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20240705_HIFI_Pengumuman Pencatatan Awal Obligasi dan Sukuk_31680133_lamp1.pdf
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JADWAL
Tanggal Efektif : 26 Juni 2024
Masa Penawaran Umum : 28 Juni - 2 Juli 2024
Tanggal Penjatahan : 3 Juli 2024
Tanggal Pengembalian Uang Pemesanan : 5 Juli 2024
Tanggal Distribusi Obligasi secara Elektronik : 5 Juli 2024
Tanggal Pencatatan Pada Bursa Efek Indonesia : 8 Juli 2024
OTORITAS JASA KEUANGAN (“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 HINO FINANCE INDONESIA (“PERSEROAN”) DAN PARA PENJAMIN PELAKSANA EMISI EFEK BERTANGGUNG JAWAB SEPENUHNYA ATAS KEBENARAN SEMUA INFORMASI,
PROSPEKTUS
FAKTA, DATA ATAU LAPORAN DAN KEJUJURAN PENDAPAT YANG TERCANTUM DALAM PROSPEKTUS INI.
PT HINO FINANCE INDONESIA
Kegiatan Usaha Utama:
Sewa Pembiayaan (Finance Lease) Untuk Kendaraan Komersial Truk dan Bis
KANTOR PUSAT KANTOR CABANG
Indomobil Tower, Lt. 17 Perseroan memiliki 8 (delapan) kantor cabang dan 4 (empat) Kantor
Jl. M.T. Haryono Kav. 11, Jakarta Timur 13330 Selain Kantor Cabang yang tersebar di wilayah DKI Jakarta, Banten,
Telp.: (021) 2982 7960 Faksimili: (021) 2982 7861 Jawa Tengah, Jawa Timur, Lampung, Sumatera Selatan, Sumatera Utara, Riau,
www.hinofinance.co.id E-mail: corporate.secretary@hinofinance.co.id Jawa Barat, Jambi, Sulawesi Selatan dan Sulawesi Tenggara.
PENAWARAN UMUM
OBLIGASI III HINO FINANCE INDONESIA TAHUN 2024
DENGAN JUMLAH POKOK OBLIGASI SEBESAR RP700.000.000.000,-
(TUJUH RATUS MILIAR RUPIAH) (”OBLIGASI”)
Obligasi ini diterbitkan tanpa warkat, kecuali Sertifikat Jumbo Obligasi yang akan diterbitkan oleh Perseroan atas nama PT Kustodian Sentral Efek Indonesia (“KSEI”), sebagai
bukti hutang kepada Pemegang Obligasi. Obligasi ini ditawarkan dengan nilai 100% (seratus persen) dari nilai Pokok Obligasi, yang terdiri dari 2 (dua) seri:
Seri A : Jumlah Obligasi Seri A yang ditawarkan adalah sebesar Rp342.895.000.000,- (tiga ratus empat puluh dua miliar delapan ratus sembilan puluh lima juta Rupiah)
dengan tingkat bunga Obligasi sebesar 6,70% (enam koma tujuh nol persen) per tahun. Jangka waktu Obligasi adalah 370 (tiga ratus tujuh puluh) Hari Kalender.
Pembayaran Obligasi dilakukan secara penuh (bullet payment) pada saat tanggal jatuh tempo.
Seri B : Jumlah Obligasi Seri B yang ditawarkan adalah sebesar Rp357.105.000.000,- (tiga ratus lima puluh tujuh miliar seratus lima juta Rupiah) dengan tingkat bunga
Obligasi sebesar 7,25% (tujuh koma dua lima persen) per tahun. Jangka waktu Obligasi adalah 3 (tiga) tahun. Pembayaran Obligasi dilakukan secara penuh (bullet
payment) pada saat tanggal jatuh tempo.
Obligasi ini ditawarkan dengan nilai 100% (seratus persen) dari jumlah Pokok Obligasi pada Tanggal Emisi. Bunga Obligasi dibayarkan setiap triwulan (3 bulan) sejak Tanggal
Emisi, sesuai dengan tanggal pembayaran Bunga Obligasi. Pembayaran Bunga Obligasi pertama akan dilakukan pada tanggal 5 Oktober 2024, sedangkan pembayaran Bunga
Obligasi terakhir sekaligus jatuh tempo Obligasi masing-masing adalah pada tanggal 15 Juli 2025 untuk Obligasi seri A dan tanggal 5 Juli 2027 untuk Obligasi seri B.
PENTING UNTUK DIPERHATIKAN
OBLIGASI INI TIDAK DIJAMIN DENGAN JAMINAN KHUSUS, TETAPI 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 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 PERATURAN PERUNDANG-UNDANGAN. KETERANGAN MENGENAI JAMINAN DAPAT DILIHAT
PADA BAB I PROSPEKTUS INI.
PERSEROAN DAPAT MELAKUKAN PEMBELIAN KEMBALI (BUY BACK) OBLIGASI UNTUK SEBAGIAN ATAU SELURUH OBLIGASI SEBAGAI PELUNASAN, MAUPUN UNTUK
DISIMPAN, DAN YANG DIKEMUDIAN HARI DAPAT DIJUAL KEMBALI DAN/ATAU UNTUK DIBERLAKUKAN SEBAGAI PELUNASAN, DENGAN KETENTUAN BAHWA HAL TERSEBUT
HANYA DAPAT DILAKSANAKAN SATU TAHUN SETELAH TANGGAL PENJATAHAN. PEMBELIAN KEMBALI (BUY BACK) OBLIGASI TIDAK DAPAT DILAKUKAN OLEH PERSEROAN
APABILA PERSEROAN BERADA DALAM KEADAAN LALAI ATAS PEMBAYARAN JUMLAH TERHUTANG ATAU JIKA PELAKSANAAN PEMBELIAN KEMBALI (BUY BACK) OBLIGASI
TERSEBUT TERBUKTI DAPAT MENGAKIBATKAN PERSEROAN TIDAK DAPAT MEMENUHI KETENTUAN-KETENTUAN DALAM PERJANJIAN PERWALIAMANATAN. RENCANA
BUY BACK DIUMUMKAN SELAMBAT-LAMBATNYA 2 (DUA) HARI KERJA SEBELUM TANGGAL PERMULAAN PENAWARAN BUY BACK. SELAMBAT-LAMBATNYA 2 (DUA) HARI
KERJA SEJAK DILAKUKANNYA BUY BACK, PERSEROAN WAJIB MENGUMUMKAN PERIHAL BUY BACK TERSEBUT PADA 1 (SATU) SURAT KABAR BERBAHASA INDONESIA
BERPEREDARAN NASIONAL. KETERANGAN MENGENAI BUY BACK DAPAT DILIHAT PADA BAB I PROSPEKTUS INI
PERSEROAN HANYA MENERBITKAN SERTIFIKAT JUMBO OBLIGASI DAN DIDAFTARKAN ATAS NAMA KSEI DAN AKAN DIDISTRIBUSIKAN DALAM BENTUK ELEKTRONIK YANG
DIADMINISTRASIKAN DALAM PENITIPAN KOLEKTIF DI KSEI.
RISIKO UTAMA YANG DIHADAPI PERSEROAN ADALAH RISIKO KREDIT ATAU RISIKO PEMBIAYAAN, YAITU RISIKO AKIBAT KEGAGALAN PIHAK LAIN DALAM MEMENUHI
KEWAJIBAN KEPADA PERSEROAN DAN JUGA DAPAT DIIDENTIFIKASI SEBAGAI KERUGIAN DARI PENURUNAN ATAU PENGHAPUSAN NILAI ASET TERMASUK ASSET OFF-
BALANCE SHEET.
RISIKO YANG MUNGKIN DIHADAPI INVESTOR PEMBELI OBLIGASI ADALAH TIDAK LIKUIDNYA OBLIGASI YANG DITAWARKAN DALAM PENAWARAN UMUM OBLIGASI INI
YANG ANTARA LAIN DISEBABKAN KARENA TUJUAN PEMBELIAN OBLIGASI SEBAGAI INVESTASI JANGKA PANJANG.
DALAM RANGKA PENERBITAN OBLIGASI INI, PERSEROAN TELAH MEMPEROLEH HASIL PEMERINGKATAN ATAS SURAT HUTANG JANGKA PANJANG DARI
PT FITCH RATINGS INDONESIA
AAA(idn)
(Triple A)
KETERANGAN LEBIH LANJUT TENTANG HASIL PEMERINGKAT DAPAT DILIHAT PADA BAB I PROSPEKTUS.
OBLIGASI YANG DITAWARKAN INI AKAN DICATATKAN PADA PT BURSA EFEK INDONESIA
PENAWARAN UMUM OBLIGASI INI DIJAMIN SECARA KESANGGUPAN PENUH (FULL COMMITMENT)
PENJAMIN PELAKSANA EMISI OBLIGASI
danareksa
sekuritas
PT Aldiracita Sekuritas Indonesia PT BRI Danareksa Sekuritas PT CIMB Niaga Sekuritas PT Indo Premier Sekuritas
WALI AMANAT
PT Bank Rakyat Indonesia (Persero) Tbk
Prospektus ini diterbitkan di Jakarta pada tanggal 28 Juni 2024
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PT Hino Finance Indonesia (selanjutnya dalam Prospektus ini disebut “Perseroan”) telah menyampaikan Pernyataan Pendaftaran Emisi Obligasi sehubungan dengan Penawaran Umum Obligasi III Hino Finance Indonesia Tahun 2024 (“Obligasi”), dengan jumlah Pokok Obligasi sebesar Rp700.000.000.000 (tujuh ratus miliar Rupiah) kepada OJK di Jakarta dengan surat No. 005/COS/III/2024 pada tanggal 21 Maret 2024, sesuai dengan persyaratan yang ditetapkan dalam Undang-Undang Republik Indonesia No. 8 Tahun 1995 tanggal 10 November 1995 tentang Pasar Modal, Lembaran Negara Republik Indonesia No.64 Tahun 1995, Tambahan No. 3608 (selanjutnya disebut “Undang-Undang Pasar Modal” atau “UUPM”) sebagaimana telah diubah dengan Undang-Undang No. 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan, Lembaran Negara Republik Indonesia No. 4 Tahun 2023, Tambahan No. 6845 (selanjutnya disebut "UUP2SK"). Perseroan akan mencatatkan Obligasi pada BEI sesuai dengan Persetujuan Prinsip Pencatatan Efek No. 03976/BEI.PP1/04-2024 tanggal 26 April 2024 yang dibuat antara Perseroan dan BEI. Apabila syarat-syarat pencatatan Obligasi di BEI tidak terpenuhi, maka Penawaran Umum Obligasi batal demi hukum dan pembayaran pesanan Obligasi tersebut wajib dikembalikan kepada para pemesan Obligasi sesuai dengan ketentuan dalam Perjanjian Penjaminan Emisi Obligasi dan Peraturan No. IX.A.2, Lampiran Keputusan Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan (“Bapepam dan LK”) No. Kep-122/BL/2009 Tanggal 29 Mei 2009 tentang Tata Cara Pendaftaran Dalam Rangka Penawaran Umum (“Peraturan No. IX.A.2”). Sesuai dengan Peraturan Otoritas Jasa Keuangan (“POJK”) No. 35/POJK.05/2018 tentang Penyelenggaraan Usaha Perusahaan Pembiayaan, Perseroan telah menyampaikan Pelaporan Rencana Penerbitan Efek Melalui Penawaran Umum sehubungan dengan penerbitan Obligasi III Hino Finance Indonesia Tahun 2024, dan rencana penerbitan tersebut telah dicatat dalam administrasi Pengawasan Lembaga Pembiayaan dan Perusahaan Modal Ventura Otoritas Jasa Keuangan sebagaimana surat OJK No. S-110/PL.111/2024 tanggal 8 Januari 2024, perihal Pencatatan Penerbitan Efek Melalui Penawaran Umum dalam Bentuk Obligasi PT Hino Finance Indonesia. 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, setiap Pihak Terafiliasi dilarang untuk memberikan keterangan atau pernyataan mengenai data yang tidak diungkapkan dalam Prospektus, tanpa persetujuan tertulis dari Emiten dan penjamin pelaksana emisi Efek. Para Penjamin Pelaksana Emisi Obligasi dan para Penjamin Emisi Obligasi serta Lembaga Profesi Penunjang Pasar Modal lainnya, dalam Penawaran Umum ini tidak mempunyai hubungan Afiliasi dengan Perseroan baik secara langsung maupun tidak langsung sesuai dengan definisi Afiliasi dalam UUPPSK. Penjelasan mengenai definisi Afiliasi dapat dilihat pada Bab Definisi dan Singkatan PENAWARAN UMUM OBLIGASI INI TIDAK DIDAFTARKAN BERDASARKAN UNDANG-UNDANG ATAU PERATURAN LAIN SELAIN YANG BERLAKU DI REPUBLIK INDONESIA. BARANG SIAPA DI LUAR WILAYAH INDONESIA MENERIMA PROSPEKTUS INI, MAKA PROSPEKTUS INI TIDAK DIMAKSUDKAN SEBAGAI PENAWARAN UNTUK MEMBELI OBLIGASI, KECUALI BILA PENAWARAN DAN PEMBELIAN OBLIGASI TERSEBUT TIDAK BERTENTANGAN ATAU BUKAN MERUPAKAN PELANGGARAN TERHADAP PERUNDANG-UNDANGAN SERTA KETENTUAN-KETENTUAN BURSA EFEK YANG BERLAKU DI NEGARA ATAU YURISDIKSI DI LUAR WILAYAH REPUBLIK INDONESIA TERSEBUT. SEMUA INFORMASI YANG WAJIB DIKETAHUI OLEH PUBLIK, TELAH DIUNGKAPKAN OLEH PERSEROAN DAN TIDAK TERDAPAT LAGI INFORMASI YANG BELUM DIUNGKAPKAN SEHINGGA TIDAK MENYESATKAN PUBLIK. PERSEROAN MENYATAKAN BAHWA SELURUH INFORMASI ATAU FAKTA MATERIAL TELAH DIUNGKAPKAN DAN INFORMASI ATAU FAKTA MATERIAL TERSEBUT TIDAK MENYESATKAN.
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DAFTAR ISI
DAFTAR ISI i
DEFINISI DAN SINGKATAN iii
RINGKASAN xi
I. PENAWARAN UMUM 1
II. PENGGUNAAN DANA YANG DIPEROLEH DARI PENAWARAN UMUM OBLIGASI 16
III. PERNYATAAN UTANG 17
IV. IKHTISAR DATA KEUANGAN PENTING 24
V. ANALISIS DAN PEMBAHASAN OLEH MANAJEMEN 27
VI. FAKTOR RISIKO 47
VII. KEJADIAN PENTING SETELAH TANGGAL LAPORAN AUDITOR INDEPENDEN 50
VIII. KETERANGAN TENTANG PERSEROAN, KEGIATAN USAHA, SERTA KECENDERUNGAN DAN PROSPEK 51
USAHA
A. RIWAYAT PERSEROAN 51
1. PENDIRIAN DAN UMUM 51
2. KEGIATAN USAHA MENURUT ANGGARAN DASAR 51
3. STRUKTUR PERMODALAN DAN KEPEMILIKAN SAHAM PERSEROAN 53
4. PERIZINAN 54
5. PENGURUS DAN PENGAWAS 54
6. TATA KELOLA PERUSAHAAN 62
7. STRUKTUR ORGANISASI PERSEROAN 74
8. SUMBER DAYA MANUSIA 74
9. SIFAT DAN TRANSAKSI PIHAK AFILIASI 77
10. HUBUNGAN KEPEMILIKAN PERSEROAN DENGAN PEMEGANG SAHAM PERSEROAN 80
11. KETERANGAN TENTANG PEMEGANG SAHAM UTAMA 81
12. PERJANJIAN PENTING DENGAN PIHAK KETIGA 88
13. KETERANGAN TENTANG ASET 92
14. ASURANSI 92
15. HAK KEKAYAAN INTELEKTUAL (HAKI) 93
16. PERKARA HUKUM YANG DIHADAPI PERSEROAN SERTA DIREKSI DAN KOMISARIS 93
PERSEROAN
i
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B. KEGIATAN USAHA SERTA KECENDERUNGAN DAN PROSPEK USAHA 95
1. UMUM 95
2. KEGIATAN USAHA 96
3. PEMASARAN 98
4. PERSAINGAN USAHA 100
5. PROSPEK USAHA PERSEROAN 100
6. STRATEGI PERSEROAN 101
7. TEKNOLOGI INFORMASI 101
8. SIFAT MUSIMAN DARI KEGIATAN USAHA PERSEROAN YANG MEMPENGARUHI 102
PENDAPATAN
9. KEGIATAN USAHA PERSEROAN SEHUBUNGAN DENGAN MODAL KERJA YANG 102
MENIMBULKAN RISIKO KHUSUS
10. RISET DAN PENGEMBANGAN 102
IX. PERPAJAKAN 103
X. PENJAMINAN EMISI OBLIGASI 104
XI. LEMBAGA DAN PROFESI PENUNJANG PASAR MODAL 105
XII. KETERANGAN TENTANG WALI AMANAT 107
1. UMUM 107
2. PERMODALAN WALI AMANAT 108
3. PENGURUS DAN PENGAWASAN 108
4. KEGIATAN USAHA 108
5. PERIZINAN BRI 111
6. TUGAS POKOK WALI AMANAT 111
7. PENUNJUKAN, PENGGANTIAN DAN BERAKHIRNYA TUGAS WALI AMANAT 111
8. LAPORAN KEUANGAN 112
XIII. TATA CARA PEMESANAN OBLIGASI 113
XIV. PENYEBARLUASAN PROSPEKTUS DAN FORMULIR PEMESANAN PEMBELIAN OBLIGASI 118
XV. PENDAPAT DARI SEGI HUKUM 119
XVI. LAPORAN KEUANGAN PERSEROAN 139
ii
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ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ͕ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂ ƉƵŶ͕ ĚĂůĂŵ ŵĞŶĞŶƚƵŬĂŶ
ƉĞŶŐĞůŽůĂĂŶĚĂŶͬĂƚĂƵŬĞďŝũĂŬĂŶƉĞƌƵƐĂŚĂĂŶŽůĞŚŽůĞŚƉŝŚĂŬLJĂŶŐƐĂŵĂ͖ĂƚĂƵ
Ő͘ ŚƵďƵŶŐĂŶĂŶƚĂƌĂƉĞƌƵƐĂŚĂĂŶĚĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵƵƚĂŵĂLJĂŝƚƵƉŝŚĂŬLJĂŶŐ
ƐĞĐĂƌĂůĂŶŐƐƵŶŐŵĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐŵĞŵŝůŝŬŝƉĂůŝŶŐŬƵƌĂŶŐϮϬй;ĚƵĂƉƵůƵŚ
ƉĞƌƐĞŶͿƐĂŚĂŵLJĂŶŐŵĞŵƉƵŶLJĂŝŚĂŬƐƵĂƌĂĚĂƌŝƉĞƌƵƐĂŚĂĂŶƚĞƌƐĞďƵƚ͘
“Agen Pembayaran” ͗ ĞƌĂƌƚŝ <^ /͕ ďĞƌŬĞĚƵĚƵŬĂŶ Ěŝ :ĂŬĂƌƚĂ ^ĞůĂƚĂŶ͕ LJĂŶŐ ĚŝƚƵŶũƵŬ ĚĞŶŐĂŶ ƉĞƌũĂŶũŝĂŶ
ƚĞƌƚƵůŝƐŽůĞŚWĞƌƐĞƌŽĂŶ͕LJĂŶŐďĞƌŬĞǁĂũŝďĂŶŵĞŵďĂŶƚƵŵĞůĂŬƐĂŶĂŬĂŶƉĞŵďĂLJĂƌĂŶ
ƵŶŐĂ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ƉĞůƵŶĂƐĂŶ WŽŬŽŬ KďůŝŐĂƐŝƚĞƌŵĂƐƵŬ ĞŶĚĂ ;ũŝŬĂ ĂĚĂͿ
ĚĂŶͬĂƚĂƵ ƉĞŵďĂLJĂƌĂŶ ŵĂŶĨĂĂƚ ůĂŝŶ ĂƚĂƐ KďůŝŐĂƐŝ ;ũŝŬĂ ĂĚĂͿ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ
KďůŝŐĂƐŝŵĞůĂůƵŝWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐƵŶƚƵŬĚĂŶĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝŵĂŶĂ
ĚŝĂƚƵƌĚĂůĂŵWĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ͕ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐ
ĚŝĂƚƵƌĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ΗŬƚĂWĞŶŐĂŬƵĂŶhƚĂŶŐΗ ͗ ĞƌĂƌƚŝ ĂŬƚĂ LJĂŶŐ ŵĞŵƵĂƚ ƉĞŶŐĂŬƵĂŶ ŵŝƚĞŶ ĂƚĂƐ ƵƚĂŶŐ LJĂŶŐ ĚŝƉĞƌŽůĞŚ
ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŵŝƐŝ KďůŝŐĂƐŝ͕ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵƵĂƚ ĚĂůĂŵ ĂŬƚĂ WĞŶŐĂŬƵĂŶ
hƚĂŶŐKďůŝŐĂƐŝ///,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϰ͕ƐĞďĂŐĂŝŵĂŶĂĚŝŵƵĂƚĚĂůĂŵ
ŬƚĂ WĞŶŐĂŬƵĂŶ hƚĂŶŐ EŽ͘ ϳϱ ƚĂŶŐŐĂů Ϯϰ :ƵŶŝ ϮϬϮϰ͕ LJĂŶŐ ĚŝďƵĂƚ Ěŝ ŚĂĚĂƉĂŶ
/ƌ͘EĂŶĞƚƚĞĂŚLJĂŶŝĞ,ĂŶĚĂƌŝĚŝtĂƌƐŝƚŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“Bank Kustodian” ͗ ĞƌĂƌƚŝ ďĂŶŬ ƵŵƵŵ LJĂŶŐ ƚĞůĂŚ ŵĞŵƉĞƌŽůĞŚ ƉĞƌƐĞƚƵũƵĂŶ ĂƉĞƉĂŵ ĚĂŶ >< ĂƚĂƵ
KƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶƵŶƚƵŬŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂƐĞďĂŐĂŝ <ƵƐƚŽĚŝĂŶ
ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵhŶĚĂŶŐͲhŶĚĂŶŐWĂƐĂƌDŽĚĂů͘
“Bunga Obligasi” ͗ ĞƌĂƌƚŝ ƵŶŐĂ KďůŝŐĂƐŝ ĚĂƌŝ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞƌŝ KďůŝŐĂƐŝ LJĂŶŐ ŚĂƌƵƐ ĚŝďĂLJĂƌ ŽůĞŚ
WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ͕ ŬĞĐƵĂůŝ KďůŝŐĂƐŝ LJĂŶŐ ĚŝŵŝůŝŬŝ WĞƌƐĞƌŽĂŶ
LJĂŝƚƵ͗
• ^Ğƌŝ͗ϲ͕ϳϬй;ĞŶĂŵŬŽŵĂƚƵũƵŚŶŽůƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͖
• ^Ğƌŝ͗ϳ͕Ϯϱй;ƚƵũƵŚŬŽŵĂĚƵĂůŝŵĂƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͘
“Bursa Efek” atau “BEI” ͗ ĞƌĂƌƚŝ ƉŝŚĂŬ LJĂŶŐ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ĚĂŶ ŵĞŶLJĞĚŝĂŬĂŶ ƐŝƐƚĞŵ ĚĂŶͬĂƚĂƵ ƐĂƌĂŶĂ
ƵŶƚƵŬ ŵĞŵƉĞƌƚĞŵƵŬĂŶ ƉĞŶĂǁĂƌĂŶ ũƵĂů ďĞůŝ ĨĞŬ ƉŝŚĂŬͲƉŝŚĂŬ ůĂŝŶ ĚĞŶŐĂŶ ƚƵũƵĂŶ
ŵĞŵƉĞƌĚĂŐĂŶŐŬĂŶ ĨĞŬĚŝĂŶƚĂƌĂŵĞƌĞŬĂ͕LJĂŶŐĚĂůĂŵŚĂůŝŶŝĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŽůĞŚ
WdƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂ͕ďĞƌŬĞĚƵĚƵŬĂŶĚŝ:ĂŬĂƌƚĂ^ĞůĂƚĂŶ͘
“Daftar Pemegang Rekening” ͗ ĞƌĂƌƚŝ ĚĂĨƚĂƌ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ <^ / LJĂŶŐ ŵĞŵƵĂƚ ŬĞƚĞƌĂŶŐĂŶ ƚĞŶƚĂŶŐ
ŬĞƉĞŵŝůŝŬĂŶKďůŝŐĂƐŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝŵĞůĂůƵŝWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐĚŝ<^ /
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LJĂŶŐ ŵĞŵƵĂƚ ŬĞƚĞƌĂŶŐĂŶ ĂŶƚĂƌĂ ůĂŝŶ ŶĂŵĂ͕ ũƵŵůĂŚ ŬĞƉĞŵŝůŝŬĂŶ KďůŝŐĂƐŝ͕ ƐƚĂƚƵƐ
ƉĂũĂŬ ĚĂŶ ŬĞǁĂƌŐĂŶĞŐĂƌĂĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ďĞƌĚĂƐĂƌŬĂŶ ĚĂƚĂͲĚĂƚĂ LJĂŶŐ
ĚŝďĞƌŝŬĂŶŽůĞŚWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐŬĞƉĂĚĂ<^ /͘
“Denda” ͗ ĞƌĂƌƚŝƐĞũƵŵůĂŚĚĂŶĂLJĂŶŐǁĂũŝďĚŝďĂLJĂƌĂŬŝďĂƚĂĚĂŶLJĂŬĞƚĞƌůĂŵďĂƚĂŶŬĞǁĂũŝďĂŶ
ƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵWŽŬŽŬKďůŝŐĂƐŝLJĂŝƚƵƐĞďĞƐĂƌϭй;ƐĂƚƵƉĞƌƐĞŶͿ
ƉĞƌƚĂŚƵŶĚŝĂƚĂƐƚŝŶŐŬĂƚƵŶŐĂKďůŝŐĂƐŝĚĂƌŝũƵŵůĂŚĚĂŶĂLJĂŶŐƚĞƌůĂŵďĂƚĚŝďĂLJĂƌ͕
LJĂŶŐ ĚŝŚŝƚƵŶŐ ƐĞĐĂƌĂ ŚĂƌŝĂŶ ƐĞũĂŬ ŬĞƚĞƌůĂŵďĂƚĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ĚŝďĂLJĂƌ ůƵŶĂƐ
ƐƵĂƚƵ ŬĞǁĂũŝďĂŶ LJĂŶŐ ŚĂƌƵƐ ĚŝďĂLJĂƌ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͕
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶϭ;ƐĂƚƵͿƚĂŚƵŶĂĚĂůĂŚϯϲϬ;ƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ
ĚĂŶϭ;ƐĂƚƵͿďƵůĂŶĂĚĂůĂŚϯϬ;ƚŝŐĂƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͘
“Dokumen Emisi” ͗ ĞƌĂƌƚŝ WƌŽƐƉĞŬƚƵƐ͕ WƌŽƐƉĞŬƚƵƐ ǁĂů͕ WƌŽƐƉĞŬƚƵƐ ZŝŶŐŬĂƐ͕ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͕ WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ KďůŝŐĂƐŝ͕ ŬƚĂ WĞŶŐĂŬƵĂŶ hƚĂŶŐ͕
WĞƌũĂŶũŝĂŶ ŐĞŶ WĞŵďĂLJĂƌĂŶ͕ WĞƌũĂŶũŝĂŶ WĞŶĚĂĨƚĂƌĂŶ ĨĞŬ ĞƌƐŝĨĂƚ hƚĂŶŐ Ěŝ <^ /͕
WĞƌƐĞƚƵũƵĂŶWƌŝŶƐŝƉWĞŶĐĂƚĂƚĂŶ ĨĞŬĞƌƐŝĨĂƚhƚĂŶŐ͕ŽŬƵŵĞŶůĂŝŶŶLJĂLJĂŶŐĚŝďƵĂƚ
ĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝ͖ďĞƐĞƌƚĂƐĞŵƵĂƉĞƌƵďĂŚĂŶ͕ƉĞŶĂŵďĂŚĂŶ
ĚĂŶ WĞŵďĂŚĂƌƵĂŶŶLJĂ ĚĂŶ ĚŽŬƵŵĞŶ ůĂŝŶ LJĂŶŐ ĚŝďƵĂƚ ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ
hŵƵŵKďůŝŐĂƐŝĚĂŶͬĂƚĂƵLJĂŶŐĚŝƐLJĂƌĂƚŬĂŶŽůĞŚŝŶƐƚĂŶƐŝLJĂŶŐďĞƌǁĞŶĂŶŐ͘
“Efek” ͗ ĞƌĂƌƚŝ ƐƵƌĂƚ ďĞƌŚĂƌŐĂ LJĂŝƚƵ ƐƵƌĂƚ ƉĞŶŐĂŬƵĂŶ ƵƚĂŶŐ͕ ƐƵƌĂƚ ďĞƌŚĂƌŐĂ ŬŽŵĞƌƐŝĂů͕
ƐĂŚĂŵ͕ŽďůŝŐĂƐŝƚĞƌŵĂƐƵŬKďůŝŐĂƐŝŝŶŝ͕ƚĂŶĚĂďƵŬƚŝƵƚĂŶŐ͕hŶŝƚWĞŶLJĞƌƚĂĂŶ<ŽŶƚƌĂŬ
/ŶǀĞƐƚĂƐŝ<ŽůĞŬƚŝĨ͕<ŽŶƚƌĂŬĞƌũĂŶŐŬĂĂƚĂƐ ĨĞŬĚĂŶƐĞƚŝĂƉĚĞƌŝǀĂƚŝĨ ĨĞŬ͘
“Efektif” ͗ ĞƌĂƌƚŝƚĞƌƉĞŶƵŚŝŶLJĂƐĞůƵƌƵŚ ƉĞƌƐLJĂƌĂƚĂŶWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶWĂƐĂůϳϰhhWW^<͕LJĂŝƚƵ͗
Ă͘ ĂƚĂƐĚĂƐĂƌůĞǁĂƚŶLJĂǁĂŬƚƵLJĂŝƚƵ͗
;ŝͿ͘ ϮϬ;ĚƵĂƉƵůƵŚͿ,Ăƌŝ<ĞƌũĂƐĞũĂŬƚĂŶŐŐĂůWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶĚŝƚĞƌŝŵĂ
KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ƐĞĐĂƌĂ ůĞŶŐŬĂƉ͕ LJĂŝƚƵ ƚĞůĂŚ ŵĞŶĐĂŬƵƉ ƐĞůƵƌƵŚ
ŬƌŝƚĞƌŝĂLJĂŶŐĚŝƚĞƚĂƉŬĂŶĚĂůĂŵƉĞƌĂƚƵƌĂŶLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶWĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ
hŵƵŵĚĂŶƉĞƌĂƚƵƌĂŶLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶWĞŶĂǁĂƌĂŶhŵƵŵ͖ĂƚĂƵ
;ŝŝͿ͘ ϮϬ;ĚƵĂƉƵůƵŚͿ,Ăƌŝ<ĞƌũĂƐĞũĂŬƚĂŶŐŐĂůƉĞƌƵďĂŚĂŶƚĞƌĂŬŚŝƌĂƚĂƐWĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶ LJĂŶŐ ĚŝĂũƵŬĂŶ WĞƌƐĞƌŽĂŶ ĂƚĂƵ LJĂŶŐ ĚŝŵŝŶƚĂ KƚŽƌŝƚĂƐ :ĂƐĂ
<ĞƵĂŶŐĂŶĚŝƉĞŶƵŚŝ͖ĂƚĂƵ
ď͘ ĂƚĂƐĚĂƐĂƌWĞŶLJĂƚĂĂŶ ĨĞŬƚŝĨĚĂƌŝKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶďĂŚǁĂƚŝĚĂŬĂĚĂůĂŐŝ
ƉĞƌƵďĂŚĂŶĚĂŶͬĂƚĂƵƚĂŵďĂŚĂŶŝŶĨŽƌŵĂƐŝůĞďŝŚůĂŶũƵƚLJĂŶŐĚŝƉĞƌůƵŬĂŶ͘
“Emisi” ͗ ĞƌĂƌƚŝ ƉĞŶĞƌďŝƚĂŶ KďůŝŐĂƐŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ĚŝƚĂǁĂƌŬĂŶ ĚĂŶ ĚŝũƵĂů ŬĞƉĂĚĂ
DĂƐLJĂƌĂŬĂƚŵĞůĂůƵŝWĞŶĂǁĂƌĂŶhŵƵŵ͘
“&ŽƌĐĞDĂũĞƵƌĞ” ͗ ĞƌĂƌƚŝŬĞũĂĚŝĂŶͲŬĞũĂĚŝĂŶLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶŬĞĂĚĂĂŶĚŝůƵĂƌŬĞŵĂŵƉƵĂŶĚĂŶ
ŬĞŬƵĂƐĂĂŶ ƉĂƌĂ ƉŝŚĂŬ ƐĞƉĞƌƚŝ ďĂŶũŝƌ͕ ŐĞŵƉĂ ďƵŵŝ͕ ŐƵŶƵŶŐ ŵĞůĞƚƵƐ͕ ŬĞďĂŬĂƌĂŶ͕
ƉĞƌĂŶŐ ĂƚĂƵ ŚƵƌƵ ŚĂƌĂ Ěŝ /ŶĚŽŶĞƐŝĂ͕ ĂĚĂŶLJĂ ƐƵĂƚƵ ƉĂŶĚĞŵŝ ĂƚĂƵ ŵĞŶLJĞďĂƌŶLJĂ
ǁĂďĂŚƉĞŶLJĂŬŝƚLJĂŶŐŵĞŵĂƚŝŬĂŶƐĞĐĂƌĂŶĂƐŝŽŶĂů͕ĂƚĂƵĚŝƚĞƚĂƉŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚ
ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝ ďĞŶĐĂŶĂ ŶĂƐŝŽŶĂů LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ĂŬŝďĂƚ ŶĞŐĂƚŝĨ
ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů ƚĞƌŚĂĚĂƉ ŬĞŵĂŵƉƵĂŶ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƉŝŚĂŬ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ
ŬĞǁĂũŝďĂŶŶLJĂďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
“Hari Bursa” ͗ ĞƌĂƌƚŝ ŚĂƌŝ ĚŝŵĂŶĂ ƵƌƐĂ ĨĞŬ ĂƚĂƵ ďĂĚĂŶ ŚƵŬƵŵ LJĂŶŐ ŵĞŶŐŐĂŶƚŝŬĂŶŶLJĂ
ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ŬĞŐŝĂƚĂŶ ƵƌƐĂ ĨĞŬ ŵĞŶƵƌƵƚ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ
LJĂŶŐ ďĞƌůĂŬƵ ĚĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ďƵƌƐĂ ĞĨĞŬ ƚĞƌƐĞďƵƚ ĚĂŶ ďĂŶŬ ĚĂƉĂƚ
ŵĞůĂŬƵŬĂŶŬůŝƌŝŶŐ͘
“Hari Kalender” ͗ ĞƌĂƌƚŝƐĞƚŝĂƉŚĂƌŝĚĂůĂŵƐĂƚƵƚĂŚƵŶĚĂůĂŵŬĂůĞŶĚĞƌDĂƐĞŚŝƚĂŶƉĂŬĞĐƵĂůŝƚĞƌŵĂƐƵŬ
ŚĂƌŝ ^ĂďƚƵ͕ DŝŶŐŐƵ ĚĂŶ ůŝďƵƌ ŶĂƐŝŽŶĂů LJĂŶŐ ƐĞǁĂŬƚƵ ǁĂŬƚƵ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ
WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĂŶ ,Ăƌŝ <ĞƌũĂ ďŝĂƐĂ LJĂŶŐ ŬĂƌĞŶĂ ƐƵĂƚƵ ŬĞĂĚĂĂŶ
ƚĞƌƚĞŶƚƵĚŝƚĞƚĂƉŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂďƵŬĂŶ,Ăƌŝ<ĞƌũĂďŝĂƐĂ͘
“Hari Kerja” ͗ ĞƌĂƌƚŝ ŚĂƌŝ ^ĞŶŝŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ŚĂƌŝ :ƵŵĂƚ͕ ŬĞĐƵĂůŝ ŚĂƌŝ ůŝďƵƌ ŶĂƐŝŽŶĂů LJĂŶŐ
ĚŝƚĞƚĂƉŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĂƚĂƵ,Ăƌŝ<ĞƌũĂďŝĂƐĂLJĂŶŐŬĂƌĞŶĂ
ƐƵĂƚƵ ŬĞĂĚĂĂŶ ƚĞƌƚĞŶƚƵ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝ
ďƵŬĂŶ,Ăƌŝ<ĞƌũĂďŝĂƐĂ͘
iv
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“Jumlah Terutang” ͗ ĞƌĂƌƚŝƐĞŵƵĂũƵŵůĂŚƵĂŶŐLJĂŶŐŚĂƌƵƐĚŝďĂLJĂƌŽůĞŚWĞƌƐĞƌŽĂŶŬĞƉĂĚĂWĞŵĞŐĂŶŐ
KďůŝŐĂƐŝ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ KďůŝŐĂƐŝ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
ƐĞƌƚĂƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶůĂŝŶŶLJĂLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶ ŵŝƐŝŝŶŝ͕ƚĞƌŵĂƐƵŬ
ƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐLJĂŬŶŝďĞƌƵƉĂũƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝĚĂŶͬĂƚĂƵƵŶŐĂKďůŝŐĂƐŝ
ƐĞƌƚĂĞŶĚĂ;ũŝŬĂĂĚĂͿLJĂŶŐƚĞƌƵƚĂŶŐĚĂƌŝǁĂŬƚƵŬĞǁĂŬƚƵ͘
“Kantor Selain Kantor Cabang” ͗ ĞƌĂƌƚŝ ŬĂŶƚŽƌ ƉĞŵĂƐĂƌĂŶ ;ƉŽŝŶƚ ŽĨ ƐĂůĞͿ ĂƚĂƵ ŬĂŶƚŽƌ ƉĞŶĂŐŝŚĂŶ͘ <ĂŶƚŽƌ ^ĞůĂŝŶ
<ĂŶƚŽƌ ĂďĂŶŐ ĚŝůĂƌĂŶŐ ŵĞŵďĞƌŝŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ƉĞŵďŝĂLJĂĂŶ ŬĞƉĂĚĂ ĐĂůŽŶ
ĞďŝƚƵƌĚĂŶĚŝůĂƌĂŶŐŵĞŶĂŶĚĂƚĂŶŐĂŶŝƉĞƌũĂŶũŝĂŶĂƚĂƵŬŽŶƚƌĂŬƉĞŵďŝĂLJĂĂŶĚĞŶŐĂŶ
ĞďŝƚƵƌ͘
“Konfirmasi Tertulis” ͗ ĞƌĂƌƚŝůĂƉŽƌĂŶ<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐĚĂŶͬĂƚĂƵůĂƉŽƌĂŶƐĂůĚŽKďůŝŐĂƐŝĚĂůĂŵZĞŬĞŶŝŶŐ
ĨĞŬLJĂŶŐĚŝƚĞƌďŝƚŬĂŶŽůĞŚ<^ /͕ĂƚĂƵWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶ
ƉĞŵďƵŬĂĂŶ ZĞŬĞŶŝŶŐ ĨĞŬ ĚĂŶ ŬŽŶĨŝƌŵĂƐŝ ƚĞƌƐĞďƵƚ ŵĞŶũĂĚŝ ĚĂƐĂƌ ƵŶƚƵŬ
ŵĞŶĚĂƉĂƚŬĂŶƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝ͕ƉĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝĚĂŶŚĂŬͲŚĂŬ
ůĂŝŶLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶKďůŝŐĂƐŝ͘
“Konfirmasi Tertulis Untuk ͗ ĞƌĂƌƚŝ ƐƵƌĂƚ ŬŽŶĨŝƌŵĂƐŝ ŬĞƉĞŵŝůŝŬĂŶ KďůŝŐĂƐŝ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ <^ / ŬĞƉĂĚĂ
RUPO” atau “KTUR” WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ŵĞůĂůƵŝ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ͕ ŬŚƵƐƵƐ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ
ŵĞŶŐŚĂĚŝƌŝZhWKĂƚĂƵŵĞŶŐĂũƵŬĂŶƉĞƌŵŝŶƚĂĂŶĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŶLJĂZhWK͕ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ<^ /͘
“KSEI” ͗ ĞƌĂƌƚŝWd<ƵƐƚŽĚŝĂŶ^ĞŶƚƌĂů ĨĞŬ/ŶĚŽŶĞƐŝĂ͕ďĞƌŬĞĚƵĚƵŬĂŶĚŝ:ĂŬĂƌƚĂ^ĞůĂƚĂŶ͕LJĂŶŐ
ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƐĞďĂŐĂŝ >ĞŵďĂŐĂ WĞŶLJŝŵƉĂŶĂŶ ĚĂŶ WĞŶLJĞůĞƐĂŝĂŶ
ƐĞďĂŐĂŝŵĂŶĂĚŝĚĞĨŝŶŝƐŝŬĂŶĚĂůĂŵhŶĚĂŶŐhŶĚĂŶŐWĂƐĂƌDŽĚĂů͕LJĂŶŐĚĂůĂŵ ŵŝƐŝ
KďůŝŐĂƐŝ ŝŶŝ ďĞƌƚƵŐĂƐ ƵŶƚƵŬ ŵĞŶLJŝŵƉĂŶ ĚĂŶ ŵĞŶŐĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶ KďůŝŐĂƐŝ
ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞŶĚĂĨƚĂƌĂŶ ĨĞŬ ĞƌƐŝĨĂƚ hƚĂŶŐ Ěŝ <^ / ĚĂŶ ďĞƌƚƵŐĂƐ
ƐĞďĂŐĂŝŐĞŶWĞŵďĂLJĂƌĂŶďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ͘
“Kustodian” ͗ ĞƌĂƌƚŝ ƉŝŚĂŬ LJĂŶŐ ŵĞŵďĞƌŝ ũĂƐĂ ƉĞŶŝƚŝƉĂŶ ĨĞŬ ĚĂŶ ŚĂƌƚĂ ůĂŝŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶ
ĚĞŶŐĂŶ ĨĞŬƐĞƌƚĂũĂƐĂůĂŝŶŶLJĂƚĞƌŵĂƐƵŬŵĞŶĞƌŝŵĂƵŶŐĂKďůŝŐĂƐŝĚĂŶŚĂŬͲŚĂŬůĂŝŶ͕
ŵĞŶLJĞůĞƐĂŝŬĂŶ ƚƌĂŶƐĂŬƐŝ ĨĞŬ ĚĂŶ ŵĞǁĂŬŝůŝ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ LJĂŶŐ ŵĞŶũĂĚŝ
ŶĂƐĂďĂŚŶLJĂƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶhhWD͕LJĂŶŐŵĞůŝƉƵƚŝ<^ /͕WĞƌƵƐĂŚĂĂŶ ĨĞŬ
ĚĂŶĂŶŬ<ƵƐƚŽĚŝĂŶ͘
“Manajer Penjatahan” ͗ ĞƌĂƌƚŝWd/ŶĚŽWƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐLJĂŶŐďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂƚĂƐƉĞŶũĂƚĂŚĂŶKďůŝŐĂƐŝ
zĂŶŐ ŝƚĂǁĂƌŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ĚĂůĂŵ WĞƌĂƚƵƌĂŶ
ĂƉĞƉĂŵ ĚĂŶ >< EŽ͘ /y͘͘ϳ͕ >ĂŵƉŝƌĂŶ <ĞƉƵƚƵƐĂŶ <ĞƚƵĂ ĂƉĞƉĂŵ
EŽ͘ <ĞƉͲϲϵϭͬ>ͬϮϬϭϭ ƚĂŶŐŐĂů ϯϬ ĞƐĞŵďĞƌ ϮϬϭϭ dĞŶƚĂŶŐ WĞŵĞƐĂŶĂŶ ĂŶ
WĞŶũĂƚĂŚĂŶ ĨĞŬĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵ͘
“Masa Penawaran Umum” ͗ ĞƌĂƌƚŝ ũĂŶŐŬĂ ǁĂŬƚƵ ďĂŐŝ DĂƐLJĂƌĂŬĂƚ ƵŶƚƵŬ ĚĂƉĂƚ ŵĞŶŐĂũƵŬĂŶ ƉĞŵĞƐĂŶĂŶ
ƉĞŵďĞůŝĂŶKďůŝŐĂƐŝĚĂƉĂƚĚŝůĂŬƵŬĂŶŵĞůĂůƵŝƉĞŶŐĂũƵĂŶ&WWKĚĂƉĂƚĚŝĂũƵŬĂŶŬĞƉĂĚĂ
WĂƌĂWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬ͕WĂƌĂWĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬĂƚĂƵŐĞŶWĞŶũƵĂů
ƐĞďĂŐĂŝŵĂŶĂĚŝƚĞŶƚƵŬĂŶĚĂůĂŵWƌŽƐƉĞŬƚƵƐĚĂŶ&WWK͘
“Masyarakat” ͗ ĞƌĂƌƚŝ ƉĞƌŽƌĂŶŐĂŶ͕ ďĂŝŬ tĂƌŐĂ EĞŐĂƌĂ /ŶĚŽŶĞƐŝĂ ŵĂƵƉƵŶ tĂƌŐĂ EĞŐĂƌĂ ƐŝŶŐ
ĚĂŶͬĂƚĂƵďĂĚĂŶŚƵŬƵŵ/ŶĚŽŶĞƐŝĂŵĂƵƉƵŶďĂĚĂŶŚƵŬƵŵĂƐŝŶŐďĂŝŬLJĂŶŐďĞƌƚĞŵƉĂƚ
ƚŝŶŐŐĂůͬďĞƌŬĞĚƵĚƵŬĂŶ Ěŝ /ŶĚŽŶĞƐŝĂ ŵĂƵƉƵŶ ďĞƌƚĞŵƉĂƚ ƚŝŶŐŐĂůͬďĞƌŬĞĚƵĚƵŬĂŶ
ĚŝůƵĂƌŶĞŐĞƌŝ͘
“Menkumham” ͗ ĞƌĂƌƚŝDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘
“Obligasi” ͗ ĞƌĂƌƚŝKďůŝŐĂƐŝ///,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϰĚĂůĂŵũƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝ
ƐĞďĞƐĂƌZƉϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬ;ƚƵũƵŚƌĂƚƵƐŵŝůŝĂƌZƵƉŝĂŚͿ͕LJĂŶŐƚĞƌĚŝƌŝĚĂƌŝϮ;ĚƵĂͿ
ƐĞƌŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
^Ğƌŝ ͗ :ƵŵůĂŚ KďůŝŐĂƐŝ ^Ğƌŝ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϯϰϮ͘ϴϵϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƌĂƚƵƐĞŵƉĂƚƉƵůƵŚĚƵĂŵŝůŝĂƌĚĞůĂƉĂŶƌĂƚƵƐ
ƐĞŵďŝůĂŶ ƉƵůƵŚ ůŝŵĂ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ KďůŝŐĂƐŝ
ƐĞďĞƐĂƌϲ͕ϳϬй;ĞŶĂŵŬŽŵĂƚƵũƵŚŶŽůƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͘:ĂŶŐŬĂǁĂŬƚƵ
KďůŝŐĂƐŝ ĂĚĂůĂŚ ϯϳϬ ;ƚŝŐĂ ƌĂƚƵƐ ƚƵũƵŚ ƉƵůƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌ͘
v
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WĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƉĞŶƵŚ;ďƵůůĞƚƉĂLJŵĞŶƚͿƉĂĚĂ
ƐĂĂƚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽ͘
^Ğƌŝ ͗ :ƵŵůĂŚ KďůŝŐĂƐŝ ^Ğƌŝ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϯϱϳ͘ϭϬϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƌĂƚƵƐůŝŵĂƉƵůƵŚƚƵũƵŚŵŝůŝĂƌƐĞƌĂƚƵƐůŝŵĂ
ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ KďůŝŐĂƐŝ ƐĞďĞƐĂƌ ϳ͕Ϯϱй ;ƚƵũƵŚ
ŬŽŵĂ ĚƵĂ ůŝŵĂ ƉĞƌƐĞŶͿ ƉĞƌ ƚĂŚƵŶ͘ :ĂŶŐŬĂ ǁĂŬƚƵ KďůŝŐĂƐŝ ĂĚĂůĂŚ ϯ
;ƚŝŐĂͿ ƚĂŚƵŶ͘ WĞŵďĂLJĂƌĂŶ KďůŝŐĂƐŝ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƉĞŶƵŚ ;ďƵůůĞƚ
ƉĂLJŵĞŶƚͿƉĂĚĂƐĂĂƚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽ͘
KďůŝŐĂƐŝ ŝŶŝ ĚŝƚĂǁĂƌŬĂŶ ĚĞŶŐĂŶ ŶŝůĂŝ ϭϬϬй ;ƐĞƌĂƚƵƐ ƉĞƌƐĞŶͿ ĚĂƌŝ ũƵŵůĂŚ WŽŬŽŬ
KďůŝŐĂƐŝ ƉĂĚĂ dĂŶŐŐĂů ŵŝƐŝ͘ ƵŶŐĂ KďůŝŐĂƐŝ ĚŝďĂLJĂƌŬĂŶ ƐĞƚŝĂƉ ƚƌŝǁƵůĂŶ ;ϯ ďƵůĂŶͿ
ƐĞũĂŬ dĂŶŐŐĂů ŵŝƐŝ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƚĂŶŐŐĂů ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ͘
WĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝƉĞƌƚĂŵĂĂŬĂŶĚŝůĂŬƵŬĂŶƉĂĚĂƚĂŶŐŐĂůϱKŬƚŽďĞƌϮϬϮϰ͕
ƐĞĚĂŶŐŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ƚĞƌĂŬŚŝƌ ƐĞŬĂůŝŐƵƐ ũĂƚƵŚ ƚĞŵƉŽ KďůŝŐĂƐŝ
ŵĂƐŝŶŐͲŵĂƐŝŶŐĂĚĂůĂŚƉĂĚĂƚĂŶŐŐĂůϭϱ:ƵůŝϮϬϮϱƵŶƚƵŬKďůŝŐĂƐŝƐĞƌŝĚĂŶƚĂŶŐŐĂů
ϱ:ƵůŝϮϬϮϳƵŶƚƵŬKďůŝŐĂƐŝƐĞƌŝ͘
“OJK” ͗ ĞƌĂƌƚŝKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶĂĚĂůĂŚůĞŵďĂŐĂLJĂŶŐŝŶĚĞƉĞŶĚĞŶLJĂŶŐŵĞŵƉƵŶLJĂŝ
ĨƵŶŐƐŝ͕ ƚƵŐĂƐ͕ ĚĂŶ ǁĞǁĞŶĂŶŐ ƉĞŶŐĂƚƵƌĂŶ͕ ƉĞŶŐĂǁĂƐĂŶ͕ ƉĞŵĞƌŝŬƐĂĂŶ͕ ĚĂŶ
ƉĞŶLJŝĚŝŬĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵhŶĚĂŶŐͲhŶĚĂŶŐŶŽŵŽƌ͗ϮϭƚĂŚƵŶϮϬϭϭ
;ĚƵĂƌŝďƵƐĞďĞůĂƐͿdĞŶƚĂŶŐKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ͕ƐĞďĂŐĂŝŵĂŶĂĚŝƵďĂŚƐĞďĂŐŝĂŶ
ĚĞŶŐĂŶ hŶĚĂŶŐͲhŶĚĂŶŐ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ŶŽŵŽƌ͗ ϰ ƚĂŚƵŶ ϮϬϮϯ ;ĚƵĂ ƌŝďƵ ĚƵĂ
ƉƵůƵŚƚŝŐĂͿƚĞŶƚĂŶŐWĞŶŐĞŵďĂŶŐĂŶĚĂŶWĞŶŐƵĂƚĂŶ^ĞŬƚŽƌ<ĞƵĂŶŐĂŶ͘
“Pemegang Obligasi” ͗ ĞƌĂƌƚŝDĂƐLJĂƌĂŬĂƚLJĂŶŐŵĞŵŝůŝŬŝŵĂŶĨĂĂƚĂƚĂƐƐĞďĂŐŝĂŶĂƚĂƵƐĞůƵƌƵŚKďůŝŐĂƐŝLJĂŶŐ
ĚŝƐŝŵƉĂŶĚĂŶĚŝĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶĚĂůĂŵ͗
ϭ͘ ZĞŬĞŶŝŶŐ ĨĞŬƉĂĚĂ<^ /͕ĂƚĂƵ
Ϯ͘ ZĞŬĞŶŝŶŐ ĨĞŬƉĂĚĂ<^ /ŵĞůĂůƵŝWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ͘
“Pemegang Rekening” ͗ ĞƌĂƌƚŝƉŝŚĂŬLJĂŶŐ ŶĂŵĂŶLJĂƚĞƌĐĂƚĂƚƐĞďĂŐĂŝƉĞŵŝůŝŬZĞŬĞŶŝŶŐ ĨĞŬĚŝ<^ /͕LJĂŶŐ
ŵĞůŝƉƵƚŝĂŶŬ<ƵƐƚŽĚŝĂŶĂƚĂƵWĞƌƵƐĂŚĂĂŶ ĨĞŬĂƚĂƵƉŝŚĂŬůĂŝŶLJĂŶŐĚŝƐĞƚƵũƵŝŽůĞŚ
<^ /͕ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶhhWDĚĂŶWĞƌĂƚƵƌĂŶ<^ /͘
“Penawaran Umum” ͗ ĞƌĂƌƚŝ ŬĞŐŝĂƚĂŶ ƉĞŶĂǁĂƌĂŶ ĂƚĂƐ KďůŝŐĂƐŝ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ
WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝ ƵŶƚƵŬ ŵĞŶũƵĂů KďůŝŐĂƐŝ ŬĞƉĂĚĂ DĂƐLJĂƌĂŬĂƚ ďĞƌĚĂƐĂƌŬĂŶ
ƚĂƚĂ ĐĂƌĂ LJĂŶŐ ĚŝĂƚƵƌ ĚĂůĂŵ hhWD͕ ƉĞƌĂƚƵƌĂŶ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ ĚĂŶ ŬĞƚĞŶƚƵĂŶͲ
ŬĞƚĞŶƚƵĂŶ ůĂŝŶ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ͕ ƐĞƌƚĂ ŵĞŶƵƌƵƚ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ LJĂŶŐ
ĚŝŵƵĂƚĚĂůĂŵWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝKďůŝŐĂƐŝ͘
“Penitipan Kolektif” ͗ ĞƌĂƌƚŝũĂƐĂƉĞŶŝƚŝƉĂŶĂƚĂƐ ĨĞŬLJĂŶŐĚŝŵŝůŝŬŝďĞƌƐĂŵĂŽůĞŚůĞďŝŚĚĂƌŝƐĂƚƵƉŝŚĂŬLJĂŶŐ
ŬĞƉĞŶƚŝŶŐĂŶŶLJĂĚŝǁĂŬŝůŝŽůĞŚ<ƵƐƚŽĚŝĂŶ͕ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵhhWD͘
“Penjamin Emisi Obligasi” ͗ ĞƌĂƌƚŝƉŝŚĂŬͲƉŝŚĂŬLJĂŶŐŵĞŵďƵĂƚƉĞƌũĂŶũŝĂŶĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶ
WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ďĂŐŝ ŬĞƉĞŶƚŝŶŐĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞůĂŬƵŬĂŶ
ƉĞŵďĂLJĂƌĂŶ ŚĂƐŝů KďůŝŐĂƐŝ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ
KďůŝŐĂƐŝďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝKďůŝŐĂƐŝLJĂŶŐĂŬĂŶŵĞŵďĞƌŝŬĂŶ
ũĂŵŝŶĂŶŬĞƐĂŶŐŐƵƉĂŶƉĞŶƵŚ;ĨƵůůĐŽŵŵŝƚŵĞŶƚͿďĞƌĚĂƐĂƌŬĂŶWĞŶĂǁĂƌĂŶǁĂů;Ŭ
ďƵŝůĚŝŶŐͿ ƚĞƌŚĂĚĂƉ ƉĞŶĞƌďŝƚĂŶ KďůŝŐĂƐŝ͕ LJĂŶŐ ĚĂůĂŵ ŚĂů ŝŶŝ ĂĚĂůĂŚ Wd ůĚŝƌĂĐŝƚĂ
^ĞŬƵƌŝƚĂƐ /ŶĚŽŶĞƐŝĂ͕ Wd Z/ ĂŶĂƌĞŬƐĂ ^ĞŬƵƌŝƚĂƐ͕ Wd /D EŝĂŐĂ ^ĞŬƵƌŝƚĂƐ ĚĂŶ
Wd/ŶĚŽWƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐ͘
“Penjamin Pelaksana Emisi ͗ ĞƌĂƌƚŝ ƉŝŚĂŬͲƉŝŚĂŬ LJĂŶŐ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĂƚĂƐ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ĚĂŶ
Obligasi” ƉĞŶĂƚĂůĂŬƐĂŶĂĂŶ ŵŝƐŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ
ďĞƌůĂŬƵ Ěŝ ďŝĚĂŶŐ WĂƐĂƌ DŽĚĂů͕ LJĂŶŐ ĚĂůĂŵ ŚĂů ŝŶŝ ĂĚĂůĂŚ Wd ůĚŝƌĂĐŝƚĂ ^ĞŬƵƌŝƚĂƐ
/ŶĚŽŶĞƐŝĂ͕ Wd Z/ ĂŶĂƌĞŬƐĂ ^ĞŬƵƌŝƚĂƐ͕ Wd /D EŝĂŐĂ ^ĞŬƵƌŝƚĂƐ ĚĂŶ Wd /ŶĚŽ
WƌĞŵŝĞƌ ^ĞŬƵƌŝƚĂƐ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ ĚĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ
WĞŶũĂŵŝŶĂŶ ŵŝƐŝKďůŝŐĂƐŝ͘
“Peraturan No. IX.A.2” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ EŽ͘ /y͘͘Ϯ >ĂŵƉŝƌĂŶ <ĞƉƵƚƵƐĂŶ <ĞƚƵĂ ĂƉĞƉĂŵ ĚĂŶ >ĞŵďĂŐĂ
<ĞƵĂŶŐĂŶ EŽ͘ <ĞƉͲϭϮϮͬ>ͬϮϬϬϵ ƚĂŶŐŐĂů Ϯϵ DĞŝ ϮϬϬϵ ƚĞŶƚĂŶŐ dĂƚĂ ĂƌĂ
WĞŶĚĂĨƚĂƌĂŶĂůĂŵZĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵ͘
vi
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“Peraturan No. IX.A.7” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ EŽ͘ /y͘͘ϳ͕ >ĂŵƉŝƌĂŶ <ĞƉƵƚƵƐĂŶ <ĞƚƵĂ ĂƉĞƉĂŵ ĚĂŶ >ĞŵďĂŐĂ
<ĞƵĂŶŐĂŶ EŽ͘ <ĞƉͲϲϵϭͬ>ͬϮϬϭϭ ƚĂŶŐŐĂů ϯϬ ĞƐĞŵďĞƌ ϮϬϭϭ ƚĞŶƚĂŶŐ WĞŵĞƐĂŶĂŶ
ĚĂŶWĞŶũĂƚĂŚĂŶ ĨĞŬĚĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵ͘
“Peraturan OJK No. 19/2020” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϭϵͬWK:<͘ϬϰͬϮϬϮϬ ƚĂŶŐŐĂů Ϯϯ Ɖƌŝů ϮϬϮϬ ƚĞŶƚĂŶŐ ĂŶŬ
hŵƵŵzĂŶŐDĞůĂŬƵŬĂŶ<ĞŐŝĂƚĂŶ^ĞďĂŐĂŝtĂůŝŵĂŶĂƚ͘
“Peraturan OJK No. 20/2020” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϬͬWK:<͘ϬϰͬϮϬϮϬƚĂŶŐŐĂůϮϯƉƌŝůϮϬϮϬƚĞŶƚĂŶŐ<ŽŶƚƌĂŬ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĨĞŬĞƌƐŝĨĂƚhƚĂŶŐĚĂŶͬĂƚĂƵ^ƵŬƵŬ͘
“Peraturan OJK No. 49/2020” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϰϵͬWK:<͘ϬϰͬϮϬϮϬ ƚĂŶŐŐĂů ϭϭ ĞƐĞŵďĞƌ ϮϬϮϬ ƚĞŶƚĂŶŐ
WĞŵĞƌŝŶŐŬĂƚĂŶ ĨĞŬĞƌƐŝĨĂƚhƚĂŶŐĚĂŶͬĂƚĂƵ^ƵŬƵŬ͘
“Peraturan OJK No. 7/2017” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϳͬWK:<͘ϬϰͬϮϬϭϳ ƚĂŶŐŐĂů ϭϰ DĂƌĞƚ ϮϬϭϳ ƚĞŶƚĂŶŐ
ŽŬƵŵĞŶWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶĂůĂŵZĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵ ĨĞŬĞƌƐŝĨĂƚ
ŬƵŝƚĂƐ͕ ĨĞŬĞƌƐŝĨĂƚhƚĂŶŐĚĂŶͬĂƚĂƵ^ƵŬƵŬ͘
“Peraturan OJK No. 9/2017” ͗ ĞƌĂƌƚŝWĞƌĂƚƵƌĂŶK:<EŽ͘ϵͬWK:<͘ϬϰͬϮϬϭϳƚĂŶŐŐĂůϭϰDĂƌĞƚϮϬϭϳƚĞŶƚĂŶŐĞŶƚƵŬ
ĚĂŶ/ƐŝWƌŽƐƉĞŬƚƵƐĚĂŶWƌŽƐƉĞŬƚƵƐZŝŶŐŬĂƐĂůĂŵZĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵ ĨĞŬ
ĞƌƐŝĨĂƚhƚĂŶŐ͘
“Peraturan OJK No. 30/2015” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϯϬͬWK:<͘ϬϰͬϮϬϭϱ ƚĂŶŐŐĂů ϭϲ ĞƐĞŵďĞƌ ϮϬϭϱ ƚĞŶƚĂŶŐ
>ĂƉŽƌĂŶZĞĂůŝƐĂƐŝWĞŶŐŐƵŶĂĂŶĂŶĂ,ĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ͘
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WĞŵďĞŶƚƵŬĂŶĚĂŶWĞĚŽŵĂŶWĞůĂŬƐĂŶĂĂŶ<ĞƌũĂ<ŽŵŝƚĞƵĚŝƚ͘
“Peraturan OJK No. 56/2015” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϱϲͬWK:<͘ϬϰͬϮϬϭϱ ƚĂŶŐŐĂů Ϯϵ ĞƐĞŵďĞƌ ϮϬϭϱ ƚĞŶƚĂŶŐ
WĞŵďĞŶƚƵŬĂŶĚĂŶWĞĚŽŵĂŶWĞŶLJƵƐƵŶĂŶWŝĂŐĂŵhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂů͘
“Peraturan OJK No. 33/2014” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϯϯͬWK:<͘ϬϰͬϮϬϭϰ ƚĂŶŐŐĂů ϴ ĞƐĞŵďĞƌ ϮϬϭϰ ƚĞŶƚĂŶŐ
ŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͘
“Peraturan OJK No. 34/2014” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϯϰͬWK:<͘ϬϰͬϮϬϭϰ ƚĂŶŐŐĂů ϴ ĞƐĞŵďĞƌ ϮϬϭϰ ƚĞŶƚĂŶŐ
<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͘
“Peraturan OJK No. 35/2014” ͗ ĞƌĂƌƚŝ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϯϱͬWK:<͘ϬϰͬϮϬϭϰ ƚĂŶŐŐĂů ϴ ĞƐĞŵďĞƌ ϮϬϭϰ ƚĞŶƚĂŶŐ
^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͘
“Perjanjian Agen Pembayaran” ͗ ĞƌĂƌƚŝƉĞƌũĂŶũŝĂŶLJĂŶŐĚŝďƵĂƚĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶ<^ /͕ƉĞƌŝŚĂůƉĞůĂŬƐĂŶĂĂŶ
ƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵƉĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝƐĞƌƚĂĞŶĚĂ;ũŝŬĂ
ĂĚĂͿ͕ƐĞďĂŐĂŝŵĂŶĂĚŝŵƵĂƚĚĂůĂŵŬƚĂWĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶEŽ͘ϯϲƚĂŶŐŐĂů
ϮϬDĂƌĞƚϮϬϮϰ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ/ƌ͘EĂŶĞƚƚĞĂŚLJĂŶŝĞ,ĂŶĚĂƌŝĚŝtĂƌƐŝƚŽ͕
^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“Perjanjian Pendaftaran ͗ ĞƌĂƌƚŝƉĞƌũĂŶũŝĂŶLJĂŶŐĚŝďƵĂƚĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶ<^ /ƉĞƌŝŚĂůƉĞŶĚĂĨƚĂƌĂŶ
Obligasi di KSEI” KďůŝŐĂƐŝĚŝ<^ /͕ƐĞďĂŐĂŝŵĂŶĂĚŝŵƵĂƚĚĂůĂŵƉĞƌũĂŶũŝĂŶLJĂŶŐĚŝďƵĂƚĚŝďĂǁĂŚƚĂŶŐĂŶ
ďĞƌŵĞƚĞƌĂŝĐƵŬƵƉEŽ͘ϬϬϵͬK>ͬ<^ /ͬϬϮϮϰƚĂŶŐŐĂůϮϬDĂƌĞƚϮϬϮϰ͘
“PerjaŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝ ͗ ĞƌĂƌƚŝƉĞƌũĂŶũŝĂŶLJĂŶŐĚŝďƵĂƚĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝ
Obligasi (PPEO)” KďůŝŐĂƐŝĚĂŶWĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝ͕ƐĞďĂŐĂŝŵĂŶĂĚŝŵƵĂƚĚĂůĂŵŬƚĂWĞƌũĂŶũŝĂŶ
WĞŶũĂŵŝŶĂŶ ŵŝƐŝ KďůŝŐĂƐŝ EŽ͘ ϯϱ ƚĂŶŐŐĂů ϮϬ DĂƌĞƚ ϮϬϮϰ͕ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ
ĚĞŶŐĂŶ ŬƚĂ ĚĚĞŶĚƵŵ / WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ KďůŝŐĂƐŝ EŽ͘ ϯϳ ƚĂŶŐŐĂů
Ϯϰ Ɖƌŝů ϮϬϮϰ͕ ŬƚĂ ĚĚĞŶĚƵŵ // WĞƌũĂŶũŝĂŶ WĞŶũĂŵŝŶĂŶ ŵŝƐŝ KďůŝŐĂƐŝ EŽ͘ ϳϬ
ƚĂŶŐŐĂůϮϴDĞŝϮϬϮϰĚĂŶŬƚĂĚĚĞŶĚƵŵ///WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝKďůŝŐĂƐŝ
EŽ͘ϳϲƚĂŶŐŐĂůϮϰ:ƵŶŝϮϬϮϰLJĂŶŐƐĞůƵƌƵŚŶLJĂĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ/ƌ͘EĂŶĞƚƚĞĂŚLJĂŶŝĞ
,ĂŶĚĂƌŝĚŝtĂƌƐŝƚŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“Perjanjian Perwaliamanatan” ͗ ĞƌĂƌƚŝƉĞƌũĂŶũŝĂŶLJĂŶŐĚŝďƵĂƚĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶtĂůŝŵĂŶĂƚ͕ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵƵĂƚĚĂůĂŵŬƚĂWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶKďůŝŐĂƐŝEŽ͘ϯϰƚĂŶŐŐĂůϮϬDĂƌĞƚ
ϮϬϮϰ͕ƐĞďĂŐĂŝŵĂŶĂĚŝƵďĂŚĚĞŶŐĂŶŬƚĂĚĚĞŶĚƵŵ/WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ
KďůŝŐĂƐŝ EŽ͘ ϯϲ ƚĂŶŐŐĂů Ϯϰ Ɖƌŝů ϮϬϮϰ ĚĂŶ ŬƚĂ ĚĚĞŶĚƵŵ // WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ EŽ͘ ϲϵ ƚĂŶŐŐĂů Ϯϴ DĞŝ ϮϬϮϰ ĚĂŶ ŬƚĂ ĚĚĞŶĚƵŵ ///
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WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶKďůŝŐĂƐŝEŽ͘ϳϰƚĂŶŐŐĂůϮϰ:ƵŶŝϮϬϮϰLJĂŶŐƐĞůƵƌƵŚŶLJĂ
ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ/ƌ͘EĂŶĞƚƚĞĂŚLJĂŶŝĞ,ĂŶĚĂƌŝĚŝtĂƌƐŝƚŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͘
“Pernyataan Pendaftaran” ͗ ĞƌĂƌƚŝƉĞƌŶLJĂƚĂĂŶƉĞŶĚĂĨƚĂƌĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWĂƐĂůϭĂŶŐŬĂ;ϭϵͿ
hhWD ũƵŶĐƚŽ WK:< EŽ͘ ϳͬϮϬϭϳ͕ ďĞƌŝŬƵƚ ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ LJĂŶŐ ĚŝĂũƵŬĂŶ ŽůĞŚ
WĞƌƐĞƌŽĂŶŬĞƉĂĚĂK:<ƐĞďĞůƵŵŵĞůĂŬƵŬĂŶWĞŶĂǁĂƌĂŶhŵƵŵŬĞƉĂĚĂDĂƐLJĂƌĂŬĂƚ
ƚĞƌŵĂƐƵŬ ƉĞƌƵďĂŚĂŶͲƉĞƌƵďĂŚĂŶ͕ ƚĂŵďĂŚĂŶͲƚĂŵďĂŚĂŶ ƐĞƌƚĂ ƉĞŵďĞƚƵůĂŶͲ
ƉĞŵďĞƚƵůĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶK:<͘
“Pernyataan Pendaftaran ͗ ĞƌĂƌƚŝĞĨĞŬƚŝĨŶLJĂWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶWĂƐĂůϳϰhhWD
Menjadi Efektif” ƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚĚŝƵďĂŚĚĞŶŐĂŶhhWϮ^<LJĂŝƚƵ͗
Ă͘ ĂƚĂƐĚĂƐĂƌůĞǁĂƚŶLJĂǁĂŬƚƵLJĂŝƚƵ͗
;ŝͿ͘ ϮϬ;ĚƵĂƉƵůƵŚͿ,Ăƌŝ<ĞƌũĂƐĞũĂŬƚĂŶŐŐĂůWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶĚŝƚĞƌŝŵĂ
KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ƐĞĐĂƌĂ ůĞŶŐŬĂƉ͕ LJĂŝƚƵ ƚĞůĂŚ ŵĞŶĐĂŬƵƉ ƐĞůƵƌƵŚ
ŬƌŝƚĞƌŝĂLJĂŶŐĚŝƚĞƚĂƉŬĂŶĚĂůĂŵƉĞƌĂƚƵƌĂŶLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶWĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ
hŵƵŵĚĂŶƉĞƌĂƚƵƌĂŶLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶWĞŶĂǁĂƌĂŶhŵƵŵ͖ĂƚĂƵ
;ŝŝͿ͘ ϮϬ;ĚƵĂƉƵůƵŚͿ,Ăƌŝ<ĞƌũĂƐĞũĂŬƚĂŶŐŐĂůƉĞƌƵďĂŚĂŶƚĞƌĂŬŚŝƌĂƚĂƐWĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶ LJĂŶŐ ĚŝĂũƵŬĂŶ WĞƌƐĞƌŽĂŶ ĂƚĂƵ LJĂŶŐ ĚŝŵŝŶƚĂ KƚŽƌŝƚĂƐ :ĂƐĂ
<ĞƵĂŶŐĂŶĚŝƉĞŶƵŚŝ͖ĂƚĂƵ
ď͘ ĂƚĂƐĚĂƐĂƌWĞŶLJĂƚĂĂŶ ĨĞŬƚŝĨĚĂƌŝKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶďĂŚǁĂƚŝĚĂŬĂĚĂůĂŐŝ
ƉĞƌƵďĂŚĂŶĚĂŶͬĂƚĂƵƚĂŵďĂŚĂŶŝŶĨŽƌŵĂƐŝůĞďŝŚůĂŶũƵƚLJĂŶŐĚŝƉĞƌůƵŬĂŶ͘
“Perseroan” ͗ ĞƌĂƌƚŝ ďĂĚĂŶ ŚƵŬƵŵ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ŵŝƐŝ͕ LJĂŶŐ ĚĂůĂŵ ŚĂů ŝŶŝ ĂĚĂůĂŚ Wd ,ŝŶŽ
&ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ͕ ďĞƌŬĞĚƵĚƵŬĂŶ Ěŝ :ĂŬĂƌƚĂ dŝŵƵƌ͕ LJĂŶŐ ĚŝĚŝƌŝŬĂŶ ŵĞŶƵƌƵƚ ĚĂŶ
ďĞƌĚĂƐĂƌŬĂŶ ŚƵŬƵŵ ĚĂŶ hŶĚĂŶŐͲhŶĚĂŶŐ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ͕ ĂƚĂƵ
ƉĞŶŐŐĂŶƚŝĚĂŶƉĞŶĞƌŝŵĂŚĂŬĚĂŶŬĞǁĂũŝďĂŶŶLJĂ͘
“Perusahaan Efek” ͗ ĞƌĂƌƚŝ ƉŝŚĂŬ LJĂŶŐ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƐĞďĂŐĂŝ WĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ͕
WĞƌĂŶƚĂƌĂWĞĚĂŐĂŶŐ ĨĞŬĚĂŶͬĂƚĂƵDĂŶĂũĞƌ/ŶǀĞƐƚĂƐŝƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵ
hŶĚĂŶŐͲhŶĚĂŶŐWĂƐĂƌDŽĚĂů͘
“Persetujuan Prinsip ͗ ĞƌĂƌƚŝ ƉĞƌƐĞƚƵũƵĂŶ LJĂŶŐ ĂŬĂŶ ĚŝďĞƌŝŬĂŶ ŽůĞŚ ƵƌƐĂ ĨĞŬ ŬĞƉĂĚĂ ŵŝƚĞŶ ƵŶƚƵŬ
Pencatatan Efek” ƉĞŶĐĂƚĂƚĂŶ KďůŝŐĂƐŝ Ěŝ ƵƌƐĂ ĨĞŬ ĚĞŶŐĂŶ EŽ͘ ^ͲϬϯϵϳϲͬ /͘WWϭͬϬϰͲϮϬϮϰ ƚĂŶŐŐĂů
ϮϲƉƌŝůϮϬϮϰ͘
“Pihak Terafiliasi” ͗ ĞƌĂƌƚŝƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞŵƉƵŶLJĂŝŚƵďƵŶŐĂŶĨŝůŝĂƐŝĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͘
“Pokok Obligasi” ͗ ĞƌĂƌƚŝ ƐƵƌĂƚ ďĞƌŚĂƌŐĂ ďĞƌƐŝĨĂƚ ƵƚĂŶŐ͕ ĚĞŶŐĂŶ ŶĂŵĂ KďůŝŐĂƐŝ /// ,ŝŶŽ &ŝŶĂŶĐĞ
/ŶĚŽŶĞƐŝĂ ƚĂŚƵŶ ϮϬϮϰ͕ LJĂŶŐ ĚŝďƵŬƚŝŬĂŶ ĚĞŶŐĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ͕ LJĂŶŐ
ĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶŬĞƉĂĚĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝŵĞůĂůƵŝWĞŶĂǁĂƌĂŶhŵƵŵ
ĚĞŶŐĂŶ ũƵŵůĂŚ WŽŬŽŬ KďůŝŐĂƐŝ ƐĞďĞƐĂƌ ZƉϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƚƵũƵŚ ƌĂƚƵƐ ŵŝůŝĂƌ
ZƵƉŝĂŚͿ͕LJĂŶŐƚĞƌĚŝƌŝĚĂƌŝϮ;ĚƵĂͿƐĞƌŝ͕LJĂŝƚƵ͗
^Ğƌŝ ͗ :ƵŵůĂŚ KďůŝŐĂƐŝ ^Ğƌŝ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϯϰϮ͘ϴϵϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƌĂƚƵƐĞŵƉĂƚƉƵůƵŚĚƵĂŵŝůŝĂƌĚĞůĂƉĂŶƌĂƚƵƐ
ƐĞŵďŝůĂŶ ƉƵůƵŚ ůŝŵĂ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ KďůŝŐĂƐŝ
ƐĞďĞƐĂƌϲ͕ϳϬй;ĞŶĂŵŬŽŵĂƚƵũƵŚŶŽůƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͘:ĂŶŐŬĂǁĂŬƚƵ
KďůŝŐĂƐŝ ĂĚĂůĂŚ ϯϳϬ ;ƚŝŐĂ ƌĂƚƵƐ ƚƵũƵŚ ƉƵůƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌ͘
WĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƉĞŶƵŚ;ďƵůůĞƚƉĂLJŵĞŶƚͿƉĂĚĂ
ƐĂĂƚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽ͘
^Ğƌŝ ͗ :ƵŵůĂŚ KďůŝŐĂƐŝ ^Ğƌŝ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ ĂĚĂůĂŚ ƐĞďĞƐĂƌ
ZƉϯϱϳ͘ϭϬϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƌĂƚƵƐůŝŵĂƉƵůƵŚƚƵũƵŚŵŝůŝĂƌƐĞƌĂƚƵƐůŝŵĂ
ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ KďůŝŐĂƐŝ ƐĞďĞƐĂƌ ϳ͕Ϯϱй ;ƚƵũƵŚ
ŬŽŵĂ ĚƵĂ ůŝŵĂ ƉĞƌƐĞŶͿ ƉĞƌ ƚĂŚƵŶ͘ :ĂŶŐŬĂ ǁĂŬƚƵ KďůŝŐĂƐŝ ĂĚĂůĂŚ ϯ
;ƚŝŐĂͿ ƚĂŚƵŶ͘ WĞŵďĂLJĂƌĂŶ KďůŝŐĂƐŝ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƉĞŶƵŚ ;ďƵůůĞƚ
ƉĂLJŵĞŶƚͿƉĂĚĂƐĂĂƚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽ͘
“Prospektus” ͗ ĞƌĂƌƚŝ ĚŽŬƵŵĞŶ ƚĞƌƚƵůŝƐ LJĂŶŐ ŵĞŵƵĂƚ ŝŶĨŽƌŵĂƐŝ ŵŝƚĞŶ ĚĂŶ ŝŶĨŽƌŵĂƐŝ ůĂŝŶ
ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ĚĞŶŐĂŶ ƚƵũƵĂŶ ĂŐĂƌ WŝŚĂŬ ůĂŝŶ ŵĞŵďĞůŝ
ĨĞŬ͘
“Prospektus Awal” ͗ ĞƌĂƌƚŝ ĚŽŬƵŵĞŶ ƚĞƌƚƵůŝƐ ĚĂůĂŵ ƌĂŶŐŬĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ĚĞŶŐĂŶ ƚƵũƵĂŶ ĂŐĂƌ
ƉŝŚĂŬ ůĂŝŶ ŵĞŵďĞůŝ ĨĞŬ LJĂŶŐ ŵĞŵƵĂƚ ƐĞůƵƌƵŚ ŝŶĨŽƌŵĂƐŝ ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐ LJĂŶŐ
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ĚŝƐĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ƐĞďĂŐĂŝ ďĂŐŝĂŶ ĚĂƌŝ WĞƌŶLJĂƚĂĂŶ
WĞŶĚĂĨƚĂƌĂŶ ŬĞĐƵĂůŝ ŝŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ƉĞŶũĂŵŝŶĂŶ ŵŝƐŝ͕ ƚŝŶŐŬĂƚ ƐƵŬƵ ďƵŶŐĂ
KďůŝŐĂƐŝ͕ ĂƚĂƵ ŚĂůͲŚĂů ůĂŝŶ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞƌƐLJĂƌĂƚĂŶ WĞŶĂǁĂƌĂŶ
hŵƵŵ LJĂŶŐ ďĞůƵŵ ĚĂƉĂƚ ĚŝƚĞŶƚƵŬĂŶ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ
<ĞƵĂŶŐĂŶ EŽŵŽƌ ϮϯͬWK:<͘ϬϰͬϮϬϭϳ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ WĞƌĂƚƵƌĂŶ EŽŵŽƌ
/y͘͘Ϯ͘
“Prospektus Ringkas” ͗ ĞƌĂƌƚŝ ƐĞƚŝĂƉ ƌŝŶŐŬĂƐĂŶ ĚĂƌŝ ŝƐŝ WƌŽƐƉĞŬƚƵƐ ǁĂů͕ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ
WĞƌĂƚƵƌĂŶK:<EŽ͘ϵͬϮϬϭϳ͘
“Rekening Efek” ͗ ĞƌĂƌƚŝ ƌĞŬĞŶŝŶŐ LJĂŶŐ ŵĞŵƵĂƚ ĐĂƚĂƚĂŶ ƉŽƐŝƐŝ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ĚĂŶĂ ŵŝůŝŬ
WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ LJĂŶŐ ĚŝĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶ ŽůĞŚ <^ /͕ ĂŶŬ <ƵƐƚŽĚŝĂŶ ĂƚĂƵ
WĞƌƵƐĂŚĂĂŶ ĨĞŬ ďĞƌĚĂƐĂƌŬĂŶ ŬŽŶƚƌĂŬ ƉĞŵďƵŬĂĂŶ ƌĞŬĞŶŝŶŐ ĞĨĞŬ LJĂŶŐ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝĚĞŶŐĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͘
“RUPO” ͗ ĞƌĂƌƚŝ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
“Satuan Pemindahbukuan” ͗ ĞƌĂƌƚŝƐĂƚƵĂŶWĞŵŝŶĚĂŚďƵŬƵĂŶKďůŝŐĂƐŝĂĚĂůĂŚƐĞďĞƐĂƌZƉϭ͕ϬϬ;ƐĂƚƵZƵƉŝĂŚͿĂƚĂƵ
ŬĞůŝƉĂƚĂŶŶLJĂ͘^ĂƚƵ^ĂƚƵĂŶWĞŵŝŶĚĂŚďƵŬƵĂŶŵĞŵƉƵŶLJĂŝŚĂŬƵŶƚƵŬŵĞŶŐĞůƵĂƌŬĂŶ
ϭ;ƐĂƚƵͿƐƵĂƌĂĚĂůĂŵZhWK
“Sertifikat Jumbo Obligasi” ͗ ĞƌĂƌƚŝďƵŬƚŝƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝLJĂŶŐĚŝƐŝŵƉĂŶĚĂůĂŵWĞŶŝƚŝƉĂŶ<ŽůĞŬƚŝĨĚŝ<^ /LJĂŶŐ
ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƚĞƌĐĂƚĂƚ ĂƚĂƐ ŶĂŵĂ <^ / ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ
KďůŝŐĂƐŝŵĞůĂůƵŝWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ͘
“Tanggal Distribusi” ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂů ƉĞŶLJĞƌĂŚĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ
ŬĞƉĂĚĂ <^ / LJĂŶŐ ŵĞƌƵƉĂŬĂŶ dĂŶŐŐĂů ŝƐƚƌŝďƵƐŝ KďůŝŐĂƐŝ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ
ĞůĞŬƚƌŽŶŝŬƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƚĞƌŚŝƚƵŶŐƐĞƚĞůĂŚdĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ
ŬĞƉĂĚĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͘
“Tanggal Emisi” ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂů ƉĞŵďĂLJĂƌĂŶ ŚĂƐŝů ŵŝƐŝ ĚĂƌŝ WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ KďůŝŐĂƐŝ
ŬĞƉĂĚĂ ŵŝƚĞŶ͕LJĂŶŐŵĞƌƵƉĂŬĂŶƚĂŶŐŐĂůƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝ͘
“Tanggal Pelunasan Pokok ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂů ĚŝŵĂŶĂ ũƵŵůĂŚ WŽŬŽŬ KďůŝŐĂƐŝŵĞŶũĂĚŝ ũĂƚƵŚ ƚĞŵƉŽ ĚĂŶ ǁĂũŝď
Obligasi” ĚŝďĂLJĂƌ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƚĞƚĂƉŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ
WĞŵĞŐĂŶŐZĞŬĞŶŝŶŐŵĞůĂůƵŝŐĞŶWĞŵďĂLJĂƌĂŶ͕LJĂŝƚƵ͗
• ^Ğƌŝ͗ϭϱ:ƵůŝϮϬϮϱ
• ^Ğƌŝ͗ϱ:ƵůŝϮϬϮϳ
“Tanggal WĞŵďĂLJĂƌĂŶƵŶŐĂ ͗ ĞƌĂƌƚŝ ƚĂŶŐŐĂůͲƚĂŶŐŐĂů ũĂƚƵŚ ƚĞŵƉŽ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ŵĂƐŝŶŐͲŵĂƐŝŶŐ
Obligasi” ƐĞƌŝ KďůŝŐĂƐŝ LJĂŶŐ ǁĂũŝď ĚŝďĂLJĂƌ WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ ŐĞŶ WĞŵďĂLJĂƌĂŶ ŬĞƉĂĚĂ
WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ LJĂŶŐ ŶĂŵĂŶLJĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ
ŵĞůĂůƵŝ ŐĞŶ WĞŵďĂLJĂƌĂŶ͕ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ĂĚĂůĂŚ ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
dĂŶŐŐĂůWĞŵďĂLJĂƌĂŶƵŶŐĂ
WĞŵďĂLJĂƌĂŶƵŶŐĂŬĞͲ
^Ğƌŝ ^Ğƌŝ
ϭ ϱKŬƚŽďĞƌϮϬϮϰ ϱKŬƚŽďĞƌϮϬϮϰ
Ϯ ϱ:ĂŶƵĂƌŝϮϬϮϱ ϱ:ĂŶƵĂƌŝϮϬϮϱ
ϯ ϱƉƌŝůϮϬϮϱ ϱƉƌŝůϮϬϮϱ
ϰ ϭϱ:ƵůŝϮϬϮϱ ϱ:ƵůŝϮϬϮϱ
ϱ ϱKŬƚŽďĞƌϮϬϮϱ
ϲ ϱ:ĂŶƵĂƌŝϮϬϮϲ
ϳ ϱƉƌŝůϮϬϮϲ
ϴ ϱ:ƵůŝϮϬϮϲ
ϵ ϱKŬƚŽďĞƌϮϬϮϲ
ϭϬ ϱ:ĂŶƵĂƌŝϮϬϮϳ
ϭϭ ϱƉƌŝůϮϬϮϳ
ϭϮ ϱ:ƵůŝϮϬϮϳ
“Tanggal Pencatatan” ͗ ĞƌĂƌƚŝ dĂŶŐŐĂů WĞŶĐĂƚĂƚĂŶ KďůŝŐĂƐŝ ƵŶƚƵŬ ĚŝƉĞƌĚĂŐĂŶŐŬĂŶ Ěŝ ƵƌƐĂ ĨĞŬ ĚĂůĂŵ
ǁĂŬƚƵƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϭ;ƐĂƚƵͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚdĂŶŐŐĂůŝƐƚƌŝďƵƐŝ͘
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“Tanggal Penjatahan” ͗ ĞƌĂƌƚŝƚĂŶŐŐĂůĚŝůĂŬƵŬĂŶŶLJĂƉĞŶũĂƚĂŚĂŶKďůŝŐĂƐŝLJĂŝƚƵƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂƉĂĚĂϮ
;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚƚĂŶŐŐĂůƉĞŶƵƚƵƉĂŶDĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵ͘
“UndangͲUndang Pasar Modal” ͗ ĞƌĂƌƚŝhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϴƚĂŚƵŶϭϵϵϱƚĞŶƚĂŶŐWĂƐĂƌDŽĚĂů͕>ĞŵďĂƌĂŶEĞŐĂƌĂ
atau “UUPM” EŽ͘ϲϰ ƚĂŚƵŶ ϭϵϵϱ͕ dĂŵďĂŚĂŶ EŽ͘ ϯϲϬϴ͕ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƵďĂŚ ƐĞďĂŐŝĂŶ ĚĞŶŐĂŶ
hhWW^<͘
“UUPPSK” ͗ ĞƌĂƌƚŝhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϰdĂŚƵŶϮϬϮϯƚĞŶƚĂŶŐWĞŶŐĞŵďĂŶŐĂŶĚĂŶWĞŶŐƵĂƚĂŶ
^ĞŬƚŽƌ <ĞƵĂŶŐĂŶ͕ >ĞŵďĂƌĂŶ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ EŽ͘ϰ ƚĂŚƵŶ ϮϬϮϯ͕
dĂŵďĂŚĂŶEŽ͘ϲϴϰϱ͘
“UUPT” ͗ ĞƌĂƌƚŝ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϰϬ ƚĂŚƵŶ ϮϬϬϳ ƚĂŶŐŐĂů ϭϲ ŐƵƐƚƵƐ ϮϬϬϳ ƚĞŶƚĂŶŐ
WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ͕ >ĞŵďĂƌĂŶ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ EŽ͘ ϭϬϲ ƚĂŚƵŶ ϮϬϬϳ͕
dĂŵďĂŚĂŶEŽ͘ϰϳϱϲ͘
“Wali Amanat” ͗ ĞƌĂƌƚŝ ƉŝŚĂŬ LJĂŶŐ ŵĞǁĂŬŝůŝ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚ ĚĂůĂŵ hŶĚĂŶŐͲhŶĚĂŶŐ WĂƐĂƌ DŽĚĂů LJĂŶŐ ĚĂůĂŵ ŚĂů ŝŶŝ ĂĚĂůĂŚ
WĞƌƵƐĂŚĂĂŶ WĞƌƐĞƌŽĂŶ ;WĞƌƐĞƌŽͿ Wd ĂŶŬ ZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ dďŬ͘ ĂƚĂƵ ĚŝƐŝŶŐŬĂƚ
PT Bank Rakyat Indonesia (Persero) Tbk‚ berdasarkan Perjanjian Perwaliamanatan.
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Z/E'<^E
ZŝŶŐŬĂƐĂŶĚŝďĂǁĂŚŝŶŝŵĞƌƵƉĂŬĂŶďĂŐŝĂŶLJĂŶŐƚŝĚĂŬƚĞƌƉŝƐĂŚŬĂŶĚĂƌŝ͕ĚĂŶŚĂƌƵƐĚŝďĂĐĂďĞƌƐĂŵĂͲƐĂŵĂĚĞŶŐĂŶ͕ŬĞƚĞƌĂŶŐĂŶ
LJĂŶŐůĞďŝŚƚĞƌƉĞƌŝŶĐŝĚĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶďĞƐĞƌƚĂĐĂƚĂƚĂŶĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘
ZŝŶŐŬĂƐĂŶŝŶŝĚŝďƵĂƚďĞƌĚĂƐĂƌŬĂŶĨĂŬƚĂĚĂŶƉĞƌƚŝŵďĂŶŐĂŶLJĂŶŐƉĂůŝŶŐƉĞŶƚŝŶŐďĂŐŝWĞƌƐĞƌŽĂŶ͘^ĞŵƵĂŝŶĨŽƌŵĂƐŝŬĞƵĂŶŐĂŶ
LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐ ŝŶŝ ďĞƌƐƵŵďĞƌ ĚĂƌŝ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ͕ LJĂŶŐ ĚŝŶLJĂƚĂŬĂŶ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ
ZƵƉŝĂŚĚĂŶĚŝƐĂũŝŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶĚŝ/ŶĚŽŶĞƐŝĂ͘
ϭ͘ < d ZE'E^/E'<dD E' E/W Z^ ZKE
WĞƌƐĞƌŽĂŶďĞƌŬĞĚƵĚƵŬĂŶĚŝ:ĂŬĂƌƚĂ^ĞůĂƚĂŶĚĂŶWĞƌƐĞƌŽĂŶĚŝĚŝƌŝŬĂŶĚĞŶŐĂŶŶĂŵĂWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂďĞƌĚĂƐĂƌŬĂŶ
ŬƚĂ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ Wd ,ŝŶŽ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ EŽ͘ϰϱ ƚĂŶŐŐĂů ϭϭ :Ƶůŝ ϮϬϭϰ LJĂŶŐ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ WŽƉŝĞ ^Ăǀŝƚƌŝ
DĂƌƚŽƐƵŚĂƌĚũŽWŚĂƌŵĂŶƚŽ͕^,͕EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂĚĂŶƚĞůĂŚ;ŝͿŵĞŶĚĂƉĂƚŬĂŶƉĞŶŐĞƐĂŚĂŶĚĂƌŝDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝ
DĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂďĞƌĚĂƐĂƌŬĂŶƐƵƌĂƚŬĞƉƵƚƵƐĂŶEŽ͘,hͲϭϳϯϭϴ͘ϰϬ͘ϭϬ͘ϮϬϭϰƚĂŶŐŐĂůϭϰ:ƵůŝϮϬϭϰ;ŝŝͿĚŝĚĂĨƚĂƌŬĂŶ
ĚĂůĂŵĂĨƚĂƌWĞƌƐĞƌŽĂŶEŽ͘,hͲϬϬϳϭϳϰϮ͘ϰϬ͘ϴϬ͘ϮϬϭϰƚĂŶŐŐĂůϭϰ:ƵůŝϮϬϭϰ͕;ŝŝŝͿĚŝƵŵƵŵŬĂŶĚĂůĂŵdĂŵďĂŚĂŶEŽ͘ϰϵϲϮϳĚĂƌŝ
ĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϭϬϯƚĂŶŐŐĂůϮϲĞƐĞŵďĞƌϮϬϭϰ;ŬƚĂEŽ͘ϰϱͬϮϬϭϰͿ͘
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕ƚĞƌĚĂƉĂƚƉĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĚĞŶŐĂŶĚĞŵŝŬŝĂŶŶŐŐĂƌĂŶĂƐĂƌ
WĞƌƐĞƌŽĂŶLJĂŶŐƚĞƌĂŬŚŝƌĂĚĂůĂŚƐĞďĂŐĂŝŵĂŶĂƚĞƌŵĂŬƚƵďĚĂůĂŵŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ
dĂŚƵŶĂŶEŽ͘ϰϲƚĂŶŐŐĂůϮϮDĞŝϮϬϮϰLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶtŝǁŝŬŽŶĚƌŽ͕^,͕EŽƚĂƌŝƐĚŝ<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚĚĂŶƚĞůĂŚ;ŝͿ
ŵĞŶĚĂƉĂƚ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ
EŽ͘,hϬϬϯϯϯϰϴ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϮϰƚĂŶŐŐĂůϲ:ƵŶŝϮϬϮϰ͖;ŝŝͿĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬ
ƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂƌŝ^ƵƌĂƚWĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌ
WĞƌƐĞƌŽĂŶEŽ͘,hͲ,͘Ϭϭ͘ϬϯͲϬϭϯͲϬϭϯϰϮϱϳƚĂŶŐŐĂůϲ:ƵŶŝϮϬϮϰ͖;ŝŝŝͿĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ
,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂƌŝ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ
WĞƌƐĞƌŽĂŶ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϵͲϬϮϭϬϵϲϮ ƚĂŶŐŐĂů ϲ :ƵŶŝ ϮϬϮϰ͖ ĚĂŶ ;ŝǀͿ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϭϭϭϮϱϰ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϮϰ ƚĂŶŐŐĂů ϲ :ƵŶŝ ϮϬϮϰ ;ŬƚĂ EŽ͘ϰϲͬϮϬϮϰͿ͕ ďĞƌĚĂƐĂƌŬĂŶ ŵĂŶĂ ZŝƐĂůĂŚ ZĂƉĂƚ ƚĂŶŐŐĂů
ϮϰƉƌŝůϮϬϮϰƚĞůĂŚŵĞŶLJĞƚƵũƵŝƉĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶƉĂƐĂůϯLJĂƚ;ϮͿŵĞŶŐĞŶĂŝƉĞŶLJĞƐƵĂŝĂŶŬĞŵďĂůŝĂƚĂƐ
<>/dĂŚƵŶϮϬϮϬ͖ĚĂŶWĂƐĂůϭϱLJĂƚ;ϯͿŵĞŶŐĞŶĂŝŵĂƐĂũĂďĂƚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
WĞƌƵďĂŚĂŶ ƚĞƌŚĂĚĂƉ ŶŐŐĂƌĂŶ ĂƐĂƌ LJĂŶŐ ƚĞƌũĂĚŝ ƐĞũĂŬ ŬƚĂ WĞŶĚŝƌŝĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ ƚĞůĂŚ
ĚŝůĂŬƐĂŶĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐ
ďĞƌůĂŬƵ͘
Ϯ͘ < '/dEh^,^ Zd< E ZhE'EEWZK^W <h^,
WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞůĂŬƵŬĂŶďĞƌďĂŐĂŝŬĞŐŝĂƚĂŶ͕ŶĂŵƵŶWĞƌƐĞƌŽĂŶŵĞŶŐƵƚĂŵĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂƉĂĚĂŬĞŐŝĂƚĂŶ^ĞǁĂ
WĞŵďŝĂLJĂĂŶ;&ŝŶĂŶĐĞ>ĞĂƐĞͿƵŶƚƵŬŬĞŶĚĂƌĂĂŶŬŽŵĞƌƐŝĂůƚƌƵŬĚĂŶďŝƐLJĂŶŐŵĞƌƵƉĂŬĂŶůŝŶŝďŝƐŶŝƐƵƚĂŵĂWĞƌƐĞƌŽĂŶ͘&ĂƐŝůŝƚĂƐ
^ĞǁĂWĞŵďŝĂLJĂĂŶĚŝƵƚĂŵĂŬĂŶƵŶƚƵŬŬĞŶĚĂƌĂĂŶŬŽŵĞƌƐŝĂůŵĞƌĞŬ,ŝŶŽ͘
WĞŶĚĂƉĂƚĂŶ
ZŝŶĐŝĂŶ ĚĂƌŝ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂůͲƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚĂŶ ϮϬϮϮ ĚĂƉĂƚ
ĚŝůŝŚĂƚƉĂĚĂƚĂďĞůĚŝďĂǁĂŚŝŶŝ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
WĞŶĚĂƉĂƚĂŶƐĞǁĂƉĞŵďŝĂLJĂĂŶ ϰϲϭ͘Ϭϰϰ͘ϵϯϳ͘ϰϮϱ ϯϳϴ͘ϬϱϬ͘ϳϵϲ͘ϭϮϯ
WĞŶĞƌŝŵĂĂŶĂƚĂƐƉŝƵƚĂŶŐLJĂŶŐĚŝŚĂƉƵƐďƵŬƵŬĂŶ Ͳ ϱ͘ϴϮϬ͘Ϭϰϴ͘ϭϲϮ
WĞŶĚĂƉĂƚĂŶďƵŶŐĂ ϭϴ͘ϭϬϵ͘ϰϲϲ͘ϱϳϲ ϭϭ͘ϱϰϲ͘ϱϮϭ͘ϴϬϬ
WĞŶĚĂƉĂƚĂŶůĂŝŶͲůĂŝŶ ϱ͘ϯϬϵ͘ϵϳϭ͘ϵϵϬ ϰ͘ϯϮϴ͘ϲϮϵ͘ϳϮϬ
dŽƚĂůWĞŶĚĂƉĂƚĂŶ ϰϴϰ͘ϰϲϰ͘ϯϳϱ͘ϵϵϭ ϯϵϵ͘ϳϰϱ͘ϵϵϱ͘ϴϬϱ
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WŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶ
ĚĂƉƵŶƉŽƐŝƐŝƐĂůĚŽWŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶWĞƌƐĞƌŽĂŶƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝĚĞŶŐĂŶƉĞŶLJŝƐŝŚĂŶŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝƉŝƵƚĂŶŐ
ŵĂƐŝŶŐͲŵĂƐŝŶŐƚĞƌĐĞƌŵŝŶƉĂĚĂƚĂďĞůďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
WŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶͲŶĞƚŽ ϰ͘ϲϰϳ͘ϯϰϭ͘Ϭϰϵ͘ϴϯϮ ϯ͘ϴϮϰ͘ϳϮϴ͘ϴϱϬ͘ϴϵϲ
WĞŵďŝĂLJĂĂŶĂƌƵ
^ĞǁĂƉĞŵďŝĂLJĂĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĚŝƵƚĂŵĂŬĂŶƵŶƚƵŬŬĞŶĚĂƌĂĂŶƚƌƵŬĚĂŶďƵƐŵĞƌĞŬ,ŝŶŽĚĞŶŐĂŶƌĂƚĂͲƌĂƚĂ
ũĂŶŐŬĂǁĂŬƚƵƉĞŵďŝĂLJĂĂŶĂĚĂůĂŚϯ;ƚŝŐĂͿƚĂŚƵŶ͘EŝůĂŝƐĞǁĂƉĞŵďŝĂLJĂĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶďĞƌĚĂƐĂƌŬĂŶũĞŶŝƐ
ŶLJĂĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
dƌƵŬ ϯ͘ϭϱϳ͘ϱϮϵ͘ϱϴϱ͘ϯϱϰ ϯ͘Ϭϰϵ͘ϴϲϮ͘ϲϰϯ͘ϲϬϵ
DŝŶŝďƵƐĚĂŶ:ĞĞƉ ϭϬϭ͘ϳϬϲ͘ϳϲϭ͘ϯϱϬ ϮϬ͘ϲϭϱ͘ϱϭϰ͘ϳϰϬ
WŝĐŬƵƉ ϱ͘ϵϭϭ͘ϰϵϮ͘ϱϬϬ ϱ͘ϬϲϮ͘ϲϮϲ͘ϬϬϬ
,ĞĂǀLJ ƋƵŝƉŵĞŶƚ Ͳ Ͳ
dŽƚĂůWĞŵďŝĂLJĂĂŶĂƌƵ ϯ͘Ϯϲϱ͘ϭϰϳ͘ϴϯϵ͘ϮϬϰ ϯ͘Ϭϳϱ͘ϱϰϬ͘ϳϴϰ͘ϯϰϵ
ŝƚĂŚƵŶϮϬϮϯƉĞŵďŝĂLJĂĂŶďĂƌƵŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶŵĂƐŝŶŐƐĞďĞƐĂƌϲ͕ϭϲйLJĂŶŐĚŝĚƵŬƵŶŐŽůĞŚƉĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝ
/ŶĚŽŶĞƐŝĂ͘
WƌŽƐĞƐWĞŵďŝĂLJĂĂŶ
WĞƌƐĞƌŽĂŶŵĞŶũĂůĂŶŬĂŶƉƌŽƐĞƐƉĞŵďŝĂLJĂĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉƌŽƐĞĚƵƌLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ƉůŝŬĂƐŝWĞŵďŝĂLJĂĂŶ WĞƌũĂŶũŝĂŶ
^ƵƌǀĞLJĚĂŶĂƚĂ
ĚĂƌŝWƌŽƐƉĞŬ ŶĂůŝƐĂ<ƌĞĚŝƚ <ĞƉƵƚƵƐĂŶ<ƌĞĚŝƚ WĞŵďŝĂLJĂĂŶĚĂŶ
ƐĐƌĞĞŶŝŶŐ
<ŽŶƐƵŵĞŶ WůĂŬĂƚ^ƚŝŬĞƌ
ƉůŝŬĂƐŝWĞŵďŝĂLJĂĂŶĚĂƌŝWƌŽƐƉĞŬ<ŽŶƐƵŵĞŶ
ĐĐŽƵŶƚ KĨĨŝĐĞƌ ;KͿ ĂŬĂŶ ŵĞŶŐŚƵďƵŶŐŝ ĐĂůŽŶ ŬŽŶƐƵŵĞŶ ĚĂŶ ŵĞŶLJŝĂƉŬĂŶ ƐƵƌĂƚ ƉĞŶĂǁĂƌĂŶͬƐŝŵƵůĂƐŝ ŬƌĞĚŝƚ ĚĂƌŝ ƉůŝŬĂƐŝ
ƉĞŵďŝĂLJĂĂŶLJĂŶŐŵĂƐƵŬƐĞĐĂƌĂůĂŶŐƐƵŶŐĚĂƌŝŬĂŶƚŽƌĐĂďĂŶŐĂƚĂƵŵĞůĂůƵŝĚĞĂůĞƌ͘
^ƵƌǀĞLJĚĂŶĂƚĂ^ĐƌĞĞŶŝŶŐ
K ŵĞůĞŶŐŬĂƉŝ ĚŽŬƵŵĞŶ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ĚŝƐLJĂƌĂƚŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ƐĂůĂŚ ƐĂƚƵŶLJĂ ĂŶƚĂƌĂ ůĂŝŶ ƚĞƌŬĂŝƚ ŚĂƐŝů ƐƵƌǀĞLJ ŬĞ
ůŽŬĂƐŝƵƐĂŚĂĚĂƌŝĐĂůŽŶŬŽŶƐƵŵĞŶĚĂŶĚĂƚĂWƌŝŶƐŝƉDĞŶŐĞŶĂůEĂƐĂďĂŚ;WDEͿLJĂŶŐƚĞůĂŚĚŝƐĞƚƵũƵŝŽůĞŚ<ĞƉĂůĂĂďĂŶŐ͘
ŶĂůŝƐĂ<ƌĞĚŝƚ
ŶĂůŝƐĂ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ďĞƌƐĂŵĂĂŶ ŽůĞŚ ƌĞĚŝƚ ŶĂůLJƐƚ ĚĂŶ KƉĞƌĂƚŝŽŶ >ĞŐĂů͘ ƌĞĚŝƚ ŶĂůLJƐƚ ĂŬĂŶ ŵĞŶŐĂŶĂůŝƐĂ ŬŽŶĚŝƐŝ
ŬĞƵĂŶŐĂŶ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ƉĂĚĂ >ĂƉŽƌĂŶ ŶĂůŝƐĂ͘ KƉĞƌĂƚŝŽŶ >ĞŐĂů ĂŬĂŶ ŵĞŵĞƌŝŬƐĂ ĚŽŬƵŵĞŶ ůĞŐĂůŝƚĂƐ ĚĂŶ
ŵĞŶŐĞůƵĂƌŬĂŶŶĂůŝƐĂzƵƌŝĚŝƐ͘<ĞĚƵĂŶLJĂũƵŐĂĂŬĂŶŵĞŶŐŝƐŝĚĂƚĂWDEƐĞƐƵĂŝĚĞŶŐĂŶĂŶĂůŝƐĂLJĂŶŐƚĞůĂŚĚŝďƵĂƚ͘
<ĞƉƵƚƵƐĂŶ<ƌĞĚŝƚ
<ĞƉƵƚƵƐĂŶŬĞĚŝƚĚŝůĂŬƵŬĂŶŽůĞŚƉĞũĂďĂƚLJĂŶŐďĞƌǁĞŶĂŶŐLJĂŶŐƚĞůĂŚĚŝďĞƌŝŬĂŶŬĞǁĞŶĂŶŐĂŶƐĞƐƵĂŝĚĞŶŐĂŶůŝŵŝƚŽƚŽƌŝƐĂƐŝLJĂŶŐ
ďĞƌůĂŬƵ͘ƉĂďŝůĂƚĞƌũĂĚŝƉĞŶLJŝŵƉĂŶŐĂŶŬƌĞĚŝƚƉĞƌƐĞƚƵũƵĂŶŚĂƌƵƐĚŝůĂŬƵŬĂŶŽůĞŚƌĞĚŝƚŽŵŵŝƚƚĞĞ͘
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WĞƌũĂŶũŝĂŶWĞŵďŝĂLJĂĂŶ
KĂŬĂŶŵĞŵŝŶƚĂĐĂůŽŶŬŽŶƐƵŵĞŶŵĞŶĂŶĚĂƚĂŶŐĂŶŝƉĞƌũĂŶũŝĂŶĚĂŶŵĞŶĞŵƉĞůŬĂŶƉůĂŬĂƚΘƐƚŝŬĞƌƉĂĚĂƵŶŝƚŬĞŶĚĂƌĂĂŶLJĂŶŐ
ĚŝďŝĂLJĂŝ͘ &ŽƚŽ ĂƚĂƐ ƉůĂŬĂƚ Θ ƐƚŝŬĞƌ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞŵƉĞůŬĂŶ ƉĂĚĂ ƵŶŝƚ LJĂŶŐ ĚŝďŝĂLJĂŝ͕ ǁĂũŝď ĚŝůĂŵƉŝƌŬĂŶ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ
ĚŽŬƵŵĞŶƚĂƐŝ͘
^dZd '/EWZK^W <h^,W Z^ ZKE
^ƚƌĂƚĞŐŝhƐĂŚĂ
^ƚƌĂƚĞŐŝ:ĂŶŐŬĂWĞŶĚĞŬPerseroan adalah “^ĞĞŬKƉƉŽƌƚƵŶŝƚLJǁŝƚŚĂƵƚŝŽƵƐĂŶĚWƌƵĚĞŶƚŝŶWŽůŝƚŝĐĂůzĞĂƌ” dengan strategi
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ &ŽŬƵƐƵŶƚƵŬŵĞŶŐĂŵĂŶŬĂŶEĞƚWƌŽĨŝƚDĂƌŐŝŶ͘
ď͘ Diversifikasi aset melalui transformasi digital (DX) → perluasan sewa pembiayaan dari ƉĞŶĚĞŬĂƚĂŶƐĂƚƵŬĂŬŝŬĞ
ƉĞŵďŝĂLJĂĂŶƉĞƌŝƉŚĞƌĂů͘
Đ͘ ŝǀĞƌƐŝĨŝŬĂƐŝŵĞƚŽĚĞƉĞŶĚĂŶĂĂŶĚĂŶŬĞŵĂŶĚŝƌŝĂŶ͘
Ě͘ WƌŝŽƌŝƚĂƐĚĂůĂŵƉĞŶŝŶŐŬĂƚĂŶ<ĞĂŵĂŶĂŶd/͘
Ğ͘ ƵŬƵŶŐĂŶŵĞŶLJĞůƵƌƵŚƚĞƌŚĂĚĂƉƉĞŶĞƌĂƉĂŶŬĞƵĂŶŐĂŶďĞƌŬĞůĂŶũƵƚĂŶ͘
ƌĂŚŬĞďŝũĂŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬũĂŶŐŬĂŵĞŶĞŶŐĂŚĂĚĂůĂŚ“Growth and Control + Innovate”ĚĞŶŐĂŶŵĞŵƉĞƌŬƵĂƚŝŶƚĞƌŶĂů
ŬŽŶƚƌŽůĚĂŶƚĂƚĂŬĞůŽůĂŵĞůĂůƵŝ͗
Ă͘ WĞŶLJĞĚŝĂĂŶ ůĂLJĂŶĂŶ ŬĞƵĂŶŐĂŶ ĚĂŶ ŬƌĞĚŝƚ LJĂŶŐ ƐƚĂďŝů ĚĂŶ ĚĂƉĂƚ ĚŝĂŶĚĂůŬĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞďƵƚƵŚĂŶ ƉĂƐĂƌ ĚĂŶ
DĂƐLJĂƌĂŬĂƚ͘DĞůƵŶĐƵƌŬĂŶƉƌŽĚƵŬĚĂŶůĂLJĂŶĂŶŬĞƵĂŶŐĂŶďĂƌƵƵŶƚƵŬŵĞŶŐĂŬŽŵŽĚĂƐŝŬĞďƵƚƵŚĂŶƚĞƌƐĞďƵƚ͘
ď͘ dĞƌƵƐŵĞŵďĞƌŝŬĂŶƉĞŵďŝĂLJĂĂŶŬĞƉĂĚĂƉĞůĂŶŐŐĂŶďĞƌŬƵĂůŝƚĂƐďĂŝŬĚĂŶďĞƌƵƉĂLJĂŵĞŵƉĞƌƚĂŚĂŶŬĂŶƐĞƌƚĂŵĞŵƉĞƌůƵĂƐ
ďŝƐŶŝƐĚĞŶŐĂŶƉĞůĂŶŐŐĂŶLJĂŶŐůĞďŝŚŵĞŵŝůŝŚƚƌƵŬ,ŝŶŽƐĞďĂŐĂŝƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶĐĂƉƚŝǀĞ͘ŝƐŝƐŝůĂŝŶ͕ƉĞƌƐĂŝŶŐĂŶ
ĚĞŶŐĂŶ ďĂŶŬͬŶŽŶͲďĂŶŬ LJĂŶŐ ďĞƌƐĂŝŶŐ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞůĂŶŐŐĂŶ ďĞƌŬƵĂůŝƚĂƐ ďĂŝŬ ŝŶŝ ũƵŐĂ ƐĞŵĂŬŝŶ ŬĞƚĂƚ ĚĂŶ
ƚĞƌŬĂĚĂŶŐ ŚĂŶLJĂ ƐĞŬĞĚĂƌ ƉĞƌƐĂŝŶŐĂŶ ƉĞŶƵƌƵŶĂŶ ƐƵŬƵ ďƵŶŐĂ͘ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ĨŽŬƵƐ ƉĂĚĂ ƉĞŶLJĞĚŝĂĂŶ ƉĞŵďŝĂLJĂĂŶ
ƉĞƌŝĨĞƌĂů͕ŬĞŵƵĚĂŚĂŶĚŽŬƵŵĞŶƚĂƐŝ͕ĚĂŶůĂLJĂŶĂŶŬĞƐĞůƵƌƵŚĂŶƵŶƚƵŬůŝŶŐŬĂƌĂŶŬĞŚŝĚƵƉĂŶƚƌƵŬ͘DĞůĂůƵŝƉĞŶLJĞĚŝĂĂŶũĂƐĂ
ŬĞƵĂŶŐĂŶƚĞƌƐĞďƵƚ͕WĞƌƐĞƌŽĂŶďĞƌƚƵũƵĂŶƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶŬĞƵŶƚƵŶŐĂŶĚĂůĂŵƉĞƌƐĂŝŶŐĂŶŶŽŶͲŚĂƌŐĂ͘
Đ͘ DĞŶŐĞŵďĂŶŐŬĂŶĚĂŶŵĞůƵŶĐƵƌŬĂŶƐŽůƵƐŝĚĂŶƉƌŽĚƵŬŬĞƵĂŶŐĂŶďĂƌƵĚŝĞƌĂĚŝŐŝƚĂů͘
Ě͘ DĞŵƉĞƌŬĞŶĂůŬĂŶƚĞŬŶŽůŽŐŝ/dLJĂŶŐůĞďŝŚĐĂŶŐŐŝŚĚĂůĂŵƉĞŶŐŽƉĞƌĂƐŝĂŶĚĂŶƉĞŶŐĞŶĚĂůŝĂŶƌŝƐŝŬŽ͘<ĞĂŵĂŶĂŶĚĂŶƚĂƚĂ
ŬĞůŽůĂ/dŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵƉƌŝŽƌŝƚĂƐƵƚĂŵĂ͘
Ğ͘ KƉƚŝŵĂůŝƐĂƐŝƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂĚĞŶŐĂŶŵĞŶLJĞĚŝĂŬĂŶŬĞƐĞŵƉĂƚĂŶĚĂŶũƵŐĂƉƌŽŐƌĂŵƉĞůĂƚŝŚĂŶŵĞůĂůƵŝƉĞŵĂŶĨĂĂƚĂŶ
ƚĞŬŶŽůŽŐŝĚŝŐŝƚĂů͘
Ĩ͘ DĞŵƉĞƌŬƵĂƚƐƚƌƵŬƚƵƌŽƌŐĂŶŝƐĂƐŝĚĂŶƚĂƚĂŬĞůŽůĂWĞƌƐĞƌŽĂŶ͕ŶĂŵƵŶŵĞŵƉĞƌƚĂŚĂŶŬĂŶŬĞůŝŶĐĂŚĂŶ͘
Ő͘ DĞŶŝŶŐŬĂƚŬĂŶĚĂŶŵĞŶŐĞŵďĂŶŐŬĂŶŝŶƚĞƌŶĂůŬŽŶƚƌŽů͘
Ś͘ >ŝŬƵŝĚŝƚĂƐLJĂŶŐŵĞŵĂĚĂŝ͕>DLJĂŶŐƚĞƉĂƚĚĂŶƉĞŶŐƵƉĂLJĂĂŶĚŝǀĞƌƐŝĨŝŬĂƐŝƉĞŶĚĂŶĂĂŶ͘
WƌŽƐƉĞŬhƐĂŚĂ
WĞƌƐĞƌŽĂŶŵĞƌƵƉĂŬĂŶƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶƐƉĞƐŝĂůŝƐƵŶƚƵŬŬĞŶĚĂƌĂŶŬŽŵĞƌƐŝĂůƚƌƵŬĚĂŶďŝƐ͕ŬŚƵƐƵƐŶLJĂƵŶƚƵŬƉƌŽĚƵŬ
,ŝŶŽ͘,ŝŶŽƉƌŽĚƵŬŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵƉƌŽĚƵŬƵŶŐŐƵůĂŶĚŝ/ŶĚŽŶĞƐŝĂƵŶƚƵŬŬĂƚĞŐŽƌŝƚƌƵŬĚĂŶďŝƐ͘<ŽŶƐƵŵĞŶ WĞƌƐĞƌŽĂŶ
ĂĚĂůĂŚƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞŶŐŐĞƌĂŬŬĂŶƉĞƌĞŬŽŶŽŵŝĂŶ/ŶĚŽŶĞƐŝĂĚĂůĂŵƉĞƌƚƵŵďƵŚĂŶWƌŽĚƵŬŽŵĞƐƚŝŬƌƵƚŽ
;WͿĚĂŶŵĞŶŽƉĂŶŐŬĞŚŝĚƵƉĂŶDĂƐLJĂƌĂŬĂƚƐĞŚĂƌŝͲŚĂƌŝ͕ƐĞƉĞƌƚŝƚƌĂŶƐƉŽƌƚĂƐŝĚĂƌĂƚƵŶƚƵŬďŝƐƉĂƌŝǁŝƐĂƚĂĚĂŶďŝƐĂŶƚĂƌŬŽƚĂ͕
ƉĞƌƵƐĂŚĂĂŶ ůŽŐŝƐƚŝŬ ĚĂŶ ƚƌĂŶƐƉŽƌƚĂƐŝ͕ ƉĞƌƵƐĂŚĂĂŶ ŵĂŶƵĨĂŬƚƵƌ͕ ƉĞŶŐŐƵŶĂĂŶ ĚƵŵƉ ƚƌƵĐŬ ƵŶƚƵŬ ƉƌŽLJĞŬ ŝŶĨƌĂƐƚƌƵŬƚƵƌ ĚĂŶ
ƉƌŽƉĞƌƚŝ͕ƉĞƌƚĂŵďĂŶŐĂŶ͕ƉĞƌŬĞďƵŶĂŶĚĂŶƉĞŶŐĞůŽůĂĂĂŶůŝŵďĂŚ͘
ĞƌĚĂƐĂƌŬĂŶ ĚĂƚĂ ĚĂƌŝ ĂĚĂŶ WƵƐĂƚ ^ƚĂƚŝƐƚŝŬ ;W^Ϳ ĚĂŶ ƐŝĂƌĂŶ ƉĞƌƐ ƚĂŶŐŐĂů ϱ &ĞďƌƵĂƌŝ ϮϬϮϰ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ĂŶŬ
/ŶĚŽŶĞƐŝĂ͕ ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ /ŶĚŽŶĞƐŝĂ ƉĂĚĂ ƚƌŝǁƵůĂŶ /s ϮϬϮϯ ƚƵŵďƵŚ ƐĞďĞƐĂƌ ϱ͕Ϭϰй ;LJŽLJͿ ĚŝƚĞŶŐĂŚ ƉĞƌůĂŵďĂƚĂŶ
ĞŬŽŶŽŵŝŐůŽďĂů͘WĞŶŝŶŐŬĂƚĂŶƉĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝŝŶŝĚŝĚƵŬƵŶŐŚĂŵƉŝƌƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶŽůĞŚŬŽŵƉŽŶĞŶWŬĂƌĞŶĂ
ĂĚĂŶLJĂĚĂLJĂďĞůŝDĂƐLJĂƌĂŬĂƚLJĂŶŐƐƚĂďŝů͕ŬĞLJĂŬŝŶĂŶŬŽŶƐƵŵĞŶLJĂŶŐŵĞŶŝŶŐŬĂƚĚĂŶŬŽŶƐƵŵƐŝƉĞŵĞƌŝŶƚĂŚLJĂŶŐďĞƌƚĂŵďĂŚ͘
WĂĚĂ ƚĂŚƵŶ ϮϬϮϰ͕ ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ ĚŝƉƌĂŬŝƌĂŬĂŶ ĂŬĂŶ ŵĞŶŝŶŐŬĂƚ ĚĂůĂŵ ŬŝƐĂƌĂŶ ϰ͕ϳйͲϱ͕ϱй LJĂŶŐ ĚŝĚƵŬƵŶŐ ŽůĞŚ
ƉĞƌŵŝŶƚĂĂŶĚŽŵĞƐƚŝŬƐĞƌƚĂƉĞŶŝŶŐŬĂƚĂŶŝŶǀĞƐƚĂƐŝŬŚƵƐƵƐŶLJĂďĂŶŐƵŶĂŶƐĞũĂůĂŶĚĞŶŐĂŶďĞƌůĂŶũƵƚŶLJĂƉĞŵďĂŶŐƵŶĂŶWƌŽLJĞŬ
^ƚƌĂƚĞŐŝƐEĂƐŝŽŶĂů;W^EͿ͘
WĂĚĂƚĂŚƵŶϮϬϮϯ͕/ŶĚƵƐƚƌŝƉĞŵďŝĂLJĂĂŶŵĞŶƵŶũƵŬŬĂŶƉĞƌďĂŝŬĂŶLJĂŶŐƐĞũĂůĂŶĚĞŶŐĂŶƚƌĞŶƉŽƐŝƚŝĨƉĂĚĂŝŶĚƵƐƚƌŝŽƚŽŵŽƚŝĨ͘ĂƚĂ
ǁŚŽůĞƐĂůĞƐĚĂƌŝ'ĂŝŬŝŶĚŽŚŝŶŐŐĂĞƐĞŵďĞƌϮϬϮϯŵĞŶƵŶũƵŬĂŶĂĚĂŶLJĂƉĞŶƵƌƵŶĂŶƉĞŶũƵĂůĂŶƚƌƵŬĚŝ/ŶĚŽŶĞƐŝĂŵĞŶĐĂƉĂŝϭϮй
ũŝŬĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ĞƐĞŵďĞƌ ϮϬϮϮ͘ ,Ăů ƚĞƌƐĞďƵƚ ƚĞƌũĂĚŝ ŬĂƌĞŶĂ ŬŽƌĞŬƐŝ ŚĂƌŐĂͲŚĂƌŐĂ ŬŽŵŽĚŝƚĂƐ ƚĂŵďĂŶŐ LJĂŶŐ
ŵĞŶLJĞďĂďŬĂŶďĞƌŬƵƌĂŶŐŶLJĂƉĞƌŵŝŶƚĂĂŶƉƌŽĚƵŬĚĂƌŝƐĞŬƚŽƌƉĞƌƚĂŵďĂŶŐĂŶ͘^ĞĚĂŶŐŬĂŶƉĞŶũƵĂůĂŶďŝƐĚŝ/ŶĚŽŶĞƐŝĂŵĞŶŝŶŐŬĂƚ
ƐĞďĞƐĂƌϭϱϰйũŝŬĂĚŝďĂŶĚŝŶŐŬĂŶƉĞƌŝŽĚĞLJĂŶŐƐĂŵĂƚĂŚƵŶůĂůƵ͘DĞŶĐĞƌŵĂƚŝďĞƌďĂŐĂŝƚĂŶƚĂŶŐĂŶĚĂŶƉĞůƵĂŶŐLJĂŶŐĚŝŚĂĚĂƉŝ
ƐĞƌƚĂ ďĞƌďĂŐĂŝ ŬĞďŝũĂŬĂŶ LJĂŶŐ ĚŝĂŵďŝů͕ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ŵĞLJĂŬŝŶŝ ďĂŚǁĂ WŝƵƚĂŶŐ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ ĂŬĂŶ
ƚƵŵďƵŚƐĞďĞƐĂƌϭϬйͲϭϮйĚŝƚĂŚƵŶϮϬϮϰ͘
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WĞŵĞƌŝŶƚĂŚ ƚĞƌƵƐ ďĞƌƵƉĂLJĂ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƌĂƚĂĂŶ ƉĞŵďĂŶŐƵŶĂŶ Ěŝ /ŶĚŽŶĞƐŝĂ ĂŐĂƌ ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ ƚĞƌƵƐ
ŵĞŶŝŶŐŬĂƚ͘,ĂůŝŶŝƚĞŶƚƵŶLJĂŵĞŶũĂĚŝƉĞůƵĂŶŐĚĂŶƉƌŽƐƉĞŬƵƐĂŚĂďĂŐŝWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶŐĞŵďĂŶŐŬĂŶďŝƐŶŝƐŶLJĂĚĂůĂŵ
ŵĞŶĚƵŬƵŶŐ ƐƚƌĂƚĞŐŝ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ƉĞŵĞƌŝŶƚĂŚ͘ WƌŝŶƐŝƉ ŬĞŚĂƚŝͲŚĂƚŝĂŶ ƐĞůĂůƵ ĚŝƚĞƌĂƉŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ
ŵĞŵĂƐƚŝŬĂŶ ŝŶĚƵƐƚƌŝ ũĂƐĂ ŬĞƵĂŶŐĂŶ ŬŚƵƐƵƐŶLJĂ ƉĞŶũƵĂůĂŶ ďŝƐ ĚĂŶ ƚƌƵŬ ŬŽŵĞƌƐŝĂů ĂŐĂƌ ďĞƌũĂůĂŶ ƐĞĐĂƌĂ ƐĞŚĂƚ͕ ƚĞƌďƵŬĂ ĚĂŶ
ŬŽŵƉĞƚŝƚŝĨ͘ <ŽŶĚŝƐŝ ƉĞƌĞŬŽŶŽŵŝĂŶ /ŶĚŽŶĞƐŝĂ ĚĂŶ ĞŬƐƉĞŬƚĂƐŝ ŵĂŬƌŽ LJĂŶŐ ŵĞŵďĂŝŬ͕ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ƉŽƐŝƚŝĨ ƚĞƌŚĂĚĂƉ
ƉĞƌƚƵŵďƵŚĂŶWĞƌƐĞƌŽĂŶ͘
ϯ͘ W EtZEhDhD
EĂŵĂKďůŝŐĂƐŝ ͗ KďůŝŐĂƐŝ///,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϰ͘
:ƵŵůĂŚ WŽŬŽŬ͕ :ĂŶŐŬĂ tĂŬƚƵ ͗ KďůŝŐĂƐŝ ŝŶŝ ĚŝƚĂǁĂƌŬĂŶ ƐĞďĞƐĂƌ ZƉϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƚƵũƵŚ ƌĂƚƵƐ ŵŝůŝĂƌ ZƵƉŝĂŚͿ
ĚĂŶdŝŶŐŬĂƚƵŶŐĂKďůŝŐĂƐŝ ĚŝũĂŵŝŶƐĞĐĂƌĂŬĞƐĂŶŐŐƵƉĂŶƉĞŶƵŚ;ĨƵůůĐŽŵŵŝƚŵĞŶƚͿĚĂŶŵĞŵďĞƌŝŬĂŶƉŝůŝŚĂŶďĂŐŝ
DĂƐLJĂƌĂŬĂƚƵŶƚƵŬŵĞŵŝůŝŚ^ĞƌŝKďůŝŐĂƐŝLJĂŶŐĚŝŬĞŚĞŶĚĂŬŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
^Ğƌŝ͗ :ƵŵůĂŚKďůŝŐĂƐŝ^ĞƌŝLJĂŶŐĚŝƚĂǁĂƌŬĂŶĂĚĂůĂŚƐĞďĞƐĂƌZƉϯϰϮ͘ϴϵϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ
;ƚŝŐĂ ƌĂƚƵƐ ĞŵƉĂƚ ƉƵůƵŚ ĚƵĂ ŵŝůŝĂƌ ĚĞůĂƉĂŶ ƌĂƚƵƐ ƐĞŵďŝůĂŶ ƉƵůƵŚ ůŝŵĂ ũƵƚĂ
ZƵƉŝĂŚͿĚĞŶŐĂŶƚŝŶŐŬĂƚďƵŶŐĂKďůŝŐĂƐŝƐĞďĞƐĂƌϲ͕ϳϬй;ĞŶĂŵŬŽŵĂƚƵũƵŚŶŽů
ƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͘:ĂŶŐŬĂǁĂŬƚƵKďůŝŐĂƐŝĂĚĂůĂŚϯϳϬ;ƚŝŐĂƌĂƚƵƐƚƵũƵŚƉƵůƵŚͿ
,Ăƌŝ<ĂůĞŶĚĞƌ͘WĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƉĞŶƵŚ;ďƵůůĞƚƉĂLJŵĞŶƚͿ
ƉĂĚĂƐĂĂƚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽ͘
^Ğƌŝ͗ :ƵŵůĂŚKďůŝŐĂƐŝ^ĞƌŝLJĂŶŐĚŝƚĂǁĂƌŬĂŶĂĚĂůĂŚƐĞďĞƐĂƌZƉϯϱϳ͘ϭϬϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ
;ƚŝŐĂƌĂƚƵƐůŝŵĂƉƵůƵŚƚƵũƵŚŵŝůŝĂƌƐĞƌĂƚƵƐůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĞŶŐĂŶƚŝŶŐŬĂƚ
ďƵŶŐĂ KďůŝŐĂƐŝ ƐĞďĞƐĂƌ ϳ͕Ϯϱй ;ƚƵũƵŚ ŬŽŵĂ ĚƵĂ ůŝŵĂ ƉĞƌƐĞŶͿ ƉĞƌ ƚĂŚƵŶ͘
:ĂŶŐŬĂǁĂŬƚƵKďůŝŐĂƐŝĂĚĂůĂŚϯ;ƚŝŐĂͿƚĂŚƵŶ͘WĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶ
ƐĞĐĂƌĂƉĞŶƵŚ;ďƵůůĞƚƉĂLJŵĞŶƚͿƉĂĚĂƐĂĂƚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽ͘
,ĂƌŐĂWĞŶĂǁĂƌĂŶ ͗ ϭϬϬйĚĂƌŝŶŝůĂŝWŽŬŽŬKďůŝŐĂƐŝ͘
^ĂƚƵĂŶWĞƌĚĂŐĂŶŐĂŶKďůŝŐĂƐŝ ͗ ZƉϱ͘ϬϬϬ͘ϬϬϬ;ůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĂŶͬĂƚĂƵŬĞůŝƉĂƚĂŶŶLJĂ͘
^ĂƚƵĂŶWĞŵŝŶĚĂŚďƵŬƵĂŶ ͗ ^ĂƚƵĂŶ WĞŵŝŶĚĂŚďƵŬƵĂŶ KďůŝŐĂƐŝ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϭ͕ϬϬ ;ƐĂƚƵ ZƵƉŝĂŚͿ ĂƚĂƵ
ŬĞůŝƉĂƚĂŶŶLJĂ͘^ĂƚƵ^ĂƚƵĂŶWĞŵŝŶĚĂŚďƵŬƵĂŶŵĞŵƉƵŶLJĂŝŚĂŬƵŶƚƵŬŵĞŶŐĞůƵĂƌŬĂŶϭ
;ƐĂƚƵͿƐƵĂƌĂĚĂůĂŵZhWK͘
WĞŵďĂLJĂƌĂŶ<ƵƉŽŶƵŶŐĂ ͗ dƌŝǁƵůĂŶĂŶ͘
WĞŶLJŝƐŝŚĂŶĂŶĂ;^ŝŶŬŝŶŐ&ƵŶĚͿ ͗ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ƉĞŶLJŝƐŝŚĂŶ ĚĂŶĂ ƵŶƚƵŬ KďůŝŐĂƐŝ ŝŶŝ ĚĞŶŐĂŶ
ƉĞƌƚŝŵďĂŶŐĂŶ ƵŶƚƵŬ ŵĞŶŐŽƉƚŝŵĂůŬĂŶ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ
KďůŝŐĂƐŝŝŶŝƐĞƐƵĂŝĚĞŶŐĂŶƚƵũƵĂŶƌĞŶĐĂŶĂƉĞŶŐŐƵŶĂĂŶĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ
KďůŝŐĂƐŝ͘
,ĂƐŝůWĞŵĞƌŝŶŐŬĂƚĂŶ ͗ ;ŝĚŶͿ;dƌŝƉůĞͿĚĂƌŝWd&ŝƚĐŚZĂƚŝŶŐƐ/ŶĚŽŶĞƐŝĂ͘
:ĂŵŝŶĂŶ ͗ KďůŝŐĂƐŝŝŶŝƚŝĚĂŬĚŝũĂŵŝŶĚĞŶŐĂŶũĂŵŝŶĂŶŬŚƵƐƵƐ͕ƚĞƚĂƉŝĚŝũĂŵŝŶĚĞŶŐĂŶƐĞůƵƌƵŚŚĂƌƚĂ
ŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶďĂŝŬďĂƌĂŶŐďĞƌŐĞƌĂŬŵĂƵƉƵŶďĂƌĂŶŐƚŝĚĂŬďĞƌŐĞƌĂŬ͕ďĂŝŬLJĂŶŐ
ƚĞůĂŚĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶĚĂůĂŵ
WĂƐĂůϭϭϯϭĚĂŶϭϭϯϮ<ŝƚĂďhŶĚĂŶŐͲƵŶĚĂŶŐ,ƵŬƵŵWĞƌĚĂƚĂ͘,ĂŬWĞŵĞŐĂŶŐKďůŝŐĂƐŝ
ĂĚĂůĂŚƉĂƌŝƉĂƐƐƵƚĂŶƉĂŚĂŬƉƌĞĨĞƌĞŶĚĞŶŐĂŶŚĂŬͲŚĂŬŬƌĞĚŝƚƵƌWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂďĂŝŬ
LJĂŶŐ ĂĚĂ ƐĞŬĂƌĂŶŐ ŵĂƵƉƵŶ Ěŝ ŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ ŬĞĐƵĂůŝ ŚĂŬͲŚĂŬ ŬƌĞĚŝƚƵƌ WĞƌƐĞƌŽĂŶ
LJĂŶŐĚŝũĂŵŝŶƐĞĐĂƌĂŬŚƵƐƵƐĚĞŶŐĂŶŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶďĂŝŬLJĂŶŐƚĞůĂŚĂĚĂŵĂƵƉƵŶ
LJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝƐĞƐƵĂŝƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͘<ĞƚĞƌĂŶŐĂŶ
ƐĞůĞŶŐŬĂƉŶLJĂŵĞŶŐĞŶĂŝũĂŵŝŶĂŶĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂĂď/WƌŽƐƉĞŬƚƵƐŝŶŝ͘
,ĂŬ^ĞŶŝŽƌŝƚĂƐƚĂƐhƚĂŶŐ ͗ ,ĂŬ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĂĚĂůĂŚ ƉĂƌŝƉĂƐƐƵ ƚĂŶƉĂ ƉƌĞĨĞƌĞŶ ĚĞŶŐĂŶ ŚĂŬͲŚĂŬ ŬƌĞĚŝƚƵƌ
WĞƌƐĞƌŽĂŶůĂŝŶƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
tĂůŝŵĂŶĂƚ ͗ WdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘
WĞŵďĞůŝĂŶ<ĞŵďĂůŝ ͗ WĂůŝŶŐ ĐĞƉĂƚ ϭ ;ƐĂƚƵͿ ƚĂŚƵŶ ƐĞƚĞůĂŚ dĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ͕ WĞƌƐĞƌŽĂŶ ďĂƌƵ ĚĂƉĂƚ
ŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ;ďƵLJ ďĂĐŬͿ͘ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞůĂŬƵŬĂŶ ƉĞŵďĞůŝĂŶ
ŬĞŵďĂůŝ;ďƵLJďĂĐŬͿŵĞůĂůƵŝƵƌƐĂ ĨĞŬĂƚĂƵĚŝůƵĂƌƵƌƐĂ ĨĞŬLJĂŶŐĚŝƚƵũƵŬĂŶƐĞďĂŐĂŝ
ƉĞŵďĂLJĂƌĂŶ ŬĞŵďĂůŝ ĂƚĂƵ ĚŝƐŝŵƉĂŶ ƵŶƚƵŬ ŬĞŵƵĚŝĂŶ ĚŝũƵĂů ŬĞŵďĂůŝ ĚĞŶŐĂŶ ŚĂƌŐĂ
ƉĂƐĂƌ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶ
ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
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ϰ͘ < d ZE'Ed EdE' & < Z^/&dhdE'zE' >hD/>hE^/
ĨĞŬ ďĞƌƐŝĨĂƚ ƵƚĂŶŐ LJĂŶŐ ďĞůƵŵ ĚŝůƵŶĂƐŝ ƐĂŵƉĂŝ ĚĞŶŐĂŶ WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϭ͘ϮϮϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
ĚĞŶŐĂŶŬĞƚĞƌĂŶŐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
:ƵŵůĂŚ :ƵŵůĂŚ
dŝŶŐŬĂƚ :ĂŶŐŬĂ
EŽ͘ EĂŵĂKďůŝŐĂƐŝ ^Ğƌŝ EŽŵŝŶĂů WĞƌŝŶŐŬĂƚ :ĂƚƵŚdĞŵƉŽ dĞƌƵƚĂŶŐ
ƵŶŐĂ tĂŬƚƵ
;ZƉ:ƵƚĂͿ ;ZƉ:ƵƚĂͿ
ϭ KďůŝŐĂƐŝ/,ŝŶŽ ϱϮϱ͘ϬϬϬ ϳ͕ϬϬй ϯƚĂŚƵŶ ;ŝĚŶͿ ϵŐƵƐƚƵƐϮϬϮϱ ϱϮϱ͘ϬϬϬ
&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
dĂŚƵŶϮϬϮϮ
Ϯ KďůŝŐĂƐŝ//,ŝŶŽ ϯϲϲ͘ϬϬϬ ϱ͕ϴϱй ϯϳϬ,Ăƌŝ ;ŝĚŶͿ Ϯϭ:ƵůŝϮϬϮϰ ϯϲϲ͘ϬϬϬ
&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ <ĂůĞŶĚĞƌ
dĂŚƵŶϮϬϮϯ ϯϯϰ͘ϬϬϬ ϲ͕ϳϱй ϯƚĂŚƵŶ ;ŝĚŶͿ ϭϭ:ƵůŝϮϬϮϲ ϯϯϰ͘ϬϬϬ
dŽƚĂůKďůŝŐĂƐŝdĞƌƵƚĂŶŐ ϭ͘ϮϮϱ͘ϬϬϬ
^ƵŵďĞƌĂŶĂƵŶƚƵŬKďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϯƐĞƌŝLJĂŶŐĂŬĂŶũĂƚƵŚƚĞŵƉŽƉĂĚĂƚĂŶŐŐĂůϮϭ:ƵůŝϮϬϮϰ
ĂĚĂůĂŚďĞƌĂƐĂůĚĂƌŝĚĂŶĂWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝŝŶŝ͘
ϱ͘ W E''hEEEzE'/W ZK> ,Z/W EtZEhDhDK>/'^/
^ĞůƵƌƵŚ ĚĂŶĂ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ŝŶŝ͕ ƐĞƚĞůĂŚ ĚŝŬƵƌĂŶŐŝ ĚĞŶŐĂŶ ďŝĂLJĂ ĞŵŝƐŝ͕ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ
ƐĞůƵƌƵŚŶLJĂŽůĞŚWĞƌƐĞƌŽĂŶƵŶƚƵŬ͗
• ^ĞďĞƐĂƌ ZƉϯϲϲ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƚŝŐĂ ƌĂƚƵƐ ĞŶĂŵ ƉƵůƵŚ ĞŶĂŵ ŵŝůŝĂƌ ZƵƉŝĂŚͿ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ƉĞůƵŶĂƐĂŶ WŽŬŽŬ
KďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϯ^Ğƌŝ͖
• ^ŝƐĂŶLJĂ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ƐĞďĂŐĂŝ ŵŽĚĂů ŬĞƌũĂ WĞƌƐĞƌŽĂŶ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ďŝĚĂŶŐ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ Ěŝ ũĂƐĂ ƉĞŵďŝĂLJĂĂŶ͘
DŽĚĂůŬĞƌũĂLJĂŶŐĚŝŵĂŬƐƵĚĚĂůĂŵƌĞŶĐĂŶĂƉĞŶŐŐƵŶĂĂŶĚĂŶĂƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝĂĚĂůĂŚƵŶƚƵŬŵĞŶĚĂŶĂŝƉĞŵďŝĂLJĂĂŶ
ŬĞŐŝĂƚĂŶƵƐĂŚĂĚĂŶďŝĂLJĂŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘
<ĞƚĞƌĂŶŐĂŶ ůĞďŝŚ ůĞŶŐŬĂƉ ŵĞŶŐĞŶĂŝ ƌĞŶĐĂŶĂ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ ŝŶŝ ĚĂƉĂƚ ĚŝůŝŚĂƚ ƉĂĚĂ Ăď //
WƌŽƐƉĞŬƚƵƐŝŶŝ͘
ϲ͘ ^dZh<dhZW ZDK>EE^h^hEEW D 'E'^,DW Z^ ZKE
WĂĚĂ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ŝŶŝ ŝƚĞƌďŝƚŬĂŶ͕ ^ƚƌƵŬƚƵƌ WĞƌŵŽĚĂůĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵƵĂƚ ĚĂůĂŵ ŬƚĂ WĞƌŶLJĂƚĂĂŶ
<ĞƉƵƚƵƐĂŶWĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌEŽ͘ϯƚĂŶŐŐĂůϯ:ƵůŝϮϬϭϴ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ/ƌŵĂĞǀŝƚĂ
WƵƌŶĂŵĂƐ͕^͘,͕͘DŬŶ͕EŽƚĂƌŝƐĚŝ<ŽƚĂ:ĂŬĂƌƚĂhƚĂƌĂ͕LJĂŶŐƚĞůĂŚ͗;ŝͿŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶĚĂƌŝDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝ
DĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘,hͲϬϬϭϯϲϯϭ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϭϴƚĂŶŐŐĂůϱ:ƵůŝϮϬϭϴ͖;ŝŝͿ
ĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂƌŝ
^ƵƌĂƚWĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶEŽ͘,hͲ,͘Ϭϭ͘ϬϯͲϬϮϭϴϴϴϮƚĂŶŐŐĂůϱ:ƵůŝϮϬϭϴ͖;ŝŝŝͿ
ĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂƌŝ
^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ WĞƌƐĞƌŽĂŶ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϯͲϬϮϭϴϴϯ ƚĂŶŐŐĂů ϱ :Ƶůŝ ϮϬϭϴ͖ ĚĂŶ ;ŝǀͿ
ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ EŽ͘,hͲϬϬϴϲϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϭϴ ƚĂŶŐŐĂů ϱ :Ƶůŝ ϮϬϭϴ͕ ũƵŶĐƚŽ ŬƚĂ WĞƌŶLJĂƚĂĂŶ
<ĞƉƵƚƵƐĂŶ^ŝƌŬƵůĂƌWĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵEŽ͘ϮϭƚĂŶŐŐĂůϭϰDĞŝϮϬϭϵLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶtŝǁŝŬŽŶĚƌŽ͕^͘,͕͘EŽƚĂƌŝƐ
Ěŝ<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚ͕LJĂŶŐƚĞůĂŚ͗;ŝͿĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂƌŝ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲ,͘Ϭϭ͘Ϭϯ͘ϬϮϲϲϮϵϱƚĂŶŐŐĂůϮϬDĞŝϮϬϭϵ͖;ŝŝͿĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵĂĨƚĂƌWĞƌƐĞƌŽĂŶEŽ͘,hͲϬϬϴϮϭϭϴ͘,͘Ϭϭ͘ϭϭ͘d,hE
ϮϬϭϵƚĂŶŐŐĂůϮϬDĞŝϮϬϭϵ͖ĚĂŶ;ŝŝͿĚŝƵŵƵŵŬĂŶĚĂůĂŵdĂŵďĂŚĂŶEŽ͘ϭϵϮϰϯĚĂƌŝEZ/EŽ͘ϲϮƚĂŶŐŐĂůϮŐƵƐƚƵƐϮϬϭϵ͕ũƵŶĐƚŽ
ŬƚĂEŽ͘ϭϴͬϮϬϮϬ͕LJĂŬŶŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͕LJĂŝƚƵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝEŽŵŝŶĂůZƉϭ͘ϬϬϬ͘ϬϬϬ͕ϬϬƉĞƌƐĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ WĞƌƐĞŶƚĂƐĞ;йͿ
dŽƚĂů^ĂŚĂŵ EŝůĂŝEŽŵŝŶĂů;ZƉͿ
DŽĚĂůĂƐĂƌ ϭ͘ϬϬϬ͘ϬϬϬ ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ
Ͳ,ŝŶŽDŽƚŽƌƐ͕>ƚĚ ϰϬϬ͘ϬϬϬ ϰϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϰϬ͕ϬϬ
ͲWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬ͘ ϰϬϬ͘ϬϬϬ ϰϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϰϬ͕ϬϬ
Ͳ^Ƶŵŵŝƚ'ůŽďĂůƵƚŽDĂŶĂŐĞŵĞŶƚ͘s͘ ϮϬϬ͘ϬϬϬ ϮϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϮϬ͕ϬϬ
dŽƚĂůDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ ϭ͘ϬϬϬ͘ϬϬϬ ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
dŽƚĂů^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů Ͳ Ͳ
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ϳ͘ /<,d/^Zd< hE'EW Ed/E'
/ŶĨŽƌŵĂƐŝŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϯϭĞƐĞŵďĞƌϮϬϮϮ͕ƐĞƌƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂ
ƚĂŶŐŐĂůͲƚĂŶŐŐĂůƚĞƌƐĞďƵƚĚŝĂŵďŝůĚĂƌŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮ͕ƐĞƌƚĂƵŶƚƵŬ
ƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůƚĞƌƐĞďƵƚLJĂŶŐĚŝƐĂũŝŬĂŶĚĂůĂŵƚĂďĞůĚŝďĂǁĂŚŝŶŝĚŝĂŵďŝůĚĂƌŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ
WĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮ͕ƐĞƌƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůƚĞƌƐĞďƵƚLJĂŶŐƚĞůĂŚ
ĚŝƐƵƐƵŶŽůĞŚDĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶĚŝ/ŶĚŽŶĞƐŝĂĚĂŶĚŝƐĂũŝŬĂŶĚĂůĂŵŵĂƚĂƵĂŶŐ
ZƵƉŝĂŚ͕LJĂŶŐƐĞůƵƌƵŚŶLJĂƚĞƌĐĂŶƚƵŵĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝĚĂŶƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<WWƵƌǁĂŶƚŽŶŽ͕^ƵŶŐŬŽƌŽΘ^ƵƌũĂ;ĨŝƌŵĂ
ĂŶŐŐŽƚĂ ƌŶƐƚΘzŽƵŶŐ'ůŽďĂů>ŝŵŝƚĞĚͿďĞƌĚĂƐĂƌŬĂŶ^ƚĂŶĚĂƌƵĚŝƚLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚ/ŶƐƚŝƚƵƚŬƵŶƚĂŶWƵďůŝŬ/ŶĚŽŶĞƐŝĂ
(“IAPI”) sebagaimana tercantum dalam laporan auditor independen untuk tahun yang berakhir pada tanggalͲƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮEŽ͘ϬϭϰϵϵͬϮ͘ϭϬϯϮͬh͘ϭͬϬϵͬϭϲϴϭͲϯͬϭͬsͬϮϬϮϰƚĞƌƚĂŶŐŐĂůϮϴDĞŝϮϬϮϰLJĂŶŐĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚ
ŚƌŝƐƚŽƉŚŽƌƵƐůǀŝŶ<ŽƐƐŝŵ;ZĞŐŝƐƚƌĂƐŝŬƵŶƚĂŶWƵďůŝŬEŽ͘ϭϲϴϭͿ͘>ĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶƚĞƌƐĞďƵƚ͕LJĂŶŐũƵŐĂƚĞƌĐĂŶƚƵŵ
ĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͕menyatakan opini tanpa modifikasian dan paragraf “HalͲhal Lain” yang menyatakan tujuan penerbitan
ůĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĚĂŶƉĞŶĞƌďŝƚĂŶŬĞŵďĂůŝůĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶŬĞŵďĂůŝ
>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƵĚŝƚĂŶ͘>ĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯƐĞƌƚĂ
untuk tahun yang berakhir pada tanggal tersebut juga berisi paragraf “Hal Audit Utama” mengenai cadangan kerugian
ƉĞŶƵƌƵŶĂŶŶŝůĂŝĂƚĂƐƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶ͘
/ŶĨŽƌŵĂƐŝďĞƌŝŬƵƚ ŚĂƌƵƐ ĚŝďĂĐĂ ďĞƌŬĂŝƚĂŶ ĚĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶŵĞŶŐĂĐƵ ƉĂĚĂůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶLJĂŶŐƚĞůĂŚ
ĚŝĂƵĚŝƚďĞƐĞƌƚĂĐĂƚĂƚĂŶĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶLJĂŶŐĚŝůĂŵƉŝƌŬĂŶĚŝĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝƉĂĚĂĂďys/ŵĞŶŐĞŶĂŝ>ĂƉŽƌĂŶ
<ĞƵĂŶŐĂŶ͘
Z/E'<^E>WKZEWK^/^/< hE'E
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
dŽƚĂůƐĞƚ ϱ͘Ϭϳϵ͘ϮϴϬ͘ϱϯϲ͘Ϯϲϯ ϰ͘ϯϳϯ͘Ϭϰϵ͘ϰϰϳ͘Ϯϭϵ
dŽƚĂů>ŝĂďŝůŝƚĂƐ ϯ͘ϳϬϮ͘ϰϵϯ͘ϵϰϭ͘ϳϱϭ ϯ͘Ϭϵϰ͘ϴϯϰ͘ϵϮϳ͘ϬϭϮ
dŽƚĂů ŬƵŝƚĂƐ ϭ͘ϯϳϲ͘ϳϴϲ͘ϱϵϰ͘ϱϭϮ ϭ͘Ϯϳϴ͘Ϯϭϰ͘ϱϮϬ͘ϮϬϳ
Z/E'<^E>WKZE>Zh'/EW E',^/>E<KDWZ , E^/&>/E
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
dŽƚĂůWĞŶĚĂƉĂƚĂŶ ϰϴϰ͘ϰϲϰ͘ϯϳϱ͘ϵϵϭ ϯϵϵ͘ϳϰϱ͘ϵϵϱ͘ϴϬϱ
dŽƚĂůĞďĂŶ ϯϴϳ͘ϴϳϲ͘Ϭϴϱ͘ϭϯϲ ϯϭϯ͘ϲϲϮ͘ϱϳϲ͘ϳϵϳ
>ĂďĂ^ĞďĞůƵŵĞďĂŶWĂũĂŬ&ŝŶĂůĂŶĞďĂŶWĂũĂŬWĞŶŐŚĂƐŝůĂŶ ϵϲ͘ϱϴϴ͘ϮϵϬ͘ϴϱϱ ϴϲ͘Ϭϴϯ͘ϰϭϵ͘ϬϬϴ
>ĂďĂ^ĞďĞůƵŵĞďĂŶWĂũĂŬWĞŶŐŚĂƐŝůĂŶ ϵϮ͘ϵϲϲ͘ϯϵϴ͘Ϯϯϱ ϴϯ͘ϳϳϰ͘ϭϭϰ͘ϲϰϳ
>ĂďĂdĂŚƵŶĞƌũĂůĂŶ ϳϬ͘ϲϭϳ͘ϴϰϱ͘ϵϲϲ ϲϰ͘ϲϬϴ͘ϵϯϳ͘ϳϭϳ
WĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ>ĂŝŶͲEĞƚŽ Ϯϳ͘ϵϱϰ͘ϮϮϴ͘ϯϯϵ Ϯϰ͘Ϯϴϱ͘ϰϱϭ͘Ϯϱϴ
dŽƚĂůWĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨdĂŚƵŶĞƌũĂůĂŶ ϵϴ͘ϱϳϮ͘Ϭϳϰ͘ϯϬϱ ϴϴ͘ϴϵϰ͘ϯϴϴ͘ϵϳϱ
>ĂďĂWĞƌ^ĂŚĂŵĂƐĂƌ ϳϬ͘ϲϭϴ ϲϰ͘ϲϬϵ
Z^/K< hE'E
ϯϭĞƐĞŵďĞƌ
< d ZE'E
ϮϬϮϯ ϮϬϮϮ
ZĂƐŝŽWĞƌƚƵŵďƵŚĂŶ;йͿ
dŽƚĂůWĞŶĚĂƉĂƚĂŶ Ϯϭ͕ϭϵ ;ϭ͕ϲϴͿ
>ĂďĂdĂŚƵŶĞƌũĂůĂŶ ϵ͕ϯϬ ϭϭ͕ϳϮ
dŽƚĂůƐĞƚ ϭϲ͕ϭϱ Ϯϱ͕Ϯϯ
dŽƚĂů>ŝĂďŝůŝƚĂƐ ϭϵ͕ϲϯ ϯϰ͕ϰϬ
dŽƚĂů ŬƵŝƚĂƐ ϳ͕ϳϭ ϳ͕ϰϳ
ZĂƐŝŽWĞƌŵŽĚĂůĂŶ ϱϯ͕ϵϮ ϱϴ͕ϴϬ
ZĂƐŝŽhƐĂŚĂ;йͿ
>ĂďĂ^ĞďĞůƵŵĞďĂŶWĂũĂŬWĞŶŐŚĂƐŝůĂŶͬdŽƚĂůWĞŶĚĂƉĂƚĂŶ ϭϵ͕ϭϵ ϮϬ͕ϵϲ
dŽƚĂůWĞŶĚĂƉĂƚĂŶͬdŽƚĂůƐĞƚϭͿ ϵ͕ϱϰ ϵ͕ϭϰ
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ϯϭĞƐĞŵďĞƌ
< d ZE'E
ϮϬϮϯ ϮϬϮϮ
>ĂďĂdĂŚƵŶĞƌũĂůĂŶͬdŽƚĂůWĞŶĚĂƉĂƚĂŶ ϭϰ͕ϱϴ ϭϲ͕ϭϲ
/ŵďĂů,ĂƐŝůĂƚĂƐƐĞƚϮͿ ϭ͕ϯϵ ϭ͕ϰϴ
/ŵďĂů,ĂƐŝůĂƚĂƐ ŬƵŝƚĂƐϯͿ ϱ͕ϭϯ ϱ͕Ϭϱ
ZĂƐŝŽ ŬƵŝƚĂƐƚĞƌŚĂĚĂƉDŽĚĂůŝƐĞƚŽƌ ϭϯϳ͕ϲϴ ϭϮϳ͕ϴϮ
ZĂƐŝŽ^ĂůĚŽWŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶEĞƚŽƚĞƌŚĂĚĂƉdŽƚĂů
WĞŶĚĂŶĂĂŶ ϭϯϮ͕ϭϬ ϭϯϬ͕ϲϬ
ZĂƐŝŽ^ĂůĚŽWŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶ/ŶǀĞƐƚĂƐŝĚĂŶWĞŵďŝĂLJĂĂŶ
DŽĚĂů<ĞƌũĂƚĞƌŚĂĚĂƉƐĂůĚŽWŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶ ϭϬϬ͕ϬϬ ϭϬϬ͕ϬϬ
ZĂƐŝŽ<ĞƵĂŶŐĂŶ;džͿ
dŽƚĂů>ŝĂďŝůŝƚĂƐƚĞƌŚĂĚĂƉdŽƚĂů ŬƵŝƚĂƐ;ĞďƚƚŽĞƋƵŝƚLJƌĂƚŝŽͿϰͿ Ϯ͕ϲϵ Ϯ͕ϰϮ
dŽƚĂů>ŝĂďŝůŝƚĂƐƚĞƌŚĂĚĂƉdŽƚĂůƐĞƚ;ĞďƚƚŽĂƐƐĞƚƌĂƚŝŽͿϱͿ Ϭ͕ϳϯ Ϭ͕ϳϭ
ZĂƐŝŽ>ĂŶĐĂƌϲͿ ϭ͕ϳϭ ϰ͕ϱϮ
'ĞĂƌŝŶŐZĂƚŝŽϳͿ Ϯ͕ϱϲ Ϯ͕Ϯϵ
EĞƚ&ŝŶĂŶĐŝŶŐƚŽƐƐĞƚZĂƚŝŽϴͿ Ϭ͕ϵϭ Ϭ͕ϴϳ
EŽŶWĞƌĨŽƌŵŝŶŐ&ŝŶĂŶĐŝŶŐ;EW&ͲйͿͲEĞƚŽϵͿ Ϭ͕ϬϮϬ Ϭ͕ϬϬϰ
EŽŶWĞƌĨŽƌŵŝŶŐ&ŝŶĂŶĐŝŶŐ;EW&ͲйͿͲ'ƌŽƐƐϭϬͿ Ϭ͕Ϭϳ Ϭ͕ϭϵ
/ŶƚĞƌĞƐƚŽǀĞƌĂŐĞZĂƚŝŽ;/ZͲdžͿϭϭͿ ϭ͕ϱϰ ϭ͕ϲϭ
Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ;^ZͲdžͿϭϮͿ Ϭ͕ϮϬ Ϭ͕ϱϬ
<ĞƚĞƌĂŶŐĂŶ͗
ϭ͘ dŽƚĂů WĞŶĚĂƉĂƚĂŶ ĂƚĂƐ dŽƚĂů ƐĞƚ ĚŝŚŝƚƵŶŐ ƐĞƐƵĂŝ ƉĞƌĂƚƵƌĂŶ K:< ĂĚĂůĂŚ ƌĂƐŝŽ ƚŽƚĂů ƉĞŶĚĂƉĂƚĂŶ ƚĞƌŚĂĚĂƉ ƚŽƚĂů ĂƐĞƚ ƚĂŚƵŶ LJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶ͘
Ϯ͘ /ŵďĂů,ĂƐŝůĂƚĂƐƐĞƚĚŝŚŝƚƵŶŐƐĞƐƵĂŝƉĞƌĂƚƵƌĂŶK:<ĂĚĂůĂŚƌĂƐŝŽůĂďĂƐĞƚĞůĂŚƉĂũĂŬƚĞƌŚĂĚĂƉƚŽƚĂůĂƐĞƚƚĂŚƵŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘
ϯ͘ /ŵďĂů,ĂƐŝůĂƚĂƐ ŬƵŝƚĂƐĚŝŚŝƚƵŶŐƐĞƐƵĂŝƉĞƌĂƚƵƌĂŶK:<ĂĚĂůĂŚƌĂƐŝŽůĂďĂƐĞƚĞůĂŚƉĂũĂŬƚĞƌŚĂĚĂƉƚŽƚĂůĞŬƵŝƚĂƐƚĂŚƵŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘
ϰ͘ ZĂƐŝŽĞďƚƚŽĞƋƵŝƚLJŵĞƌƵƉĂŬĂŶƚŽƚĂůůŝĂďŝůŝƚĂƐĚŝďĂŐŝĚĞŶŐĂŶƚŽƚĂůĞŬƵŝƚĂƐ͘
ϱ͘ ZĂƐŝŽĞďƚƚŽĂƐƐĞƚŵĞƌƵƉĂŬĂŶƚŽƚĂůůŝĂďŝůŝƚĂƐĚŝďĂŐŝĚĞŶŐĂŶƚŽƚĂůĂƐĞƚ͘
ϲ͘ WĞƌŚŝƚƵŶŐĂŶZĂƐŝŽ>ĂŶĐĂƌĂĚĂůĂŚũƵŵůĂŚŬĂƐĚĂŶƐĞƚĂƌĂŬĂƐĚĞŶŐĂŶĂƐĞƚLJĂŶŐũĂƚƵŚƚĞŵpo ≤1 tahun dibagi dengan liabilitas ≤1 tahun.
ϳ͘ 'ĞĂƌŝŶŐ ZĂƚŝŽ ŵĞƌƵƉĂŬĂŶ ƌĂƐŝŽ LJĂŶŐ ĚŝŚŝƚƵŶŐ ĚĂƌŝ ƉŝŶũĂŵĂŶ ;ƚĞƌŵĂƐƵŬ ƵƚĂŶŐ ŽďůŝŐĂƐŝͿ ĚŝďĂŐŝ ĚĞŶŐĂŶ ũƵŵůĂŚ ŵŽĚĂů͘ dŽƚĂů ŵŽĚĂů
ĚŝĂŵďŝůĚĂƌŝĞŬƵŝƚĂƐLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵůĂƉŽƌĂŶƉŽƐŝƐŝŬĞƵĂŶŐĂŶ͘
ϴ͘ EĞƚ&ŝŶĂŶĐŝŶŐƚŽƐƐĞƚZĂƚŝŽŵĞƌƵƉĂŬĂŶƌĂƐŝŽĂŶƚĂƌĂũƵŵůĂŚƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶŶĞƚŽƚĞƌŚĂĚĂƉũƵŵůĂŚĂƐĞƚƉĂĚĂƚĂŚƵŶLJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶ͘
ϵ͘ ZĂƐŝŽĚŝŚŝƚƵŶŐĚĂƌŝWŝƵƚĂŶŐхϵϬŚĂƌŝLJĂŶŐƚĞůĂŚĚŝŬƵƌĂŶŐŝĐĂĚĂŶŐĂŶĚŝďĂŐŝĚĞŶŐĂŶƚŽƚĂůƉŝƵƚĂŶŐŶĞƚŽ͘
ϭϬ͘ ZĂƐŝŽĚŝŚŝƚƵŶŐĚĂƌŝWŝƵƚĂŶŐхϵϬŚĂƌŝĚŝďĂŐŝĚĞŶŐĂŶƚŽƚĂůƉŝƵƚĂŶŐŐƌŽƐƐ͘
ϭϭ͘ WĞŶĚĂƉĂƚĂŶƐĞďĞůƵŵďĞďĂŶďƵŶŐĂ͕ƉĂũĂŬ͕ĚĞƉƌĞƐŝĂƐŝĚĂŶĂŵŽƌƚŝƐĂƐŝ; /dͿ;ϮϬϮϯ͗ZƉϯϮϭ͘ϯϬϬ͘ϵϬϮ͘Ϯϴϭ͖ϮϬϮϮ͗ZƉϮϳϬ͘ϲϱϳ͘ϯϴϲ͘ϲϬϲͿ
ĚŝďĂŐŝĚĞŶŐĂŶďĞďĂŶďƵŶŐĂ ĚĂƌŝŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞďƚ;ϮϬϮϯ͗ZƉϮϬϴ͘ϳϱϯ͘ϴϬϬ͘ϲϵϱ͖ϮϬϮϮ͗ZƉϭϲϴ͘ϮϮϱ͘Ϭϴϰ͘ϴϭϬͿ͘ /dĚŝŚŝƚƵŶŐĚĂƌŝ
ůĂďĂƐĞďĞůƵŵďĞďĂŶƉĂũĂŬƉĞŶŐŚĂƐŝůĂŶ;ϮϬϮϯ͗ZƉϵϮ͘ϵϲϲ͘ϯϵϴ͘Ϯϯϱ͖ϮϬϮϮ͗ZƉϴϯ͘ϳϳϰ͘ϭϭϰ͘ϲϰϳͿĚŝƚĂŵďĂŚĚĞŶŐĂŶďĞďĂŶƉĂũĂŬĨŝŶĂůĂƚĂƐ
ƉĞŶĚĂƉĂƚĂŶ ďƵŶŐĂ ;ϮϬϮϯ͗ ZƉϯ͘ϲϮϭ͘ϴϵϮ͘ϲϮϬ͖ ϮϬϮϮ͗ ZƉϮ͘ϯϬϵ͘ϯϬϰ͘ϯϲϭͿ͕ ďĞďĂŶ ďƵŶŐĂ ĚĂƌŝ ŝŶƚĞƌĞƐƚ ďĞĂƌŝŶŐ ĚĞďƚ ;ϮϬϮϯ͗
ZƉϮϬϴ͘ϳϱϯ͘ϴϬϬ͘ϲϵϱ͖ ϮϬϮϮ͗ ZƉϭϲϴ͘ϮϮϱ͘Ϭϴϰ͘ϴϭϬͿ͕ ďĞďĂŶ ĚĞƉƌĞƐŝĂƐŝ ĂƐĞƚ ƚĞƚĂƉ ;ϮϬϮϯ͗ ZƉϭϰ͘ϵϳϵ͘ϬϬϱ͘ϲϳϰ͖ ϮϬϮϮ͗ ZƉϭϰ͘ϬϯϮ͘ϴϲϳ͘ϵϰϲͿ͕
ďĞďĂŶĂŵŽƌƚŝƐĂƐŝĂƐĞƚƚĂŬďĞƌǁƵũƵĚ;ϮϬϮϯ͗ZƉϵϳϵ͘ϴϬϱ͘Ϭϱϳ͖ϮϬϮϮ͗ZƉϮ͘ϯϭϲ͘Ϭϭϰ͘ϴϰϮͿ͘
ϭϮ͘ WĞŶĚĂƉĂƚĂŶƐĞďĞůƵŵďĞďĂŶďƵŶŐĂ͕ƉĂũĂŬ͕ĚĞƉƌĞƐŝĂƐŝĚĂŶĂŵŽƌƚŝƐĂƐŝ; /dͿ;ϮϬϮϯ͗ZƉϯϮϭ͘ϯϬϬ͘ϵϬϮ͘Ϯϴϭ͖ϮϬϮϮ͗ZƉϮϳϬ͘ϲϱϳ͘ϯϴϲ͘ϲϬϲͿ
ĚŝďĂŐŝ ĚĞŶŐĂŶ ƉĞŵďĂLJĂƌĂŶ ƉŽŬŽŬ ĚĂŶ ďƵŶŐĂ ĚĂƌŝ ŝŶƚĞƌĞƐƚ ďĞĂƌŝŶŐ ĚĞďƚ ;ϮϬϮϯ͗ ZƉϭ͘ϲϭϱ͘ϵϳϳ͘ϴϬϬ͘ϲϵϱ͖ ϮϬϮϮ͗ ZƉϱϯϵ͘ϴϲϮ͘ϱϴϰ͘ϴϭϬͿ͘
/dĚŝŚŝƚƵŶŐĚĂƌŝůĂďĂƐĞďĞůƵŵďĞďĂŶƉĂũĂŬ ƉĞŶŐŚĂƐŝůĂŶ;ϮϬϮϯ͗ZƉϵϮ͘ϵϲϲ͘ϯϵϴ͘Ϯϯϱ͖ϮϬϮϮ͗ZƉϴϯ͘ϳϳϰ͘ϭϭϰ͘ϲϰϳͿĚŝƚĂŵďĂŚĚĞŶŐĂŶ
ďĞďĂŶƉĂũĂŬĨŝŶĂůĂƚĂƐƉĞŶĚĂƉĂƚĂŶďƵŶŐĂ;ϮϬϮϯ͗ZƉϯ͘ϲϮϭ͘ϴϵϮ͘ϲϮϬ͖ϮϬϮϮ͗ZƉϮ͘ϯϬϵ͘ϯϬϰ͘ϯϲϭͿ͕ďĞďĂŶďƵŶŐĂĚĂƌŝŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞďƚ
;ϮϬϮϯ͗ ZƉϮϬϴ͘ϳϱϯ͘ϴϬϬ͘ϲϵϱ͖ ϮϬϮϮ͗ ZƉϭϲϴ͘ϮϮϱ͘Ϭϴϰ͘ϴϭϬͿ͕ ďĞďĂŶ ĚĞƉƌĞƐŝĂƐŝ ĂƐĞƚ ƚĞƚĂƉ ;ϮϬϮϯ͗ ZƉϭϰ͘ϵϳϵ͘ϬϬϱ͘ϲϳϰ͖ ϮϬϮϮ͗
ZƉϭϰ͘ϬϯϮ͘ϴϲϳ͘ϵϰϲͿ͕ ďĞďĂŶ ĂŵŽƌƚŝƐĂƐŝ ĂƐĞƚ ƚĂŬ ďĞƌǁƵũƵĚ ;ϮϬϮϯ͗ ZƉϵϳϵ͘ϴϬϱ͘Ϭϱϳ͖ ϮϬϮϮ͗ ZƉϮ͘ϯϭϲ͘Ϭϭϰ͘ϴϰϮͿ͘ ZĂƐŝŽ ^Z WĞƌƐĞƌŽĂŶ
ĚŝďĂǁĂŚ ϭdž ƚŝĚĂŬ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ŬĞŵĂŵƉƵĂŶ ƉĞŵďĂLJĂƌĂŶ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂŶƚŝƐŝƉĂƐŝ ŬĞŵĂŵƉƵĂŶ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ
ƉĞůƵŶĂƐĂŶĂƚĂƐƵƚĂŶŐƉŽŬŽŬŵĞůĂůƵŝƉĞŶĞƌŝŵĂĂŶĐŝĐŝůĂŶĚĂƌŝŬŽŶƐƵŵĞŶĚĂŶƉĞůƵŶĂƐĂŶďƵŶŐĂŵĞůĂůƵŝƉĞŶĚĂƉĂƚĂŶLJĂŶŐĚŝŚĂƐŝůŬĂŶŽůĞŚ
WĞƌƐĞƌŽĂŶ͘
ϴ͘ &<dKZZ/^/<K
ZŝƐŝŬŽͲƌŝƐŝŬŽLJĂŶŐĂŬĂŶĚŝƵŶŐŬĂƉŬĂŶĚĂůĂŵƵƌĂŝĂŶďĞƌŝŬƵƚŵĞƌƵƉĂŬĂŶƌŝƐŝŬŽͲƌŝƐŝŬŽLJĂŶŐŵĂƚĞƌŝĂůďĂŐŝWĞƌƐĞƌŽĂŶLJĂŶŐƚĞůĂŚ
ĚŝƐƵƐƵŶƐĞƐƵĂŝĚĞŶŐĂŶ ďŽďŽƚƌŝƐŝŬŽďĞƌĚĂƐĂƌŬĂŶ ĚĂŵƉĂŬĚĂƌŝŵĂƐŝŶŐͲŵĂƐŝŶŐƌŝƐŝŬŽƚĞƌŚĂĚĂƉŬŝŶĞƌũĂŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ
LJĂŶŐĚŝŵƵůĂŝĚĂƌŝƌŝƐŝŬŽƵƚĂŵĂWĞƌƐĞƌŽĂŶ͘
ZŝƐŝŬŽLJĂŶŐĚŝŚĂĚĂƉŝŽůĞŚWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
͘ Z/^/<KhdD
ZŝƐŝŬŽ<ƌĞĚŝƚĂƚĂƵZŝƐŝŬŽWĞŵďŝĂLJĂĂŶ
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͘ Z/^/<KͲZ/^/<Kd Z</d< '/dEh^,W Z^ ZKE
ϭ͘ ZŝƐŝŬŽ^ƚƌĂƚĞŐŝ
Ϯ͘ ZŝƐŝŬŽKƉĞƌĂƐŝŽŶĂů
ϯ͘ ZŝƐŝŬŽWĂƐĂƌ
ϰ͘ ZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐ
ϱ͘ ZŝƐŝŬŽ,ƵŬƵŵ
ϲ͘ ZŝƐŝŬŽZĞƉƵƚĂƐŝ
ϳ͘ ZŝƐŝŬŽ<ĞƉĂƚƵŚĂŶ
ϴ͘ ZŝƐŝŬŽWĞƌƵďĂŚĂŶdĞŬŶŽůŽŐŝ
͘ Z/^/<KhDhD
ϭ͘ <ŽŶĚŝƐŝ ŬŽŶŽŵŝDĂŬƌŽĂƚĂƵ'ůŽďĂů
Ϯ͘ <ĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚ
ŝƐĂŵƉŝŶŐ ƌŝƐŝŬŽͲƌŝƐŝŬŽ LJĂŶŐ ĚŝŚĂĚĂƉŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚŝĂƚĂƐ͕ ƚĞƌĚĂƉĂƚ ũƵŐĂ ƌŝƐŝŬŽ ŝŶǀĞƐƚĂƐŝ ďĂŐŝ ŝŶǀĞƐƚŽƌ ƉĞŵďĞůŝ KďůŝŐĂƐŝ
ĚŝŵĂŶĂ ŝŶǀĞƐƚŽƌ ĂŬĂŶ ŵĞŶŐŚĂĚĂƉŝ ƌŝƐŝŬŽ ŐĂŐĂů ďĂLJĂƌ ƉŽŬŽŬ ƉĂĚĂ ƐĂĂƚ ũĂƚƵŚ ƚĞŵƉŽ ĚĂŶͬĂƚĂƵ ƉĞŵďĂLJĂƌĂŶ ďƵŶŐĂ͕ ũŝŬĂ
WĞƌƐĞƌŽĂŶŵĞŶŐĂůĂŵŝŬĞƐƵůŝƚĂŶŬĞƵĂŶŐĂŶ͘^ĞůĂŝŶŝƚƵŝŶǀĞƐƚŽƌƉĞŵďĞůŝKďůŝŐĂƐŝũƵŐĂďĞƌƉŽƚĞŶƐŝŵĞŶŐŚĂĚĂƉŝƌŝƐŝŬŽŬĞƐƵůŝƚĂŶ
ƵŶƚƵŬ ŵĞŶũƵĂů ĞĨĞŬ ƚĞƌƐĞďƵƚ Ěŝ ƉĂƐĂƌ ĚĂůĂŵ ŚĂů ƚŝĚĂŬ ůŝŬƵŝĚŶLJĂ ĞĨĞŬ LJĂŶŐ ĚŝƐĞďĂďŬĂŶ ƚƵũƵĂŶ ƉĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ƐĞďĂŐĂŝ
ŝŶǀĞƐƚĂƐŝũĂŶŐŬĂƉĂŶũĂŶŐ͘
͘ Z/^/<K/Es ^d^/'//Es ^dKZW D 'E'K>/'^/
ZŝƐŝŬŽLJĂŶŐĚŝŚĂĚĂƉŝŝŶǀĞƐƚŽƌƉĞŵďĞůŝKďůŝŐĂƐŝĂĚĂůĂŚ͗
ϭ͘ ZŝƐŝŬŽƚŝĚĂŬůŝŬƵŝĚŶLJĂKďůŝŐĂƐŝLJĂŶŐĚŝƚĂǁĂƌŬĂŶĚĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝLJĂŶŐĂŶƚĂƌĂůĂŝŶĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƚƵũƵĂŶ
ƉĞŵďĞůŝĂŶKďůŝŐĂƐŝƐĞďĂŐĂŝŝŶǀĞƐƚĂƐŝũĂŶŐŬĂƉĂŶũĂŶŐ͘
Ϯ͘ ZŝƐŝŬŽ ŐĂŐĂů ďĂLJĂƌ ĚŝƐĞďĂďŬĂŶ ŬĞŐĂŐĂůĂŶ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ƐĞƌƚĂ WŽŬŽŬ
KďůŝŐĂƐŝƉĂĚĂǁĂŬƚƵLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͕ĂƚĂƵŬĞŐĂŐĂůĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶůĂŝŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ĚĂŵƉĂŬ ĚĂƌŝ ŵĞŵďƵƌƵŬŶLJĂ ŬŝŶĞƌũĂ ĚĂŶ ƉĞƌŬĞŵďĂŶŐĂŶ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ͘
<ĞƚĞƌĂŶŐĂŶůĞďŝŚůĂŶũƵƚŵĞŶŐĞŶĂŝĨĂŬƚŽƌƌŝƐŝŬŽWĞƌƐĞƌŽĂŶĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂĂďs/WƌŽƐƉĞŬƚƵƐŝŶŝ͘
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I. W EtZEhDhD
Wd,/EK&/EE /EKE ^/
<ĞŐŝĂƚĂŶhƐĂŚĂhƚĂŵĂ͗
Sewa Pembiayaan (Finance Lease) Untuk Kendaraan Komersial Truk dan Bis
<ĂŶƚŽƌWƵƐĂƚ͗
/ŶĚŽŵŽďŝůdŽǁĞƌ͕>ƚ͘ϭϳ
:ů͘D͘d͘,ĂƌLJŽŶŽ<Ăǀ͘ϭϭ͕:ĂŬĂƌƚĂdŝŵƵƌϭϯϯϯϬ
dĞůƉ͗͘;ϬϮϭͿϮϵϴϮϳϵϲϬ
&ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϮϵϴϮϳϴϲϭ
ǁǁǁ͘ŚŝŶŽĨŝŶĂŶĐĞ͘ĐŽ͘ŝĚ
ͲŵĂŝů͗ĐŽƌƉŽƌĂƚĞ͘ƐĞĐƌĞƚĂƌLJΛŚŝŶŽĨŝŶĂŶĐĞ͘ĐŽ͘ŝĚ
W EtZEhDhD
K>/'^////,/EK&/EE /EKE ^/d,hEϮϬϮϰ
E'E:hD>,WK<K<K>/'^/^ ^ZZWϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
(TUJUH RATUS MILIAR RUPIAH) (”OBLIGASI”)
KďůŝŐĂƐŝ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ ƚĂŶƉĂ ǁĂƌŬĂƚ͕ ŬĞĐƵĂůŝ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ LJĂŶŐ ĂŬĂŶ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĂƚĂƐ ŶĂŵĂ
PT Kustodian Sentral Efek Indonesia (“KSEI”), sebagai bukti hutang kepada Pemegang Obligasi. Obligasi ini ditawarkan dengan
ŶŝůĂŝϭϬϬй;ƐĞƌĂƚƵƐƉĞƌƐĞŶͿĚĂƌŝŶŝůĂŝWŽŬŽŬKďůŝŐĂƐŝ͕LJĂŶŐƚĞƌĚŝƌŝĚĂƌŝϮ;ĚƵĂͿƐĞƌŝ͗
^Ğƌŝ ͗ :ƵŵůĂŚKďůŝŐĂƐŝ^ĞƌŝLJĂŶŐĚŝƚĂǁĂƌŬĂŶĂĚĂůĂŚƐĞďĞƐĂƌZƉϯϰϮ͘ϴϵϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƌĂƚƵƐĞŵƉĂƚƉƵůƵŚĚƵĂŵŝůŝĂƌ
ĚĞůĂƉĂŶ ƌĂƚƵƐ ƐĞŵďŝůĂŶ ƉƵůƵŚ ůŝŵĂ ũƵƚĂ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ KďůŝŐĂƐŝ ƐĞďĞƐĂƌ ϲ͕ϳϬй ;ĞŶĂŵ ŬŽŵĂ
ƚƵũƵŚ ŶŽů ƉĞƌƐĞŶͿ ƉĞƌ ƚĂŚƵŶ͘ :ĂŶŐŬĂ ǁĂŬƚƵ KďůŝŐĂƐŝ ĂĚĂůĂŚ ϯϳϬ ;ƚŝŐĂ ƌĂƚƵƐ ƚƵũƵŚ ƉƵůƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌ͘
WĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƉĞŶƵŚ;ďƵůůĞƚƉĂLJŵĞŶƚͿƉĂĚĂƐĂĂƚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽ͘
^Ğƌŝ ͗ :ƵŵůĂŚKďůŝŐĂƐŝ^ĞƌŝLJĂŶŐĚŝƚĂǁĂƌŬĂŶĂĚĂůĂŚƐĞďĞƐĂƌZƉϯϱϳ͘ϭϬϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƌĂƚƵƐůŝŵĂƉƵůƵŚƚƵũƵŚŵŝůŝĂƌ
ƐĞƌĂƚƵƐůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĞŶŐĂŶƚŝŶŐŬĂƚďƵŶŐĂKďůŝŐĂƐŝƐĞďĞƐĂƌϳ͕Ϯϱй;ƚƵũƵŚŬŽŵĂĚƵĂůŝŵĂƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͘
:ĂŶŐŬĂǁĂŬƚƵKďůŝŐĂƐŝĂĚĂůĂŚϯ;ƚŝŐĂͿƚĂŚƵŶ͘WĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƉĞŶƵŚ;ďƵůůĞƚƉĂLJŵĞŶƚͿ
ƉĂĚĂƐĂĂƚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽ͘
KďůŝŐĂƐŝ ŝŶŝ ĚŝƚĂǁĂƌŬĂŶ ĚĞŶŐĂŶ ŶŝůĂŝ ϭϬϬй ;ƐĞƌĂƚƵƐ ƉĞƌƐĞŶͿ ĚĂƌŝ ũƵŵůĂŚ WŽŬŽŬ KďůŝŐĂƐŝ ƉĂĚĂ dĂŶŐŐĂů ŵŝƐŝ͘ ƵŶŐĂ KďůŝŐĂƐŝ
ĚŝďĂLJĂƌŬĂŶƐĞƚŝĂƉƚƌŝǁƵůĂŶ;ϯďƵůĂŶͿƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͕ƐĞƐƵĂŝĚĞŶŐĂŶƚĂŶŐŐĂůƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝ͘WĞŵďĂLJĂƌĂŶƵŶŐĂ
KďůŝŐĂƐŝƉĞƌƚĂŵĂĂŬĂŶĚŝůĂŬƵŬĂŶƉĂĚĂƚĂŶŐŐĂůϱKŬƚŽďĞƌϮϬϮϰ͕ƐĞĚĂŶŐŬĂŶƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝƚĞƌĂŬŚŝƌƐĞŬĂůŝŐƵƐũĂƚƵŚ
ƚĞŵƉŽKďůŝŐĂƐŝŵĂƐŝŶŐͲŵĂƐŝŶŐĂĚĂůĂŚƉĂĚĂƚĂŶŐŐĂůϭϱ:ƵůŝϮϬϮϱƵŶƚƵŬKďůŝŐĂƐŝƐĞƌŝĚĂŶƚĂŶŐŐĂůϱ:ƵůŝϮϬϮϳƵŶƚƵŬKďůŝŐĂƐŝƐĞƌŝ
͘
K>/'^//E/<E/dd<EWWdhZ^ & </EKE ^/
>DZE'<W E Z/dEK>/'^//E/͕W Z^ ZKEd >,D DW ZK> ,,^/>W D Z/E'<dEd^K>/'^/
DARI PT FITCH RATINGS INDONESIA (“FITCH”):
;ŝĚŶͿ;dƌŝƉůĞͿ
Z/^/<K hdD zE' /,W/ W Z^ ZKE >, Z/^/<K <Z /d dh Z/^/<K W D/zE͕ z/dh Z/^/<K </d
< ''>EW/,<>/E>DD D Eh,/< t:/E< WW Z^ ZKEE:h'Wd// Ed/&/<^/^ '/
< Zh'/EZ/W EhZhEEdhW E',Wh^EE/>/^ dd ZD^h<^^ dK&&Ͳ>E ^, d͘
1
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< d ZE'ED E' E/K>/'^/
ϭ͘ hDhD
EDK>/'^/
KďůŝŐĂƐŝ///,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϰ͘
: E/^K>/'^/
KďůŝŐĂƐŝŝŶŝĚŝƚĞƌďŝƚŬĂŶƚĂŶƉĂǁĂƌŬĂƚ͕ŬĞĐƵĂůŝ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽKďůŝŐĂƐŝLJĂŶŐĚŝƚĞƌďŝƚŬĂŶƵŶƚƵŬĚŝĚĂĨƚĂƌŬĂŶĂƚĂƐŶĂŵĂ<^ /
ƐĞďĂŐĂŝ ďƵŬƚŝ ƵƚĂŶŐ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ͘ KďůŝŐĂƐŝ ŝŶŝ ĚŝĚĂĨƚĂƌŬĂŶ ĂƚĂƐ ŶĂŵĂ <^ / ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ
WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ Ěŝ <^ / LJĂŶŐ ƐĞůĂŶũƵƚŶLJĂ ƵŶƚƵŬ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ ĚŝĚĂĨƚĂƌŬĂŶ ƉĂĚĂ ƚĂŶŐŐĂů
ĚŝƐĞƌĂŚŬĂŶŶLJĂ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ <^ /͘ ƵŬƚŝ ŬĞƉĞŵŝůŝŬĂŶ KďůŝŐĂƐŝ ďĂŐŝ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ
ĂĚĂůĂŚ<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐLJĂŶŐĚŝƚĞƌďŝƚŬĂŶŽůĞŚ<^ /͕WĞƌƵƐĂŚĂĂŶ ĨĞŬĂƚĂƵĂŶŬ<ƵƐƚŽĚŝĂŶ͘
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KďůŝŐĂƐŝŝŶŝĚŝƚĂǁĂƌŬĂŶĚĞŶŐĂŶŶŝůĂŝϭϬϬй;ƐĞƌĂƚƵƐƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝ͘
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^ĞƐƵĂŝ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϳͬϮϬϭϳ ĚĂŶ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϰϵͬϮϬϮϬ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƌŝŶŐŬĂƚĂŶ
KďůŝŐĂƐŝ LJĂŶŐ ĚŝůĂŬƐĂŶĂŬĂŶ ŽůĞŚ &ŝƚĐŚ͘ ĞƌĚĂƐĂƌŬĂŶ ŚĂƐŝů ƉĞŵĞƌŝŶŐŬĂƚĂŶ ĂƚĂƐ ŽďůŝŐĂƐŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐƵƌĂƚ &ŝƚĐŚ
EŽ͘ϯϳͬ/ZͬZd>dZͬ///ͬϮϬϮϰƚĂŶŐŐĂůϭϰDĂƌĞƚϮϬϮϰĚĂŶ͕KďůŝŐĂƐŝŝŶŝŵĞŶĚĂƉĂƚŬĂŶƉĞƌŝŶŐŬĂƚ͗
;ŝĚŶͿ;dƌŝƉůĞͿ
dŝĚĂŬĂĚĂŚƵďƵŶŐĂŶĨŝůŝĂƐŝĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶ&ŝƚĐŚLJĂŶŐŵĞůĂŬƵŬĂŶƉĞŵĞƌŝŶŐŬĂƚĂŶĂƚĂƐKďůŝŐĂƐŝWĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶĂŬĂŶŵĞůĂŬƵŬĂŶƉĞŵĞƌŝŶŐŬĂƚĂŶĂƚĂƐKďůŝŐĂƐŝƐĞƚŝĂƉϭ;ƐĂƚƵͿƚĂŚƵŶƐĞŬĂůŝƐĞůĂŵĂŬĞǁĂũŝďĂŶĂƚĂƐKďůŝŐĂƐŝƚĞƌƐĞďƵƚ
ďĞůƵŵůƵŶĂƐ͕ƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵWĞƌĂƚƵƌĂŶK:<EŽ͘ϰϵͬϮϬϮϬ͘
• ZĂƚŝŶŐZĂƚŝŽŶĂůĞ
ŝ ďĂǁĂŚ ŝŶŝ ƵƌĂŝĂŶ ĂƚĂƐ ŚĂƐŝů ƉĞŵĞƌŝŶŐŬĂƚĂŶ KďůŝŐĂƐŝ /// ,ŝŶŽ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ dĂŚƵŶ ϮϬϮϰ ;ƌĂƚŝŶŐ ƌĂƚŝŽŶĂůĞͿ LJĂŶŐ
ĚŝƐĂŵƉĂŝŬĂŶŽůĞŚ&ŝƚĐŚ͗
&ĂŬƚŽƌ–&ĂŬƚŽƌWĞŶŐŐĞƌĂŬWĞƌŝŶŐŬĂƚ͗
KďůŝŐĂƐŝƌƵƉŝĂŚWĞƌƐĞƌŽĂŶĚŝƉĞƌŝŶŐŬĂƚƐĞƚĂƌĂĚĞŶŐĂŶWĞƌŝŶŐŬĂƚEĂƐŝŽŶĂů:ĂŶŐŬĂ WĂŶũĂŶŐŶLJĂ͕ƐĞũĂůĂŶĚĞŶŐĂŶŬƌŝƚĞƌŝĂ&ŝƚĐŚ͘
,ĂůŝŶŝĚŝŬĂƌĞŶĂŬĂŶŝŶƐƚƌƵŵĞŶŵĞƌƵƉĂŬĂŶŬĞǁĂũŝďĂŶůĂŶŐƐƵŶŐĚĂŶƐĞŶŝŽƌĚĂƌŝƉĞƌƵƐĂŚĂĂŶĚĂŶďĞƌƉĞƌŝŶŐŬĂƚƐĂŵĂĚĞŶŐĂŶ
ƐĞŵƵĂŬĞǁĂũŝďĂŶƐĞŶŝŽƌůĂŝŶŶLJĂ͘
WĞƌŝŶŐŬĂƚ EĂƐŝŽŶĂů :ĂŶŐŬĂ WĂŶũĂŶŐ WĞƌƐĞƌŽĂŶ ĚŝĚĂƐĂƌŬĂŶ ĚĂƌŝ ĞŬƐƉĞŬƚĂƐŝ ŬĂŵŝ ĂŬĂŶ ĚƵŬƵŶŐĂŶ ůƵĂƌ ďŝĂƐĂ ĚĂƌŝ ƉĞŵĞŐĂŶŐ
ƐĂŚĂŵƵƚĂŵĂŶLJĂ͕,ŝŶŽDŽƚŽƌƐ͕ŬĂƌĞŶĂŚƵďƵŶŐĂŶďŝƐŶŝƐĚĂŶŽƉĞƌĂƐŝŽŶĂůĂŶƚĂƌĂŬĞĚƵĂƉĞƌƵƐĂŚĂĂŶ͘WĞƌŝŶŐŬĂƚƚĞƌƐĞďƵƚƚĞƌŬĂŝƚ
ĚĞŶŐĂŶ ƉĞŶŝůĂŝĂŶ ŬĂŵŝ ƚĞƌŚĂĚĂƉ ƉƌŽĨŝů ŬƌĞĚŝƚ ,ŝŶŽ DŽƚŽƌƐ͕ LJĂŶŐ ĚŝƵŶƚƵŶŐŬĂŶ ĚĂƌŝ ŚƵďƵŶŐĂŶŶLJĂ ĚĞŶŐĂŶ dŽLJŽƚĂ DŽƚŽƌ
ŽƌƉŽƌĂƚŝŽŶ;нͬ^ƚĂďŝůͿ͕LJĂŶŐŵĞŵŝůŝŬŝϱϬ͕ϭйƐĂŚĂŵ,ŝŶŽDŽƚŽƌƐ͘
ZĂƚŝŶŐ tĂƚĐŚ EĞŐĂƚŝǀĞ ;ZtEͿ ĚŝĚĂƐĂƌŬĂŶ ŽůĞŚ ƌĞŶĐĂŶĂ ĂŬƐŝ ŬŽƌƉŽƌĂƐŝ LJĂŶŐ ďĂƌƵͲďĂƌƵ ŝŶŝ ĚŝƵŵƵŵŬĂŶ͕ LJĂŶŐ ĚĂƉĂƚ
ŵĞůĞŵĂŚŬĂŶŚƵďƵŶŐĂŶĂŶƚĂƌĂ,ŝŶŽDŽƚŽƌƐĚĂŶdŽLJŽƚĂ͕ĚĂŶŬĂƌĞŶĂŝƚƵŵĞŶŐƵƌĂŶŐŝŬĞƵŶƚƵŶŐĂŶLJĂŶŐĚŝƉĞƌŽůĞŚ,ŝŶŽDŽƚŽƌƐ
ĚĂƌŝŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵůĂŶŐƐƵŶŐŶLJĂŽůĞŚdŽLJŽƚĂ͘
^ĞŶƐŝƚŝǀŝƚĂƐWĞƌŝŶŐŬĂƚ
&ĂŬƚŽƌ–ĨĂŬƚŽƌLJĂŶŐĚĂƉĂƚ͕ƐĞĐĂƌĂŝŶĚŝǀŝĚƵĂůĂƚĂƵďĞƌƐĂŵĂͲƐĂŵĂŵĞŶLJĞďĂďŬĂŶƚŝŶĚĂŬĂŶƐĞƌƵƉĂƉĂĚĂƉĞƌŝŶŐŬĂƚKďůŝŐĂƐŝ͘
&ĂŬƚŽƌͲĨĂŬƚŽƌLJĂŶŐLJĂŶŐĚĂƉĂƚ͕ƐĞĐĂƌĂŝŶĚŝǀŝĚƵĂůĂƚĂƵďĞƌƐĂŵĂͲƐĂŵĂŵĞŶLJĞďĂďŬĂŶƚŝŶĚĂŬĂŶͬŬĞŶĂŝŬĂŶƉĞƌŝŶŐŬĂƚƉŽƐŝƚŝĨ͗
WĞƌŝŶŐŬĂƚƚĞƌƐĞďƵƚƐƵĚĂŚďĞƌĂĚĂƉĂĚĂƚŝƚŝŬƚĞƌƚŝŶŐŐŝĚĂůĂŵƐŬĂůĂŶĂƐŝŽŶĂůŬŝƚĂƐĞŚŝŶŐŐĂƚŝĚĂŬĂĚĂƉŽƚĞŶƐŝŬĞŶĂŝŬĂŶƉĞƌŝŶŐŬĂƚ͘
WĞŶŐŚĂƉƵƐĂŶ ZtE ƉĂĚĂ WĞƌŝŶŐŬĂƚ EĂƐŝŽŶĂů :ĂŶŐŬĂ WĂŶũĂŶŐ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ŵĞŶLJĞďĂďŬĂŶ ƉĞƌƵďĂŚĂŶ LJĂŶŐ ƐĞƐƵĂŝ ƉĂĚĂ
ƉĞƌŝŶŐŬĂƚŽďůŝŐĂƐŝ͘
2
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Ϯ͘ ^zZdͲ^zZdK>/'^/
:ƵŵůĂŚWŽŬŽŬĚĂŶƵŶŐĂKďůŝŐĂƐŝ
KďůŝŐĂƐŝŝŶŝĚŝƚĞƌďŝƚŬĂŶƚĂŶƉĂǁĂƌŬĂƚ͕ŬĞĐƵĂůŝ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽKďůŝŐĂƐŝLJĂŶŐĂŬĂŶĚŝƚĞƌďŝƚŬĂŶƵŶƚƵŬĚŝĚĂĨƚĂƌŬĂŶĂƚĂƐŶĂŵĂ
<^ /ƐĞďĂŐĂŝďƵŬƚŝƵƚĂŶŐƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝŵĞůĂůƵŝWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐĚĞŶŐĂŶũƵŵůĂŚƉŽŬŽŬƐĞďĞƐĂƌ
ZƉϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƚƵũƵŚ ƌĂƚƵƐ ŵŝůŝĂƌ ZƵƉŝĂŚͿ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ƉŝůŝŚĂŶ ďĂŐŝ DĂƐLJĂƌĂŬĂƚ ƵŶƚƵŬ ŵĞŵŝůŝŚ ƐĞƌŝ LJĂŶŐ
ĚŝŬĞŚĞŶĚĂŬŝLJĂŝƚƵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
^Ğƌŝ ͗ :ƵŵůĂŚKďůŝŐĂƐŝ^ĞƌŝLJĂŶŐĚŝƚĂǁĂƌŬĂŶĂĚĂůĂŚƐĞďĞƐĂƌZƉϯϰϮ͘ϴϵϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƌĂƚƵƐĞŵƉĂƚƉƵůƵŚĚƵĂ
ŵŝůŝĂƌĚĞůĂƉĂŶƌĂƚƵƐƐĞŵďŝůĂŶƉƵůƵŚůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĞŶŐĂŶƚŝŶŐŬĂƚďƵŶŐĂKďůŝŐĂƐŝƐĞďĞƐĂƌϲ͕ϳϬй;ĞŶĂŵ
ŬŽŵĂƚƵũƵŚŶŽůƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶ͘:ĂŶŐŬĂǁĂŬƚƵKďůŝŐĂƐŝĂĚĂůĂŚϯϳϬ;ƚŝŐĂƌĂƚƵƐƚƵũƵŚƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͘
WĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƉĞŶƵŚ;ďƵůůĞƚƉĂLJŵĞŶƚͿƉĂĚĂƐĂĂƚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽ͘
^Ğƌŝ ͗ :ƵŵůĂŚKďůŝŐĂƐŝ^ĞƌŝLJĂŶŐĚŝƚĂǁĂƌŬĂŶĂĚĂůĂŚƐĞďĞƐĂƌZƉϯϱϳ͘ϭϬϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƌĂƚƵƐůŝŵĂƉƵůƵŚƚƵũƵŚ
ŵŝůŝĂƌƐĞƌĂƚƵƐůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĞŶŐĂŶƚŝŶŐŬĂƚďƵŶŐĂKďůŝŐĂƐŝƐĞďĞƐĂƌϳ͕Ϯϱй;ƚƵũƵŚŬŽŵĂĚƵĂůŝŵĂƉĞƌƐĞŶͿ
ƉĞƌƚĂŚƵŶ͘:ĂŶŐŬĂǁĂŬƚƵKďůŝŐĂƐŝĂĚĂůĂŚϯ;ƚŝŐĂͿƚĂŚƵŶ͘WĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶƐĞĐĂƌĂƉĞŶƵŚ;ďƵůůĞƚ
ƉĂLJŵĞŶƚͿƉĂĚĂƐĂĂƚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽ͘
KďůŝŐĂƐŝŝŶŝĚŝƚĂǁĂƌŬĂŶĚĞŶŐĂŶŶŝůĂŝϭϬϬй;ƐĞƌĂƚƵƐƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝƉĂĚĂdĂŶŐŐĂů ŵŝƐŝ͘ƵŶŐĂKďůŝŐĂƐŝ
ĚŝďĂLJĂƌŬĂŶƐĞƚŝĂƉƚƌŝǁƵůĂŶ;ϯďƵůĂŶͿƐĞũĂŬdĂŶŐŐĂů ŵŝƐŝ͕ƐĞƐƵĂŝĚĞŶŐĂŶƚĂŶŐŐĂůƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝ͘WĞŵďĂLJĂƌĂŶ
ƵŶŐĂ KďůŝŐĂƐŝ ƉĞƌƚĂŵĂ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϱ KŬƚŽďĞƌ ϮϬϮϰ͕ ƐĞĚĂŶŐŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ƚĞƌĂŬŚŝƌ
ƐĞŬĂůŝŐƵƐũĂƚƵŚƚĞŵƉŽKďůŝŐĂƐŝŵĂƐŝŶŐͲŵĂƐŝŶŐĂĚĂůĂŚƉĂĚĂƚĂŶŐŐĂůϭϱ:ƵůŝϮϬϮϱƵŶƚƵŬKďůŝŐĂƐŝƐĞƌŝĚĂŶƚĂŶŐŐĂůϱ:ƵůŝϮϬϮϳ
ƵŶƚƵŬKďůŝŐĂƐŝƐĞƌŝ͘
ƵŶŐĂKďůŝŐĂƐŝĂŬĂŶĚŝďĂLJĂƌŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶŬĞƉĂĚĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝŵĞůĂůƵŝWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐĚŝ<^ /ƐĞůĂŬƵŐĞŶ
WĞŵďĂLJĂƌĂŶƉĂĚĂdĂŶŐŐĂůWĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝ͘
ĂůĂŵŚĂůdĂŶŐŐĂůWĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝũĂƚƵŚƉĂĚĂŚĂƌŝLJĂŶŐďƵŬĂŶ,Ăƌŝ<ĞƌũĂŵĂŬĂƵŶŐĂKďůŝŐĂƐŝĚŝďĂLJĂƌƉĂĚĂ,Ăƌŝ
<ĞƌũĂƐĞƐƵĚĂŚŶLJĂƚĂŶƉĂĚŝŬĞŶĂŬĂŶĞŶĚĂ͘
KďůŝŐĂƐŝŚĂƌƵƐĚŝůƵŶĂƐŝĚĞŶŐĂŶŚĂƌŐĂLJĂŶŐƐĂŵĂĚĞŶŐĂŶũƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝLJĂŶŐƚĞƌƚƵůŝƐƉĂĚĂ<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐLJĂŶŐ
ĚŝŵŝůŝŬŝ ŽůĞŚ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ ĚĂŶ ŬĞƚĞŶƚƵĂŶ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
dĂŶŐŐĂůͲƚĂŶŐŐĂůWĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
dĂŶŐŐĂůWĞŵďĂLJĂƌĂŶƵŶŐĂ
WĞŵďĂLJĂƌĂŶƵŶŐĂŬĞͲ
^Ğƌŝ ^Ğƌŝ
ϭ ϱKŬƚŽďĞƌϮϬϮϰ ϱKŬƚŽďĞƌϮϬϮϰ
Ϯ ϱ:ĂŶƵĂƌŝϮϬϮϱ ϱ:ĂŶƵĂƌŝϮϬϮϱ
ϯ ϱƉƌŝůϮϬϮϱ ϱƉƌŝůϮϬϮϱ
ϰ ϭϱ:ƵůŝϮϬϮϱ ϱ:ƵůŝϮϬϮϱ
ϱ ϱKŬƚŽďĞƌϮϬϮϱ
ϲ ϱ:ĂŶƵĂƌŝϮϬϮϲ
ϳ ϱƉƌŝůϮϬϮϲ
ϴ ϱ:ƵůŝϮϬϮϲ
ϵ ϱKŬƚŽďĞƌϮϬϮϲ
ϭϬ ϱ:ĂŶƵĂƌŝϮϬϮϳ
ϭϭ ϱƉƌŝůϮϬϮϳ
ϭϮ ϱ:ƵůŝϮϬϮϳ
WĞŶŐŚŝƚƵŶŐĂŶƵŶŐĂ
dŝŶŐŬĂƚƵŶŐĂKďůŝŐĂƐŝƚĞƌƐĞďƵƚŵĞƌƵƉĂŬĂŶƉĞƌƐĞŶƚĂƐĞƉĞƌƚĂŚƵŶĚĂƌŝŶŝůĂŝŶŽŵŝŶĂůLJĂŶŐĚŝŚŝƚƵŶŐďĞƌĚĂƐĂƌŬĂŶũƵŵůĂŚŚĂƌŝ
LJĂŶŐůĞǁĂƚĚĂƌŝƚĂŶŐŐĂůĞŵŝƐŝĚĞŶŐĂŶƉĞƌŚŝƚƵŶŐĂŶϭ;ƐĂƚƵͿƚĂŚƵŶĂĚĂůĂŚϯϲϬ;ƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌĚĂŶϭ
;ƐĂƚƵͿďƵůĂŶĂĚĂůĂŚϯϬ;ƚŝŐĂƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͘
dĂƚĂĂƌĂWĞŵďĂLJĂƌĂŶƵŶŐĂ
ϭͿ ƵŶŐĂ KďůŝŐĂƐŝ ĂŬĂŶ ĚŝďĂLJĂƌŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŵĞůĂůƵŝ <^ / ƐĞůĂŬƵ ŐĞŶ WĞŵďĂLJĂƌĂŶ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ
ŵĞůĂůƵŝ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ ƉĂĚĂ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ďĞƌĚĂƐĂƌŬĂŶ ĂĨƚĂƌ
WĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ͘
ϮͿ WĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝŬĞƉĂĚĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝŵĞůĂůƵŝWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐĚŝůĂŬƵŬĂŶŽůĞŚŐĞŶWĞŵďĂLJĂƌĂŶ
ƵŶƚƵŬĚĂŶĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ͘
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ϯͿ WĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐďĞƌŚĂŬĂƚĂƐƵŶŐĂKďůŝŐĂƐŝĂĚĂůĂŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐŶĂŵĂŶLJĂƚĞƌĐĂƚĂƚĚĂůĂŵĂĨƚĂƌ
WĞŵĞŐĂŶŐZĞŬĞŶŝŶŐƉĂĚĂϰ;ĞŵƉĂƚͿ,Ăƌŝ<ĞƌũĂƐĞďĞůƵŵdĂŶŐŐĂůWĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝŬĞĐƵĂůŝĚŝƚĞŶƚƵŬĂŶůĂŝŶ
ŽůĞŚ<^ /ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ<^ /LJĂŶŐďĞƌůĂŬƵ͘ĞŶŐĂŶĚĞŵŝŬŝĂŶũŝŬĂƚĞƌũĂĚŝƚƌĂŶƐĂŬƐŝKďůŝŐĂƐŝĚĂůĂŵǁĂŬƚƵϰ
;ĞŵƉĂƚͿ,Ăƌŝ<ĞƌũĂƐĞďĞůƵŵdĂŶŐŐĂůWĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝ͕ƉĞŵďĞůŝKďůŝŐĂƐŝLJĂŶŐŵĞŶĞƌŝŵĂƉĞŶŐĂůŝŚĂŶKďůŝŐĂƐŝ
ƚĞƌƐĞďƵƚƚŝĚĂŬďĞƌŚĂŬĂƚĂƐƵŶŐĂKďůŝŐĂƐŝƉĂĚĂƉĞƌŝŽĚĞƵŶŐĂKďůŝŐĂƐŝLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͕ŬĞĐƵĂůŝĚŝƚĞŶƚƵŬĂŶůĂŝŶŽůĞŚ
<^ /ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ<^ /LJĂŶŐďĞƌůĂŬƵ͘
ϰͿ WĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝLJĂŶŐƚĞƌƵƚĂŶŐ͕LJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶŬĞƉĂĚĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝŵĞůĂůƵŝŐĞŶ
WĞŵďĂLJĂƌĂŶ͕ ĚŝĂŶŐŐĂƉ ƉĞŵďĂLJĂƌĂŶ ůƵŶĂƐ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ƐĞƚĞůĂŚ ĚĂŶĂ ƚĞƌƐĞďƵƚ ĚŝƚĞƌŝŵĂ ŽůĞŚ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ
ŵĞůĂůƵŝ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ ƉĂĚĂ <^ /͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ WĞƌũĂŶũŝĂŶ ŐĞŶ WĞŵďĂLJĂƌĂŶ͕ ĚĞŶŐĂŶ ĚĞŵŝŬŝĂŶ
WĞƌƐĞƌŽĂŶĚŝďĞďĂƐŬĂŶĚĂƌŝŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘
dĂƚĂĂƌĂWĞŵďĂLJĂƌĂŶWŽŬŽŬKďůŝŐĂƐŝ
ϭͿ KďůŝŐĂƐŝŚĂƌƵƐĚŝůƵŶĂƐŝƉĂĚĂdĂŶŐŐĂůWĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝ͘
ϮͿ WĞŵďĂLJĂƌĂŶWŽŬŽŬKďůŝŐĂƐŝŬĞƉĂĚĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝŵĞůĂůƵŝWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐĚŝůĂŬƵŬĂŶŽůĞŚŐĞŶWĞŵďĂLJĂƌĂŶ
ƵŶƚƵŬĚĂŶĂƚĂƐŶĂŵĂWĞƌƐĞƌŽĂŶďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ͘
ϯͿ WĞŵďĂLJĂƌĂŶ WŽŬŽŬ KďůŝŐĂƐŝLJĂŶŐ ƚĞƌƵƚĂŶŐ͕ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ŵĞůĂůƵŝ ŐĞŶ
WĞŵďĂLJĂƌĂŶ͕ ĚŝĂŶŐŐĂƉ ƉĞŵďĂLJĂƌĂŶ ůƵŶĂƐ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ƐĞƚĞůĂŚ ĚĂŶĂ ƚĞƌƐĞďƵƚ ĚŝƚĞƌŝŵĂ ŽůĞŚ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ
ŵĞůĂůƵŝ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ ƉĂĚĂ <^ /͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ WĞƌũĂŶũŝĂŶ ŐĞŶ WĞŵďĂLJĂƌĂŶ͕ ĚĞŶŐĂŶ ĚĞŵŝŬŝĂŶ
WĞƌƐĞƌŽĂŶĚŝďĞďĂƐŬĂŶĚĂƌŝŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŵďĂLJĂƌĂŶWŽŬŽŬKďůŝŐĂƐŝLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘
^ĂƚƵĂŶWĞŵŝŶĚĂŚďƵŬƵĂŶ
^ĂƚƵĂŶ WĞŵŝŶĚĂŚďƵŬƵĂŶ KďůŝŐĂƐŝ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϭ͕ϬϬ ;ƐĂƚƵ ZƵƉŝĂŚͿ ĂƚĂƵ ŬĞůŝƉĂƚĂŶŶLJĂ͘ ^ĂƚƵ ^ĂƚƵĂŶ WĞŵŝŶĚĂŚďƵŬƵĂŶ
ŵĞŵƉƵŶLJĂŝŚĂŬƵŶƚƵŬŵĞŶŐĞůƵĂƌŬĂŶϭ;ƐĂƚƵͿƐƵĂƌĂĚĂůĂŵZhWK͘
:ƵŵůĂŚDŝŶŝŵƵŵWĞŵĞƐĂŶĂŶ
WĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ŚĂƌƵƐ ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ũƵŵůĂŚ ƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂ ƐĂƚƵ ƐĂƚƵĂŶ ƉĞƌĚĂŐĂŶŐĂŶ ƐĞŶŝůĂŝ
ZƉϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĂŶͬĂƚĂƵŬĞůŝƉĂƚĂŶŶLJĂ͘
KďůŝŐĂƐŝDĞƌƵƉĂŬĂŶƵŬƚŝhƚĂŶŐ
Ă͘ ĞƌĚĂƐĂƌŬĂŶ ƉĞƌŶLJĂƚĂĂŶ WĞƌƐĞƌŽĂŶ ƐĞŬĂƌĂŶŐ ƚĞƚĂƉŝ ďĞƌůĂŬƵ ƐĞũĂŬ dĂŶŐŐĂů ŵŝƐŝ͕ KďůŝŐĂƐŝ ŵĞƌƵƉĂŬĂŶ ďƵŬƚŝ ďĂŚǁĂ
WĞƌƐĞƌŽĂŶƐĞĐĂƌĂƐĂŚĚĂŶŵĞŶŐŝŬĂƚďĞƌƵƚĂŶŐŬĞƉĂĚĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝƐĞũƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝLJĂŶŐĚŝƐĞďƵƚĚĂůĂŵ
^ĞƌƚŝĨŝŬĂƚ :ƵŵďŽ KďůŝŐĂƐŝ ĚŝƚĂŵďĂŚ ĚĞŶŐĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ĚĂŶ ĞŶĚĂ ;ũŝŬĂ ĂĚĂͿ LJĂŶŐ ǁĂũŝď ĚŝďĂLJĂƌ ŽůĞŚ WĞƌƐĞƌŽĂŶ
ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶ WĞƌũĂŶũŝĂŶ ŐĞŶ WĞŵďĂLJĂƌĂŶ͘ KďůŝŐĂƐŝ ƚĞƌƐĞďƵƚ ŵĞƌƵƉĂŬĂŶ ďĂŐŝĂŶ
ƉĞŶƚŝŶŐĚĂŶƚŝĚĂŬĚĂƉĂƚĚŝƉŝƐĂŚŬĂŶĚĂƌŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ď͘ ƵŬƚŝŬĞƉĞŵŝůŝŬĂŶKďůŝŐĂƐŝďĂŐŝWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂĚĂůĂŚ<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐLJĂŶŐĚŝƚĞƌďŝƚŬĂŶŽůĞŚ<^ /ĂƚĂƵWĞŵĞŐĂŶŐ
ZĞŬĞŶŝŶŐ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞŵďƵŬĂĂŶ ZĞŬĞŶŝŶŐ ĨĞŬ LJĂŶŐ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ WĞŵĞŐĂŶŐ
ZĞŬĞŶŝŶŐ͘<ŽŶĨŝƌŵĂƐŝdĞƌƚƵůŝƐƚĞƌƐĞďƵƚƚŝĚĂŬĚĂƉĂƚĚŝĂůŝŚŬĂŶĂƚĂƵĚŝƉĞƌĚĂŐĂŶŐŬĂŶ͘
WĞŶĚĂĨƚĂƌĂŶKďůŝŐĂƐŝĚŝ<^ /
Ă͘ KďůŝŐĂƐŝ ƚĞůĂŚ ĚŝĚĂĨƚĂƌŬĂŶ ƉĂĚĂ <^ / ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞŶĚĂĨƚĂƌĂŶ KďůŝŐĂƐŝ Ěŝ <^ /͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ
ŬĞƚĞŶƚƵĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂůĚĂŶŬĞƚĞŶƚƵĂŶ<^ /LJĂŶŐďĞƌůĂŬƵ͘
ď͘ KďůŝŐĂƐŝĚŝƚĞƌďŝƚŬĂŶƚĂŶƉĂǁĂƌŬĂƚŬĞĐƵĂůŝ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽKďůŝŐĂƐŝLJĂŶŐĚŝƚĞƌďŝƚŬĂŶƵŶƚƵŬĚŝĚĂĨƚĂƌŬĂŶĂƚĂƐŶĂŵĂ<^ /
ďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞŶĚĂĨƚĂƌĂŶKďůŝŐĂƐŝĚŝ<^ /ƐĞďĂŐĂŝďƵŬƚŝƵƚĂŶŐƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝŵĞůĂůƵŝ
WĞŵĞŐĂŶŐZĞŬĞŶŝŶŐĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞƚĞŶƚƵĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘
WĞŶĂƌŝŬĂŶKďůŝŐĂƐŝ
WĞŶĂƌŝŬĂŶKďůŝŐĂƐŝĚĂƌŝZĞŬĞŶŝŶŐ ĨĞŬŚĂŶLJĂĚĂƉĂƚĚŝůĂŬƵŬĂŶĚĞŶŐĂŶƉĞŵŝŶĚĂŚďƵŬƵĂŶĚĂƌŝƐĂƚƵZĞŬĞŶŝŶŐ ĨĞŬŬĞZĞŬĞŶŝŶŐ
ĨĞŬ ůĂŝŶŶLJĂ͘ WĞŶĂƌŝŬĂŶ KďůŝŐĂƐŝ ŬĞůƵĂƌ ĚĂƌŝ ZĞŬĞŶŝŶŐ ĨĞŬ ƵŶƚƵŬ ĚŝŬŽŶǀĞƌƐŝŬĂŶ ŵĞŶũĂĚŝ ƐĞƌƚŝĨŝŬĂƚ KďůŝŐĂƐŝ ƚŝĚĂŬ ĚĂƉĂƚ
ĚŝůĂŬƵŬĂŶ͕ŬĞĐƵĂůŝĂƉĂďŝůĂƚĞƌũĂĚŝƉĞŵďĂƚĂůĂŶ ƉĞŶĚĂĨƚĂƌĂŶŽďůŝŐĂƐŝĚŝ<^ /ĂƚĂƐƉĞƌŵŝŶƚĂĂŶWĞƌƐĞƌŽĂŶĂƚĂƵtĂůŝŵĂŶĂƚ͕
ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝWĂƐĂƌDŽĚĂůĚĂŶŬĞƉƵƚƵƐĂŶZhWK͘
WĞŶŐĂůŝŚĂŶKďůŝŐĂƐŝ
,ĂŬ ŬĞƉĞŵŝůŝŬĂŶ KďůŝŐĂƐŝ ďĞƌĂůŝŚ ĚĞŶŐĂŶ ƉĞŵŝŶĚĂŚďƵŬƵĂŶ KďůŝŐĂƐŝ ĚĂƌŝ ƐĂƚƵ ZĞŬĞŶŝŶŐ ĨĞŬ ŬĞ ZĞŬĞŶŝŶŐ ĨĞŬ ůĂŝŶŶLJĂ͘
WĞƌƐĞƌŽĂŶ͕tĂůŝŵĂŶĂƚĚĂŶŐĞŶWĞŵďĂLJĂƌĂŶǁĂũŝďŵĞŵďĞƌůĂŬƵŬĂŶWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐƐĞůĂŬƵWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐ
ƐĂŚĚĂůĂŵŚƵďƵŶŐĂŶŶLJĂƵŶƚƵŬŵĞŶĞƌŝŵĂƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵƉĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝĚĂŶŚĂŬͲŚĂŬůĂŝŶ
LJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶKďůŝŐĂƐŝ͘
4
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ϯ͘ EW >hE^EK>/'^/;^/E</E'&hEͿ
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ ƉĞŶLJŝƐŝŚĂŶ ĚĂŶĂ ƵŶƚƵŬ KďůŝŐĂƐŝ ĚĞŶŐĂŶ ƉĞƌƚŝŵďĂŶŐĂŶ ƵŶƚƵŬ ŵĞŶŐŽƉƚŝŵĂůŬĂŶ
ƉĞŶŐŐƵŶĂĂŶĚĂŶĂŚĂƐŝů ŵŝƐŝƐĞƐƵĂŝĚĞŶŐĂŶƚƵũƵĂŶƌĞŶĐĂŶĂƉĞŶŐŐƵŶĂĂŶĚĂŶĂ ŵŝƐŝ͘
ϰ͘ W Dd^EͲW Dd^EE< t:/EͲ< t:/EW Z^ ZKE
^ĞďĞůƵŵ ĚŝůƵŶĂƐŝŶLJĂ ƐĞŵƵĂ :ƵŵůĂŚ dĞƌƵƚĂŶŐ ĂƚĂƵ ďŝĂLJĂͲďŝĂLJĂ ůĂŝŶ LJĂŶŐ ŵĞŶũĂĚŝ ƚĂŶŐŐƵŶŐ ũĂǁĂď WĞƌƐĞƌŽĂŶ ƐĞŚƵďƵŶŐĂŶ
ĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝ͕WĞƌƐĞƌŽĂŶďĞƌũĂŶũŝĚĂŶŵĞŶŐŝŬĂƚĚŝƌŝďĂŚǁĂ͗
ϰ͘ϭ WĞŵďĂƚĂƐĂŶŬĞƵĂŶŐĂŶĚĂŶƉĞŵďĂƚĂƐĂŶͲƉĞŵďĂƚĂƐĂŶůĂŝŶƚĞƌŚĂĚĂƉWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĞƌƐĞƌŽĂŶƚĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐĚĂƌŝtĂůŝŵĂŶĂƚ͕ƚŝĚĂŬĂŬĂŶŵĞůĂŬƵŬĂŶŚĂůͲŚĂůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ŝͿ ŵĞŵďĂLJĂƌĂƚĂƵŵĞŵďƵĂƚĂƚĂƵĚŝƐƚƌŝďƵƐŝƉĞŵďĂLJĂƌĂŶůĂŝŶƉĂĚĂƚĂŚƵŶďƵŬƵWĞƌƐĞƌŽĂŶƐĞůĂŵĂWĞƌƐĞƌŽĂŶƚĞƌďƵŬƚŝ
ůĂůĂŝ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ :ƵŵůĂŚ dĞƌƵƚĂŶŐ ĂƚĂƵ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ :ƵŵůĂŚ
dĞƌƵƚĂŶŐďĞƌĚĂƐĂƌŬĂŶŬĞƚĞŶƚƵĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶĚĂŶWĞŶŐĂŬƵĂŶhƚĂŶŐ͕ŬĞĐƵĂůŝ͗
Ă͘ ƉĞŵďĂLJĂƌĂŶLJĂŶŐĚŝůĂŬƵŬĂŶĚĂůĂŵƌĂŶŐŬĂŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůƐĞŚĂƌŝͲŚĂƌŝWĞƌƐĞƌŽĂŶ͖ĂƚĂƵ
ď͘ ƉĞŵďĂLJĂƌĂŶƉŝŶũĂŵĂŶĂƚĂƵƵƚĂŶŐŬĞƉĂĚĂƉŝŚĂŬůĂŝŶLJĂŶŐŵĞŵŝůŝŬŝŚĂŬƉƌĞĨĞƌĞŶĂƚĂƵŚĂŬƵŶƚƵŬĚŝĚĂŚƵůƵŬĂŶ
ƉĞŵďĂLJĂƌĂŶŶLJĂ͘
;ŝŝͿ ŵĞŵƉĞƌŽůĞŚƉŝŶũĂŵĂŶĚĂƌŝďĂŶŬĂƚĂƵůĞŵďĂŐĂŬĞƵĂŶŐĂŶĂƚĂƵƉŝŚĂŬŬĞƚŝŐĂ ůĂŝŶŶLJĂ͕ ŵĞŶĞƌďŝƚŬĂŶ ƐƵƌĂƚ ƵƚĂŶŐ
ĚĂůĂŵďĞŶƚƵŬĂƉĂƉƵŶLJĂŶŐƐĞĐĂƌĂŵĂƚĞƌŝĂůďĞƌĂŬŝďĂƚŶĞŐĂƚŝĨƚĞƌŚĂĚĂƉŬĞůĂŶŐƐƵŶŐĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͕
ŬĞĐƵĂůŝ͗
Ă͘ ĚĂŶĂ ŚĂƐŝů ƉŝŶũĂŵĂŶ ĂƚĂƵ ƉĞŶĞƌďŝƚĂŶ ƐƵƌĂƚ ƵƚĂŶŐ ƚĞƌƐĞďƵƚ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ŵĞůƵŶĂƐŝ :ƵŵůĂŚ dĞƌƵƚĂŶŐ
ďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂƚĂŶ͖ĂƚĂƵ
ď͘ ŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶƌĂƐŝŽŬĞƵĂŶŐĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵďƵƚŝƌϰ͘ϯ;ŝŝŝͿ͘
;ŝŝŝͿ ŵĞŶũĂŵŝŶŬĂŶĚĂŶͬĂƚĂƵŵĞŵďĞďĂŶŝĚĞŶŐĂŶĐĂƌĂĂƉĂƉƵŶĂŬƚŝǀĂŵŝůŝŬWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶĚĞŶŐĂŶũĂŵŝŶĂŶ
ŬĞƵƚĂŵĂĂŶĂƚĂƵƉƌĞĨĞƌĞŶ͕ďĂŝŬLJĂŶŐĂĚĂƐĞŬĂƌĂŶŐŵĂƵƉƵŶLJĂŶŐĂŬĂŶĚŝƉĞƌŽůĞŚĚŝŵĂƐĂLJĂŶŐĂŬĂŶĚĂƚĂŶŐ͕ŬĞĐƵĂůŝ͗
Ă͘ ĂŬƚŝǀĂLJĂŶŐĚŝũĂŵŝŶŬĂŶƐĞďĞůƵŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶŝŶŝĚŝƚĂŶĚĂƚĂŶŐĂŶŝ͖ĂƚĂƵ
ď͘ ĂŬƚŝǀĂLJĂŶŐĚŝũĂŵŝŶŬĂŶƵŶƚƵŬƵƚĂŶŐĂƚĂƵƉŝŶũĂŵĂŶLJĂŶŐĚŝƉĞƌŽůĞŚƵŶƚƵŬŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞŚĂƌŝ–ŚĂƌŝ͘
;ŝǀͿ ŵĞůĂŬƵŬĂŶƉĞŶŐŐĂďƵŶŐĂŶ͕ŬŽŶƐŽůŝĚĂƐŝĂƚĂƵƉĞůĞďƵƌĂŶĚĞŶŐĂŶƉĞƌƵƐĂŚĂĂŶĂƚĂƵƉŝŚĂŬůĂŝŶ͕ŬĞĐƵĂůŝ͗
Ă͘ ƐĞƉĂŶũĂŶŐĚŝůĂŬƵŬĂŶƉĂĚĂďŝĚĂŶŐƵƐĂŚĂLJĂŶŐƐĂŵĂĚĞŶŐĂŶLJĂŶŐĚŝũĂůĂŶŬĂŶWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶŶŐŐĂƌĂŶ
ĂƐĂƌ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ƚĞƌŚĂĚĂƉ ũĂůĂŶŶLJĂ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ƚŝĚĂŬ
ŵĞŵƉĞŶŐĂƌƵŚŝ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ WĞŵďĂLJĂƌĂŶ WŽŬŽŬ KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ƵŶŐĂ
KďůŝŐĂƐŝ͖ĂƚĂƵ
ď͘ ^ĞŵƵĂƐLJĂƌĂƚĚĂŶŬŽŶĚŝƐŝKďůŝŐĂƐŝĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶĚĂŶĚŽŬƵŵĞŶůĂŝŶLJĂŶŐďĞƌŬĂŝƚĂŶƚĞƚĂƉ
ďĞƌůĂŬƵĚĂŶŵĞŶŐŝŬĂƚƐĞƉĞŶƵŚŶLJĂƉĞƌƵƐĂŚĂĂŶƉĞŶĞƌƵƐ;ƐƵƌǀŝǀŝŶŐĐŽŵƉĂŶLJͿ͕ĚĂŶĚĂůĂŵŚĂůWĞƌƐĞƌŽĂŶďƵŬĂŶ
ŵĞƌƵƉĂŬĂŶ WĞƌƵƐĂŚĂĂŶ ƉĞŶĞƌƵƐ ŵĂŬĂ ƐĞůƵƌƵŚ ŬĞǁĂũŝďĂŶ KďůŝŐĂƐŝ ƚĞůĂŚ ĚŝĂůŝŚŬĂŶ ƐĞĐĂƌĂ ƐĂŚ ŬĞƉĂĚĂ
ƉĞƌƵƐĂŚĂĂŶƉĞŶĞƌƵƐ͕ĚĂŶƉĞƌƵƐĂŚĂĂŶƉĞŶĞƌƵƐƚĞƌƐĞďƵƚŵĞŵŝůŝŬŝĂŬƚŝǀĂĚĂŶŬĞŵĂŵƉƵĂŶLJĂŶŐŵĞŵĂĚĂŝƵŶƚƵŬ
ŵĞŶũĂŵŝŶƉĞŵďĂLJĂƌĂŶKďůŝŐĂƐŝ͘
ϰ͘Ϯ WĞŵďĞƌŝĂŶWĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵďƵƚŝƌϰ͘ϭĚŝĂƚĂƐĂŬĂŶĚŝďĞƌŝŬĂŶŽůĞŚtĂůŝŵĂŶĂƚĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ WĞƌŵŽŚŽŶĂŶƉĞƌƐĞƚƵũƵĂŶƚĞƌƐĞďƵƚƚŝĚĂŬĂŬĂŶĚŝƚŽůĂŬƚĂŶƉĂĂůĂƐĂŶLJĂŶŐũĞůĂƐĚĂŶǁĂũĂƌ͖
ď͘ tĂůŝŵĂŶĂƚǁĂũŝďŵĞŵďĞƌŝŬĂŶƉĞƌƐĞƚƵũƵĂŶ͕ƉĞŶŽůĂŬĂŶĂƚĂƵŵĞŵŝŶƚĂĚĂƚĂͬĚŽŬƵŵĞŶƉĞŶĚƵŬƵŶŐůĂŝŶŶLJĂĚĂůĂŵ
ǁĂŬƚƵ ϭϰ ;ĞŵƉĂƚ ďĞůĂƐͿ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ ƉĞƌŵŽŚŽŶĂŶ ƉĞƌƐĞƚƵũƵĂŶ ƚĞƌƐĞďƵƚ ĚĂŶ ĚŽŬƵŵĞŶ ƉĞŶĚƵŬƵŶŐŶLJĂ
ĚŝƚĞƌŝŵĂƐĞĐĂƌĂůĞŶŐŬĂƉŽůĞŚtĂůŝŵĂŶĂƚ͕ĚĂŶũŝŬĂǁĂŬƚƵϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĞƌũĂƚĞƌƐĞďƵƚWĞƌƐĞƌŽĂŶƚŝĚĂŬ
ŵĞŶĞƌŝŵĂ ƉĞƌƐĞƚƵũƵĂŶ͕ ƉĞŶŽůĂŬĂŶ ĂƚĂƵ ƉĞƌŵŝŶƚĂĂŶ ƚĂŵďĂŚĂŶ ĚĂƚĂͬĚŽŬƵŵĞŶ ƉĞŶĚƵŬƵŶŐ ůĂŝŶŶLJĂ ĚĂƌŝ tĂůŝ
ŵĂŶĂƚŵĂŬĂtĂůŝŵĂŶĂƚĚŝĂŶŐŐĂƉƚĞůĂŚŵĞŵďĞƌŝŬĂŶƉĞƌƐĞƚƵũƵĂŶŶLJĂ͖ĚĂŶ
Đ͘ :ŝŬĂtĂůŝŵĂŶĂƚŵĞŵŝŶƚĂƚĂŵďĂŚĂŶĚĂƚĂͬĚŽŬƵŵĞŶƉĞŶĚƵŬƵŶŐůĂŝŶŶLJĂ͕ŵĂŬĂƉĞƌƐĞƚƵũƵĂŶĂƚĂƵƉĞŶŽůĂŬĂŶǁĂũŝď
ĚŝďĞƌŝŬĂŶŽůĞŚtĂůŝŵĂŶĂƚĚĂůĂŵǁĂŬƚƵϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚĚĂƚĂͬĚŽŬƵŵĞŶƉĞŶĚƵŬƵŶŐůĂŝŶŶLJĂ
ƚĞƌƐĞďƵƚĚŝƚĞƌŝŵĂ ƐĞĐĂƌĂůĞŶŐŬĂƉŽůĞŚtĂůŝŵĂŶĂƚ ĚĂŶũŝŬĂĚĂůĂŵǁĂŬƚƵϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĞƌũĂƚĞƌƐĞďƵƚ
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶĞƌŝŵĂ ƉĞƌƐĞƚƵũƵĂŶ ĂƚĂƵ ƉĞŶŽůĂŬĂŶ ĚĂƌŝ tĂůŝ ŵĂŶĂƚ͕ ŵĂŬĂ tĂůŝ ŵĂŶĂƚ ĚŝĂŶŐŐĂƉ ƚĞůĂŚ
ŵĞŵďĞƌŝŬĂŶƉĞƌƐĞƚƵũƵĂŶ͘
ϰ͘ϯ WĞƌƐĞƌŽĂŶďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬ͗
;ŝͿ ŵĞŶLJĞƚŽƌŬĂŶ ƐĞũƵŵůĂŚ ƵĂŶŐ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ƵŶƚƵŬ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ ƉĞůƵŶĂƐĂŶ WŽŬŽŬ
KďůŝŐĂƐŝLJĂŶŐũĂƚƵŚƚĞŵƉŽŬĞƌĞŬĞŶŝŶŐLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚŐĞŶWĞŵďĂLJĂƌĂŶƉĂůŝŶŐůĂŵďĂƚϭ;ƐĂƚƵͿ,Ăƌŝ<ĞƌũĂ;ŝŶ
ŐŽŽĚ ĨƵŶĚͿ ƐĞďĞůƵŵ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ dĂŶŐŐĂů WĞůƵŶĂƐĂŶ WŽŬŽŬ KďůŝŐĂƐŝĚĂŶ
ŵĞŶLJĞƌĂŚŬĂŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚĨŽƚŽĐŽƉLJďƵŬƚŝƉĞŶLJĞƚŽƌĂŶĚĂŶĂƚĞƌƐĞďƵƚƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂƉĂĚĂdĂŶŐŐĂů
WĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ dĂŶŐŐĂů WĞůƵŶĂƐĂŶ WŽŬŽŬ KďůŝŐĂƐŝ͘ ƉĂďŝůĂ ƐĂŵƉĂŝ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ
ƵŶŐĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵdĂŶŐŐĂůWĞůƵŶĂƐĂŶWŽŬŽŬKďůŝŐĂƐŝ͕WĞƌƐĞƌŽĂŶďĞůƵŵŵĞŶLJĞƚŽƌŬĂŶĚĂŶĂƚĞƌƐĞďƵƚ͕ŵĂŬĂ
WĞƌƐĞƌŽĂŶŚĂƌƵƐŵĞŵďĂLJĂƌĞŶĚĂĂƚĂƐŬĞůĂůĂŝĂŶƚĞƌƐĞďƵƚ͘ĞŶĚĂLJĂŶŐĚŝďĂLJĂƌŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶŵĞƌƵƉĂŬĂŶŚĂŬ
WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĂŶ ĂŬĂŶ ĚŝďĂLJĂƌ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ƐĞĐĂƌĂ ƉƌŽƉŽƌƐŝŽŶĂů ƐĞƐƵĂŝ ĚĞŶŐĂŶ ďĞƐĂƌŶLJĂ
KďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŶLJĂƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶWĞƌũĂŶũŝĂŶŐĞŶWĞŵďĂLJĂƌĂŶ͘
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;ŝŝͿ ŵĞŵƉĞƌŽůĞŚ͕ŵĞŵĂƚƵŚŝƐĞŐĂůĂŬĞƚĞŶƚƵĂŶĚĂŶŵĞůĂŬƵŬĂŶŚĂůͲŚĂůLJĂŶŐĚŝƉĞƌůƵŬĂŶƵŶƚƵŬŵĞŶũĂŐĂƚĞƚĂƉďĞƌůĂŬƵŶLJĂ
ƐĞŐĂůĂŬƵĂƐĂ͕ŝũŝŶĚĂŶƉĞƌƐĞƚƵũƵĂŶ;ďĂŝŬĚĂƌŝWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂŵĂƵƉƵŶŶĞŐĂƌĂůĂŝŶŶLJĂͿĚĂŶĚĞŶŐĂŶ
ƐĞŐĞƌĂŵĞŵďĞƌŝŬĂŶůĂƉŽƌĂŶ ĚĂŶŵĞůĂŬƵŬĂŶŚĂůͲŚĂůLJĂŶŐĚŝǁĂũŝďŬĂŶŽůĞŚ ƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐ
ďĞƌůĂŬƵ Ěŝ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞŚŝŶŐŐĂ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ƐĞĐĂƌĂ ƐĂŚ ŵĞŶũĂůĂŶŬĂŶ ŬĞǁĂũŝďĂŶŶLJĂ
ďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
;ŝŝŝͿ ŵĞŵĞŶƵŚŝŬĞǁĂũŝďĂŶŬĞƵĂŶŐĂŶďĞƌĚĂƐĂƌŬĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝƚĂŚƵŶĂŶLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚŬĂŶƚŽƌ
ŬƵŶƚĂŶWƵďůŝŬLJĂŶŐƚĞƌĚĂĨƚĂƌĚŝKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ͕LJĂŶŐĚŝƐĞƌĂŚŬĂŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶLJĂŝƚƵĞďƚƚŽ ƋƵŝƚLJZĂƚŝŽŵĂŬƐŝŵĂůϭϬ;ƐĞƉƵůƵŚͿŬĂůŝ͘
;ŝǀͿ ŵĞŵĞŶƵŚŝĚĂŶŵĞŵĂƚƵŚŝƐĞŵƵĂƐLJĂƌĂƚĚĂŶŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͖
;ǀͿ ŵĞŵĞůŝŚĂƌĂĂƐƵƌĂŶƐŝͲĂƐƵƌĂŶƐŝLJĂŶŐƐƵĚĂŚďĞƌũĂůĂŶĚĂŶďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂĚĂŶŚĂƌƚĂŬĞŬĂLJĂĂŶ
WĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵ ŶƚŝƚĂƐŶĂŬƉĂĚĂƉĞƌƵƐĂŚĂĂŶĂƐƵƌĂŶƐŝLJĂŶŐƚĞůĂŚĚŝƐĞƚƵũƵŝŽůĞŚK:<͕ƚĞƌŚĂĚĂƉƐĞŐĂůĂƌĞƐŝŬŽ
LJĂŶŐďŝĂƐĂĚŝŚĂĚĂƉŝŽůĞŚƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶLJĂŶŐďĞƌŐĞƌĂŬĚĂůĂŵďŝĚĂŶŐƵƐĂŚĂLJĂŶŐƐĂŵĂĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͖
;ǀŝͿ ŵĞŶŐŝũŝŶŬĂŶtĂůŝŵĂŶĂƚĚĂŶͬĂƚĂƵŽƌĂŶŐLJĂŶŐĚŝďĞƌŝŬĂŶŬƵĂƐĂŽůĞŚtĂůŝŵĂŶĂƚ;ƚĞƌŵĂƐƵŬĂƵĚŝƚŽƌĂƚĂƵŬƵŶƚĂŶ͕
ƉĞƌƵƐĂŚĂĂŶƉĞŶŝůĂŝ͕ĚĂŶŬŽŶƐƵůƚĂŶŚƵŬƵŵLJĂŶŐĚŝƚƵŶũƵŬƵŶƚƵŬŵĂŬƐƵĚƚĞƌƐĞďƵƚͿĚĞŶŐĂŶƉĞŵďĞƌŝƚĂŚƵĂŶĚĂƌŝtĂůŝ
ŵĂŶĂƚƐĞĐĂƌĂƚĞƌƚƵůŝƐϱ;ůŝŵĂͿ,Ăƌŝ<ĞƌũĂƐĞďĞůƵŵŶLJĂĚĂƌŝǁĂŬƚƵŬĞǁĂŬƚƵŵĞŵŝůŝŬŝĂŬƐĞƐĚĂŶŵĞŵĞƌŝŬƐĂďƵŬƵͲ
ďƵŬƵ͕ ŵĞŵďĞƌŝŬĂŶ ƚĂŶŐŐĂƉĂŶ ĂƚĂƐ ƐĞŐĂůĂ ƉĞƌƚĂŶLJĂĂŶ ĂƚĂƵ ŝŶĨŽƌŵĂƐŝ LJĂŶŐ ĚŝŵŝŶƚĂ ŽůĞŚ ǁĂŬŝůŶLJĂ ƚĞƌƐĞďƵƚ ĚĂŶ
ŵĞŶĚŝƐŬƵƐŝŬĂŶĚĞŶŐĂŶŽƌĂŶŐƚĞƌƐĞďƵƚĚĞŶŐĂŶŝƚŝŬĂĚďĂŝŬĂƚĂƐƐĞŐĂůĂĂƐƉĞŬĚĂƌŝƉĞŵďƵŬĂĂŶĚĂŶŽƉĞƌĂƐŝWĞƌƐĞƌŽĂŶ͖
;ǀŝŝͿ ŵĞŶLJĞƌĂŚŬĂŶ ƐĂůŝŶĂŶ ůĂƉŽƌĂŶͲůĂƉŽƌĂŶ LJĂŶŐ ĚŝŵŝŶƚĂ ŽůĞŚ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ĚĂŶ
ƉĞƌƐĞƚƵũƵĂŶͲƉĞƌƐĞƚƵũƵĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶ ŵŝƐŝƐĞƐƵĂŝĚĞŶŐĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ͕ĚĂŶƵŶƚƵŬŵĞŵďƵĂƚ
ĚĂŶ ŵĞŶŐŝŵƉůĞŵĞŶƚĂƐŝŬĂŶ ƐĞƚŝĂƉ ƉĞƌũĂŶũŝĂŶ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŚĂů ƚĞƌƐĞďƵƚ͕ ƚĞƌŵĂƐƵŬ ƚĞƚĂƉŝ ƚŝĚĂŬ
ƚĞƌďĂƚĂƐƉĂĚĂƉĞŶLJĞƌĂŚĂŶĂƚĂƐ͗
Ă͘ ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƚĂŚƵŶĂŶWĞƌƐĞƌŽĂŶLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚŬƵŶƚĂŶWƵďůŝŬLJĂŶŐƚĞƌĚĂĨƚĂƌĚŝKƚŽƌŝƚĂƐ:ĂƐĂ
<ĞƵĂŶŐĂŶ ƉĂĚĂ ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϵϬ ;ƐĞŵďŝůĂŶ ƉƵůƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ƚŝĂƉ ƚĂŚƵŶ ďƵŬƵ
ďĞƌĂŬŚŝƌĂƚĂƵƉĂĚĂƐĂĂƚƉĞŶLJĞƌĂŚĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬĞƉĂĚĂKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ͖
ď͘ ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƚĞŶŐĂŚƚĂŚƵŶĂŶWĞƌƐĞƌŽĂŶĚŝƐĂŵƉĂŝŬĂŶƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂĚĂůĂŵǁĂŬƚƵ͗
• ϯϬ ;ƚŝŐĂ ƉƵůƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ƚĞŶŐĂŚ ƚĂŚƵŶ ďƵŬƵ͕ ũŝŬĂ ƚŝĚĂŬ ĚŝƐĞƌƚĂŝ ůĂƉŽƌĂŶ ŬƵŶƚĂŶ
WƵďůŝŬ͖ĂƚĂƵ
• ϲϬ;ĞŶĂŵƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞƚĞůĂŚƚĂŶŐŐĂůƚĞŶŐĂŚƚĂŚƵŶďƵŬƵũŝŬĂĚŝƐĞƌƚĂŝůĂƉŽƌĂŶŬƵŶƚĂŶWƵďůŝŬ
LJĂŶŐƚĞůĂŚƚĞƌĚĂĨƚĂƌĚŝKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶĚĂůĂŵƌĂŶŐŬĂƉĞŶĞůĂĂŚĂŶƚĞƌďĂƚĂƐ͖ĂƚĂƵ
• ϵϬ ;ƐĞŵďŝůĂŶ ƉƵůƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌ ƐĞƚĞůĂŚ ƚĂŶŐŐĂů ƚĞŶŐĂŚ ƚĂŚƵŶ ďƵŬƵ͕ ũŝŬĂ ĚŝƐĞƌƚĂŝ ůĂƉŽƌĂŶ ŬƵŶƚĂŶ
WƵďůŝŬLJĂŶŐƚĞƌĚĂĨƚĂƌĚŝKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶLJĂŶŐŵĞŵďĞƌŝŬĂŶƉĞŶĚĂƉĂƚƚĞŶƚĂŶŐŬĞǁĂũĂƌĂŶůĂƉŽƌĂŶ
ŬĞƵĂŶŐĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶ͖ĂƚĂƵ
• ƉĂĚĂƐĂĂƚƉĞŶLJĞƌĂŚĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƚĞƌƐĞďƵƚŬĞƉĂĚĂKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ͖
;ǀŝŝŝͿ DĞŶũĂůĂŶŬĂŶĚĂŶŵĞŵĞůŝŚĂƌĂƐŝƐƚĞŵĂŬƵŶƚĂƐŝ͕ƉĞŵďƵŬƵĂŶĚĂŶƉĞŶŐĂǁĂƐĂŶďŝĂLJĂƐĞƐƵĂŝĚĞŶŐĂŶƉƌŝŶƐŝƉĂŬƵŶƚĂŶƐŝ
ĚŝEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌůĂŬƵĚĂƌŝǁĂŬƚƵŬĞǁĂŬƚƵ͘
;ŝdžͿ DĞŶũĂŐĂ ĚĂŶŵĞŶŐƵƐĂŚĂŬĂŶĂŐĂƌŚĂƌƚĂŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶ ĚĂŶ ŶƚŝƚĂƐŶĂŬ;ũŝŬĂĂĚĂͿLJĂŶŐ ĚŝŐƵŶĂŬĂŶĚĂůĂŵ
ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ ďĞƌĂĚĂ ĚĂůĂŵ ŬĞĂĚĂĂŶ ďĂŝŬ͕ ŵĞŵƉĞƌďĂŝŬŝŶLJĂ ĚĂŶ ŵĞůĂŬƵŬĂŶ ŚĂůͲŚĂů LJĂŶŐ
ĚŝƉĞƌůƵŬĂŶƵŶƚƵŬŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶĚĂŶ ŶƚŝƚĂƐŶĂŬ;ũŝŬĂĂĚĂͿ͖
;džͿ DĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞƐƵĂŝĚĞŶŐĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌWĞƌƐĞƌŽĂŶ͖
;džŝͿ DĞŵďĞƌŝƚĂŚƵtĂůŝŵĂŶĂƚĂƚĂƐ͗
Ă͘ ƐĞƚŝĂƉƉĞƌƵďĂŚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌ͕ƐƵƐƵŶĂŶŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶĚŝŝŬƵƚŝĚĞŶŐĂŶƉĞŶLJĞƌĂŚĂŶĂŬƚĂͲ
ĂŬƚĂ ŬĞƉƵƚƵƐĂŶ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞƌƐĞƌŽĂŶ͘ ϯϬ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ ƉĞƌƵďĂŚĂŶ ĚŝĐĂƚĂƚ ŽůĞŚ
ŝŶƐƚĂŶƐŝLJĂŶŐďĞƌǁĞŶĂŶŐĚĂůĂŵŝŶŝ<ĞŵĞŶƚƌŝĂŶ,ƵŬƵŵĚĂŶ,ĂŬnjĂƐŝDĂŶƵƐŝĂ͖
ď͘ ƉĞƌŬĂƌĂƉŝĚĂŶĂ͕ƉĞƌĚĂƚĂ͕ƚĂƚĂƵƐĂŚĂŶĞŐĂƌĂĚĂŶĂƌďŝƚƌĂƐĞLJĂŶŐĚŝŚĂĚĂƉŝWĞƌƐĞƌŽĂŶLJĂŶŐĚĂƉĂƚŵĞŵďĞƌŝŬĂŶ
ĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů LJĂŶŐ ŵĞŵƉĞŶŐĂƌƵŚŝ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ĚĂŶ
ŵĞŵĂƚƵŚŝ ƐĞŐĂůĂ ŬĞǁĂũŝďĂŶŶLJĂ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶ ƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ ůĂŝŶŶLJĂ
LJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͖
Đ͘ ƚĞƌũĂĚŝŶLJĂƐĂůĂŚƐĂƚƵĚĂƌŝƉĞƌŝƐƚŝǁĂŬĞůĂůĂŝĂŶĚĞŶŐĂŶƐĞŐĞƌĂ͕ĚĂŶŵĞůĂůƵŝƉĞƌŵŝŶƚĂĂŶƚĞƌƚƵůŝƐĚĂƌŝtĂůŝŵĂŶĂƚ
ŵĞŶLJĞƌĂŚŬĂŶ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ƐƵĂƚƵ ƉĞƌŶLJĂƚĂĂŶ LJĂŶŐ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ĂƚĂƵ
ƐĞŬƌĞƚĂƌŝƐ ƉĞƌƵƐĂŚĂĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĂŬƐƵĚ ƚĞƌƐĞďƵƚ͕ LJĂŶŐ ŵĞŶŐŬŽŶĨŝƌŵĂƐŝŬĂŶ ďĂŚǁĂ ŬĞĐƵĂůŝ
ƐĞďĞůƵŵŶLJĂ ƚĞůĂŚ ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ĂƚĂƵ ĚŝďĞƌŝƚĂŚƵŬĂŶ ƉĂĚĂ ƐĂĂƚ ŬŽŶĨŝƌŵĂƐŝ ďĂŚǁĂ
ƉĞƌŝƐƚŝǁĂ ŬĞůĂůĂŝĂŶ ƚĞƌƐĞďƵƚ ƚŝĚĂŬ ƚĞƌũĂĚŝ ĂƚĂƵ ĂƉĂďŝůĂ ƚĞƌũĂĚŝ ƉĞƌŝƐƚŝǁĂ ŬĞůĂůĂŝĂŶ͕ ŵĞŵďĞƌŝŬĂŶ ŐĂŵďĂƌĂŶ
ůĞŶŐŬĂƉĂƚĂƐŬĞũĂĚŝĂŶƚĞƌƐĞďƵƚĚĂŶƚŝŶĚĂŬĂŶĂƚĂƵůĂŶŐŬĂŚͲůĂŶŐŬĂŚLJĂŶŐĚŝĂŵďŝů;ĂƚĂƵĚŝƵƐƵůŬĂŶƵŶƚƵŬĚŝĂŵďŝůͿ
ŽůĞŚWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵƉĞƌďĂŝŬŝŬĞũĂĚŝĂŶƚĞƌƐĞďƵƚ͖
Ě͘ ƐĞƚŝĂƉ ƚĞƌũĂĚŝ ŬĞũĂĚŝĂŶ ĂƚĂƵ ŬĞĂĚĂĂŶ ƉĞŶƚŝŶŐ ƉĂĚĂ WĞƌƐĞƌŽĂŶ ĚĂŶͬĂƚĂƵ ŶĂŬ WĞƌƵƐĂŚĂĂŶ LJĂŶŐ ĚĂƉĂƚ
ŵĞŵƉƵŶLJĂŝƉĞŶŐĂƌƵŚƉĞŶƚŝŶŐLJĂŶŐŵĞŵŝůŝŬŝĚĂŵƉĂŬŶĞŐĂƚŝĨƐĞĐĂƌĂŵĂƚĞƌŝĂůĂƚĂƐũĂůĂŶŶLJĂƵƐĂŚĂĚĂŶŽƉĞƌĂƐŝ
ĂƚĂƵ ŬĞĂĚĂĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ ƉĞŵĞŶƵŚĂŶ ŬĞǁĂũŝďĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ ƉĞŶĞƌďŝƚĂŶ ĚĂŶ
ƉĞůƵŶĂƐĂŶ KďůŝŐĂƐŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ƚĞŶƚĂŶŐ ŬĞƚĞƌďƵŬĂĂŶ ŝŶĨŽƌŵĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ
hŶĚĂŶŐͲhŶĚĂŶŐ WĂƐĂƌ DŽĚĂů ĚĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ͕ ƐĞƌƚĂ ŵĞŶLJĂŵƉĂŝŬĂŶ ĚŽŬƵŵĞŶͲĚŽŬƵŵĞŶ
ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŚĂůƚĞƌƐĞďƵƚ͕ďĂŝŬĚŝŵŝŶƚĂĂƚĂƵƉƵŶƚŝĚĂŬĚŝŵŝŶƚĂŽůĞŚtĂůŝŵĂŶĂƚ͘
;džŝŝͿ DĞůĂŬƵŬĂŶƉĞŵĞƌŝŶŐŬĂƚĂŶĂƚĂƐKďůŝŐĂƐŝƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϰϵͬϮϬϮϬďĞƌŝŬƵƚƉĞƌƵďĂŚĂŶŶLJĂĚĂŶͬĂƚĂƵ
ƉĞŶŐĂƚƵƌĂŶůĂŝŶŶLJĂLJĂŶŐǁĂũŝďĚŝƉĂƚƵŚŝŽůĞŚWĞƌƐĞƌŽĂŶLJĂŝƚƵ͗
ĂͿ WĞŵĞƌŝŶŐŬĂƚĂŶdĂŚƵŶĂŶ
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ŝ͘ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŶLJĂŵƉĂŝŬĂŶƉĞŵĞƌŝŶŐŬĂƚĂŶƚĂŚƵŶĂŶĂƚĂƐKďůŝŐĂƐŝŬĞƉĂĚĂKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ
ƉĂůŝŶŐ ůĂŵďĂƚ ϭϬ ;ƐĞƉƵůƵŚͿ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ ďĞƌĂŬŚŝƌŶLJĂ ŵĂƐĂ ďĞƌůĂŬƵ ƉĞƌŝŶŐŬĂƚ ƚĞƌĂŬŚŝƌ ƐĂŵƉĂŝ
ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶLJĞůĞƐĂŝŬĂŶ ƐĞůƵƌƵŚ ŬĞǁĂũŝďĂŶ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ KďůŝŐĂƐŝ LJĂŶŐ
ĚŝƚĞƌďŝƚŬĂŶ͘
ŝŝ͘ ĂůĂŵ ŚĂů ƉĞƌŝŶŐŬĂƚ KďůŝŐĂƐŝ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ďĞƌďĞĚĂ ĚĂƌŝ ƉĞƌŝŶŐŬĂƚ ƐĞďĞůƵŵŶLJĂ͕ WĞƌƐĞƌŽĂŶ ǁĂũŝď
ŵĞŶŐƵŵƵŵŬĂŶŬĞƉĂĚĂDĂƐLJĂƌĂŬĂƚƉĂůŝŶŐƐĞĚŝŬŝƚĚĂůĂŵƐĂƚƵƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂ
LJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂůĂƚĂƵůĂŵĂŶ;ǁĞďƐŝƚĞͿƵƌƐĂ ĨĞŬƉĂůŝŶŐůĂŵĂϭϬ;ƐĞƉƵůƵŚͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚ
ďĞƌĂŬŚŝƌŶLJĂŵĂƐĂďĞƌůĂŬƵƉĞƌŝŶŐŬĂƚƚĞƌĂŬŚŝƌ͕ŵĞŶĐĂŬƵƉŚĂůͲŚĂůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭͿ ƉĞƌŝŶŐŬĂƚƚĂŚƵŶĂŶLJĂŶŐĚŝƉĞƌŽůĞŚ͖ĚĂŶ
ϮͿ ƉĞŶũĞůĂƐĂŶƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝƉĞŶLJĞďĂďƉĞƌƵďĂŚĂŶƉĞƌŝŶŐŬĂƚ͘
ďͿ WĞŵĞƌŝŶŐŬĂƚĂŶ<ĂƌĞŶĂdĞƌĚĂƉĂƚ&ĂŬƚĂDĂƚĞƌŝĂůͬ<ĞũĂĚŝĂŶWĞŶƚŝŶŐ
ŝ͘ ĂůĂŵ ŚĂů WĞŵĞƌŝŶŐŬĂƚ ŵĞŶĞƌďŝƚŬĂŶ ƉĞƌŝŶŐŬĂƚ ďĂƌƵ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶLJĂŵƉĂŝŬĂŶ ŬĞƉĂĚĂ
KƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶƐĞƌƚĂŵĞŶŐƵŵƵŵŬĂŶŬĞƉĂĚĂDĂƐLJĂƌĂŬĂƚƉĂůŝŶŐƐĞĚŝŬŝƚĚĂůĂŵϭ;ƐĂƚƵͿƐƵƌĂƚ
ŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂůĂƚĂƵůĂŵĂŶ;ǁĞďƐŝƚĞͿƵƌƐĂ ĨĞŬƉĂůŝŶŐ
ůĂŵĂĂŬŚŝƌŚĂƌŝŬĞƌũĂŬĞͲϮ;ĚƵĂͿƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƉĞƌŝŶŐŬĂƚďĂƌƵƚĞƌƐĞďƵƚ͕ŵĞŶĐĂŬƵƉŚĂůͲŚĂůƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
ϭͿ ƉĞƌŝŶŐŬĂƚďĂƌƵ͖ĚĂŶ
ϮͿ ƉĞŶũĞůĂƐĂŶƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝĨĂŬƚŽƌͲĨĂŬƚŽƌƉĞŶLJĞďĂďƚĞƌďŝƚŶLJĂƉĞƌŝŶŐŬĂƚďĂƌƵ͘
ŝŝ͘ DĂƐĂďĞƌůĂŬƵƉĞƌŝŶŐŬĂƚďĂƌƵĂĚĂůĂŚƐĂŵƉĂŝĚĞŶŐĂŶĂŬŚŝƌ ƉĞƌŝŽĚĞƉĞƌŝŶŐŬĂƚƚĂŚƵŶĂŶ͘
ĐͿ WĞŵĞƌŝŶŐŬĂƚĂŶhůĂŶŐ
ŝ͘ ĂůĂŵŚĂůWĞƌƐĞƌŽĂŶŵĞŶĞƌŝŵĂŚĂƐŝůƉĞŵĞƌŝŶŐŬĂƚĂŶƵůĂŶŐĚĂƌŝWĞŵĞƌŝŶŐŬĂƚƚĞƌŬĂŝƚĚĞŶŐĂŶƉĞƌŝŶŐŬĂƚ
KďůŝŐĂƐŝƐĞůĂŝŶŬĂƌĞŶĂŚĂůͲŚĂůƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵďƵƚŝƌ;džŝŝͿŚƵƌƵĨĂͿďƵƚŝƌŝĚĂŶŚƵƌƵĨďͿďƵƚŝƌ
ŝ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶLJĂŵƉĂŝŬĂŶ ŚĂƐŝů ƉĞŵĞƌŝŶŐŬĂƚĂŶ ƵůĂŶŐ ĚŝŵĂŬƐƵĚ ŬĞƉĂĚĂ KƚŽƌŝƚĂƐ :ĂƐĂ
<ĞƵĂŶŐĂŶƉĂůŝŶŐůĂŵĂĂŬŚŝƌ,Ăƌŝ<ĞƌũĂŬĞͲϮ;ĚƵĂͿƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƉĞƌŝŶŐŬĂƚĚŝŵĂŬƐƵĚ͘
ŝŝ͘ ĂůĂŵ ŚĂů ƉĞƌŝŶŐŬĂƚ LJĂŶŐ ĚŝƚĞƌŝŵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ďƵƚŝƌ ŝ ďĞƌďĞĚĂ ĚĂƌŝ ƉĞƌŝŶŐŬĂƚ
ƐĞďĞůƵŵŶLJĂ͕ŵĂŬĂWĞƌƐĞƌŽĂŶǁĂũŝďŵĞŶŐƵŵƵŵŬĂŶŬĞƉĂĚĂŵĂƐLJĂƌĂŬĂƚƉĂůŝŶŐŬƵƌĂŶŐĚĂůĂŵϭ;ƐĂƚƵͿ
ƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂůĂƚĂƵůĂŵĂŶ;ǁĞďƐŝƚĞͿƵƌƐĂ ĨĞŬ
ƉĂůŝŶŐůĂŵĂĂŬŚŝƌ,Ăƌŝ<ĞƌũĂŬĞͲϮ;ĚƵĂͿƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƉĞƌŝŶŐŬĂƚĚŝŵĂŬƐƵĚ͘
ĂƚĂƵ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƌŝŶŐŬĂƚĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ͕ ĂƉĂďŝůĂ ĂĚĂ ƉĞƌƵďĂŚĂŶ
ƚĞƌŚĂĚĂƉWĞƌĂƚƵƌĂŶK:<EŽ͘ϰϵͬϮϬϮϬ͘
;džŝŝŝͿ ŵĞŶĞƌĂƉŬĂŶ ƉƌŝŶƐŝƉ ƉĞŶŐĞůŽůĂĂŶ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ďĂŝŬ ;ŐŽŽĚ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞͿ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ
ĚĂůĂŵWĞƌĂƚƵƌĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ͕ƚĞƌŵĂƐƵŬĚĂŶƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϵͬWK:<͘ϬϱͬϮϬϮϬ
ƚĞŶƚĂŶŐ WĞƌƵďĂŚĂŶ ĂƚĂƐ WĞƌĂƚƵƌĂŶ K:< EŽ͘ϯϬͬWK:<͘ϬϱͬϮϬϭϰ ƚĞŶƚĂŶŐ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ zĂŶŐ ĂŝŬ ĂŐŝ
WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶũŽ͘WĞƌĂƚƵƌĂŶK:<EŽ͘ϯϬͬWK:<͘ϬϱͬϮϬϭϰƚĞŶƚĂŶŐdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶzĂŶŐĂŝŬĂŐŝ
WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ͕ WĞƌĂƚƵƌĂŶ K:< EŽ͘ϮϭͬWK:<͘ϬϰͬϮϬϭϱ ƚĞŶƚĂŶŐ WĞŶĞƌĂƉĂŶ WĞĚŽŵĂŶ dĂƚĂ <ĞůŽůĂ
WĞƌƵƐĂŚĂĂŶdĞƌďƵŬĂĚĂŶŵĞůĂŬƵŬĂŶƚŝŶĚĂŬĂŶĚĂƌŝǁĂŬƚƵŬĞǁĂŬƚƵĂƚĂƐƉĞƌŵŝŶƚĂĂŶLJĂŶŐǁĂũĂƌĚĂƌŝtĂůŝŵĂŶĂƚ͕
ŵĞůĂŬƐĂŶĂŬĂŶĂƚĂƵŵĞŵĞůŝŚĂƌĂƉĞůĂŬƐĂŶĂĂŶŬĞǁĂũŝďĂŶďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶĚĂŶƉĞƌũĂŶũŝĂŶͲ
ƉĞƌũĂŶũŝĂŶůĂŝŶŶLJĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͕LJĂŶŐďĞƌĚĂƐĂƌŬĂŶƉĞŶĚĂƉĂƚLJĂŶŐǁĂũĂƌĚĂƌŝ
tĂůŝŵĂŶĂƚĚŝƉĞƌůƵŬĂŶĂƚĂƵ͕ƵŶƚƵŬŵĞŶũĂůĂŶŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶŝŶŝĂƚĂƵŵĞŵďĞƌŝŬĂŶũĂŵŝŶĂŶLJĂŶŐ
ƉĞŶƵŚ ĂƚĂƐ ŚĂŬ͕ ŬĞŬƵĂƐĂĂŶ ĚĂŶ ƉĞƌďĂŝŬĂŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶĚĂŶƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶůĂŝŶŶLJĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
;džŝǀͿ ŵĞŶĞƌďŝƚŬĂŶĚĂŶŵĞŶLJĞƌĂŚŬĂŶ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽKďůŝŐĂƐŝŬĞƉĂĚĂ<^ /ƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝƐĞƌƚĂ
ŵĞŶLJĞƌĂŚŬĂŶ^ĞƌƚŝĨŝŬĂƚũƵŵďŽKďůŝŐĂƐŝLJĂŶŐďĂƌƵŬĞƉĂĚĂ<^ /ƵŶƚƵŬĚŝƚƵŬĂƌŬĂŶĚĞŶŐĂŶ^ĞƌƚŝĨŝŬĂƚũƵŵďŽKďůŝŐĂƐŝ
LJĂŶŐůĂŵĂĂƉĂďŝůĂWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝĚĞŶŐĂŶƚƵũƵĂŶƵŶƚƵŬƉĞŵďĂLJĂƌĂŶŬĞŵďĂůŝ
KďůŝŐĂƐŝ͕LJĂŶŐĨŽƚŽŬŽƉŝŶLJĂĚŝƐĞƌĂŚŬĂŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚ͘
;džǀͿ ƉĞŶƵƌƵŶĂŶWĞŵĞƌŝŶŐŬĂƚĂŶKďůŝŐĂƐŝ͗
ĂͿ ƉĂďŝůĂŚĂƐŝůƉĞŵĞƌŝŶŐŬĂƚĂŶKďůŝŐĂƐŝŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶĚŝďĂǁĂŚ/ŶǀĞƐƚŵĞŶƚ'ƌĂĚĞĚĂƌŝWd&ŝƚĐŚZĂƚŝŶŐƐ
/ŶĚŽŶĞƐŝĂĂƚĂƵƉĞƌŝŶŐŬĂƚůĂŝŶLJĂŶŐƐĞƚĂƌĂLJĂŶŐĚŝďĞƌŝŬĂŶŽůĞŚůĞŵďĂŐĂĂƚĂƵƉĞƌƵƐĂŚĂĂŶƉĞŵĞƌŝŶŐŬĂƚůĂŝŶLJĂŶŐ
ĚŝƚƵŶũƵŬŽůĞŚWĞƌƐĞƌŽĂŶ͕ŵĂŬĂWĞƌƐĞƌŽĂŶďĞƌŬĞǁĂũŝďĂŶŵĞŶLJĞƌĂŚŬĂŶĚĂĨƚĂƌ:ĂŵŝŶĂŶƐĞďĞƐĂƌϭϬϬй;ƐĞƌĂƚƵƐ
ƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚWŽŬŽŬKďůŝŐĂƐŝLJĂŶŐďĞůƵŵĚŝďĂLJĂƌŬĞŵďĂůŝ͘
WĞŵďĞƌŝĂŶ:ĂŵŝŶĂŶƚĞƌƐĞďƵƚŚĂƌƵƐĚŝƉĞŶƵŚŝĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ
<ĞƌũĂ ƐĞũĂŬ ƚĂŶŐŐĂů ĚŝƚĞƌŝŵĂŶLJĂ ƐƵƌĂƚ ƉĞŵďĞƌŝƚĂŚƵĂŶ ĚĂƌŝ tĂůŝ ŵĂŶĂƚ ŵĞŶŐĞŶĂŝ ĂĚĂŶLJĂ ŬĞǁĂũŝďĂŶ
ƉĞŵďĞƌŝĂŶ:ĂŵŝŶĂŶ͘
ďͿ WĞƌƐĞƌŽĂŶďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŶĚĂĨƚĂƌĂŶ:ĂŵŝŶĂŶŵĞůĂůƵŝtĂůŝŵĂŶĂƚĚĞŶŐĂŶďĂŶƚƵĂŶŶŽƚĂƌŝƐ
LJĂŶŐĚŝƚƵŶũƵŬŽůĞŚWĞƌƐĞƌŽĂŶ ŬĞƉĂĚĂŝŶƐƚĂŶƐŝLJĂŶŐ ďĞƌǁĞŶĂŶŐƚĞƌŵĂƐƵŬƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ<ĂŶƚŽƌ
WĞŶĚĂĨƚĂƌĂŶ &ŝĚƵƐŝĂ ƐĞůĂŵďĂƚ – ůĂŵďĂƚŶLJĂ ϭϰ ;ĞŵƉĂƚ ďĞůĂƐͿ ,Ăƌŝ <ĂůĞŶĚĞƌ ƐĞũĂŬ ĚŝƚĞƌŝŵĂŶLJĂ ĚĂĨƚĂƌ ĂƚĂƐ
:ĂŵŝŶĂŶĚĂƌŝWĞƌƐĞƌŽĂŶ͘
ĐͿ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŝŶŝ ďĞƌũĂŶũŝ ĚĂŶ ŵĞŶŐŝŬĂƚŬĂŶ Ěŝƌŝ ĂŬĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ ůĂƉŽƌĂŶ ĚĂĨƚĂƌ ƉŝƵƚĂŶŐ ƚĞƌŚĂĚĂƉ
:ĂŵŝŶĂŶ ƵŶƚƵŬ ƉŽƐŝƐŝ ƉĂĚĂ ĂŬŚŝƌ ƐĞƚŝĂƉ ϯ ;ƚŝŐĂͿ ďƵůĂŶ ŬĂůĞŶĚĞƌ ;DĂƌĞƚ͕ :ƵŶŝ͕ ^ĞƉƚĞŵďĞƌ͕ ĞƐĞŵďĞƌͿ ƐĞũĂŬ
ĚŝƉĞŶƵŚŝŶLJĂ:ĂŵŝŶĂŶƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂϭϬϬй;ƐĞƌĂƚƵƐƉĞƌƐĞŶͿĚĂƌŝŶŝůĂŝWŽŬŽŬKďůŝŐĂƐŝ͘
ĚͿ >ĂƉŽƌĂŶƉĞƌŝŽĚĞƚƌŝǁƵůĂŶĂŶŬĂůĞŶĚĞƌƚĞƌŚĂĚĂƉ:ĂŵŝŶĂŶdĂŵďĂŚĂŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂ
ŵĞŵƵĂƚ͗
;ŝͿ ŶĂŵĂĚĞďŝƚƵƌĚĂƌŝWĞƌƐĞƌŽĂŶ͖
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;ŝŝͿ ũƵŵůĂŚƉŝƵƚĂŶŐLJĂŶŐŵĂƐŝŚƚĞƌƐŝƐĂ;ŽƵƚƐƚĂŶĚŝŶŐͿ͖
;ŝŝŝͿ ũĂŶŐŬĂǁĂŬƚƵĚĂŶƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽƉŝƵƚĂŶŐ͖ĚĂŶ
;ŝǀͿ ŬŽůĞŬƚŝďŝůŝƚĂƐƉŝƵƚĂŶŐ͘
WĞŶLJĂŵƉĂŝĂŶ ůĂƉŽƌĂŶ ƚĞƌƐĞďƵƚ ĚŝĂƚĂƐ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ƉĞũĂďĂƚ LJĂŶŐ ďĞƌǁĞŶĂŶŐ ĚĞŶŐĂŶ ĚŝƐĞƌƚĂŝ ^ƵƌĂƚ
WĞƌŶLJĂƚĂĂŶĚĂƌŝWĞƌƐĞƌŽĂŶ͕ŚĂƌƵƐĚŝůĂŬƵŬĂŶƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϭϬ;ƐĞƉƵůƵŚͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚƚĂŶŐŐĂůĂŬŚŝƌ
ƉĞƌŝŽĚĞůĂƉŽƌĂŶƚĞƌƐĞďƵƚ͘
ĞͿ WĞƌƐĞƌŽĂŶ ŵĞŶũĂŵŝŶ tĂůŝ ŵĂŶĂƚ ďĂŚǁĂ :ĂŵŝŶĂŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ WĂƐĂů ϭϭ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͗
;ŝͿ ƚŝĚĂŬƚĞƌŝŬĂƚƐĞďĂŐĂŝƚĂŶŐŐƵŶŐĂŶƵŶƚƵŬŵĞŶũĂŵŝŶƐƵĂƚƵƵƚĂŶŐůĂŝŶ͖
;ŝŝͿ ƚŝĚĂŬĂŬĂŶŵĞŵŝŶĚĂŚƚĂŶŐĂŶŬĂŶ͕ŵĞŶŐĂůŝŚŬĂŶĚĂŶͬĂƚĂƵŵĞŵďĞďĂŶŬĂŶ:ĂŵŝŶĂŶdĂŵďĂŚĂŶƚĞƌƐĞďƵƚ͖
ĚĞŶŐĂŶĚĞŵŝŬŝĂŶďĂŝŬƐĞŬĂƌĂŶŐŵĂƵƉƵŶŶĂŶƚŝƉĂĚĂǁĂŬƚƵŶLJĂtĂůŝŵĂŶĂƚƚŝĚĂŬĂŬĂŶŵĞŶĚĂƉĂƚƚƵŶƚƵƚĂŶ
ĚĂŶŐƵŐĂƚĂŶĚĂƌŝƉŝŚĂŬLJĂŶŐƚƵƌƵƚŵĞŵƉƵŶLJĂŝŚĂŬĂƚĂƐ:ĂŵŝŶĂŶƚĞƌƐĞďƵƚ͘
ĨͿ WĞƌƐĞƌŽĂŶďĞƌŬĞǁĂũŝďĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŶĚĂĨƚĂƌĂŶƵŶƚƵŬƚŝĂƉͲƚŝĂƉƉĞƌƵďĂŚĂŶŽďũĞŬũĂŵŝŶĂŶĨŝĚƵƐŝĂƐĞƚŝĂƉ
ϭ;ƐĂƚƵͿƚĂŚƵŶƐĞŬĂůŝĂƚĂƵƉĞƌŝŽĚĞůĂŝŶũŝŬĂĚŝĂŶŐŐĂƉƉĞƌůƵŽůĞŚtĂůŝŵĂŶĂƚ͘tĂůŝŵĂŶĂƚďĞƌŚĂŬŵĞŶƵŶũƵŬ
ŶŽƚĂƌŝƐ;ĚĞŶŐĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝWĞƌƐĞƌŽĂŶͿ ƵŶƚƵŬŵĞŵďĂŶƚƵtĂůŝŵĂŶĂƚĚĂůĂŵŵĞůĂŬƵŬĂŶƉĞŶĚĂĨƚĂƌĂŶ
:ĂŵŝŶĂŶƉĂĚĂŝŶƐƚĂŶƐŝLJĂŶŐďĞƌǁĞŶĂŶŐ͘ŝĂLJĂͲďŝĂLJĂƚĞƌŬĂŝƚĚĞŶŐĂŶƉĞŶĚĂĨƚĂƌĂŶ:ĂŵŝŶĂŶdĂŵďĂŚĂŶŵĞŶũĂĚŝ
ďĞďĂŶWĞƌƐĞƌŽĂŶ͘
ŐͿ ƉĂďŝůĂŚĂƐŝůƉĞŵĞƌŝŶŐŬĂƚĂŶKďůŝŐĂƐŝŬĞŵďĂůŝŬĞŵŝŶŝŵĂůŝŶǀĞƐƚŵĞŶƚŐƌĂĚĞĚĂƌŝWd&ŝƚĐŚZĂƚŝŶŐƐ/ŶĚŽŶĞƐŝĂĂƚĂƵ
ƉĞƌŝŶŐŬĂƚůĂŝŶLJĂŶŐƐĞƚĂƌĂLJĂŶŐĚŝďĞƌŝŬĂŶŽůĞŚůĞŵďĂŐĂĂƚĂƵƉĞƌƵƐĂŚĂĂŶƉĞŵĞƌŝŶŐŬĂƚůĂŝŶLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚ
WĞƌƐĞƌŽĂŶ͕ŵĂŬĂĚĂůĂŵǁĂŬƚƵƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĞƌũĂƐĞũĂŬƚĂŶŐŐĂůĚŝƚĞƌŝŵĂŶLJĂƐƵƌĂƚ
ƉĞƌŵŽŚŽŶĂŶƚĞƌƚƵůŝƐĚĂƌŝWĞƌƐĞƌŽĂŶŬĞƉĂĚĂtĂůŝŵĂŶĂƚĚĞŶŐĂŶĚŝůĂŵƉŝƌŝƐĂůŝŶĂŶŚĂƐŝůƉĞŵĞƌŝŶŐŬĂƚĂŶĚĂƌŝ
WĞŵĞƌŝŶŐŬĂƚ͕ tĂůŝ ŵĂŶĂƚ ŵĞŶŐĞŵďĂůŝŬĂŶ ĚŽŬƵŵĞŶ :ĂŵŝŶĂŶ ďĞƌŝŬƵƚ ƐƵƌĂƚ ƉĞůĞƉĂƐĂŶŶLJĂ͕ ĚĂŶ WĞƌƐĞƌŽĂŶ
ďĞƌŚĂŬŵĞŶŐƵďĂŚƐƚĂƚƵƐ:ĂŵŝŶĂŶƐĞŚŝŶŐŐĂŵĞŶũĂĚŝ ƐĞƉĞƌƚŝ ƐĞŵƵůĂƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵWĂƐĂůϭϭ
WĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘ŝĂLJĂ–ďŝĂLJĂƚĞƌŬĂŝƚĚĞŶŐĂŶƉĞůĞƉĂƐĂŶ:ĂŵŝŶĂŶŵĞŶũĂĚŝďĞďĂŶWĞƌƐĞƌŽĂŶ͘
;džǀŝͿ ŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶĚĂůĂŵƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐ–ƵŶĚĂŶŐĂŶŵĞŶŐĞŶĂŝƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶ͕ƚĞƌŵĂƐƵŬĚĂŶ
ƚŝĚĂŬ ƚĞƌďĂƚĂƐ ƉĂĚĂ WĞƌĂƚƵƌĂŶ K:< EŽŵŽƌ ϯϱͬWK:<͘ϬϱͬϮϬϭϴ dĞŶƚĂŶŐ WĞŶLJĞůĞŶŐŐĂƌĂĂŶ hƐĂŚĂ WĞƌƵƐĂŚĂĂŶ
WĞŵďŝĂLJĂĂŶƐĞƌƚĂWĞƌĂƚƵƌĂŶK:<EŽŵŽƌϰϳͬWK:<͘ϬϱͬϮϬϮϬdĞŶƚĂŶŐWĞƌŝnjŝŶĂŶhƐĂŚĂĂŶ<ĞůĞŵďĂŐĂĂŶWĞƌƵƐĂŚĂĂŶ
WĞŵďŝĂLJĂĂŶĂŶWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ^LJĂƌŝĂŚďĞƌŝŬƵƚƉĞƌƵďĂŚĂŶͲƉĞƌƵďĂŚĂŶŶLJĂ͘
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ ƌĂƐŝŽ ŬĞƵĂŶŐĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ďƵƚŝƌ ϰ͘ϯ ;ŝŝŝͿ ĂƚĂƐ
ƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϯƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϯϭĞƐĞŵďĞƌ
ZĂƐŝŽ<ĞƵĂŶŐĂŶ ZĂƐŝŽLJĂŶŐĚŝƉĞƌƐLJĂƌĂƚŬĂŶ
ϮϬϮϯ ϮϬϮϮ
ĞďƚƚŽ ƋƵŝƚLJZĂƚŝŽΎ DĂdž͘ϭϬdž Ϯ͕ϲϵdž Ϯ͕ϰϮdž
<ĞƚĞƌĂŶŐĂŶ͗
ΎͿZĂƐŝŽĞďƚƚŽĞƋƵŝƚLJŵĞƌƵƉĂŬĂŶƚŽƚĂůůŝĂďŝůŝƚĂƐĚŝďĂŐŝĚĞŶŐĂŶƚŽƚĂůĞŬƵŝƚĂƐ͘
ϱ͘ < >>/EW Z^ ZKE
ϱ͘ϭ͘ <ŽŶĚŝƐŝͲŬŽŶĚŝƐŝLJĂŶŐĚĂƉĂƚŵĞŶLJĞďĂďŬĂŶWĞƌƐĞƌŽĂŶĚŝŶLJĂƚĂŬĂŶůĂůĂŝĂƉĂďŝůĂƚĞƌũĂĚŝƐĂůĂŚƐĂƚƵĂƚĂƵůĞďŝŚĚĂƌŝŬĞĂĚĂĂŶ
ĂƚĂƵŬĞũĂĚŝĂŶĂƚĂƵŚĂůͲŚĂůƚĞƌƐĞďƵƚĚŝďĂǁĂŚŝŶŝ͗
Ă͘ WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞůĂŬƐĂŶĂŬĂŶĂƚĂƵƚŝĚĂŬŵĞŶƚĂĂƚŝŬĞƚĞŶƚƵĂŶĚĂůĂŵŬĞǁĂũŝďĂŶƉĞŵďĂLJĂƌĂŶWŽŬŽŬKďůŝŐĂƐŝƉĂĚĂ
dĂŶŐŐĂů WĞůƵŶĂƐĂŶ WŽŬŽŬ KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ƵŶŐĂ KďůŝŐĂƐŝ ƉĂĚĂ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ͕ ŬĞĐƵĂůŝ
ĂƉĂďŝůĂŬĞůĂůĂŝĂŶƚĞƌƐĞďƵƚƚĞƌũĂĚŝƐĞďĂŐĂŝĂŬŝďĂƚŬĞŐĂŐĂůĂŶƉĞŵďĂLJĂƌĂŶLJĂŶŐďĞƌĂĚĂĚŝůƵĂƌŬĞŶĚĂůŝWĞƌƐĞƌŽĂŶ͖
ĂƚĂƵ
ď͘ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞůĂŬƐĂŶĂŬĂŶ ĂƚĂƵ ƚŝĚĂŬ ŵĞŶƚĂĂƚŝ ƐĂůĂŚ ƐĂƚƵ ĂƚĂƵ ůĞďŝŚ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ;ƐĞůĂŝŶWĂƐĂůϵ͘ϭďƵƚŝƌϭWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶͿĚĂŶͬĂƚĂƵƉĞƌũĂŶũŝĂŶůĂŝŶŶLJĂLJĂŶŐƚĞƌŬĂŝƚ
ĚĞŶŐĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͖ĂƚĂƵ
Đ͘ ĂƉĂďŝůĂ ŬĞƚĞƌĂŶŐĂŶͲŬĞƚĞƌĂŶŐĂŶ ĚĂŶ ũĂŵŝŶĂŶͲũĂŵŝŶĂŶ WĞƌƐĞƌŽĂŶ ƚĞŶƚĂŶŐ ŬĞĂĚĂĂŶͬƐƚĂƚƵƐ WĞƌƐĞƌŽĂŶ ĚĂŶͬĂƚĂƵ
ŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵƉĞŶŐĞůŽůĂĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƐĞĐĂƌĂŵĂƚĞƌŝĂůƚŝĚĂŬƐĞƐƵĂŝĚĞŶŐĂŶŬĞŶLJĂƚĂĂŶĂƚĂƵ
ƚŝĚĂŬ ďĞŶĂƌ ĂĚĂŶLJĂ͕ LJĂŶŐ ŬĞĐƵĂůŝ ŬĞƚŝĚĂŬďĞŶĂƌĂŶ ƚĞƌƐĞďƵƚ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ŬĞƚŝĚĂŬƐĞŶŐĂũĂĂŶ ĚĂŶ ƚŝĚĂŬ
ĚŝĚĂƐĂƌŬĂŶĂƚĂƐŝƚŝŬĂĚďƵƌƵŬĚĂƌŝWĞƌƐĞƌŽĂŶ͖ĂƚĂƵ
Ě͘ WĞƌƐĞƌŽĂŶ ĚŝŶLJĂƚĂŬĂŶ ůĂůĂŝ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƐƵĂƚƵ ƉĞƌũĂŶũŝĂŶ ƵƚĂŶŐ ŽůĞŚ ƐĂůĂŚ ƐĂƚƵ ĂƚĂƵ ůĞďŝŚ ŬƌĞĚŝƚƵƌŶLJĂ
;ĐƌŽƐƐ ĚĞĨĂƵůƚͿ ĚĂůĂŵ ũƵŵůĂŚ ƵƚĂŶŐ ŬĞƐĞůƵƌƵŚĂŶŶLJĂ ŵĞůĞďŝŚŝ ϮϬй ;ĚƵĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ƚŽƚĂů ĞŬƵŝƚĂƐ
ďĞƌĚĂƐĂƌŬĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶŬŽŶƐŽůŝĚĂƐŝĂŶWĞƌƐĞƌŽĂŶƚĞƌĂŬŚŝƌLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚ͕ďĂŝŬLJĂŶŐƚĞůĂŚĂĚĂƐĞŬĂƌĂŶŐ
ŵĂƵƉƵŶ LJĂŶŐ ĂŬĂŶ ĂĚĂ ĚŝŬĞŵƵĚŝĂŶ ŚĂƌŝ͕ LJĂŶŐ ďĞƌĂŬŝďĂƚ ũƵŵůĂŚ LJĂŶŐ ƚĞƌƵƚĂŶŐ ŽůĞŚ WĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ
ƉĞƌũĂŶũŝĂŶƵƚĂŶŐƚĞƌƐĞďƵƚƐĞůƵƌƵŚŶLJĂŵĞŶũĂĚŝĚĂƉĂƚƐĞŐĞƌĂĚŝƚĂŐŝŚŽůĞŚƉŝŚĂŬLJĂŶŐŵĞŵƉƵŶLJĂŝƚĂŐŝŚĂŶĚĂŶͬĂƚĂƵ
ŬƌĞĚŝƚƵƌLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶƐĞďĞůƵŵǁĂŬƚƵŶLJĂƵŶƚƵŬŵĞŵďĂLJĂƌŬĞŵďĂůŝ;ĂŬƐĞůĞƌĂƐŝƉĞŵďĂLJĂƌĂŶŬĞŵďĂůŝͿ
Ğ͘ ĚĂŶLJĂ ƉĞŶƵŶĚĂĂŶ ŬĞǁĂũŝďĂŶ ƉĞŵďĂLJĂƌĂŶ ƵƚĂŶŐ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ hŶĚĂŶŐͲhŶĚĂŶŐ ZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂ EŽŵŽƌ ϯϳ dĂŚƵŶ ϮϬϬϰ dĞŶƚĂŶŐ <ĞƉĂŝůŝƚĂŶ ĂŶ WĞŶƵŶĚĂĂŶ <ĞǁĂũŝďĂŶ WĞŵďĂLJĂƌĂŶ hƚĂŶŐ ďĞƐĞƌƚĂ
ƉĞƌƵďĂŚĂŶͲƉĞƌƵďĂŚĂŶŶLJĂ;ŵŽƌĂƚŽƌŝƵŵͿ͘
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ϱ͘Ϯ͘ ĂůĂŵŚĂůƚĞƌũĂĚŝƐĂůĂŚƐĂƚƵŬĞĂĚĂĂŶĂƚĂƵŬĞũĂĚŝĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵ͗
Ă͘ WĂƐĂůϵĂLJĂƚϵ͘ϭďƵƚŝƌ/͖ŝǀĚĂŶǀWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶŬĞĂĚĂĂŶĂƚĂƵŬĞũĂĚŝĂŶƚĞƌƐĞďƵƚďĞƌůĂŶŐƐƵŶŐƚĞƌƵƐ
ŵĞŶĞƌƵƐ ƐĞůĂŵĂ ϭϰ ;ĞŵƉĂƚ ďĞůĂƐͿ ,Ăƌŝ <ĞƌũĂ͕ ƐĞƚĞůĂŚ ĚŝƚĞƌŝŵĂŶLJĂ ƚĞŐƵƌĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ tĂůŝ ŵĂŶĂƚ͕ ƚĂŶƉĂ
ĚŝŚŝůĂŶŐŬĂŶŶLJĂ ŬĞĂĚĂĂŶ ƚĞƌƐĞďƵƚ ĂƚĂƵ ƚĂŶƉĂ ĂĚĂŶLJĂ ƵƉĂLJĂ ƉĞƌďĂŝŬĂŶ ƵŶƚƵŬ ŵĞŶŐŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶ ƚĞƌƐĞďƵƚ͕
LJĂŶŐĚĂƉĂƚĚŝƐĞƚƵũƵŝĚĂŶĚŝƚĞƌŝŵĂŽůĞŚtĂůŝŵĂŶĂƚ͖
ď͘ WĂƐĂůϵĂLJĂƚϵ͘ϭďƵƚŝƌŝŝĚĂŶŝŝŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶĚĂŶŬĞĂĚĂĂŶĂƚĂƵŬĞũĂĚŝĂŶƚĞƌƐĞďƵƚďĞƌůĂŶŐƐƵŶŐƚĞƌƵƐ
ŵĞŶĞƌƵƐĚĂůĂŵǁĂŬƚƵLJĂŶŐĚŝƚĞŶƚƵŬĂŶŽůĞŚtĂůŝŵĂŶĂƚĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞǁĂũĂƌĂŶLJĂŶŐďĞƌůĂŬƵƵŵƵŵ͕
ƐĞďĂŐĂŝŵĂŶĂ ƚĞŐƵƌĂŶ ƚĞƌƚƵůŝƐ tĂůŝ ŵĂŶĂƚ ƉĂůŝŶŐ ůĂŵĂ ϵϬ ;ƐĞŵďŝůĂŶ ƉƵůƵŚͿ ,Ăƌŝ <ĂůĞŶĚĞƌ ƐĞƚĞůĂŚ ĚŝƚĞƌŝŵĂŶLJĂ
ƚĞŐƵƌĂŶ ƚĞƌƚƵůŝƐ ĚĂƌŝ tĂůŝ ŵĂŶĂƚ ƚĂŶƉĂ ĚŝƉĞƌďĂŝŬŝͬĚŝŚŝůĂŶŐŬĂŶ ŬĞĂĚĂĂŶ ƚĞƌƐĞďƵƚ ĂƚĂƵ ƚĂŶƉĂ ĂĚĂŶLJĂ ƵƉĂLJĂ
ƉĞƌďĂŝŬĂŶƵŶƚƵŬŵĞŶŐŚŝůĂŶŐŬĂŶŬĞĂĚĂĂŶƚĞƌƐĞďƵƚLJĂŶŐĚĂƉĂƚĚŝƐĞƚƵũƵŝĚĂŶĚŝƚĞƌŝŵĂŽůĞŚtĂůŝŵĂŶĂƚ͘
ŵĂŬĂ tĂůŝ ŵĂŶĂƚ ǁĂũŝď ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŬĞũĂĚŝĂŶ ƚĞƌƐĞďƵƚ ŬĞƉĂĚĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĞŶŐĂŶ ĐĂƌĂ ŵĞŵƵĂƚ
ƉĞŶŐƵŵƵŵĂŶ ŵĞůĂůƵŝ ϭ ;ƐĂƚƵͿ ƐƵƌĂƚ ŬĂďĂƌ ŚĂƌŝĂŶ ďĞƌďĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ LJĂŶŐ ďĞƌƉĞƌĞĚĂƌĂŶ ŶĂƐŝŽŶĂů͕ ĂƚĂƐ ďŝĂLJĂ
WĞƌƐĞƌŽĂŶĚĂŶtĂůŝŵĂŶĂƚĂƚĂƐƉĞƌƚŝŵďĂŶŐĂŶŶLJĂƐĞŶĚŝƌŝďĞƌŚĂŬŵĞŵĂŶŐŐŝůZhWKŵĞŶƵƌƵƚŬĞƚĞŶƚƵĂŶĚĂŶƚĂƚĂĐĂƌĂ
LJĂŶŐĚŝƚĞŶƚƵŬĂŶĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ŝ ĚĂůĂŵ ZhWK ƚĞƌƐĞďƵƚ͕ tĂůŝ ŵĂŶĂƚ ĂŬĂŶ ŵĞŵŝŶƚĂ ƉĞŶũĞůĂƐĂŶ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŬĞůĂůĂŝĂŶ
ƚĞƌƐĞďƵƚ͘
ƉĂďŝůĂZhWKƚŝĚĂŬĚĂƉĂƚŵĞŶĞƌŝŵĂƉĞŶũĞůĂƐĂŶĚĂŶĂůĂƐĂŶͲĂůĂƐĂŶWĞƌƐĞƌŽĂŶ͕ŵĂŬĂKďůŝŐĂƐŝƐĞƐƵĂŝĚĞŶŐĂŶŬĞƉƵƚƵƐĂŶ
ZhWK ŵĞŶũĂĚŝ ũĂƚƵŚ ƚĞŵƉŽ ĚĂŶ ĚĂƉĂƚ ĚŝƚƵŶƚƵƚ ƉĞŵďĂLJĂƌĂŶŶLJĂ ĚĞŶŐĂŶ ƐĞŐĞƌĂ ĚĂŶ ƐĞŬĂůŝŐƵƐ͘ tĂůŝ ŵĂŶĂƚ ĚĂůĂŵ
ǁĂŬƚƵ LJĂŶŐ ĚŝƚĞŶƚƵŬĂŶ ĚĂůĂŵ ŬĞƉƵƚƵƐĂŶ ZhWK ŝƚƵ ŚĂƌƵƐ ŵĞůĂŬƵŬĂŶ ƉĞŶĂŐŝŚĂŶ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ
ďĞƌŬĞǁĂũŝďĂŶŵĞůĂŬƵŬĂŶƉĞŵďĂLJĂƌĂŶĚĂůĂŵǁĂŬƚƵLJĂŶŐĚŝƚĞŶƚƵŬĂŶĚĂůĂŵƚĂŐŝŚĂŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘
ϱ͘ϯ͘ ƉĂďŝůĂ͗
Ă͘ ^ĞďĂŐŝĂŶ ďĞƐĂƌ ĂƚĂƵ ƐĞůƵƌƵŚ ŚĂŬ͕ ŝnjŝŶ͕ ĚĂŶͬĂƚĂƵ ƉĞƌƐĞƚƵũƵĂŶ ůĂŝŶŶLJĂ ĚĂƌŝ WĞŵĞƌŝŶƚĂŚ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ LJĂŶŐ
ĚŝŵŝůŝŬŝ WĞƌƐĞƌŽĂŶ ĚŝďĂƚĂůŬĂŶ ĂƚĂƵ ĚŝŶLJĂƚĂŬĂŶ ƚŝĚĂŬ ƐĂŚ͕ ĂƚĂƵ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶĚĂƉĂƚ ŚĂŬ͕ ŝnjŝŶ͕ ĚĂŶͬĂƚĂƵ
ƉĞƌƐĞƚƵũƵĂŶ LJĂŶŐ ĚŝŝƐLJĂƌĂƚŬĂŶ ŽůĞŚ ŬĞƚĞŶƚƵĂŶ ŚƵŬƵŵ LJĂŶŐ ďĞƌůĂŬƵ͕ LJĂŶŐ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů ďĞƌĂŬŝďĂƚ ŶĞŐĂƚŝĨ
ƚĞƌŚĂĚĂƉŬĞůĂŶŐƐƵŶŐĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ ƐĞŚŝŶŐŐĂ ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů ŬĞŵĂŵƉƵĂŶ
WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶŶLJĂLJĂŶŐĚŝƚĞŶƚƵŬĂŶĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͖ĂƚĂƵ
ď͘ WĞƌƐĞƌŽĂŶĚŝďƵďĂƌŬĂŶŬĂƌĞŶĂƐĞďĂďĂƉĂƉƵŶĂƚĂƵŵĞŵďƵďĂƌŬĂŶĚŝƌŝŵĞůĂůƵŝŬĞƉƵƚƵƐĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ
^ĂŚĂŵ͖ĂƚĂƵ
Đ͘ WĞƌƐĞƌŽĂŶĚŝŶLJĂƚĂŬĂŶƉĂŝůŝƚĚĂŶƉĞƌŶLJĂƚĂĂŶƉĂŝůŝƚƚĞƌƐĞďƵƚƚĞůĂŚŵĞŵƉƵŶLJĂŝŬĞŬƵĂƚĂŶŚƵŬƵŵƚĞƚĂƉ͖ĂƚĂƵ
Ě͘ ƉĞŶŐĂĚŝůĂŶĂƚĂƵŝŶƐƚĂŶƐŝƉĞŵĞƌŝŶƚĂŚLJĂŶŐďĞƌǁĞŶĂŶŐƚĞůĂŚŵĞŶLJŝƚĂĂƚĂƵŵĞŶŐĂŵďŝůĂůŝŚĚĞŶŐĂŶĐĂƌĂĂƉĂƉƵŶũƵŐĂ
ƐĞŵƵĂĂƚĂƵƐĞďĂŐŝĂŶďĞƐĂƌŚĂƌƚĂŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶĂƚĂƵƚĞůĂŚŵĞŶŐĂŵďŝůƚŝŶĚĂŬĂŶLJĂŶŐŵĞŶŐŚĂůĂŶŐŝWĞƌƐĞƌŽĂŶ
ƵŶƚƵŬŵĞŶũĂůĂŶŬĂŶƐĞďĂŐŝĂŶďĞƐĂƌĂƚĂƵƐĞůƵƌƵŚƵƐĂŚĂŶLJĂƐĞŚŝŶŐŐĂŵĞŵƉĞŶŐĂƌƵŚŝƐĞĐĂƌĂŵĂƚĞƌŝĂůŬĞŵĂŵƉƵĂŶ
WĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞǁĂũŝďĂŶͲŬĞǁĂũŝďĂŶŶLJĂĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
Ğ͘ WĞƌƐĞƌŽĂŶďĞƌĚĂƐĂƌŬĂŶƉĞƌŝŶƚĂŚƉĞŶŐĂĚŝůĂŶLJĂŶŐƚĞůĂŚŵĞŵƉƵŶLJĂŝŬĞŬƵĂƚĂŶŚƵŬƵŵƚĞƚĂƉ;ŝŶŬƌĂĐŚƚͿĚŝŚĂƌƵƐŬĂŶ
ŵĞŵďĂLJĂƌ ƐĞũƵŵůĂŚ ĚĂŶĂ ŬĞƉĂĚĂ ƉŝŚĂŬ ŬĞƚŝŐĂ LJĂŶŐ ĂƉĂďŝůĂ ĚŝďĂLJĂƌŬĂŶ ĂŬĂŶ ŵĞŵƉĞŶŐĂƌƵŚŝ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů
ƚĞƌŚĂĚĂƉ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ ŬĞǁĂũŝďĂŶŶLJĂ LJĂŶŐ ĚŝƚĞŶƚƵŬĂŶ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ŵĂŬĂĚĂůĂŵŚĂůŝŶŝKďůŝŐĂƐŝŵĞŶũĂĚŝũĂƚƵŚƚĞŵƉŽĚĞŶŐĂŶƐĞŶĚŝƌŝŶLJĂĚĂŶtĂůŝŵĂŶĂƚďĞƌƚŝŶĚĂŬŵĞǁĂŬŝůŝŬĞƉĞŶƚŝŶŐĂŶ
WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ďĞƌŚĂŬ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ĚŝĂŶŐŐĂƉ ŵĞŶŐƵŶƚƵŶŐŬĂŶ ďĂŐŝ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĚĞŶŐĂŶ
ŵĞŶŐĂũƵŬĂŶ ƚĂŐŝŚĂŶ ƐĞďĞƐĂƌ :ƵŵůĂŚ dĞƌƵƚĂŶŐ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ͘ hŶƚƵŬ ŝƚƵ tĂůŝ ŵĂŶĂƚ ĚŝďĞďĂƐŬĂŶ ĚĂƌŝ ƐĞŐĂůĂ
ƚŝŶĚĂŬĂŶĚĂŶƚƵŶƚƵƚĂŶŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͘
ϲ͘ ZWdhDhDW D 'E'K>/'^/;ZhWKͿ
hŶƚƵŬ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhWK͕ ŬƵŽƌƵŵ LJĂŶŐ ĚŝƐLJĂƌĂƚŬĂŶ͕ ŚĂŬ ƐƵĂƌĂ ĚĂŶ ƉĞŶŐĂŵďŝůĂŶ ŬĞƉƵƚƵƐĂŶ ďĞƌůĂŬƵ ŬĞƚĞŶƚƵĂŶͲ
ŬĞƚĞŶƚƵĂŶĚŝďĂǁĂŚŝŶŝƚĂŶƉĂŵĞŶŐƵƌĂŶŐŝŬĞƚĞŶƚƵĂŶĚĂůĂŵƉĞƌĂƚƵƌĂŶWĂƐĂƌDŽĚĂůƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶƵƌƐĂ ĨĞŬĚŝƚĞŵƉĂƚ
ĚŝŵĂŶĂKďůŝŐĂƐŝĚŝĐĂƚĂƚŬĂŶ͗
ϲ͘ϭ͘ ZhWKĚŝĂĚĂŬĂŶƵŶƚƵŬƚƵũƵĂŶ͗
Ă͘ DĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƵƐƵůĂŶ WĞƌƐĞƌŽĂŶ ĂƚĂƵ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ŵĞŶŐĞŶĂŝ ƉĞƌƵďĂŚĂŶ
ũĂŶŐŬĂ ǁĂŬƚƵ KďůŝŐĂƐŝ͕ WŽŬŽŬ KďůŝŐĂƐŝ͕ ƐƵŬƵ ƵŶŐĂ KďůŝŐĂƐŝ͕ ƉĞƌƵďĂŚĂŶ ƚĂƚĂ ĐĂƌĂ ĂƚĂƵ ƉĞƌŝŽĚĞ ƉĞŵďĂLJĂƌĂŶ
ƵŶŐĂKďůŝŐĂƐŝ͕ĚĂŶĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϬͬϮϬϮϬ͘
ď͘ DĞŶLJĂŵƉĂŝŬĂŶ ƉĞŵďĞƌŝƚĂŚƵĂŶ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ĚĂŶͬĂƚĂƵ tĂůŝ ŵĂŶĂƚ͕ ŵĞŵďĞƌŝŬĂŶ ƉĞŶŐĂƌĂŚĂŶ ŬĞƉĂĚĂ
tĂůŝ ŵĂŶĂƚ ĚĂŶͬĂƚĂƵ ŵĞŶLJĞƚƵũƵŝ ƐƵĂƚƵ ŬĞůŽŶŐŐĂƌĂŶ ǁĂŬƚƵ ĂƚĂƐ ƐƵĂƚƵ ŬĞůĂůĂŝĂŶ ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶƐĞƌƚĂĂŬŝďĂƚͲĂŬŝďĂƚŶLJĂ͕ĂƚĂƵƵŶƚƵŬŵĞŶŐĂŵďŝůƚŝŶĚĂŬĂŶůĂŝŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞůĂůĂŝĂŶ͘
Đ͘ DĞŵďĞƌŚĞŶƚŝŬĂŶtĂůŝŵĂŶĂƚĚĂŶŵĞŶƵŶũƵŬƉĞŶŐŐĂŶƚŝtĂůŝŵĂŶĂƚŵĞŶƵƌƵƚŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶWĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
Ě͘ DĞŶŐĂŵďŝů ƚŝŶĚĂŬĂŶ ůĂŝŶ LJĂŶŐ ĚŝŬƵĂƐĂŬĂŶ ƵŶƚƵŬ ĚŝĂŵďŝů ŽůĞŚ ĂƚĂƵ ĂƚĂƐ ŶĂŵĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ƚĞƌŵĂƐƵŬ
ƉĞŶĞŶƚƵĂŶƉŽƚĞŶƐŝŬĞůĂůĂŝĂŶLJĂŶŐĚĂƉĂƚŵĞŶLJĞďĂďŬĂŶƚĞƌũĂĚŝŶLJĂŬĞůĂůĂŝĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWĂƐĂů
ϵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶĚĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϬͬϮϬϮϬ͘
Ğ͘ DĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŵĂŬƐƵĚ WĞƌƐĞƌŽĂŶ ĂƚĂƵ tĂůŝ ŵĂŶĂƚ ƵŶƚƵŬ
ŵĞůĂŬƵŬĂŶƉĞŵďĂƚĂůĂŶƉĞŶĚĂĨƚĂƌĂŶ ĨĞŬĞƌƐŝĨĂƚhƚĂŶŐĚŝ<^ /ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶWĂƐĂƌDŽĚĂů
ĚĂŶ<^ /͘
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Ĩ͘ DĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƚĞƌũĂĚŝŶLJĂŬĞũĂĚŝĂŶŬĞůĂůĂŝĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWĂƐĂůϵ
WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ƚĞƌŵĂƐƵŬ ƵŶƚƵŬ ŵĞŶLJĞƚƵũƵŝ ƐƵĂƚƵ ŬĞůŽŶŐŐĂƌĂŶ ǁĂŬƚƵ ĂƚĂƐ ƐƵĂƚƵ ŬĞůĂůĂŝĂŶ ĚĂŶ
ĂŬŝďĂƚͲĂŬŝďĂƚŶLJĂ͕ĂƚĂƵƵŶƚƵŬŵĞŶŐĂŵďŝůƚŝŶĚĂŬĂŶůĂŝŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞůĂůĂŝĂŶ͖ĚĂŶ
Ő͘ tĂůŝŵĂŶĂƚďĞƌŵĂŬƐƵĚŵĞŶŐĂŵďŝůƚŝŶĚĂŬĂŶůĂŝŶLJĂŶŐƚŝĚĂŬĚŝŬƵĂƐĂŬĂŶĂƚĂƵƚŝĚĂŬƚĞƌŵƵĂƚĚĂůĂŵWĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶĂƚĂƵďĞƌĚĂƐĂƌŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͘
Ś͘ ŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶƚĞŶƚĂŶŐƚĞƌũĂĚŝŶLJĂƉĞƌŝƐƚŝǁĂ&ŽƌĐĞDĂũĞƵƌĞĚĂůĂŵŚĂůƚŝĚĂŬƚĞƌĐĂƉĂŝŬĞƐĞƉĂŬĂƚĂŶĂŶƚĂƌĂ
WĞƌƐĞƌŽĂŶĚĂŶtĂůŝŵĂŶĂƚ͘
ϲ͘Ϯ͘ ĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶƉĞƌĂƚƵƌĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂůLJĂŶŐďĞƌůĂŬƵ͕ZhWKĚĂƉĂƚĚŝƐĞůĞŶŐŐĂƌĂŬĂŶďŝůĂŵĂŶĂ͗
Ă͘ WĞŵĞŐĂŶŐKďůŝŐĂƐŝďĂŝŬƐĞŶĚŝƌŝŵĂƵƉƵŶƐĞĐĂƌĂďĞƌƐĂŵĂͲƐĂŵĂLJĂŶŐŵĞǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚůĞďŝŚĚĂƌŝϮϬй;ĚƵĂ
ƉƵůƵŚƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐďĞůƵŵĚŝůƵŶĂƐŝ;ƚŝĚĂŬƚĞƌŵĂƐƵŬKďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚWĞƌƐĞƌŽĂŶ
ĚĂŶͬĂƚĂƵĨŝůŝĂƐŝWĞƌƐĞƌŽĂŶͿŵĞŶŐĂũƵŬĂŶƉĞƌŵŝŶƚĂĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂtĂůŝŵĂŶĂƚƵŶƚƵŬĚŝƐĞůĞŶŐŐĂƌĂŬĂŶZhWK
ĚĞŶŐĂŶ ŵĞŵƵĂƚ ĂŐĞŶĚĂ LJĂŶŐ ĚŝŵŝŶƚĂ ĚĞŶŐĂŶ ŵĞůĂŵƉŝƌŬĂŶ ĨŽƚŽŬŽƉŝ <dhZ ĚĂƌŝ <^ / LJĂŶŐ ĚŝƉĞƌŽůĞŚ ŵĞůĂůƵŝ
WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ ĚĂŶ ŵĞŵƉĞƌůŝŚĂƚŬĂŶ ĂƐůŝ <dhZ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ͕ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ
ĚŝƚĞƌďŝƚŬĂŶŶLJĂ<dhZ͕KďůŝŐĂƐŝĂŬĂŶĚŝďĞŬƵŬĂŶŽůĞŚ<^ /ƐĞũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵ<dhZƚĞƌƐĞďƵƚ͘
WĞŶĐĂďƵƚĂŶƉĞŵďƵŬĂŶKďůŝŐĂƐŝŽůĞŚ<^ /ƚĞƌƐĞďƵƚŚĂŶLJĂĚĂƉĂƚĚŝůĂŬƵŬĂŶƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶƐĞĐĂƌĂ
ƚĞƌƚƵůŝƐĚĂƌŝtĂůŝŵĂŶĂƚ͘
ď͘ WĞƌƐĞƌŽĂŶ͖
Đ͘ tĂůŝŵĂŶĂƚ͖ĂƚĂƵ
Ě͘ KƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ͘
ϲ͘ϯ͘ tĂůŝŵĂŶĂƚŚĂƌƵƐŵĞůĂŬƵŬĂŶ ƉĞŵĂŶŐŐŝůĂŶƵŶƚƵŬZhWKƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϯϬ;ƚŝŐĂƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞũĂŬ
ƚĂŶŐŐĂůĚŝƚĞƌŝŵĂŶLJĂƐƵƌĂƚƉĞƌŵŝŶƚĂĂŶĚĂƌŝWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͕WĞƌƐĞƌŽĂŶ͕ĚĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ͘ĂůĂŵŚĂů
tĂůŝŵĂŶĂƚŵĞŶŽůĂŬƉĞƌŵŽŚŽŶĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶŐĂĚĂŬĂŶZhWK͕ŵĂŬĂtĂůŝŵĂŶĂƚ
ŚĂƌƵƐŵĞŵďĞƌŝƚĂŚƵŬĂŶƐĞĐĂƌĂƚĞƌƚƵůŝƐĂůĂƐĂŶƉĞŶŽůĂŬĂŶƚĞƌƐĞďƵƚŬĞƉĂĚĂ ƉĞŵŽŚŽŶĚĞŶŐĂŶƚĞŵďƵƐĂŶŶLJĂŬĞƉĂĚĂ
KƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ͕ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞƚĞůĂŚĚŝƚĞƌŝŵĂŶLJĂƐƵƌĂƚƉĞƌŵŽŚŽŶĂŶ͘
ϲ͘ϰ͘ dĂƚĂĂƌĂZhWK͗
Ă͘ ZhWK ĚĂƉĂƚ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ĚŝƚĞŵƉĂƚ ŬĞĚƵĚƵŬĂŶ WĞƌƐĞƌŽĂŶ ĂƚĂƵ ĚŝƚĞŵƉĂƚ ůĂŝŶ ĚŝŵĂŶĂ KďůŝŐĂƐŝ ĚŝĐĂƚĂƚŬĂŶ
ĂƚĂƵƚĞŵƉĂƚůĂŝŶLJĂŶŐĚŝƐĞƉĂŬĂƚŝWĞƌƐĞƌŽĂŶĚĂŶtĂůŝŵĂŶĂƚ͘
ď͘ WĞŶŐƵŵƵŵĂŶZhWKǁĂũŝďĚŝůĂŬƵŬĂŶŵĞůĂůƵŝϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶ
ŶĂƐŝŽŶĂůĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵƉĂůŝŶŐůĂŵďĂƚϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞďĞůƵŵƉĞŵĂŶŐŐŝůĂŶZhWK͘
Đ͘ WĞŵĂŶŐŐŝůĂŶZhWKǁĂũŝďĚŝůĂŬƵŬĂŶƉĂůŝŶŐůĂŵďĂƚϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞďĞůƵŵĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŶLJĂ
ZhWKŵĞůĂůƵŝϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů͘WĞŵĂŶŐŐŝůĂŶZhWK
ŬĞĚƵĂĂƚĂƵŬĞƚŝŐĂĚŝůĂŬƵŬĂŶƉĂůŝŶŐůĂŵďĂƚϳ;ƚƵũƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞďĞůƵŵĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŶLJĂZhWKŬĞĚƵĂ
ĂƚĂƵŬĞƚŝŐĂŵĞůĂůƵŝϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂůĚĂŶĚŝƐĞƌƚĂŝ
ŝŶĨŽƌŵĂƐŝďĂŚǁĂZhWKƉĞƌƚĂŵĂĂƚĂƵŬĞĚƵĂƚĞůĂŚĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƚĞƚĂƉŝƚŝĚĂŬŵĞŶĐĂƉĂŝŬƵŽƌƵŵ͘
ZhWKŬĞĚƵĂĂƚĂƵŬĞƚŝŐĂĚŝƐĞůĞŶŐŐĂƌĂŬĂŶƉĂůŝŶŐĐĞƉĂƚϭϰ;ĞŵƉĂƚďĞůĂƐͿ,Ăƌŝ<ĂůĞŶĚĞƌĚĂŶƉĂůŝŶŐůĂŵĂϮϭ;ĚƵĂ
ƉƵůƵŚƐĂƚƵͿ,Ăƌŝ<ĂůĞŶĚĞƌĚĂƌŝZhWKƉĞƌƚĂŵĂĂƚĂƵŬĞĚƵĂ͘
Ě͘ WĞŵĂŶŐŐŝůĂŶZhWKŚĂƌƵƐĚĞŶŐĂŶƚĞŐĂƐŵĞŵƵĂƚƌĞŶĐĂŶĂZhWKĚĂŶŵĞŶŐƵŶŐŬĂƉŬĂŶŝŶĨŽƌŵĂƐŝĂŶƚĂƌĂůĂŝŶ͗
Ͳ ƚĂŶŐŐĂů͕ƚĞŵƉĂƚ͕ĚĂŶǁĂŬƚƵƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhWK͖
Ͳ ĂŐĞŶĚĂZhWK͖
Ͳ ƉŝŚĂŬLJĂŶŐŵĞŶŐĂũƵŬĂŶƵƐƵůĂŶĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŶLJĂZhWK͖
Ͳ WĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐďĞƌŚĂŬŚĂĚŝƌĚĂŶŵĞŵŝůŝŬŝƐƵĂƌĂĚĂůĂŵZhWK͖ĚĂŶ
Ͳ ŬƵŽƌƵŵLJĂŶŐĚŝƉĞƌůƵŬĂŶƵŶƚƵŬƉĞŶLJĞůĞŶŐŐĂƌĂĂŶĚĂŶƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶZhWK͘
Ğ͘ ZhWKĚŝƉŝŵƉŝŶĚĂŶĚŝŬĞƚƵĂŝŽůĞŚtĂůŝŵĂŶĂƚĚĂŶtĂůŝŵĂŶĂƚĚŝǁĂũŝďŬĂŶƵŶƚƵŬŵĞŵƉĞƌƐŝĂƉŬĂŶĂĐĂƌĂZhWK
ĚĂŶ ďĂŚĂŶͲďĂŚĂŶ ZhWK ƐĞƌƚĂ ŵĞŶƵŶũƵŬ EŽƚĂƌŝƐ LJĂŶŐ ŚĂƌƵƐ ŵĞŵďƵĂƚ ďĞƌŝƚĂ ĂĐĂƌĂ ZhWK͘ ĂůĂŵ ŚĂů
ƉĞŶŐŐĂŶƚŝĂŶtĂůŝŵĂŶĂƚLJĂŶŐĚŝŵŝŶƚĂŽůĞŚWĞƌƐĞƌŽĂŶĂƚĂƵWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͕ZhWKĚŝƉŝŵƉŝŶŽůĞŚWĞƌƐĞƌŽĂŶ
ĂƚĂƵǁĂŬŝůWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐŵĞŵŝŶƚĂĚŝĂĚĂŬĂŶŶLJĂZhWK͕ĚĂŶWĞƌƐĞƌŽĂŶĂƚĂƵWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐ
ŵĞŵŝŶƚĂ ĚŝĂĚĂŬĂŶŶLJĂ ZhWK ƚĞƌƐĞďƵƚ ŚĂƌƵƐ ŵĞŵƉĞƌƐŝĂƉŬĂŶ ĂĐĂƌĂ ZhWK ĚĂŶ ďĂŚĂŶͲďĂŚĂŶ ZhWK ƐĞƌƚĂ
ŵĞŶƵŶũƵŬEŽƚĂƌŝƐLJĂŶŐŚĂƌƵƐŵĞŵďƵĂƚďĞƌŝƚĂĂĐĂƌĂZhWK͘
Ĩ͘ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ͕ ďĂŝŬ ƐĞŶĚŝƌŝ ŵĂƵƉƵŶ ĚŝǁĂŬŝůŝ ďĞƌĚĂƐĂƌŬĂŶ ƐƵƌĂƚ ŬƵĂƐĂ ďĞƌŚĂŬ ŵĞŶŐŚĂĚŝƌŝ ZhWK ĚĂŶ
ŵĞŶŐŐƵŶĂŬĂŶŚĂŬƐƵĂƌĂŶLJĂƐĞƐƵĂŝĚĞŶŐĂŶũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŶLJĂ͘
Ő͘ WĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐďĞƌŚĂŬŚĂĚŝƌĚĂůĂŵZhWKĂĚĂůĂŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐŵĞŵŝůŝŬŝ<dhZĚĂŶŶĂŵĂŶLJĂ
ƚĞƌĐĂƚĂƚ ĚĂůĂŵ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ZĞŬĞŶŝŶŐ LJĂŶŐ ĚŝƚĞƌďŝƚŬĂŶ ŽůĞŚ <^ / ϯ ;ƚŝŐĂͿ ,Ăƌŝ <ĞƌũĂ ƐĞďĞůƵŵ ƚĂŶŐŐĂů
ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhWK͕ŬĞĐƵĂůŝĚŝƚĞŶƚƵŬĂŶůĂŝŶŽůĞŚ<^ /ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ<^ /LJĂŶŐďĞƌůĂŬƵ͘
Ś͘ ^ƵĂƌĂĚŝŬĞůƵĂƌŬĂŶĚĞŶŐĂŶƚĞƌƚƵůŝƐĚĂŶĚŝƚĂŶĚĂƚĂŶŐĂŶŝĚĞŶŐĂŶŵĞŶLJĞďƵƚŬĂŶEŽŵŽƌ<dhZ͕ŬĞĐƵĂůŝtĂůŝŵĂŶĂƚ
ŵĞŵƵƚƵƐŬĂŶůĂŝŶ͘
ŝ͘ KďůŝŐĂƐŝ LJĂŶŐ ĚŝŵŝůŝŬŝ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĂŶͬĂƚĂƵ ĨŝůŝĂƐŝ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŚĂŬ ƐƵĂƌĂ ĚĂŶ ƚŝĚĂŬ
ĚŝƉĞƌŚŝƚƵŶŐŬĂŶĚĂůĂŵŬŽƌƵŵŬĞŚĂĚŝƌĂŶ͕ŬĞĐƵĂůŝĨŝůŝĂƐŝƚĞƌƐĞďƵƚ ƚĞƌũĂĚŝŬĂƌĞŶĂŬĞƉĞŵŝůŝŬĂŶĂƚĂƵ ƉĞŶLJĞƌƚĂĂŶ
ŵŽĚĂůWĞŵĞƌŝŶƚĂŚ͘
ũ͘ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ LJĂŶŐ ŵĞŶŐŚĂĚŝƌŝ ZhWK ǁĂũŝď ŵĞŵƉĞƌůŝŚĂƚŬĂŶ ĂƚĂƵ ŵĞŶLJĞƌĂŚŬĂŶ ĂƐůŝ <dhZ ŬĞƉĂĚĂ tĂůŝ
ŵĂŶĂƚ͘
Ŭ͘ ^ĂƚƵĂŶ WĞŵŝŶĚĂŚďƵŬƵĂŶ KďůŝŐĂƐŝ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϭ͕ϬϬ ;ƐĂƚƵ ZƵƉŝĂŚͿ ĂƚĂƵ ŬĞůŝƉĂƚĂŶŶLJĂ͘ ^ĂƚƵ ^ĂƚƵĂŶ
WĞŵŝŶĚĂŚďƵŬƵĂŶKďůŝŐĂƐŝŵĞŵƉƵŶLJĂŝŚĂŬƵŶƚƵŬŵĞŶŐĞůƵĂƌŬĂŶϭ;ƐĂƚƵͿƐƵĂƌĂĚĂůĂŵZhWK͘^ƵĂƌĂĚŝŬĞůƵĂƌŬĂŶ
ĚĞŶŐĂŶƚĞƌƚƵůŝƐĚĂŶĚŝƚĂŶĚĂƚĂŶŐĂŶŝĚĞŶŐĂŶŵĞŶLJĞďƵƚŬĂŶŶŽŵŽƌ<dhZ͕ŬĞĐƵĂůŝtĂůŝŵĂŶĂƚŵĞŵƵƚƵƐŬĂŶůĂŝŶ͘
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ů͘ ^ƵĂƌĂďůĂŶŬŽ͕ĂďƐƚĂŝŶĚĂŶƐƵĂƌĂLJĂŶŐƚŝĚĂŬƐĂŚĚŝĂŶŐŐĂƉƚŝĚĂŬĚŝŬĞůƵĂƌŬĂŶ͕ƚĞƌŵĂƐƵŬKďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚ
WĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵĨŝůŝĂƐŝWĞƌƐĞƌŽĂŶ͘
ŵ͘ ^ĞůƵƌƵŚKďůŝŐĂƐŝLJĂŶŐĚŝƐŝŵƉĂŶĚŝ<^ /ĚŝďĞŬƵŬĂŶƐĞŚŝŶŐŐĂKďůŝŐĂƐŝƚĞƌƐĞďƵƚƚŝĚĂŬĚĂƉĂƚĚŝƉŝŶĚĂŚďƵŬƵŬĂŶƐĞũĂŬ
ϯ ;ƚŝŐĂͿ ,Ăƌŝ <ĞƌũĂ ƐĞďĞůƵŵ ƚĂŶŐŐĂů ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhWK ƐĂŵƉĂŝ ĚĞŶŐĂŶ ƚĂŶŐŐĂů ďĞƌĂŬŚŝƌŶLJĂ ZhWK͕ LJĂŶŐ
ĚŝďƵŬƚŝŬĂŶĚĞŶŐĂŶĂĚĂŶLJĂƉĞŵďĞƌŝƚĂŚƵĂŶĚĂƌŝtĂůŝŵĂŶĂƚĂƚĂƵƐĞƚĞůĂŚŵĞŵƉĞƌŽůĞŚƉĞƌƐĞƚƵũƵĂŶĚĂƌŝtĂůŝ
ŵĂŶĂƚ͘dƌĂŶƐĂŬƐŝKďůŝŐĂƐŝLJĂŶŐƉĞŶLJĞůĞƐĂŝĂŶŶLJĂũĂƚƵŚƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůƚĞƌƐĞďƵƚ͕ĚŝƚƵŶĚĂƉĞŶLJĞůĞƐĂŝĂŶŶLJĂ
ƐĂŵƉĂŝϭ;ƐĂƚƵͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚƚĂŶŐŐĂůƉĞůĂŬƐĂŶĂĂŶZhWK͘
Ŷ͘ ^ĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϮ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞďĞůƵŵĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŶLJĂZhWK͕WĞƌƐĞƌŽĂŶǁĂũŝďŵĞůĂƉŽƌŬĂŶŬĞƉĂĚĂ
tĂůŝŵĂŶĂƚƐĞůƵƌƵŚũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝWĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵĨŝůŝĂƐŝWĞƌƐĞƌŽĂŶ͘
Ž͘ WĂĚĂƐĂĂƚƉĞůĂŬƐĂŶĂĂŶZhWK͗
Ͳ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶLJĞƌĂŚŬĂŶ ƐƵƌĂƚ ƉĞƌŶLJĂƚĂĂŶ ŵĞŶŐĞŶĂŝ ũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ĚŝŵŝůŝŬŝ WĞƌƐĞƌŽĂŶ
ĚĂŶͬĂƚĂƵĨŝůŝĂƐŝWĞƌƐĞƌŽĂŶ͖ĚĂŶ
Ͳ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĂƚĂƵ ŬƵĂƐĂ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ LJĂŶŐ ŚĂĚŝƌ ĚĂůĂŵ ZhWK ǁĂũŝď ŵĞŵďƵĂƚ ƐƵƌĂƚ
ƉĞƌŶLJĂƚĂĂŶŵĞŶŐĞŶĂŝĂƉĂŬĂŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŶLJĂďĂŝŬLJĂŶŐƚĞƌĂĨŝůŝĂƐŝĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ
ŵĂƵƉƵŶLJĂŶŐƚŝĚĂŬƚĞƌĂĨŝůŝĂƐŝĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͘
Ɖ͘ <ĞĐƵĂůŝďŝĂLJĂͲďŝĂLJĂLJĂŶŐƚĞƌũĂĚŝƐĞďĂŐĂŝĂŬŝďĂƚƉĞŶŐƵŶĚƵƌĂŶĚŝƌŝtĂůŝŵĂŶĂƚƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵ
WĂƐĂůϯĂLJĂƚϯ͘ϵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͕ ďŝĂLJĂ ƉĞŵĂƐĂŶŐĂŶ ŝŬůĂŶ ƵŶƚƵŬ ƉĞŶŐƵŵƵŵĂŶ͕ ƉĞŵĂŶŐŐŝůĂŶ ĚĂŶ
ƉĞŶŐƵŵƵŵĂŶŚĂƐŝůZhWKƐĞƌƚĂƐĞŵƵĂďŝĂLJĂƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhWKƚĞƌŵĂƐƵŬĂŬĂŶƚĞƚĂƉŝƚŝĚĂŬƚĞƌďĂƚĂƐƉĂĚĂ
ďŝĂLJĂEŽƚĂƌŝƐĚĂŶƐĞǁĂƌƵĂŶŐĂŶƵŶƚƵŬƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhWKĚŝďĞďĂŶŬĂŶ ŬĞƉĂĚĂ ĚĂŶ ŵĞŶũĂĚŝ ƚĂŶŐŐƵŶŐ
ũĂǁĂď WĞƌƐĞƌŽĂŶ ĚĂŶ ǁĂũŝď ĚŝďĂLJĂƌŬĂŶ ŬĞƉĂĚĂ tĂůŝ ŵĂŶĂƚ ƉĂůŝŶŐ ůĂŵďĂƚ ϳ ;ƚƵũƵŚͿ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ
ƉĞƌŵŝŶƚĂĂŶďŝĂLJĂƚĞƌƐĞďƵƚĚŝƚĞƌŝŵĂŽůĞŚWĞƌƐĞƌŽĂŶĚĂƌŝtĂůŝŵĂŶĂƚ͘
Ƌ͘ ƚĂƐƉĞŶLJĞůĞŶŐŐĂƌĂĂŶZhWKǁĂũŝďĚŝďƵĂƚŬĂŶďĞƌŝƚĂĂĐĂƌĂZhWKLJĂŶŐĚŝďƵĂƚŽůĞŚEŽƚĂƌŝƐƐĞďĂŐĂŝĂůĂƚďƵŬƚŝLJĂŶŐ
ƐĂŚĚĂŶŵĞŶŐŝŬĂƚWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͕tĂůŝŵĂŶĂƚĚĂŶWĞƌƐĞƌŽĂŶ͘tĂůŝŵĂŶĂƚǁĂũŝďŵĞŶŐƵŵƵŵŬĂŶŚĂƐŝů
ZhWKĚĂůĂŵϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂůĚĂůĂŵǁĂŬƚƵϳ;ƚƵũƵŚͿ
,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚƚĂŶŐŐĂůĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŶLJĂZhWK͘
ϲ͘ϱ͘ ĂůĂŵ ŚĂů ZhWK ďĞƌƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŵƵƚƵƐŬĂŶ ŵĞŶŐĞŶĂŝ ƉĞƌƵďĂŚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚĚĂůĂŵŬĞƚĞŶƚƵĂŶŝŶŝ͕ĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ŝůĂZhWKĚŝŵŝŶƚĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶŵĂŬĂǁĂũŝďĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ŝͿ ŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝ
LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ ŵĞŶŐŝŬĂƚ ĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝ
ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ϯͬϰ ;ƚŝŐĂ ƉĞƌ ĞŵƉĂƚͿ ďĂŐŝĂŶ ĚĂƌŝ ũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ŚĂĚŝƌ ĚĂůĂŵ ZhWK ĚĞŶŐĂŶ
ŵĞŵƉĞƌŚĂƚŝŬĂŶĂLJĂƚϭϬ͘ϰŚƵƌƵĨŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
;ŝŝͿ ĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ƉŽŝŶ ;ŝͿ ĚŝĂƚĂƐ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ŵĂŬĂ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKLJĂŶŐŬĞĚƵĂ͘
;ŝŝŝͿ ZhWKŬĞĚƵĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ
;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶ
LJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐ
ŚĂĚŝƌĚĂůĂŵZhWK͕ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶĂLJĂƚϭϬ͘ϰŚƵƌƵĨŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
;ŝǀͿ ĚĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ďƵƚŝƌ ;ŝŝŝͿ Ěŝ ĂƚĂƐ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ŵĂŬĂ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKŬĞƚŝŐĂ͘
;ǀͿ ZhWKŬĞƚŝŐĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ
;ƚŝŐĂƉĞƌĞŵƉĂƚͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶ
LJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐ
ŚĂĚŝƌĚĂůĂŵZhWKĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶĂLJĂƚϭϬ͘ϰŚƵƌƵĨŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ď͘ ŝůĂZhWKĚŝŵŝŶƚĂŬĂŶŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵtĂůŝŵĂŶĂƚŵĂŬĂǁĂũŝďĚŝƐĞůĞŶŐŐĂƌĂŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ŝͿ ŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϮͬϯ;ĚƵĂƉĞƌƚŝŐĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝ
LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ ŵĞŶŐŝŬĂƚ ĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝ
ƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿďĂŐŝĂŶĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵZhWKĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶ
ĂLJĂƚϭϬ͘ϰŚƵƌƵĨŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
;ŝŝͿ ĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ƉŽŝŶ ;ŝͿ ĚŝĂƚĂƐ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ŵĂŬĂ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKLJĂŶŐŬĞĚƵĂ͘
;ŝŝŝͿ ZhWKŬĞĚƵĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϮͬϯ
;ĚƵĂƉĞƌƚŝŐĂͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚ
ĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵZhWK͕
ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶĂLJĂƚϭϬ͘ϰŚƵƌƵĨŝWĂƐĂůŝŶŝ͘
;ŝǀͿ ĂůĂŵŚĂůŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵ ďƵƚŝƌ;ŝŝŝͿĚŝĂƚĂƐ ƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ŵĂŬĂǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKŬĞƚŝŐĂ͘
;ǀͿ ZhWKŬĞƚŝŐĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϮͬϯ
;ĚƵĂƉĞƌƚŝŐĂͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚ
ĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵZhWK
ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶĂLJĂƚϭϬ͘ϰŚƵƌƵĨŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
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Đ͘ ŝůĂ ZhWK ĚŝŵŝŶƚĂŬĂŶ ŽůĞŚ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ŵĂŬĂ ǁĂũŝď ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ŬƵŽƌƵŵ
ŬĞŚĂĚŝƌĂŶĚĂŶŬĞƉƵƚƵƐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ŝͿ ŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐ
ŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝƉĂůŝŶŐ
ƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵZhWKĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶĂLJĂƚϭϬ͘ϰ
ŚƵƌƵĨŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
;ŝŝͿ ĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ƉĂĚĂ ďƵƚŝƌ ;ŝͿ ĚŝĂƚĂƐ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ŵĂŬĂ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKŬĞĚƵĂ͘
;ŝŝŝͿ ZhWKŬĞĚƵĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ
;ƐĂƚƵƉĞƌĚƵĂͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚ
ĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵZhWK
ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶĂLJĂƚϭϬ͘ϰŚƵƌƵĨŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
;ŝǀͿ ĂůĂŵ ŚĂů ŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶ ZhWK ŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ Ěŝ ĂƚĂƐ ƚŝĚĂŬ ƚĞƌĐĂƉĂŝ͕ ŵĂŬĂ ǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKŬĞƚŝŐĂ͘
;ǀͿ ZhWKŬĞƚŝŐĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ
;ƐĂƚƵƉĞƌĚƵĂͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŵĂƐŝŚďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚ
ĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϭͬϮ;ƐĂƚƵƉĞƌĚƵĂͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵ
ZhWKĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶĂLJĂƚϭϬ͘ϰŚƵƌƵĨŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ϲ͘ϲ͘ ZhWK LJĂŶŐ ĚŝĂĚĂŬĂŶ ƵŶƚƵŬ ƚƵũƵĂŶ ƐĞůĂŝŶ ŵĞŵƵƚƵƐŬĂŶ ƉĞƌƵďĂŚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͕ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶ
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶĚĂŶŬĞƉƵƚƵƐĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂƉĞƌĞŵƉĂƚͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŵĂƐŝŚ
ďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĂƉĂďŝůĂĚŝƐĞƚƵũƵŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂ
ƉĞƌĞŵƉĂƚͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐŚĂĚŝƌĚĂůĂŵZhWKĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶĂLJĂƚϭϬ͘ϰŚƵƌƵĨŝWĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ď͘ ĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵŚƵƌƵĨĂĚŝĂƚĂƐƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ŵĂŬĂǁĂũŝďĚŝĂĚĂŬĂŶ
ZhWKŬĞĚƵĂ͘
Đ͘ ZhWKŬĞĚƵĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂ
ƉĞƌ ĞŵƉĂƚͿ ĚĂƌŝ ũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ
ŵĞŶŐŝŬĂƚ ĂƉĂďŝůĂ ĚŝƐĞƚƵũƵŝ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ϯͬϰ ;ƚŝŐĂ ƉĞƌ ĞŵƉĂƚͿ ĚĂƌŝ ũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ŚĂĚŝƌ ĚĂůĂŵ ZhWK͕
ĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶĂLJĂƚϭϬ͘ϰŚƵƌƵĨŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
Ě͘ ĂůĂŵŚĂůŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵŚƵƌƵĨĐĚŝĂƚĂƐƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ŵĂŬĂǁĂũŝďĚŝĂĚĂŬĂŶ
ZhWKŬĞƚŝŐĂ͘
Ğ͘ ZhWKŬĞƚŝŐĂĚĂƉĂƚĚŝůĂŶŐƐƵŶŐŬĂŶĂƉĂďŝůĂĚŝŚĂĚŝƌŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĂƚĂƵĚŝǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚϯͬϰ;ƚŝŐĂ
ƉĞƌ ĞŵƉĂƚͿ ĚĂƌŝ ũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ŵĂƐŝŚ ďĞůƵŵ ĚŝůƵŶĂƐŝ ĚĂŶ ďĞƌŚĂŬ ŵĞŶŐĂŵďŝů ŬĞƉƵƚƵƐĂŶ LJĂŶŐ ƐĂŚ ĚĂŶ
ŵĞŶŐŝŬĂƚ ďĞƌĚĂƐĂƌŬĂŶ ŬĞƉƵƚƵƐĂŶ ƐƵĂƌĂ ƚĞƌďĂŶLJĂŬ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ĂLJĂƚ ϭϬ͘ϰ ŚƵƌƵĨ ŝ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
Ĩ͘ ĂůĂŵŚĂůŬƵŽƌƵŵ ŬĞŚĂĚŝƌĂŶZhWKŬĞĚƵĂ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚĚĂůĂŵŚƵƌƵĨ ĞƚŝĚĂŬƚĞƌĐĂƉĂŝ͕ ŵĂŬĂǁĂũŝď
ĚŝĂĚĂŬĂŶZhWKŬĞĞŵƉĂƚ͘
Ő͘ ZhWK ŬĞĞŵƉĂƚ ĚĂƉĂƚ ĚŝůĂŶŐƐƵŶŐŬĂŶ ĂƉĂďŝůĂ ĚŝŚĂĚŝƌŝ ŽůĞŚ WĞŵĞŐĂŶŐ ĚĂƌŝ KďůŝŐĂƐŝ ĂƚĂƵ ĚŝǁĂŬŝůŝ LJĂŶŐ ŵĂƐŝŚ
ďĞůƵŵĚŝůƵŶĂƐŝĚĂŶďĞƌŚĂŬŵĞŶŐĂŵďŝůŬĞƉƵƚƵƐĂŶLJĂŶŐƐĂŚĚĂŶŵĞŶŐŝŬĂƚĚĂůĂŵŬƵŽƌƵŵŬĞŚĂĚŝƌĂŶĚĂŶŬƵŽƌƵŵ
ŬĞƉƵƚƵƐĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚK:<ĂƚĂƐƉĞƌŵŽŚŽŶĂŶtĂůŝŵĂŶĂƚ͕ĚĂŶ
Ś͘ WĞŶŐƵŵƵŵĂŶ͕ ƉĞŵĂŶŐŐŝůĂŶ͕ ĚĂŶ ǁĂŬƚƵ ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhWK ŬĞĞŵƉĂƚ ǁĂũŝď ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ
ƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵĂLJĂƚϭϬ͘ϰWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ϲ͘ϳ͘ WĞŶLJĞůĞŶŐŐĂƌĂĂŶZhWKǁĂũŝďĚŝďƵĂƚŬĂŶďĞƌŝƚĂĂĐĂƌĂƐĞĐĂƌĂŶŽƚĂƌŝŝů͘
ϲ͘ϴ͘ WĞƌƐĞƌŽĂŶ͕tĂůŝŵĂŶĂƚĚĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝŚĂƌƵƐƚƵŶĚƵŬ͕ƉĂƚƵŚĚĂŶƚĞƌŝŬĂƚƉĂĚĂŬĞƉƵƚƵƐĂŶͲŬĞƉƵƚƵƐĂŶLJĂŶŐ
ĚŝĂŵďŝůŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝĚĂůĂŵZhWK͘<ĞƉƵƚƵƐĂŶZhWKŵĞŶŐĞŶĂŝƉĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ
ďĂƌƵďĞƌůĂŬƵĞĨĞŬƚŝĨƐĞũĂŬƚĂŶŐŐĂůĚŝƚĂŶĚĂƚĂŶŐĂŶŝŶLJĂƉĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ϲ͘ϵ͘ tĂůŝ ŵĂŶĂƚ ǁĂũŝď ŵĞŶŐƵŵƵŵŬĂŶ ŚĂƐŝů ZhWK ĚĂůĂŵ ϭ ;ƐĂƚƵͿ ƐƵƌĂƚ ŬĂďĂƌ ŚĂƌŝĂŶ ďĞƌďĂŚĂƐĂ /ŶĚŽŶĞƐŝĂ LJĂŶŐ
ďĞƌƉĞƌĞĚĂƌĂŶ ŶĂƐŝŽŶĂů ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂ ϳ ;ƚƵũƵŚͿ ,Ăƌŝ <ĞƌũĂ ƐĞũĂŬ ĚŝůĂŬƐĂŶĂŬĂŶ ZhWK͕ ďŝĂLJĂͲďŝĂLJĂ LJĂŶŐ
ĚŝŬĞůƵĂƌŬĂŶƵŶƚƵŬƉĞŶŐƵŵƵŵĂŶŚĂƐŝůZhWKƚĞƌƐĞďƵƚǁĂũŝďĚŝƚĂŶŐŐƵŶŐŽůĞŚWĞƌƐĞƌŽĂŶ͘
ϲ͘ϭϬ͘ WĞƌĂƚƵƌĂŶͲƉĞƌĂƚƵƌĂŶůĞďŝŚůĂŶũƵƚŵĞŶŐĞŶĂŝƉĞŶLJĞůĞŶŐŐĂƌĂĂŶƐĞƌƚĂƚĂƚĂĐĂƌĂĚĂůĂŵZhWKĚĂƉĂƚĚŝďƵĂƚĚĂŶďŝůĂƉĞƌůƵ
ŬĞŵƵĚŝĂŶ ĚŝƐĞŵƉƵƌŶĂŬĂŶ ĂƚĂƵ ĚŝƵďĂŚ ŽůĞŚ WĞƌƐĞƌŽĂŶ ĚĂŶ tĂůŝ ŵĂŶĂƚ ĚĞŶŐĂŶ ŵĞŶŐŝŶĚĂŚŬĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ͕ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ƉĞƌƵďĂŚĂŶ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶƐĞƚĞůĂŚ ĨĞŬƚŝĨŶLJĂWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶǁĂũŝďŵĞŵƉĞƌŽůĞŚƉĞƌƐĞƚƵũƵĂŶZhWK͘
ϲ͘ϭϭ͘ ƉĂďŝůĂŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶŵĞŶŐĞŶĂŝZhWKĚŝƚĞŶƚƵŬĂŶůĂŝŶŽůĞŚƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚŝďŝĚĂŶŐWĂƐĂƌ
DŽĚĂů͕ŵĂŬĂƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶƚĞƌƐĞďƵƚLJĂŶŐďĞƌůĂŬƵ͘
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KďůŝŐĂƐŝ ŝŶŝ ƚŝĚĂŬ ĚŝũĂŵŝŶ ĚĞŶŐĂŶ ũĂŵŝŶĂŶ ŬŚƵƐƵƐ͕ ƚĞƚĂƉŝ ĚŝũĂŵŝŶ ĚĞŶŐĂŶ ƐĞůƵƌƵŚ ŚĂƌƚĂ ŬĞŬĂLJĂĂŶ WĞƌƐĞƌŽĂŶ ďĂŝŬ ďĂƌĂŶŐ
ďĞƌŐĞƌĂŬŵĂƵƉƵŶďĂƌĂŶŐƚŝĚĂŬďĞƌŐĞƌĂŬ͕ďĂŝŬLJĂŶŐƚĞůĂŚĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝŵĞŶũĂĚŝũĂŵŝŶĂŶďĂŐŝ
WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ŝŶŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĂƐĂů ϭϭϯϭ ĚĂŶ ϭϭϯϮ <ŝƚĂď hŶĚĂŶŐͲƵŶĚĂŶŐ ,ƵŬƵŵ WĞƌĚĂƚĂ͘
,ĂŬ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ĂĚĂůĂŚ WĂƌŝƉĂƐƐƵ ƚĂŶƉĂ ŚĂŬ ƉƌĞĨĞƌĞŶ ĚĞŶŐĂŶ ŚĂŬͲŚĂŬ ŬƌĞĚŝƚƵƌ ůĂŝŶŶLJĂ͕ ďĂŝŬ LJĂŶŐ ĂĚĂ ƐĞŬĂƌĂŶŐ
ŵĂƵƉƵŶĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͕ŬĞĐƵĂůŝŚĂŬͲŚĂŬŬƌĞĚŝƚƵƌWĞƌƐĞƌŽĂŶLJĂŶŐĚŝũĂŵŝŶƐĞĐĂƌĂŬŚƵƐƵƐĚĞŶŐĂŶŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶďĂŝŬ
LJĂŶŐƚĞůĂŚĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͘
ϴ͘ ,<Ͳ,<W D 'E'K>/'^/
ϴ͘ϭ͘ DĞŶĞƌŝŵĂ ƉĞůƵŶĂƐĂŶ WŽŬŽŬ KďůŝŐĂƐŝĚĂŶͬĂƚĂƵ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ƉĂĚĂ dĂŶŐŐĂů WĞůƵŶĂƐĂŶ
WŽŬŽŬ KďůŝŐĂƐŝĚĂŶ ĂƚĂƵ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ͘ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ LJĂŶŐ ďĞƌŚĂŬ
ŵĞŶĚĂƉĂƚŬĂŶƉĞŵďĂLJĂƌĂŶƵŶŐĂKďůŝŐĂƐŝĂĚĂůĂŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐŶĂŵĂŶLJĂƚĞƌĐĂƚĂƚĚĂůĂŵĂĨƚĂƌWĞŵĞŐĂŶŐ
ZĞŬĞŶŝŶŐ ƉĂĚĂ ϰ ;ĞŵƉĂƚͿ ,Ăƌŝ <ĞƌũĂ ƐĞďĞůƵŵ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ŬĞĐƵĂůŝ ĚŝƚĞŶƚƵŬĂŶ ůĂŝŶ ŽůĞŚ <^ /
ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ<^ /LJĂŶŐďĞƌůĂŬƵ͘
ϴ͘Ϯ͘ WĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐŶĂŵĂŶLJĂƚĞƌĐĂƚĂƚĚĂůĂŵĂĨƚĂƌWĞŵĞŐĂŶŐZĞŬĞŶŝŶŐďĞƌŚĂŬŵĞŵƉĞƌŽůĞŚƉĞŵďĂLJĂƌĂŶĞŶĚĂ
ƐĞďĞƐĂƌϭй;ƐĂƚƵƉĞƌƐĞŶͿƉĞƌƚĂŚƵŶĚŝĂƚĂƐƚŝŶŐŬĂƚƵŶŐĂKďůŝŐĂƐŝĚĂƌŝŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞƌŝKďůŝŐĂƐŝĚĂƌŝũƵŵůĂŚĚĂŶĂ
LJĂŶŐƚĞƌůĂŵďĂƚĚŝďĂLJĂƌ͕LJĂŶŐĚŝŚŝƚƵŶŐƐĞĐĂƌĂŚĂƌŝĂŶƐĞũĂŬŬĞƚĞƌůĂŵďĂƚĂŶƐĂŵƉĂŝĚĞŶŐĂŶĚŝďĂLJĂƌůƵŶĂƐƐƵĂƚƵŬĞǁĂũŝďĂŶ
LJĂŶŐŚĂƌƵƐĚŝďĂLJĂƌďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͕ĂƉĂďŝůĂƚĞƌĚĂƉĂƚŬĞƚĞƌůĂŵďĂƚĂŶŬĞǁĂũŝďĂŶƉĞŵďĂLJĂƌĂŶ
ƵŶŐĂKďůŝŐĂƐŝĚĂŶͬĂƚĂƵWŽŬŽŬKďůŝŐĂƐŝ͘
ϴ͘ϯ͘ WĞŵĞŐĂŶŐKďůŝŐĂƐŝďĂŝŬƐĞŶĚŝƌŝŵĂƵƉƵŶƐĞĐĂƌĂďĞƌƐĂŵĂͲƐĂŵĂLJĂŶŐŵĞǁĂŬŝůŝƉĂůŝŶŐƐĞĚŝŬŝƚůĞďŝŚĚĂƌŝϮϬй;ĚƵĂƉƵůƵŚ
ƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐďĞůƵŵĚŝůƵŶĂƐŝ;ƚŝĚĂŬƚĞƌŵĂƐƵŬKďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚWĞƌƐĞƌŽĂŶĚĂŶͬĂƚĂƵĨŝůŝĂƐŝ
WĞƌƐĞƌŽĂŶͿŵĞŶŐĂũƵŬĂŶƉĞƌŵŝŶƚĂĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂtĂůŝŵĂŶĂƚƵŶƚƵŬĚŝƐĞůĞŶŐŐĂƌĂŬĂŶZhWKĚĞŶŐĂŶŵĞůĂŵƉŝƌŬĂŶ
ĂƐůŝ <dhZ͘ WĞƌŵŝŶƚĂĂŶ ƚĞƌƚƵůŝƐ ĚŝŵĂŬƐƵĚ ŚĂƌƵƐ ŵĞŵƵĂƚ ĂĐĂƌĂ LJĂŶŐ ĚŝŵŝŶƚĂ͕ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ ƐĞũĂŬ ĚŝƚĞƌďŝƚŬĂŶŶLJĂ
<dhZƚĞƌƐĞďƵƚ͕KďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐŵĞŶŐĂũƵŬĂŶƉĞƌŵŝŶƚĂĂŶƚĞƌƚƵůŝƐŬĞƉĂĚĂtĂůŝŵĂŶĂƚ
ĂŬĂŶĚŝďĞŬƵŬĂŶŽůĞŚ<^ /ƐĞũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵ<dhZƚĞƌƐĞďƵƚ͘WĞŶĐĂďƵƚĂŶƉĞŵďĞŬƵĂŶŽůĞŚ<^ /
ƚĞƌƐĞďƵƚŚĂŶLJĂĚĂƉĂƚĚŝůĂŬƵŬĂŶƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶƐĞĐĂƌĂƚĞƌƚƵůŝƐĚĂƌŝtĂůŝŵĂŶĂƚ͘
ϵ͘ W D >/E< D>/;hz<Ϳ
ϵ͘ϭ ĂůĂŵŚĂůWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝŽďůŝŐĂƐŝŵĂŬĂďĞƌůĂŬƵŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ ĚŝƚƵũƵŬĂŶƐĞďĂŐĂŝƉĞůƵŶĂƐĂŶĂƚĂƵ ĚŝƐŝŵƉĂŶƵŶƚƵŬŬĞŵƵĚŝĂŶ ĚŝũƵĂůŬĞŵďĂůŝĚĞŶŐĂŶ
ŚĂƌŐĂƉĂƐĂƌ͘
Ϯ͘ WĞůĂŬƐĂŶĂĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶŵĞůĂůƵŝƵƌƐĂ ĨĞŬĂƚĂƵĚŝůƵĂƌƵƌƐĂ ĨĞŬ͘
ϯ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝďĂƌƵĚĂƉĂƚĚŝůĂŬƵŬĂŶƐĂƚƵƚĂŚƵŶƐĞƚĞůĂŚdĂŶŐŐĂůWĞŶũĂƚĂŚĂŶ͘
ϰ͘ WĞŵďĞůŝĂŶ ŬĞŵďĂůŝ KďůŝŐĂƐŝ ƚŝĚĂŬ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ĂƉĂďŝůĂ ŚĂů ƚĞƌƐĞďƵƚ ŵĞŶŐĂŬŝďĂƚŬĂŶ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ĚĂƉĂƚ
ŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶĚŝĚĂůĂŵWĞƌũĂŶũŝĂŶ͘
ϱ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝƚŝĚĂŬĚĂƉĂƚĚŝůĂŬƵŬĂŶĂƉĂďŝůĂWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶŬĞůĂůĂŝĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚ
ĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ϲ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝŚĂŶLJĂĚĂƉĂƚĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉŝŚĂŬLJĂŶŐƚŝĚĂŬƚĞƌĂĨŝůŝĂƐŝ͘
ϳ͘ ZĞŶĐĂŶĂ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ KďůŝŐĂƐŝ ǁĂũŝď ĚŝůĂƉŽƌŬĂŶ ŬĞƉĂĚĂ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƉĂůŝŶŐ
ůĂŵďĂƚϮ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞďĞůƵŵƉĞŶŐƵŵƵŵĂŶƌĞŶĐĂŶĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝƚĞƌƐĞďƵƚ͘
ϴ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͕ĚĂƉĂƚĚŝůĂŬƵŬĂŶƐĞƚĞůĂŚƉĞŶŐƵŵƵŵĂŶƌĞŶĐĂŶĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͘
ϵ͘ ZĞŶĐĂŶĂ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ KďůŝŐĂƐŝ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ ĚĂůĂŵ ĂŶŐŬĂ ϳ ĚĂŶ ƉĞŶŐƵŵƵŵĂŶ ƐĞďĂŐĂŝŵĂŶĂ
ĚŝŵĂŬƐƵĚĚĂůĂŵĂŶŐŬĂϴĚŝĂƚĂƐ͕ƉĂůŝŶŐƐĞĚŝŬŝƚŵĞŵƵĂƚŝŶĨŽƌŵĂƐŝ͗
;ŝͿ WĞƌŝŽĚĞƉĞŶĂǁĂƌĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝ͖
;ŝŝͿ :ƵŵůĂŚĚĂŶĂŵĂŬƐŝŵĂůLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝ͖
;ŝŝŝͿ <ŝƐĂƌĂŶũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐĂŬĂŶĚŝďĞůŝŬĞŵďĂůŝ͖
;ŝǀͿ ,ĂƌŐĂĂƚĂƵŬŝƐĂƌĂŶŚĂƌŐĂLJĂŶŐĚŝƚĂǁĂƌŬĂŶƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝŽďůŝŐĂƐŝ͖
;ǀͿ dĂƚĂĐĂƌĂƉĞŶLJĞůĞƐĂŝĂŶƚƌĂŶƐĂŬƐŝ͖
;ǀŝͿ WĞƌƐLJĂƌĂƚĂŶďĂŐŝWĞŵĞŐĂŶŐKďůŝŐĂƐŝLJĂŶŐŵĞŶŐĂũƵŬĂŶƉĞŶĂǁĂƌĂŶũƵĂů͖
;ǀŝŝͿ dĂƚĂĐĂƌĂƉĞŶLJĂŵƉĂŝĂŶƉĞŶĂǁĂƌĂŶũƵĂůŽůĞŚWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͖
;ǀŝŝŝͿ dĂƚĂĐĂƌĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͖ĚĂŶ
;ŝdžͿ ,ƵďƵŶŐĂŶĨŝůŝĂƐŝĂŶƚĂƌĂƉĞƌƐĞƌŽĂŶĚĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͘
ϭϬ͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞůĂŬƵŬĂŶ ƉĞŶũĂƚĂŚĂŶ ƐĞĐĂƌĂ ƉƌŽƉŽƌƐŝŽŶĂů ƐĞďĂŶĚŝŶŐ ĚĞŶŐĂŶ ƉĂƌƚŝƐŝƉĂƐŝ ƐĞƚŝĂƉ WŝŚĂŬ LJĂŶŐ
ŵĞůĂŬƵŬĂŶ ƉĞŶũƵĂůĂŶ KďůŝŐĂƐŝ ĂƉĂďŝůĂ ũƵŵůĂŚ KďůŝŐĂƐŝ LJĂŶŐ ĚŝƚĂǁĂƌŬĂŶ ƵŶƚƵŬ ĚŝũƵĂů ŽůĞŚ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ͕
ŵĞůĞďŝŚŝũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐĚĂƉĂƚĚŝďĞůŝŬĞŵďĂůŝ͖
ϭϭ͘ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶũĂŐĂ ŬĞƌĂŚĂƐŝĂŶ ĂƚĂƐ ƐĞŵƵĂ ŝŶĨŽƌŵĂƐŝ ŵĞŶŐĞŶĂŝ ƉĞŶĂǁĂƌĂŶ ũƵĂů ƚĞůĂŚ ĚŝƐĂŵƉĂŝŬĂŶ ŽůĞŚ
WĞŵĞŐĂŶŐKďůŝŐĂƐŝ͘
13
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ϭϮ͘ WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞůĂŬƵŬĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝƚĂŶƉĂŵĞůĂŬƵŬĂŶWĞŶŐƵŵƵŵĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚ
ĚĂůĂŵĂŶŐŬĂϴĚŝĂƚĂƐ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ŝͿ :ƵŵůĂŚ ƉĞŵďĞůŝĂŶ ŬĞŵďĂůŝ KďůŝŐĂƐŝ ƚŝĚĂŬ ůĞďŝŚ ĚĂƌŝ ϱй ;ůŝŵĂ ƉĞƌƐĞŶͿ ĚĂƌŝ ũƵŵůĂŚ KďůŝŐĂƐŝ ƵŶƚƵŬ ŵĂƐŝŶŐͲ
ŵĂƐŝŶŐũĞŶũŝƐKďůŝŐĂƐŝLJĂŶŐďĞƌĞĚĂƌ;ŽƵƚƐƚĂŶĚŝŶŐͿĚĂůĂŵƉĞƌŝŽĚĞƐĂƚƵƚĂŚƵŶƐĞƚĞůĂŚdĂŶŐŐĂůWĞŶũĂƚĂŚĂŶ͖
;ŝŝͿ KďůŝŐĂƐŝLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝƚĞƌƐĞďƵƚďƵŬĂŶKďůŝŐĂƐŝLJĂŶŐĚŝŵŝůŝŬŝĨŝůŝĂƐŝWĞƌƐĞƌŽĂŶ͖ĚĂŶ
;ŝŝŝͿ KďůŝŐĂƐŝLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝƚĞƌƐĞďƵƚŚĂŶLJĂƵŶƚƵŬĚŝƐŝŵƉĂŶLJĂŶŐŬĞŵƵĚŝĂŶŚĂƌŝĚĂƉĂƚĚŝũƵĂůŬĞŵďĂůŝ͕
ĚĂŶǁĂũŝďĚŝůĂƉŽƌŬĂŶŬĞƉĂĚĂKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶƉĂůŝŶŐůĂŵďĂƚĂŬŚŝƌ,Ăƌŝ<ĞƌũĂŬĞͲϮ;ĚƵĂͿƐĞƚĞůĂŚƚĞƌũĂĚŝŶLJĂ
ƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͘
ϭϯ͘ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞůĂƉŽƌŬĂŶŝŶĨŽƌŵĂƐŝƚĞƌŬĂŝƚƉĞůĂŬƐĂŶĂĂŶƉĞŵďĞůŝĂŶŬĞŵďĂůŝŬĞƉĂĚĂK:<ĚĂŶtĂůŝŵĂŶĂƚ͕ƐĞƌƚĂ
ŵĞŶŐƵŵƵŵŬĂŶ ŬĞƉĂĚĂ ƉƵďůŝŬ ĚĂůĂŵ ǁĂŬƚƵ ƉĂůŝŶŐ ůĂŵďĂƚ Ϯ ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ ƐĞƚĞůĂŚ ĚŝůĂŬƵŬĂŶŶLJĂ ƉĞŵďĞůŝĂŶ
ŬĞŵďĂůŝKďůŝŐĂƐŝ͘
ϭϰ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŵĞŶĚĂŚƵůƵŬĂŶKďůŝŐĂƐŝLJĂŶŐƚŝĚĂŬĚŝũĂŵŝŶũŝŬĂƚĞƌĚĂƉĂƚůĞďŝŚĚĂƌŝ
ƐĂƚƵŽďůŝŐĂƐŝLJĂŶŐĚŝƚĞƌďŝƚŬĂŶŽůĞŚ ŵŝƚĞŶ͘
ϭϱ͘ WĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ǁĂũŝď ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ĂƐƉĞŬ ŬĞƉĞŶƚŝŶŐĂŶ ĞŬŽŶŽŵŝƐ WĞƌƐĞƌŽĂŶ ĂƚĂƐ
ƉĞŵďĞůŝĂŶŬĞŵďĂůŝƚĞƌƐĞďƵƚũŝŬĂƚĞƌĚĂƉĂƚůĞďŝŚĚĂƌŝƐĂƚƵŽďůŝŐĂƐŝLJĂŶŐƚŝĚĂŬĚŝũĂŵŝŶ͘
ϭϲ͘ WĞŵďĞůŝĂŶ ŬĞŵďĂůŝ ǁĂũŝď ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ĂƐƉĞŬ ŬĞƉĞŶƚŝŶŐĂŶ ĞŬŽŶŽŵŝƐ WĞƌƐĞƌŽĂŶ ĂƚĂƐ
ƉĞŵĞďĞůŝĂŶŬĞŵďĂůŝƚĞƌƐĞďƵƚũƵŬĂƚĞƌĚĂƉĂƚũĂŵŝŶĂŶĂƚĂƐƐĞůƵƌƵŚKďůŝŐĂƐŝ͘
ϭϳ͘ WĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝŽůĞŚWĞƌƐĞƌŽĂŶŵĞŶŐĂŬŝďĂƚŬĂŶ͗
;ŝͿ ,ĂƉƵƐŶLJĂƐĞŐĂůĂŚĂŬLJĂŶŐŵĞůĞŬĂƚƉĂĚĂKďůŝŐĂƐŝLJĂŶŐĚŝďĞůŝŬĞŵďĂůŝ͕ŵĞůŝƉƵƚŝŚĂŬŵĞŶŐŚĂĚŝƌŝZhWK͕ŚĂŬ
ƐƵĂƌĂ ĚĂŶ ŚĂŬ ŵĞŵƉĞƌŽůĞŚ ƵŶŐĂ KďůŝŐĂƐŝ ƐĞƌƚĂ ŵĂŶĨĂĂƚ ůĂŝŶ ĚĂƌŝ KďůŝŐĂƐŝ LJĂŶŐ ĚŝďĞůŝ ŬĞŵďĂůŝ ũŝŬĂ
ĚŝŵĂŬƐƵĚŬĂŶƵŶƚƵŬƉĞůƵŶĂƐĂŶ͖ĂƚĂƵ
;ŝŝͿ WĞŵďĞƌŚĞŶƚŝĂŶ ƐĞŵĞŶƚĂƌĂ ƐĞŐĂůĂ ŚĂŬ LJĂŶŐ ŵĞůĞŬĂƚ ƉĂĚĂ KďůŝŐĂƐŝ LJĂŶŐ ĚŝďĞůŝ ŬĞŵďĂůŝ͕ ŵĞůŝƉƵƚŝ ŚĂŬ
ŵĞŶŐŚĂĚŝƌŝZhWK͕ŚĂŬƐƵĂƌĂĚĂŶŚĂŬŵĞŵƉĞƌŽůĞŚƵŶŐĂKďůŝŐĂƐŝƐĞƌƚĂŵĂŶĨĂĂƚůĂŝŶĚĂƌŝKďůŝŐĂƐŝLJĂŶŐĚŝďĞůŝ
ŬĞŵďĂůŝ͕ũŝŬĂĚŝŵĂŬƐƵĚŬĂŶƵŶƚƵŬĚŝƐŝŵƉĂŶĚĂŶĚŝũƵĂůŬĞŵďĂůŝ͘
ϵ͘Ϯ <ĞƚĞŶƚƵĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϵ͘ϭĂŶŐŬĂϱĚŝŬĞĐƵĂůŝŬĂŶũŝŬĂƚĞůĂŚŵĞŵƉĞƌŽůĞŚƉĞƌƐĞƚƵũƵĂŶZhWK͘
ϵ͘ϯ <ĞƚĞŶƚƵĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϵ͘ϭĂŶŐŬĂϲĚŝŬĞĐƵĂůŝŬĂŶƉĂĚĂĨŝůŝĂƐŝLJĂŶŐƚŝŵďƵůŬĂƌĞŶĂŬĞƉĞŵŝůŝŬĂŶ
ĂƚĂƵƉĞŶLJĞƌƚĂĂŶŵŽĚĂůŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘
ϵ͘ϰ WĞŶŐƵŵƵŵĂŶƌĞŶĐĂŶĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϵ͘ϭŚƵƌƵĨϳĚĂŶŚƵƌƵĨϴǁĂũŝď
ĚŝůĂŬƵŬĂŶƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿ,Ăƌŝ<ĂůĞŶĚĞƌƐĞďĞůƵŵƚĂŶŐŐĂůƉĞŶĂǁĂƌĂŶƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝĚŝŵƵůĂŝ͕ƉĂůŝŶŐ
ƐĞĚŝŬŝƚŵĞůĂůƵŝ͗
ϭ͘ ďĂŐŝWĞƌƐĞƌŽĂŶLJĂŶŐƐĂŚĂŵŶLJĂƚĞƌĐĂƚĂƚƉĂĚĂďƵƌƐĂĞĨĞŬƉĂůŝŶŐƐĞĚŝŬŝƚŵĞůĂůƵŝ͗
;ŝͿ ƐŝƚƵƐǁĞďWĞƌƐĞƌŽĂŶĚĂůĂŵĂŚĂƐĂ/ŶĚŽŶĞƐŝĂĚĂŶďĂŚĂƐĂĂƐŝŶŐ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶďĂŚĂƐĂĂƐŝŶŐLJĂŶŐĚŝŐƵŶĂŬĂŶ
ƉĂůŝŶŐƐĞĚŝŬŝƚďĂŚĂƐĂ/ŶŐŐƌŝƐ͖ĚĂŶ
;ŝŝͿ ƐŝƚƵƐǁĞďƵƌƐĂ ĨĞŬĂƚĂƵϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů͘
Ϯ͘ ďĂŐŝWĞƌƐĞƌŽĂŶLJĂŶŐƐĂŚĂŵŶLJĂƚŝĚĂŬƚĞƌĐĂƚĂƚƉĂĚĂƵƌƐĂ ĨĞŬƉĂůŝŶŐƐĞĚŝŬŝƚŵĞůĂůƵŝ͗
;ŝͿ ƐŝƚƵƐǁĞďWĞƌƐĞƌŽĂŶĚĂůĂŵĂŚĂƐĂ/ŶĚŽŶĞƐŝĂĚĂŶďĂŚĂƐĂĂƐŝŶŐ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶďĂŚĂƐĂĂƐŝŶŐLJĂŶŐĚŝŐƵŶĂŬĂŶ
ƉĂůŝŶŐƐĞĚŝŬŝƚďĂŚĂƐĂ/ŶŐŐƌŝƐ͖ĚĂŶ
;ŝŝͿ ϭ;ƐĂƚƵͿƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐďĞƌƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂů͘
ϵ͘ϱ /ŶĨŽƌŵĂƐŝLJĂŶŐǁĂũŝďĚŝůĂƉŽƌŬĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚƉĂĚĂĂLJĂƚϵ͘ϭĂŶŐŬĂϭϯĚŝĂƚĂƐƉĂůŝŶŐƐĞĚŝŬŝƚŵĞŵƵĂƚ͗
ϭ͘ ũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐƚĞůĂŚĚŝďĞůŝŽůĞŚWĞƌƐĞƌŽĂŶ͖
Ϯ͘ ƌŝŶĐŝĂŶũƵŵůĂŚKďůŝŐĂƐŝLJĂŶŐƚĞůĂŚĚŝďĞůŝŬĞŵďĂůŝƵŶƚƵŬƉĞůƵŶĂƐĂŶĂƚĂƵĚŝƐŝŵƉĂŶƵŶƚƵŬĚŝũƵĂůŬĞŵďĂůŝ͖
ϯ͘ ŚĂƌŐĂƉĞŵďĞůŝĂŶŬĞŵďĂůŝLJĂŶŐƚĞůĂŚƚĞƌũĂĚŝ͖ĚĂŶ
ϰ͘ ũƵŵůĂŚĚĂŶĂLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞŵďĞůŝĂŶŬĞŵďĂůŝKďůŝŐĂƐŝ͘
ϭϬ͘ W D Z/d,hE
^ĞŵƵĂƉĞŵďĞƌŝƚĂŚƵĂŶĚĂƌŝƐĂƚƵƉŝŚĂŬŬĞƉĂĚĂƉŝŚĂŬůĂŝŶĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶĚŝĂŶŐŐĂƉƚĞůĂŚĚŝůĂŬƵŬĂŶĚĞŶŐĂŶ
ƐĂŚ ĚĂŶ ĚĞŶŐĂŶ ƐĞďĂŐĂŝŵĂŶĂ ŵĞƐƚŝŶLJĂ ĂƉĂďŝůĂ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ƉŝŚĂŬ LJĂŶŐ ďĞƌǁĞŶĂŶŐ͕ ƉŝŚĂŬͲƉŝŚĂŬ ŵĂŶĂ ĂŬĂŶ
ĚŝƚĞŶƚƵŬĂŶďĞƌƐĂŵĂĂŶƚĂƌĂWĞƌƐĞƌŽĂŶĚĂŶtĂůŝŵĂŶĂƚĚĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂĂůĂŵĂƚƚĞƌƐĞďƵƚĚŝďĂǁĂŚŝŶŝ͕LJĂŶŐƚĞƌƚĞƌĂ
ĚŝƐĂŵƉŝŶŐ ŶĂŵĂ ƉŝŚĂŬ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ͕ ĚĂŶ ĚŝďĞƌŝŬĂŶ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ͕ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ƐĞƌƚĂ ĚŝƐĂŵƉĂŝŬĂŶ ĚĞŶŐĂŶ ƉŽƐ
ƚĞƌĐĂƚĂƚĂƚĂƵĚŝƐĂŵƉĂŝŬĂŶůĂŶŐƐƵŶŐĚĞŶŐĂŶŵĞŵƉĞƌŽůĞŚƚĂŶĚĂƚĞƌŝŵĂĂƚĂƵĚĞŶŐĂŶ&ĂŬƐŝŵŝůŝ͘
WĞƌƐĞƌŽĂŶ͗
EĂŵĂ ͗Wd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ůĂŵĂƚ<ĂŶƚŽƌWƵƐĂƚ ͗/ŶĚŽŵŽďŝůdŽǁĞƌ͕>ƚ͘ϭϳ
:ů͘D͘d͘,ĂƌLJŽŶŽ<Ăǀ͘ϭϭ͕:ĂŬĂƌƚĂdŝŵƵƌϭϯϯϯϬ
dĞůĞƉŽŶ ͗;ϬϮϭͿϮϵϴϮϳϵϲϬĞdžƚ͘ϴϬϱϳ
&ĂŬƐŝŵŝůŝ ͗;ϬϮϭͿϮϵϴϮϳϵϲϭ
hŶƚƵŬƉĞƌŚĂƚŝĂŶ ͗ŝǀŝƐŝ&ŝŶĂŶĐĞ–>ĞŶŶLJZŽLJĂŶLJ
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tĂůŝŵĂŶĂƚ͗
EĂŵĂ ͗WdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘
ůĂŵĂƚ ͗'ĞĚƵŶŐZ///>ƚ͘ϲ:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶ<Ăǀ͘ϰϰͲϰϲ
:ĂŬĂƌƚĂϭϬϮϭϬ–/ŶĚŽŶĞƐŝĂ
dĞůĞƉŽŶ ͗;ϬϮϭͿϱϳϱϴϭϰϯ
&ĂŬƐŝŵŝůŝ ͗;ϬϮϭͿϮϱϭϬϯϭϲ
hŶƚƵŬƉĞƌŚĂƚŝĂŶ ͗ŚĂŶLJZĂŵĂĚŚĂŶƚŽ–ĞƉĂƌƚŵĞŶƚ,ĞĂĚdƌƵƐƚΘŽƌƉŽƌĂƚĞ^ĞƌǀŝĐĞĞƉĂƌƚŵĞŶƚ
ƉĂďŝůĂ ƐĂůĂŚ ƐĂƚƵ ƉŝŚĂŬ ŵĞŶŐĂůĂŵŝ ƉĞƌƵďĂŚĂŶ ĂůĂŵĂƚ͕ ŵĂŬĂ ƉŝŚĂŬ LJĂŶŐ ŵĞŶŐĂůĂŵŝ ƉĞƌƵďĂŚĂŶ ĂůĂŵĂƚ ƚĞƌƐĞďƵƚ ǁĂũŝď
ŵĞŵďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶŶLJĂ͕ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϳ;ƚƵũƵŚͿ,Ăƌŝ<ĞƌũĂƐĞũĂŬƚĞƌũĂĚŝŶLJĂƉĞƌƵďĂŚĂŶĂůĂŵĂƚƚĞƌƐĞďƵƚ͘
ϭϭ͘ W Zh,EW Z:E:/EW Zt>/DEdE
WĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶKďůŝŐĂƐŝĚĂƉĂƚĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ƉĂďŝůĂƉĞƌƵďĂŚĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶƐĞďĞůƵŵdĂŶŐŐĂů ŵŝƐŝ͕ŵĂŬĂƉĞƌƵďĂŚĂŶĚĂŶͬĂƚĂƵ
ƉĞŶĂŵďĂŚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ KďůŝŐĂƐŝ ƚĞƌƐĞďƵƚ ŚĂƌƵƐ ĚŝďƵĂƚ ĚĂůĂŵ ƐƵĂƚƵ ƉĞƌũĂŶũŝĂŶ ƚĞƌƚƵůŝƐ LJĂŶŐ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚtĂůŝŵĂŶĂƚĚĂŶWĞƌƐĞƌŽĂŶĚĂŶƐĞƚĞůĂŚƉĞƌƵďĂŚĂŶƚĞƌƐĞďƵƚĚŝůĂŬƵŬĂŶ͕ŵĞŵďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂ
K:<ĚĞŶŐĂŶƚŝĚĂŬŵĞŶŐƵƌĂŶŐŝŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘
ď͘ ƉĂďŝůĂ ƉĞƌƵďĂŚĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚŝůĂŬƵŬĂŶ ƉĂĚĂ ĚĂŶͬĂƚĂƵ ƐĞƚĞůĂŚ dĂŶŐŐĂů ŵŝƐŝ͕ ŵĂŬĂ ƉĞƌƵďĂŚĂŶ
WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ŚĂŶLJĂ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ƐĞƚĞůĂŚ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ ZhWK ĚĂŶ ƉĞƌƵďĂŚĂŶ
ĚĂŶͬĂƚĂƵ ƉĞŶĂŵďĂŚĂŶ ƚĞƌƐĞďƵƚ ĚŝďƵĂƚ ĚĂůĂŵ ƐƵĂƚƵ ƉĞƌũĂŶũŝĂŶ ƚĞƌƚƵůŝƐ LJĂŶŐ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ tĂůŝ ŵĂŶĂƚ ĚĂŶ
WĞƌƐĞƌŽĂŶ͕ ŬĞĐƵĂůŝ ĚŝƚĞŶƚƵŬĂŶ ůĂŝŶ ĚĂůĂŵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ ĂƚĂƵ ĂƉĂďŝůĂ ĚŝůĂŬƵŬĂŶ
ƉĞŶLJĞƐƵĂŝĂŶ ĂƚĂƵ ƉĞƌƵďĂŚĂŶ ƚĞƌŚĂĚĂƉ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌĂƚƵƌĂŶ ďĂƌƵ LJĂŶŐ ďĞƌŬĂŝƚĂŶ
ĚĞŶŐĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ϭϮ͘ ,h<hDzE' Z><h
^ĞůƵƌƵŚƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶKďůŝŐĂƐŝďĞƌĂĚĂĚĂŶƚƵŶĚƵŬĚŝďĂǁĂŚŚƵŬƵŵLJĂŶŐďĞƌůĂŬƵĚŝŶĞŐĂƌĂ
ZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͘
ϭϯ͘ < d ZE'Ed EdE't>/DEd
ĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝ͕WĞƌƐĞƌŽĂŶĚĂŶWdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘^ĞůĂŬƵtĂůŝŵĂŶĂƚƚĞůĂŚ
ŵĞŶĂŶĚĂƚĂŶŐĂŶŝWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘ůĂŵĂƚtĂůŝŵĂŶĂƚĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿ͕dďŬ͘
/ŶǀĞƐƚŵĞŶƚ^ĞƌǀŝĐĞƐŝǀŝƐŝŽŶ
dƌƵƐƚΘŽƌƉŽƌĂƚĞ^ĞƌǀŝĐĞƐĞƉĂƌƚŵĞŶƚ
'ĞĚƵŶŐZ///>ƚ͘ϲ
:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶ<Ăǀ͘ϰϰͲϰϲ͕:ĂŬĂƌƚĂϭϬϮϭϬ–/ŶĚŽŶĞƐŝĂ
dĞůĞƉŽŶ͗;ϬϮϭͿϱϳϱϴϭϰϯ
&ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϮϱϭϬϯϭϲ
ŵĂŝů͗ƚĐƐŽƉĞƌĂƚŝŽŶΛĐŽƌƉ͘ďƌŝ͘ĐŽ͘ŝĚ
hƉ͘ŚĂŶLJZĂŵĂĚŚĂŶƚŽ–ĞƉĂƌƚŵĞŶƚ,ĞĂĚdƌƵƐƚΘŽƌƉŽƌĂƚĞ^ĞƌǀŝĐĞĞƉĂƌƚŵĞŶƚ
<ĞƚĞƌĂŶŐĂŶůĞďŝŚůĞŶŐŬĂƉŵĞŶŐĞŶĂŝtĂůŝŵĂŶĂƚĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂĂďy//ĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘
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//͘ W E''hEE E zE' /W ZK> , Z/ W EtZE hDhD
K>/'^/
^ĞůƵƌƵŚ ĚĂŶĂ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ŝŶŝ͕ ƐĞƚĞůĂŚ ĚŝŬƵƌĂŶŐŝ ĚĞŶŐĂŶ ďŝĂLJĂ ĞŵŝƐŝ͕ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ
ƐĞůƵƌƵŚŶLJĂŽůĞŚWĞƌƐĞƌŽĂŶƵŶƚƵŬ͗
• ^ĞďĞƐĂƌ ZƉϯϲϲ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƚŝŐĂ ƌĂƚƵƐ ĞŶĂŵ ƉƵůƵŚ ĞŶĂŵ ŵŝůŝĂƌ ZƵƉŝĂŚͿ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ƉĞůƵŶĂƐĂŶ WŽŬŽŬ
KďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϯ^ĞƌŝĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EĂŵĂŽďůŝŐĂƐŝ ͗ KďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϯ^Ğƌŝ
WŽŬŽŬŽďůŝŐĂƐŝ ͗ ZƉϯϲϲ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚĞŶĂŵŵŝůŝĂƌZƵƉŝĂŚͿ
:ƵŵůĂŚLJĂŶŐĚŝďĂLJĂƌŬĂŶ ͗ ZƉϯϲϲ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚĞŶĂŵŵŝůŝĂƌZƵƉŝĂŚͿ
^ĂůĚŽ ƵƚĂŶŐ ;ƐĞƚĞůĂŚ ĚŝďĂLJĂƌ ͗ Ͳ
ĚĂƌŝ ƉĞŶĚĂŶĂĂŶ WĞŶĂǁĂƌĂŶ
hŵƵŵKďůŝŐĂƐŝͿ
tĂŬƚƵƉĞůƵŶĂƐĂŶ ͗ ^ĞƐƵĂŝƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽ͘
dŝŶŐŬĂƚďƵŶŐĂ ͗ ϱ͕ϴϱй
:ĂƚƵŚƚĞŵƉŽ ͗ Ϯϭ:ƵůŝϮϬϮϰ
WĞŶŐŐƵŶĂĂŶĚĂŶĂ ͗ ^ĞůƵƌƵŚĚĂŶĂLJĂŶŐĚŝƉĞƌŽůĞŚĚĂƌŝWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
dĂŚƵŶ ϮϬϮϯ͕ ƐĞƚĞůĂŚ ĚŝŬƵƌĂŶŐŝ ĚĞŶŐĂŶ ŬŽŵŝƐŝͲŬŽŵŝƐŝ͕ ďŝĂLJĂͲďŝĂLJĂ͕ ĚĂŶ ƉĞŶŐĞůƵĂƌĂŶͲ
ƉĞŶŐĞůƵĂƌĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŵŝƐŝ͕ ƚĞůĂŚ ĚŝŐƵŶĂŬĂŶ ƐĞůƵƌƵŚŶLJĂ ŽůĞŚ WĞƌƐĞƌŽĂŶ
ƵŶƚƵŬ ŵŽĚĂů ŬĞƌũĂ ĚĂůĂŵ ďĞŶƚƵŬ ƉĞŵďŝĂLJĂĂŶ ƐĞďĂŐĂŝŵĂŶĂ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ LJĂŶŐ
ĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘
• ^ŝƐĂŶLJĂ ĂŬĂŶ ĚŝŐƵŶĂŬĂŶ ƐĞďĂŐĂŝ ŵŽĚĂů ŬĞƌũĂ WĞƌƐĞƌŽĂŶ͕ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ďŝĚĂŶŐ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ Ěŝ ũĂƐĂ ƉĞŵďŝĂLJĂĂŶ͘
DŽĚĂůŬĞƌũĂLJĂŶŐĚŝŵĂŬƐƵĚĚĂůĂŵƌĞŶĐĂŶĂƉĞŶŐŐƵŶĂĂŶĚĂŶĂƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝĂĚĂůĂŚƵŶƚƵŬŵĞŶĚĂŶĂŝƉĞŵďŝĂLJĂĂŶ
ŬĞŐŝĂƚĂŶƵƐĂŚĂĚĂŶďŝĂLJĂŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘
WĞƌƐĞƌŽĂŶĂŬĂŶŵĞůĂƉŽƌŬĂŶƌĞĂůŝƐĂƐŝƉĞŶŐŐƵŶĂĂŶĚĂŶĂƐĞĐĂƌĂƉĞƌŝŽĚŝŬ͕ĚĞŶŐĂŶƉĞƌŝŽĚĞůĂƉŽƌĂŶϯϬ:ƵŶŝĚĂŶϯϭĞƐĞŵďĞƌ͕
ŬĞƉĂĚĂK:<ĚĂŶtĂůŝŵĂŶĂƚƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϯϬͬϮϬϭϱ͘ƉĂďŝůĂĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝďĞůƵŵ
ĚŝƉĞƌŐƵŶĂŬĂŶ ƐĞůƵƌƵŚŶLJĂ͕ ŵĂŬĂ ƉĞŶĞŵƉĂƚĂŶ ƐĞŵĞŶƚĂƌĂ ĚĂŶĂ ŚĂƐŝů WĞŶĂǁĂƌĂŶ hŵƵŵ KďůŝŐĂƐŝ ƚĞƌƐĞďƵƚ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ
WĞƌƐĞƌŽĂŶĚĞŶŐĂŶŵĞŵƉĞƌŚĂƚŝŬĂŶŬĞĂŵĂŶĂŶĚĂŶůŝŬƵŝĚŝƚĂƐ͘
ƉĂďŝůĂ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŚĂƐŝů ŵŝƐŝ KďůŝŐĂƐŝ ĂŬĂŶ ĚŝƵďĂŚ͕ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶLJĂŵƉĂŝŬĂŶ ƌĞŶĐĂŶĂ ĚĂŶ ĂůĂƐĂŶ
ƉĞƌƵďĂŚĂŶƉĞŶŐŐƵŶĂĂŶĚĂŶĂŚĂƐŝů ŵŝƐŝKďůŝŐĂƐŝŬĞƉĂĚĂK:<ƉĂůŝŶŐůĂŵďĂƚϭϰ;ĞŵƉĂƚďĞůĂƐͿŚĂƌŝƐĞďĞůƵŵƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ
ZhWK͕ ĚĂŶ ƉĞƌƵďĂŚĂŶ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ƚĞƌƐĞďƵƚ ǁĂũŝď ŵĞŵƉĞƌŽůĞŚ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ ZhWK ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƚĞŶƚƵĂŶ
WĞƌĂƚƵƌĂŶK:<EŽ͘ϯϬͬϮϬϭϱ͘
^ĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϵͬϮϬϭϳ͕ƚŽƚĂůƉĞƌŬŝƌĂĂŶďŝĂLJĂLJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĂĚĂůĂŚŬƵƌĂŶŐůĞďŝŚƐĞƚĂƌĂ
ĚĞŶŐĂŶϬ͕ϳϴϭй;ŶŽůŬŽŵĂƚƵũƵŚĚĞůĂƉĂŶƐĂƚƵƉĞƌƐĞŶͿĚĂƌŝŶŝůĂŝĞŵŝƐŝKďůŝŐĂƐŝLJĂŶŐŵĞůŝƉƵƚŝ͗
• ŝĂLJĂũĂƐĂƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ;ŵĂŶĂŐĞŵĞŶƚĨĞĞͿƐĞŬŝƚĂƌϬ͕ϭϱϬй͖
• ŝĂLJĂũĂƐĂƉĞŶũĂŵŝŶĂŶ;ƵŶĚĞƌǁƌŝƚŝŶŐĨĞĞͿƐĞŬŝƚĂƌϬ͕ϬϮϬй͖
• ŝĂLJĂũĂƐĂƉĞŶũƵĂůĂŶ;ƐĞůůŝŶŐĨĞĞͿƐĞŬŝƚĂƌϬ͕ϬϮϬй͖
• ŝĂLJĂ WƌŽĨĞƐŝ WĞŶƵŶũĂŶŐ WĂƐĂƌ DŽĚĂů ƐĞŬŝƚĂƌ Ϭ͕ϭϯϲй ;LJĂŶŐ ƚĞƌĚŝƌŝ ĚĂƌŝ ďŝĂLJĂ ũĂƐĂ ŬƵŶƚĂŶ WƵďůŝŬ ƐĞŬŝƚĂƌ Ϭ͕ϬϵϮй͖
<ŽŶƐƵůƚĂŶ,ƵŬƵŵƐĞŬŝƚĂƌϬ͕Ϭϯϲй͖ĚĂŶEŽƚĂƌŝƐƐĞŬŝƚĂƌϬ͕ϬϬϴйͿ͖
• ŝĂLJĂ >ĞŵďĂŐĂ WĞŶƵŶũĂŶŐ WĂƐĂƌ DŽĚĂů ƐĞŬŝƚĂƌ Ϭ͕Ϯϰϵй ;LJĂŶŐ ƚĞƌĚŝƌŝ ĚĂƌŝ ďŝĂLJĂ ũĂƐĂ tĂůŝ ŵĂŶĂƚ ƐĞŬŝƚĂƌ Ϭ͕Ϭϯϵй͕
WĞƌƵƐĂŚĂĂŶWĞŵĞƌŝŶŐŬĂƚ ĨĞŬƐĞŬŝƚĂƌϬ͕ϮϭϬйͿ͖
• ŝĂLJĂ >ĂŝŶͲůĂŝŶ ;ďŝĂLJĂ ƉĞŶĚĂĨƚĂƌĂŶ ĂƚĂƐ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ Ěŝ K:<͕ ďŝĂLJĂ ƉĞŶĐĂƚĂƚĂŶ Ěŝ /͕ ďŝĂLJĂ ƉĞŶĚĂĨƚĂƌĂŶ
Ěŝ<^ /͕ĂƵĚŝƚŽƌƉĞŶũĂƚĂŚĂŶ͕ƉĞƌĐĞƚĂŬĂŶĚĂŶŝŬůĂŶͿƐĞŬŝƚĂƌϬ͕ϮϬϲй
ĂŶĂŚĂƐŝůƉĞŶĂǁĂƌĂŶƵŵƵŵKďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϯ͕ƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝĚĞŶŐĂŶƐĞůƵƌƵŚďŝĂLJĂƚĞƌŬĂŝƚ͕
ƐĞůƵƌƵŚŶLJĂƚĞůĂŚĚŝŐƵŶĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶƚƵũƵĂŶƉĞŶŐŐƵŶĂĂŶĚĂŶĂƉĞŶĂǁĂƌĂŶƵŵƵŵƚĞƌƐĞďƵƚĚĂŶůĂƉŽƌĂŶ
ƌĞĂůŝƐĂƐŝ ƉĞŶŐŐƵŶĂĂŶ ĚĂŶĂ ŚĂƐŝů ƉĞŶĂǁĂƌĂŶ ƵŵƵŵ ƚĞůĂŚ ĚŝƐĂŵƉĂŝŬĂŶ ŵĞůĂůƵŝ ƐƵƌĂƚ EŽ͘ϬϮϳͬK^ͬy/ͬϮϬϮϯ ƚĞƌƚĂŶŐŐĂů
ϯϬEŽǀĞŵďĞƌϮϬϮϯƉĞƌŝŚĂů>ĂƉŽƌĂŶZĞĂůŝƐĂƐŝWĞŶŐŐƵŶĂĂŶĂŶĂ,ĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵ–KďůŝŐĂƐŝ,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
LJĂŶŐƚĞůĂŚĚŝƐĂŵƉĂŝŬĂŶƉĂĚĂƚĂŶŐŐĂůϬϳĞƐĞŵďĞƌϮϬϮϯ͘ ,ĂůŝŶŝƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϯϬͬϮϬϭϱƉĂƐĂůϯĂLJĂƚϮ
ĚŝŵĂŶĂĚĂůĂŵŚĂů ŵŝƚĞŶƚĞůĂŚŵĞŶŐŐƵŶĂŬĂŶƐĞůƵƌƵŚĚĂŶĂŚĂƐŝůWĞŶĂǁĂƌĂŶhŵƵŵƐĞďĞůƵŵƚĂŶŐŐĂůůĂƉŽƌĂŶ͕ ŵŝƚĞŶĚĂƉĂƚ
ŵĞŶLJĂŵƉĂŝŬĂŶůĂƉŽƌĂŶƌĞĂůŝƐĂƐŝƉĞŶŐŐƵŶĂĂŶĚĂŶĂƚĞƌĂŬŚŝƌůĞďŝŚĂǁĂůĚĂƌŝďĂƚĂƐǁĂŬƚƵƉĞŶLJĂŵƉĂŝĂŶůĂƉŽƌĂŶ͘
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///͘ W ZEzdEhdE'
dĂďĞůĚŝďĂǁĂŚŝŶŝŵĞŶLJĂũŝŬĂŶƉŽƐŝƐŝůŝĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ͕LJĂŶŐĂŶŐŬĂͲĂŶŐŬĂŶLJĂĚŝĂŵďŝůĚĂƌŝ
ůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ ƵŶƚƵŬƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮ͕ƐĞƌƚĂƵŶƚƵŬ ƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂ ƚĂŶŐŐĂůͲ
ƚĂŶŐŐĂůƚĞƌƐĞďƵƚLJĂŶŐĚŝƐĂũŝŬĂŶĚĂůĂŵƚĂďĞůĚŝďĂǁĂŚŝŶŝĚŝĂŵďŝůĚĂƌŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ
ĚĂŶϮϬϮϮ͕ƐĞƌƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůƚĞƌƐĞďƵƚLJĂŶŐƚĞůĂŚĚŝƐƵƐƵŶŽůĞŚDĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶ
ƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶĚŝ/ŶĚŽŶĞƐŝĂĚĂŶĚŝƐĂũŝŬĂŶĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ͕LJĂŶŐƐĞůƵƌƵŚŶLJĂƚĞƌĐĂŶƚƵŵ
ĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝĚĂŶƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<WWƵƌǁĂŶƚŽŶŽ͕^ƵŶŐŬŽƌŽΘ^ƵƌũĂ;ĨŝƌŵĂĂŶŐŐŽƚĂ ƌŶƐƚΘzŽƵŶŐ'ůŽďĂů>ŝŵŝƚĞĚͿ
ďĞƌĚĂƐĂƌŬĂŶ^ƚĂŶĚĂƌƵĚŝƚyang ditetapkan oleh Institut Akuntan Publik Indonesia (“IAPI”) sebagaimana tercantum dalam
ůĂƉŽƌĂŶ ĂƵĚŝƚŽƌ ŝŶĚĞƉĞŶĚĞŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚĂŶ ϮϬϮϮ
EŽ͘ϬϭϰϵϵͬϮ͘ϭϬϯϮͬh͘ϭͬϬϵͬϭϲϴϭͲϯͬϭͬsͬϮϬϮϰƚĞƌƚĂŶŐŐĂůϮϴDĞŝϮϬϮϰLJĂŶŐĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚŚƌŝƐƚŽƉŚŽƌƵƐůǀŝŶ<ŽƐƐŝŵ
;ZĞŐŝƐƚƌĂƐŝ ŬƵŶƚĂŶ WƵďůŝŬ EŽ͘ ϭϲϴϭͿ͘ >ĂƉŽƌĂŶ ĂƵĚŝƚŽƌ ŝŶĚĞƉĞŶĚĞŶ ƚĞƌƐĞďƵƚ͕ LJĂŶŐ ũƵŐĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WƌŽƐƉĞŬƚƵƐ ŝŶŝ͕
ŵĞŶLJĂƚĂŬĂŶ ŽƉŝŶŝ ƚĂŶƉĂ ŵŽĚŝĨŝŬĂƐian dan paragraf “HalͲhal Lain” yang menyatakan tujuan penerbiƚĂŶ ůĂƉŽƌĂŶ ĂƵĚŝƚŽƌ
ŝŶĚĞƉĞŶĚĞŶ ĚĂŶ ƉĞŶĞƌďŝƚĂŶ ŬĞŵďĂůŝ ůĂƉŽƌĂŶ ĂƵĚŝƚŽƌ ŝŶĚĞƉĞŶĚĞŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ƉĞŶĞƌďŝƚĂŶ ŬĞŵďĂůŝ >ĂƉŽƌĂŶ
<ĞƵĂŶŐĂŶƵĚŝƚĂŶ͘>ĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯƐĞƌƚĂƵŶƚƵŬ
ƚĂŚƵŶLJĂŶŐďĞƌĂŬhir pada tanggal tersebut juga berisi paragraf “Hal Audit Utama” mengenai cadangan kerugian penurunan
ŶŝůĂŝĂƚĂƐƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶ͘
WĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ͕ WĞƌƐĞƌŽĂŶ ŵĞŵƉƵŶLJĂŝ ůŝĂďŝůŝƚĂƐ ƐĞďĞƐĂƌ ZƉϯ͘ϳϬϮ͘ϰϵϯ͘ϵϰϭ͘ϳϱϭ͕ ĚĞŶŐĂŶ ƌŝŶĐŝĂŶ ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ dŽƚĂů
>//>/d^
WŝŶũĂŵĂŶďĂŶŬͲŶĞƚŽ Ϯ͘Ϯϵϳ͘ϲϮϴ͘ϬϬϬ͘ϬϬϬ
hƚĂŶŐŽďůŝŐĂƐŝͲŶĞƚŽ ϭ͘ϮϮϬ͘ϯϬϰ͘ϯϭϳ͘Ϭϵϴ
hƚĂŶŐůĂŝŶͲůĂŝŶ
WŝŚĂŬďĞƌĞůĂƐŝ Ϯϰ͘ϯϮϯ͘ϴϮϳ
WŝŚĂŬŬĞƚŝŐĂ ϴϭ͘ϰϱϱ͘ϱϳϮ͘ϳϮϯ
ĞďĂŶLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌ ϴϮ͘ϬϴϬ͘ϵϴϳ͘ϱϬϮ
hƚĂŶŐƉĂũĂŬ ϵ͘ϴϳϴ͘ϭϰϰ͘ϵϳϰ
>ŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂŬĂƌLJĂǁĂŶ ϵ͘ϵϴϱ͘ϮϯϮ͘ϬϱϬ
hƚĂŶŐĚĞƌŝǀĂƚŝĨ ϭ͘ϭϯϳ͘ϯϲϯ͘ϱϳϳ
dKd>>//>/d^ ϯ͘ϳϬϮ͘ϰϵϯ͘ϵϰϭ͘ϳϱϭ
ϭ͘ WŝŶũĂŵĂŶĂŶŬ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƉŝŶũĂŵĂŶďĂŶŬƐĞďĞƐĂƌZƉϮ͘Ϯϵϳ͘ϲϮϴ͘ϬϬϬ͘ϬϬϬ͕LJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ ϯϭĞƐĞŵďĞƌϮϬϮϯ
WŝŚĂŬŬĞƚŝŐĂ
ŽůĂƌ^
WŝŶũĂŵĂŶĞƌũĂŶŐŬĂ͗
WdĂŶŬDŝnjƵŚŽ/ŶĚŽŶĞƐŝĂ;^Ψϯϳ͘ϬϬϬ͘ϬϬϬͿ ϱϳϬ͘ϯϵϮ͘ϬϬϬ͘ϬϬϬ
Dh&'ĂŶŬ͕>ƚĚ͕͘ĂďĂŶŐ:ĂŬĂƌƚĂ;^Ψϯϭ͘ϬϬϬ͘ϬϬϬͿ ϰϳϳ͘ϴϵϲ͘ϬϬϬ͘ϬϬϬ
^ƵŵŝƚŽŵŽDŝƚƐƵŝdƌƵƐƚĂŶŬ͕>ƚĚ͕͘ĂďĂŶŐ^ŝŶŐĂƉƵƌĂ;^ΨϮϳ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬͿ ϰϮϯ͘ϵϰϬ͘ϬϬϬ͘ϬϬϬ
WdĂŶŬdWEdďŬ;^ΨϮϱ͘ϬϬϬ͘ϬϬϬͿ ϯϴϱ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬ
ZƵƉŝĂŚ
WŝŶũĂŵĂŶĞƌũĂŶŐŬĂ͗
WdĂŶŬdWEdďŬ ϭϱϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
WdĂŶŬDŝnjƵŚŽ/ŶĚŽŶĞƐŝĂ ϭϱϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
ĞƵƚƐĐŚĞĂŶŬ'͕ĂďĂŶŐ:ĂŬĂƌƚĂ ϭϰϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
dŽƚĂůƉŝŶũĂŵĂŶďĂŶŬͲŶĞƚŽ Ϯ͘Ϯϵϳ͘ϲϮϴ͘ϬϬϬ͘ϬϬϬ
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WŝŶũĂŵĂŶĞƌũĂŶŐŬĂ
:ƵŵůĂŚ&ĂƐŝůŝƚĂƐ
:ĞŶŝƐ dĂŶŐŐĂů :ĂƚƵŚdĞŵƉŽ
EĂŵĂĂŶŬ &ĂƐŝůŝƚĂƐ :ƵŵůĂŚ&ĂƐŝůŝƚĂƐ LJĂŶŐĞůƵŵ
WŝŶũĂŵĂŶ WĞƌũĂŶũŝĂŶ &ĂƐŝůŝƚĂƐ
ŝƚĂƌŝŬ
Dh&' ĂŶŬ͕ >ƚĚ͕͘ ϭ DŽĚĂů<ĞƌũĂ ϯϬƉƌŝůϮϬϮϯ h^Ψϲϴ͘ϬϬϬ͘ϬϬϬ h^Ψϯϳ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
ĂďĂŶŐ:ĂŬĂƌƚĂ
Dh&' ĂŶŬ͕ >ƚĚ͕͘ Ϯ DŽĚĂů<ĞƌũĂ ϯϬƉƌŝůϮϬϮϯ h^Ψϱϰ͘ϬϬϬ͘ϬϬϬ h^Ψϱϰ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
ĂďĂŶŐ:ĂŬĂƌƚĂ
ĂŶŬ DŝnjƵŚŽ ϭ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^ΨϰϬ͘ϬϬϬ͘ϬϬϬ h^Ψϭϱ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
/ŶĚŽŶĞƐŝĂ
ĂŶŬ DŝnjƵŚŽ Ϯ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^ΨϯϮ͘ϬϬϬ͘ϬϬϬ h^ΨϭϬ͘ϯϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
/ŶĚŽŶĞƐŝĂ
WdĂŶŬdWEdďŬ ϭ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^ΨϰϬ͘ϬϬϬ͘ϬϬϬ h^ΨϮϳ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
WdĂŶŬdWEdďŬ Ϯ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^ΨϯϮ͘ϬϬϬ͘ϬϬϬ h^ΨϭϬ͘ϯϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
^ƵŵŝƚŽŵŽ DŝƚƐƵŝ ϭ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^Ψϯϳ͘ϱϬϬ͘ϬϬϬ h^ΨϭϬ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
dƌƵƐƚĂŶŬ>ƚĚ͕͘
ĂďĂŶŐ^ŝŶŐĂƉƵƌĂ
^ƵŵŝƚŽŵŽ DŝƚƐƵŝ Ϯ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^ΨϮϮ͘ϬϬϬ͘ϬϬϬ h^ΨϮϮ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
dƌƵƐƚĂŶŬ>ƚĚ͕͘
ĂďĂŶŐ^ŝŶŐĂƉƵƌĂ
ĞƵƚƐĐŚĞĂŶŬ'͕ ϭ DŽĚĂů<ĞƌũĂ ϮϳƉƌŝůϮϬϮϯ h^ΨϭϮ͘ϬϬϬ͘ϬϬϬ h^Ψϱ͘ϱϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
ĂďĂŶŐ:ĂŬĂƌƚĂΎ
ĞƵƚƐĐŚĞĂŶŬ'͕ Ϯ DŽĚĂů<ĞƌũĂ ϮϳƉƌŝůϮϬϮϯ h^ΨϭϬ͘ϬϬϬ͘ϬϬϬ h^Ψϳ͘ϰϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
ĂďĂŶŐ:ĂŬĂƌƚĂΎ
Ύ:ƵŵůĂŚĨĂƐŝůŝƚĂƐƚĞƌŵĂƐƵŬƵŶƚƵŬĨĂƐŝůŝƚĂƐĐĞƌƵŬĂŶͬĨĂĐŝůŝƚLJĂŵŽƵŶƚŝŶĐůƵĚĞŽǀĞƌĚƌĂĨƚĨĂĐŝůŝƚLJ
:ĂƚƵŚƚĞŵƉŽƉŝŶũĂŵĂŶďĂŶŬďĞƌŬŝƐĂƌĂŶƚĂƌĂϭďƵůĂŶƐĂŵƉĂŝĚĞŶŐĂŶϰϲďƵůĂŶ͘
^ĞůĂŵĂŵĂƐĂďĞƌůĂŬƵŶLJĂƉŝŶũĂŵĂŶ͕WĞƌƐĞƌŽĂŶĚŝŚĂƌƵƐŬĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝďĞďĞƌĂƉĂƉĞƌƐLJĂƌĂƚĂŶŶĞŐĂƚŝĨ͘
&ĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶĚĂƌŝďĞďĞƌĂƉĂďĂŶŬƚĞƌƐĞďƵƚŵĞŶƐLJĂƌĂƚŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵďĞƌŝŬĂŶƉĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐĚĂůĂŵ
ŚĂůƉĞƌƵďĂŚĂŶŵŽĚĂůĚĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵ͕ƉĞƌƵďĂŚĂŶƐƵƐƵŶĂŶĚŝƌĞŬƐŝĚĂŶŬŽŵŝƐĂƌŝƐ͕ƉĞƌƵďĂŚĂŶďŝƐŶŝƐƵƚĂŵĂ͕ŝŶǀĞƐƚĂƐŝ
ĚĂŶƉĞƌŽůĞŚĂŶƉŝŶũĂŵĂŶďĂƌƵĚĂƌŝďĂŶŬůĂŝŶ͘
^ĞďĂŐŝĂŶĚĂƌŝƉŝŶũĂŵĂŶďĞƌũĂŶŐŬĂĚŝũĂŵŝŶŽůĞŚ͗,ŝŶŽDŽƚŽƌƐ͕>ƚĚ͘ƐĞďĂŐĂŝƉĞŵĞŐĂŶŐƐĂŚĂŵ͖WddƌŝƚƵŶŐŐĂů/ŶƚŝWĞƌŵĂƚĂĚĂŶ
^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶƐĞďĂŐĂŝWĞƌƐĞƌŽĂŶLJĂŶŐŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶŬŚƵƐƵƐ͕ƉŝŚĂŬƚĞƌŬĂŝƚŵĂƐŝŶŐͲŵĂƐŝŶŐϰϬй͕ϰϬйĚĂŶϮϬй͘
WĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮũƵŵůĂŚŵĂŬƐŝŵƵŵƉŝŶũĂŵĂŶLJĂŶŐĚŝũĂŵŝŶĂĚĂůĂŚƐĞďĞƐĂƌ^Ψϭϵϳ͘ϱϬϬ͘ϬϬϬ
ĚĂŶ ^Ψϭϲϱ͘ϬϬϬ͘ϬϬϬ͘ dĞƌĚĂƉĂƚ ďĂƚĂƐĂŶͲďĂƚĂƐĂŶ ƵŵƵŵ LJĂŶŐ ǁĂũŝď ĚŝƉĞŶƵŚŝ ŽůĞŚ WĞƌƵƐĂŚĂĂŶ ƵŶƚƵŬ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ
ƚĞƌƐĞďƵƚ͘
^ĞůĂŵĂƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝďĂƚĂƐĂŶͲďĂƚĂƐĂŶ
ƉĞƌƐLJĂƌĂƚĂŶLJĂŶŐĚŝǁĂũŝďŬĂŶĚĂůĂŵĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶĚŝĂƚĂƐ͘
^ƵŬƵďƵŶŐĂƚĂŚƵŶĂŶƉŝŶũĂŵĂŶďĂŶŬ͗
dĂŚƵŶzĂŶŐĞƌĂŬŚŝƌWĂĚĂdĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ
ZƵƉŝĂŚ ϱ͕ϬϱйͲϲ͕ϭϴй
ŽůĂƌ^ ϰ͕ϱϰйͲϲ͕ϱϮй
ŝĐŝůĂŶƉŝŶũĂŵĂŶďĂŶŬƐĞƐƵĂŝĚĞŶŐĂŶƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽŶLJĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
dĂŚƵŶ ϯϭĞƐĞŵďĞƌϮϬϮϯ
ϮϬϮϯ Ͳ
ϮϬϮϰ ϭ͘Ϭϰϭ͘ϮϮϰ͘ϬϬϬ͘ϬϬϬ
ϮϬϮϱĚĂŶƐĞƐƵĚĂŚŶLJĂ ϭ͘Ϯϱϲ͘ϰϬϰ͘ϬϬϬ͘ϬϬϬ
dŽƚĂů Ϯ͘Ϯϵϳ͘ϲϮϴ͘ϬϬϬ͘ϬϬϬ
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^ĞůĂŵĂƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌ ϮϬϮϯĚĂŶϮϬϮϮ͕WĞƌƐĞƌŽĂŶƚĞůĂŚ ŵĞůĂŬƵŬĂŶƉĞŵďĂLJĂƌĂŶ
ĐŝĐŝůĂŶƉŽŬŽŬĚĂŶďƵŶŐĂƉŝŶũĂŵĂŶƐĞƐƵĂŝũĂĚǁĂůLJĂŶŐĚŝƚĞƚĂƉŬĂŶ͘
WĞƌƵƐĂŚĂĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƉŝŶũĂŵĂŶ ŬĞƉĂĚĂ ĂŶŬ ƐĞďĞƐĂƌ ZƉϮϴϮ͘ϴϳϱ͘ϬϬϬ͘ϬϬϬ ĚĂŶ ZƉϭ͘ϰϬϭ͘ϭϵϮ͘ϱϬϬ͘ϬϬϬ͕
ŵĂƐŝŶŐͲŵĂƐŝŶŐƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮ͘
dŝĚĂŬĂĚĂĂƐĞƚWĞƌƐĞƌŽĂŶLJĂŶŐĚŝũĂŵŝŶŬĂŶƵŶƚƵŬƉŝŶũĂŵĂŶͲƉŝŶũĂŵĂŶĚŝĂƚĂƐ͘
&ĂƐŝůŝƚĂƐͲĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶŝŶŝĚŝƉĞƌŐƵŶĂŬĂŶƵŶƚƵŬŵŽĚĂůŬĞƌũĂŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
hŶƚƵŬ ŵĞŶŐĞůŽůĂ ƌŝƐŝŬŽ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĨůƵŬƚƵĂƐŝ ŵĂƚĂ ƵĂŶŐ ĂƐŝŶŐ ĚĂŶ ƚŝŶŐŬĂƚ ďƵŶŐĂ ŵĞŶŐĂŵďĂŶŐ͕ WĞƌƐĞƌŽĂŶ
ŵĞůĂŬƵŬĂŶŬŽŶƚƌĂŬĐƌŽƐƐĐƵƌƌĞŶĐLJŝŶƚĞƌĞƐƚƌĂƚĞĚĞŶŐĂŶďĂŶŬLJĂŶŐŵĞŵďĞƌŝŬĂŶĨĂƐŝůŝƚĂƐĚĞƌŝǀĂƚŝĨŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘
Ϯ͘ hƚĂŶŐKďůŝŐĂƐŝ
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌϮϬϮϯ
KďůŝŐĂƐŝ/,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ&ŝŶĂŶĐĞdĂŚƵŶϮϬϮϮ͗
WŝŚĂŬŬĞƚŝŐĂ
^Ğƌŝ Ͳ
^Ğƌŝ ϱϮϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
KďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϯ͗
WŝŚĂŬŬĞƚŝŐĂ
^Ğƌŝ ϯϲϲ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
^Ğƌŝ ϯϯϰ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
ŝŬƵƌĂŶŐŝ͗
ŝĂLJĂƉĞŶĞƌďŝƚĂŶďĞůƵŵĚŝĂŵŽƌƚŝƐĂƐŝ ;ϰ͘ϲϵϱ͘ϲϴϮ͘ϵϬϮͿ
dŽƚĂů ϭ͘ϮϮϬ͘ϯϬϰ͘ϯϭϳ͘Ϭϵϴ
ZŝŶĐŝĂŶƚŝŶŐŬĂƚďƵŶŐĂĚĂŶũĂƚƵŚƚĞŵƉŽŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞƌŝĞĨĞŬƵƚĂŶŐLJĂŶŐĚŝƚĞƌďŝƚŬĂŶ͗
dĂŚƵŶ dŝŶŐŬĂƚ ŝĐŝůĂŶWŽŬŽŬ ĨĞŬ
ĨĞŬhƚĂŶŐ EŝůĂŝEŽŵŝŶĂů :ĂƚƵŚdĞŵƉŽ
WĞŶĞƌďŝƚĂŶ ƵŶŐĂdĞƚĂƉ hƚĂŶŐ
KďůŝŐĂƐŝ/,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϮ
^Ğƌŝ ϮϬϮϮ ϭϳϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϰ͕ϱϬй ϭϵŐƵƐƚƵƐϮϬϮϯ WĞŵďĂLJĂƌĂŶ ƉĞŶƵŚ
ƉĂĚĂ ƐĂĂƚ ũĂƚƵŚ
ƚĞŵƉŽ
^Ğƌŝ ϮϬϮϮ ϱϮϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϳ͕ϬϬй ϵŐƵƐƚƵƐϮϬϮϱ WĞŵďĂLJĂƌĂŶ ƉĞŶƵŚ
ƉĂĚĂ ƐĂĂƚ ũĂƚƵŚ
ƚĞŵƉŽ
KďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϯ
^Ğƌŝ ϮϬϮϯ ϯϲϲ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϱ͕ϴϱй Ϯϭ:ƵůŝϮϬϮϰ WĞŵďĂLJĂƌĂŶ ƉĞŶƵŚ
ƉĂĚĂ ƐĂĂƚ ũĂƚƵŚ
ƚĞŵƉŽ
^Ğƌŝ ϮϬϮϯ ϯϯϰ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϲ͕ϳϱй ϭϭ:ƵůŝϮϬϮϲ WĞŵďĂLJĂƌĂŶ ƉĞŶƵŚ
ƉĂĚĂ ƐĂĂƚ ũĂƚƵŚ
ƚĞŵƉŽ
KďůŝŐĂƐŝ/,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂƚĂŚƵŶϮϬϮϮ
WĂĚĂ:ƵůŝϮϬϮϮ͕WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶƉĞŶĂǁĂƌĂŶƵŵƵŵŽďůŝŐĂƐŝďĞƌŶĂŵĂ“Obligasi I Hino Finance Indonesia tahun 2022”.
ŝĂLJĂƚƌĂŶƐĂŬƐŝLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶŽďůŝŐĂƐŝŝŶŝĂĚĂůĂŚƐĞďĞƐĂƌZƉϰ͘ϯϲϴ͘ϮϬϮ͘ϯϰϰ͘^ĞůƵƌƵŚĚĂŶĂLJĂŶŐĚŝƉĞƌŽůĞŚ
ƚĞůĂŚĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵŽĚĂůŬĞƌũĂWĞƌƐĞƌŽĂŶ͘
Wd͘ ĂŶŬ ZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ ;WĞƌƐĞƌŽͿ dďŬ ďĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ǁĂůŝ ĂŵĂŶĂƚ͘ WĂĚĂ ƐĂĂƚ ƉĞŶĞƌďŝƚĂŶ͕ KďůŝŐĂƐŝ ƚĞƌƐĞďƵƚ
ŵĞŶĚĂƉĂƚŬĂŶ ƉĞƌŝŶŐŬĂƚ ŬƌĞĚŝƚ ;ŝĚŶͿ ŽůĞŚ Wd &ŝƚĐŚ ZĂƚŝŶŐ /ŶĚŽŶĞƐŝĂ ĚĂŶ ƚĞƌĐĂƚĂƚ ƉĂĚĂ ƵƌƐĂ ĨĞŬ /ŶĚŽŶĞƐŝĂ ƉĂĚĂ
ϭϬŐƵƐƚƵƐϮϬϮϮ͘
KďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂƚĂŚƵŶϮϬϮϯ
WĂĚĂJuli 2023, Perseroan melakukan penawaran umum obligasi bernama “Obligasi II Hino Finance Indonesia tahun 2023”.
ŝĂLJĂƚƌĂŶƐĂŬƐŝLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶŽďůŝŐĂƐŝŝŶŝĂĚĂůĂŚƐĞďĞƐĂƌZƉϰ͘Ϭϵϱ͘ϯϵϳ͘ϱϬϴ͘^ĞůƵƌƵŚĚĂŶĂLJĂŶŐĚŝƉĞƌŽůĞŚ
ƚĞůĂŚĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵŽĚĂůŬĞƌũĂWĞƌƐĞƌŽĂŶ͘
19
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Wd ĂŶŬ ZĂŬLJĂƚ /ŶĚŽŶĞƐŝĂ ;WĞƌƐĞƌŽͿ dďŬ ďĞƌƚŝŶĚĂŬ ƐĞďĂŐĂŝ ǁĂůŝ ĂŵĂŶĂƚ͘ WĂĚĂ ƐĂĂƚ ƉĞŶĞƌďŝƚĂŶ͕ KďůŝŐĂƐŝ ƚĞƌƐĞďƵƚ
ŵĞŶĚĂƉĂƚŬĂŶƉĞƌŝŶŐŬĂƚŬƌĞĚŝƚ;ŝĚŶͿĚĞŶŐĂŶƌĂƚŝŶŐǁĂƚĐŚŶĞŐĂƚŝǀĞŽůĞŚWd&ŝƚĐŚZĂƚŝŶŐ/ŶĚŽŶĞƐŝĂĚĂŶƚĞƌĐĂƚĂƚƉĂĚĂƵƌƐĂ
ĨĞŬ/ŶĚŽŶĞƐŝĂƉĂĚĂϭϮ:ƵůŝϮϬϮϯ͘
DĂƐŝŶŐͲŵĂƐŝŶŐŽďůŝŐĂƐŝŝŶŝƚŝĚĂŬĚŝũĂŵŝŶĚĞŶŐĂŶũĂŵŝŶĂŶŬŚƵƐƵƐ͕ƚĞƚĂƉŝĚŝũĂŵŝŶĚĞŶŐĂŶƐĞůƵƌƵŚŚĂƌƚĂŬĞŬĂLJĂĂŶWĞƌƐĞƌŽĂŶ
ďĂŝŬďĂƌĂŶŐďĞƌŐĞƌĂŬŵĂƵƉƵŶďĂƌĂŶŐƚŝĚĂŬďĞƌŐĞƌĂŬ͕ďĂŝŬLJĂŶŐƚĞůĂŚĂĚĂŵĂƵƉƵŶLJĂŶŐĂŬĂŶĂĚĂĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͘
^ĞďĞůƵŵ ĚŝůƵŶĂƐŝŶLJĂ ƐĞŵƵĂ ƉŽŬŽŬ ĚĂŶ ďƵŶŐĂ ŽďůŝŐĂƐŝ ƐĞƌƚĂ ƉĞŶŐĞůƵĂƌĂŶ ůĂŝŶ LJĂŶŐ ŵĞŶũĂĚŝ ƚĂŶŐŐƵŶŐ ũĂǁĂď WĞƌƐĞƌŽĂŶ
ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶŽďůŝŐĂƐŝ͕WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵĞŶƵŚŝƉĞŵďĂƚĂƐĂŶŬĞƵĂŶŐĂŶĚĂŶƉĞŵďĂƚĂƐĂŶůĂŝŶŶLJĂĂŶƚĂƌĂ
ůĂŝŶ͗
dĂŶƉĂƉĞƌƐĞƚƵũƵĂŶƚĞƌƚƵůŝƐĚĂƌŝtĂůŝŵĂŶĂƚ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬĚŝƉĞƌŬĞŶĂŶŬĂŶƵŶƚƵŬŵĞůĂŬƵŬĂŶŚĂůͲŚĂůƐĞďĂŐŝďĞƌŝŬƵƚ͗
- DĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ůĂŝŶ ƐĞůĂŵĂ ƚĞƌďƵŬƚŝ ůĂůĂŝ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ũƵŵůĂŚ ƚĞƌŚƵƚĂŶŐ ďĞƌĚĂƐĂƌŬĂŶ
ŬĞƚĞŶƚƵĂŶƉĞƌũĂŶũŝĂŶƉĞƌǁĂůŝĂŵĂŶĂƚĂŶĚĂŶƉĞŶŐĂŬƵĂŶƵƚĂŶŐ͕ŬĞĐƵĂůŝƉĞŵďĂLJĂƌĂŶLJĂŶŐĚŝůĂŬƵŬĂŶĚĂůĂŵƌĂŶŐŬĂŬĞŐŝĂƚĂŶ
ŽƉĞƌĂƐŝŽŶĂůƐĞŚĂƌŝͲŚĂƌŝWĞƌƐĞƌŽĂŶĂƚĂƵƉĞŵďĂLJĂƌĂŶƉŝŶũĂŵĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶLJĂŶŐŵĞŵŝůŝŬŝŚĂŬƉƌĞĨĞƌĞŶĂƚĂƵŚĂŬ
ƵŶƚƵŬĚŝĚĂŚƵůƵŬĂŶƉĞŵďĂLJĂƌĂŶŶLJĂ͘
- DĞŵƉĞƌŽůĞŚƉŝŶũĂŵĂŶĚĂƌŝďĂŶŬĂƚĂƵůĞŵďĂŐĂŬĞƵĂŶŐĂŶůĂŝŶŶLJĂ͕ŵĞŶĞƌďŝƚŬĂŶƐƵƌĂƚƵƚĂŶŐĚĂůĂŵďĞŶƚƵŬĂƉĂƉƵŶLJĂŶŐ
ƐĞĐĂƌĂŵĞƚĞƌŝĂůďĞƌĂŬŝďĂƚŶĞŐĂƚŝĨƚĞƌŚĂĚĂƉŬĞůĂŶŐƐƵŶŐĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂ WĞƌƐĞƌŽĂŶŬĞĐƵĂůŝ ĚĂŶĂ ŚĂƐŝů ƉŝŶũĂŵĂŶĂƚĂƵ
ƉĞŶĞƌďŝƚĂŶƐƵƌĂƚƵƚĂŶŐƚĞƌƐĞďƵƚĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵĞůƵŶĂƐŝũƵŵůĂŚƚĞƌƵƚĂŶŐďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶƉĞƌǁĂůŝĂŵĂŶĂƚĂŶ
ĂƚĂƵŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶƌĂƐŝŽŬĞƵĂŶŐĂŶďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶƉĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
- DĞŶũĂŵŝŶŬĂŶĂŬƚŝǀĂŵŝůŝŬWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉŝŚĂŬůĂŝŶŬĞĐƵĂůŝĂŬƚŝǀĂLJĂŶŐĚŝũĂŵŝŶŬĂŶƵŶƚƵŬƵƚĂŶŐĂƚĂƵƉŝŶũĂŵĂŶLJĂŶŐ
ĚŝƉĞƌŽůĞŚƵŶƚƵŬŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞŚĂƌŝͲŚĂƌŝ͘
- DĞůĂŬƵŬĂŶƉĞŶŐŐĂďƵŶŐĂŶ͕ŬŽŶƐŽůŝĚĂƐŝĂƚĂƵƉĞůĞďƵƌĂŶĚĞŶŐĂŶƉĞƌƵƐĂŚĂĂŶĂƚĂƵƉŝŚĂŬůĂŝŶŬĞĐƵĂůŝƐĞƉĂŶũĂŶŐĚŝůĂŬƵŬĂŶ
ƉĂĚĂďŝĚĂŶŐƵƐĂŚĂLJĂŶŐƐĂŵĂĚĞŶŐĂŶLJĂŶŐĚŝũĂůĂŶŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĚĂŶƐĞŵƵĂƐLJĂƌĂƚĚĂŶŬŽŶĚŝƐŝĚĂůĂŵƉĞƌũĂŶũŝĂŶ
ƉĞƌǁĂůŝĂŵĂŶĂƚĂŶĚĂŶĚŽŬƵŵĞŶůĂŝŶLJĂŶŐďĞƌŬĂŝƚĂŶƚĞƚĂƉďĞƌůĂŬƵĚĂŶŵĞŶŐŝŬĂƚƐĞƉĞŶƵŚŶLJĂƉĂĚĂƉĞƌƵƐĂŚĂĂŶƉĞŶĞƌƵƐ͘
WĞƌƐĞƌŽĂŶũƵŐĂĚŝƐLJĂƌĂƚŬĂŶƵŶƚƵŬŵĞŵƉĞƌƚĂŚĂŶŬĂŶĞďƚƚŽ ƋƵŝƚLJZĂƚŝŽŵĂŬƐŝŵĂůϭϬŬĂůŝ͘
WĂĚĂ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ďƵŶŐĂ ŽďůŝŐĂƐŝ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ũĂƚƵŚ ƚĞŵƉŽ LJĂŶŐ ƚĞůĂŚ
ĚŝƚĞƚĂƉŬĂŶĚĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƐĞůƵƌƵŚƉĞƌƐLJĂƌĂƚĂŶLJĂŶŐĚŝƐĞďƵƚŬĂŶĚĂůĂŵƉĞƌũĂŶũŝĂŶƉĞƌǁĂůŝĂŵĂŶĂƚĂŶ͘
ϯ͘ hƚĂŶŐ>ĂŝŶͲ>ĂŝŶ
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƵƚĂŶŐůĂŝŶͲůĂŝŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯƐĞďĞƐĂƌZƉϴϭ͘ϰϳϵ͘ϴϵϲ͘ϱϱϬLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ ϯϭĞƐĞŵďĞƌϮϬϮϯ
WŝŚĂŬďĞƌĞůĂƐŝ
>ĂŝŶͲůĂŝŶ Ϯϰ͘ϯϮϯ͘ϴϮϳ
WŝŚĂŬŬĞƚŝŐĂ
hƚĂŶŐĂƐƵƌĂŶƐŝ ϮϬ͘ϵϯϲ͘ϭϱϯ͘ϳϳϭ
>ŝĂďŝůŝƚĂƐƐĞǁĂ ϭϱ͘ϰϯϮ͘Ϯϲϰ͘ϲϭϭ
WĞŵďĂLJĂƌĂŶĚŝŵƵŬĂ ϭϭ͘ϱϯϲ͘ϵϰϭ͘ϯϯϲ
hƚĂŶŐƉĞŵĂƐŽŬĚĂŶǀĞŶĚŽƌ ϵ͘ϰϴϬ͘ϮϬϳ͘ϮϬϵ
:ĂƐĂƉƌŽĨĞƐŝŽŶĂů ϭ͘ϯϴϱ͘ϴϯϱ͘ϬϬϬ
dĞŬŶŽůŽŐŝŝŶĨŽƌŵĂƐŝ ϭ͘ϯϲϱ͘ϯϲϯ͘ϳϱϭ
ŽŽƌƉŽƌĂƚĞƐŽĐŝĂůƌĞƐƉŽƐŝďŝůŝƚLJ ϴϮϬ͘ϬϬϬ͘ϬϬϬ
ŝĂLJĂƚĂŚƵŶĂŶK:< ϯϭϯ͘ϰϵϲ͘Ϭϯϯ
ŝĂLJĂƉĞŶĞƌďŝƚĂŶŽŶĚƐ Ϯϭϱ͘ϱϮϱ͘ϬϬϮ
>ĂŝŶͲůĂŝŶ ϭϵ͘ϵϲϵ͘ϳϴϲ͘ϬϭϬ
^ƵďͲdŽƚĂů ϴϭ͘ϰϱϱ͘ϱϳϮ͘ϳϮϯ
dŽƚĂů ϴϭ͘ϰϳϵ͘ϴϵϲ͘ϱϱϬ
>ĂŝŶͲůĂŝŶĂŶƚĂƌĂůĂŝŶƚĞƌĚŝƌŝĚĂƌŝďŝĂLJĂŝŶƐĞŶƚŝĨLJĂŶŐĂŬĂŶĚŝďĂLJĂƌŬĂŶŬĞƉĂĚĂĚĞĂůĞƌ͕ďŝĂLJĂďƵůĂŶĂŶŬĞƚĞŶĂŐĂŬĞƌũĂĂŶLJĂŶŐĂŬĂŶ
ĚŝďĂLJĂƌŬĂŶƉĂĚĂďƵůĂŶďĞƌŝŬƵƚŶLJĂĚĂŶďŝĂLJĂƉĞŵďĞŶƚƵŬĂŶĐĂĚĂŶŐĂŶĂƚĂƐƌĞƐŝŬŽLJĂŶŐƚĞůĂŚĚŝŝĚĞŶƚŝĨŝŬĂƐŝŽůĞŚWĞƌƐĞƌŽĂŶ͘
:ƵŵůĂŚ ďĞďĂŶ ďƵŶŐĂ ĂƚĂƐ ůŝĂďŝůŝƚĂƐ ƐĞǁĂ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϵϴϵ͘Ϯϭϳ͘Ϯϰϭ ƵŶƚƵŬ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
31 Desember 2023, dibebankan pada “Beban pembiayaan”.
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ŶĂůŝƐŝƐũĂƚƵŚƚĞŵƉŽƵƚĂŶŐůĂŝŶͲůĂŝŶƚĞƌŬĂŝƚůŝĂďŝůŝƚĂƐƐĞǁĂĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌϮϬϮϯ
ϭƚĂŚƵŶ ϳ͘ϴϳϳ͘ϰϳϲ͘ϱϴϭ
ϮͲϯƚĂŚƵŶ ϳ͘ϱϱϰ͘ϳϴϴ͘ϬϯϬ
dŽƚĂů ϭϱ͘ϰϯϮ͘Ϯϲϰ͘ϲϭϭ
ϰ͘ ĞďĂŶzĂŶŐDĂƐŝŚ,ĂƌƵƐŝďĂLJĂƌ
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝďĞďĂŶLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌƐĞďĞƐĂƌZƉϴϮ͘ϬϴϬ͘ϵϴϳ͘ϱϬϮ͕ĚĞŶŐĂŶ
ƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ ϯϭĞƐĞŵďĞƌϮϬϮϯ
ƵŶŐĂ ϱϯ͘ϮϱϮ͘ϳϬϰ͘ϲϱϬ
^ƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂ Ϯϯ͘ϯϵϳ͘ϬϭϮ͘Ϯϭϭ
WĞŵĂƐĂƌĂŶ ϯ͘ϵϵϳ͘ϱϮϵ͘ϰϭϮ
>ĂŝŶͲůĂŝŶ ϭ͘ϰϯϯ͘ϳϰϭ͘ϮϮϵ
dŽƚĂů ϴϮ͘ϬϴϬ͘ϵϴϳ͘ϱϬϮ
ĞďĂŶLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌďƵŶŐĂĂĚĂůĂŚďƵŶŐĂƉŝŶũĂŵĂŶĂŶŬĚĂŶďƵŶŐĂƵƚĂŶŐŽďůŝŐĂƐŝLJĂŶŐĂŬĂŶĚŝďĂLJĂƌŬĂŶŽůĞŚ
WĞƌƐĞƌŽĂŶĚŝũĂĚǁĂůƉĞŵďĂLJĂƌĂŶƐĞůĂŶũƵƚŶLJĂƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌũĂŶũŝĂŶĚĞŶŐĂŶĂŶŬĚĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͘
ĞďĂŶLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂĂĚĂůĂŚďŝĂLJĂLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉĞŐĂǁĂŝŶLJĂ
ƚĞƌŬĂŝƚĚĞŶŐĂŶŬŝŶĞƌũĂLJĂŶŐƚĞůĂŚĚŝďĞƌŝŬĂŶŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ͘
ĞďĂŶLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌƉĞŵĂƐĂƌĂŶĂĚĂůĂŚďŝĂLJĂLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌWĞƌƐĞƌŽĂŶƚĞƌƵƚĂŵĂŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ
ĚĂŶĚĞĂůĞƌĂƚĂƐƚƌĂŶƐĂŬƐŝƉĞŵďŝĂLJĂĂŶĚĂŶƉĞŶLJĞĚŝĂĂŶŬĞŶĚĂƌĂĂŶĚĞŶŐĂŶWĞƌƐĞƌŽĂŶ͘
ĞďĂŶLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌůĂŝŶͲůĂŝŶĂĚĂůĂŚďŝĂLJĂLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌWĞƌƐĞƌŽĂŶŬĞƉĂĚĂƉĞŐĂǁĂŝƚĞƌŬĂŝƚĚĞŶŐĂŶ
ƉĞůĂƚŝŚĂŶƉĞŐĂǁĂŝĚĂŶďĞďĂŶƐƵƌĂƚũĂŵŝŶĂŶLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌ͘
ϱ͘ hƚĂŶŐWĂũĂŬ
hƚĂŶŐƉĂũĂŬWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĂĚĂůĂŚƐĞďĞƐĂƌZƉϵ͘ϴϳϴ͘ϭϰϰ͘ϵϳϰLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ ϯϭĞƐĞŵďĞƌϮϬϮϯ
WĂũĂŬƉĞŶŐŚĂƐŝůĂŶ
WĂƐĂůϮϭ ϯϬϮ͘ϳϯϱ͘ϰϰϱ
WĂƐĂůϮϯ ϭ͘ϰϴϭ͘ϳϴϴ͘ϭϵϴ
WĂƐĂůϰ;ϮͿ ϭϭ͘ϮϬϭ͘ϰϰϯ
WĂƐĂůϮϱ ϲϱϲ͘ϵϮϭ͘ϲϰϰ
WĂƐĂůϮϲ ϱϬϭ͘ϴϬϯ͘ϲϯϴ
WĂƐĂůϮϵ ϲ͘ϵϮϯ͘ϲϵϰ͘ϲϬϲ
dŽƚĂů ϵ͘ϴϳϴ͘ϭϰϰ͘ϵϳϰ
ϲ͘ >ŝĂďŝůŝƚĂƐ/ŵďĂůĂŶ<ĞƌũĂ<ĂƌLJĂǁĂŶ
ŬƌƵĂůĂƚĂƐůŝĂďŝůŝƚĂƐƵŶƚƵŬƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚŝĚĂƐĂƌŬĂŶƉĂĚĂƉĞƌŚŝƚƵŶŐĂŶĂŬƚƵĂƌŝƐLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚ
<ĂŶƚŽƌ<ŽŶƐƵůƚĂŶŬƚƵĂƌŝĂ;<<ͿdƵďĂŐƵƐ^LJĂĨƌŝĂůĚĂŶŵƌĂŶEĂŶŐĂƐĂŶ;ĚĂŚƵůƵWdŝŶĂƉƵƚĞƌĂ:ĂŐĂ,ŝŬŵĂŚͿĚĂůĂŵůĂƉŽƌĂŶ
ĂŬƚƵĂƌŝĂEŽ͘Ϯϭϱͬ/W<ͬ<<Ͳdͬ//ͲϮϬϮϰƚĂŶŐŐĂůϳDĂƌĞƚϮϬϮϰĚĂŶEŽ͘ϮϬϲͬ/W<ͬ<<Ͳdͬ///ͲϮϬϮϯƚĂŶŐŐĂůϭDĂƌĞƚϮϬϮϯĚĞŶŐĂŶ
menggunakan metode perhitungan aktuarial “WƌŽũĞĐƚĞĚ hŶŝƚ ƌĞĚŝƚ” yang mempertimbangkan asumsiͲĂƐƵŵƐŝ ƉĞŶƚŝŶŐ
ďĞƌŝŬƵƚ͗
21
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>ŝĂďŝůŝƚĂƐ ŝŵďĂůĂŶ ŬĞƌũĂ ŬĂƌLJĂǁĂŶ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚŝŚŝƚƵŶŐ ŽůĞŚ ĂŬƚƵĂƌŝƐ ŝŶĚĞƉĞŶĚĞŶ ĚĞŶŐĂŶ
ŵĞŶŐŐƵŶĂŬĂŶĂƐƵŵƐŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϯϭĞƐĞŵďĞƌϮϬϮϯ
hƐŝĂƉĞŶƐŝƵŶŶŽƌŵĂů ϱϴƚĂŚƵŶ
dŝŶŐŬĂƚŬĞŶĂŝŬĂŶŐĂũŝĚŝŵĂƐĂĚĞƉĂŶƉĞƌƚĂŚƵŶ ϱй
dŝŶŐŬĂƚĚŝƐŬŽŶƚŽƉĞƌƚĂŚƵŶ ϲ͕ϵϭй
dŝŶŐŬĂƚŬĞŵĂƚŝĂŶ dD//sͲϮϬϭϵ
:ƵŵůĂŚLJĂŶŐĚŝĂŬƵŝĚĂůĂŵůĂƉŽƌĂŶůĂďĂƌƵŐŝĚĂŶƉĞŶŐŚĂƐŝůĂŶŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ ϯϭĞƐĞŵďĞƌϮϬϮϯ
ŝĂLJĂũĂƐĂŬŝŶŝ Ϯ͘ϭϴϬ͘ϴϬϳ͘ϭϲϴ
ŝĂLJĂďƵŶŐĂ ϲϴϲ͘ϵϲϬ͘ϱϬϱ
;<ĞƵŶƚƵŶŐĂŶͿͬŬĞƌƵŐŝĂŶŬĞǁĂũŝďĂŶĂŬƚƵĂƌŝĂůLJĂŶŐĚŝĂŬƵŝĚĂůĂŵƉĞŶŐŚĂƐŝůĂŶ
ŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶ ;Ϯ͘ϭϭϱ͘ϴϳϱ͘ϳϰϱͿ
^ĂůĚŽĂŬŚŝƌ ϳϱϭ͘ϴϵϭ͘ϵϮϴ
DƵƚĂƐŝůŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ ϯϭĞƐĞŵďĞƌϮϬϮϯ
^ĂůĚŽĂǁĂů ϵ͘Ϯϯϯ͘ϯϰϬ͘ϭϮϮ
ĞďĂŶͬ;ƉĞŶĚĂƉĂƚĂŶͿŝŵďĂůĂŶŬĞƌũĂ Ϯ͘ϴϲϳ͘ϳϲϳ͘ϲϳϯ
;<ĞƵŶƚƵŶŐĂŶͿͬŬĞƌƵŐŝĂŶŬĞǁĂũŝďĂŶĂŬƚƵĂƌŝĂůLJĂŶŐĚŝĂŬƵŝĚĂůĂŵƉĞŶŐŚĂƐŝůĂŶ
ŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶ ;Ϯ͘ϭϭϱ͘ϴϳϱ͘ϳϰϱͿ
^ĂůĚŽĂŬŚŝƌ ϵ͘ϵϴϱ͘ϮϯϮ͘ϬϱϬ
DƵƚĂƐŝŶŝůĂŝŬŝŶŝůŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂŬĂƌLJĂǁĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ ϯϭĞƐĞŵďĞƌϮϬϮϯ
^ĂůĚŽĂǁĂů ϵ͘Ϯϯϯ͘ϯϰϬ͘ϭϮϮ
ŝĂLJĂũĂƐĂŬŝŶŝ Ϯ͘ϭϴϬ͘ϴϬϳ͘ϭϲϴ
ŝĂLJĂďƵŶŐĂ ϲϴϲ͘ϵϲϬ͘ϱϬϱ
;<ĞƵŶƚƵŶŐĂŶͿͬŬĞƌƵŐŝĂŶŬĞǁĂũŝďĂŶĂŬƚƵĂƌŝĂů ;Ϯ͘ϭϭϱ͘ϴϳϱ͘ϳϰϱͿ
^ĂůĚŽĂŬŚŝƌ ϵ͘ϵϴϱ͘ϮϯϮ͘ϬϱϬ
ϳ͘ hƚĂŶŐĞƌŝǀĂƚŝĨ
hƚĂŶŐĚĞƌŝǀĂƚŝĨWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂů ϯϭĞƐĞŵďĞƌϮϬϮϯĂĚĂůĂŚƐĞďĞƐĂƌZƉϭ͘ϭϯϳ͘ϯϲϯ͘ϱϳϳĚĞŶŐĂŶƌŝŶĐŝĂŶĚĂƌŝŬŽŶƚƌĂŬͲ
ŬŽŶƚƌĂŬĚĞƌŝǀĂƚŝĨƚĞƌƐĞďƵƚĚĞŶŐĂŶŶŝůĂŝǁĂũĂƌĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ ϯϭĞƐĞŵďĞƌϮϬϮϯ
^ǁĂƉŵĂƚĂƵĂŶŐĚĂŶƐƵŬƵďƵŶŐĂ
ĞƵƚƐĐŚĞĂŶŬ'͕ĂďĂŶŐ:ĂŬĂƌƚĂ ϭ͘ϭϯϳ͘ϯϲϯ͘ϱϳϳ
Total ϭ͘ϭϯϳ͘ϯϲϯ͘ϱϳϳ
hŶƚƵŬƚƌĂŶƐĂŬƐŝƐǁĂƉŵĂƚĂƵĂŶŐĚĂŶƐƵŬƵďƵŶŐĂ͕WĞƌƐĞƌŽĂŶĚŝďĞďĂŶŬĂŶďƵŶŐĂƚĞƚĂƉďĞƌŬŝƐĂƌĂŶƚĂƌĂϲ͕ϬϬйƐĂŵƉĂŝĚĞŶŐĂŶ
ϳ͕ϴϱйƉĞƌƚĂŚƵŶĚŝϮϬϮϯ͘:ĂŶŐŬĂǁĂŬƚƵŬŽŶƚƌĂŬďĞƌŬŝƐĂƌĂŶƚĂƌĂϯƚĂŚƵŶƐĂŵƉĂŝĚĞŶŐĂŶϱƚĂŚƵŶ͘
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<ŽŵŝƚŵĞŶĚĂŶ<ŽŶƚŝũĞŶƐŝ
<ŽŵŝƚŵĞŶ
WĞƌƵƐĂŚĂĂŶŵĞŶŐĂĚĂŬĂŶƉĞƌũĂŶũŝĂŶŬĞƌũĂƐĂŵĂĚĞŶŐĂŶWdƐƵƌĂŶƐŝĞŶƚƌĂůƐŝĂ͕WdƐƵƌĂŶƐŝtĂŚĂŶĂdĂƚĂ͕WdƐƵƌĂŶƐŝ^ŝŶĂƌ
DĂƐĚĂŶWd^ŽŵƉŽ/ŶƐƵƌĂŶĐĞ/ŶĚŽŶĞƐŝĂ͕ƉŝŚĂŬŬĞƚŝŐĂ͕ƵŶƚƵŬŵĞůŝŶĚƵŶŐŝŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌLJĂŶŐĚŝďŝĂLJĂŝŽůĞŚWĞƌƐĞƌŽĂŶ͕
ĂŶƚĂƌĂ ůĂŝŶ ĚĂƌŝ ƌŝƐŝŬŽ ŬĞŚŝůĂŶŐĂŶ ĚĂŶ ŬĞƌƵƐĂŬĂŶ͘ WĂĚĂ ƚĂŶŐŐĂůͲƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚĂŶ ϮϬϮϮ͕ ũƵŵůĂŚ LJĂŶŐ ŚĂƌƵƐ
ĚŝďĂLJĂƌ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ ZƉϮϬ͘ϵϯϲ͘ϭϱϯ͘ϳϳϭ ĚĂŶ ZƉϭϵ͘ϳϲϱ͘ϰϬϯ͘ϳϵϴ ĚŝƐĂũŝŬĂŶ ƐĞďĂŐĂŝ ďĂŐŝĂŶ ĚĂƌŝ
“Utang lainͲlain” pada laporan posisi keuangan.
<ŽŶƚŝŶũĞŶƐŝ
WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝůŝĂďŝůŝƚĂƐŬŽŶƚŝŶũĞŶƐŝLJĂŶŐƐŝŐŶŝĨŝŬĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ͘
<ĞǁĂũŝďĂŶ<ĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ
<ĞǁĂũŝďĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶLJĂŶŐĂŬĂŶũĂƚƵŚƚĞŵƉŽĚĂůĂŵǁĂŬƚƵϯ;ƚŝŐĂͿďƵůĂŶŬĞĚĞƉĂŶŵĞƌƵƉĂŬĂŶƉĞŵďĂLJĂƌĂŶĐŝĐŝůĂŶ
ƉŝŶũĂŵĂŶ ũĂŶŐŬĂ ƉĂŶũĂŶŐ WĞƌƐĞƌŽĂŶ ƐĞďĞƐĂƌ ZƉϳϴϳ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬ ĚĞŶŐĂŶ ũĂĚǁĂů ƉĞŵďĂLJĂƌĂŶ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞďĞƐĂƌ ZƉϬ
ƉĂĚĂďƵůĂŶDĞŝϮϬϮϰ͕ZƉϬƉĂĚĂďƵůĂŶ:ƵŶŝϮϬϮϰĚĂŶZƉϳϴϳ͘ϱϱϬ͘ϬϬϬ͘ϬϬϬƉĂĚĂďƵůĂŶ:ƵůŝϮϬϮϰ͘
ĞƌŝŬƵƚĂĚĂůĂŚƌŝŶĐŝĂŶĚĂƌŝŬĞǁĂũŝďĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶLJĂŶŐĂŬĂŶũĂƚƵŚƚĞŵƉŽƉĂĚĂďƵůĂŶ:ƵůŝϮϬϮϰ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ EŝůĂŝ
EŽŬŽŶƚƌĂŬϬϮϳϬϯϳͲϯϭϵϮϲϵĂŶŬDŝnjƵŚŽƉŝŶũĂŵĂŶϯƚĂŚƵŶ ϭϬϭ͘ϭϱϬ͘ϬϬϬ͘ϬϬϬ
EŽŬŽŶƚƌĂŬϬϮϳϬϯϲͲϯϭϵϮϲϵĂŶŬDŝnjƵŚŽƉŝŶũĂŵĂŶϯƚĂŚƵŶ ϳϮ͘ϮϱϬ͘ϬϬϬ͘ϬϬϬ
EŽŬŽŶƚƌĂŬϬϮϳϬϴϭͲϯϭϵϮϲϵĂŶŬDŝnjƵŚŽƉŝŶũĂŵĂŶϯƚĂŚƵŶ ϭϰϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
EŽŬŽŶƚƌĂŬ>ϬϬϯϰϱϭϯϳĂŶŬ^ƵŵŝƚŽŵŽdƌƵƐƚĂŶŬƉŝŶũĂŵĂŶϰƚĂŚƵŶ ϳϯ͘ϱϬϬ͘ϬϬϬ͘ϬϬϬ
EŽŬŽŶƚƌĂŬ^tϮϬϮϬϯϬϬϬϬϰĂŶŬdWEƉŝŶũĂŵĂŶϰƚĂŚƵŶ Ϯϵ͘ϲϱϬ͘ϬϬϬ͘ϬϬϬ
^Ğƌŝ–KďůŝŐĂƐŝ//Wd͘,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϯ ϯϲϲ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
dŽƚĂů ϳϴϳ͘ϱϱϬ͘ϬϬϬ͘ϬϬϬ
^ >hZh,>//>/d^W Z^ ZKEWdE''>ϯϭ ^ D ZϮϬϮϯd >,/hE'<W<E>DWZK^W <dh^/E/
^DW/ E'EdE''>/d Z/d<EEzWZK^W <dh^/E/͘
WdE''>ϯϭ ^ D ZϮϬϮϯE^DW/ E'EdE''>WZK^W <dh^/E//d Z/d<E͕d/<d ZWd
>//>/d^zE'd >,:dh,d DWKzE'd/<Wd/>hE^/K> ,W Z^ ZKE͘
^ d >,dE''>ϯϭ ^ D ZϮϬϮϯ^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^ ZKEd/<D D/>/</>//>/d^Ͳ>//>/d^E/<dE>/E< h>/>//>/d^Ͳ>//>/d^zE'd/Dh>
Z/< '/dEh^,EKZD>W Z^ ZKE^ Zd>//>/d^Ͳ>//>/d^zE'd >,/hE'<W<E/d^E
d >, /hE'<W<E >D >WKZE < hE'E zE' D ZhW<E '/E zE' d/< d ZW/^,<E Z/
WZK^W <dh^/E/͘
E'EEzW E' >K>EzE'^/^d Dd/^d^^ dE>//>/d^^ ZdW E/E'<dE,^/>KW Z^/
/ D^ zE' <E dE'͘ W Z^ ZKE D Ezd<E < ^E''hWEEz hEdh< Wd D Ez > ^/<E
^ >hZh,>//>/d^Ez^ ^h/ E'EW Z^zZdE^ '/DED ^d/Ez͘
d/< d ZWd W >E''ZE d^ W Z^zZdE >D W Z:E:/E <Z /d zE' /><h<E K> ,
W Z^ ZKEzE' ZDW<Dd Z/>d Z,W< >E'^hE'Eh^,W Z^ ZKE͘
d/< d ZWd &<d Dd Z/> zE' D E'</d<E W Zh,E ^/'E/&/<E W >//>/d^ Eͬdh
W Z/<dE ^ d >, dE''> >WKZE < hE'E d Z<,/Z ^DW/ E'E dE''> >WKZE <hEdE
Wh>/<E^ d >,dE''>>WKZE<hEdEWh>/<^DW/ E'EdE''> & <d/&EzW ZEzdE
W E&dZE͘
d/< Ez < E >>/ d^ W DzZE WK<K< Eͬdh hE' W/E:DE ^ d >, dE''>
>WKZE< hE'Ed Z<,/Z^DW/ E'EdE''> & <d/&EzW ZEzdEW E&dZE͕d ZD^h<
W Z< DE'Ed Z<,/ZZ/E 'K^/^/>DZ ^dZh<dhZ/^^/hdE'͘
23
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/s͘ /<,d/^Zd< hE'EW Ed/E'
/ŬŚƚŝƐĂƌĚĂƚĂŬĞƵĂŶŐĂŶƉĞŶƚŝŶŐĚŝďĂǁĂŚŝŶŝĚŝĂŵďŝůĚĂƌŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶ
ϯϭĞƐĞŵďĞƌϮϬϮϮ͕ƐĞƌƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůƚĞƌƐĞďƵƚLJĂŶŐĚŝƐĂũŝŬĂŶĚĂůĂŵƚĂďĞůĚŝďĂǁĂŚŝŶŝ
ĚŝĂŵďŝůĚĂƌŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮ͕ƐĞƌƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲ
ƚĂŶŐŐĂůƚĞƌƐĞďƵƚLJĂŶŐƚĞůĂŚĚŝƐƵƐƵŶŽůĞŚDĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶĚŝ/ŶĚŽŶĞƐŝĂĚĂŶ
ĚŝƐĂũŝŬĂŶĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ͕LJĂŶŐƐĞůƵƌƵŚŶLJĂƚĞƌĐĂŶƚƵŵĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝĚĂŶƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<WWƵƌǁĂŶƚŽŶŽ͕
^ƵŶŐŬŽƌŽΘ^ƵƌũĂ;ĨŝƌŵĂĂŶŐŐŽƚĂ ƌŶƐƚΘzŽƵŶŐ 'ůŽďĂů>ŝŵŝƚĞĚͿďĞƌĚĂƐĂƌŬĂŶ ^ƚĂŶĚĂƌƵĚŝƚLJĂŶŐ ĚŝƚĞƚĂƉŬĂŶŽůĞŚ/ŶƐƚŝƚƵƚ
ŬƵŶƚĂŶWƵblik Indonesia (“IAPI”) sebagaimana tercantum dalam laporan auditor independen untuk tahun yang berakhir
ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚĂŶ ϮϬϮϮ EŽ͘ ϬϭϰϵϵͬϮ͘ϭϬϯϮͬh͘ϭͬϬϵͬϭϲϴϭͲϯͬϭͬsͬϮϬϮϰ ƚĞƌƚĂŶŐŐĂů Ϯϴ DĞŝ ϮϬϮϰ LJĂŶŐ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚŚƌŝƐƚŽƉŚŽƌƵƐůǀŝŶ<ŽƐƐŝŵ;ZĞŐŝƐƚƌĂƐŝŬƵŶƚĂŶWƵďůŝŬEŽ͘ϭϲϴϭͿ͘>ĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶƚĞƌƐĞďƵƚ͕
yang juga tercantum dalam Prospektus ini, menyatakan opini tanpa modifikasian dan paragraf “HalͲhal Lain” yang
ŵĞŶLJĂƚĂŬĂŶ ƚƵũƵĂŶ ƉĞŶĞƌďŝƚĂŶ ůĂƉŽƌĂŶ ĂƵĚŝƚŽƌ ŝŶĚĞƉĞŶĚĞŶ ĚĂŶ ƉĞŶĞƌďŝƚĂŶ ŬĞŵďĂůŝ ůĂƉŽƌĂŶ ĂƵĚŝƚŽƌ ŝŶĚĞƉĞŶĚĞŶ
ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶŬĞŵďĂůŝ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƵĚŝƚĂŶ͘>ĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ
WĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯƐĞƌƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůƚĞƌƐĞďƵƚũƵŐĂďĞƌŝƐŝƉĂƌagraf “Hal Audit
Utama” mengenai cadangan kerugian penurunan nilai atas piutang sewa pembiayaan.
>WKZEWK^/^/< hE'E
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
^ d
<ĂƐĚĂŶŬĂƐƉĂĚĂďĂŶŬͲŶĞƚŽ Ϯϳϵ͘ϳϲϱ͘ϯϭϬ͘ϲϬϯ ϯϲϴ͘ϱϮϯ͘ϯϯϮ͘ϳϲϳ
WŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶ
WŝŚĂŬŬĞƚŝŐĂ ϰ͘ϳϭϱ͘ϭϯϭ͘ϵϳϳ͘ϳϲϱ ϯ͘ϴϴϳ͘ϲϳϳ͘ϯϬϲ͘ϭϵϬ
ŝŬƵƌĂŶŐŝ͗ĐĂĚĂŶŐĂŶŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝ ;ϲϳ͘ϳϵϬ͘ϵϮϳ͘ϵϯϯͿ ;ϲϮ͘ϵϰϴ͘ϰϱϱ͘ϮϵϰͿ
WŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶͲŶĞƚŽ ϰ͘ϲϰϳ͘ϯϰϭ͘Ϭϰϵ͘ϴϯϮ ϯ͘ϴϮϰ͘ϳϮϴ͘ϴϱϬ͘ϴϵϲ
ĞďĂŶĚŝďĂLJĂƌĚŝŵƵŬĂ ϰ͘ϳϵϵ͘ϴϴϭ͘ϴϳϴ ϱ͘ϴϵϳ͘ϳϯϲ͘Ϭϴϴ
WŝƵƚĂŶŐůĂŝŶͲůĂŝŶͲŶĞƚŽ ϵ͘ϴϵϴ͘ϵϲϵ͘ϴϲϮ ϰϭϴ͘ϴϰϲ͘ϵϭϬ
WŝƵƚĂŶŐĚĞƌŝǀĂƚŝĨ ϭϬϲ͘Ϭϴϵ͘ϵϰϰ͘ϰϳϱ ϭϮϲ͘ϰϲϰ͘ϬϵϮ͘ϯϳϰ
ƐĞƚƚĞƚĂƉͲŶĞƚŽ Ϯϯ͘ϭϳϲ͘ϭϬϵ͘ϲϬϭ Ϯϳ͘ϳϵϬ͘ϭϱϮ͘ϯϱϰ
ƐĞƚƉĂũĂŬƚĂŶŐŐƵŚĂŶ ϱ͘ϵϴϮ͘ϳϲϳ͘ϰϮϲ ϭϰ͘ϱϴϭ͘Ϯϱϲ͘ϭϰϳ
ƐĞƚƚĂŬďĞƌǁƵũƵĚͲŶĞƚŽ ϭϯϳ͘ϭϱϳ͘ϯϬϭ ϭ͘ϭϭϲ͘ϵϲϮ͘ϯϱϴ
ƐĞƚůĂŝŶͲůĂŝŶ Ϯ͘Ϭϴϵ͘ϯϰϱ͘Ϯϴϱ ϯ͘ϱϮϴ͘Ϯϭϳ͘ϯϮϱ
dKd>^ d ϱ͘Ϭϳϵ͘ϮϴϬ͘ϱϯϲ͘Ϯϲϯ ϰ͘ϯϳϯ͘Ϭϰϵ͘ϰϰϳ͘Ϯϭϵ
>//>/d^
WŝŶũĂŵĂŶďĂŶŬͲŶĞƚŽ Ϯ͘Ϯϵϳ͘ϲϮϴ͘ϬϬϬ͘ϬϬϬ Ϯ͘ϮϯϮ͘ϮϮϯ͘ϬϬϬ͘ϬϬϬ
hƚĂŶŐŽďůŝŐĂƐŝͲŶĞƚŽ ϭ͘ϮϮϬ͘ϯϬϰ͘ϯϭϳ͘Ϭϵϴ ϲϵϲ͘ϰϯϭ͘ϱϳϲ͘ϰϴϮ
hƚĂŶŐůĂŝŶͲůĂŝŶ
WŝŚĂŬďĞƌĞůĂƐŝ Ϯϰ͘ϯϮϯ͘ϴϮϳ ϭϲ͘ϵϳϮ͘ϰϱϯ
WŝŚĂŬŬĞƚŝŐĂ ϴϭ͘ϰϱϱ͘ϱϳϮ͘ϳϮϯ ϳϰ͘ϴϯϰ͘ϳϱϲ͘ϱϱϱ
ĞďĂŶLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌ ϴϮ͘ϬϴϬ͘ϵϴϳ͘ϱϬϮ ϳϮ͘ϱϴϵ͘ϵϱϮ͘ϭϮϱ
hƚĂŶŐƉĂũĂŬ ϵ͘ϴϳϴ͘ϭϰϰ͘ϵϳϰ ϱ͘ϵϴϵ͘ϰϴϲ͘ϰϭϱ
>ŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂŬĂƌLJĂǁĂŶ ϵ͘ϵϴϱ͘ϮϯϮ͘ϬϱϬ ϵ͘Ϯϯϯ͘ϯϰϬ͘ϭϮϮ
hƚĂŶŐĚĞƌŝǀĂƚŝĨ ϭ͘ϭϯϳ͘ϯϲϯ͘ϱϳϳ ϯ͘ϱϭϱ͘ϴϰϮ͘ϴϲϬ
dKd>>//>/d^ ϯ͘ϳϬϮ͘ϰϵϯ͘ϵϰϭ͘ϳϱϭ ϯ͘Ϭϵϰ͘ϴϯϰ͘ϵϮϳ͘ϬϭϮ
<h/d^
DŽĚĂůĚŝƚĞŵƉĂƚŬĂŶĚĂŶĚŝƐĞƚŽƌƉĞŶƵŚ ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
WĞŶŐŚĂƐŝůĂŶͬ;ŬĞƌƵŐŝĂŶͿŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶ͗
<ĞƵŶƚƵŶŐĂŶĂŬƚƵĂƌŝĂůĂƚĂƐůŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂͲŶĞƚŽ Ϯ͘ϯϵϳ͘ϲϬϴ͘ϬϲϬ ϳϰϳ͘ϮϮϰ͘ϵϳϵ
<ĞƵŶƚƵŶŐĂŶͬ;ŬĞƌƵŐŝĂŶͿŬƵŵƵůĂƚŝĨĂƚĂƐŝŶƐƚƌƵŵĞŶĚĞƌŝǀĂƚŝĨ
ƵŶƚƵŬůŝŶĚƵŶŐŶŝůĂŝĂƌƵƐŬĂƐͲŶĞƚŽ ϭϮ͘ϱϱϭ͘ϴϮϯ͘ϭϳϮ ;ϭϯ͘ϳϱϮ͘ϬϮϮ͘ϬϴϲͿ
^ĂůĚŽůĂďĂ
dĞůĂŚĚŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ Ͳ
ĞůƵŵĚŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ ϯϲϬ͘ϴϯϳ͘ϭϲϯ͘ϮϴϬ Ϯϵϭ͘Ϯϭϵ͘ϯϭϳ͘ϯϭϰ
<h/d^ͲE dK ϭ͘ϯϳϲ͘ϳϴϲ͘ϱϵϰ͘ϱϭϮ ϭ͘Ϯϳϴ͘Ϯϭϰ͘ϱϮϬ͘ϮϬϳ
dKd>>//>/d^E <h/d^ ϱ͘Ϭϳϵ͘ϮϴϬ͘ϱϯϲ͘Ϯϲϯ ϰ͘ϯϳϯ͘Ϭϰϵ͘ϰϰϳ͘Ϯϭϵ
24
Page 45
>WKZE>Zh'/<KDWZ , E^/&EW E',^/>E<KDWZ , E^/&>/E
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
W EWdE
WĞŶĚĂƉĂƚĂŶƐĞǁĂƉĞŵďŝĂLJĂĂŶ ϰϲϭ͘Ϭϰϰ͘ϵϯϳ͘ϰϮϱ ϯϳϴ͘ϬϱϬ͘ϳϵϲ͘ϭϮϯ
WĞŶĞƌŝŵĂĂŶĂƚĂƐƉŝƵƚĂŶŐLJĂŶŐĚŝŚĂƉƵƐďƵŬƵŬĂŶ Ͳ ϱ͘ϴϮϬ͘Ϭϰϴ͘ϭϲϮ
WĞŶĚĂƉĂƚĂŶďƵŶŐĂ ϭϴ͘ϭϬϵ͘ϰϲϲ͘ϱϳϲ ϭϭ͘ϱϰϲ͘ϱϮϭ͘ϴϬϬ
WĞŶĚĂƉĂƚĂŶůĂŝŶͲůĂŝŶ ϱ͘ϯϬϵ͘ϵϳϭ͘ϵϵϬ ϰ͘ϯϮϴ͘ϲϮϵ͘ϳϮϬ
dKd>W EWdE ϰϴϰ͘ϰϲϰ͘ϯϳϱ͘ϵϵϭ ϯϵϵ͘ϳϰϱ͘ϵϵϱ͘ϴϬϱ
E
'Ăũŝ͕ƚƵŶũĂŶŐĂŶĚĂŶŬĞƐĞũĂŚƚĞƌĂĂŶŬĂƌLJĂǁĂŶůĂŝŶŶLJĂ ϵϯ͘Ϯϱϲ͘ϰϵϰ͘ϭϳϯ ϳϰ͘ϴϯϰ͘ϵϵϮ͘ϯϳϯ
ĞďĂŶƵŵƵŵĚĂŶĂĚŵŝŶŝƐƚƌĂƐŝ ϳϳ͘Ϭϲϭ͘ϭϵϲ͘ϬϮϬ ϳϴ͘ϳϱϯ͘ϲϭϯ͘ϴϮϯ
ĞďĂŶƉĞŵďŝĂLJĂĂŶ ϮϬϴ͘ϳϱϯ͘ϴϬϬ͘ϲϵϱ ϭϲϴ͘ϮϮϱ͘Ϭϴϰ͘ϴϭϬ
WĞŶLJŝƐŝŚĂŶͬ;ƉĞŵďĂůŝŬĂŶͿŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝƉŝƵƚĂŶŐƐĞǁĂ
ƉĞŵďŝĂLJĂĂŶ ϱ͘ϲϭϳ͘ϴϴϱ͘ϵϵϯ ;ϴ͘ϰϯϴ͘ϮϬϵ͘ϬϴϵͿ
WĞŶLJŝƐŝŚĂŶͬ;ƉĞŵďĂůŝŬĂŶͿŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝƉŝƵƚĂŶŐůĂŝŶͲ
ůĂŝŶĚĂƌŝĂƐĞƚLJĂŶŐĚŝďŝĂLJĂŝ Ϯ͘ϭϭϴ͘ϱϭϵ͘ϯϵϵ ;ϭϰϳ͘ϯϳϬ͘ϱϵϵͿ
WĞŶLJŝƐŝŚĂŶͬ;ƉĞŵďĂůŝŬĂŶͿŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝŬĂƐƉĂĚĂ
ďĂŶŬ ϮϬ͘ϭϵϬ͘ϰϵϯ ;ϯϯ͘ϴϳϳ͘ϬϬϳͿ
<ĞƌƵŐŝĂŶƉĞŶLJĞůĞƐĂŝĂŶƉŝƵƚĂŶŐůĂŝŶͲůĂŝŶĚĂƌŝĂƐĞƚLJĂŶŐĚŝďŝĂLJĂŝ ϭ͘Ϭϰϳ͘ϵϵϴ͘ϯϲϯ ϰϲϴ͘ϯϰϮ͘ϰϴϲ
dKd> E ϯϴϳ͘ϴϳϲ͘Ϭϴϱ͘ϭϯϲ ϯϭϯ͘ϲϲϮ͘ϱϳϲ͘ϳϵϳ
>^ >hD EW:<&/E>E EW:<
W E',^/>E ϵϲ͘ϱϴϴ͘ϮϵϬ͘ϴϱϱ ϴϲ͘Ϭϴϯ͘ϰϭϵ͘ϬϬϴ
ĞďĂŶƉĂũĂŬĨŝŶĂůĂƚĂƐƉĞŶĚĂƉĂƚĂŶďƵŶŐĂ ;ϯ͘ϲϮϭ͘ϴϵϮ͘ϲϮϬͿ ;Ϯ͘ϯϬϵ͘ϯϬϰ͘ϯϲϭͿ
>^ >hD EW:<W E',^/>E ϵϮ͘ϵϲϲ͘ϯϵϴ͘Ϯϯϱ ϴϯ͘ϳϳϰ͘ϭϭϰ͘ϲϰϳ
ĞďĂŶƉĂũĂŬƉĞŶŐŚĂƐŝůĂŶ ;ϮϮ͘ϯϰϴ͘ϱϱϮ͘ϮϲϵͿ ;ϭϵ͘ϭϲϱ͘ϭϳϲ͘ϵϯϬͿ
>d,hE Z:>E ϳϬ͘ϲϭϳ͘ϴϰϱ͘ϵϲϲ ϲϰ͘ϲϬϴ͘ϵϯϳ͘ϳϭϳ
W E',^/>E<KDWZ , E^/&>/E
WŽƐLJĂŶŐƚŝĚĂŬĂŬĂŶĚŝƌĞŬůĂƐŝĨŝŬĂƐŝŬĞůĂďĂƌƵŐŝ
WĞŶŐĂŬƵĂŶŬĞƵŶƚƵŶŐĂŶͬ;ŬĞƌƵŐŝĂŶͿŬĞƵŶƚƵŶŐĂŶĂŬƚƵĂƌŝĂů Ϯ͘ϭϭϱ͘ϴϳϱ͘ϳϰϱ ;ϴϴϵ͘ϰϱϯ͘ϴϴϯͿ
WĂũĂŬƚĞƌŬĂŝƚ ;ϰϲϱ͘ϰϵϮ͘ϲϲϰͿ ϭϵϱ͘ϲϳϵ͘ϴϱϰ
WŽƐLJĂŶŐĂŬĂŶĚŝƌĞŬůĂƐŝĨŝŬĂƐŝŬĞůĂďĂƌƵŐŝ
<ĞƵŶƚƵŶŐĂŶĂƚĂƐůŝŶĚƵŶŐĂƌƵƐŬĂƐ ϯϯ͘ϳϮϮ͘ϴϳϴ͘ϱϯϲ ϯϮ͘ϬϮϰ͘ϲϰϳ͘ϴϬϰ
WĂũĂŬƚĞƌŬĂŝƚ ;ϳ͘ϰϭϵ͘Ϭϯϯ͘ϮϳϴͿ ;ϳ͘Ϭϰϱ͘ϰϮϮ͘ϱϭϳͿ
WĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ>ĂŝŶͲEĞƚŽ Ϯϳ͘ϵϱϰ͘ϮϮϴ͘ϯϯϵ Ϯϰ͘Ϯϴϱ͘ϰϱϭ͘Ϯϱϴ
dKd>W E',^/>E<KDWZ , E^/&d,hE Z:>E ϵϴ͘ϱϳϮ͘Ϭϳϰ͘ϯϬϱ ϴϴ͘ϴϵϰ͘ϯϴϴ͘ϵϳϱ
>W Z^,D^Z ϳϬ͘ϲϭϴ ϲϰ͘ϲϬϵ
Z^/K< hE'E
ϯϭĞƐĞŵďĞƌ
< d ZE'E
ϮϬϮϯ ϮϬϮϮ
ZĂƐŝŽWĞƌƚƵŵďƵŚĂŶ;йͿ
dŽƚĂůWĞŶĚĂƉĂƚĂŶ Ϯϭ͕ϭϵ ;ϭ͕ϲϴͿ
>ĂďĂdĂŚƵŶĞƌũĂůĂŶ ϵ͕ϯϬ ϭϭ͕ϳϮ
dŽƚĂůƐĞƚ ϭϲ͕ϭϱ Ϯϱ͕Ϯϯ
dŽƚĂů>ŝĂďŝůŝƚĂƐ ϭϵ͕ϲϯ ϯϰ͕ϰϬ
dŽƚĂů ŬƵŝƚĂƐ ϳ͕ϳϭ ϳ͕ϰϳ
ZĂƐŝŽWĞƌŵŽĚĂůĂŶ ϱϯ͕ϵϮ ϱϴ͕ϴϬ
ZĂƐŝŽhƐĂŚĂ;йͿ
>ĂďĂ^ĞďĞůƵŵĞďĂŶWĂũĂŬWĞŶŐŚĂƐŝůĂŶͬdŽƚĂůWĞŶĚĂƉĂƚĂŶ ϭϵ͕ϭϵ ϮϬ͕ϵϲ
dŽƚĂůWĞŶĚĂƉĂƚĂŶͬdŽƚĂůƐĞƚϭͿ ϵ͕ϱϰ ϵ͕ϭϰ
>ĂďĂdĂŚƵŶĞƌũĂůĂŶͬdŽƚĂůWĞŶĚĂƉĂƚĂŶ ϭϰ͕ϱϴ ϭϲ͕ϭϲ
/ŵďĂů,ĂƐŝůĂƚĂƐƐĞƚϮͿ ϭ͕ϯϵ ϭ͕ϰϴ
/ŵďĂů,ĂƐŝůĂƚĂƐ ŬƵŝƚĂƐϯͿ ϱ͕ϭϯ ϱ͕Ϭϱ
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ϯϭĞƐĞŵďĞƌ
< d ZE'E
ϮϬϮϯ ϮϬϮϮ
ZĂƐŝŽ ŬƵŝƚĂƐƚĞƌŚĂĚĂƉDŽĚĂůŝƐĞƚŽƌ ϭϯϳ͕ϲϴ ϭϮϳ͕ϴϮ
ZĂƐŝŽ^ĂůĚŽWŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶEĞƚŽƚĞƌŚĂĚĂƉdŽƚĂů
WĞŶĚĂŶĂĂŶ ϭϯϮ͕ϭϬ ϭϯϬ͕ϲϬ
ZĂƐŝŽ^ĂůĚŽWŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶ/ŶǀĞƐƚĂƐŝĚĂŶWĞŵďŝĂLJĂĂŶ
DŽĚĂů<ĞƌũĂƚĞƌŚĂĚĂƉƐĂůĚŽWŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶ ϭϬϬ͕ϬϬ ϭϬϬ͕ϬϬ
ZĂƐŝŽ<ĞƵĂŶŐĂŶ;džͿ
dŽƚĂů>ŝĂďŝůŝƚĂƐƚĞƌŚĂĚĂƉdŽƚĂů ŬƵŝƚĂƐ;ĞďƚƚŽĞƋƵŝƚLJƌĂƚŝŽͿϰͿ Ϯ͕ϲϵ Ϯ͕ϰϮ
dŽƚĂů>ŝĂďŝůŝƚĂƐƚĞƌŚĂĚĂƉdŽƚĂůƐĞƚ;ĞďƚƚŽĂƐƐĞƚƌĂƚŝŽͿϱͿ Ϭ͕ϳϯ Ϭ͕ϳϭ
ZĂƐŝŽ>ĂŶĐĂƌϲͿ ϭ͕ϳϭ ϰ͕ϱϮ
'ĞĂƌŝŶŐZĂƚŝŽϳͿ Ϯ͕ϱϲ Ϯ͕Ϯϵ
EĞƚ&ŝŶĂŶĐŝŶŐƚŽƐƐĞƚZĂƚŝŽϴͿ Ϭ͕ϵϭ Ϭ͕ϴϳ
EŽŶWĞƌĨŽƌŵŝŶŐ&ŝŶĂŶĐŝŶŐ;EW&ͲйͿͲEĞƚŽϵͿ Ϭ͕ϬϮϬ Ϭ͕ϬϬϰ
EŽŶWĞƌĨŽƌŵŝŶŐ&ŝŶĂŶĐŝŶŐ;EW&ͲйͿͲ'ƌŽƐƐϭϬͿ Ϭ͕Ϭϳ Ϭ͕ϭϵ
/ŶƚĞƌĞƐƚŽǀĞƌĂŐĞZĂƚŝŽ;/ZͲdžͿϭϭͿ ϭ͕ϱϰ ϭ͕ϲϭ
Ğďƚ^ĞƌǀŝĐĞŽǀĞƌĂŐĞZĂƚŝŽ;^ZͲdžͿϭϮͿ Ϭ͕ϮϬ Ϭ͕ϱϬ
<ĞƚĞƌĂŶŐĂŶ͗
ϭ͘ dŽƚĂů WĞŶĚĂƉĂƚĂŶ ĂƚĂƐ dŽƚĂů ƐĞƚ ĚŝŚŝƚƵŶŐ ƐĞƐƵĂŝ ƉĞƌĂƚƵƌĂŶ K:< ĂĚĂůĂŚ ƌĂƐŝŽ ƚŽƚĂů ƉĞŶĚĂƉĂƚĂŶ ƚĞƌŚĂĚĂƉ ƚŽƚĂů ĂƐĞƚ ƚĂŚƵŶ LJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶ͘
Ϯ͘ /ŵďĂů,ĂƐŝůĂƚĂƐƐĞƚĚŝŚŝƚƵŶŐƐĞƐƵĂŝƉĞƌĂƚƵƌĂŶK:<ĂĚĂůĂŚƌĂƐŝŽůĂďĂƐĞƚĞůĂŚƉĂũĂŬƚĞƌŚĂĚĂƉƚŽƚĂůĂƐĞƚƚĂŚƵŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘
ϯ͘ /ŵďĂů,ĂƐŝůĂƚĂƐ ŬƵŝƚĂƐĚŝŚŝƚƵŶŐƐĞƐƵĂŝƉĞƌĂƚƵƌĂŶK:<ĂĚĂůĂŚƌĂƐŝŽůĂďĂƐĞƚĞůĂŚƉĂũĂŬƚĞƌŚĂĚĂƉƚŽƚĂůĞŬƵŝƚĂƐƚĂŚƵŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͘
ϰ͘ ZĂƐŝŽĞďƚƚŽĞƋƵŝƚLJŵĞƌƵƉĂŬĂŶƚŽƚĂůůŝĂďŝůŝƚĂƐĚŝďĂŐŝĚĞŶŐĂŶƚŽƚĂůĞŬƵŝƚĂƐ͘
ϱ͘ ZĂƐŝŽĞďƚƚŽĂƐƐĞƚŵĞƌƵƉĂŬĂŶƚŽƚĂůůŝĂďŝůŝƚĂƐĚŝďĂŐŝĚĞŶŐĂŶƚŽƚĂůĂƐĞƚ͘
ϲ͘ Perhitungan Rasio Lancar adalah jumlah kas dan setara kas dengan aset yang jatuh tempo ≤1 tahun dibagi dengan liabilitas ≤1 tĂŚƵŶ͘
ϳ͘ 'ĞĂƌŝŶŐ ZĂƚŝŽ ŵĞƌƵƉĂŬĂŶ ƌĂƐŝŽ LJĂŶŐ ĚŝŚŝƚƵŶŐ ĚĂƌŝ ƉŝŶũĂŵĂŶ ;ƚĞƌŵĂƐƵŬ ƵƚĂŶŐ ŽďůŝŐĂƐŝͿ ĚŝďĂŐŝ ĚĞŶŐĂŶ ũƵŵůĂŚ ŵŽĚĂů͘ dŽƚĂů ŵŽĚĂů
ĚŝĂŵďŝůĚĂƌŝĞŬƵŝƚĂƐLJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵůĂƉŽƌĂŶƉŽƐŝƐŝŬĞƵĂŶŐĂŶ͘
ϴ͘ EĞƚ&ŝŶĂŶĐŝŶŐƚŽƐƐĞƚZĂƚŝŽŵĞƌƵƉĂŬĂŶƌĂƐŝŽĂŶƚĂƌĂũƵŵůĂŚƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶŶĞƚŽƚĞƌŚĂĚĂƉũƵŵůĂŚĂƐĞƚƉĂĚĂƚĂŚƵŶLJĂŶŐ
ďĞƌƐĂŶŐŬƵƚĂŶ͘
ϵ͘ ZĂƐŝŽĚŝŚŝƚƵŶŐĚĂƌŝWŝƵƚĂŶŐхϵϬŚĂƌŝLJĂŶŐƚĞůĂŚĚŝŬƵƌĂŶŐŝĐĂĚĂŶŐĂŶĚŝďĂŐŝĚĞŶŐĂŶƚŽƚĂůƉŝƵƚĂŶŐŶĞƚŽ͘
ϭϬ͘ ZĂƐŝŽĚŝŚŝƚƵŶŐĚĂƌŝWŝƵƚĂŶŐхϵϬŚĂƌŝĚŝďĂŐŝĚĞŶŐĂŶƚŽƚĂůƉŝƵƚĂŶŐŐƌŽƐƐ͘
ϭϭ͘ WĞŶĚĂƉĂƚĂŶƐĞďĞůƵŵďĞďĂŶďƵŶŐĂ͕ƉĂũĂŬ͕ĚĞƉƌĞƐŝĂƐŝĚĂŶĂŵŽƌƚŝƐĂƐŝ; /dͿ;ϮϬϮϯ͗ZƉϯϮϭ͘ϯϬϬ͘ϵϬϮ͘Ϯϴϭ͖ϮϬϮϮ͗ZƉϮϳϬ͘ϲϱϳ͘ϯϴϲ͘ϲϬϲͿ
ĚŝďĂŐŝĚĞŶŐĂŶďĞďĂŶďƵŶŐĂ ĚĂƌŝŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞďƚ;ϮϬϮϯ͗ZƉϮϬϴ͘ϳϱϯ͘ϴϬϬ͘ϲϵϱ͖ϮϬϮϮ͗ZƉϭϲϴ͘ϮϮϱ͘Ϭϴϰ͘ϴϭϬͿ͘ /dĚŝŚŝƚƵŶŐĚĂƌŝ
ůĂďĂƐĞďĞůƵŵďĞďĂŶƉĂũĂŬƉĞŶŐŚĂƐŝůĂŶ;ϮϬϮϯ͗ZƉϵϮ͘ϵϲϲ͘ϯϵϴ͘Ϯϯϱ͖ϮϬϮϮ͗ZƉϴϯ͘ϳϳϰ͘ϭϭϰ͘ϲϰϳͿĚŝƚĂŵďĂŚĚĞŶŐĂŶďĞďĂŶƉĂũĂŬĨŝŶĂůĂƚĂƐ
ƉĞŶĚĂƉĂƚĂŶ ďƵŶŐĂ ;ϮϬϮϯ͗ ZƉϯ͘ϲϮϭ͘ϴϵϮ͘ϲϮϬ͖ ϮϬϮϮ͗ ZƉϮ͘ϯϬϵ͘ϯϬϰ͘ϯϲϭͿ͕ ďĞďĂŶ ďƵŶŐĂ ĚĂƌŝ ŝŶƚĞƌĞƐƚ ďĞĂƌŝŶŐ ĚĞďƚ ;ϮϬϮϯ͗
ZƉϮϬϴ͘ϳϱϯ͘ϴϬϬ͘ϲϵϱ͖ ϮϬϮϮ͗ ZƉϭϲϴ͘ϮϮϱ͘Ϭϴϰ͘ϴϭϬͿ͕ ďĞďĂŶ ĚĞƉƌĞƐŝĂƐŝ ĂƐĞƚ ƚĞƚĂƉ ;ϮϬϮϯ͗ ZƉϭϰ͘ϵϳϵ͘ϬϬϱ͘ϲϳϰ͖ ϮϬϮϮ͗ ZƉϭϰ͘ϬϯϮ͘ϴϲϳ͘ϵϰϲͿ͕
ďĞďĂŶĂŵŽƌƚŝƐĂƐŝĂƐĞƚƚĂŬďĞƌǁƵũƵĚ;ϮϬϮϯ͗ZƉϵϳϵ͘ϴϬϱ͘Ϭϱϳ͖ϮϬϮϮ͗ZƉϮ͘ϯϭϲ͘Ϭϭϰ͘ϴϰϮͿ͘
ϭϮ͘ WĞŶĚĂƉĂƚĂŶƐĞďĞůƵŵďĞďĂŶďƵŶŐĂ͕ƉĂũĂŬ͕ĚĞƉƌĞƐŝĂƐŝĚĂŶĂŵŽƌƚŝƐĂƐŝ; /dͿ;ϮϬϮϯ͗ZƉϯϮϭ͘ϯϬϬ͘ϵϬϮ͘Ϯϴϭ͖ϮϬϮϮ͗ZƉϮϳϬ͘ϲϱϳ͘ϯϴϲ͘ϲϬϲͿ
ĚŝďĂŐŝ ĚĞŶŐĂŶ ƉĞŵďĂLJĂƌĂŶ ƉŽŬŽŬ ĚĂŶ ďƵŶŐĂ ĚĂƌŝ ŝŶƚĞƌĞƐƚ ďĞĂƌŝŶŐ ĚĞďƚ ;ϮϬϮϯ͗ ZƉϭ͘ϲϭϱ͘ϵϳϳ͘ϴϬϬ͘ϲϵϱ͖ ϮϬϮϮ͗ ZƉϱϯϵ͘ϴϲϮ͘ϱϴϰ͘ϴϭϬͿ͘
/dĚŝŚŝƚƵŶŐĚĂƌŝůĂďĂƐĞďĞůƵŵďĞďĂŶƉĂũĂŬ ƉĞŶŐŚĂƐŝůĂŶ;ϮϬϮϯ͗ZƉϵϮ͘ϵϲϲ͘ϯϵϴ͘Ϯϯϱ͖ϮϬϮϮ͗ZƉϴϯ͘ϳϳϰ͘ϭϭϰ͘ϲϰϳͿĚŝƚĂŵďĂŚĚĞŶŐĂŶ
ďĞďĂŶƉĂũĂŬĨŝŶĂůĂƚĂƐƉĞŶĚĂƉĂƚĂŶďƵŶŐĂ;ϮϬϮϯ͗ZƉϯ͘ϲϮϭ͘ϴϵϮ͘ϲϮϬ͖ϮϬϮϮ͗ZƉϮ͘ϯϬϵ͘ϯϬϰ͘ϯϲϭͿ͕ďĞďĂŶďƵŶŐĂĚĂƌŝŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞďƚ
;ϮϬϮϯ͗ ZƉϮϬϴ͘ϳϱϯ͘ϴϬϬ͘ϲϵϱ͖ ϮϬϮϮ͗ ZƉϭϲϴ͘ϮϮϱ͘Ϭϴϰ͘ϴϭϬͿ͕ ďĞďĂŶ ĚĞƉƌĞƐŝĂƐŝ ĂƐĞƚ ƚĞƚĂƉ ;ϮϬϮϯ͗ ZƉϭϰ͘ϵϳϵ͘ϬϬϱ͘ϲϳϰ͖ ϮϬϮϮ͗
ZƉϭϰ͘ϬϯϮ͘ϴϲϳ͘ϵϰϲͿ͕ ďĞďĂŶ ĂŵŽƌƚŝƐĂƐŝ ĂƐĞƚ ƚĂŬďĞƌǁƵũƵĚ ;ϮϬϮϯ͗ ZƉϵϳϵ͘ϴϬϱ͘Ϭϱϳ͖ ϮϬϮϮ͗ ZƉϮ͘ϯϭϲ͘Ϭϭϰ͘ϴϰϮͿ͘ ZĂƐŝŽ ^Z WĞƌƐĞƌŽĂŶ
ĚŝďĂǁĂŚ ϭdž ƚŝĚĂŬ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ŬĞŵĂŵƉƵĂŶ ƉĞŵďĂLJĂƌĂŶ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂŶƚŝƐŝƉĂƐŝ ŬĞŵĂŵƉƵĂŶ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ
ƉĞůƵŶĂƐĂŶĂƚĂƐƵƚĂŶŐƉŽŬŽŬŵĞůĂůƵŝƉĞŶĞƌŝŵĂĂŶĐŝĐŝůĂŶĚĂƌŝŬŽŶƐƵŵĞŶĚĂŶƉĞůƵŶĂƐĂŶďƵŶŐĂŵĞůĂůƵŝƉĞŶĚĂƉĂƚĂŶLJĂŶŐĚŝŚĂƐŝůŬĂŶŽůĞŚ
WĞƌƐĞƌŽĂŶ͘
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s͘ E>/^/^EW D,^EK> ,DE: D E
ŶĂůŝƐŝƐĚĂŶƉĞŵďĂŚĂƐĂŶŽůĞŚŵĂŶĂũĞŵĞŶĂƚĂƐŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶƐĞƌƚĂŚĂƐŝůŽƉĞƌĂƐŝWĞƌƐĞƌŽĂŶĚĂůĂŵďĂďŝŶŝŚĂƌƵƐĚŝďĂĐĂ
ďĞƌƐĂŵĂͲƐĂŵĂĚĞŶŐĂŶŝŬŚƚŝƐĂƌĚĂƚĂŬĞƵĂŶŐĂŶƉĞŶƚŝŶŐĚĂŶ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶ
ϮϬϮϮ͕LJĂŶŐƚĞƌĐĂŶƚƵŵĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝ͘
WĞŵďĂŚĂƐĂŶLJĂŶŐĚŝƐĂũŝŬĂŶďĞƌŝŬƵƚĚĂƉĂƚŵĞŶŐĂŶĚƵŶŐƉĞƌŶLJĂƚĂĂŶLJĂŶŐŵĞŶŐŐĂŵďĂƌŬĂŶŬĞĂĚĂĂŶĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐ
;ĨŽƌǁĂƌĚůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚͿĚĂŶŵĞŶĐĞƌŵŝŶŬĂŶƉĂŶĚĂŶŐĂŶWĞƌƐĞƌŽĂŶƐĂĂƚŝŶŝďĞƌŬĂŝƚĂŶƉĞƌŝƐƚŝǁĂĚĂŶŬŝŶĞƌũĂŬĞƵĂŶŐĂŶ
ĚŝŵĂƐĂŵĞŶĚĂƚĂŶŐLJĂŶŐŚĂƐŝůĂŬƚƵĂůŶLJĂĚĂƉĂƚďĞƌďĞĚĂƐĞĐĂƌĂŵĂƚĞƌŝĂůƐĞďĂŐĂŝĂŬŝďĂƚĚĂƌŝĨĂŬƚŽƌͲĨĂŬƚŽƌƚĞƌŵĂƐƵŬŶĂŵƵŶ
ƚŝĚĂŬƚĞƌďĂƚĂƐŬĞƉĂĚĂLJĂŶŐƚĞůĂŚĚŝƵƌĂŝŬĂŶĚĂůĂŵĂďs/ŵĞŶŐĞŶĂŝ&ĂŬƚŽƌZŝƐŝŬŽ͘
͘ hDhD
WĞƌƐĞƌŽĂŶďĞƌŬĞĚƵĚƵŬĂŶĚŝ:ĂŬĂƌƚĂ^ĞůĂƚĂŶĚĂŶWĞƌƐĞƌŽĂŶĚŝĚŝƌŝŬĂŶĚĞŶŐĂŶŶĂŵĂWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂďĞƌĚĂƐĂƌŬĂŶ
ŬƚĂ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ Wd ,ŝŶŽ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ EŽ͘ϰϱ ƚĂŶŐŐĂů ϭϭ :Ƶůŝ ϮϬϭϰ LJĂŶŐ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ WŽƉŝĞ ^Ăǀŝƚƌŝ
DĂƌƚŽƐƵŚĂƌĚũŽWŚĂƌŵĂŶƚŽ͕^,͕EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂĚĂŶƚĞůĂŚ;ŝͿŵĞŶĚĂƉĂƚŬĂŶƉĞŶŐĞƐĂŚĂŶĚĂƌŝDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝ
DĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂďĞƌĚĂƐĂƌŬĂŶƐƵƌĂƚŬĞƉƵƚƵƐĂŶEŽ͘,hͲϭϳϯϭϴ͘ϰϬ͘ϭϬ͘ϮϬϭϰƚĂŶŐŐĂůϭϰ:ƵůŝϮϬϭϰ;ŝŝͿĚŝĚĂĨƚĂƌŬĂŶ
ĚĂůĂŵĂĨƚĂƌWĞƌƐĞƌŽĂŶEŽ͘,hͲϬϬϳϭϳϰϮ͘ϰϬ͘ϴϬ͘ϮϬϭϰƚĂŶŐŐĂůϭϰ:ƵůŝϮϬϭϰ͕;ŝŝŝͿĚŝƵŵƵŵŬĂŶĚĂůĂŵdĂŵďĂŚĂŶEŽ͘ϰϵϲϮϳ
ĚĂƌŝĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϭϬϯƚĂŶŐŐĂůϮϲĞƐĞŵďĞƌϮϬϭϰ;ŬƚĂEŽ͘ϰϱͬϮϬϭϰͿ͘
^ĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĂƐĂůϯĂLJĂƚ;ϭͿŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶŝĂůĂŚďĞƌŐĞƌĂŬĚĂůĂŵ
ďŝĚĂŶŐƉĞŵďŝĂLJĂĂŶ͗
^ĞůĂŶũƵƚŶLJĂ ƐĞƐƵĂŝ ŬĞƚĞŶƚƵĂŶ WĂƐĂů ϯ ĂLJĂƚ ;ϮͿ hŶƚƵŬ ŵĞŶĐĂƉĂŝ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ͕ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ
ŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ WĞŵďŝĂLJĂĂŶ/ŶǀĞƐƚĂƐŝĂĚĂůĂŚƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐŵŽĚĂůďĞƐĞƌƚĂũĂƐĂLJĂŶŐĚŝƉĞƌůƵŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐƵƐĂŚĂͬŝŶǀĞƐƚĂƐŝ͕
ƌĞŚĂďŝůŝƚĂƐ͕ŵŽĚĞƌŶŝƐĂƐŝ͕ĞŬƐƉĂŶƐŝĂƚĂƵƌĞůŽŬĂƐŝƚĞŵƉĂƚƵƐĂŚĂͬŝŶǀĞƐƚĂƐŝLJĂŶŐĚŝďĞƌŝŬĂŶŬĞƉĂĚĂĚĞďŝƚƵƌ͘WĞŵďŝĂLJĂĂŶ
/ŶǀĞƐƚĂƐŝĚĂƉĂƚĚŝůĂŬƵŬĂŶĚĞŶŐĂŶĐĂƌĂ͗
Ă͘ ^ĞǁĂWĞŵďŝĂLJĂĂŶ;&ŝŶĂŶĐĞ>ĞĂƐĞͿLJĂŝƚƵŬĞŐŝĂƚĂŶƉĞŵďŝĂLJĂĂŶĚĂůĂŵďĞŶƚƵŬƉĞŶLJĞĚŝĂĂŶďĂƌĂŶŐŽůĞŚWĞƌƐĞƌŽĂŶ
;WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶͿ ƵŶƚƵŬ ĚŝŐƵŶĂŬĂŶ ĚĞďŝƚƵƌ ƐĞůĂŵĂ ũĂŶŐŬĂ ǁĂŬƚƵ ƚĞƌƚĞŶƚƵ͕ LJĂŶŐ ŵĞŶŐĂůŝŚŬĂŶ ƐĞĐĂƌĂ
ƐƵďƐƚĂŶƐŝĂůŵĂŶĨĂĂƚĚĂŶƌĞƐŝŬŽĂƚĂƐďĂƌĂŶŐLJĂŶŐĚŝďŝĂLJĂŝ͘;<>/EŽ͘ϲϰϵϭϬ^ĞǁĂ'ƵŶĂhƐĂŚĂĚĞŶŐĂŶ,ĂŬKƉƐŝͿ
ď͘ :ƵĂůĚĂŶ^ĞǁĂĂůŝŬ;^ĂůĞĂŶĚ>ĞĂƐĞďĂĐŬͿLJĂŝƚƵŬĞŐŝĂƚĂŶƉĞŵďŝĂLJĂĂŶĚĂůĂŵďĞŶƚƵŬƉĞŶũƵĂůĂŶƐƵĂƚƵďĂƌĂŶŐŽůĞŚ
ĚĞďŝƚƵƌŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ;WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶͿLJĂŶŐĚŝƐĞƌƚĂŝĚĞŶŐĂŶŵĞŶLJĞǁĂƉĞŵďŝĂLJĂĂŶŬĞŵďĂůŝďĂƌĂŶŐ
ƚĞƌƐĞďƵƚŬĞƉĂĚĂĚĞďŝƚƵƌLJĂŶŐƐĂŵĂ͘;<>/EŽ͘ϲϰϵϭϬ^ĞǁĂ'ƵŶĂhƐĂŚĂĚĞŶŐĂŶ,ĂŬKƉƐŝͿ
Đ͘ ŶũĂŬ WŝƵƚĂŶŐ ĚĞŶŐĂŶ WĞŵďĞƌŝĂŶ :ĂŵŝŶĂŶ ĚĂƌŝ WĞŶũƵĂů WŝƵƚĂŶŐ ;&ĂĐƚŽƌŝŶŐ ǁŝƚŚ ZĞĐŽƵƌƐĞͿ LJĂŝƚƵ ƚƌĂŶƐĂŬƐŝ ĂŶũĂŬ
ƉŝƵƚĂŶŐƵƐĂŚĂĚŝŵĂŶĂƉĞŶũƵĂůƉŝƵƚĂŶŐŵĞŶĂŶŐŐƵŶŐƌŝƐŝŬŽƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂƐĞďĂŐŝĂŶĂƚĂƵƐĞůƵƌƵŚƉŝƵƚĂŶŐLJĂŶŐ
ĚŝũƵĂůŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ;WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶͿ͘;<>/EŽ͘ϲϰϵϵϮWĞŵďŝĂLJĂĂŶŶũĂŬWŝƵƚĂŶŐ;&ĂĐƚŽƌŝŶŐͿ͘
Ě͘ ŶũĂŬWŝƵƚĂŶŐdĂŶƉĂWĞŵďĞƌŝĂŶ:ĂŵŝŶĂŶĚĂƌŝWĞŶũƵĂůWŝƵƚĂŶŐ;&ĂĐƚŽƌŝŶŐǁŝƚŚŽƵƚZĞĐŽƵƌƐĞͿLJĂŝƚƵƚƌĂŶƐĂŬƐŝĂŶũĂŬ
ƉŝƵƚĂŶŐƵƐĂŚĂĚŝŵĂŶĂWĞƌƐĞƌŽĂŶ;WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶͿŵĞŶĂŶŐŐƵŶŐƌŝƐŝŬŽƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂƐĞůƵƌƵŚƉŝƵƚĂŶŐ
LJĂŶŐĚŝũƵĂůŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ;WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶͿ͘;<>/EŽ͘ϲϰϵϵϮWĞŵďŝĂLJĂĂŶŶũĂŬWŝƵƚĂŶŐ;&ĂĐƚŽƌŝŶŐͿ͘
Ğ͘ WĞŵďĞůŝĂŶĞŶŐĂŶWĞŵďĂLJĂƌĂŶ^ĞĐĂƌĂŶŐƐƵƌĂŶLJĂŝƚƵŬĞŐŝĂƚĂŶƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐĚŝďĞůŝŽůĞŚ
ĚĞďŝƚƵƌ ĚĂƌŝ ƉĞŶLJĞĚŝĂ ďĂƌĂŶŐ ĚĂŶͬĂƚĂƵ ũĂƐĂ ĚĞŶŐĂŶ ƉĞŵďĂLJĂƌĂŶ ƐĞĐĂƌĂ ĂŶŐƐƵƌĂŶ͘ ;<>/ EŽ͘ϲϰϵϮϮ WĞŵďŝĂLJĂĂŶ
<ŽŶƐƵŵĞŶ;ŽŶƐƵŵĞƌƐƌĞĚŝƚͿ͘
Ĩ͘ WĞŵďŝĂLJĂĂŶ WƌŽLJĞŬ LJĂŝƚƵ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ƵŶƚƵŬ ƉĞůĂŬƐĂŶĂĂŶ ƐĞďƵĂŚ ƉƌŽLJĞŬ LJĂŶŐ ŵĞŵĞƌůƵŬĂŶ
ďĞďĞƌĂƉĂũĞŶŝƐďĂƌĂŶŐŵŽĚĂůĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶƉĞůĂŬƐĂŶĂĂŶƉĞŶŐĂĚĂĂŶƉƌŽLJĞŬƚĞƌƐĞďƵƚ͘;<>/
EŽ͘ϲϰϵϮϮWĞŵďŝĂLJĂĂŶ<ŽŶƐƵŵĞŶ;ŽŶƐƵŵĞƌƐƌĞĚŝƚͿ͘
Ő͘ WĞŵďŝĂLJĂĂŶ/ŶĨƌĂƐƚƌƵŬƚƵƌLJĂŝƚƵĂĚĂůĂŚƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂƵŶƚƵŬƉĞŵďĂŶŐƵŶĂŶŝŶĨƌĂƐƚƌƵŬƚƵƌ͘;<>/
EŽ͘ϲϰϵϮϮWĞŵďŝĂLJĂĂŶ<ŽŶƐƵŵĞŶ;ŽŶƐƵŵĞƌƐƌĞĚŝƚͿ͘
Ś͘ WĞŵďŝĂLJĂĂŶŝŶǀĞƐƚĂƐŝůĂŝŶƐĞƚĞůĂŚƚĞƌůĞďŝŚĚĂŚƵůƵŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶĚĂƌŝKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͘
Ϯ͘ WĞŵďŝĂLJĂĂŶDŽĚĂů<ĞƌũĂĂĚĂůĂŚƉĞŵďŝĂLJĂĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶƉĞŶŐĞůƵĂƌĂŶLJĂŶŐŚĂďŝƐĚĂůĂŵƐĂƚƵƐŝŬůƵƐ
ĂŬƚŝǀŝƚĂƐƵƐĂŚĂĚĞďŝƚƵƌ͘WĞŵďŝĂLJĂĂŶDŽĚĂů<ĞƌũĂǁĂũŝďĚŝůĂŬƵŬĂŶĚĞŶŐĂŶĐĂƌĂ͗
Ă͘ :ƵĂůĚĂŶ^ĞǁĂĂůŝŬ;^ĂůĞĂŶĚ>ĞĂƐĞďĂĐŬͿLJĂŝƚƵŬĞŐŝĂƚĂŶƉĞŵďŝĂLJĂĂŶĚĂůĂŵďĞŶƚƵŬƉĞŶũƵĂůĂŶƐƵĂƚƵďĂƌĂŶŐŽůĞŚ
ĚĞďŝƚƵƌŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ;WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶͿLJĂŶŐĚŝƐĞƌƚĂŝĚĞŶŐĂŶŵĞŶLJĞǁĂƉĞŵďŝĂLJĂĂŶŬĞŵďĂůŝďĂƌĂŶŐ
ƚĞƌƐĞďƵƚŬĞƉĂĚĂĚĞďŝƚƵƌLJĂŶŐƐĂŵĂ͘;<>/EŽ͘ϲϰϵϭϬ^ĞǁĂ'ƵŶĂhƐĂŚĂĚĞŶŐĂŶ,ĂŬKƉƐŝͿ
ď͘ ŶũĂŬ WŝƵƚĂŶŐ ĚĞŶŐĂŶ WĞŵďĞƌŝĂŶ :ĂŵŝŶĂŶ ĚĂƌŝ WĞŶũƵĂů WŝƵƚĂŶŐ ;&ĂĐƚŽƌŝŶŐ ǁŝƚŚ ZĞĐŽƵƌƐĞͿ LJĂŝƚƵ ƚƌĂŶƐĂŬƐŝ ĂŶũĂŬ
ƉŝƵƚĂŶŐƵƐĂŚĂĚŝŵĂŶĂƉĞŶũƵĂůƉŝƵƚĂŶŐŵĞŶĂŶŐŐƵŶŐƌŝƐŝŬŽƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂƐĞďĂŐŝĂŶĂƚĂƵƐĞůƵƌƵŚƉŝƵƚĂŶŐLJĂŶŐ
ĚŝũƵĂůŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ;WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶͿ͘;<>/EŽ͘ϲϰϵϵϮWĞŵďŝĂLJĂĂŶŶũĂŬWŝƵƚĂŶŐ;&ĂĐƚŽƌŝŶŐͿ͘
Đ͘ ŶũĂŬWŝƵƚĂŶŐdĂŶƉĂWĞŵďĞƌŝĂŶ:ĂŵŝŶĂŶĚĂƌŝWĞŶũƵĂůWŝƵƚĂŶŐ;&ĂĐƚŽƌŝŶŐǁŝƚŚŽƵƚZĞĐŽƵƌƐĞͿLJĂŝƚƵƚƌĂŶƐĂŬƐŝĂŶũĂŬ
ƉŝƵƚĂŶŐƵƐĂŚĂĚŝŵĂŶĂWĞƌƐĞƌŽĂŶ;WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶͿŵĞŶĂŶŐŐƵŶŐƌŝƐŝŬŽƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂƐĞůƵƌƵŚƉŝƵƚĂŶŐ
LJĂŶŐĚŝũƵĂůŬĞƉĂĚĂWĞƌƐĞƌŽĂŶ;WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶͿ͘;<>/EŽ͘ϲϰϵϵϮWĞŵďŝĂLJĂĂŶŶũĂŬWŝƵƚĂŶŐ;&ĂĐƚŽƌŝŶŐͿ͘
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Ě͘ &ĂƐŝůŝƚĂƐ DŽĚĂů hƐĂŚĂ LJĂŝƚƵ ĂĚĂůĂŚ ƉĞŵďŝĂLJĂĂŶ ďĂƌĂŶŐ ĚĂŶͬĂƚĂƵ ũĂƐĂ LJĂŶŐ ĚŝƐĂůƵƌŬĂŶ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŬĞƉĂĚĂ
ĚĞďŝƚƵƌƵŶƚƵŬŬĞƉĞƌůƵĂŶƵƐĂŚĂĂƚĂƵĂŬƚŝǀŝƚĂƐƉƌŽĚƵŬƚŝĨ͕LJĂŶŐŚĂďŝƐĚĂůĂŵƐĂƚƵƐŝŬůƵƐĂŬƚŝǀŝƚĂƐƵƐĂŚĂĚĞďŝƚƵƌ͘;<>/
EŽ͘ϲϰϵϮϮWĞŵďŝĂLJĂĂŶ<ŽŶƐƵŵĞŶ;ŽŶƐƵŵĞƌƐƌĞĚŝƚͿ͘
Ğ͘ WĞŵďŝĂLJĂĂŶŵŽĚĂůŬĞƌũĂůĂŝŶƐĞƚĞůĂŚƚĞƌůĞďŝŚĚĂŚƵůƵŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶĚĂƌŝKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͘
ϯ͘ WĞŵďŝĂLJĂĂŶ DƵůƚŝŐƵŶĂ ĂĚĂůĂŚ ƉĞŵďŝĂLJĂĂŶ ďĂƌĂŶŐ ĚĂŶͬĂƚĂƵ ũĂƐĂ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ŽůĞŚ ĚĞďŝƚƵƌ ƵŶƚƵŬ ƉĞŵĂŬĂŝĂŶͬ
ŬŽŶƐƵŵƐŝ ĚĂŶ ďƵŬĂŶ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ƵƐĂŚĂ ĂƚĂƵ ĂŬƚŝǀŝƚĂƐ ƉƌŽĚƵŬƚŝĨ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ LJĂŶŐ ĚŝƉĞƌũĂŶũŝŬĂŶ͘
WĞŵďŝĂLJĂĂŶDƵůƚŝŐƵŶĂĚĂƉĂƚĚŝůĂŬƵŬĂŶĚĞŶŐĂŶĐĂƌĂ͗
Ă͘ ^ĞǁĂWĞŵďŝĂLJĂĂŶ;&ŝŶĂŶĐĞ>ĞĂƐĞͿLJĂŝƚƵŬĞŐŝĂƚĂŶƉĞŵďŝĂLJĂĂŶĚĂůĂŵďĞŶƚƵŬƉĞŶLJĞĚŝĂĂŶďĂƌĂŶŐŽůĞŚWĞƌƐĞƌŽĂŶ
;WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶͿ ƵŶƚƵŬ ĚŝŐƵŶĂŬĂŶ ĚĞďŝƚƵƌ ƐĞůĂŵĂ ũĂŶŐŬĂ ǁĂŬƚƵ ƚĞƌƚĞŶƚƵ͕ LJĂŶŐ ŵĞŶŐĂůŝŚŬĂŶ ƐĞĐĂƌĂ
ƐƵďƐƚĂŶƐŝĂůŵĂŶĨĂĂƚĚĂŶƌŝƐŝŬŽĂƚĂƐďĂƌĂŶŐLJĂŶŐĚŝďŝĂLJĂŝ͘;<>/EŽ͘ϲϰϵϭϬ^ĞǁĂ'ƵŶĂhƐĂŚĂĚĞŶŐĂŶ,ĂŬKƉƐŝͿ
ď͘ WĞŵďĞůŝĂŶĞŶŐĂŶWĞŵďĂLJĂƌĂŶ^ĞĐĂƌĂŶŐƐƵƌĂŶLJĂŝƚƵŬĞŐŝĂƚĂŶƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐĚŝďĞůŝŽůĞŚ
ĚĞďŝƚƵƌ ĚĂƌŝ ƉĞŶLJĞĚŝĂ ďĂƌĂŶŐ ĚĂŶͬĂƚĂƵ ũĂƐĂ ĚĞŶŐĂŶ ƉĞŵďĂLJĂƌĂŶ ƐĞĐĂƌĂ ĂŶŐƐƵƌĂŶ͘ ;<>/ EŽ͘ϲϰϵϮϮ WĞŵďŝĂLJĂĂŶ
<ŽŶƐƵŵĞŶ;ŽŶƐƵŵĞƌƐƌĞĚŝƚͿ͘
Đ͘ &ĂƐŝůŝƚĂƐ ĂŶĂ LJĂŝƚƵ ƉĞŵďŝĂLJĂĂŶ ďĂƌĂŶŐ ĚĂŶͬĂƚĂƵ ũĂƐĂ LJĂŶŐ ĚŝƐĂůƵƌŬĂŶ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŬĞƉĂĚĂ ĚĞďŝƚƵƌ ƵŶƚƵŬ
ƉĞŵĂŬĂŝĂŶͬŬŽŶƐƵŵƐŝ ĚĂŶ ďƵŬĂŶ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ƵƐĂŚĂ ĂƚĂƵ ĂŬƚŝǀŝƚĂƐ ƉƌŽĚƵŬƚŝĨ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ LJĂŶŐ
ĚŝƉĞƌũĂŶũŝŬĂŶ͘;<>/EŽ͘ϲϰϵϮϮWĞŵďŝĂLJĂĂŶ<ŽŶƐƵŵĞŶ;ŽŶƐƵŵĞƌƐƌĞĚŝƚͿ͘
Ě͘ WĞŵďŝĂLJĂĂŶŵƵůƚŝŐƵŶĂůĂŝŶƐĞƚĞůĂŚƚĞƌůĞďŝŚĚĂŚƵůƵŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶĚĂƌŝKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͘
ϰ͘ ^ĞǁĂKƉĞƌĂƐŝ;<>/ϳϳϭϬϬĚĂŶϳϳϯϬϵͿĚĂŶͬĂƚĂƵŬĞŐŝĂƚĂŶďĞƌďĂƐŝƐĨĞĞƐĞƉĂŶũĂŶŐƚŝĚĂŬďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϱ͘ <ĞŐŝĂƚĂŶƵƐĂŚĂƉĞŵďŝĂLJĂĂŶůĂŝŶďĞƌĚĂƐĂƌŬĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͘
WĂĚĂƐĂĂƚWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂĚĂůĂŵďŝĚĂŶŐƉĞŵďŝĂLJĂĂŶďĞƌƵƉĂĨĂƐŝůŝƚĂƐ
ƐĞǁĂƉĞŵďŝĂLJĂĂŶ;ĨŝŶĂŶĐĞůĞĂƐĞͿ͘
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝϴ;ĚĞůĂƉĂŶͿ ŬĂŶƚŽƌĐĂďĂŶŐ ĚĂŶϰ;ĞŵƉĂƚͿ<ĂŶƚŽƌ^ĞůĂŝŶ <ĂŶƚŽƌĂďĂŶŐLJĂŶŐƚĞƌƐĞďĂƌ ĚŝǁŝůĂLJĂŚ</
:ĂŬĂƌƚĂ͕ ĂŶƚĞŶ͕ :ĂǁĂ dĞŶŐĂŚ͕ :ĂǁĂ dŝŵƵƌ͕ >ĂŵƉƵŶŐ͕ ^ƵŵĂƚĞƌĂ ^ĞůĂƚĂŶ͕ ZŝĂƵ͕ ^ƵŵĂƚĞƌĂ hƚĂƌĂ͕ ZŝĂƵ͕ :ĂǁĂ ĂƌĂƚ͕ :Ăŵďŝ͕
^ƵůĂǁĞƐŝ^ĞůĂƚĂŶĚĂŶ^ƵůĂǁĞƐŝdĞŶŐŐĂƌĂ͘
sŝƐŝ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ƵŶƚƵŬ ŵĞŶũĂĚŝ ŵŝƚƌĂ ŬĞƵĂŶŐĂŶ ,ŝŶŽ LJĂŶŐ ƚĞƌĚĞƉĂŶ͕ ďĞƌŬĞůĂŶũƵƚĂŶ ĚĂŶ ŝŶŽǀĂƚŝĨ͕ ƐĞƌƚĂ ŵĞŵƵĂƐŬĂŶ
ƐĞůƵƌƵŚƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶ͘
DŝƐŝWĞƌƐĞƌŽĂŶĂĚĂůĂŚƵŶƚƵŬŵĞŵƉĞƌŬĂLJĂŬĞŚŝĚƵƉĂŶƌĂŬLJĂƚĚĂŶƐŝƐƚĞŵƚƌĂŶƐƉŽƌƚĂƐŝĚĞŶŐĂŶŵĞŶĐŝƉƚĂŬĂŶĚĂŶŵĞŶŐŚĂĚŝƌŬĂŶ
ƐŽůƵƐŝĚĂŶƉĞůĂLJĂŶĂŶŬĞƵĂŶŐĂŶƚĞƌďĂŝŬ͘
WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶŐĂŶƵƚŶŝůĂŝͲŶŝůĂŝĚĂůĂŵŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗
ϭ͘ /ŶƚĞŐƌŝƚĂƐ͕ŬĞũƵũƵƌĂŶĚĂŶĚŝƐŝƉůŝŶ
Ϯ͘ KƉĞƌĂƐŝĚĂŶƉĞŶŐĂǁĂƐĂŶLJĂŶŐďĂŝŬ
ϯ͘ ĞƌŽƌŝĞŶƚĂƐŝƉĂĚĂƉĞůĂŶŐŐĂŶĚĂŶŬŽŵƵŶŝƚĂƐ
ϰ͘ dĂŶƚĂŶŐĂŶ͕ƉƌŽĨĞƐŝŽŶĂůĚĂŶŬĞƌũĂƐĂŵĂƚŝŵ͘
͘ &<dKZͲ&<dKZzE'D DW E'Zh,/< '/dEh^,EKW Z^/W Z^ ZKE
ĂůĂŵŵĞŶũĂůĂŶŬĂŶƵƐĂŚĂŶLJĂƐĞďĂŐĂŝƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶ͕ŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƚŝĚĂŬďŝƐĂƚĞƌůĞƉĂƐĚĂƌŝďĞƌďĂŐĂŝ
ĨĂŬƚŽƌͲĨĂŬƚŽƌ LJĂŶŐ ĚĂƉĂƚ ŵĞŶŐŚĂŵďĂƚ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ĚĂŶ ŽƉĞƌĂƐŝ WĞƌƐĞƌŽĂŶ͕ ďĂŝŬ ĚĂƌŝ ĨĂŬƚŽƌ ĞŬƐƚĞƌŶĂů ŵĂƵƉƵŶ ĨĂŬƚŽƌ
ŝŶƚĞƌŶĂů͘ĞƌŝŬƵƚĂĚĂůĂŚĨĂŬƚŽƌͲĨĂŬƚŽƌLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝŬĞŐŝĂƚĂŶƵƐĂŚĂĚĂŶŽƉĞƌĂƐŝWĞƌƐĞƌŽĂŶ͗
ϭ͘ <ŽŶĚŝƐŝWĞƌĞŬŽŶŽŵŝĂŶ
WĞƌƐĞƌŽĂŶŵĞƌƵƉĂŬĂŶƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶƐƉĞƐŝĂůŝƐƵŶƚƵŬƚƌƵŬŬŽŵĞƌƐŝĂůĚĂŶďŝƐƚĞƌƵƚĂŵĂŵĞƌĞŬ,ŝŶŽ͘<ŽŶƐƵŵĞŶ
ĚĂƌŝWĞƌƐĞƌŽĂŶĂĚĂůĂŚƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞŶũĂĚŝƉĞŶŐŐĞƌĂŬƉĞƌĞŬŽŶŽŵŝĂŶ/ŶĚŽŶĞƐŝĂĚĂŶŵĞŶũĂĚŝŵŽƚŽƌ
ĚĂůĂŵ ƉĞƌƚƵŵďƵŚĂŶ 'W /ŶĚŽŶĞƐŝĂ͕ ƐĞƉĞƌƚŝ ƉĞƌƵƐĂŚĂĂŶ ůŽŐŝƐƚŝŬ ĚĂŶ ƚƌĂŶƐƉŽƌƚĂƐŝ Ěŝ ďŝĚĂŶŐ &D' ;&ĂƐƚ DŽǀŝŶŐ
ŽŶƐƵŵĞƌ 'ŽŽĚƐͿ͕ ƉĞƌƵƐĂŚĂĂŶ ŵĂŶƵĨĂŬƚƵƌ͕ ƉĞŶŐŐƵŶĂĂŶ ĚƵŵƉ ƚƌƵĐŬ ƵŶƚƵŬ ƉƌŽLJĞŬ ŝŶĨƌĂƐƚƌƵŬƚƵƌ ĚĂŶ ƉƌŽƉĞƌƚŝ͕
ƉĞƌƚĂŵďĂŶŐĂŶ;ďĂƚƵďĂƌƵ͕ƉĞŵĞĐĂŚĂŶďĂƚƵ͕ƉĂƐŝƌͿ͕ƉĞƌŬĞďƵŶĂŶƚĞƌƵƚĂŵĂŬĞůĂƉĂƐĂǁŝƚĚĂŶƉĂďƌŝŬŬĞůĂƉĂƐĂǁŝƚ͘>ĂLJĂŶĂŶ
LJĂŶŐ ĚŝďĞƌŝŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ ƉĞƌƵƐĂŚĂĂŶ ƉĞŵďŝĂLJĂĂŶ ƐƉĞƐŝĂůŝƐ ŬŽŵĞƌƐŝĂů ƚƌƵŬ ĂĚĂůĂŚ ŵĞŵƵĂƐŬĂŶ
ƉĞƌƚƵŵďƵŚĂŶ ĚĂŶ ŬĞďƵƚƵŚĂŶ ŬĞƵĂŶŐĂŶ ƉĂƌĂ ƉĞŶŐƵƐĂŚĂ ƚĞƌƐĞďƵƚ͘ ^ĞŚŝŶŐŐĂ ŬŽŶĚŝƐŝ ƵƐĂŚĂ ĚĂŶ ŽƉĞƌĂƐŝ WĞƌƐĞƌŽĂĂŶ
ƐĞũĂůĂŶĚĞŶŐĂŶŬŽŶĚŝƐŝƉĞƌĞŬŽŶŽŵŝĂŶďĂŝŬŐůŽďĂů͕ŶĂŵƵŶƚĞƌƵƚĂŵĂŽůĞŚŬŽŶĚŝƐŝƉĞƌĞŬŽŶŽŵŝĂŶĚŽŵĞƐƚŝŬ͘
ĂůĂŵ ůĂƉŽƌĂŶ /ŶƚĞƌŶĂƚŝŽŶĂů DŽŶĞƚĂƌLJ &ƵŶĚ ϮϬϮϰ ŵĞŵƉƌŽLJĞŬƐŝŬĂŶ ďĂŚǁĂ ƉĞƌƚƵŵďƵŚĂŶ ŐůŽďĂů ĂŬĂŶ ŵĞůĂŵďĂƚ
ŵĞŶũĂĚŝ Ϯ͕ϵй͕ ĚŝƉŝĐƵ ŽůĞŚ ƉĞƌĂŶŐ Ěŝ hŬƌĂŝŶĂ͕ ŝŶĨůĂƐŝ ƚŝŶŐŐŝ͕ ĚĂŶ ŬĞŶĂŝŬĂŶ ƐƵŬƵ ďƵŶŐĂ͘͘^ĞŵĞŶƚĂƌĂ ŝƚƵ͕ ƉĞƌĞŬŽŶŽŵŝĂŶ
ĚŝŚŝŶĂĚŝƉƌĂŬŝƌĂŬĂŶŵĞůĂŵďĂƚŵĞŶũĂĚŝϰ͕ϱй;LJŽLJͿ͘/ŶǀĞƐƚĂƐŝŵĂƐŝŚƚĞƌƚĂŚĂŶĚŝƚĞŶŐĂŚƚĞŬĂŶĂŶLJĂŶŐƚĞƌƵƐͲŵĞŶĞƌƵƐ
ĚŝƐĞŬƚŽƌƉƌŽƉĞƌƚŝ͕ƐĞŵĞŶƚĂƌĂƐĞŶƚŝŵĞŶLJĂŶŐŵĞůĞŵĂŚĚĂƉĂƚŵĞŵďĞďĂŶŝŬŽŶƐƵŵƐŝ͘ĂŶĂDŽŶĞƚĞƌ/ŶƚĞƌŶĂƐŝŽŶĂůĂƚĂƵ
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/D&ŵĞŵƉĞƌŬŝƌĂŬĂŶƉĞƌĞŬŽŶŽŵŝĂŶ/ŶĚŽŶĞƐŝĂĂŬĂŶƚƵŵďƵŚƐĞďĞƐĂƌϱ͕ϬйƉĂĚĂƚĂŚƵŶϮϬϮϰ͕ƐĞŵĞŶƚĂƌĂƉƌŽLJĞŬƐŝtŽƌůĚ
ĂŶŬƐĞĚŝŬŝƚůĞďŝŚƌĞŶĚĂŚƐĞďĞƐĂƌϰ͕ϵй͘WĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝ/ŶĚŽŶĞƐŝĂĂŬĂŶĚŝĚƵŬƵŶŐŽůĞŚŬŽŶƐƵŵƐŝĚŽŵĞƐƚŝŬLJĂŶŐ
ŬƵĂƚ ĚĂŶ ďĞůĂŶũĂ ƉĞŵĞƌŝŶƚĂŚ͘ <ŽŶƐƵŵƐŝ ƉƌŝǀĂƚ ĚŝƉĞƌŬŝƌĂŬĂŶ ĂŬĂŶ ƚƵŵďƵŚ ƐĞďĞƐĂƌ ϱ͕ϭϬ ƉĞƌƐĞŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϰ͕
ĚŝĚƵŬƵŶŐŽůĞŚƉĞŶŝŶŐŬĂƚĂŶƉĞŶĚĂƉĂƚĂŶƌƵŵĂŚƚĂŶŐŐĂĚĂŶŬƌĞĚŝƚŬŽŶƐƵŵƐŝ͘
Ϯ͘ WĂƐĂƌdƌƵŬ
WĞƌƐĞƌŽĂŶŵĞƌƵƉĂŬĂŶƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶƐƉĞƐŝĂůŝƐƵŶƚƵŬƚƌƵŬŬŽŵĞƌƐŝĂůƚĞƌƵƚĂŵĂƵŶƚƵŬŵĞƌĞŬ,ŝŶŽ͘WƌŽĚƵŬ,ŝŶŽ
ŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵƉƌŽĚƵŬƵŶŐŐƵůĂŶĚŝ/ŶĚŽŶĞƐŝĂƵŶƚƵŬŬĂƚĞŐŽƌŝƚƌƵŬĚĂŶďŝƐ͘ĞƌĚĂƐĂƌŬĂŶĂƚĂ'ĂďƵŶŐĂŶ/ŶĚƵƐƚƌŝ
<ĞŶĚĂƌĂĂŶ ĞƌŵŽƚŽƌ /ŶĚŽŶĞƐŝĂ ĂƚĂƵ 'ĂŝŬŝŶĚŽ ƉĞŶũƵĂůĂŶ ƚƌƵŬ ƚƵƌƵŶ ϭϲй ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϯ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĂƌŝ ƚĂŚƵŶ
ƐĞďĞůƵŵŶLJĂ ƐĞŝƌŝŶŐ ĚĞŶŐĂŶ ŚĂƌŐĂ ŬŽŵŽĚŝƚĂƐ LJĂŶŐ ŵĞŶŐĂůĂŵŝ ŶŽƌŵĂůŝƐĂƐŝ͘ WĞŶũƵĂůĂŶ ŵĞƌŬ ,ŝŶŽ ƐĞŶĚŝƌŝ ŵĞŶŐĂůĂŵŝ
ƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌϭϭ͕ϱйƉĂĚĂƚĂŚƵŶϮϬϮϯĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶƐĞďĞůƵŵŶLJĂ͘
WĞƌƚƵŵďƵŚĂŶĚĂŶƉĞŶƵƌƵŶĂŶƉĞŶũƵĂůĂŶŬĞŶĚĂƌĂĂŶĚŝŝŶĚƵƐƚƌŝŽƚŽŵŽƚŝĨŬŚƵƐƵƐŶLJĂƉĂƐĂƌƚƌƵŬƵŶƚƵŬŵĞƌĞŬ,ŝŶŽ͕ƚĞůĂŚ
ŵĞŵƉĞŶŐĂƌƵŚŝƉĞƌƚƵŵďƵŚĂŶĂƚĂƵƉĞŶƵƌƵŶĂŶĚŝƐĞŬƚŽƌƐĞǁĂŐƵŶĂƵƐĂŚĂͬƉĞŵďŝĂLJĂĂŶ͘
ϯ͘ WĞŶĚĂŶĂĂŶĚĂŶWĞƌƵďĂŚĂŶŶŝůĂŝƚƵŬĂƌŵĂƚĂƵĂŶŐĂƐŝŶŐĚĂŶƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂ
WĞŶĚĂŶĂĂŶĂƚĂƵ>ŝŬƵŝĚŝƚĂƐLJĂŶŐƚĞƌũĂŐĂĚĞŶŐĂŶďĂŝŬŵĞƌƵƉĂŬĂŶŚĂůƉĞŶƚŝŶŐƵŶƚƵŬŵĞŶLJĂůƵƌŬĂŶƉĞŵďŝĂLJĂĂŶŬĞƉĂĚĂ
ŬŽŶƐƵŵĞŶ͘ĂůĂŵƐĞŐŝƉĞŶĚĂŶĂĂŶ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝĐŽŵƉĞƚŝƚŝǀĞĂĚǀĂŶƚĂŐĞLJĂŝƚƵĚƵŬƵŶŐĂŶĚĂƌŝƉĞŵĞŐĂŶŐƐĂŚĂŵ
LJĂŶŐŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶƉĂŶũĂŶŐĚĂŶďĂŝŬĚĞŶŐĂŶďĂŶŬŝŶƚĞƌŶĂƐŝŽŶĂůƐĞĐĂƌĂƵŵƵŵĚĂŶďĂŶŬ:ĞƉĂŶŐƐĞĐĂƌĂŬŚƵƐƵƐ͕
ƐĞŚŝŶŐŐĂďĂŶŬƚĞƌƐĞďƵƚŬŚƵƐƵƐŶLJĂďĂŶŬ:ĞƉĂŶŐĚĂƉĂƚŵĞŶLJĞĚŝĂŬĂŶĚĂŶĂĚĞŶŐĂŶďƵŶŐĂLJĂŶŐƌĞůĂƚŝĨŬŽŵƉĞƚŝƚŝĨ͘
WĞƌƐĞƌŽĂŶƐĞůĂůƵŵĞůĂŬƵŬĂŶŵŽŶŝƚŽƌĂƚĂƐƉĞƌŐĞƌĂŬĂŶŶŝůĂŝƚƵŬĂƌŵĂƚĂƵĂŶŐĂƐŝŶŐĚĂŶƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂLJĂŶŐĚĂƉĂƚ
ŵĞŵƉĞŶŐĂƌƵŚŝƚŝŶŐŬĂƚďƵŶŐĂƉĞŵďŝĂLJĂĂŶ͘WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶƚƌĂŶƐĂŬƐŝůŝŶĚƵŶŐŶŝůĂŝ;ŚĞĚŐŝŶŐͿĂƚĂƐƐĞůƵƌƵŚ
ƉŝŶũĂŵĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵŵĂƚĂƵĂŶŐĂƐŝŶŐĚĂŶƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂŵĞŶŐĂŵďĂŶŐŵĞŶŐŐƵŶĂŬĂŶƌŽƐƐƵƌƌĞŶĐLJ^ǁĂƉ͕
ƐĞŚŝŶŐŐĂ ƐĞůƵƌƵŚ ƉŝŶũĂŵĂŶ WĞƌƐĞƌŽĂŶ ĚŝƉĞƌŚŝƚƵŶŐŬĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ŵĂƚĂ ƵĂŶŐ ZƵƉŝĂŚ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ƐƵŬƵ ďƵŶŐĂ
ƚĞƚĂƉ͘
ϰ͘ <ĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚ
WĞƌƐĞƌŽĂŶƚƵŶĚƵŬƉĂĚĂďĞƌďĂŐĂŝƉĞƌĂƚƵƌĂŶĚĂŶŬĞďŝũĂŬĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚ/ŶĚŽŶĞƐŝĂ͕LJĂŶŐƐĞƚŝĂƉƐĂĂƚ
ĚĂƉĂƚ ŵĞŶŐĞůƵĂƌŬĂŶ ŬĞďŝũĂŬĂŶͲŬĞďŝũĂŬĂŶ ĚĂŶͬĂƚĂƵ ƉĞƌĂƚƵƌĂŶͲƉĞƌĂƚƵƌĂŶ ďĂƌƵ ĂƚĂƵ ŵĞŶŐƵďĂŚ ĂƚĂƵ ŵĞŶŐŚĂƉƵƐ
ŬĞďŝũĂŬĂŶͲŬĞďŝũĂŬĂŶ ĚĂŶͬĂƚĂƵ ƉĞƌĂƚƵƌĂŶͲƉĞƌĂƚƵƌĂŶ LJĂŶŐ ƚĞůĂŚ ĂĚĂ͘ WĞƌƵďĂŚĂŶͲƉĞƌƵďĂŚĂŶ ŝŶŝ ĚĂƉĂƚ ŵĞŵďĂǁĂ
ƉĞŶŐĂƌƵŚŵĂƚĞƌŝĂůLJĂŶŐŬĞŵƵŶŐŬŝŶĂŶĚĂƉĂƚŵĞŵƉĞŶŐĂƌƵŚŝďŝƐŶŝƐ͕ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶĚĂŶŬŝŶĞƌũĂƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘
ŽŶƚŽŚ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƉĞŵĞƌŝŶƚĂŚ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϭ ŵŝƐĂůŶLJĂ͘ hŶƚƵŬ ŵĞŶŐĞŵďĂůŝŬĂŶ ŐĂŝƌĂŚ ƉĞŶũƵĂůĂŶ ŬĞŶĚĂƌĂĂŶ
ďĞƌŵŽƚŽƌ͕ƉĞŵĞƌŝŶƚĂŚŵĞŵďĞƌŝŬĂŶƐƚŝŵƵůƵƐŵĞůĂůƵŝĚŝƐŬŽŶWĂũĂŬWĞŶũƵĂůĂŶĂƌĂŶŐDĞǁĂŚ;WWŶDͿƵŶƚƵŬŬĞŶĚĂƌĂĂŶ
ďĞƌŵŽƚŽƌ͘<ĞďŝũĂŬĂŶĨĂƐŝůŝƚĂƐĚŝƐŬŽŶWWŶDƚŝĚĂŬŚĂŶLJĂŵĞŵŝůůŝŬŝĚĂŵƉĂŬƐŝŐŶŝĨŝŬĂŶŬĞƉĂĚĂƐŝƐŝƉĞƌŵŝŶƚĂĂŶ͕ŶĂŵƵŶ
ũƵŐĂŬĞƉĂĚĂƉƌŽĚƵŬƐŝLJĂŶŐŵĞŵŝůŝŬŝĚĂŵƉĂŬƉŽƐŝƚŝĨƚĞƌŚĂĚĂƉƚŝŶŐŬĂƚƉĞŶLJĞƌĂƉĂŶƚĞŶĂŐĂŬĞƌũĂ͘
WĞƌƐĞƌŽĂŶ ĂŬĂŶ ƐĞůĂůƵ ǁĂƐƉĂĚĂ ĂŬĂŶ ƉĞƌƵďĂŚĂŶͲƉĞƌƵďĂŚĂŶ ŬĞďŝũĂŬĂŶ ƉĞŵĞƌŝŶƚĂŚ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ĚĂŵƉĂŬ ĂŐĂƌ
ƐĞĐĂƌĂĚŝŶĂŵŝƐŵĂŵƉƵƵŶƚƵŬŵĞŶLJĞƐƵĂŝŬĂŶĚŝƌŝĚĞŶŐĂŶƉĞƌƵďĂŚĂŶͲƉĞƌƵďĂŚĂŶƚĞƌƐĞďƵƚ͘
ϱ͘ <ƌĞĚŝƚĚĂŶWŽƌƚĨŽůŝŽDĂŶĂũĞŵĞŶ
<ĞŶĚĂƌĂĂŶ ƚƌƵŬ ĚŝƉĂŬĂŝ ŽůĞŚ ŚĂŵƉŝƌ ƐĞůƵƌƵŚ ŝŶĚƵƐƚƌŝ Ěŝ /ŶĚŽŶĞƐŝĂ ƐĞƉĞƌƚŝ ŵĂŶƵĨĂŬƚƵƌ͕ ŝŶĨƌĂƐƚƌƵŬƚƵƌ ĚĂŶ ƉƌŽƉĞƌƚŝ͕
ƉĞƌŬĞďƵŶĂŶ ĚĂŶ ƉĞƌƚĂŵďĂŶŐĂŶ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂůŶLJĂ͘ ^ĞůĞŬƐŝ ĂǁĂů LJĂŶŐ ďĂŝŬ ĚĂŶ ƉĞŶĂŶŐĂŶĂŶ
ŬƌĞĚŝƚďĞƌŵĂƐĂůĂŚŵĞƌƵƉĂŬĂŶĐĂƌĂLJĂŶŐƚĞƉĂƚƵŶƚƵŬŵĞŶŐĞůŽůĂƉŽƌƚĨŽůŝŽĂƐĞƚLJĂŶŐĚŝŵŝůŝŬŝŽůĞŚWĞƌƐĞƌŽĂŶĂŐĂƌĚĂƉĂƚ
ŵĞŵƉĞƌƚĂŚĂŶŬĂŶŬƵĂůŝƚĂƐĂƐĞƚLJĂŶŐĚŝŵŝůŝŬŝ͘
WĞƌƐĞƌŽĂŶƐĂĂƚŝŶŝƐƵĚĂŚŵĞŵƉƵŶLJĂŝŵĂŶĂũĞŵĞŶƌŝƐŝŬŽŬƌĞĚŝƚLJĂŶŐďĂŝŬĚĞŶŐĂŶŵĞůĂŬƵŬĂŶƉĞŶŐĂǁĂƐĂŶƚĞƌŚĂĚĂƉƚŝĂƉͲ
ƚŝĂƉŝŶĚƵƐƚƌŝĚĂŶŵĞůĂŬƵŬĂŶƉŽƌƚĨŽůŝŽŵĂŶĂũĞŵĞŶLJĂŶŐďĂŝŬ͘,ĂůŝŶŝŵĞŵďƵĂƚŬƌĞĚŝƚďĞƌŵĂƐĂůĂŚWĞƌƐĞƌŽĂŶůĞďŝŚƌĞŶĚĂŚ
ĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶŝŶĚƵƐƚƌŝƌĂƚĂͲƌĂƚĂ͘
ϲ͘ ^';^ƵƐƚĂŝŶĂďůĞĞǀĞůŽƉŵĞŶƚ'ŽĂůͿĂŶĚ ^'; ŶǀŝƌŽŶŵĞŶƚ^ŽĐŝĂů'ŽǀĞƌŶŵĞŶƚͿ
K:<ŵĞŶŐĞůƵĂƌŬĂŶWĞƌĂƚƵƌĂŶK:<ϱϭͬϮϬϭϳƚĞŶƚĂŶŐƉĞŶĞƌĂƉĂŶŬĞƵĂŶŐĂŶďĞƌŬĞůĂŶũƵƚĂŶďĂŐŝůĞŵďĂŐĂũĂƐĂŬĞƵĂŶŐĂŶ͕
WĞƌƐĞƌŽĂŶĚĂŶƉĞƌƵƐĂŚĂŶpublik. Peraturan ini dibuat sebagai tindak lanjut atas ditandatangani nya “Paris Agreement”
LJĂŝƚƵƉĞƌũĂŶũŝĂŶŐůŽďĂůĚĂůĂŵŵĞŶŐĂƚĂƐŝƉĞƌƵďĂŚĂŶŝŬůŝŵŽůĞŚƉĞŵĞƌŝŶƚĂŚ/ŶĚŽŶĞƐŝĂĚĂŶũƵŐĂĂƚĂƐĚŝďĞƌůĂŬƵŬĂŶŶLJĂ^'
LJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚW͘
WĞƌƐĞƌŽĂŶŵĞŶĚƵŬƵŶŐĂƌĂŚĂŶ^'ĚĂŶ','WƌŽƚŽŬŽů;'ƌĞĞŶ,ŽƵƐĞ'ĂƐWƌŽƚŽĐŽůͿ͕KWϮϰ;WĂƌŝƐͿĚĂŶKWϮϲ;'ůĂƐŐŽǁͿ͕
ƐĞƌƚĂŝŶŝƐŝĂƚŝĨĚĂŶĂƌĂŚĂŶWĞŵĞƌŝŶƚĂŚ/ŶĚŽŶĞƐŝĂ͘^ĞůĂŝŶŝƚƵ͕WĞƌƐĞƌŽĂŶũƵŐĂŝŶŐŝŶďĞƌŬŽŶƚƌŝďƵƐŝŬĞƉĂĚĂDĂƐLJĂƌĂŬĂƚĚĂŶ
ŵĞŶũĂůĂŶŬĂŶ ĂŬƚŝǀŝƚĂƐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ 'ŽŽĚ ŽƌƉŽƌĂƚĞ ŝƚŝnjĞŶ͘ ^ƚƌĂƚĞŐŝ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ ƐĞďĂŐŝĂŶ ĂŬĂŶ ĚŝƌĞǀŝƐŝ ĂƚĂƵ
ĚŝƵďĂŚ ĂŐĂƌ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞƌĂŶŐŬĂ ^'͕ ĚŝŵĂŶĂ ƵŶƚƵŬ ŵĞŶĚƵŬƵŶŐ ƚĞƌůĂŬƐĂŶĂŶLJĂ ^'͕ ƌĞŶĐĂŶĂ ĂŬƐŝ ŬĞƵĂŶŐĂŶ
ďĞƌŬĞůĂŶũƵƚĂŶĂŬĂŶĚŝůĂŬƐĂŶĂŬĂŶŽůĞŚƐĞůƵƌƵŚŬĂƌLJĂǁĂŶĚŝŬĂŶƚŽƌƉƵƐĂƚĚĂŶŬĂŶƚŽƌĐĂďĂŶŐ͘
29
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͘ Z/^/<K&>h<dh^/<hZ^DdhE'^/E'dh^h<hhE'hEW/E:DE
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ĚĂŵƉĂŬ ĂƚĂƵ ƉĞŶŐĂƌƵŚ LJĂŶŐ ŵĂƚĞƌŝĂů ƚĞƌŚĂĚĂƉ ŚĂƐŝů ƵƐĂŚĂ ĂƚĂƵ ŬĞĂĚĂĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ
ĚŝŵĂƐĂLJĂŶŐĂŬĂŶĚĂƚĂŶŐ͘WŝŶũĂŵĂŶĚĞŶŐĂŶŵĂƚĂƵĂŶŐĂƐŝŶŐWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĂĚĂůĂŚƐĞďĞƐĂƌh^Ψ
ϭϮϬ͘ϱϬϬ͘ϬϬϬĂƚĂƵƐĞƚĂƌĂZƉϭ͘ϴϱϳ͘ϲϮϴ͘ϬϬϬ͘ϬϬϬ͘
͘ </E Z:< hE'E
ŶĂůŝƐŝƐ ĚĂŶ ƉĞŵďĂŚĂƐĂŶ Ěŝ ďĂǁĂŚ ŝŶŝ ĚŝĂŵďŝů ĚĂƌŝ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚĂŶ
ϯϭĞƐĞŵďĞƌϮϬϮϮ͕ƐĞƌƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůƚĞƌƐĞďƵƚLJĂŶŐĚŝƐĂũŝŬĂŶĚĂůĂŵƚĂďĞůĚŝďĂǁĂŚŝŶŝ
ĚŝĂŵďŝůĚĂƌŝůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮ͕ƐĞƌƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲ
ƚĂŶŐŐĂůƚĞƌƐĞďƵƚLJĂŶŐƚĞůĂŚĚŝƐƵƐƵŶŽůĞŚDĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶĚŝ/ŶĚŽŶĞƐŝĂĚĂŶ
ĚŝƐĂũŝŬĂŶĚĂůĂŵŵĂƚĂƵĂŶŐZƵƉŝĂŚ͕LJĂŶŐƐĞůƵƌƵŚŶLJĂƚĞƌĐĂŶƚƵŵĚĂůĂŵWƌŽƐƉĞŬƚƵƐŝŶŝĚĂŶƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<WWƵƌǁĂŶƚŽŶŽ͕
^ƵŶŐŬŽƌŽΘ^ƵƌũĂ;ĨŝƌŵĂĂŶŐŐŽƚĂ ƌŶƐƚΘzŽƵŶŐ 'ůŽďĂů>ŝŵŝƚĞĚͿďĞƌĚĂƐĂƌŬĂŶ ^ƚĂŶĚĂƌƵĚŝƚLJĂŶŐ ĚŝƚĞƚĂƉŬĂŶŽůĞŚ/ŶƐƚŝƚƵƚ
Akuntan Publik Indonesia (“IAPI”) sebagaimana tercantum daůĂŵůĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌ
ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚĂŶ ϮϬϮϮ EŽ͘ ϬϭϰϵϵͬϮ͘ϭϬϯϮͬh͘ϭͬϬϵͬϭϲϴϭͲϯͬϭͬsͬϮϬϮϰ ƚĞƌƚĂŶŐŐĂů Ϯϴ DĞŝ ϮϬϮϰ LJĂŶŐ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚŚƌŝƐƚŽƉŚŽƌƵƐůǀŝŶ<ŽƐƐŝŵ;ZĞŐŝƐƚƌĂƐŝŬƵŶƚĂŶWƵďůŝŬEŽ͘ϭϲϴϭͿ͘>ĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶƚĞƌƐĞďƵƚ͕
yang juga tercantum dalam Prospektus ini, menyatakan opini tanpa modifikasian dan paragraf “HalͲhal Lain” yang
ŵĞŶLJĂƚĂŬĂŶ ƚƵũƵĂŶ ƉĞŶĞƌďŝƚĂŶ ůĂƉŽƌĂŶ ĂƵĚŝƚŽƌ ŝŶĚĞƉĞŶĚĞŶ ĚĂŶ ƉĞŶĞƌďŝƚĂŶ ŬĞŵďĂůŝ ůĂƉŽƌĂŶ ĂƵĚŝƚŽƌ ŝŶĚĞƉĞŶĚĞŶ
ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶŬĞŵďĂůŝ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƵĚŝƚĂŶ͘>ĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ
Perseroan tanggal 31 Desember 2023 serta untuk tahun yang berakhir pada tanggal tersebut juga berisi paragraf “Hal Audit
Utama” mengenai cadangan kerugiĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝĂƚĂƐƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶ
ϭ͘ W EWdE
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
W EWdE
WĞŶĚĂƉĂƚĂŶƐĞǁĂƉĞŵďŝĂLJĂĂŶ ϰϲϭ͘Ϭϰϰ͘ϵϯϳ͘ϰϮϱ ϯϳϴ͘ϬϱϬ͘ϳϵϲ͘ϭϮϯ
WĞŶĞƌŝŵĂĂŶĂƚĂƐƉŝƵƚĂŶŐLJĂŶŐĚŝŚĂƉƵƐďƵŬƵŬĂŶ Ͳ ϱ͘ϴϮϬ͘Ϭϰϴ͘ϭϲϮ
WĞŶĚĂƉĂƚĂŶďƵŶŐĂ ϭϴ͘ϭϬϵ͘ϰϲϲ͘ϱϳϲ ϭϭ͘ϱϰϲ͘ϱϮϭ͘ϴϬϬ
WĞŶĚĂƉĂƚĂŶůĂŝŶͲůĂŝŶ ϱ͘ϯϬϵ͘ϵϳϭ͘ϵϵϬ ϰ͘ϯϮϴ͘ϲϮϵ͘ϳϮϬ
dKd>W EWdE ϰϴϰ͘ϰϲϰ͘ϯϳϱ͘ϵϵϭ ϯϵϵ͘ϳϰϱ͘ϵϵϱ͘ϴϬϱ
dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϮ
dŽƚĂů ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
ZƉϴϰ͘ϳϭϴ͘ϯϴϬ͘ϭϴϲ ĂƚĂƵ ƐĞďĞƐĂƌ Ϯϭ͕ϭϵй ŵĞŶũĂĚŝ ZƉϰϴϰ͘ϰϲϰ͘ϯϳϱ͘ϵϵϭ ĚĂƌŝ ZƉϯϵϵ͘ϳϰϱ͘ϵϵϱ͘ϴϬϱ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ
ƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮ͘WĞŶŝŶŐŬĂƚĂŶƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶŝŶŝƚĞƌƵƚĂŵĂůĞďŝŚĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚĂŶLJĂ
ƉĞŶĚĂƉĂƚĂŶĚĂƌŝƉĞŶĚĂƉĂƚĂŶƉĞŶĚĂƉĂƚĂŶƐĞǁĂƉĞŵďŝĂLJĂĂŶƐĞďĞƐĂƌZƉϴϮ͘ϵϵϰ͘ϭϰϭ͘ϯϬϮĂƚĂƵŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌϮϭ͕ϵϱйĚĂƌŝ
ƚĂŚƵŶϮϬϮϮ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝĚŝƐĞďĂďŬĂŶŽůĞŚƚƵŵďƵŚŶLJĂƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶƉĂĚĂƚĂŚƵŶϮϬϮϯ͘
Ϯ͘ E
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
E
'Ăũŝ͕ƚƵŶũĂŶŐĂŶĚĂŶŬĞƐĞũĂŚƚĞƌĂĂŶŬĂƌLJĂǁĂŶůĂŝŶŶLJĂ ϵϯ͘Ϯϱϲ͘ϰϵϰ͘ϭϳϯ ϳϰ͘ϴϯϰ͘ϵϵϮ͘ϯϳϯ
ĞďĂŶƵŵƵŵĚĂŶĂĚŵŝŶŝƐƚƌĂƐŝ ϳϳ͘Ϭϲϭ͘ϭϵϲ͘ϬϮϬ ϳϴ͘ϳϱϯ͘ϲϭϯ͘ϴϮϯ
ĞďĂŶƉĞŵďŝĂLJĂĂŶ ϮϬϴ͘ϳϱϯ͘ϴϬϬ͘ϲϵϱ ϭϲϴ͘ϮϮϱ͘Ϭϴϰ͘ϴϭϬ
WĞŶLJŝƐŝŚĂŶͬ;ƉĞŵďĂůŝŬĂŶͿŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝƉŝƵƚĂŶŐƐĞǁĂ
ƉĞŵďŝĂLJĂĂŶ ϱ͘ϲϭϳ͘ϴϴϱ͘ϵϵϯ ;ϴ͘ϰϯϴ͘ϮϬϵ͘ϬϴϵͿ
WĞŶLJŝƐŝŚĂŶͬ;ƉĞŵďĂůŝŬĂŶͿŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝƉŝƵƚĂŶŐůĂŝŶͲůĂŝŶ
ĚĂƌŝĂƐĞƚLJĂŶŐĚŝďŝĂLJĂŝ Ϯ͘ϭϭϴ͘ϱϭϵ͘ϯϵϵ ;ϭϰϳ͘ϯϳϬ͘ϱϵϵͿ
WĞŶLJŝƐŝŚĂŶͬ;ƉĞŵďĂůŝŬĂŶͿŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝŬĂƐƉĂĚĂďĂŶŬ ϮϬ͘ϭϵϬ͘ϰϵϯ ;ϯϯ͘ϴϳϳ͘ϬϬϳͿ
<ĞƌƵŐŝĂŶƉĞŶLJĞůĞƐĂŝĂŶƉŝƵƚĂŶŐůĂŝŶͲůĂŝŶĚĂƌŝĂƐĞƚLJĂŶŐĚŝďŝĂLJĂŝ ϭ͘Ϭϰϳ͘ϵϵϴ͘ϯϲϯ ϰϲϴ͘ϯϰϮ͘ϰϴϲ
dKd> E ϯϴϳ͘ϴϳϲ͘Ϭϴϱ͘ϭϯϲ ϯϭϯ͘ϲϲϮ͘ϱϳϲ͘ϳϵϳ
30
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dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϮ
dŽƚĂůďĞďĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌZƉϳϰ͘Ϯϭϯ͘ϱϬϴ͘ϯϯϵ
ĂƚĂƵ ƐĞďĞƐĂƌ Ϯϯ͕ϲϲй ŵĞŶũĂĚŝ ZƉϯϴϳ͘ϴϳϲ͘Ϭϴϱ͘ϭϯϲ ĚĂƌŝ ZƉϯϭϯ͘ϲϲϮ͘ϱϳϲ͘ϳϵϳ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϮLJĂŶŐůĞďŝŚĚŝƐĞďĂďŬĂŶŽůĞŚŬĞŶĂŝŬĂŶďĞďĂŶƉĞŵďŝĂLJĂĂŶƐĞďĞƐĂƌZƉϰϬ͘ϱϮϴ͘ϳϭϱ͘ϴϴϱĂƚĂƵƐĞďĞƐĂƌϮϰ͕Ϭϵй
ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ ϮϬϮϮ͘ <ĞŶĂŝŬĂŶ ďĞďĂŶ ƉĞŵďŝĂLJĂĂŶ ƐĞŝƌŝŶŐ ĚĞŶŐĂŶ ŬĞŶĂŝŬĂŶ ƚŽƚĂů ůŝĂďŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ
ŵĞŶĚƵŬƵŶŐƉĞƌƚƵŵďƵŚĂŶďŝƐŶŝƐĚŝƚĂŚƵŶϮϬϮϯ͘ƚĂƐŬĞŶĂŝŬĂŶďĞďĂŶƉĞŵďŝĂLJĂĂŶĚĂƉĂƚĚŝƌŝŶĐŝƐĞďĂŐĂŝďĞƌŝŬƵƚŬĞŶĂŝŬĂŶ
ĂƚĂƐ ďƵŶŐĂ ƵƚĂŶŐ ŽďůŝŐĂƐŝ LJĂŝƚƵ ĚĂƌŝ ZƉϭϳ͘ϱϭϰ͘ϭϭϮ͘ϵϬϯ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϮ ŵĞŶũĂĚŝ ZƉϲϮ͘ϰϯϭ͘ϮϱϬ͘ϬϬϬ͕ ĂƚĂƵ ŶĂŝŬ ƐĞďĞƐĂƌ
Ϯϱϲ͕ϰϲйƐĞŝƌŝŶŐĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶƉĂĚĂũƵŵůĂŚƵƚĂŶŐŽďůŝŐĂƐŝLJĂŶŐĚŝƚĞƌŝŵĂƉĂĚĂƚĂŚƵŶϮϬϮϯ͘ĞďĂŶďƵŶŐĂĂƚĂƐƉŝŶũĂŵĂŶ
ďĂŶŬ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ ϰ͕ϱϰй LJĂŝƚƵ ŵĞŶũĂĚŝ ZƉϭϰϭ͘ϴϳϰ͘ϰϭϴ͘ϰϬϬ Ěŝ ƚĂŚƵŶ ϮϬϮϯ͕ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ
ƉĞŶƵƌƵŶĂŶƌĂƚĂͲƌĂƚĂƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂƉŝŶũĂŵĂŶĚŝƚĂŚƵŶϮϬϮϯ͘
WĞŶLJŝƐŝŚĂŶŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶũƵŐĂŵĞŶŝŶŐŬĂƚƐĞũĂůĂŶĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶƉĞƌƚƵŵďƵŚĂŶ
ƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶƉĂĚĂƚĂŚƵŶϮϬϮϯ͘
ϯ͘ >d,hE Z:>E
dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϮ
>ĂďĂ ƚĂŚƵŶ ďĞƌũĂůĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ
ZƉϲ͘ϬϬϴ͘ϵϬϴ͘Ϯϰϵ ĂƚĂƵ ƐĞďĞƐĂƌ ϵ͕ϯϬй ŵĞŶũĂĚŝ ZƉϳϬ͘ϲϭϳ͘ϴϰϱ͘ϵϲϲ ĚĂƌŝ ZƉϲϰ͘ϲϬϴ͘ϵϯϳ͘ϳϭϳ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂũƵŵůĂŚƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶƐĞďĞƐĂƌ
ZƉϴϰ͘ϳϭϴ͘ϯϴϬ͘ϭϴϲ ĂƚĂƵ ƐĞďĞƐĂƌ Ϯϭ͕ϭϵй ŵĞŶũĂĚŝ ZƉϰϴϰ͘ϰϲϰ͘ϯϳϱ͘ϵϵϭ ĚĂƌŝ ZƉϯϵϵ͘ϳϰϱ͘ϵϵϱ͘ϴϬϱ͘ ,Ăů ŝŶŝ ďĞƌƐƵŵďĞƌ ĚĂƌŝ
ƉĞŶŝŶŐŬĂƚĂŶƉĞŶĚĂƉĂƚĂŶƐĞǁĂƉĞŵďŝĂLJĂĂŶĚĞŶŐĂŶďĞƌƚƵŵďƵŚŶLJĂƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶƉĂĚĂƚĂŚƵŶϮϬϮϯ͘tĂůĂƵƉƵŶ
ďĞďĂŶWĞƌƐĞƌŽĂŶŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶƐĞďĞƐĂƌZƉϳϰ͘Ϯϭϯ͘ϱϬϴ͘ϯϯϵĂƚĂƵƐĞďĞƐĂƌϮϯ͕ϲϲйƉĂĚĂƚĂŚƵŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌ
ϮϬϮϯ͕ĂŬĂŶƚĞƚĂƉŝƉĞŶŝŶŐŬĂƚĂŶƉĞŶĚĂƉĂƚĂŶŵĂƐŝŚŵĞůĞďŝŚŝĚĂƌŝƉĞŶŝŶŐŬĂƚĂŶďĞďĂŶ͘
ϰ͘ W E',^/>E<KDWZ , E^/&>/E
dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϮ
WĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨdĂŚƵŶĞƌũĂůĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯŵĞŶŝŶŐŬĂƚ
ƐĞďĞƐĂƌZƉϯ͘ϲϲϴ͘ϳϳϳ͘ϬϴϭĂƚĂƵƐĞďĞƐĂƌϭϱ͕ϭϭйŵĞŶũĂĚŝZƉϮϳ͘ϵϱϰ͘ϮϮϴ͘ϯϯϵĚĂƌŝZƉϮϰ͘Ϯϴϱ͘ϰϱϭ͘ϮϱϴƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌ
ƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂƉĞŶŐĂŬƵĂŶŬĞƵŶƚƵŶŐĂŶĂŬƚƵĂƌŝĂů
WĞƌƐĞƌŽĂŶ ƐĞďĞƐĂƌ ZƉϯ͘ϬϬϱ͘ϯϮϵ͘ϲϮϴ ĂƚĂƵ ƐĞďĞƐĂƌ ϯϯϳ͕ϴϴй ŵĞŶũĂĚŝ ZƉϮ͘ϭϭϱ͘ϴϳϱ͘ϳϰϱ ĚĂƌŝ ;ZƉϴϴϵ͘ϰϱϯ͘ϴϴϯͿ͘ ,Ăů ŝŶŝ
ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ƉĞŶLJĞƐƵĂŝĂŶ ƉĂĚĂ ĂƐƵŵƐŝ ĂŬƚƵĂƌŝĂů LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ƉĞƌ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ LJĂŝƚƵ ƉĞŶƵƌƵŶĂŶ ĂƐƵŵƐŝ
ƉĞƌƐĞŶƚĂƐĞLJĂŶŐĚŝŐƵŶĂŬĂŶĚĂůĂŵƉĞƌŚŝƚƵŶŐĂŶ>ŝĂďŝůŝƚĂƐ/ŵďĂůĂŶ<ĞƌũĂ<ĂƌLJĂǁĂŶƉĂĚĂƚĂŚƵŶϮϬϮϯLJĂŶŐĚŝƐĞďĂďŬĂŶŽůĞŚ
ƉĞŶŐĂƌƵŚ ĚĂƌŝ ƉĞƌƚƵŵďƵŚĂŶ ŵĂŬƌŽ ĞŬŽŶŽŵŝ LJĂŶŐ ƐƵĚĂŚ ƐĞŵĂŬŝŶ ƐƚĂďŝů ĚĂŶ ƚĞƌŬĞŶĚĂůŝ LJĂŶŐ ũƵŐĂ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ
ƉĞŶĞŬĂŶĂŶƚŝŶŐŬĂƚŝŶĨůĂƐŝLJĂŶŐƐĞŵĂŬŝŶŵĞŵďĂŝŬŬĞĚĞƉĂŶŶLJĂ͘
ϱ͘ dKd>W E',^/>E<KDWZ , E^/&d,hE Z:>E
dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϮ
dŽƚĂů WĞŶŐŚĂƐŝůĂŶ <ŽŵƉƌĞŚĞŶƐŝĨ dĂŚƵŶ ĞƌũĂůĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ
ŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌZƉϵ͘ϲϳϳ͘ϲϴϱ͘ϯϯϬĂƚĂƵƐĞďĞƐĂƌϭϬ͕ϴϵйŵĞŶũĂĚŝZƉϵϴ͘ϱϳϮ͘Ϭϳϰ͘ϯϬϱĚĂƌŝZƉϴϴ͘ϴϵϰ͘ϯϴϴ͘ϵϳϱƵŶƚƵŬƚĂŚƵŶ
LJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚŵĞŶŝŶŐŬĂƚŶLJĂůĂďĂƚĂŚƵŶďĞƌũĂůĂŶ
WĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯƐĞďĞƐĂƌZƉϲ͘ϬϬϴ͘ϵϬϴ͘ϮϰϵĂƚĂƵƐĞďĞƐĂƌϵ͕ϯϬйŵĞŶũĂĚŝ
ZƉϳϬ͘ϲϭϳ͘ϴϰϱ͘ϵϲϲĚĂƌŝZƉϲϰ͘ϲϬϴ͘ϵϯϳ͘ϳϭϳƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮ͘
ϲ͘ ^ d
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
^ d
<ĂƐĚĂŶŬĂƐƉĂĚĂďĂŶŬͲŶĞƚŽ Ϯϳϵ͘ϳϲϱ͘ϯϭϬ͘ϲϬϯ ϯϲϴ͘ϱϮϯ͘ϯϯϮ͘ϳϲϳ
WŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶ
WŝŚĂŬŬĞƚŝŐĂ ϰ͘ϳϭϱ͘ϭϯϭ͘ϵϳϳ͘ϳϲϱ ϯ͘ϴϴϳ͘ϲϳϳ͘ϯϬϲ͘ϭϵϬ
ŝŬƵƌĂŶŐŝ͗ĐĂĚĂŶŐĂŶŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝ ;ϲϳ͘ϳϵϬ͘ϵϮϳ͘ϵϯϯͿ ;ϲϮ͘ϵϰϴ͘ϰϱϱ͘ϮϵϰͿ
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;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
WŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶͲŶĞƚŽ ϰ͘ϲϰϳ͘ϯϰϭ͘Ϭϰϵ͘ϴϯϮ ϯ͘ϴϮϰ͘ϳϮϴ͘ϴϱϬ͘ϴϵϲ
ĞďĂŶĚŝďĂLJĂƌĚŝŵƵŬĂ ϰ͘ϳϵϵ͘ϴϴϭ͘ϴϳϴ ϱ͘ϴϵϳ͘ϳϯϲ͘Ϭϴϴ
WŝƵƚĂŶŐůĂŝŶͲůĂŝŶͲŶĞƚŽ ϵ͘ϴϵϴ͘ϵϲϵ͘ϴϲϮ ϰϭϴ͘ϴϰϲ͘ϵϭϬ
WŝƵƚĂŶŐĚĞƌŝǀĂƚŝĨ ϭϬϲ͘Ϭϴϵ͘ϵϰϰ͘ϰϳϱ ϭϮϲ͘ϰϲϰ͘ϬϵϮ͘ϯϳϰ
ƐĞƚƚĞƚĂƉͲŶĞƚŽ Ϯϯ͘ϭϳϲ͘ϭϬϵ͘ϲϬϭ Ϯϳ͘ϳϵϬ͘ϭϱϮ͘ϯϱϰ
ƐĞƚƉĂũĂŬƚĂŶŐŐƵŚĂŶ ϱ͘ϵϴϮ͘ϳϲϳ͘ϰϮϲ ϭϰ͘ϱϴϭ͘Ϯϱϲ͘ϭϰϳ
ƐĞƚƚĂŬďĞƌǁƵũƵĚͲŶĞƚŽ ϭϯϳ͘ϭϱϳ͘ϯϬϭ ϭ͘ϭϭϲ͘ϵϲϮ͘ϯϱϴ
ƐĞƚůĂŝŶͲůĂŝŶ Ϯ͘Ϭϴϵ͘ϯϰϱ͘Ϯϴϱ ϯ͘ϱϮϴ͘Ϯϭϳ͘ϯϮϱ
dKd>^ d ϱ͘Ϭϳϵ͘ϮϴϬ͘ϱϯϲ͘Ϯϲϯ ϰ͘ϯϳϯ͘Ϭϰϵ͘ϰϰϳ͘Ϯϭϵ
WŽƐŝƐŝƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮ
dŽƚĂůĂƐĞƚWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌZƉϳϬϲ͘Ϯϯϭ͘Ϭϴϵ͘ϬϰϰĂƚĂƵƐĞďĞƐĂƌϭϲ͕ϭϱйŵĞŶũĂĚŝ
ZƉϱ͘Ϭϳϵ͘ϮϴϬ͘ϱϯϲ͘ϮϲϯĚĂƌŝZƉϰ͘ϯϳϯ͘Ϭϰϵ͘ϰϰϳ͘ϮϭϵƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚ
ŵĞŶŝŶŐŬĂƚŶLJĂ ƉŝƵƚĂŶŐ ƐĞǁĂ ƉĞŵďŝĂLJĂĂŶ Ͳ ŶĞƚŽ ƐĞďĞƐĂƌ ZƉϴϮϮ͘ϲϭϮ͘ϭϵϴ͘ϵϯϲ ĂƚĂƵ ƐĞďĞƐĂƌ Ϯϭ͕ϱϭй ŵĞŶũĂĚŝ
ZƉϰ͘ϲϰϳ͘ϯϰϭ͘Ϭϰϵ͘ϴϯϮ ĚĂƌŝ ZƉϯ͘ϴϮϰ͘ϳϮϴ͘ϴϱϬ͘ϴϵϲ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϮ͘ WĞŶŝŶŐŬĂƚĂŶ ŝŶŝ ũƵŐĂ ƐĞũĂůĂŶ ĚĞŶŐĂŶ
ƉĞŶŝŶŐŬĂƚĂŶĚĂůĂŵƉĞŵďĞƌŝĂŶƉĞŵďŝĂLJĂĂŶLJĂŶŐďĞƌĚĂŵƉĂŬĚĂƌŝƉĞŵƵůŝŚĂŶŬĞŐŝĂƚĂŶƵƚĂŵĂWĞƌƐĞƌŽĂŶƐĞƌƚĂŬŽŶĚŝƐŝŵĂŬƌŽ
ĞŬŽŶŽŵŝLJĂŶŐƐƵĚĂŚŵƵůĂŝƐƚĂďŝůĚĂŶƚĞƌŬĞŶĚĂůŝ͘WĂĚĂƚĂŚƵŶϮϬϮϯ͕WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵŝůŝŬŝƉŝƵƚĂŶŐůĂŝŶͲůĂŝŶͲŶĞƚŽLJĂŶŐ
ŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶ͘
ϳ͘ >//>/d^
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
>//>/d^
WŝŶũĂŵĂŶďĂŶŬͲŶĞƚŽ Ϯ͘Ϯϵϳ͘ϲϮϴ͘ϬϬϬ͘ϬϬϬ Ϯ͘ϮϯϮ͘ϮϮϯ͘ϬϬϬ͘ϬϬϬ
hƚĂŶŐŽďůŝŐĂƐŝ ϭ͘ϮϮϬ͘ϯϬϰ͘ϯϭϳ͘Ϭϵϴ ϲϵϲ͘ϰϯϭ͘ϱϳϲ͘ϰϴϮ
hƚĂŶŐůĂŝŶͲůĂŝŶ
WŝŚĂŬďĞƌĞůĂƐŝ Ϯϰ͘ϯϮϯ͘ϴϮϳ ϭϲ͘ϵϳϮ͘ϰϱϯ
WŝŚĂŬŬĞƚŝŐĂ ϴϭ͘ϰϱϱ͘ϱϳϮ͘ϳϮϯ ϳϰ͘ϴϯϰ͘ϳϱϲ͘ϱϱϱ
ĞďĂŶLJĂŶŐŵĂƐŝŚŚĂƌƵƐĚŝďĂLJĂƌ ϴϮ͘ϬϴϬ͘ϵϴϳ͘ϱϬϮ ϳϮ͘ϱϴϵ͘ϵϱϮ͘ϭϮϱ
hƚĂŶŐƉĂũĂŬ ϵ͘ϴϳϴ͘ϭϰϰ͘ϵϳϰ ϱ͘ϵϴϵ͘ϰϴϲ͘ϰϭϱ
>ŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂŬĂƌLJĂǁĂŶ ϵ͘ϵϴϱ͘ϮϯϮ͘ϬϱϬ ϵ͘Ϯϯϯ͘ϯϰϬ͘ϭϮϮ
hƚĂŶŐĚĞƌŝǀĂƚŝĨ ϭ͘ϭϯϳ͘ϯϲϯ͘ϱϳϳ ϯ͘ϱϭϱ͘ϴϰϮ͘ϴϲϬ
dKd>>//>/d^ ϯ͘ϳϬϮ͘ϰϵϯ͘ϵϰϭ͘ϳϱϭ ϯ͘Ϭϵϰ͘ϴϯϰ͘ϵϮϳ͘ϬϭϮ
WŽƐŝƐŝƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮ
dŽƚĂů ůŝĂďŝůŝƚĂƐ WĞƌƐĞƌŽĂŶ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ ZƉϲϬϳ͘ϲϱϵ͘Ϭϭϰ͘ϳϯϵ ĂƚĂƵ ƐĞďĞƐĂƌ ϭϵ͕ϲϯй
ŵĞŶũĂĚŝ ZƉϯ͘ϳϬϮ͘ϰϵϯ͘ϵϰϭ͘ϳϱϭ ĚĂƌŝ ZƉϯ͘Ϭϵϰ͘ϴϯϰ͘ϵϮϳ͘ϬϭϮ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϮ͘ WĞŶŝŶŐŬĂƚĂŶ ũƵŵůĂŚ ůŝĂďŝůŝƚĂƐ
WĞƌƐĞƌŽĂŶ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƉĞŶĞƌďŝƚĂŶ ŽďůŝŐĂƐŝ // ƐĞďĞƐĂƌ ZƉϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ĞĨĞŬƚŝĨ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϯ ƐĞƌƚĂ
ƉĞŶŝŶŐŬĂƚĂŶƉŝŶũĂŵĂŶďĂŶŬƐĞďĂŐĂŝŵŽĚĂůŬĞƌũĂƉĞŵďŝĂLJĂĂŶĚĂůĂŵŵĞŶĚƵŬƵŶŐŬĞŐŝĂƚĂŶƵƐĂŚĂďŝƐŶŝƐWĞƌƐĞƌŽĂŶ͘,ĂůŝŶŝũƵŐĂ
ƐĞŝƌŝŶŐĚĞŶŐĂŶŬĞďŝũĂŬĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵƐƚƌĂƚĞŐŝĚŝǀĞƌƐŝĨŝŬĂƐŝƉĞŶĚĂŶĂĂŶ͘WĞŶŝŶŐŬĂƚĂŶƚŽƚĂůƉĞŶĚĂŶĂĂŶŝŶŝƐĞŝƌŝŶŐĚĞŶŐĂŶ
ƉĞŶŝŶŐŬĂƚĂŶƉĞŵďŝĂLJĂĂŶďĂƌƵƐĞůĂŵĂƚĂŚƵŶϮϬϮϯ͘
WĞŶŝŶŐŬĂƚĂŶũƵŵůĂŚůŝĂďŝůŝƚĂƐĚŝƚĂŚƵŶϮϬϮϯũƵŐĂĚŝƐĞďĂďŬĂŶĚĞŶŐĂŶŵĞŶŝŶŐŬĂƚŶLJĂƵƚĂŶŐŽďůŝŐĂƐŝ͘<ĞŶĂŝŬĂŶƵƚĂŶŐŽďůŝŐĂƐŝ
ƐĞďĞƐĂƌ ZƉϱϮϯ͘ϴϳϮ͘ϳϰϬ͘ϲϭϲ ĂƚĂƵ ƐĞďĞƐĂƌ ϳϱ͕ϮϮй ĚĂƌŝ ZƉϲϵϲ͘ϰϯϭ͘ϱϳϲ͘ϰϴϮ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϮ ŵĞŶũĂĚŝ
ZƉϭ͘ϮϮϬ͘ϯϬϰ͘ϯϭϳ͘ϬϵϴƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ͘
ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ďŝƐŶŝƐ ƵƐĂŚĂ ƐĞƌƚĂ ŵĞŶĚƵŬƵŶŐ ƉĞŶŝŶŐŬĂƚĂŶ ƉĞŵďĞƌŝĂŶ ƉĞŵďŝĂLJĂĂŶ ďĂƌƵ͕ WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ
ŵĞŶũĂũĂŬŝ ƐƵŵďĞƌ ƉĞŶĚĂŶĂĂŶ ĂůƚĞƌŶĂƚŝĨ͕ ƐĞƉĞƌƚŝ ƉŝŶũĂŵĂŶ ďĂŶŬ ďĂŝŬ ĚĂůĂŵ ŶĞŐĞƌŝ ŵĂƵƉƵŶ ůƵĂƌ ŶĞŐĞƌŝ ĚĂŶ ƉĞŶĞƌďŝƚĂŶ
KďůŝŐĂƐŝƐĞďĂŐĂŝŵŽĚĂůŬĞƌũĂƚĂŵďĂŚĂŶƵŶƚƵŬŵĞŶĚƵŬƵŶŐŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
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ϴ͘ <h/d^
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
<h/d^
DŽĚĂůƐĂŚĂŵ ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
WĞŶŐŚĂƐŝůĂŶͬ;ŬĞƌƵŐŝĂŶͿŬŽŵƉƌĞŚĞŶƐŝĨůĂŝŶ
<ĞƵŶƚƵŶŐĂŶĂŬƚƵĂƌŝĂůĂƚĂƐůŝĂďŝůŝƚĂƐŝŵďĂůĂŶŬĞƌũĂͲŶĞƚŽ Ϯ͘ϯϵϳ͘ϲϬϴ͘ϬϲϬ ϳϰϳ͘ϮϮϰ͘ϵϳϵ
<ĞƵŶƚƵŶŐĂŶͬ;ŬĞƌƵŐŝĂŶͿŬƵŵƵůĂƚŝĨĂƚĂƐŝŶƐƚƌƵŵĞŶĚĞƌŝǀĂƚŝĨƵŶƚƵŬ
ůŝŶĚƵŶŐŶŝůĂŝĂƌƵƐŬĂƐ–ŶĞƚŽ ϭϮ͘ϱϱϭ͘ϴϮϯ͘ϭϳϮ ;ϭϯ͘ϳϱϮ͘ϬϮϮ͘ϬϴϲͿ
^ĂůĚŽůĂďĂ
dĞůĂŚĚŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ Ͳ
ĞůƵŵĚŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂ ϯϲϬ͘ϴϯϳ͘ϭϲϯ͘ϮϴϬ Ϯϵϭ͘Ϯϭϵ͘ϯϭϳ͘ϯϭϰ
<h/d^ͲE dK ϭ͘ϯϳϲ͘ϳϴϲ͘ϱϵϰ͘ϱϭϮ ϭ͘Ϯϳϴ͘Ϯϭϰ͘ϱϮϬ͘ϮϬϳ
WŽƐŝƐŝƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƉŽƐŝƐŝƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮ
dŽƚĂůĞŬƵŝƚĂƐWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌZƉϵϴ͘ϱϳϮ͘Ϭϳϰ͘ϯϬϱĂƚĂƵƐĞďĞƐĂƌϳ͕ϳϭйŵĞŶũĂĚŝ
ZƉϭ͘ϯϳϲ͘ϳϴϲ͘ϱϵϰ͘ϱϭϮĚĂƌŝZƉϭ͘Ϯϳϴ͘Ϯϭϰ͘ϱϮϬ͘ϮϬϳƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝƚĞƌƵƚĂŵĂĚŝƐĞďĂďŬĂŶŽůĞŚ
ƉĞŶŝŶŐŬĂƚĂŶƐĂůĚŽůĂďĂWĞƌƐĞƌŽĂŶLJĂŶŐďĞůƵŵĚŝƚĞŶƚƵŬĂŶƉĞŶŐŐƵŶĂĂŶŶLJĂƐĞďĞƐĂƌZƉϲϵ͘ϲϭϳ͘ϴϰϱ͘ϵϲϲĂƚĂƵƐĞďĞƐĂƌϮϯ͕ϵϭй
ĚĂƌŝZƉϮϵϭ͘Ϯϭϵ͘ϯϭϳ͘ϯϭϰƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮŵĞŶũĂĚŝZƉϯϲϬ͘ϴϯϳ͘ϭϲϯ͘ϮϴϬƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ͘
ϵ͘ >/<h//d^E^hD ZW EEE
^ƵŵďĞƌůŝŬƵŝĚŝƚĂƐWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵďŝĂLJĂŝŬĞďƵƚƵŚĂŶŵŽĚĂůŶLJĂƐĞĐĂƌĂŝŶƚĞƌŶĂůƚĞƌƵƚĂŵĂŵĞůĂůƵŝĂƌƵƐŬĂƐĚĂƌŝŬĞŐŝĂƚĂŶ
ŽƉĞƌĂƐŝŽŶĂůŶLJĂ͕ ƐĞƉĞƌƚŝ ƉĞŵďĂLJĂƌĂŶ ĂŶŐƐƵƌĂŶ ŽůĞŚ ƉĞůĂŶŐŐĂŶ ;ĐƵƐƚŽŵĞƌͿ ĚĂŶ ĞŬƵŝƚĂƐ ĚĂŶ ƐƵŵďĞƌ ůŝŬƵŝĚŝƚĂƐ ĞŬƐƚĞƌŶĂů
WĞƌƐĞƌŽĂŶĚĞŶŐĂŶŵĞůĂŬƵŬĂŶĚŝǀĞƌƐŝĨŝŬĂƐŝƐƵŵďĞƌͲƐƵŵďĞƌƉĞŶĚĂŶĂĂŶ͕ƐĞƉĞƌƚŝďĞƌĂƐĂůĚĂƌŝƉŝŶũĂŵĂŶƉĞƌďĂŶŬĂŶĚĂŶĚĂŶĂ
ŽďůŝŐĂƐŝ͘
WĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŬĂƐĚĂŶŬĂƐƉĂĚĂďĂŶŬƐĞďĞƐĂƌZƉϮϳϵ͘ϳϲϱ͘ϯϭϬ͘ϲϬϯĚĂŶŵĞŵŝůŝŬŝƐƵŵďĞƌ
ůŝŬƵŝĚŝƚĂƐ ŵĂƚĞƌŝĂů ďĞƌƵƉĂ ĨĂƐŝůŝƚĂƐ ƉŝŶũĂŵĂŶ ƉĞƌďĂŶŬĂŶ LJĂŶŐ ŵĂƐŝŚ ŵĞŵŝůŝŬŝ ƐŝƐĂ ŬĞůŽŶŐŐĂƌĂŶ ƚĂƌŝŬ ƐĞďĞƐĂƌ
ZƉϯ͘ϬϲϬ͘Ϭϳϲ͘ϬϬϬ͘ϬϬϬ͕LJĂŝƚƵĚĂƌŝDh&'ĂŶŬ͕>ƚĚ͕͘ĂďĂŶŐ:ĂŬĂƌƚĂ͕ĂŶŬDŝnjƵŚŽ/ŶĚŽŶĞƐŝĂ͕WdĂŶŬdWEdďŬ͕^ƵŵŝƚŽŵŽ
DŝƚƐƵŝdƌƵƐƚĂŶŬ>ƚĚ͕͘ĂďĂŶŐ^ŝŶŐĂƉƵƌĂ͕ĞƵƚƐĐŚĞĂŶŬ'͕ĂďĂŶŐ:ĂŬĂƌƚĂ͘
<ĞƚĞƌĂŶŐĂŶŵĞŶŐĞŶĂŝĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶƚĞƌƐĞďƵƚƚĞůĂŚĚŝĐĂŶƚƵŵŬĂŶƉĂĚĂĂď///ŵĞŶŐĞŶĂŝWĞƌŶLJĂƚĂĂŶhƚĂŶŐ͘
WĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƉŝŶũĂŵĂŶ ďĂŝŬ ƉŝŶũĂŵĂŶ ďĂŶŬ ŵĂƵƉƵŶ ƵƚĂŶŐ ŽďůŝŐĂƐŝ LJĂŶŐ ŵĂƐŝŚ
ƚĞƌƵƚĂŶŐƐĞďĞƐĂƌZƉϯ͘ϱϮϮ͘ϲϮϴ͘ϬϬϬ͘ϬϬϬ
WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŵĞŶƵŚŝ ƚĂƌŐĞƚ ƉĞŶĚĂŶĂĂŶ ƐĞƐƵĂŝ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ĚĂůĂŵ ĂŶŐŐĂƌĂŶ WĞƌƵƐĂŚĂĂŶ͕ ƐĞƌƚĂ ŬĞďŝũĂŬĂŶ ĚĂŶ
ŽƉĞƌĂƐŝŽŶĂůLJĂŶŐďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶĚĂƌŝƐƐĞƚ>ŝĂďŝůŝƚLJDĂŶĂŐĞŵĞŶƚ͘
^ĂŵƉĂŝĚĞŶŐĂŶƚĞƌďŝƚŶLJĂWƌŽƐƉĞŬƚƵƐŝŶŝ͕ƚŝĚĂŬĂĚĂŬĞĐĞŶĚĞƌƵŶŐĂŶLJĂŶŐĚŝŬĞƚĂŚƵŝ͕ƉĞƌŵŝŶƚĂĂŶ͕ƉĞƌŝŬĂƚĂŶĂƚĂƵŬŽŵŝƚŵĞŶ͕
ŬĞũĂĚŝĂŶ ĚĂŶͬĂƚĂƵ ŬĞƚŝĚĂŬƉĂƐƚŝĂŶ LJĂŶŐ ĚĂƉĂƚ ŵĞŶŐĂŬŝďĂƚŬĂŶ ƚĞƌũĂĚŝŶLJĂ ƉĞŶŝŶŐŬĂƚĂŶ ĂƚĂƵ ƉĞŶƵƌƵŶĂŶ LJĂŶŐ ŵĂƚĞƌŝĂů
ƚĞƌŚĂĚĂƉ ůŝŬƵŝĚŝƚĂƐ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ LJĂŬŝŶ ĂŬĂŶ ŵĞŵŝůŝŬŝ ƐƵŵďĞƌ ƉĞŶĚĂŶĂĂŶ LJĂŶŐ ĐƵŬƵƉ ĚĂƌŝ ĂŬƚŝǀŝƚĂƐ ŽƉĞƌĂƐŝ ĚĂŶ
ƉŝŶũĂŵĂŶƉĞƌďĂŶŬĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶŵŽĚĂůWĞƌƐĞƌŽĂŶ͘:ŝŬĂŵŽĚĂůŬĞƌũĂƚŝĚĂŬŵĞŶĐƵŬƵƉŝ͕WĞƌƐĞƌŽĂŶƐĞŶĂŶƚŝĂƐĂ
ŵĞŶũĂũĂŬŝ ƐƵŵďĞƌ ƉĞŶĚĂŶĂĂŶ ĂůƚĞƌŶĂƚŝĨ͕ ƐĞƉĞƌƚŝ ƉŝŶũĂŵĂŶ ďĂŶŬ ďĂŝŬ ĚĂůĂŵ ŶĞŐĞƌŝ ŵĂƵƉƵŶ ůƵĂƌ ŶĞŐĞƌŝ ĚĂŶ ƉĞŶĞƌďŝƚĂŶ
KďůŝŐĂƐŝƐĞďĂŐĂŝŵŽĚĂůŬĞƌũĂƚĂŵďĂŚĂŶƵŶƚƵŬŵĞŶĚƵŬƵŶŐŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
dĂďĞůďĞƌŝŬƵƚŵĞƌƵƉĂŬĂŶƐĞŬŝůĂƐŐĂŵďĂƌĂŶĂƌƵƐŬĂƐWĞƌƐĞƌŽĂŶƐĞůĂŵĂďĞďĞƌĂƉĂƚĂŚƵŶƚĞƌĂŬŚŝƌ͘
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
<ĂƐŶĞƚŽĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝ ;ϳϭϮ͘Ϭϴϰ͘ϯϵϲ͘ϬϵϯͿ ;ϳϬϴ͘ϰϯϭ͘ϵϳϲ͘ϬϮϲͿ
<ĂƐŶĞƚŽĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐŝŶǀĞƐƚĂƐŝ ;ϱ͘ϭϵϰ͘ϭϮϵ͘ϲϰϮͿ ;ϳ͘ϳϭϳ͘Ϯϴϲ͘ϵϴϮͿ
<ĂƐŶĞƚŽĚŝƉĞƌŽůĞŚĚĂƌŝĂŬƚŝǀŝƚĂƐƉĞŶĚĂŶĂĂŶ ϲϮϴ͘ϱϰϭ͘ϲϱϰ͘ϱϭϴ ϲϴϴ͘ϰϵϲ͘ϯϯϭ͘ϮϮϯ
WĞŶƵƌƵŶĂŶŶĞƚŽŬĂƐĚĂŶŬĂƐƉĂĚĂďĂŶŬ ;ϴϴ͘ϳϯϲ͘ϴϳϭ͘ϮϭϳͿ ;Ϯϳ͘ϲϱϮ͘ϵϯϭ͘ϳϴϱͿ
ĂŵƉĂŬŶĞƚŽƉĞƌƵďĂŚĂŶŶŝůĂŝƚƵŬĂƌĂƚĂƐŬĂƐĚĂŶŬĂƐƉĂĚĂďĂŶŬ ;ϵϲϬ͘ϰϱϰͿ ϰϭ͘ϭϭϴ͘ϰϳϭ
<ĂƐĚĂŶŬĂƐƉĂĚĂďĂŶŬĂǁĂůƚĂŚƵŶ ϯϲϴ͘ϱϯϳ͘ϯϰϮ͘ϰϮϰ ϯϵϲ͘ϭϰϵ͘ϭϱϱ͘ϳϯϴ
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;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
<ĂƐĚĂŶŬĂƐƉĂĚĂďĂŶŬĂŬŚŝƌƚĂŚƵŶ Ϯϳϵ͘ϳϵϵ͘ϱϭϬ͘ϳϱϯ ϯϲϴ͘ϱϯϳ͘ϯϰϮ͘ϰϮϰ
ƌƵƐŬĂƐďĞƌƐŝŚĚĂƌŝĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝ
dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϮ
<ĂƐŶĞƚŽĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ ĂĚĂůĂŚ
ƐĞďĞƐĂƌZƉϳϭϮ͘Ϭϴϰ͘ϯϵϲ͘ϬϵϯŵĞŶŐĂůĂŵŝŬĞŶĂŝŬĂŶƐĞďĞƐĂƌZƉϯ͘ϲϱϮ͘ϰϮϬ͘ϬϲϳĂƚĂƵƐĞƚĂƌĂϬ͕ϱϮйĚĂƌŝƐĞďĞůƵŵŶLJĂƵŶƚƵŬƚĂŚƵŶ
LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϮ ŬĂƐ ŶĞƚŽ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ƐĞďĞƐĂƌ ZƉϳϬϴ͘ϰϯϭ͘ϵϳϲ͘ϬϮϲ͘ ,Ăů ƵƚĂŵĂ LJĂŶŐ
ŵĞŶLJĞďĂďŬĂŶŬĞŶĂŝŬĂŶŝŶŝĂĚĂůĂŚŵĞŶŝŶŐŬĂƚŶLJĂƉĞŵďĂLJĂƌĂŶŬĞƉĂĚĂƉĞŶLJĂůƵƌŬĞŶĚĂƌĂĂŶƵŶƚƵŬƚƌĂŶƐĂŬƐŝƐĞǁĂƉĞŵďŝĂLJĂĂŶ
ƐĞďĞƐĂƌZƉϭϲϴ͘ϬϮϯ͘ϯϭϬ͘ϴϯϬĂƚĂƵƐĞďĞƐĂƌϱ͕ϱϵйĚĂƌŝƐĞďĞƐĂƌZƉϯ͘ϬϬϳ͘ϮϬϲ͘ϲϮϬ͘ϬϭϬƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϮŵĞŶũĂĚŝƐĞďĞƐĂƌZƉͲϯ͘ϭϳϱ͘ϮϮϵ͘ϵϯϬ͘ϴϰϬƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ͘
ƌƵƐŬĂƐďĞƌƐŝŚƵŶƚƵŬĂŬƚŝǀŝƚĂƐŝŶǀĞƐƚĂƐŝ
dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϮ
<ĂƐŶĞƚŽĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐŝŶǀĞƐƚĂƐŝŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶƐĞďĞƐĂƌZƉϮ͘ϱϮϯ͘ϭϱϳ͘ϯϰϬĂƚĂƵƐĞƚĂƌĂϯϮ͕ϲϵйŵĞŶũĂĚŝ
ƐĞďĞƐĂƌZƉϱ͘ϭϵϰ͘ϭϮϵ͘ϲϰϮƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂƌŝƐĞďĞůƵŵŶLJĂ ƵŶƚƵŬƚĂŚƵŶLJĂŶŐ
ďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮĂĚĂůĂŚƐĞďĞƐĂƌZƉϳ͘ϳϭϳ͘Ϯϴϲ͘ϵϴϮ͘,ĂůƵƚĂŵĂLJĂŶŐŵĞŶLJĞďĂďŬĂŶ ƉĞŶƵƌƵŶĂŶŝŶŝ
ĂĚĂůĂŚ ŵĞŶƵƌƵŶŶLJĂ ŬĂƐ ŶĞƚŽ LJĂŶŐ ĚŝŐƵŶĂŬĂŶ ƵŶƚƵŬ ƉĞŵďĞůŝĂŶ ĂƐĞƚ ƚĞƚĂƉ ;ƉĞŶŐĞŵďĂŶŐĂŶ ŐĞĚƵŶŐ LJĂŶŐ ĚŝƐĞǁĂ ĚĂŶ
ƉĞƌĂůĂƚĂŶŬĂŶƚŽƌͿƐĞďĞƐĂƌZƉϭ͘ϳϰϯ͘Ϭϲϵ͘ϬϵϯĂƚĂƵƐĞďĞƐĂƌϯϯ͕ϵϯйĚĂƌŝƐĞďĞƐĂƌZƉϱ͘ϭϯϲ͘ϳϰϬ͘ϮϮϯƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌ
ƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮŵĞŶũĂĚŝƐĞďĞƐĂƌZƉϯ͘ϯϵϯ͘ϲϳϭ͘ϭϯϬƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌ
ϮϬϮϯ͘
ƌƵƐŬĂƐďĞƌƐŝŚƵŶƚƵŬĂŬƚŝǀŝƚĂƐƉĞŶĚĂŶĂĂŶ
dĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϮ
<ĂƐŶĞƚŽĚŝƉĞƌŽůĞŚĚĂƌŝĂŬƚŝǀŝƚĂƐƉĞŶĚĂŶĂĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĂĚĂůĂŚ
ƐĞďĞƐĂƌ ZƉϲϮϴ͘ϱϰϭ͘ϲϱϰ͘ϱϭϴ ŵĞŶŐĂůĂŵŝ ƉĞŶƵƌƵŶĂŶ ƐĞďĞƐĂƌ ZƉϱϵ͘ϵϱϰ͘ϲϳϲ͘ϳϬϱ ĂƚĂƵ ƐĞƚĂƌĂ ϴ͕ϳϭй ĚĂƌŝ ƐĞďĞůƵŵŶLJĂ ƵŶƚƵŬ
ƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϮŬĂƐŶĞƚŽLJĂŶŐĚŝŐƵŶĂŬĂŶƐĞďĞƐĂƌZƉϲϴϴ͘ϰϵϲ͘ϯϯϭ͘ϮϮϯ͘,ĂůƵƚĂŵĂLJĂŶŐ
ŵĞŶLJĞďĂďŬĂŶ ƉĞŶƵƌƵŶĂŶ ŝŶŝ ĂĚĂůĂŚ ŵĞŶƵƌƵŶŶLJĂ ŬĂƐ ŶĞƚŽ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ ƉĞŶĞƌŝŵĂĂŶ ƉŝŶũĂŵĂŶ ďĂŶŬ ƐĞďĞƐĂƌ
ZƉϭ͘ϬϬϮ͘ϱϭϳ͘ϱϬϬ͘ϬϬϬ ĂƚĂƵ ƐĞďĞƐĂƌ ϳϭ͕ϰϴй ĚĂƌŝ ƐĞďĞƐĂƌ ZƉϭ͘ϰϬϮ͘ϱϭϳ͘ϱϬϬ͘ϬϬϬ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϮŵĞŶũĂĚŝƐĞďĞƐĂƌZƉϰϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶũƵŐĂ
ƉĞŶƵƌƵŶĂŶŬĂƐŶĞƚŽLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬƉĞůƵŶĂƐĂŶƉŝŶũĂŵĂŶďĂŶŬƐĞďĞƐĂƌZƉϭ͘ϭϭϴ͘ϯϭϳ͘ϱϬϬ͘ϬϬϬĂƚĂƵƐĞďĞƐĂƌϳϵ͕ϴϭйĚĂƌŝ
ƐĞďĞƐĂƌ ZƉϭ͘ϰϬϭ͘ϭϵϮ͘ϱϬϬ͘ϬϬϬ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϮ ŵĞŶũĂĚŝ ƐĞďĞƐĂƌ
ZƉϮϴϮ͘ϴϳϱ͘ϬϬϬ͘ϬϬϬ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ͘ WĞŶƵƌƵŶĂŶ ŝŶŝ ũƵŐĂ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ
ƉĞůƵŶĂƐĂŶƵƚĂŶŐŽďůŝŐĂƐŝĚŝƚĂŚƵŶϮϬϮϯ͘
WŽůĂƌƵƐ<ĂƐ^ĞƐƵĂŝĞŶŐĂŶ<ĂƌĂŬƚĞƌŝƐƚŝŬĚĂŶ^ŝŬůƵƐŝƐŶŝƐWĞƌƐĞƌŽĂŶ
ƌƵƐŬĂƐŵĂƐƵŬƵŶƚƵŬŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƐĞďĂŐŝĂŶďĞƐĂƌLJĂŶŐƵƚĂŵĂĚŝƉĞƌŽůĞŚĚĂƌŝƉĞŶĞƌŝŵĂĂŶĂŶŐƐƵƌĂŶŬŽŶƐƵŵĞŶ
ĚĂŶƉĞŶĞƌŝŵĂĂŶƉŝŶũĂŵĂŶďĂŶŬ͘ƌƵƐŬĂƐŬĞůƵĂƌWĞƌƐĞƌŽĂŶLJĂŶŐƵƚĂŵĂĂĚĂůĂŚƵŶƚƵŬŵĞŵďĂLJĂƌƵƚĂŶŐŬĞƉĂĚĂĚĞĂůĞƌĚĂŶ
ŵĞŵďĂLJĂƌ ƵƚĂŶŐ ĂƚĂƐ ƉŝŶũĂŵĂŶ ďĂŶŬ͘ WĞƌƐĞƌŽĂŶ ŵĞŶŐĞůŽůĂ ůŝŬƵŝĚŝƚĂƐŶLJĂ ŵĞůĂůƵŝ ŬĞďŝũĂŬĂŶ ŬĞƵĂŶŐĂŶ LJĂŶŐ ƚĞƌƉƵƐĂƚ ĚĂŶ
ŬŽŶƐŝƐƚĞŶŬŚƵƐƵƐŶLJĂĚĂůĂŵŚĂůƉĞŶLJĞůĂƌĂƐĂŶǁĂŬƚƵĂŶƚĂƌĂƐƵŵďĞƌƉĞŶĚĂŶĂĂŶĚĞŶŐĂŶƉŝƵƚĂŶŐƉĞŵďŝĂLJĂĂŶ͘
ϭϬ͘ ^K>s/>/d^
;ĚĂůĂŵZƵƉŝĂŚ͕ŬĞĐƵĂůŝĚŝŶLJĂƚĂŬĂŶůĂŝŶͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
dŽƚĂů>ŝĂďŝůŝƚĂƐ ϯ͘ϳϬϮ͘ϰϵϯ͘ϵϰϭ͘ϳϱϭ ϯ͘Ϭϵϰ͘ϴϯϰ͘ϵϮϳ͘ϬϭϮ
dŽƚĂů ŬƵŝƚĂƐ ϭ͘ϯϳϲ͘ϳϴϲ͘ϱϵϰ͘ϱϭϮ ϭ͘Ϯϳϴ͘Ϯϭϰ͘ϱϮϬ͘ϮϬϳ
dŽƚĂůƐĞƚ ϱ͘Ϭϳϵ͘ϮϴϬ͘ϱϯϲ͘Ϯϲϯ ϰ͘ϯϳϯ͘Ϭϰϵ͘ϰϰϳ͘Ϯϭϵ
dŽƚĂů>ŝĂďŝůŝƚĂƐĂƚĂƐdŽƚĂů ŬƵŝƚĂƐ;džͿ Ϯ͕ϲϵ Ϯ͕ϰϮ
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ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
dŽƚĂů>ŝĂďŝůŝƚĂƐĂƚĂƐdŽƚĂůƐĞƚ;džͿ Ϭ͕ϳϯ Ϭ͕ϳϭ
^ŽůǀĂďŝůŝƚĂƐĂĚĂůĂŚŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŵĞŶƵŚŝŬĞǁĂũŝďĂŶƉŝŶũĂŵĂŶũĂŶŐŬĂ ƉĞŶĚĞŬŵĂƵƉƵŶũĂŶŐŬĂ ƉĂŶũĂŶŐ
LJĂŶŐƐƵĚĂŚũĂƚƵŚƚĞŵƉŽ͕LJĂŶŐƚĞƌĐĞƌŵŝŶĚĂƌŝƉĞƌďĂŶĚŝŶŐĂŶĂŶƚĂƌĂƚŽƚĂůůŝĂďŝůŝƚĂƐĚĞŶŐĂŶƚŽƚĂůĞŬƵŝƚĂƐĚĂŶũƵŐĂƉĞƌďĂŶĚŝŶŐĂŶ
ĂŶƚĂƌĂƚŽƚĂůůŝĂďŝůŝƚĂƐĚĞŶŐĂŶƚŽƚĂůĂƐĞƚ͘
WĞƌďĂŶĚŝŶŐĂŶĂŶƚĂƌĂƚŽƚĂůůŝĂďŝůŝƚĂƐĚĞŶŐĂŶƚŽƚĂůĞŬƵŝƚĂƐƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐŵĂƐŝŶŐ
ĂĚĂůĂŚƐĞďĞƐĂƌϮ͕ϲϵŬĂůŝĚĂŶϮ͕ϰϮŬĂůŝ͕ƐĞĚĂŶŐŬĂŶƉĞƌďĂŶĚŝŶŐĂŶĂŶƚĂƌĂƚŽƚĂůůŝĂďŝůŝƚĂƐĚĞŶŐĂŶƚŽƚĂůĂƐĞƚƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐŵĂƐŝŶŐĂĚĂůĂŚƐĞďĞƐĂƌϬ͕ϳϯŬĂůŝĚĂŶϬ͕ϳϭŬĂůŝ͘
ϭϭ͘ ^ 'D EKW Z^/
^ĞŐŵĞŶŽƉĞƌĂƐŝĚŝůĂƉŽƌŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶůĂƉŽƌĂŶŝŶƚĞƌŶĂůWĞƌƐĞƌŽĂŶLJĂŶŐĚŝƐŝĂƉŬĂŶƵŶƚƵŬŵĂŶĂũĞŵĞŶLJĂŶŐďĞƌƚĂŶŐŐƵŶŐ
ũĂǁĂďƵŶƚƵŬŵĞŶŐĂůŽŬĂƐŝŬĂŶƐƵŵďĞƌĚĂLJĂŬĞƐĞŐŵĞŶƚĞƌƚĞŶƚƵĚĂŶƉĞŶŝůĂŝĂŶĂƚĂƐƉĞƌĨŽƌŵĂŶLJĂ͘hŶƚƵŬŝƚƵ͕ŝŶĨŽƌŵĂƐŝƐĞŐŵĞŶ
ŽƉĞƌĂƐŝďĞƌĚĂƐĂƌŬĂŶũĞŶŝƐƉƌŽĚƵŬĚŝƐĂũŝŬĂŶƐĞďĂŐĂŝďĞŶƚƵŬƉƌŝŵĞƌƉĞůĂƉŽƌĂŶƐĞŐŵĞŶ͘
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌϮϬϮϯ
<ĞƚĞƌĂŶŐĂŶ
dƌƵŬ ƵƐ >ĂŝŶͲ>ĂŝŶ dŽƚĂů
WĞŶĚĂƉĂƚĂŶ
WĞŶĚĂƉĂƚĂŶ ƐĞǁĂ ϰϱϮ͘ϬϭϬ͘ϳϯϲ͘Ϭϰϭ ϳ͘ϰϭϰ͘ϲϲϲ͘ϰϬϰ ϭ͘ϲϭϵ͘ϱϯϰ͘ϵϴϬ ϰϲϭ͘Ϭϰϰ͘ϵϯϳ͘ϰϮϱ
ƉĞŵďŝĂLJĂĂŶ
WĞŶĞƌŝŵĂĂŶ ĂƚĂƐ Ͳ Ͳ Ͳ Ͳ
ƉŝƵƚĂŶŐ LJĂŶŐ
ĚŝŚĂƉƵƐďƵŬƵŬĂŶ
>ĂŝŶͲůĂŝŶ ϰ͘ϴϬϭ͘Ϯϵϯ͘ϴϯϱ ϱϬϴ͘ϲϳϴ͘ϭϱϱ Ͳ ϱ͘ϯϬϵ͘ϵϳϭ͘ϵϵϬ
WĞŶĚĂƉĂƚĂŶ ƚŝĚĂŬ
ĚĂƉĂƚĚŝĂůŽŬĂƐŝ
WĞŶĚĂƉĂƚĂŶďƵŶŐĂ Ͳ Ͳ Ͳ ϭϴ͘ϭϬϵ͘ϰϲϲ͘ϱϳϲ
dŽƚĂůWĞŶĚĂƉĂƚĂŶ ϰϱϲ͘ϴϭϮ͘ϬϮϵ͘ϴϳϲ ϳ͘ϵϮϯ͘ϯϰϰ͘ϱϱϵ ϭ͘ϲϭϵ͘ϱϯϰ͘ϵϴϬ ϰϴϰ͘ϰϲϰ͘ϯϳϱ͘ϵϵϭ
ĞďĂŶ
WĞŶLJŝƐŝŚĂŶͬ;ƉĞŵďĂůŝŬ ϴ͘ϯϲϯ͘ϵϭϳ͘ϮϵϬ ;Ϯ͘ϳϭϰ͘ϰϰϱ͘ϭϰϭͿ ;ϯϭ͘ϱϴϲ͘ϭϱϲͿ ϱ͘ϲϭϳ͘ϴϴϱ͘ϵϵϯ
ĂŶͿ ŬĞƌƵŐŝĂŶ
ƉĞŶƵƌƵŶĂŶ ŶŝůĂŝ
ƉŝƵƚĂŶŐ ƐĞǁĂ
ƉĞŵďŝĂLJĂĂŶ
WĞŶLJŝƐŝŚĂŶͬ;ƉĞŵďĂůŝŬ Ϯ͘ϭϭϴ͘ϱϭϵ͘ϯϵϵ Ͳ Ͳ Ϯ͘ϭϭϴ͘ϱϭϵ͘ϯϵϵ
ĂŶͿ ŬĞƌƵŐŝĂŶ
ƉĞŶƵƌƵŶĂŶ ŶŝůĂŝ
ƉŝƵƚĂŶŐ ůĂŝŶͲůĂŝŶ
ĚĂƌŝ ĂƐĞƚ LJĂŶŐ
ĚŝďŝĂLJĂŝ
<ĞƌƵŐŝĂŶ ϭ͘Ϭϰϳ͘ϵϵϴ͘ϯϲϯ Ͳ Ͳ ϭ͘Ϭϰϳ͘ϵϵϴ͘ϯϲϯ
ƉĞŶLJĞůĞƐĂŝĂŶ
ƉŝƵƚĂŶŐ ůĂŝŶͲůĂŝŶ
ĚĂƌŝ ĂƐĞƚ LJĂŶŐ
ĚŝďŝĂLJĂŝ
dŽƚĂůĞďĂŶ ϭϭ͘ϱϯϬ͘ϰϯϱ͘ϬϱϮ ;Ϯ͘ϳϭϰ͘ϰϰϱ͘ϭϰϭͿ ;ϯϭ͘ϱϴϲ͘ϭϱϲͿ ϴ͘ϳϴϰ͘ϰϬϯ͘ϳϱϱ
,ĂƐŝů^ĞŐŵĞŶ ϰϰϱ͘Ϯϴϭ͘ϱϵϰ͘ϴϮϰ ϭϬ͘ϲϯϳ͘ϳϴϵ͘ϳϬϭ ϭ͘ϲϱϭ͘ϭϮϭ͘ϭϯϲ ϰϳϱ͘ϲϳϵ͘ϵϳϮ͘Ϯϯϲ
ĞďĂŶ ƚŝĚĂŬ ĚĂƉĂƚ
ĚŝĂůŽŬĂƐŝ
'Ăũŝ͕ ƚƵŶũĂŶŐĂŶ ĚĂŶ
ŬĞƐĞũĂŚƚĞƌĂĂŶ
ŬĂƌLJĂǁĂŶůĂŝŶŶLJĂ Ͳ Ͳ Ͳ ϵϯ͘Ϯϱϲ͘ϰϵϰ͘ϭϳϯ
ĞďĂŶ ƵŵƵŵ ĚĂŶ
ĂĚŵŝŶŝƐƚƌĂƐŝ Ͳ Ͳ Ͳ ϳϳ͘Ϭϲϭ͘ϭϵϲ͘ϬϮϬ
ĞďĂŶƉĞŵďŝĂLJĂĂŶ Ͳ Ͳ Ͳ ϮϬϴ͘ϳϱϯ͘ϴϬϬ͘ϲϵϱ
35
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;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌϮϬϮϯ
<ĞƚĞƌĂŶŐĂŶ
dƌƵŬ ƵƐ >ĂŝŶͲ>ĂŝŶ dŽƚĂů
WĞŵďĂůŝŬĂŶ ŬĞƌƵŐŝĂŶ
ƉĞŶƵƌƵŶĂŶ ŶŝůĂŝ
ŬĂƐƉĂĚĂďĂŶŬ Ͳ Ͳ Ͳ ϮϬ͘ϭϵϬ͘ϰϵϯ
>ĂďĂ ƐĞďĞůƵŵ ďĞďĂŶ
ƉĂũĂŬ ĨŝŶĂů ĚĂŶ
ďĞďĂŶ ƉĂũĂŬ
ƉĞŶŐŚĂƐŝůĂŶ Ͳ Ͳ Ͳ ϵϲ͘ϱϴϴ͘ϮϵϬ͘ϴϱϱ
ĞďĂŶƉĂũĂŬĨŝŶĂůĂƚĂƐ
ƉĞŶĚĂƉĂƚĂŶďƵŶŐĂ Ͳ Ͳ Ͳ ;ϯ͘ϲϮϭ͘ϴϵϮ͘ϲϮϬͿ
>ĂďĂ ƐĞďĞůƵŵ ďĞďĂŶ
ƉĂũĂŬƉĞŶŐŚĂƐŝůĂŶ Ͳ Ͳ Ͳ ϵϮ͘ϵϲϲ͘ϯϵϴ͘Ϯϯϱ
ĞďĂŶ ƉĂũĂŬ
ƉĞŶŐŚĂƐŝůĂŶ ;ϮϮ͘ϯϰϴ͘ϱϱϮ͘ϮϲϵͿ
>ĂďĂƚĂŚƵŶďĞƌũĂůĂŶ Ͳ Ͳ Ͳ ϳϬ͘ϲϭϳ͘ϴϰϱ͘ϵϲϲ
ƐĞƚ
ƐĞƚƐĞŐŵĞŶ ϰ͘ϱϮϵ͘ϰϲϲ͘ϳϳϰ͘Ϭϯϰ ϭϬϴ͘ϳϳϬ͘ϭϬϱ͘ϲϴϬ ϭϮ͘ϯϳϴ͘ϯϭϬ͘ϲϬϱ ϰ͘ϲϱϬ͘ϲϭϱ͘ϭϵϬ͘ϯϭϵ
ƐĞƚƚŝĚĂŬƚĞƌĂůŽŬĂƐŝ Ͳ Ͳ Ͳ ϰϮϴ͘ϲϲϱ͘ϯϰϱ͘ϵϰϰ
dŽƚĂůƐĞƚ ϰ͘ϱϮϵ͘ϰϲϲ͘ϳϳϰ͘Ϭϯϰ ϭϬϴ͘ϳϳϬ͘ϭϬϱ͘ϲϴϬ ϭϮ͘ϯϳϴ͘ϯϭϬ͘ϲϬϱ ϱ͘Ϭϳϵ͘ϮϴϬ͘ϱϯϲ͘Ϯϲϯ
>ŝĂďŝůŝƚĂƐ
>ŝĂďŝůŝƚĂƐƐĞŐŵĞŶ ϯϴ͘ϰϴϮ͘ϱϲϭ͘ϰϱϮ ϭϳϭ͘ϭϳϲ͘Ϭϵϱ ϵϬϰ͘ϴϬϭ ϯϴ͘ϲϱϰ͘ϲϰϮ͘ϯϰϴ
>ŝĂďŝůŝƚĂƐ ƚŝĚĂŬ
ƚĞƌĂůŽŬĂƐŝ Ͳ Ͳ Ͳ ϯ͘ϲϲϯ͘ϴϯϵ͘Ϯϵϵ͘ϰϬϯ
dŽƚĂů>ŝĂďŝůŝƚĂƐ ϯϴ͘ϰϴϮ͘ϱϲϭ͘ϰϱϮ ϭϳϭ͘ϭϳϲ͘Ϭϵϱ ϵϬϰ͘ϴϬϭ ϯ͘ϳϬϮ͘ϰϵϯ͘ϵϰϭ͘ϳϱϭ
WĞŶŐĞůƵĂƌĂŶŵŽĚĂů
ƐĞƚƚĞƚĂƉ Ͳ Ͳ Ͳ Ϯ͘ϴϰϱ͘Ϭϯϯ͘ϳϴϱ
ƐĞƚƚĂŬďĞƌǁƵũƵĚ Ͳ Ͳ Ͳ Ͳ
dŽƚĂů ƉĞŶŐĞůƵĂƌĂŶ
ŵŽĚĂů Ͳ Ͳ Ͳ Ϯ͘ϴϰϱ͘Ϭϯϯ͘ϳϴϱ
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌϮϬϮϮ
<ĞƚĞƌĂŶŐĂŶ
dƌƵŬ ƵƐ >ĂŝŶͲ>ĂŝŶ dŽƚĂů
WĞŶĚĂƉĂƚĂŶ
WĞŶĚĂƉĂƚĂŶ ƐĞǁĂ ϯϲϬ͘ϳϵϲ͘ϰϴϳ͘Ϭϴϴ ϭϬ͘ϲϴϮ͘ϯϴϰ͘Ϯϱϰ ϲ͘ϱϳϭ͘ϵϮϰ͘ϳϴϭ ϯϳϴ͘ϬϱϬ͘ϳϵϲ͘ϭϮϯ
ƉĞŵďŝĂLJĂĂŶ
WĞŶĞƌŝŵĂĂŶ ĂƚĂƐ ϱ͘ϴϮϬ͘Ϭϰϴ͘ϭϲϮ Ͳ Ͳ ϱ͘ϴϮϬ͘Ϭϰϴ͘ϭϲϮ
ƉŝƵƚĂŶŐ LJĂŶŐ
ĚŝŚĂƉƵƐďƵŬƵŬĂŶ
>ĂŝŶͲůĂŝŶ ϰ͘Ϯϰϯ͘ϴϮϯ͘Ϯϰϲ ϳϳ͘ϭϵϯ͘ϴϭϳ ϳ͘ϲϭϮ͘ϲϱϳ ϰ͘ϯϮϴ͘ϲϮϵ͘ϳϮϬ
WĞŶĚĂƉĂƚĂŶ ƚŝĚĂŬ
ĚĂƉĂƚĚŝĂůŽŬĂƐŝ
WĞŶĚĂƉĂƚĂŶďƵŶŐĂ Ͳ Ͳ Ͳ ϭϭ͘ϱϰϲ͘ϱϮϭ͘ϴϬϬ
dŽƚĂůWĞŶĚĂƉĂƚĂŶ ϯϳϬ͘ϴϲϬ͘ϯϱϴ͘ϰϵϲ ϭϬ͘ϳϱϵ͘ϱϳϴ͘Ϭϳϭ ϲ͘ϱϳϵ͘ϱϯϳ͘ϰϯϴ ϯϵϵ͘ϳϰϱ͘ϵϵϱ͘ϴϬϱ
ĞďĂŶ
WĞŶLJŝƐŝŚĂŶͬ;ƉĞŵďĂůŝŬ
ĂŶͿ ŬĞƌƵŐŝĂŶ
ƉĞŶƵƌƵŶĂŶ ŶŝůĂŝ
ƉŝƵƚĂŶŐ ƐĞǁĂ
ƉĞŵďŝĂLJĂĂŶ ;ϯ͘ϰϬϰ͘ϴϬϳ͘ϱϲϭͿ ;ϱ͘Ϭϴϵ͘ϰϱϴ͘ϲϱϮͿ ϱϲ͘͘Ϭϱϳ͘ϭϮϰ ;ϴ͘ϰϯϴ͘ϮϬϵ͘ϬϴϵͿ
WĞŶLJŝƐŝŚĂŶͬ;ƉĞŵďĂůŝŬ
ĂŶͿ ŬĞƌƵŐŝĂŶ ;ϭϰϳ͘ϯϳϬ͘ϱϵϵͿ Ͳ Ͳ ;ϭϰϳ͘ϯϳϬ͘ϱϵϵͿ
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;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌϮϬϮϮ
<ĞƚĞƌĂŶŐĂŶ
dƌƵŬ ƵƐ >ĂŝŶͲ>ĂŝŶ dŽƚĂů
ƉĞŶƵƌƵŶĂŶ ŶŝůĂŝ
ƉŝƵƚĂŶŐ ůĂŝŶͲůĂŝŶ
ĚĂƌŝ ĂƐĞƚ LJĂŶŐ
ĚŝďŝĂLJĂŝ
<ĞƌƵŐŝĂŶ
ƉĞŶLJĞůĞƐĂŝĂŶ
ƉŝƵƚĂŶŐ ůĂŝŶͲůĂŝŶ
ĚĂƌŝ ĂƐĞƚ LJĂŶŐ
ĚŝďŝĂLJĂŝ ϰϲϴ͘ϯϰϮ͘ϰϴϲ Ͳ Ͳ ϰϲϴ͘ϯϰϮ͘ϰϴϲ
dŽƚĂůĞďĂŶ ;ϯ͘Ϭϴϯ͘ϴϯϱ͘ϲϳϰͿ ;ϱ͘Ϭϴϵ͘ϰϱϴ͘ϲϱϮͿ ϱϲ͘Ϭϱϳ͘ϭϮϰ ;ϴ͘ϭϭϳ͘Ϯϯϳ͘ϮϬϮͿ
,ĂƐŝů^ĞŐŵĞŶ ϯϳϯ͘ϵϰϰ͘ϭϵϰ͘ϭϳϬ ϭϱ͘ϴϰϵ͘Ϭϯϲ͘ϳϮϯ ϲ͘ϱϮϯ͘ϰϴϬ͘ϯϭϰ ϰϬϳ͘ϴϲϯ͘Ϯϯϯ͘ϬϬϳ
ĞďĂŶ ƚŝĚĂŬ ĚĂƉĂƚ
ĚŝĂůŽŬĂƐŝ
'Ăũŝ͕ ƚƵŶũĂŶŐĂŶ ĚĂŶ
ŬĞƐĞũĂŚƚĞƌĂĂŶ
ŬĂƌLJĂǁĂŶůĂŝŶŶLJĂ Ͳ Ͳ Ͳ ϳϰ͘ϴϯϰ͘ϵϵϮ͘ϯϳϯ
ĞďĂŶ ƵŵƵŵ ĚĂŶ
ĂĚŵŝŶŝƐƚƌĂƐŝ Ͳ Ͳ Ͳ ϳϴ͘ϳϱϯ͘ϲϭϯ͘ϴϮϯ
ĞďĂŶƉĞŵďŝĂLJĂĂŶ Ͳ Ͳ Ͳ ϭϲϴ͘ϮϮϱ͘Ϭϴϰ͘ϴϭϬ
WĞŵďĂůŝŬĂŶ ŬĞƌƵŐŝĂŶ
ƉĞŶƵƌƵŶĂŶ ŶŝůĂŝ
ŬĂƐƉĂĚĂďĂŶŬ Ͳ Ͳ Ͳ ;ϯϯ͘ϴϳϳ͘ϬϬϳͿ
>ĂďĂ ƐĞďĞůƵŵ ďĞďĂŶ
ƉĂũĂŬ ĨŝŶĂů ĚĂŶ
ďĞďĂŶ ƉĂũĂŬ
ƉĞŶŐŚĂƐŝůĂŶ Ͳ Ͳ Ͳ ϴϲ͘Ϭϴϯ͘ϰϭϵ͘ϬϬϴ
ĞďĂŶƉĂũĂŬĨŝŶĂůĂƚĂƐ
ƉĞŶĚĂƉĂƚĂŶďƵŶŐĂ Ͳ Ͳ Ͳ ;Ϯ͘ϯϬϵ͘ϯϬϰ͘ϯϲϭͿ
>ĂďĂ ƐĞďĞůƵŵ ďĞďĂŶ
ƉĂũĂŬƉĞŶŐŚĂƐŝůĂŶ Ͳ Ͳ Ͳ ϴϯ͘ϳϳϰ͘ϭϭϰ͘ϲϰϳ
ĞďĂŶ ƉĂũĂŬ
ƉĞŶŐŚĂƐŝůĂŶ Ͳ Ͳ Ͳ ;ϭϵ͘ϭϲϱ͘ϭϳϲ͘ϵϯϬͿ
>ĂďĂƚĂŚƵŶďĞƌũĂůĂŶ Ͳ Ͳ Ͳ ϲϰ͘ϲϬϴ͘ϵϯϳ͘ϳϭϳ
ƐĞƚ
ƐĞƚƐĞŐŵĞŶ ϯ͘ϳϰϮ͘ϳϱϰ͘Ϯϳϳ͘ϳϲϵ ϲϱ͘ϭϭϴ͘ϱϴϴ͘Ϭϱϰ ϭϲ͘ϵϰϬ͘ϳϳϰ͘ϰϳϮ ϯ͘ϴϮϰ͘ϴϭϯ͘ϲϰϬ͘Ϯϵϱ
ƐĞƚƚŝĚĂŬƚĞƌĂůŽŬĂƐŝ Ͳ Ͳ Ͳ ϱϰϴ͘Ϯϯϱ͘ϴϬϲ͘ϵϮϰ
dŽƚĂůƐĞƚ ϯ͘ϳϰϮ͘ϳϱϰ͘Ϯϳϳ͘ϳϲϵ ϲϱ͘ϭϭϴ͘ϱϴϴ͘Ϭϱϰ ϭϲ͘ϵϰϬ͘ϳϳϰ͘ϰϳϮ ϰ͘ϯϳϯ͘Ϭϰϵ͘ϰϰϳ͘Ϯϭϵ
>ŝĂďŝůŝƚĂƐ
>ŝĂďŝůŝƚĂƐƐĞŐŵĞŶ ϭϮ͘ϵϴϳ͘ϴϱϳ͘ϭϲϵ ϭϮϭ͘ϱϵϰ͘ϯϴϴ ϭϰϵ͘ϰϱϲ͘ϭϮϭ ϭϯ͘Ϯϱϴ͘ϵϬϳ͘ϲϳϴ
>ŝĂďŝůŝƚĂƐ ƚŝĚĂŬ
ƚĞƌĂůŽŬĂƐŝ Ͳ Ͳ Ͳ ϯ͘Ϭϴϭ͘ϱϳϲ͘Ϭϭϵ͘ϯϯϰ
dŽƚĂů>ŝĂďŝůŝƚĂƐ ϭϮ͘ϵϴϳ͘ϴϱϳ͘ϭϲϵ ϭϮϭ͘ϱϵϰ͘ϯϴϴ ϭϰϵ͘ϰϱϲ͘ϭϮϭ ϯ͘Ϭϵϰ͘ϴϯϰ͘ϵϮϳ͘ϬϭϮ
WĞŶŐĞůƵĂƌĂŶŵŽĚĂů
ƐĞƚƚĞƚĂƉ Ͳ Ͳ Ͳ ϱ͘ϳϲϭ͘ϯϰϰ͘ϭϲϱ
ƐĞƚƚĂŬďĞƌǁƵũƵĚ Ͳ Ͳ Ͳ Ͳ
dŽƚĂů ƉĞŶŐĞůƵĂƌĂŶ
ŵŽĚĂů Ͳ Ͳ Ͳ ϱ͘ϳϲϭ͘ϯϰϰ͘ϭϲϱ
dƌƵŬ
dŽƚĂů ƉĞŶĚĂƉĂƚĂŶ͘ dŽƚĂů ƉĞŶĚĂƉĂƚĂŶ ƐĞŐŵĞŶ ƚƌƵŬ ƉĂĚĂ ƚĂŚƵŶͲƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚĂŶ ϮϬϮϮ
ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϰϱϲ͘ϴϭϮ͘ϬϮϵ͘ϴϳϲ ĚĂŶ ZƉϯϳϬ͘ϴϲϬ͘ϯϱϴ͘ϰϵϲ ŵĞŶŝŶŐŬĂƚ ƐĞďĞƐĂƌ Ϯϯ͕ϭϴй ĂƚĂƵ
ZƉϴϱ͘ϵϱϭ͘ϲϳϭ͘ϯϴϬ͘WĞŶŝŶŐŬĂƚĂŶŝŶŝĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶŝŶŐŬĂƚĂŶĚĂƌŝƐĞǁĂƉĞŵďŝĂLJĂĂŶďĂƌƵũĞŶŝƐƉƌŽĚƵŬƚƌƵŬƉĂĚĂƚĂŚƵŶ
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ϮϬϮϯůĞďŝŚďĞƐĂƌďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶƚĂŚƵŶϮϬϮϮ͘,ĂůŝŶŝĂĚĂůĂŚƐĞũĂůĂŶĚĞŶŐĂŶũĞŶŝƐƉƌŽĚƵŬƐĞǁĂƉĞŵďŝĂLJĂĂŶďĂƌƵ
LJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͕LJĂŶŐůĞďŝŚŵĞŶŐƵƚĂŵĂŬĂŶƵŶƚƵŬŬĞŶĚĂƌĂĂŶƚƌƵŬ͘
<ŽŶƚƌŝďƵƐŝƉĞŶĚĂƉĂƚĂŶƐĞŐŵĞŶƚƌƵŬƚĞƌŚĂĚĂƉƚŽƚĂůƉĞŶĚĂƉĂƚĂŶƵŶƚƵŬƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϯ
ĚĂŶϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐĂĚĂůĂŚƐĞďĞƐĂƌϵϳ͕ϵϱйĚĂŶϵϱ͕ϱϰй͘
dŽƚĂůďĞďĂŶ͘dŽƚĂůďĞďĂŶƐĞŐŵĞŶƚƌƵŬƉĂĚĂƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐ
ĂĚĂůĂŚƐĞďĞƐĂƌZƉϭϭ͘ϱϯϬ͘ϰϯϱ͘ϬϱϮĚĂŶZƉ;ϯ͘Ϭϴϯ͘ϴϯϱ͘ϲϳϰͿŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌϰϳϯ͕ϵϬйĂƚĂƵZƉϭϰ͘ϲϭϰ͘ϮϳϬ͘ϳϮϲ͘WĞŶŝŶŐŬĂƚĂŶ
ŝŶŝĂĚĂůĂŚƐĞũĂůĂŶĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶƉĞƌƚƵŵďƵŚĂŶũƵŵůĂŚƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶƉĂĚĂƚĂŚƵŶϮϬϮϯďŝůĂĚŝďĂŶĚŝŶŐŬĂŶ
ĚĞŶŐĂŶũƵŵůĂŚƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶƉĂĚĂƚĂŚƵŶϮϬϮϮ͘
,ĂƐŝůƐĞŐŵĞŶ͘,ĂƐŝůƐĞŐŵĞŶƵŶƚƵŬƚƌƵŬƉĂĚĂƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐ
ĂĚĂůĂŚƐĞďĞƐĂƌZƉϰϰϱ͘Ϯϴϭ͘ϱϵϰ͘ϴϮϰĚĂŶZƉϯϳϯ͘ϵϰϰ͘ϭϵϰ͘ϭϳϬŵĞŶŝŶŐŬĂƚƐĞďĞƐĂƌϭϵ͕ϬϴйĂƚĂƵZƉϳϭ͘ϯϯϳ͘ϰϬϬ͘ϲϱϰ͘WĞŶŝŶŐŬĂƚĂŶ
ŝŶŝĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƉĞŶŝŶŐŬĂƚĂŶƚŽƚĂůƉĞŶĚĂƉĂƚĂŶůĞďŝŚďĞƐĂƌĚĂƌŝƉĞŶŝŶŐŬĂƚĂŶƚŽƚĂůďĞďĂŶƵŶƚƵŬƚŝƉĞƉƌŽĚƵŬƚƌƵŬ͘,ĂůŝŶŝ
ĚŝĚƵŬƵŶŐĚĞŶŐĂŶƚƌĂŶƐĂŬƐŝƐĞǁĂƉĞŵďŝĂLJĂĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶůĞďŝŚŵĞŶŐƵƚĂŵĂŬĂŶƵŶƚƵŬƚŝƉĞƉƌŽĚƵŬdƌƵŬ͘
ĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϯ͕ ƚĞƌĚĂƉĂƚ ƉĞŶŝŶŐŬĂƚĂŶ ƉĞƌƚƵŵďƵŚĂŶ ũƵŵůĂŚ ƉŝƵƚĂŶŐ ƐĞǁĂ ƉĞŵďŝĂLJĂĂŶ ďŝůĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ
ũƵŵůĂŚƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶƉĂĚĂƚĂŚƵŶϮϬϮϮ͘
ƵƐ
dŽƚĂůƉĞŶĚĂƉĂƚĂŶ͘dŽƚĂůƉĞŶĚĂƉĂƚĂŶƐĞŐŵĞŶďƵƐƉĂĚĂƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐͲ
ŵĂƐŝŶŐĂĚĂůĂŚƐĞďĞƐĂƌZƉϳ͘ϵϮϯ͘ϯϰϰ͘ϱϱϵĚĂŶZƉϭϬ͘ϳϱϵ͘ϱϳϴ͘ϬϳϭŵĞŶƵƌƵŶƐĞďĞƐĂƌϮϲ͕ϯϲйĂƚĂƵZƉϮ͘ϴϯϲ͘Ϯϯϯ͘ϱϭϮ͘WĞŶƵƌƵŶĂŶ
ŝŶŝĂĚĂůĂŚĚŝƐĞďĂďŬĂŶƉĞŶƵƌƵŶĂŶƐĂůĚŽƌĂƚĂͲƌĂƚĂƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶƐĞůĂŵĂƚĂŚƵŶϮϬϮϯĚŝďĂŶĚŝŶŐŬĂŶƚĂŚƵŶϮϬϮϮ͕
ĚŝŵĂŶĂůĂũƵƉĞƌƚƵŵďƵŚĂŶũƵŵůĂŚƐĞǁĂƉĞŵďŝĂLJĂĂŶďĂƌƵƚŝƉĞƉƌŽĚƵŬďƵƐůĞďŝŚŬĞĐŝůĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶůĂũƵƉĞŶƵƌƵŶĂŶ
ũƵŵůĂŚƐĞǁĂƉĞŵďŝĂLJĂĂŶŬĂƌĞŶĂƉĞŵďĂLJĂƌĂŶĐŝĐŝůĂŶĂƚĂƵƉĞůƵŶĂƐĂŶ͘
<ŽŶƚƌŝďƵƐŝƉĞŶĚĂƉĂƚĂŶƐĞŐŵĞŶďƵƐƚĞƌŚĂĚĂƉƚŽƚĂůƉĞŶĚĂƉĂƚĂŶƵŶƚƵŬƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϯ
ĚĂŶϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐĂĚĂůĂŚƐĞďĞƐĂƌϭ͕ϳϬйĚĂŶϮ͕ϳϳй͘
dŽƚĂůďĞďĂŶ͘dŽƚĂůďĞďĂŶƐĞŐŵĞŶďƵƐƉĂĚĂƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐ
ƐĞďĞƐĂƌ ZƉ;Ϯ͘ϳϭϰ͘ϰϰϱ͘ϭϰϭͿ ĚĂŶ ZƉ;ϱ͘Ϭϴϵ͘ϰϱϴ͘ϲϱϮͿ ĂĚĂůĂŚ ŵĞƌƵƉĂŬĂŶ ŶŝůĂŝ ƉĞŵďĂůŝŬĂŶ ŬĞƌƵŐŝĂŶ ƉĞŶƵƌƵŶĂŶ ŶŝůĂŝ ƉŝƵƚĂŶŐ
ƐĞǁĂƉĞŵďŝĂLJĂĂŶ;ƚŝƉĞƉƌŽĚƵŬďƵƐͿ͘EŝůĂŝŝŶŝŵĞŶƵƌƵŶƐĞďĞƐĂƌϰϲ͕ϲϳйĂƚĂƵZƉϮ͘ϯϳϱ͘Ϭϭϯ͘ϱϭϭ͘WĞŶƵƌƵŶĂŶĂƚĂƐƉĞŵďĂůŝŬĂŶ
ƚŽƚĂůďĞďĂŶĂĚĂůĂŚŵĞƌƵƉĂŬĂŶůĂŶŐŬĂŚWĞƌƐĞƌŽĂŶĚĂůĂŵƉĞŶŝŶŐŬĂƚĂŶƉƌŝŶƐŝƉŬĞŚĂƚŝͲŚĂƚŝĂŶƵŶƚƵŬŵĞŶŝůĂŝŬƵĂůŝƚĂƐƉŽƌƚŽĨŽůŝŽ
ĂƐĞƚWĞƌƐĞƌŽĂŶƚŝƉĞƉƌŽĚƵŬďƵƐĚĂůĂŵƉĞŵďĞŶƚƵŬĂŶĐĂĚĂŶŐĂŶŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝ͘
,ĂƐŝůƐĞŐŵĞŶ͘,ĂƐŝůƐĞŐŵĞŶƵŶƚƵŬďƵƐƉĂĚĂƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐ
ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϭϬ͘ϲϯϳ͘ϳϴϵ͘ϳϬϭ ĚĂŶ ZƉϭϱ͘ϴϰϵ͘Ϭϯϲ͘ϳϮϯ ŵĞŶƵƌƵŶ ƐĞďĞƐĂƌ ϯϮ͕ϴϴй ĂƚĂƵ ZƉϱ͘Ϯϭϭ͘Ϯϰϳ͘ϬϮϯ͘ WĞŶƵƌƵŶĂŶ ŝŶŝ
ĂĚĂůĂŚ ĚŝƐĞďĂďŬĂŶ ƉĞŶƵƌƵŶĂŶ ƐĂůĚŽ ƌĂƚĂͲƌĂƚĂ ƉŝƵƚĂŶŐ ƐĞǁĂ ƉĞŵďŝĂLJĂĂŶ ƐĞůĂŵĂ ƚĂŚƵŶ ϮϬϮϯ ĚŝďĂŶĚŝŶŐŬĂŶ ƚĂŚƵŶ ϮϬϮϮ͕
ĚŝŵĂŶĂůĂũƵƉĞƌƚƵŵďƵŚĂŶũƵŵůĂŚƐĞǁĂƉĞŵďŝĂLJĂĂŶďĂƌƵƚŝƉĞƉƌŽĚƵŬďƵƐůĞďŝŚŬĞĐŝůĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶůĂũƵƉĞŶƵƌƵŶĂŶ
ũƵŵůĂŚƐĞǁĂƉĞŵďŝĂLJĂĂŶŬĂƌĞŶĂƉĞŵďĂLJĂƌĂŶĐŝĐŝůĂŶĂƚĂƵƉĞůƵŶĂƐĂŶ͘WĞŶƵƌƵŶĂŶŝŶŝũƵŐĂĚŝƐĞďĂďŬĂŶŽůĞŚƉĞŶƵƌƵŶĂŶĂƚĂƐ
ƉĞŵďĂůŝŬĂŶŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶƚŝƉĞƉƌŽĚƵŬďƵƐ͘
>ĂŝŶͲůĂŝŶ
dŽƚĂůƉĞŶĚĂƉĂƚĂŶ͘dŽƚĂůƉĞŶĚĂƉĂƚĂŶƐĞŐŵĞŶůĂŝŶͲůĂŝŶƉĂĚĂƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮ
ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϭ͘ϲϭϵ͘ϱϯϰ͘ϵϴϬ ĚĂŶ ZƉϲ͘ϱϳϵ͘ϱϯϳ͘ϰϯϴ ŵĞŶƵƌƵŶ ƐĞďĞƐĂƌ ϳϱ͕ϯϵй ĂƚĂƵ ZƉϰ͘ϵϲϬ͘ϬϬϮ͘ϰϱϴ͘
WĞŶƵƌƵŶĂŶŝŶŝĂĚĂůĂŚĚŝƐĞďĂďŬĂŶƉĞŶƵƌƵŶĂŶ ƐĂůĚŽƌĂƚĂͲƌĂƚĂ ƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶ ƐĞůĂŵĂƚĂŚƵŶϮϬϮϯ ĚŝďĂŶĚŝŶŐŬĂŶ
ƚĂŚƵŶϮϬϮϮ͕ĚŝŵĂŶĂůĂũƵƉĞƌƚƵŵďƵŚĂŶũƵŵůĂŚƐĞǁĂƉĞŵďŝĂLJĂĂŶďĂƌƵƚŝƉĞƉƌŽĚƵŬůĂŝŶͲůĂŝŶůĞďŝŚŬĞĐŝůĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶ
ůĂũƵƉĞŶƵƌƵŶĂŶũƵŵůĂŚƐĞǁĂƉĞŵďŝĂLJĂĂŶŬĂƌĞŶĂƉĞŵďĂLJĂƌĂŶĐŝĐŝůĂŶĂƚĂƵƉĞůƵŶĂƐĂŶ͘
<ŽŶƚƌŝďƵƐŝƉĞŶĚĂƉĂƚĂŶ ƐĞŐŵĞŶůĂŝŶͲůĂŝŶƚĞƌŚĂĚĂƉƚŽƚĂů ƉĞŶĚĂƉĂƚĂŶƵŶƚƵŬƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐ ďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌ
ϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐĂĚĂůĂŚƐĞďĞƐĂƌϬ͕ϯϱйĚĂŶϭ͕ϲϵй͘
dŽƚĂůďĞďĂŶ͘dŽƚĂůďĞďĂŶƐĞŐŵĞŶůĂŝŶͲůĂŝŶƉĂĚĂƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐ
ĂĚĂůĂŚƐĞďĞƐĂƌZƉ;ϯϭ͘ϱϴϲ͘ϭϱϲͿĚĂŶZƉϱϲ͘Ϭϱϳ͘ϭϮϰ͘WĞŶƵƌƵŶĂŶƚŽƚĂůďĞďĂŶƐĞďĞƐĂƌϭϱϲ͕ϯϱйĂƚĂƵZƉϴϳ͘ϲϰϯ͘ϮϴϬ͘WĞŶƵƌƵŶĂŶ
ŝŶŝĂĚĂůĂŚƐĞũĂůĂŶĚĞŶŐĂŶƉĞŶƵƌƵŶĂŶƉĞƌƚƵŵďƵŚĂŶũƵŵůĂŚƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶƚŝƉĞƉƌŽĚƵŬůĂŝŶͲůĂŝŶƉĂĚĂƚĂŚƵŶϮϬϮϯ
ďŝůĂĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶũƵŵůĂŚƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶƉĂĚĂƚĂŚƵŶϮϬϮϮ͘
,ĂƐŝůƐĞŐŵĞŶ͘,ĂƐŝůƐĞŐŵĞŶƵŶƚƵŬƚƌƵŬƉĂĚĂƚĂŚƵŶͲƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐ
ĂĚĂůĂŚ ƐĞďĞƐĂƌ ZƉϭ͘ϲϱϭ͘ϭϮϭ͘ϭϯϲ ĚĂŶ ZƉϲ͘ϱϮϯ͘ϰϴϬ͘ϯϭϰ ŵĞŶƵƌƵŶ ƐĞďĞƐĂƌ ϳϰ͕ϲϵй ĂƚĂƵ ZƉϰ͘ϴϳϮ͘ϯϱϵ͘ϭϳϴ͘ WĞŶƵƌƵŶĂŶ ŝŶŝ
ĂĚĂůĂŚŵĂLJŽƌŝƚĂƐĚŝƐĞďĂďŬĂŶŽůĞŚƉĞŶƵƌƵŶĂŶƐĂůĚŽƌĂƚĂͲƌĂƚĂƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶƐĞůĂŵĂƚĂŚƵŶϮϬϮϯĚŝďĂŶĚŝŶŐŬĂŶ
ƚĂŚƵŶϮϬϮϮ͕ĚŝŵĂŶĂůĂũƵƉĞƌƚƵŵďƵŚĂŶũƵŵůĂŚƐĞǁĂƉĞŵďŝĂLJĂĂŶďĂƌƵƚŝƉĞƉƌŽĚƵŬůĂŝŶͲůĂŝŶůĞďŝŚŬĞĐŝůĚŝďĂŶĚŝŶŐŬĂŶĚĞŶŐĂŶ
ůĂũƵƉĞŶƵƌƵŶĂŶũƵŵůĂŚƐĞǁĂƉĞŵďŝĂLJĂĂŶŬĂƌĞŶĂƉĞŵďĂLJĂƌĂŶĐŝĐŝůĂŶĂƚĂƵƉĞůƵŶĂƐĂŶ͘
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^ĞďĂŐĂŝƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶŵĂŬĂWĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝ ŝŶĨŽƌŵĂƐŝŬŚƵƐƵƐ ƚĞƌŬĂŝƚĚĞŶŐĂŶƉƌŽĚƵŬƐŝ ĚĂŶŬĂƉĂƐŝƚĂƐ
ƉƌŽĚƵŬƐŝ͘ŶĂůŝƐĂƐĞŐŵĞŶƵŶƚƵŬƉƌŽĨŝƚĂďŝůŝƚĂƐƐƵĚĂŚƚĞƌĐĂŬƵƉĚĂůĂŵŝŶĨŽƌŵĂƐŝůĂďĂďĞƌƐŝŚƉĞƌƐĞŐŵĞŶŽƉĞƌĂƐŝ͕ƐĞĚĂŶŐŬĂŶ
ƵŶƚƵŬƉĞŶŝŶŐŬĂƚĂŶĂƚĂƵƉĞŶƵƌƵŶĂŶŬĂƉĂƐŝƚĂƐƉƌŽĚƵŬƐŝĚĂƉĂƚĚŝůŝŚĂƚƉĂĚĂƚŝŶŐŬĂƚƉĞŶĚĂƉĂƚĂŶĚĂƌŝŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞŐŵĞŶ͘
ϭϮ͘ /Es ^d^/ZE'DK>
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
WĞŶŐĞŵďĂŶŐĂŶŐĞĚƵŶŐLJĂŶŐĚŝƐĞǁĂ ϭϲϲ͘ϵϵϮ͘Ϯϴϱ Ϯ͘ϱϰϵ͘ϲϴϮ͘ϳϮϳ
WĞƌĂůĂƚĂŶŬĂŶƚŽƌ Ϯ͘ϲϳϴ͘Ϭϰϭ͘ϱϬϬ ϯ͘Ϯϭϭ͘ϲϲϭ͘ϰϯϴ
<ĞŶĚĂƌĂĂŶ Ͳ Ͳ
ƐĞƚŚĂŬŐƵŶĂ ϳ͘ϱϰϳ͘Ϯϳϰ͘ϰϯϬ ϭϰ͘ϯϭϵ͘ϵϮϵ͘ϯϵϳ
dŽƚĂů ϭϬ͘ϯϵϮ͘ϯϬϴ͘Ϯϭϱ ϮϬ͘Ϭϴϭ͘Ϯϳϯ͘ϱϲϮ
hŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ ĚĂŶ ϮϬϮϮ͕ ƉĞƌŽůĞŚĂŶ ĂƐĞƚ ƚĞƚĂƉ WĞƌƐĞƌŽĂŶ ŵĂƐŝŶŐͲ
ŵĂƐŝŶŐĂĚĂůĂŚƐĞďĞƐĂƌZƉϭϬ͘ϯϵϮ͘ϯϬϴ͘ϮϭϱĚĂŶZƉϮϬ͘Ϭϴϭ͘Ϯϳϯ͘ϱϲϮ͘^ĂĂƚŝŶŝWĞƌƐĞƌŽĂŶŵĞŶŐŽƉƚŝŵĂůŬĂŶƉĞŶŐŐƵŶĂĂŶďĂƌĂŶŐ
ŵŽĚĂůLJĂŶŐƚĞůĂŚĂĚĂĚĂŶŵĞŵŝŶŝŵĂůŬĂŶƌĞŶĐĂŶĂŝŶǀĞƐƚĂƐŝďĂƌĂŶŐŵŽĚĂůLJĂŶŐďĂƌƵŬĞĐƵĂůŝƉĞŶŐŐĂŶƚŝĂŶĂƐĞƚůĂŵĂĚĞŶŐĂŶ
ĂƐĞƚďĂƌƵƐƵƉĂLJĂůĞďŝŚƉƌŽĚƵŬƚŝĨ͘WĞŶŐĞůƵĂƌĂŶƚĞƌŬĂŝƚĚĞŶŐĂŶďĂƌĂŶŐŵŽĚĂůLJĂŶŐŵĂƐŝŚƉƌŽĚƵŬƚŝĨŚĂŶLJĂƵŶƚƵŬƉĞƌďĂŝŬĂŶ
ĚĂŶƉĞŵĞůŝŚĂƌĂĂŶĂƚĂƐďĂƌĂŶŐŵŽĚĂůLJĂŶŐƚĞůĂŚĚŝŵŝůŝŬŝWĞƌƐĞƌŽĂŶ͘
ĂŵƉĂŬĚĂƌŝƉĞŶĞƌĂƉĂŶƉĞŶĐĂƚĂƚĂŶW^<EŽ͘ϳϯƵŶƚƵŬƚƌĂŶƐĂŬƐŝƐĞǁĂ͕WĞƌƐĞƌŽĂŶŚĂƌƵƐŵĞŶLJĂũŝŬĂŶĂƐĞƚŚĂŬŐƵŶĂƐĞďĂŐĂŝ
ďĂŐŝĂŶĚĂƌŝĂƐĞƚƚĞƚĂƉĚĂŶůŝĂďŝůŝƚĂƐƐĞǁĂĚŝƐĂũŝŬĂŶƐĞďĂŐĂŝďĂŐŝĂŶĚĂƌŝƵƚĂŶŐůĂŝŶͲůĂŝŶĚĂůĂŵůĂƉŽƌĂŶƉŽƐŝƐŝŬĞƵĂŶŐĂŶ͕LJĂŶŐ
ĚŝƵŬƵƌƉĂĚĂŶŝůĂŝŬŝŶŝĚĂƌŝƉĞŵďĂLJĂƌĂŶƐĞǁĂŵĂƐĂĚĞƉĂŶ͘^ƚĂŶĚĂƌŝŶŝŵĞŵƉĞƌŬĞŶĂůŬĂŶƉĞƌƵďĂŚĂŶƐŝŐŶŝĨŝŬĂŶƵŶƚƵŬĂŬƵŶƚĂŶƐŝ
ůĞƐƐĞĞĚĞŶŐĂŶŵĞŶŐŚĂƉƵƐƉĞƌďĞĚĂĂŶĂŶƚĂƌĂƐĞǁĂŽƉĞƌĂƐŝĚĂŶƉĞŵďŝĂLJĂĂŶ͕ƐĞƌƚĂŵĞŶƐLJĂƌĂƚŬĂŶƉĞŶŐĂŬƵĂŶĂƐĞƚŚĂŬŐƵŶĂ
ĚĂŶƉĞŶŐĂŬƵĂŶůŝĂďŝůŝƚĂƐƐĞǁĂƉĂĚĂƐĂĂƚĚŝŵƵůĂŝŶLJĂƐĞǁĂ͘
WŝŚĂŬͲƉŝŚĂŬLJĂŶŐƚĞƌŬĂŝƚĚĂůĂŵƚƌĂŶƐĂŬƐŝƐĞǁĂ͕ĚĂůĂŵŚĂůŝŶŝĚŝƐĂũŝŬĂŶƐĞďĂŐĂŝĂƐĞƚŚĂŬŐƵŶĂĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
• WdDƵůƚŝĐĞŶƚƌĂůƌLJĂŐƵŶĂ
• WdEƵƐĂ<ŝƌĂŶĂZĞĂů ƐƚĂƚĞ
• ^ƌŝZĞĚũĞŬŝƵĚŝŚĂƌƚŽĚĂŶŶĚŚLJDƵůLJŽŶŽ
• Wd^ƵƌLJĂďĂĚŝWĞƌŵĂŝ
• WdtŝƐŵĂƵŵŝƉƵƚĞƌĂ
• Wd'ƵƐƚŝďĂĚŝ
• Wd&ĂũĂƌ'ƌĂŚĂWĞŶĂDĂŬĂƐƐĂƌ
• WdWƌŝŵĂĚŚŝƚĂŵĂInt’l Dev.
• WdKƚŽDƵůƚŝĂƌƚŚĂ
• Wd͘dĂŬĂƌŝ<ŽŬŽŚ^ĞũĂŚƚĞƌĂ
• Wd͘^DŽƌƉŽƌĂƚĂŵĂ
• WddĂŶƌŝƐĞ/ŶĚŽŶĞƐŝĂ
• Wd͘^ĂƌĂŶĂ/ŶĚŽƚƌĂŶƐDĂŬŵƵƌ
• WdůĨĂ'ŽůĚůĂŶĚZĞĂůƚLJ
• Wd^ƵƌLJĂƵŵĂŝ/ŶĚƵƐƚƌLJdďŬ
• Wd^ĞƌĂƐŝƵƚŽƌĂLJĂ
^ƵŵďĞƌ ƉĞŶĚĂŶĂĂŶ ƵŶƚƵŬ ƉĞŵďĞůŝĂŶ ďĂƌĂŶŐ ŵŽĚĂů ƵŵƵŵŶLJĂ ĚŝďŝĂLJĂŝ ĚĂƌŝ ĞŬƵŝƚĂƐ͘ WĞŵďĞůŝĂŶ ďĂƌĂŶŐ ŵŽĚĂů ĚŝůĂŬƵŬĂŶ
ĚĂůĂŵ ďĂƚĂƐ LJĂŶŐ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŬĞŵĂŵƉƵĂŶ ĚĂŶ ĂƌƵƐ ŬĂƐ WĞƌƐĞƌŽĂŶ ƐĞŚŝŶŐŐĂ ƚŝĚĂŬ ŵĞŶŐŐĂŶŐŐƵ ŬŝŶĞƌũĂ ŬĞƵĂŶŐĂŶ
WĞƌƐĞƌŽĂŶ͘
WĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ͕ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŝŶǀĞƐƚĂƐŝ ďĂƌĂŶŐ ŵŽĚĂů LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ĚĂůĂŵ ƌĂŶŐŬĂ
ƉĞŵĞŶƵŚĂŶƉĞƌƐLJĂƌĂƚĂŶƌĞŐƵůĂƐŝĚĂŶŝƐƵůŝŶŐŬƵŶŐĂŶŚŝĚƵƉ͘
^ĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝŬŽŵŝƚŵĞŶŝŶǀĞƐƚĂƐŝďĂƌĂŶŐŵŽĚĂůLJĂŶŐŵĂƚĞƌŝĂůLJĂŶŐ
ĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘
39
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͘ W Zh,E< /:<E<hEdE^/>DϮ;hͿd,hEd Z<,/ZW Z^ ZKE
ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚƉĞƌƵďĂŚĂŶW^<ĚĂůĂŵϮ;ĚƵĂͿƚĂŚƵŶƚĞƌĂŬŚŝƌ͗
ŝƚĞƌĂƉŬĂŶƉĂĚĂƚĂŚƵŶϮϬϮϯ
WĞŶĞƌĂƉĂŶ ƐƚĂŶĚĂƌ ĂŬƵŶƚĂŶƐŝ ŬĞƵĂŶŐĂŶ ƌĞǀŝƐŝ ďĞƌŝŬƵƚ͕ LJĂŶŐ ďĞƌůĂŬƵ ĞĨĞŬƚŝĨ ϭ :ĂŶƵĂƌŝ ϮϬϮϯ͕ ƌĞůĞǀĂŶ ďĂŐŝ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ
ŵĞŶLJĞďĂďŬĂŶ ƉĞƌƵďĂŚĂŶ ƐŝŐŶŝĨŝŬĂŶ ĂƚĂƐ ŬĞďŝũĂŬĂŶ ĂŬƵŶƚĂŶƐŝ WĞƌƐĞƌŽĂŶ ĚĂŶ ƚŝĚĂŬ ďĞƌĚĂŵƉĂŬ ŵĂƚĞƌŝĂů ƚĞƌŚĂĚĂƉ ũƵŵůĂŚͲ
ũƵŵůĂŚLJĂŶŐĚŝůĂƉŽƌŬĂŶĚĂůĂŵůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ͗
Ă͘ Amandemen PSAK No. 1, “Penyajian Laporan Keuangan tentang Pengungkapan Kebijakan Akuntansi”.
ď͘ Amandemen PSAK No. 16, “Aset Tetap tentang hasil sebelum penggunaan yang diintensikan”.
Đ͘ Amandemen PSAK No. 25, “Kebijakan Akuntansi PerubahĂŶ ƐƚŝŵĂƐŝŬƵŶƚĂŶƐŝ͕ĚĂŶ<ĞƐĂůĂŚĂŶƚĞƌŬĂŝƚĞĨŝŶŝƐŝ ƐƚŝŵĂƐŝ
Akuntansi”.
Ě͘ Amandemen PSAK No. 46, “Pajak Penghasilan tentang Pajak Tangguhan Terkait Aset dan Liabilitas Yang Timbul Dari
Transaksi Tunggal”.
ŝƚĞƌĂƉŬĂŶƉĂĚĂƚĂŚƵŶϮϬϮϮ
WĞŶĞƌĂƉĂŶ ƐƚĂŶĚĂƌ ĂŬƵŶƚĂŶƐŝ ŬĞƵĂŶŐĂŶ ƌĞǀŝƐŝ ďĞƌŝŬƵƚ͕ LJĂŶŐ ďĞƌůĂŬƵ ĞĨĞŬƚŝĨ ϭ :ĂŶƵĂƌŝ ϮϬϮϮ͕ ƌĞůĞǀĂŶ ďĂŐŝ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ
ŵĞŶLJĞďĂďŬĂŶ ƉĞƌƵďĂŚĂŶ ƐŝŐŶŝĨŝŬĂŶ ĂƚĂƐ ŬĞďŝũĂŬĂŶ ĂŬƵŶƚĂŶƐŝ WĞƌƐĞƌŽĂŶ ĚĂŶ ƚŝĚĂŬ ďĞƌĚĂŵƉĂŬ ŵĂƚĞƌŝĂů ƚĞƌŚĂĚĂƉ ũƵŵůĂŚͲ
ũƵŵůĂŚLJĂŶŐĚŝůĂƉŽƌŬĂŶĚĂůĂŵůĂƉŽƌĂŶŬĞƵĂŶŐĂŶ͗
Ă͘ WĞŶLJĞƐƵĂŝĂŶ dĂŚƵŶĂŶ ϮϬϮϬ – PSAK No. 71, “Instrumen Keuangan – Imbalan dalam Pengujian “10 persen” untuk
penghentian pengakuan liabilitas keuangan”.
ď͘ WĞŶLJĞƐƵĂŝĂŶdĂŚƵŶĂŶϮϬϮϬ–PSAK No. 73, “Sewa”; dan
Đ͘ Amandemen PSAK No. 57, “Provisi, Liabilitas KontinjenƐŝ͕ ĚĂŶ ƐĞƚ <ŽŶƚŝŶũĞŶƐŝ ƚĞŶƚĂŶŐ <ŽŶƚƌĂŬ LJĂŶŐ DĞŵďĞƌĂƚŬĂŶ
Biaya Pemenuhan Kontrak”.
^ĞůĂŵĂƚĂŚƵŶϮϬϮϯĚĂŶϮϬϮϮƚŝĚĂŬƚĞƌĚĂƉĂƚƉĞƌƵďĂŚĂŶŬĞďŝũĂŬĂŶĂŬƵŶƚĂŶƐŝWĞƌƐĞƌŽĂŶƐĞůĂŝŶĚĂŵƉĂŬWĞŶĞƌĂƉĂŶWĞƌŶLJĂƚĂĂŶ
^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶ;W^<ͿĚĂŶ/ŶƚĞƌƉƌĞƚĂƐŝ^ƚĂŶĚĂƌĚŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶ;/^<ͿLJĂŶŐƚĞůĂŚĚŝƐĂŚŬĂŶŽůĞŚĞǁĂŶ
^ƚĂŶĚĂƌĚŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶ–/ŶƐƚŝƚƵƚŬƵŶƚĂŶ/ŶĚŽŶĞƐŝĂĚĂŶƚĞůĂŚďĞƌůĂŬƵĞĨĞŬƚŝĨ͘
&͘ DE: D EZ/^/<K
DĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ŵĞƌƵƉĂŬĂŶ ƐĂůĂŚ ƐĂƚƵ ĂƐƉĞŬ ƉĞŶƚŝŶŐ ĚĂůĂŵ ŬĞůĂŶŐƐƵŶŐĂŶ ƵƐĂŚĂ WĞƌƵƐĂŚĂĂŶ͘ ^ĞŝƌŝŶŐ ĚĞŶŐĂŶ ƐĞŵĂŬŝŶ
ŬŽŵƉůĞŬƐŶLJĂŝŶĚƵƐƚƌŝŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶŵĞŶŐŚĂĚĂƉŝƌŝƐŝŬŽLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘hŶƚƵŬ
ŵĞŶŐŝŵďĂŶŐŝŬŽŶĚŝƐŝƚĞƌƐĞďƵƚ͕WĞƌƐĞƌŽĂŶŵĞŶĞƌĂƉŬĂŶŵĂŶĂũĞŵĞŶƌŝƐŝŬŽƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞŵĂĚĂŝLJĂŶŐŵĞůŝƉƵƚŝƉƌŽƐĞƐ
ŝĚĞŶƚŝĨŝŬĂƐŝ͕ƉĞŶŐƵŬƵƌĂŶ͕ƉĞŵĂŶƚĂƵĂŶĚĂŶƉĞŶŐĞŶĚĂůŝĂŶƌŝƐŝŬŽƐĞŚŝŶŐŐĂƌŝƐŝŬŽLJĂŶŐŵƵŶŐŬŝŶƚŝŵďƵůĚĂƉĂƚĚŝĂŶƚŝƐŝƉĂƐŝĚĂŶ
ĚŝƉĞƌƐŝĂƉŬĂŶĚĞŶŐĂŶďĂŝŬ͘
WĞƌƐĞƌŽĂŶ ŵĞŶĞƌĂƉŬĂŶ ŶƚĞƌƉƌŝƐĞ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌƉĂĚƵĂŶ ĂŶƚĂƌĂ ϯ :ĞŶũĂŶŐ WĞƌƚĂŚĂŶĂŶ ;ϯ >ŝŶĞƐ ŽĨ
ĞĨĞŶƐĞͿĚĂŶϰWŝůĂƌDĂŶĂũĞŵĞŶZŝƐŝŬŽ͕LJĂŶŐƐĞũĂůĂŶĚĞŶŐĂŶĂƌĂŚĂŶĚĂƌŝK:<LJĂŝƚƵ͗
ϭƐƚ>ŝŶĞŽĨĞĨĞŶƐĞ ͗ DĂŶĂũĞŵĞŶ KƉĞƌĂƐŝŽŶĂů ŽůĞŚ WĞŵŝůŝŬ ZŝƐŝŬŽ͕ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĚĂŶ ĂŬƵŶƚĂďĞů ƵŶƚƵŬ ŵĞŶŝůĂŝ͕
ŵĞŶŐĞŶĚĂůŝŬĂŶĚĂŶŵĞŵŝƚŝŐĂƐŝƌŝƐŝŬŽ
ϮŶĚ>ŝŶĞŽĨĞĨĞŶƐĞ͗ &ƵŶŐƐŝƚĂƚĂŬĞůŽůĂŝŶƚĞƌŶĂů͕ƵŶƚƵŬŵĞŵĂŶƚĂƵĚĂŶŵĞŵĨĂƐŝůŝƚĂƐŝƉĞŶĞƌĂƉĂŶƉƌĂŬƚŝŬŵĂŶĂũĞŵĞŶƌŝƐŝŬŽ
LJĂŶŐĞĨĞŬƚŝĨŽůĞŚůŝŶŝƉĞƌƚĂŵĂĚĂŶŵĞŵďĂŶƚƵWĞŵŝůŝŬZŝƐŝŬŽĚĂůĂŵŵĞůĂƉŽƌŬĂŶŝŶĨŽƌŵĂƐŝƚĞƌŬĂŝƚƌŝƐŝŬŽ
LJĂŶŐŵĞŵĂĚĂŝĚŝŽƌŐĂŶŝƐĂƐŝ
ϯƌĚ>ŝŶĞŽĨĞĨĞŶƐĞ ͗ ƵĚŝƚ/ŶƚĞƌŶĂůƵŶƚƵŬŵĞŵďĞƌŝŬĂŶũĂŵŝŶĂŶŬĞƉĂĚĂZĞŐƵůĂƚŽƌĚĂŶDĂŶĂũĞŵĞŶƐĞŶŝŽƌWĞƌƐĞƌŽĂŶĂƚĂƐ
ĞĨĞŬƚŝǀŝƚĂƐĚĂůĂŵŵĞŶŝůĂŝĚĂŶŵĞŶŐĞůŽůĂƌŝƐŝŬŽŶLJĂĚĂŶƐŝƐƚĞŵƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůƚĞƌŬĂŝƚ͕ƚĞƌŵĂƐƵŬ
ĐĂƌĂĚŝŵĂŶĂũĞŶũĂŶŐƉĞƌƚĂŚĂŶĂŶƉĞƌƚĂŵĂĚĂŶŬĞĚƵĂďĞƌŽƉĞƌĂƐŝ͘
ϰWŝůĂƌDĂŶĂũĞŵĞŶZŝƐŝŬŽ͗
ϭ͘WĞŶŐĂǁĂƐĂŶŬƚŝĨŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ
Ϯ͘<ĞĐƵŬƵƉĂŶ<ĞďŝũĂŬĂŶ͕WƌŽƐĞĚƵƌ͕ĚĂŶWĞŶĞƚĂƉĂŶ>ŝŵŝƚZŝƐŝŬŽ
ϯ͘<ĞĐƵŬƵƉĂŶWƌŽƐĞƐDĂŶĂũĞŵĞŶZŝƐŝŬŽĚĂŶ^ŝƐƚĞŵ/ŶĨŽƌŵĂƐŝDĂŶĂũĞŵĞŶZŝƐŝŬŽ
ϰ͘^ŝƐƚĞŵWĞŶŐĞŶĚĂůŝĂŶ/ŶƚĞƌŶĂůLJĂŶŐŬŽŵƉƌĞŚĞŶƐŝĨ
40
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ĞƌĚĂƐĂƌŬĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϰϰͬWK:<͘ϬϱͬϮϬϮϬƚĞŶƚĂŶŐWĞŶĞƌĂƉĂŶDĂŶĂũĞŵĞŶZŝƐŝŬŽďĂŐŝ>ĞŵďĂŐĂ:ĂƐĂ<ĞƵĂŶŐĂŶEŽŶ
ĂŶŬ͕ƌŝƐŝŬŽLJĂŶŐǁĂũŝďĚŝŬĞůŽůĂŽůĞŚWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ ZŝƐŝŬŽ<ƌĞĚŝƚĂƚĂƵZŝƐŝŬŽWĞŵďŝĂLJĂĂŶ
ĂůĂŵƵƉĂLJĂŵŝƚŝŐĂƐŝZŝƐŝŬŽ<ƌĞĚŝƚ͕WĞƌƐĞƌŽĂŶŵĞŶĞƌĂƉŬĂŶϰƉŝůĂƌŵĂŶĂũĞŵĞŶƌŝƐŝŬŽ͕LJĂŝƚƵ͗
▪ WĞŶŐĂǁĂƐĂŶĂŬƚŝĨŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕ĂŶƚĂƌĂůĂŝŶĚĞŶŐĂŶŵĞŵĂŶƚĂƵƉĞŶLJĞůĞƐĂŝĂŶƉĞŵďŝĂLJĂĂŶďĞƌŵĂƐĂůĂŚ͕
ŵĞůĂŬƵŬĂŶŬĂũŝƵůĂŶŐĂƚĂƐƉĞŶLJĂůƵƌĂŶƉĞŵďŝĂLJĂĂŶĚĞŶŐĂŶũƵŵůĂŚďĞƐĂƌĂƚĂƵLJĂŶŐĚŝďĞƌŝŬĂŶŬĞƉĂĚĂƉŝŚĂŬƚĞƌŬĂŝƚƚĞůĂŚ
ƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵďĞŶƚƵŬ<ŽŵŝƚĞ<ƌĞĚŝƚƵŶƚƵŬŵĞŵďĂŚĂƐ
ƉĞŶŐĂũƵĂŶŬƌĞĚŝƚĚĞŶŐĂŶůŝŵŝƚƚĞƌƚĞŶƚƵ͘
▪ <ĞĐƵŬƵƉĂŶ ŬĞďŝũĂŬĂŶ ĚĂŶ ƉƌŽƐĞĚƵƌ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ <ƌĞĚŝƚ ƐĞƌƚĂ ƉĞŶĞƚĂƉĂŶ ůŝŵŝƚ ZŝƐŝŬŽ͕ ĚŝŵĂŶĂ WĞƌƐĞƌŽĂŶ
ŵĞŶĞƚĂƉŬĂŶ ^ƚƌĂƚĞŐŝ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ <ƌĞĚŝƚ͕ ZŝƐŬ ƉƉĞƚŝƚĞ ĚĂŶ ZŝƐŬ dŽůĞƌĂŶĐĞ͕ <ĞďŝũĂŬĂŶ ĚĂŶ WƌŽƐĞĚƵƌ͕ ƐĞƌƚĂ
WĞŶĞƚĂƉĂŶ>ŝŵŝƚZŝƐŝŬŽLJĂŶŐŵĞŵĂĚĂŝƐĞƌƚĂŵĞŵĂƐƚŝŬĂŶďĂŚǁĂƐĞůƵƌƵŚƉĞŶLJĂůƵƌĂŶƉĞŵďŝĂLJĂĂŶĚŝůĂŬƵŬĂŶƐĞĐĂƌĂarm’s
ůĞŶŐƚŚďĂƐŝƐĚĂŶŵĞŵƵĂƚŝŶĨŽƌŵĂƐŝLJĂŶŐĚŝďƵƚƵŚŬĂŶĚĂůĂŵƉĞŵďĞƌŝĂŶƉĞŵďŝĂLJĂĂŶLJĂŶŐƐĞŚĂƚ͘
▪ <ĞĐƵŬƵƉĂŶƉƌŽƐĞƐŵĂŶĂũĞŵĞŶZŝƐŝŬŽ<ƌĞĚŝƚƐĞƌƚĂƐŝƐƚĞŵŝŶĨŽƌŵĂƐŝDĂŶĂũĞŵĞŶZŝƐŝŬŽ<ƌĞĚŝƚ͕ĂŶƚĂƌĂůĂŝŶƐĞƚŝĂƉƉƌŽƉŽƐĂů
ŬƌĞĚŝƚ ĚŝůĂŬƵŬĂŶ ĂŶĂůŝƐĂ LJĂŶŐ ŵĞŵĂĚĂŝ ĚĞŶŐĂŶ ŵĂƚƌŝŬƐ ǁĞǁĞŶĂŶŐ ƉĞƌƐĞƚƵũƵĂŶ͕ ƉĞŵĂŶƚĂƵĂŶ ĚŝŶŝ ŵĞůĂůƵŝ tĂƚĐŚ >ŝƐƚ
ĐĐŽƵŶƚ͕ ĚƐď͘ WĞƌƐĞƌŽĂŶ ŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝ ZŝƐŝŬŽ <ƌĞĚŝƚ͕ ďĂŝŬ ƐĞĐĂƌĂ ŝŶĚŝǀŝĚƵ ŵĂƵƉƵŶ ƉŽƌƚĨŽůŝŽ ĚĂŶ ŵĞůĂŬƵŬĂŶ
ƉĞŶŐƵŬƵƌĂŶZŝƐŝŬŽ<ƌĞĚŝƚĚĞŶŐĂŶŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶŬĂƌĂŬƚĞƌŝƐƚŝŬƐĞƚŝĂƉũĞŶŝƐƚƌĂŶƐĂŬƐŝLJĂŶŐƚĞƌĞŬƐƉŽƐƌŝƐŝŬŽ͕ĂŶƚĂƌĂ
ůĂŝŶ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ ĚĞďŝƚƵƌ͕ ƉŽƚĞŶƐŝ ƚĞƌũĂĚŝŶLJĂ ŐĂŐĂů ďĂLJĂƌ͕ ƐĞƌƚĂ ŬĞŵĂŵƉƵĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶLJĞƌĂƉ ƉŽƚĞŶƐŝ
ŬĞŐĂŐĂůĂŶ ĚĞŶŐĂŶ ƉĞŵďĞŶƚƵŬĂŶ ĐĂĚĂŶŐĂŶ LJĂŶŐ ĐƵŬƵƉ͘ hŶƚƵŬ ŵĞŶĚƵŬƵŶŐ ƉĞŶŐĞůŽůĂĂŶ ƌŝƐŝŬŽ ŬƌĞĚŝƚ͕ WĞƌƐĞƌŽĂŶ
ŵĞŶŐŐƵŶĂŬĂŶ ƐŝƐƚĞŵ ƉĞŵĞƌŝŶŐŬĂƚĂŶ ŝŶƚĞƌŶĂů͕ ƉĞŵĂŶƚĂƵĂŶ ƉŽƌƚŽĨŽůŝŽ ƐĞĐĂƌĂ ĂŬƚŝĨ͕ ďĂƚĂƐĂŶ ƌŝƐŝŬŽ ŬŽŶƐĞŶƚƌĂƐŝ͕ ĚĂŶ
ƚŝŶŐŬĂƚŬĞǁĞŶĂŶŐĂŶĚĂůĂŵƉƌŽƐĞƐƉĞƌƐĞƚƵũƵĂŶƉĞŶLJĂůƵƌĂŶƉĞŵďŝĂLJĂĂŶ͘
▪ WĞŶĞƌĂƉĂŶ ^ŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů LJĂŶŐ ŵĞŶLJĞůƵƌƵŚ͕ LJĂŶŐ ĚŝƚĞƌĂƉŬĂŶ ƐĞĐĂƌĂ ĞĨĞŬƚŝĨ ĚĞŶŐĂŶ ŵĞŶŐĂĐƵ ƉĂĚĂ
ŬĞďŝũĂŬĂŶĚĂŶƉƌŽƐĞĚƵƌLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͕ĂĚĂŶLJĂũĂůƵƌƉĞůĂƉŽƌĂŶĚĂŶƉĞŵŝƐĂŚĂŶĨƵŶŐƐŝLJĂŶŐũĞůĂƐ͕ŬĂũŝƵůĂŶŐLJĂŶŐ
ĞĨĞŬƚŝĨ͕ ŝŶĚĞƉĞŶĚĞŶ͕ ĚĂŶ ŽďLJĞŬƚŝĨ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ĚĂŶ ďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶ ŽůĞŚ ĨƵŶŐƐŝ ŬĞƌũĂ LJĂŶŐ
ŝŶĚĞƉĞŶĚĞŶĚĂƌŝĨƵŶŐƐŝďŝƐŶŝƐĚĂŶŽƉĞƌĂƐŝŽŶĂůƚĞƌŚĂĚĂƉƉĞŶĂŶŐĂŶĂŶŬĞůĞŵĂŚĂŶWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂů͕LJĂŶŐ
ŚĂƐŝůŶLJĂĚŝƉĂŶƚĂƵĚĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞƌƚĂĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶƐĞĐĂƌĂůĞŶŐŬĂƉĚĂŶ
ŵĞŵĂĚĂŝ͘
Ϯ͘ ZŝƐŝŬŽKƉĞƌĂƐŝŽŶĂů
ĂůĂŵƵƉĂLJĂŵŝƚŝŐĂƐŝZŝƐŝŬŽKƉĞƌĂƐŝŽŶĂů͕WĞƌƐĞƌŽĂŶŵĞŶĞƌĂƉŬĂŶϰƉŝůĂƌŵĂŶĂũĞŵĞŶƌŝƐŝŬŽ͕LJĂŝƚƵ͗
▪ WĞŶŐĂǁĂƐĂŶĂŬƚŝĨ ŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂůĂŵ ƉĞŶĞƌĂƉĂŶDĂŶĂũĞŵĞŶZŝƐŝŬŽKƉĞƌĂƐŝŽŶĂů͕ĂŶƚĂƌĂůĂŝŶĚĞŶŐĂŶ
ŵĞŶŐĞŵďĂŶŐŬĂŶ ďƵĚĂLJĂ ƐĂĚĂƌ ƚĞƌŚĂĚĂƉ ZŝƐŝŬŽ KƉĞƌĂƐŝŽŶĂů͕ ŵĞŶĐŝƉƚĂŬĂŶ ŬƵůƚƵƌ ƉĞŶŐƵŶŐŬĂƉĂŶ ƐĞĐĂƌĂ ŽďũĞŬƚŝĨ ĂƚĂƐ
ZŝƐŝŬŽ KƉĞƌĂƐŝŽŶĂů͕ ŵĞŶĞƚĂƉŬĂŶ ŬĞďŝũĂŬĂŶ ƌĞǁĂƌĚ ƚĞƌŵĂƐƵŬ ƌĞŵƵŶĞƌĂƐŝ ĚĂŶ ƉƵŶŝƐŚŵĞŶƚ LJĂŶŐ ĞĨĞŬƚŝĨ ĚĂůĂŵ ƐŝƐƚĞŵ
ƉĞŶŝůĂŝĂŶŬŝŶĞƌũĂ
▪ <ĞĐƵŬƵƉĂŶ ŬĞďŝũĂŬĂŶ ĚĂŶ ƉƌŽƐĞĚƵƌ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ ƐĞƌƚĂ ƉĞŶĞƚĂƉĂŶ ůŝŵŝƚ ZŝƐŝŬŽ ĚĂůĂŵ ƐĞƚŝĂƉ ƉƌŽƐĞƐ ŬĞƌũĂ
ĚŝWĞƌƐĞƌŽĂŶ͘
▪ <ĞĐƵŬƵƉĂŶ ƉƌŽƐĞƐ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ŽƉĞƌĂƐŝŽŶĂů͕ ƐĞƌƚĂ ƐŝƐƚĞŵ ŝŶĨŽƌŵĂƐŝ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ KƉĞƌĂƐŝŽŶĂů͘ ŝŵĂŶĂ
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶĞƌĂƉŬĂŶZ^ĚŝƐĞƚŝĂƉĨƵŶŐƐŝŬĞƌũĂĚŝWĞƌƐĞƌŽĂŶŐƵŶĂŵĞŶŐŝĚĞŶƚŝĨŝŬĂƐŝ͕ŵĞŶŐƵŬƵƌ͕ŵĞŶĞƚĂƉŬĂŶ
ĐŽŶƚƌŽůLJĂŶŐŵĞŵĂĚĂŝĚĂŶŵĞůĂŬƵŬĂŶƉĞŵĂŶƚĂƵĂŶĂƚĂƐƉƌŽƐĞƐŬĞƌũĂLJĂŶŐĂĚĂĚŝƐĞƚŝĂƉĚĞƉĂƌƚŵĞŶ͘WĞŶŐƵŬƵƌĂŶZŝƐŝŬŽ
KƉĞƌĂƐŝŽŶĂůĂŶƚĂƌĂůĂŝŶĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶŵĞƚŽĚĞŵĂƚƌŝŬƐ/ŵƉĂĐƚΘ>ŝŬĞůŝŚŽŽĚ͘
▪ WĞŶĞƌĂƉĂŶ ^ŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů LJĂŶŐ ŵĞŶLJĞůƵƌƵŚ͕ LJĂŶŐ ĚŝƚĞƌĂƉŬĂŶ ƐĞĐĂƌĂ ĞĨĞŬƚŝĨ ĚĞŶŐĂŶ ŵĞŶŐĂĐƵ ƉĂĚĂ
ŬĞďŝũĂŬĂŶĚĂŶƉƌŽƐĞĚƵƌLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͕ĂĚĂŶLJĂũĂůƵƌƉĞůĂƉŽƌĂŶĚĂŶƉĞŵŝƐĂŚĂŶĨƵŶŐƐŝLJĂŶŐũĞůĂƐ͕ŬĂũŝƵůĂŶŐLJĂŶŐ
ĞĨĞŬƚŝĨ͕ ŝŶĚĞƉĞŶĚĞŶ͕ ĚĂŶ ŽďLJĞŬƚŝĨ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ĚĂŶ ďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶ ŽůĞŚ ĨƵŶŐƐŝ ŬĞƌũĂ LJĂŶŐ
ŝŶĚĞƉĞŶĚĞŶĚĂƌŝĨƵŶŐƐŝďŝƐŶŝƐĚĂŶŽƉĞƌĂƐŝŽŶĂůƚĞƌŚĂĚĂƉƉĞŶĂŶŐĂŶĂŶŬĞůĞŵĂŚĂŶWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂů͕LJĂŶŐ
ŚĂƐŝůŶLJĂĚŝƉĂŶƚĂƵĚĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞƌƚĂĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶƐĞĐĂƌĂůĞŶŐŬĂƉĚĂŶ
ŵĞŵĂĚĂŝ͘
ϯ͘ ZŝƐŝŬŽWĂƐĂƌ
ĂůĂŵƵƉĂLJĂŵŝƚŝŐĂƐŝZŝƐŝŬŽWĂƐĂƌ͕WĞƌƐĞƌŽĂŶŵĞŶĞƌĂƉŬĂŶϰƉŝůĂƌŵĂŶĂũĞŵĞŶƌŝƐŝŬŽ͕LJĂŝƚƵ͗
▪ WĞŶŐĂǁĂƐĂŶĂŬƚŝĨŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĂƚĂƐƉĞŶĞƌĂƉĂŶDĂŶĂũĞŵĞŶZŝƐŝŬŽWĂƐĂƌLJĂŶŐĚŝůĂŬƵŬĂŶƐĞĐĂƌĂĞĨĞŬƚŝĨ
ĚĂŶƚĞƌŝŶƚĞŐƌĂƐŝ͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŵďĞŶƚƵŬ<ŽŵŝƚĞƐĞƚĚĂŶ>ŝĂďŝůŝƚĂƐDĂŶĂũĞŵĞŶ;>DͿ͘
▪ <ĞĐƵŬƵƉĂŶŬĞďŝũĂŬĂŶĚĂŶƉƌŽƐĞĚƵƌDĂŶĂũĞŵĞŶZŝƐŝŬŽWĂƐĂƌƐĞƌƚĂƉĞŶĞƚĂƉĂŶůŝŵŝƚƚĞƌŬĂŝƚZŝƐŝŬŽWĂƐĂƌ͘
▪ <ĞĐƵŬƵƉĂŶƉƌŽƐĞƐŵĂŶĂũĞŵĞŶƌŝƐŝŬŽƉĂƐĂƌ͕ĚŝŵĂŶĂƌŝƐŝŬŽĚŝŝĚĞŶƚŝĨŝŬĂƐŝĂƚĂƐĂŬƚŝǀŝƚĂƐďŝƐŶŝƐWĞƌƵƐĂŚĂĂŶ͕ŬĞŵƵĚŝĂŶĚŝƵŬƵƌ
ĂŶƚĂƌĂ ůĂŝŶ ĚĞŶŐĂŶ ĚĞŶŐĂŶ ŵĞůĂŬƵŬĂŶ ƐĞŶƐŝƚŝǀŝƚĂƐ ĂŶĂůLJƐŝƐ͕ ŵĞŶŐŐƵŶĂŬĂŶ ŝŶĚŝŬĂƚŽƌ ŬŽŵƉŽƐŝƐŝ ƉŽƌƚŽĨŽůŝŽ ĂƐĞƚ ĚĂŶ
ůŝĂďŝůŝƚĂƐLJĂŶŐŵĞŵŝůŝŬŝĞŬƐƉŽƐƵƌZŝƐŝŬŽWĂƐĂƌ͘WĞŶŐƵŬƵƌĂŶŝŶŝĚĂƉĂƚŵĞŶŐƵŬƵƌƉŽƐŝƐŝĚĂŶƐĞŶƐŝƚŝǀŝƚĂƐZŝƐŝŬŽWĂƐĂƌďĂŝŬ
ƉĂĚĂŬŽŶĚŝƐŝŶŽƌŵĂůŵĂƵƉƵŶŬŽŶĚŝƐŝƐƚƌĞƐƐ͘WĞŶŐĞŶĚĂůŝĂŶZŝƐŝŬŽWĂƐĂƌĚĞŶŐĂŶŵĞŶŐĂŵďŝůůĂŶŐŬĂŚͲůĂŶŐŬĂŚƉĞŶŐĞŶĚĂůŝĂŶ
ZŝƐŝŬŽƚĞƌŵĂƐƵŬƉĞŶĐĞŐĂŚĂŶƚĞƌũĂĚŝŶLJĂŬĞƌƵŐŝĂŶZŝƐŝŬŽWĂƐĂƌLJĂŶŐůĞďŝŚďĞƐĂƌ͕ŵŝƐĂůŶLJĂĚĞŶŐĂŶŵĞůĂŬƵŬĂŶůŝŶĚƵŶŐŶŝůĂŝ͘
WĞŵĂŶƚĂƵĂŶƌŝƐŝŬŽĚĂŶŬĂũŝƵůĂŶŐĚŝůĂŬƵŬĂŶƐĞĐĂƌĂďĞƌŬĂůĂƚĞƌŚĂĚĂƉŬĞƉĂƚƵŚĂŶůŝŵŝƚĚĂŶƚŝŶĚĂŬůĂŶũƵƚĚĂůĂŵŚĂůƚĞƌũĂĚŝ
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ƉĞůĂŵƉĂƵĂŶůŝŵŝƚƐĞƌƚĂƐƚƌĞƐƐƚĞƐƚŝŶŐ͘^ŝƐƚĞŵŝŶĨŽƌŵĂƐŝDĂŶĂũĞŵĞŶZŝƐŝŬŽWĂƐĂƌWĞƌƐĞƌŽĂŶƚĞůĂŚĐƵŬƵƉŵĞŵĂĚĂŝLJĂŶŐ
ĚĂƉĂƚŵĞŶŐƵŬƵƌƐĞĐĂƌĂŬƵĂŶƚŝƚĂƚŝĨĞŬƐƉŽƐƵƌZŝƐŝŬŽĚĂŶŵĞŵĂŶƚĂƵƉĞƌƵďĂŚĂŶĨĂŬƚŽƌƉĂƐĂƌ͘
▪ WĞŶĞƌĂƉĂŶ^ŝƐƚĞŵƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůLJĂŶŐŵĞŶLJĞůƵƌƵŚ͕ĂŶƚĂƌĂůĂŝŶĚĞŶŐĂŶŵĞŵĂƐƚŝŬĂŶƚƌĂŶƐĂŬƐŝĚĂŶƉƌŽƐĞƐƚĞƌŬĂŝƚ
ĚĞŶŐĂŶŵĂƌŬĞƚƌŝƐŬƚĂŬŝŶŐĚŝůĂŬƵŬĂŶĚĞŶŐĂŶŵĞŶŐĂĐƵƉĂĚĂŬĞďŝũĂŬĂŶ͕ƉƌŽƐĞĚƵƌ͕ĚĂŶůŝŵŝƚLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͕ĂĚĂŶLJĂ
ũĂůƵƌƉĞůĂƉŽƌĂŶĚĂŶƉĞŵŝƐĂŚĂŶĨƵŶŐƐŝLJĂŶŐũĞůĂƐ͕ŬĂũŝƵůĂŶŐLJĂŶŐĞĨĞŬƚŝĨ͕ŝŶĚĞƉĞŶĚĞŶ͕ĚĂŶŽďLJĞŬƚŝĨLJĂŶŐĚŝůĂŬƵŬĂŶƐĞĐĂƌĂ
ďĞƌŬĂůĂ ĚĂŶ ďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶ ŽůĞŚ ĨƵŶŐƐŝ ŬĞƌũĂ LJĂŶŐ ŝŶĚĞƉĞŶĚĞŶ ĚĂƌŝ ĨƵŶŐƐŝ ďŝƐŶŝƐ ĚĂŶ ŽƉĞƌĂƐŝŽŶĂů ƚĞƌŚĂĚĂƉ
ƉĞŶĂŶŐĂŶĂŶŬĞůĞŵĂŚĂŶWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂů͕LJĂŶŐŚĂƐŝůŶLJĂĚŝƉĂŶƚĂƵĚĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝĚĂŶ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞƌƚĂĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶƐĞĐĂƌĂůĞŶŐŬĂƉĚĂŶŵĞŵĂĚĂŝ
ϰ͘ ZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐ
ĂůĂŵƵƉĂLJĂŵŝƚŝŐĂƐŝZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐ͕WĞƌƐĞƌŽĂŶŵĞŶĞƌĂƉŬĂŶϰƉŝůĂƌŵĂŶĂũĞŵĞŶƌŝƐŝŬŽ͕LJĂŝƚƵ͗
▪ WĞŶŐĂǁĂƐĂŶĂŬƚŝĨŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂůĂŵŵĞŵĂŶƚĂƵƉŽƐŝƐŝĚĂŶZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐƐĞĐĂƌĂďĞƌŬĂůĂ͕ĂŶƚĂƌĂůĂŝŶ
ŵĞůĂŬƵŬĂŶ ĞǀĂůƵĂƐŝ ƚĞƌŚĂĚĂƉ ƉŽƐŝƐŝ ĚĂŶ ZŝƐŝŬŽ >ŝŬƵŝĚŝƚĂƐ WĞƌƐĞƌŽĂŶ͖ ũƵŐĂ ƉƌŽĨŝů ZŝƐŝŬŽ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŚĂů ƚĞƌũĂĚŝ
ƉĞƌƵďĂŚĂŶLJĂŶŐƐŝŐŶŝĨŝŬĂŶ͕ũƵŐĂŵĞŵďĞŶƚƵŬ<ŽŵŝƚĞƐĞƚĚĂŶ>ŝĂďŝůŝƚĂƐDĂŶĂũĞŵĞŶ;>DͿ
▪ <ĞĐƵŬƵƉĂŶŬĞďŝũĂŬĂŶĚĂŶƉƌŽƐĞĚƵƌDĂŶĂũĞŵĞŶZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐƐĞƌƚĂƉĞŶĞƚĂƉĂŶůŝŵŝƚZŝƐŝŬŽ͘
▪ <ĞĐƵŬƵƉĂŶ ƉƌŽƐĞƐ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ƐĞƌƚĂ ƐŝƐƚĞŵ ŝŶĨŽƌŵĂƐŝ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ >ŝŬƵŝĚŝƚĂƐ͘ WƌŽƐĞƐ ŝĚĞŶƚŝĨŝŬĂƐŝ ZŝƐŝŬŽ
>ŝŬƵŝĚŝƚĂƐĚĞŶŐĂŶŵĞůĂŬƵŬĂŶĂŶĂůŝƐŝƐƚĞƌŚĂĚĂƉƐĞůƵƌƵŚƐƵŵďĞƌZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐ͕ũƵŐĂĞŬƐƉŽƐƵƌZŝƐŝŬŽůĂŝŶŶLJĂLJĂŶŐĚĂƉĂƚ
ŵĞŶŝŶŐŬĂƚŬĂŶZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐ͘ŶĂůŝƐŝƐĚŝůĂŬƵŬĂŶƵŶƚƵŬŵĞŶŐĞƚĂŚƵŝũƵŵůĂŚĚĂŶƚƌĞŶŬĞďƵƚƵŚĂŶůŝŬƵŝĚŝƚĂƐƐĞƌƚĂƐƵŵďĞƌ
ƉĞŶĚĂŶĂĂŶLJĂŶŐƚĞƌƐĞĚŝĂƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶƚĞƌƐĞďƵƚ͘WĞŶŐƵŬƵƌĂŶZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐƐĞĐĂƌĂŬƵĂŶƚŝƚĂƚŝĨĚĞŶŐĂŶ
ŵĞŶŐŐƵŶĂŬĂŶŝŶĚŝŬĂƚŽƌĂŶƚĂƌĂůĂŝŶŬŽŵƉŽƐŝƐŝĂƐĞƚĚĂŶůŝĂďŝůŝƚĂƐũĂŶŐŬĂƉĞŶĚĞŬ͕ƉĞŶŐĞůŽůĂĂŶĂƌƵƐŬĂƐ͕ƉƌŽĨŝůŵĂƚƵƌŝƚĂƐ͕
ƉƌŽLJĞŬƐŝ ĂƌƵƐ ŬĂƐ͘ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĞŶĚĂůŝĂŶ ZŝƐŝŬŽ >ŝŬƵŝĚŝƚĂƐ ĂŶƚĂƌĂ ůĂŝŶ ĚĞŶŐĂŶ ƐƚƌĂƚĞŐŝ ƉĞŶĚĂŶĂĂŶ͕
ƉĞŶŐĞůŽůĂĂŶ ƉŽƐŝƐŝ ůŝŬƵŝĚŝƚĂƐ͕ ĚĂŶ ƉĞŶŐĞůŽůĂĂŶ ĂƐĞƚ ůŝŬƵŝĚ LJĂŶŐ ďĞƌŬƵĂůŝƚĂƐ ƚŝŶŐŐŝ͘ WĞŵĂŶƚĂƵĂŶ ZŝƐŝŬŽ >ŝŬƵŝĚŝƚĂƐ LJĂŶŐ
ĚŝůĂŬƵŬĂŶ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŝŶĚŝŬĂƚŽƌ ŝŶƚĞƌŶĂů ĚĂŶ ŝŶĚŝŬĂƚŽƌ ĞŬƐƚĞƌŶĂů͕ ƵŶƚƵŬ ŵĞŶŐĞƚĂŚƵŝ ƉŽƚĞŶƐŝ
ƉĞŶŝŶŐŬĂƚĂŶ ƌŝƐŝŬŽ͘ ^ŝƐƚĞŵ /ŶĨŽƌŵĂƐŝ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ >ŝŬƵŝĚŝƚĂƐ ƚĞůĂŚ ŵĞŵĂĚĂŝ ĚĂŶ ĂŶĚĂů ƵŶƚƵŬ ŵĞŶĚƵŬƵŶŐ
ƉĞůĂŬƐĂŶĂĂŶƉƌŽƐĞƐŵĂŶĂũĞŵĞŶZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐĚĂŶƉĞůĂƉŽƌĂŶ͘
▪ WĞŶĞƌĂƉĂŶ^ŝƐƚĞŵƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůLJĂŶŐŵĞŶLJĞůƵƌƵŚĚŝƚĞƌĂƉŬĂŶƐĞĐĂƌĂĞĨĞŬƚŝĨĚĞŶŐĂŶŵĞŶŐĂĐƵƉĂĚĂŬĞďŝũĂŬĂŶ
ĚĂŶƉƌŽƐĞĚƵƌLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͕ĂĚĂŶLJĂũĂůƵƌƉĞůĂƉŽƌĂŶĚĂŶƉĞŵŝƐĂŚĂŶĨƵŶŐƐŝLJĂŶŐũĞůĂƐ͕ŬĂũŝƵůĂŶŐLJĂŶŐĞĨĞŬƚŝĨ͕
ŝŶĚĞƉĞŶĚĞŶ͕ĚĂŶŽďLJĞŬƚŝĨLJĂŶŐĚŝůĂŬƵŬĂŶƐĞĐĂƌĂďĞƌŬĂůĂĚĂŶďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶŽůĞŚĨƵŶŐƐŝŬĞƌũĂLJĂŶŐŝŶĚĞƉĞŶĚĞŶĚĂƌŝ
ĨƵŶŐƐŝďŝƐŶŝƐĚĂŶŽƉĞƌĂƐŝŽŶĂůƚĞƌŚĂĚĂƉƉĞŶĂŶŐĂŶĂŶŬĞůĞŵĂŚĂŶWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂů͕LJĂŶŐŚĂƐŝůŶLJĂĚŝƉĂŶƚĂƵ
ĚĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞƌƚĂĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶƐĞĐĂƌĂůĞŶŐŬĂƉĚĂŶŵĞŵĂĚĂŝ͘
ϱ͘ ZŝƐŝŬŽ,ƵŬƵŵ
ĂůĂŵƵƉĂLJĂŵŝƚŝŐĂƐŝZŝƐŝŬŽ,ƵŬƵŵ͕WĞƌƐĞƌŽĂŶŵĞŶĞƌĂƉŬĂŶϰƉŝůĂƌŵĂŶĂũĞŵĞŶƌŝƐŝŬŽ͕LJĂŝƚƵ͗
▪ WĞŶŐĂǁĂƐĂŶĂŬƚŝĨŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕ŐƵŶĂŵĞŵĂƐƚŝŬĂŶƉĞŶĞƌĂƉĂŶLJĂŶŐĞĨĞŬƚŝĨĚĂŶƚĞƌŝŶƚĞŐƌĂƐŝ͕ƚĞƌĚĂƉĂƚůĞŐĂů
ĐŽŶƐŝƐƚĞŶĐLJ͕ůĞŐĂůŐŽǀĞƌŶĂŶĐĞĚĂŶůĞŐĂůĐŽŵƉůĞƚĞŶĞƐƐĚĂůĂŵƐĞƚŝĂƉŬĞŐŝĂƚĂŶƵƐĂŚĂ͘
▪ <ĞĐƵŬƵƉĂŶŬĞďŝũĂŬĂŶĚĂŶƉƌŽƐĞĚƵƌŵĂŶĂũĞŵĞŶZŝƐŝŬŽ,ƵŬƵŵƐĞƌƚĂƉĞŶĞƚĂƉĂŶůŝŵŝƚZŝƐŝŬŽ͕
▪ <ĞĐƵŬƵƉĂŶWƌŽƐĞƐDĂŶĂũĞŵĞŶZŝƐŝŬŽ,ƵŬƵŵ͕ƐĞƌƚĂ^ŝƐƚĞŵ/ŶĨŽƌŵĂƐŝZŝƐŝŬŽ,ƵŬƵŵ͕ĂŶƚĂƌĂůĂŝŶĚĞŶŐĂŶŵĞůĂŬƵŬĂŶŬĂũŝ
ƵůĂŶŐƉĞƌũĂŶũŝĂŶƉĞŵďŝĂLJĂĂŶƐĞĐĂƌĂďĞƌŬĂůĂ͕ƉĞŵĂŶƚĂƵĂŶĂĐĐŽƵŶƚůŝƚŝŐĂƐŝ͕ŵĞŶŐĂŶĂůŝƐĂĂĚĂŶLJĂŬĞůĞŵĂŚĂŶĂƐƉĞŬLJƵƌŝĚŝƐ͘
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŵĞƚŽĚĞƉĞŶŐƵŬƵƌĂŶZŝƐŝŬŽ,ƵŬƵŵLJĂŶŐŵĞŵĂĚĂŝĚĂŶƚĞƌŝŶƚĞŐƌĂƐŝŵĞŶŐŐƵŶĂŬĂŶƉĞŶĚĞŬĂƚĂŶƐĞĐĂƌĂ
ŬƵĂŶƚŝƚĂƚŝĨŵĂƵƉƵŶŬƵĂůŝƚĂƚŝĨ͘^ĞƚŝĂƉŬĞũĂĚŝĂŶŚƵŬƵŵĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶĚĞŶŐĂŶŵĞŵĂĚĂŝ͘
▪ WĞŶĞƌĂƉĂŶ^ŝƐƚĞŵƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůLJĂŶŐŵĞŶLJĞůƵƌƵŚĚŝƚĞƌĂƉŬĂŶƐĞĐĂƌĂĞĨĞŬƚŝĨĚĞŶŐĂŶŵĞŶŐĂĐƵƉĂĚĂŬĞďŝũĂŬĂŶ
ĚĂŶƉƌŽƐĞĚƵƌLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͕ĂĚĂŶLJĂũĂůƵƌƉĞůĂƉŽƌĂŶĚĂŶƉĞŵŝƐĂŚĂŶĨƵŶŐƐŝLJĂŶŐũĞůĂƐ͕ŬĂũŝƵůĂŶŐLJĂŶŐĞĨĞŬƚŝĨ͕
ŝŶĚĞƉĞŶĚĞŶ͕ĚĂŶŽďLJĞŬƚŝĨLJĂŶŐĚŝůĂŬƵŬĂŶƐĞĐĂƌĂďĞƌŬĂůĂĚĂŶďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶŽůĞŚĨƵŶŐƐŝŬĞƌũĂLJĂŶŐŝŶĚĞƉĞŶĚĞŶĚĂƌŝ
ĨƵŶŐƐŝďŝƐŶŝƐĚĂŶŽƉĞƌĂƐŝŽŶĂůƚĞƌŚĂĚĂƉƉĞŶĂŶŐĂŶĂŶŬĞůĞŵĂŚĂŶWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂů͕LJĂŶŐŚĂƐŝůŶLJĂĚŝƉĂŶƚĂƵ
ĚĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞƌƚĂĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶƐĞĐĂƌĂůĞŶŐŬĂƉĚĂŶŵĞŵĂĚĂŝ͘
ϲ͘ ZŝƐŝŬŽ^ƚƌĂƚĞŐŝƐ
ĂůĂŵƵƉĂLJĂŵŝƚŝŐĂƐŝZŝƐŝŬŽ^ƚƌĂƚĞŐŝƐ͕WĞƌƐĞƌŽĂŶŵĞŶĞƌĂƉŬĂŶϰƉŝůĂƌŵĂŶĂũĞŵĞŶƌŝƐŝŬŽ͕LJĂŝƚƵ͗
▪ WĞŶŐĂǁĂƐĂŶ ĂŬƚŝĨ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ ƚĞƌŚĂĚĂƉ ƌĞŶĐĂŶĂ ĚĂŶ ƉĞŶŐĞůŽůĂĂŶ ƌŝƐŝŬŽ ƐƚƌĂƚĞŐŝƐ ũƵŐĂ ŵĞŶũĂŵŝŶ
ƐĂƐĂƌĂŶ ƐƚƌĂƚĞŐŝƐ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ƚĞůĂŚ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ŵŝƐŝ ĚĂŶ ǀŝƐŝ͕ ŬƵůƚƵƌ͕ ĂƌĂŚ ďŝƐŶŝƐ͕ ĚĂŶ ƚŽůĞƌĂŶƐŝ ZŝƐŝŬŽ ;ƌŝƐŬ
ƚŽůĞƌĂŶĐĞͿWĞƌƐĞƌŽĂŶ͘
▪ <ĞĐƵŬƵƉĂŶŬĞďŝũĂŬĂŶĚĂŶƉƌŽƐĞĚƵƌŵĂŶĂũĞŵĞŶƌŝƐŝŬŽƐĞƌƚĂƉĞŶĞƚĂƉĂŶůŝŵŝƚƌŝƐŝŬŽƚĞƌŬĂŝƚZŝƐŝŬŽ^ƚƌĂƚĞŐŝƐ͘
▪ <ĞĐƵŬƵƉĂŶ ƉƌŽƐĞƐ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ƐƚƌĂƚĞŐŝƐ LJĂŶŐ ŵĞůŝƉƵƚŝ ƉƌŽƐĞƐ ŝĚĞŶƚŝĨŝŬĂƐŝ͕ ƉĞŶŐƵŬƵƌĂŶ͕ ƉĞŶŐĞŶĚĂůŝĂŶ͕ ĚĂŶ
ƉĞŵĂŶƚĂƵĂŶZŝƐŝŬŽ͕ƐĞƌƚĂƐŝƐƚĞŵŝŶĨŽƌŵĂƐŝDĂŶĂũĞŵĞŶZŝƐŝŬŽƵŶƚƵŬZŝƐŝŬŽ^ƚƌĂƚĞŐŝƐ͘DŝƐĂůŶLJĂĚĞǀŝĂƐŝLJĂŶŐƚŝŵďƵůĂŬŝďĂƚ
ƚŝĚĂŬĞĨĞŬƚŝĨŶLJĂƉĞůĂŬƐĂŶĂĂŶƐƚƌĂƚĞŐŝƵƐĂŚĂŵĂƵƉƵŶƌĞŶĐĂŶĂďŝƐŶŝƐLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶLJĂŶŐďĞƌĚĂŵƉĂŬƐŝŐŶŝĨŝŬĂŶ͕
ĚŝƵŬƵƌ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ŝŶĚŝŬĂƚŽƌ ĂƚĂƵ ƉĂƌĂŵĞƚĞƌ ďĞƌƵƉĂ ŬĞƐĞƐƵĂŝĂŶ ƐƚƌĂƚĞŐŝƐ ďŝƐŶŝƐ ĚĞŶŐĂŶ ŬŽŶĚŝƐŝ ůŝŶŐŬƵŶŐĂŶ
ƵƐĂŚĂ͕ĚĂŶĚŝůĂŬƵŬĂŶƌĞŶĐĂŶĂŬŽŶƚŝũĞŶƐŝƵŶƚƵŬŵĞŵŝƚŝŐĂƐŝƌŝƐŝŬŽƚĞƌƐĞďƵƚ͘WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƐŝƐƚĞŵĚĂŶƉĞŶŐĞŶĚĂůŝĂŶ
LJĂŶŐĚŝŬĂũŝƵůĂŶŐƐĞĐĂƌĂďĞƌŬĂůĂƵŶƚƵŬŵĞŵĂŶƚĂƵƉĞůĂŬƐĂŶĂĂŶƐƚƌĂƚĞŐŝƉĞŶŐĂŵďŝůĂŶŬĞƉƵƚƵƐĂŶďŝƐŶŝƐƚĞƌŵĂƐƵŬŬŝŶĞƌũĂ
ŬĞƵĂŶŐĂŶ ĚĞŶŐĂŶ ŵĞŵďĂŶĚŝŶŐŬĂŶ ŚĂƐŝů ĂŬƚƵĂů ĚĞŶŐĂŶ ŚĂƐŝů LJĂŶŐ ĚŝŚĂƌĂƉŬĂŶ͕ ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ZŝƐŝŬŽ LJĂŶŐ
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ĚŝĂŵďŝůŵĂƐŝŚĚĂůĂŵďĂƚĂƐƌŝƐŬƚŽůĞƌĂŶĐĞLJĂŶŐĚŝƚĞƚĂƉŬĂŶWĞƌƐĞƌŽĂŶ͘/ƐƵƐƚƌĂƚĞŐŝƐLJĂŶŐƚŝŵďƵůLJĂŶŐŵĞŵŝůŝŬŝĚĂŵƉĂŬ
ŶĞŐĂƚŝĨĚŝůĂƉŽƌŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝƐĞĐĂƌĂƚĞƉĂƚǁĂŬƚƵĚŝƐĞƌƚĂŝĂŶĂůŝƐŝƐĚĂŵƉĂŬƚĞƌŚĂĚĂƉZŝƐŝŬŽ^ƚƌĂƚĞŐŝƐĚĂŶdŝŶĚĂŬĂŶ
ƉĞƌďĂŝŬĂŶLJĂŶŐĚŝƉĞƌůƵŬĂŶ͘
▪ WĞŶĞƌĂƉĂŶ ^ŝƐƚĞŵ ƉĞŶŐĞŶĚĂůŝĂŶ ŝŶƚĞƌŶĂů LJĂŶŐ ŵĞŶLJĞůƵƌƵŚ͕ LJĂŶŐ ĚŝƚĞƌĂƉŬĂŶ ƐĞĐĂƌĂ ĞĨĞŬƚŝĨ ĚĞŶŐĂŶ ŵĞŶŐĂĐƵ ƉĂĚĂ
ŬĞďŝũĂŬĂŶĚĂŶƉƌŽƐĞĚƵƌLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͕ĂĚĂŶLJĂũĂůƵƌƉĞůĂƉŽƌĂŶĚĂŶƉĞŵŝƐĂŚĂŶĨƵŶŐƐŝLJĂŶŐũĞůĂƐ͕ŬĂũŝƵůĂŶŐLJĂŶŐ
ĞĨĞŬƚŝĨ͕ ŝŶĚĞƉĞŶĚĞŶ͕ ĚĂŶ ŽďLJĞŬƚŝĨ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ďĞƌŬĂůĂ ĚĂŶ ďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶ ŽůĞŚ ĨƵŶŐƐŝ ŬĞƌũĂ LJĂŶŐ
ŝŶĚĞƉĞŶĚĞŶĚĂƌŝĨƵŶŐƐŝďŝƐŶŝƐĚĂŶŽƉĞƌĂƐŝŽŶĂůƚĞƌŚĂĚĂƉƉĞŶĂŶŐĂŶĂŶŬĞůĞŵĂŚĂŶWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂů͕LJĂŶŐ
ŚĂƐŝůŶLJĂĚŝƉĂŶƚĂƵĚĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞƌƚĂĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶƐĞĐĂƌĂůĞŶŐŬĂƉĚĂŶ
ŵĞŵĂĚĂŝ͘
ϳ͘ ZŝƐŝŬŽZĞƉƵƚĂƐŝ
ĂůĂŵƵƉĂLJĂŵŝƚŝŐĂƐŝZŝƐŝŬŽZĞƉƵƚĂƐŝ͕WĞƌƐĞƌŽĂŶŵĞŶĞƌĂƉŬĂŶϰƉŝůĂƌŵĂŶĂũĞŵĞŶƌŝƐŝŬŽ͕LJĂŝƚƵ͗
▪ WĞŶŐĂǁĂƐĂŶĂŬƚŝĨŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐŐƵŶĂŵĞŵĂƐƚŝŬĂŶƉĞŶĞƌĂƉĂŶLJĂŶŐĞĨĞŬƚŝĨĚĂŶƚĞƌŝŶƚĞŐƌĂƐŝ͕ďĞƌƉĞƌŝůĂŬƵ
ƐĞĐĂƌĂƉƌŽĨĞƐŝŽŶĂůĚĂŶŵĞŶũĂŐĂĞƚŝŬĂďŝƐŶŝƐƐĞƌƚĂŵĞŶĞƚĂƉŬĂŶĂůƵƌƉĞŶLJĂŵƉĂŝĂŶŝŶĨŽƌŵĂƐŝŬĞƉĂĚĂĚĞďŝƚƵƌĚĂŶƉŝŚĂŬ
ĞŬƐƚĞƌŶĂůůĂŝŶŶLJĂƚĞƌŬĂŝƚĚĞŶŐĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ
▪ <ĞĐƵŬƵƉĂŶŬĞďŝũĂŬĂŶĚĂŶƉƌŽƐĞĚƵƌDĂŶĂũĞŵĞŶZŝƐŝŬŽZĞƉƵƚĂƐŝƐĞƌƚĂƉĞŶĞƚĂƉĂŶůŝŵŝƚZŝƐŝŬŽ
▪ <ĞĐƵŬƵƉĂŶ ƉƌŽƐĞƐ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ ƐĞƌƚĂ ƐŝƐƚĞŵ ŝŶĨŽƌŵĂƐŝ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ ZĞƉƵƚĂƐŝ͕ ĂŶƚĂƌĂ ůĂŝŶ ĚĞŶŐĂŶ ƐĞŐĞƌĂ
ŵĞŶŝŶĚĂŬůĂŶũƵƚŝĚĂŶŵĞŶŐĂƚĂƐŝĂĚĂŶLJĂŬĞůƵŚĂŶŶĂƐĂďĂŚĚĂŶŐƵŐĂƚĂŶŚƵŬƵŵLJĂŶŐĚĂƉĂƚŵĞŶŝŶŐŬĂƚŬĂŶĞŬƐƉŽƐƵƌZŝƐŝŬŽ
ZĞƉƵƚĂƐŝĚĞŶŐĂŶŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶŵĂƚĞƌŝĂůŝƚĂƐƉĞƌŵĂƐĂůĂŚĂŶĚĂŶďŝĂLJĂ͕ĚĂŶŵĞůĂŬƵŬĂŶƉĞŵĂŶƚĂƵĂŶƉĞŶLJĞůĞƐĂŝĂŶ
ĐƵƐƚŽŵĞƌĐŽŵƉůĂŝŶ͕ĚƐď͘WĞƌƐĞƌŽĂŶũƵŐĂŵĞŶŐĞŵďĂŶŐŬĂŶŵĞŬĂŶŝƐŵĞĚĂůĂŵŵĞůĂŬƵŬĂŶƚŝŶĚĂŬĂŶƉĞŶŐĞŶĚĂůŝĂŶZŝƐŝŬŽ
ZĞƉƵƚĂƐŝ LJĂŶŐ ĞĨĞŬƚŝĨ͕ LJĂŝƚƵ ĚĞŶŐĂŶ ĐĂƌĂ ƉĞŶĐĞŐĂŚĂŶ ƚĞƌũĂĚŝŶLJĂ ŬĞũĂĚŝĂŶ LJĂŶŐ ŵĞŶŝŵďƵůŬĂŶ ZŝƐŝŬŽ ZĞƉƵƚĂƐŝ ĚĂŶ
WĞŵƵůŝŚĂŶƌĞƉƵƚĂƐŝWĞƌƵƐĂŚĂĂŶƐĞƚĞůĂŚƚĞƌũĂĚŝŬĞũĂĚŝĂŶLJĂŶŐŵĞŶŝŵďƵůŬĂŶZŝƐŝŬŽZĞƉƵƚĂƐŝ͘ŶƚĂƌĂůĂŝŶŵĞůĂůƵŝĂŬƚŝǀŝƚĂƐ
dĂŶŐŐƵŶŐ ũĂǁĂď ƐŽƐŝĂů ƉĞƌƵƐĂŚĂĂŶ ;ĐŽƌƉŽƌĂƚĞ ƐŽĐŝĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJͿ ĚĂŶ ŬŽŵƵŶŝŬĂƐŝ ĂƚĂƵ ĞĚƵŬĂƐŝ ƐĞĐĂƌĂ ƌƵƚŝŶ ŬĞƉĂĚĂ
ƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶ͘
▪ WĞŶĞƌĂƉĂŶ^ŝƐƚĞŵƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůLJĂŶŐŵĞŶLJĞůƵƌƵŚĚŝƚĞƌĂƉŬĂŶƐĞĐĂƌĂĞĨĞŬƚŝĨĚĞŶŐĂŶŵĞŶŐĂĐƵƉĂĚĂŬĞďŝũĂŬĂŶ
ĚĂŶƉƌŽƐĞĚƵƌLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͕ĂĚĂŶLJĂũĂůƵƌƉĞůĂƉŽƌĂŶĚĂŶƉĞŵŝƐĂŚĂŶĨƵŶŐƐŝLJĂŶŐũĞůĂƐ͕ŬĂũŝƵůĂŶŐLJĂŶŐĞĨĞŬƚŝĨ͕
ŝŶĚĞƉĞŶĚĞŶ͕ĚĂŶŽďLJĞŬƚŝĨLJĂŶŐĚŝůĂŬƵŬĂŶƐĞĐĂƌĂďĞƌŬĂůĂĚĂŶďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶŽůĞŚĨƵŶŐƐŝŬĞƌũĂLJĂŶŐŝŶĚĞƉĞŶĚĞŶĚĂƌŝ
ĨƵŶŐƐŝďŝƐŶŝƐĚĂŶŽƉĞƌĂƐŝŽŶĂůƚĞƌŚĂĚĂƉƉĞŶĂŶŐĂŶĂŶŬĞůĞŵĂŚĂŶWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂů͕LJĂŶŐŚĂƐŝůŶLJĂĚŝƉĂŶƚĂƵ
ĚĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞƌƚĂĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶƐĞĐĂƌĂůĞŶŐŬĂƉĚĂŶŵĞŵĂĚĂŝ͘
ϴ͘ ZŝƐŝŬŽ<ĞƉĂƚƵŚĂŶ
ĂůĂŵƵƉĂLJĂŵŝƚŝŐĂƐŝZŝƐŝŬŽZĞƉƵƚĂƐŝ͕WĞƌƐĞƌŽĂŶŵĞŶĞƌĂƉŬĂŶϰƉŝůĂƌŵĂŶĂũĞŵĞŶƌŝƐŝŬŽ͕LJĂŝƚƵ͗
▪ WĞŶŐĂǁĂƐĂŶ ĂŬƚŝĨ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŐƵŶĂ ŵĞŵĂƐƚŝŬĂŶ ƉĞŶĞƌĂƉĂŶ LJĂŶŐ ĞĨĞŬƚŝĨ ĚĂŶ ƚĞƌŝŶƚĞŐƌĂƐŝ ƐĞƌƚĂ
ŵĞŵĂƐƚŝŬĂŶďĂŚǁĂƐĞƚŝĂƉƉĞƌŵĂƐĂůĂŚĂŶŬĞƉĂƚƵŚĂŶLJĂŶŐƚŝŵďƵůĚĂƉĂƚĚŝƐĞůĞƐĂŝŬĂŶƐĞĐĂƌĂĞĨĞŬƚŝĨŽůĞŚĨƵŶŐƐŝƚĞƌŬĂŝƚĚĂŶ
ĚŝůĂŬƵŬĂŶ ƉĞŵĂŶƚĂƵĂŶ ĂƚĂƐ ƚŝŶĚĂŬĂŶ ƉĞƌďĂŝŬĂŶ ŽůĞŚ ĨƵŶŐƐŝ ŬĞƉĂƚƵŚĂŶ͕ ƐĞƌƚĂ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ƐĞůƵƌƵŚ ŬĞďŝũĂŬĂŶ͕
ŬĞƚĞŶƚƵĂŶ͕ ƐŝƐƚĞŵ͕ ĚĂŶ ƉƌŽƐĞĚƵƌ͕ ƐĞƌƚĂ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ LJĂŶŐ ĚŝůĂŬƵŬĂŶ WĞƌƵƐĂŚĂĂŶ ƚĞůĂŚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ
ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͘
▪ <ĞĐƵŬƵƉĂŶŬĞďŝũĂŬĂŶĚĂŶƉƌŽƐĞĚƵƌDĂŶĂũĞŵĞŶZŝƐŝŬŽ<ĞƉĂƚƵŚĂŶƐĞƌƚĂƉĞŶĞƚĂƉĂŶůŝŵŝƚZŝƐŝŬŽ͘
▪ <ĞĐƵŬƵƉĂŶƉƌŽƐĞƐŝĚĞŶƚŝĨŝŬĂƐŝ͕ƉĞŶŐƵŬƵƌĂŶ͕ƉĞŶŐĞŶĚĂůŝĂŶ͕ĚĂŶƉĞŵĂŶƚĂƵĂŶZŝƐŝŬŽ͕ƐĞƌƚĂƐŝƐƚĞŵŝŶĨŽƌŵĂƐŝDĂŶĂũĞŵĞŶ
ZŝƐŝŬŽ<ĞƉĂƚƵŚĂŶ͘WĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶŝĚĞŶƚŝĨŝŬĂƐŝĚĂŶƉĞŶŐƵŬƵƌĂŶƌŝƐŝŬŽĂŶƚĂƌĂůĂŝŶďĞƌĚĂƐĂƌŬĂŶũĞŶŝƐĚĂŶƐŝŐŶŝĨŝŬĂŶƐŝ
ƉĞůĂŶŐŐĂƌĂŶĚĂŶĨƌĞŬƵĞŶƐŝƉĞůĂŶŐŐĂƌĂŶ͘ZŝƐŝŬŽLJĂŶŐƚĞƌũĂĚŝĚŝůĂŬƵŬĂŶƚŝŶĚĂŬůĂŶũƵƚĚĂŶĚŝůĂŬƵŬĂŶƉĞŵĂŶƚĂƵĂŶƐĞƌƚĂŬĂũŝ
ƵůĂŶŐƐĞĐĂƌĂďĞƌŬĂůĂ͘^ĞƚŝĂƉŬĞũĂĚŝĂŶĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶĚĂŶĚŝůĂƉŽƌŬĂŶ͘
▪ WĞŶĞƌĂƉĂŶ^ŝƐƚĞŵƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůLJĂŶŐŵĞŶLJĞůƵƌƵŚĚŝƚĞƌĂƉŬĂŶƐĞĐĂƌĂĞĨĞŬƚŝĨĚĞŶŐĂŶŵĞŶŐĂĐƵƉĂĚĂŬĞďŝũĂŬĂŶ
ĚĂŶƉƌŽƐĞĚƵƌLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͕ĂĚĂŶLJĂũĂůƵƌƉĞůĂƉŽƌĂŶĚĂŶƉĞŵŝƐĂŚĂŶĨƵŶŐƐŝLJĂŶŐũĞůĂƐ͕ŬĂũŝƵůĂŶŐLJĂŶŐĞĨĞŬƚŝĨ͕
ŝŶĚĞƉĞŶĚĞŶ͕ĚĂŶŽďLJĞŬƚŝĨLJĂŶŐĚŝůĂŬƵŬĂŶƐĞĐĂƌĂďĞƌŬĂůĂĚĂŶďĞƌŬĞƐŝŶĂŵďƵŶŐĂŶŽůĞŚĨƵŶŐƐŝŬĞƌũĂLJĂŶŐŝŶĚĞƉĞŶĚĞŶĚĂƌŝ
ĨƵŶŐƐŝďŝƐŶŝƐĚĂŶŽƉĞƌĂƐŝŽŶĂůƚĞƌŚĂĚĂƉƉĞŶĂŶŐĂŶĂŶŬĞůĞŵĂŚĂŶWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂů͕LJĂŶŐŚĂƐŝůŶLJĂĚŝƉĂŶƚĂƵ
ĚĂŶĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞƌƚĂĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶƐĞĐĂƌĂůĞŶŐŬĂƉĚĂŶŵĞŵĂĚĂŝ͘
ZŝƐŝŬŽůĂŝŶLJĂŶŐĚŝŬĞůŽůĂŽůĞŚWĞƌƐĞƌŽĂŶĂŶƚĂƌĂůĂŝŶ͗
ϭ͘ ZŝƐŝŬŽWĞƌƵďĂŚĂŶdĞŬŶŽůŽŐŝĚĂŶ^ĞƌĂŶŐĂŶLJďĞƌ
ĂůĂŵ ƵƉĂLJĂ ŵŝƚŝŐĂƐŝ ZŝƐŝŬŽ WĞƌƵďĂŚĂŶ dĞŬŶŽůŽŐŝ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵŝůŝŬŝ ^ĞĐƵƌŝƚLJ Θ 'ŽǀĞƌŶĂŶĐĞ ƌĐŚŝƚĞĐƚƵƌĞ LJĂŶŐ
ďĞƌƉĞĚŽŵĂŶƉĂĚĂWK:<ϰͬWK:<͘ϬϱͬϮϬϮϭΘK^K͕ƐĞƌƚĂĚŝĚƵŬƵŶŐŽůĞŚĨƵŶŐƐŝŬĞƌũĂ/d ^ĞĐƵƌŝƚLJΘ'ŽǀĞƌŶĂŶĐĞ͘WĞƌƐĞƌŽĂŶ
ũƵŐĂ ŵĞŶĞƌĂƉŬĂŶ ϰ ƉŝůůĂƌ ŵĂŶĂũĞŵĞŶ ƌŝƐŝŬŽ͕ LJĂŝƚƵ WĞŶŐĂǁĂƐĂŶ ĂŬƚŝĨ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŐƵŶĂ ŵĞŵĂƐƚŝŬĂŶ
ƉĞŶĞƌĂƉĂŶ LJĂŶŐ ĞĨĞŬƚŝĨ ĚĂŶ ƚĞƌŝŶƚĞŐƌĂƐŝ ĚĂůĂŵ ƉĞŶŐĞůŽůĂĂŶ ƉĞƌŬĞŵďĂŶŐĂŶ ƚĞŬŶŽůŽŐŝ ĚĂŶ ƌŝƐŝŬŽ /d WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ
ŵĞŵďĞŶƚƵŬ /d ^ƚĞĞƌŝŶŐ Θ ĂƚĂ ^ĞĐƵƌŝƚLJ ŽŵŵŝƚƚĞĞ͖ <ĞĐƵŬƵƉĂŶ ŬĞďŝũĂŬĂŶ ĚĂŶ ƉƌŽƐĞĚƵƌ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ /d ƐĞƌƚĂ
ƉĞŶĞƚĂƉĂŶ ůŝŵŝƚ ZŝƐŝŬŽ͖ <ĞĐƵŬƵƉĂŶ ƉƌŽƐĞƐ ŝĚĞŶƚŝĨŝŬĂƐŝ͕ ƉĞŶŐƵŬƵƌĂŶ͕ ƉĞŶŐĞŶĚĂůŝĂŶ͕ ĚĂŶ ƉĞŵĂŶƚĂƵĂŶ ZŝƐŝŬŽ͕ ƐĞƌƚĂ ƐŝƐƚĞŵ
ŝŶĨŽƌŵĂƐŝDĂŶĂũĞŵĞŶZŝƐŝŬŽ͖ƐĞƌƚĂWĞŶĞƌĂƉĂŶ^ŝƐƚĞŵƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůLJĂŶŐŵĞŶLJĞůƵƌƵŚ͘
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DĂŶĂũĞŵĞŶZŝƐŝŬŽ&ůƵŬƚƵĂƐŝ<ƵƌƐDĂƚĂhĂŶŐƐŝŶŐƚĂƵ^ƵŬƵƵŶŐĂĐƵĂŶWŝŶũĂŵĂŶ
hŶƚƵŬ ŵĞŶŐĂŶƚŝƐŝƉĂƐŝ ĚĂŶ ŵĞŶŐƵƌĂŶŐŝ ƌŝƐŝŬŽ ĨůƵŬƚƵĂƐŝ ŬƵƌƐ ƚĞƌŚĂĚĂƉ ŽůĂƌ ^͘ WĞƌƐĞƌŽĂŶ ŵĞŶŐƵƐĂŚĂŬĂŶ͕ Ěŝ ŵĂŶĂ
ŵĞŵƵŶŐŬŝŶŬĂŶ͕ƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶďĂŚǁĂƐĞďĂŐŝĂŶďĞƐĂƌƉĞŵďĞůŝĂŶĚĂŶƉĞŶũƵĂůĂŶĚŝůĂŬƵŬĂŶĚĂůĂŵŵĂƚĂƵĂŶŐLJĂŶŐƐĂŵĂ
ƐĞƌƚĂĚŝůĂŬƵŬĂŶƉĂĚĂƐĂĂƚLJĂŶŐŚĂŵƉŝƌďĞƌƐĂŵĂĂŶĚĂŶŵĞŶŐŝŵƉůĞŵĞŶƚĂƐŝŬĂŶŬĞďŝũĂŬĂŶĚŝŵĂŶĂŚƵƚĂŶŐĚĂůĂŵŵĂƚĂƵĂŶŐ
ĂƐŝŶŐLJĂŶŐĚŝŐƵŶĂŬĂŶƵŶƚƵŬŵĞŵďŝĂLJĂŝŬĞŐŝĂƚĂŶƵƐĂŚĂƚĞůĂŚƐĞƉĞŶƵŚŶLJĂĚŝůĂŬƵŬĂŶůŝŶĚƵŶŐ ŶŝůĂŝƵŶƚƵŬŵĞŵĂƐƚŝŬĂŶŚĂƐŝů
ƵƐĂŚĂWĞƌƐƌŽĂŶƚŝĚĂŬƚĞƌƉĂƉĂƌƌŝƐŝŬŽĨůƵŬƚƵĂƐŝŬƵƌƐŵĂƚĂƵĂŶŐĂƐŝŶŐĚŝŬĞŵƵĚŝĂŶŚĂƌŝ͘DĂŶĂũĞŵĞŶũƵŐĂŵĞŵĂŶƚĂƵƵŶƚƵŬ
ŵĞŵĂƐƚŝŬĂŶďĂŚǁĂŬĞďŝũĂŬĂŶƚĞƌƐĞďƵƚĚŝŝŵƉůĞŵĞŶƚĂƐŝŬĂŶƐĞŵĂŬƐŝŵƵŵŵƵŶŐŬŝŶ͘
WĞƌƐĞƌŽĂŶ ŵĞŶŐĞůŽůĂ ďŝĂLJĂ ďƵŶŐĂ ŵĞůĂůƵŝ ŬŽŵďŝŶĂƐŝ ƵƚĂŶŐ ƉŝŶũĂŵĂŶ ĚĂŶ ƵƚĂŶŐ ƐƵƌĂƚ ƵƚĂŶŐ͘ WĞƌƐĞƌŽĂŶ ŵĞŶĐĂƌŝ ƐƵŵďĞƌ
ĚĂŶĂͬƉĞŵďŝĂLJĂĂŶ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ LJĂŶŐ ŽƉƚŝŵĂů ĚĂŶ ĚŝŵĂŶĂ ŵĞŵƵŶŐŬŝŶŬĂŶ ĂŬĂŶ ŵĞůĂŬƵŬĂŶ ŶĞŐŽƐŝĂƐŝ ĚĞŶŐĂŶ ŬƌĞĚŝƚƵƌ
ĚĂůĂŵƌĂŶŐŬĂŵĞŵƉĞƌŽůĞŚƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂLJĂŶŐŽƉƚŝŵĂů͘
^ĂŵƉĂŝĚĞŶŐĂŶƉƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝŬĞũĂĚŝĂŶĂƚĂƵƚƌĂŶƐĂŬƐŝLJĂŶŐƚŝĚĂŬ ŶŽƌŵĂůĚĂŶũĂƌĂŶŐ
ƚĞƌũĂĚŝ ĂƚĂƵ ƉĞƌƵďĂŚĂŶ ƉĞŶƚŝŶŐ ĚĂůĂŵ ĞŬŽŶŽŵŝ LJĂŶŐ ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ũƵŵůĂŚ ƉĞŶĚĂƉĂƚĂŶ ĚĂŶ ƉƌŽĨŝƚĂďŝůŝƚĂƐ LJĂŶŐ
ĚŝůĂƉŽƌŬĂŶĚĂůĂŵ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ͘
ĂŵƉĂŬWĞƌƵďĂŚĂŶ,ĂƌŐĂdĞƌŚĂĚĂƉWĞŶĚĂƉĂƚĂŶhƐĂŚĂĚĂŶ>ĂďĂKƉĞƌĂƐŝ^ĞůĂŵĂϮ;ĚƵĂͿdĂŚƵŶdĞƌĂŬŚŝƌ
/ŶĨůĂƐŝ͕ƉĞƌƵďĂŚĂŶŬƵƌƐǀĂůƵƚĂĂƐŝŶŐĚĂŶƉĞƌƵďĂŚĂŶŚĂƌŐĂĚĂůĂŵŚĂůŝŶŝƉĞƌƵďĂŚĂŶƐƵŬƵďƵŶŐĂƚŝĚĂŬŵĞŵďĂǁĂĚĂŵƉĂŬLJĂŶŐ
ŵĂƚĞƌŝĂůƚĞƌŚĂĚĂƉůĂďĂŽƉĞƌĂƐŝWĞƌƐĞƌŽĂŶƐĞůĂŵĂϮ;ĚƵĂͿƚĂŚƵŶƚĞƌĂŬŚŝƌ͘
<ĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚĚĂŶ/ŶƐƚŝƚƵƐŝ>ĂŝŶŶLJĂzĂŶŐĞƌĚĂŵƉĂŬ>ĂŶŐƐƵŶŐDĂƵƉƵŶdŝĚĂŬ>ĂŶŐƐƵŶŐdĞƌŚĂĚĂƉ<ĞŐŝĂƚĂŶhƐĂŚĂ
ĂŶ/ŶǀĞƐƚĂƐŝWĞƌƐĞƌŽĂŶ
<ĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚĚĂŶ/ŶƐƚŝƚƵƐŝ>ĂŝŶŶLJĂLJĂŶŐďĞƌĚĂŵƉĂŬůĂŶŐƐƵŶŐŵĂƵƉƵŶƚŝĚĂŬůĂŶŐƐƵŶŐƚĞƌŚĂĚĂƉŬĞŐŝĂƚĂŶƵƐĂŚĂĚĂŶ
/ŶǀĞƐƚĂƐŝWĞƌƐĞƌŽĂŶĚŝĂŶƚĂƌĂŶLJĂĂĚĂůĂŚ͗
Ă͘ <ĞďŝũĂŬĂŶ ŵŽŶĞƚĞƌ ƐĞƉĞƌƚŝ ŬĞŶĂŝŬĂŶ ƚŝŶŐŬĂƚ ƐƵŬƵ ďƵŶŐĂ ĚĂŶ ĨůƵŬƚƵĂƐŝ ŶŝůĂŝ ŬƵƌƐ ŵĂƚĂ ƵĂŶŐ ĂƐŝŶŐ LJĂŶŐ ƚĞƌũĂĚŝ ĂŬĂŶ
ŵĞŵƉĞŶŐĂƌƵŚŝ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ ŬĂƌĞŶĂ ƐƵŵďĞƌ ƉĞŶĚĂŶĂĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŐŝĂŶ ďĞƐĂƌ ŵĂƐŝŚ ŵĞŶŐŐƵŶĂŬĂŶ
ƉŝŶũĂŵĂŶĂŶŬ
ď͘ <ĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ůĂŝŶŶLJĂ ƐĞƉĞƌƚŝ ŬĞďŝũĂŬĂŶ ĨŝƐŬĂů ƉĞŵĞƌŝŶƚĂŚ ŵĞůĂůƵŝ ƉĞŶŝŶŐŬĂƚĂŶ ĚĂŶ ŝŶƐĞŶƚŝĨ ƉĂũĂŬ͕ ŬĞďŝũĂŬĂŶ
ůĂŝŶŶLJĂ ƐĞƉĞƌƚŝ ŬĞďŝũĂŬĂŶ LJĂŶŐ ĚĂƉĂƚ ŵĞŵŝĐƵ ƉĞƌƵďĂŚĂŶ ŚĂƌŐĂͲŚĂƌŐĂ ŬŽŵŽĚŝƚĂƐ ĚĂŶ ďĂŚĂŶ ƉŽŬŽŬ LJĂŶŐ ĚĂƉĂƚ
ŵĞŵƉĞŶŐĂƌƵŚŝŬĞŐŝĂƚĂŶƉĞƌĞŬŽŶŽŵŝĂŶ͘
Đ͘ <ĞďŝũĂŬĂŶ ƉĞŵĞƌŝŶƚĂŚ ŵĞŶŐĞŶĂŝ ƵƉĂŚ ŵŝŶŝŵƵŵ ;hDZͬhDWͿ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ďĞďĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ďŝĂLJĂ
ƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂ
:ƵŵůĂŚWŝŶũĂŵĂŶLJĂŶŐDĂƐŝŚdĞƌƵƚĂŶŐƉĂĚĂdĂŶŐŐĂů>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶdĞƌĂŬŚŝƌ
WĂĚĂ ƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ͕ WĞƌƐĞƌŽĂŶ ŵĞŵŝůŝŬŝ ƉŝŶũĂŵĂŶ LJĂŶŐ ŵĂƐŝŚ ƚĞƌƵƚĂŶŐ ƐĞďĞƐĂƌ ZƉϯ͘ϱϭϳ͘ϵϯϮ͘ϯϭϳ͘Ϭϵϴ͕ LJĂŶŐ
ƚĞƌĚŝƌŝĚĂƌŝ͗
WŝŶũĂŵĂŶďĂŶŬ;/ZͿ–ŶĞƚŽZƉϰϰϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͖
WŝŶũĂŵĂŶďĂŶŬ;h^Ϳ–ŶĞƚŽZƉϭ͘ϴϱϳ͘ϲϮϴ͘ϬϬϬ͘ϬϬϬ͖
hƚĂŶŐŽďůŝŐĂƐŝ–ŶĞƚŽZƉϭ͘ϮϮϬ͘ϯϬϰ͘ϯϭϳ͘Ϭϵϴ
WĞƌƐĞƌŽĂŶ ƐĞůĂůƵ ŵĞůĂŬƵŬĂŶ ŵŽŶŝƚŽƌ ĂƚĂƐ ƉĞƌŐĞƌĂŬĂŶ ŶŝůĂŝ ƚƵŬĂƌ ŵĂƚĂ ƵĂŶŐ ĂƐŝŶŐ ĚĂŶ ƚŝŶŐŬĂƚ ƐƵŬƵ ďƵŶŐĂ LJĂŶŐ ĚĂƉĂƚ
ŵĞŵƉĞŶŐĂƌƵŚŝ ƚŝŶŐŬĂƚ ďƵŶŐĂ ƉĞŵďŝĂLJĂĂŶ͘ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƚƌĂŶƐĂŬƐŝ ůŝŶĚƵŶŐ ŶŝůĂŝ ;ŚĞĚŐŝŶŐͿ ĂƚĂƐ ƐĞůƵƌƵŚ
ƉŝŶũĂŵĂŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĂƚĂ ƵĂŶŐ ĂƐŝŶŐ ĚĂŶ ƚŝŶŐŬĂƚ ƐƵŬƵ ďƵŶŐĂ ŵĞŶŐĂŵďĂŶŐ ŵĞŶŐŐƵŶĂŬĂŶ ƌŽƐƐ ƵƌƌĞŶĐLJ ^ǁĂƉ͕
ƐĞŚŝŶŐŐĂƐĞůƵƌƵŚƉŝŶũĂŵĂŶWĞƌƐĞƌŽĂŶĚŝƉĞƌŚŝƚƵŶŐŬĂŶŵĞŶŐŐƵŶĂŬĂŶŵĂƚĂƵĂŶŐZƵƉŝĂŚĚĞŶŐĂŶƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂƚĞƚĂƉ͘
&ĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶĚĂƌŝƉĞƌďĂŶŬĂŶLJĂŶŐĚŝŵŝůŝŬŝWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
:ƵŵůĂŚ&ĂƐŝůŝƚĂƐ
:ĞŶŝƐ dĂŶŐŐĂů :ĂƚƵŚdĞŵƉŽ
EĂŵĂĂŶŬ &ĂƐŝůŝƚĂƐ :ƵŵůĂŚ&ĂƐŝůŝƚĂƐ LJĂŶŐĞůƵŵ
WŝŶũĂŵĂŶ WĞƌũĂŶũŝĂŶ &ĂƐŝůŝƚĂƐ
ŝƚĂƌŝŬ
Dh&' ĂŶŬ͕ >ƚĚ͕͘ ϭ DŽĚĂů<ĞƌũĂ ϯϬƉƌŝůϮϬϮϯ h^Ψϲϴ͘ϬϬϬ͘ϬϬϬ h^Ψϯϳ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
ĂďĂŶŐ:ĂŬĂƌƚĂ
Dh&' ĂŶŬ͕ >ƚĚ͕͘ Ϯ DŽĚĂů<ĞƌũĂ ϯϬƉƌŝůϮϬϮϯ h^Ψϱϰ͘ϬϬϬ͘ϬϬϬ h^Ψϱϰ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
ĂďĂŶŐ:ĂŬĂƌƚĂ
ĂŶŬ DŝnjƵŚŽ ϭ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^ΨϰϬ͘ϬϬϬ͘ϬϬϬ h^Ψϭϱ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
/ŶĚŽŶĞƐŝĂ
ĂŶŬ DŝnjƵŚŽ Ϯ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^ΨϯϮ͘ϬϬϬ͘ϬϬϬ h^ΨϭϬ͘ϯϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
/ŶĚŽŶĞƐŝĂ
WdĂŶŬdWEdďŬ ϭ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^ΨϰϬ͘ϬϬϬ͘ϬϬϬ h^ΨϮϳ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
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:ƵŵůĂŚ&ĂƐŝůŝƚĂƐ
:ĞŶŝƐ dĂŶŐŐĂů :ĂƚƵŚdĞŵƉŽ
EĂŵĂĂŶŬ &ĂƐŝůŝƚĂƐ :ƵŵůĂŚ&ĂƐŝůŝƚĂƐ LJĂŶŐĞůƵŵ
WŝŶũĂŵĂŶ WĞƌũĂŶũŝĂŶ &ĂƐŝůŝƚĂƐ
ŝƚĂƌŝŬ
WdĂŶŬdWEdďŬ Ϯ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^ΨϯϮ͘ϬϬϬ͘ϬϬϬ h^ΨϭϬ͘ϯϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
^ƵŵŝƚŽŵŽ DŝƚƐƵŝ ϭ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^Ψϯϳ͘ϱϬϬ͘ϬϬϬ h^ΨϭϬ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
dƌƵƐƚĂŶŬ>ƚĚ͕͘
ĂďĂŶŐ^ŝŶŐĂƉƵƌĂ
^ƵŵŝƚŽŵŽ DŝƚƐƵŝ Ϯ DŽĚĂů<ĞƌũĂ ϮϴƉƌŝůϮϬϮϯ h^ΨϮϮ͘ϬϬϬ͘ϬϬϬ h^ΨϮϮ͘ϬϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
dƌƵƐƚĂŶŬ>ƚĚ͕͘
ĂďĂŶŐ^ŝŶŐĂƉƵƌĂ
ĞƵƚƐĐŚĞĂŶŬ'͕ ϭ DŽĚĂů<ĞƌũĂ ϮϳƉƌŝůϮϬϮϯ h^ΨϭϮ͘ϬϬϬ͘ϬϬϬ h^Ψϱ͘ϱϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
ĂďĂŶŐ:ĂŬĂƌƚĂΎ
ĞƵƚƐĐŚĞĂŶŬ'͕ Ϯ DŽĚĂů<ĞƌũĂ ϮϳƉƌŝůϮϬϮϯ h^ΨϭϬ͘ϬϬϬ͘ϬϬϬ h^Ψϳ͘ϰϬϬ͘ϬϬϬ ϯϬƉƌŝůϮϬϮϰ
ĂďĂŶŐ:ĂŬĂƌƚĂΎ
Ύ:ƵŵůĂŚĨĂƐŝůŝƚĂƐƚĞƌŵĂƐƵŬƵŶƚƵŬĨĂƐŝůŝƚĂƐĐĞƌƵŬĂŶͬĨĂĐŝůŝƚLJĂŵŽƵŶƚŝŶĐůƵĚĞŽǀĞƌĚƌĂĨƚĨĂĐŝůŝƚLJ
:ĂƚƵŚƚĞŵƉŽƉŝŶũĂŵĂŶďĂŶŬďĞƌŬŝƐĂƌĂŶƚĂƌĂϭďƵůĂŶƐĂŵƉĂŝĚĞŶŐĂŶϰϲďƵůĂŶ͘
^ĞůĂŵĂŵĂƐĂďĞƌůĂŬƵŶLJĂƉŝŶũĂŵĂŶ͕WĞƌƐĞƌŽĂŶĚŝŚĂƌƵƐŬĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝďĞďĞƌĂƉĂƉĞƌƐLJĂƌĂƚĂŶŶĞŐĂƚŝĨ͘
&ĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶĚĂƌŝďĞďĞƌĂƉĂďĂŶŬƚĞƌƐĞďƵƚŵĞŶƐLJĂƌĂƚŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵďĞƌŝŬĂŶƉĞŵďĞƌŝƚĂŚƵĂŶƚĞƌƚƵůŝƐĚĂůĂŵ
ŚĂůƉĞƌƵďĂŚĂŶŵŽĚĂůĚĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵ͕ƉĞƌƵďĂŚĂŶƐƵƐƵŶĂŶĚŝƌĞŬƐŝĚĂŶŬŽŵŝƐĂƌŝƐ͕ƉĞƌƵďĂŚĂŶďŝƐŶŝƐƵƚĂŵĂ͕ŝŶǀĞƐƚĂƐŝ
ĚĂŶƉĞƌŽůĞŚĂŶƉŝŶũĂŵĂŶďĂƌƵĚĂƌŝďĂŶŬůĂŝŶ͘
^ĞďĂŐŝĂŶĚĂƌŝƉŝŶũĂŵĂŶďĞƌũĂŶŐŬĂĚŝũĂŵŝŶŽůĞŚ͗,ŝŶŽDŽƚŽƌƐ͕>ƚĚ͘ƐĞďĂŐĂŝƉĞŵĞŐĂŶŐƐĂŚĂŵ͖WddƌŝƚƵŶŐŐĂů/ŶƚŝWĞƌŵĂƚĂĚĂŶ
^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶƐĞďĂŐĂŝWĞƌƐĞƌŽĂŶLJĂŶŐŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶŬŚƵƐƵƐ͕ƉŝŚĂŬƚĞƌŬĂŝƚŵĂƐŝŶŐͲŵĂƐŝŶŐϰϬй͕ϰϬйĚĂŶϮϬй͘
WĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮũƵŵůĂŚŵĂŬƐŝŵƵŵƉŝŶũĂŵĂŶLJĂŶŐĚŝũĂŵŝŶĂĚĂůĂŚƐĞďĞƐĂƌ^Ψϭϵϳ͘ϱϬϬ͘ϬϬϬ
ĚĂŶ ^Ψϭϲϱ͘ϬϬϬ͘ϬϬϬ͘ dĞƌĚĂƉĂƚ ďĂƚĂƐĂŶͲďĂƚĂƐĂŶ ƵŵƵŵ LJĂŶŐ ǁĂũŝď ĚŝƉĞŶƵŚŝ ŽůĞŚ WĞƌƵƐĂŚĂĂŶ ƵŶƚƵŬ ƉĞƌũĂŶũŝĂŶ ŬƌĞĚŝƚ
ƚĞƌƐĞďƵƚ͘
^ĞůĂŵĂƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝďĂƚĂƐĂŶͲďĂƚĂƐĂŶ
ƉĞƌƐLJĂƌĂƚĂŶLJĂŶŐĚŝǁĂũŝďŬĂŶĚĂůĂŵĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶĚŝĂƚĂƐ͘
dŝĚĂŬĂĚĂĂƐĞƚWĞƌƐĞƌŽĂŶLJĂŶŐĚŝũĂŵŝŶŬĂŶƵŶƚƵŬƉŝŶũĂŵĂŶͲƉŝŶũĂŵĂŶĚŝĂƚĂƐ͘
ĚĂƉƵŶŶĂůŝƐŝƐ:ĂƚƵŚdĞŵƉŽWŝŶũĂŵĂŶLJĂŶŐŝƚĞƌŝŵĂĚĂŶhƚĂŶŐKďůŝŐĂƐŝWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
<ĞƚĞƌĂŶŐĂŶ WŝŶũĂŵĂŶĂŶŬͲEĞƚŽ hƚĂŶŐŽďůŝŐĂƐŝͲEĞƚŽ
<ƵƌĂŶŐĚĂƌŝϯďƵůĂŶ ϰϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ Ͳ
ϯͲϭϮďƵůĂŶ ϲϰϭ͘ϮϮϰ͘ϬϬϬ͘ϬϬϬ ϯϲϰ͘ϴϮϭ͘ϰϳϵ͘ϴϰϮ
ϭͲϱƚĂŚƵŶ ϭ͘Ϯϱϲ͘ϰϬϰ͘ϬϬϬ͘ϬϬϬ ϴϱϱ͘ϰϴϮ͘ϴϯϳ͘Ϯϱϲ
dŽƚĂů Ϯ͘Ϯϵϳ͘ϲϮϴ͘ϬϬϬ͘ϬϬϬ ϭ͘ϮϮϬ͘ϯϬϰ͘ϯϭϳ͘Ϭϵϴ
WĞŵďĂLJĂƌĂŶ ŬĞǁĂũŝďĂŶ ũĂƚƵŚ ƚĞŵƉŽ ƚĞƌƐĞďƵƚ ĂŬĂŶ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ĚĂŶĂ ŝŶƚĞƌŶĂů ŵĞůĂůƵŝ ĂƌƵƐ ŬĂƐ ĚĂƌŝ
ŬĞŐŝĂƚĂŶ ŽƉĞƌĂƐŝŽŶĂů ĚĂŶ ĞŬƐƚĞƌŶĂů ƐĞƉĞƌƚŝ ƉŝŶũĂŵĂŶ ƉĞƌďĂŶŬĂŶ ĚĂŶ ĚĂŶĂ ŽďůŝŐĂƐŝ͘ dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŬĞďƵƚƵŚĂŶ ƉŝŶũĂŵĂŶ
ŵƵƐŝŵĂŶ͘ WĞƌƐĞƌŽĂŶ ƚĞƌƵƐ ďĞƌƵƉĂLJĂ ƵŶƚƵŬ ŵĞŶũĂŐĂ ŬĞƐĞŝŵďĂŶŐĂŶ ƉƌŽĨŝů ƉŝŶũĂŵĂŶ ƉĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ ǁĂŬƚƵ ũĂƚƵŚ
ƚĞŵƉŽ͕ũĞŶŝƐďƵŶŐĂƉŝŶũĂŵĂŶĚĂŶũĞŶŝƐŵĂƚĂƵĂŶŐƵŶƚƵŬŵĞŶŐŽƉƚŝŵĂůŬĂŶŬŝŶĞƌũĂŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
/ŶǀĞƐƚĂƐŝĂƌĂŶŐDŽĚĂůzĂŶŐŝŬĞůƵĂƌŬĂŶĂůĂŵZĂŶŐŬĂWĞƌƐLJĂƌĂƚĂŶZĞŐƵůĂƐŝĂŶ/ƐƵ>ŝŶŐŬƵŶŐĂŶ,ŝĚƵƉ
dŝĚĂŬƚĞƌĚĂƉĂƚŝŶǀĞƐƚĂƐŝďĂƌĂŶŐŵŽĚĂůLJĂŶŐĚŝŬĞůƵĂƌŬĂŶƐĞďĂŐĂŝƉĞƌƐLJĂƌĂƚĂŶƌĞŐƵůĂƐŝĚĂŶŝƐƵůŝŶŐŬƵŶŐĂŶŚŝĚƵƉ͘
<ĞũĂĚŝĂŶ ƚĂƵ dƌĂŶƐĂŬƐŝ zĂŶŐ dŝĚĂŬ EŽƌŵĂů ĂŶ :ĂƌĂŶŐ dĞƌũĂĚŝ zĂŶŐ ĂƉĂƚ DĞŵƉĞŶŐĂƌƵŚŝ :ƵŵůĂŚ WĞŶĚĂƉĂƚĂŶ ĂŶ
WƌŽĨŝƚĂďŝůŝƚĂƐWĞƌƐĞƌŽĂŶ
dŝĚĂŬƚĞƌĚĂƉĂƚŬĞũĂĚŝĂŶĂƚĂƵƚƌĂŶƐĂŬƐŝLJĂŶŐƚŝĚĂŬŶŽƌŵĂůĚĂŶũĂƌĂŶŐƚĞƌũĂĚŝĂƚĂƵƉĞƌƵďĂŚĂŶƉĞŶƚŝŶŐĚĂůĂŵĞŬŽŶŽŵŝLJĂŶŐ
ĚĂƉĂƚ ŵĞŵƉĞŶŐĂƌƵŚŝ ũƵŵůĂŚ ƉĞŶĚĂƉĂƚĂŶ ĚĂŶ ƉƌŽĨŝƚĂďŝůŝƚĂƐ LJĂŶŐ ĚŝůĂƉŽƌŬĂŶ ĚĂůĂŵ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝĂƵĚŝƚ
ƵŶƚƵŬƚĂŚƵŶϮϬϮϯĚĂŶϮϬϮϮ͘
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WĞŶŐƵŶŐŬĂƉĂŶ<ŽŵƉŽŶĞŶWĞŶƚŝŶŐĂƌŝWĞŶĚĂƉĂƚĂŶƚĂƵĞďĂŶ>ĂŝŶŶLJĂ
WĞŶĚĂƉĂƚĂŶůĂŝŶͲůĂŝŶƚĞƌĚŝƌŝĚĂƌŝĚĞŶĚĂŬĞƚĞƌůĂŵďĂƚĂŶ͕ƉĞŶĚĂƉĂƚĂŶƚĞƌŵŝŶĂƐŝĚŝŶŝ͕ƉĞŶĚĂƉĂƚĂŶĂĚŵŝŶŝƐƚƌĂƐŝĚĂŶƉĞŶĚĂƉĂƚĂŶ
ŽƉĞƌĂƐŝůĂŝŶŶLJĂ͘
WĞŶŝŶŐŬĂƚĂŶ zĂŶŐ DĂƚĞƌŝĂů Ăƌŝ WĞŶũƵĂůĂŶ ƚĂƵ WĞŶĚĂƉĂƚĂŶ ĞƌƐŝŚ ŝŬĂŝƚŬĂŶ ĞŶŐĂŶ <ĞŶĂŝŬĂŶ ,ĂƌŐĂ͕ sŽůƵŵĞ ƚĂƵ
:ƵŵůĂŚĂƌĂŶŐƚĂƵ:ĂƐĂzĂŶŐŝũƵĂů
WĞŶŝŶŐŬĂƚĂŶǀŽůƵŵĞƉĞŶũƵĂůĂŶ;ƉĞŵďŝĂLJĂĂŶďĂƌƵͿƉĞƌƐĞƌŽĂŶƐĞůĂŵĂϮƚĂŚƵŶƚĞƌĂŬŚŝƌĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͘WĂĚĂƚĂŚƵŶ
ϮϬϮϮǀŽůƵŵĞƉĞŵďŝĂLJĂĂŶďĂƌƵƚĞƌĐĂƚĂƚƐĞďĞƐĂƌZƉϯ͘Ϭϳϱ͘ϱϰϬ͘ϳϴϰ͘ϯϰϵƐĞŵĞŶƚĂƌĂǀŽůƵŵĞƉĞŵďŝĂLJĂĂŶďĂƌƵƉĂĚĂƚĂŚƵŶϮϬϮϯ
ƚĞƌĐĂƚĂƚ ƐĞďĞƐĂƌ ZƉϯ͘Ϯϲϱ͘ϭϰϳ͘ϴϯϵ͘ϮϬϰ͘ <ĞŶĂŝŬĂŶ ǀŽůƵŵĞ ƉĞŵďŝĂLJĂĂŶ ďĂƌƵ ƚĞƌƵƚĂŵĂ ĚŝƐĞďĂďŬĂŶ ŬĂƌĞŶĂ ƉĞƌƚƵŵďƵŚĂŶ
ĞŬŽŶŽŵŝ /ŶĚŽŶĞƐŝĂ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϯ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ĚŝďĂŶĚŝŶŐŬĂŶ ƚĂŚƵŶ ϮϬϮϮ ƐĞŚŝŶŐŐĂ ďĞƌĚĂŵƉĂŬ ƚĞƌŚĂĚĂƉ
ƉĞŶŝŶŐŬĂƚĂŶƉĞŵďĞƌŝĂŶƉĞŵďŝĂLJĂĂŶďĂƌƵŬĞƉĂĚĂƉĞůĂŶŐŐĂŶ͘
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s/͘ &<dKZZ/^/<K
ĂůĂŵŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬƚĞƌůĞƉĂƐĚĂƌŝďĞƌďĂŐĂŝƌŝƐŝŬŽƵƐĂŚĂLJĂŶŐĚŝƉĞŶŐĂƌƵŚŝŽůĞŚĨĂŬƚŽƌͲ
ĨĂŬƚŽƌŝŶƚĞƌŶĂůŵĂƵƉƵŶĞŬƐƚĞƌŶĂů͕LJĂŶŐĚĂƉĂƚŵĞŵƉĞŶŐĂƌƵŚŝŬŝŶĞƌũĂĚĂŶƉĞŶĚĂƉĂƚĂŶWĞƌƐĞƌŽĂŶ͘ZŝƐŝŬŽLJĂŶŐƚŝŵďƵůĚŝŬĞůŽůĂ
ĚĂŶ ĚŝŬĞŶĚĂůŝŬĂŶ ĂŐĂƌ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƌŝƐŬ ĂƉƉĞƚŝƚĞ WĞƌƐĞƌŽĂŶ͘ ĂůĂŵ ŵĞŶĚƵŬƵŶŐ ƉĞŶŐĞůŽůĂĂŶ ƌŝƐŝŬŽ͕ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ
ŵĞŵďĞŶƚƵŬ<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽĚĂŶ<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽLJĂŶŐŵĞŵďĂŶƚƵŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂůĂŵ
ŵĞŵĂŶƚĂƵƉĞŶŐĞůŽůĂĂŶƌŝƐŝŬŽWĞƌƐĞƌŽĂŶ͘
ZŝƐŝŬŽͲƌŝƐŝŬŽLJĂŶŐĚŝƵƌĂŝŬĂŶďĞƌŝŬƵƚŵĞƌƵƉĂŬĂŶƌŝƐŝŬŽͲƌŝƐŝŬŽLJĂŶŐŵĂƚĞƌŝĂůďĂŐŝWĞƌƐĞƌŽĂŶLJĂŶŐƚĞůĂŚĚŝƐƵƐƵŶƐĞƐƵĂŝĚĞŶŐĂŶ
ďŽďŽƚƌŝƐŝŬŽďĞƌĚĂƐĂƌŬĂŶĚĂŵƉĂŬĚĂƌŝŵĂƐŝŶŐͲŵĂƐŝŶŐƌŝƐŝŬŽƚĞƌŚĂĚĂƉŬŝŶĞƌũĂŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶLJĂŶŐĚŝŵƵůĂŝĚĂƌŝƌŝƐŝŬŽ
ƵƚĂŵĂWĞƌƐĞƌŽĂŶ͘
͘ Z/^/<KhdD
ZŝƐŝŬŽ<ƌĞĚŝƚĂƚĂƵZŝƐŝŬŽWĞŵďŝĂLJĂĂŶ
ZŝƐŝŬŽ <ƌĞĚŝƚ ĂĚĂůĂŚ ƌŝƐŝŬŽ ĂŬŝďĂƚ ŬĞŐĂŐĂůĂŶ ƉŝŚĂŬ ůĂŝŶ ĚĂůĂŵ ŵĞŵĞŶƵŚŝ ŬĞǁĂũŝďĂŶ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ͕ ũƵŐĂ ĚĂƉĂƚ
ĚŝŝĚĞŶƚŝĨŝŬĂƐŝ ƐĞďĂŐĂŝ ŬĞƌƵŐŝĂŶ ĚĂƌŝ ƉĞŶƵƌƵŶĂŶ ĂƚĂƵ ƉĞŶŐŚĂƉƵƐĂŶ ŶŝůĂŝ ĂƐĞƚ ƚĞƌŵĂƐƵŬ ĂƐƐĞƚ ŽĨĨͲďĂůĂŶĐĞ ƐŚĞĞƚ͘ ZŝƐŝŬŽ ŝŶŝ
ďĞƌƐƵŵďĞƌĂŶƚĂƌĂůĂŝŶĚĂƌŝƉŽƌƚŽĨŽůŝŽƉŝƵƚĂŶŐƉĞŵďŝĂLJĂĂŶ͕ƚŝŶŐŬĂƚŬŽŶƐĞŶƚƌĂƐŝ͕ŬƵĂůŝƚĂƐƉŝƵƚĂŶŐLJĂŶŐƌĞŶĚĂŚ͕ŬĞĐƵŬƵƉĂŶ
ƉĞŶĐĂĚĂŶŐĂŶLJĂŶŐŬƵƌĂŶŐŵĞŵĂĚĂŝ͕ĚĂŶƐĞďĂŐĂŝŶLJĂ͘ZŝƐŝŬŽƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂƉŝƵƚĂŶŐƉĞŵďŝĂLJĂĂŶĚĂƌŝĚĞďŝƚƵƌƐĞĐĂƌĂƚĞƉĂƚ
ǁĂŬƚƵ ĚĂƉĂƚ ŵĞƌƵŐŝŬĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ŵĞŵďƵƌƵŬŶLJĂ ŬƵĂůŝƚĂƐ ƉŽƌƚĨŽůŝŽ ƉŝƵƚĂŶŐ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ
ŬĞŵƵŶŐŬŝŶĂŶƚĞƌŐĂŶŐŐƵŶLJĂĂƌƵƐŬĂƐLJĂŶŐĚĂƉĂƚŵĞŶƵƌƵŶŬĂŶƉĞŶƵƌƵŶĂŶƉĞŶĚĂƉĂƚĂŶƐĞƌƚĂŬŝŶĞƌũĂWĞƌƐĞƌŽĂŶ͘DĂŶĂũĞŵĞŶ
ĚĂŶƉĞŵĂŶƚĂƵĂŶƉŽƌƚŽĨŽůŝŽƐĂŶŐĂƚƉĞŶƚŝŶŐƵŶƚƵŬŵĞŶũĂŐĂŬƵĂůŝƚĂƐĂƐĞƚWĞƌƐĞƌŽĂŶ͘
͘ Z/^/<KͲZ/^/<Kd Z</d< '/dEh^,W Z^ ZKE
ϭ͘ ZŝƐŝŬŽ^ƚƌĂƚĞŐŝ
ZŝƐŝŬŽ^ƚƌĂƚĞŐŝĂĚĂůĂŚƌŝƐŝŬŽĂŬŝďĂƚŬĞƚŝĚĂŬƚĞƉĂƚĂŶĚĂůĂŵƉĞŶŐĂŵďŝůĂŶĚĂŶͬĂƚĂƵƉĞůĂŬƐĂŶĂĂŶƐƵĂƚƵŬĞƉƵƚƵƐĂŶƐƚƌĂƚĞŐŝƐƐĞƌƚĂ
ŬĞŐĂŐĂůĂŶ ĚĂůĂŵ ŵĞŶŐĂŶƚŝƐŝƉĂƐŝ ƉĞƌƵďĂŚĂŶ ůŝŶŐŬƵŶŐĂŶ ďŝƐŶŝƐ͘ <ĞƚŝĚĂŬƚĞƉĂƚĂŶ ĚĂůĂŵ ƉĞŶŐĂŵďŝůĂŶ ŬĞƉƵƚƵƐĂŶ ƐƚƌĂƚĞŐŝƐ
WĞƌƐĞƌŽĂŶĂŬĂŶĚĂƉĂƚďĞƌĚĂŵƉĂŬƉĂĚĂŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶ͕ůŝŬƵŝĚŝƚĂƐĚĂŶŚĂƐŝůŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘
&ĂŬƚŽƌͲĨĂŬƚŽƌ ƵƚĂŵĂ LJĂŶŐ ŵĞŵƉĞŶŐĂƌƵŚŝ ŬĞŐŝĂƚĂŶ ďŝƐŶŝƐ ĚĂŶ ŽƉĞƌĂƐŝ ƉĞƌƵƐĂŚĂĂŶ ĚĂƉĂƚ ďĞƌƵďĂŚ͕ ƐĞŚŝŶŐŐĂ DĂŶĂũĞŵĞŶ
ŚĂƌƵƐĚĂƉĂƚŵĞŶŐĞůŽůĂƉĞƌƵďĂŚĂŶĚĂŶƌŝƐŝŬŽƚĞƌƐĞďƵƚƐĞĐĂƌĂŬŽŵƉƌĞŚĞŶƐŝĨ͕ĚĂŶŵĞŶŝŶũĂƵ͕ŵĞŶLJĞƐƵĂŝŬĂŶĂƚĂƵŵĞŶĞƚĂƉŬĂŶ
ƐƚƌĂƚĞŐŝďĂƌƵďĂŝŬ<ŽƌƉŽƌĂƚŵĂƵƉƵŶƵŶŝƚŝƐŶŝƐŬĞĂƌĂŚLJĂŶŐďĞŶĂƌ͘DĞŵĂƐƵŬŝƚĂŚƵŶϮϬϮϰWĞƌƐĞƌŽĂŶŵĞŶŐĂŵďŝůůĂŶŐŬĂŚ
“ƐĞĞŬŽƉƉŽƌƚƵŶŝƚLJǁŝƚŚĐĂƵƚŝŽƵƐĂŶĚƉƌƵĚĞŶƚŝŶƉŽůŝƚŝĐĂůLJĞĂƌ” dengan fokus mengamankan neƚƉƌŽĨŝƚDĂƌŐŝŶ͕ĚŝǀĞƌƐŝĨŝŬĂƐŝ
ĂƐĞƚ ŵĞůĂůƵŝ ƚƌĂŶƐĨŽƌŵĂƐŝ ĚŝŐŝƚĂů ;yͿ ƐĞƌƚĂ ŵĞƚŽĚĞ ƉĞŶĚĂŶĂĂŶ ĚĂŶ ŬĞŵĂŶĚŝƌŝĂŶ͕ ƚĞƚĂƉ ŵĞŵƉƌŝŽƌŝƚĂƐŬĂŶ ƉĞŶŝŶŐŬĂƚĂŶ
<ĞĂŵĂŶĂŶd/ĚĂŶŵĞŶĞƌĂƉŬĂŶŬĞƵĂŶŐĂŶďĞƌŬĞůĂŶũƵƚĂŶ
Ϯ͘ ZŝƐŝŬŽKƉĞƌĂƐŝŽŶĂů
ZŝƐŝŬŽKƉĞƌĂƐŝŽŶĂůĂĚĂůĂŚƌŝƐŝŬŽĂŬŝďĂƚŬĞƚŝĚĂŬĐƵŬƵƉĂŶĨƵŶŐƐŝŬŽŶƚƌŽůĚĂŶƚĂƚĂŬĞůŽůĂŝŶƚĞƌŶĂůĚĂŶͬĂƚĂƵƚŝĚĂŬďĞƌĨƵŶŐƐŝŶLJĂ
ƉƌŽƐĞƐŝŶƚĞƌŶĂů͕ŬĞƐĂůĂŚĂŶŵĂŶƵƐŝĂ͕ŬĞŐĂŐĂůĂŶƐŝƐƚĞŵƚĞƌŵĂƐƵŬĐLJďĞƌƚĞƌƌŽƌŝƐŵ͕ĚĂŶͬĂƚĂƵĂĚĂŶLJĂŬĞũĂĚŝĂŶĞŬƐƚĞƌŶĂůLJĂŶŐ
ŵĞŵĞŶŐĂƌƵŚŝŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘
<ĞũĂĚŝĂŶ LJĂŶŐ ŵĞŶŐŐĂŶŐŐƵ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ďĞƌĚĂŵƉĂŬ ŶĞŐĂƚŝĨ ďĂŝŬ ŬĞƌƵŐŝĂŶ ƐĞĐĂƌĂ ŵĂƚĞƌŝĂů ŵĂƵƉƵŶ
ŝŵŵĂƚĞƌŝĂů͘WŽƚĞŶƐŝŬĞƌƵŐŝĂŶĚĂƉĂƚďĞƌƵƉĂŬĞƌƵŐŝĂŶĨŝŶĂŶƐŝĂůĚŝŵĂŶĂƉĞƌŵĂƐĂůĂŚĂŶLJĂŶŐƚŝŵďƵůĚĂůĂŵŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂů
WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŶŐĂŬŝďĂƚŬĂŶƉĞŶŝŶŐŬĂƚĂŶďŝĂLJĂŽƉĞƌĂƐŝŽŶĂůĚĂƌŝWĞƌƐĞƌŽĂŶLJĂŶŐƉĂĚĂĂŬŚŝƌŶLJĂĚĂƉĂƚŵĞŶƵƌƵŶŬĂŶůĂďĂ
ďĞƌƐŝŚWĞƌƐĞƌŽĂŶ͘ĂŵƉĂŬůĂŝŶŶLJĂ͕ŵŝƐĂůŶLJĂ͕ŬĞŚŝůĂŶŐĂŶƌĞƉƵƚĂƐŝĚĂŶŬĞƉĞƌĐĂLJĂĂŶƉƵďůŝŬLJĂŶŐďĞƌĚĂŵƉĂŬƉĂĚĂŬƌĞĚŝďŝůŝƚĂƐ
WĞƌƐĞƌŽĂŶ͘
ϯ͘ ZŝƐŝŬŽWĂƐĂƌ
ZŝƐŝŬŽWĂƐĂƌĂĚĂůĂŚƌŝƐŝŬŽƉĂĚĂƉŽƐŝƐŝĂƐĞƚ͕ůŝĂďŝůŝƚĂƐ͕ĞŬƵŝƚĂƐ͕ĚĂŶͬĂƚĂƵƌĞŬĞŶŝŶŐĂĚŵŝŶŝƐƚƌĂƚŝĨƚĞƌŵĂƐƵŬƚƌĂŶƐĂŬƐŝĚĞƌŝǀĂƚŝĨ
ĂŬŝďĂƚƉĞƌƵďĂŚĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶĚĂƌŝŬŽŶĚŝƐŝƉĂƐĂƌ͘ZŝƐŝŬŽŝŶŝĚŝƐĞďĂďŬĂŶŽůĞŚĨůƵŬƚƵĂƐŝƚŝŶŐŬĂƚƐƵŬƵďƵŶŐĂ͕ǀŽůĂƚŝůŝƚĂƐ
ŶŝůĂŝƚƵŬĂƌŵĂƚĂƵĂŶŐĚĂŶƉĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝ͘WĞƌƵďĂŚĂŶƐƵŬƵďƵŶŐĂLJĂŶŐƚĞƌůĂůƵƐŝŐŶŝĨŝŬĂŶĚĂůĂŵǁĂŬƚƵĚĞŬĂƚĚĂƉĂƚ
ŵĞŵƉĞŶŐĂƌƵŚŝĂƌƵƐŬĂƐWĞƌƐĞƌŽĂŶƐĞƌƚĂƐƚƌƵŬƚƵƌĚĂŶŬŝŶĞƌũĂŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
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ϰ͘ ZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐ
ZŝƐŝŬŽ>ŝŬƵŝĚŝƚĂƐĂĚĂůĂŚƌŝƐŝŬŽĂŬŝďĂƚŬĞƚŝĚĂŬŵĂŵƉƵĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵŵĞŵĞŶƵŚŝůŝĂďŝůŝƚĂƐLJĂŶŐũĂƚƵŚƚĞŵƉŽĚĂƌŝƐƵŵďĞƌ
ƉĞŶĚĂŶĂĂŶĂƌƵƐŬĂƐĚĂŶͬĂƚĂƵĚĂƌŝĂƐĞƚůŝŬƵŝĚLJĂŶŐĚĂƉĂƚĚĞŶŐĂŶŵƵĚĂŚĚŝŬŽŶǀĞƌƐŝŵĞŶũĂĚŝŬĂƐ͕ƚĂŶƉĂŵĞŶŐŐĂŶŐŐƵĂŬƚŝǀŝƚĂƐ
ĚĂŶ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ͘ 'ĂŶŐŐƵĂŶ ƉĂĚĂ ůŝŬƵŝĚŝƚĂƐ ĚĂƉĂƚ ŵĞŶŐŚĂŵďĂƚ ŬĞůĂŶĐĂƌĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ƐĞƉĞƌƚŝ
ŬĞƚĞƉĂƚĂŶǁĂŬƚƵƉĞŵďĂLJĂƌĂŶŬĞǁĂũŝďĂŶŬĞƵĂŶŐĂŶ͕ƉĞŵďĂLJĂƌĂŶďŝĂLJĂŽƉĞƌĂƐŝŽŶĂů͕ƉĞŵďĂLJĂƌĂŶŬŽŵƉĞŶƐĂƐŝŬĂƌLJĂǁĂŶ͕ĚĂŶ
ĚĂŵƉĂŬůĂŝŶŶLJĂ͘
ϱ͘ ZŝƐŝŬŽ,ƵŬƵŵ
ZŝƐŝŬŽ,ƵŬƵŵĂĚĂůĂŚƌŝƐŝŬŽLJĂŶŐƚŝŵďƵůĚĂƌŝůŝƚŝŐĂƐŝ͕ƚƵŶƚƵƚĂŶŚƵŬƵŵĚĂŶͬĂƚĂƵŬĞůĞŵĂŚĂŶĂƐƉĞŬŚƵŬƵŵ͘ZŝƐŝŬŽůŝƚŝŐĂƐŝŚƵŬƵŵ
ĚĂƉĂƚƚĞƌũĂĚŝƉĂĚĂƐĞƚŝĂƉ ƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶũŝŬĂ ƚĞƌũĂĚŝ ƉĞůĂŶŐŐĂƌĂŶĂƚĂƐĚŽŬƵŵĞŶƉĞƌũĂŶũŝĂŶLJĂŶŐƚĞůĂŚ
ĚŝƐĞƚƵũƵŝŽůĞŚŬĞĚƵĂďĞůĂŚƉŝŚĂŬLJĂŝƚƵWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŬŽŶƐƵŵĞŶĂƚĂƵƉŝŚĂŬŬĞƚŝŐĂůĂŝŶŶLJĂ͘ZŝƐŝŬŽŝŶŝĂŬĂŶŵĞŶĂŵďĂŚ
ďĞďĂŶWĞƌƐĞƌŽĂŶĂƚĂƐƚƵŶƚƵƚĂŶŚƵŬƵŵLJĂŶŐƚŝŵďƵů͘
ϲ͘ ZŝƐŝŬŽZĞƉƵƚĂƐŝ
ZŝƐŝŬŽZĞƉƵƚĂƐŝĂĚĂůĂŚƌŝƐŝŬŽĂŬŝďĂƚŵĞŶƵƌƵŶŶLJĂƚŝŶŐŬĂƚŬĞƉĞƌĐĂLJĂĂŶƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶLJĂŶŐďĞƌƐƵŵďĞƌĚĂƌŝƉĞƌƐĞƉƐŝ
ŶĞŐĂƚŝĨƚĞƌŚĂĚĂƉWĞƌƐĞƌŽĂŶ͘WĞƌƐĞƉƐŝƚĞƌƐĞďƵƚďŝƐĂĚŝƐĞďĂďŬĂŶŽůĞŚƉĞŵďĞƌŝƚĂĂŶŵĂƵƉƵŶƉĞŶŐĂůĂŵĂŶŶĞŐĂƚŝĨƉĞŵĂŶŐŬƵ
ŬĞƉĞŶƚŝŶŐĂŶ͕ ĂƚĂƵ ŬĞůĞŵĂŚĂŶ ƉĞŶĞƌĂƉĂŶ ƚĂƚĂ ŬĞůŽůĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ŶĂŵĂ ďĂŝŬ WĞƌƐĞƌŽĂŶ͕ ƚŝŶŐŬĂƚ
ŬĞƉĞƌĐĂLJĂĂŶDĂƐLJĂƌĂŬĂƚ͕ĚĂŶŶŝůĂŝWĞƌƐĞƌŽĂŶ͘
ϳ͘ ZŝƐŝŬŽ<ĞƉĂƚƵŚĂŶ
ZŝƐŝŬŽ <ĞƉĂƚƵŚĂŶ ĂĚĂůĂŚ ƌŝƐŝŬŽ ĂŬŝďĂƚ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵĂƚƵŚŝ ĚĂŶͬĂƚĂƵ ƚŝĚĂŬ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶĚĂŶƉĞĚŽŵĂŶƉƌŝůĂŬƵďŝƐŶŝƐLJĂŶŐďĂŝŬŽůĞŚƐĞůƵƌƵŚũĂũĂƌĂŶŬĂƌLJĂǁĂŶ͘<ĞŐĂŐĂůĂŶƵŶƚƵŬŵĞŵĂƚƵŚŝƉĞƌĂƚƵƌĂŶĚĂŶ
ƉĞĚŽŵĂŶŝŶŝĚĂƉĂƚŵĞŶLJĞďĂďŬĂŶWĞƌƵƐĂŚĂĂŶĚŝŬĞŶĂŬĂŶƐĂŶŬƐŝ͕ĚĞŶĚĂĂƚĂƵůŝƚŝŐĂƐŝ͘
ϴ͘ ZŝƐŝŬŽWĞƌƵďĂŚĂŶdĞŬŶŽůŽŐŝ
ZŝƐŝŬŽ ƉĞƌƵďĂŚĂŶ ƚĞŬŶŽůŽŐŝ ĂĚĂůĂŚ ƌŝƐŝŬŽ LJĂŶŐ ďĞƌŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŬĞƐĂĚĂƌĂŶ ĚĂŶ ŝŵƉůĞŵĞŶƚĂƐŝ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ
ŵĞŶLJŝŬĂƉŝƉĞƌŬĞŵďĂŶŐĂŶƚĞŬŶŽůŽŐŝĚĂŶͬĂƚĂƵĚŝŐŝƚĂůďĞƐĞƌƚĂƉƌŽĚƵŬŬĞƵĂŶŐĂŶĚĂŶĂŬƚŝǀŝƚĂƐŽƉĞƌĂƐŝŽŶĂůƵŶƚƵŬŵĞŵĨĂƐŝůŝƚĂƐŝ
ĚĂŶŵĞŶŐŝŶƚĞŐƌĂƐŝŬĂŶĚĂůĂŵƉƌŽƐĞƐŝŶƚĞƌŶĂů͘:ŝŬĂWĞƌƐĞƌŽĂŶůĂůĂŝĚĂůĂŵŵĞŶĐĞƌŵĂƚŝĚĂŶŵĞŶŐŝŬƵƚŝƉĞƌŬĞŵďĂŶŐĂŶƚĞŬŶŽůŽŐŝ
LJĂŶŐĚŝƉĞƌůƵŬĂŶƚĞƌƐĞďƵƚ͕ŵĂŬĂŚĂůƚĞƌƐĞďƵƚĚĂƉĂƚďĞƌĚĂŵƉĂŬŶĞŐĂƚŝĨƚĞƌŚĂĚĂƉƉĞƌƚƵŵďƵŚĂŶĚĂŶŬŝŶĞƌũĂWĞƌƐĞƌŽĂŶ͘
͘ Z/^/<KhDhD
ϭ͘ <ŽŶĚŝƐŝ ŬŽŶŽŵŝDĂŬƌŽĂƚĂƵ'ůŽďĂů
<ŽŶĚŝƐŝ ŬĞƚŝĚĂŬƉĂƐƚŝĂŶ ƉĞƌĞŬŽŶŽŵŝĂŶ ŐůŽďĂů LJĂŶŐ ďĞƌŬĞƉĂŶũĂŶŐĂŶ ĚŝƐĞďĂďŬĂŶ ŽůĞŚ ƐĞŶƚŝŵĞŶ ĚĂƌŝ ďĞƌďĂŐĂŝ ŶĞŐĂƌĂ ďĞƐĂƌ
Ěŝ ďĞůĂŚĂŶ ĚƵŶŝĂ ƚƵƌƵƚ ďĞƌĚĂŵƉĂŬ ƉĂĚĂ ƉĞƌĞŬŽŶŽŵŝĂŶ /ŶĚŽŶĞƐŝĂ͕ LJĂŶŐ ƐĞĐĂƌĂ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ ũƵŐĂ ďĞƌĚĂŵƉĂŬ ƚĞƌŚĂĚĂƉ
ŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶĚĂůĂŵŚĂůŬŝŶĞƌũĂŽƉĞƌĂƐŝŽŶĂů͕ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶ͕ĚĂŶƉƌŽƐƉĞŬƵƐĂŚĂWĞƌƐĞƌŽĂŶ͘EĂŵƵŶƐĞũĂůĂŶ
ĚĞŶŐĂŶZŽĂĚŵĂƉWĞŶŐĞŵďĂŶŐĂŶĚĂŶWĞŶŐƵĂƚĂŶWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶĚĂƌŝK:<͕WĞƌƐĞƌŽĂŶŽƉƚŝŵŝƐĚĂƉĂƚƚĞƚĂƉŵĞŶũĂĚŝ
ŵĞŶũĂŐĂ ŬŽŶĚŝƐŝ ƵƐĂŚĂ LJĂŶŐ ƐĞŚĂƚ͕ ŬƵĂƚ͕ ďĞƌŝŶƚĞŐƌŝƚĂƐ͕ ŝŶŬůƵƐŝĨ͕ ĚĂŶ ĂĚĂƉƚŝĨ ƚĞƌŚĂĚĂƉ ƉĞƌŬĞŵďĂŶŐĂŶ ƚĞŬŶŽůŽŐŝ ƐĞƌƚĂ
ďĞƌŬŽŶƚƌŝďƵƐŝŬĞƉĂĚĂƉĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝLJĂŶŐďĞƌŬĞůĂŶũƵƚĂŶ͘
Ϯ͘ <ĞďŝũĂŬĂŶWĞŵĞƌŝŶƚĂŚ
WĞƌƐĞƌŽĂŶƚƵŶĚƵŬƉĂĚĂďĞƌďĂŐĂŝƉĞƌĂƚƵƌĂŶĚĂŶŬĞďŝũĂŬĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚWĞŵĞƌŝŶƚĂŚ/ŶĚŽŶĞƐŝĂ͕LJĂŶŐƐĞǁĂŬƚƵͲǁĂŬƚƵ
ĚĂƉĂƚ ŵĞŶŐĞůƵĂƌŬĂŶ ŬĞďŝũĂŬĂŶ ĚĂŶͬĂƚĂƵ ƉĞƌĂƚƵƌĂŶ ďĂƌƵ ĂƚĂƵ ŵĞŶŐƵďĂŚ ĂƚĂƵ ŵĞŶŐŚĂƉƵƐ ŬĞďŝũĂŬĂŶ ĚĂŶͬĂƚĂƵ ƉĞƌĂƚƵƌĂŶ
LJĂŶŐĂĚĂ͘WĞƌƵďĂŚĂŶƚĞƌƐĞďƵƚĚĂƉĂƚďĞƌĚĂŵƉĂŬŵĂƚĞƌŝĂůLJĂŶŐĚĂƉĂƚŵĞŵƉĞŶŐĂƌƵŚŝďŝƐŶŝƐ͕ŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶ͕ĚĂŶŬŝŶĞƌũĂ
ďŝƐŶŝƐWĞƌƐĞƌŽĂŶ͘
͘ Z/^/<K/Es ^d^/'//Es ^dKZW D 'E'K>/'^/
ZŝƐŝŬŽLJĂŶŐĚŝŚĂĚĂƉŝŝŶǀĞƐƚŽƌƉĞŵďĞůŝKďůŝŐĂƐŝĂĚĂůĂŚ͗
ϭ͘ ZŝƐŝŬŽƚŝĚĂŬůŝŬƵŝĚŶLJĂKďůŝŐĂƐŝLJĂŶŐĚŝƚĂǁĂƌŬĂŶĚĂůĂŵWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝLJĂŶŐĂŶƚĂƌĂůĂŝŶĚŝƐĞďĂďŬĂŶŬĂƌĞŶĂƚƵũƵĂŶ
ƉĞŵďĞůŝĂŶKďůŝŐĂƐŝƐĞďĂŐĂŝŝŶǀĞƐƚĂƐŝũĂŶŐŬĂƉĂŶũĂŶŐ͘
Ϯ͘ ZŝƐŝŬŽ ŐĂŐĂů ďĂLJĂƌ ĚŝƐĞďĂďŬĂŶ ŬĞŐĂŐĂůĂŶ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŵďĂLJĂƌĂŶ ƵŶŐĂ KďůŝŐĂƐŝ ƐĞƌƚĂ WŽŬŽŬ
KďůŝŐĂƐŝƉĂĚĂǁĂŬƚƵLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͕ĂƚĂƵŬĞŐĂŐĂůĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶůĂŝŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶ
ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ LJĂŶŐ ŵĞƌƵƉĂŬĂŶ ĚĂŵƉĂŬ ĚĂƌŝ ŵĞŵďƵƌƵŬŶLJĂ ŬŝŶĞƌũĂ ĚĂŶ ƉĞƌŬĞŵďĂŶŐĂŶ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ͘
48
Page 69
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D^/E'Z/^/<Kd Z,W</E Z:< hE'EW Z^ ZKE>DWZK^W <dh^͘
49
Page 70
s//͘ < :/E W Ed/E' ^ d >, dE''> >WKZE h/dKZ
/E W E E
dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŬĞũĂĚŝĂŶ ƉĞŶƚŝŶŐ LJĂŶŐ ŵĞŵƉƵŶLJĂŝ ĚĂŵƉĂŬ ĐƵŬƵƉ ŵĂƚĞƌŝĂů ƚĞƌŚĂĚĂƉ ŬĞĂĚĂĂŶ ŬĞƵĂŶŐĂŶ ĚĂŶ ŚĂƐŝů ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶLJĂŶŐƚĞƌũĂĚŝƐĞƚĞůĂŚƚĂŶŐŐĂůůĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶƚĞƌƚĂŶŐŐĂůϮϴDĞŝϮϬϮϰĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮĚĂŶƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲƚĂŶŐŐĂůƚĞƌƐĞďƵƚ͕LJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ
<W WƵƌǁĂŶƚŽŶŽ͕ ^ƵŶŐŬŽƌŽ Θ ^ƵƌũĂ͕ ďĞƌĚĂƐĂƌŬĂŶ ^ƚĂŶĚĂƌ ƵĚŝƚ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ /ŶƐƚŝƚƵƚ ŬƵŶƚĂŶ WƵďůŝŬ /ŶĚŽŶĞƐŝĂ
(“IAPI”), sebagaimana tercantum dalam laporanͲůĂƉŽƌĂŶ ĂƵĚŝƚŽƌ ŝŶĚĞƉĞŶĚĞŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂů
ϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮEŽ͘ϬϭϰϵϵͬϮ͘ϭϬϯϮͬh͘ϭͬϬϵͬϭϲϴϭͲϯͬϭͬsͬϮϬϮϰƚĞƌƚĂŶŐŐĂůϮϴDĞŝϮϬϮϰLJĂŶŐĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚ
ŚƌŝƐƚŽƉŚŽƌƵƐůǀŝŶ<ŽƐƐŝŵ;ZĞŐŝƐƚƌĂƐŝŬƵŶƚĂŶWƵďůŝŬEŽ͘ϭϲϴϭͿ͘>ĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶƚĞƌƐĞďƵƚ͕LJĂŶŐũƵŐĂƚĞƌĐĂŶƚƵŵ
dalam Prospektus ini, menyatakan opini tanpa modifikasian dan paragraf “HalͲhal Lain” yang menyatakan tujuan penerbitan
ůĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĚĂŶƉĞŶĞƌďŝƚĂŶŬĞŵďĂůŝůĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶŬĞŵďĂůŝ
>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƵĚŝƚĂŶ͘>ĂƉŽƌĂŶĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯƐĞƌƚĂ
untuk tahun yang berakhir pada tanggal tersebut juga berisi paragraf “Hal Audit Utama” mengenai cadangan kerugian
ƉĞŶƵƌƵŶĂŶŶŝůĂŝĂƚĂƐƉŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶ͘
50
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s///͘ < d ZE'E d EdE' W Z^ ZKE͕ < '/dE h^,͕ ^ Zd
< E ZhE'EEWZK^W <h^,
͘ Z/tzdW Z^ ZKE
ϭ͘ W E/Z/EEhDhD
WĞƌƐĞƌŽĂŶďĞƌŬĞĚƵĚƵŬĂŶĚŝ:ĂŬĂƌƚĂ^ĞůĂƚĂŶĚĂŶWĞƌƐĞƌŽĂŶĚŝĚŝƌŝŬĂŶĚĞŶŐĂŶŶĂŵĂWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂďĞƌĚĂƐĂƌŬĂŶ
ŬƚĂ WĞƌƐĞƌŽĂŶ dĞƌďĂƚĂƐ Wd ,ŝŶŽ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ EŽ͘ϰϱ ƚĂŶŐŐĂů ϭϭ :Ƶůŝ ϮϬϭϰ LJĂŶŐ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ WŽƉŝĞ ^Ăǀŝƚƌŝ
DĂƌƚŽƐƵŚĂƌĚũŽWŚĂƌŵĂŶƚŽ͕^,͕EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂĚĂŶƚĞůĂŚ;ŝͿŵĞŶĚĂƉĂƚŬĂŶƉĞŶŐĞƐĂŚĂŶĚĂƌŝDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝ
DĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂďĞƌĚĂƐĂƌŬĂŶƐƵƌĂƚŬĞƉƵƚƵƐĂŶEŽ͘,hͲϭϳϯϭϴ͘ϰϬ͘ϭϬ͘ϮϬϭϰƚĂŶŐŐĂůϭϰ:ƵůŝϮϬϭϰ;ŝŝͿĚŝĚĂĨƚĂƌŬĂŶ
ĚĂůĂŵĂĨƚĂƌWĞƌƐĞƌŽĂŶEŽ͘,hͲϬϬϳϭϳϰϮ͘ϰϬ͘ϴϬ͘ϮϬϭϰƚĂŶŐŐĂůϭϰ:ƵůŝϮϬϭϰ͕;ŝŝŝͿĚŝƵŵƵŵŬĂŶĚĂůĂŵdĂŵďĂŚĂŶEŽ͘ϰϵϲϮϳ
ĚĂƌŝĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϭϬϯƚĂŶŐŐĂůϮϲĞƐĞŵďĞƌϮϬϭϰ;ŬƚĂEŽ͘ϰϱͬϮϬϭϰͿ͘
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕ƚĞƌĚĂƉĂƚƉĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĚĞŶŐĂŶĚĞŵŝŬŝĂŶŶŐŐĂƌĂŶĂƐĂƌ
WĞƌƐĞƌŽĂŶLJĂŶŐƚĞƌĂŬŚŝƌĂĚĂůĂŚƐĞďĂŐĂŝŵĂŶĂƚĞƌŵĂŬƚƵďĚĂůĂŵŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ
dĂŚƵŶĂŶEŽ͘ϰϲƚĂŶŐŐĂůϮϮDĞŝϮϬϮϰLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶtŝǁŝŬŽŶĚƌŽ͕^,͕EŽƚĂƌŝƐĚŝ<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚĚĂŶƚĞůĂŚ;ŝͿ
ŵĞŶĚĂƉĂƚ ƉĞƌƐĞƚƵũƵĂŶ ĚĂƌŝ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ
EŽ͘,hϬϬϯϯϯϰϴ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϮϰƚĂŶŐŐĂůϲ:ƵŶŝϮϬϮϰ͖;ŝŝͿĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬ
ƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂƌŝ^ƵƌĂƚWĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌ
WĞƌƐĞƌŽĂŶEŽ͘,hͲ,͘Ϭϭ͘ϬϯͲϬϭϯͲϬϭϯϰϮϱϳƚĂŶŐŐĂůϲ:ƵŶŝϮϬϮϰ͖;ŝŝŝͿĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ
,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂƌŝ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ
WĞƌƐĞƌŽĂŶ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϵͲϬϮϭϬϵϲϮ ƚĂŶŐŐĂů ϲ :ƵŶŝ ϮϬϮϰ͖ ĚĂŶ ;ŝǀͿ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϭϭϭϮϱϰ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϮϰ ƚĂŶŐŐĂů ϲ :ƵŶŝ ϮϬϮϰ ;ŬƚĂ EŽ͘ϰϲͬϮϬϮϰͿ͕ ďĞƌĚĂƐĂƌŬĂŶ ŵĂŶĂ ZŝƐĂůĂŚ ZĂƉĂƚ ƚĂŶŐŐĂů
ϮϰƉƌŝůϮϬϮϰƚĞůĂŚŵĞŶLJĞƚƵũƵŝƉĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶƉĂƐĂůϯLJĂƚ;ϮͿŵĞŶŐĞŶĂŝƉĞŶLJĞƐƵĂŝĂŶŬĞŵďĂůŝĂƚĂƐ
<>/dĂŚƵŶϮϬϮϬ͖ĚĂŶWĂƐĂůϭϱLJĂƚ;ϯͿŵĞŶŐĞŶĂŝŵĂƐĂũĂďĂƚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞƌƚĂƉĞŶŐĂŶŐŬĂƚĂŶŝƌĞŬƐŝĚĂŶ<ŽŵŝƐĂƌŝƐ
WĞƌƐĞƌŽĂŶ͘
WĞƌƵďĂŚĂŶ ƚĞƌŚĂĚĂƉ ŶŐŐĂƌĂŶ ĂƐĂƌ LJĂŶŐ ƚĞƌũĂĚŝ ƐĞũĂŬ ŬƚĂ WĞŶĚŝƌŝĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ ƚĞůĂŚ
ĚŝůĂŬƐĂŶĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐ
ďĞƌůĂŬƵ͘
Ϯ͘ < '/dEh^,D EhZhdE''ZE^Z
^ĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĂƐĂůϯĂLJĂƚ;ϭͿŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶŝĂůĂŚďĞƌŐĞƌĂŬĚĂůĂŵ
ďŝĚĂŶŐƉĞŵďŝĂLJĂĂŶ͗
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞƐƵĂŝĂŶ ƚĞƌŚĂĚĂƉ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ ƚĞƌƐĞďƵƚ ĚĞŶŐĂŶ <ůĂƐŝĨŝŬĂƐŝ ĂŬƵ >ĂƉĂŶŐĂŶ hƐĂŚĂ
/ŶĚŽŶĞƐŝĂ ;<>/Ϳ ϮϬϮϬ͕ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŵĂŬƚƵď ĚĂůĂŵ WĞƌŝnjŝŶĂŶ ĞƌƵƐĂŚĂ ĞƌďĂƐŝƐ ZĞƐŝŬŽ EŽŵŽƌ /ŶĚƵŬ WĞƌƐĞƌŽĂŶ͗
ϵϭϮϬϯϬϯϭϭϭϲϳϮƚĂŶŐŐĂůϭϴ:ƵůŝϮϬϮϮ͕<ŽĚĞ<>/͗ϲϰϵϭϭWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ<ŽŶǀĞŶƐŝŽŶĂů͘
ĚĂƉƵŶŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐƐĂĂƚŝŶŝďĞŶĂƌďĞŶĂƌĚŝũĂůĂŶŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĂĚĂůĂŚ
Ͳ DĞůĂŬƵŬĂŶWĞŵďŝĂLJĂĂŶ/ŶǀĞƐƚĂƐŝ͕ĚĂůĂŵďĞŶƚƵŬ͗^ĞǁĂWĞŵďŝĂLJĂĂŶ;&ŝŶĂŶĐĞ>ĞĂƐĞͿĚĂŶ:ƵĂůĚĂŶ^ĞǁĂĂůŝŬ;^ĂůĞĂŶĚ
>ĞĂƐĞďĂĐŬͿ
Ͳ DĞůĂŬƵŬĂŶWĞŵďŝĂLJĂĂŶDŽĚĂů<ĞƌũĂ͕ĚĂůĂŵďĞŶƚƵŬ͗:ƵĂůĚĂŶ^ĞǁĂĂůŝŬ;^ĂůĞĂŶĚ>ĞĂƐĞďĂĐŬͿ
^ĞůĂŶũƵƚŶLJĂ ƐĞƐƵĂŝ ŬĞƚĞŶƚƵĂŶ WĂƐĂů ϯ ĂLJĂƚ ;ϮͿ hŶƚƵŬ ŵĞŶĐĂƉĂŝ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ͕ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ
ŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϲϰϵϭϭ–WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ<ŽŶǀĞŶƐŝŽŶĂůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ WĞŵďŝĂLJĂĂŶ /ŶǀĞƐƚĂƐŝ ĂĚĂůĂŚ ƉĞŵďŝĂLJĂĂŶ ďĂƌĂŶŐ ŵŽĚĂů ĚĂŶ ũĂƐĂ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ƵŶƚƵŬ ĂŬƚŝǀŝƚĂƐ ƵƐĂŚĂͬƉĞŶĂŶĂŵĂŶ
ŵŽĚĂů͕ ƌĞŚĂďŝůŝƚĂƐ͕ ŵŽĚĞƌŶŝƐĂƐŝ͕ ĞŬƐƉĂŶƐŝ͕ ƉĞƌůƵĂƐĂŶ ĂƚĂƵ ƌĞůŽŬĂƐŝ ƚĞŵƉĂƚ ƵƐĂŚĂ ƚĞŵƉĂͬ ƉĞŶĂŶĂŵĂŶ ŵŽĚĂů LJĂŶŐ
ĚŝďĞƌŝŬĂŶŬĞƉĂĚĂĚĞďŝƚƵƌ͘
WĞŵďŝĂLJĂĂŶ/ŶǀĞƐƚĂƐŝĚŝůĂŬƵŬĂŶŽůĞŚ͗
Ă͘ ^ĞǁĂ WĞŵďŝĂLJĂĂŶ ĂĚĂůĂŚ ŬĞŐŝĂƚĂŶ ƉĞŵďŝĂLJĂĂŶ ďĞƌƵƉĂ ƉĞŶLJĞĚŝĂĂŶ ďĂƌĂŶŐ ŽůĞŚ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ ƵŶƚƵŬ
ĚŝŐƵŶĂŬĂŶŽůĞŚĚĞďŝƚƵƌƐĞůĂŵĂũĂŶŐŬĂǁĂŬƚƵƚĞƌƚĞŶƚƵ͕LJĂŶŐŵĞŶŐĂůŝŚŬĂŶƐĞĐĂƌĂƐƵďƐƚĂŶƐŝĂůŵĂŶĨĂĂƚĚĂŶƌĞƐŝŬŽĂƚĂƐ
ďĂƌĂŶŐLJĂŶŐĚŝďŝĂLJĂŝ͘
ď͘ :ƵĂů ĚĂŶ ^ĞǁĂ ĂůŝŬ ĂĚĂůĂŚ ŬĞŐŝĂƚĂŶ ƉĞŵďŝĂLJĂĂŶ ďĞƌƵƉĂ ƉĞŶũƵĂůĂŶ ďĂƌĂŶŐ ŽůĞŚ ĚĞďŝƚƵƌ ŬĞƉĂĚĂ WĞƌƵƐĂŚĂĂŶ
WĞŵďŝĂLJĂĂŶLJĂŶŐĚŝƐĞƌƚĂŝĚĞŶŐĂŶŵĞŶLJĞǁĂƉĞŵďŝĂLJĂĂŶŬĞŵďĂůŝďĂƌĂŶŐƚĞƌƐĞďƵƚŬĞƉĂĚĂĚĞďŝƚƵƌLJĂŶŐƐĂŵĂ͘
Đ͘ &ĂĐƚŽƌŝŶŐǁŝƚŚZĞĐŽƵƌƐĞĂĚĂůĂŚƚƌĂŶƐĂŬƐŝĂŶũĂŬƉŝƵƚĂŶŐĚŝŵĂŶĂƉĞŶũƵĂůƉŝƵƚĂŶŐŵĞŶĂŶŐŐƵŶŐƌŝƐŝŬŽƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂ
ƐĞďĂŐŝĂŶĂƚĂƵƐĞůƵƌƵŚƉŝƵƚĂŶŐLJĂŶŐĚŝũƵĂůŬĞƉĂĚĂWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ͘
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Ě͘ &ĂĐƚŽƌŝŶŐ ǁŝƚŚŽƵƚ ZĞĐŽƵƌƐĞ ĂĚĂůĂŚ ƚƌĂŶƐĂŬƐŝ ĂŶũĂŬ ƉŝƵƚĂŶŐ ƵƐĂŚĂ ĚŝŵĂŶĂ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ ŵĞŶĂŶŐŐƵŶŐ
ƌŝƐŝŬŽĂƚĂƐƐĞůƵƌƵŚƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂƉŝƵƚĂŶŐLJĂŶŐƚĞůĂŚĚŝũƵĂůŬĞƉĂĚĂWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ͘
Ğ͘ WĞŵďĞůŝĂŶĞŶŐĂŶWĞŵďĂLJĂƌĂŶŶŐƐƵƌĂŶLJĂŝƚƵŬĞŐŝĂƚĂŶƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐĚŝďĞůŝĚĞďŝƚƵƌĚĂƌŝ
ƉĞŵĂƐŽŬďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂĚĞŶŐĂŶƉĞŵďĂLJĂƌĂŶĂŶŐƐƵƌĂŶ͘
Ĩ͘ WĞŵďŝĂLJĂĂŶWƌŽLJĞŬLJĂŝƚƵƉĞŵďŝĂLJĂĂŶLJĂŶŐĚŝďĞƌŝŬĂŶƵŶƚƵŬƉĞůĂŬƐĂŶĂĂŶƐƵĂƚƵƉƌŽLJĞŬLJĂŶŐŵĞŵĞƌůƵŬĂŶďĞďĞƌĂƉĂ
ũĞŶŝƐďĂƌĂŶŐŵŽĚĂůĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞůĂŬƐĂŶĂĂŶƉĞŶŐĂĚĂĂŶƉƌŽLJĞŬƚĞƌƐĞďƵƚ͘
Ő͘ WĞŵďŝĂLJĂĂŶ/ŶĨƌĂƐƚƌƵŬƚƵƌLJĂŝƚƵƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂƵŶƚƵŬƉĞŵďĂŶŐƵŶĂŶŝŶĨƌĂƐƚƌƵŬƚƵƌ͘
Ś͘ WĞŵďŝĂLJĂĂŶŝŶǀĞƐƚĂƐŝůĂŝŶŶLJĂƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͖
Ϯ͘ WĞŵďŝĂLJĂĂŶDŽĚĂů<ĞƌũĂĂĚĂůĂŚƉĞŵďŝĂLJĂĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶƉĞŶŐĞůƵĂƌĂŶLJĂŶŐĚŝŐƵŶĂŬĂŶĚĂůĂŵƐĂƚƵƐŝŬůƵƐ
ĂŬƚŝǀŝƚĂƐƵƐĂŚĂĚĞďŝƚƵƌ͘
WĞŵďŝĂLJĂĂŶDŽĚĂů<ĞƌũĂĚŝůĂŬƵŬĂŶŽůĞŚ͗
Ă͘ :ƵĂů ĚĂŶ ^ĞǁĂ <ĞŵďĂůŝ LJĂŝƚƵ ŬĞŐŝĂƚĂŶ ƉĞŵďŝĂLJĂĂŶ ďĞƌƵƉĂ ƉĞŶũƵĂůĂŶ ďĂƌĂŶŐ ŽůĞŚ ĚĞďŝƚƵƌ ŬĞƉĂĚĂ WĞƌƵƐĂŚĂĂŶ
WĞŵďŝĂLJĂĂŶĚŝƐĞƌƚĂŝƉĞŶLJĞǁĂĂŶŬĞŵďĂůŝďĂƌĂŶŐƚĞƌƐĞďƵƚŬĞƉĂĚĂĚĞďŝƚƵƌLJĂŶŐƐĂŵĂ͘
ď͘ &ĂĐƚŽƌŝŶŐǁŝƚŚZĞĐŽƵƌƐĞĂĚĂůĂŚƚƌĂŶƐĂŬƐŝĂŶũĂŬƉŝƵƚĂŶŐĚŝŵĂŶĂƉĞŶũƵĂůƉŝƵƚĂŶŐŵĞŶĂŶŐŐƵŶŐƌŝƐŝŬŽƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂ
ƐĞďĂŐŝĂŶĂƚĂƵƐĞůƵƌƵŚƉŝƵƚĂŶŐLJĂŶŐĚŝũƵĂůŬĞƉĂĚĂWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ͘
Đ͘ ŶũĂŬ WŝƵƚĂŶŐ dĂŶƉĂ ZĞĐŽƵƌƐĞ ŵĞƌƵƉĂŬĂŶ ƚƌĂŶƐĂŬƐŝ ĂŶũĂŬ ƉŝƵƚĂŶŐ ƵƐĂŚĂ ĚŝŵĂŶĂ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ
ŵĞŶĂŶŐŐƵŶŐƌŝƐŝŬŽĂƚĂƐƐĞůƵƌƵŚƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂƉŝƵƚĂŶŐLJĂŶŐĚŝũƵĂůŬĞƉĂĚĂWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ͘
Ě͘ &ĂƐŝůŝƚĂƐ DŽĚĂů hƐĂŚĂ ĂĚĂůĂŚ ƉĞŵďŝĂLJĂĂŶ ďĂƌĂŶŐ ĚĂŶͬĂƚĂƵ ũĂƐĂ LJĂŶŐ ĚŝƐĂůƵƌŬĂŶ ůĂŶŐƐƵŶŐ ŬĞƉĂĚĂ ĚĞďŝƚƵƌ ƵŶƚƵŬ
ŬĞƉĞƌůƵĂŶƵƐĂŚĂĂƚĂƵŬĞŐŝĂƚĂŶƉƌŽĚƵŬƚŝĨƵƐĂŚĂĚĞďŝƚƵƌ͘
Ğ͘ WĞŵďŝĂLJĂĂŶŵŽĚĂůŬĞƌũĂůĂŝŶŶLJĂƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͖
ϯ͘ WĞŵďŝĂLJĂĂŶDƵůƚŝŐƵŶĂĂĚĂůĂŚƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐĚŝƉĞƌůƵŬĂŶĚĞďŝƚƵƌƵŶƚƵŬŬĞƉĞƌůƵĂŶŬŽŶƐƵŵƐŝĚĂŶ
ďƵŬĂŶƵŶƚƵŬŬĞƉĞƌůƵĂŶƵƐĂŚĂĂƚĂƵŬĞŐŝĂƚĂŶƉƌŽĚƵŬƚŝĨĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵLJĂŶŐĚŝƐĞƉĂŬĂƚŝ͘
WĞŵďŝĂLJĂĂŶDƵůƚŝŐƵŶĂĚŝůĂŬƵŬĂŶĚĞŶŐĂŶĐĂƌĂ͗
Ă͘ ^ĞǁĂ WĞŵďŝĂLJĂĂŶ ĂĚĂůĂŚ ŬĞŐŝĂƚĂŶ ƉĞŵďŝĂLJĂĂŶ ďĞƌƵƉĂ ƉĞŶLJĞĚŝĂĂŶ ďĂƌĂŶŐ ŽůĞŚ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ ƵŶƚƵŬ
ĚŝŐƵŶĂŬĂŶŽůĞŚĚĞďŝƚƵƌƐĞůĂŵĂũĂŶŐŬĂǁĂŬƚƵƚĞƌƚĞŶƚƵ͕LJĂŶŐŵĞŶŐĂůŝŚŬĂŶƐĞĐĂƌĂƐƵďƐƚĂŶƐŝĂůŵĂŶĨĂĂƚĚĂŶƌŝƐŝŬŽĂƚĂƐ
ďĂƌĂŶŐLJĂŶŐĚŝďŝĂLJĂŝ͘
ď͘ WĞŵďĞůŝĂŶĞŶŐĂŶWĞŵďĂLJĂƌĂŶŶŐƐƵƌĂŶĂĚĂůĂŚŬĞŐŝĂƚĂŶƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐĚŝďĞůŝĚĞďŝƚƵƌĚĂƌŝ
ƉĞŵĂƐŽŬďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂĚĞŶŐĂŶƉĞŵďĂLJĂƌĂŶĂŶŐƐƵƌĂŶ͘
Đ͘ &ĂƐŝůŝƚĂƐ ĂŶĂ ĂĚĂůĂŚ ƉĞŵďŝĂLJĂĂŶ ďĂƌĂŶŐ ĚĂŶͬĂƚĂƵ ũĂƐĂ LJĂŶŐ ĚŝƐĂůƵƌŬĂŶ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŬĞƉĂĚĂ ĚĞďŝƚƵƌ ƵŶƚƵŬ
ŬĞƉĞƌůƵĂŶ ŬŽŶƐƵŵƐŝ ĚĂŶ ďƵŬĂŶ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ƵƐĂŚĂ ĂƚĂƵ ŬĞŐŝĂƚĂŶ ƉƌŽĚƵŬƚŝĨ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ LJĂŶŐ ƚĞůĂŚ
ĚŝƐĞƉĂŬĂƚŝ͘
Ě͘ WĞŵďŝĂLJĂĂŶŵƵůƚŝŐƵŶĂůĂŝŶŶLJĂƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͖
ϰ͘ ^ĞǁĂKƉĞƌĂƐŝĚĂŶͬĂƚĂƵŬĞŐŝĂƚĂŶďĞƌďĂƐŝƐŝŵďĂůĂŶƐĞƉĂŶũĂŶŐƚŝĚĂŬďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵĚĂŶŐĂŶ
LJĂŶŐďĞƌůĂŬƵ͖ĚĂŶͬĂƚĂƵ
ϱ͘ <ĞŐŝĂƚĂŶƵƐĂŚĂƉĞŵďŝĂLJĂĂŶůĂŝŶŶLJĂďĞƌĚĂƐĂƌŬĂŶƉĞƌƐĞƚƵũƵĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͘
WĂĚĂƐĂĂƚWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂƵƚĂŵĂŶLJĂĚĂůĂŵďŝĚĂŶŐƉĞŵďŝĂLJĂĂŶďĞƌƵƉĂ
ƐĞǁĂƉĞŵďŝĂLJĂĂŶ;ĨŝŶĂŶĐĞůĞĂƐĞͿƵŶƚƵŬŬĞŶĚĂƌĂĂŶŬŽŵĞƌƐŝĂůƚƌƵŬĚĂŶďŝƐ͘
ĞƌŝŬƵƚĂĚĂůĂŚďĞďĞƌĂƉĂŬĞũĂĚŝĂŶƉĞŶƚŝŶŐWĞƌƐĞƌŽĂŶƐĞũĂŬĂǁĂůďĞƌĚŝƌŝƐĂŵƉĂŝĚĞŶŐĂŶƚĂŚƵŶϮϬϮϯ͘
dĂŚƵŶ <ĞũĂĚŝĂŶWĞŶƚŝŶŐ
- WĞƌƐĞƌŽĂŶĚŝĚŝƌŝŬĂŶĚĞŶŐĂŶƚŽƚĂůDŽĚĂůŝƐĞƚŽƌƐĞďĞƐĂƌZƉϯϬϬDŝůŝĂƌ
ϮϬϭϰ
- DĞŵƉĞƌŽůĞŚŝnjŝŶƐĞďĂŐĂŝƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶĚĂƌŝK:<
- dŽƚĂůDŽĚĂůĚŝƐĞƚŽƌŵĞŶŝŶŐŬĂƚŵĞŶũĂĚŝZƉϰϬϬDŝůŝĂƌ
ϮϬϭϱ
- DĞŵďƵŬĂ<ĂŶƚŽƌĐĂďĂŶŐĚŝ:ĂŬĂƌƚĂĚĂŶ^ƵƌĂďĂLJĂ
- dŽƚĂůDŽĚĂůĚŝƐĞƚŽƌŵĞŶŝŶŐŬĂƚŵĞŶũĂĚŝZƉϱϬϬDŝůŝĂƌ
ϮϬϭϲ - DĞŵďƵŬĂ ŬĂŶƚŽƌ ĐĂďĂŶŐ ^ĞŵĂƌĂŶŐ ĚĂŶ <ĂŶƚŽƌ ^ĞůĂŝŶ <ĂŶƚŽƌ ĂďĂŶŐ dĂŶŐĞƌĂŶŐ ĚĂŶ >ĂŵƉƵŶŐ͕ ƐĞƌƚĂ
ŵĞŶŝŶŐŬĂƚŬĂŶƐƚĂƚƵƐdĂŶŐĞƌĂŶŐŵĞŶũĂĚŝŬĂŶƚŽƌĂďĂŶŐ͘
- DĞŵďƵŬĂ <ĂŶƚŽƌ ^ĞůĂŝŶ <ĂŶƚŽƌ ĂďĂŶŐ DĞĚĂŶ ĚĂŶ WĂůĞŵďĂŶŐ͕ ƐĞƌƚĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ƐƚĂƚƵƐ >ĂŵƉƵŶŐ
ϮϬϭϳ
ŵĞŶũĂĚŝŬĂŶƚŽƌĂďĂŶŐ͘
- dŽƚĂůDŽĚĂůĚŝƐĞƚŽƌŵĞŶŝŶŐŬĂƚŵĞŶũĂĚŝZƉϳϬϬDŝůŝĂƌ
ϮϬϭϴ - DĞŵďƵŬĂ<ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐĂŶĚƵŶŐĚĂŶdĞŐĂů͕ƐĞƌƚĂŵĞŶŝŶŐŬĂƚŬĂŶƐƚĂƚƵƐWĂůĞŵďĂŶŐŵĞŶũĂĚŝ
ŬĂŶƚŽƌĂďĂŶŐ͘
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dĂŚƵŶ <ĞũĂĚŝĂŶWĞŶƚŝŶŐ
- dŽƚĂůDŽĚĂůĚŝƐĞƚŽƌŵĞŶŝŶŐŬĂƚŵĞŶũĂĚŝZƉϵϬϬDŝůŝĂƌ
ϮϬϭϵ - DĞŵďƵŬĂ<ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐ:ĂŵďŝĚĂŶWĂĚĂŶŐ͘
- Meluncurkan aplikasi “Hino in the Box”
- dŽƚĂůDŽĚĂůĚŝƐĞƚŽƌŵĞŶŝŶŐŬĂƚŵĞŶũĂĚŝZƉϭ͘ϬϬϬDŝůŝĂƌ
ϮϬϮϬ - DĞŵƉĞƌŽůĞŚŽƌƉŽƌĂƚĞZĂƚŝŶŐ;ŝĚŶͿĚĂƌŝ&ŝƚĐŚZĂƚŝŶŐ/ŶĚŽŶĞƐŝĂ
- WĞŶƵƚƵƉĂŶ<ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐdĞŐĂů
- ŝďƵŬĂŶLJĂ<ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐĚŝDĂŬĂƐƐĂƌĚĂŶƉĞŶƵƚƵƉĂŶ<ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐWĂĚĂŶŐ
ϮϬϮϭ
- WĞƌƐĞƌŽĂŶŵĞŵďƵŬƵŬĂŶ>ĂďĂďĞƌƐŝŚƉŽƐŝƚŝĨĚĂŶŵĞŶŝŶŐŬĂƚϲϳ͕ϵϯй͕ƐĞůĂŵĂŵĂƐĂƉĂŶĚĞŵŝĐŽǀŝĚͲϭϵ
- DĞůĂŬƵŬĂŶWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝ/,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϮƐĞďĞƐĂƌZƉϳϬϬŵŝůLJĂƌ
ϮϬϮϮ - Meluncurkan Small EnterprIse FinAnce Product “Hino Finance #SIAP” –WƌŽƐĞƐWĞŵďŝĂLJĂĂŶdƌƵŬĞƌďĂƐŝƐ
ŝŐŝƚĂůƵŶƚƵŬ^ĞŐŵĞŶhD<D͘
- DĞŶŝŶŐŬĂƚĂŶƐƚĂƚƵƐDĞĚĂŶŵĞŶũĂĚŝŬĂŶƚŽƌĂďĂŶŐ͘
- DĞŶŝŶŐŬĂƚŬĂŶƐƚĂƚƵƐDĂŬĂƐĂƌŵĞŶũĂĚŝĐĂďĂŶŐ
ϮϬϮϯ
- DĞůĂŬƵŬĂŶWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϯƐĞďĞƐĂƌZƉϳϬϬŵŝůLJĂƌ
ϮϬϮϰ - ŝďƵŬĂŶLJĂ<ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐĚŝ<ĞŶĚĂƌŝ–^ƵůĂǁĞƐŝdĞŶŐŐĂƌĂ
ϯ͘ ^dZh<dhZW ZDK>EE< W D/>/<E^,DW Z^ ZKE
^ƚƌƵŬƚƵƌWĞƌŵŽĚĂůĂŶĚĂŶ<ĞƉĞŵŝůŝŬĂŶ^ĂŚĂŵ^ĂĂƚWĞŶĚŝƌŝĂŶ
ĞƌĚĂƐĂƌŬĂŶŬƚĂWĞƌƐĞƌŽĂŶdĞƌďĂƚĂƐEŽ͘ϰϱͬϮϬϭϰ͕ƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶƐƵƐƵŶĂŶŬĞƉĞŵŝůŝŬĂŶWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
EŝůĂŝEŽŵŝŶĂůZƉϭ͘ϬϬϬ͘ϬϬϬ͕ϬϬƉĞƌƐĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ WĞƌƐĞŶƚĂƐĞ;йͿ
dŽƚĂů^ĂŚĂŵ EŝůĂŝEŽŵŝŶĂů;ZƉͿ
DŽĚĂůĂƐĂƌ ϰϬϬ͘ϬϬϬ ϰϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ
ͲWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬ͘ ϲϲ͘ϲϲϲ ϲϲ͘ϲϲϲ͘ϬϬϬ͘ϬϬϬ ϲϲ͕ϲϲ
Ͳ^Ƶŵŵŝƚ'ůŽďĂůƵƚŽDĂŶĂŐĞŵĞŶƚ͘s͘ ϯϯ͘ϯϯϰ ϯϯ͘ϯϯϰ͘ϬϬϬ͘ϬϬϬ ϯϯ͕ϯϰ
dŽƚĂůDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ ϭϬϬ͘ϬϬϬ ϭϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
dŽƚĂů^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů ϯϬϬ͘ϬϬϬ ϯϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
^ƚƌƵŬƚƵƌWĞƌŵŽĚĂůĂŶĚĂŶ<ĞƉĞŵŝůŝŬĂŶ^ĂŚĂŵdĞƌĂŬŚŝƌ
WĂĚĂ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ ^ƚƌƵŬƚƵƌ WĞƌŵŽĚĂůĂŶ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵƵĂƚ ĚĂůĂŵ ŬƚĂ WĞƌŶLJĂƚĂĂŶ
<ĞƉƵƚƵƐĂŶWĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌEŽ͘ϯƚĂŶŐŐĂůϯ:ƵůŝϮϬϭϴ͕ĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ/ƌŵĂĞǀŝƚĂ
WƵƌŶĂŵĂƐ͕^͘,͕͘DŬŶ͕EŽƚĂƌŝƐĚŝ<ŽƚĂ:ĂŬĂƌƚĂhƚĂƌĂ͕LJĂŶŐƚĞůĂŚ͗;ŝͿŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶĚĂƌŝDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝ
DĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘,hͲϬϬϭϯϲϯϭ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϭϴƚĂŶŐŐĂůϱ:ƵůŝϮϬϭϴ͖;ŝŝͿ
ĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂƌŝ
^ƵƌĂƚWĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶEŽ͘,hͲ,͘Ϭϭ͘ϬϯͲϬϮϭϴϴϴϮƚĂŶŐŐĂůϱ:ƵůŝϮϬϭϴ͖;ŝŝŝͿ
ĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂƌŝ
^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ WĞƌƐĞƌŽĂŶ EŽ͘ ,hͲ,͘Ϭϭ͘ϬϯͲϬϮϭϴϴϯ ƚĂŶŐŐĂů ϱ :Ƶůŝ ϮϬϭϴ͖ ĚĂŶ ;ŝǀͿ
ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ EŽ͘,hͲϬϬϴϲϰϮϲ͘,͘Ϭϭ͘ϭϭ͘dĂŚƵŶ ϮϬϭϴ ƚĂŶŐŐĂů ϱ :Ƶůŝ ϮϬϭϴ͕ ũƵŶĐƚŽ ŬƚĂ WĞƌŶLJĂƚĂĂŶ
<ĞƉƵƚƵƐĂŶ^ŝƌŬƵůĂƌWĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵEŽ͘ϮϭƚĂŶŐŐĂůϭϰDĞŝϮϬϭϵLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶtŝǁŝŬŽŶĚƌŽ͕^͘,͕͘EŽƚĂƌŝƐ
Ěŝ<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚ͕LJĂŶŐƚĞůĂŚ͗;ŝͿĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂƌŝ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲ,͘Ϭϭ͘Ϭϯ͘ϬϮϲϲϮϵϱƚĂŶŐŐĂůϮϬDĞŝϮϬϭϵ͖;ŝŝͿĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵĂĨƚĂƌWĞƌƐĞƌŽĂŶEŽ͘,hͲϬϬϴϮϭϭϴ͘,͘Ϭϭ͘ϭϭ͘d,hE
ϮϬϭϵƚĂŶŐŐĂůϮϬDĞŝϮϬϭϵ͖ĚĂŶ;ŝŝͿĚŝƵŵƵŵŬĂŶĚĂůĂŵdĂŵďĂŚĂŶEŽ͘ϭϵϮϰϯĚĂƌŝEZ/EŽ͘ϲϮƚĂŶŐŐĂůϮŐƵƐƚƵƐϮϬϭϵ͕ũƵŶĐƚŽ
ŬƚĂEŽ͘ϭϴͬϮϬϮϬ͕LJĂŬŶŝƐĞďĂŐĂŝďĞƌŝŬƵƚ:
EŝůĂŝEŽŵŝŶĂůZƉϭ͘ϬϬϬ͘ϬϬϬ͕ϬϬƉĞƌƐĂŚĂŵ WĞƌƐĞŶƚĂƐĞ
<ĞƚĞƌĂŶŐĂŶ
dŽƚĂů^ĂŚĂŵ EŝůĂŝEŽŵŝŶĂů;ZƉͿ ;йͿ
DŽĚĂůĂƐĂƌ ϭ͘ϬϬϬ͘ϬϬϬ ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ
Ͳ,ŝŶŽDŽƚŽƌƐ>ƚĚ ϰϬϬ͘ϬϬϬ ϰϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϰϬ͕ϬϬ
ͲWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬ͘ ϰϬϬ͘ϬϬϬ ϰϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϰϬ͕ϬϬ
Ͳ^Ƶŵŵŝƚ'ůŽďĂůƵƚŽDĂŶĂŐĞŵĞŶƚ͘s͘ ϮϬϬ͘ϬϬϬ ϮϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϮϬ͕ϬϬ
dŽƚĂůDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ ϭ͘ϬϬϬ͘ϬϬϬ ϭ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
dŽƚĂů^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů Ͳ Ͳ
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ϰ͘ W Z//EE
^ĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƵƚĂŵĂLJĂŶŐĚŝũĂůĂŶŬĂŶ͕WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵŝůŝŬŝŝnjŝŶŽƉĞƌĂƐŝŽŶĂůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵƉĞƌŽůĞŚŝnjŝŶƵƐĂŚĂ ƉĞƌƵƐĂŚĂĂŶ ƉĞŵďŝĂLJĂĂŶƐĞďĂŐĂŝŵĂŶĂƚĞƌĐĂŶƚƵŵĚĂůĂŵ<ĞƉƵƚƵƐĂŶĞǁĂŶ
<ŽŵŝƐŝŽŶĞƌKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶEŽ͘< WͲϭϭϴͬ͘ϬϱͬϮϬϭϰƚĂŶŐŐĂůϮϰ^ĞƉƚĞŵďĞƌϮϬϭϰƚĞŶƚĂŶŐWĞŵďĞƌŝĂŶ/njŝŶhƐĂŚĂ
WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ ŬĞƉĂĚĂ Wd ,ŝŶŽ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ũƵŶĐƚŽ ^ƵƌĂƚ K:< EŽ͘^ͲϱϭϰϯͬE͘ϭϭϭͬϮϬϭϴ ƚĂŶŐŐĂů
ϴKŬƚŽďĞƌϮϬϭϴƚĞŶƚĂŶŐƉĞƌƵďĂŚĂŶĂůĂŵĂƚŬĂŶƚŽƌƉƵƐĂƚWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ͘
ĚĂƉƵŶŝnjŝŶƵŶƚƵŬŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƚĞƌƐĞďƵƚďĞƌůĂŬƵƐĞƉĂŶũĂŶŐWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂĚĂŶ
ŝnjŝŶƚĞƌƐĞďƵƚƚŝĚĂŬĚŝŬĞŵďĂůŝŬĂŶŬĞƉĂĚĂĂƚĂƵĚŝĐĂďƵƚŽůĞŚƉŝŚĂŬLJĂŶŐďĞƌǁĞŶĂŶŐ͘
ď͘ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ WĂƐĂů ϭϱ WĞƌĂƚƵƌĂŶ K:< EŽ͘ϰϳͬWK:<͘ϬϱͬϮϬϮϬ ƚĂŶŐŐĂů ϭϳ EŽǀĞŵďĞƌ ϮϬϮϬ
dĞŶƚĂŶŐWĞƌŝnjŝŶĂŶhƐĂŚĂĂŶ<ĞůĞŵďĂŐĂĂŶWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶĂŶWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ^LJĂƌŝĂŚ;WĞƌĂƚƵƌĂŶ
K:<EŽ͘ϰϳͬϮϬϮϬͿ͕ĚŝŵĂŶĂWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶũĂĚŝĂŶŐŐŽƚĂƐŽƐŝĂƐŝWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ/ŶĚŽŶĞƐŝĂ;WW/ͿĚĞŶŐĂŶ
ŶŽŵŽƌĂŶŐŐŽƚĂϭϮϴϭͬ:<dͬyͬϭϰ͘
ĚĂƉƵŶŬĞĂŶŐŐŽƚĂĂĂŶƐŽƐŝĂƐŝWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ/ŶĚŽŶĞƐŝĂƚĞƌƐĞďƵƚďĞƌůĂŬƵƐĞƉĂŶũĂŶŐWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶ
ŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂĚĂŶŬĞĂŶŐŐŽƚĂĂŶƚĞƌƐĞďƵƚƚŝĚĂŬĚŝŬĞŵďĂůŝŬĂŶŬĞƉĂĚĂĂƚĂƵĚŝĐĂďƵƚŽůĞŚƉŝŚĂŬLJĂŶŐďĞƌǁĞŶĂŶŐ͘
Đ͘ EŽŵŽƌ/ŶĚƵŬĞƌƵƐĂŚĂ;E/ͿEŽ͘ϵϭϮϬϯϬϯϭϭϭϲϳϮLJĂŶŐĚŝƚĞƌďŝƚŬĂŶƚĂŶŐŐĂůϭϳ:ĂŶƵĂƌŝϮϬϭϵ͘
ĚĂƉƵŶŝnjŝŶEŽŵŽƌ/ŶĚƵŬĞƌƵƐĂŚĂ;E/ͿƚĞƌƐĞďƵƚďĞƌůĂŬƵƐĞƉĂŶũĂŶŐWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂĚĂŶŝnjŝŶ
ƚĞƌƐĞďƵƚƚŝĚĂŬĚŝŬĞŵďĂůŝŬĂŶŬĞƉĂĚĂĂƚĂƵĚŝĐĂďƵƚŽůĞŚƉŝŚĂŬLJĂŶŐďĞƌǁĞŶĂŶŐ͘
Ě͘ EŽŵŽƌWŽŬŽŬtĂũŝďWĂũĂŬ;EWtWͿĚĞŶŐĂŶEŽ͘ϳϬ͘ϲϮϭ͘ϰϲϲ͘ϱͲϬϬϮ͘ϬϬϬ͘
ĚĂƉƵŶEŽŵŽƌWŽŬŽŬtĂũŝďWĂũĂŬ;EWtWͿƚĞƌƐĞďƵƚďĞƌůĂŬƵƐĞƉĂŶũĂŶŐWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂĚĂŶ
EWtWƚĞƌƐĞďƵƚƚŝĚĂŬĚŝŬĞŵďĂůŝŬĂŶŬĞƉĂĚĂĂƚĂƵĚŝĐĂďƵƚŽůĞŚƉŝŚĂŬLJĂŶŐďĞƌǁĞŶĂŶŐ͘
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ĚŝƚĞƌŝŵĂƐĞƌƚĂĚŝĐĂƚĂƚĚĂůĂŵĂƚĂďĂƐĞ^ŝƐŵŝŶďĂŬƵŵŝƌĞŬƚŽƌĂƚ:ĞŶĚĞƌĂůĚŵŝŶŝƐƚƌĂƐŝ,ƵŬƵŵhŵƵŵ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵ
ĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂƌŝ^ƵƌĂƚWĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶĂƚĂ
WĞƌƐĞƌŽĂŶ EŽ͘,hͲ,͘Ϭϭ͘Ϭϵ͘ϬϬϬϴϱϵϲ ƚĂŶŐŐĂů Ϯϱ Ɖƌŝů ϮϬϮϮ͕ ;ŝŝͿ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϬϴϮϯϭϯ͘,͘Ϭϭ͘ϭϭ͘d,hE ϮϬϮϮ ƉĂĚĂ ƚĂŶŐŐĂů Ϯϱ Ɖƌŝů ϮϬϮ͕ ũƵŶĐƚŽ ŬƚĂ WĞƌŶLJĂƚĂĂŶ <ĞƉƵƚƵƐĂŶ ^ŝƌŬƵůĂƌ WĂƌĂ
WĞŵĞŐĂŶŐ^ĂŚĂŵWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂEŽ͘ϮϴƚĂŶŐŐĂůϭϰ:ƵůŝϮϬϮϮLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶtŝǁŝŬŽŶĚƌŽ͕^,͕EŽƚĂƌŝƐ
Ěŝ<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚ͕ĚĂŶƚĞůĂŚ;ŝŝͿĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂƐĞƌƚĂĚŝĐĂƚĂƚĚĂůĂŵĂƚĂďĂƐĞ^ŝƐŵŝŶďĂŬƵŵŝƌĞŬƚŽƌĂƚ
:ĞŶĚĞƌĂůĚŵŝŶŝƐƚƌĂƐŝ,ƵŬƵŵhŵƵŵ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂ
ĚĂƌŝ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ WĞƌƐĞƌŽĂŶ EŽ͘,hͲ,͘Ϭϭ͘Ϭϵ͘ϬϬϯϯϰϴϯ ƚĂŶŐŐĂů ϭϱ :Ƶůŝ ϮϬϮϮ͕ ;ŝŝͿ
ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ EŽ͘,hͲϬϭϯϲϮϰϯ͘,͘Ϭϭ͘ϭϭ͘d,hE ϮϬϮϮ ƉĂĚĂ ƚĂŶŐŐĂů ϭϱ :Ƶůŝ ϮϬϮϮ͕ ũƵŶĐƚŽ ŬƚĂ
WĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶ^ŝƌŬƵůĂƌWĂƌĂWĞŵĞŐĂŶŐ^ĂŚĂŵWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂEŽ͘ϭƚĂŶŐŐĂůϭWĞďƌƵĂƌŝϮϬϮϯLJĂŶŐĚŝďƵĂƚ
ĚŝŚĂĚĂƉĂŶtŝǁŝŬŽŶĚƌŽ͕^,͕EŽƚĂƌŝƐĚŝ<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚ͕ĚĂŶƚĞůĂŚ;ŝŝͿĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂƐĞƌƚĂĚŝĐĂƚĂƚ
ĚĂůĂŵĂƚĂďĂƐĞ^ŝƐŵŝŶďĂŬƵŵŝƌĞŬƚŽƌĂƚ:ĞŶĚĞƌĂůĚŵŝŶŝƐƚƌĂƐŝ,ƵŬƵŵhŵƵŵ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂ
ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŶLJĂƚĂ ĚĂƌŝ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲ,͘Ϭϭ͘ϬϵͲϬϬϱϴϮϵϲ ƚĂŶŐŐĂů ϭ WĞďƌƵĂƌŝ ϮϬϮϯ͕ ;ŝŝͿ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϬϮϮϲϮϰ͘,͘Ϭϭ͘ϭϭ͘d,hEϮϬϮϯƉĂĚĂƚĂŶŐŐĂůϭWĞďƌƵĂƌŝϮϬϮϯ͕ũƵŶĐƚŽŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZĂƉĂƚhŵƵŵ
WĞŵĞŐĂŶŐ^ĂŚĂŵdĂŚƵŶĂŶWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂEŽ͘ϰƚĂŶŐŐĂůϮDĞŝϮϬϮϯLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶtŝǁŝŬŽŶĚƌŽ͕^,͕
EŽƚĂƌŝƐĚŝ<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚ͕;ŝŝͿĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂƐĞƌƚĂĚŝĐĂƚĂƚĚĂůĂŵĂƚĂďĂƐĞ^ŝƐŵŝŶďĂŬƵŵŝƌĞŬƚŽƌĂƚ
:ĞŶĚĞƌĂůĚŵŝŶŝƐƚƌĂƐŝ,ƵŬƵŵhŵƵŵ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂ
ĚĂƌŝ ^ƵƌĂƚ WĞŶĞƌŝŵĂĂŶ WĞŵďĞƌŝƚĂŚƵĂŶ WĞƌƵďĂŚĂŶ ĂƚĂ WĞƌƐĞƌŽĂŶ EŽ͘,hͲ,͘Ϭϭ͘Ϭϵ͘ϬϭϭϱϭϬϳ ƚĂŶŐŐĂů ϯ DĞŝ ϮϬϮϯ͕ ;ŝŝͿ
ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ EŽ͘,hͲϬϬϴϯϵϳϳ͘,͘Ϭϭ͘ϭϭ͘d,hE ϮϬϮϯ ƉĂĚĂ ƚĂŶŐŐĂů ϯ DĞŝ ϮϬϮϯ͕ ũƵŶĐƚŽ ŬƚĂ
WĞƌŶLJĂƚĂĂŶ^ŝƌŬƵůĞƌ^ĞďĂŐĂŝWĞŶŐŐĂŶƚŝZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ>ƵĂƌŝĂƐĂWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂEŽ͘ϲϭƚĂŶŐŐĂů
ϯϭ :ĂŶƵĂƌŝ ϮϬϮϰ͕ LJĂŶŐ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ tŝǁŝŬ ŽŶĚƌŽ͕ ^,͕ EŽƚĂƌŝƐ Ěŝ <ŽƚĂ :ĂŬĂƌƚĂ ĂƌĂƚ͕ ;ŝŝͿ ĚŝďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ ĚĂŶ
ĚŝƚĞƌŝŵĂƐĞƌƚĂĚŝĐĂƚĂƚĚĂůĂŵĂƚĂďĂƐĞ^ŝƐŵŝŶďĂŬƵŵŝƌĞŬƚŽƌĂƚ:ĞŶĚĞƌĂůĚŵŝŶŝƐƚƌĂƐŝ,ƵŬƵŵhŵƵŵ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵ
ĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂƌŝ^ƵƌĂƚWĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶĂƚĂ
WĞƌƐĞƌŽĂŶ EŽ͘,hͲ,͘Ϭϭ͘Ϭϵ͘ϬϬϲϭϵϲϳ ƚĂŶŐŐĂů ϭϯ &ĞďƌƵĂƌŝ ϮϬϮϰ͕ ;ŝŝͿ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϬϯϭϵϳϳ͘,͘Ϭϭ͘ϭϭ͘d,hEϮϬϮϰƉĂĚĂƚĂŶŐŐĂůϭϯ&ĞďƌƵĂƌŝϮϬϮϰ:ƵŶĐƚŽŬƚĂEŽ͘ϰϲͬϮϬϮϰ͘
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<ŽŵŝƐĂƌŝƐ ͗<ĂnjƵŬŝ^ĂƚŽ
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ĚŝĂĚĂŬĂŶ ƉĂĚĂ ƚĂŚƵŶ ϮϬϮϵ͕ ŬĞĐƵĂůŝ͗ ;ŝͿ ĂƉĂŬ DĂƐĂƚŽ hĐŚŝĚĂ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ZhW^ LJĂŶŐ ŵĞŶŐĂŶŐŬĂƚŶLJĂ ƐĂŵƉĂŝ
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LJĂŶŐŵĂƐĂũĂďĂƚĂŶƚĞƌŚŝƚƵŶŐƐĞũĂŬƚĂŶŐŐĂůϯϬ:ĂŶƵĂƌŝϮϬϮϰ͕ƐĂŵƉĂŝĚĞŶŐĂŶƉĞŶƵƚƵƉĂŶZhW^dĂŚƵŶĂŶWĞƌƐĞƌŽĂŶŬĞĚƵĂLJĂŶŐ
ĂŬĂŶĚŝĂĚĂŬĂŶƉĂĚĂƚĂŚƵŶϮϬϮϱ͘
WĂƌĂĂŶŐŐŽƚĂŝƌĞŬƐŝWĞƌƐĞƌŽĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐĚŝĂŶŐŬĂƚƵŶƚƵŬŵĂƐĂũĂďĂƚĂŶƚĞƌŚŝƚƵŶŐƐĞũĂŬƚĂŶŐŐĂůZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ
Saham (“RUPS”) yang mengangkatnya sampai dengan penutupan RUPS Tahunan Perseroan kedua yang akan diadakan pada
ƚĂŚƵŶ ϮϬϮϲ͕ ŬĞĐƵĂůŝ ĂƉĂŬ ,ĂũŝŵĞ <ĂǁĂŵƵƌĂ ĚĂŶ ĂƉĂŬdĂŝŬŝKŶŽƵĞ ƚĞƌŚŝƚƵŶŐ ƐĞũĂŬ ƚĂŶŐŐĂů ZhW^ LJĂŶŐ ŵĞŶŐĂŶŐŬĂƚŶLJĂ
ƐĂŵƉĂŝĚĞŶŐĂŶƉĞŶƵƚƵƉĂŶZhW^dĂŚƵŶĂŶWĞƌƐĞƌŽĂŶŬĞĚƵĂLJĂŶŐĂŬĂŶĚŝĂĚĂŬĂŶƉĂĚĂƚĂŚƵŶϮϬϮϱ͘
WĂƌĂĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐƚĞůĂŚŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶĚĂůĂŵ͗;ŝͿWĞƌĂƚƵƌĂŶK:<
EŽ͘ϯϯͬWK:<͘ϬϰͬϮϬϭϰƚĂŶŐŐĂůϴĞƐĞŵďĞƌϮϬϭϰƚĞŶƚĂŶŐŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͕;ŝŝͿ
WĞƌĂƚƵƌĂŶK:<EŽ͘ϯϬͬWK:<͘ϬϱͬϮϬϭϰƚĂŶŐŐĂůϭϵEŽǀĞŵďĞƌϮϬϭϰƚĞŶƚĂŶŐdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶzĂŶŐĂŝŬĂŐŝWĞƌƵƐĂŚĂĂŶ
WĞŵďŝĂLJĂĂŶ ũƵŶĐƚŽ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϮϵͬWK:<͘ϬϱͬϮϬϮϬ ƚĂŶŐŐĂů ϮϮ Ɖƌŝů ϮϬϮϬ ƚĞŶƚĂŶŐ WĞƌƵďĂŚĂŶ ƚĂƐ WĞƌĂƚƵƌĂŶ K:<
EŽ͘ ϯϬͬWK:<͘ϬϱͬϮϬϭϰ dĞŶƚĂŶŐ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ zĂŶŐ ĂŝŬ ĂŐŝ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ͘ ;ŝŝŝͿ WĞƌĂƚƵƌĂŶ K:<
EŽ͘ϮϳͬWK:<͘ϬϯͬϮϬϭϲƚĂŶŐŐĂůϮϮ:ƵůŝϮϬϭϲƚĞŶƚĂŶŐWĞŶŝůĂŝĂŶ<ĞŵĂŵƉƵĂŶ ĂŶ<ĞƉĂƚƵƚĂŶĂŐŝWŝŚĂŬhƚĂŵĂ>ĞŵďĂŐĂ:ĂƐĂ
<ĞƵĂŶŐĂŶWĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͗
- dŝĚĂŬ ƚĞƌĚĂƉĂƚ ƉĞƌũĂŶũŝĂŶ ĂƚĂƵ ŬĞƐĞƉĂŬĂƚĂŶ ĂŶƚĂƌĂ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĞŶŐĂŶ WĞŵĞŐĂŶŐ
^ĂŚĂŵhƚĂŵĂ͕ƉĞůĂŶŐŐĂŶ͕ƉĞŵĂƐŽŬĚĂŶͬĂƚĂƵƉŝŚĂŬůĂŝŶďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞŶĞŵƉĂƚĂŶĂƚĂƵƉĞŶƵŶũƵŬĂŶƐĞďĂŐĂŝĂŶŐŐŽƚĂ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝWĞƌƐĞƌŽĂŶ͘
- dŝĚĂŬƚĞƌĚĂƉĂƚŬĞƉĞŶƚŝŶŐĂŶůĂŝŶLJĂŶŐďĞƌƐŝĨĂƚŵĂƚĞƌŝĂůĚŝůƵĂƌŬĂƉĂƐŝƚĂƐŶLJĂƐĞďĂŐĂŝĂŶŐŐŽƚĂĚŝƌĞŬƐŝƚĞƌŬĂŝƚWĞŶĂǁĂƌĂŶ
hŵƵŵ ĨĞŬĞƌƐŝĨĂƚhƚĂŶŐĂƚĂƵWĞŶĐĂƚĂƚĂŶŶLJĂĚŝƵƌƐĂ ĨĞŬ͘
- dŝĚĂŬƚĞƌĚĂƉĂƚŚĂůͲŚĂůLJĂŶŐĚĂƉĂƚŵĞŶŐŚĂŵďĂƚŬĞŵĂŵƉƵĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐ
ũĂǁĂďŶLJĂƐĞďĂŐĂŝĂŶŐŐŽƚĂŝƌĞŬƐŝĚĞŵŝŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶ͘
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ĞƌŝŬƵƚŵĞƌƵƉĂŬĂŶŬĞƚĞƌĂŶŐĂŶƐŝŶŐŬĂƚĚĂƌŝŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝWĞƌƐĞƌŽĂŶ͗
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ͗
:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ
WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ƵƐŝĂϲϳƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚ ŐĞůĂƌ DĂŐŝƐƚĞƌ Ěŝ ďŝĚĂŶŐ ƵƐŝŶĞƐƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĚĂƌŝ hŶŝǀĞƌƐŝƚĂƐ
WĂƌĂŚLJĂŶŐĂŶ͕ĂŶĚƵŶŐƉĂĚĂƚĂŚƵŶϭϵϴϮĚĂŶŐĞůĂƌ^ĂƌũĂŶĂĚŝďŝĚĂŶŐ ŬŽŶŽŵŝŬƵŶƚĂŶƐŝĚĂƌŝ
hŶŝǀĞƌƐŝƚĂƐWĂƌĂŚLJĂŶŐĂŶ͕ĂŶĚƵŶŐƉĂĚĂƚĂŚƵŶϭϵϴϬ͘
DĞŶũĂďĂƚ ƐĞďĂŐĂŝ WƌĞƐŝĚĞŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϭϲ ŚŝŶŐŐĂ ƐĂĂƚ ŝŶŝ͘ ^ĞůĂŝŶ
ŵĞŶũĂďĂƚƐĞďĂŐĂŝWƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐĚŝWĞƌƐĞƌŽĂŶ͕ďĞůŝĂƵũƵŐĂƉĞƌŶĂŚĂƚĂƵƐĞĚĂŶŐŵĞŶũĂďĂƚ
ďĞƌďĂŐĂŝƉŽƐŝƐŝĚŝƉĞƌƵƐĂŚĂĂŶůĂŝŶ͕ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ϮϬϬϲ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽƵƚŽĂƌĞ
ϮϬϬϳ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWdtĂŚĂŶĂdƌĂŶƐ>ĞƐƚĂƌŝDĞĚĂŶ
ϮϬϬϳ–ƐĞŬĂƌĂŶŐ ŝƌĞŬƚƵƌhƚĂŵĂWdtĂŚĂŶĂ/Ŷƚŝ^ĞůĂ
ϮϬϬϴ–ƐĞŬĂƌĂŶŐ ŝƌĞŬƚƵƌhƚĂŵĂWddƌŝƚƵŶŐŐĂů/ŶƚŝƉĞƌŵĂƚĂ
ϮϬϬϵ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWdhŶŝĐŽƌWƌŝŵĂDŽƚŽƌ
ϮϬϬϵ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd^ƵnjƵŬŝ/ŶĚŽŵŽďŝůDŽƚŽƌ
ϮϬϬϵ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽŵŽďŝů^ƵŵďĞƌďĂƌƵ
ϮϬϭϬ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd ŬĂŚĂƌŵĂ:ĂLJĂ^ĂŬƚŝ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd/ŶĚŽďƵĂŶĂƵƚŽƌĂLJĂ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ ŝƌĞŬƚƵƌhƚĂŵĂWd/D'^ĞũĂŚƚĞƌĂ>ĂŶŐŐĞŶŐ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ ŝƌĞŬƚƵƌhƚĂŵĂWd/ŶĚŽŵŽďŝů^ƵŬƐĞƐ/ŶƚĞƌŶĂƐŝŽŶĂů͕dďŬ͘
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽŵŽďŝůdƌĂĚĂEĂƐŝŽŶĂů
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽƐĞŶƚŽƐĂdƌĂĚĂ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ/ŶĚŽdƌĂĚĂ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ/ŶƚŝEƵƐĂWŽŶƚŝĂŶĂŬ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ tĂŬŝů<ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ>ĞƐƚĂƌŝĂůŝŬƉĂƉĂŶ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ tĂŬŝů<ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂDĞŐĂŚƉƵƚƌĂDĂŬĂƐƐĂƌ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ tĂŬŝů<ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂWĞƌƐĂĚĂ:ĂŬĂƌƚĂ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂtŝƌĂǁĂŶDĂŶĂĚŽ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ tĂŬŝůWƌĞƐŝĚĞŶŝƌĞŬƚƵƌWd^ƵŵŝZƵďďĞƌ/ŶĚŽŶĞƐŝĂ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdZŽĚĂŵĂƐDĂŬŵƵƌDŽƚŽƌ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ^ƵŵďĞƌĂƌƵzŽŐLJĂ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ tĂŬŝů<ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ^ƵŵďĞƌ>ĞƐƚĂƌŝ^ĂŵĂƌŝŶĚĂ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ^ƵŵďĞƌdƌĂĚĂdĂŶŐĞƌĂŶŐ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽŵŽďŝůDĂŶĂũĞŵĞŶŽƌƉŽƌĂ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/D'ŝŶĂdƌĂĚĂ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂEŝĂŐĂ>ŽŵďŽŬ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ:ĂLJĂ/ŶĚĂŚ:Ăŵďŝ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ:ĂLJĂdĂƐŝŬŵĂůĂLJĂ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂZĞũĞŬŝDŽďŝůŝŶĚŽŝƌĞďŽŶ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ^ƵŶ,ƵƚĂŵĂĂŶĚƵŶŐ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ^ƵŶDŽƚŽƌ^ĞŵĂƌĂŶŐ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ^ƵŶ^ŽůŽ
ϮϬϭϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂtŝƌĂǁĂŶZŝĂƵ
ϮϬϭϮ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd/ŶĚŽdƌĂŬƚŽƌhƚĂŵĂ
ϮϬϭϮ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂtŝƌĂǁĂŶWĂůĞŵďĂŶŐ
ϮϬϭϮ–ƐĞŬĂƌĂŶŐ ŝƌĞŬƚƵƌhƚĂŵĂWd/ŶĚŽŵŽďŝůtĂŚĂŶĂdƌĂĚĂ
ϮϬϭϮ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ^ƵŵďĞƌDŽďŝůzŽŐLJĂ
ϮϬϭϯ–ƐĞŬĂƌĂŶŐ ŝƌĞŬƚƵƌhƚĂŵĂWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬ
ϮϬϭϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽŵŽďŝů^ƵŐŝƌŽŶ ŶĞƌŐŝ
ϮϬϭϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ/ŶǀĞƐƚŝŶĚŽ^ĂůĂƚŝŐĂ
ϮϬϭϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ^ƵŐŝdĞƌƌĂ
ϮϬϭϰ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdDĂŬŵƵƌ<ĂƌƐĂDƵůŝĂ
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ϮϬϭϰ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdWƌŝŵĂ^ĂƌĂŶĂDƵƐƚŝŬĂ
ϮϬϭϰ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd/ŶĚŽŵŽďŝů^Ƶŵŵŝƚ>ŽŐŝƐƚŝĐƐ
ϮϬϭϱ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd^ĞŝŶŽ/ŶĚŽŵŽďŝů>ŽŐŝƐƚŝĐƐ
ϮϬϭϱ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ^ĞŶũĂLJĂ:ĂŬĂƌƚĂ
ϮϬϭϱ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽŵŽďŝůŝŶƚĂŶŽƌƉŽƌĂ
ϮϬϭϱ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd<ŚĂƌŝƐŵĂDƵĚĂ
ϮϬϭϱ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWdĂƚĂƌƚƐ džƉĞƌŝĞŶĐĞ
ϮϬϭϱ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd:ĂƐĂ<ĞŶĐĂŶĂhƚĂŵĂ
ϮϬϭϱ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd<ŝŶĞƚŝŬĚǀŝƐŝŶĚŽ
ϮϬϭϲ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd^DŽƌƉŽƌĂƚĂŵĂ
ϮϬϭϲ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd^ĞŝŶŽ/ŶĚŽŵŽďŝů>ŽŐŝƐƚŝĐƐ^ĞƌǀŝĐĞƐ
ϮϬϭϲ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ/ŶĚŽdƌĂĚĂDŽďŝůŝŶĚŽ
ϮϬϭϲ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd,ŝŶŽDŽƚŽƌƐ^ĂůĞƐ/ŶĚŽŶĞƐŝĂ
ϮϬϭϲ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ϮϬϭϳ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWdWƌŝŵĂ^ƵŬƐĞƐ/ŶƚŝƉĞƌŵĂƚĂ
ϮϬϭϴ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd/ŶĚŽŵŽďŝů ŬƐƉƌĞƐdƌƵŬ
ϮϬϮϬ–ƐĞŬĂƌĂŶŐ ŝƌĞŬƚƵƌhƚĂŵĂWd^ĞũĂŚƚĞƌĂZĂLJĂWĞƌŬĂƐĂ
ϮϬϮϬ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd/ŶĚŽŵŽďŝů&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ϮϬϮϬ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWdEŝƐƐĂŶDŽƚŽƌŝƐƚƌŝďƵƚŽƌ/ŶĚŽŶĞƐŝĂ
ϮϬϮϬ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽŵŽďŝů:ĂƐĂ>ŝŶƚĂƐZĂLJĂ
ϮϬϮϬ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd^ŽůƵƐŝ/ŶĚŽŵŽďŝůWĞƌŬĂƐĂ
ϮϬϮϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ/Ŷƚŝ^ĞůĂƌĂƐ
ϮϬϮϮ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd'ŽŽĚĐĂƌ/ŶĚŽŝƉƚĂŬƌĞĂƐŝ
ϮϬϮϮ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽŵŽďŝůƵƐƐĂŶdƌƵĐŬŝŶŐ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdD:ĂƐĂhƚĂŵĂ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂtŝƌĂǁĂŶ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂ/ŶƚŝĞŶƚƌĂůDŽďŝůŝŶĚŽ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽŵŽďŝůWƌŝŵĂEŝĂŐĂ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdDƵůƚŝĐĞŶƚƌĂůƌLJĂŐƵŶĂ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd/ŶĐŚĐĂƉĞ/ŶĚŽŵŽďŝů ŶĞƌŐŝĂƌƵ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽŵŽďŝůƵƐƐĂŶWĞŶƐŬĞ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd/ŶĐŚĐĂƉĞ/ŶĚŽŵŽďŝůDĂŶƵĨĂĐƚƵƌŝŶŐ/ŶĚŽŶĞƐŝĂ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd/ŶĐŚĐĂƉĞ/ŶĚŽŵŽďŝůŝƐƚƌŝďƵƚŽƌ/ŶĚŽŶĞƐŝĂ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/D'ĂƐŚDĂŶĂŐĞŵĞŶƚ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd/ŶĚŽŵĂƚƐƵŵŽƚŽWƌĞƐƐΘŝĞƐ/ŶĚƵƐƚƌŝĞƐ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd/ŶĚŽŵƵƌĂLJĂŵĂWƌĞƐƐΘŝĞƐ/ŶĚƵƐƚƌŝĞƐ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWd/ŶĚŽŵŽďŝůEĂƚŝŽŶĂůŝƐƚƌŝďƵƚŽƌ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd/ŶĚŽƚƌƵĐŬhƚĂŵĂ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWd:d <ŽůƵŵŶ^LJƐƚĞŵƐ/ŶĚŽŶĞƐŝĂ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐhƚĂŵĂWdEĂƚŝŽŶĂůƐƐĞŵďůĞƌƐ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶ<ŽŵŝƐĂƌŝƐWdhŶŝǀĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd/ŶĚŽŵŽďŝů ŶĞƌŐŝĂƌƵ
ϮϬϮϰ–ƐĞŬĂƌĂŶŐ tĂŬŝů<ŽŵŝƐĂƌŝƐhƚĂŵĂWdtĂŚĂŶĂWĞƌƐĂĚĂ>ĂŵƉƵŶŐ
DĂƐĂƚŽhĐŚŝĚĂ
<ŽŵŝƐĂƌŝƐ
tĂƌŐĂEĞŐĂƌĂ:ĞƉĂŶŐ͕ƵƐŝĂϱϴƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚ ŐĞůĂƌ ^ĂƌũĂŶĂ Ěŝ ďŝĚĂŶŐ ŬŽŶŽŵŝ ĚĂƌŝ hŶŝǀĞƌƐŝƚĂƐ ,ŽƐĞŝ͕ :ĞƉĂŶŐ ƉĂĚĂ ƚĂŚƵŶ
ϭϵϴϵ͘
DĞŶũĂďĂƚ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϮϭ ŚŝŶŐŐĂ ƐĞŬĂƌĂŶŐ͘ ^ĞďĞůƵŵ
ďĞƌŐĂďƵŶŐ Ěŝ WĞƌƐĞƌŽĂŶ͕ ďĞůŝĂƵ ũƵŐĂ ƉĞƌŶĂŚ ĂƚĂƵ ƐĞĚĂŶŐ ŵĞŶũĂďĂƚ ďĞƌďĂŐĂŝ ƉŽƐŝƐŝ
ĚŝƉĞƌƵƐĂŚĂĂŶůĂŝŶ͕ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ĞƉƵƚLJ'ĞŶĞƌĂůDĂŶĂŐĞƌĚĂŶĞƉƵƚLJƌĂŶĐŚDĂŶĂŐĞƌĚŝ^ĂŶǁĂ
ϭϵϴϵ–ϮϬϬϯ
ĂŶŬ>ŝŵŝƚĞĚ͕:ĞƉĂŶŐ
ĞƉƵƚLJ 'ĞŶĞƌĂů DĂŶĂŐĞƌ Ěŝ ,ŝŶŽ DŽƚŽƌƐ >ŝŵŝƚĞĚ ŝǀŝƐŝ ƐŝĂ
ϮϬϬϯ–ϮϬϬϴ
KĐĞĂŶŝĂ
57
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ϮϬϬϴ–ϮϬϭϯ ŝƌĞŬƚƵƌĚŝ,ŝŶŽDŽƚŽƌƐ^ĂůĞƐ͕dŚĂŝůĂŶĚ
ϮϬϭϯ–ϮϬϭϲ 'ĞŶĞƌĂůDĂŶĂŐĞƌĚŝ,ŝŶŽDŽƚŽƌƐ>ŝŵŝƚĞĚŝǀŝƐŝ/ŶĚŽŶĞƐŝĂ
'ĞŶĞƌĂů DĂŶĂŐĞƌ Ěŝ ,ŝŶŽ DŽƚŽƌƐ >ŝŵŝƚĞĚ ŝǀŝƐŝ KǀĞƌƐĞĂƐ Θ
ϮϬϭϲ–ϮϬϭϵ
DĂƌŬĞƚŝŶŐ
ŝƌĞŬƚƵƌΘŚŝĞĨKƉĞƌĂƚŝŶŐKĨĨŝĐĞƌ;KKͿĚŝWd,ŝŶŽDŽƚŽƌƐ^ĂůĞƐ
ϮϬϭϵ–ϮϬϮϬ
/ŶĚŽŶĞƐŝĂ
ϮϬϮϬ–ϮϬϮϯ WƌĞƐŝĚĞŶŝƌĞŬƚƵƌĚŝWd,ŝŶŽDŽƚŽƌƐ^ĂůĞƐ/ŶĚŽŶĞƐŝĂ
ϮϬϮϭ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
<ĂnjƵŬŝ^ĂƚŽ
<ŽŵŝƐĂƌŝƐ
tĂƌŐĂEĞŐĂƌĂ:ĞƉĂŶŐ͕ƵƐŝĂϲϮƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚŐĞůĂƌ^ĂƌũĂŶĂĂŚĂƐĂͬ<ŽŵƵŶŝŬĂƐŝĚĂƌŝ/ŶƚĞƌŶĂƚŝŽŶĂůŚƌŝƐƚŝĂŶhŶŝǀĞƌƐŝƚLJ͕:ĂƉĂŶ
ƉĂĚĂƚĂŚƵŶϭϵϴϱ͘
DĞŶũĂďĂƚ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϮϯ ŚŝŶŐŐĂ ƐĞŬĂƌĂŶŐ͘ ^ĞďĞůƵŵ
ďĞƌŐĂďƵŶŐ Ěŝ WĞƌƐĞƌŽĂŶ͕ ďĞůŝĂƵ ũƵŐĂ ƉĞƌŶĂŚ ĂƚĂƵ ƐĞĚĂŶŐ ŵĞŶũĂďĂƚ ďĞƌďĂŐĂŝ ƉŽƐŝƐŝ
ĚŝƉĞƌƵƐĂŚĂĂŶůĂŝŶ͕ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ϭϵϴϱ–ϭϵϴϲ ĐĐŽƵŶƚKĨĨŝĐĞƌĚŝDŝƚƐƵďŝƐŚŝĂŶŬ>ŝŵŝƚĞĚKŝ
ϭϵϴϴ–ϭϵϵϭ ĐĐŽƵŶƚKĨĨŝĐĞƌĚŝDŝƚƐƵďŝƐŚŝĂŶŬ>ŝŵŝƚĞĚĂďĂŶŐ<LJŽƚŽ
ϭϵϵϭ–ϭϵϵϴ tĂŬŝůWƌĞƐŝĚĞŶĂďĂŶŐ>ŽƐŶŐĞůĞƐĚŝĂŶŬDŝƚƐƵďŝƐŚŝ͕>ŝŵŝƚĞĚ
ϭϵϵϴ–ϮϬϬϮ DĂŶĂũĞƌ ŝǀŝƐŝ <ĞƵĂŶŐĂŶ dĞƌƐƚƌƵŬƚƵƌ Ěŝ ĂŶŬ ŽĨ dŽŬLJŽ Ͳ
DŝƚƐŚƵďŝƐŚŝ>ƚĚ͘
ϮϬϬϮ–ϮϬϬϳ sŝĐĞWƌĞƐŝĚĞŶƚΘD'ZŝǀŝƐŝWĞƌďĂŶŬĂŶ/ŶǀĞƐƚĂƐŝƵŶƚƵŬŵĞƌŝŬĂ
ĚŝdŚĞĂŶŬŽĨdŽŬLJŽ–DŝƚƐƵďŝƐŚŝh&:͕>ƚĚ͘:ĂŬĂƌƚĂ
ϮϬϬϳ–ϮϬϬϵ tĂŬŝůWƌĞƐŝĚĞŶŝƌĞŬƚƵƌh&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ;Dh&'Ϳ
ϮϬϬϵ–ϮϬϭϮ sWΘ&KDŝƚƐƵďŝƐŚŝDŽƚŽƌƐŵĞƌŝŬĂhƚĂƌĂ͕/ŶĐ͘
ϮϬϭϮ–ϮϬϭϯ ƌĞĚŝƚ džĂŵŝŶĂƚŝŽŶ ^ĞŶŝŽƌ DĂŶĂŐĞƌ Ěŝ dŚĞ ĂŶŬ ŽĨ dŽŬLJŽ –
DŝƚƐƵďŝƐŚŝh&:͕>ƚĚ͘
ϮϬϭϯ–ϮϬϭϰ WƌĞƐŝĚĞŶŝƌĞŬƚƵƌdDh–Z/&ŝŶĂŶĐĞ;Dh&'Ϳ
ϮϬϭϱ–ϮϬϭϲ ŝƌĞŬƚƵƌĚŝWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ϮϬϭϲ–ϮϬϮϭ ĞƉĂƌƚĞŵĞŶDĂƌŬĞƚŝŶŐDĂŶĂŐĞŵĞŶƚKĨĨŝĐĞƌĚŝ,ŝŶŽDŽƚŽƌƐ>ƚĚ͘
ϮϬϮϮ–ƐĞŬĂƌĂŶŐ DĂŶĂũĞƌŝǀŝƐŝ,ŝŶŽDŽƚŽƌƐƐŝĂ>ƚĚ
ϮϬϮϯ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
dĂŬĂLJƵŬŝdƐƵĐŚŝĚĂ
<ŽŵŝƐĂƌŝƐ
tĂƌŐĂEĞŐĂƌĂ:ĞƉĂŶŐ͕ƵƐŝĂϱϭƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚ ŐĞůĂƌ ^ĂƌũĂŶĂ Ěŝ ďŝĚĂŶŐ ŽŵŵĞƌĐĞ ĚĂŶ DĂŶĂŐĞŵĞŶƚ ĚĂƌŝ ,ŝƚŽƚƐƵďĂƐŚŝ
hŶŝǀĞƌƐŝƚLJ͕:ĞƉĂŶŐƉĂĚĂƚĂŚƵŶϭϵϵϲ͘
DĞŶũĂďĂƚ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϮϰ ŚŝŶŐŐĂ ƐĞŬĂƌĂŶŐ͘ ^ĞďĞůƵŵ
ďĞƌŐĂďƵŶŐ Ěŝ WĞƌƐĞƌŽĂŶ͕ ďĞůŝĂƵ ũƵŐĂ ƉĞƌŶĂŚ ĂƚĂƵ ƐĞĚĂŶŐ ŵĞŶũĂďĂƚ ďĞƌďĂŐĂŝ ƉŽƐŝƐŝ
ĚŝƉĞƌƵƐĂŚĂĂŶůĂŝŶ͕ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ϭϵϵϲ–ϮϬϬϬ ĞƉƚ͘ŬƵŶƚŝŶŐĚŝ^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ
ϮϬϬϬ–ϮϬϬϯ ĞƉƵƚLJDĂŶĂŐŝŶŐŝƌĞĐƚŽƌĚŝdŽLJŽƚĂĂůƚŝĐ^
ϮϬϬϯ–ϮϬϬϵ ƐŝƐƚĞŶ DĂŶĂũĞƌ Ěŝ ĞƉĂƌƚĞŵĞŶ KƚŽŵŽƚŝĨ Ěŝ ^Ƶŵŵŝƚ ƵƚŽ
dƌĂŶƐũŽƌĚĂŶ&ŝŶĂŶĐĞ͕zŽƌĚĂŶŝĂ
ϮϬϬϵ–ϮϬϭϭ ĚǀŝƐŽƌĚŝůĞƐĂLJŝdƌĂĚŝŶŐŽƌƉŽƌĂƚŝŽŶ͕ƌĂď^ĂƵĚŝ
ϮϬϭϭ–ϮϬϭϲ ĞƉƵƚLJ^ĂůĞƐŝƌĞĐƚŽƌĚŝDŝƚƐƵďŝƐŚŝDŽƚŽƌƐŽƌƉŽƌĂƚŝŽŶ;DDͿ͕
<ĂŶƚŽƌZĞŐŝŽŶĂůƵďĂŝ
ϮϬϭϲ–ϮϬϭϳ <ĞƉĂůĂWĞŶĂƐŝŚĂƚĚŝůĞƐĂLJŝdƌĂĚŝŶŐŽƌƉŽƌĂƚŝŽŶ͕ƌĂď^ĂƵĚŝ
ϮϬϭϳ–ϮϬϮϮ ŝƌĞŬƚƵƌĚŝ,ŝŶŽDŽƚŽƌ^ĂůĞƐ/ŶĚŽŶĞƐŝĂ
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ϮϬϮϮ–ƐĂĂƚŝŶŝ ĞƉƵƚŝ'DĚŝ&ůĞĞƚDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞĞƉƚEŽ͘ϭ͕^ƵŵŝƚŽŵŽ
ŽƌƉŽƌĂƚŝŽŶ,ĞĂĚKĨĨŝĐĞ͕dŽŬLJŽ
ϮϬϮϰ–ƐĂĂƚŝŶŝ <ŽŵŝƐĂƌŝƐWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
^&^ƵƚũŝƉƚŽƵĚŝŵĂŶ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ƵƐŝĂϱϴƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚ ŐĞůĂƌ DĂŐŝƐƚĞƌ Ěŝ ďŝĚĂŶŐ ^ĐŝĞŶĐĞ ŝŶ ƵƐŝŶĞƐƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĚĂƌŝ hŶŝǀĞƌƐŝƚĂƐ
/ůůŝŶŽŝƐ͕ hƌďĂŶĂ͕ ŵĞƌŝŬĂ ^ĞƌŝŬĂƚ ƉĂĚĂ ƚĂŚƵŶ ϭϵϵϯ ĚĂŶ ŐĞůĂƌ ^ĂƌũĂŶĂ Ěŝ ďŝĚĂŶŐ ŬŽŶŽŵŝ
ŬƵŶƚĂŶƐŝĚĂƌŝhŶŝǀĞƌƐŝƚĂƐ<ĂƚŽůŝŬWĂƌĂŚLJĂŶŐĂŶ͕ĂŶĚƵŶŐ͕/ŶĚŽŶĞƐŝĂƉĂĚĂƚĂŚƵŶϭϵϴϵ͘
DĞŶũĂďĂƚ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϮϬ ŚŝŶŐŐĂ ƐĞŬĂƌĂŶŐ͘
^ĞďĞůƵŵďĞƌŐĂďƵŶŐĚŝWĞƌƐĞƌŽĂŶ͕ďĞůŝĂƵũƵŐĂƉĞƌŶĂŚĂƚĂƵƐĞĚĂŶŐŵĞŶũĂďĂƚďĞƌďĂŐĂŝƉŽƐŝƐŝ
ĚŝƉĞƌƵƐĂŚĂĂŶůĂŝŶ͕ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
DĂŶĂŐĞƌĚŝWƌĂƐĞƚŝŽ^ĂƌǁŽŬŽ^ĂŶĚũĂũĂ͕ z;ƐĞďĞůƵŵŶLJĂWƌĂƐĞƚŝŽ
ϭϵϵϰ–ϮϬϬϰ
hƚŽŵŽŶĚĞƌƐĞŶͿ
ϮϬϬϰ–ϮϬϭϯ ŝƌĞŬƚƵƌĚŝƌŝŐŚƚŽŶƐƵůƚŝŶŐ
ϮϬϬϴ–ϮϬϭϬ ŶŐŐŽƚĂWĞŵĂŶƚĂƵZŝƐŝŬŽĚŝĂŶŬhK/ŶĚŽŶĞƐŝĂ
ϮϬϭϬ–ϮϬϭϯ ŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚĚŝĂŶŬ/
ϮϬϭϱ–ϮϬϮϬ ŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚĚŝWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ϮϬϭϰ–ƐĂĂƚŝŶŝ ŝƌĞŬƚƵƌĚŝWdtŝĚLJĂWƌĞƐŝƐŝ^ŽůƵƐŝ
ϮϬϮϬ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
^͘/ƐŵĂŝůdũŝƚƌĂďƵĚŝ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ƵƐŝĂϲϭƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚŐĞůĂƌ^ĂƌũĂŶĂDĂŶĂũĞŵĞŶ/ŶĨŽƌŵĂƚŝŬĂĚĂƌŝ^dD/<ŝŶĂEƵƐĂŶƚĂƌĂ͕/ŶĚŽŶĞƐŝĂ
ƉĂĚĂƚĂŚƵŶϭϵϵϬĚĂŶŐĞůĂƌϯDĂŶĂũĞŵĞŶ/ŶĨŽƌŵĂƚŝŬĂĚĂƌŝd<ŝŶĂEƵƐĂŶƚĂƌĂ͕/ŶĚŽŶĞƐŝĂ
ƉĂĚĂƚĂŚƵŶϭϵϴϱ͘
DĞŶũĂďĂƚ ƐĞďĂŐĂŝ <ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϮϮ ŚŝŶŐŐĂ ƐĞŬĂƌĂŶŐ͘
^ĞďĞůƵŵďĞƌŐĂďƵŶŐĚŝWĞƌƐĞƌŽĂŶ͕ďĞůŝĂƵũƵŐĂƉĞƌŶĂŚĂƚĂƵƐĞĚĂŶŐŵĞŶũĂďĂƚďĞƌďĂŐĂŝƉŽƐŝƐŝ
ĚŝƉĞƌƵƐĂŚĂĂŶůĂŝŶ͕ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ϭϵϴϰ–ϭϵϴϳ ^ƚĂĨĨĚŝWdZĞĂůƚĂŚĂŬƌĂĚĂƌŵĂ
ϭϵϴϴ–ϭϵϵϱ <ĞƉĂůĂĞƉƚ͘/dĚŝWd/Ŷƚŝ^ĂůŝŵŽƌƉŽƌĂ
ϭϵϵϲ–ϮϬϭϯ ŝƌĞŬƚƵƌĚŝWd/ŶĚŽŵŽďŝů&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ϮϬϭϯ–ϮϬϭϲ ŝƌĞŬƚƵƌKƉĞƌĂƐŝŽŶĂůĚŝWdEŝƐƐĂŶ&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐ/ŶĚŽŶĞƐŝĂ
ϮϬϭϳ DĂƌŬĞƚŝŶŐƐƐŽĐŝĂƚĞĚŝWd^ĞŵďŝůĂŶDŝƚƌĂ/ŶƚĞƌŶĂƚŝŽŶĂů;ϵWƌŽͿ
ϮϬϭϳ–ƐĂĂƚŝŶŝ ŝƌĞŬƚƵƌĚŝWdŝƚƌĂ:ĂƐĂŶĚĂůĂŶ;:WƌŽͿ
ϮϬϮϮ–ƐĞŬĂƌĂŶŐ <ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
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ŝƌĞŬƐŝ͗
,ĂũŝŵĞ<ĂǁĂŵƵƌĂ
WƌĞƐŝĚĞŶŝƌĞŬƚƵƌ
tĂƌŐĂEĞŐĂƌĂ:ĞƉĂŶŐ͕ƵƐŝĂϲϲƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚŐĞůĂƌ^ĂƌũĂŶĂĚŝďŝĚĂŶŐ ŬŽŶŽŵŝĚĂƌŝhŶŝǀĞƌƐŝƚĂƐ<ĞŝŽ͕:ĞƉĂŶŐƉĂĚĂƚĂŚƵŶϭϵϴϬ͘
DĞŶũĂďĂƚ ƐĞďĂŐĂŝ WƌĞƐŝĚĞŶ ŝƌĞŬƚƵƌ Θ K WĞƌƐĞƌŽĂŶ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϮϭ ŚŝŶŐŐĂ ƐĞŬĂƌĂŶŐ͘
^ĞďĞůƵŵ ďĞƌŐĂďƵŶŐ ĚŝWĞƌƐĞƌŽĂŶ͕ďĞůŝĂƵ ƉĞƌŶĂŚ ďĞƌŬĂƌŝƌďĞƌďĂŐĂŝƉŽƐŝƐŝĚŝƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ͕
ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ϭϵϴϬ–ϭϵϴϴ &ŽƌĞdžŝůůĞƉƚ͕&ŽƌĞdžĞĂůŝŶŐdĞĂŵĚŝ^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ
ϭϵϴϴ–ϭϵϵϮ DĂŶĂŐĞƌĚŝ^ƵŵŝĐŽƌƉ&ŝŶĂŶĐĞ>ƚĚ͘;>ŽŶĚŽŶͿ
ϭϵϵϮ–ϮϬϬϮ ƐƐŝƐƚĂŶƚ 'ĞŶĞƌĂů DĂŶĂŐĞƌ͕ &ŝŶĂŶĐĞ ĞƉƚ͕ WƌŽũĞĐƚ &ŝŶĂŶĐĞ ĞƉƚ͕
&ŽƌĞdžĞĂůŝŶŐdĞĂŵĚŝ^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ͘
ϮϬϬϮ–ϮϬϬϱ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ Ěŝ ^ƵŵŝƚŽŵŽ ŽƌƉŽƌĂƚŝŽŶ ĂƉŝƚĂů ƵƌŽƉĞ WůĐ
;>ŽŶĚŽŶͿ
ϮϬϬϱ–ϮϬϬϴ &KΘ džĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚĚŝWdKƚŽDƵůƚŝĂƌƚŚĂĚĂŶWd^Ƶŵŵŝƚ
KƚŽ&ŝŶĂŶĐĞ
ϮϬϬϴ–ϮϬϬϵ ĞƉƵƚLJ 'ĞŶĞƌĂů DĂŶĂŐĞƌ͕ WƌŽũĞĐƚ &ŝŶĂŶĐĞ ĞƉƚ͕ dƌĂŶƐƉŽƌƚĂƚŝŽŶ
WƌŽũĞĐƚĞƉƚ͘Ěŝ^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ
ϮϬϭϬ–ϮϬϭϮ WƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌΘ KĚŝƵƚŽ^ƵŵŵŝƚŽŵŵĞƌĐŝĂů^ĞƌǀŝĐĞ^ĚĞ
s;DĞdžŝŬŽͿ
ϮϬϭϮ–ϮϬϭϯ ƐƐŝƐƚĂŶƚ 'ĞŶĞƌĂů DĂŶĂŐĞƌ͕ ƵƚŽ >ĞĂƐŝŶŐ ĞƉƚ͘ Ěŝ ^ƵŵŝƚŽŵŽ
ŽƌƉŽƌĂƚŝŽŶ
ϮϬϭϯ–ϮϬϭϲ 'ĞŶĞƌĂů DĂŶĂŐĞƌ͕ ůůŝĂŶĐĞƐ͕ ƵƐŝŶĞƐƐ /ŶǀĞƐƚŵĞŶƚ ĂŶĚ ĨĨŝůŝĂƚĞ
ŽŶƚƌŽůĞƉƚ͘Ěŝ^ƵŵŝƚŽŵŽDŝƚƐƵŝƵƚŽ^ĞƌǀŝĐĞ>ƚĚ
ϮϬϭϲ–ϮϬϮϬ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘ KĚŝ^ƵŵŵŝƚƵƚŽ>ĞĂƐĞƵƐƚƌĂůŝĂWƚLJ>ƚĚ͘
ϮϬϮϬ–ϮϬϮϭ ƐƐŝƐƚĂŶƚ ƚŽ 'ĞŶĞƌĂů DĂŶĂŐĞƌ͕ ƵƚŽŵŽƚŝǀĞ ^ĂůĞƐ ĚĂŶ DĂƌŬĞƚŝŶŐ
ĞƉƚĚŝ^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ
ϮϬϮϭ–ƐĞŬĂƌĂŶŐ WƌĞƐŝĚĞŶƚŝƌĞĐƚŽƌΘ KĚŝWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ŶŝƚĂ<ƵŵĂůĂ^ŝƐǁĂĚLJ
ŝƌĞŬƚƵƌ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ƵƐŝĂϱϰƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚ ŐĞůĂƌ ^ĂƌũĂŶĂ Ěŝ ďŝĚĂŶŐ ŬŽŶŽŵŝ ŬƵŶƚĂŶƐŝ ĚĂƌŝ hŶŝǀĞƌƐŝƚĂƐ ,<W EŽŵŵĞŶƐĞŶ
ƉĂĚĂƚĂŚƵŶϭϵϵϯ͘
DĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϮϬϭϴŚŝŶŐŐĂƐĞŬĂƌĂŶŐ͘^ĞďĞůƵŵďĞƌŐĂďƵŶŐ
ĚŝWĞƌƐĞƌŽĂŶ͕ďĞůŝĂƵƉĞƌŶĂŚďĞƌŬĂƌŝƌďĞƌďĂŐĂŝƉŽƐŝƐŝĚŝƉĞƌƵƐĂŚĂĂŶůĂŝŶ͕ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ϭϵϵϰ–ϭϵϵϱ dƌĂŝŶĞĞĚŝWdĂŶŬĂůŝ
KĨĨƐŚŽƌĞ >ŝƚŝŐĂƚŝŽŶ DĂŶĂŐĞƌ :ĂŬĂƌƚĂ ,ĞĂĚ KĨĨŝĐĞ͕ ZĞŵĞĚŝĂů
ϭϵϵϱ–ϮϬϬϬ DĂŶĂŐĞƌ͕ ZĞŵĞĚŝĂů ^ƵƉƉŽƌƚ ^ƚĂĨĨ :ĂŬĂƌƚĂ ,ĞĂĚ KĨĨŝĐĞ͕ ZĞŵĞĚŝĂů
KĨĨŝĐĞƌĐĂďĂŶŐ:ĂŬĂƌƚĂĚŝWdĂŶŬĂůŝ
,ĞĂĚ &ŝŶĂŶĐŝĂů /ŶƐƚŝƚƵƚŝŽŶƐ Θ ^ƵďƐŝĚŝĂƌŝĞƐ /ŶƚĞƌŶĂƚŝŽŶĂů ĂŶŬŝŶŐ
ϮϬϬϬ–ϮϬϬϰ 'ƌŽƵƉ͕,ĞĂĚ&ŝŶĂŶĐŝĂů/ŶƐƚŝƚƵƚŝŽŶƐĂŶĚKĨĨƐŚŽƌĞKĨĨŝĐĞƐΘƌĂŶĐŚĞƐ͕
,ĞĂĚ&ŝŶĂŶĐŝĂů/ŶƐƚŝƚƵƚŝŽŶƐĚŝWdĂŶŬĂůŝ
,ĞĂĚ ůŝĞŶƚ ZĞůĂƚŝŽŶƐŚŝƉ ϭͲ tŚŽůĞƐĂůĞ ĂŶŬŝŶŐ͕ ^ĞŐŵĞŶƚ ,ĞĂĚ
ŽƌƉŽƌĂƚĞ'ƌŽƵƉΘsĂůƵĞŚĂŝŶ͕^ĞŐŵĞŶƚ,ĞĂĚ&ŝŶĂŶĐŝĂů/ŶƐƚŝƚƵƚŝŽŶ
ϮϬϬϱ–ϮϬϭϯ
– tŚŽůĞƐĂůĞ ĂŶŬŝŶŐ 'ƌŽƵƉ ,ĞĂĚ &ŝŶĂŶĐŝĂů /ŶƐƚŝƚƵƚŝŽŶƐ –
/ŶƚĞƌŶĂƚŝŽŶĂůĂŶŬŝŶŐ'ƌŽƵƉĚŝWdĂŶŬWĞƌŵĂƚĂ
ϮϬϭϯ–ϮϬϭϰ <ŽŵŝƐĂƌŝƐĚŝWdƐƚƌĂ^ĞĚĂLJĂ&ŝŶĂŶĐĞ
ϮϬϭϰ–ϮϬϭϳ ŝƌĞŬƚƵƌĚŝWdĂŶŬWĞƌŵĂƚĂ
ϮϬϭϴ–ϮϬϭϴ ^ĞŶŝŽƌ džĞĐƵƚŝǀĞKĨĨŝĐĞƌĚŝWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ϮϬϭϴ–ƐĂĂƚŝŶŝ ŝƌĞŬƚƵƌĚŝWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
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ŐƵƐ^ƵƐĂŶƚŽĂƌŵĂĚŚŝ
ŝƌĞŬƚƵƌ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ƵƐŝĂϱϵƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚŐĞůĂƌDĂŐŝƐƚĞƌĚŝďŝĚĂŶŐ ŬŽŶŽŵŝŬƵŶƚĂŶƐŝĚĂƌŝ^ĞŬŽůĂŚdŝŶŐŐŝ/ůŵƵ ŬŽŶŽŵŝz/
ƉĂĚĂƚĂŚƵŶϭϵϴϴĚĂŶŵĞŵƉĞƌŽůĞŚŐĞůĂƌ^ĂƌũĂŶĂ ĚŝďŝĚĂŶŐ ŬŽŶŽŵŝŬƵŶƚĂŶƐŝĚĂƌŝŬĂĚĞŵŝ
ĐĐŽƵŶƚŝŶŐĚŝ:ĂŬĂƌƚĂƉĂĚĂƚĂŚƵŶϭϵϴϲ͘
DĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϮϬϭϱŚŝŶŐŐĂƐĞŬĂƌĂŶŐ͘^ĞďĞůƵŵďĞƌŐĂďƵŶŐ
Ěŝ WĞƌƐĞƌŽĂŶ͕ ďĞůŝĂƵ ũƵŐĂ ƉĞƌŶĂŚ ĂƚĂƵ ƐĞĚĂŶŐ ŵĞŶũĂďĂƚ ďĞƌďĂŐĂŝ ƉŽƐŝƐŝ Ěŝ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ͕
ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ϭϵϴϱ–ϭϵϴϳ ^ƚĂĨĨĐĐŽƵŶƚŝŶŐĚŝWdDƵůƚŝ^ƌĂŶĂZĂƐĂŐƵŶŐ;'ƵŶƵŶŐŐƵŶŐ'ƌƵƉͿ
ϭϵϴϵ–ϭϵϵϳ DĂŶĂŐĞƌƌĞĚŝƚŽŶƚƌŽůĚŝWdhŶŝĐŽƌWƌŝŵĂDŽƚŽƌ;/ŶĚŽŵŽďŝů'ƌƵƉͿ
DĂŶĂŐĞƌ &ŝŶĂŶĐĞ ĚĂŶ ƌĞĚŝƚ ŽŶƚƌŽů Ěŝ Wd ,ŝŶŽ /ŶĚŽŶĞƐŝĂ
ϭϵϵϳ–ϮϬϬϮ
DĂŶƵĨĂĐƚƵƌŝŶŐ;/ŶĚŽŵŽďŝů'ƌƵƉͿ
^ĞŶŝŽƌ džĞĐƵƚŝǀĞKĨĨŝĐĞƌ&ŝŶĂŶĐĞĂŶĚĐĐŽƵŶƚŝŶŐĚŝWd,ŝŶŽDŽƚŽƌƐ
ϮϬϬϮ–ƐĂĂƚŝŶŝ
^ĂůĞƐ/ŶĚŽŶĞƐŝĂ;/ŶĚŽŵŽďŝů'ƌƵƉͿ
ϮϬϭϱ–ƐĂĂƚŝŶŝ ŝƌĞŬƚƵƌĚŝWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ;/ŶĚŽŵŽďŝů'ƌŽƵƉͿ
ƵĚŝƌŝĨŝĂŶƚŽtŝďŝƐĂŶĂ
ŝƌĞŬƚƵƌ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ƵƐŝĂϰϯƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚŐĞůĂƌ^ĂƌũĂŶĂĚŝďŝĚĂŶŐdĞŬŶŝŬ<ŝŵŝĂĚĂƌŝhŶŝǀĞƌƐŝƚĂƐ<ĂƚŽůŝŬWĂƌĂŚLJĂŶŐĂŶƉĂĚĂ
ƚĂŚƵŶϮϬϬϯĚĂŶDĞŵƉĞƌŽůĞŚŐĞůĂƌDĂŐŝƐƚĞƌĚŝďŝĚĂŶŐ &ŝŶĂŶĐŝĂůDĂŶĂŐĞŵĞŶƚĚĂƌŝWƌĂƐĞƚŝLJĂ
DƵůLJĂ ƵƐŝŶĞƐƐ ^ĐŚŽŽů ƉĂĚĂ ƚĂŚƵŶ ϮϬϬϲ ĚĂŶ ŵĞŶŐŝŬƵƚŝ 'ĞŶĞƌĂů DĂŶĂŐĞŵĞŶƚ WƌŽŐƌĂŵ
Ěŝ,ĂƌǀĂƌĚƵƐŝŶĞƐƐ^ĐŚŽŽů džĞĐƵƚŝǀĞ ĚƵĐĂƚŝŽŶWƌŽŐƌĂŵƉĂĚĂƚĂŚƵŶϮϬϮϯ͘
DĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϮϬϮϬŚŝŶŐŐĂƐĞŬĂƌĂŶŐ͘^ĞďĞůƵŵďĞƌŐĂďƵŶŐ
Ěŝ WĞƌƐĞƌŽĂŶ͕ ďĞůŝĂƵ ũƵŐĂ ƉĞƌŶĂŚ ĂƚĂƵ ƐĞĚĂŶŐ ŵĞŶũĂďĂƚ ďĞƌďĂŐĂŝ ƉŽƐŝƐŝ Ěŝ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ͕
ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ϮϬϬϯ–ϮϬϬϰ dĞĐŚŶŝĐĂů^ĞƌǀŝĐĞ^ƵƉĞƌǀŝƐŽƌWdƐƚƌĂ/ŶƚĞƌŶĂƚŝŽŶĂůdďŬ
ϮϬϬϲ–ϮϬϬϳ 'ƌĂĚƵĂƚĞ/ŶƚĂŬĞĚŝWdWĂŶĂŵĂƐ
ϮϬϬϳ–ϮϬϭϱ ƌĞĚŝƚ ŶĂůLJƐƚ͕ ^ƚƌĂƚĞŐŝĐ DĂƌŬĞƚŝŶŐ KĨĨŝĐĞƌ͕ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ
ŽĨĨŝĐĞƌ͕ dƌĞĂƐƵƌLJ KĨĨŝĐĞƌ͕ W ĞƉĂƌƚŵĞŶƚ ,ĞĂĚ͕ dƌĞĂƐƵƌLJ
ĞƉĂƌƚŵĞŶƚ,ĞĂĚĚŝWd^ƵƌLJĂƌƚŚĂEƵƐĂŶƚĂƌĂ&ŝŶĂŶĐĞ
ϮϬϭϱ–ϮϬϮϬ KƉĞƌĂƚŝŽŶ'ĞŶĞƌĂůDĂŶĂŐĞƌĚŝWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ϮϬϮϬ–ƐĂĂƚŝŶŝ ŝƌĞŬƚƵƌĚŝWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
dĂŝŬŝKŶŽƵĞ
ŝƌĞŬƚƵƌ
tĂƌŐĂEĞŐĂƌĂ:ĞƉĂŶŐ͕ƵƐŝĂϰϮƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚŐĞůĂƌ^ĂƌũĂŶĂĚŝďŝĚĂŶŐƵƐŝŶĞƐƐĚŵŝŶŝƐƚƌĂƚŝŽŶĚĂƌŝhŶŝǀĞƌƐŝƚĂƐ<ŽďĞƉĂĚĂƚĂŚƵŶ
ϮϬϬϱ͘
DĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϮϬϮϭŚŝŶŐŐĂƐĞŬĂƌĂŶŐ͘^ĞďĞůƵŵďĞƌŐĂďƵŶŐ
ĚŝWĞƌƐĞƌŽĂŶ͕ďĞůŝĂƵƉĞƌŶĂŚďĞƌŬĂƌŝƌďĞƌďĂŐĂŝƉŽƐŝƐŝĚŝƉĞƌƵƐĂŚĂĂŶůĂŝŶ͕ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ϮϬϬϱ–ϮϬϬϴ ^ƚĂĨĨWĞŵĂƐĂƌĂŶĚĂŶWĞŶũƵĂůĂŶĚŝ^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ
ϮϬϬϴ–ϮϬϭϭ ŶĂůŝƐŝƐƐĞŶŝŽƌĚŝdŝŵDĂŶĂũĞŵĞŶZŝƐŝŬŽĚŝ^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ
ϮϬϭϭ–ϮϬϭϮ WĞŶĂƐŝŚĂƚƉĞŵĂƐĂƌĂŶƐĞŶŝŽƌĚŝ^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ
ϮϬϭϮ–ϮϬϭϰ <ŽŽƌĚŝŶĂƚŽƌ ƐĞŶŝŽƌ Ěŝ dŽLJŽƚĂ DŽƚŽƌ dŚĂŝůĂŶĚ ŽŵƉĂŶLJ >ŝŵŝƚĞĚ
;ĂŶŐŬŽŬ͕dŚĂŝůĂŶĚͿ
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ϮϬϭϱ–ϮϬϭϳ WƌĞƐŝĚĞŶ ŝƌĞŬƚƵƌ ^Ƶŵŵŝƚ ƵƚŽ DĂŶĂŐĞŵĞŶƚ ;dŚĂŝůĂŶĚͿ Ž͕͘ >ƚĚ͕͘
ŝƌĞŬƚƵƌ dŽLJŽƚĂ ^Ƶŵŵŝƚ Ž͕͘ >ƚĚ͕͘ ĚĂŶ ŶŐŐŽƚĂ ĚĞǁĂŶ ĞŬƐƚĞƌŶĂů
^ƵŵŵŝƚĂƉŝƚĂůƵƚŽ>ĞĂƐŝŶŐŽ͕͘>ƚĚ͘
ϮϬϭϳ–ϮϬϮϭ ƐŝƐƚĞŶ DĂŶĂũĞƌ hŵƵŵ ĞƉĂƌƚĞŵĞŶ WĞŶũƵĂůĂŶ ĚĂŶ WĞŵĂƐĂƌĂŶ
KƚŽŵŽƚŝĨĚŝ^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ
ϮϬϮϭ–ƐĂĂƚŝŶŝ ŝƌĞŬƚƵƌĚŝWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
DĂƌŬƵƐ,ŽƚŵĂ&ĞďƌŝĂŶƚŽWĂŶũĂŝƚĂŶ
ŝƌĞŬƚƵƌ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ƵƐŝĂϯϵƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚŐĞůĂƌ^ĂƌũĂŶĂĚŝďŝĚĂŶŐ ŬŽŶŽŵŝĚĂƌŝhŶŝǀĞƌƐŝƚĂƐƚŵĂ:ĂLJĂ͕:ĂŬĂƌƚĂƉĂĚĂƚĂŚƵŶ
ϮϬϬϲ ĚĂŶ ŵĞŶŐŝŬƵƚŝ 'ĞŶĞƌĂů DĂŶĂŐĞŵĞŶƚ WƌŽŐƌĂŵ ĚĂƌŝ ,ĂƌǀĂƌĚ ƵƐŝŶĞƐƐ ^ĐŚŽŽů džĞĐƵƚŝǀĞ
ĚƵĐĂƚŝŽŶWƌŽŐƌĂŵ͕ŵĞƌŝŬĂ^ĞƌŝŬĂƚƉĂĚĂƚĂŚƵŶϮϬϮϭ͘
DĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϮϬϮϮŚŝŶŐŐĂƐĞŬĂƌĂŶŐ͘^ĞďĞůƵŵďĞƌŐĂďƵŶŐ
ĚŝWĞƌƐĞƌŽĂŶ͕ďĞůŝĂƵƉĞƌŶĂŚďĞƌŬĂƌŝƌďĞƌďĂŐĂŝƉŽƐŝƐŝĚŝƉĞƌƵƐĂŚĂĂŶůĂŝŶ͕ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ϮϬϬϳ–ϮϬϭϱ ƌĂŶĐŚDĂŶĂŐĞƌĚŝWdƐƚƌĂ^ĞĚĂLJĂ&ŝŶĂŶĐĞ;Ϳ
ϮϬϭϱ–ϮϬϮϮ džĞĐƵƚŝǀĞKĨĨŝĐĞƌDĂƌŬĞƚŝŶŐĚŝWĞƌƐĞƌŽĂŶ
ϮϬϮϮ–ƐĂĂƚŝŶŝ ŝƌĞŬƚƵƌĚŝWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ŶƚŽŶŝƵƐdƌŝƐŶĂĚŝĂLJƵWƵƚƌĂ
ŝƌĞŬƚƵƌ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ƵƐŝĂϰϰƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚŐĞůĂƌ^ĂƌũĂŶĂĚŝďŝĚĂŶŐ ŬŽŶŽŵŝĚĂƌŝhŶŝǀĞƌƐŝƚĂƐƚŵĂ:ĂLJĂƉĂĚĂƚĂŚƵŶϮϬϬϯ͘
DĞŶũĂďĂƚƐĞďĂŐĂŝŝƌĞŬƚƵƌWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϮϬϮϮŚŝŶŐŐĂƐĞŬĂƌĂŶŐ͘^ĞďĞůƵŵďĞƌŐĂďƵŶŐ
ĚŝWĞƌƐĞƌŽĂŶ͕ďĞůŝĂƵƉĞƌŶĂŚďĞƌŬĂƌŝƌďĞƌďĂŐĂŝƉŽƐŝƐŝĚŝƉĞƌƵƐĂŚĂĂŶůĂŝŶ͕ĂŶƚĂƌĂůĂŝŶ͗
WĞƌŝŽĚĞ :ĂďĂƚĂŶΘEĂŵĂWĞƌƵƐĂŚĂĂŶ
ϮϬϬϭ :ƵŶŝŽƌWƌŽŐƌĂŵĞƌĚŝZ'^ŽĨƚǁĂƌĞ,ŽƵƐĞ
ϮϬϬϮ–ϮϬϭϳ ƵƐŝŶĞƐƐĞǀĞůŽƉŵĞŶƚ'ĞŶĞƌĂůDĂŶĂŐĞƌΘZDΘDĂƌŬĞƚŝŶŐŝŐŝƚĂů
'ĞŶĞƌĂůDĂŶĂŐĞƌĚŝWdƵƐƐĂŶƵƚŽ&ŝŶĂŶĐĞ
ϮϬϭϳ–ϮϬϮϮ džĞĐƵƚŝǀĞKĨĨŝĐĞƌ/ŶĨŽƌŵĂƚŝŽŶΘŽŵŵƵŶŝĐĂƚŝŽŶdĞĐŚŶŽůŽŐLJ;/dͿĚŝ
WĞƌƐĞƌŽĂŶ
ϮϬϮϮ–ƐĂĂƚŝŶŝ ŝƌĞŬƚƵƌĚŝWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ϲ͘ dd< >K>W Zh^,E
WƌĂŬƚŝŬƉĞŶĞƌĂƉĂŶƉƌŝŶƐŝƉdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶLJĂŶŐĂŝŬ;'ŽŽĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ–“GCG”) merupakan salah satu
ŬƵŶĐŝ ƵƚĂŵĂ ďĂŐŝ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŵĞŶĐĂƉĂŝ ƚƵũƵĂŶ ďŝƐŶŝƐ ĚĂŶ ŬĞďĞƌůĂŶũƵƚĂŶ ƵƐĂŚĂ͘ WĞŶĞƌĂƉĂŶ '' ƚŝĚĂŬ ŚĂŶLJĂ
ďĞƌŬŽŶƚƌŝďƵƐŝ ƚĞƌŚĂĚĂƉ ŬŝŶĞƌũĂ WĞƌƵƐĂŚĂĂŶ ƚĞƚĂƉŝ ũƵŐĂ ŵĞŵďĞƌŝŬĂŶ ŶŝůĂŝ ƚĂŵďĂŚ ďĂŐŝ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ĚĂŶ ƉĞŵĂŶŐŬƵ
ŬĞƉĞŶƚŝŶŐĂŶ WĞƌƐĞƌŽĂŶ͘ ĂŐŝ WĞƌƐĞƌŽĂŶ͕ ƉƌĂŬƚŝŬ ƉĞŶĞƌĂƉĂŶ ƉƌŝŶƐŝƉ '' ŵĞŶũĂĚŝ ďĂŐŝĂŶ LJĂŶŐ ƚŝĚĂŬ ƚĞƌƉŝƐĂŚŬĂŶ ĚĂƌŝ
ƉĞŶŐĞůŽůĂĂŶWĞƌƐĞƌŽĂŶƐĞĐĂƌĂƉƌŽĨĞƐŝŽŶĂůĚĂŶƚĞƌƉĞƌĐĂLJĂ͘ĞƌůĂŶĚĂƐŬĂŶƉĞŵĂŚĂŵĂŶƚĞƌƐĞďƵƚ͕WĞƌƐĞƌŽĂŶŵĞŶĚĂƐĂƌŝƐĞůƵƌƵŚ
ŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůƉĂĚĂƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ''LJĂŶŐďĞƌůĂŬƵƐĞĐĂƌĂƵŵƵŵ͘
ĚĂƉƵŶƉƌŝŶƐŝƉ''LJĂŶŐĚŝƚĞƌĂƉŬĂŶWĞƌƐĞƌŽĂŶƚĞƌĚŝƌŝĚĂƌŝŶŝůĂŝƚƌĂŶƐƉĂƌĂŶƐŝ͕ĂŬƵŶƚĂďŝůŝƚĂƐ͕ƚĂŶŐŐƵŶŐũĂǁĂď͕ŝŶĚĞƉĞŶĚĞŶƐŝ͕
ĚĂŶ ŬĞǁĂũĂƌĂŶ͘ WĞŶĞƌĂƉĂŶ ŬĞůŝŵĂ ƉƌŝŶƐŝƉ ƚĞƌƐĞďƵƚ ƐĞũĂůĂŶ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ ĚĂŶ
ĚŝƐĞƐƵĂŝŬĂŶ ĚĞŶŐĂŶ ĂŬƚŝǀŝƚĂƐ ďŝƐŶŝƐ WĞƌƐĞƌŽĂŶ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŵŝůŝŬŝ ƵŶŝƚͲƵŶŝƚ ŬĞƌũĂ LJĂŶŐ ďĞƌƚƵŐĂƐ ŵĞŶŐĂǁĂƐŝ ĚĂŶ
ŵĞůĂŬƵŬĂŶĞǀĂůƵĂƐŝŝŵƉůĞŵĞŶƚĂƐŝ''ƐĞĐĂƌĂƉĞƌŝŽĚŝŬĚĂŶŝŶĚĞƉĞŶĚĞŶĂŐĂƌĚĂƉĂƚĚŝƚŝŶŐŬĂƚŬĂŶŬĞĚĞƉĂŶŶLJĂ͘
^ƚƌƵŬƚƵƌƚĂƚĂŬĞůŽůĂWĞƌƐĞƌŽĂŶĚŝďĞŶƚƵŬďĞƌĚĂƐĂƌŬĂŶŬĞƚĞŶƚƵĂŶWĂƐĂůϭhhWdĚĂŶƚĞƌĚŝƌŝĚĂƌŝZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ
(“RUPS”), Dewan Komisaris, Direksi, serta organͲŽƌŐĂŶ ƉĞŶĚƵŬƵŶŐ ůĂŝŶŶLJĂ ƐĞƉĞƌƚŝ ^ĞŬƌĞƚĂƌŝƐ WĞƌƵƐĂŚĂĂŶ͕ ^ĂƚƵĂŶ
WĞŶŐĞŶĚĂůŝĂŶ/ŶƚĞƌŶĂů͕ĚĂŶ<ŽŵŝƚĞƵĚŝƚ͘WĞŶLJƵƐƵŶĂŶƐƚƌƵŬƚƵƌŝŶŝũƵŐĂŵĞŵƉĞƌŚĂƚŝŬĂŶƉĞŵĞƚĂĂŶĨƵŶŐƐŝĂƚĂƵŬĞŐŝĂƚĂŶƵƐĂŚĂ
ďĞƌĚĂƐĂƌŬĂŶƐƚĂŶĚĂƌĞƚŝŬĂďŝƐŶŝƐƐĞƌƚĂŵĞŵĂƐƚŝŬĂŶŵĞŬĂŶŝƐŵĞĐŚĞĐŬĂŶĚďĂůĂŶĐĞĚĂƉĂƚďĞƌũĂůĂŶĚĞŶŐĂŶĞĨĞŬƚŝĨ͘
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hƌĂŝĂŶ ƉĞůĂŬƐĂŶĂĂŶ ƚƵŐĂƐ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚĞƌŵĂƐƵŬ <ŽŵŝƐĂƌŝƐ /ŶĚĞƉĞŶĚĞŶ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ϭ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ ĂĚĂůĂŚ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞŵŝůŝŬŝƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďĚĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶĨƵŶŐƐŝŶLJĂĚĂůĂŵWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĂǁĂƐĂŶ ĂƚĂƐ ŬĞďŝũĂŬĂŶ ƉĞŶŐƵƌƵƐĂŶ͕ ũĂůĂŶŶLJĂ ƉĞŶŐƵƌƵƐĂŶ ƉĂĚĂ ƵŵƵŵŶLJĂ͕ ďĂŝŬ
ŵĞŶŐĞŶĂŝ WĞƌƐĞƌŽĂŶ ŵĂƵƉƵŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚĂŶ ŵĞŵďĞƌŝ ŶĂƐŝŚĂƚ ŬĞƉĂĚĂ ŝƌĞŬƐŝ͕ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƵŶƚƵŬ
ŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶĚĂŶƐĞƐƵĂŝĚĞŶŐĂŶŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶ͘
Ϯ͘ ^ĞƚŝĂƉ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ŝƚŝŬĂĚ ďĂŝŬ ĚĂŶ ƉĞŶƵŚ ƚĂŶŐŐƵŶŐ ũĂǁĂď ŵĞŶũĂůĂŶŬĂŶ ƚƵŐĂƐŶLJĂ
ƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶĚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶĚĞŶŐĂŶŵĞŶŐŝŶĚĂŚŬĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϯ͘ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ŬŽŵŝƚĞͲŬŽŵŝƚĞ LJĂŶŐ ƚĞůĂŚ ĚŝďĞŶƚƵŬ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŶũĂůĂŶŬĂŶ ƚƵŐĂƐŶLJĂ
ƐĞĐĂƌĂĞĨĞŬƚŝĨ͘
ϰ͘ ĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞĐĂƌĂďĞƌŬĂůĂŵĞŵŝŶƚĂĂŶŐŐŽƚĂŝƌĞŬƐŝƵŶƚƵŬŵĞŵďĞƌŝŬĂŶƉĞŶũĞůĂƐĂŶƚĞŶƚĂŶŐƐĞŐĂůĂŚĂůŵĞŶŐĞŶĂŝ
WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝŵĂŶĂĚŝƉĞƌůƵŬĂŶŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐŵĞƌĞŬĂ͘
ϱ͘ ĞǁĂŶ<ŽŵŝƐĂƌŝƐǁĂũŝď͗
• DĞŵďƵĂƚƌŝƐĂůĂŚƌĂƉĂƚĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŵĞŶLJŝŵƉĂŶƐĂůŝŶĂŶŶLJĂ͖
• DĞůĂƉŽƌŬĂŶ ŬĞƉĂĚĂ WĞƌƐĞƌŽĂŶ ŵĞŶŐĞŶĂŝ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵŶLJĂ ĚĂŶͬĂƚĂƵ ŬĞůƵĂƌŐĂŶLJĂ ƉĂĚĂ WĞƌƐĞƌŽĂŶ ĚĂŶ
ƉĞƌƐĞƌŽĂŶůĂŝŶ͖
• DĞŵďĞƌŝŬĂŶ ůĂƉŽƌĂŶ ƚĞŶƚĂŶŐ ƚƵŐĂƐ ƉĞŶŐĂǁĂƐĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝůĂŬƵŬĂŶ ƐĞůĂŵĂ ƚĂŚƵŶ ďƵŬƵ LJĂŶŐ ďĂƌƵ ůĂŵƉĂƵ
ŬĞƉĂĚĂZhW^͘
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶŵĞŵƉƵŶLJĂŝƚƵŐĂƐƉŽŬŽŬŵĞůĂŬƵŬĂŶĨƵŶŐƐŝƉĞŶŐĂǁĂƐĂŶƵŶƚƵŬŵĞŶLJƵĂƌĂŬĂŶŬĞƉĞŶƚŝŶŐĂŶĞďŝƚƵƌ͕
<ƌĞĚŝƚƵƌĚĂŶƉĞŵĂŶŐŬƵŬĞƉĞŶƚŝŶŐĂŶůĂŝŶŶLJĂ͘
ĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞŵŝůŝŬŝŬĞǁĞŶĂŶŐĂŶƐĞƐƵĂŝŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ DĞŵĂƐƵŬŝďĂŶŐƵŶĂŶĂƚĂƵƚĞŵƉĂƚůĂŝŶLJĂŶŐĚŝƉĞƌŐƵŶĂŬĂŶĂƚĂƵLJĂŶŐĚŝŬƵĂƐĂŝŽůĞŚWĞƌƐĞƌŽĂŶ͘
Ϯ͘ DĞŵĞƌŝŬƐĂƐĞŵƵĂƉĞŵďƵŬƵĂŶ͕ƐƵƌĂƚͲƐƵƌĂƚĚĂŶĂůĂƚďƵŬƚŝůĂŝŶŶLJĂ͕ŵĞŵĞƌŝŬƐĂĚĂŶŵĞŶĐŽĐŽŬĂŶŬĞĂĚĂĂŶƵĂŶŐŬĂƐĚĂŶ
ůĂŝŶͲůĂŝŶ͘
ϯ͘ DĞŶŐĞƚĂŚƵŝƐĞŐĂůĂƚŝŶĚĂŬĂŶLJĂŶŐƚĞůĂŚĚŝũĂůĂŶŬĂŶŽůĞŚŝƌĞŬƐŝ͘
ϰ͘ DĞŵďĞƌŚĞŶƚŝŬĂŶ ƵŶƚƵŬ ƐĞŵĞŶƚĂƌĂ ƐĞŽƌĂŶŐ ĂƚĂƵ ůĞďŝŚ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĂƉĂďŝůĂ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ƚĞƌƐĞďƵƚ ďĞƌƚŝŶĚĂŬ
ďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶŶŐŐĂƌĂŶĂƐĂƌĚĂŶͬĂƚĂƵƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͘
WƌŽƐĞĚƵƌ ƉĞŶĞƚĂƉĂŶ ĚĂŶ ďĞƐĂƌŶLJĂ ƌĞŵƵŶĞƌĂƐŝ ďĂŐŝ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ĂĚĂůĂŚ ZhW^ ŵĞŵďĞƌŝŬĂŶ
ǁĞǁĞŶĂŶŐŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞůĂůƵŝ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝƵŶƚƵŬŵĞƌƵŵƵƐŬĂŶďĞƐĂƌĂŶƌĞŵƵŶĞƌĂƐŝĚĂŶ
ũĞŶŝƐƚƵŶũĂŶŐĂŶLJĂŶŐĂŬĂŶĚŝďĞƌŝŬĂŶŬĞƉĂĚĂŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ͘
<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝĚĂůĂŵŚĂůŝŶŝŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶŬŝŶĞƌũĂWĞƌƐĞƌŽĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶ͕ƐĞƌƚĂŬŽŶƚƌŝďƵƐŝ
ĚĂŶŬŝŶĞƌũĂŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ͘ZĞŵƵŶĞƌĂƐŝďĂŐŝĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝƐĞŶĂŶƚŝĂƐĂ
ĚŝƚŝŶũĂƵ ƵŶƚƵŬ ŵĞŵĂƐƚŝŬĂŶ ŬĞƐĞƐƵĂŝĂŶŶLJĂ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ ĚĂŶ ĚĂLJĂ ƐĂŝŶŐŶLJĂ
ĚŝŝŶĚƵƐƚƌŝ͘
:ƵŵůĂŚ ŐĂũŝ ĚĂŶ ƚƵŶũĂŶŐĂŶ LJĂŶŐ ĚŝďĂLJĂƌŬĂŶ ŬĞƉĂĚĂ ƉĂƌĂ ĂŶŐŐŽƚĂ <ŽŵŝƐĂƌŝƐ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ
ƚĂŶŐŐĂůͲƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐĂĚĂůĂŚƐĞďĞƐĂƌZƉϵϬϬ͘ϬϬϬ͘ϬϬϬĚĂŶZƉϲϬϬ͘ϬϬϬ͘ϬϬϬ͘
dŝĚĂŬƚĞƌĚĂƉĂƚŬŽŶƚƌĂŬƚĞƌŬĂŝƚ/ŵďĂůĂŶŬĞƌũĂƵŶƚƵŬĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞƚĞůĂŚŵĂƐĂŬĞƌũĂďĞƌĂŬŚŝƌ͘
^ĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕ĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚƐĞďĂŶLJĂŬ;ƐĂƚƵͿŬĂůŝĚŝƚĂŚƵŶ
ϮϬϮϰĚĞŶŐĂŶƚŝŶŐŬĂƚŬĞŚĂĚŝƌĂŶŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂƐĞďĂŐĂŝŵĂŶĂĚŝƵƌĂŝŬĂŶƉĂĚĂƚĂďĞůďĞƌŝŬƵƚŝŶŝ͘
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ &ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ;йͿ
:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ ϭ ϭϬϬй
DĂƐĂƚŽhĐŚŝĚĂ ϭ ϭϬϬй
<ĂnjƵŬŝ^ĂƚŽ ϭ ϭϬϬй
dĂŬĂLJƵŬŝdƐƵĐŚŝĚĂ ϭ ϭϬϬй
^ƵƚũŝƉƚŽƵĚŝŵĂŶ ϭ ϭϬϬй
^͘/ƐŵĂŝůdũŝƚƌĂďƵĚŝ ϭ ϭϬϬй
63
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^ĞƉĂŶũĂŶŐƚĂŚƵŶϮϬϮϯ͕ĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚƐĞďĂŶLJĂŬϮ;ĚƵĂͿŬĂůŝĚĞŶŐĂŶƚŝŶŐŬĂƚŬĞŚĂĚŝƌĂŶ
ŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂƐĞďĂŐĂŝŵĂŶĂĚŝƵƌĂŝŬĂŶƉĂĚĂƚĂďĞůďĞƌŝŬƵƚŝŶŝ͘
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ &ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ;йͿ
:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ Ϯ ϭϬϬй
DĂƐĂƚŽhĐŚŝĚĂ Ϯ ϭϬϬй
DĂƐĂƚĂŬĂdĂŬĂŶŝƐŚŝ Ϯ ϭϬϬй
<ĂnjƵŬŝ^ĂƚŽ Ϯ ϭϬϬй
^ƵƚũŝƉƚŽƵĚŝŵĂŶ Ϯ ϭϬϬй
^͘/ƐŵĂŝůdũŝƚƌĂďƵĚŝ Ϯ ϭϬϬй
^ĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕ĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚŐĂďƵŶŐĂŶƐĞďĂŶLJĂŬϭ;ƐĂƚƵͿ
ŬĂůŝĚŝƚĂŚƵŶϮϬϮϰĚĞŶŐĂŶƚŝŶŐŬĂƚŬĞŚĂĚŝƌĂŶŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂƐĞďĂŐĂŝŵĂŶĂĚŝƵƌĂŝŬĂŶƉĂĚĂƚĂďĞůďĞƌŝŬƵƚŝŶŝ͘
EĂŵĂ &ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ;йͿ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ ϭ ϭϬϬй
DĂƐĂƚŽhĐŚŝĚĂ ϭ ϭϬϬй
<ĂnjƵŬŝ^ĂƚŽ ϭ ϭϬϬй
dĂŬĂLJƵŬŝdƐƵĐŚŝĚĂ ϭ ϭϬϬй
^ƵƚũŝƉƚŽƵĚŝŵĂŶ ϭ ϭϬϬй
^͘/ƐŵĂŝůdũŝƚƌĂďƵĚŝ ϭ ϭϬϬй
ŝƌĞŬƐŝ
,ĂũŝŵĞ<ĂǁĂŵƵƌĂ ϭ ϭϬϬй
ŶŝƚĂ<ƵŵĂůĂ^ŝƐǁĂĚLJ ϭ ϭϬϬй
ŐƵƐ^ƵƐĂŶƚŽĂƌŵĂĚŚŝ ϭ ϭϬϬй
ƵĚŝƌŝĨŝĂŶƚŽtŝďŝƐĂŶĂ ϭ ϭϬϬй
dĂŝŬŝKŶŽƵĞ ϭ ϭϬϬй
DĂƌŬƵƐ,ŽƚŵĂ&ĞďƌŝĂŶƚŽWĂŶũĂŝƚĂŶ ϭ ϭϬϬй
ŶƚŽŶŝƵƐdƌŝƐŶĂĚŝĂLJƵWƵƚƌĂ ϭ ϭϬϬй
^ĞƉĂŶũĂŶŐƚĂŚƵŶϮϬϮϯ͕ĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚŐĂďƵŶŐĂŶƐĞďĂŶLJĂŬϰ;ĞŵƉĂƚͿŬĂůŝĚĞŶŐĂŶƚŝŶŐŬĂƚ
ŬĞŚĂĚŝƌĂŶŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂƐĞďĂŐĂŝŵĂŶĂĚŝƵƌĂŝŬĂŶƉĂĚĂƚĂďĞůďĞƌŝŬƵƚŝŶŝ͘
EĂŵĂ &ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ;йͿ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ ϰ ϭϬϬй
DĂƐĂƚŽhĐŚŝĚĂ ϰ ϭϬϬй
DĂƐĂƚĂŬĂdĂŬĂŶŝƐŚŝ ϰ ϭϬϬй
<ĂnjƵŬŝ^ĂƚŽ ϰ ϭϬϬй
^ƵƚũŝƉƚŽƵĚŝŵĂŶ ϰ ϭϬϬй
^͘/ƐŵĂŝůdũŝƚƌĂďƵĚŝ ϰ ϭϬϬй
ŝƌĞŬƐŝ
,ĂũŝŵĞ<ĂǁĂŵƵƌĂ ϰ ϭϬϬй
ŶŝƚĂ<ƵŵĂůĂ^ŝƐǁĂĚLJ ϰ ϭϬϬй
ŐƵƐ^ƵƐĂŶƚŽĂƌŵĂĚŚŝ ϰ ϭϬϬй
ƵĚŝƌŝĨŝĂŶƚŽtŝďŝƐĂŶĂ ϰ ϭϬϬй
dĂŝŬŝKŶŽƵĞ ϰ ϭϬϬй
DĂƌŬƵƐ,ŽƚŵĂ&ĞďƌŝĂŶƚŽWĂŶũĂŝƚĂŶ ϰ ϭϬϬй
ŶƚŽŶŝƵƐdƌŝƐŶĂĚŝĂLJƵWƵƚƌĂ ϰ ϭϬϬй
/Z <^/
^ĞĐĂƌĂ ƵŵƵŵ͕ ŝƌĞŬƐŝ ďĞƌƚĂŶŐŐƵŶŐ ũĂǁĂď ĚĂůĂŵ ŵĞŵŝŵƉŝŶ ĚĂŶ ŵĞŶŐĞůŽůĂ ďĞƌďĂŐĂŝ ƵƐĂŚĂ ƵŶƚƵŬ ŵĞŶĐĂƉĂŝ ŽďLJĞŬƚŝĨ
WĞƌƐĞƌŽĂŶĚĂŶŵĞŵĂƐƚŝŬĂŶĂƐĞƚWĞƌƐĞƌŽĂŶĚŝŐƵŶĂŬĂŶĚĞŶŐĂŶƐĞŵĞƐƚŝŶLJĂƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶƉĂƌĂƉĞŵĞŐĂŶŐƐĂŚĂŵ͘
ŝƌĞŬƐŝ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ƚĂŶŐŐƵŶŐ ũĂǁĂďŶLJĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ĂŵĂŶĂƚ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ ĚĂŶ ũƵŐĂ ŬŽŶĚŝƐŝͲ
ŬŽŶĚŝƐŝŝŶƚĞƌŶĂůĚĂŶĞŬƐƚĞƌŶĂů͘
64
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:ƵŵůĂŚŐĂũŝĚĂŶƚƵŶũĂŶŐĂŶLJĂŶŐĚŝďĂLJĂƌŬĂŶŬĞƉĂĚĂƉĂƌĂĂŶŐŐŽƚĂŝƌĞŬƐŝWĞƌƐĞƌŽĂŶƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲ
ƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮŵĂƐŝŶŐͲŵĂƐŝŶŐĂĚĂůĂŚƐĞďĞƐĂƌZƉϭϳ͘ϯϮϮ͘ϵϳϰ͘ϬϳϭĚĂŶZƉϭϰ͘ϴϱϲ͘Ϭϳϰ͘ϲϳϳ͘
dŝĚĂŬƚĞƌĚĂƉĂƚŬŽŶƚƌĂŬƚĞƌŬĂŝƚ/ŵďĂůĂŶŬĞƌũĂƵŶƚƵŬŝƌĞŬƐŝƐĞƚĞůĂŚŵĂƐĂŬĞƌũĂďĞƌĂŬŚŝƌ͘
^ĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕ŝƌĞŬƐŝWĞƌƐĞƌŽĂŶƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚƐĞďĂŶLJĂŬϲ;ĞŶĂŵͿŬĂůŝĚŝƚĂŚƵŶϮϬϮϰ
ĚĞŶŐĂŶƚŝŶŐŬĂƚŬĞŚĂĚŝƌĂŶŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂƐĞďĂŐĂŝŵĂŶĂĚŝƵƌĂŝŬĂŶƉĂĚĂƚĂďĞůďĞƌŝŬƵƚŝŶŝ͘
ŝƌĞŬƐŝ &ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ;йͿ
,ĂũŝŵĞ<ĂǁĂŵƵƌĂ ϲ ϭϬϬй
ŶŝƚĂ<ƵŵĂůĂ^ŝƐǁĂĚLJ ϲ ϭϬϬй
ŐƵƐ^ƵƐĂŶƚŽĂƌŵĂĚŚŝ ϲ ϭϬϬй
ƵĚŝƌŝĨŝĂŶƚŽtŝďŝƐĂŶĂ ϲ ϭϬϬй
dĂŝŬŝKŶŽƵĞ ϲ ϭϬϬй
DĂƌŬƵƐ,ŽƚŵĂ&ĞďƌŝĂŶƚŽWĂŶũĂŝƚĂŶ ϲ ϭϬϬй
ŶƚŽŶŝƵƐdƌŝƐŶĂĚŝĂLJƵWƵƚƌĂ ϲ ϭϬϬй
^ĞƉĂŶũĂŶŐ ƚĂŚƵŶ ϮϬϮϯ͕ ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƌĂƉĂƚ ƐĞďĂŶLJĂŬ ϭϮ ;ĚƵĂ ďĞůĂƐͿ ŬĂůŝ ĚĞŶŐĂŶ ƚŝŶŐŬĂƚ ŬĞŚĂĚŝƌĂŶ
ŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂƐĞďĂŐĂŝŵĂŶĂĚŝƵƌĂŝŬĂŶƉĂĚĂƚĂďĞůďĞƌŝŬƵƚŝŶŝ͘
ŝƌĞŬƐŝ &ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ;йͿ
,ĂũŝŵĞ<ĂǁĂŵƵƌĂ ϭϮ ϭϬϬй
ŶŝƚĂ<ƵŵĂůĂ^ŝƐǁĂĚLJ ϭϮ ϭϬϬй
ŐƵƐ^ƵƐĂŶƚŽĂƌŵĂĚŚŝ ϭϭ ϵϭ͕ϲй
ƵĚŝƌŝĨŝĂŶƚŽtŝďŝƐĂŶĂ ϭϮ ϭϬϬй
dĂŝŬŝKŶŽƵĞ ϭϮ ϭϬϬй
DĂƌŬƵƐ,ŽƚŵĂ&ĞďƌŝĂŶƚŽWĂŶũĂŝƚĂŶ ϭϮ ϭϬϬй
ŶƚŽŶŝƵƐdƌŝƐŶĂĚŝĂLJƵWƵƚƌĂ ϭϮ ϭϬϬй
WƌŽŐƌĂŵWĞůĂƚŝŚĂŶĚĂůĂŵƌĂŶŐŬĂŵĞŶŝŶŐŬĂƚŬĂŶŬŽŵƉĞƚĞŶƐŝŝƌĞŬƐŝ͗
WĞƌƐĞƌŽĂŶ ƐĞŶĂŶƚŝĂƐĂ ŵĞŶĚŽƌŽŶŐ ƐĞůƵƌƵŚ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ƵŶƚƵŬ ƚĞƌƵƐ ŵĞŶŝŶŐŬĂƚŬĂŶ ŬŽŵƉĞƚĞŶƐŝ͕ ŬĂƉĂďŝůŝƚĂƐ͕ ƐĞƌƚĂ
ǁĂǁĂƐĂŶŶLJĂ ĂŐĂƌ ĚĂƉĂƚ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐͲƚƵŐĂƐŶLJĂ ĚĞŶŐĂŶ ŽƉƚŝŵĂů ƐĞƐƵĂŝ ĚĞŶŐĂŶ ĚŝŶĂŵŝŬĂ ƉĞƌŬĞŵďĂŶŐĂŶ ƵƐĂŚĂ͘
<ĞŶĚĂƚŝWĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝŬĞďŝũĂŬĂŶŬŚƵƐƵƐLJĂŶŐŵĞŶŐĂƚƵƌŵĞŶŐĞŶĂŝƉĞůĂƚŝŚĂŶ͕WĞƌƐĞƌŽĂŶŵĞŵďĞƌŝŬĂŶŬĞƐĞŵƉĂƚĂŶ
LJĂŶŐƐĞůƵĂƐůƵĂƐŶLJĂŬĞƉĂĚĂƐĞůƵƌƵŚĂŶŐŐŽƚĂŝƌĞŬƐŝƵŶƚƵŬŵĞŶŐĞŵďĂŶŐŬĂŶŬŽŵƉĞƚĞŶƐŝŶLJĂ͘ĞƌŝŬƵƚĂĚĂůĂŚĚĂĨƚĂƌƉĞůĂƚŝŚĂŶ
LJĂŶŐĚŝŝŬƵƚŝŽůĞŚĂŶŐŐŽƚĂŝƌĞŬƐŝƐĞůĂŵĂƚĂŚƵŶϮϬϮϯƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EĂŵĂ dĂŶŐŐĂůWĞůĂƚŝŚĂŶ EĂŵĂWĞůĂƚŝŚĂŶ WĞŶLJĞůĞŶŐŐĂƌĂ
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ĨƌŽŵ^ĞůĞĐƚĞĚŽƵŶƚƌŝĞƐ͘
ŶŝƚĂ<ƵŵĂůĂ^ŝƐǁĂĚLJ ϲƉƌŝůϮϬϮϯ tĞďŝŶĂƌ͗ŶƚŝDŽŶĞLJ K:<
>ĂƵŶĚĞƌŝŶŐŝŶŝŐŝƚĂů ƌĂ͗
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^ĞůĞĐƚĞĚŽƵŶƚƌŝĞƐ͘
ŐƵƐ^ƵƐĂŶƚŽĂƌŵĂĚŚŝ ϲƉƌŝůϮϬϮϯ tĞďŝŶĂƌ͗ŶƚŝDŽŶĞLJ K:<
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DĞƚĂǀĞƌƐĞĚŝ/ŶĚƵƐƚƌŝ:ĂƐĂ
<ĞƵĂŶŐĂŶƉĂĚĂ
dĂŝŬŝKŶŽƵĞ ϲƉƌŝůϮϬϮϯ tĞďŝŶĂƌ͗ŶƚŝDŽŶĞLJ K:<
>ĂƵŶĚĞƌŝŶŐŝŶŝŐŝƚĂů ƌĂ͗
>ĞƐƐŽŶ>ĞĂƌŶĞĚĨƌŽŵ
^ĞůĞĐƚĞĚŽƵŶƚƌŝĞƐ͘
ŶƚŽŶŝƵƐ dƌŝƐŶĂĚŝ ĂLJƵ ϲƉƌŝůϮϬϮϯ tĞďŝŶĂƌ͗ Ŷƚŝ DŽŶĞLJ K:<
WƵƚƌĂ >ĂƵŶĚĞƌŝŶŐ ŝŶ ŝŐŝƚĂů ƌĂ͗
>ĞƐƐŽŶ >ĞĂƌŶĞĚ ĨƌŽŵ
^ĞůĞĐƚĞĚŽƵŶƚƌŝĞƐ͘
65
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EĂŵĂ dĂŶŐŐĂůWĞůĂƚŝŚĂŶ EĂŵĂWĞůĂƚŝŚĂŶ WĞŶLJĞůĞŶŐŐĂƌĂ
DĂƌŬƵƐ ,ŽƚŵĂ &ĞďƌŝĂŶƚŽ ϮϮDĞŝϮϬϮϯ tĞďŝŶĂƌ͗DĞŵƉĞƌŬƵĂƚ K:<
WĂŶũĂŝƚĂŶ <ĞƚĂŚĂŶĂŶEĂƐŝŽŶĂůĚŝ
/ŶĚƵƐƚƌŝ:ĂƐĂ<ĞƵĂŶŐĂŶ͘
dƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďŝƌĞŬƐŝĂŶƚĂƌĂůĂŝŶ͗
ϭ͘ ŝƌĞŬƐŝďĞƌǁĞŶĂŶŐĚĂŶďĞƌƚĂŶŐŐƵŶŐũĂǁĂďƉĞŶƵŚĚĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐŶLJĂƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵ
ŵĞŶĐĂƉĂŝ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ WĞƌƐĞƌŽĂŶ ĚĂŶ ƐĞƚŝĂƉ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ǁĂũŝď ĚĞŶŐĂŶ ŝƚŝŬĂĚ ďĂŝŬ ĚĂŶ ƉĞŶƵŚ ƚĂŶŐŐƵŶŐ
ũĂǁĂď ŵĞŶũĂůĂŶŬĂŶ ƚƵŐĂƐŶLJĂ ĚĞŶŐĂŶ ŵĞŵĂƚƵŚŝ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ ŝƌĞŬƐŝ ǁĂũŝď
ŵĞŶŐĞůŽůĂWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞǁĞŶĂŶŐĂŶĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďŶLJĂƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵŶŐŐĂƌĂŶĂƐĂƌ
WĞƌƐĞƌŽĂŶ͘
Ϯ͘ ^ĞƚŝĂƉĂŶŐŐŽƚĂŝƌĞŬƐŝďĞƌƚĂŶŐŐƵŶŐũĂǁĂďƉĞŶƵŚƐĞĐĂƌĂƉƌŝďĂĚŝĂƚĂƐŬĞƌƵŐŝĂŶWĞƌƐĞƌŽĂŶĂƉĂďŝůĂLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ
ďĞƌƐĂůĂŚĂƚĂƵůĂůĂŝĚĂůĂŵŵĞŶũĂůĂŶŬĂŶƚƵŐĂƐŶLJĂƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵWĂƐĂůϵϳĂLJĂƚ;ϯͿhhEŽ͘ϰϬdĂŚƵŶϮϬϬϳ
tentang Perseroan Terbatas (“hhWd”).
ϯ͘ ŝƌĞŬƐŝǁĂũŝďŵĞůĂŬƐĂŶĂŬĂŶƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ''ĚĂůĂŵƐĞƚŝĂƉŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƉĂĚĂƐĞůƵƌƵŚƚŝŶŐŬĂƚĂŶĂƚĂƵ
ũĞŶũĂŶŐŽƌŐĂŶŝƐĂƐŝ͘
ϰ͘ ŝƌĞŬƐŝ ǁĂũŝď ŵĞŶŝŶĚĂŬůĂŶũƵƚŝ ƚĞŵƵĂŶ ĂƵĚŝƚ ĚĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ĚĂƌŝ ƐĂƚƵĂŶ ŬĞƌũĂ ĂƵĚŝƚ ŝŶƚĞƌŶĂů WĞƌƐĞƌŽĂŶ͕ ĂƵĚŝƚŽƌ
ĞŬƐƚĞƌŶĂůŵĂƵƉƵŶŚĂƐŝůƉĞŶŐĂǁĂƐĂŶĚĂƌŝƉŝŚĂŬůĂŝŶ͘
ϱ͘ ŝƌĞŬƐŝǁĂũŝďŵĞŵƉĞƌƚĂŶŐŐƵŶŐũĂǁĂďŬĂŶƉĞůĂŬƐĂŶĂĂŶƚƵŐĂƐŶLJĂŬĞƉĂĚĂƉĞŵĞŐĂŶŐƐĂŚĂŵŵĞůĂůƵŝZhW^͘
ϲ͘ ŝƌĞŬƐŝǁĂũŝďŵĞŶLJĞĚŝĂŬĂŶĚĂƚĂĚĂŶŝŶĨŽƌŵĂƐŝLJĂŶŐĂŬƵƌĂƚ͕ƌĞůĞǀĂŶĚĂŶƚĞƉĂƚǁĂŬƚƵŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϳ͘ ŝƌĞŬƐŝďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂƚĂƐƐĞƚŝĂƉ ŝŶĨŽƌŵĂƐŝLJĂŶŐŵĞŶLJĂŶŐŬƵƚWĞƌƐĞƌŽĂŶLJĂŶŐĚŝƐĂŵƉĂŝŬĂŶŬĞƉĂĚĂ ƉƵďůŝŬŽůĞŚ
WĞƌƐĞƌŽĂŶ͘
ϴ͘ ŝƌĞŬƐŝǁĂũŝďŵĞŵďĞƌŝƚĂŚƵŬĂŶƐĞƚŝĂƉƉĞŵĞŐĂŶŐƐĂŚĂŵŵĞŶŐĞŶĂŝƚĂŶŐŐĂů͕ũƵŵůĂŚĚĂŶŶŝůĂŝƐĞƚŝĂƉƐĂŚĂŵďĂƌƵLJĂŶŐ
ĂŬĂŶĚŝŬĞůƵĂƌŬĂŶ͘
ϵ͘ ŝƌĞŬƐŝǁĂũŝďŵĞŶŐĂĚĂŬĂŶĚĂŶŵĞŶLJŝŵƉĂŶĚĂĨƚĂƌƉĞŵĞŐĂŶŐƐĂŚĂŵĚĂŶĚĂĨƚĂƌŬŚƵƐƵƐ
ϭϬ͘ ŝƌĞŬƐŝǁĂũŝďŵĞŵŝŶƚĂƉĞƌƐĞƚƵũƵĂŶZhW^ĚĂůĂŵƉĞƌďƵĂƚĂŶŚƵŬƵŵƵŶƚƵŬ͗
Ă͘ WĞŶƵŶũƵŬŬĂŶĚĂŶƉĞŶĞŶƚƵĂŶƵƉĂŚƵŶƚƵŬĂŬƵŶƚĂŶƉƵďůŝŬŝŶĚĞƉĞŶĚĞŶƐĞďĂŐĂŝĂƵĚŝƚŽƌĞŬƐƚĞƌŶĂů
ď͘ WĞŵŝůŝŚĂŶ͕ƉĞŵďĞƌŚĞŶƚŝĂŶĚĂŶƉĞŶŐĂŶŐŬĂƚĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŬĞƉƵƚƵƐĂŶŵĞŶŐĞŶĂŝ
ƵƉĂŚŵĞƌĞŬĂ͖
Đ͘ WĞŶŐĞƐĂŚĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƵŶƚƵŬƐĞƚŝĂƉƚĂŚƵŶĨŝƐŬĂů
Ě͘ WĞŶŐĞƐĂŚĂŶƌĞŶĐĂŶĂŬĞƌũĂũĂŶŐŬĂƉĂŶũĂŶŐ
Ğ͘ ^ĞƚŝĂƉŬĞŐŝĂƚĂŶLJĂŶŐĚĂƉĂƚŵĞůĂŶŐŐĂƌŵŝůŝŬ,/EKDKdKZ^>ƚĚ͖
Ĩ͘ WĞŶLJĞƌĂŚĂŶĂƚĂƵƉĞŶŐĂůŝŚĂŶƐĞďĂŐŝĂŶĂƚĂƵƐĞůƵƌƵŚŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶŬĞĐƵĂůŝƵŶƚƵŬŽƉĞƌĂƐŝĂĚŵŝŶŝƐƚƌĂƚŝĨ
WĞƌƐĞƌŽĂŶLJĂŶŐĚŝƐĞĚŝĂŬĂŶŽůĞŚWŝŚĂŬ<ĞƚŝŐĂ͖
Ő͘ WĞŶĚŝƌŝĂŶ͕ƉĞŵďƵďĂƌĂŶ͕ƉĞŶŐĂŵďŝůĂůŝŚĂŶĂƚĂƵƉĞŶŐĂůŝŚĂŶĂŶĂŬƉĞƌƵƐĂŚĂĂŶ
Ś͘ ,ĂůͲŚĂůůĂŝŶLJĂŶŐĚŝƉƵƚƵƐŬĂŶƐĞďĂŐĂŝŚĂůLJĂŶŐƉĞŶƚŝŶŐĚĂŶŵĞŵŝůŝŬŝĚĂŵƉĂŬŵĂƚĞƌŝĂůƚĞƌŚĂĚĂƉŬĞƵĂŶŐĂŶ ĚĂŶ
ŽƉĞƌĂƐŝWĞƌƐĞƌŽĂŶŽůĞŚZĂƉĂƚŝƌĞŬƐŝ͘
ŝ͘ <ĞƉƵƚƵƐĂŶůĂŝŶLJĂŶŐŵĞŵďƵƚƵŚŬĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝZhW^ďĞƌĚĂƐĂƌŬĂŶŚƵŬƵŵLJĂŶŐďĞƌůĂŬƵ
<ĞǁĞŶĂŶŐĂŶŝƌĞŬƐŝƐĞƐƵĂŝŬĞƚĞŶƚƵĂŶŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŝƌĞŬƐŝ ďĞƌŚĂŬ ĚĂŶ ďĞƌǁĞŶĂŶŐ ďĞƌƚŝŶĚĂŬ ƵŶƚƵŬ ĚĂŶ ĂƚĂƐ ŶĂŵĂ ŵĞǁĂŬŝůŝ WĞƌƐĞƌŽĂŶ ĚŝĚĂůĂŵ ŵĂƵƉƵŶ ĚŝůƵĂƌ ƉĞŶŐĂĚŝůĂŶ
ƚĞŶƚĂŶŐƐĞŐĂůĂŚĂůĚĂŶĚĂůĂŵƐĞŐĂůĂŬĞũĂĚŝĂŶ͕ŵĞŶŐŝŬĂƚWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƉŝŚĂŬůĂŝŶĚĂŶƉŝŚĂŬůĂŝŶĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƐĞƌƚĂ
ŵĞŶũĂůĂŶŬĂŶ ƐĞŐĂůĂ ƚŝŶĚĂŬĂŶ͕ ďĂŝŬ LJĂŶŐ ŵĞŶŐĞŶĂŝ ŬĞƉĞŶŐƵƌƵƐĂŶ ŵĂƵƉƵŶ ŬĞƉĞŵŝůŝŬĂŶ͕ ĂŬĂŶ ƚĞƚĂƉŝ ĚĞŶŐĂŶ ƉĞŵďĂƚĂƐĂŶ
ďĂŚǁĂ ƚŝŶĚĂŬĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝƐĞďƵƚŬĂŶ ĚĂůĂŵ WĂƐĂů ϭϭ ĂLJĂƚ ;ϵͿ ŶŐŐĂƌĂŶ ĂƐĂƌ WĞƌƐĞƌŽĂŶ͕ ĂƚĂƐ ƚŝŶĚĂŬĂŶ ĚŝďĂǁĂŚ ŝŶŝ
ŵĞŵĞƌůƵŬĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝZhW^ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ WĞŶƵŶũƵŬĂŶĚĂŶƉĞŶĞŶƚƵĂŶƵƉĂŚƵŶƚƵŬĂŬƵŶƚĂŶƉƵďůŝŬŝŶĚĞƉĞŶĚĞŶƐĞďĂŐĂŝĂƵĚŝƚŽƌĞŬƐƚĞƌŶĂů͖
ď͘ WĞŵŝůŝŚĂŶ͕ ƉĞŵďĞƌŚĞŶƚŝĂŶ ĚĂŶ ƉĞŶŐĂŶŐŬĂƚĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ĚĂŶ ŬĞƉƵƚƵƐĂŶ ŵĞŶŐĞŶĂŝ ƵƉĂŚ
ŵĞƌĞŬĂ͖
Đ͘ WĞŶŐĞƐĂŚĂŶůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƵŶƚƵŬƐĞƚŝĂƉƚĂŚƵŶĨŝƐŬĂů͖
Ě͘ WĞŶŐĞƐĂŚĂŶƌĞŶĐĂŶĂŬĞƌũĂũĂŶŐŬĂƉĂŶũĂŶŐ͖
Ğ͘ ^ĞƚŝĂƉŬĞŐŝĂƚĂŶLJĂŶŐĚĂƉĂƚŵĞůĂŶŐŐĂƌŚĂŬĂƚĂƐŬĞŬĂLJĂĂŶŝŶƚĞůĞŬƚƵĂůŵŝůŝŬ,ŝŶŽDŽƚŽƌƐ͕>ƚĚ
Ĩ͘ WĞŶLJĞƌĂŚĂŶ ĂƚĂƵ ƉĞŶŐĂůŝŚĂŶ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ŬĞĐƵĂůŝ ƵŶƚƵŬ ŽƉĞƌĂƐŝ ĂĚŵŝŶŝƐƚƌĂƚŝĨ
WĞƌƐĞƌŽĂŶLJĂŶŐĚŝƐĞĚŝĂŬĂŶŽůĞŚƉŝŚĂŬ<ĞƚŝŐĂ͘
Ő͘ WĞŶĚŝƌŝĂŶ͕ƉĞŵďƵďĂƌĂŶ͕ƉĞŶŐĂŵďŝůĂůŝŚĂŶĂƚĂƵƉĞŶŐĂůŝŚĂŶĂŶĂŬƉĞƌƵƐĂŚĂĂŶ͘
Ś͘ ,ĂůͲŚĂůůĂŝŶLJĂŶŐĚŝƉƵƚƵƐŬĂŶƐĞďĂŐĂŝŚĂůLJĂŶŐƉĞŶƚŝŶŐĚĂŶŵĞŵŝůŝŬŝĚĂŵƉĂŬŵĂƚĞƌŝĂůƚĞƌŚĂĚĂƉŬĞƵĂŶŐĂŶĚĂŶŽƉĞƌĂƐŝ
WĞƌƐĞƌŽĂŶŽůĞŚZĂƉĂƚŝƌĞŬƐŝ͖ĚĂŶ
ŝ͘ <ĞƉƵƚƵƐĂŶůĂŝŶLJĂŶŐŵĞŵďƵƚƵŚŬĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝZhW^ďĞƌĚĂƐĂƌŬĂŶŚƵŬƵŵLJĂŶŐďĞƌůĂŬƵ͘
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^ <Z dZ/^W Zh^,E
ŝƌĞŬƐŝ WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞŶƵŶũƵŬ ĚĂŶ ŵĞŶŐĂŶŐŬĂƚ ŶĂƐƚĂƐŝĂ ^ĂƌĂƐǁĂƚŝ ƐĞďĂŐĂŝ ^ĞŬƌĞƚĂƌŝƐ WĞƌƵƐĂŚĂĂŶ WĞƌƐĞƌŽĂŶ
ďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚŝƌĞŬƐŝWĞƌƐĞƌŽĂŶEŽ͘ϱϱϲͬ,Zͬy//ͬϮϬϮϭƚĂŶŐŐĂůϮϬĞƐĞŵďĞƌϮϬϮϭ͘WĞŶƵŶũƵŬĂŶ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ
ƚĞƌƐĞďƵƚ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϯϱͬWK:<͘ϬϰͬϮϬϭϰ ƚĂŶŐŐĂů ϴ ĞƐĞŵďĞƌ ϮϬϭϰ ƚĞŶƚĂŶŐ ^ĞŬƌĞƚĂƌŝƐ
WĞƌƵƐĂŚĂĂŶ ŵŝƚĞŶĂƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͘
ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚƌŝǁĂLJĂƚƐŝŶŐŬĂƚ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶ͗
ŶĂƐƚĂƐŝĂ^ĂƌĂƐǁĂƚŝ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϯϰƚĂŚƵŶ
DĞŵƉĞƌŽůĞŚŐĞůĂƌDĂŐŝƐƚĞƌĚŝďŝĚĂŶŐ<ĞŶŽƚĂƌŝĂƚĂŶĚĂƌŝhŶŝǀĞƌƐŝƚĂƐ:ĂLJĂďĂLJĂ͕:ĂŬĂƌƚĂƉĂĚĂƚĂŚƵŶϮϬϭϰĚĂŶŐĞůĂƌ^ĂƌũĂŶĂ
ĚŝďŝĚĂŶŐ,ƵŬƵŵĚĂƌŝhŶŝǀĞƌƐŝƚĂƐdĂƌƵŵĂŶĞŐĂƌĂ͕:ĂŬĂƌƚĂƉĂĚĂƚĂŚƵŶϮϬϭϭ͘ĞƌŐĂďƵŶŐĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϮϬϭϴ
ƐĞďĂŐĂŝKƉĞƌĂƚŝŽŶ>ĞŐĂůDĂŶĂŐĞƌ͘^ĞďĞůƵŵŶLJĂƉĞƌŶĂŚŵĞŶũĂďĂƚƐĞďĂŐĂŝ>ĞŐĂůDĂŶĂŐĞƌĚŝWdŝŐŝƚĂů^ŽůƵƚŝŽŶƐ/ŶĚŽŶĞƐŝĂ
;ϮϬϭϲ–ϮϬϭϳͿ͕ŽƌƉŽƌĂƚĞ>ĞŐĂůƐƐŝƐƚĂŶƚDĂŶĂŐĞƌĚŝWdƵƐƐĂŶƵƚŽ&ŝŶĂŶĐĞ;ϮϬϭϱ–ϮϬϭϲͿĚĂŶƐƐĞƚ>ĞŐĂů^ĞĐƚŝŽŶ,ĞĂĚ
ĚŝWdůĨĂ'ŽůĚůĂŶĚZĞĂůƚLJ;ůĂŵ^ƵƚĞƌĂͿ;ϮϬϭϮ–ϮϬϭϱͿ͘
^ĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶLJĂŶŐƚĞƌĚĂƉĂƚĚĂůĂŵWĞƌĂƚƵƌĂŶK:<EŽ͘ϯϱͬϮϬϭϰ͕ƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂď^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶ
ĂŶƚĂƌĂůĂŝŶĂĚĂůĂŚ͗
Ă͘ DĞŶŐŝŬƵƚŝƉĞƌŬĞŵďĂŶŐĂŶWĂƐĂƌDŽĚĂůŬŚƵƐƵƐŶLJĂƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘
ď͘ DĞŵďĞƌŝŬĂŶ ŵĂƐƵŬĂŶ ŬĞƉĂĚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƵŶƚƵŬ ŵĞŵĂƚƵŚŝ ŬĞƚĞŶƚƵĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘
Đ͘ DĞŵďĂŶƚƵŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂůĂŵƉĞůĂŬƐĂŶĂĂŶƚĂƚĂŬĞůŽůĂƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞůŝƉƵƚŝ͗
ϭ͘ <ĞƚĞƌďƵŬĂĂŶŝŶĨŽƌŵĂƐŝŬĞƉĂĚĂDĂƐLJĂƌĂŬĂƚ͕ƚĞƌŵĂƐƵŬŬĞƚĞƌƐĞĚŝĂĂŶŝŶĨŽƌŵĂƐŝƉĂĚĂ^ŝƚƵƐtĞďWĞƌƐĞƌŽĂŶ͘
Ϯ͘ WĞŶLJĂŵƉĂŝĂŶůĂƉŽƌĂŶŬĞƉĂĚĂKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶƚĞƉĂƚǁĂŬƚƵ͘
ϯ͘ WĞŶLJĞůĞŶŐŐĂƌĂĂŶĚĂŶĚŽŬƵŵĞŶƚĂƐŝZĂƉĂƚhŵƵŵWĞŵĞŐĂŶŐ^ĂŚĂŵ͘
ϰ͘ WĞŶLJĞůĞŶŐŐĂƌĂĂŶĚĂŶĚŽŬƵŵĞŶƚĂƐŝƌĂƉĂƚŝƌĞŬƐŝĚĂŶͬĂƚĂƵĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϱ͘ WĞůĂŬƐĂŶĂĂŶƉƌŽŐƌĂŵŽƌŝĞŶƚĂƐŝƚĞƌŚĂĚĂƉƉĞƌƵƐĂŚĂĂŶďĂŐŝŝƌĞŬƐŝĚĂŶͬĂƚĂƵĞǁĂŶ<ŽŵŝƐĂƌŝƐ
Ě͘ ^ĞďĂŐĂŝ ƉĞŶŐŚƵďƵŶŐ ĂŶƚĂƌĂ WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ͕ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ĚĂŶ ƉĞŵĂŶŐŬƵ
ŬĞƉĞŶƚŝŶŐĂŶůĂŝŶŶLJĂ͘
WƌŽŐƌĂŵƉĞůĂƚŝŚĂŶĚĂůĂŵƌĂŶŐŬĂŵĞŶŝŶŐŬĂƚŬĂŶŬŽŵƉĞƚĞŶƐŝ^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
<ĞƚĞƌĂŶŐĂŶ dĂŶŐŐĂůWĞůĂƚŝŚĂŶ :ĞŶŝƐWĞůĂƚŝŚĂŶ WĞŶLJĞůĞŶŐŐĂƌĂ
ŝƐŬƵƐŝ,ƵŬƵŵhhWϮ^<ƐĞďĂŐĂŝ ϭϭƉƌŝůϮϬϮϯ ^ĞŵŝŶĂƌ /^Θ,ƵŬƵŵŽŶůŝŶĞ
WĞŶŐƵĂƚĂŶ^ĞŬƚŽƌ<ĞƵĂŶŐĂŶďĂŐŝ
<ŽŶƐƵŵĞŶĚĂŶ/ŶĚƵƐƚƌŝ<ĞƵĂŶŐĂŶ
dŚĞŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞKĨĨŝĐĞƌΖƐ ϭϮKŬƚŽďĞƌϮϬϮϯ ^ĞŵŝŶĂƌ /^
ZŽůĞŝŶƌŝǀŝŶŐŝŐŝƚĂůZĞƐŝůŝĞŶĐĞ
tŽƌŬƐŚŽƉΗdŝŶĚĂŬWŝĚĂŶĂ<ŽƌƉŽƌĂƐŝ ϮϴEŽǀĞŵďĞƌϮϬϮϯ ^ĞŵŝŶĂƌ /^
ĂůĂŵhŶĚĂŶŐͲƵŶĚĂŶŐ;hhͿEŽŵŽƌ
ϭdĂŚƵŶϮϬϮϯƚĞŶƚĂŶŐ<ŝƚĂďhŶĚĂŶŐͲ
hŶĚĂŶŐ,ƵŬƵŵWŝĚĂŶĂΗ
DĂƐƚĞƌŝŶŐzŽƵƌƐĞůĨ͗KƉƚŝŵĂůŬĂŶ ϭϰĞƐĞŵďĞƌϮϬϮϯ ^ĞŵŝŶĂƌ K:</ŶƐƚŝƚƵƚ
WŽƚĞŶƐŝĚĂŶdŝŶŐŬĂƚŬĂŶ<ŝŶĞƌũĂĚŝ ƌĂ
ŝŐŝƚĂů
^'dĂůŬƐŚŽǁ ϭϵĞƐĞŵďĞƌϮϬϮϯ ^ĞŵŝŶĂƌ /^
Η<ŽůĂďŽƌĂƐŝ>ĞƐƚĂƌŝŬĂŶƵŵŝƵŶƚƵŬ
sŝƐŝEĞƚĞƌŽ ŵŝƐƐŝŽŶΗ
^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶĚĂƉĂƚĚŝŚƵďƵŶŐŝŵĞůĂůƵŝŝŶĨŽƌŵĂƐŝĚŝďĂǁĂŚŝŶŝ͗
^ĞŬƌĞƚĂƌŝƐWĞƌƵƐĂŚĂĂŶWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
/ŶĚŽŵŽďŝůdŽǁĞƌ>ĂŶƚĂŝϭϳ
:ů͘Dd͘,ĂƌLJŽŶŽ<Ăǀ͘ϭϭ
<ĞůƵƌĂŚĂŶŝĚĂƌĂŝŶĂ͕<ĞĐĂŵĂƚĂŶ:ĂƚŝŶĞŐĂƌĂ
:ĂŬĂƌƚĂdŝŵƵƌϭϯϯϯϬ
dĞůĞƉŽŶ͗;ϬϮϭͿϮϵϴϮϳϵϲϬ
&ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϮϵϴϮϳϵϲϬ
ͲŵĂŝů͗ĐŽƌƉŽƌĂƚĞ͘ƐĞĐƌĞƚĂƌLJΛŚŝŶŽĨŝŶĂŶĐĞ͘ĐŽ͘ŝĚ
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<KD/d Ͳ<KD/d zE'/D/>/</W Z^ ZKE
DĞŶŐĂĐƵŬĞƉĂĚĂWĞƌĂƚƵƌĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶŶŽŵŽƌϮϵͬWK:<͘ϬϱͬϮϬϮϬƚĞŶƚĂŶŐWĞƌƵďĂŚĂŶƚĂƐWĞƌĂƚƵƌĂŶKƚŽƌŝƚĂƐ
:ĂƐĂ <ĞƵĂŶŐĂŶ EŽŵŽƌ ϯϬͬWK:<͘ϬϱͬϮϬϭϰ ƚĞŶƚĂŶŐ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ zĂŶŐ ĂŝŬ ĂŐŝ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ͕ ĚĂůĂŵ
ŵĞŶũĂůĂŶŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŬŽŵŝƚĞͲŬŽŵŝƚĞLJĂŶŐƚĞƌĚŝƌŝĚĂƌŝ͗
ϭ͘ <ŽŵŝƚĞƵĚŝƚ
ĞƌĚĂƐĂƌŬĂŶŝƌĐƵůĂƌZĞƐŽůƵƚŝŽŶŽĨƚŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂEŽ͘ϬϯϮͬ>'>,&/ͬ/sͬϮϬϮϮƚĂŶŐŐĂů
ϮϮƉƌŝůϮϬϮϮ͘^ƵƐƵŶĂŶ<ŽŵŝƚĞƵĚŝƚWĞƌƐĞƌŽĂŶLJĂŝƚƵƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
<ĞƚƵĂ ͗ ^ƚĞƉŚĂŶƵƐ&ƌĂŶƐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ͖
ŶŐŐŽƚĂ ͗ ^͘/ƐŵĂŝůdũŝƚƌĂďƵĚŝ͖
ŶŐŐŽƚĂ ͗ <ĂƌĞůdũĂŚũĂĚŝ͘
WĞŵďĞŶƚƵŬĂŶ<ŽŵŝƚĞƵĚŝƚƚĞƌƐĞďƵƚĚŝůĂŬƵŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶK:<EŽ͘ϯϬͬϮϬϭϰũƵŶĐƚŽWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϵͬϮϬϮϬ
ũƵŶĐƚŽ WĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ EŽ͘ϱϱͬWK:<͘ϬϰͬϮϬϭϱ ƚĂŶŐŐĂů Ϯϯ ĞƐĞŵďĞƌ ϮϬϭϱ ƚĞŶƚĂŶŐ WĞŵďĞŶƚƵŬĂŶ ĚĂŶ
Pedoman Pelaksanaan Kerja Komite Audit (“Peraturan OJK No.55/2015”), PERSEROAN telah memiliki Piagam Komite Audit
ƚĞƚĂŶŐŐĂůϮϬDĞŝϮϬϮϭLJĂŶŐƚĞůĂŚŵĞŵƵĂƚŚĂůͲŚĂůƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵƉĂƐĂůϭϮĂLJĂƚϮWĞƌĂƚƵƌĂŶK:<EŽ͘ϱϱͬϮϬϭϱ͘
ĞƌŝŬƵƚĂĚĂůĂŚƌŝǁĂLJĂƚƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝĂŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚ͗
^ƚĞƉŚĂŶƵƐ&ƌĂŶƐĐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ͕<ĞƚƵĂ<ŽŵŝƚĞƵĚŝƚ
ZŝǁĂLJĂƚ ƐŝŶŐŬĂƚ ŵĞŶŐĞŶĂŝ ^ƚĞƉŚĂŶƵƐ &ƌĂŶƐĐŝƐĐƵƐ ^ƵƚũŝƉƚŽ ƵĚŝŵĂŶ ƚĞůĂŚ ĚŝƵŶŐŬĂƉŬĂŶ ƉĂĚĂ Ăď s/// ƉŽŝŶ ϱ ƚĞŶƚĂŶŐ
WĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶWĞƌƐĞƌŽĂŶ
^͘/ƐŵĂŝůdũŝƚƌĂďƵĚŝ͕ŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚ
ZŝǁĂLJĂƚƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝ^͘/ƐŵĂŝůdũŝƚƌĂďƵĚŝƚĞůĂŚĚŝƵŶŐŬĂƉŬĂŶƉĂĚĂĂďs///ƉŽŝŶϱƚĞŶƚĂŶŐWĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶ
WĞƌƐĞƌŽĂŶ
<ĂƌĞůdũĂŚũĂĚŝ͕ŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϱϴƚĂŚƵŶ
DĞŵƉĞƌŽůĞŚ ŐĞůĂƌ DĂŐŝƐƚĞƌ Ěŝ ďŝĚĂŶŐ DĂŶĂũĞŵĞŶ ĚĂƌŝ hŶŝǀĞƌƐŝƚĂƐ dĂƌƵŵĂŶĞŐĂƌĂ ƉĂĚĂ ƚĂŚƵŶ ϮϬϬϯ ĚĂŶ ŐĞůĂƌ ^ĂƌũĂŶĂ
ĚŝďŝĚĂŶŐ ŬŽŶŽŵŝĚĂƌŝhŶŝǀĞƌƐŝƚĂƐdĂƌƵŵĂŶĞŐĂƌĂƚĂŚƵŶϭϵϴϴ͘ĞƌŐĂďƵŶŐĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƐĞũĂŬKŬƚŽďĞƌϮϬϮϬƐĞďĂŐĂŝ
ĂŶŐŐŽƚĂ <ŽŵŝƚĞ ƵĚŝƚ ĚĂŶ <ŽŵŝƚĞ WĞŵĂŶƚĂƵĂŶ ZŝƐŝŬŽ͘ ^ĞďĞůƵŵLJĂ ƉĞƌŶĂŚ ŵĞŶũĂďĂƚ ďĞƌďĂŐĂŝ ƉŽƐŝƐŝ Ěŝ Dh&' ĂŶŬ >ƚĚ͕͘
/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͬŝƌĞĐƚŽƌ͕/ŶƚĞƌŶĂůƵĚŝƚ,ĞĂĚ;ϮϬϭϲ–ϮϬϮϬͿ͕sŝĐĞWƌĞƐŝĚĞŶƚŽĨ&ŝŶĂŶĐĞĂŶĚ'ĞŶĞƌĂů
ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞƉĂƌƚŵĞŶƚ ;ϮϬϬϳ – ϮϬϭϲͿ͕ sŝĐĞWƌĞƐŝĚĞŶƚ ŽĨ ,ƵŵĂŶ ZĞƐŽƵƌĐĞ ĞƉĂƌƚŵĞŶƚ ;ϮϬϬϲ – ϮϬϬϳͿ ĚĂŶ WĞƌƐŽŶŶĞů
ĞƉĂƌƚŵĞŶƚ,ĞĂĚ;ϮϬϬϮ–ϮϬϬϲͿĚĂŶĚŝWdĂŶŬDĂLJŽƌĂƐĞďĂŐĂŝ/ŶƚĞƌŶĂůƵĚŝƚŝǀŝƐŝŽŶ,ĞĂĚ;ϮϬϬϬ–ϮϬϬϮͿ͘^ĞůĂŝŶŝƚƵ͕ďĞůŝĂƵ
ŵĞŵŝůŝŬŝ ϯϮ ƚĂŚƵŶ ƉĞŶŐĂůĂŵĂŶ ƉĂĚĂ ƉĞƌďĂŶŬĂŶ ĚĞŶŐĂŶ ϭϴ ƚĂŚƵŶ ƉĞŶŐĂůĂŵĂŶ ƉĂĚĂ /ŶƚĞƌŶĂů ƵĚŝƚ͕ <ĞƉĂƚƵŚĂŶ ĚĂŶ
WĞŶŐĞůŽůĂĂŶZŝƐŝŬŽ͘
^ĂŵƉĂŝ ĚĞŶŐĂŶ WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͕ <ŽŵŝƚĞ ƵĚŝƚ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƌĂƉĂƚ ƐĞďĂŶLJĂŬ ϰ ;ĞŵƉĂƚͿ ŬĂůŝ Ěŝ ƚĂŚƵŶ ϮϬϮϰ
ĚĞŶŐĂŶĨƌĞŬƵĞŶƐŝŬĞŚĂĚŝƌĂŶƐĞůƵƌƵŚĂŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
&ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ;йͿ
^ƚĞƉŚĂŶƵƐ&ƌĂŶƐĐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ ϰ ϭϬϬй
^͘/ƐŵĂŝůdũŝƚƌĂďƵĚŝ ϰ ϭϬϬй
<ĂƌĞůdũĂŚũĂĚŝ ϰ ϭϬϬй
^ĞƉĂŶũĂŶŐƚĂŚƵŶϮϬϮϯ͕<ŽŵŝƚĞƵĚŝƚƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚƐĞďĂŶLJĂŬϭϯ;ƚŝŐĂďĞůĂƐͿŬĂůŝĚĞŶŐĂŶĨƌĞŬƵĞŶƐŝŬĞŚĂĚŝƌĂŶƐĞůƵƌƵŚ
ĂŶŐŐŽƚĂ<ŽŵŝƚĞƵĚŝƚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
&ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ;йͿ
^ƚĞƉŚĂŶƵƐ&ƌĂŶƐĐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ ϭϯ ϭϬϬй
^͘/ƐŵĂŝůdũŝƚƌĂďƵĚŝ ϭϯ ϭϬϬй
<ĂƌĞůdũĂŚũĂĚŝ ϭϯ ϭϬϬй
<ŽŵŝƚĞƵĚŝƚƚĞůĂŚŵĞůĂŬƐĂŶĂŶƚƵŐĂƐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
- DĞůĂŬƐĂŶĂŬĂŶ ƌĂƉĂƚ <ŽŵŝƚĞ ƵĚŝƚ ĚĞŶŐĂŶ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ƵŶƚƵŬ ŵĞŶŐĂǁĂƐŝ ƉĞůĂŬƐĂŶĂĂŶ ŵŽŶŝƚŽƌŝŶŐ ƉĞŶŐĞŶĚĂůŝĂŶ
ŝŶƚĞƌŶĂů
- DĞŶŐŝŬƵƚŝƌĂƉĂƚďĞƌƐĂŵĂŵĂŶĂũĞŵĞŶĚĂŶ<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬĚĂůĂŵƌĂŶŐŬĂƵĚŝƚ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƚĂŚƵŶϮϬϮϭĚĂŶ
ũƵŐĂƵĚŝƚ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϭ͘
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- DĞŶŝůĂŝĚĂŶŵĞŵďĞƌŝŬĂŶƌĞŬŽŵĞŶĚĂƐŝĂƚĂƐƉĞŶƵŶũƵŬĂŶ<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ
- DĞŶĞůĂĂŚůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƐĞĐĂƌĂƌƵƚŝŶĚĂŶďĞƌĚŝƐŬƵƐŝďŝůĂĚŝƉĞƌůƵŬĂŶĚĞŶŐĂŶďĂŐŝĂŶĂŬƵŶƚĂŶƐŝ͘
- DĞŶŐĂĚĂŬĂŶĚŝƐŬƵƐŝĚĞŶŐĂŶĚĞƉĂƌƚŵĞŶƚƚĞƌŬĂŝƚƵŶƚƵŬŵĞŶLJĂŬŝŶŬĂŶďĞƌũĂůĂŶŶLJĂƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂů
Ϯ͘ <ŽŵŝƚĞEŽŵŝŶĂƐŝĚƐĂŶZĞŵƵŶĞƌĂƐŝ
ĞƌĚĂƐĂƌŬĂŶ ŝƌĐƵůĂƌ ZĞƐŽůƵƚŝŽŶ KĨ dŚĞ ŽĂƌĚ KĨ ŽŵŵŝƐƐŝŽŶĞƌƐ Wd ,ŝŶŽ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ EŽ͘ Ϭϭϳ >'>,&/ͬ//ͬϮϬϮϰ dĞŶƚĂŶŐ
^ƵƐƵŶĂŶŶŐŐŽƚĂ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝƚĂŶŐŐĂůϭ&ĞďƌƵĂƌŝϮϬϮϰ͕ĚĞŶŐĂŶƐƵƐƵŶĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
<ĞƚƵĂ ͗^ƚĞƉŚĂŶƵƐ&ƌĂŶƐĐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ
ŶŐŐŽƚĂ ͗:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ
ŶŐŐŽƚĂ ͗<ĂnjƵŬŝ^ĂƚŽ
ŶŐŐŽƚĂ ͗dĂŬĂLJƵŬŝdƐƵĐŚŝĚĂ
ŶŐŐŽƚĂ ͗&ĂĨĂŶĨĂŶĚŝZĂĐŚŵĂŶ
WĞŵďĞŶƚƵŬĂŶ <ŽŵŝƚĞ EŽŵŝŶĂƐŝ ĚĂŶ <ŽŵŝƚĞ ZĞŵƵŶĞƌĂƐŝ ƚĞƌƐĞďƵƚ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ ĚĂůĂŵ WĞƌĂƚƵƌĂŶ K:<
EŽ͘ϯϰͬWK:<͘ϬϰͬϮϬϭϰƚĂŶŐŐĂůϴĞƐĞŵďĞƌϮϬϭϰƚĞŶƚĂŶŐ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ ŵŝƚĞŶƚĂƵWĞƌƵƐĂŚĂĂŶWƵďůŝŬ͘
ĞƌŝŬƵƚĂĚĂůĂŚƌŝǁĂLJĂƚƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝĂŶŐŐŽƚĂ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͗
^ƚĞƉŚĂŶƵƐ&ƌĂŶƐĐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ͕<ĞƚƵĂ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͗
ZŝǁĂLJĂƚ ƐŝŶŐŬĂƚ ŵĞŶŐĞŶĂŝ ^ƚĞƉŚĂŶƵƐ &ƌĂŶƐĐŝƐĐƵƐ ^ƵƚũŝƉƚŽ ƵĚŝŵĂŶ ƚĞůĂŚ ĚŝƵŶŐŬĂƉŬĂŶ ƉĂĚĂ Ăď s/// ƉŽŝŶ ϱ ƚĞŶƚĂŶŐ
WĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶWĞƌƐĞƌŽĂŶ͘
:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ͕ŶŐŐŽƚĂ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͗
ZŝǁĂLJĂƚƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝ:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽƚĞůĂŚĚŝƵŶŐŬĂƉŬĂŶƉĂĚĂĂďs///ƉŽŝŶϱƚĞŶƚĂŶŐWĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶ
WĞƌƐĞƌŽĂŶ͘
<ĂnjƵŬŝ^ĂƚŽ͕ŶŐŐŽƚĂ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͗
ZŝǁĂLJĂƚ ƐŝŶŐŬĂƚ ŵĞŶŐĞŶĂŝ <ĂnjƵŬŝ ^ĂƚŽ ƚĞůĂŚ ĚŝƵŶŐŬĂƉŬĂŶ ƉĂĚĂ Ăď s/// ƉŽŝŶ ϱ ƚĞŶƚĂŶŐ WĞŶŐƵƌƵƐĂŶ ĚĂŶ WĞŶŐĂǁĂƐĂŶ
WĞƌƐĞƌŽĂŶ͘
dĂŬĂLJƵŬŝdƐƵĐŚŝĚĂ͕ŶŐŐŽƚĂ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ͗
ZŝǁĂLJĂƚƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝdĂŬĂLJƵŬŝdƐƵĐŚŝĚĂƚĞůĂŚĚŝƵŶŐŬĂƉŬĂŶƉĂĚĂĂďs///ƉŽŝŶϱƚĞŶƚĂŶŐWĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶ
WĞƌƐĞƌŽĂŶ͘
&ĂĨĂŶĨĂŶĚŝZĂĐŚŵĂŶ͕ŶŐŐŽƚĂ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϰϴƚĂŚƵŶ͘
DĞŵƉĞƌŽůĞŚŐĞůĂƌ^ĂƌũĂŶĂĚŝďŝĚĂŶŐdĞŬŶŝŬ ůĞŬƚƌŽĚĂƌŝhŶŝǀĞƌƐŝƚĂƐ'ĂĚũĂŚDĂĚĂ͕zŽŐLJĂŬĂƌƚĂƚĂŚƵŶϭϵϵϵ͘ĞƌŐĂďƵŶŐĚĞŶŐĂŶ
WĞƌƐĞƌŽĂŶƐĞũĂŬƚĂŚƵŶϮϬϮϮ͘^ĞďĞůƵŵLJĂƉĞƌŶĂŚŵĞŶũĂďĂƚďĞƌďĂŐĂŝƉŽƐŝƐŝĚŝWd:ƚƌƵƐƚKůLJŵƉŝŶĚŽƐĞďĂŐĂŝ,Z'ŝƌĞĐƚŽƌ͕ZŝƐŬ
DĂŶĂŐĞŵĞŶƚΘƌĞĚŝƚ;ϮϬϮϮͿĚĂŶƐĞďĂŐĂŝŝƚƌĂŶĐŚDĂŶĂŐĞŵĞŶƚΘ/ŵƉƌŽǀĞŵĞŶƚŝǀŝƐŝŽŶ,ĞĂĚ;ϮϬϮϬ–ϮϬϮϮͿ͕ĚŝWdKƚŽ
DƵůƚŝĂƌƚŚĂƐĞďĂŐĂŝDĂƌŬĞƚŶŐΘ ^ĂůĞƐ ŝǀŝƐŝŽŶ,ĞĂĚ;ϮϬϭϵ –ϮϬϮϬͿ͕EĞǁƵƐŝŶĞƐƐZĞƐĞĂƌĐŚΘĞǀĞůŽƉŵĞŶƚhŶŝƚ;ϮϬϭϲ –
ϮϬϭϵͿ͕ ĞƉƵƚLJ ƐƐĞƚ DĂŶĂũĞŵĞŶ ŝǀŝƐŝŽŶ ,ĞĂĚ ;ϮϬϭϭ – ϮϬϭϲͿ͕ ,Z ŝǀŝƐŝŽŶ ,ĞĂĚ ;ϮϬϬϵ – ϮϬϭϭͿ͕ ,Z WŽůŝĐLJ Θ ^LJƐƚĞŵ
ĞǀĞůŽƉŵĞŶƚĞƉƚ͘,ĞĂĚ;ϮϬϬϴ–ϮϬϬϵͿ͕ĞƉƵƚLJ^'>ĞĂƌƌŶŝŶŐĞŶƚƌĞ,ĞĂĚ;ϮϬϬϳ–ϮϬϬϴͿ͕ĐĂĚĞŵŝĐ,ĞĂĚ^'>ĞĂƌŶŝŶŐ
ĞŶƚƌĞ;ϮϬϬϲ–ϮϬϬϳͿ͕/ŶƐƚƌƵĐƚŽƌ;ϮϬϬϰ–ϮϬϬϲͿ͕ĚŝWdƐƚƌĂŐƌĂƉŚŝĂ/dƐĞďĂŐĂŝƐLJƐƚĞŵĞŶŐŝŶĞĞƌ;ϮϬϬϭ–ϮϬϬϰͿĚĂŶƐĞďĂŐĂŝ
ƚĞĐŚŶŝĐĂůƐƵƉƉŽƌƚ;ϮϬϬϬ–ϮϬϬϭͿ͘
^ĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚƐĞďĂŶLJĂŬϭ;ƐĂƚƵͿŬĂůŝ
ĚŝƚĂŚƵŶϮϬϮϰĚĞŶŐĂŶĨƌĞŬƵĞŶƐŝŬĞŚĂĚŝƌĂŶƐĞůƵƌƵŚĂŶŐŐŽƚĂ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
&ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ
^ƚĞƉŚĂŶƵƐ&ƌĂŶƐĐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ ϭ ϭϬϬй
:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ ϭ ϭϬϬй
<ĂnjƵŬŝ^ĂƚŽ ϭ ϭϬϬй
dĂŬĂLJƵŬŝdƐƵĐŚŝĚĂ ϭ ϭϬϬй
&ĂĨĂŶĨĂŶĚŝZĂĐŚŵĂŶ ϭ ϭϬϬй
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^ĞƉĂŶũĂŶŐƚĂŚƵŶϮϬϮϯ͕<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝƚĞůĂŚ ŵĞůĂŬƵŬĂŶƌĂƉĂƚƐĞďĂŶLJĂŬϯ;ƚŝŐĂͿŬĂůŝĚĞŶŐĂŶĨƌĞŬƵĞŶƐŝ
ŬĞŚĂĚŝƌĂŶƐĞůƵƌƵŚĂŶŐŐŽƚĂ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
&ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ
^ƚĞƉŚĂŶƵƐ&ƌĂŶƐĐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ ϯ ϭϬϬй
:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ ϯ ϭϬϬй
^ŚŝŶŝĐŚŝ^ĂƚŽ ϯ ϭϬϬй
DĂƐĂƚĂŬĂdĂŬĂŶŝƐŚŝ ϯ ϭϬϬй
DĂƐĂƚŽhĐŚŝĚĂ ϯ ϭϬϬй
<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝƚĞůĂŚŵĞůĂŬƐĂŶĂŶƚƵŐĂƐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
- DĞŵďĞƌŝŬĂŶƵƐƵůĂŶĐĂůŽŶLJĂŶŐŵĞŵĞŶƵŚŝƐLJĂƌĂƚƐĞďĂŐĂŝĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ͘
- DĞŵďĞƌŝŬĂŶƌĞŬŽŵĞŶĚĂƐŝŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞŶŐĞŶĂŝŬŽŵƉŽƐŝƐŝũĂďĂƚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ͘
- DĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ŬĞƉĂĚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ŵĞŶŐĞŶĂŝ ƉƌŽŐƌĂŵ ƉĞŶŐĞŵďĂŶŐĂŶ ŬĞŵĂŵƉƵĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ
ĚĂŶĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
- DĞƌƵŵƵƐŬĂŶ ďĞƐĂƌĂŶ ƌĞŵƵŶĞƌĂƐŝ ĚĂŶ ũĞŶŝƐ ƚƵŶũĂŶŐĂŶ LJĂŶŐ ĂŬĂŶ ĚŝďĞƌŝŬĂŶ ŬĞƉĂĚĂ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĂŶŐŐŽƚĂ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝĚĞŶŐĂŶŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶŬŝŶĞƌũĂWĞƌƐĞƌŽĂŶƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶ͕ƐĞƌƚĂŬŽŶƚƌŝďƵƐŝĚĂŶŬŝŶĞƌũĂ
ŵĂƐŝŶŐͲŵĂƐŝŶŐĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝ͘
ϯ͘ <ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽ
ĞƌĚĂƐĂƌŬĂŶŝƌĐƵůĂƌZĞƐŽůƵƚŝŽŶŽĨdŚĞŽĂƌĚŽĨŽŵŵŝƐƐŝŽŶĞƌƐWd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂEŽ͘Ϭϭϳ>'>,&/ͬ//ͬϮϬϮϰdĞŶƚĂŶŐ
^ƵƐƵŶĂŶŶŐŐŽƚĂ<ŽŵŝƚĞEŽŵŝŶĂƐŝĚĂŶZĞŵƵŶĞƌĂƐŝƚĂŶŐŐĂůϭ&ĞďƌƵĂƌŝϮϬϮϰ͘
<ĞƚƵĂ ͗^ƚĞƉŚĂŶƵƐ&ƌĂŶƐĐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ
ŶŐŐŽƚĂ ͗^/ƐŵĂŝůdũŝƚƌĂďƵĚŝ
ŶŐŐŽƚĂ ͗<ĂƌĞůdũĂŚũĂĚŝ
ŶŐŐŽƚĂ ͗:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ
ŶŐŐŽƚĂ ͗DĂƐĂƚŽhĐŚŝĚĂ
WĞŵďĞŶƚƵŬĂŶ <ŽŵŝƚĞ WĞŵĂŶƚĂƵ ZŝƐŝŬŽ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ ƚĞůĂŚ ĚŝůĂŬƵŬĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ WĞƌĂƚƵƌĂŶ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ
LJĂŝƚƵ WK:< EŽ͘ ϯϬͬWK:<͘ϬϱͬϮϬϭϰ ƚĂŶŐŐĂů ϭϵ EŽǀĞŵďĞƌ ϮϬϭϰ ƚĞŶƚĂŶŐ dĂƚĂ <ĞůŽůĂ WĞƌƵƐĂŚĂĂŶ LJĂŶŐ ĂŝŬ ĂŐŝ WĞƌƵƐĂŚĂĂŶ
WĞŵďŝĂLJĂĂŶũƵŶĐƚŽWK:<EŽ͘ϮϵͬWK:<͘ϬϱͬϮϬϮϬƚĂŶŐŐĂůϮϮƉƌŝůϮϬϮϬƚĞŶƚĂŶŐWĞƌƵďĂŚĂŶĂƚĂƐWK:<EŽ͘ϯϬͬWK:<͘ϬϱͬϮϬϭϰ
ƚĞŶƚĂŶŐdĂƚĂ<ĞůŽůĂWĞƌƵƐĂŚĂĂŶLJĂŶŐĂŝŬĂŐŝWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ͘
ĞƌŝŬƵƚĂĚĂůĂŚƌŝǁĂLJĂƚƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝĂŶŐŐŽƚĂ<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽ͗
^ƚĞƉŚĂŶƵƐ&ƌĂŶƐĐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ͕<ĞƚƵĂ<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽ͗
ZŝǁĂLJĂƚ ƐŝŶŐŬĂƚ ŵĞŶŐĞŶĂŝ ^ƚĞƉŚĂŶƵƐ &ƌĂŶƐĐŝƐĐƵƐ ^ƵƚũŝƉƚŽ ƵĚŝŵĂŶ ƚĞůĂŚ ĚŝƵŶŐŬĂƉŬĂŶ ƉĂĚĂ Ăď s/// ƉŽŝŶ ϱ ƚĞŶƚĂŶŐ
WĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶWĞƌƐĞƌŽĂŶ͘
^/ƐŵĂŝůdũŝƚƌĂďƵĚŝ͕ŶŐŐŽƚĂ<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽ͗
ZŝǁĂLJĂƚƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝ^/ƐŵĂŝůdũŝƚƌĂďƵĚŝƚĞůĂŚĚŝƵŶŐŬĂƉŬĂŶƉĂĚĂĂďs///ƉŽŝŶϱƚĞŶƚĂŶŐWĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶ
WĞƌƐĞƌŽĂŶ͘
<ĂƌĞůdũĂŚũĂĚŝ͕ŶŐŐŽƚĂ<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽ͗
ZŝǁĂLJĂƚ ƐŝŶŐŬĂƚ ŵĞŶŐĞŶĂŝ <ĂƌĞů dũĂŚũĂĚŝ ƚĞůĂŚ ĚŝƵŶŐŬĂƉŬĂŶ ƉĂĚĂ Ăď s/// ƉŽŝŶ ϱ ƚĞŶƚĂŶŐ WĞŶŐƵƌƵƐĂŶ ĚĂŶ WĞŶŐĂǁĂƐĂŶ
WĞƌƐĞƌŽĂŶ͘
:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ͕ŶŐŐŽƚĂ<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽ͗
ZŝǁĂLJĂƚƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝ:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽƚĞůĂŚĚŝƵŶŐŬĂƉŬĂŶƉĂĚĂĂďs///ƉŽŝŶϱƚĞŶƚĂŶŐWĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶ
WĞƌƐĞƌŽĂŶ͘
DĂƐĂƚŽhĐŚŝĚĂ͕ŶŐŐŽƚĂ<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽ͗
ZŝǁĂLJĂƚƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝDĂƐĂƚŽhĐŚŝĚĂƚĞůĂŚĚŝƵŶŐŬĂƉŬĂŶƉĂĚĂĂďs///ƉŽŝŶϱƚĞŶƚĂŶŐWĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶ
WĞƌƐĞƌŽĂŶ͘
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^ĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌŝďŝƚŬĂŶ͕<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚƐĞďĂŶLJĂŬϭ;ƐĂƚƵͿŬĂůŝĚŝƚĂŚƵŶ
ϮϬϮϰĚĞŶŐĂŶĨƌĞŬƵĞŶƐŝŬĞŚĂĚŝƌĂŶƐĞůƵƌƵŚĂŶŐŐŽƚĂ<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
&ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ;йͿ
^ƚĞƉŚĂŶƵƐ&ƌĂŶƐĐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ ϭ ϭϬϬй
^/ƐŵĂŝůdũŝƚƌĂďƵĚŝ ϭ ϭϬϬй
<ĂƌĞůdũĂŚũĂĚŝ ϭ ϭϬϬй
:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ ϭ ϭϬϬй
DĂƐĂƚŽhĐŚŝĚĂ ϭ ϭϬϬй
^ĞƉĂŶũĂŶŐƚĂŚƵŶϮϬϮϯ͕<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚƐĞďĂŶLJĂŬϮ;ĚƵĂͿŬĂůŝĚĞŶŐĂŶĨƌĞŬƵĞŶƐŝŬĞŚĂĚŝƌĂŶ
ƐĞůƵƌƵŚĂŶŐŐŽƚĂ<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
&ƌĞŬƵĞŶƐŝZĂƉĂƚ dŝŶŐŬĂƚ<ĞŚĂĚŝƌĂŶ;йͿ
^ƚĞƉŚĂŶƵƐ&ƌĂŶƐĐŝƐĐƵƐ^ƵƚũŝƉƚŽƵĚŝŵĂŶ Ϯ ϭϬϬй
^/ƐŵĂŝůdũŝƚƌĂďƵĚŝ Ϯ ϭϬϬй
<ĂƌĞůdũĂŚũĂĚŝ Ϯ ϭϬϬй
:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ Ϯ ϭϬϬй
DĂƐĂƚŽhĐŚŝĚĂ Ϯ ϭϬϬй
dƵŐĂƐĚĂŶdĂŶŐŐƵŶŐ:ĂǁĂď<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
- DĞůĂŬƵŬĂŶĞǀĂůƵĂƐŝŬĞƐĞƐƵĂŝĂŶĂŶƚĂƌĂŬĞďŝũĂŬĂŶŵĂŶĂũĞŵĞŶƌŝƐŝŬŽĚĞŶŐĂŶƉĞůĂŬƐĂŶĂĂŶŬĞďŝũĂŬĂŶWĞƌƵƐĂŚĂĂŶLJĂŶŐ
ĚŝďĂŚĂƐĚĂůĂŵƌĂƉĂƚ<ŽŵŝƚĞWĞŵĂŶƚĂƵZŝƐŝŬŽ͘
- DĞůĂŬƵŬĂŶ ƉĞŵĂŶƚĂƵĂŶ ĚĂŶ ĞǀĂůƵĂƐŝ ĂƚĂƐ ƉĞůĂŬƐĂŶĂĂŶ ƚƵŐĂƐ <ŽŵŝƚĞ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ ĚĂŶ ƐĂƚƵĂŶ ŬĞƌũĂ LJĂŶŐ
ŵĞŵďŝĚĂŶŐŝŵĂŶĂũĞŵĞŶƌŝƐŝŬŽ͘
- DĞůĂŬƵŬĂŶĞǀĂůƵĂƐŝĚĂŶĂŶĂůŝƐĂĂƚĂƐůĂƉŽƌĂŶƉƌŽĨŝůƌŝƐŝŬŽWĞƌƵƐĂŚĂĂŶƐĞĐĂƌĂďĞƌŬĂůĂĚĂŶŵĞŵďĞƌŝŬĂŶƐĂƌĂŶĚĂŶͬĂƚĂƵ
ƌĞŬŽŵĞŶĚĂƐŝŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐƵŶƚƵŬƉĞƌďĂŝŬĂŶĚĂŶƉĞŶLJĞŵƉƵƌŶĂĂŶLJĂŶŐĚŝƉĞƌůƵŬĂŶ͘
- DĞůĂŬƵŬĂŶƉĞŵĂŶƚĂƵĂŶĚĂŶĞǀĂůƵĂƐŝĂƚĂƐŬĞĐƵŬƵƉĂŶƉƌŽƐĞƐŵĂŶĂũĞŵĞŶƌŝƐŝŬŽWĞƌƵƐĂŚĂĂŶƐĞƌƚĂŵĞŵďĞƌŝŬĂŶƐĂƌĂŶ
ĚĂŶͬĂƚĂƵƌĞŬŽŵĞŶĚĂƐŝŬĞƉĂĚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐƵŶƚƵŬŵĞŶŝŶŐŬĂƚŬĂŶĞĨĞŬƚŝǀŝƚĂƐĚĂŶŬƵĂůŝƚĂƐƉĞŶĞƌĂƉĂŶŵĂŶĂũĞŵĞŶ
ƌŝƐŝŬŽWĞƌƵƐĂŚĂĂŶ͘
ϰ͘ <ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽ
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵŝůŝŬŝ<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽƐĞďĂŐĂŝŵĂŶĂĚŝƉĞƌƐLJĂƌĂƚŬĂŶŽůĞŚKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͕ƐĞƐƵĂŝ
ĚĞŶŐĂŶ WK:< EŽ͘ϮϵͬWK:<͘ϬϱͬϮϬϮϬ ĚĂŶ WK:< EŽ͘ ϰϰͬWK:<͘ϬϱͬϮϬϮϬ͘ ĚĂƉƵŶ ƐƵƐƵŶĂŶ ƚĞƌĂŬŚŝƌ <ŽŵŝƚĞ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ
WĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞŶŐĂŶWŝĂŐĂŵ<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
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ƵĚŝƌŝĨŝĂŶƚŽtŝďŝƐĂŶĂ͕<ĞƚƵĂ<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽ͗
ZŝǁĂLJĂƚ ƐŝŶŐŬĂƚ ŵĞŶŐĞŶĂŝ ƵĚŝ ƌŝĨŝĂŶƚŽ tŝďŝƐĂŶĂ ƚĞůĂŚ ĚŝƵŶŐŬĂƉŬĂŶ ƉĂĚĂ Ăď s/// ƉŽŝŶ ϱ ƚĞŶƚĂŶŐ WĞŶŐƵƌƵƐĂŶ ĚĂŶ
WĞŶŐĂǁĂƐĂŶWĞƌƐĞƌŽĂŶ͘
,ĂũŝŵĞ<ĂǁĂŵƵƌĂ͕tĂŬŝů<ĞƚƵĂ<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽ͗
ZŝǁĂLJĂƚƐŝŶŐŬĂƚŵĞŶŐĞŶĂŝ,ĂũŝŵĞ<ĂǁĂŵƵƌĂƚĞůĂŚĚŝƵŶŐŬĂƉŬĂŶƉĂĚĂĂďs///ƉŽŝŶϱƚĞŶƚĂŶŐWĞŶŐƵƌƵƐĂŶĚĂŶWĞŶŐĂǁĂƐĂŶ
WĞƌƐĞƌŽĂŶ͘
ŶŝƚĂ<ƵŵĂůĂ^ŝƐǁĂĚLJ͕ŶŐŐŽƚĂ<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽ͗
ZŝǁĂLJĂƚ ƐŝŶŐŬĂƚ ŵĞŶŐĞŶĂŝ ŶŝƚĂ <ƵŵĂůĂ ^ŝƐǁĂĚLJ ƚĞůĂŚ ĚŝƵŶŐŬĂƉŬĂŶ ƉĂĚĂ Ăď s/// ƉŽŝŶ ϱ ƚĞŶƚĂŶŐ WĞŶŐƵƌƵƐĂŶ ĚĂŶ
WĞŶŐĂǁĂƐĂŶWĞƌƐĞƌŽĂŶ͘
dĂŝŬŝKŶŽƵĞ͕ŶŐŐŽƚĂ<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽ͗
ZŝǁĂLJĂƚ ƐŝŶŐŬĂƚ ŵĞŶŐĞŶĂŝ dĂŝŬŝ KŶŽƵĞ ƚĞůĂŚ ĚŝƵŶŐŬĂƉŬĂŶ ƉĂĚĂ Ăď s/// ƉŽŝŶ ϱ ƚĞŶƚĂŶŐ WĞŶŐƵƌƵƐĂŶ ĚĂŶ WĞŶŐĂǁĂƐĂŶ
WĞƌƐĞƌŽĂŶ͘
^ĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌŝďŝƚŬĂŶ͕<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚƐĞďĂŶLJĂŬϯ;ƚŝŐĂͿŬĂůŝƐĞƉĂŶũĂŶŐ
ƚĂŚƵŶϮϬϮϰ͕LJĂŶŐĚŝŚĂĚŝƌŝŽůĞŚƐĞůƵƌƵŚĂŶŐŐŽƚĂ<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽ͘^ĞƉĂŶũĂŶŐƚĂŚƵŶϮϬϮϯ͕<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽ
ƚĞůĂŚŵĞůĂŬƵŬĂŶƌĂƉĂƚƐĞďĂŶLJĂŬƚƵũƵŚ;ϳͿŬĂůŝLJĂŶŐĚŝŚĂĚŝƌŝŽůĞŚƐĞůƵƌƵŚĂŶŐŐŽƚĂ<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽ͘
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ĚĂƉƵŶƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂď<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ͳ DĞŶLJƵƐƵŶŬĞďŝũĂŬĂŶ͕ƐƚƌĂƚĞŐŝ͕ĚĂŶƉĞĚŽŵĂŶƉĞŶĞƌĂƉĂŶDĂŶĂũĞŵĞŶZŝƐŝŬŽ͕ƚĞƌŵĂƐƵŬƚŝŶŐŬĂƚZŝƐŝŬŽLJĂŶŐĚŝĂŵďŝů;ƌŝƐŬ
ĂƉƉĞƚŝƚĞͿ ĚĂŶ ƚŽůĞƌĂŶƐŝ ZŝƐŝŬŽ ;ƌŝƐŬ ƚŽůĞƌĂŶĐĞͿ͕ ŬĞƌĂŶŐŬĂ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ ƐĞƌƚĂ ƌĞŶĐĂŶĂ ŬŽŶƚŝũĞŶƐŝ ƵŶƚƵŬ
ŵĞŶŐĂŶƚŝƐŝƉĂƐŝƚĞƌũĂĚŝŶLJĂŬŽŶĚŝƐŝƚŝĚĂŬŶŽƌŵĂů͘
Ͳ DĞůĂŬƵŬĂŶ ƉĞƌďĂŝŬĂŶ ĂƚĂƵ ƉĞŶLJĞƐƵĂŝĂŶ ƉĞůĂŬƐĂŶĂĂŶ DĂŶĂũĞŵĞŶ ZŝƐŝŬŽ ďĞƌĚĂƐĂƌŬĂŶ ŚĂƐŝů ĞǀĂůƵĂƐŝ ƉĞůĂŬƐĂŶĂĂŶ
DĂŶĂũĞŵĞŶZŝƐŝŬŽ͕ĂŶƚĂƌĂůĂŝŶŵĞŶLJĞŵƉƵƌŶĂŬĂŶƉƌŽƐĞƐDĂŶĂũĞŵĞŶZŝƐŝŬŽƐĞĐĂƌĂďĞƌŬĂůĂŵĂƵƉƵŶďĞƌƐŝĨĂƚŝŶƐŝĚĞŶƚŝů
ƐĞďĂŐĂŝ ĂŬŝďĂƚ ĚĂƌŝ ƐƵĂƚƵ ƉĞƌƵďĂŚĂŶ ŬŽŶĚŝƐŝ ĞŬƐƚĞƌŶĂů ĚĂŶ ŝŶƚĞƌŶĂů WĞƌƵƐĂŚĂĂŶ LJĂŶŐ ŵĞŵĞŶŐĂƌƵŚŝ ŬĞĐƵŬƵƉĂŶ
ƉĞŶĚĂŶĂĂŶ͕ƉƌŽĨŝůZŝƐŝŬŽWĞƌƵƐĂŚĂĂŶ͕ĚĂŶƚŝĚĂŬĞĨĞŬƚŝĨŶLJĂƉĞŶĞƌĂƉĂŶDĂŶĂũĞŵĞŶZŝƐŝŬŽďĞƌĚĂƐĂƌŬĂŶŚĂƐŝůĞǀĂůƵĂƐŝ͘
Ͳ DĞŶĞƚĂƉŬĂŶŚĂůͲŚĂůLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶŬĞƉƵƚƵƐĂŶďŝƐŶŝƐLJĂŶŐŵĞŶLJŝŵƉĂŶŐĚĂƌŝƉƌŽƐĞĚƵƌŶŽƌŵĂů͕ƐĞƉĞƌƚŝƉĞŶLJĂůƵƌĂŶ
ƉĞŵďŝĂLJĂĂŶLJĂŶŐĚŝůĂŬƵŬĂŶ͕ƉĞŶŐĂŵďŝůĂŶƉŽƐŝƐŝZŝƐŝŬŽ͕ĂƚĂƵƉĞŶŐĂŵďŝůĂŶĞŬƐƉŽƐƵƌZŝƐŝŬŽLJĂŶŐŵĞůĂŵƉĂƵŝůŝŵŝƚLJĂŶŐ
ƚĞůĂŚĚŝƚĞƚĂƉŬĂŶ͘
Ͳ DĞŵďĞƌŝŬĂŶƌĞŬŽŵĞŶĚĂƐŝĂƚĂƐŝƐƵLJĂŶŐŵĞŵďƵƚƵŚŬĂŶĞǀĂůƵĂƐŝĚĂŶƌĞŬŽŵĞŶĚĂƐŝ<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽ͕ƚĞƌŵĂƐƵŬ
ƐƵďŬŽŵŝƚĞLJĂŶŐďĞƌĂĚĂĚŝďĂǁĂŚ<ŽŵŝƚĞDĂŶĂũĞŵĞŶZŝƐŝŬŽ͘
Ͳ DĞŶũĂůĂŶŬĂŶĨƵŶŐƐŝůĂŝŶƐĞƉĞƌƚŝLJĂŶŐĚŝĂƌĂŚŬĂŶŽůĞŚWƌĞƐŝĚĞŶŝƌĞŬƚƵƌĚĂŶͬĂƚĂƵĞǁĂŶŝƌĞŬƐŝ͘
hE/d/Ed ZE>h/d
WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵŝůŝŬŝhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂůĚĂŶƉŝĂŐĂŵĂƵĚŝƚŝŶƚĞƌŶĂůƐĞďĂŐĂŝŵĂŶĂĚŝƐLJĂƌĂƚŬĂŶĚĂůĂŵŬĞƚĞŶƚƵĂŶWĞƌĂƚƵƌĂŶ
KƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶEŽ͘ϱϲͬWK:<͘ϬϰͬϮϬϭϱƚĂŶŐŐĂůϮϯĞƐĞŵďĞƌϮϬϭϱdĞŶƚĂŶŐWĞŵďĞŶƚƵŬĂŶĂŶWĞĚŽŵĂŶWĞŶLJƵƐƵŶĂŶ
WŝĂŐĂŵhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂů͕WŝĂŐĂŵƵĚŝƚ/ŶƚĞƌŶĂůƚĞůĂŚĚŝƐĞƚƵũƵŝŽůĞŚĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶLJĂŶŐďĞƌůĂŬƵĞĨĞŬƚŝĨƐĞũĂŬ
ϭϰĞƐĞŵďĞƌϮϬϮϭ͕WĞƌƐĞƌŽĂŶũƵŐĂƚĞůĂŚŵĞŶƵŶũƵŬĚĂŶŵĞŶŐĂŶŐŬĂƚƌŐŽƵŵĂƐ^ĂLJƵƚŽƐĞůĂŬƵ<ĞƉĂůĂhŶŝƚ/ŶƚĞƌŶĂůƵĚŝƚ
ďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚŝƌĞŬƐŝEŽ͘ϱϱϰͬ,Zͬy//ͬϮϬϮϭƚĂŶŐŐĂůϭϲĞƐĞŵďĞƌϮϬϮϭ͘
ĚĂƉƵŶƌŝǁĂLJĂƚŚŝĚƵƉŶŐŐŽƚĂ/ŶƚĞƌŶĂůƵĚŝƚĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ƌŐŽƵŵĂƐ^ĂLJƵƚŽ–<ĞƉĂůĂƵĚŝƚ/ŶƚĞƌŶĂů
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϰϱƚĂŚƵŶ͘
ŝĂŶŐŬĂƚƐĞďĂŐĂŝ<ĞƉĂůĂŝhŶŝƚ/ŶƚĞƌŶĂůƵĚŝƚƐĞũĂŬϭϲĞƐĞŵďĞƌϮϬϮϭƐĂŵƉĂŝ ĚĞŶŐĂŶƐĂĂƚŝŶŝ͘DĞŵƉĞƌŽůĞŚŐĞůĂƌ^ĂƌũĂŶĂ
ĚŝďŝĚĂŶŐŬƵŶƚĂŶƐŝĚĂƌŝhŶŝǀĞƌƐŝƚĂƐDĞƌĚĞŬĂDĂůĂŶŐƉĂĚĂƚĂŚƵŶϮϬϬϭĚĂŶŵĞŵŝůŝŬŝ^ĞƌƚŝĨŝŬĂƐŝYƵĂůŝĨŝĞĚ/ŶƚĞƌŶĂůƵĚŝƚŽƌ
;Y/Ϳ^ĞďĞůƵŵLJĂŵĞŶũĂďĂƚďĞƌďĂŐĂŝƉŽƐŝƐŝĚŝWdh&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝ<ĞƉĂůĂŝǀŝƐŝƵĚŝƚ/ŶƚĞƌŶĂůΘŶƚŝͲ&ƌĂƵĚhŶŝƚ͕
Ěŝ Wd tĂŚĂŶĂ KƚŽŵŝƚƌĂ DƵůƚŝĂƌƚĂ ƐĞďĂŐĂŝ <ĞƉĂůĂ ƵĚŝƚ /ŶƚĞƌŶĂů͕Ěŝ Wd ĂůŝŶĂ ŐƵŶŐ WĞƌŬĂƐĂ ƐĞďĂŐĂŝ /ŶƚĞƌŶĂů ƵĚŝƚ ĚĂŶ
ĚŝWd^ŝĞƌĂĚWĂŶŐĂŶƐĞďĂŐĂŝƵĚŝƚ/ŶƚĞƌŶĂůĚĂŶŬƵŶƚŝŶŐ^ƵƉĞƌǀŝƐŽƌ͘
ŐĂĂƐƚŝĂŶ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϯϵƚĂŚƵŶ͘
DĞŶũĂďĂƚ ƐĞďĂŐĂŝ ƐŝƐƚĞŶ DĂŶĂũĞƌ /ŶƚĞƌŶĂů ƵĚŝƚ ƐĞũĂŬ ƚĂŚƵŶ ϮϬϭϵ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ƐĂĂƚ ŝŶŝ͘ DĞŵƉĞƌŽůĞŚ ŐĞůĂƌ ^ĂƌũĂŶĂ
Ěŝ ďŝĚĂŶŐ DĂŶĂũĞŵĞŶ WĞŶĚŝĚŝŬĂŶ ĚĂƌŝ hŶŝǀĞƌƐŝƚĂƐ EĞŐĞƌŝ :ĂŬĂƌƚĂ ƉĂĚĂ ƚĂŚƵŶ ϮϬϬϴ͘ ^ĞďĞůƵŵLJĂ ŵĞŶũĂďĂƚ ďĞƌďĂŐĂŝ ƉŽƐŝƐŝ
ĚŝWdƵƐĂŶ&ŝŶĂŶĐĞƐĞũĂŬƚĂŚƵŶϮϬϭϵƐĞďĂŐĂŝ^ƚĂĨ/ŶƚĞƌŶĂůƵĚŝƚ͕^ĞƉĞƌǀŝƐŽƌ/ŶƚĞƌŶĂůƵĚŝƚ͕ƐŝƐƚĞŶDĂŶĂũĞƌ/ŶƚĞƌŶĂůƵĚŝƚ
ĚĂŶƉŽƐŝƐŝƚĞƌĂŬŚŝƌƐĞďĂŐĂŝŽŵƉůŝĂŶĐĞ,ĞĂĚ͘
DĂƵůĂŶĂ,ĂƐĂŶƵĚĚŝŶ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϯϲƚĂŚƵŶ͘
DĞŶũĂďĂƚƐĞũĂŬƚĂŚƵŶϮϬϮϯƐĂŵƉĂŝĚĞŶŐĂŶƐĂĂƚŝŶŝ͘DĞŵƉĞƌŽůĞŚŐĞůĂƌ^ĂƌũĂŶĂĚŝďŝĚĂŶŐ ŬŽŶŽŵŝĚĂƌŝ^ĞŬŽůĂŚdŝŶŐŐŝ/ůŵƵ
ŬŽŶŽŵŝz͘͘/ƉĂĚĂƚĂŚƵŶϮϬϭϭ͘^ĞďĞůƵŵLJĂŵĞŶũĂďĂƚďĞƌďĂŐĂŝƉŽƐŝƐŝĚŝWdůŝƉĂŶ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ͕dďŬƐĞďĂŐĂŝ^ĞŶŝŽƌ^ƚĂĨĨ
ƵĚŝƚ ;ϮϬϮϭ– ϮϬϮϯͿ͕ Ěŝ Wd h &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ƐĞďĂŐĂŝ ŽƌƉŽƌĂƚĞ ƵĚŝƚ ^ƵƉĞƌǀŝƐŽƌ ;ϮϬϭϰ – ϮϬϮϭͿ͕ Ěŝ Wd ^ƵnjƵŬŝ &ŝŶĂŶĐĞ
/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝ&ŝĞůĚƵĚŝƚŽƌĂƚ,ĞĂĚKĨĨŝĐĞ;ϮϬϭϮ–ϮϬϭϰͿĚĂŶĚŝ<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬ,ĞƌƚĂŶƚŽ͕^ŝĚŝŬΘZĞŬĂŶƐĞďĂŐĂŝ
džƚĞƌŶĂůƵĚŝƚ;ϮϬϭϭ–ϮϬϭϮͿ͘
DƵŚĂŵŵĂĚ&ĞŝƐĂů&ĂƌĚĂŶ
tĂƌŐĂEĞŐĂƌĂ/ŶĚŽŶĞƐŝĂ͕ϮϲƚĂŚƵŶ͘
DĞŶũĂďĂƚ ƐĞũĂŬ ϮϬϮϯ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ƐĂĂƚ ŝŶŝ͘ DĞŵƉĞƌŽůĞŚ ŐĞůĂƌ ^ĂƌũĂŶĂ Ěŝ ďŝĚĂŶŐ ŬŽŶŽŵŝ ĚĂƌŝ h/E ^LJĂƌŝĨ ,ŝĚĂLJĂƚƵůůĂŚ
:ĂŬĂƌƚĂĚŝƚĂŚƵŶϮϬϭϵ͘^ĞďĞůƵŵLJĂŵĞŶũĂďĂƚĚŝWdDĂŶĚŝƌŝhƚĂŵĂ&ŝŶĂŶĐĞƐĞďĂŐĂŝZĞŐƵůĂƌƵĚŝƚ^ƚĂĨĨ;ϮϬϮϬ–ϮϬϮϯͿ͘
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^/^d DW E' E>/E/Ed ZE>
<ĞďŝũĂŬĂŶ^ŝƐƚĞŵWĞŶŐĞŶĚĂůŝĂŶ/ŶƚĞƌŶĂů;/ŶƚĞƌŶĂůŽŶƚƌŽů^LJƐƚĞŵͿŵĞƌƵƉĂŬĂŶƐƵĂƚƵƉƌŽƐĞƐLJĂŶŐŝŶƚĞŐƌĂůĚĂƌŝƚŝŶĚĂŬĂŶĚĂŶ
ŬĞŐŝĂƚĂŶ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƚĞƌƵƐ ŵĞŶĞƌƵƐ ŽůĞŚ ƉŝŵƉŝŶĂŶ ĚĂŶ ƐĞůƵƌƵŚ ŬĂƌLJĂǁĂŶ͕ ƵŶƚƵŬ ŵĞŵďĞƌŝŬĂŶ ŬĞLJĂŬŝŶĂŶ LJĂŶŐ
ŵĞŵĂĚĂŝ ĂƚĂƐ ƚĞƌĐĂƉĂŝŶLJĂ ƚƵũƵĂŶ ŽƌŐĂŶŝƐĂƐŝ ŵĞůĂůƵŝ ŬĞŐŝĂƚĂŶ LJĂŶŐ ĞĨĞŬƚŝĨ ĚĂŶ ĞĨŝƐŝĞŶ͕ ŬĞĂŶĚĂůĂŶ ƉĞůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ͕
ƉĞŶŐĂŵĂŶĂŶĂƐĞƚƉĞƌƵƐĂŚĂĂŶĚĂŶŬĞƚĂĂƚĂŶƚĞƌŚĂĚĂƉƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘^ŝƐƚĞŵWĞŶŐĞŶĚĂůŝĂŶ
/ŶƚĞƌŶĂů;/ŶƚĞƌŶĂůŽŶƚƌŽů^LJƐƚĞŵͿƚĞƌĚŝƌŝĂƚĂƐƵŶƐƵƌ͗
ϭͿ>ŝŶŐŬƵŶŐĂŶWĞŶŐĞŶĚĂůŝĂŶ;ŽŶƚƌŽů ŶǀŝƌŽŶŵĞŶƚͿ
ϮͿWĞŶŝůĂŝĂŶZŝƐŝŬŽ;ZŝƐŬƐƐĞƐƐŵĞŶƚͿ
ϯͿ<ĞŐŝĂƚĂŶWĞŶŐĞŶĚĂůŝĂŶ;ŽŶƚƌŽůĐƚŝǀŝƚŝĞƐͿ
ϰͿ/ŶĨŽƌŵĂƐŝĚĂŶ<ŽŵƵŶŝŬĂƐŝ;/ŶĨŽƌŵĂƚŝŽŶĂŶĚŽŵŵƵŶŝĐĂƚŝŽŶͿ
ϱͿWĞŵĂŶƚĂƵĂŶ;DŽŶŝƚŽƌŝŶŐͿ
WĞŶĞƌĂƉĂŶƵŶƐƵƌ^ŝƐƚĞŵWĞŶŐĞŶĚĂůŝĂŶ/ŶƚĞƌŶĂů;/ŶƚĞƌŶĂůŽŶƚƌŽů^LJƐƚĞŵͿĚŝůĂŬƐĂŶĂŬĂŶŵĞŶLJĂƚƵĚĂŶŵĞŶũĂĚŝďĂŐŝĂŶŝŶƚĞŐƌĂů
ĚĂƌŝŬĞŐŝĂƚĂŶWĞƌƐĞƌŽĂŶ͘^ĞŵƵĂƉŝŚĂŬĚŝWĞƌƐĞƌŽĂŶďĞƌƚĂŶŐŐƵŶŐũĂǁĂďĂƚĂƐƚĞƌƐĞůĞŶŐŐĂƌĂŶLJĂ^ŝƐƚĞŵWĞŶŐĞŶĚĂůŝĂŶ/ŶƚĞƌŶĂů
yang andal dan efektif. Satuan Pengawasan Intern (“SPI”) sesuai dengan Piagam Audit Internal memiliki tanggung jawab
ƵŶƚƵŬŵĞLJĂŬŝŶŬĂŶƐĞůƵƌƵŚƉƌŽƐĞƐƉĞŶŐĞŶĚĂůŝĂŶƉĂĚĂWĞƌƵƐĂŚĂĂŶďĞƌũĂůĂŶƐĞĐĂƌĂĞĨĞŬƚŝĨ͘^W/ũƵŐĂďĞƌƚĂŶŐŐƵŶŐũĂǁĂďƵŶƚƵŬ
ŵĞůĂƉŽƌŬĂŶŬĞƉĂĚĂŝƌĞŬƐŝƐĞƌƚĂ<ŽŵŝƚĞƵĚŝƚĂƚĂƐŬĞĐƵŬƵƉĂŶĚĂŶĞĨĞŬƚŝǀŝƚĂƐ^ŝƐƚĞŵWĞŶŐĞŶĚĂůŝĂŶ/ŶƚĞƌŶĂů͘
ĂůĂŵŵĞůĂŬƐĂŶĂŬĂŶǁĞǁĞŶĂŶŐ͕ƚƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďŶLJĂ^W/ďĞƌƉĞĚŽŵĂŶƉĂĚĂWŝĂŐĂŵƵĚŝƚ/ŶƚĞƌŶĂů;/ŶƚĞƌŶĂůƵĚŝƚ
ŚĂƌƚĞƌͿLJĂŶŐĚŝƚĞƚĂƉŬĂŶŵĞůĂůƵŝ<ĞƉƵƚƵƐĂŶĞƌƐĂŵĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝWĞƌƐĞƌŽĂŶEŽŵŽƌ'WhϬϬϮƚĞŶƚĂŶŐ
WŝĂŐĂŵƵĚŝƚ/ŶƚĞƌŶĂů͕LJĂŶŐƚĞůĂŚƐĞƐƵĂŝ ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶLJĂŶŐ ĚŝĂƚƵƌ ĚĂůĂŵWK:<EŽŵŽƌϱϲͬWK:<͘ϬϰͬϮϬϭϱ
ƚĞŶƚĂŶŐWĞŵďĞŶƚƵŬĂŶĚĂŶWĞĚŽŵĂŶWĞŶLJƵƐƵŶĂŶWŝĂŐĂŵhŶŝƚƵĚŝƚ/ŶƚĞƌŶĂů͘
dƵŐĂƐĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďŝǀŝƐŝ^W/ƐĞƐƵĂŝWŝĂŐĂŵƵĚŝƚ/ŶƚĞƌŶĂů;/ŶƚĞƌŶĂůƵĚŝƚŚĂƌƚĞƌͿŵĞůŝƉƵƚŝ͗
Ă͘ DĞŶLJƵƐƵŶƌĞŶĐĂŶĂĂƵĚŝƚŝŶƚĞƌŶĂůƚĂŚƵŶĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞďƵƚƵŚĂŶƉĞƌƵƐĂŚĂĂŶĚĂŶĚŝƐĞƚƵũƵŝŽůĞŚWƌĞƐŝĚĞŶŝƌĞŬƚƵƌ͖
ď͘ DĞůĂŬƐĂŶĂŬĂŶĂƵĚŝƚƐĞƐƵĂŝĚĞŶŐĂŶƌĞŶĐĂŶĂĂƵĚŝƚŝŶƚĞƌŶĂů͖
Đ͘ DĞŵďĞƌŝŬĂŶƐĂƌĂŶƉĞƌďĂŝŬĂŶďĞƌĚĂƐĂƌŬĂŶĂŶĂůŝƐĂĚĂŶďƵŬƚŝͲďƵŬƚŝŽďũĞŬƚŝĨĂƚĂƐƚĞŵƵĂŶLJĂŶŐĂĚĂ͖
Ě͘ DĞůĂŬƵŬĂŶƉĞŵĞƌŝŬƐĂĂŶĚĂŶƉĞŶŝůĂŝĂŶĂƚĂƐĞĨŝƐŝĞŶƐŝĚĂŶĞĨĞŬƚŝǀŝƚĂƐĚŝďŝĚĂŶŐŬĞƵĂŶŐĂŶ͕ĂŬƵŶƚĂŶƐŝ͕ŽƉĞƌĂƐŝŽŶĂů͕ƐƵŵďĞƌ
ĚĂLJĂŵĂŶƵƐŝĂ͕ƉĞŵĂƐĂƌĂŶ͕ƚĞŬŶŽůŽŐŝŝŶĨŽƌŵĂƐŝ͕ĚĂŶŬĞŐŝĂƚĂŶůĂŝŶŶLJĂ͖
Ğ͘ DĞŵďƵĂƚůĂƉŽƌĂŶŚĂƐŝůĂƵĚŝƚĚĂŶŵĞŶLJĂŵƉĂŝŬĂŶůĂƉŽƌĂŶƚĞƌƐĞďƵƚŬĞƉĂĚĂŝƌĞŬƚƵƌhƚĂŵĂĚĂŶ<ŽŵŝƚĞƵĚŝƚ͖
Ĩ͘ DĞŵĂŶƚĂƵĚĂŶŵĞůĂƉŽƌŬĂŶƉĞůĂŬƐĂŶĂĂŶƚŝŶĚĂŬůĂŶũƵƚƉĞƌďĂŝŬĂŶLJĂŶŐƚĞůĂŚĚŝƐĂƌĂŶŬĂŶ͖
Ő͘ ĞŬĞƌũĂƐĂŵĂĚĞŶŐĂŶ<ŽŵŝƚĞƵĚŝƚ͖
Ś͘ DĞůĂŬƵŬĂŶ ƉĞŵĞƌŝŬƐĂĂŶ ŬŚƵƐƵƐ ĂƉĂďŝůĂ ĚŝƉĞƌůƵŬĂŶ ŽůĞŚ DĂŶĂũĞŵĞŶ ĚĂŶ ŵĞŵďĞƌŝƚĂŚƵŬĂŶ ŬĞƉĂĚĂ DĂŶĂũĞŵĞŶ ĚĂŶ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐŵĞůĂůƵŝ<ŽŵŝƚĞĂƵĚŝƚĂƚĂƐŚĂƐŝůŶLJĂ͖
ŝ͘ DĞŶŐĞǀĂůƵĂƐŝƉĞůĂŬƐĂŶĂĂŶƉĞŶŐĞŶĚĂůŝĂŶŝŶƚĞƌŶĂůĚĂŶƐŝƐƚĞŵDĂŶĂũĞŵĞŶƌŝƐŝŬŽƐĞƐƵĂŝĚĞŶŐĂŶŬĞďŝũĂŬĂŶƉĞƌƵƐĂŚĂĂŶ͖
ũ͘ DĞŶLJƵƐƵŶWŝĂŐĂŵƵĚŝƚ/ŶƚĞƌŶĂů͖
Ŭ͘ DĞůĂŬƵŬĂŶƚƵŐĂƐͲƚƵŐĂƐůĂŝŶLJĂŶŐĚŝďĞƌŝŬĂŶŽůĞŚWƌĞƐŝĚĞŶŝƌĞŬƚƵƌ͘
dE''hE':t^K^/>E>/E'<hE'E
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƐĂŶĂŬĂŶ dĂŶŐŐƵŶŐ :ĂǁĂď ^ŽƐŝĂů ĚĂŶ >ŝŶŐŬƵŶŐĂŶ ďĞƌůĂŶĚĂƐŬĂŶ ƉĂĚĂ ŬŽŵŝƚŵĞŶ ƵŶƚƵŬ ŵĞŶĐŝƉƚĂŬĂŶ
ŬĞƐĞŝŵďĂŶŐĂŶĂŶƚĂƌĂĞůĞŵĞŶƉĞŽƉůĞ͕ƉƌŽĨŝƚ͕ĚĂŶƉůĂŶĞƚ;ϯWͿ͘WƌŽŐƌĂŵƚĂŶŐŐƵŶŐũĂǁĂďƐŽƐŝĂůĚĂŶůŝŶŐŬƵŶŐĂŶĚŝƐĂĚĂƌŝŽůĞŚ
WĞƌƐĞƌŽĂŶƐĞďĂŐĂŝƐĂůĂŚƐĂƚƵŝŶĚŝŬĂƚŽƌĚĂůĂŵŵĞŶĐĂƉĂŝŬĞďĞƌŚĂƐŝůĂŶƵƐĂŚĂLJĂŶŐĚŝũĂůĂŶŬĂŶĚŝƐĂŵƉŝŶŐƉĞŶĐĂƉĂŝĂŶƚĂƌŐĞƚͲ
ƚĂƌŐĞƚĨŝŶĂŶƐŝĂů͘ƵŬƵŶŐĂŶDĂƐLJĂƌĂŬĂƚƚĞƌŚĂĚĂƉWĞƌƐĞƌŽĂŶƚƵƌƵƚŵĞŶũĂĚŝĨĂŬƚŽƌƉĞŶĞŶƚƵĚĂůĂŵŵĞůŝŚĂƚŬĞďĞƌŚĂƐŝůĂŶƵƐĂŚĂ
LJĂŶŐĚŝũĂůĂŶŬĂŶ͘
^ĞďĂŐĂŝƐĞďƵĂŚŽƌŐĂŶŝƐĂƐŝďŝƐŶŝƐLJĂŶŐďĞƌƚƵũƵĂŶƵŶƚƵŬŵĞŶŐŚĂƐŝůŬĂŶŬĞƵŶƚƵŶŐĂŶ͕WĞƌƐĞƌŽĂŶŵĞŵĂŶĚĂŶŐƉƌŽŐƌĂŵƚĂŶŐŐƵŶŐ
ũĂǁĂď ƐŽƐŝĂů ĚĂŶ ůŝŶŐŬƵŶŐĂŶ ƐĞďĂŐĂŝ ŬŽŵƉŽŶĞŶ ƉĞŶƚŝŶŐ ŐƵŶĂ ŵĞŶĐŝƉƚĂŬĂŶ ŝŶƚĞƌĂŬƐŝ ŚĂƌŵŽŶŝƐ ĂŶƚĂƌĂ ŝŶĚƵƐƚƌŝ ĚĞŶŐĂŶ
ůŝŶŐŬƵŶŐĂŶ Ěŝ ŵĂŶĂ WĞƌƐĞƌŽĂŶ ďĞƌĂĚĂ͘ WĞƌƐĞƌŽĂŶ ďĞƌƵƉĂLJĂ ŵĞŵĂĚƵŬĂŶ ŬĞƐĞůƵƌƵŚĂŶ ĚŝŵĞŶƐŝ ŵĞůĂůƵŝ ƉƌŽŐƌĂŵͲƉƌŽŐƌĂŵ
LJĂŶŐĚŝƌĂŶĐĂŶŐƐĞĐĂƌĂŬŽŵƉƌĞŚĞŶƐŝĨĚĞŶŐĂŶƚĂƌŐĞƚƐĂƐĂƌĂŶƉƌŽŐƌĂŵLJĂŶŐƚĞƉĂƚ͘
ĚĂƉƵŶŬĞŐŝĂƚĂŶƉƌŽŐƌĂŵdĂŶŐŐƵŶŐ:ĂǁĂď^ŽƐŝĂůĚĂŶ>ŝŶŐŬƵŶŐĂŶƚĂŚƵŶϮϬϮϯĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
:ĞŶŝƐ<ĞŐŝĂƚĂŶ <ĞƚĞƌĂŶŐĂŶ<ĞŐŝĂƚĂŶ
WĞůĂƚŝŚĂŶĂŚĂƐĂ/ŶŐŐƌŝƐ <ĞŐŝĂƚĂŶ ƉĞůĂƚŝŚĂŶ ĂŚĂƐĂ /ŶŐŐƌŝƐ ƐĞĐĂƌĂ ŽŶůŝŶĞ ĂƚĂƵ ĞͲůĞĂƌŶŝŶŐ ĚĞŶŐĂŶ ƚƵƚŽƌ ĚĂƌŝ ŵĞƌŝŬĂ
^ĞƌŝŬĂƚ ;dĞĂĐŚĐĂƐƚ ǁŝƚŚ KdžĨŽƌĚͿ LJĂŶŐ ďĞƌŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ Wd /ŶĚŽŵŽďŝů ĚƵŬĂƐŝ hƚĂŵĂ͘
WĞůĂƚŝŚĂŶ ĂŚĂƐĂ /ŶŐŐƌŝƐ ĚŝďĞƌŝŬĂŶ ŬĞƉĂĚĂ ŵĂŚĂƐŝƐǁĂ Ěŝ ŬĂĚĞŵŝ <ĞƉĞƌĂǁĂƚĂŶ ;ŬƉĞƌͿ Z^
W'/ŝŬŝŶŝ
WĞŶĂŶĂŶĂŵWŽŚŽŶ <ĞŐŝĂƚĂŶƉĞůĞƐƚĂƌŝĂŶĂůĂŵĚĞŶŐĂŶƉĞŶĂŶĂŵĂŶƉŽŚŽŶĚŝWĂŶƚĂŝDĂŶŐƵŶŚĂƌũŽ͕^ĞŵĂƌĂŶŐĚĂŶ
dĂŵĂŶEĂƐŝŽŶĂůtĂLJ<ĂŵďĂƐ͕>ĂŵƉƵŶŐďĞŬĞƌũĂƐĂŵĂĚĞŶŐĂŶzĂLJĂƐĂŶ>ŝŶĚƵŶŐŝ,ƵƚĂŶ
ĞĂƐŝƐǁĂ^ĞŬŽůĂŚ <ĞŐŝĂƚĂŶĚŽŶĂƐŝĚĂůĂŵƌĂŶŐŬĂŵĞŶĚƵŬƵŶŐďŝĂLJĂƉĞŶĚŝĚŝŬĂŶďĂŐŝϭϬϬŵĂŚĂƐŝƐǁĂĚŝŬĂĚĞŵŝ
<ĞƉĞƌĂǁĂƚĂŶ;ŬƉĞƌͿZ^W'/ŝŬŝŶŝ
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:ĞŶŝƐ<ĞŐŝĂƚĂŶ <ĞƚĞƌĂŶŐĂŶ<ĞŐŝĂƚĂŶ
ŽŶĂƐŝ,ĞǁĂŶ<ƵƌďĂŶ ŽŶĂƐŝŚĞǁĂŶŬƵƌďĂŶĚĂůĂŵƌĂŶŐŬĂŵĞƌĂLJĂŬĂŶ,ĂƌŝZĂLJĂ/ĚƵůĚŚĂϭϰϰϰ,ŝũƌŝĂŚŬĞDĞƐũŝĚͲ
DĞƐũŝĚ ĚŝďĞďĞƌĂƉĂ ůŽŬĂƐŝ ǁŝůĂLJĂŚ ŽƉĞƌĂƐŝŽŶĂů WĞƌƐĞƌŽĂŶ͕ ĂŶƚĂƌĂ ůĂŝŶ :ĂŬĂƌƚĂ͕ >ĂŵƉƵŶŐ͕
DĂŬĂƐƐĂƌ͕DĞĚĂŶ͕WĞŬĂŶďĂƌƵ͕^ƵƌĂďĂLJĂĚĂŶdĂŶŐĞƌĂŶŐ͘
^ĞůĂŝŶĚĂƌŝƉĂĚĂŝƚƵ͕ĞĚƵŬĂƐŝŬĞƉĂĚĂDĂƐLJĂƌĂŬĂƚĚŝůĂŬƵŬĂŶŵĞůĂůƵŝůŝƚĞƌĂƐŝŬĞƵĂŶŐĂŶLJĂŶŐĚŝůĂŬƵŬĂŶƐĞƉĂŶũĂŶŐƚĂŚƵŶϮϬϮϯ͘
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ŬĞŐŝĂƚĂŶ ůŝƚĞƌĂƐŝ ŬĞƵĂŶŐĂŶ ƐĞďĂŐĂŝ ďĞŶƚƵŬ ƉĞƌǁƵũƵĚĂŶ ŬŽŵŝƚŵĞŶ ĚĂůĂŵ ƉƌŽŐƌĂŵ ŬĞƵĂŶŐĂŶ
ŬĞďĞƌůĂŶũƵƚĂŶĚĞŶŐĂŶƌŝŶĐŝĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
:ĞŶŝƐ<ĞŐŝĂƚĂŶ <ĞƚĞƌĂŶŐĂŶ<ĞŐŝĂƚĂŶ >ŽŬĂƐŝ
ĚƵŬĂƐŝ<ĞƵĂŶŐĂŶ WĞŶŐĞŶĂůĂŶ ŵĞŶŐĞŶĂŝ ůĞŵďĂŐĂ ŬĞƵĂŶŐĂŶ͕ ŬŚƵƐƵƐŶLJĂ ůĞŵďĂŐĂ ZƵŵĂŚĞůĂũĂƌ
ƉĞŵďŝĂLJĂĂŶ ƐĞƌƚĂ ƉĞŶŐĞůŽůĂĂŶ ŬĞƵĂŶŐĂŶ ŬĞƉĂĚĂ ƉĞůĂũĂƌ ƵŶƚƵŬ zĂLJĂƐĂŶŝŶƚĂŶĂŬ
ŵĞŵďĞƌŝŬĂŶƉĞŵĂŚĂŵĂŶĂƚĂƐŵĂŶĨĂĂƚĚĂŶƌŝƐŝŬŽĚĂƌŝůĂLJĂŶĂŶũĂƐĂ ĂŶŐƐĂƵƌŝ<ĞƉĂ͕
ŬĞƵĂŶŐĂŶ ƐĞŚŝŶŐŐĂ ƉĂƌĂ ƉĞůĂũĂƌ ĚĂƉĂƚ ŵĞŵŝůŝŚ ĚĂŶ ŵĞŶŐŐƵŶĂŬĂŶ :ĂŬĂƌƚĂĂƌĂƚ
ƉƌŽĚƵŬŬĞƵĂŶŐĂŶLJĂŶŐĂŵĂŶƵŶƚƵŬĚŝŐƵŶĂŬĂŶ͘
ĚƵŬĂƐŝ<ĞƵĂŶŐĂŶ WĞŶŐĞŶĂůĂŶ ŵĞŶŐĞŶĂŝ ůĞŵďĂŐĂ ŬĞƵĂŶŐĂŶ͕ ŬŚƵƐƵƐŶLJĂ ůĞŵďĂŐĂ ŬĂĚĞŵŝ<ĞƉĞƌĂǁĂƚĂŶ
ƉĞŵďŝĂLJĂĂŶ ƐĞƌƚĂ ƉĞŶŐĞůŽůĂĂŶ ŬĞƵĂŶŐĂŶ ŬĞƉĂĚĂ ŵĂŚĂƐŝƐǁĂ ƵŶƚƵŬ ;ŬƉĞƌͿZ^W'/ŝŬŝŶŝ
ŵĞŵďĞƌŝŬĂŶƉĞŵĂŚĂŵĂŶĂƚĂƐŵĂŶĨĂĂƚĚĂŶƌŝƐŝŬŽĚĂƌŝůĂLJĂŶĂŶũĂƐĂ
ŬĞƵĂŶŐĂŶ ƐĞƌƚĂ ƉĞŵĂŚĂŵĂŶ ŵĞŶŐĞŶĂŝ ƉĞŶĂŶŐĂŶĂŶ ƉĞŶŐĂĚƵĂŶ
ŬŽŶƐƵŵĞŶ
ϳ͘ ^dZh<dhZKZ'E/^^/W Z^ ZKE
ŝĂŐƌĂŵĚŝďĂǁĂŚŝŶŝŵĞŶƵŶũƵŬŬĂŶƐƚƌƵŬƚƵƌŽƌŐĂŶŝƐĂƐŝWĞƌƐĞƌŽĂŶƐĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͗
ϴ͘ ^hD ZzDEh^/
WĞůĂƚŝŚĂŶ^ƵŵďĞƌĂLJĂDĂŶƵƐŝĂ
WĞůĂƚŝŚĂŶƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵĂƐƉĞŬƉĞŶƚŝŶŐĚĂůĂŵŽƌŐĂŶŝƐĂƐŝ͘dƵũƵĂŶĚĂƌŝƉĞůĂƚŝŚĂŶĂĚĂůĂŚƵŶƚƵŬ
ŵĞŶŝŶŐŬĂƚŬĂŶ ĚĂŶ ŵĞŶŐĞŵďĂŶŐŬĂŶ ƉĞŶŐĞƚĂŚƵĂŶ͕ ƐŝŬĂƉ͕ ŬĞƚĞƌĂŵƉŝůĂŶ ƚĞƌƚĞŶƚƵ ďĂŐŝ ŝŶĚŝǀŝĚƵͬƉĞŐĂǁĂŝ ĚĂůĂŵ ŵĞůĂŬƵŬĂŶ
ƉĞŬĞƌũĂĂŶ ĚĞŶŐĂŶ ĞĨĞŬƚŝĨ ĚĂŶ ĞĨĞƐŝĞŶ͘ ĂůĂŵ ƉĞůĂŬƐĂŶĂĂŶŶLJĂ ƉĞůĂƚŝŚĂŶ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ƉŝŚĂŬ ŝŶƚĞƌŶĂů ĚĂŶ ĞŬƐƚĞƌŶĂů
WĞƌƐĞƌŽĂŶ͘ĞƌŝŬƵƚĂĚĂůĂŚĐŽŶƚŽŚďĞďĞƌĂƉĂƉƌŽŐƌĂŵƉĞůĂƚŝŚĂŶLJĂŶŐĚŝůĂŬƐĂŶĂŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͗
ϭ͘ ĨĨĞĐƚŝǀĞ>ĞĂĚĞƌƐŚŝƉ
Ϯ͘ ŶŐůŝƐŚŽƵƌƐĞ
ϯ͘ ,ĂƌǀĂƌĚƵƐŝŶĞƐƐ^ĐŚŽŽů
ϰ͘ ^ĞůůŝŶŐŝŶŝĨĨŝĐƵůƚdŝŵĞƐ
ϱ͘ ,ĂŶĚůŝŶŐƵƐƚŽŵĞƌŽŵƉůĂŝŶƚ
74
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ϲ͘ /d'ŽǀĞƌŶĂŶĐĞĂŶĚŝŐŝƚĂůdƌĂŶƐĨŽƌŵĂƚŝŽŶ
ϳ͘ DĂƌŬĞƚŝŶŐϰ͘Ϭ
ϴ͘ ZŝƐŬDĂŶĂŐĞŵĞŶƚ
ϵ͘ ĨĨĞĐƚŝǀĞ^ƵƉĞƌǀŝƐŽƌLJDĂŶĂŐĞŵĞŶƚ
ϭϬ͘ ĂŵďƌŝĚŐĞĂŶĚKdžĨŽƌĚĨŽƌ^ƵƐƚĂŝŶĂďŝůŝƚLJDĂŶĂŐĞŵĞŶƚ
ϭϭ͘ ^ƚƌĂƚĞŐLJ džĞĐƵƚŝŽŶKŶůŝŶĞŽƵƌƐĞ
ϭϮ͘ ^ĞƌƚŝĨŝŬĂƐŝŽůĞŚ^WW/
<ĞƐĞũĂŚƚĞƌĂĂŶ<ĂƌLJĂǁĂŶ
^ĞůĂŝŶ ŵĞŶĞƌŝŵĂ ŐĂũŝ LJĂŶŐ ƚĞůĂŚ ŵĞŵĞŶƵŚŝ ƐƚĂŶĚĂƌ ƵƉĂŚ ŵŝŶŝŵƵŵ ƌĞŐŝŽŶĂů ĚĂŶ ŬĞƐĞŵƉĂƚĂŶ ŵĞŶŐŝŬƵƚŝ ƉĞŶĚŝĚŝŬĂŶ ĚĂŶ
ƉĞůĂƚŝŚĂŶ ƐĞƉĞƌƚŝ LJĂŶŐ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ͕ WĞƌƐĞƌŽĂŶ ũƵŐĂ ŵĞŶLJĞĚŝĂŬĂŶ ďĞƌďĂŐĂŝ ĨĂƐŝůŝƚĂƐ ƵŶƚƵŬ ŵĞŶƵŶũĂŶŐ ŬĞƐĞũĂŚƚĞƌĂĂŶ
ŬĂƌLJĂǁĂŶ͕ĂŶƚĂƌĂůĂŝŶ͗
Ă͘ WĞƌƐĞƌŽĂŶŵĞŵďĞƌŝŬĂŶƚƵŶũĂŶŐĂŶŚĂƌŝƌĂLJĂƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶLJĂŶŐďĞƌůĂŬƵ
ď͘ WĞŶŐŚĂƌŐĂĂŶĂŬŚŝƌƚĂŚƵŶĚŝďĞƌŝŬĂŶďĞƌĚĂƐĂƌŬĂŶƉƌĞƐƚĂƐŝŬĂƌLJĂǁĂŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͕ƐĞƌƚĂŚĂƐŝůƵƐĂŚĂWĞƌƐĞƌŽĂŶ
Đ͘ WƌŽŐƌĂŵW:^<ĞƚĞŶĂŐĂŬĞƌũĂĂŶ͕ĚĂŚƵůƵ:ĂŵŝŶĂŶ^ŽƐŝĂůdĞŶĂŐĂ<ĞƌũĂ;:ĂŵƐŽƐƚĞŬͿ͕LJĂŶŐŵĞŶĐĂŬƵƉ͗
- :ĂŵŝŶĂŶ<ĞĐĞůĂŬĂĂŶ<ĞƌũĂ;:<<Ϳ
- :ĂŵŝŶĂŶ,ĂƌŝdƵĂ;:,dͿ
- dƵŶũĂŶŐĂŶ<ĞŵĂƚŝĂŶ
- :ĂŵŝŶĂŶ<ĞŚŝůĂŶŐĂŶWĞŬĞƌũĂĂŶ
Ě͘ ƐƵƌĂŶƐŝŬĞĐĞůĂŬĂĂŶ
Ğ͘ ƐƵƌĂŶƐŝ:ŝǁĂ
Ĩ͘ dƵŶũĂŶŐĂŶƉĞŶŐŽďĂƚĂŶĚĂŶƌƵŵĂŚƐĂŬŝƚ
Ő͘ ĂŶƚƵĂŶďŝĂLJĂŵĞůĂŚŝƌŬĂŶďĂŐŝŬĂƌLJĂǁĂŶƵŶƚƵŬĂŶĂŬŬĞͲϭƐĂŵƉĂŝĚĞŶŐĂŶĂŶĂŬŬĞͲϯ
Ś͘ :ĂŵŝŶĂŶWĞŶƐŝƵŶ
ŝ͘ ĂŶƚƵĂŶƐƵŬĂĚĂŶĚƵŬĂ
- ƉĂďŝůĂƉĞŐĂǁĂŝŵĞŶŝŬĂŚ;ďĞƐĂƌŶLJĂĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶũĂďĂƚĂŶŶLJĂͿ
- WĞƌƐĞƌŽĂŶ ŵĞŵďĞƌŝŬĂŶ ďĂŶƚƵĂŶ ƵĂŶŐ ĚƵŬĂ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŬĞŵĂƚŝĂŶ ŬĞůƵĂƌŐĂ ƚĞƌĚĞŬĂƚ ;ŝƐƚƌŝͬƐƵĂŵŝ͕ ĂŶĂŬ͕
LJĂŚͬ/ďƵͿLJĂŶŐďĞƐĂƌŶLJĂĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶũĂďĂƚĂŶŶLJĂ
ũ͘ &ĂƐŝůŝƚĂƐ/ďĂĚĂŚ
Ŭ͘ &ĂƐŝůŝƚĂƐZƵĂŶŐĂŶƵŶƚƵŬ/ďƵDĞŶLJƵƐƵŝ
dĞŶĂŐĂ<ĞƌũĂƐŝŶŐ
^ĂĂƚŝŶŝWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝϮ;ĚƵĂͿŽƌĂŶŐƚĞŶĂŐĂŬĞƌũĂĂƐŝŶŐďĞƌŬĞĚƵĚƵŬĂŶĚŝ/ŶĚŽŶĞƐŝĂĚĂůĂŵũĂďĂƚĂŶŶLJĂƐĞůĂŬƵŝƌĞŬƐŝ
WĞƌƐĞƌŽĂŶ͘ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚƉĞŶũĞůĂƐĂŶŵĞŶŐĞŶĂŝƚĞŶĂŐĂŬĞƌũĂĂƐŝŶŐƚĞƌƐĞďƵƚ͗
tĂƌŐĂ DĂƐĂ
EŽ͘ EĂŵĂ :ĂďĂƚĂŶ EŽ͘^ƵƌĂƚ/ũŝŶ
EĞŐĂƌĂ ĞƌůĂŬƵ
ϭ ,ĂũŝŵĞ<ĂǁĂŵƵƌĂ WƌĞƐŝĚĞŶ :ĞƉĂŶŐ /njŝŶ dŝŶŐŐĂů dĞƌďĂƚĂƐ ůĞŬƚƌŽŶŝŬ ϭϵ Ɖƌŝů ϮϬϮϰ
ŝƌĞŬƚƵƌ EŽŵŽƌϮϮϭ:ϭϬϰϮͲ ͲϮϬDĞŝϮϬϮϱ
<ĞƉƵƚƵƐĂŶ ŝƌĞŬƚƵƌ :ĞŶĚĞƌĂů
WĞŵďŝŶĂĂŶ WĞŶĞŵƉĂƚĂŶ dĞŶĂŐĂ
<ĞƌũĂ ĂŶ WĞƌůƵĂƐĂŶ <ĞƐĞŵƉĂƚĂŶ
<ĞƌũĂ EŽŵŽƌ ͘ϯͬϬϯϱϳϱϬͬ
W<͘Ϭϰ͘Ϭϭͬ///ͬϮϬϮϰ ƚĂŶŐŐĂů Ϯϱ
DĂƌĞƚ ϮϬϮϰ dĞŶƚĂŶŐ WĞŶŐĞƐĂŚĂŶ
ZĞŶĐĂŶĂ WĞŶŐŐƵŶĂĂŶ dĞŶĂŐĂ
<ĞƌũĂ ƐŝŶŐ WĞƌƉĂŶũĂŶŐĂŶ WĂĚĂ
Wd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
Ϯ dĂŝŬŝKŶŽƵĞ ŝƌĞŬƚƵƌ :ĞƉĂŶŐ /ũŝŶƚŝŶŐŐĂůƚĞƌďĂƚĂƐĞůĞŬƚƌŽŶŝŬEŽ͘ Ϯϵ :ĂŶƵĂƌŝ
ϮϮϭ:ϬϭϯϯͲ ϮϬϮϱ
<ĞƉƵƚƵƐĂŶ ŝƌĞŬƚƵƌ :ĞŶĚĞƌĂů ϯϬ :ĂŶƵĂƌŝ
WĞŵďŝŶĂĂŶ WĞŶĞŵƉĂƚĂŶ dĞŶĂŐĂ ϮϬϮϰ – Ϯϵ
<ĞƌũĂ ĚĂŶ WĞƌůƵĂƐĂŶ <ĞƐĞŵƉĂƚĂŶ :ĂŶƵĂƌŝϮϬϮϱ
<ĞƌũĂ EŽŵŽƌ
͘ϯͬϬϬϬϲϰϳͬW<͘Ϭϰ͘Ϭϭͬ/ͬϮϬϮϰ
ƚĂŶŐŐĂů Ϭϭ ĞƐĞŵďĞƌ ϮϬϮϮ
dĞŶƚĂŶŐ WĞŶŐĞƐĂŚĂŶ ZĞŶĐĂŶĂ
WĞŶŐŐƵŶĂĂŶdĞŶĂŐĂ<ĞƌũĂƐŝŶŐ
75
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<ŽŵƉŽƐŝƐŝ<ĂƌLJĂǁĂŶ
WĞƌƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŬĂƌLJĂǁĂŶƐĞũƵŵůĂŚϯϬϲŽƌĂŶŐ͕ĚĞŶŐĂŶŬŽŵƉŽƐŝƐŝƐĞďĂŶLJĂŬϮϴϭŬĂƌLJĂǁĂŶ
ƚĞƚĂƉĚĂŶϮϱŬĂƌLJĂǁĂŶƚŝĚĂŬƚĞƚĂƉ͘
ĞƌŝŬƵƚƌŝŶĐŝĂŶŵĞŶŐĞŶĂŝƉĞƌŬĞŵďĂŶŐĂŶũƵŵůĂŚŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶŚŝŶŐŐĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ͗
dĂďĞů<ŽŵƉŽƐŝƐŝ<ĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶDĞŶƵƌƵƚ^ƚĂƚƵƐ<ĂƌLJĂǁĂŶ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
dĞƚĂƉ Ϯϴϭ Ϯϱϭ
dŝĚĂŬdĞƚĂƉ Ϯϱ ϰϬ
dŽƚĂů ϯϬϲ Ϯϵϭ
dĂďĞů<ŽŵƉŽƐŝƐŝ<ĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶĞƌĚĂƐĂƌŬĂŶKƌŐĂŶŝƐĂƐŝ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
ŽŵƉůŝĂŶĐĞ ϰ ϯ
ŽƌƉŽƌĂƚĞΘ,Z ϳ ϲ
ŽƌƉŽƌĂƚĞWůĂŶŶŝŶŐ ϲ ϲ
ƌĞĚŝƚΘĐĐŽƵŶƚDĂŶĂŐĞŵĞŶƚ ϭϭϵ ϭϭϵ
&ŝŶĂŶĐĞΘĐĐŽƵŶƚŝŶŐ Ϯϭ Ϯϭ
/ŶĨŽƌŵĂƚŝŽŶŽŵŵƵŶŝĐĂƚŝŽŶdĞĐŚŶŽůŽŐLJ ϭϵ ϭϴ
/ŶƚĞƌŶĂůƵĚŝƚ ϰ Ϯ
DĂƌŬĞƚŝŶŐΘ^ĂůĞƐ ϭϮϲ ϭϭϲ
dŽƚĂů ϯϬϲ Ϯϵϭ
dĂďĞů<ŽŵƉŽƐŝƐŝ<ĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶDĞŶƵƌƵƚ:ĂďĂƚĂŶ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
džĞĐƵƚŝǀĞKĨĨŝĐĞƌ ϭ Ϭ
DĂŶĂũĞƌ;DĂŶĂũĞƌŬĞĂƚĂƐͿ Ϯϰ Ϯϲ
ƐƐƚ͘ŵĂŶĂũĞƌ ϯϱ ϯϮ
^ƵƉĞƌǀŝƐŽƌ ϳϬ ϲϴ
^ƚĂĨ ϭϳϲ ϭϲϱ
dŽƚĂů ϯϬϲ Ϯϵϭ
dĂďĞů<ŽŵƉŽƐŝƐŝWĞƌƐĞƌŽĂŶDĞŶƵƌƵƚ:ĞŶũĂŶŐWĞŶĚŝĚŝŬĂŶ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
^ĂƌũĂŶĂ;^ϭ͕^Ϯ͕^ϯͿ Ϯϵϯ Ϯϳϴ
ŬĂĚĞŵŝ;ϭ͕Ϯ͕ϯͿ ϭϯ ϭϯ
dŽƚĂů ϯϬϲ Ϯϵϭ
dĂďĞů<ŽŵƉŽƐŝƐŝWĞƌƐĞƌŽĂŶDĞŶƵƌƵƚ:ĞŶũĂŶŐhƐŝĂ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
хсϱϬLJƌƐ ϯ Ϯ
ϰϬͲϰϵLJƌƐ ϯϴ Ϯϳ
ϯϬͲϯϵLJƌƐ ϭϵϵ ϭϴϴ
ϮϬͲϮϵLJƌƐ ϲϲ ϳϰ
фϮϬLJƌƐ Ϭ Ϭ
dŽƚĂů ϯϬϲ Ϯϵϭ
76
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dĂďĞů<ŽŵƉŽƐŝƐŝWĞƌƐĞƌŽĂŶDĞŶƵƌƵƚ>ŽŬĂƐŝ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
</:ĂŬĂƌƚĂ ϭϱϱ ϭϱϭ
ĂŶƚĞŶ ϯϭ Ϯϳ
:ĂǁĂĂƌĂƚ ϭϬ ϭϬ
:ĂǁĂdŝŵƵƌ ϮϮ Ϯϭ
:ĂǁĂdĞŶŐĂŚ ϭϭ ϭϰ
>ĂŵƉƵŶŐ ϭϲ ϭϳ
^ƵŵĂƚƌĂhƚĂƌĂ ϭϮ ϭϭ
ZŝĂƵ ϭϯ ϭϮ
^ƵŵĂƚĞƌĂ^ĞůĂƚĂŶ ϭϰ ϭϯ
:Ăŵďŝ ϴ ϳ
^ƵůĂǁĞƐŝ^ĞůĂƚĂŶ ϭϰ ϴ
dŽƚĂů ϯϬϲ Ϯϵϭ
^ĞƌŝŬĂƚWĞŬĞƌũĂ
^ĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕ƚŝĚĂŬƚĞƌĚĂƉĂƚƐĞƌŝŬĂƚƉĞŬĞƌũĂLJĂŶŐĚŝďĞŶƚƵŬŽůĞŚŬĂƌLJĂǁĂŶWĞƌƐĞƌŽĂŶ͘
WĞŐĂǁĂŝĞƌŬĞĂŚůŝĂŶ<ŚƵƐƵƐ
WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ƉĞŐĂǁĂŝ LJĂŶŐ ŵĞŵŝůŝŬŝ ŬĞĂŚůŝĂŶ ŬŚƵƐƵƐ Ěŝ ďŝĚĂŶŐŶLJĂ LJĂŶŐ ĚĞŶŐĂŶ ŬĞƚŝĚĂŬďĞƌĂĚĂĂŶŶLJĂ͕ ĂŬĂŶ
ŵĞŶŐŐĂŶŐƵŬĞůĂŶŐƐƵŶŐĂŶŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůͬƵƐĂŚĂŶLJĂ͘
^ĂŵƉĂŝĚĞŶŐĂŶWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝWĞƌũĂŶũŝĂŶLJĂŶŐŵĞůŝďĂƚŬĂŶŬĂƌLJĂǁĂŶĚĂŶŵĂŶĂũĞŵĞŶ
ĚĂůĂŵ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ ƚĞƌŵĂƐƵŬ ƉĞƌũĂŶũŝĂŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ƉƌŽŐƌĂŵ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ WĞƌƐĞƌŽĂŶ
ŽůĞŚŬĂƌLJĂǁĂŶĂƚĂƵĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐ͘
ϵ͘ ^/&dEdZE^<^/W/,<&/>/^/
ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶ ŶŽƌŵĂů͕ WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƚƌĂŶƐĂŬƐŝ ĚĞŶŐĂŶ WŝŚĂŬ dĞƌĂĨŝůŝĂƐŝ͘ WŝŚĂŬ dĞƌĂĨŝůŝĂƐŝ ĚĂŶ ƐŝĨĂƚ
ŚƵďƵŶŐĂŶƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WŝŚĂŬĨŝůŝĂƐŝ ^ŝĨĂƚĚĂƌŝŚƵďƵŶŐĂŶ EŽŵŽƌWĞƌũĂŶũŝĂŶ dƵũƵĂŶdƌĂŶƐĂŬƐŝ DĂƐĂĞƌůĂŬƵ
Wd DƵůƚŝĐĞŶƚƌĂů ŝŵŝůŝŬŝ ŽůĞŚ - ϰϭϭͬDͬy//ͬϮϬϮϯ - ^ĞǁĂƌƵĂŶŐ - Ϭϭ:ĂŶƵĂƌŝϮϬϮϰ–
ƌLJĂŐƵŶĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ - ϰϭϮͬDͬy//ͬϮϬϮϯ /ŶĚŽŵŽďŝůdŽǁĞƌ ϯϭĞƐĞŵďĞƌ
ƚŝĚĂŬ ůĂŶŐƐƵŶŐ LJĂŶŐ >ƚ͘ϭϳ;ĚĚĞŶĚƵŵ ϮϬϮϰ
ƐĂŵĂ ϮϬϮϰͿ
^ĞǁĂ ƌƵĂŶŐ tŝƐŵĂ Ϭϭ :ĂŶƵĂƌŝ ϮϬϮϰ –
/ŶĚŽŵŽďŝů // >ƚ͘ ϳ ϯϭĞƐĞŵďĞƌϮϬϮϰ
;ĚĚĞŶĚƵŵϭ:ĂŶƵĂƌŝ
ϮϬϮϰͿ
Wd͘^D ŝŵŝůŝŬŝ ŽůĞŚ ͲϭϵͲϮϬϬϬϭϮϲ ^ĞǁĂ ŬĞŶĚĂƌĂĂŶ - Ϯϰ:ƵŶŝϮϬϭϵͲ
KZWKZdD ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ŽƉĞƌĂƐŝŽŶĂů Ϯϯ:ƵŶŝϮϬϮϰΎ
ƚŝĚĂŬ ůĂŶŐƐƵŶŐ LJĂŶŐ ͲϭϵͲϮϬϬϬϭϵϴ - ϭϲ^ĞƉƚĞŵďĞƌ
ƐĂŵĂ ϮϬϭϵͲ
ϭϱ^ĞƉƚĞŵďĞƌ
ϮϬϮϰ
ͲϮϬͲϮϬϬϬϬϯϱ - Ϯϭ&ĞďƌƵĂƌŝϮϬϮϬͲ
ϮϬ&ĞďƌƵĂƌŝϮϬϮϱ
ͲϮϬͲϮϬϬϬϬϮϲ - ϳ&ĞďƌƵĂƌŝϮϬϮϬͲ
ϱ:ƵŶŝϮϬϮϯΎ
ͲϮϬͲϮϬϬϬϬϯϭ - ϮϰƉƌŝůϮϬϮϬͲ
Ϯϭ^ĞƉƚĞŵďĞƌ
ϮϬϮϯΎ
ͲϮϭͲϮϬϬϬϭϬϬ - ϬϵŐƵƐƚƵƐϮϬϮϭͲ
ϬϴŐƵƐƚƵƐϮϬϮϰ
77
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WŝŚĂŬĨŝůŝĂƐŝ ^ŝĨĂƚĚĂƌŝŚƵďƵŶŐĂŶ EŽŵŽƌWĞƌũĂŶũŝĂŶ dƵũƵĂŶdƌĂŶƐĂŬƐŝ DĂƐĂĞƌůĂŬƵ
ͲϮϭͲϮϬϬϬϬϲϰ - ϮϴƉƌŝůϮϬϮϭͲ
ϮϳƉƌŝůϮϬϮϰ
ͲϮϭͲϮϬϬϬϭϬϳ - Ϭϭ^ĞƉƚĞŵďĞƌ
ϮϬϮϭͲ
ϯϭŐƵƐƚƵƐϮϬϮϰ
ͲϮϭͲϮϬϬϬϭϵϬ - ϬϭĞƐĞŵďĞƌ
ϮϬϮϭͲ
ϯϬEŽǀĞŵďĞƌ
ϮϬϮϰ
ͲϮϯͲϮϬϬϬϭϲϱ - ϮϰEŽǀĞŵďĞƌ
ϮϬϮϯͲϮϯ
EŽǀĞŵďĞƌϮϬϮϲ
,ŝŶŽDŽƚŽƌƐ͕>ƚĚ͘ WĞŵĞŐĂŶŐƐĂŚĂŵ ,EͲ>'ͲϮϯϬϭ WĞŶũĂŵŝŶĂŶhƚĂŶŐ ^ĂŵƉĂŝĚĞŶŐĂŶ
,EͲ>'ͲϮϯϬϯ ƚĂŶŐŐĂůϯϬƉƌŝůϮϬϮϰ
,EͲ>'ͲϮϯϬϰ ŶĂŵƵŶĂŬĂŶƚĞƚĂƉ
,EͲ>'ͲϮϯϬϱ ďĞƌůĂŬƵĚĂŶ
,EͲ>'ͲϮϯϬϲ ŵĞŶŐŝŬĂƚďĂŐŝ
WĞƌƐĞƌŽĂŶĚĂŶ,ŝŶŽ
DŽƚŽƌƐ͕>ƚĚ͘ŚŝŶŐŐĂ
ŵĂƐŝŶŐͲŵĂƐŝŶŐ
ĨĂƐŝŝƚĂƐŬƌĞĚŝƚƚĞůĂŚ
ďĞƌĂŬŚŝƌͬũĂƚƵŚƚĞŵƉŽ
ďĞƌĚĂƐĂƌŬĂŶW<
Dh&'͕W<^Dd͕W<
ĞƵƚƐĐŚĞĂŶŬ͕W<
dWEĚĂŶW<DŝnjƵŚŽ
ƐĞďĂŐĂŝŵĂŶĂ
ĚŝƵƌĂŝŬĂŶĚĂůĂŵƚĂďĞů
WĞƌũĂŶũŝĂŶͲWĞƌũĂŶũŝĂŶ
WĞŶĞƌŝŵĂĂŶ&ĂƐŝůŝƚĂƐ
<ƌĞĚŝƚͬWŝŶũĂŵĂŶ
ƉĂĚĂŚĂůĂŵĂŶϴϴͲϵϬ
ĚŝďĂǁĂŚŝŶŝ
^ƵŵŝƚŽŵŽ WĞŵĞŐĂŶŐ ƐĂŚĂŵ : <Ͳ>'ͲϮϯͲϳϭ WĞŶũĂŵŝŶĂŶhƚĂŶŐ ƐĂŵƉĂŝĚĞŶŐĂŶ
ŽƌƉŽƌĂƚŝŽŶ ƚŝĚĂŬůĂŶŐƐƵŶŐ : <Ͳ>'ͲϮϯͲϳϮ ƚĂŶŐŐĂůϯϬƉƌŝůϮϬϮϰ
: <Ͳ>'ͲϮϯͲϳϯ ŶĂŵƵŶĂŬĂŶƚĞƚĂƉ
: <Ͳ>'ͲϮϯͲϳϰ ďĞƌůĂŬƵĚĂŶ
: <Ͳ>'ͲϮϯͲϳϱ ŵĞŶŐŝŬĂƚďĂŐŝ
WĞƌƐĞƌŽĂŶĚĂŶ
^ƵŵŝƚŽŵŽ
ŽƌƉŽƌĂƚŝŽŶ͕ŚŝŶŐŐĂ
ŵĂƐŝŶŐͲŵĂƐŝŶŐ
ĨĂƐŝŝƚĂƐŬƌĞĚŝƚƚĞůĂŚ
ďĞƌĂŬŚŝƌͬũĂƚƵŚƚĞŵƉŽ
ďĞƌĚĂƐĂƌŬĂŶW<
Dh&'͕W<^Dd͕W<
ĞƵƚƐĐŚĞĂŶŬ͕W<
dWEĚĂŶW<DŝnjƵŚŽ
ƐĞďĂŐĂŝŵĂŶĂ
ĚŝƵƌĂŝŬĂŶĚĂůĂŵƚĂďĞů
WĞƌũĂŶũŝĂŶͲWĞƌũĂŶũŝĂŶ
WĞŶĞƌŝŵĂĂŶ&ĂƐŝůŝƚĂƐ
<ƌĞĚŝƚͬWŝŶũĂŵĂŶ
ƉĂĚĂŚĂůĂŵĂŶϴϴͲϵϬ
ĚŝďĂǁĂŚŝŶŝ
ĂƚĂƚĂŶ͗
ΎͿ^ĞƚĞůĂŚŵĂƐĂďĞƌůĂŬƵďĞƌĂŬŚŝƌ͕ƉĞƌũĂŶũŝĂŶŝŶŝƚŝĚĂŬĂŬĂŶĚŝƉĞƌƉĂŶũĂŶŐ͘
78
Page 99
dƌĂŶƐĂŬƐŝĚĞŶŐĂŶWŝŚĂŬdĞƌĂĨŝůŝĂƐŝƉĂĚĂƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯĚĂŶϮϬϮϮƐĞƌƚĂƵŶƚƵŬƚĂŚƵŶLJĂŶŐďĞƌĂŬŚŝƌƉĂĚĂƚĂŶŐŐĂůͲ
ƚĂŶŐŐĂůƚĞƌƐĞďƵƚĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
͘ >ŝĂďŝůŝƚĂƐ
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
hƚĂŶŐůĂŝŶͲůĂŝŶ
WdDƵůƚŝĐĞŶƚƌĂůƌLJĂŐƵŶĂ Ϯϰ͘ϯϮϯ͘ϴϮϳ ϭϲ͘ϵϳϮ͘ϰϱϯ
WĞƌƐĞŶƚĂƐĞƚĞƌŚĂĚĂƉƚŽƚĂůůŝĂďŝůŝƚĂƐ
hƚĂŶŐůĂŝŶͲůĂŝŶ Ϭ͕ϬϬй Ϭ͕ϬϬй
͘ >ĂďĂZƵŐŝ
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
hZ/E
ϮϬϮϯ ϮϬϮϮ
W EWdE
WĞŶĚĂƉĂƚĂŶƐĞǁĂƉĞŵďŝĂLJĂĂŶ
Wd^ĞŝŶŽ/ŶĚŽŵŽďŝů>ŽŐŝƐƚŝĐƐ Ͳ 4.763.229.367
WĞƌƐĞŶƚĂƐĞƚĞƌŚĂĚĂƉƚŽƚĂůƉĞŶĚĂƉĂƚĂŶ
Ͳ ϭ͕ϭϵй
WĞŶĚĂƉĂƚĂŶƐĞǁĂƉĞŵďŝĂLJĂĂŶ
E
ŝĂLJĂŐĂƌĂŶƐŝ
,ŝŶŽDŽƚŽƌƐ͕>ƚĚ ϭ͘ϮϱϬ͘ϲϯϲ͘ϬϴϮ 1.226.654.999
^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ ϲϮϱ͘ϯϭϴ͘Ϭϰϭ 613.327.499
dŽƚĂůďŝĂLJĂŐĂƌĂŶƐŝ ϭ͘ϴϳϱ͘ϵϱϰ͘ϭϮϯ ϭ͘ϴϯϵ͘ϵϴϮ͘ϰϵϴ
ŝĂLJĂƐĞǁĂŐĞĚƵŶŐĚĂŶŬĞŶĚĂƌĂĂŶ
WdDƵůƚŝĐĞŶƚƌĂůƌLJĂŐƵŶĂ ϰ͘ϵϳϭ͘Ϭϰϯ͘ϭϵϴ ϰ͘ϵϰϴ͘ϲϱϭ͘ϭϮϬ
Wd^DŽƌƉŽƌĂƚĂŵĂ ϲϲϵ͘ϭϳϱ͘ϵϬϬ ϴϰϲ͘ϬϮϳ͘ϲϬϬ
dŽƚĂůďŝĂLJĂƐĞǁĂ ϱ͘ϲϰϬ͘Ϯϭϵ͘Ϭϵϴ ϱ͘ϳϵϰ͘ϲϳϴ͘ϳϮϬ
WĞƌƐĞŶƚĂƐĞƚĞƌŚĂĚĂƉƚŽƚĂůďĞďĂŶ
ŝĂLJĂŐĂƌĂŶƐŝ Ϭ͕ϰϴй Ϭ͕ϱϵй
ŝĂLJĂƐĞǁĂ ϭ͕ϰϱй ϭ͕ϴϱй
^ĞůƵƌƵŚ ƚƌĂŶƐĂŬƐŝ LJĂŶŐ ƐŝŐŶŝĨŝŬĂŶ ĚĞŶŐĂŶ ƉŝŚĂŬͲƉŝŚĂŬ ďĞƌĞůĂƐŝ ĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ƉĞƌƐLJĂƌĂƚĂŶ ĚĂŶ ŬŽŶĚŝƐŝ LJĂŶŐ ĚŝƐĞƉĂŬĂƚŝ
ďĞƌƐĂŵĂ͘
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ϭϬ͘ ,hhE'E< W D/>/<EW Z^ ZKE E'EW D 'E'^,DW Z^ ZKE
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ĞƌŝŬƵƚŝŶŝĚŝĂŐƌĂŵLJĂŶŐŵĞŶŐŐĂŵďĂƌŬĂŶŚƵďƵŶŐĂŶŬĞƉĞŵŝůŝŬĂŶWĞƌƐĞƌŽĂŶĚĞŶŐĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵWĞƌƐĞƌŽĂŶ͗
Merujuk pada definisi ‘Pengendali’ sebagaimana dimuat pada Peraturan OJK No. 9/POJK.04/2017 tanggal 14 Maret 2017
ƚĞŶƚĂŶŐĞŶƚƵŬĚĂŶ/ƐŝWƌŽƐƉĞŬƚƵƐĚĂŶWƌŽƐƉĞŬƚƵƐZŝŶŐŬĂƐĂůĂŵZĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵ ĨĞŬĞƌƐŝĨĂƚhƚĂŶŐ͕ŵĂŬĂƉĂĚĂ
ƚĂŶŐŐĂůƉƌŽspektus ini diterbitkan, 'Pengendali’ Perseroan adalah: (i) Hino Motors, Ltd.; (ii) PT Indomobil Multi Jasa Tbk; dan
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ƵŶƚƵŬ ŵĞŶĞŶƚƵŬĂŶ͕ ďĂŝŬ ůĂŶŐƐƵŶŐ ŵĂƵƉƵŶ ƚŝĚĂŬ ůĂŶŐƐƵŶŐ͕ ĚĞŶŐĂŶ ĐĂƌĂ ĂƉĂƉƵŶ ƉĞŶŐĞůŽůĂĂŶ ĚĂŶͬĂƚĂƵ ŬĞďŝũĂŬƐĂŶĂĂŶ
WĞƌƐĞƌŽĂŶ͘
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ĚĂŶŬĞƉĂƚƵƚĂŶĚĂƌŝK:<ƐĞďĂŐĂŝƉĞŵĞŐĂŶŐƐĂŚĂŵƉĞŶŐĞŶĚĂůŝ͕ŵĂƐŝŶŐͲŵĂƐŝŶŐďĞƌĚĂƐĂƌŬĂŶ͗
Ă͘ ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶĞǁĂŶ<ŽŵŝƐŝŽŶĞƌK:<EŽ͘< WͲϯϬϳϯͬE͘ϭͬϮϬϭϰƚĂŶŐŐĂůϮϭEŽƉĞŵďĞƌϮϬϭϰdĞŶƚĂŶŐWĞŶĞƚĂƉĂŶ,ĂƐŝů
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DŽƚŽƌƐ͕>ƚĚ͘
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WĞŶŝůĂŝĂŶ <ĞŵĂŵƉƵĂŶ ĂŶ <ĞƉĂƚƵƚĂŶ ĂŐŝ WĞŵĞŐĂŶŐ ^ĂŚĂŵ WĞŶŐĞŶĚĂůŝ Wd ,ŝŶŽ &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ ƚĂƐ EĂŵĂ
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Đ͘ ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶĞǁĂŶ<ŽŵŝƐŝŽŶĞƌK:<EŽ͘< WͲϮϯϯϳͬE͘ϭͬϮϬϭϰƚĂŶŐŐĂůϭϱ^ĞƉƚĞŵďĞƌϮϬϭϰdĞŶƚĂŶŐWĞŶĞƚĂƉĂŶ,ĂƐŝů
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ĞŶŐĂŶ ĚĞŵŝŬŝĂŶ͕ ŬĞƚŝŐĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ƉĞŶŐĞŶĚĂůŝ WĞƌƐĞƌŽĂŶ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŵĞŶƵŚĂŶ ĂƚĂƐ
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WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŵĞŶƵŚĂŶ ƚĞƌŚĂĚĂƉ WĞƌĂƚƵƌĂŶ WƌĞƐŝĚĞŶ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ EŽŵŽƌ ϭϯ ƚĂŚƵŶ ϮϬϭϴ ƚĞŶƚĂŶŐ
WĞŶĞƌĂƉĂŶWƌŝŶƐŝƉDĞŶŐĞŶĂŝWĞŵŝůŝŬDĂŶĨĂĂƚĂƌŝ<ŽƌƉŽƌĂƐŝĂůĂŵZĂŶŐŬĂWĞŶĐĞŐĂŚĂŶĚĂŶWĞŵďĞƌĂŶƚĂƐĂŶdŝŶĚĂŬWŝĚĂŶĂ
Pencucian Uang dan Tindak Pidana Terorisme (“Perpres No. 13/2018”) dengan telah disampaikannya informasi mengenai
ƉĞŵŝůŝŬŵĂŶĨĂĂƚWĞƌƐĞƌŽĂŶƉĂĚĂƚĂŶŐŐĂůϭϯ:ƵůŝϮϬϮϯŬĞƉĂĚĂ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͕
ŝƌĞŬƚŽƌĂƚ:ĞŶĚĞƌĂůĚŵŝŶŝƐƚƌĂƐŝ,ƵŬƵŵhŵƵŵ͕LJĂŶŐĚŝůĂŬƵŬĂŶŵĞůĂůƵŝtŝǁŝŬŽŶĚƌŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ<ŽƚĂ:ĂŬĂƌƚĂĂƌĂƚ͘
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ŽƌƉŽƌĂƚŝŽŶ͖ĚĂŶ;ŝŝŝͿ^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ͘
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ĚĂƉƵŶ ƉĞŶŐƵŶŐŬĂƉĂŶ ;ŝͿ ĂƉĂŬ ŶƚŚŽŶŝ ^Ăůŝŵ͖ ;ŝŝͿ dŽLJŽƚĂ DŽƚŽƌ ŽƌƉŽƌĂƚŝŽŶ͖ ĚĂŶ ;ŝŝŝͿ ^ƵŵŝƚŽŵŽ ŽƌƉŽƌĂƚŝŽŶ ƐĞďĂŐĂŝ
ƉĞŵŝůŝŬ ŵĂŶĨĂĂƚ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝŵĂŶĂ ĚŝŵĂŬƐƵĚ Ěŝ ĂƚĂƐ ĂĚĂůĂŚ ĚĂůĂŵ ŬĂƉĂƐŝƚĂƐŶLJĂ ŵĞǁĂŬŝůŝ ŬĞƚŝŐĂ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ
WĞƌƐĞƌŽĂŶ͕ LJĂŬŶŝ ĂƉĂŬ ŶƚŚŽŶŝ ^Ăůŝŵ ŵĞǁĂŬŝůŝ Wd /ŶĚŽŵŽďŝů DƵůƚŝ :ĂƐĂ dďŬ͕ dŽLJŽƚĂ DŽƚŽƌ ŽƌƉŽƌĂƚŝŽŶ ŵĞǁĂŬŝůŝ ,ŝŶŽ
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WĞŶĞŵƉĂƚĂŶĂƉĂŬŶƚŚŽŶŝ^Ăůŝŵ͕dŽLJŽƚĂDŽƚŽƌŽƌƉŽƌĂƚŝŽŶĚĂŶ^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞďĂŐĂŝƉĞŵŝůŝŬ
ŵĂŶĨĂĂƚ ŬĂƌĞŶĂ ŵĞƌĞŬĂ ƐĞĐĂƌĂ ďĞƌƐĂŵĂͲƐĂŵĂ ŵĞŵƉƵŶLJĂŝ ŬĞǁĞŶĂŶŐĂŶ ƵŶƚƵŬ ŵĞŶŐĞŶĚĂůŝŬĂŶ WĞƌƐĞƌŽĂŶ͕ ŵĞŶĞƌŝŵĂ
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ϭϭ͘ < d ZE'Ed EdE'W D 'E'^,DhdD
ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚŬĞƚĞƌĂŶŐĂŶƐŝŶŐŬĂƚƚĞŶƚĂŶŐƉĞŵĞŐĂŶŐƐĂŚĂŵĚŝĂƚĂƐϱйĚĂŶďĞƌďĞŶƚƵŬďĂĚĂŶŚƵŬƵŵ͗
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ϭ͘ ŶŐŐĂƌĂŶĂƐĂƌ
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^,͕͘ EŽƚĂƌŝƐ Ěŝ :ĂŬĂƌƚĂ ĚĂŶ ƚĞůĂŚ͗ ;ŝͿ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞŶŐĞƐĂŚĂŶ ĚĂƌŝ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ
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ϬϵϬϰϭϱϭϮϳϮϴϯĚĂŶEŽ͘ŐĞŶĚĂWĞŶĚĂĨƚĂƌĂŶϬϯϬͬ,͘Ϭϵ͘Ϭϰͬs/ͬϮϬϬϴ;ŝŝŝͿĚŝƵŵƵŵŬĂŶĚĂůĂŵdĂŵďĂŚĂŶEŽ͘ϭϮϰϭϳĚĂƌŝĞƌŝƚĂ
Negara Republik Indonesia No. 58 tanggal 18 Juli 2008 (“Akta No.67/2004”); juncto Akta Berita Acara Rapat Umum
WĞŵĞŐĂŶŐ^ĂŚĂŵ>ƵĂƌŝĂƐĂWdDƵůƚŝdĂŵďĂŶŐďĂĚŝEŽ͘ϱϲ͕ƚĂŶŐŐĂůϭϯ&ĞďƌƵĂƌŝϮϬϭϯLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ/ƌ͘EĂŶĞƚƚĞ
ĂŚLJĂŶŝĞ,ĂŶĚĂƌŝĚŝtĂƌƐŝƚŽ͕^,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂĚĂŶƚĞůĂŚ͗;ŝͿŵĞŶĚĂƉĂƚŬĂŶƉĞƌƐĞƚƵũƵĂŶƉĞƌƵďĂŚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌ
ĚĂƌŝ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶŶLJĂ
EŽ͘,hͲϬϵϲϲϵ͘,d͘Ϭϭ͘ϬϮ͘d,͘ϮϬϭϯ ƚĂŶŐŐĂů Ϯϴ &ĞďƌƵĂƌŝ ϮϬϭϯ͕ ;ŝŝͿ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϬϭϲϴϱϬ͘,͘Ϭϭ͘Ϭϵ͘dĂŚƵŶϮϬϭϯƉĂĚĂƚĂŶŐŐĂůϮϴ&ĞďƌƵĂƌŝϮϬϭϯŽůĞŚDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂ͖;ŝŝŝͿĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂƐĞƌƚĂĚŝĐĂƚĂƚĚĂůĂŵĂƚĂďĂƐĞ^ŝƐŵŝŶďĂŬƵŵ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵĚĂŶ,ĂŬ
ƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂƌŝ^ƵƌĂƚWĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌ
WĞƌƐĞƌŽĂŶ EŽ͘,hͲ,͘Ϭϭ͘ϭϬͲϬϳϲϱϴ ƚĂŶŐŐĂů Ϭϰ DĂƌĞƚ ϮϬϭϯ͕ ;ŝǀͿ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘ ,hͲϭϴϮϬϭ͘,͘Ϭϭ͘Ϭϵ͘dĂŚƵŶ ϮϬϭϯ ƉĂĚĂ ƚĂŶŐŐĂů ϰ ŵĂƌĞƚ ϮϬϭϯ ŽůĞŚ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ
Indonesia (”Akta No. 56/2013”); berdasarkan mana ĚĂůĂŵ ZĂƉĂƚ hŵƵŵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ >ƵĂƌ ŝĂƐĂ ƉĂĚĂ ƚĂŶŐŐĂů
ϭϯ&ĞďƌƵĂƌŝϮϬϭϯ͕ƚĞůĂŚŵĞŶLJĞƚƵũƵŝ͕WĞƌƵďĂŚĂŶEĂŵĂWĞƌƐĞƌŽĂŶŵĞŶũĂĚŝWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂ͖ũƵŶĐƚŽŬƚĂWĞƌŶLJĂƚĂĂŶ
<ĞƉƵƚƵƐĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂEŽ͘ϭϯϴ͕ƚĂŶŐŐĂůϯϬ:ƵůŝϮϬϭϯLJĂŶŐĚŝďƵĂƚ
ĚŝŚĂĚĂƉĂŶƌLJĂŶƚŝƌƚŝƐĂƌŝ͕^,͕͘DŬŶ͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂĚĂŶƚĞůĂŚ͗;ŝͿŵĞŶĚĂƉĂƚŬĂŶƉĞƌƐĞƚƵũƵĂŶƉĞƌƵďĂŚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌ
ĚĂƌŝ DĞŶƚĞƌŝ ,ƵŬƵŵ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶŶLJĂ
EŽ͘,h͘ϰϮϮϱϴ͘,͘Ϭϭ͘ϬϮ͘d,͘ϮϬϭϯ ƚĂŶŐŐĂů ϭϮ ŐƵƐƚƵƐ ϮϬϭϯ͕ ;ŝŝͿ ĚŝĚĂĨƚĂƌŬĂŶ ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ
EŽ͘,hͲϬϬϳϰϴϭϲ͘,͘Ϭϭ͘Ϭϵ͘dĂŚƵŶϮϬϭϯƉĂĚĂƚĂŶŐŐĂůϭϮŐƵƐƚƵƐϮϬϭϯŽůĞŚDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ
/ŶĚŽŶĞƐŝĂ͖;ŝŝŝͿĚŝďĞƌŝƚĂŚƵŬĂŶŬĞƉĂĚĂĚĂŶĚŝƚĞƌŝŵĂƐĞƌƚĂĚŝĐĂƚĂƚĚĂůĂŵĂƚĂďĂƐĞ^ŝƐŵŝŶďĂŬƵŵ<ĞŵĞŶƚĞƌŝĂŶ,ƵŬƵŵĚĂŶ,ĂŬ
ƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞďĂŐĂŝŵĂŶĂƚĞƌŶLJĂƚĂĚĂƌŝ^ƵƌĂƚWĞŶĞƌŝŵĂĂŶWĞŵďĞƌŝƚĂŚƵĂŶWĞƌƵďĂŚĂŶŶŐŐĂƌĂŶĂƐĂƌ
WĞƌƐĞƌŽĂŶEŽ͘,hͲ,͘Ϭϭ͘ϭϬͲϯϰϱϯϰƚĂŶŐŐĂůϮϯŐƵƐƚƵƐϮϬϭϯ͕;ŝǀͿĚŝĚĂĨƚĂƌŬĂŶĚĂůĂŵĂĨƚĂƌWĞƌƐĞƌŽĂŶEŽ͘,hͲϬϬϳϴϳϳϴ
ƉĂĚĂƚĂŶŐŐĂůϮϯŐƵƐƚƵƐϮϬϭϯŽůĞŚDĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ͕;ǀͿĚŝĚĂĨƚĂƌŬĂŶƉĂĚĂƚĂŶŐŐĂů
ϴKŬƚŽďĞƌϮϬϭϯĚĂůĂŵĂĨƚĂƌWĞƌƵƐĂŚĂĂŶĚŝ<ĂŶƚŽƌŝŶĂƐ<ŽƉĞƌĂƐŝ͕hƐĂŚĂDŝŬƌŽ͕<ĞĐŝůĚĂŶDĞŶĞŶŐĂŚ͕ĚĂŶWĞƌĚĂŐĂŶŐĂŶ
Kodya Jakarta Timur, selaku Kepala Kantor Pendaftaran Perusahaan Dati II dengan No. TDP 09.04.1.45.27183 (”Akta
No.138/2013”); berdasarkan mana dalam Pernyataan Keputusan Para Pemegang Saham sebagai Pengganti Rapat Umum
WĞŵĞŐĂŶŐ ^ĂŚĂŵ ƉĂĚĂ ƚĂŶŐŐĂů ϯϬ :Ƶůŝ ϮϬϭϯ͕ ƚĞůĂŚ ŵĞŶLJĞƚƵũƵŝ ƉĞƌƵďĂŚĂŶ ƐƚĂƚƵƐ ƉĞƌƐĞƌŽĂŶ ĚĂƌŝ ƐĞďĞůƵŵŶLJĂ ďĞƌďĞŶƚƵŬ
perseroan terbatas tertutup mejadi perusahaan publik (terbuka), perubahan nama perseroan “PT Indomobil Multi Jasa”
menjadi “PT Indomobil Multi Jasa Tbk”.
Wd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬ͘ďĞƌŬĞĚƵĚƵŬĂŶĚŝĚŝ/ŶĚŽŵŽďŝůdŽǁĞƌ͕>ĂŶƚĂŝϭϭ͕:ů͘Dd,ĂƌLJŽŶŽ<Ăǀ͘ϭϭ͕ŝĚĂƌĂŝŶĂ͕:ĂƚŝŶĞŐĂƌĂ͕
:ĂŬĂƌƚĂdŝŵƵƌ͕</:ĂŬĂƌƚĂ
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕ƚŝĚĂŬƚĞƌĚĂƉĂƚƉĞƌƵďĂŚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬ͕ĚĞŶŐĂŶ
ĚĞŵŝŬŝĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬLJĂŶŐƚĞƌĂŬŚŝƌĂĚĂůĂŚƐĞďĂŐĂŝŵĂŶĂƚĞƌŵĂŬƚƵďĚĂůĂŵŬƚĂWĞƌŶLJĂƚĂĂŶ
<ĞƉƵƚƵƐĂŶZĂƉĂƚEŽ͘ϮϲƚĂŶŐŐĂůϭϱŐƵƐƚƵƐϮϬϮϮ͕LJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ/ƌ͘EĂŶĞƚƚĞĂŚLJĂŶŝĞ,ĂŶĚĂƌŝĚŝtĂƌƐŝƚŽ͕^͘,͕͘
EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂĚĂŶƚĞůĂŚ;ŝͿŵĞŶĚĂƉĂƚŬĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝDĞŶƚĞƌŝ,ƵŬƵŵĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
ďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘,hͲϬϬϱϴϵϱϮ͘,͘Ϭϭ͘ϬϮ͘d,hEϮϬϮϮƚĂŶŐŐĂůϭϵŐƵƐƚƵƐϮϬϮϮĚĂŶ;ŝŝͿƚĞůĂŚĚŝĚĂĨƚĂƌŬĂŶ
ĚĂůĂŵ ĂĨƚĂƌ WĞƌƐĞƌŽĂŶ ĚŝďĂǁĂŚ EŽ͘,hͲ0162566.AH.01.11.TAHUN 2022 tanggal 19 Agustus 2022 (“Akta No.26/2022”)
ƚĞůĂŚŵĞŶLJĞƚƵũƵŝƉĞƌƵďĂŚĂŶƉĂƐĂůϯĂŶŐŐĂƌĂŶĚĂƐĂƌƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŵĂŬƐƵĚĚĂŶƚƵũƵĂŶƐĞƌƚĂŬĞŐŝĂƚĂŶƵƐĂŚĂƵŶƚƵŬ
ĚŝƐĞƐƵĂŝŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ<>/ϮϬϮϬĚĂŶƉĞŶLJƵƐƵŶĂŶŬĞŵďĂůŝĂŶŐŐĂƌĂŶĚĂƐĂƌWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬ
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WĞƌƵďĂŚĂŶͲƉĞƌƵďĂŚĂŶƚĞƌŚĂĚĂƉŶŐŐĂƌĂŶĂƐĂƌWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬƚĞůĂŚĚŝůĂŬƐĂŶĂŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ
ŶŐŐĂƌĂŶĂƐĂƌWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬĚĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
Ϯ͘ DĂŬƐƵĚĚĂŶdƵũƵĂŶ
ĞƌĚĂƐĂƌŬĂŶŬƚĂW<ZEŽ͘ϮϲͬϮϬϮϮ͕ŬĞƚĞŶƚƵĂŶƉĂƐĂůϯĂLJĂƚ;ϭͿŶŐŐĂƌĂŶĂƐĂƌ͕ŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂ
dďŬ͘ĚĂůĂŚďĞƌƵƐĂŚĂĚĂůĂŵďŝĚĂŶŐƉĞƌĚĂŐĂŶŐĂŶ͕ƉĞƌďĞŶŐŬĞůĂŶ͕ũĂƐĂĚĂŶƉĞŶŐĂŶŐŬƵƚĂŶ͘
<ĞŐŝĂƚĂŶhƐĂŚĂWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶWĂƐĂůϯĂLJĂƚ;ϮͿŶŐŐĂƌĂŶĂƐĂƌĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŝ͘ <ĞŐŝĂƚĂŶhƐĂŚĂhƚĂŵĂ
Ă͘ WĞƌĚĂŐĂŶŐĂŶĞƐĂƌDŽďŝůĂƌƵ;ϰϱϭϬϭͿ
ŵĞŶĐĂŬƵƉ ƵƐĂŚĂ ƉĞƌĚĂŐĂŶŐĂŶ ďĞƐĂƌ ŵŽďŝů ďĂƌƵ͕ ƚĞƌŵĂƐƵŬ ŵŽďŝů ŬŚƵƐƵƐ ;ƐĞƉĞƌƚŝ ĂŵďƵůĂŶƐ͕ ŬĂƌĂǀĂŶ͕ ŵŝŬƌŽďƵƐ͕
ƉĞŵĂĚĂŵŬĞďĂŬĂƌĂŶĚĂŶƐĞďĂŐĂŝŶLJĂͿ͕ůŽƌŝ͕ƚƌĂŝůĞƌ͕ƐĞŵŝƚƌĂŝůĞƌĚĂŶďĞƌďĂŐĂŝŬĞŶĚĂƌĂĂŶƉĞŶŐĂŶŐŬƵƚďĞƌŵŽƚŽƌůĂŝŶŶLJĂ͘
WĞƌĚĂŐĂŶŐĂŶĞƐĂƌDŽďŝůĞŬĂƐ;ϰϱϭϬϮͿ
ŵĞŶĐĂŬƵƉ ƵƐĂŚĂ ƉĞƌĚĂŐĂŶŐĂŶ ďĞƐĂƌ ŵŽďŝů ďĞŬĂƐ͕ ƚĞƌŵĂƐƵŬ ŵŽďŝů ŬŚƵƐƵƐ ;ƐĞƉĞƌƚŝ ĂŵďƵůĂŶƐ͕ ŬĂƌĂǀĂŶ͕ ŵŝŬƌŽďƵƐ͕
ƉĞŵĂĚĂŵŬĞďĂŬĂƌĂŶĚĂŶƐĞďĂŐĂŝŶLJĂͿ͕ůŽƌŝ͕ƚƌĂŝůĞƌ͕ƐĞŵŝƚƌĂŝůĞƌĚĂŶďĞƌďĂŐĂŝŬĞŶĚĂƌĂĂŶƉĞŶŐĂŶŐŬƵƚďĞƌŵŽƚŽƌůĂŝŶŶLJĂ͘
WĞƌĚĂŐĂŶŐĂŶ ĐĞƌĂŶDŽďŝůĂƌƵ;ϰϱϭϬϯͿ
ŵĞŶĐĂŬƵƉƵƐĂŚĂƉĞŶũƵĂůĂŶĞĐĞƌĂŶŵŽďŝůďĂƌƵ͕ƚĞƌŵĂƐƵŬŵŽďŝůŬŚƵƐƵƐ;ƐĞƉĞƌƚŝĂŵďƵůĂŶƐ͕ŬĂƌĂǀĂŶ͕ŵŝŬƌŽďƵƐ͕ƉĞŵĂĚĂŵ
ŬĞďĂŬĂƌĂŶĚĂŶƐĞďĂŐĂŝŶLJĂͿ͕ůŽƌŝ͕ƚƌĂŝůĞƌ͕ƐĞŵŝƚƌĂŝůĞƌĚĂŶďĞƌďĂŐĂŝŬĞŶĚĂƌĂĂŶƉĞŶŐĂŶŐŬƵƚďĞƌŵŽƚŽƌůĂŝŶŶLJĂ͘
WĞƌĚĂŐĂŶŐĂŶ ĐĞƌĂŶDŽďŝůĞŬĂƐ;ϰϱϭϬϰͿ
ŵĞŶĐĂŬƵƉƵƐĂŚĂƉĞŶũƵĂůĂŶĞĐĞƌĂŶŵŽďŝůďĞŬĂƐ͕ƚĞƌŵĂƐƵŬŵŽďŝůŬŚƵƐƵƐ;ƐĞƉĞƌƚŝĂŵďƵůĂŶƐ͕ŬĂƌĂǀĂŶ͕ŵŝŬƌŽďƵƐ͕ƉĞŵĂĚĂŵ
ŬĞďĂŬĂƌĂŶĚĂŶƐĞďĂŐĂŝŶLJĂͿ͕ůŽƌŝ͕ƚƌĂŝůĞƌ͕ƐĞŵŝƚƌĂŝůĞƌĚĂŶďĞƌďĂŐĂŝŬĞŶĚĂƌĂĂŶƉĞŶŐĂŶŐŬƵƚďĞƌŵŽƚŽƌůĂŝŶŶLJĂ͘
WĞƌĚĂŐĂŶŐĂŶĞƐĂƌ^ƵŬƵĂĚĂŶŐĂŶŬƐĞƐŽƌŝDŽďŝů;ϰϱϯϬϭͿ
ŵĞŶĐĂŬƵƉ ƵƐĂŚĂ ƉĞƌĚĂŐĂŶŐĂŶ ďĞƐĂƌ ďĞƌďĂŐĂŝ ƐƵŬƵ ĐĂĚĂŶŐ͕ ŬŽŵƉŽŶĞŶ ĚĂŶ ĂŬƐĞƐŽƌŝ ŵŽďŝů LJĂŶŐ ƚĞƌƉŝƐĂŚ ĚĂƌŝ
ƉĞƌĚĂŐĂŶŐĂŶŶLJĂ͕ ƐĞƉĞƌƚŝ ŬĂƌĞƚ ďĂŶ ĚĂŶ ďĂŶ ĚĂůĂŵ͕ ďƵƐŝ ŵŽďŝů͕ ďĂƚĞƌĂŝ ;ĂŬŝͿ͕ ƉĞƌůĞŶŐŬĂƉĂŶ ůĂŵƉƵ ĚĂŶ ďĂŐŝĂŶͲďĂŐŝĂŶ
ŬĞůŝƐƚƌŝŬĂŶ͘
WĞƌĚĂŐĂŶŐĂŶ ĐĞƌĂŶ^ƵŬƵĂĚĂŶŐĂŶŬƐĞƐŽƌŝDŽďŝů;ϰϱϯϬϮͿ
ŵĞŶĐĂŬƵƉ ƵƐĂŚĂ ƉĞŶũƵĂůĂŶ ĞĐĞƌĂŶ ďĞƌďĂŐĂŝ ƐƵŬƵ ĐĂĚĂŶŐ͕ ŬŽŵƉŽŶĞŶ ĚĂŶ ĂŬƐĞƐŽƌŝ ŵŽďŝů LJĂŶŐ ƚĞƌƉŝƐĂŚ ĚĂƌŝ
ƉĞƌĚĂŐĂŶŐĂŶŶLJĂ͕ ƐĞƉĞƌƚŝ ŬĂƌĞƚ ďĂŶ ĚĂŶ ďĂŶ ĚĂůĂŵ͕ ďƵƐŝ ŵŽďŝů͕ ďĂƚĞƌĂŝ ;ĂŬŝͿ͕ ƉĞƌůĞŶŐŬĂƉĂŶ ůĂŵƉƵ ĚĂŶ ďĂŐŝĂŶͲďĂŐŝĂŶ
ŬĞůŝƐƚƌŝŬĂŶ͘
WĞƌĚĂŐĂŶŐĂŶĞƐĂƌ^ĞƉĞĚĂDŽƚŽƌĂƌƵ;ϰϱϰϬϭͿ
DĞŶĐĂŬƵƉƵƐĂŚĂƉĞƌĚĂŐĂŶŐĂŶďĞƐĂƌƐĞƉĞĚĂŵŽƚŽƌďĂƌƵ͕ƚĞƌŵĂƐƵŬŵŽƚŽƌƐĞƉĞĚĂĂƚĂƵŵŽƉĞĚ͘
WĞƌĚĂŐĂŶŐĂŶĞƐĂƌ^ĞƉĞĚĂDŽƚŽƌĞŬĂƐ;ϰϱϰϬϮͿ
DĞŶĐĂŬƵƉƵƐĂŚĂƉĞƌĚĂŐĂŶŐĂŶďĞƐĂƌƐĞƉĞĚĂŵŽƚŽƌďĞŬĂƐ͕ƚĞƌŵĂƐƵŬŵŽƚŽƌƐĞƉĞĚĂĂƚĂƵŵŽƉĞĚ͘
WĞƌĚĂŐĂŶŐĂŶ ĐĞƌĂŶ^ĞƉĞĚĂDŽƚŽƌĂƌƵ;ϰϱϰϬϯͿ
DĞŶĐĂŬƵƉƵƐĂŚĂƉĞŶũƵĂůĂŶĞĐĞƌĂŶƐĞƉĞĚĂŵŽƚŽƌďĂƌƵ͕ƚĞƌŵĂƐƵŬŵŽƚŽƌƐĞƉĞĚĂĂƚĂƵŵŽƉĞĚ͘
WĞƌĚĂŐĂŶŐĂŶ ĐĞƌĂŶ^ĞƉĞĚĂDŽƚŽƌĞŬĂƐ;ϰϱϰϬϰͿ
DĞŶĐĂŬƵƉƵƐĂŚĂƉĞŶũƵĂůĂŶĞĐĞƌĂŶƐĞƉĞĚĂŵŽƚŽƌďĞŬĂƐ͕ƚĞƌŵĂƐƵŬŵŽƚŽƌƐĞƉĞĚĂĂƚĂƵŵŽƉĞĚ͘
WĞƌĚĂŐĂŶŐĂŶĞƐĂƌ^ƵŬƵĂĚĂŶŐ^ĞƉĞĚĂDŽƚŽƌĂŶŬƐĞƐŽƌŝŶLJĂ;ϰϱϰϬϱͿ
DĞŶĐĂŬƵƉƵƐĂŚĂƉĞƌĚĂŐĂŶŐĂŶďĞƐĂƌƐƵŬƵĐĂĚĂŶŐƐĞƉĞĚĂŵŽƚŽƌĚĂŶĂŬƐĞƐŽƌŝŶLJĂ
WĞƌĚĂŐĂŶŐĂŶ ĐĞƌĂŶ^ƵŬƵĂĚĂŶŐ^ĞƉĞĚĂDŽƚŽƌĂŶŬƐĞƐŽƌŝŶLJĂ;ϰϱϰϬϲͿ
DĞŶĐĂŬƵƉƵƐĂŚĂƉĞŶũƵĂůĂŶĞĐĞƌĂŶƐƵŬƵĐĂĚĂŶŐƐĞƉĞĚĂŵŽƚŽƌĚĂŶĂŬƐĞƐŽƌŝŶLJĂ͘
WĞƌĚĂŐĂŶŐĂŶĞƐĂƌƚĂƐĂƐĂƌĂůĂƐ:ĂƐĂ;&ĞĞͿƚĂƵ<ŽŶƚƌĂŬ;ϰϲϭϬϬͿ
DĞŶĐĂŬƵƉ ƵƐĂŚĂ ĂŐĞŶ LJĂŶŐ ŵĞŶĞƌŝŵĂ ŬŽŵŝƐŝ͕ ƉĞƌĂŶƚĂƌĂ ;ŵĂŬĞůĂƌͿ͕ ƉĞůĞůĂŶŐĂŶ ĚĂŶ ƉĞĚĂŐĂŶŐ ďĞƐĂƌ ůĂŝŶŶLJĂ LJĂŶŐ
ŵĞŵƉĞƌĚĂŐĂŶŐŬĂŶďĂƌĂŶŐͲďĂƌĂŶŐĚŝĚĂůĂŵŶĞŐĞƌŝ͕ůƵĂƌŶĞŐĞƌŝĂƚĂƐŶĂŵĂƉŝŚĂŬůĂŝŶ͘<ĞŐŝĂƚĂŶŶLJĂĂŶƚĂƌĂůĂŝŶĂŐĞŶŬŽŵŝƐŝ͕
ďƌŽŬĞƌďĂƌĂŶŐĚĂŶƐĞůƵƌƵŚƉĞƌĚĂŐĂŶŐĂŶďĞƐĂƌůĂŝŶŶLJĂLJĂŶŐŵĞŶũƵĂůĂƚĂƐŶĂŵĂĚĂŶƚĂŶŐŐƵŶŐĂŶƉŝŚĂŬůĂŝŶ͖ŬĞŐŝĂƚĂŶLJĂŶŐ
ƚĞƌůŝďĂƚĚĂůĂŵƉĞŶũƵĂůĂŶĚĂŶƉĞŵďĞůŝĂŶďĞƌƐĂŵĂĂƚĂƵŵĞůĂŬƵŬĂŶƚƌĂŶƐĂŬƐŝĂƚĂƐŶĂŵĂƉĞƌƵƐĂŚĂĂŶ͕ƚĞƌŵĂƐƵŬŵĞůĂůƵŝ
ŝŶƚĞƌŶĞƚĚĂŶĂŐĞŶLJĂŶŐƚĞƌůŝďĂƚĚĂůĂŵƉĞƌĚĂŐĂŶŐĂŶƐĞƉĞƌƚŝďĂŚĂŶďĂŬƵƉĞƌƚĂŶŝĂŶ͕ďŝŶĂƚĂŶŐŚŝĚƵƉ͕ďĂŚĂŶďĂŬƵƚĞŬƐƚŝů
ĚĂŶďĂƌĂŶŐƐĞƚĞŶŐĂŚũĂĚŝ͕ďĂŚĂŶďĂŬĂƌ͕ďŝũŝŚͲďŝũŝŚĂŶ͕ůŽŐĂŵĚĂŶŝŶĚƵƐƚƌŝŬŝŵŝĂ͕ƚĞƌŵĂƐƵŬƉƵƉƵŬ͕ŵĂŬĂŶĂŶ͕ŵŝŶƵŵĂŶĚĂŶ
ƚĞŵďĂŬĂƵ͕ ƚĞŬƐƚŝů͕ ƉĂŬĂŝĂŶ͕ ďƵůƵ͕ ĂůĂƐ ŬĂŬŝ ĚĂŶ ďĂƌĂŶŐ ĚĂƌŝ ŬƵůŝƚ͖ ŬĂLJƵͲŬĂLJƵĂŶ ĚĂŶ ďĂŚĂŶ ďĂŶŐƵŶĂŶ͕ ŵĞƐŝŶ ƚĞƌŵĂƐƵŬ
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ŵĞƐŝŶ ŬĂŶƚŽƌ ĚĂŶ ŬŽŵƉƵƚĞƌ͕ ƉĞƌůĞŶŐŬĂƉĂŶ ŝŶĚƵƐƚƌŝ͕ ŬĂƉĂů͕ ƉĞƐĂǁĂƚ͕ ĨƵƌŶŝƚƵƌĞ͕ ďĂƌĂŶŐ ŬĞƉĞƌůƵĂŶ ƌƵŵĂŚ ƚĂŶŐŐĂ ĚĂŶ
ƉĞƌĂŶŐŬĂƚŬĞƌĂƐ͕ŬĞŐŝĂƚĂŶƉĞƌĚĂŐĂŶŐĂŶďĞƐĂƌƌƵŵĂŚƉĞůĞůĂŶŐĂŶ͘dŝĚĂŬƚĞƌŵĂƐƵŬŬĞŐŝĂƚĂŶƉĞƌĚĂŐĂŶŐĂŶďĞƐĂƌŵŽďŝůĚĂŶ
ƐĞƉĞĚĂŵŽƚŽƌ͕ĚŝŵĂƐƵŬŬĂŶĚĂůĂŵŐŽůŽŶŐĂŶWĞƌĚĂŐĂŶŐĂŶDŽďŝů;ϰϱϭͿ͕ZĞƉĂƌĂƐŝĚĂŶWĞƌĂǁĂƚĂŶDŽďŝů;ϰϱϮͿ͕WĞƌĚĂŐĂŶŐĂŶ
^ƵŬƵĂĚĂŶŐĚĂŶŬƐĞƐŽƌŝDŽďŝů;ϰϱϯͿĚĂŶWĞƌĚĂŐĂŶŐĂŶZĞƉĂƌĂƐŝĚĂŶWĞƌĂǁĂƚĂŶ^ĞƉĞĚĂDŽƚŽƌĚĂŶWĞƌĚĂŐĂŶŐĂŶ^ƵŬƵ
ĂĚĂŶŐĚĂŶŬƐĞƐŽƌŝƐŶLJĂ;ϰϱϰͿ͘
WĞƌĚĂŐĂŶŐĂŶĞƐĂƌDĞƐŝŶ͕WĞƌĂůĂƚĂŶĂŶWĞƌůĞŶŐŬĂƉĂŶWĞƌƚĂŶŝĂŶ;ϰϲϱϯϬͿ
DĞŶĐĂŬƵƉ ƵƐĂŚĂ ƉĞƌĚĂŐĂŶŐĂŶ ďĞƐĂƌ ŵĞƐŝŶ͕ ƉĞƌĂůĂƚĂŶ ĚĂŶ ƉĞƌůĞŶŐŬĂƉĂŶ ƉĞƌƚĂŶŝĂŶ ƐĞƉĞƌƚŝ͗ ďĂũĂŬ͕ ƉĞŶLJĞďĂƌ ƉƵƉƵŬ͕
ƉĞŶĂŶĂŵďŝũŝ͕ĂůĂƚƉĂŶĞŶ͕ĂůĂƚƉĞŶĞďĂŚ͕ŵĞƐŝŶƉĞŵĞƌĂŚƐƵƐƵ͕ŵĞƐŝŶďĞƚĞƌŶĂŬƵŶŐŐĂƐĚĂŶŵĞƐŝŶďĞƚĞƌŶĂŬůĞďĂŚĚĂŶ
ƚƌĂŬƚŽƌLJĂŶŐĚŝŐƵŶĂŬĂŶĚĂůĂŵƉĞƌƚĂŶŝĂŶĚĂŶŬĞŚƵƚĂŶĂŶ͘dĞƌŵĂƐƵŬŵĞƐŝŶƉĞŵŽƚŽŶŐƌƵŵƉƵƚ͘
WĞƌĚĂŐĂŶŐĂŶ ĞƐĂƌ ůĂƚ dƌĂŶƐƉŽƌƚĂƐŝ ĂƌĂƚ ;ƵŬĂŶ DŽďŝů͕ ^ĞƉĞĚĂ DŽƚŽƌ ĚĂŶ ^ĞũĞŶŝƐŶLJĂͿ͕ ^ƵŬƵ ĂĚĂŶŐ ĚĂŶ
WĞƌůĞŶŐŬĂƉĂŶŶLJĂ;ϰϲϱϵϯͿ
DĞŶĐĂŬƵƉƵƐĂŚĂƉĞƌĚĂŐĂŶŐĂŶďĞƐĂƌŵĂĐĂŵͲŵĂĐĂŵĂůĂƚƚƌĂŶƐƉŽƌƚĂƐŝĚĂƌĂƚ͕ďĞƌŵŽƚŽƌĂƚĂƵƉƵŶƚŝĚĂŬďĞƌŵŽƚŽƌ;ďƵŬĂŶ
ŵŽďŝů͕ ƐĞƉĞĚĂ ŵŽƚŽƌ ĚĂŶ ƐĞũĞŶŝƐŶLJĂͿ͕ ƚĞƌŵĂƐƵŬ ƵƐĂŚĂ ƉĞƌĚĂŐĂŶŐĂŶ ďĞƐĂƌ͕ ŵĂĐĂŵͲŵĂĐĂŵ ƐƵŬƵ ĐĂĚĂŶŐ ĚĂŶ
ƉĞƌůĞŶŐŬĂƉĂŶŶLJĂ͘
WĞƌĚĂŐĂŶŐĂŶĞƐĂƌĂŚĂŶĂŬĂƌWĂĚĂƚ͕ĂŝƌĂŶ'ĂƐĂŶWƌŽĚƵŬz/;ϰϲϲϭϬͿ
DĞŶĐĂŬƵƉ ƵƐĂŚĂ ƉĞƌĚĂŐĂŶŐĂŶ ďĞƐĂƌ ďĂŚĂŶ ďĂŬĂƌ ŐĂƐ͕ ĐĂŝƌ ĚĂŶ ƉĂĚĂƚ ƐĞƌƚĂ ƉƌŽĚƵŬ ƐĞũĞŶŝƐŶLJĂ͕ ƐĞƉĞƌƚŝ ŵŝŶLJĂŬ ďƵŵŝ
ŵĞŶƚĂŚ͕ŵŝŶLJĂŬŵĞŶƚĂŚ͕ďĂŚĂŶďĂŬĂƌĚŝĞƐĞů͕ŐĂƐŽůŝŶĞ͕ďĂŚĂŶďĂŬĂƌŽůŝ͕ŬĞƌŽƐŝŶ͕ƉƌĞŵŝƵŵƐŽůĂƌ͕ŵŝŶLJĂŬƚĂŶĂŚ͕ďĂƚƵďĂƌĂ͕
ĂƌĂŶŐ͕ĂŵƉĂƐĂƌĂŶŐďĂƚƵ͕ďĂŚĂŶďĂŬĂƌŬĂLJƵ͕ŶĂĨƚĂĚĂŶďĂŚĂŶďĂŬĂƌůĂŝŶŶLJĂƚĞƌŵĂƐƵŬƉƵůĂďĂŚĂŶďĂŬĂƌŐĂƐ͕ƐĞƉĞƌƚŝ>W'͕
ŐĂƐďƵƚĂŶĞĚĂŶƉƌŽƉĂŶĞĚĂŶŵŝŶLJĂŬƐĞŵŝƌ͕ŵŝŶLJĂŬƉĞůƵŵĂƐĚĂŶƉƌŽĚƵŬŵŝŶLJĂŬďƵŵŝLJĂŶŐƚĞůĂŚĚŝŵƵƌŶŝŬĂŶ͘
WĞƌĚĂŐĂŶŐĂŶ ĐĞƌĂŶ ĂŚĂŶ ĂŬĂƌ DŝŶLJĂŬ͕ ĂŚĂŶ ĂŬĂƌ 'ĂƐ ;'Ϳ ĂŶ >ŝƋƵĞĨŝĞĚ WĞƚƌŽůĞƵŵ 'ĂƐ ;>W'Ϳ ŝ ^ĂƌĂŶĂ
WĞŶŐŝƐŝĂŶĂŚĂŶĂŬĂƌdƌĂŶƐƉŽƌƚĂƐŝĂƌĂƚ͕>ĂƵƚĂŶhĚĂƌĂ;ϰϳϯϬϭͿ
DĞŶĐĂŬƵƉƵƐĂŚĂƉĞƌĚĂŐĂŶŐĂŶĞĐĞƌĂŶďĂŚĂŶďĂŬĂƌŵŝŶLJĂŬ͕ďĂŚĂŶďĂŬĂƌŐĂƐ͕>W'ĂƚĂƵũĞŶŝƐďĂŚĂŶďĂŬĞƌůĂŝŶĚŝƐĂƌĂŶĂ
ƉĞŶŐŝƐŝĂŶďĂŚĂŶďĂŬĂƌƵŶƚƵŬƚƌĂŶƐƉŽƌƚĂƐŝĚĂƌĂƚ͕ůĂƵƚĚĂŶƵĚĂƌĂ;ƐĞƉĞƌƚŝ^Wh͕^W'ĚƐďͿƵŶƚƵŬŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌ
ƐĞƉĞƌƚŝŵŽďŝůĚĂŶƐĞƉĞĚĂŵŽƚŽƌ;ŵŝƐĂůŶLJĂďĞŶƐŝŶ͕ƐŽůĂƌ͕'ĚĂŶ>W'ͿƚĞƌŵĂƐƵŬƉƵůĂďĂŚĂŶďĂŬĂƌƵŶƚƵŬƐƉĞĞĚďŽĂƚĚĂŶ
ŐĞŶƐĞƚ͘ŝĂƐĂŶLJĂŬĞŐŝĂƚĂŶŝŶŝĚŝŬŽŵďŝŶĂƐŝŬĂŶĚĞŶŐĂŶƉĞŶũƵĂůĂŶďĂŚĂŶͲďĂŚĂŶƉĞůƵŵĂƐ͕ĐŽŽůŝŶŐƉƌŽĚƵĐƚƐďĂŚĂŶͲďĂŚĂŶ
ƉĞŵďĞƌƐŝŚ ĚĂŶ ďĂƌĂŶŐͲďĂƌĂŶŐ ůĂŝŶ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ŵŽďŝů ĚĂŶ ƐĞƉĞĚĂ ŵŽƚŽƌ͘ WĞƌĚĂŐĂŶŐĂŶ ďĞƐĂƌ ďĂŚĂŶ ďĂŬĂƌ
ĚŝŵĂƐƵŬŬĂŶĚĂůĂŵŬĞůŽŵƉŽŬϰϲϲϭϬ͘WĞƌĚĂŐĂŶŐĂŶĞĐĞƌĂŶ>W'ĚĂŶďĂŚĂŶďĂŬĂƌƵŶƚƵŬŬĞƉĞƌůƵĂŶŵĞŵĂƐĂŬĂƚĂƵƉĞŵĂŶĂƐ
ĚŝŵĂƐƵŬŬĂŶĚĂůĂŵŬĞůŽŵƉŽŬϰϳϳϳϮ͘
WĞƌĚĂŐĂŶŐĂŶ ĐĞƌĂŶĂŚĂŶĂŬĂƌDŝŶLJĂŬ͕ĂŚĂŶĂŬĂƌ'ĂƐ;'ͿĂŶ>ŝƋƵĞĨŝĞĚWĞƚƌŽůĞƵŵ'ĂƐ;>W'Ϳ^ĞůĂŝŶŝ^ĂƌĂŶĂ
WĞŶŐŝƐŝĂŶĂŚĂŶĂŬĂƌdƌĂŶƐƉŽƌƚĂƐŝĂƌĂƚ͕>ĂƵƚĂŶhĚĂƌĂ;ϰϳϯϬϮͿ
DĞŶĐĂŬƵƉƉĞƌĚĂŐĂŶŐĂŶĞĐĞƌĂŶďĂŚĂŶďĂŬĂƌŵŝŶLJĂŬ͕ďĂŚĂŶďĂŬĂƌŐĂƐ͕>W'ĂƚĂƵũĞŶŝƐďĂŚĂŶďĂŬĂƌůĂŝŶƐĞůĂŝŶĚŝƐĂƌĂŶĂ
ƉĞŶŐŝƐŝĂŶďĂŚĂŶďĂŬĂƌƵŶƚƵŬƚƌĂŶƐƉŽƌƚĂƐŝĚĂƌĂƚ͕ůĂƵƚĚĂŶƵĚĂƌĂ;ƐĞƉĞƌƚŝĂŐĞŶD͕ĂŐĞŶ>W'ĚƐďͿWĞƌĚĂŐĂŶŐĂŶĞĐĞƌĂŶ
ďĂŚĂŶďĂŬĂƌƵŶƚƵŬŵŽďŝůĚĂŶƐĞƉĞĚĂŵŽƚŽƌĚŝ^WhĚŝŵĂƐƵŬŬĂŶĚĂůĂŵŬĞůŽŵƉŽŬϰϳϯϬϭ͘
ď͘ ZĞƉĂƌĂƐŝDŽďŝů;ϰϱϮϬϭͿ
DĞŶĐĂŬƵƉ ƵƐĂŚĂ ƌĞƉĂƌĂƐŝ ĚĂŶ ƉĞƌĂǁĂƚĂŶ ŵŽďŝů ƐĞƉĞƌƚŝ ƌĞƉĂƌĂƐŝ ŵĞŬĂŶŝŬ͕ ƌĞƉĂƌĂƐŝ ĞůĞŬƚƌŝŬ͕ ƌĞƉĂƌĂƐŝ ƐŝƐƚĞŵ ŝŶũĞŬƐŝ
ĞůĞŬƚƌŽŶŝŬ͕ƐĞƌǀŝƐƌĞŐƵůĂƌ͕ƌĞƉĂƌĂƐŝďĂĚĂŶŵŽďŝů͕ƌĞƉĂƌĂƐŝďĂŐŝĂŶŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌ͕ƉĞŶLJĞŵƉƌŽƚĂŶĚĂŶƉĞŶŐĞĐĞƚĂŶ͕
ƌĞƉĂƌĂƐŝ ŬĂĐĂ ĚĂŶ ũĞŶĚĞůĂ ĚĂŶ ƌĞƉĂƌĂƐŝ ƚĞŵƉĂƚ ĚƵĚƵŬ ŬĞŶĚĂƌĂĂŶ ďĞƌŵŽƚŽƌ͘ dĞƌŵĂƐƵŬ ƌĞƉĂƌĂƐŝ ƉĞŵĂƐĂŶŐĂŶ ĂƚĂƵ
ƉĞŶŐŐĂŶƚŝĂŶ ďĂŶ ĚĂŶ ƉŝƉĂ͕ ƉĞƌĂǁĂƚĂŶ ĂŶƚŝ ŬĂƌĂƚ͕ ƉĞŵĂƐĂŶŐĂŶ ďĂŐŝĂŶ ĚĂŶ ĂŬƐĞƐŽƌŝ LJĂŶŐ ďƵŬĂŶ ďĂŐŝĂŶ ĚĂƌŝ ƉƌŽƐĞƐ
ƉĞŵďƵĂƚĂŶĚĂŶƵƐĂŚĂƉĞƌĂǁĂƚĂŶůĂŝŶŶLJĂ͖
WĞŶĐƵĐŝĂŶĂŶ^ĂůŽŶDŽďŝů;ϰϱϮϬϮͿ
DĞŶĐĂŬƵƉ ƵƐĂŚĂ ƉĞŶĐƵĐŝĂŶ ŵŽďŝů ĚĂŶ ƐĂůŽŶ ŵŽďŝů͕ ƐĞƉĞƌƚŝ ƉĞŶĐƵĐŝĂŶ ĚĂŶ ƉĞŵŽůĞƐĂŶ ĚĂŶ ƉĞŵĂƐĂŶŐĂŶ ďĂŐŝĂŶ ĚĂŶ
ĂŬƐĞƐŽƌŝLJĂŶŐďƵŬĂŶďĂŐŝĂŶĚĂƌŝƉƌŽƐĞƐƉĞŵďƵĂƚĂŶĚŝƐĂůŽŶŵŽďŝů͖
ZĞƉĂƌĂƐŝĂŶWĞƌĂǁĂƚĂŶ^ĞƉĞĚĂDŽƚŽƌ;ϰϱϰϬϳͿ
DĞŶĐĂŬƵƉƵƐĂŚĂƉĞŵĞůŝŚĂƌĂĂŶĚĂŶƌĞƉĂƌĂƐŝƐĞƉĞĚĂŵŽƚŽƌ͕ƚĞƌŵĂƐƵŬƉĞŶĐƵĐŝĂŶƐĞƉĞĚĂŵŽƚŽƌĚĂŶƵƐĂŚĂƉĞƌĂǁĂƚĂŶ
ůĂŝŶŶLJĂ͘
Đ͘ ŬƚŝǀŝƚĂƐWĞƌƵƐĂŚĂĂŶ,ŽůĚŝŶŐ;ϲϰϮϬϬͿ
DĞŶĐĂŬƵƉ ŬĞŐŝĂƚĂŶ ĚĂƌŝ ƉĞƌƵƐĂŚĂĂŶ ŚŽůĚŝŶŐ ;ŚŽůĚŝŶŐ ĐŽŵƉĂŶŝĞƐͿ͕ LJĂŝƚƵ ƉĞƌƵƐĂŚĂĂŶ LJĂŶŐ ŵĞŶŐƵĂƐĂŝ ĂƐĞƚ ĚĂƌŝ
ƐĞŬĞůŽŵƉŽŬƉĞƌƵƐĂŚĂĂŶƐƵďƐŝĚŝĂƌLJdan kegiatan utamanya adalah kepemilikan kelompok tersebut “,ŽůĚŝŶŐŽŵƉĂŶŝĞƐ”
ƚŝĚĂŬ ƚĞƌůŝďĂƚ ĚĂůĂŵ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƉĞƌƵƐĂŚĂĂŶ ƐƵďƐŝĚŝĂƌŝŶLJĂ͘ <ĞŐŝĂƚĂŶ ŵĞŶĐĂŬƵƉ ũĂƐĂ LJĂŶŐ ĚŝďĞƌŝŬĂŶ ƉĞŶĂƐĞŚĂƚ
;ĐŽƵŶƐĞůŽƌƐͿĚĂŶƉĞƌƵŶĚŝŶŐ;ŶĞŐŽƚŝĂƚŽƌƐͿĚĂůĂŵŵĞƌĂŶĐĂŶŐŵĞƌŐĞƌĚĂŶĂŬƵŝƐŝƐŝƉĞƌƵƐĂŚĂĂŶ͖
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ŬƚŝǀŝƚĂƐ<ŽŶƐƵůƚĂƐŝDĂŶĂũĞŵĞŶ>ĂŝŶŶLJĂ;ϳϬϮϬϵͿ
DĞŶĐĂŬƵƉŬĞƚĞŶƚƵĂŶďĂŶƚƵĂŶŶĂƐŝŚĂƚ͕ďŝŵďŝŶŐĂŶĚĂŶŽƉĞƌĂƐŝŽŶĂůƵƐĂŚĂĚĂŶƉĞƌŵĂƐĂůĂŚĂŶŽƌŐĂŶŝƐĂƐŝĚĂŶŵĂŶĂũĞŵĞŶ
ůĂŝŶŶLJĂ͕ ƐĞƉĞƌƚŝ ƉĞƌĞŶĐĂŶĂĂŶ ƐƚƌĂƚĞŐŝ ĚĂŶ ŽƌŐĂŶŝƐĂƐŝ͕ ŬĞƉƵƚƵƐĂŶ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ŬĞƵĂŶŐĂŶ͕ ƚƵũƵĂŶ ĚĂŶ ŬĞďŝũĂŬĂŶ
ƉĞŵĂƐĂƌĂŶ͕ ƉĞƌĞŶĐĂŶĂĂŶ͕ ƉƌĂŬƚŝŬ ĚĂŶ ŬĞďŝũĂŬĂŶ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ͕ ƉĞƌĞŶĐĂŶĂĂŶ ĚĂŶ ƉĞŶŐŽŶƚƌŽůĂŶ ƉƌŽĚƵŬƐŝ͘
WĞŶLJĞĚŝĂĂŶũĂƐĂƵƐĂŚĂŝŶŝĚĂƉĂƚŵĞŶĐĂŬƵƉďĂŶƚƵĂŶŶĂƐĞŚĂƚ͕ďŝŵďŝŶŐĂŶĚĂŶŽƉĞƌĂƐŝŽŶĂůďĞƌďĂŐĂŝĨƵŶŐƐŝŵĂŶĂũĞŵĞŶ͕
ŬŽŶƐƵůƚĂƐŝŵĂŶĂũĞŵĞŶŽůĂŚĂŐƌŽŶŽŵŝƐƚĚĂŶĂŐƌŝĐƵůƚƵƌĂůĞĐŽŶŽŵŝƐƉĂĚĂďŝĚĂŶŐƉĞƌƚĂŶŝĂŶĚĂŶƐĞũĞŶŝƐŶLJĂ͕ƌĂŶĐĂŶŐĂŶĚĂƌŝ
ŵĞƚŽĚĞĚĂŶƉƌŽƐĞĚƵƌĂŬƵŶƚĂŶƐŝ͕ƉƌŽŐƌĂŵĂŬƵŶƚĂŶƐŝďŝĂLJĂ͕ƉƌŽƐĞĚƵƌƉĞŶŐĂǁĂƐĂŶĂŶŐŐĂƌĂŶďĞůĂŶũĂ͕ƉĞŵďĞƌŝĂŶŶĂƐĞŚĂƚ
ĚĂŶďĂŶƚƵĂŶƵŶƚƵŬƵƐĂŚĂĚĂŶƉĞůĂLJĂŶĂŶDĂƐLJĂƌĂŬĂƚĚĂůĂŵƉĞƌĞŶĐĂŶĂĂŶ͕ƉĞŶŐŽƌŐĂŶŝƐĂƐŝĂŶ͕ĞĨŝƐŝĞŶƐŝĚĂŶƉĞŶŐĂǁĂƐĂŶ͕
ŝŶĨŽƌŵĂƐŝŵĂŶĂũĞŵĞŶĚĂŶůĂŝŶͲůĂŝŶ͘
Ě͘ ŶŐŬƵƚĂŶĞƌŵŽƚŽƌhŶƚƵŬĂƌĂŶŐhŵƵŵ;ϰϵϰϯϭͿ
DĞŶĐĂŬƵƉƵƐĂŚĂƉĞŶŐĂŶŐŬƵƚĂŶďĂƌĂŶŐĚĞŶŐĂŶŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌĚĂŶĚĂƉĂƚŵĞŶŐĂŶŐŬƵƚůĞďŝŚĚĂƌŝƐĂƚƵũĞŶŝƐďĂƌĂŶŐ
ƐĞƉĞƌƚŝĂŶŐŬƵƚĂŶĚĞŶŐĂŶƚƌƵŬ͕ƉŝĐŬƵƉĚĂŶŬŽŶƚĂŝŶĞƌ͖
ŶŐŬƵƚĂŶĞƌŵŽƚŽƌhŶƚƵŬĂƌĂŶŐ<ŚƵƐƵƐ;ϰϵϰϯϮͿ
DĞŶĐĂŬƵƉ ƵƐĂŚĂ ƉĞŶŐĂŶŐŬƵƚĂŶ ďĂƌĂŶŐ ĚĞŶŐĂŶ ŬĞŶĚĂƌĂĂŶ ďĞƌŵŽƚŽƌ ƵŶƚƵŬ ďĂƌĂŶŐ LJĂŶŐ ƐĞĐĂƌĂ ŬŚƐƵƐƵƐ ŵĞŶŐĂŶŐŬƵƚ
ƐĂƚƵũĞŶŝƐďĂƌĂŶŐƐĞƉĞƌƚŝĂŶŐŬƵƚĂŶďĂŚĂŶďĂŬĂƌŵŝŶLJĂŬ;DͿ͕ĂŶŐŬƵƚĂŶďĂƌĂŶŐďĞƌďĂŚĂLJĂĚĂŶĂŶŐŬƵƚĂŶďĂƌĂŶŐĂůĂƚͲ
ĂůĂƚďĞƌĂƚ͘
ŶŐŬƵƚĂŶ^ĞǁĂ;ϰϵϰϮϮͿ
DĞŶĐĂŬƵƉƵƐĂŚĂƉĞŶŐĂŶŐŬƵƚĂŶƉĞŶƵŵƉĂŶŐĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶŵŽďŝůƉĞŶƵŵƉĂŶŐƵŵƵŵLJĂŶŐŵĞůĂLJĂŶŝĂŶŐŬƵƚĂŶ
ĚĂƌŝ ƉŝŶƚƵ ŬĞ ƉŝŶƚƵ͕ ĚĂůĂŵ ǁŝůĂLJĂŚ ŽƉĞƌĂƐŝ LJĂŶŐ ƚŝĚĂŬ ĚŝďĂƚĂƐŝ ŽůĞŚ ǁŝůĂLJĂŚ ĂĚŵŝŶŝƐƚƌĂƚŝĨ ĚĂŶ ƚĂƌŝĨ ďĞƌĚĂƐĂƌŬĂŶ
ŬĞƐĞƉĂŬĂƚĂŶ ĂŶƚĂƌĂ ƉĞŶŐŐƵŶĂ ĚĞŶŐĂŶ ƉĞŶLJĞĚŝĂ ĂŶŐŬƵƚĂŶ͘ dĞƌŵĂƐƵŬ ůĂLJĂŶĂŶ ĐĂƌƚĞƌ͕ ĞŬƐŬƵƌƐŝ ĚĂŶ ĂŶŐŬƵƚĂŶ ĐĂƌƚĞƌ
ŵƵƐŝŵĂŶ ůĂŝŶŶLJĂ ƐĞƌƚĂ ƉĞŶLJĞǁĂĂŶ ŵŽďŝů ĂƚĂƵ ĂŶŐŬƵƚĂŶ ƉƌŝďĂĚŝ ůĂŝŶŶLJĂ ĚĞŶŐĂŶ ƐƵƉŝƌ͘ <ĞůŽŵƉŽŬ ŝŶŝ ũƵŐĂ ŵĞŶĐĂŬƵƉ
ĂŶŐŬƵƚĂŶƐĞǁĂďĂũĂũ͕ŬĂŶĐŝů͕ďĞŶƚŽƌĚĂŶůĂŝŶͲůĂŝŶ͖
Ğ͘ WĞŶĚŝĚŝŬĂŶĂŚĂƐĂ^ǁĂƐƚĂ;ϴϱϰϵϯͿ
ŵĞŶĐĂŬƵƉ ŬĞŐŝĂƚĂŶ ƉĞŶĚŝĚŝŬĂŶ LJĂŶŐ ďĞƌƐŝĨĂƚ ŬƵƌƐƵƐ ĚĞŶŐĂŶ ƚƵũƵĂŶ ƵŶƚƵŬ ŵĞŶĂŵďĂŚ ŬĞƚĞƌĂŵƉŝůĂŶͬŬĞĂŚůŝĂŶ ĚĂůĂŵ
ďŝĚĂŶŐďĂŚĂƐĂLJĂŶŐ ĚŝƐĞůĞŶŐŐĂƌĂŬĂŶŽůĞŚƐǁĂƐƚĂ͘<ĞŐŝĂƚĂŶLJĂŶŐƚĞƌŵĂƐƵŬĚĂůĂŵŬĞůŽŵƉŽŬŝŶŝĂĚĂůĂŚŬƵƌƐƵƐ ďĂŚĂƐĂ
ƌĂď͕ ĞůĂŶĚĂ͕ /ŶĚŽŶĞƐŝĂ͕ /ŶŐŐƌŝƐ͕ /ƚĂůŝĂ͕ :ĂǁĂ͕ :ĞƉĂŶŐ͕ <ŽƌĞĂ͕ DĂŶĚĂƌŝŶ͕ WĞƌĂŶĐŝƐ͕ ZƵƐŝĂ͕ ^ĂŬƵƌĂ͕ ^ƉĂŶLJŽů ĚĂŶ ďĂŚĂƐĂ
ůĂŝŶŶLJĂ͘dĞƌŵĂƐƵŬũƵŐĂŬƵƌƐƵƐdK &>͕dK /͕/ >d^ĚĂŶƉĞŶĞƌũĞŵĂŚ͘
ŝŝ͘ <ĞŐŝĂƚĂŶhƐĂŚĂWĞŶƵŶũĂŶŐ
DĞŶũĂůĂŶŬĂŶƵƐĂŚĂͲƵƐĂŚĂůĂŝŶLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶďŝĚĂŶŐƵƐĂŚĂƚĞƌƐĞďƵƚĚŝĂƚĂƐƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
WĂĚĂƐĂĂƚWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕ďĂŚǁĂŬĞŐŝĂƚĂŶƵƐĂŚĂWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬLJĂŶŐĚŝũĂůĂŶŬĂŶƐĂĂƚŝŶŝĂĚĂůĂŚƐĞƐƵĂŝ
ĚĞŶŐĂŶŶŐŐĂƌĂŶĂƐĂƌ͘
<ĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐƐĂĂƚŝŶŝďĞŶĂƌͲďĞŶĂƌĚŝũĂůĂŶŬĂŶŽůĞŚWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬďĞƌĚĂƐĂƌŬĂŶĂŬƚĂEŽϮϲͬϮϬϮϮĐƵŬƵƉ
ďĞƌĂŐĂŵ LJĂŬŶŝ ŵĞůŝƉƵƚŝ ďŝĚĂŶŐ ũĂƐĂ ƐĞǁĂ ŬĞŶĚĂƌĂĂŶ ĚĂŶ ůŽŐŝƐƚŝŬ͕ ũĂƐĂ ƉĞůĂƚŝŚĂŶ ƐƵŵďĞƌ ĚĂLJĂ ŵĂŶƵƐŝĂ͕ ũĂƐĂ ƉĞŵďŝĂLJĂĂŶ
ŝŶǀĞƐƚĂƐŝ͕ƉĞŵďŝĂLJĂĂŶŵŽĚĂůŬĞƌũĂ͕ƉĞŵďŝĂLJĂĂŶŵƵůƚŝŐƵŶĂ͕ƉĞŵďŝĂLJĂĂŶďĞƌĚĂƐĂƌŬĂŶƉƌŝŶƐŝƉƐLJĂƌŝΖĂŚĚĂŶũĂƐĂƉĞƌďĞŶŐŬĞůĂŶ͕
LJĂŶŐĚŝũĂůĂŶŬĂŶŵĞůĂůƵŝďĞďĞƌĂƉĂĞŶƚŝƚĂƐĂŶĂŬ͘
ϯ͘ ^ƚƌƵŬƚƵƌWĞƌŵŽĚĂůĂŶĚĂŶ^ƵƐƵŶĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵ
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐĚŝƚĞƌďŝƚŬĂŶ͕ƚŝĚĂŬƚĞƌĚĂƉĂƚƉĞƌƵďĂŚĂŶƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶƐƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵ͕ĚĞŶŐĂŶ
ĚĞŵŝŬŝĂŶƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶƐƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵLJĂŶŐƚĞƌĂŬŚŝƌĂĚĂůĂŚƐĞďĂŐĂŝŵĂŶĂƚĞƌŵĂŬƚƵďĚĂůĂŵŬƚĂ
EŽ͘ϮϲͬϮϬϮϮ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ DŽĚĂů ĂƐĂƌ ƐĞďĞƐĂƌ ZƉ͘ϯ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬ ƚĞƌďĂŐŝ ĂƚĂƐ ϭϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ƐĂŚĂŵ ĚĞŶŐĂŶ ŶŝůĂŝ ŶŽŵŝŶĂů ZƉ͘ϮϬϬ͕ϬϬ
ƐĞƚŝĂƉƐĂŚĂŵ͖
ď͘ DŽĚĂůŝƚĞŵƉĂƚŬĂŶƐĞďĞƐĂƌZƉ͘ϭ͘ϳϯϬ͘ϴϲϱ͘ϬϬϬ͘ϬϬϬ͕ϬϬƚĞƌďĂŐŝĂƚĂƐϴ͘ϲϱϰ͘ϯϮϱ͘ϬϬϬůĞŵďĂƌƐĂŚĂŵ͖
Đ͘ DŽĚĂůŝƐĞƚŽƌZƉ͘ϭ͘ϳϯϬ͘ϴϲϱ͘ϬϬϬ͘ϬϬϬ͕ϬϬ͘
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^ƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ďĞƌĚĂƐĂƌŬĂŶ ĂĨƚĂƌ WĞŵĞŐĂŶŐ ^ĂŚĂŵ Wd /ŶĚŽŵŽďŝů DƵůƚŝ :ĂƐĂ dďŬ͕͘ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ
WdZĂLJĂ^ĂŚĂŵZĞŐŝƐƚƌĂƐĞůĂŬƵŝƌŽĚŵŝŶŝƐƚƌĂƐŝ ĨĞŬLJĂŶŐŵĞŶŐƵƌƵƐĂĚŵŝŶŝƐƚƌĂƐŝĚĂƌŝƐĂŚĂŵWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬ͕͘
ƉĂĚĂƚĂŶŐŐĂůϮϵ&ĞďƌƵĂƌŝϮϬϮϰ͕ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EĂŵĂ :ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŝůĂŝEŽŵŝŶĂů;ZƉͿ й
Wd/ŶĚŽŵŽďŝů^ƵŬƐĞƐ/ŶƚĞƌŶĂƚŝŽŶĂůdďŬ͘ ϳ͘ϵϱϵ͘ϰϮϮ͘ϴϳϭ ϭ͘ϱϵϭ͘ϴϴϰ͘ϱϳϰ͘ϮϬϬ ϵϭ͕ϵϳ
<ĞƉĞŵŝůŝŬĂŶDĂƐLJĂƌĂŬĂƚΎ ϲϵϰ͘ϵϬϮ͘ϭϮϵ ϭϯϴ͘ϵϴϬ͘ϰϮϱ͘ϴϬϬ ϴ͕Ϭϯ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ ϴ͘ϲϱϰ͘ϯϮϱ͘ϬϬϬ ϭ͘ϳϯϬ͘ϴϲϱ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
:ƵŵůĂŚ^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů ϲ͘ϯϰϱ͘ϲϳϱ͘ϬϬϬ ϭ͘Ϯϲϵ͘ϭϯϱ͘ϬϬϬ͘ϬϬϬ
ΎͿDĞƌƵƉĂŬĂŶŐĂďƵŶŐĂŶƉĂƌĂƉĞŵĞŐĂŶŐƐĂŚĂŵWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬLJĂŶŐŵĂƐŝŶŐͲŵĂƐŝŶŐŵĞŵƉƵŶLJĂŝƉŽƌƐŝŬĞƉĞŵŝůŝŬĂŶƐĂŚĂŵ
ŬƵƌĂŶŐĚĂƌŝϱй;ůŝŵĂƉĞƌƐĞŶͿ͘
ϰ͘ ^ƵƐƵŶĂŶŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕ƚŝĚĂŬƚĞƌĚĂƉĂƚƉĞƌƵďĂŚĂŶƐƵƐƵŶĂŶĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ͕ĚĞŶŐĂŶ
ĚĞŵŝŬŝĂŶ ƐƵƐƵŶĂŶ ĂŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ƚĞƌĂŬŚŝƌ ĂĚĂůĂŚ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŵĂŬƚƵď ĚĂůĂŵ ŬƚĂ
EŽ͘ϮϲͬϮϬϮϮ͘ƐƵƐƵŶĂŶŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŝƌĞŬƐŝ
ŝƌĞŬƚƵƌhƚĂŵĂ ͗:ƵƐĂŬ<ĞƌƚŽǁŝĚũŽũŽ͖
tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂ ͗'ƵŶĂǁĂŶ;'ƵŶĂǁĂŶ ĨĨĞŶĚŝͿ͖
ŝƌĞŬƚƵƌ ͗ŶĚƌĞǁEĂƐƵƌŝ͖
ŝƌĞŬƚƵƌ ͗dŽƐŚŝƌŽDŝnjƵƚĂŶŝ
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
<ŽŵŝƐĂƌŝƐhƚĂŵĂ ͗^ŽĞďƌŽŶƚŽ>ĂƌĂƐ͖
<ŽŵŝƐĂƌŝƐ ͗:ŽƐĞĨhƚĂŵŝŶ͖
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗ ŐƵƐ,ĂƐĂŶWƵƌĂŶŐŐĂǁŝũĂLJĂ͘
ĂƚĂƚĂŶ͗
ĂƉĂŬ^ŽĞďƌŽŶƚŽ>ĂƌĂƐƐĞůĂŬƵ<ŽŵŝƐĂƌŝƐhƚĂŵĂͿƚĞůĂŚŵĞŶŝŶŐŐĂůĚƵŶŝĂƉĂĚĂƚĂŶŐŐĂůϮϬ^ĞƉƚĞŵďĞƌϮϬϮϯ͕ĂĚĂƉƵŶƉĞůĂŬƐĂŶĂĂŶZhW^ƵŶƚƵŬ
ŵĞŶLJĞƚƵũƵŝƉĞƌƵďĂŚĂŶƐƵƐƵŶĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWd/ŶĚŽŵŽďŝůDƵůƚŝ:ĂƐĂdďŬƵŶƚƵŬŵĞŶŐŝƐŝũĂďĂƚĂŶLJĂŶŐůŽǁŽŶŐƚĞƌƐĞďƵƚĂŬĂŶĚŝůĂŬƵŬĂŶ
ƉĂĚĂZhW^dƚĂŚƵŶϮϬϮϰ͘
͘ ,ŝŶŽDŽƚŽƌƐ>ƚĚ͘
ϭ͘ WĞŶĚŝƌŝĂŶ
,ŝŶŽDŽƚŽƌƐ>ƚĚ͘ĞƌŬĞĚƵĚƵŬĂŶĚŝdŽŬLJŽ͕:ĞƉĂŶŐ͕ĚŝĚŝƌŝŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶ,ƵŬƵŵEĞŐĂƌĂ:ĞƉĂŶŐďĞƌĚĂƐĂƌŬĂŶ ƌƚŝĐůĞƐŽĨ
/ŶĐŽƌƉŽƌĂƚŝŽŶŽĨ ,ŝŶŽDŽƚŽƌƐ>ƚĚƚĂŶŐŐĂůϭDĞŝϭϵϰϮLJĂŶŐƚĞůĂŚĚŝƵďĂŚƚĞƌĂŬŚŝƌŬĂůŝďĞƌĚĂƐĂƌŬĂŶ ƚŚĞĂŵĞŶĚŵĞŶƚŽĨƚŚĞ
ƌƚŝĐůĞƐŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶŽĨ,ŝŶŽDŽƚŽƌƐ>ƚĚƚĂŶŐŐĂůϮϮ:ƵŶŝϮϬϭϱ͘,ŝŶŽDŽƚŽƌƐ>ƚĚ͘DĞŵŝůŝŬŝEŽŵŽƌZĞŐŝƐƚƌĂƐŝWĞƌƵƐĂŚĂĂŶ
;ŽƌƉŽƌĂƚĞZĞŐŝƐƚƌĂƚŝŽŶEŽ͘ͿϬϭϯϰͲϬϭͲϬϬϬϲϮϲ͘
,ŝŶŽDŽƚŽƌƐ>ƚĚďĞƌĂůĂŵĂƚĚŝϭͲϭ͕,ŝŶŽĚĂŝϯͲŚŽŵĞ͕,ŝŶŽͲ^Śŝ͕dŽŬLJŽ͕ϭϵϭͲϴϲϲϬ͕:ĞƉĂŶŐ
Ϯ͘ <ĞŐŝĂƚĂŶhƐĂŚĂ
<ĞŐŝĂƚĂŶƵƐĂŚĂ,ŝŶŽDŽƚŽƌƐ>ƚĚ͘ƐĞƐƵĂŝĚĞŶŐĂŶƉĂƐĂůϮƚŚĞĂŵĞŶĚŵĞŶƚŽĨƚŚĞƌƚŝĐůĞƐŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶŽĨ,ŝŶŽDŽƚŽƌƐ>ƚĚ
ƚĂŶŐŐĂůƚĂŶŐŐĂůϮϮ:ƵŶŝϮϬϭϱĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĚĞƐĂŝŶ͕ ŵĂŶƵĨĂŬƚƵƌ͕ ƉĞŶũƵĂůĂŶ͕ ůĞĂƐŝŶŐ͕ ƉĞŵďƵĂƚĂŶ ŬĞŵďĂůŝ ;ƌĞďƵŝůĚŝŶŐͿ͕
ƉĞŶLJĞƐƵĂŝĂŶ;ĐƵƐƚŽŵŝnjŝŶŐͿ͕ƌĞŵŽĚĞůůŝŶŐ͕ŽǀĞƌŚĂƵů͕ŝŶƐƉĞŬƐŝ͕ƉĞƌďĂŝŬĂŶĚĂŶƉĞŵďŽŶŐŬĂƌĂŶĚĂƌŝƉƌŽĚƵŬͲƉƌŽĚƵŬLJĂŶŐ
ĚŝũĞůĂƐŬĂŶĚŝďĂǁĂŚŝŶŝďĞƐĞƌƚĂƐƵŬƵĐĂĚĂŶŐĚĂŶƉĞƌĂůĂƚĂŶŶLJĂƐĞƌƚĂŵĂƚĞƌŝĂůĚĂŶĂŬƐĞƐŽƌŝŶLJĂ͗
ŝ͘ ŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌ͕ŬĞŶĚĂƌĂĂŶƉĞŶŐĂŶŐŬƵƚŝŶĚƵƐƚƌŝ͕ŬĂƉĂůůĂƵƚĚĂŶŵĞƐŝŶƚƌĂŶƐƉŽƌƚĂƐŝůĂŝŶŶLJĂ͖
ŝŝ͘ ŵĞƐŝŶƉĞŵďĂŬĂƌĂŶŝŶƚĞƌŶĂůĚĂŶŵĞƐŝŶƉĞŶŐŐĞƌĂŬƵƚĂŵĂůĂŝŶŶLJĂ͖
ŝŝŝ͘ƉĞƌĂůĂƚĂŶŵĞƐŝŶ͕ƉĞƌĂůĂƚĂŶƉĞŶŐĞĐŽƌĂŶĚĂŶƉĞŶĞŵƉĂĂŶ͕ŵĞƐŝŶƉĞƌĂŬŝƚĂŶ͕ŵĞƐŝŶŬŽŶƐƚƌƵŬƐŝĚĂŶŵĞƐŝŶŝŶĚƵƐƚƌŝ
ůĂŝŶŶLJĂĚĂŶƉĞƌĂůĂƚĂŶƉĂƌŬŝƌďĞƌƚŝŶŐŬĂƚĚĂŶŵĞƐŝŶůĂŝŶŶLJĂ͖
ŝǀ͘ ĂůĂƚƵŬƵƌ͕ƉĞƌĂůĂƚĂŶŬŽŵƵŶŝŬĂƐŝĚĂŶƉĞƌĂůĂƚĂŶůŝƐƚƌŝŬůĂŝŶŶLJĂ͖
ǀ͘ ƉƌŽĚƵŬͲƉƌŽĚƵŬŵĞƐŝŶŬĞƌũĂ͕ƉƌŽĚƵŬͲƉƌŽĚƵŬůĞŵďĂƌĂŶůŽŐĂŵ͕ƉƌŽĚƵŬͲƉƌŽĚƵŬƉĞŶŐĞĐŽƌĂŶ͕ƉƌŽĚƵŬͲƉƌŽĚƵŬƚĞŵƉĂ͕
ƉƌŽĚƵŬͲƉƌŽĚƵŬŬĞƌĂŵŝŬ͕ƉƌŽĚƵŬͲƉƌŽĚƵŬƌĞƐŝŶƐŝŶƚĞƚŝƐĚĂŶƉĞƌĂŶŐŬĂƚĚĂŶƉĞƌĂůĂƚĂŶƉĞƌƚĂŶŝĂŶ͖
ď͘ ŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞŶũƵĂůĂŶďĂŚĂŶďĂŬĂƌ͕ŵŝŶLJĂŬƉĞůƵŵĂƐĚĂŶƉƌŽĚƵŬŵŝŶLJĂŬďƵŵŝůĂŝŶŶLJĂ͖
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Đ͘ ŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞŶũƵĂůĂŶƉĞƌĂůĂƚĂŶůŝƐƚƌŝŬƉĞƌƵŵĂŚĂŶ͕ƐĞƉĞĚĂ͕ĂůĂƚͲĂůĂƚŽůĂŚƌĂŐĂ͕ƉĂŬĂŝĂŶũĂĚŝ͕
ĨƵƌŶŝƚƵƌĞ͕ƉĞƌĂůĂƚĂŶŬĂŶƚŽƌ͕ƉĞƌĂůĂƚĂŶŵĞĚŝƐ͕ŵĂŬĂŶĂŶŽůĂŚĂŶ͕ďĂƌĂŶŐͲďĂƌĂŶŐƉƌŽĚƵŬƐƵƐƵĚĂŶĚĞŬŽƌĂƐŝ͖
Ě͘ ŬĞŐŝĂƚĂŶƵƐĂŚĂĂŶŐŬƵƚĂŶĚĂƌĂƚ͕ůĂƵƚĚĂŶƵĚĂƌĂ͕ƵƐĂŚĂƉĞƌŐƵĚĂŶŐĂŶĚĂŶƵƐĂŚĂƉĞƌũĂůĂŶĂŶƐĞƌƚĂƵƐĂŚĂũĂƐĂĂŶŐŬƵƚĂŶ
LJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶŶLJĂ͖
Ğ͘ ƉĞƌŝŬůĂŶĂŶ͕ƉĞŶĞƌďŝƚĂŶĚĂŶďŝƐŶŝƐƉĞƌĐĞƚĂŬĂŶƐĞƌƚĂďŝƐŶŝƐLJĂŶŐďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶƉĞƌĞŶĐĂŶĂĂŶĚĂŶƉƌŽĚƵŬƐŝĚĞƐĂŝŶ
ĚĂŶŵĞƌĞŬĚĂŶůĂŝŶŶLJĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶŶLJĂ͖
Ĩ͘ ŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞƌĞŶĐĂŶĂĂŶ͕ĚĞƐĂŝŶĚĂŶƉĞŶŐĂǁĂƐĂŶĚĂƌŝƉĞŬĞƌũĂĂŶŬŽŶƐƚƌƵŬƐŝ͕ƚĞŬŶŝŬƐŝƉŝů͕
ƉĞŬĞƌũĂĂŶŝŶƐƚĂůĂƐŝĚĂŶůĂŝŶŶLJĂ͖
Ő͘ ƉĞŶŐŽƉĞƌĂƐŝĂŶĚĂŶƉĞŶŐĞůŽůĂĂŶĨĂƐŝůŝƚĂƐ ƉĞŶĚŝĚŝŬĂŶ͕ďƵĚĂLJĂ͕ŽůĂŚƌĂŐĂĚĂŶǁŝƐĂƚĂ͕ƌĞƐƚŽƌĂŶ͕ƉĞƌƚŽŬŽĂŶĚĂŶĨĂƐŝůŝƚĂƐ
ƉĞŶŐŝŶĂƉĂŶ͖
Ś͘ ŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞŶLJĞǁĂĂŶ͕ƉĞŵďĞůŝĂŶ͕ƉĞŶũƵĂůĂŶ͕ƉĞƌĂŶƚĂƌĂĚĂŶƉĞŶŐĞůŽůĂĂŶƌĞĂůĞƐƚĂƚĞ͖
ŝ͘ ŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶŬŽŶƚƌĂŬĚĂŶŵĂŶĂũĞŵĞŶůĂLJĂŶĂŶƉĞŶŐĂŵĂŶĂŶĚĂŶƉĞŶĐĞŐĂŚĂŶďĞŶĐĂŶĂ͖
ũ͘ ŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞŵďĞƌƐŝŚĂŶĚĂŶƉĞŵďƵĂŶŐĂŶƐĂŵƉĂŚ͖
Ŭ͘ ŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶůĂLJĂŶĂŶŝŶĨŽƌŵĂƐŝĚĂŶŬŽŵƵŶŝŬĂƐŝ͕ƉĞŵƌŽƐĞƐĂŶĚĂŶƉĞŶLJĞĚŝĂĂŶŝŶĨŽƌŵĂƐŝ͕ĚĂŶ
ƉĞŶŐĞŵďĂŶŐĂŶ͕ƉĞŶũƵĂůĂŶĚĂŶƉĞŶLJĞǁĂĂŶƉĞƌĂŶŐŬĂƚůƵŶĂŬ͖
ů͘ ŬĞĂŐĞŶĂŶĂƐƵƌĂŶƐŝƉƌŽƉĞƌƚŝĚĂŶďŝƐŶŝƐLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞŶũƵĂůĂŶĂƐƵƌĂŶƐŝũŝǁĂ͖
ŵ͘ ďŝƐŶŝƐĂŐĞŶƚĞŶĂŐĂŬĞƌũĂ͖
Ŷ͘ ŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶůĞĂƐŝŶŐĚĂŶƉĞŶLJĞǁĂĂŶƵŵƵŵ͕ƉĞŵďŝĂLJĂĂŶ͕ƐĞƌƚĂƉĞŵďĞůŝĂŶĚĂŶƉĞŶũƵĂůĂŶ
ƐƵƌĂƚďĞƌŚĂƌŐĂ͖
Ž͘ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ƚĞŬŶŽůŽŐŝ ĚĂŶ ďŝŵďŝŶŐĂŶ ƚĞŬŶŝƐ͕ ĚĂŶ ƵŶƚƵŬ ƉĞŵďĞůŝĂŶ͕
ƉĞŶũƵĂůĂŶ͕ ƉĞŶLJĞĚŝĂĂŶ ĚĂŶ ůĂLJĂŶĂŶ ŬĞĂŐĞŶĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ ŝŶĨŽƌŵĂƐŝ ƚĞŶƚĂŶŐ ƚĞŬŶŽůŽŐŝ ĚĂŶ ůĂŝŶŶLJĂ
ƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŚĂůͲŚĂůLJĂŶŐĚŝƐĞďƵƚŬĂŶĚŝĂƚĂƐ͖ĚĂŶ
Ɖ͘ ƐĞŵƵĂŬĞŐŝĂƚĂŶƵƐĂŚĂůĂŝŶLJĂŶŐďĞƌƐŝĨĂƚŝŶƐŝĚĞŶƚĂůĂƚĂƵƚĞƌŬĂŝƚĚĞŶŐĂŶƐĂůĂŚƐĂƚƵĚĂƌŝŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐĚŝƐĞďƵƚŬĂŶ
ĚŝĂƚĂƐ͘
<ĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐƐĂĂƚŝŶŝďĞŶĂƌͲďĞŶĂƌĚŝũĂůĂŶŬĂŶŽůĞŚ,ŝŶŽDŽƚŽƌƐ>ƚĚďĞƌĚĂƐĂƌŬĂŶƉĂƐĂůϮƚŚĞĂŵĞŶĚŵĞŶƚŽĨƚŚĞƌƚŝĐůĞƐ
ŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶŽĨ,ŝŶŽDŽƚŽƌƐ>ƚĚƚĂŶŐŐĂůƚĂŶŐŐĂůϮϮ:ƵŶŝϮϬϭϱĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
<ĞŐŝĂƚĂŶ ƵƐĂŚĂ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ĚĞƐĂŝŶ͕ ŵĂŶƵĨĂŬƚƵƌ͕ ƉĞŶũƵĂůĂŶ͕ ůĞĂƐŝŶŐ͕ ƉĞŵďƵĂƚĂŶ ŬĞŵďĂůŝ ;ƌĞďƵŝůĚŝŶŐͿ͕
ƉĞŶLJĞƐƵĂŝĂŶ ;ĐƵƐƚŽŵŝnjŝŶŐͿ͕ ƌĞŵŽĚĞůůŝŶŐ͕ ŽǀĞƌŚĂƵů͕ ŝŶƐƉĞŬƐŝ͕ ƉĞƌďĂŝŬĂŶ ĚĂŶ ƉĞŵďŽŶŐŬĂƌĂŶ ĚĂƌŝ ƉƌŽĚƵŬͲƉƌŽĚƵŬ LJĂŶŐ
ĚŝũĞůĂƐŬĂŶĚŝďĂǁĂŚŝŶŝďĞƐĞƌƚĂƐƵŬƵĐĂĚĂŶŐĚĂŶƉĞƌĂůĂƚĂŶŶLJĂƐĞƌƚĂŵĂƚĞƌŝĂůĚĂŶĂŬƐĞƐŽƌŝŶLJĂ͗
ŝ͘ ŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌ͕ŬĞŶĚĂƌĂĂŶƉĞŶŐĂŶŐŬƵƚŝŶĚƵƐƚƌŝ͕ŬĂƉĂůůĂƵƚĚĂŶŵĞƐŝŶƚƌĂŶƐƉŽƌƚĂƐŝůĂŝŶŶLJĂ͖
ŝŝ͘ ŵĞƐŝŶƉĞŵďĂŬĂƌĂŶŝŶƚĞƌŶĂůĚĂŶŵĞƐŝŶƉĞŶŐŐĞƌĂŬƵƚĂŵĂůĂŝŶŶLJĂ͖
ŝŝŝ͘ ƉĞƌĂůĂƚĂŶŵĞƐŝŶ͕ƉĞƌĂůĂƚĂŶƉĞŶŐĞĐŽƌĂŶĚĂŶƉĞŶĞŵƉĂĂŶ͕ŵĞƐŝŶƉĞƌĂŬŝƚĂŶ͕ŵĞƐŝŶŬŽŶƐƚƌƵŬƐŝĚĂŶŵĞƐŝŶŝŶĚƵƐƚƌŝ
ůĂŝŶŶLJĂĚĂŶƉĞƌĂůĂƚĂŶƉĂƌŬŝƌďĞƌƚŝŶŐŬĂƚĚĂŶŵĞƐŝŶůĂŝŶŶLJĂ͖
ŝǀ͘ ĂůĂƚƵŬƵƌ͕ƉĞƌĂůĂƚĂŶŬŽŵƵŶŝŬĂƐŝĚĂŶƉĞƌĂůĂƚĂŶůŝƐƚƌŝŬůĂŝŶŶLJĂ͖
ǀ͘ ƉƌŽĚƵŬͲƉƌŽĚƵŬŵĞƐŝŶŬĞƌũĂ͕ƉƌŽĚƵŬͲƉƌŽĚƵŬůĞŵďĂƌĂŶůŽŐĂŵ͕ƉƌŽĚƵŬͲƉƌŽĚƵŬƉĞŶŐĞĐŽƌĂŶ͕ƉƌŽĚƵŬͲƉƌŽĚƵŬƚĞŵƉĂ͕
ƉƌŽĚƵŬͲƉƌŽĚƵŬŬĞƌĂŵŝŬ͕ƉƌŽĚƵŬͲƉƌŽĚƵŬƌĞƐŝŶƐŝŶƚĞƚŝƐĚĂŶƉĞƌĂŶŐŬĂƚĚĂŶƉĞƌĂůĂƚĂŶƉĞƌƚĂŶŝĂŶ͘
ϯ͘ ^ƚƌƵŬƚƵƌWĞƌŵŽĚĂůĂŶĚĂŶ^ƵƐƵŶĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵ
WĂĚĂ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ĚŝƚĞƌďŝƚŬĂŶ͕ ƚŝĚĂŬ ƚĞƌĚĂƉĂƚ ƉĞƌƵďĂŚĂŶ ƐƚƌƵŬƚƵƌ ƉĞƌŵŽĚĂůĂŶ ,ŝŶŽ DŽƚŽƌƐ >ƚĚ͘ ĚĂůĂŚ ƐĞďĂŐĂŝ
ďĞƌŝŬƵƚ͗
Ă͘ DŽĚĂůĂƐĂƌƚĞƌĚŝƌŝĚĂƌŝϭ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬƐĂŚĂŵ
ď͘ DŽĚĂůŝƚĞŵƉĂƚŬĂŶƚĞƌĚŝƌŝĚĂƌŝϱϳϰ͘ϱϴϬ͘ϴϱϬƐĂŚĂŵĚĞŶŐĂŶŶŝůĂŝίϳϮ͕ϳϭϳ͕Ϯϴϰ͕ϲϰϭ
Đ͘ DŽĚĂů^ĞƚŽƌƚĞƌĚŝƌŝĚĂƌŝϱϳϰ͘ϱϴϬ͘ϴϱϬƐĂŚĂŵĚĞŶŐĂŶŶŝůĂŝίϳϮ͕ϳϭϳ͕Ϯϴϰ͕ϲϰϭ
WĂĚĂ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ĚŝƚĞƌďŝƚŬĂŶ͕ ƚŝĚĂŬ ƚĞƌĚĂƉĂƚ ƉĞƌƵďĂŚĂŶ͕ ^ƵƐƵŶĂŶ ƉĞŵĞŐĂŶŐ ƐĂŚĂŵ ,ŝŶŽ DŽƚŽƌƐ >ƚĚ ƉĞƌ
ϯϬ^ĞƉƚĞŵďĞƌϮϬϮϯĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝ
:ƵŵůĂŚ
EĂŵĂ EŽŵŝŶĂů й
^ĂŚĂŵ
;ίũƵƚĂͿ
DŽĚĂůĂƐĂƌ ϭ͘ϰϬϬ͘ϬϬϬ͘ϬϬϬ Ͳ Ͳ
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ
ͲdŽLJŽƚĂDŽƚŽƌŽƌƉŽƌĂƚŝŽŶ Ϯϴϳ͘ϴϵϳ͘ϭϮϲ ϯϲ͘ϰϯϱ ϱϬ͕ϭ
ͲdŚĞDĂƐƚĞƌdƌƵƐƚĂŶŬŽĨ:ĂƉĂŶ;dƌƵƐƚĐĐŽƵŶƚͿ ϲϬ͘ϵϬϭ͘ϯϬϬ ϳ͘ϳϬϳ ϭϬ͕ϲ
ͲƵƐƚŽĚLJĂŶŬŽĨ:ĂƉĂŶ>ƚĚ͘;dƌƵƐƚĐĐŽƵŶƚͿ ϭϳ͘Ϭϲϰ͘ϮϬϬ Ϯ͘ϭϲϬ ϯ͕Ϭ
Ͳ^^důŝĞŶƚKŵŶŝďƵƐĐĐŽƵŶƚ ϱ͘Ϯϴϲ͘ϴϱϯ ϲϲϵ Ϭ͕ϵ
ͲdŽŬŝŽDĂƌŝŶĞΘEŝĐŚŝĚŽ&ŝƌĞ/ŶƐƵƌĂŶĐĞŽ͘>ƚĚ ϰ͘ϴϴϰ͘ϬϲϬ ϲϭϴ Ϭ͕ϵ
ͲŶLJ'ĐŵůŝĞŶƚĐĐŽƵŶƚ:ƉƌĚĐůƐŐ;& –Ϳ ϰ͘ϳϬϴ͘ϮϮϭ ϱϵϲ Ϭ͕ϴ
Ͳ:W>>–>:Wz ϰ͘ϲϳϵ͘ϳϰϳ ϱϵϮ Ϭ͕ϴ
ͲDƐĐŽƵƐƚŽŵĞƌ^ĞĐƵƌŝƚŝĞƐ ϰ͘ϰϵϴ͘ϯϯϭ ϱϲϵ Ϭ͕ϴ
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EŝůĂŝ
:ƵŵůĂŚ
EĂŵĂ EŽŵŝŶĂů й
^ĂŚĂŵ
;ίũƵƚĂͿ
Ͳ:W:ƉŵƐĞ>ƵdžZĞEŽŵƵƌĂ/ŶƚWůĐϭ ƋŽ ϰ͘ϮϮϬ͘ϭϯϱ ϱϯϰ Ϭ͕ϳ
ͲĞŶƐŽŽƌƉŽƌĂƚŝŽŶ ϰ͘Ϭϵϱ͘ϲϴϳ ϱϭϴ Ϭ͕ϳ
Ͳ<ĞƉĞŵŝůŝŬĂŶDĂƐLJĂƌĂŬĂƚ ϭϳϲ͘ϯϰϱ͘ϭϵϬ ϮϮ͘ϯϭϴ ϯϬ͕ϳ
dŽƚĂůDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ ϱϳϰ͘ϱϴϬ͘ϴϱϬ ϳϮ͘ϳϭϳ ϭϬϬ͕Ϭ
dŽƚĂů^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů ϴϮϱ͘ϰϭϵ͘ϭϱϬ
ϰ͘ ^ƵƐƵŶĂŶWĞŶŐƵƌƵƐ,ŝŶŽDŽƚŽƌƐ>ƚĚ͘
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐĚŝƚĞƌďŝƚŬĂŶ͕ƚŝĚĂŬƚĞƌĚĂƉĂƚƉĞƌƵďĂŚĂŶ^ƵƐƵŶĂŶWĞŶŐƵƌƵƐ,ŝŶŽDŽƚŽƌƐ>ƚĚ͕͘ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŝƌĞŬƐŝ
WƌĞƐŝĚĞŶΘ K͕ZĞƉƌĞƐĞŶƚĂƚŝǀĞŝƌĞŬƚƵƌ ͗^ĂƚŽƐŚŝKŐŝƐŽ͖
ŝƌĞŬƚƵƌ ͗<ĞŶƚĂ<ŽŶ͖
ŝƌĞŬƚƵƌ ͗DŽƚŽŬĂnjƵzŽƐŚŝĚĂ͖
ŝƌĞŬƚƵƌ ͗<ŽŝĐŚŝDƵƚŽ͖
ŝƌĞŬƚƵƌ ͗DĂƐĂŚŝƌŽEĂŬĂũŝŵĂ͘
ĞǁĂŶƵĚŝƚΘ^ƵƉĞƌǀŝƐŽƌLJ
;KƵƚƐŝĚĞͿƵĚŝƚĂŶĚ^ƵƉĞƌǀŝƐŽƌLJŽĂƌĚDĞŵďĞƌ ͗<ĂƚƐƵLJĂEĂƚŽƌŝ
ƵĚŝƚĂŶĚ^ƵƉĞƌǀŝƐŽƌLJŽĂƌĚDĞŵďĞƌ ͗dŽŵŽŬŽKŬĂnjĂŬŝ;dŽŵŽŬŽ/ŶŽƵĞͿ
ƵĚŝƚĂŶĚ^ƵƉĞƌǀŝƐŽƌLJŽĂƌĚDĞŵďĞƌ ͗/ǁĂŽ<ŝŵƵƌĂ
;KƵƚƐŝĚĞͿƵĚŝƚĂŶĚ^ƵƉĞƌǀŝƐŽƌLJŽĂƌĚDĞŵďĞƌ ͗EĂŽŬŝDŝLJĂnjĂŬŝ
͘ ^Ƶŵŵŝƚ'ůŽďĂůƵƚŽDĂŶĂŐĞŵĞŶƚ͘s͘
ϭ͘ WĞŶĚŝƌŝĂŶ
^Ƶŵŵŝƚ 'ůŽďĂů ƵƚŽ DĂŶĂŐĞŵĞŶƚ ͘s͘ ďĞƌŬĞĚƵĚƵŬĂŶ Ěŝ ŵƐƚĞƌĚĂŵ͕ ĞůĂŶĚĂ͕ ĚĞŶŐĂŶ ĂůĂŵĂƚ ŬĂŶƚŽƌ ƉƵƐĂƚ LJĂŶŐ ďĞƌĂĚĂ
Ěŝ >ƵŶĂƌĞŶĂ͕,ĞƌŝŬĞƌďĞƌŐǁĞŐϭϱϬ͕ϭϭϬϭDŵƐƚĞƌĚĂŵĚŝĚŝƌŝŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶ,ƵŬƵŵEĞŐĂƌĂĞůĂŶĚĂďĞƌĚĂƐĂƌŬĂŶĞĞĚ
ŽĨ /ŶĐŽƌƉŽƌĂƚŝŽŶ ƚĂŶŐŐĂů ϭϭ ĞƐĞŵďĞƌ ϮϬϭϯ LJĂŶŐ ĚŝďƵĂƚ ĚŝŚĂĚĂƉĂŶ tŝũŶĂŶĚ ,ĞŶĚƌŝŬ ŽƐƐĞŶďƌŽĞŬ͕ EŽƚĂƌŝƐ ,ƵŬƵŵ ^ŝƉŝů
ĚŝŵƐƚĞƌĚĂŵ
ŶŐŐĂƌĂŶĚĂƐĂƌ^Ƶŵŵŝƚ'ůŽďĂůƵƚŽDĂŶĂŐĞŵĞŶƚ͘s͘ďĞůƵŵƉĞƌŶĂŚŵĞŶŐĂůĂŵŝƉĞƌƵďĂŚĂŶ͘
Ϯ͘ <ĞŐŝĂƚĂŶhƐĂŚĂ
<ĞŐŝĂƚĂŶ hƐĂŚĂ ^Ƶŵŵŝƚ 'ůŽďĂů ƵƚŽ DĂŶĂŐĞŵĞŶƚ ͘s͘ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ĞĞĚ ŽĨ /ŶĐŽƌƉŽƌĂƚŝŽŶ ƚĂŶŐŐĂů ϭϭ ĞƐĞŵďĞƌ ϮϬϭϯ
ĂĚĂůĂŚ͗
Ă͘ ƵŶƚƵŬ ďĞƌƉĂƌƚŝƐŝƉĂƐŝ ĚĂůĂŵ͕ ŵĞŵďŝĂLJĂŝ ĂƚĂƵ ŵĞŵŝůŝŬŝ ŬĞƉĞŶƚŝŶŐĂŶ ůĂŝŶ ĚĂůĂŵ͕ ĂƚĂƵ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŶŐĞůŽůĂĂŶ
ĚĂůĂŵ͕ďĂĚĂŶŚƵŬƵŵ͕ŬĞŵŝƚƌĂĂŶĂƚĂƵďĂĚĂŶƵƐĂŚĂ͖
ď͘ ƵŶƚƵŬ ŵĞŶLJĞĚŝĂŬĂŶ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ũĂŵŝŶĂŶ͕ ŵĞůĂŬƐĂŶĂŬĂŶ ƉĞŶũĂŵŝŶĂŶ ĂƚĂƵ ĚĞŶŐĂŶ ĐĂƌĂ ůĂŝŶ ŵĞŶĂŶŐŐƵŶŐ
ŬĞǁĂũŝďĂŶ͕ďĂŝŬƐĞĐĂƌĂďĞƌƐĂŵĂͲƐĂŵĂĂƚĂƵƐĞŶĚŝƌŝͲƐĞŶĚŝƌŝ͕ƵŶƚƵŬĂƚĂƵƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŬĞǁĂũŝďĂŶĚĂƌŝŬĞůŽŵƉŽŬ
ƵƐĂŚĂĂƚĂƵƉŝŚĂŬůĂŝŶ͖ĚĂŶ
Đ͘ ƵŶƚƵŬŵĞůĂŬƵŬĂŶĂƉĂƉƵŶLJĂŶŐ͕ĚĂůĂŵĂƌƚŝƐĞůƵĂƐͲůƵĂƐŶLJĂ͕ƚĞƌŬĂŝƚĚĞŶŐĂŶĂƚĂƵŵƵŶŐŬŝŶŬŽŶĚƵƐŝĨƵŶƚƵŬƉĞŶĐĂƉĂŝĂŶ
ƚƵũƵĂŶŽďũĞŬͲŽďũĞŬƚĞƌƐĞďƵƚ
<ĞŐŝĂƚĂŶ ƵƐĂŚĂ LJĂŶŐ ƐĂĂƚ ŝŶŝ ďĞŶĂƌͲďĞŶĂƌ ĚŝũĂůĂŶŬĂŶ ŽůĞŚ ^Ƶŵŵŝƚ 'ůŽďĂů ƵƚŽ DĂŶĂŐĞŵĞŶƚ ͘s ďĞƌĚĂƐĂƌŬĂŶ ĞĞĚ ŽĨ
/ŶĐŽƌƉŽƌĂƚŝŽŶƚĂŶŐŐĂůϭϭĞƐĞŵďĞƌϮϬϭϯĂĚĂůĂŚďĞƌƉĂƌƚŝƐŝƉĂƐŝĚĂůĂŵ͕ŵĞŵďŝĂLJĂŝĂƚĂƵŵĞŵŝůŝŬŝŬĞƉĞŶƚŝŶŐĂŶůĂŝŶĚĂůĂŵ͕ĂƚĂƵ
ƵŶƚƵŬŵĞůĂŬƵŬĂŶƉĞŶŐĞůŽůĂĂŶĚĂůĂŵ͕ďĂĚĂŶŚƵŬƵŵ͕ŬĞŵŝƚƌĂĂŶĂƚĂƵďĂĚĂŶƵƐĂŚĂ͘
ϯ͘ ^ƚƌƵŬƚƵƌWĞƌŵŽĚĂůĂŶĚĂŶ^ƵƐƵŶĂŶWĞŵĞŐĂŶŐ^ĂŚĂŵ
^ƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶ^Ƶŵŵŝƚ'ůŽďĂůƵƚŽDĂŶĂŐĞŵĞŶƚ͘s͘ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ DŽĚĂůŝƚĞŵƉĂƚŬĂŶƚĞƌĚŝƌŝĚĂƌŝϭƐĂŚĂŵĚĞŶŐĂŶŶŝůĂŝ:WίϭϬϬ͘ϬϬϬ͕ϬϬ;^ĞƌĂƚƵƐZŝďƵzĞŶ:ĞƉĂŶŐͿ͖
ď͘ DŽĚĂů^ĞƚŽƌƚĞƌĚŝƌŝĚĂƌŝϭƐĂŚĂŵĚĞŶŐĂŶŶŝůĂŝ:WίϭϬϬ͘ϬϬϬ͕ϬϬ;^ĞƌĂƚƵƐZŝďƵzĞŶ:ĞƉĂŶŐͿ͘
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^ƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵ^Ƶŵŵŝƚ'ůŽďĂůƵƚŽDĂŶĂŐĞŵĞŶƚ͘s͘ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EĂŵĂ :ƵŵůĂŚ^ĂŚĂŵ :ƵŵůĂŚEŝůĂŝEŽŵŝŶĂů й
^ƵŵŝƚŽŵŽŽƌƉŽƌĂƚŝŽŶ ϭ :WίϭϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
:ƵŵůĂŚ ϭ :WίϭϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
:ƵŵůĂŚ^ĂŚĂŵĂůĂŵWŽƌƚĞƉĞů Ͳ Ͳ
ϰ͘ ^ƵƐƵŶĂŶWĞŶŐƵƌƵƐ^Ƶŵŵŝƚ'ůŽďĂůƵƚŽDĂŶĂŐĞŵĞŶƚ͘s͘
^ƵƐƵŶĂŶWĞŶŐƵƌƵƐ^Ƶŵŵŝƚ'ůŽďĂůƵƚŽDĂŶĂŐĞŵĞŶƚ͘s͘ƐĞďĂŐĂŝŵĂŶĂƚĞƌŵƵĂƚĚĂůĂŵƵƐŝŶĞƐƐZĞŐŝƐƚĞƌĞdžƚƌĂĐƚEĞƚŚĞƌůĂŶĚƐ
ŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ/EŽ͘ϱϵϰϮϭϳϵϳƚĂŶŐŐĂůϭϱDĂƌĞƚϮϬϮϯ͕ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĞŶŐƵƌƵƐ
ŝƌĞŬƚƵƌ ͗dƐƵĐŚŝĚĂ͕dĂŬĂLJƵŬŝ
ŝƌĞŬƚƵƌ ͗DŽĐŚŝĚĂ͕ŚŝŬĂĂƚƐƵ
ϭϮ͘ W Z:E:/EW Ed/E' E'EW/,<< d/'
ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ŬĞŐŝĂƚĂŶͲŬĞŐŝĂƚĂŶ ƵƐĂŚĂŶLJĂ͕ WĞƌƐĞƌŽĂŶ ŵĞŶŐĂĚĂŬĂŶ ƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ ĚĞŶŐĂŶ ƉŝŚĂŬ ŬĞƚŝŐĂ͘
WĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ LJĂŶŐ ŵĂƐŝŚ ďĞƌůĂŬƵ ĚĞŶŐĂŶ ƉŝŚĂŬͲƉŝŚĂŬ ƚĞƌƐĞďƵƚ ƐĂŵƉĂŝ ĚĞŶŐĂŶ WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ ĂĚĂůĂŚ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WĞƌũĂŶũŝĂŶͲWĞƌũĂŶũŝĂŶ^ĞǁĂDĞŶLJĞǁĂ
WĞƌƐĞƌŽĂŶ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞǁĂĂŶ ƵŶƚƵŬ ŬĂŶƚŽƌ ƉƵƐĂƚ ĚĂŶ ďĞďĞƌĂƉĂ ŬĂŶƚŽƌ ĐĂďĂŶŐ ƐĞƌƚĂ ďĞďĞƌĂƉĂ ŬĂŶƚŽƌ
ƉĞƌǁĂŬŝůĂŶͬũĂƌŝŶŐĂŶŽƉĞƌĂƐŝďĞƌĚĂƐĂƌŬĂŶƉĞƌũĂŶũŝĂŶƐĞǁĂͲŵĞŶLJĞǁĂƐĞďĂŐĂŝŵĂŶĂďĞƌŝŬƵƚ͗
WĞŵďĞƌŝ^ĞǁĂ
EŽ͘ WĞƌũĂŶũŝĂŶ^ĞǁĂ KďũĞŬ^ĞǁĂ DĂƐĂĞƌĂŬŚŝƌ
;WĞŵŝůŝŬͿ
ϭ͘ ĚĚĞŶĚƵŵ ϮϬϮϰ WĞƌũĂŶũŝĂŶ Wd DƵůƚŝĐĞŶƚƌĂů <ĂŶƚŽƌ WƵƐĂƚ WĞƌƐĞƌŽĂŶ͕ ϯϭͲϭϮͲϮϬϮϰ
^ĞǁĂ DĞŶLJĞǁĂ ZƵĂŶŐ EŽ͘ ƌLJĂŐƵŶĂ ďĞƌůŽŬĂƐŝ Ěŝ /ŶĚŽŵŽďŝů dŽǁĞƌ͕
ϰϭϭͬDͬy//ͬϮϬϮϯƚĂŶŐŐĂůϭϭ >ĂŶƚĂŝ ϭϳ͕ :ů͘ Dd͘ ,ĂƌLJŽŶŽ <ǀ͘
ĞƐĞŵďĞƌ ϮϬϮϯ͕ ĚŝďƵĂƚ Ěŝ ϭϭ͕ ĂǁĂŶŐ ŝĚĂƌĂ ŝŶĂ͕
ďĂǁĂŚ ƚĂŶŐĂŶ ũƵŶĐƚŽ :ĂƚŝŶĞŐĂƌĂ͕:ĂŬĂƌƚĂdŝŵƵƌ
ĚĚĞŶĚƵŵ ϭ :ĂŶƵĂƌŝ ϮϬϮϰ͕
ĚŝďƵĂƚĚŝďĂǁĂŚƚĂŶŐĂŶ
Ϯ͘ ĚĚĞŶĚƵŵ <ĞƚŝŐĂ ƚĂƐ WdEƵƐĂ<ŝƌĂŶĂZĞĂů Kantor Cabang (“KC”) Jakarta ϯϬͲϬϵͲϮϬϮϱ
WĞƌũĂŶũŝĂŶ ^ĞǁĂ DĞŶLJĞǁĂ ƐƚĂƚĞ hƚĂƌĂ͕ďĞƌůŽŬĂƐŝĚŝ'Ě͘<ŝƌĂŶĂ//͕
EŽ͘ϬϰϬ͘ϬϯͬE<͘> 'ͬW^DͲ <ĂŶƚĂŝ ϭϲ&͕ :ů͘ ŽƵůĞǀĂƌĚ dŝŵƵƌ
<Z/Ϯͬ/yͬϮϬϮϯ ƚĂŶŐŐĂů ϭϯ EK͘ ϴϴ͕ <ĞůĂƉĂ 'ĂĚŝŶŐ͕ :ĂŬĂƌƚĂ
^ĞƉƚĞŵďĞƌ ϮϬϮϯ͕ ĚŝďƵĂƚ Ěŝ hƚĂƌĂ
ďĂǁĂŚƚĂŶŐĂŶ
ϯ͘ >ĞĂƐĞ ŐƌĞĞŵĞŶƚ EŽ͘ Wd ůĨĂ 'ŽůĚůĂŶĚ < dĂŶŐĞƌĂŶŐ͕ ďĞƌůŽŬĂƐŝ Ěŝ ϯϭͲϭϬͲϮϬϮϱ
ϬϬϳͬ'ZͬWKd͘> 'ͬ/yͬϮϮ ZĞĂůƚLJ WƌŽŵŝŶĞŶĐĞKĨĨŝĐĞdŽǁĞƌ>ĂŶƚĂŝ
ƚĂŶŐŐĂů Ϯϴ ^ĞƉƚĞŵďĞƌ ϮϬϮϮ͕ Ϯϭ͕:ů͘:ĂůƵƌ^ƵƚĞƌĂĂƌĂƚ<Ăǀ͘ϭϳ͕
ĚŝďƵĂƚĚŝďĂǁĂŚƚĂŶŐĂŶ ůĂŵ ^ƵƚĞƌĂ͕ <ŽƚĂ dĂŶŐĞƌĂŶŐ͕
ĂŶƚĞŶ
ϰ͘ ŬƚĂWĞƌƉĂŶũĂŶŐĂŶWĞƌũĂŶũŝĂŶ ^ƌŝ ZĞĚũĞŬŝ < ^ĞŵĂƌĂŶŐ͕ ďĞƌůŽŬĂƐŝ Ěŝ :ů͘ ϮϵͲϬϳͲϮϬϮϰ
^ĞǁĂ DĞŶLJĞǁĂ EŽ͘ ϭϲ ƵĚŝŚĂƌƚŽ ďĚƵƌĂŚŵĂŶ ^ĂůĞŚ EŽ͘ ϲϬ͕
ƚĂŶŐŐĂů ϮϬ :ƵŶŝ ϮϬϮϮ͕ ĚŝďƵĂƚ <ĂůŝďĂŶƚĞŶŐ <ŝĚƵů͕ ^ĞŵĂƌĂŶŐ͕
Ěŝ ŚĂĚĂƉĂŶ /ŶĚĂŚ /ŶĚƌŝĂŶŝ͕ :ĂǁĂdĞŶŐĂŚ
^͘,͕͘ ^͘E͕͘ EŽƚĂƌŝƐ Ěŝ
^ĞŵĂƌĂŶŐ
ϱ͘ WĞƌũĂŶũŝĂŶ WŝŶũĂŵ WĂŬĂŝ EŽ͘ Wd dĂŶƌŝƐĞ < ^ƵƌĂďĂLJĂ͕ ďĞƌůŽŬĂƐŝ Ěŝ ϯϭͲϬϴͲϮϬϮϳ
ϬϭϮͬW/E:D W</ͬ> 'ͬd/Ͳ /ŶĚŽŶĞƐŝĂ 'ĞĚƵŶŐ sŽnjĂ dŽǁĞƌ͕ hŶŝƚ
sKͬs///ͬϮϬϮϮ ƚĂŶŐŐĂů ϯϭ >ĂŶƚĂŝϭϮ͕:ů͘,Z͘DƵŚĂŵŵĂĚEŽ͘
ŐƵƐƚƵƐ ϮϬϮϮ͕ ĚŝďƵĂƚ Ěŝ ϯϭ͕^ƵƌĂďĂLJĂ͕:ĂǁĂdĞŶŐĂŚ
ďĂǁĂŚƚĂŶŐĂŶ
ϲ͘ ŬƚĂ WĞƌƉĂŶũĂŶŐĂŶ ^ĞǁĂ dŽƚŽ^ƵƐŝůŽ < >ĂŵƉƵŶŐ͕ ďĞƌůŽŬĂƐŝ Ěŝ :ů͘ ϭϴͲϬϮͲϮϬϮϲ
DĞŶLJĞǁĂ EŽ͘ ϭϬ ƚĂŶŐŐĂů ϮϮ DƵŚĂŵŵĂĚ ,ƵƐŶŝ dŚĂŵƌŝŶ EŽ͘
:ĂŶƵĂƌŝ ϮϬϮϰ͕ ĚŝďƵĂƚ Ěŝ
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WĞŵďĞƌŝ^ĞǁĂ
EŽ͘ WĞƌũĂŶũŝĂŶ^ĞǁĂ KďũĞŬ^ĞǁĂ DĂƐĂĞƌĂŬŚŝƌ
;WĞŵŝůŝŬͿ
ŚĂĚĂƉĂŶEĞĚŝ,ĞƌLJĂŶĚŝ͕^͘,͕͘ ϴϰ͕ 'ŽƚŽŶŐ ZŽLJŽŶŐ͕ dĂŶũƵŶŐ
EŽƚĂƌŝƐ <ĂƌĂŶŐWƵƐĂƚ͕ĂŶĚĂƌ>ĂŵƉƵŶŐ
ϳ͘ ŵĂŶĚĞŵĞŶ <ĞƚŝŐĂ ƚĂŶŐŐĂů Wd ^ƵƌLJĂ ďĂĚŝ < WĂůĞŵďĂŶŐ͕ ďĞƌůŽŬĂƐŝ Ěŝ ϭϲͲϬϲͲϮϬϮϱ
ϭϳDĞŝϮϬϮϯ͕ĚŝďƵĂƚĚŝďĂǁĂŚ ƵŵĂŝ/ŶĚƵƐƚƌŝ ^ƵĚŝƌŵĂŶ KĨĨŝĐĞ dŽǁĞƌ ;ŝƚLJ
ƚĂŶŐĂŶ ĞŶƚƌĞͿ͕ >ĂŶƚĂŝ ϲ͕ :ů͘ :ĞŶĚƌĂů
^ƵĚŝƌŵĂŶ EŽ͘ ϱϳ͕ WĂůĞŵďĂŶŐ͕
^ƵŵĂƚĞƌĂ^ĞůĂƚĂŶ
ϴ͘ ƵŬƵ WĞƌũĂŶũŝĂŶ ^ĞǁĂ Wd ^ƵƌLJĂ ƵŵĂŝ < WĞŬĂŶďĂƌƵ͕ ďĞƌůŽŬĂƐŝ Ěŝ ϭϭͲϬϵͲϮϬϮϰ
ZƵĂŶŐĂŶ EŽ͘ ϬϯϱͬDͲ /ŶĚƵƐƚƌŝdďŬ 'ĞĚƵŶŐ ^ƵƌLJĂ ƵŵĂŝ >ĂŶƚĂŝ ϯ
'^'ͬǀŝͬϮϬϮϮ ƚĂŶŐŐĂů ϯ ;ϰͿ͕ :ů͘ :ĞŶĚĞƌĂů ^ƵĚŝƌŵĂŶ EŽ͘
ŐƵƐƚƵƐ ϮϬϮϬ͕ ĚŝďƵĂƚ Ěŝ ϯϵϱ͕WĞŬĂŶďĂƌƵ͕ZŝĂƵ
ďĂǁĂŚƚĂŶŐĂŶ
ϵ͘ ĚĚĞŶĚƵŵ <ĞĚƵĂ WĞƌũĂŶũŝĂŶ Wd ĂLJĂ ŝƉƚĂ < DĞĚĂŶ͕ ďĞƌůŽŬĂƐŝ Ěŝ Θ ' ϯϭͲϬϭͲϮϬϮϲ
ƚĂŶŐŐĂů Ϯϳ ĞƐĞŵďĞƌ ϮϬϮϮ͕ ŶƵŐĞƌĂŚ dŽǁĞƌ ůĂŶƚĂŝ ϭϭ hŶŝƚ ϭϭϬϯ͕ :ů͘
ĚŝďƵĂƚĚŝďĂǁĂŚƚĂŶŐĂŶ WƵƚƌŝ ,ŝũĂƵ EK͘ ϭϬ͕ DĞĚĂŶ͕
^ƵŵĂƚĞƌĂhƚĂƌĂ
ϭϬ͘ WĞƌƉĂŶũĂŶŐĂŶ <ŽŶƚƌĂŬ EŽ͘ Wd tŝƐŵĂ <ĂŶĚƵŶŐ͕ďĞƌůŽŬĂƐŝĚŝtŝƐŵĂ ϬϭͲϬϱͲϮϬϮϱ
tWͬϰϬϬͬϭϴϭ ;ηϳϬϯͿ ƚĂŶŐŐĂů ƵŵŝƉƵƚĞƌĂ ƵŵŝƉƵƚĞƌĂ ^ƵŝƚĞ ϳϬϯ͕ >ĂŶƚĂŝ ϳ͕
Ϯϰ &ĞďƌƵĂƌŝ ϮϬϮϯ͕ ĚŝďƵĂƚ Ěŝ :ů͘ ƐŝĂ ĨƌŝŬĂ EŽ͘ ϭϰϭͲϭϰϵ͕
ďĂǁĂŚƚĂŶŐĂŶ <ĞďŽŶ WŝƐĂŶŐ͕ ^ƵŵƵƌ ĂŶĚƵŶŐ͕
ĂŶĚƵŶŐ͕:ĂǁĂĂƌĂƚ
ϭϭ͘ WĞƌũĂŶũŝĂŶ ^ĞǁĂ DĞŶLJĞǁĂ Wd'ƵƐƚŝďĂĚŝ < :Ăŵďŝ͕ ďĞƌůŽŬĂƐŝ Ěŝ 'ĞĚƵŶŐ ϯϬͲϭϭͲϮϬϮϰ
ZƵĂŶŐ <ĂŶƚŽƌ ŝ 'ĞĚƵŶŐ ďĂĚŝ ,ŽƚĞů Θ ŽŶǀĞŶƚŝŽŶ
ďĂĚŝ ,ŽƚĞů Θ ŽŶǀĞŶƚŝŽŶ ĞŶƚĞƌ͕ >ĂŶƚĂŝ ϭ͕ :ů͘ 'ĂƚŽƚ
ĞŶƚĞƌ EŽ͘ ^ƵďƌŽƚŽEŽ͘ϵϮͲϵϴ͕:Ăŵďŝ
Ϭϵϯͬ>'>,&/ͬ/yͬϮϬϮϮ ƚĂŶŐŐĂů
ϯϬEŽǀĞŵďĞƌϮϬϮϮ͕ĚŝďƵĂƚĚŝ
ďĂǁĂŚƚĂŶŐĂŶ
ϭϮ͘ ĚĚĞŶĚƵŵ WĞƌƚĂŵĂ ƚĂŶŐŐĂů Wd&ĂũĂƌ'ƌĂŚĂWĞŶĂ < DĂŬĂƐƐĂƌ͕ ďĞƌůŽŬĂƐŝ Ěŝ ϮϮͲϭϭͲϮϬϮϱ
Ϯϴ ŐƵƐƚƵƐ ϮϬϮϯ͕ ĚŝďƵĂƚ Ěŝ DĂŬĂƐƐĂƌ 'ĞĚƵŶŐ &ĂũĂƌ 'ƌĂŚĂ WĞŶĂ
ďĂǁĂŚƚĂŶŐĂŶ DĂŬĂƐƐĂƌ͕>ĂŶƚĂŝϵ͕<Ăǀ͘ϵϬϮͲϵϬϯ͕
:ů͘ hƌŝƉ ^ƵŵŽŚĂƌũŽ EŽ͘ ϮϬ͕
DĂŬĂƐƐĂƌ͕^ƵůĂǁĞƐŝ^ĞůĂƚĂŶ
WĞƌũĂŶũŝĂŶͲWĞƌũĂŶũŝĂŶWĞŶĞƌŝŵĂĂŶ&ĂƐŝůŝƚĂƐ<ƌĞĚŝƚͬWŝŶũĂŵĂŶ
WĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶĚĂůĂŵƌĂŶŐŬĂƉĞŶĞƌŝŵĂĂŶĨĂƐŝůŝƚĂƐŬƌĞĚŝƚͬƉŝŶũĂŵĂŶ͗
:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐdĞƌƵƚĂŶŐ
EŽ͘ <ĞƚĞƌĂŶŐĂŶ EŽ͘WĞƌũĂŶũŝĂŶ WŝŚĂŬ<ĞƚŝŐĂ :ĂŶŐŬĂtĂŬƚƵ
ƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϯ
ϭ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ WĞƌũĂŶũŝĂŶ <ƌĞĚŝƚ EŽ͘ Wd ĂŶŬ dWE ͲWĞƌŝŽĚĞ ZƉϮϬϬ͘ϰϬϴ͘ϬϬϬ͘ϬϬϬ͕Ͳ
:ĂŶŐŬĂ WĂŶũĂŶŐ ^D/ͬE^ͬϬϰϮϴƚĂŶŐŐĂůϱ dďŬ ;ĚĂŚƵůƵ Wd ŬĞƚĞƌƐĞĚŝĂĂŶͬ
^ĞďĞƐĂƌ ^ĞƉƚĞŵďĞƌϮϬϭϲĚŝďƵĂƚĚŝ ĂŶŬ^ƵŵŝƚŽŵŽ ƉĞŶĂƌŝŬĂŶ
h^ϰϬ͘ϬϬϬ͘ϬϬϬ ďĂǁĂŚ ƚĂŶŐĂŶ ũƵŶĐƚŽ DŝƚƐƵŝ ;ĂǀĂŝůĂďŝůŝƚLJ
^ŬĞĚƵů EŽ͘ ϬϬϭ ĚŝďƵĂƚ Ěŝ /ŶĚŽŶĞƐŝĂͿ ƉĞƌŝŽĚͿ͗ Ϯϴ
ďĂǁĂŚ ƚĂŶŐĂŶ͕ Ɖƌŝů ϮϬϮϯ
ƐĞůĂŶũƵƚŶLJĂ ŵĞŶŐĂůĂŵŝ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ƉĞƌƵďĂŚĂŶ ƚĞƌĂŬŚŝƌ ϯϬƉƌŝůϮϬϮϰ͘
ďĞƌĚĂƐĂƌŬĂŶ WĞƌƵďĂŚĂŶ
<ĞƚŝŐĂ ĂƚĂƐ WĞƌũĂŶũŝĂŶ Ͳ:ĂƚƵŚ
<ƌĞĚŝƚ ƚĂŶŐŐĂů Ϯϴ Ɖƌŝů dĞŵƉŽ͗ϰϴ
ϮϬϮϯ ĚŝďƵĂƚ Ěŝ ďĂǁĂŚ ďƵůĂŶ ƐĞƚĞůĂŚ
ƚĂŶŐĂŶ ũƵŶĐƚŽ ^ŬĞĚƵů EŽ͘ ƚĂŶŐŐĂů
ϬϭϮƚĂŶŐŐĂůϮϴƉƌŝůϮϬϮϯ ƉĞŶĂƌŝŬĂŶ
(selanjutnya disebut ”W< ƚĞƌĂŬŚŝƌ
dWE”) ĨĂƐŝůŝƚĂƐ ƉĂĚĂ
ƉĞƌŝŽĚĞ
ŬĞƚĞƌƐĞĚŝĂĂŶͬ
ƉĞŶĂƌŝŬĂŶ͘
Ϯ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚWĞƌũĂŶũŝĂŶ <ƌĞĚŝƚ EŽ͘ Wd ĂŶŬ dWE ͲWĞƌŝŽĚĞ ZƉϯϯϰ͘ϵϵϮ͘ϬϬϬ͘ϬϬϬ͕Ͳ
89
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:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐdĞƌƵƚĂŶŐ
EŽ͘ <ĞƚĞƌĂŶŐĂŶ EŽ͘WĞƌũĂŶũŝĂŶ WŝŚĂŬ<ĞƚŝŐĂ :ĂŶŐŬĂtĂŬƚƵ
ƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϯ
:ĂŶŐŬĂ WĂŶũĂŶŐ ^D/ͬE^ͬϬϰϮϴƚĂŶŐŐĂůϱ dďŬ ;ĚĂŚƵůƵ Wd ŬĞƚĞƌƐĞĚŝĂĂŶͬ
^ĞďĞƐĂƌ ^ĞƉƚĞŵďĞƌϮϬϭϲĚŝďƵĂƚĚŝ ĂŶŬ^ƵŵŝƚŽŵŽ ƉĞŶĂƌŝŬĂŶ
h^ϱϬ͘ϬϬϬ͘ϬϬϬ ďĂǁĂŚ ƚĂŶŐĂŶ ũƵŶĐƚŽ DŝƚƐƵŝ ;ĂǀĂŝůĂďŝůŝƚLJ
^ŬĞĚƵů EŽ͘ ϬϬϭ ĚŝďƵĂƚ Ěŝ /ŶĚŽŶĞƐŝĂͿ ƉĞƌŝŽĚͿ͗ ϯϬ
ďĂǁĂŚ ƚĂŶŐĂŶ͕ Ɖƌŝů ϮϬϮϰ
ƐĞůĂŶũƵƚŶLJĂ ŵĞŶŐĂůĂŵŝ ƐĂŵƉĂŝ ĚĞŶŐĂŶ
ƉĞƌƵďĂŚĂŶ ƚĞƌĂŬŚŝƌ ϯϭ ĞƐĞŵďĞƌ
ďĞƌĚĂƐĂƌŬĂŶ WĞƌƵďĂŚĂŶ ϮϬϮϰ͘
ŬĞĞŵƉĂƚ ĂƚĂƐ WĞƌũĂŶũŝĂŶ
<ƌĞĚŝƚ ƚĂŶŐŐĂů ϭϵ Ɖƌŝů Ͳ:ĂƚƵŚ
ϮϬϮϰ ĚŝďƵĂƚ Ěŝ ďĂǁĂŚ dĞŵƉŽ͗ϰϴ
ƚĂŶŐĂŶ ũƵŶĐƚŽ ^ŬĞĚƵů EŽ͘ ďƵůĂŶ ƐĞƚĞůĂŚ
ϬϭϰƚĂŶŐŐĂůϭϵƉƌŝůϮϬϮϰ ƚĂŶŐŐĂů
(selanjutnya disebut ”W< ƉĞŶĂƌŝŬĂŶ
dWEϮ”) ƚĞƌĂŬŚŝƌ
ĨĂƐŝůŝƚĂƐ ƉĂĚĂ
ƉĞƌŝŽĚĞ
ŬĞƚĞƌƐĞĚŝĂĂŶͬ
ƉĞŶĂƌŝŬĂŶ͘
ϯ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ WĞƌũĂŶũŝĂŶ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ WdĂŶŬDŝnjƵŚŽ ͲWĞƌŝŽĚĞ ZƉϳϮϬ͘ϯϵϮ͘ϬϬϬ͘ϬϬϬ͕Ͳ
:ĂŶŐŬĂ WĂŶũĂŶŐ – EŽ͘ ϯϭϰͬDͬD,ͬϬϯϭϳ /ŶĚŽŶĞƐŝĂ <ĞƚĞƌƐĞĚŝĂĂŶͬ
ZĞǀŽůǀŝŶŐ >ŽĂŶ / ƚĂŶŐŐĂů ϮϮ DĂƌĞƚ ϮϬϭϳ WĞŶĂƌŝŬĂŶ
^ĞďĞƐĂƌ ĚŝďƵĂƚ Ěŝ ďĂǁĂŚ ƚĂŶŐĂŶ ;ĂǀĂŝůĂďŝůŝƚLJ
h^ϰϬ͘ϬϬϬ͘ϬϬϬ ũƵŶĐƚŽ ^ŬĞĚƵů EŽ͘ ƉĞƌŝŽĚͿ ƐĂŵƉĂŝ
ĚĂŶ ϯϭϱͬ>EͬD,ͬϬϯϭϳ ĚĞŶŐĂŶ ƚĂŶŐŐĂů
ZĞǀŽůǀŝŶŐ >ŽĂŶ // ƚĂŶŐŐĂů ϮϮ DĂƌĞƚ ϮϬϭϳ͕ ϯϬƉƌŝůϮϬϮϱ͘
^ĞďĞƐĂƌ ƐĞůĂŶũƵƚŶLJĂ ŵĞŶŐĂůĂŵŝ
h^ϱϬ͘ϬϬϬ͘ϬϬϬ ƉĞƌƵďĂŚĂŶ ƚĞƌĂŬŚŝƌ
ďĞƌĚĂƐĂƌŬĂŶ WĞƌƵďĂŚĂŶ :ĂƚƵŚ dĞŵƉŽ
EŽ͘ ϯϵϱͬDͬD,ͬϬϰϮϰ &ĂƐŝůŝƚĂƐ
ƚĂŶŐŐĂů ϯϬ Ɖƌŝů ϮϬϮϰ͕ ZĞǀŽůǀŝŶŐ >ŽĂŶ
ĚŝďƵĂƚ Ěŝ ďĂǁĂŚ ƚĂŶŐĂŶ / ĚĂŶ ZĞǀŽůǀŝŶŐ
ũƵŶĐƚŽ WĞƌƵďĂŚĂŶ EŽ͘ >ŽĂŶ //͗ ϰϴ
ϯϵϲͬDͬD,ͬϬϰϮϰ ďƵůĂŶ ƐĞƚĞůĂŚ
ƚĂŶŐŐĂů ϯϬ Ɖƌŝů ϮϬϮϰ͕ ƚĂŶŐŐĂů
ĚŝďƵĂƚ Ěŝ ďĂǁĂŚ ƚĂŶŐĂŶ ƉĞŶĂƌŝŬĂŶ
(selanjutnya disebut ”W< ƚĞƌĂŬŚŝƌ ĂƚĂƐ
DŝnjƵŚŽ”) ŵĂƐŝŶŐͲŵĂƐŝŶŐ
&ĂƐŝůŝƚĂƐ
ZĞǀŽůǀŝŶŐ >ŽĂŶ
/ ĚĂŶ ZĞǀŽůǀŝŶŐ
>ŽĂŶ // ƉĂĚĂ
ƉĞƌŝŽĚĞ
ŬĞƚĞƌƐĞĚŝĂĂŶͬ
ƉĞŶĂƌŝŬĂŶ͘
ϰ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ WĞƌũĂŶũŝĂŶ <ĞĚŝƚ EŽ͘ Dh&'ĂŶŬ>ƚĚ ϯϬƉƌŝůϮϬϯϬ ZƉϰϳϳ͘ϴϵϲ͘ϬϬϬ͘ϬϬϬ͕Ͳ
:ĂŶŐŬĂ WĂŶũĂŶŐ Ͳ ϮϬϮϰͲϬϬϭϮϯϱϮ ƚĂŶŐŐĂů ϯϬ
hŶĐŽŵŵŝƚƚĞĚ Ɖƌŝů ϮϬϮϰ͕ ĚŝďƵĂƚ Ěŝ
>ŽĂŶ /͕ ƐĞďĞƐĂƌ ďĂǁĂŚ ƚĂŶŐĂŶ
h^ϴϰ͘ϬϬϬ͘ϬϬϬ (selanjutnya disebut ”W<
hŶĐŽŵŵŝƚƚĞĚ Dh&'”)
>ŽĂŶ //͕ ƐĞďĞƐĂƌ
h^ϯϭ͘ϬϬϬ͘ϬϬϬ
ϱ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ WĞƌũĂŶũŝĂŶ&ĂƐŝůŝƚĂƐƚĂŶŐŐĂů ĞƵƚƐĐŚĞ ĂŶŬ &ĂƐŝůŝƚĂƐ ŝŶŝ ZƉϭϰϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ͘
:ĂŶŐŬĂ WĞŶĚĞŬ Ϯϳ :ƵŶŝ ϮϬϭϲ͕ ĚŝďƵĂƚ Ěŝ ' ĂďĂŶŐ ƚĞƌƐĞĚŝĂƐĂŵƉĂŝ
ƐĞďĞƐĂƌ ďĂǁĂŚ ƚĂŶŐĂŶ͕ :ĂŬĂƌƚĂ ĚĞŶŐĂŶ ƚĂŶŐŐĂů
h^ϭϬ͘ϬϬϬ͘ϬϬϬ ƐĞůĂŶũƵƚŶLJĂ ŵĞŶŐĂůĂŵŝ (“Deutsche ϯϬ Ɖƌŝů ϮϬϮϱ
ƉĞƌƵďĂŚĂŶ ƚĞƌĂŬŚŝƌ Bank”) ĚĂŶ ŽƚŽŵĂƚŝƐ
ďĞƌĚĂƐĂƌŬĂŶ WĞƌũĂŶũŝĂŶ ĚŝƉĞƌƉĂŶũĂŶŐ
&ĂƐŝůŝƚĂƐ ƚĂŶŐŐĂů Ϯϭ Ɖƌŝů ƵŶƚƵŬ ϭϮ ;ĚƵĂ
ϮϬϮϮ͕ ĚŝďƵĂƚ Ěŝ ďĂǁĂŚ ďĞůĂƐͿ ďƵůĂŶ
90
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:ƵŵůĂŚ>ŝĂďŝůŝƚĂƐdĞƌƵƚĂŶŐ
EŽ͘ <ĞƚĞƌĂŶŐĂŶ EŽ͘WĞƌũĂŶũŝĂŶ WŝŚĂŬ<ĞƚŝŐĂ :ĂŶŐŬĂtĂŬƚƵ
ƉĞƌϯϭĞƐĞŵďĞƌϮϬϮϯ
ƚĂŶŐĂŶ ũƵŶĐƚŽ ^ƵƌĂƚ ŬĞĚĞƉĂŶ ƐĞũĂŬ
ĞƵƚƐĐŚĞĂŶŬ'ƚĂŶŐŐĂů ƚĂŶŐŐĂů
Ϯϵ Ɖƌŝů ϮϬϮϰ͕ WĞƌŝŚĂů͗ ďĞƌĂŬŚŝƌŶLJĂ͘
WĞƌũĂŶũŝĂŶ &ĂƐŝůŝƚĂƐ LJĂŶŐ WĂĚĂ dĂŶŐŐĂů
ĚŝŬĞůƵĂƌŬĂŶ ĚĂŶ ĚŝƚĞƌďŝƚŬĂŶŶLJĂ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚ,ĞĂĚ WƌŽƐƉĞŬƚƵƐ ŝŶŝ
ŽĨ 'ůŽďĂů dƌĂŶƐĂĐƚŝŽŶ ĨĂƐŝůŝƚĂƐ ŬƌĞĚŝƚ
ĂŶŬŝŶŐ /ŶĚŽŶĞƐŝĂ ĚĂŶ ƚĞƌƐĞďƵƚ
,ĞĂĚ ŽĨ ŽƌƉŽƌĂƚĞ ĚŝƉĞƌƉĂŶũĂŶŐ
ĂŶŬŝŶŐ ŽǀĞƌĂŐĞ ƐĞĐĂƌĂŽƚŽŵĂƚŝƐ
/ŶĚŽŶĞƐŝĂ ĞƵƚƐĐŚĞ ĂŶŬ ĚĂŶ ŵĂƐŝŚ
ƐĞƌƚĂ ƚĞůĂŚ ĚŝƐĞƚƵũƵŝ ŽůĞŚ ŵĞŶŐŝŬĂƚ ĚĂŶ
WĞƌƐĞƌŽĂŶ ĚĞŶŐĂŶ ƚƵƌƵƚ ďĞƌůĂŬƵ ďĂŐŝ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ Ϯ WĂƌĂWŝŚĂŬ͘
;ĚƵĂͿ ŝƌĞŬƚƵƌ WĞƌƐĞƌŽĂŶ
(selanjutnya disebut ”W<
ĞƵƚƐĐŚĞĂŶŬ”)
ϲ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ hŶĐŽŵŵŝƚƚĞĚ ƵĂů ^ƵŵŝƚŽŵŽ ͲWĞŶĂƌŝŬĂŶ ZƉϰϮϯ͘ϵϰϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ
:ĂŶŐŬĂ WĂŶũĂŶŐ ƵƌƌĞŶĐLJ dĞƌŵ >ŽĂŶ DŝƚƐƵŝ dƌƵƐƚ ĚĂůĂŵ ŵĂƚĂ
ƐĞďĞƐĂƌ &ĂĐŝůŝƚLJ ƚĂŶŐŐĂů ϯϬ ĂŶŬ͕ >ŝŵŝƚĞĚ ƵĂŶŐ h^ ŽůůĂƌ͕
h^ϰϬ͘ϬϬϬ͘ϬϬϬ ĞƐĞŵďĞƌϮϬϭϱ͕ĚŝďƵĂƚĚŝ ĂďĂŶŐ ũĂƚƵŚ ƚĞŵƉŽ
ďĂǁĂŚ ƚĂŶŐĂŶ͕ ^ŝŶŐĂƉƵƌĂ ƉĂĚĂƚĂŶŐŐĂůϯϬ
ƐĞůĂŶũƵƚŶLJĂ ŵĞŶŐĂůĂŵŝ ƉƌŝůϮϬϮϵ͖
ƉĞƌƵďĂŚĂŶ ƚĞƌĂŬŚŝƌ
ďĞƌĚĂƐĂƌŬĂŶ ŵĞŶĚŝŶŐ ͲWĞŶĂƌŝŬĂŶ
ĂŶĚ ZĞƐƚĂƚŝŶŐ ŐƌĞĞŵĞŶƚ ĚĂůĂŵ ŵĂƚĂ
ƚĂŶŐŐĂů Ϯϴ Ɖƌŝů ϮϬϮϮ͕ ƵĂŶŐ zĞŶ
ĚŝďƵĂƚ Ěŝ ďĂǁĂŚ ƚĂŶŐĂŶ :ĞƉĂŶŐ͕ ũĂƚƵŚ
ũƵŶĐƚŽ ^ƵƉƉůĞŵĞŶƚĂů ƚĞŵƉŽ ƉĂĚĂ
ŐƌĞĞŵĞŶƚ ƚĂŶŐŐĂů Ϯϴ ƚĂŶŐŐĂůϮϳƉƌŝů
Ɖƌŝů ϮϬϮϯ͕ ĚŝďƵĂƚ Ěŝ ϮϬϮϵ͖
ďĂǁĂŚ ƚĂŶŐĂŶ
(selanjutnya disebut ”W< ͲWĞŶĂƌŝŬĂŶ
W<^Dd”) ĚĂůĂŵ ŵĂƚĂ
ƵĂŶŐ ZƵƉŝĂŚ
/ŶĚŽŶĞƐŝĂ͕
ũĂƚƵŚ ƚĞŵƉŽ
ƉĂĚĂƚĂŶŐŐĂůϯϬ
ƉƌŝůϮϬϮϳ͘
ϳ &ĂƐŝůŝƚĂƐ <ƌĞĚŝƚ hŶĐŽŵŵŝƚƚĞĚ ƵĂů ^ƵŵŝƚŽŵŽ ͲWĞŶĂƌŝŬĂŶ ZƉϬ
:ĂŶŐŬĂ WĂŶũĂŶŐ ƵƌƌĞŶĐLJ dĞƌŵ >ŽĂŶ DŝƚƐƵŝ dƌƵƐƚ ĚĂůĂŵ ŵĂƚĂ
ƐĞďĞƐĂƌ &ĂĐŝůŝƚLJ ƚĂŶŐŐĂů ϯϬ Ɖƌŝů ĂŶŬ͕ >ŝŵŝƚĞĚ ƵĂŶŐ h^ ŽůůĂƌ͕
h^ϰϬ͘ϬϬϬ͘ϬϬϬ ϮϬϮϬ͕ ĚŝďƵĂƚ Ěŝ ďĂǁĂŚ ĂďĂŶŐ ũĂƚƵŚ ƚĞŵƉŽ
ƚĂŶŐĂŶ͕ ƐĞůĂŶũƵƚŶLJĂ ^ŝŶŐĂƉƵƌĂ ƉĂĚĂƚĂŶŐŐĂůϯϬ
ŵĞŶŐĂůĂŵŝ ƉĞƌƵďĂŚĂŶ ƉƌŝůϮϬϯϬ͖
ƚĞƌĂŬŚŝƌ ďĞƌĚĂƐĂƌŬĂŶ
ŵĞŶĚŝŶŐ ĂŶĚ ZĞƐƚĂƚŝŶŐ ͲWĞŶĂƌŝŬĂŶ
ŐƌĞĞŵĞŶƚ ƚĂŶŐŐĂů Ϯϴ ĚĂůĂŵ ŵĂƚĂ
Ɖƌŝů ϮϬϮϮ͕ ĚŝďƵĂƚ Ěŝ ƵĂŶŐ zĞŶ
ďĂǁĂŚ ƚĂŶŐĂŶ ũƵŶĐƚŽ :ĞƉĂŶŐ͕ ũĂƚƵŚ
^ƵƉƉůĞŵĞŶƚĂů ŐƌĞĞŵĞŶƚ ƚĞŵƉŽ ƉĂĚĂ
ƚĂŶŐŐĂů Ϯϴ Ɖƌŝů ϮϬϮϯ͕ ƚĂŶŐŐĂůϯϬƉƌŝů
ĚŝďƵĂƚ Ěŝ ďĂǁĂŚ ƚĂŶŐĂŶ͕ ϮϬϯϬ͖
ĚŝďƵĂƚ Ěŝ ďĂǁĂŚ ƚĂŶŐĂŶ
ũƵŶĐƚŽ ^ƵƉƉůĞŵĞŶƚĂů ͲWĞŶĂƌŝŬĂŶ
ŐƌĞĞŵĞŶƚ ƚĂŶŐŐĂů ϯϬ ĚĂůĂŵ ŵĂƚĂ
Ɖƌŝů ϮϬϮϰ͕ ĚŝďƵĂƚ Ěŝ ƵĂŶŐ ZƵƉŝĂŚ
ďĂǁĂŚ ƚĂŶŐĂŶ /ŶĚŽŶĞƐŝĂ͕
(selanjutnya disebut ”W< ũĂƚƵŚ ƚĞŵƉŽ
W<^DdϮ”) ƉĂĚĂƚĂŶŐŐĂůϮϴ
ƉƌŝůϮϬϮϴ͘
91
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ϭϯ͘ < d ZE'Ed EdE'^ d
EŝůĂŝďƵŬƵĚĂƌŝĂƐĞƚƚĞƚĂƉLJĂŶŐĚŝŵŝůŝŬŝWĞƌƐĞƌŽĂŶƉĞƌƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯďĞƌĚĂƐĂƌŬĂŶ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ
LJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<WWƵƌǁĂŶƚŽŶŽ͕^ƵŶŐŬŽƌŽΘ^ƵƌũĂ; ƌŶƐƚΘzŽƵŶŐ/ŶĚŽŶĞƐŝĂͿ ĂĚĂůĂŚƐĞďĞƐĂƌZƉϮϯ͘ϭϳϲ͘ϭϬϵ͘ϲϬϭ
WĂĚĂ ƚĂŶŐŐĂů WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚŝƚĞƌďŝƚŬĂŶ͕ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŚĂƌƚĂ ŬĞŬĂLJĂĂŶ ďĞƌƵƉĂ ďĞŶĚĂ ƚŝĚĂŬ ďĞƌŐĞƌĂŬ ŶĂŵƵŶ
WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝŚĂƌƚĂŬĞŬĂLJĂĂŶďĞƌƵƉĂďĞŶĚĂďĞƌŐĞƌĂŬďĞƌƵƉĂϴ;ĚĞůĂƉĂŶͿƵŶŝƚŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌďĞƌŽĚĂĞŵƉĂƚLJĂŝƚƵ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŽ͘ <ĞƚĞƌĂŶŐĂŶ dĂŚƵŶ EŽ͘WŽůŝƐŝ EŽ͘W<
ϭ dŽLJŽƚĂEĞǁǀĂŶnjĂϭ͘ϯ ^d ϮϬϭϵ Ϯϲϭϴdz& KͲϬϲϲϯϵϰϵϲ
Ϯ dŽLJŽƚĂEĞǁǀĂŶnjĂϭ͘ϯ ^d ϮϬϭϵ ϮϬϲϯdz' KͲϬϲϲϰϯϵϱϵ
ϯ dŽLJŽƚĂEĞǁǀĂŶnjĂϭ͘ϯ ^d ϮϬϭϵ Ϯϴϱϯdz KͲϬϲϲϯϭϯϳϲ
ϰ dŽLJŽƚĂEĞǁǀĂŶnjĂϭ͘ϯ'^d ϮϬϭϵ ϮϮϬϴd/& WͲϬϲϵϰϮϯϲϱ
ϱ dŽLJŽƚĂEĞǁǀĂŶnjĂϭ͘ϯsĞůŽnj ϮϬϭϵ Ϯϲϱϭd/& WͲϬϲϵϰϯϯϱϳ
ϲ dŽLJŽƚĂ/ŶŶŽǀĂϮ͘Ϭ' ϮϬϭϵ ϮϮϮϲd/& WͲϬϲϵϰϯϬϭϭ
ϳ dŽLJŽƚĂEĞǁZƵƐŚϭ͘ϱ' ϮϬϭϵ Ϯϵϯϭdz KͲϬϲϲϯϮϭϯϰ
ϴ dŽLJŽƚĂEĞǁZƵƐŚϭ͘ϱ' ϮϬϭϵ Ϯϴϵϴdz KͲϬϲϲϯϮϬϲϯ
ĚĂƉƵŶĨƵŶŐƐŝĚĂƌŝŵĂƐŝŶŐͲŵĂƐŝŶŐŬĞŶĚĂƌĂĂŶďĞƌŵŽƚŽƌƚĞƌƐĞďƵƚĂĚĂůĂŚƵŶƚƵŬŵĞŶĚƵŬƵŶŐŬĞŐŝĂƚĂŶŽƉĞƌĂƐŝŽŶĂůWĞƌƐĞƌŽĂŶ͘
ϭϰ͘ ^hZE^/
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝƉĞƌůŝŶĚƵŶŐĂŶĂƚĂƐĂƐƵƌĂŶƐŝĂƚĂƐŚĂƌƚĂŬĞŬĂLJĂĂŶĚĞŶŐĂŶƉŽůŝƐͲ
ƉŽůŝƐ ĂƐƵƌĂŶƐŝ LJĂŶŐ ŵĂƐŝŚ ďĞƌůĂŬƵ͕ ƐĞƌƚĂ ŵĞŵŝůŝŬŝ ũƵŵůĂŚ ƉĞƌƚĂŶŐŐƵŶŐĂŶ LJĂŶŐ ŵĞŵĂĚĂŝ ƵŶƚƵŬ ŵĞŶŐŐĂŶƚŝ ŽďLJĞŬ LJĂŶŐ
ĚŝĂƐƵƌĂŶƐŝŬĂŶĂƚĂƵŵĞŶƵƚƵƉƌĞƐŝŬŽLJĂŶŐĚŝƉĞƌƚĂŶŐŐƵŶŐŬĂŶ͕ƐĞďĂŐĂŝŵĂŶĂĚŝƐĞďƵƚŬĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŽ͘WŽůŝƐ
ŽŬƵŵĞŶ KďLJĞŬ dŽƚĂů WĞƌŝŽĚĞ
EŽ͘ Θ WĞŶĂŶŐŐƵŶŐ
ƐƵƌĂŶƐŝ WĞƌƚĂŶŐŐƵŶŐĂŶ WĞƌƚĂŶŐŐƵŶŐĂŶ ƐƵƌĂŶƐŝ
dĂŶŐŐĂůWŽůŝƐ
ϭ͘ dDͬ& YͬϮϯͲ ƵŶƚƵŬ
ƐƵƌĂŶƐŝ 'ĞŵƉĂ Wd͘ƐƵƌĂŶƐŝ ϬϵͲϬϵͲϮϬϮϯ
&ϱϬϭϭϳϱϳƚĂŶŐŐĂů ƉĞƌůŝŶĚƵŶŐĂŶ
Ƶŵŝͬ ĂƌƚŚƋƵĂŬĞ dŽŬŝŽDĂƌŝŶĞ ϭϳ͘ϰϵϮ͘ϲϮϴ͘ϳϵϯ͕Ϭϲ ƐͬĚ
ϭϯ^ĞƉƚĞŵďĞƌ ŬĂŶƚŽƌͲŬĂŶƚŽƌ
/ŶƐƵƌĂŶĐĞ /ŶĚŽŶĞƐŝĂ ϬϵͲϬϵͲϮϬϮϰ
ϮϬϮϯ WĞƌƐĞƌŽĂŶ
Ϯ͘ ƐƵƌĂŶƐŝ ^ĞŵƵĂ dDͬ&WZͬϮϯͲ ƵŶƚƵŬ
Wd͘ƐƵƌĂŶƐŝ ϬϵͲϬϵͲϮϬϮϯ
ZĞƐŝŬŽ &ϱϬϭϭϳϱϲƚĂŶŐŐĂů ƉĞƌůŝŶĚƵŶŐĂŶ
dŽŬŝŽDĂƌŝŶĞ ϭϳ͘ϰϵϮ͘ϲϮϴ͘ϳϵϯ͕Ϭϲ ƐͬĚ
WƌŽƉĞƌƚŝͬWƌŽƉĞƌƚLJ ϭϯ^ĞƉƚĞŵďĞƌ ŬĂŶƚŽƌͲŬĂŶƚŽƌ
/ŶĚŽŶĞƐŝĂ ϬϵͲϬϵͲϮϬϮϰ
>>ZŝƐŬƐ/ŶƐƵƌĂŶĐĞ ϮϬϮϯ WĞƌƐĞƌŽĂŶ
ϯ͘ Wd͘ƐƵƌĂŶƐŝ ƵŶƚƵŬ
ƐƵƌĂŶƐŝ
dDͬsDKsͬϮϮͲ dŽŬŝŽDĂƌŝŶĞ ƉĞƌůŝŶĚƵŶŐĂŶ
<ŽŵƉƌĞŚĞŶƐŝǀĞ
sϬϬϯϵϱϭϭƚĂŶŐŐĂů /ŶĚŽŶĞƐŝĂ ƉĞƌĂůĂƚĂŶ ϬϵͲϬϵͲϮϬϮϯ
ĂƌĂŶŐ ĞƌŐĞƌĂŬͬ
ϭϰ^ĞƉƚĞŵďĞƌ ƉĞƌĂůĂƚĂŶ ϳ͘ϱϭϭ͘ϭϴϵ͘ϵϰϰ͕Ϯϰ͘ ƐͬĚ
DŽǀĂďůĞ
ϮϬϮϯ ĞůĞŬƚƌŽŶŝŬ LJĂŶŐ ϬϵͲϬϵͲϮϬϮϰ
ŽŵƉƌĞŚĞŶƐŝǀĞ
ďĞƌĂĚĂĚŝŬĂŶƚŽƌͲ
/ŶƐƵƌĂŶĐĞ
ŬĂŶƚŽƌWĞƌƐĞƌŽĂŶ
ϰ͘ ƐƵƌĂŶƐŝ dDͬ>' EͬϮϯͲ Wd͘ƐƵƌĂŶƐŝ ƉĞŵďĂLJĂƌĂŶ
<ŽŵƉƌĞŚĞŶƐŝĨ >ϬϬϬϭϯϵϭƚĂŶŐŐĂů dŽŬŝŽDĂƌŝŶĞ ŬŽŵƉĞŶƐĂƐŝ
dĂŶŐŐƵŶŐ :ĂǁĂď ϭϰ^ĞƉƚĞŵďĞƌ /ŶĚŽŶĞƐŝĂ ƚĞƌŚĂĚĂƉ
,ƵŬƵŵ hŵƵŵͬ ϮϬϮϯ ŬĞũĂĚŝĂŶ
ŽŵƉƌĞŚĞŶƐŝǀĞ ƚŝŵďƵůŶLJĂ ůƵŬĂͲ
'ĞŶĞƌĂů >ŝĂďŝůŝƚLJ ůƵŬĂ ĂƚĂƵ
/ŶƐƵƌĂŶĐĞ ƉĞŶLJĂŬŝƚ
ϬϵͲϬϵͲϮϬϮϯ
ƚĞƌŚĂĚĂƉ ƉŝŚĂŬ
ϭϰ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕ϬϬ ƐͬĚ
ŬĞƚŝŐĂ ĚĂŶ
ϬϵͲϬϵͲϮϬϮϰ
ŬĞƌƵŐŝĂŶ ĂƚĂƐ
ŬĞƌƵƐĂŬĂŶ ĚĂƌŝ
ƉƌŽƉĞƌƚŝ ŵŝůŝŬ
ƉŝŚĂŬŬĞƚŝŐĂLJĂŶŐ
ƚŝŵďƵů ĚĂƌŝ
ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ
WĞƌƐĞƌŽĂŶ
92
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EŽ͘WŽůŝƐ
ŽŬƵŵĞŶ KďLJĞŬ dŽƚĂů WĞƌŝŽĚĞ
EŽ͘ Θ WĞŶĂŶŐŐƵŶŐ
ƐƵƌĂŶƐŝ WĞƌƚĂŶŐŐƵŶŐĂŶ WĞƌƚĂŶŐŐƵŶŐĂŶ ƐƵƌĂŶƐŝ
dĂŶŐŐĂůWŽůŝƐ
ϱ͘ ƐƵƌĂŶƐŝ dDͬsDKsͬϮϯͲ Wd͘ƐƵƌĂŶƐŝ ƵŶƚƵŬ
<ŽŵƉƌĞŚĞŶƐŝǀĞ sϬϬϯϱϬϰϴƚĂŶŐŐĂů dŽŬŝŽDĂƌŝŶĞ ƉĞƌůŝŶĚƵŶŐĂŶ
ĂƌĂŶŐ ĞƌŐĞƌĂŬͬ ϭϯ^ĞƉƚĞŵďĞƌ /ŶĚŽŶĞƐŝĂ W< ŬĞŶĚĂƌĂĂŶ Ϯϰ͘ϲϭϭ͘ϲϬϬ͘ϬϬϬ͕ϬϬ
ϬϵͲϬϵͲϮϬϮϯ
DŽǀĂďůĞ ϮϬϮϯ LJĂŶŐ ĚŝďŝĂLJĂŝ
ƐͬĚ
ŽŵƉƌĞŚĞŶƐŝǀĞ ŽůĞŚ WĞƌƐĞƌŽĂŶ Ϯ͘ϬϬϬ͘ϬϬϬ͕ϬϬƵŶƚƵŬ
ϬϵͲϬϵͲϮϬϮϰ
/ŶƐƵƌĂŶĐĞ LJĂŶŐ ďĞƌĂĚĂ Ěŝ ƐĞƚŝĂƉďƵŬƵW<͘
ŬĂŶƚŽƌͲŬĂŶƚŽƌ
WĞƌƐĞƌŽĂŶ
WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝŚƵďƵŶŐĂŶĨŝůŝĂƐŝĚĞŶŐĂŶƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶĂƐƵƌĂŶƐŝĚŝĂƚĂƐ͘
DĂŶĂũĞŵĞŶWĞƌƐĞƌŽĂŶďĞƌŬĞLJĂŬŝŶĂŶďĂŚǁĂŶŝůĂŝƉĞƌƚĂŶŐŐƵŶŐĂŶĂƐƵƌĂŶƐŝĐƵŬƵƉƵŶƚƵŬŵĞŶƵƚƵƉŬĞŵƵŶŐŬŝŶĂŶŬĞƌƵŐŝĂŶĚĂƌŝ
ƌŝƐŝŬŽLJĂŶŐĚŝƉĞƌƚĂŶŐŐƵŶŐŬĂŶ͘
ϭϱ͘ ,<< <zE/Ed > <dh>;,</Ϳ
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝŚĂƌƚĂŬĞŬĂLJĂĂŶďĞƌƵƉĂŚĂƌƚĂŬĞŬĂLJĂĂŶŚĂŬŵŝůŝŬŝŶƚĞůĞŬƚƵĂů
ďĂŝŬďĞƌƵƉĂŚĂŬŵĞƌĞŬŵĂƵƉƵŶŚĂŬĐŝƉƚĂ͘
ϭϲ͘ W Z<Z,h<hDzE'/,W/W Z^ ZKE^ Zd/Z <^/E<KD/^Z/^W Z^ ZKE
Ă͘WĞƌƐĞƌŽĂŶ
WĂĚĂƚĂŶŐŐĂůWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶĚĂŶďĞƌĚĂƐĂƌŬĂŶ^ƵƌĂƚWĞƌŶLJĂƚĂĂŶWĞƌƐĞƌŽĂŶƚĞƌƚĂŶŐŐĂůϮϭ:ƵŶŝϮϬϮϰŵĞŶLJĂƚĂŬĂŶ
ďĂŚǁĂ͗
ϭ͘ WĞƌƐĞƌŽĂŶƐĞĚĂŶŐŵĞŶŐŚĂĚĂƉŝWĞƌŬĂƌĂWĞƌƉĂũĂŬĂŶLJĂŶŐďĞƌůĂŶŐƐƵŶŐĚŝdŝŶŐŬĂƚĂŶĚŝŶŐƉĂĚĂWĞŶŐĂĚŝůĂŶWĂũĂŬ:ĂŬĂƌƚĂ͕
ŶĂŵƵŶƉĞƌŬĂƌĂƉĞƌƉĂũĂŬĂŶƚĞƌƐĞďƵƚƚŝĚĂŬŵĞŵƉĞŶŐĂƌƵŚŝƐĞĐĂƌĂŶĞŐĂƚŝĨĚĂŶŵĂƚĞƌŝĂůĂƚĂƐŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ
ĚĂŶͬĂƚĂƵŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶƐĞƌƚĂƌĞŶĐĂŶĂƉĞůĂŬƐĂŶĂĂŶWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝ///dĂŚƵŶϮϬϮϰ͘
Ϯ͘ ^ĞůĂŝŶƉĞƌŬĂƌĂƉĞƌƉĂũĂŬĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐ͕ƚŝĚĂŬƚĞƌĚĂƉĂƚ͗
;ĂͿ ƐƵĂƚƵƉĞƌŬĂƌĂƉĞƌĚĂƚĂŵĂƵƉƵŶƉŝĚĂŶĂLJĂŶŐďĞƌůĂŶŐƐƵŶŐĚŝŚĂĚĂƉĂŶWĞŶŐĂĚŝůĂŶEĞŐĞƌŝ͕WĞŶŐĂĚŝůĂŶdŝŶŐŐŝĚĂŶ
DĂŚŬĂŵĂŚŐƵŶŐ͖
;ďͿ ƉĞƌƐĞůŝƐŝŚĂŶLJĂŶŐĚŝƐĞůĞƐĂŝŬĂŶŵĞůĂůƵŝĂĚĂŶƌďŝƚƌĂƐŝEĂƐŝŽŶĂů/ŶĚŽŶĞƐŝĂ͖
;ĐͿ ƉĞŶŐĂũƵĂŶWĂŝůŝƚĂƚĂƵWĞŶƵŶĚĂĂŶ<ĞǁĂũŝďĂŶWĞŵďĂLJĂƌĂŶhƚĂŶŐŵĞůĂůƵŝWĞŶŐĂĚŝůĂŶEŝĂŐĂ͖
;ĚͿ ƉĞƌŬĂƌĂWĞƌƐĞůŝƐŝŚĂŶ,ƵďƵŶŐĂŶ/ŶĚƵƐƚƌŝĂůŵĂƵƉƵŶƉĞƌŬĂƌĂWĞŵƵƚƵƐĂŶ,ƵďƵŶŐĂŶ<ĞƌũĂ;W,<ͿŵĞůĂůƵŝWĞŶŐĂĚŝůĂŶ
,ƵďƵŶŐĂŶ/ŶĚƵƐƚƌŝĂů͖
;ĞͿ ƐĞŶŐŬĞƚĂƚĂƚĂƵƐĂŚĂŶĞŐĂƌĂŵĞůĂůƵŝWĞŶŐĂĚŝůĂŶdĂƚĂhƐĂŚĂEĞŐĂƌĂ͖
;ĨͿ ƐĞŶŐŬĞƚĂĂƚĂƵƉĞƌŬĂƌĂƉĞƌƉĂũĂŬĂŶƉĂĚĂWĞŶŐĂĚŝůĂŶWĂũĂŬ͖
;ŐͿ ƐĞŶŐŬĞƚĂĚŝŚĂĚĂƉĂŶĂĚĂŶWĞŶLJĞůĞƐĂŝĂŶ^ĞŶŐŬĞƚĂ<ŽŶƐƵŵĞŶ͖
;ŚͿ ƐĞŶŐŬĞƚĂƉĞƌƐĂŝĂŶŐĂŶƵƐĂŚĂ͘
LJĂŶŐŵĞůŝďĂƚŬĂŶWĞƌƐĞƌŽĂŶŵĂƵƉƵŶĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶƐĞƌƚĂůŽŬĂƐŝŬĞŐŝĂƚĂŶƵƐĂŚĂ
ϯ͘ WĞƌƐĞƌŽĂŶũƵŐĂƚŝĚĂŬƐĞĚĂŶŐƚĞƌůŝďĂƚƐĞŶŐŬĞƚĂĂƚĂƵƉĞƌƐĞůŝƐŝŚĂŶŚƵŬƵŵĚŝůƵĂƌďĂĚĂŶƉĞƌĂĚŝůĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐ͕ďĂŝŬ
ƐĞĐĂƌĂƉĞƌĚĂƚĂ͕ƉŝĚĂŶĂ͕ƚĂƚĂƵƐĂŚĂŶĞŐĂƌĂ͕ŬĞƉĂŝůŝƚĂŶ͕ĂƌďŝƚƌĂƐĞ͕ƉĞƌƉĂũĂŬĂŶ͕ŚƵďƵŶŐĂŶŝŶĚƵƐƚƌŝĂů͕ƐĞŶŐŬĞƚĂŬŽŶƐƵŵĂŶ
ĚĂŶƐĞŶŐŬĞƚĂƉĞƌƐĂŝŶŐĂŶƵƐĂŚĂ͕ƚĞƌŵĂƐƵŬƐŽŵĂƐŝĚĂƌŝƉŝŚĂŬŵĂŶĂƉƵŶ͘
WĞƌŬĂƌĂWĞƌƉĂũĂŬĂŶLJĂŶŐƐĞĚĂŶŐĚŝŚĂĚĂƉŝWĞƌƐĞƌŽŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚŝĂƚĂƐĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŽ EŽ WŽƐŝƐŝ WŽƐŝƐŝ hƌĂŝĂŶ EŝůĂŝ ŐĞŶĚĂ
WĞŶŐĂĚŝůĂŶ WĞƌƐŝĚĂŶŐĂŶ
WĞƌŬĂƌĂ WĞƌƐĞƌŽĂŶ >ĂǁĂŶ WĞƌŬĂƌĂ WĞƌŬĂƌĂ
E/E'
ϭ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ ϬϬϳϭϯϯ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϰϯϰ͘Ϭϵϳ͘ϲϬϬ DĞŶƵŶŐŐƵ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ ^ƵƌĂƚ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ WĞŵďĞƌŝƚĂŚƵ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ ĂŶĚĂƌŝ
DĂƐĂWĂũĂŬ WĞŶŐĂĚŝůĂŶ
:ĂŶƵĂƌŝϮϬϮϬ WĂũĂŬƵŶƚƵŬ
93
Page 114
EŽ EŽ WŽƐŝƐŝ WŽƐŝƐŝ hƌĂŝĂŶ EŝůĂŝ ŐĞŶĚĂ
WĞŶŐĂĚŝůĂŶ WĞƌƐŝĚĂŶŐĂŶ
WĞƌŬĂƌĂ WĞƌƐĞƌŽĂŶ >ĂǁĂŶ WĞƌŬĂƌĂ WĞƌŬĂƌĂ
Ϯ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ
ϬϬϳϭϯϱ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϰϲϰ͘ϯϭϬ͘ϴϭϱ WĞŵďĂĐĂĂŶ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ WƵƚƵƐĂŶ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ ĂŶĚŝŶŐ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ
DĂƐĂWĂũĂŬ
&ĞďƌƵĂƌŝ
ϮϬϮϬ
ϯ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ
ϬϬϳϭϯϳ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϰϱϵ͘ϯϴϬ͘ϲϱϲ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ
DĂƐĂWĂũĂŬ
DĂƌĞƚϮϬϮϬ
ϰ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ
ϬϬϳϭϯϴ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϰϮϱ͘Ϭϱϯ͘ϵϭϬ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ
DĂƐĂWĂũĂŬ
ƉƌŝůϮϬϮϬ
ϱ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ
ϬϬϳϭϯϵ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϰϯϭ͘ϭϴϴ͘ϭϯϵ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ
DĂƐĂWĂũĂŬ
DĞŝϮϬϮϬ
ϲ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ
ϬϬϳϭϰϬ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϯϵϱ͘Ϯϲϵ͘ϴϴϲ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ
DĂƐĂWĂũĂŬ
:ƵŶŝϮϬϮϬ
ϳ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ
ϬϬϳϭϰϭ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϰϮϱ͘ϵϭϵ͘Ϯϱϱ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ
DĂƐĂWĂũĂŬ
:ƵůŝϮϬϮϬ
ϴ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ
ϬϬϳϭϰϮ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϯϴϯ͘ϲϱϯ͘ϭϯϱ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ
DĂƐĂWĂũĂŬ
ŐƵƐƚƵƐ
ϮϬϮϬ
ϵ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ
ϬϬϳϭϰϯ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϯϰϴ͘ϭϰϰ͘ϲϯϮ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ
DĂƐĂWĂũĂŬ
^ĞƉƚĞŵďĞƌ
ϮϬϮϬ
ϭϬ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ
ϬϬϳϭϰϰ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϯϲϲ͘ϯϬϭ͘ϭϯϭ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ
DĂƐĂWĂũĂŬ
KŬƚŽďĞƌ
ϮϬϮϬ
ϭϭ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ
ϬϬϳϭϰϱ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϯϲϴ͘Ϭϵϳ͘Ϯϰϱ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ
DĂƐĂWĂũĂŬ
EŽǀĞŵďĞƌ
ϮϬϮϬ
94
Page 115
EŽ EŽ WŽƐŝƐŝ WŽƐŝƐŝ hƌĂŝĂŶ EŝůĂŝ ŐĞŶĚĂ
WĞŶŐĂĚŝůĂŶ WĞƌƐŝĚĂŶŐĂŶ
WĞƌŬĂƌĂ WĞƌƐĞƌŽĂŶ >ĂǁĂŶ WĞƌŬĂƌĂ WĞƌŬĂƌĂ
ϭϮ͘ WĞŶŐĂĚŝůĂŶWĂũĂŬ
ϬϬϳϭϰϲ͘ϭϲͬϮϬϮϯͬWW WĞƌƐĞƌŽĂŶ :W ^ĞŶŐŬĞƚĂ ϯϲϴ͘Ϭϴϲ͘Ϯϲϰ
:ĂůĂŶ,ĂLJĂŵ ;WĞŵŽŚŽŶ ;dĞƌďĂŶĚŝŶŐͿ KďũĞŬWĂũĂŬ
tƵƌƵŬEŽŵŽƌϳ͕ ĂŶĚŝŶŐͿ WĞƌƚĂŵďĂŚĂ
:ĂŬĂƌƚĂWƵƐĂƚ ŶEŝůĂŝ;WWEͿ
DĂƐĂWĂũĂŬ
ĞƐĞŵďĞƌ
ϮϬϮϬ
ď͘ ŶŐŐŽƚĂŝƌĞŬƐŝĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶ
ĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ WĞƌŶLJĂƚĂĂŶ dŝĚĂŬ dĞƌůŝďĂƚ WĞƌŬĂƌĂ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ĚĂŶ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ĂŶŐŐŽƚĂ
ŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐWĞƌƐĞƌŽĂŶLJĂŶŐƐĞůƵƌƵŚŶLJĂƚĂŶŐŐĂůϮϴDĞŝϮϬϮϰƉĂƌĂĂŶŐŐŽƚĂŝƌĞŬƐŝĚĂŶĞǁĂŶ<ŽŵŝƐĂƌŝƐ
WĞƌƐĞƌŽĂŶŵĞŶLJĂƚĂŬĂŶĚĂŶŵĞŶũĂŵŝŶƐĞƉĞŶƵŚŶLJĂďĂŚǁĂĚŝƌŝŶLJĂŵĂƐŝŶŐͲŵĂƐŝŶŐƚŝĚĂŬƐĞĚĂŶŐƚĞƌůŝďĂƚĚŝďĂĚĂŶƉĞƌĂĚŝůĂŶ
LJĂŝƚƵ͗ ;ĂͿ ƐƵĂƚƵ ƉĞƌŬĂƌĂ ƉĞƌĚĂƚĂ ŵĂƵƉƵŶ ƉŝĚĂŶĂ LJĂŶŐ ďĞƌůĂŶŐƐƵŶŐ Ěŝ ŚĂĚĂƉĂŶ WĞŶŐĂĚŝůĂŶ EĞŐĞƌŝ͕ WĞŶŐĂĚŝůĂŶ dŝŶŐŐŝ ĚĂŶ
DĂŚŬĂŵĂŚŐƵŶŐ͖;ďͿƉĞƌƐĞůŝƐŝŚĂŶLJĂŶŐĚŝƐĞůĞƐĂŝŬĂŶŵĞůĂůƵŝĂĚĂŶƌďŝƚƌĂƐŝEĂƐŝŽŶĂů/ŶĚŽŶĞƐŝĂ͖;ĐͿƉĞŶŐĂũƵĂŶWĂŝůŝƚĂƚĂƵ
WĞŶƵŶĚĂĂŶ<ĞǁĂũŝďĂŶWĞŵďĂLJĂƌĂŶhƚĂŶŐŵĞůĂůƵŝWĞŶŐĂĚŝůĂŶEŝĂŐĂ͖;ĚͿƉĞƌŬĂƌĂƉĞƌƐĞůŝƐŝŚĂŶ,ƵďƵŶŐĂŶ/ŶĚƵƐƚƌŝĂůŵĂƵƉƵŶ
ƉĞƌŬĂƌĂWĞŵƵƚƵƐĂŶ,ƵďƵŶŐĂŶ<ĞƌũĂ;W,<ͿŵĞůĂůƵŝWĞŶŐĂĚŝůĂŶ,ƵďƵŶŐĂŶ/ŶĚƵƐƚƌŝĂů͖;ĞͿƐĞŶŐŬĞƚĂƚĂƚĂƵƐĂŚĂŶĞŐĂƌĂŵĞůĂůƵŝ
WĞŶŐĂĚŝůĂŶdĂƚĂhƐĂŚĂEĞŐĂƌĂ͖;ĨͿƐĞŶŐŬĞƚĂĂƚĂƵƉĞƌŬĂƌĂƉĞƌƉĂũĂŬĂŶƉĂĚĂWĞŶŐĂĚŝůĂŶWĂũĂŬ͖;ŐͿƐĞŶŐŬĞƚĂĚŝŚĂĚĂƉĂŶĂĚĂŶ
WĞŶLJĞůĞƐĂŝĂŶ^ĞŶŐŬĞƚĂ<ŽŶƐƵŵĞŶ͖;ŚͿWĞƌƐĂŝŶŐĂŶhƐĂŚĂ͕ƐĞƌƚĂďĂŝŬďĞƌƵƉĂƐŽŵĂƐŝĂƚĂƵƚĞŐƵƌĂŶ ůĂŝŶŶLJĂLJĂŶŐďĞƌƉŽƚĞŶƐŝ
ŵĞŶŝŵďƵůŬĂŶƉĞƌŬĂƌĂ͕ďĂŝŬƐĞĐĂƌĂƉĞƌĚĂƚĂ͕ƉŝĚĂŶĂ͕ƚĂƚĂƵƐĂŚĂŶĞŐĂƌĂ͕ŬĞƉĂŝůŝƚĂŶ͕ĂƌďŝƚƌĂƐĞ͕ƉĞƌƉĂũĂŬĂŶŵĂƵƉƵŶƉĞƌďƵƌƵŚĂŶ͕
LJĂŶŐ ĚĂƉĂƚ ďĞƌĚĂŵƉĂŬ ŶĞŐĂƚŝĨ LJĂŶŐ ŵĂƚĞƌŝĂů ĂƚĂƐ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ WĞƌƐĞƌŽĂŶ ĚĂŶͬĂƚĂƵ ŬŽŶĚŝƐŝ ŬĞƵĂŶŐĂŶ WĞƌƐĞƌŽĂŶ ƐĞƌƚĂ
ƌĞŶĐĂŶĂƉĞůĂŬƐĂŶĂĂŶKďůŝŐĂƐŝ///dĂŚƵŶϮϬϮϰ͘
WĂĚĂƚĂŶŐŐĂůĚŝƚĞƌďŝƚŬĂŶWƌŽƐƉĞŬƚƵƐŝŶŝ͕ƉĞŶŐƵŶŐŬĂƉĂŶƉĞƌŬĂƌĂLJĂŶŐĚŝŚĂĚĂƉŝWĞƌƐĞƌŽĂŶĂĚĂůĂŚƐĞďĂŐĂŝŵĂŶĂĚŝƐĞďƵƚŬĂŶ
ĚĂůĂŵ ƚĂďůĞ ƉĞƌŬĂƌĂ ƉĞƌĚĂƚĂ ĚŝĂƚĂƐ LJĂŝƚƵ ƉĞƌŬĂƌĂ ƉĞƌƉĂũĂŬĂŶ͕ ƐĞĚĂŶŐŬĂŶ ŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ ƚŝĚĂŬ
ŵĞŶŐŚĂĚĂƉŝ ƐƵĂƚƵ ƉĞƌŬĂƌĂ Ěŝ ďĂĚĂŶ ƉĞƌĂĚŝůĂŶ͘ ĞŶŐĂŶ ĚĞŵŝŬŝĂŶ ďĂŚǁĂ ďĂŝŬ WĞƌƐĞƌŽĂŶ͕ ŶŐŐŽƚĂ ŝƌĞŬƐŝ ĚĂŶ ĞǁĂŶ
<ŽŵŝƐĂƌŝƐ͕ƚŝĚĂŬƚĞƌĚĂƉĂƚƉĞƌŬĂƌĂW<WhĚĂŶ<ĞƉĂŝůŝƚĂŶ͘
͘ < '/dEh^,^ Zd< E ZhE'EEWZK^W <h^,
ϭ͘ hDhD
^ĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĂƐĂůϯĂLJĂƚ;ϭͿŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶŵĂŬƐƵĚĚĂŶƚƵũƵĂŶWĞƌƐĞƌŽĂŶŝĂůĂŚďĞƌŐĞƌĂŬĚĂůĂŵ
ďŝĚĂŶŐƉĞŵďŝĂLJĂĂŶ͗
WĞƌƐĞƌŽĂŶ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŶLJĞƐƵĂŝĂŶ ƚĞƌŚĂĚĂƉ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ ƚĞƌƐĞďƵƚ ĚĞŶŐĂŶ <ůĂƐŝĨŝŬĂƐŝ ĂŬƵ >ĂƉĂŶŐĂŶ hƐĂŚĂ
/ŶĚŽŶĞƐŝĂ ;<>/Ϳ ϮϬϮϬ͕ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌŵĂŬƚƵď ĚĂůĂŵ WĞƌŝnjŝŶĂŶ ĞƌƵƐĂŚĂ ĞƌďĂƐŝƐ ZĞƐŝŬŽ EŽŵŽƌ /ŶĚƵŬ WĞƌƐĞƌŽĂŶ
͗ϵϭϮϬϯϬϯϭϭϭϲϳϮƚĂŶŐŐĂůϭϴ:ƵůŝϮϬϮϮ͕<ŽĚĞ<>/͗ϲϰϵϭϭWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ<ŽŶǀĞŶƐŝŽŶĂů͘
ĚĂƉƵŶŬĞŐŝĂƚĂŶƵƐĂŚĂLJĂŶŐƐĂĂƚŝŶŝďĞŶĂƌďĞŶĂƌĚŝũĂůĂŶŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĂĚĂůĂŚ
Ͳ DĞůĂŬƵŬĂŶWĞŵďŝĂLJĂĂŶ/ŶǀĞƐƚĂƐŝ͕ĚĂůĂŵďĞŶƚƵŬ͗^ĞǁĂWĞŵďŝĂLJĂĂŶ;&ŝŶĂŶĐĞ>ĞĂƐĞͿĚĂŶ:ƵĂůĚĂŶ^ĞǁĂĂůŝŬ;^ĂůĞĂŶĚ
>ĞĂƐĞďĂĐŬͿ
Ͳ DĞůĂŬƵŬĂŶWĞŵďŝĂLJĂĂŶDŽĚĂů<ĞƌũĂ͕ĚĂůĂŵďĞŶƚƵŬ͗:ƵĂůĚĂŶ^ĞǁĂĂůŝŬ;^ĂůĞĂŶĚ>ĞĂƐĞďĂĐŬͿ
^ĞůĂŶũƵƚŶLJĂ ƐĞƐƵĂŝ ŬĞƚĞŶƚƵĂŶ WĂƐĂů ϯ ĂLJĂƚ ;ϮͿ hŶƚƵŬ ŵĞŶĐĂƉĂŝ ŵĂŬƐƵĚ ĚĂŶ ƚƵũƵĂŶ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ͕ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ
ŵĞůĂŬƐĂŶĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϲϰϵϭϭ–WĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ<ŽŶǀĞŶƐŝŽŶĂůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ WĞŵďŝĂLJĂĂŶ /ŶǀĞƐƚĂƐŝ ĂĚĂůĂŚ ƉĞŵďŝĂLJĂĂŶ ďĂƌĂŶŐ ŵŽĚĂů ĚĂŶ ũĂƐĂ LJĂŶŐ ĚŝƉĞƌůƵŬĂŶ ƵŶƚƵŬ ĂŬƚŝǀŝƚĂƐ ƵƐĂŚĂͬƉĞŶĂŶĂŵĂŶ
ŵŽĚĂů͕ ƌĞŚĂďŝůŝƚĂƐ͕ ŵŽĚĞƌŶŝƐĂƐŝ͕ ĞŬƐƉĂŶƐŝ͕ ƉĞƌůƵĂƐĂŶ ĂƚĂƵ ƌĞůŽŬĂƐŝ ƚĞŵƉĂƚ ƵƐĂŚĂ ƚĞŵƉĂͬ ƉĞŶĂŶĂŵĂŶ ŵŽĚĂů LJĂŶŐ
ĚŝďĞƌŝŬĂŶŬĞƉĂĚĂĚĞďŝƚƵƌ͘
WĞŵďŝĂLJĂĂŶ/ŶǀĞƐƚĂƐŝĚŝůĂŬƵŬĂŶŽůĞŚ͗
Ă͘ ^ĞǁĂ WĞŵďŝĂLJĂĂŶ ĂĚĂůĂŚ ŬĞŐŝĂƚĂŶ ƉĞŵďŝĂLJĂĂŶ ďĞƌƵƉĂ ƉĞŶLJĞĚŝĂĂŶ ďĂƌĂŶŐ ŽůĞŚ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ ƵŶƚƵŬ
ĚŝŐƵŶĂŬĂŶŽůĞŚĚĞďŝƚƵƌƐĞůĂŵĂũĂŶŐŬĂǁĂŬƚƵƚĞƌƚĞŶƚƵ͕LJĂŶŐŵĞŶŐĂůŝŚŬĂŶƐĞĐĂƌĂƐƵďƐƚĂŶƐŝĂůŵĂŶĨĂĂƚĚĂŶƌĞƐŝŬŽĂƚĂƐ
ďĂƌĂŶŐLJĂŶŐĚŝďŝĂLJĂŝ͘
ď͘ :ƵĂů ĚĂŶ ^ĞǁĂ ĂůŝŬ ĂĚĂůĂŚ ŬĞŐŝĂƚĂŶ ƉĞŵďŝĂLJĂĂŶ ďĞƌƵƉĂ ƉĞŶũƵĂůĂŶ ďĂƌĂŶŐ ŽůĞŚ ĚĞďŝƚƵƌ ŬĞƉĂĚĂ WĞƌƵƐĂŚĂĂŶ
WĞŵďŝĂLJĂĂŶLJĂŶŐĚŝƐĞƌƚĂŝĚĞŶŐĂŶŵĞŶLJĞǁĂƉĞŵďŝĂLJĂĂŶŬĞŵďĂůŝďĂƌĂŶŐƚĞƌƐĞďƵƚŬĞƉĂĚĂĚĞďŝƚƵƌLJĂŶŐƐĂŵĂ͘
Đ͘ &ĂĐƚŽƌŝŶŐǁŝƚŚZĞĐŽƵƌƐĞĂĚĂůĂŚƚƌĂŶƐĂŬƐŝĂŶũĂŬƉŝƵƚĂŶŐĚŝŵĂŶĂƉĞŶũƵĂůƉŝƵƚĂŶŐŵĞŶĂŶŐŐƵŶŐƌŝƐŝŬŽƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂ
ƐĞďĂŐŝĂŶĂƚĂƵƐĞůƵƌƵŚƉŝƵƚĂŶŐLJĂŶŐĚŝũƵĂůŬĞƉĂĚĂWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ͘
Ě͘ &ĂĐƚŽƌŝŶŐǁŝƚŚŽƵƚZĞĐŽƵƌƐĞͿĂĚĂůĂŚƚƌĂŶƐĂŬƐŝĂŶũĂŬƉŝƵƚĂŶŐƵƐĂŚĂĚŝŵĂŶĂWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶŵĞŶĂŶŐŐƵŶŐ
ƌŝƐŝŬŽĂƚĂƐƐĞůƵƌƵŚƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂƉŝƵƚĂŶŐLJĂŶŐƚĞůĂŚĚŝũƵĂůŬĞƉĂĚĂWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ͘
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Ğ͘ WĞŵďĞůŝĂŶĞŶŐĂŶWĞŵďĂLJĂƌĂŶŶŐƐƵƌĂŶLJĂŝƚƵŬĞŐŝĂƚĂŶƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐĚŝďĞůŝĚĞďŝƚƵƌĚĂƌŝ
ƉĞŵĂƐŽŬďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂĚĞŶŐĂŶƉĞŵďĂLJĂƌĂŶĂŶŐƐƵƌĂŶ͘
Ĩ͘ WĞŵďŝĂLJĂĂŶWƌŽLJĞŬLJĂŝƚƵƉĞŵďŝĂLJĂĂŶLJĂŶŐĚŝďĞƌŝŬĂŶƵŶƚƵŬƉĞůĂŬƐĂŶĂĂŶƐƵĂƚƵƉƌŽLJĞŬLJĂŶŐŵĞŵĞƌůƵŬĂŶďĞďĞƌĂƉĂ
ũĞŶŝƐďĂƌĂŶŐŵŽĚĂůĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐďĞƌŬĂŝƚĂŶĚĞŶŐĂŶƉĞůĂŬƐĂŶĂĂŶƉĞŶŐĂĚĂĂŶƉƌŽLJĞŬƚĞƌƐĞďƵƚ͘
Ő͘ WĞŵďŝĂLJĂĂŶ/ŶĨƌĂƐƚƌƵŬƚƵƌLJĂŝƚƵƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂƵŶƚƵŬƉĞŵďĂŶŐƵŶĂŶŝŶĨƌĂƐƚƌƵŬƚƵƌ͘
Ś͘ WĞŵďŝĂLJĂĂŶŝŶǀĞƐƚĂƐŝůĂŝŶŶLJĂƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͖
Ϯ͘ WĞŵďŝĂLJĂĂŶDŽĚĂů<ĞƌũĂĂĚĂůĂŚƉĞŵďŝĂLJĂĂŶƵŶƚƵŬŵĞŵĞŶƵŚŝŬĞďƵƚƵŚĂŶƉĞŶŐĞůƵĂƌĂŶLJĂŶŐĚŝŐƵŶĂŬĂŶĚĂůĂŵƐĂƚƵƐŝŬůƵƐ
ĂŬƚŝǀŝƚĂƐƵƐĂŚĂĚĞďŝƚƵƌ͘
WĞŵďŝĂLJĂĂŶDŽĚĂů<ĞƌũĂĚŝůĂŬƵŬĂŶŽůĞŚ͗
Ă͘ :ƵĂů ĚĂŶ ^ĞǁĂ <ĞŵďĂůŝ LJĂŝƚƵ ŬĞŐŝĂƚĂŶ ƉĞŵďŝĂLJĂĂŶ ďĞƌƵƉĂ ƉĞŶũƵĂůĂŶ ďĂƌĂŶŐ ŽůĞŚ ĚĞďŝƚƵƌ ŬĞƉĂĚĂ WĞƌƵƐĂŚĂĂŶ
WĞŵďŝĂLJĂĂŶĚŝƐĞƌƚĂŝƉĞŶLJĞǁĂĂŶŬĞŵďĂůŝďĂƌĂŶŐƚĞƌƐĞďƵƚŬĞƉĂĚĂĚĞďŝƚƵƌLJĂŶŐƐĂŵĂ͘
ď͘ &ĂĐƚŽƌŝŶŐǁŝƚŚZĞĐŽƵƌƐĞĂĚĂůĂŚƚƌĂŶƐĂŬƐŝĂŶũĂŬƉŝƵƚĂŶŐĚŝŵĂŶĂƉĞŶũƵĂůƉŝƵƚĂŶŐŵĞŶĂŶŐŐƵŶŐƌŝƐŝŬŽƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂ
ƐĞďĂŐŝĂŶĂƚĂƵƐĞůƵƌƵŚƉŝƵƚĂŶŐLJĂŶŐĚŝũƵĂůŬĞƉĂĚĂWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ͘
Đ͘ ŶũĂŬ WŝƵƚĂŶŐ dĂŶƉĂ ZĞĐŽƵƌƐĞ ŵĞƌƵƉĂŬĂŶ ƚƌĂŶƐĂŬƐŝ ĂŶũĂŬ ƉŝƵƚĂŶŐ ƵƐĂŚĂ ĚŝŵĂŶĂ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ
ŵĞŶĂŶŐŐƵŶŐƌŝƐŝŬŽĂƚĂƐƐĞůƵƌƵŚƚŝĚĂŬƚĞƌƚĂŐŝŚŶLJĂƉŝƵƚĂŶŐLJĂŶŐĚŝũƵĂůŬĞƉĂĚĂWĞƌƵƐĂŚĂĂŶWĞŵďŝĂLJĂĂŶ͘
Ě͘ &ĂƐŝůŝƚĂƐ DŽĚĂů hƐĂŚĂ ĂĚĂůĂŚ ƉĞŵďŝĂLJĂĂŶ ďĂƌĂŶŐ ĚĂŶͬĂƚĂƵ ũĂƐĂ LJĂŶŐ ĚŝƐĂůƵƌŬĂŶ ůĂŶŐƐƵŶŐ ŬĞƉĂĚĂ ĚĞďŝƚƵƌ ƵŶƚƵŬ
ŬĞƉĞƌůƵĂŶƵƐĂŚĂĂƚĂƵŬĞŐŝĂƚĂŶƉƌŽĚƵŬƚŝĨƵƐĂŚĂĚĞďŝƚƵƌ͘
Ğ͘ WĞŵďŝĂLJĂĂŶŵŽĚĂůŬĞƌũĂůĂŝŶŶLJĂƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͖
ϯ͘ WĞŵďŝĂLJĂĂŶDƵůƚŝŐƵŶĂĂĚĂůĂŚƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐĚŝƉĞƌůƵŬĂŶĚĞďŝƚƵƌƵŶƚƵŬŬĞƉĞƌůƵĂŶŬŽŶƐƵŵƐŝĚĂŶ
ďƵŬĂŶƵŶƚƵŬŬĞƉĞƌůƵĂŶƵƐĂŚĂĂƚĂƵŬĞŐŝĂƚĂŶƉƌŽĚƵŬƚŝĨĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵLJĂŶŐĚŝƐĞƉĂŬĂƚŝ͘
WĞŵďŝĂLJĂĂŶDƵůƚŝŐƵŶĂĚŝůĂŬƵŬĂŶĚĞŶŐĂŶĐĂƌĂ͗
Ă͘ ^ĞǁĂ WĞŵďŝĂLJĂĂŶ ĂĚĂůĂŚ ŬĞŐŝĂƚĂŶ ƉĞŵďŝĂLJĂĂŶ ďĞƌƵƉĂ ƉĞŶLJĞĚŝĂĂŶ ďĂƌĂŶŐ ŽůĞŚ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ ƵŶƚƵŬ
ĚŝŐƵŶĂŬĂŶŽůĞŚĚĞďŝƚƵƌƐĞůĂŵĂũĂŶŐŬĂǁĂŬƚƵƚĞƌƚĞŶƚƵ͕LJĂŶŐŵĞŶŐĂůŝŚŬĂŶƐĞĐĂƌĂƐƵďƐƚĂŶƐŝĂůŵĂŶĨĂĂƚĚĂŶƌŝƐŝŬŽĂƚĂƐ
ďĂƌĂŶŐLJĂŶŐĚŝďŝĂLJĂŝ͘
ď͘ WĞŵďĞůŝĂŶĞŶŐĂŶWĞŵďĂLJĂƌĂŶŶŐƐƵƌĂŶĂĚĂůĂŚŬĞŐŝĂƚĂŶƉĞŵďŝĂLJĂĂŶďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂLJĂŶŐĚŝďĞůŝĚĞďŝƚƵƌĚĂƌŝ
ƉĞŵĂƐŽŬďĂƌĂŶŐĚĂŶͬĂƚĂƵũĂƐĂĚĞŶŐĂŶƉĞŵďĂLJĂƌĂŶĂŶŐƐƵƌĂŶ͘
Đ͘ &ĂƐŝůŝƚĂƐ ĂŶĂ ĂĚĂůĂŚ ƉĞŵďŝĂLJĂĂŶ ďĂƌĂŶŐ ĚĂŶͬĂƚĂƵ ũĂƐĂ LJĂŶŐ ĚŝƐĂůƵƌŬĂŶ ƐĞĐĂƌĂ ůĂŶŐƐƵŶŐ ŬĞƉĂĚĂ ĚĞďŝƚƵƌ ƵŶƚƵŬ
ŬĞƉĞƌůƵĂŶ ŬŽŶƐƵŵƐŝ ĚĂŶ ďƵŬĂŶ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ ƵƐĂŚĂ ĂƚĂƵ ŬĞŐŝĂƚĂŶ ƉƌŽĚƵŬƚŝĨ ĚĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ LJĂŶŐ ƚĞůĂŚ
ĚŝƐĞƉĂŬĂƚŝ͘
Ě͘WĞŵďŝĂLJĂĂŶŵƵůƚŝŐƵŶĂůĂŝŶŶLJĂƐĞƚĞůĂŚŵĞŶĚĂƉĂƚƉĞƌƐĞƚƵũƵĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͖
ϰ͘ ^ĞǁĂKƉĞƌĂƐŝĚĂŶͬĂƚĂƵŬĞŐŝĂƚĂŶďĞƌďĂƐŝƐŝŵďĂůĂŶƐĞƉĂŶũĂŶŐƚŝĚĂŬďĞƌƚĞŶƚĂŶŐĂŶĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵĚĂŶŐĂŶ
LJĂŶŐďĞƌůĂŬƵ͖ĚĂŶͬĂƚĂƵ
ϱ͘ <ĞŐŝĂƚĂŶƵƐĂŚĂƉĞŵďŝĂLJĂĂŶůĂŝŶŶLJĂďĞƌĚĂƐĂƌŬĂŶƉĞƌƐĞƚƵũƵĂŶKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ;K:<Ϳ͘
Ϯ͘ < '/dEh^,
WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞůĂŬƵŬĂŶďĞƌďĂŐĂŝŬĞŐŝĂƚĂŶ͕ŶĂŵƵŶWĞƌƐĞƌŽĂŶŵĞŶŐƵƚĂŵĂŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂƉĂĚĂŬĞŐŝĂƚĂŶ^ĞǁĂ
WĞŵďŝĂLJĂĂŶ;&ŝŶĂŶĐĞ>ĞĂƐĞͿƵŶƚƵŬŬĞŶĚĂƌĂĂŶŬŽŵĞƌƐŝĂůƚƌƵŬĚĂŶďŝƐLJĂŶŐŵĞƌƵƉĂŬĂŶůŝŶŝďŝƐŶŝƐƵƚĂŵĂWĞƌƐĞƌŽĂŶ͘&ĂƐŝůŝƚĂƐ
^ĞǁĂWĞŵďŝĂLJĂĂŶĚŝƵƚĂŵĂŬĂŶƵŶƚƵŬŬĞŶĚĂƌĂĂŶŬŽŵĞƌƐŝĂůŵĞƌĞŬ,ŝŶŽ͘
WĂĚĂƐĂĂƚWƌŽƐƉĞŬƚƵƐŝŶŝĚŝƚĞƌďŝƚŬĂŶ͕WĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝϴ;ĚĞůĂƉĂŶͿŬĂŶƚŽƌĐĂďĂŶŐ͕LJĂŝƚƵ͗
Ă͘ <ĂŶƚŽƌĂďĂŶŐ<ĞůĂƉĂ'ĂĚŝŶŐ
ůĂŵĂƚ͗'ĞĚƵŶŐ<ŝƌĂŶĂdǁŽ>ĂŶƚĂŝϭϲ&͕:ĂůĂŶŽƵůĞǀĂƌĚdŝŵƵƌEŽ͘ϴϴ͕<ĞůƵƌĂŚĂŶWĞŐĂŶŐƐĂĂŶƵĂ͕:ĂŬĂƌƚĂhƚĂƌĂ
ď͘ <ĂŶƚŽƌĂďĂŶŐ^ƵƌĂďĂLJĂ
ůĂŵĂƚ͗'ĞĚƵŶŐsŽnjĂdŽǁĞƌ͕EŽŵŽƌhŶŝƚ>ĂŶƚĂŝϭϮ͕:ů͘,Z͘DƵŚĂŵŵĂĚEŽ͘ϯϭ͕^ƵƌĂďĂLJĂ
Đ͘ <ĂŶƚŽƌĂďĂŶŐ^ĞŵĂƌĂŶŐ
ůĂŵĂƚ͗:ů͘ďĚƵůƌĂŚŵĂŶ^ĂůĞŚEŽ͘ϲϬ͕<ĞůƵƌĂŚĂŶ<ĂůŝďĂŶƚĞŶŐ<ŝĚƵů͕^ĞŵĂƌĂŶŐ
Ě͘ <ĂŶƚŽƌĂďĂŶŐdĂŶŐĞƌĂŶŐ
ůĂŵĂƚ͗WƌŽŵŝŶĞŶĐĞKĨĨŝĐĞdŽǁĞƌ>ĂŶƚĂŝϮϭ͕:ů͘:ĂůƵƌ^ƵƚĞƌĂĂƌĂƚ<Ăǀ͘ϭϳ͕ůĂŵ^ƵƚĞƌĂ͕WŝŶĂŶŐ
Ğ͘ <ĂŶƚŽƌĂďĂŶŐ>ĂŵƉƵŶŐ
ůĂŵĂƚ͗:ĂůĂŶDƵŚĂŵŵĂĚ,ƵƐŶŝdŚĂŵƌŝŶEŽŵŽƌϴϰ͕<ĞůƵƌĂŚĂŶ'ŽƚŽŶŐZŽLJŽŶŐ͕dĂŶũƵŶŐ<ĂƌĂŶŐWƵƐĂƚ
Ĩ͘ <ĂŶƚŽƌĂďĂŶŐWĂůĞŵďĂŶŐ
ůĂŵĂƚ͗^ƵĚŝƌŵĂŶKĨĨŝĐĞdŽǁĞƌ͕:ĂůĂŶ:ĞŶĚƌĂů^ƵĚŝƌŵĂŶEŽ͘ϱϳ͕/ůŝƌdŝŵƵƌ/
Ő͘ <ĂŶƚŽƌĂďĂŶŐ DĞĚĂŶ
ůĂŵĂƚ͗Θ'dŽǁĞƌ>ĂŶƚĂŝϭϭƵŶŝƚϭϭϬϯ͕:ĂůĂŶWƵƚƌŝ,ŝũĂƵEŽŵŽƌϭϬ͕DĞĚĂŶĂƌĂƚ
Ś͘ <ĂŶƚŽƌĂďĂŶŐ DĂŬĂƐĂƌ
ůĂŵĂƚ͗'ĞĚƵŶŐ&ĂũĂƌ'ƌĂŚĂWĞŶĂDĂŬĂƐƐĂƌ>ƚ͘ϵ<ĂǀϵϬϮͲϵϬϯ͕:ĂůĂŶhƌŝƉ^ƵŵŽŚĂƌĚũŽEŽŵŽƌϮϬ
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ĂŶϰ;ĞŵƉĂƚͿ<ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ <ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐWĞŬĂŶďĂƌƵ
ůĂŵĂƚ͗'ĞĚƵŶŐ^ƵƌLJĂƵŵĂŝ>ĂŶƚĂŝϯ;ϰͿ͕:ů͘:ĞŶĚƌĂů^ƵĚŝƌŵĂŶŶŽ͘ϯϵϱ͕WĞŬĂŶďĂƌƵϮϴϭϭϲͲZŝĂƵ
ď͘ <ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐĂŶĚƵŶŐ
ůĂŵĂƚ͗'ĞĚƵŶŐtŝƐŵĂƵŵŝƉƵƚĞƌĂ͕>ĂŶƚĂŝϳ^ƵŝƚĞϳϬϯ͕:ĂůĂŶƐŝĂĨƌŝŬĂEŽŵŽƌϭϰϭͲϭϰϵ͕^ƵŵƵƌĂŶĚƵŶŐ
Đ͘ <ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐ:Ăŵďŝ
ůĂŵĂƚ͗'ĞĚƵŶŐďĂĚŝ,ŽƚĞůΘŽŶǀĞŶƚŝŽŶ>ĂŶƚĂŝϭ͕:ĂůĂŶ:ĞŶĚƌĂů'ĂƚŽƚ^ƵďƌŽƚŽEŽŵŽƌϵϮͲϵϴ͕:Ăŵďŝ
Ě͘ <ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐ<ĞŶĚĂƌŝ
ůĂŵĂƚ͗ZƵŬŽ>ĂŶƚĂŝϮ͕:ĂůĂŶƵŶŐĂƐŝWŽƌŽƐŶĚƵŽŶƵŚƵZdϬ͘ϯϯͬZtϬ͘ϭϭ͕<ĞůƵƌĂŚĂŶŶĚƵŽŶƵŚƵ͕<ĞĐĂŵĂƚĂŶ
WŽĂƐŝĂ͕<ĞŶĚĂƌŝ͕^ƵůĂǁĞƐŝdĞŶŐŐĂƌĂ
WĞŶĚĂƉĂƚĂŶ
ZŝŶĐŝĂŶ ĚĂƌŝ ƉĞŶĚĂƉĂƚĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ƚĂŚƵŶ LJĂŶŐ ďĞƌĂŬŚŝƌ ƉĂĚĂ ƚĂŶŐŐĂůͲƚĂŶŐŐĂů ϯϭ ĞƐĞŵďĞƌ ϮϬϮϯ ĚĂŶ ϮϬϮϮ ĚĂƉĂƚ
ĚŝůŝŚĂƚƉĂĚĂƚĂďĞůĚŝďĂǁĂŚŝŶŝ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
WĞŶĚĂƉĂƚĂŶƐĞǁĂƉĞŵďŝĂLJĂĂŶ ϰϲϭ͘Ϭϰϰ͘ϵϯϳ͘ϰϮϱ ϯϳϴ͘ϬϱϬ͘ϳϵϲ͘ϭϮϯ
WĞŶĞƌŝŵĂĂŶĂƚĂƐƉŝƵƚĂŶŐLJĂŶŐĚŝŚĂƉƵƐďƵŬƵŬĂŶ Ͳ ϱ͘ϴϮϬ͘Ϭϰϴ͘ϭϲϮ
WĞŶĚĂƉĂƚĂŶďƵŶŐĂ ϭϴ͘ϭϬϵ͘ϰϲϲ͘ϱϳϲ ϭϭ͘ϱϰϲ͘ϱϮϭ͘ϴϬϬ
WĞŶĚĂƉĂƚĂŶůĂŝŶͲůĂŝŶ ϱ͘ϯϬϵ͘ϵϳϭ͘ϵϵϬ ϰ͘ϯϮϴ͘ϲϮϵ͘ϳϮϬ
dŽƚĂůWĞŶĚĂƉĂƚĂŶ ϰϴϰ͘ϰϲϰ͘ϯϳϱ͘ϵϵϭ ϯϵϵ͘ϳϰϱ͘ϵϵϱ͘ϴϬϱ
WŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶ
ĚĂƉƵŶƉŽƐŝƐŝƐĂůĚŽWŝƵƚĂŶŐWĞŵďŝĂLJĂĂŶWĞƌƐĞƌŽĂŶƐĞƚĞůĂŚĚŝŬƵƌĂŶŐŝĚĞŶŐĂŶƉĞŶLJŝƐŝŚĂŶŬĞƌƵŐŝĂŶƉĞŶƵƌƵŶĂŶŶŝůĂŝƉŝƵƚĂŶŐ
ŵĂƐŝŶŐͲŵĂƐŝŶŐƚĞƌĐĞƌŵŝŶƉĂĚĂƚĂďĞůďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
WŝƵƚĂŶŐƐĞǁĂƉĞŵďŝĂLJĂĂŶͲŶĞƚŽ ϰ͘ϲϰϳ͘ϯϰϭ͘Ϭϰϵ͘ϴϯϮ ϯ͘ϴϮϰ͘ϳϮϴ͘ϴϱϬ͘ϴϵϲ
WĞŵďŝĂLJĂĂŶĂƌƵ
^ĞǁĂƉĞŵďŝĂLJĂĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĚŝƵƚĂŵĂŬĂŶƵŶƚƵŬŬĞŶĚĂƌĂĂŶƚƌƵŬĚĂŶďƵƐŵĞƌĞŬ,ŝŶŽĚĞŶŐĂŶƌĂƚĂͲƌĂƚĂ
ũĂŶŐŬĂǁĂŬƚƵƉĞŵďŝĂLJĂĂŶĂĚĂůĂŚϯ;ƚŝŐĂͿƚĂŚƵŶ͘EŝůĂŝƐĞǁĂƉĞŵďŝĂLJĂĂŶLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶďĞƌĚĂƐĂƌŬĂŶũĞŶŝƐ
ŶLJĂĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ
dƌƵŬ ϯ͘ϭϱϳ͘ϱϮϵ͘ϱϴϱ͘ϯϱϰ ϯ͘Ϭϰϵ͘ϴϲϮ͘ϲϰϯ͘ϲϬϵ
DŝŶŝďƵƐĚĂŶ:ĞĞƉ ϭϬϭ͘ϳϬϲ͘ϳϲϭ͘ϯϱϬ ϮϬ͘ϲϭϱ͘ϱϭϰ͘ϳϰϬ
WŝĐŬƵƉ ϱ͘ϵϭϭ͘ϰϵϮ͘ϱϬϬ ϱ͘ϬϲϮ͘ϲϮϲ͘ϬϬϬ
,ĞĂǀLJ ƋƵŝƉŵĞŶƚ Ͳ Ͳ
dŽƚĂůWĞŵďŝĂLJĂĂŶĂƌƵ ϯ͘Ϯϲϱ͘ϭϰϳ͘ϴϯϵ͘ϮϬϰ ϯ͘Ϭϳϱ͘ϱϰϬ͘ϳϴϰ͘ϯϰϵ
ŝƚĂŚƵŶϮϬϮϯƉĞŵďŝĂLJĂĂŶďĂƌƵŵĞŶŐĂůĂŵŝƉĞŶŝŶŐŬĂƚĂŶŵĂƐŝŶŐƐĞďĞƐĂƌϲ͕ϭϲйLJĂŶŐĚŝĚƵŬƵŶŐŽůĞŚƉĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝ
/ŶĚŽŶĞƐŝĂ͘
WƌŽƐĞƐWĞŵďŝĂLJĂĂŶ
WĞƌƐĞƌŽĂŶŵĞŶũĂůĂŶŬĂŶƉƌŽƐĞƐƉĞŵďŝĂLJĂĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉƌŽƐĞĚƵƌLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ƉůŝŬĂƐŝWĞŵďŝĂLJĂĂŶ WĞƌũĂŶũŝĂŶ
^ƵƌǀĞLJĚĂŶĂƚĂ
ĚĂƌŝWƌŽƐƉĞŬ ŶĂůŝƐĂ<ƌĞĚŝƚ <ĞƉƵƚƵƐĂŶ<ƌĞĚŝƚ WĞŵďŝĂLJĂĂŶĚĂŶ
ƐĐƌĞĞŶŝŶŐ
<ŽŶƐƵŵĞŶ WůĂŬĂƚ^ƚŝŬĞƌ
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ƉůŝŬĂƐŝWĞŵďŝĂLJĂĂŶĚĂƌŝWƌŽƐƉĞŬ<ŽŶƐƵŵĞŶ
ĐĐŽƵŶƚ KĨĨŝĐĞƌ ;KͿ ĂŬĂŶ ŵĞŶŐŚƵďƵŶŐŝ ĐĂůŽŶ ŬŽŶƐƵŵĞŶ ĚĂŶ ŵĞŶLJŝĂƉŬĂŶ ƐƵƌĂƚ ƉĞŶĂǁĂƌĂŶͬƐŝŵƵůĂƐŝ ŬƌĞĚŝƚ ĚĂƌŝ ƉůŝŬĂƐŝ
ƉĞŵďŝĂLJĂĂŶLJĂŶŐŵĂƐƵŬƐĞĐĂƌĂůĂŶŐƐƵŶŐĚĂƌŝŬĂŶƚŽƌĐĂďĂŶŐĂƚĂƵŵĞůĂůƵŝĚĞĂůĞƌ͘
^ƵƌǀĞLJĚĂŶĂƚĂ^ĐƌĞĞŶŝŶŐ
K ŵĞůĞŶŐŬĂƉŝ ĚŽŬƵŵĞŶ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ĚŝƐLJĂƌĂƚŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ƐĂůĂŚ ƐĂƚƵŶLJĂ ĂŶƚĂƌĂ ůĂŝŶ ƚĞƌŬĂŝƚ ŚĂƐŝů ƐƵƌǀĞLJ ŬĞ
ůŽŬĂƐŝƵƐĂŚĂĚĂƌŝĐĂůŽŶŬŽŶƐƵŵĞŶĚĂŶĚĂƚĂWƌŝŶƐŝƉDĞŶŐĞŶĂůEĂƐĂďĂŚ;WDEͿLJĂŶŐƚĞůĂŚĚŝƐĞƚƵũƵŝŽůĞŚ<ĞƉĂůĂĂďĂŶŐ͘
ŶĂůŝƐĂ<ƌĞĚŝƚ
ŶĂůŝƐĂ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ďĞƌƐĂŵĂĂŶ ŽůĞŚ ƌĞĚŝƚ ŶĂůLJƐƚ ĚĂŶ KƉĞƌĂƚŝŽŶ >ĞŐĂů͘ ƌĞĚŝƚ ŶĂůLJƐƚ ĂŬĂŶ ŵĞŶŐĂŶĂůŝƐĂ ŬŽŶĚŝƐŝ
ŬĞƵĂŶŐĂŶ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ƉĂĚĂ >ĂƉŽƌĂŶ ŶĂůŝƐĂ͘ KƉĞƌĂƚŝŽŶ >ĞŐĂů ĂŬĂŶ ŵĞŵĞƌŝŬƐĂ ĚŽŬƵŵĞŶ ůĞŐĂůŝƚĂƐ ĚĂŶ
ŵĞŶŐĞůƵĂƌŬĂŶŶĂůŝƐĂzƵƌŝĚŝƐ͘<ĞĚƵĂŶLJĂũƵŐĂĂŬĂŶŵĞŶŐŝƐŝĚĂƚĂWDEƐĞƐƵĂŝĚĞŶŐĂŶĂŶĂůŝƐĂLJĂŶŐƚĞůĂŚĚŝďƵĂƚ͘
<ĞƉƵƚƵƐĂŶ<ƌĞĚŝƚ
<ĞƉƵƚƵƐĂŶŬĞĚŝƚĚŝůĂŬƵŬĂŶŽůĞŚƉĞũĂďĂƚLJĂŶŐďĞƌǁĞŶĂŶŐLJĂŶŐƚĞůĂŚĚŝďĞƌŝŬĂŶŬĞǁĞŶĂŶŐĂŶƐĞƐƵĂŝĚĞŶŐĂŶůŝŵŝƚŽƚŽƌŝƐĂƐŝLJĂŶŐ
ďĞƌůĂŬƵ͘ƉĂďŝůĂƚĞƌũĂĚŝƉĞŶLJŝŵƉĂŶŐĂŶŬƌĞĚŝƚƉĞƌƐĞƚƵũƵĂŶŚĂƌƵƐĚŝůĂŬƵŬĂŶŽůĞŚƌĞĚŝƚŽŵŵŝƚƚĞĞ͘
WĞƌũĂŶũŝĂŶWĞŵďŝĂLJĂĂŶ
KĂŬĂŶŵĞŵŝŶƚĂĐĂůŽŶŬŽŶƐƵŵĞŶŵĞŶĂŶĚĂƚĂŶŐĂŶŝƉĞƌũĂŶũŝĂŶĚĂŶŵĞŶĞŵƉĞůŬĂŶƉůĂŬĂƚΘƐƚŝŬĞƌƉĂĚĂƵŶŝƚŬĞŶĚĂƌĂĂŶLJĂŶŐ
ĚŝďŝĂLJĂŝ͘ &ŽƚŽ ĂƚĂƐ ƉůĂŬĂƚ Θ ƐƚŝŬĞƌ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞŵƉĞůŬĂŶ ƉĂĚĂ ƵŶŝƚ LJĂŶŐ ĚŝďŝĂLJĂŝ͕ ǁĂũŝď ĚŝůĂŵƉŝƌŬĂŶ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ
ĚŽŬƵŵĞŶƚĂƐŝ͘
ϯ͘ W D^ZE
<ĞŐŝĂƚĂŶ WĞŵĂƐĂƌĂŶ ŵĞŵĞŐĂŶŐ ƉĞƌĂŶĂŶ ƉĞŶƚŝŶŐ ĚĂůĂŵ ƵƉĂLJĂ ŵĞŶũĂŐĂ ƉĂŶŐƐĂ ƉĂƐĂƌ ĚĂŶ ŵĞŵƉĞƌůƵĂƐ ďĂƐŝƐ ŬŽŶƐƵŵĞŶ͘
WĞƌƐĞƌŽĂŶŵĞƌƵƉĂŬĂŶƉĞƌƵƐĂŚĂŶƉĞŵďŝĂLJĂĂŶƐƉĞƐŝĂůŝƐƵŶƚƵŬŬĞŶĚĂƌĂĂŶŬŽŵĞƌƐŝĂůƚƌƵŬĚĂŶďŝƐƚĞƌƵƚĂŵĂƉƌŽĚƵŬ,ŝŶŽLJĂŶŐ
ĚŝŐƵŶĂŬĂŶƵŶƚƵŬĂŬƚŝǀŝƚĂƐƉƌŽĚƵŬƐŝ͘^ĞŚŝŶŐŐĂĚĂůĂŵŬĞŐŝĂƚĂŶƉĞŵĂƐĂƌĂŶŶLJĂ͕WĞƌƐĞƌŽĂŶŵĞŶŐŐƵŶĂŬĂŶŵŽĚĞůƉĞŶũƵĂůĂŶϮ
;ƵƐŝŶĞƐƐƚŽƵƐŝŶĞƐƐͿĚŝŵĂŶĂƉƌŽĚƵŬĚŝƚĂǁĂƌŬĂŶŬĞƉĂĚĂƉĞƌƵƐĂŚĂĂŶ͘
WĞƌƐĞƌŽĂŶŵĞŶŐƵƉĂLJĂŬĂŶŵĞŵďĞƌŝŬĂŶƉĞůĂLJĂŶĂŶƚĞƌďĂŝŬĚĂŶŵĞŶũĂŐĂŬĞƉĞƌĐĂLJĂĂŶŬŽŶƐƵŵĞŶ͕ĚĞĂůĞƌĚĂŶĂĨŝůŝĂƐŝWĞƌƐĞƌŽĂŶ
ůĂŝŶŶLJĂĚĂůĂŵŬĞŐŝĂƚĂŶƉĞŵĂƐĂƌĂŶŶLJĂ͘WĞƌƐĞƌŽĂŶŵĞŶŐŽƉƚŝŵĂůŬĂŶĨƵŶŐƐŝƉĞŵĂƐĂƌĂŶĚĂŶƉĞŶũƵĂůĂŶĚĞŶŐĂŶŵĞŵƉĞƌŬƵĂƚ
ƐƚƌƵŬƚƵƌŽƌŐĂŶŝƐĂƐŝĚĂŶŵĞŶŐŝŬƵƚŝƉĞƌŬĞŵďĂŶŐĂŶƚĞŬŶŽůŽŐŝƚĞƌƵƚĂŵĂĚĂůĂŵƚƌĂŶƐĨŽƌŵĂƐŝĚŝŐŝƚĂůĚĞŶŐĂŶďĞƌĨŽŬƵƐƚĞƌŚĂĚĂƉ
ĐƵƐƚŽŵĞƌĐĞŶƚƌŝĐ͘
&ƵŶŐƐŝƉĞŵĂƐĂƌĂŶďĞƌĨŽŬƵƐŬĞƉĂĚĂƉĞŶĞƌĂƉĂŶƐƚƌĂƚĞŐŝĚĂŶŬĞďŝũĂŬĂŶƉĞŵĂƐĂƌĂŶ͕ŵĞŶLJĞĚŝĂŬĂŶƉƌŽĚƵŬͲƉƌŽĚƵŬLJĂŶŐƐĞƐƵĂŝ
ĚĞŶŐĂŶ ŬĞďƵƚƵŚĂŶ ŬŽŶƐƵŵĞŶ͕ ŵĞŶŐĞŵďĂŶŐŬĂŶ ũĂƌŝŶŐĂŶ ƉĞŵĂƐĂƌĂŶ ƵŶƚƵŬ ŵĞŵƉĞƌůƵĂƐ ďĂƐŝƐ ŬŽŶƐƵŵĞŶ͕ ŵĞŵďŝŶĂ
ŚƵďƵŶŐĂŶLJĂŶŐĞƌĂƚĚĞŶŐĂŶĚĞĂůĞƌͲĚĞĂůĞƌĚĂŶĂĨŝůŝĂƐŝWĞƌƐĞƌŽĂŶůĂŝŶŶLJĂƐĞƉĞƌƚŝƉĞƌƵƐĂŚĂĂŶĂƐƵƌĂŶƐŝĚĂŶũƵŐĂƉĞƌƵƐĂŚĂĂŶ
ĚŝŐŝƚĂů͕ŵĞŶŝŶŐŬĂƚŬĂŶƉĞůĂLJĂŶĂŶLJĂŶŐďĞƌŽƌŝĞŶƚĂƐŝƉĂĚĂĐƵƐƚŽŵĞƌĐĞŶƚƌŝĐ͘
ĂůĂŵŵĞůĂŬƵŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂ͕WĞƌƐĞƌŽĂŶďĞƌƵƐĂŚĂŵĞŵƉĞƌůƵĂƐũĂƌŝŶŐĂŶŶLJĂĚŝŬŽƚĂͲŬŽƚĂďĞƐĂƌĚŝ/ŶĚŽŶĞƐŝĂ͘,ŝŶŐŐĂ
ŬŝŶŝWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝϴ;ĚĞůĂƉĂŶͿŬĂŶƚŽƌĐĂďĂŶŐĚĂŶϰ;ĞŵƉĂƚͿ<ĂŶƚŽƌ^ĞůĂŝŶ<ĂŶƚŽƌĂďĂŶŐLJĂŶŐƚĞƌƐĞďĂƌĚŝǁŝůĂLJĂŚ</
:ĂŬĂƌƚĂ͕ĂŶƚĞŶ͕:ĂǁĂdĞŶŐĂŚ͕:ĂǁĂdŝŵƵƌ͕>ĂŵƉƵŶŐ͕^ƵŵĂƚĞƌĂ^ĞůĂƚĂŶ͕^ƵŵĂƚĞƌĂhƚĂƌĂ͕ZŝĂƵ͕:ĂǁĂĂƌĂƚ͕:Ăŵďŝ͕^ƵůĂǁĞƐŝ
^ĞůĂƚĂŶĚĂŶ^ƵůĂǁĞƐŝdĞŶŐŐĂƌĂ͘^ĞũĂůĂŶĚĞŶŐĂŶƐƚƌĂƚĞŐŝĚĂŶƌĞŶĐĂŶĂƵƐĂŚĂWĞƌƐĞƌŽĂŶ͕ŵĂŬĂũĂƌŝŶŐĂŶLJĂŶŐůĞďŝŚůƵĂƐĂŬĂŶ
ĚŝŬĞŵďĂŶŐŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶŬĞďƵƚƵŚĂŶ͘
ĞƌŝŬƵƚĂĚĂůĂŚƐŝƐƚĞŵĚĂƌŝƉĞŶũƵĂůĂŶĚĂŶĚŝƐƚƌŝďƵƐŝLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͗
- WĞŶũƵĂůĂŶ
WĞƌƐĞƌŽĂŶŵĞŶũĂůĂŶŬĂŶƉƌŽƐĞƐƉĞŵďŝĂLJĂĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉƌŽƐĞĚƵƌLJĂŶŐƚĞůĂŚĚŝƚĞƚĂƉŬĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ƉůŝŬĂƐŝWĞŵďŝĂLJĂĂŶ WĞƌũĂŶũŝĂŶ
^ƵƌǀĞLJĚĂŶĂƚĂ
ĚĂƌŝWƌŽƐƉĞŬ ŶĂůŝƐĂ<ƌĞĚŝƚ <ĞƉƵƚƵƐĂŶ<ƌĞĚŝƚ WĞŵďŝĂLJĂĂŶĚĂŶ
ƐĐƌĞĞŶŝŶŐ
<ŽŶƐƵŵĞŶ WůĂŬĂƚ^ƚŝŬĞƌ
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ƉůŝŬĂƐŝWĞŵďŝĂLJĂĂŶĚĂƌŝWƌŽƐƉĞŬ<ŽŶƐƵŵĞŶ
ĐĐŽƵŶƚ KĨĨŝĐĞƌ ;KͿ ĂŬĂŶ ŵĞŶŐŚƵďƵŶŐŝ ĐĂůŽŶ ŬŽŶƐƵŵĞŶ ĚĂŶ ŵĞŶLJŝĂƉŬĂŶ ƐƵƌĂƚ ƉĞŶĂǁĂƌĂŶͬƐŝŵƵůĂƐŝ ŬƌĞĚŝƚ ĚĂƌŝ ĂƉůŝŬĂƐŝ
ƉĞŵďŝĂLJĂĂŶLJĂŶŐŵĂƐƵŬƐĞĐĂƌĂůĂŶŐƐƵŶŐĚĂƌŝŬĂŶƚŽƌĐĂďĂŶŐĂƚĂƵŵĞůĂůƵŝĚĞĂůĞƌ͘
^ƵƌǀĞLJĚĂŶĂƚĂ^ĐƌĞĞŶŝŶŐ
K ŵĞůĞŶŐŬĂƉŝ ĚŽŬƵŵĞŶ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ĚŝƐLJĂƌĂƚŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ƐĂůĂŚ ƐĂƚƵŶLJĂ ĂŶƚĂƌĂ ůĂŝŶ ƚĞƌŬĂŝƚ ŚĂƐŝů ƐƵƌǀĞLJ ŬĞ
ůŽŬĂƐŝƵƐĂŚĂĚĂƌŝĐĂůŽŶŬŽŶƐƵŵĞŶĚĂŶĚĂƚĂWƌŝŶƐŝƉDĞŶŐĞŶĂůEĂƐĂďĂŚ;WDEͿLJĂŶŐƚĞůĂŚĚŝƐĞƚƵũƵŝŽůĞŚ<ĞƉĂůĂĂďĂŶŐ͘
ŶĂůŝƐĂ<ƌĞĚŝƚ
ŶĂůŝƐĂ ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ďĞƌƐĂŵĂĂŶ ŽůĞŚ ƌĞĚŝƚ ŶĂůLJƐƚ ĚĂŶ KƉĞƌĂƚŝŽŶ >ĞŐĂů͘ ƌĞĚŝƚ ŶĂůLJƐƚ ĂŬĂŶ ŵĞŶŐĂŶĂůŝƐĂ ŬŽŶĚŝƐŝ
ŬĞƵĂŶŐĂŶ ĚĂŶ ŵĞŵďĞƌŝŬĂŶ ƌĞŬŽŵĞŶĚĂƐŝ ƉĂĚĂ >ĂƉŽƌĂŶ ŶĂůŝƐĂ͘ KƉĞƌĂƚŝŽŶ >ĞŐĂů ĂŬĂŶ ŵĞŵĞƌŝŬƐĂ ĚŽŬƵŵĞŶ ůĞŐĂůŝƚĂƐ ĚĂŶ
ŵĞŶŐĞůƵĂƌŬĂŶŶĂůŝƐĂzƵƌŝĚŝƐ͘<ĞĚƵĂŶLJĂũƵŐĂĂŬĂŶŵĞŶŐŝƐŝĚĂƚĂWDEƐĞƐƵĂŝĚĞŶŐĂŶĂŶĂůŝƐĂLJĂŶŐƚĞůĂŚĚŝďƵĂƚ͘
<ĞƉƵƚƵƐĂŶ<ƌĞĚŝƚ
<ĞƉƵƚƵƐĂŶŬĞĚŝƚĚŝůĂŬƵŬĂŶŽůĞŚƉĞũĂďĂƚLJĂŶŐďĞƌǁĞŶĂŶŐLJĂŶŐƚĞůĂŚĚŝďĞƌŝŬĂŶŬĞǁĞŶĂŶŐĂŶƐĞƐƵĂŝĚĞŶŐĂŶůŝŵŝƚŽƚŽƌŝƐĂƐŝLJĂŶŐ
ďĞƌůĂŬƵ͘ƉĂďŝůĂƚĞƌũĂĚŝƉĞŶLJŝŵƉĂŶŐĂŶŬƌĞĚŝƚƉĞƌƐĞƚƵũƵĂŶŚĂƌƵƐĚŝůĂŬƵŬĂŶŽůĞŚƌĞĚŝƚŽŵŵŝƚƚĞĞ͘
WĞƌũĂŶũŝĂŶWĞŵďŝĂLJĂĂŶ
KĂŬĂŶŵĞŵŝŶƚĂĐĂůŽŶŬŽŶƐƵŵĞŶŵĞŶĂŶĚĂƚĂŶŐĂŶŝƉĞƌũĂŶũŝĂŶĚĂŶŵĞŶĞŵƉĞůŬĂŶƉůĂŬĂƚΘƐƚŝŬĞƌƉĂĚĂƵŶŝƚŬĞŶĚĂƌĂĂŶLJĂŶŐ
ĚŝďŝĂLJĂŝ͘ &ŽƚŽ ĂƚĂƐ ƉůĂŬĂƚ Θ ƐƚŝŬĞƌ LJĂŶŐ ƚĞůĂŚ ĚŝƚĞŵƉĞůŬĂŶ ƉĂĚĂ ƵŶŝƚ LJĂŶŐ ĚŝďŝĂLJĂŝ͕ ǁĂũŝď ĚŝůĂŵƉŝƌŬĂŶ ƵŶƚƵŬ ŬĞƉĞƌůƵĂŶ
ĚŽŬƵŵĞŶƚĂƐŝ͘
- ŝƐƚƌŝďƵƐŝ
^ŝƐƚĞŵĚŝƐƚƌŝďƵƐŝLJĂŶŐĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶĂĚĂůĂŚĚĞŶŐĂŶĐĂƌĂƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ϭ͘ tĞďƐŝƚĞ,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ;ǁǁǁ͘ŚŝŶŽĨŝŶĂŶĐĞ͘ĐŽ͘ŝĚͿ
Ϯ͘ ĞĂůĞƌƌĞŬĂŶĂŶ,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ϯ͘ ŝƌĞĐƚŵĞůĂůƵŝĐĐŽƵŶƚKĨĨŝĐĞƌ,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
ĞƌŝŬƵƚĂĚĂůĂŚĚĂƚĂƉĞŶũƵĂůĂŶ;ƐĞǁĂƉĞŵďŝĂLJĂĂŶͿĚĂƌŝWĞƌƐĞƌŽĂŶĚĂůĂŵŶŝůĂŝŵĂƚĂƵĂŶŐƉĞůĂƉŽƌĂŶďĞƌĚĂƐĂƌŬĂŶŬĞůŽŵƉŽŬ
ƉƌŽĚƵŬƵƚĂŵĂĚĂŶĂƌĞĂĚĂĞƌĂŚƉĞŵĂƐĂƌĂŶĚĂůĂŵϮ;ĚƵĂͿƚĂŚƵŶƚĞƌĂŬŚŝƌ͘
ϭ͘ ĂƚĂ WĞŶũƵĂůĂŶ ;ƐĞǁĂ ƉĞŵďŝĂLJĂĂŶͿ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŶŝůĂŝ ŵĂƚĂ ƵĂŶŐ ƉĞůĂƉŽƌĂŶ ƐĞůĂŵĂ Ϯ ;ĚƵĂͿ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ
ŵĞŶƵƌƵƚŬĞůŽŵƉŽŬƉƌŽĚƵŬƉĞŵďŝĂLJĂĂŶƵƚĂŵĂ;ƐĞŐŵĞŶƵƐĂŚĂͿWĞƌƐĞƌŽĂŶ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
ƌĞĂ ϯϭĞƐĞŵďĞƌϮϬϮϯ ϯϭĞƐĞŵďĞƌϮϬϮϮ
^ĞǁĂWĞŵďŝĂLJĂĂŶ;&ŝŶĂŶĐŝĂů>ĞĂƐĞͿ ϯ͘Ϯϲϱ͘ϭϰϳ͘ϴϯϵ͘ϮϬϰ͕Ϯϭ ϯ͘Ϭϳϱ͘ϱϰϬ͘ϳϴϰ͘ϯϰϴ͕ϱϯ
WĞŵďŝĂLJĂĂŶ<ŽŶƐƵŵĂŶ;ŽŶƐƵŵĞƌ&ŝŶĂŶĐĞͿ Ͳ Ͳ
dŽƚĂů ϯ͘Ϯϲϱ͘ϭϰϳ͘ϴϯϵ͘ϮϬϰ͕Ϯϭ ϯ͘Ϭϳϱ͘ϱϰϬ͘ϳϴϰ͘ϯϰϴ͕ϱϯ
Ϯ͘ ĂƚĂ WĞŶũƵĂůĂŶ ;ƐĞǁĂ ƉĞŵďŝĂLJĂĂŶͿ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŶŝůĂŝ ŵĂƚĂ ƵĂŶŐ ƉĞůĂƉŽƌĂŶ ƐĞůĂŵĂ Ϯ ;ĚƵĂͿ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ
ŵĞŶƵƌƵƚŬĞůŽŵƉŽŬũĞŶŝƐƉƌŽĚƵŬĂƐĞƚLJĂŶŐĚŝďŝĂLJĂŬĂŶ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
ƌĞĂ ϯϭĞƐĞŵďĞƌϮϬϮϯ ϯϭĞƐĞŵďĞƌϮϬϮϮ
dƌƵŬ ϯ͘ϭϱϳ͘ϱϮϵ͘ϱϴϱ͘ϯϱϯ͕ϴϭ ϯ͘Ϭϰϵ͘ϴϲϮ͘ϲϰϯ͘ϲϬϴ͕ϱϯ
DŝŶŝďƵƐĚĂŶ:ĞĞƉ;ƵƐͿ ϭϬϭ͘ϳϬϲ͘ϳϲϭ͘ϯϱϬ͕ϰϬ ϮϬ͘ϲϭϱ͘ϱϭϰ͘ϳϰϬ͕ϬϬ
WŝĐŬƵƉ;ĂƌͿ ϱ͘ϵϭϭ͘ϰϵϮ͘ϱϬϬ͕ϬϬ ϱ͘ϬϲϮ͘ϲϮϲ͘ϬϬϬ͕ϬϬ
,ĞĂǀLJ ƋƵŝƉĞŵĞŶƚ Ͳ Ͳ
dŽƚĂů ϯ͘Ϯϲϱ͘ϭϰϳ͘ϴϯϵ͘ϮϬϰ͕Ϯϭ ϯ͘Ϭϳϱ͘ϱϰϬ͘ϳϴϰ͘ϯϰϴ͕ϱϯ
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ϯ͘ ĂƚĂ WĞŶũƵĂůĂŶ ;ƐĞǁĂ ƉĞŵďŝĂLJĂĂŶͿ ĚĂƌŝ WĞƌƐĞƌŽĂŶ ĚĂůĂŵ ŶŝůĂŝ ŵĂƚĂ ƵĂŶŐ ƉĞůĂƉŽƌĂŶ ƐĞůĂŵĂ Ϯ ;ĚƵĂͿ ƚĂŚƵŶ ƚĞƌĂŬŚŝƌ
ŵĞŶƵƌƵƚŬĞůŽŵƉŽŬĚĂĞƌĂŚƉĞŵĂƐĂƌĂŶ;ƐĞŐŵĞŶŐĞŽŐƌĂĨŝƐͿ͗
;ĚĂůĂŵZƵƉŝĂŚͿ
ƌĞĂ ϯϭĞƐĞŵďĞƌϮϬϮϯ ϯϭĞƐĞŵďĞƌϮϬϮϮ
:ĂďŽĚĞƚĂďĞŬ ϭ͘ϰϭϴ͘ϱϮϰ͘ϰϳϲ͘ϳϰϱ ϭ͘ϰϵϯ͘ϴϲϮ͘ϳϮϰ͘ϭϯϬ
:ĂǁĂ ϰϵϲ͘ϭϳϲ͘ϰϴϱ͘ϰϭϳ ϯϵϴ͘ϮϮϱ͘ϵϱϰ͘ϭϱϴ
^ƵŵĂƚĞƌĂ ϭ͘ϭϮϯ͘ϯϱϱ͘ϭϮϱ͘ϭϴϮ ϵϴϱ͘ϭϰϬ͘Ϯϭϵ͘ϵϳϰ
^ƵůĂǁĞƐŝ ϮϮϳ͘Ϭϵϭ͘ϳϱϭ͘ϴϲϬ ϭϵϴ͘ϯϭϭ͘Ϭϴϲ
dŽƚĂů ϯ͘Ϯϲϱ͘ϭϰϳ͘ϴϯϵ͘ϮϬϰ ϯ͘Ϭϳϱ͘ϱϰϬ͘ϳϴϰ͘ϯϰϴ
ϰ͘ W Z^/E'Eh^,
WĞƌƐĞƌŽĂŶŵĞƌƵƉĂŬĂŶƉĞƌƵƐĂŚĂĂŶĐĂƉƚŝǀĞĨŝŶĂŶĐĞLJĂŶŐĚŝďĞŶƚƵŬƵŶƚƵŬŵĞŶĚƵŬƵŶŐƉĞŶũƵĂůĂŶŬĞŶĚĂƌĂĂŶŬŽŵĞƌƐŝĂůŵĞƌĞŬ
,ŝŶŽŵĞůĂůƵŝƉĞŶLJĞĚŝĂĂŶũĂƐĂƉĞŵďŝĂLJĂĂŶLJĂŶŐŬŽŵƉĞƚŝƚŝĨ͘
ĂůĂŵ ŵĞŶũĂůĂŶŬĂŶ ƵƐĂŚĂŶLJĂ͕ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ƉĞƌŶĂŚ ůĞƉĂƐ ĚĂƌŝ ƉĞƌƐĂŝŶŐĂŶ ďĂŝŬ ĚĂƌŝ ƐĞƐĂŵĂ ƉĞƌƵƐĂŚĂĂŶ ƉĞŵďŝĂLJĂĂŶ͕
ŵĂƵƉƵŶĚĂƌŝƐĞŬƚŽƌƉĞƌďĂŶŬĂŶ͘ĚĂƉƵŶWĞƌƐĞƌŽĂŶŵĞŵŝůŝŬŝďĞďĞƌĂƉĂŬŽŵƉĞƚŝƚŽƌĚĂƌŝƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶĚŝĂŶƚĂƌĂŶLJĂ
ĂĚĂůĂŚ Wd DĂŶĚŝƌŝ dƵŶĂƐ &ŝŶĂŶĐĞ͕ Wd /ŶĚŽŵŽďŝů &ŝŶĂŶĐĞ /ŶĚŽŶĞƐŝĂ͕ Wd ĚŝƌĂ ŝŶĂŵŝŬĂ DƵůƚŝĨŝŶĂŶĐĞ dďŬ͕͘ ĚĂŶ Wd DŝƚƐƵŝ
>ĞĂƐŝŶŐĂƉŝƚĂů/ŶĚŽŶĞƐŝĂ͕ƐĞůĂŝŶWdĂŶŬĞŶƚƌĂůƐŝĂdďŬ͕͘WdĂŶŬ:ĂƐĂ:ĂŬĂƌƚĂĚĂŶWdĂŶŬDĂLJďĂŶŬ/ŶĚŽŶĞƐŝĂdďŬ͘ĚĂƌŝ
ƐĞŬƚŽƌƉĞƌďĂŶŬĂŶLJĂŶŐŵĞŶLJĞĚŝĂŬĂŶĨĂƐŝůŝƚĂƐƉŝŶũĂŵĂŶďĞƌƵƉĂŝŶǀĞƐƚĂƐŝŵĂƵƉƵŶŵŽĚĂůŬĞƌũĂ͘
ĞƌĚĂƐĂƌŬĂŶĚĂƚĂ'ĂŝŬŝŶĚŽǁŚŽůĞƐĂůĞƐƉĞƌĞƐĞŵďĞƌϮϬϮϯ͕ƉĂŶŐƐĂƉĂƐĂƌ,ŝŶŽƵŶƚƵŬƉĞŶũƵĂůĂŶƚƌƵŬŵĞŶŐĂůĂŵŝƉƵŶĐĂŬŶLJĂ
ƐĞďĞƐĂƌ ϯϰй͕ ĚŝŵĂŶĂ ƐĞůĂŵĂ ƚĂŚƵŶ ϮϬϭϲͲϮϬϮϯ ƉĂŶŐƐĂ ƉĂƐĂƌ ƉĞŶũƵĂůĂŶ ƚƌƵŬ ,ŝŶŽ ƐƚĂďŝů Ěŝ ĂŶŐŬĂ Ϯϳй͘ ^ĞĚĂŶŐŬĂŶ ƵŶƚƵŬ
ƉĂŶŐƐĂƉĂƐĂƌƉĞŶũƵĂůĂŶďƵƐ,ŝŶŽĚŝƚĂŚƵŶϮϬϮϭ–ϮϬϮϯƐƚĂďŝůĚŝĂŶŐŬĂϯϰйͲϱϭй͘^ĞĚĂŶŐŬĂŶƵŶƚƵŬƉĞŵďŝĂLJĂĂŶ͕WĞƌƐĞƌŽĂŶ
ŵĞŶĞŵƉĂƚŝƉŽƐŝƐŝƉĞƌƚĂŵĂĚĂůĂŵƉĂŶŐƐĂƉĂƐĂƌƉĞŵďŝĂLJĂĂŶƉƌŽĚƵŬ,ŝŶŽLJĂŝƚƵƐĞďĞƐĂƌϭϱ͕ϳϴйƉĂĚĂĞƐĞŵďĞƌϮϬϮϯ͘
WĞƌƐĞƌŽĂŶ ŵĞŶŐĞůŽůĂ ƉĞƌƐĂŝŶŐĂŶ ƵƐĂŚĂ ŝŶŝ ĚĂůĂŵ ƉƌĂŬƚŝŬ ďŝƐŶŝƐ ĚĂŶ ƐĞůĞƌĂ ŬƌĞĚŝƚ ;ĐƌĞĚŝƚ ĂƉƉĞƚŝƚĞͿ LJĂŶŐ ƐĞŚĂƚ͘ WĞƌƐĞƌŽĂŶ
ŵĞŵĂŶƚĂƵĚĂŶŵĞŶŐĂŶĂůŝƐĂƉĂƐĂƌ͕ƐĞƌƚĂŵĞŶŐŬĂũŝĚĂŶŵĞŶũĂŐĂŬĞƵŶŐŐƵůĂŶŬŽŵƉĞƚŝƚŝĨWĞƌƐĞƌŽĂŶŵĞůĂůƵŝ,ŝŶŽdŽƚĂů^ƵƉƉŽƌƚ
LJĂŶŐĚĂƉĂƚŵĞŶƐŝŶŬƌŽŶŝƐĂƐŝŬĂŶƐƚƌĂƚĞŐŝĂŶƚĂƌĂƉƌŽĚƵƐĞŶͬŵĂŶƵĨĂŬƚƵƌ͕ĚŝƐƚƌŝďƵƚŽƌͬĚĞĂůĞƌĚĂŶƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶƵŶƚƵŬ
ŵĞŵĂƐƚŝŬĂŶ ďĂŚǁĂ ,ŝŶŽ ŵĞŵďĞƌŝŬĂŶ ŵĞŶƵ ůĂLJĂŶĂŶ LJĂŶŐ ůĞŶŐŬĂƉ ŬĞƉĂĚĂ ŬŽŶƐƵŵĞŶ ƵŶƚƵŬ ƐĞƚŝĂƉ ƚĂŚĂƉĂŶͬƐŝŬůƵƐ
ŬĞƉĞŵŝůŝŬĂŶƉƌŽĚƵŬ,ŝŶŽ͘
<ŽŶƐƵŵĞŶĚĂƌŝWĞƌƐĞƌŽĂŶĂĚĂůĂŚƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞŶũĂĚŝƉĞŶŐŐĞƌĂŬƉĞƌĞŬŽŶŽŵŝĂŶ/ŶĚŽŶĞƐŝĂĚĂŶŵĞŶũĂĚŝ
ŵŽƚŽƌ ĚĂůĂŵ ƉĞƌƚƵŵďƵŚĂŶ 'W /ŶĚŽŶĞƐŝĂ͕ ƐĞƉĞƌƚŝ ƉĞƌƵƐĂŚĂĂŶ ůŽŐŝƐƚŝŬ ĚĂŶ ƚƌĂŶƐƉŽƌƚĂƐŝ Ěŝ ďŝĚĂŶŐ &D' ;&ĂƐƚ DŽǀŝŶŐ
ŽŶƐƵŵĞƌ'ŽŽĚƐͿ͕ƉĞƌƵƐĂŚĂĂŶŵĂŶƵĨĂŬƚƵƌ͕ƉĞŶŐŐƵŶĂĂŶĚƵŵƉƚƌƵĐŬƵŶƚƵŬƉƌŽLJĞŬŝŶĨƌĂƐƚƌƵŬƚƵƌĚĂŶƉƌŽƉĞƌƚŝ͕ƉĞƌƚĂŵďĂŶŐĂŶ
;ďĂƚƵďĂƌƵ͕ƉĞŵĞĐĂŚĂŶďĂƚƵ͕ƉĂƐŝƌͿ͕ƉĞƌŬĞďƵŶĂŶƚĞƌƵƚĂŵĂŬĞůĂƉĂƐĂǁŝƚĚĂŶƉĂďƌŝŬŬĞůĂƉĂƐĂǁŝƚ͕>ĂLJĂŶĂŶLJĂŶŐĚŝďĞƌŝŬĂŶ
ŽůĞŚ WĞƌƐĞƌŽĂŶ ƐĞďĂŐĂŝ ƉĞƌƵƐĂŚĂĂŶ ƉĞŵďŝĂLJĂĂŶ ƐƉĞƐŝĂůŝƐ ŬŽŵĞƌƐŝĂů ƚƌƵŬ͕ ŵĞŵƵĂƐŬĂŶ ƉĞƌƚƵŵďƵŚĂŶ ĚĂŶ ŬĞďƵƚƵŚĂŶ
ŬĞƵĂŶŐĂŶ ƉĂƌĂ ƉĞŶŐƵƐĂŚĂ ƚĞƌƐĞďƵƚ͘ ĂŶ ƉƌŝŶƐŝƉ ŬĞŚĂƚŝͲŚĂƚŝĂŶ LJĂŶŐ ƐĞŶĂŶƚŝĂƐĂ ĚŝƚĞƌĂƉŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ͕ ŵĞŵĂƐƚŝŬĂŶ
ďĂŚǁĂŝŶĚƵƐƚƌŝũĂƐĂŬĞƵĂŶŐĂŶĂŬĂŶƚƵŵďƵŚƐĞŚĂƚ͕ƚĞƌďƵŬĂĚĂŶŬŽŵƉĞƚŝƚŝĨ͘
ϱ͘ WZK^W <h^,W Z^ ZKE
WĞƌƐĞƌŽĂŶŵĞƌƵƉĂŬĂŶƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶƐƉĞƐŝĂůŝƐƵŶƚƵŬŬĞŶĚĂƌĂŶŬŽŵĞƌƐŝĂůƚƌƵŬĚĂŶďŝƐ͕ŬŚƵƐƵƐŶLJĂƵŶƚƵŬƉƌŽĚƵŬ
,ŝŶŽ͘,ŝŶŽƉƌŽĚƵŬŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵƉƌŽĚƵŬƵŶŐŐƵůĂŶĚŝ/ŶĚŽŶĞƐŝĂƵŶƚƵŬŬĂƚĞŐŽƌŝƚƌƵŬĚĂŶďŝƐ͘<ŽŶƐƵŵĞŶWĞƌƐĞƌŽĂŶ
ĂĚĂůĂŚƉĞƌƵƐĂŚĂĂŶͲƉĞƌƵƐĂŚĂĂŶLJĂŶŐŵĞŶŐŐĞƌĂŬŬĂŶƉĞƌĞŬŽŶŽŵŝĂŶ/ŶĚŽŶĞƐŝĂĚĂůĂŵƉĞƌƚƵŵďƵŚĂŶWƌŽĚƵŬŽŵĞƐƚŝŬƌƵƚŽ
;WͿĚĂŶŵĞŶŽƉĂŶŐŬĞŚŝĚƵƉĂŶDĂƐLJĂƌĂŬĂƚƐĞŚĂƌŝͲŚĂƌŝ͕ƐĞƉĞƌƚŝƚƌĂŶƐƉŽƌƚĂƐŝĚĂƌĂƚƵŶƚƵŬďŝƐƉĂƌŝǁŝƐĂƚĂĚĂŶďŝƐĂŶƚĂƌŬŽƚĂ͕
ƉĞƌƵƐĂŚĂĂŶ ůŽŐŝƐƚŝŬ ĚĂŶ ƚƌĂŶƐƉŽƌƚĂƐŝ͕ ƉĞƌƵƐĂŚĂĂŶ ŵĂŶƵĨĂŬƚƵƌ͕ ƉĞŶŐŐƵŶĂĂŶ ĚƵŵƉ ƚƌƵĐŬ ƵŶƚƵŬ ƉƌŽLJĞŬ ŝŶĨƌĂƐƚƌƵŬƚƵƌ ĚĂŶ
ƉƌŽƉĞƌƚŝ͕ƉĞƌƚĂŵďĂŶŐĂŶ͕ƉĞƌŬĞďƵŶĂŶĚĂŶƉĞŶŐĞůŽůĂĂĂŶůŝŵďĂŚ͘
ĞƌĚĂƐĂƌŬĂŶ ĚĂƚĂ ĚĂƌŝ ĂĚĂŶ WƵƐĂƚ ^ƚĂƚŝƐƚŝŬ ;W^Ϳ ĚĂŶ ƐŝĂƌĂŶ ƉĞƌƐ ƚĂŶŐŐĂů ϱ &ĞďƌƵĂƌŝ ϮϬϮϰ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ĂŶŬ
/ŶĚŽŶĞƐŝĂ͕ ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ /ŶĚŽŶĞƐŝĂ ƉĂĚĂ ƚƌŝǁƵůĂŶ /s ϮϬϮϯ ƚƵŵďƵŚ ƐĞďĞƐĂƌ ϱ͕Ϭϰй ;LJŽLJͿ ĚŝƚĞŶŐĂŚ ƉĞƌůĂŵďĂƚĂŶ
ĞŬŽŶŽŵŝŐůŽďĂů͘WĞŶŝŶŐŬĂƚĂŶƉĞƌƚƵŵďƵŚĂŶĞŬŽŶŽŵŝŝŶŝĚŝĚƵŬƵŶŐŚĂŵƉŝƌƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶŽůĞŚŬŽŵƉŽŶĞŶWŬĂƌĞŶĂ
ĂĚĂŶLJĂĚĂLJĂďĞůŝDĂƐLJĂƌĂŬĂƚLJĂŶŐƐƚĂďŝů͕ŬĞLJĂŬŝŶĂŶŬŽŶƐƵŵĞŶLJĂŶŐŵĞŶŝŶŐŬĂƚĚĂŶŬŽŶƐƵŵƐŝƉĞŵĞƌŝŶƚĂŚLJĂŶŐďĞƌƚĂŵďĂŚ͘
WĂĚĂ ƚĂŚƵŶ ϮϬϮϰ͕ ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ ĚŝƉƌĂŬŝƌĂŬĂŶ ĂŬĂŶ ŵĞŶŝŶŐŬĂƚ ĚĂůĂŵ ŬŝƐĂƌĂŶ ϰ͕ϳйͲϱ͕ϱй LJĂŶŐ ĚŝĚƵŬƵŶŐ ŽůĞŚ
ƉĞƌŵŝŶƚĂĂŶĚŽŵĞƐƚŝŬƐĞƌƚĂƉĞŶŝŶŐŬĂƚĂŶŝŶǀĞƐƚĂƐŝŬŚƵƐƵƐŶLJĂďĂŶŐƵŶĂŶƐĞũĂůĂŶĚĞŶŐĂŶďĞƌůĂŶũƵƚŶLJĂƉĞŵďĂŶŐƵŶĂŶWƌŽLJĞŬ
^ƚƌĂƚĞŐŝƐEĂƐŝŽŶĂů;W^EͿ͘
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WĂĚĂƚĂŚƵŶϮϬϮϯ͕/ŶĚƵƐƚƌŝƉĞŵďŝĂLJĂĂŶŵĞŶƵŶũƵŬŬĂŶƉĞƌďĂŝŬĂŶLJĂŶŐƐĞũĂůĂŶĚĞŶŐĂŶƚƌĞŶƉŽƐŝƚŝĨƉĂĚĂŝŶĚƵƐƚƌŝŽƚŽŵŽƚŝĨ͘ĂƚĂ
ǁŚŽůĞƐĂůĞƐĚĂƌŝ'ĂŝŬŝŶĚŽŚŝŶŐŐĂĞƐĞŵďĞƌϮϬϮϯŵĞŶƵŶũƵŬĂŶĂĚĂŶLJĂƉĞŶƵƌƵŶĂŶƉĞŶũƵĂůĂŶƚƌƵŬĚŝ/ŶĚŽŶĞƐŝĂŵĞŶĐĂƉĂŝϭϮй
ũŝŬĂ ĚŝďĂŶĚŝŶŐŬĂŶ ĚĞŶŐĂŶ ĞƐĞŵďĞƌ ϮϬϮϮ͘ ,Ăů ƚĞƌƐĞďƵƚ ƚĞƌũĂĚŝ ŬĂƌĞŶĂ ŬŽƌĞŬƐŝ ŚĂƌŐĂͲŚĂƌŐĂ ŬŽŵŽĚŝƚĂƐ ƚĂŵďĂŶŐ LJĂŶŐ
ŵĞŶLJĞďĂďŬĂŶďĞƌŬƵƌĂŶŐŶLJĂƉĞƌŵŝŶƚĂĂŶƉƌŽĚƵŬĚĂƌŝƐĞŬƚŽƌƉĞƌƚĂŵďĂŶŐĂŶ͘^ĞĚĂŶŐŬĂŶƉĞŶũƵĂůĂŶďŝƐĚŝ/ŶĚŽŶĞƐŝĂŵĞŶŝŶŐŬĂƚ
ƐĞďĞƐĂƌϭϱϰйũŝŬĂĚŝďĂŶĚŝŶŐŬĂŶƉĞƌŝŽĚĞLJĂŶŐƐĂŵĂƚĂŚƵŶůĂůƵ͘DĞŶĐĞƌŵĂƚŝďĞƌďĂŐĂŝƚĂŶƚĂŶŐĂŶĚĂŶƉĞůƵĂŶŐLJĂŶŐĚŝŚĂĚĂƉŝ
ƐĞƌƚĂ ďĞƌďĂŐĂŝ ŬĞďŝũĂŬĂŶ LJĂŶŐ ĚŝĂŵďŝů͕ KƚŽƌŝƚĂƐ :ĂƐĂ <ĞƵĂŶŐĂŶ ŵĞLJĂŬŝŶŝ ďĂŚǁĂ WŝƵƚĂŶŐ WĞƌƵƐĂŚĂĂŶ WĞŵďŝĂLJĂĂŶ ĂŬĂŶ
ƚƵŵďƵŚƐĞďĞƐĂƌϭϬйͲϭϮйĚŝƚĂŚƵŶϮϬϮϰ͘
WĞŵĞƌŝŶƚĂŚ ƚĞƌƵƐ ďĞƌƵƉĂLJĂ ƵŶƚƵŬ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƌĂƚĂĂŶ ƉĞŵďĂŶŐƵŶĂŶ Ěŝ /ŶĚŽŶĞƐŝĂ ĂŐĂƌ ƉĞƌƚƵŵďƵŚĂŶ ĞŬŽŶŽŵŝ ƚĞƌƵƐ
ŵĞŶŝŶŐŬĂƚ͘,ĂůŝŶŝƚĞŶƚƵŶLJĂŵĞŶũĂĚŝƉĞůƵĂŶŐĚĂŶƉƌŽƐƉĞŬƵƐĂŚĂďĂŐŝWĞƌƐĞƌŽĂŶƵŶƚƵŬŵĞŶŐĞŵďĂŶŐŬĂŶďŝƐŶŝƐŶLJĂĚĂůĂŵ
ŵĞŶĚƵŬƵŶŐ ƐƚƌĂƚĞŐŝ LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ ƉĞŵĞƌŝŶƚĂŚ͘ WƌŝŶƐŝƉ ŬĞŚĂƚŝͲŚĂƚŝĂŶ ƐĞůĂůƵ ĚŝƚĞƌĂƉŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ
ŵĞŵĂƐƚŝŬĂŶ ŝŶĚƵƐƚƌŝ ũĂƐĂ ŬĞƵĂŶŐĂŶ ŬŚƵƐƵƐŶLJĂ ƉĞŶũƵĂůĂŶ ďŝƐ ĚĂŶ ƚƌƵŬ ŬŽŵĞƌƐŝĂů ĂŐĂƌ ďĞƌũĂůĂŶ ƐĞĐĂƌĂ ƐĞŚĂƚ͕ ƚĞƌďƵŬĂ ĚĂŶ
ŬŽŵƉĞƚŝƚŝĨ͘ <ŽŶĚŝƐŝ ƉĞƌĞŬŽŶŽŵŝĂŶ /ŶĚŽŶĞƐŝĂ ĚĂŶ ĞŬƐƉĞŬƚĂƐŝ ŵĂŬƌŽ LJĂŶŐ ŵĞŵďĂŝŬ͕ ĂŬĂŶ ďĞƌĚĂŵƉĂŬ ƉŽƐŝƚŝĨ ƚĞƌŚĂĚĂƉ
ƉĞƌƚƵŵďƵŚĂŶWĞƌƐĞƌŽĂŶ͘
ϲ͘ ^dZd '/W Z^ ZKE
Strategi Jangka Pendek Perseroan adalah “^ĞĞŬKƉƉŽƌƚƵŶŝƚLJǁŝƚŚĂƵƚŝŽƵƐĂŶĚWƌƵĚĞŶƚŝŶWŽůŝƚŝĐĂůzĞĂƌ” dengan ƐƚƌĂƚĞŐŝ
ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ &ŽŬƵƐƵŶƚƵŬŵĞŶŐĂŵĂŶŬĂŶEĞƚWƌŽĨŝƚDĂƌŐŝŶ͘
ď͘ Diversifikasi aset melalui transformasi digital (DX) → perluasan sewa pembiayaan dari pendekatan satu kaki ke
ƉĞŵďŝĂLJĂĂŶƉĞƌŝƉŚĞƌĂů͘
Đ͘ ŝǀĞƌƐŝĨŝŬĂƐŝŵĞƚŽĚĞƉĞŶĚĂŶĂĂŶĚĂŶŬĞŵĂŶĚŝƌŝĂŶ͘
Ě͘ WƌŝŽƌŝƚĂƐĚĂůĂŵƉĞŶŝŶŐŬĂƚĂŶ<ĞĂŵĂŶĂŶd/͘
Ğ͘ ƵŬƵŶŐĂŶŵĞŶLJĞůƵƌƵŚƚĞƌŚĂĚĂƉƉĞŶĞƌĂƉĂŶŬĞƵĂŶŐĂŶďĞƌŬĞůĂŶũƵƚĂŶ͘
ƌĂŚŬĞďŝũĂŬĂŶWĞƌƐĞƌŽĂŶƵŶƚƵŬũĂŶŐŬĂŵĞŶĞŶŐĂŚĂĚĂůĂŚ“Growth and Control + Innovate”ĚĞŶŐĂŶŵĞŵƉĞƌŬƵĂƚŝŶƚĞƌŶĂů
ŬŽŶƚƌŽůĚĂŶƚĂƚĂŬĞůŽůĂŵĞůĂůƵŝ͗
Ă͘ WĞŶLJĞĚŝĂĂŶ ůĂLJĂŶĂŶ ŬĞƵĂŶŐĂŶ ĚĂŶ ŬƌĞĚŝƚ LJĂŶŐ ƐƚĂďŝů ĚĂŶ ĚĂƉĂƚ ĚŝĂŶĚĂůŬĂŶ ƵŶƚƵŬ ŵĞŵĞŶƵŚŝ ŬĞďƵƚƵŚĂŶ ƉĂƐĂƌ ĚĂŶ
DĂƐLJĂƌĂŬĂƚ͘DĞůƵŶĐƵƌŬĂŶƉƌŽĚƵŬĚĂŶůĂLJĂŶĂŶŬĞƵĂŶŐĂŶďĂƌƵƵŶƚƵŬŵĞŶŐĂŬŽŵŽĚĂƐŝŬĞďƵƚƵŚĂŶƚĞƌƐĞďƵƚ͘
ď͘ dĞƌƵƐŵĞŵďĞƌŝŬĂŶƉĞŵďŝĂLJĂĂŶŬĞƉĂĚĂƉĞůĂŶŐŐĂŶďĞƌŬƵĂůŝƚĂƐďĂŝŬĚĂŶďĞƌƵƉĂLJĂŵĞŵƉĞƌƚĂŚĂŶŬĂŶƐĞƌƚĂŵĞŵƉĞƌůƵĂƐ
ďŝƐŶŝƐĚĞŶŐĂŶƉĞůĂŶŐŐĂŶLJĂŶŐůĞďŝŚŵĞŵŝůŝŚƚƌƵŬ,ŝŶŽƐĞďĂŐĂŝƉĞƌƵƐĂŚĂĂŶƉĞŵďŝĂLJĂĂŶĐĂƉƚŝǀĞ͘ŝƐŝƐŝůĂŝŶ͕ƉĞƌƐĂŝŶŐĂŶ
ĚĞŶŐĂŶ ďĂŶŬͬŶŽŶͲďĂŶŬ LJĂŶŐ ďĞƌƐĂŝŶŐ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ ƉĞůĂŶŐŐĂŶ ďĞƌŬƵĂůŝƚĂƐ ďĂŝŬ ŝŶŝ ũƵŐĂ ƐĞŵĂŬŝŶ ŬĞƚĂƚ ĚĂŶ
ƚĞƌŬĂĚĂŶŐ ŚĂŶLJĂ ƐĞŬĞĚĂƌ ƉĞƌƐĂŝŶŐĂŶ ƉĞŶƵƌƵŶĂŶ ƐƵŬƵ ďƵŶŐĂ͘ WĞƌƐĞƌŽĂŶ ĂŬĂŶ ĨŽŬƵƐ ƉĂĚĂ ƉĞŶLJĞĚŝĂĂŶ ƉĞŵďŝĂLJĂĂŶ
ƉĞƌŝĨĞƌĂů͕ŬĞŵƵĚĂŚĂŶĚŽŬƵŵĞŶƚĂƐŝ͕ĚĂŶůĂLJĂŶĂŶŬĞƐĞůƵƌƵŚĂŶƵŶƚƵŬůŝŶŐŬĂƌĂŶŬĞŚŝĚƵƉĂŶƚƌƵŬ͘DĞůĂůƵŝƉĞŶLJĞĚŝĂĂŶũĂƐĂ
ŬĞƵĂŶŐĂŶƚĞƌƐĞďƵƚ͕WĞƌƐĞƌŽĂŶďĞƌƚƵũƵĂŶƵŶƚƵŬŵĞŶĚĂƉĂƚŬĂŶŬĞƵŶƚƵŶŐĂŶĚĂůĂŵƉĞƌƐĂŝŶŐĂŶŶŽŶͲŚĂƌŐĂ͘
Đ͘ DĞŶŐĞŵďĂŶŐŬĂŶĚĂŶŵĞůƵŶĐƵƌŬĂŶƐŽůƵƐŝĚĂŶƉƌŽĚƵŬŬĞƵĂŶŐĂŶďĂƌƵĚŝĞƌĂĚŝŐŝƚĂů͘
Ě͘ DĞŵƉĞƌŬĞŶĂůŬĂŶƚĞŬŶŽůŽŐŝ/dLJĂŶŐůĞďŝŚĐĂŶŐŐŝŚĚĂůĂŵƉĞŶŐŽƉĞƌĂƐŝĂŶĚĂŶƉĞŶŐĞŶĚĂůŝĂŶƌŝƐŝŬŽ͘<ĞĂŵĂŶĂŶĚĂŶƚĂƚĂ
ŬĞůŽůĂ/dŵĞƌƵƉĂŬĂŶƐĂůĂŚƐĂƚƵƉƌŝŽƌŝƚĂƐƵƚĂŵĂ͘
Ğ͘ KƉƚŝŵĂůŝƐĂƐŝƐƵŵďĞƌĚĂLJĂŵĂŶƵƐŝĂĚĞŶŐĂŶŵĞŶLJĞĚŝĂŬĂŶŬĞƐĞŵƉĂƚĂŶĚĂŶũƵŐĂƉƌŽŐƌĂŵƉĞůĂƚŝŚĂŶŵĞůĂůƵŝƉĞŵĂŶĨĂĂƚĂŶ
ƚĞŬŶŽůŽŐŝĚŝŐŝƚĂů͘
Ĩ͘ DĞŵƉĞƌŬƵĂƚƐƚƌƵŬƚƵƌŽƌŐĂŶŝƐĂƐŝĚĂŶƚĂƚĂŬĞůŽůĂWĞƌƐĞƌŽĂŶ͕ŶĂŵƵŶŵĞŵƉĞƌƚĂŚĂŶŬĂŶŬĞůŝŶĐĂŚĂŶ͘
Ő͘ DĞŶŝŶŐŬĂƚŬĂŶĚĂŶŵĞŶŐĞŵďĂŶŐŬĂŶŝŶƚĞƌŶĂůŬŽŶƚƌŽů͘
Ś͘ >ŝŬƵŝĚŝƚĂƐLJĂŶŐŵĞŵĂĚĂŝ͕>DLJĂŶŐƚĞƉĂƚĚĂŶƉĞŶŐƵƉĂLJĂĂŶĚŝǀĞƌƐŝĨŝŬĂƐŝƉĞŶĚĂŶĂĂŶ͘
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&ŽŬƵƐWĞƌƐĞƌŽĂŶƉĂĚĂƚĞŬŶŽůŽŐŝŝŶĨŽƌŵĂƐŝĂĚĂůĂŚƚƌĂŶƐĨŽƌŵĂƐŝĚŝŐŝƚĂůƐĞĐĂƌĂďĞƌŬĞůĂŶũƵƚĂŶĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶŬĞĂŵĂŶĂŶ
ĚĂŶƚĂƚĂŬĞůŽůĂ͘
dƌĂŶƐĨŽƌŵĂƐŝ ĚŝŐŝƚĂů LJĂŶŐ ĚŝůĂŬƵŬĂŶ ŽůĞŚ WĞƌƐĞƌŽĂŶ ŵĞƌƵƉĂŬĂŶ ǁƵũƵĚ ŬĞƐĞƌŝƵƐĂŶ WĞƌƐĞƌŽĂŶ ƵŶƚƵŬ ŵĞŶĚƵŬƵŶŐ ŬĞŐŝĂƚĂŶ
ƉĞŵĂƐĂƌĂŶ ƚĞƌƵƚĂŵĂ Ěŝ ƐĞŐŵĞŶƚ ƌĞƚĂŝů ĚĞŶŐĂŶ ŵĞŶĞƌĂƉŬĂŶ DĂƌŬĞƚŝŶŐ ĚĂŶ ^ĂůĞƐ &ŽƌĐĞ ƵƚŽŵĂƚŝŽŶ͘ WĞƌƐĞƌŽĂŶ ũƵŐĂ
ďĞƌĞŶĐĂŶĂŝŶŐŝŶŵĞŶŝŶŐŬĂƚŬĂŶƉƌŽƐĞƐƉĞƌƐĞƚƵũƵĂŶƉĞŵďĞƌŝĂŶŬƌĞĚŝƚĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶ/;ƌƚŝĨŝĐŝĂů/ŶƚĞůůŝŐĞŶƚͿĚĂŶZW
;ZŽďŽƚŝĐWƌŽĐĞƐƐƵƚŽŵĂƚŝŽŶͿ͘WƌŽĚƵŬďĂƌƵLJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶƚŝĚĂŬƚĞƌůĞƉĂƐĚĂƌŝƐŝƐƚĞŵLJĂŶŐŵĞŵĂĚĂŝƵŶƚƵŬ
ĚŝƉĞƌŐƵŶĂŬĂŶ͘
WĞŶŝŶŐŬĂƚĂŶƉĞŶŐŐƵŶĂĂŶƚĞŬŶŽůŽŐŝŚĂƌƵƐĚŝƐĞƌƚĂŝĚĞŶŐĂŶƉĞŶŝŶŐŬĂƚĂŶŬĞĂŵĂŶĂŶƚĞŬŶŽůŽŐŝ͘dĞƌůĞďŝŚƉĂĚĂĚĂůĂŵϯƚĂŚƵŶ
ƚĞƌĂŚŝƌŬĞũĂŚĂƚĂŶƐŝďĞƌŵĞŶŝŶŐŬĂƚƚĞƌƵƚĂŵĂĚŝŝŶĚƵƐƚƌŝũĂƐĂŬĞƵĂŶŐĂŶ͘,ĂůŝŶŝŵĞŵďƵĂƚWĞƌƐĞƌŽĂŶŵĞŶŝŶŐŬĂƚŬĂŶŬĞĂŵĂŶĂŶ
d/ŵĞůĂůƵŝnjĞƌŽƚƌƵƐƚƐĞĐƵƌŝƚLJĚĂŶƐĞĐĂƌĂƌĞŐƵůĂƌŵĞůĂŬƵŬĂŶƚĞƐƚŝŶŐ^/Zd;ŽŵƉƵƚĞƌ^ĞĐƵƌŝƚLJ/ŶĐŝĚĞŶƚZĞƐƉŽŶƐĞdĞĂŵͿ͘
WĞƌƐĞƌŽĂŶĂŬĂŶŵĞůĂŶũƵƚŬĂŶƉĞůĂŬƐĂŶĂĂŶƵĚŝƚd/ŽůĞŚƉŝŚĂŬŬĞƚŝŐĂĚĞŶŐĂŶƉĞƌůƵĂƐĂŶƐĐŽƉĞĂƌĞĂƵŶƚƵŬŵĞŶŝŶŐŬĂƚŬĂŶƚĂƚĂ
ŬĞůŽůĂ͘
101
Page 122
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dŝĚĂŬƚĞƌĚĂƉĂƚŬĞŐŝĂƚĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶƐĞŚƵďƵŶŐĂŶĚĞŶŐĂŶŵŽĚĂůŬĞƌũĂLJĂŶŐŵĞŶŝŵďƵůŬĂŶƌĞƐŝŬŽŬŚƵƐƵƐ͘
ϭϬ͘ Z/^ dEW E' DE'E
WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝŬĞďŝũĂŬĂŶŬŚƵƐƵƐƚĞƌŬĂŝƚƌŝƐĞƚĚĂŶƉĞŶŐĞŵďĂŶŐĂŶ͕ŬĂƌĞŶĂƐĞĐĂƌĂƵŵƵŵWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶŶLJĂ
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ƌŝƐĞƚĚĂŶƉĞŶŐĞŵďĂŶŐĂŶ͘
EĂŵƵŶ ĂƉĂďŝůĂ ĚŝƉĞƌůƵŬĂŶ͕ WĞƌƐĞƌŽĂŶ ĚĂƉĂƚ ŵĞůĂŬƵŬĂŶ ƌŝƐĞƚ ĚĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ĚĞŶŐĂŶ ŵĞůĂŬƵŬĂŶ ŬĞƌũĂƐĂŵĂ ĚĞŶŐĂŶ
ƉŝŚĂŬ ĞƐŬƚĞƌŶĂů ƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ ĚĂƚĂͬŝŶĨŽƌŵĂƐŝ ĚĞŶŐĂŶ ĐĂŬƵƉĂŶ LJĂŶŐ ůĞďŝŚ ůƵĂƐ ĚĂŶ ƉĞŶŐĞŵďĂŶŐĂŶ ƉƌŽĚƵŬ ŵĞůĂůƵŝ
ĚŝŐŝƚĂůŝƐĂƐŝ͘
zĂŶŐWĞƌƐĞƌŽĂŶůĂŬƵŬĂŶĂŶƚĂƌĂůĂŝŶƉĞŶŐĞŵďĂŶŐĂŶƐŝƚƵƐǁĞď͘ĚĂƉƵŶƚŽƚĂůďŝĂLJĂLJĂŶŐĚŝŬĞůƵĂƌŬĂŶĚĂůĂŵϮƚĂŚƵŶƚĞƌĂŬŚŝƌ
ƵŶƚƵŬĂŬƚŝǀŝƚĂƐƚĞƌƐĞďƵƚĂĚĂůĂŚZƉϯ͕ϱDŝůLJĂƌĂƚĂƵϬ͕ϳϮйĚĂƌŝƉĞŶĚĂƉĂƚĂŶďĞƌƐŝŚƚĂŚƵŶϮϬϮϯ
dŝĚĂŬ ƚĞƌĚĂƉĂƚ ŬĞĐĞŶĚĞƌƵŶŐĂŶ LJĂŶŐ ƐŝŐŶŝĨŝŬĂŶ ĚĂůĂŵ ƉƌŽĚƵŬƐŝ͕ ƉĞŶũƵĂůĂŶ͕ ƉĞƌƐĞĚŝĂĂŶ͕ ďĞďĂŶ͕ ĚĂŶ ŚĂƌŐĂ ƉĞŶũƵĂůĂŶ ƐĞũĂŬ
ƚĂŚƵŶďƵŬƵƚĞƌĂŬŚŝƌLJĂŶŐŵĞŵƉĞŶŐĂƌƵŚŝŬĞŐŝĂƚĂŶƵƐĂŚĂĚĂŶƉƌŽƐƉĞŬŬĞƵĂŶŐĂŶWĞƌƐĞƌŽĂŶ͘
^ĂŵƉĂŝĚĞŶŐĂŶƚĞƌďŝƚŶLJĂWƌŽƐƉĞŬƚƵƐŝŶŝ͕ƚŝĚĂŬĂĚĂŬĞĐĞŶĚĞƌƵŶŐĂŶ͕ŬĞƚŝĚĂŬƉĂƐƚŝĂŶ͕ƉĞƌŵŝŶƚĂĂŶ͕ŬŽŵŝƚŵĞŶĂƚĂƵ ƉĞƌŝƐƚŝǁĂ
LJĂŶŐĚĂƉĂƚĚŝŬĞƚĂŚƵŝLJĂŶŐĚĂƉĂƚŵĞŵƉĞŶŐĂƌƵŚŝƐĞĐĂƌĂƐŝŐŶŝĨŝŬĂŶƉĞŶũƵĂůĂŶďĞƌƐŝŚĂƚĂƵƉĞŶĚĂƉĂƚĂŶƵƐĂŚĂ͕ƉĞŶĚĂƉĂƚĂŶĚĂƌŝ
ŽƉĞƌĂƐŝďĞƌũĂůĂŶ͕ƉƌŽĨŝƚĂďŝůŝƚĂƐ͕ůŝŬƵŝĚŝƚĂƐĂƚĂƵƐƵŵďĞƌŵŽĚĂů͕ĂƚĂƵƉĞƌŝƐƚŝǁĂLJĂŶŐĂŬĂŶŵĞŶLJĞďĂďŬĂŶŝŶĨŽƌĂŵƐŝŬĞƵĂŶŐĂŶ
LJĂŶŐĚŝůĂƉŽƌŬĂŶƚŝĚĂŬĚĂƉĂƚĚŝũĂĚŝŬĂŶŝŶĚŝŬĂƐŝĂƚĂƐŚĂƐŝůŽƉĞƌĂƐŝĂƚĂƵŬŽŶĚŝƐŝŬĞƵĂŶŐĂŶŵĂƐĂĚĂƚĂŶŐ͘
WĞƌƐĞƌŽĂŶƚŝĚĂŬŵĞŵŝůŝŬŝŬĞƚĞƌŐĂŶƚƵŶŐĂŶƚĞƌŚĂĚĂƉŬŽŶƚƌĂŬŝŶĚƵƐƚƌŝĂů͕ŬŽŵĞƌƐŝĂů͕ĂƚĂƵŬĞƵĂŶŐĂŶ͕ƚĞƌŵĂƐƵŬŬŽŶƚƌĂŬĚĞŶŐĂŶ
ƉĞůĂŶŐŐĂŶ͕ƉĞŵĂƐŽŬĚĂŶͬĂƚĂƵƉĞŵĞƌŝŶƚĂŚ͘
dŝĚĂŬƚĞƌĚĂƉĂƚĂŶŐŐŽƚĂŝƌĞŬƐŝ͕ĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝ͕WĞŶŐĞŶĚĂůŝĂƚĂƵWĞŵĞŐĂŶŐ^ĂŚĂŵhƚĂŵĂWĞƌƐĞƌŽĂŶĂƚĂƵĨŝůŝĂƐŝ
ĚĂƌŝ ŶŐŐŽƚĂ ŝƌĞŬƐŝ͕ ĂŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ͕ WĞŶŐĞŶĚĂůŝ ĂƚĂƵ WĞŵĞŐĂŶŐ ^ĂŚĂŵ hƚĂŵĂ WĞƌƐĞƌŽĂŶ LJĂŶŐ ŵĞŵŝůŝŬŝ
ŬĞƉĞŶƚŝŶŐĂŶ ĚĂůĂŵ ƉĞƌƵƐĂŚĂĂŶ ůĂŝŶ LJĂŶŐ ŵĞŶũĂůĂŶŬĂŶ ďŝƐŶŝƐ LJĂŶŐ ƐĂŵĂ ĂƚĂƵ ŵĞŶŐŚĂƐŝůŬĂŶ ƉƌŽĚƵŬ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶ
WĞƌƐĞƌŽĂŶ͘
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WĂũĂŬ ĂƚĂƐ ƉĞŶŐŚĂƐŝůĂŶ LJĂŶŐ ĚŝƉĞƌŽůĞŚ ĚĂƌŝ ŬĞƉĞŵŝůŝŬĂŶ KďůŝŐĂƐŝ LJĂŶŐ ĚŝƚĞƌŝŵĂ ĂƚĂƵ ĚŝƉĞƌŽůĞŚ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ
ĚŝƉĞƌŚŝƚƵŶŐŬĂŶĚĂŶĚŝƉĞƌůĂŬƵŬĂŶƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶWĞƌƉĂũĂŬĂŶLJĂŶŐďĞƌůĂŬƵ͘
ĞƌĚĂƐĂƌŬĂŶWĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚEŽ͘ϵϭdĂŚƵŶϮϬϮϭƚĂŶŐŐĂůϯϬŐƵƐƚƵƐϮϬϮϭƚĞŶƚĂŶŐWĂũĂŬWĞŶŐŚĂƐŝůĂŶĂƚĂƐWĞŶŐŚĂƐŝůĂŶ
ĞƌƵƉĂ ƵŶŐĂ KďůŝŐĂƐŝ͕ ƉĞŶŐŚĂƐŝůĂŶ LJĂŶŐ ĚŝƚĞƌŝŵĂ ĂƚĂƵ ĚŝƉĞƌŽůĞŚ ďĂŐŝ tĂũŝď WĂũĂŬ ďĞƌƵƉĂ ďƵŶŐĂ ŽďůŝŐĂƐŝ ĚĂŶ ĚŝƐŬŽŶƚŽ
ŽďůŝŐĂƐŝĚŝŬĞŶĂŬĂŶƉĞŵŽƚŽŶŐĂŶWĂũĂŬWĞŶŐŚĂƐŝůĂŶLJĂŶŐďĞƌƐŝĨĂƚĨŝŶĂů͗
ŝ͘ ĂƚĂƐďƵŶŐĂĚĂƌŝŽďůŝŐĂƐŝĚĞŶŐĂŶŬƵƉŽŶ;ŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞďƚƐĞĐƵƌŝƚŝĞƐͿƐĞďĞƐĂƌ͗ϭϬй;ƐĞƉƵůƵŚƉĞƌƐĞŶͿďĂŐŝtĂũŝďWĂũĂŬ
ĚĂůĂŵŶĞŐĞƌŝĚĂŶďĞŶƚƵŬƵƐĂŚĂƚĞƚĂƉĂƚĂƵƐĞƐƵĂŝĚĞŶŐĂŶƚĂƌŝĨďĞƌĚĂƐĂƌŬĂŶƉĞƌƐĞƚƵũƵĂŶƉĞŶŐŚŝŶĚĂƌĂŶƉĂũĂŬďĞƌŐĂŶĚĂ
ďĂŐŝ tĂũŝď WĂũĂŬ ůƵĂƌ ŶĞŐĞƌŝ ƐĞůĂŝŶ ďĞŶƚƵŬ ƵƐĂŚĂ ƚĞƚĂƉ ĚĂƌŝ ũƵŵůĂŚ ďƌƵƚŽ ďƵŶŐĂ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ŵĂƐĂ ŬĞƉĞŵŝůŝŬĂŶ
ŽďůŝŐĂƐŝ͖
ĂƚĂƐ ĚŝƐŬŽŶƚŽ ĚĂƌŝ ŽďůŝŐĂƐŝ ĚĞŶŐĂŶ ŬƵƉŽŶ ƐĞďĞƐĂƌ͗ ϭϬй ;ƐĞƉƵůƵŚ ƉĞƌƐĞŶͿ ďĂŐŝ tĂũŝď WĂũĂŬ ĚĂůĂŵ ŶĞŐĞƌŝ ĚĂŶ ďĞŶƚƵŬ
ƵƐĂŚĂ ƚĞƚĂƉ ĂƚĂƵ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƚĂƌŝĨ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌƐĞƚƵũƵĂŶ ƉĞŶŐŚŝŶĚĂƌĂŶ ƉĂũĂŬ ďĞƌŐĂŶĚĂ ďĂŐŝ tĂũŝď WĂũĂŬ ůƵĂƌ
ŶĞŐĞƌŝƐĞůĂŝŶďĞŶƚƵŬƵƐĂŚĂƚĞƚĂƉ͕ĚĂƌŝƐĞůŝƐŝŚůĞďŝŚŚĂƌŐĂũƵĂůĂƚĂƵŶŝůĂŝŶŽŵŝŶĂůĚŝĂƚĂƐŚĂƌŐĂƉĞƌŽůĞŚĂŶŽďůŝŐĂƐŝ͕ƚŝĚĂŬ
ƚĞƌŵĂƐƵŬďƵŶŐĂďĞƌũĂůĂŶ͖
ŝŝ͘ ĂƚĂƐĚŝƐŬŽŶƚŽĚĂƌŝŽďůŝŐĂƐŝƚĂŶƉĂďƵŶŐĂ;njĞƌŽĐŽƵƉŽŶďŽŶĚͿĂƚĂƵŶŽŶͲŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĚĞďƚƐĞĐƵƌŝƚŝĞƐƐĞďĞƐĂƌϭϱйďĂŐŝ
tĂũŝďWĂũĂŬĚĂůĂŵŶĞŐĞƌŝĚĂŶĞŶƚƵŬhƐĂŚĂdĞƚĂƉ;hdͿĚĂŶϮϬйĂƚĂƵƚĂƌŝĨƐĞƐƵĂŝŬĞƚĞŶƚƵĂŶWĞƌƐĞƚƵũƵĂŶWĞŶŐŚŝŶĚĂƌĂŶ
WĂũĂŬĞƌŐĂŶĚĂ;WϯͿLJĂŶŐďĞƌůĂŬƵďĂŐŝtĂũŝďWĂũĂŬůƵĂƌŶĞŐĞƌŝ͕ƐĞůĂŝŶďĞŶƚƵŬƵƐĂŚĂƚĞƚĂƉ͘:ƵŵůĂŚLJĂŶŐƚĞƌŬĞŶĂƉĂũĂŬ
ĚŝŚŝƚƵŶŐĚĂƌŝƐĞůŝƐŝŚůĞďŝŚŚĂƌŐĂũƵĂůĂƚĂƵŶŝůĂŝŶŽŵŝŶĂůĚŝĂƚĂƐŚĂƌŐĂƉĞƌŽůĞŚĂŶŽďůŝŐĂƐŝ͘
ŝŝŝ͘ ĂƚĂƐ ĚŝƐŬŽŶƚŽ ĚĂƌŝ ŽďůŝŐĂƐŝ ƚĂŶƉĂ ďƵŶŐĂ ;njĞƌŽ ĐŽƵƉŽŶ ďŽŶĚͿ ƐĞďĞƐĂƌ͗ ϭϬй ;ƐĞƉƵůƵŚ ƉĞƌƐĞŶͿ ďĂŐŝ tĂũŝď WĂũĂŬ ĚĂůĂŵ
ŶĞŐĞƌŝĚĂŶďĞŶƚƵŬƵƐĂŚĂƚĞƚĂƉĂƚĂƵƐĞƐƵĂŝĚĞŶŐĂŶƚĂƌŝĨďĞƌĚĂƐĂƌŬĂŶƉĞƌƐĞƚƵũƵĂŶƉĞŶŐŚŝŶĚĂƌĂŶƉĂũĂŬďĞƌŐĂŶĚĂďĂŐŝ
tĂũŝďWĂũĂŬůƵĂƌŶĞŐĞƌŝƐĞůĂŝŶďĞŶƚƵŬƵƐĂŚĂƚĞƚĂƉ͕ĚĂƌŝƐĞůŝƐŝŚůĞďŝŚŚĂƌŐĂũƵĂůĂƚĂƵŶŝůĂŝŶŽŵŝŶĂůĚŝĂƚĂƐŚĂƌŐĂƉĞƌŽůĞŚĂŶ
ŽďůŝŐĂƐŝ͖
ŝǀ͘ ĂƚĂƐďƵŶŐĂĚĂŶͬĂƚĂƵĚŝƐŬŽŶƚŽĚĂƌŝŽďůŝŐĂƐŝLJĂŶŐĚŝƚĞƌŝŵĂĚĂŶͬĂƚĂƵĚŝƉĞƌŽůĞŚtĂũŝďWĂũĂŬƌĞŬƐĂĚĂŶĂĚĂŶtĂũŝďWĂũĂŬ
ĚĂŶĂŝŶǀĞƐƚĂƐŝŝŶĨƌĂƐƚƌƵŬƚƵƌďĞƌďĞŶƚƵŬŬŽŶƚƌĂŬŝŶǀĞƐƚĂƐŝŬŽůĞŬƚŝĨ͕ĚĂŶĂŝŶǀĞƐƚĂƐŝƌĞĂůĞƐƚĂƚďĞƌďĞŶƚƵŬŬŽŶƚƌĂŬŝŶǀĞƐƚĂƐŝ
ŬŽůĞŬƚŝĨ͕ĚĂŶĞĨĞŬďĞƌĂŐƵŶĂƐĞƚďĞƌďĞŶƚƵŬŬŽŶƚƌĂŬŝŶǀĞƐƚĂƐŝŬŽůĞŬƚŝĨLJĂŶŐƚĞƌĚĂĨƚĂƌĂƚĂƵƚĞƌĐĂƚĂƚƉĂĚĂK:<ƐĞďĞƐĂƌϭϬй
ƵŶƚƵŬƚĂŚƵŶϮϬϮϭĚĂŶƐĞƚĞƌƵƐŶLJĂ͘
WĞŵŽƚŽŶŐĂŶƉĂũĂŬLJĂŶŐďĞƌƐŝĨĂƚĨŝŶĂůŝŶŝƚŝĚĂŬĚŝŬĞŶĂŬĂŶƚĞƌŚĂĚĂƉďƵŶŐĂĂƚĂƵĚŝƐŬŽŶƚŽŽďůŝŐĂƐŝLJĂŶŐĚŝƚĞƌŝŵĂĂƚĂƵĚŝƉĞƌŽůĞŚ
tĂũŝďWĂũĂŬ͗
ϭ͘ ĂŶĂƉĞŶƐŝƵŶLJĂŶŐƉĞŶĚŝƌŝĂŶĂƚĂƵƉĞŵďĞŶƚƵŬĂŶŶLJĂƚĞůĂŚĚŝƐĂŚŬĂŶŽůĞŚDĞŶƚĞƌŝ<ĞƵĂŶŐĂŶĂƚĂƵƚĞůĂŚŵĞŶĚĂƉĂƚŬĂŶ
ŝnjŝŶĚĂƌŝK:<ĚĂŶŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌĚĂůĂŵWĂƐĂůϰĂLJĂƚ;ϯͿŚƵƌƵĨŚhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϳdĂŚƵŶ
ϭϵϴϯƚĞŶƚĂŶŐWĂũĂŬWĞŶŐŚĂƐŝůĂŶƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚďĞďĞƌĂƉĂŬĂůŝĚŝƵďĂŚƚĞƌĂŬŚŝƌĚĞŶŐĂŶhŶĚĂŶŐͲhŶĚĂŶŐEŽ͘ϭϭdĂŚƵŶ
ϮϬϮϬƚĞŶƚĂŶŐŝƉƚĂ<ĞƌũĂ͖ĚĂŶ
Ϯ͘ ĂŶŬLJĂŶŐĚŝĚŝƌŝŬĂŶĚŝ/ŶĚŽŶĞƐŝĂĂƚĂƵĐĂďĂŶŐďĂŶŬůƵĂƌŶĞŐĞƌŝĚŝ/ŶĚŽŶĞƐŝĂ͘
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WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŵĞŶƵŚŝƐĞůƵƌƵŚŬĞǁĂũŝďĂŶƉĞƌƉĂũĂŬĂŶŶLJĂƐĞƐƵĂŝĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶĚĂŶƉĞƌĂƚƵƌĂŶ
ƉĞƌƉĂũĂŬĂŶLJĂŶŐďĞƌůĂŬƵ͘WĞƌƐĞƌŽĂŶƚĞůĂŚŵĞŶLJĂŵƉĂŝŬĂŶ^WdƚĂŚƵŶƉĂũĂŬϮϬϮϬƉĂĚĂƚĂŶŐŐĂůϮϴƉƌŝůϮϬϮϭ͕^WdƚĂŚƵŶƉĂũĂŬ
ϮϬϮϭƉĂĚĂƚĂŶŐŐĂůϮϲƉƌŝůϮϬϮϮĚĂŶ^WdƚĂŚƵŶƉĂũĂŬϮϬϮϮƉĂĚĂƚĂŶŐŐĂůϮϵƉƌŝůϮϬϮϯ͘
103
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y͘ W E:D/EE D/^/K>/'^/
ĞƌĚĂƐĂƌŬĂŶƉĞƌƐLJĂƌĂƚĂŶĚĂŶŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶLJĂŶŐƚĞƌĐĂŶƚƵŵĚŝĚĂůĂŵWĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝKďůŝŐĂƐŝEŽ͘ϯϱ
ƚĂŶŐŐĂůϮϬDĂƌĞƚϮϬϮϰ͕ƐĞďĂŐĂŝŵĂŶĂĚŝƵďĂŚĚĞŶŐĂŶŬƚĂĚĚĞŶĚƵŵ/WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝKďůŝŐĂƐŝEŽ͘ϯϳƚĂŶŐŐĂů
ϮϰƉƌŝůϮϬϮϰ͕ŬƚĂĚĚĞŶĚƵŵ//WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝKďůŝŐĂƐŝEŽ͘ϳϬƚĂŶŐŐĂůϮϴDĞŝϮϬϮϰĚĂŶŬƚĂĚĚĞŶĚƵŵ///
WĞƌũĂŶũŝĂŶWĞŶũĂŵŝŶĂŶ ŵŝƐŝKďůŝŐĂƐŝEŽ͘ϳϲƚĂŶŐŐĂůϮϰ:ƵŶŝϮϬϮϰLJĂŶŐƐĞůƵƌƵŚŶLJĂĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ/ƌ͘EĂŶĞƚƚĞĂŚLJĂŶŝĞ
,ĂŶĚĂƌŝĚŝtĂƌƐŝƚŽ͕^͘,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂĚĂŶƉĂƌĂWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝĚĂŶWĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝLJĂŶŐ
ŶĂŵĂŶLJĂƚĞƌĐĂŶƚƵŵĚŝďĂǁĂŚŝŶŝƚĞůĂŚŵĞŶLJĞƚƵũƵŝƵŶƚƵŬŵĞŶĂǁĂƌŬĂŶŬĞƉĂĚĂDĂƐLJĂƌĂŬĂƚKďůŝŐĂƐŝ///,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
dĂŚƵŶ ϮϬϮϰ ĚĞŶŐĂŶ ũƵŵůĂŚ ƉŽŬŽŬ ƐĞďĞƐĂƌ ZƉϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͕Ͳ ;ƚƵũƵŚ ƌĂƚƵƐ ŵŝůŝĂƌ ZƵƉŝĂŚͿ ĚĞŶŐĂŶ ƉĞŶũĂŵŝŶĂŶ ƐĞĐĂƌĂ
ŬĞƐĂŶŐŐƵƉĂŶƉĞŶƵŚ;ĨƵůůĐŽŵŵŝƚŵĞŶƚͿ͘
ĚĂƉƵŶ ƐƵƐƵŶĂŶ ĚĂŶ ũƵŵůĂŚ ƉŽƌƐŝ ƐĞƌƚĂ ƉĞƌƐĞŶƚĂƐĞ ƉĞŶũĂŵŝŶĂŶ ƐĞĐĂƌĂ <ĞƐĂŶŐŐƵƉĂŶ WĞŶƵŚ ;&Ƶůů ŽŵŵŝƚŵĞŶƚͿ ŽůĞŚ
WĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
WŽƌƐŝWĞŶũĂŵŝŶĂŶ;ZƉͿ :ƵŵůĂŚ
EŽ͘ ;йͿ
^Ğƌŝ ^Ğƌŝ ;ZƉͿ
WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝ
ϭ͘ WdůĚŝƌĂĐŝƚĂ^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϮ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϮϮ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϯ͕ϭϰ
Ϯ͘ WdZ/ĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐ Ϯϱ͘ϬϮϬ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͘ϬϭϬ͘ϬϬϬ͘ϬϬϬ ϭϮϱ͘ϬϯϬ͘ϬϬϬ͘ϬϬϬ ϭϳ͕ϴϲ
Ϯ͘ Wd/DEŝĂŐĂ^ĞŬƵƌŝƚĂƐ ϴϯ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϵϯ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϯ͕Ϯϵ
ϯ͘ Wd/ŶĚŽWƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐ ϮϮϰ͘ϴϳϱ͘ϬϬϬ͘ϬϬϬ Ϯϯϱ͘Ϭϵϱ͘ϬϬϬ͘ϬϬϬ ϰϱϵ͘ϵϳϬ͘ϬϬϬ͘ϬϬϬ ϲϱ͕ϳϭ
dKd> ϯϰϮ͘ϴϵϱ͘ϬϬϬ͘ϬϬϬ ϯϱϳ͘ϭϬϱ͘ϬϬϬ͘ϬϬϬ ϳϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
^ĞůĂŶũƵƚŶLJĂƉĂƌĂWĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝLJĂŶŐƚƵƌƵƚĚĂůĂŵ ŵŝƐŝKďůŝŐĂƐŝŝŶŝƚĞůĂŚƐĞƉĂŬĂƚƵŶƚƵŬŵĞůĂŬƐĂŶĂŬĂŶƚƵŐĂƐŶLJĂ
ŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϳ͘
WŝŚĂŬLJĂŶŐďĞƌƚŝŶĚĂŬƐĞďĂŐĂŝDĂŶĂũĞƌWĞŶũĂƚĂŚĂŶĂƚĂƐWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝĂĚĂůĂŚWd/ŶĚŽWƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐ͘
WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝĚĂŶWĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵKďůŝŐĂƐŝŝŶŝĚĞŶŐĂŶƚĞŐĂƐ
ŵĞŶLJĂƚĂŬĂŶƚŝĚĂŬŵĞŵƉƵŶLJĂŝŚƵďƵŶŐĂŶĨŝůŝĂƐŝĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƐĞƐƵĂŝĚĞĨŝŶŝƐŝĨŝůŝĂƐŝĚĂůĂŵhhWDƐĞďĂŐĂŝŵĂŶĂƚĞůĂŚ
ĚŝƵďĂŚĚĞŶŐĂŶhhWϮ^<͘
DĞƚŽĚĞWĞŶĞŶƚƵĂŶƵŶŐĂKďůŝŐĂƐŝ
dŝŶŐŬĂƚƵŶŐĂKďůŝŐĂƐŝĚŝƚĞŶƚƵŬĂŶďĞƌĚĂƐĂƌŬĂŶŚĂƐŝůŬĞƐĞƉĂŬĂƚĂŶĚĂŶŶĞŐŽƐŝĂƐŝWĞƌƐĞƌŽĂŶĚĞŶŐĂŶWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝ
KďůŝŐĂƐŝ ĚĞŶŐĂŶ ŵĞŵƉĞƌƚŝŵďĂŶŐŬĂŶ ďĞďĞƌĂƉĂ ĨĂŬƚŽƌ ĚĂŶ ƉĂƌĂŵĞƚĞƌ͕ ĂŶƚĂƌĂ ůĂŝŶ ƚĞƌĚŝƌŝ ĚĂƌŝ͗ ;ŝͿ ŚĂƐŝů WĞŶĂǁĂƌĂŶ ǁĂů
;ŬďƵŝůĚŝŶŐͿ͖;ŝŝͿŬŽŶĚŝƐŝƉĂƐĂƌKďůŝŐĂƐŝ͖;ŝŝŝͿĂĐƵĂŶƚĞƌŚĂĚĂƉŽďůŝŐĂƐŝWĞŵĞƌŝŶƚĂŚ;ƐĞƐƵĂŝũĂƚƵŚƚĞŵƉŽŵĂƐŝŶŐͲŵĂƐŝŶŐƐĞƌŝ
KďůŝŐĂƐŝͿ͖ĚĂŶ;ŝǀͿƌŝƐŬƉƌĞŵŝƵŵ;ƐĞƐƵĂŝĚĞŶŐĂŶŚĂƐŝůƉĞŵĞƌŝŶŐŬĂƚĂŶĚĂƌŝKďůŝŐĂƐŝͿ͘
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y/͘ > D'EWZK& ^/W EhE:E'W^ZDK^>
>ĞŵďĂŐĂĚĂŶWƌŽĨĞƐŝWĞŶƵŶũĂŶŐWĂƐĂƌDŽĚĂůLJĂŶŐďĞƌƉĂƌƚŝƐŝƉĂƐŝĚĂůĂŵƌĂŶŐŬĂWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
<ŽŶƐƵůƚĂŶ,ƵŬƵŵ ͗ Thamrin & Rekan (“TR&Co”)
DĞŶĂƌĂ<ƵŶŝŶŐĂŶ>ƚ͘ϵΘϭϮ
:ů͘,Z͘ZĂƐƵŶĂ^ĂŝĚůŽŬyͲϳ<Ăǀ͘ϱ
:ĂŬĂƌƚĂϭϮϵϰϬ͕/ŶĚŽŶĞƐŝĂ
EĂŵĂZĞŬĂŶ ͗ /ƐǁŝƌĂ>ĂŬƐĂŶĂ͕^͘,͕͘D͘^ŝ
EŽ͘^dd ͗ ^dd͘<,ͲϭϬϳͬW:ͲϭͬWD͘ϬϮͬϮϬϮϯƚĂŶŐŐĂůϭϱDĞŝϮϬϮϯ
^ƵƌĂƚWĞŶƵŶũƵŬĂŶ ͗ ĚŝƚƵŶũƵŬ ŽůĞŚ WĞƌƐĞƌŽĂŶ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ dZ Θ Ž
EŽ͘ ZĞĨ͗͘ ϭϬϵͬ>K&Ͳ,&/ͬdZͬ,Eͬ/yͬϮϬϮϯ ƚĂŶŐŐĂů
Ϯϵ ^ĞƉƚĞŵďĞƌ ϮϬϮϯ͕ LJĂŶŐ ƚƵƌƵƚ ĚŝƚĂŶĚĂƚĂŶŐĂŶŝ ŽůĞŚ
Wd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ͘
<ĞĂŶŐŐŽƚĂĂŶƐŽƐŝĂƐŝ ͗ ,ŝŵƉƵŶĂŶ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ WĂƐĂƌ DŽĚĂů ;,<,WDͿ
EŽ͘ϵϵϬϭϮ͘
WĞĚŽŵĂŶ<ĞƌũĂ ͗ ^ƚĂŶĚĂƌ WƌŽĨĞƐŝ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ WĂƐĂƌ DŽĚĂů LJĂŶŐ
ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ ,ŝŵƉƵŶĂŶ <ŽŶƐƵůƚĂŶ ,ƵŬƵŵ WĂƐĂƌ
DŽĚĂů ;,<,WDͿ ďĞƌĚĂƐĂƌŬĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ ,<,WD
EŽ͘< W͘Ϭϯͬ,<,WDͬy/ͬϮϬϮϭƚĂŶŐŐĂůϭϬEŽǀĞŵďĞƌϮϬϮϭ
dĞŶƚĂŶŐ WĞƌƵďĂŚĂŶ <ĞƉƵƚƵƐĂŶ ,ŝŵƉƵŶĂŶ <ŽŶƐƵůƚĂŶ
,ƵŬƵŵ WĂƐĂƌ DŽĚĂů EŽ͘ < W͘ϬϮͬ,<,WDͬs///ͬϮϬϭϴ
dĞŶƚĂŶŐ^ƚĂŶĚĂƌWƌŽĨĞƐŝ<ŽŶƐƵůƚĂŶ,ƵŬƵŵWĂƐĂƌDŽĚĂů͕
LJĂŶŐďĞƌůĂŬƵĞĨĞŬƚŝĨƐĞũĂŬƚĂŶŐŐĂůϭϬEŽǀĞŵďĞƌϮϬϮϭ
dƵŐĂƐWŽŬŽŬ ͗ DĞůĂŬƵŬĂŶ Ƶũŝ ƚƵŶƚĂƐ ĚĂƌŝ ƐĞŐŝ ŚƵŬƵŵ ĂƚĂƐ ĨĂŬƚĂ ŵĞŶŐĞŶĂŝ WĞƌƐĞƌŽĂŶ ĚĂŶ ŬĞƚĞƌĂŶŐĂŶ ůĂŝŶ
ƐĞďĂŐĂŝŵĂŶĂĚŝƐĂŵƉĂŝŬĂŶŽůĞŚ WĞƌƐĞƌŽĂŶLJĂŶŐ ďĞƌŚƵďƵŶŐĂŶĚĞŶŐĂŶWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝ͘
,ĂƐŝůƵũŝƚƵŶƚĂƐĚĂƌŝƐĞŐŝŚƵŬƵŵƚĞůĂŚĚŝŵƵĂƚĚĂůĂŵ>ĂƉŽƌĂŶhũŝdƵŶƚĂƐĚĂƌŝ^ĞŐŝ,ƵŬƵŵLJĂŶŐ
ŵĞŶũĂĚŝĚĂƐĂƌĚĂƌŝWĞŶĚĂƉĂƚĚĂƌŝ^ĞŐŝ,ƵŬƵŵLJĂŶŐĚŝďĞƌŝŬĂŶƐĞĐĂƌĂŽďũĞŬƚŝĨĚĂŶŵĂŶĚŝƌŝƐĞƌƚĂ
ŐƵŶĂŵĞŶĞůŝƚŝŝŶĨŽƌŵĂƐŝLJĂŶŐĚŝŵƵĂƚĚĂůĂŵ/ŶĨŽƌŵĂƐŝdĂŵďĂŚĂŶƐĞƉĂŶũĂŶŐŵĞŶLJĂŶŐŬƵƚƐĞŐŝ
ŚƵŬƵŵ͘dƵŐĂƐĚĂŶĨƵŶŐƐŝ<ŽŶƐƵůƚĂŶ,ƵŬƵŵLJĂŶŐĚŝƵƌĂŝŬĂŶĚŝƐŝŶŝĂĚĂůĂŚƐĞƐƵĂŝĚĞŶŐĂŶ^ƚĂŶĚĂƌ
WƌŽĨĞƐŝĚĂŶWĞƌĂƚƵƌĂŶWĂƐĂƌDŽĚĂůLJĂŶŐďĞƌůĂŬƵŐƵŶĂŵĞůĂŬƐĂŶĂŬĂŶƉƌŝŶƐŝƉŬĞƚĞƌďƵŬĂĂŶ͘
ŬƵŶƚĂŶWƵďůŝŬ ͗ <ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬWƵƌǁĂŶƚŽŶŽ͕^ƵŶŐŬŽƌŽΘ^ƵƌũĂ
'ĞĚƵŶŐƵƌƐĂ ĨĞŬ/ŶĚŽŶĞƐŝĂ͕dŽǁĞƌϮ͕>ĂŶƚĂŝϳ
:ĂůĂŶ:ĞŶĚ͘^ƵĚŝƌŵĂŶ<Ăǀ͘ϱϮͲϱϯ
:ĂŬĂƌƚĂϭϮϭϵϬ͕/ŶĚŽŶĞƐŝĂ
WĂƌƚŶĞƌLJĂŶŐďĞƌƚĂŶŐŐƵŶŐ ͗ ŚƌŝƐƚŽƉŚŽƌƵƐůǀŝŶ<ŽƐƐŝŵ
ũĂǁĂď
EŽ͘^dd ͗ ^dd͘WͲϯϭͬWD͘ϮϮϯͬϮϬϮϬƚĂŶŐŐĂůϮϱ^ĞƉƚĞŵďĞƌϮϬϮϬ
^ƵƌĂƚWĞŶƵŶũƵŬĂŶ ͗ EŽ͘ϬϬϬϳϮͬW^^ͬϬϯͬϮϬϮϰƚĂŶŐŐĂůϭϰDĂƌĞƚϮϬϮϰ
<ĞĂŶŐŐŽƚĂĂŶƐŽƐŝĂƐŝ ͗ /ŶƐƚŝƚƵƚŬƵŶƚĂŶWƵďůŝŬ/ŶĚŽŶĞƐŝĂ;/W/Ϳ
WĞĚŽŵĂŶ<ĞƌũĂ ͗ WĞƌŶLJĂƚĂĂŶ^ƚĂŶĚĂƌŬƵŶƚĂŶƐŝ<ĞƵĂŶŐĂŶ;W^<ͿĚĂŶ
WƌŽĨĞƐŝŽŶĂůŬƵŶƚĂŶWƵďůŝŬ;^WWͿ
dƵŐĂƐWŽŬŽŬ ͗ dƵŐĂƐ ƉŽŬŽŬ ĂŬƵŶƚĂŶ ƉƵďůŝŬ ĂĚĂůĂŚ ƵŶƚƵŬ ŵĞůĂŬƐĂŶĂŬĂŶ ĂƵĚŝƚ ĂƚĂƐ ůĂƉŽƌĂŶ ŬĞƵĂŶŐĂŶ
ďĞƌĚĂƐĂƌŬĂŶ ^ƚĂŶĚĂƌ ƵĚŝƚ LJĂŶŐ ĚŝƚĞƚĂƉŬĂŶ ŽůĞŚ /ŶƐƚŝƚƵƚ ŬƵŶƚĂŶ WƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĂŶ
ŵĞŶĞƌďŝƚŬĂŶĐŽŵĨŽƌƚůĞƚƚĞƌďĞƌĚĂƐĂƌŬĂŶĂƵĚŝƚĂƚĂƐůĂƉŽƌĂŶŬĞƵĂŶŐĂŶƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶ
KƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶ͘
EŽƚĂƌŝƐ ͗ /ƌ͘EĂŶĞƚƚĞĂŚLJĂŶŝĞ,ĂŶĚĂƌŝĚŝtĂƌƐŝƚŽ͕^͘,͘
<ĂŶƚŽƌEŽƚĂƌŝƐ/ƌ͘EĂŶĞƚƚĞĂŚLJĂŶŝĞ,ĂŶĚĂƌŝĚŝtĂƌƐŝƚŽ͕^͘,͘
:ů͘WĂŶŐůŝŵĂWŽůŝŵsͬϭϭ
:ĂŬĂƌƚĂϭϮϭϲϬ͕/ŶĚŽŶĞƐŝĂ
EŽ͘^dd ͗ ^dd͘EͲϰϭͬWD͘ϮϮͬϮϬϭϴƚĂŶŐŐĂůϮϭDĂƌĞƚϮϬϭϴ
^ƵƌĂƚWĞŶƵŶũƵŬĂŶ ͗ EŽ͘Ϭϯϯͬ>'>,&/ͬ///ͬϮϬϮϰƚĂŶŐŐĂůϱ&ĞďƌƵĂƌŝϮϬϮϰ
<ĞĂŶŐŐŽƚĂĂŶƐŽƐŝĂƐŝ ͗ /ŬĂƚĂŶ EŽƚĂƌŝƐ /ŶĚŽŶĞƐŝĂ ;/E/Ϳ tŝůĂLJĂŚ </ :ĂŬĂƌƚĂ
EŽ͘ϮϬϱ͘ϱ͘Ϭϰϭ͘ϮϮϭϭϰϲ
WĞĚŽŵĂŶ<ĞƌũĂ ͗ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ Ϯ dĂŚƵŶ ϮϬϭϰ ƚĞŶƚĂŶŐ WĞƌƵďĂŚĂŶ
ƚĂƐ͖ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϯ ϮϬϬϰ ƚĞŶƚĂŶŐ :ĂďĂƚĂŶ
EŽƚĂƌŝƐ
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dƵŐĂƐWŽŬŽŬ ͗ DĞŶLJŝĂƉŬĂŶ ĚĂŶ ŵĞŵďƵĂƚ ƉĞƌũĂŶũŝĂŶͲƉĞƌũĂŶũŝĂŶ ƐĞŚƵďƵŶŐĂŶ ĚĞŶŐĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ
KďůŝŐĂƐŝ͕ƐĞƐƵĂŝĚĞŶŐĂŶƉĞƌĂƚƵƌĂŶũĂďĂƚĂŶEŽƚĂƌŝƐĚĂŶŬŽĚĞĞƚŝŬEŽƚĂƌŝƐ͘
tĂůŝŵĂŶĂƚ ͗ WdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘
'ĞĚƵŶŐZ///>ĂŶƚĂŝϲ
:ů͘:ĞŶĚĞƌĂů^ƵĚŝƌŵĂŶ<Ăǀ͘ϰϰͲϰϲ
:ĂŬĂƌƚĂϭϬϮϭϬ͕/ŶĚŽŶĞƐŝĂ
EŽ͘^dd ͗ Ϭϴͬ^ddͲtͬWDͬϭϵϵϲƚĂŶŐŐĂůϭϭ:ƵŶŝϭϵϵϲ͘
^ƵƌĂƚWĞŶƵŶũƵŬĂŶ ͗ ͘ϯϮ–/Esͬd^ͬ dͬϬϭͬϮϬϮϰƚĂŶŐŐĂůϭϱ:ĂŶƵĂƌŝϮϬϮϰ
<ĞĂŶŐŐŽƚĂĂŶƐŽƐŝĂƐŝ ͗ ƐŽƐŝĂƐŝ tĂůŝ ŵĂŶĂƚ /ŶĚŽŶĞƐŝĂ ;t/Ϳ͗
t/ͬϬϯͬϭϮͬϮϬϬϴƚĂŶŐŐĂůϭϳĞƐĞŵďĞƌϮϬϬϴ͘
WĞĚŽŵĂŶ<ĞƌũĂ ͗ WĞĚŽŵĂŶŬĞƌũĂtĂůŝŵĂŶĂƚŵĞŶŐŝŬƵƚŝŬĞƚĞŶƚƵĂŶLJĂŶŐ
ĚŝĂƚƵƌ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶ hŶĚĂŶŐͲ
hŶĚĂŶŐ WĂƐĂƌ DŽĚĂů ƐĞƌƚĂ ƉĞƌĂƚƵƌĂŶ LJĂŶŐ ďĞƌŬĂŝƚĂŶ
ĚĞŶŐĂŶƚƵŐĂƐtĂůŝŵĂŶĂƚ͘
dƵŐĂƐWŽŬŽŬ ͗ DĞǁĂŬŝůŝ ŬĞƉĞŶƚŝŶŐĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ ďĂŝŬ Ěŝ ĚĂůĂŵ ŵĂƵƉƵŶ Ěŝ ůƵĂƌ ƉĞŶŐĂĚŝůĂŶ ĚĂůĂŵ
ŵĞůĂŬƵŬĂŶ ƚŝŶĚĂŬĂŶ ŚƵŬƵŵ LJĂŶŐ ďĞƌŬĂŝƚĂŶ ĚĞŶŐĂŶ ŚĂŬ ĚĂŶ ŬĞǁĂũŝďĂŶ WĞŵĞŐĂŶŐ KďůŝŐĂƐŝ
ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐLJĂƌĂƚͲƐLJĂƌĂƚ ŵŝƐŝ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ LJĂŶŐ
ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ƐĞƌƚĂ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ŬŚƵƐƵƐŶLJĂ ƉĞƌĂƚƵƌĂŶ Ěŝ ďŝĚĂŶŐ WĂƐĂƌ
DŽĚĂůĚĂŶŬĞƚĞŶƚƵĂŶͬƉĞƌĂƚƵƌĂŶ<^ /ŵĞŶŐĞŶĂŝKďůŝŐĂƐŝ͘
^ĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϭϵͬϮϬϮϬ͕tĂůŝŵĂŶĂƚŵĞŶLJĂƚĂŬĂŶƚŝĚĂŬ͗
;ŝͿ DĞŵƉƵŶLJĂŝŚƵďƵŶŐĂŶ<ƌĞĚŝƚĚĞŶŐĂŶWĞƌƐĞƌŽĂŶĚĂůĂŵũƵŵůĂŚůĞďŝŚĚĂƌŝϮϱй;ĚƵĂƉƵůƵŚ
ůŝŵĂƉĞƌƐĞŶͿĚĂƌŝũƵŵůĂŚ ĨĞŬLJĂŶŐďĞƌƐŝĨĂƚƵƚĂŶŐ͖ĚĂŶͬĂƚĂƵ
;ŝŝͿ DĞƌĂŶŐŬĂƉ ŵĞŶũĂĚŝ ƉĞŶĂŶŐŐƵŶŐ͕ ĚĂŶͬĂƚĂƵ ƉĞŵďĞƌŝ ĂŐƵŶĂŶ ĚĂůĂŵ ƉĞŶĞƌďŝƚĂŶ ĨĞŬ
ďĞƌƐŝĨĂƚƵƚĂŶŐ͕ĚĂŶͬĂƚĂƵŬĞǁĂũŝďĂŶWĞƌƐĞƌŽĂŶĚĂŶŵĞŶũĂĚŝtĂůŝŵĂŶĂƚĚĂƌŝƉĞŵĞŐĂŶŐ
ĨĞŬLJĂŶŐĚŝƚĞƌďŝƚŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘
,ƵďƵŶŐĂŶ<ƌĞĚŝƚWĞƌƐĞƌŽĂŶĚĂŶtĂůŝŵĂŶĂƚ
tĂůŝ ŵĂŶĂƚ ƚŝĚĂŬ ŵĞŵƉƵŶLJĂŝ ŚƵďƵŶŐĂŶ ŬƌĞĚŝƚ ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƐƵƌĂƚ ƉĞƌŶLJĂƚĂĂŶ tĂůŝ ŵĂŶĂƚ
EŽ͘͘ϭϬϲͲ/Esdͬd^ͬ dͬϬϯͬϮϬϮϰƚĂŶŐŐĂůϭϵDĂƌĞƚϮϬϮϰ
WĞƌƵƐĂŚĂĂŶ ͗ Wd&ŝƚĐŚZĂƚŝŶŐƐ/ŶĚŽŶĞƐŝĂ
WĞŵĞƌŝŶŐŬĂƚ ^ĂŶŬdŽǁĞƌ͕
ϮϰƚŚ&ůŽŽƌ͕^ƵŝƚĞϮϰϬϯ
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/ŶƚĞƌŶĂƚŝŽŶĂů KƌŐĂŶŝnjĂƚŝŽŶ ŽĨ ^ĞĐƵƌŝƚŝĞƐ ŽŵŵŝƐƐŝŽŶƐ
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ƉĂƐĂƌŵŽĚĂůůĞďŝŚĚĂƌŝϭϬϬŶĞŐĂƌĂ͘
<ŽĚĞĞƚŝŬĚĂŶƉƌĂŬƚĞŬƚĞƌďĂŝŬĚŝĂĚŽƉƐŝĚĂƌŝƐƐŽĐŝĂƚŝŽŶ
ŽĨ ƌĞĚŝƚ ZĂƚŝŶŐ ŐĞŶĐŝĞƐ ŝŶ ƐŝĂ ;ZͿ͘ Z
ŵĞƌƵƉĂŬĂŶ ĂƐŽƐŝĂƐŝ LJĂŶŐ ĚŝĚŝƌŝŬĂŶ ŽůĞŚ ƐŝĂŶ ƌĞĚŝƚ
ZĂƚŝŶŐ ŐĞŶĐŝĞƐ͕ ĚĂŶ ĚŝĂǁĂƐŝ ŽůĞŚ ƐŝĂŶ ĞǀĞůŽƉŵĞŶƚ
ĂŶŬ;Ϳ͘
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ĚĂƚĂĚĂŶŝŶĨŽƌŵĂƐŝLJĂŶŐƌĞůĞǀĂŶ͕ĂŬƵƌĂƚĚĂŶĚĂƉĂƚĚŝƉĞƌĐĂLJĂƐĞƌƚĂŵĞůĂŬƵŬĂŶŬĂũŝƵůĂŶŐƐĞĐĂƌĂ
ďĞƌŬĂůĂ ƚĞƌŚĂĚĂƉ ŚĂƐŝů ƉĞŵĞƌŝŶŐŬĂƚĂŶ ƐĞƉĂŶũĂŶŐ ĚŝƐLJĂƌĂƚŬĂŶ ŽůĞŚ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲ
ƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͘ &ŝƚĐŚ ũƵŐĂ ǁĂũŝď ŵĞŶLJĞůĞƐĂŝŬĂŶ ŬĂũŝ ƵůĂŶŐ ƚĞƌŚĂĚĂƉ ŚĂƐŝů
ƉĞŵĞƌŝŶŐŬĂƚĂŶ LJĂŶŐ ƚĞůĂŚ ĚŝƉƵďůŝŬĂƐŝŬĂŶ ĚĂůĂŵ ŚĂů ƚĞƌĚĂƉĂƚ ĨĂŬƚĂ ŵĂƚĞƌŝĂů ĂƚĂƵ ŬĞũĂĚŝĂŶ
ƉĞŶƚŝŶŐLJĂŶŐĚĂƉĂƚŵĞŵƉĞŶŐĂƌƵŚŝŚĂƐŝůƉĞŵĞƌŝŶŐŬĂƚĂŶLJĂŶŐƚĞůĂŚĚŝƉƵďůŝŬĂƐŝŬĂŶ͕ƉĂůŝŶŐůĂŵĂ
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ƉĞƌŝŶŐŬĂƚďĂƌƵĂƉĂďŝůĂƚĞƌũĂĚŝƉĞƌƵďĂŚĂŶƉĞƌŝŶŐŬĂƚĚĂƌŝƉƌŽƐĞƐŬĂũŝƵůĂŶŐ͘
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ĂĨŝůŝĂƐŝĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƐĞďĂŐĂŝŵĂŶĂĚĞĨŝŶŝƐŝŚƵďƵŶŐĂŶĨŝůŝĂƐŝĚĂůĂŵhhWW^<͘
106
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(selanjutnya disebut sebagai (“BRI”) bertindak sebagai Wali Amanat atau badan yang diberi kepercayaan untuk mewakili
ŬĞƉĞŶƚŝŶŐĂŶƉĂƌĂWĞŵĞŐĂŶŐKďůŝŐĂƐŝƐĞďĂŐĂŝŵĂŶĂĚŝƚĞƚĂƉŬĂŶĚĂůĂŵhhWD͘
Z/ ƐĞďĂŐĂŝ tĂůŝ ŵĂŶĂƚ ŵĞŶLJĂƚĂŬĂŶ ƚŝĚĂŬ ŵĞŵŝůŝŬŝ ŚƵďƵŶŐĂŶ ĨŝůŝĂƐŝ ĚĞŶŐĂŶ WĞƌƐĞƌŽĂŶ LJĂŶŐ ĚŝƚƵĂŶŐŬĂŶ ĚĂůĂŵ ƐƵƌĂƚ
ƉĞƌŶLJĂƚĂĂŶƚŝĚĂŬƚĞƌĂĨŝůŝĂƐŝĚĂŶƚŝĚĂŬĂĚĂŚƵďƵŶŐĂŶŬƌĞĚŝƚEŽ͘͘ϭϬϲͲ/Esdͬd^ͬ dͬϬϯͬϮϬϮϰƚĂŶŐŐĂůϭϵDĂƌĞƚϮϬϮϰ͘Z/
ƚŝĚĂŬŵĞŵƉƵŶLJĂŝŚƵďƵŶŐĂŶŬƌĞĚŝƚĚĞŶŐĂŶWĞƌƐĞƌŽĂŶŵĞůĞďŝŚŝϮϱйĚĂƌŝũƵŵůĂŚŽďůŝŐĂƐŝLJĂŶŐĚŝǁĂůŝĂŵĂŶĂƚŝĚĂŶͬĂƚĂƵƚŝĚĂŬ
ŵĞƌĂŶŐŬĂƉƐĞďĂŐĂŝƉĞŶĂŶŐŐƵŶŐĚĂŶͬĂƚĂƵƉĞŵďĞƌŝĂŐƵŶĂŶĚĂůĂŵƉĞŶĞƌďŝƚĂŶKďůŝŐĂƐŝ͕ĚĂŶͬĂƚĂƵŬĞǁĂũŝďĂŶWĞƌƐĞƌŽĂŶĚĂŶ
ŵĞŶũĂĚŝtĂůŝŵĂŶĂƚĚĂƌŝWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͕ƐĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶK:<EŽŵŽƌϭϵͬϮϬϮϬ͘
Z/ ƐĞďĂŐĂŝ tĂůŝ ŵĂŶĂƚ ƚĞůĂŚ ŵĞůĂŬƵŬĂŶ ƉĞŶĞůĂĂŚĂŶͬƵũŝ ƚƵŶƚĂƐ ;ĚƵĞ ĚŝůŝŐĞŶĐĞͿ ƚĞƌŚĂĚĂƉ WĞƌƐĞƌŽĂŶ͕ ĚĞŶŐĂŶ ^ƵƌĂƚ
WĞƌŶLJĂƚĂĂŶ͘ϭϬϳͲ/Esdͬd^ͬ dͬϬϯͬϮϬϮϰƚĂŶŐŐĂůϭϵDĂƌĞƚϮϬϮϰƐĞďĂŐĂŝŵĂŶĂĚŝĂƚƵƌWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϬͬϮϬϮϬ͘
ϭ͘ hDhD
PT Bank Rakyat Indonesia (Persero) Tbk (selanjutnya disebut “Z/”) didirikan dan mulai beroperasi secara komersial pada
ƚĂŶŐŐĂů ϭϴ ĞƐĞŵďĞƌ ϭϵϲϴ ďĞƌĚĂƐĂƌŬĂŶ hŶĚĂŶŐͲƵŶĚĂŶŐ EŽ͘ Ϯϭ dĂŚƵŶ ϭϵϲϴ͘ WĂĚĂ ƚĂŶŐŐĂů Ϯϵ Ɖƌŝů ϭϵϵϮ͕ ďĞƌĚĂƐĂƌŬĂŶ
Peraturan Pemerintah Republik Indonesia (“Pemerintah”) No. 21 Tahun 1992, bentuk badan hukum BRI diubah menjadi
WĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶ;WĞƌƐĞƌŽͿ͘WĞŶŐĂůŝŚĂŶZ/ŵĞŶũĂĚŝWĞƌƐĞƌŽĚŝĚŽŬƵŵĞŶƚĂƐŝŬĂŶĚĞŶŐĂŶĂŬƚĂ EŽ͘ϭϯϯƚĂŶŐŐĂůϯϭ :Ƶůŝ
ϭϵϵϮEŽƚĂƌŝƐDƵŚĂŶŝ^Ăůŝŵ͕^͘,͘ĚĂŶƚĞůĂŚĚŝƐĂŚŬĂŶŽůĞŚDĞŶƚĞƌŝ<ĞŚĂŬŝŵĂŶZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚĞŶŐĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶ
EŽ͘ϮͲϲϱϴϰ͘,d͘Ϭϭ͘Ϭϭ͘d,͘ϵϮƚĂŶŐŐĂůϭϮŐƵƐƚƵƐϭϵϵϮ͕ƐĞƌƚĂĚŝƵŵƵŵŬĂŶĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ EŽ͘ϳϯ͕
dĂŵďĂŚĂŶEŽ͘ϯƚĂŶŐŐĂůϭϭ^ĞƉƚĞŵďĞƌϭϵϵϮ͘ŶŐŐĂƌĂŶĂƐĂƌZ/ŬĞŵƵĚŝĂŶĚŝƵďĂŚĚĞŶŐĂŶŬƚĂEŽ͘ϳƚĂŶŐŐĂůϰ^ĞƉƚĞŵďĞƌ
1998 Notaris Imas Fatimah, S.H., pasal 2 tentang “Jangka Waktu Berdirinya Perseroan” dan pasal 3 tentang “Maksud dan
Tujuan serta Kegiatan Usaha” untuk menyesuaŝŬĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶhŶĚĂŶŐͲƵŶĚĂŶŐZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϭdĂŚƵŶϭϵϵϱ
tentang “Perseroan Terbatas” dan telah disahkan oleh Menteri Kehakiman Republik Indonesia dengan Surat Keputusan
EŽ͘ ϮͲϮϰϵϯϬ͘,d͘Ϭϭ͘Ϭϰ͘d,͘ϵϴ ƚĂŶŐŐĂů ϭϯ EŽǀĞŵďĞƌ ϭϵϵϴ ĚĂŶ ƚĞůĂŚ ĚŝƵŵƵŵŬĂŶ ĚĂůĂŵ ĞƌŝƚĂ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ
EŽ͘ϴϲ͕dĂŵďĂŚĂŶEŽ͘ϳϮϭϲƚĂŶŐŐĂůϮϲKŬƚŽďĞƌϭϵϵϵĚĂŶĂŬƚĂEŽ͘ϳƚĂŶŐŐĂůϯKŬƚŽďĞƌϮϬϬϯEŽƚĂƌŝƐ/ŵĂƐ&ĂƚŝŵĂŚ͕^͘,͕͘
ĂŶƚĂƌĂ ůĂŝŶ ƚĞŶƚĂŶŐ ƐƚĂƚƵƐ ƉĞƌƵƐĂŚĂĂŶ ĚĂŶ ƉĞŶLJĞƐƵĂŝĂŶ ĚĞŶŐĂŶ hŶĚĂŶŐͲƵŶĚĂŶŐ WĂƐĂƌ DŽĚĂů ĚĂŶ ƚĞůĂŚ ĚŝƐĂŚŬĂŶ ŽůĞŚ
DĞŶƚĞƌŝ <ĞŚĂŬŝŵĂŶ ĚĂŶ ,ĂŬ ƐĂƐŝ DĂŶƵƐŝĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ĚĞŶŐĂŶ ^ƵƌĂƚ <ĞƉƵƚƵƐĂŶ EŽ͘ ͲϮϯϳϮϲ ,d͘Ϭϭ͘Ϭϰ͘d,͘ϮϬϬϯ
ƚĂŶŐŐĂůϲKŬƚŽďĞƌϮϬϬϯĚĂŶƚĞůĂŚĚŝƵŵƵŵŬĂŶĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϴϴ͕dĂŵďĂŚĂŶEŽ͘ϭϭϬϱϯƚĂŶŐŐĂů
ϰEŽǀĞŵďĞƌϮϬϬϯ
Berdasarkan Surat Keputusan Bank Indonesia No. 5/117/DPwB2/PWPwB24 tanggal 15 Oktober 2003, tentang “SK
Penunjukan BRI sebagai bank umum devisa”, BRI telah ditetapkan sebagai bank devisa melalui Surat Dewan Moneter
EŽ͘^ <ZͬZ/ͬϯϮϴƚĂŶŐŐĂůϮϱ^ĞƉƚĞŵďĞƌϭϵϱϲ͘
ĞƌĚĂƐĂƌŬĂŶĂŬƚĂEŽ͘ϱϭƚĂŶŐŐĂůϮϲDĞŝϮϬϬϴEŽƚĂƌŝƐ&ĂƚŚŝĂŚ,Ğůŵŝ͕^͘,͕͘ƚĞůĂŚĚŝůĂŬƵŬĂŶƉĞƌƵďĂŚĂŶƚĞƌŚĂĚĂƉŶŐŐĂƌĂŶ
ĂƐĂƌZ/͕ĂŶƚĂƌĂůĂŝŶƵŶƚƵŬƉĞŶLJĞƐƵĂŝĂŶĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶhŶĚĂŶŐͲƵŶĚĂŶŐZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϰϬdĂŚƵŶϮϬϬϳƚĞŶƚĂŶŐ
“Perseroan Terbatas” dan Peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan (“BapepamͲLK”) (fungsinya sejak
1 Januari 2013 dialihkan kepada Otoritas Jasa Keuangan (“OJK”)), No. IX.J.I tentang “PokokͲƉŽŬŽŬŶŐŐĂƌĂŶĂƐĂƌWĞƌƐĞƌŽĂŶ
LJĂŶŐDĞůĂŬƵŬĂŶWĞŶawaran Umum Efek Bersifat Ekuitas dan Perusahaan Publik”, yang telah mendapatkan persetujuan dari
DĞŶƚĞƌŝ,ƵŬƵŵĚĂŶ,ĂŬƐĂƐŝDĂŶƵƐŝĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂĚĞŶŐĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘,hͲϰϴϯϱϯ͘,͘Ϭϭ͘ϬϮ͘dĂŚƵŶϮϬϬϴ
ƚĂŶŐŐĂůϲŐƵƐƚƵƐϮϬϬϴĚĂŶƚĞůĂŚĚŝƵŵƵŵŬĂŶĚĂůĂŵĞƌŝƚĂEĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂEŽ͘ϲϴ͕dĂŵďĂŚĂŶEŽ͘ϮϯϬϳϵƚĂŶŐŐĂů
ϮϱŐƵƐƚƵƐϮϬϬϵ͘
^ĞůĂŶũƵƚŶLJĂ͕ ŶŐŐĂƌĂŶ ĂƐĂƌ Z/ ƚĞůĂŚ ŵĞŶŐĂůĂŵŝ ďĞďĞƌĂƉĂ ŬĂůŝ ƉĞƌƵďĂŚĂŶ͘ WĞƌƵďĂŚĂŶ ƚĞƌĂŬŚŝƌ ĂŶŐŐĂƌĂŶ ĚĂƐĂƌ Z/
ƐĞďĂŐĂŝŵĂŶĂƚĞƌŵĂŬƚƵďĚĂůĂŵŬƚĂEŽ͘ϰƚĂŶŐŐĂůϬϲKŬƚŽďĞƌϮϬϮϭĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ&ĂƚŚŝĂŚ,Ğůŵŝ͘^͘,͘͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ
LJĂŶŐƚĞůĂŚŵĞŶĚĂƉĂƚŬĂŶƉĞƌƐĞƚƵũƵĂŶĚĂƌŝDĞŶŬƵŵŚĂŵĚĞŶŐĂŶ^ƵƌĂƚ<ĞƉƵƚƵƐĂŶEŽ͘,hͲ,͘Ϭϭ͘ϬϯͲϬϰϱϳϳϲϯdĂŚƵŶϮϬϮϭ
ƚĂŶŐŐĂůϬϳKŬƚŽďĞƌϮϬϮϭ͘
ĞƌĚĂƐĂƌŬĂŶƉĂƐĂůϯŶŐŐĂƌĂŶĂƐĂƌZ/͕ƌƵĂŶŐůŝŶŐŬƵƉŬĞŐŝĂƚĂŶZ/ĂĚĂůĂŚŵĞůĂŬƵŬĂŶƵƐĂŚĂ Ěŝ ďŝĚĂŶŐƉĞƌďĂŶŬĂŶƐĞƌƚĂ
ŽƉƚŝŵĂůŝƐĂƐŝƉĞŵĂŶĨĂĂƚĂŶƐƵŵďĞƌĚĂLJĂLJĂŶŐĚŝŵŝůŝŬŝZ/ƵŶƚƵŬŵĞŶŐŚĂƐŝůŬĂŶũĂƐĂLJĂŶŐďĞƌŵƵƚƵƚŝŶŐŐŝĚĂŶďĞƌĚĂLJĂƐĂŝŶŐ
ŬƵĂƚ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚ ŬĞƵŶƚƵŶŐĂŶ ŐƵŶĂ ŵĞŶŝŶŐŬĂƚŬĂŶ ŶŝůĂŝ ƉĞƌƵƐĂŚĂĂŶ ĚĞŶŐĂŶ ŵĞŶĞƌĂƉŬĂŶ ƉƌŝŶƐŝƉͲƉƌŝŶƐŝƉ WĞƌƐĞƌŽĂŶ
dĞƌďĂƚĂƐ͘
Z/ĚŝŵŝůŝŬŝŽůĞŚWĞŵĞƌŝŶƚĂŚZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂƐĞůĂŬƵƉĞŵĞŐĂŶŐƐĂŚĂŵŵĂLJŽƌŝƚĂƐ͘
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Ϯ͘ W ZDK>Et>/DEd
ĞƌĚĂƐĂƌŬĂŶ ůĂƉŽƌĂŶ ŬĞƉĞŵŝůŝŬĂŶ ƐĂŚĂŵ ƉĞƌ Ϯϴ &ĞďƌƵĂƌŝ ϮϬϮϯ LJĂŶŐ ĚŝŬĞůƵĂƌŬĂŶ ŽůĞŚ Wd ĂƚŝŶĚŽ ŶƚƌLJĐŽŵ ƐĞůĂŬƵ ŝƌŽ
ĚŵŝŶŝƐƚƌĂƐŝ ĨĞŬ͕ƐƚƌƵŬƚƵƌƉĞƌŵŽĚĂůĂŶĚĂŶƐƵƐƵŶĂŶƉĞŵĞŐĂŶŐƐĂŚĂŵZ/ĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŝůĂŝEŽŵŝŶĂůZƉϱϬƉĞƌ^ĂŚĂŵ
<ĞƚĞƌĂŶŐĂŶ
:ƵŵůĂŚ^ĂŚĂŵ EŝůĂŝEŽŵŝŶĂů ;йͿ
DŽĚĂůĂƐĂƌ
- ^ĂŚĂŵ^ĞƌŝǁŝǁĂƌŶĂ ϭ ϱϬ Ϭ͕ϬϬŶŵ
- ^ĂŚĂŵďŝĂƐĂĂƚĂƐŶĂŵĂ^Ğƌŝ Ϯϵϵ͘ϵϵϵ͘ϵϵϵ͘ϵϵϵ ϭϰ͘ϵϵϵ͘ϵϵϵ͘ϵϵϵ͘ϵϱϬ ϭϬϬ͕ϬϬ
:ƵŵůĂŚDŽĚĂůĂƐĂƌ ϯϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϱ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ͘ϬϬϬ ϭϬϬ͕ϬϬ
DŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ
EĞŐĂƌĂZĞƉƵďůŝŬ/ŶĚŽŶĞƐŝĂ
- ^ĂŚĂŵ^ĞƌŝǁŝǁĂƌŶĂ ϭ ϱϬ Ϭ͕ϬϬŶŵ
- ^ĂŚĂŵďŝĂƐĂĂƚĂƐŶĂŵĂ^Ğƌŝ ϴϬ͘ϲϭϬ͘ϵϳϲ͘ϴϳϱ ϰ͘ϬϯϬ͘ϱϰϴ͘ϴϰϯ͘ϳϱϬ ϱϯ͕ϭϵ
DĂƐLJĂƌĂŬĂƚ
- ^ĂŚĂŵďŝĂƐĂĂƚĂƐŶĂŵĂ^Ğƌŝ ϳϬ͘ϵϰϴ͘ϬϮϰ͘ϳϮϴ ϯ͘ϱϰϳ͘ϰϬϭ͘Ϯϯϲ͘ϰϬϬ ϰϲ͕ϴϭ
:ƵŵůĂŚDŽĚĂůŝƚĞŵƉĂƚŬĂŶĚĂŶŝƐĞƚŽƌWĞŶƵŚ ϭϱϭ͘ϱϱϵ͘ϬϬϭ͘ϲϬϰ ϳ͘ϱϱϳ͘ϵϱϬ͘ϬϴϬ͘ϮϬϬ ϭϬϬ͕ϬϬ
^ĂŚĂŵĚĂůĂŵWŽƌƚĞƉĞů ϭϰϴ͘ϰϰϬ͘ϵϵϴ͘ϯϵϲ ϳ͘ϰϮϮ͘Ϭϰϵ͘ϵϭϵ͘ϴϬϬ
ϯ͘ W E'hZh^EW E't^E
ĞƌĚĂƐĂƌŬĂŶŬƚĂWĞƌŶLJĂƚĂĂŶ<ĞƉƵƚƵƐĂŶZhW^dĂŚƵŶĂŶZ/EŽ͘ϯϭƚĂŶŐŐĂůϮϮƉƌŝůϮϬϮϰLJĂŶŐĚŝďƵĂƚĚŝŚĂĚĂƉĂŶ&d,/,
, >D/͕^ĂƌũĂŶĂ,ƵŬƵŵ͕EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͕ƐƵƐƵŶĂŶĂŶŐŐŽƚĂĞǁĂŶ<ŽŵŝƐĂƌŝƐĚĂŶŝƌĞŬƐŝWdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿ
dďŬĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĞǁĂŶ<ŽŵŝƐĂƌŝƐ
<ŽŵŝƐĂƌŝƐhƚĂŵĂ ͗ <ĂƌƚŝŬĂtŝƌũŽĂƚŵŽĚũŽ
tĂŬŝů<ŽŵŝƐĂƌŝƐhƚĂŵĂͬ<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗ ZŽĨŝŬŽŚZŽŬŚŝŵ
<ŽŵŝƐĂƌŝƐ ͗ ǁĂŵEƵƌŵĂǁĂŶEƵŚ
<ŽŵŝƐĂƌŝƐ ͗ ZĂďŝŶ/ŶĚƌĂũĂĚ,ĂƚƚĂƌŝ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗ ,Ğƌŝ^ƵŶĂƌLJĂĚŝ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗ WĂƌŝƉƵƌŶĂWŽĞƌǁŽŬŽ^ƵŐĂƌĚĂ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗ ŐƵƐZŝƐǁĂŶƚŽ
<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗ EƵƌŵĂƌŝĂ^ĂƌŽƐĂ
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<ŽŵŝƐĂƌŝƐ/ŶĚĞƉĞŶĚĞŶ ͗ ǁŝZŝĂ>ĂƚŝĨĂ
ŝƌĞŬƐŝ
ŝƌĞŬƚƵƌhƚĂŵĂ ͗ ^ƵŶĂƌƐŽ
tĂŬŝůŝƌĞŬƚƵƌhƚĂŵĂ ͗ ĂƚƵƌƵĚŝ,ĂƌƚŽ
ŝƌĞŬƚƵƌ<ĞƵĂŶŐĂŶ ͗ sŝǀŝĂŶĂLJĂŚLJƵZĞƚŶŽ<
ŝƌĞŬƚƵƌŝƐŶŝƐtŚŽůĞƐĂůĞĚĂŶ<ĞůĞŵďĂŐĂĂŶ ͗ ŐƵƐEŽŽƌƐĂŶƚŽ
ŝƌĞŬƚƵƌŝƐŶŝƐDŝŬƌŽ ͗ ^ƵƉĂƌŝ
ŝƌĞŬƚƵƌZĞƚĂŝů&ƵŶĚŝŶŐĂŶĚŝƐƚƌŝďƵƚŝŽŶ ͗ ŶĚƌŝũĂŶƚŽ
ŝƌĞŬƚƵƌŽŵŵĞƌĐŝĂů͕^ŵĂůů͕ĂŶĚDĞĚŝƵŵƵƐŝŶĞƐƐ ͗ ŵĂŵ^ƵŬƌŝLJĂŶƚŽ
ŝƌĞŬƚƵƌŝŐŝƚĂůĚĂŶdĞŬŶŽůŽŐŝ/ŶĨŽƌŵĂƐŝ ͗ ƌŐĂDĂŚĂŶĂŶĂEƵŐƌĂŚĂ
ŝƌĞŬƚƵƌ<ĞƉĂƚƵŚĂŶ ͗ ĐŚŵĂĚ^ŽůŝĐŚŝŶ>ƵƚĨŝLJĂŶƚŽ
ŝƌĞŬƚƵƌDĂŶĂũĞŵĞŶZŝƐŝŬŽ ͗ ŐƵƐ^ƵĚŝĂƌƚŽ
ŝƌĞŬƚƵƌŝƐŶŝƐ<ŽŶƐƵŵĞƌ ͗ ,ĂŶĚĂLJĂŶŝ
ŝƌĞŬƚƵƌ,ƵŵĂŶĂƉŝƚĂů ͗ ŐƵƐtŝŶĂƌĚŽŶŽ
<ĞƚĞƌĂŶŐĂŶ͗
ΎͿ ŶŐŐŽƚĂ ĞǁĂŶ <ŽŵŝƐĂƌŝƐ LJĂŶŐ ĚŝŵĂŬƐƵĚ ďĂƌƵ ĚĂƉĂƚ ŵĞůĂŬƐĂŶĂŬĂŶ ƚƵŐĂƐ ĚĂŶ ĨƵŶŐƐŝ ĚĂůĂŵ ũĂďĂƚĂŶŶLJĂ ƐĞƚĞůĂŚ
mendapatkan persetujuan dari Otoritas Jasa Keuangan (OJK) atas Penilaian Kemampuan dan Kepatutan (‘Fit & Proper
Test’) dan memenuhi peraturan perundangͲƵŶĚĂŶŐĂŶLJĂŶŐďĞƌůĂŬƵ͘
ϰ͘ < '/dEh^,
^ĞůĂŬƵ ĂŶŬ hŵƵŵ͕ Z/ ŵĞůĂŬƐĂŶĂŬĂŶ ŬĞŐŝĂƚĂŶ ƵƐĂŚĂ ƉĞƌďĂŶŬĂŶ ƐĞďĂŐĂŝŵĂŶĂ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ hŶĚĂŶŐͲhŶĚĂŶŐ
EŽ͘ ϳ ƚĂŚƵŶ ϭϵϵϮ ďĞƌŝŬƵƚ ƉĞƌƵďĂŚĂŶŶLJĂ ĚĂůĂŵ hŶĚĂŶŐͲhŶĚĂŶŐ EŽ͘ ϭϬ ƚĂŚƵŶ ϭϵϵϴ ƚĞŶƚĂŶŐ WĞƌďĂŶŬĂŶ͘ ĂůĂŵ ƌĂŶŐŬĂ
ŵĞŶĚƵŬƵŶŐĚĂŶŵĞŶŐĞŵďĂŶŐŬĂŶŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂ͕Z/ũƵŐĂŵĞůĂŬƵŬĂŶƉĞŶLJĞƌƚĂĂŶƉĂĚĂĞŶƚŝƚĂƐĂŶĂŬƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
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WĞƌƐĞŶƚĂƐĞ dĂŚƵŶ ^ƚĂƚƵƐ
EŽ͘ WĞƌƵƐĂŚĂĂŶŶĂŬ :ĞŶŝƐhƐĂŚĂ
<ĞƉĞŵŝůŝŬĂŶ WĞŶLJĞƌƚĂĂŶ KƉĞƌĂƐŝŽŶĂů
ϭ͘ WdĂŶŬZĂLJĂ/ŶĚŽŶĞƐŝĂdďŬ;ĂŶŬZĂLJĂͿ ĂŶŬhŵƵŵ^ǁĂƐƚĂEĂƐŝŽŶĂů ϴϲ͕ϴϱй ϮϬϭϭ ĞƌŽƉĞƌĂƐŝ
Ϯ͘ Z/ZĞŵŝƚƚĂŶĐĞŽ͘>ƚĚ͘ WĞƌƵƐĂŚĂĂŶZĞŵŝƚƚĂŶĐĞ ϭϬϬ͕ϬϬй ϮϬϭϭ ĞƌŽƉĞƌĂƐŝ
ϯ͘ WdƐƵƌĂŶƐŝZ/>ŝĨĞ ƐƵƌĂŶƐŝ ϱϰ͕ϳϳй ϮϬϭϱ ĞƌŽƉĞƌĂƐŝ
ϰ͘ WdZ/DƵůƚŝĨŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ WĞŵďŝĂLJĂĂŶ ϵϵ͕ϬϬй ϮϬϭϲ ĞƌŽƉĞƌĂƐŝ
ϱ͘ WdZ/ĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐ ^ĞŬƵƌŝƚĂƐ ϳϭ͕ϬϬй ϮϬϭϴ ĞƌŽƉĞƌĂƐŝ
ϲ͘ WdZ/sĞŶƚƵƌĂ/ŶǀĞƐƚĂŵĂ WĞƌƵƐĂŚĂĂŶsĞŶƚƵƌĂ ϵϳ͕ϲϭй ϮϬϭϴ ĞƌŽƉĞƌĂƐŝ
ϳ͘ WdZ/ƐƵƌĂŶƐŝ/ŶĚŽŶĞƐŝĂ ƐƵƌĂŶƐŝ ϵϬ͕ϬϬй ϮϬϭϵ ĞƌŽƉĞƌĂƐŝ
ϴ͘ WdWĞƌŵŽĚĂůĂŶEĂƐŝŝŽŶĂůDĂĚĂŶŝ WĞŵďŝĂLJĂĂŶ ϵϵ͕ϵϵй ϮϬϮϭ ĞƌŽƉĞƌĂƐŝ
ϵ͘ WdWĞŐĂĚĂŝĂŶ WĞŵďŝĂLJĂĂŶ͕ ŵĂƐ͕ŶĞŬĂ:ĂƐĂ ϵϵ͕ϵϵй ϮϬϮϭ ĞƌŽƉĞƌĂƐŝ
ϭϬ͘ WdZ/DĂŶĂũĞŵĞŶ/ŶǀĞƐƚĂƐŝ;Z/ͲD/Ϳ WĞŶŐĞůŽůĂĂŶWŽƌƚŽĨŽůŝŽ ϲϱ͕ϬϬй ϮϬϮϮ ĞƌŽƉĞƌĂƐŝ
ĂůĂŵƌĂŶŐŬĂŵĞŶŐĞŵďĂŶŐŬĂŶ&ĞĞĂƐĞĚ/ŶĐŽŵĞĚĂŶƉĞŶŐĞŵďĂŶŐĂŶWĂƐĂƌDŽĚĂůĚŝ/ŶĚŽŶĞƐŝĂ͕Z/ƐĂĂƚŝŶŝŵĞůĂLJĂŶŝũĂƐĂ
tĂůŝŵĂŶĂƚ;dƌƵƐƚĞĞͿ͕ŐĞŶWĞŵďĂLJĂƌĂŶ;WĂLJŝŶŐŐĞŶƚͿ͕ŐĞŶ:ĂŵŝŶĂŶ;^ĞĐƵƌŝƚLJŐĞŶƚͿ͕ĚĂŶ:ĂƐĂ<ƵƐƚŽĚŝĂŶ͘
ĨĞŬďĞƌƐŝĨĂƚhƚĂŶŐLJĂŶŐŵĞŶŐŐƵŶĂŬĂŶ:ĂƐĂtĂůŝŵĂŶĂƚZ/ƐĞůĂŵĂƚĂŚƵŶϮϬϮϮ–ϮϬϮϯĂĚĂůĂŚƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
EŽ͘ EĂŵĂKďůŝŐĂƐŝͬ^ƵŬƵŬ dĂŶŐŐĂů ŵŝƐŝ
ϭ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶsDĂŶĚŝƌŝdƵŶĂƐ&ŝŶĂŶĐĞdĂŚĂƉ///dĂŚƵŶϮϬϮϮ Ϯϯ&ĞďƌƵĂƌŝϮϬϮϮ
Ϯ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///dŽLJŽƚĂƐƚƌĂ&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐdĂŚĂƉ//dĂŚƵŶϮϬϮϮ Ϯϯ&ĞďƌƵĂƌŝϮϬϮϮ
ϯ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///DĞƌĚĞŬĂŽƉƉĞƌ'ŽůĚdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϴDĂƌĞƚϮϬϮϮ
ϰ͘ KďůŝŐĂƐŝdĂŵĂƌŝƐ,LJĚƌŽ/dĂŚƵŶϮϬϮϮ ϴDĂƌĞƚϮϬϮϮ
ϱ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶsƐƚƌĂ^ĞĚĂLJĂ&ŝŶĂŶĐĞdĂŚĂƉ/sdĂŚƵŶϮϬϮϮ ϮϮDĂƌĞƚϮϬϮϮ
ϲ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs&ĞĚĞƌĂů/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐĞdĂŚĂƉ///dĂŚƵŶϮϬϮϮ ϮϱDĂƌĞƚϮϬϮϮ
ϳ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/stKD&ŝŶĂŶĐĞdĂŚĂƉ//dĂŚƵŶϮϬϮϮ ϴƉƌŝůϮϬϮϮ
ϴ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///Ƶŵŝ^ĞƌƉŽŶŐĂŵĂŝdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϳƉƌŝůϮϬϮϮ
ϵ͘ ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ/Ƶŵŝ^ĞƌƉŽŶŐĂŵĂŝdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϳƉƌŝůϮϬϮϮ
ϭϬ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///DĞƌĚĞŬĂŽƉƉĞƌ'ŽůĚdĂŚĂƉ//dĂŚƵŶϮϬϮϮ ϮϴƉƌŝůϮϬϮϮ
ϭϭ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/s^E&ĞŶŐĂŶdŝŶŐŬĂƚƵŶŐĂdĞƚĂƉdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϭϬ:ƵŶŝϮϬϮϮ
ϭϮ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/WWWƌĞƐŝƐŝdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϯϬ:ƵŶŝϮϬϮϮ
ϭϯ͘ ^ƵŬƵŬDƵĚŚĂƌĂďĂŚĞƌŬĞůĂŶũƵƚĂŶ/DĂŶĚĂůĂDƵůƚŝĨŝŶĂŶĐĞdĂŚĂƉ//dĂŚƵŶϮϬϮϮ ϲ:ƵůŝϮϬϮϮ
ϭϰ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///'ůŽďĂůDĞĚŝĂĐŽŵdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϱ:ƵůŝϮϬϮϮ
ϭϱ͘ ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///'ůŽďĂůDĞĚŝĂĐŽŵdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϱ:ƵůŝϮϬϮϮ
ϭϲ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/DĞĚŝŬĂůŽŬĂ,ĞƌŵŝŶĂdĂŚĂƉ//dĂŚƵŶϮϬϮ ϭϰ:ƵůŝϮϬϮϮ
ϭϳ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/s^ƵŵŵĂƌĞĐŽŶŐƵŶŐdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϴ:ƵůŝϮϬϮϮ
ϭϴ͘ KďůŝŐĂƐŝ//WĞƌƵƐĂŚĂĂŶWĞŶŐĞůŽůĂƐĞƚdĂŚƵŶϮϬϮϮ ϴ:ƵůŝϮϬϮϮ
ϭϵ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/^W/EKdĂŚĂƉ//dĂŚƵŶϮϬϮϮ Ϯϳ:ƵůŝϮϬϮϮ
ϮϬ͘ ^ƵŬƵŬĞƌŬĞůĂŶũƵƚĂŶ/^W/EKdĂŚĂƉ//dĂŚƵŶϮϬϮϮ Ϯϳ:ƵůŝϮϬϮϮ
Ϯϭ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/sDĞĚĐŽ ŶĞƌŐŝ/ŶƚĞƌŶĂƐŝŽŶĂůdĂŚĂƉ///dĂŚƵŶϮϬϮϮ Ϯϲ:ƵůŝϮϬϮϮ
ϮϮ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///^ĂƌĂŶĂDƵůƚŝ/ŶĨƌĂƐƚƌƵŬƚƵƌdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϱŐƵƐƚƵƐϮϬϮϮ
Ϯϯ͘ ^ƵŬƵŬDƵĚŚĂƌĂďĂŚĞƌŬĞůĂŶũƵƚĂŶ//^ĂƌĂŶĂDƵůƚŝ/ŶĨƌĂƐƚƌƵŬƚƵƌdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϱŐƵƐƚƵƐϮϬϮϮ
Ϯϰ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/:^DWD&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϭϬŐƵƐƚƵƐϮϬϮϮ
Ϯϱ͘ KďůŝŐĂƐŝ/,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϮ ϵŐƵƐƚƵƐϮϬϮϮ
Ϯϲ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶsƐƚƌĂ^ĞĚĂLJĂ&ŝŶĂŶĐĞdĂŚĂƉsdĂŚƵŶϮϬϮϮ ϮϲŐƵƐƚƵƐϮϬϮϮ
Ϯϳ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///DĞƌĚĞŬĂŽƉƉĞƌ'ŽůĚdĂŚĂƉ///dĂŚƵŶϮϬϮϮ ϭ^ĞƉƚĞŵďĞƌϮϬϮϮ
Ϯϴ͘ ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ///'ůŽďĂůDĞĚŝĂĐŽŵdĂŚĂƉ//dĂŚƵŶϮϬϮϮ ϭϲ^ĞƉƚĞŵďĞƌϮϬϮϮ
Ϯϵ͘ DdE:^DWD&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ///dĂŚƵŶϮϬϮϮdĂŚĂƉ/ Ϯϴ^ĞƉƚĞŵďĞƌϮϬϮϮ
ϯϬ͘ DdE:^DWD&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ///dĂŚƵŶϮϬϮϮdĂŚĂƉ// ϭϭKŬƚŽďĞƌϮϬϮϮ
ϯϭ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/s/ŶĚŽƐĂƚdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϮϲKŬƚŽďĞƌϮϬϮϮ
ϯϮ͘ ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ/s/ŶĚŽƐĂƚdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϮϲKŬƚŽďĞƌϮϬϮϮ
ϯϯ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs&ĞĚĞƌĂů/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐĞdĂŚĂƉ/sdĂŚƵŶϮϬϮϮ ϮϴKŬƚŽďĞƌϮϬϮϮ
ϯϰ͘ DdE/:ZĞƐŽƵƌĐĞƐƐŝĂWĂƐŝĨŝŬdĂŚƵŶϮϬϮϮ ϭEŽǀĞŵďĞƌϮϬϮϮ
ϯϱ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///^ĂƌĂŶĂDƵůƚŝ/ŶĨƌĂƐƚƌƵŬƚƵƌdĂŚĂƉ//dĂŚƵŶϮϬϮϮ ϴEŽǀĞŵďĞƌϮϬϮϮ
ϯϲ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/sDĞƌĚĞŬĂŽƉƉĞƌ'ŽůĚdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϭϯĞƐĞŵďĞƌϮϬϮϮ
ϯϳ͘ DdE/WdDŝƚƌĂEŝĂŐĂDĂĚĂŶŝdĂŚƵŶϮϬϮϮdĂŚĂƉ/ ϮϮĞƐĞŵďĞƌϮϬϮϮ
ϯϴ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///DE<ĂƉŝƚĂů/ŶĚŽŶĞƐŝĂdĂŚĂƉ/dĂŚƵŶϮϬϮϮ ϭϬ:ĂŶƵĂƌŝϮϬϮϯ
ϯϵ͘ DĞĚŝƵŵdĞƌŵEŽƚĞƐ;DdEͿ///WdWEDsĞŶƚƵƌĞĂƉŝƚĂůdĂŚƵŶϮϬϮϮ Ϯϱ:ĂŶƵĂƌŝϮϬϮϯ
ϰϬ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs/^ĂƌĂŶĂDƵůƚŝŐƌŝLJĂ&ŝŶĂŶƐŝĂůdĂŚĂƉ/sdĂŚƵŶϮϬϮϯ ϮϮ&ĞďƌƵĂƌŝϮϬϮϯ
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EŽ͘ EĂŵĂKďůŝŐĂƐŝͬ^ƵŬƵŬ dĂŶŐŐĂů ŵŝƐŝ
ϰϭ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs&ĞĚĞƌĂů/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐĞdĂŚĂƉsdĂŚƵŶϮϬϮϯ Ϯϰ&ĞďƌƵĂƌŝϮϬϮϯ
ϰϮ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/sDĞƌĚĞŬĂŽƉƉĞƌ'ŽůĚdĂŚĂƉ//dĂŚƵŶϮϬϮϯ ϴDĂƌĞƚϮϬϮϯ
ϰϯ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/s^E&ĞŶŐĂŶdŝŶŐŬĂƚƵŶŐĂdĞƚĂƉdĂŚĂƉ//dĂŚƵŶϮϬϮϯ ϭϲDĂƌĞƚϮϬϮϯ
ϰϰ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/WƌŽǀŝĚĞŶƚ/ŶǀĞƐƚĂƐŝĞƌƐĂŵĂdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϮϴDĂƌĞƚϮϬϮϯ
ϰϱ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ//^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϰƉƌŝůϮϬϮϯ
ϰϲ͘ ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ//^ƉŝŶĚŽdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϰƉƌŝůϮϬϮϯ
ϰϳ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/stKD&ŝŶĂŶĐĞdĂŚĂƉ///dĂŚƵŶϮϬϮϯ ϭϭƉƌŝůϮϬϮϯ
ϰϴ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///^ĂƌĂŶĂDƵůƚŝ/ŶĨƌĂƐƚƌƵŬƚƵƌdĂŚĂƉ///dĂŚƵŶϮϬϮϯ ϭϳDĞŝϮϬϮϯ
ϰϵ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/WƌŽǀŝĚĞŶƚ/ŶǀĞƐƚĂƐŝĞƌƐĂŵĂdĂŚĂƉ//dĂŚƵŶϮϬϮϯ ϳ:ƵŶŝϮϬϮϯ
ϱϬ͘ ^Ͳ^W^D&Z/^Ϭϭ ϴ:ƵŶŝϮϬϮϯ
ϱϭ͘ ^ƵŬƵŬDƵĚŚĂƌĂďĂŚĞƌŬĞůĂŶũƵƚĂŶ/DĂŶĚĂůĂDƵůƚŝĨŝŶĂŶĐĞdĂŚĂƉ///dĂŚƵŶϮϬϮϯ ϮϮ:ƵŶŝϮϬϮϯ
ϱϮ͘ DdE/Wd> E/ŶĚƵƐƚƌŝ;WĞƌƐĞƌŽͿdĂŚƵŶϮϬϮϯdĂŚĂƉ/ ϮϮ:ƵŶŝϮϬϮϯ
ϱϯ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ///DE<ĂƉŝƚĂů/ŶĚŽŶĞƐŝĂdĂŚĂƉ//dĂŚƵŶϮϬϮϯ Ϯϳ:ƵŶŝϮϬϮϯ
ϱϰ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs/ƐƚƌĂ^ĞĚĂLJĂ&ŝŶĂŶĐĞdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϲ:ƵůŝϮϬϮϯ
ϱϱ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/s'ůŽďĂůDĞĚŝĂĐŽŵdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϲ:ƵůŝϮϬϮϯ
ϱϲ͘ ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ/s'ůŽďĂůDĞĚŝĂĐŽŵdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϲ:ƵůŝϮϬϮϯ
ϱϳ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs/DĂŶĚŝƌŝdƵŶĂƐ&ŝŶĂŶĐĞdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϭϭ:ƵůŝϮϬϮϯ
ϱϴ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs/&ĞĚĞƌĂů/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐĞdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϭϭ:ƵůŝϮϬϮϯ
ϱϵ͘ KďůŝŐĂƐŝ//,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚƵŶϮϬϮϯ ϭϭ:ƵůŝϮϬϮϯ
ϲϬ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/sdŽLJŽƚĂƐƚƌĂ&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϭϭ:ƵůŝϮϬϮϯ
ϲϭ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/sDĞƌĚĞŬĂŽƉƉĞƌ'ŽůĚdĂŚĂƉ///dĂŚƵŶϮϬϮϯ ϰŐƵƐƚƵƐϮϬϮϯ
ϲϮ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ//^ƉŝŶĚŽdĂŚĂƉ//dĂŚƵŶϮϬϮϯ ϴŐƵƐƚƵƐϮϬϮϯ
ϲϯ͘ ^ƵŬƵŬ/ũĂƌĂŚĞƌŬĞůĂŶũƵƚĂŶ//^ƉŝŶĚŽdĂŚĂƉ//dĂŚƵŶϮϬϮϯ ϴŐƵƐƚƵƐϮϬϮϯ
ϲϰ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/:^DWD&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂdĂŚĂƉ//dĂŚƵŶϮϬϮϯ ϭϭŐƵƐƚƵƐϮϬϮϯ
ϲϱ͘ ^Ͳ^W^D&Z/^Ϭϭ Ϯϲ^ĞƉƚĞŵďĞƌϮϬϮϯ
ϲϲ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs/DĂŶĚŝƌŝdƵŶĂƐ&ŝŶĂŶĐĞdĂŚĂƉ//dĂŚƵŶϮϬϮϯ Ϯϳ^ĞƉƚĞŵďĞƌϮϬϮϯ
ϲϳ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/sdŽLJŽƚĂƐƚƌĂ&ŝŶĂŶĐŝĂů^ĞƌǀŝĐĞƐdĂŚĂƉ//dĂŚƵŶϮϬϮϯ ϯKŬƚŽďĞƌϮϬϮϯ
ϲϴ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/DE ŶĞƌŐLJ/ŶǀĞƐƚŵĞŶƚƐdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϲKŬƚŽďĞƌϮϬϮϯ
ϲϵ͘ ^ƵŬƵŬtĂŬĂůĂŚĞƌŬĞůĂŶũƵƚĂŶ/DE ŶĞƌŐLJ/ŶǀĞƐƚŵĞŶƚƐdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϲKŬƚŽďĞƌϮϬϮϯ
ϳϬ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ/s^ƵŵŵĂƌĞĐŽŶŐƵŶŐdĂŚĂƉ//dĂŚƵŶϮϬϮϯ ϭϵKŬƚŽďĞƌϮϬϮϯ
ϳϭ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs//^ĂƌĂŶĂDƵůƚŝŐƌŝLJĂ&ŝŶĂŶƐŝĂůdĂŚĂƉ//dĂŚƵŶϮϬϮϯ ϮϬKŬƚŽďĞƌϮϬϮϯ
ϳϮ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs/ƐƚƌĂ^ĞĚĂLJĂ&ŝŶĂŶĐĞdĂŚĂƉ//dĂŚƵŶϮϬϮϯ ϮϱKŬƚŽďĞƌϮϬϮϯ
ϳϯ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶs/&ĞĚĞƌĂů/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐĞdĂŚĂƉ//dĂŚƵŶϮϬϮϯ ϭϲEŽǀĞŵďĞƌϮϬϮϯ
ϳϰ͘ KďůŝŐĂƐŝĞƌŬĞůĂŶũƵƚĂŶ//WƌŽǀŝĚĞŶƚ/ŶǀĞƐƚĂƐŝĞƌƐĂŵĂdĂŚĂƉ/dĂŚƵŶϮϬϮϯ ϮϮEŽǀĞŵďĞƌϮϬϮϯ
ϳϱ͘ DdE/E<DƵůƚŝ^ŽůƵƐŝ//dĂŚƵŶϮϬϮϯ ϮϮEŽǀĞŵďĞƌϮϬϮϯ
ϭͿ :ĂƐĂtĂůŝŵĂŶĂƚ;dƌƵƐƚĞĞͿ
tĂůŝ ŵĂŶĂƚ Z/ ƚĞůĂŚ ďĞƌƉĂƌƚŝƐŝƉĂƐŝ ĚĂůĂŵ ƉĞŶĞƌďŝƚĂŶ ďĞďĞƌĂƉĂ KďůŝŐĂƐŝ͕ ^ƵŬƵŬ ĚĂŶ ĨĞŬ ĞƌĂŐƵŶ ƐĞƚ LJĂŶŐ
ĚŝƚĞƌďŝƚŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͘tĂůŝŵĂŶĂƚZ/ďĞƌƚŝŶĚĂŬƐĞƐƵĂŝĚĞŶŐĂŶƚƵŐĂƐĚĂŶŬĞǁĂũŝďĂŶŶLJĂďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶĚĂŶƉĞƌĂƚƵƌĂŶƉĂƐĂƌŵŽĚĂůůĂŝŶŶLJĂ͘
ϮͿ :ĂƐĂŐĞŶWĞŵďĂLJĂƌĂŶ;WĂLJŝŶŐŐĞŶƚͿ
tĂůŝŵĂŶĂƚZ/ĚĂƉĂƚŵĞŵďĞƌŝŬĂŶũĂƐĂďĞƌƵƉĂůĂLJĂŶĂŶƉĞŵďƵŬĂĂŶƌĞŬĞŶŝŶŐĚĂŶƉĞŶŐĂĚŵŝŶŝƐƚƌĂƐŝĂŶƌĞŬĞŶŝŶŐƐŝŶŬŝŶŐ
ĨƵŶĚĂƚĂƵƉƵŶƚƌĂŶƐĂŬƐŝƉĞŶĚŝƐƚƌŝďƵƐŝĂŶĚĂŶĂƉĞŵďĂLJĂƌĂŶŬƵƉŽŶĚĂŶͬĂƚĂƵƉŽŬŽŬDĞĚŝƵŵdĞƌŵEŽƚĞƐŬĞƉĂĚĂŝŶǀĞƐƚŽƌ
ĚĂůĂŵƉĞŶĞƌďŝƚĂŶ ĨĞŬďĞƌƐŝĨĂƚhƚĂŶŐ͘
ϯͿ :ĂƐĂŐĞŶ:ĂŵŝŶĂŶ;^ĞĐƵƌŝƚLJŐĞŶƚͿ
tĂůŝ ŵĂŶĂƚ Z/ ĚĂƉĂƚ ŵĞŵďĞƌŝŬĂŶ ũĂƐĂ ƉĞŶĂƚĂƵƐĂŚĂĂŶ ĂƚĂƐ ĚŽŬƵŵĞŶ ũĂŵŝŶĂŶ LJĂŶŐ ƚĞƌŬĂŝƚ ĚĞŶŐĂŶ WĞƌũĂŶũŝĂŶ
WĞƌǁĂůŝĂŵĂŶĂƚĂŶ͕ĚŽŬƵŵĞŶƉĞŶŐŝŬĂƚĂŶůĂŝŶŶLJĂƐĞƌƚĂƐƵƌĂƚ–ƐƵƌĂƚũĂŵŝŶĂŶLJĂŶŐƚĞƌŬĂŝƚĚĞŶŐĂŶƉĞŶĞƌďŝƚĂŶ ĨĞŬďĞƌƐŝĨĂƚ
hƚĂŶŐ͘
ϰͿ WƌŽĚƵŬĚĂŶ:ĂƐĂ>ĂŝŶŶLJĂ
^ĂĂƚŝŶŝ͕Z/ũƵŐĂƚĞůĂŚŵĞŶũĂůĂŶŝĚĂŶŵĞŶŐĞŵďĂŶŐŬĂŶũĂƐĂWĂƐĂƌDŽĚĂůůĂŝŶŶLJĂ͕ĂŶƚĂƌĂůĂŝŶ͗
Ă͘ dƌƵƐƚĞĞΘWĂLJŝŶŐŐĞŶƚ
ď͘ ĂŶŬ<ƵƐƚŽĚŝĂŶ
Đ͘ ĂŶŬWĞŵďƵŬĂĂŶZĞŬĞŶŝŶŐĂŶĂEĂƐĂďĂŚ
Ě͘ ĂŶĂWĞŶƐŝƵŶ>ĞŵďĂŐĂ<ĞƵĂŶŐĂŶ
110
Page 131
ϱ͘ W Z//EEZ/
Ă͘ WĞƌĂƚƵƌĂŶWĞŵĞƌŝŶƚĂŚ;WWͿEŽ͘ϮϭƚĂŚƵŶϭϵϵϮ͕ƚĂŶŐŐĂůϮϵƉƌŝůϭϵϵϮ͕ƉĞƌŝŚĂůƐƚĂƚƵƐZ/ŵĞŶũĂĚŝWĞƌƵƐĂŚĂĂŶWĞƌƐĞƌŽĂŶ͖
ď͘ ŶŐŐĂƌĂŶĂƐĂƌZ/EŽ͘ϭϭϯƚĂŶŐŐĂůϯϭ:ƵůŝϭϵϵϮLJĂŶŐĚŝďƵĂƚŽůĞŚDƵŚĂŶŝ^Ăůŝŵ͕^,͕͘EŽƚĂƌŝƐĚŝ:ĂŬĂƌƚĂ͖
Đ͘ ^ƵƌĂƚdĂŶĚĂdĞƌĚĂĨƚĂƌĚĂƌŝĂƉĞƉĂŵĚĂŶ><EŽ͘Ϭϴͬ^ddͲtͬWDͬϭϵϵϲ͕ƚĂŶŐŐĂůϭϭ:ƵŶŝϭϵϵϲ͕ƉĞƌŝŚĂůWĞŵďĞƌŝĂŶ/ũŝŶZ/
ƐĞďĂŐĂŝtĂůŝŵĂŶĂƚ͖
Ě͘ ^<ĂŶŬ/ŶĚŽŶĞƐŝĂEŽ͘ϱͬϭϭϳͬWǁϮϰ͕ƚĂŶŐŐĂůϭϱKŬƚŽďĞƌϮϬϬϯ͕ƉĞƌŝŚĂůWĞŵďĞƌŝĂŶ/ũŝŶZ/ƐĞďĂŐĂŝĂŶŬĞǀŝƐĂ͖
Ğ͘ EŽŵŽƌ/ŶĚƵŬĞƌƵƐĂŚĂ;E/ͿZ/EŽ͘ϴϭϮϬϭϭϰϭϯϮϮϲϴƚĂŶŐŐĂůϮϲEŽǀĞŵďĞƌϮϬϭϴ͘
ϲ͘ dh'^WK<K<t>/DEd
^ĞƐƵĂŝĚĞŶŐĂŶWĞƌĂƚƵƌĂŶK:<EŽ͘ϮϬͬϮϬϮϬ͕tĂůŝŵĂŶĂƚĂĚĂůĂŚƉŝŚĂŬLJĂŶŐŵĞǁĂŬŝůŝŬĞƉĞŶƚŝŶŐĂŶƉĞŵĞŐĂŶŐĞĨĞŬďĞƌƐŝĨĂƚ
ƵƚĂŶŐ ĚĂŶͬĂƚĂƵ ƐƵŬƵŬ͕ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ LJĂŶŐ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ
ƐĞƌƚĂ ďĞƌĚĂƐĂƌŬĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ Ěŝ EĞŐĂƌĂ ZĞƉƵďůŝŬ /ŶĚŽŶĞƐŝĂ ŬŚƵƐƵƐŶLJĂ ƉĞƌĂƚƵƌĂŶ
ĚŝďŝĚĂŶŐWĂƐĂƌDŽĚĂů͘
ϳ͘ W EhE:h<E͕W E''Ed/EE Z<,/ZEzdh'^t>/DEd
ĞƌĚĂƐĂƌŬĂŶ WĞƌĂƚƵƌĂŶ K:< EŽ͘ ϮϬͬϮϬϮϬ͕ ŬĞƚĞŶƚƵĂŶ ŵĞŶŐĞŶĂŝ ƉĞŶƵŶũƵŬĂŶ͕ ƉĞŶŐŐĂŶƚŝĂŶ͕ ĚĂŶ ďĞƌĂŬŚŝƌŶLJĂ ƚƵŐĂƐ tĂůŝ
ŵĂŶĂƚ͕ƉĂůŝŶŐƐĞĚŝŬŝƚŵĞŵƵĂƚŚĂůͲŚĂůƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ WĞŶƵŶũƵŬĂŶtĂůŝŵĂŶĂƚƵŶƚƵŬƉĞƌƚĂŵĂŬĂůŝŶLJĂĚŝůĂŬƵŬĂŶŽůĞŚWĞƌƐĞƌŽĂŶ͖
ď͘ WĞŶŐŐĂŶƚŝĂŶtĂůŝŵĂŶĂƚĚŝůĂŬƵŬĂŶŬĂƌĞŶĂƐĞďĂďͲƐĞďĂďƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
- tĂůŝ ŵĂŶĂƚ ƚŝĚĂŬ ůĂŐŝ ŵĞŵĞŶƵŚŝ ŬĞƚĞŶƚƵĂŶ ƵŶƚƵŬ ŵĞŶũĂůĂŶŬĂŶ ĨƵŶŐƐŝ ƐĞďĂŐĂŝ tĂůŝ ŵĂŶĂƚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ
ŬĞƚĞŶƚƵĂŶƉĞƌĂƚƵƌĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͖
- /njŝŶƵƐĂŚĂĂŶŬhŵƵŵƐĞďĂŐĂŝtĂůŝŵĂŶĂƚĚŝĐĂďƵƚ͖
- tĂůŝ ŵĂŶĂƚ ĚŝďƵďĂƌŬĂŶ ŽůĞŚ ďĂĚĂŶ ƉĞƌĂĚŝůĂŶ ĂƚĂƵ ŽůĞŚ ďĂĚĂŶ ƌĞƐŵŝ ůĂŝŶŶLJĂ ĂƚĂƵ ĚŝĂŶŐŐĂƉ ƚĞůĂŚ ďƵďĂƌ
ďĞƌĚĂƐĂƌŬĂŶŬĞƚĞŶƚƵĂŶƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ͖
- tĂůŝ ŵĂŶĂƚ ĚŝŶLJĂƚĂŬĂŶ ƉĂŝůŝƚ ŽůĞŚ ďĂĚĂŶ ƉĞƌĂĚŝůĂŶ LJĂŶŐ ďĞƌǁĞŶĂŶŐ ĂƚĂƵ ĚŝďĞŬƵŬĂŶ ŽƉĞƌĂƐŝŶLJĂ ĚĂŶͬ ĂƚĂƵ
ŬĞŐŝĂƚĂŶƵƐĂŚĂŶLJĂŽůĞŚƉŝŚĂŬLJĂŶŐďĞƌǁĞŶĂŶŐ͖
- tĂůŝŵĂŶĂƚƚŝĚĂŬĚĂƉĂƚŵĞůĂŬƐĂŶĂŬĂŶŬĞǁĂũŝďĂŶŶLJĂ͖
- tĂůŝ ŵĂŶĂƚ ŵĞůĂŶŐŐĂƌ ŬĞƚĞŶƚƵĂŶ WĞƌũĂŶũŝĂŶ WĞƌǁĂůŝĂŵĂŶĂƚĂŶ ĚĂŶͬĂƚĂƵ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ
ĚŝƐĞĐƚŽƌũĂƐĂŬĞƵĂŶŐĂŶ͖
- dŝŵďƵůŶLJĂŚƵďƵŶŐĂŶĨŝůŝĂƐŝĂŶƚĂƌĂtĂůŝŵĂŶĂƚĚĞŶŐĂŶWĞƌƐĞƌŽĂŶƐĞƚĞůĂŚƉĞŶƵŶũƵŬĂŶtĂůŝŵĂŶĂƚ͖
- dŝŵďƵůŶLJĂ ŚƵďƵŶŐĂŶ ŬƌĞĚŝƚ ƉĞŵďŝĂLJĂĂŶ LJĂŶŐ ŵĞůĂŵƉĂƵŝ ũƵŵůĂŚ ƐĞďĂŐĂŝŵĂŶĂ ĚŝĂƚƵƌ ĚĂůĂŵ WĞƌĂƚƵƌĂŶ K:<
EŽ͘ϭϵͬϮϬϮϬ͖ĂƚĂƵ
- tĂůŝŵĂŶĂƚĚĂƉĂƚŵĞŶŐĂũƵŬĂŶƉĞƌŵŽŚŽŶĂŶďĞƌŚĞŶƚŝƐĞĐĂƌĂƚĞƌƚƵůŝƐŬĞƉĂĚĂZhWKŵĞůĂůƵŝWĞƌƐĞƌŽĂŶ͕ĚĞŶŐĂŶ
ŵĞŶLJĞďƵƚŬĂŶĂůĂƐĂŶͲĂůĂƐĂŶŶLJĂ͘ WĞƌŵŽŚŽŶĂŶďĞƌŚĞŶƚŝŝƚƵ ŚĂƌƵƐ ĚŝĂũƵŬĂŶ ƐĞĚŝŬŝƚŶLJĂϭ;ƐĂƚƵͿďƵůĂŶƐĞďĞůƵŵŶLJĂ
ĚĞŶŐĂŶĚŝƐĞƌƚĂŝƌĞŬŽŵĞŶĚĂƐŝǁĂůŝĂŵĂŶĂƚƉĞŶŐŐĂŶƚŝĚĂŶtĂůŝŵĂŶĂƚďĂƌƵďĞƌŚĞŶƚŝďĞƌƚƵŐĂƐƐĞůĂŬƵtĂůŝŵĂŶĂƚ
ďĞƌĚĂƐĂƌŬĂŶWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶƐĞƚĞůĂŚƉĞƌŵŽŚŽŶĂŶďĞƌŚĞŶƚŝŝŶŝĚŝƚĞƌŝŵĂďĂŝŬƐĞĐĂƌĂƚĞƌƚƵůŝƐŽůĞŚZhWK
ĚĂŶ ƉĂĚĂ ƐĂĂƚ ǁĂůŝ ĂŵĂŶĂƚ LJĂŶŐ ŵĞŶŐŐĂŶƚŝŬĂŶŶLJĂ ŵƵůĂŝ ŵĞŵĂŶŐŬƵ ũĂďĂƚĂŶŶLJĂ͘ tĂůŝ ŵĂŶĂƚ ďĂƌƵ ďĞƌŚĞŶƚŝ
ďĞƌƚƵŐĂƐ ƐĞůĂŬƵ tĂůŝ ŵĂŶĂƚ ƐĞƚĞůĂŚ ƉĞƌŵŽŚŽŶĂŶ ďĞƌŚĞŶƚŝ ŝŶŝ ĚŝƚĞƌŝŵĂ ďĂŝŬ ƐĞĐĂƌĂ ƚĞƌƚƵůŝƐ ŽůĞŚ ŵŝƚĞŶ ĚĂŶ
ĚŝƐĞƚƵũƵŝŽůĞŚZhWKĚĂŶǁĂůŝĂŵĂŶĂƚLJĂŶŐŵĞŶŐŐĂŶƚŝŬĂŶŶLJĂŵƵůĂŝŵĞŵĂŶŐŬƵũĂďĂƚĂŶŶLJĂ͘ĂůĂŵŚĂůƚĞƌũĂĚŝŶLJĂ
ƉĞŵďĞƌŚĞŶƚŝĂŶtĂůŝŵĂŶĂƚŬĂƌĞŶĂĂĚĂŶLJĂƉĞŶŐĂũƵĂŶƉĞƌŵŽŚŽŶĂŶ ďĞƌŚĞŶƚŝ ƚĞƌƐĞďƵƚ͕ ŵŝƚĞŶ ŚĂƌƵƐ ƐĞŐĞƌĂ
ŵĞŶƵŶũƵŬ ĐĂůŽŶ ƉĞŶŐŐĂŶƚŝ ĚĂƌŝ tĂůŝ ŵĂŶĂƚ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ƉĞƌĂƚƵƌĂŶ ƉĞƌƵŶĚĂŶŐͲƵŶĚĂŶŐĂŶ LJĂŶŐ ďĞƌůĂŬƵ͕
ƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂϭ;ƐĂƚƵͿďƵůĂŶƐĞƚĞůĂŚĚŝƚĞƌŝŵĂƐƵƌĂƚƉĞŶŐƵŶĚƵƌĂŶĚŝƌŝ ƚĞƌƐĞďƵƚ͘ ĂůŽŶ ƉĞŶŐŐĂŶƚŝ tĂůŝ
ŵĂŶĂƚLJĂŶŐĚŝƚƵŶũƵŬŽůĞŚ ŵŝƚĞŶƚĞƌƐĞďƵƚƐĞďĞůƵŵĚŝĂŶŐŬĂƚĚĂŶŵĞŶũĂďĂƚƐĞďĂŐĂŝǁĂůŝĂŵĂŶĂƚƉĞŶŐŐĂŶƚŝǁĂũŝď
ƚĞƌůĞďŝŚĚĂŚƵůƵĚŝƐĞƚƵũƵŝŽůĞŚZhWK͘ĂůĂŵŚĂů ŵŝƚĞŶďĞůƵŵŵĞŶƵŶũƵŬǁĂůŝĂŵĂŶĂƚƉĞŶŐŐĂŶƚŝ͕ŵĂŬĂƐĞůĂŵďĂƚͲ
ůĂŵďĂƚŶLJĂĚĂůĂŵǁĂŬƚƵϭ;ƐĂƚƵͿďƵůĂŶƐĞƚĞůĂŚĚŝƐĂŵƉĂŝŬĂŶŶLJĂƐƵƌĂƚƉĞŶŐƵŶĚƵƌĂŶ Ěŝƌŝ tĂůŝ ŵĂŶĂƚ ƚĞƌƐĞďƵƚ͕
tĂůŝŵĂŶĂƚďĞƌŚĂŬŵĞŶŐƵƐƵůŬĂŶ ǁĂůŝ ĂŵĂŶĂƚ ƉĞŶŐŐĂŶƚŝ ĚŝƌŝŶLJĂ ĚĂŶ ŬĞŵƵĚŝĂŶ ƐĞŐĞƌĂ ŵĞŶLJĞůĞŶŐŐĂƌĂŬĂŶ
ZhWK͘
ĞƌĂŬŚŝƌŶLJĂƚƵŐĂƐ͕ŬĞǁĂũŝďĂŶ͕ĚĂŶƚĂŶŐŐƵŶŐũĂǁĂďtĂůŝŵĂŶĂƚĂĚĂůĂŚƉĂĚĂƐĂĂƚ͗
- KďůŝŐĂƐŝ ƚĞůĂŚ ĚŝůƵŶĂƐŝ͕ ďĂŝŬ ƉŽŬŽŬ͕ ďƵŶŐĂ ƚĞƌŵĂƐƵŬ ĚĞŶĚĂ ;ũŝŬĂ ĂĚĂͿ ĚĂŶ tĂůŝ ŵĂŶĂƚ ƚĞůĂŚ ŵĞŶĞƌŝŵĂ ůĂƉŽƌĂŶ
ƉĞŵĞŶƵŚĂŶ ŬĞǁĂũŝďĂŶ WĞƌƐĞƌŽĂŶ ĚĂƌŝ ŐĞŶ WĞŵďĂLJĂƌĂŶ ĂƚĂƵ WĞƌƐĞƌŽĂŶ͕ ũŝŬĂ WĞƌƐĞƌŽĂŶ ƚŝĚĂŬ ŵĞŶŐŐƵŶĂŬĂŶ ŐĞŶ
WĞŵďĂLJĂƌĂŶ͖
- KďůŝŐĂƐŝƚĞůĂŚĚŝŬŽŶǀĞƌƐŝƐĞůƵƌƵŚŶLJĂŵĞŶũĂĚŝƐĂŚĂŵ͖
- dĂŶŐŐĂůƚĞƌƚĞŶƚƵLJĂŶŐƚĞůĂŚĚŝƐĞƉĂŬĂƚŝĚĂůĂŵWĞƌũĂŶũŝĂŶWĞƌǁĂůŝĂŵĂŶĂƚĂŶƐĞƚĞůĂŚƚĂŶŐŐĂůũĂƚƵŚƚĞŵƉŽWŽŬŽŬKďůŝŐĂƐŝ͘
- ƐĞƚĞůĂŚĚŝĂŶŐŬĂƚŶLJĂtĂůŝŵĂŶĂƚďĂƌƵ͖
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ϴ͘ >WKZE< hE'E
ĞƌŝŬƵƚŝŶŝĂĚĂůĂŚŬƵƚŝƉĂŶĚĂƌŝ/ŬŚƚŝƐĂƌ>ĂƉŽƌĂŶ<ĞƵĂŶŐĂŶ<ŽŶƐŽůŝĚĂƐŝĂŶZ/ƉĞƌƚĂŶŐŐĂůϯϭĞƐĞŵďĞƌϮϬϮϯ͕ϯϭĞƐĞŵďĞƌ
ϮϬϮϮĚĂŶϯϭĞƐĞŵďĞƌϮϬϮϭLJĂŶŐƚĞůĂŚĚŝĂƵĚŝƚŽůĞŚ<ĂŶƚŽƌŬƵŶƚĂŶWƵďůŝŬWƵƌǁĂŶƚŽŶŽ͕^ƵŶŐŬŽƌŽΘ^ƵƌũĂ͕ĚĞŶŐĂŶŽƉŝŶŝ
ǁĂũĂƌĚĂůĂŵůĂƉŽƌĂŶŶLJĂƚĂŶŐŐĂůϲ&ĞďƌƵĂƌŝϮϬϮϯLJĂŶŐĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚŚƌŝƐƚŽƉŚŽƌƵƐůǀŝŶ<ŽƐƐŝŵ͘
>ĂƉŽƌĂŶWŽƐŝƐŝ<ĞƵĂŶŐĂŶ<ŽŶƐŽůŝĚĂƐŝĂŶ
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
dŽƚĂůƐĞƚ ϭ͘ϵϲϱ͘ϬϬϳ͘ϬϯϬ ϭ͘ϴϲϱ͘ϲϯϵ͘ϬϭϬ ϭ͘ϲϳϴ͘Ϭϵϳ͘ϳϯϰ
dŽƚĂů>ŝĂďŝůŝƚĂƐ ϭ͘ϲϰϴ͘ϱϯϰ͘ϴϴϴ ϭ͘ϱϲϮ͘Ϯϰϯ͘ϲϵϯ ϭ͘ϯϴϲ͘ϯϭϬ͘ϵϯϬ
dŽƚĂů ŬƵŝƚĂƐ ϯϭϲ͘ϰϳϮ͘ϭϰϮ ϯϬϯ͘ϯϵϱ͘ϯϭϳ Ϯϵϭ͘ϳϴϲ͘ϴϬϰ
>ĂďĂZƵŐŝĚĂŶWĞŶŐŚĂƐŝůĂŶ<ŽŵƉƌĞŚĞŶƐŝĨ>ĂŝŶ<ŽŶƐŽůŝĚĂƐŝĂŶ
;ĚĂůĂŵũƵƚĂĂŶZƵƉŝĂŚͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
WĞŶĚĂƉĂƚĂŶƵŶŐĂĚĂŶ^LJĂƌŝĂŚ–ŶĞƚŽ ϭϯϱ͘ϭϴϯ͘ϰϴϳ ϭϮϰ͘ϱϵϳ͘Ϭϳϯ ϭϭϰ͘Ϭϵϰ͘ϰϮϵ
WĞŶĚĂƉĂƚĂŶWƌĞŵŝ–ŶĞƚŽ Ϯ͘ϭϲϭ͘ϯϵϮ ϭ͘ϱϳϳ͘ϯϮϯ ϭ͘Ϭϰϯ͘Ϭϳϱ
WĞŶĚĂƉĂƚĂŶKƉĞƌĂƐŝŽŶĂůůĂŝŶŶLJĂ ϰϱ͘ϲϮϱ͘ϳϴϱ ϯϵ͘ϭϮϳ͘ϲϵϰ ϰϭ͘Ϯϭϱ͘ϴϬϳ
>ĂďĂKƉĞƌĂƐŝŽŶĂů ϳϲ͘ϴϮϴ͘ϳϯϳ ϲϰ͘ϯϬϲ͘Ϭϯϳ ϰϭ͘ϭϰϰ͘ϯϴϮ
>ĂďĂ^ĞďĞůƵŵĞďĂŶWĂũĂŬ ϳϲ͘ϰϮϵ͘ϳϭϮ ϲϰ͘ϱϵϲ͘ϳϬϭ ϰϬ͘ϵϵϮ͘Ϭϲϱ
>ĂďĂdĂŚƵŶĞƌũĂůĂŶ ϲϬ͘ϰϮϱ͘Ϭϰϴ ϱϭ͘ϰϬϴ͘ϮϬϳ ϯϬ͘ϳϱϱ͘ϳϲϲ
ZĂƐŝŽWĞŶƚŝŶŐ
;ĚĂůĂŵйͿ
ϯϭĞƐĞŵďĞƌ
<ĞƚĞƌĂŶŐĂŶ
ϮϬϮϯ ϮϬϮϮ ϮϬϮϭ
Capital Adequate Ratio (CAR) Ϯϳ͕Ϯϳ Ϯϱ͕ϱϭ Ϯϳ͕ϭϲ
Non Performing Loan Ratio (Gross) Ϯ͕ϵϱ Ϯ͕ϲϳ ϯ͕ϬϬ
Loan to Deposits Ratio (LDR) ϴϰ͕ϳϯ ϳϴ͕ϴϮ ϴϯ͕ϰϲ
Return On Asset (ROA) ϯ͕Ϯϰ ϯ͕ϳϵ Ϯ͕ϲϰ
Return On Equity (ROE) ϭϵ͕ϵϱ ϭϵ͕ϱϵ ϭϲ͕Ϭϰ
Net Interest Margin (NIM) ϳ͕ϵϱ ϳ͕ϴϱ ϳ͕ϳϬ
Operating Expense to Operating Income (BOPO) ϲϴ͕Ϭϳ ϲϵ͕ϭϬ ϳϴ͕ϱϰ
ůĂŵĂƚtĂůŝŵĂŶĂƚ
WdĂŶŬZĂŬLJĂƚ/ŶĚŽŶĞƐŝĂ;WĞƌƐĞƌŽͿdďŬ͘
/ŶǀĞƐƚŵĞŶƚ^ĞƌǀŝĐĞƐŝǀŝƐŝŽŶ
dƌƵƐƚΘŽƌƉŽƌĂƚĞ^ĞƌǀŝĐĞƐĞƉĂƌƚŵĞŶƚ
'ĞĚƵŶŐZ///>ƚ͘ϲ
:ů͘:ĞŶĚ͘^ƵĚŝƌŵĂŶ<Ăǀ͘ϰϰͲϰϲ
:ĂŬĂƌƚĂϭϬϮϭϬͲ/ŶĚŽŶĞƐŝĂ
dĞů͘;ϬϮϭͿϱϳϱϴϭϰϯ
&ĂŬƐŝŵŝůŝ͗;ϬϮϭͿϮϱϭϬϯϭϲ
ŵĂŝů͗ƚĐƐŽƉĞƌĂƚŝŽŶΛĐŽƌƉ͘ďƌŝ͘ĐŽ͘ŝĚ
hƉ͘ŚĂŶLJZĂŵĂĚŚĂŶƚŽ–ĞƉĂƌƚŵĞŶƚ,ĞĂĚdƌƵƐƚΘŽƌƉŽƌĂƚĞ^ĞƌǀŝĐĞĞƉĂƌƚŵĞŶƚ
112
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ϭ͘ W D ^EzE' Z,<
WĞƌŽƌĂŶŐĂŶ tĂƌŐĂ EĞŐĂƌĂ /ŶĚŽŶĞƐŝĂ ĚĂŶ ƉĞƌŽƌĂŶŐĂŶ tĂƌŐĂ EĞŐĂƌĂ ƐŝŶŐ ĚŝŵĂŶĂƉƵŶ ŵĞƌĞŬĂ ďĞƌƚĞŵƉĂƚ ƚŝŶŐŐĂů͕ ƐĞƌƚĂ
ďĂĚĂŶƵƐĂŚĂĂƚĂƵůĞŵďĂŐĂ/ŶĚŽŶĞƐŝĂĂƚĂƵƉƵŶĂƐŝŶŐĚŝŵĂŶĂƉƵŶŵĞƌĞŬĂďĞƌŬĞĚƵĚƵŬĂŶLJĂŶŐďĞƌŚĂŬŵĞŵďĞůŝKďůŝŐĂƐŝƐĞƐƵĂŝ
ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶLJƵƌŝƐĚŝŬƐŝƐĞƚĞŵƉĂƚ͘
Ϯ͘ W D ^EEW D >/EK>/'^/
WĞŵĞƐĂŶĂŶWĞŵďĞůŝĂŶKďůŝŐĂƐŝŚĂƌƵƐĚŝĂũƵŬĂŶĚĞŶŐĂŶŵĞŶŐŐƵŶĂŬĂŶ&WWKLJĂŶŐĚĂƉĂƚĚŝƉĞƌŽůĞŚĚĂƌŝWĞŶũĂŵŝŶ ŵŝƐŝ ĨĞŬ͕
ďĂŝŬ ĚĂůĂŵ ďĞŶƚƵŬ ŚĂƌĚĐŽƉLJ ŵĂƵƉƵŶ ƐŽĨƚĐŽƉLJ ŵĞůĂůƵŝ ĞŵĂŝů͕ ƐĞďĂŐĂŝŵĂŶĂ ƚĞƌĐĂŶƚƵŵ ĚĂůĂŵ Ăď ys WƌŽƐƉĞŬƚƵƐ ŝŶŝ ĚĂŶ
ƉĞŵĞƐĂŶĂŶLJĂŶŐƚĞůĂŚĚŝŵĂƐƵŬŬĂŶƚŝĚĂŬĚĂƉĂƚĚŝďĂƚĂůŬĂŶŽůĞŚƉĞŵĞƐĂŶ͘WĞŵĞƐĂŶĂŶWĞŵďĞůŝĂŶKďůŝŐĂƐŝĚŝůĂŬƵŬĂŶĚĞŶŐĂŶ
ŵĞŶŐŐƵŶĂŬĂŶ&WWKƵŶƚƵŬŬĞƉĞƌůƵĂŶŝŶŝLJĂŶŐĚŝŬĞůƵĂƌŬĂŶŽůĞŚWĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝLJĂŶŐĚŝďƵĂƚĚĂůĂŵϱ;ůŝŵĂͿƌĂŶŐŬĂƉ
ĂƚĂƵĚĂůĂŵďĞŶƚƵŬƐŽĨƚĐŽƉLJ͕ŵĞůĂŵƉŝƌŬĂŶŬŽƉŝŝĚĞŶƚŝƚĂƐ͕ĚĂŶƐƵďƌĞŬĞŶŝŶŐĞĨĞŬ͘
WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝ ĨĞŬďĞƌŚĂŬƵŶƚƵŬŵĞŶĞƌŝŵĂĂƚĂƵŵĞŶŽůĂŬƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶKďůŝŐĂƐŝƐĞĐĂƌĂŬĞƐĞůƵƌƵŚĂŶ
ĂƚĂƵ ƐĞďĂŐŝĂŶ ĚĞŶŐĂŶ ŵĞŵƉĞƌŚĂƚŝŬĂŶ ŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶ ƚĞƌƐĞďƵƚ Ěŝ ĂƚĂƐ͘ WĞŵĞƐĂŶĂŶ WĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ĚĂŶ
ƉĞŶLJĂŵƉĂŝĂŶ &WWK ŬĞƉĂĚĂ WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂƉĂƚ ĚŝůĂŬƵŬĂŶ ĚĂƌŝ ũĂƌĂŬ ũĂƵŚ͕ ŵĞůĂůƵŝ ĞŵĂŝů ĚĂŶ ŵĞƐŝŶ ĨĂŬƐŝŵŝůŝ
WĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝ͕ƐĞďĂŐĂŝŵĂŶĂƚĞƌĐĂŶƚƵŵƉĂĚĂĂďysWƌŽƐƉĞŬƚƵƐŝŶŝ͘WĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶKďůŝŐĂƐŝLJĂŶŐĚŝůĂŬƵŬĂŶ
ŵĞŶLJŝŵƉĂŶŐĚĂƌŝŬĞƚĞŶƚƵĂŶͲŬĞƚĞŶƚƵĂŶƚĞƌƐĞďƵƚĚŝĂƚĂƐƚŝĚĂŬĚŝůĂLJĂŶŝ͘
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WĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ŚĂƌƵƐ ĚŝůĂŬƵŬĂŶ ĚĂůĂŵ ũƵŵůĂŚ ƐĞŬƵƌĂŶŐͲŬƵƌĂŶŐŶLJĂ ƐĂƚƵ ƐĂƚƵĂŶ ƉĞƌĚĂŐĂŶŐĂŶ ƐĞŶŝůĂŝ
ZƉϱ͘ϬϬϬ͘ϬϬϬ͕Ͳ;ůŝŵĂũƵƚĂZƵƉŝĂŚͿĚĂŶͬĂƚĂƵŬĞůŝƉĂƚĂŶŶLJĂ͘
ϰ͘ D^W EtZEhDhD
DĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵĚŝůĂŬƐĂŶĂŬĂŶƉĂĚĂƚĂŶŐŐĂůϮϴ:ƵŶŝϮϬϮϰĚĂŶĚŝƚƵƚƵƉƉĂĚĂƚĂŶŐŐĂůϮ:ƵůŝϮϬϮϰƉƵŬƵůϭϲ͘ϬϬt/͘
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^ĞůĂŵĂ DĂƐĂ WĞŶĂǁĂƌĂŶ hŵƵŵ͕ ƉĞŵĞƐĂŶ ŚĂƌƵƐ ŵĞůĂŬƵŬĂŶ ƉĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ĚĞŶŐĂŶ ŵĞŶŐĂũƵŬĂŶ &WWK
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ŝŶŝ͕ƉĂĚĂƚĞŵƉĂƚĚŝŵĂŶĂWĞŵĞƐĂŶŵĞŵƉĞƌŽůĞŚWƌŽƐƉĞŬƚƵƐĚĂŶ&WWK͘WĞŵĞƐĂŶĂŶKďůŝŐĂƐŝĚĂƉĂƚĚŝůĂŬƵŬĂŶƐĞĐĂƌĂĞůĞŬƚƌŽŶŝŬ
ŵĞůĂůƵŝĂůĂŵĂƚĞŵĂŝůWĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝĚĞŶŐĂŶƉƌŽƐĞĚƵƌƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
Ă͘ ^ĞƚŝĂƉƉŝŚĂŬŚĂŶLJĂďĞƌŚĂŬŵĞŶŐĂũƵŬĂŶƐĂƚƵ&WWKĚĂŶǁĂũŝďĚŝĂũƵŬĂŶŽůĞŚƉĞŵĞƐĂŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶϭ;ƐĂƚƵͿĂůĂŵĂƚ
ĞŵĂŝůĚĂŶŚĂŶLJĂďŝƐĂŵĞůĂŬƵŬĂŶϭ;ƐĂƚƵͿŬĂůŝƉĞŵĞƐĂŶĂŶ͘
ď͘ DĞůĂŵƉŝƌŬĂŶĨŽƚŽŬŽƉŝũĂƚŝĚŝƌŝ;<dWͬƉĂƐƉŽƌďĂŐŝƉĞƌŽƌĂŶŐĂŶĚĂŶĂŶŐŐĂƌĂŶĚĂƐĂƌďĂŐŝďĂĚĂŶŚƵŬƵŵͿ͘
Đ͘ DĞŶLJĂŵƉĂŝŬĂŶ ƉĞŵĞƐĂŶĂŶ ĚŝƐĞƌƚĂŝ ĚĞƚĂŝů EŽŵŽƌ ZĞŬĞŶŝŶŐ ƵŶƚƵŬ WĞŶŐĞŵďĂůŝĂŶ <ĞůĞďŝŚĂŶ WĞŵĞƐĂŶĂŶ ;ZĞĨƵŶĚͿ
ĚĞŶŐĂŶĨŽƌŵĂƚ͗EĂŵĂĂŶŬф^W^/хEŽZĞŬĞŶŝŶŐф^W^/хEĂŵĂWĞŵŝůŝŬZĞŬĞŶŝŶŐ͘ŽŶƚŽŚ͗ϭϬϬϬϬϱϲϲϳϴ:ƵďĂŝĚĂŚ
WĞŵĞƐĂŶĂŬĂŶŵĞŶĚĂƉĂƚŬĂŶĞŵĂŝůďĂůĂƐĂŶLJĂŶŐďĞƌŝƐŝŬĂŶ͗
Ă͘ ,ĂƐŝůƐĐĂŶ&WWKĂƐůŝLJĂŶŐƚĞůĂŚĚŝŝƐŝƐĞĐĂƌĂĞůĞŬƚƌŽŶŝŬƐĞƐƵĂŝĚĞŶŐĂŶƉĞŵĞƐĂŶĂŶLJĂŶŐĚŝƐĂŵƉĂŝŬĂŶƵŶƚƵŬĚŝĐĞƚĂŬĚĂŶ
ĚŝƚĂŶĚĂƚĂŶŐĂŶŝŽůĞŚWĞŵĞƐĂŶLJĂŶŐďĞƌƐĂŶŐŬƵƚĂŶ͖ĂƚĂƵ
ď͘ /ŶĨŽƌŵĂƐŝƉĞŶŽůĂŬĂŶŬĂƌĞŶĂƉĞƌƐLJĂƌĂƚĂŶƚŝĚĂŬůĞŶŐŬĂƉĂƚĂƵĞŵĂŝůŐĂŶĚĂ͘
WĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝĚĂŶWĞƌƐĞƌŽĂŶďĞƌŚĂŬƵŶƚƵŬŵĞŶŽůĂŬƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶKďůŝŐĂƐŝĂƉĂďŝůĂ&WWKƚŝĚĂŬĚŝŝƐŝĚĞŶŐĂŶ
ůĞŶŐŬĂƉ ĂƚĂƵ ďŝůĂ ƉĞƌƐLJĂƌĂƚĂŶ ƉĞŵĞƐĂŶĂŶ ƉĞŵďĞůŝĂŶ KďůŝŐĂƐŝ ƚĞƌŵĂƐƵŬ ƉĞƌƐLJĂƌĂƚĂŶ ƉŝŚĂŬ LJĂŶŐ ďĞƌŚĂŬ ŵĞůĂŬƵŬĂŶ
ƉĞŵĞƐĂŶĂŶ͕ ƚŝĚĂŬ ƚĞƌƉĞŶƵŚŝ͘ ^ĞĚĂŶŐŬĂŶ ƉĞŵĞƐĂŶ͕ ƚŝĚĂŬ ĚĂƉĂƚ ŵĞŵďĂƚĂůŬĂŶ ƉĞŵďĞůŝĂŶ KďůŝŐĂƐŝͲŶLJĂ ĂƉĂďŝůĂ ƚĞůĂŚ
ŵĞŵĞŶƵŚŝƉĞƌƐLJĂƌĂƚĂŶƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶ
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WĂƌĂWĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝLJĂŶŐŵĞŶĞƌŝŵĂƉĞŶŐĂũƵĂŶƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶKďůŝŐĂƐŝĂŬĂŶŵĞŶLJĞƌĂŚŬĂŶŬĞŵďĂůŝŬĞƉĂĚĂ
WĞŵĞƐĂŶϭ;ƐĂƚƵͿƚĞŵďƵƐĂŶ&WWKLJĂŶŐƚĞůĂŚĚŝƚĂŶĚĂƚĂŶŐĂŶŝŶLJĂƐĞďĂŐĂŝďƵŬƚŝƚĂŶĚĂƚĞƌŝŵĂƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶKďůŝŐĂƐŝ͘
ƵŬƚŝƚĂŶĚĂƚĞƌŝŵĂƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶKďůŝŐĂƐŝďƵŬĂŶŵĞƌƵƉĂŬĂŶũĂŵŝŶĂŶĚŝƉĞŶƵŚŝŶLJĂƉĞŵĞƐĂŶĂŶ͘ĂůĂŵŚĂůƉĞŶŐĂũƵĂŶ
ƉĞŵĞƐĂŶĂŶĚŝůĂŬƵŬĂŶƐĞĐĂƌĂĞůĞŬƚƌŽŶŝŬ͕ƚĂŶĚĂƚĞƌŝŵĂƉĞŶŐĂũƵĂŶƉĞŵĞƐĂŶĂŶƉĞŵďĞůŝĂŶĂŬĂŶĚŝƐĞƌĂŚŬĂŶŬĞƉĂĚĂWĞŵĞƐĂŶ
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ĂĚĂůĂŚƚĂŶŐŐĂůϯ:ƵůŝϮϬϮϰ͘
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WĞŶĂǁĂƌĂŶ hŵƵŵ ŝŶŝ͘ ĂůĂŵ ŚĂů ƚĞƌũĂĚŝ ŬĞůĞďŝŚĂŶ ƉĞŵĞƐĂŶĂŶ KďůŝŐĂƐŝ ĚĂŶ ƚĞƌďƵŬƚŝ ďĂŚǁĂ WŝŚĂŬ ƚĞƌƚĞŶƚƵ ŵĞŶŐĂũƵŬĂŶ
ƉĞŵĞƐĂŶĂŶKďůŝŐĂƐŝŵĞůĂůƵŝůĞďŝŚĚĂƌŝƐĂƚƵĨŽƌŵƵůŝƌƉĞŵĞƐĂŶĂŶƵŶƚƵŬWĞŶĂǁĂƌĂŶhŵƵŵŝŶŝ͕ďĂŝŬƐĞĐĂƌĂůĂŶŐƐƵŶŐŵĂƵƉƵŶ
ƚŝĚĂŬůĂŶŐƐƵŶŐ͕ŵĂŬĂƵŶƚƵŬƚƵũƵĂŶƉĞŶũĂƚĂŚĂŶDĂŶĂũĞƌWĞŶũĂƚĂŚĂŶŚĂŶLJĂĚĂƉĂƚŵĞŶŐŝŬƵƚƐĞƌƚĂŬĂŶƐĂƚƵĨŽƌŵƵůŝƌƉĞŵĞƐĂŶĂŶ
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WĞŶĂǁĂƌĂŶhŵƵŵ͘
DĂŶĂũĞƌ WĞŶũĂƚĂŚĂŶ͕ ĚĂůĂŵ ŚĂů ŝŶŝ ĂĚĂůĂŚ Wd /ŶĚŽ WƌĞŵŝĞƌ ^ĞŬƵƌŝƚĂƐ͕ ĂŬĂŶ ŵĞŶLJĂŵƉĂŝŬĂŶ >ĂƉŽƌĂŶ ,ĂƐŝů WĞŵĞƌŝŬƐĂĂŶ
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ƚĞŶƚĂŶŐ WĞĚŽŵĂŶ WĞŵĞƌŝŬƐĂĂŶ KůĞŚ ŬƵŶƚĂŶ ƚĂƐ WĞŵĞƐĂŶĂŶ ĚĂŶ WĞŶũĂƚĂŚĂŶ ĨĞŬ ĂƚĂƵ WĞŵďĂŐŝĂŶ ^ĂŚĂŵ ŽŶƵƐ ĚĂŶ
WĞƌĂƚƵƌĂŶEŽ͘/y͘͘ϳƚĞŶƚĂŶŐdĂŶŐŐƵŶŐ:ĂǁĂďDĂŶĂũĞƌWĞŶũĂƚĂŚĂŶĚĂůĂŵZĂŶŐŬĂWĞŵĞƐĂŶĂŶĚĂŶWĞŶũĂƚĂŚĂŶ ĨĞŬĚĂůĂŵ
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ĚŝůĂŬƵŬĂŶ ƐĞĐĂƌĂ ƚƵŶĂŝ ĂƚĂƵ ƚƌĂŶƐĨĞƌ LJĂŶŐ ĚŝƚƵũƵŬĂŶ ŬĞƉĂĚĂ WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝ LJĂŶŐ ďĞƌƐĂŶŐŬƵƚĂŶ ĂƚĂƵ ŬĞƉĂĚĂ
WĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝƐĞůĂŵďĂƚͲůĂŵďĂƚŶLJĂƚĂŶŐŐĂůϰ:ƵůŝϮϬϮϰƉƵŬƵůϭϭ͗ϬϬt/;ŝŶŐŽŽĚĨƵŶĚƐͿƉĂĚĂƌĞŬĞŶŝŶŐ
ĚŝďĂǁĂŚŝŶŝ
WdůĚŝƌĂĐŝƚĂ^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ WdZ/ĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐ
ĂŶŬ^ŝŶĂƌŵĂƐ ĂŶŬZ/
ĂďĂŶŐ͗<&KdŚĂŵƌŝŶ ĂďĂŶŐ͗ƵƌƐĂ ĨĞŬ:ĂŬĂƌƚĂ
EŽ͘ZĞŬĞŶŝŶŐ͗ϬϬϱϱϬϱϰϯϲϯ EŽ͘ZĞŬĞŶŝŶŐ͗ϬϲϳϭϬϭϬϬϬϲϴϬϯϬϰ
ƚĂƐEĂŵĂ͗WdůĚŝƌĂĐŝƚĂ^ĞŬƵƌŝƚĂƐ/ŶĚŽŶĞƐŝĂ ƚĂƐEĂŵĂ͗WdZ/ĂŶĂƌĞŬƐĂ^ĞŬƵƌŝƚĂƐ
Wd/DEŝĂŐĂ^ĞŬƵƌŝƚĂƐ Wd/ŶĚŽWƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐ
ĂŶŬ/DEŝĂŐĂ ĂŶŬWĞƌŵĂƚĂ
ĂďĂŶŐ͗'ƌĂŚĂ/DEŝĂŐĂ ĂďĂŶŐ͗^ƵĚŝƌŵĂŶ:ĂŬĂƌƚĂ
EŽ͘ZĞŬĞŶŝŶŐ͗ϴϬϬϭϲϯϰϰϮϲϬϬ EŽ͘ZĞŬĞŶŝŶŐ͗ϬϳϬϭϮϱϰϲϯϱ
ƚĂƐEĂŵĂ͗Wd/DEŝĂŐĂ^ĞŬƵƌŝƚĂƐ ƚĂƐEĂŵĂ͗Wd/ŶĚŽWƌĞŵŝĞƌ^ĞŬƵƌŝƚĂƐ
^ĞŵƵĂ ďŝĂLJĂ ĂƚĂƵ ƉƌŽǀŝƐŝ ďĂŶŬ ĂƚĂƵƉƵŶ ďŝĂLJĂ ƚƌĂŶƐĨĞƌ ŵĞƌƵƉĂŬĂŶ ďĞďĂŶ WĞŵĞƐĂŶ͘ WĞŵĞƐĂŶĂŶ ĂŬĂŶ ĚŝďĂƚĂůŬĂŶ ũŝŬĂ
ƉĞƌƐLJĂƌĂƚĂŶƉĞŵďĂLJĂƌĂŶƚŝĚĂŬĚŝƉĞŶƵŚŝ͘
^ĞůĂŶũƵƚŶLJĂ͕ƐĞƚĞůĂŚĚĂŶĂƚĞůĂŚĚŝƚĞƌŝŵĂŽůĞŚWĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝ͕WĞŶũĂŵŝŶ ŵŝƐŝKďůŝŐĂƐŝŵĞůĂůƵŝWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ
ŵŝƐŝKďůŝŐĂƐŝǁĂũŝďŵĞŶƚƌĂŶƐĨĞƌĚĂŶĂWĞŶĂǁĂƌĂŶhŵƵŵŬĞƉĂĚĂWĞƌƐĞƌŽĂŶƉĂĚĂdĂŶŐŐĂůWĞŵďĂLJĂƌĂŶƐĞƐƵĂŝdĂŶŐŐĂů ŵŝƐŝ
LJĂŝƚƵƉĂĚĂƚĂŶŐŐĂůϱ:ƵůŝϮϬϮϰƉĂĚĂZĞŬĞŶŝŶŐWĞƌƐĞƌŽĂŶ͕ƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ĂŶŬ/DEŝĂŐĂ
ĂďĂŶŐ͗ĞŵƉĂŬĂWƵƚŝŚ
EŽ͘ZĞŬĞŶŝŶŐ͗ϴϲϬϬϬϴϯϱϭϳϬϬ
ƚĂƐEĂŵĂ͗Wd,ŝŶŽ&ŝŶĂŶĐĞ/ŶĚŽŶĞƐŝĂ
114
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ŝƐƚƌŝďƵƐŝKďůŝŐĂƐŝƐĞĐĂƌĂĞůĞŬƚƌŽŶŝŬĂŬĂŶĚŝůĂŬƵŬĂŶƉĂĚĂƚĂŶŐŐĂůϱ:ƵůŝϮϬϮϰ͘WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŶĞƌďŝƚŬĂŶ^ĞƌƚŝĨŝŬĂƚ:ƵŵďŽ
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ĚŝƚĞƌďŝƚŬĂŶƵŶƚƵŬĚŝĚĂĨƚĂƌŬĂŶĂƚĂƐŶĂŵĂ<^ /ƵŶƚƵŬŬĞƉĞŶƚŝŶŐĂŶWĞŵĞŐĂŶŐKďůŝŐĂƐŝ͘KďůŝŐĂƐŝĂŬĂŶĚŝĂĚŵŝŶŝƐƚƌĂƐŝŬĂŶ
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ƚĞƌƐĞďƵƚ ƚŝĚĂŬ ĚĂƉĂƚ ĚŝĂůŝŚŬĂŶͬĚŝƉŝŶĚĂŚďƵŬƵŬĂŶ ƐĞũĂŬ ϯ ;ƚŝŐĂͿ ,Ăƌŝ ƵƌƐĂ ƐĞďĞůƵŵ ƚĂŶŐŐĂů ƉĞŶLJĞůĞŶŐŐĂƌĂĂŶ ZhWK
;ZͲϯͿƐĂŵƉĂŝĚĞŶŐĂŶƚĂŶŐŐĂůďĞƌĂŬŚŝƌŶLJĂZhWKLJĂŶŐĚŝďƵŬƚŝŬĂŶĚĞŶŐĂŶĂĚĂŶLJĂƉĞŵďĞƌŝƚĂŚƵĂŶĚĂƌŝtĂůŝŵĂŶĂƚ͖
Ĩ͘ WŝŚĂŬͲƉŝŚĂŬLJĂŶŐŚĞŶĚĂŬŵĞůĂŬƵŬĂŶƉĞŵĞƐĂŶĂŶKďůŝŐĂƐŝǁĂũŝďŵĞŵďƵŬĂZĞŬĞŶŝŶŐ ĨĞŬĚŝWĞƌƵƐĂŚĂĂŶ ĨĞŬĂƚĂƵĂŶŬ
<ƵƐƚŽĚŝĂŶLJĂŶŐƚĞůĂŚŵĞŶũĂĚŝƉĞŵĞŐĂŶŐZĞŬĞŶŝŶŐ ĨĞŬĚŝ<^ /͘
ϭϭ͘ W E' D>/EhE'W D ^EEK>/'^/
ĂůĂŵ ŚĂů ƐƵĂƚƵ ƉĞŵĞƐĂŶĂŶ ĨĞŬ ĚŝƚŽůĂŬ ƐĞďĂŐŝĂŶ ĂƚĂƵ ƐĞůƵƌƵŚŶLJĂ ĂŬŝďĂƚ ĚĂƌŝ ƉĞůĂŬƐĂŶĂĂŶ ƉĞŶũĂƚĂŚĂŶ͕ ĂƚĂƵ ĚĂůĂŵ ŚĂů
ƚĞƌũĂĚŝ ƉĞŵďĂƚĂůĂŶ ĂƚĂƵ ƉĞŶƵŶĚĂĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ƐĞďĞůƵŵ dĂŶŐŐĂů WĞŵďĂLJĂƌĂŶ ŵĂŬĂ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ ŚĂƌƵƐ
ĚŝŬĞŵďĂůŝŬĂŶŽůĞŚWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝ͕LJĂŶŐďĞƌƚŝŶĚĂŬƐĞďĂŐĂŝDĂŶĂũĞƌWĞŶũĂƚĂŚĂŶ͕ŬĞƉĂĚĂƉĂƌĂƉĞŵĞƐĂŶ͕
ƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿŚĂƌŝŬĞƌũĂƐĞƐƵĚĂŚdĂŶŐŐĂůWĞŶũĂƚĂŚĂŶĂƚĂƵƐĞũĂŬŬĞƉƵƚƵƐĂŶƉĞŵďĂƚĂůĂŶĂƚĂƵƉĞŶƵŶĚĂĂŶWĞŶĂǁĂƌĂŶ
hŵƵŵ͘
:ŝŬĂWĞŶĐĂƚĂƚĂŶƐĂŚĂŵĚŝƵƌƐĂ ĨĞŬƚŝĚĂŬĚĂƉĂƚĚŝůĂŬƵŬĂŶĚĂůĂŵũĂŶŐŬĂǁĂŬƚƵϭ;ƐĂƚƵͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚdĂŶŐŐĂůŝƐƚƌŝďƵƐŝ
ŬĂƌĞŶĂ ƉĞƌƐLJĂƌĂƚĂŶ ƉĞŶĐĂƚĂƚĂŶ ƚŝĚĂŬ ĚŝƉĞŶƵŚŝ͕ WĞŶĂǁĂƌĂŶ ĂƚĂƐ ĨĞŬ ďĂƚĂů ĚĞŵŝ ŚƵŬƵŵ ĚĂŶ ƉĞŵďĂLJĂƌĂŶ ƉĞƐĂŶĂŶ ĨĞŬ
ĚŝŵĂŬƐƵĚ͕ ǁĂũŝď ĚŝŬĞŵďĂůŝŬĂŶ ŬĞƉĂĚĂ ƉĞŵĞƐĂŶ͕ ŽůĞŚ WĞƌƐĞƌŽĂŶ LJĂŶŐ ƉĞŶŐĞŵďĂůŝĂŶ ƉĞŵďĂLJĂƌĂŶŶLJĂ ŵĞůĂůƵŝ <^ / ƉĂůŝŶŐ
ůĂŵďĂƚϮ;ĚƵĂͿŚĂƌŝŬĞƌũĂƐĞũĂŬŬĞƉƵƚƵƐĂŶƉĞŵďĂƚĂůĂŶWĞŶĂǁĂƌĂŶhŵƵŵ͘
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:ŝŬĂƚĞƌũĂĚŝŬĞƚĞƌůĂŵďĂƚĂŶ͕ŵĂŬĂƉŝŚĂŬLJĂŶŐŵĞŶLJĞďĂďŬĂŶŬĞƚĞƌůĂŵďĂƚĂŶLJĂŝƚƵWĞŶũĂŵŝŶWĞůĂŬƐĂŶĂ ŵŝƐŝKďůŝŐĂƐŝĚĂŶͬĂƚĂƵ
WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝ ǁĂũŝď ŵĞŵďĂLJĂƌ ŬĞƉĂĚĂ ƉĂƌĂ ƉĞŵĞƐĂŶ ĞŶĚĂ ƵŶƚƵŬ ƚŝĂƉ ŚĂƌŝ ŬĞƚĞƌůĂŵďĂƚĂŶ ƐĞďĞƐĂƌ ϭй ;ƐĂƚƵ
ƉĞƌƐĞŶͿ ƉĞƌ ƚĂŚƵŶ Ěŝ ĂƚĂƐ ƚŝŶŐŬĂƚ ƵŶŐĂ ŵĂƐŝŶŐͲŵĂƐŝŶŐ ƐĞƌŝ KďůŝŐĂƐŝ ĚĂƌŝ ũƵŵůĂŚ ĚĂŶĂ LJĂŶŐ ƚĞƌůĂŵďĂƚ ĚŝďĂLJĂƌ ĚĂŶͬĂƚĂƵ
ĞŶĚĂ͘ĞŶĚĂƚĞƌƐĞďƵƚĚŝĂƚĂƐĚŝŚŝƚƵŶŐĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶϭ;ƐĂƚƵͿƚĂŚƵŶĂĚĂůĂŚϯϲϬ;ƚŝŐĂƌĂƚƵƐĞŶĂŵƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ
ĚĂŶϭ;ƐĂƚƵͿďƵůĂŶĂĚĂůĂŚϯϬ;ƚŝŐĂƉƵůƵŚͿ,Ăƌŝ<ĂůĞŶĚĞƌ͘ĞŶĚĂĚŝŬĞŶĂŬĂŶƐĞũĂŬŚĂƌŝŬĞͲϯ;ŬĞͲƚŝŐĂͿƐĞƚĞůĂŚdĂŶŐŐĂůWĞŶũĂƚĂŚĂŶ
ĂƚĂƵƐĞũĂŬŬĞƉƵƚƵƐĂŶƉĞŵďĂƚĂůĂŶWĞŶĂǁĂƌĂŶhŵƵŵ͘
ƉĂďŝůĂƵĂŶŐƉĞŶŐĞŵďĂůŝĂŶƉĞŵĞƐĂŶĂŶKďůŝŐĂƐŝƐƵĚĂŚĚŝƐĞĚŝĂŬĂŶ͕ĂŬĂŶƚĞƚĂƉŝƉĞŵĞƐĂŶƚŝĚĂŬĚĂƚĂŶŐƵŶƚƵŬŵĞŶŐĂŵďŝůŶLJĂ
ĚĂůĂŵ ǁĂŬƚƵ Ϯ ;ĚƵĂͿ ,Ăƌŝ <ĞƌũĂ ƐĞƐƵĚĂŚ dĂŶŐŐĂů WĞŶũĂƚĂŚĂŶ ĂƚĂƵ ƐĞƐƵĚĂŚ ƚĂŶŐŐĂů ĚŝƵŵƵŵŬĂŶŶLJĂ ƉĞŵďĂƚĂůĂŶ ƚĞƌƐĞďƵƚ
WĞŶũĂŵŝŶ WĞůĂŬƐĂŶĂ ŵŝƐŝ KďůŝŐĂƐŝ ĚĂŶͬĂƚĂƵ WĞŶũĂŵŝŶ ŵŝƐŝ KďůŝŐĂƐŝ ƚŝĚĂŬ ĚŝǁĂũŝďŬĂŶ ŵĞŵďĂLJĂƌ ĞŶĚĂ ŬĞƉĂĚĂ ƉĂƌĂ
ƉĞŵĞƐĂŶKďůŝŐĂƐŝ͘
ϭϮ͘ W EhEEdhW Dd>ED^W EtZEhDhD
ĂůĂŵ ũĂŶŐŬĂ ǁĂŬƚƵ ƐĞũĂŬ ĞĨĞŬƚŝĨŶLJĂ WĞƌŶLJĂƚĂĂŶ WĞŶĚĂĨƚĂƌĂŶ ƐĂŵƉĂŝ ĚĞŶŐĂŶ ďĞƌĂŬŚŝƌŶLJĂ DĂƐĂ WĞŶĂǁĂƌĂŶ hŵƵŵ͕
WĞƌƐĞƌŽĂŶĚĂƉĂƚŵĞŶƵŶĚĂDĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵƵŶƚƵŬŵĂƐĂƉĂůŝŶŐůĂŵĂϯ;ƚŝŐĂͿďƵůĂŶƐĞũĂŬWĞƌŶLJĂƚĂĂŶWĞŶĚĂĨƚĂƌĂŶ
ŵĞŶũĂĚŝ ĨĞŬƚŝĨĂƚĂƵŵĞŵďĂƚĂůŬĂŶWĞŶĂǁĂƌĂŶhŵƵŵ͕ĚĞŶŐĂŶŬĞƚĞŶƚƵĂŶ͗
ϭ͘ dĞƌũĂĚŝƐƵĂƚƵŬĞĂĚĂĂŶĚŝůƵĂƌŬĞŵĂŵƉƵĂŶĚĂŶŬĞŬƵĂƐĂĂŶWĞƌƐĞƌŽĂŶLJĂŶŐŵĞůŝƉƵƚŝ͗
Ă͘ /ŶĚĞŬƐŚĂƌŐĂƐĂŚĂŵŐĂďƵŶŐĂŶĚŝƵƌƐĂ ĨĞŬƚƵƌƵŶŵĞůĞďŝŚŝϭϬй;ƐĞƉƵůƵŚƉĞƌƐĞƌĂƚƵƐͿƐĞůĂŵĂϯ;ƚŝŐĂͿ,ĂƌŝƵƌƐĂ
ďĞƌƚƵƌƵƚͲƚƵƌƵƚ͖
ď͘ ĞŶĐĂŶĂ ĂůĂŵ͕ ƉĞƌĂŶŐ͕ ŚƵƌƵͲŚĂƌĂ͕ ŬĞďĂŬĂƌĂŶ͕ ƉĞŵŽŐŽŬĂŶ LJĂŶŐ ďĞƌƉĞŶŐĂƌƵŚ ƐĞĐĂƌĂ ƐŝŐŶŝĨŝŬĂŶ ƚĞƌŚĂĚĂƉ
ŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶ͖ĚĂŶͬĂƚĂƵ
Đ͘ WĞƌŝƐƚŝǁĂůĂŝŶLJĂŶŐďĞƌƉĞŶŐĂƌƵŚƐĞĐĂƌĂƐŝŐŶŝĨŝŬĂŶƚĞƌŚĂĚĂƉŬĞůĂŶŐƐƵŶŐĂŶƵƐĂŚĂWĞƌƐĞƌŽĂŶLJĂŶŐĚŝƚĞƚĂƉŬĂŶŽůĞŚ
K:<ďĞƌĚĂƐĂƌŬĂŶ&ŽƌŵƵůŝƌEŽ͘/y͘͘ϮͲϭϭůĂŵƉŝƌĂŶϭϭ͘
Ϯ͘ WĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵĞŶƵŚŝŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŝ͘ DĞŶŐƵŵƵŵŬĂŶƉĞŶƵŶĚĂĂŶŵĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵĂƚĂƵƉĞŵďĂƚĂůĂŶWĞŶĂǁĂƌĂŶhŵƵŵĚĂůĂŵƉĂůŝŶŐŬƵƌĂŶŐƐĂƚƵ
ƐƵƌĂƚŬĂďĂƌŚĂƌŝĂŶďĞƌďĂŚĂƐĂ/ŶĚŽŶĞƐŝĂLJĂŶŐŵĞŵƉƵŶLJĂŝƉĞƌĞĚĂƌĂŶŶĂƐŝŽŶĂůƉĂůŝŶŐůĂŵďĂƚƐĂƚƵŚĂƌŝŬĞƌũĂƐĞƚĞůĂŚ
ƉĞŶƵŶĚĂĂŶĂƚĂƵƉĞŵďĂƚĂůĂŶƚĞƌƐĞďƵƚ͘ŝƐĂŵƉŝŶŐŬĞǁĂũŝďĂŶŵĞŶŐƵŵƵŵŬĂŶĚĂůĂŵƐƵƌĂƚŬĂďĂƌ͕WĞƌƐĞƌŽĂŶĚĂƉĂƚ
ũƵŐĂŵĞŶŐƵŵƵŵŬĂŶŝŶĨŽƌŵĂƐŝƚĞƌƐĞďƵƚĚĂůĂŵŵĞĚŝĂŵĂƐƐĂůĂŝŶŶLJĂ
ŝŝ͘ DĞŶLJĂŵƉĂŝŬĂŶ ŝŶĨŽƌŵĂƐŝ ƉĞŶƵŶĚĂĂŶ DĂƐĂ WĞŶĂǁĂƌĂŶ hŵƵŵ ĂƚĂƵ ƉĞŵďĂƚĂůĂŶ WĞŶĂǁĂƌĂŶ hŵƵŵ ƚĞƌƐĞďƵƚ
ŬĞƉĂĚĂKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶƉĂĚĂŚĂƌŝLJĂŶŐƐĂŵĂĚĞŶŐĂŶƉĞŶŐƵŵƵŵĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵƉŽŝŶƚŝ͖
ŝŝŝ͘ DĞŶLJĂŵƉĂŝŬĂŶďƵŬƚŝƉĞŶŐƵŵƵŵĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵƉŽŝŶƚŝŬĞƉĂĚĂKƚŽƌŝƚĂƐ:ĂƐĂ<ĞƵĂŶŐĂŶƉĂůŝŶŐ
ůĂŵďĂƚϭ;ƐĂƚƵͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚƉĞŶŐƵŵƵŵĂŶĚŝŵĂŬƐƵĚ͖ĚĂŶ
ŝǀ͘ WĞƌƐĞƌŽĂŶLJĂŶŐŵĞŶƵŶĚĂDĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵĂƚĂƵŵĞŵďĂƚĂůŬĂŶWĞŶĂǁĂƌĂŶhŵƵŵLJĂŶŐƐĞĚĂŶŐĚŝůĂŬƵŬĂŶ͕
ĚĂůĂŵ ŚĂů ƉĞƐĂŶĂŶ ĨĞŬ ƚĞůĂŚ ĚŝďĂLJĂƌ ŵĂŬĂ WĞƌƐĞƌŽĂŶ ǁĂũŝď ŵĞŶŐĞŵďĂůŝŬĂŶ ƵĂŶŐ ƉĞŵĞƐĂŶĂŶ ĨĞŬ ŬĞƉĂĚĂ
ƉĞŵĞƐĂŶƉĂůŝŶŐůĂŵďĂƚϮ;ĚƵĂͿ,Ăƌŝ<ĞƌũĂƐĞũĂŬŬĞƉƵƚƵƐĂŶƉĞŶƵŶĚĂĂŶĂƚĂƵƉĞŵďĂƚĂůĂŶƚĞƌƐĞďƵƚ͘
ĂůĂŵŚĂůWĞƌƐĞƌŽĂŶŵĞůĂŬƵŬĂŶƉĞŶƵŶĚĂĂŶƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵďƵƚŝƌϭĚŝĂƚĂƐ͕ĚĂŶĂŬĂŶŵĞŵƵůĂŝŬĞŵďĂůŝDĂƐĂ
WĞŶĂǁĂƌĂŶhŵƵŵďĞƌůĂŬƵŬĞƚĞŶƚƵĂŶƐĞďĂŐĂŝďĞƌŝŬƵƚ͗
ŝ͘ ĂůĂŵŚĂůƉĞŶƵŶĚĂĂŶŵĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵĚŝƐĞďĂďŬĂŶŽůĞŚŬŽŶĚŝƐŝƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵďƵƚŝƌϭƉŽŝŶĂͿ͕
ŵĂŬĂWĞƌƐĞƌŽĂŶǁĂũŝďŵĞŵƵůĂŝŬĞŵďĂůŝDĂƐĂWĞŶĂǁĂƌĂŶhŵƵŵƉĂůŝŶŐůĂŵďĂƚϴ;ĚĞůĂƉĂŶͿ,Ăƌŝ<ĞƌũĂƐĞƚĞůĂŚŝŶĚĞŬƐ
ŚĂƌŐĂ ƐĂŚĂŵ ŐĂďƵŶŐĂŶ Ěŝ ƵƌƐĂ ĨĞŬ ŵĞŶŐĂůĂŵŝ ƉĞŶŝŶŐŬĂƚĂŶ ƉĂůŝŶŐ ƐĞĚŝŬŝƚ ϱϬй ;ůŝŵĂ ƉƵůƵŚ ƉĞƌƐĞŶͿ ĚĂƌŝ ƚŽƚĂů
ƉĞŶƵƌƵŶĂŶŝŶĚĞŬƐŚĂƌŐĂƐĂŚĂŵŐĂďƵŶŐĂŶLJĂŶŐŵĞŶũĂĚŝĚĂƐĂƌƉĞŶƵŶĚĂĂŶ͖
ŝŝ͘ ĂůĂŵŚĂůŝŶĚĞŬƐŚĂƌŐĂƐĂŚĂŵŐĂďƵŶŐĂŶĚŝƵƌƐĂ ĨĞŬŵĞŶŐĂůĂŵŝƉĞŶƵƌƵŶĂŶŬĞŵďĂůŝƐĞďĂŐĂŝŵĂŶĂĚŝŵĂŬƐƵĚĚĂůĂŵϭͿ
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ϭϯ͘ >/EͲ>/E
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:ĂŬĂƌƚĂϭϮϭϵϬ :ĂŬĂƌƚĂϭϮϭϵϬ
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ǁǁǁ͘ĐŶƐ͘ĐŽ͘ŝĚ ǁǁǁ͘ŝŶĚŽƉƌĞŵŝĞƌ͘ĐŽŵ
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ĚĂŶ
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ys͘ W EWdZ/^ '/,h<hD
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ys/͘ >WKZE< hE'EW Z^ ZKE
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The original report included herein is in the Indonesian
language.
Laporan Auditor Independen Independent Auditor’s Report
Laporan No. 01499/2.1032/AU.1/09/1681- Report No. 01499/2.1032/AU.1/09/1681-
3/1/V/2024 3/1/V/2024
Pemegang Saham, Dewan Komisaris, dan Direksi The Shareholders and the Boards of
PT Hino Finance Indonesia Commissioners and Directors
PT Hino Finance Indonesia
Opini Opinion
Kami telah mengaudit laporan keuangan We have audited the accompanying financial
PT Hino Finance Indonesia (“Perusahaan”) statements of PT Hino Finance Indonesia
terlampir, yang terdiri dari laporan posisi (the “Company”), which comprise the statements
keuangan tanggal 31 Desember 2023 dan 2022, of financial position as of December 31, 2023 and
serta laporan laba rugi dan penghasilan 2022, and the statements of profit or loss and
komprehensif lain, laporan perubahan ekuitas, other comprehensive income, statements of
dan laporan arus kas untuk tahun yang berakhir changes in equity, and statements of cash flows for
pada tanggal-tanggal tersebut, serta catatan atas the years then ended, and notes to the financial
laporan keuangan, termasuk informasi kebijakan statements, including material accounting policy
akuntansi material. information.
Menurut opini kami, laporan keuangan terlampir In our opinion, the accompanying financial
menyajikan secara wajar, dalam semua hal yang statements present fairly, in all material respects,
material, posisi keuangan Perusahaan tanggal the financial position of the Company as of
31 Desember 2023 dan 2022, serta kinerja December 31, 2023 and 2022, and its financial
keuangan dan arus kas nya untuk tahun yang performance and cash flows for the years then
berakhir pada tanggal-tanggal tersebut, sesuai ended, in accordance with Indonesian Financial
dengan Standar Akuntansi Keuangan di Indonesia. Accounting Standards.
Basis opini Basis for opinion
Kami melaksanakan audit kami berdasarkan We conducted our audit in accordance with
Standar Audit yang ditetapkan oleh Institut Standards on Auditing established by the
Akuntan Publik Indonesia (“IAPI”). Tanggung Indonesian Institute of Certified Public Accountants
jawab kami menurut standar tersebut diuraikan (“IICPA”). Our responsibilities under those
lebih lanjut dalam paragraf Tanggung Jawab standards are further described in the Auditor’s
Auditor terhadap Audit atas Laporan Keuangan Responsibilities for the Audit of the Financial
pada laporan kami. Kami independen terhadap Statements paragraph of our report. We are
Perusahaan berdasarkan ketentuan etika yang independent of the Company in accordance with
relevan dalam audit kami atas laporan keuangan the ethical requirements relevant to our audit of
di Indonesia, dan kami telah memenuhi tanggung the financial statements in Indonesia, and we have
jawab etika lainnya berdasarkan ketentuan fulfilled our other ethical responsibilities in
tersebut. Kami yakin bahwa bukti audit yang telah accordance with such requirements. We believe
kami peroleh adalah cukup dan tepat untuk that the audit evidence we have obtained is
menyediakan suatu basis bagi opini kami. sufficient and appropriate to provide a basis for our
opinion.
143i
Page 164
The original report included herein is in the Indonesian
language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 01499/2.1032/AU.1/09/1681- Report No. 01499/2.1032/AU.1/09/1681-
3/1/V/2024 (lanjutan) 3/1/V/2024 (continued)
Hal audit utama Key audit matters
Hal audit utama adalah hal-hal yang, menurut Key audit matters are those matters that, in our
pertimbangan profesional kami, merupakan hal yang professional judgment, were of most
paling signifikan dalam audit kami atas laporan significance in our audit of the financial
keuangan periode kini. Hal audit utama tersebut statements of the current period. Such key
disampaikan dalam konteks audit kami atas audit matters were addressed in the context of
laporan keuangan secara keseluruhan, dan dalam our audit of the financial statements taken
merumuskan opini kami atas laporan keuangan as a whole, and in forming our opinion thereon,
terkait, dan kami tidak menyatakan suatu opini and we do not provide a separate opinion on
terpisah atas hal audit utama tersebut. Untuk hal such key audit matters. For the key audit matter
audit utama di bawah ini, penjelasan kami tentang below, our description of how our audit
bagaimana audit kami merespons hal tersebut addressed such matters is provided in such
disampaikan dalam konteks tersebut. context.
Kami telah memenuhi tanggung jawab yang We have fulfilled the responsibilities described
diuraikan dalam paragraf Tanggung Jawab Auditor in the Auditor’s Responsibilities for the Audit of
terhadap Audit atas Laporan Keuangan pada laporan the Financial Statements paragraph of our
kami, termasuk sehubungan dengan hal audit utama report, including in relation to the key audit
yang dikomunikasikan di bawah ini. Oleh karena itu, matter communicated below. Accordingly, our
audit kami mencakup pelaksanaan prosedur yang audit included the performance of procedures
didesain untuk merespons penilaian kami atas risiko designed to respond to our assessment
kesalahan penyajian material dalam laporan of the risks of material misstatement of
keuangan terlampir. Hasil prosedur audit kami, the accompanying financial statements. The
termasuk prosedur yang dilakukan untuk merespons results of our audit procedures, including the
hal audit utama di bawah ini, menyediakan basis bagi procedures performed to address the key audit
opini kami atas laporan keuangan terlampir. matter below, provide the basis for our opinion
on the accompanying financial statements.
Cadangan kerugian penurunan nilai atas piutang Allowance for impairment losses on finance
sewa pembiayaan lease receivables
Penjelasan atas hal audit utama: Description of the key audit matter:
Seperti yang dijelaskan dalam Catatan 5 atas As described in Note 5 to the accompanying
laporan keuangan terlampir, pada tanggal financial statements, as of December 31, 2023,
31 Desember 2023, saldo cadangan kerugian the allowance for impairment losses on finance
penurunan nilai atas piutang sewa pembiayaan lease receivables was Rp67,791 million. Refer
adalah sebesar Rp67.791 juta. Lihat informasi to material accounting policies information for
kebijakan akuntansi material untuk cadangan allowance for impairment losses disclosed in
kerugian penurunan nilai yang diungkapkan dalam Note 2f, significant accounting judgments
Catatan 2f, pertimbangan estimasi dan asumsi yang estimates and assumptions in Note 3, and the
signifikan dalam Catatan 3, dan pengungkapan disclosures of allowance of impairment losses
cadangan kerugian penurunan nilai atas piutang on finance lease receivables in Note 5 to the
sewa pembiayaan dalam Catatan 5 atas laporan accompanying financial statements.
keuangan terlampir.
ii
144
Page 165
The original report included herein is in the Indonesian
language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 01499/2.1032/AU.1/09/1681- Report No. 01499/2.1032/AU.1/09/1681-
3/1/V/2024 (lanjutan) 3/1/V/2024 (continued)
Hal audit utama (lanjutan) Key audit matters (continued)
Cadangan kerugian penurunan nilai atas piutang Allowance for impairment losses on finance
sewa pembiayaan (lanjutan) lease receivables (continued)
Penjelasan atas hal audit utama (lanjutan): Description of the key audit matter (continued):
Kami berfokus pada area ini karena saldo piutang We focused on this area due to the balance of
sewa pembiayaan dan cadangan kerugian penurunan financing lease receivables and its allowance for
nilainya adalah signifikan terhadap laporan impairment losses are significant to the
keuangan terlampir. Selain itu, penentuan cadangan accompanying financial statements. In addition
kerugian penurunan nilai memerlukan pertimbangan determination of allowance for impairment
dan memiliki ketidakpastian estimasi termasuk losses requires judgment and is subject to
dalam penentuan model untuk menghitung estimation uncertainty which includes
cadangan kerugian penurunan nilai, identifikasi determining the model to calculate allowance
eksposur kredit yang mengalami penurunan kualitas for impairment losses, identification of credit
kredit yang signifikan, dan penentuan asumsi yang exposures with significant deterioration in
digunakan dalam model perhitungan cadangan credit quality, and determining assumptions
kerugian penurunan nilai, (untuk eksposur yang used in the allowance for impairment losses
dinilai secara individu atau kolektif), termasuk calculation models (for exposures assessed on
faktor-faktor ekonomi makro berorientasi masa an individual or collective basis), which
depan. incorporate forward-looking macroeconomics
factors.
Respons audit: Audit response:
Kami melakukan pengujian pengendalian utama atas We tested the key controls over the origination,
pemberian, pencairan dan pengawasan piutang sewa disbursement and monitoring of the finance
pembiayaan. Kami memeroleh pemahaman dan lease receivables. We obtained understanding
menilai metodologi pengukuran penurunan nilai, and assessed impairment measurement
serta melakukan validasi atas model pencadangan methodologies, and performed validation of
kerugian penurunan nilai, data masukan, dasar, dan allowance for impairment losses models, inputs,
asumsi yang digunakan oleh Perusahaan dalam basis, and assumptions used by the Company in
menghitung cadangan kerugian penurunan nilai. calculating the allowance for impairment losses.
Kami juga melakukan pengujian atas tiga tahapan We also tested the classification into three-
kualitas kredit atas portofolio piutang sewa stage credit quality of financing portfolio in
pembiayaan sesuai dengan kriteria tingkatan accordance with staging criteria developed by
(staging) yang disusun oleh Perusahaan, menguji the Company for finance lease receivables,
apakah pengalaman historis mewakili keadaan saat tested whether historical experience is
ini dan kerugian terkini yang terjadi dalam portofolio, representative of current circumstances and of
serta menilai kewajaran atas penyesuaian asumsi the recent losses incurred in the portfolio, and
berorientasi masa depan, analisis faktor ekonomi assessed reasonableness of forward-looking
makro, dan beberapa skenario probabilitas adjustments, macroeconomic factor analysis,
tertimbang untuk piutang sewa pembiayaan. and probability-weighted multiple scenarios for
finance lease receivables.
iii
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Page 166
The original report included herein is in the Indonesian
language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 01499/2.1032/AU.1/09/1681- Report No. 01499/2.1032/AU.1/09/1681-
3/1/V/2024 (lanjutan) 3/1/V/2024 (continued)
Hal audit utama (lanjutan) Key audit matters (continued)
Cadangan kerugian penurunan nilai atas piutang Allowance for impairment losses on finance
sewa pembiayaan (lanjutan) lease receivables (continued)
Respons audit (lanjutan): Audit response (continued):
Untuk cadangan kerugian penurunan nilai yang With respect to individually assessed allowance
dinilai secara individual, kami menguji piutang for impairment losses, we tested finance lease
sewa pembiayaan untuk mengevaluasi identifikasi receivables to evaluate the timely identification
eksposur yang mengalami penurunan kualitas by the Company of exposures with significant
kredit yang signifikan atau yang telah mengalami deterioration in credit quality or exposure
penurunan nilai secara tepat waktu oleh Perusahaan which have been impaired and assessed the
dan menilai asumsi Perusahaan atas arus kas masa Company’s assumptions on the expected
depan yang akan diterima, termasuk nilai agunan future cash flows, including the value of
yang dapat direalisasikan berdasarkan informasi realizable collateral based on available market
pasar yang tersedia. Kami memeriksa keakurasian information. We checked the accuracy
perhitungan jumlah cadangan kerugian penurunan of the calculation of the allowance for
nilai dengan melakukan perhitungan ulang atas impairment losses amount by recalculating the
keseluruhan portofolio yang penurunan nilainya collective impairment assessment and individual
dinilai secara kolektif dan individual. Kami menilai impairment assessment for the entire portfolio.
apakah pengungkapan dalam laporan keuangan We assessed whether the financial statements
cukup dan secara memadai mencerminkan eksposur disclosures are adequately and appropriately
Perusahaan terhadap risiko kredit. Kami melibatkan reflecting the Company’s exposures to credit
pakar auditor internal kami untuk membantu kami risk. We involved our auditors’ internal expert to
dalam melakukan prosedur-prosedur di atas ketika assist us in the performance of the above
keahlian spesifik mereka diperlukan. procedures where their specific expertise was
required.
Hal-hal lain Other matters
Laporan ini diterbitkan dengan tujuan hanya This report has been prepared solely for
untuk dicantumkan dalam dokumen penawaran inclusion in the offering document in connection
sehubungan dengan rencana penawaran umum efek with the proposed public offering of the
utang Perusahaan di Indonesia berdasarkan debt securities of the Company in Indonesia in
peraturan dan ketentuan Otoritas Jasa Keuangan reliance on rules and regulations of the
(“Penawaran Umum”), serta tidak ditujukan, dan Indonesian Financial Services Authority ("Public
tidak diperkenankan untuk digunakan untuk tujuan Offering"), and is not intended to be, and should
lain. not be, used for any other purposes.
iv
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Page 167
The original report included herein is in the Indonesian
language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 01499/2.1032/AU.1/09/1681- Report No. 01499/2.1032/AU.1/09/1681-
3/1/V/2024 (lanjutan) 3/1/V/2024 (continued)
Hal-hal lain (lanjutan) Other matters (continued)
Kami sebelumnya telah menerbitkan We have previously issued our
laporan auditor independen kami independent auditor’s report
No. 00815/2.1032/AU.1/09/1681-3/1/IV/2024 No. 00815/2.1032/AU.1/09/1681-
tanggal 24 April 2024 atas laporan keuangan 3/1/IV/2024 dated April 24, 2024 on the
Perusahaan tanggal 31 Desember 2023 dan 2022, financial statements of the Company as of
serta untuk tahun yang berakhir pada tanggal- December 31, 2023 and 2022, and for the
tanggal tersebut, sebelum penerbitan kembali years then ended, prior to the reissuance of
laporan keuangan tersebut dengan pengungkapan such financial statements with certain additional
disclosures in connection with the proposed
tambahan tertentu sehubungan dengan rencana
Public Offering
Penawaran Umum.
Informasi lain Other information
Manajemen bertanggung jawab atas informasi lain. Management is responsible for the other
Informasi lain terdiri dari informasi yang tercantum information. Other information comprises the
dalam Laporan Tahunan 2023 (“Laporan Tahunan”) information included in the Laporan Tahunan
selain laporan keuangan terlampir dan laporan 2023 (the "Annual Report“) other than the
auditor independen kami. accompanying financial statements and our
independent auditor’s report thereon.
Opini kami atas laporan keuangan terlampir tidak Our opinion on the accompanying financial
mencakup laporan tahunan, dan oleh karena itu, statements does not cover the annual report,
kami tidak menyatakan bentuk keyakinan apapun and accordingly, we do not express any form of
atas Laporan Tahunan tersebut. assurance on the Annual Report.
Sehubungan dengan audit kami atas laporan In connection with our audit of the
keuangan terlampir, tanggung jawab kami adalah accompanying financial statements, our
untuk membaca Laporan Tahunan dan, dalam responsibility is to read the Annual Report and,
melaksanakannya, mempertimbangkan apakah in doing so, consider whether the Annual Report
Laporan Tahunan mengandung is materially inconsistent with the accompanying
ketidakkonsistensian material dengan laporan financial statements or our knowledge obtained
keuangan terlampir atau pemahaman yang kami in the audit, or otherwise appears to be
peroleh selama audit, atau mengandung kesalahan materially misstated. If, based on the work we
penyajian material. Jika, berdasarkan pekerjaan have performed, we conclude that there is a
yang telah kami laksanakan, kami menyimpulkan material misstatement of the Annual Report, we
bahwa terdapat suatu kesalahan penyajian material are required to report that fact. We have nothing
dalam Laporan Tahunan tersebut, kami diharuskan to report in this regards.
untuk melaporkan fakta tersebut. Kami tidak
melaporkan apapun terkait hal tersebut.
v
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Page 168
The original report included herein is in the Indonesian
language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 01499/2.1032/AU.1/09/1681- Report No. 01499/2.1032/AU.1/09/1681-
3/1/V/2024 (lanjutan) 3/1/V/2024 (continued)
Tanggung jawab manajemen dan pihak yang Responsibilities of management and those
bertanggung jawab atas tata kelola terhadap charged with governance for the financial
laporan keuangan statements
Manajemen bertanggung jawab atas penyusunan Management is responsible for the preparation and
dan penyajian wajar laporan keuangan tersebut fair presentation of the financial statements in
sesuai dengan Standar Akuntansi Keuangan accordance with Indonesian Financial Accounting
di Indonesia, dan atas pengendalian internal Standards, and for such internal control as
yang dianggap perlu oleh manajemen untuk management determines is necessary to enable
memungkinkan penyusunan laporan keuangan the preparation of financial statements that are
yang bebas dari kesalahan penyajian material, free from material misstatement, whether due to
baik yang disebabkan oleh kecurangan maupun fraud or error.
kesalahan.
Dalam penyusunan laporan keuangan, In preparing the financial statements, management
manajemen bertanggung jawab untuk menilai is responsible for assessing the Company’s ability
kemampuan Perusahaan dalam mempertahankan to continue as a going concern, disclosing, as
kelangsungan usahanya, mengungkapkan, sesuai applicable, matters related to going concern, and
dengan kondisinya, hal-hal yang berkaitan using the going concern basis of accounting, unless
dengan kelangsungan usaha, dan menggunakan management either intends to liquidate the
basis akuntansi kelangsungan usaha, kecuali Company or to cease its operations, or has no
manajemen memiliki intensi untuk melikuidasi realistic alternative but to do so.
Perusahaan atau menghentikan operasi, atau
tidak memiliki alternatif yang realistis selain
melaksanakannya.
Pihak yang bertanggung jawab atas tata kelola Those charged with governance are responsible for
bertanggung jawab untuk mengawasi proses overseeing the Company’s financial reporting
pelaporan keuangan Perusahaan. process.
vi
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Page 169
The original report included herein is in the Indonesian
language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 01499/2.1032/AU.1/09/1681- Report No. 01499/2.1032/AU.1/09/1681-
3/1/V/2024 (lanjutan) 3/1/V/2024 (continued)
Tanggung jawab auditor terhadap audit atas Auditor’s responsibilities for the audit of the
laporan keuangan financial statements
Tujuan kami adalah untuk memeroleh keyakinan Our objectives are to obtain reasonable assurance
memadai tentang apakah laporan keuangan about whether the financial statements taken as a
secara keseluruhan bebas dari kesalahan whole are free from material misstatement,
penyajian material, baik yang disebabkan oleh whether due to fraud or error, and to issue an
kecurangan maupun kesalahan, dan untuk independent auditor’s report that includes our
menerbitkan laporan auditor independen yang opinion. Reasonable assurance is a high level of
mencakup opini kami. Keyakinan memadai assurance, but is not a guarantee that an audit
merupakan suatu tingkat keyakinan tinggi, namun conducted in accordance with Standards on
bukan merupakan suatu jaminan bahwa audit Auditing established by the IICPA will always detect
yang dilaksanakan berdasarkan Standar Audit a material misstatement when it exists.
yang ditetapkan oleh IAPI akan selalu mendeteksi Misstatements can arise from fraud or error and
kesalahan penyajian material ketika hal tersebut are considered material if, individually or in the
ada. Kesalahan penyajian dapat disebabkan oleh aggregate, they could reasonably be expected to
kecurangan maupun kesalahan dan dianggap influence the economic decisions of users taken on
material jika, baik secara individual maupun the basis of these financial statements.
agregat, dapat diekspektasikan secara wajar akan
memengaruhi keputusan ekonomi yang diambil
oleh pengguna berdasarkan laporan keuangan
tersebut.
Sebagai bagian dari suatu audit berdasarkan As part of an audit in accordance with Standards on
Standar Audit yang ditetapkan oleh IAPI, kami Auditing established by the IICPA, we exercise
menerapkan pertimbangan profesional dan professional judgment and maintain professional
mempertahankan skeptisisme profesional selama skepticism throughout the audit. We also:
audit. Kami juga:
Mengidentifikasi dan menilai risiko kesalahan Identify and assess the risks of material
penyajian material dalam laporan keuangan, misstatement of the financial statements,
baik yang disebabkan oleh kecurangan whether due to fraud or error, design and
maupun kesalahan, mendesain dan perform audit procedures responsive to such
melaksanakan prosedur audit yang responsif risks, and obtain audit evidence that is
terhadap risiko tersebut, serta memeroleh sufficient and appropriate to provide a basis for
bukti audit yang cukup dan tepat untuk our opinion. The risk of not detecting a material
menyediakan basis bagi opini kami. Risiko misstatement resulting from fraud is higher
tidak terdeteksinya suatu kesalahan than for one resulting from error, as fraud
penyajian material yang disebabkan oleh may involve collusion, forgery, intentional
kecurangan lebih tinggi dari yang disebabkan omissions, misrepresentations, or override of
oleh kesalahan, karena kecurangan dapat internal control.
melibatkan kolusi, pemalsuan, penghilangan
secara sengaja, pernyataan salah, atau
pengabaian atas pengendalian internal.
vii
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Page 170
The original report included herein is in the Indonesian
language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 01499/2.1032/AU.1/09/1681- Report No. 01499/2.1032/AU.1/09/1681-
3/1/V/2024 (lanjutan) 3/1/V/2024 (continued)
Tanggung jawab auditor terhadap audit atas Auditor’s responsibilities for the audit of the
laporan keuangan (lanjutan) financial statements (continued)
Sebagai bagian dari suatu audit berdasarkan As part of an audit in accordance with Standards on
Standar Audit yang ditetapkan oleh IAPI, kami Auditing established by the IICPA, we exercise
menerapkan pertimbangan profesional dan professional judgment and maintain professional
mempertahankan skeptisisme profesional selama skepticism throughout the audit. We also:
audit. Kami juga: (lanjutan) (continued)
Memeroleh suatu pemahaman tentang Obtain an understanding of internal control
pengendalian internal yang relevan dengan relevant to the audit in order to design audit
audit untuk mendesain prosedur audit yang procedures that are appropriate in the
tepat sesuai dengan kondisinya, tetapi bukan circumstances, but not for the purpose of
untuk tujuan menyatakan opini atas expressing an opinion on the effectiveness of
keefektivitasan pengendalian internal the Company’s internal control.
Perusahaan.
Mengevaluasi ketepatan kebijakan akuntansi Evaluate the appropriateness of accounting
yang digunakan serta kewajaran estimasi policies used and the reasonableness of
akuntansi dan pengungkapan terkait yang accounting estimates and related disclosures
dibuat oleh manajemen. made by management.
Menyimpulkan ketepatan penggunaan basis Conclude on the appropriateness of
akuntansi kelangsungan usaha oleh management's use of the going concern basis
manajemen dan, berdasarkan bukti audit yang of accounting and, based on the audit evidence
diperoleh, apakah terdapat suatu obtained, whether a material uncertainty exists
ketidakpastian material yang terkait dengan related to events or conditions that may cast
peristiwa atau kondisi yang dapat significant doubt on the Company's ability to
menyebabkan keraguan signifikan atas continue as a going concern. If we conclude
kemampuan Perusahaan untuk that a material uncertainty exists, we are
mempertahankan kelangsungan usahanya. required to draw attention in our independent
Ketika kami menyimpulkan bahwa terdapat auditor’s report to the related disclosures in
suatu ketidakpastian material, kami the financial statements or, if such disclosures
diharuskan untuk menarik perhatian dalam are inadequate, to modify our opinion. Our
laporan auditor independen kami ke conclusion is based on the audit evidence
pengungkapan terkait dalam laporan obtained up to the date of our independent
keuangan atau, jika pengungkapan tersebut auditor’s report. However, future events or
tidak memadai, memodifikasi opini kami. conditions may cause the Company to cease to
Kesimpulan kami didasarkan pada bukti audit continue as a going concern.
yang diperoleh hingga tanggal laporan auditor
independen kami. Namun, peristiwa atau
kondisi masa depan dapat menyebabkan
Perusahaan tidak dapat mempertahankan
kelangsungan usaha.
viii
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Page 171
The original report included herein is in the Indonesian
language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 01499/2.1032/AU.1/09/1681- Report No. 01499/2.1032/AU.1/09/1681-
3/1/V/2024 (lanjutan) 3/1/V/2024 (continued)
Tanggung jawab auditor terhadap audit atas Auditor’s responsibilities for the audit of the
laporan keuangan (lanjutan) financial statements (continued)
Sebagai bagian dari suatu audit berdasarkan As part of an audit in accordance with Standards on
Standar Audit yang ditetapkan oleh IAPI, kami Auditing established by the IICPA, we exercise
menerapkan pertimbangan profesional dan professional judgment and maintain professional
mempertahankan skeptisisme profesional selama skepticism throughout the audit. We also:
audit. Kami juga: (lanjutan) (continued)
Mengevaluasi penyajian, struktur, dan isi Evaluate the overall presentation, structure,
laporan keuangan secara keseluruhan, and content of the financial statements,
termasuk pengungkapannya, dan apakah including the disclosures, and whether the
laporan keuangan mencerminkan transaksi financial statements represent the underlying
dan peristiwa yang mendasarinya dengan transactions and events in a manner that
suatu cara yang mencapai penyajian wajar. achieves fair presentation.
Kami mengomunikasikan kepada pihak yang We communicate with those charged with
bertanggung jawab atas tata kelola mengenai, governance regarding, among other matters, the
antara lain, ruang lingkup dan saat yang planned scope and timing of the audit and
direncanakan atas audit serta temuan audit significant audit findings, including any significant
signifikan, termasuk setiap defisiensi signifikan deficiencies in internal control that we identify
dalam pengendalian internal yang teridentifikasi during our audit.
oleh kami selama audit.
Kami juga memberikan suatu pernyataan kepada We also provide those charged with governance
pihak yang bertanggung jawab atas tata kelola with a statement that we have complied with
bahwa kami telah mematuhi ketentuan etika relevant ethical requirements regarding
yang relevan mengenai independensi, dan independence, and to communicate with them all
mengomunikasikan kepada pihak tersebut seluruh relationships and other matters that may
hubungan, serta hal-hal lain yang dianggap secara reasonably be thought to bear on our
wajar berpengaruh terhadap independensi kami, independence, and where applicable, related
dan, jika relevan, pengamanan terkait. safeguards.
ix
151
Page 172
152
Page 173
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 dan 2022
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
31 Desember/ Catatan/ 31 Desember/
December 31, 2023 Notes December 31, 2022
ASET ASSETS
2c,2d,2o,4
Kas dan kas pada bank - neto 279.765.310.603 24,25,27 368.523.332.767 Cash on hand and in banks - net
Piutang sewa pembiayaan 2c,2e,5 Finance lease receivables
Pihak ketiga 4.715.131.977.765 24,25 3.887.677.306.190 Third parties
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (67.790.927.933) (62.948.455.294) impairment losses
Piutang sewa pembiayaan - neto 4.647.341.049.832 3.824.728.850.896 Finance lease receivables - net
Beban dibayar dimuka 4.799.881.878 2g,6 5.897.736.088 Prepaid expenses
Piutang lain-lain - neto 9.898.969.862 2c,2h,7a,24,25 418.846.910 Other receivables - net
Piutang derivatif 106.089.944.475 2c,15,24,25 126.464.092.374 Derivative receivables
Aset tetap - neto 23.176.109.601 2i,8 27.790.152.354 Fixed assets - net
Aset pajak tangguhan 5.982.767.426 2n,13f 14.581.256.147 Deferred tax assets
Aset takberwujud - neto 137.157.301 2j,9 1.116.962.358 Intangible asset - net
Aset lain-lain 2.089.345.285 2c,7b,24,25 3.528.217.325 Other assets
TOTAL ASET 5.079.280.536.263 4.373.049.447.219 TOTAL ASSETS
LIABILITAS LIABILITIES
2c,2o,10
Pinjaman bank - neto 2.297.628.000.000 24,25,27 2.232.223.000.000 Bank loans - net
Utang obligasi - neto 1.220.304.317.098 2c,2l,16,24,25 696.431.576.482 Bonds payable - net
Utang lain-lain 2c,2p,11 Other payables
Pihak berelasi 24.323.827 23a,24,25 16.972.453 Related parties
Pihak ketiga 81.455.572.723 74.834.756.555 Third parties
Beban yang masih harus dibayar 82.080.987.502 2c,12,24,25 72.589.952.125 Accrued expenses
Utang pajak 9.878.144.974 2n,13a 5.989.486.415 Taxes payable
Liabilitas imbalan kerja karyawan 9.985.232.050 2k,14 9.233.340.122 Employee benefits liability
Utang derivatif 1.137.363.577 2c,2o,15,24,25 3.515.842.860 Derivative payables
TOTAL LIABILITAS 3.702.493.941.751 3.094.834.927.012 TOTAL LIABILITIES
EKUITAS EQUITY
Modal saham - nilai nominal Share capital - Rp1,000,000 par
Rp1.000.000 per saham value per share
Modal dasar - 1.000.000 saham Authorized capital - 1,000,000
pada tanggal 31 Desember 2023 shares as of December 31, 2023
dan 31 Desember 2022 and December 31, 2022
Modal ditempatkan dan disetor Issued and fully paid capital -
penuh - 1.000.000 saham pada 1,000,000 shares as of
tanggal 31 Desember 2023 dan December 31, 2023 and
31 Desember 2022 1.000.000.000.000 17a 1.000.000.000.000 December 31, 2022
Penghasilan/(kerugian)
komprehensif lain: Other comprehensive income/(loss):
Keuntungan aktuarial atas liabilitas Actuarial gain on employee
imbalan kerja - neto 2.397.608.060 2k,13f,14,17c 747.224.979 benefits liability - net
Keuntungan/(kerugian) kumulatif atas Cumulative gain/(loss) on
atas instrumen derivatif untuk derivative instrument
lindung nilai arus kas - neto 12.551.823.172 2c,13f,15,17d (13.752.022.086) for cash flow hedges - net
Saldo laba Retained earnings
Telah ditentukan penggunaannya 1.000.000.000 17b - Appropriated
Belum ditentukan penggunaannya 360.837.163.280 291.219.317.314 Unappropriated
EKUITAS - NETO 1.376.786.594.512 1.278.214.520.207 EQUITY - NET
TOTAL LIABILITAS DAN EKUITAS 5.079.280.536.263 4.373.049.447.219 TOTAL LIABILITIES AND EQUITY
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian integral dari laporan keuangan. financial statements.
1
153
Page 174
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENTS OF PROFIT OR LOSS AND OTHER
KOMPREHENSIF LAIN COMPREHENSIVE INCOME
Untuk Tahun yang Berakhir pada Tanggal-Tanggal For the Years Ended
31 Desember 2023 dan 2022 December 31, 2023 and 2022
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
Tahun yang Berakhir pada Tanggal 31 Desember/
Year Ended December 31,
Catatan/
2023 Notes 2022
PENDAPATAN INCOME
2m,5,18a
Pendapatan sewa pembiayaan 461.044.937.425 23b,29 378.050.796.123 Finance lease income
Penerimaan atas piutang yang Recovery of receivable previously
dihapusbukukan - 29 5.820.048.162 write-off
Pendapatan bunga 18.109.466.576 2m,18b,29 11.546.521.800 Interest income
Pendapatan lain-lain 5.309.971.990 2m,18c,29 4.328.629.720 Other income
TOTAL PENDAPATAN 484.464.375.991 399.745.995.805 TOTAL INCOME
BEBAN EXPENSES
Gaji, tunjangan dan Salaries, allowances and other
kesejahteraan karyawan lainnya 93.256.494.173 2m,19,29 74.834.992.373 employee benefits
Beban umum dan 2m,8,9, General and
administrasi 77.061.196.020 2m,20,29 78.753.613.823 administrative expenses
8,10,11,
Beban pembiayaan 208.753.800.695 15,21,29 168.225.084.810 Financing charges
Penyisihan/(pembalikan) kerugian Provision/(reversal) for impairment
penurunan nilai piutang losses on finance
sewa pembiayaan 5.617.885.993 2f,5,29 (8.438.209.089) lease receivables
Penyisihan/(pembalikan) kerugian Provision/(reversal) for impairment
penurunan nilai piutang lain-lain losses on other receivables
dari aset yang dibiayai 2.118.519.399 2f,7a,29 (147.370.599) from financed asset
Penyisihan/(pembalikan) kerugian Provision/(reversal) for impairment
penurunan nilai kas pada bank 20.190.493 2f,4,29 (33.877.007) losses on cash in banks
Kerugian penyelesaian Loss on settlement of
piutang lain - lain dari aset other receivables
yang dibiayai 1.047.998.363 7a,29 468.342.486 from financed asset
TOTAL BEBAN 387.876.085.136 313.662.576.797 TOTAL EXPENSES
LABA SEBELUM BEBAN PAJAK INCOME BEFORE FINAL TAX
FINAL DAN BEBAN PAJAK EXPENSE AND INCOME
PENGHASILAN 96.588.290.855 86.083.419.008 TAX EXPENSE
Beban pajak final atas pendapatan 2m,2n,13c Final tax expense on interest
bunga (3.621.892.620) 18b,29 (2.309.304.361) income
LABA SEBELUM INCOME BEFORE
BEBAN PAJAK PENGHASILAN 92.966.398.235 83.774.114.647 INCOME TAX EXPENSE
2m,2n,13b
Beban pajak penghasilan (22.348.552.269) 13e,29 (19.165.176.930) Income tax expense
LABA TAHUN BERJALAN 70.617.845.966 64.608.937.717 INCOME FOR THE YEAR
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian integral dari laporan keuangan. financial statements.
2
154
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The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENTS OF PROFIT OR LOSS AND OTHER
KOMPREHENSIF LAIN (lanjutan) COMPREHENSIVE INCOME (continued)
Untuk Tahun yang Berakhir pada Tanggal-Tanggal For the Years Ended
31 Desember 2023 dan 2022 December 31, 2023 and 2022
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
Tahun yang Berakhir pada Tanggal 31 Desember/
Year Ended December 31,
Catatan/
2023 Notes 2022
PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE
LAIN INCOME
Pos yang tidak akan direklasifikasi Items that will not be reclassified to
ke laba rugi profit or loss
Pengakuan keuntungan/ Recognized
(kerugian) aktuarial 2.115.875.745 2k,14,17c (889.453.883) actuarial gain/(loss)
Pajak terkait (465.492.664) 13f 195.679.854 Related tax
Pos yang akan direklasifikasi Items that will be reclassified to
ke laba rugi profit or loss
Keuntungan atas Gain on
lindung nilai arus kas 33.722.878.536 2c,15,17d 32.024.647.804 cash flow hedges
Pajak terkait (7.419.033.278) 13f (7.045.422.517) Related tax
Penghasilan Komprehensif Lain Other Comprehensive Income
- Neto 27.954.228.339 24.285.451.258 - Net
TOTAL PENGHASILAN
KOMPREHENSIF TOTAL COMPREHENSIVE
TAHUN BERJALAN 98.572.074.305 88.894.388.975 INCOME FOR THE YEAR
LABA PER SAHAM BASIC EARNINGS
DASAR 70.618 2r,31 64.609 PER SHARE
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian integral dari laporan keuangan. financial statements.
3
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The original financial statements included herein are in Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
LAPORAN PERUBAHAN EKUITAS STATEMENTS OF CHANGES IN EQUITY
Untuk Tahun yang Berakhir pada Tanggal-Tanggal For the Years Ended
31 Desember 2023 dan 2022 December 31, 2023 and 2022
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
Penghasilan/(kerugian) komprehensif lain/
Other comprehensive income/(loss)
Keuntungan/(kerugian)
kumulatif atas
Keuntungan/ instrumen derivatif
(kerugian) aktuarial untuk lindung nilai
Ditempatkan atas liabilitas arus kas - neto/
dan disetor imbalan kerja - neto/ Cumulative gain/(loss) Saldo laba/Retained earnings
penuh/ Actuarial on derivative
Issued and gain/(loss) on instrument for Ditentukan Belum ditentukan
Catatan/ fully paid employee benefits cash flow pengunaannya/ pengunaannya/ Ekuitas - neto/
Notes share capital liability - net hedges - net Appropriated Unappropriated Equity - net
Saldo pada tanggal 31 Desember 2021 1.000.000.000.000 1.440.999.008 (38.731.247.373) - 226.610.379.597 1.189.320.131.232 Balance as of December 31, 2021
Kerugian aktuarial atas liabilitas Actuarial loss on employee
imbalan kerja - neto 13f,14,17c - (693.774.029) - - - (693.774.029) benefits liability - net
Keuntungan lindung nilai arus kas - neto 13f,15,17d - - 24.979.225.287 - - 24.979.225.287 Gain on cash flow hedges - net
156
Laba untuk tahun yang berakhir 17b - - - - 64.608.937.717 64.608.937.717 Income for the year ended
31 Desember 2022 December 31, 2022
Saldo pada tanggal 31 Desember 2022 1.000.000.000.000 747.224.979 (13.752.022.086) - 291.219.317.314 1.278.214.520.207 Balance as of December 31, 2022
Cadangan umum 17b 1.000.000.000 (1.000.000.000) - General reserve
Keuntungan aktuarial atas liabilitas Actuarial gain on employee
imbalan kerja - neto 13f,14,17c - 1.650.383.081 - - - 1.650.383.081 benefits liability - net
Keuntungan lindung nilai arus kas - neto 13f,15,17d - - 26.303.845.258 - - 26.303.845.258 Gain on cash flow hedges - net
Laba untuk tahun yang berakhir 17b Income for the year ended
31 Desember 2023 - - - 70.617.845.966 70.617.845.966 December 31, 2023
Saldo pada tanggal 31 Desember 2023 1.000.000.000.000 2.397.608.060 12.551.823.172 1.000.000.000 360.837.163.280 1.376.786.594.512 Balance as of December 31, 2023
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part
bagian integral dari laporan keuangan. of these financial statements.
4
Page 177
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
LAPORAN ARUS KAS STATEMENTS OF CASH FLOWS
Untuk Tahun yang Berakhir pada Tanggal-Tanggal For the Years Ended
31 Desember 2023 dan 2022 December 31, 2023 and 2022
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
Tahun yang Berakhir pada Tanggal 31 Desember/
Year Ended December 31,
Catatan/
2023 Notes 2022
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERATING
OPERASI ACTIVITIES
Penerimaan kas dari: Cash receipts from:
Transaksi sewa pembiayaan 2.814.687.444.343 2.600.049.539.542 Finance lease transactions
Pendapatan bunga 14.173.630.286 7a,18b 9.481.887.983 Interest income
Pengeluaran kas untuk: Cash disbursements for:
Beban operasi (73.402.266.887) (59.352.068.206) Operating expenses
Gaji, tunjangan dan Salaries, allowances and other
kesejahteraan karyawan lainnya (87.174.527.740) (79.318.167.664) employee benefits
Transaksi sewa pembiayaan (3.175.229.930.840) (3.007.206.620.010) Finance lease transactions
Beban pembiayaan (189.702.937.565) (154.870.288.454) Financing charges
Pajak penghasilan (15.435.807.690) 13 (17.216.259.217) Income tax
Kas neto digunakan untuk Net cash used in
aktivitas operasi (712.084.396.093) (708.431.976.026) operating activities
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING
INVESTASI ACTIVITIES
Pembelian aset tetap (3.393.671.130) 8,30 (5.136.740.223) Purchase of fixed assets
Hasil penjualan aset tetap 850.000 8 114.400.000 Proceeds from sale of fixed assets
Perolehan aset hak guna (1.801.308.512) 8,30 (2.694.946.759) Acquisition of right-of-use assets
Kas neto digunakan untuk Net cash used in
aktivitas investasi (5.194.129.642) (7.717.286.982) investing activities
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING
PENDANAAN ACTIVITIES
Penerimaan pinjaman bank 400.000.000.000 10,30 1.402.517.500.000 Proceeds from bank loans
Penerimaan dari penerbitan obligasi 700.000.000.000 16,30 700.000.000.000 Proceeds from issuance of bonds
Pelunasan pinjaman bank (282.875.000.000) 10,30 (1.401.192.500.000) Repayments of bank loans
Pembayaran biaya emisi obligasi (3.879.872.508) (4.241.292.344) Payments of bonds issuance costs
Pelunasan obligasi (175.000.000.000) 16,30 - Repayment bonds
Pelunasan liabilitas sewa (9.703.472.974) 11,30 (8.587.376.433) Repayment of lease liabilities
Kas neto diperoleh dari Net cash provided by
aktivitas pendanaan 628.541.654.518 688.496.331.223 financing activities
PENURUNAN NETO NET DECREASE IN
KAS DAN KAS PADA BANK (88.736.871.217) (27.652.931.785) CASH ON HAND AND IN BANKS
DAMPAK NETO PERUBAHAN NILAI NET EFFECT ON EXCHANGE
TUKAR ATAS KAS DAN RATE ON CASH ON HAND
KAS PADA BANK (960.454) 41.118.471 AND IN BANKS
KAS DAN KAS PADA BANK CASH ON HAND AND IN BANKS
AWAL TAHUN 368.537.342.424 4 396.149.155.738 AT BEGINNING OF YEAR
KAS DAN KAS PADA BANK CASH ON HAND AND IN BANKS
AKHIR TAHUN 279.799.510.753 4 368.537.342.424 AT END OF YEAR
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian integral dari laporan keuangan. financial statements.
5
157
Page 178
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian Perusahaan a. The Company’s Establishment
PT Hino Finance Indonesia (“Perusahaan”) PT Hino Finance Indonesia (the “Company”) is
adalah perseroan terbatas yang didirikan di a limited liability company established in
Indonesia pada tanggal 14 Juli 2014 Indonesia on July 14, 2014 based on Notarial
berdasarkan Akta Notaris Popie Savitri Deed Number 45 dated July 11, 2014 of Popie
Martosuhardjo Pharmanto, S.H., No. 45 tanggal Savitri Martosuhardjo Pharmanto, S.H. Notary
11 Juli 2014 di Jakarta. Akta pendirian in Jakarta. The Company’s Deed of
perusahaan disahkan oleh Menteri Hukum dan Establishment was approved by the Minister of
Hak Asasi Manusia Republik Indonesia Law and Human Rights of the Republic of
berdasarkan Surat Keputusan No. AHU- Indonesia by virtue of Decision Letter Number
17318.40.10.2014 tanggal 14 Juli 2014 dan AHU-17318.40.10.2014 dated July 14, 2014
terdaftar dalam Tanda Daftar Perusahaan and was registered in Company Registration
No. AHU-0071742.40.80.2014 tanggal 14 Juli Number AHU-0071742.40.80.2014 dated
2014 dan diumumkan dalam Tambahan July 14, 2014 and was published in Supplement
No. 49627 Lembaran Berita Negara Republik No. 49627 of the State Gazette No. 103 dated
Indonesia No. 103, tanggal 26 Desember 2014. December 26, 2014.
Anggaran Dasar Perusahaan telah mengalami The Articles of Association of the Company has
beberapa kali perubahan, yang terakhir been amended several times, most recently by
berdasarkan Akta Notaris Wiwik Condro, S.H., Notarial Deed Number 18 dated December 7,
No. 18 tanggal 7 Desember 2020 di Jakarta 2020 of Wiwik Condro, S.H., Notary in Jakarta
mengenai peningkatan modal ditempatkan dan concerning the increase in the Company’s
disetor penuh. Perubahan Anggaran Dasar ini issued and fully paid capital. This amendment
telah mendapat persetujuan dari Menteri to the Articles of Association was approved by
Hukum dan Hak Asasi Manusia Republik the Minister of Law and Human Rights of the
Indonesia berdasarkan Surat Keputusan Republic of Indonesia virtue of by Decision
No. AHU-AH.01.03-0417788 tanggal Letter Number AHU-AH.01.03-0417788 dated
11 Desember 2020 dan telah diterima dan December 11, 2020 and was accepted and
didaftarkan dalam Tanda Daftar Perusahaan registered in Company Registration Number
No. AHU-0208542.AH.01.11.Tahun 2020 AHU-0208542.AH.01.11.Tahun 2020 dated
tanggal 11 Desember 2020. December 11, 2020.
Ruang lingkup kegiatan Perusahaan adalah The scope of activities of the Company
menjalankan usaha dalam bidang multi comprises of financing activities under the
pembiayaan yang meliputi: following:
a. Pembiayaan Investasi; a. Investment financing;
b. Pembiayaan Modal Kerja; b. Working capital financing;
c. Pembiayaan Multiguna; c. Multi-purpose financing;
d. Sewa operasi (operating lease); dan/atau d. Operating lease; and/or
e. Kegiatan usaha pembiayaan lain e. Other financing business activities upon
berdasarkan persetujuan Otoritas Jasa approval from Indonesian Financial
Keuangan (“OJK”). Services Authority/Otoritas Jasa
Keuangan (“OJK”).
Perusahaan memperoleh izin usaha sebagai The Company obtained its license to operate as
lembaga pembiayaan dari Dewan Komisioner a finance company from Dewan Komisioner
Otoritas Jasa Keuangan dalam Surat Otoritas Jasa Keuangan according to Decision
Keputusan No. KEP-118/D.05/2014 pada Letter Number KEP-118/D.05/2014 dated
tanggal 24 September 2014. Saat ini September 24, 2014. Currently the Company is
Perusahaan berfokus pada pembiayaan focusing in investment financing through
investasi melalui transaksi sewa pembiayaan. finance lease transactions.
Perusahaan memulai kegiatan usaha The Company started its commercial
komersialnya pada tanggal 17 Oktober 2014. operations on October 17, 2014.
6
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Page 179
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
a. Pendirian Perusahaan (lanjutan) a. The Company’s Establishment (continued)
Perusahaan berdomisili di Jakarta. Kantor pusat The Company is domiciled in Jakarta with head
berlokasi di Indomobil Tower, Lantai 17, Jl. M.T. office address at 17th floor Indomobil Tower
Haryono Kav. 11, Kel. Bidara Cina, Kec. M.T. Haryono Kav. 11, Kel. Bidara Cina, Kec.
Jatinegara, Jakarta Timur. Per tanggal Jatinegara, East Jakarta. As of December 31,
31 Desember 2023, jaringan Perusahaan 2023, the Company service network covers 8
mencakup 8 cabang dan 3 titik layanan yang branches and 3 points of service located in
berlokasi di Jawa, Sumatera dan Sulawesi. Jawa, Sumatera dan Sulawesi.
Pemegang saham terakhir (ultimate The ultimate shareholders of the Company are
shareholders) dari Perusahaan adalah sebagai as follows:
berikut:
• Pemegang saham mayoritas Hino Motors. • The majority shareholder of Hino Motors.
Ltd adalah Toyota Motor Corporation. Ltd is Toyota Motor Corporation.
• Pemegang saham mayoritas PT Indomobil • The majority shareholder of PT Indomobil
Multi Jasa Tbk (PT IMJ) adalah Multi Jasa Tbk (PT IMJ) is PT Indomobil
PT Indomobil Sukses Internasional Tbk Sukses Internasional Tbk (PT IMAS). The
(PT IMAS). Pemegang saham terakhir ultimate shareholder of PT IMAS is Gallant
(ultimate shareholder) PT IMAS adalah Venture Ltd. And the ultimate controlling
Gallant Venture Ltd. Dan pemegang shareholders of Gallant Venture Ltd is
saham pengendali terakhir Gallant Venture Mr. Antoni Salim.
Ltd adalah Sdr. Antoni Salim.
b. Penawaran Umum Obligasi b. Bond Offerings
Pada tanggal 10 Agustus 2022, Perusahaan In August 10, 2022, the Company offered to the
menerbitkan Obligasi I Hino Finance Indonesia public, Hino Finance Indonesia Bond I Year
Tahun 2022 dengan pokok obligasi sebesar 2022 with nominal value of Rp700,000,000,000
Rp700.000.000.000, yang dinyatakan efektif which become effective on July 29, 2022 based
oleh OJK berdasarkan Surat Keputusan on the Decision Letter No. S-155/D.04/2022.
No. S-155/D.04/2022 pada tanggal 29 Juli The Bonds were listed in Indonesia Stock
2022. Obligasi tersebut telah dicatatkan di Exchange.
Bursa Efek Indonesia.
Pada tanggal 12 Juli 2023, Perusahaan In July 12, 2023, the Company offered to the
menerbitkan Obligasi II Hino Finance Indonesia public Hino Finance Indonesia Bond II Year
Tahun 2023 dengan pokok obligasi sebesar 2023 with nominal value of
Rp700.000.000.000, yang dinyatakan efektif Rp700,000,000,000, which become effective
oleh OJK berdasarkan Surat Keputusan on June 27, 2023 based on OJK Decree No. S-
No. S-160/D.04/2023 pada tanggal 27 Juni 160/D.04/2023. The Bonds were listed in
2023. Obligasi tersebut telah dicatatkan di Indonesia Stock Exchange.
Bursa Efek Indonesia.
c. Dewan Komisaris dan Direksi dan Karyawan c. Boards of Commissioners and Directors
and Employees
Susunan Dewan Komisaris dan Direksi The composition of the Company’s Boards of
Perusahaan dan Komite Audit per 31 Desember Commissioners and Directors and Audit
2023 adalah sebagai berikut: Committee as of December 31, 2023 is as
follows:
31 Desember 2023/
December 31, 2023
Dewan Komisaris : : Board of Commissioners
Komisaris Utama : Jusak Kertowidjojo : President Commissioner
Komisaris : Masato Uchida : Commissioner
Komisaris : Masataka Takanishia) : Commissioner
Komisaris : Kazuki Satob) : Commissioner
Komisaris Independen : SF. Sutjipto Budiman : Independent Commissioner
Komisaris Independen : S. Ismail Tjitrabudi : Independent Commissioner
7
159
Page 180
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
c. Dewan Komisaris dan Direksi dan Karyawan c. Boards of Commissioners and Directors
(lanjutan) and Employees (continued)
31 Desember 2023/
December 31, 2023
Direksi : : Board of Directors
Direktur Utama : Hajime Kawamura : President Director
Direktur : Agus Susanto Darmadhi : Director
Direktur : Anita Kumala Siswady : Director
Direktur : Budi Arifianto Wibisana : Director
Direktur : Taiki Onouec) : Director
Antonius Trisnadi Bayu
Direktur : Putra : Director
Markus Hotma Febrianto
Direktur : Panjaitan : Director
Komite Audit : : Audit Committee
Ketua : SF. Sutjipto Budiman : Chairperson
Anggota : Karel Tjahjadi : Member
Anggota : S. Ismail Tjitrabudi : Member
a) Selanjutnya, masa jabatan tersebut berlaku sampai a) In subsequent, the tenure was effective up to January
dengan 31 Januari 2024 sebelum mengundurkan diri 31, 2024 before his resignation based on Circular
berdasarkan Keputusan Sirkuler Pengganti Rapat Resolution in Lieu of the Extraordinary General Meeting
Umum Pemegang Saham Luar Biasa. of Shareholders.
b) Efektif sejak 31 Januari 2023 berdasarkan Pernyataan b) Effective since January 31, 2023 based on Circular
Keputusan Sirkuler para Pemegang Saham. Resolution in Lieu of the Extraordinary General Meeting
of Shareholders.
c) Bedasarkan struktur organisasi Perusahaan per c) In accordance with the Company’s organization
31 Desember 2023, Taiki Onoue adalah Direktur structure as of December 31, 2023, Taiki Onoue is the
Keuangan dan Akuntansi Director of Finance and Acounting.
Susunan Dewan Komisaris dan Direksi The composition of the Company’s Boards of
Perusahaan dan Komite Audit per 31 Desember Commissioners and Directors and Audit
2022 adalah sebagai berikut: Committee as of December 31, 2022 is as
follows:
31 Desember 2022/
December 31, 2022
Dewan Komisaris : : Board of Commissioners
Komisaris Utama : Jusak Kertowidjojo : President Commissioner
Komisaris : Shinichi Sato : Commissioner
Komisaris : Masato Uchida : Commissioner
Komisaris : Masataka Takanishi : Commissioner
Komisaris Independen : SF. Sutjipto Budiman : Independent Commissioner
Komisaris Independen : S. Ismail Tjitrabudia) : Independent Commissioner
Direksi : : Board of Directors
Direktur Utama : Hajime Kawamura : President Director
Direktur : Agus Susanto Darmadhi : Director
Direktur : Anita Kumala Siswady : Director
Direktur : Budi Arifianto Wibisana : Director
Direktur : Taiki Onoue : Director
Antonius Trisnadi Bayu
Direktur : Putrab) : Director
Markus Hotma Febrianto
Direktur : Panjaitanc) : Director
Komite Audit : : Audit Committee
Ketua : SF. Sutjipto Budiman : Chairperson
Anggota : Karel Tjahjadi : Member
Anggota : S. Ismail Tjitrabudi : Member
8
160
Page 181
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
c. Dewan Komisaris dan Direksi dan Karyawan c. Boards of Commissioners and Directors
(lanjutan) and Employees (continued)
a) Efektif sejak 27 Juni 2022 berdasarkan Pernyataan a) Effective since June 27, 2022 based on Circular
Keputusan Sirkuler para Pemegang Saham. Resolution in Lieu of the Extraordinary General
Meeting of Shareholders.
b) Efektif sejak 11 Juli 2022 berdasarkan Pernyataan b) Effective since July 11, 2022 based on Circular
Keputusan Sirkuler para Pemegang Saham. Resolution in Lieu of the Extraordinary General
Meeting of Shareholders.
c) Efektif sejak 11 Juli 2022 berdasarkan Pernyataan c) Effective since July 11, 2022 based on Circular
Keputusan Sirkuler para Pemegang Saham. Resolution in Lieu of the Extraordinary General
Meeting of Shareholders.
Personil manajemen kunci Perusahaan Key management personnel of the Company
mencakup Dewan Komisaris dan Direksi. consist of the Boards of Commissioners and
Directors.
Perusahaan mempunyai karyawan tetap The Company has 281 and 251 permanent
berjumlah 281 dan 251 karyawan tetap masing- employees as of December 31, 2023 and
masing pada tanggal 31 Desember 2023 dan December 31, 2022, respectively (unaudited).
31 Desember 2022 (tidak diaudit).
d. Penyelesaian Laporan Keuangan d. Completion of the Financial Statements
Manajemen Perusahaan bertanggung jawab The management of the Company is
atas penyusunan dan penyajian wajar atas responsible for the preparation and fair
laporan keuangan ini sesuai dengan Standar presentation of these financial statements in
Akuntansi Keuangan di Indonesia, yang telah accordance with Indonesian Financial
diselesaikan dan diotorisasi untuk terbit oleh Accounting Standards, which were completed
Direksi Perusahaan pada tanggal 28 Mei 2024. and authorized for issuance by the Board of
Directors on May 28, 2024.
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL POLICIES INFORMATION
a. Dasar Penyajian Laporan Keuangan a. Basis of Presentation of Financial
Statements
Laporan keuangan telah disusun dan disajikan The financial statements have been prepared in
sesuai dengan Standar Akuntansi Keuangan accordance with Indonesian Financial
(“SAK”) di Indonesia serta peraturan regulator Accounting Standards (“SAK”) and the capital
pasar modal yaitu Peraturan No. VIII.G.7 market regulator namely Rule No. VIII.G.7
tentang Penyajian dan Pengungkapan Laporan regarding Presentation and Disclosures of
Keuangan Emiten atau Perusahaan Publik. Financial Statement for Issuer or Public
Standar Akuntansi Keuangan (“SAK”) adalah Company. Financial Accounting Standards
pernyataan dan interpretasi yang diterbitkan (“SAK”) are statements and interpretations
oleh Dewan Standar Akuntansi Keuangan issued by the Board of Financial Accounting
Ikatan Akuntan Indonesia serta peraturan Standards the Indonesian Institute of
regulator pasar modal untuk entitas yang Accountants and the regulations of the capital
berada di bawah pengawasannya. market regulator for entities under its
supervision.
Standar Akuntansi Keuangan (“SAK”) Indonesian Financial Accounting Standards
mencakup Pernyataan Standar Akuntansi (“SAK”) comprise the Statements of Financial
Keuangan (“PSAK”) dan Interpretasi Standar Accounting Standards (“SFAS”) and
Akuntansi Keuangan (“ISAK”). Interpretations to Financial Accounting
Standards (“ISAK”).
9
161
Page 182
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
a. Dasar Penyajian Laporan Keuangan a. Basis of Presentation of Financial
(lanjutan) Statements (continued)
Laporan keuangan telah disusun sesuai The financial statements have been prepared in
dengan PSAK No. 1 Paragraf 7 “Penyajian accordance with SFAS No. 1 Paragraph 7
Laporan Keuangan”. Laporan keuangan “Presentation of Financial Statements”. The
disusun berdasarkan konsep akrual financial statements have been prepared on the
menggunakan konsep biaya historis kecuali accrual basis of accounting using the historical
seperti yang disebutkan dalam catatan atas cost concept, except as disclosed in the
laporan keuangan yang relevan. relevant notes to the financial statements.
b. Perubahan kebijakan akuntansi dan b. Changes in accounting principles and
pengungkapan disclosures
Laporan arus kas yang disajikan dengan The statement of cash flows, which have been
menggunakan metode langsung, menyajikan prepared using the direct method, present
penerimaan dan pengeluaran kas dan setara receipts and disbursements of cash and cash
kas yang diklasifikasikan ke dalam aktivitas equivalents classified into operating, investing
operasi, investasi dan pendanaan. and financing activities.
Perusahaan telah menyusun laporan keuangan The Company has prepared the financial
dengan dasar bahwa Perusahaan akan terus statements on the basis that it will continue to
beroperasi secara berkesinambungan. operate as a going concern.
Informasi tentang area signifikan dari estimasi Information about significant areas of
ketidakpastian dan pertimbangan kritis dalam estimation uncertainty and critical judgments in
menerapkan kebijakan akuntansi yang applying accounting policies that have
berdampak signifikan terhadap jumlah yang significant effect on the amount recognized in
diakui dalam laporan keuangan dijelaskan the financial statements are described in
dalam Catatan 3. Note 3.
Mata uang penyajian yang digunakan pada The presentation currency used in the financial
laporan keuangan adalah Rupiah, yang statements is Indonesian Rupiah, which is the
merupakan mata uang fungsional. functional currency of the Company.
Efektif 1 Januari 2023, Perusahaan Effective on January 1, 2023, the Company has
menerapkan Pernyataan Standar Akuntansi applied revised Statements of Financial
Keuangan (“PSAK”) revisi yang relevan untuk Accounting Standards (“SFAS”) which are
Perusahaan, sebagai berikut: relevant to the Company, as follows:
Amandemen PSAK No. 1, “Penyajian Amendment to SFAS No. 1, “Presentation
Laporan Keuangan tentang Pengungkapan of Financial Statements - Disclosure of
Kebijakan Akuntansi”; Accounting Policies”;
Amandemen PSAK No. 16, “Aset Tetap” Amendment of SFAS No. 16, “Fixed
tentang hasil sebelum penggunaan yang Assets” regarding proceeds before
diintensikan”; intended use”;
Amandemen PSAK No. 25, “Kebijakan Amendment of SFAS No. 25, “Accounting
Akuntansi Perubahan Estimasi Akuntansi, Policies, Changes in Accounting
dan Kesalahan terkait Definisi Estimasi Estimates and Errors - Definition of
Akuntansi”; dan Accounting Estimates”; and
Amandemen PSAK No. 46, “Pajak Amendment of SFAS No. 46, “Income
Penghasilan tentang Pajak Tangguhan Taxes - Deferred Tax related to Assets
Terkait Aset dan Liabilitas Yang Timbul Dari and Liabilities arising from a Single
Transaksi Tunggal”. Transaction”.
Perusahaan telah menganalisa penerapan The Company has assessed that the adoption
standar akuntansi tersebut di atas dan of the above-mentioned accounting standards
penerapan tersebut tidak memiliki pengaruh do not have significant impact to the financial
yang signifikan terhadap laporan keuangan. statements.
10
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Page 183
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan c. Financial Instruments
i. Aset Keuangan i. Financial Assets
Perusahaan menggunakan 2 (dua) dasar The Company uses 2 (two) bases for
untuk mengklasifikasikan aset keuangan classifying financial assets, namely
yaitu penilaian model bisnis dan penilaian valuation of the business model and
mengenai arus kas kontraktual yang evaluation of contractual cash flows
diperoleh semata dari pembayaran pokok obtained solely from payment of principal
dan bunga (SPPI). and interest (SPPI).
Penilaian model bisnis Valuation of the business model
Model bisnis ditentukan pada level yang The business model is determined at a
mencerminkan bagaimana kelompok aset level that reflects how groups of financial
keuangan dikelola bersama-sama untuk assets are managed together to achieve
mencapai tujuan bisnis tertentu. certain business objectives.
Penilaian model bisnis dilakukan dengan The evaluation of the business model is
mempertimbangkan, tetapi tidak terbatas carried out by considering, but not limited
pada, hal-hal berikut: to, the following:
• Bagaimana kinerja dari model bisnis • How the performance of the business
dan aset keuangan yang dimiliki model and financial assets held in the
dalam model bisnis dievaluasi dan business model are evaluated and
dilaporkan kepada personil reported to the Company's key
manajemen kunci Perusahaan; management personnel;
• Apakah risiko yang memengaruhi • What risks affect the performance of
kinerja dari model bisnis (termasuk the business model (including
aset keuangan yang dimiliki dalam financial assets held in the business
model bisnis) dan khususnya model) and specifically how the
bagaimana cara aset keuangan financial assets are managed;
tersebut dikelola;
• Bagaimana penilaian kinerja • How to evaluate the performance of
pengelola aset keuangan (sebagai managers of financial assets (for
contoh, apakah penilaian kinerja example, whether performance
berdasarkan nilai wajar dari aset appraisals are based on the fair value
yang dikelola atau arus kas of the assets being managed or the
kontraktual yang diperoleh); dan contractual cash flows obtained); and
• Frekuensi, nilai dan waktu penjualan • Expected frequency, value and time of
yang diharapkan. sales.
Penilaian mengenai arus kas kontraktual Evaluation of contractual cash flows
yang diperoleh semata dari pembayaran obtained solely from payment of principal
pokok dan bunga (SPPI) and interest (SPPI)
Untuk tujuan penilaian ini, pokok For the purpose of this valuation, principal
didefinisikan sebagai nilai wajar dari aset is defined as the fair value of financial
keuangan pada saat pengakuan awal. assets at initial recognition. Interest is
Bunga didefinisikan sebagai imbalan defined as compensation for the time value
untuk nilai waktu atas uang dan risiko of money and credit risk in relation to the
kredit terkait jumlah pokok terutang pada principal amount owed over a certain
periode waktu tertentu dan juga risiko dan period of time and also the risk and
biaya peminjaman standar, dan juga standard borrowing costs, as well as profit
marjin laba. margins.
11
163
Page 184
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
i. Aset Keuangan (lanjutan) i. Financial Assets (continued)
Penilaian mengenai arus kas kontraktual Evaluation of contractual cash flows
yang diperoleh semata dari pembayaran obtained solely from payment of principal
pokok dan bunga (SPPI) (lanjutan) and interest (SPPI) (continued)
Penilaian mengenai arus kas kontraktual An assessment of contractual cash flows
yang diperoleh semata dari pembayaran obtained solely from principal and interest
pokok dan bunga dilakukan dengan payments is made by considering
mempertimbangkan persyaratan contractual terms, including whether
kontraktual, termasuk apakah aset financial assets contain contractual terms
keuangan mengandung persyaratan that can change the timing or amount of
kontraktual yang dapat mengubah waktu contractual cash flows. In assessing, the
atau jumlah arus kas kontraktual. Dalam Company considers:
melakukan penilaian, Perusahaan
mempertimbangkan:
• Peristiwa kontinjensi yang akan • Contingency events that will change
mengubah waktu atau jumlah arus kas the timing or amount of contractual
kontraktual; cash flow;
• Fitur leverage; • Leverage feature;
• Persyaratan pembayaran dimuka dan • Terms of advance payment and
perpanjangan kontraktual; contractual extension;
• Persyaratan mengenai klaim yang • Requirements regarding limited claims
terbatas atas arus kas yang berasal for cash flows from specific assets;
dari aset spesifik; dan and
• Fitur yang dapat mengubah nilai waktu • Features that can change the time
dari elemen uang. value of the money element.
Perusahaan mengklasifikasikan aset The Company classifies its financial assets
keuangannya berdasarkan kategori according to the following categories at
sebagai berikut pada saat pengakuan initial recognition:
awal:
• Aset keuangan yang diukur pada biaya • Financial assets measured at
perolehan diamortisasi; amortized cost;
• Aset keuangan yang diukur pada nilai • Financial assets measured at fair
wajar melalui penghasilan value through other comprehensive
komprehensif lain; income;
• Aset keuangan yang diukur pada nilai • Financial assets measured at fair
wajar melalui laba rugi. value through profit or loss.
Selama tahun berjalan dan pada tanggal During the year and at the date of
laporan posisi keuangan, Perusahaan statement of financial position, the
hanya memiliki aset keuangan yang diukur Company only has financial assets
pada biaya perolehan diamortisasi serta measured at amortized cost and hedging
derivatif lindung nilai sehingga kebijakan derivatives. Therefore, the accounting
akuntansi selain klasifikasi aset keuangan policies other than the classifications of
yang diukur pada biaya perolehan financial assets measured at amortized
diamortisasi serta derivatif lindung nilai cost and hedging derivatives are not
tidak diungkapkan. disclosed.
12
164
Page 185
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
i. Aset Keuangan (lanjutan) i. Financial Assets (continued)
Aset keuangan yang diukur pada biaya Financial assets measured at amortized
perolehan diamortisasi cost
Aset keuangan diukur pada biaya Financial assets are measured at
perolehan diamortisasi jika memenuhi amortized cost if they meet the following
kondisi sebagai berikut: conditions:
• aset keuangan dikelola dalam model • financial assets are managed in a
bisnis yang bertujuan untuk memiliki business model that aims to have
aset keuangan dalam rangka financial assets in order to obtain
mendapatkan arus kas kontraktual; contractual cash flow; and
dan
• persyaratan kontraktual dari aset • the contractual terms of the financial
keuangan tersebut memberikan hak asset provide rights on a certain date
pada tanggal tertentu atas arus kas for cash flow obtained solely from
yang diperoleh semata dari payment of principal and interest
pembayaran pokok dan bunga (SPPI) (SPPI) on the principal amount owed.
dari jumlah pokok terutang.
Pada saat pengakuan awal, aset Financial assets carried at amortized cost
keuangan yang diukur pada biaya are initially recognized at fair value plus
perolehan diamortisasi diakui pada nilai transaction costs and administration
wajarnya ditambah biaya transaksi dan income and subsequently measured at
pendapatan administrasi dan selanjutnya amortized cost using the effective interest
diukur pada biaya perolehan diamortisasi rate method.
dengan menggunakan suku bunga efektif.
Aset keuangan yang diukur pada biaya Financial assets carried at amortized cost
perolehan diamortisasi meliputi kas dan consist of cash on hand and in banks,
kas pada bank, piutang sewa finance lease receivables, other
pembiayaan, piutang lain-lain dan aset receivables and other assets.
lain-lain.
Pendapatan dari aset keuangan yang Income from financial assets measured at
diukur pada biaya perolehan diamortisasi amortized cost is included in the statement
dicatat dalam laporan laba rugi dan of profit or loss and other comprehensive
penghasilan komprehensif lain dan diakui income and is reported as “Finance lease
sebagai ”Pendapatan sewa pembiayaan”. income”.
Dalam hal terjadi penurunan nilai, In the case of impairment, allowance for
cadangan kerugian penurunan nilai impairment losses is reported as a
dilaporkan sebagai pengurang dari nilai deduction from the carrying value of the
tercatat dari aset keuangan yang diukur financial assets measured at amortized
pada biaya perolehan diamortisasi, dan cost and recognized in the statement of
diakui di dalam laporan laba rugi dan profit or loss and other comprehensive
penghasilan komprehensif lain sebagai income as “Provision for impairment
“Penyisihan kerugian penurunan nilai”. losses”.
13
165
Page 186
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
i. Aset Keuangan (lanjutan) i. Financial Assets (continued)
Aset keuangan yang diukur pada nilai Financial assets measured at fair value
wajar melalui laba rugi through profit or loss
Aset keuangan yang diukur pada nilai Financial assets measured at fair value
wajar melalui laba rugi termasuk aset through profit or loss include financial
keuangan untuk diperdagangkan dan aset assets held for trading and financial assets
keuangan yang ditetapkan pada saat designated upon initial recognition at fair
pengakuan awal untuk diukur pada nilai value through profit or loss.
wajar melalui laba rugi.
Aset derivatif diklasifikasikan sebagai Derivative assets are classified as held for
kelompok diperdagangkan kecuali mereka trading unless they are designated as
ditetapkan sebagai instrumen lindung nilai effective hedging instruments. Financial
efektif. Aset keuangan yang diukur pada assets at fair value through profit or loss
nilai wajar melalui laba rugi disajikan are carried in the statement of financial
dalam laporan posisi keuangan pada nilai position at fair value with gains or losses
wajar dengan keuntungan atau kerugian recognized in the profit or loss.
dari perubahan nilai wajar diakui dalam
laba rugi.
Pengakuan Recognition
Perusahaan menggunakan akuntansi The Company uses settlement date
tanggal penyelesaian untuk kontrak accounting for regular way contracts when
reguler ketika mencatat transaksi aset recording financial assets transactions.
keuangan.
Penurunan nilai dari aset keuangan Impairment of financial assets
Pada setiap tanggal pelaporan, At each reporting date, the Company
Perusahaan mengukur penyisihan measures the allowance of impairment
kerugian penurunan nilai instrumen losses on financial instruments over their
keuangan sejumlah kredit ekspektasian lifetime expectancy, if the credit risk of the
sepanjang umurnya, jika risiko kredit atas financial instrument has increased
instrumen keuangan tersebut telah significantly since initial recognition. If at
meningkat secara signifikan sejak the reporting date, the credit risk of the
pengakuan awal. Jika pada tanggal financial instrument has not increased
pelaporan, risiko kredit atas instrumen significantly since initial recognition, the
keuangan tidak meningkat secara entity measures the allowance of
signifikan sejak pengakuan awal, entitas impairment losses for the financial
mengukur penyisihan kerugian untuk instrument in the amount of the expected
instrumen keuangan tersebut sejumlah 12-month loss. The aforementioned losses
kerugian ekspektasian 12 bulan. Kerugian represent expected loan losses arising
dimaksud merepresentasikan kerugian from financial instrument defaults that may
kredit ekspektasian yang timbul dari occur 12 months after the reporting date.
peristiwa gagal bayar instrumen keuangan
yang mungkin terjadi dalam 12 bulan
setelah tanggal pelaporan.
14
166
Page 187
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
i. Aset Keuangan (lanjutan) i. Financial Assets (continued)
Penurunan nilai dari aset keuangan Impairment of financial assets (continued)
(lanjutan)
Selanjutnya, Perusahaan Furthermore, the Company classifies
mengelompokkan aset keuangan financial assets based on the evaluation
berdasarkan hasil evaluasi tersebut yang results which reflects the level of the credit
mencerminkan tingkat risiko kredit aset risk of financial assets, as follows:
keuangan, sebagai berikut:
a) Stage 1 a) Stage 1
Pada tanggal evaluasi penurunan At the evaluation date for impairment,
nilai, risiko kredit atas instrumen the credit risk for financial instruments
keuangan tidak meningkat secara is not increased significantly since
signifikan sejak pengakuan awal initial recognition as evidenced by no
yang dapat dibuktikan dengan tidak overdue of more than 10 days. For this
terdapat tunggakan lebih dari 10 hari. reason, the Company will measure the
Atas hal tersebut, Perusahaan akan allowance for losses for the financial
mengukur penyisihan kerugian untuk instrument in the amount of 12 months
instrumen keuangan tersebut expected credit losses.
sejumlah kerugian kredit
ekspektasian 12 bulan.
Kerugian kredit ekspektasian The 12-month expected credit loss is
12 bulan adalah bagian dari kerugian part of the expected credit loss
kredit ekspektasian sepanjang throughout its lifetime that represents
umurnya yang merepresentasikan an expected credit loss arising from a
kerugian kredit ekspektasian yang default on financial instruments that
timbul dari peristiwa gagal bayar might occur 12 months after reporting
instrumen keuangan yang mungkin date.
terjadi dalam 12 bulan setelah
tanggal pelaporan.
b) Stage 2 b) Stage 2
Pada tanggal evaluasi penurunan At the evaluation date of impairment,
nilai, risiko kredit atas instrumen credit risk on financial instruments has
keuangan telah meningkat secara increased significantly since initial
signifikan sejak pengakuan awal recognition, which can be proven by
yang dapat dibuktikan dengan the overdue between 11 days and 30
terdapat tunggakan antara days. For this reason, the Company
11 hari sampai dengan 30 hari. Atas will measure the allowance for losses
hal tersebut, Perusahaan akan for these financial instruments at the
mengukur penyisihan kerugian untuk amount of expected credit losses over
instrumen keuangan tersebut their lifetime.
sejumlah kerugian kredit
ekspektasian sepanjang umurnya.
15
167
Page 188
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
i. Aset Keuangan (lanjutan) i. Financial Assets (continued)
Penurunan nilai dari aset keuangan Impairment of financial assets (continued)
(lanjutan)
Selanjutnya, Perusahaan Furthermore, the Company classifies
mengelompokkan aset keuangan financial assets based on the evaluation
berdasarkan hasil evaluasi tersebut yang results which reflects the level of the credit
mencerminkan tingkat risiko kredit aset risk of financial assets, as follows:
keuangan, sebagai berikut: (lanjutan) (continued)
c) Stage 3 c) Stage 3
Pada tanggal evaluasi penurunan At the evaluation date of impairment,
nilai, terdapat bukti objektif bahwa there is objective evidence that the
instrumen keuangan mengalami financial instruments are impaired,
penurunan nilai yang dapat which can be proven by being in
dibuktikan dengan terdapat overdue of more than 30 days or
tunggakan lebih dari 30 hari atau motor vehicle collaterals owned by
telah diserahkannya jaminan customers have been submitted for
kendaraan milik konsumen untuk settlement of their financing
pelunasan piutang pembiayaan. receivables. For this reason, the
Atas hal tersebut, Perusahaan akan Company will measure the allowance
mengukur penyisihan kerugian untuk for losses for these financial
instrumen keuangan tersebut instruments at the amount of expected
sejumlah kerugian kredit credit losses over their lifetime.
ekspektasian sepanjang umurnya.
Tujuan dari persyaratan penurunan nilai The purpose of the impairment
adalah untuk mengakui kerugian kredit requirements is to recognize expected
ekspektasian sepanjang umurnya atas credit losses over the life of all financial
semua instrumen keuangan yang telah instruments that have experienced a
mengalami peningkatan risiko kredit Significant Increase in Credit Risk (SICR)
secara signifikan (SICR) sejak pengakuan since initial recognition - whether assessed
awal - baik dinilai secara individu atau individually or collectively - taking into
kolektif - dengan mempertimbangkan account all reasonable and supported
semua informasi yang wajar dan information, including estimated
terdukung, termasuk informasi yang information future (forward-looking).
bersifat perkiraan masa depan (forward-
looking).
Perusahaan menerapkan persyaratan The Company applies an impairment
penurunan nilai untuk aset keuangan yang requirement for financial assets measured
diukur pada biaya perolehan diamortisasi at amortized cost and financial assets
dan aset keuangan yang diukur pada nilai measured at fair value through other
wajar melalui penghasilan komprehensif comprehensive income.
lain.
16
168
Page 189
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
i. Aset Keuangan (lanjutan) i. Financial Assets (continued)
Penurunan nilai dari aset keuangan Impairment of financial assets (continued)
(lanjutan)
Dalam beberapa keadaan Perusahaan In some circumstances the Company does
tidak memiliki informasi yang wajar dan not have reasonable and supported
terdukung yang tersedia tanpa biaya atau information available without fees or
upaya berlebihan untuk mengukur excessive efforts to measure expected
kerugian kredit ekspektasian sepanjang credit losses throughout the life of
umurnya pada instrumen secara individual instruments. Expected credit
individual. Kerugian kredit ekspektasian losses for the entire lifetime are recognized
sepanjang umurnya diakui secara kolektif collectively by considering comprehensive
dengan mempertimbangkan informasi credit risk information. The comprehensive
risiko kredit komprehensif. Informasi risiko credit risk information must include not only
kredit komprehensif tersebut harus arrears information but also all relevant
memasukan tidak hanya informasi credit information, including forward-
tunggakan tetapi juga seluruh informasi looking macroeconomic information, to
kredit relevan, termasuk informasi approach the outcome of recognizing
makroekonomi forward-looking, untuk expected credit losses over the life of when
mendekati hasil dari pengakuan kerugian there is a SICR since initial recognition at
kredit ekspektasian sepanjang umurnya the level of individual instruments.
ketika terdapat kenaikan signifikan pada
risiko kredit sejak pengakuan awal pada
level instrumen individu.
Cadangan kerugian penurunan nilai Allowance for impairment losses on
secara individual dihitung dengan impaired financial assets that was
menggunakan metode diskonto arus kas assessed individually is computed using
(discounted cash flows). Sedangkan discounted cash flows method. While
cadangan kerugian penurunan nilai allowance for impairment losses on
secara kolektif dihitung dengan impaired financial assets that was
menggunakan metode statistik dari data assessed collectively, the Company uses
historis berupa Probability of Default di statistical method of the historical data
masa lalu, waktu pengembalian dan such as the Probability of Defaults, time of
jumlah kerugian yang terjadi (Loss Given recoveries, the amount of loss incurred
Default) yang selanjutnya disesuaikan lagi (Loss Given Default), considering
dengan pertimbangan manajemen terkait management’s judgment of current
kondisi ekonomi dan kredit saat ini. economic and financing conditions.
Ketika suatu piutang tidak tertagih, piutang When a receivable is uncollectible, it is
tersebut dihapus buku dengan menjurnal written off against the related allowance for
balik cadangan kerugian penurunan nilai. impairment losses. Such receivables are
Piutang tersebut dapat dihapus buku written off after all the necessary
setelah semua prosedur yang diperlukan procedures have been completed and the
telah dilakukan dan jumlah kerugian telah amount of the loss has been determined.
ditentukan. Beban penurunan nilai yang Impairment charges relating to loans and
terkait dengan pinjaman yang diberikan receivables are classified into “Allowance
dan piutang diklasifikasikan ke dalam for impairment losses”.
“Cadangan kerugian penurunan nilai”.
17
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Page 190
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
i. Aset Keuangan (lanjutan) i. Financial Assets (continued)
Penurunan nilai dari aset keuangan Impairment of financial assets (continued)
(lanjutan)
Jika pada periode berikutnya, jumlah If in a subsequent period, the amount of the
kerugian penurunan nilai berkurang dan impairment loss decreases and the
pengurangan tersebut dapat dikaitkan decrease can be related objectively to an
secara obyektif pada peristiwa yang terjadi event occurring after the impairment was
setelah penurunan nilai diakui (seperti recognized (such as an improvement in the
meningkatnya peringkat piutang customer’s receivable rating), the
konsumen), maka kerugian penurunan previously recognized impairment loss is
nilai yang sebelumnya diakui harus reversed by adjusting the allowance for
dipulihkan, dengan menyesuaikan akun impairment losses account. The amount of
cadangan kerugian penurunan nilai. the impairment reversal is recognized in
Jumlah pemulihan aset keuangan diakui the statement of profit or loss and other
pada laporan laba rugi dan penghasilan comprehensive income.
komprehensif lain.
Penerimaan kemudian atas piutang yang Subsequent recoveries of receivables
telah dihapusbukukan, dikreditkan dengan written-off are credited by adjusting the
menyesuaikan pada akun cadangan allowance for impairment losses account.
kerugian penurunan nilai.
Perusahaan menggunakan akuntansi The Company uses settlement date
tanggal penyelesaian ketika mencatat accounting when recording financial assets
transaksi aset keuangan. transactions.
ii. Liabilitas Keuangan ii. Financial Liabilities
Pengakuan dan Pengukuran Recognition and Measurement.
Liabilitas keuangan diklasifikasikan Financial liabilities are classified as
sebagai liabilitas keuangan yang diukur financial liabilities at fair value through
pada nilai wajar melalui laba atau rugi, profit or loss, financial liabilities at
liabilitas keuangan yang diukur pada biaya amortized cost, or as derivatives
perolehan diamortisasi atau sebagai designated as hedging instruments in an
instrumen yang ditetapkan sebagai effective hedge, as appropriate.
instrumen lindung nilai yang efektif.
Liabilitas keuangan Perusahaan terdiri The Company’s financial liabilities consist
dari pinjaman bank, utang beban yang of bank loans, accrued expenses, bonds
masih harus dibayar, utang obligasi, utang payable and other payables which are
lain-lain yang diklasifikasikan sebagai classified as financial liabilities at
liabilitas keuangan yang diukur pada biaya amortized cost. The Company also has
perolehan diamortisasi. Perusahaan juga derivative payables that are accounted for
memiliki utang derivatif yang diakui as effective hedge (Note 2c.vi).
sebagai lindung nilai yang efektif (Catatan
2c.vi).
18
170
Page 191
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
ii. Liabilitas Keuangan (lanjutan) ii. Financial Liabilities (continued)
Liabilitas keuangan yang diukur pada Financial liabilities measured at amortized
biaya perolehan diamortisasi cost
Pada saat pengakuan awal, liabilitas At initial recognition, the Company’s
keuangan Perusahaan yang diukur pada financial liabilities at amortized cost plus
biaya perolehan diamortisasi ditambah transaction costs that are directly
biaya transaksi yang dapat diatribusikan attributable to the issuance of financial
secara langsung dengan penerbitan liabilities.
liabilitas keuangan.
Biaya transaksi hanya mencakup biaya- Transaction costs include only those costs
biaya yang dapat diatribusikan secara that are directly attributable to the issuance
langsung dengan penerbitan liabilitas of financial liabilities and which are
keuangan dan merupakan biaya incremental costs that would not have
tambahan yang tidak akan terjadi jika been incurred if the instrument had not
instrumen tersebut tidak diperoleh atau been acquired or issued. In the case of
diterbitkan. Dalam hal liabilitas keuangan, financial liabilities, transaction costs are
biaya transaksi dikurangkan dari jumlah deducted from the amount of debt
utang pengakuan awal. Biaya transaksi recognized initially. Such transaction costs
tersebut diamortisasi selama masa are amortized over the terms of the
berlaku instrumen berdasarkan metode instruments based on the effective interest
suku bunga efektif dan dicatat sebagai method and are recorded as part of interest
bagian dari beban bunga untuk biaya expenses for transaction costs related to
transaksi yang terkait dengan liabilitas financial liabilities.
keuangan.
Setelah pengakuan awal, liabilitas Subsequent to initial recognition, financial
keuangan yang diukur pada biaya liabilities at amortized cost are measured
perolehan diamortisasi diukur pada biaya at amortized cost using the effective
perolehan diamortisasi dengan interest method. The amortized cost of a
menggunakan metode suku bunga efektif. financial liability is the amount at which the
Biaya perolehan diamortisasi liabilitas financial liability is measured at initial
keuangan adalah jumlah liabilitas recognition, minus principal repayments,
keuangan yang diukur saat pengakuan plus or minus the cumulative amortization
awal, dikurangi pembayaran pokok, using the effective interest method of any
ditambah atau dikurangi amortisasi difference between the initial amount
kumulatif dengan menggunakan metode recognized and the maturity amount,
suku bunga efektif dari setiap perbedaan minus any reduction for impairment.
antara jumlah awal yang diakui dan jumlah
jatuh tempo, dikurangi penurunan nilai.
Liabilitas keuangan yang diukur pada nilai Financial liabilities measured at fair value
wajar melalui laba atau rugi through profit or loss
Liabilitas keuangan yang diukur pada nilai Financial liabilities measured at fair value
wajar melalui laba atau rugi mencakup through profit or loss include financial
liabilitas keuangan yang diklasifikasikan liabilities held for trading and financial
dalam kelompok diperdagangkan dan liabilities designated upon initial recognition
liabilitas keuangan yang pada saat at fair value through profit or loss.
pengakuan awalnya, telah ditetapkan,
diukur pada nilai wajar melalui laba atau
rugi.
19
171
Page 192
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
ii. Liabilitas Keuangan (lanjutan) ii. Financial Liabilities (continued)
Liabilitas keuangan yang diukur pada nilai Financial liabilities measured at fair value
wajar melalui laba atau rugi (lanjutan) through profit or loss (continued)
Liabilitas keuangan diklasifikasikan dalam Financial liabilities are classified as held for
kelompok diperdagangkan jika diperoleh trading if these are incurred for the purpose
atau dimiliki untuk tujuan dijual dalam waktu of selling in the near term. Derivative
dekat. Liabilitas derivatif juga liabilities are also classified as held for
diklasifikasikan dalam kelompok trading unless these are designated as
diperdagangkan kecuali derivatif yang effective hedging instruments.
ditetapkan sebagai instrumen lindung nilai
yang efektif.
Laba atau rugi atas liabilitas keuangan Gains or losses on financial liabilities held
dalam kelompok diperdagangkan harus for trading are recognized in profit or loss.
diakui dalam laba rugi.
iii. Penghentian pengakuan iii. Derecognition
Perusahaan menghentikan pengakuan The Company derecognizes a financial
aset keuangan pada saat hak kontraktual asset when the contractual rights to the
untuk menerima arus kas yang berasal cash flows from the asset expire, or when
dari aset keuangan tersebut berakhir atau the Company transfers the rights to receive
pada saat Perusahaan mentransfer hak the contractual cash flows on the financial
untuk menerima arus kas kontraktual yang asset in a transaction in which substantially
berasal dari aset keuangan dalam suatu all the risks and rewards of ownership of
transaksi yang secara substansial seluruh the financial asset are transferred. Any
risiko dan manfaat atas kepemilikan aset interest in transferred financial asset that is
telah ditransfer. Setiap kepentingan dalam created or retained by the Company is
aset keuangan yang ditransfer yang dibuat recognized as a separate asset or liability.
atau disimpan oleh Perusahaan diakui
sebagai aset atau liabilitas terpisah.
Dalam transaksi dimana Perusahaan In transactions where the Company neither
secara substansial tidak memiliki maupun retains nor transfers substantially all the
tidak mentransfer seluruh risiko dan risks and rewards of ownership of a
manfaat atas kepemilikan aset keuangan, financial asset, the Company derecognizes
Perusahaan menghentikan pengakuan the asset if it does not retain control over
aset jika tidak memiliki pengendalian atas the asset.
aset tersebut.
Hak dan kewajiban yang disimpan yang The rights and obligations retained in the
ditransfer diakui sebagai aset dan liabilitas transfer are recognized separately as
terpisah, sebagaimana mestinya. Dalam assets and liabilities, as appropriate. In
transfer dimana pengendalian atas aset transfers where control over the asset is
masih dimiliki, Perusahaan tetap retained, the Company continues to
mengakui aset sebesar keterlibatan recognize the asset to the extent of its
berkelanjutan, yang ditentukan oleh continuing involvement, determined by the
sejauh mana terekspos terhadap extent to which it is exposed to changes in
perubahan nilai aset yang ditransfer. the value of the transferred asset.
20
172
Page 193
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
iii. Penghentian pengakuan (lanjutan) iii. Derecognition (continued)
Perusahaan menghapus piutang sewa The Company writes off an finance lease
pembiayaan ketika Perusahaan receivables when the Company
menentukan bahwa aset tersebut tidak determines that the asset is uncollectible.
dapat ditagih. Penagihan atau pemulihan Collection or recovery of financial assets
aset keuangan yang telah which had been written-off is recorded as
dihapusbukukan dicatat sebagai other income.
pendapatan lain-lain.
Perusahaan menghentikan pengakuan The Company derecognizes a financial
liabilitas keuangan ketika liabilitas liability when its contractual obligations are
kontraktualnya dilepaskan atau dibatalkan discharged or cancelled or expired.
atau kadaluwarsa.
iv. Saling Hapus iv. Offsetting
Aset dan liabilitas keuangan saling hapus Financial assets and liabilities are offset
disajikan dalam laporan posisi keuangan and the net amount presented in the
jika memiliki hak yang berkekuatan hukum statement of financial position when there
untuk melakukan saling hapus buku atas is a legally enforceable right to offset the
jumlah yang telah diakui tersebut dan recognized amounts and there is intention
berniat untuk menyelesaikan secara neto to settle on a net basis or to realize the
atau untuk merealisasikan aset dan asset and settle the liability simultaneously.
menyelesaikan liabilitasnya secara
simultan.
Hak yang berkekuatan hukum berarti: This means that the right to set off:
a. tidak terdapat kontinjensi di masa a. must not be contigent on a future
yang akan datang, dan: event, and
b. hak yang berkekuatan hukum pada b. must be legally enforceable in all of
kondisi-kondisi berikut ini: the following circumtances:
i. kegiatan bisnis normal; i. the normal course of business;
ii. kondisi kegagalan usaha; dan ii. the event of default; and
iii. kondisi gagal bayar atau bangkrut. iii. the event of insolvency or
bankruptcy.
Pendapatan dan beban disajikan secara Income and expense are presented on a
neto hanya jika diizinkan oleh standar net basis only when permitted by
akuntansi. accounting standards.
21
173
Page 194
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
v. Klasifikasi instrumen keuangan v. Classification of financial instruments
Perusahaan mengklasifikasikan instrumen The Company classifies the financial
keuangan ke dalam klasifikasi tertentu instruments into classes that reflects the
yang mencerminkan sifat dari informasi nature of information and take into
dan mempertimbangkan karakteristik dari account the characteristics of those
instrumen keuangan tersebut. Klasifikasi financial instruments. The classifications
ini dapat dilihat pada tabel berikut: are shown in the table below:
Kategori yang didefinisikan oleh Golongan (ditentukan oleh Perusahaan)/
PSAK No. 71/ Class (as determined by the Company)
Category as defined by SFAS No. 71
Kas dan setara kas/Cash and cash equivalents
- Kas/Cash on hand
- Kas pada bank/Cash in banks
Aset keuangan yang diukur Piutang sewa pembiayaan/Finance lease receivables
pada biaya perolehan yang Piutang lain-lain/Other receivables
diamortisasi/Financial assets - Piutang lain-lain dari aset yang dibiayai/Other receivables from
Aset keuangan/ at amortized cost
Financial assets financed asset
- Piutang bunga/Interest receivables
Aset lain-lain/Other assets
- Uang jaminan/Security deposit
Derivatif lindung nilai/Hedging Lindung nilai atas nilai arus kas/Hedging instruments in cash flow hedges
derivatives - Piutang derivatif/Derivative receivables
Utang lain-lain/Other payables
- Utang pemasok dan vendor/Supplier and vendor payable
- Perusahaan Asuransi/Insurance company
- Lain-lain/Others
Beban yang masih harus dibayar/Accrued expenses
Liabilitas keuangan yang diukur - Beban bunga yang masih harus dibayar/Accrued interest
Liabilitas dengan biaya perolehan - Beban pemasaran yang masih harus dibayar/Accrued marketing
keuangan/ diamortisasi/ Financial - Beban surat jaminan yang masih harus dibayar/Accrued letter of
Financial liabilities at amortized cost guarantee fee
liabilities - Beban pelatihan dan bonus yang masih harus dibayar/Accrued
training and bonus
Pinjaman Bank/Bank loans
Utang obligasi/Bonds payable
Derivatif lindung nilai/ Hedging Lindung nilai atas nilai arus kas/Hedging instruments in cash flow hedges
derivatives - Utang Derivatif/Derivative payables
22
174
Page 195
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
vi. Instrumen Keuangan Derivatif dan vi. Derivative Financial Instruments and
Akuntansi Lindung Nilai Hedge Accounting
Instrumen derivatif diakui pertama-tama Derivative instruments are initially
pada nilai wajar pada saat kontrak recognized at fair value on the date the
tersebut dilakukan, dan selanjutnya diukur contracts are entered into and are
pada nilai wajarnya. Derivatif dicatat subsequently remeasured at their fair
sebagai aset apabila memiliki nilai wajar values. Derivatives are carried as assets
positif dan sebagai liabilitas apabila when the fair value is positive and as
memiliki nilai wajar negatif. liabilities when the fair value is negative.
Metode pengakuan keuntungan atau The method of recognizing the result of fair
kerugian dari perubahan nilai wajar value gain or loss depends on whether the
tergantung pada apakah derivatif tersebut derivative is designated as a hedging
adalah instrumen lindung nilai dan sifat instrument and, if so, the nature of the item
dari unsur yang dilindungi nilainya. being hedged.
Perusahaan menggunakan instrumen The Company uses derivative instruments,
keuangan derivatif, seperti cross currency such as cross currency interest rate and
interest rate dan foreign exchange swap foreign exchange swap as part of its asset
sebagai bagian dari aktivitas manajemen and liability management activities to
aset dan liabilitas untuk melindungi manage exposures to foreign currency and
dampak risiko mata uang asing dan risiko interest rate. The Company applies cash
tingkat suku bunga. Perusahaan flow hedge accounting when transactions
menerapkan akuntansi lindung nilai arus meet the specified criteria for hedge
kas pada saat transaksi tersebut accounting treatment.
memenuhi kriteria perlakuan akuntansi
lindung nilai.
Pada saat terjadinya transaksi, The Company records, at the inception of
Perusahaan membuat dokumentasi the transaction, the relationship between
mengenai hubungan antara instrumen hedging instruments and hedged items, as
lindung nilai dan unsur yang dilindungi well as its risk management objective and
nilainya, juga tujuan manajemen risiko dan strategy for undertaking various hedge
strategi yang diterapkan dalam melakukan transactions. This process includes linking
berbagai macam transaksi lindung nilai. all derivatives designated as hedges to
Proses dokumentasi ini menghubungkan specific assets and liabilities or to specific
derivatif yang ditujukan sebagai lindung firm commitments or forecast transactions.
nilai dengan aset dan liabilitas tertentu
atau dengan komitmen penuh tertentu
atau transaksi yang diperkirakan.
23
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Page 196
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
vi. Instrumen Keuangan Derivatif dan vi. Derivative Financial Instruments and
Akuntansi Lindung Nilai (lanjutan) Hedge Accounting (continued)
Pada saat terjadinya transaksi lindung At the time of the hedging transaction and
nilai dan pada periode berikutnya, in subsequent periods, the Company also
Perusahaan juga membuat dokumentasi made the documentation includes
mencakup identifikasi instrumen lindung identification of instrument, the hedged
nilai, unsur atau transaksi yang dilindungi item, the nature of the risk being hedged
nilainya, sifat risiko yang dilindungi and how the Company will assess whether
nilainya dan bagaimana Perusahaan the hedging relationship meets the hedge
menilai apakah hubungan lindung nilai effectiveness requirements (including the
memenuhi persyaratan efektivitas lindung analysis of sources of hedge
nilai (termasuk analisis sumber ineffectiveness and how the hedge ratio is
ketidakefektifan lindung nilai dan determined). A hedging relationship
bagaimana rasio lindung nilai ditentukan). qualifies for hedge accounting if it meets all
Hubungan lindung nilai memenuhi syarat of the following effectiveness
untuk akuntansi lindung nilai jika requirements:
memenuhi semua persyaratan efektivitas
berikut:
i) Memiliki 'hubungan ekonomi' antara i) There is ‘an economic relationship’
unsur yang dilindungi nilainya dan between the hedged item and the
instrumen lindung nilai. hedging instrument.
ii) Pengaruh risiko kredit tidak ii) The effect of credit risk does not
'mendominasi perubahan nilai' yang ‘dominate the value changes’ that
dihasilkan dari hubungan ekonomi result from that economic relationship.
tersebut.
iii) Rasio lindung nilai dari hubungan iii) The hedge ratio of the hedging
lindung nilai berasal dari kuantitas relationship is the same as that
sebenarnya unsur yang dilindungi resulting from the quantity of the
nilainya oleh Perusahaan dan hedged item that the Company
kuantitas sebenarnya instrumen actually hedges and the quantity of the
lindung nilai Perusahaan yang hedging instrument that the Company
digunakan untuk unsur yang actually uses to hedge that quantity of
dilindungi nilainya. hedged item.
Bagian yang efektif atas perubahan nilai The effective portion of changes in the fair
wajar derivatif yang ditujukan dan value of derivatives that are designated
memenuhi kualifikasi sebagai lindung nilai and qualify as cash flow hedges are
arus kas, diakui sebagai cadangan lindung recognized in equity under cash flow
nilai arus kas pada bagian ekuitas. hedging reserves. The gain or loss relating
Keuntungan atau kerugian atas bagian to the ineffective portion is recognized
yang tidak efektif diakui langsung pada immediately in the statement of profit or
laporan laba rugi dan penghasilan loss and other comprehensive income.
komprehensif lain.
Jumlah akumulasi keuntungan atau Amounts accumulated in equity are
kerugian dalam ekuitas dibebankan pada recycled to the statement of profit or loss
laporan laba rugi dan penghasilan and other comprehensive income in the
komprehensif lain ketika unsur yang periods in which the hedged item will affect
dilindungi nilainya mempengaruhi laba net profit. When a hedging instrument
neto. Ketika instrumen lindung nilai expires or is sold, or when a hedge no
kadaluwarsa atau dijual, atau ketika suatu longer meets the criteria for hedge
lindung nilai tidak lagi memenuhi accounting, any cumulative gain or loss
persyaratan sebagai akuntansi lindung existing in equity at that time is charged in
nilai, akumulasi keuntungan maupun the statement of profit or loss and other
kerugian yang ada pada ekuitas saat itu comprehensive income.
dibebankan pada laporan laba rugi dan
penghasilan komprehensif lain.
24
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Page 197
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
vi. Instrumen Keuangan Derivatif dan vi. Derivative Financial Instruments and
Akuntansi Lindung Nilai (lanjutan) Hedge Accounting (continued)
Piutang derivatif dan utang derivatif The Company’s derivative receivables and
Perusahaan termasuk dalam kategori ini. derivative payables are included in this
category.
vii. Pengukuran Nilai Wajar vii. Fair Value Measurement
Nilai wajar adalah harga yang akan Fair value is the price that would be
diterima dari menjual suatu aset atau received to sell an asset or paid to transfer
harga yang akan dibayar untuk a liability in an orderly transaction between
mengalihkan suatu liabilitas dalam market participants at the measurement
transaksi teratur antara pelaku pasar pada date. The fair value measurement is
tanggal pengukuran. Pengukuran nilai based on the presumption that the
wajar mengasumsikan bahwa transaksi transaction to sell the asset or transfer the
untuk menjual aset atau mengalihkan liability takes place either:
liabilitas terjadi:
i) Di pasar utama untuk aset atau i) In the principal market for the asset or
liabilitas tersebut, atau liability, or
ii) Jika tidak terdapat pasar utama, di ii) In the absence of a principal market, in
pasar yang paling menguntungkan the most advantageous market for the
untuk aset atau liabilitas tersebut. asset or liability.
Pasar utama atau pasar yang paling The principal or the most advantageous
menguntungkan tersebut harus dapat market must be accessible to by the
diakses oleh Perusahaan. Company.
Jika tersedia, Perusahaan mengukur nilai When available, the Company measures
wajar instrumen menggunakan harga the fair value of an instrument using
kuotasi di pasar aktif. Suatu pasar quoted prices in an active market for that
dianggap aktif jika harga kuotasi tersedia instrument. A market is regarded as active
secara teratur dan mencerminkan if quoted prices are readily and regularly
transaksi pasar wajar yang aktual dan rutin available and represent actual and
terjadi secara dasar arm's length. regularly occurring market transactions on
an arm's length basis.
Jika pasar instrumen keuangan tidak aktif, If a market for a financial instrument is not
Perusahaan menetapkan nilai wajar active, the Company establishes fair value
menggunakan teknik penilaian. Teknik using a valuation technique. Valuation
penilaian termasuk menggunakan techniques include using recent arm's
transaksi pasar wajar terkini antara pihak- length transactions between
pihak yang memiliki pengetahuan yang knowledgeable and willing parties, and if
memadai dan pihak-pihak yang available, reference to the current fair
berkeinginan, dan jika tersedia, mengacu value of other instruments that are
pada nilai wajar terkini dari instrumen lain substantially the same, discounted cash
yang secara substansial sama, analisis flows analysis and option pricing models.
arus kas yang didiskontokan dan model
penetapan harga opsi.
25
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Page 198
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
vii. Pengukuran Nilai Wajar (lanjutan) vii. Fair Value Measurement (continued)
Teknik penilaian yang dipilih The chosen valuation technique makes
memanfaatkan input pasar secara maximum use of market inputs, relies as
maksimal, sekecil mungkin bergantung little as possible on estimates specific to
pada estimasi khusus Perusahaan, the Company, incorporates all factors that
menggabungkan semua faktor yang akan market participants would consider in
dipertimbangkan pelaku pasar dalam setting a price, and is consistent with
menetapkan harga, dan konsisten dengan accepted economic methodologies for
metodologi ekonomi yang diterima untuk pricing financial instruments. Inputs to
menentukan harga instrumen keuangan. valuation techniques reasonably
Masukan untuk teknik penilaian secara represent market expectations and
wajar mewakili ekspektasi pasar dan measures of the risk-return factors
ukuran dari faktor risiko-imbalan yang inherent in the financial instrument. The
melekat dalam instrumen keuangan. Company calibrates valuation techniques
Perusahaan mengkalibrasi teknik and tests them for validity using prices
penilaian dan menguji validitasnya from observable current market
menggunakan harga dari transaksi pasar transactions in the same instrument or
terkini yang dapat diobservasi pada based on other available observable
instrumen yang sama atau berdasarkan market data.
data pasar lain yang dapat diobservasi.
Bukti terbaik dari nilai wajar instrumen The best evidence of the fair value of a
keuangan saat pengakuan awal adalah financial instrument at initial recognition is
harga transaksi, yaitu nilai wajar yang the transaction price, i.e., the fair value of
diberikan atau diterima, kecuali nilai wajar the consideration given or received,
instrumen tersebut dibuktikan dengan unless the fair value of that instrument is
perbandingan dengan transaksi pasar evidenced by comparison with the other
terkini yang dapat diobservasi pada observable current market transactions in
instrumen yang sama (yaitu, tanpa the same instrument (i.e., without
modifikasi atau pengemasan ulang), atau modification or repackaging), or based on
berdasarkan teknik penilaian yang a valuation technique whose variables
variabelnya hanya mencakup data dari include only data from observable
pasar yang dapat diobservasi. markets.
Ketika harga transaksi memberikan bukti When transaction price provides the best
terbaik dari nilai wajar saat pengakuan evidence of fair value at initial recognition,
awal, instrumen keuangan pada awalnya the financial instrument is initially
diukur pada harga transaksi dan setiap measured at the transaction price and any
perbedaan antara harga transaksi dan difference between this price and the
nilai yang diperoleh dari model penilaian value initially obtained from a valuation
selanjutnya diakui dalam laba rugi model is subsequently recognized in profit
tergantung pada masing-masing fakta dan or loss depending on the individual facts
keadaan transaksi tetapi tidak lebih dari and circumstances of the transaction but
saat penilaian didukung sepenuhnya oleh not later than when the valuation is
data pasar yang dapat diobservasi atau supported wholly by observable market
transaksi tertutup. data or the transaction is closed out.
Nilai wajar mencerminkan risiko kredit dari Fair values reflect the credit risk of the
instrumen keuangan dan mencakup financial instruments and include
penyesuaian untuk memperhitungkan adjustments to take into account the credit
risiko kredit Perusahaan dan pihak lawan, risk of the Company and counterparty,
jika diperlukan. Estimasi nilai wajar yang where appropriate. Fair value estimates
diperoleh dari model disesuaikan dengan which are obtained from models are
faktor lain, seperti risiko likuiditas atau adjusted for any other factors, such as
model ketidakpastian, sejauh Perusahaan liquidity risk or model uncertainties, to the
yakin partisipasi pasar pihak extent that the Company believes a third-
ketiga akan mempertimbangkannya party market participation would take them
dalam menentukan harga suatu transaksi. into account in pricing a transaction.
26
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Page 199
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Instrumen Keuangan (lanjutan) c. Financial Instruments (continued)
vii. Pengukuran Nilai Wajar (lanjutan) vii. Fair Value Measurement (continued)
Semua aset dan liabilitas yang nilai All assets and liabilities for which fair value
wajarnya diukur atau diungkapkan dalam is measured or disclosed in the financial
laporan keuangan dikategorikan dalam statements are categorized within the fair
hirarki nilai wajar, sebagaimana dijelaskan value hierarchy, described as follows,
di bawah ini, berdasarkan tingkatan level based on the lowest level input that is
input yang terendah yang signifikan significant to the fair value measurement
terhadap pengukuran nilai wajar secara as a whole:
keseluruhan:
- Level 1 - harga kuotasian (tanpa - Level 1 - quoted (unadjusted) market
penyesuaian) di pasar aktif untuk prices in active market for identical
aset atau liabilitas yang identik yang assets or liabilities that can be
dapat diakses pada tanggal accessed by the entity at the
pengukuran. measurement date.
- Level 2 - teknik penilaian di mana - Level 2 - valuation techniques for
tingkat level input terendah yang which the lowest level input that is
signifikan terhadap pengukuran nilai significant to the fair value
wajar dapat diobservasi baik secara measurement is directly or indirectly
langsung atau tidak langsung. observable.
- Level 3 - teknik penilaian di mana - Level 3 - valuation techniques for
tingkat level input terendah yang which the lowest level input that is
signifikan terhadap pengukuran nilai significant to the fair value
wajar tidak dapat diobservasi baik measurement is directly or indirectly
secara langsung atau tidak unobservable.
langsung.
Untuk aset dan liabilitas yang diakui pada For assets and liabilities that are
laporan keuangan secara berulang, recognized in the financial statements on a
Perusahaan menentukan apakah terdapat recurring basis, the Company determines
perpindahan antara level dalam hierarki whether transfers have occurred between
dengan melakukan evaluasi ulang atas levels in the hierarchy by re-assessing
penetapan kategori (berdasarkan level categorization (based on the lowest level
masukan paling rendah yang signifikan input that is significant to the fair value
terhadap pengukuran nilai wajar secara measurement as a whole) at the end of
keseluruhan) pada tiap akhir periode each reporting period.
pelaporan.
Untuk tujuan pengungkapan nilai wajar, For the purpose of fair value disclosures,
Perusahaan telah menentukan kelas aset the Company has determined classes of
dan liabilitas berdasarkan sifat, assets and liabilities on the basis of the
karakteristik dan risiko aset atau liabilitas nature, characteristics and risks of the
dan tingkat hierarki nilai wajar (Catatan asset or liability and the level of the fair
24). value hierarchy (Note 24).
d. Kas dan kas pada Bank d. Cash on Hand and in Banks
Kas dan setara kas mencakup kas, kas pada Cash on hand and in banks consist of cash on
bank dan kas pada bank yang tidak dibatasi hand and cash in banks that are not restricted
penggunaannya dan tidak digunakan sebagai in use and not pledge as collateral to loans.
jaminan atas utang.
27
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Page 200
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
e. Sewa e. Leases
Piutang sewa pembiayaan merupakan jumlah Finance lease receivable represents the
piutang sewa pembiayaan ditambah nilai residu finance lease receivables plus the guaranteed
yang terjamin pada akhir masa sewa residual value at the end of the lease period, net
pembiayaan dikurangi dengan pendapatan of unearned finance lease income, security
sewa pembiayaan ditangguhkan, simpanan deposits and allowance for impairment losses.
jaminan dan penyisihan penurunan nilai. Selisih The difference between the gross lease
antara nilai piutang sewa pembiayaan bruto dan receivables and the present value of the lease
nilai tunainya diakui sebagai pendapatan sewa receivables is recognized as unearned finance
pembiayaan yang belum diakui. lease income.
Pendapatan sewa pembiayaan yang Unearned finance lease income is recognized
ditangguhkan diakui sebagai pendapatan sewa as finance lease income based on a constant
pembiayaan berdasarkan suatu tingkat rate on the net investment using effective
pengembalian yang konstan atas investasi neto interest rates.
dengan menggunakan suku bunga efektif.
Perusahaan sebagai lessor The Company as a lessor
Berdasarkan PSAK No. 30 (Revisi 2014), SFAS No. 30 (Revision 2014), “Leases”, under
“Sewa”, dalam sewa pembiayaan, Perusahaan a finance lease, the Company recognizes
mengakui aset berupa piutang sewa assets held under a finance lease in its
pembiayaan di laporan posisi keuangan statement of financial position and presents
sebesar jumlah yang sama dengan piutang them as a receivable at an amount equal to the
sewa pembiayaan. Penerimaan piutang sewa net investment in the lease. Lease payment
diperlakukan sebagai pembayaran pokok dan receivable is treated as repayment of principal
pendapatan sewa. Pengakuan penghasilan and finance lease income. The recognition of
pembiayaan didasarkan pada suatu pola yang finance income is based on a pattern reflecting
mencerminkan suatu tingkat pengembalian a constant periodic rate of return on the
periodik yang konstan atas investasi neto Company’s net investment as lessor in the
Perusahaan sebagai lessor dalam sewa finance lease.
pembiayaan.
Perusahaan sebagai lessee The Company as a lessee
Perusahaan mengakui aset dan liabilitas dalam The Company recognizes assets and liabilities
laporan posisi keuangan sebesar nilai wajar in its statement of financial position at amounts
properti yang disewa atau, jika lebih rendah, equal to the fair value of the leased property or,
nilai kini dari pembayaran sewa minimum, if lower, the present value of the minimum lease
masing-masing ditentukan pada awal sewa. payments, each determined at the inception of
Pembayaran sewa minimum harus dipisahkan the lease. Minimum lease payments are
antara bagian yang merupakan beban apportioned between the finance charge and
keuangan dan bagian yang merupakan the reduction of the outstanding liability. The
pelunasan liabilitas terutang. Beban keuangan finance charge is allocated to each period
dialokasikan untuk setiap periode selama masa during the lease term so as to produce a
sewa sehingga menghasilkan tingkat bunga constant periodic rate of interest on the
periodik yang konstan atas saldo liabilitas yang remaining balance of the liability.
tersisa.
28
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Page 201
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
e. Sewa (lanjutan) e. Leases (continued)
Perusahaan sebagai lessee (lanjutan) The Company as a lessee (continued)
Sewa kontinjensi dibebankan sebagai beban Contingent rents are charged as expenses in
pada saat periode terjadinya. Beban keuangan the periods in which they are incurred. Finance
tercermin dalam laporan laba rugi dan charges are reflected in the statement of profit
penghasilan komprehensif lain. Aset sewaan or loss and other comprehensive income.
(disajikan dalam akun aset tetap) disusutkan Capitalized leased assets (presented under the
selama periode yang lebih pendek antara umur account of fixed assets) are depreciated over
manfaat aset sewaan atau masa sewa, jika the shorter of the estimated useful life of the
tidak ada kepastian yang memadai bahwa assets and the lease term, if there is no
Perusahaan akan memperoleh kepemilikan reasonable certainty that the Company will
pada akhir masa sewa. obtain ownership by the end of the lease term.
f. Cadangan kerugian penurunan nilai f. Allowance for impairment losses
Perusahaan melakukan perhitungan cadangan The Company calculates the allowance for
kerugian penurunan nilai dengan impairment losses using the “expected credit
menggunakan metode “kerugian kredit losses” methodology. Refer to Note 2c.i.
ekspektasian”. Lihat Catatan 2c.i.
Pengukuran Kerugian Kredit Ekspektasian Measurement of Expected Credit Losses
Kerugian Kredit Ekspektasian adalah estimasi Expected Credit Loss is an estimate of the
probabilitas tertimbang dari kerugian kredit weighted probability of a credit loss measured
yang diukur sebagai berikut: as follows:
• Aset keuangan yang tidak memburuk pada • Financial assets that do not deteriorate at
tanggal pelaporan, kerugian kredit the reporting date, the expected credit loss
ekspektasian diukur sebesar selisih antara is measured at the difference between the
nilai kini dari seluruh kekurangan kas (yaitu present value of all cash shortages (i.e. the
selisih antara arus kas yang terutang difference between the cash flows owed to
kepada Perusahaan sesuai dengan the Company in accordance with the
kontrak dan arus kas yang diperkirakan contract and the cash flows expected to be
akan diterima oleh Perusahaan); received by the Company);
• Aset keuangan yang memburuk pada • Financial assets that deteriorate at the
tanggal pelaporan, kerugian kredit reporting date, the expected credit loss is
ekspektasian diukur sebesar selisih antara measured at the difference between the
jumlah tercatat bruto dan nilai kini arus kas gross carrying amount and the present
masa depan yang diestimasi. value of estimated future cash flows.
g. Beban Dibayar Dimuka g. Prepaid Expenses
Beban dibayar di muka yang terutama terdiri Prepaid expenses mainly consist of prepaid
dari sewa dan asuransi dibayar di muka rental and insurance which are charged to
dibebankan pada operasi selama masa operations over the periods benefited.
manfaat masing-masing beban yang
bersangkutan.
29
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Page 202
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
h. Piutang lain-lain dari aset yang dibiayai h. Other Receivables from Financed Assets
Piutang lain-lain dari aset yang dibiayai Other receivables from financed assets are
dinyatakan berdasarkan nilai terendah antara stated at the lower of related finance lease
nilai tercatat piutang sewa pembiayaan terkait receivables’ carrying value or net realizable
atau nilai realisasi neto dari aset yang dibiayai value of financed assets. The difference
tersebut. Selisih antara nilai tercatat dan nilai between the carrying value and the net
realisasi neto dicatat sebagai bagian dari realizable value is recorded as part of
penyisihan kerugian penurunan nilai. allowance for impairment losses. The provision
Penyisihan kerugian penurunan nilai atas for impairment losses on other receivables from
Piutang lain-lain dari aset yang dibiayai financed assets is charged to the
dibebankan pada laporan laba rugi dan current year statement of profit or
penghasilan komprehensif lain tahun berjalan. loss and other comprehensive income.
Konsumen memberi kuasa kepada Perusahaan In case of default, the consumers give the right
untuk menjual aset yang dibiayai ataupun to the Company to sell the financed asset or
melakukan tindakan lainnya dalam upaya take any other actions to settle the outstanding
penyelesaian piutang pembiayaan bila terjadi receivables. Consumers are entitled to the
wanprestasi terhadap perjanjian pembiayaan. positive differences between the proceeds from
Konsumen berhak atas selisih lebih antara nilai sales of financed asset and the outstanding
penjualan aset yang dibiayai dengan saldo financing receivables. If the differences are
piutang pembiayaan. Jika terjadi selisih kurang, negative, the resulting losses are charged to
kerugian yang terjadi dibebankan pada laporan the current year statement of profit or loss and
laba rugi dan penghasilan komprehensif lain other comprehensive income.
tahun berjalan.
i. Aset tetap, aset hak guna dan liabilitas sewa i. Fixed Assets, Right-of-use Assets and
Lease Liabilities
Aset tetap Fixed Assets
Perusahaan menerapkan PSAK No.16, “Aset The Company adopted SFAS No.16, “Fixed
Tetap”. Assets”.
Pada saat pengakuan awal, aset tetap, kecuali Fixed assets, except land, are initially
tanah diakui sebesar biaya perolehan. Setelah recognized at acquisition cost. After initial
pengakuan awal, aset tetap diukur measurement, fixed assets are measured using
menggunakan model biaya, dicatat sebesar the cost model, carried at its cost less
biaya perolehan dikurangi akumulasi accumulated depreciation and accumulated
penyusutan dan akumulasi rugi penurunan nilai. impairment losses.
Biaya perolehan termasuk harga pembelian Acquisition costs includes purchase price and
dan biaya yang diatribusikan untuk memperoleh any costs directly attributable to bring the
aset tetap sampai dengan aset tetap tersebut assets to the location and condition necessary
dalam kondisi dan tempat yang siap untuk for the assets to be capable of operating in the
digunakan agar aset tersebut dapat beroperasi manner intended by the management.
sesuai dengan maksud manajemen.
30
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Page 203
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
i. Aset tetap, aset hak guna dan liabilitas sewa i. Fixed Assets, Right-of-use Assets and
(lanjutan) Lease Liabilities (continued)
Aset tetap (lanjutan) Fixed Assets (continued)
Penyusutan aset dimulai pada saat aset Depreciation of an assets is commenced when
tersebut siap untuk digunakan dan dihitung the asset is available for use and calculated
dengan menggunakan metode garis lurus untuk using the straight-line method to allocate their
mengalokasikan biaya perolehan ke nilai sisa cost to their residual values over their estimated
sepanjang estimasi masa manfaatnya sebagai useful lives as follows:
berikut:
Tarif penyusutan
per tahun/
Tahun/ Annual
Years depreciation rate
Pengembangan gedung yang disewa 4 25% Leasehold improvements
Peralatan kantor 4 25% Office equipment
Aset dalam sewa pembiayaan 4 25% Assets under finance lease
Kendaraan 5 20% Vehicles
Biaya perbaikan dan pemeliharaan dibebankan Repairs and maintenance are charged to profit
pada laba rugi di tahun dimana biaya-biaya or loss during the year in which they are
tersebut terjadi. Pengeluaran yang incurred. Expenditures that extend the future
memperpanjang umur aset atau memberi life of assets or provide further economic
manfaat ekonomi di masa yang akan datang benefits are capitalized and depreciated.
dikapitalisasi dan disusutkan.
Nilai tercatat aset tetap dihentikan The carrying amount of fixed assets are
pengakuannya pada saat pelepasan atau ketika derecognized upon disposal or when there is no
tidak ada lagi manfaat ekonomis masa depan longer a future economic benefit expected from
yang diharapkan dari penggunaan atau its use or disposal.
pelepasannya.
Apabila aset tetap tidak digunakan lagi atau When fixed assets are retired or disposed of,
dijual, maka nilai tercatat dan akumulasi their carrying values and the related
penyusutannya dikeluarkan dari laporan accumulated depreciation are removed from
keuangan dan keuntungan atau kerugian yang the statement of financial position, and the
dihasilkan dari penjualan aset tetap diakui resulting gains or losses are recognized in the
dalam laporan laba rugi dan penghasilan current year statement of profit or loss and
komprehensif lain. comprehensive income.
Apabila nilai tercatat aset tetap lebih besar dari When the carrying amount of fixed assets is
nilai yang dapat diperoleh kembali, nilai tercatat greater than its estimated recoverable amount,
aset diturunkan menjadi sebesar nilai yang it is written down to its recoverable amount
dapat diperoleh kembali. which is determined at the higher of net selling
price or value in use.
Pada setiap akhir tahun buku, nilai residu, umur At the end of each year, residual values, useful
manfaat dan metode penyusutan ditelaah lives and method of depreciation are reviewed
kembali, dan jika sesuai dengan keadaan, and adjusted prospectively, if appropriate.
disesuaikan secara prospektif.
31
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Page 204
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
i. Aset tetap, aset hak guna dan liabilitas sewa i. Fixed Assets, Right-of-use Assets and
(lanjutan) Lease Liabilities (continued)
Aset hak guna dan liabilitas sewa Right-of-use assets and lease liabilities
PSAK No. 73 menerapkan persyaratan baru SFAS No. 73 introduces new or amended
atau amendemen sehubungan dengan requirements with respect to lease accounting.
akuntansi sewa. Standar ini memperkenalkan This standard introduces significant changes to
perubahan signifikan untuk akuntansi lessee lessee accounting by removing the distinction
dengan menghapus perbedaan antara sewa between operating and finance lease, and
operasi dan pembiayaan, serta mensyaratkan requiring the recognition of a right-of-use asset
pengakuan aset hak guna dan pengakuan and a lease liability at commencement for all
liabilitas sewa pada saat dimulainya sewa untuk leases, except for:
seluruh sewa, kecuali untuk:
• Sewa dengan jangka waktu kurang atau • Leases with a term of less or equal to 12
sama dengan 12 bulan dan tidak terdapat months and there is no call option;
opsi beli;
• Sewa atas aset dengan nilai rendah. • Leases of low value assets.
Berbeda dengan akuntansi lessee, persyaratan In contrast to lessee accounting, the
untuk akuntansi lessor sebagian besar tidak requirements for lessor accounting have
berubah. Dampak dari adopsi PSAK No. 73 remained largely unchanged. The impact of the
pada laporan keuangan dijelaskan di bawah ini. adoption of SFAS No. 73 on the financial
statements is described below.
Perusahaan mengakui liabilitas sewa sebesar The Company recognized lease liabilities at the
jumlah pembayaran sewa yang masih harus amount of lease payments accrued to the end
dibayar hingga akhir masa sewa yang of the lease term which is discounted using the
didiskontokan dengan menggunakan suku incremental borrowing rate. While, the right-of-
bunga pinjaman inkremental. Sedangkan aset use assets includes the amount of lease
hak guna mencakup jumlah liabilitas sewa yang liabilities recognized, initial direct costs paid,
diakui, biaya langsung awal yang dibayarkan, restoration costs and lease payments on or
biaya pemulihan dan pembayaran sewa yang before the start date of the lease, less lease
dilakukan pada atau sebelum tanggal mulai incentives received. Right-of-use are
sewa, dikurangi insentif sewa yang diterima. depreciated using the straight-line method over
Aset hak guna disusutkan dengan metode garis the shorter period between the lease term and
lurus selama jangka waktu yang lebih pendek the estimated useful life of the asset.
antara masa sewa dengan estimasi masa
manfaat aset.
Jika kepemilikan aset sewa dialihkan ke If the ownership of lease asset is transferred to
Perusahaan pada akhir masa sewa atau the Company at the end of the lease term or the
pembayaran sewa mencerminkan pelaksanaan lease payments reflect the exercise of the
opsi pembelian, penyusutan dihitung purchase option, depreciation is calculated
menggunakan estimasi masa manfaat using the estimated useful life of the assets.
ekonomis aset. Aset hak guna diuji penurunan Right-of-use assets are tested for impairment in
nilainya sesuai dengan PSAK No. 48, accordance with SFAS No. 48 “Impairment of
“Penurunan Nilai Aset”. Assets”.
32
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Page 205
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
i. Aset tetap, aset hak guna dan liabilitas sewa i. Fixed Assets, Right-of-use Assets and
(lanjutan) Lease Liabilities (continued)
Aset hak guna dan liabilitas sewa (lanjutan) Right-of-use assets and lease liabilities
(continued)
Pada tanggal dimulainya sewa, Perusahaan At the commencement date of the lease, the
mengakui liabilitas sewa yang diukur pada nilai Company recognizes lease liabilities measured
kini dari pembayaran sewa masa depan yang at the present value of future lease payments
akan dibayarkan selama masa sewa. that will be paid over the lease term. Lease
Pembayaran sewa termasuk pembayaran tetap payments include fixed payments (including
(termasuk pembayaran tetap secara-substansi) substantially fixed payments), less lease
dikurangi piutang insentif sewa, pembayaran incentive receivables, variable lease payments
sewa variabel yang bergantung pada indeks that depends on index or interest rate, and the
atau suku bunga, dan jumlah yang diharapkan expected amount to be paid in a residual value
akan dibayar dalam jaminan nilai residu. guarantee. Lease payments also include the
Pembayaran sewa juga termasuk harga reasonable exercise price for the purchase
eksekusi opsi pembelian yang wajar jika option if it is determined to be made by the
dipastikan akan dilakukan oleh Perusahaan dan Company and the payment of a penalty to
pembayaran penalti untuk mengakhiri sewa, terminate the lease, if the lease term reflects the
jika jangka waktu sewa mencerminkan Company exercising the lease termination
Perusahaan mengeksekusi opsi penghentian option. Variable lease payments that are not
sewa. Pembayaran sewa variabel yang tidak dependent on an index or interest rate are
bergantung pada indeks atau suku bunga diakui recognized as an expense in the period in which
sebagai beban pada periode di mana peristiwa the event or condition that triggers the payment
atau kondisi yang memicu pembayaran terjadi. occurs.
Dalam menghitung nilai kini dari pembayaran In calculating the present value of lease
sewa, Perusahaan menggunakan suku bunga payments, the Company uses incremental
pinjaman inkremental penyewa pada tanggal borrowing rate at the inception date of the lease
dimulainya sewa karena suku bunga implisit since the interest rate implicit in the lease
dalam sewa tidak dapat ditentukan. Setelah cannot be determined. After the inception date
tanggal dimulainya sewa, jumlah liabilitas sewa of the lease, the amount of the lease liability is
ditingkatkan untuk mencerminkan pertambahan increased to reflect the accretion of interest and
bunga dan dikurangi pembayaran sewa yang reduced for the lease payments made.
dilakukan. Selain itu, jumlah tercatat liabilitas Furthermore, the carrying amount of lease
sewa diukur kembali jika terdapat modifikasi, liabilities is remeasured if there are
perubahan jangka waktu sewa, perubahan modifications, changes in the lease term,
pembayaran sewa, atau perubahan dalam changes in lease payments, or changes in the
penilaian opsi untuk membeli aset pendasar. valuation of the option to purchase the
underlying asset.
Sewa jangka pendek (dengan jangka waktu 12 Short-term leases (with term of 12 months or
bulan atau kurang) dan sewa aset bernilai less) and leases of low-value assets, and
rendah, serta elemen-elemen sewa tersebut, elements of those leases, partially or entirely
sebagian atau seluruhnya tidak menerapkan not applying the recognition principles
prinsip-prinsip pengakuan yang ditentukan oleh stipulated by SFAS No. 73 will be treated the
PSAK No. 73 akan diperlakukan sama dengan same as operating leases in SFAS No. 30. The
sewa operasi pada PSAK No. 30. Perusahaan Company will recognize the lease payments on
akan mengakui pembayaran sewa tersebut a straight-line basis during the lease term on the
dengan dasar garis lurus selama masa sewa statement of profit or loss and other
dalam laporan laba rugi dan penghasilan comprehensive income. This expense is
komprehensif lain. Beban ini dicatat pada recorded under general and administrative
beban umum dan administrasi dalam laporan expenses in profit or loss.
laba rugi.
33
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Page 206
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
i. Aset tetap, aset hak guna dan liabilitas sewa i. Fixed Assets, Right-of-use Assets and
(lanjutan) Lease Liabilities (continued)
Aset hak guna dan liabilitas sewa (lanjutan) Right-of-use assets and lease liabilities
(continued)
Penerapan pencatatan PSAK No. 73 berlaku The recording implementation of SFAS No. 73
untuk seluruh sewa (kecuali sebagaimana yang is applied for all leases (except as stated
disebutkan sebelumnya), yaitu sebagai berikut: earlier), as follows:
a. Menyajikan aset hak-guna sebagai bagian a. Presents right-of-use assets as part of
dari aset tetap dan liabilitas sewa disajikan fixed assets and lease liabilities presented
sebagai bagian dari liabilitas lain-lain as part of other liabilities in the statement
dalam laporan posisi keuangan, yang of financial position measured at the
diukur pada nilai kini dari pembayaran present value of the future lease payments;
sewa masa depan;
b. Mencatat penyusutan aset hak-guna dan b. Records depreciation of right-of-use assets
bunga atas liabilitas sewa dalam laporan and interest on lease liabilities in the
laba rugi dan penghasilan komprehensif; statement of profit or loss and other
dan comprehensive income; and
c. Memisahkan jumlah total pembayaran ke c. Separates the total amount of cash paid
bagian pokok (disajikan dalam kegiatan into a principal portion (presented within
pendanaan) dan bunga (disajikan dalam financing activities) and interest (presented
kegiatan operasional) dalam laporan arus within operating activities) in the statement
kas. of cash flows.
j. Aset Takberwujud j. Intangible Asset
Aset takberwujud, yang merupakan perangkat Intangible asset, which represents software
lunak yang diperoleh Perusahaan, dinyatakan acquired by the Company, is stated at cost less
sebesar biaya perolehan dikurangi akumulasi accumulated amortization and accumulated
amortisasi dan akumulasi kerugian penurunan impairment losses.
nilai.
Pengeluaran selanjutnya atas aset perangkat Subsequent expenditure on software asset is
lunak dikapitalisasi hanya jika pengeluaran capitalized only when it increases the future
tersebut meningkatkan manfaat ekonomi masa economic benefits embodied in the specific
depan yang terkandung dalam aset spesifik asset to which it relates. All other expenditures
yang terkait. Semua pengeluaran lainnya are expensed as incurred.
dibebankan pada saat terjadinya.
Amortisasi diakui dalam laporan laba rugi Amortization is recognized in profit or loss on a
dengan metode garis lurus selama estimasi straight-line method over the estimated useful
masa manfaat perangkat lunak, sejak tanggal life of the software, from the date that it is
perangkat lunak tersebut tersedia untuk available for use. The estimated useful life of
digunakan. Estimasi masa manfaat perangkat the software is four years. Amortization method,
lunak adalah empat tahun. Metode amortisasi, useful life and residual value are reviewed at
masa manfaat dan nilai sisa setiap akhir tahun each financial year-end and adjusted, if
buku ditelaah kembali dan jika sesuai keadaan, appropriate.
disesuaikan.
34
186
Page 207
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
k. Imbalan pasca-kerja k. Employee Benefits Liability
Imbalan pasca-kerja, seperti pensiun, uang Post-employment benefits, such as pensions,
pisah, uang penghargaan, dan imbalan lainnya, severance pay, service pay, and other benefits
ditentukan sesuai dengan Peraturan are provided in accordance with the Company’s
Perusahaan, Undang-Undang Penciptaan regulations, Job Creation Law No. 11/2020 (the
Lapangan Kerja No. 11/2020 (“UU Cipta Kerja”, “Cipta Kerja Law”, (UUCK)), and Government
(UUCK)), dan Peraturan Pemerintah Regulation No. 6/2023.
No. 6/2023.
Karena UUCK menentukan rumus tertentu Since UUCK sets the formula for determining
untuk menghitung jumlah minimal imbalan the minimum amount of benefits, in substance
pensiun, pada dasarnya, program pensiun pension plans under UUCK represent defined
berdasarkan UUCK adalah program imbalan benefit plans. A defined benefit plan is a
pasti. Program pensiun imbalan pasti adalah pension plan that defines an amount of pension
program pensiun yang menentukan jumlah benefit to be provided, usually as a function of
imbalan pensiun yang akan diberikan, biasanya one or more factors such as age, years of
berdasarkan pada satu faktor atau lebih seperti service or compensation.
usia, masa kerja atau kompensasi.
Perusahaan mencatat penyisihan imbalan The Company recognizes a provision for post-
pasca kerja sesuai dengan PSAK No. 24 employment benefits in accordance with SFAS
(Revisi 2016), “Imbalan Kerja”. Pernyataan ini No. 24 (Revised 2016), “Employee Benefits”.
mewajibkan Perusahaan mengakui seluruh This standard requires the Company to provide
imbalan kerja yang diberikan melalui program all employee benefits under formal and informal
atau perjanjian formal dan informal, peraturan plans or agreements, under legislative
perundang-undangan atau peraturan industri, requirements or through industry
yang mencakup imbalan pasca kerja, imbalan arrangements, including post-employment
kerja jangka pendek dan jangka panjang benefits, short-term and other long-term
lainnya, pesangon pemutusan hubungan kerja employee benefits, termination benefits and
dan imbalan berbasis ekuitas. equity compensation benefits.
Liabilitas program pensiun imbalan pasti yang The liability recognized in the statement of
diakui di laporan posisi keuangan adalah nilai financial position in respect of defined benefit
kini liabilitas imbalan pasti pada tanggal laporan pension plans is the present value of the
posisi keuangan, serta disesuaikan dengan defined benefit obligation at the date of
keuntungan atau kerugian aktuarial dan biaya statement of financial position, together with
jasa lalu yang belum diakui. Nilai kini liabilitas adjustments for unrecognized actuarial gains or
imbalan pasti dihitung setiap tahun oleh losses and past service cost. The present value
aktuaris independen menggunakan metode of defined benefit obligation is calculated
projected unit credit. annually by an independent actuary using the
projected unit credit method.
Nilai kini liabilitas imbalan pasti ditentukan The present value of the defined benefit
dengan mendiskontokan estimasi arus kas obligation is determined by discounting the
keluar masa depan dengan menggunakan estimated future cash outflows using interest
tingkat obligasi pemerintah jangka panjang rates of high quality bonds that are
dalam mata uang yang sama dengan mata denominated in the currency in which the
uang imbalan yang akan dibayarkan dan waktu benefits will be paid, and that have terms to
jatuh tempo yang kurang lebih sama dengan maturity approximating the terms of the related
waktu jatuh tempo imbalan yang bersangkutan. pension liability.
35
187
Page 208
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
k. Imbalan pasca-kerja (lanjutan) k. Employee Benefits Liability (continued)
Keuntungan dan kerugian aktuarial timbul dari Actuarial gains and losses arise from
penyesuaian pengalaman, perubahan asumsi experience adjustments, changes in actuarial
aktuaria dan amandemen program pensiun. assumptions and amendments to pension
plans.
Ketika program imbalan berubah, bagian When the plan benefits change, the portion of
imbalan yang terkait dengan jasa masa lalu the benefits that relate to past service by
karyawan dibebankan atau dikreditkan segera employees is charged or credited immediately
ke laba rugi. Keuntungan atau kerugian to profit or loss. Actuarial gains or losses are
aktuarial diakui sebagai pendapatan recognized as other comprehensive income in
komprehensif lain pada periode terjadinya. the period in which they arise.
Pada bulan April 2022, Dewan Standar In April 2022, the Institute of Indonesia
Akuntansi Keuangan Ikatan Akuntan Indonesia Chartered Accountants’ Accounting Standard
“DSAK IAI”) menerbitkan siaran pers atas Board “DSAK IAI”) issued a press release
persyaratan pengatribusian imbalan pada regarding attribution of benefits to periods of
periode jasa sesuai PSAK No. 24: Imbalan service in accordance with SFAS No. 24:
Kerja yang diadopsi dari IAS 19 Employee Imbalan Kerja which was adopted from IAS 19
Benefits. Siaran pers tersebut menyampaikan Employee Benefits. The press release
informasi bahwa pola fakta umum dari program conveyed the information that the fact pattern of
pensiun berbasis undang-undang the pension program based on the Labor Law
ketenagakerjaan yang berlaku di Indonesia saat currently enacted in Indonesia is similar to
ini memiliki pola fakta serupa dengan yang those responded and concluded in the IFRS
ditanggapi dan disimpulkan dalam IFRS Interpretation Committee IFRIC) Agenda
Intepretation Committee “IFRIC”) Agenda Decision Attributing Benefit to Periods of
Decision Attributing Benefit to Periods of Service IAS 19). The Company has adopted the
Service IAS 19). Perusahaan telah said press release and accordingly changed its
menerapkan siaran pers tersebut dan dengan accounting policy regarding attribution of
demikian merubah kebijakan akuntansi terkait benefits to periods of service previously applied
atribusi imbalan kerja pada periode jasa dari in the financial statements of the Company as
yang kebijakan yang diterapkan sebelumnya of December 31, 2021, and for the year then
pada laporan keuangan Perusahan pada ended.
tanggal 31 Desember 2021 dan untuk tahun
yang berakhir pada tanggal tersebut.
Pada tahun-tahun sebelumnya, Perusahaan In prior years, the Company attribute benefits
mengatribusikan imbalan berdasarkan formula under the defined benefit plan’s benefit formula
imbalan program imbalan pasti berdasarkan to periods of service from the date when
masa kerja sejak tanggal pekerja memberikan employees provide their services until their
jasa hingga usia pensiun. Mulai tahun 2022, retirement age. Starting from year 2022, based
berdasarkan siaran pers, Perusahaan telah on the press release, the Company change the
mengubah kebijakan akuntansinya untuk policy for attributing benefits under the plan to
mengatribusikan imbalan berdasarkan program the date when employee service first leads to
tersebut, yaitu dari tanggal ketika jasa pekerja benefits under the plan until the date when
pertama kali menghasilkan imbalan dalam further employee service will lead to no material
program sampai dengan tanggal ketika jasa amount of further benefits under the plan.
pekerja selanjutnya tidak akan menghasilkan However, the impact is not material to the
jumlah imbalan yang material dibawah program financial statements and charged to current
tersebut. Namun, perubahan tersebut tidak period.
berdampak material terhadap laporan
keuangan dan telah dibebankan pada periode
berjalan.
36
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Page 209
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
l. Biaya Emisi Obligasi l. Bonds Issuance Costs
Biaya-biaya yang terjadi sehubungan dengan Costs incurred in connnection with the issuance
penerbitan obligasi ditangguhkan dan of bonds are deferred and are being amortized
diamortisasi dengan menggunakan metode using the effective interest rate method over the
suku bunga efektif selama jangka waktu term of the bonds.
obligasi.
Saldo biaya emisi obligasi ditangguhkan dicatat The balance of deferred bonds issuance costs
sebagai pengurang terhadap masing-masing is presented as a deduction from the
saldo utang obligasi. outstanding bonds.
m. Pengakuan Pendapatan dan Beban m. Income and Expense Recognition
Pendapatan sewa pembiayaan, pendapatan Finance lease income, interest income and
bunga dan beban bunga diakui dengan interest expense are recognized using the
menggunakan metode suku bunga efektif. effective interest method.
Suku bunga efektif adalah suku bunga yang The effective interest rate is the rate that exactly
secara tepat mendiskontokan estimasi discounts the estimated future cash payments
pembayaran dan penerimaan kas di masa and receipts through the expected life of the
datang selama perkiraan umur dari aset financial asset or financial liability (or, where
keuangan atau liabilitas keuangan (atau, jika appropriate, a shorter period) to the carrying
lebih tepat, digunakan periode yang lebih amount of the financial asset or financial
singkat) untuk memperoleh nilai tercatat dari liability. When calculating the effective interest
aset keuangan atau liabilitas keuangan. Pada rate, the Company estimates future cash flows
saat menghitung suku bunga efektif, considering all contractual terms of the financial
Perusahaan mengestimasi arus kas di masa instrument, but not future credit losses.
datang dengan mempertimbangkan seluruh
persyaratan kontraktual dalam instrumen
keuangan tersebut, tetapi tidak
mempertimbangkan kerugian di masa
mendatang.
Perhitungan suku bunga efektif mencakup The calculation of the effective interest rate
seluruh tagihan dan bentuk lain yang includes all fees and other costs paid or
dibayarkan atau diterima yang merupakan received that are an integral part of the effective
bagian tak terpisahkan dari suku bunga efektif, interest rate, including transaction costs.
termasuk biaya transaksi.
Perusahaan mengakui pendapatan sewa The Company recognizes finance lease income
pembiayaan seperti yang dijelaskan dalam as explained in Note 2e. Expenses are
Catatan 2e. Beban diakui pada saat terjadinya. recognized when these are incurred.
37
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Page 210
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
n. Perpajakan n. Taxation
Beban pajak terdiri dari beban pajak kini dan Income tax expense comprises current and
beban pajak tangguhan. Beban pajak diakui deferred tax. Income tax expense is recognized
pada laporan laba rugi kecuali untuk item yang in profit or loss except to the extent it relates to
langsung diakui di komponen ekuitas lainnya, items recognized directly in equity, in which
dimana beban pajak yang terkait dengan item case it is recognized in equity.
tersebut diakui dalam ekuitas.
Pajak kini adalah pajak terutang atas Current tax is the expected tax payable on the
penghasilan kena pajak untuk tahun tersebut, taxable income for the year, using tax rates
menggunakan tarif pajak yang berlaku atau enacted or substantially enacted at the
secara substansial telah berlaku pada tanggal reporting date.
pelaporan.
Perusahaan menerapkan metode aset dan The Company adopts the asset and liability
liabilitas dalam menentukan pajak tangguhan. method in determining its deferred tax. Under
Dengan metode ini, aset dan liabilitas pajak this method, deferred tax assets and liabilities
tangguhan diakui pada setiap tanggal are recognized at each reporting date for
pelaporan untuk perbedaan temporer antara temporary differences between the financial
dasar keuangan dan dasar pajak atas aset dan and tax bases of assets and liabilities. This
liabilitas. Metode ini juga mensyaratkan method also requires the recognition of future
pengakuan manfaat pajak di masa depan, tax benefits, such as tax loss carry forward, to
seperti rugi fiskal yang dapat dikompensasi, the extent that realization of such benefits is
sepanjang kemungkinan realisasi manfaat probable. Currently enacted or substantially
tersebut. Tarif pajak yang berlaku saat ini atau enacted tax rates are used in the determination
yang secara substansial berlaku digunakan of deferred income tax.
dalam penentuan pajak penghasilan
tangguhan.
Aset pajak tangguhan diakui atas kemungkinan Deferred tax assets are recognized to the
laba kena pajak yang tersedia pada periode extent that it is probable that future taxable
mendatang sebagai akibat perbedaan temporer profit will be available to compensate the
yang boleh dikurangkan. temporary differences which resulted in such
deferred tax assets.
Perubahan kewajiban perpajakan dicatat pada Amendments to taxation obligations are
saat diterimanya surat ketetapan, atau apabila recorded when an assessment letter is
diajukan keberatan dan/atau banding, pada received, or if an objection and/or appeal is
saat hasil keberatan dan/atau banding tersebut applied, when the results of the objection and/or
ditetapkan. appeal are determined.
Pajak Final Final tax
Peraturan perpajakan di Indonesia mengatur Tax regulation in Indonesia determined that
beberapa jenis penghasilan dikenakan pajak certain taxable income is subject to final tax.
yang bersifat final. Pajak final yang dikenakan Final tax applied to the gross value of
atas nilai bruto transaksi tetap dikenakan transactions is applied even when the parties
walaupun atas transaksi tersebut pelaku carrying the transaction are recognizing losses.
transaksi mengalami kerugian.
Pajak final tersebut tidak termasuk dalam Final tax is no longer governed by SFAS No. 46,
lingkup yang diatur oleh PSAK No. 46, “Pajak “Income Tax”. Therefore, the Company has
Penghasilan”. Oleh karena itu, Perusahaan decided to present all of the final tax arising
memutuskan untuk menyajikan beban pajak from interest income in a separate line item.
final sehubungan dengan penghasilan bunga
dan sewa sebagai pos tersendiri.
38
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Page 211
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
o. Transaksi dan Saldo dalam Mata Uang Asing o. Foreign Currency Transactions and
Balances
Transaksi dalam mata uang asing dicatat ke Transactions involving foreign currencies are
dalam Rupiah berdasarkan kurs yang berlaku recorded at the rates of exchange prevailing at
pada saat transaksi dilakukan. Pada tanggal the time the transactions are made. At the
laporan posisi keuangan, aset dan liabilitas statement of financial position date, monetary
moneter dalam mata uang asing disesuaikan ke assets and liabilities denominated in foreign
Rupiah untuk mencerminkan nilai tukar yang currencies are adjusted to Rupiah to reflect the
berlaku pada tanggal yang diterbitkan oleh prevailing rates of exchange at such date as
Bank Indonesia. Keuntungan atau kerugian published by Bank Indonesia. The resulting
yang dihasilkan dikreditkan atau dibebankan gains or losses are credited or charged to
pada operasi tahun berjalan. current operations.
Di bawah ini adalah nilai tukar utama yang Below are the major exchange rates used for
digunakan untuk translasi pada tanggal- translation as of December 31, 2023 and 2022:
tanggal 31 Desember 2023 dan 2022:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
100 Yen Jepang/Rupiah 10.954,71 11.756,67 Japanese Yen 100/Rupiah
1 Dolar AS/Rupiah 15.416,00 15.731,00 US Dollar 1/Rupiah
p. Transaksi dengan Pihak-Pihak Berelasi p. Transactions with Related Parties
Perusahaan mempunyai transaksi dengan The Company has transactions with related
pihak berelasi. Definisi pihak berelasi yang parties. The definition of related parties used is
digunakan sesuai dengan PSAK No. 7 in accordance with SFAS No. 7 “Related Party
“Pengungkapan Pihak Berelasi”. Disclosures”.
Suatu pihak dianggap berelasi dengan The Company considers the following as its
Perusahaan jika: related parties:
a. Orang atau anggota keluarga dekatnya a. A person or a close member of that
mempunyai relasi dengan entitas pelapor person’s family is related to a reporting
jika orang tersebut: entity if that person:
(i) memiliki pengendalian atau (i) has control or joint control of the
pengendalian bersama atas entitas reporting entity;
pelapor;
(ii) memiliki pengaruh signifikan atas (ii) has significant influence over the
entitas pelapor; atau reporting entity; or
(iii) merupakan personil manajemen kunci (iii) is a member of the key management
entitas pelapor atau entitas induk dari personnel of the reporting entity or of a
entitas pelapor. parent of the reporting entity.
39
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Page 212
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
p. Transaksi dengan Pihak-Pihak Berelasi p. Transactions with Related Parties
(lanjutan) (continued)
Suatu pihak dianggap berelasi dengan The Company considers the following as its
Perusahaan jika: (lanjutan) related parties: (continued)
b. Suatu entitas berelasi dengan entitas b. An entity is related to a reporting entity if
pelapor jika memenuhi salah satu hal any of the following conditions applies:
berikut:
(i) entitas dan entitas pelapor adalah (i) the entity and the reporting entity are
anggota dari kelompok usaha yang members of the same group (which
sama (artinya entitas induk, entitas means that each parent, subsidiary
anak, dan entitas anak berikutnya and fellow subsidiary is related to the
saling berelasi dengan entitas others).
lainnya).
(ii) satu entitas adalah entitas asosiasi (ii) one entity is an associate or joint
atau ventura bersama dari entitas lain venture of the other entity (or an
(atau entitas asosiasi atau ventura associate or joint venture of a member
bersama yang merupakan anggota of a group of which the other entity is
suatu kelompok usaha, yang mana a member).
entitas lain tersebut adalah
anggotanya).
(iii) kedua entitas tersebut adalah ventura (iii) both entities are joint ventures of the
bersama dari pihak ketiga yang sama. same third party.
(iv) satu entitas adalah ventura bersama (iv) one entity is a joint venture of third
dari entitas ketiga dan entitas yang entity and the other entity is an
lain adalah entitas asosiasi dari associate of the third entity.
entitas ketiga.
(v) entitas tersebut adalah suatu program (v) the entity is a post-employment benefit
imbalan pasca kerja untuk imbalan plan for the benefit of employees of
kerja dari salah satu entitas either the reporting entity or an entity
pelapor atau entitas yang terkait related to the reporting entity. If the
dengan entitas pelapor. Jika entitas reporting entity is itself such a plan,
pelapor adalah entitas yang the sponsoring employers are also
menyelenggarakan program tersebut, related to the reporting entity.
maka entitas sponsor juga berelasi
dengan entitas pelapor.
(vi) entitas yang dikendalikan atau (vi) the entity is controlled or jointly
dikendalikan bersama oleh orang controlled by a person identified in
yang diidentifikasi dalam huruf (a). point (a).
(vii) orang yang diidentifikasi dalam huruf (vii) a person identified in point (a)(i) has
(a)(i) memiliki pengaruh signifikan atas significant influence over the entity or
entitas atau merupakan personil is a member of the key management
manajemen kunci entitas (atau entitas personnel of the entity (or of a parent
induk dari entitas). of the entity).
Seluruh transaksi dengan pihak-pihak berelasi All transactions with related parties are
telah diungkapkan di catatan atas laporan disclosed in the notes to the financial
keuangan. statements.
40
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Page 213
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
MATERIAL (lanjutan) POLICIES INFORMATION (continued)
q. Informasi Segmen q. Segment Information
Segmen operasi adalah suatu komponen dari An operating segment is a component of the
entitas yang terlibat dalam aktivitas bisnis yang entity that engages in business activities from
mana memperoleh pendapatan dan which it may earn revenues and incur
menimbulkan beban, termasuk pendapatan expenses, including revenues and expenses
dan beban terkait dengan transaksi dengan that relate to transactions with any of the entity’s
komponen lain dari entitas yang sama, yang components, whose operating results are
hasil operasinya dikaji ulang secara berkala reviewed regularly by management to make
oleh manajemen untuk membuat keputusan decisions about resources allocated to the
tentang sumber daya yang dialokasikan pada segment and assess its performance (the
segmen tersebut dan menilai kinerjanya Company’s operating activities), and for which
(aktivitas operasional Perusahaan), dan discrete financial information is available.
tersedia informasi keuangan yang dapat Segment results that are reported to the
dipisahkan. Hasil segmen yang dilaporkan management include items directly attributable
kepada manajemen termasuk item yang dapat to a segment as well as those that can be
diatribusikan secara langsung kepada segmen allocated on a reasonable basis.
dan juga yang dapat dialokasikan dengan basis
yang wajar.
Perusahaan mengelola kegiatan usahanya dan The Company manages its business activities
mengidentifikasi segmen yang dilaporkan and identifies its segments reported based on
berdasarkan jenis produk. types of product.
Perusahaan menentukan dan menyajikan The Company determines and presents
segmen operasi berdasarkan informasi yang operating segments based on the information
secara internal diberikan kepada manajemen. that internally is provided to management.
r. Laba per Saham r. Earnings per Share
Laba tahun berjalan per saham dasar dihitung Basic earnings per share is computed by
dengan membagi laba tahun berjalan dengan dividing income for the year by the weighted
rata-rata tertimbang jumlah saham yang average number of shares outstanding during
beredar pada tahun yang bersangkutan. Laba the year. Earning per share is amounted to
per saham adalah sebesar Rp70.618 dan Rp70,618 and Rp64,609 for the years ended
Rp64.609 masing-masing untuk tahun yang December 31, 2023 and 2022, respectively.
berakhir pada tanggal-tanggal 31 Desember
2023 dan 2022.
3. PERTIMBANGAN ESTIMASI DAN ASUMSI YANG 3. SIGNIFICANT ACCOUNTING JUDGMENTS,
SIGNIFIKAN ESTIMATES AND ASSUMPTIONS
Penyusunan laporan keuangan Perusahaan, sesuai The preparation of the financial statements, in
dengan Standar Akuntansi Keuangan Indonesia, conformity with Indonesian Financial Accounting
mengharuskan manajemen untuk membuat Standards, requires management to make
pertimbangan, estimasi dan asumsi yang judgments, estimates and assumptions that affect
mempengaruhi jumlah yang dilaporkan atas amounts reported from income, expenses, assets
pendapatan, beban, aset dan liabilitas dan and liabilities and disclosures of contingent liabilities
pengungkapan atas liabilitas kontinjensi, pada akhir at the end of reporting the period. The estimation
periode pelaporan. Ketidakpastian estimasi dapat uncertainty may cause adjustment to the carrying
mengakibatkan penyesuaian terhadap nilai tercatat amounts of assets and liabilities affected in the next
aset dan liabilitas dalam tahun pelaporan financial year.
berikutnya.
41
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Page 214
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
3. PERTIMBANGAN ESTIMASI DAN ASUMSI YANG 3. SIGNIFICANT ACCOUNTING JUDGMENTS,
SIGNIFIKAN (lanjutan) ESTIMATES AND ASSUMPTIONS (continued)
Pertimbangan, estimasi dan asumsi Judgments, estimates and assumptions
Pertimbangan dibuat oleh manajemen dalam rangka Judgments made by management in the process of
penerapan kebijakan akuntansi Perusahaan yang applying the Company’s accounting policies that
memiliki pengaruh paling signifikan atas jumlah have the most significant effects on the amounts
yang diakui dalam laporan keuangan adalah recognized in the financial statements are as follow:
sebagai berikut:
Klasifikasi aset dan liabilitas keuangan Classification of financial assets and financial
liabilities
Perusahaan menetapkan klasifikasi atas aset dan The Company determine the classification of certain
liabilitas tertentu sebagai aset keuangan dan assets and liabilities as financial assets and financial
liabilitas keuangan dengan mempertimbangkan liabilities by judging if they meet the definition set
apakah definisi yang ditetapkan PSAK No. 71 forth in SFAS No. 71. Accordingly, the financial
dipenuhi. Dengan demikian, aset keuangan dan assets and financial liabilities are accounted for in
liabilitas keuangan diakui sesuai dengan kebijakan accordance with the accounting policies as
akuntansi Perusahaan seperti diungkapkan pada disclosed in Note 2c.
Catatan 2c.
Usaha yang berkelanjutan Going concern
Manajemen Perusahaan telah melakukan penilaian The Company’s management has made an
atas kemampuan Perusahaan untuk melanjutkan assessment of the Company’s ability to continue as
kelangsungan usahanya dan berkeyakinan bahwa a going concern and is satisfied that the Company
Perusahaan memiliki sumber daya untuk has the resources to continue in business for the
melanjutkan usahanya di masa mendatang. Selain foreseeable future. Furthermore, the management
itu, manajemen tidak mengetahui adanya is not aware of any material uncertainties that may
ketidakpastian material yang dapat menimbulkan cast significant doubt upon the Company’s ability to
keraguan yang signifikan terhadap kemampuan continue as a going concern. Therefore, the
Perusahaan untuk melanjutkan kelangsungan financial statements continue to be prepared on the
usahanya. Oleh karena itu, laporan keuangan telah going concern basis.
disusun atas dasar usaha yang berkelanjutan.
Penilaian instrumen keuangan Valuation of financial instruments
Kebijakan akuntansi Perusahaan tentang The Company’s accounting policy on fair value
pengukuran nilai wajar dibahas dalam Catatan 2c. measurements are discussed in Note 2c.
Dalam menentukan nilai wajar aset dan liabilitas In determining the fair value for financial assets and
keuangan yang tidak mempunyai harga pasar, liabilities for which there is no observable market
Perusahaan menggunakan teknik penilaian seperti price, the Company should use the valuation
yang dijelaskan dalam Catatan 2c. Untuk instrumen techniques as described in Note 2c. For financial
keuangan yang jarang diperdagangkan dan memiliki instruments that are traded infrequently and have
informasi harga yang terbatas, nilai wajar menjadi little price transparency, fair value is less objective,
kurang objektif dan membutuhkan berbagai tingkat and requires varying degrees of judgment
penilaian tergantung pada likuiditas, konsentrasi, depending on liquidity, concentration, uncertainty of
faktor ketidakpastian pasar, asumsi harga dan risiko market factors, pricing assumptions and other risks
lainnya. affecting the specific instrument.
42
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Page 215
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
3. PERTIMBANGAN ESTIMASI DAN ASUMSI YANG 3. SIGNIFICANT ACCOUNTING JUDGMENTS,
SIGNIFIKAN (lanjutan) ESTIMATES AND ASSUMPTIONS (continued)
Pertimbangan, estimasi dan asumsi (lanjutan) Judgments, estimates and assumptions
(continued)
Penilaian instrumen keuangan (lanjutan) Valuation of financial instruments (continued)
Asumsi utama masa depan dan sumber utama The key assumptions concerning the future and
kemungkinan ketidakpastian lain pada tanggal other key sources of probable uncertainty at the
pelaporan yang memiliki risiko signifikan bagi reporting date that have a significant risk of causing
penyesuaian yang material terhadap nilai tercatat a material adjustment to the carrying amounts of
aset dan liabilitas untuk periode berikutnya assets and liabilities in the next financial year are
diungkapkan di bawah ini. Perusahaan disclosed below. The Company based its
mendasarkan asumsi dan estimasi pada parameter assumptions and estimates on parameters available
yang tersedia pada saat laporan keuangan disusun. when the financial statements were prepared.
Situasi saat ini dan asumsi mengenai Existing circumstances and assumptions about
perkembangan di masa depan dapat berubah akibat future developments, may change due to market
perubahan pasar atau situasi di luar kendali changes or circumstances arising beyond the
Perusahaan. Perubahan tersebut dicerminkan control of the Company. Such changes are reflected
dalam asumsi terkait pada saat terjadinya. in the assumptions as they occur.
Penyisihan atas penurunan nilai piutang sewa Allowance for impairment losses on finance lease
pembiayaan, dan penyisihan piutang lain-lain dari receivables and allowance for other receivables
aset yang dibiayai from financed assets
Pengukuran kerugian penurunan nilai piutang sewa The measurement of impairment losses of finance
pembiayaan dan piutang lain-lain dari aset yang lease receivables and other receivables from
dibiayai berdasarkan PSAK No. 71 memerlukan financed assets under SFAS No. 71 requires
pertimbangan, khususnya, estimasi jumlah dan judgement, in particular, the estimation of the
waktu arus kas masa depan dan penilaian amount and timing of future cash flows and the
peningkatan risiko kredit yang signifikan. Estimasi ini assessment of a significant increase in credit risk.
didorong oleh sejumlah faktor, perubahan yang These estimates are driven by a number of factors,
dapat mengakibatkan tingkat penyisihan yang changes in which can result in different level of
berbeda. Beberapa pertimbangan dan estimasi allowances. Some accounting judgement and
akuntansi yang terkait dengan perhitungan kerugian estimates related to the expected credit loss
kredit ekspektasian adalah model penilaian kredit, calculation are credit grading model, criteria for
kriteria untuk menilai apakah telah terjadi assessing if there has been a significant increase in
peningkatan risiko kredit yang signifikan, dan credit risk, and development of expected credit
pengembangan model kerugian kredit losses models, including the choice of inputs.
ekspektasian, termasuk pilihan input.
Kerugian penurunan nilai terjadi, jika dan hanya jika, Impairment losses are incurred only if there is
terdapat bukti yang obyektif mengenai penurunan objective evidence of impairment as a result of one
nilai tersebut sebagai akibat dari satu atau lebih or more events that occurred after the initial
peristiwa yang terjadi setelah pengakuan awal aset recognition of the asset (a “loss event”) and that loss
tersebut (peristiwa yang merugikan) dan peristiwa event (or events) has an impact on the estimated
yang merugikan tersebut berdampak pada estimasi future cash flow that can be reliably estimated.
arus kas masa depan atas aset keuangan atau
kelompok aset keuangan yang dapat diestimasi
secara andal.
43
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Page 216
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
3. PERTIMBANGAN ESTIMASI DAN ASUMSI YANG 3. SIGNIFICANT ACCOUNTING JUDGMENTS,
SIGNIFIKAN (lanjutan) ESTIMATES AND ASSUMPTIONS (continued)
Pertimbangan, estimasi dan asumsi (lanjutan) Judgments, estimates and assumptions
(continued)
Liabilitas imbalan kerja karyawan Employee benefits
Penentuan liabilitas dan liabilitas imbalan kerja The determination of the Company’s obligations and
Perusahaan bergantung pada pemilihan asumsi cost for employee benefits liability is dependent on
yang digunakan oleh aktuaris independen dalam its selection of certain assumptions used by
menghitung jumlah-jumlah tersebut. Asumsi management in calculating such amounts. Those
tersebut termasuk antara lain, tingkat diskonto, assumptions include, among others, discount rates,
tingkat kenaikan gaji tahunan. Sementara annual salary increase rate. While the Company
Perusahaan berkeyakinan bahwa asumsi tersebut believes that its assumptions are reasonable and
adalah wajar dan sesuai, perbedaan signifikan pada appropriate, significant differences in the
hasil aktual atau perubahan signifikan dalam asumsi Company’s actual results or significant changes in
yang ditetapkan Perusahaan dapat mempengaruhi the Company’s assumptions may materially affect
secara material liabilitas atas pensiun dan imbalan its estimated liability for employee benefits and net
kerja dan beban imbalan kerja neto. employee benefits expense.
Penyusutan aset tetap Depreciation of fixed assets
Biaya perolehan aset tetap disusutkan dengan The costs of fixed assets are depreciated on a
menggunakan metode garis lurus berdasarkan straight-line basis over their estimated useful lives.
estimasi masa manfaat ekonomisnya. Manajemen Management properly estimates the useful lives of
mengestimasi masa manfaat ekonomis aset tetap these fixed assets to be within 4 to 5 years. These
antara 4 sampai dengan 5 tahun. Ini adalah umur are common life expectancies applied in the industry
yang secara umum diharapkan dalam industri where the Company conducts its business.
dimana Perusahaan menjalankan bisnisnya. Changes in the expected level of usage and
Perubahan tingkat pemakaian dan perkembangan technological development could impact the
teknologi dapat mempengaruhi masa manfaat economic useful lives and the residual values of
ekonomis dan nilai sisa aset, dan karenanya biaya these assets, and therefore future depreciation
penyusutan masa depan dapat direvisi. charges could be revised.
Pajak penghasilan Income tax
Pertimbangan signifikan dilakukan dalam Significant judgment is involved in determining
menentukan provisi atas pajak penghasilan badan. provision for corporate income tax. There are certain
Terdapat transaksi dan perhitungan tertentu yang transactions and computation for which the ultimate
penentuan pajak akhirnya adalah tidak pasti tax determination is uncertain during the ordinary
sepanjang kegiatan usaha normal. Perusahaan course of business. The Company recognizes
mengakui liabilitas atas pajak penghasilan badan liabilities for expected corporate income tax issues
berdasarkan estimasi apakah akan terdapat based on estimates of whether additional corporate
tambahan pajak penghasilan badan. income tax will be due.
Aset pajak tangguhan Deferred tax assets
Aset pajak tangguhan diakui atas seluruh rugi pajak Deferred tax assets are recognized for all unused
yang belum digunakan sepanjang besar tax losses to the extent that it is probable that
kemungkinannya bahwa penghasilan kena pajak taxable profit will be available against which the
akan tersedia sehingga rugi pajak tersebut dapat losses can be utilized. Significant management
digunakan. Estimasi signifikan oleh manajemen estimates are required to determine the amount of
disyaratkan dalam menentukan jumlah aset pajak deferred tax assets that can be recognized, based
tangguhan yang dapat diakui, berdasarkan saat upon the likely timing and the level of future taxable
penggunaan dan tingkat penghasilan kena pajak profits together with future tax planning strategies.
dan strategi perencanaan pajak masa depan.
44
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Page 217
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
3. PERTIMBANGAN ESTIMASI DAN ASUMSI YANG 3. SIGNIFICANT ACCOUNTING JUDGMENTS,
SIGNIFIKAN (lanjutan) ESTIMATES AND ASSUMPTIONS (continued)
Pertimbangan, estimasi dan asumsi (lanjutan) Judgments, estimates and assumptions
(continued)
Penentuan jangka waktu sewa untuk kontrak sewa Determination of the lease term for lease contracts
dengan opsi perpanjangan dan pengakhiran with renewal and termination options (the Company
(Perusahaan sebagai lessee) as a lessee)
Perusahaan menentukan masa sewa sebagai The Company determines the lease term as the
periode sewa yang tidak dapat dibatalkan, serta non-cancelable term of the lease, together with any
periode yang dicakup oleh opsi untuk periods covered by an option to extend the lease if
memperpanjang sewa, jika penyewa cukup pasti it is reasonably certain to be exercised, or any
untuk mengeksekusi opsi tersebut, dan periode periods covered by an option to terminate the lease,
yang dicakup oleh opsi untuk menghentikan sewa, if it is reasonably certain not to be exercised.
jika penyewa cukup pasti untuk tidak mengeksekusi
opsi tersebut.
4. KAS DAN KAS PADA BANK 4. CASH ON HAND AND IN BANKS
Akun ini terdiri dari: This account consists of:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Kas Cash on hand
Rupiah 110.674.925 62.674.925 Rupiah
Dolar AS 154.160.000 157.310.000 US Dollar
Sub-total 264.834.925 219.984.925 Sub-total
Kas pada bank - pihak ketiga: Cash in banks - third parties:
Rupiah Rupiah
PT Bank CIMB Niaga Tbk 161.143.599.311 365.105.073.734 PT Bank CIMB Niaga Tbk
PT Bank Permata Tbk 107.741.105.010 - PT Bank Permata Tbk
PT Bank HSBC Indonesia 4.678.848.224 686.395.799 PT Bank HSBC Indonesia
PT Bank Central Asia Tbk 3.531.072.480 1.127.485.432 PT Bank Central Asia Tbk
Deutsche Bank AG, Cabang Jakarta 557.951.538 157.287.064 Deutsche Bank AG, Jakarta Branch
MUFG Bank, Ltd., Cabang Jakarta 390.530.424 393.215.706 MUFG Bank, Ltd., Jakarta Branch
PT Bank BTPN Tbk 286.000.912 363.254.325 PT Bank BTPN Tbk
PT Bank Mandiri Tbk 276.519.295 87.950.117 PT Bank Mandiri Tbk
PT Bank Mizuho Indonesia 218.976.177 253.999.065 PT Bank Mizuho Indonesia
PT Bank DBS Indonesia - 947.100 PT Bank DBS Indonesia
Dolar AS US Dollar
Deutsche Bank AG, Cabang Jakarta 709.243.758 140.879.285 Deutsche Bank AG, Jakarta Branch
MUFG Bank, Ltd., Cabang Jakarta 369.368 376.915 MUFG Bank, Ltd., Jakarta Branch
Yen Jepang Japanese Yen
MUFG Bank, Ltd., Cabang Jakarta 459.331 492.957 MUFG Bank, Ltd., Jakarta Branch
Sub-total 279.534.675.828 368.317.357.499 Sub-total
Total kas dan kas pada bank 279.799.510.753 368.537.342.424 Total cash on hand and in banks
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (34.200.150) (14.009.657) impairment losses
Neto 279.765.310.603 368.523.332.767 Net
45
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Page 218
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
4. KAS DAN KAS PADA BANK (lanjutan) 4. CASH ON HAND AND IN BANKS (continued)
Mutasi nilai tercatat kas dan setara kas pada The movements of carrying amount of cash and
tanggal-tanggal 31 Desember 2023 dan 2022, cash equivalents as of December 31, 2023 and
adalah sebagai berikut: 2022, are as follows:
31 Desember/December 31, 2023
Stage 1 Stage 2 Stage 3 Total
Saldo awal 368.537.342.424 - - 368.537.342.424 Beginning balance
Pengukuran kembali bersih (196.353.957.624) - - (196.353.957.624) Remeasurement
Aset keuangan baru yang New financial assets originated
diterbitkan atau dibeli 107.741.105.010 - - 107.741.105.010 or purchased
Aset keuangan yang Financial assets that have been
dihentikan pengakuannya (113.307.681) - - (113.307.681) derecognized
Selisih kurs dan Foreign exchange and
perubahan lainnya (11.671.376) - - (11.671.376) other movements
Saldo Akhir 279.799.510.753 - - 279.799.510.753 Ending Balance
`
31 Desember/December 31, 2022
Stage 1 Stage 2 Stage 3 Total
Saldo awal 396.149.155.738 - - 396.149.155.738 Beginning balance
Pengukuran kembali bersih (27.707.874.898) - - (27.707.874.898) Remeasurement
Aset keuangan baru yang New financial assets originated
diterbitkan atau dibeli 87.950.117 - - 87.950.117 or purchased
Aset keuangan yang Financial assets that have been
dihentikan pengakuannya - - - - derecognized
Selisih kurs dan Foreign exchange and
perubahan lainnya 8.111.467 - - 8.111.467 other movements
Saldo Akhir 368.537.342.424 - - 368.537.342.424 Ending Balance
`
Mutasi cadangan kerugian penurunan nilai pada The movements in the allowance for impairment
tanggal-tanggal 31 Desember 2023 dan 2022, losses as of December 31, 2023 and 2022, are as
adalah sebagai berikut: follows:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Saldo awal 14.009.657 47.886.664 Beginning balance
Penyisihan/(pembalikan) kerugian Provision/(reversal) for impairment
penurunan nilai tahun berjalan 20.190.493 (33.877.007) losses during the year
Saldo akhir 34.200.150 14.009.657 Ending balance
31 Desember/December 31, 2023
Stage 1 Stage 2 Stage 3 Total
Saldo awal 14.009.657 - - 14.009.657 Beginning balance
Pengukuran kembali bersih 28.953.900 - - 28.953.900 Remeasurement
Aset keuangan baru yang New financial assets originated
diterbitkan atau dibeli - - - - or purchased
Aset keuangan yang Financial assets that have been
dihentikan pengakuannya (10) - - (10) derecognized
Selisih kurs dan Foreign exchange and
perubahan lainnya (8.763.397) - - (8.763.397) other movements
Saldo Akhir 34.200.150 - - 34.200.150 Ending Balance
46
198
Page 219
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
4. KAS DAN KAS PADA BANK (lanjutan) 4. CASH ON HAND AND IN BANKS (continued)
Mutasi cadangan kerugian penurunan nilai pada The movements in the allowance for impairment
tanggal-tanggal 31 Desember 2023 dan 2022, losses as of December 31, 2023 and 2022, are as
adalah sebagai berikut: (lanjutan) follows: (continued)
31 Desember/December 31, 2022
Stage 1 Stage 2 Stage 3 Total
Saldo awal 47.886.664 - - 47.886.664 Beginning balance
Pengukuran kembali bersih (34.021.595) - - (34.021.595) Remeasurement
Aset keuangan baru yang New financial assets originated
diterbitkan atau dibeli 10.253 - - 10.253 or purchased
Aset keuangan yang Financial assets that have been
dihentikan pengakuannya - - - - derecognized
Selisih kurs dan Foreign exchange and
perubahan lainnya 134.335 - - 134.335 other movements
Saldo Akhir 14.009.657 - - 14.009.657 Ending Balance
`
Suku bunga tahunan kas pada bank berkisar antara Annual interest rates of cash in banks are ranging
0,00% hingga 6,25% pada tanggal 31 Desember from 0.00% to 6.25% as of December 31, 2023 and
2023 dan 0,00% hingga 4,00% pada tanggal 0.00% to 4.00% as of December 31, 2022.
31 Desember 2022.
Tidak terdapat jumlah kas dan setara kas yang There are no significant amounts of cash and cash
signifikan yang tidak dapat digunakan oleh equivalents that cannot be used by the Company.
Perusahaan.
Tidak terdapat saldo kas dan setara kas yang There are no cash and cash equivalents pledged as
dijaminkan. collateral.
Manajemen berkeyakinan bahwa cadangan Management believe that the allowance for
kerugian penurunan nilai atas kas dan kas pada impairment losses on cash on hand and in Banks is
Bank telah memadai. adequate.
5. PIUTANG SEWA PEMBIAYAAN 5. FINANCE LEASE RECEIVABLES
Akun ini terdiri dari: This account consists of:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Pihak ketiga Third parties
Piutang sewa pembiayaan 5.339.956.486.605 4.393.948.930.013 Finance lease receivables
Nilai residu yang dijamin 1.903.565.865.330 1.514.560.575.202 Guaranteed residual value
Pendapatan sewa pembiayaan Unearned finance lease
yang belum diakui (624.824.508.840) (506.271.623.823) income
Simpanan jaminan (1.903.565.865.330) (1.514.560.575.202) Security deposits
Piutang sewa pembiayaan - Finance lease receivables -
pihak ketiga 4.715.131.977.765 3.887.677.306.190 third parties
Total piutang sewa pembiayaan 4.715.131.977.765 3.887.677.306.190 Total finance lease receivables
Dikurangi: cadangan kerugian
penurunan nilai piutang Less: allowance for impairment losses
sewa pembiayaan (67.790.927.933) (62.948.455.294) on finance lease receivables
Neto 4.647.341.049.832 3.824.728.850.896 Net
47
199
Page 220
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
5. PIUTANG SEWA PEMBIAYAAN (lanjutan) 5. FINANCE LEASE RECEIVABLES (continued)
Umur angsuran piutang sewa pembiayaan menurut The aging installment schedules of finance lease
tahun jatuh temponya adalah sebagai berikut: receivables by year of maturity are as follows:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Pihak ketiga Third parties
Telah jatuh tempo Past due
1 - 30 hari 7.491.759.204 3.674.840.452 1 - 30 days
31 - 60 hari 1.477.833.218 2.152.764.136 31 - 60 days
61 - 90 hari 786.274.960 634.700.688 61 - 90 days
> 90 hari 979.782.228 5.011.901.170 > 90 days
Belum jatuh tempo Not yet due
2023 - 2.170.273.132.539 2023
2024 2.729.461.018.299 1.455.979.117.519 2024
2025 1.705.553.049.072 632.570.284.135 2025
2026 dan sesudahnya 894.206.769.624 123.652.189.374 2026 and thereafter
Total 5.339.956.486.605 4.393.948.930.013 Total
Jangka waktu kontrak piutang sewa pembiayaan The terms of contract for finance lease receivables
kepada konsumen antara 1 sampai dengan are ranging from 1 to 5 years.
5 tahun.
Piutang sewa pembiayaan - bruto sesuai dengan Finance lease receivables - gross based on maturity
tanggal jatuh temponya, adalah sebagai berikut: date, are as follows:
31 Desember 2023/ <1 tahun/ 1-5 tahun/ > 5 tahun/
December 31, 2023 <1 year 1-5 years > 5 years
Piutang sewa pembiayaan 5.339.956.486.605 495.111.413.647 4.844.845.072.958 - Finance lease receivables
Nilai residu 1.903.565.865.330 479.710.361.388 1.423.855.503.942 - Residual value
Simpanan jaminan (1.903.565.865.330) (479.710.361.388) (1.423.855.503.942) - Security deposits
Pendapatan sewa pembiayaan
yang belum diakui (624.824.508.840) (18.526.505.435) (606.298.003.405) - Unearned finance lease income
Nilai kini piutang Present value of
sewa pembiayaan 4.715.131.977.765 476.584.908.212 4.238.547.069.553 - finance lease receivables
31 Desember 2022/ <1 tahun/ 1-5 tahun/ > 5 tahun/
December 31, 2022 <1 year 1-5 years > 5 years
Piutang sewa pembiayaan 4.393.948.930.013 360.593.950.462 4.033.354.979.551 - Finance lease receivables
Nilai residu 1.514.560.575.202 421.576.502.609 1.092.984.072.593 - Residual value
Simpanan jaminan (1.514.560.575.202) (421.576.502.609) (1.092.984.072.593) - Security deposits
Pendapatan sewa pembiayaan
yang belum diakui (506.271.623.823) (15.946.756.720) (490.324.867.103) - Unearned finance lease income
Nilai kini piutang Present value of
sewa pembiayaan 3.887.677.306.190 344.647.193.742 3.543.030.112.448 - finance lease receivables
48
200
Page 221
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
5. PIUTANG SEWA PEMBIAYAAN (lanjutan) 5. FINANCE LEASE RECEIVABLES (continued)
Pada saat perjanjian sewa pembiayaan dimulai, At the time of execution of the finance lease
lessee memberikan simpanan jaminan. Simpanan contracts, the lessees pay security deposits. The
jaminan ini akan digunakan sebagai pembayaran security deposits are used as the final installment at
pada akhir masa sewa pembiayaan, bila hak opsi the end of the finance lease period, if the lessees
dilaksanakan lessee. Apabila lessee tidak exercise the option to purchase the leased assets. If
melaksanakan hak opsinya untuk membeli aset the lessees do not exercise the purchase option, the
sewa pembiayaan tersebut maka simpanan jaminan security deposit will be returned to the lessees as
dikembalikan kepada lessee sepanjang memenuhi long as it meets the conditions in the finance lease
ketentuan dalam perjanjian sewa pembiayaan. agreements.
Perubahan nilai tercatat piutang sewa pembiayaan The changes in the carrying amount of finance lease
dengan klasifikasi diamortisasi berdasarkan stage receivables classified as amortized cost by stage as
untuk pada tanggal-tanggal 31 Desember 2023 dan of December 31, 2023 and 2022, are as follows:
2022, adalah sebagai berikut:
31 Desember/December 31, 2023
Stage 1 Stage 2 Stage 3
(JT 0-10 hari)/ (JT 11-30 hari)/ (JT>30 hari)/
Stage 1 Stage 2 Stage 3 Total/
(OD 0-10 days) (OD 11-30 days) (OD>30 days) Total
Biaya perolehan diamortisasi Amortized cost
Saldo awal 3.763.203.203.639 101.390.058.464 23.084.044.087 3.887.677.306.190 Beginning balance
Pengalihan ke kerugian kredit Transfer to the 12-month expected
ekspektasian 12 bulan (Stage 1) 23.984.844.499 (16.929.919.860) (7.054.924.639 ) - credit loss (Stage 1)
Pengalihan ke piutang yang tidak Transfer to receivables
mengalami penurunan nilai (Stage 2) (44.255.300.220 ) 44.831.741.400 (576.441.180 ) - which are not impaired (Stage 2)
Pengalihan ke piutang yang Transfer to receivables
mengalami penurunan nilai (Stage 3) (39.107.852.847 ) (9.584.181.400) 48.692.034.247 - which are impaired (Stage 3)
Total saldo awal setelah pengalihan 3.703.824.895.071 119.707.698.604 64.144.712.515 3.887.677.306.190 Total beginning balance after transfer
Pengukuran kembali bersih nilai tercatat (1.439.277.770.481 ) (47.786.917.001) (20.324.539.354 ) (1.507.389.226.836) Net remeasurement of carrying value
Aset keuangan baru yang New financial assets originated
diterbitkan atau dibeli 2.681.555.454.932 45.594.234.329 13.417.525.395 2.740.567.214.656 or purchased
Aset keuangan yang dihentikan
pengakuannya (376.414.691.059 ) (19.741.048.156) (8.792.163.676 ) (404.947.902.891) Derecognized financial assets
Aset keuangan yang dihapusbukukan - - (775.413.354 ) (775.413.354) Financial assets written-off
Total penurunan tahun berjalan 865.862.993.392 (21.933.730.828) (16.474.590.989 ) 827.454.671.575 Total deduction during the year
Saldo akhir 4.569.687.888.463 97.773.967.776 47.670.121.526 4.715.131.977.765 Ending balance
31 Desember/December 31, 2022
Stage 1 Stage 2 Stage 3
(JT 0-10 hari)/ (JT 11-30 hari)/ (JT>30 hari)/
Stage 1 Stage 2 Stage 3 Total/
(OD 0-10 days) (OD 11-30 days) (OD>30 days) Total
Biaya perolehan diamortisasi Amortized cost
Saldo awal 2.856.267.819.884 214.004.676.714 32.012.832.750 3.102.285.329.348 Beginning balance
Pengalihan ke kerugian kredit Transfer to the 12-month expected
ekspektasian 12 bulan (Stage 1) 25.433.258.896 (20.914.973.522) (4.518.285.374 ) - credit loss (Stage 1)
Pengalihan ke piutang yang tidak Transfer to receivables
mengalami penurunan nilai (Stage 2) (11.147.202.363 ) 11.388.161.091 (240.958.728 ) - which are not impaired (Stage 2)
Pengalihan ke piutang yang Transfer to receivables
mengalami penurunan nilai (Stage 3) (14.848.614.532 ) (13.201.521.148) 28.050.135.680 - which are impaired (Stage 3)
Total saldo awal setelah pengalihan 2.855.705.261.885 191.276.343.135 55.303.724.328 3.102.285.329.348 Total beginning balance after transfer
Pengukuran kembali bersih nilai tercatat (1.071.026.888.324 ) (67.689.110.919) (21.803.659.014 ) (1.160.519.658.257) Net remeasurement of carrying value
Aset keuangan baru yang New financial assets originated
diterbitkan atau dibeli 2.425.864.348.453 11.364.106.059 3.426.419.792 2.440.654.874.304 or purchased
Aset keuangan yang dihentikan
pengakuannya (447.339.518.375 ) (33.561.279.811) (12.562.844.372 ) (493.463.642.558) Derecognized financial assets
Aset keuangan yang dihapusbukukan - - (1.279.596.647 ) (1.279.596.647) Financial assets written-off
Total penurunan tahun berjalan 907.497.941.754 (89.886.284.671) (32.219.680.241 ) 785.391.976.842 Total deduction during the year
Saldo akhir 3.763.203.203.639 101.390.058.464 23.084.044.087 3.887.677.306.190 Ending balance
49
201
Page 222
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
5. PIUTANG SEWA PEMBIAYAAN (lanjutan) 5. FINANCE LEASE RECEIVABLES (continued)
Piutang sewa pembiayaan - bruto berdasarkan Finance lease receivables - gross based on
kolektabilitas sesuai peraturan OJK: collectability in accordance with OJK regulations:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Lancar 4.615.409.230.962 3.859.845.136.633 Current
Dalam perhatian khusus 96.325.014.462 20.314.523.771 Special mention
Kurang lancar 1.387.446.494 1.394.803.573 Substandard
Diragukan 821.378.675 1.833.873.766 Doubtful
Macet 1.188.907.172 4.288.968.447 Loss
Total 4.715.131.977.765 3.887.677.306.190 Total
Mutasi cadangan kerugian penurunan nilai piutang The movements in allowance for impairment losses
sewa pembiayaan adalah sebagai berikut: on finance lease receivables are as follows:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Saldo awal 62.948.455.294 72.666.261.030 Beginning balance
Penyisihan/(pembalikan) Provision/(reversal)
kerugian penurunan for impairment losses
nilai piutang sewa pembiayaan lease receivables
untuk tahun berjalan 5.617.885.993 (8.438.209.089) during the year
Penghapusan piutang sewa Write-off of finance lease receivables
pembiayaan untuk tahun berjalan (775.413.354) (1.279.596.647) during the year
Saldo akhir 67.790.927.933 62.948.455.294 Ending balance
31 Desember/December 31, 2023
Stage 1/ Stage 2/ Stage 3/ Total/
Stage 1 Stage 2 Stage 3 Total
Saldo awal 22.195.003.987 27.435.656.788 13.317.794.519 62.948.455.294 Beginning balance
Pengalihan ke: Transfer to :
Kerugian kredit ekspektasian 12 bulan The 12-month expected credit loss
(Stage 1) 4.121.434.003 (2.216.614.984) (1.904.819.019 ) - (Stage 1)
Kerugian kredit ekspektasian sepanjang
umurnya - tidak mengalami Lifetime expected credit losses -
penurunan nilai (Stage 2) (283.931.585 ) 492.923.914 (208.992.329 ) - not credit-impairment (Stage 2)
Kerugian kredit ekspektasian sepanjang
umurnya - mengalami Lifetime expected credit losses -
penurunan nilai (Stage 3) (238.945.951 ) (4.277.993.616) 4.516.939.567 - credit-impairment (Stage 3)
Total saldo awal setelah pengalihan 25.793.560.454 21.433.972.102 15.720.922.738 62.948.455.294 Total beginning balance after transfer
Pengukuran kembali bersih
penyisihan kerugian (11.161.175.067 ) (12.168.825.118) 424.632.382 (22.905.367.803 ) Net remeasurement of loss allowance
Aset keuangan baru yang New financial assets originated
diterbitkan atau dibeli 21.960.151.228 16.354.329.040 5.864.769.859 44.179.250.127 or purchased
Aset keuangan yang dihentikan
pengakuannya (1.489.452.022 ) (7.241.720.096) (6.924.824.213 ) (15.655.996.331 ) Derecognized financial assets
Total pembentukan tahun berjalan 9.309.524.139 (3.056.216.174) (635.421.972 ) 5.617.885.993 Total build-up during the year
Aset keuangan yang dihapusbukukan - - (775.413.354 ) (775.413.354 ) Financial assets written-off
Pemulihan kembali piutang
yang telah dihapusbukukan - - - - Recovery from receivables written-off
Saldo akhir 35.103.084.593 18.377.755.928 14.310.087.412 67.790.927.933 Ending balance
50
202
Page 223
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
5. PIUTANG SEWA PEMBIAYAAN (lanjutan) 5. FINANCE LEASE RECEIVABLES (continued)
Mutasi cadangan kerugian penurunan nilai piutang The movements in allowance for impairment losses
sewa pembiayaan adalah sebagai berikut: (lanjutan) on finance lease receivables are as follows:
(continued)
31 Desember/December 31, 2022
Stage 1/ Stage 2/ Stage 3/ Total/
Stage 1 Stage 2 Stage 3 Total
Saldo awal 10.199.067.017 47.410.874.029 15.056.319.984 72.666.261.030 Beginning balance
Pengalihan ke: Transfer to :
Kerugian kredit ekspektasian 12 bulan The 12-month expected credit loss
(Stage 1) 4.654.095.465 (3.528.965.144) (1.125.130.321 ) - (Stage 1)
Kerugian kredit ekspektasian sepanjang
umurnya - tidak mengalami Lifetime expected credit losses -
penurunan nilai (Stage 2) (45.978.665 ) 107.871.951 (61.893.286) - not credit-impairment (Stage 2)
Kerugian kredit ekspektasian sepanjang
umurnya - mengalami Lifetime expected credit losses -
penurunan nilai (Stage 3) (306.427.757 ) (2.651.454.297) 2.957.882.054 - credit-impairment (Stage 3)
Total saldo awal setelah pengalihan 14.500.756.060 41.338.326.539 16.827.178.431 72.666.261.030 Total beginning balance after transfer
Pengukuran kembali bersih
penyisihan kerugian (6.560.975.400 ) (12.942.235.759) 1.586.311.896 (17.916.899.263 ) Net remeasurement of loss allowance
Aset keuangan baru yang New financial assets originated
diterbitkan atau dibeli 15.190.959.586 4.590.903.050 2.557.196.756 22.339.059.392 or purchased
Aset keuangan yang dihentikan
pengakuannya (935.736.259 ) (5.551.337.042) (6.373.295.917 ) (12.860.369.218 ) Derecognized financial assets
Total pembentukan tahun berjalan 7.694.247.927 (13.902.669.751) (2.229.787.265 ) (8.438.209.089 ) Total build-up during the year
Aset keuangan yang dihapusbukukan - - (1.279.596.647 ) (1.279.596.647 ) Financial assets written-off
Pemulihan kembali piutang
yang telah dihapusbukukan - - - - Recovery from receivables written-off
Saldo akhir 22.195.003.987 27.435.656.788 13.317.794.519 62.948.455.294 Ending balance
Seluruh piutang sewa pembiayaan pada tanggal- All finance lease receivables as of December 31,
tanggal 31 Desember 2023 dan 2022 dievaluasi 2023 and 2022 are collectively and individually
secara kolektif dan individual terhadap penurunan evaluated for impairment.
nilai.
Suku bunga efektif piutang sewa pembiayaan The effective interest rates of finance lease
berkisar dari 7,61% sampai dengan 18,84% dan dari receivables are ranging from 7.61% to 18.84% and
6,41% sampai dengan 17,91% masing-masing pada 6.41% to 17.91% as of December 31, 2023 and
tanggal 31 Desember 2023 dan 2022. 2022, respectively.
Kendaraan bermotor yang dibiayai oleh Perusahaan The vehicles financed by the Company are covered
telah diasuransikan atas risiko kehilangan dan by insurance against losses and damages under
kerusakan berdasarkan polis yang dibuat dengan policies entered into with PT Asuransi Central Asia,
PT Asuransi Central Asia, PT Asuransi Wahana PT Asuransi Wahana Tata, PT Asuransi Sinar Mas
Tata, PT Asuransi Sinar Mas dan PT Sompo and PT Sompo Insurance Indonesia, third parties
Insurance Indonesia, pihak ketiga (Catatan 22). (Note 22).
Tidak ada saldo piutang sewa pembiayaan yang There is no outstanding balance of restructured
direstrukturisasi pada tanggal 31 Desember 2023. finance lease receivables as of December 31, 2023.
Piutang sewa pembiayaan yang direstrukturisasi The percentage of restructured finance lease
pada tanggal 31 Desember 2022 adalah receivables as of December 31, 2022 is 0.02% of
0,02% dari saldo piutang sewa pembiayaan bruto. the gross finance lease receivables balance.
51
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Page 224
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
5. PIUTANG SEWA PEMBIAYAAN (lanjutan) 5. FINANCE LEASE RECEIVABLES (continued)
Perusahaan telah melakukan restrukturisasi The Company has restructured its financing for
pembiayaan untuk konsumen yang terkena dampak debtors affected by the Covid-19 pandemic in
pandemi Covid-19 sesuai dengan POJK accordance with POJK No. 14/POJK.05/2020
No. 14/POJK.05/2020 ”Kebijakan Countercyclical "Countercyclical Policy Impact of the Spread of
Dampak Penyebaran Coronavirus Disease 2019 Coronavirus Disease 2019 for Non-Bank Financial
bagi Lembaga Jasa Keuangan Non-Bank” tanggal Services Institutions" dated April 17, 2020. As of
17 April 2020. Per tanggal 31 Desember 2023, tidak December 31, 2023, there are no balance of the
terdapat piutang sewa pembiayaan - bruto restructured Covid-19 finance lease receivables -
restrukturisasi Covid-19 dan per tanggal 31 gross and as of December 31, 2022, the
Desember 2022, piutang sewa pembiayaan - bruto restructured Covid-19 finance lease receivables -
restrukturisasi Covid-19 adalah Rp660.911.287 gross amounted to Rp660,911,287 (equivalent to
(setara dengan 0,02% dari saldo piutang sewa 0.02% of the gross finance lease receivables
pembiayaan bruto). balance).
Manajemen berkeyakinan bahwa cadangan Management believes that the allowance for
kerugian penurunan nilai atas piutang sewa impairment losses on finance lease receivables is
pembiayaan adalah cukup untuk menutup kerugian adequate to cover possible losses arising from
yang mungkin timbul akibat tidak tertagihnya piutang uncollectible of finance lease receivables.
sewa pembiayaan.
6. BEBAN DIBAYAR DIMUKA 6. PREPAID EXPENSES
Akun ini terdiri dari: This account consists of:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Teknologi informasi 3.728.530.604 3.592.560.069 Information technology
Sewa 445.990.479 383.063.462 Rent
Biaya profesional 248.341.632 213.726.800 Professional fees
Asuransi 201.269.163 178.954.426 Insurance
Biaya rekrutmen 3.885.000 183.574.831 Recruitment fees
Program pendidikan - 1.268.896.500 Education program
Lain-lain 171.865.000 76.960.000 Others
Total 4.799.881.878 5.897.736.088 Total
Pada tanggal 31 Desember 2023 dan 2022, beban As of December 31, 2023 and 2022, prepaid
dibayar dimuka lain-lain terutama terdiri atas biaya expenses others mainly consist of costs incurred to
yang dikeluarkan kepada pihak ketiga sebagai third parties as providers of rating services,
penyedia jasa penilai (rating), penyedia jasa providers of business information services, signage,
informasi bisnis, reklame dan penyewaan kabel and cable line rental.
telepon.
7. PIUTANG LAIN-LAIN DAN ASET LAIN-LAIN 7. OTHER RECEIVABLES AND OTHER ASSETS
a. Piutang lain-lain a. Other Receivables
Akun ini terdiri dari: This account consists of:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Pihak ketiga Third parties
Piutang lain-lain dari
aset yang dibiayai - setelah Other receivables from financed
dikurangi cadangan kerugian assets - net of allowance for
penurunan nilai sebesar impairment losses of
Rp2.355.746.795 dan Rp2,355,746,795 and
Rp237.227.396 pada tanggal Rp237,227,396 as of
31 Desember 2023 dan 2022 3.274.140.487 84.781.402 December 31, 2023 and 2022
52
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Page 225
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
7. PIUTANG LAIN-LAIN DAN ASET LAIN-LAIN 7. OTHER RECEIVABLES AND OTHER ASSETS
(lanjutan) (continued)
a. Piutang lain-lain (lanjutan) a. Other Receivables (continued)
Akun ini terdiri dari: (lanjutan) This account consists of: (continued)
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Pihak ketiga (lanjutan) Third parties (continued)
Piutang bunga 313.943.670 - Accrued interest receivables
Piutang asuransi 20.410.644 58.825.427 Insurance receivables
Lain-lain 6.290.475.061 275.240.081 Others
Total 9.898.969.862 418.846.910 Total
Piutang lain-lain dari aset yang dibiayai, Other receivables from financed assets are
merupakan transaksi atas piutang sewa transactions on finance lease receivables that
pembiayaan yang telah mengalami wanprestasi have defaulted on the financing agreement until
terhadap perjanjian pembiayaan sampai the Company can take action in an effort to
dengan saat Perusahaan dapat melakukan settle debts that have been in arrears.
tindakan dalam upaya penyelesaian piutang
pembiayaan yang telah tertunggak tersebut.
Piutang bunga, merupakan transaksi piutang Interest receivables are interest receivable
bunga atas saldo kas pada Bank. transactions on cash balances at the Bank.
Piutang asuransi, merupakan transaksi terkait Insurance receivables are transactions on
piutang pelanggan atas premi asuransi sewa customer receivables for finance lease
pembiayaan yang belum dibayarkan kepada insurance premiums that have not been paid to
Perusahaan Asuransi. the Insurance Company.
Lain-lain terutama terdiri dari klaim penggantian Others mainly consists of claims for
atas biaya untuk dukungan pemasaran, uang reimbursement of support for marketing
muka biaya operasional cabang dan biaya expenses, advances money for branch
perjalanan dinas. operational expenses and business trip.
Mutasi cadangan kerugian penurunan nilai The movements in the allowance for
pada tanggal-tanggal 31 Desember 2023 dan impairment losses for the years ended as of
2022, adalah sebagai berikut: December 31, 2023 and 2022, are as follows:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Saldo awal 237.227.396 384.597.995 Beginning balance
Penyisihan/(pembalikan) Provision/(reversal)
kerugian penurunan nilai for impairment losses on other
piutang lain-lain dari aset receivables from financed
yang dibiayai tahun berjalan 2.118.519.399 (147.370.599) assets during the year
Saldo akhir 2.355.746.795 237.227.396 Ending balance
Untuk tanggal-tanggal 31 Desember 2023 dan For the years ended December 31, 2023 and
2022, kerugian penyelesaian piutang lain-lain 2022, loss on settlement of other receivables
dari aset yang dibiayai masing-masing adalah from financed assets amounted to
sebesar Rp1.047.998.363 dan Rp468.342.486. Rp1,047,998,363 and Rp468,342,486,
respectively.
Manajemen berkeyakinan bahwa cadangan Management believes that the allowance for
kerugian penurunan nilai atas piutang lain-lain impairment losses on other receivables from
dari aset yang dibiayai adalah cukup untuk financed assets is adequate to cover possible
menutup kerugian yang mungkin timbul akibat losses arising from uncollectible of other
tidak tertagihnya piutang lain-lain dari aset yang receivables from financed assets.
dibiayai.
53
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Page 226
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
7. PIUTANG LAIN-LAIN DAN ASET LAIN-LAIN 7. OTHER RECEIVABLES AND OTHER ASSETS
(lanjutan) (continued)
b. Aset lain-lain b. Other Assets
Akun ini terdiri dari: This account consists of:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Uang Jaminan 2.006.923.075 1.997.919.147 Security Deposit
Pembayaran dimuka 82.422.210 1.530.298.178 Advance Payment
Total 2.089.345.285 3.528.217.325 Total
8. ASET TETAP 8. FIXED ASSETS
Rincian dan mutasi dalam akun ini adalah sebagai The details and movements in this account are as
berikut: follows:
31 Desember /December 31, 2023
Saldo Saldo
1 Januari/ 31 Desember/
Balance as of Penambahan/ Pengurangan/ Reklasifikasi/ Balance as of
January 1, 2023 Additions Deductions Reclassifications December 31, 2023
Biaya Perolehan Cost
Kepemilikan Langsung Direct ownership
Pengembangan
gedung yang disewa 10.520.899.069 166.992.285 27.060.000 - 10.660.831.354 Lease improvements
Peralatan kantor 18.866.172.286 2.678.041.500 2.875.289.925 - 18.668.923.861 Office equipment
Kendaraan 1.687.050.000 - - - 1.687.050.000 Vehicles
Sub-total 31.074.121.355 2.845.033.785 2.902.349.925 - 31.016.805.215 Sub-total
Aset hak guna 52.898.648.187 7.547.274.430 2.773.115.500 - 57.672.807.117 Right-of-use assets
Total Biaya Perolehan 83.972.769.542 10.392.308.215 5.675.465.425 - 88.689.612.332 Total Cost
Akumulasi Penyusutan Accumulated Depreciation
Kepemilikan Langsung Direct ownership
Pengembangan
gedung yang disewa 7.860.896.096 865.544.528 27.060.000 - 8.699.380.624 Lease improvements
Peralatan kantor 14.828.730.794 2.067.519.652 2.847.944.631 - 14.048.305.815 Office equipment
Kendaraan 1.217.449.166 337.410.000 - - 1.554.859.166 Vehicles
Sub-total 23.907.076.056 3.270.474.180 2.875.004.631 - 24.302.545.605 Sub-total
Aset hak guna 32.275.541.132 11.708.531.494 2.773.115.500 - 41.210.957.126 Right-of-use assets
Total Akumulasi Penyusutan 56.182.617.188 14.979.005.674 5.648.120.131 - 65.513.502.731 Total Accumulated Depreciation
Nilai Buku Neto 27.790.152.354 23.176.109.601 Net Book Value
31 Desember /December 31, 2022
Saldo Saldo
1 Januari/ 31 Desember/
Balance as of Penambahan/ Pengurangan/ Reklasifikasi/ Balance as of
January 1, 2022 Additions Deductions Reclassifications December 31, 2022
Biaya Perolehan Cost
Kepemilikan Langsung Direct ownership
Pengembangan
gedung yang disewa 9.312.564.643 2.549.682.727 1.341.348.301 - 10.520.899.069 Lease improvements
Peralatan kantor 17.742.182.729 3.211.661.438 2.087.671.881 - 18.866.172.286 Office equipment
Kendaraan 1.687.050.000 - - - 1.687.050.000 Vehicles
Sub-total 28.741.797.372 5.761.344.165 3.429.020.182 - 31.074.121.355 Sub-total
Aset hak guna 39.007.770.148 14.319.929.397 429.051.358 - 52.898.648.187 Right-of-use assets
Total Biaya Perolehan 67.749.567.520 20.081.273.562 3.858.071.540 - 83.972.769.542 Total Cost
Akumulasi Penyusutan Accumulated Depreciation
Kepemilikan Langsung Direct ownership
Pengembangan
gedung yang disewa 8.164.370.501 960.748.724 1.264.223.129 - 7.860.896.096 Lease improvements
Peralatan kantor 15.191.182.720 1.705.701.647 2.068.153.573 - 14.828.730.794 Office equipment
Kendaraan 880.039.166 337.410.000 - - 1.217.449.166 Vehicles
Sub-total 24.235.592.387 3.003.860.371 3.332.376.702 - 23.907.076.056 Sub-total
Aset hak guna 21.389.550.677 11.029.007.575 143.017.120 - 32.275.541.132 Right-of-use assets
Total Akumulasi Penyusutan 45.625.143.064 14.032.867.946 3.475.393.822 - 56.182.617.188 Total Accumulated Depreciation
Nilai Buku Neto 22.124.424.456 27.790.152.354 Net Book Value
54
206
Page 227
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
8. ASET TETAP (lanjutan) 8. FIXED ASSETS (continued)
Penyusutan yang dibebankan pada operasi adalah Depreciation charged to operations amounting to
sebesar Rp14.979.005.674 dan Rp14.032.867.946 Rp14,979,005,674 and Rp14,032,867,946 for the
masing-masing untuk tahun yang berakhir pada years ended December 31, 2023 and 2022,
tanggal-tanggal 31 Desember 2023 dan 2022, respectively, are charged to “General and
dibebankan pada “Beban umum dan administrasi” administrative expenses” (Note 20).
(Catatan 20).
Perusahaan mengasuransikan aset tetap terhadap Fixed assets are covered by insurance against
risiko kebakaran dan risiko lainnya berdasarkan losses from fire and other risks under blanket
suatu paket polis tertentu dengan nilai policies amounting to Rp25,003,818,737 and
pertanggungan sebesar Rp25.003.818.737 dan Rp22,397,351,344 as of December 31, 2023 and
Rp22.397.351.344 masing-masing pada tanggal- 2022, respectively. Fixed assets are insured by
tanggal 31 Desember 2023 dan 2022. Aset tetap PT Asuransi Tokio Marine Indonesia, a third party.
tersebut diasuransikan melalui PT Asuransi Tokio
Marine Indonesia, pihak ketiga.
Manajemen berkeyakinan bahwa nilai The management believes that the sum insured is
pertanggungan tersebut cukup untuk menutupi adequate to cover possible losses arising from such
kemungkinan kerugian yang akan timbul. risks.
Rincian dari laba atas penjualan aset tetap adalah The details of gain on sale of fixed assets are as
sebagai berikut: follows:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Harga jual 850.000 114.400.000 Selling price
Nilai buku 27.345.293 (96.643.480) Book value
(Rugi)/laba penjualan aset tetap (26.495.293) 17.756.520 (Loss)/gain on sale of fixed assets
Untuk tahun yang berakhir pada tanggal-tanggal For the years ended December 31, 2023 and 2022,
31 Desember 2023 dan 2022, Perusahaan menjual the Company sold fixed assets for cash receipt
aset tetap dengan penerimaan kas masing-masing amounting to Rp850,000 and Rp114,400,000,
sebesar Rp850.000 dan Rp114.400.000. Laba atau respectively. Gain or loss on sale of fixed assets is
rugi penjualan aset tetap dibebankan sebagai charged as part of “General and administrative
bagian dari akun “Beban Umum dan Administrasi” expenses” account during the year.
selama tahun berjalan.
Penambahan dan pengurangan aset tetap Additions and deductions of the Company’s fixed
Perusahaan pada tanggal-tanggal 31 Desember asset as of December 31, 2023 and 2022, mainly
2023 dan 2022, terutama terdiri dari note consists of note book/desktop PC, air conditioner
book/desktop PC, air conditioner, meja dan kursi working desk and chair, projector, cabinet or
kerja, projector, kabinet atau lemari, fortigate FG cupboard, fortigate FG and lease improvement
dan pengembangan gedung yang disewa (instalasi (installation building) that used for the Company’s
gedung) yang digunakan untuk aktivitas operasional operational activities.
Perusahaan.
55
207
Page 228
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
8. ASET TETAP (lanjutan) 8. FIXED ASSETS (continued)
Aset hak guna pada tanggal-tanggal 31 Desember Right-of-use assets as of December 31, 2023 and
2023 dan 2022 adalah sebagai berikut: 2022 are as follows:
31 Desember/December 31, 2023
Saldo Awal Saldo Akhir
1 Januari/ 31 Desember/
Beginning Ending
Balance Penambahan/ Pengurangan/ Balance
January 1, 2023 Additions Deductions December 31, 2023
Biaya Perolehan: Cost:
Bangunan 32.708.126.581 3.504.413.001 2.773.115.500 33.439.424.082 Building
Kendaraan 20.190.521.606 4.042.861.429 - 24.233.383.035 Vehicles
Total Biaya Perolehan 52.898.648.187 7.547.274.430 2.773.115.500 57.672.807.117 Total Cost
Akumulasi Penyusutan: Accumulated Depreciation:
Bangunan 19.689.097.823 7.068.380.898 2.773.115.500 23.984.363.221 Building
Kendaraan 12.586.443.309 4.640.150.596 - 17.226.593.905 Vehicles
Total Akumulasi Penyusutan 32.275.541.132 11.708.531.494 2.773.115.500 41.210.957.126 Total Accumulated Depreciation
Nilai Buku Neto 20.623.107.055 16.461.849.991 Net Book Value
31 Desember/December 31, 2022
Saldo Awal Saldo Akhir
1 Januari/ 31 Desember/
Beginning Ending
Balance Penambahan/ Pengurangan/ Balance
January 1, 2022 Additions Deductions December 31, 2022
Biaya Perolehan: Cost:
Bangunan 24.193.873.594 8.943.304.345 429.051.358 32.708.126.581 Building
Kendaraan 14.813.896.554 5.376.625.052 - 20.190.521.606 Vehicles
Total Biaya Perolehan 39.007.770.148 14.319.929.397 429.051.358 52.898.648.187 Total Cost
Akumulasi Penyusutan: Accumulated Depreciation:
Bangunan 13.175.956.953 6.656.157.990 143.017.120 19.689.097.823 Building
Kendaraan 8.213.593.724 4.372.849.585 - 12.586.443.309 Vehicles
Total Akumulasi Penyusutan 21.389.550.677 11.029.007.575 143.017.120 32.275.541.132 Total Accumulated Depreciation
Nilai Buku Neto 17.618.219.471 20.623.107.055 Net Book Value
Laporan laba rugi menyajikan saldo berikut Statement of profit or loss shows the following
berkaitan dengan sewa: amounts related to leases:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Pihak ketiga: Third parties:
Beban penyusutan Depreciation expense of
aset hak guna 11.708.531.494 11.029.007.575 right-of-use assets
Beban bunga (Catatan 21) 989.217.241 925.002.406 Interest expense (Note 21)
Jumlah 12.697.748.735 11.954.009.981 Total
56
208
Page 229
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
8. ASET TETAP (lanjutan) 8. FIXED ASSETS (continued)
Perusahaan menyewa aset berupa bangunan dan The Company’s leased assets consist of building
kendaraan. Masa sewa berkisar antara 2 sampai and vehicles. The lease terms range from 2 to 5
dengan 5 tahun. Perusahaan mempunyai sewa years. The Company also has certain leases which
tertentu dengan sewa bernilai rendah, dan are considered to be low value and, the Company
Perusahaan menerapkan pengecualian terhadap applied the lease of low-value assets recognition
sewa bernilai rendah. Pembayaran sewa atas sewa exemption. Lease payments on leases of low-value
bernilai rendah diakui sebagai beban dengan assets are recognized as expense on a straight-line
metode garis lurus selama masa sewa. basis over the lease term.
Pada tanggal-tanggal 31 Desember 2023 dan 2022, As of December 31, 2023 and 2022, the cost of the
nilai perolehan aset tetap Perusahaan yang telah Company’s fixed assets that have been fully
disusutkan penuh namun masih digunakan masing- depreciated but still being used amounted to
masing adalah sebesar Rp19.435.372.238 dan Rp19,435,372,238 and Rp18,272,172,331,
Rp18.272.172.331 yang terutama terdiri atas respectively, which mainly consist of vehicles, office
kendaraan, peralatan dan perlengkapan kantor, dan equipment, furniture and fixtures, and leasehold
pengembangan gedung yang disewa (tidak diaudit). improvements (unaudited).
Pada tanggal-tanggal 31 Desember 2023 dan 2022, As of December 31, 2023 and 2022, the Company
Perusahaan tidak memiliki aset tetap yang tidak does not have unused fixed assets.
digunakan untuk sementara.
Pada tanggal-tanggal 31 Desember 2023 dan 2022, As of December 31, 2023 and 2022, the Company
Perusahaan tidak memiliki aset tetap yang does not have discontinued fixed assets which are
dihentikan dari penggunaan aktif dan tidak classified as available for sale.
diklasifikasikan sebagai tersedia untuk dijual.
Berdasarkan evaluasi manajemen, tidak terdapat Based on management’s assessment, there are no
peristiwa atau perubahan keadaan yang events or changes in circumstances which may
mengindikasikan adanya penurunan nilai aset tetap indicate an impairment in value of fixed assets as of
pada tanggal-tanggal 31 Desember 2023 dan 2022. December 31, 2023 and 2022.
9. ASET TAKBERWUJUD 9. INTANGIBLE ASSET
Komposisi dan mutasi dalam akun ini adalah The composition of and movements in this account
sebagai berikut: are as follows:
31 Desember/December 31, 2023
Saldo Awal Saldo Akhir
1 Januari/ 31 Desember/
Beginning Ending
Balance Penambahan/ Pengurangan/ Balance
January 1, 2023 Additions Deductions December 31, 2023
Biaya Perolehan: Cost:
Perangkat lunak 14.359.989.234 - 38.491.200 14.321.498.034 Software
Akumulasi Amortisasi: Accumulated Amortization:
Perangkat lunak 13.243.026.876 979.805.057 38.491.200 14.184.340.733 Software
Nilai Buku Neto 1.116.962.358 137.157.301 Net Book Value
57
209
Page 230
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
9. ASET TAKBERWUJUD (lanjutan) 9. INTANGIBLE ASSET (continued)
Komposisi dan mutasi dalam akun ini adalah The composition of and movements in this account
sebagai berikut (lanjutan): are as follows (continued):
31 Desember/December 31, 2022
Saldo Awal Saldo Akhir
1 Januari/ 31 Desember/
Beginning Ending
Balance Penambahan/ Pengurangan/ Balance
January 1, 2022 Additions Deductions December 31, 2022
Biaya Perolehan: Cost:
Perangkat lunak 14.359.989.234 - - 14.359.989.234 Software
Akumulasi Amortisasi: Accumulated Amortization:
Perangkat lunak 10.927.012.034 2.316.014.842 - 13.243.026.876 Software
Nilai Buku Neto 3.432.977.200 1.116.962.358 Net Book Value
Amortisasi aset takberwujud adalah sebesar Amortization of intangible asset amounting to
Rp979.805.057 dan Rp2.316.014.842 masing- Rp979,805,057 and Rp2,316,014,842 for the years
masing untuk tahun yang berakhir pada tanggal- ended December 31, 2023 and 2022, respectively,
tanggal 31 Desember 2023 dan 2022, dibebankan are charged to “General and administrative
pada “Beban umum dan administrasi” (Catatan 20). expenses” (Note 20).
10. PINJAMAN BANK 10. BANK LOANS
Akun ini terdiri dari: This account consists of:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Pihak ketiga: Third parties:
Dolar AS US Dollar
Pinjaman Berjangka: Term Loan:
PT Bank Mizuho Indonesia PT Bank Mizuho Indonesia
(AS$37.000.000 pada tahun 2023 dan (US$37,000,000 in 2023
AS$37.000.000 pada tahun 2022) 570.392.000.000 582.047.000.000 and US$37,000,000 in 2022)
MUFG Bank, Ltd., Cabang Jakarta MUFG Bank, Ltd., Jakarta Branch
(AS$31.000.000 pada tahun 2023 (US$31,000,000 in 2023
dan AS$31.000.000 pada tahun 2022) 477.896.000.000 487.661.000.000 and US$31,000,000 in 2022)
Sumitomo Mitsui Trust Bank, Ltd., Sumitomo Mitsui Trust Bank, Ltd.,
Cabang Singapura Singapore Branch
(AS$27.500.000 pada tahun 2023 dan (US$27,500,000 in 2023 and
AS$40.000.000 pada tahun 2022) 423.940.000.000 629.240.000.000 US$40,000,000 in 2022)
PT Bank BTPN Tbk (AS$25.000.000 PT Bank BTPN Tbk (US$25,000,000
pada tahun 2023 dan in 2023 and US$25,000,000
AS$25.000.000 pada tahun 2022) 385.400.000.000 393.275.000.000 in 2022)
Rupiah Rupiah
Pinjaman Berjangka: Term Loan:
PT Bank BTPN Tbk 150.000.000.000 - PT Bank BTPN Tbk
PT Bank Mizuho Indonesia 150.000.000.000 - PT Bank Mizuho Indonesia
Deutsche Bank AG, Cabang Jakarta 140.000.000.000 140.000.000.000 Deutsche Bank AG, Jakarta Branch
Total pinjaman bank - neto 2.297.628.000.000 2.232.223.000.000 Total bank loans - net
58
210
Page 231
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
10. PINJAMAN BANK (lanjutan) 10. BANK LOANS (continued)
Pada tanggal-tanggal 31 Desember 2023 dan 2022, As of December 31, 2023 and 2022, the Company
Perusahaan memiliki fasilitas pinjaman yang belum has undrawn loan facilities with details as follows:
ditarik dengan rincian sebagai berikut:
Pinjaman Berjangka Term Loan
31 Desember/December 31, 2023
Jumlah fasilitas
yang belum
ditarik/
Nama bank/ Fasilitas/ Jenis pinjaman/ Tanggal perjanjian/ Jumlah fasilitas/ Undrawn facility Jatuh tempo fasilitas/
Bank name Facility Loan type Agreement date Facility amount amount Maturity date facility
MUFG Bank, Ltd., Cabang Jakarta/ Modal Kerja/ 30 April/ 30 April/
MUFG Bank, Ltd., Jakarta Branch 1 Working Capital April 2023 US$68.000.000 US$37.000.000 April 2024
MUFG Bank, Ltd., Cabang Jakarta/ Modal Kerja/ 30 April/ 30 April/
MUFG Bank, Ltd., Jakarta Branch 2 Working Capital April 2023 US$54.000.000 US$54.000.000 April 2024
Modal Kerja/ 28 April/ 30 April/
Bank Mizuho Indonesia 1 Working Capital April 2023 US$40.000.000 US$15.000.000 April 2024
Modal Kerja/ 28 April/ 30 April/
Bank Mizuho Indonesia 2 Working Capital April 2023 US$32.000.000 US$10.300.000 April 2024
Modal Kerja/ 28 April/ 30 April/
PT Bank BTPN Tbk 1 Working Capital April 2023 US$40.000.000 US$27.000.000 April 2024
Modal Kerja/ 28 April/ 30 April/
PT Bank BTPN Tbk 2 Working Capital April 2023 US$32.000.000 US$10.300.000 April 2024
Sumitomo Mitsui Trust Bank Ltd.,
Cabang Singapura/Sumitomo Mitsui Modal Kerja/ 28 April/ 30 April/
Trust Bank Ltd., Singapore Branch 1 Working Capital April 2023 US$37.500.000 US$10.000.000 April 2024
Sumitomo Mitsui Trust Bank Ltd.,
Cabang Singapura/Sumitomo Mitsui Modal Kerja/ 28 April/ 30 April/
Trust Bank Ltd., Singapore Branch 2 Working Capital April 2023 US$22.000.000 US$22.000.000 April 2024
Deutsche Bank AG, Cabang Jakarta* Modal Kerja/ 27 April/ 30 April/
/Deutsche Bank AG, Jakarta Branch* 1 Working Capital April 2023 US$12.000.000 US$5.500.000 April 2024
Deutsche Bank AG, Cabang Jakarta* Modal Kerja/ 27 April/ 30 April/
/Deutsche Bank AG, Jakarta Branch* 2 Working Capital April 2023 US$10.000.000 US$7.400.000 April 2024
*Jumlah fasilitas termasuk untuk fasilitas cerukan/Facility amount include overdraft facility
31 Desember/December 31, 2022
Jumlah fasilitas
yang belum
ditarik/
Nama bank/ Fasilitas/ Jenis pinjaman/ Tanggal perjanjian/ Jumlah fasilitas/ Undrawn facility Jatuh tempo fasilitas/
Bank name Facility Loan type Agreement date Facility amount amount Maturity date facility
MUFG Bank, Ltd., Cabang Jakarta/ Modal Kerja/ 30 April/ 30 April/
MUFG Bank, Ltd., Jakarta Branch 1 Working Capital April 2022 US$56.000.000 US$25.000.000 April 2023
MUFG Bank, Ltd., Cabang Jakarta/ Modal Kerja/ 30 April/ 30 April/
MUFG Bank, Ltd., Jakarta Branch 2 Working Capital April 2022 US$39.000.000 US$39.000.000 April 2023
Modal Kerja/ 28 April/ 30 April/
Bank Mizuho Indonesia 1 Working Capital April 2022 US$33.000.000 US$8.000.000 April 2023
Modal Kerja/ 28 April/ 30 April/
Bank Mizuho Indonesia 2 Working Capital April 2022 US$23.000.000 US$11.000.000 April 2023
Modal Kerja/ 28 April/ 28 April/
PT Bank BTPN Tbk 1 Working Capital April 2022 US$33.000.000 US$20.000.000 April 2023
Modal Kerja/ 28 April/ 28 April/
PT Bank BTPN Tbk 2 Working Capital April 2022 US$23.000.000 US$11.000.000 April 2023
Sumitomo Mitsui Trust Bank Ltd.,
Cabang Singapura/Sumitomo Mitsui Modal Kerja/ 28 April/ 28 April/
Trust Bank Ltd., Singapore Branch 1 Working Capital April 2022 US$30.000.000 US$0 April 2023
Sumitomo Mitsui Trust Bank Ltd.,
Cabang Singapura/Sumitomo Mitsui Modal Kerja/ 28 April/ 28 April/
Trust Bank Ltd., Singapore Branch 2 Working Capital April 2022 US$23.000.000 US$13.000.000 April 2023
Deutsche Bank AG, Cabang Jakarta* Modal Kerja/ 28 April/ 30 April/
/Deutsche Bank AG, Jakarta Branch* 1 Working Capital April 2022 US$10.000.000 US$3.600.000 April 2023
Deutsche Bank AG, Cabang Jakarta* Modal Kerja/ 28 April/ 30 April/
/Deutsche Bank AG, Jakarta Branch* 2 Working Capital April 2022 US$7.000.000 US$4.500.000 April 2023
*Jumlah fasilitas termasuk untuk fasilitas cerukan/Facility amount include overdraft facility
59
211
Page 232
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
10. PINJAMAN BANK (lanjutan) 10. BANK LOANS (continued)
Pinjaman Berjangka (lanjutan) Term Loan (continued)
Jatuh tempo pinjaman bank berkisar antara 1 bulan Maturity date of bank loan ranged between 1 to 46
sampai dengan 46 bulan. months.
Selama masa berlakunya pinjaman, Perusahaan During the period of the loan, the Company is
diharuskan untuk memenuhi beberapa persyaratan required to fulfill certain negative covenants.
negatif.
Fasilitas pinjaman dari beberapa bank tersebut The loan facilities from those banks require the
mensyaratkan Perusahaan untuk memberikan Company to provide written notice in respect of
pemberitahuan tertulis dalam hal perubahan modal changes of capital and shareholders, changes of
dan pemegang saham, perubahan susunan direksi directors and commissionairs, changes of main
dan komisaris, perubahan bisnis utama, investasi business, investment and obtaining new loan
dan perolehan pinjaman baru dari bank lain. facilities from other banks.
Sebagian dari pinjaman berjangka dijamin oleh Hino The term loans are partially secured by letter of
Motors, Ltd. sebagai pemegang saham, PT guarantees issued by Hino Motors, Ltd., a
Tritunggal Inti Permata dan Sumitomo Corporation shareholder, PT Tritunggal Inti Permata, a related
sebagai Perusahaan yang memiliki hubungan party, and Sumitomo Corporation, a related party,
khusus, pihak terkait masing-masing 40%, 40% dan for 40%, 40% and 20%, respectively, of the liabilities
20%. Pada tanggal-tanggal 31 Desember 2023 dan of the Company to the banks with maximum
2022, jumlah maksimum pinjaman yang dijamin guarantee amount of US$197,500,000 and
adalah sebesar AS$197.500.000 dan US$165,000,000 as of December 31, 2023 and
AS$165.000.000. Terdapat batasan-batasan umum 2022. The loan agreements include certain
yang wajib dipenuhi oleh Perusahaan untuk covenants which are normally required to the
perjanjian kredit tersebut. Company for such credit facilities.
Selama tahun yang berakhir pada tanggal-tanggal During the years ended December 31, 2023 and
31 Desember 2023 dan 2022, Perusahaan telah 2022, the Company has complied with all the loan
memenuhi batasan-batasan persyaratan yang covenants of the term loan facilities referred to
diwajibkan dalam fasilitas pinjaman diatas. above.
Suku bunga tahunan pinjaman bank: Annual interest rates of bank loans:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Rupiah 5,05% - 6,18% 3,75% - 5,05% Rupiah
Dolar AS 4,54% - 6,52% 0,78% - 5,65% US Dollar
Cicilan pinjaman bank sesuai dengan tanggal jatuh Bank loan installment based on maturity date
temponya sebagai berikut: follows:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Tahun Year
2023 - 196.637.500.000 2023
2024 1.041.224.000.000 753.509.000.000 2024
2025 dan sesudahnya 1.256.404.000.000 1.282.076.500.000 2025 and thereafter
Total 2.297.628.000.000 2.232.223.000.000 Total
60
212
Page 233
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
10. PINJAMAN BANK (lanjutan) 10. BANK LOANS (continued)
Pinjaman Berjangka (lanjutan) Term Loan (continued)
Selama tahun yang berakhir pada tanggal-tanggal During the years ended December 31, 2023 and
31 Desember 2023 dan 2022, Perusahaan telah 2022, the Company has paid the loan principal and
melakukan pembayaran cicilan pokok dan bunga interests installments on schedule.
pinjaman sesuai jadwal yang ditetapkan.
Perusahaan telah melakukan pembayaran pinjaman The Company has paid loan to the Banks amounted
kepada Bank sebesar Rp282.875.000.000 dan Rp282,875,000,000 and Rp1,401,192,500,000, for
Rp1.401.192.500.000, masing-masing untuk untuk the year ended December 31, 2023 and 2022,
tahun yang berakhir pada tanggal-tanggal respectively.
31 Desember 2023 dan 2022.
Tidak ada aset Perusahaan yang dijaminkan untuk There are no Company’s assets which are held as
pinjaman-pinjaman diatas. collateral for above loans.
Fasilitas-fasilitas pinjaman ini dipergunakan untuk The loan facilities are used for the Company’s
modal kerja kegiatan usaha Perusahaan. working capital.
Untuk mengelola risiko yang berkaitan dengan In order to manage the risk associated with the
fluktuasi mata uang asing dan tingkat bunga fluctuation of foreign currency exchange rate and
mengambang, Perusahaan melakukan kontrak floating interest rate, the Company entered into
cross currency interest rate swap dengan bank yang cross currency interest rate swap contracts with
memberikan fasilitas derivatif kepada Perusahaan banks which provide derivative facility to the
(Catatan 15). Company (Note 15).
11. UTANG LAIN-LAIN 11. OTHER PAYABLES
Akun ini terdiri dari: This account consists of:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Pihak berelasi Related parties
Lain-lain (Catatan 23a) 24.323.827 16.972.453 Others (Note 23a)
Pihak ketiga Third parties
Utang asuransi (Catatan 22) 20.936.153.771 19.765.403.798 Insurance payable (Note 22)
Liabilitas sewa 15.432.264.611 19.389.771.667 Lease liabilities
Pembayaran dimuka 11.536.941.336 10.519.939.214 Advance payment
Utang pemasok dan vendor 9.480.207.209 8.902.931.489 Payable to suppliers and vendor
Jasa profesional 1.385.835.000 2.646.408.925 Professional fees
Teknologi informasi 1.365.363.751 2.208.669.477 Information technology
Corporate social resposibility 820.000.000 476.400.002 Corporate social resposibility
Biaya tahunan OJK 313.496.033 393.965.809 OJK annual fee
Biaya penerbitan Bonds 215.525.002 126.910.002 Bonds Issuance
Lain-lain 19.969.786.010 10.404.356.172 Others
Sub-total 81.455.572.723 74.834.756.555 Sub-total
Total 81.479.896.550 74.851.729.008 Total
Lain-lain antara lain terdiri dari biaya insentif yang Others include among others the incentive that will
akan dibayarkan kepada dealer, biaya bulanan be paid to dealer, monthly employment premium
ketenagakerjaan yang akan dibayarkan pada bulan that will be paid on the next month, and establishing
berikutnya, dan biaya pembentukan cadangan atas reserves for risks that have been identified by the
risiko yang telah diidentifikasi oleh Perusahaan. Company.
61
213
Page 234
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
11. UTANG LAIN-LAIN (lanjutan) 11. OTHER PAYABLES (continued)
Jumlah beban bunga atas liabilitas sewa adalah The balances of interest expense from lease liabilities
sebesar Rp989.217.241 dan Rp925.002.406, amounted to Rp989,217,241 and Rp925,002,406 for
masing-masing untuk untuk tahun yang berakhir pada the years ended December 31, 2023 and 2022,
tanggal-tanggal 31 Desember 2023 dan 2022, respectively, are charge to "Financing charges”
dibebankan pada “Beban pembiayaan” (Catatan 21). (Note 21).
Analisis jatuh tempo utang lain-lain terkait liabilitas The maturity analysis of other payables related to
sewa adalah sebagai berikut: lease liabilities is as follows:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
1 tahun 7.877.476.581 9.754.359.472 1 year
2 - 3 tahun 7.554.788.030 9.635.412.195 2 - 3 years
Total 15.432.264.611 19.389.771.667 Total
Mutasi jumlah tercatat liabilitas sewa: Movement of lease liabilities:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Saldo awal 19.389.771.667 16.638.199.699 Beginning balance
Penambahan 4.756.748.677 10.413.945.995 Additions
Penambahan bunga 989.217.241 925.002.406 Accretion of interest
Pembayaran (9.703.472.974) (8.587.376.433) Payments
Total 15.432.264.611 19.389.771.667 Total
12. BEBAN YANG MASIH HARUS DIBAYAR 12. ACCRUED EXPENSES
Akun ini terdiri dari: This account consists of:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Bunga 53.252.704.650 38.353.351.629 Interest
Sumber daya manusia 23.397.012.211 19.914.380.739 Human resource
Pemasaran 3.997.529.412 12.998.940.987 Marketing
Lain-lain 1.433.741.229 1.323.278.770 Others
Total 82.080.987.502 72.589.952.125 Total
Beban yang masih harus dibayar bunga adalah Interest accrued is interest on the Bank's loan and
bunga pinjaman Bank dan bunga utang obligasi interest on bonds payable which will be paid by the
yang akan dibayarkan oleh Perusahaan di jadwal Company at the next payment schedule in
pembayaran selanjutnya sesuai dengan perjanjian accordance with the agreement with the Bank and
dengan Bank dan pemegang obligasi. bonds holder.
Beban yang masih harus dibayar sumber daya Human resources accrued expenses are the
manusia adalah biaya yang masih harus dibayar Company's accrued expenses to its employees
Perusahaan kepada pegawainya terkait dengan related to the performance that has been given to
kinerja yang telah diberikan kepada Perusahaan. the Company.
62
214
Page 235
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
12. BEBAN YANG MASIH HARUS DIBAYAR 12. ACCRUED EXPENSES (continued)
(lanjutan)
Beban yang masih harus dibayar pemasaran adalah Marketing accrued expenses are the Company's
biaya yang masih harus dibayar Perusahaan accrued expenses especially to customers and
terutama kepada pelanggan dan dealer atas dealers for financing transactions and providing
transaksi pembiayaan dan penyediaan kendaraan vehicles with the Company.
dengan Perusahaan.
Beban yang masih harus dibayar lain-lain adalah Other accrued expenses are Company's accrued
biaya yang masih harus dibayar Perusahaan expenses to its employees related to employee’s
kepada pegawai terkait dengan pelatihan pegawai training and accrued letter of guarantee fee.
dan beban surat jaminan yang masih harus dibayar.
13. PERPAJAKAN 13. TAXATION
a. Utang pajak pada tanggal-tanggal a. Taxes payable as of December 31, 2023 and
31 Desember 2023 dan 2022 adalah sebagai 2022 are as follows:
berikut:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Pajak penghasilan Income tax
Pasal 21 302.735.445 521.265.760 Article 21
Pasal 23 1.481.788.198 80.943.158 Article 23
Pasal 4 (2) 11.201.443 42.091.464 Article 4 (2)
Pasal 25 656.921.644 1.273.028.389 Article 25
Pasal 26 501.803.638 204.139.798 Article 26
Pasal 29 6.923.694.606 3.868.017.846 Article 29
Total 9.878.144.974 5.989.486.415 Total
b. Beban pajak penghasilan untuk tahun yang b. Income tax expense for years ended December
berakhir pada tanggal-tanggal 31 Desember 31, 2023 and 2022 are as follows:
2023 dan 2022 adalah sebagai berikut:
31 Desember/
Years ended December 31,
Tahun yang berakhir pada tanggal
2023 2022
Kini 17.875.377.705 16.594.954.506 Current
Penyesuaian pajak penghasilan Adjustment in respect of corporate
badan tahun sebelumnya income tax of the previous year
(Catatan 13g) 3.759.211.785 45.576.521 (Note 13g)
Tangguhan 713.962.779 2.524.645.903 Deferred
Beban pajak penghasilan 22.348.552.269 19.165.176.930 Income tax expense
63
215
Page 236
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
13. PERPAJAKAN (lanjutan) 13. TAXATION (continued)
c. Rekonsiliasi laba sebelum beban pajak c. Reconciliation of income before income tax
penghasilan dan estimasi penghasilan kena expense and estimated taxable income for the
pajak untuk tahun yang berakhir pada tanggal- years ended December 31, 2023 and 2022 are
tanggal 31 Desember 2023 dan 2022 adalah as follows:
sebagai berikut:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Laba sebelum beban Income before income
pajak penghasilan 92.966.398.235 83.774.114.647 tax expense
Beda temporer: Temporary differences:
Penurunan nilai piutang lain-lain Impairment of other
dari aset yang dibiayai receivables from financed
dan kas pada bank 2.138.709.892 (181.247.606) assets and cash in banks
Beban bonus dan pelatihan Accrued bonus and
yang masih harus dibayar 4.034.159.337 (327.550.352) training
Penyisihan imbalan Provision for
kerja karyawan 2.867.767.673 (3.929.237.436) employee benefits
Beban pemasaran Accrued marketing
yang masih harus dibayar (9.001.411.575) (7.188.220.521) expense
Penyusutan dan amortisasi (475.676.955) 1.656.166.036 Depreciation and amortization
Transaksi aset hak guna 283.454.117 (118.416.360) Right-of-use assets transaction
Lain-lain (3.092.287.850) (1.387.156.957) Others
Beda tetap: Permanent differences:
Pendapatan bunga (18.109.466.576) (11.546.521.800) Interest income
Beban pajak final 3.621.892.620 2.309.304.361 Final tax expense
Beban yang tidak
dapat dikurangkan 6.018.177.921 12.370.377.378 Non-deductible expenses
Estimasi penghasilan
kena pajak 81.251.716.839 75.431.611.390 Estimated taxable income
d. Perhitungan beban pajak penghasilan tahun d. Calculation of the income tax expense for
berjalan dan estimasi utang pajak penghasilan current year and computation of the estimated
adalah sebagai berikut: income tax payable are as follows:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Estimasi penghasilan kena pajak 81.251.716.839 75.431.611.390 Estimated taxable income
Beban pajak penghasilan
tahun berjalan berdasarkan Current year income tax expense
tarif pajak yang berlaku based on the applicable tax rates
(Catatan 13f) 17.875.377.705 16.594.954.506 (Note 13f)
Beban pajak penghasilan
tahun berjalan 17.875.377.705 16.594.954.506 Current year income tax expense
Dikurangi: pajak penghasilan
dibayar di muka (10.951.683.099) (12.726.936.660) Less: prepaid income tax
Estimasi utang pajak penghasilan Estimated income tax
- Pasal 29 6.923.694.606 3.868.017.846 payable - article 29
64
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Page 237
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
13. PERPAJAKAN (lanjutan) 13. TAXATION (continued)
d. Perhitungan beban pajak penghasilan tahun d. Calculation of the income tax expense for
berjalan dan estimasi utang pajak penghasilan current year and computation of the estimated
adalah sebagai berikut: (lanjutan) income tax payable are as follows: (continued)
Penghasilan kena pajak hasil rekonsiliasi untuk Taxable income which is a result from the
tahun yang berakhir pada tanggal 31 Desember reconciliation for the year ended December 31,
2023 akan digunakan sebagai dasar dalam 2023 will be used as basis in submission of the
pengisian SPT Tahun 2023 PPh Badan Company’s 2023 Annual Corporate Tax Return.
Perusahaan.
Penghasilan kena pajak hasil rekonsiliasi untuk Taxable income which is a result from the
tahun yang berakhir pada tanggal 31 Desember reconciliation for the year ended December 31,
2022 telah digunakan sebagai dasar dalam 2022 was used as basis in submission of the
pengisian SPT Tahun 2022 PPh Badan Company’s 2022 Annual Corporate Tax Return.
Perusahaan.
e. Rekonsiliasi laba sebelum beban pajak e. Reconciliation between income before income
penghasilan dikalikan dengan menggunakan tax expense multiplied by the applicable tax
tarif pajak yang berlaku dan beban pajak rate and income tax expense for the years
penghasilan untuk tahun yang berakhir pada ended December 31, 2023 and 2022 is as
tanggal-tanggal 31 Desember 2023 dan 2022 follows:
adalah sebagai berikut:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Laba sebelum beban
pajak penghasilan 92.966.398.235 83.774.114.647 Income before income tax expense
Beban pajak berdasarkan Tax expense based on
tarif pajak yang berlaku 20.452.607.612 18.430.305.222 prevailing tax rate
Penyesuaian pajak penghasilan Adjustment in respect of corporate
badan tahun sebelumnya income tax of the previous year
(Catatan 13g) 3.759.211.785 45.576.521 (Note 13g)
Pengaruh pajak atas beda tetap . (1.863.267.128) 689.295.187 Tax effect on permanent differences
Beban pajak penghasilan 22.348.552.269 19.165.176.930 Income tax expense
f. Aset pajak tangguhan pada tanggal-tanggal f. Deferred tax assets as of December 31, 2023
31 Desember 2023 dan 2022 adalah sebagai and 2022 are as follows:
berikut:
31 Desember/December 31, 2023
31 Desember Dikreditkan Dikreditkan 31 Desember
2022/ ke laba/rugi/ ke ekuitas/ 2023/
December 31, Credited to Credited to December 31,
2022 profit or loss equity 2023
Aset Pajak Tangguhan Deferred Tax Asset
Beban pemasaran yang
masih harus dibayar 2.859.767.017 (1.980.310.546) - 879.456.471 Accrued marketing expenses
Beban bonus dan
pelatihan yang
masih harus dibayar 4.321.706.229 887.515.054 - 5.209.221.285 Accrued bonus and training
Penyisihan imbalan
kerja karyawan 2.031.334.825 630.908.888 (465.492.664) 2.196.751.049 Provision for employee benefits
Penyusutan dan
amortisasi (185.339.335) (104.648.930) - (289.988.265) Depreciation and amortization
Lindung nilai arus kas 3.878.775.457 - (7.419.033.278) (3.540.257.821) Cash flow hedges
Transaksi aset hak guna 43.857.700 62.359.906 - 106.217.606 Right-of-use assets transaction
Penurunan nilai piutang
lain-lain dari aset Impairment of other receivables
yang dibiayai from financed asset and
dan kas pada bank 55.272.152 470.516.176 - 525.788.328 cash in banks
Lain-lain 1.575.882.102 (680.303.327) - 895.578.775 Others
Total aset 14.581.256.147 (713.962.779) (7.884.525.942) 5.982.767.426 Total assets
65
217
Page 238
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
13. PERPAJAKAN (lanjutan) 13. TAXATION (continued)
f. Aset pajak tangguhan pada tanggal-tanggal f. Deferred tax assets as of December 31, 2023
31 Desember 2023 dan 2022 adalah sebagai and 2022 are as follows (continued):
berikut (lanjutan):
31 Desember/December 31, 2022
31 Desember Dikreditkan Dikreditkan 31 Desember
2021/ ke laba/rugi/ ke ekuitas/ 2022/
December 31, Credited to Credited to December 31,
2021 profit or loss equity 2022
Aset Pajak Tangguhan Deferred Tax Asset
Beban pemasaran yang
masih harus dibayar 4.441.175.532 (1.581.408.515) - 2.859.767.017 Accrued marketing expenses
Beban bonus dan
pelatihan yang
masih harus dibayar 4.393.767.306 (72.061.077) - 4.321.706.229 Accrued bonus and training
Penyisihan imbalan
kerja karyawan 2.700.087.207 (864.432.236) 195.679.854 2.031.334.825 Provision for employee benefits
Penyusutan dan
amortisasi (549.695.863) 364.356.528 - (185.339.335) Depreciation and amortization
Lindung nilai arus kas 10.924.197.974 - (7.045.422.517) 3.878.775.457 Cash flow hedges
Transaksi aset hak guna 69.909.299 (26.051.599) - 43.857.700 Right-of-use assets transaction
Penurunan nilai piutang
lain-lain dari aset Impairment of other receivables
yang dibiayai from financed asset and
dan kas pada bank 95.146.625 (39.874.473) - 55.272.152 cash in banks
Lain-lain 1.881.056.633 (305.174.531) - 1.575.882.102 Others
Total aset 23.955.644.713 (2.524.645.903) (6.849.742.663) 14.581.256.147 Total assets
Pada tanggal 29 Oktober 2021, Pemerintah On October 29, 2021, the Government issued a
menerbitkan Peraturan Presiden Republik President of the Republic of Indonesia
Indonesia Undang-Undang Republik Indonesia Regulation in lieu of the Law of the Republic of
Nomor 7 Tahun 2021 tentang Harmonisasi Indonesia Number 7 Year 2021 which
Peraturan Perpajakan yang menetapkan, stipulates, among others, reduction to the tax
antara lain, penurunan tarif pajak penghasilan rates for corporate income tax payers and
wajib pajak badan dalam negeri dan bentuk permanent establishments entities from
usaha tetap dari semula 20% mulai tahun pajak previously 20% starting fiscal year 2022 and
2022 dan seterusnya menjadi 22% mulai tahun onwards become 22% starting fiscal year 2022
pajak 2022 dan seterusnya. and onwards.
Tarif pajak yang baru tersebut digunakan The new tax rates are used as reference to
sebagai acuan untuk pengukuran aset dan measure the current and deferred tax assets
liabilitas pajak kini dan tangguhan mulai sejak and liabilities starting from the enactment date
tanggal berlakunya peraturan tersebut yaitu of the new regulation on October 29, 2021.
29 Oktober 2021.
g. Sengketa Pajak g. Tax Disputes
Tahun pajak 2020 Fiscal year 2020
Pada tanggal 30 Agustus 2021, Direktorat On August 30, 2021, Directorate General of Tax
Jendral Pajak mengirim surat No. PEMB- sent letter No. PEMB-
00116/WPJ.20/KP.0704/RIK.SIS/2021 kepada 00116/WPJ.20/KP.0704/RIK.SIS/2021 to the
Perusahaan, menyatakan bahwa Direktorat Company, stated that the Directorate General
Jenderal Pajak akan memeriksa pajak of Tax will examine the Company’s tax for the
Perusahaan untuk tahun yang berakhir pada year ended December 31, 2020.
tanggal 31 Desember 2020.
Pada tanggal 31 Maret 2022, Perusahaan On March 31, 2022, the Company received tax
menerima hasil pemeriksaan pajak dari assessment result from Directorate General of
Direktorat Jendral Pajak sehubungan dengan Tax regarding the Corporate Income Taxes,
Pajak Penghasilan Badan (“PPh Badan”), Pajak Other Income Taxes and VAT for fiscal year
Penghasilan (“PPh”) lainnya, dan Pajak 2020.
Pertambahan Nilai (“PPN”) untuk tahun pajak
2020.
66
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Page 239
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
13. PERPAJAKAN (lanjutan) 13. TAXATION (continued)
g. Sengketa Pajak (lanjutan) g. Tax Disputes (continued)
Tahun pajak 2020 (lanjutan) Fiscal year 2020 (continued)
Berdasarkan hasil pemeriksaan pajak tersebut Based on those tax assessment results, the Tax
Kantor Pajak telah menerbitkan Surat Office issued Tax Overpayment Assessment
Ketetapan Pajak Lebih Bayar (“SKPLB”) PPh Letter (“SKPLB”) for Corporate Income Tax
Badan sebesar Rp2.786.775.002, Surat amounting to Rp2,786,775,002, Tax
Ketetapan Pajak Kurang Bayar (“SKPKB”) PPh Underpayment Assessment Letter (“SKPKB”)
Pasal 21, PPh Pasal 23 dan PPN dengan total for PPh Article 21, PPh Article 23 and VAT with
sebesar Rp1.042.118.267 dan Surat Tagihan total amounting to Rp1,042,118,267 and Tax
Pajak (“STP”) sebesar Rp356.009.445. Collection Letters (“STP”) amounting to
Rp356,009,445.
Berdasarkan Surat Keputusan Direktur Based on the Decree of the Director General of
Jendral Pajak tertanggal 12 Mei 2022, Taxes dated May 12, 2022, the Company
Perusahaan mendapatkan pengembalian atas received a refund for the overpayment of tax
kelebihan pembayaran pajak sebesar amounting to Rp2,393,126,169, which
Rp2.393.126.169, yang terdiri atas lebih bayar consisted of overpayment of Corporate Income
PPh Badan Perusahaan sebesar Tax amounting to Rp2,786,775,002
Rp2.786.775.002 dikompensasikan dengan compensated with underpayment of PPh Article
kurang bayar PPh Pasal 21 dan PPh Pasal 23 21 and PPh Article 23 amounting to
sebesar Rp37.639.388 dan STP sebesar Rp37,639,388 and STP amounting to
Rp356.009.445. Pengembalian tersebut Rp356,009,445. The refund was received by
diterima oleh Perusahaan pada tanggal 23 Mei the Company on May 23, 2022.
2022.
Pada tanggal 14 Juli 2022, Perusahaan On July 14, 2022, the Company has submitted
mengajukan keberatan pajak atas ketetapan tax objection for VAT underpayment
kurang bayar PPN sebesar Rp1.004.578.879. assessment of Rp1,004,578,879.
Berdasarkan hasil penelitian kantor pajak atas Based on the results of the tax office's research
keberatan pajak tersebut, kantor pajak on the tax objection, the tax office partially
menyetujui sebagian atas keberatan kurang agreed to the VAT underpayment objection by
bayar PPN dengan diterbitkannya Surat issuing a Directorate General of Taxes Decree
Keputusan Direktorat Jenderal Pajak tentang on Taxpayer's Objection to the Tax
Keberatan Wajib Pajak Atas Surat Ketetapan Underpayment Assessment Letter dated
Pajak Kurang bayar tertanggal 10 Mei 2023. May 10, 2023.
Perusahaan mendapat pengembalian atas The Company received a refund of the
ketetapan kurang bayar PPN sebesar underpayment of VAT amounting to
Rp309.130.598 dengan diterbitkannya Surat Rp309,130,598 with the issuance of Director
Keputusan Direktur Jenderal Pajak tentang General of Taxes Decree on Refund of Tax
Pengembalian Kelebihan Pembayaran Pajak Overpayment to PT Hino Finance Indonesia
Kepada PT Hino Finance Indonesia tertanggal dated June 14, 2023 and Order to Pay Excess
14 Juni 2023 dan Surat Perintah Membayar Tax (“SPMKB”) dated June 16, 2023. The
Kelebihan Pajak (“SPMKB") tertanggal 16 Juni refund was received by the Company on
2023. Pengembalian tersebut diterima oleh June 20, 2023 and June 21, 2023.
Perusahaan pada tanggal 20 Juni 2023 dan
21 Juni 2023.
Berdasarkan hasil penelitian kantor pajak atas Based on the results of the tax office's research
keberatan pajak kurang bayar PPN adalah the VAT underpayment amounting
sebesar Rp695.448.281. Pada tanggal 7 Rp695,448,281. On August 7, 2023, the
Agustus 2023, Perusahaan telah mengajukan Company has been filed an appeal to the Tax
permohonan banding ke Pengadilan Pajak Court on the rejected VAT dispute decision
dengan nilai sengketa PPN yang ditolak amounting to Rp674,483,396. Up to the
sebesar Rp674.483.396. Sampai dengan issuance date of the financial statements, the
tanggal laporan keuangan ini diterbitkan, hasil result of tax appeal cannot yet be determined.
banding pajak belum dapat ditentukan.
67
219
Page 240
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
13. PERPAJAKAN (lanjutan) 13. TAXATION (continued)
g. Sengketa Pajak (lanjutan) g. Tax Disputes (continued)
Tahun pajak 2018 dan 2019 Fiscal year 2018 and 2019
Pada tanggal 2 Februari 2023, Direktorat Jendral On February 2, 2023, Directorat General of Tax
Pajak mengirim surat dengan nomor sent letters with number
S-00024/RIKSIS/KPP.2007/2023 dan nomor S-00024/RIKSIS/KPP.2007/2023 and number
S-00025/RIKSIS/KPP.2007/2023 kepada S-00025/RIKSIS/KPP.2007/2023 to the
Perusahaan, menyatakan bahwa Direktorat Company, stated that the Directorat General of
Jendral Pajak akan memeriksa Pajak Tax will examine the Company’s tax in relation to
Perusahaan sehubungan dengan Pajak Corporate Income Tax (“Corporate PPh”), other
Penghasilan Badan (“PPh Badan”), Pajak Income Tax (“PPh”), and Value Added Tax
Penghasilan (“PPh”) lainnya, dan Pajak (“VAT”) for the year ended December 31, 2018
Pertambahan Nilai (“PPN”) masing-masing untuk and 2019, respectively.
tahun yang berakhir pada tanggal 31 Desember
2018 dan 2019.
Direktorat Jendral Pajak menerbitkan hasil Directorate General of Tax issued tax
pemeriksaan pajak melalui Surat Ketetapan assessment result through Tax Assessment
Pajak (“SKP”) tertanggal 18 Desember 2023 Letter (“SKP”) dated December 18, 2023 for
untuk tahun pajak 2018 dan 20 Desember 2023 fiscal year 2018 and December 20, 2023 for fiscal
untuk tahun pajak 2019 sehubungan dengan year 2019 in connection with the Corporate
Pajak Penghasilan Badan (“PPh Badan”), Pajak Income Taxes, Other Income Taxes and VAT.
Penghasilan (“PPh”) lainnya, dan Pajak
Pertambahan Nilai (“PPN”).
Berdasarkan hasil pemeriksaan pajak tersebut Based on those tax assessment results, the Tax
Kantor Pajak telah menerbitkan Surat Ketetapan Office issued Tax Underpayment Assessment
Pajak Kurang Bayar (“SKPKB”) PPh Badan Letter (“SKPKB”) for Corporate Income Tax
sebesar Rp2.971.166.263 dan Rp2.430.069.179 amounting to Rp2,971,166,263 and
masing-masing untuk tahun pajak 2018 dan Rp2,430,069,179 for fiscal year 2018 and 2019,
2019, Surat Ketetapan Pajak Kurang Bayar respectively, Tax Underpayment Assessment
(“SKPKB”) PPh Pasal 23 dan PPN dengan total Letter (“SKPKB”) for PPh Article 23 and VAT with
sebesar Rp58.744.592 dan Rp777.928.653 total amounting to Rp58,744,592 and
masing-masing untuk tahun pajak 2018 dan 2019 Rp777,928,653 for fiscal year 2018 and 2019,
serta Surat Tagihan Pajak (“STP”) sebesar respectively and Tax Collection Letters (“STP”)
Rp20.942.856 dan Rp265.857.768 masing- amounting to Rp20,942,856 and Rp265,857,768
masing untuk tahun pajak 2018 dan 2019. for fiscal year 2018 and 2019, respectively.
Berdasarkan hasil pemeriksaan pajak untuk Based on the tax assessment results for the 2018
tahun pajak 2018 dan 2019, jumlah kurang bayar and 2019 fiscal year, the total amount of tax
pajak adalah sebesar Rp6.524.709.310 underpayment was Rp6,524,709,310 (including
(termasuk denda atas PPh Badan penalty of Corporate income tax amounting to
Rp1.642.023.657, PPN sebesar Rp244.870.630 Rp1,642,023,657, VAT amounting to
dan PPh 23 sebesar Rp9.485.493). Pada tanggal Rp244,870,630 and PPh Article 23 amounting to
5 Januari 2024, Perusahaan telah membayar Rp9,485,493). On January 5, 2024, the Company
kurang bayar pajak sebesar Rp4.873.200.125. has paid the tax underpayment amounting to
Sampai dengan tanggal laporan keuangan ini Rp4,873,200,125. Up to the issuance date of the
diterbitkan, Perusahaan sedang dalam proses financial statements, the Company has been in
upaya pengajuan penghapusan/pengurangan process to file the elimination/reduction of
denda administrasi atas seluruh sengketa pajak administrative penalty for the entire tax dispute in
tahun 2018 dan 2019. 2018 and 2019.
68
220
Page 241
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
14. LIABILITAS IMBALAN KERJA KARYAWAN 14. EMPLOYEE BENEFITS LIABILITY
Akrual atas liabilitas untuk tanggal-tanggal The accruals as of December 31, 2023 and 2022
31 Desember 2023 dan 2022 didasarkan pada were determined based on the actuarial calculations
perhitungan aktuaris yang dilakukan oleh Kantor performed by Actuary Consultant (KKA) Tubagus
Konsultan Aktuaria (KKA) Tubagus Syafrial dan Syafrial and Amran Nangasan (formerly PT
Amran Nangasan (dahulu PT Binaputera Jaga Binaputera Jaga Hikmah) in its actuary report
Hikmah) dalam laporan aktuaria No. 215/IPK/KKA-TBA/II-2024 on March 7, 2024
No. 215/IPK/KKA-TBA/II-2024 tanggal 7 Maret 2024 and No. 206/IPK/KKA-TBA/III-2023 on
dan No. 206/IPK/KKA-TBA/III-2023 tanggal 1 Maret March 1, 2023, respectively, using the “Projected
2023 dengan menggunakan metode perhitungan Unit Credit” actuarial valuation method which
aktuarial “Projected Unit Credit” yang considered the following significant assumptions:
mempertimbangkan asumsi-asumsi penting berikut:
Liabilitas imbalan kerja karyawan Perusahaan pada The Company’s employee benefits liability as of
tanggal-tanggal 31 Desember 2023 dan 2022 December 31, 2023 and 2022 were calculated by an
dihitung oleh aktuaris independen dengan independent actuary using the following key
menggunakan asumsi sebagai berikut: assumptions:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Usia pensiun normal 58 tahun/years 58 tahun/years Normal pensiun age
Tingkat kenaikan gaji di masa Future salary increment
depan per tahun 5% 7% rate perannum
Tingkat diskonto per tahun 6,91% 7,44% Discount rate perannum
Tingkat kematian TMI IV-2019 TMI IV-2019 Mortality rate
Tingkat pengunduran diri 10% dari usia 18-29 tahun 10% dari usia 18-29 tahun Turnover rate
5% dari usia 30-39 tahun 5% dari usia 30-39 tahun
3% dari usia 40-44 tahun 3% dari usia 40-44 tahun
2% dari usia 45-49 tahun 2% dari usia 45-49 tahun
1% dari usia 50-55 tahun/ 1% dari usia 50-55 tahun/
10% from age 18-29 years old 10% from age 18-29 years old
5% from age 30-39 years old 5% from age 30-39 years old
3% from age 40-44 years old 3% from age 40-44 years old
2% from age 45-49 years old 2% from age 45-49 years old
1% from age 50-55 years old 1% from age 50-55 years old
Jumlah yang diakui dalam laporan laba rugi dan The amounts recognized in the statement of profit or
penghasilan komprehensif lain adalah sebagai loss and other comprehensive income are as
berikut: follows:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Biaya jasa kini 2.180.807.168 2.147.975.680 Current service cost
Biaya bunga 686.960.505 599.894.973 Interest cost
Biaya kurtailmen - (2.318.166.122) Curtailment
Biaya jasa lalu - (4.358.941.967) Past service cost
Total beban (Catatan 19) 2.867.767.673 (3.929.237.436) Total expense (Note 19)
(Keuntungan)/kerugian aktuarial Actuarial (gain)/loss
yang diakui dalam penghasilan recognized in other
komprehensif lain (2.115.875.745) 889.453.883 comprehensive income
Total 751.891.928 (3.039.783.553) Total
69
221
Page 242
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
14. LIABILITAS IMBALAN KERJA KARYAWAN 14. EMPLOYEE BENEFITS LIABILITY (continued)
(lanjutan)
Mutasi liabilitas imbalan kerja karyawan pada The movements in employee benefits liability in the
laporan posisi keuangan adalah sebagai berikut: statement of financial position are as follows:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Saldo awal 9.233.340.122 12.273.123.675 Beginning balance
Beban/(pendapatan) imbalan kerja 2.867.767.673 (3.929.237.436) Employee benefits expense/(income)
(Keuntungan)/kerugian aktuarial Actuarial (gain)/loss
yang diakui dalam penghasilan recognized in other
komprehensif lain (2.115.875.745) 889.453.883 comprehensive income
Saldo akhir 9.985.232.050 9.233.340.122 Ending balance
Mutasi nilai kini liabilitas imbalan kerja karyawan The movements of present value of defined benefit
adalah sebagai berikut: obligation are as follows:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Saldo awal 9.233.340.122 12.273.123.675 Beginning balance
Biaya jasa kini 2.180.807.168 2.147.975.680 Current service cost
Biaya bunga 686.960.505 599.894.973 Interest cost
Biaya kurtailmen - (2.318.166.122) Curtailment
Biaya jasa lalu - (4.358.941.967) Past service cost
(Keuntungan)/kerugian Actuarial (gain)/loss
kewajiban aktuarial (2.115.875.745) 889.453.883 on obligation
Saldo akhir 9.985.232.050 9.233.340.122 Ending balance
Tabel berikut menunjukkan sensitivitas atas The following table demonstrates the sensitivity to a
kemungkinan perubahan tingkat suku bunga pasar, reasonably possible change in discount rates and
dengan variabel lain dianggap tetap, terhadap salary rates, with all other variables held constant,
liabilitas imbalan kerja karyawan dan beban jasa kini of the employee benefits liability and current service
pada tanggal 31 Desember 2023 dan 2022 (tidak cost as of December 31, 2023 and 2022
diaudit): (unaudited):
31 Desember/
December 31, 2023
Kewajiban
imbalan
pasca kerja/ Beban
Obligation for jasa kini/
post-employee Current service
benefits cost
Kenaikan tingkat diskonto dalam 100 basis poin (1.008.494.678) (244.758.288) Increase in discount rate in 100 basis point
Penurunan tingkat diskonto dalam 100 basis poin 1.177.049.929 289.738.267 Decrease in discount rate in 100 basis point
Kenaikan tingkat gaji dalam 100 basis poin 1.248.662.668 307.219.467 Increase in salary rate in 100 basis point
Penurunan tingkat gaji dalam 100 basis poin (1.081.606.864) (262.348.574) Decrease in salary rate in 100 basis point
70
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The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
14. LIABILITAS IMBALAN KERJA KARYAWAN 14. EMPLOYEE BENEFITS LIABILITY (continued)
(lanjutan)
Tabel berikut menunjukkan sensitivitas atas The following table demonstrates the sensitivity to a
kemungkinan perubahan tingkat suku bunga pasar, reasonably possible change in discount rates and
dengan variabel lain dianggap tetap, terhadap salary rates, with all other variables held constant,
liabilitas imbalan kerja karyawan dan beban jasa kini of the employee benefits liability and current service
pada tanggal 31 Desember 2023 dan 2022 (tidak cost as of December 31, 2023 and 2022
diaudit): (lanjutan) (unaudited): (continued)
31 Desember/
December 31, 2022
Kewajiban
imbalan
pasca kerja/ Beban
Obligation for jasa kini/
post-employee Current service
benefits cost
Kenaikan tingkat diskonto dalam 100 basis poin (990.259.222) (255.917.136) Increase in discount rate in 100 basis point
Penurunan tingkat diskonto dalam 100 basis poin 1.160.079.333 304.159.612 Decrease in discount rate in 100 basis point
Kenaikan tingkat gaji dalam 100 basis poin 1.198.480.479 314.136.867 Increase in salary rate in 100 basis point
Penurunan tingkat gaji dalam 100 basis poin (1.040.712.094) (268.802.997) Decrease in salary rate in 100 basis point
Analisa profil jatuh tempo pembayaran imbalan kerja The maturity profile analysis of the employee
karyawan pada tanggal-tanggal 31 Desember 2023 benefits payments as of December 31, 2023 and
dan 2022 adalah sebagai berikut: 2022 are as follows:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
2 - 5 tahun 999.204.220 1.315.408.857 2 - 5 years
6 - 10 tahun 7.302.177.758 5.527.786.649 6 - 10 years
Lebih dari 10 tahun 313.388.982.554 456.875.917.702 Beyond 10 years
Total 321.690.364.532 463.719.113.208 Total
Durasi rata-rata tertimbang dari liabilitas imbalan The weighted average duration of the employee
kerja karyawan pada tanggal-tanggal 31 Desember benefits obligation as of December 31, 2023 and
2023 dan 2022 adalah 19,89 dan 23,70 tahun. 2022 are 19.89 and 23.70 years.
15. INSTRUMEN KEUANGAN DERIVATIF 15. DERIVATIVE FINANCIAL INSTRUMENTS
Perusahaan menghadapi risiko pasar, terutama The Company is exposed to market risks, primarily
karena perubahan kurs mata uang asing dan tingkat to changes in foreign currency exchange rates and
bunga mengambang sehubungan dengan pinjaman floating interest rates in relation to bank loan and
bank dan menggunakan instrumen derivatif untuk uses derivative instruments to hedge these risks as
lindung nilai atas risiko tersebut sebagai bagian dari part of its risk management activities (Note 10). The
manajemen risiko (Catatan 10). Perusahaan tidak Company does not hold or issue derivative
memiliki atau menerbitkan instrumen derivatif untuk instruments for trading purposes.
tujuan-tujuan diperdagangkan.
71
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Page 244
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
15. INSTRUMEN KEUANGAN DERIVATIF (lanjutan) 15. DERIVATIVE FINANCIAL INSTRUMENTS
(continued)
Rincian dari kontrak-kontrak derivatif tersebut The details of the outstanding derivative contracts at
dengan nilai wajar pada tanggal-tanggal fair values as of December 31, 2023 and
31 Desember 2023 dan 2022 adalah sebagai 2022 are as follows:
berikut:
31 Desember 2023/
December 31, 2023
Piutang Utang
derivatif/ derivatif/
Derivative Derivative
receivables payables
Swap mata uang dan suku bunga Cross currency interest rate swap
MUFG Bank, Ltd., Cabang Jakarta 23.087.331.958 - MUFG Bank, Ltd., Jakarta Branch
Deutsche Bank AG, Cabang Jakarta 16.353.607.404 1.137.363.577 Deutsche Bank AG, Jakarta Branch
PT Bank BTPN Tbk 24.949.946.306 - PT Bank BTPN Tbk
PT Bank Mizuho Indonesia 41.699.058.807 - PT Bank Mizuho Indonesia
Total 106.089.944.475 1.137.363.577 Total
31 Desember 2022/
December 31, 2022
Piutang Utang
derivatif/ derivatif/
Derivative Derivative
receivables payables
Swap mata uang dan suku bunga Cross currency interest rate swap
MUFG Bank, Ltd., Cabang Jakarta 17.556.641.768 - MUFG Bank, Ltd., Jakarta Branch
Deutsche Bank AG, Cabang Jakarta 28.185.616.940 3.514.390.012 Deutsche Bank AG, Jakarta Branch
PT Bank BTPN Tbk 29.216.712.676 - PT Bank BTPN Tbk
PT Bank Mizuho Indonesia 51.505.120.990 - PT Bank Mizuho Indonesia
Pertukaran valuta asing forward Foreign exchange forward
PT Bank BTPN Tbk - 1.452.848 PT Bank BTPN Tbk
Total 126.464.092.374 3.515.842.860 Total
Jumlah nasional swap mata uang dan suku bunga The notional amounts of cross currency interest rate
adalah sebagai berikut: swap contracts are as follows:
Jumlah nosional (dalam mata uang asli)/
Notional amount (in original currency)
Mata uang/ 31 Desember/ 31 Desember/
Currency December 31, 2023 December 31, 2022
Swap mata uang dan suku bunga Cross currency interest rate swap
Akan diterima USD 120.500.000 133.000.000 To be received
Akan dibayar IDR 1.768.767.500.000 1.951.642.500.000 To be paid
72
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Page 245
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
15. INSTRUMEN KEUANGAN DERIVATIF (lanjutan) 15. DERIVATIVE FINANCIAL INSTRUMENTS
(continued)
Untuk transaksi swap mata uang dan suku bunga, For the cross currency interest rate swap, the
Perusahaan dibebankan bunga tetap berkisar Company agreed to pay interest with annual fixed
antara 6,00% sampai dengan 7,85% per tahun di rates ranging from 6.00% to 7.85% in 2023 and from
2023 dan 6,00% sampai dengan 9,55% per tahun di 6.00% to 9.55% in 2022. The contract period of
2022. Jangka waktu kontrak berkisar antara 3 tahun cross currency interest rate swap contracts ranged
sampai dengan 5 tahun. between 3 to 5 years.
Perubahan neto nilai wajar kontrak derivatif yang The net change in fair value of derivative contracts
dihitung sebagai lindung nilai arus kas sebesar accounted for under cash flow hedge amounted
Rp26.303.845.258 dan Rp24.979.225.287 (untung) Rp26,303,845,258 and Rp24,979,225,287 (gain) for
masing-masing untuk untuk tahun yang berakhir the year ended December 31, 2023 and 2022,
pada tanggal-tanggal 31 Desember 2023 dan 2022. respectively. The amount has been presented as
Jumlah tersebut disajikan sebagai bagian dari part of “Other Comprehensive Income”, under the
“Penghasilan Komprehensif Lain”, pada laporan statement of changes in equity. Loss (gain) on
perubahan ekuitas. Kerugian (keuntungan) derivative transactions - net is presented as part of
transaksi derivatif - neto disajikan sebagai bagian interest on bank loans in “Financing Charges”
dari bunga pinjaman bank pada akun “Beban account (Note 21).
Pembiayaan” (Catatan 21).
MUFG Bank, Ltd., Cabang Jakarta MUFG Bank, Ltd., Jakarta Branch
Perusahaan melakukan kontrak swap mata uang The Company entered into cross currency swap
dan suku bunga dengan MUFG Bank, Ltd.,Cabang contracts and interest rate swap contracts with
Jakarta dengan rincian sebagai berikut: MUFG Bank, Ltd.,Jakarta Branch as follows:
Dasar pinjaman/ Nilai kontrak/ Tanggal perjanjian/ Tanggal jatuh tempo/ Jenis kontrak swap/
Underlying loan Contract value Agreement date Maturity date Type of swap contract
Pinjaman Bilateral/ 27 Mei/ 27 Mei/ Swap mata uang dan suku bunga/
Bilateral loan USD10.000.000 May 2022 May 2025 Cross currency interest rate swaps
Pinjaman Bilateral/ 27 Mei/ 27 Mei/ Swap mata uang dan suku bunga/
Bilateral loan USD10.000.000 May 2022 May 2026 Cross currency interest rate swaps
Pinjaman Bilateral/ 15 Juli/ 15 Juli/ Swap mata uang dan suku bunga/
Billateral loan USD5.000.000 July 2022 July 2025 Cross currency interest rate swaps
Pinjaman Bilateral/ 2 Agustus/ 2 Agustus/ Swap mata uang dan suku bunga/
Billateral loan USD3.000.000 August 2022 August 2027 Cross currency interest rate swaps
Pinjaman Bilateral/ 5 Oktober/ 5 Oktober/ Swap mata uang dan suku bunga/
Billateral loan USD3.000.000 October 2022 October 2027 Cross currency interest rate swaps
Perusahaan membayar angsuran pokok dan bunga The Company pays quarterly principal installments
setiap 3 (tiga) bulan dengan tingkat suku bunga and interest with annual fixed interest rate of around
tetap berkisar sebesar 6,85%-7,85%, dan menerima 6.85%-7.85% and has received a floating rate of
dengan tingkat bunga mengambang USD-SOFR USD-SOFR CME Term 3M +0.80%-1.00% for
CME Term 3M +0,80%-1,00% untuk kontrak swap cross-currency and interest rate swap.
mata uang dan suku bunga.
73
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Page 246
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
15. INSTRUMEN KEUANGAN DERIVATIF (lanjutan) 15. DERIVATIVE FINANCIAL INSTRUMENTS
(continued)
Deutsche Bank AG, Cabang Jakarta Deutsche Bank AG, Jakarta Branch
Perusahaan melakukan kontrak swap mata uang The Company entered into cross currency swap
dan suku bunga dengan Deutsche Bank AG, contracts and interest rate swap contracts with
Cabang Jakarta dengan rincian sebagai berikut: Deutsche Bank AG, Jakarta Branch as follows:
Dasar pinjaman/ Nilai kontrak/ Tanggal perjanjian/ Tanggal jatuh tempo/ Jenis kontrak swap/
Underlying loan Contract value Agreement date Maturity date Type of swap contract
Pinjaman Bilateral/ 23 Juli/ 23 Juli/ Swap mata uang dan suku bunga/
Bilateral loan USD5.000.000 July 2020 July 2024 Cross currency interest rate swaps
Pinjaman Bilateral/ 12 Agustus/ 11 Agustus/ Swap mata uang dan suku bunga/
Bilateral loan USD2.500.000 August 2020 August 2023 Cross currency interest rate swaps
Pinjaman Bilateral/ 12 Agustus/ 11 Agustus/ Swap mata uang dan suku bunga/
Bilateral loan USD2.500.000 August 2020 August 2023 Cross currency interest rate swaps
Pinjaman Bilateral/ 13 Agustus/ 11 Agustus/ Swap mata uang dan suku bunga/
Bilateral loan USD7.500.000 August 2020 August 2023 Cross currency interest rate swaps
Pinjaman Bilateral/ 10 Maret/ 10 Maret/ Swap mata uang dan suku bunga/
Bilateral loan USD8.000.000 March 2022 March 2025 Cross currency interest rate swaps
Pinjaman Bilateral/ 11 Oktober/ 10 Oktober/ Swap mata uang dan suku bunga/
Bilateral loan USD4.500.000 October 2022 October 2025 Cross currency interest rate swaps
Pinjaman Bilateral/ 22 Desember/ 22 December/ Swap mata uang dan suku bunga/
Bilateral loan USD10.000.000 December 2022 December 2025 Cross currency interest rate swaps
Perusahaan membayar angsuran pokok dan bunga The Company pays quarterly principal installments
setiap 3 (tiga) bulan dengan tingkat suku bunga and interest with annual fixed interest rate of around
tetap berkisar sebesar 6,00%-7,50%, dan menerima 6.00%-7.50% and has received a floating rate of
dengan tingkat bunga mengambang LIBOR 3M LIBOR 3M +0.79%-1.00% and Term SOFR +0.79%-
+0,79%-1,00% dan Term SOFR +0,79%-1,00% 1.00% for cross-currency and interest rate swap.
untuk kontrak swap mata uang dan suku bunga.
Atas perubahan tingkat bunga mengambang LIBOR For changes in the LIBOR floating interest rate to
ke Term SOFR untuk pinjaman yang ditarik sebelum SOFR Terms for loans drawn before 2023, the
tahun 2023, Perusahaan dikenakan tambahan Company is subject to an additional credit
spread penyesuaian kredit sebesar 0,26161%. adjustment spread of 0.26161%.
PT Bank BTPN Tbk PT Bank BTPN Tbk
Perusahaan melakukan kontrak swap mata uang The Company entered into cross currency swap
dan suku bunga dengan PT Bank BTPN Tbk dengan contracts and interest rate swap contracts with
rincian sebagai berikut: PT Bank BTPN Tbk as follows:
Dasar pinjaman/ Nilai kontrak/ Tanggal perjanjian/ Tanggal jatuh tempo/ Jenis kontrak swap/
Underlying loan Contract value Agreement date Maturity date Type of swap contract
Pinjaman Bilateral/ 28 Juli/ 26 Juli/ Swap mata uang dan suku bunga/
Bilateral loan USD2.000.000 July 2020 July 2024 Cross currency interest rate swaps
Pinjaman Bilateral/ 6 April/ 8 April/ Swap mata uang dan suku bunga/
Bilateral loan USD10.000.000 April 2021 April 2024 Cross currency interest rate swaps
Pinjaman Bilateral/ 9 Maret/ 9 Maret/ Swap mata uang dan suku bunga/
Bilateral loan USD8.000.000 March 2022 March 2026 Cross currency interest rate swaps
Pinjaman Bilateral/ 21 Juli/ 21 Juli/ Swap mata uang dan suku bunga/
Bilateral loan USD5.000.000 July 2022 July 2026 Cross currency interest rate swaps
74
226
Page 247
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
15. INSTRUMEN KEUANGAN DERIVATIF (lanjutan) 15. DERIVATIVE FINANCIAL INSTRUMENTS
(continued)
PT Bank BTPN Tbk (lanjutan) PT Bank BTPN Tbk (continued)
Perusahaan membayar angsuran pokok dan bunga The Company pays quarterly principal installments
setiap 3 (tiga) bulan dengan tingkat suku bunga and interest with annual fixed interest rate of around
tetap berkisar sebesar 6,20%-7,35%, dan menerima 6.20%-7.35% and has received a floating rate of
dengan tingkat bunga mengambang COF (Cost of COF (Cost of Fund) +0.60%-0.80% for cross-
Fund) +0,60%-0,80% untuk kontrak swap mata currency and interest rate swap.
uang dan suku bunga.
Perusahaan melakukan transaksi pertukaran valuta The Company entered into foreign exchange
asing forward dengan PT Bank BTPN Tbk dengan forward transaction with PT Bank BTPN Tbk as
rincian sebagai berikut: follows:
Dasar pinjaman/ Nilai transaksi/ Tanggal perdagangan/ Tanggal transaksi/ Jenis transaksi/
Underlying loan Transaction value Trade date value date Type transaction
Pembayaran kepada pihak ketiga/ 26 Des/ 4 Jan/ Forward/
Payment to third party JPY2.400.000 Dec 2022 Jan 2023 Forward
PT Bank Mizuho Indonesia PT Bank Mizuho Indonesia
Perusahaan melakukan kontrak swap mata uang The Company entered into cross currency swap
dan suku bunga dengan PT Bank Mizuho Indonesia contracts and interest rate swap contracts with
dengan rincian sebagai berikut: PT Bank Mizuho Indonesia as follows:
Dasar pinjaman/ Nilai kontrak/ Tanggal perjanjian/ Tanggal jatuh tempo/ Jenis kontrak swap/
Underlying loan Contract value Agreement date Maturity date Type of swap contract
Pinjaman Bilateral/ 2 Juli/ 2 Juli/ Swap mata uang dan suku bunga/
Bilateral loan USD7.000.000 July 2021 July 2024 Cross currency interest rate swaps
Pinjaman Bilateral/ 2 Juli/ 2 Juli/ Swap mata uang dan suku bunga/
Bilateral loan USD5.000.000 July 2021 July 2024 Cross currency interest rate swaps
Pinjaman Bilateral/ 14 Juli/ 15 Juli/ Swap mata uang dan suku bunga/
Bilateral loan USD10.000.000 July 2021 July 2024 Cross currency interest rate swaps
Pinjaman Bilateral/ 15 Februari/ 14 Februari/ Swap mata uang dan suku bunga/
Bilateral loan USD15.000.000 February 2022 February 2025 Cross currency interest rate swaps
Perusahaan membayar angsuran pokok dan bunga The Company pays quarterly principal installments
setiap 3 (tiga) bulan dengan tingkat suku bunga and interest with annual fixed interest rate of around
tetap berkisar sebesar 6,04%-6,20%, dan menerima 6.04%-6.20% and has received a floating rate of
dengan tingkat bunga mengambang LIBOR 3M LIBOR 3M+0.70%-0.8% and Term SOFR +0.70%-
+0,70%-0,80% dan Term SOFR +0,70%-0,80% 0.80% for cross-currency and interest rate swap.
untuk kontrak swap mata uang dan suku bunga.
Atas perubahan tingkat bunga mengambang LIBOR For changes in the LIBOR floating interest rate to
ke Term SOFR untuk pinjaman yang ditarik sebelum SOFR Terms for loans drawn before 2023, the
tahun 2023, Perusahaan dikenakan tambahan Company is subject to an additional credit
spread penyesuaian kredit sebesar 0,26161%. adjustment spread of 0.26161%.
Kontrak swap mata uang dan suku bunga The Company’s cross currency and interest rate
Perusahaan telah memenuhi kriteria dan berlaku swap contracts are designated as effective cash
efektif sebagai lindung nilai arus kas. Oleh flow hedge. Therefore, the fair value of the hedging
karenanya, nilai wajar instrumen lindung nilai yang instrument which has not yet affected the profit and
belum mempengaruhi laba rugi disajikan pada loss is presented under other comprehensive
penghasilan komprehensif lainnya di bagian ekuitas. income in the equity section. The related assets or
Aset atau liabilitas terkait yang timbul dari transaksi liabilities arising from the swap transaction is
swap tersebut disajikan pada piutang atau utang presented under derivative receivables or payables.
derivatif.
75
227
Page 248
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
16. UTANG OBLIGASI 16. BONDS PAYABLE
Akun ini merupakan obligasi yang diterbitkan oleh This account represents bonds issued by the
Perusahaan: Company:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Obligasi I Hino Finance Indonesia Hino Finance Indonesia Bond I
Finance Tahun 2022: Year 2022:
Pihak ketiga Third parties
Seri A - 175.000.000.000 A Series
Seri B 525.000.000.000 525.000.000.000 B Series
Obligasi II Hino Finance Indonesia Hino Finance Indonesia Bond II
Finance Tahun 2023: Year 2023:
Pihak ketiga Third parties
Seri A 366.000.000.000 - A Series
Seri B 334.000.000.000 - B Series
Dikurangi : Less:
Biaya penerbitan belum diamortisasi (4.695.682.902) (3.568.423.518) Unamortized issuance costs
Total 1.220.304.317.098 696.431.576.482 Total
Rincian tingkat bunga dan jatuh tempo masing- Detail of interest rates and due dates of each serial
masing seri efek utang yang diterbitkan: of debt securities issued are as follows:
Tahun
penerbitan/ Tingkat bunga
Efek utang/ Year of Nilai nominal/ tetap/Fixed Jatuh tempo/ Cicilan pokok efek utang/
Debt securities issuance Nominal value interest rate Due date Debt securities installment
Obligasi I Hino Finance Indonesia Tahun 2022
19 Agu/ Pembayaran penuh pada saat jatuh tempo/
Seri/Serial A 2022 175.000.000.000 4,50% Aug 2023 Bullet payment on due date
9 Agu/ Pembayaran penuh pada saat jatuh tempo/
Seri/Serial B 2022 525.000.000.000 7,00% Aug 2025 Bullet payment on due date
Obligasi II Hino Finance Indonesia Tahun 2023
21 Jul/ Pembayaran penuh pada saat jatuh tempo/
Seri/Serial A 2023 366.000.000.000 5,85% Jul 2024 Bullet payment on due date
11 Jul/ Pembayaran penuh pada saat jatuh tempo/
Seri/Serial B 2023 334.000.000.000 6,75% Jul 2026 Bullet payment on due date
Obligasi I Hino Finance Indonesia tahun 2022 Bond I Hino Finance Indonesia year 2022
Pada Juli 2022, Perusahaan melakukan penawaran In July 2022, the Company held public bond offering
umum obligasi bernama “Obligasi I Hino Finance named “Bond I Hino Finance Indonesia year 2022”.
Indonesia tahun 2022”. Biaya transaksi yang terkait Fees in relation with bond issuance amounted to
dengan penerbitan obligasi ini adalah sebesar Rp4,368,202,344. All fund obtained has been
Rp4.368.202.344. Seluruh dana yang diperoleh utilized for the Company’s working capital needs.
telah digunakan untuk modal kerja Perusahaan.
PT Bank Rakyat Indonesia (Persero) Tbk bertindak PT Bank Rakyat Indonesia (Persero) Tbk is
sebagai wali amanat. Pada saat penerbitan, obligasi appointed as trustee. The bond’s rating is AAA(idn)
tersebut mendapatkan peringkat kredit AAA(idn) rated by PT Fitch Rating Indonesia and listed in the
oleh PT Fitch Rating Indonesia dan tercatat pada Indonesian Stock Exchange on August 10, 2022.
Bursa Efek Indonesia pada 10 Agustus 2022.
Perusahaan telah melakukan pelunasan secara The company has fully repaid Series A Hino
penuh atas Obligasi I Hino Finance Indonesia tahun Finance Indonesia Bond I year 2022 on its maturity
2022 Seri A sesuai jatuh temponya pada tanggal date on August 19, 2023.
19 Agustus 2023.
76
228
Page 249
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
16. UTANG OBLIGASI (lanjutan) 16. BONDS PAYABLE (continued)
Obligasi II Hino Finance Indonesia tahun 2023 Bond II Hino Finance Indonesia year 2023
Pada Juli 2023, Perusahaan melakukan penawaran In July 2023, the Company held public bond offering
umum obligasi bernama “Obligasi II Hino Finance named “Bond II Hino Finance Indonesia year 2023”.
Indonesia tahun 2023”. Biaya transaksi yang terkait Fees in relation with bond issuance amounted to
dengan penerbitan obligasi ini adalah sebesar Rp4,095,397,508. All fund obtained has been
Rp4.095.397.508. Seluruh dana yang diperoleh utilized for the Company’s working capital needs.
telah digunakan untuk modal kerja Perusahaan.
PT Bank Rakyat Indonesia (Persero) Tbk bertindak PT Bank Rakyat Indonesia (Persero) Tbk is
sebagai wali amanat. Pada saat penerbitan, appointed as trustee. The bond’s rating is AAA(idn)
Obligasi tersebut mendapatkan peringkat kredit rated with rating watch negative by PT Fitch Rating
AAA(idn) dengan rating watch negative oleh Indonesia and listed in the Indonesian Stock
PT Fitch Rating Indonesia dan tercatat pada Bursa Exchange on July 12, 2023.
Efek Indonesia pada 12 Juli 2023.
Masing-masing obligasi ini tidak dijamin dengan Each bonds are not secured by any specific
jaminan khusus, tetapi dijamin dengan seluruh harta collateral but secured by all asset of the Company
kekayaan Perusahaan baik barang bergerak both moveable or non-moveable assets, existing or
maupun barang tidak bergerak, baik yang telah ada future assets.
maupun yang akan ada dikemudian hari.
Sebelum dilunasinya semua pokok dan bunga Prior to the payment of all principal and interest on
obligasi serta pengeluaran lain yang menjadi bonds and other expenses that are the responsibility
tanggung jawab Perusahaan sehubungan dengan of the Company in relation with the bond issuance,
penerbitan obligasi, Perusahaan wajib memenuhi the Company shall comply with financial covenants
pembatasan keuangan dan pembatasan lainnya and other covenants, including:
antara lain:
Tanpa persetujuan tertulis dari Wali Amanat, Without the written consent of the Trustee, the
Perusahaan tidak diperkenankan untuk melakukan Company is not allowed to do the following:
hal-hal sebagi berikut :
- Melakukan pembayaran lain selama terbukti - Make payments other than bond overdue to
lalai dalam melakukan pembayaran jumlah the extent that they are found to be negligent
terhutang berdasarkan ketentuan perjanjian in making payments of the amount under the
perwaliamanatan dan pengakuan utang, terms of the trust agreement and the
kecuali pembayaran yang dilakukan dalam recognition of debts, except payments made in
rangka kegiatan operasional sehari-hari the course of the Company's day-to-day
Perusahaan atau pembayaran pinjaman operational obligations or loan payments to
kepada pihak lain yang memiliki hak preferen other parties who have the right of preferential
atau hak untuk didahulukan pembayarannya. or the right to precedence over payment.
- Memperoleh pinjaman dari bank atau lembaga
keuangan lainnya, menerbitkan surat utang - Obtaining loans from banks or other financial
dalam bentuk apapun yang secara meterial institutions, issuing debt securities in any form
berakibat negatif terhadap kelangsungan that has a material impact on the sustainability
kegiatan usaha Perusahaan kecuali dana hasil of the Company's business activities unless
pinjaman atau penerbitan surat utang tersebut the proceeds from the loan or issuance of such
digunakan untuk melunasi jumlah terutang bonds are used to pay off the outstanding
berdasarkan perjanjian perwaliamanatan atau amount under the Trust Agreement or meet the
memenuhi ketentuan rasio keuangan financial ratio provisions under the trust
berdasarkan perjanjian perwaliamanatan. agreement.
77
229
Page 250
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
16. UTANG OBLIGASI (lanjutan) 16. BONDS PAYABLE (continued)
Tanpa persetujuan tertulis dari Wali Amanat, Without the written consent of the Trustee, the
Perusahaan tidak diperkenankan untuk melakukan Company is not allowed to do the following
hal-hal sebagai berikut (lanjutan): (continued):
- Menjaminkan aktiva milik Perusahaan kepada - Pleged the Company's assets to other parties
pihak lain kecuali aktiva yang dijaminkan untuk except assets pledged for debts or loans
utang atau pinjaman yang diperoleh untuk obtained for daily business activities.
kegiatan usaha sehari-hari.
- Melakukan penggabungan, konsolidasi atau - Merge, consolidate or amalgamate with the
peleburan dengan perusahaan atau pihak lain company or other parties except to the extent
kecuali sepanjang dilakukan pada bidang that it is carried out in the same line of business
usaha yang sama dengan yang dijalankan oleh as the one carried out by the Company and all
Perusahaan dan semua syarat dan kondisi terms and conditions in the trust agreement
dalam perjanjian perwaliamanatan dan and other related documents remain in full
dokumen lain yang berkaitan tetap berlaku dan force and binding on the successor company.
mengikat sepenuhnya pada perusahaan
penerus.
Perusahaan juga disyaratkan untuk Company are also required to maintain a maximum
mempertahankan Debt to Equity Ratio maksimal 10 Debt to Equity Ratio of 10 times.
kali.
Pada 31 Desember 2023 dan 2022, Perusahaan As of December 31, 2023 dan 2022, the Company
telah melakukan pembayaran bunga obligasi sesuai has made interest payments on bonds in
dengan jatuh tempo yang telah ditetapkan (setiap accordance with the predetermined maturity
tiga bulan) dan telah memenuhi seluruh persyaratan (quarterly) and has fulfilled all the requirements
yang disebutkan dalam perjanjian perwaliamanatan. stated in the trust agreement.
17. MODAL SAHAM 17. SHARE CAPITAL
a. Modal Saham a. Share Capital
Pemegang saham Perusahaan, jumlah saham The Company’s shareholders, the number of
yang ditempatkan dan disetor penuh, serta issued and fully paid shares, and the related
saldo terkait pada tanggal-tanggal balances as of December 31, 2023 and 2022
31 Desember 2023 dan 2022 adalah sebagai are as follows:
berikut:
31 Desember /December 31, 2023
Persentase
Kepemilikan/
Jumlah Saham/ Percentage Jumlah/
Pemegang Saham Number of Shares of Ownership Amount Name of Shareholders
Hino Motors. Ltd. 400.000 40,00% 400.000.000.000 Hino Motors. Ltd.
PT Indomobil Multi Jasa Tbk 400.000 40,00% 400.000.000.000 PT Indomobil Multi Jasa Tbk
Summit Global Auto Summit Global
Management B.V. 200.000 20,00% 200.000.000.000 Auto Management B.V.
Total 1.000.000 100,00% 1.000.000.000.000 Total
31 Desember /December 31, 2022
Persentase
Kepemilikan/
Jumlah Saham/ Percentage Jumlah/
Pemegang Saham Number of Shares of Ownership Amount Name of Shareholders
Hino Motors. Ltd. 400.000 40,00% 400.000.000.000 Hino Motors. Ltd.
PT Indomobil Multi Jasa Tbk 400.000 40,00% 400.000.000.000 PT Indomobil Multi Jasa Tbk
Summit Global Auto Summit Global
Management B.V. 200.000 20,00% 200.000.000.000 Auto Management B.V.
Total 1.000.000 100,00% 1.000.000.000.000 Total
78
230
Page 251
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
17. MODAL SAHAM (lanjutan) 17. SHARE CAPITAL (continued)
b. Saldo Laba b. Retained Earnings
Mutasi saldo laba masing-masing untuk tahun Movement of retained earnings or the year
yang berakhir pada tanggal-tanggal ended December 31, 2023 and 2022,
31 Desember 2023 dan 2022 sebesar respectively amounting to Rp70,617,845,966
Rp70.617.845.966 dan Rp64.608.937.717. and Rp64,608,937,717.
Berdasarkan Akta Pernyataan Keputusan Based on the Deed of Statement of The Annual
Rapat Umum Pemegang Saham Tahunan yang General Meeting of Shareholder which was
dibuat dihadapan Notaris Wiwik Condro, S.H., notarized by Wiwik Condro, S.H. dated on
tanggal 2 Mei 2023, para pemegang saham May 2, 2023, the shareholders approved and
menyetujui dan mengesahkan laporan tahunan ratified on the annual report of fiscal year 2022.
secara keseluruhan untuk tahun buku 2022.
Berdasarkan Akta Pernyataan Keputusan Based on the Deed of Statement of The Annual
Rapat Umum Pemegang Saham Tahunan yang General Meeting of Shareholder which was
dibuat dihadapan Notaris Drs. Benny F.N. notarized by Drs. Benny F.N. Tadjoedin, S.H
Tadjoedin, S.H tanggal 25 April 2022, para dated on April 25, 2022, the shareholders
pemegang saham menyetujui dan approved and ratificated on the annual report of
mengesahkan laporan tahunan secara fiscal year 2021.
keseluruhan untuk tahun buku 2021.
Berdasarkan Akta Pernyataan Keputusan Based on the Deed of Statement of the
Rapat Umum Pemegang Saham Tahunan PT Shareholders Annual General Meeting of PT
Hino Finance Indonesia No. 4 tanggal 2 Mei Hino Finance Indonesia No. 4 dated on May 2,
2023 yang dibuat oleh dan di hadapan Wiwik 2023, made and drawn up by Wiwik Condro,
Condro, SH, Notaris di Jakarta Barat, SH, Notary in Jakarta Barat, the shareholders
pemegang saham menyetujui untuk approved to allocate of Rp1,000,000,000 from
mengalokasikan laba neto pada tahun 2022 2022 net income as general reserve fund. It is
sebesar Rp1.000.000.000 sebagai dana in accordance with the Limited Company Law
cadangan umum. Cadangan ini dibuat sesuai No. 40/2007, which requires companies to set
dengan Undang-Undang Perseroan Terbatas up a reserve reaching to minimum 20% of the
No. 40/2007 yang mengharuskan Perseroan issued and paid up share capital.
untuk membentuk penyisihan cadangan
mencapai sekurang-kurangnya 20% dari
jumlah modal yang ditempatkan dan disetor
penuh.
c. Keuntungan aktuarial atas liabilitas imbalan c. Actuarial gain on employee benefits liability
kerja
Mutasi akun keuntungan (kerugian) aktuarial Movement of actuarial gains (losses) on
atas liabilitas imbalan kerja - neto masing- employee benefit liabilities - net for the year
masing untuk tahun yang berakhir pada ended December 31, 2023 and 2022,
tanggal-tanggal 31 Desember 2023 dan 2022 respectively Rp1,650,383,081 dan
sebesar Rp1.650.383.081 dan (Rp693,774,029) are the net change in
(Rp693.774.029) adalah merupakan actuarial gain on employee benefits liability.
perubahan neto keuntungan aktuarial atas
liabilitas imbalan kerja.
d. Keuntungan lindung nilai arus kas d. Gain on cash flow hedges
Mutasi akun keuntungan lindung nilai arus kas - Movement gain on cash flow hedges - net for
neto masing-masing untuk tahun yang berakhir the year ended December 31, 2023 and 2022,
pada tanggal-tanggal 31 Desember 2023 dan respectively amounting to Rp26,303,845,258
2022 sebesar Rp26.303.845.258 dan and Rp24,979,225,287 are the net change in
Rp24.979.225.287 adalah merupakan fair value of derivative contracts accounted for
perubahan neto nilai wajar kontrak derivatif under cash flow hedge.
yang dihitung sebagai lindung nilai arus kas.
79
231
Page 252
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
18. PENDAPATAN 18. INCOME
a. Pendapatan sewa pembiayaan a. Finance lease income
Rincian pendapatan sewa pembiayaan dari The details of finance lease income from
pihak berelasi dan pihak ketiga adalah sebagai related party and third parties are as follows:
berikut:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Pihak berelasi (Catatan 23b) - 4.763.229.367 Related party (Note 23b)
Pihak ketiga 461.044.937.425 373.287.566.756 Third parties
Total 461.044.937.425 378.050.796.123 Total
Untuk tahun yang berakhir pada tanggal- For the year ended December 31, 2023 and
tanggal 31 Desember 2023 dan 2022, tidak ada 2022, there is no finance lease transaction from
transaksi sewa pembiayaan dari satu any single party with cumulative income
pelanggan yang jumlah pendapatan kumulatif exceeding 10% of total finance lease income.
tahunannya melebihi 10% dari total pendapatan
sewa pembiayaan.
b. Pendapatan bunga b. Interest income
Rincian pendapatan bunga adalah sebagai The details of interest income are as follows:
berikut:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Pendapatan bunga dari giro 18.109.466.576 11.546.521.800 Interest income from current accounts
Beban pajak final terkait pendapatan bunga The final tax expense related to the interest
adalah sebesar Rp3.621.892.620 dan income amounted to Rp3,621,892,620 and
Rp2.309.304.361 masing-masing untuk tahun Rp2,309,304,361 for the year ended
yang berakhir pada tanggal-tanggal 31 December 31, 2023 and 2022, respectively.
Desember 2023 dan 2022.
c. Pendapatan lain-lain c. Other income
Rincian pendapatan lain-lain adalah sebagai The details other income are as follows:
berikut:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Denda Keterlambatan 3.708.411.463 3.008.787.622 Delay Charges
Pendapatan Terminasi Dini 1.056.952.783 1.028.655.462 Early Termination Income
Pendapatan Administrasi 81.615.000 29.200.000 Administration Income
Pendapatan Operasi Lainnya 462.992.744 261.986.636 Other Operating Income
Total 5.309.971.990 4.328.629.720 Total
80
232
Page 253
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
19. GAJI, TUNJANGAN, DAN KESEJAHTERAAN 19. SALARIES, ALLOWANCES AND OTHER
KARYAWAN LAINNYA EMPLOYEE BENEFITS
Beban gaji, tunjangan dan kesejahteraan karyawan Salaries, allowances and other employee benefits
lainnya untuk tahun yang berakhir pada tanggal- expenses for the years ended December 31, 2023
tanggal 31 Desember 2023 dan 2022 adalah and 2022 are as follows:
sebagai berikut:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Upah, gaji dan tunjangan 89.423.543.351 77.974.575.286 Wages, salaries and allowance
Penyisihan imbalan kerja Provision for employee
karyawan (Catatan 14) 2.867.767.673 (3.929.237.436) benefits (Note 14)
Lain-lain 965.183.149 789.654.523 Others
Total 93.256.494.173 74.834.992.373 Total
Beban gaji, tunjangan dan kesejahteraan karyawan Salaries, allowances and other employee benefits
lain-lain antara lain terdiri atas biaya asuransi jiwa expenses consist of life and accident insurance
dan kecelakaan pegawai dan biaya pembayaran gaji costs for employees and costs for paying salaries for
untuk pegawai kontrak. contract employees.
20. BEBAN UMUM DAN ADMINISTRASI 20. GENERAL AND ADMINISTRATIVE EXPENSES
Beban umum dan administrasi untuk tahun yang General and administrative expenses for the years
berakhir pada tanggal-tanggal 31 Desember 2023 ended December 31, 2023 and 2022 are as follows:
dan 2022 adalah sebagai berikut:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Pengembangan teknologi 24.451.909.579 20.934.879.547 Technology development
Penyusutan (Catatan 8) 14.979.005.674 14.032.867.946 Depreciation (Note 8)
Kantor 1.448.076.864 858.822.933 Office
Perjalanan 5.120.778.325 3.403.636.646 Travelling
Layanan outsourcing 3.808.718.387 3.209.778.860 Outsourced services
Jasa profesional 3.760.476.812 5.291.995.452 Professional fees
Pendidikan dan pelatihan 3.636.574.441 2.952.249.853 Education and training
Sewa 2.990.915.631 2.428.543.166 Rental
Biaya transaksi OJK 2.283.714.029 1.962.142.470 OJK levy
Hiburan 1.967.839.561 940.362.152 Entertainment
Peralatan dan perlengkapan 1.605.762.757 1.485.940.432 Equipment and supplies
Pemasaran 1.223.084.437 3.384.224.089 Marketing
Amortisasi (Catatan 9) 979.805.057 2.316.014.842 Amortization (Note 9)
Komunikasi 735.408.414 711.401.430 Communication
Lain-lain 8.069.126.052 14.840.754.005 Others
Total 77.061.196.020 78.753.613.823 Total
Beban umum dan administrasi lain-lain antara lain General and administrative expenses others consist
terdiri atas pembentukan cadangan atas risiko yang of establishing reserves for risks that have been
telah diidentifikasi oleh Perusahaan, beban atas identified by the Company, expenses for waiver of
keringanan pembayaran pokok nasabah, beban customer’s principles payment, corporate social
corporate social responsibility dan biaya-biaya responsibility expenses and costs related with
terkait dengan operasional Perusahaan antara lain operational of the Company such as electricity,
biaya listrik, penerimaan pegawai dan materai. employee recruitment and stamp duty.
81
233
Page 254
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
21. BEBAN PEMBIAYAAN 21. FINANCING CHARGES
Beban pembiayaan untuk tahun yang berakhir pada Financing charges for the years ended
tanggal-tanggal 31 Desember 2023 dan 2022 December 31, 2023 and 2022 are as follows:
adalah sebagai berikut:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Bunga pinjaman bank (Catatan 10 dan 15) 141.874.418.400 148.621.112.099 Interest on bank loans (Notes 10 and 15)
Bunga utang obligasi 62.431.250.000 17.514.112.903 Interest on bonds payable
Amortisasi biaya penerbitan obligasi 3.132.325.623 799.778.824 Amortization of bonds issuance cost
Bunga liabilitas sewa (Catatan 8 dan 11) 989.217.241 925.002.406 Interest on lease liabilities (Notes 8 and 11)
Kerugian selisih kurs 39.746.809 71.072.424 Foreign exchange losses
Biaya bank lainnya 286.842.622 294.006.154 Other bank charges
Total 208.753.800.695 168.225.084.810 Total
22. PERJANJIAN
\ DAN KOMITMEN YANG 22. SIGNIFICANT AGREEMENTS AND
SIGNIFIKAN COMMITMENTS
Perusahaan mengadakan perjanjian kerjasama The Company entered into agreements with
dengan PT Asuransi Central Asia, PT Asuransi PT Asuransi Central Asia, PT Asuransi Wahana
Wahana Tata, PT Asuransi Sinar Mas dan Tata, PT Asuransi Sinar Mas and PT Sompo
PT Sompo Insurance Indonesia, pihak ketiga, untuk Insurance Indonesia, third parties, to insure the
melindungi kendaraan bermotor yang dibiayai oleh vehicles which were financed by the Company from
Perusahaan, antara lain dari risiko kehilangan dan the risks of loss and damages (Note 5). As of
kerusakan (Catatan 5). Pada tanggal-tanggal December 31, 2023 and 2022, the amount that
31 Desember 2023 dan 2022, jumlah yang harus should be paid by the Company amounting to
dibayar oleh Perusahaan masing-masing sebesar Rp20,936,153,771 and Rp19,765,403,798
Rp20.936.153.771 dan Rp19.765.403.798 disajikan respectively, is presented as part of “Other
sebagai bagian dari “Utang lain-lain” (Catatan 11) payables” (Note 11) in the statement of financial
pada laporan posisi keuangan. position.
23. SALDO DAN TRANSAKSI DENGAN PIHAK 23. BALANCES AND TRANSACTIONS WITH
TERKAIT RELATED PARTIES
Sifat hubungan dengan pihak berelasi adalah The nature of relationships with related parties are
sebagai berikut: as follows:
Sifat hubungan dengan pihak berelasi/
Pihak berelasi/Related parties Nature of relationship with the related parties
PT Multicentral Aryaguna Dimiliki oleh pemegang saham tidak langsung yang sama/
Owned by the same indirect shareholder
PT Tritunggal Inti Permata Dimiliki oleh pemegang saham tidak langsung yang sama/
Owned by the same indirect shareholder
Hino Motors, Ltd. Pemegang saham/
Shareholder
Sumitomo Corporation Pemegang saham tidak langsung/
Indirect shareholder
PT Seino Indomobil Logistics Dimiliki oleh pemegang saham tidak langsung yang sama/
Owned by the same indirect shareholder
PT CSM Corporatama Dimiliki oleh pemegang saham tidak langsung yang sama/
Owned by the same indirect shareholder
82
234
Page 255
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
23. SALDO DAN TRANSAKSI DENGAN PIHAK 23. BALANCES AND TRANSACTIONS WITH
TERKAIT (lanjutan) RELATED PARTIES (continued)
a. Liabilitas a. Liabilities
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Utang lain-lain Other Payables
PT Multicentral Aryaguna 24.323.827 16.972.453 PT Multicentral Aryaguna
Total utang lain-lain 24.323.827 16.972.453 Total other payables
Persentase terhadap total liabilitas Percentage of total liability
Utang lain-lain 0,00% 0,00% Other Payables
Utang lain-lain kepada pihak berelasi kepada Other payables from related parties to
PT Multicentral Aryaguna merupakan transaksi PT Multicentral Aryaguna represent transaction
biaya listrik yang akan dibayarkan. of electricity expenses that will be paid.
b. Laba Rugi b. Profit and Loss
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
PENDAPATAN REVENUE
Pendapatan sewa pembiayaan Finance lease income
PT Seino Indomobil Logistics - 4.763.229.367 PT Seino Indomobil Logistics
Persentase terhadap total pendapatan Percentage of total revenues
Pendapatan sewa pembiayaan - 1,19% Finance lease income
BEBAN EXPENSES
Biaya garansi Guarantee Fee
Hino Motors, Ltd 1.250.636.082 1.226.654.999 Hino Motors, Ltd
Sumitomo Corporation 625.318.041 613.327.499 Sumitomo Corporation
Total biaya garansi 1.875.954.123 1.839.982.498 Total guarantee fee
Biaya sewa gedung dan kendaraan Lease expense for building and car
PT Multicentral Aryaguna 4.971.043.198 4.948.651.120 PT Multicentral Aryaguna
PT CSM Corporatama 669.175.900 846.027.600 PT CSM Corporatama
Total biaya sewa 5.640.219.098 5.794.678.720 Total lease expense
Persentase terhadap total beban Percentage of total expenses
Biaya garansi 0,48% 0,59% Guarantee Fee
Biaya sewa 1,45% 1,85% Lease expense
Transaksi pihak berelasi dilakukan dengan Related party transactions are carried out under
ketentuan yang setara dengan yang berlaku terms that are equivalent to those applicable in
dalam transaksi yang wajar. fair transactions.
Personil manajemen kunci Perusahaan Key management personnel of the Company
mencakup Dewan Komisaris dan Direksi. Total consist of the Boards of Commissioners and
kompensasi yang diterima Dewan Komisaris Directors. Total compensation received by the
dan Direksi Perusahaan dalam bentuk gaji dan members of the Company’s Boards of
tunjangan adalah sebagai berikut: Commissioners and Directors in the form of
salaries and benefits is as follows:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Komisaris 900.000.000 600.000.000 Board of Commisioners
Direksi 17.322.974.071 14.856.074.677 Board of Directors
Total 18.222.974.071 15.456.074.677 Total
83
235
Page 256
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
23. SALDO DAN TRANSAKSI DENGAN PIHAK 23. BALANCES AND TRANSACTIONS WITH
TERKAIT (lanjutan) RELATED PARTIES (continued)
Tidak ada kompensasi dalam bentuk imbalan pasca There is no compensation of post-employment
kerja, imbalan kerja jangka panjang lainnya, dan benefits, other long-term benefits and share-based
pembayaran berbasis saham bagi manajemen kunci payment for the key management personnel of the
Perusahaan. Company.
24. NILAI WAJAR INSTRUMEN KEUANGAN 24. FAIR VALUE OF FINANCIAL INSTRUMENTS
Tabel di bawah ini menyajikan perbandingan nilai The following table sets out the comparison of the
tercatat dan estimasi nilai wajar instrumen keuangan carrying values and estimated fair values of the
Perusahaan pada tanggal-tanggal 31 Desember Company’s financial instruments as of
2023 dan 2022: December 31, 2023 and 2022:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Nilai Tercatat/ Nilai Wajar/ Nilai Tercatat/ Nilai Wajar/
Carrying Value Fair Value Carrying Value Fair Value
Aset keuangan Financial assets
Kas dan kas pada bank - neto 279.765.310.603 279.765.310.603 368.523.332.767 368.523.332.767 Cash on hand and in banks - net
Piutang sewa pembiayaan - neto 4.647.341.049.832 5.190.201.093.377 3.824.728.850.896 4.268.329.389.742 Finance lease receivables - net
Piutang derivatif 106.089.944.475 106.089.944.475 126.464.092.374 126.464.092.374 Derivative receivables
Piutang lain-lain 9.898.969.862 9.898.969.862 418.846.910 418.846.910 Other receivables
Aset lain-lain*) 2.006.923.075 2.006.923.075 1.997.919.147 1.997.919.147 Other assets*)
Total 5.045.102.197.847 5.587.962.241.392 4.322.133.042.094 4.765.733.580.940 Total
Liabilitas keuangan Financial liabilities
Pinjaman bank - neto 2.297.628.000.000 2.223.351.408.516 2.232.223.000.000 2.232.223.000.000 Bank loans - net
Utang lain-lain 81.479.896.550 81.479.896.550 74.851.729.008 74.851.729.008 Other payables
Beban yang masih harus dibayar 82.080.987.502 82.080.987.502 72.589.952.125 72.589.952.125 Accrued expenses
Utang derivatif 1.137.363.577 1.137.363.577 3.515.842.860 3.515.842.860 Derivative payables
Utang obligasi - neto 1.220.304.317.098 1.215.952.258.098 696.431.576.482 704.452.063.430 Bonds payable - net
Total 3.682.630.564.727 3.604.001.914.243 3.079.612.100.475 3.087.632.587.423 Total
*)
Aset lain-lain terdiri dari uang jaminan *)
Other Assets consits of security deposit
Metode dan asumsi yang digunakan untuk estimasi The following methods and assumptions are used to
nilai wajar setiap kelompok instrumen keuangan: estimate the fair value of each class of financial
instruments:
Piutang dan utang derivatif dicatat pada nilai wajar Derivative receivables and payables are carried at
dengan menggunakan teknik penilaian. Nilai wajar fair value using valuation technique. The fair value
piutang sewa pembiayaan bersih, piutang lain-lain, of net finance lease receivables, other receivables,
aset lain-lain dan pinjaman bank dengan tingkat other asset and bank loans with fixed interest rate
bunga tetap disajikan sebesar estimasi arus kas are presented at discounted estimated future cash
masa depan yang didiskontokan. Tingkat diskonto flows. The discount rates used are the current
yang digunakan adalah suku bunga pinjaman pasar market lending rate for similar types of lending.
saat ini untuk jenis pinjaman serupa.
Nilai wajar kas dan bank, piutang lain-lain, biaya The fair values of cash on hand and in banks, other
yang masih harus dibayar dan utang lain-lain receivables, accrued expenses and other payables
mendekati nilai tercatatnya karena sifatnya yang approximate their carrying values due to their short-
jangka pendek. Nilai tercatat pinjaman bank, dengan term nature. The carrying values of bank loans, with
suku bunga mengambang mendekati nilai wajarnya floating interest rates approximate their fair values
karena sering dinilai ulang. as they are re-priced frequently.
Nilai wajar dari utang obligasi dinilai menggunakan The fair value of bonds payable are calculated using
harga kuotasi pasar yang berlaku pada tanggal - quoted market price as of December 31, 2023 and
tanggal 31 Desember 2023 dan 2022. 2022.
84
236
Page 257
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
24. NILAI WAJAR INSTRUMEN KEUANGAN 24. FAIR VALUE OF FINANCIAL INSTRUMENTS
(lanjutan) (continued)
Perusahaan menggunakan hirarki berikut untuk The Company adopts the following hierarchy for
menentukan dan mengungkapkan nilai wajar dari determining and disclosing the fair values of
instrumen keuangan: financial instruments by valuation technique:
Level 1 - harga kuotasian (tanpa penyesuaian) Level 1 - quoted (unadjusted) market prices in
di pasar aktif untuk aset atau liabilitas yang active markets for identical assets or liabilities.
identik.
Level 2 - teknik penilaian di mana tingkat level Level 2 - valuation techniques for which the
input terendah yang signifikan terhadap lowest level input that is significant to the fair
pengukuran nilai wajar dapat diobservasi baik value measurement is directly or indirectly
secara langsung atau tidak langsung. observable.
Level 3 - teknik penilaian di mana tingkat level Level 3 - valuation techniques for which the
input terendah yang signifikan terhadap lowest level input that is significant to the fair
pengukuran nilai wajar tidak dapat diobservasi value measurement is directly or indirectly
baik secara langsung atau tidak langsung. unobservable.
Tabel di bawah ini menyajikan instrumen keuangan The following tables set out the financial instruments
yang diakui pada nilai wajar berdasarkan hirarki at fair value based on hierarchy used by the
yang digunakan Perusahaan: Company:
31 Desember/December 31, 2023
Nilai Wajar/Fair Value
Nilai Tercatat/
Carrying Value Level 1 Level 2 Level 3 Total
Aset diukur pada nilai wajar Asset measured at fair value
Piutang derivatif 106.089.944.475 - 106.089.944.475 - 106.089.944.475 Derivative receivables
Aset yang diungkapkan
dengan nilai wajar Asset with disclosed fair value
Piutang sewa pembiayaan - neto 4.647.341.049.832 - 5.190.201.093.377 - 5.190.201.093.377 Finance lease receivable - net
Piutang lain-lain - neto*) 3.274.140.487 - 3.274.140.487 - 3.274.140.487 Other receivables - net *)
Total 4.756.705.134.794 - 5.299.565.178.339 - 5.299.565.178.339 Total
Liabilitas diukur pada nilai wajar Liabilities measured at fair value
Utang derivatif 1.137.363.577 - 1.137.363.577 - 1.137.363.577 Derivative payables
Liabilitas yang diungkapkan
dengan nilai wajar Liabilities with disclosed fair value
Pinjaman bank - neto 2.297.628.000.000 - 2.223.351.408.516 - 2.223.351.408.516 Bank loans - net
Utang obligasi - neto 1.220.304.317.098 1.215.952.258.098 - - 1.215.952.258.098 Bonds payable - net
Total 3.519.069.680.675 1.215.952.258.098 2.224.488.772.093 - 3.440.441.030.191 Total
31 Desember/December 31, 2022
Nilai Wajar/Fair Value
Nilai Tercatat/
Carrying Value Level 1 Level 2 Level 3 Total
Aset diukur pada nilai wajar Asset measured at fair value
Piutang derivatif 126.464.092.374 - 126.464.092.374 - 126.464.092.374 Derivative receivables
Aset yang diungkapkan
dengan nilai wajar Asset with disclosed fair value
Piutang sewa pembiayaan - neto 3.824.728.850.896 - 4.268.329.389.742 - 4.268.329.389.742 Finance lease receivable - net
Piutang lain-lain - neto*) 84.781.402 - 84.781.402 - 84.781.402 Other receivables - net *)
Total 3.951.277.724.672 - 4.394.878.263.518 - 4.394.878.263.518 Total
Liabilitas diukur pada nilai wajar Liabilities measured at fair value
Utang derivatif 3.515.842.860 - 3.515.842.860 - 3.515.842.860 Derivative payables
Liabilitas yang diungkapkan
dengan nilai wajar Liabilities with disclosed fair value
Pinjaman bank - neto 2.232.223.000.000 - 2.232.223.000.000 - 2.232.223.000.000 Bank loans - net
Utang obligasi - neto 696.431.576.482 704.452.063.430 - - 704.452.063.430 Bonds payable - net
Total 2.932.170.419.342 704.452.063.430 2.235.738.842.860 - 2.940.190.906.290 Total
*)
Piutang lain-lain terdiri dari aset yang dibiayai *)
Other receivable consits of financed assets
85
237
Page 258
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
25. MANAJEMEN RISIKO KEUANGAN 25. FINANCIAL RISK MANAGEMENT
Perusahaan terekspos risiko suku bunga, risiko The Company is exposed to interest rate risk,
mata uang asing, risiko kredit, risiko likuiditas dan foreign currency risk, credit risk, liquidity risk and
risiko operasional. Pengelolaan manajemen risiko operational risk. The Company’s overall supervision
Perusahaan secara keseluruhan berfokus pada to risk management program focuses on the
ketidakpastian pasar keuangan dan berupaya uncertainty of financial markets and seeks to
meminimalkan potensi dampak buruk terhadap minimize potential adverse effects on the
kinerja keuangan Perusahaan. Manajemen Company’s financial performance. The
meninjau dan menyetujui kebijakan untuk mengelola management reviews and approves policies for
masing-masing risiko tersebut, yang dijelaskan managing each of these risks, which are described
secara lebih rinci sebagai berikut: in more detail as follows:
Risiko suku bunga Interest rate risk
Risiko suku bunga adalah risiko bahwa nilai wajar Interest rate risk is the risk that the fair value or
atau arus kas masa depan dari instrumen keuangan future cash flows of a financial instrument will
akan berfluktuasi karena perubahan suku bunga fluctuate because of changes in market interest
pasar. Eksposur Perusahaan terhadap risiko rates. The Company’s exposure to the risk of
perubahan suku bunga pasar terutama terkait changes in market interest rates relates primarily to
dengan eksposur suku bunga mengambang. the floating interest rate exposure.
Perusahaan mengelola risiko suku bunga dengan The Company managed interest rate risk by
melakukan diversifikasi sumber pembiayaan untuk diversifying its financing source to get the fixed
mendapatkan suku bunga tetap untuk interest rate to minimize interest rate risk. For Bank
meminimalkan risiko suku bunga. Untuk pinjaman loans with floating interest rates, the Company has
Bank dengan suku bunga mengambang, managed to fully hedge the risk from floating to fixed
Perusahaan telah melakukan lindung nilai using derivative instrument (Note 15).
sepenuhnya atas risiko dari mengambang menjadi
tetap dengan menggunakan instrumen derivatif
(Catatan 15).
Tabel di bawah ini menunjukkan instrumen The tables below show the Company’s financial
keuangan Perusahaan dibagi berdasarkan bunga instruments divided as to interest and non-interest
dan tanpa bunga: bearing:
31 Desember /Desember 31, 2023
Bunga Tetap/Fixed Interest
Tidak
Bunga Kurang dari Lebih dari dikenakan
mengambang/ 1 tahun/ 3 tahun/ bunga/
Floating Less than 1-3 tahun/ More than Non-interest Total/
interest 1 year 1 - 3 years 3 years bearing Total
Aset keuangan Financial assets
Kas dan kas pada bank - 279.799.510.753 - - - 279.799.510.753 Cash on hand and in banks
Piutang sewa pembiayaan 65.379.818.510 2.305.002.445.278 2.174.382.332.455 170.367.381.522 - 4.715.131.977.765 Finance lease receivables
Piutang derivatif - 38.578.287.701 63.542.875.519 3.968.781.255 - 106.089.944.475 Derivative receivables
Piutang lain-lain - - - - 12.254.716.657 12.254.716.657 Other receivables
Aset lain-lain*) - - - - 2.006.923.075 2.006.923.075 Other assets*)
Total aset 65.379.818.510 2.623.380.243.732 2.237.925.207.974 174.336.162.777 14.261.639.732 5.115.283.072.725 Total assets
Liabilitas keuangan Financial liabilities
Pinjaman bank - neto 1.857.628.000.000 440.000.000.000 - - - 2.297.628.000.000 Bank loans - net
Utang lain-lain - - - 81.479.896.550 81.479.896.550 Other payables
Beban yang masih harus dibayar - - - 82.080.987.502 82.080.987.502 Accrued expenses
Utang derivatif - - 1.137.363.577 - - 1.137.363.577 Derivative payables
Utang obligasi - neto - 364.821.479.842 855.482.837.256 - - 1.220.304.317.098 Bonds payable - net
Total liabilitas 1.857.628.000.000 804.821.479.842 856.620.200.833 - 163.560.884.052 3.682.630.564.727 Total liabilities
*)
Aset lain-lain terdiri dari uang jaminan *)
Other Assets consits of security deposit
86
238
Page 259
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
25. MANAJEMEN RISIKO KEUANGAN (lanjutan) 25. FINANCIAL RISK MANAGEMENT (continued)
Risiko suku bunga (lanjutan) Interest rate risk (continued)
Tabel di bawah ini menunjukkan instrumen The tables below show the Company’s financial
keuangan Perusahaan dibagi berdasarkan bunga instruments divided as to interest and non-interest
dan tanpa bunga: (lanjutan) bearing: (continued)
31 Desember /Desember 31, 2022
Bunga Tetap/Fixed Interest
Tidak
Bunga Kurang dari Lebih dari dikenakan
mengambang/ 1 tahun/ 3 tahun/ bunga/
Floating Less than 1-3 tahun/ More than Non-interest Total/
interest 1 year 1 - 3 years 3 years bearing Total
Aset keuangan Financial assets
Kas dan kas pada bank - 368.537.342.424 - - - 368.537.342.424 Cash on hand and in banks
Piutang sewa pembiayaan 114.881.916.235 1.814.343.502.037 1.844.138.033.373 114.313.854.545 - 3.887.677.306.190 Finance lease receivables
Piutang derivatif - 11.155.393.045 90.620.473.864 24.688.225.465 - 126.464.092.374 Derivative receivables
Piutang lain-lain - - - - 656.074.306 656.074.306 Other receivables
Aset lain-lain*) - - - - 1.997.919.147 1.997.919.147 Other assets*)
Total aset 114.881.916.235 2.194.036.237.506 1.934.758.507.237 139.002.080.010 2.653.993.453 4.385.332.734.441 Total assets
Liabilitas keuangan Financial liabilities
Pinjaman bank - neto 2.092.223.000.000 - 140.000.000.000 - - 2.232.223.000.000 Bank loans - net
Utang lain-lain - - - - 74.851.729.008 74.851.729.008 Other payables
Beban yang masih harus dibayar - - - - 72.589.952.125 72.589.952.125 Accrued expenses
Utang derivatif - 1.452.848 3.514.390.012 - - 3.515.842.860 Derivative payables
Utang obligasi - neto - 174.318.277.409 522.113.299.073 - - 696.431.576.482 Bonds payable - net
Total liabilitas 2.092.223.000.000 174.319.730.257 665.627.689.085 - 147.441.681.133 3.079.612.100.475 Total liabilities
*)
Aset lain-lain terdiri dari uang jaminan *)
Other Assets consits of security deposit
Tabel berikut menunjukkan sensitivitas atas The following table demonstrates the sensitivity to a
kemungkinan perubahan suku bunga sewa reasonably possible change in interest rates finance
pembiayaan, dengan variabel lain dianggap tetap, lease, with all other variables held constant, of the
terhadap laba sebelum pajak Perusahaan (melalui Company’s income before tax (through the impact
dampak dari suku bunga mengambang) (tidak on floating interest rate) (unaudited):
diaudit):
Kenaikan
(penurunan)
suku bunga
dalam basis Dampak
poin/Increase terhadap laba
(decrease) on sebelum pajak/
interest rate Effect on income
in basis points before tax
Tahun: Year:
31 Desember 2023 +50 343.663.467 December 31, 2023
-50 (343.663.467)
31 Desember 2022 +50 491.845.204 December 31, 2022
-50 (491.845.204)
Risiko mata uang asing Foreign currency risk
Risiko mata uang asing adalah risiko bahwa nilai Foreign currency risk is the risk that the fair value or
wajar atau arus kas masa depan dari instrumen future cash flow of financial instrument will fluctuate
keuangan akan berfluktuasi karena perubahan nilai because of changes in foreign exchange rates. The
tukar mata uang asing. Eksposur Perusahaan Company’s exposure to the risk of changes in
terhadap risiko perubahan nilai tukar mata uang foreign exchange rates relates primarily to the
asing terutama berkaitan dengan pinjaman bank Company’s US Dollar bank loans (Note 10). The
Perusahaan dalam AS Dolar (Catatan 10). Company manages this risk by entering into
Perusahaan mengelola risiko ini dengan derivative contracts (Note 15).
mengadakan kontrak derivatif (Catatan 15).
87
239
Page 260
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
25. MANAJEMEN RISIKO KEUANGAN (lanjutan) 25. FINANCIAL RISK MANAGEMENT (continued)
Risiko mata uang asing (lanjutan) Foreign currency risk (continued)
Tabel berikut menunjukkan sensitivitas atas The following table demonstrates the sensitivity to a
kemungkinan perubahan nilai tukar Rupiah terhadap reasonably possible change in Rupiah exchange
mata uang asing dengan variabel lain dianggap tetap, rate against foreign currency with all other variables
terhadap laba sebelum pajak Perusahaan (tidak held constant, of the Company’s income before tax
diaudit): (unaudited):
Perubahan Dampak
nilai tukar terhadap laba
Rupiah/Change sebelum pajak/
In Rupiah Effect on income
Rate before tax
Tahun: Year:
31 Desember 2023 +100 8.633.138 December 31, 2023
-100 (8.633.138)
31 Desember 2022 +100 2.990.592 December 31, 2022
-100 (2.990.592)
Risiko kredit Credit risk
Risiko kredit adalah risiko bahwa pihak lawan tidak Credit risk is the risk that a counter party will not
akan memenuhi kewajibannya berdasarkan kontrak meet its obligations under a customer contract,
pelanggan, yang menyebabkan kerugian finansial. leading to a financial loss. The Company is exposed
Perusahaan menghadapi risiko kredit dari to credit risk from defaulting customers. Improper
pelanggan yang gagal bayar. Penilaian yang tidak assessment of customer’s credit worthiness,
tepat atas kelayakan kredit nasabah dan collection management and other external factors ie
manajemen penagihan dan faktor-faktor eksternal economy condition the unprecedented Covid-19
lainnya termasuk keadaan perekonomian dan pandemic will trigger the credit risk. The Company
pandemi Covid-19 yang belum terdapat applies prudent credit acceptance policies,
precedentnya dapat memicu risiko kredit. performing ongoing credit portfolio monitoring as
Perusahaan menerapkan kebijakan akseptasi kredit well as managing the collection of customer
yang prudent, melakukan pemantauan portofolio financing receivables in order to minimize credit risk
kredit secara berkesinambungan serta mengelola exposure. The maximum exposure of credit risk is
penagihan piutang pembiayaan pelanggan untuk the carrying amount of finance lease receivables
meminimalkan eksposur risiko kredit. Eksposur without taking into account any financed asset held.
maksimum risiko kredit adalah sebesar nilai tercatat
piutang sewa pembiayaan tanpa memperhitungkan
aset yang dibiayai yang dimiliki.
Tabel berikut menyajikan total risiko kredit dan The following table sets out the total credit risk and
konsentrasi risiko piutang sewa pembiayaan risk concentration of finance lease receivables of the
Perusahaan: Company:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Pihak ketiga Third parties
Perusahaan 4.506.170.609.993 3.740.741.631.200 Corporation
Individu 208.961.367.772 146.935.674.990 Individual
Total 4.715.131.977.765 3.887.677.306.190 Total
88
240
Page 261
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
25. MANAJEMEN RISIKO KEUANGAN (lanjutan) 25. FINANCIAL RISK MANAGEMENT (continued)
Risiko kredit (lanjutan) Credit risk (continued)
Tabel berikut menggambarkan jumlah risiko kredit The following table sets out the total credit risk and
dan konsentrasi risiko aset keuangan perusahaan risk concentration of financial assets of the
diklasifikasikan ke dalam belum jatuh tempo dan Company classified into neither past due nor
tidak mengalami penurunan nilai, jatuh tempo tetapi impaired, past due but not impaired and impaired:
tidak mengalami penurunan nilai, mengalami
penurunan nilai:
31 Desember/December 31, 2023
Mengalami
Jatuh tempo penurunan nilai Cadangan
tetapi tidak (jatuh tempo kerugian
mengalami >30 hari)/ penurunan nilai/
Belum jatuh tempo dan tidak penurunan nilai/ Impaired (day Allowance for
mengalami penurunan nilai/ Past-due past due >30 impairment Total/
Neither past due not impaired but not impaired days) losses Total
High grade Standard grade
Kas dan kas pada bank - neto 279.799.510.753 - - - (34.200.150) 279.765.310.603 Cash on hand and in banks - net
Piutang sewa
pembiayaan - neto 2.786.172.120.194 1.682.190.347.518 199.099.388.527 47.670.121.526 (67.790.927.933) 4.647.341.049.832 Finance lease receivables - net
Piutang derivatif 106.089.944.475 - - - - 106.089.944.475 Derivative receivables
Piutang lain-lain - neto 6.624.829.375 - - 5.629.887.282 (2.355.746.795) 9.898.969.862 Other receivables - net
Aset lain-lain 2.006.923.075 - - - - 2.006.923.075 Other assets
Total 3.180.693.327.872 1.682.190.347.518 199.099.388.527 53.300.008.808 (70.180.874.878) 5.045.102.197.847 Total
31 Desember/December 31, 2022
Mengalami
Jatuh tempo penurunan nilai Cadangan
tetapi tidak (jatuh tempo kerugian
mengalami >30 hari)/ penurunan nilai/
Belum jatuh tempo dan tidak penurunan nilai/ Impaired (day Allowance for
mengalami penurunan nilai/ Past-due past due >30 impairment Total/
Neither past due not impaired but not impaired days) losses Total
High grade Standard grade
Kas dan kas pada bank - neto 368.537.342.424 - - - (14.009.657) 368.523.332.767 Cash on hand and in banks - net
Piutang sewa
pembiayaan - neto 3.230.772.795.432 527.311.596.726 106.508.869.945 23.084.044.087 (62.948.455.294) 3.824.728.850.896 Finance lease receivables - net
Piutang derivatif 126.464.092.374 - - - - 126.464.092.374 Derivative receivables
Piutang lain-lain - neto 334.065.508 - - 322.008.798 (237.227.396) 418.846.910 Other receivables - net
Aset lain-lain 1.997.919.147 - - - - 1.997.919.147 Other assets
Total 3.728.106.214.885 527.311.596.726 106.508.869.945 23.406.052.885 (63.199.692.347) 4.322.133.042.094 Total
Piutang sewa pembiayaan yang angsurannya telah Finance lease receivables which installments are
jatuh tempo lebih dari 30 hari diklasifikasikan overdue for more than 30 days are classified as
sebagai aset keuangan yang mengalami penurunan impaired financial assets.
nilai.
Penjelasan kredit dengan kualitas “belum jatuh The explanation of loan under quality “neither past
tempo maupun tidak mengalami penurunan nilai” due nor impaired” is as follows:
adalah sebagai berikut:
- High grade, yaitu tidak diragukan lagi pelunasan - High grade, which is, no doubt over the
aset keuangan tanpa jatuh tempo selama jangka repayment of financial asset with no past due
waktu piutang sewa pembiayaan. along the period of finance lease receivables.
- Standard grade, yaitu adanya pertimbangan - Standard grade, which is, there is consideration
terkait kemampuan nasabah dalam melakukan related to the ability of the customer in making
pembayaran pada saat jatuh tempo karena payment at maturity date because there is history
adanya riwayat jatuh tempo selama periode of past due during the period of finance lease
piutang sewa pembiayaan. Namun sampai saat ini receivables. However, until now there has not
belum ada keterlambatan pembayaran pokok dan been any delay in payment of principal and
bunga pada saat jatuh tempo. interest at maturity date.
89
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Page 262
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
25. MANAJEMEN RISIKO KEUANGAN (lanjutan) 25. FINANCIAL RISK MANAGEMENT (continued)
Risiko kredit (lanjutan) Credit risk (continued)
Sebagai jaminan atas piutang sewa pembiayaan, As collateral to the finance lease receivables, the
Perusahaan menerima Sertifikat Hak Milik (“BPKB”) Company receives the Certificates of Ownership
atas kendaraan bermotor yang dibiayai oleh (“BPKB”) of the motor vehicles financed by the
Perusahaan. Company.
Tabel berikut menunjukan aging analysis terhadap The following table summarizes the aging analysis
piutang sewa pembiayaan yang telah jatuh tempo of finance lease receivables which are past due but
namun tidak mengalami penurunan nilai: not impaired.
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
1-30 hari/ 1-30 hari/
1-30 days 1-30 days
Piutang sewa pembiayaan - neto Finance lease receivables - net
Perusahaan - pihak ketiga 192.668.996.629 97.130.772.525 Corporation - third party
Individu - pihak ketiga 6.430.391.898 9.378.097.420 Individual - third party
Total 199.099.388.527 106.508.869.945 Total
Pengaruh pandemi Covid-19 Effect of the Covid-19 pandemic
Terkait dengan POJK No. 14/POJK.05/2020 tentang In relation to POJK No. 14/POJK.05/2020 regarding
Kebijakan Countercylical Dampak Corona Virus Countercylical Policy on the Impact of Coronavirus
Diseases 2019 Bagi Lembaga Jasa Keuangan Non Diseases 2019 for Non-Bank Financial Services
Bank, salah satu aturannya terkait program Institutions, one of the regulations is related to
restrukturisasi terhadap konsumen yang terkena restructuring program to Covid-19 impacted
dampak Covid-19. Perusahaan melakukan program consumers. The Company is carrying out a
restrukturisasi sejak bulan April 2020. Meskipun restructuring program since in April 2020. Though
portfolio NPF Perusahaan sempat meningkat, there was an increase in the NPF ratio, but until
namun hingga Desember 2021, portofolio December 2021, the restructuring or rescheduling
restrukturisasi atau rescheduling telah menunjukkan portfolio shows an improving trend. The Company
tren yang membaik. Perusahaan mencatat recorded a reserve in accordance with SFAS No. 71
pencadangan sesuai dengan PSAK No. 71 dengan using expected credit loss (ECL) based on incurred
menggunakan expected credit loss (ECL) yang loss.
didasarkan pada kerugian yang terjadi.
Selama masa pemulihan ekonomi, Perusahaan During the economic recovery period, the Company
akan tetap mengikuti kebijakan pemerintah terkait will continue to follow government policies related to
program restrukturisasi, dan juga melakukan the restructuring program, and also carry out
manajemen risiko secara komprehensif. comprehensive risk management.
Jumlah piutang sewa pembiayaan yang The amount of restructured finance lease
direstrukturisasi pada tanggal 31 Desember 2023 receivables as of December 31, 2023 and 2022 are
dan 2022 disajikan pada Catatan 5. presented in Note 5.
Risiko Likuiditas Liquidity risk
Perusahaan memantau risiko likuiditas dengan The Company monitors liquidity risk by using gap
menggunakan gap analysis yang mengukur analysis which measures the mismatch between
ketidaksesuaian antara jatuh tempo aset dan assets and liabilities maturity. Maturity profile
liabilitas. Metode analisis profil maturitas yang analysis method supported by cash flow projection
didukung oleh proyeksi arus kas dan analisis and scenario analysis are performed to assess
skenario dilakukan untuk menilai potensi kerugian potential loss or effect to cash flow, earnings and
atau pengaruh terhadap arus kas, pendapatan dan equity in the abnormal or extreme market condition
ekuitas dalam kondisi pasar yang tidak normal atau from liquidity risk exposure.
ekstrim dari eksposur risiko likuiditas.
90
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Page 263
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
25. MANAJEMEN RISIKO KEUANGAN (lanjutan) 25. FINANCIAL RISK MANAGEMENT (continued)
Risiko Likuiditas (lanjutan) Liquidity risk (continued)
Perusahaan mengelola risiko tersebut dengan The Company manages such risk by mirroring the
mencerminkan jangka waktu pendanaan agar maturity period of the funding in order to have similar
memiliki jangka waktu yang sama dengan profil period with the assets' maturity profile.
jatuh tempo aset.
Tabel di bawah ini menggambarkan profil jatuh The tables below summarize the maturity profile of
tempo atas aset dan liabilitas keuangan Perusahaan the Company’s assets and liabilities at
masing-masing pada tanggal-tanggal 31 Desember December 31, 2023 and 2022 based on contractual
2023 dan 2022 berdasarkan sisa jatuh tempo payments:
kontraktual:
31 Desember /December 31, 2023
Tidak memiliki
tanggal
jatuh tempo
kontrak/ Kurang dari
Does not have 3 bulan/
contractual Less than 3 - 12 bulan/ 1 - 5 tahun/ Total/
due date 3 months 3 - 12 months 1 - 5 years Total
Aset keuangan Financial Asset
Kas dan kas pada bank 279.799.510.753 - - - 279.799.510.753 Cash on hand and in banks
Piutang sewa pembiayaan - 651.193.791.357 1.698.710.875.469 2.365.227.310.939 4.715.131.977.765 Finance lease receivables
Piutang derivatif - - 38.578.287.701 67.511.656.774 106.089.944.475 Derivative receivables
Piutang lain-lain 237.704.779 6.075.764.899 5.941.246.979 - 12.254.716.657 Other receivables
Aset lain-lain - 56.140.200 223.255.920 1.727.526.955 2.006.923.075 Other assets
Total aset 280.037.215.532 657.325.696.456 1.743.453.666.069 2.434.466.494.668 5.115.283.072.725 Total asset
Liabilitas keuangan Financial Liabilities
Pinjaman bank - neto - 400.000.000.000 641.224.000.000 1.256.404.000.000 2.297.628.000.000 Bank loans - net
Utang lain-lain - 30.019.787.810 38.771.008.543 12.689.100.197 81.479.896.550 Other payables
Beban yang masih harus dibayar - 38.327.591.747 43.753.395.755 - 82.080.987.502 Accrued expenses
Utang derivatif - - - 1.137.363.577 1.137.363.577 Derivative payables
Utang obligasi - neto - - 364.821.479.842 855.482.837.256 1.220.304.317.098 Bonds payable - net
Total liabilitas - 468.347.379.557 1.088.569.884.140 2.125.713.301.030 3.682.630.564.727 Total liabilities
Neto 280.037.215.532 188.978.316.899 654.883.781.929 308.753.193.638 1.432.652.507.998 Net
31 Desember /December 31, 2022
Tidak memiliki
tanggal
jatuh tempo
kontrak/ Kurang dari
Does not have 3 bulan/
contractual Less than 3 - 12 bulan/ 1 - 5 tahun/ Total/
due date 3 months 3 - 12 months 1 - 5 years Total
Aset keuangan Financial Asset
Kas dan kas pada bank 368.537.342.424 - - - 368.537.342.424 Cash on hand and in banks
Piutang sewa pembiayaan - 522.348.556.689 1.341.953.838.002 2.023.374.911.499 3.887.677.306.190 Finance lease receivables
Piutang derivatif - - 11.155.393.045 115.308.699.329 126.464.092.374 Derivative receivables
Piutang lain-lain 106.510.427 365.726.083 183.837.796 - 656.074.306 Other receivables
Aset lain-lain - 516.820.312 1.000.000 1.480.098.835 1.997.919.147 Other assets
Total aset 368.643.852.851 523.231.103.084 1.353.294.068.843 2.140.163.709.663 4.385.332.734.441 Total asset
Liabilitas keuangan Financial Liabilities
Pinjaman bank - neto - - 196.637.500.000 2.035.585.500.000 2.232.223.000.000 Bank loans - net
Utang lain-lain - 36.343.566.543 38.508.162.465 - 74.851.729.008 Other payables
Beban yang masih harus dibayar - 31.995.488.726 40.594.463.399 - 72.589.952.125 Accrued expenses
Utang derivatif - - 1.452.848 3.514.390.012 3.515.842.860 Derivative payables
Utang obligasi - neto - - 174.318.277.409 522.113.299.073 696.431.576.482 Bonds payable - net
Total liabilitas - 68.339.055.269 450.059.856.121 2.561.213.189.085 3.079.612.100.475 Total liabilities
Neto 368.643.852.851 454.892.047.815 903.234.212.721 (421.049.479.421) 1.305.720.633.966 Net
91
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Page 264
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
25. MANAJEMEN RISIKO KEUANGAN (lanjutan) 25. FINANCIAL RISK MANAGEMENT (continued)
Risiko Likuiditas (lanjutan) Liquidity risk (continued)
Tabel di bawah ini menggambarkan profil jatuh The tables below summarize the maturity profile of
tempo atas liabilitas keuangan Perusahaan pada the Company’s financial liabilities at December 31,
tanggal-tanggal Desember 31, 2023 dan 2022 2023 and 2022 based on contractual undiscounted
berdasarkan pembayaran kontraktual yang tidak payments:
didiskontokan:
31 Desember/December 31, 2023
Tidak memiliki
tanggal
jatuh tempo
kontrak/ Kurang dari
Does not have 3 bulan/
contractual Less than 3 - 12 bulan/ 1 - 5 tahun/ Total/
due date 3 months 3 - 12 months 1 - 5 years Total
Liabilitas keuangan Financial liabilities
Pinjaman bank - 453.783.456.007 720.025.991.486 1.349.588.127.542 2.523.397.575.035 Bank loans
Utang lain-lain - 30.019.787.810 38.771.008.543 12.689.100.197 81.479.896.550 Other payables
Beban yang masih harus dibayar - 38.327.591.747 43.753.395.755 - 82.080.987.502 Accrued expenses
Utang derivatif - - - 1.137.363.577 1.137.363.577 Derivative payables
Utang obligasi - 20.176.500.000 418.230.391.126 919.327.928.875 1.357.734.820.001 Bonds payable
Total liabilitas - 542.307.335.564 1.220.780.786.910 2.282.742.520.191 4.045.830.642.665 Total liabilities
31 Desember/December 31, 2022
Tidak memiliki
tanggal
jatuh tempo
kontrak/ Kurang dari
Does not have 3 bulan/
contractual Less than 3 - 12 bulan/ 1 - 5 tahun/ Total/
due date 3 months 3 - 12 months 1 - 5 years Total
Liabilitas keuangan Financial liabilities
Pinjaman bank - 33.764.951.410 297.669.489.632 2.248.438.774.681 2.579.873.215.723 Bank loans
Utang lain-lain - 36.343.566.543 38.508.162.465 - 74.851.729.008 Other payables
Beban yang masih harus dibayar - 31.995.488.726 40.594.463.399 - 72.589.952.125 Accrued expenses
Utang derivatif - - 1.452.848 3.514.390.012 3.515.842.860 Derivative payables
Utang obligasi - 11.156.250.000 204.915.051.603 581.189.911.976 797.261.213.579 Bonds payable
Total liabilitas - 113.260.256.679 581.688.619.947 2.833.143.076.669 3.528.091.953.295 Total liabilities
Risiko Operasional Operational risk
Perusahaan juga mempertimbangkan risiko The Company also takes into consideration
operasional, karena permasalahan yang timbul dari operational risk, because the problems arising from
risiko ini dapat membawa dampak yang signifikan this risk could bring significant impact and affect the
dan mempengaruhi kinerja Perusahaan secara Company’s overall performance. In general,
keseluruhan. Secara umum, risiko operasional operational risk is the risk caused by shortcomings
adalah risiko yang disebabkan oleh kekurangan dan and failures of internal processes, human errors,
kegagalan proses internal, kesalahan manusia, system failures or problems that could bring impact
kegagalan sistem atau masalah yang dapat to the Company's operations. The operational risks
berdampak pada operasional Perusahaan. Risiko in the Company are handled through 4 (four) risk
operasional di Perusahaan ditangani melalui management processes as follows:
4 (empat) proses manajemen risiko sebagai berikut:
- Identifikasi risiko - Risk identification
- Pengukuran risiko - Risk measurement
- Pengendalian risiko - Risk control and
- Pemantauan risiko - Risk monitoring
92
244
Page 265
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
26. MANAJEMEN RISIKO PERMODALAN 26. CAPITAL RISK MANAGEMENT
Tujuan Perusahaan dalam mengelola permodalan The Company’s objectives when managing capital
adalah untuk menjaga kemampuan Perusahaan are to safeguard the Company’s ability to continue
dalam melanjutkan kelangsungan usahanya guna as a going concern in order to provide returns for
memberikan pengembalian bagi pemegang saham shareholders and benefits for other stakeholders
dan manfaat bagi pemangku kepentingan lainnya and to maintain an optimal capital structure to
dan untuk mempertahankan struktur permodalan reduce the cost of capital.
yang optimal untuk mengurangi biaya permodalan.
Dalam mengelola permodalan, Perusahaan In managing capital, the Company conducts
melakukan analisis bulanan untuk memastikan monthly analysis to ensure that the Company
bahwa Perusahaan telah mematuhi POJK complies with the POJK No.35/POJK.05/2018 dated
No.35/POJK.05/2018 tanggal 27 Desember 2018 December 27, 2018 regarding Finance Companies
tentang Perusahaan Pembiayaan yang memiliki which have some provisions as follows:
beberapa ketentuan sebagai berikut:
- Modal disetor Perusahaan paling sedikit - The Company’s paid-up capital of minimum
Rp100.000.000.000; Rp100,000,000,000;
- Ekuitas Perusahaan paling sedikit 50,00% dari - The Company’s equity amounting to minimum
modal disetor; 50.00% of paid-up capital;
- Jumlah pinjaman Perusahaan terhadap ekuitas - The amount of the Company’s loan to equity
dan pinjaman subordinasi dikurangi investasi and subordinated loan deducted by investment
(gearing ratio) maksimal 10 kali, baik untuk (gearing ratio) is maximum 10 times, both for
pinjaman dalam negeri maupun dalam negeri. off-shore and on-shore domestic loans.
Perusahaan telah mematuhi peraturan tersebut. The Company has complied with the regulation. For
Untuk tahun-tahun yang berakhir pada tanggal the years ended December 31, 2023 and 2022, the
31 Desember 2023 dan 31 Desember 2022, gearing Company’s gearing ratio were 2.56 times and 2.29
ratio Perusahaan masing-masing sebesar 2,56 kali times, respectively.
dan 2,29 kali.
Informasi lainnya Other information
Berdasarkan POJK No. 35/POJK.05/2018 tanggal Based on POJK No. 35/POJK.05/2018 dated
27 Desember 2018 tentang ”Penyelenggaraan December 27, 2018 regarding “The Business
Usaha Perusahaan Pembiayaan”, pada tanggal- Operation of a Multifinance Company”, as of
tanggal 31 Desember 2023 dan 2022. Perusahaan December 31, 2023 and 2022, the Company has
telah memenuhi jumlah minimal ekuitas dan batas complied with the minimum amount of equity and
maksimum pemberian pembiayaan. Perusahaan limits for giving financing. The Company has the
telah menghitung beberapa rasio sebagaimana following calculated ratio as required by the
dipersyaratkan oleh peraturan antara lain (tidak regulation (unaudited):
diaudit):
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Rasio permodalan 53,92% 58,80% Capital ratio
Rasio ekuitas terhadap modal disetor 137,68% 127,82% Equity to fully paid capital ratio
Rasio Non-Performing Finance - neto 0,020% 0,004% Non-Performing Finance - net
Rasio Non-Performing Finance - gross 0,07% 0,19% Non-Performing Finance - gross
Rasio piutang pembiayaan neto
terhadap total aset 91,50% 87,46% Net financing to asset ratio
Rasio saldo piutang pembiayaan neto Net financing receivables to total
terhadap total pendanaan 132,10% 130,60% funding ratio
Rasio saldo piutang pembiayaan Balance of receivables for investment
investasi dan pembiayaan modal kerja financing and working capital financing
terhadap total saldo piutang to total balance of the financing
pembiayaan 100,00% 100,00% receivables
Status tingkat kesehatan keuangan Sangat sehat/ Sangat sehat/ Financial soundness level
Very sound Very sound
93
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Page 266
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
27. ASET DAN LIABILITAS DALAM MATA UANG 27. ASSETS AND LIABILITIES IN FOREIGN
ASING CURRENCY
Pada tanggal-tanggal 31 Desember 2023 dan As of December 31, 2023 and 2022, monetary
2022, aset dan liabilitas moneter dalam mata uang assets and liabilities in foreign currencies are as
asing adalah sebagai berikut: follows:
31 Desember/December 31, 2023
Mata uang asal Ekuivalen
(jumlah penuh)/ Rupiah/
Original currency Rupiah
(full amount) Equivalent
Aset moneter Monetary assets
Dolar Amerika Serikat United States Dollar
Kas dan kas pada Bank 56.031 863.773.125 Cash on hands and in Banks
Total aset moneter 56.031 863.773.125 Total monetary assets
Liabilitas moneter Monetary liabilities
Dolar Amerika Serikat United States Dollar
Pinjaman bank 120.500.000 1.857.628.000.000 Bank loans
Pinjaman Lindung Nilai (120.500.000) (1.857.628.000.000) Hedged Loan
Total liabilitas moneter - - Total monetary liabilities
Aset/liabilitas moneter neto 56.031 863.773.125 Net monetary assets/liabilities
Aset moneter Monetary assets
Yen Jepang Japanesse Yen
Kas dan kas pada Bank 4.193 459.331 Cash on hands and in Banks
Liabilitas moneter Monetary liabilities
Utang lain-lain - - Other payable
Lindung nilai Utang lain-lain - - Hedge Other payable
Total aset moneter 4.193 459.331 Total monetary assets
Aset/liabilitas moneter neto 4.193 459.331 Net monetary assets/liabilities
31 Desember/December 31, 2022
Mata uang asal Ekuivalen
(jumlah penuh)/ Rupiah/
Original currency Rupiah
(full amount) Equivalent
Aset moneter Monetary assets
Dolar Amerika Serikat United States Dollar
Kas dan kas pada Bank 18.979 298.566.200 Cash on hands and in Banks
Total aset moneter 18.979 298.566.200 Total monetary assets
Liabilitas moneter Monetary liabilities
Dolar Amerika Serikat United States Dollar
Pinjaman bank 133.000.000 2.092.223.000.000 Bank loans
Pinjaman Lindung Nilai (133.000.000) (2.092.223.000.000) Hedged Loan
Total liabilitas moneter - - Total monetary liabilities
Aset/liabilitas moneter neto 18.979 298.566.200 Net monetary assets/liabilities
Aset moneter Monetary assets
Yen Jepang Japanesse Yen
Kas dan kas pada Bank 4.193 492.957 Cash on hands and in Banks
Liabilitas moneter Monetary liabilities
Utang lain-lain 2.400.000 282.160.080 Other payable
Lindung nilai Utang lain-lain (2.400.000) (282.160.080) Hedge Other payable
Total aset moneter 4.193 492.957 Total monetary assets
Aset/liabilitas moneter neto 4.193 492.957 Net monetary assets/liabilities
Untuk melindungi dari risiko yang berkaitan dengan To hedge the risk associated with the fluctuation of
fluktuasi mata uang asing dan tingkat bunga foreign currency and floating interest rate of bank
mengambang dari pinjaman bank, Perusahaan loans, the Company uses derivative financial
menggunakan instrumen keuangan derivatif instruments (Note 15).
(Catatan 15).
94
246
Page 267
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
28. LIABILITAS KONTINJENSI 28. CONTINGENT LIABILITY
Perusahaan tidak memiliki liabilitas kontinjensi yang The Company did not have any significant
signifikan pada tanggal-tanggal 31 Desember 2023 contingent liability as of December 31, 2023 and
dan 2022. 2022.
29. SEGMEN OPERASI 29. OPERATING SEGMENT
Segmen operasi dilaporkan sesuai dengan laporan Operating segments are reported in accordance
internal Perusahaan yang disiapkan untuk with the internal reporting provided to the
manajemen yang bertanggung jawab untuk management which is responsible for allocating
mengalokasikan sumber daya ke segmen tertentu resources to certain segments and performance
dan penilaian atas performanya. Untuk itu, informasi assessments. Therefore, based on types of product
segmen operasi berdasarkan jenis produk disajikan operating segment is presented as the primary basis
sebagai bentuk primer pelaporan segmen. of segment reporting.
31 Desember/December 31, 2023
Truk/ Bus/ Lain-lain/ Total/
Truck Bus Others Total
Pendapatan Income
Pendapatan sewa pembiayaan 452.010.736.041 7.414.666.404 1.619.534.980 461.044.937.425 Finance lease income
Penerimaan atas piutang yang Recovery of receivable previously
dihapusbukukan - - - - write-off
Lain-lain 4.801.293.835 508.678.155 - 5.309.971.990 Others
Pendapatan tidak dapat dialokasi Unallocated Income
Pendapatan bunga - - - 18.109.466.576 Interest Income
Total Pendapatan 456.812.029.876 7.923.344.559 1.619.534.980 484.464.375.991 Total Income
Beban Expenses
Penyisihan/(pembalikan) Provision/(reversal) for impairment
kerugian penurunan nilai losses on finance
piutang sewa pembiayaan 8.363.917.290 (2.714.445.141) (31.586.156) 5.617.885.993 lease receivables
Penyisihan/(pembalikan) kerugian Provision/(reversal) for impairment
penurunan nilai piutang lain - lain losses on other receivables
dari aset yang dibiayai 2.118.519.399 - - 2.118.519.399 from financed asset
Kerugian penyelesaian piutang lain - lain Loss on settlement of other receivables
dari aset yang dibiayai 1.047.998.363 - - 1.047.998.363 from financed asset
Total Beban 11.530.435.052 (2.714.445.141) (31.586.156) 8.784.403.755 Total Expenses
Hasil Segmen 445.281.594.824 10.637.789.701 1.651.121.136 475.679.972.236 Segment Results
Beban tidak dapat dialokasi Unallocated Expenses
Gaji, tunjangan dan Salaries, allowances and other
kesejahteraan karyawan lainnya 93.256.494.173 employee benefits
Beban Umum dan administrasi 77.061.196.020 General and administrative expenses
Beban pembiayaan 208.753.800.695 Financing charges
Pembalikan kerugian penurunan Reversal for impairment losses on
nilai kas pada bank 20.190.493 cash in bank
Laba sebelum beban pajak final Income before final tax expense
dan beban pajak penghasilan 96.588.290.855 and income tax expense
Beban pajak final atas Final tax expense on interest
pendapatan bunga (3.621.892.620) income
Laba sebelum Income before income
beban pajak penghasilan 92.966.398.235 tax expense
Beban pajak penghasilan (22.348.552.269) Income tax expense
Laba tahun berjalan 70.617.845.966 Income for the year
Aset Assets
Aset segmen 4.529.466.774.034 108.770.105.680 12.378.310.605 4.650.615.190.319 Segment assets
Aset tidak teralokasi - - - 428.665.345.944 Unallocated assets
Total Aset 4.529.466.774.034 108.770.105.680 12.378.310.605 5.079.280.536.263 Total Assets
Liabilitas Liabilities
Liabilitas segmen 38.482.561.452 171.176.095 904.801 38.654.642.348 Segment liabilities
Liabilitas tidak teralokasi - - - 3.663.839.299.403 Unallocated liabilities
Total liabilitas 38.482.561.452 171.176.095 904.801 3.702.493.941.751 Total liabilities
Pengeluaran modal Capital expenditures
Aset tetap - - - 2.845.033.785 Fixed Assets
Aset takberwujud - - - - Intangible Assets
Total pengeluaran modal - - - 2.845.033.785 Total capital expenditure
95
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Page 268
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
29. SEGMEN OPERASI (lanjutan) 29. OPERATING SEGMENT (continued)
Segmen operasi dilaporkan sesuai dengan laporan Operating segments are reported in accordance
internal Perusahaan yang disiapkan untuk with the internal reporting provided to the
manajemen yang bertanggung jawab untuk management which is responsible for allocating
mengalokasikan sumber daya ke segmen tertentu resources to certain segments and performance
dan penilaian atas performanya. Untuk itu, informasi assessments. Therefore, based on types of product
segmen operasi berdasarkan jenis produk disajikan operating segment is presented as the primary basis
sebagai bentuk primer pelaporan segmen. (lanjutan) of segment reporting. (continued)
31 Desember/December 31, 2022
Truk/ Bus/ Lain-lain/ Total/
Truck Bus Others Total
Pendapatan Income
Pendapatan sewa pembiayaan 360.796.487.088 10.682.384.254 6.571.924.781 378.050.796.123 Finance lease income
Penerimaan atas piutang yang Recovery of receivable previously
dihapusbukukan 5.820.048.162 - - 5.820.048.162 write-off
Lain-lain 4.243.823.246 77.193.817 7.612.657 4.328.629.720 Others
Pendapatan tidak dapat dialokasi Unallocated Income
Pendapatan bunga - - - 11.546.521.800 Interest Income
Total Pendapatan 370.860.358.496 10.759.578.071 6.579.537.438 399.745.995.805 Total Income
Beban Expenses
Penyisihan/(pembalikan) Provision/(reversal) for impairment
kerugian penurunan nilai losses on finance
piutang sewa pembiayaan (3.404.807.561) (5.089.458.652) 56.057.124 (8.438.209.089) lease receivables
Penyisihan/(pembalikan) kerugian Provision/(reversal) for impairment
penurunan nilai piutang lain - lain losses on other receivables
dari aset yang dibiayai (147.370.599) - - (147.370.599) from financed asset
Kerugian penyelesaian piutang lain - lain Loss on settlement of other receivables
dari aset yang dibiayai 468.342.486 - - 468.342.486 from financed asset
Total Beban (3.083.835.674) (5.089.458.652) 56.057.124 (8.117.237.202) Total Expenses
Hasil Segmen 373.944.194.170 15.849.036.723 6.523.480.314 407.863.233.007 Segment Results
Beban tidak dapat dialokasi Unallocated Expenses
Gaji, tunjangan dan Salaries, allowances and other
kesejahteraan karyawan lainnya 74.834.992.373 employee benefits
Beban Umum dan administrasi 78.753.613.823 General and administrative expenses
Beban pembiayaan 168.225.084.810 Financing charges
Pembalikan kerugian penurunan Reversal for impairment losses on
nilai kas pada bank (33.877.007) cash in bank
Laba sebelum beban pajak final Income before final tax expense
dan beban pajak penghasilan 86.083.419.008 and income tax expense
Beban pajak final atas Final tax expense on interest
pendapatan bunga (2.309.304.361) income
Laba sebelum Income before income
beban pajak penghasilan 83.774.114.647 tax expense
Beban pajak penghasilan (19.165.176.930) Income tax expense
Laba tahun berjalan 64.608.937.717 Income for the year
Aset Assets
Aset segmen 3.742.754.277.769 65.118.588.054 16.940.774.472 3.824.813.640.295 Segment assets
Aset tidak teralokasi - - - 548.235.806.924 Unallocated assets
Total Aset 3.742.754.277.769 65.118.588.054 16.940.774.472 4.373.049.447.219 Total Assets
Liabilitas Liabilities
Liabilitas segmen 12.987.857.169 121.594.388 149.456.121 13.258.907.678 Segment liabilities
Liabilitas tidak teralokasi - - - 3.081.576.019.334 Unallocated liabilities
Total Liabilitas 12.987.857.169 121.594.388 149.456.121 3.094.834.927.012 Total Liabilities
Pengeluaran modal Capital expenditures
Aset tetap - - - 5.761.344.165 Fixed Assets
Aset takberwujud - - - - Intangible Assets
Total pengeluaran modal - - - 5.761.344.165 Total capital expenditure
96
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Page 269
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
30. TAMBAHAN INFORMASI ARUS KAS 30. SUPPLEMENTARY CASH FLOWS
INFORMATION
Transaksi non-kas: Non-cash transactions:
Tahun yang berakhir pada tanggal
31 Desember/
Years ended December 31,
2023 2022
Pembelian aset tetap melalui Purchase of fixed assets through
utang lain-lain 75.966.597 624.603.942 other payables
Rekonsiliasi liabilitas yang muncul dari aktivitas The reconciliation of liabilities arising from financing
pendanaan adalah sebagai berikut: activities are as follows:
Perubahan
non-kas/
1 Januari 2023/ Arus Kas/ Non-cash 31 Desember 2023/
January 1, 2023 Cash Flows changes December 31, 2023
Pinjaman bank 2.232.223.000.000 117.125.000.000 (51.720.000.000) 2.297.628.000.000 Bank loans
Liabilitas sewa 19.389.771.667 (9.703.472.974) 5.745.965.918 15.432.264.611 Lease liabilities
Utang Obligasi 696.431.576.482 525.000.000.000 (1.127.259.384) 1.220.304.317.098 Bonds payable
Total liabilitas dari Total liabilities from financing
aktivitas pendanaan 2.948.044.348.149 632.421.527.026 (47.101.293.466) 3.533.364.581.709 activities
Perubahan
non-kas/
1 Januari 2022/ Arus Kas/ Non-cash 31 Desember 2022/
January 1, 2022 Cash Flows changes December 31, 2022
Pinjaman bank 2.073.456.723.586 1.325.000.000 157.441.276.414 2.232.223.000.000 Bank loans
Liabilitas sewa 16.638.199.699 (8.587.376.433) 11.338.948.401 19.389.771.667 Lease liabilities
Utang Obligasi - 700.000.000.000 (3.568.423.518) 696.431.576.482 Bonds payable
Total liabilitas dari Total liabilities from financing
aktivitas pendanaan 2.090.094.923.285 692.737.623.567 165.211.801.297 2.948.044.348.149 activities
31. LABA PER SAHAM 31. EARNINGS PER SHARE
Berikut adalah perhitungan laba bersih per saham The following presents the computations of basic
dasar: earnings per share:
31 Desember/December 31,
Rata-rata
Tertimbang
jumlah saham Laba
dasar/ per saham
Laba Weighted dasar/
tahun average Basic earnings
berjalan/ number of per share
Income ordinary shares (nilai penuh/
for the year outstanding full amount)
Tahun Years
2023 70.617.845.966 1.000.000 70.618 2023
2022 64.608.937.717 1.000.000 64.609 2022
97
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Page 270
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
32. STANDAR AKUNTANSI YANG TELAH 32. ACCOUNTING STANDARDS ISSUED BUT NOT
DITERBITKAN NAMUN BELUM BERLAKU YET EFFECTIVE
EFEKTIF
Berikut ini adalah standar akuntansi keuangan dan The following is Financial Accounting Standards and
interpretasi yang telah diterbitkan oleh Dewan Interpretations of Financial Accounting Standards
Standar Akuntansi Keuangan (DSAK) yang issued by the Indonesian Financial Accounting
dipandang relevan terhadap pelaporan keuangan Standards Board (DSAK) that are considered
perusahaan: relevant to the financial reporting of the Company:
Efektif berlaku pada atau setelah tanggal Effective on or after January 1, 2024:
1 Januari 2024:
Pilar Standar Akuntansi Keuangan Financial Accounting Standards Pillars
Standar ini memberikan persyaratan dan pedoman These standards provides requirements and
bagi entitas untuk menerapkan standar akuntansi guidelines for entities to apply the correct financial
keuangan yang benar dalam menyusun laporan accounting standards in preparing general purpose
keuangan bertujuan umum. Akan ada 4 (empat) financial statements. There will be 4 (four) financial
standar akuntansi keuangan yang saat ini accounting standards that are currently applied in
diterapkan di Indonesia, yaitu: Indonesia, namely:
1. Pilar 1 Standar Akuntansi Keuangan 1. Pillar 1 International Financial Accounting
Internasional, Standards,
2. Pilar 2 Standar Akuntansi Keuangan Indonesia 2. Pillar 2 Indonesian Financial Accounting
(PSAK), Standards (SFAS),
3. Pilar 3 Standar Akuntansi Keuangan Indonesia 3. Pillar 3 Indonesian Financial Accounting
untuk Entitas Swasta/Standar Akuntansi Standards for Private Entities/Indonesian
Keuangan Indonesia untuk Entitas Tanpa Financial Accounting Standards for Entities
Akuntabilitas Publik, dan without Public Accountability, and
4. Pilar 4 Standar Akuntansi Keuangan Indonesia 4. Pillar 4 Indonesian Financial Accounting
untuk Entitas Mikro Kecil dan Menengah. Standards for Micro Small and Medium Entities.
Nomenklatur Standar Akuntansi Keuangan Financial Accounting Standards Nomenclature
Standar ini ini mengatur penomoran baru untuk This standard regulates the new numbering for
standar akuntansi keuangan yang berlaku di financial accounting standards applicable in
Indonesia yang diterbitkan oleh DSAK IAI. Indonesia issued by DSAK IAI.
Amandemen PSAK No. 73, “Liabilitas sewa pada Amendment of SFAS No. 73, “Lease liabilities and
transaksi jual dan sewa-balik” leaseback transactions”
Amandemen PSAK No. 73 Sewa menetapkan The amendment to SFAS No. 73 Leases specifies
persyaratan yang digunakan penjual-penyewa dalam the requirements that a seller-lessee uses in
mengukur kewajiban sewa yang timbul dalam measuring the lease liability arising in a sale and
transaksi jual beli dan sewa-balik, untuk memastikan leaseback transaction, to ensure the seller-lessee
penjual-penyewa tidak mengakui jumlah setiap does not recognise any amount of the gain or loss
keuntungan atau kerugian yang terkait dengan hak that relates to the right of use it retains.
guna yang dipertahankan.
Manajemen masih melakukan persiapan dalam The management intends to adopt these new
penerapan standar baru tersebut yang standards that are considered relevant to the
dipertimbangkan relevan terhadap Perusahaan Company when they become effective, and the
pada saat efektif, dan pengaruhnya terhadap posisi impact to the financial position and performance of
dan kinerja keuangan Perusahaan masih diestimasi the Company is still being estimated until the date of
sampai tanggal laporan keuangan Perusahaan. issuance of the Company’s financial statements.
98
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Page 271
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
33. PERIODE SETELAH TANGGAL PERIODE 33. SUBSEQUENT EVENTS
PELAPORAN
a. Rapat Umum Pemegang Saham Tahunan a. Annual General Meeting of Shareholders
Berdasarkan Akta Pernyataan Keputusan Based on the Deed of Decree of the Annual
Rapat Umum Pemegang Saham (RUPS) General Meeting of Shareholders (GMS) of PT
Tahunan PT Hino Finance Indonesia No. 46 Hino Finance Indonesia No. 46 dated 22 May
tanggal 22 Mei 2024 yang dibuat oleh dan di 2024, made and drawn up by Wiwik Condro,
hadapan Wiwik Condro, SH, Notaris di Jakarta SH, Notary in Jakarta Barat, the shareholders
Barat, pemegang saham menyetujui sebagai approved as follows:
berikut:
Perubahan Anggaran Dasar Perseroan Amendment of Company Articles of
Association
1. Perubahan Pasal 3 ayat (2) Anggaran Dasar 1. Amendment of Article 3.2 Articles of
Perseroan yaitu merubah Klasifikasi Baku Association of the Company that amend
Lapangan Usaha Indonesia (KBLI) yang ada the current Standard Classification of
saat ini menjadi nomor 64911 - Perusahaan Indonesian Business Fields (ISIC)
Pembiayaan Konvensional, sesuai dengan become number 64911 - Conventional
KBLI 2020, tanpa mempengaruhi maksud Financing Company, based on 2020 ISIC,
dan tujuan Perseroan yang telah tercantum without affecting the Company's existing
dalam anggaran dasar Perseroan. aims and objectives as stated in the
Company's articles of association.
2. Perubahan masa jabatan Dewan Komisaris, 2. Amendment to the term of office of the
dengan mengubah pasal 15 ayat (3) Board of Commissioners, by changing
anggaran dasar Perseroan menjadi sebagai article 15.3 of the Company's articles of
berikut: association to be as follows:
“Para anggota Dewan Komisaris diangkat “The members of the Board of
oleh RUPS, masing-masing untuk jangka Commissioners are appointed by the
waktu yang berakhir pada penutupan RUPS GMS, each for a period ending at the close
tahunan ke 5 (lima) sejak RUPS dimana of the 5th (fifth) annual GMS since the
mereka diangkat, tanpa mengurangi hak GMS where they were appointed, without
RUPS untuk memberhentikan mereka reducing the right of the GMS to dismiss
sewaktu-waktu dengan menyebutkan alasan them at any time by stating the reasons for
pemberhentian”. the dismissal”.
Pengangkatan Direktur dan Komisaris Appointment of Director and Commissioner
1. Menyetujui memberhentikan dengan hormat 1. Approve to dismiss with honor and
serta memberikan ucapan terima kasih dan express the highest thanks and
penghargaan yang setinggi-tingginya appreciation to Mr. Jusak Kertowidjojo as
kepada tuan Jusak Kertowidjojo sebagai President Commissioner, Mr. Kazuki Sato
Presiden Komisaris, tuan Kazuki Sato as Commissioner, Mr. SF Sutjipto
sebagai Komisaris, tuan SF Sutjipto Budiman as Independent Commissioner,
Budiman sebagai Komisaris Independen, Mr. S Ismail Tjitrabudi as Independent
tuan S Ismail Tjitrabudi sebagai Komisaris Commissioner, Mrs. Anita Kumala
Independen, nyonya Anita Kumala Siswady Siswady as Director, Mr. Agus Susato
sebagai Direktur, tuan Agus Susato Darmadhi as Director, Mr. Budi Arifianto
Darmadhi sebagai Direktur, tuan Budi Wibisana as Director, Mr. Antonius
Arifianto Wibisana sebagai Direktur, tuan Trisnadi Bayu Putra as Director, Mr.
Antonius Trisnadi Bayu Putra sebagai Markus Hotma Febrianto P. as Director in
Direktur, tuan Markus Hotma Febrianto P. accordance with the end of the term of
sebagai Direktur sesuai dengan berakhirnya office of each member of the Board of
masa jabatan masing-masing anggota Directors and Board of Commissioners.
Direksi dan Dewan Komisaris tersebut.
99
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Page 272
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
33. PERIODE SETELAH TANGGAL PERIODE 33. SUBSEQUENT EVENTS (continued)
PELAPORAN (lanjutan)
a. Rapat Umum Pemegang Saham Tahunan a. Annual General Meeting of Shareholders
(lanjutan) (continued)
Pengangkatan Direktur dan Komisaris Appointment of Director and Commissioner
(lanjutan) (continued)
2. Mengangkat kembali tuan Jusak 2. Reappoint Mr. Jusak Kertowidjojo as
Kertowidjojo sebagai Presiden Komisaris, President Commissioner, Mr. Kazuki Sato as
tuan Kazuki Sato sebagai Komisaris, tuan Commissioner, Mr. SF Sutjipto Budiman as
SF Sutjipto Budiman sebagai Komisaris Independent Commissioner, Mr. S Ismail
Independen, tuan S Ismail Tjitrabudi sebagai Tjitrabudi as Independent Commissioner for
Komisaris Independen untuk jangka waktu the period ending at the closing of the fifth
yang berakhir pada penutupan RUPS kelima GMS since the GMS at which they were
sejak RUPS dimana mereka diangkat. appointed.
Mengangkat kembali nyonya Anita Kumala Reappoint Mrs. Anita Kumala Siswady as
Siswady sebagai Direktur, tuan Agus Susato Director, Mr. Agus Susato Darmadhi as
Darmadhi sebagai Direktur, tuan Budi Director, Mr. Budi Arifianto Wibisana as
Arifianto Wibisana sebagai Direktur, tuan Director, Mr. Antonius Trisnadi Bayu Putra as
Antonius Trisnadi Bayu Putra sebagai Director, Mr. Markus Hotma Febrianto P. as
Direktur, tuan Markus Hotma Febrianto P. Director for the period ending at the closing
sebagai Direktur untuk jangka waktu yang of the second GMS since the GMS at which
berakhir pada penutupan RUPS kedua sejak they were appointed.
RUPS dimana mereka diangkat.
3. Setelah pemberhentian dan pengangkatan 3. After the dismissal and reappointment of
kembali anggota Dewan Komisaris dan members of the Board of Commissioners
Direksi, maka susunan Dewan Komisaris and Directors, the composition of the Board
dan Direksi menjadi sebagai berikut: of Commissioners and Directors will be as
follows:
Dewan Komisaris : : Board of Commissioners
Presiden Komisaris : Jusak Kertowidjojo : President Commissioner
Komisaris : Masato Uchida : Commissioner
Komisaris : Kazuki Sato : Commissioner
Komisaris : Takayuki Tsuchida : Commissioner
Komisaris Independen : SF. Sutjipto Budiman : Independent Commissioner
Komisaris Independen : S. Ismail Tjitrabudi : Independent Commissioner
Direksi : : Board of Directors
Presiden Direktur : Hajime Kawamura : President Director
Direktur : Agus Susanto Darmadhi : Director
Direktur : Anita Kumala Siswady : Director
Direktur : Budi Arifianto Wibisana : Director
Direktur : Taiki Onoue : Director
Direktur : Antonius Trisnadi Bayu Putra : Director
Direktur : Markus Hotma Febrianto P. : Director
100
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Page 273
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
33. PERIODE SETELAH TANGGAL PERIODE 33. SUBSEQUENT EVENTS (continued)
PELAPORAN (lanjutan)
b. Perpanjangan Pinjaman Bank b. Bank Loan Extension
1. Pada tanggal 30 April 2024, Perusahaan 1. On April 30, 2024, the Company and Bank
dan Bank Mizuho Indonesia sepakat Mizuho Indonesia agreed to extend working
memperpanjang fasilitas pinjaman modal capital loan facility with a maximum amount
kerja dengan jumlah maksimum sebesar of US$50,000,000 until April 30, 2025 with
AS$50.000.000 sampai dengan tanggal a maximum loan repayment period of up to
30 April 2025 dengan maksimum jangka 4 years from the withdrawal.
waktu pelunasan pinjaman hingga 4 tahun
sejak penarikan.
2. Pada tanggal 30 April 2024, Perusahaan 2. On April 30, 2024, the Company and MUFG
dan MUFG Bank, Ltd., Cabang Jakarta Bank Ltd., Jakarta Branch agreed to extend
sepakat memperpanjang fasilitas pinjaman working capital loan facility with a maximum
modal kerja dengan jumlah maksimum amount of US$84,000,000 until April 30,
sebesar AS$84.000.000 sampai dengan 2025 with maximum loan repayment period
tanggal 30 April 2025 dengan maksimum of up to 5 years from the withdrawal.
jangka waktu pelunasan pinjaman hingga 5
tahun sejak penarikan.
Pada tanggal 30 April 2024, Perusahaan On April 30, 2024, the Company entered
melakukan perjanjian pinjaman dengan into a loan agreement with MUFG Bank,
MUFG Bank, Ltd., Cabang Jakarta untuk Ltd., Jakarta Branch for swap line and forex
fasilitas swap line dan forex line dengan line facilities with a maximum amount of
jumlah maksimum sebesar AS$30.000.000 US$30,000,000 until April 30, 2025 with
sampai dengan tanggal 30 April 2025 maximum loan repayment period of up to
dengan maksimum jangka waktu 5 years 6 months from the withdrawal.
pelunasan pinjaman hingga 5 tahun 6 bulan
sejak penarikan.
3. Pada tanggal 30 April 2024, Perusahaan 3. On April 30, 2024, the Company and
dan Sumitomo Mitsui Trust Bank Ltd., Sumitomo Mitsui Trust Bank Ltd.,
Cabang Singapura sepakat Singapore Branch agreed to extend
memperpanjang fasilitas pinjaman modal working capital loans facility with a
kerja dengan jumlah maksimum sebesar maximum amount of US$40,000,000 until
AS$40.000.000 sampai dengan tanggal 30 April 30, 2025 with maximum loan
April 2025 dengan maksimum jangka waktu repayment of April 30, 2030.
pelunasan pinjaman sampai dengan
30 April 2030.
4. Pada tanggal 29 April 2024, Perusahaan 4. On April 29, 2024, the Company and
dan Deutsche Bank AG, Cabang Jakarta Deutsche Bank AG, Jakarta Branch agreed
sepakat memperpanjang fasilitas pinjaman to extend working capital loan facility with a
modal kerja dengan jumlah maksimum maximum amount of US$10,000,000 until
sebesar AS$10.000.000 sampai dengan April 30, 2025 with a maximum loan
tanggal 30 April 2025 hingga 3 tahun sejak repayment period of up to 3 years from the
penarikan. withdrawal.
5. Pada tanggal 19 April 2024, Perusahaan 5. On April 19, 2024, the Company and
dan PT Bank BTPN Tbk sepakat PT Bank BTPN Tbk agreed to extend
memperpanjang fasilitas pinjaman modal working capital loan facility with a maximum
kerja dengan jumlah maksimum sebesar amount of US$50,000,000 until
AS$50.000.000 sampai dengan tanggal December 31, 2024 with a loan repayment
31 Desember 2024 dengan jangka waktu period of up to 48 months from the
pelunasan pinjaman hingga 48 bulan sejak withdrawal.
penarikan.
101
253
Page 274
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
33. PERIODE SETELAH TANGGAL PERIODE 33. SUBSEQUENT EVENTS (continued)
PELAPORAN (lanjutan)
c. Keberatan Pajak c. Tax Objection
Pada tanggal 14 Maret 2024, Perusahaan On March 14, 2024, the Company has
mengajukan keberatan pajak atas ketetapan submitted tax objection for VAT underpayment
kurang bayar PPN sebesar Rp79.687.448 dan assessment of Rp79,687,448 and
Rp1.012.585.056 untuk masing-masing tahun Rp1,012,585,056 for the year ended
yang berakhir pada tanggal 31 Desember 2018 December 31, 2018 and 2019, respectively.
dan 2019.
d. Pengangkatan Direktur dan Komisaris d. Appointment of Director and Commissioner
Berdasarkan Akta Pernyataan Keputusan Based on the Deed of Statement of
Sirkuler Para Pemegang Saham PT Hino Shareholders Circular Resolution of PT Hino
Finance Indonesia No. 61 tanggal Finance Indonesia No. 61 dated on
31 Januari 2024 yang dibuat oleh dan di January 31, 2024 made and drawn up by Wiwik
hadapan Wiwik Condro, SH, Notaris di Jakarta Condro, SH, Notary in Jakarta Barat,
Barat, pemegang saham menyetujui sebagai the shareholders approved as follows:
berikut:
1. Menerima dan menyetujui pengunduran 1. To accept and approve the resignation of
diri tuan Masataka Takanishi dari Mr. Masataka Takanishi from his position
jabatannya selaku Komisaris Perusahaan as the Commissioner of the Company
berdasarkan surat pengunduran diri pursuant to his resignation letter dated
tertanggal 18 Desember 2023, yang December 18, 2023, which resignation
pengunduran dirinya berlaku efektif sejak effective commencing from February 1,
tanggal 1 Februari 2024. 2024.
2. Mengangkat tuan Takayuki Tsuchida 2. To appoint Mr. Takayuki Tsuchida as
sebagai Komisaris Perusahaan yang telah Commissioner of the Company has
lulus Fit and Proper Test berdasarkan passed the result of Fit and Proper Test
keputusan OJK, yang pengangkatannya based on OJK decision, which
berlaku efektif sejak tanggal appointment effective commencing from
1 Februari 2024. February 1, 2024.
3. Dengan pengunduran diri dan 3. With regards to the resignation and
pengangkatan anggota Dewan Komisaris, appointment of the member of the Board
maka susunan Dewan Komisaris yang of Commissioners, the composition of the
ditetapkan berdasarkan Akta Pernyataan Board of Commissioners based on Deed
Keputusan Sirkuler Para Pemegang of Statement of Shareholders
Saham PT Hino Finance Indonesia adalah PT Hino Finance Indonesia Circular
sebagai berikut: Resolution are as follows:
Dewan Komisaris : : Board of Commissioners
Komisaris Utama : Jusak Kertowidjojo : President Commissioner
Komisaris : Masato Uchida : Commissioner
Komisaris : Kazuki Sato : Commissioner
Komisaris : Takayuki Tsuchida : Commissioner
Komisaris Independen : SF. Sutjipto Budiman : Independent Commissioner
Komisaris Independen : S. Ismail Tjitrabudi : Independent Commissioner
102
254
Page 275
The original financial statements included herein are in
Indonesian language.
PT HINO FINANCE INDONESIA PT HINO FINANCE INDONESIA
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2023 dan 2022 As of December 31, 2023 and 2022
dan untuk Tahun yang Berakhir pada and for the Years
Tanggal-Tanggal Tersebut Then Ended
(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)
34. TUJUAN PENYUSUNAN DAN PENERBITAN 34. PURPOSE OF THE PREPARATION AND
LAPORAN KEUANGAN DAN PENERBITAN ISSUANCE OF THE FINANCIAL STATEMENTS
KEMBALI LAPORAN KEUANGAN AND REISSUANCE OF FINANCIAL STATEMENTS
Laporan keuangan ini disusun dan diterbitkan These financial statements have been prepared and
dengan tujuan hanya untuk dicantumkan dalam issued solely for inclusion in the offering document in
dokumen penawaran sehubungan dengan rencana connection with the proposed offering of the debt
penawaran umum efek utang Perusahaan di securities of the Company in Indonesia in reliance on
Indonesia berdasarkan peraturan dan ketentuan rules and regulations of the Indonesia Financial
Otoritas Jasa Keuangan (“Penawaran Umum”). Service Authority (“Public Offering”).
35. PENERBITAN KEMBALI LAPORAN KEUANGAN 35. REISSUANCE OF THE FINANCIAL STATEMENTS
Perusahaan telah menerbitkan kembali laporan The Company has reissued the financial statements,
keuangan dengan beberapa perubahan dan with certain changes and additional disclosures in the
penambahan pengungkapan pada Laporan Arus Statements of Cash Flows and Note 1.c, 1.d, 2.i,
Kas dan Catatan 1.c, 1.d, 2.i, 23.b, dan 33 atas 23.b, and 33 to the financial statements, in
laporan keuangan, sehubungan dengan Penawaran connection with the Public Offering.
Umum.
103
255
Page 276
Halaman ini sengaja dikosongkan
256
Page 277
KANTOR PUSAT Indomobil Tower, Lt. 17 Jl. M.T. Haryono Kav. 11, Jakarta Timur 13330 Telp.: (021) 2982 7960 Faksimili: (021) 2982 7861 www.hinofinance.co.id E-mail: corporate.secretary@hinofinance.co.id
Names mentioned 68 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT HINO FINANCE INDONESIA Kegiatan Usaha Utama
p.1
unresolved
org
PT Kustodian Sentral Efek Indonesia
p.1 ×3
unresolved
org
PT FITCH RATINGS INDONESIA AAA
p.1
unresolved
org
PT BURSA EFEK INDONESIA PENAWARAN UMUM OBLIGASI INI
p.1
unresolved
org
PT Aldiracita Sekuritas Indonesia
p.1
unresolved
org
PT BRI Danareksa Sekuritas
p.1
unresolved
org
PT CIMB Niaga Sekuritas
p.1
unresolved
org
PT Indo Premier Sekuritas WALI AMANAT
p.1
unresolved
org
Pengawas Pasar Modal dan Lembaga Keuangan
p.2
unresolved
org
Bapepam
p.2 ×2
unresolved
org
PT Hino Finance Indonesia. Semua
p.2
unresolved
org
PT FITCH RATINGS INDONESIA
p.21
unresolved
org
PT Hino Finance Indonesia Opini
p.163
unresolved
org
PT HINO FINANCE INDONESIA CATATAN ATAS
p.179 ×7
unresolved
org
Hino Motors. Ltd
p.179
unresolved
org
Toyota Motor Corporation
p.179 ×2
unresolved
org
PT Indomobil
p.179 ×2
unresolved
org
PT IMJ
p.179 ×2
unresolved
org
Multi Jasa Tbk
p.179
unresolved
org
Sukses Internasional Tbk
p.179
unresolved
org
PT IMAS
p.179 ×4
unresolved
org
Venture Ltd.
p.179
unresolved
org
Antoni Salim. Ltd
p.179 ×2
unresolved
org
Indonesia Stock Exchange
p.179
unresolved
org
PT Multicentral Aryaguna
p.255 ×5
unresolved
org
PT Multicentral Aryaguna Total
p.255
unresolved
org
PT Seino Indomobil Logistics
p.255 ×2
unresolved
org
Ltd Sumitomo Corporation
p.255
unresolved
org
Sumitomo Corporation
p.255
unresolved
org
PT CSM Corporatama
p.255
unresolved
org
PT CSM Corporatama Total
p.255
unresolved
person
Wiwik Condro
· Notaris
p.271 ×3
unresolved
—
Darmadhi
· Director
p.271 ×2
unresolved
person
Budi Arifianto Darmadhi
· Direktur
p.271
unresolved
—
Wibisana
· Director
p.271
unresolved
person
Antonius Arifianto Wibisana
· Direktur
p.271
unresolved
person
Markus Hotma Febrianto P.
· Director
p.271 ×2
unresolved
—
Kertowidjojo
· Presiden Komisaris
p.272
unresolved
—
Tjitrabudi
· Independent Commissioner
p.272
unresolved
person
Agus Susato Darmadhi
· Direktur
p.272 ×2
unresolved
org
PT Hino
p.274
unresolved
org
PT Hino Finance
p.274
unresolved
person
Condro
p.274
unresolved
person
Masataka Takanishi
p.274
unresolved
org
PT Hino Finance Indonesia Circular
p.274
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