŵďĞƌŝŬĂŶƉĞůĂƚŝŚĂŶƵŶƚƵŬƉĂƌĂ
ƉĞŐĂǁĂŝ͕ ĚĂŶ WĞƌƐĞƌŽĂŶ LJĂŬŝŶ ƚĞůĂŚ ŵĞŶĂǁĂƌŬĂŶ ƉĂŬĞƚ ƌĞŵƵŶĞƌĂƐŝ LJĂŶŐ ŬŽŵƉĞƚŝƚŝĨ ĚĞŶŐĂŶ ƉĞůƵĂŶŐ
ƉĞŶŐĞŵďĂŶŐĂŶŬĂƌŝƌLJĂŶŐŵĞŶĂƌŝŬƐĞŚŝŶŐŐĂWĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŵƉĞƌƚĂŚĂŶŬĂŶƚŝŵŵĂŶĂũĞŵĞŶLJĂŶŐĂĚĂƐĂĂƚ
ŝŶŝ͘ ĞŶŐĂŶ ƉĞƌĞŶĐĂŶĂĂŶ ƐƚƌĂƚĞŐŝƐ LJĂŶŐ ĞĨŝƐŝĞŶ ŵĞŵƵŶŐŬŝŶŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĞƌƵƐ ďĞƌĂĚĂƉƚĂƐŝ ĚĞŶŐĂŶ
ƉĞƌƵďĂŚĂŶƚƌĞŶĚĂůĂŵŝŶĚƵƐƚƌŝƉŝƉĂďĂũĂ͕ĚĂŶWĞƌƐĞƌŽĂŶďĞƌŬĞLJĂŬŝŶĂŶĚĞŶŐĂŶŬŽŵŝƚŵĞŶƚŝŵŵĂŶĂũĞŵĞŶĚĂŶ
ƚŝŵĂŚůŝƚĞŬŶŝƐŵĞŵŝůŝŬŝŬĞƚĞƌĂŵƉŝůĂŶ͕ƉĞŶŐĞƚĂŚƵĂŶĚĂŶŵŽƚŝǀĂƐŝŵĞŵƵŶŐŬŝŶŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶĐĂƉĂŝ
ƉĞƌƚƵŵďƵŚĂŶŽƉĞƌĂƐŝŽŶĂůĚĂŶŬĞƵĂŶŐĂŶLJĂŶŐďĞƌŬĞůĂŶũƵƚĂŶ͘
ϯ͘ ^dZd '/h^,
WĞƌƐĞƌŽĂŶďĞƌƵƐĂŚĂƵŶƚƵŬŵĞŵƉĞƌŬƵĂƚƉŽƐŝƐŝWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝƉĞŵŝŵƉŝŶƉĂƐĂƌƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶ ĚĂůĂŵ
ƉƌŽĚƵŬƐŝ ƉŝƉĂ ďĂũĂ Ěŝ /ŶĚŽŶĞƐŝĂ ĚĂŶ ƚĞƌƵƐ ŵĞŶŝŶŐŬĂƚŬĂŶ ƉĂŶŐƐĂ ƉĂƐĂƌ WĞƌƐĞƌŽĂŶ͘ DŝƐŝ WĞƌƐĞƌŽĂŶ LJĂŝƚƵ
ŵĞŶLJĞĚŝĂŬĂŶ ƉƌŽĚƵŬ ŝŶĚƵƐƚƌŝ ĚĂŶ ũĂƐĂ LJĂŶŐ ĚĂƉĂƚ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬƵĂůŝƚĂƐ ŚŝĚƵƉ ŵĂŶƵƐŝĂ ƐĞĚĂŶŐŬĂŶ ǀŝƐŝ
WĞƌƐĞƌŽĂŶLJĂŝƚƵŵĞŶŐŚĂƐŝůŬĂŶƉƌŽĚƵŬŝŶĚƵƐƚƌŝĚĂŶƉĞůĂLJĂŶĂŶLJĂŶŐĚŝŬĞŶĂůŵĞŶĚƵŶŝĂ͘
WĞƌƐĞƌŽĂŶďĞƌĞŶĐĂŶĂŵĞǁƵũƵĚŬĂŶǀŝƐŝĚĂŶŵŝƐŝƚĞƌƐĞďƵƚĚĞŶŐĂŶŵĞŶĞƌĂƉŬĂŶƐƚƌĂƚĞŐŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
▪ ŝǀĞƌƐŝĨŝŬĂƐŝWƌŽĚƵŬWŽƌƚŽĨŽůŝŽ͕DĞŶŝŶŐŬĂƚŬĂŶ<ĂƉĂƐŝƚĂƐWƌŽĚƵŬƐŝĚĂŶ ĨŝƐŝĞŶƐŝKƉĞƌĂƐŝŽŶĂů
WĞƌƐĞƌŽĂŶƐĂĂƚŝŶŝƚĞůĂŚŵĞŵŝůŝŬŝĨĂƐŝůŝƚĂƐƉĂďƌŝŬLJĂŶŐƚĞƌƐĞďĂƌĚŝǁŝůĂLJĂŚ:ĂǁĂdŝŵƵƌĚĂŶŵĞŵƉĞƌůƵĂƐŶLJĂ
ŚŝŶŐŐĂ ŬĞ <ĂƌĂǁĂŶŐ͕ :ĂǁĂ ĂƌĂƚ ŐƵŶĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ ĚĂŶ ŵĞŶĂŵďĂŚ ĨĂƐŝůŝƚĂƐŵĞƐŝŶ
ďĂƌƵƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶLJĂŶŐƐĞŵĂŬŝŶďĞƌŬĞŵďĂŶŐ͘WĞƌƐĞƌŽĂŶũƵŐĂďĞƌĞŶĐĂŶĂƵŶƚƵŬ
ŵĞŶĂŵďĂŚŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝĚŝ'ƌĞƐŝŬŵĞŵŝůŝŬŝŬĞŵĂŵƉƵĂŶƵŶƚƵŬŵĞŵƉƌŽĚƵŬƐŝƐƚƌĂŝŐŚƚ–ǁĞůĚĞĚƐƚĞĞů
ƉŝƉĞƐ ĚĞŶŐĂŶ ĚŝĂŵĞƚĞƌ Ěŝ ĂƚĂƐ ϭϮ ŝŶĐŝ LJĂŶŐ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŝŶĚƵƐƚƌŝ ŵŝŶLJĂŬ ĚĂŶ ŐĂƐ͘ ĞďĞƌĂƉĂ
ƉƌŽĚƵƐĞŶ ƉŝƉĂ ďĂũĂ ůĂŝŶŶLJĂ Ěŝ /ŶĚŽŶĞƐŝĂ ĚĂƉĂƚ ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ ƚĞƌƐĞďƵƚ͕ ŶĂŵƵŶ WĞƌƐĞƌŽĂŶ
ďĞƌŬĞLJĂŬŝŶĂŶ ďĂŚǁĂ ĚĞŶŐĂŶ ƌĞŶĐĂŶĂ WĞƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĂƉĂƐŝƚĂƐŶLJĂ Ěŝ ŵĂƐĂ ĚĞƉĂŶ͕
WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞůĂLJĂŶŝ ŝŶĚƵƐƚƌŝ ŵŝŶLJĂŬ ĚĂŶ ŐĂƐ͘ ĞŶŐĂŶ ƉĞƌůƵĂƐĂŶ ĨĂƐŝůŝƚĂƐ Ěŝ <ĂƌĂǁĂŶŐ͕ WĞƌƐĞƌŽĂŶ
ĚĂƉĂƚŵĞŶŐŚĂƐŝůŬĂŶƉŝƉĂďĞƌĚŝĂŵĞƚĞƌŬĞĐŝůLJĂŝƚƵϮ͕ϱŝŶĐŝŚŝŶŐŐĂϵ ŵŵ͕LJĂŶŐƚĞƌƵƚĂŵĂĚŝŐƵŶĂŬĂŶƵŶƚƵŬ
ƐƉĂƌĞ ƉĂƌƚ ŵŽďŝů ŽůĞŚ ƉĞůĂŶŐŐĂŶ ŝŶĚƵƐƚƌŝ ŽƚŽŵŽƚŝĨ͕ ũƵŐĂ ĚĂƉĂƚ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ ƉŝƉĂ
ŵĞŬĂŶŝŬ ƵŶƚƵŬ ŵĞŶĚƵŬƵŶŐ ŝŶĚƵƐƚƌLJ ŽƚŽŵŽƚŝƉ ŶĂƐŝŽŶĂů͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ƐĞĚĂŶŐ ďĞƌĞŶĐĂŶĂ ƵŶƚƵŬ
ŵĞŶŐĞŵďĂŶŐŬĂŶƉƌŽĚƵŬƐŝƉŝƉĂŚŽůůŽǁĚĂŶƉŝƉĂƐƋƵĂƌĞLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬŝŶĚƵƐƚƌŝŬŽŶƐƚƌƵŬƐŝĚŝŵĂŶĂ
ƉŝƉĂƚĞƌƐĞďƵƚĚĂƉĂƚůĞďŝŚƚĂŚĂŶƚĞƌŚĂĚĂƉŐĞŵƉĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŝƉĂLJĂŶŐƐĂĂƚŝŶŝŵĂƐŝŚŐƵŶĂŬĂŶ
ĚĂůĂŵ ŬŽŶƐƚƌƵŬƐŝ ďĂŶŐƵŶĂŶ Ěŝ /ŶĚŽŶĞƐŝĂ͘ WĞƌƐĞƌŽĂŶ ďĞƌŬĞLJĂŬŝŶĂŶ ĚŝŵĂƐĂ LJĂŶŐ ĂŬĂŶ ĚĂƚĂŶŐ ĂŬĂŶ ĂĚĂ
ƉĞƌŵŝŶƚĂĂŶLJĂŶŐƐŝŐŶŝĨŝŬĂŶƵŶƚƵŬƉŝƉĂƚĞƌƐĞďƵƚĚŝĂƚĂƐŵĞŶŐŝŶŐĂƚƚŝŶŐŐŝŶLJĂƚŝŶŐŬĂƚĨƌĞŬƵĞŶƐŝŐĞŵƉĂĚĂŶ
ƉĞƌƚƵŵďƵŚĂŶŝŶĚƵƐƚƌŝŬŽŶƚƌƵŬƐŝĚŝ/ŶĚŽŶĞƐŝĂ͘
WĞƌƐĞƌŽĂŶ ďĞƌĞŶĐĂŶĂ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬĂƉĂƐŝƚĂƐ ƉƌŽĚƵŬƐŝ ĚĂŶ ŵĞŶŝŶŐŬĂƚŬĂŶ ĞĨŝƐŝĞŶƐŝ ŽƉĞƌĂƐŝŽŶĂů
ŐƵŶĂŵĞŵĞŶƵŚŝƉĞƌƚƵŵďƵŚĂŶƉĞƌŵŝŶƚĂĂŶĂŬĂŶƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶĞƌĂƉŬĂŶƚĞŬŶŽůŽŐŝ
ƵŶƚƵŬŵĞŵĂŶƚĂƵĚĂŶŵĞŶŐĞǀĂůƵĂƐŝŬŝŶĞƌũĂŽƉĞƌĂƐŝŽŶĂů͕LJĂŬŶŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͘
• DĞůĂĐĂŬĞĨŝƐŝĞŶƐŝůŽŐŝƐƚŝŬ
• DĞŶŐĂŶĂůŝƐŝƐƚĞŶĂŐĂƉĞŶũƵĂůĂŶ
• DĂŶĂũĞŵĞŶŐƵĚĂŶŐďĂƌĐŽĚĞ
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
WĞƌƐĞƌŽĂŶĂŬĂŶƚĞƌƵƐŵĞůĂŬƵŬĂŶƉĞƌďĂŝŬĂŶƐĞĐĂƌĂďĞƌŬĞůĂŶũƵƚĂŶƵŶƚƵŬŵĞŶŝŶŐŬĂƚŬĂŶĞĨŝƐŝĞŶƐŝƚĞƌŵĂƐƵŬ
ĚĂůĂŵ<W/͘^ĞƉĞƌƚŝŚĂůŶLJĂWĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŵƉƌŽƐĞƐ ZtƐĞďĂŐĂŝƉĞŶŐŐĂŶƚŝƉŝƉĂƐĞĂŵůĞƐƐĚŝŝŶĚƵƐƚƌŝ
ĐŚŝůůĞƌ ĚĂŶ ĐŽŶǀĞLJŽƌ ďĞůƚƐ͘ ^ĞůĂŝŶ ŝƚƵ ũƵŐĂ ƚĞƌĚĂƉĂƚ ŵĞƐŝŶ ďĂƌƵ ƉĞŵŽƚŽŶŐĂŶ ƵůĂŶŐ ƉŝƉĂ͕ LJĂŶŐ ƐĞŵĂŬŝŶ
ƚĞƌŬŽŵƉƵƚĞƌŝƐĂƐŝ͕ƐĞŚŝŶŐŐĂůĞďŝŚŵƵĚĂŚƵŶƚƵŬŵĞŶLJĞƐƵĂŝŬĂŶŵĞƐŝŶͲŵĞƐŝŶƵŶƚƵŬŵĞŶŐŚĂƐŝůŬĂŶďĞƌďĂŐĂŝ
ƵŬƵƌĂŶĚĂŶũĞŶŝƐƉŝƉĂƵŶƚƵŬŵĞŵĞŶƵŚŝƉĞƌŬĞŵďĂŶŐĂŶƉĂƐĂƌĚĂŶŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶ͘DĞƐŝŶƚĞƌƐĞďƵƚ
ũƵŐĂĚĂƉĂƚŵĞŶŐƵƌĂŶŐŝǁĂŬƚƵŚĞŶƚŝĚĂŶŵĞŶŝŶŐŬĂƚŬĂŶŬĞĐĞƉĂƚĂŶƉƌŽƐĞƐƉƌŽĚƵŬƐŝ͘WĞƌƐĞƌŽĂŶďĞƌŚĂƌĂƉ
ďĂŚǁĂƌĞŶĐĂŶĂĞŬƐƉĂŶƐŝĚĂŶŝŶǀĞƐƚĂƐŝŵĞƐŝŶďĂƌƵLJĂŶŐůĞďŝŚĐĞƉĂƚĚĂŶĞĨŝƐŝĞŶƚĞƌƐĞďƵƚĂŬĂŶŵĞŶŐƵƌĂŶŐŝ
ƌŝƐŝŬŽ ŬĞƐĂůĂŚĂŶ ŵĂŶƵƐŝĂ͕ ƉĞŵďŽƌŽƐĂŶ ĚĂŶ ǁĂŬƚƵ ŬĂůŝďƌĂƐŝ ŵĞƐŝŶ ĚĂŶ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬƵĂůŝƚĂƐ ƉƌŽĚƵŬ
WĞƌƐĞƌŽĂŶ͘
▪ DĞŶŝŶŐŬĂƚŬĂŶWƌŽƉŽƌƐŝWĞŶũƵĂůĂŶ>ĂŶŐƐƵŶŐŵĞůĂůƵŝWĞŶŐŐƵŶĂĂŶ'ƵĚĂŶŐ;ĞƉŽͿ
^ĂĂƚ ŝŶŝ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵŝůŝŬŝ ĚĞƉŽ Ěŝ :ĂŬĂƌƚĂ ĂƌĂƚ͕ ^ĂŵĂƌŝŶĚĂ ĚĂŶ ĂŶĚƵŶŐ͘ ĚĂŶLJĂ ĚĞƉŽ ŝŶŝ
ďĞƌƚƵũƵĂŶŵĞůĂLJĂŶŝƉĞůĂŶŐŐĂŶƌĞƚĂŝůĚĂŶƐĞŵŝƌĞƚĂŝůĂŐĂƌƉĞŶŐŝƌŝŵĂŶĚĂƉĂƚĚŝůĂŬƵŬĂŶĚĞŶŐĂŶůĞďŝŚĐĞƉĂƚ
ĚĂŶŵĞŶŐĂŬŽŵŽĚĂƐŝƉĞƐĂŶĂŶďĂƚĐŚLJĂŶŐůĞďŝŚŬĞĐŝůĚĞŶŐĂŶŚĂƌŐĂLJĂŶŐůĞďŝŚƚŝŶŐŐŝ͘WĞŶũƵĂůĂŶůĂŶŐƐƵŶŐŬĞ
ƉĞŶŐŐƵŶĂĂŬŚŝƌũƵŐĂŵĞŶŝŶŐŬĂƚŬĂŶŬĞƐĂĚĂƌĂŶƉƌŽĚƵŬĚĂŶŵĞƌĞŬ͕ƉĞŶŐĞƚĂŚƵĂŶ͕ƉŽƚĞŶƐŝƉĞŶŐĞŵďĂŶŐĂŶ
ƉƌŽĚƵŬĚĂŶĚĂƉĂƚŵĞŵďĂŶƚƵƉĞƌƵƐĂŚĂĂŶƵŶƚƵŬŵĞŵƉĞƌŽůĞŚƵŵƉĂŶďĂůŝŬƉĞůĂŶŐŐĂŶ͘ĞŶŐĂŶĚĞŵŝŬŝĂŶ͕
WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬŽŶƚƌŽů ĂƚĂƐ ƉĞŶũƵĂůĂŶ ŬĞ ƉĞŶŐŐƵŶĂ ĂŬŚŝƌ ƐĞƌƚĂ ŵĞŬĂŶŝƐŵĞ ƉĞŶĞƚĂƉĂŶ
ŚĂƌŐĂ͘
WĞŶũƵĂůĂŶŵĞůĂůƵŝĚĞƉŽŝŶŝŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƉĂĚĂϮϬϭϳŚŝŶŐŐĂϮϬϭϵ͕ŶĂŵƵŶĂĚĂŶLJĂƉĂŶĚĞŵŝŽǀŝĚͲ
ϭϵŵĞŵƉĞŶŐĂƌƵŚŝƉĞŶũƵĂůĂŶŵĞŶƵƌƵŶĚŝƚĂŚƵŶϮϬϮϬĚŝŵĂŶĂĚĂŵƉĂŬŶLJĂƐĂŶŐĂƚĚŝƌĂƐĂŬĂŶŽůĞŚƉĞďŝƐŶŝƐ
ŬĞĐŝů͘ŬĂŶƚĞƚĂƉŝ͕WĞƌƐĞƌŽĂŶƚĞƌƵƐŵĞůĂŬƵŬĂŶƵƉĂLJĂďĞƌŬĞůĂŶũƵƚĂŶĂŐĂƌĚĂƉĂƚŵĞŵƉĞƌŬĞŶĂůŬĂŶƉƌŽĚƵŬ
ĚĂŶ ŵĞƌĞŬ ŝŶŝ Ěŝ ƐĞůƵƌƵŚ ŶƵƐĂŶƚĂƌĂ͘ ^ĞůĂŝŶ ƉĞŶŐŐƵŶĂ ĂŬŚŝƌ͕ WĞƌƐĞƌŽĂŶ ďĞƌĞŶĐĂŶĂ ŵĞŶĂŵďĂŚ ũƵŵůĂŚ
ĚŝƐƚƌŝďƵƚŽƌ Ěŝ ŬŽƚĂ ďĞƐĂƌ ĚĂŶ ŵĞŶĞŶŐĂŚ Ěŝ ƐĞůƵƌƵŚ /ŶĚŽŶĞƐŝĂ͘ hƉĂLJĂ ƚĞƌƐĞďƵƚ ĚŝŚĂƌĂƉŬĂŶ ĂŬĂŶ ĂŬĂŶ
ŵĞŵďĞƌŝŬĂŶƐĞŶƚŝŵĞŶƉŽƐŝƚŝĨƵŶƚƵŬƉĞŶŝŶŐŬĂƚĂŶƉĂŶŐƐĂƉĂƐĂƌWĞƌƐĞŽĂŶĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐ͘
▪ WĞŶŐĞůŽůĂĂŶĂŚĂŶĂŬƵ
WĞƌƐĞƌŽĂŶ ďĞƌŬĞLJĂŬŝŶĂŶ ŚĂƌŐĂ ďĂŚĂŶ ďĂŬƵ ƚĞƌƵƚĂŵĂ ŐƵůƵŶŐĂŶ ďĂũĂ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ĚĞŶŐĂŶ ŚĂƌŐĂ LJĂŶŐ
ůĞďŝŚŬŽŵƉĞƚŝƚŝĨĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶŚĂƌŐĂďĂŚĂŶďĂŬƵLJĂŶŐĚŝƉĞƌŽůĞŚƉĞƐĂŝŶŐWĞƌƐĞƌŽĂŶĚĂŶWĞƌƐĞƌŽĂŶ
ďĞƌƵƐĂŚĂ ƵŶƚƵŬ ƚĞƌƵƐ ŵĞŶũĂŐĂ ƉĂƐŽŬĂŶ ďĂŚĂŶ ďĂŬƵ ƵŶƚƵŬ ŵĞŶŐĞŶĚĂůŝŬĂŶ ďŝĂLJĂ ĚĂŶ ŵĞŶũĂŐĂ ŵĂƌŐŝŶ
ŬĞƵŶƚƵŶŐĂŶ WĞƌƐĞƌŽĂŶ͘ WĂƐŽŬĂŶ ďĂŚĂŶ ďĂŬƵ ŐƵůƵŶŐĂŶ ďĂũĂ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ ƐĞũƵŵůĂŚ ƉĞŵĂƐŽŬ LJĂŶŐ
ďĞƌďĞĚĂ͕ ďĂŝŬ ĚĂƌŝ ŝŶƚĞƌŶĂƚŝŽŶĂů ;:ĞƉĂŶŐ͕ ŝŶĂ ĚĂŶ <ŽƌĞĂͿ ŵĂƵƉƵŶ ĚŽŵĞƐƚŝŬ͘ ,ĂƌŐĂ ďĂŚĂŶ ďĂŬƵ LJĂŶŐ
ĚŝƉĞƌŽůĞŚĚĂƌŝƉĞŵĂƐŽŬŝŶƚĞƌŶĂƐŝŽŶĂůƵŵƵŵŶLJĂůĞďŝŚďĂŝŬĚŝďĂŶĚŝŶŐĚĂƌŝƉĞŵĂƐŽŬĚŽŵĞƐƚŝŬ͕ŽůĞŚŬĂƌĞŶĂ
ŝƚƵWĞƌƐĞƌŽĂŶďĞƌŵĂŬƐƵĚƵŶƚƵŬŵĞŵƉĞƌƚĂŚĂŶŬĂŶŚƵďƵŶŐĂŶLJĂŶŐŬƵĂƚĚĞŶŐĂŶƐĞũƵŵůĂŚƉĞŵĂƐŽŬLJĂŶŐ
ďĞƌďĞĚĂĚŝŶĞŐĂƌĂLJĂŶŐďĞƌďĞĚĂ͕ƵŶƚƵŬŵĞŵƵŶŐŬŝŶŬĂŶWĞƌƐĞƌŽĂŶŵĞŶŐĂŵďŝůŬĞƵŶƚƵŶŐĂŶĚĂƌŝƉĞƌďĞĚĂĂŶ
ŚĂƌŐĂ Ěŝ ƉĂƐĂƌ LJĂŶŐ ďĞƌďĞĚĂ͘ WĞƌƐĞƌŽĂŶ ďĞƌĞŶĐĂŶĂ ƵŶƚƵŬ ƚĞƌƵƐ ŵĞŵďĞůŝ ůĞŵƉĞŶŐĂŶ ďĂũĂ ƚĞƌƐĞďƵƚ
ďĞƌĚĂƐĂƌŬĂŶƉĞƌƉĞƐĂŶĂŶƚŝĚĂŬĚĂůĂŵŬŽŶƚƌĂŬũĂŶŐŬĂƉĂŶũĂŶŐ͘WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞůŝŶĚƵŶŐƌŝƐŝŬŽƚĞƌŚĂĚĂƉ
ĨůƵŬƚƵĂƐŝ ŚĂƌŐĂ ďĂŚĂŶ ďĂŬƵ͕ ŬĂƌĞŶĂ WĞƌƐĞƌŽĂŶ ďĞƌŬĞLJĂŬŝŶĂŶ ďŝƐŶŝƐ ŵŽĚĞů LJĂŶŐ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ
ĨůĞŬƐŝďĞůŝƚĂƐ ƚĞƌŚĂĚĂƉ ŶĂŝŬ ƚƵƌƵŶŶLJĂ ŚĂƌŐĂ ďĂŚĂŶ ďĂŬƵ ĚĂŶ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŶŐĂŵďŝů ŵĂƌŐŝŶ ĚĂƌŝ
ƉĞŶƵƌƵŶĂŶŚĂƌŐĂďĂŚĂŶďĂŬƵ͘
ŝ ŵĂƐĂ ůĂůƵ͕ ďŝůĂ ƚĞƌũĂĚŝ ŬĞŶĂŝŬĂŶ ŚĂƌŐĂ ďĂŚĂŶ ĂŬƵ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ŵĞŵďĞďĂŶŬĂŶ ŬĞŶĂŝŬĂŶ
ŚĂƌŐĂƚĞƌƐĞďƵƚŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͕ƐĞďĂůŝŬŶLJĂWĞƌƐĞƌŽĂŶŵĞŵďƵĂƚƉƌŽLJĞŬƐŝŵĞŶŐĞŶĂŝƚƌĞŶŚĂƌŐĂďĂŚĂŶ
ďĂŬƵĚŝŵĂƐĂLJĂŶŐĂŬĂŶĚĂƚĂŶŐĚĂŶŵĞŶũĂŐĂƉƌŽĚƵŬƵŶƚƵŬƚĞƚĂƉƐƚĂďŝůƐĞďĂŐĂŝƐĂůĂŚƐĂƚƵƉĞůĂLJĂŶĂŶůĞďŝŚ
ŬĞƉĂĚĂƉĞůĂŶŐŐĂŶWĞƌƐĞƌŽĂŶ͘WĞƌƐĞƌŽĂŶďĞƌĞŶĐĂŶĂƵŶƚƵŬŵĞŶũĂůĂŶŬĂŶŬĞďŝũĂŬĂŶƚĞƌƐĞďƵƚĚŝŵĂƐĂĚĞƉĂŶ͘
ŝŵĂŶĂũŝŬĂŚĂƌŐĂďĂŚĂŶďĂŬƵŶĂŝŬ͕WĞƌƐĞƌŽĂŶĂŬĂŶŵĞƌĞǀŝĞǁŬĞŵďĂůŝĂŶƚĂƌĂůĂŝŶŶŝůĂŝƉĞƌƐĞĚŝĂĂŶďĂŚĂŶ
ďĂŬƵ ƐĂĂƚ ƚĞƌƐĞďƵƚ͕ ĞŬƐƉĞŬƚĂƐŝ ŬĞŶĂŝŬĂŶ ŚĂƌŐĂ ĚŝŵĂƐĂ LJĂŶŐ ĂŬĂŶ ĚĂƚĂŶŐ͕ ƉĞƌŵŝŶƚĂĂŶ ƉĞůĂŶŐŐĂŶ ƚĞƚĂƉ͕
ĞŬƐƉĞŬƚĂƐŝƉĞƌƚƵŵďƵŚĂŶƉĞƌŵŝŶƚĂĂŶƉƌŽĚƵŬWĞƌƐĞƌŽĂŶĚĂŶĨĂŬƚŽƌͲĨĂŬƚŽƌƉĂƐĂƌůĂŝŶŶLJĂƵŶƚƵŬŵĞŶĞŶƚƵŬĂŶ
ĂƉĂŬĂŚĚĂŶŬĂƉĂŶŬĞŶĂŝŬĂŶĂƚĂƵƉĞŶƵƌƵŶĂŶŚĂƌŐĂĂŬĂŶĚŝůĂŬƵŬĂŶ͘ĂůĂŵũĂŶŐŬĂƉĞŶĚĞŬŵĂƌũŝŶƉĞŶũƵĂůĂŶ
WĞƌƐĞƌŽĂŶ ĂŬĂŶ ƚĞƌƉĞŶŐĂƌƵŚ ĚĞŶŐĂŶ ŬĞďŝũĂŬĂŶ ƚĞƌƐĞďƵƚ ŶĂŵƵŶ WĞƌƐĞƌŽĂŶ ďĞƌŬĞLJĂŬŝŶĂŶ ďĂŚǁĂ ŚĂů
ƚĞƌƐĞďƵƚůĂŚLJĂŶŐĚĂƉĂƚŵĞŵďĞĚĂŬĂŶWĞƌƐĞƌŽĂŶĚŝďĂŶĚŝŶŐƉĞƐĂŝŶŐůĂŝŶŶLJĂ͘
WĞƌƐĞƌŽĂŶ ďĞƌƵƐĂŚĂ ƵŶƚƵŬ ŵĞŶũĂŐĂ ŚƵďƵŶŐĂŶ ďĂŝŬ ĚĞŶŐĂŶ ƉĂƌĂ ƉĞŵĂƐŽŬ ĚŽŵĞƐƚŝŬ ĚĂŶ ŝŶƚĞƌŶĂƐŝŽŶĂů
ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ĂŬƐĞƐ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ ďĂŚĂŶ ďĂŬƵ LJĂŶŐ ďĞƌŬƵĂůŝƚĂƐ
ĚĞŶŐĂŶ ŚĂƌŐĂ LJĂŶŐ ŬŽŵƉĞƚŝƚŝĨ͘ WĞƌƐĞƌŽĂŶ ďĞƌŚĂƌĂƉ ĚĞŶŐĂŶ ĂŬƐĞƐ ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ƚĞƌƵƐ
ŵĞŶĚĂƉĂƚŬĂŶŚĂƌŐĂŬŽŵƉĞƚŝƚŝĨĚĞŶŐĂŶůĞŵƉĞŶŐĂŶďĂũĂLJĂŶŐďĞƌŬƵĂůŝƚĂƐƚŝŶŐŐŝ͕ƉĞŶŐŝƌŝŵĂŶƚĞƉĂƚǁĂŬƚƵ͕
ĚĂŶďĞƌďĂŐĂŝƉƌŽĚƵŬLJĂŶŐďĞƌĂŐĂŵĂŬĂŶƚĞƌƵƐ ŵĞŶũĂĚŝĞůĞŵĞŶŬƵŶĐŝƵŶƚƵŬŵĞŶĚƵŬƵŶŐ ƉĞƌƚƵŵďƵŚĂŶ
ďŝƐŶŝƐ͘
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
▪ DĞŵďĂŶŐƵŶĚĂŶDĞŵƉĞƌƚĂŚĂŶŬĂŶ,ƵďƵŶŐĂŶLJĂŶŐďĂŝŬĚĞŶŐĂŶWĞůĂŶŐŐĂŶ
WĞƌƐĞƌŽĂŶ ďĞƌƵƐĂŚĂ ƵŶƚƵŬ ƚĞƌƵƐ ŵĞŶũĂŐĂ ŚƵďƵŶŐĂŶ LJĂŶŐ ƚĞůĂŚ ƚĞƌũĂůŝŶ ĚĞŶŐĂŶ ƉĂƌĂ ƉĞůĂŶŐŐĂŶ ĚĂŶ
ĚŝƐƚƌŝďƵƚŽƌƵŶƚƵŬŵĞŵƉĞƌůƵĂƐƉĂŶŐƐĂƉĂƐĂƌWĞƌƐĞƌŽĂŶ͘WĞƌƐĞƌŽĂŶďĞƌŚĂƌĂƉĚĞŶŐĂŶĨŽŬƵƐƵŶƚƵŬŵĞůĂLJĂŶŝ
ƉĂƐĂƌĚŽŵĞƐƚŝŬŵĂŬĂWĞƌƐĞƌŽĂŶĂŬĂŶŵĞŵƉĞƌŽůĞŚƉĞƌƚƵŵďƵŚĂŶLJĂŶŐƐŝŐŶŝĨŝŬĂŶĚŝŵĂƐĂLJĂŶŐĂŬĂŶĚĂƚĂŶŐ
ƵŶƚƵŬďĞƌďĂŐĂŝũĞŶŝƐŝŶĚƵƐƚƌŝĚŝ/ŶĚŽŶĞƐŝĂ͘WĞƌƐĞƌŽĂŶďĞƌƵƐĂŚĂƵŶƚƵŬƚĞƌƵƐŵĞŶŝŶŐŬĂŬĂŶůĂLJĂŶĂŶŬĞƉĂĚĂ
ƉĞůĂŶŐŐĂŶ ĚĂŶ ďĞƌĞŶĐĂŶĂ ƵŶƚƵŬ ůĞďŝŚ ŵĞŵĂŚĂŵŝ ŬĞďƵƚƵŚĂŶ ƉĞůĂŶŐŐĂŶ WĞƌƐĞŽƌĂŶ ƐĞŚŝŶŐŐĂ
ŵĞŵƵŶŐŬŝŶŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĞƌƵƐŵĞŶĂǁĂƌŬĂŶƉƌŽĚƵŬďĞƌŬƵĂůŝƚĂƐƚŝŶŐŐŝLJĂŶŐĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶ
ŬĞƉƵĂƐĂŶƉĞůĂŶŐŐĂŶ͕ŵĞŶŝŶŐŬĂƚŬĂŶƌĞƉƵƚĂƐŝĚĂŶŵĞŶŝŶŐŬĂƚŬĂŶůŽLJĂůŝƚĂƐƉĞůĂŶŐŐĂŶWĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶďĞƌĞŶĐĂŶĂƵŶƚƵŬŵĞŶĂŵďĂŚũĂƌŝŶŐĂŶĚŝƐƚƌŝďƵƐŝĚŝ/ŶĚŽŶĞƐŝĂ͕WĞƌƐĞƌŽĂŶďĞƌŬĞLJĂŬŝŶĂŶĚĞŶŐĂŶ
ĂĚĂŶLJĂ ŬĂŶƚŽƌ ĐĂďĂŶŐͬŬĂŶƚŽƌ ƌĞƉƌĞƐĞŶƚĂƐŝ Ěŝ ǁŝůĂLJĂŚ ƚĞƌƐĞďƵƚ ĂŬĂŶ ŵĞŵďĞƌŝŬĂŶ ĚĂŵƉĂŬ LJĂŶŐ ďĂŝŬ
ĚŝŵĂŶĂĂŬĂŶŵĞŶĂƌŝŬĚŝƐƚƌŝďƵƚŽƌĚĂŶĞŶĚƵƐĞƌďĂƌƵĚŝǁŝůĂLJĂŚƚĞƌƐĞďƵƚƐĞŚŝŶŐŐĂĚĂƉĂƚůĞďŝŚŵĞŵƉĞƌůƵĂƐ
ƉĂŶŐƐĂƉĂƐĂƌWĞƌƐĞƌŽĂŶ͕ŬŚƵƐƵƐŶLJĂĚŝǁŝůĂLJĂŚ/ŶĚŽŶĞƐŝĂdŝŵƵƌ͘WĂĚĂƐĂĂƚLJĂŶŐƐĂŵĂ͕WĞƌƐĞƌŽĂŶũƵŐĂĂŬĂŶ
ďĞƌƵƐĂŚĂƵŶƚƵŬŵĞŵƉĞƌůƵĂƐũĂƌŝŶŐĂŶͬĂŐĞŶƉĞŶũƵĂůĂŶŝŶƚĞƌŶĂƐŝŽŶĂůƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶƉĞůĂŶŐŐĂŶďĂƌƵ
ĚŝůƵĂƌ/ŶĚŽŶĞƐŝĂ͘ĞŶŐĂŶŵĞŶũĂŐĂŚƵďƵŶŐĂŶLJĂŶŐƚĞůĂŚƚĞƌũĂůŝŶĚĞŶŐĂŶďĂŝŬĚĂƉĂƚŵĞŶƵŵďƵŚŬĂŶƉĂŶŐƐĂ
ƉĂƐĂƌĚĂŶŵĞƌĂƐŝŽŶĂůŝƐĂƐŝďĂƌĂŶŐũĂĚŝƐĞŚŝŶŐŐĂWĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŶŐŽƉƚŝŵĂůŬĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝĚĂŶ
ĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶĞĨŝƐŝĞŶƐŝŽƉĞƌĂƐŝŽŶĂů͘
dĞƌƵƐ&ŽŬƵƐƵŶƚƵŬDĞŶũĂŐĂ<ƵĂůŝƚĂƐWƌŽĚƵŬWĞƌƐĞƌŽĂŶ
WĞƌƐĞƌŽĂŶ ĂŬĂŶ ƚĞƌƵƐ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ďƵĚĂLJĂ ĨŽŬƵƐ ŬĞƉĂĚĂ ŚĂƐŝů ŬƵĂůŝƚĂƐ ƉƌŽĚƵŬƐŝ ĚĞŶŐĂŶ ƚĞƚĂƉ
ŵĞŵƉĞƌƚĂŚĂŶŬĂŶƐƚĂŶĚĂƌLJĂŶŐƚŝŶŐŐŝĚĂŶŵĞŶŐŝŬƵƚŝƉƌŽƐĞĚƵƌŬŽŶƚƌŽůŬƵĂůŝƚĂƐLJĂŶŐƚĞƉĂƚƐĞƌƚĂŵĞůĂŬƵŬĂŶ
ƉĞůĂƚŝŚĂŶ ŬĞƉĂĚĂ ƉĞŐĂǁĂŝ ĂŬĂŶ ŬĞƐĂĚĂƌĂŶ ƉĞŶƚŝŶŐŶLJĂ ŵĞŶũĂŐĂ ŬƵĂůŝƚĂƐ ŚĂƐŝů ƉƌŽĚƵŬƐŝ WĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶ ũƵŐĂ ďĞƌƵƐĂŚĂ ƵŶƚƵŬ ƚĞƚĂƉ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ ƚĞƌŚĂĚĂƉ
ƉĞŶŝŶŐŬĂƚĂŶ ŬƵĂůŝƚĂƐ ƉƌŽƐĞƐ ƉƌŽĚƵŬƐŝ ƵŶƚƵŬ ƚĞƌƵƐ ĚĂƉĂƚ ŵĞŶĂǁĂƌŬĂŶ ƉƌŽĚƵŬͲƉƌŽĚƵŬ ďĞƌŬƵĂůŝƚĂƐ LJĂŶŐ
ŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶ͘^ĞďĂŐĂŝĐŽŶƚŽŚ͕WĞƌƐĞƌŽĂŶĂŬĂŶƚĞƌƵƐ ďĞƌƵƐĂŚĂƵŶƚƵŬŵĞŶŝŶŐŬĂƚŬĂŶ
ƉĞŶŐĞůĂƐĂŶĚĂŶƉĞŵŽƚŽŶŐĂŶƉŝƉĂLJĂŶŐĂŬĂŶŵĞŵƵŶŐŬŝŶŬĂŶƚĞƌũĂĚŝŶLJĂƉĞŶŝŶŐŬĂƚĂŶŬƵĂůŝƚĂƐƉŝƉĂ͕ĚĂŶƚŝŵ
ĞŶŐŝŶĞĞƌŝŶŐ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ďĞƌƵƐĂŚĂ ƵŶƚƵŬ ĨŽŬƵƐ ƉĂĚĂ ƉĞŶŝŶŐŬĂƚĂŶ ŬĞŵĂŵƉƵĂŶ ƚĞŬŶŽůŽŐŝ͕ ƵŶƚƵŬ
ŵĞŵĞŶƵŚŝ ŬĞďƵƚƵŚĂŶ ƉĞůĂŶŐŐĂŶ ĚĂŶ ŵĞŵĂŶĨĂĂƚŬĂŶ ŬĞŵĂũƵĂŶ ƚĞŬŶŽůŽŐŝ͕ LJĂŶŐ ĂŬĂŶ ŵĞŵƵŶŐŬŝŶŬĂŶ
WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵƉĞƌŬĞŶĂůŬĂŶƉƌŽĚƵŬďĂƌƵĂƚĂƵƉƌŽĚƵŬLJĂŶŐůĞďŝŚďĂŝŬĚĞŶŐĂŶƚŝŶŐŬĂƚĞĨŝƐŝĞŶƐŝLJĂŶŐ
ŵĞŶŝŶŐŬĂƚ͘
ƵŬƵŶŐĂŶWĞŵĞƌŝŶƚĂŚƚĞƌŚĂĚĂƉƉƌŽĚƵƐĞŶůŽŬĂůĚŝƐĞŬƚŽƌďĂũĂ͕ŵĞůĂůƵŝŬĞďŝũĂŬĂŶWĞŶŝŶŐŬĂƚĂŶWĞŶŐŐƵŶĂĂŶ
WƌŽĚƵŬĂůĂŵEĞŐĞƌŝ;WϯEͿ͕ƉĞŶĞƌĂƉĂŶd<E͕ƐĞƌƚĂŝŶƐƚƌƵŵĞŶƉĞƌůŝŶĚƵŶŐĂŶƉĞƌĚĂŐĂŶŐĂŶ͕ŵĞŵďĞƌŝŬĂŶ
ůĂŶĚĂƐĂŶLJĂŶŐŬŽŶĚƵƐŝĨďĂŐŝŬĞďĞƌůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘,ĂůŝŶŝĚŝŬŽŵďŝŶĂƐŝŬĂŶĚĞŶŐĂŶŬĞďƵƚƵŚĂŶ
ďĞůĂŶũĂ ŝŶĨƌĂƐƚƌƵŬƚƵƌ ŶĂƐŝŽŶĂů LJĂŶŐ ďĞƌŬĞůĂŶũƵƚĂŶ͘ ĞŶŐĂŶ ĚĞŵŝŬŝĂŶ͕ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ŵĞŵĂŶƚĂƵ
ƉĞƌŬĞŵďĂŶŐĂŶ ŬĞďŝũĂŬĂŶ ĚĂŶ ŬŽŶĚŝƐŝ ƉĂƐĂƌ ƵŶƚƵŬ ŵĞŵƉĞƌƚĂŚĂŶŬĂŶ ŬĞƵŶŐŐƵůĂŶŶLJĂ ƐĞƌƚĂ ŵĞůĂŬƵŬĂŶ
ƉĞƌďĂŝŬĂŶďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶŐƵŶĂŵĞŶŝŶŐŬĂƚŬĂŶŬŝŶĞƌũĂĚĂŶĞĨĞŬƚŝǀŝƚĂƐƉƌŽĚƵŬƐŝ͘
ϰ͘ < '/dEh^,
<ĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ŵĞƌĂŶĐĂŶŐ ĚĂŶ ŵĞŵƉƌŽĚƵŬƐŝ ďĞƌďĂŐĂŝ ŵĂĐĂŵ ƉƌŽĚƵŬ LJĂŶŐ ĚŝďƵĂƚ
ďĞƌĚĂƐĂƌŬĂŶŬĂƚĞŐŽƌŝƉŝƉĂLJĂŶŐĚŝďƵĂƚƵŶƚƵŬŵĞŵĞŶƵŚŝƉĞƐĂŶĂŶĚĂŶƉŝƉĂLJĂŶŐĚŝďƵĂƚƵŶƚƵŬƉĞƌƐĞĚŝĂĂŶ͘
Produk dan Jasa Perseroan
<ĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶŵĞůŝƉƵƚŝƉƌŽĚƵŬƐŝďĞƌďĂŐĂŝũĞŶŝƐƉŝƉĂLJĂŶŐĚŝďƵĂƚĚĂƌŝďĂũĂŬĂƌďŽŶŚŽƚƌŽůůĞĚ͕ĐŽůĚ
ƌŽůůĞĚĚĂŶƐƚĂŝŶůĞƐƐƐƚĞĞů͘,ĂƐŝůƉƌŽĚƵŬƐŝƉŝƉĂWĞƌƐĞƌŽĂŶĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬŝŶĚƵƐƚƌŝŝŶĨƌĂƚƌƵŬƚƵƌ͕ ŽƚŽŵŽƚŝĨ͕
ŵŝŶLJĂŬĚĂŶŐĂƐ͕ƉŝƉĂĂŝƌŵŝŶƵŵĚĂŶůĂŝŶůĂŝŶ͘WƌŽĚƵŬƉŝƉĂLJĂŶŐĚŝƉƌŽĚƵŬƐŝŽůĞŚWĞƌƐĞƌŽĂŶƚĞƌĚŝƌŝ ĚĂƌŝϯ
ŬĂƚĞŐŽƌŝLJĂŝƚƵ͗
▪ Zt; ůĞĐƚƌŝĐĂůZĞƐŝƐƚĂŶĐĞtĞůĚĞĚͿ
Dibuat dari lembaran baja yang kemudian diproses menjadi pipa baja berdiameter 0,25” sampai dengan
8”.
▪ ^^t;^ƉŝƌĂů^ƵďŵĞƌŐĞĚĂƌĐtĞůĚĞĚͿ
ŝďƵĂƚĚĂƌŝůĞŵďĂƌĂŶďĂũĂLJĂŶŐŬĞŵƵĚŝĂŶĚŝƉƌŽƐĞƐŵĞŶũĂĚŝƉŝƉĂďĂũĂďĞƌĚŝĂŵĞƚĞƌ6” sampai dengan
120 “.
▪ d/'͗dƵŶŐƐƚĞŶ/ŶĞƌƚ'ĂƐtĞůĚĞĚ
ŝďƵĂƚĚĂƌŝůĞŵďĂƌĂŶďĂũĂƐƚĂŝŶůĞƐƐŵĞŶũĂĚŝƉŝƉĂďĂũĂƐƚĂŝŶůĞƐƐberdiameter 3/8” sampai dengan ϴ”.
224
Page 259
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
WŝƉĂďĂũĂWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƐƉĞƐŝĨŝŬĂƐŝLJĂŶŐďĞƌďĞĚĂͲďĞĚĂƚĞƌŐĂŶƚƵŶŐŬĞŐƵŶĂĂŶŶLJĂĚĂƌŝƉƌŽĚƵŬƚĞƌƐĞďƵƚ͘
ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚƐƉĞƐŝĨŝŬĂƐŝƉƌŽĚƵŬͲƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͘
:ĞŶŝƐ ŝĂŵĞƚĞƌ >ŽŬĂƐŝ
<ĂƚĞŐŽƌŝ WƌŽĚƵĐƚ ;ŝŶĐŚͿ <ĞŐƵŶĂĂŶ ƉĂďƌŝŬ
Zt^ƚĞĞů WŝƉĂŚŝƚĂŵ 0,25” –8” WŝƉĂƵŶƚƵŬƚŝŝĂŶŐƉĂŶĐĂŶŐ͕ƚŝĂŶŐ;ůŝƐƚƌŝŬ͕ƚĞůĞƉŽŶ͕ůĂŵƉƵ hŶŝƚ/͕//͕
WŝƉĞ ƉĞŶĞƌĂŶŐĂŶũĂůĂŶͿ͕ƉŝƉĂƐƉƌŝŶŬůĞĚĂŶĨŝƌĞŚLJĚƌĂŶƚ͕ƉĂŐĂƌ͕ ///͕s/
ĚĂŶůĂŝŶůĂŝŶ͘
WŝƉĂŚŝƚĂŵ 0,5” –8” ^ĂůƵƌĂŶĚŝƐƚƌŝďƵƐŝŵŝŶLJĂŬĚĂŶŐĂƐ hŶŝƚ///Θ
W/ s
WŝƉĂŝƌ 0,25” –8” ŝƐƚƌŝďƵƐŝĂŝƌŵŝŶƵŵ hŶŝƚ/Θ
///
WŝƉĂ 0,25” –8” ZĂŶŐŬĂƉĞƌĂďŽƚ;ŬƵƌƐŝ͕ŵĞũĂ͕ƌĂŬ͕ƚĞŵƉĂƚƚŝĚƵƌ͕ŐĂŐĂŶŐ hŶŝƚ/͕//͕
WĞƌĂďŽƚ ƐĂƉƵ͕ĚĂŶůĂŝŶůĂŝŶͿ s͕s/
WŝƉĂ 0,25” –8” DĞĐŚĂŶŝĐĂůKƚŽŵŽƚŝĨ;ƌĂŶŐŬĂƐĞƉĞĚĂŵŽƚŽƌ͕ƌĂŶŐŬĂŬƵƌƐŝ hŶŝƚs
DĞŬĂŶŝŬ ŵŽďŝů͕ĚĂŶůĂŝŶůĂŝŶͿ
^ƉŝƌĂů^ƚĞĞů WŝƉĂ^ƉŝƌĂů 6” –120 “ ^ĂůƵƌĂŶƚƌĂŶƐŵŝƐŝŵŝŶLJĂŬĚĂŶŐĂƐ͕ƉŝƉĂƉĂŶĐĂŶŐ hŶŝƚ/s
WŝƉĞ ;ũĞŵďĂƚĂŶ͕ƉĞůĂďƵŚĂŶͿ
^ƚĂŝŶůĞƐƐ WŝƉĂ 3/8” Ͳ8” /ŶĚƵƐƚƌŝŐƵůĂ͕ŬŽƐŵĞƚŝŬ͕ƉĞƌĂďŽƚ͕ŝŶĚƵƐƚƌŝŬŶĂůƉŽƚ hŶŝƚ//
ƐƚĞĞůWŝƉĞ ^ƚĂŝŶůĞƐƐ hŶŝƚs
ĞƌŝŬƵƚĂĚĂůĂŚƌŝŶĐŝĂŶƉƌŽĚƵŬƉŝƉĂLJĂŶŐĚŝƉƌŽĚƵŬƐŝŽůĞŚWĞƌƐĞƌŽĂŶ͗
WŝƉĂŝƌ
WĞƌƐĞƌŽĂŶŵĞŵƉƌŽĚƵŬƐŝƉŝƉĂĂŝƌLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬĚĂůĂŵŝŶĚƵƐƚƌŝŝŶĨƌĂƐƚƌƵŬƚƵƌĚĂŶƵƚŝůŝƚĂƐ͕ƐĞƌƚĂƵŶƚƵŬ
ŬĞƉĞƌůƵĂŶƌƵŵĂŚƚŝŶŐŐĂů͘WŝƉĂĂŝƌƚĞƌƐĞďƵƚĚŝďƵĂƚĚĂƌŝƉŝƉĂŚŝƚĂŵ;ůŝŚĂƚŬĞƚĞƌĂŶŐĂŶŵĞŶŐĞŶĂŝƉŝƉĂŚŝƚĂŵͿ
LJĂŶŐŬĞŵƵĚŝĂŶĚŝƉƌŽƐĞƐůĞďŝŚůĂŶũƵƚĚĞŶŐĂŶƉƌŽƐĞƐŐĂůǀĂŶŝƐĂƐŝƉĂĚĂďĂŐŝĂŶůƵĂƌĚĂŶĚĂůĂŵƉŝƉĂŚŝƚĂŵĚĂŶ
ůĂƉŝƐĂŶƐĞŵĞŶƉĂĚĂďĂŐŝĂŶĚĂůĂŵŶLJĂƐĞŚŝŶŐŐĂĚĂƉĂƚĚŝŐƵŶĂŬĂŶƐĞďĂŐĂŝƉŝƉĂƐĂůƵƌĂŶĂŝƌŵŝŶƵŵ͘ WƌŽƐĞƐ
'ĂůǀĂŶŝƐĂƐŝ ŵĞƌƵƉĂŬĂŶ ƉƌŽƐĞƐ ďĞƌďŝĂLJĂ ƚŝŶŐŐŝ ƐĞŚŝŶŐŐĂ ŚĂů ƚĞƌƐĞďƵƚ ŵĞŵďƵĂƚ ƉŝƉĂ Ăŝƌ WĞƌƐĞƌŽĂŶ
ŵĞƌƵƉĂŬĂŶƉƌŽĚƵŬƉŝƉĂLJĂŶŐŵĞŵŝůŝŬŝŵĂƌŐŝŶLJĂŶŐƌĞůĂƚŝĨƚŝŶŐŐŝ͘
WŝƉĂ Ăŝƌ ŚĂƐŝů ƉƌŽĚƵŬƐŝ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ďĞƌďĂŐĂŝ ƐƚĂŶĚĂƌ ƐƉĞƐŝĨŝŬĂƐŝ ƉƌŽĚƵŬ ďĂŝŬ ƐƚĂŶĚĂƌ
ĚŽŵĞƐƚŝĐŵĂƵƉƵŶŝŶƚĞƌŶĂƐŝŽŶĂů͕ĂŶƚĂƌĂůĂŝŶ^ƚĂŶĚĂƌ/ŶĚƵƐƚƌŝ:ĞƉĂŶŐ;Η:/^ΗͿ͕ŵĞƌŝĐĂŶ^ŽĐŝĞƚLJĨŽƌdĞƐƚŝŶŐ
ĂŶĚDĂƚĞƌŝĂů;Η^dDΗͿ^ƚĂŶĚĂƌĂŶĚƌŝƚŝƐŚ^ƚĂŶĚĂƌĚƐ;Η^ΗͿserta Standar Nasional Indonesia (“^E/”)͘WŝƉĂ
ŝƌĚŝďƵĂƚĚĂƌŝďĂŚĂŶƉŝƉĂŚŝƚĂŵĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶƚĞŚŶŝŬ ZtĚĂŶ^tǁĞůĚŝŶŐƉƌŽĐĞƐƐLJĂŶŐĚŝůĂƉŝƐ
ĚĞŶŐĂŶnjŝŶĐ͕ƐĞŚŝŶŐŐĂWĞƌƐĞƌŽĂŶŵĞŶŐŚĂƐŝůůŬĂŶďĂŝŬƉŝƉĂĂŝƌƐƚƌĂŝŐŚƚǁĞůĚĞĚĚĂŶƉŝƉĂĂŝƌƐƉŝƌĂůǁĞůĚĞĚ͕ŚĂů
ƚĞƌƐĞďƵƚůĂŚLJĂŶŐŵĞŵďĞĚĂŬĂŶWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƐĞďĂŐŝĂŶďĞƐĂƌĚĂƌŝŬŽŵƉĞƚŝƚŽƌWĞƌƐĞƌŽĂŶ͕ĚŝŵĂŶĂƉĂĚĂ
ƵŵƵŵŶLJĂƉŝƉĂƐƉŝƌĂůǁĞůĚĞĚƚŝĚĂŬĚŝŐĂůǀĂŶŝƐĂƐŝ͘
WŝƉĂĂŝƌLJĂŶŐƚĞůĂŚĚŝŐĂůǀĂŶŝƐĂƐŝĚĂƉĂƚĚŝŐƵŶĂŬĂŶƵŶƚƵŬďĞƌďĂŐĂŝĂƉůŝŬĂƐŝ͘WŝƉĂĂŝƌLJĂŶŐƚĞůĂŚĚŝŐĂůǀĂŶŝƐĂƐŝ
ƚĞůĂŚĚŝĞŬƐƉŽƌŬĞŬĞŵĞƌŝŬĂ^ĞƌŝŬĂƚĚĂŶƵƐƚƌĂůŝĂ͕ĚŝŵĂŶĂƉĞůĂŶŐŐĂŶĚŝŬĞĚƵĂŶĞŐĂƌĂƚĞƌƐĞďƵƚŵĞŵƉƵŶLJĂŝ
ƚƵŶƚƵƚĂŶŬƵĂůŝƚĂƐLJĂŶŐůĞďŝŚƚŝŶŐŐŝĚĂƌŝƉĂĚĂĚŝ/ŶĚŽŶĞƐŝĂ͘^ĞďĂŐŝĂŶďĞƐĂƌŚĂƐŝůƉƌŽĚƵŬƐŝƉŝƉĂĂŝƌĚŝďƵĂƚƵŶƚƵŬ
ƉĞƌƐĞĚŝĂĂŶLJĂŶŐŬĞŵƵĚŝĂŶŚĂƌŝĂŬĂŶĚŝũƵĂůƐĞďĂŐĂŝƵŶƚƵŬƐĞƚŝĂƉĂĚĂƉĞŵĞƐĂŶĂŶƉĞŶũƵĂůĂŶ͘
WŝƉĂ^ƉŝƌĂů
WŝƉĂƐƉŝƌĂůƚĞƌďƵĂƚĚĂƌŝƉŝƉĂŚŝƚĂŵƐĞƚĞŶŐĂŚũĂĚŝĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶ ŚŽƚͲƌŽůůĞĚĐŽŝůƐ;ůŝŚĂƚŬĞƚĞƌĂŶŐĂŶ
ŵĞŶŐĞŶĂŝ ƉŝƉĂ ŚŝƚĂŵͿ͘ ĞŶŐĂŶ ƚĞŚŶŝŬ ^t ĂƚĂƵ ƉĞŶŐĞůĂƐĂŶ ƐƉŝƌĂů ƐĞŚŝŶŐŐĂ ŵĞŵƵŶŐŬŝŶŬĂŶ WĞƌƐĞƌŽĂŶ
ŵĞŵƉƌŽĚƵŬƐŝƉŝƉĂLJĂŶŐĚŝĂŵĞƚĞƌLJĂŶŐůĞďŝŚďĞƐĂƌLJĂŶŐƚŝĚĂŬĚĂƉĂƚĚŝƉƌŽĚƵŬƐŝďŝůĂŵĞŶŐŐƵŶĂŬĂŶ ZtĂƚĂƵ
ƚĞŬŶŝŬƉĞŶŐĞůĂƐĂŶůƵƌƵƐ͘
WŝƉĂƐƉŝƌĂůďĞƌĚŝĂŵĞƚĞƌŵƵůĂŝĚĂƌŝϲŝŶĐŝŚŝŶŐŐĂϭϮϬŝŶĐŝũƵŐĂƚĞŵĂƐƵŬƵŶƚƵŬƉŝƉĂŵŝŶLJĂŬĚĂŶŐĂƐ͕ƉŝƉĂĂŝƌ
ĚĂŶ ƉŝƉĂ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ĚĞƌŵĂŐĂ͕ ƉĞůĂďƵŚĂŶ ĚĂŶ ďŝůůďŽĂƌĚ͘ ^ĞďĂŐŝĂŶ ďĞƐĂƌ ƉŝƉĂ ƐƉŝƌĂů LJĂŶŐ
WĞƌƐĞƌŽĂŶ ƉƌŽĚƵŬƐŝ ĂĚĂůĂŚ ƉŝƉĂ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƐĂŶĂŶ͘ ^ĂůĂŚ ƐĂƚƵ ƉĂƐĂƌ ƵƚĂŵĂ ƵŶƚƵŬ ƉŝƉĂ ƐƉŝƌĂů ĂĚĂůĂŚ
ŝŶĚƵƐƚƌŝŵŝŶLJĂŬĚĂŶŐĂƐ͘WŝƉĂƐƉŝƌĂůĚĞŶŐĂŶƉƌŽƐĞƐ^tƚĞůĂŚŵĞŵƉĞƌŽůĞŚƐĞƌƚŝĨŝŬĂƐŝW/ϱ>͘WŝƉĂƐƉŝƌĂůW/
LJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬŝŶĚƵƐƚƌŝŵŝŶLJĂŬĚĂŶŐĂƐŵĞƌƵƉĂŬĂŶƉŝƉĂLJĂŶŐŵĞůĂůƵŝŝŶƐƉĞŬƐŝĚĂŶƉĞŶŐƵũŝĂŶLJĂŶŐ
ƐĂŶŐĂƚŬĞƚĂƚĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŝƉĂůĂŝŶŶLJĂ͘WĞƌƐĞƌŽĂŶŵĞŶũĂĚŝƉĞŵĂƐŽŬƉŝƉĂƐƉŝƌĂůW/ϱ>ĂŶƚĂƌĂƵŶƚƵŬ
ƉƌŽLJĞŬƉŝƉĂŐĂƐůĞƉĂƐƉĂŶƚĂŝĂŶƚĂƌĂ^ƵŵĂƚĞƌĂ^ĞůĂƚĂŶĚĂŶ:ĂǁĂĂƌĂƚ͘
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WŝƉĂWĞƌĂďŽƚ
WĞƌƐĞƌŽĂŶ ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ ƉĞƌĂďŽƚ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ďĂŝŬ ĚĂůĂŵ ƉĞƌĂďŽƚ ŚŝŐŚͲĞŶĚ ĚĂŶ ŵŝĚĚůĞͲ ĚĂŶ
ƉĞƌĂůĂƚĂŶƌƵŵĂŚƚĂŶŐŐĂ͘^ĞůĂŝŶŝƚƵũƵŐĂĚŝŐƵŶĂŬĂŶũƵŐĂƵŶƚƵŬƚĞŵƉĂƚƚŝĚƵƌ;ƚĞƌŵĂƐƵŬƚĞŵƉĂƚƚŝĚƵƌƌƵŵĂŚ
ƐĂŬŝƚͿ͕ŵĞũĂ͕ŬƵƌƐŝ;ƚĞƌŵĂƐƵŬŬƵƌƐŝƌŽĚĂͿĚĂŶƉĞƌĂůĂƚĂŶƌƵŵĂŚƚĂŶŐŐĂƚĞƌŵĂƐƵŬƐĂƉƵ͕ŬŽŵƉŽƌ͕ƌĂŬŚĂŶĚƵŬ
ĚĂŶƚƌŽůŝ͘WŝƉĂƉĞƌĂďŽƚĚŝďƵĂƚĚĂƌŝĐŽůĚͲƌŽůůĞĚĐĂƌďŽŶƐƚĞĞůĐŽŝůƐLJĂŶŐƐĞƐƵĂŝĚĞŶŐĂŶ:/^ĚĂŶƐƚĂŶĚĂƌŬƵĂůŝƚĂƐ
ƉƌŽĚƵŬ^dD͘WŝƉĂƉĞƌĂďŽƚƉĂĚĂƵŵƵŵŶLJĂŵĞŵŝůŝŬŝĚŝĂŵĞƚĞƌLJĂŶŐůĞďŝŚŬĞĐŝů͕ŽůĞŚŬĂƌĞŶĂŝƚƵƉƌŽƐĞƐLJĂŶŐ
ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞŵƉƌŽĚƵŬ ƉŝƉĂ ƉĞƌĂďŽƚ ĂĚĂůĂŚ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ Zt ǁĞůĚĞĚ͘ WĞƌƐĞƌŽĂŶ
ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ ƉĞƌĂďŽƚ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƐĂŶĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ƉĞůĂŶŐŐĂŶ ƚĞƌƵƚĂŵĂ ĚĂƌŝ ŝŶĚƵƐƚƌŝ
ŵĞďĞů͕ĚŝŵĂŶĂƉĞůĂŶŐŐĂŶŵĞŶĚŝƐŬƵƐŝŬĂŶŵĞŶŐĞŶĂŝŝŶĚŝŬĂƐŝŬĞďƵƚƵŚĂŶŵĞƌĞŬĂŵĞŶŐĞŶĂŝũĞŶŝƐĚĂŶũƵŵůĂŚ
LJĂŶŐ ŵĞƌĞŬĂ ďƵƚƵŚŬĂŶ͘ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵďƵĂƚ ŝŬĂƚĂŶ ƉĞŵďĞůŝĂŶ LJĂŶŐ ŵĞŶŐŝŬĂƚ ĚĞŶŐĂŶ ƉĞůĂŶŐŐĂŶ
ƐĞďĞůƵŵ WĞƌƐĞƌŽĂŶ ŵĞŵƵůĂŝ ƉƌŽƐĞƐ ƉƌŽĚƵŬƐŝ͕ ŶĂŵƵŶ WĞƌƐĞƌŽĂŶ ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ ƉĞƌĂďŽƚ ƵŶƚƵŬ
ŵĞŶŐĂŶƚŝƐŝƉĂƐŝŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶ͘
WŝƉĂDĞŬĂŶŝŬ
WĞƌƐĞƌŽĂŶŵƵůĂŝŵĞŶLJĞĚŝĂŬĂŶƉŝƉĂďĂũĂŬĂƌďŽŶ ŵĞŬĂŶŝŬƵŶƚƵŬĚŝŐƵŶĂŬĂŶĚĂůĂŵŝŶĚƵƐƚƌŝŽƚŽŵŽƚŝĨƉĂĚĂ
ƐĂĂƚ ĨĂƐŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ Ěŝ <ĂƌĂǁĂŶŐ ƚĞůĂŚ ďĞƌŽƉĞƌĂƐŝ ƉĂĚĂ ƚĂŚƵŶ ϮϬϬϱ͘ WŝƉĂ ŵĞŬĂŶŝŬ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ
ďĂŐŝĂŶͲďĂŐŝĂŶƐĞƉĞĚĂŵŽƚŽƌĚĂŶŵŽďŝůƚĞƌŵĂƐƵŬĨƌĂŵĞŬƵƌƐŝŵŽďŝů͕ĨƌĂŵĞƐĞƉĞĚĂŵŽƚŽƌ͕ƉĞƌĞĚĂŵŬĞũƵƚ͕
ƐŝůŝŶĚĞƌ͕ĚĂŶŵƵĨĨůĞƌ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶLJĞĚŝĂŬĂŶƉŝƉĂŵĞŬĂŶŝŬƵŶƚƵŬƉĞŵďƵĂƚĂŶƐƵŬƵĐĂĚĂŶŐŵŽďŝůƐĞƌƚĂ
ůĂŶŐƐƵŶŐŬĞƉĞƌƵƐĂŚĂĂŶŽƚŽŵŽƚŝĨ͕ƚĞƌŵĂƐƵŬzĂŵĂŚĂĚĂŶ,ŽŶĚĂ͘hŶƚƵŬzĂŵĂŶĂ͕WĞƌƐĞƌŽĂŶĂĚĂůĂŚƉĞŵĂƐŽŬ
ƉŝƉĂďĂũĂŬĂƌďŽŶƵŶƚƵŬďĂŐŝĂŶŵŽƚŽƌĚĂŶƐĂĂƚŝŶŝWĞƌƐĞƌŽĂŶƐĞĚĂŶŐďĞƌƵƐĂŚĂƵŶƚƵŬĚĂƉĂƚŵĞŶũĂĚŝƉĞŵĂƐŽŬ
ƌĞƐŵŝzĂŵĂŚĂƵŶƚƵŬƉŝƉĂƐƚĂŝŶůĞƐƐƐƚĞĞůǁĞůĚĞĚLJĂŶŐĂŬĂŶĚŝŐƵŶĂŬĂŶĚĂůĂŵŵƵĨĨůĞƌ͘
WŝƉĂŵĞŬĂŶŝŬĚŝďƵĂƚĚĂƌŝŚŽƚĚĂŶĐŽůĚƌŽůůĞĚĐĂƌďŽŶƐƚĞĞůĐŽŝůƐLJĂŶŐƐĞƐƵĂŝĚĞŶŐĂŶƐƚĂŶĚĂƌŬƵĂůŝƚĂƐƉƌŽĚƵŬ
^d<D͕D^dĚĂŶ^d<Z͕LJĂŶŐŵĞƌƵƉĂŬĂŶ:/^ƐƚĂŶĚĂƌƵŶƚƵŬŵĞŵďĞĚĂŬĂŶƚŝŶŐŬĂƚŬƵĂůŝƚĂƐĚĂŶũĞŶŝƐƚĂďƵŶŐ͕
ƚĞƌŵĂƐƵŬƚĂďƵŶŐƉĞƌƐĞŐŝ͘WŝƉĂŵĞŬĂŶŝŬĚŝŐƵŶĂŬĂŶĚĂůĂŵŝŶĚƵƐƚƌŝŽƚŽŵŽƚŝĨ͕LJĂŶŐƉĂĚĂƵŵƵŵŶLJĂŵĞŵŝůŝŬŝ
ĚŝĂŵĞƚĞƌLJĂŶŐůĞďŝŚŬĞĐŝůĚĂƌŝũĞŶŝƐƉŝƉĂůĂŝŶ͕LJĂŶŐďĞƌĂƌƚŝƉŝƉĂŵĞŬĂŶŝŬĚĂƉĂƚŵĞŶŐŐƵŶĂŬĂŶƐƚƌĂŝŐŚƚǁĞůĚĞĚ
ĚĞŶŐĂŶƉƌŽƐĞƐ ZtǁĞůĚŝŶŐ͘
^ĞďĂŐŝĂŶ ďĞƐĂƌ ĚĂƌŝ ƉŝƉĂ ŵĞŬĂŶŝŬ ĚŝďƵĂƚ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƐĂŶĂŶ ĂƚĂƵ ĚŝƉƌŽĚƵŬƐŝ ƵŶƚƵŬ ŵĞŶŐĂŶƚŝƐŝƉĂƐŝ
ƉĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ LJĂŶŐ ŵĞŶŐŝŬĂƚ ďĞƌĚĂƐĂƌŬĂŶ ŝŶĚŝŬĂƐŝ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ ŽƚŽŵŽƚŝĨ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ
ƉĞƌŵŝŶƚĂĂŶĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐƵŶƚƵŬďĞƌďĂŐĂŝũĞŶŝƐƉŝƉĂ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵƉƌŽĚƵŬƐŝƵŶƚƵŬďƵĨĨĞƌƐƚŽĐŬ
LJĂŶŐ ũƵŵůĂŚ ĚŝƚĞŶƚƵŬĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌŬŝƌĂĂŶ ŬĞŶĂŝŬĂŶ ƉĞŶũƵĂůĂŶ Ěŝ ŵĂƐĂ LJĂŶŐ ĂŬĂŶ ĚĂƚĂŶŐ LJĂŶŐ
ŬĞŵƵĚŝĂŶĚŝũĂĚŝŬĂŶƉĞƌƐĞĚŝĂĂŶƵŶƚƵŬŬĞŵƵĚŝĂŶĚŝũƵĂůŬĞƉĂĚĂƉĞůĂŶŐŐĂŶĚĞŶŐĂŶŵĞƚŽĚĞƉĞŶŐŝƌŝŵĂŶ“justͲ
ŝŶͲƚŝŵĞΗ͘
^ƚƌŝƉĚĂŶWĞůĂƚ
WĞƌƐĞƌŽĂŶŵĞŵƉƌŽĚƵŬƐŝƐƚƌŝƉďĂũĂĚĞŶŐĂŶĐĂƌĂŐƵůƵŶŐĂŶďĂũĂĚŝŵĂƐƵŬŬĂŶŬĞŵĞƐŝŶƉĞŵŽƚŽŶŐďĂũĂ͕LJĂŶŐ
ŬĞŵƵĚŝĂŶĚŝƉŽƚŽŶŐĚĂůĂŵďĞŶƚƵŬƐƚƌŝƉĚĞŶŐĂŶďĞƌďĂŐĂŝƵŬƵƌĂŶ͕ĂƚĂƵƐĞƐƵĂŝĚĞŶŐĂŶƐƉĞƐŝĨŝŬĂƐŝƉĞůĂŶŐŐĂŶ͘
WĞƌƐĞƌŽĂŶ ŵĞŶũƵĂů ƐƚƌŝƉ ďĂũĂ ůĂŶŐƐƵŶŐ ŬĞ ƉĞŶŐŐƵŶĂ ĂŬŚŝƌ͕ ƚĞƌƵƚĂŵĂ ŬĞ ŝŶĚƵƐƚƌŝ ŬŽŶƐƚƌƵŬƐŝ͘ WĞƌƐĞƌŽĂŶ
ŵĞŶũƵĂůŬĞŵďĂůŝƉĞůĂƚďĂũĂĚĂƌŝƉĞƌƐĞĚŝĂĂŶLJĂŶŐĂĚĂ͕LJĂŶŐƚĞƌƵƚĂŵĂĚŝũƵĂůŬĞƉĂĚĂĚŝƐƚƌŝďƵƚŽƌ͘
ĂŶLJĂŬŶLJĂũƵŵůĂŚƉĞůĂƚďĂũĂLJĂŶŐĂŬĂŶĚŝũƵĂůƚĞƌŐĂŶƚƵŶŐƉĂĚĂďĞƌďĂŐĂŝĨĂŬƚŽƌ͕ĂŶƚĂƌĂůĂŝŶƉƌŽLJĞŬƐŝǀŽůƵŵĞ
ďĂũĂLJĂŶŐĂŬĂŶĚŝƉƌŽĚƵŬƐŝ͕ƉĞƌŽůĞŚĂŶŚĂƌŐĂƉĞůĂƚďĂũĂ͕ŚĂƌŐĂLJĂŶŐĚŝŝŶŐŝŶŬĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞŵďĂůŝŶŝůĂŝ
ƉĞƌƐĞĚŝĂĂŶƉĞůĂƚďĂũĂĚĂŶŚĂƌŐĂĚŝŵĂŶĂWĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŶũƵĂůŬĞŵďĂůŝƉĞůĂƚďĂũĂ͘sŽůƵŵĞƉĞŶũƵĂůĂŶ
ĚĂŶ ƉĞŶĚĂƉĂƚĂŶ ƉĞŶũƵĂůĂŶ ƵŶƚƵŬ ƉĞůĂƚ ďĂũĂ ĚĂƉĂƚ ďĞƌǀĂƌŝĂƐŝ ĚĂƌŝ ǁĂŬƚƵ ŬĞ ǁĂŬƚƵ͕ ƚĞƌŐĂŶƚƵŶŐ ƉĂĚĂ
ŬĞƐĞŝŵďĂŶŐĂŶĨĂŬƚŽƌͲĨĂŬƚŽƌƚĞƌƐĞďƵƚĚŝĂƚĂƐ͘
WŝƉĂ,ŝƚĂŵW/ϱ>
WŝƉĂ ŚŝƚĂŵ W/ ϱ> WĞƌƐĞƌŽĂŶ ƚĞƌďƵĂƚ ĚĂƌŝ ƐĞŵŝͲĨƵƌŶŝƐŚĞĚ ƉŝƉĂ ŚŝƚĂŵ͘ ;>ŝŚĂƚ ŬĞƚĞƌĂŶŐĂŶ ŵĞŶŐĞŶĂŝ ƉŝƉĂ
ŚŝƚĂŵͿ͘WŝƉĂŚŝƚĂŵW/ϱ>ĚŝďƵĂƚĚĞŶŐĂŶĐĂƌĂƐƚƌĂŝŐŚƚǁĞůĚĞĚĚĞŶŐĂŶŵĞŶŐƵŶĂŬĂŶƉƌŽƐĞƐ ZtǁĞůĚŝŶŐ͕
ĚĂŶ ƚĞůĂŚ ŵĞŶĞƌŝŵĂ ƐĞƌƚŝĨŝŬĂƐŝ DŽŶŽŐƌĂŵ W/ ϱ>͘ ;WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ W/ ϱ> ĚĞŶŐĂŶ
ŵĞŶŐŐƵŶĂŬĂŶƉƌŽƐĞƐ^tǁĞůĚĞĚ͕ŶĂŵƵŶWĞƌƐĞƌŽĂŶŵĞŶŐŬůĂƐŝĨŝŬĂƐŝŬĂŶƉŝƉĂW/ϱ>ƚĞƌƐĞďƵƚƐĞďĂŐĂŝƉŝƉĂ
ƐƉŝƌĂů͘>ŝŚĂƚŬĞƚĞƌĂŶŐĂŶŵĞŶŐĞŶĂŝΗ^ƉŝƌĂůWŝƉĂΗͿ͘WŝƉĂŚŝƚĂŵW/ϱ>ƚĞƌƵƚĂŵĂĚŝďƵĂƚďĞƌĚĂƐĂƌŬĂŶƉĞƐĂŶĂŶ
ƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶƉĞůĂŶŐŐĂŶƚĞƌƚĞŶƚƵLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬƚƌĂŶƐŵŝƐŝĚĂŶĚŝƐƚƌŝďƵƐŝŵŝŶLJĂŬĚĂŶ
ŐĂƐ͕ƚĞƌƵƚĂŵĂĚĂƌŝƐƵŵƵƌŵŝŶLJĂŬĚĂŶŐĂƐŬĞƉĂďƌŝŬƉĞŶŐŽůĂŚĂŶ͘WĞƌƐĞƌŽĂŶŵĞŵďĞďĂŶŬĂŶŚĂƌŐĂLJĂŶŐůĞďŝŚ
ƚŝŶŐŐŝ ŬĞƉĂĚĂ ƉŝƉĂ W/ ϱ> ĚŝďĂŶĚŝŶŐŬĂŶ ƉŝƉĂ ůĂŝŶŶLJĂ ĚŝŬĂƌĞŶĂ ƉŝƉĂ W/ ϱ> ŵĞŵĞƌůƵŬĂŶ ŝŶƐƉĞŬƐŝ ĚĂŶ
ƉĞŶŐƵũŝĂŶLJĂŶŐůĞďŝŚŬĞƚĂƚƐĞďĂŐĂŝƉĞƌƐLJĂƌĂƚĂŐĂƌĚĂƉĂƚĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉƌŽLJĞŬŵŝŶLJĂŬĚĂŶŐĂƐ͘
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ĞŶŐĂŶĨĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝďĂƌƵWĞƌƐĞƌŽĂŶĚŝ'ƌĞƐŝŬ͕WĞƌƐĞƌŽĂŶďĞƌĞŶĐĂŶĂƵŶƚƵŬŵĞŶŐͲƵƉŐƌĂĚĞŬĞŵĂŵƉƵĂŶ
ƉƌŽĚƵŬƐŝƵŶƚƵŬŵĞŵĞŶƵŚŝƉĞƌŵŝŶƚĂĂŶƉĞůĂŶŐŐĂŶĚĂƌŝŝŶĚƵƐƚƌŝŵŝŶLJĂŬĚĂŶŐĂƐ;ƚĞƌŵĂƐƵŬŐĂƐĂůĂŵĐĂŝƌͿ
ĚĞŶŐĂŶ ŵĞŵƉƌŽĚƵŬƐŝ WŝƉĂ ,ŝƚĂŵ W/ ϱ> Zt LJĂŶŐ ďĞƌĚŝĂŵĞƚĞƌ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ϮϬ ŝŶĐŝ ĚĞŶŐĂŶ ƉƌŽƐĞƐ
ƐƚƌĂŝŐŚƚǁĞůĚĞĚ͘
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĂƐŽŬƉŝƉĂŚŝƚĂŵW/ϱ>ƵŶƚƵŬƉĞŵďĂŶŐƵŶĂŶůĂĚĂŶŐŐĂƐĂůĂŵĐĂŝƌƌƵŶĚŝ/ŶĚŽŶĞƐŝĂ͕
WƌŽLJĞŬ ZĂŶƚĂƵ Ěŝ /ŶĚŽŶĞƐŝĂ ƵŶƚƵŬ WĞƌƚĂŵŝŶĂ͕ ĚĂŶ ũƵŐĂ ƉƌŽLJĞŬͲƉƌŽLJĞŬ ůĂŝŶŶLJĂ ĂŶƚĂƌĂ ůĂŝŶ ƉĞŵĂƐŽŬ ƉŝƉĂ
ŚŝƚĂŵW/ϱ>ƵŶƚƵŬEĂƚŝŽŶĂůKŝůǁĞůůsĂƌĐŽ͕ƉƌŽĚƵƐĞŶŵŝŶLJĂŬĚŝŵĞƌŝŬĂƵŶƚƵŬƉĞŶŐĞďŽƌĂŶŵŝŶLJĂŬĚŝĚĂƌĂƚ
ĚĂŶůĞƉĂƐƉĂŶƚĂŝ͘
WŝƉĂ,ŝƚĂŵ
WŝƉĂŚŝƚĂŵĂĚĂůĂŚƉŝƉĂďĂũĂŬĂƌďŽŶLJĂŶŐƚĞƌďƵĂƚĚĂƌŝŚŽƚͲƌŽůůĞĚĐĂƌďŽŶƐƚĞĞůĐŽŝůLJĂŶŐĚŝďƵĂƚĚĞŶŐĂŶƉƌŽƐĞƐ
ƐƚƌĂŝŐŚƚǁĞůĚĞĚĚĞŶŐĂŶƚĞŬŶŝŬ ZtǁĞůĚŝŶŐ͘WĞƌƐĞƌŽĂŶŵĞŶũƵĂůƉŝƉĂŚŝƚĂŵLJĂŶŐďĞƌĂƐĂůĚĂƌŝƉĞƌƐĞĚŝĂĂŶ
ƉŝƉĂŚŝƚĂŵWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͘WŝƉĂŚŝƚĂŵLJĂŶŐĚŝũƵĂůŬĞƉĂĚĂƉĞůĂŶŐŐĂŶĚŝĂŬƵŝŽůĞŚWĞƌƐĞƌŽĂŶ
ƐĞďĂŐĂŝďĂƌĂŶŐũĂĚŝ͘^ĞĚĂŶŐŬĂŶƉŝƉĂŚŝƚĂŵLJĂŶŐĚŝŐƵŶĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶƵŶƚƵŬĚŝƉƌŽƐĞƐůĞďŝŚůĂŶũƵƚĚŝĂŬƵŝ
WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝƉŝƉĂƐĞƚĞŶŐĂŚũĂĚŝ͘WŝƉĂŚŝƚĂŵƵŵƵŵŶLJĂĂĚĂůĂŚƉŝƉĂƉĂůŝŶŐƚĂŚĂŶůĂŵĂ͕ŬĂƌĞŶĂŬĞƚĞďĂůĂŶ
ĚĂŶŵĂƚĞƌŝŬĂƌďŽŶŶLJĂ͕ƐĞŚŝŶŐŐĂĚĂƉĂƚĚŝŐƵŶĂŬĂŶĚĂůĂŵŝŶĚƵƐƚƌŝďĞƌĂƚ͕ƐĞƉĞƌƚŝŝŶĚƵƐƚƌŝŵŝŶLJĂŬ ĚĂŶŐĂƐ͕
ŝŶĚƵƐƚƌŝŬŽŶƐƚƌƵŬƐŝĚĂŶŝŶĚƵƐƚƌŝŽƚŽŵŽƚŝĨ͘ĂůĂŵŚĂůƉƌŽƐĞƐƉƌŽĚƵŬƐŝ͕ƉŝƉĂŚŝƚĂŵďĞƌĨƵŶŐƐŝƐĞďĂŐĂŝďĂŚĂŶ
ĚĂƐĂƌƵŶƚƵŬƉĞŵďƵĂƚĂŶďĞƌďĂŐĂŝũĞŶŝƐƉŝƉĂůĂŝŶ͕LJĂŝƚƵƉŝƉĂĂŝƌ͕ƉŝƉĂƐƉŝƌĂůĚĂŶƉŝƉĂŚŝƚĂŵW/ϱ>͘
WŝƉĂ^ƚĂŝŶůĞƐƐ
WŝƉĂƐƚĂŝŶůĞƐƐƐƚĞĞůĚŝďƵĂƚďĞƌĚĂƐĂƌŬĂŶƉĞƐĂŶĂŶĚĂŶũƵŐĂƵŶƚƵŬƉĞƌƐĞĚŝĂĂŶ͘WŝƉĂƚĞƌƐĞďƵƚŵĞŶŐŐƵŶĂŬĂŶ
ϯϬϬͲ^ĞƌŝĞƐƵƐƚĞŶƚŝƚŝĐĂƚĂƵϰϬϬͲ^ĞƌŝĞƐ&ĞƌŝƚŝŬƐƚĂŝŶůĞƐƐƐƚĞĞůĐŽŝůƐĚĂŶŵĞŵŝůŝŬŝďĞƌďĂŐĂŝŬĞŐƵŶĂĂŶĚŝďĞƌďĂŐĂŝ
ŝŶĚƵƐƚƌŝ͘WŝƉĂƐƚĂŝŶůĞƐƐLJĂŶŐŵĞŶŐŐƵŶĂŬĂŶŚŽƚͲƌŽůůĞĚƐƚĂŝŶůĞƐƐƐƚĞĞůĂĚĂůĂŚƵŶƚƵŬŵĞŵƉƌŽĚƵŬƐŝƉŝƉĂLJĂŶŐ
ĚŝŐƵŶĂŬĂŶƵŶƚƵŬŝŶĚƵƐƚƌŝŵĂŶƵĨĂŬƚƵƌĚĂŶƉŝƉĂLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬƚŝĂŶŐƉĞŶLJĂŶŐŐĂ͕ƉĞŶLJĂŶĚĂŶŐƐƚƌƵŬƚƵƌ
ďĂŶŐƵŶĂŶ͕ ĚĂŶ ƉŝƉĂ ĚŝƐƚƌŝďƵƐŝ ďĂŚĂŶ ŬŝŵŝĂ͘ ^ĞĚĂŶŐŬĂŶ ƉŝƉĂ ƐƚĂŝŶůĞƐƐ LJĂŶŐ ŵĞŶŐŐƵŶĂŬĂŶ ĐŽůĚͲƌŽůůĞĚ
ƐƚĂŝŶůĞƐƐ ƐƚĞĞů ĂĚĂůĂŚ ƵŶƚƵŬ ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ ďĂũĂ ĚĂŶ ƉŝƉĂ ŽƌŶĂŵĞŶ ĚĂŶ ƉĞƌĂďŽƚ ƚĞƌƚĞŶƚƵ ĚĂŶ ƉŝƉĂ
ŵĞŬĂŶŝŬLJĂŶŐĚŝŐƵŶĂŬĂŶĚĂůĂŵĂǁŶŝŶŐ͕ƉĂŐĂƌ͕ƵŶŝƚ͕ƌĞůƚĂŶŐĂŶ͕ƌĂŬŚĂŶĚƵŬĚĂŶŵƵĨĨůĞƌ͘WŝƉĂ ƐƚĂŝŶůĞƐƐ
ƐƚĞĞů WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ƉŝƉĂ LJĂŶŐ ĚŝďƵĂƚ ĚĞŶŐĂŶ ƐƚƌĂŝŐŚƚ ǁĞůĚĞĚ ĚĞŶŐĂŶ ƉƌŽƐĞƐ Zt ĂƚĂƵ ƉƌŽƐĞƐ d/'
ǁĞůĚĞĚ͘
dŝĂŶŐ͕ ŶŐƐĞůĚĂŶ^ĐƌĂƉƐ
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵƉƌŽĚƵŬƐŝďĞƌďĂŐĂŝƉŝƉĂĚĂŶƉƌŽĚƵŬůĂŝŶŶLJĂ͕LJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬďĞƌďĂŐĂŝĂƉůŝŬĂƐŝ͕
ĂŶƚĂƌĂůĂŝŶƚŝĂŶŐƚĞůĞƉŽŶ͕ƚŝĂŶŐW:h͕ƚŝĂŶŐĨŝďĞƌŽƉƚŝĐĚĂŶƚŝĂŶŐůŝƐƚƌŝŬ͘dŝĂŶŐďĂũĂWĞƌƐĞƌŽĂŶƚĞƌďƵĂƚĚĂƌŝƉŝƉĂ
ŚŝƚĂŵƐĞŵŝͲĨŝŶŝƐŚĞĚLJĂŶŐĚŝďƵĂƚƐĞĐĂƌĂƐƚƌĂŝŐŚƚͲǁĞůĚĞĚ͘WƌŽĚƵŬƚĞƌƐĞďƵƚƐĞůĂŝŶĚŝďƵĂƚďĞƌĚĂƐĂƌŬĂŶƉĞƐĂŶĂŶ
ũƵŐĂ ĚŝďƵĂƚ ƵƚŶƵŬ ƉĞƌƐĞĚŝĂĂŶ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ ŬĞĐŝů LJĂŶŐ ĚĂƉĂƚ ĚŝŐƵŶĂŬĂŶ ƐĞďĂŐĂŝ
ƐĂŶĚĂƌĂŶƵŶƚƵŬŵĞŶŐŚƵďƵŶŐŬĂŶĚƵĂďĞŶĚĂƐĞŚŝŶŐŐĂŬĞĚƵĂďĞŶĚĂƚĞƌƐĞďƵƚĚĂƉĂƚĚŝƉƵƚĂƌĚĞŶŐĂŶƐƵĚƵƚ
ƚĞƌƚĞŶƚƵ͘ WŝƉĂ ŬĞĐŝůƚĞƌƐĞďƵƚ ĚŝŐƵŶĂŬĂŶ ĂŶƚĂƌĂ ůĂŝŶ ƵŶƚƵŬ ĞŶŐƐĞů͕ ƚĞƌŵĂƐƵŬ ĞŶŐƐĞů Ěŝ ƉŝŶƚƵ͕ ƉĞƌĂďŽƚ ĚĂŶ
ďĂŶŐƵŶĂŶ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶũƵĂůƉŝƉĂLJĂŶŐƚŝĚĂŬŚĂƌƵƐůŽůŽƐƚĞƐŬĞŶĚĂůŝŵƵƚƵƚĞƌƚĞŶƚƵ͕ůĞŵďĂƌĂŶďĂũĂƐŝƐĂLJĂŶŐƐƵĚĂŚ
ƚŝĚĂŬĚĂƉĂƚWĞƌƐĞƌŽĂŶŐƵŶĂŬĂŶůĂŐŝƵŶƚƵŬƉƌŽƐĞƐƉƌŽĚƵŬƐŝĚĂŶũƵŐĂƐŝƐĂďĂŚĂŶďĂŬƵ;ƐĐƌĂƉƐͿƐĞĐĂƌĂƌŝƚĞů
ŵĞůĂůƵŝĚŝƐƚƌŝďƵƚŽƌĚĂŶůĂŶŐƐƵŶŐŬĞƉĞŶŐŐƵŶĂĂŬŚŝƌ͘
^ĞůĂŝŶŵĞŵƉƌŽĚƵŬƐŝƉƌŽĚƵŬͲƉƌŽĚƵŬƚĞƌƐĞďƵƚĚŝĂƚĂƐWĞƌƐĞƌŽĂŶũƵŐĂŵĞŵďĞƌŝŬĂŶũĂƐĂƚĞƌŬĂŝƚĚĞŶŐĂŶƉŝƉĂ
ďĂũĂ͘:ĂƐĂLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶƉŝƉĂďĂũĂƚĞƌƐĞďƵƚĚŝůĂŬƵŬĂŶďŝůĂWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŬĂƉĂƐŝƚĂƐĐĂĚĂŶŐĂŶ͘
WĞƌƐĞƌŽĂŶ ŵĞŵďĞƌŝŬĂŶ ũĂƐĂ ůĂLJĂŶĂŶ ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ LJĂŶŐ ŵĞŵĞƐĂŶ ƉŝƉĂ ďĂũĂ ƉƌŽĚƵŬƐŝ
WĞƌƐĞƌŽĂŶ͕ ĚĂŶ ũƵŐĂ ŬĞƉĂĚĂ ŬŽŵƉĞƚŝƚŽƌ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ƉŝƉĂ ďĂũĂ ŚĂƐŝů ƉƌŽĚƵŬƐŝ ŵĞƌĞŬĂ ƐĞŶĚŝƌŝ͘
>ĂLJĂŶĂŶũĂƐĂƚĞƌƐĞďƵƚLJĂŝƚƵ͗
;ŝͿ ŽĂƚŝŶŐ;ƉĞůĂƉŝƐĂŶďĂũĂͿ
o 'ĂůǀĂŶŝnjŝŶŐ
ũĂƐĂŐĂůǀĂŶŝƐĂƐŝƐĞďĂŐĂŝƐƵĂƚƵƚŝŶĚĂŬĂŶƵŶƚƵŬƉĞŶĐĞŐĂŚĂŶƚĞƌŚĂĚĂƉƉƌŽƐĞƐŬŽƌŽƐŝLJĂŶŐĚŝĂŬŝďĂƚŬĂŶ
ŽůĞŚĐƵĂĐĂ͕ĚŝŵĂŶĂďĂũĂŚĂƌƵƐĚŝůŝŶĚƵŶŐŝĚĞŶŐĂŶŵĞŵďĞƌŝŬĂŶůĂƉŝƐĂŶƚĞƌŚĂĚĂƉďĂũĂƚĞƌƐĞďƵƚ͘ĂũĂ
ƚĞƌƐĞďƵƚĂŬĂŶĚŝůĂƉŝƐŝŽůĞŚƐĞŶŐLJĂŶŐĂŬĂŶŵĞůŝŶĚƵŶŐŝƉĞƌŵƵŬĂĂŶďĂũĂƚĞƌƐĞďƵƚ͘
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o ĞŵĞŶƚ>ŝŶŝŶŐ
:ĂƐĂƉĞůĂƉŝƐĂŶƐĞŵĞŶƉĂĚĂďĂŐŝĂŶĚĂůĂŵƉŝƉĂ͘WƌŽƐĞƐŶLJĂĂĚĂůĂŚƉĞůĂƉŝƐĂŶŝŶƚĞƌŶĂůƉŝƉĂ;ďĂŐŝĂŶ
ĚĂůĂŵ ƉŝƉĂͬƐĞŵƵĂ ƉĞƌŵƵŬĂĂŶ ĚĂůĂŵ ƉŝƉĂͿ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ĐĂŵƉƵƌĂŶ ƐĞŵĞŶ ĚĂŶ ƉĂƐŝƌ͕
ƉƌŽĚƵŬŝŶŝƵŵƵŵŶLJĂĚŝĂƉůŝŬĂƐŝŬĂŶƵŶƚƵŬƉŝƉĂͲƉŝƉĂƐĂůƵƌĂŶĂŝƌŵŝŶƵŵ͘&ƵŶŐƐŝŶLJĂĂĚĂůĂŚƵŶƚƵŬ
ŵĞŶŝŶŐŬĂƚŬĂŶŬĞƚĂŚĂŶĂŶƚĞƌŚĂĚĂƉŬŽƌŽƐŝ͘
o ƉŽdžLJ>ŝŶŝŶŐ
:ĂƐĂƉĞůĂƉŝƐĂŶĞƉŽdžLJƉĂĚĂůĂƉŝƐĂŶůƵĂƌĚĂŶĚĂůĂŵƉŝƉĂ͘WƌŽƐĞƐŶLJĂĂĚĂůĂŚĚĞŶŐĂŶƉĞůĂƉŝƐĂŶƉŝƉĂ
ďĂŝŬ ŝŶƚĞƌŶĂů ŵĂƵƉƵŶ ĞdžƚĞƌŶĂů͕ ƚƵũƵĂŶŶLJĂ ĂĚĂůĂŚ ƵŶƚƵŬ ŵĞůŝŶĚƵŶŐŝ ƉŝƉĂ ĚĂƌŝ ŬŽƌŽƐŝ͕ ĚĞŶŐĂŶ
ŵĞŶŐŐƵŶĂŬĂŶďĂŚĂŶLJĂŶŐŶĂŵĂŶLJĂĐŽĂƚŝŶŐ ƉŽdžLJ͕ĂƉůŝŬĂƐŝŝŶŝďĂŶLJĂŬĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉŝƉĞůŝŶĞ
ďĂŝŬŐĂƐĂƚĂƵƉƵŶŵŝŶLJĂŬ͕ũƵŐĂƵŶƚƵŬƉĞůĂƉŝƐĂŶƉŝƉĂLJĂŶŐďŝĂƐĂŶLJĂĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵĂŶĐĂŶŐĂŶ
ũĞŵďĂƚĂŶĂƚĂƵƉƵŶĚĞƌŵĂŐĂ;ũĞƚƚLJͿ͘
o tƌĂƉƉŝŶŐdĂƉĞŽĂƚŝŶŐ
:ĂƐĂƉĞůĂƉŝƐĂŶƉĂĚĂƉŝƉĂďĂũĂŵĞŶŐŐƵŶĂŬĂŶƉĞƌĞŬĂƚLJĂŶŐƚĞƌďƵĂƚĚĂƌŝďĂŚĂŶŬĂƌĞƚƐŝŶƚĞƚŝƐ͘,ĂůŝŶŝ
ĂŬĂŶŵĞůŝŶĚƵŶŐŝůĂƉŝƐĂŶďĂũĂĚĂƌŝŬŽƌŽƐŝĚĂŶĚĞƚĞƌŝŽƌĂƐŝ͘>ĂƉŝƐĂŶŝŶŝĂĚĂůĂŚůĂƉŝƐĂŶŬĞƚŝŐĂĚĂƌŝϯ
ůĂƉŝƐĂŶƉĞůĂƉŝƐĂŶďĂũĂ͘WŝƉĂLJĂŶŐďŝĂƐĂĚŝůĂƉŝƐŝĚĂƉĂƚĚŝŐƵŶĂŬĂŶƐĞďĂŐĂŝƉŝƉĂĂŝƌ͕ƉŝƉĂŵŝŶLJĂŬ͕ĚĂŶ
ƉŝƉĂ ŐĂƐ͘ WƌŽƐĞƐŶLJĂ ĂĚĂůĂŚ ŵĞůĂƉŝƐ ƉĞƌŵƵŬĂĂŶ ůƵĂƌ ƉŝƉĂ͕ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ƚĂƉĞ ;ƐĞũĞŶŝƐ
ŝƐŽůĂƐŝͿLJĂŶŐƚĞƌďƵĂƚĚĂƌŝďĂŚĂŶƉŽůŝŵĞƌ͕LJĂŶŐĨƵŶŐƐŝŶLJĂƐĂŵĂLJĂŝƚƵƵŶƚƵŬŵĞŶĐĞŐĂŚƉĞƌĐĞƉĂƚĂŶ
ƚĞƌũĂĚŝŶLJĂŬŽƌŽƐŝƚĞƌŚĂĚĂƉƉŝƉĂLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉŝƉĞůŝŶĞ͘
o ϯůĂLJĞƌƐƉŽůLJĞƚŚĞůĞŶĞ
:ĂƐĂ ƉĞůĂƉŝƐĂŶ ƉŝƉĂ ďĂũĂ LJĂŶŐ ƚĞƌĚŝƌŝ ĚĂƌŝ ϯ ůĂƉŝƐĂŶ LJĂŝƚƵ &ƵƐŝŽŶ ŽŶĚĞĚ ƉŽdžLJ ;& Ϳ͘ >ĂƉŝƐĂŶ
ƉĞƌƚĂŵĂ LJĂŶŐ ďŝĂƐĂŶLJĂ ũƵŐĂ ĚŝƐĞďƵƚ ůĂƉŝƐĂŶ ƉƌŝŵĞƌ͕ ĐŽƉŽůLJŵĞƌ ;ĂĚŚĞƐŝǀĞͿ ƐĞďĂŐĂŝ ƉĞƌĞŬĂƚ ĚĂŶ
ƉŽůLJĞƚŚLJůĞŶĞ ƉĂĚĂ ůĂƉŝƐĂŶ ŬĞ ƚŝŐĂ͘ ƉůŝŬĂƐŝŶLJĂ ĚŝůĂŬƵŬĂŶ ƉĂĚĂ ƉĞƌŵƵŬĂĂŶ ůƵĂƌ ƉŝƉĂ ;ĞdžƚĞƌŶĂůͿ
ĨƵŶŐƐŝŶLJĂ ŵĞŵďĞƌŝŬĂŶ ƉĞƌůŝŶĚƵŶŐĂŶ ƚĞƌŚĂĚĂƉ ŬŽƌŽƐŝ͘ <ĞƚĞďĂůĂŶ ůĂƉŝƐĂŶ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ
ĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶƉĞƌŵŝŶƚĂĂŶŬŽŶƐƵŵĞŶ͘
o ϯůĂLJĞƌƐƉŽůLJƉƌŽƉŚLJůĞŶĞ
:ĂƐĂ ƉĞůĂƉŝƐĂŶ ƉŝƉĂ ďĂũĂ LJĂŶŐ ƚĞƌĚŝƌŝ ĚĂƌŝ ϯ ůĂƉŝƐĂŶ LJĂŝƚƵ &ƵƐŝŽŶ ŽŶĚĞĚ ƉŽdžLJ ;& Ϳ͘ >ĂƉŝƐĂŶ
ƉĞƌƚĂŵĂ LJĂŶŐ ďŝĂƐĂŶLJĂ ũƵŐĂ ĚŝƐĞďƵƚ ůĂƉŝƐĂŶ ƉƌŝŵĞƌ͕ ĐŽƉŽůLJŵĞƌ ;ĂĚŚĞƐŝǀĞͿ ƐĞďĂŐĂŝ ƉĞƌĞŬĂƚ ĚĂŶ
ƉŽůLJƉƌŽƉŚLJůĞŶĞƉĂĚĂůĂƉŝƐĂŶŬĞƚŝŐĂ͘ƉĂůŝŬĂƐŝŶLJĂĚŝůĂŬƵŬĂŶƉĂĚĂƉĞƌŵƵŬĂĂŶůƵĂƌƉŝƉĂ;ĞdžƚĞƌŶĂůͿ
ĨƵŶŐƐŝŶLJĂ ŵĞŵďĞƌŝŬĂŶ ƉĞƌůŝŶĚƵŶŐĂŶ ƚĞƌŚĂĚĂƉ ŬŽƌŽƐŝ͘ <ĞƚĞďĂůĂŶ ĚĂƌŝ ůĂƉŝƐĂŶ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ
ĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶƉĞƌŵŝŶƚĂĂŶŬŽŶƐƵŵĞŶ͘zĂŶŐŵĞŵďĞĚĂŬĂŶĚĞŶŐĂŶĐŽĂƚŝŶŐϯ>W ĂĚĂůĂŚŚĂŶLJĂ
ďĂŚĂŶŶLJĂ ƐĂũĂ ƐĞĚĂŶŐŬĂŶ ĨƵŶŐƐŝŶLJĂ ƐĂŵĂ͕ ŶĂŵƵŶ ϯ >WW ůĞďŝŚ ƚĂŚĂŶ ƚĞƌŚĂĚĂƉ ƉĂŶĂƐ Ěŝ
ĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶϯ>W ͘
o &ƵƐŝŽŶŽŶĚĞĚ ƉŽdžLJ
:ĂƐĂ ƉĞůĂƉŝƐĂŶ ƉŝƉĂ ďĂũĂ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ĞƉŽdžLJ LJĂŶŐ ďĞƌũĞŶŝƐ ďƵďƵŬ ;ƉŽǁĚĞƌͿ͘ WĞůĂƉŝƐĂŶ
ĚĞŶŐĂŶ& ŝŶŝďŝƐĂďĞƌĚŝƌŝƐĞŶĚŝƌŝũƵŐĂďŝƐĂŵĞŶũĂĚŝĚĂƐĂƌƵŶƚƵŬƉĞůĂƉŝƐĂŶƚŝƉĞLJĂŶŐůĂŝŶ͕ƐĂůĂŚƐĂƚƵ
ĐŽŶƚŽŚŶLJĂĚĂŝŐƵŶĂŬĂŶƉĂĚĂϯ>W ĂƚĂƵϯ>WWƐĞďĂŐĂŝůĂƉŝƐĂŶĚĂƐĂƌĂƚĂƵƉƌŝŵĞƌ͘ĞƌĨƵŶŐƐŝƐĞďĂŐĂŝ
ƉĞƌůŝŶĚƵŶŐĂŶƚĞƌŚĂĚĂƉŬŽƌŽƐŝ
;ŝŝͿ ^ŚĞĂƌŝŶŐ
:ĂƐĂƉĞŵŽƚŽŶŐĂŶŐƵůƵŶŐĂŶďĂũĂŵĞŶũĂĚŝůĞŵďĂƌĂŶďĂũĂ͘WƌŽƐĞƐĂǁĂůĚĂƌŝƐŚĞĂƌŝŶŐĂĚĂůĂŚƉĞŵďƵŬĂĂŶŐƵůƵŶŐĂŶ
ďĂũĂŵĞŶũĂĚŝůĞŵďĂƌĂŶďĂũĂLJĂŶŐƐĂŶŐĂƚƉĂŶũĂŶŐ͘>ĞŵďĂƌĂŶŝŶŝŶĂŵƵŶĂŬĂŶĚŝƉŽƚŽŶŐͲƉŽƚŽŶŐŵĞŶũĂĚŝůĞŵďĂƌĂŶ
ďĂũĂLJĂŶŐƉĞŶĚĞŬĚĞŶŐĂŶůĞďĂƌLJĂŶŐƐĂŵĂ͘
;ŝŝŝͿ ^ůŝƚƚŝŶŐ
:ĂƐĂƉĞŵŽƚŽŶŐĂŶŐƵůƵŶŐĂŶďĂũĂŵĞŶũĂĚŝďĞďĞƌĂƉĂŐƵůƵŶŐĂŶďĂũĂĚĞŶŐĂŶůĞďĂƌŬĞĐŝů͘WĂĚĂĂǁĂůƉƌŽƐĞƐŐƵůƵŶŐĂŶ
ďĂũĂĂŬĂŶĚŝƚĂƌŝŬŵĞŶũĂĚŝŐƵůƵŶŐĂŶďĂũĂLJĂŶŐƉĂŶũĂŶŐ͘>ĞŵďĂƌĂŶLJĂŶŐƉĂŶũĂŶŐŝŶŝĂŬĂŶĚŝƉŽƚŽŶŐƐĞĐĂƌĂůƵƌƵƐ
ŵĞŶũĂĚŝ ďĞďĞƌĂƉĂ ůĞŵďĂƌĂŶ ďĂũĂ LJĂŶŐ ƐĂŶŐĂƚ ƉĂŶũĂŶŐ ĚĞŶŐĂŶ ůĞďĂƌ LJĂŶŐ ĚŝŝŶŐŝŶŬĂŶ͘ >ĞŵďĂƌĂŶ ƚĞƌƐĞďƵƚ
ŶĂŶƚŝŶLJĂĂŬĂŶĚŝŐƵůƵŶŐŬĞŵďĂůŝĚĂŶŚĂƐŝůĂŬŚŝƌŶLJĂĂĚĂůĂŚďĞďĞƌĂƉĂŐƵůƵŶŐĂŶďĂũĂLJĂŶŐůĞďĂƌŶLJĂůĞďŝŚŬĞĐŝůĚĂƌŝ
ŐƵůƵŶŐĂŶĂǁĂů͘
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ĞƌŝŬƵƚĂĚĂůĂŚŚĂƐŝůƉƌŽĚƵŬƐŝũĂƐĂWĞƌƐĞƌŽĂŶ͗
;ĚĂůĂŵŵĞƚƌŝŬƚŽŶͬƉĞƌƚĂŚƵŶͿ
ϯϭĞƐĞŵďĞƌ
:ĂƐĂ ϮϬϮϱ ϮϬϮϰ
ŽĂƚŝŶŐ ϯϭ͘ϴϮϳ Ϯϱ͘ϭϲϰ
^ŚĞĂƌŝŶŐ Ϯ͘ϳϯϳ Ϯ͘ϵϯϬ
^ůŝƚƚŝŶŐ Ϯϭ͘ϯϭϲ ϮϮ͘ϰϰϵ
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WƌŽƐĞƐWƌŽĚƵŬƐŝ͕WĞŶŐĞůŽůĂĂŶĂƌĂŶŐ^ŝƐĂĂƚĂƵĂƌĂŶŐĂĐĂƚĚĂŶWĞŶŐĞŶĚĂůŝĂŶDƵƚƵWƌŽĚƵŬƐŝ
ϰ͘Ϯ͘ϭ͘ WƌŽƐĞƐWƌŽĚƵŬƐŝ
ĞƌŝŬƵƚĂĚĂůĂŚƉƌŽƐĞƐƉƌŽĚƵŬƐŝƉŝƉĂ Zt͕^^tĚĂŶd/'
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ϰ͘Ϯ͘Ϯ͘ WĞŶŐĞůŽůĂĂŶĂƌĂŶŐ^ŝƐĂĂƚĂƵĂƌĂŶŐĂĐĂƚ
ĂůĂŵƉƌŽƐĞƐƉƌŽĚƵŬƐŝĚĂƉĂƚƚĞƌũĂĚŝƐĞƐƵĂƚƵLJĂŶŐŵĞŵďƵĂƚĂĚĂŶLJĂďĂƌĂŶŐƐŝƐĂĂƚĂƵďĂƌĂŶŐĐĂĐĂƚ͘
,ĂůŝŶŝĚĂƉĂƚĚŝƐĞďĂďŬĂŶŽůĞŚŬĞƐĂůĂŚĂŶƉƌŽĚƵŬƐŝĚĂŶƚĞƚĂƉŝũƵŐĂďŝƐĂĚŝƐĞďĂďŬĂŶŽůĞŚƉƌŽƐĞƐLJĂŶŐ
ŵĞŵĂŶŐŵĞŵĞƌůƵŬĂŶĂĚĂŶLJĂƉĞŵďƵĂŶŐĂŶďĂƌĂŶŐƐŝƐĂ͘<ĞƐĂůĂŚĂŶLJĂŶŐĚĂƉĂƚŵĞŶLJĞďĂďŬĂŶƉƌŽĚƵŬ
Ěŝ ŬĂƚĞŐŽƌŝŬĂŶ ŵĞŶũĂĚŝ ďĂƌĂŶŐ ĐĂĐĂƚ ĚĂƉĂƚ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ŬĞƌĞƚĂŬĂŶ ƉŝƉĂ͕ ůĂƐ ƉƵƚƵƐ͕ ůĂƐ ũĞůĞŬ͕
ŬĞĐĞŵďƵŶŐĂŶ ƉŝƉĂ ĚĂŶ ůĂŝŶͲůĂŝŶ͘ WƌŽƐĞƐ ƉƌŽĚƵŬƐŝ LJĂŶŐ ŵĞŶLJĞďĂďŬĂŶ ĂĚĂŶLJĂ ďĂƌĂŶŐ ƐŝƐĂ ĂĚĂůĂŚ
ƉĞŵŽƚŽŶŐĂŶƵũƵŶŐĐŽŝůLJĂŶŐďĂƌƵĚŝďƵŬĂ͕ũƵŐĂďĞƐŝLJĂŶŐĚŝŬĞƌŽŬƐĞƚĞůĂŚƉƌŽƐĞƐůĂƐ͘WĞƌƐĞƌŽĂŶĂŬĂŶ
ŵĞŶŐƵŵƉƵůŬĂŶƐĞůƵƌƵŚďĂƌĂŶŐƐŝƐĂĚĂŶďĂƌĂŶŐĐĂĐĂƚƵŶƚƵŬĚŝũƵĂůŬĞƉĂĚĂƉŝŚĂŬŬĞƚŝŐĂLJĂŶŐĂŬĂŶ
ŵĞŵďĞůŝďĞƐŝďĞŬĂƐ͘hŶƚƵŬďĂƌĂŶŐďĞŬĂƐĂƚĂƵĐĂĐĂƚLJĂŶŐƚŝĚĂŬĚĂƉĂƚĚŝũƵĂů͕WĞƌƐĞƌŽĂŶďĞŬĞƌũĂƐĂŵĂ
ĚĞŶŐĂŶƉĞŵďƵĂŶŐƐĂŵƉĂŚƉŝŚĂŬŬĞƚŝŐĂLJĂŶŐŵĞŶũĂŵŝŶƚŝĚĂŬĂĚĂŶLJĂĚĂŵƉĂŬďƵƌƵŬƉĂĚĂůŝŶŐŬƵŶŐĂŶ͘
ϰ͘Ϯ͘ϯ͘ WĞŶŐĞŶĚĂůŝĂŶDƵƚƵWƌŽĚƵŬƐŝ
WĞƌƐĞƌŽĂŶ ďĞƌƵƐĂŚĂ ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ŬƵĂůŝƚĂƐ ƉĂĚĂ ƐĞƚŝĂƉ ƚĂŚĂƉ ƉƌŽĚƵŬƐŝ͘ ^ĞŵƵĂ ĨĂƐŝůŝƚĂƐ
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝůĂŶŐŬĂŚͲůĂŶŐŬĂŚƉĞŶŐĞŶĚĂůŝĂŶŵƵƚƵLJĂŶŐĚŝƚĞƚĂƉŬĂŶƵŶƚƵŬŵĞŶũĂŵŝŶŬƵĂůŝƚĂƐ
ĚĂŶ ŵĞŵĞŶƵŚŝ ƐƚĂŶĚĂƌ ƐƉĞƐŝŬĂƐŝ ƉƌŽĚƵŬ ĚĂŶ ƉĞƌƐLJĂƌĂƚĂŶ ĚĂƌŝ ƉĞůĂŶŐŐĂŶ WĞƌƐĞƌŽĂŶ͘ WƌŽƐĞĚƵƌ
ƉĞŶŐĞŶĚĂůŝĂŶŵƵƚƵĚŝŵƵůĂŝƐĞƚĞůĂŚŵĞŶĞƌŝŵĂďĂŚĂŶďĂŬƵĚĂŶďĞƌůĂŶũƵƚƐĂŵƉĂŝƉƌŽĚƵŬƐŝĂƉĚĂůĂŵ
ŬĞŵĂƐĂŶƵŶƚƵŬƉĞŶŐŝƌŝŵĂŶŬĞƉĞůĂŶŐŐĂŶ͘
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƐĞŵƵĂƐĞƌƚŝĨŝŬĂƐŝLJĂŶŐĚŝƉĞƌůƵŬĂŶĚĂůĂŵŵĞŶũĂůĂŶŬĂŶƉƌŽƐĞƐƉƌŽĚƵŬƐŝƉŝƉĂďĂũĂ
Ěŝ ĨĂƐŝůŝƚĂƐ LJĂŶŐ ĂĚĂ͕ ĚĂŶ ƚŝĂƉ ƚĂŚƵŶ ƐĞƌƚŝĨŝŬĂƐŝ ƚĞƌƐĞďƵƚ ĚŝƉĞƌďĂŚĂƌƵŝͬĚŝƉĞƌƉĂŶũĂŶŐ͕ ƚĞƌŵĂƐƵŬ
ƐĞƌƚŝĨŝŬĂƐŝ ƵŶƚƵŬ ƐŝƐƚĞŵ ŵĂŶĂũĞŵĞŶ ŵƵƚƵ ;YD^ /^K ϵϬϬϭͿ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ŽůĞŚ ĂĚĂŶ ^ĞƌƚŝĨŝŬĂƐŝ
terakreditasi. International Organization for Strandardization (“/^K”).
ĞďĞƌĂƉĂ ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐƚĂŶĚĂƌ ƐƉĞƐŝƐŝĨŝŬĂƐŝ ƉƌŽĚƵŬ ŝŶƚĞƌŶĂƐŝŽŶĂů LJĂŶŐ
ƌĞůĞǀĂŶ͕ƚĞƌŵĂƐƵŬLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚŵĞƌŝĐĂŶ^ŽĐŝĞƚLJĨŽƌdĞƐƚŝŶŐĚĂŶDĂƚĞƌŝĂů;Η^dDΗͿ͕ƌŝƚŝƐŚ
^ƚĂŶĚĂƌĚƐ;Η^ΗͿ͕/ŶĚƵƐƚƌŝ:ĞƉĂŶŐ^ƚĂŶĚĂƌ;Η:/^ΗͿ͕/^K͕W/͕h>͕&DĚĂŶ^ƚĂŶĚĂƌƵƐƚƌĂůŝĂ;Η^ΗͿ͕ĚĂŶ
^ƚĂŶĚĂƌEĂƐŝŽŶĂů/ŶĚŽŶĞƐŝĂ;Η^E/ΗͿ͘WĂĚĂƚĂŶŐŐĂůϭϯKŬƚŽďĞƌϮϬϭϬ͕WĞƌƐĞƌŽĂŶŵĞŶĞƌŝŵĂƉĞƌƐĞƚƵũƵĂŶ
ĚĂƌŝ^ŝŶŐĂƉŽƌĞƵŝůĚŝŶŐĂŶĚŽŶƐƚƌƵĐƚŝŽŶƵƚŚŽƌŝƚLJ;ΗΗͿƵŶƚƵŬŵĞŵĂƐŽŬƉƌŽĚƵŬͲƉƌŽĚƵŬƉŝƉĂďĂũĂ
ƐƉŝƌĂůŬĞ^ŝŶŐĂƉƵƌĂ͘
&ĂƐŝůŝƚĂƐƉĂďƌŝŬWĞƌƐĞƌŽĂŶĚŝWůĂŶƚϯtĂƌƵŐƵŶƵŶŐĚĂŶWůĂŶƚϰWĂƐƵƌƵĂŶƚĞůĂŚŵĞŵƉĞƌŽůĞŚƐĞƌƚŝĨŝŬĂƐŝ
W/Ͳϱ>;DŽŶŽŐƌĂŵ>ŝĐĞŶƐĞͿLJĂŶŐĚŝďĞƌŝŬĂŶŽůĞŚŵĞƌŝĐĂŶWĞƚƌŽůĞƵŵ/ŶƐƚŝƚƵƚĞƐĞŚŝŶŐŐĂWĞƌƐĞƌŽĂŶ
ĚĂƉĂƚŵĞŵƉƌŽĚƵŬƐŝƉŝƉĂďĞƌƐƚĂŶĚĂƌW/Ͳϱ>LJĂŶŐĚŝŐƵŶĂŬĂŶƐĞďĂŐĂŝƉŝƉĞůŝŶĞĚĂůĂŵƉƌŽLJĞŬͲƉƌŽLJĞŬ
ŝŶĚƵƐƚƌŝ ŵŝŶLJĂŬ ĚĂŶ ŐĂƐ Ěŝ /ŶĚŽŶĞƐŝĂ͘ ŝ /ŶĚŽŶĞƐŝĂ͕ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ƐĂůĂŚ ƐĂƚƵ ĚĂƌŝ ďĞďĞƌĂƉĂ
ƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞŵĞŐĂŶŐƐĞƌƚĨŝŬĂƚW/Ͳϱ>ƵŶƚƵŬƉŝƉĂďĂũĂLJĂŶŐĚŝůĂƐĚĞŶŐĂŶƐĂŵďƵŶŐĂŶŚĞůŝĐĂůͬ
ƐƉŝƌĂů;^t,ǁĞůĚĞĚͿ͕ĚĂŶƉŝƉĂďĂũĂLJĂŶŐĚŝůĂƐĚĞŶŐĂŶƐĂŵďƵŶŐĂŶůƵƌƵƐ;,&tǁĞůĚĞĚͿ͘
WƌŽĚƵŬ WĞƌƐĞƌŽĂŶ ŵĞŶũĂůĂŶŝ ƐĞƌĂŶŐŬĂŝĂŶ ƉƌŽƐĞƐ ƉĞŶŐƵũŝĂŶ ŬĞƚĂƚ ĚĂŶ ŝŶƐƉĞŬƐŝ ƵŶƚƵŬ ŵĞŶũĂŵŝŶ
ŬƵĂůŝƚĂƐƉƌŽĚƵŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌƐLJĂƌĂƚĂŶLJĂŶŐĚŝŵŝŶƚĂŽůĞŚƐƚĂŶĚĂƌƐƉĞƐŝĨŝŬĂƐŝƉƌŽĚƵŬLJĂŶŐƌĞůĞǀĂŶ͘
ĂůĂŵŬĞĂĚĂĂŶƚĞƌƚĞŶƚƵ͕WĞƌƐĞƌŽĂŶũƵŐĂŵĞůĂŬƵŬĂŶƉĞŶŐƵũŝĂŶĚĂŶƉĞŵĞƌŝŬƐĂĂŶƉĂĚĂƐĂŵƉůĞďĂŚĂŶ
ďĂŬƵLJĂŶŐĚŝŐƵŶĂŬĂŶ͘
WĞŶŐĞŶĚĂůŝĂŶŵƵƚƵLJĂŶŐĚŝůĂŬƵŬĂŶWĞƌƐĞƌŽĂŶŵĞůŝƉƵƚŝŬĞŐŝĂƚĂŶŝŶƐƉĞŬƐŝĂƚĂƵƉĞŵĞƌŝŬƐĂĂŶƉƌŽĚƵŬ
ƐĞƐƵĂŝĚĞŶŐĂŶLJĂŶŐĚŝƉĞƌƐLJĂƌĂƚŬĂŶŽůĞŚƐƚĂŶĚĂƌƐƉĞƐŝĨŝŬĂƐŝƉƌŽĚƵŬƚĞƌŬĂŝƚ͕ŬĞŐŝĂƚĂŶƉĞŶŐƵũŝĂŶďĂŝŬ
ƵũŝŵĞƌƵƐĂŬ;ĞƐƚƌƵĐƚŝǀĞdĞƐƚͿŵĂƵƉƵŶhũŝƚŝĚĂŬŵĞƌƵƐĂŬ;EŽŶĞƐƚƌƵĐƚŝǀĞdĞƐƚͿďĂŝŬLJĂŶŐĚŝůĂŬƵŬĂŶ
Ěŝ ůĂďŽƌĂƚŽƌŝƵŵ ƉĞƌƐĞƌŽĂŶ ŵĂƵƉƵŶ ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ũĂůƵƌ ƉƌŽĚƵŬƐŝ͘ ŝĂŶƚĂƌĂ ďĞďĞƌĂƉĂ ƉĞŶŐƵũŝĂŶ
ƉĞŶŐƵũŝĂŶƚĞƌƐĞďƵƚĂĚĂůĂŚ͕ƵũŝdĂƌŝŬ͕ĂŶĂůŝƐŝƐŬŽŵƉŝƐŝƐŝŬŝŵŝĂ͕ƉĞŶŐƵũŝĂŶŚŝĚƌŽƐƚĂƚŝŬ͕ƌĂĚŝŽŐƌĂƉŚŝĐƚĞƐƚ
;ZdͿ͕ƵůƚƌĂƐŽŶŝĐƚĞƐƚ;hdͿ͕ĞůĞŬƚƌŽŵĂŐŶĞƚŝŬ;ĞĚĚLJĐƵƌƌĞŶƚƚĞƐƚͿ͕WĞŶĞƚƌĂŶdĞƐƚ;WdͿ͕DĂŐŶĞƚŝĐWĂƌƚŝĐůĞ
dĞƐƚ;WdͿĚĂŶďĞďĞƌĂƉĂƉĞŶŐƵũŝĂŶůĂŝŶŶLJĂƚĞƌŚĂĚĂƉďĂƌĞƉŝƉĞŵĂƵƉƵŶůĂƉŝƐĂŶĐŽĂƚŝŶŐƉĂĚĂƉŝƉĂ͘
^ĞƚŝĂƉũĞŶŝƐƉŝƉĂLJĂŶŐĚŝƉƌŽĚƵŬƐŝŚĂƌƵƐůŽůŽƐƵũŝŬƵĂůŝƚĂƐĚĂƌŝďĞƌďĂŐĂŝũĞŶŝƐƚĞƐLJĂŶŐŬĞŵƵĚŝĂŶŚĂƐŝů
ƚĞƐƚĞƌƐĞďƵƚĚŝƐŝŵƉĂŶĚĂůĂŵƉĞŶLJŝŵƉĂŶĂŶĚĂƚĂLJĂŶŐĂŬĂŶĚŝƚŝŶũĂƵƐĞĐĂƌĂďĞƌŬĂůĂ͘WĞŶLJŝŵƉĂŶĂŶĚĂƚĂ
ƚĞƌƐĞďƵƚĚĂƉĂƚŵĞŵďĂŶƚƵWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞůĂĐĂŬŬƵĂůŝƚĂƐƉƌŽĚƵŬWĞƌƐĞƌŽĂŶďŝůĂƚĞƌũĂĚŝŚĂůͲŚĂů
LJĂŶŐƚŝĚĂŬĚŝŝŶŐŝŶŬĂŶĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͘
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ĞƌŝŬƵƚĂĚĂůĂŚƵũŝĐŽďĂĚĂŶŝŶƐƉĞŬƐŝLJĂŶŐĚŝůĂŬƵŬĂŶƚĞƌŚĂĚĂƉƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͘
/E^W d/KEΘd ^d/E' W/>/dz
&ŽƌĂƌĞWŝƉĞ͗
ŚĞŵŝĐĂůŶĂůLJƐŝƐ ϭϵĞůĞŵĞŶƚƐ;ƉůƵƐ //tΘ WDͿ
dĞŶƐŝůĞdĞƐƚ DĂdžŝŵƵŵ>ŽĂĚϮϬϬ͘ϬϬϬŬŐĨ
ŚĂƌƉLJ/ŵƉĂĐƚdĞƐƚ dĞƐƚĞŵƉĞƌĂƚƵƌƐĂŵƉĂŝĚĞŶŐĂŶŵŝŶƵƐϲϬŽ
dĞŵƉĞƌĂƚƵƌĞƚĞƐƚƵƉƚŽŵŝŶƵƐϲϬŽ
ͲDĂdž͘ϯϬϬũŽƵůĞ
DĂdž͘ϯϬϬũŽƵůĞ
ƌŽƉtĞŝŐŚƚdĞĂƌdĞƐƚ
&ůĂƚƚĞŶŝŶŐdĞƐƚ
ĞŶĚdĞƐƚ ĞŶĚŝŶŐŶŐůĞϵϬŽΘϭϴϬŽ
'ƵŝĚĞĚĞŶĚdĞƐƚ DĂdžŝŵƵŵ>ŽĂĚϮϬϬϬϬϬŬŐĨ
,LJĚƌŽƐƚĂƚŝĐdĞƐƚ DĂdžŝŵƵŵWŝƉĞŝĂŵĞƚĞƌϮϬϬϬŵŵ
ZĂĚŝŽŐƌĂƉŚŝĐdĞƐƚ;ZdͿ ^ŽƵƌĐĞyͲZĂLJ͕ϯϬϬŬsΘϯŵ
hůƚƌĂƐŽŶŝĐdĞƐƚ;hdͿ ͲƵƚŽŵĂƚŝĐŽŶůŝŶĞhd
ͲƵƚŽŵĂƚŝĐŽĨĨůŝŶĞhd
Ͳ,ĂŶĚŚĞůĚhd
ĚĚLJƵƌƌĞŶƚdĞƐƚ dŽŶůŝŶĞ
DĂŐŶĞƚŝĐWĂƌƚŝĐůĞ/ŶƐƉĞĐƚŝŽŶ;DW/Ϳ
WĞŶĞƚƌĂŶƚdĞƐƚ;WdͿ
,ĂƌĚŶĞƐƐdĞƐƚ >ŽĂĚϬ͘ϯͲϯϬŬŐĨ
,ĂƌĚŶĞƐƐ^ƵƌǀĞLJ ZŽĐŬǁĞůůͬΘƌŝŶĞůů
DĞƚĂůůŽŐƌĂƉŚŝĐ DĂdžŝŵƵŵDĂŐŶŝĨŝĐĂƚŝŽŶϴϬϬy
&ŽƌŽĂƚŝŶŐ͗
ŝŐŝƚĂů^ĐĂŶŶŝŶŐĂůŽƌŝŵĞƚĞƌ;^Ϳ
dĞŶƐŝůĞdĞƐƚĨŽƌĐŽĂƚŝŶŐ DĂdžŝŵƵŵ>ŽĂĚϱϬϬŬŐĨ
ĂƚŽĚŝĐŝƐďŽŶĚŝŶŐ
DŽƌƚĂůŽŵƉƌĞƐƐŝŽŶƚĞƐƚ DĂdžŝŵƵŵ>ŽĂĚϮϬϬϬϬϬŬŐĨ
,ŽůŝĚĂLJĚĞƚĞĐƚŽƌ ϯϬŬsŽůƚ
&ůĞdžŝďŝůŝƚLJdĞƐƚĨŽƌW
WĞĞůŝŶŐdĞƐƚĨŽƌW ͲWĞĞůŽŶƐƚĂŶƚZĂƚĞ
ͲWĞĞů,ĂŶŐŝŶŐtĞŝŐŚƚ
/ŵƉĂĐƚĨŽƌĐŽĂƚŝŶŐ DĂdžŝŵƵŵϮϬũŽƵůĞ
^ŚŽƌĞ,ĂƌĚŶĞƐƐ ϭϬϬ^ŚŽƌĞ
ĚŚĞƐŝŽŶdĞƐƚ ͲƌŽƐƐƵƚ
ͲŽůůLJdĞƐƚDĞƚŚŽĚ
^ƵƌĨĂĐĞZŽƵŐŚŶĞƐƐdĞƐƚ
WĞƌƵƐĂŚĂĂŶŶĂŬWĞƌƐĞƌŽĂŶLJĂŝƚƵWd^ƉŝŶĚŽ ŶŐŝŶĞĞƌŝŶŐ/ŶĚƵƐƚƌLJ;Η^ /ΗͿ͕ŵĞŵŝůŝŬŝĨĂƐŝůŝƚĂƐƉĞŶŐƵũŝĂŶ
LJĂŶŐƚĞƌĂŬƌĞĚŝƚĂƐŝ<ELJĂŶŐďĞƌůŽŬĂƐŝĚŝWĂƐƵƌƵĂŶ͘^ /ŵĞůĂŬƵŬĂŶƉĞŶŐƵũŝĂŶƚĞƌŚĂĚĂƉďĂŚĂŶďĂŬƵ
ĚĂŶƉƌŽĚƵŬƉŝƉĂďĂũĂƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌƐLJĂƌĂƚĂŶƐƚĂŶĚĂƌ͘^ /ƐĞůĂŝŶŵĞŶŐƵũŝƉƌŽĚƵŬWĞƌƐĞƌŽĂŶũƵŐĂ
ŵĞŶLJĞĚŝĂŬĂŶůĂLJĂŶĂŶƉĞŶŐƵũŝĂŶƉŝƉĂĂƚĂƵƉƌŽĚƵŬďĂũĂůĂŝŶŶLJĂƵŶƚƵŬƉŝŚĂŬŬĞƚŝŐĂ͘
&ĂƐŝůŝƚĂƐWƌŽĚƵŬƐŝ
WĞƌƐĞƌŽĂŶŵĞŶŐŽƉĞƌĂƐŝŬĂŶϲ;ĞŶĂŵͿƵŶŝƚƉĂďƌŝŬ͕ĚŝŵĂŶĂϯƵŶŝƚƉĂďƌŝŬĚŝĂŶƚĂƌĂŶLJĂƚĞƌůĞƚĂŬĚŝ^ƵƌĂďĂLJĂ͕ϭ
ƵŶŝƚƉĂďƌŝŬĚŝĞũŝWĂƐƵƌƵĂŶLJĂŶŐďĞƌũĂƌĂŬƐĞŬŝƚĂƌϯϬŬŵĚĂƌŝ^ƵƌĂďĂLJĂ͕ϭƵŶŝƚƉĂďƌŝŬďĞƌůŽŬĂƐŝĚŝ^ŝĚŽĂƌũŽĚĂŶ
ϭƵŶŝƚƉĂďƌŝŬďĞƌůŽŬĂƐŝĚŝ<ĂƌĂǁĂŶŐ͕:ĂǁĂĂƌĂƚ͘ĂƌŝƚŽƚĂůϱƵŶŝƚƉĂďƌŝŬLJĂŶŐƚĞƌůĞƚĂŬĚŝ^ƵƌĂďĂLJĂ͕^ŝĚŽĂƌũŽ
ĚĂŶĚŝĞũŝWĂƐƵƌƵĂŶ͕WĞƌƐĞƌŽĂŶŵĞŵƉƵŶLJĂŝϭϳŵĞƐŝŶƉƌŽĚƵŬƐŝƉŝƉĂ Zt͕ϰŵĞƐŝŶƉƌŽĚƵŬƉŝƉĂ^tĚĂŶϴ
ŵĞƐŝŶƉƌŽĚƵŬƐŝƉŝƉĂƐƚĂŝŶůĞƐƐƐƚĞĞů͘ϭƵŶŝƚƉĂďƌŝŬLJĂŶŐďĞƌůŽŬĂƐŝĚŝ<ĂƌĂǁĂŶŐŵĞŵƉƵŶLJĂŝϵŵĞƐŝŶƉƌŽĚƵŬƐŝ
ƉŝƉĂ Zt͘ĞƌŝŬƵƚĂĚĂůĂŚŬĞƚĞƌĂŶŐĂŶůĞŶŐŬĂƉĚĂƌŝƵŶŝƚͲƵŶŝƚƉĂďƌŝŬWĞƌƐĞƌŽĂŶ͗
232
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hŶŝƚϭ͗ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/ŶŽ͘ϮϴͲϯϮ^ƵƌĂďĂLJĂ;ĚŝŬĂǁĂƐĂŶŝŶĚƵƐƚƌLJ^/ ZͿ
hŶŝƚϭĂĚĂůĂŚƐĂůĂŚƐĂƚƵƉĂďƌŝŬƚĞƌƚƵĂWĞƌƐĞƌŽĂŶLJĂŶŐƐĞďĞůƵŵŶLJĂĚŝŵŝůŝŬŝŽůĞŚWdZĂĚũŝŶƐĞďĞůƵŵŵĞƌŐĞƌ
ĚĞŶŐĂŶ^ƉŝŶĚŽ͘hŶŝƚϭŵƵůĂŝďĞƌƉƌŽĚƵŬƐŝƐĞũĂŬƚĂŚƵŶϭϵϳϴ͘>ƵĂƐĂƌĞĂƵŶŝƚϭĂĚĂůĂŚƐĞůƵĂƐϯŚĂLJĂŶŐƚĞƌĚŝƌŝ
ĚĂƌŝ ϰϮϬ ŵϮ ĂĚĂůĂŚ ĂƌĞĂ ŬĂŶƚŽƌ͕ ϭϴ͘ϴϱϱ ŵϮ ĂĚĂůĂŚ ĂƌĞĂ ƉĂďƌŝŬ ĚĂŶ ϯϬϭ ŵϮ ĂĚĂůĂŚ ĂƌĞĂ ŽƉĞŶ ƐƚŽƌĂŐĞ͕
ƚŝŵďĂŶŐ͕ƉŽƐũĂŐĂ͕ŬĂŶƚŝŶĚĂŶůĂŝŶͲůĂŝŶ͘&ĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝLJĂŶŐƚĞƌĚĂƉĂƚƉĂĚĂhŶŝƚϭĚŝůĞŶŐŬĂƉŝĚĞŶŐĂŶϰ
ŵĞƐŝŶƉƌŽĚƵŬƐŝƵŶƚƵŬƉĞŵďƵĂƚĂŶƉŝƉĂĚĞŶŐĂŶũĞŶŝƐĂƌďŽŶ^ƚĞĞů͕ƵŶƚƵŬŵĞŵďƵĂƚƉƌŽĚƵŬ ZtƐƚĞĞůƉŝƉĞƐ
ĚĞŶŐĂŶŬĂƉĂƐŝƚĂƐŵŝůůŝŶŐŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞďĞƐĂƌϴ͘ϮϬϬŵƚͬďƵůĂŶ͘^ĞůĂŝŶŝƚƵhŶŝƚϭũƵŐĂŵĞŵŝůŝŬŝĨĂƐŝůŝƚĂƐ
ƵŶƚƵŬũĂƐĂŐĂůǀĂŶŝnjŝŶŐ͕d>^ŚĞĂƌŝŶŐĚĂŶ^ůŝƚƚŝŶŐĚĞŶŐĂŶŬĂƉĂƐŝƚĂƐŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞďĞƐĂƌϰ͘ϱϬϬŵƚͬďƵůĂŶ͕
ϭϮ͘ϲϬϬŵƚͬďƵůĂŶĚĂŶϭϲ͘ϬϬϬŵƚͬďƵůĂŶ͘,ĂƐŝůƉƌŽĚƵŬĂŬŚŝƌĚĂƌŝhŶŝƚϭĂĚĂůĂŚƉŝƉĂŚŝƚĂŵ;ŶŽŶW/Ϳ͕ƉŝƉĂĂŝƌ͕
ĚĂŶƉŝƉĂƉĞƌĂďŽƚ͘
ĞƌŝŬƵƚĂĚĂůĂŚŵĞƐŝŶƉƌŽĚƵŬƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚƵŶŝƚϭ
tĞůĚŝŶŐ DƵůĂŝ ŝĂŵĞƚĞƌ :ĞŶŝƐĂŚĂŶ <ĂƉĂƐŝƚĂƐ
>ŝŶĞ WƌŽĐĞƐƐ ĞƌŽƉĞƌĂƐŝ dŝƉĞWƌŽĚƵŬ ;ŝŶĐŝͿ ĂŬƵ ;ƚŽŶͬďƵůĂŶͿ
>ŝŶĞZϭ Zt ϮϬϬϯ WĞƌĂďŽƚ͕WŝƉĂ,ŝƚĂŵ WϭͬϮ–WϮ Z͕,Z ϭ͘ϲϬϬ
>ŝŶĞZϮ Zt ϭϵϴϲ WĞƌĂďŽƚ͕WŝƉĂ,ŝƚĂŵ WϮϭͬϮ–Wϱ Z͕,Z ϯ͘ϳϱϬ
>ŝŶĞZϰ Zt ϭϵϴϴ WĞƌĂďŽƚ͕WŝƉĂ,ŝƚĂŵ Wϯͬϴ–WϮ Z͕,Z Ϯ͘ϬϬϬ
>ŝŶĞZϱ Zt ϭϵϴϮ WŝƉĂ,ŝƚĂŵ Wϯ–Wϴ ,Z ϯ͘ϳϬϬ
ĞƌŝŬƵƚĂĚĂůĂŚũĂŵƉƌŽĚƵŬƐŝĚĂŶŬĂƉĂƐŝƚĂƐƚĞƌƉĂƐĂŶŐĚĂƌŝŵĞƐŝŶƉƌŽĚƵŬƐŝĚŝhŶŝƚϭ͗
dĂďĞů:ĂŵWƌŽĚƵŬƐŝͬƚĂŚƵŶ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ ϮϬϮϱ ϮϬϮϰ
>ŝŶĞZϭ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞZϮ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞZϰ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞZϱ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
dĂďĞůhƚŝůŝƐĂƐŝͬ<ĂƉĂƐŝƚĂƐdĞƌƉĂŬĂŝ;йͿ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ ϮϬϮϱ ϮϬϮϰ
>ŝŶĞZϭ ϱ͘ϬϬϵ ϰ͘ϱϯϰ
>ŝŶĞZϮ ϱ͘ϱϭϰ ϲ͘ϭϭϯ
>ŝŶĞZϰ ϰ͘ϳϳϵ ϰ͘ϯϭϰ
>ŝŶĞZϱ ϭ͘ϲϰϮ Ϯ͘ϴϱϬ
hŶŝƚϮ͗ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ//ŶŽ͘ϭϬ^ƵƌĂďĂLJĂ;ĚŝŬĂǁĂƐĂŶŝŶĚƵƐƚƌLJ^/ ZͿ
hŶŝƚϮĂĚĂůĂŚƚĞƌŵĂƐƵŬƉĂďƌŝŬŬĞĚƵĂWĞƌƐĞƌŽĂŶLJĂŶŐƐĞďĞůƵŵŶLJĂĚŝŵŝůŝŬŝŽůĞŚWdZĂĚũŝŶƐĞďĞůƵŵŵĞƌŐĞƌ
ĚĞŶŐĂŶ^ƉŝŶĚŽ͘hŶŝƚϮŵƵůĂŝďĞƌƉƌŽĚƵŬƐŝƐĞũĂŬƚĂŚƵŶϭϵϴϮ͘hŶŝƚϮĂĚĂůĂŚƉĂďƌŝŬĚĞŶŐĂŶůƵĂƐƚĞƌŬĞĐŝůLJĂŶŐ
ĚŝŵŝůŝŬŝŽůĞŚWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŚĂŶLJĂůƵĂƐĂƌĞĂƐĞďĞƐĂƌϭ͕ϱŚĂLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝŬĂŶƚŽƌƐĞůƵĂƐϮϰϬŵ Ϯ͕ϴ͘ϴϮϬ
ŵϮĂƌĞĂƉĂďƌŝŬĚĂŶϱϴϴŵϮĂƌĞĂŽƉĞŶƐƚŽƌĂŐĞ͕ƉŽƐũĂŐĂ͕ďĞŶŐŬĞů͕ƉĂŶĞůůŝƐƚƌŝŬ͕ŬĂŶƚŝŶ͕ĚĂŶůĂŝŶͲůĂŶ͘hŶŝƚϮ
ĚŝůĞŶŐŬĂƉŝĚĞŶŐĂŶϮŵĞƐŝŶƉƌŽĚƵŬƐŝƉŝƉĂ ZtĚĂŶϱŵĞƐŝŶd/'ĚĞŶŐĂŶŬĂƉĂƐŝƚĂƐ ŵŝůůŝŶŐŵĂƐŝŶŐͲŵĂƐŝŶŐ
ƐĞďĞƐĂƌϯ͘ϬϬϬŵƚͬďƵůĂŶ͕ϯϱϬŵƚͬďƵůĂŶ͘hŶŝƚϮũƵŐĂŵĞŵŝůŝŬŝĨĂƐŝůŝƚĂƐƵŶƚƵŬd>^ŚĞĂƌŝŶŐĚĂŶ^ůŝƚƚŝŶŐĚĞŶŐĂŶ
ŬĂƉĂƐŝƚĂƐŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞďĞƐĂƌϯ͘ϬϬϬŵƚͬďƵůĂŶĚĂŶϴ͘ϬϬϬŵƚͬďƵůĂŶ
ĞƌŝŬƵƚĂĚĂůĂŚŵĞƐŝŶƉƌŽĚƵŬƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚƵŶŝƚϮ
tĞůĚŝŶŐ DƵůĂŝ ŝĂŵĞƚĞƌ <ĂƉĂƐŝƚĂƐ
>ŝŶĞ WƌŽĐĞƐƐ ĞƌŽƉĞƌĂƐŝ dŝƉĞWƌŽĚƵŬ ;ŝŶĐŝͿ :ĞŶŝƐĂŚĂŶĂŬƵ ;ƚŽŶͬďƵůĂŶͿ
>ŝŶĞZϵ Zt ϭϵϵϱ WŝƉĂWĞƌĂďŽƚ͕WŝƉĂŚŝƚĂŵ WϭͲWϯ Z͕,Z ϯ͘ϬϬϬ
>ŝŶĞ^^ϭ d/' ϭϵϴϵ /ŶĚƵƐƚƌŝĂů͕WŝƉĂKƌŶĂŵĞŶƚĂů /ŶĚϭЪͲ/ŶĚϰ ^^Z͕^^,Z ϭϴϬ
>ŝŶĞ^^Ϯ d/' ϭϵϴϵ /ŶĚƵƐƚƌŝĂů͕WŝƉĂKƌŶĂŵĞŶƚĂů /ŶĚЪͲ/ŶĚϭЪ ^^Z͕^^,Z ϳϬ
>ŝŶĞ^^ϯ d/' ϭϵϵϰ WŝƉĂKƌŶĂŵĞŶƚĂů KƌŶЪͲKƌŶϭЪ ^^Z ϯϬ
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tĞůĚŝŶŐ DƵůĂŝ ŝĂŵĞƚĞƌ <ĂƉĂƐŝƚĂƐ
>ŝŶĞ WƌŽĐĞƐƐ ĞƌŽƉĞƌĂƐŝ dŝƉĞWƌŽĚƵŬ ;ŝŶĐŝͿ :ĞŶŝƐĂŚĂŶĂŬƵ ;ƚŽŶͬďƵůĂŶͿ
>ŝŶĞ^^ϰ d/' ϭϵϵϰ WŝƉĂKƌŶĂŵĞŶƚĂů KƌŶЪͲKƌŶϭЬ ^^Z ϮϬ
>ŝŶĞ^^ϱ d/' ϭϵϵϳ /ŶĚƵƐƚƌŝĂů͕WŝƉĂKƌŶĂŵĞŶƚĂů /ŶĚЬͲKƌŶϮ ^^Z͕^^,Z ϱϬ
>ŝŶĞ^^ϲ d/' ϮϬϮϮ /ŶĚƵƐƚƌŝĂů͕WŝƉĂKƌŶĂŵĞŶƚĂů /ŶĚϰͲ/ŶĚϴ ^^,Z ϰϯϬ
>ŝŶĞ^^ϳ d/' ϮϬϮϯ /ŶĚƵƐƚƌŝĂů͕WŝƉĂKƌŶĂŵĞŶƚĂů /ŶĚϭЪͲ/ŶĚϮ ^^Z͕^^,Z ϭϲϬ
>ŝŶĞ^^ϴ d/' ϮϬϮϱ /ŶĚƵƐƚƌŝĂů͕WŝƉĂKƌŶĂŵĞŶƚĂů /ŶĚЪͲ/ŶĚϭЪ ^^Z͕^^,Z ϭϲϬ
ĞƌŝŬƵƚĂĚĂůĂŚũĂŵƉƌŽĚƵŬƐŝĚĂŶŬĂƉĂƐŝƚĂƐƚĞƌƉĂƐĂŶŐĚĂƌŝŵĞƐŝŶƉƌŽĚƵŬƐŝĚŝhŶŝƚϮ͗
dĂďĞů:ĂŵWƌŽĚƵŬƐŝͬƚĂŚƵŶ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ ϮϬϮϱ ϮϬϮϰ
>ŝŶĞZϵ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞ^^ϭ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞ^^Ϯ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞ^^ϯ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞ^^ϰ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞ^^ϱ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞ^^ϲ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞ^^ϳ ϴ͘ϭϳϰ ϯ͘ϰϬϲ
>ŝŶĞ^^ϴ ϰ͘ϭϳϭ
dĂďĞůhƚŝůŝƐĂƐŝͬ<ĂƉĂƐŝƚĂƐdĞƌƉĂŬĂŝ;йͿ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ ϮϬϮϱ ϮϬϮϰ
>ŝŶĞZϵ ϰ͘ϵϬϯ ϱ͘ϰϴϲ
>ŝŶĞ^^ϭ ϰ͘ϵϲϭ ϱ͘ϱϰϰ
>ŝŶĞ^^Ϯ ϲ͘Ϭϵϲ ϲ͘Ϯϲϴ
>ŝŶĞ^^ϯ ϲ͘ϭϵϰ ϱ͘ϳϮϳ
>ŝŶĞ^^ϰ Ϯ͘ϱϲϮ ϯ͘Ϯϳϵ
>ŝŶĞ^^ϱ ϯ͘Ϯϰϯ ϲ͘ϰϵϰ
>ŝŶĞ^^ϲ ϲ͘Ϯϭϭ ϱ͘ϱϮϴ
>ŝŶĞ^^ϳ ϲ͘ϱϯϲ ϱ͘ϳϬϬ
>ŝŶĞ^^ϴ ϲ͘ϴϭϮ Ͳ
hŶŝƚϯ͗Ɛ͘tĂƌƵŐƵŶƵŶŐ–<ĞĐ<ĂƌĂŶŐƉŝůĂŶŐ͕^ƵƌĂďĂLJĂ
hŶŝƚϯƚĞƌŵĂƐƵŬƐĂůĂŚƐĂƚƵƉĂďƌŝŬƚĞƌƚƵĂWĞƌƐĞƌŽĂŶLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚ^ƉŝŶĚŽƐĞďĞůƵŵďĞƌŐĂďƵŶŐĚĞŶŐĂŶ
WdZĂĚũŝŶ͘hŶŝƚϯŵƵůĂŝďĞƌƉƌŽĚƵŬƐŝƐĞũĂŬƚĂŚƵŶϭϵϳϮ͘hŶŝƚϯŵĞŵŝůŝŬŝůƵĂƐĂƌĞĂƐĞďĞƐĂƌϯŚĞŬƚĂƌLJĂŶŐƚĞƌĚŝƌŝ
ĂƌĞĂŬĂŶƚŽƌƐĞůƵĂƐϭ͘ϲϯϲŵϮ͕ĂƌĞĂƉĂďƌŝŬƐĞůƵĂƐϭϳ͘ϱϯϲŵϮĚĂŶϭϬ͘ϲϮϲŵϮĂƌĞĂŽƉĞŶƐƚŽƌĂŐĞ͕ĂƌĞĂŬĂŶƚŝŶ͕
ƉŽƐũĂŐĂ͕ďĞŶŐŬĞů͕ƉĂŶĞůůŝƐƚƌŝŬ͕ĚĂŶůĂŝŶůĂŝŶ͘&ĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝƉĂďƌŝŬŝŶŝĚŝůĞŶŐŬĂƉŝĚĞŶŐĂŶϯƵŶŝƚŵĞƐŝŶ
ƉƌŽĚƵŬƐŝƵŶƚƵŬƉĞŵďƵĂƚĂŶƉƌŽĚƵŬ ZtƐƚĞĞůƉŝƉĞĚĞŶŐĂŶƚŽƚĂůŬĂƉĂƐŝƚĂƐϳ͘ϮϬϬŵƚͬďƵůĂŶ͘hŶŝƚŝŶŝĂĚĂůĂŚ
ƉĂďƌŝŬLJĂŶŐŵĞŵŝůŝŬŝůŝƐĞŶƐŝƵŶƚƵŬƉĞŵďƵĂƚĂŶƉŝƉĂŚŝƚĂŵďĞƌƐĞƌƚŝĨŝŬĂƚW/;ŵĞƌŝĐĂŶWĞƚƌŽůĞƵŵ/ŶƐƚŝƚƵƚĞͿ͘
WƌŽĚƵŬ LJĂŶŐ ƚĞůĂŚ ŵĞŵƉƵŶLJĂŝ ƐĞƌƚŝŬĂƚ W/ ďĞƌĂƌƚŝ ƉƌŽĚƵŬ ƚĞƌƐĞďƵƚ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ƐƚĂŶĚĂƌĚ LJĂŶŐ
ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ƉĞƌƵƐĂŚĂĂŶ ŵŝŶLJĂŬ͕ ĚŝŵĂŶĂ ƉƌŽĚƵŬ ƚĞƌƐĞďƵƚ ĚĂƉĂƚ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ƉŝƉĂ ƉĞŶLJĂůƵƌĂŶ
ŵŝŶLJĂŬ͘ hŶŝƚ ϯ ũƵŐĂ ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ ũĞŶŝƐ ; ZtͿ ŶŽŶ W/ LJĂŶŐ ĚŝũƵĂů ƵŶƚƵŬ ŬĞŐƵŶĂĂŶ ůĂŝŶ͘ ^ĞůĂŝŶ
ŵĞŵƉƌŽĚƵŬƐŝƉƌŽĚƵŬ ZtƵŶŝƚŝŶŝũƵŐĂŵĞŶLJĞĚŝĂŬĂŶũĂƐĂŐĂůǀŝŶŝnjŝŶŐ͕ƐůŝƚƚŝŶŐĚĂŶƐĐĂĨĨŽůĚŝŶŐ͘
ĞƌŝŬƵƚĂĚĂůĂŚŵĞƐŝŶƉƌŽĚƵŬƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚƵŶŝƚϯ͗
tĞůĚŝŶŐ DƵůĂŝ ŝĂŵĞƚĞƌ :ĞŶŝƐĂŚĂŶ <ĂƉĂƐŝƚĂƐ
>ŝŶĞ dŝƉĞWƌŽĚƵŬ
WƌŽĐĞƐƐ ĞƌŽƉĞƌĂƐŝ ;ŝŶĐŝͿ ĂŬƵ ;ƚŽŶͬďƵůĂŶͿ
>ŝŶĞϯϬϭ Zt ϭϵϳϮ WŝƉĂ,ŝƚĂŵ ½” –1 ¼” ,Z ϭ͘ϳϬϬ
>ŝŶĞϯϬϮ Zt ϭϵϴϬ WŝƉĂ,ŝƚĂŵ 1 ½” –4” ,Z ϯ͘ϬϬϬ
>ŝŶĞϯϬϯ Zt ϭϵϵϲ WŝƉĂ,ŝƚĂŵ 3” Ͳ8” ,Z ϱ͘ϬϬϬ
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ĞƌŝŬƵƚĂĚĂůĂŚũĂŵƉƌŽĚƵŬƐŝĚĂŶŬĂƉĂƐŝƚĂƐƚĞƌƉĂƐĂŶŐĚĂƌŝŵĞƐŝŶƉƌŽĚƵŬƐŝĚŝhŶŝƚϯ͗
dĂďĞů:ĂŵWƌŽĚƵŬƐŝͬƚĂŚƵŶ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ
ϮϬϮϱ ϮϬϮϰ
>ŝŶĞϯϬϭ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞϯϬϮ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞϯϬϯ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
dĂďĞůhƚŝůŝƐĂƐŝͬ<ĂƉĂƐŝƚĂƐdĞƌƉĂŬĂŝ;йͿ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ
ϮϬϮϱ ϮϬϮϰ
>ŝŶĞϯϬϭ Ϯ͘ϯϭϵ Ϯ͘ϵϱϯ
>ŝŶĞϯϬϮ Ϯ͘Ϭϲϭ ϯ͘ϬϯϬ
>ŝŶĞϯϬϯ ϱ͘ϭϴϰ ϱ͘ϱϲϮ
hŶŝƚϰ͗:ů͘<ĂďƵƉĂƚĞŶ͕Ɛ͘ĂŶŐŬƌŝŶŐŵĂůĂŶŐ͕ĞũŝWĂƐƵƌƵĂŶ
hŶŝƚϰĂĚĂůĂŚƉĂďƌŝŬWĞƌƐĞƌŽĂŶĚĞŶŐĂŶůƵĂƐĂƌĞĂƚĞƌďĞƐĂƌLJĂŝƚƵƐĞůƵĂƐϭϰ͕ϱŚĂLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝĂƌĞĂŬĂŶƚŽƌ
ƐĞůƵĂƐϮϬϬŵϮ͕ĂƌĞĂƉĂďƌŝŬƐĞůƵĂƐϯϭ͘ϴϬϬŵϮĚĂŶϭϭϭ͘ϮϱϳŵϮĂƌĞĂďĂŶŐƵŶĂŶůĂďŽƌĂƚŽƌŝƵŵ͕ŬĂŶƚŝŶ͕ďĞŶŐŬĞů͕
ĚĂŶůĂŝŶůĂŝŶ͘&ĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝƉĂďƌŝŬĚŝůĞŶŐŬĂƉŝĚĞŶŐĂŶϰ;ĞŵƉĂƚͿŵĞƐŝŶƉƌŽĚƵŬƐŝƵŶƚƵŬƉĞŵďƵĂƚĂŶƉƌŽĚƵŬ
ƐƉŝƌĂů ǁĞĞůĚĞĚ ƐƚĞĞů ƉŝƉĞ ĚĞŶŐĂŶ ƚŽƚĂů ŬĂƉĂƐŝƚĂƐ ϭϱ͘ϬϬϬ ŵƚͬďƵůĂŶ͘ hŶŝƚ ŝŶŝ ũƵŐĂ ĚŝůĞŶŐŬĂƉŝ ĚĞŶŐĂŶ
ůĂďŽƌĂƚŽƌŝƵŵƵŶƚƵŬƉĞŶŐƵũŝĂŶŬƵĂůŝƚĂƐƉƌŽĚƵŬĂŬŚŝƌ͘WĂďƌŝŬŝŶŝũƵŐĂŵĞŵŝůŝŬŝĨĂƐŝůŝƚĂƐƵŶƚƵŬũĂƐĂĐŽĂƚŝŶŐLJĂŝƚƵ
ũĂƐĂϯůĂLJĞƌƐĐŽĂƚŝŶŐ͘
ĞƌŝŬƵƚĂĚĂůĂŚŵĞƐŝŶƉƌŽĚƵŬƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚƵŶŝƚϰ͗
tĞůĚŝŶŐ DƵůĂŝ ŝĂŵĞƚĞƌ <ĂƉĂƐŝƚĂƐ
>ŝŶĞ dŝƉĞWƌŽĚƵŬ :ĞŶŝƐĂŚĂŶĂŬƵ
WƌŽĐĞƐƐ ĞƌŽƉĞƌĂƐŝ ;ŝŶĐŝͿ ;ƚŽŶͬďƵůĂŶͿ
>ŝŶĞϭ ^t ϭϵϵϮ ^ƉŝƌĂůǁĞůĚĞĚƐƚĞĞů ϴ–ϳϮ ^^ϰϬϬ͕W/͕^ϯϱϱ:Z Ϯ͘ϬϬϬ
>ŝŶĞϮ ^t ϭϵϵϲ ^ƉŝƌĂůǁĞůĚĞĚƐƚĞĞů ϲ–ϭϮϬ ^^ϰϬϬ͕W/͕^ϯϱϱ:Z ϰ͘ϬϬϬ
>ŝŶĞϯ ^t ϭϵϵϳ ^ƉŝƌĂůǁĞůĚĞĚƐƚĞĞů ϲ–ϭϮϬ ^^ϰϬϬ͕W/͕^ϯϱϱ:Z ϰ͘ϬϬϬ
>ŝŶĞϰ ^t ϮϬϬϵ ^ƉŝƌĂůǁĞůĚĞĚƐƚĞĞů Ϯϰ–ϮϬ ^^ϰϬϬ͕W/͕^ϯϱϱ:Z ϱ͘ϬϬϬ
ĞƌŝŬƵƚĂĚĂůĂŚũĂŵƉƌŽĚƵŬƐŝĚĂŶŬĂƉĂƐŝƚĂƐƚĞƌƉĂƐĂŶŐĚĂƌŝŵĞƐŝŶƉƌŽĚƵŬƐŝĚŝhŶŝƚϰ͗
dĂďĞů:ĂŵWƌŽĚƵŬƐŝͬƚĂŚƵŶ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ
ϮϬϮϱ ϮϬϮϰ
>ŝŶĞϰϬϭ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞϰϬϮ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞϰϬϯ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞϰϬϰ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
dĂďĞůhƚŝůŝƐĂƐŝͬ<ĂƉĂƐŝƚĂƐdĞƌƉĂŬĂŝ;йͿ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ
ϮϬϮϱ ϮϬϮϰ
>ŝŶĞϰϬϭ ϯ͘ϲϳϰ ϱ͘ϴϱϬ
>ŝŶĞϰϬϮ ϱ͘ϱϲϬ ϱ͘ϳϴϵ
>ŝŶĞϰϬϯ ϰ͘ϱϵϬ ϱ͘ϴϯϳ
>ŝŶĞϰϬϰ ϱ͘ϲϴϵ ϱ͘ϵϯϬ
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hŶŝƚϱ͗:ů͘DŝƚƌĂZĂLJĂůŽŬ&Ϯ͕WĂƌƵŶŐŵƵůLJĂ͕<ĂƌĂǁĂŶŐͲ:ĂǁĂĂƌĂƚ;Ěŝ<ĂǁĂƐĂŶ/ŶĚƐƵƚƌŝDŝƚƌĂ<ĂƌĂǁĂŶŐͿ
hŶŝƚϱĂĚĂůĂŚƉĂďƌŝŬŵŝůŝŬWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌĚŝƌŝĚŝƚĂŚƵŶϮϬϬϰĚĞŶŐĂŶƉƌŽĚƵŬƐŝĚĂŶƉĞŶŐŝƌŝŵĂŶƉĞƌƚĂŵĂ
ĚŝĂǁĂůƚĂŚƵŶϮϬϬϱ͘hŶŝƚϱŵĞŵŝůŝŬŝůƵĂƐĂƌĞĂƐĞďĞƐĂƌϱŚĞŬƚĂƌLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝϮ͘ϰϬϬŵϮĂƌĞĂŬĂŶƚŽƌ͕ϭϰ͘ϭϲϰ
ŵϮĂƌĞĂƉĂďƌŝŬĚĂŶ Ϯ͘ϳϯϮŵϮŽƉĞŶƐƚŽƌĂŐĞ͕ƉŽƐũĂŐĂ͕ďĞŶŐŬĞů͕ƉĂŶĞůůŝƐƚƌŝŬ͕ŬĂŶƚŝŶĚĂŶůĂŝŶͲůĂŝŶ͘&ĂƐŝůŝƚĂƐ
ƉƌŽĚƵŬƐŝĚŝƵŶŝƚϱĚŝůĞŶŐŬĂƉŝĚĞŶŐĂŶϵŵĞƐŝŶƉƌŽĚƵŬƐŝ Zt^ƚĞĞůWŝƉĞ͘dŽƚĂůĚĂƌŝŬĂƉĂƐŝƚĂƐŵĞƐŝŶƉƌŽĚƵŬƐŝ
ĚŝƵŶŝƚϱĂĚĂůĂŚƐĞďĂŶLJĂŬϭϯ͘ϳϬϬŵƚͬďƵůĂŶ͘WƌŽĚƵŬĂŬŚŝƌLJĂŶŐĚŝŚĂƐŝůŬĂŶŽůĞŚƵŶŝƚϱĂĚĂůĂŚƉŝƉĂŵĞŬĂŶŝƐ
ƵŶƚƵŬĂƵƚŽŵŽƚŝĨĚĂŶƐŝƐĂŶLJĂĂĚĂůĂŚƉŝƉĂƉĞƌĂďŽƚ͘
ĞƌŝŬƵƚĂĚĂůĂŚŵĞƐŝŶƉƌŽĚƵŬƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚƵŶŝƚϱ
tĞůĚŝŶŐ DƵůĂŝ ŝĂŵĞƚĞƌ :ĞŶŝƐĂŚĂŶ <ĂƉĂƐŝƚĂƐ
>ŝŶĞ WƌŽĐĞƐƐ ĞƌŽƉĞƌĂƐŝ dŝƉĞWƌŽĚƵŬ ;ŵŵͿ ĂŬƵ ;ƚŽŶͬďƵůĂŶͿ
>ŝŶĞϱϬϭ Zt ϮϬϬϱ DĞĐŚĂŶŝĐĂůdƵďĞ ϭϵ͕ϭͲϱϬ͕ϴ Z͕,Z͕,ZWK ϭ͘ϰϬϬ
>ŝŶĞϱϬϮ Zt ϮϬϬϱ DĞĐŚĂŶŝĐĂůdƵďĞ ϭϱ͕ϵͲϰϴ͕Ϭ Z͕,Z͕,ZWK ϴϬϬ
>ŝŶĞϱϬϯ Zt ϮϬϬϱ DĞĐŚĂŶŝĐĂůdƵďĞ ϵ͕ϱͲϭϵ͕ϭ Z ϱϬϬ
>ŝŶĞϱϬϰ Zt ϮϬϬϳ DĞĐŚĂŶŝĐĂůdƵďĞ Ϯϭ͕ϯͲϭϭϰ͕Ϭ Z͕,Z͕,ZWK ϭ͘ϱϬϬ
>ŝŶĞϱϬϱ Zt ϮϬϬϴ DĞĐŚĂŶŝĐĂůdƵďĞ ϮϮ͕ϮͲϲϬ͕ϱ Z͕^h^ ϴϬϬ
>ŝŶĞϱϬϲ Zt ϮϬϭϯ DĞĐŚĂŶŝĐĂůdƵďĞ ϵ͕ϱͲϭϵ͕ϭ Z ϱϬϬ
>ŝŶĞϱϬϳ Zt ϮϬϭϰ DĞĐŚĂŶŝĐĂůdƵďĞ ϮϮ͕ϮͲϲϬ͕ϱ Z͕,Z͕,ZWK ϭ͘ϰϬϬ
>ŝŶĞϱϬϴ Zt ϮϬϭϰ DĞĐŚĂŶŝĐĂůdƵďĞ Ϯϱ͕ϰͲϴϴ͕ϵ Z͕,Z͕,ZWK ϭ͘ϴϬϬ
>ŝŶĞϱϬϵ Zt ϮϬϭϱ DĞĐŚĂŶŝĐĂůdƵďĞ Ϯϭ͕ϯͲϴϬ͕Ϭ Z͕,Z͕,ZWK ϱ͘ϬϬϬ
ĞƌŝŬƵƚĂĚĂůĂŚũĂŵƉƌŽĚƵŬƐŝĚĂŶŬĂƉĂƐŝƚĂƐƚĞƌƉĂƐĂŶŐĚĂƌŝŵĞƐŝŶƉƌŽĚƵŬƐŝĚŝhŶŝƚϱ͗
dĂďĞů:ĂŵWƌŽĚƵŬƐŝͬƚĂŚƵŶ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ
ϮϬϮϱ ϮϬϮϰ
>ŝŶĞϱϬϭ ϲ͘ϵϵϯ ϲ͘ϵϵϯ
>ŝŶĞϱϬϮ ϲ͘ϵϵϯ ϲ͘ϵϵϯ
>ŝŶĞϱϬϯ ϲ͘ϵϵϯ ϲ͘ϵϵϯ
>ŝŶĞϱϬϰ ϲ͘ϵϵϯ ϲ͘ϵϵϯ
>ŝŶĞϱϬϱ ϲ͘ϵϵϯ ϲ͘ϵϵϯ
>ŝŶĞϱϬϲ ϲ͘ϵϵϯ ϲ͘ϵϵϯ
>ŝŶĞϱϬϳ ϲ͘ϵϵϯ ϲ͘ϵϵϯ
>ŝŶĞϱϬϴ ϲ͘ϵϵϯ ϲ͘ϵϵϯ
>ŝŶĞϱϬϵ ϲ͘ϵϵϯ ϲ͘ϵϵϯ
dĂďĞůhƚŝůŝƐĂƐŝͬ<ĂƉĂƐŝƚĂƐdĞƌƉĂŬĂŝ;йͿ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ
ϮϬϮϱ ϮϬϮϰ
>ŝŶĞϱϬϭ ϲ͘ϵϵϯ ϱ͘ϴϬϱ
>ŝŶĞϱϬϮ ϲ͘ϵϵϯ ϱ͘ϯϭϭ
>ŝŶĞϱϬϯ ϲ͘ϵϵϯ Ϯ͘ϯϮϯ
>ŝŶĞϱϬϰ ϲ͘ϵϵϯ ϯ͘ϵϲϲ
>ŝŶĞϱϬϱ ϲ͘ϵϵϯ ϱ͘ϲϳϭ
>ŝŶĞϱϬϲ ϲ͘ϵϵϯ Ϯ͘ϮϰϬ
>ŝŶĞϱϬϳ ϲ͘ϵϵϯ ϲ͘ϬϵϬ
>ŝŶĞϱϬϴ ϲ͘ϵϵϯ ϰ͘ϮϵϮ
>ŝŶĞϱϬϵ ϲ͘ϵϵϯ ϱ͘ϯϰϲ
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hŶŝƚϲ͗:ů͘WĂŚůĂǁĂŶϭϬ͕ĞŵĞŶŐŬĂůĂŶŐ͕^ŝĚŽĂƌũŽ͕:ĂǁĂdŝŵƵƌ
hŶŝƚϲĂĚĂůĂŚƉĂďƌŝŬŵŝůŝŬWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌĚŝƌŝĚŝƚĂŚƵŶϮϬϭϰ͘
ĞƌŝŬƵƚĂĚĂůĂŚŵĞƐŝŶƉƌŽĚƵŬƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚƵŶŝƚϲ͗
tĞůĚŝŶŐ DƵůĂŝ ŝĂŵĞƚĞƌ :ĞŶŝƐĂŚĂŶ <ĂƉĂƐŝƚĂƐ
>ŝŶĞ WƌŽĐĞƐƐ ĞƌŽƉĞƌĂƐŝ dŝƉĞWƌŽĚƵŬ ;ŝŶĐŝͿ ĂŬƵ ;ƚŽŶͬďƵůĂŶͿ
WŝƉĂWĞƌĂďŽƚ͕WŝƉĂ
>ŝŶĞZϭϬ Zt ϭϵϵϳ ŚŝƚĂŵ͕ƉŝƉĂ'/ &Wϯͬϴ–&WϭЪ Z͕,Z͕'/ ϰϰϬ
>ŝŶĞZϳ Zt ϭϵϵϰ WŝƉĂWĞƌĂďŽƚ &Wϯͬϴ–&Wϭ Z ϮϲϬ
WŝƉĂWĞƌĂďŽƚ͕WŝƉĂ
>ŝŶĞZϴ Zt ϭϵϵϱ ŚŝƚĂŵ͕W/ƉĂ'/ &Wϱͬϴ–&WϮЪ Z͕,Z͕'/ ϲϬϬ
WŝƉĂWĞƌĂďŽƚ͕WŝƉĂ
>ŝŶĞϭ Zt ϮϬϭϰ ŚŝƚĂŵ͘WŝƉĂ'/ &WвͲ&WϮЪ Z͕,Z͕'/ ϭ͘ϳϬϬ
WŝƉĂWĞƌĂďŽƚ͕WŝƉĂ
>ŝŶĞϮ Zt ϮϬϭϰ ŚŝƚĂŵ͕WŝƉĂ'/ &WвͲ&WϮЪ Z͕,Z͕'/ ϭ͘ϳϬϬ
WŝƉĂWĞƌĂďŽƚ͕WŝƉĂ
>ŝŶĞϯ Zt ϮϬϭϰ ŚŝƚĂŵ͕WŝƉĂ'/ WвͲWϮЪ ,Z͕'/ ϭ͘ϳϬϬ
>ŝŶĞϰ Zt ϮϬϭϱ WŝƉĂWĞƌĂďŽƚ &WϯͬϴͲ&Wϭ Z͕'/ ϮϰϬ
WŝƉĂWĞƌĂďŽƚ͕WŝƉĂ
>ŝŶĞϱ Zt ϮϬϭϱ '/ &WЪͲ&Wϭв Z͕'/ ϭ͘ϯϬϬ
WŝƉĂWĞƌĂďŽƚ͕WŝƉĂ
>ŝŶĞϲ Zt ϮϬϭϱ '/ &WЪͲ&Wϭв Z͕'/ ϭ͘ϯϬϬ
ĞƌŝŬƵƚĂĚĂůĂŚũĂŵƉƌŽĚƵŬƐŝĚĂŶŬĂƉĂƐŝƚĂƐƚĞƌƉĂƐĂŶŐĚĂƌŝŵĞƐŝŶƉƌŽĚƵŬƐŝĚŝhŶŝƚϲ͗
dĂďĞů:ĂŵWƌŽĚƵŬƐŝͬƚĂŚƵŶ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ
ϮϬϮϱ ϮϬϮϰ
>ŝŶĞϭ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞϮ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞϯ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞϰ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞϱ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞϲ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞZϳ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞZϴ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
>ŝŶĞZϭϬ ϴ͘ϭϳϰ ϴ͘ϭϳϰ
dĂďĞůhƚŝůŝƐĂƐŝͬ<ĂƉĂƐŝƚĂƐdĞƌƉĂŬĂŝ;йͿ
ϯϭĞƐĞŵďĞƌ
>ŝŶĞ
ϮϬϮϱ ϮϬϮϰ
>ŝŶĞϭ ϱ͘ϱϭϵ ϱ͘ϳϲϴ
>ŝŶĞϮ ϱ͘ϱϴϰ ϱ͘ϳϮϮ
>ŝŶĞϯ ϯ͘ϴϭϰ ϯ͘ϯϯϬ
>ŝŶĞϰ ϱ͘ϭϱϮ ϱ͘ϱϴϬ
>ŝŶĞϱ ϴϭϯ ϭ͘ϲϲϮ
>ŝŶĞϲ ϰ͘ϵϮϱ ϱ͘ϯϬϭ
>ŝŶĞZϳ ϰ͘ϰϱϮ ϱ͘ϱϵϮ
>ŝŶĞZϴ ϰ͘ϴϵϮ ϱ͘ϰϮϴ
>ŝŶĞZϭϬ ϰ͘ϰϳϳ ϰ͘ϮϮϲ
hŶŝƚϳ͗:ů͘ZĂLJĂĂĞŶĚĞůƐ<Dϰϵ͕ĞƐĂtĂĚĞŶŐ͕<ĞĐĂŵĂƚĂŶ^ŝĚĂLJƵ͕<ĂďƵƉĂƚĞŶ'ƌĞƐŝŬ͕:Ăƚŝŵ
hŶŝƚϳĂĚĂůĂŚƉĂďƌŝŬŵŝůŝŬWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌĂĚĂĚĂůĂŵƉƌŽƐĞƐƉĞŵďĂŶŐƵŶĂŶƐĞũĂŬϮϬϮϯ͘hŶŝƚϳŵĞŵŝůŝŬŝ
ůƵĂƐĂƌĞĂƐĞďĞƐĂƌϴϬŚĞŬƚĂƌLJĂŶŐƚĞƌĚŝƌŝĂƌĞĂŬĂŶƚŽƌƐĞůƵĂƐϭϮ͘ϬϬϬŵϮ͕ĂƌĞĂƉĂďƌŝŬƐĞůƵĂƐϯϬϭ͘ϴϮϰŵϮ͕ĚĂŶ
ϰϵϴ͘ϭϳϲ ŵϮ ĂƌĞĂ ŽƉĞŶ ƐƚŽƌĂŐĞ͕ ĂƌĞĂ ŬĂŶƚŝŶ͕ ƉŽƐ ũĂŐĂ͕ ďĞŶŐŬĞů͕ ƉĂŶĞů ůŝƐƚƌŝŬ͕ ĚĂŶ ůĂŝŶ ůĂŝŶ͘ ^ĂĂƚ ŝŶŝ͕ ĂƌĞĂ
ŐƵĚĂŶŐ ƐĞůƵĂƐ ϭ ŚĞŬƚĂƌ ƐƵĚĂŚ ďĞƌŽƉĞƌĂƐŝŽŶĂů ƐĞũĂŬ ϮϬϮϰ͘ &ĂƐŝůŝƚĂƐ ƉƌŽĚƵŬƐŝ ĂŬĂŶ ĚŝůĞŶŐŬĂƉŝ ŽůĞŚ ŵĞƐŝŶ
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ďĞƌĚŝĂŵĞƚĞƌϯ–ϴŝŶĐŝLJĂŶŐƐĂĂƚŝŶŝĚĂůĂŵƉƌŽƐĞƐƉĞŵĂƐĂŶŐĂŶ͘WƌŽĚƵŬĂŬŚŝƌLJĂŶŐĚŝŚĂƐŝůŬĂŶŽůĞŚƵŶŝƚϳ
ĂĚĂůĂŚƉŝƉĂũĞŶŝƐ ZtW/ĚĂŶŶŽŶͲW/͘
ĞƌŝŬƵƚĂĚĂůĂŚŵĞƐŝŶƉƌŽĚƵŬƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚƵŶŝƚϳ
tĞůĚŝŶŐ DƵůĂŝ ŝĂŵĞƚĞƌ :ĞŶŝƐĂŚĂŶ <ĂƉĂƐŝƚĂƐ
>ŝŶĞ WƌŽĐĞƐƐ ĞƌŽƉĞƌĂƐŝ dŝƉĞWƌŽĚƵŬ ;ŝŶĐŝͿ ĂŬƵ ;ƚŽŶͬďƵůĂŶͿ
DĞƐŝŶϭ Zt ϮϬϮϲ WŝƉĂ,ŝƚĂŵ ϯ–ϴ Z͕,Z ϮϮ͘ϮϳϮ
ZĞŶĐĂŶĂ ŬƐƉĂŶƐŝ&ĂƐŝůŝƚĂƐ>ĂŵĂĚŝϮϬϮϲ
ŝďĂǁĂŚŝŶŝŵĞƌƵƉĂŬĂŶƌĞŶĐĂŶĂWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶŝŶŐŬĂƚŬĂŶŬĂƉĂƐŝƚĂƐĚĂƌŝϳ;ƚƵũƵŚͿĨĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝ
LJĂŶŐĂĚĂƐĂĂƚŝŶŝ͕LJĂŝƚƵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
hŶŝƚϭ͗
ϭ͘ WĞŶŐĂĚĂĂŶƌŽůůŵĞƐŝŶZϭ;Ϯϲ͘ϳŵŵͿ͕Zϰ;ϯϯ͘ϰŵŵͿ
dƵũƵĂŶ͗WĞƌĞŵĂũĂĂŶDĞƐŝŶ͕DĞŶŝŶŐŬĂƚŬĂŶzŝĞůĚĚĂŶDĞŶƵƌƵŶŬĂŶŽǁŶƚŝŵĞDĞƐŝŶ
Ϯ͘ WĞŶŐŐĂŶƚŝĂŶĂƚĂƉŐƵĚĂŶŐϱ͕ϵ͕ĚĂŶϭϬ
dƵũƵĂŶ͗WĞƌĞŵĂũĂĂŶŝŶĨƌĂƐƚƌƵŬƚƵƌ
ϯ͘ WĞŵĂƐĂŶŐĂŶŚLJĚƌĂŶƚƚĂŚĂƉϮ
dƵũƵĂŶ͗^ĞďĂŐĂŝ^ŝƐƚĞŵWĞŶĂŶŐŐƵůĂŶŐĂŶ<ĞďĂŬĂƌĂŶ
hŶŝƚϮ͗
ϭ͘ WĞŶŐŐĂŶƚŝĂŶ&KŬĞƵďŝĐůĞ:ĂůƵƌŝƐƚƌŝďƵƐŝ>ŝƐƚƌŝŬhŶŝƚϮ
dƵũƵĂŶ͗hƉŐƌĂĚĞƚĞŬŶŽůŽŐŝĚĂƌŝ&KŬĞƵďŝĐůĞƵŶƚƵŬƐŝƐƚĞŵLJĂŶŐůĞďŝŚĂŶĚĂůĚĂŶŵŝŶŝŵƌĞƐŝŬŽƐĞƌƚĂ
ŬĞƌƵƐĂŬĂŶ
Ϯ͘ ZĞͲ>ĂLJŽƵƚ^ĂůƵƌĂŶƌŐŽŶͲEŝƚƌŽŐĞŶhŶŝƚϮ
dƵũƵĂŶ͗ƵƉŐƌĂĚĞĚŝĂŵĞƚĞƌĚĂŶƐŝƐƚĞŵƉŝƉĂũĂůƵƌƐĂůƵƌĂŶƌŐŽŶͲEŝƚƌŽŐĞŶƐĞŚŝŶŐŐĂƐŝƐƚĞŵůĞďŝŚĂŶĚĂů͕
ŵĞŵŝŶŝŵĂůŬĂŶƉƌĞƐƐƵƌĞĚƌŽƉ͕ƐĞƌƚĂĨůĞŬƐŝďŝůŝƚĂƐŽƉĞƌĂƐŝ͘
hŶŝƚϯ͗
ϭ͘ Pengadaan baru mesin EFC 3” Ͳ8” untuk mendukung proses produksi
Ϯ͘ WĞŶŐĂĚĂĂŶďĂƌƵŵĞƐŝŶ,LJĚƌŽƚĞƐƚ½” Ͳ4” untuk mendukung proses produksi
hŶŝƚϰ͗
ϭ͘ WĞŶŐĂĚĂĂŶĂƚĂƉŐĞĚƵŶŐĞdžƚĞŶƐŝŽŶƌƵŶǁĂLJŐƵĚĂŶŐϱ
dƵũƵĂŶ͗ŵĞůŝŶĚƵŶŐŝƉŝƉĂĚĂƌŝĂŝƌŚƵũĂŶ
Ϯ͘ WĞŶŐŐĂŶƚŝĂŶĚĂƌŝƉůĂŶĞƚĂƌLJŐĞĂƌŬĞƉĂƌĂůĞůƐŚĂĨƚŐĞĂƌ
dƵũƵĂŶ͗ŵĞƌĞĚƵŬƐŝďŝĂLJĂƐƉĂƌĞƉĂƌƚĚĂŶŵĞŵƉĞƌŵƵĚĂŚƉĞƌĂǁĂƚĂŶ
ϯ͘ WĞŶŐŐĂŶƚŝĂŶĚĂƌŝƉůĂŶĞƚĂƌLJŐĞĂƌŬĞƉĂƌĂůĞůƐŚĂĨƚŐĞĂƌ
dƵũƵĂŶ͗ŵĞƌĞĚƵŬƐŝďŝĂLJĂƐƉĂƌĞƉĂƌƚĚĂŶŵĞŵƉĞƌŵƵĚĂŚƉĞƌĂǁĂƚĂŶ
hŶŝƚϱ͗
ϭ͘ WƌŽũĞĐƚƉĞŵĂƐĂŶŐĂŶŵĞƐŝŶD^;ŽŶƚƌŽůDĞĂƐƵƌĞ^LJƐƚĞŵƐͿƉĞŶŐŐĂŶƚŝŵĞƐŝŶĞĚĚLJĐƵƌƌĞŶƚ<ϵ
dƵũƵĂŶ͗ DĞŶŝŶŐŬĂƚŬĂŶ ĚĞƚĞŬƐŝ ƉŝƉĂ ďŽĐŽƌ ĂƌĞĂ ǁĞůĚŝŶŐ͕ ŵĞŶĂŵďĂŚ ĨƵŶŐƐŝ ĚĞƚĞŬƐŝ ƉĂĚĂ ŵĞƐŝŶ
ŚLJĚƌŽƚĞƐƚ
Ϯ͘ WƌŽũĞĐƚƵƚŽŵĂƚŝŽŶŵĂĐŚŝŶŝŶŐƉŝƉĂƐŚĂĨƚ;ǁŝƚŚƌŽďŽƚͿ
dƵũƵĂŶ͗ŶĞǁƉƌŽĐĞƐƐĂĚĚƉƌŽĨŝƚ
ϯ͘ WƌŽũĞĐƚƉĞŶŐĂĚĂĂŶŵĞƐŝŶĞdžƉĂŶĚƐǁĞĚŐŝŶŐϱϬϯ;ǁŝƚŚƌŽďŽƚͿ
dƵũƵĂŶ͗ƉĞŶĂŵďĂŚĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝ
hŶŝƚϲ͗
ϭ͘ WĞŶŐĂĚĂĂŶƐƚĂŶĚǀĞƌƚŝĐĂůŵĞƐŝŶϱͲϲ
dƵũƵĂŶ͗DĞŶƵƌƵŶŬĂŶĚŽǁŶƚŝŵĞƚƵŶŐŐƵƉĞƌďĂŝŬĂŶƐƚĂŶĚƐĞďĞƐĂƌϭϬйͬďƵůĂŶ
Ϯ͘ WĞŶŐĂĚĂĂŶƌŽůůͬϮ͕ϯ͕ĚĂŶϱͬϲ
dƵũƵĂŶ͗ƉĞƌĞŵĂũĂĂŶ
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hŶŝƚϳ͗
ϭ͘ Pengadaan mesin dengan kapasitas 8” Ͳ20” dengan ketebalan 5 ͲϰϮŵŵ
Ϯ͘ Pengadaan mesin dengan kapasitas 3” Ͳ8” dengan ŬĞƚĞďĂůĂŶϯͲϭϯŵŵ
ϯ͘ WĞŶĂŵďĂŚĂŶŐƵĚĂŶŐƉƌŽĚƵŬƐŝĚĂŶŐƵĚĂŶŐƐŝŵƉĂŶŵĂƚĞƌŝĂůĚĞŶŐĂŶůƵĂƐϲŚĂ
^ƵŵďĞƌ ƉĞŶĚĂŶĂĂŶ ƵŶƚƵŬ ƉĞŶŐĞŵďĂŶŐĂŶ ĨĂƐŝůŝƚĂƐ ƉƌŽĚƵŬƐŝ ůĂŵĂ ĚŝƌĞŶĐĂŶĂŬĂŶ ĚĂƌŝ ĂƌƵƐ ŬĂƐ ŝŶƚĞƌŶĂů
ƉĞƌƐĞƌŽĂŶĚĂŶůĂďĂWĞƌƐĞƌŽĂŶ͘WĞŶŐĞŵďĂŶŐĂŶĨĂƐŝůŝƚĂƐůĂŵĂĚŝϳ;ƚƵũƵŚͿĨĂƐŝůŝƚĂƐƉĂďƌŝŬƐĂĂƚŝŶŝŵĞůŝƉƵƚŝ
ƉĞŶŐŐĂŶƚŝĂŶŵĞƐŝŶůĂƐƉŝƉĂ;ǁĞůĚĞƌͿĚĂŶŵĞƐŝŶƉŽƚŽŶŐƉŝƉĂLJĂŶŐĚŝƚƵũƵŬĂŶƵŶƚƵŬƉĞŶŝŶŐŬĂƚĂŶŬĂƉĂƐŝƚĂƐ
ĚĂŶĞĨŝƐŝĞŶƐŝƉƌŽĚƵŬƐŝ͘
dŝĚĂŬƚĞƌĚĂƉĂƚŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶLJĂŶŐŵĞŶŝŵďƵůŬĂŶƌŝƐŝŬŽŬŚƵƐƵƐ͘
ϱ͘ ,E<hEW^K<E,E<h
ĂŚĂŶďĂŬƵƵƚĂŵĂĂĚĂůĂŚŐƵůƵŶŐĂŶďĂũĂŬĂƌďŽŶ;ĐĂƌďŽŶƐƚĞĞůĐŽŝůƐͿĚĂŶŐƵůƵŶŐĂŶƐƚĂŝŶůĞƐƐƐƚĞĞů;ƐƚĂŝŶůĞƐƐƐƚĞĞů
ĐŽŝůƐͿ͘WĞƌƐĞƌŽĂŶŵĞŵďĞůŝďĂŚĂŶďĂŬƵďĂŝŬƵŶƚƵŬƉĞƌƐĞĚŝĂĂŶŵĂƵƉƵŶƵŶƚƵŬŵĞŵĞŶƵŚŝƉĞƐĂŶĂŶĚĂƌŝƉĞůĂŶŐŐĂŶ
ƚĞƌƚĞŶƚƵĂƚĂƵƵŶƚƵŬƉƌŽLJĞŬͲƉƌŽLJĞŬƚĞƌƚĞŶƚƵ͘^ĞůĂŵĂĚƵĂƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌϯϭĞƐĞŵďĞƌϮϬϮϱĚĂŶϮϬϮϰ͕ďŝĂLJĂ
ďĂŚĂŶďĂŬƵŵĞŶLJƵŵďĂŶŐŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞŬŝƚĂƌϴϯ͕ϬϳйĚĂŶϵϰ͕ϬϰйĚĂƌŝďŝĂLJĂƚŽƚĂůƉŽŬŽŬƉĞŶũƵĂůĂŶ͘
ĞƌŝŬƵƚĂĚĂůĂŚďĂŚĂŶďĂŬƵƵƚĂŵĂĚĂŶďĂŚĂŶďĂŬƵƉĞŵďĂŶƚƵƵŶƚƵŬŵĞŵďƵĂƚƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͗
<ĂƚĞŐŽƌŝ :ĞŶŝƐWƌŽĚƵŬ ĂŚĂŶĂŬƵhƚĂŵĂ ĂŚĂŶĂŬƵWĞŵďĂŶƚƵ
Zt^ƚĞĞůWŝƉĞ WŝƉĂŚŝƚĂŵ ,Z sĂƌŶŝƐŚ
WŝƉĂŚŝƚĂŵW/ ,Z sĂƌŶŝƐŚ
WŝƉĂŝƌ ,Z ŝŶĐŝŶŐŽƚ
WŝƉĂWĞƌĂďŽƚ Z
WŝƉĂDĞĐŚĂŶŝĐĂů Z
^ƉŝƌĂů^ƚĞĞůWŝƉĞ WŝƉĂ^ƉŝƌĂů ,Z tĞůĚŝŶŐǁŝƌĞ͕ǀĂƌŶŝƐŚ͕
WŽůLJĞƚŚLJůĞŶĞ;W ͿĐŽĂƚŝŶŐ
^ƚĂŝŶůĞƐƐƐƚĞĞůWŝƉĞ WŝƉĂ^ƚĂŝŶůĞƐƐ ,Z^^ͬZ^^
ĂŚĂŶďĂŬƵƵƚĂŵĂLJĂŶŐĚŝŐƵŶĂŬĂŶWĞƌƐĞƌŽĂŶĂĚĂůĂŚŚŽƚͲƌŽůůĞĚĐĂƌďŽŶƐƚĞĞůĐŽŝůƐ;,ZͿĚĂŶĐŽůĚͲƌŽůůĞĚĐĂƌďŽŶ
ƐƚĞĞůĐŽŝůƐ;ZͿ͘^ƵŵďĞƌďĂŚĂŶďĂŬƵƚĞƌƐĞďƵƚƚĞƌďĂŐŝĂƚĂƐĚƵĂƐƵŵďĞƌ͕LJĂŬŶŝĚŽŵĞƐƚŝŬĚĂŶŝŶƚĞƌŶĂƐŝŽŶĂů͘
ĞƌŝŬƵƚƌŝŶĐŝĂŶϭϬƉĞŵĂƐŽŬƚĞƌĂƚĂƐƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϱ͗
<ĞƚĞƌĂŶŐĂŶ EĂŵĂWĞŵĂƐŽŬ EĞŐĂƌĂƐĂů
ŽŵĞƐƚŝŬ Wd<ƌĂŬĂƚĂƵ^ƚĞĞů;WĞƌƐĞƌŽͿdďŬ /ŶĚŽŶĞƐŝĂ
Wd,ĂƌĂƉĂŶ:ĂLJĂdƵŶŐŐĂů /ŶĚŽŶĞƐŝĂ
WdDĂƌƵďĞŶŝͲ/ƚŽĐŚƵ^ƚĞĞů/ŶĚŽŶĞƐŝĂ /ŶĚŽŶĞƐŝĂ
Wd,ĂŶǁĂ/ŶĚŽŶĞƐŝĂ /ŶĚŽŶĞƐŝĂ
/ŶƚĞƌŶĂƐŝŽŶĂů hŶŝƚĞĚ^ƚĞĞů'ůŽďĂůdƌĂĚŝŶŐŽƌƉŽƌĂƚŝŽŶ dĂŝǁĂŶ
ĂŽƐƚĞĞů^ŝŶŐĂƉŽƌĞWd >d ^ŝŶŐĂƉƵƌĂ
DĂƌƵďĞŶŝ/ƚŽĐŚƵ^ƚĞĞůWd >d ^ŝŶŐĂƉƵƌĂ
WK^K/ŶƚĞƌŶĂƚŝŽŶĂůŽƌƉŽƌĂƚŝŽŶ <ŽƌĞĂ
ĂŽŚƵĂ^ƚĞĞů/ŶƚĞƌŶĂƚŝŽŶĂůWd >d ^ŝŶŐĂƉƵƌĂ
WŝŶtĂŶ ŶƚĞƌƉƌŝƐĞŽ͕͘>ƚĚ dĂŝǁĂŶ
^ĞŚŝŶŐŐĂĚĂƉĂƚĚŝůŝŚĂƚďĂŚǁĂŬŽŶƐƵŵƐŝĚŽŵĞƐƚŝŬďĂũĂ;ƚĞƌŵĂƐƵŬŬĞďƵƚƵŚĂŶWĞƌƐĞƌŽĂŶͿƐĞůĂůƵĚĂƉĂƚĚŝƉĞŶƵŚŝ
ďĂŝŬĚĂƌŝĚŽŵĞƐƚŝŬŵĂƵƉƵŶŝŵƉŽƌ͘
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶďĂŝŬĚĞŶŐĂŶƉĂƌĂƉĞŵĂƐŽŬĚŽŵĞƐƚŝŬĚĂŶŝŶƚĞƌŶĂƐŝŽŶĂůƚĞƌƐĞďƵƚ͘ŝůĂŵĂŶĂďĂŚĂŶ
ďĂŬƵĚĞŶŐĂŶƐƉĞƐŝĨŝŬĂƐŝƚĞƌƚĞŶƚƵƚŝĚĂŬďŝƐĂĚŝƉĞƌŽůĞŚĚĂƌŝƉĞŵĂƐŽŬĚŽŵĞƐƚŝŬ͕ŵĂŬĂWĞƌƐĞƌŽĂŶĂŬĂŶŵĞŵďĞůŝŶLJĂ
ĚĂƌŝƉĞŵĂƐŽŬŝŶƚĞƌŶĂƐŝŽŶĂůĂƚĂƵƐĞďĂůŝŬŶLJĂƐĞŚŝŶŐŐĂŬĞďƵƚƵŚĂŶŬĞƚĞƌƐĞĚŝĂĂŶďĂŚĂŶďĂŬƵ͕ďĂŝŬ ĚĂůĂŵŬƵŽƚĂ
ƚŽŶĂƐĞŵĂƵƉƵŶŚĂƌŐĂĚĂŶŬƵĂůŝƚĂƐŶLJĂĚĂƉĂƚĚŝƉĞŶƵŚŝĚĂŶĚŝŬĞůŽůĂĚĞŶŐĂŶďĂŝŬ͘,ĂůŝŶŝŵĞŶĚĂƐĂƌŝŬĞLJĂŬŝŶĂŶ
WĞƌƐĞƌŽĂŶďĂŚǁĂƵŶƚƵŬŵĂƐĂĚĞƉĂŶŬĞƚĞƌƐĞĚŝĂĂŶďĂŚĂŶďĂŬƵĂŬĂŶƚĞƚĂƉƚĞƌũĂŐĂ͘
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hŶƚƵŬ ďĞďĞƌĂƉĂ ƉƌŽLJĞŬ LJĂŶŐ ŵĞŶƐLJĂƌĂƚŬĂŶ ƉĞŵĂŬĂŝĂŶ ŬŽŵƉŽŶĞŶ ĚĂůĂŵ ŶĞŐĞƌŝ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ĂŬĂŶ
ŵĞŵƉĞƌŽůĞŚŶLJĂ ĚĂƌŝ ƉĞŵĂƐŽŬ ĚŽŵĞƐƚŝŬ͘ WĞŶŐŝƌŝŵĂŶ ďĂŚĂŶ ďĂŬƵ ĚŽŵĞƐƚŝŬ ũƵŐĂ ůĞďŝŚ ĐĞƉĂƚ ŬĂƌĞŶĂ ďŝƐĂ
ĚŝůĂŬƵŬĂŶĚĂůĂŵďĞďĞƌĂƉĂŬĂůŝƉĞŶŐŝƌŝŵĂŶĚĞŶŐĂŶƚŽŶĂƐĞƐĞƐƵĂŝŬĞďƵƚƵŚĂŶ͘dŝĚĂŬƚĞƌƉĞŶƵŚŝŶLJĂŬĞƚĞƌƐĞĚŝĂĂŶ
ďĂŚĂŶďĂŬƵĂŬĂŶŵĞŶŐŐĂŶŐŐƵƉƌŽƐĞƐƉƌŽĚƵŬƐŝĚĂŶƚĞƌĐĂƉĂŝŶLJĂƚĂƌŐĞƚƉĞŶũƵĂůĂŶWĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶƐĞůĂůƵŵĞŵĂŶƚĂƵƚŝŶŐŬĂƚŚĂƌŐĂďĂũĂĚƵŶŝĂĚĂŶ ŚĂƌŐĂĚŽŵĞƐƚŝŬĚĂŶďĞƌƵƐĂŚĂŵĞŶĚĂƉĂƚŬĂŶŚĂƌŐĂ
ďĞƌƐĂŝŶŐĚĞŶŐĂŶ ŬƵĂůŝƚĂƐƚĞƌũĂŵŝŶ͘<ĂĚĂŶŐŬĂůĂŚĂƌŐĂďĞůŝĚĂƌŝƉĞŵĂƐŽŬŝŶƚĞƌŶĂƐŝŽŶĂůůĞďŝŚŵƵƌĂŚĚĂƌŝŚĂƌŐĂ
ůŽŬĂůƐĞŚŝŶŐŐĂŬŽŵƉŽƐŝƐŝƉĞŵďĞůŝĂŶŝŵƉŽƌũĂƵŚůĞďŝŚďĞƐĂƌĚĂƌŝůŽŬĂů͕ĚĞŵŝŬŝĂŶƐĞďĂůŝŬŶLJĂ͘
'ĂŵďĂƌĂŶŵĞŶŐĞŶĂŝƚŝŶŐŬĂƚŚĂƌŐĂĚĂŶǀŽůĂƚŝůŝƚĂƐďĂŚĂŶďĂŬƵĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂŐƌĂĨŝŬďĞƌŝŬƵƚ͗
^ƵŵďĞƌ͗>ŽŶĚŽŶDĞƚĂů džĐŚĂŶŐĞ
sŽůĂƚŝůŝƚĂƐŚĂƌŐĂďĂŚĂŶďĂŬƵƐĞĐĂƌĂŐůŽďĂůŵĂƵƉƵŶůŽŬĂůĂŬĂŶƐĞůĂůƵŵĞŶũĂĚŝƌŝƐŝŬŽƵƚĂŵĂďĂŐŝWĞƌƐĞƌŽĂŶĚĂůĂŵ
ŵĞŶũĂůĂŶŬĂŶƉƌŽƐĞƐďŝƐŶŝƐŶLJĂŵĞŶŐŝŶŐĂƚďĂŚĂŶďĂŬƵĂĚĂůĂŚŬŽŵƉŽŶĞŶƵƚĂŵĂďŝĂLJĂ ƉƌŽĚƵŬƐŝ;ďĂŚĂŶďĂŬƵс
ϴϬͲϴϱйĚĂƌŝK'^ͿƐĞŚŝŶŐŐĂŶĂŝŬƚƵƌƵŶŶLJĂŚĂƌŐĂĂŬĂŶŵĞŵƉĞŶŐĂƌƵŚŝƉƌŽĨŝƚĂďŝůŝƚĂƐĚĂŶŬĞďƵƚƵŚĂŶŵŽĚĂůŬĞƌũĂ͘
<ĞŶĂŝŬĂŶ ŚĂƌŐĂ ďĂŬƵ ďĂŬƵ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ƉĞŶŝŶŐŬĂƚĂŶ ŶŝůĂŝ K'^ ƐĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ŚĂƌƵƐ ŵĞůĂŬƵŬĂŶ
ƉĞŶLJĞƐƵĂŝĂŶŚĂƌŐĂũƵĂůƉƌŽĚƵŬ͘^ĞůĂŝŶŝƚƵĨĂŬƚŽƌŶŝůĂŝƚƵŬĂƌZƵƉŝĂŚƚĞƌŚĂĚĂƉh^ũƵŐĂĂŬĂŶďĞƌĚĂŵƉĂŬŬĞƉĂĚĂ
ŚĂƌŐĂďĂŚĂŶďĂŬƵWĞƌƐĞƌŽĂŶ͘
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;ĚĂůĂŵũƵƚĂĂŶŵĞƚĞƌŬƵďŝŬƵŶƚƵŬŐĂƐĂůĂŵΘũƵƚĂĂŶ<ǁŚƵŶƚƵŬůŝƐƚƌŝŬͿ
ϯϭĞƐĞŵďĞƌ
ĂŚĂŶĂŬƵ
ϮϬϮϱ ϮϬϮϰ
'ĂƐůĂŵ Ϯ͕ϭϮ Ϯ͕ϭϭ
>ŝƐƚƌŝŬ ϯϮ͕Ϭϵ ϯϮ͕ϯϰ
^ĞĚĂŶŐŬĂŶƵŶƚƵŬƉĂƐŽŬĂŶŐĂƐĂůĂŵƐĞůƵƌƵŚŶLJĂĚŝƉĂƐŽŬŽůĞŚW'E͘ĂŶƵŶƚƵŬůŝƐƚƌŝŬƐĞůƵƌƵŚŶLJĂĚŝƉĂƐŽŬŽůĞŚW>E͕
ŬĞĐƵĂůŝďŝůĂĚĂůĂŵŬŽŶĚŝƐŝƉĂƐŽŬĂŶůŝƐƚƌŝŬĚĂƌŝW>EďĞƌŚĞŶƚŝŵĂŬĂWĞƌƐĞƌŽĂŶŵĞŶŐŐƵŶĂŬĂŶŐĞŶĞƌĂƚŽƌĐĂĚĂŶŐĂŶ͘
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LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ƐĞďĂŐĂŝ ƐĂƌĂŶĂ ƉĞůĂƌƵƚ͕ ŬĂƚĂůŝƐ ĚĂŶ ƉĞŵďĞƌƐŝŚ͘ ŝƌ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞŶĚŝŶŐŝŶŬĂŶ ďĂũĂ͕
ŵĞŵďĞƌƐŝŚŬĂŶ ŬŽƚŽƌĂŶ͕ ŵĞŵďĂŶƚƵ ƉƌŽƐĞƐ ƉĞŵĂŶĂƐĂŶ͕ ĚŝƐƚƌŝďƵƐŝ ůŝƐƚƌŝŬ ĚĂŶ ƉĞŶĐĂŵƉƵƌĂŶ njĂƚ ĐĂŝƌ ůĂŝŶŶLJĂ͘
WĞƌƐĞƌŽĂŶŵĞŵƉĞƌŽůĞŚƉĂƐŽŬĂŶĂŝƌĚĂƌŝƚĂŶĂŚ͘
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WĞŶũƵĂůĂŶŚĂƐŝůƉƌŽĚƵŬWĞƌƐĞƌŽĂŶŚŝŶŐŐĂƐĂĂƚŝŶŝŵĂƐŝŚŵĂLJŽƌŝƚĂƐŵĞůĂůƵŝĚŝƐƚƌŝďƵƚŽƌ͕LJĂŝƚƵƐĞďĂŶLJĂŬϯϬйĚĂŶ
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ŬĞďĞƌďĂŐĂŝƐĞŬƚŽƌŝŶĚƵƐƚƌŝLJĂŝƚƵŝŶĚƵƐƚƌŝŬŽŶƐƚƌƵŬƐŝ͕ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ƵƚŝůŝƚĂƐ͕ŵŝŶLJĂŬĚĂŶŐĂƐ͕ĨƵƌŶŝƚƵƌĚĂŶŝŶĚƵƐƚƌŝ
ŽƚŽŵŽƚŝĨ͘ WĞƌƐĞƌŽĂŶ ďĞƌŬĞLJĂŬŝŶĂŶ ĚŝŬĂƌĞŶĂŬĂŶ WĞƌƐĞƌŽĂŶ ŵĞŶŐĞƚĂŚƵŝ ŬĞďƵƚƵŚĂŶ ƉĞůĂŶŐŐĂŶ͕ ŵĞŵŝůŝŬŝ
ŬĂƉĂďŝůŝƚĂƐ ĚĂŶ ƐƵŵďĞƌ ĚĂLJĂ LJĂŶŐ ŵĞŵƵŶŐŬŝŶŬĂŶ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞŵƉƌŽĚƵŬƐŝ ďĞƌďĂŐĂŝ ƚŝƉĞ ƉŝƉĂ LJĂŶŐ
ŵĞŶLJĞďĂďŬĂŶƉŝƉĂŚĂƐŝůƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶĚĂƉĂƚĚŝŐƵŶĂŬĂŶĚŝďĞƌďĂŐĂŝƐĞŬƚŽƌŝŶĚƵƐƚƌŝƉŝƉĂďĂũĂĚĂŶŚĂůŝƚƵůĂŚ
LJĂŶŐŵĞŵďĞĚĂŬĂŶWĞƌƐĞƌŽĂŶĚĂƌŝƉĂƌĂŬŽŵƉĞƚŝƚŽƌWĞƌƐĞƌŽĂŶĚŝ/ŶĚŽŶĞƐŝĂ͘
ĞƌŝŬƵƚĂĚĂůĂŚƐĞŬƚŽƌŝŶĚƵƐƚƌŝLJĂŶŐŵĞŶũĂĚŝƚĂƌŐĞƚƉĞŶũƵĂůĂŶWĞƌƐĞƌŽĂŶ͗
<ŽŶƐƚƌƵŬƐŝ͕/ŶĨƌĂƐƚƌƵŬƚƵƌ͕hƚŝůŝƚĂƐ
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶLJĞĚŝĂŬĂŶƉŝƉĂďĂũĂƵŶƚƵŬƉƌŽLJĞŬͲƉƌŽLJĞŬŬŽŶƐƚƌƵŬƐŝ͕ŝŶĨƌĂƐƚƌƵŬƚƵƌĚĂŶƵƚŝůŝƚĂƐƐŬĂůĂďĞƐĂƌ͕
ĂŶƚĂƌĂ ůĂŝŶ ďĞƌďĂŐĂŝ ƚĞƌŵŝŶĂů ĂŝƌƉŽƌƚ ĚĂŶ ƉĞůĂďƵŚĂŶ Ěŝ /ŶĚŽŶĞƐŝĂ͕ ďĂŶŐƵŶĂŶ ďĞƌƚŝŶŐŬĂƚƚŝŶŐŐŝ͕ ŚŽƚĞů͕ ŬĂŶƚŽƌ͕
ƉƵƐĂƚƉĞƌďĞůĂŶũĂĂŶ͕ƌƵŵĂŚƐĂŬŝƚ͕ƐĞŬŽůĂŚĚĂŶƵŶŝǀĞƌƐŝƚĂƐ͘WŝƉĂWĞƌƐĞƌŽĂŶƚĞůĂŚĚŝŐƵŶĂŬĂŶĚĂůĂŵƉĞŵďĂŶŐƵŶĂŶ
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ƉƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕ƉŝƉĂƚĞƌƉĂŶũĂŶŐLJĂŶŐ WĞƌƐĞƌŽĂŶ ďĞƌŚĂƐŝůƉƌŽĚƵŬƐŝĂĚĂůĂŚƉŝƉĂ^tƐĞƉĂŶũĂŶŐϳϮ
ŵĞƚĞƌ͕LJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĂŶŐƵŶĂŶWĞůĂďƵŚĂŶ,ĞĚůĂŶĚ͕ƵƐƚƌĂůŝĂ͘
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LJĂŶŐĚŝĂŵďŝůĚĂƌŝƉĞƌƐĞĚŝĂĂŶ͕ŬĂƌĞŶĂŝŶĚƵƐƚƌŝƚĞƌƐĞďƵƚĚŝĂƚĂƐƉĂĚĂƵŵƵŵŶLJĂƚŝĚĂŬŵĞŵďƵƚƵŚŬĂŶƉŝƉĂĚĞŶŐĂŶ
ƐƉĞƐŝĨŝŬĂƐŝƚĞƌƚĞŶƚƵ͘KůĞŚŬĂƌĞŶĂŝƚƵ͕ƉĂĚĂƵŵƵŵŶLJĂWĞƌƐĞƌŽĂŶŵĞŶũƵĂůƉŝƉĂƵŶƚƵŬŝŶĚƵƐƚƌŝƚĞƌƐĞďƵƚŵĞůĂůƵŝ
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EĂŵƵŶ ĚĞŵŝŬŝĂŶ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶĞƌŝŵĂ ƉĞƐĂŶĂŶ ĚĞŶŐĂŶ ƐƉĞƐŝĨŝŬĂƐŝ ƉŝƉĂ ƚĞƌƚĞŶƚƵ LJĂŶŐ ƉĂĚĂ ƵŵƵŵŶLJĂ
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DŝŶLJĂŬĚĂŶ'ĂƐ
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ƚĞƉŝ ƉĂŶƚĂŝ ĚĂƌŝ ^ƵŵĂƚĞƌĂ ^ĞůĂƚĂŶ ŬĞ :ĂǁĂ ĂƌĂƚ͕ ƉƌŽLJĞŬ ŐĂƐ ĂůĂŵ ĐĂŝƌ 'ůĂĚƐƚŽŶĞ Ěŝ ƵƐƚƌĂůŝĂ ĚĂŶ ƉƌŽLJĞŬ
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ŝŶĚƵƐƚƌŝŵŝŶLJĂŬĚĂŶŐĂƐĚŝƉƌŽĚƵŬƐŝƐĞĐĂƌĂƐƉĞƐŝĨŝŬƐĞƐƵĂŝĚĞŶŐĂŶŬŽŶƚƌĂŬĚĞŶŐĂŶƉƌŽLJĞŬŵŝŶLJĂŬĚĂŶŐĂƐLJĂŶŐ
ĚŝŬĞƌũĂŬĂŶ͘
&ƵƌŶŝƚƵƌ
WĞƌƐĞƌŽĂŶďĞƌŬĞLJĂŬŝŶĂŶďĂŚǁĂWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĂůĂŚƐĂƚƵƉĞŵĂƐŽŬƉŝƉĂďĂũĂƚĞƌďĞƐĂƌďĞƌĚĂƐĂƌŬĂŶǀŽůƵŵĞ
ƵŶƚƵŬŝŶĚƵƐƚƌŝŚŝŐŚĞŶĚĨƵƌŶŝƚƵƌĚĂŶƉĞƌĂůĂƚĂŶƌƵŵĂŚ͘WŝƉĂƉĞƌĂďŽƚƵŵƵŵŶLJĂĚŝƉƌŽĚƵŬƐŝƵŶƚƵŬŵĞŶŐĂŶƚŝƐŝƉĂƐŝ
ĂĚĂŶLJĂŬŽŶƚƌĂŬƉĞŵďĞůŝĂŶũĞŶŝƐĚĂŶƚŝƉĞƉŝƉĂƉĞƌĂďŽƚƚĞƌƚĞŶƚƵ͘
KƚŽŵŽƚŝĨ
WĞƌƐĞƌŽĂŶďĞƌŬĞLJĂŬŝŶĂŶďĂŚǁĂWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĂůĂŚƐĂƚƵƉĞŵĂƐŽŬƉŝƉĂďĂũĂƚĞƌďĞƐĂƌďĞƌĚĂƐĂƌŬĂŶǀŽůƵŵĞ
ƵŶƚƵŬŝŶĚƵƐƚƌŝŽƚŽŵŽƚŝĨĚŝ/ŶĚŽŶĞƐŝĂ͘WĞƌƐĞƌŽĂŶŵĞŶũĂĚŝƉĞŵĂƐŽŬƉŝƉĂƐƚĂŝŶůĞƐƐƐƚĞĞůĚĂŶƉŝƉĂŵĞŬĂŶŝŬƵŶƚƵŬ
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ƉĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ LJĂŶŐ ŵĞŶŐŝŬĂƚ͕ ďƵŬĂŶ ďĞƌƵƉĂ ŬŽŶƚƌĂŬ ũĂŶŐŬĂ ƉĂŶũĂŶŐ ĂƚĂƵ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ ƉƌŽLJĞŬ͘
WĞŶũƵĂůĂŶŬĂŵŝƵŶƚƵŬŝŶĚƵƐƚƌŝŽƚŽŵŽƚŝĨƵŵƵŵŶLJĂĚĂůĂŵŵĞŶŐĂŶƚŝƐŝƉĂƐŝƉĞƐĂŶĂŶƉĞŵďĞůŝĂŶLJĂŶŐŵĞŶŐŝŬĂƚ͕
ďƵŬĂŶŬŽŶƚƌĂŬũĂŶŐŬĂƉĂŶũĂŶŐĂƚĂƵLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶƉƌŽLJĞŬ͘^ĂŵĂŚĂůŶLJĂĚĞŶŐĂŶƉĞůĂŶŐŐĂŶĚĂƌŝŝŶĚƵƐƚƌŝ
ĨƵƌŶŝƚƵƌ͕ ƉĞůĂŶŐŐĂŶ ĂƵƚŽ ŝŶĚƵƐƚƌŝ WĞƌƐĞƌŽĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ŵĞŵďĞƌŝŬĂŶ ŝŶĚŝŬĂƐŝ ŬĞďƵƚƵŚĂŶ Ěŝ ŵĂƐĂ ĚĞƉĂŶ
ďĞƌƵƉĂŝŶĚŝŬĂƐŝƐƉĞƐŝĨŝŬĂƐŝ͕ŬƵĂŶƚŝƚĂƐĚĂŶŬƵĂůŝƚĂƐƉŝƉĂ͘ŝŵĂŶĂŬĞŵƵĚŝĂŶWĞƌƐĞƌŽĂŶŵĞŵƉƌŽĚƵŬƐŝƉŝƉĂͲƉŝƉĂ
ƚĞƌƐĞďƵƚƐĞďĂŐĂŝƉĞƌƐĞĚŝĂĂŶƵŶƚƵŬŬĞŵƵĚŝĂŶĚŝũƵĂůďŝƐĂƚĞƌũĂĚŝƉĞƐĂŶĂŶĚŝŵĂƐĂLJĂŶŐĂŬĂŶĚĂƚĂŶŐ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶLJĞĚŝĂŬĂŶƉƌŽĚƵŬͲƉƌŽĚƵŬƐĂŵƉĞůƵŶƚƵŬƉĞůĂŶŐŐĂŶƵŶƚƵŬŬĞƉĞƌůƵĂŶƉƌŽĚƵŬŽƚŽŵŽƚŝĨŵĞƌĞŬĂ
ďĞƌŝŬƵƚŶLJĂ͘ŝŬĂƌĞŶĂŬĂŶŝŶĚƵƐƚƌŝŽƚŽŵŽƚŝĨƐĂŶŐĂƚƐĞŶƐŝƚŝĨƚĞƌŚĂĚĂƉƉĞƌŵŝŶƚĂĂŶƉĞůĂŶŐŐĂŶ͕ŵĂŬĂƐƵŬƵĐĂĚĂŶŐ
ŵŽďŝůĚŝƐĞĚŝĂŬĂŶƐĞĐĂƌĂŵĞƚŽĚĞΗũƵƐƚͲŝŶͲƚŝŵĞΗ͕ĚĂŶWĞƌƐĞƌŽĂŶƐĞƌŝŶŐĚŝŵŝŶƚĂƵŶƚƵŬŵĞŵĂƐŽŬƉƌŽĚƵŬĚĂůĂŵ
ŚŝƚƵŶŐĂŶũĂŵƐĞƚĞůĂŚŵĞŶĞƌŝŵĂƉĞƐĂŶĂŶƉĞŵďĞůŝĂŶ͘KůĞŚŬĂƌĞŶĂŝƚƵ͕WĞƌƐĞƌŽĂŶƐĞůĂůƵďĞƌƵƐĂŚĂƵŶƚƵŬŵĞŶũĂŐĂ
ŬĞĐƵŬƵƉĂŶ ƉĂƐŽŬĂŶ Ěŝ ďĂŐŝĂŶ ƉĞƌƐĞĚŝĂĂŶ ĚĂŶ ŵĞŶĚŝƌŝŬĂŶ ĨĂƐŝůŝƚĂƐ ƉĂďƌŝŬ Ěŝ <ĂƌĂǁĂŶŐ ĂŐĂƌ ĚĞŬĂƚ ĚĞŶŐĂŶ
ƉĞůĂŶŐŐĂŶŽƚŽŵŽƚŝĨWĞƌƐĞƌŽĂŶ͘
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^ĞŬƚŽƌůĂŝŶŶLJĂ
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶũƵĂůƉŝƉĂƵŶƚƵŬƐĞŬƚŽƌŝŶĚƵƐƚƌŝůĂŝŶŶLJĂƚĞƌŵĂƐƵŬƵŶƚƵŬƉĞƌƵŵĂŚĂŶ͕ŽƌŶĂŵĞŶ͕ƉĞƌĂůĂƚĂŶĚĂŶ
ůĂŝŶͲůĂŝŶ͘
ĞƌŝŬƵƚĂĚĂůĂŚƚĂďĞůũƵŵůĂŚƉĞŶũƵĂůĂŶƉŝƉĂĚĂŶƉĞŶĚĂƉĂƚĂŶũĂƐĂWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬďĞƌĚĂƐĂƌŬĂŶ
ƐĞŬƚŽƌŝŶĚƵƐƚƌŝ͗
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ ϮϬϮϱ ϮϬϮϰ
EŝůĂŝ;ZƉũƵƚĂͿ EŝůĂŝ;ZƉũƵƚĂͿ
<ŽŶƐƚƌƵŬƐŝ͕/ŶĨƌĂƐƚƌƵŬƚƵƌ͕hƚŝůŝƚĂƐ͕ĚĂŶůĂŝŶͲůĂŝŶ ϯ͘Ϭϴϱ͘Ϭϲϯ ϯ͘ϮϬϯ͘Ϯϴϳ
DŝŶLJĂŬĚĂŶ'ĂƐ Ϯϳϱ͘ϳϯϰ ϮϴϮ͘ϱϳϬ
WĞƌĂďŽƚ ϵϭϬ͘Ϯϭϰ ϭ͘ϬϮϬ͘ϴϱϵ
KƚŽŵŽƚŝĨ ϵϮϱ͘ϮϬϬ ϵϴϯ͘ϰϭϵ
^ĞŬƚŽƌůĂŝŶŶLJĂ ϳϯϲ͘ϱϴϲ ϲϮϴ͘ϮϮϵ
dŽƚĂů ϱ͘ϵϯϮ͘ϳϵϳ ϲ͘ϭϭϴ͘ϯϲϰ
ĞƌŝŬƵƚ ĂĚĂůĂŚ ƚĂďĞů ũƵŵůĂŚ ƉĞŶũƵĂůĂŶ ƉƌŽĚƵŬ ĚĂŶ ƉĞŶĚĂƉĂƚĂŶ ũĂƐĂ WĞƌƐĞƌŽĂŶ ĚĂŶ WĞƌƵƐĂŚĂĂŶ ŶĂŬ ƵŶƚƵŬ
ƉĞƌŝŽĚĞƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵ:ƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
^ƚƌŝƉĚĂŶWůĂƚ ϲϲϱ͘ϳϯϲ ϱϵϬ͘Ϯϵϵ
WŝƉĂ^ƉŝƌĂůEŽŶW/ ϭ͘Ϭϯϴ͘ϵϯϭ ϵϮϱ͘Ϯϴϱ
WŝƉĂ^ƉŝƌĂůW/ ϭϬϱ͘ϳϬϵ ϵϳ͘ϴϱϭ
WŝƉĂŝƌ ϴϰϭ͘ϰϮϰ ϴϲϴ͘ϴϮϳ
WŝƉĂ,ŝƚĂŵEŽŶW/ ϭ͘Ϭϰϭ͘ϱϬϳ ϭ͘ϭϴϯ͘ϰϰϰ
WŝƉĂ,ŝƚĂŵW/ ϭϳϬ͘ϬϮϲ ϭϴϰ͘ϳϭϵ
WŝƉĂDĞŬĂŶŝŬ ϵϮϱ͘ϮϬϬ ϵϴϯ͘ϰϭϵ
WŝƉĂWĞƌĂďŽƚ ϲϯϰ͘ϲϲϬ ϳϭϵ͘ϭϳϭ
WŝƉĂ^ƚĂŝŶůĞƐƐ Ϯϳϱ͘ϱϱϯ ϯϬϭ͘ϲϴϵ
dŝĂŶŐ ϭϲϯ͘ϮϬϭ ϮϮϱ͘ϳϯϭ
:ĂƐĂĚĂŶůĂŝŶŶLJĂ ϳϬ͘ϴϱϭ ϯϳ͘ϵϯϬ
dŽƚĂů ϱ͘ϵϯϮ͘ϳϵϳ ϲ͘ϭϭϴ͘ϯϲϰ
,ŝŶŐŐĂƐĂĂƚŝŶŝƉĞŶũƵĂůĂŶƉƌŽĚƵŬWĞƌƐĞƌŽĂŶƐĞďĂŐŝĂŶďĞƐĂƌŵĂƐŝŚƵŶƚƵŬŵĞŵĞŶƵŚŝƉĂƐĂƌŬĞďƵƚƵŚĂŶĚŽŵĞƐƚŝŬ͘
ĞƌŝŬƵƚĂĚĂůĂŚƚĂďĞůƉĞŶũƵĂůĂŶƉƌŽĚƵŬĚĂŶƉĞŶĚĂƉĂƚĂŶũĂƐĂWĞƌƐĞƌŽĂŶĚĂŶWĞƌƵƐĂŚĂĂŶŶĂŬƵŶƚƵŬƉĞƌŝŽĚĞϭ
;ƐĂƚƵͿƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ϮϬϮϰĚĂŶϮϬϮϯ͘
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
dŽƚĂů>ŽŬĂů ϱ͘ϳϰϵ͘ϭϮϯ ϲ͘Ϭϰϳ͘ϵϳϯ
dŽƚĂů ŬƐƉŽƌ ϭϴϯ͘ϲϳϰ ϭϳϲ͘ϵϮϵ
dŽƚĂůWĞŶũƵĂůĂŶ ϱ͘ϵϯϮ͘ϳϵϳ ϲ͘ϮϮϰ͘ϵϬϮ
dĂďĞůƌŝŶĐŝĂŶƉĞŶĚĂƉĂƚĂŶƉĞŶũƵĂůĂŶWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƐĞƉƵůƵŚƉĞůĂŶŐŐĂŶƚĞƌďĞƐĂƌƵŶƚƵŬƉĞƌŝŽĚĞϭ;ƐĂƚƵͿƚĂŚƵŶ
LJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ϮϬϮϰĚĂŶϮϬϮϯ͘
ϯϭĞƐĞŵďĞƌϮϬϮϱ ϯϭĞƐĞŵďĞƌϮϬϮϰ
WĞƌƐĞŶƚĂƐĞ WĞƌƐĞŶƚĂƐĞ
EĂŵĂWĞůĂŶŐŐĂŶ WĞŶũƵĂůĂŶ ƚĞƌŚĂĚĂƉƚŽƚĂů WĞŶũƵĂůĂŶ ƚĞƌŚĂĚĂƉƚŽƚĂů
;ĚĂůĂŵũƵƚĂĂŶ ƉĞŶũƵĂůĂŶ ;ĚĂůĂŵũƵƚĂĂŶ ƉĞŶũƵĂůĂŶ
ZƵƉŝĂŚͿ WĞƌƐĞƌŽĂŶ ZƵƉŝĂŚͿ WĞƌƐĞƌŽĂŶ
WĞůĂŶŐŐĂŶ Ϯϵϴ͘ϱϭϯ ϱ͕Ϭϳй Ϯϲϵ͘Ϯϴϴ ϰ͕ϯϯй
WĞůĂŶŐŐĂŶ Ϯϱϰ͘ϱϭϳ ϰ͕ϯϮй Ϯϱϭ͘ϯϴϮ ϰ͕Ϭϰй
WĞůĂŶŐŐĂŶ Ϯϭϰ͘ϵϯϵ ϯ͕ϲϱй ϭϲϵ͘ϯϯϭ Ϯ͕ϳϮй
WĞůĂŶŐŐĂŶ ϭϴϯ͘ϲϬϵ ϯ͕ϭϮй ϭϲϲ͘Ϭϴϭ Ϯ͕ϲϳй
WĞůĂŶŐŐĂŶ ϭϰϰ͘ϳϴϵ Ϯ͕ϰϲй ϭϰϭ͘ϲϭϮ Ϯ͕Ϯϳй
243
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
ϯϭĞƐĞŵďĞƌϮϬϮϱ ϯϭĞƐĞŵďĞƌϮϬϮϰ
WĞƌƐĞŶƚĂƐĞ WĞƌƐĞŶƚĂƐĞ
EĂŵĂWĞůĂŶŐŐĂŶ WĞŶũƵĂůĂŶ ƚĞƌŚĂĚĂƉƚŽƚĂů WĞŶũƵĂůĂŶ ƚĞƌŚĂĚĂƉƚŽƚĂů
;ĚĂůĂŵũƵƚĂĂŶ ƉĞŶũƵĂůĂŶ ;ĚĂůĂŵũƵƚĂĂŶ ƉĞŶũƵĂůĂŶ
ZƵƉŝĂŚͿ WĞƌƐĞƌŽĂŶ ZƵƉŝĂŚͿ WĞƌƐĞƌŽĂŶ
WĞůĂŶŐŐĂŶ& ϭϯϳ͘ϲϯϱ Ϯ͕ϯϰй ϵϲ͘ϲϭϵ ϭ͕ϱϱй
WĞůĂŶŐŐĂŶ' ϭϯϮ͘ϵϮϬ Ϯ͕Ϯϲй ϵϰ͘ϮϳϮ ϭ͕ϱϭй
WĞůĂŶŐŐĂŶ, ϭϭϳ͘ϳϬϴ Ϯ͕ϬϬй ϵϮ͘ϰϮϯ ϭ͕ϰϴй
WĞůĂŶŐŐĂŶ/ ϭϬϬ͘ϱϰϲ ϭ͕ϳϭй ϴϬ͘ϲϵϴ ϭ͕ϯϬй
WĞůĂŶŐŐĂŶ: ϭϬϬ͘ϭϵϱ ϭ͕ϳϬй ϳϳ͘ϰϳϵ ϭ͕Ϯϰй
WĞůĂŶŐŐĂŶůĂŝŶŶLJĂ ϰ͘Ϯϰϳ͘ϬϴϬ ϳϮ͕Ϭϳй ϰ͘ϳϴϱ͘ϱϴϱ ϳϲ͕ϴϴй
dŽƚĂů ϱ͘ϴϵϯ͘Ϯϭϭ ϭϬϬ͕ϬϬй ϲ͘ϮϮϰ͘ϵϬϮ ϭϬϬ͕ϬϬй
^ĞĚĂŶŐŬĂŶƉĞŶũƵĂůĂŶĞŬƐƉŽƌWĞƌƐĞƌŽĂŶĂŶƚĂƌĂůĂŝŶŬĞƐŝĂ͕ ƌŽƉĂ͕ŵĞƌŝŬĂ^ĞƌŝŬĂƚ͕ĂŶĂĚĂ͕ĨƌŝŬĂ͕ĚĂŶƵƐƚƌĂůŝĂ͘
ĞƌŝŬƵƚĂĚĂůĂŚƚĂďĞůƉĞŶũƵĂůĂŶĞŬƐƉŽƌWĞƌƐĞƌŽĂŶďĞƌĚĂƐĂƌŬĂŶŶĞŐĂƌĂƚƵũƵĂŶ͘
;ĚĂůĂŵ:ƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ
ƐŝĂĚĂŶƵƐƚƌĂůŝĂ ϭϴ͘ϭϳϵ Ϯϳ͘ϲϬϯ
ŵĞƌŝŬĂ^ĞƌŝŬĂƚĚĂŶ<ĂŶĂĚĂ ϭϲϱ͘ϰϵϱ ϭϰϵ͘ϯϮϲ
dŽƚĂůWĞŶũƵĂůĂŶ ŬƐƉŽƌ ϭϴϯ͘ϲϳϰ ϭϳϲ͘ϵϮϵ
DƵƐŝŵĂŶ
ŝƐŶŝƐWĞƌƐĞƌŽĂŶƚŝĚĂŬĚŝŬĞŶĂŬĂŶŵƵƐŝŵĂŶ͘EĂŵƵŶ͕ƉĞƐĂŶĂŶƉĂĚĂƐĞŵĞƐƚĞƌŬĞĚƵĂĚĂůĂŵƐƵĂƚƵƚĂŚƵŶŵƵŶŐŬŝŶ
ĂŬĂŶůĞďŝŚƚŝŶŐŐŝĚŝďĂŶĚŝŶŐƉĞƐĂŶĂŶƐĞŵĞƐƚĞƌƉĞƌƚĂŵĂŬĂƌĞŶĂŬĞĐĞŶĚĞƌƵŶŐĂŶďĂĚĂŶƵƐĂŚĂƉĞŵĞƌŝŶƚĂŚƵŶƚƵŬ
ŵĞůĞƉĂƐŬĂŶĚĂŶĂƵŶƚƵŬƉƌŽLJĞŬͲƉƌŽLJĞŬďĂƌƵƉĂĚĂƐĞŵĞƐƚĞƌŬĞĚƵĂƐĞƚŝĂƉƚĂŚƵŶŶLJĂ͘
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŬĞƚĞƌŐĂŶƚƵŶŐĂŶ ƚĞƌŚĂĚĂƉ ŬŽŶƚƌĂŬ ŝŶĚƵƐƚƌŝĂů͕ ŬŽŵĞƌƐŝĂů͕ ĂƚĂƵ ŬĞƵĂŶŐĂŶ͕ ƚĞƌŵĂƐƵŬ
ŬŽŶƚƌĂŬĚĞŶŐĂŶƉĞůĂŶŐŐĂŶ͕ƉĞŵĂƐŽŬ͕ĚĂŶͬĂƚĂƵƉĞŵĞƌŝŶƚĂŚ͘
ϳ͘ W D^ZEE/^dZ/h^/͕' EEW E''hE<,/Z
ϳ͘ϭ͘ WĞŵĂƐĂƌĂŶ
WĂĚĂ ŵĂƐĂ LJĂŶŐ ĂŬĂŶ ĚĂƚĂŶŐ͕ WĞƌƐĞƌŽĂŶ ĚŝƉĞƌŬŝƌĂŬĂŶ ĂŬĂŶ ŵĞŶŐŚĂĚĂƉŝ ďĞƌďĂŐĂŝ ƚĂŶƚĂŶŐĂŶ ĚĞŶŐĂŶ
ƐĞŵĂŬŝŶƚĞƌďƵŬĂŶLJĂƉĞƌĚĂŐĂŶŐĂŶďĞďĂƐ͕ŶĂŵƵŶWĞƌƐĞƌŽĂŶĂŬĂŶƚĞƌƵƐďĞƌƵƉĂLJĂƵŶƚƵŬŵĞŵƉĞƌƚĂŚĂŶŬĂŶ
ƉŽƐŝƐŝŶLJĂƐĞďĂŐĂŝƉĞŵŝŵƉŝŶĚĂůĂŵŝŶĚƵƐƚƌŝƉŝƉĂďĂũĂ/ŶĚŽŶĞƐŝĂĚĂŶƵŶƚƵŬŵĞŶũĂĚŝLJĂŶŐƚĞƌďĂŝŬĚŝŝŶĚƵƐƚƌŝ
ƚĞƌƐĞďƵƚĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐ͘WĞƌƵďĂŚĂŶƉĂƐĂƌLJĂŶŐƐĂŶŐĂƚĚŝŶĂŵŝƐŵĞŶƵŶƚƵƚŵĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶƵŶƚƵŬ
ƐĞůĂůƵ ŵĞŵŝŬŝƌŬĂŶ ƐƚƌĂƚĞŐŝ ƉĞŶŐĞŵďĂŶŐĂŶ ƵƐĂŚĂ LJĂŶŐ ŝŶŽǀĂƚŝĨ ĂŐĂƌ ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐŝ ůĞďŝŚ
ƵŶŐŐƵůĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉĂƌĂƉĞƐĂŝŶŐ͘<ĞƐĞŵƉĂƚĂŶŝŶŝĚŝƚĞƌũĞŵĂŚŬĂŶĚĂůĂŵƐƚƌĂƚĞŐŝLJĂŶŐƚĞƌĞŶĐĂŶĂ
ƐĞƉĞƌƚŝ ƉĞŶŐĞŵďĂŶŐĂŶ ũĂƌŝŶŐĂŶ ĚŝƐƚƌŝďƵƐŝ ĚĂŶ ƉƌŽŵŽƐŝ ďĂŝŬ Ěŝ ĚĂůĂŵ ŵĂƵƉƵŶ ůƵĂƌ ŶĞŐĞƌŝ͕ ƉĞŶŝŶŐŬĂƚĂŶ
ƚĞŬŶŽůŽŐŝĚĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝ͕ŵĞŶŝŶŐŬĂƚŬĂŶŬƵĂůŝƚĂƐƉƌŽĚƵŬĚĂŶƉĞŶŐŝƌŝŵĂŶLJĂŶŐƚĞƉĂƚǁĂŬƚƵĚĂŶƉĂĚĂ
ĂŬŚŝƌŶLJĂĂŬĂŶŵĞŶŝŶŐŬĂƚŬĂŶŬĞƉƵĂƐĂŶƉĞůĂŶŐŐĂŶLJĂŶŐƐĞŶĂŶƚŝĂƐĂŵĞŶũĂĚŝƉƌŝŽƌŝƚĂƐWĞƌƐĞƌŽĂŶ͘^ĞůĂŝŶŝƚƵ͕
ĚĞŶŐĂŶĨĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝLJĂŶŐƚĞƌŝŶƚĞƌŐƌĂƐŝƐĞĐĂƌĂǀĞƌƚŝŬĂů͕LJĂŶŐĚŝŵƵůĂŝĚĂƌŝĚĞƐĂŝŶĂǁĂůƉƌŽĚƵŬ͕ƉƌŽƐĞƐ
ƉĞŵďƵĂƚĂŶƉƌŽĚƵŬ͕ƉĞŶŐƵũŝĂŶŵƵƚƵƉƌŽĚƵŬĚŝůĂďŽƌĂƚŽƌŝƵŵƐĂŵƉĂŝĚĞŶŐĂŶƉƌŽĚƵŬũĂĚŝ͕WĞƌƐĞƌŽĂŶĚĞƉĂƚ
ŵĞŵĞŶƵŚŝďĞƌďĂŐĂŝƐƉĞƐŝĨŝŬĂƐŝƉƌŽĚƵŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌŵŝŶƚĂĂŶŬŽŶƐƵŵĞŶ͘
WĞƌƐĞŽƌĂŶďĞƌƵƐĂŚĂƵŶƚƵŬŵĞŵďĞƌŝŬĂŶLJĂŶŐƚĞƌďĂŝŬďĂŐŝƉĂƌĂŬŽŶƐƵŵĞŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞďŝũĂŬĂŶŵƵƚƵ
WĞƌƐĞƌŽĂŶ͕LJĂŝƚƵŵĞŵďĞƌŝŬĂŶƉĂĚĂƉĞůĂŶŐŐĂŶƉƌŽĚƵŬͲƉƌŽĚƵŬLJĂŶŐŵĞŵĞŶƵŚŝƉĞƌŵŝŶƚĂĂŶƉĞůĂŶŐŐĂŶĚĂŶ
ƉĞƌƐLJĂƌĂƚĂŶƐƚĂŶĚĂƌ͕ďĞƌƐĂŝŶŐĚĂůĂŵŚĂƌŐĂƐĞƌƚĂŬƵĂůŝƚĂƐƚĞƌũĂŵŝŶ͘WĞƌƐĞƌŽĂŶďĞƌƵƉĂLJĂƉĞŶƵŚŵĞŶŐŚŝŶĚĂƌŝ
ŬĞƐĂůĂŚĂŶ ƐĞůĂŵĂ ƉƌŽƐĞƐ ƉĞŵďƵĂƚĂŶ ŚŝŶŐŐĂ ŚĂƐŝů ĂŬŚŝƌ͕ ĚĂŶ ƐĞĐĂƌĂ ĨůĞŬƐŝďĞů ŵĞŶŐŝŬƵƚŝ ĂƌƵƐ ƉĞůĂŶŐŐĂŶ
ƐĞŚŝŶŐŐĂ ƉĞƌƐĞŶƚĂƐĞ ƉĞŶŽůĂŬĂŶ ƐĞŬĞĐŝů ŵƵŶŐŬŝŶ͘ ĂůĂŵ ƉĞƌŬĞŵďĂŶŐĂŶŶLJĂ͕ WĞƌƐĞƌŽĂŶ ďĞƌƵƐĂŚĂ
ŵĞŶŝŶŐŬĂƚŬĂŶƉĂŶŐƐĂƉĂƐĂƌ͕ďĂŝŬĚŝĚĂůĂŵŵĂƵƉƵŶůƵĂƌŶĞŐĞƌŝ͘<ĞƉƵĂƐĂŶƉĞůĂŶŐŐĂŶĂĚĂůĂŚŚĂůƵƚĂŵĂďĂŐŝ
WĞƌƐĞƌŽĂŶ͘ ^ƚƌĂƚĞŐŝ ƉĞŵĂƐĂƌĂŶ WĞƌƐĞƌŽĂŶ ƚĞƌƐĞďƵƚ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ŵŽƚŽ WĞƌƐĞƌŽĂŶ LJĂŝƚƵ ŵĞŵďĞƌŝŬĂŶ
ƉĞůĂŶŐŐĂŶƉƌŽĚƵŬLJĂŶŐďĂŝŬĚĂŶďĞƌŬƵĂůŝƚĂƐƚŝŶŐŐŝĚĞŶŐĂŶŚĂƌŐĂďĞƌƐĂŝŶŐ͘
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ďĞƌƚƵŐĂƐƵŶƚƵŬŵĞŵƉƌŽŵŽƐŝŬan produk pipa Perseroan yang pipa merek “Spindo” dan “Tetsura” melalui
ĞŬƐŝďŝƐŝ͕ŬŽŶĨƌĞŶƐŝƉĞƌĚĂŐĂŶŐĂŶ͕ďŝůůďŽĂƌĚ͕ŵĞĚŝĂĐĞƚĂŬĚĂŶůĂŝŶͲůĂŝŶ͘^ĞůĂŝŶŝƚƵƚŝŵƉĞŵĂƐĂƌĂŶWĞƌƐĞƌŽĂŶ
ũƵŐĂďĞƌƵƐĂŚĂƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŶŐĞŶĂůĂŶƉƌŽĚƵŬƉŝƉĂWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƐĞŵƵĂƉĞůĂŶŐŐĂŶWĞƌƐĞƌŽĂŶ
ďĂŝŬŵĞůĂůƵŝĚŝƐƚƌŝďƵƚŽƌ͕ĂŐĞŶŵĂƵƉƵŶƉĞŶŐŐƵŶĂĂŬŚŝƌ͘
WĞƌƐĞƌŽĂŶŵĞŵƉƌŽĚƵŬƐŝƉƌŽĚƵŬWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶƐƉĞƐŝĨŝŬĂƐŝ͕ŬĞŝŶŐŝŶĂŶĚĂŶŬĞďƵƚƵŚĂŶŬŽŶƐƵŵĞŶ
ƵŶƚƵŬ ŵĞŶũĂŐĂ ůŽLJĂůŝƚĂƐ ĚĂŶ ŬĞƐĞƚŝĂĂŶ ŬŽŶƐƵŵĞŶ͘ ^ĞůĂŝŶ ŝƚƵ ũƵŐĂ ƐĞďĂŐĂŝ ďĂŐŝĂŶ ƐƚƌĂƚĞŐŝ ƉĞŵĂƐĂƌĂŶ
WĞƌƐĞƌŽĂŶũƵŐĂďĞƌƉĂƌƚŝƐŝƉĂƐŝĚĂůĂŵďĞƌďĂŐĂŝƉƌŽLJĞŬͲƉƌŽLJĞŬƐĞƉĞƌƚŝƉƌŽLJĞŬƉĞŵďĂŶŐƵŶĂŶĂƉĂƌƚĞŵĞŶ͕ŵĂůů͕
ũĂůĂŶ͕ũĞŵďĂƚĂŶ͕ĚĂŶůĂŝŶůĂŝŶ͘
ĞƌŝŬƵƚĂĚĂůĂŚĐŽŶƚŽŚƉƌŽLJĞŬͲƉƌŽLJĞŬLJĂŶŐƚĞůĂŚĚŝŬĞƌũĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶƐĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝ
ĚŝƚĞƌďŝƚŬĂŶ͗
EĂŵĂWĞůĂŶŐŐĂŶ WƌŽLJĞŬ
Wd/ŶĚŽďĂŶŐƵŶDĞŐĂƚĂŵĂ WƌŽLJĞŬ:ĞŶĚƵŶŐĂŶWĂƐĞůůŽƌĞŶŐ–tĂũŽ
WdtĂƐŬŝƚĂ<ĂƌLJĂ;WĞƌƐĞƌŽͿ͕dďŬ WƌŽũĞĐƚdŝŵŽƌ>ĞƐƚĞ
WĞŵďĂŶŐƵŶĂŶ:ĞƚƚLJWƵůĂƵƵŶLJƵ
WdWĂƌĂŚŝƚĂ/ŶƚŝƌĂLJĂ
WƌŽLJĞŬWĞŵďĂŶŐƵŶĂŶWĂůĂƌĂŶ^ĂŵĂƌŝŶĚĂ͕<Ăůƚŝŵ
WƌŽLJĞŬWĞŵďĂŶŐƵŶĂŶĞƌŵĂŐĂ<ĂƉ͘ϱϬ͘ϬϬϬĚŝ&dŝĂŬ
WdWW;WĞƌƐĞƌŽͿdďŬ WƌŽLJĞŬWĞŵďĂŶŐƵŶĂŶĞƌŵĂŐĂWĞƚƌŽŬŝŵŝĂ'ƌĞƐŝŬ
WƌŽLJĞŬ^ŚŝƉůŝĨƚůŽĐŬͲWd͘W>
WƌŽLJĞŬ^WWƌĞĂŬǁĂƚĞƌ>W'dƵďĂŶ
WdtŝũĂLJĂ<ĂƌLJĂ;WĞƌƐĞƌŽͿdďŬ WƌŽLJĞŬWĞŵďĂŶŐƵŶ:ĞƚƚLJĂƌƵĚŝ/dDĂŶŐŐŝƐͲĞŶƉĂƐĂƌ
WƌŽLJĞŬZĞǀŝƚĂůŝƐĂƐŝĞƌŵĂŐĂ/d'ŽƐƉŝĞƌ^ƵƌĂďĂLJĂ
t/<Ͳ'ĞŵŝůĂŶŐ<^K WƌŽLJĞŬWĞŵďĂŶŐƵŶĂŶ:ĂƌŝŶŐĂŶ/W^ĞƉĂŬƵ^ĞŵŽŝŬĞ/W^ĞƉĂŬƵ
WdtŝŬĂZĞŬŽŶ WƌŽLJĞŬWĞŬĞƌũĂĂŶƌĂĐŝŶŐ:ĞƚƚLJtĂŶĂŵDĞƌĂƵŬĞ
WddƵũƵtĂůŝtĂůŝ WƌŽLJĞŬWĞŵĂŶĐĂŶŐĂŶdŝĂŶŐŽůƉŚŝŶ:ĞƚƚLJĚŝ<Ăůdŝŵ
WdƵĂWŝůĂƌ ŶĞƌŐŝƚĂŵĂ WƌŽLJĞŬWD:ĂLJĂͲ:ĂŬĂƌƚĂ
WdĞůƚĂDĞĚŝĂŶ WƌŽLJĞŬhƉŐƌĂĚŝŶŐ:ĞƚƚLJϭĚŝ/dWŽŶƚŝĂŶĂŬ
WƌŽLJĞŬWĞŬĞƌũĂĂŶWŽŶĚĂƐŝŽŶǀĞLJŽƌΘĞƌƚŚŝŶŐŽůƉŚŝŶƌĞĂ>ŽĂĚŝŶŐϭĚŝ<ĂůŝŵĂŶƚĂŶ
WddƌŝƐĂŬƚŝŝƉƚĂEƵƐĂŶƚĂƌĂ dĞŶŐĂŚ
ĚŚŝͲEĂǀŝƌŝͲ^ƵƌLJĂĂŬƚŝ<^K WƌŽLJĞŬWĞŵďĂŶŐƵŶĂŶĞƌŵĂŐĂWƵůĂƵĂůĂŶŐĞŶƚĂŶŐWĞŶĚĞŬ//Ͳ/<E
Wd<ĂƌLJĂǁŝƉƵƚƌĂ/ŶĚŽŶĞƐŝĂ WĞŶŝŶŐŬĂƚĂŶ&ĂƐŝůŝƚĂƐWĞůĂďƵŚĂŶ>ĂŵƉŝĂ
WdWĂĐŝĨŝĐ^ŽůƵƐŝ WƌŽLJĞŬD//ϮϬϮϱ
WdWĂƌĂŚŝƚĂ/ŶƚŝƌĂLJĂ WƌŽLJĞŬWĞŵďĂŶŐƵŶĂŶWĂůĂƌĂŶ^ĂŵĂƌŝŶĚĂ͕<Ăůƚŝŵ
WdĞĐŽŶWƌŝŵĂ<ĂƌLJĂ WƌŽLJĞŬW/W/^ŝĚŽĂƌũŽ
WŝůĂƌͲ^ƵĂƚƌŝ<^K WĞůĂďƵŚĂŶdĞƉƵ͕DĂůƵŬƵ
Wd>ŽŵďŽŬ<ĂƌLJĂWĞƌŬĂƐĂ WƌŽLJĞŬĞƌŵĂŐĂ<^WͲDEWĞůĂďƵŚĂŶ<^KWdĂŶũƵŶŐtĂŶŐŝ
WdĚŚŝ<ĂƌLJĂ;WĞƌƐĞƌŽͿdďŬ WƌŽLJĞŬ ĂƐƚƉŽƌƚƌĞĂŬǁĂƚĞƌtŽƌŬƐ>ĂŵŽŶŐĂŶ^ŚŽƌĞďĂƐĞ
WdĚŚŝ<ĂƌLJĂ;WĞƌƐĞƌŽͿdďŬ WƌŽLJĞŬ W:ĞƚƚLJΘWƌŽƉLJůĞŶĞ^ƚŽƌĂŐĞdĂŶŬĂůŽŶŐĂŶ–WdWŽůLJƚĂŵĂ
WdƵŵŝDĂƐ:ĂLJĂWĞƌŬĂƐĂ WƌŽLJĞŬWĞŬĞƌũĂĂŶZĞǀŝƚĂůŝƐĂƐŝĞƌŵĂŐĂ&d ŶĚĞ
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EĂŵĂWĞůĂŶŐŐĂŶ WƌŽLJĞŬ
Wd ƐƉƌĞnjnjĂŝƉƚĂ'ƌŝLJĂ WƌŽLJĞŬWĞŶŝŶŐŬĂƚĂŶ&ĂƐƉĞů>ĂƵƚƵŶŐŝŶ
WdZĂŶƐŽĞWŝůĂƌhƚĂŵĂ WƌŽLJĞŬDĂŶŐŐĂƵĂϮϬϮϱ
Wd<ĂƐŝŚsĂŶĚĂƌŝŶĚŽĂŶũĂƌŝŶĚŽ WƌŽLJĞŬ>ĂƉƵŬŽϮϬϮϱ
Wd<ŝĚĞĐŽ:ĂLJĂŐƵŶŐ WƌŽLJĞŬWd<ŝĚĞĐŽ:ĂLJĂŐƵŶŐ
WdDĞŐĂ'ůŽďĂů ŶĞƌŐLJ WƌŽLJĞŬ:ĞƚƚLJWd'ĂŶĚĂůĂŵDĂŬŵƵƌ
<ŽƉĞƌĂƐŝ<ĂƌLJĂǁĂŶhƐĂŚĂ
WƌŽLJĞŬWd^ĞŵĞŶ/ŶĚŽŶĞƐŝĂ
^ĞũĂŚƚĞƌĂĞƌƐĂŵĂ
s^ĂƌŝůĂŵhƚĂŵĂ WƌŽLJĞŬWĞŵďĂŶŐƵŶĂŶ:ĞŵďĂƚĂŶĚŝĂŶũĂƌŵĂƐŝŶ
Wd'ĂŶĚĂůĂŵDĂŬŵƵƌ WƌŽLJĞŬ:ĞƚƚLJWd'ĂŶĚĂůĂŵDĂŬŵƵƌ
WddƌĂŶƐ'ůŽďĂůdĞƌƉĂĚƵ WƌŽLJĞŬ:ĞƚƚLJWd'ĂŶĚĂůĂŵDĂŬŵƵƌ
WdĞŶƚĂŶŐůĂŵEƵƐĂŶƚĂƌĂ WĞŬĞƌũĂĂŶWĞƌŬƵĂƚĂŶ^ƚƌƵŬƚƵƌĞƌŵĂŐĂ<ĂůŝŵĂƐ^ƵƌĂďĂLJĂ
WdtŝũĂLJĂ/ŶƚŝEƵƐĂ^ĞŶƚŽƐĂ WƌŽLJĞŬ^ĂƉƵĚŝϮϬϮϱ
WddƌŝƐĂŬƚŝŝƉƚĂEƵƐĂŶƚĂƌĂ WƌŽLJĞŬWd<ZŽƌƉŽƌŝŶĚŽ
WdtŝũĂLJĂ/ŶƚŝEƵƐĂ^ĞŶƚŽƐĂ WƌŽLJĞŬDĂƌĂƉŽŬŽƚϮϬϮϱͲϮϬϮϲ
Wd^ƵƌLJĂ:ĂŐĂĚŚŝƚĂ^ĞũĂŚƚĞƌĂ WƌŽLJĞŬWĞŵďĂŶŐƵŶĂŶ:ĂůĂŶŬƐĞƐ:ĞŵďĂƚĂŶ^ĞŝEŝďƵŶŐϮ
WdDĐŽŶŶĞůůŽǁĞůů ĂƚƵ,ŝũĂƵWƌŽũĞĐƚ
WĞŶŐĂĚĂĂŶ dŝĂŶŐ WĂŶĐĂŶŐ ƵŶƚƵŬ ƌĞĂŬǁĂƚĞƌ Ěŝ <ŽůĂŵ ƌĞĂ WĞŶŐĞŵďĂŶŐĂŶ ϭ
WdWĞůŝŶĚŽ^ŽůƵƐŝDĂƌŝƚŝŵ WĞůĂďƵŚĂŶĞŶŽĂ
Wd>ŽĞŚZĂLJĂWĞƌŬĂƐĂ WƌŽLJĞŬ<ĂůŝĂŶŐĞƚϮϬϮϱ
s:ƵƌĂŝ:ĂLJĂDĂŶĚŝƌŝ WƌŽLJĞŬ^ƵŶŐĂŝDƵƐŝĂŶLJƵĂƐŝŶ^ƵŵͲ^Ğů
Wd&ĂũĂƌ^ĂŬƚŝWƌŝŵĂ WƌŽLJĞŬWd&ĂũĂƌ^ĂŬƚŝWƌŝŵĂ͕^ĂďĂŶ
WdŵŵĂŶDŝŶĞƌĂůEƵƐĂ
WƌŽLJĞŬ^ĂůƵƌĂŶŝƌ
dĞŶŐŐĂƌĂ
t^</dͲZWͲ<:s WƌŽLJĞŬŽŶƐƚƌƵĐƚŝŽŶŽĨ<^^WĂĐŬĂŐĞϭ
sĂŬĂƌ>ĂŶŐŝƚ WƌŽLJĞŬWdWĞƌƚĂŵŝŶĂ
ϳ͘Ϯ͘ Distribusi, Agen dan Pengguna Akhir
WĞƌƐĞƌŽĂŶŵĞŶũƵĂůƐĞďĂŐŝĂŶďĞƐĂƌƉƌŽĚƵŬŶLJĂŬĞĚŝƐƚƌŝďƵƚŽƌĚŝǁŝůĂLJĂŚ/ŶĚŽŶĞƐŝĂ͕LJĂŶŐŬĞŵƵĚŝĂŶŵĞŶũƵĂů
ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ ŬĞ ƉĞŶŐŐƵŶĂ ĂŬŚŝƌ LJĂŶŐ ďĞƌĂƐĂů ĚĂƌŝ ƉĞƌƵƐĂŚĂĂŶ ŬŽŶƐƚƌƵŬƐŝ ĚĂŶ ƵƚŝůŝƚĂƐ ĚĂŶ ũƵŐĂ
ƉĞůĂŶŐŐĂŶĞĐĞƌĂŶ͘^ĞůĂŝŶŝƚƵWĞƌƐĞƌŽĂŶũƵŐĂŵĞŶŐŐƵŶĂŬĂŶĂŐĞŶƵŶƚƵŬŵĞŶũƵĂůƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͘hŶƚƵŬ
ƉĞůĂŶŐŐĂŶ ƐŬĂůĂ ďĞƐĂƌ͕ ƉƌŽLJĞŬ ďĞƌĚĂƐĂƌŬĂŶ ŬŽŶƚƌĂŬ͕ ŝŶĚƵƐƚƌŝ ŬŚƵƐƵƐ ƚĞƌƚĞŶƚƵ ;ŽƚŽŵŽƚŝĨͿ WĞƌƐĞƌŽĂŶ
ŵĞŶũƵĂůŶLJĂůĂŶŐƐƵŶŐŬĞƉĞŶŐŐƵŶĂĂŬŚŝƌ͘hŶƚƵŬƉĞŶũƵĂůĂŶŝŶƚĞƌŶĂƐŝŽŶĂů͕WĞƌƐĞƌŽĂŶŵĞŶŐŐƵŶĂŬĂŶĂŐĞŶ͘ŝ
ŵĂƐĂLJĂŶŐĂŬĂŶĚĂƚĂŶŐ͕WĞƌƐĞƌŽĂŶďĞƌĞŶĐĂŶĂƵŶƚƵŬŵĞŵƉĞƌůƵĂƐũĂƌŝĂŶŐĂŶĂŐĞŶŝŶƚĞƌŶĂƐŝŽŶĂů͘
hŶƚƵŬ ƚĞƌƵƐ ŵĞŶŝŶŐŬĂƚŬĂŶ ƉĞŶũƵĂůĂŶŶLJĂ Ěŝ ƉĂƐĂƌ ĚŽŵĞƐƚŝŬ͕ WĞƌƐĞƌŽĂŶ ŵĞŵďƵŬĂ ƐĂůƵƌĂŶ ĚŝƐƚƌŝďƵƐŝ
ĚŝƐĞůƵƌƵŚǁŝůĂLJĂŚ/ŶĚŽŶĞƐŝĂĂŶƚĂƌĂůĂŝŶĚŝƐĞůƵƌƵŚƉƵůĂƵ:ĂǁĂ͕^ƵůĂǁĞƐŝ͕^ƵŵĂƚĞƌĂĚĂŶ<ĂůŝŵĂŶƚĂŶ͕ƐĞƌƚĂ
ŵĞŶŝŶŐŬĂƚŬĂŶ ƉĂŶŐƐĂ ƉĂƐĂƌ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƉĞŶũƵĂůĂŶ ŬĞ ƐĞŵƵĂ ƚŝƉĞ ƉƌŽĚƵŬ ƉŝƉĂ͘ ,ŝŶŐŐĂ ƐĂĂƚ ŝŶŝ
ƉĞŵĂƐĂƌĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƐĞďĂŐŝĂŶ ĂĚĂůĂŚ ŵĞůĂůƵŝ ĚŝƐƚƌŝďƵƚŽƌ͕ ŬŽŶƚƌĂŬƚŽƌͬƉƌŽLJĞŬ͘
WĞƌƐĞƌŽĂŶ ŚĂŶLJĂ ďĞŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ ĚŝƐƚƌŝďƵƚŽƌ LJĂŶŐ ŵĞŶŐƵƚĂŵĂŬĂŶ ƉĞŶũƵĂůĂŶ ƉŝƉĂ ďĂũĂ ŵĞƌĞŬ ĚĂƌŝ
WĞƌƐĞƌŽĂŶĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶŵĞƌĞŬůĂŝŶŶLJĂ͘
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WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶĞƌĂƉŬĂŶ ƐŝƐƚĞŵ ŬŽŵŝƐŝ ƵŶƚƵŬ ƉĞŶũƵĂůĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ĚŝƐƚƌŝďƵƚŽƌ͕ ƐĞďĂůŝŬŶLJĂ
ĚŝƐƚƌŝďƵƚŽƌŵĞŵďĞůŝƉŝƉĂWĞƌƐĞƌŽĂŶĚĂŶŵĞŶũĂĚŝŬĂŶƉŝƉĂƚĞƌƐĞďƵƚƐĞďĂŐĂŝďĂƌĂŶŐƉĞƌƐĞĚŝĂĂŶƵŶƚƵŬĚŝũƵĂů
ŬĞŵďĂůŝ ĚĞŶŐĂŶ ƐƚƌĂƚĞŐŝ ŚĂƌŐĂ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ ĚŝƐƚƌŝďƵƚŽƌ ŝƚƵ ƐĞŶĚŝƌŝ͘ ŝƐƚƌŝďƵƚŽƌ WĞƌƐĞƌŽĂŶ
ŵĞƌƵƉĂŬĂŶƉĞůĂŶŐŐĂŶƚĞƌďĞƐĂƌWĞƌƐĞƌŽĂŶ͕ŶĂŵƵŶĚĞŵŝŬŝĂŶƚŝĚĂŬĂĚĂĚŝƐƚƌŝďƵƚŽƌƚƵŶŐŐĂůLJĂŶŐŵĞŶĐĂƉĂŝ
ůĞďŝŚ ĚĂƌŝ ϱй ĚĂƌŝ ƉĞŶũƵĂůĂŶ ƚĂŚƵŶĂŶ WĞƌƐĞƌŽĂŶ͘ WĞŵďĂLJĂƌĂŶ ƵŶƚƵŬ ƉĞŵďĞůŝĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ
ĚŝƐƚƌŝďƵƚŽƌ ƵŵƵŵŶLJĂ ũĂƚƵŚ ƚĞŵƉŽ ĚĂůĂŵ ϰϱͲϲϬ ŚĂƌŝ ĚĂƌŝ ƚĂŶŐŐĂů ĨĂŬƚƵƌ͘ ŝ ŵĂƐĂ LJĂŶŐ ĂŬĂŶ ĚĂƚĂŶŐ͕
WĞƌƐĞƌŽĂŶďĞƌĞŶĐĂŶĂƵŶƚƵŬŵĞŶŝŶŐŬĂƚŬĂŶƉĞŶũƵĂůĂŶůĂŶŐƐƵŶŐŬĞƉĞŶŐŐƵŶĂĂŬŚŝƌĚŝƉĂƐĂƌĚŽŵĞƐƚŝŬĚĂŶ
ŵĞŶŐƵƌĂŶŐŝ ŬĞƚĞƌŐĂŶƚƵŶŐĂŶ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ ĚŝƐƚƌŝďƵƚŽƌ ĚĂůĂŵ ƵƉĂLJĂ ƵŶƚƵŬ ŵĞŶŝŶŐŬĂƚŬĂŶ ŵĂƌŐŝŶ
ŬĞƵŶƚƵŶŐĂŶ ĚĂŶ ŵĞŵƵŶŐŬŝŶŬĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ĚĂƉĂƚ ůĂŶŐƐƵŶŐ ŵĞŵƉĞƌŬĞŶĂůŬĂŶ ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ
ŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͘
^ĞůĂŝŶŵĞŶŐŐƵŶĂŬĂŶĚŝƐƚƌŝďƵƚŽƌ͕WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶũƵĂůƉƌŽĚƵŬŵĞůĂůƵŝĂŐĞŶ͕ƵŶƚƵŬƉĂƐĂƌĚŽŵĞƐƚŝŬĚĂŶ
ƉĞŶŐŐƵŶĂĂŬŚŝƌĚŝƉĂƐĂƌŝŶƚĞƌŶĂƐŝŽŶĂů͘WĞƌƐĞƌŽĂŶŵĞŶũƵĂůƉŝƉĂŬĞƉĂĚĂŐĞŶďĞƌĚĂƐĂƌŬĂŶŚĂƌŐĂLJĂŶŐƚĞůĂŚ
ĚŝƐĞƉĂŬĂƚŝ͕ ĚŝŵĂŶĂ ŬĞŵƵĚŝĂŶ ŐĞŶ ŵĞŶũƵĂů ŬĞŵďĂůŝ ŬĞƉĂĚĂ ƉĞůĂŶŐŐĂŶ WĞƌƐĞƌŽĂŶ Ěŝ ŚĂƌŐĂ ƚĞƌƚĞŶƚƵ͘
WĞƌƐĞƌŽĂŶƉĂĚĂƵŵƵŵŶLJĂŵĞŶŐŐƵŶĂŬĂŶĂŐĞŶƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶŬŽŶƚƌĂŬƉƌŽLJĞŬďĞƐĂƌ͕ŵŝƐĂůŶLJĂƉƌŽLJĞŬͲ
ƉƌŽLJĞŬLJĂŶŐďĞƌĂƐĂůĚĂƌŝƉĞŵĞƌŝŶƚĂŚ͘
ŝ ƉĂƐĂƌ ŝŶƚĞƌŶĂƐŝŽŶĂů͕ WĞƌƐĞƌŽĂŶ ƵŵƵŵŶLJĂ ŵĞŶũƵĂů ƉŝƉĂ ŵĞůĂůƵŝƐĂƚƵ ĂƚĂƵ ĚƵĂ ĂŐĞŶ ŝŶĚŝǀŝĚƵ͘ ŐĞŶ ŝŶŝ
ƐĞƌŝŶŐ ďĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ŬŽŶƚĂŬ ƉŝŚĂŬ ƉĞƌƚĂŵĂ ƵŶƚƵŬ ƉĞůĂŶŐŐĂŶ ŝŶƚĞƌŶĂƐŝŽŶĂů͘ WĞŶũƵĂůĂŶ ŝŶƚĞƌŶĂƐŝŽŶĂů
WĞƌƐĞƌŽĂŶƐĞďĂŐŝĂŶďĞƐĂƌƚĞƌĚŝƌŝĚĂƌŝƉĞŶũƵĂůĂŶŬĞƵƐƚƌĂůŝĂ͕^ŝŶŐĂƉƵƌĂ͕DĂůĂLJƐŝĂ͕ŵĞƌŝŬĂ^ĞƌŝŬĂƚ͕<ĂŶĂĚĂ
ĚĂŶsŝĞƚŶĂŵ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶũƵĂůƉŝƉĂůĂŶŐƐƵŶŐŬĞƉĂĚĂƉĞŶŐŐƵŶĂĂŬŚŝƌďĂŝŬĚŝƉĂƐĂƌĚŽŵĞƐƚŝŬĚĂŶŝŶƚĞƌŶĂƐŝŽŶĂů͕
ƉĂĚĂƵŵƵŶLJĂƵŶƚƵŬŝŶĚƵƐƚƌŝĨƵƌŶŝƚƵƌĞ͕ŽƚŽŵŽƚŝĨĚĂŶŝŶĚƵƐƚƌŝŵŝŶLJĂŬĚĂŶŐĂƐ͘
,ĂŵďĂƚĂŶ ƉĞŶũƵĂůĂŶ ĚĂŶ ĚŝƐƚƌŝďƵƐŝ ƉƌŽĚƵŬ͕ ďĂŝŬ ĚŽŵĞƐƚŝŬ ĚĂŶ ůƵĂƌ ŶĞŐĞƌŝ ĂĚĂůĂŚ ŵĂƐĂůĂŚ ƚƌĂŶƐƉŽƌƚĂƐŝ͕
ĚŝŵĂŶĂWĞƌƐĞƌŽĂŶŵĞŶŐŐƵŶĂŬĂŶũĂƐĂƉŝŚĂŬŬĞƚŝŐĂƵŶƚƵŬŵĞŶŐŝƌŝŵŚĂƐŝůƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶďĂŝŬŬĞƉĂĚĂ
ƉĞůĂŶŐŐĂŶĂŬŚŝƌ͕ĚŝƐƚƌŝďƵƚŽƌŵĂƵƉƵŶĂŐĞŶLJĂŶŐĂĚĂĚŝ/ŶĚŽŶĞƐŝĂŵĂƵƉƵŶůƵĂƌŶĞŐĞƌŝ͘WĞŶŐŐƵŶĂĂŶĞŬƐƉĞĚŝƐŝ
ĚĂƌŝ ƉŝŚĂŬ ŬĞƚŝŐĂ ŝŶŝ ĚĂƉĂƚ ŵĞŶŐĂŬŝďĂƚŬĂŶ ƚĞƌũĂĚŝŶLJĂ ŬĞƚĞƌůĂŵďĂƚĂŶ ĚĂůĂŵ ƉĞŶŐŝƌŝŵĂŶ ŚĂƐŝů ƉƌŽĚƵŬƐŝ
WĞƌƐĞƌŽĂŶĚŝŬĂƌĞŶĂŬĂŶĞŬƐƉĞĚŝƐŝƚĞƌƐĞďƵƚƚĞƌŬĂĚĂŶŐƚŝĚĂŬĚĂƉĂƚƚŝďĂĚŝƉĂďƌŝŬWĞƌƐĞƌŽĂŶƉĂĚĂǁĂŬƚƵLJĂŶŐ
ƚĞůĂŚĚŝƚĞŶƚƵŬĂŶ͘,ĂůŝŶŝĚŝƐĞďĂďŬĂŶƚƌƵŬĞŬƐƉĞĚŝƐŝLJĂŶŐĂŬĂŶŵĞŶŐĂŶŐŬƵƚŚĂƐŝůƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶďĂƌƵ
ĂŬĂŶďĞƌĂŶŐŬĂƚĚĂƌŝŬŽƚĂƐĞďĞůƵŵŶLJĂũŝŬĂƚƌƵŬƚĞƌƐĞďƵƚƚĞůĂŚƉĞŶƵŚŵƵĂƚĂŶĚŝŵĂŶĂƚŝĚĂŬďŝƐĂĚŝƉĂƐƚŝŬĂŶ
ďĞƌĂƉĂ ůĂŵĂ ǁĂŬƚƵ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ŚŝŶŐŐĂ ƚƌƵŬ ƚĞƌƐĞďƵƚ ƉĞŶƵŚ ŵƵĂƚĂŶ ƐĞŚŝŶŐŐĂ ƐĞƌŝŶŐ ƚƌƵŬ ƚĞƌƐĞďƵƚ
ƚĞƌůĂŵďĂƚƚŝďĂĚŝƉĂďƌŝŬWĞƌƐĞƌŽĂŶ͘
WĞůĂŶŐŐĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƐĂŶĂŶ ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ ƉĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ ĂƚĂƵ ĚĞŶŐĂŶ
ŵĞŶĂŶĚĂƚĂŶŐĂŶŝ ŬŽŶƚƌĂŬ͘ WĞŶŐŐƵŶĂ ĂŬŚŝƌ ƉĂĚĂ ƵŵƵŵŶLJĂ ŵĞŵŝůŝŬŝ ϯϬͲϰϱ ŚĂƌŝ ĚĂƌŝ ƚĂŶŐŐĂů ĨĂŬƚƵƌ ƵŶƚƵŬ
ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ͕ ƐĞĚĂŶŐŬĂŶ ƉĞŶŐŐƵŶĂ ĂŬŚŝƌ ;ƉƌŽLJĞŬͿ ŵĂƐĂ ƉĞŵďĂLJĂƌĂŶŶLJĂ ĚŝůĂŬƵŬĂŶ ƐĞƐƵĂŝ
ŬŽŶƚƌĂŬLJĂŶŐƚĞůĂŚĚŝƐĞƉĂŬĂƚŝ͘hŶƚƵŬƉĞůĂŶŐŐĂŶďĂƌƵĚŝŚĂƌƵƐŬĂŶƵŶƚƵŬŵĞŵďĂLJĂƌƐĞĐĂƌĂƚƵŶĂŝ͕ƐĞĚĂŶŐŬĂŶ
ƵŶƚƵŬƉĞůĂŶŐŐĂŶĚĂƌŝƚŽŬŽͬĚŝƐƚƌŝďƵƚŽƌƉĂĚĂƵŵƵŵŶLJĂŵĞŵƉƵŶLJĂŝǁĂŬƚƵϭ͕ϱƐĂŵƉĂŝĚĞŶŐĂŶϮďƵůĂŶĚĂƌŝ
ƚĂŶŐŐĂůĨĂŬƚƵƌ͘
ĂůĂŵ ĚƵĂ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ͕ ƚŝĚĂŬ ĂĚĂ ƉĞƐĂŶĂŶ LJĂŶŐ ŵĞŶƵŵƉƵŬ͘ WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ŵĞŶũĂŐĂ ƚŝŶŐŬĂƚ
ƉĞƌƐĞĚŝĂĂŶƵŶƚƵŬŵĞŶĐĞŐĂŚƉŽƚĞŶƐŝƉĞŶƵŵƉƵŬĂŶƉĞƐĂŶĂŶƉĂĚĂŵĂƐĂLJĂŶŐĂŬĂŶĚĂƚĂŶŐ͘
ϴ͘ W Z^/E'Eh^,
WĞƌƐĞƌŽĂŶ ŵĞƌƵƉĂŬĂŶ ƐĂůĂŚ ƐĂƚƵ ĚĂƌŝ ďĞďĞƌĂƉĂ ƉƌŽĚƵƐĞŶ ďĂũĂ LJĂŶŐ ďĞƌƉĞŶŐĂůĂŵĂŶ ĚĂůĂŵ ŵĞŵƉƌŽĚƵŬƐŝ
ďĞƌďĂŐĂŝ ŵĂĐĂŵ ƉŝƉĂ ďĂũĂͬƚĂďƵŶŐ ĚĂŶ ďĞƌďĂŐĂŝ ƉƌŽĚƵŬ ƚĞƌŬĂŝƚ ůĂŝŶŶLJĂ͕ ƐĞƌƚĂ ƐĞůĂůƵ ŝŶŽǀĂƚŝĨ ĚĂůĂŵ ƌĂŶŐŬĂ
ŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶͲŬĞďƵƚƵŚĂŶƐƉĞƐŝĨŝŬƉĂƌĂŬŽŶƐƵŵĞŶŶLJĂ͘
WĞƌƐĞƌŽĂŶďĞƌƵƐĂŚĂƵŶƚƵŬƐĞůĂůƵŵĞŶũĂĚŝLJĂŶŐƚĞƌĚĞƉĂŶĚĂůĂŵŝŶĚƵƐƚƌŝƉŝƉĂďĂũĂĂŐĂƌĚĂƉĂƚŵĞŶũĂĚŝƐĂƚƵĚĂƌŝ
LJĂŶŐ ƚĞƌďĂŝŬ LJĂŶŐ ŵĂŵƉƵ ŵĞŵďĞƌŝŬĂŶ ƉĂƐŽŬĂŶ ƉƌŽĚƵŬ ďĞƌŬƵĂůŝƚĂƐ ŬĞƉĂĚĂ ŬŽŶƐƵŵĞŶ ĚĂŶ ĐĂůŽŶ ŬŽŶƐƵŵĞŶ
WĞƌƐĞƌŽĂŶ͘
247
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ĞƌŝŬƵƚ ŝŶŝ ŵĞƌƵƉĂŬĂŶ ŐĂŵďĂƌĂŶ ƉŽƐŝƐŝ WĞƌƐĞƌŽĂŶ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ďĞďĞƌĂƉĂ ŬŽŵƉĞƚŝƚŽƌŶLJĂ Ěŝ ŝŶĚƵƐƚƌŝ
ƐĞũĞŶŝƐ͗
WĞƌďĂŶĚŝŶŐĂŶWĞŶĚĂƉĂƚĂŶDĂŶƵĨĂŬƚƵƌWŝƉĂĂũĂdĞƌďĞƐĂƌĚŝ
/ŶĚŽŶĞƐŝĂ;ĚĂůĂŵŵŝůŝĂƌZƵƉŝĂŚͿ
ϲ͘ϰϱϱ
ϲ͘Ϯϱϲ
ϲ͘ϭϭϴ
ϱ͘ϯϳϵ
ϰ͘ϴϴϲ
ϰ͘ϰϲϴ
ϯ͘ϴϳϬ
ϯ͘ϳϱϵ
ϯ͘ϳϳϲ
ϯ͘ϲϮϲ
ϯ͘ϲϲϯ
ϯ͘ϯϰϬ
ϯ͘Ϯϯϱ
Ϯ͘ϰϱϵ
Ϯ͘ϰϱϰ
Ϯ͘ϯϵϯ
Ϯ͘Ϭϲϴ
ϭ͘ϱϭϭ
ϭ͘ϯϳϴ
ϭ͘ϯϴϰ
ϭ͘ϮϬϮ
ϵϮϮ
ϵϴϵ
ϳϲϵ
ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ
^W/EK ĂŬƌŝĞWŝƉĞ <ƌĂŬĂƚĂƵWŝƉĞ/ŶĚƵƐƚƌŝĞƐ
'ƌĂĨŝŬĚŝĂƚĂƐŵĞŵďĂŶĚŝŶŐŬĂŶũƵŵůĂŚƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶďĞďĞƌĂƉĂŬŽŵƉĞƚŝƚŽƌŶLJĂ͘
ŝŬĂƌĞŶĂŬĂŶŬĞƚĞƌďĂƚĂƐĂŶĚĂƚĂ͕ŐƌĂĨŝŬĚŝĂƚĂƐŚĂŶLJĂŵĞŵƵĂƚƉƌŽĚƵƐĞŶƉŝƉĂďĂũĂĚĂƌŝŬŽŵƉĞƚŝƚŽƌƉĞƌƵƐĂŚĂĂŶ
ƚĞƌďƵŬĂ͘ ĂůĂŵ ĞŵƉĂƚ ƚĂŚƵŶ ďĞƌƚƵƌƵƚͲƚƵƌƵƚ͕ WĞƌƐĞƌŽĂŶ ŵĞŶĐĂƚĂƚŬĂŶ ƉĞŶĚĂƉĂƚĂŶ ƚĞƌƚŝŶŐŐŝ ĚŝďĂŶĚŝŶŐ
ŬŽŵƉĞƚŝƚŽƌŶLJĂ͘,ĂůŝŶŝĚŝĚƵŬƵŶŐƐĞŐŵĞŶƵƐĂŚĂWĞƌƐĞƌŽĂŶLJĂŶŐůƵĂƐ͕ŵĞŶĐĂŬƵƉ<ŽŶƐƚƌƵŬƐŝ͕/ŶĨƌĂƐƚƌƵŬƚƵƌ͕ĚĂŶ
hƚŝůŝƚĂƐ͕KƚŽŵŽƚŝĨ͕&ƵƌŶŝƚƵƌ͕ĚĂŶDŝŶLJĂŬĚĂŶ'ĂƐ͘
ϵ͘ ^ Zd/&/<^/E^K^/^/
:ĂŵŝŶĂŶŵƵƚƵƉƌŽĚƵŬƐĞůĂůƵĚŝůĂŬƵŬĂŶWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƉĞŶĞƌĂƉĂŶƐŝƐƚŝŵ ŵĂŶĂũĞŵĞŶŵƵƚƵLJĂŶŐŬĞƚĂƚĚĂŶ
ƐĞůĂƌĂƐĚĞŶŐĂŶƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƐĞƌƚŝĨŝŬĂƚYD^;YƵĂůŝƚLJDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵͿ/^KϵϬϬϭĚĂŶW/ϱ>;DŽŶŽŐƌĂŵ
>ŝĐĞŶƐĞͿ ŽůĞŚ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ŵĞŵƉƌŽĚƵŬƐŝ ƉŝƉĂ ďĂũĂ LJĂŶŐ ŵĞŵĞŶƵŚŝ ƉĞƌƐLJĂƌĂƚĂŶ ŵƵƚƵ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝƚĞƚĂƉŬĂŶŽůĞŚďĞďĞƌĂƉĂƐƚĂŶĚĂƌƐƉĞƐŝĨŝŬĂƐŝƉƌŽĚƵŬLJĂŶŐƐƵĚĂŚĚŝŬĞŶĂůƐĞƉĞƌƚŝ^dD͕^͕:/^͕/^K͕W/͕^͕h>͕
&D ĚĂŶ ^E/͘ :ĂŵŝŶĂŶ ŵƵƚƵ ƉƌŽĚƵŬ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ĚŝŬĞŶĂů ĚƵŶŝĂ ůƵĂƐ ƐĞƉĞƌƚŝ :ĞƉĂŶŐ͕ ^ŝŶŐĂƉŽƌĞ͕ dĂŝǁĂŶ͕
ŵĞƌŝŬĂ͕ƵƐƚƌĂůŝĂ͕ĚĂŶƐĞďĂŐĂŝŶLJĂ͘^ƚĂŶĚĂƌŵƵƚƵƉƌŽĚƵŬWĞƌƐĞƌŽĂŶŵĞŶŐŚĂƌƵƐŬĂŶƐĞƚŝĂƉƉƌŽĚƵŬŵĞŶŐĂůĂŵŝ
ďĞďĞƌĂƉĂ ƉĞŶŐƵũŝĂŶ ďĂŝŬ ůĂďŽƌĂƚŽƌLJ ƚĞƐƚ ŵĂƵƉƵŶ ƉĞŶŐƵũŝĂŶ ĚĂůĂŵ ũĂůƵƌ ƉƌŽĚƵŬƐŝ LJĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ƉĞƌƐLJĂƌĂƚĂŶƐƚĂŶĚĂƌ͕ĚŝĂŶƚĂƌĂŶLJĂĂĚĂůĂŚƵũŝŬĞďŽĐŽƌĂŶĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶƚĞŬĂŶĂŶĂŝƌ;,LJĚƌŽƐƚĂƚŝĐdĞƐƚͿ͕hũŝ
ƚŝĚĂŬŵĞƌƵƐĂŬĚĞŶŐĂŶƉƌŝŶƐŝƉ ĚĚLJƵƌƌĞŶƚ͕hůƚƌĂƐŽŶŝĐ͕ZĂĚŝŽŐƌĂƉŚŝĐĚĂŶďĞďĞƌĂƉĂ ƉĞŶŐƵũŝĂŶůĂŝŶŶLJĂƐĞƐƵĂŝ
ĚĞŶŐĂŶƉĞƌƐLJĂƌĂƚĂŶƐƚĂŶĚĂƌŵĂƵƉƵŶƉĞůĂŶŐŐĂŶ͘WĞƌƐĞƌŽĂŶƐĞůĂůƵŵĞŶŐŐƵŶĂŬĂŶƉĞƌĂůĂƚĂŶŝŶƐƉĞŬƐŝĚĂŶƵũŝLJĂŶŐ
ƐĞĐĂƌĂƉĞƌŝŽĚŝŬĚŝůĂŬƵŬĂŶŬĂůŝďƌĂƐŝĚĂŶǀĞƌŝĨŝŬĂƐŝďĂŝŬŽůĞŚƉĞŶLJĞĚŝĂũĂƐĂŬĂůŝďƌĂƐŝLJĂŶŐƚĞƌĂŬƌĞĚŝƚĂƐŝŵĂƵƉƵŶ
ŽůĞŚůĂďŽƌĂƚŽƌŝƵŵŝŶƚĞƌŶĂů͘ZĞŬĂŵĂŶĂƚĂƵĂƚĂŚĂƐŝůŝŶƐƉĞŬƐŝĚĂŶƵũŝƐĞůĂůƵĚŝƐŝŵƉĂŶƐĞƐƵĂŝĚĞŶŐĂŶŵĂƐĂƌĞƚĞŶƐŝ
ƉĞŶLJŝŵƉĂŶĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ ƐŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ĚŽŬƵŵĞŶ ĚĂŶ ƌĞŬĂŵĂŶ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ
WĞƌƐĞƌŽĂŶ͘
ĞƌŝŬƵƚŝŶŝŵĞƌƵƉĂŬĂŶĚĂĨƚĂƌƐĞƌƚŝĨŝŬĂƐŝLJĂŶŐĚŝŵŝůŝŬŝWĞƌƐĞƌŽĂŶ͗
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
DĞƚĂůůŝĐ
^ƉƌŝŶŬůĞƌ
W E''hE
s/z͘ yϮϳϲ WŝƉĞĨŽƌ
ϭ EdE ϭ͕ϯ͕ϱ h>ϴϱϮ h>>> ϮͲ:ĂŶͲϮϯ Ͳ
ϭϱ &ŝƌĞ
h>
WƌŽƚĞĐƚŝŽŶ
^ĞƌǀŝĐĞƐ
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: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
ϭϬϯϭϯͬ^:Ͳ
d<EW/ < D EW Z/E
/E͘ϴͬ Ͳ
Ϯ d<E ϯ ϱ> Zt'Z Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϯϬͲ^ĞƉͲϮϰ ϯϬͲ^ĞƉͲϮϳ
d<EͬϵͬϮϬ
W^>ϭ /ŶĚŽŶĞƐŝĂͿ
Ϯϰ
ϭϬϯϭϱͬ^:Ͳ
d<E < D EW Z/E
/E͘ϴͬ Ͳ
ϯ d<E ϯ ^dD Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϯϬͲ^ĞƉͲϮϰ ϯϬͲ^ĞƉͲϮϳ
d<EͬϵͬϮϬ
ϮϱϮ Zt /ŶĚŽŶĞƐŝĂͿ
Ϯϰ
^ƚĞĞůWŝƉĞ
ĨŽƌhƐĞ
ƉƉƌŽǀĂů
W E''hE tŝƚŚ
/ĚĞŶƚŝĨŝĐĂƚŝ &D
ϰ EdE ϯ &DϭϲϯϬ ƵƚŽŵĂƚŝĐ ϮϬͲDĞŝͲϭϵ Ͳ
ŽŶ͗ ƉƉƌŽǀĂůƐ
&D &ŝƌĞ
ϯϬϲϭϳϭϴ
^ƉƌŝŶŬůĞƌ
^LJƐƚĞŵƐ
KĐĐƵƉĂƚŝŽŶ
Ăů,ĞĂůƚŚ
ĂŶĚ^ĂĨĞƚLJ
DĂŶĂŐĞŵĞ
/^KϰϱϬϬϭ͗ Ŷƚ^LJƐƚĞŵƐ
ϱ K,^ͬ^D<ϯ ϯΘϰ K,^ϮϬϵϭϱ ^/'>K> ϭϭͲ:ĂŶͲϮϲ ϰͲ:ĂŶͲϮϵ
ϮϬϭϴ Ͳ
ZĞƋƵŝƌĞŵĞ
ŶƚƐǁŝƚŚ
ŐƵŝĚĂŶĐĞ
ĨŽƌƵƐĞ
ϴϭϲϱͬ^:Ͳ d<E < D EW Z/E
ϲ d<E ϯ /E͘ϴͬd< ^dDϱϯ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϵͲĞƐͲϮϮ ϮϵͲĞƐͲϮϱ
EͬϭϮͬϮϬϮϮ Zt /ŶĚŽŶĞƐŝĂͿ
^ŝƐƚĞŵ
^ŝƐƚĞŵ
/^KϭϰϬϬϭ͗ DĂŶĂũĞŵĞ
ϳ DĂŶĂũĞŵĞŶ ϯ͕ϰ D^ϰϭϱϲϰ ^/'>K> ϭϭͲ:ĂŶͲϮϲ ϮϱͲ&ĞďͲϮϵ
ϮϬϭϱ Ŷ
>ŝŶŐŬƵŶŐĂŶ
>ŝŶŐŬƵŶŐĂŶ
'ĞŶĞƌĂů
ZĞƋƵŝƌĞŵĞ
ŶƚĨŽƌƚŚĞ
^/^d D
ŽŵƉĞƚĞŶĐ
DE: D /^Kͬ/ <KD/d
>WͲϭϯϳϵ ĞŽĨ
ϴ E ϰ ϭϳϬϮϱ͗ <Z /d^/ ϮͲDĂƌͲϮϱ ϭͲDĂƌͲϯϬ
/E dĞƐƚŝŶŐ
>KZdKZ ϮϬϭϳ E^/KE>
ĂŶĚ
/hD
ĂůŝďƌĂƚŝŽŶ
>ĂďŽƌĂƚŽƌŝ
ĞƐ
ϯϴϯϴͬ^:Ͳ < D EW Z/E
d<E^E/
ϵ d<E ϭ /E͘ϴͬd< Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϴͲƉƌͲϮϯ ϮϴͲƉƌͲϮϲ
ϬϬϯϵ Zt
EͬϰͬϮϬϮϯ /ŶĚŽŶĞƐŝĂͿ
KĐĐƵƉĂƚŝŽŶ
Ăů,ĞĂůƚŚ
ĂŶĚ^ĂĨĞƚLJ
DĂŶĂŐĞŵĞ
/^KϰϱϬϬϭ͗ Ŷƚ^LJƐƚĞŵƐ
ϭϬ K,^ͬ^D<ϯ ϱ ,^Dϰϭϱϱϯ ^/'>K> ϮͲ:ƵŶͲϮϯ ϮϭͲ:ƵůͲϮϲ
ϮϬϭϴ Ͳ
ZĞƋƵŝƌĞŵĞ
ŶƚƐǁŝƚŚ
ŐƵŝĚĂŶĐĞ
ĨŽƌƵƐĞ
YƵĂůŝƚLJ
ϭ͕Ϯ͕ϯ͕ DĂŶĂŐĞŵĞ
/^KϵϬϬϭ͗
ϭϭ YD^ ϰ͕ϲ͕ Y ϮϭϴϮϵ Ŷƚ^LJƐƚĞŵͲ ^/'>K> ϮϭͲ:ƵůͲϮϯ ϰͲ:ƵůͲϮϲ
ϮϬϭϱ
<W ZĞƋƵŝƌĞŵĞ
Ŷƚ
249
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
W/ ^ƉĞĐŝĨŝĐĂƚŝŽ
ϭϮ DŽŶŽŐƌĂŵ ϯ ϱ>Ͳϭϭϰϯ W/ϱ> ŶĨŽƌ>ŝŶĞ W/ ϮϬͲ^ĞƉͲϮϯ ϮϬͲ^ĞƉͲϮϲ
>ŝĐĞŶƐĞ WŝƉĞ
ϭϬϮϲϯͬ^:Ͳ d<E^E/ < D EW Z/E
ϭϯ d<E ϰ /E͘ϴͬd< ϬϬϯϵ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϲͲEŽǀͲϮϯ ϭϲͲEŽǀͲϮϲ
EͬϭϭͬϮϬϮϯ ^W/Z> /ŶĚŽŶĞƐŝĂͿ
^ƚĞĞůWŝƉĞ
ĨŽƌhƐĞ
W E''hE tŝƚŚ
WƌŽũĞĐƚ/͗ &D
ϭϰ EdE ϯ &DϭϲϯϬ ƵƚŽŵĂƚŝĐ ϭϰͲƉƌͲϮϭ Ͳ
WZϰϱϰϰϵϱ ƉƉƌŽǀĂůƐ
&D &ŝƌĞ
^ƉƌŝŶŬůĞƌ
^LJƐƚĞŵƐ
W/ ^ƉĞĐŝĨŝĐĂƚŝŽ
ϭϱ DŽŶŽŐƌĂŵ ϰ ϱ>ͲϬϯϭϯ W/ϱ> ŶĨŽƌ>ŝŶĞ W/ ϭϵͲƉƌͲϮϰ ϰͲDĞŝͲϮϳ
>ŝĐĞŶƐĞ WŝƉĞ
ĂďůĞ
/ŵƉůĞŵĞŶƚ ĂĚĂŶ
^/Y^ϱϯϰ /Y^ϮϬϬϬ͗ ĂƚŝŽŶ ^ĞƌƚŝĨŝŬĂƐŝ
ϭϲ /Y^ Ϯ ϭϱͲDĞŝͲϮϰ ϭϱͲDĞŝͲϮϳ
ϱϬϱ ϮϬϭϴ YƵĂůŝƚLJ /Y^dĞůŬŽŵ
DĂŶĂŐĞŵĞ W
Ŷƚ^LJƐƚĞŵ
WŝƉĂĂũĂ
^ĂůƵƌĂŶŝƌ
ϯϲϰͬtͬZ ͬ
^E/ϬϬϯϵ͗ ĚĞŶŐĂŶ ^/
ϭϳ ^WWd^E/ ϱ ͬy͘ϭϬͬϮϬϭ ϮϮͲ^ĞƉͲϮϱ ϮϭͲ^ĞƉͲϮϵ
ϮϬϭϯ ĂƚĂƵdĂŶƉĂ < D EW Z/E
ϲ
>ĂƉŝƐĂŶ
^ĞŶŐ
WŝƉĂĂũĂ
<ĂƌďŽŶ
ϯϲϱͬ^ͬZ ͬ ^E/ϬϳͲ ^/
ϭϴ ^WWd^E/ ϱ ƵŶƚƵŬ ϮϮͲ^ĞƉͲϮϱ ϮϭͲ^ĞƉͲϮϵ
ͬy͘ϭϬͬϮϬϭϲ ϬϬϲϳͲϭϵϴϳ < D EW Z/E
<ŽŶƐƚƌƵŬƐŝ
DĞƐŝŶ
ϯϲϲͬ^ͬZ ͬ ^E/ϬϱͲ WŝƉĂhŶŝŽŶ ^/
ϭϵ ^WWd^E/ ϱ ϮϮͲ^ĞƉͲϮϱ ϮϭͲ^ĞƉͲϮϵ
ͬy͘ϭϬͬϮϬϭϲ ϬϬϲϵͲϭϵϴϳ ;ŽŶĚƵŝƚͿ < D EW Z/E
ƵƚŽŵŽƚŝǀ
ĞYƵĂůŝƚLJ
DĂŶĂŐĞŵĞ
Ŷƚ^LJƐƚĞŵ
^ƚĂŶĚĂƌĚ͕
/d&h^/ YƵĂůŝƚLJ
EK͗ DĂŶĂŐĞŵĞ
>ϵ<yEz Ŷƚ^LJƐƚĞŵ
/d&Ğƌƚ ZĞƋƵŝƌĞŵĞ
/d&ϭϲϵϰϵ
ϮϬ YD^ ϱ EŽ͗ ŶƚƐĨŽƌ ^/'>K> ϮϰͲ:ƵŶͲϮϰ ϮϯͲ:ƵŶͲϮϳ
͗ϮϬϭϲ
ϬϱϮϲϰϵϲ ƵƚŽŵŽƚŝǀ
Ğƌƚ Ğ
EƵŵďĞƌ͗ WƌŽĚƵĐƚŝŽŶ
ϮϬϮϮͲϬϬϳϱ ĂŶĚ
ZĞůĞǀĂŶƚ
^ĞƌǀŝĐĞ
WĂƌƚ
KƌŐĂŶŝnjĂƚŝ
ŽŶƐ
ϵϰϭϳͬ^:Ͳ d<E
< D EW Z/E
/E͘ϴͬ Ͳ ^dD
Ϯϭ d<E ϰ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϬͲ^ĞƉͲϮϰ ϮϬͲ^ĞƉͲϮϳ
d<EͬϵͬϮϬ ϮϱϮ'ƌ͘Ϯ
/ŶĚŽŶĞƐŝĂͿ
Ϯϰ ^W/Z>
250
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
ϭϬϲϳϮͬ^:Ͳ
d<EW/ < D EW Z/E
/E͘ϴͬ Ͳ
ϮϮ d<E ϰ ϱ>^W/Z>Ͳ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϰͲKŬƚͲϮϰ ϰͲKŬƚͲϮϳ
d<EͬϭϬͬϮ
'ZW^>ϭ /ŶĚŽŶĞƐŝĂͿ
ϬϮϰ
ϵϰϭϴͬ^:Ͳ d<E
< D EW Z/E
/E͘ϴͬ Ͳ ^dD
Ϯϯ d<E ϰ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϬͲ^ĞƉͲϮϰ ϮϬͲ^ĞƉͲϮϳ
d<EͬϵͬϮϬ ϮϱϮ'ƌ͘ϯ
/ŶĚŽŶĞƐŝĂͿ
Ϯϰ ^W/Z>
ϭϬϲϳϯͬ^:Ͳ d<EW/
< D EW Z/E
/E͘ϴͬ Ͳ ϱ>^W/Z>Ͳ
Ϯϰ d<E ϰ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϰͲKŬƚͲϮϰ ϰͲKŬƚͲϮϳ
d<EͬϭϬͬϮ 'ZDW^>
/ŶĚŽŶĞƐŝĂͿ
ϬϮϰ Ϯ
ϭϬϲϳϰͬ^:Ͳ d<EW/
< D EW Z/E
/E͘ϴͬ Ͳ ϱ>^W/Z>Ͳ
Ϯϱ d<E ϰ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϰͲKŬƚͲϮϰ ϰͲKŬƚͲϮϳ
d<EͬϭϬͬϮ 'ZyϰϮD
/ŶĚŽŶĞƐŝĂͿ
ϬϮϰ W^>Ϯ
ϭϮϬϱϮͬ^:Ͳ d<EW/
< D EW Z/E
/E͘ϴͬ Ͳ ϱ>^W/Z>Ͳ
Ϯϲ d<E ϰ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϯͲKŬƚͲϮϰ ϮϯͲKŬƚͲϮϳ
d<EͬϭϬͬϮ 'ZyϱϮD
/ŶĚŽŶĞƐŝĂͿ
ϬϮϰ W^>Ϯ
ϭϮϬϱϰͬ^:Ͳ d<EW/
< D EW Z/E
/E͘ϴͬ Ͳ ϱ>^W/Z>Ͳ
Ϯϳ d<E ϰ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϯͲKŬƚͲϮϰ ϮϯͲKŬƚͲϮϳ
d<EͬϭϬͬϮ 'ZyϲϱD
/ŶĚŽŶĞƐŝĂͿ
ϬϮϰ W^>Ϯ
ϭϬϯϭϮͬ^:Ͳ
d<EW/ < D EW Z/E
/E͘ϴͬ Ͳ
Ϯϴ d<E ϯ ϱ> ZtͲ'Z Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϯϬͲ^ĞƉͲϮϰ ϯϬͲ^ĞƉͲϮϳ
d<EͬϵͬϮϬ
DW^>Ϯ /ŶĚŽŶĞƐŝĂͿ
Ϯϰ
ϭϬϯϭϲͬ^:Ͳ
d<EW/ < D EW Z/E
/E͘ϴͬ Ͳ
Ϯϵ d<E ϯ ϱ> ZtͲ'Z Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϯϬͲ^ĞƉͲϮϰ ϯϬͲ^ĞƉͲϮϳ
d<EͬϵͬϮϬ
W^>ϭ /ŶĚŽŶĞƐŝĂͿ
Ϯϰ
dŝĂŶŐĞƐŝ
dĞůĞŬŽŵƵŶ Wd
Yd ^d ^d >>ͲϬϬϯͲ
dĞů͘ϰϯϭͬd,Ͳ ŝŬĂƐŝ dĞůĞŬŽŵƵŶŝŬ
ϯϬ d ><KDͲ Ϯ ϮϬϮϭs Z^/ ϭϭͲEŽǀͲϮϰ ϭϭͲEŽǀͲϮϳ
ϬϭͬϮϬϮϰ ĚĞŶŐĂŶ ĂƐŝ/ŶĚŽŶĞƐŝĂ͕
dϳ ϰ͘Ϭ
^ĂŵďƵŶŐĂ dďŬ
Ŷ
dŝĂŶŐĞƐŝ
dĞůĞŬŽŵƵŶ Wd
Yd ^d ^d >>ͲϬϬϯͲ
dĞů͘ϰϯϮͬd,Ͳ ŝŬĂƐŝ dĞůĞŬŽŵƵŶŝŬ
ϯϭ d ><KDͲ Ϯ ϮϬϮϭs Z^/ ϭϭͲEŽǀͲϮϰ ϭϭͲEŽǀͲϮϳ
ϬϭͬϮϬϮϰ ĚĞŶŐĂŶ ĂƐŝ/ŶĚŽŶĞƐŝĂ͕
dϵ ϰ͘Ϭ
^ĂŵďƵŶŐĂ dďŬ
Ŷ
WŝƉĂĂũĂ
^ĂůƵƌĂŶŝƌ
ϮϬϴͬϭϱ͘Ϭϭ͘
^E/ϯϵ͗ ĚĞŶŐĂŶ ^/
ϯϮ ^WWd^E/ ϭ ϯϭͬϮϱͬ>^Wƌ ϭϬͲEŽǀͲϮϱ ϵͲEŽǀͲϯϬ
ϮϬϮϰ ĂƚĂƵdĂŶƉĂ < D EW Z/E
Žͬy/ͬϮϬϮϱ
>ĂƉŝƐĂŶ
^ĞŶŐ
WŝƉĂĂũĂ
<ĂƌďŽŶ
ϯϴϰͬ^ͬZ ͬ ^E/ϬϳͲ ^/
ϯϯ ^WWd^E/ ϭ ƵŶƚƵŬ ϭϭͲEŽǀͲϮϱ ϭϬͲEŽǀͲϮϵ
ͬyͬϮϬϭϳ ϬϬϲϳͲϭϵϴϳ < D EW Z/E
<ŽŶƐƚƌƵŬƐŝ
DĞƐŝŶ
WŝƉĂĂũĂ
ϯϴϲͬ^ͬZ ͬ ^E/ϬϬϲϴ͗ ƵŶƚƵŬ ^/
ϯϰ ^WWd^E/ ϭ ϭϭͲEŽǀͲϮϱ ϭϬͲEŽǀͲϮϵ
ͬyͬϮϬϭϳ ϮϬϭϯ <ŽŶƐƚƌƵŬƐŝ < D EW Z/E
hŵƵŵ
251
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
^ƉĞƐŝĨŝŬĂƐŝ
'ĂůǀĂŶŝƐ
ĞůƵƉ
WĂŶĂƐ;,Žƚ
^E/ϳϬϯϯ͗ ŝƉ
ϯϱ ^WWd^E/ ϭ ϲϮϮϮϭϬϬϵϯ /WDK ϭͲ:ƵůͲϮϮ ϯϬͲ:ƵŶͲϮϲ
ϮϬϮϬ 'ĂůǀĂŶŝnjĞĚ
ͿƉĂĚĂ
WƌŽĚƵŬ
ĞƐŝĚĂŶ
ĂũĂ
ϭϮϮϲϰͬ^:Ͳ d<E
< D EW Z/E
/E͘ϴͬ Ͳ ŽĂƚŝŶŐ
ϯϲ d<E ϰ Ͳ ;sŝĂ^W:/ ϭϱͲŐͲϮϱ ϭϱͲŐͲϮϴ
d<EͬϴͬϮϬ ^ƉŝƌĂůϯ>W
^ƵƌĂďĂLJĂͿ
Ϯϱ W^>ϭ
ϭϮϮϲϱͬ^:Ͳ d<E
< D EW Z/E
/E͘ϴͬ Ͳ ŽĂƚŝŶŐ
ϯϳ d<E ϰ Ͳ ;sŝĂ^W:/ ϭϱͲŐͲϮϱ ϭϱͲŐͲϮϴ
d<EͬϴͬϮϬ ^ƉŝƌĂůϯ>W
^ƵƌĂďĂLJĂͿ
Ϯϱ W^>Ϯ
d<E
ŽĂƚŝŶŐ
ϭϮϮϲϵͬ^:Ͳ
^ƉŝƌĂů < D EW Z/E
/E͘ϴͬ Ͳ
ϯϴ d<E ϰ &ƵƐŝŽŶ Ͳ ;sŝĂ^W:/ ϭϱͲŐͲϮϱ ϭϱͲŐͲϮϴ
d<EͬϴͬϮϬ
ŽŶĚĞĚ ^ƵƌĂďĂLJĂͿ
Ϯϱ
ƉŽdžLJ
;& ͿW^>ϭ
d<E
ŽĂƚŝŶŐ
ϭϮϮϲϲͬ^:Ͳ
^ƉŝƌĂů < D EW Z/E
/E͘ϴͬ Ͳ
ϯϵ d<E ϰ &ƵƐŝŽŶ Ͳ ;sŝĂ^W:/ ϭϱͲŐͲϮϱ ϭϱͲŐͲϮϴ
d<EͬϴͬϮϬ
ŽŶĚĞĚ ^ƵƌĂďĂLJĂͿ
Ϯϱ
ƉŽdžLJ
;& ͿW^>Ϯ
ϯϴϵͬ^ͬZ ͬ ^E/ϬϱͲ WŝƉĂhŶŝŽŶ ^/
ϰϬ ^WWd^E/ Ϯ ϴͲ:ƵůͲϮϮ ϭϴͲKŬƚͲϮϱ
ͬyͬϮϬϭϳ ϬϬϲϵͲϭϵϴϳ ;ŽŶĚƵŝƚͿ < D EW Z/E
ϴϴϲϴͬKZ'͘
^ŝƐƚĞŵ
Ϭϭ͘ϬϯͬϮϵ
ϰϭ K,^ͬ^D<ϯ Ϯ ^D<ϯ DĂŶĂũĞŵĞ < D E< Z ϵͲ:ƵŶͲϮϮ ϵͲ:ƵŶͲϮϲ
ϬϬϬϬϬϬͬϮϬ
Ŷ<ϯ
ϮϮ
&/> E^&ͬE^/ͬ ^ĂĨĞ
ϰϮ > &Z ϮΘϯ EhD Z EϯϳϮͲ ƌŝŶŬŝŶŐ /WDK ϮϬͲ:ƵŶͲϮϯ ϭͲŐͲϮϳ
ϭϯϳϬϴ ϮϬϮϬ tĂƚĞƌĐƚ
&DϭϲϯϬ͕
^dDϱϯ͕
&ŝƌĞ
^dD
^ƉƌŝŶŬůĞƌ
ϭϯϱ͕
ϰϯ d/s&/Z ϯ &WͲϯϳϮϯ ĂŶĚ ^/ZK ϭϰͲDĂƌͲϮϱ ϯϬͲƉƌͲϮϲ
^dD
,LJĚƌĂŶƚ
ϳϵϱ͕h>
WŝƉĞ
ϴϱϮ͕^,ϭϬ
^ Z/ ^
&DϭϲϯϬ͕
^dDϱϯ͕
&ŝƌĞ
^dD
^ƉƌŝŶŬůĞƌ
ϭϯϱ͕
ϰϰ d/s&/Z ϯ &WͲϯϳϮϰ ĂŶĚ ^/ZK ϭϰͲDĂƌͲϮϱ ϯϬͲƉƌͲϮϲ
^dD
,LJĚƌĂŶƚ
ϳϵϱ͕h>
WŝƉĞ
ϴϱϮ͕^,ϰϬ
^ Z/ ^
&DϭϲϯϬ͕ &ŝƌĞ
ϰϱ d/s&/Z ϯ &WͲϯϳϮϱ EϭϬϮϱϱ ^ƉƌŝŶŬůĞƌ ^/ZK ϭϰͲDĂƌͲϮϱ ϯϬͲƉƌͲϮϲ
^ Z/ ^ ĂŶĚ
252
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
,LJĚƌĂŶƚ
WŝƉĞ
&ŝƌĞ
^ƉƌŝŶŬůĞƌ
^ϭϬϳϰ
ϰϲ d/s&/Z ϯ &WͲϯϳϮϲ ĂŶĚ ^/ZK ϭϰͲDĂƌͲϮϱ ϯϬͲƉƌͲϮϲ
^ Z/ ^
,LJĚƌĂŶƚ
WŝƉĞ
WŝƉĂĂũĂ
ƵŶƚƵŬ
ϭϴϵͬ^ͬZsͬ ^E/ϬϳͲ ^ĂůƵƌĂŶ ^/
ϰϳ ^WWd^E/ ϯ ϳͲ^ĞƉͲϮϮ ϮϵͲƉƌͲϮϲ
ͬs/͘ϰͬϮϬϭϲ ϬϱϯϳͲϭϵϴϵ DŝŶLJĂŬ < D EW Z/E
ĚĂŶ'ĂƐ
Ƶŵŝ
WŝƉĂĂũĂ
^ĂůƵƌĂŶŝƌ
ϯϭϭͬ^ͬZsͬ ^E/ϬϬϯϵ͗ ĚĞŶŐĂŶ ^/
ϰϴ ^WWd^E/ ϯ ϳͲ^ĞƉͲϮϮ ϮϵͲƉƌͲϮϲ
ͬs͘ϰͬϮϬϭϱ ϮϬϭϯ ĂƚĂƵdĂŶƉĂ < D EW Z/E
>ĂƉŝƐĂŶ
^ĞŶŐ
WŝƉĂĂũĂ
ϲϭͬ^ͬZsͬͬ ^E/ϬϬϲϴ͗ ƵŶƚƵŬ ^/
ϰϵ ^WWd^E/ ϯ ϳͲ^ĞƉͲϮϮ ϮϵͲƉƌͲϮϲ
//ͬϮϬϭϳ ϮϬϭϯ <ŽŶƐƚƌƵŬƐŝ < D EW Z/E
hŵƵŵ
WŝƉĂĂũĂ
Ϯϰϰͬ^ͬ yͬ ^E/ϴϬϱϮ͗ ^/
ϱϬ ^WWd^E/ ϯ ƵŶƚƵŬ ϳͲ^ĞƉͲϮϮ ϮϵͲƉƌͲϮϲ
ͬs//͘ϰͬϮϬϭϲ ϮϬϭϰ < D EW Z/E
WĂŶĐĂŶŐ
D^ϴϲϯ͗
ϮϬϭϬ>Ϯ͕
EŽŶůůŽLJ
ϱϭ ^/Z/D ϯ WϬϭϭϵϱϭ D /hD͕ ^/Z/D ϭϴͲ^ĞƉͲϮϱ ϮϮͲ^ĞƉͲϮϲ
^ƚĞĞůdƵďĞ
, sz
^ Z/ ^
^ E
EŽŶůůŽLJ
ϭϬϮϱϱ͗
^ƚĞĞůdƵďĞ
ϮϬϬϰ>Ϯ͕
ϱϮ ^/Z/D ϯ WϬϭϭϵϲϮ ^ƵŝƚĂďůĞĨŽƌ ^/Z/D ϭϴͲ^ĞƉͲϮϱ ϮϮͲ^ĞƉͲϮϲ
D /hD͕
tĞůĚŝŶŐΘ
, sz
dŚƌĞĂĚŝŶŐ
^ Z/ ^
WĞŶŐƵũŝĂŶ ^ƉĞƐŝĨŝŬĂƐŝ
:ĞŶŝƐͬdLJƉĞ dŝĂŶŐ
^W>E
dĞƐƚ^W>E ><WWͬϬϯϴϳͬ >ŝƐƚƌŝŬĚĂŶ
ϯ͘ϬϭϵͲ
ϱϯ ϯ͘ϬϭϵͲ Ϯ ϭϬϭϭϮϭϵϳͬ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϯϬͲ:ĂŶͲϮϰ ϯϬͲ:ĂŶͲϮϵ
ϭ͗ϮϬϮϬƐƵƉ
ϭ͗ϮϬϮϬƐƵƉ ϮϬϮϰ ŶLJĂ͘ĂŐŝĂŶ
ϭϮϬϮϮ
ϭϮϬϮϮͲ ϭ͗dŝĂŶŐ
ϵDͬϮϬϬĚĂE ĂũĂ
WĞŶŐƵũŝĂŶ ^ƉĞƐŝĨŝŬĂƐŝ
:ĞŶŝƐͬdLJƉĞ dŝĂŶŐ
^W>E
dĞƐƚ^W>E ><WWͬϬϯϴϴͬ >ŝƐƚƌŝŬĚĂŶ
ϯ͘ϬϭϵͲ
ϱϰ ϯ͘ϬϭϵͲ Ϯ ϭϬϭϭϮϭϵϳͬ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϯϬͲ:ĂŶͲϮϰ ϯϬͲ:ĂŶͲϮϵ
ϭ͗ϮϬϮϬƐƵƉ
ϭ͗ϮϬϮϬƐƵƉ ϮϬϮϰ ŶLJĂ͘ĂŐŝĂŶ
ϭϮϬϮϮ
ϭϮϬϮϮ ϭ͗dŝĂŶŐ
ϵDͬϯϱϬĚĂE ĂũĂ
WĞŶŐƵũŝĂŶ
^ƉĞƐŝĨŝŬĂƐŝ
:ĞŶŝƐͬdLJƉĞ
dŝĂŶŐ
dĞƐƚ^W>E ^W>E
><WWͬϬϯϴϵͬ >ŝƐƚƌŝŬĚĂŶ
ϯ͘ϬϭϵͲ ϯ͘ϬϭϵͲ
ϱϱ Ϯ ϭϬϭϭϮϭϵϳͬ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϯϬͲ:ĂŶͲϮϰ ϯϬͲ:ĂŶͲϮϵ
ϭ͗ϮϬϮϬƐƵƉ ϭ͗ϮϬϮϬƐƵƉ
ϮϬϮϰ ŶLJĂ͘ĂŐŝĂŶ
ϭϮϬϮϮ ϭϮϬϮϮ
ϭ͗dŝĂŶŐ
ϭϭDͬϮϬϬĚĂ
ĂũĂ
E
253
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
WĞŶŐƵũŝĂŶ
^ƉĞƐŝĨŝŬĂƐŝ
:ĞŶŝƐͬdLJƉĞ
dŝĂŶŐ
dĞƐƚ^W>E ^W>E
><WWͬϬϯϵϬͬ >ŝƐƚƌŝŬĚĂŶ
ϯ͘ϬϭϵͲ ϯ͘ϬϭϵͲ
ϱϲ Ϯ ϭϬϭϭϮϭϵϳͬ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϯϬͲ:ĂŶͲϮϰ ϯϬͲ:ĂŶͲϮϵ
ϭ͗ϮϬϮϬƐƵƉ ϭ͗ϮϬϮϬƐƵƉ
ϮϬϮϰ ŶLJĂ͘ĂŐŝĂŶ
ϭϮϬϮϮ ϭϮϬϮϮ
ϭ͗dŝĂŶŐ
ϭϮDͬϮϬϬĚĂ
ĂũĂ
E
ϯϵϬͬ^ͬZ ͬ ^E/ϬϳͲ WŝƉĂĂũĂ ^W:/
ϱϳ ^WWd^E/ Ϯ ϭϵͲDĂƌͲϮϰ ϭϴͲKŬƚͲϮϳ
ͬyͬϮϬϭϳ ϮϲϱϴͲϭϵϵϮ ^ƚĂŝŶůĞƐƐ < D EW Z/E
WŝƉĂĂũĂ
ƵŶƚƵŬ
Ϯϯϯͬ^ͬZ ͬs ^E/ϬϳͲ ^ĂůƵƌĂŶ ^/
ϱϴ ^WWd^E/ ϰ ϮϴͲKŬƚͲϮϮ ϮϲͲƉƌͲϮϲ
/͘ϲͬϮϬϭϰ ϬϱϯϳͲϭϵϴϵ DŝŶLJĂŬ < D EW Z/E
ĚĂŶ'ĂƐ
Ƶŵŝ
WŝƉĂĂũĂ
^ĂůƵƌĂŶŝƌ
ϯϭϬͬ^ͬ yͬ ^E/ϬϬϯϵ͗ ĚĞŶŐĂŶ ^/
ϱϵ ^WWd^E/ ϰ ϮϴͲKŬƚͲϮϮ ϮϲͲƉƌͲϮϲ
ͬs͘ϯͬϮϬϭϱ ϮϬϭϯ ĂƚĂƵdĂŶƉĂ < D EW Z/E
>ĂƉŝƐĂŶ
^ĞŶŐ
WŝƉĂĂũĂ
ϭϮϰͬ^ͬ yͬ ^E/ϴϬϱϮ͗ ^/
ϲϬ ^WWd^E/ ϰ ƵŶƚƵŬ ϮϴͲKŬƚͲϮϮ ϮϲͲƉƌͲϮϲ
ͬ/s͘ϯͬϮϬϭϲ ϮϬϭϰ < D EW Z/E
WĂŶĐĂŶŐ
dŝĂŶŐĞƐŝ
dĞůĞŬŽŵƵŶ
ŝŬĂƐŝϳ
Wd
Yd ^d ^d >>ͲϬϴϱͲ DĞƚĞƌ
dĞů͘ϯϭϵͬd,Ͳ dĞůĞŬŽŵƵŶŝŬ
ϲϭ d ><KDdϳ Ϯ ϮϬϮϮs Z^/ ĚĞŶŐĂŶϮ ϭϵͲĞƐͲϮϱ ϭϵͲĞƐͲϮϴ
ϬϭͬϮϬϮϱ ĂƐŝ/ŶĚŽŶĞƐŝĂ͕
Ϯ^ 'D E ϭ͘Ϭ ^ĞŐŵĞŶ
dďŬ
ƵŶƚƵŬ
<ĂďĞů
ŝƐƚƌŝďƵƐŝ
ϭϲϴϵͬ^:Ͳ d<E^W>E < D EW Z/E
ϲϮ d<E Ϯ /E͘ϴͬd< ϯ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϬͲ&ĞďͲϮϯ ϮϬͲ&ĞďͲϮϲ
EͬϮͬϮϬϮϯ '>sE/^ /ŶĚŽŶĞƐŝĂͿ
d<EWŝƉĂ
ϮϳϬϴͬ^:Ͳ ^ƉŝƌĂů < D EW Z/E
ϲϯ d<E ϰ /E͘ϴͬd< WĂŶĐĂŶŐ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϳͲDĂƌͲϮϯ ϭϳͲDĂƌͲϮϲ
EͬϯͬϮϬϮϯ ^E/ϴϬϱϮ /ŶĚŽŶĞƐŝĂͿ
ŬĞůĂƐϮΘϯ
d<EWŝƉĂ
Zt
ϭϱϰϲͬ^:Ͳ < D EW Z/E
WĂŶĐĂŶŐ
ϲϰ d<E ϯ /E͘ϴͬd< Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϳͲDĂƌͲϮϯ ϭϳͲDĂƌͲϮϲ
^E/ϴϬϱϮ
EͬϮͬϮϬϮϯ /ŶĚŽŶĞƐŝĂͿ
ŬĞůĂƐ
ϭ͕Ϯ͕Θϯ
W E''hE
ϵϰϲϯϴϮϴϵͲ dhs
ϲϱ EdE ϯ Ͳ ϮϯͲKŬƚͲϭϳ Ͳ
Ϭϭ ZŚĞŝŶůĂŶĚ
W/ ^ƉĞĐŝĨŝĐĂƚŝŽ
ϲϲ DŽŶŽŐƌĂŵ ϱ ϱ>ͲϭϮϳϲ W/ϱ> ŶĨŽƌ>ŝŶĞ W/ ϮϳͲEŽǀͲϮϯ ϮϳͲEŽǀͲϮϲ
>ŝĐĞŶƐĞ WŝƉĞ
ϭϬϳϳϴͬ^:Ͳ d<E^W>E
< D EW Z/E
/E͘ϴͬ Ͳ ϯ͘ϬϭϵͲ
ϲϳ d<E Ϯ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϴͲKŬƚͲϮϰ ϴͲKŬƚͲϮϳ
d<EͬϭϬͬϮ ϭ͗ϮϬϭϮ
/ŶĚŽŶĞƐŝĂͿ
ϬϮϰ ^hdZϵ͘ϭϬϬ
254
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
ϭϬϳϳϵͬ^:Ͳ d<E^W>E
< D EW Z/E
/E͘ϴͬ Ͳ ϯ͘ϬϭϵͲ
ϲϴ d<E Ϯ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϴͲKŬƚͲϮϰ ϴͲKŬƚͲϮϳ
d<EͬϭϬͬϮ ϭ͗ϮϬϭϮ
/ŶĚŽŶĞƐŝĂͿ
ϬϮϰ ^hdZϵ͘ϮϬϬ
d<E^W>E
ϭϬϳϴϬͬ^:Ͳ
ϯ͘ϬϭϵͲ < D EW Z/E
/E͘ϴͬ Ͳ
ϲϵ d<E Ϯ ϭ͗ϮϬϭϮ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϴͲKŬƚͲϮϰ ϴͲKŬƚͲϮϳ
d<EͬϭϬͬϮ
^hdZ /ŶĚŽŶĞƐŝĂͿ
ϬϮϰ
ϭϭ͘ϮϬϬ
d<E^W>E
ϭϬϳϴϭͬ^:Ͳ
ϯ͘ϬϭϵͲ < D EW Z/E
/E͘ϴͬ Ͳ
ϳϬ d<E Ϯ ϭ͗ϮϬϭϮ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϴͲKŬƚͲϮϰ ϴͲKŬƚͲϮϳ
d<EͬϭϬͬϮ
^hdD /ŶĚŽŶĞƐŝĂͿ
ϬϮϰ
ϭϮ͘ϮϬϬ
d<E^W>E
ϭϬϳϳϰͬ^:Ͳ
ϯ͘ϬϭϵͲ < D EW Z/E
/E͘ϴͬ Ͳ
ϳϭ d<E Ϯ ϭ͗ϮϬϭϮ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϴͲKŬƚͲϮϰ ϴͲKŬƚͲϮϳ
d<EͬϭϬͬϮ
^hdD /ŶĚŽŶĞƐŝĂͿ
ϬϮϰ
ϭϯ͘ϮϬϬ
ϵϭϵϮͬ^:Ͳ d<E:/^ < D EW Z/E
ϳϮ d<E ϰ /E͘ϴͬd< ϱϱϮϱ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϲͲKŬƚͲϮϯ ϭϲͲKŬƚͲϮϲ
EͬϭϬͬϮϬϮϯ ^W/Z> /ŶĚŽŶĞƐŝĂͿ
d<E
ϵϭϵϯͬ^:Ͳ
tt < D EW Z/E
ϳϯ d<E ϰ /E͘ϴͬd< Ͳ ϭϲͲKŬƚͲϮϯ ϭϲͲKŬƚͲϮϲ
ϮϬϬ ;sŝĂ^ƵƌǀĞLJŽƌ
EͬϭϬͬϮϬϮϯ
^W/Z> /ŶĚŽŶĞƐŝĂͿ
^ƉĞƐŝĨŝŬĂƐŝ
^WD^W>E dŝĂŶŐ
^W>E
ϯ͘ϬϭϵͲ Ϯϰ͘ϯϲϳ͘Ϭϳϵ >ŝƐƚƌŝŬĚĂŶ
ϯ͘ϬϭϵͲ
ϳϰ ϭ͗ϮϬϮϬƐƵƉ Ϯ ͘Ϭϭͬ^WDͲ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭϯͲ&ĞďͲϮϰ ϭϮͲ&ĞďͲϮϲ
ϭ͗ϮϬϮϬƐƵƉ
ϭϮϬϮϮͲ >D<ͬϮϰ ŶLJĂ͘ĂŐŝĂŶ
ϭϮϬϮϮ
ϵDͬϮϬϬĚĂE ϭ͗dŝĂŶŐ
ĂũĂ
^ƉĞƐŝĨŝŬĂƐŝ
^WD^W>E dŝĂŶŐ
^W>E
ϯ͘ϬϭϵͲ Ϯϰ͘ϯϲϳ͘Ϭϳϵ >ŝƐƚƌŝŬĚĂŶ
ϯ͘ϬϭϵͲ
ϳϱ ϭ͗ϮϬϮϬƐƵƉ Ϯ ͘ϬϮͬ^WDͲ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭϯͲ&ĞďͲϮϰ ϭϮͲ&ĞďͲϮϲ
ϭ͗ϮϬϮϬƐƵƉ
ϭϮϬϮϮͲ >D<ͬϮϰ ŶLJĂ͘ĂŐŝĂŶ
ϭϮϬϮϮ
ϵDͬϯϱϬĚĂE ϭ͗dŝĂŶŐ
ĂũĂ
^ƉĞƐŝĨŝŬĂƐŝ
^WD^W>E
dŝĂŶŐ
ϯ͘ϬϭϵͲ ^W>E
Ϯϰ͘ϯϲϳ͘Ϭϳϵ >ŝƐƚƌŝŬĚĂŶ
ϭ͗ϮϬϮϬƐƵƉ ϯ͘ϬϭϵͲ
ϳϲ Ϯ ͘Ϭϯͬ^WDͲ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭϯͲ&ĞďͲϮϰ ϭϮͲ&ĞďͲϮϲ
ϭϮϬϮϮͲ ϭ͗ϮϬϮϬƐƵƉ
>D<ͬϮϰ ŶLJĂ͘ĂŐŝĂŶ
ϭϭDͬϮϬϬĚĂ ϭϮϬϮϮ
ϭ͗dŝĂŶŐ
E
ĂũĂ
^ƉĞƐŝĨŝŬĂƐŝ
^WD^W>E
dŝĂŶŐ
ϯ͘ϬϭϵͲ ^W>E
Ϯϰ͘ϯϲϳ͘Ϭϳϵ >ŝƐƚƌŝŬĚĂŶ
ϭ͗ϮϬϮϬƐƵƉ ϯ͘ϬϭϵͲ
ϳϳ Ϯ ͘Ϭϰͬ^WDͲ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭϯͲ&ĞďͲϮϰ ϭϮͲ&ĞďͲϮϲ
ϭϮϬϮϮͲ ϭ͗ϮϬϮϬƐƵƉ
>D<ͬϮϰ ŶLJĂ͘ĂŐŝĂŶ
ϭϮDͬϮϬϬĚĂ ϭϮϬϮϮ
ϭ͗dŝĂŶŐ
E
ĂũĂ
W/W
ϰϮϰϮͬ^:Ͳ
^d/E> ^^ < D EW Z/E
/E͘ϴͬ Ͳ
ϳϴ d<E Ϯ ^,ϰϬ^ϱͲϴ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϲͲ:ƵŶͲϮϰ ϮϲͲ:ƵŶͲϮϳ
d<EͬϲͬϮϬ
/E, /ŶĚŽŶĞƐŝĂͿ
Ϯϰ
^h^ϯϬϰdWͬ
255
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
dWϯϬϰͬdWϯ
Ϭϰ>
W/W
^d/E> ^^
ϰϮϰϯͬ^:Ͳ ^,ϰϬ^
< D EW Z/E
/E͘ϴͬ Ͳ ϭͺϮͲϰ/E,
ϳϵ d<E Ϯ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϲͲ:ƵŶͲϮϰ ϮϲͲ:ƵŶͲϮϳ
d<EͬϲͬϮϬ ^h^ϯϬϰdWͬ
/ŶĚŽŶĞƐŝĂͿ
Ϯϰ :^
ϯϬϰͬdWϯϬϰ
ͬdWϯϬϰ>
ϱϴϳϲͬ^:Ͳ
W/ϱ>'Z < D EW Z/E
/E͘ϴͬ Ͳ
ϴϬ d<E ϱ W^>ϭŝĂ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϱͲ:ƵůͲϮϰ ϮϱͲ:ƵůͲϮϳ
d<EͬϳͬϮϬ
ϭͬϮΗͲϯΗ /ŶĚŽŶĞƐŝĂͿ
Ϯϰ
ϱϴϳϯͬ^:Ͳ W/ϱ>'Z
< D EW Z/E
/E͘ϴͬ Ͳ DW^>Ϯ
ϴϭ d<E ϱ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϱͲ:ƵůͲϮϰ ϮϱͲ:ƵůͲϮϳ
d<EͬϳͬϮϬ ŝĂϭͬϮΗͲ
/ŶĚŽŶĞƐŝĂͿ
Ϯϰ ϯΗ
ϱϴϳϮͬ^:Ͳ W/ϱ>'Z
< D EW Z/E
/E͘ϴͬ Ͳ yϰϮDW^>Ϯ
ϴϮ d<E ϱ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϰͲ:ƵůͲϮϰ ϮϰͲ:ƵůͲϮϳ
d<EͬϳͬϮϬ ŝĂϭͬϮΗͲ
/ŶĚŽŶĞƐŝĂͿ
Ϯϰ ϯΗ
ϱϵϬϲͬ^:Ͳ ^dDϱϯ
< D EW Z/E
/E͘ϴͬ Ͳ ^,ϰϬ
ϴϯ d<E ϱ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϲͲ:ƵůͲϮϰ ϮϲͲ:ƵůͲϮϳ
d<EͬϳͬϮϬ ŝĂϭͬϮΗͲ
/ŶĚŽŶĞƐŝĂͿ
Ϯϰ ϯΗ
ϱϵϬϳͬ^:Ͳ ^dDϱϯ
< D EW Z/E
/E͘ϴͬ Ͳ ^,ϴϬ
ϴϰ d<E ϱ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮϲͲ:ƵůͲϮϰ ϮϲͲ:ƵůͲϮϳ
d<EͬϳͬϮϬ ŝĂϭͬϮΗͲ
/ŶĚŽŶĞƐŝĂͿ
Ϯϰ ϯΗ
W/W
ϲϱϰϴͬ^:Ͳ
^d/E> ^^ < D EW Z/E
/E͘ϴͬ Ͳ
ϴϱ d<E Ϯ ^,ϮϬ^ϱͲϴ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϮͲŐͲϮϰ ϭϮͲŐͲϮϳ
d<EͬϴͬϮϬ
/E, /ŶĚŽŶĞƐŝĂͿ
Ϯϰ
^h^ϯϬϰdW
W/W
ϳϯϰϬͬ^:Ͳ ^d/E> ^^
< D EW Z/E
/E͘ϴͬ Ͳ ^,ϮϬ^
ϴϲ d<E Ϯ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϯϬͲŐͲϮϰ ϯϬͲŐͲϮϳ
d<EͬϴͬϮϬ ϭͬϮͲϰ/E,
/ŶĚŽŶĞƐŝĂͿ
Ϯϰ ^h^ϯϬϰdW
ͬ:^ϯϬϰ
W/W
^d/E> ^^
ϳϰϭϱͬ^:Ͳ
^,ϭϬ^ϱͲϴ < D EW Z/E
/E͘ϴͬ Ͳ
ϴϳ d<E Ϯ /E, Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮͲ^ĞƉͲϮϰ ϮͲ^ĞƉͲϮϳ
d<EͬϵͬϮϬ
^h^ϯϬϰdWͬ /ŶĚŽŶĞƐŝĂͿ
Ϯϰ
dWϯϬϰͬdWϯ
Ϭϰ>
W/W
^d/E> ^^
ϳϰϭϲͬ^:Ͳ ^,ϭϬ^
< D EW Z/E
/E͘ϴͬ Ͳ ϭͺϮͲϰ/E,
ϴϴ d<E Ϯ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϮͲ^ĞƉͲϮϰ ϮͲ^ĞƉͲϮϳ
d<EͬϵͬϮϬ ^h^ϯϬϰdWͬ
/ŶĚŽŶĞƐŝĂͿ
Ϯϰ :^
ϯϬϰͬdWϯϬϰ
ͬdWϯϬϰ>
ϭϴϬϴϵͬ^:Ͳ ^>Kdd
/E͘ϴͬ Ͳ ^d > < D EW Z/E
ϴϵ d<E ϲ Ͳ ϭϬͲĞƐͲϮϰ ϭϬͲĞƐͲϮϳ
d<EͬϭϮͬϮ dh K ;sŝĂ^W:/Ϳ
ϬϮϰ ϯϵ͕ϬDD
256
Page 291
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
ϭϴϬϵϬͬ^:Ͳ ^>Kdd
/E͘ϴͬ Ͳ ^d > < D EW Z/E
ϵϬ d<E ϲ Ͳ ϭϬͲĞƐͲϮϰ ϭϬͲĞƐͲϮϳ
d<EͬϭϮͬϮ dh K ;sŝĂ^W:/Ϳ
ϬϮϰ ϯϯ͕ϬDD
ϭϴϬϵϮͬ^:Ͳ ^>Kdd
/E͘ϴͬ Ͳ ^d > < D EW Z/E
ϵϭ d<E ϲ Ͳ ϭϬͲĞƐͲϮϰ ϭϬͲĞƐͲϮϳ
d<EͬϭϮͬϮ dh K ;sŝĂ^W:/Ϳ
ϬϮϰ ϰϮ͕ϬDD
ϭϴϬϵϯͬ^:Ͳ ^>Kdd
/E͘ϴͬ Ͳ ^d > < D EW Z/E
ϵϮ d<E ϲ Ͳ ϭϬͲĞƐͲϮϰ ϭϬͲĞƐͲϮϳ
d<EͬϭϮͬϮ dh K ;sŝĂ^W:/Ϳ
ϬϮϰ ϰϳ͕ϬDD
W/W
ϯϬϰͬ^:Ͳ W ZKd
< D EW Z/E
/E͘ϴͬ Ͳ h>dZ
ϵϯ d<E ϲ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϬͲ:ĂŶͲϮϱ ϭϬͲ:ĂŶͲϮϴ
d<EͬϭͬϮϬ Dd Z/>
/ŶĚŽŶĞƐŝĂͿ
Ϯϱ >K<>K
ϵ͕ϯͲϲϯ͘ϱ
W/W
ϯϬϳͬ^:Ͳ W ZKd
< D EW Z/E
/E͘ϴͬ Ͳ h>d,Z
ϵϰ d<E ϲ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϬͲ:ĂŶͲϮϱ ϭϬͲ:ĂŶͲϮϴ
d<EͬϭͬϮϬ Dd Z/>
/ŶĚŽŶĞƐŝĂͿ
Ϯϱ >K<>K
ϭϯ͘ϴͲϴϴ͘ϭ
W/W
ϯϬϱͬ^:Ͳ W ZKd
< D EW Z/E
/E͘ϴͬ Ͳ h>d'/
ϵϱ d<E ϲ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϬͲ:ĂŶͲϮϱ ϭϬͲ:ĂŶͲϮϴ
d<EͬϭͬϮϬ Dd Z/>
/ŶĚŽŶĞƐŝĂͿ
Ϯϱ >K<>K
ϭϵ͕ϭͲϱϴ͕ϱ
W/W
W ZKd
ϯϬϵͬ^:Ͳ
<Kd<Z < D EW Z/E
/E͘ϴͬ Ͳ
ϵϲ d<E ϲ Dd Z/> Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϬͲ:ĂŶͲϮϱ ϭϬͲ:ĂŶͲϮϴ
d<EͬϭͬϮϬ
>K<>K /ŶĚŽŶĞƐŝĂͿ
Ϯϱ
ϭϮ͕ϱͬϭϮ͕ϱͲ
ϰϬͬϲϬ
W/W
W ZKd
ϯϭϬͬ^:Ͳ
<Kd<,Z < D EW Z/E
/E͘ϴͬ Ͳ
ϵϳ d<E ϲ Dd Z/> Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϬͲ:ĂŶͲϮϱ ϭϬͲ:ĂŶͲϮϴ
d<EͬϭͬϮϬ
>K<>K /ŶĚŽŶĞƐŝĂͿ
Ϯϱ
ϭϱͬϭϱͲ
ϲϬͬϲϬ
W/W
W ZKd
ϯϬϴͬ^:Ͳ
<Kd<'/ < D EW Z/E
/E͘ϴͬ Ͳ
ϵϴ d<E ϲ Dd Z/> Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϬͲ:ĂŶͲϮϱ ϭϬͲ:ĂŶͲϮϴ
d<EͬϭͬϮϬ
>K<>K /ŶĚŽŶĞƐŝĂͿ
Ϯϱ
ϭϬͬϭϬ–
ϰϬͬϴϬ
ϰϰϯͬ^:Ͳ d<E
/E͘ϴͬ Ͳ ^dD < D EW Z/E
ϵϵ d<E ϰ Ͳ ϭϰͲ:ĂŶͲϮϱ ϭϰͲ:ĂŶͲϮϴ
d<EͬϭͬϮϬ ϮϱϮ'ƌ͘Ϯ ;sŝĂ^W:/Ϳ
Ϯϱ ^W/Z>
ϰϰϰͬ^:Ͳ d<E
/E͘ϴͬ Ͳ ^dD < D EW Z/E
ϭϬϬ d<E ϰ Ͳ ϭϰͲ:ĂŶͲϮϱ ϭϰͲ:ĂŶͲϮϴ
d<EͬϭͬϮϬ ϮϱϮ'ƌ͘ϯ ;sŝĂ^W:/Ϳ
Ϯϱ ^W/Z>
257
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
^dEZ ϭϳͲϮϯͬ>^/, ^/, ^dEZ
ϭϬϭ /Eh^dZ/ ϯ ϬϮϭͬy//ͬϮϬ ϮϰϭϬϯ͘ϬϮ͘Ϯ /Eh^dZ/ >^/, ϭϳͲĞƐͲϮϰ ϭϲͲĞƐͲϮϴ
,/:h Ϯϰ ϬϮϰ ,/:h
WŝƉĂĂũĂ
^E/ϴϵϴϳ͗
ϭϬϮ ^WWd^E/ ϭ ϲϮϮϱϭϭϭϮϯ ƵŶƚƵŬ /WDK ϮϲͲEŽǀͲϮϱ ϮϱͲEŽǀͲϮϵ
ϮϬϮϭ
WĞƌĂŶĐĂŚ
Wd
^d >>ͲϬϴϲͲ
Yd ^d dĞů͘ϯϭϴͬd,Ͳ dŝĂŶŐĞƐŝ dĞůĞŬŽŵƵŶŝŬ
ϭϬϯ Ϯ ϮϬϮϯs Z^/ ϭϵͲĞƐͲϮϱ ϭϵͲĞƐͲϮϴ
d ><KDdϲ ϬϭͬϮϬϮϱ ϲDĞƚĞƌ ĂƐŝ/ŶĚŽŶĞƐŝĂ͕
ϭ͘Ϭ
dďŬ
d<E
ŽĂƚŝŶŐ
^ƉŝƌĂůϯͲ
ϭϮϮϴϳͬ^:Ͳ >ĂLJĞƌ
< D EW Z/E
/E͘ϴͬ Ͳ WŽůLJĞƚŚLJůĞ
ϭϬϰ d<E ϰ Ͳ ;sŝĂ^W:/ ϭϱͲŐͲϮϱ ϭϱͲŐͲϮϴ
d<EͬϴͬϮϬ ŶĞ;ϯ>W Ϳ
^ƵƌĂďĂLJĂͿ
Ϯϱ Θ/ŶƚĞƌŶĂů
ŽĂƚŝŶŐ
ƉŽdžLJW^>
ϭ
d<E
ŽĂƚŝŶŐ
^ƉŝƌĂůϯͲ
ϭϮϮϴϳϱϳϲͬ >ĂLJĞƌ
< D EW Z/E
^:Ͳ/E͘ϴͬ Ͳ WŽůLJĞƚŚLJůĞ
ϭϬϱ d<E ϰ Ͳ ;sŝĂ^W:/ ϭϱͲŐͲϮϱ ϭϱͲŐͲϮϴ
d<EͬϴͬϮϬ ŶĞ;ϯ>W Ϳ
^ƵƌĂďĂLJĂͿ
Ϯϱ Θ/ŶƚĞƌŶĂů
ŽĂƚŝŶŐ
ƉŽdžLJW^>
Ϯ
d<E
ŽĂƚŝŶŐ
ϭϮϱϳϳͬ^:Ͳ
^ƉŝƌĂů < D EW Z/E
/E͘ϴͬ Ͳ
ϭϬϲ d<E ϰ /ŶƚĞƌŶĂůΘ Ͳ ;sŝĂ^W:/ ϭϱͲŐͲϮϱ ϭϱͲŐͲϮϴ
d<EͬϴͬϮϬ
džƚĞƌŶĂů ^ƵƌĂďĂLJĂͿ
Ϯϱ
ƉŽdžLJW^>
ϭ
d<E
ŽĂƚŝŶŐ
ϭϮϱϳϵͬ^:Ͳ
^ƉŝƌĂů < D EW Z/E
/E͘ϴͬ Ͳ
ϭϬϳ d<E ϰ /ŶƚĞƌŶĂůΘ Ͳ ;sŝĂ^W:/ ϭϱͲŐͲϮϱ ϭϱͲŐͲϮϴ
d<EͬϴͬϮϬ
džƚĞƌŶĂů ^ƵƌĂďĂLJĂͿ
Ϯϱ
ƉŽdžLJW^>
Ϯ
d<E
ŽĂƚŝŶŐ
ϭϲϴϱϴͬ^:Ͳ ZtϯͲ < D EW Z/E
ϭϬϴ d<E ϰ /E͘ϴͬd< >ĂLJĞƌ Ͳ ;sŝĂ^W:/ ϯϭͲKŬƚͲϮϱ ϯϭͲKŬƚͲϮϴ
EͬϭϬͬϮϬϮϱ WŽůLJĞƚŚLJůĞ ^ƵƌĂďĂLJĂͿ
ŶĞ;ϯ>W Ϳ
W^>ϭ
d<E
ŽĂƚŝŶŐ
ϭϰϴϯϱͬ^:Ͳ
ZtϯͲ < D EW Z/E
/E͘ϴͬ Ͳ
ϭϬϵ d<E ϰ >ĂLJĞƌ Ͳ ;sŝĂ^W:/ ϭϴͲ^ĞƉͲϮϱ ϭϴͲ^ĞƉͲϮϴ
d<EͬϵͬϮϬ
WŽůLJĞƚŚLJůĞ ^ƵƌĂďĂLJĂͿ
Ϯϱ
ŶĞ;ϯ>W Ϳ
W^>Ϯ
258
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
d<E
ŽĂƚŝŶŐ
ZtϯͲ
ϭϰϴϯϲͬ^:Ͳ
>ĂLJĞƌ < D EW Z/E
/E͘ϴͬ Ͳ
ϭϭϬ d<E ϰ WŽůLJĞƚŚLJůĞ Ͳ ;sŝĂ^W:/ ϭϴͲ^ĞƉͲϮϱ ϭϴͲ^ĞƉͲϮϴ
d<EͬϵͬϮϬ
ŶĞ;ϯ>W Ϳ ^ƵƌĂďĂLJĂͿ
Ϯϱ
Θ/ŶƚĞƌŶĂů
ƉŽdžLJW^>
ϭ
d<E
ŽĂƚŝŶŐ
ZtϯͲ
ϭϱϭϵϱͬ^:Ͳ
>ĂLJĞƌ < D EW Z/E
/E͘ϴͬ Ͳ
ϭϭϭ d<E ϰ WŽůLJĞƚŚLJůĞ Ͳ ;sŝĂ^W:/ ϮϱͲ^ĞƉͲϮϱ ϮϱͲ^ĞƉͲϮϴ
d<EͬϵͬϮϬ
ŶĞ;ϯ>W Ϳ ^ƵƌĂďĂLJĂͿ
Ϯϱ
Θ/ŶƚĞƌŶĂů
ƉŽdžLJW^>
Ϯ
d<E
ϭϲϴϰϳͬ^:Ͳ ^d<Dϭϭ
< D EW Z/E
/E͘ϴͬ Ͳ ŝĂŵĞƚĞƌ
ϭϭϮ d<E ϱ Ͳ ;sŝĂ^W:/ ϯϭͲKŬƚͲϮϱ ϯϭͲKŬƚͲϮϴ
d<EͬϭϬͬϮ ϵ͕ϬͲϭϭϰ
^ƵƌĂďĂLJĂͿ
ϬϮϱ ŵŵƚĞďĂů
ϰ͕ϱͲϳ͕ϭϭ
d<E
ϭϲϴϰϯͬ^:Ͳ ^d<Dϭϭ
< D EW Z/E
/E͘ϴͬ Ͳ ŝĂŵĞƚĞƌ
ϭϭϯ d<E ϱ Ͳ ;sŝĂ^W:/ ϯϭͲKŬƚͲϮϱ ϯϭͲKŬƚͲϮϴ
d<EͬϭϬͬϮ ϵ͕ϬͲϭϭϰ
^ƵƌĂďĂLJĂͿ
ϬϮϱ ŵŵƚĞďĂů
Ϭ͕ϯͲϭ͕ϰ
d<E
ϭϲϴϰϱͬ^:Ͳ ^d<Dϭϭ
< D EW Z/E
/E͘ϴͬ Ͳ ŝĂŵĞƚĞƌ
ϭϭϰ d<E ϱ Ͳ ;sŝĂ^W:/ ϯϭͲKŬƚͲϮϱ ϯϭͲKŬƚͲϮϴ
d<EͬϭϬͬϮ ϵ͕ϬͲϭϭϰ
^ƵƌĂďĂLJĂͿ
ϬϮϱ ŵŵƚĞďĂů
ϭ͕ϰϱͲϰ͕Ϭ
d<E
^d<Dϭϭ
ϭϲϴϰϲͬ^:Ͳ
ŝĂŵĞƚĞƌ < D EW Z/E
/E͘ϴͬ Ͳ
ϭϭϱ d<E ϱ ϭϮ͕ϳͲϭϮ͕ϳͲ Ͳ ;sŝĂ^W:/ ϯϭͲKŬƚͲϮϱ ϯϭͲKŬƚͲϮϴ
d<EͬϭϬͬϮ
ϭϬϬͲϱϬŵŵ ^ƵƌĂďĂLJĂͿ
ϬϮϱ
ƚĞďĂůϭ͕ϰϱͲ
ϰ͕Ϭ
d<E
^d<Dϭϭ
ϭϲϴϰϴͬ^:Ͳ
ŝĂŵĞƚĞƌ < D EW Z/E
/E͘ϴͬ Ͳ
ϭϭϲ d<E ϱ ϭϮ͕ϳͲϭϮϳͲ Ͳ ;sŝĂ^W:/ ϯϭͲKŬƚͲϮϱ ϯϭͲKŬƚͲϮϴ
d<EͬϭϬͬϮ
ϭϬϬͲϱϬŵŵ ^ƵƌĂďĂLJĂͿ
ϬϮϱ
ƚĞďĂůϭ͕ϵͲ
Ϯ͕Ϭ
d<E
^d<Dϭϭ
ϭϲϴϰϰͬ^:Ͳ
ŝĂŵĞƚĞƌ < D EW Z/E
/E͘ϴͬ Ͳ
ϭϭϳ d<E ϱ ϭϮ͕ϳͲϭϮ͕ϳͲ Ͳ ;sŝĂ^W:/ ϯϭͲKŬƚͲϮϱ ϯϭͲKŬƚͲϮϴ
d<EͬϭϬͬϮ
ϭϬϬͲϱϬŵŵ ^ƵƌĂďĂLJĂͿ
ϬϮϱ
ƚĞďĂůϬ͕ϯͲ
ϭ͕ϰ
ϱϯϴϱͬ^:Ͳ d<E
< D EW Z/E
/E͘ϴͬ Ͳ ^dD
ϭϭϴ d<E ϰ Ͳ ;sŝĂ^W:/ ϮϭͲƉƌͲϮϱ ϮϭͲƉƌͲϮϴ
d<EͬϰͬϮϬ yϱϮD
^ƵƌĂďĂLJĂͿ
Ϯϱ ^W/Z>
259
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
d<E^E/
ϰϵϮϮͬ^:Ͳ ϬϬϲϴW<
< D EW Z/E
/E͘ϴͬ Ͳ ;^d<ͿϰϬϬ
ϭϭϵ d<E ϭ Ͳ ;sŝĂ^W:/ ϴͲƉƌͲϮϱ ϴͲƉƌͲϮϴ
d<EͬϰͬϮϬ ŝĂŵĞƚĞƌ
^ƵƌĂďĂLJĂͿ
Ϯϱ Ϯϭ͕ϳͲ
Ϯϭϲ͕ϯŵŵ
d<E^E/
ϰϵϮϬͬ^:Ͳ ϬϬϲϴW<W
< D EW Z/E
/E͘ϴͬ Ͳ ;^d<ZͿϰϬϬ
ϭϮϬ d<E ϭ Ͳ ;sŝĂ^W:/ ϴͲƉƌͲϮϱ ϴͲƉƌͲϮϴ
d<EͬϰͬϮϬ ŝĂŵĞƚĞƌ
^ƵƌĂďĂLJĂͿ
Ϯϱ ϮϱͬϮϱ–
ϴϬͬϰϬŵŵ
d<E^E/
ϰϵϮϭͬ^:Ͳ ϬϬϲϴW<
< D EW Z/E
/E͘ϴͬ Ͳ ;^d<ͿϮϵϬ
ϭϮϭ d<E ϭ Ͳ ;sŝĂ^W:/ ϴͲƉƌͲϮϱ ϴͲƉƌͲϮϴ
d<EͬϰͬϮϬ ŝĂŵĞƚĞƌ
^ƵƌĂďĂLJĂͿ
Ϯϱ Ϯϭ͕ϳͲ
Ϯϭϲ͕ϯŵŵ
d<E^E/
ϰϵϭϵͬ^:Ͳ ϬϬϲϴW<W
< D EW Z/E
/E͘ϴͬ Ͳ ;^d<ZͿϮϵϬ
ϭϮϮ d<E ϭ Ͳ ;sŝĂ^W:/ ϴͲƉƌͲϮϱ ϴͲƉƌͲϮϴ
d<EͬϰͬϮϬ ŝĂŵĞƚĞƌ
^ƵƌĂďĂLJĂͿ
Ϯϱ ϮϬͬϮϬ–
ϴϬͬϰϬŵŵ
W/W
ϴϳϲϰͬ^:Ͳ ^d/E> ^^
< D EW Z/E
/E͘ϴͬ Ͳ ^,ϭϬ^
ϭϮϯ d<E Ϯ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϲͲ:ƵŶͲϮϱ ϭϲͲ:ƵŶͲϮϴ
d<EͬϲͬϮϬ ϭͬϮͲϴ/E,
/ŶĚŽŶĞƐŝĂͿ
Ϯϱ dWϯϭϲͬdWϯ
ϭϲ>
W/W
ϴϲϴϰͬ^:Ͳ ^d/E> ^^
< D EW Z/E
/E͘ϴͬ Ͳ ^,ϰϬ^
ϭϮϰ d<E Ϯ Ͳ ;sŝĂ^ƵƌǀĞLJŽƌ ϭϲͲ:ƵŶͲϮϱ ϭϲͲ:ƵŶͲϮϴ
d<EͬϲͬϮϬ ϭͬϮͲϴ/E,
/ŶĚŽŶĞƐŝĂͿ
Ϯϱ dWϯϭϲͬdWϯ
ϭϲ>
ϭϴϬϭϲͬ^:Ͳ d<E:dDͲ
< D EW Z/E
/E͘ϴͬ Ͳ ϭϮD;ϮϬϬ
ϭϮϱ d<E Ϯ Ͳ ;sŝĂ^W:/ ϭϴͲEŽǀͲϮϱ ϭϴͲEŽǀͲϮϴ
d<EͬϭϭͬϮ ĚĂEͿ
^ƵƌĂďĂLJĂͿ
ϬϮϱ 'ĂůǀĂŶŝƐ
ϭϴϬϭϱͬ^:Ͳ d<E:dZͲ
< D EW Z/E
/E͘ϴͬ Ͳ ϭϭD;ϮϬϬ
ϭϮϲ d<E Ϯ Ͳ ;sŝĂ^W:/ ϭϴͲEŽǀͲϮϱ ϭϴͲEŽǀͲϮϴ
d<EͬϭϭͬϮ ĚĂEͿ
^ƵƌĂďĂLJĂͿ
ϬϮϱ 'ĂůǀĂŶŝƐ
ϭϴϬϭϳͬ^:Ͳ d<E:dZͲ
< D EW Z/E
/E͘ϴͬ Ͳ ϵD;ϯϱϬ
ϭϮϳ d<E Ϯ Ͳ ;sŝĂ^W:/ ϭϴͲEŽǀͲϮϱ ϭϴͲEŽǀͲϮϴ
d<EͬϭϭͬϮ ĚĂEͿ
^ƵƌĂďĂLJĂͿ
ϬϮϱ 'ĂůǀĂŶŝƐ
ϭϴϬϭϯͬ^:Ͳ
d<E:dZͲ < D EW Z/E
/E͘ϴͬ Ͳ
ϭϮϴ d<E Ϯ ϵD;ϯϱϬ Ͳ ;sŝĂ^W:/ ϭϴͲEŽǀͲϮϱ ϭϴͲEŽǀͲϮϴ
d<EͬϭϭͬϮ
ĚĂEͿĂƚ ^ƵƌĂďĂLJĂͿ
ϬϮϱ
ϭϴϬϭϮͬ^:Ͳ
d<E:dZͲ < D EW Z/E
/E͘ϴͬ Ͳ
ϭϮϵ d<E Ϯ ϭϮD;ϮϬϬ Ͳ ;sŝĂ^W:/ ϭϴͲEŽǀͲϮϱ ϭϴͲEŽǀͲϮϴ
d<EͬϭϭͬϮ
ĚĂEͿĂƚ ^ƵƌĂďĂLJĂͿ
ϬϮϱ
ϭϴϬϭϰͬ^:Ͳ d<E:dZͲ
< D EW Z/E
/E͘ϴͬ Ͳ ϵD;ϮϬϬ
ϭϯϬ d<E Ϯ Ͳ ;sŝĂ^W:/ ϭϴͲEŽǀͲϮϱ ϭϴͲEŽǀͲϮϴ
d<EͬϭϭͬϮ ĚĂEͿ
^ƵƌĂďĂLJĂͿ
ϬϮϱ 'ĂůǀĂŶŝƐ
260
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
ϭϴϬϭϭͬ^:Ͳ d<E:dZͲ
< D EW Z/E
/E͘ϴͬ Ͳ ϵD
ϭϯϭ d<E Ϯ Ͳ ;sŝĂ^W:/ ϭϴͲEŽǀͲϮϱ ϭϴͲEŽǀͲϮϴ
d<EͬϭϭͬϮ ϮϬϬĚĂEͲ
^ƵƌĂďĂLJĂͿ
ϬϮϱ Ăƚ
WĞŶŐƵũŝĂŶ
:ĞŶŝƐͬdLJƉĞ ><WWͬϲϬϵϰͬ dzW d ^d
ϭϯϮ dĞƐƚ^W>E Ϯ ϭϬϭϮϮϳϱϯͬ :dDϭϮDͬ Ͳ W>EWƵƐĞƌƚŝĨ ϮϭͲEŽǀͲϮϱ ϮϭͲEŽǀͲϯϬ
ϯ͘ϬϭϵͲ ϮϬϮϱ ϮϬϬĚĂE
ϭ͗ϮϬϮϱ
WĞŶŐƵũŝĂŶ
:ĞŶŝƐͬdLJƉĞ ><WWͬϲϬϵϯͬ dzW d ^d
ϭϯϯ dĞƐƚ^W>E Ϯ ϭϬϭϮϮϳϱϯͬ :dZϭϭDͬ Ͳ W>EWƵƐĞƌƚŝĨ ϮϭͲEŽǀͲϮϱ ϮϭͲEŽǀͲϯϬ
ϯ͘ϬϭϵͲ ϮϬϮϱ ϮϬϬĚĂE
ϭ͗ϮϬϮϱ
WĞŶŐƵũŝĂŶ
:ĞŶŝƐͬdLJƉĞ ><WWͬϲϬϵϮͬ dzW d ^d
ϭϯϰ dĞƐƚ^W>E Ϯ ϭϬϭϮϮϳϱϯͬ :dZϵDͬ Ͳ W>EWƵƐĞƌƚŝĨ ϮϭͲEŽǀͲϮϱ ϮϭͲEŽǀͲϯϬ
ϯ͘ϬϭϵͲ ϮϬϮϱ ϯϱϬĚĂE
ϭ͗ϮϬϮϱ
WĞŶŐƵũŝĂŶ
:ĞŶŝƐͬdLJƉĞ ><WWͬϲϬϵϭͬ dzW d ^d
ϭϯϱ dĞƐƚ^W>E Ϯ ϭϬϭϮϮϳϱϯͬ :dZϵDͬ Ͳ W>EWƵƐĞƌƚŝĨ ϮϭͲEŽǀͲϮϱ ϮϭͲEŽǀͲϯϬ
ϯ͘ϬϭϵͲ ϮϬϮϱ ϮϬϬĚĂE
ϭ͗ϮϬϮϱ
^W>E ^ƉĞƐŝĨŝŬĂƐŝ
ϯ͘ϬϭϵͲ dŝĂŶŐ
^WD^W>E Ϯϰ͘ϯϬϬϬϬϳ ϭ͗ϮϬϮϱ >ŝƐƚƌŝŬĚĂŶ
ϭϯϲ ϯ͘ϬϭϵͲ Ϯ ϬϵϬ͘ϭ͘ϭͬ^W :dZϵDͬ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭͲĞƐͲϮϱ ϯϬͲEŽǀͲϮϳ
ϭ͗ϮϬϮϱ DͲ>D<ͬϮϱ ϮϬϬĚĂE ŶLJĂ͘ĂŐŝĂŶ
;,Kd/W ϭ͗dŝĂŶŐ
'>sE/^Ϳ ĂũĂ
^ƉĞƐŝĨŝŬĂƐŝ
^W>E
dŝĂŶŐ
ϯ͘ϬϭϵͲ
^WD^W>E Ϯϰ͘ϯϬϬϬϬϳ >ŝƐƚƌŝŬĚĂŶ
ϭ͗ϮϬϮϱ
ϭϯϳ ϯ͘ϬϭϵͲ Ϯ ϬϵϬ͘ϭ͘Ϯͬ^W >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭͲĞƐͲϮϱ ϯϬͲEŽǀͲϮϳ
:dZϵDͬ
ϭ͗ϮϬϮϱ DͲ>D<ͬϮϱ ŶLJĂ͘ĂŐŝĂŶ
ϮϬϬĚĂE
ϭ͗dŝĂŶŐ
;dͿ
ĂũĂ
^W>E ^ƉĞƐŝĨŝŬĂƐŝ
ϯ͘ϬϭϵͲ dŝĂŶŐ
^WD^W>E Ϯϰ͘ϯϬϬϬϬϳ ϭ͗ϮϬϮϱ >ŝƐƚƌŝŬĚĂŶ
ϭϯϴ ϯ͘ϬϭϵͲ Ϯ ϬϵϬ͘ϭ͘ϯͬ^W :dZϵDͬ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭͲĞƐͲϮϱ ϯϬͲEŽǀͲϮϳ
ϭ͗ϮϬϮϱ DͲ>D<ͬϮϱ ϯϱϬĚĂE ŶLJĂ͘ĂŐŝĂŶ
;,Kd/W ϭ͗dŝĂŶŐ
'>sE/^Ϳ ĂũĂ
^ƉĞƐŝĨŝŬĂƐŝ
^W>E
dŝĂŶŐ
ϯ͘ϬϭϵͲ
^WD^W>E Ϯϰ͘ϯϬϬϬϬϳ >ŝƐƚƌŝŬĚĂŶ
ϭ͗ϮϬϮϱ
ϭϯϵ ϯ͘ϬϭϵͲ Ϯ ϬϵϬ͘ϭ͘ϰͬ^W >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭͲĞƐͲϮϱ ϯϬͲEŽǀͲϮϳ
:dZϵDͬ
ϭ͗ϮϬϮϱ DͲ>D<ͬϮϱ ŶLJĂ͘ĂŐŝĂŶ
ϯϱϬĚĂE
ϭ͗dŝĂŶŐ
;dͿ
ĂũĂ
^W>E ^ƉĞƐŝĨŝŬĂƐŝ
ϯ͘ϬϭϵͲ dŝĂŶŐ
^WD^W>E Ϯϰ͘ϯϬϬϬϬϳ ϭ͗ϮϬϮϱ >ŝƐƚƌŝŬĚĂŶ
ϭϰϬ ϯ͘ϬϭϵͲ Ϯ ϬϵϬ͘ϭ͘ϱͬ^W :dZϭϭDͬ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭͲĞƐͲϮϱ ϯϬͲEŽǀͲϮϳ
ϭ͗ϮϬϮϱ DͲ>D<ͬϮϱ ϮϬϬĚĂE ŶLJĂ͘ĂŐŝĂŶ
;,Kd/W ϭ͗dŝĂŶŐ
'>sE/^Ϳ ĂũĂ
261
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: E/^ EK E dE''> Z><h
EK hE/d ^dEZZ & Z E^/
^ Zd/&/<^/ ^ Zd/&/<d ^ Zd/&/<^/ ^ Zd/&/<d ^DW/
^ƉĞƐŝĨŝŬĂƐŝ
^W>E
dŝĂŶŐ
ϯ͘ϬϭϵͲ
^WD^W>E Ϯϰ͘ϯϬϬϬϬϳ >ŝƐƚƌŝŬĚĂŶ
ϭ͗ϮϬϮϱ
ϭϰϭ ϯ͘ϬϭϵͲ Ϯ ϬϵϬ͘ϭ͘ϲͬ^W >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭͲĞƐͲϮϱ ϯϬͲEŽǀͲϮϳ
:dZϭϭDͬ
ϭ͗ϮϬϮϱ DͲ>D<ͬϮϱ ŶLJĂ͘ĂŐŝĂŶ
ϮϬϬĚĂE
ϭ͗dŝĂŶŐ
;dͿ
ĂũĂ
^W>E ^ƉĞƐŝĨŝŬĂƐŝ
ϯ͘ϬϭϵͲ dŝĂŶŐ
^WD^W>E Ϯϰ͘ϯϬϬϬϬϳ ϭ͗ϮϬϮϱ >ŝƐƚƌŝŬĚĂŶ
ϭϰϮ ϯ͘ϬϭϵͲ Ϯ ϬϵϬ͘ϭ͘ϳͬ^W :dDϭϮDͬ >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭͲĞƐͲϮϱ ϯϬͲEŽǀͲϮϳ
ϭ͗ϮϬϮϱ DͲ>D<ͬϮϱ ϮϬϬĚĂE ŶLJĂ͘ĂŐŝĂŶ
;,Kd/W ϭ͗dŝĂŶŐ
'>sE/^Ϳ ĂũĂ
^ƉĞƐŝĨŝŬĂƐŝ
^W>E
dŝĂŶŐ
ϯ͘ϬϭϵͲ
^WD^W>E Ϯϰ͘ϯϬϬϬϬϳ >ŝƐƚƌŝŬĚĂŶ
ϭ͗ϮϬϮϱ
ϭϰϯ ϯ͘ϬϭϵͲ Ϯ ϬϵϬ͘ϭ͘ϴͬ^W >ĞŶŐŬĂƉĂŶ W>EWƵƐĞƌƚŝĨ ϭͲĞƐͲϮϱ ϯϬͲEŽǀͲϮϳ
:dDϭϮDͬ
ϭ͗ϮϬϮϱ DͲ>D<ͬϮϱ ŶLJĂ͘ĂŐŝĂŶ
ϮϬϬĚĂE
ϭ͗dŝĂŶŐ
;dͿ
ĂũĂ
ϭϰϬϮͬ^<hW
Ͳ <ĞŵĞŶƚƌŝĂŶ
ϭϰϰ ^<hWDŝŐĂƐ ϰ Ͳ Ͳ ϮϲͲDĞŝͲϮϱ Ͳ
ͬDͬϮϬ ^D
Ϯϱ
KĐĐƵƉĂƚŝŽŶ
Ăů,ĞĂůƚŚ
ĂŶĚ^ĂĨĞƚLJ
DĂŶĂŐĞŵĞ
/^KϰϱϬϬϭ͗ Ŷƚ^LJƐƚĞŵƐ
ϭϰϱ K,^ͬ^D<ϯ ϭΘϲ ,^DϰϮϭϲϴ ^/'>K> ϮϬͲEŽǀͲϮϰ ϭϵͲEŽǀͲϮϳ
ϮϬϭϴ Ͳ
ZĞƋƵŝƌĞŵĞ
ŶƚƐǁŝƚŚ
ŐƵŝĚĂŶĐĞ
ĨŽƌƵƐĞ
ϭϬ͘ WZK^W <h^,
<ŽŶĚŝƐŝƉĞƌĞŬŽŶŽŵŝĂŶ/ŶĚŽŶĞƐŝĂƚĞƌƵƐŵĞŶƵŶũƵŬŬĂŶƌƵĂŶŐƉĞƌƚƵŵďƵŚĂŶLJĂŶŐŵĞŶĚƵŬƵŶŐƉĞƌŵŝŶƚĂĂŶƉƌŽĚƵŬ
ďĂũĂ͘ĞƌĚĂƐĂƌŬĂŶƌŝůŝƐĂĚĂŶWƵƐĂƚ Statistik (“W^”) perekonomian Indonesia pada Triwulan IIIͲϮϬϮϱƚƵŵďƵŚ
ϱ͕Ϭϰй ;LJͲŽŶͲLJͿ ĚĞŶŐĂŶ ƉĞƌƚƵŵďƵŚĂŶ ϭ͕ϱϬй ;ƋͲƚŽͲƋͿ͕ ďĞƌƐĂŵĂĂŶ ĚĞŶŐĂŶ ŬŝŶĞƌũĂ ĞŬƐƚĞƌŶĂů ƉŽƐŝƚŝĨ ŵĞůĂůƵŝ
ƉĞŶŝŶŐŬĂƚĂŶĞŬƐƉŽƌƐĞďĞƐĂƌϵ͕ϵϭй;LJͲŽŶͲLJͿ͘<ŽŶĚŝƐŝŝŶŝƌĞůĞǀĂŶĚĞŶŐĂŶůŝŶŝƵƐĂŚĂ^W/EKLJĂŶŐŵĞůĂLJĂŶŝƐĞŬƚŽƌͲ
ƐĞŬƚŽƌLJĂŶŐĐĞŶĚĞƌƵŶŐŵĞŶŐŝŬƵƚŝƐŝŬůƵƐƉĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝ͕ŬŚƵƐƵƐŶLJĂŬŽŶƐƚƌƵŬƐŝ͕ŝŶĨƌĂƐƚƌƵŬƚƵƌ͕ƵƚŝůŝƚĂƐĂŝƌ͕
ŵŝŶLJĂŬĚĂŶŐĂƐ͕ŽƚŽŵŽƚŝĨ͕ƐĞƌƚĂŵĂŶƵĨĂŬƚƵƌ͕LJĂŶŐŵĞŵŝůŝŬŝĐĂŬƵƉĂŶƉĞŶũƵĂůĂŶLJĂŶŐŵĞŶĐĂŬƵƉƉĂƐĂƌĞŬƐƉŽƌ͘
ĂƌŝƐŝƐŝƉĞƌŵŝŶƚĂĂŶĚŽŵĞƐƚŝŬ͕ŝŶĚŝŬĂƚŽƌŝŶǀĞƐƚĂƐŝũƵŐĂŵĞŶƵŶũƵŬŬĂŶƐŝŶLJĂůLJĂŶŐŵĞŶĚƵŬƵŶŐ͘WĂĚĂdƌŝǁƵůĂŶ///Ͳ
ϮϬϮϱ͕ŬŽŵƉŽŶĞŶWĞŵďĞŶƚƵŬĂŶDŽĚĂůdĞƚĂƉƌƵƚŽ;WDdͿƚƵŵďƵŚϲ͕ϯϳй;ƋͲƚŽͲƋͿLJĂŶŐƵŵƵŵŶLJĂďĞƌŬŽƌĞůĂƐŝ
ĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶďĞůĂŶũĂďĂƌĂŶŐŵŽĚĂůĚĂŶƉƌŽLJĞŬĨŝƐŝŬ;ƉĂďƌŝŬ͕ŐƵĚĂŶŐ͕ĨĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝ͕ŝŶĨƌĂƐƚƌƵŬƚƵƌͿ͕
LJĂŶŐƉĂĚĂĂŬŚŝƌŶLJĂŵĞŶŝŶŐŬĂƚŬĂŶŬĞďƵƚƵŚĂŶŵĂƚĞƌŝĂůŬŽŶƐƚƌƵŬƐŝƚĞƌŵĂƐƵŬƉƌŽĚƵŬƉŝƉĂďĂũĂ͘
WƌŽƐƉĞŬƉĞƌŵŝŶƚĂĂŶƉŝƉĂďĂũĂũƵŐĂĚŝƚŽƉĂŶŐŽůĞŚĂŐĞŶĚĂďĞůĂŶũĂĚĂŶƉƌŽŐƌĂŵŝŶĨƌĂƐƚƌƵŬƚƵƌƉĞŵĞƌŝŶƚĂŚ͘^ĂůĂŚ
ƐĂƚƵƌƵũƵŬĂŶLJĂŶŐĚĂƉĂƚĚŝŐƵŶĂŬĂŶĂĚĂůĂŚƉĂŐƵŝŶĚŝŬĂƚŝĨ<ĞŵĞŶƚĞƌŝĂŶWhWZƚĂŚƵŶϮϬϮϱƐĞďĞƐĂƌZƉϳϱ͕ϲϯƚƌŝůŝƵŶ͕
ĚĞŶŐĂŶĂůŽŬĂƐŝďĞƐĂƌƉĂĚĂŝŶĂDĂƌŐĂ;ũĂůĂŶͬũĞŵďĂƚĂŶͿ͕^ƵŵďĞƌĂLJĂŝƌ͕ƐĞƌƚĂŝƉƚĂ<ĂƌLJĂĚĂŶWĞƌƵŵĂŚĂŶ͘
ĂŐŝ^W/EK͕ĂůŽŬĂƐŝ^ƵŵďĞƌĂLJĂŝƌĚĂŶŝƉƚĂ<ĂƌLJĂďĞƌŬĂŝƚĂŶůĂŶŐƐƵŶŐĚĞŶŐĂŶŬĞďƵƚƵŚĂŶƉŝƉĂƵƚŝůŝƚĂƐĂŝƌ͕
ƐĞŵĞŶƚĂƌĂ ƉƌŽŐƌĂŵ ũĂůĂŶͬũĞŵďĂƚĂŶ ĚĂŶ ŝŶĨƌĂƐƚƌƵŬƚƵƌ ŬĂǁĂƐĂŶ ďĞƌŬŽƌĞůĂƐŝ ĚĞŶŐĂŶ ŬĞďƵƚƵŚĂŶ ƉŝƉĂ ƐƚƌƵŬƚƵƌ͕
ƚĞƌŵĂƐƵŬƉŝƉĂƐƉŝƌĂůďĞƌĚŝĂŵĞƚĞƌďĞƐĂƌĚĂŶƉƌŽĚƵŬƚƵƌƵŶĂŶŶLJĂ͘
262
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^ĞůĂŝŶŬŽŶƐƚƌƵŬƐŝƵŵƵŵ͕ƐĂůĂŚƐĂƚƵƉĞŶĚŽƌŽŶŐƉƌŽƐƉĞŬďĂŐŝƉƌŽĚƵƐĞŶƉŝƉĂĂĚĂůĂŚƐĞŬƚŽƌĞŶĞƌŐŝ͕ŬŚƵƐƵƐŶLJĂŐĂƐ
ďƵŵŝ ĚĂŶ ŵŝŐĂƐ͘ W, DŝŐĂƐ ŵĞŶLJĞďƵƚŬĂŶ ƚŽƚĂů ŬĞƚĞƌƐĞĚŝĂĂŶ ŝŶĨƌĂƐƚƌƵŬƚƵƌ ŐĂƐ ďƵŵŝ /ŶĚŽŶĞƐŝĂ ŵĞŶĐĂƉĂŝ
ϮϮ͘ϰϵϴ͕ϴϰ Ŭŵ ;^ĞŵĞƐƚĞƌ / ϮϬϮϰͿ͘ ŝ ƐŝƐŝ Śŝůŝƌ͕ <ĞŵĞŶƚĞƌŝĂŶ ^D ũƵŐĂ ŵĞŶĂƌŐĞƚŬĂŶ ƉĞŵďĂŶŐƵŶĂŶ ϭϭϱ͘Ϯϲϰ
ƐĂŵďƵŶŐĂŶƌƵŵĂŚ;^ZͿũĂƌŝŶŐĂŶŐĂƐ;ũĂƌŐĂƐͿdϮϬϮϱ–ϮϬϮϲ͕ĚĞŶŐĂŶƐŬĞŵĂŬŽŶƚƌĂŬƚĂŚƵŶũĂŵĂŬĚĂŶƚĂƌŐĞƚŵƵůĂŝ
ŬŽŶƐƚƌƵŬƐŝ ƉĂĚĂ EŽǀĞŵďĞƌ ϮϬϮϱ͘ <ŽŵďŝŶĂƐŝ ĞŬƐƉĂŶƐŝ ũĂƌŝŶŐĂŶ ƉŝƉĂ ŐĂƐ ĚĂŶ ƉƌŽŐƌĂŵ ũĂƌŐĂƐ ŵĞŶĐŝƉƚĂŬĂŶ
ŬĞďƵƚƵŚĂŶ ƉŝƉĂ ƚƌĂŶƐŵŝƐŝͬĚŝƐƚƌŝďƵƐŝ͕ ƐĞƌƚĂ ƉĞŬĞƌũĂĂŶ ƉƌŽƚĞŬƐŝ ŬŽƌŽƐŝ ĚĂŶ ĐŽĂƚŝŶŐ ƐLJƐƚĞŵ͕ ƐĞůĂƌĂƐ ĚĞŶŐĂŶ ůŝŶŝ
ƵƐĂŚĂ^W/EK͘
ŝůƵĂƌŬŽŶƐƚƌƵŬƐŝĚĂŶĞŶĞƌŐŝ͕ďĂƐŝƐƉĞƌŵŝŶƚĂĂŶ^W/EKũƵŐĂƚĞƌŬĂŝƚĚĞŶŐĂŶŝŶĚƵƐƚƌŝƉĞŶŐŽůĂŚĂŶͬŵĂŶƵĨĂŬƚƵƌ
ĚĂŶŽƚŽŵŽƚŝĨ͘'/</EKŵĞŶĐĂƚĂƚƉĞŶũƵĂůĂŶŵŽďŝůĚŽŵĞƐƚŝŬƚĂŚƵŶϮϬϮϱƐĞďĞƐĂƌϴϬϯ͘ϲϴϳƵŶŝƚ;ǁŚŽůĞƐĂůĞƐͿĚĂŶ
ϴϯϯ͘ϳϭϮƵŶŝƚ;ƌĞƚĂŝůƐĂůĞƐͿ͘ŬƚŝǀŝƚĂƐŵĂŶƵĨĂŬƚƵƌĚĂŶŽƚŽŵŽƚŝĨŝŶŝďĞƌŬĂŝƚĂŶůĂŶŐƐƵŶŐĚĞŶŐĂŶůŝŶŝ^W/EKďĞƌƵƉĂ
pipa mekanik serta kemampuan memenuhi pengiriman “ũƵƐƚͲŝŶͲƚŝŵĞ” melalui fasilitas produksi SPINDO Ěŝ
<ĂƌĂǁĂŶŐLJĂŶŐĚĞŬĂƚĚĞŶŐĂŶŬůĂƐƚĞƌŽƚŽŵŽƚŝĨ͘
ĞŶŐĂŶĚĞŵŝŬŝĂŶ͕ƉƌŽƐƉĞŬƵƐĂŚĂWĞƌƐĞƌŽĂŶĚŝĚƵŬƵŶŐŽůĞŚƉĞƌŵŝŶƚĂĂŶĚĂƌŝƐĞŬƚŽƌŬŽŶƐƚƌƵŬƐŝΘŝŶĨƌĂƐƚƌƵŬƚƵƌ͕
ƵƚŝůŝƚĂƐĚĂŶĞŶĞƌŐŝ͕ƐĞƌƚĂŵĂŶƵĨĂŬƚƵƌͬŽƚŽŵŽƚŝĨ͘<ĞƵŶŐŐƵůĂŶ^W/EKŵĞůŝƉƵƚŝƉŽƌƚŽĨŽůŝŽƉƌŽĚƵŬLJĂŶŐďĞƌĂŐĂŵ͕
ŬĞƵŶƚƵŶŐĂŶƐŬĂůĂĞŬŽŶŽŵŝĚĂůĂŵďĞƌƉƌŽĚƵŬƐŝ͕ƐĞƌƚĂũĂƌŝŶŐĂŶĚŝƐƚƌŝďƵƐŝLJĂŶŐůƵĂƐ͘,ĂůŝŶŝŵĞŵďƵĂƚWĞƌƐĞƌŽĂŶ
ďĞƌĂĚĂƉĂĚĂƉŽƐŝƐŝLJĂŶŐƌĞůĂƚŝĨďĂŝŬƵŶƚƵŬŵĞŶĂŶŐŬĂƉƉĞƌƚƵŵďƵŚĂŶƉĞƌŵŝŶƚĂĂŶĚŝƉĂƐĂƌĚŽŵĞƐƚŝŬƐĞŬĂůŝŐƵƐ
ŵĞŶŝŶŐŬĂƚŬĂŶƉĞŶũƵĂůĂŶĞŬƐƉŽƌĚŝƚĞŶŐĂŚƉĞƌƐĂŝŶŐĂŶŐůŽďĂů͘
ϭϭ͘ < E ZhE'Eh^,
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŬĞĐĞŶĚĞƌƵŶŐĂŶ LJĂŶŐ ƐŝŐŶŝĨŝŬĂŶ ĚĂůĂŵ ƉƌŽĚƵŬƐŝ͕ ƉĞŶũƵĂůĂŶ͕ ƉĞƌƐĞĚŝĂĂŶ͕ďĞďĂŶ͕ ĚĂŶ
ŚĂƌŐĂƉĞŶũƵĂůĂŶŚĂƌŐĂƉĞŶũƵĂůĂŶƐĞũĂŬƚĂŚƵŶďƵŬƵƚĞƌĂŬŚŝƌLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝŬĞŐŝĂƚĂŶƵƐĂŚĂĚĂŶ ƉƌŽƐƉĞŬ
ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŬĞĐĞŶĚĞƌƵŶŐĂŶ͕ ŬĞƚŝĚĂŬƉĂƐƚŝĂŶ͕ ƉĞƌŵŝŶƚĂĂŶ͕ ŬŽŵŝƚŵĞŶ͕
ĂƚĂƵ ƉĞƌŝƐƚŝǁĂ LJĂŶŐ ĚĂƉĂƚ ĚŝŬĞƚĂŚƵŝ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ ƐŝŐŶŝĨŝŬĂŶ ƉĞŶũƵĂůĂŶ ďĞƌƐŝŚ ĂƚĂƵ
ƉĞŶĚĂƉĂƚĂŶƵƐĂŚĂ͕ƉĞŶĚĂƉĂƚĂŶĚĂƌŝŽƉĞƌĂƐŝďĞƌũĂůĂŶ͕ƉƌŽĨŝƚĂďŝůŝƚĂƐ͕ůŝŬƵŝĚŝƚĂƐĂƚĂƵƐƵŵďĞƌŵŽĚĂů͕ĂƚĂƵƉĞƌŝƐƚŝǁĂ
LJĂŶŐŵĞŶLJĞďĂďŬĂŶŝŶĨŽƌŵĂƐŝŬĞƵĂŶŐĂŶLJĂŶŐĚŝůĂƉŽƌŬĂŶƚŝĚĂŬĚĂƉĂƚĚŝũĂĚŝŬĂŶŝŶĚŝŬĂƐŝĂƚĂƐŚĂƐŝůŽƉĞƌĂƐŝĂƚĂƵ
ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶŵĂƐĂĚĂƚĂŶŐ͘
ϭϮ͘ E>/^D E' E/DW<>/E'<hE'E;D>Ϳ
<ĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƚƵŶĚƵŬ ƉĂĚĂ ďĞƌďĂŐĂŝ ƵŶĚĂŶŐͲƵŶĚĂŶŐ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ůŝŶŐŬƵŶŐĂŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶ
ĚĞŶŐĂŶ ƉĞŶŐĞůŽůĂĂŶ ůŝŵďĂŚ ďĂŚĂŶ ďĞƌďĂŚĂLJĂ ĚĂŶ ďĞƌĂĐƵŶ͕ ƐĞƌƚĂ ƉĞŶŐĞŶĚĂůŝĂŶ ƉĞŶĐĞŵĂƌĂŶ Ăŝƌ ĚĂŶ ƵĚĂƌĂ͘
WĞƌƐĞƌŽĂŶŵĞLJĂŬŝŶŝďĂŚǁĂWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝůŝƐĞŶƐŝŵĞŶŐĞŶĂŝůŝŶŐŬƵŶŐĂŶLJĂŶŐƐĞƐƵĂŝƵŶƚƵŬŵĞůĂŬƵŬĂŶƵƐĂŚĂ
ĚŝĨĂƐŝůŝƚĂƐͲĨĂƐŝůŝƚĂƐƉƌŽĚƵŬƐŝLJĂŶŐĚŝŵŝůŝŬŝĚĂůĂŵƉĞŶŐŐƵŶĂĂŶƐƵŵďĞƌĚĂLJĂĂŝƌ͕ƉĞŵďƵĂŶŐĂŶĂŝƌ͕ĞŵŝƐŝƵĚĂƌĂ͕ĚĂŶ
ƉĞŶŐĞůŽůĂĂŶůŝŵďĂŚďĂŚĂŶďĞƌďĂŚĂLJĂĚĂŶďĞƌĂĐƵŶ͘
^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŬĞǁĂũŝďĂŶ Ěŝ ďŝĚĂŶŐ ůŝŶŐŬƵŶŐĂŶ ŚŝĚƵƉ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵďƵĂƚ ĚŽŬƵŵĞŶ hƉĂLJĂ
WĞŶŐĞůŽůĂĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉĚĂŶhƉĂLJĂWĞŵĂŶƚĂƵĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ;h<>ĚĂŶhW>ͿƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
▪ ƵŶƚƵŬ ůŽŬĂƐŝ ƉĂďƌŝŬ Ěŝ :ů͘ DĂƐƚƌŝƉ ϴϲϬ ^ƵƌĂďĂLJĂ LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ŽůĞŚ <ĞƉĂůĂ ĂĚĂŶ WĞŶŐĞůŽůĂĂŶ
>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ<ŽƚĂ^ƵƌĂďĂLJĂďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚEŽŵŽƌ͗ϲϲϬ͘ϭͬϰϲϮͬϰϯϲ͘ϳ͘ϮͬϮϬϭϮƚĂŶŐŐĂůϮϮ:ƵŶŝϮϬϭϮ
LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚ<ĞƉĂůĂĂĚĂŶWĞŶŐĞůŽůĂĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ<ŽƚĂ^ƵƌĂďĂLJĂ͖
▪ ƵŶƚƵŬ ůŽŬĂƐŝ ƉĂďƌŝŬ Ěŝ :ů͘ ZƵŶŐŬƵƚ /ŶĚƵƐƚƌŝ //ͬϭϬ ^ƵƌĂďĂLJĂ LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ŽůĞŚ <ĞƉĂůĂ ĂĚĂŶ
WĞŶŐĞůŽůĂĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ<ŽƚĂ^ƵƌĂďĂLJĂďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚEŽŵŽƌ͗ϲϲϬ͘ϭͬϭϵϵͬϰϯϲ͘ϳ͘ϮͬϮϬϭϰƚĂŶŐŐĂů
Ϯϱ&ĞďƌƵĂƌŝϮϬϭϰLJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚ<ĞƉĂůĂĂĚĂŶWĞŶŐĞůŽůĂĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ<ŽƚĂ^ƵƌĂďĂLJĂ͖
▪ ƵŶƚƵŬůŽŬĂƐŝƉĂďƌŝŬĚŝ:ů͘ZƵŶŐŬƵƚ/ŶĚƵƐƚƌŝ/ͬϮϴ^ƵƌĂďĂLJĂLJĂŶŐƚĞůĂŚĚŝƐĞƚƵũƵŝŽůĞŚ<ĞƉĂůĂĂĚĂŶWĞŶŐĞůŽůĂĂŶ
>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ<ŽƚĂ^ƵƌĂďĂLJĂďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚEŽŵŽƌ͗ϲϲϬ͘ϭͬϮϬϬͬϰϯϲ͘ϳ͘ϮͬϮϬϭϰƚĂŶŐŐĂůϮϱ&ĞďƌƵĂƌŝ
ϮϬϭϰLJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚ<ĞƉĂůĂĂĚĂŶWĞŶŐĞůŽůĂĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ<ŽƚĂ^ƵƌĂďĂLJĂ͖
▪ ƵŶƚƵŬ ůŽŬĂƐŝ ƉĂďƌŝŬ Ěŝ WĂƐƵƌƵĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ŽůĞŚ <ĞƉĂůĂ ĂĚĂŶ WĞŶŐĞůŽůĂĂŶ >ŝŶŐŬƵŶŐĂŶ ,ŝĚƵƉ
<ĂďƵƉĂƚĞŶ WĂƐƵƌƵĂŶ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ EŽŵŽƌ ͗ ϲϲϳͬϵϯϲͬϰϮϰ͘ϬϴϭͬϮϬϮϭ ƚĂŶŐŐĂů Ϯϯ DĂƌĞƚ ϮϬϮϭ LJĂŶŐ
ĚŝŬĞůƵĂƌŬĂŶŽůĞŚ<ĞƉĂůĂĂĚĂŶWĞŶŐĞůŽůĂĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ<ĂďƵƉĂƚĞŶWĂƐƵƌƵĂŶ͖
▪ ƵŶƚƵŬ ůŽŬĂƐŝ ƉĂďƌŝŬ Ěŝ <ĂƌĂǁĂŶŐ LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ŽůĞŚ <ĞƉĂůĂ ĂĚĂŶ WĞŶŐĞůŽůĂĂŶ >ŝŶŐŬƵŶŐĂŶ ,ŝĚƵƉ
<ĂďƵƉĂƚĞŶ<ĂƌĂǁĂŶŐďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚEŽŵŽƌ͗ϲϲϬ͘ϭͬϯϴϴͬ>,<ƚĂŶŐŐĂůϴ:ƵŶŝϮϬϭϴLJĂŶŐĚŝŬĞůƵĂƌŬĂŶ
ŽůĞŚ<ĞƉĂůĂĂĚĂŶWĞŶŐĞůŽůĂĂŶ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ<ĂďƵƉĂƚĞŶ<ĂƌĂǁĂŶŐ͘
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▪ ƵŶƚƵŬůŽŬĂƐŝƉĂďƌŝŬĚŝ:ĂůĂŶWĂŚůĂǁĂŶ͕<ĞůƵƌĂŚĂŶĞŵĞŶŐŬĂůĂŶŐ͕<ĞĐĂŵĂƚĂŶ^ŝĚŽĂƌũŽ<Ăď^ŝĚŽĂƌũŽLJĂŶŐ
ƐĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ĂĚĂŶ >ŝŶŐŬƵŶŐĂŶ ,ŝĚƵƉ <ĂďƵƉĂƚĞŶ ^ŝĚŽĂƌũŽ ^ƵƌĂƚ EŽŵŽƌ ͗ ϲϲϬͬϰϬϭͬϰϬϰ͘ϲ͘ϯͬϮϬϭϰ
ƚĂŶŐŐĂůϮϴ&ĞďƌƵĂƌŝϮϬϭϰ͘
WĞƌƐĞƌŽĂŶŵĞLJĂŬŝŶŝďĂŚǁĂWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĂƚƵŚŝƐĞŵƵĂƉĞƌƐLJĂƌĂƚĂŶůŝŶŐŬƵŶŐĂŶLJĂŶŐǁĂũŝďĚĂŶďĞƌůĂŬƵ
ďĂŐŝŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶĚĂůĂŵƐĞŵƵĂŚĂůLJĂŶŐŵĂƚĞƌŝĂů͘
ϭϯ͘ Z/^ dEW E' DE'EWZKh<
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝĚŝǀŝƐŝƚĞŬŶŝƐLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝƚĞŬŶŝƐŝLJĂŶŐďĞƌŬƵĂůŝƚĂƐLJĂŶŐĨŽŬƵƐƵŶƚƵŬŵĞůĂŬƵŬĂŶƌŝƐĞƚĚĂŶ
ƉĞŶŐĞŵďĂŶŐĂŶƉƌŽĚƵŬWĞƌƐĞƌŽĂŶ͘<ĞŐŝĂƚĂŶƵƚĂŵĂĚŝǀŝƐŝƚĞƌƐĞďƵƚĂĚĂůĂŚƵŶƚƵŬŵĞŶŐĞŶĂůƚĞŬŶŽůŽŐŝďĂƌƵƵŶƚƵŬ
ŵĞŶŝŶŐŬĂƚŬĂŶ ƉƌŽƐĞƐ ƉĞŶŐĞůĂƐĂŶ ĚĂŶ ƉƌŽƐĞƐ ƉĞůĂƉŝƐĂŶ ƉŝƉĂ ďĂũĂ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ďĞƌƵƐĂŚĂ ƵŶƚƵŬ
ŵĞŶŐĞŵďĂŶŐŬĂŶ ƉƌŽĚƵŬ ďĂƌƵ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ƉĞƌƵďĂŚĂŶ ƚĞŬŶŽůŽŐŝ ĚĂŶ ƚƌĞŶ ƉĂƐĂƌ͕ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬƵĂůŝƚĂƐ
ƉƌŽĚƵŬ͕ ŵĞŶŐƵƌĂŶŐŝ ďŝĂLJĂ ƉƌŽĚƵŬƐŝ ĚĂŶ ŵĞŶŝŶŐŬĂƚŬĂŶ ĞĨŝƐŝĞŶƐŝ ƉƌŽĚƵŬƐŝ͕ ĚĂŶ ŵĞŵƉĞƌŬĞŶĂůŬĂŶ ĚĂŶ
ŵĞŶĞƌĂƉŬĂŶƚĞŬŶŽůŽŐŝďĂƌƵĂƚĂƵŵĞƐŝŶƵŶƚƵŬŵĞŶŝŶŐŬĂƚŬĂŶŚĂƐŝůƉƌŽĚƵŬƐŝWĞƌƐĞƌŽĂŶĚĂƌŝŬĂƉĂƐŝƚĂƐŵĞƐŝŶLJĂŶŐ
ĂĚĂ͘
dŝŵƚĞŬŶŝŬWĞƌƐĞƌŽĂŶŵĞŶLJĂũŝŬĂŶƉƌŽƉŽƐĂůƵŶƚƵŬƉƌŽLJĞŬͲƉƌŽLJĞŬƉĞŶŐĞŵďĂŶŐĂŶƉƌŽĚƵŬŬĞƉĂĚĂĞǁĂŶŝƌĞŬƐŝ
ƵŶƚƵŬĚŝƉĞƌŝŬƐĂĚĂŶĚŝƐĞƚƵũƵŝ͘WƌŽƉŽƐĂůŝŶŝŵĞŶĐĂŬƵƉƌŝŶĐŝĂŶŵĞŶŐĞŶĂŝďŝĂLJĂ͕ƉĞƌďĂŝŬĂŶLJĂŶŐĚŝŚĂƌĂƉŬĂŶĚĂŶ
ƉĞƌŬŝƌĂĂŶǁĂŬƚƵƉĞŶŐĞŵďĂůŝĂŶďŝĂLJĂŝŶǀĞƐƚĂƐŝƵŶƚƵŬƉƌŽLJĞŬƉĞŶŐĞŵďĂŶŐĂŶƉƌŽĚƵŬ͘
ĞƌŝŬƵƚŝŶŝŵĞƌƵƉĂŬĂŶďŝĂLJĂZŝƐĞƚĚĂŶWĞŶŐĞŵďĂŶŐĂŶƉƌŽĚƵŬLJĂŶŐƚĞůĂŚĚŝŬĞůƵĂƌŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƉĞƌŝŽĚĞ
ϯ;ƚŝŐĂͿƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϱ͕ϮϬϮϰĚĂŶϮϬϮϯ͗
ϯϭĞƐĞŵďĞƌ
ϮϬϮϱ ϮϬϮϰ ϮϬϮϯ
EŝůĂŝ;ZƉ:ƵƚĂͿ
WůĂŶƚϭ ϭ͘ϬϳϬ͘ϵϮϴ͘ϴϴϭ ϵϭϱ͘Ϯϳϴ͘Ϭϳϱ ϴϮϮ͘ϮϬϯ͘Ϭϴϱ
WůĂŶƚϮ ϭϰϯ͘ϱϭϮ͘ϴϲϴ ϭϬϬ͘Ϯϱϴ͘ϲϬϭ ϵϲ͘ϱϱϱ͘ϵϰϴ
WůĂŶƚϯ ϰϱϭ͘ϴϭϮ͘ϵϲϬ ϲϮϱ͘ϴϯϱ͘ϳϱϴ ϰϯϮ͘ϯϲϯ͘ϵϳϮ
WůĂŶƚϰ ϳϱϱ͘ϭϲϱ͘ϲϯϰ ϯϲϰ͘ϭϳϱ͘ϲϴϬ Ϯϵϱ͘ϮϳϬ͘ϵϭϭ
WůĂŶƚϱ ϰ͘ϰϲϯ͘ϭϬϮ͘ϰϱϬ ϰ͘ϳϬϲ͘ϳϯϱ͘ϵϲϵ ϰ͘ϵϲϳ͘Ϯϴϳ͘ϱϳϲ
WůĂŶƚϲ Ϯϵϲ͘ϯϵϰ͘ϴϳϮ Ϯϯϳ͘Ϭϯϭ͘ϯϱϯ ϭϱϮ͘ϴϳϭ͘ϴϰϲ
dŽƚĂů ϳ͘ϭϴϬ͘ϵϭϳ͘ϲϲϱ ϲ͘ϵϰϵ͘ϯϭϱ͘ϰϯϲ ϲ͘ϳϲϲ͘ϱϱϯ͘ϯϯϴ
ϭϰ͘ dZE^<^/ &/>/^/ Eͬdh dZE^<^/ zE' D E'EhE' EdhZE < W Ed/E'E zE'
D >/Whd/EDW/,<͕: E/^͕E/>/͕Edh:hEdZE^<^/^ >DϮ;hͿd,hEd Z<,/Z
dŝĚĂŬ ƚĞƌĚĂƉĂƚ ƚƌĂŶƐĂŬƐŝ ĂĨŝůŝĂƐŝ ĚĂŶͬĂƚĂƵ ƚƌĂŶƐĂŬƐŝ LJĂŶŐ ŵĞŶŐĂŶĚƵŶŐ ďĞŶƚƵƌĂŶ ŬĞƉĞŶƚŝŶŐĂŶ ;ũŝŬĂ ĂĚĂͿ LJĂŶŐ
ŵĞůŝƉƵƚŝŶĂŵĂƉŝŚĂŬ͕ũĞŶŝƐ͕ŶŝůĂŝ͕ĚĂŶƚƵũƵĂŶƚƌĂŶƐĂŬƐŝƐĞůĂŵĂϮ;ĚƵĂͿƚĂŚƵŶƚĞƌĂŬŚŝƌĂƚĂƵƐĞũĂŬ ŵŝƚĞŶďĞƌĚŝƌŝ
ũŝŬĂŬƵƌĂŶŐĚĂƌŝϮ;ĚƵĂͿƚĂŚƵŶƚĞƌĂŬŚŝƌ͘
dŝĚĂŬƚĞƌĚĂƉĂƚĂŶŐŐŽƚĂŝƌĞŬƐŝ͕ĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕WĞŶŐĞŶĚĂůŝĂƚĂƵWĞŵĞŐĂŶŐ^ĂŚĂŵhƚĂŵĂWĞƌƐĞƌŽĂŶ
ĂƚĂƵĨŝůŝĂƐŝĚĂƌŝŶŐŐŽƚĂŝƌĞŬƐŝ͕ĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕WĞŶŐĞŶĚĂůŝĂƚĂƵWĞŵĞŐĂŶŐ^ĂŚĂŵhƚĂŵĂWĞƌƐĞƌŽĂŶ
LJĂŶŐ ŵĞŵŝůŝŬŝ ŬĞƉĞŶƚŝŶŐĂŶ ĚĂůĂŵ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ LJĂŶŐ ŵĞŶũĂůĂŶŬĂŶ ďŝƐŶŝƐ LJĂŶŐ ƐĂŵĂ ĂƚĂƵ ŵĞŶŐŚĂƐŝůŬĂŶ
ƉƌŽĚƵŬLJĂŶŐƐĂŵĂĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͘
dŝĚĂŬĂĚĂƉĞƌũĂŶũŝĂŶĂƚĂƵŬĞƐĞƉĂŬĂƚĂŶĂŶƚĂƌĂĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝĚĞŶŐĂŶ
WĞŵĞŐĂŶŐ^ĂŚĂŵhƚĂŵĂ͕ƉĞůĂŶŐŐĂŶ͕ƉĞŵĂƐŽŬ͕ĚĂŶͬĂƚĂƵƉŝŚĂŬůĂŝŶďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞŶĞŵƉĂƚĂŶĂƚĂƵ
ƉĞŶƵŶũƵŬĂŶƐĞďĂŐĂŝĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝWĞƌƐĞƌŽĂŶ͘
264
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/y͘ PERPAJAKAN
ϭ͘ WĞƌƉĂũĂŬĂŶhŶƚƵŬWĞŵĞŐĂŶŐKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ
WĂũĂŬĂƚĂƐƉĞŶŐŚĂƐŝůĂŶLJĂŶŐĚŝƉĞƌŽůĞŚĚĂƌŝŬĞƉĞŵŝůŝŬĂŶKďůŝŐĂƐŝLJĂŶŐĚŝƚĞƌŝŵĂĂƚĂƵĚŝƉĞƌŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝ
ĚŝƉĞƌŚŝƚƵŶŐŬĂŶ ĚĂŶ ĚŝƉĞƌůĂŬƵŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ WĞƌƉĂũĂŬĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ ^ĞůĂŝŶ ŝƚƵ͕ WĂũĂŬ
WĞŶŐŚĂƐŝůĂŶĂƚĂƐ/ŵďĂůĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝƚĞƌŝŵĂĂƚĂƵĚŝƉĞƌŽůĞŚWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚĚŝƉĞƌŚŝƚƵŶŐŬĂŶĚĂŶ
ĚŝƉĞƌůĂŬƵŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƉĂũĂŬĂŶ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ /ŶĚŽŶĞƐŝĂ ĂƚĂƐ KďůŝŐĂƐŝ ŵĞŶŐŝŶŐĂƚ ^ƵŬƵŬ
ŵĞƌƵƉĂŬĂŶKďůŝŐĂƐŝŵĞŶƵƌƵƚƉĞŶŐĞƌƚŝĂŶŬŽŶǀĞŶƐŝŽŶĂů͘
ĞƌĚĂƐĂƌŬĂŶWĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϭϲƚĂŚƵŶϮϬϬϵƚĂŶŐŐĂůϵ&ĞďƌƵĂƌŝϮϬϬϵƚĞŶƚĂŶŐWĂũĂŬ
WĞŶŐŚĂƐŝůĂŶĂƚĂƐWĞŶŐŚĂƐŝůĂŶĞƌƵƉĂƵŶŐĂKďůŝŐĂƐŝƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚďĞďĞƌĂƉĂŬĂůŝĚŝƵďĂŚƚĞƌĂŬŚŝƌĚĞŶŐĂŶ
;ŝͿ WĞƌĂƚƵƌĂŶ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ EŽ͘ ϵ ƚĂŚƵŶ ϮϬϮϭ ƚĂŶŐŐĂů Ϯ &ĞďƌƵĂƌŝ ϮϬϮϭ ƚĞŶƚĂŶŐ WĞƌůĂŬƵĂŶ
WĞƌƉĂũĂŬĂŶƵŶƚƵŬDĞŶĚƵŬƵŶŐ<ĞŵƵĚĂŚĂŶĞƌƵƐĂŚĂ͖ĚĂŶ;ŝŝͿWĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϵϭ
ƚĂŚƵŶϮϬϮϭƚĂŶŐŐĂůϯϬŐƵƐƚƵƐϮϬϮϭƚĞŶƚĂŶŐWĂũĂŬWĞŶŐŚĂƐŝůĂŶĂƚĂƐWĞŶŐŚĂƐŝůĂŶĞƌƵƉĂƵŶŐĂKďůŝŐĂƐŝLJĂŶŐ
ŝƚĞƌŝŵĂĂƚĂƵŝƉĞƌŽůĞŚtĂũŝďWĂũĂŬĂůĂŵEĞŐĞƌŝĚĂŶĞŶƚƵŬhƐĂŚĂdĞƚĂƉ͕ƉĞŶŐŚĂƐŝůĂŶLJĂŶŐĚŝƚĞƌŝŵĂĂƚĂƵ
ĚŝƉĞƌŽůĞŚďĂŐŝtĂũŝďWĂũĂŬďĞƌƵƉĂďƵŶŐĂĚĂŶĚŝƐŬŽŶƚŽŽďůŝŐĂƐŝĚŝŬĞŶĂŬĂŶƉĞŵŽƚŽŶŐĂŶWĂũĂŬWĞŶŐŚĂƐŝůĂŶLJĂŶŐ
ďĞƌƐŝĨĂƚĨŝŶĂů͗
Ă͘ ƚĂƐďƵŶŐĂŽďůŝŐĂƐŝĚĞŶŐĂŶŬƵƉŽŶ;ŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞďƚƐĞĐƵƌŝƚŝĞƐͿƐĞďĞƐĂƌ͗;ŝͿϭϬйďĂŐŝtĂũŝďWĂũĂŬĚĂůĂŵ
negeri dan bentuk usaha tetap (“hd”); dan (ii) 10% atau sesuai dengan tarif berdasarkan persetujuan
penghindaran pajak berganda (“Wϯ”) bagi Wajib Pajak luar negeri selain BUT. Jumlah yang tĞƌŬĞŶĂƉĂũĂŬ
ĚŝŚŝƚƵŶŐĚĂƌŝũƵŵůĂŚďƌƵƚŽďƵŶŐĂƐĞƐƵĂŝĚĞŶŐĂŶŵĂƐĂŬĞƉĞŵŝůŝŬĂŶ;ŚŽůĚŝŶŐƉĞƌŝŽĚͿŽďůŝŐĂƐŝ͖
ď͘ ƚĂƐĚŝƐŬŽŶƚŽŽďůŝŐĂƐŝĚĞŶŐĂŶŬƵƉŽŶƐĞďĞƐĂƌ͗ϭϬйďĂŐŝtĂũŝďWĂũĂŬĚĂůĂŵŶĞŐĞƌŝĚĂŶhd͖ĚĂŶ;ŝŝͿϭϬйĂƚĂƵ
ƐĞƐƵĂŝĚĞŶŐĂŶƚĂƌŝĨďĞƌĚĂƐĂƌŬĂŶWϯďĂŐŝtĂũŝďWĂũĂŬůƵĂƌŶĞŐĞƌŝƐĞůĂŝŶhd͘:ƵŵůĂŚLJĂŶŐƚĞƌŬĞŶĂƉĂũĂŬ
ĚŝŚŝƚƵŶŐ ĚĂƌŝ ƐĞůŝƐŝŚ ůĞďŝŚ ŚĂƌŐĂ ũƵĂů ĂƚĂƵ ŶŝůĂŝ ŶŽŵŝŶĂů Ěŝ ĂƚĂƐ ŚĂƌŐĂ ƉĞƌŽůĞŚĂŶ ŽďůŝŐĂƐŝ͕ ƚŝĚĂŬ ƚĞƌŵĂƐƵŬ
ďƵŶŐĂďĞƌũĂůĂŶ;ĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚͿ͖
Đ͘ ƚĂƐĚŝƐŬŽŶƚŽŽďůŝŐĂƐŝƚĂŶƉĂŬƵƉŽŶ;njĞƌŽĐŽƵƉŽŶďŽŶĚͿĂƚĂƵŶŽŶͲŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞďƚƐĞĐƵƌŝƚŝĞƐƐĞďĞƐĂƌ͗;ŝͿ
ϭϬйďĂŐŝtĂũŝďWĂũĂŬĚĂůĂŵŶĞŐĞƌŝĚĂŶhd͖ĚĂŶ;ŝŝͿϭϬйĂƚĂƵƐĞƐƵĂŝĚĞŶŐĂŶƚĂƌŝĨďĞƌĚĂƐĂƌŬĂŶWϯďĂŐŝ
tĂũŝďWĂũĂŬůƵĂƌŶĞŐĞƌŝƐĞůĂŝŶhd͘:ƵŵůĂŚLJĂŶŐƚĞƌŬĞŶĂƉĂũĂŬĚŝŚŝƚƵŶŐĚĂƌŝƐĞůŝƐŝŚůĞďŝŚŚĂƌŐĂũƵĂůĂƚĂƵŶŝůĂŝ
ŶŽŵŝŶĂůĚŝĂƚĂƐŚĂƌŐĂƉĞƌŽůĞŚĂŶŽďůŝŐĂƐŝ͖
Ě͘ ƚĂƐďƵŶŐĂĚĂŶͬĂƚĂƵĚŝƐŬŽŶƚŽĚĂƌŝŽďůŝŐĂƐŝLJĂŶŐĚŝƚĞƌŝŵĂĚĂŶͬĂƚĂƵĚŝƉĞƌŽůĞŚtĂũŝďWĂũĂŬƌĞŬƐĂĚĂŶĂĚĂŶ
tĂũŝď WĂũĂŬ ĚĂŶĂ ŝŶǀĞƐƚĂƐŝ ŝŶĨƌĂƐƚƌƵŬƚƵƌ ďĞƌďĞŶƚƵŬ ŬŽŶƚƌĂŬ ŝŶǀĞƐƚĂƐŝ ŬŽůĞŬƚŝĨ͕ ĚĂŶĂ ŝŶǀĞƐƚĂƐŝ ƌĞĂů ĞƐƚĂƚ
ďĞƌďĞŶƚƵŬ ŬŽŶƚƌĂŬ ŝŶǀĞƐƚĂƐŝ ŬŽůĞŬƚŝĨ͕ ĚĂŶ ĞĨĞŬ ďĞƌĂŐƵŶ ĂƐĞƚ ďĞƌďĞŶƚƵŬ ŬŽŶƚƌĂŬ ŝŶǀĞƐƚĂƐŝ ŬŽůĞŬƚŝĨ LJĂŶŐ
ƚĞƌĚĂĨƚĂƌĂƚĂƵƚĞƌĐĂƚĂƚƉĂĚĂK:<ƐĞďĞƐĂƌϭϬйƵŶƚƵŬƚĂŚƵŶϮϬϮϭĚĂŶƐĞƚĞƌƵƐŶLJĂ͘
WĞŵŽƚŽŶŐĂŶƉĂũĂŬLJĂŶŐďĞƌƐŝĨĂƚĨŝŶĂůŝŶŝƚŝĚĂŬĚŝŬĞŶĂŬĂŶƚĞƌŚĂĚĂƉďƵŶŐĂĚĂƌŝŽďůŝŐĂƐŝĂƚĂƵĚŝƐŬŽŶƚŽĚĂƌŝŽďůŝŐĂƐŝ
ĚĞŶŐĂŶĂƚĂƵƚĂŶƉĂŬƵƉŽŶLJĂŶŐĚŝƚĞƌŝŵĂĂƚĂƵĚŝƉĞƌŽůĞŚtĂũŝďWĂũĂŬ͗
Ă͘ ĂŶĂ ƉĞŶƐŝƵŶ LJĂŶŐ ƉĞŶĚŝƌŝĂŶ ĂƚĂƵ ƉĞŵďĞŶƚƵŬĂŶŶLJĂ ƚĞůĂŚ ĚŝƐĂŚŬĂŶ ŽůĞŚ DĞŶƚĞƌŝ <ĞƵĂŶŐĂŶ ĂƚĂƵ ƚĞůĂŚ
ŵĞŶĚĂƉĂƚŬĂŶŝnjŝŶĚĂƌŝK:<ĚĂŶŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵWĂƐĂůϰĂLJĂƚ;ϯͿŚƵƌƵĨŚ
hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϳ ƚĂŚƵŶ ϭϵϴϯ ƚĞŶƚĂŶŐ WĂũĂŬ WĞŶŐŚĂƐŝůĂŶ ƐĞďĂŐĂŝŵĂŶĂ ƚĞůĂŚ ďĞďĞƌĂƉĂ ŬĂůŝ ĚŝƵďĂŚ
ƚĞƌĂŬŚŝƌĚĞŶŐĂŶhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϭϭƚĂŚƵŶϮϬϮϬƚĞŶƚĂŶŐŝƉƚĂ<ĞƌũĂ͖ĚĂŶ
ď͘ ĂŶŬLJĂŶŐĚŝĚŝƌŝŬĂŶĚŝ/ŶĚŽŶĞƐŝĂĂƚĂƵĐĂďĂŶŐďĂŶŬůƵĂƌŶĞŐĞƌŝĚŝ/ŶĚŽŶĞƐŝĂ͘
WĞŵŽƚŽŶŐĂŶƉĂũĂŬŝŶŝĚŝŬĞŶĂŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƉĂũĂŬĂŶLJĂŶŐďĞƌůĂŬƵ
ƐĂŵƉĂŝ ĚĞŶŐĂŶ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͘ ƉĂďŝůĂ Ěŝ ŬĞŵƵĚŝĂŶ ŚĂƌŝ ƚĞƌũĂĚŝ ƉĞƌƵďĂŚĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƉĂũĂŬĂŶ͕ŵĂŬĂƉĞŵŽƚŽŶŐĂŶƉĂũĂŬĂŬĂŶĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƉĂũĂŬĂŶLJĂŶŐƚĞƌďĂƌƵĚĂŶďĞƌůĂŬƵ
ƐĂĂƚŝƚƵ͘
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Ϯ͘ WĞŵĞŶƵŚĂŶWĞƌƉĂũĂŬĂŶKůĞŚWĞƌƐĞƌŽĂŶ
^ĞďĂŐĂŝ tĂũŝď WĂũĂŬ͕ Perseroan memiliki kewajiban perpajakan untuk Pajak Penghasilan (“WWŚ”), Pajak
Pertambahan Nilai (“WWE”), dan Pajak Bumi dan Bangunan (“W”). Perseroan telah memenuhi kewajiban
ƉĞƌƉĂũĂŬĂŶŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƉĂũĂŬĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ ^ĂŵƉĂŝ ĚĞŶŐĂŶ
ƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝƚƵŶŐŐĂŬĂŶƉĂũĂŬ͘
>KE W D >/ K>/'^/ E ^h<h< /:Z, >D W EtZE hDhD /E/ /,ZW<E hEdh<
Z<KE^h>d^/ E'E <KE^h>dE W:< D^/E'ͲD^/E' D E' E/ </d W ZW:<E zE'
d/Dh> Z/ W E Z/DE hE'͕ //>E /D>E /:Z,͕ W D >/E͕ W D/>/<E DhWhE
W E:h>E dh W E'>/,E E'E Z >/E d^ K>/'^/ E ^h<h< /:Z, zE' / >/
D >>h/W EtZEhDhD/E/͘
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ĞƌĚĂƐĂƌŬĂŶƉĞƌƐLJĂƌĂƚĂŶĚĂŶŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝKďůŝŐĂƐŝ
ĚĂŶWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝ^ƵŬƵŬ/ũĂƌĂŚ͕ƉĂƌĂWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚƐĞƌƚĂ
WĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐŶĂŵĂŶLJĂƚĞƌĐĂŶƚƵŵĚŝďĂǁĂŚŝŶŝ͕ƵŶƚƵŬĚĂŶĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶ͕
ŵĞŶLJĞƚƵũƵŝƵŶƚƵŬŵĞŶĂǁĂƌŬĂŶKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚŬĞƉĂĚĂDĂƐLJĂƌĂŬĂƚƐĞĐĂƌĂŬĞƐĂŶŐŐƵƉĂŶƉĞŶƵŚ;ĨƵůů
ĐŽŵŵŝƚŵĞŶƚͿ͘ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ^ƵŬƵŬ /ũĂƌĂŚ ŝŶŝ
ŵĞŶŐŚĂƉƵƐŬĂŶƉĞƌŝŬĂƚĂŶƐĞũĞŶŝƐďĂŝŬƚĞƌƚƵůŝƐŵĂƵƉƵŶƚŝĚĂŬƚĞƌƚƵůŝƐLJĂŶŐƚĞůĂŚĂĚĂƐĞďĞůƵŵŶLJĂĚĂŶLJĂŶŐĂŬĂŶ
ĂĚĂ Ěŝ ŬĞŵƵĚŝĂŶ ŚĂƌŝ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ƉĂƌĂ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞƌƚĂ
WĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ
^ƵƐƵŶĂŶĚĂŶũƵŵůĂŚĂŐŝĂŶWĞŶũĂŵŝŶĂŶƐĞƌƚĂƉĞƌƐĞŶƚĂƐĞƉĞŶũĂŵŝŶĂŶĞŵŝƐŝKďůŝŐĂƐŝĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵDŝůŝĂƌZƵƉŝĂŚͿ
:ƵŵůĂŚ
WKZ^/W E:D/EE
EŽŵŝŶĂů
EK < d ZE'E й
^ Z/ ^ Z/ ^ Z/
;ZƉͿ
;ZƉͿ ;ZƉͿ ;ZƉͿ
WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝ
ϭ Wd/ŶĚŽWƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐ Ϯϴ͕ϭϮϱ ϭϬ͕ϭϬϬ ϯϭ͕ϴϬϱ ϳϬ͕ϬϯϬ ϲϵ͕Ϭϯ
Ϯ Wd^ĞŬƵƌŝƚĂƐ ϯ͕ϰϱϬ Ϭ͕ϵϮϱ ϭ͕ϱϱϬ ϱ͕ϵϮϱ ϱ͕ϴϰ
ϯ WdZ/ĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐ Ϭ͕ϬϬϱ ϭϱ͕ϬϬϱ ϭϬ͕ϰϴϱ Ϯϱ͕ϰϵϱ Ϯϱ͕ϭϯ
dKd> ϯϭ͕ϱϴϬ Ϯϲ͕ϬϯϬ ϰϯ͕ϴϰϬ ϭϬϭ͕ϰϱϬ ϭϬϬ͕ϬϬ
^ƵƐƵŶĂŶĚĂŶũƵŵůĂŚĂŐŝĂŶWĞŶũĂŵŝŶĂŶƐĞƌƚĂƉĞƌƐĞŶƚĂƐĞƉĞŶũĂŵŝŶĂŶĞŵŝƐŝ^ƵŬƵŬ/ũĂƌĂŚĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵDŝůŝĂƌZƵƉŝĂŚͿ
:ƵŵůĂŚ
WKZ^/W E:D/EE
EŽŵŝŶĂů
EK < d ZE'E й
^ Z/ ^ Z/ ^ Z/
;ZƉͿ
;ZƉͿ ;ZƉͿ ;ZƉͿ
WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝ^ƵŬƵŬ/ũĂƌĂŚ
ϭ Wd/ŶĚŽWƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐ ϴ͕ϳϬϱ Ϭ͕ϬϲϬ Ϭ͕ϭϰϬ ϴ͕ϵϬϱ ϭϱ͕Ϯϭ
Ϯ Wd^ĞŬƵƌŝƚĂƐ ϮϬ͕ϬϬϬ Ͳ Ϯ͕ϬϬϬ ϮϮ͕ϬϬϬ ϯϳ͕ϱϳ
ϯ WdZ/ĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐ ϳ͕ϱϬϱ Ϭ͕ϬϬϱ ϮϬ͕ϭϯϱ Ϯϳ͕ϲϰϱ ϰϳ͕ϮϮ
dKd> ϯϲ͕ϮϭϬ Ϭ͕Ϭϲϱ ϮϮ͕Ϯϳϱ ϱϴ͕ϱϱϬ ϭϬϬ͕ϬϬ
^ĞůĂŶũƵƚŶLJĂƉĂƌĂWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚƐĞƌƚĂWĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ
/ũĂƌĂŚ LJĂŶŐ ƚƵƌƵƚ ĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŝŶŝ ƚĞůĂŚ ƐĞƉĂŬĂƚ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ
ƚƵŐĂƐŶLJĂŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϳ͘
WĂƌĂWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĚĂŶWĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĚĞŶŐĂŶ
ƚĞŐĂƐ ŵĞŶLJĂƚĂŬĂŶ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ŚƵďƵŶŐĂŶ ĂĨŝůŝĂƐŝ ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĚĞĨŝŶŝƐŝŬĂŶ ĚĂůĂŵ
hhWD͘
WĞŶĞŶƚƵĂŶdŝŶŐŬĂƚƵŶŐĂdĞƚĂƉĚĂŶŝĐŝůĂŶ/ŵďĂůĂŶ/ũĂƌĂŚ
dŝŶŐŬĂƚƵŶŐĂKďůŝŐĂƐŝĚĂŶŝĐŝůĂŶ/ŵďĂůĂŶ^ƵŬƵŬ/ũĂƌĂŚĚŝƚĞŶƚƵŬĂŶďĞƌĚĂƐĂƌŬĂŶŚĂƐŝůŬĞƐĞƉĂŬĂƚĂŶĚĂŶŶĞŐŽƐŝĂƐŝ
WĞƌƐĞƌŽĂŶĚĞŶŐĂŶWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĚĞŶŐĂŶŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶĨĂŬƚŽƌĚĂŶ
ƉĂƌĂŵĞƚĞƌ͕ LJĂŝƚƵ ŚĂƐŝů ƉĞŶĂǁĂƌĂŶ ĂǁĂů ;ŬďƵŝůĚŝŶŐͿ͕ ŬŽŶĚŝƐŝ ƉĂƐĂƌ͕ ďĞŶĐŚŵĂƌŬ ŬĞƉĂĚĂ KďůŝŐĂƐŝĚĂŶ ^ƵŬƵŬ
WĞŵĞƌŝŶƚĂŚLJĂŶŐĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶǁĂŬƚƵũĂƚƵŚƚĞŵƉŽŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞƌŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ͕ƐĞƌƚĂƌŝƐŬ
ƉƌĞŵŝƵŵLJĂŶŐĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶŵĂƐŝŶŐͲŵĂƐŝŶŐƉĞŵĞƌŝŶŐŬĂƚĂŶKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ͘
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>ĞŵďĂŐĂĚĂŶWƌŽĨĞƐŝWĞŶƵŶũĂŶŐWĂƐĂƌDŽĚĂůLJĂŶŐďĞƌƉĞƌĂŶĚĂůĂŵƉĞůĂŬƐĂŶĂĂŶWĞŶĂǁĂƌĂŶhŵƵŵKďůůŝŐĂƐŝĚĂŶ
^ƵŬƵŬ/ũĂƌĂŚŝŶŝĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŬƵŶƚĂŶWƵďůŝŬ ͗<W<ĂŶĂŬĂWƵƌĂĚŝƌĞĚũĂ͕^ƵŚĂƌƚŽŶŽ
:ĂůĂŶd͘^ŝŵĂƚƵƉĂŶŐEŽ͘ϭϴ͕WĂƐĂƌDŝŶŐŐƵ
:ĂŬĂƌƚĂϭϮϱϮϬ
dĞůĞƉŽŶ͗;нϲϮϮϭͿϮϮϳϬϴϮϵϮ
&ĂŬƐŝŵŝůŝ͗;нϲϮϮϭͿϮϮϳϬϴϮϵϵ
^ddEŽ͘ ͗^dd͘WͲϭϴϳͬWD͘ϮϮͬϮϬϭϴƚĂŶŐŐĂůϬϱ&ĞďƌƵĂƌŝϮϬϭϴ
ĂƚĂƐŶĂŵĂĚĞLJĂŶĂtŝĚũĂũĂ
<ĞĂŶŐŐŽƚĂĂŶƐŽƐŝĂƐŝ ͗/ŶƐƚŝƚƵƚŬƵŶƚĂŶWƵďůŝŬ/ŶĚŽŶĞƐŝĂ;/W/ͿEŽ͘ϯϰϮ
^ƵƌĂƚWĞŶƵŶũƵŬŬĂŶ ͗EŽ͘ϬϬϮͬy/ͬ<ŽŵͲ/^^WͬϮϬϮϱƚĂŶŐŐĂůϱEŽǀĞŵďĞƌϮϬϮϱ
WĞĚŽŵĂŶ<ĞƌũĂ ͗WĞƌŶLJĂƚĂĂŶ ^ƚĂŶĚĂƌ ŬƵŶƚĂŶƐŝ <ĞƵĂŶŐĂŶ ;W^<Ϳ ĚĂŶ ^ƚĂŶĚĂƌ WƌŽĨĞƐŝŽŶĂů
ŬƵŶƚĂŶWƵďůŝŬ;^WWͿ
dƵŐĂƐƵƚĂŵĂŬƵŶƚĂŶWƵďůŝŬĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝĂĚĂůĂŚƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶĂƵĚŝƚďĞƌĚĂƐĂƌŬĂŶ
ƐƚĂŶĚĂƌĚ ĂƵĚŝƚŝŶŐ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ /ŬĂƚĂŶ ŬƵŶƚĂŶ WƵďůŝŬ /ŶĚŽŶĞƐŝĂ͘ ^ƚĂŶĚĂƌĚ ƚĞƌƐĞďƵƚ ŵĞŶŐŚĂƌƵƐŬĂŶ
ĂŬƵŶƚĂŶƉƵďůŝŬŵĞƌĞŶĐĂŶĂŬĂŶĚĂŶŵĞůĂŬƐĂŶĂŬĂŶĂƵĚŝƚĂŐĂƌĚŝƉĞƌŽůĞŚŬĞLJĂŬŝŶĂŶLJĂŶŐŵĞŵĂĚĂŝďĂŚǁĂůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶ ďĞďĂƐ ĚĂƌŝ ƐĂůĂŚ ƐĂũŝ LJĂŶŐ ŵĂƚĞƌŝĂů͘ ^ƵĂƚƵ ĂƵĚŝƚ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ĂŬƵŶƚĂŶ ƉƵďůŝŬ ŵĞůŝƉƵƚŝ
ƉĞŵĞƌŝŬƐĂĂŶ ĂƚĂƐ ĚĂƐĂƌ ƉĞŶŐƵũŝĂŶ ďƵŬƚŝͲďƵŬƚŝ LJĂŶŐ ŵĞŶĚƵŬƵŶŐ ũƵŵůĂŚͲũƵŵůĂŚ ĚĂŶ ƉĞŶŐƵŶŐŬĂƉĂŶ ĚĂůĂŵ
ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ͘ƵĚŝƚũƵŐĂŵĞůŝƉƵƚŝƉĞŶŝůĂŝĂŶĂƚĂƐƉƌŝŶƐŝƉĂŬƵŶƚĂŶƐŝLJĂŶŐĚŝŐƵŶĂŬĂŶĚĂŶĞƐƚŝŵĂƐŝƐŝŐŶŝĨŝŬĂŶ
LJĂŶŐĚŝďƵĂƚŽůĞŚŵĂŶĂũĞŵĞŶƐĞƌƚĂƉĞŶŝůĂŝĂŶƚĞƌŚĂĚĂƉƉĞŶLJĂũŝĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶ͘
<ŽŶƐƵůƚĂŶ,ƵŬƵŵ ͗/ƌŵĂΘ^ŽůŽŵŽŶ>Ăǁ&ŝƌŵ
^ĞƋƵŝƐdŽǁĞƌ>ĂŶƚĂŝϭϳ
:ů͘:ĞŶĚĞƌĂů^ƵĚŝƌŵĂŶ<Ăǀ͘ϳϭ
:ĂŬĂƌƚĂϭϮϭϵϬ
dĞůĞƉŽŶ͗;нϲϮϮϭͿϱϬϴϲϬϰϬϬ
;нϲϮϮϭͿϳϵϭϵϯϯϴϵ
&ĂŬƐŝŵŝůŝ͗;нϲϮϮϭͿϳϵϭϵϯϯϴϵ
^ddEŽ͘ ͗^dd͘<,ͲϱϮͬW:ͲϭͬWD͘ϬϮͬϮϬϮϯĂƚĂƐŶĂŵĂDĂƚŚŝůĚĂ/ƌŵĂhŶƚĂĚŝ
^dd͘<,ͲϱϯͬW:ͲϭͬWD͘ϬϮͬϮϬϮϯĂƚĂƐŶĂŵĂ^ŝŚĂƌ^ŽůŽŵŽŶ^ŝĂŚĂĂŶ
EĂŵĂƐŽƐŝĂƐŝ ͗,ŝŵƉƵŶĂŶ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ ^ĞŬƚŽƌ <ĞƵĂŶŐĂŶ ;,<,^<Ϳ ĚĂŚƵůƵ ,ŝŵƉƵŶĂŶ
<ŽŶƐƵůƚĂŶ,ƵŬƵŵ^ĞŬƚŽƌWĂƐĂƌDŽĚĂů;,<,WDͿ
EŽŶŐŐŽƚĂƐŽƐŝĂƐŝ ͗ϮϬϬϭϯϭĂƚĂƐŶĂŵĂDĂƚŚŝůĚĂ/ƌŵĂhŶƚĂĚŝ
ϮϬϬϲϬϵĂƚĂƐŶĂŵĂ^ŝŚĂƌ^ŽůŽŵŽŶ^ŝĂŚĂĂŶ
^ƵƌĂƚWĞŶƵŶũƵŬŬĂŶ ͗EŽ͘Ϭϭϵͬ>'>Ͳ ydͬ/ͬϮϬϮϲƚĂŶŐŐĂůϱ:ĂŶƵĂƌŝϮϬϮϲ
WĞĚŽŵĂŶ<ĞƌũĂ ͗^ƚĂŶĚĂƌ WƌŽĨĞƐŝ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ WĂƐĂƌ DŽĚĂů ďĞƌĚĂƐĂƌŬĂŶ <ĞƉƵƚƵƐĂŶ
,ŝŵƉƵŶĂŶ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ WĂƐĂƌ DŽĚĂů EŽ͘<ĞƉ͘Ϭϯͬ,<,WDͬy/ͬϮϬϮϭ
ĚŝƚĞƚĂƉŬĂŶ ƚĂŶŐŐĂů ϭϬ EŽǀĞŵďĞƌ ϮϬϮϭ ƚĞŶƚĂŶŐ WĞƌƵďĂŚĂŶ <ĞƉƵƚƵƐĂŶ
,ŝŵƉƵŶĂŶ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ WĂƐĂƌ DŽĚĂů EŽ͘<ĞƉ͘ϬϮͬ,<,WDͬs///ͬϮϬϭϴ
dĞŶƚĂŶŐ^ƚĂŶĚĂƌWƌŽĨĞƐŝ<ŽŶƐƵůƚĂŶ,ƵŬƵŵWĂƐĂƌDŽĚĂůWĞŵĞƌŝŬƐĂĂŶ,ƵŬƵŵ
(“^ƚĂŶĚar Profesi Konsultan Hukum Pasar Modal”)
dƵŐĂƐƵƚĂŵĂĚĂƌŝ<ŽŶƐƵůƚĂŶ,ƵŬƵŵĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝĂĚĂůĂŚŵĞůĂŬƵŬĂŶƉĞŵĞƌŝŬƐĂĂŶĚĂŶ
ƉĞŶĞůŝƚŝĂŶĚĞŶŐĂŶŬĞŵĂŵƉƵĂŶƚĞƌďĂŝŬLJĂŶŐĚŝŵŝůŝŬŝŶLJĂĂƚĂƐĨĂŬƚĂĚĂƌŝƐĞŐŝŚƵŬƵŵLJĂŶŐĂĚĂŵĞŶŐĞŶĂŝWĞƌƐĞƌŽĂŶ
ĚĂŶŬĞƚĞƌĂŶŐĂŶůĂŝŶLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶŝƚƵƐĞďĂŐĂŝŵĂŶĂĚŝƐĂŵƉĂŝŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘,ĂƐŝůƉĞŵĞƌŝŬƐĂĂŶ
ĚĂŶƉĞŶĞůŝƚŝĂŶĚĂƌŝƐĞŐŝŚƵŬƵŵƚĞƌƐĞďƵƚƚĞůĂŚĚŝŵƵĂƚĚĂůĂŵ>ĂƉŽƌĂŶhũŝdƵŶƚĂƐĚĂƌŝ^ĞŐŝ,ƵŬƵŵLJĂŶŐŵĞŶũĂĚŝ
ĚĂƐĂƌĚĂƌŝWĞŶĚĂƉĂƚĚĂƌŝ^ĞŐŝ,ƵŬƵŵLJĂŶŐĚŝďĞƌŝŬĂŶƐĞĐĂƌĂŽďLJĞŬƚŝĨĚĂŶŵĂŶĚŝƌŝƐĞƌƚĂŐƵŶĂŵĞŶĞůŝƚŝŝŶĨŽƌŵĂƐŝ
LJĂŶŐĚŝŵƵĂƚĚĂůĂŵ WƌŽƐƉĞŬƚƵƐƐĞƉĂŶũĂŶŐŵĞŶLJĂŶŐŬƵƚƐĞŐŝŚƵŬƵŵ͘dƵŐĂƐĚĂŶĨƵŶŐƐŝ<ŽŶƐƵůƚĂŶ,ƵŬƵŵLJĂŶŐ
ĚŝƵƌĂŝŬĂŶ Ěŝ ƐŝŶŝ ĂĚĂůĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ^ƚĂŶĚĂƌ WƌŽĨĞƐŝ ĚĂŶ ƉĞƌĂƚƵƌĂŶ WĂƐĂƌ DŽĚĂů LJĂŶŐ ďĞƌůĂŬƵ ŐƵŶĂ
ŵĞůĂŬƐĂŶĂŬĂŶƉƌŝŶƐŝƉŬĞƚĞƌďƵŬĂĂŶ͘
268
Page 303
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
tĂůŝŵĂŶĂƚ ͗WdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘
'ĞĚƵŶŐZ///͕ůĂŶƚĂŝϲ
:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶ<Ăǀ͘ϰϰͲϰϲ
:ĂŬĂƌƚĂϭϬϮϭϬ
dĞůĞƉŽŶ͗;ϬϮϭͿϱϳϱϴϭϰϰͬϱϳϱϮϯϲϮ
&ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϮϱϭϬϯϭϲͬϱϳϱϮϰϰϰ
^ddEŽ͘ ͗EŽ͘Ϭϴͬ^ddͲtͬWDͬϭϵϵϲƚĂŶŐŐĂůϭϭ:ƵŶŝϭϵϵϲ
^ƵƌĂƚWĞŶƵŶũƵŬŬĂŶ ͗EŽ͘͘ϲϭϯͲ/Esͬd^ͬdͬϭϮͬϮϬϮϱƚĂŶŐŐĂůϮĞƐĞŵďĞƌϮϬϮϱ
<ĞĂŶŐŐŽƚĂĂŶƐŽƐŝĂƐŝ ͗ƐŽƐŝĂƐŝtĂůŝŵĂŶĂƚ/ŶĚŽŶĞƐŝĂEŽ͘t/ͬϬϯͬϭϮͬϮϬϬϴƚĂŶŐŐĂůϭϳĞƐĞŵďĞƌ
ϮϬϬϴ
dƵŐĂƐƵƚĂŵĂtĂůŝŵĂŶĂƚĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝĂĚĂůĂŚƵŶƚƵŬŵĞǁĂŬŝůŝŬĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐ
KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚďĂŝŬĚŝĚĂůĂŵŵĂƵƉƵŶĚŝůƵĂƌƉĞŶŐĂĚŝůĂŶŵĞŶŐĞŶĂŝƉĞůĂŬƐĂŶĂĂŶŚĂŬĚĂŶŬĞǁĂũŝďĂŶ
WĞŵĞŐĂŶŐKďůŝŐĂƐŝĚĂŶWĞŵĞŐĂŶŐ^ƵŬƵŬ/ũĂƌĂŚĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ͕ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂŬŚƵƐƵƐŶLJĂƉĞƌĂƚƵƌĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů
ĚĂŶŬĞƚĞŶƚƵĂŶͬƉĞƌĂƚƵƌĂŶ<^ /ŵĞŶŐĞŶĂŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ͘WdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬƐĞďĂŐĂŝ
tĂůŝ ŵĂŶĂƚ ďĞƌĚĂƐĂƌŬĂŶ ƐƵƌĂƚ ƉĞƌŶLJĂƚĂĂŶ EŽ͘ϭϵϭͲ/Esͬd^ͬdͬϬϮͬϮϬϮϲ ƚĂŶŐŐĂů Ϯϯ &ĞďƌƵĂƌŝ ϮϬϮϲ͕
ŵĞŶLJĂƚĂŬĂŶ ďĂŚǁĂ tĂůŝ ŵĂŶĂƚ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŚƵďƵŶŐĂŶ ĂĨŝůŝĂƐŝ ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ
ŚƵďƵŶŐĂŶŬƌĞĚŝƚĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͘
EŽƚĂƌŝƐ ͗ŚƌŝƐƚŝŶĂǁŝhƚĂŵŝ͕^͘,͕͘D͘,Ƶŵ͕͘D͘<Ŷ
:ĂůĂŶ<,ĂŝŶƵůƌŝĂŶEŽ͘Ϯ
<ŽŵƉůĞŬƐ<ĞƚĂƉĂŶŐ/ŶĚĂŚůŽŬͲϮEŽ͘ϰͲϱ
:ĂŬĂƌƚĂϭϭϭϰϬ
dĞůĞƉŽŶ͗;нϲϮϮϭͿϲϯϬϭϱϭϭ
&ĂŬƐŝŵŝůŝ͗;нϲϮϮϭͿϲϯϯϳϴϱϭ
^ddEŽ͘ ͗^dd͘EͲϮϵͬWD͘ϮϮͬϮϬϭϴƚĂŶŐŐĂůϭϵDĂƌĞƚϮϬϭϴ
<ĞĂŶŐŐŽƚĂĂŶĂƐŽƐŝĂƐŝ ͗ŶŐŐŽƚĂ/ŬĂƚĂŶEŽƚĂƌŝƐ/ŶĚŽŶĞƐŝĂEŽ͘ϬϲϯϵϯϭϵϴϬϬϳϬϱ
^ƵƌĂƚWĞŶƵŶũƵŬŬĂŶ ͗EŽ͘ϬϬϭͬ͘>'>Ͳ ydͬ/ͬϮϬϮϲƚĂŶŐŐĂůϱ:ĂŶƵĂƌŝϮϬϮϲ
WĞĚŽŵĂŶ<ĞƌũĂ ͗hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘Ϯ ƚĂŚƵŶ ϮϬϭϰ ƚĞŶƚĂŶŐ :ĂďĂƚĂŶ EŽƚĂƌŝƐ ĚĂŶ <ŽĚĞ ƚŝŬ
/ŬĂƚĂŶEŽƚĂƌŝƐ/ŶĚŽŶĞƐŝĂ
ZƵĂŶŐůŝŶŐŬƵƉƚƵŐĂƐEŽƚĂƌŝƐĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝĂĚĂůĂŚŵĞŶLJŝĂƉŬĂŶĚĂŶŵĞŵďƵĂƚŬĂŶĂŬƚĂͲĂŬƚĂ
ĂŶƚĂƌĂ ůĂŝŶ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ KďůŝŐĂƐŝ͕ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ^ƵŬƵŬ /ũĂƌĂŚ͕ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ͕ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ͕ WĞŶŐĂŬƵĂŶ hƚĂŶŐ KďůŝŐĂƐŝ͕ WĞŶŐŝŬĂƚĂŶ
<ĞǁĂũŝďĂŶ^ƵŬƵŬ/ũĂƌĂŚ͕WĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝ͕WĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ^ƵŬƵŬ/ũĂƌĂŚƐĞƌƚĂ
ĂŬƚĂͲĂŬƚĂƉĞƌƵďĂŚĂŶŶLJĂ͕ƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶũĂďĂƚĂŶĚĂŶŬŽĚĞĞƚŝŬEŽƚĂƌŝƐ͘
dŝŵŚůŝ^LJĂƌŝĂŚ ͗ƌ͘ƐĞƉ^ƵƉLJĂĚŝůůĂŚ͕D͘Ő
^WDEŽ͗< WͲϬϲͬWD͘ϮϮϯͬW:Ͳ^WDͬϮϬϮϭ
ŝŶŝDĂƐƌƵƌŽŚ͕^ /͕DD
^WDEŽ͗< WͲϬϲͬWD͘ϮϮͬ^WDͲWͬϮϬϭϴ
^ƵƌĂƚWĞŶƵŶũƵŬĂŶ ͗EŽŵŽƌϬϬϮͬ/ͬ^Ͳ/^^WͬϮϬϮϲ͕dĂŶŐŐĂůϳ:ĂŶƵĂƌŝϮϬϮϲ
ZƵĂŶŐůŝŶŐŬƵƉƚƵŐĂƐdŝŵŚůŝ^LJĂƌŝĂŚĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝĂĚĂůĂŚ͗
ϭ͘ DĞŵďĞƌŝŬĂŶŶĂƐŝŚĂƚĚĂŶƐĂƌĂŶƐĞƌƚĂŵĞŶŐĂǁĂƐŝƉĞŵĞŶƵŚĂŶWƌŝŶƐŝƉ^LJĂƌŝĂŚĚŝWĂƐĂƌDŽĚĂůĂƚĂƐWĞŶĞƌďŝƚĂŶ
^ƵŬƵŬWd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJŽĨ/ŶĚŽŶĞƐŝĂdďŬƐĞƐƵĂŝĚĞŶŐĂŶƉƌŝŶƐŝƉŚƵŬƵŵ/ƐůĂŵĚĂůĂŵ<ĞŐŝĂƚĂŶ^LJĂƌŝĂŚ
ĚŝWĂƐĂƌDŽĚĂůďĞƌĚĂƐĂƌŬĂŶ&ĂƚǁĂĞǁĂŶ^LJĂƌŝĂŚEĂƐŝŽŶĂůͲDĂũĞůŝƐhůĂŵĂ/ŶĚŽŶĞƐŝĂ͖
Ϯ͘ DĞŵďƵĂƚĚĂŶŵĞŶĞƌďŝƚŬĂŶWĞƌŶLJĂƚĂĂŶŬĞƐĞƐƵĂŝĂŶƐLJĂƌŝĂŚƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƌĂŶŐŬĂWĞŶĞƌďŝƚĂŶ^ƵŬƵŬ
Wd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJŽĨ/ŶĚŽŶĞƐŝĂdďŬ͖
ϯ͘ DĞŶŐŚĂĚŝƌŝ ƉĞƌƚĞŵƵĂŶ ĚĂŶͬĂƚĂƵ ƚĞůĞŬŽŶĨĞƌĞŶƐŝ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ WĞŶĞƌďŝƚĂŶ ^ƵŬƵŬ Wd ^ƚĞĞů WŝƉĞ
/ŶĚƵƐƚƌLJŽĨ/ŶĚŽŶĞƐŝĂdďŬ͖ĚĂŶ
ϰ͘ ĞƌŬŽŵƵŶŝŬĂƐŝĚĞŶŐĂŶŬŽŶƐƵůƚĂŶĂƚĂƵƉŝŚĂŬ ƉƌŽĨĞƐŝƉĞŶƵŶũĂŶŐƉĂƐĂƌŵŽĚĂůůĂŝŶŶLJĂLJĂŶŐƚĞƌůŝďĂƚĚĂůĂŵ
ƌĂŶŐŬĂWĞŶĞƌďŝƚĂŶ^ƵŬƵŬWd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJŽĨ/ŶĚŽŶĞƐŝĂdďŬĂƉĂďŝůĂĚŝƉĞƌůƵŬĂŶ͘
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WĞƌƵƐĂŚĂĂŶWĞŵĞƌŝŶŐŬĂƚ ĨĞŬ ͗Wd͘WĞŵĞƌŝŶŐŬĂƚ ĨĞŬ/ŶĚŽŶĞƐŝĂ;W &/EKͿ
ƋƵŝƚLJdŽǁĞƌ͕ϯϬƚŚ&ůŽŽƌ
^ƵĚŝƌŵĂŶĞŶƚƌĂůƵƐŝŶĞƐƐŝƐƚƌŝĐƚ>Žƚ͘ϵ
:ů͘:ĞŶĚĞƌĂů^ƵĚŝƌŵĂŶ<Ăǀ͘ϱϮͲϱϯ
:ĂŬĂƌƚĂϭϮϭϵϬ͕/ŶĚŽŶĞƐŝĂ
dĞůƉŽŶ͗;ϲϮϮϭͿϱϬϵϲϴϰϲϵ
&ĂŬƐŝŵŝůŝ͗;ϲϮϮϭͿϱϬϵϲϴϰϲϴ
tĞďƐŝƚĞ͗ǁǁǁ͘ƉĞĨŝŶĚŽ͘ĐŽŵ
EŽŵŽƌhƐĂŚĂ ͗< WͲϯϵͬWDͲW/ͬϭϵϵϰ
dĂŶŐŐĂů/njŝŶhƐĂŚĂ ͗ϭϯŐƵƐƚƵƐϭϵϵϰ
dƵŐĂƐƵƚĂŵĂWĞŵĞƌŝŶŐŬĂƚ ĨĞŬĂĚĂůĂŚŵĞůĂŬƵŬĂŶWĞŵĞƌŝŶŐŬĂƚĂŶĂƚĂƐKďůŝŐĂƐŝ͕^ƵŬƵŬ/ũĂƌĂŚĚĂŶWĞƌƐĞƌŽĂŶ͘
WĂƌĂ>ĞŵďĂŐĂĚĂŶWƌŽĨĞƐŝWĞŶƵŶũĂŶŐWĂƐĂƌDŽĚĂůLJĂŶŐƚĞƌůŝďĂƚĚĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ
/ũĂƌĂŚŝŶŝŵĞŶLJĂƚĂŬĂŶƚŝĚĂŬĂĚĂŚƵďƵŶŐĂŶĨŝůŝĂƐŝĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝŵĂŶĂĚŝĚĞĨŝŶŝƐŝŬĂŶĚĂůĂŵhhWD͘
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y//͘ KETERANGAN TENTANG WALI AMANAT
^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ƚĞůĂŚ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ ĚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ Wd ĂŶŬ
ZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘ƐĞůĂŬƵtĂůŝŵĂŶĂƚ͘ĞŶŐĂŶĚĞŵŝŬŝĂŶLJĂŶŐďĞƌŚĂŬƐĞďĂŐĂŝtĂůŝŵĂŶĂƚĂƚĂƵ
ďĂĚĂŶ LJĂŶŐ ĚŝďĞƌŝ ŬĞƉĞƌĐĂLJĂĂŶ ƵŶƚƵŬ ŵĞǁĂŬŝůŝŬĞƉĞŶƚŝŶŐĂŶ ĚĂŶ ďĞƌƚŝŶĚĂŬ ƵŶƚƵŬ ĚĂŶ ĂƚĂƐ ŶĂŵĂ WĞŵĞŐĂŶŐ
KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂůĂŵ ƌĂŶŐŬĂWĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĂĚĂůĂŚ Wd ĂŶŬ ZĂŬLJĂƚ
/ŶĚŽŶĞƐŝĂ ;WĞƌƐĞƌŽͿ dďŬ͘ ;ƐĞůĂŶũƵƚŶLJĂ ĚŝƐĞďƵƚ sebagai “Z/”) yang telah terdaftar di OJK berdasarkan Surat
EŽ͘Ϭϴͬ^ddͲtͬWDͬϭϵϵϲƚĂŶŐŐĂůϭϭ:ƵŶŝϭϵϵϲ͘
^ĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ƚĞůĂŚ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ ĚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ Wd ĂŶŬ
ZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘ƐĞůĂŬƵtĂůŝŵĂŶĂƚ͘ĞŶŐĂŶĚĞŵŝŬŝĂŶLJĂŶŐďĞƌŚĂŬƐĞďĂŐĂŝtĂůŝŵĂŶĂƚĂƚĂƵ
ďĂĚĂŶ LJĂŶŐ ĚŝďĞƌŝ ŬĞƉĞƌĐĂLJĂĂŶ ƵŶƚƵŬ ŵĞǁĂŬŝůŝŬĞƉĞŶƚŝŶŐĂŶ ĚĂŶ ďĞƌƚŝŶĚĂŬ ƵŶƚƵŬ ĚĂŶ ĂƚĂƐ ŶĂŵĂ WĞŵĞŐĂŶŐ
KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂůĂŵ ƌĂŶŐŬĂWĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĂĚĂůĂŚ Wd ĂŶŬ ZĂŬLJĂƚ
/ŶĚŽŶĞƐŝĂ ;WĞƌƐĞƌŽͿ dďŬ͘ (selanjutnya disebut sebagai “Z/”) yang telah terdaftar di OJK berdasarkan Surat
EŽ͘Ϭϴͬ^ddͲtͬWDͬϭϵϵϲƚĂŶŐŐĂůϭϭ:ƵŶŝϭϵϵϲ͘
Wd ĂŶŬ ZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ ;WĞƌƐĞƌŽͿ dďŬ ƐĞůĂŬƵ tĂůŝ ŵĂŶĂƚ ďĞƌĚĂƐĂƌŬĂŶ ƐƵƌĂƚ ƉĞƌŶLJĂƚĂĂŶ
EŽ͘ϭϵϭͲ/Esͬd^ͬdͬϬϮͬϮϬϮϲƚĂŶŐŐĂůϮϯ&ĞďƌƵĂƌŝϮϬϮϲ͕ŵĞŶLJĂƚĂŬĂŶďĂŚǁĂ͗
Ă͘ dŝĚĂŬŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶĨŝůŝĂƐŝĚĞŶŐĂŶ ŵŝƚĞŶ
ď͘ dŝĚĂŬŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶŬƌĞĚŝƚĚĞŶŐĂŶWd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJŽĨ/ŶĚŽŶĞƐŝĂdďŬŵĞůĞďŝŚŝϮϱй;ĚƵĂƉƵůƵŚ
ůŝŵĂƉĞƌƐĞƌĂƚƵƐͿĚĂƌŝŶŝůĂŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝǁĂůŝĂŵĂŶĂƚŝ͘
Đ͘ dŝĚĂŬ ŵĞƌĂŶŐŬĂƉ ŵĞŶũĂĚŝ ƉĞŶĂŶŐŐƵŶŐ ĚĂŶͬĂƚĂƵ ƉĞŵďĞƌŝ ĂŐƵŶĂŶ ĚĂŶ ŵĞŶũĂĚŝ tĂůŝ ŵĂŶĂƚ ĚĂůĂŵ
ƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///^W/EKdĂŚĂƉ/dĂŚƵŶϮϬϮϲ͘
Ě͘ dŝĚĂŬŵĞŶĞƌŝŵĂĚĂŶŵĞŵŝŶƚĂƉĞůƵŶĂƐĂŶƚĞƌůĞďŝŚĚĂŚƵůƵĂƚĂƐŬĞǁĂũŝďĂŶ ŵŝƚĞŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚƐĞůĂŬƵ
ŬƌĞĚŝƚƵƌ ĚĂůĂŵ ŚĂů ŵŝƚĞŶ ŵĞŶŐĂůĂŵŝ ŬĞƐƵůŝƚĂŶ ŬĞƵĂŶŐĂŶ͕ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌƚŝŵďĂŶŐĂŶ tĂůŝ ŵĂŶĂƚ͕
ƐĞŚŝŶŐŐĂƚŝĚĂŬŵĂŵƉƵŵĞŵĞŶƵŚŝŬĞǁĂũŝďĂŶŶLJĂŬĞƉĂĚĂƉĞŵĞŐĂŶŐ ĨĞŬďĞƌƐŝĨĂƚhƚĂŶŐĚĂŶͬĂƚĂƵ^ƵŬƵŬ͘
Wd ĂŶŬ ZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ ;WĞƌƐĞƌŽͿ dďŬ ƐĞůĂŬƵ tĂůŝ ŵĂŶĂƚ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŶĞůĂĂŚĂŶ ;ĚƵĞ ĚŝůŝŐĞŶĐĞͿ
ƚĞƌŚĂĚĂƉ ƌĞŶĐĂŶĂ ƉĞŶĞƌďŝƚĂŶ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝŶLJĂƚĂŬĂŶ ĚĂůĂŵ ^ƵƌĂƚ
EŽ͘ϭϵϬͲ/Esͬd^ͬdͬϬϮͬϮϬϮϲƚĂŶŐŐĂůϮϯ&ĞďƌƵĂƌŝϮϬϮϲ͕ĚĞŶŐĂŶƉĞƌŝŚĂůWĞƌŶLJĂƚĂĂŶtĂůŝŵĂŶĂƚDĞŶŐĞŶĂŝĚƵĞ
ĚŝůŝŐĞŶĐĞ͕ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϬͬϮϬϮϬ͘
Wd ĂŶŬ ZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ ;WĞƌƐĞƌŽͿ dďŬ ƐĞůĂŬƵ tĂůŝ ŵĂŶĂƚ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŶĞůĂĂŚĂŶ ;ĚƵĞ ĚŝůŝŐĞŶĐĞͿ
ƚĞƌŚĂĚĂƉ ƌĞŶĐĂŶĂ ƉĞŶĞƌďŝƚĂŶ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝŶLJĂƚĂŬĂŶ ĚĂůĂŵ ƐƵƌĂƚ
EŽ͘ϭϵϬͲ/Esͬd^ͬdͬϬϮͬϮϬϮϲƚĂŶŐŐĂůϮϯ&ĞďƌƵĂƌŝϮϬϮϲ͕ĚĞŶŐĂŶƉĞƌŝŚĂůWĞƌŶLJĂƚĂĂŶtĂůŝŵĂŶĂƚDĞŶŐĞŶĂŝĚƵĞ
ĚŝůŝŐĞŶĐĞ͕ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϬͬϮϬϮϬ͘
WdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬƐĞůĂŬƵtĂůŝŵĂŶĂƚĚĂůĂŵƉĞŶĞƌďŝƚĂŶ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///
^ƉŝŶĚŽ dĂŚĂƉ / dĂŚƵŶ ϮϬϮϲ ƚĞůĂŚ ŵĞŶLJĂƚĂŬĂŶ ďĂŚǁĂ Wd͘ ĂŶŬ ZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ ;WĞƌƐĞƌŽͿ dďŬ ŵĞŵƉƵŶLJĂŝ
ƉĞŶĂŶŐŐƵŶŐ ũĂǁĂď ŬĞŐŝĂƚĂŶ LJĂŶŐ ŵĞŵŝůŝŬŝ ƉĞŶŐĞƚĂŚƵĂŶ LJĂŶŐ ŵĞŵĂĚĂŝ ĚĂŶͬĂƚĂƵ ƉĞŶŐĂůĂŵĂŶ Ěŝ ďŝĚĂŶŐ
ŬĞƵĂŶŐĂŶƐLJĂƌŝĂŚĚĂŶͬĂƚĂƵƚĞŶĂŐĂĂŚůŝĚŝďŝĚĂŶŐƉĞƌǁĂůŝĂŵĂŶĂƚĂŶĚĂůĂŵƉĞŶĞƌďŝƚĂŶ^ƵŬƵŬLJĂŶŐŵĞŵĂŚĂŵŝ
ŬĞŐŝĂƚĂŶ ĚĂŶ ũĞŶŝƐ ƵƐĂŚĂ ƐĞƌƚĂ ƚƌĂŶƐĂŬƐŝ LJĂŶŐ ďĞƌƚĞŶƚĂŶŐĂŶ ĚĞŶŐĂŶ WƌŝŶƐŝƉ ^LJĂƌŝĂŚ Ěŝ WĂƐĂƌ DŽĚĂů LJĂŶŐ
ĚŝŶLJĂƚĂŬĂŶ ĚĂůĂŵ ƐƵƌĂƚ EŽ͘ϭϵϮͲ/Esͬd^ͬdͬϬϮͬϮϬϮϲ ƚĂŶŐŐĂů Ϯϯ &ĞďƌƵĂƌŝ ϮϬϮϲ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ
WĞƌĂƚƵƌĂŶK:<EŽŵŽƌ͗ϭϴͬWK:<͘ϬϰͬϮϬϭϱƚĞŶƚĂŶŐWĞŶĞƌďŝƚĂŶĂŶWĞƌƐLJĂƌĂƚĂŶ^ƵŬƵŬ͘
ϭ͘ hŵƵŵ
PT Bank Rakyat Indonesia (Persero) Tbk (selanjutnya disebut “Z/”) didirikan dan mulai beroperasi secara
ŬŽŵĞƌƐŝĂů ƉĂĚĂ ƚĂŶŐŐĂů ϭϴ ĞƐĞŵďĞƌ ϭϵϲϴ ďĞƌĚĂƐĂƌŬĂŶ hŶĚĂŶŐͲƵŶĚĂŶŐ EŽ͘ Ϯϭ dĂŚƵŶ ϭϵϲϴ͘ WĂĚĂ ƚĂŶŐŐĂů
29 April 1992, berdasarkan Peraturan Pemerintah Republik Indonesia (“WĞŵĞƌŝŶƚĂŚ”) No. 21 Tahun 1992,
ďĞŶƚƵŬ ďĂĚĂŶ ŚƵŬƵŵ Z/ ĚŝƵďĂŚ ŵĞŶũĂĚŝ WĞƌƵƐĂŚĂĂŶ WĞƌƐĞƌŽĂŶ ;WĞƌƐĞƌŽͿ͘ WĞŶŐĂůŝŚĂŶ Z/ ŵĞŶũĂĚŝ WĞƌƐĞƌŽ
ĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶĚĞŶŐĂŶĂŬƚĂEŽ͘ϭϯϯƚĂŶŐŐĂůϯϭ:ƵůŝϭϵϵϮEŽƚĂƌŝƐDƵŚĂŶŝ^Ăůŝŵ͕^͘,͘ĚĂŶƚĞůĂŚĚŝƐĂŚŬĂŶŽůĞŚ
DĞŶƚĞƌŝ <ĞŚĂŬŝŵĂŶ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ EŽ͘ ϮͲϲϱϴϰ͘,d͘Ϭϭ͘Ϭϭ͘d,͘ϵϮ ƚĂŶŐŐĂů
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ϭϮŐƵƐƚƵƐϭϵϵϮ͕ƐĞƌƚĂĚŝƵŵƵŵŬĂŶĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϳϯ͕dĂŵďĂŚĂŶEŽ͘ϯƚĂŶŐŐĂů
ϭϭ^ĞƉƚĞŵďĞƌϭϵϵϮ͘ŶŐŐĂƌĂŶĂƐĂƌZ/ŬĞŵƵĚŝĂŶĚŝƵďĂŚĚĞŶŐĂŶŬƚĂEŽ͘ϳƚĂŶŐŐĂůϰ^ĞƉƚĞŵďĞƌϭϵϵϴEŽƚĂƌŝƐ
Imas Fatimah, S.H., pasal 2 tentang “Jangka Waktu Berdirinya Perseroan” dan pasal 3 tentang “Maksud dan
Tujuan serta Kegiatan Usaha” untuk menyesuaikan dengan ketentuan UndangͲƵŶĚĂŶŐZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϭ
Tahun 1995 tentang “Perseroan Terbatas” dan telah disahkan oleh Menteri Kehakiman Republik Indonesia
ĚĞŶŐĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘ϮͲϮϰϵϯϬ͘,d͘Ϭϭ͘Ϭϰ͘d,͘ϵϴƚĂŶŐŐĂůϭϯEŽǀĞŵďĞƌϭϵϵϴĚĂŶƚĞůĂŚĚŝƵŵƵŵŬĂŶĚĂůĂŵ
ĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϴϲ͕dĂŵďĂŚĂŶEŽ͘ϳϮϭϲƚĂŶŐŐĂůϮϲKŬƚŽďĞƌϭϵϵϵĚĂŶĂŬƚĂEŽ͘ϳƚĂŶŐŐĂů
ϯ KŬƚŽďĞƌ ϮϬϬϯ EŽƚĂƌŝƐ /ŵĂƐ &ĂƚŝŵĂŚ͕ ^͘,͕͘ ĂŶƚĂƌĂ ůĂŝŶ ƚĞŶƚĂŶŐ ƐƚĂƚƵƐ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶ ƉĞŶLJĞƐƵĂŝĂŶ ĚĞŶŐĂŶ
hŶĚĂŶŐͲƵŶĚĂŶŐ WĂƐĂƌ DŽĚĂů ĚĂŶ ƚĞůĂŚ ĚŝƐĂŚŬĂŶ ŽůĞŚ DĞŶƚĞƌŝ <ĞŚĂŬŝŵĂŶ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂĚĞŶŐĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘ͲϮϯϳϮϲ,d͘Ϭϭ͘Ϭϰ͘d,͘ϮϬϬϯƚĂŶŐŐĂůϲKŬƚŽďĞƌϮϬϬϯĚĂŶƚĞůĂŚĚŝƵŵƵŵŬĂŶ
ĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϴϴ͕dĂŵďĂŚĂŶEŽ͘ϭϭϬϱϯƚĂŶŐŐĂůϰEŽǀĞŵďĞƌϮϬϬϯ
ĞƌĚĂƐĂƌŬĂŶĂŬƚĂEŽ͘ϱϭƚĂŶŐŐĂůϮϲDĞŝϮϬϬϴEŽƚĂƌŝƐ&ĂƚŚŝĂŚ,Ğůŵŝ͕^͘,͕͘ƚĞůĂŚĚŝůĂŬƵŬĂŶƉĞƌƵďĂŚĂŶƚĞƌŚĂĚĂƉ
ŶŐŐĂƌĂŶ ĂƐĂƌ Z/͕ ĂŶƚĂƌĂ ůĂŝŶ ƵŶƚƵŬ ƉĞŶLJĞƐƵĂŝĂŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ hŶĚĂŶŐͲƵŶĚĂŶŐ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ
No. 40 Tahun 2007 tentang “Perseroan Terbatas” dan Peraturan Badan Pengawas Pasar Modal dan Lembaga
Keuangan (“ĂƉĞƉĂŵͲ><”) (fungsinya sejak 1 Januari 2013 dialihkan kepada Otoritas Jasa Keuangan (“K:<”)),
No. IX.J.I tentang “WŽŬŽŬͲƉŽŬŽŬ ŶŐŐĂƌĂŶ ĂƐĂƌWĞƌƐĞƌŽĂŶ LJĂŶŐ DĞůĂŬƵŬĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ĨĞŬ ĞƌƐŝĨĂƚ
Ekuitas dan Perusahaan Publik”, yang telah mendapatkan persetujuan dari Menteri Hukum dan Hak Asasi
DĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚĞŶŐĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘,hͲϰϴϯϱϯ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϬϴƚĂŶŐŐĂůϲŐƵƐƚƵƐ
ϮϬϬϴ ĚĂŶ ƚĞůĂŚ ĚŝƵŵƵŵŬĂŶ ĚĂůĂŵ ĞƌŝƚĂ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ EŽ͘ ϲϴ͕ dĂŵďĂŚĂŶ EŽ͘ ϮϯϬϳϵ ƚĂŶŐŐĂů
ϮϱŐƵƐƚƵƐϮϬϬϵ͘
^ĞůĂŶũƵƚŶLJĂ͕ ŶŐŐĂƌĂŶ ĂƐĂƌ Z/ ƚĞůĂŚ ŵĞŶŐĂůĂŵŝ ďĞďĞƌĂƉĂ ŬĂůŝ ƉĞƌƵďĂŚĂŶ͘ WĞƌƵďĂŚĂŶ ƚĞƌĂŬŚŝƌ WĞƌƵďĂŚĂŶ
ƚĞƌĂŬŚŝƌĂŶŐŐĂƌĂŶĚĂƐĂƌZ/ƐĞďĂŐĂŝŵĂŶĂƚĞƌŵĂŬƚƵďĚĂůĂŵŬƚĂEŽŵŽƌϭϱdĂŶŐŐĂůϮϮƉƌŝůϮϬϮϱLJĂŶŐĚŝďƵĂƚ
ĚŝŚĂĚĂƉĂŶ&ĂƚŚŝĂŚ,Ğůŵŝ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂĚĂŶƚĞůĂŚŵĞŶĚĂƉĂƚWĞƌƐĞƚƵũƵĂŶWĞƌƵďĂŚĂŶĚĂŶWĞŶĞƌŝŵĂĂŶ
WĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌĚĂƌŝDĞŶƚĞƌŝ,ƵŬƵŵZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽŵŽƌ,hͲϬϭ͘,͘Ϭϭ͘ϬϯͲ
ϬϭϮϲϱϭϬdĂŶŐŐĂůϬϴDĞŝϮϬϮϱ͘
Ϯ͘ ^ƚƌƵŬƚƵƌWĞƌŵŽĚĂůĂŶĚĂŶ^ƵƐƵŶĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵtĂůŝŵĂŶĂƚ
ĞƌĚĂƐĂƌŬĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌdĞƌĂŬŚŝƌZ/ƚĞƌŵĂŬƚƵďĚĂůĂŵŬƚĂEŽŵŽƌϲdĂŶŐŐĂůϭϯ:ĂŶƵĂƌŝϮϬϮϲ
LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ&ĂƚŚŝĂŚ,Ğůŵŝ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂĚĂŶƚĞůĂŚŵĞŶĚĂƉĂƚWĞƌƐĞƚƵũƵĂŶWĞƌƵďĂŚĂŶĚĂŶ
WĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌĚĂƌŝDĞŶƚĞƌŝ,ƵŬƵŵZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽŵŽƌ,hͲ
,͘Ϭϭ͘ϬϯͲϬϬϯϴϴϱϱ dĂŶŐŐĂů ϭϭ &ĞďƌƵĂƌŝ ϮϬϮϲ ĚĂŶ ůĂƉŽƌĂŶ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ƉĞƌ ϯϭ :ĂŶƵĂƌŝ ϮϬϮϲ LJĂŶŐ
ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ Wd ĂƚŝŶĚŽ ŶƚƌLJĐŽŵ ƐĞůĂŬƵ Z/͕ ƐƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ͕ ƐƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐƐĂŚĂŵ ĚĂŶ
ŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵZ/ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝEŽŵŝŶĂůZƉϱϬƉĞƌ^ĂŚĂŵ
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:ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŝůĂŝEŽŵŝŶĂů;ZƉͿ ;йͿ
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- ^ĂŚĂŵŝĂƐĂƚĂƐEĂŵĂ^Ğƌŝ Ϯϵϵ͘ϵϵϵ͘ϵϵϵ͘ϵϵϵ ϭϰ͘ϵϵϵ͘ϵϵϵ͘ϵϵϵ͘ϵϱϬ ϭϬϬ͕ϬϬ
:ƵŵůĂŚDŽĚĂůĂƐĂƌ ϯϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
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^ĂŚĂŵ^ĞƌŝǁŝǁĂƌŶĂ
E 'ZZ Wh>/</EKE ^/ ϭ ϱϬ Ϭ͕ϬϬ
^ĂŚĂŵ^Ğƌŝ
WdĂŶĂŶƚĂƌĂƐƐĞƚDĂŶĂŐĞŵĞŶƚ;WĞƌƐĞƌŽͿ ϳϵ͘ϴϬϰ͘ϴϲϳ͘ϭϬϳ ϯ͘ϵϵϬ͘Ϯϰϯ͘ϯϱϱ͘ϯϱϬ ϱϮ͕ϲϱ
ĂĚĂŶWĞŶŐĂƚƵƌĂŶĂĚĂŶhƐĂŚĂ ϴϬϲ͘ϭϬϵ͘ϳϲϵ ϰϬ͘ϯϬϱ͘ϰϴϴ͘ϰϱϬ Ϭ͕ϱϮ
WĞŵĞŐĂŶŐ ^ĂŚĂŵ ůĂŝŶŶLJĂ ĚĞŶŐĂŶ ŬĞƉĞŵŝůŝŬĂŶ ϲϵ͘ϵϲϯ͘ϵϱϬ͘ϴϮϴ ϯ͘ϰϵϴ͘ϭϵϳ͘ϱϰϭ͘ϰϬϬ ϰϲ͕ϭϲ
ĚŝďĂǁĂŚϱйΎͿ
^ĂŚĂŵdƌĞĂƐƵƌŝ ϵϴϰ͘Ϭϳϯ͘ϵϬϬ ϰϵ͘ϮϬϯ͘ϲϵϱ͘ϬϬϬ Ϭ͕ϲϰ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ ϭϱϭ͘ϱϱϵ͘ϬϬϭ͘ϲϬϰ ϳ͘ϱϳϳ͘ϵϱϬ͘ϬϴϬ͘ϮϬϬ ϭϬϬ͕ϬϬ
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ϯ͘ WĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶ
ĞƌĚĂƐĂƌŬĂŶŬƚĂWĞƌƵďĂŚĂŶŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƉĞƌƐĞƌŽĂŶƚĞƌĂŬŚŝƌƐĞďĂŐĂŝŵĂŶĂĚŝŵƵĂƚĚĂůĂŵĂŬƚĂ
ƚĂŶŐŐĂů ϬϱͲϬϭͲϮϬϮϲ ŶŽŵŽƌ ϭ͕ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ &d,/, , >D/͕ ^ĂƌũĂŶĂ ,ƵŬƵŵ͕ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ͕ LJĂŶŐ
ƉĞŶĞƌŝŵĂĂŶƉĞŵďĞƌŝƚĂŚƵĂŶƉĞƌƵďĂŚĂŶĚĂƚĂƉĞƌƐĞƌŽĂŶƚĞůĂŚĚŝƚĞƌŝŵĂĚĂŶĚŝĐĂƚĂƚĚŝĚĂůĂŵ^ŝƐƚĞŵĚŵŝŶŝƐƚƌĂƐŝ
ĂĚĂŶ ,ƵŬƵŵ <ĞŵĞŶƚĞƌŝĂŶ ,ƵŬƵŵ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƚĂŶŐŐĂů ϮϲͲϬϭͲϮϬϮϲ ŶŽŵŽƌ͗ ,hͲ,͘Ϭϭ͘ϬϵͲϬϬϭϱϰϲϬ͕
ƐƵƐƵŶĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝZ/ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
<ŽŵŝƐĂƌŝƐhƚĂŵĂ ͗<ĂƌƚŝŬĂtŝƌũŽĂƚŵŽĚũŽ
tĂŬŝů<ŽŵŝƐĂƌŝƐhƚĂŵĂͬ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗WĂƌŵĂŶEĂƚĂĂƚŵĂĚũĂ
<ŽŵŝƐĂƌŝƐ ͗ǁĂŶEƵƌŵĂǁĂŶEƵŚ
<ŽŵŝƐĂƌŝƐ ͗,ĞůǀŝzƵŶŝDŽƌĂnjĂ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗ Ěŝ^ƵƐŝĂŶƚŽ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗>ƵŬŵĂŶƵů<ŚĂŬŝŵ
ŝƌĞŬƐŝ
ŝƌĞŬƚƵƌhƚĂŵĂ ͗,ĞƌLJ'ƵŶĂƌĚŝ
tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂ ͗sŝǀŝĂŶĂLJĂŚLJƵZĞƚŶŽ<ƵŵĂůĂƐĂƌŝ;ϭͿ
ŝƌĞŬƚƵƌ>ĞŐĂůΘŽŵƉůŝĂŶĐĞ ͗DĂŚĚŝzƵƐƵĨ;ϭͿ
ŝƌĞŬƚƵƌKƉĞƌĂƚŝŽŶƐ ͗,ĂŬŝŵWƵƚƌĂƚĂŵĂ
ŝƌĞŬƚƵƌŽƌƉŽƌĂƚĞĂŶŬŝŶŐ ͗ZŝŬŽdĂƐŵĂLJĂ;ZŝŬŽĚLJƚŚŝĂͿ
ŝƌĞŬƚƵƌEĞƚǁŽƌŬĚĂŶZĞƚĂŝů&ƵŶĚŝŶŐ ͗ƋƵĂƌŝƵƐZƵĚŝĂŶƚŽ
ŝƌĞŬƚƵƌdƌĞĂƐƵƌLJĚĂŶ/ŶƚĞƌŶĂƚŝŽŶĂůĂŶŬŝŶŐ ͗&ĂƌŝĚĂdŚĂŵƌŝŶ
ŝƌĞŬƚƵƌDŝĐƌŽ ͗ŬŚŵĂĚWƵƌǁĂŬĂũĂLJĂ
ŝƌĞŬƚƵƌŽŵŵĞƌĐŝĂůĂŶŬŝŶŐ ͗ůĞdžĂŶĚĞƌŝƉƉŽWĂƌŝƐz^
ŝƌĞŬƚƵƌŽŶƐƵŵĞƌĂŶŬŝŶŐ ͗ƌŝƐ,ĂƌƚĂŶƚŽ;ϭͿ
ŝƌĞŬƚƵƌ&ŝŶĂŶĐĞΘ^ƚƌĂƚĞŐLJ ͗ĐŚŵĂĚZŽLJĂĚŝ;ϭͿ
ŝƌĞŬƚƵƌDĂŶĂũĞŵĞŶZŝƐŝŬŽ ͗ ƚLJzƵŶŝĂƌƚŝ;ϭͿ
ŝƌĞŬƚƵƌ/ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐLJ ͗^ĂůĂĚŝŶŚĂƌŵĂEƵŐƌĂŚĂ ĨĨĞŶĚŝ
ĂƚĂƚĂŶ͗
;ϭͿ ĨĞŬƚŝĨƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶK:<ĂƚĂƐƉĞŶŝůĂŝĂŶŬĞŵĂŵƉƵĂŶĚĂŶŬĞƉĂƚƵŚĂŶ;ĨŝƚΘƉƌŽƉĞƌƚĞƐƚͿ͘
ϰ͘ <ĞŐŝĂƚĂŶhƐĂŚĂ
^ĞůĂŬƵĂŶŬhŵƵŵ͕Z/ŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƉĞƌďĂŶŬĂŶƐĞďĂŐĂŝŵĂŶĂLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵhŶĚĂŶŐͲ
hŶĚĂŶŐEŽ͘ϳƚĂŚƵŶϭϵϵϮďĞƌŝŬƵƚƉĞƌƵďĂŚĂŶŶLJĂĚĂůĂŵhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϭϬƚĂŚƵŶϭϵϵϴƚĞŶƚĂŶŐWĞƌďĂŶŬĂŶ͘
ĂůĂŵ ƌĂŶŐŬĂ ŵĞŶĚƵŬƵŶŐ ĚĂŶ ŵĞŶŐĞŵďĂŶŐŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ͕ Z/ ũƵŐĂ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞƌƚĂĂŶ ƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶĂŶĂŬƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŽ͘ WĞƌƵƐĂŚĂĂŶŶĂŬ WĞƌƐĞŶƚĂƐĞ
<ĞƉĞŵŝůŝŬĂŶ
WdĂŶŬZĂLJĂ/ŶĚŽŶĞƐŝĂdďŬ;ĚͬŚWdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ
ϭ͘ ϴϲ͕ϴϱй
ŐƌŽŶŝĂŐĂdďŬͿ
Ϯ͘ Z/ZĞŵŝƚƚĂŶĐĞŽ͘>ƚĚ͘ ϭϬϬ͕ϬϬй
ϯ͘ WdƐƵƌĂŶƐŝZ/>ŝĨĞ ϱϰ͕ϳϳй
ϰ͘ WdZ/DƵůƚŝĨŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ ϵϵ͕ϴϴй
ϱ͘ WdZ/ĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐ ϲϳ͕ϬϬй
ϲ͘ WdZ/sĞŶƚƵƌĂ/ŶǀĞƐƚĂŵĂ ϵϵ͕ϵϳй
ϳ͘ WdZ/ƐƵƌĂŶƐŝ/ŶĚŽŶĞƐŝĂ ϵϬ͕ϬϬй
ϴ͘ WdWĞƌŵŽĚĂůĂŶEĂƐŝŽŶĂůDĂĚĂŶŝ ϵϵ͕ϵϵй
ϵ͘ WdWĞŐĂĚĂŝĂŶ ϵϵ͕ϵϵй
WdZ/DĂŶĂũĞŵĞŶ/ŶǀĞƐƚĂƐŝ;ĚͬŚWdĂŶĂƌĞŬƐĂ/ŶǀĞƐƚŵĞŶƚ
ϭϬ͘ ϲϱ͕ϬϬй
DĂŶĂŐĞŵĞŶƚͿ
273
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ĂůĂŵƌĂŶŐŬĂŵĞŶŐĞŵďĂŶŐŬĂŶ&ĞĞĂƐĞĚ/ŶĐŽŵĞĚĂŶƉĞŶŐĞŵďĂŶŐĂŶWĂƐĂƌDŽĚĂůĚŝ/ŶĚŽŶĞƐŝĂ͕Z/ƐĂĂƚŝŶŝ
ŵĞůĂLJĂŶŝũĂƐĂtĂůŝŵĂŶĂƚ;dƌƵƐƚĞĞͿ͕ŐĞŶWĞŵďĂLJĂƌĂŶ;WĂLJŝŶŐŐĞŶƚͿ͕ŐĞŶ:ĂŵŝŶĂŶ;^ĞĐƵƌŝƚLJŐĞŶƚͿ͕ĚĂŶ:ĂƐĂ
<ƵƐƚŽĚŝĂŶ͘
Ă͘ :ĂƐĂtĂůŝŵĂŶĂƚ;dƌƵƐƚĞĞͿ
ĨĞŬďĞƌƐŝĨĂƚhƚĂŶŐLJĂŶŐŵĞŶŐŐƵŶĂŬĂŶ:ĂƐĂtĂůŝŵĂŶĂƚZ/ƚĂŚƵŶϮϬϮϱĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŽ͘ EĂŵĂKďůŝŐĂƐŝͬ^ƵŬƵŬ dĂŶŐŐĂů ŵŝƐŝ
ϭ͘ KďůŝŐĂƐŝ//ŶĚŽŶĞƐŝĂŶWĂƌĂĚŝƐĞWƌŽƉĞƌƚLJdĂŚƵŶϮϬϮϱ ϴͲ:ĂŶͲϮϱ
Ϯ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶsDE<ĂƉŝƚĂů/ŶĚŽŶĞƐŝĂdĂŚĂƉ/dĂŚƵŶϮϬϮϰ ϭϬͲ:ĂŶͲϮϱ
ϯ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ//WƌŽǀŝĚĞŶƚ/ŶǀĞƐƚĂƐŝĞƌƐĂŵĂdĂŚĂƉ/sdĂŚƵŶϮϬϮϱ ϭϯͲ&ĞďͲϮϱ
ϰ͘ ^ƵŬƵŬDƵĚŚĂƌĂďĂŚ:ĂŶŐŬĂDĞŶĞŶŐĂŚsWdWEDsĞŶƚƵƌĂ^LJĂƌŝĂŚdĂŚƵŶϮϬϮϱ ϭϰͲ&ĞďͲϮϱ
ϱ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶsDĞƌĚĞŬĂŽƉƉĞƌ'ŽůĚdĂŚĂƉ//dĂŚƵŶϮϬϮϱ ϮϱͲ&ĞďͲϮϱ
ϲ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/sdŽLJŽƚĂƐƚƌĂ&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐdĂŚĂƉsdĂŚƵŶϮϬϮϱ ϮϴͲ&ĞďͲϮϱ
^ƵŬƵŬtĂŬĂůĂŚŝůͲ/ƐƚŝƚƐŵĂƌĞƌŬĞůĂŶũƵƚĂŶ//DEŝĂŐĂƵƚŽ&ŝŶĂŶĐĞdĂŚĂƉ// ϭϯͲDĂƌͲϮϱ
ϳ͘
dĂŚƵŶϮϬϮϱ
ϴ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs/ƐƚƌĂ^ĞĚĂLJĂ&ŝŶĂŶĐĞdĂŚĂƉsdĂŚƵŶϮϬϮϱ ϭϰͲDĂƌͲϮϱ
ϵ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϮϬͲDĂƌͲϮϱ
ϭϬ͘ DĞĚŝƵŵdĞƌŵEŽƚĞƐ/WdDŝƚƌĂWƌŝŵĂ>ĂŶĐĂƌdĂŚƵŶϮϬϮϱdĂŚĂƉ/ ϭϳͲDĂƌͲϮϱ
ϭϭ͘ ^ƵŬƵŬ/ũĂƌĂŚ/hDdĂŚƵŶϮϬϮϱ ϮϲͲDĂƌͲϮϱ
ϭϮ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs/&ĞĚĞƌĂů/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐĞdĂŚĂƉsdĂŚƵŶϮϬϮϱ ϭϱͲƉƌͲϮϱ
ϭϯ͘ KďůŝŐĂƐŝ///DĞƌĚĞŬĂĂƚƚĞƌLJDĂƚĞƌŝĂůƐdĂŚƵŶϮϬϮϱ ϭϱͲƉƌͲϮϱ
ϭϰ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ//^ƉŝŶĚŽdĂŚĂƉ///dĂŚƵŶϮϬϮϱ ϭϳͲƉƌͲϮϱ
ϭϱ͘ ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ//^ƉŝŶĚŽdĂŚĂƉ///dĂŚƵŶϮϬϮϱ ϭϳͲƉƌͲϮϱ
ϭϲ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ//,ĂƌƚĂĚŝŶĂƚĂďĂĚŝdĂŚĂƉ//dĂŚƵŶϮϬϮϱ ϮϰͲƉƌͲϮϱ
ϭϳ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶsDE<ĂƉŝƚĂů/ŶĚŽŶĞƐŝĂdĂŚĂƉ//dĂŚƵŶϮϬϮϱ ϭϮͲ:ƵŶͲϮϱ
ϭϴ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶstKD&ŝŶĂŶĐĞdĂŚĂƉ//dĂŚƵŶϮϬϮϱ ϮϰͲ:ƵŶͲϮϱ
ϭϵ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs'ůŽďĂůDĞĚŝĂĐŽŵdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϮϰͲ:ƵŶͲϮϱ
ϮϬ͘ ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶs'ůŽďĂůDĞĚŝĂĐŽŵdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϮϰͲ:ƵŶͲϮϱ
Ϯϭ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ//ĂŶŬDĂŶĚŝƌŝdĂƐƉĞŶdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϰͲ:ƵůͲϮϱ
KďůŝŐĂƐŝĞƌůĂŶĚĂƐŬĂŶ<ĞďĞƌůĂŶũƵƚĂŶ;^ƵƐƚĂŝŶĂďŝůŝƚLJŽŶĚͿĞƌŬĞůĂŶũƵƚĂŶ/ĂŶŬE/ ϰͲ:ƵůͲϮϱ
ϮϮ͘
dĂŚĂƉ/dĂŚƵŶϮϬϮϲ
Ϯϯ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs//DĂŶĚŝƌŝdƵŶĂƐ&ŝŶĂŶĐĞdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϴͲ:ƵůͲϮϱ
Ϯϰ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs//&ĞĚĞƌĂů/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐĞdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϴͲ:ƵůͲϮϱ
Ϯϱ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/ƵŵŝdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϴͲ:ƵůͲϮϱ
Ϯϲ͘ DdE/WdDŝƚƌĂŝƐŶŝƐDĂĚĂŶŝdĂŚƵŶϮϬϮϰdĂŚĂƉ// ϰͲ:ƵůͲϮϱ
Ϯϳ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs^E&ĞŶŐĂŶdŝŶŐŬĂƚƵŶŐĂdĞƚĂƉdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϴͲ:ƵůͲϮϱ
Ϯϴ͘ KďůŝŐĂƐŝĂĂnjĂƌĂ>ĞƐƚĂƌŝdĂŚƵŶϮϬϮϱ ϭϬͲ:ƵůͲϮϱ
Ϯϵ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ//<ĂŶŬdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϰͲ:ƵůͲϮϱ
ϯϬ͘ KďůŝŐĂƐŝ^ƵďŽƌĚŝŶĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/s<ĂŶŬdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϰͲ:ƵůͲϮϱ
KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ s dŽLJŽƚĂ ƐƚƌĂ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ ĞŶŐĂŶ dŝŶŐŬĂƚ ƵŶŐĂ ϴͲ:ƵůͲϮϱ
ϯϭ͘
dĞƚĂƉdĂŚĂƉ/dĂŚƵƉϮϬϮϱ
ϯϮ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/DĞƌĚĞŬĂĂƚƚĞƌLJDĂƚĞƌŝĂůƐdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϴͲ:ƵůͲϮϱ
ϯϯ͘ ^ƵŬƵŬDƵĚŚĂƌĂďĂŚĞƌŬĞůĂŶũƵƚĂŶ/DĞƌĚĞŬĂĂƚƚĞƌLJDĂƚĞƌŝĂůƐdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϴͲ:ƵůͲϮϱ
ϯϰ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs//ƐƚƌĂ^ĞĚĂLJĂ&ŝŶĂŶĐĞdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϰͲ:ƵůͲϮϱ
ϯϱ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/DĞƌĚĞŬĂĂƚƚĞƌLJDĂƚĞƌŝĂůƐdĂŚĂƉ//dĂŚƵŶϮϬϮϱ ϮϬͲƵŐͲϮϱ
^ƵŬƵŬ DƵĚŚĂƌĂďĂŚ ĞƌŬĞůĂŶũƵƚĂŶ / DĞƌĚĞŬĂ ĂƚƚĞƌLJ DĂƚĞƌŝĂůƐ dĂŚĂƉ // dĂŚƵŶ ϮϬͲƵŐͲϮϱ
ϯϲ͘
ϮϬϮϱ
ϯϳ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ//WƌŽǀŝĚĞŶƚ/ŶǀĞƐƚĂƐŝĞƌƐĂŵĂdĂŚĂƉsdĂŚƵŶϮϬϮϱ ϮϲͲƵŐͲϮϱ
ϯϴ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ//<ĂŶŬdĂŚĂƉ//dĂŚƵŶϮϬϮϱ ϮϵͲƵŐͲϮϱ
^ƵŬƵŬtĂŬĂůĂŚŝůͲ/ƐƚŝƚƐŵĂƌĞƌŬĞůĂŶũƵƚĂŶ//DEŝĂŐĂƵƚŽ&ŝŶĂŶĐĞdĂŚĂƉ/// ϯͲ^ĞƉͲϮϱ
ϯϵ͘
dĂŚƵŶϮϬϮϱ
ϰϬ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs//&ĞĚĞƌĂů/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐĞdĂŚĂƉ//dĂŚƵŶϮϬϮϱ ϭϮͲ^ĞƉͲϮϱ
ϰϭ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/ƵŵŝdĂŚĂƉ//dĂŚƵŶϮϬϮϱ ϮϰͲ^ĞƉͲϮϱ
274
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EŽ͘ EĂŵĂKďůŝŐĂƐŝͬ^ƵŬƵŬ dĂŶŐŐĂů ŵŝƐŝ
ϰϮ͘ DĞĚŝƵŵdĞƌŵEŽƚĞƐs/WdWEDsĞŶƚƵƌĞĂƉŝƚĂůdĂŚƵŶϮϬϮϱdĂŚĂƉ/ ϮϮͲ^ĞƉͲϮϱ
ϰϯ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/^ƵŵďĞƌ'ůŽďĂů ŶĞƌŐLJdĂŚƵŶϮϬϮϱdĂŚĂƉ//dĂŚƵŶϮϬϮϱ ϭϱͲKĐƚͲϮϱ
ϰϰ͘ K>/'^/ Z< >E:hdEs//^dZ^ z&/EE d,W//d,hEϮϬϮϱ ϮϰͲKĐƚͲϮϱ
KďůŝŐĂƐŝ ĞƌŬĞůĂŶũƵƚĂŶ s dŽLJŽƚĂ ƐƚƌĂ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ ĞŶŐĂŶ dŝŶŐŬĂƚ ƵŶŐĂ ϭϭͲEŽǀͲϮϱ
ϰϱ͘
dĞƚĂƉdĂŚĂƉ//dĂŚƵŶϮϬϮϱ
ϰϲ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/sDĂLJďĂŶŬ&ŝŶĂŶĐĞdĂŚĂƉ//dĂŚƵŶϮϬϮϱ ϮϳͲEŽǀͲϮϱ
ϰϳ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/ƵŵŝdĂŚĂƉ///dĂŚƵŶϮϬϮϱ ϭϱͲĞĐͲϮϱ
ϰϴ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/DĞƌĚĞŬĂĂƚƚĞƌLJDĂƚĞƌŝĂůƐdĂŚĂƉ///dĂŚƵŶϮϬϮϱ ϵͲĞĐͲϮϱ
^ƵŬƵŬ DƵĚŚĂƌĂďĂŚ ĞƌŬĞůĂŶũƵƚĂŶ / DĞƌĚĞŬĂ ĂƚƚĞƌLJ DĂƚĞƌŝĂůƐ dĂŚĂƉ /// dĂŚƵŶ ϵͲĞĐͲϮϱ
ϰϵ͘
ϮϬϮϱ
ϱϬ͘ KďůŝŐĂƐŝĞƌǁĂǁĂƐĂŶ^ŽƐŝĂůĞƌŬĞůĂŶũƵƚĂŶ/ĂŶŬdEdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϭϮͲĞĐͲϮϱ
ϱϭ͘ KďůŝŐĂƐŝ^ƵďŽƌĚŝŶĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/ĂŶŬdEdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϭϮͲĞĐͲϮϱ
ϱϮ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///WƌŽǀŝĚĞŶƚ/ŶǀĞƐƚĂƐŝĞƌƐĂŵĂdďŬdĂŚĂƉ/dĂŚƵŶϮϬϮϲ ϭϵͲĞĐͲϮϱ
ϱϯ͘ DĞĚŝƵŵdĞƌŵEŽƚĞƐs/WdWEDsĞŶƚƵƌĞĂƉŝƚĂůdĂŚƵŶϮϬϮϱdĂŚĂƉ// ϭϴͲĞĐͲϮϱ
ď͘ :ĂƐĂŐĞŶWĞŵďĂLJĂƌĂŶ;WĂLJŝŶŐŐĞŶƚͿ
tĂůŝŵĂŶĂƚZ/ĚĂƉĂƚŵĞŵďĞƌŝŬĂŶũĂƐĂďĞƌƵƉĂůĂLJĂŶĂŶƉĞŵďƵŬĂĂŶƌĞŬĞŶŝŶŐĚĂŶƉĞŶŐĂĚŵŝŶŝƐƚƌĂƐŝĂŶƌĞŬĞŶŝŶŐ
ƐŝŶŬŝŶŐĨƵŶĚĂƚĂƵƉƵŶƚƌĂŶƐĂŬƐŝƉĞŶĚŝƐƚƌŝďƵƐŝĂŶĚĂŶĂƉĞŵďĂLJĂƌĂŶŬƵƉŽŶĚĂŶͬĂƚĂƵƉŽŬŽŬDĞĚŝƵŵdĞƌŵEŽƚĞƐ
ŬĞƉĂĚĂŝŶǀĞƐƚŽƌĚĂůĂŵƉĞŶĞƌďŝƚĂŶ ĨĞŬďĞƌƐŝĨĂƚhƚĂŶŐ͘
Đ͘ :ĂƐĂŐĞŶ:ĂŵŝŶĂŶ;^ĞĐƵƌŝƚLJŐĞŶƚͿ
tĂůŝŵĂŶĂƚZ/ĚĂƉĂƚŵĞŵďĞƌŝŬĂŶũĂƐĂƉĞŶĂƚĂƵƐĂŚĂĂŶĂƚĂƐĚŽŬƵŵĞŶũĂŵŝŶĂŶLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶWĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͕ĚŽŬƵŵĞŶƉĞŶŐŝŬĂƚĂŶůĂŝŶŶLJĂƐĞƌƚĂƐƵƌĂƚ–ƐƵƌĂƚũĂŵŝŶĂŶLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶ ĨĞŬ
ďĞƌƐŝĨĂƚhƚĂŶŐ͘
Ě͘ WƌŽĚƵŬĚĂŶ:ĂƐĂ>ĂŝŶŶLJĂ
^ĂĂƚŝŶŝ͕Z/ũƵŐĂƚĞůĂŚŵĞŶũĂůĂŶŝĚĂŶŵĞŶŐĞŵďĂŶŐŬĂŶũĂƐĂWĂƐĂƌDŽĚĂůůĂŝŶŶLJĂ͕ĂŶƚĂƌĂůĂŝŶ͗
ϭͿ :ĂƐĂdƌƵƐƚΘŽƌƉŽƌĂƚĞ^ĞƌǀŝĐĞƐůĂŝŶŶLJĂ͗
• :ĂƐĂ ƐĐƌŽǁŐĞŶƚ
• :ĂƐĂ^ĞĐƵƌŝƚLJŐĞŶƚ
ϮͿ ƵƐƚŽĚŝĂŶ^ĞƌǀŝĐĞƐ
ϯͿ :ĂƐĂdƌƵƐƚĞĞ
ϰͿ W><Z/
ϱ͘ WĞƌŝnjŝŶĂŶZ/
Ă͘ WĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚ;WWͿEŽ͘ϮϭƚĂŚƵŶϭϵϵϮ͕ƚĂŶŐŐĂůϮϵƉƌŝůϭϵϵϮ͕ƉĞƌŝŚĂůƐƚĂƚƵƐZ/ŵĞŶũĂĚŝWĞƌƵƐĂŚĂĂŶ
WĞƌƐĞƌŽĂŶ͖
ď͘ ŶŐŐĂƌĂŶĂƐĂƌZ/EŽ͘ϭϭϯƚĂŶŐŐĂůϯϭ:ƵůŝϭϵϵϮLJĂŶŐĚŝďƵĂƚŽůĞŚDƵŚĂŶŝ^Ăůŝŵ͕^,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͖
Đ͘ ^ƵƌĂƚ dĂŶĚĂ dĞƌĚĂĨƚĂƌ ĚĂƌŝ ĂƉĞƉĂŵ ĚĂŶ >< EŽ͘Ϭϴͬ^ddͲtͬWDͬϭϵϵϲ͕ ƚĂŶŐŐĂů ϭϭ :ƵŶŝ ϭϵϵϲ͕ ƉĞƌŝŚĂů
WĞŵďĞƌŝĂŶ/ũŝŶZ/ƐĞďĂŐĂŝtĂůŝŵĂŶĂƚ͖
Ě͘ ^<ĂŶŬ/ŶĚŽŶĞƐŝĂEŽ͘ϱͬϭϭϳͬWǁϮϰ͕ƚĂŶŐŐĂůϭϱKŬƚŽďĞƌϮϬϬϯ͕ƉĞƌŝŚĂůWĞŵďĞƌŝĂŶ/ũŝŶZ/ƐĞďĂŐĂŝĂŶŬ
ĞǀŝƐĂ͖
Ğ͘ EŽŵŽƌ/ŶĚƵŬĞƌƵƐĂŚĂ;E/ͿZ/EŽ͘ϴϭϮϬϭϭϰϭϯϮϮϲϴƚĂŶŐŐĂůϮϲEŽǀĞŵďĞƌϮϬϭϴ͘
ϲ͘ dƵŐĂƐWŽŬŽŬtĂůŝŵĂŶĂƚ
^ĞƐƵĂŝĚĞŶŐĂŶWĂƐĂůϱϭhhWDĚĂŶWK:<ϭϵͬϮϬϮϬ͕ĚĂŶŬĞŵƵĚŝĂŶĚŝƚĞŐĂƐŬĂŶĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͕
ƚƵŐĂƐ ƉŽŬŽŬ tĂůŝ ŵĂŶĂƚ ĂĚĂůĂŚ ŵĞǁĂŬŝůŝ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ďĂŝŬ Ěŝ ĚĂůĂŵ
ŵĂƵƉƵŶĚŝůƵĂƌƉĞŶŐĂĚŝůĂŶĚĂůĂŵŵĞůĂŬƵŬĂŶƚŝŶĚĂŬĂŶŚƵŬƵŵLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶŬĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐ
KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ ĚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞƌƚĂ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌĂƚƵƌĂŶ
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ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂŬŚƵƐƵƐŶLJĂƉĞƌĂƚƵƌĂŶĚŝďŝĚĂŶŐƉĂƐĂƌŵŽĚĂů͘
dƵŐĂƐ ƉŽŬŽŬ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂď ŵĞǁĂŬŝůŝ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŵƵůĂŝ ďĞƌůĂŬƵ
ĞĨĞŬƚŝĨƉĂĚĂƐĂĂƚKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚƚĞůĂŚĚŝĚŝƐƚƌŝďƵƐŝŬĂŶŬĞƉĂĚĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ͘
ϳ͘ WĞŶƵŶũƵŬĂŶ͕WĞŶŐŐĂŶƚŝĂŶĚĂŶĞƌĂŬŚŝƌŶLJĂdƵŐĂƐtĂůŝŵĂŶĂƚ
ĞƌĚĂƐĂƌŬĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϬͬϮϬϮϬ͕ŬĞƚĞŶƚƵĂŶŵĞŶŐĞŶĂŝƉĞŶƵŶũƵŬĂŶ͕ƉĞŶŐŐĂŶƚŝĂŶ͕ĚĂŶďĞƌĂŬŚŝƌŶLJĂƚƵŐĂƐ
tĂůŝŵĂŶĂƚ͕ƉĂůŝŶŐƐĞĚŝŬŝƚŵĞŵƵĂƚŚĂůͲŚĂůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ WĞŶƵŶũƵŬĂŶtĂůŝŵĂŶĂƚƵŶƚƵŬƉĞƌƚĂŵĂŬĂůŝŶLJĂĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͖
ď͘ WĞŶŐŐĂŶƚŝĂŶtĂůŝŵĂŶĂƚĚŝůĂŬƵŬĂŶĚĞŶŐĂŶĂůĂƐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŝͿ tĂůŝŵĂŶĂƚƚŝĚĂŬůĂŐŝŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶƵŶƚƵŬŵĞŶũĂůĂŶŬĂŶĨƵŶŐƐŝƐĞďĂŐĂŝtĂůŝŵĂŶĂƚƐĞƐƵĂŝ
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ
ŝŝͿ /njŝŶƵƐĂŚĂĂŶŬhŵƵŵLJĂŶŐŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƐĞďĂŐĂŝtĂůŝŵĂŶĂƚĚŝĐĂďƵƚ
ŝŝŝͿ ƉĞŵďĂƚĂůĂŶƐƵƌĂƚƚĂŶĚĂƚĞƌĚĂĨƚĂƌĂƚĂƵƉĞŵďĞŬƵĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂtĂůŝŵĂŶĂƚ
ŝǀͿ tĂůŝ ŵĂŶĂƚ ĚŝŶLJĂƚĂŬĂŶ ƉĂŝůŝƚ ŽůĞŚ ďĂĚĂŶ ƉĞƌĂĚŝůĂŶ LJĂŶŐ ďĞƌǁĞŶĂŶŐ ĂƚĂƵ ĚŝďĞŬƵŬĂŶ ŽƉĞƌĂƐŝŶLJĂ
ĚĂŶͬĂƚĂƵŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂŽůĞŚƉŝŚĂŬLJĂŶŐďĞƌǁĞŶĂŶŐ͖
ǀͿ tĂůŝŵĂŶĂƚƚŝĚĂŬĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶŬĞǁĂũŝďĂŶŶLJĂ͖
ǀŝͿ tĂůŝ ŵĂŶĂƚ ŵĞůĂŶŐŐĂƌ ŬĞƚĞŶƚƵĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶͬĂƚĂƵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶĚŝƐĞŬƚŽƌũĂƐĂŬĞƵĂŶŐĂŶ
ǀŝŝͿ ĂƚĂƐƉĞƌŵŝŶƚĂĂŶƉĂƌĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ
ǀŝŝŝͿ ƚŝŵďƵůŶLJĂŚƵďƵŶŐĂŶĨŝůŝĂƐŝĂŶƚĂƌĂtĂůŝŵĂŶĂƚĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƐĞƚĞůĂŚƉĞŶƵŶũƵŬĂŶtĂůŝŵĂŶĂƚ͕
ŬĞĐƵĂůŝŚƵďƵŶŐĂŶĨŝůŝĂƐŝƚĞƌƐĞďƵƚƚĞƌũĂĚŝŬĂƌĞŶĂŬĞƉĞŵŝůŝŬĂŶĂƚĂƵƉĞŶLJĞƌƚĂĂŶŵŽĚĂůŽůĞŚWĞŵĞƌŝŶƚĂŚ
ŝdžͿ ƚŝŵďƵůŶLJĂ ŚƵďƵŶŐĂŶ ŬƌĞĚŝƚ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ŵĞůĂŵƉĂƵŝ ͲũƵŵůĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ
WĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ŵĞŶŐĞŶĂŝ ĂŶŬ hŵƵŵ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƐĞďĂŐĂŝ tĂůŝ
ŵĂŶĂƚ͖ĂƚĂƵ
Đ͘ ƉĂďŝůĂƚĞůĂŚĞƌĂŬŚŝƌŶLJĂƚƵŐĂƐ͕ŬĞǁĂũŝďĂŶ͕ĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďtĂůŝŵĂŶĂƚĂĚĂůĂŚƉĂĚĂƐĂĂƚ͗
- KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ƚĞůĂŚ ĚŝƉĞŶƵŚŝ ŬĞǁĂũŝďĂŶŶLJĂ ďĂŝŬ ŶŝůĂŝ ƉŽŬŽŬ KďůŝŐĂƐŝ͕ ^ŝƐĂ /ŵďĂůĂŶ /ũĂƌĂŚ͕
ďƵŶŐĂKďůŝŐĂƐŝ͕ŝĐŝůĂŶ/ŵďĂůĂŶ/ũĂƌĂŚ͕ƚĞƌŵĂƐƵŬ<ŽŵƉĞŶƐĂƐŝĚĞŶĚĂĚĂŶ<ĞƌƵŐŝĂŶŬŝďĂƚ<ĞƚĞƌůĂŵďĂƚĂŶ
;ũŝŬĂ ĂĚĂͿ ĚĂŶ tĂůŝ ŵĂŶĂƚ ƚĞůĂŚ ŵĞŶĞƌŝŵĂ ůĂƉŽƌĂŶ ƉĞŵĞŶƵŚĂŶ ŬĞǁĂũŝďĂŶ WĞƌƐĞƌŽĂŶ ĚĂƌŝ ŐĞŶ
WĞŵďĂLJĂƌĂŶĂƚĂƵWĞƌƐĞƌŽĂŶ͖
- dĂŶŐŐĂů ƚĞƌƚĞŶƚƵ LJĂŶŐ ƚĞůĂŚ ĚŝƐĞƉĂŬĂƚŝ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ ĚĂŶ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ^ƵŬƵŬ/ũĂƌĂŚƐĞƚĞůĂŚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽƉŽŬŽŬKďůŝŐĂƐŝĚĂŶ^ŝƐĂ/ŵďĂůĂŶ/ũĂƌĂŚ͖
- ^ĞƚĞůĂŚĚŝĂŶŐŬĂƚŶLJĂtĂůŝŵĂŶĂƚďĂƌƵ͘
ϴ͘ >ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶtĂůŝŵĂŶĂƚ
ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚŬƵƚŝƉĂŶĚĂƌŝ/ŬŚƚŝƐĂƌ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶ<ŽŶƐŽůŝĚĂƐŝĂŶZ/ƉĞƌƚĂŶŐŐĂůϯϬ^ĞƉƚĞŵďĞƌϮϬϮϱƐĞƌƚĂ
ƵŶƚƵŬƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϰĚĂŶϮϬϮϯ͘
>ĂƉŽƌĂŶƉŽƐŝƐŝŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝĂŶ
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ ϯϬ^ĞƉƚĞŵďĞƌϮϬϮϱ
ϮϬϮϰ ϮϬϮϯ
dŽƚĂůƐĞƚ Ϯ͘ϭϮϯ͘ϰϰϲ͘ϴϭϴ ϭ͘ϵϵϮ͘ϵϴϯ͘ϰϰϳ ϭ͘ϵϲϱ͘ϬϬϳ͘ϬϯϬ
dŽƚĂů>ŝĂďŝůŝƚĂƐ ϭ͘ϳϴϱ͘ϱϰϴ͘ϱϱϳ ϭ͘ϲϲϵ͘ϳϵϰ͘ϰϬϬ ϭ͘ϲϰϴ͘ϱϯϰ͘ϴϴϴ
dŽƚĂů ŬƵŝƚĂƐ ϯϯϳ͘ϴϵϴ͘Ϯϲϭ ϯϮϯ͘ϭϴϵ͘Ϭϰϳ ϯϭϲ͘ϰϳϮ͘ϭϰϮ
>ĂƉŽƌĂŶůĂďĂƌƵŐŝĚĂŶƉĞŶŐŚĂƐŝůĂŶŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶŬŽŶƐŽůŝĚĂƐŝĂŶ
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϬ^ĞƉƚĞŵďĞƌ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ ϮϬϮϰ ϮϬϮϯ
WĞŶĚĂƉĂƚĂŶďƵŶŐĂĚĂŶƐLJĂƌŝĂŚͲŶĞƚŽ ϭϱϱ͘ϭϲϬ͘ϰϬϲ ϭϱϬ͘ϲϯϳ͘ϭϱϬ ϭϰϮ͘Ϭϱϳ͘ϭϵϬ ϭϯϱ͘ϭϴϯ͘ϰϴϳ
WĞŶĚĂƉĂƚĂŶƉƌĞŵŝͲŶĞƚŽ ϯϰ͘Ϭϯϳ ϭ͘ϵϵϰ͘ϴϭϬ ϯ͘ϮϱϬ͘ϰϴϬ Ϯ͘ϭϲϭ͘ϯϵϮ
WĞŶĚĂƉĂƚĂŶŽƉĞƌĂƐŝŽŶĂůůĂŝŶŶLJĂ ϯϴ͘ϯϵϳ͘ϭϳϮ ϯϵ͘ϬϯϬ͘Ϭϭϯ ϱϯ͘ϴϱϳ͘ϳϰϬ ϰϯ͘ϰϬϳ͘Ϯϱϭ
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;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϬ^ĞƉƚĞŵďĞƌ ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϱ ϮϬϮϰ ϮϬϮϰ ϮϬϮϯ
>ĂďĂŽƉĞƌĂƐŝŽŶĂů ϱϯ͘ϬϳϬ͘ϱϳϱ ϱϴ͘Ϭϰϱ͘ϯϱϴ ϳϴ͘ϱϳϴ͘Ϭϭϴ ϳϲ͘ϴϮϴ͘ϳϯϳ
>ĂďĂƐĞďĞůƵŵďĞďĂŶƉĂũĂŬ ϱϮ͘ϴϲϯ͘ϱϲϭ ϱϳ͘ϵϴϴ͘ϯϰϴ ϳϳ͘ϱϵϵ͘ϭϭϬ ϳϲ͘ϰϮϵ͘ϳϭϮ
>ĂďĂďĞƌƐŝŚƉĞƌŝŽĚĞͬƚĂŚƵŶďĞƌũĂůĂŶ ϰϭ͘ϮϯϮ͘Ϯϯϲ ϰϱ͘ϯϲϮ͘ϯϳϱ ϲϬ͘ϲϰϯ͘ϴϬϴ ϲϬ͘ϰϮϱ͘Ϭϰϴ
ϵ͘ /ŶĨŽƌŵĂƐŝ
ůĂŵĂƚtĂůŝŵĂŶĂƚ͗
WdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘
'ĞĚƵŶŐZ///>ƚ͘ϲ
:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶ<Ăǀ͘ϰϰͲϰϲ
:ĂŬĂƌƚĂϭϬϮϭϬͲ/ŶĚŽŶĞƐŝĂ
dĞů͘;ϬϮϭͿϱϳϱϴϭϰϯ
&ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϮϱϭϬϯϭϲͬϱϳϱϮϰϰϰ
ŵĂŝů͗ƚĐƐŽƉĞƌĂƚŝŽŶΛĐŽƌƉ͘ďƌŝ͘ĐŽ͘ŝĚ
h͘Ɖ͘dƌƵƐƚΘŽƌƉŽƌĂƚĞ^ĞƌǀŝĐĞƐĞƉĂƌƚŵĞŶƚ
/ŶǀĞƐƚŵĞŶƚ^ĞƌǀŝĐĞƐ'ƌŽƵƉ
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y///͘ TATA CARA PEMESANAN PEMBELIAN OBLIGASI DAN
SUKUK IJARAH
ϭ͘ WĞŵĞƐĂŶĂŶLJĂŶŐ ĞƌŚĂŬ
WĞƌŽƌĂŶŐĂŶtĂƌŐĂEĞŐĂƌĂ /ŶĚŽŶĞƐŝĂĚĂŶƉĞƌŽƌĂŶŐĂŶtĂƌŐĂEĞŐĂƌĂ ƐŝŶŐĚŝŵĂŶĂƉƵŶ ŵĞƌĞŬĂďĞƌƚĞŵƉĂƚ
ƚŝŶŐŐĂů͕ ƐĞƌƚĂďĂĚĂŶƵƐĂŚĂĂƚĂƵ ůĞŵďĂŐĂ/ŶĚŽŶĞƐŝĂĂƚĂƵƉƵŶ ĂƐŝŶŐĚŝŵĂŶĂƉƵŶ ŵĞƌĞŬĂďĞƌŬĞĚƵĚƵŬĂŶLJĂŶŐ
ďĞƌŚĂŬŵĞŵďĞůŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ LJƵƌŝƐĚŝŬƐŝƐĞƚĞŵƉĂƚ͘
Ϯ͘ WĞŵĞƐĂŶĂŶWĞŵďĞůŝĂŶKďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ /ũĂƌĂŚ
WĞŵĞƐĂŶĂŶ WĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ŚĂƌƵƐ ĚŝůĂŬƵŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ
ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐ͘ &ŽƌŵƵůŝƌ WĞŵĞƐĂŶĂŶ WĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ;&WWKͿ ĚĂŶͬĂƚĂƵ &ŽƌŵƵůŝƌ WĞŵĞƐĂŶĂŶ
WĞŵďĞůŝĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ;&WW^ƵͿĚĂƉĂƚ ĚŝƉĞƌŽůĞŚĚĂƌŝ ƉĂƌĂWĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĐĂŶƚƵŵ
ƉĂĚĂ Ăď y/s WƌŽƐƉĞŬƚƵƐ ŵĞŶŐĞŶĂŝ WĞŶLJĞďĂƌůƵĂƐĂŶ WƌŽƐƉĞŬƚƵƐ ĚĂŶ &ŽƌŵƵůŝƌ WĞŵĞƐĂŶĂŶ WĞŵďĞůŝĂŶ
KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ͘ WĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ
ŵĞŶŐŐƵŶĂŬĂŶ&WWKĚĂŶͬĂƚĂƵ&WW^ƵLJĂŶŐĚŝĐĞƚĂŬƵŶƚƵŬŬĞƉĞƌůƵĂŶŝŶŝĚĂŶĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŶũĂŵŝŶ ŵŝƐŝ
ĨĞŬ LJĂŶŐ ĚŝďƵĂƚ ĚĂůĂŵ ϱ ;ůŝŵĂͿ ƌĂŶŐŬĂƉ͘ WĞŵĞƐĂŶĂŶ WĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ
ĚŝůĂŬƵŬĂŶŵĞŶLJŝŵƉĂŶŐ ĚĂƌŝŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶĚŝĂƚĂƐƚŝĚĂŬĂŬĂŶĚŝůĂLJĂŶŝ͘
ϯ͘ :ƵŵůĂŚDŝŶŝŵƵŵ WĞŵĞƐĂŶĂŶKďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ /ũĂƌĂŚ
WĞŵĞƐĂŶĂŶWĞŵďĞůŝĂŶ KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚ ŚĂƌƵƐĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ũƵŵůĂŚƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂ
ZƉϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂũƵƚĂZƵƉŝĂŚͿĂƚĂƵŬĞůŝƉĂƚĂŶŶLJĂ͘
ϰ͘ DĂƐĂ WĞŶĂǁĂƌĂŶ hŵƵŵKďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ
DĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵ ĚŝůĂŬƐĂŶĂŬĂŶ ƉĂĚĂƚĂŶŐŐĂů ϴ–ϵ:ƵŶŝϮϬϮϲŵƵůĂŝƉƵŬƵůϭϬ͘ϬϬͲϭϲ͘ϬϬt/͘
ϱ͘ WĞŶĚĂĨƚĂƌĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚŬĞĚĂůĂŵ WĞŶŝƚŝƉĂŶ <ŽůĞŬƚŝĨ
KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝƚĂǁĂƌŬĂŶ ŽůĞŚWĞƌƐĞƌŽĂŶŵĞůĂůƵŝWĞŶĂǁĂƌĂŶ hŵƵŵ ŝŶŝĚŝĚĂĨƚĂƌŬĂŶ
pada PT Kustodian Sentral Efek Indonesia (“KSEI”) berdasarkan Perjanjian Pendaftaran Obligasi dan/atau
^ƵŬƵŬ/ũĂƌĂŚ Ěŝ<^ / LJĂŶŐĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶĚĞŶŐĂŶ<^ /͘ ĞŶŐĂŶĚŝĚĂĨƚĂƌŬĂŶŶLJĂ KďůŝŐĂƐŝ
ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚƚĞƌƐĞďƵƚĚŝ<^ /ŵĂŬĂĂƚĂƐ KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝƚĂǁĂƌŬĂŶ ďĞƌůĂŬƵ
ŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŶĞƌďŝƚŬĂŶKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚĚĂůĂŵďĞŶƚƵŬƐĞƌƚŝĨŝŬĂƚŬĞĐƵĂůŝ^ĞƌƚŝĨŝŬĂƚ
:ƵŵďŽ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝƐŝŵƉĂŶ <^ / ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ
ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚ͘ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ĂŬĂŶ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ĚĂůĂŵ ďĞŶƚƵŬĞůĞŬƚƌŽŶŝŬ
LJĂŶŐĚŝĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶ ĚĂůĂŵWĞŶŝƚŝƉĂŶ<ŽůĞŬƚŝĨ<^ /͘KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚŚĂƐŝůWĞŶĂǁĂƌĂŶ
hŵƵŵ ĂŬĂŶĚŝŬƌĞĚŝƚŬĂŶŬĞĚĂůĂŵZĞŬĞŶŝŶŐ ĨĞŬƉĂĚĂƚĂŶŐŐĂů ϭϮ:ƵŶŝϮϬϮϲ͘
ď͘ <ŽŶĨŝƌŵĂƐŝ dĞƌƚƵůŝƐďĞƌĂƌƚŝŬŽŶĨŝƌŵĂƐŝ ƚĞƌƚƵůŝƐĚĂŶͬĂƚĂƵ ůĂƉŽƌĂŶƐĂůĚŽKďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ
ĚĂůĂŵ ZĞŬĞŶŝŶŐ ĨĞŬ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ <^ /͕ ĂƚĂƵ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐďĞƌĚĂƐĂƌŬĂŶ ƉĞƌũĂŶũŝĂŶ
ƉĞŵďƵŬĂĂŶZĞŬĞŶŝŶŐ ĨĞŬĚĞŶŐĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ^ƵŬƵŬ /ũĂƌĂŚ͘
Đ͘ WĞŶŐĂůŝŚĂŶ ŬĞƉĞŵŝůŝŬĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ƉĞŵŝŶĚĂŚďƵŬƵĂŶ ĂŶƚĂƌ
ZĞŬĞŶŝŶŐ ĨĞŬĚŝ<^ /͕ WĞƌƵƐĂŚĂĂŶ ĨĞŬ͕ĂƚĂƵĂŶŬ<ƵƐƚŽĚŝĂŶ LJĂŶŐƐĞůĂŶũƵƚŶLJĂ ĂŬĂŶĚŝŬŽŶĨŝƌŵĂƐŝŬĂŶ
ŬĞƉĂĚĂWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ͘
Ě͘ WĞŵĞŐĂŶŐKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐƚĞƌĐĂƚĂƚĚĂůĂŵZĞŬĞŶŝŶŐ ĨĞŬďĞƌŚĂŬĂƚĂƐƉĞŵďĂLJĂƌĂŶ
ƵŶŐĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ͕ƉĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚ͕ ŵĞŵďĞƌŝŬĂŶ
ƐƵĂƌĂĚĂůĂŵZhWKĚĂŶͬĂƚĂƵ ZhW^h͕ƐĞƌƚĂŚĂŬͲŚĂŬůĂŝŶŶLJĂLJĂŶŐŵĞůĞŬĂƚƉĂĚĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ^ƵŬƵŬ
/ũĂƌĂŚ͘
Ğ͘ WĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ĚĂŶ ƉĞůƵŶĂƐĂŶ WŽŬŽŬ KďůŝŐĂƐŝ ŬĞƉĂĚĂ ƉĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ƐĞƌƚĂ
ƉĞŵďĂLJĂƌĂŶWĞŶĚĂƉĂƚĂŶĂŐŝ,ĂƐŝů^ƵŬƵŬ /ũĂƌĂŚĚĂŶƉĞůƵŶĂƐĂŶĂŶĂ^ƵŬƵŬ/ũĂƌĂŚŬĞƉĂĚĂƉĞŵĞŐĂŶŐ
^ƵŬƵŬ/ũĂƌĂŚ ĚŝůĂŬƐĂŶĂŬĂŶ ŽůĞŚWĞƌƐĞƌŽĂŶŵĞůĂůƵŝ <^ / ƐĞďĂŐĂŝ ŐĞŶWĞŵďĂLJĂƌĂŶ ŵĞůĂůƵŝ ZĞŬĞŶŝŶŐ
ĨĞŬĚŝ<^ / ƵŶƚƵŬ ƐĞůĂŶũƵƚŶLJĂ ĚŝƚĞƌƵƐŬĂŶ ŬĞƉĂĚĂƉĞŵŝůŝŬ ŵĂŶĨĂĂƚ ;ďĞŶĞĨŝĐŝĂůŽǁŶĞƌͿLJĂŶŐ ŵĞŶũĂĚŝ
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ƉĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ ĨĞŬĚŝWĞƌƵƐĂŚĂĂŶ ĨĞŬĂƚĂƵĂŶŬ<ƵƐƚŽĚŝĂŶ͕ƐĞƐƵĂŝĚĞŶŐĂŶũĂĚǁĂů ƉĞŵďĂLJĂƌĂŶ
ƵŶŐĂ KďůŝŐĂƐŝ ĚĂŶ ƉĞŵďĂLJĂƌĂŶ WĞŶĚĂƉĂƚĂŶ ĂŐŝ ,ĂƐŝů ^ƵŬƵŬ /ũĂƌĂŚ ŵĂƵƉƵŶ ƉĞůƵŶĂƐĂŶ ƉŽŬŽŬ
KďůŝŐĂƐŝ ĚĂŶ ƉĞůƵŶĂƐĂŶ ĂŶĂ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ͕ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ͕ WĞƌũĂŶũŝĂŶ ŐĞŶ WĞŵďĂLJĂƌĂŶ
KďůŝŐĂƐŝĚĂŶWĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ ^ƵŬƵŬ/ũĂƌĂŚ͘
WĞƌƐĞƌŽĂŶŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂKďůŝŐĂƐŝ ĚĂŶƉĞŵďĂLJĂƌĂŶ WĞŶĚĂƉĂƚĂŶ ĂŐŝ ,ĂƐŝů^ƵŬƵŬ
/ũĂƌĂŚĚĂŶƉĞůƵŶĂƐĂŶ WŽŬŽŬKďůŝŐĂƐŝ ĚĂŶƉĞůƵŶĂƐĂŶ ĂŶĂ^ƵŬƵŬ /ũĂƌĂŚďĞƌĚĂƐĂƌŬĂŶĚĂƚĂ ŬĞƉĞŵŝůŝŬĂŶ
KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ /ũĂƌĂŚLJĂŶŐĚŝƐĂŵƉĂŝŬĂŶ ŽůĞŚ<^ /ŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘
Ĩ͘ ,ĂŬ ƵŶƚƵŬŵĞŶŐŚĂĚŝƌŝZhWK ĚĂŶͬĂƚĂƵ ZhW^h ĚŝůĂŬƐĂŶĂŬĂŶ ŽůĞŚƉĞŵŝůŝŬŵĂŶĨĂĂƚ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ
^ƵŬƵŬ /ũĂƌĂŚ ĂƚĂƵ ŬƵĂƐĂŶLJĂ ĚĞŶŐĂŶŵĞŵďĂǁĂ ĂƐůŝ ƐƵƌĂƚ <ŽŶĨŝƌŵĂƐŝ dĞƌƚƵůŝƐ ƵŶƚƵŬ ZhWK ĚĂŶͬĂƚĂƵ
ZhW^h LJĂŶŐĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ<^ / ĚĂŶKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚLJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶĚŝďĞŬƵŬĂŶ
ƐĂŵƉĂŝ ĚĞŶŐĂŶďĞƌĂŬŚŝƌŶLJĂZhWKĚĂŶͬĂƚĂƵ ZhW^h͘
Ő͘ WŝŚĂŬͲƉŝŚĂŬ LJĂŶŐ ŚĞŶĚĂŬ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƐĂŶĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ǁĂũŝď ŵĞŶƵŶũƵŬ
WĞƌƵƐĂŚĂĂŶ ĨĞŬĂƚĂƵĂŶŬ<ƵƐƚŽĚŝĂŶLJĂŶŐƚĞůĂŚŵĞŶũĂĚŝƉĞŵĞŐĂŶŐƌĞŬĞŶŝŶŐĚŝ<^ /ƵŶƚƵŬŵĞŶĞƌŝŵĂ
ĚĂŶŵĞŶLJŝŵƉĂŶ KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝĚŝƐƚƌŝďƵƐŝŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘
ϲ͘ WĞŶŐĂũƵĂŶ WĞŵĞƐĂŶĂŶWĞŵďĞůŝĂŶKďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ /ũĂƌĂŚ
^ĞďĞůƵŵ DĂƐĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ĚŝƚƵƚƵƉ͕ ƉĞŵĞƐĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ŚĂƌƵƐ ŵĞůĂŬƵŬĂŶ
ƉĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ƐĞůĂŵĂ ũĂŵ ŬĞƌũĂ ĚĞŶŐĂŶ ŵĞŶŐĂũƵŬĂŶ &WWK
ĚĂŶͬĂƚĂƵ &WW^h ŬĞƉĂĚĂ WĞŶũĂŵŝŶ ŵŝƐŝ LJĂŶŐ ĚŝƚƵŶũƵŬ͕ ƉĂĚĂ ƚĞŵƉĂƚ ĚŝŵĂŶĂ &W WK ĚĂŶͬĂƚĂƵ &WW^h
ĚŝƉĞƌŽůĞŚ͕ďĂŝŬĚĂůĂŵ ďĞŶƚƵŬŚĂƌĚĐŽƉLJŵĂƵƉƵŶƐŽĨƚĐŽƉLJŵĞůĂůƵŝĞŵĂŝů͘
ϳ͘ ƵŬƚŝdĂŶĚĂ dĞƌŝŵĂWĞŵĞƐĂŶĂŶWĞŵďĞůŝĂŶKďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ /ũĂƌĂŚ
WĂƌĂWĞŶũĂŵŝŶ ŵŝƐŝLJĂŶŐŵĞŶĞƌŝŵĂƉĞŶŐĂũƵĂŶƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚĂŬĂŶ
ŵĞŶLJĞƌĂŚŬĂŶ ŬĞŵďĂůŝ ϭ;ƐĂƚƵͿ ƚĞŵďƵƐĂŶ ĚĂƌŝ&WWKĚĂŶͬĂƚĂƵ &WW^h LJĂŶŐ ƚĞůĂŚĚŝƚĂŶĚĂƚĂŶŐĂŶŝŶLJĂ͕ ďĂŝŬ
ĚĂůĂŵďĞŶƚƵŬŚĂƌĚĐŽƉLJŵĂƵƉƵŶƐŽĨƚĐŽƉLJŵĞůĂůƵŝĞŵĂŝůƐĞďĂŐĂŝďƵŬƚŝƚĂŶĚĂ ƚĞƌŝŵĂƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶ
KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ͘ ƵŬƚŝƚĂŶĚĂ ƚĞƌŝŵĂƉĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ
ƚĞƌƐĞďƵƚďƵŬĂŶŵĞƌƵƉĂŬĂŶũĂŵŝŶĂŶ ĚŝƉĞŶƵŚŝŶLJĂƉĞƐĂŶĂŶ͘
ϴ͘ WĞŶũĂƚĂŚĂŶ KďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ /ũĂƌĂŚ
ƉĂďŝůĂũƵŵůĂŚŬĞƐĞůƵƌƵŚĂŶKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝƉĞƐĂŶŵĞůĞďŝŚŝũƵŵůĂŚKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ
^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝƚĂǁĂƌŬĂŶ ŵĂŬĂƉĞŶũĂƚĂŚĂŶĂŬĂŶĚŝůĂŬƐĂŶĂŬĂŶ ŵĞŶŐŝŬƵƚŝWĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϳ͘dĂŶŐŐĂů
WĞŶũĂƚĂŚĂŶĂĚĂůĂŚ ƚĂŶŐŐĂů ϭϬ:ƵŶŝϮϬϮϲ͘
ĂůĂŵ ŚĂůƚĞƌũĂĚŝŬĞůĞďŝŚĂŶƉĞƌŵŝŶƚĂĂŶ ďĞůŝĚĂůĂŵ ƐƵĂƚƵ WĞŶĂǁĂƌĂŶ hŵƵŵ͕ ŵĂŬĂ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ͕
ĂŐĞŶ ƉĞŶũƵĂůĂŶ ĨĞŬ͕ ĨŝůŝĂƐŝ ĚĂƌŝ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ͕ ĂƚĂƵ ĨŝůŝĂƐŝ ĚĂƌŝ ĂŐĞŶ ƉĞŶũƵĂůĂŶ ĨĞŬ ĚŝůĂƌĂŶŐ
ŵĞŵďĞůŝĂƚĂƵŵĞŵŝůŝŬŝ ĨĞŬƵŶƚƵŬƉŽƌƚŽĨŽůŝŽ ĨĞŬŵĞƌĞŬĂƐĞŶĚŝƌŝ͘
ĂůĂŵ ŚĂůƚĞƌũĂĚŝŬĞŬƵƌĂŶŐĂŶƉĞƌŵŝŶƚĂĂŶďĞůŝĚĂůĂŵ WĞŶĂǁĂƌĂŶ hŵƵŵ͕ ŵĂŬĂ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ͕ĂŐĞŶ
ƉĞŶũƵĂůĂŶ ĨĞŬ͕ ĨŝůŝĂƐŝĚĂƌŝ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ͕ ĂƚĂƵ ĨŝůŝĂƐŝ ĚĂƌŝĂŐĞŶƉĞŶũƵĂůĂŶ ĨĞŬ ĚŝůĂƌĂŶŐ ŵĞŶũƵĂů
ĨĞŬLJĂŶŐ ƚĞůĂŚĚŝďĞůŝĂƚĂƵ ĂŬĂŶ ĚŝďĞůŝŶLJĂďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶ ƉĞŶũĂŵŝŶĂŶ ĞŵŝƐŝ ĨĞŬ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ĨĞŬƚĞƌƐĞďƵƚĚŝĐĂƚĂƚŬĂŶ ĚŝƵƌƐĂ ĨĞŬ͘
WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ ǁĂũŝďŵĞŶLJĞƌĂŚŬĂŶůĂƉŽƌĂŶŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ ŬĞƉĂĚĂK:<
ƉĂůŝŶŐůĂŵďĂƚ ϱ;ůŝŵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚdĂŶŐŐĂůWĞŶũĂƚĂŚĂŶ͘
DĂŶĂũĞƌ WĞŶũĂƚĂŚĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ͕ ĚĂůĂŵ ŚĂů ŝŶŝ Wd Z/
ĂŶĂƌĞŬƐĂ ^ĞŬƵƌŝƚĂƐ͕ ĂŬĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ ůĂƉŽƌĂŶ ŚĂƐŝů ƉĞŵĞƌŝŬƐĂĂŶ ĂŬƵŶƚĂŶ ŬĞƉĂĚĂ K:< ŵĞŶŐĞŶĂŝ
ŬĞǁĂũĂƌĂŶ ĚĂƌŝ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŶũĂƚĂŚĂŶ ĚĞŶŐĂŶ ďĞƌƉĞĚŽŵĂŶ ŬĞƉĂĚĂ WĞƌĂƚƵƌĂŶ ĂƉĞƉĂŵ EŽ͘ s///͘'͘ϭ Ϯ
ƚĞŶƚĂŶŐWĞĚŽŵĂŶWĞŵĞƌŝŬƐĂĂŶŽůĞŚŬƵŶƚĂŶĂƚĂƐWĞŵĞƐĂŶĂŶĚĂŶWĞŶũĂƚĂŚĂŶ ĨĞŬĂƚĂƵWĞŵďĂŐŝĂŶ^ĂŚĂŵ
ŽŶƵƐ ĚĂŶ WĞƌĂƚƵƌĂŶ ĂƉĞƉĂŵ EŽ͘ /y͘͘ϳ ƉĂůŝŶŐ ůĂŵďĂƚ ϯϬ ;ƚŝŐĂ ƉƵůƵŚͿŚĂƌŝ ƐĞƚĞůĂŚ ďĞƌĂŬŚŝƌŶLJĂ ŵĂƐĂ
WĞŶĂǁĂƌĂŶhŵƵŵ͘
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ϵ͘ WĞŵďĂLJĂƌĂŶ WĞŵĞƐĂŶĂŶWĞŵďĞůŝĂŶKďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ /ũĂƌĂŚ
^ĞƚĞůĂŚŵĞŶĞƌŝŵĂ ƉĞŵďĞƌŝƚĂŚƵĂŶ ŚĂƐŝůƉĞŶũĂƚĂŚĂŶ KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚ͕ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ
ƚĂŶŐŐĂů ϭϭ:ƵŶŝϮϬϮϲ͕ƉĞŵĞƐĂŶ ŚĂƌƵƐƐĞŐĞƌĂŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŵďĂLJĂƌĂŶ ŵĞůĂůƵŝ ƉĞŵŝŶĚĂŚďƵŬƵĂŶ ĂƚĂƵ
ƚƌĂŶƐĨĞƌLJĂŶŐĚŝƚƵũƵŬĂŶŬĞƉĂĚĂWĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐũƵŐĂ ŵĞƌƵƉĂŬĂŶWĞŶũĂŵŝŶ
WĞůĂŬƐĂŶĂ ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ͕ ĚĂŶĂĞĨĞŬƚŝĨ;ŝŶŐŽŽĚĨƵŶĚͿŬĞƉĂĚĂƌĞŬĞŶŝŶŐĚŝďĂǁĂŚ ŝŶŝ͗
KďůŝŐĂƐŝ ^ƵŬƵŬ/ũĂƌĂŚ
Wd/ŶĚŽ WƌĞŵŝĞƌ ĂŶŬWĞƌŵĂƚĂ ĂŶŬWĞƌŵĂƚĂ^LJĂƌŝĂŚ
^ĞŬƵƌŝƚĂƐ ĂďĂŶŐ͗^ƵĚŝƌŵĂŶ:ĂŬĂƌƚĂ ĂďĂŶŐ͗^ƵĚŝƌŵĂŶ:ĂŬĂƌƚĂ
EŽ͘ZĞŬ͗ϬϳϬϭϮϱϰϲϯϱ EŽ͘ZĞŬĞŶŝŶŐ͗ϬϳϬϭϱϳϱϴϯϬ
ƚĂƐŶĂŵĂ͗Wd/ŶĚŽ WƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐ ƚĂƐEĂŵĂ͗Wd/ŶĚŽWƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐ
Wd^ĞŬƵƌŝƚĂƐ ĂŶŬ ĂŶŬ^LJĂƌŝĂŚ
ĂďĂŶŐ͗dŚĂŵƌŝŶ ĂďĂŶŐ͗:ĂƚŝŶĞŐĂƌĂ
EŽ͘ZĞŬ͗ϮϬϲϳϲϱϰϮϮϮ EŽ͘ZĞŬĞŶŝŶŐ͗ϬϬϭϳϬϬϬϬϯϱ
ƚĂƐŶĂŵĂ͗Wd^ĞŬƵƌŝƚĂƐ ƚĂƐEĂŵĂ͗Wd^ĞŬƵƌŝƚĂƐ
WdZ/ĂŶĂƌĞŬƐĂ ĂŶŬZ/ ĂŶŬDƵĂŵĂůĂƚ
^ĞŬƵƌŝƚĂƐ ĂďĂŶŐ͗ƵƌƐĂ ĨĞŬ:ĂŬĂƌƚĂ ĂďĂŶŐ͗^ƵĚŝƌŵĂŶ
EŽ͘ZĞŬ͗Ϭϲϳϭ͘Ϭϭ͘ϬϬϬϲϵϮ͘ϯϬ͘ϭ EŽ͘ZĞŬĞŶŝŶŐ͗ϯϬϭͲϬϬϳϬϮϱϬ
ƚĂƐŶĂŵĂ͗WdZ/ĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐ ƚĂƐEĂŵĂ͗WdZ/ĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐ
^ĞŵƵĂ ďŝĂLJĂ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ƉƌŽƐĞƐƉĞŵďĂLJĂƌĂŶ ŵĞƌƵƉĂŬĂŶ ďĞďĂŶƉĞŵĞƐĂŶ͘ WĞŵĞƐĂŶĂŶ ĂŬĂŶ
ĚŝďĂƚĂůŬĂŶ ũŝŬĂƉĞƌƐLJĂƌĂƚĂŶƉĞŵďĂLJĂƌĂŶ ƚŝĚĂŬĚŝƉĞŶƵŚŝ͘
^ĞůĂŶũƵƚŶLJĂ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚǁĂũŝď ŵĞŶLJĞƚŽƌĚĂŶĂŚĂƐŝů ĞŵŝƐŝKďůŝŐĂƐŝ
ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶƉĂĚĂ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ LJĂŝƚƵ ϭϮ:ƵŶŝ ϮϬϮϲ͕ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ
ƉƵŬƵůϭϰ͘ϬϬt/͘
ĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ ƚĞƌƐĞďƵƚ ĚŝƚƌĂŶƐĨĞƌ ŽůĞŚ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ŬĞ ƌĞŬĞŶŝŶŐ
WĞƌƐĞƌŽĂŶĚŝďĂǁĂŚ ŝŶŝ͗
Wd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJŽĨIndonesia Tbk (“Spindo”)
KďůŝŐĂƐŝ ^ƵŬƵŬ/ũĂƌĂŚ
ĂŶŬ ĂŶŬ^LJĂƌŝĂŚ
ĂďĂŶŐ͗<hsĞƚĞƌĂŶ ĂďĂŶŐ͗<hsĞƚĞƌĂŶ
EŽ͘ZĞŬ͗ϬϭϬϵϬϵϮϵϬϬ EŽ͘ZĞŬ͗ϬϭϱϯϬϲϴϳϬϱ
ĂͬŶ͗Wd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJ ŽĨ ĂͬŶ͗Wd^ƚĞĞůWŝƉĞ/ŶĚƵƐƚƌLJ ŽĨ
/ŶĚŽŶĞƐŝĂdďŬ /ŶĚŽŶĞƐŝĂdďŬ
ϭϬ͘ ŝƐƚƌŝďƵƐŝ KďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ^ĞĐĂƌĂ ůĞŬƚƌŽŶŝŬ
^ĞŐĞƌĂƐĞƚĞůĂŚWĞƌƐĞƌŽĂŶŵĞŶĞƌŝŵĂƉĞŵďĂLJĂƌĂŶ͕ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŶĞƌďŝƚŬĂŶ ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽ KďůŝŐĂƐŝ
ĚĂŶ^ƵŬƵŬ/ũĂƌĂŚŬĞƉĂĚĂ<^ /ƉĂĚĂdĂŶŐŐĂů ŵŝƐŝ ĚĂŶŵĞŵďĞƌŝŝŶƐƚƌƵŬƐŝŬĞƉĂĚĂ<^ /ƵŶƚƵŬŵĞŶŐŬƌĞĚŝƚŬĂŶ
KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚŬĞĚĂůĂŵZĞŬĞŶŝŶŐ ĨĞŬĂƚĂƵ^ƵďZĞŬĞŶŝŶŐ ĨĞŬLJĂŶŐďĞƌŚĂŬƐĞƐƵĂŝĚĂƚĂ ĚĂůĂŵ
ƌĞŬĂƉŝƚƵůĂƐŝŝŶƐƚƌƵŬƐŝĚŝƐƚƌŝďƵƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐ ĂŬĂŶĚŝƐĂŵƉĂŝŬĂŶ ŽůĞŚWĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ
ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ͘
ĂůĂŵ ŚĂů WĞƌƐĞƌŽĂŶƚĞƌůĂŵďĂƚ ŵĞŶLJĞƌĂŚŬĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂŶ ŵĞŵďĞƌŝ
ŝŶƐƚƌƵŬƐŝŬĞƉĂĚĂ<^ /ƵŶƚƵŬŵĞŶŐŬƌĞĚŝƚŬĂŶKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚƉĂĚĂZĞŬĞŶŝŶŐ ĨĞŬ͕ŵĂŬĂWĞƌƐĞƌŽĂŶ
ǁĂũŝď ŵĞŵďĂLJĂƌĞŶĚĂĚĂŶͬĂƚĂƵ <ŽŵƉĞŶƐĂƐŝ<ĞƌƵŐŝĂŶŬŝďĂƚ<ĞƚĞƌůĂŵďĂƚĂŶ ŬĞƉĂĚĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝ
ĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝŚŝƚƵŶŐ ƐĞĐĂƌĂŚĂƌŝĂŶ;ďĞƌĚĂƐĂƌŬĂŶũƵŵůĂŚ ,Ăƌŝ<ĂůĞŶĚĞƌLJĂŶŐƚĞůĂŚůĞǁĂƚ ƐĂŵƉĂŝ
ĚĞŶŐĂŶƉĞůĂŬƐĂŶĂĂŶ ĚŝƐƚƌŝďƵƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐƐĞŚĂƌƵƐŶLJĂĚŝŬƌĞĚŝƚŬĂŶͿĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶϭ
;ƐĂƚƵͿ ƚĂŚƵŶ ĂĚĂůĂŚ ϯϲϬ;ƚŝŐĂ ƌĂƚƵƐĞŶĂŵƉƵůƵŚͿ,Ăƌŝ <ĂůĞŶĚĞƌĂƚĂƵ ϭ;ƐĂƚƵͿ ďƵůĂŶĂĚĂůĂŚ ϯϬ;ƚŝŐĂ ƉƵůƵŚͿ
,Ăƌŝ<ĂůĞŶĚĞƌŬĞƉĂĚĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ͘
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WĂƌĂ WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ƚĞƌůĂŵďĂƚ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ĂƚĂƐ ďĂŐŝĂŶ
ƉĞŶũĂŵŝŶĂŶ LJĂŶŐ ĚŝĂŵďŝů ŽůĞŚ WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ͕ ƚŝĚĂŬ ĂŬĂŶ ŵĞŶĞƌŝŵĂ ĂůŽŬĂƐŝ
KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝĚŝƐƚƌŝďƵƐŝŬĂŶ ŽůĞŚ <^ / ƐĂŵƉĂŝ ĚĞŶŐĂŶ ĚŝƉĞŶƵŚŝŶLJĂ ŬĞǁĂũŝďĂŶ ƉĂƌĂ
WĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘
ϭϭ͘ WĞŶƵŶĚĂĂŶ ĂƚĂƵWĞŵďĂƚĂůĂŶWĞŶĂǁĂƌĂŶ hŵƵŵ
Ă͘ ĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ƐĞũĂŬ ĞĨĞŬƚŝĨŶLJĂ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ďĞƌĂŬŚŝƌŶLJĂ ŵĂƐĂ
WĞŶĂǁĂƌĂŶ hŵƵŵ͕ WĞƌƐĞƌŽĂŶĚĂƉĂƚ ŵĞŶƵŶĚĂ ŵĂƐĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ƵŶƚƵŬ ŵĂƐĂ ƉĂůŝŶŐ ůĂŵĂ ϯ
;ƚŝŐĂͿ ďƵůĂŶƐĞũĂŬĞĨĞŬƚŝĨŶLJĂWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶ ĂƚĂƵŵĞŵďĂƚĂůŬĂŶ WĞŶĂǁĂƌĂŶhŵƵŵ͕ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶƚĞƌũĂĚŝƐƵĂƚƵŬĞĂĚĂĂŶĚŝůƵĂƌŬĞŵĂŵƉƵĂŶ ĚĂŶŬĞŬƵĂƐĂĂŶ WĞƌƐĞƌŽĂŶLJĂŝƚƵ͗
;ŝͿ /ŶĚĞŬƐŚĂƌŐĂƐĂŚĂŵŐĂďƵŶŐĂŶĚŝƵƌƐĂ ĨĞŬƚƵƌƵŶŵĞůĞďŝŚŝϭϬй;ƐĞƉƵůƵŚƉĞƌƐĞŶͿƐĞůĂŵĂϯ;ƚŝŐĂͿ
,ĂƌŝƵƌƐĂďĞƌƚƵƌƵƚͲƚƵƌƵƚ͖
;ŝŝͿ ĞŶĐĂŶĂĂůĂŵ͕ ƉĞƌĂŶŐ͕ŚƵƌƵͲŚĂƌĂ͕ŬĞďĂŬĂƌĂŶ͕ ƉĞŵŽŐŽŬĂŶLJĂŶŐ ďĞƌƉĞŶŐĂƌƵŚƐĞĐĂƌĂƐŝŐŶŝĨŝŬĂŶ
ƚĞƌŚĂĚĂƉŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂ WĞƌƐĞƌŽĂŶ͖ĚĂŶͬĂƚĂƵ
;ŝŝŝͿ WĞƌŝƐƚŝǁĂůĂŝŶLJĂŶŐďĞƌƉĞŶŐĂƌƵŚƐĞĐĂƌĂƐŝŐŶŝĨŝŬĂŶƚĞƌŚĂĚĂƉŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶLJĂŶŐ
ĚŝƚĞƚĂƉŬĂŶŽůĞŚK:<ďĞƌĚĂƐĂƌŬĂŶ&ŽƌŵƵůŝƌƐĞďĂŐĂŝŵĂŶĂ ĚŝƚĞŶƚƵŬĂŶĚĂůĂŵWĞƌĂƚƵƌĂŶEŽ͘/y͘͘Ϯ ͘
ď͘ ĂůĂŵ ŚĂů WĞŶĂǁĂƌĂŶ hŵƵŵ ĚŝƚƵŶĚĂ ŬĂƌĞŶĂĂůĂƐĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ƉŽŝŶ;ŝͿĚŝĂƚĂƐ͕
ŵĂŬĂWĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵƵůĂŝŬĞŵďĂůŝŵĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵƉĂůŝŶŐůĂŵďĂƚ ϴ;ĚĞůĂƉĂŶͿ,Ăƌŝ<ĞƌũĂ
ƐĞƚĞůĂŚŝŶĚĞŬƐŚĂƌŐĂƐĂŚĂŵŐĂďƵŶŐĂŶ ĚŝƵƌƐĂ ĨĞŬŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶƉĂůŝŶŐƐĞĚŝŬŝƚϱϬй;ůŝŵĂ
ƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝƚŽƚĂů ƉĞŶƵƌƵŶĂŶŝŶĚĞŬƐŚĂƌŐĂƐĂŚĂŵ ŐĂďƵŶŐĂŶLJĂŶŐŵĞŶũĂĚŝĚĂƐĂƌƉĞŶƵŶĚĂĂŶ͘
Đ͘ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ŝͿ DĞŶŐƵŵƵŵŬĂŶ ƉĞŶƵŶĚĂĂŶŵĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵĂƚĂƵƉĞŵďĂƚĂůĂŶ WĞŶĂǁĂƌĂŶhŵƵŵĚĂůĂŵ
ƉĂůŝŶŐ ŬƵƌĂŶŐ ϭ ;ƐĂƚƵͿ ƐƵƌĂƚ ŬĂďĂƌ ŚĂƌŝĂŶ ďĞƌďĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ƉĞƌĞĚĂƌĂŶ
ŶĂƐŝŽŶĂů ƉĂůŝŶŐ ůĂŵďĂƚ ϭ ;ƐĂƚƵͿ ŚĂƌŝ ŬĞƌũĂ ƐĞƚĞůĂŚ ƉĞŶƵŶĚĂĂŶ ĂƚĂƵ ƉĞŵďĂƚĂůĂŶ ƚĞƌƐĞďƵƚ͘
ŝƐĂŵƉŝŶŐ ŬĞǁĂũŝďĂŶ ŵĞŶŐƵŵƵŵŬĂŶ ĚĂůĂŵ ƐƵƌĂƚŬĂďĂƌ͕ WĞƌƐĞƌŽĂŶĚĂƉĂƚ ũƵŐĂŵĞŶŐƵŵƵŵŬĂŶ
ŝŶĨŽƌŵĂƐŝƚĞƌƐĞďƵƚĚĂůĂŵ ŵĞĚŝĂŵĂƐƐĂůĂŝŶŶLJĂ͖
;ŝŝͿ DĞŶLJĂŵƉĂŝŬĂŶ ŝŶĨŽƌŵĂƐŝ ƉĞŶƵŶĚĂĂŶ ŵĂƐĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ĂƚĂƵ ƉĞŵďĂƚĂůĂŶ WĞŶĂǁĂƌĂŶ
hŵƵŵ ƚĞƌƐĞďƵƚŬĞƉĂĚĂK:<ƉĂĚĂŚĂƌŝLJĂŶŐƐĂŵĂ ĚĞŶŐĂŶƉĞŶŐƵŵƵŵĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ
ĚĂůĂŵ ƉŽŝŶ;ŝŝͿĚŝĂƚĂƐ͖
;ŝŝŝͿ ĂůĂŵ ŚĂů ƵĂŶŐ ƉĞŵďĂLJĂƌĂŶ ƉĞŵĞƐĂŶĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ƚĞůĂŚ ĚŝƚĞƌŝŵĂ ŽůĞŚ
WĞƌƐĞƌŽĂŶ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶŐĞŵďĂůŝŬĂŶ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ ƉĂƌĂ
ƉĞŵĞƐĂŶƉĂůŝŶŐůĂŵďĂƚ Ϯ;ĚƵĂͿŚĂƌŝŬĞƌũĂƐĞũĂŬŬĞƉƵƚƵƐĂŶƉĞŶƵŶĚĂĂŶĂƚĂƵƉĞŵďĂƚĂůĂŶƚĞƌƐĞďƵƚ͕
ƐĞĚĂŶŐŬĂŶďŝůĂŵĂŶĂƚĞůĂŚĚŝƚĞƌŝŵĂŽůĞŚWĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĂƚĂƵWĞŶũĂŵŝŶ
WĞůĂŬƐĂŶĂ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ ŵĂŬĂ WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ ^ƵŬƵŬ/ũĂƌĂŚĂƚĂƵ
WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ǁĂũŝď ŵĞŶŐĞŵďĂůŝŬĂŶ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ
ƚĞƌƐĞďƵƚŬĞƉĂĚĂƉĂƌĂƉĞŵĞƐĂŶƉĂůŝŶŐůĂŵďĂƚ Ϯ;ĚƵĂͿŚĂƌŝŬĞƌũĂƐĞƐƵĚĂŚƚĂŶŐŐĂůĚŝƵŵƵŵŬĂŶŶLJĂ
ƉĞŵďĂƚĂůĂŶ ƚĞƌƐĞďƵƚ͖
;ŝǀͿ :ŝŬĂ ƚĞƌũĂĚŝ ŬĞƚĞƌůĂŵďĂƚĂŶ͕ ŵĂŬĂ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĂƚĂƵ
WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ĂƚĂƵ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŶLJĞďĂďŬĂŶ ƚĞƌũĂĚŝŶLJĂ
ŬĞƚĞƌůĂŵďĂƚĂŶ ƚĞƌƐĞďƵƚ ǁĂũŝď ŵĞŵďĂLJĂƌ ŬĞƉĂĚĂ ƉĞŵĞƐĂŶ ĞŶĚĂ ĂƚĂƵ <ŽŵƉĞŶƐĂƐŝ <ĞƌƵŐŝĂŶ
ŬŝďĂƚ<ĞƚĞƌůĂŵďĂƚĂŶ͘ ĞŶĚĂĚĂŶ<ŽŵƉĞŶƐĂƐŝ<ĞƌƵŐŝĂŶŬŝďĂƚ<ĞƚĞƌůĂŵďĂƚĂŶ ĚŝĂƚĂƐ ĚŝŚŝƚƵŶŐ
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ ϭ;ƐĂƚƵͿƚĂŚƵŶĂĚĂůĂŚ ϯϲϬ;ƚŝŐĂ ƌĂƚƵƐĞŶĂŵƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌĚĂŶϭ;ƐĂƚƵͿ
ďƵůĂŶ ĂĚĂůĂŚ ϯϬ ;ƚŝŐĂ ƉƵůƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌ͘ ĞŶĚĂ ĚĂŶ <ŽŵƉĞŶƐĂƐŝ <ĞƌƵŐŝĂŶ ŬŝďĂƚ
<ĞƚĞƌůĂŵďĂƚĂŶ ĚŝŬĞŶĂŬĂŶƐĞũĂŬŚĂƌŝŬĞͲϯ;ƚŝŐĂͿƐĞƚĞůĂŚďĞƌĂŬŚŝƌŶLJĂWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝ
KďůŝŐĂƐŝĂƚĂƵWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝ^ƵŬƵŬ/ũĂƌĂŚLJĂŶŐĚŝŚŝƚƵŶŐƐĞĐĂƌĂŚĂƌŝĂŶ͘
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ƉĂďŝůĂ ƵĂŶŐ ƉĞŶŐĞŵďĂůŝĂŶ ƉĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ƚĞůĂŚ
ĚŝƐĞĚŝĂŬĂŶ͕ ĂŬĂŶ ƚĞƚĂƉŝ ƉĞŵĞƐĂŶ ƚŝĚĂŬ ĚĂƚĂŶŐ ƵŶƚƵŬ ŵĞŶŐĂŵďŝůŶLJĂ ĚĂůĂŵ ǁĂŬƚƵ Ϯ ;ĚƵĂͿ ,Ăƌŝ
<ĞƌũĂ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ĚŝƵŵƵŵŬĂŶŶLJĂ ƉĞŵďĂƚĂůĂŶ ƚĞƌƐĞďƵƚ͕ WĞƌƐĞƌŽĂŶ ĚĂŶͬĂƚĂƵ WĞŶũĂŵŝŶ
WĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĚĂŶͬĂƚĂƵ WĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚƚŝĚĂŬ
ĚŝǁĂũŝďŬĂŶ ŵĞŵďĂLJĂƌ ĚĞŶĚĂ ĂƚĂƵ <ŽŵƉĞŶƐĂƐŝ <ĞƌƵŐŝĂŶ ŬŝďĂƚ <ĞƚĞƌůĂŵďĂƚĂŶ ŬĞƉĂĚĂ ƉĂƌĂ
ƉĞŵĞƐĂŶKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚ͘
ϭϮ͘ WĞŶŐĞŵďĂůŝĂŶ hĂŶŐWĞŵĞƐĂŶĂŶ
ĂůĂŵ ŚĂůƉĞŵĞƐĂŶĂŶ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ/ũĂƌĂŚ ĚŝƚŽůĂŬ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚŶLJĂĚĂŶƵĂŶŐ ƉĞŵďĂLJĂƌĂŶ
ƉĞŵĞƐĂŶĂŶ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ƚĞůĂŚ ĚŝƚĞƌŝŵĂ ŽůĞŚWĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ ĂƚĂƵ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ
ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚ͕ ŵĂŬĂƵĂŶŐ ƉĞŵďĂLJĂƌĂŶƚĞƌƐĞďƵƚǁĂũŝďĚŝŬĞŵďĂůŝŬĂŶ ŽůĞŚWĞŶũĂŵŝŶ ŵŝƐŝ
ĨĞŬ ĂƚĂƵ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĞƐĂŶ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ
/ũĂƌĂŚ ƉĂůŝŶŐ ůĂŵďĂƚ Ϯ ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ ƐĞƐƵĚĂŚ dĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ͘ :ŝŬĂ ƚĞƌũĂĚŝ ŬĞƚĞƌůĂŵďĂƚĂŶ ĂƚĂƐ
ƉĞŶŐĞŵďĂůŝĂŶ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ͕ ŵĂŬĂ ƉŝŚĂŬ LJĂŶŐŵĞŶLJĞďĂďŬĂŶ ŬĞƚĞƌůĂŵďĂƚĂŶ ǁĂũŝď ŵĞŵďĂLJĂƌ ŬĞƉĂĚĂ
ƉĂƌĂ ƉĞŵĞƐĂŶ͕ ĚĞŶĚĂͬŬŽŵƉĞŶƐĂƐŝ ƵŶƚƵŬ ƚŝĂƉ ŚĂƌŝ ŬĞƚĞƌůĂŵďĂƚĂŶ ƐĞďĞƐĂƌ ϭй ƉĞƌ ƚĂŚƵŶ Ěŝ ĂƚĂƐ ƚŝŶŐŬĂƚ
ďƵŶŐĂ KďůŝŐĂƐŝŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞƌŝŽďůŝŐĂƐŝ ĚĂƌŝũƵŵůĂŚ ĚĂŶĂ LJĂŶŐ ƚĞƌůĂŵďĂƚ ĚŝďĂLJĂƌƉĂůŝŶŐ ůĂŵďĂƚ Ϯ,Ăƌŝ
<ĞƌũĂƐĞƚĞůĂŚdĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ͘ ĞŶĚĂͬŬŽŵƉĞŶƐĂƐŝ ƚĞƌƐĞďƵƚĚŝĂƚĂƐ ĚŝŚŝƚƵŶŐ ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ ϭ;ƐĂƚƵͿ
ƚĂŚƵŶĂĚĂůĂŚϯϲϬ;ƚŝŐĂ ƌĂƚƵƐĞŶĂŵƉƵůƵŚͿŚĂƌŝĚĂŶϭ;ƐĂƚƵͿďƵůĂŶĂĚĂůĂŚ ϯϬ;ƚŝŐĂƉƵůƵŚͿŚĂƌŝ͘
:ŝŬĂƚĞƌũĂĚŝƉĞŶƵŶĚĂĂŶDĂƐĂ WĞŶĂǁĂƌĂŶĂƚĂƵ ƉĞŵďĂƚĂůĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ĂƚĂƵ ƉĞŶŐĂŬŚŝƌĂŶWĞƌũĂŶũŝĂŶ
WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ ;ŬĞĐƵĂůŝŬĂƌĞŶĂƉĞŶŐĂŬŚŝƌĂŶ LJĂŶŐ ĚŝƐĞďĂďŬĂŶ ĂƚĂƐ ƚĞůĂŚĚŝƉĞŶƵŚŝŶLJĂ ƐĞůƵƌƵŚŚĂŬ
ĚĂŶ ŬĞǁĂũŝďĂŶ ƉĂƌĂ ƉŝŚĂŬ ƐĞƐƵĂŝ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬͿ ĚĂŶ ƵĂŶŐ ƉĞ ŵďĂLJĂƌĂŶ ƉĞŵĞƐĂŶĂŶ
KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚƚĞůĂŚĚŝƚĞƌŝŵĂŽůĞŚWĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬĂƚĂƵWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ͕ŵĂŬĂ͗
Ă͘ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ ĂƚĂƵ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ ǁĂũŝď ŵĞŶŐĞŵďĂůŝŬĂŶ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ
ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĞƐĂŶ ƉĂůŝŶŐ ůĂŵďĂƚ Ϯ ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ ƐĞƐƵĚĂŚ ƚĂŶŐŐĂů ĚŝƵŵƵŵŬĂŶŶLJĂ
ƉĞŶƵŶĚĂĂŶĂƚĂƵ ƉĞŵďĂƚĂůĂŶ ƚĞƌƐĞďƵƚĂƚĂƵďĞƌĂŬŚŝƌŶLJĂWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ͘
ď͘ :ŝŬĂƚĞƌũĂĚŝŬĞƚĞƌůĂŵďĂƚĂŶ ĂƚĂƐƉĞŶŐĞŵďĂůŝĂŶƵĂŶŐƉĞŵĞƐĂŶĂŶƐĞďĂŐĂŝŵĂŶĂ ŚƵƌƵĨĂ͕ŵĂŬĂƉŝŚĂŬLJĂŶŐ
ŵĞŶLJĞďĂďŬĂŶ ŬĞƚĞƌůĂŵďĂƚĂŶ ǁĂũŝď ŵĞŵďĂLJĂƌ ŬĞƉĂĚĂƉĂƌĂ ƉĞŵĞƐĂŶ͕ ĚĞŶĚĂͬŬŽŵƉĞŶƐĂƐŝ ƵŶƚƵŬ ƚŝĂƉ
ŚĂƌŝŬĞƚĞƌůĂŵďĂƚĂŶ ƐĞďĞƐĂƌϭйƉĞƌƚĂŚƵŶĚŝĂƚĂƐ ƚŝŶŐŬĂƚ ďƵŶŐĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚŵĂƐŝŶŐ Ͳ
ŵĂƐŝŶŐƐĞƌŝŽďůŝŐĂƐŝĚĂŶͬĂƚĂƵƐƵŬƵŬ/ũĂƌĂŚĚĂƌŝũƵŵůĂŚĚĂŶĂLJĂŶŐƚĞƌůĂŵďĂƚ ĚŝďĂLJĂƌƉĂůŝŶŐůĂŵďĂƚϮ,Ăƌŝ
<ĞƌũĂ ƐĞƚĞůĂŚ dĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ ĂƚĂƵ ƐĞƐƵĚĂŚ ƚĂŶŐŐĂů ĚŝƵŵƵŵŬĂŶŶLJĂ ƉĞŵďĂƚĂůĂŶ ƚĞƌƐĞďƵƚ͘
ĞŶĚĂͬŬŽŵƉĞŶƐĂƐŝ ƚĞƌƐĞďƵƚĚŝĂƚĂƐ ĚŝŚŝƚƵŶŐ ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ ϭ;ƐĂƚƵͿ ƚĂŚƵŶ ĂĚĂůĂŚ ϯϲϬ;ƚŝŐĂ ƌĂƚƵƐ
ĞŶĂŵƉƵůƵŚͿŚĂƌŝĚĂŶϭ;ƐĂƚƵͿďƵůĂŶĂĚĂůĂŚϯϬ;ƚŝŐĂƉƵůƵŚͿŚĂƌŝ͘
Đ͘ ƉĂďŝůĂƵĂŶŐƉĞŶŐĞŵďĂůŝĂŶ ƉĞŵĞƐĂŶĂŶ KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚ ƐƵĚĂŚĚŝƐĞĚŝĂŬĂŶ͕ ĂŬĂŶƚĞƚĂƉŝ
ƉĞŵĞƐĂŶƚŝĚĂŬĚĂƚĂŶŐƵŶƚƵŬŵĞŶŐĂŵďŝůŶLJĂ ĚĂůĂŵ ǁĂŬƚƵϮ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚƚĂŶŐŐĂů ŬĞƉƵƚƵƐĂŶ
ƉĞŶƵŶĚĂĂŶ ĂƚĂƵ ƉĞŵďĂƚĂůĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ĂƚĂƵ ďĞƌĂŬŚŝƌŶLJĂ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬ
ĂƚĂƵϮ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚdĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ͕WĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵ WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ
ĚĂŶͬĂƚĂƵ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ ƚŝĚĂŬ ĚŝǁĂũŝďŬĂŶ ŵĞŵďĂLJĂƌ ĚĞŶĚĂ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĞƐĂŶ KďůŝŐĂƐŝ
ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ/ũĂƌĂŚ͘
Ě͘ WĞŶŐĞŵďĂůŝĂŶ ƵĂŶŐ ĂƉĂďŝůĂ ƉĞŶĐĂƚĂƚĂŶ KďůŝŐĂƐŝ ƚŝĚĂŬ ĚŝůĂŬƐĂŶĂŬĂŶ ĚĂůĂŵ ǁĂŬƚƵ ϭ ;ƐĂƚƵͿ ,Ăƌŝ <ĞƌũĂ
ƐĞƚĞůĂŚdĂŶŐŐĂů ŝƐƚƌŝďƵƐŝ ĚĞŶŐĂŶĂůĂƐĂŶ ƚŝĚĂŬ ĚŝƉĞŶƵŚŝŶLJĂƉĞƌƐLJĂƌĂƚĂŶ ƉĞŶĐĂƚĂƚĂŶ ƉĂĚĂ ƵƌƐĂ ĨĞŬ͕
ďĞƌůĂŬƵ ŬĞƚĞŶƚƵĂŶ Ěŝ ĂƚĂƐ͕ ŶĂŵƵŶ ĂƉĂďŝůĂ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ ƚĞůĂŚ ĚŝƚĞƌŝŵĂ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŵĂŬĂ
ƚĂŶŐŐƵŶŐ ũĂǁĂď ƉĞŶŐĞŵďĂůŝĂŶ ƚĞƌƐĞďƵƚ ŵĞŶũĂĚŝ ƚĂŶŐŐƵŶŐĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƉĞŶŐĞŵďĂůŝĂŶ
ƉĞŵďĂLJĂƌĂŶŶLJĂ ŵĞůĂůƵŝ <^ /͕ ĚĞŶŐĂŶ ĚĞŵŝŬŝĂŶ WĞƌƐĞƌŽĂŶŵĞŵďĞďĂƐŬĂŶ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ
ĨĞŬĚĂŶͬĂƚĂƵ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬĚĂƌŝƐĞŐĂůĂƚĂŶŐŐƵŶŐ ũĂǁĂďŶLJĂ͘
Ğ͘ ƉĂďŝůĂ ƚĞƌũĂĚŝ ŬĞƚĞƌůĂŵďĂƚĂŶ ƉĞŶŐĞŵďĂůŝĂŶ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞƌŝŵĂ ŽůĞŚ WĞƌƐĞƌŽĂŶ
ƐĞƐƵĂŝ ŚƵƌƵĨ Ě Ěŝ ĂƚĂƐ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŵďĂLJĂƌ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĞƐĂŶ ĚĞŶĚĂ ĚĂŶͬĂƚĂƵ
<ŽŵƉĞŶƐĂƐŝ<ĞƌƵŐŝĂŶƵŶƚƵŬƚŝĂƉŚĂƌŝŬĞƚĞƌůĂŵďĂƚĂŶ ƐĞďĞƐĂƌϭй;ƐĂƚƵƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶĚŝĂƚĂƐƚŝŶŐŬĂƚ
ƵŶŐĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵĂŐŝ,ĂƐŝůŵĂƐŝŶŐͲŵĂƐŝŶŐ ^ĞƌŝKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ^ƵŬƵŬ/ũĂƌĂŚ͕ĚĂƌŝũƵŵůĂŚĚĂŶĂ
LJĂŶŐ ƚĞƌůĂŵďĂƚ ĚŝďĂLJĂƌ͘ ĞŶĚĂ ĚĂŶͬĂƚĂƵ <ŽŵƉĞŶƐĂƐŝ <ĞƌƵŐŝĂŶ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ ĚŝŚŝƚƵŶŐ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶϭƚĂŚƵŶ ĂĚĂůĂŚϯϲϬŚĂƌŝĚĂŶϭďƵůĂŶĂĚĂůĂŚϯϬŚĂƌŝ͘ĞŶĚĂĚŝŬĞŶĂŬĂŶƐĞũĂŬŚĂƌŝŬĞ ͲϯƐĞƚĞůĂŚ
ďĞƌĂŬŚŝƌŶLJĂWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝ ĨĞŬLJĂŶŐĚŝŚŝƚƵŶŐƐĞĐĂƌĂŚĂƌŝĂŶ͘
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WĞŶŐĞŵďĂůŝĂŶ ƵĂŶŐ ŬĞƉĂĚĂ ƉĞŵĞƐĂŶ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ďĞŶƚƵŬ ƉĞŵŝŶĚĂŚďƵŬƵĂŶ ŬĞƌĞŬĞŶŝŶŐ ĂƚĂƐ
ŶĂŵĂ ƉĞŵĞƐĂŶĂƚĂƵ ŵĞůĂůƵŝŝŶƐƚƌƵŵĞŶƉĞŵďĂLJĂƌĂŶ ůĂŝŶŶLJĂĚĂůĂŵ ďĞŶƚƵŬĐĞŬĂƚĂƵďŝůLJĞƚŐŝƌŽLJĂŶŐĚĂƉĂƚ
ĚŝĂŵďŝů ůĂŶŐƐƵŶŐ ŽůĞŚ ƉĞŵĞƐĂŶ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ƉĂĚĂ WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ
ƌĞůĞǀĂŶ͕ĚĞŶŐĂŶŵĞŶƵŶũƵŬĂŶĂƚĂƵŵĞŶLJĞƌĂŚŬĂŶďƵŬƚŝƚĂŶĚĂƚĞƌŝŵĂƉĞŵĞƐĂŶĂŶĚĂŶďƵŬƚŝƚĂŶĚĂũĂƚŝĚŝƌŝ͘
ϭϯ͘ ŐĞŶWĞŵďĂLJĂƌĂŶ
ŐĞŶWĞŵďĂLJĂƌĂŶƵŶƚƵŬWĞŶĂǁĂƌĂŶ hŵƵŵ ĞƌŬĞůĂŶũƵƚĂŶKďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ ///^ƉŝŶĚŽ dĂŚĂƉ/dĂŚƵŶ
ϮϬϮϲĚĂŶ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϲĂĚĂůĂŚ<^ /ďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶŐĞŶ
WĞŵďĂLJĂƌĂŶ KďůŝŐĂƐŝ ĚĂŶ WĞƌũĂŶũŝĂŶ ŐĞŶWĞŵďĂLJĂƌĂŶ ^ƵŬƵŬ /ũĂƌĂŚ LJĂŶŐ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ WĞƌƐĞƌŽĂŶĚĂŶ
<^ /͘
Wd<ƵƐƚŽĚŝĂŶ^ĞŶƚƌĂů ĨĞŬ/ŶĚŽŶĞƐŝĂ
'ĞĚƵŶŐƵƌƐĂ ĨĞŬ:ĂŬĂƌƚĂ dŽǁĞƌ/͕ůĂŶƚĂŝϱ
:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶ<Ăǀ͘ϱϮͲϱϯ
:ĂŬĂƌƚĂ ϭϮϭϵϬ
dĞůƉ͗;ϬϮϭͿϱϭϱϮϴϱϱ
&Ădž͗;ϬϮϭͿϱϮϵϵϭϭϵϵ
ŵĂŝů͗ŚĞůƉĚĞƐŬΛŬƐĞŝ͘ĐŽ͘ŝĚ
WĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝ͕ƉĞŵďĂLJĂƌĂŶ^ŝƐĂ/ŵďĂůĂŶ/ũĂƌĂŚƐĞƌƚĂƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝĚĂŶŝĐŝůĂŶ/ŵďĂůĂŶ
/ũĂƌĂŚĂŬĂŶĚŝďĂLJĂƌŬĂŶŽůĞŚ<^ /ƐĞůĂŬƵŐĞŶWĞŵďĂLJĂƌĂŶĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶƐLJĂƌĂƚͲƐLJĂƌĂƚ ĚĂŶ
ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶLJĂŶŐĚŝĂƚƵƌĚĂůĂŵ WĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝĚĂŶWĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ
^ƵŬƵŬ /ũĂƌĂŚ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ ^ƵŬƵŬ /ũĂƌĂŚ ŵĞůĂůƵŝ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐƐĞƐƵĂŝ ĚĞŶŐĂŶũĂĚǁĂů
ǁĂŬƚƵ ƉĞŵďĂLJĂƌĂŶ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĂŐĂŝŵĂŶĂ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞŶƚƵŬĂŶ͘ ŝůĂŵĂŶĂ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ũĂƚƵŚ
ďƵŬĂŶƉĂĚĂ,ĂƌŝƵƌƐĂ͕ŵĂŬĂƉĞŵďĂLJĂƌĂŶĂŬĂŶĚŝůĂŬƵŬĂŶƉĂĚĂ,ĂƌŝƵƌƐĂďĞƌŝŬƵƚŶLJĂ͘
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y/s͘ PENYEBARLUASAN PROSPEKTUS DAN FORMULIR
PEMESANAN PEMBELIAN OBLIGASI DAN SUKUK IJARAH
WƌŽƐƉĞŬƚƵƐ͕ &ŽƌŵƵůŝƌ WĞŵĞƐĂŶĂŶ WĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ^ƵŬƵŬ /ũĂƌĂŚ ĚĂƉĂƚ ĚŝƉĞƌŽůĞŚ ƉĂĚĂ DĂƐĂ
WĞŶĂǁĂƌĂŶhŵƵŵ ĚĂƌŝƉĂƌĂWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝ ĚĂŶWĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝĚĂŶ^ƵŬƵŬ/ũĂƌĂŚŵĞůĂůƵŝ
ĞŵĂŝůĚŝďĂǁĂŚŝŶŝ͗
W E:D/EW ><^E D/^/EW E:D/E D/^/K>/'^/E^h<h</:Z,
WdZ/ĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐ Wd^ĞŬƵƌŝƚĂƐ
ůĂŵĂƚ͗DĞŶĂƌĂ'ĞĚƵŶŐZ///>ƚ͘Ϯϯ DĞŶĂƌĂ͕'ƌĂŶĚ/ŶĚŽŶĞƐŝĂ͕ϰϭƐƚ&ůŽŽƌ
:ů͘:ĞŶĚ^ƵĚŝƌŵĂŶ<Ăǀ͘ϰϰͲϰϲ :ů͘D,dŚĂŵƌŝŶEŽ͘ϭ
:ĂŬĂƌƚĂϭϬϮϭϬ :ĂŬĂƌƚĂϭϬϯϭϬ
dĞůĞƉŽŶ͗;ϬϮϭͿϱϬϵϭϰϭϬϬ dĞůĞƉŽŶ͗;ϬϮϭͿϮϯϱϴϳϮϮϮ
&ĂŬƐŝŵŝůĞ͗;ϬϮϭͿϮϱϮϬϵϵϬ &ĂŬƐŝŵŝůĞ͗;ϬϮϭͿϮϯϱϴϳϮϱϬͬϮϯϱϴϳϯϬϬ
tĞďƐŝƚĞ͗ǁǁǁ͘ďƌŝĚĂŶĂƌĞŬƐĂƐĞŬƵƌŝƚĂƐ͘ĐŽ͘ŝĚ tĞďƐŝƚĞ͗ǁǁǁ͘ďĐĂƐĞŬƵƌŝƚĂƐ͘ĐŽ͘ŝĚ
ŵĂŝů͗ĚĞďƚĐĂƉŝƚĂůŵĂƌŬĞƚΛďƌŝĚƐ͘ĐŽ͘ŝĚ ŵĂŝů͗ĚĐŵΛďĐĂƐĞŬƵƌŝƚĂƐ͘ĐŽ͘ŝĚ
Wd/ŶĚŽWƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐ
WĂĐŝĨŝĐĞŶƚƵƌLJWůĂĐĞ͕>ĂŶƚĂŝϭϲ
^ƵĚŝƌŵĂŶĞŶƚƌĂůƵƐŝŶĞƐƐŝƐƚƌŝĐƚ>ŽƚϭϬ
:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶ<Ăǀ͘ϱϮͲϱϯ
:ĂŬĂƌƚĂ^ĞůĂƚĂŶϭϮϭϵϬ
dĞůƉŽŶ͗;ϲϮϮϭͿϱϬϴϴϳϭϲϴ
&ĂŬƐŝŵŝůĞ͗;ϲϮϮϭͿϱϬϴϴϳϭϲϳ
ŵĂŝů͗ĨŝdžĞĚ͘ŝŶĐŽŵĞΛŝƉĐ͘ĐŽ͘ŝĚ
ǁǁǁ͘ŝŶĚŽƉƌĞŵŝĞƌ͘ĐŽŵ
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ys͘ PENDAPAT DARI SEGI HUKUM
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ys/͘ LAPORAN AUDITOR INDEPENDEN DAN LAPORAN
KEUANGAN KONSOLIDASIAN PERSEROAN
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRY PT.OF
STEELINDONESIA TbkTbk. AND
PIPE INDUSTRY OF INDONESIA,
ENTITAS ANAKNYA ITS SUBSIDIARY
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF FINANCIAL
KONSOLIDASIAN POSITION
31 DESEMBER 2025 dan 2024 DECEMBER 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
Catatan /
Notes 2025 2024
ASET ASSETS
ASET LANCAR CURRENT ASSETS
3d,3e,3r,5,35
Kas dan setara kas 38,39,40,41 956.526 503.649 Cash and cash equivalents
Piutang usaha - neto Trade receivables - net
Pihak ketiga 3e,6,38,39,40 904.111 1.084.658 Third parties
Pihak berelasi 3e,3f,6,35,38,39,40 53.054 37.129 Related parties
Piutang lain-lain - neto Other receivables - net
Pihak ketiga 3e,7,37 1.437 571 Third parties
Persediaan 3g,8 2.924.160 3.519.974 Inventories
Pajak dibayar di muka 3s,36a 2.236 33 Prepaid taxes
Uang muka 9 54.013 37.649 Advances
Biaya dibayar di muka 3h,10 130.164 70.578 Prepaid expenses
Jumlah Aset Lancar 5.025.701 5.254.241 Total Current Assets
ASET TIDAK LANCAR NON-CURRENT ASSETS
Investasi 3l,11 42.705 39.579 Investments
Property, plant and
Aset tetap - neto 3i,3m,4b,12 3.021.724 2.529.331 equipment - net
Properti investasi 3j,4b,13 20.209 9.067 Investment properties
Aset takberwujud-neto 3k,14 1.080 1.731 Intangible asset-net
Uang muka 9 684.951 461.478 Advances
Jumlah Aset Tidak Lancar 3.770.669 3.041.186 Total Non-Current Assets
JUMLAH ASET 8.796.370 8.295.427 TOTAL ASSETS
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to consolidated financial statements are an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements
secara keseluruhan taken as a whole
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STEELINDONESIA TbkTbk. AND
PIPE INDUSTRY OF INDONESIA,
ENTITAS ANAKNYA ITS SUBSIDIARY
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF FINANCIAL
KONSOLIDASIAN - Lanjutan POSITION - Continued
31 DESEMBER 2025 dan 2024 DECEMBER 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
Catatan /
Notes 2025 2024
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS LIABILITIES
LIABILITAS JANGKA
PENDEK CURRENT LIABILITIES
Utang bank jangka pendek 3e,15,38,39,40 703.282 918.667 Short-term bank loans
Utang usaha Trade payables
Pihak ketiga 3e,16,38,39,40 306.374 336.992 Third parties
Pihak berelasi 3e,3f,16,35,38,39,40 705 1.125 Related parties
Utang pajak 3s,4d,36c 24.890 31.415 Taxes payable
Biaya masih harus dibayar 3e,3f,17,39 36.461 41.598 Accrued expenses
Uang muka pelanggan 18 8.597 58.618 Advance from customer
Liabilitas jangka pendek lainnya 3e,3f,19,39 44.696 19.942 Other current liabilities
Bagian lancar atas liabilitas Current maturities of long-term
jangka panjang: liabilities:
Liabilitas sewa 3e,3n,20,39,40 3.054 17.791 Lease liabilities
Utang obligasi 21,39,40 282.765 135.000 Bonds payable
Utang sukuk ijarah 22,39,40 217.785 50.000 Sukuk ijarah payable
Jumlah Liabilitas Jangka Pendek 1.628.609 1.611.148 Total Current Liabilities
LIABILITAS JANGKA NON-CURRENT
PANJANG LIABILITIES
Utang jangka panjang - setelah Long-term liabilities - net
dikurangi bagian jatuh tempo of current maturities within 1
dalam satu tahun : (one) year:
Liabilitas sewa 3e,3n,20,39,40 - 3.411 Lease liabilities
Utang obligasi 21,39,40 1.068.985 1.212.100 Bonds payable
Utang sukuk ijarah 22,39,40 87.065 152.000 Sukuk ijarah payable
Liabilitas pajak tangguhan 3s,4d,36e 238.994 185.533 Deferred tax liabilities
Liabilities for employees
Liabilitas imbalan kerja karyawan 3o,4e,23 99.358 87.484 benefits
Jumlah Liabilitas Jangka Panjang 1.494.402 1.640.528 Total Non-Current Liabilities
JUMLAH LIABILITAS 3.123.011 3.251.676 TOTAL LIABILITIES
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to consolidated financial statements are an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements
secara keseluruhan taken as a whole
324 2
Page 359
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRY PT.OF
STEELINDONESIA TbkTbk. AND
PIPE INDUSTRY OF INDONESIA,
ENTITAS ANAKNYA ITS SUBSIDIARY
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF FINANCIAL
KONSOLIDASIAN - Lanjutan POSITION - Continued
31 DESEMBER 2025 dan 2024 DECEMBER 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
Catatan /
Notes 2025 2024
EKUITAS EQUITY
Modal saham - nilai nominal Capital stock - par value
Rp 100 per saham Rp 100 per share (full
(Nilai penuh) Modal amount) Authorized
dasar - 17.000.000.000 capital - 17,000,000,000
saham Modal ditempatkan shares Issued and
dan disetor penuh - fully paid capital -
7.185.992.035 saham 24 718.599 718.599 7,185,992,035 shares
Tambahan modal disetor - neto 3p,25 498.269 500.880 Additional paid-in capital - net
Saham treasuri - 134.513.600 Treasury stocks -
saham 3u,24 (13.451) (12.065) 134,513,600 shares
Saldo laba Retained earnings
Ditentukan penggunaannya 26 50.000 40.000 Appropriated
Tidak ditentukan penggunaannya 2.987.168 2.575.745 Unappropriated
Komponen ekuitas lainnya 27 1.432.791 1.220.578 Other equity components
Sub jumlah 5.673.376 5.043.737 Sub total
Kepentingan non-pengendali 3c (17) 14 Non-controlling interest
JUMLAH EKUITAS 5.673.359 5.043.751 TOTAL EQUITY
JUMLAH LIABILITAS TOTAL LIABILITIES
DAN EKUITAS 8.796.370 8.295.427 AND EQUITY
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to consolidated financial statements are an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements
secara keseluruhan taken as a whole
325 3
Page 360
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRY OF INDONESIA
PT. STEEL TbkTbk.AND
PIPE INDUSTRY OF INDONESIA,
ENTITAS ANAKNYA ITS SUBSIDIARY
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENT OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
Untuk Tahun-tahun yang Berakhir Tanggal For the Years Ended December 31, 2025
31 Desember 2025 dan 2024 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
Catatan/
Notes 2025 2024
PENJUALAN DAN SALES AND SERVICE
PENDAPATAN JASA 3q,3t,28,42 5.932.797 6.118.364 REVENUES
BEBAN POKOK PENDAPATAN 3q,29 (4.802.424) (5.012.387) COST OF REVENUES
LABA KOTOR 1.130.373 1.105.977 GROSS PROFIT
Pendapatan lain-lain 3q,30 118.697 121.873 Other income
Beban penjualan dan distribusi 3q,31 (192.310) (159.646) Selling and distribution expenses
General and
Beban umum dan administrasi 3q,32 (126.019) (125.254) administrative expenses
Beban keuangan 3q,33 (203.991) (210.832) Financial expenses
Beban lain-lain 3q,34 (54.264) (56.529) Other expenses
LABA SEBELUM TAKSIRAN
BEBAN PAJAK INCOME BEFORE PROVISION
PENGHASILAN 672.486 675.589 FOR TAX EXPENSE
TAKSIRAN BEBAN PAJAK PROVISION FOR INCOME
PENGHASILAN: 3s,4d,36 TAX EXPENSE:
Kini (144.664) (160.121) Current
Tangguhan 6.394 14.595 Deferred
JUMLAH TAKSIRAN TOTAL PROVISION
BEBAN PAJAK - NETO (138.270) (145.526) FOR TAX EXPENSE - NET
LABA TAHUN BERJALAN 534.216 530.063 INCOME FOR THE YEAR
PENGHASILAN OTHER COMPREHENSIVE
KOMPREHENSIF LAIN INCOME
POS-POS YANG TIDAK AKAN ITEM NOT TO BE
DIREKLASIFIKASI RECLASSIFIED TO
KE LABA RUGI PROFIT OR LOSS
Surplus revaluasi 3i,27 279.360 - Revaluation surplus
Keuntungan (kerugian) aktuaria 3o,23,27 (7.292) 1.695 Actuarial gain (losses)
Pajak penghasilan terkait Income tax related to item
pos-pos yang tidak akan not to be reclassified
direklasifikasi ke laba rugi (59.855) (373) to profit or loss
PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE
LAIN - SETELAH PAJAK 212.213 1.322 INCOME - AFTER TAX
JUMLAH LABA
KOMPREHENSIF TAHUN TOTAL COMPREHENSIVE
BERJALAN 746.429 531.385 INCOME FOR THE YEAR
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to consolidated financial statements are an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements
secara keseluruhan taken as a whole
326 4
Page 361
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRY OF INDONESIA
PT. STEEL TbkTbk.AND
PIPE INDUSTRY OF INDONESIA,
ENTITAS ANAKNYA ITS SUBSIDIARY
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENT OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN - Lanjutan AND OTHER COMPREHENSIVE INCOME - Continued
Untuk Tahun-tahun yang Berakhir Tanggal For the Years Ended December 31, 2025
31 Desember 2025 dan 2024 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
Catatan/
Notes 2025 2024
Laba (rugi) periode berjalan yang Income (loss) for the
dapat diatribusikan kepada: period attributable to:
Pemilik entitas induk 534.247 530.082 Owners of the parent entity
Kepentingan non - pengendali (31) (19) Non-controlling interest
JUMLAH 534.216 530.063 TOTAL
Jumlah laba (rugi) komprehensif Total comprehensive income
periode berjalan yang dapat (loss) for the period
diatribusikan kepada: attributable to:
Pemilik entitas induk 746.460 531.404 Owners of the parent entity
Kepentingan non - pengendali (31) (19) Non-controlling interest
JUMLAH 746.429 531.385 TOTAL
Laba Per Saham Dasar 3v,37 Basic Earnings Per Share
Jumlah Saham 7.055.857.010 7.065.340.735 Total Outstanding Share
Laba Per Saham Dasar Basic Earnings Per Share
(Rupiah Penuh) 75,72 75,03 (Full Amount)
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to consolidated financial statements are an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements
secara keseluruhan taken as a whole
327 5
Page 362
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN ENTITAS ANAKNYA PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND ITS SUBSIDIARY
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Untuk Tahun-tahun yang Berakhir Tanggal 31 Desember 2025 dan 2024 For the Years Ended December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
Ekuitas yang Dapat Diatribusikan Kepada Pemilik Entitas Induk/Equity Attributable to Owners of the Parent Entity
Modal Tambahan Komponen Ekuitas Lainnya/ Kepentingan
Ditempatkan Modal Disetor- Other Equity Components Non
dan Disetor Neto/ Saham Surplus Kerugian Saldo Laba/Retained Earnings pengendali/
Penuh/ Additional Treasuri/ Revaluasi/ Aktuaria/ Ditentukan Tidak ditentukan Non-
Catatan/ Issued and Fully Paid-in Treasury Revaluation Actuarial penggunaannya/ penggunaannya/ Jumlah/ Controlling Jumlah Ekuitas/
Notes Paid Capital Capital-Net Stocks Surplus Losses Appropriated Unappropriated Total Interest Total Equity
Balance as of
Saldo per 1 Januari 2024 718.599 500.880 (12.065) 1.221.714 (2.458) 30.000 2.161.643 4.618.313 33 4.618.346 January 1, 2024
Penghasilan komprehensif Other comprehensive
lain 24 - - - - 1.322 - - 1.322 - 1.322 income
Pembentukan cadangan Allocation for general
umum - - - - - 10.000 (10.000) - - - reserve
Dividen 24 - - - - - - (105.980) (105.980) - (105.980) Dividend
Laba bersih tahun berjalan - - - - - - 530.082 530.082 (19) 530.063 Net income for the year
328
Saldo per Balance as of
31 Desember 2024 718.599 500.880 (12.065) 1.221.714 (1.136) 40.000 2.575.745 5.043.737 14 5.043.751 December 31, 2024
Saham treasuri 24 (2.611) (1.386) - - - - (3.997) (3.997) Treasury stock
Penghasilan (beban) Other (expenses)
komprehensif lain - - - 217.901 (5.688) - - 212.213 - 212.213 comprehensive income
Pembentukan cadangan Allocation for general
umum - - - - - 10.000 (10.000) - - - reserve
Dividen 24 - - - - - - (112.824) (112.824) - (112.824) Dividend
Laba bersih tahun berjalan - - - - - - 534.247 534.247 (31) 534.216 Net income for the year
Saldo per Balance as of
31 Desember 2025 718.599 498.269 (13.451) 1.439.615 (6.824) 50.000 2.987.168 5.673.376 (17) 5.673.359 December 31, 2025
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes to consolidated financial statements form an integral part of these consolidated
laporan keuangan konsolidasian secara keseluruhan financial statements taken as a whole
6
Page 363
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA ITS SUBSIDIARY
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CASH FLOW
Untuk Tahun-tahun yang Berakhir Tanggal For the Years Ended December 31, 2025
31 Desember 2025 dan 2024 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
Catatan/
Notes 2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERASI OPERATING ACTIVITIES
Penerimaan kas dari pelanggan 6,9,29 6.072.158 6.159.065 Cash receipt from customers
Pembayaran kas kepada pemasok (4.254.013) (4.815.101) Cash paid to suppliers
Pembayaran kas kepada karyawan Cash paid to employees
dan lain-lain (307.966) (102.600) and others
Kas yang dihasilkan dari operasi 1.510.179 1.241.364 Cash generated from operations
Pembayaran biaya keuangan (203.991) (210.833) Payment of finance cost
Pembayaran pajak penghasilan (126.322) (138.910) Payment of income tax
Penerimaan penghasilan keuangan 25.565 1.437 Receipt of finance income
Kas Neto Diperoleh dari Net Cash Provided by
Aktivitas Operasi 1.205.431 893.058 Operating Activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS INVESTASI INVESTING ACTIVITIES
Proceeds from sale of property,
Hasil penjualan aset tetap 12 96 225 plant and equipment
Acquisitions of property,
Perolehan aset tetap 12 (236.904) (180.838) plant and equipment
Penambahan uang muka Addition on advances of property,
pembelian aset tetap (260.955) (83.523) plant and equipment
Penambahan aset tidak Addition of other
lancar lainnya (1.014) (641) non-current asset
Penambahan properti investasi 13 (11.142) - Additions in investment property
Penerimaan piutang berelasi 35 - 7 Receipt of related receivable
Kas Neto Digunakan untuk Net Cash Used in
Aktivitas Investasi (509.919) (264.770) Investing Activities
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements
secara keseluruhan taken as a whole
329 7
Page 364
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA ITS SUBSIDIARY
LAPORAN ARUS KAS CONSOLIDATED STATEMENT OF
KONSOLIDASIAN - Lanjutan CASH FLOW - Continued
Untuk Tahun-tahun yang Berakhir Tanggal For the Years Ended December 31, 2025
31 Desember 2025 dan 2024 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
Catatan/
Notes 2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS PENDANAAN FINANCING ACTIVITIES
Pembayaran liabilitas sewa 20 (18.077) (21.409) Payment of lease liabilities
Pembayaran dividen 24 (112.824) (105.980) Dividend payment
Penambahan bersih dari utang bank Net increase from
jangka pendek 15 2.948.181 4.548.920 short-term bank loans
Penurunan bersih dari utang bank Net decrease from
jangka pendek 15 (3.163.566) (5.394.706) short-term bank loans
Penerimaan utang obligasi 1c, 21 139.650 1.000.000 Receipt bonds payable
Biaya emisi obligasi 1c, 21 (1.997) (17.078) Bonds issuance costs
Pembayaran utang obligasi 1c, 21 (135.000) (197.250) Payment bonds payable
Penerimaan utang sukuk 1c, 22 152.850 - Receipt sukuk payable
Biaya emisi sukuk 1c, 22 (2.133) - Sukuk issuance costs
Pembayaran utang sukuk 1c, 22 (50.000) (113.650) Payment sukuk payable
Pembayaran untuk utang Payments to long-term
bank jangka panjang 20 - (708) bank loans
Kas Neto Digunakan untuk Net Cash Used in
Aktivitas Pendanaan (242.916) (301.861) Financing Activities
KENAIKAN NETO KAS DAN NET INCREASE CASH AND CASH
SETARA KAS 452.596 326.427 EQUIVALENTS
CASH AND CASH
KAS DAN SETARA KAS EQUIVALENTS AT
AWAL TAHUN 5 503.649 176.938 BEGINNING OF YEAR
DAMPAK PERUBAHAN KURS EFFECTS OF EXCHANGE
PADA KAS DAN DIFFERENCES ON CASH
SETARA KAS 281 284 AND CASH EQUIVALENTS
CASH AND CASH
KAS DAN SETARA KAS EQUIVALENTS AT
AKHIR TAHUN 5 956.526 503.649 END OF YEAR
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements
secara keseluruhan taken as a whole
330 8
Page 365
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN STATEMENTS
Pada dan Untuk Tahun-tahun yang Berakhir Tanggal As of and For the Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian Entitas a. The Entity Establishment
PT Steel Pipe Industry of Indonesia Tbk (“Entitas”) PT Steel Pipe Industry of Indonesia Tbk (the
didirikan pada tanggal 30 Januari 1971 berdasarkan “Entity”) was established on January 30, 1971
akta notaris No. 109 dari Djojo Muljadi, S.H., based on notarial deed No. 109 of Djojo Muljadi,
Notaris di Jakarta. Akta pendirian ini disahkan oleh S.H., Notary in Jakarta. The deed of establishment
Menteri Kehakiman Republik Indonesia dalam was approved by the Ministry of Justice of the
Surat Keputusannya No. J.A.5/213/10, tanggal 30 Republic of Indonesia in its decision letter No.
Desember 1971 serta telah diumumkan dalam J.A.5/213/10, dated December 30, 1971 and was
Berita Negara No. 42, tanggal 26 Mei 1972, published in the State Gazette No. 42, dated May 26,
Tambahan No. 196. 1972, Supplement No. 196.
Anggaran Dasar Entitas telah mengalami beberapa The Articles of Association of the Entity have been
kali perubahan, terakhir dengan Akta Notaris Gatot amended several times, most recently by Notarial
Widodo S.E, S.H., M.Kn. No. 41 tanggal 28 Juni Deed of Gatot Widodo S.E, S.H., M.Kn. No. 41 dated
2024, mengenai pernyataan keputusan rapat Entitas June 28, 2024, regarding the statement of the
sehubungan dengan perubahan susunan Anggota resolutions of the Entity meeting in relation to the
Direksi dan Dewan Komisaris serta perubahan changes in the composition of the Board of Directors
Pasal 17 ayat 5 Anggaran Dasar Perseroan. Akta and the Board of Commissioners as well as the
perubahan ini telah mendapat pengesahan dari amendment to Article 17 paragraph 5 of the
Kementrian Hukum dan Hak Asasi Manusia Company's Articles of Association. This deed of
Republik Indonesia dengan surat keputusan No. amendment has been approved by the Ministry of
AHU-AH.01.09-0220715 dan No. AHU- Law and Human Rights of the Republic of Indonesia
0039196.AH.01.02 tahun 2024, tanggal 02 Juli with Decree No. AHU- AHU-AH.01.09-0220715 and
2024. No. AHU-0039196.AH.01.02 year 2024, July 02,
2024.
Entitas memiliki kantor yang berkedudukan di The Entity has an office domiciled in Surabaya,
Surabaya, Jakarta, Karawang dan perwakilan di Jakarta, Karawang and representative in Medan,
Medan, Pekanbaru, Semarang, dengan pabrik Pekanbaru, Semarang, with its plants located in
berlokasi di Surabaya, Sidoarjo, Pasuruan, Surabaya, Sidoarjo, Pasuruan, Karawang, Gresik
Karawang, Gresik dan depo di Jakarta, Bandung, and warehouse in Jakarta, Bandung, Pasuruan,
Pasuruan, Sidoarjo, Samarinda dan Makassar. Sidoarjo, Samarinda and Makassar. The Group’s
Kantor pusat Grup beralamat di Jl. Kalibutuh No. head office is located at Jl. Kalibutuh No. 189-191,
189-191, Surabaya. Surabaya.
Sesuai dengan pasal 3 akta perubahan Anggaran In accordance with article 3 of the Articles of
Dasar No. 69, tanggal 28 Juli 2021, maksud dan Association amendment No. 69, dated July 28, 2021,
tujuan serta kegiatan usaha Entitas adalah berusaha the scope of activities of the Entity is to engage in
dalam bidang industri dan perdagangan. industry and commerce.
Entitas mulai beroperasi secara komersial pada The Entity started its commercial operations in 1972.
tahun 1972. Entitas saat ini melakukan kegiatan The Entity is currently conducting business in the
usaha dalam bidang industri pipa baja. steel pipe industry.
Entitas induk dan entitas induk terakhir Entitas The Entity’s parent entity and ultimate parent entity
adalah PT Cakra Bhakti Para Putra. is PT Cakra Bhakti Para Putra.
Pemegang saham pengendali perorangan Perseroan Pemegang saham pengendali perorangan Perseroan
secara tidak langsung melalui CBPP yaitu: (i) Ibnu secara tidak langsung melalui CBPP yaitu: (i) Ibnu
Susanto; (ii) Soediarto Soerjoprahono; (iii) Tedja Susanto; (ii) Soediarto Soerjoprahono; (iii) Tedja
Sukmana Hudianto; (iv) Tikman Utomo; (v) Sukmana Hudianto; (iv) Tikman Utomo; (v)
Harmanu Hudianto; (vi) Gong Handiman Utomo; Harmanu Hudianto; (vi) Gong Handiman Utomo;
(vii) Ir Hardiman Utomo; (viii) Gunawan Hudianto; (vii) Ir Hardiman Utomo; (viii) Gunawan Hudianto;
(ix) Wely Susanto; (x) Harun Susanto (xi) Lita (ix) Wely Susanto; (x) Harun Susanto (xi) Lita
Mutiah Hudianto; (xii) Laksmi Dwi Hudianto; (xiii) Mutiah Hudianto; (xii) Laksmi Dwi Hudianto; (xiii)
Liliana Hudianto; (xiv) Purnamadewi Hudianto; Liliana Hudianto; (xiv) Purnamadewi Hudianto;
(xv) Swandariyani Hudianto, dan (xvi) Ita Aryati (xv) Swandariyani Hudianto, dan (xvi) Ita Aryati
Hudianto. Hudianto.
9
331
Page 366
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
1. UMUM - Lanjutan 1. GENERAL - Continued
c.
b. Penawaran Umum Saham Efek Entitas d. b. Public Offering of Shares of the Entity’s
e.
Pada tanggal 13 Februari 2013, Entitas memperoleh f. On February 13, 2013, the Entity received an
pernyataan efektif dari Otoritas Jasa Keuangan effective notification from the Financial Services
dengan Surat No. S-31/D.03/2013 untuk melakukan Authority (“Otoritas Jasa Keuangan”) with the
Penawaran Umum Perdana sebanyak 2.900.000.000 Letter No. S-31/D.04/2013 to conduct Initial Public
lembar saham dengan nilai nominal Rp 100 (nilai Offering of 2,900,000,000 common shares with par
penuh) per saham dengan harga penawaran sebesar value of Rp 100 (full amount) per share, with the
Rp 295 (nilai penuh) per saham. offering price of Rp 295 (full amount) per share.
g.
Selanjutnya, tanggal 21 September 2015 sampai h. Then, from September 21, 2015 to
dengan 31 Desember 2023, Entitas telah melakukan December 31, 2023, the Entity had purchased of
pembelian saham treasuri sejumlah 120.651.300 treasury stocks amounting to 120,651,300 shares.
saham. Jumlah saham yang beredar menjadi sebesar The number of shares outstanding amounted to
7.065.340.735 saham (lihat Catatan 24) 7,065,340,735 (see Note 24).
i.
Pada tanggal 24 Maret 2025 dengan No Surat j. On March 24, 2025, with Letter No. 031/III/CS
031/III/CS-ISSP/2025 Entitas Mengajukan ISSP/2025, the Entity proposed to purchase
pembelian saham treasury sejumlah 13.862.300 13,862,300 treasury shares. The number of shares
saham. Jumlah saham yang beredar menjadi sebesar outstanding became 7,051,478,435 shares (see Note
7.051.478.435 saham (lihat Catatan 24). 24)
k.
c. Penawaran Umum Obligasi l. c. Public Offering of Bonds
m.
Pada 26 November 2021, Entitas memperoleh On November 26, 2021, the Entity obtained an
pernyataan efektif dari Otoritas Jasa Keuangan effective notice from the Financial Services Authority
(OJK) dengan suratnya No. S-214/D.04/2021 untuk in his letter No. S-214/D.04/2021 for the Sustainable
melakukan Penawaran Umum Berkelanjutan Public Offering of Sustainable Bonds I SPINDO
Obligasi Berkelanjutan I SPINDO Tahap I tahun Phase I 2021 with Fixed Interest Rate and maximum
2021 dengan tingkat Bunga Tetap dengan jumlah principal amount of Rp 150,000, which Bond were
pokok sebanyak-banyaknya Rp 150.000, dimana listed on the Indonesia Stock Exchange. In relation to
Obligasi tersebut tercatat di Bursa Efek Indonesia. the issuance of the bonds, PT Bank Rakyat Indonesia
Dalam rangka penerbitan obligasi ini, PT Bank (Persero) Tbk acted as trustee (see Note 21).
Rakyat Indonesia (Persero) Tbk bertindak sebagai
wali amanat (lihat Catatan 21).
Obligasi Berkelanjutan I SPINDO Tahap I Seri A Sustainable Bonds I SPINDO Phase I Series A were
sudah Lunas Pada Bulan Desember 2022 dan paid off in December 2022 and Series B Bonds were
Obligasi Seri B sudah lunas Pada Bulan Desember paid off in December 2024.
2024.
Pada 26 November 2021, Entitas memperoleh On November 26, 2021, the Entity obtained an
pernyataan efektif dari Otoritas Jasa keuangan effective notice from the Financial Services Authority
(OJK) dengan suratnya No. S-214/D.04/2021 untuk in his letter No. S-214/D.04/2021 for the Sustainable
melakukan Penawaran Umum Berkelanjutan Sukuk Public Offering of Sustainable Sukuk Ijarah I
Ijarah Berkelanjutan I SPINDO Tahap I tahun 2021 SPINDO Phase I 2021 with Installment Ijarah
dengan Cicilan Imbalan Ijarah dengan jumlah amounting Rp 150,000 (full amount), which Sukuk
sebesar Rp 150.000 (nilai penuh), dimana Sukuk Ijarah were listed on the Indonesia Stock Exchange.
Ijarah tersebut tercatat di Bursa Efek Indonesia. In relation to the issuance of the sukuk, PT Bank
Dalam rangka penerbitan sukuk ini, PT Bank Rakyat Rakyat Indonesia (Persero) Tbk acted as trustee (see
Indonesia (Persero) Tbk bertindak sebagai wali Note 21).
amanat (lihat Catatan 21).
Sukuk Ijarah Berkelanjutan I SPINDO Tahap I Seri Sustainable Sukuk Ijarah I SPINDO Phase I Series A
A sudah lunas pada bulan Desember 2022 dan was paid off in December 2022 and Sukuk Ijarah
Sukuk Ijarah seri B sudah lunas pada bulan Series B was paid off in December 2024.
Desember 2024.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
1. UMUM - Lanjutan 1. GENERAL - Continued
n.
c. Penawaran Umum Obligasi - Lanjutan o.c. Public Offering of Bonds - Continued
Pada tanggal 28 Juli 2022, Entitas menerbitkan On July 28, 2022, the Entity issued Bond namely
Obligasi dengan nama Obligasi Berkelanjutan I Sustainable Bond I Spindo Phase II Year 2022
Spindo Tahap II Tahun 2022 sebesar Rp 150.000 amounting to Rp 150,000 and issued Sukuk Ijarah
dan menerbitkan Sukuk Ijarah dengan nama Sukuk namely Sustainable Sukuk Ijarah I Spindo Phase II
Ijarah Berkelanjutan I Spindo Tahap II Tahun 2022 Year 2022 amounting to Rp 150,00, which Bond and
sebesar Rp 150.000, dimana Obligasi dan Sukuk Sukuk Ijarah were listed on the Indonesia Stock
Ijarah tersebut tercatat di Bursa Efek Indonesia. Exchange.
Obligasi Berkelanjutan I SPINDO Tahap II Series A Sustainable Bonds I SPINDO Pahse II Seria A was
sudah Lunas pada Bulan Juli 2023. paid of in July 2023.
Pada 29 Maret 2023, Entitas memperoleh On March 29, 2023, the Entity obtained an pre
pernyataan pra efektif dari Otoritas Jasa Keuangan effective statement from the Financial Services
(OJK) dengan suratnya No. S-82/D.04/2023 untuk Authority (OJK) with its letter No. S-82/D.04/2023 to
melakukan Penawaran Umum Berkelanjutan conduct a Public Offering of Sustainable Bonds and
Obligasi dan Sukuk Berkelanjutan II SPINDO Sustainable Sukuk II SPINDO Phase I Year 2023 with
Tahap I Tahun 2023 dengan jumlah pokok dan sisa a maximum principal amount and remaining Ijarah
imbalan Ijarah sebanyak-banyaknya masing-masing of Rp 405,000.
sebesar Rp 405.000.
Pada tanggal 04 April 2023, seluruh dana tersebut On April 04, 2023, all of these funds have been
sudah diterima oleh Entitas. received by the Entity.
Obligasi dan Sukuk Berkelanjutan II SPINDO Sustainable BondsII SPINDO Phase I Series A Was
Tahap I Seri A sudah lunas pada Bulan April 2024. Paid of in April 2024.
Pada tanggal 04 Agustus 2023, Entitas menerbitkan On August 04, 2023, the Entity issued Bond and
Obligasi dan Sukuk dengan nama Obligasi dan Sukuk namely Sustainable Bond and Sustainable
Sukuk Berkelanjutan II Spindo Tahap II Tahun 2023 Sukuk II Spindo Phase II Year 2023 amounting to
sebesar Rp 170.000. Pada tanggal 08 Agutus 2023, Rp 170,000. On August 08, 2023, all of these funds
seluruh dana tersebut sudah diterima oleh Entitas. have been received by the Entity.
Pada tanggal 05 Juli 2024, Entitas menerbitkan On July 05, 2024, the Entity issued Sustainable Bond
Obligasi terkait berkelanjutan I Tahun 2024 sebesar I year 2024 amounting to Rp 1,000,000. On July 09,
Rp 1.000.000. Pada tanggal 09 Juli 2024, seluruh 2024 all of these funds have been received by the
dana tersebut sudah diterima oleh Entitas. Entity.
Pada tanggal 21 April 2025, Entitas menerbitkan On April 21, 2025 the Entity issued Bond and Sukuk
Obligasi dan Sukuk dengan nama Obligasi dan namely Sustainable Bond and Sustainable Sukuk II
Sukuk Berkelanjutan II Spindo Tahap III Tahun Spindo Phase III Year 2025 amounting to
2025 sebesar Rp 292.500. Pada tanggal 23 April Rp 292,500. On April 23, 2025, all of these funds have
2025 seluruh dana tersebut sudah diterima oleh been received by the Entity.
Entitas.
d. Entitas Anak d. Subsidiary
Sejak tanggal 28 Februari 2008, Entitas memiliki Since Febuary 28, 2008, the Entity has owned 90% of
90% saham PT Spindo Engineering Industry (SEI) the shares of PT Spindo Engineering Industry (SEI)
(selanjutnya secara bersama-sama dengan Entitas (together with the Entity, hereinafter referred to as
disebut “Grup”). Entitas Anak berkedudukan di the “Group”). The Subsidiary domiciled in
Surabaya, Jawa Timur, yang bergerak dalam bidang Surabaya, East Java, which is engaged in trading,
perdagangan, perindustrian dan jasa. industries and services.
Anggaran Dasar Entitas Anak dengan Akta Notaris The Articles of Association of the Subsidiary recently
Sitaresmi Puspadewi Subianto S.H. No. 84 tanggal by Notarial Deed of Sitaresmi Puspadewi Subianto
29 Februari 2008, mengenai pernyataan S.H. No. 84 dated February 29, 2008, regarding the
permohonan pengesahan Perseroan pada pihak yang statement of the Company's request for ratification
berwenang atas perubahan seluruh Anggaran Dasar to the authorized party regarding the amendment of
Perseroan, dan untuk itu mengadakan perubahan the entire Articles of Association of the Company,
dan/atau tambahan di dalamnya berdasarkan Pasal 3 and for that purpose to make changes and/or
ayat pertama. additions thereto based on Article 3 first paragraph.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
1. UMUM - Lanjutan 1. GENERAL - Continued
d. Entitas Anak - Lanjutan d. Subsidiary - Continued
Akta perubahan ini telah mendapat pengesahan dari This deed of amendment has been ratified by the
Kementrian Hukum dan Hak Asasi Manusia Ministry of Law and Human Rights of the Republic of
Republik Indonesia dengan surat keputusan No. Indonesia with decree No. AHU-71674.AH.01.01 of
AHU-71674.AH.01.01.Tahun 2008, tanggal 9 2008, Dated October 9, 2008.
Oktober 2008.
Ringkasan informasi keuangan Entitas Anak adalah The summary of financial information of the
sebagai berikut: Subsidiary is as Total aggregate:
2025 2024
Jumlah agregat aset 580 1.136 Total aggregate assets
Jumlah agregat liabilitas 754 1.003 Total aggregate liabilities
Jumlah agregat penjualan neto 38 132 Total aggregate net sales
Jumlah agregat rugi Total aggregate
tahun berjalan (307) (188) loss for the year
Jumlah agregat rugi Total aggrgate comprehensive
komprehensif tahun berjalan (307) (188) loss for the year
e. Dewan Komisaris, Direksi, Komite Audit dan e. Board of Commissioners, Directors, Audit
Karyawan Committee and Employees
Susunan Dewan Komisaris dan Direksi Entitas pada The Entity Board of Commissioners and Directors as
31 Desember 2025 dan 2024 adalah sebagai berikut: December 31, 2025 and 2024 are as follows:
Dewan Komisaris Board of Commissioners
Komisaris Utama : Makmur Widjaja : President Commissioner
Komisaris : Entario Widjaja Susanto : Commissioners
Komisaris Independen : Bing Hartono Poernomosidi : Independent Commissioner
Welly Tantono
Direksi Directors
Direktur Utama : Ibnu Susanto : President Director
Wakil Direktur Utama* : Tedja Sukmana Hudianto : Vice President Director*
Direktur : Soediarto Soerjoprahono : Directors
The, Hanny Purnomo
Nico Gunawan
Berdasarkan surat keputusan No. 003/XII/Kom- Based on decision letter No. 003/XII/Kom-
ISSP/2024 tanggal 6 Desember 2024, tentang ISSP/2024 dated December 6, 2024, regarding
perubahan susunan komite audit. changes in the composition of the audit committee.
Pada tanggal 31 Desember 2025 dan 2024, susunan As of December 31, 2025 and 2024, the composition
komite audit Entitas adalah sebagai berikut: of audit committee is as follows:
Komite Audit Committee Audit
Ketua Komite Audit : Welly Tantono : Head of Audit Committe
Anggota : Antonius Karamoy : Members
Yoshinori Nishimoto
Jumlah total karyawan yang dimiliki Entitas adalah The Entity had total number of employees of 994 and
sejumlah 994 dan 995 masing - masing pada tanggal 995 as of December 31, 2025 and 2024, respectively
31 Desember 2025 dan 2024 (tidak diaudit). (unaudited).
*) Membawahi bidang akuntansi dan keuangan *) In charge of accounting and finance
12
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
1. UMUM - Lanjutan 1. GENERAL - Continued
e. Dewan Komisaris, Direksi, Komite Audit dan e. Board of Commissioners, Directors, Audit
Karyawan - Lanjutan Committee and Employees - Continued
Manajemen kunci adalah Direksi dan Dewan Key management is the Company Board of Directors
Komisaris Perusahaan. Ruang lingkup Direksi and Board of Commissioners. The Board of Directors
mencakup bidang operasional, marketing, sales, scope includes operations, marketing, sales, and ICT.
ICT, Ruang lingkup Direktur Utama mencakup The President Director scope includes overall
bidang overall coordination dan strategic planning, coordination and strategic planning. The Deputy
dan ruang lingkup Wakil Direktur Utama mencakup President Director scope includes finance and human
bidang keuangan dan sumber daya manusia. resources.
2. PENERAPAN PERNYATAAN STANDAR 2. ADOPTION OF NEW AND REVISED
AKUNTANSI KEUANGAN (“PSAK”) DAN STATEMENTS OF FINANCIAL ACCOUNTING
INTERPRETASI STANDAR AKUNTANSI STANDARDS (“PSAK”) AND INTERPRETATION
KEUANGAN (“ISAK”) BARU DAN REVISI TO FINANCIAL ACCOUNTING STANDARDS
(“ISAK”)
a. Standar (SAK) dan Interpretasi Standar a. Standards (SAK) and Interpretation to Financial
Akuntansi Keuangan (ISAK) yang Diterbitkan Accounting Standards (ISAK) Issued and Effective
dan Berlaku Efektif Dalam Periode Berjalan in the Current Period (on or after January 1, 2025)
(pada atau setelah 1 Januari 2025)
Dalam periode berjalan, Grup telah menerapkan In the current period, the Group has adopted all of
standar akuntansi keuangan (“SAK”) dan the new and revised financial accounting standards
intrepretasi standar akuntansi keuangan (“ISAK”) (SAK) and interpretation to financial accounting
baru dan revisi termasuk pengesahan amandemen standards (ISAK) including amendment and annual
dan penyesuaian tahunan yang dikeluarkan oleh improvements issued by the Board of Financial
Dewan Standar Akuntansi Keuangan Ikatan Accounting Standards of the Indonesian Institute of
Akuntan Indonesia yang dianggap relevan dengan Accountants that are relevant to their operations and
kegiatan operasinya dan mempengaruhi laporan affected to the consolidated financial statements
keuangan konsolidasian berlaku efektif untuk effective for accounting period beginning on or after
periode tahun buku yang dimulai pada atau setelah 1 January 1, 2025.
Januari 2025.
SAK dan ISAK baru dan revisi termasuk New and revised SAK and ISAK including
pengesahan amandemen dan penyesuaian tahunan amendments and annual improvements effective in
yang berlaku efektif dalam periode berjalan adalah the current period are as follows:
sebagai berikut:
- Amendemen PSAK 221: Pengaruh Perubahan - Amendment to PSAK 221: Effect of Changes in
Kurs Valuta Asing. Amendemen tentang Foreign Exchange Rates. Amendment on lack of
kekurangan ketertukaran. Amendemen ini convertibility. This amendment clarifies the
memperjelas pengaturan terkait kondisi ketika provisions related to conditions when a currency
suatu mata uang tidak tertukarkan serta is not convertible and its disclosure.
pengungkapannya.
b. Standar (SAK) dan Interpretasi Standar b. Standards (SAKs) and Interpretation to Financial
Akuntansi Keuangan (ISAK) yang Diterbitkan Accounting Standards (ISAKs) Issued but not
Namun Belum Berlaku Efektif Dalam Periode Effective in the Current Period
Berjalan
- PSAK 109: Instrumen Keuangan dan PSAK 107 - PSAK 109: Financial Instruments and PSAK 107
Instrumen Keuangan: Pengungkapan terkait Financial Instrumenst: Disclosure related to
Klasifikasi dan Pengukuran Instrumen Classification and Measurement of Financial
Keuangan. Amandemen ini menambahkan dan Instruments. The amendment adds and clarifies
mengklarifikasi ketentuan dalam PSAK 109 provisions in PSAK 109 regarding the
mengenai penghentian pengakuan liabilitas derecognition of financial liabilities and clarifies
keuangan dan mengklarifikasi penilaian the assessment of cash flow characteristics for
karakteristik arus kas untuk aset keuangan financial assets with environmental, social and
dengan fitur terkait lingkungan, sosial, dan tata governance (ESG)-linked features, financial
kelola (LST), aset keuangan dengan fitur non- assets with non-recourse features and
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
2. PENERAPAN PERNYATAAN STANDAR 2. ADOPTION OF NEW AND REVISED
AKUNTANSI KEUANGAN (“PSAK”) DAN STATEMENTS OF FINANCIAL ACCOUNTING
INTERPRETASI STANDAR AKUNTANSI STANDARDS (“PSAK”) AND INTERPRETATION
KEUANGAN (“ISAK”) BARU DAN REVISI – TO FINANCIAL ACCOUNTING STANDARDS
Lanjutan (“ISAK”) – Continued
b. Standar (SAK) dan Interpretasi Standar b. Standards (SAKs) and Interpretation to Financial
Akuntansi Keuangan (ISAK) yang Diterbitkan Accounting Standards (ISAKs) Issued but not
Namun Belum Berlaku Efektif Dalam Periode Effective in the Current Period - Continued
Berjalan - Lanjutan
recourse, dan instrumen terkait kontraktual contractually linked instruments such as
seperti tranche. Amandemen ini juga tranches. The amendment also modifies
memodifikasi ketentuan dalam PSAK 107 provisions in PSAK 107 related to disclosure
terkait persyaratan pengungkapan untuk requirements for investments in equity
investasi dalam instrumen ekuitas yang diukur instruments measured at fair value through other
pada nilai wajar melalui penghasilan comprehensive income and adds provisions
komprehensif lain dan menambahkan ketentuan related to financial instruments with contractual
terkait instrumen keuangan dengan persyaratan terms that alter the timing or amount of
kontraktual yang mengubah waktu atau jumlah contractual cash flows. Effective date January 1,
arus kas kontraktual. Tanggal efektif 1 Januari 2026 and early adoption is allowed.
2026 dan penerapan dini diperkenankan.
- PSAK 118 Penyajian dan Pengungkapan dalam - PSAK 118 Presentation and Disclosure in
Laporan Keuangan. PSAK 118 menggantikan Financial Statements. PSAK 118 supersedes
PSAK 201, mempertahankan banyak prinsip PSAK 201, retaining many existing principles but
yang ada tetapi secara signifikan mengubah cara significantly changing how entities report
entitas melaporkan "laba rugi operasi". PSAK “operating profit or loss.” It establishes a
118 menetapkan struktur yang jelas untuk defined structure for the statement of profit or
laporan laba rugi, mengkategorikan pos-pos loss, categorizing items into operating, investing,
menjadi operasi, investasi, pendanaan, pajak financing, income taxes and discontinued
penghasilan, dan operasi yang dihentikan. operations. The standard mandates specific
Standar ini mengamanatkan pengungkapan disclosures, including management-defined
spesifik, termasuk ukuran kinerja yang performance measures (MPMs), which must be
ditentukan manajemen (MPM), yang harus reconciled to the most similar specified subtotal
direkonsiliasi dengan subtotal yang paling mirip in PSAK’s profit or loss. Effective date January
dalam laba rugi PSAK. Tanggal efektif 1 Januari 1, 2027 and early adoption is allowed.
2027 dan penerapan dini diperkenankan.
Beberapa dari SAK dan ISAK termasuk amandemen Several SAKs and ISAKs including amendments and
dan peyesuaian tahunan yang berlaku dalam tahun annual improvements that became effective in the
berjalan dan relevan dengan kegiatan Grup telah current year and are relevant to the Group operation
diterapkan sebagaimana dijelaskan dalam “Informasi have been adopted as disclosed in the “Material
Kebijakan Akuntansi Material”. Accounting Polices Information”.
Beberapa SAK dan ISAK lainnya yang tidak relevan Other SAKs and ISAKs that are not relevant to the
dengan kegiatan Grup atau mungkin akan Group operation or might affect the accounting
mempengaruhi kebijakan akuntansinya dimasa policies in the future are being evaluated by the
depan sedang dievaluasi oleh manajemen potensi management the potential impact that might arise
dampak yang mungkin timbul dari penerapan from the adoption of these standards to the
standar-standar ini terhadap laporan keuangan consolidated financial statements.
konsolidasian.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL INFORMATION
Kebijakan akuntansi diterapkan secara konsisten dalam The accounting policies have been applied consistently in
penyajian laporan keuangan konsolidasian kecuali bagi the preparation of consolidated financial statements
penerapan beberapa SAK yang telah direvisi dan berlaku except for the adoption of several new and revised SAKs
efektif sejak tanggal 1 Januari 2025, yaitu sebagai and ISAKs that effective on or after January 1, 2025, as
berikut: follows:
a. Pernyataan Kepatuhan a. Statement of Compliance
Laporan keuangan konsolidasian telah disusun dan The consolidated financial statements have been
disajikan sesuai dengan SAK, yang mencakup prepared and presented in accordance with SAK,
Pernyataan dan Interpretasi yang diterbitkan oleh which comprises the Statements and Interpretations
Dewan Standar Akuntansi Keuangan Ikatan issued by the Board of Financial Accounting
Akuntan Indonesia, termasuk standar baru dan yang Standards of the Indonesian Institute of Accountants,
direvisi, amandemen dan penyesuaian tahunan, yang including applicable new and revised standards,
berlaku efektif sejak tanggal 1 Januari 2025 serta amendments and annual improvements, effective on
Lampiran Keputusan Ketua Badan Pengawasan or after January 1, 2025 and Attachment to the
Pasar Modal dan Lembaga Keuangan (sekarang Decision of the Chairman of Bapepam – LK (now
menjadi Otoritas Jasa Keuangan atau OJK) No. Kep- becoming Indonesian Financial Services Authority or
347/BL/2012 tanggal 25 Juni 2012 yaitu Peraturan OJK) No. Kep-347/BL/2012 dated June 25, 2012 that
No.VIII.G.7 is Regulation No.VIII.G.7
a. Pernyataan Kepatuhan - Lanjutan a. a. Statement of Compliance - Continued
tentang Penyajian dan Pengungkapan Laporan regarding Presentation and Disclosures of the
Keuangan yang diterbitkan oleh Otoritas Jasa Financial Statement issued by the Financial Services
Keuangan (OJK) (dahulu Badan Pengawas Pasar Authority (OJK) (formerly Capital Market and
Modal dan Lembaga Keuangan (BAPEPAM-LK)) Financial Institutions Supervisory Agency
untuk perusahaan publik. (BAPEPAM-LK)) for publicly listed companies.
b. Dasar Penyusunan Laporan Keuangan b. b. Basis of Preparation of Consolidated Financial
Konsolidasian Statements
Laporan keuangan konsolidasian disusun The consolidated financial statements have been
berdasarkan asumsi kelangsungan usaha serta atas prepared on the assumption of going concern and
dasar akrual, kecuali laporan arus kas konsolidasian accrual basis except for consolidated statement of
yang menggunakan dasar kas. cash flows using cash basis.
Dasar pengukuran dalam penyusunan laporan The measurement in the preparation of consolidated
keuangan konsolidasian ini adalah konsep biaya financial statements is historical cost concept, except
perolehan (historical cost), kecuali untuk beberapa for certain accounts which are measured on the basis
akun tertentu yang didasarkan pengukuran lain described in the related accounting policies of
sebagaimana yang diungkapkan pada kebijakan respective account.
akuntansi dalam masing-masing akun tersebut.
Laporan arus kas konsolidasian disusun dengan The consolidated statements of cash flows, which
menggunakan metode langsung (direct method) have been prepared using the direct method, present
dengan mengelompokkan arus kas dalam aktivitas cash receipts and payments classified into operating,
operasi, investasi dan pendanaan. investing and financing activities.
Mata uang pelaporan yang digunakan dalam laporan The reporting currency used in the preparation of the
keuangan konsolidasian adalah Rupiah (Rp) yang consolidated financial statements is Rupiah (Rp)
juga merupakan mata uang fungsional Grup. which also represents functional currency of the
Group.
Ketika Grup menerapkan suatu kebijakan akuntansi When the Group adopts accounting policy
secara restrospektif atau membuat penyajian retrospectively or restates items in its financial
kembali pos-pos laporan keuangan atau ketika Grup statements or the Group reclassifies the items in its
mereklasifikasi pos-pos dalam laporan keuangannya financial statements, the statement of financial
maka Grup menyajikan kembali laporan posisi position at the beginning of comparative period is
keuangan pada awal periode komparatif yang presented.
disajikan.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
c. Prinsip-prinsip Konsolidasian c. Principles of Consolidation
Grup menerapkan PSAK 110 "Laporan Keuangan The Group applied PSAK 110 “Consolidated
Konsolidasian". PSAK ini mensyaratkan Grup Financial Statements”. This PSAK requires a Group
(Grup yang mengendalikan satu atau lebih Grup (an Group that controls one or more other Group) to
lain) untuk menyajikan laporan keuangan present consolidated financial statements. An
konsolidasian. Investor menentukan apakah investor investor determines whether it is a by assessing
merupakan Entitas dengan menilai apakah investor whether it controls one or more investees. An
mengendalikan satu atau lebih investee. Investor investor considers all relevant facts and
mempertimbangkan seluruh fakta dan keadaan yang circumstances when assessing whether it controls an
relevan ketika menilai apakah investor investee.
mengendalikan investee.
Investor mengendalikan investee ketika investor Control is achieved when the investor is exposed or
terekspos atau memiliki hak atas imbal hasil variabel has rights, to variable returns from its involvement
dari keterlibatannya dengan investee dan memiliki with the investee and has the ability to affect those
kemampuan untuk mempengaruhi imbal hasil returns through its power over the investee.
tersebut melalui kekuasaannya atas investee.
Laporan keuangan konsolidasian: Consolidated financial statements:
- menggabungkan item sejenis seperti aset, - combine like items of assets, liabilities, equity,
liabilitas, ekuitas, penghasilan, beban dan arus income, expenses and cash flows of the parent
kas dari entitas induk dengan entitas anaknya; entity with those of its subsidiaries;
- menghapus (mengeliminasi) jumlah tercatat dari - offset (eliminate) the carrying amount of the
investasi entitas induk di setiap entitas anak dan parent entity investment in each subsidiary and
bagian entitas induk pada ekuitas setiap entitas the parent entity portion of equity of each
anak; subsidiary;
- mengeliminasi secara penuh aset dan liabilitas, - eliminate in full intragroup assets and liabilities,
ekuitas, penghasilan, beban dan arus kas dalam equity, income, expenses and cash flows relating
intra Grup yang berkaitan dengan transaksi to transactions between entity of the group.
antara entitas dalam grup.
Grup pelapor memasukkan penghasilan dan beban A reporting Group includes the income and expenses
entitas anak dalam laporan keuangan konsolidasian of a subsidiary in the consolidated financial
dari tanggal diperolehnya pengendalian sampai statements from the date it gains control until the date
dengan tanggal ketika Grup kehilangan when the reporting Group ceases to control the
pengendalian atas entitas anak. Penghasilan dan subsidiary. Income and expenses of the subsidiary
beban entitas anak didasarkan pada jumlah aset dan are based on the amounts of the assets and liabilities
liabilitas yang diakui dalam laporan keuangan recognized in the consolidated financial statements at
konsolidasian pada tanggal akuisisi. the acquisition date.
Grup disyaratkan untuk mempunyai kebijakan The Group are required to have the same accounting
akuntansi dan tanggal pelaporan yang sama, atau policies and reporting dates, or consolidation based
konsolidasian berdasarkan informasi keuangan on additional financial information prepared by
tambahan yang dibuat entitas anak. subsidiary.
Entitas menyajikan NCI di laporan posisi keuangan A Entity presents NCIs in its consolidated statement
konsolidasiannya dalam ekuitas, terpisah dari ekuitas of financial position within equity, separately from
pemilik Grup. the equity of the owners of the parent.
Grup mengatribusikan laba rugi dan setiap Profit or loss and each component of OCI are
komponen dari penghasilan komprehensif lain attributed to the equity holders of the of the group and
kepada pemilik entitas dari Grup dan NCI, meskipun to the NCI, even if this results in the NCI having a
hal tersebut mengakibatkan NCI memiliki saldo deficit balance on the basis of present ownership
defisit atas dasar kepentingan kepemilikan sekarang. interests.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
c. Prinsip-prinsip Konsolidasian - Lanjutan c. Principles of Consolidation - Continued
Perubahan kepemilikan Grup dalam entitas anak Changes in a parent's ownership interest in a
yang tidak menghasilkan kehilangan pengendalian subsidiary that do not result in the parent losing
di entitas anak adalah transaksi ekuitas (yaitu control of the subsidiary are equity transactions (i.e.
transaksi dengan pemilik dalam kapasitasnya transactions with owners in their capacity as
sebagai pemilik). Ketika proporsi ekuitas yang owners). When the proportion of the equity held by
dimiliki oleh NCI berubah, Grup menyesuaikan NCI’s changes, the carrying amounts of the
jumlah tercatat kepentingan pengendali dan NCI controlling and NCI’s are adjusted to reflect the
untuk mencerminkan perubahan kepemilikan changes in their relative interests in the subsidiary.
relatifnya dalam entitas anak. Grup tersebut Any difference between the amount by which the
mengakui secara langsung dalam ekuitas setiap NCI’s are adjusted and the fair value of the
perbedaan antara jumlah tercatat NCI yang consideration paid or received is recognized directly
disesuaikan dan nilai wajar imbalan yang dibayar in equity and attributed to the owners of the entity.
atau diterima, dan mengatribusikannya kepada
pemilik entitas.
Jika Grup kehilangan pengendalian atas entitas anak, If loss control over Subsidiary, the Group:
maka entitas induk:
a. menghentikan pengakuan aset dan liabilitas a. derecognizes the assets and liabilities of the
entitas anak terdahulu dari laporan posisi former subsidiary from the consolidated
keuangan konsolidasian; statement of financial position;
b. mengakui sisa investasi apapun pada entitas b. recognizes any investment retained in the former
anak terdahulu pada saat hilangnya subsidiary when control is lost and subsequently
pengendalian dan selanjutnya mencatat sisa accounts for it and for any amounts owed by or
investasi tersebut dan setiap jumlah terutang to the former subsidiary in accordance with
oleh atau kepada entitas anak terdahulu sesuai relevant PSAKs. The retained interest is
dengan PSAK lain yang relevan. Sisa investasi remeasured and the remeasured value is
tersebut diukur kembali dan pengukuran regarded as the fair value on initial recognition
kembali tesebut dianggap sebagai nilai wajar of a financial asset in accordance with PSAK
pada saat pengakuan awal aset keuangan sesuai 239 (Revised 2014), “Financial Instruments:
dengan PSAK 239 (Revisi 2014), “Instrumen Recognition and Measurement”, or, when
Keuangan: Pengakuan dan Pengukuran”, atau, appropriate, the cost on initial recognition of an
jika sesuai, biaya perolehan pada saat investment in an associate or joint venture;
pengakuan awal investasi pada entitas asosiasi
atau ventura bersama;
c. mengakui keuntungan atau kerugian terkait c. recognizes the gain or loss associated with the
dengan hilangnya pengendalian yang dapat loss of control attributable to the former
diatribusikan pada kepentingan pengendali controlling interest.
terdahulu.
d. Kas dan Setara Kas d. d. Cash and Cash Equivalents
Kas adalah alat pembayaran yang siap dan bebas Cash is the means of payment that ready and free to
dipergunakan untuk membiayai kegiatan Grup. be used to finance the activities of the Group. Cash
Setara kas adalah investasi yang sifatnya sangat equivalents are investments that are highly liquid,
likuid, berjangka pendek, dan dengan cepat dapat short-term, and it can quickly become cash in the
dijadikan kas dalam jumlah yang dapat ditentukan amount that can be determined and have the risk of
dan memiliki risiko perubahan nilai yang tidak changes in value are not significant with maturities
signifikan dengan jangka waktu tiga bulan atau of three months or less from the date of placement
kurang sejak tanggal penempatan dan tidak and not pledged as collateral or restricted in usage.
digunakan sebagai jaminan atau tidak dibatasi
penggunaannya.
Kas di bank dan deposito berjangka yang akan Cash in banks and deposits that will be used to pay
digunakan untuk membayar liabilitas yang akan liabilities due within 1 (one) year, is presented as part
jatuh tempo dalam 1 (satu) tahun, disajikan sebagai of current assets.
bagian dari aset lancar.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
e. Instrumen Keuangan b. e. Financial Instruments
(1) Aset keuangan (1) Financial Assets
Pengakuan dan Pengukuran Awal Initial Recognition and Measurement
Aset keuangan diakui pada posisi keuangan ketika Financial assets are recognized on the financial
Grup menjadi pihak dalam penyediaan instrumen position when the Group becomes a party to the
secara kontraktual. Semua aset keuangan diakui dan contractual provision of the instrument. All financial
dihentikan pengakuannya berdasarkan tanggal assets are recognized and de-recognized on a trade
perdagangan di mana pembelian atau penjualan aset date basis where the purchase or sale of financial
keuangan dilakukan berdasarkan kontrak yang assets is under a contract whose terms require
persyaratannya mengharuskan penyerahan aset delivery of assets within the time frame established by
dalam jangka waktu yang ditetapkan oleh pasar yang the market concerned
bersangkutan.
Aset keuangan pada awalnya diukur pada nilai Financial assets are initially measured at fair value,
wajar, dalam hal investasi tidak diklasifikasikan in the case of investments not classified as fair value
sebagai nilai wajar melalui laba rugi (FVTPL), nilai through profit or loss (FVTPL), fair value plus
wajar ditambah biaya transaksi yang dapat transaction costs that are directly attributable to the
diatribusikan secara langsung dengan akuisisi atau acquisition or issuance of financial assets.
penerbitan aset keuangan.
Semua aset keuangan yang diakui kemudian diukur All recognized financial assets are subsequently
secara keseluruhan pada biaya perolehan measured in their entirety at either amortized cost or
diamortisasi atau nilai wajar, tergantung pada fair value, depending on the classification of the
klasifikasi aset keuangan tersebut. financial assets.
Pengukuran Selanjutnya Subsequent Measurement
Instrumen utang yang memenuhi kondisi berikut Debt instruments that meet the following conditions
diukur pada biaya perolehan diamortisasi: are subsequently measured at amortized cost:
- aset keuangan dimiliki dalam model bisnis yang - the financial asset is held within a business model
bertujuan untuk memiliki aset keuangan untuk whose objective is to hold financial assets in order
mengumpulkan arus kas kontraktual; dan to collect contractual cash flows; and
- persyaratan kontraktual dari aset keuangan - the contractual terms of the financial asset give
menimbulkan arus kas pada tanggal tertentu yang rise on specified dates to cash flows that are solely
hanya merupakan pembayaran pokok dan bunga payments of principal and interest on the principal
dari jumlah pokok terutang. amount outstanding.
Instrumen utang yang memenuhi ketentuan berikut Debt instruments that meet the following conditions
ini selanjutnya diukur pada nilai wajar melalui are subsequently measured at fair value through
penghasilan komprehensif lain (FVOCI): other comprehensive income (FVOCI):
- aset keuangan dimiliki dalam model bisnis yang - the financial asset is held within a business model
tujuannya dicapai dengan mengumpulkan arus whose objective is achieved by both collecting
kas kontraktual dan menjual aset keuangan; dan contractual cash flows and selling the financial
assets; and
- Persyaratan kontraktual dari aset keuangan - the contractual terms of the financial asset give
menimbulkan arus kas pada tanggal tertentu yang rise on specified dates to cash flows that are solely
hanya merupakan pembayaran pokok dan bunga payments of principal and interest on the principal
dari jumlah pokok terutang. amount outstanding.
Semua aset keuangan lain yang tidak All other financial assets that are not classified as
diklasifikasikan sebagai biaya perolehan amortized cost or FVOCI are subsequently measured
diamortisasi atau FVOCI selanjutnya diukur pada at FVTPL.
FVTPL.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
e. Instrumen Keuangan - Lanjutan c. e. Financial Instruments - Continued
(1) Aset keuangan - Lanjutan (1) Financial Assets - Continued
Pengukuran Selanjutnya - Lanjutan Subsequent Measurement – Continued
Grup dapat membuat penetapan yang tidak dapat The Group may make the following irrevocable
dibatalkan berikut ini pada pengakuan awal aset designation at initial recognition of a financial asset:
keuangan:
- Grup dapat memilih yang tidak dapat dibatalkan - the Group may irrevocably elect to present
untuk menyajikan perubahan berikutnya dalam subsequent changes in fair value of an equity
nilai wajar dari investasi ekuitas dalam FVOCI investment in FVOCI (no recycling) if meet
(tanpa klasifikasi kembali) jika memenuhi kriteria certain criteria; and
tertentu; dan
- Grup dapat menetapkan investasi utang yang - the Group and Subsidiary may irrevocably
tidak dapat dibatalkan yang memenuhi biaya designate a debt investment that meets the
perolehan diamortisasi atau kriteria FVOCI amortized cost or FVOCI criteria as measured at
sebagai yang diukur pada FVTPL jika tindakan FVTPL if doing so eliminates or significantly
tersebut menghilangkan atau secara signifikan reduces an accounting mismatch.
mengurangi inkonsistensi akuntansi.
Dalam tahun berjalan, Grup tidak ada penetapan In the current year, the Group has neither designated
investasi utang yang memenuhi biaya perolehan any debt investments that meet the amortized cost or
diamortisasi atau kriteria FVOCI sebagai yang FVOCI criteria as measured at FVTPL nor any
diukur pada FVTPL maupun investasi ekuitas equity investment as FVOCI.
sebagai FVOCI.
Biaya Perolehan Diamortisasi dan Metode Bunga Amortized Cost and Effective Interest Method
Efektif
Biaya perolehan diamortisasi dari aset keuangan The amortized cost of a financial asset is the amount
adalah jumlah di mana aset keuangan diukur pada at which the financial asset is measured at initial
pengakuan awal dikurangi pembayaran pokok, recognition minus the principal repayments, plus the
ditambah amortisasi kumulatif dengan cumulative amortization using the effective interest
menggunakan metode suku bunga efektif dari setiap method of any difference between that initial amount
perbedaan antara jumlah awal dan jumlah jatuh and the maturity amount, adjusted for any loss
tempo, disesuaikan dengan penyisiahn kerugian. Di allowance. On the other hand, the gross carrying
sisi lain, jumlah tercatat bruto dari aset keuangan amount of a financial asset is the amortized cost of a
adalah biaya perolehan diamortisasi dari aset financial asset before adjusting for any loss
keuangan sebelum disesuaikan dengan penyisihan allowance.
kerugian.
Pendapatan bunga diakui dengan menggunakan Interest income is recognized using the effective
metode suku bunga efektif untuk instrumen utang interest method for debt instruments measured
yang diukur kemudian pada biaya perolehan subsequently at amortized cost and at FVOCI. For
diamortisasi dan pada FVOCI. Untuk instrumen financial instruments other than purchased or
keuangan selain yang dibeli atau yang berasal dari originated credit-impaired financial assets, interest
aset keuangan memburuk, pendapatan bunga income is calculated by applying the effective interest
dihitung dengan menggunakan suku bunga efektif rate to the gross carrying amount of a financial asset
terhadap jumlah tercatat bruto dari aset keuangan (gross basis), except for financial assets that have
(basis bruto), kecuali untuk aset keuangan yang subsequently become credit-impaired. For financial
kemudian mengalami penurunan nilai kredit. Untuk assets that have subsequently become credit-
aset keuangan yang kemudian mengalami impaired, interest income is recognized by applying
penurunan nilai kredit, pendapatan bunga diakui the effective interest rate to the amortized cost of the
dengan menerapkan suku bunga efektif pada biaya financial asset. If, in subsequent reporting periods, the
perolehan diamortisasi dari aset keuangan tersebut. credit risk on the credit-impaired financial instrument
Jika, pada periode pelaporan berikutnya, risiko improves so that the financial asset is no longer
kredit atas instrumen keuangan yang mengalami
penurunan nilai kredit meningkat sehingga aset
keuangan tidak lagi mengalami penurunan nilai
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
e. Instrumen Keuangan - Lanjutan d. e. Financial Instruments - Continued
(1) Aset keuangan - Lanjutan (1) Financial assets - Continued
Pengukuran Selanjutnya - Lanjutan Subsequent Measurement – Continued
Biaya Perolehan Diamortisasi dan Metode Bunga Amortized Cost and Effective Interest Method -
Efektif – Lanjutan Continued
kredit, maka pendapatan bunga diakui dengan credit-impaired, interest income is recognized by
menerapkan suku bunga efektif terhadap nilai applying the effective interest rate to the gross
tercatat bruto aset keuangan. carrying amount of the financial asset.
Metode suku bunga efektif adalah metode yang The effective interest method is a method of
digunakan untuk menghitung biaya perolehan calculating the amortized cost of a debt instrument
diamortisasi dari instrumen utang dan metode untuk and of allocating interest income over the relevant
mengalokasikan pendapatan bunga selama periode period.
yang relevan.
Untuk instrumen keuangan selain yang dibeli atau For financial instruments other than purchased or
yang berasal dari aset keuangan memburuk (yaitu originated credit-impaired financial assets (i.e. assets
aset yang mengalami penurunan nilai kredit pada that are credit-impaired on initial recognition), the
pengakuan awal), suku bunga efektif adalah suku effective interest rate is the rate that exactly discounts
bunga yang secara tepat mendiskontokan estimasi estimated future cash receipts (including all fees and
penerimaan kas masa depan (termasuk semua biaya points paid or received that form an integral part of
dan poin yang dibayarkan atau diterima merupakan the effective interest rate, transaction costs and other
bagian yang tidak terpisahkan dari suku bunga premiums or discounts) excluding expected credit
efektif, biaya transaksi dan premi atau diskon losses, through the expected life of the debt
lainnya) tidak termasuk kerugian kredit yang instrument, or, where appropriate, a shorter period,
diharapkan, selama perkiraan umur dari instrumen to the gross carrying amount of the debt instrument on
utang, atau, jika sesuai, periode yang lebih pendek, initial recognition.
ke jumlah tercatat bruto dari instrumen utang pada
pengenalan awal.
Untuk aset keuangan yang dibeli atau yang berasal For purchased or originated credit-impaired financial
dari aset keuangan memburuk, Grup mengakui assets, the Group recognizes interest income by
pendapatan bunga dengan menerapkan suku bunga applying the credit-adjusted effective interest rate to
efektif yang disesuaikan dengan kredit ke biaya the amortized cost of the financial asset from initial
perolehan diamortisasi dari aset keuangan tersebut recognition. The calculation does not revert to the
sejak pengakuan awal. Penghitungan tidak kembali gross basis even if the credit risk of the financial asset
ke basis bruto meskipun risiko kredit dari aset subsequently improves so that the financial asset is no
keuangan kemudian membaik sehingga aset longer credit-impaired.
keuangan tidak lagi memburuk.
Pendapatan bunga diakui dalam laporan laba rugi Interest income is recognized in profit or loss and is
dan dimasukkan dalam item baris "Pendapatan included in the "Finance Income – Interest Income"
Keuangan - Pendapatan Bunga". line item.
Investasi dalam Instrumen Utang yang Investment in Debt Instruments Classified as at
Diklasifikasikan sebagai FVOCI FVOCI
Instrumen utang pada awalnya diukur pada nilai The debt instruments are initially measured at fair
wajar ditambah biaya transaksi. Selanjutnya, value plus transaction costs. Subsequently, changes in
perubahan nilai tercatat instrumen utang sebagai the carrying amount of the debt instruments as a result
akibat dari keuntungan dan kerugian selisih kurs, of foreign exchange gains and losses, impairment
keuntungan atau kerugian penurunan nilai, dan gains or losses, and interest income calculated using
pendapatan bunga yang dihitung dengan the effective interest method are recognized in profit
menggunakan metode suku bunga efektif, diakui or loss.
dalam laba rugi.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
e. Instrumen Keuangan - Lanjutan e. e. Financial Instruments - Continued
(1) Aset keuangan - Lanjutan (1) Financial assets - Continued
Pengukuran Selanjutnya - Lanjutan Subsequent Measurement – Continued
Investasi dalam Instrumen Utang yang Investment in Debt Instruments Classified as at
Diklasifikasikan sebagai FVOCI – Lanjutan FVOCI – Continued
Jumlah yang diakui dalam laba rugi sama dengan The amounts that are recognized in profit or loss are
jumlah yang akan diakui dalam laba rugi jika aset the same as the amounts that would have been
keuangan tersebut diukur dengan biaya perolehan recognized in profit or loss if these financial assets
diamortisasi. Semua perubahan lain dalam nilai had been measured at amortized cost. All other
tercatat dari aset keuangan tersebut diakui dalam changes in the carrying amount of these financial
penghasilan komprehensif lain dan diakumulasi assets are recognized in other comprehensive income
dalam akun cadangan revaluasi investasi. Ketika aset and accumulated under the heading of investments
keuangan ini dihentikan pengakuannya, keuntungan revaluation reserve. When these financial assets are
atau kerugian kumulatif yang sebelumnya diakui derecognized, the cumulative gains or losses
dalam penghasilan komprehensif lain akan previously recognized in other comprehensive
direklasifikasi ke laba rugi. income are reclassified to profit or loss.
Investasi dalam Instrumen Ekuitas yang Investment in Equity Instruments Designated as at
Ditetapkan pada FVOCI FVOCI
Pada pengakuan awal, Grup dapat membuat On initial recognition, the Group may make an
pemilihan yang tidak dapat dibatalkan (atas dasar irrevocable election (on an instrument-by-instrument
instrumen per instrumen) untuk menetapkan basis) to designate investments in equity instruments
investasi pada instrumen ekuitas sebagai pada as at FVOCI. Designation at FVOCI is neither
FVOCI. Penetapan FVOCI tidak diperkenankan jika permitted if the equity investment is held for trading
investasi ekuitas dimiliki untuk diperdagangkan atau nor if it is contingent consideration recognized by an
jika merupakan imbalan kontinjensi yang diakui oleh acquirer in a business combination to which PSAK
pihak pengakuisisi dalam kombinasi bisnis yang 103 applies.
menerapkan PSAK 103.
Aset keuangan dimiliki untuk diperdagangkan jika: A financial asset is held for trading if:
- diakuisisi terutama untuk tujuan menjualnya - it has been acquired principally for the purpose of
dalam waktu dekat; atau selling it in the near term; or
- pada pengakuan awal, ini merupakan bagian dari - on initial recognition it is part of a portfolio of
portofolio instrumen keuangan teridentifikasi identified financial instruments that the Group
yang dikelola bersama oleh Grup dan memiliki manages together and has evidence of a recent
bukti pola pengambilan laba jangka pendek actual pattern of short-term profit-taking; or
aktual terkini; atau
- merupakan derivatif (kecuali untuk derivatif yang - it is a derivative (except for a derivative that is a
merupakan kontrak jaminan keuangan atau financial guarantee contract or a designated and
instrumen lindung nilai yang ditetapkan dan effective hedging instrument).
efektif).
Investasi dalam instrumen ekuitas pada FVOCI pada Investments in equity instruments at FVOCI are
awalnya diukur pada nilai wajar ditambah biaya initially measured at fair value plus transaction costs.
transaksi. Selanjutnya, nilai wajar tersebut diukur Subsequently, they are measured at fair value with
pada nilai wajar dengan keuntungan dan kerugian gains and losses arising from changes in fair value
yang timbul dari perubahan nilai wajar diakui dalam recognized in other comprehensive income and
penghasilan komprehensif lain dan diakumulasi accumulated in the investments revaluation reserve.
dalam cadangan revaluasi investasi. Keuntungan The cumulative gain or loss will not be reclassified to
atau kerugian kumulatif tidak akan direklasifikasi ke profit or loss on disposal of the equity investments,
laba rugi atas pelepasan investasi ekuitas, melainkan instead, they will be transferred to retained earnings.
akan ditransfer ke saldo laba.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
e. Instrumen Keuangan - Lanjutan f. e. Financial Instruments - Continued
(1) Aset keuangan - Lanjutan (1) Financial assets - Continued
Pengukuran Selanjutnya - Lanjutan Subsequent Measurement – Continued
Investasi dalam Instrumen Ekuitas Yang Investment in Equity Instruments Designated as at
Ditetapkan pada FVOCI – Lanjutan FVOCI – Continued
Pendapatan dividen dari investasi dalam instrumen Dividends income on these investments in equity
ekuitas ini diakui dalam laba rugi ketika hak Grup instruments are recognized in profit or loss when the
untuk menerima dividen ditetapkan, kecuali dividen Group right to receive the dividends is established,
tersebut secara jelas merupakan pemulihan sebagian unless the dividends clearly represent a recovery of
biaya investasi. Dividen disertakan dalam baris part of the cost of the investment. Dividends are
rincian "Pendapatan Keuangan - Pendapatan included in the “Finance Income – Dividend Income”
Dividen" dalam laporan laba rugi. line item in profit or loss.
Aset Keuangan pada FVTPL Financial Assets at FVTPL
Aset keuangan yang tidak memenuhi kriteria untuk Financial assets that do not meet the criteria for being
diukur pada biaya perolehan diamortisasi atau measured at amortized cost or FVOCI are measured
FVOCI diukur pada FVTPL. at FVTPL.
Secara khusus: Specifically:
- Investasi pada instrumen ekuitas diklasifikasikan - Investments in equity instruments are classified as
sebagai FVTPL, kecuali Grup menetapkan at FVTPL, unless the Group designates an equity
investasi ekuitas yang dimiliki untuk tidak investment that is neither held for trading nor a
diperdagangkan atau imbalan kontinjensi yang contingent consideration arising from a business
timbul dari kombinasi bisnis sebagai FVOCI combination as at FVOCI irrevocably on initial
yang tidak dapat dibatalkan pada pengakuan recognition.
awal.
- Instrumen utang yang tidak memenuhi kriteria - Debt instruments that do not meet the amortized
biaya perolehan diamortisasi atau kriteria FVOCI cost criteria or the FVOCI criteria are classified
diklasifikasikan sebagai FVTPL. Selain itu, as at FVTPL. In addition, debt instruments that
instrumen utang yang memenuhi kriteria biaya meet either the amortized cost criteria or the
perolehan diamortisasi atau kriteria FVOCI dapat FVOCI criteria may be designated as at FVTPL
ditetapkan sebagai FVTPL yang tidak dapat irrevocably upon initial recognition if such
dibatalkan pada saat pengakuan awal jika designation eliminates or significantly reduces a
penetapan tersebut menghilangkan atau secara measurement or recognition inconsistency that
signifikan mengurangi inkonsistensi pengukuran would arise from measuring assets or liabilities or
atau pengakuan yang akan timbul dari recognizing the gains and losses on them on
pengukuran aset atau liabilitas atau pengakuan different bases.
keuntungan dan kerugian pada mereka atas dasar
yang berbeda.
Aset keuangan pada FVTPL diukur pada nilai wajar Financial assets at FVTPL are measured at fair value
pada setiap tanggal pelaporan, dengan keuntungan as at each reporting date, with any fair value gains or
atau kerugian nilai wajar diakui dalam laba rugi losses recognized in profit or loss to the extent they
sepanjang bukan merupakan bagian dari hubungan are not part of a designated hedging relationship. The
lindung nilai yang ditentukan. Keuntungan atau net gain or loss recognized in profit or loss includes
kerugian bersih yang diakui dalam laba rugi any dividend or interest earned on the financial asset
termasuk dividen atau bunga yang diperoleh dari and is included in the “Other Gains and Losses” line
aset keuangan dan dimasukkan dalam item baris item.
"Keuntungan dan Kerugian Lainnya".
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
e. Instrumen Keuangan - Lanjutan g. e. Financial Instruments - Continued
(1) Aset keuangan - Lanjutan (1) Financial assets - Continued
Keuntungan dan Kerugian Selisih Kurs - Foreign Exchange Gains and Losses - Continued
Lanjutan
Nilai tercatat aset keuangan dalam mata uang asing The carrying amount of financial assets that are
ditentukan dalam mata uang asing tersebut dan denominated in a foreign currency is determined in
dijabarkan dengan kurs spot pada setiap tanggal that foreign currency and translated at the spot rate
pelaporan. as at each reporting date.
Secara khusus, Specifically,
- untuk aset keuangan yang diukur pada biaya - for financial assets measured at amortized cost
perolehan diamortisasi yang bukan merupakan that are not part of a designated hedging
bagian dari hubungan lindung nilai yang relationship, exchange differences are recognized
ditentukan, selisih kurs diakui dalam laba rugi in profit or loss in the “Gains or Losses on
pada item baris “Keuntungan atau Kerugian Foreign Exchange” line item;
Selisih Kurs”;
- untuk instrumen utang yang diukur pada FVOCI - for debt instruments measured at FVOCI that are
yang bukan merupakan bagian dari hubungan not part of a designated hedging relationship,
lindung nilai yang ditentukan, selisih kurs atas exchange differences on the amortized cost of the
biaya perolehan diamortisasi dari instrumen debt instrument are recognized in profit or loss in
utang tersebut diakui dalam laba rugi pada item the “Gains or Losses on Foreign Exchange” line
baris “Keuntungan atau Kerugian Selisih Kurs”; item;
- untuk aset keuangan yang diukur pada FVTPL - for financial assets measured at FVTPL that are
yang bukan merupakan bagian dari hubungan not part of a designated hedging relationship,
lindung nilai yang ditentukan, selisih kurs diakui exchange differences are recognized in profit or
dalam laba rugi pada item baris “Keuntungan atau loss in the “Gains or Losses on Foreign
Kerugian Selisih Kurs”; dan Exchange” line item; and
- untuk instrumen ekuitas yang diukur dengan - for equity instruments measured at FVOCI,
FVOCI, selisih kurs diakui dalam penghasilan exchange differences are recognized in other
komprehensif lain dalam cadangan revaluasi comprehensive income in the investments
investasi. revaluation reserve.
Penurunan nilai aset keuangan Impairment of financial assets
Grup mengakui penyisihan kerugian kredit The Group recognizes a loss allowance for expected
ekspektasian (“ECL”) atas investasi dalam credit losses (“ECL”) on investments in debt
instrumen utang yang diukur pada biaya perolehan instruments that are measured at amortized cost or at
diamortisasi atau pada FVOCI, Tidak ada kerugian FVOCI, lease receivables, contract assets, as well as
penurunan nilai yang diakui untuk investasi pada on loan commitments financial guarantee contracts.
instrumen ekuitas. Jumlah kerugian kredit No impairment loss is recognized for investments in
ekspektasian diperbarui pada setiap tanggal equity instruments. The amount of expected credit
pelaporan untuk mencerminkan perubahan risiko losses is updated at each reporting date to reflect
kredit sejak pengakuan awal atas instrumen changes in credit risk since initial recognition of the
keuangan tersebut. respective financial instrument.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
e. Instrumen Keuangan - Lanjutan h. e. Financial Instruments - Continued
(1) Aset keuangan - Lanjutan (1) Financial assets - Continued
Penurunan nilai aset keuangan – Lanjutan Impairment of financial assets – Continued
Grup selalu mengakui ECL sepanjang umur untuk The Group always recognizes lifetime ECL for trade
piutang usaha. Kerugian kredit ekspektasian atas receivables. The expected credit losses on these
aset keuangan ini diestimasi dengan menggunakan financial assets are estimated using a provision
matriks provisi berdasarkan pengalaman kerugian matrix based on the Group historical credit loss
kredit historis Grup, disesuaikan untuk faktor-faktor experience, adjusted for factors that are specific to
yang spesifik bagi debitur, kondisi ekonomi secara the debtors, general economic conditions and an
umum dan penilaian terhadap arah saat ini maupun assessment of both the current as well as the forecast
arah kondisi perkiraan kerugian pada tanggal direction of conditions at the reporting date,
pelaporan, termasuk nilai waktu uang jika sesuai. including time value of money where appropriate.
Untuk semua instrumen keuangan lainnya, Grup For all other financial instruments, the Group
mengakui ECL sepanjang umur ketika terdapat recognizes lifetime ECL when there has been a
peningkatan yang signifikan dalam risiko kredit significant increase in credit risk since initial
sejak pengakuan awal. Sebaliknya, jika risiko kredit recognition. If, on the other hand, the credit risk on
atas instrumen keuangan tidak meningkat secara the financial instrument has not increased
signifikan sejak pengakuan awal, Grup mengukur significantly since initial recognition, the Group
penyisihan kerugian untuk instrumen keuangan measures the loss allowance for that financial
tersebut dengan jumlah yang sama dengan ECL 12 instrument at an amount equal to 12-month ECL
bulan (12mECL). Penilaian apakah ECL sepanjang (12mECL). The assessment of whether lifetime ECL
umur harus diakui didasarkan pada peningkatan should be recognized is based on significant
signifikan dalam kemungkinan atau risiko gagal increases in the likelihood or risk of a default
bayar yang terjadi sejak pengakuan awal alih-alih occurring since initial recognition instead of on
pada bukti aset keuangan mengalami penurunan evidence of a financial asset being credit-impaired at
nilai kredit pada tanggal pelaporan atau terjadi gagal the reporting date or an actual default occurring.
bayar (default) yang sebenarnya.
ECL sepanjang umur merupakan kerugian kredit Lifetime ECL represents the expected credit losses
ekspektasian yang dihasilkan dari semua that will result from all possible default events over
kemungkinan peristiwa gagal bayar (default) selama the expected life of a financial instrument. In contrast,
perkiraan umur instrumen keuangan. Sebaliknya, 12mECL represents the portion of lifetime ECL that
12mECL merupakan porsi ECL sepanjang umur is expected to result from default events on a financial
yang diharapkan dihasilkan dari peristiwa gagal instrument that are possible within 12 months after
bayar (default) pada instrumen keuangan yang the reporting date.
mungkin terjadi dalam 12 bulan setelah tanggal
pelaporan.
Risiko Kredit Meningkat Signifikan Significant Increase in Credit Risk
Dalam menilai apakah risiko kredit pada instrumen In assessing whether the credit risk on a financial
keuangan telah meningkat secara signifikan sejak instrument has increased significantly since initial
pengakuan awal, Grup membandingkan risiko gagal recognition, the Group compares the risk of a default
bayar (default) yang terjadi pada instrumen occurring on the financial instrument as at the
keuangan pada tanggal pelaporan dengan risiko reporting date with the risk of a default occurring on
gagal bayar (default) yang terjadi pada instrumen the financial instrument as at the date of initial
keuangan pada tanggal pengakuan awal. Dalam recognition. In making this assessment, the Group
melakukan penilaian ini, Grup mempertimbangkan considers both quantitative and qualitative
informasi kuantitatif dan kualitatif yang wajar dan information that is reasonable and supportable,
dapat didukung, termasuk pengalaman historis dan including historical experience and forward-looking
informasi berwawasan ke depan yang tersedia tanpa information that is available without undue cost or
biaya atau upaya yang tidak semestinya. effort.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
e. Instrumen Keuangan - Lanjutan i. e. Financial Instruments - Continued
(1) Aset keuangan - Lanjutan (1) Financial assets - Continued
Risiko Kredit Meningkat Signifikan - Lanjutan Significant Increase in Credit Risk - Continued
Informasi berwawasan ke depan yang Forward-looking information considered includes
dipertimbangkan mencakup prospek masa depan the future prospects of the industries in which the
industri dimana debitur Grup beroperasi, yang Group’s debtors operate, obtained from economic
diperoleh dari laporan ahli ekonomi, analis expert reports, financial analysts, governmental
keuangan, badan pemerintah, lembaga pemikir bodies, relevant think tanks and other similar
(think-tanks) terkait, dan organisasi serupa lainnya, organizations, as well as consideration of various
serta pertimbangan berbagai sumber eksternal dan external sources of actual and forecast economic
memperkirakan informasi ekonomi yang terkait information that relate to the Group’s core
dengan operasi inti Grup. operations.
Untuk komitmen pinjaman dan kontrak jaminan For loan commitments and financial guarantee
keuangan, pada tanggal Grup menjadi salah satu contracts, the date that the Group becomes a party to
pihak dari komitmen yang tidak dapat dibatalkan the irrevocable commitment is considered to be the
dianggap sebagai tanggal pengakuan awal untuk date of initial recognition for the purposes of
tujuan penilaian penurunan nilai instrumen assessing the financial instrument for impairment. In
keuangan. Dalam menilai apakah terdapat assessing whether there has been a significant
peningkatan yang signifikan dalam risiko kredit increase in the credit risk since initial recognition of
sejak pengakuan awal atas komitmen pinjaman dan a loan commitment and financial guarantee contract,
kontrak jaminan keuangan, Grup the Group considers the changes in the risk that the
mempertimbangkan perubahan risiko di mana specified debtor will default on the contract.
debitur tertentu akan gagal bayar (default) dalam
kontrak.
Grup secara berkala memantau efektivitas kriteria The Group regularly monitors the effectiveness of the
yang digunakan untuk mengidentifikasi apakah criteria used to identify whether there has been a
terdapat peningkatan risiko kredit yang signifikan significant increase in credit risk and revises them as
dan merevisinya sesuai kebutuhan untuk appropriate to ensure that the criteria are capable of
memastikan bahwa kriteria tersebut mampu identifying significant increase in credit risk before
mengidentifikasi peningkatan risiko kredit yang the amount becomes past due.
signifikan sebelum jumlah tersebut jatuh tempo.
Jika Grup telah mengukur penyisihan kerugian If the Group has measured the loss allowance for a
untuk instrumen keuangan dengan jumlah yang financial instrument at an amount equal to lifetime
sama dengan ECL sepanjang umur pada periode ECL in the previous reporting period, but determines
pelaporan sebelumnya, tetapi menentukan pada at the current reporting date that the conditions for
tanggal pelaporan saat ini bahwa kondisi untuk ECL lifetime ECL are no longer met, the Group measures
sepanjang umur tidak lagi terpenuhi, Grup mengukur the loss allowance at an amount equal to 12mECL at
penyisihan kerugian pada jumlah yang sama dengan the current reporting date, except for assets for which
12mECL pada tanggal pelaporan saat ini, kecuali simplified approach was used.
untuk aset yang menggunakan pendekatan yang
disederhanakan.
Grup mengakui keuntungan atau kerugian The Group recognizes an impairment gain or loss in
penurunan nilai dalam laba rugi untuk semua profit or loss for all financial instruments with a
instrumen keuangan dengan penyesuaian yang corresponding adjustment to their carrying amount
sesuai dengan nilai tercatatnya melalui akun through a loss allowance account, except for
penyisihan kerugian, kecuali untuk investasi dalam investments in debt instruments that are measured at
instrumen utang yang diukur pada FVOCI, di mana FVOCI, for which the loss allowance is recognized in
penyisihan kerugian diakui pada penghasilan other comprehensive income and accumulated in the
komprehensif lain dan diakumulasi dalam cadangan investment revaluation reserve, and does not reduce
revaluasi investasi, dan tidak mengurangi nilai the carrying amount of the financial asset in the
tercatat aset keuangan pada laporan posisi keuangan consolidated statement of financial position.
konsolidasian.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
e. Instrumen Keuangan - Lanjutan j. e. Financial Instruments - Continued
(1) Aset keuangan - Lanjutan (1) Financial assets - Continued
Kebijakan Penghapusan Write-off Policy
Grup menghapus aset keuangan jika terdapat The Group writes off a financial asset when there is
informasi yang menunjukkan bahwa debitur berada information indicating that the debtor is in severe
dalam kesulitan keuangan yang parah dan tidak ada financial difficulty and there is no realistic prospect
prospek pemulihan yang realistis. Aset keuangan of recovery. Financial assets written off may still be
yang dihapuskan mungkin masih tunduk pada subject to enforcement activities under the Group’s
aktivitas penegakan hukum berdasarkan prosedur recovery procedures, taking into account legal advice
pemulihan Grup, dengan mempertimbangkan advis where appropriate. Any recoveries made are
hukum jika sesuai. Setiap pemulihan yang dilakukan recognized in profit or loss.
diakui dalam laba rugi.
Penghentian Pengakuan Aset Keuangan Derecognition of Financial Assets
Grup menghentikan pengakuan aset keuangan hanya The Group derecognizes a financial asset only when
jika hak kontraktual atas arus kas dari aset tersebut the contractual rights to the cash flows from the asset
berakhir, atau saat aset keuangan tersebut dialihkan expire, or when it transfers the financial asset and
dan secara substansial seluruh risiko dan manfaat substantially all the risks and rewards of ownership
kepemilikan aset kepada pihak lain. Jika Grup tidak of the asset to another party. If the Group neither
mengalihkan atau mempertahankan secara transfers nor retains substantially all the risks and
substansial seluruh risiko dan manfaat kepemilikan rewards of ownership and continues to control the
dan terus mengendalikan aset yang dialihkan, Grup transferred asset, the Group recognizes its retained
mengakui hak kepemilikannya atas aset dan interest in the asset and an associated liability for
liabilitas terkait sebesar jumlah yang mungkin harus amounts it may have to pay. If the Group retains
dibayar. Jika Grup memiliki secara substansial substantially all the risks and rewards of ownership
seluruh risiko dan manfaat kepemilikan aset of a transferred financial asset, the Group continues
keuangan yang dialihkan, Grup tetap mengakui aset to recognize the financial asset and also recognizes a
keuangan dan juga mengakui pinjaman yang dijamin collateralized borrowing for the proceeds received.
sebesar hasil yang diterima.
Pada penghentian pengakuan aset keuangan yang On derecognition of a financial asset measured at
diukur dengan biaya perolehan diamortisasi, amortized cost, the difference between the asset’s
perbedaan antara nilai tercatat aset dan jumlah carrying amount and the sum of the consideration
imbalan yang diterima dan piutang diakui dalam laba received and receivable is recognized in profit or
rugi. Selain itu, pada penghentian pengakuan loss. In addition, on derecognition of an investment
investasi dalam instrumen utang yang in a debt instrument classified as at FVOCI, the
diklasifikasikan sebagai FVOCI, keuntungan atau cumulative gain or loss previously accumulated in the
kerugian kumulatif yang sebelumnya diakumulasi investments revaluation reserve is reclassified to
dalam cadangan revaluasi investasi direklasifikasi ke profit or loss. In contrast, on derecognition of an
laba rugi. Sebaliknya, pada penghentian pengakuan investment in equity instrument which the Group has
investasi dalam instrumen ekuitas yang telah elected on initial recognition to measure at FVOCI,
ditetapkan Grup pada pengakuan awal untuk diukur the cumulative gain or loss previously accumulated
pada FVOCI, keuntungan atau kerugian kumulatif in the investments revaluation reserve is not
yang sebelumnya diakumulasi dalam cadangan reclassified to profit or loss, but is transferred to
revaluasi investasi tidak direklasifikasi ke laba rugi, retained earnings.
tetapi dipindahkan ke saldo laba.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
e. Instrumen Keuangan - Lanjutan k. e. Financial Instruments - Continued
(2) Liabilitas Keuangan (2) Financial Liabilities
Semua liabilitas keuangan selanjutnya diukur pada All financial liabilities are subsequently measured at
biaya perolehan diamortisasi dengan menggunakan amortized cost using the effective interest method or
metode suku bunga efektif atau pada FVTPL. at FVTPL.
Namun, liabilitas keuangan yang timbul ketika However, financial liabilities that arise when a
pengalihan aset keuangan tidak memenuhi syarat transfer of a financial asset does not qualify for
untuk penghentian pengakuan atau ketika derecognition or when the continuing involvement
pendekatan keterlibatan berkelanjutan diterapkan, approach applies, financial guarantee contracts and
kontrak dan komitmen jaminan keuangan yang commitments issued by the Group, are measured in
diterbitkan oleh Grup, diukur sesuai dengan accordance with the specific accounting policies set
kebijakan akuntansi spesifik yang ditetapkan di out below.
bawah ini.
Liabilitas Keuangan Selanjutnya Diukur pada Financial Liabilities Subsequently Measured at
FVTPL FVTPL
Liabilitas keuangan diklasifikasikan sebagai FVTPL Financial liabilities are classified as at FVTPL when
jika liabilitas keuangan merupakan imbalan the financial liability is contingent consideration of
kontinjensi dari pihak pengakuisisi dalam kombinasi an acquirer in a business combination, held for
bisnis, dimiliki untuk diperdagangkan atau trading or it is designated as at FVTPL.
ditetapkan sebagai FVTPL.
Liabilitas keuangan diklasifikasikan sebagai dimiliki A financial liability is classified as held for trading if:
untuk diperdagangkan jika:
- telah diperoleh terutama untuk tujuan dibeli - it has been acquired principally for the purpose of
kembali dalam waktu dekat; atau repurchasing it in the near term; or
- pada pengakuan awal, ini merupakan bagian dari - on initial recognition it is part of a portfolio of
portofolio instrumen keuangan yang identified financial instruments that the Group
diidentifikasi yang dikelola bersama oleh Grup manages together and has a recent actual pattern
dan memiliki pola pengambilan keuntungan of short-term profit-taking; or
jangka pendek aktual terkini; atau
- merupakan derivatif, kecuali untuk derivatif yang - it is a derivative, except for a derivative that is a
merupakan kontrak jaminan keuangan atau financial guarantee contract or a designated and
instrumen lindung nilai yang ditetapkan dan effective hedging instrument.
efektif.
Liabilitas keuangan selain liabilitas keuangan yang A financial liability other than a financial liability
dimiliki untuk diperdagangkan atau imbalan held for trading or contingent consideration of an
kontinjensi dari pihak pengakuisisi dalam kombinasi acquirer in a business combination may be
bisnis dapat ditetapkan sebagai FVTPL pada designated as at FVTPL upon initial recognition if:
pengakuan awal jika:
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
l.
e. Instrumen Keuangan - Lanjutan m.e. Financial Instruments - Continued
(2) Liabilitas Keuangan - Lanjutan (2) Financial Liabilities - Continued
Liabilitas Keuangan Selanjutnya Diukur pada Financial Liabilities Subsequently Measured at
FVTPL – Lanjutan FVTPL – Continued
- penetapan tersebut menghilangkan atau secara - such designation eliminates or significantly
signifikan mengurangi pengukuran atau reduces a measurement or recognition
pengakuan yang inkonsistensi, yang jika tidak inconsistency, that would otherwise arise; or
maka akan timbul; atau
- liabilitas keuangan merupakan bagian dari - the financial liability forms part of a group of
kelompok aset keuangan atau liabilitas keuangan financial assets or financial liabilities or both,
atau keduanya, yang dikelola dan kinerjanya which is managed and its performance is
dievaluasi berdasarkan nilai wajar, sesuai dengan evaluated on a fair value basis, in accordance with
manajemen risiko atau strategi investasi yang the Group’s documented risk management or
didokumentasikan oleh Grup, dan informasi investment strategy, and information about the
tentang pengelompokan tersebut adalah Grouping is provided internally on that basis; or
disediakan secara internal atas dasar tersebut;
atau
- merupakan bagian dari kontrak yang - it forms part of a contract containing one or more
mengandung satu atau lebih derivatif melekat, embedded derivatives, and PSAK 109 permits the
dan PSAK 109 mengizinkan seluruh kontrak entire combined contract to be designated as at
gabungan untuk ditetapkan sebagai FVTPL. FVTPL.
Liabilitas keuangan pada FVTPL disajikan sebesar Financial liabilities at FVTPL are stated at fair value
nilai wajar dengan keuntungan atau kerugian yang with any gains or losses arising on changes in fair
timbul dari perubahan nilai wajar yang diakui dalam value recognized in profit or loss to the extent that
laba rugi sepanjang hal tersebut bukan merupakan they are not part of a designated hedging
bagian dari hubungan lindung nilai yang ditentukan. relationship. The net gain or loss recognized in profit
Keuntungan atau kerugian bersih yang diakui dalam or loss incorporates any interest paid on the financial
laba rugi menggabungkan setiap bunga yang liabilities and is included in the “Other Gains and
dibayarkan atas liabilitas keuangan dan dimasukkan Losses” line item.
dalam item baris "Keuntungan dan Kerugian Lain-
lain".
Namun, untuk liabilitas keuangan yang ditetapkan However, for financial liabilities that are designated
sebagai FVTPL, jumlah perubahan nilai wajar as at FVTPL, the amount of change in the fair value
liabilitas keuangan yang dapat diatribusikan pada of the financial liability that is attributable to
perubahan risiko kredit sendiri dari liabilitas tersebut changes in own credit risk of that liability is
diakui dalam penghasilan komprehensif lain, kecuali recognized in other comprehensive income, unless
pengakuan dampak dari perubahan risiko kredit the recognition of the effects of changes in the
liabilitas dalam penghasilan komprehensif lain akan liability’s credit risk in other comprehensive income
menciptakan atau memperbesar inkonsistensi would create or enlarge an accounting mismatch in
akuntansi dalam laba rugi. Sisa perubahan nilai profit or loss. The remaining amount of change in the
wajar karena selain risiko kredit sendiri dari liabilitas fair value due to other than own credit risk of liability
diakui dalam laba rugi. Perubahan nilai wajar yang is recognized in profit or loss. Changes in fair value
dapat diatribusikan pada risiko kredit liabilitas attributable to a financial liability’s credit risk that
keuangan diakui dalam penghasilan komprehensif are recognized in other comprehensive income are
lain dan kemudian tidak direklasifikasi ke laba rugi; not subsequently reclassified to profit or loss;
sebagai gantinya, mereka dipindahkan ke saldo laba instead, they are transferred to retained earnings
pada saat penghentian pengakuan liabilitas upon derecognition of the financial liability.
keuangan.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
n.
e. Instrumen Keuangan - Lanjutan o. e. Financial Instruments - Continued
(2) Liabilitas Keuangan - Lanjutan (2) Financial Liabilities - Continued
Liabilitas Keuangan Selanjutnya Diukur pada Financial Liabilities Subsequently Measured at
FVTPL – Lanjutan FVTPL – Continued
Keuntungan atau kerugian dari kontrak jaminan Gains or losses on financial guarantee contracts and
keuangan dan komitmen pinjaman yang diterbitkan loan commitments issued by the Group that are
oleh Grup yang ditetapkan oleh Grup pada nilai designated by the Group as at fair value through
wajar melalui laba rugi diakui dalam laba rugi. profit or loss are recognized in profit or loss
Liabilitas Keuangan Selanjutnya Diukur pada Financial Liabilities Subsequently Measured at
Biaya perolehan diamortisasi Amortized Cost
Liabilitas keuangan yang bukan merupakan imbalan Financial liabilities that are not contingent
kontinjensi dari pihak pengakuisisi dalam kombinasi consideration of an acquirer in a business
bisnis, dimiliki untuk tidak diperdagangkan, atau combination, not held-for-trading, or designated as
ditetapkan sebagai FVTPL, selanjutnya diukur pada at FVTPL, are subsequently measured at amortized
biaya perolehan diamortisasi dengan menggunakan cost using the effective interest method.
metode suku bunga efektif.
Metode suku bunga efektif adalah metode untuk The effective interest method is a method of
menghitung biaya perolehan diamortisasi dari calculating the amortized cost of a financial liability
liabilitas keuangan dan metode untuk and of allocating interest expense over the relevant
mengalokasikan beban bunga selama periode yang period. The effective interest rate is the rate that
relevan. Suku bunga efektif adalah suku bunga yang exactly discounts estimated future cash payments
secara tepat mendiskontokan estimasi pembayaran (including all fees and points paid or received that
tunai di masa depan (termasuk semua biaya dan poin form an integral part of the effective interest rate,
yang dibayarkan atau diterima yang merupakan transaction costs and other premiums or discounts)
bagian integral dari suku bunga efektif, biaya through the expected life of the financial liability, or
transaksi, dan premi atau diskon lainnya) selama (where appropriate) a shorter period, to the
perkiraan umur liabilitas keuangan, atau (jika sesuai) amortized cost of a financial liability.
periode yang lebih singkat, untuk biaya perolehan
diamortisasi dari liabilitas keuangan.
Keuntungan dan Kerugian Selisih Kurs Foreign Exchange Gains and Losses
Untuk liabilitas keuangan dalam mata uang asing For financial liabilities that are denominated in a
dan diukur pada biaya perolehan diamortisasi pada foreign currency and are measured at amortized cost
setiap tanggal pelaporan, keuntungan dan kerugian as at each reporting date, the foreign exchange gains
selisih kurs ditentukan berdasarkan biaya perolehan and losses are determined based on the amortized
diamortisasi instrumen tersebut. Keuntungan dan cost of the instruments. These foreign exchange gains
kerugian selisih kurs ini diakui dalam “Keuntungan and losses are recognized in the “Gains or Losses on
atau Kerugian Selisih Kurs” dalam laba rugi untuk Foreign Exchange” in profit or loss for financial
liabilitas keuangan yang bukan merupakan bagian liabilities that are not part of a designated hedging
dari hubungan lindung nilai yang ditentukan. Untuk relationship. For those which are designated as a
liabilitas yang ditetapkan sebagai instrumen lindung hedging instrument for a hedge of foreign currency
nilai untuk lindung nilai atas risiko mata uang asing, risk, foreign exchange gains and losses are
keuntungan dan kerugian selisih kurs diakui dalam recognized in other comprehensive income and
penghasilan komprehensif lain dan diakumulasi accumulated in a separate component of equity.
dalam komponen ekuitas yang
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
p.
e. Instrumen Keuangan - Lanjutan q.e. Financial Instruments - Continued
(2) Liabilitas Keuangan - Lanjutan (2) Financial Liabilities - Continued
Keuntungan dan Kerugian Selisih Kurs – Foreign Exchange Gains and Losses – Continued
Lanjutan
Nilai wajar dari liabilitas keuangan dalam mata uang The fair value of financial liabilities denominated in
asing ditentukan dalam mata uang asing tersebut dan a foreign currency is determined in that foreign
dijabarkan dengan kurs spot pada akhir periode currency and translated at the spot rate at the end of
pelaporan. Untuk liabilitas keuangan yang diukur the reporting period. For financial liabilities that are
pada FVTPL, komponen valuta asing merupakan measured as at FVTPL, the foreign exchange
bagian dari keuntungan atau kerugian nilai wajar dan component forms part of the fair value gains or losses
diakui dalam laba rugi untuk liabilitas keuangan and is recognized in profit or loss for financial
yang bukan merupakan bagian dari hubungan liabilities that are not part of a designated hedging
lindung nilai yang ditentukan. relationship
Penghentian Pengakuan Liabilitas Keuangan Derecognition of Financial Liabilities
Grup menghentikan pengakuan liabilitas The Group derecognizes financial liabilities when,
keuangannya jika, dan hanya jika, liabilitas Grup and only when, the Group’s obligations are
dilepaskan, dibatalkan, atau habis masa berlakunya. discharged, cancelled or they expire. The difference
Selisih antara nilai tercatat liabilitas keuangan yang between the carrying amount of the financial liability
dihentikan pengakuannya dan imbalan yang derecognized and the consideration paid and
dibayarkan dan terutang, termasuk aset non tunai payable, including any non-cash assets transferred
yang dialihkan atau liabilitas yang diambil alih, or liabilities assumed, is recognized in profit or loss.
diakui dalam laba rugi.
Ketika Grup menukar dengan pemberi pinjaman When the Group exchanges with the existing lender
yang eksis, suatu instrumen utang ke instrumen lain one debt instrument into another one with the
dengan persyaratan yang secara substansial berbeda, substantially different terms, such exchange is
pertukaran tersebut dicatat sebagai penghapusan accounted for as an extinguishment of the original
liabilitas keuangan awal dan pengakuan liabilitas financial liability and the recognition of a new
keuangan baru. Demikian pula, Grup mencatat financial liability. Similarly, the Group accounts for
modifikasi substansial dari persyaratan liabilitas substantial modification of terms of an existing
yang ada atau bagian darinya sebagai penghapusan liability or part of it as an extinguishment of the
liabilitas keuangan asli dan pengakuan liabilitas original financial liability and the recognition of a
baru. new liability.
Diasumsikan bahwa persyaratannya secara It is assumed that the terms are substantially different
substansial berbeda jika nilai sekarang yang if the discounted present value of the cash flows
didiskontokan dari arus kas menurut persyaratan under the new terms, including any fees paid net of
baru, termasuk biaya yang dibayarkan setelah any fees received and discounted using the original
dikurangi biaya yang diterima dan didiskontokan effective rate is at least 10 per cent different from the
menggunakan tarif efektif awal sekurang-kurangnya discounted present value of the remaining cash flows
10 persen berbeda dari nilai wajar yang of the original financial liability. If the modification
didiskontokan atas nilai sisa arus kas dari liabilitas is not substantial, the difference between: (1) the
keuangan awal. Jika modifikasi tidak substansial, carrying amount of the liability before the
perbedaan antara: (1) nilai tercatat liabilitas sebelum modification; and (2) the present value of the cash
modifikasi; dan (2) nilai kini arus kas setelah flows after modification should be recognized in
modifikasi harus diakui dalam laba rugi sebagai profit or loss as the modification gain or loss within
keuntungan atau kerugian modifikasi dalam other gains and losses.
keuntungan dan kerugian lain.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
r.
e. Instrumen Keuangan - Lanjutan s.e. Financial Instruments - Continued
(3) Pengaturan Saling Hapus (3) Offsetting Arrangements
Aset keuangan dan liabilitas keuangan saling hapus Financial assets and financial liabilities are offset
dan jumlah bersih disajikan di laporan posisi and the net amount presented in the consolidated
keuangan konsolidasian jika, dan hanya jika, Grup statement of financial position when, and only when,
memiliki hak yang dapat diberlakukan secara hukum the Group has a legally enforceable right to set off
untuk menghapus jumlah yang diakui; dan the recognized amounts; and intends either to settle
bermaksud untuk menyelesaikan secara neto, atau on a net basis, or to realize the asset and settle the
untuk merealisasikan aset dan menyelesaikan liability simultaneously. A right to set-off must be
liabilitas secara bersamaan. Hak untuk kompensasi available today rather than being contingent on a
harus tersedia saat kini daripada bergantung pada future event and must be exercisable by any of the
peristiwa di masa depan dan harus dapat counterparties, both in the normal course of business
dilaksanakan oleh salah satu pihak lawan, baik and in the event of default, insolvency or bankruptcy.
dalam kegiatan bisnis normal dan dalam hal terjadi
gagal bayar (default), keadaan tidak dapat
membayar (insolvency) atau kebangkrutan.
(4) Reklasifikasi Instrumen Keuangan (4) Reclassification of Financial Instruments
Untuk aset keuangan, diperlukan reklasifikasi antara For financial assets, reclassification is required
FVTPL, FVOCI dan biaya perolehan diamortisasi, between FVTPL, FVOCI and amortized cost, if and
jika dan hanya jika tujuan model bisnis Grup untuk only if the Group's business model objective for its
aset keuangannya berubah sehingga penilaian model financial assets changes so its previous model
sebelumnya tidak berlaku lagi. assessment would no longer apply.
Jika reklasifikasi sudah sesuai, maka harus If reclassification is appropriate, it must be done
dilakukan secara prospektif sejak tanggal prospectively from the reclassification date which is
reklasifikasi yang ditetapkan sebagai hari pertama defined as the first day of the first reporting period
periode pelaporan pertama setelah perubahan model following the change in business model. The Group
bisnis. Grup tidak menyajikan kembali keuntungan, does not restate any previously recognized gains,
kerugian, atau bunga yang diakui sebelumnya. losses, or interest.
PSAK 109 tidak mengizinkan reklasifikasi: PSAK 109 does not allow reclassification:
- untuk investasi ekuitas yang diukur pada FVOCI, - for equity investments measured at FVOCI, or
atau
- di mana opsi nilai wajar telah dilaksanakan dalam - where the fair value option has been exercised
kondisi apapun untuk aset keuangan atau under any circumstances for the financial asset or
liabilitas keuangan. financial liability
t.
Liabilitas keuangan tidak dapat direklasifikasi. u. The financial liability shall not be reclassified.
v.
f. Transaksi dengan Pihak-pihak Berelasi w.f. Transactions with Related Parties
Pihak-pihak berelasi adalah orang atau Grup yang Related party represents a person or an Group who
terkait dengan Grup yang menyiapkan laporan is related to the Group who prepares financial
keuangannya (entitas pelapor): statements (reporting entity):
(a) Orang atau anggota keluarga terdekat (a) A person or a close member of the person’s
mempunyai relasi dengan Grup pelapor jika family is related to a reporting Group if that
orang tersebut: person:
(i) memiliki pengendalian atau (i) has control or joint control over the
pengendalian bersama atas Grup reporting Group;
pelapor;
(ii) memiliki pengaruh signifikan atas Grup (ii) has significant influence over the
pelapor; atau reporting Group; or
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
f. Transaksi dengan Pihak-pihak Berelasi - Lanjutan x. f. Transactions with Related Parties - Continued
(iii) personil manajemen kunci Grup pelapor (iii) is a member of the key management
atau Grup induk Grup pelapor. personnel of the reporting Group or of a
parent of the reporting Group.
(b) Suatu Grup berelasi dengan Grup pelapor jika (b) An Group is related to a reporting Group if any
memenuhi salah satu hal berikut: of the following conditions applies:
(i) Grup dan Grup pelapor adalah anggota (i) the Entity and the reporting Group are
dari Grup yang sama (artinya Entitas members of the same group (which means
induk, entitas anak, dan entitas anak that each parent, subsidiary and fellow
berikutnya terkait dengan Grup lain). subsidiary is related to the others).
(ii) satu Grup adalah Grup asosiasi atau (ii) one Group is an associate or joint venture
ventura bersama dari Grup lain (atau of the other Group (or an associate or
Grup asosiasi atau ventura bersama yang joint venture of a member of Group and
merupakan anggota suatu Grup, yang Subsidiary of which the other Group is a
mana Grup lain tersebut adalah member).
anggotanya).
(iii) kedua Grup tersebut adalah ventura (iii) both Group are joint ventures of the same
bersama dari pihak ketiga yang sama. third party.
(iv) satu Grup adalah ventura bersama dari (iv) one Group is a joint venture of a third
Grup ketiga dan Grup yang lain adalah Group and the other Group is an
Grup asosiasi dari Grup ketiga. associate of the third Group.
(v) Grup tersebut adalah suatu program (v) the Group is a post-employment benefit
imbalan pascakerja untuk imbalan kerja plan for the benefit of employees of either
dari salah satu Grup pelapor atau Grup the reporting Group or an Group related
yang terkait dengan Grup pelapor. Jika to the reporting Group. If the reporting
Grup pelapor adalah Grup yang Group is itself such a plan, the
menyelenggarakan program tersebut, sponsoring employers are also related to
maka Grup sponsor juga berelasi dengan the reporting Group.
Grup pelapor.
(vi) Grup yang dikendalikan atau (vi) the Group is controlled or jointly
dikendalikan bersama oleh orang yang controlled by a person identified in (a).
diidentifikasi dalam huruf (a).
(vii) orang yang diidentifikasi dalam huruf (vii) a person identified in (a) (i) has
(a) (i) memiliki pengaruh signifikan atas significant influence over the Group or is
Grup atau personil manajemen kunci a member of the key management
Grup (atau Entitas induk dari Grup). personnel of the Group (or of a Entity of
the Group).
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
f. Transaksi dengan Pihak-pihak Berelasi - Lanjutan y. f. Transactions with Related Parties - Continued
Grup atau anggota dari kelompok yang mana Grup The Group or any member of a group of which it is a
merupakan bagian dari kelompok tersebut, part, provides key management personnel services to
menyediakan jasa personil manajemen kunci kepada the reporting Group or to the entity of the reporting
Grup pelapor atau kepada entitas induk dari Grup Group.
pelapor.
Seluruh saldo dan transaksi yang signifikan dengan All significant balances and transactions with related
pihak berelasi, baik yang dilakukan dengan parties, whether or not conducted under the normal
persyaratan dan kondisi normal sebagaimana yang terms and conditions similar to those transacted with
dilakukan dengan pihak ketiga, diungkapkan dalam parties, are disclosed in the notes to the consolidated
catatan atas laporan keuangan konsolidasian. financial statements.
g. Persediaan z. g. Inventories
Persediaan dinyatakan sebesar nilai terendah antara Inventories are stated at the lower of cost or net
biaya perolehan atau nilai realisasi neto (the lower of realizable value, whichever is lower. Cost is
cost or net realizable value). Biaya perolehan determined using the average method. Which
persediaan ditentukan dengan metode rata-rata reflecting the current condition of inventories.
(average method) yang mencerminkan kondisi
terkini persediaan.
Nilai realisasi neto adalah estimasi harga jual dalam Net realizable value represents the estimated selling
kegiatan usaha normal dikurangi estimasi biaya price in the ordinary course of business less the
penyelesaian dan estimasi biaya yang diperlukan estimated cost of completion and the estimated costs
untuk membuat penjualan. necessary to make the sale.
Penyisihan atas persediaan usang atau penurunan Allowance for inventory losses, obsolescence or
nilai persediaan ditetapkan berdasarkan penelaahan decline in stock value are based on a review of the
berkala terhadap kondisi fisik dan tingkat perputaran physical conditions and inventory turnover.
persediaan.
h. Biaya Dibayar di Muka i. h. Prepaid Expenses
Biaya dibayar di muka dibebankan pada laba rugi Prepaid expenses are amortized over their beneficial
tahun berjalan sesuai masa manfaat masing-masing periods by using the straight-line method.
biaya dengan menggunakan metode garis lurus
(straight-line method).
i. Aset Tetap j. i. Property, Plant and Equipment
Tanah, bangunan dan prasarana serta mesin dan Land, buildings and improvements, and machines and
peralatan dicatat pada jumlah revaluasian, yaitu nilai equipment are stated at their revalued amount, being
wajar pada tanggal revaluasi dikurangi akumulasi the fair value at the date of revaluation, less any
penyusutan dan akumulasi rugi penurunan nilai yang subsequent accumulated depreciation and
terjadi setelah tanggal revaluasi. Revaluasi subsequent accumulated impairment losses.
dilakukan dengan keteraturan yang cukup reguler Revaluations are performed with sufficient regularity
untuk memastikan bahwa jumlah tercatat tidak such that the carrying amount does not differ
berbeda secara material dari jumlah yang ditentukan materially from that which would be determined
dengan menggunakan nilai wajar pada tanggal posisi using fair values at financial position date.
keuangan.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
k.
i. Aset Tetap - Lanjutan l. i. Property, Plant and Equipment - Continued
Penyusutan dihitung dengan menggunakan metode Depreciation is computed using the straight-line
garis lurus untuk kelompok bangunan dan prasarana method for buildings and improvements. depreciation
sedangkan untuk kelompok selain bangunan dan of non-buildings and improvements are computed
prasarana disusutkan dengan metode saldo menurun using the double-declining-balance-method based on
ganda berdasarkan taksiran masa manfaat ekonomis the estimated useful lives of the assets as follows:
sebagai berikut:
Presentase/
Tahun/Years
Percentage
Bangunan dan prasarana 20 5% Building and improvement
Mesin dan peralatan 4 - 25 25% – 4% Machinery and equipment
Estimasi masa manfaat ekonomis, nilai residu dan The estimated of useful lives, residual values and
metode penyusutan direview setiap akhir tahun dan depreciation method are reviewed at the end of the
pengaruh dari setiap perubahan estimasi tersebut year and the effect of any changes in estimate
berlaku prospektif. accounted for prospectively.
Kenaikan yang berasal dari revaluasi tanah, Any revaluation increase arising on the revaluation
bangunan dan mesin tersebut langsung dikreditkan of such land, building and machines is credited to the
ke surplus revaluasi pada penghasilan komprehensif revaluation surplus in other comprehensive income,
lain, kecuali sebelumnya penurunan revaluasi atas except to the extent that it reverses a revaluation
aset yang sama pernah diakui dalam laba rugi, dalam decrease, for the same asset which was previously
hal ini kenaikan revaluasi hingga sebesar penurunan recognized in profit or loss, in which case the
nilai aset akibat revaluasi tersebut, dikreditkan increase is credited to profit or loss to the extent of
dalam laporan laporan laba rugi dan penghasilan the decrease previously charged. A decrease in
komprehensif lain konsolidasian. Penurunan jumlah carrying amount arising on the revaluation is
tercatat yang berasal dari revaluasi aset tetap charged to of profit or loss to the extent that it exceeds
dibebankan dalam laba rugi apabila penurunan the balance, if any, held in the preperties revaluation
tersebut melebihi saldo akun surplus revaluasi aset reserve relating to a provious revaluation.
tetap yang berasal dari revaluasi sebelumnya, jika
ada.
Penyusutan atas nilai revaluasian bangunan dan Depreciation on revalued building and
prasarana serta mesin dan peralatan dibebankan ke improvements and machines and equipment are
laporan laba rugi dan penghasilan komprehensif lain charged to consolidated statement of profit or loss
konsolidasian. Bila aset tetap yang telah direvaluasi and other comprehensive income. The attributable
dilepas atau dihentikan penggunaanya, saldo surplus revaluation surplus remaining in the property, plant
revaluasi tersisa dipindahkan langsung ke saldo laba and equipment, revaluation reserve is transferred
beserta pengaruh pajaknya. directly to retained earnings with the tax impact.
Akumulasi penyusutan pada tanggal revaluasi Accumulated depreciation at the date of revaluation
diperlakukan dengan cara dieliminasikan terhadap is treated in a manner eliminated against the gross
jumlah tercatat bruto dari aset dan jumlah tercatat carrying amount of assets and the carrying amount
neto setelah eliminasi disajikan sebesar jumlah net of eliminations is presented again at the amount
revaluasian dari aset tersebut. of revaluation of assets.
Keuntungan dan kerugian yang timbul dari The gain or loss arising on sale or retirement of land,
penjualan atau penghentian tanah, bangunan dan buildings and improvements and machines and
prasarana serta mesin dan peralatan ditentukan equipment is determined as the difference between
sebesar perbedaan antara jumlah neto hasil the sales proceeds and carrying amount of the assets
pelepasan dan jumlah tercatat dari aset tetap tersebut and is recognized in the consolidated statement of
dan dicatat dalam laporan laba rugi dan penghasilan profit or loss and other comprehensive income.
komprehensif lain konsolidasian.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
i. Aset Tetap - Lanjutan m.i. Property, Plant and Equipment - Continued
Grup melakukan revaluasi karena adanya perubahan The Group revalued due to changes in accounting
kebijakan akuntansi, tidak dilakukan revaluasi policies, revaluation was not carried out for fiscal
karena alasan fiskal sehingga tidak ada pelaporan ke reasons so that there was no reporting to the
Direktorat Jendral Pajak untuk perijinan tersebut. Directorate General of Taxes for the permit.
Revaluasi akan dilakukan secara tahunan bagi aset Revaluation will be carried out annually for assets
yang mengalami perubahan nilai wajar secara that experience significant and volatile changes in
signifikan dan fluktuatif sedangkan bagi aset yang fair value, while assets that do not experience
tidak mengalami perubahan nilai wajar secara significant changes in fair value must be revalued at
signifikan wajib direvaluasi paling kurang setiap least every 3 (three) years.
3 (tiga) tahun.
Grup telah menerapkan metode revaluasi sebagai The Group has applied the revaluation method as an
kebijakan akuntansi pada pencatatan aset tetap sejak accounting policy to the recording of property, plant
1 Januari 2009. and equipment since January 1, 2009.
Aset tetap lainnya Other Property, Plant and Equipment
Aset tetap lainnya dinyatakan berdasarkan biaya Other property, plant and equipment is stated at cost
perolehan setelah dikurangi akumulasi penyusutan less accumulated depreciation and any accumulated
dan akumulasi kerugian penurunan nilai. impairment losses. Depreciation is computed using
Penyusutan dihitung dengan menggunakan metode the double-declining method based on the estimated
saldo menurun ganda berdasarkan taksiran masa useful lives of the assets as follows:
manfaat ekonomis aset tetap sebagai berikut:
Presentase/
Tahun/Years
Percentage
Kendaraan 2-4 50% - 25% Vehicles
Inventaris kantor 2-4 50% - 25% Office furniture and fixtures
Aset hak-guna disusutkan berdasarkan taksiran Right of use-asset are depreciated based on the same
masa manfaat ekonomis yang sama dengan aset estimated useful life as owned assets.
yang dimiliki sendiri.
Estimasi masa manfaat ekonomis, nilai residu dan The estimated useful lives, residual values and
metode penyusutan direview setiap akhir tahun dan depreciation method are reviewed at each year end,
pengaruh dari setiap perubahan estimasi tersebut with the effect of any changes in estimates accounted
berlaku prospektif. for on a prospective basis.
Penyusutan dihentikan lebih awal ketika aset yang Depreciation is discontinued earlier if the
dimiliki diklasifikasikan sebagai aset untuk dijual classification of assets owned are ready to dispose of
atau aset tersebut termasuk dalam kelompok aset or those assets are retired.
yang tidak digunakan lagi.
Jumlah tercatat aset tetap yang dilepaskan atau sudah Net book value of other property, plant and
tidak mempunyai manfaat ekonomis masa depan equipment disposed or when they have no expected
yang diharapkan dari penggunaan atau pelepasannya economical future value from their usage or disposal.
dihentikan pangakuannya. Laba atau rugi yang Gain or loss on disposal of other equipment reflected
timbul dari penghentian pengakuan aset tetap harus in current operations as the other equipment retired.
dimasukkan dalam laba rugi pada saat aset tersebut
dihentikan pengakuannya.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
i. Aset Tetap - Lanjutan n. i. Property, Plant and Equipment - Continued
Beban pemeliharaan dan perbaikan dibebankan pada The cost of maintenance and repairs is charged to
laporan laba rugi dan penghasilan komprehensif lain consolidated statement of profit or loss and other
konsolidasian pada saat terjadinya. Biaya-biaya lain comprehensive income. Other costs incurred
yang terjadi selanjutnya yang timbul untuk subsequently to add, to replace part of, or to repair
menambah, mengganti atau memperbaiki aset tetap an item of other equipment, are recognized as an
dicatat sebagai biaya perolehan aset jika dan hanya asset if, and only if, it is probable that future
jika besar kemungkinan manfaat ekonomis di masa economic benefits associated with the item will flow
depan berkenaan dengan aset tersebut akan mengalir to the Group and the cost of the item can be measured
ke Grup dan biaya perolehan aset dapat diukur reliably. When assets are retired or otherwise
secara andal. Aset tetap yang sudah tidak digunakan disposed of, their carrying values and the related
lagi atau yang dilepas dikeluarkan dari kelompok accumulated depreciations and any impairment
aset tetap berikut akumulasi penyusutannya. losses are removed from the accounts and any
Keuntungan atau kerugian dari pelepasan aset tetap resulting losses from the disposal of property, plant
tersebut dibukukan dalam laporan laba rugi dan and equipment recognized in the consolidated
penghasilan komprehensif lain konsolidasian pada statement of profit or loss and other comprehensive
tahun yang bersangkutan. income is reflected in the current operations.
Aset dalam penyelesaian dinyatakan sebesar biaya Construction in progress is stated at cost. less any
perolehan dikurangi penurunan nilai yang ada. impairment loss and is transferred to the respective,
Akumulasi biaya perolehan akan dipindahkan ke property, plant and equipment account when
masing-masing aset tetap yang bersangkutan pada completed and ready for use.
saat selesai dan siap digunakan.
j. Properti Investasi h. j. Investment Property
i.
Properti investasi adalah properti (tanah atau j. Investment property is property (land or buildings or
bangunan atau bagian dari suatu bangunan atau parts of a building or both) held to earn rentals or for
kedua-duanya) untuk menghasilkan rental atau capital appreciation or both, and not used in the
untuk kenaikan nilai atau kedua-duanya, dan tidak production or supply of goods or services for
digunakan dalam produksi atau penyediaan barang administrative purposes or sold in the ordinary
atau jasa untuk tujuan administratif atau dijual dalam course of business day. Investment property is
kegiatan usaha sehari-hari. Properti investasi diukur measured at cost.
sebesar nilai perolehan.
k.
Properti investasi pada awalnya diukur sebesar biaya l. Investment property is initially recognized at
perolehan. Setelah pengakuan awal, Grup memilih acquisition cost. The Group have chosen the cost
model biaya sebagai kebijakan akuntansi model as the accounting policy for its investment
pengukuran properti investasinya. property measurement.
m.
Properti investasi dihentikan pengakuannya pada n. Investment property is derecognized upon permanent
saat dilepaskan secara permanen atau tidak disposal or not used permanently and no future
digunakan secara permanen dan tidak memiliki economic benefits are expected from its disposal.
manfaat ekonomi masa depan yang diperkirakan dari Gains or losses arising from the retirement or
pelepasannya. Keuntungan atau kerugian yang disposal of investment property are recognized in the
timbul dari transaksi penghentian atau pelepasan consolidated statement of profit or loss and other
properti investasi diakui dalam laporan laba rugi dan comprehensive income, except for the sale and lease-
penghasilan komprehensif lain konsolidasian back.
kecuali transaksi jual dan sewa-balik.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
k. Aset Takberwujud k. Intangible Assets
Aset takberwujud meliputi biaya perolehan Intangible assets that consist of costs of computer
perangkat lunak yang diamortisasi dengan metode software are amortized using the straight-line
garis lurus selama masa manfaat 5-10 tahun. method over their beneficial periods of 5-10 years.
l. Investasi pada Grup Asosiasi o. l. Investment in Associate
Grup asosiasi adalah suatu Grup dimana Grup k. An associate is an Group over which the Group have
memiliki pengaruh signifikan dan bukan merupakan significant influence and that is neither a subsidiary
entitas anak atau ventura bersama. Pengaruh nor an interest in a joint venture. Significant
signifikan adalah kekuasaan untuk ikut serta dalam influence is the power to participate in the financial
mengambil keputusan atas kebijakan keuangan dan and operating policy decisions of the investee but is
operasional investee tetapi tidak mengendalikan atau not control or joint control over those policies.
mengendalikan bersama atas kebijakan tersebut.
Dalam metode ekuitas, pengakuan awal investasi l. Under the equity method, the investment in an
pada Grup asosiasi diakui sebesar biaya perolehan, associate is initially recognized at cost and adjusted
dan jumlah tercatat tersebut ditambah atau dikurang thereafter for the post-acquisition change in the
untuk mengakui bagian investor atas aset bersih investor’s share of the investee’s net assets. The
investee setelah tanggal perolehan. Laba atau rugi investor’s profit or loss includes its share of the
investor mencakup bagian dari laba atau rugi investee's profit or loss and the investor's OCI
investee dan OCI dari investor mencakup bagian includes its share of the investee's OCI. Goodwill
OCI dari investee. Goodwill terkait dengan Grup relating to the associate is included in the carrying
asosiasi terdapat dalam jumlah tercatat investasi dan amount of the investment and is neither amortized nor
tidak diamortisasi maupun dilakukan pengujian individually tested for impairment.
penurunan nilai secara individu.
m.
Pada saat hilangnya pengaruh signifikan pada Grup n. Upon loss of significant influence over the associate,
asosiasi, Grup mengakui setiap investasi yang tersisa the Group measures and recognizes any retained
pada nilai wajar. Perbedaan antara jumlah tercatat investment as its fair value. Any difference between
Grup asosiasi pada saat hilangnya pengaruh the carrying amount of the associate upon loss of
signifikan dan nilai wajar dari investasi yang tersisa significant influence and the fair value of the retained
dan hasil dari pelepasan diakui dalam laba rugi. investment and proceeds from disposal is recognized
in profit or loss.
m. Penurunan Nilai Aset Non-Keuangan m. m. Impairment of Non-Financial Assets
Sesuai dengan PSAK No. 236, mengenai According to PSAK No. 236, regarding “Impairment
“Penurunan Nilai Aset”, pada tanggal laporan posisi of Assets”, at the consolidated statement of financial
keuangan konsolidasian, Grup menelaah nilai position date, the Group review the carrying amount
tercatat aset non-keuangan untuk menentukan of non-financial assets to determine whether there is
apakah terdapat indikasi bahwa aset tersebut telah any indication that those assets have suffered an
mengalami penurunan nilai. impairment loss.
Jika terdapat indikasi tersebut, nilai yang dapat If any such indication exists, the recoverable amount
diperoleh kembali dari aset diestimasi untuk of the asset is estimated in order to determine the
menentukan tingkat kerugian penurunan nilai (jika extent of the impairment loss (if any).
ada).
Bila tidak memungkinkan untuk mengestimasi nilai Where is it not possible to estimate the recoverable
yang dapat diperoleh kembali atas suatu aset amount of an individual asset, the Group estimate the
individu, Grup mengestimasi nilai yang dapat recoverable amount of the cash generating unit to
diperoleh kembali dari unit penghasil kas atas aset. which the asset belongs. Estimated recoverable
Perkiraan jumlah yang dapat diperoleh kembali amount is the higher of fair value less costs to sell or
adalah nilai tertinggi antara harga jual neto atau nilai value in use.
pakai.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
m. Penurunan Nilai Aset Non-Keuangan - Lanjutan n. m. Impairment of Non-Financial Assets - Continued
Jika jumlah yang dapat diperoleh kembali dari aset If the recoverable amount of a non-financial asset
non-keuangan (unit penghasil kas) kurang dari nilai (cash generating unit) is less than it’s carrying
tercatatnya, nilai tercatat aset (unit penghasil kas) amount, the carrying amount of the asset (cash
dikurangi menjadi sebesar nilai yang dapat diperoleh generating unit) is reduced to its recoverable amount
kembali dan rugi penurunan nilai diakui langsung ke and an impairment loss is recognized immediately in
laba rugi. the profit or loss.
n. Sewa m.n. Leases
Grup sebagai Penyewa Group as a Lessee
Pada insepsi kontrak, Grup menilai apakah kontrak At the inception of a contract, the Group assesses
adalah, atau mengandung, sewa. Suatu kontrak whether the contract is, or contains, a lease. A
adalah atau mengandung sewa jika kontrak tersebut contract is or contains a lease if the contract conveys
memberikan hak untuk mengendalikan penggunaan the right to control the use of an identified assets for
aset yang identifikasian selama suatu jangka waktu a period of time in exchange for consideration.
untuk dipertukarkan dengan imbalan.
Untuk menilai apakah kontrak memberikan hak To assess whether a contract conveys the right to
untuk mengendalikan penggunaan aset yang control the use of an identified asset, the Group
identifikasian, Grup harus menilai apakah: shall assesses whether:
- Grup memiliki hak untuk mendapatkan secara - The Group has the right to obtain substantially all
substansial seluruh manfaat ekonomik dari the economic benefits from use of the identified
penggunaan aset identifikasian selama periode asset throughout the period of use; and
penggunaan; dan
- Grup memiliki hak untuk mengarahkan - The Group has the right to direct the use of the
penggunaan aset identifikasian. Grup memiliki identified asset. The Group has this right when it
hak ini ketika Grup memiliki hak pengambilan has the decision-making rights that are the most
keputusan yang paling relevan untuk mengubah relevant to changing how and for what purpose
cara dan tujuan penggunaan aset telah ditentukan the asset is used are predetermined:
sebelumnya:
1. Grup memiliki hak untuk mengoperasikan 1. The Group has the right to operate the
aset identifikasian; identified asset;
2. Grup telah mendesain aset identifikasian 2. The Group has designed the identified asset in
dengan cara yang telah ditentukan sebelumnya a way that predetermined how and for what
bagaimana dan untuk tujuan apa aset itu akan purpose it will be used.
digunakan.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
n.
n. Sewa - Lanjutan o. n. Leases - Continued
Pada insepsi atau penilaian kembali kontrak yang At the inception or on reassessment of a contract that
berisi komponen sewa, Grup mengalokasikan contains a lease component, the Group allocates the
imbalan dalam kontrak untuk setiap komponen sewa consideration in the contract to each lease
atas dasar harga relatif tersendiri dan harga tersendiri component on the basis of their relative stand-alone
agregat dari komponen nonsewa. Akan tetapi, untuk prices and the aggregate stand-alone price of the
sewa perbaikan di mana Grup adalah penyewa, Grup non-lease components. However, for the leases of
telah memilih untuk tidak memisahkan komponen improvements in which the Group is a lessee, the
nonsewa dan mencatat komponen sewa dan nonsewa Group has elected not to separate non-lease
sebagai komponen sewa tunggal. components and account for the lease and non-lease
components as a single lease component.
Pada saat permulaan sewa, penyewa mengakui aset Upon lease commencement a lessee recognizes a
hak-guna dan liabilitas sewa. Aset hak-guna right-of-use asset and a lease liability. The right-of-
awalnya diukur pada harga perolehan, yang terdiri use asset is initially measured at cost, which
dari jumlah awal liabilitas sewa yang disesuaikan comprises the initial amount of the lease liability
dengan pembayaran sewa yang dilakukan pada atau adjusted for any lease payment made at or before the
sebelum tanggal permulaan, ditambah biaya commencement date, plus any initial direct cost
langsung awal yang timbul dan estimasi biaya untuk incurred and an estimate of costs to dismantle and
membongkar dan memindahkan aset pendasar atau remove the underlying asset or to restore the
merestorasi aset pendasar ke kondisi yang underlying asset to the condition required by the
disyaratkan oleh syarat dan ketentuan sewa, terms and conditions of the lease, less any lease
dikurangi insentif sewa yang diterima. incentives received.
Setelah tanggal permulaan, Grup mengukur aset After lease commencement, the Group measures the
hak-guna dengan menggunakan model biaya yang right-of-use asset using a cost model that relates to
berkaitan aset tetap sesuai property, plant and equipment under PSAK 216.
PSAK 216.
Berdasarkan model biaya, aset hak-guna diukur pada Under the cost model, a right-of-use asset is
biaya perolehan dikurangi akumulasi penyusutan measured at cost less accumulated depreciation and
dan akumulasi penurunan nilai. Jika sewa accumulated impairment. If the lease transfers
mengalihkan kepemilikan aset pendasar kepada ownership of the underlying assets to the Group at
Grup pada akhir masa sewa atau jika biaya perolehan the end of the lease period or if the acquisition cost
aset hak-guna mencerminkan bahwa penyewa akan of the right-of-use asset reflects that the lessee will
mengeksekusi opsi beli, Grup mendepresiasi hak- make a purchase option, the Group depreciates the
guna sejak tanggal permulaan hingga akhir umur right-of-use asset from the commencement date until
manfaat aset pendasar. Jika tidak, Grup the end of the useful life of the asset underlying
mendepresiasi aset hak-guna dari tanggal permulaan assets. If not, the Group depreciates the right-of-use
hingga tanggal yang lebih awal antara akhir umur assets from the commencement date to the earlier of
manfaat aset hak-guna atau akhir masa sewa. the end of the useful life of the right-of-use asset or
the end of the lease term.
Liabilitas sewa pada awalnya diukur pada nilai kini The lease liability is initially measured at the present
dari pembayaran sewa yang terutang selama masa value of the lease payments payable over the lease
sewa, didiskontokan pada suku bunga implisit dalam term, discounted at the rate implicit in the lease if that
sewa jika hal itu dapat segera ditentukan. Jika suku can be readily determined. If that rate cannot be
bunga implisit tersebut tidak dapat segera readily determined, the Group uses its incremental
ditentukan, Grup menggunakan suku bunga borrowing rate.
pinjaman inkremental.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
p.
n. Sewa - Lanjutan q.n. Leases - Continued
Pembayaran sewa yang termasuk dalam Lease payments included in the measurement of the
pengukuran liabilitas sewa terdiri dari: lease liability comprise the following:
- pembayaran tetap, termasuk pembayaran tetap - fixed payments, including in-substance fixed
secara-substansi dikurangi piutang insentif payments less any lease incentive receivable;
sewa;
- pembayaran sewa variabel yang bergantung - variable lease payments that depend on an index
pada indeks atau suku bunga, awalnya diukur or a rate, initially measured using the index or
menggunakan indeks atau suku bunga pada rate as at the commencement date;
tanggal permulaan;
- jumlah yang diperkirakan akan dibayarkan oleh - amounts expected to be payable by the Group
Grup dalam jaminan nilai residual; under a residual value guarantee;
- harga eksekusi opsi beli yang cukup pasti Grup - the exercise price under a purchase option that
akan mengeksekusi; dan the Group is reasonably certain to exercise; and
- pembayaran penalti untuk penghentian sewa - penalties payment for early termination of a lease
lebih awal kecuali Grup cukup pasti untuk tidak unless the Group is reasonably certain not to
menghentikan kontrak lebih awal. terminate early.
Pembayaran sewa variabel yang tidak termasuk Variable lease payments that are not included in the
dalam pengukuran liabilitas sewa diakui dalam laba measurement of the lease liability are recognized in
rugi pada periode terjadinya peristiwa atau kondisi profit or loss in the period in which the event or
yang memicu terjadinya pembayaran, kecuali biaya condition that triggers payment occurs, unless the
tersebut dimasukkan dalam nilai tercatat aset lain costs are included in the carrying amount of another
menurut Pernyataan lain. asset under another Standard.
Liabilitas sewa selanjutnya diukur kembali untuk The lease liability is subsequently remeasured to
mencerminkan perubahan dalam: reflect changes in:
- masa sewa (menggunakan tingkat diskonto - the lease term (using a revised discount rate);
yang direvisi);
- penilaian opsi beli (menggunakan tingkat - the assessment of a purchase option (using a
diskonto yang direvisi); revised discount rate);
- pembayaran sewa masa depan sebagai akibat - future lease payments resulting from a change in
dari perubahan indeks atau suku bunga yang an index or a rate used to determine those
digunakan untuk menentukan pembayaran payments (using an unchanged discount rate).
tersebut (menggunakan tingkat diskonto yang
tidak berubah).
Sewa jangka pendek dan aset pendasar bernilai Short-term leases and low value underlying assets
rendah
Grup telah memilih untuk tidak mengakui aset hak- The Group has elected not to recognize right-of-use
guna dan liabilitas sewa untuk sewa jangka pendek assets and lease liabilities for short-term leases that
yang memiliki jangka waktu sewa 12 bulan atau have a lease term of 12 months or less. The Group
kurang. Grup mengakui pembayaran sewa terkait recognizes the leases payments associated with these
dengan sewa tersebut sebagai beban dengan metode leases as an expense on a straight-line basis over the
garis lurus selama masa sewa. lease term.
Grup belum menentukan ambang batas aset bernilai The Group has not determined the threshold of low
rendah, oleh karena itu Grup tidak menggunakan value assets, accordingly the Group does ot use this
pengecualian ini dan menerapkan PSAK 116 exemption and applies PSAK 116 as appropriate.
sebagaimana mestinya.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
r.
n. Sewa - Lanjutan s.n. Leases - Continued
Modifikasi sewa Lease modification
Modifikasi sewa juga dapat meminta pengukuran Lease modifications may also prompt remeasurement
kembali liabilitas sewa kecuali jika diperlakukan of the lease liability unless they are to be treated as
sebagai sewa terpisah. separate leases.
Penyewa mencatat modifikasi sewa sebagai sewa The lessee accounts for a lease modification as a
terpisah jika keduanya: separate lease if both:
- modifikasi meningkatkan ruang lingkup sewa - the modification increases the scope of the lease
dengan menambahkan hak untuk menggunakan by adding the right to use one or more underlying
satu atau lebih aset pendasar; dan assets; and
- imbalan sewa meningkat sebesar jumlah yang - the consideration for the lease increases by an
setara dengan harga tersendiri untuk amount commensurate with the stand-alone price
peningkatan ruang lingkup dan penyesuaian for the increase in scope and any appropriate
yang tepat terhadap harga tersendiri tersebut adjustments to that stand-alone price to reflect the
untuk mencerminkan kondisi kontrak tertentu. circumstances of the particular contract.
Untuk modifikasi sewa yang tidak dicatat sebagai For a lease modification that is not accounted for as
sewa terpisah, pada tanggal efektif modifikasi sewa, a separate lease, at the effective date of the lease
penyewa: modification, the lessee:
- mengukur kembali dan mengalokasikan - remeasure and allocate the consideration in the
imbalan dalam kontrak modifikasian; modified contract;
- menentukan masa sewa dari sewa modifikasian; - determine the lease term of the modified lease;
- mengukur kembali liabilitas sewa dengan - remeasure the lease liability by discounting the
mendiskontokan pembayaran sewa yang revised lease payments using a revised discount
direvisi menggunakan tingkat diskonto revisian rate on the basis of the remaining lease term and
atas dasar sisa masa sewa dan sisa pembayaran the remaining lease payment with a
sewa dengan penyesuaian yang sesuai dengan corresponding adjustment to the right-of-use
aset hak-guna. Tingkat diskonto revisian assets. The revised discount rate is determined as
ditentukan sebagai suku bunga pinjaman the lessee’s incremental borrowing rate at the
inkremental penyewa pada tanggal efektif effective date of the modification;
modifikasi;
- menurunkan nilai tercatat aset hak-guna untuk - decrease the carrying amount of the right-of-use
mencerminkan penghentian parsial atau penuh asset to reflect the partial or full termination of
dari sewa untuk modifikasi sewa yang the lease for lease modifications that decrease the
menurunkan ruang lingkup sewa. Penyewa scope of the lease. The lessee recognizes in profit
mengakui dalam laba rugi setiap keuntungan or loss any gain or loss relating to the partial or
atau kerugian yang terkait dengan penghentian full termination of the lease; and
parsial atau penuh sewa tersebut; dan
- membuat penyesuaian terkait dengan aset hak- - make a corresponding adjustment to the right-of-
guna untuk semua modifikasi sewa lainnya. use asset for all other lease modifications.
Transaksi Jual dan Sewa-Balik Sale and Leaseback Transactions
Untuk menentukan apakah pengalihan aset dicatat To determine whether the transfer of an asset is
sebagai penjualan, Grup menerapkan ketentuan accounted for as a sale the Group applies the
PSAK 115 “Pendapatan dari Kontrak dengan requirements of PSAK 115 “Revenue from Contracts
Pelanggan” untuk menentukan kapan kewajiban with Customers” for determining when a
pelaksanaan terpenuhi. performance obligation is satisfied.
Jika pengalihan aset memenuhi persyaratan PSAK If an asset transfer satisfies the requirements of PSAK
115 untuk dicatat sebagai penjualan, penjual 115 to be accounted for as a sale the seller measures
mengukur aset hak-guna sesuai proporsi jumlah the right-of-use asset at the proportion of the
tercatat sebelumnya yang terkait dengan hak-guna previous carrying amount that relates to the right of
yang masih dipertahankan. Oleh karena itu, penjual use retained. Accordingly, the seller only recognizes
hanya mengakui keuntungan atau kerugian yang the amount of gain or loss that relates to the rights
terkait dengan hak yang dialihkan kepada pembeli. transferred to the buyer.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
t.
n. Sewa - Lanjutan u.n. Leases - Continued
Transaksi Jual dan Sewa-Balik Sale and Leaseback Transactions
Jika nilai wajar imbalan penjualan tidak sama If the fair value of the sale consideration does not
dengan nilai wajar aset, atau jika pembayaran sewa equal the asset’s fair value, or if the lease payments
tidak pada harga pasar, hasil penjualan disesuaikan are not market rates, the sales proceeds are adjusted
ke nilai wajar, baik dengan memperhitungkan to fair value, either by accounting for prepayments of
pembayaran di muka atas pembayaran sewa jika lease payments if any below-market term or
berada di bawah harga pasar atau pembiayaan additional financing provided by the buyer to the
tambahan yang diberikan oleh pembeli kepada Grup Group if any above-market term.
jika berada di atas harga pasar.
Grup tidak menilai kembali transaksi jual dan sewa- The Group did not reassess the agreed sale and
balik yang disepakati sebelum tanggal penerapan leaseback transactions prior to the initial application
awal. date.
o. Imbalan Kerja o.o. Employee Benefits
Grup mengakui program imbalan pasti untuk semua The Group established defined benefit pension plan
karyawan tetap. Grup juga membukukan imbalan covering all the local permanent employees. In
pasca kerja pasti untuk karyawan sesuai dengan addition, the Group also provide post-employment
Undang-Undang Ketenagakerjaan No. 6/ 2023 dan benefit as required under Labor Law No. 6/ 2023 and
PP No. 35/ 2021 dan untuk non-manajemen sesuai PP No. 35/ 2021 (the “Labor Law”) and for non-
dengan Undang-Undang No. 6 Tahun 2023 tentang management in accordance with Law no. 6 of 2023
Cipta Kerja. Grup menghitung selisih antara imbalan concerning Job Creation. For normal pension
yang diterima karyawan berdasarkan undang- scheme, the Group calculate and recognizes the
undang yang berlaku dengan manfaat yang diterima higher of the benefits under the Labor Law and those
dari program pensiun untuk pensiun normal. under such pension plan.
o.
Biaya imbalan kerja untuk pekerja harus diakui pada p. The cost of providing employee benefits should be
periode dimana imbalan diperoleh oleh pekerja, recognized in the period in which the benefit is
daripada ketika dibayar atau terutang. earned by the employee, rather than when it is paid
or payable.
q.
Komponen biaya imbalan pasti diakui sebagai r. The components of defined benefit cost are
berikut: recognized as follows:
s.
1. biaya jasa diatribusikan ke periode sekarang t. 1. service cost attributable to the current and past
dan masa lalu diakui dalam laba rugi; periods is recognized in profit or loss;
2. bunga neto pada liabilitas atau aset imbalan u. 2. net interest on the net defined benefit liability
pasti ditentukan dengan menggunakan or asset, determined using the discount rate at
tingkat diskonto pada awal periode diakui the beginning of the period is recognized in
dalam laba rugi; profit or loss;
3. pengukuran kembali dari liabilitas atau aset v. 3. remeasurements of the net defined benefit
imbalan pasti terdiri dari: liability or asset, comprising:
- keuntungan dan kerugian aktuarial; w. - actuarial gains and losses;
- imbal balik aset program; x. - return on plan assets;
- setiap perubahan dalam dampak batas atas y. - any changes in the effect of the asset
aset, tidak termasuk jumlah yang ceiling, excluding amounts included in net
dimasukkan dalam bunga neto atas interest on the net defined benefit liability
liabilitas (aset) imbalan pasti neto. (asset).
z.
diakui di OCI (tidak direklasifikasi ke laba aa. is recognized in OCI (not reclassified to profit or
rugi pada periode berikutnya). loss in a subsequent period).
bb.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
o. Imbalan Kerja – Lanjutan p.o. Employee Benefits - Continued
Pengukuran liabilitas (aset) imbalan pasti bersih p. The measurement of net defined benefit liabilities or
mensyaratkan penerapan metode penilaian aktuaria, assets requires the application of an actuarial
atribusi imbalan untuk periode jasa, dan penggunaan valuation method, the attribution of benefits to
asumsi aktuaria. Nilai wajar aset program dikurangi periods of service, and the use of actuarial
dari nilai kini liabilitas imbalan pasti dalam assumptions. The fair value of any plan assets is
menentukan defisit bersih atau surplus. deducted from the present value of the defined benefit
liabilities in determining the net deficit or surplus.
q.
Nilai kini liabilitas imbalan pasti Entitas dan biaya r. The present value of an entity's defined benefit
jasa terkait ditentukan dengan menggunakan liabilities and related service costs is determined
metode “Projected Unit Credit”, yang menganggap using the “Projected Unit Credit” method, which
setiap periode jasa akan menghasilkan satu unit sees each period of service as giving rise to an
tambahan dari imbalan dan mengukur setiap unit additional unit of benefit entitlement and measures
secara terpisah untuk menghasilkan liabilitas akhir. each unit separately in building up the final
Hal ini mensyaratkan entitas untuk mengatribusikan liabilities. This requires an entity to attribute benefit
imbalan pada periode kini (untuk menentukan biaya to the current period (to determine current service
jasa kini) dan periode kini dan periode lalu (untuk cost) and the current and prior periods (to determine
menentukan nilai kini liabilitas imbalan pasti). the present value of defined benefit liabilities).
Imbalan tersebut diatribusikan sepanjang periode Benefit is attributed to periods of service using the
jasa menggunakan formula imbalan yang dimiliki plan's benefit formula, unless an employee's service
program, kecuali jasa pekerja di tahun tahun akhir in later years will lead to a materially higher of
akan meningkat secara material dibandingkan tahun- benefit than in earlier years, in which case a straight-
tahun sebelumnya, dalam hal ini menggunakan dasar line basis is used.
metode garis lurus.
p. Biaya Emisi Saham s.p. Stock Issuance Cost
t.
Biaya-biaya emisi efek yang terjadi sehubungan u. Costs incurred related to the public offering of shares
dengan penawaran saham kepada masyarakat (including pre-emptive rights issues) are deducted
(termasuk penerbitan hak memesan efek terlebih from the proceeds and presented as a deduction from
dahulu) dikurangkan langsung dari hasil emisi dan the “Additional Paid-in-Capital” account, under
disajikan sebagai pengurang pada akun “Tambahan Equity section in the consolidated statements of
Modal Disetor”, sebagai bagian dari ekuitas pada financial position.
laporan posisi keuangan konsolidasian.
q. Pengakuan Pendapatan dan Beban q. q. Revenue and Expense Recognition
r.
Pendapatan diakui menggunakan penilaian 5 s. Revenue is recognized using the 5-step assessment:
langkah:
t.
1. Identifikasi Kontrak dengan Pelanggan u. 1. Identification of the Contract with the
Customer
Kontrak adalah kesepakatan antara dua pihak v. Contract is an agreement between two or more
atau lebih yang menciptakan hak dan kewajiban parties that creates enforceable rights and
yang dapat dipaksakan. obligations.
w.
2. Identifikasi Kewajiban Pelaksanaan dalam x. 2. Identification of the Performance Obligation
Kontrak in the Contract
y.
Kewajiban pelaksanaan adalah janji kepada z. A performance obligation is a promise to a
pelanggan untuk mengalihkan barang atau jasa customer to transfer good or service (or a
(atau sekumpulan barang atau jasa) yang bundle of goods or services) that is distinct; or
bersifat dapat dibedakan; atau serangkaian a series of distinct goods or services that are
barang atau jasa bersifat dapat dibedakan yang substantially the same and that have the same
secara substansial sama dan memiliki pola pattern of transfer to the customer. Distinct
pengalihan yang sama kepada pelanggan. means separable, or separately identifiable.
Bersifat dapat dibedakan artinya dapat
dipisahkan, atau dapat diidentifikasi secara
terpisah.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
q. Pengakuan Pendapatan dan Beban – Lanjutan aa.q. Revenue and Expense Recognition - Continued
3. Penetapan Harga Transaksi bb. 3. Determination of the Transaction Price
cc.
Harga transaksi adalah jumlah imbalan yang dd. The transaction price is the amount of
diperkirakan menjadi hak Grup dalam consideration that the Group expects to be
pertukaran untuk mengalihkan barang atau jasa entitled to in exchange for the goods or services
kepada pelanggan, tidak termasuk jumlah yang to a customer, excluding amounts collected on
ditagih atas nama pihak ketiga (misalnya, pajak behalf of third parties (for example, value added
pertambahan nilai). Jika imbalan yang tax). If the consideration promised in a contract
dijanjikan dalam kontrak mencakup jumlah includes a variable amount, the Group estimates
variabel, Grup mengestimasi jumlah imbalan the amount of consideration to which it expects
yang diharapkan menjadi haknya dalam to be entitled in exchange for transferring the
pertukaran untuk mengalihkan barang atau jasa promised goods or services to a customer less
yang dijanjikan kepada pelanggan dikurangi the estimated variable amount which will be
estimasi jumlah variabel yang akan dibayar paid during the contract period.
selama kontrak.
ee.
4. Alokasi Harga Transaksi untuk Kewajiban ff. 4. Allocation Transaction Price to Performance
Pelaksanaan Obligations
Alokasikan harga transaksi untuk setiap gg. Allocate the transaction price to each
kewajiban pelaksanaan berdasarkan harga jual performance obligation on the basis of the
berdiri sendiri relatif dari setiap barang atau relative stand-alone selling prices of each
jasa berbeda yang dijanjikan dalam kontrak. distinct goods or services promised in the
Jika hal ini tidak dapat diamati secara langsung, contract. Where these are not directly
harga jual berdiri sendiri relatif perlu observable, the relative stand-alone selling
diestimasi. price is required to be estimated.
hh.
5. Pengakuan Pendapatan ketika Kewajiban ii. 5. Recognition of Revenue when Performance
Pelaksanaan Dipenuhi Obligation is Satisfied
Pendapatan dari penjualan diakui sebagai jj. Revenue from sales is recognized as a
representasi penyerahan barang atau jasa representation of the delivery of goods or the
dengan jumlah yang secara tepat mewakili rendering of services at the amount that
kewajiban yang dilakukan dan hak untuk correctly represents the performed obligation
menerima imbalan sebagai imbalan atas barang and the right to receive consideration in
dan/atau jasa tersebut. Pengakuan pendapatan exchange for the goods and/or services.
tergantung pada apakah pengalihan Revenue recognition depends on whether the
diselesaikan sepanjang waktu atau pada waktu transfer is being settled over time or at a certain
tertentu. Pengalihan kendali diperhitungkan. point in time. In any case, the transfer of control
is taken into account.
q. Pengakuan Pendapatan dan Beban – Lanjutan kk.q. Revenue and Expense Recognition - Continued
Untuk setiap kewajiban pelaksanaan yang ll. For each performance obligation that is satisfied
dipenuhi sepanjang waktu, pendapatan diakui over time, revenue is recognized by measuring
dengan mengukur kemajuan penyelesaian progress towards completion of that
kewajiban pelaksanaan tersebut berdasarkan performance obligation based on appropriate
pengukuran kemajuan yang tepat baik “Metode measurement of progress either “Output
Keluaran” atau “Metode Masukan”. Method” or “Input Method”.
mm.
Biaya Mendapatkan Kontrak nn. Costs of Obtaining a Contract
oo.
Biaya inkremental untuk mendapatkan kontrak pp. The incremental costs of obtaining a contract with a
dengan pelanggan diakui sebagai aset jika Grup customer are recognized as an asset if the Group
mengharapkan untuk memulihkan biaya tersebut. expects to recover those costs. Those incremental
Biaya inkremental tersebut adalah biaya yang timbul costs are costs incurred to obtain a contract with a
untuk mendapatkan kontrak dengan pelanggan yang customer that would not have been incurred if the
tidak akan terjadi jika kontrak tersebut tidak berhasil contract had not been successfully obtained.
diperoleh.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
Biaya Pemenuhan Kontrak qq. Costs of Fulfilling a Contract
rr.
Suatu aset diakui untuk biaya yang timbul untuk ss. An asset is recognized for the costs incurred to fulfil
memenuhi kontrak hanya jika biaya tersebut a contract only if those costs meet all of the following
memenuhi semua kriteria berikut: criteria:
a) biaya terkait langsung dengan kontrak atau tt. a) the costs relate directly to a contract or to an
kontrak yang diantisipasi yang secara anticipated contract that the Group can
spesifik dapat diidentifikasi oleh Grup; specifically identify;
b) biaya menghasilkan atau meningkatkan uu. b) the costs generate or enhance resources of
sumber daya Grup yang akan digunakan the Group that will be used in satisfying (or
untuk memenuhi (atau terus memenuhi) in continuing to satisfy) performance
kewajiban pelaksanaan di masa depan; dan obligations in the future; and
c) biaya diharapkan dapat dipulihkan. vv. c) the costs are expected to be recovered.
ww.
Aset yang dihasilkan akan diamortisasi secara xx. Any resulting asset would be amortized on a
sistematis selama periode kontrak. Ketika biaya systematic basis over period of the contract. When
yang timbul dalam memenuhi kontrak dengan costs incurred in fulfilling a contract with a customer
pelanggan berada dalam lingkup Pernyataan lain, are within the scope of other Standards, they are
biaya tersebut diperhitungkan sesuai dengan accounted for in accordance with those other
Pernyataan lainnya. Standards.
yy.
Pendapatan diukur berdasarkan imbalan yang zz. Revenue is measured based on the consideration
ditentukan dalam kontrak dengan pelanggan dan specified in a contract with a customer and excludes
tidak termasuk jumlah yang ditagih atas nama pihak amounts collected on behalf of third parties such as
ketiga seperti PPN (Pajak Pertambahan Nilai). Grup VAT (Value Added Tax). The Group recognizes
mengakui pendapatan saat mengalihkan kendali atas revenue when it transfers control of a product or
produk atau jasa kepada pelanggan. service to a customer.
aaa.
Beban diakui pada saat terjadinya (basis akrual). bbb. Expenses are recognized when incurred (accrual
basis).
r. Transaksi dan Saldo dalam Mata Uang Asing ccc.
r. Foreign Currency Transactions and Balances
Transaksi-transaksi dalam mata uang asing Transactions involving foreign currencies are
dijabarkan dalam mata uang Rupiah dengan recorded in Rupiah amounts at the rates of exchange
menggunakan kurs yang berlaku pada saat transaksi prevailing at the time the transactions are made.
dilakukan.
Pada tanggal laporan posisi keuangan konsolidasian, At consolidated statement of financial position date,
aset dan liabilitas moneter dalam mata uang asing monetary assets and liabilities denominated in
dijabarkan dalam mata uang Rupiah dengan foreign currencies are adjusted to Rupiah to reflect
mempergunakan kurs tengah wesel ekspor Bank the prevailing rates of exchange as published by Bank
Indonesia yang berlaku pada tanggal tersebut. Indonesia. Any resulting gains or losses are charged
Keuntungan atau kerugian yang timbul dibebankan to current current operations.
pada operasi tahun berjalan.
Pada tanggal 31 Desember 2025 dan 2024, kurs yang As of December 31, 2025 and 2024, the exchange
dihitung berdasarkan rata-rata kurs beli dan jual rates used were computed by taking the average of
yang dipublikasikan terakhir pada tahun tersebut the last published buying and selling rates for bank
untuk uang kertas dan kurs transaksi Bank Indonesia notes and/or transaction exchange rates by Bank
adalah sebagai berikut: Indonesia are as follows:
31 Desember 2025/ 31 Desember 2024/
December 31, 2025 December 31, 2024
1 Euro Eropa (EUR) 19.753 16.851 1 European Euro (EUR)
1 Dolar Amerika Serikat (USD) 16.782 16.162 1 United States Dollar (USD)
1 Dolar Singapura (SGD) 13.069 11.919 1 Singapore Dollar (SGD)
1 Yen Jepang (JPY) 108 102 1 Japanese Yen (JPY)
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
s. Pajak Penghasilan r. s. Income Tax
Beban pajak kini ditetapkan berdasarkan taksiran Current tax expense is provided based on the
penghasilan kena pajak tahun berjalan. Aset dan estimated taxable income for the current year.
liabilitas pajak tangguhan diakui atas perbedaan Deferred tax assets and liabilities are recognized for
temporer antara aset dan liabilitas untuk tujuan temporary differences between commercial and tax
komersial dan untuk tujuan perpajakan setiap bases of assets and liabilities at each reporting date.
tanggal pelaporan. Manfaat pajak di masa Future tax benefit, such as the carry-forward of
mendatang, seperti nilai terbawa atas saldo rugi unused tax losses, if any, is also recognized to the
fiskal yang belum digunakan, jika ada, juga diakui extent that realization of such tax benefit is probable.
sejauh realisasi atas manfaat pajak tersebut
dimungkinkan.
Aset dan liabilitas pajak tangguhan diukur pada tarif Deferred tax assets and liabilities are measured at
pajak yang diharapkan akan digunakan pada tahun the tax rates that are expected to apply to the year
ketika aset direalisasi atau ketika liabilitas dilunasi when the assets are realized or the liabilities are
berdasarkan tarif pajak (dan peraturan perpajakan) settled, based on the applicable tax rates (and tax
yang berlaku atau secara substansial telah laws) that have been enacted or substantively enacted
diberlakukan pada tanggal laporan posisi keuangan at consolidated statement of financial position date.
konsolidasian.
Perubahan nilai tercatat aset dan liabilitas pajak Changes in the carrying amount of deferred tax
tangguhan yang disebabkan oleh perubahan tarif assets and liabilities due to a change in tax rates is
pajak dibebankan pada tahun berjalan, kecuali untuk charged to current year operations,except to the
transaksi-transaksi yang sebelumnya telah langsung extent that it relates to items previously charged or
dibebankan atau dikreditkan ke ekuitas. credited to equity.
Perubahan terhadap liabilitas perpajakan diakui pada Amendments to tax obligations are recorded when an
saat penetapan pajak diterima atau jika Grup assessment is received or, if appealed against by the
mengajukan keberatan, pada saat keputusan atas Group, when the result of the appeal is determined.
keberatan telah ditetapkan.
t. Segmen Operasi ddd.
t. Operation Segment
eee.
Grup melaporkan informasi segmen yang The Group discloses segment information that will
memungkinkan pengguna laporan keuangan untuk enable users of financial statements to evaluate the
mengevaluasi sifat dan dampak keuangan dari nature and financial effects of the business activities
aktivitas bisnis yang mana entitas terlibat dan in which the entity engages and economic
lingkungan ekonomi dimana entitas beroperasi. environments in which it operates.
Segmen operasi adalah suatu komponen dari Grup: An operating segment is a component of the Group:
- yang terlibat dalam aktivitas bisnis yang mana - Involve in business activities which earn income
memperoleh pendapatan dan menimbulkan and create a load (including revenues and
beban (termasuk pendapatan dan beban terkait expenses related to transactions with other
dengan transaksi dengan komponen lain Grup components of the same Group);
yang sama);
- Hasil operasinya dikaji ulang secara regular oleh - The results of operations are reviewed regularly
pengambil keputusan tentang sumber daya yang by decisions maker about the resources allocated
dialokasikan pada segmen tersebut dan to the segment and its performance; and
kinerjanya; dan
- Tersedia informasi keuangan yang dapat - Available financial information which can be
dipisahkan. separated.
Pendapatan, beban, hasil, aset dan liabilitas segmen Revenues, expenses, results, assets and liabilities
termasuk item-item yang dapat diatribusikan include items directly attributable to a segment as
langsung kepada suatu segmen serta hal-hal yang well as those that can be allocated on a reasonable
dapat dialokasikan dengan dasar yang sesuai kepada basis to that segment.
segmen tersebut.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
3. INFORMASI KEBIJAKAN AKUNTANSI 3. MATERIAL ACCOUNTING POLICIES
MATERIAL - Lanjutan INFORMATION - Continued
u. Saham Treasuri u. u. Treasury Stock
v.
Instrumen ekuitas sendiri yang diperoleh kembali w. The recoverable equity instruments (treasury stock)
(saham treasuri) diakui pada harga perolehan are recognized at cost and subtracted from equity. No
kembali dan dikurangi dari ekuitas. Tidak ada laba gain or loss is recognized in profit or loss on the
atau rugi yang diakui pada laba rugi atas perolehan, acquisition, resale, issuance or cancellation of the
penjualan kembali, penerbitan atau pembatalan dari Group's equity instruments. The difference between
instrumen ekuitas Grup. Selisih antara jumlah the carrying amount and revenues, when redeemed,
tercatat dan penerimaan, bila diterbitkan kembali, is recognized as part of additional paid-in capital in
diakui sebagai bagian dari tambahan modal disetor equity.
pada ekuitas.
x.
Saham yang dibeli kembali (treasury stock) untuk y. Shares repurchased (treasury stock) to be issued
dikeluarkan lagi dikemudian hari dicatat dengan again later recorded by the method of nominal value
metode nilai nominal (par value method). (par value method).
z.
Berdasarkan metode ini, saham beredar yang å. Under this method, treasury stock is presented at the
diperoleh kembali dicatat sebesar nilai nominalnya par value as a reduction from the capital stock
dan disajikan sebagai pengurang akun modal saham. account. If the treasury stock had been original
Apabila saham beredar yang diperoleh kembali issued at a price above par value, the related
tersebut semula dikeluarkan dengan harga di atas additional paid in capital account is adjusted. Any
nilai nominal, akun tambahan modal disetor akan excess of the reacquisition cost over the original
disesuaikan. Selisih lebih harga perolehan dari harga reissuance price is adjusted to premium on treasury
penerbitannya akan dikoreksi ke agio saham beredar stock.
yang diperoleh kembali.
v. Laba per Saham Dasar fff.v. Basic Earnings per Share
ggg.
Laba per saham dasar dihitung dengan membagi laba Basic earnings per share is computed by dividing
rugi yang dapat diatribusikan kepada pemegang profit or loss attributable to Group’s ordinary
saham biasa Grup dengan jumlah rata-rata stockholders by the weighted average number of
tertimbang saham biasa yang beredar dalam suatu shares outstanding in issue during the year,
tahun, tidak termasuk saham biasa yang dibeli oleh excluding ordinary shares purchased by the Group
Grup yang dikenal sebagai saham treasuri pada and held as treasury stock, as of December 31, 2025
tanggal 31 Desember 2025 dan 2024 yaitu sebesar and 2024 amounting to 7,051,478,435 and
7.051.478.435 dan 7.065.340.735 saham (lihat 7,065,340,735 shares (see Notes 24 and 37).
Catatan 24 dan 37).
4. PERTIMBANGAN, ESTIMASI DAN ASUMSI 4. SIGNIFICANT ACCOUNTING JUDGMENT,
AKUNTANSI YANG SIGNIFIKAN ESTIMATES AND ASSUMPTIONS
Penyusunan laporan keuangan konsolidasian The preparation of consolidated financial statements
mengharuskan manajemen untuk membuat estimasi dan requires management to make estimation and
asumsi yang mempengaruhi jumlah aset dan liabilitas assumption that affect assets and liabilities and
dan pengungkapan aset dan liabilitas kontinjensi pada disclosure of contingent assets and liabilities at the date
tanggal laporan keuangan konsolidasian serta jumlah of the consolidated financial statements and the reported
pendapatan dan beban yang dilaporkan selama periode amounts of revenues and expenses during the reporting
pelaporan. period.
Pos-pos signifikan yang terkait dengan estimasi dan Significant posts associated with the estimation and
asumsi antara lain: assumptions include:
hhh.
a. Cadangan Kerugian Kredit Ekspektasian iii.a. Allowances for Expected Credit Loss
jjj.
Grup mengevaluasi akun tertentu jika terdapat kkk. The Group evaluate specific accounts where it has
informasi bahwa pelanggan yang bersangkutan tidak information that certain customers are unable to
dapat memenuhi liabilitas keuangannya. meet their financial obligations.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
4. PERTIMBANGAN, ESTIMASI DAN ASUMSI 4. SIGNIFICANT ACCOUNTING JUDGMENT,
AKUNTANSI YANG SIGNIFIKAN - Lanjutan ESTIMATES AND ASSUMPTIONS - Continued
a. Cadangan Kerugian Kredit Ekspektasian - Lanjutan lll.
a. Allowances for Expected Credit Loss - Continued
Dalam hal tersebut, Grup mempertimbangkan, mmm.In these cases, the Group use judgment, based on the
berdasarkan fakta dan situasi yang tersedia, best available facts and circumstances, including but
termasuk namun tidak terbatas pada, jangka waktu not limited to, the length of its relationship with the
hubungan dengan pelanggan dan status kredit dari customer and the customer’s current credit status
pelanggan dan faktor pasar yang telah diketahui, and known market factors, to record specific
untuk mencatat provisi spesifik atas jumlah piutang provisions against amounts due to reduce its
guna mengurangi jumlah piutang pada jumlah yang receivable amounts that expects to collect. These
diharapkan dapat diterima. Provisi spesifik ini specific provisions are re-evaluated and adjusted as
dievaluasi kembali dan disesuaikan jika tambahan additional information received affects the amounts
informasi yang diterima mempengaruhi jumlah of allowance for impairment of receivables.
penyisihan untuk penurunan nilai piutang.
nnn.
Nilai tercatat pinjaman yang diberikan dan piutang ooo. The carrying amount of loans and receivables are
telah diungkapkan dalam Catatan 6 dan 7. disclosed in Notes 6 and 7.
ppp.
b. Taksiran Masa Manfaat Ekonomis Aset Tetap dan qqq.
b. Estimated Useful Lives of Property, Plant and
Properti Investasi Equipment and Investment Property
rrr.
Masa manfaat setiap aset tetap dan properti investasi sss. The useful life of each item of the Group of property,
Grup ditentukan berdasarkan kegunaan yang plant and equipment, and investment properties are
diharapkan dari aset tersebut. Estimasi ini ditentukan estimated based on the period over which the asset is
berdasarkan evaluasi teknis internal dan pengalaman expected to be available for use. Such estimation is
atas aset sejenis. based on internal technical evaluation and
experience with similar assets.
Masa manfaat setiap aset direview secara periodik ttt. The estimated useful life of each asset is reviewed
dan disesuaikan apabila prakiraan berbeda dengan periodically and updated if expectations differ from
estimasi sebelumnya karena keausan, keusangan previous estimates due to physical wear and tear,
teknis dan komersial, hukum atau keterbatasan technical or commercial obsolescence and legal or
lainnya atas pemakaian aset. Namun terdapat other limits on the use of the asset. It is possible,
kemungkinan bahwa hasil operasi dimasa however, that future results of operations could be
mendatang dapat dipengaruhi secara signifikan oleh materially affected by changes in the amounts and
perubahan atas jumlah serta periode pencatatan timing of recorded expenses brought about by
biaya yang diakibatkan karena perubahan faktor changes in the factors mentioned above.
yang disebutkan di atas.
uuu.
Perubahan masa manfaat aset tetap dan properti vvv. A change in the estimated useful life of any item of
investasi dapat mempengaruhi jumlah biaya property, plant and equipment and investment
penyusutan yang diakui dan penurunan nilai tercatat properties would affect the recorded depreciation
aset tersebut. Nilai tercatat aset tetap dan properti expense and decrease in the carrying values of these
investasi diungkapkan dalam Catatan 12 dan 13. assets. The carrying amount of property, plant and
equipment and investment property are disclosed in
Notes 12 and 13.
c. Penurunan Nilai Aset Non-Keuangan c. Impairment of Non-Financial Assets, except Goodwill
www.
Pada setiap akhir periode pelaporan, Grup menelaah xxx. At the end of each reporting period, the Group review
nilai tercatat aset non-keuangan untuk menentukan the carrying amount of non-financial assets to
apakah terdapat indikasi bahwa aset tersebut telah determine whether there is any indication that those
mengalami penurunan nilai. Jika terdapat indikasi assets have suffered an impairment loss. If any such
tersebut, nilai yang dapat diperoleh kembali dari aset indication exists, the recoverable amount of the asset
diestimasi untuk menentukan tingkat kerugian is estimated in order to determine the extent of the
penurunan nilai (jika ada). Bila tidak memungkinkan impairment loss (if any). Where it is not possible to
untuk mengestimasi nilai yang dapat diperoleh estimate the recoverable amount of an individual
kembali atas suatu aset individu, Grup mengestimasi asset, the Group estimate the recoverable amount of
nilai yang dapat diperoleh kembali dari unit the cash generating unit to which the asset belongs.
penghasil kas atas aset.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
4. PERTIMBANGAN, ESTIMASI DAN ASUMSI 4. SIGNIFICANT ACCOUNTING JUDGMENT,
AKUNTANSI YANG SIGNIFIKAN - Lanjutan ESTIMATES AND ASSUMPTIONS - Continued
yyy.
c. Penurunan Nilai Aset Non-Keuangan - Lanjutan zzz.
c. Impairment of Non-Financial Assets, except
Goodwill - Continued
Perkiraan jumlah yang dapat diperoleh kembali aaaa. Estimated recoverable amount is the higher of fair
adalah nilai tertinggi antara nilai wajar dikurangi value less cost to sell and value in use. In assessing
biaya untuk menjual dan nilai pakai. Dalam menilai value in use, the estimated future cash flows are
nilai pakai, estimasi arus kas masa depan discounted to their present value using a pre-tax
didiskontokan ke nilai kini menggunakan tingkat discount rate that reflects current market assessments
diskonto sebelum pajak yang menggambarkan of the time value of money and the risks specific to the
penilaian pasar kini dari nilai waktu uang dan risiko asset for which the estimates of future cash flows
spesifik atas aset yang mana estimasi arus kas masa have not been adjusted.
depan belum disesuaikan.
bbbb.
Jika jumlah yang dapat diperoleh kembali dari aset If the recoverable amount of the non-financial asset
non-keuangan (unit penghasil kas) kurang dari nilai (cash generating unit) is less than its carrying
tercatatnya, nilai tercatat aset (unit penghasil kas) amount, the carrying amount of the asset (cash
dikurangi menjadi sebesar nilai yang dapat diperoleh generating unit) is reduced to its recoverable amount
kembali dan rugi penurunan nilai diakui langsung ke and an impairment loss is recognized immediately
laba rugi. against earnings.
d. Pajak Penghasilan d. Income Tax
Grup beroperasi di bawah peraturan perpajakan di The operations of the Group are under the
Indonesia. Pertimbangan yang signifikan diperlukan Indonesian tax regulations. Significant judgement is
untuk menentukan provisi pajak penghasilan dan required in determining the provision for income
pajak pertambahan nilai. Apabila keputusan final taxes and value added taxes. Where the final tax
atas pajak tersebut berbeda dari jumlah yang pada outcome of these matters is different from the
awalnya dicatat, perbedaan tersebut akan dicatat di amounts that were initially recorded, such
laporan laba rugi pada periode dimana hasil tersebut differences will recorded at profit and loss account in
dikeluarkan. the period in which such determination is made.
e. Imbalan Kerja e. Employee Benefits
Nilai kini liabilitas imbalan kerja tergantung pada The present value of the employee benefits obligation
sejumlah faktor yang ditentukan dengan depends on a number of factors that are determined
menggunakan asumsi aktuaria. Asumsi yang on an actuarial basis using a number of assumptions.
digunakan dalam menentukan biaya bersih untuk The assumptions used in determining the net cost for
pensiun termasuk tingkat pengembalian jangka pensions include the expected long-term rate of
panjang yang diharapkan atas aset program dan return on the relevant plan assets and the discount
tingkat diskonto yang relevan. Setiap perubahan rate. Any changes in these assumptions will impact
dalam asumsi ini akan berdampak pada nilai tercatat the carrying amount of employee benefits obligation.
liabilitas imbalan kerja.
Asumsi tingkat pengembalian yang diharapkan atas The expected return on plan assets assumption is
aset program ditentukan secara seragam, dengan determined on a uniform basis, taking into
mempertimbangkan pengembalian historis jangka consideration long-term historical returns,asset
panjang, alokasi aset dan perkiraan masa depan atas allocation and future estimates of long-term
pengembalian investasi jangka panjang. investment returns.
Asumsi penting lainnya untuk liabilitas imbalan Other key assumptions for employee benefits
kerja sebagian didasarkan pada kondisi pasar saat obligation are based in part on current market
ini. conditions.
Nilai tercatat liabilitas diestimasi imbalan kerja The carrying amount of estimated liabilities for
diungkapkan dalam Catatan 23. employee benefits is disclosed in Note 23.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
4. PERTIMBANGAN, ESTIMASI DAN ASUMSI 4. SIGNIFICANT ACCOUNTING JUDGMENT,
AKUNTANSI YANG SIGNIFIKAN - Lanjutan ESTIMATES AND ASSUMPTIONS - Continued
f. Pengukuran Nilai Wajar f. Fair Value Measurement
Sejumlah aset dan kewajiban yang termasuk ke A number of assets and liabilities included in the
dalam laporan keuangan Grup memerlukan Group financial statements require measurement at,
pengukuran, dan/atau pengungkapan atas nilai and/or disclosure of fair value.
wajar.
Pengukuran nilai wajar aset dan kewajiban keuangan The fair value measurement of the Group financial
dan non-keuangan Grup memanfaatkan pasar input and non-financial assets and liabilities utilize market
dan data yang dapat diobservasi sedapat mungkin. observable inputs and data as far as possible. Inputs
Input yang digunakan dalam menentukan used in determining fair value measurements are
pengukuran nilai wajar dikategorikan ke dalam level categorized into different levels based on how
yang berbeda berdasarkan pada bagaimana input observable the inputs used in the valuation technique
dapat diobservasi yang digunakan dalam teknik utilized are (the fair value hierarchy):
penilaian yang digunakan (hirarki nilai wajar):
Ͳ Level 1: Harga kuotasi di pasar aktif untuk item Ͳ Level 1: Quoted prices in active markets for
yang serupa (tidak disesuaikan). identical items (unadjusted).
Ͳ Level 2: Teknik penilaian untuk input yang dapat Ͳ Level 2: Valuation techniques for observable
diamati langsung atau tidak langsung selain direct or indirect inputs other than level 1 inputs.
input level 1.
Ͳ Level 3: Teknik penilaian untuk input yang tidak Ͳ Level 3: Valuation techniques for unobservable
dapat diobservasi (yaitu tidak berasal dari data inputs (i.e. not derived from market data).
pasar).
Klasifikasi item menjadi level di atas didasarkan The classification of an item into the above levels is
pada tingkat terendah dari input yang digunakan based on the lowest level of the inputs used that has
yang memiliki efek signifikan pada pengukuran nilai a significant effect on the fair value measurement of
wajar item tersebut. Transfer item antar level diakui the item. Transfers of items between levels are
pada periode saat terjadinya. recognized in the period they occur.
Menentukan Penilaian Model Bisnis Determining Business Model Assessment
Klasifikasi dan pengukuran aset keuangan bergantung Classification and measurement of financial assets
pada hasil pengujian semata pembayaran pokok dan depends on the results of the solely payment of principal
bunga (SPPI) atas jumlah pokok terutang dan model and interest (SPPI) on the principal amount outstanding
bisnis. Grup menentukan model bisnis pada tingkat and the business model test. Group and Subsidiary
yang mencerminkan bagaimana kelompok aset determines the business model at a level that reflects how
keuangan dikelola bersama untuk mencapai tujuan groups of financial assets are managed together to
bisnis tertentu. Penilaian ini mencakup penilaian yang achieve a particular business objective. This assessment
mencerminkan semua bukti yang relevan termasuk includes judgment reflecting all relevant evidence
bagaimana kinerja aset dievaluasi dan kinerjanya including how the performance of the assets is evaluated
diukur, risiko yang memengaruhi kinerja aset dan and their performance measured, the risks that affect the
bagaimana pengelolaannya. performance of the assets and how these are managed.
Grup memantau aset keuangan yang diukur pada biaya cccc.
Group and Subsidiary monitors financial assets
perolehan diamortisasi atau nilai wajar melalui measured at amortized cost or fair value through other
pendapatan komprehensif lain yang dihentikan comprehensive income that are derecognized prior to
pengakuannya sebelum jatuh tempo untuk memahami their maturity to understand the reason for their disposal
alasan pelepasannya dan apakah alasan tersebut and whether the reasons are consistent with the objective
konsisten dengan tujuan bisnis di mana aset tersebut of the business for which the asset was held. Monitoring
dimiliki. Pemantauan adalah bagian dari penilaian is part of the Group continuous assessment of whether the
berkelanjutan Grup tentang apakah model bisnis yang business model for which the remaining financial assets
memiliki aset keuangan yang tersisa masih sesuai dan are held continues to be appropriate and if it is not
jika tidak sesuai apakah telah terjadi perubahan model appropriate whether there has been a change in business
bisnis dan oleh karena itu terdapat perubahan prospektif model and so a prospective change to the classification
terhadap klasifikasi aset keuangan tersebut. of those assets.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
4. PERTIMBANGAN, ESTIMASI DAN ASUMSI 4. SIGNIFICANT ACCOUNTING JUDGMENT,
AKUNTANSI YANG SIGNIFIKAN - Lanjutan ESTIMATES AND ASSUMPTIONS - Continued
Menentukan Peningkatan Risiko Kredit yang dddd.
Determining Significant Increase in Credit Risk
Signifikan
eeee.
Kerugian kredit ekspektasian (ECL) diukur sebagai ffff.
Expected credit losses (ECL) are measured as an
penyisihan yang setara dengan ECL 12-bulan (12mECL) allowance equal to 12‑month ECL (12mECL) for stage 1
untuk aset tahap 1, atau ECL sepanjang umur untuk aset assets, or lifetime ECL for stage 2 or stage 3 assets. An
tahap 2 atau tahap 3. Suatu aset bergerak ke tahap 2 asset moves to stage 2 when its credit risk has increased
ketika risiko kreditnya telah meningkat secara signifikan significantly since initial recognition. In assessing
sejak pengakuan awal. Dalam menilai apakah risiko whether the credit risk of an asset has significantly
kredit suatu aset telah meningkat secara signifikan, Grup increased the Group into account qualitative and
mempertimbangkan informasi berwawasan ke depan quantitative reasonable and supportable forward-
yang wajar dan dapat didukung secara kualitatif dan looking information.
kuantitatif.
gggg.
Menentukan dan Menghitung Penyisihan Kerugian hhhh.
Determining and Calculation of Loss Allowance
iiii.
Ketika mengukur kerugian kredit ekspektasian (ECL), jjjj.When measuring expected credit losses (ECL), Group’s
Grup menggunakan informasi berwawasan ke depan and Subsidiary uses reasonable and supportable
yang wajar dan dapat didukung, yang didasarkan pada forward-looking information, which is based on
asumsi untuk pergerakan masa depan dari berbagai assumptions for the future movement of different
pendorong ekonomi dan bagaimana pendorong ini akan economic drivers and how these drivers will affect each
saling memengaruhi. other.
Loss given default adalah estimasi kerugian yang timbul kkkk.
Loss given default is an estimate of the loss arising on
karena gagal bayar (default). Hal ini didasarkan pada default. It is based on the difference between the
perbedaan antara arus kas kontraktual yang jatuh tempo contractual cash flows due and those that the lender
dan yang diharapkan akan diterima pemberi pinjaman, would expect to receive, taking into account cash flows
dengan mempertimbangkan arus kas dari agunan dan from collateral and integral credit enhancements.
peningkatan kredit integral.
llll.
Probabilitas default merupakan input utama dalam mmmm.
Probability of default constitutes a key input in
mengukur ECL. Probabilitas gagal bayar (default) measuring ECL. Probability of default is an estimate of
adalah estimasi kemungkinan gagal bayar (default) the likelihood of default over a given time horizon, the
selama jangka waktu tertentu, yang penghitungannya calculation of which includes historical data,
mencakup data historis, asumsi, dan ekspektasi kondisi assumptions and expectations of future conditions.
masa depan.
Menentukan Apakah Suatu Pengaturan adalah atau Determining Whether an Arrangement is or Contains a
Mengandung Sewa Lease
Penentuan apakah suatu pengaturan merupakan atau Determining whether an arrangement is or contains a
mengandung sewa memerlukan pertimbangan yang lease requires careful judgement to assess whether the
cermat untuk menilai apakah pengaturan tersebut arrangement conveys a right to obtain substantially all
memberikan hak untuk memperoleh secara substansial the economic benefits from use of the asset throughout
semua manfaat ekonomik dari penggunaan aset selama the period of use and right to direct the use of the asset,
periode penggunaan dan hak untuk mengarahkan even if the right is not explicitly specified in the
penggunaan aset, bahkan jika pengaturan tersebut hak arrangement.
tidak secara eksplisit ditentukan dalam pengaturan.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
4. PERTIMBANGAN, ESTIMASI DAN ASUMSI 4. SIGNIFICANT ACCOUNTING JUDGMENT,
AKUNTANSI YANG SIGNIFIKAN - Lanjutan ESTIMATES AND ASSUMPTIONS - Continued
Penentuan Opsi Masa Sewa Determination Lease Term Option
Masa sewa merupakan komponen signifikan dalam The lease term is a significant component in the
pengukuran aset hak-guna dan liabilitas sewa. measurement of both the right-of-use asset and lease
Pertimbangan dilakukan dalam menentukan apakah liability. Judgment is exercised in determining whether
terdapat opsi untuk memperpanjang sewa atau membeli there is reasonable certainty that an option to extend the
aset pendasar cukup pasti akan dieksekusi, atau opsi lease or purchase the underlying asset will be exercised,
untuk mengakhiri sewa tidak akan dieksekusi, ketika or an option to terminate the lease will not be exercised,
memastikan periode yang akan disertakan dalam masa when ascertaining the periods to be included in the lease
sewa. Dalam menentukan masa sewa, semua fakta dan term. In determining the lease term, all facts and
keadaan yang menciptakan insentif ekonomik untuk circumstances that create an economical incentive to
menggunakan opsi perpanjangan, atau tidak untuk exercise an extension option, or not to exercise a
menggunakan opsi penghentian, dipertimbangkan pada termination option, are considered at the lease inception
tanggal insepsi sewa. date.
Faktor-faktor yang dipertimbangkan dapat mencakup Factors considered may include the importance of the
pentingnya aset untuk operasi Grup; perbandingan asset to the Group operations; comparison of terms and
syarat dan ketentuan dengan harga pasar yang berlaku; conditions to prevailing market rates; incurrence of
timbulnya penalti yang signifikan; adanya perbaikan hak significant penalties; existence of significant leasehold
penyewaan yang signifikan; dan biaya serta masalah improvements; and the costs and disruption to replace
gangguan untuk mengganti aset. Grup menilai kembali the asset. the Group reassesses whether it is reasonably
apakah cukup pasti untuk mengeksekusi opsi certain to exercise an extension option, or not exercise a
perpanjangan, atau tidak mengeksekusi opsi termination option, if there is a significant event or
penghentian, jika terdapat peristiwa signifikan atau significant change in circumstances.
perubahan keadaan yang signifikan.
Menentukan Suku Bunga Pinjaman Inkremental Determining Incremental Borrowing Rate
Jika suku bunga implisit dalam sewa tidak dapat segera Where the interest rate implicit in a lease cannot be
ditentukan, suku bunga pinjaman inkremental diestimasi readily determined, an incremental borrowing rate is
untuk mendiskontokan pembayaran sewa di masa estimated to discount future lease payments to measure
mendatang untuk mengukur nilai kini liabilitas sewa the present value of the lease liability at the lease
pada tanggal permulaaan sewa. Suku bunga tersebut commencement date. Such a rate is based on what the
didasarkan pada estimasi Grup yang harus dibayarkan Group estimates it would have to pay a third party to
oleh Grup kepada pihak ketiga untuk meminjam dana borrow the funds necessary to obtain an asset of a similar
yang diperlukan untuk memperoleh aset dengan nilai value to the right-of-use asset, with similar terms,
yang sama dengan aset hak-guna, dengan persyaratan, security and economic environment.
keamanan, dan lingkungan ekonomi yang serupa.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS
ii.
Akun ini terdiri dari: This account consists of:
2025 2024
Kas 1.459 1.598 Cash on hand
Bank: Cash in banks:
Rupiah Rupiah
PT Bank Danamon Indonesia Tbk 642.904 417.824 PT Bank Danamon Indonesia Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 60.554 1.049 (Persero) Tbk
PT Bank Central Asia Tbk 60.378 5.428 PT Bank Central Asia Tbk
PT Bank CTBC Indonesia 50.233 145 PT Bank CTBC Indonesia
PT Bank Mandiri (Persero) Tbk 7.195 7.609 PT Bank Mandiri (Persero) Tbk
PT Bank BCA Syariah 7.202 363 PT Bank BCA Syariah
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 1.847 739 (Persero) Tbk
Lain - lain Others
(di bawah Rp 1 milyar) 601 3.543 (below Rp 1 billion)
Sub-jumlah 830.914 436.700 Sub-total
Dolar Amerika Serikat U.S. Dollar
PT Bank Central Asia Tbk 2.747 2.510 PT Bank Central Asia Tbk
PT Bank Danamon Indonesia Tbk 2.282 545 PT Bank Danamon Indonesia Tbk
PT Bank SMBC Indonesia Tbk 1.437 318 PT Bank SMBC Indonesia Tbk
Lain - lain Others
(di bawah Rp 1 milyar) 1.064 2.687 (below Rp 1 billion)
Sub-jumlah 7.530 6.060 Sub-total
CNY CNY
PT Bank Central Asia Tbk 1.623 4.188 PT Bank Central Asia Tbk
Sub-jumlah 1.623 4.188 Sub-total
Setara Kas Cash equivalent
Deposito 115.000 55.103 Deposit
Jumlah 956.526 503.649 Total
iii.
Pada tanggal 31 Desember 2025 dan 2024, tidak ada kas As of December 31, 2025 and 2024, no cash and cash
dan setara kas yang digunakan sebagai jaminan. Tidak equivalents were used as collateral. There are no cash
terdapat saldo kas dan setara kas yang tidak dapat and cash equivalents balances that cannot be used or
digunakan atau dibatasi penggunaannya. restricted in use.
Tingkat suku bunga kontraktual deposito selama tahun The contractual interest rates on the deposits during the
berjalan adalah sebesar 6,25%. year is 6.25%.
Seluruh saldo kas dan setara kas merupakan milik Grup. All cash and cash equivalents balance belong to the
Group.
Tidak ada kas dan setara kas yang dimiliki oleh pihak There are no cash and cash equivalents held with related
berelasi. parties.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
6. PIUTANG USAHA 6. TRADE RECEIVABLES
Akun ini terdiri dari: This account consists of:
a. Berdasarkan pelanggan a. By debtors
2025 2024
Pihak ketiga Third parties
Pelanggan dalam negeri 922.441 1.117.759 Local debtors
Pelanggan luar negeri 33.654 16.575 Foreign debtors
Sub-jumlah 956.095 1.134.334 Sub-total
Cadangan kerugian Allowance for expected
kredit ekspektasian (51.984) (49.676) credit loss
Sub-jumlah 904.111 1.084.658 Sub-total
Pihak berelasi Related parties
PT Sanko Steel Indonesia 52.270 35.871 PT Sanko Steel Indonesia
Lain - lain (dibawah 1 milliar) 784 1.258 Others (below Rp 1 billion)
Sub-jumlah 53.054 37.129 Sub-total
Jumlah 957.165 1.121.787 Total
b. Berdasarkan umur piutang usaha b. Based on aging schedule of trade receivables
2025 2024
Pihak ketiga Third parties
Belum jatuh tempo 573.955 686.398 Not yet due
Jatuh tempo: Due date:
0 - 30 hari 239.647 292.601 0 - 30 days
31 - 90 hari 66.048 59.426 31 - 90 days
> 90 hari 24.461 46.233 > 90 days
Sub-jumlah 904.111 1.084.658 Sub-total
Pihak berelasi Related parties
Belum jatuh tempo 21.458 15.424 Not yet due
Jatuh tempo: Due date:
0 - 30 hari 23.944 20.041 0 - 30 days
31 - 90 hari 7.652 1.664 31- 90 days
> 90 hari - - > 90 days
Sub-jumlah 53.054 37.129 Sub-total
Jumlah 957.165 1.121.787 Total
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
6. PIUTANG USAHA - Lanjutan 6. TRADE RECEIVABLES – Continued
c. Berdasarkan mata uang adalah sebagai berikut: c. Based on currency are as follows:
2025 2024
Pihak ketiga Third parties
Rupiah 861.460 1.043.341 Rupiah
Dolar Amerika Serikat 42.651 41.317 Dolar Amerika Serikat
Sub-jumlah 904.111 1.084.658 Sub-total
Pihak berelasi Related parties
Rupiah 53.054 37.129 Rupiah
Jumlah 957.165 1.121.787 Total
Perubahan cadangan kerugian penurunan nilai adalah iv. The changes in the allowance for impairment losses
sebagai berikut: are as follows:
2025 2024
Saldo awal 49.676 49.230 Beginning balance
Penambahan tahun berjalan 2.615 4.464 Addition during the year
Pemulihan tahun berjalan (307) (4.018) Recovery during the year
Saldo akhir 51.984 49.676 Ending balance
Piutang usaha merupakan tagihan kepada pelanggan v. Trade receivables represent receivables from
atas kegiatan utama Entitas menjual produk hasil customers for the Entity's main activity selling its
produksinya, tidak terdapat pengakuan pada piutang products, there is no recognition of trade receivables
usaha diluar kegiatan utama Entitas. outside the Entity's main activity.
Berdasarkan hasil penelaahan atas kolektabilitas vi. Based on the review of the collectibility of individual
piutang masing-masing pelanggan pada akhir periode receivables at the end of statement, the management
laporan, manajemen Entitas berpendapat bahwa of the Entity and Subsidiary believe that the
cadangan kerugian penurunan nilai tersebut cukup allowance for impairment loss is adequate to cover
untuk menutup kemungkinan kerugian dari tidak possible losses on uncollectible accounts.
tertagihnya piutang usaha.
vii.
Tidak terdapat pengaruh yang signifikan terhadap viii. There is no significant impact on the Entity
operasional Entitas karena pihak terkait sudah operations because the related parties have made
melakukan pembayaran di bulan berikutnya payments in the following month, although some are
meskipun beberapa masih terdapat outstanding. still outstanding.
ix.
Dalam hal terdapat piutang yang dijaminkan ke bank x. In the event that there are receivables that are
dan bermasalah, Entitas tetap berkomitmen untuk pledged as collateral to the bank and are
bertanggung jawab atas pembayaran piutang-piutang problematic, the Entity remains committed to being
tersebut. responsible for the payment of these receivables.
xi.
Piutang usaha digunakan sebagai jaminan utang bank xii. Trade receivables are used as collateral for bank
yang diperoleh dari PT Bank Central Asia Tbk, loans obtained from PT Bank Central Asia Tbk,
PT Bank SMBC Indonesia Tbk dan PT Bank Resona PT Bank SMBC Indonesia Tbk and PT Bank Resona
Perdania (lihat Catatan 15 dan 20). Perdania (see Notes 15 and 20).
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
7. PIUTANG LAIN-LAIN 7. OTHER RECEIVABLE
xiii.
Akun ini terdiri dari: This account consists of:
2025 2024
Pihak ketiga Third parties
Karyawan 859 537 Employees
Lain-lain 578 34 Others
Sub-jumlah 1.437 571 Sub-total
Pihak berelasi Related party
PT Sanko Steel Indonesia 2.230 2.230 PT Sanko Steel Indonesia
Cadangan kerugian kredit Allowance for expected
ekspektasian (2.230) (2.230) credit loss
Sub-jumlah - - Sub-total
Jumlah 1.437 571 Total
Piutang lain-lain pihak ketiga pada pos lain-lain xiv. Other receivables from third parties in other items
merupakan piutang ongkos angkut penjualan pada pihak represent freight charges receivable from sales to third
ketiga dan uang jaminan sewa. parties and rental deposit.
xv.
Piutang PT Sanko Steel Indonesia tidak dikenakan xvi. Receivable from PT Sanko Steel Indonesia is unbearing
bunga. interest.
xvii.
Cadangan kerugian penurunan nilai adalah sebagai xviii. The allowance for impairment losses are as follows:
berikut:
2025 2024
Saldo awal 2.230 2.230 Beginning balance
Saldo akhir 2.230 2.230 Ending balance
8. PERSEDIAAN 8. INVENTORIES
xix.
Akun ini terdiri dari: xx. This account consists of:
2025 2024
Bahan baku 1.577.293 2.010.748 Raw materials
Barang jadi 1.061.617 1.264.158 Finished goods
Bahan pembantu 195.509 194.665 Indirect materials
Barang dalam perjalanan 89.741 50.403 Goods in transit
Jumlah 2.924.160 3.519.974 Total
Persediaan digunakan sebagai jaminan atas utang bank Inventories are used as collateral for bank loans obtained
yang diperoleh dari PT Bank Central Asia Tbk, from PT Bank Central Asia Tbk, PT Bank SMBC
PT Bank SMBC Indonesia Tbk, PT Bank Resona Indonesia Tbk, PT Bank Resona Perdania (see Notes 15
Perdania (lihat Catatan 15 dan 20). and 20).
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
8. PERSEDIAAN - Lanjutan 8. INVENTORIES – Continued
Berdasarkan penelaahan terhadap kondisi fisik dan Based on a review of the physical condition and turnover
tingkat perputaran persediaan pada akhir periode of the inventories at the end of the reporting period, the
laporan, manajemen Entitas menilai bahwa telah terjadi management of the Entity assesses that there has been
pengakuan beban atas persediaan karena reject bukan recognition of expenses for reject and have been charged
karena usang dan telah dibebankan pada laporan laba to the income statement for the years ended December 31,
rugi untuk tahun yang berakhir 31 Desember 2025 dan 2025 and 2024 amounting to Rp 14,294 and Rp 19,153
2024 sebesar Rp 14.294 dan Rp 19.153 (lihat Catatan (see Note 34).
34).
Manajemen berkeyakinan bahwa tidak perlu Management believes that there is no need to provide for
penyisihan penurunan nilai atas persediaan baja karena impairment of steel inventory because the cleaning costs
hanya biaya pembersihan tidak signifikan yaitu karat are not significant, namely the rust is only on the surface
hanya dipermukaan dan tidak merusak struktur pipa, and does not damage the pipe structure, the price after
harga setelah dibersihkan menunjukkan masih laku cleaning shows that it is still saleable at normal prices.
dijual dengan harga normal.
Persediaan dan aset tetap, kecuali tanah, diasuransikan Inventories and property, plant and equipment, except
secara bersama terhadap risiko kebakaran, pencurian land, together were insured against fire, theft and other
dan risiko lainnya dengan jumlah pertanggungan sebesar possible risks with the amounts insured amounting to
Rp 3.203.431, USD 42.608, EUR 1.490, JPY 83.237 Rp 3,203,431, USD 42,608, EUR 1,490, JPY 83,237 as of
pada tanggal 31 Desember 2025 dan Rp 3.093.916, December 31, 2025 and Rp 3,093,916, USD 43,468,
USD 43.468, EUR 1.490, JPY 83.237 pada tanggal EUR 1,490, JPY 83,237 as of December 31, 2024.
31 Desember 2024. Manajemen berpendapat bahwa Management believes that the insurance coverage is
jumlah pertanggungan asuransi tersebut adalah cukup adequate to cover all possible losses to the assets and
untuk menutup kerugian dari risiko atas aset dan inventories insured. Inventories are insured with
persediaan yang dipertanggungkan. Persediaan telah insurance companies PT Asuransi Tugu Pratama
diasuransikan pada perusahaan asuransi PT Asuransi Indonesia, PT BCA Insurance and PT Lippo Insurance.
Tugu Pratama Indonesia, PT BCA Insurance, dan
PT Lippo Insurance.
9. UANG MUKA 9. ADVANCES
xxi.
Akun ini terdiri dari: This account consists of:
2025 2024
Uang muka lancar Current advance payments
Pembelian bahan baku 54.013 37.649 Purchases of raw materials
Uang muka tidak lancar Non-current advance payments
Pembelian tanah 330.559 321.404 Purchases of land
Pembelian mesin 354.392 140.074 Purchases of machines
Jumlah 684.951 461.478 Total
Uang muka pembelian tanah merupakan pembelian Advance for land acquisition represents land located at
tanah yang berlokasi di Gresik, Jawa Timur, tanah Gresik, East Java, the land will be used to build the Entity
tersebut akan digunakan untuk membangun pabrik baru new factory. As of December 31, 2025, the land is still in
Entitas. Pada 31 Desember 2025, tanah tersebut masih the process of land acquisition and processing from a sale
dalam proses pembebasan lahan dan pengurusan dari and purchase deed to a land certificate.
akta jual beli ke sertifikat tanah.
Uang muka pembelian tanah yang dibayarkan bersifat Advances for land purchases paid are binding on the
mengikat harga beli tanah tersebut sehingga ketika purchase price of the land so that when the advances are
direalisasi uang muka tersebut nilainya adalah tetap dan realized, the value is fixed and there is no impairment.
tidak terdapat penurunan nilai.
57
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
9. UANG MUKA - Lanjutan 9. ADVANCES – Continued
Tidak terdapat kendala yang signifikan dalam proses There were no significant obstacles in the land acquisition
pembebasan lahan selain mengenai kesepakatan harga process apart from price agreements and land
dan ketersediaan lahan. Entitas masih menunggu proses availability. The Entity is still waiting for the land
sertifikasi tanah. Namun pembelian tanah menuju certification process. However, land purchases leading to
proses sertifikasi memerlukan banyak tahapan prosedur the certification process require many stages of the
mulai dari girik, hingga sertifikasi hak guna bangunan procedure, starting from girik, to building use rights
sehingga tidak dapat diprediksi kapan selesainya certification, so it cannot be predicted when the certificate
sertifikat tersebut. will be completed.
Uang muka Pembelian Mesin sampai saat ini belum Advances for Machine Purchase have not yet been
dapat direalisasi karena belum selesainya tempat realized due to the unfinished machine storage area at the
penyimpanan mesin dilokasi proyek Gresik yang masih Gresik project location which is still under construction,
dalam proses pembangunan, transaksi pembelian mesin the machine purchase transaction was carried out by the
tersebut dilakukan oleh vendor Xiamen C&D Metals vendor Xiamen C&D Metals Co., Ltd. However, there was
Co., Ltd. Namun atas uang muka tersebut tidak terdapat no indication of a decrease in value because the advance
indikasi penurunan nilai karena uang muka yang telah paid was USD 6,825,000 (full amount) or equivalent
dibayarkan sebesar USD 6.825.000 (dalam nilai penuh) Rp. 84,915,689,600 (full amount) is in the form of cash
atau setara Rp 84.915.689.600 (dalam nilai penuh) which will remain the same value in terms of both
adalah berupa uang tunai yang akan tetap bernilai sama Management and Vendors. Therefore, the advance is not
baik dari sisi Manajemen maupun Vendor. Sehingga included in the scope of asset impairment as stipulated in
uang muka tersebut tidak termasuk dalam ruang PSAK 236.
lingkup penurunan nilai aset sebagaimana diatur dalam
PSAK 236.
Terdapat penambahan uang muka pembelian mesin There was an additional advance purchase of machinery
sebesar Rp 214.318 per 31 Desember 2025 dan amounting to Rp 214,318 as of December 31, 2025 and
Rp 55.159 pada 31 Desember 2024. Rp 55.159 as of December 31,2024.
10. BIAYA DIBAYAR DI MUKA 10. PREPAID EXPENSES
xxii.
Akun ini terdiri dari: xxiii. This account consists of:
2025 2024
Ongkos angkut 127.318 68.127 Freight charges
Asuransi 2.821 2.446 Insurance
Sewa 25 - Rent
Lain-lain - 5 Others
Jumlah 130.164 70.578 Total
Pos lain-lain merupakan transaksi milik Entitas Anak Other items are transactions belonging to the Subsidiary
atas pembayaran dimuka audit assessment. for advance payments for audit assessments.
11. INVESTASI 11. INVESTMENTS
xxiv.
Investasi xxv. Investments
xxvi.
Berdasarkan akta No. 32, oleh notaris xxvii. Based on deed No. 32, dated September 22, 2017 by Jhon
Jhon Edy Rahman, SH, Mkn di Jakarta Timur, Edy Rahman, SH, Mkn., notary in East Jakarta, the Entity
tanggal 22 September 2017, Entitas melakukan invested in PT Marubeni - Itochu Steel Indonesia
penyertaan saham di PT Marubeni - Itochu Steel amounting to 1,150 shares or equal to
Indonesia sebesar 1.150 lembar atau setara sebesar Rp 57,658,125 (Full amount) or 0.23% of the equity
Rp 57.658.125 (dalam nilai penuh) atau 0,23% shares.
kepemilikan saham.
58
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
11. INVESTASI - Lanjutan 11. INVESTMENTS – Continued
Serta berdasarkan akta No. 42, oleh notaris xxviii.And based on deed No. 42, dated June 08, 2018
Jhon Edy Rahman, SH, Mkn di Jakarta Timur, by Jhon Edy Rahman, SH, Mkn, notary in East Jakarta,
tanggal 08 Juni 2018, Entitas melakukan penyertaan The Entity invested stock series B in PT Marubeni-Itochu
saham seri B di PT Marubeni-Itochu Steel Indonesia Steel Indonesia amounting to 10,350 shares or equal to
sebesar 10.350 lembar atau setara sebesar Rp 143,626,950 (Full amount) or 0.23% of the equity
Rp 143.626.950 (dalam nilai penuh) atau 0,23% shares.
kepemilikan saham.
xxix.
Investasi pada PT Marubeni-Itochu Steel Indonesia, xxx. Investment in PT Marubeni-Itochu Steel Indonesia, the
Entitas mencatatnya sebagai investasi dengan metode Entity recorded it as an investment using the acquisition
perolehan karena Entitas tidak memiliki signifikansi atas method because the Entity has no significance for the
investasi pada Entitas Asosiasi tersebut. Dan PT investment in the Associated. And PT Marubeni-Itochu
Marubeni-Itochu Steel Indonesia telah beroperasi. Steel Indonesia has been operating.
xxxi.
Investasi Pada Entitas Asosiasi xxxii. Investments In Associates
xxxiii.
Berdasarkan akta No. 20, oleh notaris Lusia Hutabarat, Based on deed No. 20, dated November 11, 2015
S.H. di Jakarta, tanggal 11 November 2015, by Lusia Hutabarat, S.H. notary in Jakarta, the Entity
Entitas melakukan peningkatan penyertaan saham di PT invested in PT Sanko Steel Indonesia amounting to
Sanko Steel Indonesia menjadi sebesar USD 2.800.000 USD 2,800,000 or 50% of the equity shares whereby the
atau 50% kepemilikan saham dimana Entitas bukan Entity is non-controlling shareholder.
pemegang saham pengendali.
xxxiv.
Mutasi penyertaan saham pada entitas asosiasi adalah Movement in investments in associates are as follows:
sebagai berikut:
31 Desember 2025/December 31, 2025
Persentase Akumulasi Ekuitas dalam
Kepemilikan/ Harga Laba (Rugi) Bersih/ Penurunan Nilai/
Percentage Perolehan/ Accumulated Equity Impairment Nilai Buku/
of Ownership At Cost Net Earnings (Losses) Value Net Book Value
Metode ekuitas Equity method
PT Sanko Steel PT Sanko Steel
Indonesia 50,00% 28.252 14.252 - 42.504 Indonesia
Metode biaya
perolehan Cost method
PT Marubeni-Itochu PT Marubeni-Itochu
Steel Indonesia 0,23% 201 - - 201 Steel Indonesia
Jumlah 50,23% 28.453 14.252 - 42.705 Total
59
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
11. INVESTASI - Lanjutan 11. INVESTMENTS - Continued
31 Desember 2024/December 31, 2024
Persentase Akumulasi Ekuitas dalam
Kepemilikan/ Harga Laba (Rugi) Bersih/ Penurunan Nilai/
Percentage Perolehan/ Accumulated Equity Impairment Nilai Buku/
of Ownership At Cost Net Earnings (Losses) Value Net Book Value
Metode ekuitas Equity method
PT Sanko Steel PT Sanko Steel
Indonesia 50,00% 28.252 11.126 - 39.378 Indonesia
Metode biaya
perolehan Cost method
PT Marubeni-Itochu PT Marubeni-Itochu
Steel Indonesia 0,23% 201 - - 201 Steel Indonesia
Jumlah 50,23% 28.453 11.126 - 39.579 Total
Tidak tersedia informasi berdasarkan kuotasi harga There was no fair value information available based on
publikasian atas nilai wajar investasi pada entitas quoted market prices in associates.
asosiasi tersebut.
Ringkasan informasi keuangan entitas asosiasi adalah The summary of financial information in associates are
sebagai berikut: as follows:
2025 2024
PT Sanko Steel Indonesia PT Sanko Steel Indonesia
Jumlah agregat aset 155.454 124.280 Total aggregate assets
Jumlah agregat liabilitas 63.859 45.558 Total aggregate liabilities
Jumlah agregat penjualan dan Total aggregate net sales and
pendapatan jasa 192.049 178.236 service revenues
Jumlah agregat laba (rugi) tahun Total aggregate income
berjalan 7.152 9.052 (loss) for the year
2025 2024
PT Marubeni-Itochu Steel PT Marubeni-Itochu Steel
Indonesia Indonesia
Jumlah agregat aset 555.437 387.956 Total aggregate assets
Jumlah agregat liabilitas 409.627 242.787 Total aggregate liabilities
Jumlah agregat penjualan dan Total aggregate net sales and
pendapatan jasa 1.258.209 1.022.220 service revenues
Jumlah agregat laba (rugi) tahun Total aggregate income
berjalan 1.282 2.104 (loss) for the year
60
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
12. ASET TETAP 12. PROPERTY, PLANT AND EQUIPMENT
Revaluasi/ Revaluation
Eliminasi
Akumulasi
Penyusutan/ Surplus
Elimination of Revaluasi /
1 Januari 2025/ Penambahan/ Pengurangan/ Reklasifikasi/ Accumulated Revaluation 31 Desember 2025/
January 1, 2025 Additions Deductions Reclassifications Depreciation Surplus December 31, 2025
Biaya Perolehan/ Acquisition Cost/
Revaluasi Revaluation
Pemilikan Langsung Direct Acquisitions
Tanah 1.792.323 93.811 - - - 36.287 1.922.421 Land
Bangunan dan Buildings and
prasarana 395.252 1.715 - 9.795 94.730 70.522 382.554 improvements
Mesin dan Machines and
peralatan 540.057 9.938 - 7.474 238.139 144.283 463.613 equipment
Kendaraan 35.590 719 459 - - - 35.850 Vehicles
Inventaris Office furniture
kantor 63.194 693 - - - - 63.887 and fixtures
Sub-jumlah 2.826.416 106.876 459 17.269 332.869 251.092 2.868.325 Sub-total
Aset Dalam Construction in
Pembangunan Progress
Bangunan dan Buildings and
prasarana 14.796 182.768 - (13.339) - - 184.225 improvements
Mesin dan Machines and
peralatan 3.489 40.736 - (3.930) - - 40.295 equipment
Inventaris Office furniture
kantor 111 221 33 - - - 299 and fixtures
Sub-jumlah 18.396 223.725 33 (17.269) - - 224.819 Sub-total
Aset Hak Guna Right of Use Asset
Mesin dan Machines and
peralatan 68.282 - - - 32.283 28.268 64.267 equipment
Sub-jumlah 68.282 - - - 32.283 28.268 64.267 Sub-total
Jumlah 2.913.094 330.601 492 - 365.152 279.360 3.157.411 Total
Akumulasi Accumulated
Penyusutan Depreciation
Pemilikan Langsung Direct Acquisitions
Bangunan dan Buildings and
prasarana 87.187 34.979 - - 94.730 - 27.436 improvements
Mesin dan Machines and
peralatan 185.254 68.990 - - 238.139 - 16.105 equipment
Kendaraan 28.496 2.457 427 - - - 30.526 Vehicles
Inventaris Office furniture
kantor 54.236 2.357 - - - - 56.593 and fixtures
Sub-jumlah 355.173 108.783 427 - 332.869 - 130.660 Sub-total
Aset Hak Guna Right of Use Asset
Mesin dan Machines and
peralatan 28.590 8.720 - - 32.283 - 5.027 equipment
Sub-jumlah 28.590 8.720 - - 32.283 - 5.027 Sub-total
Jumlah 383.763 117.503 427 - 365.152 - 135.687 Total
Nilai Buku 2.529.331 3.021.724 Book value
61
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
12. ASET TETAP – Lanjutan 12. PROPERTY, PLANT AND EQUIPMENT - Continued
Revaluasi/ Revaluation
Eliminasi
Akumulasi
Penyusutan/ Surplus
Elimination of Revaluasi /
1 Januari 2024/ Penambahan/ Pengurangan/ Reklasifikasi/ Accumulated Revaluation 31 Desember 2024/
January 1, 2024 Additions Deductions Reclassifications Depreciation Surplus December 31, 2024
Biaya Perolehan/ Acquisition Cost/
Revaluasi Revaluation
Pemilikan Langsung Direct Acquisitions
Tanah 1.683.331 94.511 - 14.481 - - 1.792.323 Land
Bangunan dan Buildings and
prasarana 305.733 802 - 88.717 - - 395.252 improvements
Mesin dan Machines and
peralatan 434.349 43.853 - 61.855 - - 540.057 equipment
Kendaraan 34.160 1.991 627 66 - - 35.590 Vehicles
Inventaris Office furniture
kantor 58.496 1.339 - 3.359 63.194 and fixtures
Sub-jumlah 2.516.069 142.496 627 168.478 - - 2.826.416 Sub-total
Aset Dalam Construction in
Pembangunan Progress
Bangunan dan Buildings and
prasarana 34.851 82.486 4 (102.537) - - 14.796 improvements
Mesin dan Machines and
peralatan 46.995 15.632 253 (58.885) - - 3.489 equipment
Inventaris Office furniture
kantor 3.610 515 - (4.014) - - 111 and fixtures
Sub-jumlah 85.456 98.633 257 (165.436) - - 18.396 Sub-total
Aset Hak Guna Right of Use Asset
Mesin dan Machines and
peralatan 68.282 - - - - - 68.282 equipment
Sub-jumlah 68.282 - - - - - 68.282 Sub-total
Jumlah 2.669.807 241.129 884 3.042 - - 2.913.094 Total
Akumulasi Accumulated
Penyusutan Depreciation
Pemilikan Langsung Direct Acquisitions
Bangunan dan Buildings and
prasarana 48.170 39.017 - - - - 87.187 improvements
Mesin dan Machines and
peralatan 76.136 109.118 - - - - 185.254 equipment
Kendaraan 26.104 3.019 627 - - - 28.496 Vehicles
Inventaris Office furniture
kantor 51.721 2.515 - - - - 54.236 and fixtures
Sub-jumlah 202.131 153.669 627 - - - 355.173 Sub-total
Aset Hak Guna Right of Use Asset
Mesin dan Machines and
peralatan 17.212 11.378 - - - - 28.590 equipment
Sub-jumlah 17.212 11.378 - - - - 28.590 Sub-total
Jumlah 219.343 165.047 627 - - - 383.763 Total
Nilai Buku 2.450.464 2.529.331 Book value
62
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
12. ASET TETAP – Lanjutan 12. PROPERTY, PLANT AND EQUIPMENT - Continued
Tanah, bangunan dan prasarana serta mesin dan Land, buildings and improvements and machines and
peralatan dicatat berdasarkan nilai revaluasi yang telah equipment are recorded at revalued amounts which were
dinilai oleh penilai independen Felix Sutandar, Msc. revalued by independent appraiser Felix Sutandar, Msc.
No STTD.PPB-31/PM.2/2018, dengan tanggal penilaian No STTD.PPB-31/PM.2/2018, with an assessment date of
4 Februari 2026 untuk penilaian tahun berakhir February 4, 2026 for the assessment year ending
31 Desember 2025 dari KJPP Felix Sutandar & Rekan. December 31, 2025 from KJPP Felix Sutandar &
Dan penilaiannya telah sesuai dengan ketentuan POJK Partner. And the assessment is in accordance with the
No. 28/POJK.04/2021. Dasar penilaian yang diterapkan provisions of POJK No. 28/POJK.04/2021. The valuation
adalah nilai pasar dengan menggunakan pendekatan basis applied was market value by using cost approach,
biaya, dimana nilai pasar dari aset yang direvaluasi pada where the market value of the assets for the year 2025
tahun 2025 adalah sebesar Rp 2.832.899. amounted to Rp 2,832,899.
Selain metode dengan pendekatan biaya yang digunakan In addition to the cost approach used in estimating fair
dalam mengestimasi nilai wajar, metode pendekatan value, other approaches are the revenue approach, the
lainnya adalah pendekatan pendapatan, pendekatan replacement cost approach, and the market data
biaya pengganti, dan pendekatan data pasar. approach.
Tidak terdapat pembatasan-pembatasan distribusi saldo There are no restrictions on the distribution of the
surplus revaluasi terhadap penurunan saham atas revaluation surplus balance to the decline in shares due
perubahan revaluasi atau rugi penurunan nilai tersebut. to changes in the revaluation or impairment losses.
Berikut jumlah tercatat untuk setiap aset yang The following is the carrying amount for each asset that
direvaluasi jika dicatat dengan menggunakan model is revalued when recorded using the cost model:
biaya:
2025
Pemilikan Langsung Direct Acquisitions
Tanah 1.886.133 Land
Bangunan dan prasarana 284.599 Building and improvements
Mesin dan peralatan 303.265 Machines and equipment
Sub Jumlah 2.473.997 Sub Total
Aset Hak Guna Right of Use Asset
Mesin dan Peralatan 30.973 Machines and equipment
Sub Jumlah 30.973 Sub Total
Jumlah 2.504.970 Total
Berikut rincian saldo transaksi surplus revaluasi: The following are the details of the revaluation surplus
transaction balance:
2025 2024
Saldo awal 1.221.714 1.221.714 Beginning balance
Mutasi 217.901 - Mutation
Saldo akhir 1.439.615 1.221.714 Ending balance
Beban penyusutan yang dialokasikan adalah sebagai Depreciation expenses are allocated as follows:
berikut:
2025 2024
Beban pabrikasi 113.880 161.500 Manufacturing expenses
Beban umum dan administrasi 1.331 1.876 General and administrative
Beban penjualan dan distribusi 2.292 1.671 Selling and distribution expenses
Jumlah 117.503 165.047 Total
63
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
12. ASET TETAP - Lanjutan 12. PROPERTY, PLANT AND EQUIPMENT - Continued
xxxv.
Penjualan aset tetap pemilikan langsung adalah sebagai xxxvi.
The sale of property, plant and equipment – direct
berikut: ownership are as follows:
2025 2024
Harga jual 129 225 Selling price
Nilai buku (33) - Book value
Gain on sales of property, plant,
Laba penjualan aset tetap 96 225 and equipment
Penambahan aset untuk tahun yang berakhir tanggal xxxvii.Addition of property, plant and equipment for the year
31 Desember 2025 dan 2024 sebesar Rp 236.904 dan ended December 31, 2025 and 2024 amounting to
Rp 241.129 adalah berasal dari perolehan langsung. Rp 236,904 and Rp 241,129 is derived from direct
Terdapat penambahan aset yang berasal dari reklasifikasi acquisition. There were additional assets resulting from
uang muka pembelian sebesar Rp 93.697 dan Rp 25.296 the reclassification of advances for purchases of Rp
pada periode yang berakhir 31 Desember 2025 dan 2024. 93,697 and Rp 25,296 for the year ended
December 31, 2025 and 2024.
xxxviii.
Tidak terdapat aset tetap yang dihentikan penggunaannya xxxix.There are no property, plant, and equipment that are
sehingga tidak diklasifikasikan sebagai tersedia untuk discontinued so that they are not classified as available
dijual. for sale.
xl.
Pada tanggal 31 Desember 2025 dan 2024, Entitas masih As of December 31, 2025 and 2024, the Entity are still
menggunakan aset tetap yang nilai bukunya telah habis using the property, plant and equipment which their book
disusutkan dengan harga perolehan masing-masing value have been fully depreciated with carrying value
sebesar Rp 27.677 dan Rp 23.321. amounting to Rp 27,677 and Rp 23,321, respectively.
Pada tanggal 31 Desember 2025 dan 2024, Entitas As of December 31, 2025 and 2024, the Entity perform
melakukan penghapusbukuan aset tetap dengan nilai write-off of the property, plant and equipment which
buku masing-masing sebesar Rp 459 dan Rp 627. their book value amounting to Rp 459 and Rp 627,
respectively.
Entitas memiliki beberapa bidang tanah yang terletak di The Entity owns several plots of land that are located in
Surabaya, Pasuruan, Karawang dan Sidoarjo dengan hak Surabaya, Pasuruan, Karawang and Sidoarjo with
legal berupa Hak Guna Bangunan (HGB) yang berjangka Building Use Rights (Hak Guna Bangunan or HGB) for
waktu antara 20 dan 30 tahun yang akan jatuh tempo a period of 20 and 30 years that will mature in the years
tahun 2045. 2045.
Entitas memiliki beberapa bidang tanah yang terletak di The Entity owns several plots of land located in Gresik
Gresik dan saat ini sedang dalam proses perubahan hak and is still in the process of changing the legal right to
legal menjadi atas nama Entitas. such plots to the name of Entity.
Tidak terdapat aset tetap yang berasal dari hibah. There are no property, plant, and equipment originating
from grants.
Berdasarkan evaluasi yang dilakukan, manajemen Based on the management’s evaluation, there are no
berpendapat bahwa tidak terdapat peristiwa atau events or changes in circumstances which may indicate
perubahan keadaan yang menunjukkan adanya impairment in value of property, plant and equipment
penurunan nilai aset tetap Entitas pada tanggal owned by the Entity as of December 31, 2025 and 2024.
31 Desember 2025 dan 2024.
Pada 31 Desember 2025, nilai tercatat aset dalam As of December 31, 2025, the carrying amount of the
penyelesaian Entitas sebesar Rp 17.269 sudah Entity construction in progress of Rp 17,269 has been
direklasifikasi ke aset tetap di akhir 2025. reclassified to property and equipment at the end of
2025.
Aset tetap tertentu milik Entitas dijadikan jaminan atas Certain property, plant and equipment which were
utang bank yang diperoleh dari PT Bank Central Asia owned by the Entity are used as collateral for the bank
Tbk (lihat Catatan 16 dan 21). loans obtained from PT Bank Central Asia Tbk
(see Notes 16 and 21).
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
12. ASET TETAP - Lanjutan 12. PROPERTY, PLANT AND EQUIPMENT - Continued
Aset tetap, kecuali tanah, bersama-sama dengan Property, plant and equipment, except land, together
persediaan, telah diasuransikan terhadap risiko with inventories, were insured against fire, theft and
kebakaran, pencurian dan risiko lainnya dengan jumlah other possible risks with the amounts insured amounting
pertanggungan sebesar Rp 3.203.431, USD 42.608, EUR to Rp 3,203,431, USD 42,608, EUR 1,490, JPY 83,237
1.490, JPY 83.237 pada tanggal 31 Desember 2025 dan as of December 31, 2025 and Rp 3,093,916, USD 43,468,
Rp 3.093.916, USD 43.468, EUR 1.490, JPY 83.237 EUR 1,490, JPY 83,237 as of December 31, 2024. The
pada tanggal 31 Desember 2024. Aset telah assets are insured with insurance companies PT CAR
diasuransikan pada perusahaan asuransi PT CAR Life Life Insurance, PT ATB Insurance, PT Lippo Insurance
Insurance, PT ATB Insurance, PT Lippo Insurance, dan and PT Bintang Insurance.
PT Bintang Insurance.
Manajemen berpendapat bahwa jumlah pertanggungan Management believes that insurance coverage is
asuransi tersebut adalah cukup untuk menutup kerugian adequate to cover all possible losses to the assets and
dari risiko atas aset dan persediaan yang inventories insured.
dipertanggungkan.
13. PROPERTI INVESTASI 13. INVESTMENT PROPERTIES
2025 2024
Denpasar 4.788 4.788 Denpasar
Prigen 4.279 4.279 Prigen
Bogor 11.142 - Bogor
Jumlah 20.209 9.067 Total
Properti investasi merupakan tanah di Denpasar dengan Investment properties represent in Denpasar with an
luas 400 m2 dan tanah di Prigen dengan luas 2.680 m2. area of 400 m2 and in Prigen with an area of 2,680 m2.
Pada tanggal 31 Desember 2025, manajemen Entitas As of December 31, 2025, the Entity’s management have
belum memutuskan tujuan penggunaan atas properti not yet decided on the intended use of the land in the form
investasi berupa tanah tersebut. of an investment property.
Tidak terdapat beban yang ditimbulkan atas properti There is no expense incurred on investment property,
investasi, karena properti investasi tersebut tidak because the investment property is not rented out.
disewakan.
Tidak terdapat perubahan nilai wajar atas properti There is no change in the fair value of the investment
investasi tersebut karena Entitas mencatat dengan nilai property because the Entity records it at cost, because
perolehan, disebabkan nilai pasar melebihi dari nilai the market value exceeds the cost value.
perolehan.
Properti investasi diperoleh sejak tahun 2015 dan seluruh The investment property was acquired in 2015 and all of
tanah tersebut merupakan hak milik Entitas berdasarkan the land is the property of the Entity based on certificate
sertifikat No. 102 untuk tanah di Denpasar dan No. 572 No. 102 for land in Denpasar and No. 572 for land in
untuk tanah di Prigen. Prigen.
Terdapat penambahan properti investasi berupa 5 unit There are additional investment properties in the form of
Ruko dengan rincian sebagai berikut: 5 shophouse units with the following details:
Deskripsi/ Description Sertifikat/ Certificate Luas Luas
Bangunan/ Tanah/
Building Land
Size Size
(m2) (m2)
Ruko Jl. Keradenana No 38 Cibonong Bogor SHGB 10.10.000009585 & 9586 857 800
Ruko Perum Alam Tirta Lestari Blok B, Ciomas Bogor SHGB 10.10.000009589 144 128
Ruko Perum Alam Tirta Lestari Blok C, Ciomas Bogor SHGB 10.10.000009590 144 138
Ruko Perum Alam Tirta Lestari Blok D, Ciomas Bogor SHGB 10.10.000009587 144 134
Ruko Perum Alam Tirta Lestari Blok E, Ciomas Bogor SHGB 10.10.000009588 144 127
TOTAL 1.433 1.327
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
13. PROPERTI INVESTASI - Lanjutan 13. INVESTMENT PROPERTIES - Continued
Untuk pemanfaatan masin-masing aset dijelaskan untuk The benefits of each asset are explained as follows the
tanah prigen belum ditentukan peruntukkannya, Prigen land has not yet been designated for its intended
sedangkan Ruko Bogor akan disewakan. use, while the Bogor shophouses will be rented out.
14. ASET TAKBERWUJUD 14. INTANGIBLE ASSET
Akun ini terdiri dari: This account consists of:
2025 2024
Harga perolehan 100.127 99.347 Acquisition cost
Akumulasi amortisasi (99.047) (97.616) Accumulated amortization
Nilai buku aset takberwujud 1.080 1.731 Book value of intangible asset
Aset tak berwujud merupakan aplikasi perangkat lunak Intangible assets represent ERP (Enterprise Resource
ERP (Enterprise Resource Planning). Planning) software applications.
Beban amortisasi untuk tahun yang berakhir pada tanggal Amortization expense for the years ended December 31,
31 Desember 2025 dan 2024 adalah sebesar Rp 1.432 dan 2025 and 2024 amounted to Rp 1,432 and Rp 1,682 (see
Rp 1.682 (lihat Catatan 32). Note 32).
15. UTANG BANK JANGKA PENDEK 15. SHORT-TERM BANK LOANS
Akun ini terdiri dari: This account consists of:
2025 2024
PT Bank Central Asia Tbk 303.826 746.517 PT Bank Central Asia Tbk
PT Bank Resona Perdania 248.349 150.399 PT Bank Resona Perdania
PT Bank SMBC Indonesia Tbk 151.107 21.751 PT Bank SMBC Indonesia Tbk
Jumlah 703.282 918.667 Total
Semua batasan-batasan atau negative covenant dalam All restrictions or negative covenants in the bank and
perjanjian bank dan waiver sudah diungkapkan dalam waiver agreements have been disclosed in the notes to
catatan atas laporan keuangan terkait. the related financial statements.
Pembayaran utang bank jangka pendek selama periode Payment of short-term bank loans for the period
31 Desember 2025 dan 2024 adalah sebesar December 31, 2025 and 2024 amounted to Rp 3,163,566
Rp 3.163.566 dan Rp 5.394.706. and Rp 5,394,706.
Jumlah seluruh fasilitas pinjaman bank yang dimiliki The total amount of bank loan facilities held and the
dan penyerapan fasilitas pinjaman bank. absorption of bank loan facilities.
Fasilitas Pinjaman Penyerapan Pinjaman
Yang Dimiliki/ 31 Desember 2025/
Loan Facilities Loan Absorption
Available December 31, 2025
PT Bank Central Asia Tbk 3.246.210 303.826 PT Bank Central Asia Tbk
PT Bank Resona Perdania 251.730 248.349 PT Bank Resona Perdania
PT Bank SMBC Indonesia Tbk 335.640 151.107 PT Bank SMBC Indonesia Tbk
PT Bank ICBC Indonesia 182.500 - PT Bank ICBC Indonesia
PT Bank Danamon Indonesia Tbk 100.000 - PT Bank Danamon Indonesia Tbk
PT Bank CTBC Indonesia 83.910 - PT Bank CTBC Indonesia
4.199.990 703.282
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
15. UTANG BANK JANGKA PENDEK - Lanjutan 15. SHORT-TERM BANK LOANS - Continued
PT Bank Central Asia Tbk (BCA) PT Bank Central Asia Tbk (BCA)
Entitas memperoleh pinjaman dari BCA berupa fasilitas The Entity obtained loan facilities from BCA are as
sebagai berikut: follows:
Maksimum Kredit
(dalam ribuan
USD)/
Maximum Credit
Fasilitas/ (in thousand Jatuh Tempo/
Facilities USD) Maturity Date
Valuta asing/Foregn Exchange USD 20.000 28 Februari 2026/February 28, 2026
Kredit Lokal/Local Credit Rp 100.000 28 Februari 2026/February 28, 2026
Kredit Multi Facility/Multy Facility Credit USD 155.000 28 Februari 2026/February 28, 2026
Time Loan Revolving Rp 440.000 28 Februari 2026/February 28, 2026
Bank Garansi/Bank Guarantee Rp 30.000 28 Februari 2026/February 28, 2026
Nego/Diskonto/Negotiation /Discounts USD 5.000 28 Februari 2026/February 28, 2026
Kredit Investasi 6/Investment Credit 6 Rp 105.000 30 Juni 2026/June 30, 2026
Fasilitas pinjaman tersebut dijamin dengan piutang a. The loan facility is collateralized with trade receivables,
usaha, persediaan, tanah, bangunan, dan mesin milik inventories, landrights, building, and machines, owned
Entitas (lihat Catatan 6, 8 dan 12). Pinjaman ini dijamin by the Entity (see Notes 6, 8 and 12). The loan is
dengan jaminan yang sama dengan fasilitas jangka collateralized by the same collateral as the long-term
panjang yang diperoleh dari bank yang sama facilities obtained from the same bank (see Note 20). This
(lihat Catatan 20). Pinjaman ini dikenakan bunga loan bears annual interest of 7.00 – 7.50% as of
tahunan masing-masing sebesar 7,00 – 7,50% pada December 31, 2025 and 2024.
tanggal 31 Desember 2025 dan 2024.
Persyaratan dalam perjanjian sehubungan dengan Terms of the agreement in connection with this credit
fasilitas kredit ini meliputi pembatasan sebagai berikut: facility includes:
1. Pemeliharaan rasio keuangan (Current Ratio 1. Maintenance of financial ratios (Current Ratio of at
minimum 1, Leverage Ratio maksimum 2,5 dan Debt least 1, Leverage Ratio maximum of 2.5, and Debt
Service Coverage minimum 1,0). Service Coverage at least 1.0).
2. Tanpa persetujuan tertulis terlebih dahulu dari BCA, 2. Without prior written approval from BCA, the Entity
Entitas tidak diperkenankan untuk: is not allowed to:
a. Mengikatkan diri sebagai penjamin. a. Bind the Entity is itself as a guarantor.
b. Menambah fasilitas kredit dari bank atau b. Receive credit facility from bank or other
lembaga keuangan lain. financial institution.
Pada tanggal 31 Desember 2025 dan 2024, Entitas telah As of December 31, 2025 and 2024, the Entity has
memenuhi persyaratan tersebut. complied with these requirements.
PT Bank Resona Perdania (Resona) PT Bank Resona Perdania (Resona)
Entitas memperoleh pinjaman dari Resona berupa The Entity obtained loan facility from Resona in the form
fasilitas Limit Gabungan dengan jumlah maksimum of Combined Limit and Treasury Facility in the form of
masing-masing sebesar USD 15.000 dan dikenakan with maximum credit amounting to USD 15,000,
tingkat bunga sebesar COLF+0,75% untuk mata uang respectively, with interest rate of COLF +0.75% for USD
USD dan COLF+1,875% untuk mata uang Rupiah. currency and COLF + 1.875% per for Rupiah currency.
Pinjaman ini jatuh tempo pada tanggal 15 Agustus 2026. This loan facility has maturity date on August 15, 2026.
Fasilitas pinjaman dari Resona ditunjukan untuk Facilities from Resona are intended to support the Entity
menunjang kegiatan operasional Entitas. operating activities.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
15. UTANG BANK JANGKA PENDEK - Lanjutan 15. SHORT-TERM BANK LOANS - Continued
PT Bank Resona Perdania (Resona) – Lanjutan PT Bank Resona Perdania (Resona) – Continued
Fasilitas pinjaman tersebut dijamin dengan piutang usaha The loan facilities are collateralized by trade receivables
dan persediaan yang diikat Fidusia Notariil sebesar and inventories which is bound by notary fiduciary
USD 15.000 milik Entitas. amounting to USD 15,000 owned by the entity.
Persyaratan dalam perjanjian sehubungan dengan Terms of the agreement in connection with this credit
fasilitas kredit ini meliputi pembatasan sebagai berikut: facility include:
1. Tanpa persetujuan tertulis terlebih dahulu dari 1. Without prior written approval from Resona, the
Resona, Entitas, tidak diperkenankan untuk: Entity, is not allowed to:
a. Memperoleh fasilitas kredit baru dari pihak lain. a. Obtain new credit facilities from other parties.
b. Mengikatkan diri sebagai penjamin. b. Bind the Entity is itself as a guarantor.
c. Memindah tangankan, menjual atau melepaskan c. Transfer, sell or otherwise dispose of material
aset material Entitas. assets of the Entity.
d. Mengubah bentuk/status hukum Entitas. d. Change the Entity form/legal status.
Pada tanggal 31 Desember 2025 dan 2024, Entitas telah As of December 31, 2025 and 2024, the Entity has
memenuhi persyaratan tersebut. complied with these requirements.
PT Bank ICBC Indonesia (ICBC) PT Bank ICBC Indonesia (ICBC)
Entitas memperoleh pinjaman dari ICBC berupa fasilitas The Entity obtained Import letter of Credit (LC) Line
Import LC Line (Sight/Usance) dengan main limit (Sight/Usance) loan facility with main limit
sebesar Rp 182.500. Pinjaman ini dikenakan bunga amounting to Rp 182,500 from ICBC. This loan bears
sebesar 5 - 8% per tahun. Perjanjian ini telah interest at 5 - 8% per annum. The agreement has been
diperpanjang dan akan jatuh tempo pada tanggal extended and will be due on May 26, 2026.
26 Mei 2026.
Entitas telah memperoleh perubahan perjanjian kredit The Entity has obtained an amendment to the credit
dengan No. 114/LOD-CBSBY/IX/2021 pada tanggal 24 agreement with No. 114/LOD-CBSBY/IX/2021 on
September 2021 perihal perubahan pemberitahuan September 24, 2021 regarding changes to the
pemegang saham non publik debitur yang disampaikan notification of debtor non-public shareholders submitted
tidak lebih dari 30 hari setelah peristiwa. no later than 30 days after the event.
Fasilitas pinjaman tersebut dijamin dengan piutang usaha The loan facility was collateralized with trade
dan persediaan milik Entitas yang diikat Fidusia Notariil receivables and inventories owned by the Entity which
sebesar USD 20.000.(lihat Catatan 6 dan 8). is bound by Notary Fiduciary amounting to
USD 20,000 (see Notes 6 and 8).
Persyaratan dalam perjanjian sehubungan dengan Terms of the agreement in connection with this credit
fasilitas kredit ini meliputi pembatasan sebagai berikut: facility include:
1. Pemeliharaan Gearing Ratio maksimum 3,25. 1. Maintenance of Gearing Ratio with maximum of
3.25.
2. Tanpa persetujuan tertulis terlebih dahulu dari ICBC, 2. Without prior written approval from ICBC, the
Entitas, tidak diperkenankan untuk: Entity, is not allowed to:
a. Mengalihkan hak dan kewajiban kepada pihak a. Transfer the rights and obligations to any party.
manapun juga.
b. Memperoleh pinjaman dan atau meminjamkan b. Obtain loans or lend money to a third party.
uang kepada pihak ketiga.
c. Mengubah bidang usaha Entitas. c. Change fields of business.
d. Mengubah bentuk/status hukum Entitas. d. Change the Entity form / legal status.
e. Melakukan merger, akuisisi, konsolidasian, e. Conduct merger, acquisition, consolidation,
investasi. investment.
f. Memindah tangankan, menjual atau melepaskan f. Transfer, sell or otherwise dispose of material
aset material Entitas. assets of the Entity.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
15. UTANG BANK JANGKA PENDEK - Lanjutan 15. SHORT-TERM BANK LOANS - Continued
PT Bank ICBC Indonesia (ICBC) - Lanjutan PT Bank ICBC Indonesia (ICBC) - Continued
Pada tanggal 31 Desember 2025 dan 2024, Entitas telah As of December 31, 2025 and 2024, the Entity has
memenuhi persyaratan tersebut. complied with these requirements.
PT Bank SMBC Indonesia Tbk PT Bank SMBC Indonesia Tbk
Entitas mendapatkan fasilitas pinjaman dari SMBC yaitu The Entity obtained facility from SMBC are as follows:
berupa:
Maksimum Kredit
(dalam ribuan)/
Maximum Credit
Fasilitas/Facilities (in thousand) Kegunaan/Use of Fund
Loan on Note-1 USD 3.000 Modal kerja/Working Capital
Loan on Note-2 USD 14.000 Pembiayaan tagihan supplier/Financing invoice to suppliers
Impor (penerbitan L/C impor dan L/C lokal untuk pengadaan
Commercial letter of barang/ Import (issuance of import L/C and local L/C for
credit USD 20.000 goods procurement)
Impor (pembayaran L/C Impor (Usance) dan L/C Lokal)/
Acceptance USD 20.000
Import (to settle impor (usance) and local L/C)
Loan on note trust Impor (pembayaran L/C dan L/C Lokal (Sight dan Usance))/
receipt USD 20.000 Import (to settle L/C and Local L/C (Sight and Usance))
Bank garansi/bank
guarantee USD 14.000 Penerbitan bank garansi/Issuance of bank guarantee
Foreign Bills Bought-2 USD 14.000 Modal kerja/Working capital
Pinjaman ini dikenakan bunga tahunan sebesar 1,5% These loans bear annual interest at 1.5% above cost of
ditambah cost of fund dan 2,5% ditambah cost of fund fund and 2.5% above cost of fund for loan in IDR
masing-masing untuk pinjaman dalam mata uang IDR currency and USD currency, respectively, secured by
dan USD serta dijamin dengan piutang dan persediaan trade receivables and inventories owned by the Entity
Entitas (lihat Catatan 6 dan 8). Pinjaman ini akan jatuh (see Notes 6 and 8). The loan will be due on
tempo pada tanggal 30 September 2026. September 30, 2026.
Persyaratan dalam perjanjian sehubungan dengan Terms of the agreement in connection with this credit
fasilitas kredit ini meliputi pembatasan sebagai berikut: facility includes:
1. Rasio lancar dipertahankan paling sedikit 1,0 1. Current ratio is maintained for minimum of 1.0 to
banding 1,0 kali. 1.0 times.
2. Perbandingan utang terhadap ekuitas dipertahankan 2. Debt to equity ratio is maintained equal or not
sama atau tidak lebih dari 3,5 banding 1,0 kali. more than 3.5 to 1.0 times.
3. Tanpa persetujuan tertulis terlebih dahulu dari Bank, 3. Without prior written approval from Bank, the
Entitas, tidak diperkenankan untuk: Entity is not allowed to:
a. Melakukan kegiatan atau transaksi yang tidak a. Conduct any unreasonable transactions.
wajar.
b. Melakukan merger, konsolidasian, penyertaan b. Conduct merger, consolidation or purchases
modal atau pembelian saham. of shares.
c. Mengadakan perjanjian utang kecuali dalam c. Enter into loan agreement except in
kegiatan usaha. operational activities.
d. Menjamin aset Entitas. d. Pledge the Entity assets.
Pada tanggal 31 Desember 2025 dan 2024, Entitas telah As of December 31, 2025 and 2024, the Entity has
memenuhi persyaratan tersebut. complied with these requirements.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
15. UTANG BANK JANGKA PENDEK - Lanjutan 15. SHORT-TERM BANK LOANS - Continued
PT Bank Danamon Indonesia Tbk (Danamon) PT Bank Danamon Indonesia Tbk (Danamon)
Entitas memperoleh pinjaman dari Danamon berupa The Entity obtained loan facilities from Danamon are as
fasilitas sebagai berikut: follows:
Maksimum Kredit
(dalam ribuan USD)/
Fasilitas/ Maximum Credit Jatuh Tempo/
Facilities (in thousand USD) Maturity Date
Fasilitas Omnibus Trade/ 23 Mei 2026/
Ombibus Trade Facility Rp 100.000 May 23, 2026
Fasilitas Transaksi Valuta Asing/ 23 Mei 2026/
Foreign Currency Trancactions Facility USD 500 May 23, 2026
Fasilitas pinjaman tersebut dijamin dengan piutang usaha The loan facility was collateralized with trade
dan persediaan milik Entitas (lihat Catatan 6 receivables and inventories owned by the Entity
dan 8) yang diikat Fidusia Notariil sebesar USD 20.000. (see Notes 6 and 8) which is bound by Notary Fiduciary
Pinjaman ini dibebani bunga tahunan sebesar 5,8% - amounting to USD 20,000. This loan bears annual
7,50% pada tanggal 31 Desember 2025 dan 2024. interest at 5.8% - 7.50% as of December 31, 2025 and
2024.
Persyaratan dalam perjanjian sehubungan dengan Terms of the agreement in connection with this credit
fasilitas kredit ini meliputi pembatasan sebagai berikut: facility include:
1. Pemeliharaan Gearing Ratio maksimum 2,5. 1. Maintenance of Gearing Ratio with maximum
of 2.5.
2. Tanpa persetujuan tertulis terlebih dahulu dari 2. Without prior written approval from Danamon, the
Danamon, Entitas , tidak diperkenankan untuk: Entity, is not allowed to:
a. Menjual atau mengalihkan kekayaan. a. Sell or transfer its assets.
b. Menjaminkan kekayaan Entitas . b. Pledge the Entity assets.
c. Mengadakan perjanjian utang kecuali dalam c. Enter financial obligations except in operational
kegiatan usaha. activities.
d. Menjamin pihak ketiga. d. Bind itself as a guarantor.
e. Memberikan pinjaman kecuali dalam kegiatan e. Provide loans except in operating activities.
usaha.
f. Merubah sifat dan kegiatan usaha. f. Change the nature and operational activity.
g. Membubarkan Entitas . g. Liquidate the Entity.
h. Membayar utang pemegang saham. h. Pay the shareholders’ payables.
i. Merubah anggaran dasar. i. Amend Entity articles of association
Pada tanggal 31 Desember 2025 dan 2024, Entitas telah As of December 31, 2025 and 2024, the Entity has
memenuhi persyaratan tersebut. complied with these requirements.
PT Bank Shinhan Indonesia (Shinhan) PT Bank Shinhan Indonesia (Shinhan)
Entitas memperoleh pinjaman dari Shinhan Bank berupa The Entity obtained loan facilities from Shinhan Bank
fasilitas sebagai berikut: are as follows:
Maksimum Kredit
(dalam ribuan)/
Fasilitas/ Maximum Credit Jatuh Tempo/
Facilities (in thousand) Maturity Date
Fasilitas Omnibus Credit USD 8.000 3 Maret 2025/March 3, 2025
Fasilitas Forex Forward Line USD 500 3 Maret 2025/March 3, 2025
70
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
15. UTANG BANK JANGKA PENDEK - Lanjutan 15. SHORT-TERM BANK LOANS - Continued
PT Bank Shinhan Indonesia (Shinhan) – Lanjutan PT Bank Shinhan Indonesia (Shinhan) – Continued
Fasilitas pinjaman dari Shinhan ditujukan untuk The facilities from Shinhan are intended for the working
pembiayaan modal kerja. capital financing.
Fasilitas pinjaman tersebut dijamin dengan persediaan The loan facilities are collateralized with inventory
milik Entitas yang diikat Fidusia Notariil sebesar USD owned by the Entity which is bound by Notary Fiduciary
9.000 (lihat Catatan 8). amounting to USD 9,000 (see Note 8).
Persyaratan dalam perjanjian sehubungan dengan Terms of the agreement in connection with this credit
fasilitas kredit ini meliputi pembatasan sebagai berikut: facility include:
1. Pemeliharaan rasio keuangan (Current Ratio 1. Maintenance of financial ratios (Current Ratio
minimal 1, Gearing Ratio maksimal 3,25 dan Debt minimum of 1, Gearing Ratio with maximum of 3.25,
Service Ratio minimal 1). and Debt Service Ratio minimum 1).
2. Tanpa persetujuan tertulis terlebih dahulu dari Bank 2. Without prior written approval from Shinhan Bank,
Shinhan, Entitas , tidak diperkenankan untuk: the Entity is not allowed to:
a. Mengubah bentuk/status hukum dan/atau bidang a. Changing the form/legal status and/or line of
usaha. business.
b. Memindah tangankan, menjual atau melepaskan b. Transfer the, sell or otherwise dispose of
aset material nasabah. material assets of the Entity.
c. Menjaminkan kekayaan ke pihak lain. c. Pledge assets to other parties.
d. Mengajukan permohonan untuk dinyatakan pailit d. Submit an application for bankruptcy or
atau penundaan pembayaran atas hutang-hutang. postponement of payment of debts.
e. Melakukan investasi pada perusahaan- e. Invest in other companies or in other business
perusahaan lain atau pada bidang usaha lainnya fields that may result in/have a negative impact
yang dapat mengakibatkan/membawa dampak on business management.
negatif terhadap pengelolaan usaha.
f. Mengalihkan fasilitas kredit kepada pihak f. Transferring credit facilities to any party.
manapun.
g. Mengalihkan usaha kepada pihak manapun. g. Transferring business to any party.
Fasilitas ini dibebani bunga tahunan sebesar 5,00% per This loan bears annual interest of 5,00% per annum.
tahun.
Berdasarkan surat SPINDO No. 072/FIN/II/2025 tanggal Based on SPINDO's letter No. 072/FIN/II/2025 dated
26 Februari 2025 kepada PT Bank Shinhan Indonesia February 26, 2025 to PT Bank Shinhan Indonesia not to
untuk tidak memperpanjang fasilitas kredit. extend the credit facility.
PT Bank CTBC Indonesia PT Bank CTBC Indonesia
Berdasarkan Akta Notaris Sri Wahyu Jatmikowati, S.H., Based on the Deed of Notary Sri Wahyu Jatmikowati,
MH. No 35 tanggal 17 Juni 2021, Entitas memperoleh S.H., MH. No. 35 dated June 17, 2021, the Group
fasilitas kredit dari PT Bank CTBC Indonesia sebagai obtained credit facilities from PT Bank CTBC Indonesia
berikut: as follows:
Maksimum Kredit
(dalam ribuan)/
Maximum Credit Jatuh Tempo/
Fasilitas/Facilities (in thousand) Maturity Date
19 Februari 2026/
Fasilitas Omnibus Credit/Omnibus Credit Facility USD 5.000
February 19, 2026
Fasilitas Transaksi Valuta Asing/Foreign Exchange 19 Februari 2026/
USD 500
Transaction Facility February 19, 2026
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
15. UTANG BANK JANGKA PENDEK - Lanjutan 15. SHORT-TERM BANK LOANS - Continued
PT Bank CTBC Indonesia – Lanjutan PT Bank CTBC Indonesia – Continued
Fasilitas pinjaman dari Bank CTBC ditujukan untuk The facilities from CTBC Bank are intended for the
pembiayaan modal kerja. working capital financing.
Fasilitas pinjaman tersebut dijamin dengan piutang dan The loan facilities are collateralized with trade
persediaan milik Entitas yang diikat Fidusia Notariil receivables and inventory owned by the Entity which is
sebesar USD 2.750 (lihat Catatan 6 dan 8). bound by Notary Fiduciary amounting to
USD 2,750 (see Notes 6 and 8).
Fasilitas ini dibebani bunga tahunan sebesar 4 – 5,75% This facility bears annual interest of 4 – 5.75% per
per tahun untuk mata uang USD dan 7,5% untuk mata annum for USD and 7.5% for IDR.
uang IDR.
16. UTANG USAHA 16. TRADE PAYABLES
Akun ini terdiri dari: This account consists of:
a. Berdasarkan pemasok a. Suppliers
2025 2024
Pihak ketiga Third parties
Pemasok luar negeri 211.612 271.308 Foreign suppliers
Pemasok dalam negeri 94.762 65.684 Local suppliers
Sub-jumlah 306.374 336.992 Sub-total
Pihak berelasi Related parties
PT Sarana Surya Sakti 672 676 PT Sarana Surya Sakti
PT Sarana Steel PT Sarana Steel
Corporation 33 449 Corporation
Sub-jumlah 705 1.125 Sub-total
Jumlah 307.079 338.117 Total
b. Berdasarkan umur b. By age
2025 2024
Pihak ketiga: Third parties:
Belum jatuh tempo 221.272 329.177 Not yet due
Telah jatuh tempo: Past due :
1 - 30 hari 76.225 7.419 1 - 30 days
31 - 60 hari 8.877 248 31 - 60 days
61 - 90 hari - - 61 - 90 days
Di atas 90 hari - 148 Over 90 days
Sub-jumlah 306.374 336.992 Sub-total
72
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
16. UTANG USAHA - Lanjutan 16. TRADE PAYABLES - Continued
b. Berdasarkan umur – Lanjutan b. By age – Continued
2025 2024
Pihak berelasi (lihat Catatan 33) Related parties (see Note 33)
Belum jatuh tempo 210 693 Not yet due
Telah jatuh tempo: Past due :
1 - 30 hari 495 - 1 - 30 days
31 - 60 hari - 432 31 - 60 days
61 - 90 hari - - 61 - 90 days
Di atas 90 hari - - Over 90 days
Sub-jumlah 705 1.125 Sub-total
Jumlah 307.079 338.117 Total
c. Berdasarkan mata uang c. By currencies
2025 2024
Pihak ketiga Third parties
Pemasok luar negeri: Foreign suppliers:
Dolar Amerika Serikat (Catatan 36) 47.535 269.301 United States Dollars (Note 36)
Lain-lain 189.437 2.007 Others
Sub-jumlah 236.972 271.308 Sub-total
Pemasok dalam negeri: Local suppliers:
Rupiah 69.357 65.682 Indonesian Rupiah
Dolar Amerika Serikat (Catatan 36) 45 2 United States Dollars (Note 36)
Sub-jumlah 69.402 65.684 Sub-total
Pihak berelasi (lihat Catatan 33) Related parties (see Note 33)
Rupiah 705 1.125 Indonesian Rupiah
Jumlah 307.079 338.117 Total
Tidak terdapat jaminan yang diberikan sehubungan There is no collateral provided with regards to trade
dengan utang usaha tersebut. payables.
17. BIAYA MASIH HARUS DIBAYAR 17. ACCRUED EXPENSES
Akun ini terdiri dari: This account consists of:
2025 2024
Bunga obligasi dan sukuk 31.334 30.173 Bond and sukuk interest
Utilitas 3.035 4.077 Utility
Ongkos angkut 2.092 7.348 Freight costs
Jumlah 36.461 41.598 Total
73
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
18. UANG MUKA PELANGGAN 18. ADVANCES FROM CUSTOMERS
Akun ini merupakan uang muka pelanggan atas This account represents sales advances from customers
penjualan barang pada tanggal 31 Desember 2025 dan for sales of goods as of December 31, 2025 and 2024,
2024, masing-masing sebesar Rp 8.597 dan Rp 58.618. amounting to Rp 8,597 and Rp 58,618, respectively.
19. LIABILITAS JANGKA PENDEK LAINNYA 19. OTHER CURRENT LIABILITIES
Akun ini terdiri dari: This account consists of:
2025 2024
Uang jaminan pelanggan 44.154 19.399 Customer deposits
Utang lain-lain 542 543 Other payables
Jumlah 44.696 19.942 Total
Utang lain-lain merupakan transaksi kurang bayar atas Other payables represent underpayment transactions for
pembelian properti Samarinda. Saldo yang belum the purchase of Samarinda property. The unpaid balance
dibayarkan tersebut merupakan retensi 5% dari total represents the retention of 5% of the total contract to the
kontrak kepada kontraktor pembangunan Depo Samarinda Depot construction contractor.
Samarinda.
20. UTANG JANGKA PANJANG 20. LONG-TERM LIABILITIES
Liabilitas Sewa Lease Liabilities
Pembayaran sewa minimal berdasarkan perjanjian sewa The future minimum lease payments based on finance
pembiayaan pada tanggal 31 Desember 2025 dan 2024 lease agreements as of December 31, 2025 and 2024 are
adalah sebagai berikut: as follows:
2025 2024
PT Bumiputera - BOT Finance 2.687 6.405 PT Bumiputera - BOT Finance
PT BCA Finance 367 1.355 PT BCA Finance
Mitsubishi UFJ Lease & Mitsubishi UFJ Lease &
Finance Indonesia - 13.442 Finance Indonesia
Nilai kini pembayaran Present value of minimum
sewa minimal 3.054 21.202 lease payments
Bagian yang jatuh tempo
dalam satu tahun (3.054) (17.791) Current portion
Bagian Jangka Panjang - 3.411 Long - term Portion
Pembayaran yang jatuh tempo
pada tahun: Payments due in:
2025 - 19.401 2025
2026 3.171 3.183 2026
Jumlah pembayaran Total minimum
sewa minimal 3.171 22.584 lease payments
Dikurangi beban keuangan
masa depan (117) (1.382) Less future finance charges
Nilai kini pembayaran sewa Present value of minimum
minimal 3.054 21.202 lease payments
Bagian yang jatuh tempo
dalam satu tahun (3.054) (17.791) Current portion
Bagian Jangka Panjang - 3.411 Long - term Portion
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
20. UTANG JANGKA PANJANG - Lanjutan 20. LONG-TERM LIABILITIES - Continued
Liabilitas Sewa – Lanjutan Lease Liabilities – Continued
Beban bunga yang timbul atas liabilitas sewa sebesar The interest expense incurred on the lease liability is
Rp 1.267 dan Rp 3.380 untuk tahun yang berakhir Rp 1,267 and Rp 3,380 for the year ended December 31,
31 Desember 2025 dan 2024 (lihat Catatan 33). 2025 and 2024 (see Note 33).
Mitsubishi UFJ Lease & Finance Indonesia Mitsubishi UFJ Lease & Finance Indonesia
Pada tanggal 8 Maret 2021, Entitas memperoleh fasilitas On March 8, 2021, the Entity obtained a sale and
jual dan sewa balik dari PT Mitsubishi UFJ Lease & leaseback facility from PT Mitsubishi UFJ Lease &
Finance Indonesia atas peralatan dan mesin dengan nilai Finance Indonesia for equipment and machinery with a
pembiayaan sebesar Rp 26.593 dengan jangka waktu 48 financing value of Rp 26,593 with a period of 48 months
bulan (4 tahun). Tingkat suku bunga yang berlaku adalah (4 years). The prevailing interest rate is 10.50%.
10,50%.
Pada tanggal 28 September 2022, Entitas memperoleh On September 28, 2022, the Entity obtained a sale and
kembali fasilitas jual dan sewa balik dari PT Mitsubishi leaseback facility from PT Mitsubishi UFJ Lease &
UFJ Lease & Finance Indonesia atas peralatan dan mesin Finance Indonesia for equipment and machinery with a
dengan nilai pembiayaan sebesar Rp 25.908 dengan financing value of Rp 25,908 with a period of 36 months
jangka waktu 36 bulan (3 tahun). Tingkat suku bunga (3 years). The prevailing interest rate is 9.80%.
yang berlaku adalah 9,80%.
PT BCA Finance PT BCA Finance
Entitas memperoleh fasilitas dari PT BCA Finance The Entity obtained facility from PT BCA Finance
dengan sebesar Rp 4.387 dengan jangka 4 tahun. amounting to Rp 4,387 with a term of 4 years.
Pinjaman ini dibebani bunga antara 4,99 % - 6,00% The above loan bears interest at the annual rate between
per tahun. of 4.99% - 6.00% per annum.
PT Bumiputera-BOT Finance PT Bumiputera-BOT Finance
Pada tanggal 18 Mei 2022, Entitas memperoleh fasilitas As of May 18, 2022, the Entity obtained a financing
pembiayaan dari PT Bumiputera-Bot Finance sebesar facility from PT Bumiputera-Bot Finance amounting to
Rp 13.797 dengan jangka waktu 4 tahun. Pinjaman ini Rp 13,797 with a term of 4 years. The above loan bears
dibebani bunga sebesar 9,75% per tahun. interest at 9.75% per annum.
Selisih antara harga jual dan nilai buku aset yang dijual The difference between selling price and net book value
diakui dan dicatat sebagai keuntungan ditangguhkan atas was recorded as deferred gain on sale and leaseback and
transaksi sewa dan jual balik dan diamortisasi selama amortized proportionately over the lease period. The
periode sewa. Pada tanggal 31 Desember 2025 dan 2024 balance of deferred gain (loss) on sale and leaseback-net
besarnya keuntungan (kerugian) ditangguhkan atas as of December 31, 2025 and 2024 amounting to
transaksi jual dan sewa balik masing-masing adalah Rp nil and (Rp 3,853), respectively.
sebesar Rp nihil dan (Rp 3.853).
75
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
21. UTANG OBLIGASI 21. BONDS PAYABLE
2025 2024
Obligasi Dengan Bunga Bond With Fixed
Tetap Tahap 1.2 Interest Rate Phase 1.2
Seri B - 135.000 B Series
Jumlah - 135.000 Total
Obligasi Dengan Bunga Bond With Fixed
Tetap Tahap 2.1 Interest Rate Phase 2.1
Seri B 211.300 211.300 B Series
Seri C 800 800 C Series
Jumlah 212.100 212.100 Total
Obligasi Dengan Bunga Bond With Fixed
Tetap Tahap 2.3 Interest Rate Phase 2.3
Seri A 71.465 - A Series
Seri B 27.665 - B Series
Seri C 40.520 - C Series
Jumlah 139.650 - Total
Obligasi SLB Dengan Bunga Bond SLB With Fixed
Tetap Tahap 1 Interest Rate Phase 1
Seri A 33.780 33.780 A Series
Seri B 766.220 766.220 B Series
Seri C 200.000 200.000 C Series
Jumlah 1.000.000 1.000.000 Total
Dikurangi bagian yang jatuh
tempo dalam satu tahun (282.765) (135.000) Less current maturities
Bagian jangka panjang 1.068.985 1.212.100 Non-current
Pada tanggal 26 November 2021, Entitas telah On November 26, 2021, the Entity obtained an effective
memperoleh pernyataan efektif dari Ketua Otoritas Jasa notice from the Chairman of Financial Services
Keuangan untuk melakukan Penawaran Umum Authority to offer Sustainable Public Offering of
Berkelanjutan Obligasi Berkelanjutan I SPINDO Tahap Sustainable Bonds I SPINDO Phase I 2021 amounting
I Tahun 2021 sebesar Rp 150.000 dengan tingkat bunga Rp 150,000 with Fixed Interest Rate consisting of
tetap yang terdiri dari 2 seri, yaitu seri A yang jatuh 2 series, series A due on December 9, 2022 (367 calender
tempo pada 9 Desember 2022 (367 hari kalender) dengan days) with an interest rate of 8.175% per annum and
tingkat bunga 8,175% per tahun dan seri B yang jatuh series B due on December 02, 2024 (3 years) with an
tempo pada 02 Desember 2024 (3 tahun) dengan tingkat interest rate of 9.5% per annum.
bunga 9,5% per tahun.
Bunga Obligasi Tahap I dibayarkan setiap triwulan, Bond interest Phase I is paid quarterly, where the first
dimana bunga Obligasi pertama akan dibayarkan pada Bond interest will be paid on March 02, 2022, while the
tanggal 02 Maret 2022, sedangkan bunga Obligasi last Bond interest as well as Bond redemption will be
terakhir sekaligus pelunasan Obligasi akan dibayarkan paid on December 09, 2022 for Series A Bonds and
pada tanggal 09 Desember 2022 untuk Obligasi Seri A December 02, 2024 for Series B Bonds. Bond series will
dan tanggal 02 Desember 2024 untuk Obligasi Seri B. be made in full (bullet payment) at maturity.
Pelunasan masing-masing seri Obligasi akan dilakukan
secara penuh (bullet payment) pada saat jatuh tempo.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
21. UTANG OBLIGASI – Lanjutan 21. BONDS PAYABLE – Continued
Pada tahun 2021, PT Pemeringkat Efek Indonesia In 2021, PT Pemeringkat Efek Indonesia (Pefindo),
(Pefindo), agen pemeringkat efek di Indonesia, rating agencies securities in Indonesia, provides rank
memberikan peringkat idA- (Single A Minus) atas idA- (Single A Minus) on the bonds.
obligasi tersebut.
Pada tanggal 28 Juli 2022, Entitas menerbitkan Obligasi On July 28, 2022, the Entity issued Bond namely
dengan nama Obligasi Berkelanjutan I Spindo Tahap II Sustainable Bond I Spindo Phase II Year 2022
Tahun 2022 sebesar Rp 150.000 dengan tingkat bunga amounting to Rp 150,000 with a fixed interest rate
tetap yang terdiri dari 2 seri, yaitu seri A yang jatuh consisting of 2 series, namely series A due on August 3,
tempo pada 03 Agustus 2023 (367 hari kalender) dengan 2023 (367 calendar days) with interest rate 7.5% per
tingkat bunga 7,5% per tahun dan seri B yang jatuh annum and series B due on July 27, 2025 (3 years) with
tempo pada 27 Juli 2025 (3 tahun) dengan tingkat bunga an interest rate of 9.50% per annum.
9,50% per tahun.
Pada 9 Desember 2022 telah dilakukan pembayaran On December 9, 2022, on the principal the Phase I Bond
pokok utang Obligasi Tahap I Seri A sebesar Rp 101.000. Series A payment was made in the amount of Rp 101,000.
Dan Pada 2 Desember 2024 telah dilakukan pembayaran And On December 2, 2024 on the principal the Pahse I
utang Obligasi Tahap I Seri B sebesar Rp 49.000. Bond Series B payment was made in the amount of Rp
49,000.
Pada 2 Agustus 2023 telah dilakukan pembayaran pokok On August 2, 2023, the principal payment for Bonds I
utang Obligasi I Tahap II Seri A sebesar Rp 15.000. Phase II Series A amounting to Rp 15,000 was made.
Pada 27 Juli 2025 telah dilakukan pembayaran pokok On July 27, 2025, the principal payment for Bonds I
utang Obligasi I Tahap II Seri B sebesar Rp 135.000. Phase II Series B amounting to Rp 135,000 was made.
Pada tanggal 15 November 2022, PT Pemeringkat Efek On November 15, 2022, PT Pemeringkat Efek Indonesia
Indonesia (Pefindo) memberikan peringkat idA- (Single (Pefindo) assigned an idA- (Single A Minus) rating for
A Minus) untuk Obligasi Berkelanjutan II Spindo Tahun Sustainable Bond II Spindo Year 2023.
2023.
Pada 29 Maret 2023, Entitas memperoleh pernyataan pra On March 29, 2023, the Entity obtained an pre effective
efektif dari Otoritas Jasa Keuangan (OJK) dengan statement from the Financial Services Authority (OJK)
suratnya No. S-82/D.04/2023 untuk melakukan with its letter No. S-82/D.04/2023 to conduct a Public
Penawaran Umum Berkelanjutan Obligasi Berkelanjutan Offering of Sustainable Bonds SPINDO Phase I Year
II SPINDO Tahap I Tahun 2023 dengan jumlah pokok 2023 with a maximum principal amount of Rp 250,000,
sebesar Rp 250.000, yang diterbitkan dalam beberapa which was issued in series as follows:
seri sebagai berikut:
Obligasi II Tahap I: Bond II Phase I:
Tingkat bunga
tetap tahunan/
Nilai nominal/ Annual fixed Jatuh tempo/ Status/
Nominal amount interest rate Maturity Status
Seri Series
Seri A Rp 37.900 7,75% 11 April/April 2024 Lunas/Paid off Series A
Seri B Rp 211.300 9,50% 04 April/April 2026 Belum lunas/Outstanding Series B
Seri C Rp 800 10,00% 04 April/April 2028 Belum lunas/Outstanding Series C
Rp 250.000
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
21. UTANG OBLIGASI – Lanjutan 21. BONDS PAYABLE – Continued
PT Pemeringkat Efek Indonesia (Pefindo), agen PT Pemeringkat Efek Indonesia (Pefindo), rating
pemeringkat efek di Indonesia, memberikan peringkat agencies securities in Indonesia, provides rank idA-
idA- (Single A Minus) untuk obligasi dan idA-(sy) (Single (Single A Minus) for bonds and idA-(sy) (Single A Minus
A Minus Syariah) untuk sukuk ijarah. Syariah) for sukuk ijarah.
Seluruh dana yang yang diperoleh dari hasil Penawaran All funds obtained from the Bonds Public Offering after
Umum Obligasi setelah dikurangi dengan biaya-biaya deducting the related issuance costs, will be used for the
emisi terkait, seluruhnya akan digunakan untuk payment of a portion of the Entity loan in Rupiah with
pembayaran sebagian pinjaman Entitas dalam mata uang the following details:
Rupiah dengan rincian sebagai berikut:
1. Sebesar-besarnya Rp 130.000 akan digunakan untuk 1. A maximum of Rp 130,000 will be used to pay part of
membayar sebagian utang Entitas kepada PT Bank the Entity debt to PT Bank ICBC Indonesia.
ICBC Indonesia.
2. Sebesar-besarnya Rp 70.000 akan digunakan untuk 2. A maximum of Rp 70,000 will be used to pay part of
membayar sebagian utang Entitas kepada PT Bank the Entity debt to PT Bank Danamon Indonesia, Tbk.
Danamon Indonesia, Tbk.
3. Sebesar-besarnya Rp 50.000 akan digunakan untuk 3. A maximum of Rp 50,000 will be used to pay part of
membayar sebagian utang Entitas kepada PT Bank the Entity debt to PT Bank Central Asia, Tbk.
Central Asia, Tbk.
Seluruh dana yang diperoleh dari hasil Penawaran All funds obtained from the Public Offering of Sukuk
Umum Sukuk Ijarah setelah dikurangi dengan biaya- Ijarah after deducting the related issuance costs, will be
biaya emisi terkait, seluruhnya akan digunakan untuk used entirely for the Entity's working capital, namely the
modal kerja Entitas yaitu pembelian bahan baku sesuai purchase of raw materials according to the needs of the
dengan kebutuhan Entitas yaitu bahan hot-rolled carbon Entity, namely hot-rolled carbon steel coils (HRC) and
steel coils (HRC) dan cold-rolled carbon steel coils cold-rolled carbon steel coils (CRC).
(CRC).
Pada tanggal 04 April 2023, Seluruh dana tersebut sudah On April 04, 2023, all of these funds have been received
diterima oleh Entitas . by the Entity.
Pada tanggal 04 Agustus 2023, Entitas menerbitkan On August 04, 2023, the Entity issued Bond namely
Obligasi dengan nama Obligasi Berkelanjutan II Spindo Sustainable Bond II Spindo Phase II Year 2023
Tahap II Tahun 2023 sebesar Rp 110.350 dengan tingkat amounting to Rp 110,350 with a fixed interest rate
bunga tetap yang terdiri dari 1 seri, yaitu seri A yang consisting of 1 series, namely series A due on August 15,
jatuh tempo pada 15 Agustus 2024 (367 hari kalender) 2024 (367 calendar days) with interest rate 7.0% per
dengan tingkat bunga 7,0% per tahun. annum.
Pada 5 April 2024 telah dilakukan pembayaran pokok On April 5, 2024, the principal payment for Bonds II
utang Obligasi II Tahap I Seri A sebesar Rp 37.900. Phase I Series A amounting to Rp 37,900 was made.
Pada 14 Agustus 2024 telah dilakukan pembayaran On August 14, 2024, the principal payment for Bonds II
pokok utang Obligasi II Tahap II Seri A sebesar Phase II Series A amounting to Rp 110,350 was made.
Rp 110.350.
Pada 22 Maret 2024, PT Pemeringkat Efek Indonesia On March 22, 2024, PT Pemeringkat Efek Indonesia
(Pefindo) memberikan peringkat idAAA(cg) (Triple A; (Pefindo) gave a rating of idAAA(cg) (Triple A;
Corporate Guarantee) untuk Obligasi Terkait Corporate Guarantee) for the Sustainable Related Bonds
Berkelanjutan I Tahun 2024 berdasarkan surat keputusan I Year 2024 based on decision letter No RC-325/PEF-
No RC-325/PEF-DIR/III/2024. DIR/III/2024.
Pada 28 Juni 2024, Entitas memperoleh pernyataan On June 28, 2024, the Entity obtained an effective
efektif dari Otoritas Jasa Keuangan (OJK) dengan statement from the Financial Services Authority (OJK)
suratnya No. S-95/D.04/2024 untuk melakukan with its letter No. S-95/D.04/2024 to conduct a Public
Penawaran Umum Berkelanjutan Obligasi Berkelanjutan Offering of Sustainable Bonds SPINDO I Year 2024 with
I SPINDO Tahun 2024 dengan jumlah pokok sebesar a maximum principal amount of Rp 1,000,000, which
Rp 1.000.000, yang diterbitkan dalam beberapa seri was issued in series as follows:
sebagai berikut:
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
21. UTANG OBLIGASI – Lanjutan 21. BONDS PAYABLE – Continued
Obligasi Terkait Berkelanjutan I 2024: Sustainable Related Bond I, 2024:
Tingkat bunga
tetap tahunan/
Nilai nominal/ Annual fixed Jatuh tempo/ Status/
Nominal amount interest rate Maturity Status
Seri Series
Seri A Rp 33.780 7,00% 3 Tahun/ 3 Years Belum lunas/Outstanding Series A
Seri B Rp 766.220 7,35% 5 Tahun/ 5 Years Belum lunas/Outstanding Series B
Seri C Rp 200.000 7,35% 7 Tahun/ 7 Years Belum lunas/Outstanding Series C
Rp 1.000.000
Seluruh dana yang yang diperoleh dari hasil Penawaran All funds obtained from the Bonds Public Offering after
Umum Obligasi setelah dikurangi dengan biaya-biaya deducting the related issuance costs, will be used for the
emisi terkait, seluruhnya akan digunakan untuk payment of a portion of the Entity loan in Rupiah with
pembayaran sebagian pinjaman Entitas dalam mata uang the following details:
Rupiah dengan rincian sebagai berikut:
1. Sekitar Rp 93.000 untuk pembangunan bangunan 1. Approximately IDR 93,000 for the construction of a
Gudang unit 7 diatas bidang tanah dengan Hak warehouse building for unit 7 on a plot of land with
Guna Bangunan milik Perseroan di Gresik, Jawa building use rights belonging to the Company in
Timur (Tahap A), dan pembangunan Infrastruktur Gresik, East Java (Phase A), and construction of
dan Sarana penunjang unit 7 berupa Pembangunan infrastructure and supporting facilities for unit 7 in
Gedung Kantor Sementara, Gudang Tambahan, the form of construction of a temporary office
Gedung Infrastruktur dan Gedung Lainnya sesuai building, additional warehouse, infrastructure
dengan kebutuhan (Tahap B) dimana pembangunan building and Other Buildings according to needs
keduanya berada di lokasi yang sama; (Phase B) where both developments are in the same
location;
2. Sekitar Rp 107.000 untuk belanja modal 2. Approximately IDR 107,000 for capital expenditure
pemeliharaan seluruh unit produksi Perseroan yang for maintenance of all of the Company's existing
telah ada yaitu Unit 1,2,3,4,5 dan 6 berupa production units, namely Units 1, 2, 3, 4, 5 and 6 in
Pemeliharaan Berkala dengan jadwal pemeliharaan the form of Periodic Maintenance with a monthly
secara bulanan, Perbaikan Langsung, Pemeliharaan maintenance schedule, Direct Repairs, Predictive
Prediktif, dan Perbaikan Peningkatan Mutu Mesin; Maintenance and Machine Quality Improvement
Repairs;
3. Sekitar Rp 600.000 untuk pelunasan seluruh pokok 3. Approximately IDR 600,000 for repayment of the
terutang obligasi dan/atau sukuk dan pelunasan entire outstanding principal of bonds and/or sukuk
Sebagian terutang fasilitas modal kerja and partial repayment of outstanding working
capital facilities
4. Sisanya akan digunakan untuk modal kerja jangka 4. The remainder will be used for existing long-term
Panjang yang telah ada yaitu pembelian bahan baku working capital, namely purchasing raw materials
sesuai dengan kebutuhan Perseroan yaitu bahan according to the Company's needs, namely
hotrolled carbon steel coils (HRC) dan cold-rolled hotrolled carbon steel coils (HRC) and cold-rolled
carbon steel coils (CRC) carbon steel coils (CRC)
Pada tanggal 09 Juli 2024, Seluruh dana tersebut sudah On July 09, 2024 all of these funds have been received
diterima oleh Entitas. by the Entity.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
21. UTANG OBLIGASI – Lanjutan 21. BONDS PAYABLE – Continued
Pada tanggal 21 April 2025, Entitas menerbitkan On April 21, 2025, the Entity issued Bond namely
Obligasi dengan nama Obligasi Berkelanjutan II Spindo Sustainable Bond II Spindo Phase III Year 2025 which
Tahap III Tahun 2025 dalam beberapa seri sbb: was issued in series as follows:
Tingkat bunga
tetap tahunan/
Nilai nominal/ Annual fixed Jatuh tempo/ Status/
Nominal amount interest rate Maturity Status
Seri Series
Seri A Rp 71.465 7,25% 1 Tahun/ 1 Years Belum lunas/Outstanding Series A
Seri B Rp 27.665 7,75% 3 Tahun/ 3 Years Belum lunas/Outstanding Series B
Seri C Rp 40.520 8,00% 5 Tahun/ 5 Years Belum lunas/Outstanding Series C
Rp 139.650
Pada tanggal 24 April 2025, Seluruh dana tersebut sudah On April 24, 2025 all of these funds have been received
diterima oleh Entitas. by the Entity.
22. UTANG SUKUK IJARAH 22. SUKUK IJARAH PAYABLE
2025 2024
Nilai nominal - Tahap 1.2 Nominal value - Phase 1.2
Seri B - 50.000 B Series
Jumlah - 50.000 Total
Nilai nominal - Tahap 2.1 Nominal value - Phase 2.1
Seri B 141.100 141.100 B Series
Seri C 10.900 10.900 C Series
Jumlah 152.000 152.000 Total
Nilai nominal - Tahap 2.3 Nominal value - Phase 2.3
Seri A 76.685 - A Series
Seri B 155 - B Series
Seri C 76.010 - C Series
Jumlah 152.850 - Total
Dikurangi bagian yang jatuh
tempo dalam satu tahun (217.785) (50.000) Less current maturities
Bagian jangka panjang 87.065 152.000 Non-current
Entitas melakukan Penawaran Umum Berkelanjutan The Entity offer Sustainable Public Offering of
Sukuk Ijarah Berkelanjutan I SPINDO Tahap I Tahun Sustainable Sukuk Ijarah I SPINDO Phase I 2021
2021 sebesar Rp 150.000 yang terdiri dari 2 seri, yaitu amounting Rp 150,000 consisting 2 series, series A due
seri A yang jatuh tempo pada 09 Desember 2022 (367 on December 09, 2022 (367 calender days) with
hari kalender) dengan Cicilan Imbalan Ijarah sebesar Rp Installment Ijarah amounting Rp 8,093,250,000 (full
8.093.250.000 (dalam rupiah penuh) per tahun dan seri B amount) per annum and series B due on
yang jatuh tempo pada 02 Desember 2024 (3 tahun) December 02, 2024 (3 years) with Installment Ijarah
dengan Cicilan Imbalan Ijarah sebesar Rp 4.845.000.000 amounting Rp 4,845,000,000 (full amount) per annum.
(dalam rupiah penuh) per tahun.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
22. UTANG SUKUK IJARAH – Lanjutan 22. SUKUK IJARAH PAYABLE – Continued
Sukuk Ijarah ini diterbitkan tanpa warkat, kecuali This Sukuk Ijarah is issued scripless, except for the
Sertifikat Jumbo Sukuk Ijarah yang diterbitkan untuk Jumbo Sukuk Ijarah Certificate issued to be registered in
didaftarkan atas nama KSEI ditawarkan dengan nilai the name of KSEI which is offered at 100% of the
100% dari nilai nominal dan tercatat di Bursa Efek nominal value and listed on the Indonesia Stock
Indonesia. Exchange.
Cicilan Imbalan Ijarah dibayarkan setiap triwulan, Installment Ijarah is paid quarterly, where the first
dimana Cicilan Imbalan Ijarah pertama akan dibayarkan Installment Ijarah will be paid on March 02, 2022, while
pada tanggal 02 Maret 2022, sedangkan Cicilan Imbalan the last Installment Ijarah as well as the remaining
Ijarah terakhir sekaligus tanggal pembayaran kembali Installment Ijarah repayment date will be paid on
sisa Imbalan Ijarah akan dibayarkan pada tanggal December 09, 2022 for Series A Sukuk Ijarah and
09 Desember 2022 untuk Sukuk Ijarah seri A dan tanggal December 02, 2024 for Sukuk Ijarah series B. Repayment
02 Desember 2024 untuk Sukuk Ijarah seri B. of the remaining Ijarah Returns for each series of Sukuk
Pembayaran kembali sisa Imbalan Ijarah masing-masing Ijarah will be made in full (bullet payment) at maturity.
seri Sukuk Ijarah akan dilakukan secara penuh (bullet
payment) pada saat jatuh tempo.
Pada tahun 2021, PT Pemeringkat Efek Indonesia In 2021, PT Pemeringkat Efek Indonesia (Pefindo),
(Pefindo), agen pemeringkat efek di Indonesia, rating agencies securities in Indonesia, provides rank id
memberikan peringkat id A-(sy) (Single A Minus A-(sy) (Single A Minus Syariah) on the Sukuk Ijarah.
Syariah) atas Sukuk Ijarah tersebut.
Pada tanggal 28 Juli 2022, Entitas menerbitkan Sukuk On July 28, 2022, the Entity issued Sukuk Ijarah namely
Ijarah dengan nama Sukuk Ijarah Berkelanjutan I Spindo Sustainable Sukuk Ijarah I Spindo Phase II Year 2022
Tahap II Tahun 2022 sebesar Rp 150.000 yang terdiri amounting to Rp 150,000 consisting 2 series, series A
dari 2 seri, yaitu seri A yang jatuh tempo pada due on August 03, 2023 (367 calender days) with
03 Agustus 2023 (367 hari kalender) dengan Cicilan Installment Ijarah amounting Rp 7,500,000,000 (full
Imbalan Ijarah sebesar Rp 7.500.000.000 (dalam rupiah amount) per annum and series B due on July 27, 2025
penuh) per tahun dan seri B yang jatuh tempo pada (3 years) with Installment Ijarah amounting
27 Juli 2025 (3 tahun) dengan Cicilan Imbalan Ijarah Rp 4,750,000,000 (full amount) per annum.
sebesar Rp 4.750.000.000 (dalam rupiah penuh) per
tahun.
Pada tanggal 15 November 2022, PT Pemeringkat Efek On November 15, 2022, PT Pemeringkat Efek Indonesia
Indonesia (Pefindo) memberikan peringkat idA-(sy) (Pefindo) assigned an idA-(sy) (Single A Minus Syariah)
(Single A Minus Syariah) untuk Sukuk Ijarah rating for Sustainable Sukuk Ijarah II Spindo Year 2023.
Berkelanjutan II Spindo Tahun 2023.
Pada 9 Desember 2022 telah dilakukan pembayaran On December 9, 2022, the Phase I Series A Installment
Imbalan Ijarah Tahap I Seri A sebesar Rp 99.000. Dan Ijarah payment was made in the amount of Rp 99,000.
Pada 2 Desember 2024 telah dilakukan pembayaran And on December 2, 2024 the Pahse I Series B
Imbalan Ijarah I Tahap I Seri B sebesar Rp 51.000. installment Ijarah Payment was made in the amount of
Rp 51,000.
Pada 27 Juli 2025 telah dilakukan pembayaran Imbalan On July 27, 2025 the Pahse II Series B installment Ijarah
Ijarah I Tahap II Seri B sebesar Rp 50.000. Payment was made in the amount of Rp 50,000.
Pada 29 Maret 2023, Entitas memperoleh pernyataan pra On March 29, 2023, the Entity obtained an pre effective
efektif dari Otoritas Jasa Keuangan (OJK) dengan statement from the Financial Services Authority (OJK)
suratnya No. S-82/D.04/2023 untuk melakukan with its letter No. S-82/D.04/2023 to conduct a Public
Penawaran Umum Berkelanjutan Sukuk Ijarah Offering of Sustainable Sukuk Ijarah II SPINDO Phase I
Berkelanjutan II SPINDO Tahap I Tahun 2023 dengan Year 2023 with a maximum principal amount and
jumlah pokok dan sisa imbalan Ijarah sebesar remaining Ijarah of Rp 155,000, which was issued in
Rp 155.000, yang diterbitkan dalam beberapa seri series as follows:
sebagai berikut:
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
22. UTANG SUKUK IJARAH – Lanjutan 22. SUKUK IJARAH PAYABLE – Continued
Sukuk Ijarah II Tahap I: Sukuk Ijarah II Phase I:
Imbalan tetap
Ijarah tahunan/
Nilai nominal/ Annual fixed Jatuh tempo/ Status/
Nominal amount Ijarah return Maturity Status
Seri Series
Seri A Rp 3.000 Rp 233 11 April/April 2024 Lunas/Paid off Series A
Seri B Rp 141.100 Rp 13.405 04 April/April 2026 Belum lunas/Outstanding Series B
Seri C Rp 10.900 Rp 1.090 04 April/April 2028 Belum lunas/Outstanding Series C
Rp 155.000
PT Pemeringkat Efek Indonesia (Pefindo), agen PT Pemeringkat Efek Indonesia (Pefindo), rating
pemeringkat efek di Indonesia, memberikan peringkat agencies securities in Indonesia, provides rank idA-
idA- (Single A Minus) untuk obligasi dan idA-(sy) (Single (Single A Minus) for bonds and idA-(sy) (Single A Minus
A Minus Syariah) untuk sukuk ijarah. Syariah) for sukuk ijarah.
Seluruh dana yang diperoleh dari hasil Penawaran All funds obtained from the Public Offering of Sukuk
Umum Sukuk Ijarah setelah dikurangi dengan biaya- Ijarah after deducting the related issuance costs, will be
biaya emisi terkait, seluruhnya akan digunakan untuk used entirely for the Entity working capital, namely the
modal kerja Entitas yaitu pembelian bahan baku sesuai purchase of raw materials according to the needs of the
dengan kebutuhan Entitas yaitu bahan hot-rolled carbon Entity, namely hot-rolled carbon steel coils (HRC) and
steel coils (HRC) dan cold-rolled carbon steel coils cold-rolled carbon steel coils (CRC).
(CRC).
Pada tanggal 04 April 2023, seluruh dana tersebut sudah On April 04, 2023, all of these funds have been received
diterima oleh Entitas . by the Entity.
Pada tanggal 08 Agutus 2023, Entitas menerbitkan On August 08, 2023, the Entity issued Sukuk Ijarah
Sukuk Ijarah dengan nama Sukuk Ijarah Berkelanjutan II namely Sustainable Sukuk Ijarah II Spindo Phase II Year
Spindo Tahap II Tahun 2022 sebesar Rp 59.650 yang 2022 amounting to Rp 59,650 consisting 1 series, series
terdiri dari 1 seri, yaitu seri A yang jatuh tempo pada A due on August 15, 2024 (367 calender days) with
15 Agustus 2024 (367 hari kalender) dengan Cicilan Installment Ijarah amounting Rp 4,175,500,000 (full
Imbalan Ijarah sebesar Rp 4.175.500.000 (dalam rupiah amount) per annum.
penuh) per tahun.
Pada 2 Agustus 2023 telah dilakukan pembayaran On August 2, 2023, Ijarah I Phase II Series A payment
Imbalan Ijarah Tahap II Seri A sebesar Rp 100.000. was made in the amount of Rp 100,000.
Pada 5 April 2024 telah dilakukan pembayaran Imbalan On April 5, 2024, Ijarah II Phase I Series A payment was
Ijarah II Tahap I Seri A sebesar Rp 3.000. Pada 14 made in the amount of Rp 3,000. On August 14, 2024,
Agustus 2024 telah dilakukan pembayaran Imbalan Ijarah II Phase II Series A payment was made in the
Ijarah II Tahap II Seri A sebesar Rp 59.650. amount of Rp 59,650.
Pada tanggal 21 April 2025, Entitas menerbitkan Sukuk On April 21, 2025, the Entity issued Sukuk namely
dengan nama Sukuk Berkelanjutan II Spindo Tahap III Sustainable Sukuk II Spindo Phase III Year 2025 which
Tahun 2025 dalam beberapa seri sbb : was issued in series as follows:
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
22. UTANG SUKUK IJARAH – Lanjutan 22. SUKUK IJARAH PAYABLE – Continued
Imbalan tetap
Ijarah tahunan/
Nilai nominal/ Annual fixed Jatuh tempo/ Status/
Nominal amount Ijarah return Maturity Status
Seri Series
Seri A Rp 76.685 Rp 5.560 1 Tahun/ 1 Years Lunas/Paid off Series A
Seri B Rp 155 Rp 12 3 Tahun/ 3 Years Belum lunas/Outstanding Series B
Seri C Rp 76.010 Rp 6.081 5 Tahun/ 5 Years Belum lunas/Outstanding Series C
Rp 152.850
Pada tanggal 24 April 2025, Seluruh dana tersebut sudah On April 24, 2025 all of these funds have been received
diterima oleh Entitas. by the Entity.
23. LIABILITAS DIESTIMASI ATAS IMBALAN 23. ESTIMATED LIABILITIES FOR EMPLOYEE
KERJA BENEFITS
Sampai dengan 31 Desember 2025, perhitungan imbalan As of December 31, 2025, the calculation of the Entity
pasca kerja Entitas telah mengikuti UU Cipta Kerja post-employment benefits has followed the Job Creation
untuk golongan manajemen sedangkan non-manajemen Act for the management Entity while non-management
masih menerapkan PKB dengan serikat pekerja sampai still applies the CLA with the union until the end of 2026.
dengan akhir tahun 2026. Untuk sebagian karyawan, For some of its employees, the defined benefit plan is
program ini didanai oleh Entitas melalui pembayaran funded through insurance premiums paid to PT Sun Life
premi asuransi kepada PT Sun Life Financial Indonesia Financial Indonesia and PT AXA Financial Indonesia.
dan PT AXA Financial Indonesia. Jumlah karyawan Number of employees entitled to the benefits is 875 and
yang berhak atas imbalan tersebut adalah 875 dan 872 872 as of December 31, 2025 and 2024.
pada tanggal 31 Desember 2025 dan 2024.
Saldo liabilitas diestimasi atas imbalan kerja The balance of estimated liabilities for employee benefits
pada 31 Desember 2025 dan 2024 dihitung oleh as of December 31, 2025 and 2024 is calculated by
PT Sienco Aktuarindo Utama, aktuaris independen PT Sienco Aktuarindo Utama, independent actuary
dengan nomor 036/LA-IK/KKAICS/II-2026 tanggal number 036/LA-IK/KKAICS/II-2026 dated February 3,
3 Februari 2026. Asumsi - asumsi aktuaria yang 2026. Actuarial assumptions used to determine post-
digunakan untuk menghitung beban dan liabilitas employment benefit expenses and liabilities are as
imbalan paska kerja adalah sebagai berikut: follows:
31 Desember 2025/
December 31, 2025
Usia pensiun 55 tahun/year Retirement age
Tingkat kenaikan gaji 5% per tahun/ per annum Salary increment rate
Tingkat diskonto 5,96% Discount rate
Table of Mortality of Indonesia
Tingkat mortalitas (TMI-IV) 2019 Mortality rate
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
23. LIABILITAS DIESTIMASI ATAS IMBALAN 23. ESTIMATED LIABILITIES FOR EMPLOYEE
KERJA – Lanjutan BENEFITS – Continued
a. Beban imbalan kerja yang diakui di laporan laba rugi a. Amounts recognized as expense in the consolidated
dan penghasilan komprehensif lain konsolidasian statement of profit or loss and other comprehensive
adalah sebagai berikut: income in respect of these employee benefits are as
follows:
2025 2024
Beban jasa kini 7.376 6.482 Current service cost
Beban bunga 5.975 5.218 Interest cost
Penyisihan kelebihan Provision for excess of
pembayaran manfaat 662 1.355 benefit paid
Beban jasa lalu (1.642) 3.784 Past service cost
Jumlah 12.371 16.839 Total
b. Liabilitas diestimasi atas imbalan kerja di laporan b. The estimated liabilities for employee benefits in the
posisi keuangan konsolidasian adalah sebagai consolidated statement of financial position are as
berikut: follows:
2025 2024
Nilai kini liabilitas Present value deferred
imbalan pasti 100.374 89.169 benefit obligation
Saldo polis asuransi jiwa Balance of the life insurance
(Unit Link) (1.016) (1.685) policy (Unit Link)
Nilai kini liabilitas imbalan pasti Present value of deferred benefit
setelah diperbandingkan 99.358 87.484 obligation after comparison
Jumlah Liabilitas 99.358 87.484 Total Liability
c. Analisis liabilitas diestimasi atas imbalan kerja c. Analysis of estimated liabilities for employee benefits
adalah sebagai berikut: is as follows:
2025 2024
Saldo awal tahun 87.484 86.759 Beginning of the year
Beban periode berjalan 14.013 13.055 Current period expenses
Beban jasa lalu (1.642) 3.784 Past service cost
Penghasilan komprehensif lain 7.292 (1.695) Other comprehensive income
Kontribusi pemberi kerja (50) (3.500) Employer contributions
Kelebihan pembayaran manfaat (662) (1.355) Excess of benefit paid
Pembayaran manfaat (7.077) (9.564) Benefits payment
Saldo akhir tahun 99.358 87.484 End of the year
84
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
23. LIABILITAS DIESTIMASI ATAS IMBALAN 23. ESTIMATED LIABILITIES FOR EMPLOYEE
KERJA – Lanjutan BENEFITS – Continued
c. Analisis liabilitas diestimasi atas imbalan kerja c. Analysis of estimated liabilities for employee
adalah sebagai berikut: – Lanjutan benefits is as follows: – Continued
Tabel berikut menyajikan sensitivitas atas The following table summarizes the sensitivity to a
kemungkinan perubahan tingkat suku bunga pasar, reasonably possible change in market interest rates,
dengan lain dianggap tetap, terhadap liabilitas with all other variables held constant, of the
diestimasi atas imbalan kerja dan beban jasa. estimated liabilities for employee benefits and
current service cost.
31 Desember 2025/ 31 Desember 2024/
December 31, 2025 December 31, 2024
Kenaikan/ Penurunan/ Kenaikan/ Penurunan/
Increase Decrease Increase Decrease
Tingkat diskonto 1% 94.160 107.317 83.691 95.270 Discount rate in 1%
Future salary increase
Tingkat kenaikan gaji 1% 107.336 94.030 95.769 83.157 rate in 1%
Manajemen Entitas berpendapat bahwa jumlah The management of the Entity believe that the
penyisihan atas imbalan kerja pada tanggal allowance for employee benefits as of
31 Desember 2025 dan 2024 tersebut adalah December 31, 2025 and 2024 is adequate to meet the
memadai untuk memenuhi ketentuan dalam PSAK requirements of PSAK No. 219 (Revised 2015).
No. 219 (Revisi 2015).
24. MODAL SAHAM DAN SAHAM TREASURI 24. CAPITAL STOCK AND TREASURY STOCK
Pemilikan saham Entitas pada tanggal 31 Desember The Entity shareholders as of December 31, 2025 and
2025 dan 2024 adalah sebagai berikut: 2024 are as follows:
31 Desember 2025/December 31, 2025
Persentase
Pemilikan/
Jumlah Saham/ Percentage of Jumlah/
Nama Pemegang Saham Number of Shares Ownership% Total Name of shareholders
PT Cakra Bhakti Para Putra 4.140.948.530 58,72% 414.095 PT Cakra Bhakti Para Putra
DBS Bank Ltd 488.410.800 6,93% 48.841 DBS Bank Ltd
Ahli Waris Alm The Tjahjono Ahli Waris Alm The Tjahjono
Tedjo Koesoemo 126.436.750 1,79% 12.644 Tedjo Koesoemo
Pandu Lokiswara Salam 23.053.705 0,33% 2.305 Pandu Lokiswara Salam
Masyarakat (masing -
masing di bawah 5%) 2.272.628.650 32,23% 227.263 Public (each below 5%)
Sub-jumlah 7.051.478.435 100,00% 705.148 Sub-total
Saham treasuri 134.513.600 13.451 Treasury shares
Jumlah 7.185.992.035 718.599 Total
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
24. MODAL SAHAM DAN SAHAM TREASURI – 24. CAPITAL STOCK AND TREASURY STOCK –
Lanjutan Continued
Pemilikan saham Entitas pada tanggal 31 Desember The Parent Entity shareholders as of December 31, 2025
2025 dan 2024 adalah sebagai berikut: and 2024 are as follows:
31 Desember 2024/December 31, 2024
Persentase
Pemilikan/
Jumlah Saham/ Percentage of Jumlah/
Nama Pemegang Saham Number of Shares Ownership% Total Name of shareholders
PT Cakra Bhakti Para Putra 4.020.063.930 56,90% 402.006 PT Cakra Bhakti Para Putra
DBS Bank Ltd 500.000.000 7,08% 50.000 DBS Bank Ltd
Ahli Waris Alm The Tjahjono Ahli Waris Alm The Tjahjono
Tedjo Koesoemo 126.436.750 1,79% 12.644 Tedjo Koesoemo
Pandu Lokiswara Salam 23.053.705 0,33% 2.305 Pandu Lokiswara Salam
Masyarakat (masing -
masing di bawah 5%) 2.395.786.350 33,90% 239.579 Public (each below 5%)
Sub-jumlah 7.065.340.735 100,00% 706.534 Sub-total
Saham treasuri 120.651.300 12.065 Treasury shares
Jumlah 7.185.992.035 718.599 Total
Entitas melakukan Penawaran Umum Perdana sebanyak The Entity conducted an Initial Public Offering of
2.900.000.000 saham yang telah dicatatkan di Bursa Efek 2,900,000,000 shares and had been listed in Indonesian
Indonesia pada tanggal 13 Februari 2013 Stock Exchange on February 13, 2013 (see Note 1b).
(lihat Catatan 1b).
Pada tahun 2015, berdasarkan Surat Entitas In 2015, according to the Entity letters,
No. 162/VIII/CS-ISSP/2015 tanggal 31 Agustus 2015 No. 162/VIII/CS-ISSP/2015 dated August 31, 2015 to
kepada OJK, Entitas melakukan permohonan pembelian OJK, the Entity made an application for the repurchase
kembali saham Entitas sesuai dengan ketentuan dan of the Entity shares in accordance with the regulation
peraturan yang berlaku di bidang pasar modal. Pembelian and legislation in force in capital market. The share buy
kembali saham Entitas dilaksanakan mulai tanggal back of shares starts from September 1, 2015 up to
1 September 2015 sampai dengan tanggal November 30, 2015 wih maximum shares of buy back
30 Nopember 2015 dengan jumlah saham yang akan amounting to Rp 50,000 with estimated cost
dibeli kembali sebanyak-banyaknya Rp 50.000 dengan approximately Rp 100 excluded VAT.
perkiraan biaya sekitar Rp 100 diluar PPN.
Sampai dengan tanggal 31 Desember 2019, Entitas telah Until December 31, 2019, the Entity had purchased
melakukan pembelian saham treasuri sebanyak amounting to 114,068,100 shares at an acquisition price
114.068.100 saham dengan harga perolehan sebesar of Rp 19,640, of March 2020, the Entity had purchase
Rp 19.640, pada bulan Maret 2020, Entitas kembali amounting to 6,583,200 shares at an acquisition price of
melakukan pembelian saham tresuri sebanyak 6.583.200 Rp 670, and of April 2025, he Entity had purchase
saham dengan harga perolehan sebesar Rp 670, dan pada amounting to 13,862,300 shares at an acquisition price
bulan April 2025, Entitas kembali melakukan pembelian of Rp 3,997 which was presented as "Treasury Stocks"
saham tresuri sebanyak 13.862.300 saham dengan harga and presented as a reduction of equity in the
perolehan sebesar Rp 3.997 yang disajikan sebagai akun consolidated statements of financial position.
“Saham Treasuri” yang dicatat sebagai pengurang
ekuitas pada laporan posisi keuangan konsolidasian.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
24. MODAL SAHAM DAN SAHAM TREASURI - 24. CAPITAL STOCK AND TREASURY STOCK -
Lanjutan Continued
Perubahan jumlah saham treasuri sampai dengan tanggal Changes in the number of treasury shares as of
31 Desember 2025 adalah sebagai berikut: December 31, 2025 are as follows:
Tambahan
Nilai Perolehan Modal Disetor/
Total Saham/ Kembali/ Nilai Nominal/ Additional Paid
Number of Shares Buyback value Par Value in Capital
Periode buyback Buyback period
Tanggal 1 September
s/d 30 November September 1 until
2015 114.068.100 (19.640) (11.406) (8.234) November 30, 2015
Tanggal 16 Maret s/d March 16 until
15 Juni 2020 6.583.200 (670) (659) (11) June 15, 2020
Tanggal 01 April s/d April 1 until
28 Mei 2025 13.862.300 (3.997) (1.386) (2.611) May 28, 2025
Jumlah 134.513.600 (24.307) (13.451) (10.856) Total
Selisih hasil pembelian kembali sebesar Rp 10.856 Gain from the buyback amounted to Rp 10,856 recorded
dicatat sebagai tambahan modal disetor pada laporan as additional paid in capital in the consolidated
perubahan ekuitas konsolidasian. statement of changes in equity.
Berdasarkan Akta Notaris Gatot Widodo, S.E., S.H., Based on Deed of Notary Gatot Widodo, S.E., S.H.,
M.Kn. No. 40 tanggal 20 Juni 2025, disetujui untuk M.Kn. No. 40 dated June 20, 2025, it was agreed to
melakukan pembagian dividen tunai sebesar distribute cash dividends of Rp 112,824 or Rp 16 per
Rp 112.824 atau Rp 16 per saham dan pembukuan Dana share and book a Reserve Fund of Rp 10,000.
Cadangan sebesar Rp 10.000.
25. TAMBAHAN MODAL DISETOR - NETO 25. ADDITIONAL PAID-IN CAPITAL - NET
Akun ini terdiri dari : This account consists of :
2025 2024
Saldo awal 500.880 500.880 Beginning balance
Agio saham atas penawaran Share premium arising from
saham perdana - - initial public offering
Beban emisi saham - - Share issuance expense
Pembelian saham diperoleh kembali (2.611) - Buyback from treasury shares
Jumlah 498.269 500.880 Total
26. PENCADANGAN SALDO LABA 26. APPROPRIATIONS OF RETAINED EARNINGS
Berdasarkan Undang-Undang Perseroan Terbatas, Under Indonesian Company Law, the Company is obliged
Perusahaan wajib menyisihkan jumlah tertentu dari rugi to allocate a certain amount from the net loss of each
bersih setiap tahun untuk cadangan apabila Perusahaan accounting year to appropriated retained earnings if the
mempunyai saldo laba positif. Penyisihan rugi bersih Company has a positive retained earnings. The
tersebut dilakukan sampai cadangan wajib mencapai appropriation from net loss shall be performed up to an
paling sedikit 20% dari jumlah modal yang ditempatkan amount of 20% of the Company issued and paid-up capital
disetor penuh.
Saldo laba dicadangkan Perusahaan adalah sebesar The balance of the Company appropriated retained
Rp 50.000 atau sebesar 6,96% dari modal ditempatkan earnings amounted to Rp 50,000 or 6.96% of the
dan disetor penuh. Company’s issued and paid up capital.
87
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
27. KOMPONEN EKUITAS LAINNYA 27. OTHER EQUITY COMPONENTS
Akun ini terdiri dari : This account consists of :
2025 2024
Pos-pos yang tidak akan Items that will not be
direklasifikasi ke laba rugi reclassified profit or loss
Saldo awal 1.220.578 1.219.256 Beginning balance
Keuntungan (kerugian) aktuaria Actuarial gain (losses)
(lihat Catatan 22) (7.292) 1.695 (see Note 22)
Surplus revaluasi (lihat Catatan 12) 279.360 - Revaluation surplus (see Note 12)
Pajak penghasilan terkait Income tax related to item
pos-pos yang tidak akan that will not be reclasssified
direklasifikasi ke laba rugi (59.855) (373) to profit or loss
Saldo akhir 1.432.791 1.220.578 Ending balance
28. PENJUALAN DAN PENDAPATAN JASA 28. SALES AND SERVICE REVENUES
Akun ini terdiri dari : This account consists of :
2025 2024
Lokal Domestic
Pipa spiral 1.144.639 1.022.860 Spiral pipe
Pipa hitam 1.075.375 1.228.836 Black pipe
Pipa mekanis 925.200 983.419 Mechanical pipe
Pipa air 796.730 833.499 Water pipe
Strip dan plat 665.736 590.299 Strips and plate
Pipa perabot 634.660 719.171 Furniture pipe
Pipa stainless 275.553 301.689 Stainless pipe
Tiang 163.201 225.731 Pole
Jasa dan lain-lain 68.029 35.931 Services and others
Sub-jumlah 5.749.123 5.941.435 Sub-total
Ekspor Export
Pipa hitam 136.158 139.327 Black pipe
Pipa air 44.694 35.328 Water pipe
Pipa spiral - 276 Spiral pipe
Jasa & Lain-lain 2.822 1.998 Services and others
Sub-jumlah 183.674 176.929 Sub-total
Jumlah 5.932.797 6.118.364 Total
Penjualan dan pendapatan jasa kepada pihak berelasi Sales and service revenues to related parties amounted
yang berakhir pada tanggal 31 Desember 2025 dan 2024 to Rp 133,599 and Rp 111,594 for the year ended
masing-masing sebesar Rp 133.599 dan Rp 111.594 December 31, 2025 and 2024, respectively (see Note 35).
(lihat Catatan 35).
Tidak terdapat penjualan kepada pelanggan yang There were no individual sales which are above 10% of
jumlahnya melebihi 10% dari jumlah penjualan dan the total sales and service revenues for the period/year
pendapatan jasa untuk tahun yang berakhir pada tanggal ended December 31, 2025 and 2024.
31 Desember 2025 dan 2024.
88
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
28. PENJUALAN DAN PENDAPATAN JASA – 28. SALES AND SERVICE REVENUES – Continued
Lanjutan
Pendapatan jasa dan lain-lain merupakan pendapatan atas Service and other revenues represent revenues arising
jasa proses pemotongan coil, jasa proses pelapisan pipa from cutting coil, coating pipe process and tooling
dan jasa pembuatan pipa (tooling). services process.
29. BEBAN POKOK PENDAPATAN 29. COST OF REVENUES
Akun ini terdiri dari : This account consists of :
2025 2024
Pemakaian bahan baku 3.989.208 4.713.599 Raw materials used
Beban pabrikasi 494.875 478.931 Manufacturing expenses
Tenaga kerja langsung 115.800 109.074 Direct labor
Jumlah beban produksi 4.599.883 5.301.604 Total manufacturing costs
Persediaan barang jadi Finished goods
Awal periode 1.264.158 974.941 At beginning of period
Akhir periode (1.061.617) (1.264.158) At end of period
Beban pokok pendapatan 4.802.424 5.012.387 Cost of revenues
Pembelian bahan baku masing-masing yang berakhir Raw material purchases from related parties amounted
pada tanggal 31 Desember 2025 dan 2024 dari pihak to Rp 33 and nil for the years ended December 31, 2025
berelasi masing-masing sebesar Rp 33 dan Rp nihil (lihat and 2024, respectively (see Note 35).
Catatan 35).
Berikut adalah rincian pembelian bahan baku yang Purchases of raw materials for more than 10% of the
melebihi 10% dari jumlah pembelian masing-masing total purchases for the years ended December 31, 2025
untuk tahun yang berakhir 31 Desember 2025 dan 2024 and 2024 are as follows:
adalah sebagai berikut:
2025 2024
Sino Glory Metal Resources Inc 896.834 1.641.353 Sino Glory Metal Resources Inc
Baosteel Singapore Pte Ltd 568.887 800.281 Baosteel Singapore Pte Ltd
PT Lautan Baja Indonesia 322.527 51.129 PT Lautan Baja Indonesia
PT Krakatau Posco 195.038 673.213 PT Krakatau Posco
Jumlah 1.983.286 3.165.976 Total
30. PENDAPATAN LAIN-LAIN 30. OTHER INCOME
Akun ini terdiri dari : This account consists of :
2025 2024
Penjualan barang aval 86.392 106.538 Scrap sales
Pendapatan bunga 25.565 1.437 Interest income
Bagian laba entitas asosiasi 3.576 4.526 Part of gain from associate entities
Pendapatan klaim asuransi 119 - Income from insurance's claims
Gain on sales of property, plant,
Laba penjualan aset tetap 96 225 and equipment
Lain-lain 2.949 9.147 Others
Jumlah 118.697 121.873 Total
31 Desember 2025 lain-lain dominan merupakan December 31, 2025, other dominant income is income
pendapatan atas event Spindo run. from the Spindo run event.
89
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
31. BEBAN PENJUALAN DAN DISTRIBUSI 31. SELLING AND DISTRIBUTION EXPENSES
Akun ini terdiri dari: This account consists of:
2025 2024
Ekspor dan pengiriman 130.086 102.310 Export and freight
Gaji dan tunjangan 37.225 34.203 Salaries and benefits
Komisi dan klaim 9.216 10.070 Commissions and claims
Lain-lain 15.783 13.063 Others
Jumlah 192.310 159.646 Total
Akun Lain-lain merupakan dominasi dari reklame dan Other accounts are dominated by advertising and
iklan, perjalanan dinas, penyusutan kendaraan dan sewa. commercials, business travel, vehicle depreciation and
rent.
32. BEBAN UMUM DAN ADMINISTRASI 32. GENERAL AND ADMINISTRATIVE EXPENSES
Akun ini terdiri dari : This account consists of :
2025 2024
Gaji dan tunjangan 68.353 60.764 Salaries and benefits
Perbaikan dan pemeliharaan 15.351 11.908 Repair and maintenance
Imbalan pasca kerja Employee benefits
(lihat Catatan 22) 12.371 16.839 (see Note 22)
Jasa manajemen 7.584 7.584 Management fees
Pencadangan piutang 2.591 2.577 Provision for impairment losses
Honorarium tenaga ahli 2.184 2.621 Professional fees
Amortisasi aset tak berwujud Amortization of intangible
(lihat Catatan 14) 1.432 1.682 asset (see Note 14)
Penyusutan (lihat Catatan 12) 1.331 1.876 Depreciation (see Note 12)
Pajak dan perijinan 775 2.652 Taxes and permits
Listrik dan air 760 799 Electricity and water
Telepon dan faksimile 689 852 Telephone and facsimile
Lain-lain 12.598 15.100 Others
Jumlah 126.019 125.254 Total
Akun Lain-lain merupakan dominasi dari perjalanan Other accounts are dominated by business trips within
dinas dalam kota, sewa, penyusutan LVA. the city, rent, LVA depreciation
33. BEBAN KEUANGAN 33. FINANCIAL EXPENSES
Akun ini terdiri dari : This account consists of :
2025 2024
Bunga obligasi dan sukuk 146.616 112.083 Bond and sukuk interest
Provisi dan administrasi bank 35.772 57.994 Provision and bank charges
Bunga bank 16.216 20.297 Bank interest
Biaya emisi 4.120 17.078 Emission cost
Bunga liabilitas sewa 1.267 3.380 Lease liabilities interest
Jumlah 203.991 210.832 Total
90
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
34. BEBAN LAIN - LAIN 34. OTHER EXPENSES
Akun ini terdiri dari : This account consists of :
2025 2024
Kerugian selisih kurs 32.440 29.511 Foreign exchange losses
Beban penurunan nilai Inventory impairment
persediaan (lihat Catatan 8) 14.294 19.153 charges (see Note 8)
Beban pembukaan Opening Letter of
Letter of Credit 7.310 7.273 Credit expense
Lain-lain 220 592 Others
Jumlah 54.264 56.529 Total
Akun Lain-lain merupakan dominasi dari bunga Other Accounts are dominated by discount interest.
diskonto.
35. SALDO DAN TRANSAKSI DENGAN PIHAK- 35. BALANCES AND TRANSACTIONS WITH
PIHAK BERELASI RELATED PARTIES
Sifat transaksi dan hubungan dengan pihak-pihak The nature of transaction and relationship with related
berelasi adalah sebagai berikut: parties are as follows:
Sifat Hubungan/ Jenis Transaksi/
Pihak-pihak Berelasi/Related Parties Nature of Relationship Nature of Transactions
PT Sarana Steel Corporation Memiliki pemegang saham dan Penjualan pipa/Sales of pipe
manajemen yang sama dengan
Entitas/Same shareholders
and management with the Entity
PT Citra Cakra Logam Memiliki pemegang saham dan Penjualan aval/Sales of scrap
manajemen yang sama dengan
Entitas/Same shareholders
and management with the Entity
PT Cakra Bhakti Agro Industri Memiliki pemegang saham dan Penjualan pipa/Sales of pipe
manajemen yang sama dengan
Entitas/Same shareholders
and management with the Entity
PT Alam Metal Mercuniaga Memiliki pemegang saham dan Penjualan pipa/Sales of pipe
manajemen yang sama dengan
Entitas/Same shareholders
and management with the Entity
91
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
35. SALDO DAN TRANSAKSI DENGAN PIHAK- 35. BALANCES AND TRANSACTIONS WITH
PIHAK BERELASI - Lanjutan RELATED PARTIES - Continued
Sifat Hubungan/ Jenis Transaksi/
Pihak-pihak Berelasi/Related Parties Nature of Relationship Nature of Transactions
PT Cakra Bhakti Para Putra Memiliki pemegang saham dan Jasa manajemen/Management fee
manajemen yang sama dengan
Entitas/Same shareholders
and management with the Entity
PT Saranacentral Bajatama Tbk Memiliki pemegang saham dan Penjualan pipa/Sales of pipe
manajemen yang sama dengan
Entitas/Same shareholders
and management with the Entity
PT Sarana Surya Sakti Memiliki pemegang saham dan Penjualan pipa/Sales of pipe
manajemen yang sama dengan
Entitas/Same shareholders
and management with the Entity
PT Cakra Bhakti Bumi Persada Memiliki pemegang saham dan Penjualan pipa/Sales of pipe
manajemen yang sama dengan
Entitas/Same shareholders
and management with the Entity
PT Sanko Steel Indonesia Entitas Asosiasi/Associated Penjualan pipa/Sales of pipe
Transaksi dan saldo dengan pihak-pihak berelasi adalah Transactions and balances with related parties are as
sebagai berikut: follows:
a. Entitas melakukan transaksi penjualan kepada pihak- a. The Entity conducted sales transactions with related
pihak berelasi. Saldo yang timbul dari transaksi parties. The balance arising from the transaction as
tersebut pada tanggal 31 Desember 2025 dan 2024 of December 31, 2025 and 2024 are presented as
disajikan sebagai akun “Piutang Usaha - Pihak "Trade Receivables - Related Parties" in the
Berelasi” dalam laporan posisi keuangan consolidated statements of financial position (see
konsolidasian (lihat Catatan 6). Note 6).
Transaksi penjualan dan pendapatan jasa dengan Sales and service revenues with related parties are
pihak berelasi adalah sebagai berikut: as follows:
2025 2024
PT Sanko Steel Indonesia 117.708 94.272 PT Sanko Steel Indonesia
PT Citra Cakra Logam 9.430 11.233 PT Citra Cakra Logam
PT Alam Metal Mercuniaga 4.858 5.111 PT Alam Metal Mercuniaga
PT Cakra Bhakti Agro Industri 1.329 728 PT Cakra Bhakti Agro Industri
PT Cakra Bhakti Bumi Persada 158 - PT Cakra Bhakti Bumi Persada
PT Sarana Steel Corporation 103 240 PT Sarana Steel Corporation
PT Sarana Surya Sakti 8 5 PT Sarana Surya Sakti
PT Cakra Bhakti Para Putra 5 5 PT Cakra Bhakti Para Putra
Jumlah 133.599 111.594 Total
Persentase dari Jumlah Penjualan Percentage to Total Sales
dan Pendapatan Jasa 2,25% 1,82% and Service Revenues
92
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
35. SALDO DAN TRANSAKSI DENGAN PIHAK- 35. BALANCES AND TRANSACTIONS WITH
PIHAK BERELASI - Lanjutan RELATED PARTIES - Continued
b. Entitas melakukan transaksi non usaha dengan b. The Entity conducted non-trade transactions with PT
PT Sanko Steel Indonesia. Saldo yang timbul dari Sanko Steel Indonesia. The balance arising from the
transaksi tersebut pada tanggal 31 Desember 2025 transaction as of December 31, 2025 and 2024 are
dan 2024 disajikan sebagai akun “Piutang Lain-lain presented as "Other Receivables - Related Parties"
- Pihak Berelasi” dalam laporan posisi keuangan in the consolidated statements of financial position
konsolidasian untuk tahun yang berakhir tanggal for the year ended December 31, 2025 (see Note 7).
31 Desember 2025 (lihat Catatan 7).
c. Entitas melakukan transaksi pembelian dari pihak- c. The Entity had purchase transactions from related
pihak berelasi. Saldo yang timbul dari transaksi parties. The balance arising from the transaction as
tersebut pada tanggal 31 Desember 2025 dan 2024 of December 31, 2025 and 2024 are presented as
disajikan sebagai akun ”Utang Usaha - Pihak "Trade Payables - Related Parties" in the
Berelasi” dalam laporan posisi keuangan consolidated statement of financial position (see
konsolidasian (lihat Catatan 16). Note 16).
Transaksi pembelian bahan baku dengan pihak Purchase of raw materials transactions with related
berelasi adalah sebagai berikut: parties are as follows:
2025 2024
PT Sarana Steel Corporation 33 - PT Sarana Steel Corporation
Jumlah 33 - Total
Persentase dari jumlah beban Percentage to total
pokok penjualan 0,00% 0,00% cost of revenues
d. Entitas menerima jasa manajemen dan teknis dari PT d. The Entity received the management and technical
Cakra Bhakti Para Putra yang mana Entitas services from PT Cakra Bhakti Para Putra where the
membayar jasa manajemen untuk tahun yang Entity pays for management services for the years
berakhir pada 31 Desember 2025 dan 2024 sebesar ended December 31, 2025 and 2024 amounting to Rp
Rp 7.584. Nilai tersebut disajikan sebagai bagian dari 7,584. The amount are presented as part of "General
akun “Beban Umum dan Administrasi” dalam and Administrative expenses" in the consolidated
laporan laba rugi dan penghasilan komprehensif lain statement of profit or loss and other comprehensive
konsolidasian (lihat Catatan 32). income (see Note 32).
e. Entitas melakukan transaksi penjualan avalan e. The Entity conducted scrap sales transactions with
kepada PT Citra Cakra Logam sebesar Rp 9.428 dan PT Citra Cakra Logam amounting to Rp 9,428 and
Rp 11.229. Saldo yang timbul dari transaksi tersebut Rp 11,229. The balance arising from the transaction
pada tanggal 31 Desember 2025 dan 2024 disajikan as of December 31, 2025 and 2024 are presented as
sebagai akun “Piutang Usaha - Pihak Berelasi” "Trade Receivables - Related Parties" in the
dalam laporan posisi keuangan konsolidasian (lihat consolidated statements of financial position (see
Catatan 6). Note 6).
f. Gaji dan tunjangan lain yang diberikan untuk Dewan f. Salaries and other compensation benefits of the
Komisaris dan Direksi Entitas adalah sebesar Rp Entity Board of Commissioners and Directors
23.351 dan Rp 26.717 masing-masing yang berakhir amounting to Rp 23,351 and
pada tanggal 31 Desember 2025 dan 2024. Rp 26,717 period ended December 31, 2025 and
2024, respectively.
93
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
36. PERPAJAKAN 36. TAXATION
a. Pajak Dibayar di Muka b. a. Prepaid Taxes
2025 2024
Pajak Pertambahan Nilai 2.236 - Value Added Tax
Pajak Penghasilan: Income Taxes:
Pasal 25 - 33 Article 25
Jumlah 2.236 33 Total
b. Penghasilan (Beban) Pajak b. Tax Income (Expense)
2025 2024
Pajak kini (144.664) (160.121) Current tax
Pajak tangguhan 6.394 14.595 Deferred tax
Jumlah (138.270) (145.526) Total
c. Utang Pajak c. Taxes Payable
Akun ini terdiri dari : This account consists of :
2025 2024
Pajak Penghasilan: Income Taxes:
Pasal 21 6.839 5.476 Article 21
Pasal 23 576 157 Article 23
Pasal 4 ayat 2 343 110 Article 4(2)
Pajak Pertambahan Nilai 1 4.461 Value Added Tax
Pasal 29 17.131 21.211 Article 29
Jumlah 24.890 31.415 Total
Entitas berkomitmen untuk pembayaran utang pajak The Entity is committed to timely payment of tax
secara tepat waktu. debts.
94
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
36. PERPAJAKAN - Lanjutan 36. TAXATION – Continued
d. Pajak Kini d. Current Tax
Rekonsiliasi antara laba sebelum taksiran Reconciliation between income before provision for
penghasilan (beban) pajak seperti yang tercantum tax income (expense) as shown in the consolidated
dalam laporan laba rugi dan penghasilan statement of profit or loss and other comprehensive
komprehensif lain konsolidasian untuk tahun yang income with the estimated taxable income for the
berakhir pada tanggal 31 Desember 2025 dan 2024 years ended December 31, 2025 and 2024 are as
dengan taksiran laba kena pajak adalah sebagai follows:
berikut:
2025 2024
Laba sebelum taksiran Income before provision
penghasilan (beban) pajak tax income (expense)
sesuai dengan laporan laba according to consolidated
rugi dan penghasilan statements of profit or loss
komprehensif lain and other comprehensive
konsolidasian 672.486 675.589 income
Rugi sebelum taksiran Loss before
penghasilan (beban) pajak - provision tax income
Entitas Anak 307 188 (expense) - Subsidiary
Laba sebelum taksiran Income before provison
penghasilan (beban) pajak 672.793 675.777 tax income (expense)
Beda waktu: Temporary differences:
Penyusutan 36.267 80.905 Depreciation
Imbalan paska kerja 4.582 2.419 Post-employment benefits
Cadangan kerugian Allowance for impairment
penurunan nilai piutang 2.591 2.577 losses of receivables
Liabilitas sewa (14.378) (19.560) Lease liabilities
Jumlah 29.062 66.341 Total
Beda tetap: Permanent differences:
Denda dan bunga pajak - 3.303 Tax penalty and interest
Penghasilan bunga yang telah Interest income subjected
dikenakan pajak final (25.557) (1.427) to final tax
Bunga leasing 1.267 3.315 Interest lease
Sumbangan 644 1.149 Donation
Reduction of expense for
Biaya kegiatan praktek kerja (20.645) (20.649) work practice
Jumlah (44.291) (14.309) Total
Taksiran laba kena pajak 657.564 727.809 Estimated taxable income
Beban pajak penghasilan: Income tax expense:
22% x Rp 657.564 144.664 - 22% x Rp 657,564
22% x Rp 727.819 - 160.118 22% x Rp 727,819
Jumlah beban pajak penghasilan 144.664 160.118 Total income tax expense
95
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
36. PERPAJAKAN - Lanjutan 36. TAXATION - Continued
d. Pajak Kini – Lanjutan d. Current Tax - Continued
2025 2024
Kredit pajak Tax credit
Pajak Penghasilan: Income Taxes:
Pasal 22 (52.995) (82.737) Article 22
Pasal 23 (57) (61) Article 23
Pasal 25 (74.481) (56.111) Article 25
Jumlah (127.533) (138.909) Total
Jumlah kurang (lebih) bayar Total under (over)
pajak penghasilan 17.131 21.209 income tax
Laba kena pajak hasil rekonsiliasi menjadi dasar The taxable profit resulting from the reconciliation is
dalam pengisian SPT Tahunan PPh Badan. the basis for filling out the Annual Corporate Income
Tax Return.
Sampai dengan 31 Desember 2025 tidak terdapat As of December 31, 2025, there were no tax audits.
pemeriksaan pajak.
e. Pajak Tangguhan e. Deferred Tax
Perhitungan taksiran penghasilan pajak tangguhan The calculation of deferred income tax for the years
untuk tahun yang berakhir pada tanggal ended December 31, 2025 and 2024 are as follows:
31 Desember 2025 dan 2024 adalah sebagai berikut:
2025 2024
Manfaat pajak tangguhan Deferred tax benefit
Depreciation of property,
Penyusutan aset tetap 7.979 17.799 plant and equipment
Imbalan pasca kerja 1.008 532 Post-employment benefits
Pencadangan penurunan piutang 570 567 Impairment of trade receivables
Revaluation surplus of property,
Liabilitas sewa (3.163) (4.303) Lease liabilities
Jumlah Penghasilan Total Deferred Tax
Pajak Tangguhan - Neto 6.394 14.595 Income - Net
Rincian liabilitas pajak tangguhan neto pada tanggal The details of deferred tax liabilities net as of
31 Desember 2025 dan 2024 adalah sebagai berikut: December 31, 2025 and 2024 are as follows:
2025 2024
Liabilitas diestimasi atas Estimated liabilities
imbalan kerja 21.859 19.246 for employee benefits
Aset tetap 157.949 149.970 Property, plant and equipment
Cadangan kerugian Allowance for impairment
nilai piutang 14.436 13.866 losses of receivables
Liabilitas sewa (32.181) (29.017) Lease liabilities
Revaluation surplus of property,
Surplus revaluasi aset tetap (401.057) (339.598) plant and equipment
Jumlah Liabilitas Pajak Total Deferred Tax
Tangguhan-Neto (238.994) (185.533) Liabilities - Net
96
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
36. PERPAJAKAN - Lanjutan 36. TAXATION - Continued
e. Pajak Tangguhan – Lanjutan e. Deferred Tax - Continued
Rekonsiliasi antara beban pajak penghasilan yang The reconciliation of the income tax expense is
dihitung dengan menggunakan tarif pajak yang calculated by applying the applicable tax rate to the
berlaku dari laba konsolidasian sebelum pajak consolidated income before income tax and the
penghasilan dengan beban pajak penghasilan untuk income tax expense for the years ended
tahun yang berakhir pada tanggal 31 Desember 2025 December 31, 2025 and 2024 are as follows:
dan 2024 adalah sebagai berikut:
2025 2024
Laba (rugi) sebelum taksiran Income (loss) before
penghasilan (beban) pajak provision tax income
sesuai dengan laporan laba (expense) according to
rugi dan penghasilan consolidated statements of
komprehensif lain profit or loss and other
konsolidasian 672.486 675.589 comprehensive income
Rugi (laba) sebelum taksiran Loss (income) before
penghasilan (beban) pajak - provision tax income
Entitas Anak 307 188 (expense) - Subsidiary
Laba (rugi) sebelum taksiran Income (loss) before provison
penghasilan (beban) pajak 672.793 675.777 tax income (expense)
Beban pajak dengan Tax expense at
tarif yang berlaku (148.013) (148.672) effective tax rates
Tax effect on permanent
Pengaruh pajak atas beda tetap: differences:
Denda dan bunga pajak - (727) Tax penalty and interest
Penghasilan bunga yang telah Interest income subjected to
dikenakan pajak final 5.623 314 final tax
Bunga leasing (279) (729) Interest lease
Sumbangan (142) (253) Donation
Reduction of expense for
Biaya kegiatan praktek kerja 4.541 4.541 work practice
Sub-jumlah 9.743 3.146 Sub-total
Jumlah beban
pajak penghasilan (138.270) (145.526) Total income tax expense
37. LABA PER SAHAM DASAR 37. BASIC EARNINGS PER SHARE
2025 2024
Laba yang dapat Diatribusikan Profit Attributable to the
kepada Entitas Induk 534.247 530.082 Parent Entity
Rata - rata Tertimbang Saham Weighted Average of Outstanding
(Jumlah Penuh) 7.055.857.010 7.065.340.735 Shares (Full Amount)
Laba per Saham Dasar Basic Earnings per
(Jumlah Penuh) 75,72 75,03 Share (Full Amount)
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
38. ASET DAN LIABILITIS MONETER DALAM 38. MONETARY ASSETS AND LIABILITIES IN
MATA UANG ASING FOREIGN CURRENCIES
2025 2024
Mata Uang Ekuivalen Mata Uang Ekuivalen
Asing/ Rupiah/ Asing/ Rupiah/
Foreign Equivalent in Foreign Equivalent in
Currency rupiah Currency rupiah
Aset Assets
Kas dan setara kas 454 7.619 380 6.143 Cash and cash equivalents
Piutang usaha 2.541 42.643 2.556 41.317 Trade receivables
Jumlah Aset 2.995 50.262 2.936 47.460 Total Assets
Liabilitas Liabilities
Utang bank 41.251 692.274 48.224 779.394 Bank loans
Utang usaha 2.835 47.577 16.663 269.303 Trade payables
Jumlah Liabilitas 44.086 739.851 64.887 1.048.697 Total Liabilities
Jumlah Liabilitas - Neto 41.091 689.589 61.951 1.001.237 Total liabilities - Net
39. NILAI WAJAR INSTRUMEN KEUANGAN 39. FAIR VALUE OF FINANCIAL INSTRUMENTS
Nilai wajar adalah harga yang akan diterima untuk Fair value is the price that would be received to sell an
menjual suatu aset atau harga yang akan dibayar untuk asset or paid to transfer a liability in an orderly
mengalihkan suatu liabilitas dalam suatu transaksi teratur transaction between market participants at the
antara pelaku pasar pada tanggal pengukuran. Nilai wajar measurement date. The fair value is derived from
diperoleh dari kuotasi harga atau model arus kas quotated market price discounted cash flow models. The
diskonto. Instrumen keuangan Grup terdiri dari aset financial instruments of the Group consist of financial
keuangan dan liablitas keuangan. assets and financial liabilities.
Tabel di bawah ini menggambarkan nilai tercatat dan The table below shows the carrying values and fair
nilai wajar dari aset dan liabilitas keuangan yang tercatat values of the financial assets and financial liabilities
pada laporan posisi keuangan konsolidasian yang recorded in the consolidated statement of financial
berakhir pada tanggal 31 Desember 2025 dan 2024: position as of December 31, 2025 and 2024:
Nilai Tercatat/ Nilai Wajar/
Carrying Amount Fair Value
2025 2024 2025 2024
Aset Keuangan Financial Assets
Kas dan setara kas 956.526 503.649 956.526 503.649 Cash and cash equivalents
Piutang usaha 957.165 1.121.787 957.165 1.121.787 Trade receivables
Piutang lain-lain 1.437 571 1.437 571 Other receivables
Jumlah Aset Keuangan 1.915.128 1.626.007 1.915.128 1.626.007 Total Financial Assets
Liabilitas Keuangan Financial Liabilities
Utang bank jangka pendek 703.282 918.667 703.282 918.667 Short-term bank loans
Utang usaha 307.079 338.117 307.079 338.117 Trade payables
Biaya masih harus dibayar 36.461 41.598 36.461 41.598 Accrued expenses
Liabilitas jangka pendek lainnya 44.696 19.942 44.696 19.942 Other current liabilities
Liabilitas sewa 3.054 21.202 3.054 21.202 Lease liabilities
Utang obligasi 1.351.750 1.347.100 1.351.750 1.347.100 Bonds payable
Utang sukuk 304.850 202.000 304.850 202.000 Sukuk payable
Jumlah Liabilitas Keuangan 2.751.172 2.888.626 2.751.172 2.888.626 Total Financial Liabilities
98
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
39. NILAI WAJAR INSTRUMEN KEUANGAN - 39. FAIR VALUE OF FINANCIAL INSTRUMENTS -
Lanjutan Continued
Taksiran nilai wajar dari kelompok instrumen keuangan Estimated fair values of the financial instruments in the
pada tabel di atas ditentukan dengan menggunakan table above is determined by using the following methods
metode-metode dan asumsi-asumsi berikut: and assumptions:
(i) Nilai tercatat aset keuangan dan liabilitas keuangan (i) The carrying value of financial assets and financial
seperti kas dan setara kas, piutang usaha, piutang liabilities such as cash and cash equivalents, trade
lain-lain, piutang pihak berelasi dan liabilitas receivables, other receivables, due from related
keuangan seperti utang bank jangka pendek, utang party, and financial liabilities of short-term bank
usaha, biaya masih harus dibayar dan liabilitas loan, trade payables, accrued expenses and other
jangka pendek lainnya tersebut merupakan perkiraan current liabilities are estimated to approximate their
yang telah mendekati nilai wajarnya karena akan fair values, because these will mature in less than one
jatuh tempo dalam waktu kurang dari satu tahun. year.
(ii) Nilai wajar dari utang bank jangka panjang dan (ii) The fair value of long-term banks loans and lease
liabilitas sewa, ditentukan menggunakan diskonto liabilities, are determined by using discounted cash
arus kas berdasarkan tingkat suku bunga pasar pada flow using market interest rate as of December 31,
tanggal 31 Desember 2025 dan 2024. 2025 and 2024.
Hirarki nilai wajar Fair value hierarchy
Berikut adalah definisi hirarki nilai wajar instrumen Below are the definition of the fair value hierarchy of
keuangan yang dimiliki Entitas: financial instruments owned by the Entity:
- Level 1: harga kuotasi (belum disesuaikan) pada - - Level 1: quoted prices (unadjusted) in active markets
pasar aktif untuk aset atau liabilitas yang identik. for identical assets or liabilities.
- Level 2: input selain harga kuotasi yang dimaksud - Level 2: input other than quoted prices included
dalam tingkat 1, yang dapat diobservasi untuk aset within Level 1 that are observable for the asset or
atau liabilitas, baik secara langsung atau tidak liability, either directly or indirectly.
langsung.
- Level 3: input yang tidak didasarkan pada data pasar - Level 3: inputs are unobservable inputs for the asset
yang dapat diobservasi. or liability.
40. MANAJEMEN RISIKO KEUANGAN 40. FINANCIAL RISK MANAGEMENT
Dalam transaksi normal Entitas, secara umum terekspos In a normal transaction, the Entity are generally exposed
risiko keuangan sebagai berikut: to financial risks as follows:
a. Risiko pasar yang terdiri risiko nilai tukar mata uang a. a. Market risks, including currency risk, interest rate
asing, risiko suku bunga dan risiko harga. risk and price risk.
b. Risiko kredit. b. Credit risk.
c. Risiko likuiditas. c. Liquidity risk.
Catatan ini menjelaskan mengenai eksposur Entitas This note describes regarding the exposure of the Entity
terhadap masing-masing risiko di atas dan pengungkapan towards each risk and quantitative disclosures including
secara kuantitatif termasuk seluruh eksposur risiko serta exposure risks and summarize the policies and processes
merangkum kebijakan dan proses-proses yang dilakukan for measuring and managing the arising risk, including
untuk mengukur dan mengelola risiko yang timbul, capital management.
termasuk yang terkait dengan pengelolaan modal.
Direksi Entitas bertanggung jawab dalam melaksanakan The Entity directors are responsible for implementing
kebijakan manajemen risiko keuangan Entitas dan secara risk management policies and overall financial risk
keseluruhan program manajemen risiko keuangan management program which focuses on uncertainty the
Entitas difokuskan pada ketidakpastian pasar keuangan financial market and minimize potential losses that
dan meminimalisasi potensi kerugian yang berdampak impact to the Entity financial performance.
pada kinerja keuangan Entitas.
Kebijakan manajemen Entitas mengenai risiko keuangan The Entity management policies regarding financial
adalah sebagai berikut: risks are as follows:
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STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
40. MANAJEMEN RISIKO KEUANGAN - Lanjutan 40. FINANCIAL RISK MANAGEMENT - Continued
a. Risiko Pasar b. a. Market Risks
c.
1) Risiko Nilai Tukar Mata Uang d. 1) Foreign Exchange Risk
e.
Eksposur risiko nilai tukar mata uang Entitas The exposure of currency exchange risk of the
terutama disebabkan oleh utang usaha dan utang Entity, is primarily generated by trade payables
bank yang sebagian didenominasikan dalam and bank loan which are denominated in United
Dolar Amerika Serikat. States Dollar.
Entitas tidak melakukan aktivitas lindung nilai The Entity do not take hedging on exposure to
terhadap porsi eksposur risiko nilai tukar mata risk in foreign exchange rates, because this risk
uang asing, karena risiko ini masih dalam batas is within the tolerable limit of the Entity.
toleransi Entitas.
Tabel berikut menyajikan aset dan liabilitas The following table presents the Entity financial
keuangan Entitas yang didenominasi dalam mata assets and financial liabilities denominated in
uang asing: foreign currency:
2025 2024
Ekuivalen/ Ekuivalen/
Equivalent in Equivalent in
USD Rp USD Rp
Aset Assets
Cash and
Kas dan setara kas 454 7.619 380 6.143 cash equivalents
Piutang usaha 2.541 42.643 2.556 41.317 Trade receivables
Jumlah Aset 2.995 50.262 2.936 47.460 Total Assets
Liabilitas Liabilities
Utang usaha 2.835 47.577 16.663 269.303 Trade payables
Utang bank 41.251 692.274 48.224 779.394 Bank loans
Jumlah liabilitas 44.086 739.851 64.887 1.048.697 Total liabilities
Jumlah Liabilitas - Neto 41.091 689.589 61.951 1.001.237 Total Liabilities - Net
Nilai tukar mata uang asing yang signifikan Significant foreign exchanges rate during the
selama tahun berjalan adalah sebagai berikut year are as follows (full Indonesian Rupiah):
(dalam satuan Rupiah):
Kurs Rata-rata/ Kurs Tanggal Laporan/
Average Exchange Rate Reporting Exchange Rate
2025 2024 2025 2024
Dollar Amerika Serikat (USD) 16.504 15.906 16.782 16.162 United States Dollar (USD)
Analisis Sensitivitas Sensitivity Analysis
Pergerakan yang mungkin terjadi terhadap nilai Movement that may occur towards Rupiah
tukar Rupiah, seperti yang diindikasikan pada exchange rate, as indicated in the table below
tabel di bawah, terhadap mata uang Dolar against US Dollar at the year end that could be
Amerika Serikat pada tanggal akhir tahun dapat increased (decreased) equity or profit or loss
meningkatkan (mengurangi) nilai ekuitas atau amount in the value presented in table.
laba rugi sebesar nilai yang disajikan pada tabel. The analysis conducted was based on variance of
Analisis ini dilakukan berdasarkan varians nilai foreign currency exchange rate during the
tukar mata uang asing yang dipertimbangkan consolidated statement of financial position date.
dapat terjadi pada tanggal laporan posisi
keuangan konsolidasian.
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STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
40. MANAJEMEN RISIKO KEUANGAN - Lanjutan 40. FINANCIAL RISK MANAGEMENT - Continued
a. Risiko Pasar - Lanjutan a. Market Risks - Continued
1) Risiko Nilai Tukar Mata Uang - Lanjutan 1) Foreign Exchange Risk - Continued
Analisis Sensitivitas – Lanjutan Sensitivity Analysis – Continued
Tabel berikut menunjukan sensitivitas perubahan The following table presented sensitivity
kurs terhadap laba bersih dan ekuitas Grup: exchange rate changes on net income and equity
of the Group:
2025 2024
Perubahan Nilai tukar Changes in exchange
(dalam USD) rates (in USD)
Menguat (288) (557) Appreciates
Melemah 164 299 Depreciates
Sensitivitas terhadap Sensitivity to profit
laba tahun berjalan for the current
dan ekuitas year and equity
Menguat 9 26 Appreciates
Melemah (5) (14) Depreciatess
2) Risiko Tingkat Suku Bunga 2) Interest Rate Risk
Eksposur Entitas terhadap fluktuasi tingkat suku The Entity exposure to fluctuations of interest rate
bunga terutama berasal dari suku bunga mainly arises from floating interest rate of bank
mengambang atas utang bank dan lembaga loan and financial institutions. Interest expenses
keuangan. Beban bunga mengacu pada tingkat refer to the rate applied in Rupiah and US Dollar
yang diterapkan untuk mata uang Rupiah dan currency based on bank policy, which depends on
Dolar Amerika Serikat berdasarkan ketentuan fluctuation of market interest rate.
setiap Bank, yang mana sangat bergantung
kepada fluktuasi bunga pasar.
Entitas melakukan pengawasan pergerakan The Entity are monitoring the movement of
tingkat suku bunga untuk meminimalisasi interest rate to minimize negative impact of
dampak negatif terhadap posisi keuangan Entitas. financial position. The Entity analyze the
Untuk mengukur risiko pasar atas pergerakan movement of interest rate margin and profile of
suku bunga, Entitas melakukan analisa pada financial assets and financial liabilities maturity
pergerakan marjin suku bunga dan pada profil based on movement of interest rate schedule to
jatuh tempo aset dan liabilitas keuangan measure the market risk of the interest rate
berdasarkan jadwal perubahan suku bunga. movement.
Pada tanggal laporan posisi keuangan On the consolidated statement of financial
konsolidasian, profil instrumen keuangan Entitas position date, the Entity’s profile of financial
yang dipengaruhi bunga adalah: instruments that are affected by the interest are,
as follows:
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STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
40. MANAJEMEN RISIKO KEUANGAN - Lanjutan 40. FINANCIAL RISK MANAGEMENT - Continued
a. Risiko Pasar - Lanjutan f. a. Market Risks - Continued
2) Risiko Tingkat Suku Bunga - Lanjutan 2) Interest Rate Risk - Continued
2025 2024
Instrumen dengan
bunga tetap Flat interest instrument
Aset keuangan 115.000 55.103 Financial assets
Liabilitas keuangan (3.054) (21.202) Financial liabilities
Instrumen dengan bunga Floating interest
mengambang instrument
Aset keuangan 838.444 442.760 Financial assets
Liabilitas keuangan (703.282) (918.667) Financial liabilities
Liabilitas Keuangan - Bersih 135.162 (475.907) Financial Liabilities - Net
Tabel berikut menyajikan sensitivitas perubahan The table summarizes the sensitivity to interest
tingkat suku bunga yang mungkin terjadi, rate changes that may occur, with other
dengan variabel lain tetap konstan, terhadap laba variables held constant, towards the net income
bersih Entitas selama tahun berjalan dan ekuitas: of the Entity during the year and equity, as
follows:
2025 2024
Kenaikan (Penurunan) Increase (Decrease)
tingkat suku bunga interest rate
dalam basis poin: in basis point:
Rupiah (125) - Rupiah
Efek terhadap laba tahun The effect on profit of the
berjalan dan ekuitas: current year and equity:
Rupiah (5.787) 20.441 Rupiah
3) Risiko Harga Baja 3) Steel Price Risk
Risiko harga baja adalah risiko laba rugi atau Steel price risk is the risk to earnings or equity
ekuitas yang timbul dari perubahan harga arising from changes in commodity prices of
komoditas baja di pasar dunia. Eksposur Entitas steel in the world market. The Entity’s and
terhadap risiko harga baja terutama berkaitan Subsidiary’s exposure to steel price risk
dengan persediaan bahan baku yang siap di primarily relates to a ready supply of raw
produksi dan barang jadi yang tersedia untuk materials in the production and finished goods
dijual. available-for-sale.
b. Risiko Kredit g. b. Credit Risk
Risiko kredit merupakan risiko atas kerugian Credit risk represents the risk of financial loss of the
keuangan Entitas jika pelanggan atau pihak lain dari Entity if any customer or other party of a financial
instrumen keuangan gagal memenuhi liabilitas instrument fails to meet contractual liabilities.
kontraktualnya.
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STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
40. MANAJEMEN RISIKO KEUANGAN - Lanjutan 40. FINANCIAL RISK MANAGEMENT - Continued
b. Risiko Kredit - Lanjutan b. Credit Risk - Continued
PT SEI, Entitas Anak, tidak terpengaruh oleh risiko PT SEI, Subsidiary, is not affected by credit risk due
kredit karena penjualan dilakukan secara tunai dan to sales made in cash and payment in advance before
pembayaran dilakukan di depan sebelum delivery.
pengiriman.
Eksposur atas risiko kredit Exposure of credit risk
Nilai tercatat dari aset keuangan mencerminkan nilai The carrying amount of the financial asset reflects
eksposur kredit maksimum. Nilai eksposur kredit the value of the maximum credit exposure. The
maksimum pada tanggal laporan posisi keuangan maximum credit exposure value on the consolidated
konsolidasian adalah sebagai berikut: statement of financial position as follows:
Nilai Tercatat/Carrying Amount
2025 2024
Pinjaman yang diberikan
dan piutang Loans and Receivables
Piutang usaha 957.165 1.121.787 Trade receivables
Bank 838.252 439.847 Cash in banks
Piutang lain-lain 1.437 571 Other receivables
Jumlah 1.796.854 1.562.205 Total
Manajemen berkeyakinan bahwa cadangan kerugian Management believes that the allowance for
penurunan nilai piutang tersebut cukup untuk impairment losses on receivables is adequate to
menutup kemungkinan adanya kerugian atas tidak cover possible losses on uncollectible accounts
tertagihnya piutang usaha. receivable.
c. Risiko Likuiditas h. c. Liquidity Risk
Risiko likuiditas timbul jika Entitas mengalami Liquidity risk arises if the Entity are having difficulty
kesulitan untuk memenuhi liabilitas keuangan sesuai to fulfill financial liabilities in accordance with the
dengan waktu maupun jumlah yang telah ditetapkan time limit and previously agreed amount.
sebelumnya. Manajemen risiko likuiditas berarti Management liquidity risk means maintaining
menjaga kecukupan saldo kas dan setara kas dalam sufficient cash and cash equivalents in order to fulfill
upaya pemenuhan liabilitas keuangan Entitas. financial liabilities of the Entity. The Entity manage
Entitas mengelola risiko likuiditas dengan liquidity risk by monitoring forecast and actual cash
pengawasan proyeksi dan arus kas aktual secara flows and continuous monitoring on the due dates of
terus-menerus serta pengawasan tanggal jatuh tempo financial liabilities.
liabilitas keuangan.
Rincian kontraktual jatuh tempo liabilitas keuangan Details of the contractual maturities of financial
(tidak termasuk bunga) yang dimiliki adalah sebagai liabilities (excluding interest) held are as follows:
berikut:
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STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
40. MANAJEMEN RISIKO KEUANGAN - Lanjutan 40. FINANCIAL RISK MANAGEMENT - Continued
i.
c. Risiko Likuiditas - Lanjutan j. c. Liquidity Risk - Continued
31 Desember 2025/December 31, 2025
Kurang dari 1 sampai 2 sampai 3 sampai 4 sampai Lebih dari
1 tahun/ 2 tahun/ 3 tahun/ 4 tahun/ 5 tahun/ 5 tahun/
Less than 1 up to 2 up to 3 up to 4 up to More than
1 year 2 years 3 years 4 years 5 years 5 years
Utang bank 703.282 - - - - - Bank loans
Utang usaha 307.079 - - - - - Trade payables
Biaya masih Accrued
harus dibayar 36.461 - - - - - expenses
Liabilitas jangka Other current
pendek lainnya 44.696 - - - - - liabilities
Utang jangka Long-term
panjang: liabilities:
Bank - - - - - - Bank
Liabilitas sewa 3.054 - - - - - Lease liabilities
Utang obligasi 282.765 33.780 28.465 766.220 240.520 - Bonds payable
Utang sukuk 217.785 11.055 76.010 - - - Sukuk payable
Jumlah 1.595.122 44.835 104.475 766.220 240.520 - Total
31 Desember 2024/December 31, 2024
Kurang dari 1 sampai 2 sampai 3 sampai 4 sampai Lebih dari
1 tahun/ 2 tahun/ 3 tahun/ 4 tahun/ 5 tahun/ 5 tahun/
Less than 1 up to 2 up to 3 up to 4 up to More than
1 year 2 years 3 years 4 years 5 years 5 years
Utang bank 918.667 - - - - - Bank loans
Utang usaha 338.117 - - - - - Trade payables
Biaya masih Accrued
harus dibayar 41.598 - - - - - expenses
Liabilitas jangka Other current
pendek lainnya 19.942 - - - - - liabilities
Utang jangka Long-term
panjang: liabilities:
Bank - - - - - - Bank
Liabilitas sewa 17.791 3.411 - - - - Lease liabilities
Utang obligasi 135.000 211.300 33.780 800 766.220 200.000 Bonds payable
Utang sukuk 50.000 141.100 - 10.900 - - Sukuk payable
Jumlah 1.521.115 355.811 33.780 11.700 766.220 200.000 Total
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
41. PENGELOLAAN PERMODALAN 41. CAPITAL MANAGEMENT
Tujuan utama Entitas dalam hal pengelolaan modal The main objectives of the Entity in managing capital are
adalah mengoptimalisasi saldo utang dan ekuitas Entitas to optimize the balance of debt and equity in order to
dalam rangka mempertahankan perkembangan bisnis di maintain the Entity’s future business growth and
masa depan dan memaksimalkan nilai pemegang saham. maximize the shareholder’s value.
Entitas mengelola struktur modal dan membuat The Entity manage their capital structure and makes
penyesuaian yang diperlukan dengan memperhatikan necessary adjustments by considering the changes in
perubahan kondisi ekonomi dan tujuan strategis Entitas. economic conditions and the Entity’s strategic
objectives.
Untuk menjaga dan menyesuaikan struktur modal. To maintain and adjust the capital structure, the Entity
Entitas mungkin menerbitkan saham baru, memperoleh may issue new shares, obtain new borrowings or make
pinjaman baru atau melakukan pelunasan pinjaman. repayment.
2025 2024
Liabilitas Neto Net Liabilities
Jumlah Liabilitas 3.123.011 3.251.676 Total Liabilities
Dikurangi: Kas dan setara kas (956.526) (503.649) Less: Cash and cash equivalents
Jumlah Liabilitas Neto 2.166.485 2.748.027 Total Net Liabilities
Jumlah Ekuitas Disesuaikan 4.240.585 3.823.159 Total Adjusted Equity
Rasio Liabilitas terhadap
Ekuitas Disesuaikan 0,51 0,72 Debt to Adjusted Equity Ratio
42. SEGMEN OPERASI 42. OPERATING SEGMENT
Dalam mengidentifikasi segmen operasi Entitas, In identifying the Entity operating segments, the
manajemen melihat dari jenis usaha berdasarkan sifat management categorizes the Entity business based on
produk dan jasa yang mewakili kegiatan utama usaha nature of the Entity products and services that represent
Entitas yaitu pipa baja las lurus, pipa baja las spiral, strip main activities of the Entity business: steel pipe mill,
dan plat serta jasa dan lain-lain. spiral steel pipe mill, strips and plate and services and
others.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
42. SEGMEN OPERASI - Lanjutan 42. OPERATING SEGMENT - Continued
Informasi konsolidasian berdasarkan segmen operasi The following table sets forth the consolidated
adalah sebagai berikut: information based on their operating segments:
31 Desember 2025/December 31, 2025
Pipa Baja Jasa dan
Pipa Baja Las Spiral/ Strip dan Lain-Lain/
Las Lurus/ Spiral Steel Plat/Strips Services and Jumlah/
Steel Pipe Mill Pipe Mill and Plate Others Total
Penjualan dan Sales and service
pendapatan jasa 4.051.571 1.144.639 665.736 70.851 5.932.797 revenues
Beban pokok pendapatan (3.279.628) (926.551) (538.894) (57.352) (4.802.424) Cost of revenues
Laba kotor 771.943 218.088 126.842 13.499 1.130.373 Gross profit
Pendapatan lain-lain - - - - 118.697 Other income
Beban penjualan dan Selling and distribution
distribusi - - - - (192.310) expenses
Beban umum dan General and
administrasi - - - - (126.019) administrative expenses
Beban keuangan - - - - (203.991) Financial expenses
Beban lain-lain - - - - (54.264) Other expenses
Laba sebelum taksiran Income before provision
penghasilan (beban) for tax income
pajak - - - - 672.486 (expense)
Jumlah taksiran beban Total provision for tax
pajak - - - - (138.270) expense
Laba bersih tahun berjalan 534.216 Net income for the year
Informasi-informasi lain Other Information
Total aset - - - - 8.796.370 Total Assets
Total liabilitas - - - - 3.123.011 Total liabilities
Ekuitas - neto - - - - 5.673.359 Equity - net
Depreciation and
Penyusutan dan amortisasi - - - - 2.763 amortization
Penambahan aset tetap - - - - 330.601 Additions of fixed assets
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
42. SEGMEN OPERASI - Lanjutan 42. OPERATING SEGMENT - Continued
31 Desember 2024/December 31, 2024
Pipa Baja Jasa dan
Pipa Baja Las Spiral/ Strip dan Lain-Lain/
Las Lurus/ Spiral Steel Plat/Strips Services and Jumlah/
Steel Pipe Mill Pipe Mill and Plate Others Total
Penjualan dan Sales and service
pendapatan jasa 4.467.000 1.023.136 590.299 37.929 6.118.364 revenues
Beban pokok pendapatan (3.659.530) (838.190) (483.594) (31.073) (5.012.387) Cost of revenues
Laba kotor 807.470 184.946 106.705 6.856 1.105.977 Gross profit
Pendapatan lain-lain - - - - 121.873 Other income
Beban penjualan dan Selling and distribution
distribusi - - - - (159.646) expenses
Beban umum dan General and
administrasi - - - - (125.254) administrative expenses
Beban keuangan - - - - (210.832) Financial expenses
Beban lain-lain - - - - (56.529) Other expenses
Laba sebelum taksiran Income before provision
penghasilan (beban) for tax income
pajak - - - - 675.589 (expense)
Jumlah taksiran beban Total provision for tax
pajak - - - - (145.526) expense
Laba bersih tahun berjalan 530.063 Net income for the year
Informasi-informasi lain Other Information
Total aset - - - - 8.295.427 Total Assets
Total liabilitas - - - - 3.251.676 Total liabilities
Ekuitas - neto - - - - 5.043.751 Equity - net
Depreciation and
Penyusutan dan amortisasi - - - - 3.558 amortization
Penambahan aset tetap - - - - 241.129 Additions of fixed assets
Penjualan dan pendapatan jasa berdasarkan lokasi Sales and service revenues according to region based on
pelanggan untuk tahun yang berakhir pada tanggal customers location for the years ended
31 Desember 2025 dan 2024 adalah sebagai berikut: December 31, 2025 and 2024 are as follows:
2025 2024
Lokal Domestic
DKI Jakarta 2.394.428 1.837.040 DKI Jakarta
Jawa Timur 1.579.444 1.968.307 East Java
Jawa Barat dan Banten 1.062.778 1.088.604 West Java and Banten
Jawa Tengah dan Yogyakarta 249.330 355.321 Central Java and Yogyakarta
Wilayah Kalimantan 156.237 238.138 Kalimantan Region
Wilayah Sulawesi 128.336 167.187 Sulawesi Region
Wilayah Sumatera 120.406 183.051 Sumatera Region
Wilayah Lainnya 58.164 103.787 Others
Sub-jumlah 5.749.123 5.941.435 Sub-total
Ekspor 183.674 176.929 Export
Jumlah 5.932.797 6.118.364 Total
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
43. REKONSILIASI ARUS KAS AKTIVITAS 43. RECONCILIATION OF CASH FLOW FROM
PENDANAAN FINANCING ACTIVITIES
Perubahan
non-kas/
1 Januari 2025/ Arus kas/ Non-cash 31 Desember 2025/
January 1, 2025 Cash flows changes December 31, 2025
Liabilitas sewa 21.202 (18.077) (71) 3.054 Lease liabilities
Utang bank jangka pendek 918.667 (215.385) - 703.282 Short-term bank loans
Utang bank jangka panjang - - - - Long-term bank loans
Utang obligasi 1.347.100 4.650 - 1.351.750 Bonds payable
Utang sukuk 202.000 102.850 - 304.850 Sukuk payable
Jumlah liabilitas dari Total liabilities from
aktivitas pendanaan 2.488.969 (125.962) (71) 2.362.936 financing activities
Perubahan
non-kas/
1 Januari 2024/ Arus kas/ Non-cash 31 Desember 2024/
January 1, 2024 Cash flows changes December 31, 2024
Liabilitas sewa 41.656 (21.409) 955 21.202 Lease liabilities
Utang bank jangka pendek 1.757.746 (845.786) 6.707 918.667 Short-term bank loans
Utang bank jangka panjang 708 (708) - - Long-term bank loans
Utang obligasi 544.350 802.750 - 1.347.100 Bonds payable
Utang sukuk 315.650 (113.650) - 202.000 Sukuk payable
Jumlah liabilitas dari Total liabilities from
aktivitas pendanaan 2.660.110 (178.803) 7.662 2.488.969 financing activities
44. TRANSAKSI NON KAS 44. NON-CASH TRANSACTIONS
Untuk tahun yang berakhir 31 Desember 2025 dan 2024, For the years ended December 31, 2025 and 2024, the
terdapat beberapa akun dalam laporan keuangan yang addition of several accounts in the financial statements,
penambahannya merupakan aktivitas yang tidak represents activity that does not affect cash flows. The
mempengaruhi arus kas. Akun-akun tersebut adalah accounts are as follows:
sebagai berikut:
2025 2024
Penambahan aset tetap melalui Addition of property, plant and
reklasifikasi uang muka pembelian equipment through advances for
(lihat Catatan 12) 93.697 63.183 purchases (see Note 12)
Penambahan aset hak-guna melalui Acquisitions of right-of-use assets
liabilitas sewa through lease liabilities
(lihat Catatan 12) - 959 (see Note 12)
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
45. INFORMASI TAMBAHAN 45. SUPPLEMENTARY INFORMATION
Informasi keuangan Entitas (Entitas Induk) terlampir The accompanying financial information of the Entity
yang terdiri dari laporan posisi keuangan tanggal 31 (parent), which comprises the statement of financial
Desember 2025 dan 2024, serta laporan laba rugi dan position as of December 31, 2025 and 2024 and the
penghasilan komprehensif lain, laporan perubahan statement of profit or loss and other comprehensive
ekuitas, dan laporan arus kas untuk tahun yang berakhir income, statement of changes in equity, and statement of
pada tanggal tersebut (secara kolektif disebut sebagai cash flows for the years ended (collectively referred as
“Informasi Keuangan Entitas”) yang disajikan sebagai “Financial Information”) which are presented as
informasi tambahan terhadap laporan keuangan supplementary information to the consolidated financial
konsolidasian, disajikan untuk tujuan analisis tambahan statement, is presented for the purposes of additional
dan bukan merupakan bagian dari laporan keuangan analysis and is not a required part of the consolidated
konsolidasian yang diharuskan menurut Standar financial statements under Indonesian Financial
Akuntansi Keuangan di Indonesia. Informasi Keuangan Accounting Standards. The Entity Financial Information
Entitas merupakan tanggung jawab dari manajemen serta is the responsibility of management and was derived
dihasilkan dari dan berkaitan secara langsung dengan from and relates directly to the underlying accounting
catatan akuntansi dan catatan lainnya yang mendasarinya and other records used to prepare the consolidated
yang digunakan untuk menyusun laporan keuangan financial statements.
konsolidasian.
46. KOMITMEN DAN KONTINJENSI 46. COMMITMENT AND CONTINGENCY
Komitmen Commitment
Komitmen Jual Sales Commitment
Entitas berkomitmen untuk menjual pipa baja kepada The Entity is committed to selling steel pipes to all of its
semua pelanggannya, tidak terdapat penjualan yang customers, no sales are bound by a sales contract. But
diikat dengan kontrak penjualan. Namun hanya terikat only tied to a regular purchase order.
dengan pesanan pembelian biasa.
Komitmen Beli Purchase Commitment
Entitas berkomitmen untuk membeli coil dan strip The Entity is committed to purchasing coils and strips
kepada pemasok lokal dan pemasok impor. Pemasok from local suppliers and imported suppliers. Local
lokal yaitu PT Krakatau Steel Tbk, PT Sarana Steel, PT suppliers are PT Krakatau Steel Tbk, PT Sarana Steel,
Gunung Raja Paksi, PT Essar Indonesia, dan PT Gunung Raja Paksi, PT Essar Indonesia, and
PT Jindal Stainless Indonesia. Sedangkan pemasok PT Jindal Stainless Indonesia. Meanwhile, import
impor yaitu Hyundai Steel, JFE, Posco, dan Arcelor. suppliers are Hyundai Steel, JFE, Posco, and Arcelor.
Kontinjensi Contingency
Pada saat laporan keuangan ini diterbitkan, Entitas tidak At the time the financial statements are published, the
sedang tersangkut perkara pidana, perkara perdata, Entity is not involved in any criminal, civil, or
administratif dengan instansi pemerintah yang administrative cases with the relevant government
berwenang. Demikian pula Entitas tidak pernah authorities. Similarly Entity has never been declared
dinyatakan pailit atas baik permohonan sendiri maupun bankrupt over a request either own or at the request of
permohonan pihak lain. Bahwa Entitas tidak pernah the other party and that the Company or management is
dihukum karena melakukan tindak pidana yang not been convicted of a crime that harms the State.
merugikan Negara.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
47. PERISTIWA SETELAH TANGGAL PELAPORAN 47. EVENTS AFTER REPORTING PERIOD
1. Sesuai dengan akta notaris No 12, tanggal 12 1. In accordance with notarial deed No. 12, dated
Agustus 2024 Helen sisceriany Ajinata, SH, Mkn, August 12, 2024 Helen sisceriany Ajinata, SH, Mkn,
yang masih berlaku untuk persetujuan komisaris which is still valid for the approval of the Entity's
Entitas dalam rangka penerbitan obligasi dan/atau commissioners in the context of issuing bonds
Sukuk di Pasar Modal serta memeroleh /menerima and/or Sukuk in the Capital Market as well as
pinjaman fasilitas kredit atau mendapatkan fasilitas- obtaining/receiving credit facility loans or
fasilitas perbankan lainnya yang timbul disebabkan obtaining other banking facilities arising from
oleh apapun juga baik yang telah dan/atau akan anything that has been and/or will be received by the
diterima oleh Entitas. Entity.
Sehubungan dengan rencana penawaran umum In connection with the planned public offering of
Berkelanjutan Obligasi Berkelanjutan III Continuous Bonds III (PUB III Bonds) and
(PUB III Obligasi) dan Sukuk Ijarah berkelanjutan Continuous Sukuk Ijarah III (PUB III Sukuk Ijarah)
III (PUB III Sukuk Ijarah) untuk menerbitkan to issue bonds of up to Rp 1,000,000,000,000 (full
obligasi tersebut sebanyak-banyaknya amount), the following creditor banks have provided
Rp 1.000.000.000.000 (nilai penuh), berikut letters of approval as follows:
beberapa bank kreditur telah memberikan surat
persetujuan sebagai berikut:
a. PT Bank SMBC Indonesia, Tbk sesuai dengan a. PT Bank SMBC Indonesia, Tbk in accordance
surat persetujuan No S.011/WBWBSBY/I/ with the approval letter No.
2026 tanggal 7 Januari 2026. S.011/WBWBSBY/I/2026 dated January 7,
2026.
b. PT Bank ICBC Indonesia sesuai dengan surat b. PT Bank ICBC Indonesia in accordance with
persetujuan No 003/ICBC-SBY/I/2026 the approval letter No. 003/ICBC-SBY/I/2026
tanggal 14 Januari 2026. dated January 14, 2026.
c. PT Bank Resona Perdania, sesuai dengan surat c. PT Bank Resona Perdania, in accordance with
persetujuannya No.001/SK/BRP/SBY/MKT/ its approval letter No.01/SK/BRP/SBY/MKT/
II/2026 tanggal 4 Februari 2026. II/2026 dated February 4, 2026.
d. PT Bank Central Asia, Tbk sesuai dengan surat d. PT Bank Central Asia, Tbk in accordance with
persetujuan No 30065/BGK/2026 tanggal the approval letter No. 30065/BGK/2026 dated
9 Februari 2026. February 9, 2026.
48. PENERBITAN KEMBALI LAPORAN 48. RE-ISSUANCE OF FINANCIAL STATEMENTS
KEUANGAN
Sehubungan dengan hasil penelaahan Otoritas Jasa In connection with the results of the review by the
Keuangan (OJK) atas Penawaran Umum Obligasi dan Financial Services Authority (OJK) on the Sustainable
Sukuk Ijarah Terkait Berkelanjutan III SPINDO Tahap 1 Public Offering Bonds and Sukuk Ijarah III SPINDO
Tahun 2026, Entitas telah menerbitkan kembali laporan Phase 1 2026, the Entity has reissued its financial
keuangan bertanggal 21 April 2026 untuk disesuaikan statements dated April 21, 2026 to be adjusted to the
dengan peraturan pasar modal yang berlaku, dengan prevailing capital market regulations. applicable, with
tambahan penyajian pengungkapan sebagai berikut: additional presentation of the following disclosures:
laporan arus kas, catatan 1a, 1d, 1e, 10, 12, 13, 30, 31, statement of cash flows, notes 1a, 1d, 1e, 10, 12, 13, 30,
32, 34, dan 36. 31, 32, 34, and 36.
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN PT STEEL PIPE INDUSTRYPT.OF
STEELINDONESIA Tbk
PIPE INDUSTRY OF INDONESIA, Tbk. AND
ENTITAS ANAKNYA ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan STATEMENTS - Continued
Pada dan Untuk Tahun-tahun Yang Berakhir Tanggal As of and For The Years Ended
31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Rupiah, unless otherwise stated)
48. PENERBITAN KEMBALI LAPORAN KEUANGAN 48. RE-ISSUANCE OF FINANCIAL STATEMENTS -
- Lanjutan Continued
Laporan Arus Kas Sebelum Disajikan Kembali Statement of Cash Flows Before Restated
Catatan/
Notes 2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERASI OPERATING ACTIVITIES
Penerimaan kas dari pelanggan 6,9,27 6.072.158 6.159.065 Cash receipt from customers
Pembayaran kas kepada Cash paid to suppliers
pemasok, karyawan, dan lain-lain (4.561.979) (4.917.701) employees and others
Kas yang dihasilkan dari operasi 1.510.179 1.241.364 Cash generated from operations
Pembayaran biaya keuangan (203.991) (210.833) Payment of finance cost
Pembayaran pajak penghasilan (126.322) (138.910) Payment of income tax
Penerimaan penghasilan keuangan 25.565 1.437 Receipt of finance income
Kas Neto Diperoleh dari Net Cash Provided by
Aktivitas Operasi 1.205.431 893.058 Operating Activities
Laporan Arus Kas Setelah Disajikan Kembali Statement of Cash Flows After Restated
Catatan/
Notes 2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERASI OPERATING ACTIVITIES
Penerimaan kas dari pelanggan 6,9,29 6.072.158 6.159.065 Cash receipt from customers
Pembayaran kas kepada pemasok (4.254.013) (4.815.101) Cash paid to suppliers
Pembayaran kas kepada karyawan Cash paid to employees
dan lain-lain (307.966) (102.600) and others
Kas yang dihasilkan dari operasi 1.510.179 1.241.364 Cash generated from operations
Pembayaran biaya keuangan (203.991) (210.833) Payment of finance cost
Pembayaran pajak penghasilan (126.322) (138.910) Payment of income tax
Penerimaan penghasilan keuangan 25.565 1.437 Receipt of finance income
Kas Neto Diperoleh dari Net Cash Provided by
Aktivitas Operasi 1.205.431 893.058 Operating Activities
49. PENYELESAIAN LAPORAN KEUANGAN 49. COMPLETION OF CONSOLIDATED FINANCIAL
KONSOLIDASIAN STATEMENTS
Manajemen Grup bertanggung jawab atas penyusunan The management of the Group are responsible for the
laporan keuangan konsolidasian yang telah diselesaikan preparation of the consolidated financial statements
pada tanggal 21 April 2026. which were completed on April 21, 2026.
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
(ENTITAS INDUK) (PARENT ONLY)
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
LAPORAN POSISI KEUANGAN STATEMENT OF FINANCIAL POSITION
31 DESEMBER 2025 dan 2024 DECEMBER 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Indonesian Rupiah, unless otherwise
stated)
2025 2024
ASET ASSETS
ASET LANCAR CURRENT ASSETS
Kas dan setara kas 955.956 502.640 Cash on hand and in banks
Piutang usaha Trade receivables
Pihak ketiga 904.100 1.084.569 Third parties
Pihak berelasi 53.054 37.129 Related parties
Piutang lain-lain Other receivables
Pihak ketiga 1.437 572 Third parties
Persediaan 2.924.160 3.519.974 Inventories
Pajak dibayar di muka 2.236 - Prepaid taxes
Uang muka 54.013 37.649 Advances
Biaya dibayar di muka 130.164 70.573 Prepaid expenses
Jumlah Aset Lancar 5.025.120 5.253.106 Total Current Assets
ASET TIDAK LANCAR NON-CURRENT ASSETS
Piutang pihak berelasi 662 915 Due from related party
Investasi pada entitas asosiasi 42.705 39.579 Investments in associates
Penyertaan saham 900 900 Stock investment
Aset tetap - neto 3.021.724 2.529.331 Property, plant and equipment - net
Properti investasi - neto 20.209 9.067 Investment properties - net
Aset takberwujud - neto 1.080 1.731 Intangible assets - net
Uang muka 684.951 461.478 Advances
Jumlah Aset Tidak Lancar 3.772.231 3.043.001 Total Non-Current Assets
JUMLAH ASET 8.797.351 8.296.107 TOTAL ASSETS
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
PT STEEL PIPE INDUSTRY OF INDONESIA PT STEEL PIPE INDUSTRY OF INDONESIA
(ENTITAS INDUK) (PARENT ONLY)
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
LAPORAN POSISI KEUANGAN - Lanjutan STATEMENT OF FINANCIAL POSITION - Continued
31 DESEMBER 2025 dan 2024 DECEMBER 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Indonesian Rupiah, unless otherwise
stated)
2025 2024
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS LIABILITIES
LIABILITAS JANGKA PENDEK CURRENT LIABILITIES
Utang bank jangka pendek 703.282 918.667 Short-term bank loans
Utang usaha Trade payables
Pihak ketiga 306.374 336.992 Third parties
Pihak berelasi 705 1.125 Related parties
Utang pajak 24.889 31.412 Taxes payable
Beban masih harus dibayar 36.370 41.515 Accrued expenses
Uang muka pelanggan 8.597 58.618 Advance from customer
Liabilitas jangka pendek lainnya 44.696 19.941 Other current liabilities
Bagian lancar atas liabilitas Current maturities of long-term
jangka panjang: liabilities:
Liabilitas sewa 3.054 17.791 Lease liabilities
Utang obligasi 282.765 135.000 Bonds payable
Utang sukuk ijarah 217.785 50.000 Sukuk ijarah payable
Jumlah Liabilitas Jangka Pendek 1.628.517 1.611.061 Total Current Liabilities
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES
Utang jangka panjang - setelah dikurangi Long-term liabilities - net of current
bagian jatuh tempo dalam satu tahun: maturities within 1 (one) year:
Liabilitas sewa - 3.411 Lease liabilities
Utang obligasi 1.068.985 1.212.100 Bonds payable
Utang sukuk ijarah 87.065 152.000 Sukuk ijarah payable
Liabilitas pajak tangguhan 238.994 185.533 Deferred tax liabilities
Liabilitas imbalan kerja karyawan 99.358 87.484 Liabilities for employees' benefits
Jumlah Liabilitas Jangka Panjang 1.494.402 1.640.528 Total Non-Current Liabilities
JUMLAH LIABILITAS 3.122.919 3.251.589 TOTAL LIABILITIES
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
PT STEEL PIPE INDUSTRY OF INDONESIA PT STEEL PIPE INDUSTRY OF INDONESIA
(ENTITAS INDUK) (PARENT ONLY)
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
LAPORAN POSISI KEUANGAN - Lanjutan STATEMENT OF FINANCIAL POSITION - Continued
31 DESEMBER 2025 dan 2024 DECEMBER 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Indonesian Rupiah, unless otherwise
stated)
2025 2024
EKUITAS EQUITY
Modal saham - nilai nominal Capital stock - par value
Rp 100 per saham (Rupiah penuh) Rp 100 per share (full amount)
Modal dasar - 17.000.000.000 Authorized capital - 17,000,000,000
saham Modal ditempatkan dan disetor shares Issued and fully paid
penuh - 7.185.992.035 saham 718.599 718.599 capital - 7,185,992,035 shares
Tambahan modal disetor - neto 498.269 500.880 Additional paid-in capital - net
Saham treasuri - 134.513.600 saham (13.451) (12.065) Treasury stocks - 134,513,600 shares
Saldo laba Retained earnings
Ditentukan penggunaannya 50.000 40.000 Appropriated
Tidak ditentukan penggunaannya 2.988.224 2.576.526 Unappropriated
Komponen ekuitas lainnya 1.432.791 1.220.578 Other equity components
JUMLAH EKUITAS 5.674.432 5.044.518 TOTAL EQUITY
JUMLAH LIABILITAS TOTAL LIABILITIES
DAN EKUITAS 8.797.351 8.296.107 AND EQUITY
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PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
(ENTITAS INDUK) (PARENT ONLY)
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENT OF PROFIT OR LOSS AND OTHER
KOMPREHENSIF LAIN COMPREHENSIVE INCOME
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
TANGGAL 31 DESEMBER 2025 dan 2024 DECEMBER 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Indonesian Rupiah, unless otherwise
stated)
2025 2024
PENJUALAN DAN SALES AND SERVICE
PENDAPATAN JASA 5.932.759 6.118.232 REVENUES
BEBAN POKOK PENDAPATAN (4.802.424) (5.012.387) COST OF REVENUES
LABA BRUTO 1.130.335 1.105.845 GROSS PROFIT
Pendapatan lain-lain 118.688 121.863 Other income
Beban penjualan dan distribusi (192.092) (159.363) Selling and distribution expenses
Beban umum dan administrasi (125.882) (125.206) General and administrative expenses
Beban keuangan (203.991) (210.832) Financial expenses
Beban lain-lain (54.266) (56.529) Other expenses
LABA SEBELUM TAKSIRAN
BEBAN PAJAK INCOME BEFORE PROVISION
PENGHASILAN 672.792 675.778 FOR TAX EXPENSE
TAKSIRAN BEBAN PAJAK PROVISION FOR INCOME
PENGHASILAN: TAX EXPENSE:
Kini (144.664) (160.121) Current
Tangguhan 6.394 14.595 Deferred
JUMLAH TAKSIRAN TOTAL PROVISION
BEBAN PAJAK - NETO (138.270) (145.526) FOR TAX EXPENSE - NET
LABA TAHUN BERJALAN 534.522 530.252 INCOME FOR THE YEAR
PENGHASILAN OTHER COMPREHENSIVE
KOMPREHENSIF LAIN INCOME
POS-POS YANG TIDAK AKAN ITEM NOT TO BE
DIREKLASIFIKASI KE RECLASSIFIED TO
LABA RUGI PROFIT OR LOSS
Surplus revaluasi 279.360 - Revaluation surplus
Keuntungan (kerugian) aktuaria (7.292) 1.695 Actuarial gain (losses)
Pajak penghasilan terkait pos-pos yang Income tax related to item not to
tidak akan direklasifikasi ke laba rugi (59.855) (373) be reclassified to profit or loss
PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE
LAIN - SETELAH PAJAK 212.213 1.322 INCOME - AFTER TAX
JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE
TAHUN BERJALAN 746.735 531.574 INCOME FOR THE YEAR
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
(ENTITAS INDUK) (PARENT ONLY)
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
LAPORAN PERUBAHAN EKUITAS STATEMENT OF CHANGE IN EQUITY
UNTUK TAHUN-TAHUN YANG BERAKHIR TANGGAL FOR THE YEARS ENDED
31 DESEMBER 2025 dan 2024 DECEMBER 31, 2025 and 2024
(Expressed in Millions of Indonesian Rupiah, unless otherwise stated)
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)
Komponen Ekuitas Lainnya/
Modal Tambahan Other Equity Components
Ditempatkan dan Modal Disetor- Surplus Kerugian Saldo Laba/Retained Earnings
Disetor Penuh/ Neto/ Saham Revaluasi/ Aktuaria/ Ditentukan Tidak ditentukan
Issued and Fully Additional Paid-in Treasuri/ Revaluation Actuarial penggunaannya/ penggunaannya/ Jumlah Ekuitas/
Paid Capital Capital-Net Treasury Stocks Surplus Losses Appropriated Unappropriated Total Equity
Balance as of
Saldo per 1 Januari 2024 718.599 500.880 (12.065) 1.221.713 (2.457) 30.000 2.162.254 4.618.924 January 1, 2024
Penghasilan komprehensif
lain - - - - 1.322 - - 1.322 Other comprehensive income
Pembentukan cadangan umum - - - - - 10.000 (10.000) - Allocation for general reserve
Dividen - - - - - - (105.980) (105.980) Dividend
438
Laba bersih tahun berjalan - - - - - - 530.252 530.252 Net income for the year
Saldo per Balance as of
31 Desember 2024 718.599 500.880 (12.065) 1.221.713 (1.135) 40.000 2.576.526 5.044.518 December 31, 2024
Saham treasuri - (2.611) (1.386) - - - - (3.997) Treasury stock
Penghasilan (beban) Other (expenses)
komprehensif lain - - - 217.901 (5.688) - - 212.213 comprehensive income
Pembentukan cadangan umum - - - - - 10.000 (10.000) - Allocation for general reserve
Dividen - - - - - - (112.824) (112.824) Dividend
Laba bersih tahun berjalan - - - - - - 534.522 534.522 Net income for the year
Saldo per Balance as of
31 Desember 2025 718.599 498.269 (13.451) 1.439.614 (6.823) 50.000 2.988.224 5.674.432 December 31, 2025
PT. STEEL PIPE INDUSTRY OF INDONESIA, Tbk.
116
Page 473
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk PT STEEL PIPE INDUSTRY OFINDUSTRY
PT. STEEL PIPE INDONESIA
OF INDONESIA, Tbk. Tbk
(ENTITAS INDUK) (ENTITAS INDUK)
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
LAPORAN ARUS KAS STATEMENT OF CASH FLOWS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
TANGGAL 31 DESEMBER 2025 dan 2024 DECEMBER 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Indonesian Rupiah, unless otherwise
stated)
2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERASI OPERATING ACTIVITIES
Penerimaan kas dari pelanggan 6.072.038 6.158.930 Cash receipt from customers
Pembayaran kas kepada pemasok (4.254.013) (4.815.101) Cash paid to suppliers
Pembayaran kas kepada Cash paid to employees
karyawan dan lain-lain (307.652) (102.249) and others
Kas yang dihasilkan dari operasi 1.510.373 1.241.580 Cash generated from operations
Pembayaran beban keuangan (203.991) (210.833) Payment of finance expenses
Pembayaran pajak penghasilan (126.322) (138.910) Payment of income tax
Penerimaan penghasilan keuangan 25.557 1.427 Receipt of finance income
Kas Neto Diperoleh dari Net Cash Provided by
Aktivitas Operasi 1.205.617 893.264 Operating Activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS INVESTASI INVESTING ACTIVITIES
Proceeds from sale of property,
Hasil penjualan aset tetap 96 225 plant and equipment
Acquisitions of property,
Perolehan aset tetap (236.904) (180.838) plant and equipment
Penambahan uang muka Addition on advances of property,
pembelian aset tetap (260.955) (83.523) plant and equipment
Penambahan aset tidak lancar lainnya (1.014) (641) Addition of other non-current assets
Penambahan properti investasi (11.142) - Additions in investment property
Penerimaan (pembayaran) Receipt (Payment) of
piutang berelasi 253 (246) related receivable
Kas Neto Digunakan untuk Net Cash Used in
Aktivitas Investasi (509.666) (265.023) Investing Activities
117
439
Page 474
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk PT STEEL PIPE INDUSTRY OFINDUSTRY
PT. STEEL PIPE INDONESIA
OF INDONESIA, Tbk. Tbk
(ENTITAS INDUK) (ENTITAS INDUK)
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
LAPORAN ARUS KAS - Lanjutan STATEMENT OF CASH FLOWS - Continued
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
TANGGAL 31 DESEMBER 2025 dan 2024 DECEMBER 31, 2025 and 2024
(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain) (Expressed in Millions of Indonesian Rupiah, unless otherwise
stated)
2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS PENDANAAN FINANCING ACTIVITIES
Pembayaran liabilitas sewa (18.077) (21.409) Payment of lease liabilities
Pembayaran dividen (112.824) (105.980) Dividend payment
Penambahan bersih dari utang bank Net increase from short-term
jangka pendek 2.948.181 4.548.920 bank loans
Penurunan bersih dari utang bank Decrease from
jangka pendek (3.163.566) (5.394.706) short-term bank loans
Penerimaan utang obligasi 139.650 1.000.000 Receipt bonds payable
Biaya emisi obligasi (1.997) (17.078) Bonds issuance costs
Pembayaran utang obligasi (135.000) (197.250) Payment bonds payable
Penerimaan utang sukuk 152.850 - Receipt sukuk payable
Biaya emisi sukuk (2.133) - Sukuk issuance costs
Pembayaran utang sukuk (50.000) (113.650) Payment sukuk payable
Pembayaran untuk utang Payments to long-term
bank jangka panjang - (708) bank loans
Kas Neto Digunakan untuk Net Cash Used in
Aktivitas Pendanaan (242.916) (301.861) Financing Activities
KENAIKAN NETO NET INCREASE IN CASH AND
KAS DAN SETARA KAS 453.035 326.380 CASH EQUIVALENTS
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS
AWAL TAHUN 502.640 175.976 AT BEGINNING OF YEAR
EFFECTS OF EXCHANGE
DAMPAK PERUBAHAN KURS DIFFERENCES ON CASH
PADA KAS DAN SETARA KAS 281 284 AND CASH EQUIVALENTS
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS
AKHIR TAHUN 955.956 502.640 AT THE END OF YEAR
118
440
Names mentioned 39 people and organisations named in the text · linked when the evidence is strong
unresolved
person
Ir. Sutami Kelurahan Parang Loe Surabaya
p.1
unresolved
org
PT KUSTODIAN SENTRAL EFEK INDONESIA
p.1
unresolved
org
PT PEMERINGKAT EFEK INDONESIA
p.1
unresolved
org
PT Indo Premier Sekuritas
p.1
unresolved
org
PT BRI DANAREKSA SEKURITAS WALI AMANAT OBLIGASI
p.1
unresolved
org
Kantor Akuntan Publik Kanaka Puradiredja
p.72
unresolved
org
PT STEEL PIPE INDUSTRYPT.
p.365 ×5
unresolved
org
PT Steel Pipe Industry
p.365 ×2
unresolved
org
Indonesia Tbk
p.365 ×2
unresolved
person
Djojo Muljadi
p.365
unresolved
org
Menteri Kehakiman Republik Indonesia
p.365
unresolved
org
Ministry of Justice
p.365
unresolved
org
Ministry of AHU-AH.
p.365
unresolved
org
PT Cakra Bhakti Para Putra. Pemegang
p.365
unresolved
org
Ministry of Law and Human Rights
p.368
unresolved
org
PT Sanko Steel Indonesia. Saldo
p.449
unresolved
org
PT Sarana Steel Corporation
p.449 ×2
unresolved
org
PT Citra Cakra Logam
p.449 ×2
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