Upload
buinga
View
220
Download
0
Embed Size (px)
Citation preview
80760; 38<;<:6 >356<;09=><B6;?6 8096:0;@0; 10>0@
@>6CA90; 666 (&’(
80;@<> =3>C08690; 10;8 6;2<;3?60=><B6;?6 8096:0;@0; 10>0@
=IRERKKXRK 7EZEF/
ARMW 8ENMER# ?WEWMVWMO HER ?XUYI\ !A8??"8ERWSU =IUZEOMPER 1ERO 6RHSRIVME=USYMRVM 8EPMQERWER 1EUEW7P% 0LQEH DERM ;S%(# =SRWMEREO@IPT / &+,’ $ -)*’)* I[W .(&-# .(&)# .().4EOV / &+,’ ] -)(&))
BIUVM VSJWGST\ FXOX MRM HETEW HMXRHXL QIPEPXM ZZZ%FM%KS%MH
E
0=O= 5AJC=JO=M
0=FE=J -GKJKIE 6ACEKJ=H 5MKQEJNE 0=HEI=JO=J +=M=O 8MERPH=J /// ’%&’
)$ <
0=FE=J -GKJKIE 6ACEKJ=H 0=HEI=JO=J +=M=O 8MERPH=J /// ’%&’ IAMPL=G=J
C=I>=M=J OAJO=JC GKJ@ENE LAMAGKJKIE=J @=J LAM>=JG=J 5MKQEJNE 0=HEI=JO=J +=M=O
L=@= OMERPH=J /// ’%&’$ 0=FE=J EJE IAHELPOE LAMGAI>=JC=J AGKJKIE# EJBH=NE# LAM>=JG=J#
GAOAJ=C=GAMF==J# NENOAI LAI>=S=M=J# GAP=JC=J @=AM=D @=J LMKNLAG LAMAGKJKIE=J
@=AM=D @E OMERPH=J IAJ@=O=JC$
0=IE N=@=M LAI>P=O=J G=FE=J EJE I=NED >AHPI NAILPMJ=# @=J IAJF=@E OAG=@
G=IE PJOPG OAMPN >AMPL=S= IAILAM>=EGEJS=# OAMPO=I= NENE GP=HEO=NJS=$ 4HAD G=MAJ= EOP#
NAC=H= I=NPG=J# NPI>=JC=J LAIEGEM=J# @=J GKMAGNE @=ME LAI>=?= IAMPL=G=J NA>P=D
NPI>=JC=J S=JC >AN=M >=CE G=IE @E I=N= IAJ@=O=JC$ 0AL=@= EJNO=JNE S=JC OAH=D
IAI>=JOP @=H=I LAJSA@E==J @=O=# NALAMOE +=@=J 5PN=O 7O=OENOEG# ,EJ=N 5AMEJ@PNOME=J
@=J 5AM@=C=JC=J# ,EJ=N 5AMO=JE=J# ,EJ=N 5AMGA>PJ=J# ,EJ=N 5AJ@=L=O=J ,=AM=D# ,EJ=N
8AJ=C= 0AMF=# 58$ *JCG=N= 5PM= // !5AMNAMK"# 58$ 5AMO=IEJ= !5AMNAMK"# +=@=J 0KLAM=NE
902 0AMF=N=I= 5MKIKNE @=J /JQANO=NE !+*042*5/3"# +5(80/# 5AIAMEJO=D ,=AM=D
5MKQEJNE 0=HEI=JO=J +=M=O# NAMO= LED=G H=EJ S=JC OE@=G @=L=O G=IE NA>POG=J @ENEJE# G=IE
IAJCP?=LG=J OAMEI= G=NED$
7AH=I=O IAI>=?= @=J NAIKC= >AMI=JB==O$
5KJOE=J=G# 3KQAI>AM ’%&’
0-5*1* 5-6;*0/1*3 +*30 /3,43-7/*564:/37/ 0*1/2*38*3 +*6*8
.EHI=J 8ENJ=R=J
$!(! &"%#!%(!’
0=FE=J -GKJKIE 6ACEKJ=H 5MKQEJNE 0=HEI=JO=J +=M=O 8MERPH=J /// ’%&’EE
0=O= 5AJC=JO=M
.=H=I=J EJE NAJC=F= @EGKNKJCG=J
iii
&-/:-8 (91
)-21-6 ’376751 +.0176-4 *87<1691 )-415-6:-6 %-8-: ,81=;4-6 (((! $"#$
*$ F
:0B0 ?4=60=B0@ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ O
305B0@ 8A8 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ OO
305B0@ B014; $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ OOO
305B0@ 6@058: $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ O[
@8=6:0A0= 4:A4:CB85 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ &
?KWQKSHGTMGT 4QUTUSO <GQWU @KMOUTGR $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ &
?KWQKSHGTMGT 8TLRGXO 3GKWGN $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ &
?KWQKSHGTMGT ?KWHGTQGT 3GKWGN JGT AOXYKS ?KSHG]GWGT $$$$$$$$$$$$$$$$$$$$$$$$$$ ’
?KWQKSHGTMGT :KZGTMGT 3GKWGN $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ (
?KWQKSHGTMGT :KYKTGMGQKWPGGT 3GKWGN JGT :KXKPGNYKWGGT <GX]GWGQGY $$$$$$$ )
?KWQOWGGT 4QUTUSO JGT 8TLRGXO 3GKWGN $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ )
101 8 ?4@:4<10=60= 4:>=><8$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ,
&$& :GPOGT CSZS $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ,
&$’ ?3@1 <KTZWZY ?KTMMZTGGT $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ,
0$ :UTXZSXO $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ -
1$ 8T[KXYGXO $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ .
2$ 4QXVUW 8SVUW $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ &%
&$( ?3@1 AKQYUWGR $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ &&
0$ AKQYUW ?KWYGTOGT $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ &’
1$ AKQYUW ?KWJGMGTMGT# 7UYKR JGT @KXYUWGT $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ &)
2$ AKQYUW 0TMQZYGT 3GT :USZTOQGXO $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ &*
3$ AKQYUW 8TJZXYWO $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ &+
4$ AKQYUW ;GOTT]G $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ &,
101 88 ?4@:4<10=60= 8=5;0A8 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ’&
’$& 6GSHGWGT CSZS $ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ’&
’$’ 8TLRGXO BGNZTGT $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ’’
’$( 8TLRGXO BWO\ZRGTGT $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ’(
’$($& :KRUSVUQ 1GNGT <GQGTGT $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ’)
’$($’ :KRUSVUQ ?KWZSGNGT# 0OW# ;OXYWOQ JGT 1GNGT 1GQGW$$$$$$$$$$$$$$$$$$ ’*
’$($( :KRUSVUQ BWGTXVUW# :USZTOQGXO JGT 9GXG :KZGTMGT $$$$$$$$$$$$$$ ’+
"!#’!% $&$
)-21-6 ’376751 +.0176-4 *87<1691 )-415-6:-6 %-8-: ,81=;4-6 (((! $"#$iv
&-/:-8 (91
’$) 3OXGMWKMGXO 8TLRGXO $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ’,
’$)$& 5GQYUW 5ZTJGSKTYGR $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ’,
’$)$’ 5GQYUW =UT 5ZTJGSKTYGR $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ’.
1>:A / 0TJOR 8TLRGXO >TMQUX 0TMQZYGT CJGWG YKWNGJGV 8TLRGXO :GROSGTYGT
1GWGY $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ (&
101 888 ?4@:4<10=60= ?4@10=:0= 30= A8AB4< ?4<10E0@0= $$$$$$$$$$$$$$$$$$$$$$$$$ ((
($& ?KWQKSHGTMGT ?KWHGTQGT 3GKWGN $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ((
F ($&$& AYWZQYZW ?KWHGTQGT JO :GROSGTYGT 1GWGY $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ((
($&$’ 1GTQ CSZS$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ()
($&$’$& ?KWQKSHGTMGT 8TJOQGYUW 1GTQ CSZS$$$$$$$$$$$$$$ $$ ()
($&$’$’ ?KTMNOSVZTGT 3GTG ?ONGQ :KYOMG !3?:"$$$$$$$$$$$$$ (*
($&$’$( ?KWQKSHGTMGT ?KT]GRZWGT :WKJOY$$$$$$$$$$$$$$ $$$$$$$$$ (-
($&$’$) :WKJOY CXGNG <OQWU# :KIOR JGT <KTKTMGN$$$$$$$$$$ $ )&
($&$’$* @OXOQU :WKJOY$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ )’
($&$’$+ ?WULOYGHOROYGX ?KWHGTQGT$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$ )*
($&$( ?KWQKSHGTMGT ?KWHGTQGT A]GWOGN $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ )+
($&$) ?KWQKSHGTMGT 1GTQ ?KWQWKJOYGT @GQ]GY !1?@" $$$$$$$$$$$$$$$$$$$$$$$ )-
($’ ?KWQKSHGTMGT AOXYKS ?KSHG]GWGT $ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ *%
($’$& AOXYKS ?KSHG]GWGT BZTGO$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ *%
($’$&$& ?KWVZYGWGT CGTM BZTGO$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$ *%
($’$&$’ ?KTZQGWGT CGTM$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ *’
($’$&$( ?KSHKWOGT BGTJG BOJGQ 1KWNGWMG !?BB1"$$$$$$$$$$$$$$ $ *(
($’$’ AOXYKS ?KSHG]GWGT =UT BZTGO $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ *)
($’$’$& BWGTXGQXO :ROWOTM$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ *)
($’$’$’ BWGTXGQXO @KGR BOSK 6WUXX AKYYRKSKTY !@B6A" $$$$$$$ **
101 8D ?4@:4<10=60= :4C0=60= 304@07 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ *,
)$& @KGROXGXO ?KTJGVGYGT 0?13 B0 ’%&’ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ *-
)$’ @KGROXGXO 1KRGTPG 0?13 B0 ’%&’ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ +&
101 D ?4@:4<10=60= :4B4=060:4@900= 304@07 30= :4A4907B4@00=
<0AE0@0:0B $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ +*
*$& :KYKTGMGQKWPGGT$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ +*
*$& :KXKPGNYKWGGT$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ +,
*$’$& ?KWMKWGQGT =B? 1ZRGT AKVYKSHKW ’%&’ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ +-
v
&-/:-8 (91
)-21-6 ’376751 +.0176-4 *87<1691 )-415-6:-6 %-8-: ,81=;4-6 (((! $"#$
*$’$’ ?KWHGTJOTMGT 3KTMGT ?WU[OTXO ;GOT 3O :GROSGTYGT $$$$$$$$$$$$$$$$$$ ,%
101 D8 ?4@:8@00= 4:>=><8 30= 8=5;0A8 304@07 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ,&
+$& ?KWQOWGGT ?KWYZSHZNGT 4QUTUSO$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ,&
+$’ ?WU]KQXO 8TLRGXO 3GKWGN$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ,(
;0<?8@0= $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ,*
305B0@ 8AB8;07 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ,,
)-32-7 ’487862 +/1287-5 *98=27:2 )-526-7;-7 %-9-; ,92><5-7 (((! $"#$vi
&-0;-9 ,-./5
+$ B
@CDFM ’$’ =FRTUNDUICO =2>1 =FOHHUOCCO 9CMJNCOTCO 1CRCT$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ -
@CDFM ’$( >FCMJSCSJ 7OVFSTCSJ EJ 9CMJNCOTCO 1CRCT$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ /
@CDFM ’$) 3LSQPR 9CMJNCOTCO 1CRCT ;FOURUT 6(?$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ’’
@CDFM ’$* =FRTUNDUICO =2>1 ?FLTPRCM$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ’’
@CDFM ’$+ =FRTUNDUICO ?UD ?FLTPR =FRTCOJCO$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ’(
@CDFM ($’ 7OGMCSJ @RJWUMCOCO EJ 9CMJNCOTCO 1CRCT ;FOURUT 9FMPNQPL 1CRCOH ECO
8CSC $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ()
@CDFM ($( 7OGMCSJ @RJWUMCOCO EJ 9CMJNCOTCO 1CRCT ;FOURUT 4CLTPR =FOXFDCDOXC $$$$$$ (-
@CDFM )$’ =FRLFNDCOHCO 7OEJLCTPR 1COL ANUN EJ 9CMJNCOTCO 1CRCT $$$$$$$$$$$$$$$$$$$$$ )*
@CDFM )$( 8UNMCI 9RFEJT ECO =COHSC 9RFEJT 1COL ANUN ;FOURUT 9CDUQCTFO%9PTC
EJ 9CMJNCOTCO 1CRCT $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ *&
@CDFM )$) 8UNMCI 9RFEJT ECO <=: 5RPSS 1COL ANUN ;FOURUT 9CDUQCTFO%9PTC EJ
9CMJNCOTCO 1CRCT $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ **
@CDFM )$* =FRLFNDCOHCO 7OEJLCTPR =RPGJTCDJMJTCS =FRDCOLCO 9CMJNCOTCO 1CRCT $ $$$$$$ *,
@CDFM )$+ =FRLFNDCOHCO 7OEJLCTPR 9JOFRKC 1=> 9CMJNCOTCO 1CRCT $ $$$$$$$$$$$$$$$$$$$$$$$$ */
@CDFM )$, 9FHJCTCO =FOULCRCO ACOH ;FMCMUJ :PLFT !ACOH ;CSUL"$$$$$ $$$$$$$$$$$$$$$$$$$$$ +(
@CDFM )$- 9FHJCTCO 9CS 9FMJMJOH $$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ +)
@CDFM )$. @RCOSCLSJ ;FMCMUJ 9MJRJOH $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ++
@CDFM )$/ @RCOSCLSJ ;FMCMUJ >FCM @JNF 5RPSS ?FTTMFNFOT !>@5?" $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ +,
@CDFM *$’ >FCMJSCSJ 0=12 =RPVJOSJ 9CMJNCOTCO 1CRCT ?FNFSTFR 7#(&’( $$$$$$$$$$$$$$$$$$$$$$ +-
@CDFM *$( >FCMJSCSJ 0=12 9CDUQCTFO%9PTC EJ 9CMJNCOTCO 1CRCT ?FNFSTFR 7#(&’( $$$$$ ,&
@CDFM *$) >FCMJSCSJ 1FMCOKC 1FRECSCRLCO 9CDUQCTFO%9PTC$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ,)
@CDFM +$’ <@= =FR ?UD ?FLTPR $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ,.
@CDFM +$( =FRDCOEJOHCO 2FOHCO <@= =RPVJOSJ EJ 9CMJNCOTCO $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ -&
#!%(!’ (!"$&
vii
&.0;.9 (9.024
*.32.7 ’487862 ,/1287.5 +98=27:2 *.526.7;.7 %.9.; -92><5.7 )))! $"#$
,% G
7WHLOQ (%( @4A2 @WU[OTXO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% .
7WHLOQ (%) 9TJKQX @KTMNHXORHT BHHY 9TO 4HT @KSIKROHT 2HWHTM CHNHT <HSH %%%%%%%%%%%%%% /
7WHLOQ (%* ;UTXZSXO @WKSOZS ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% /
7WHLOQ (%+ ;WKJOY ;UTXZSXO %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% /
7WHLOQ (%, 8HWMH 9TYKWTHXOUTHR ;HWKY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (’
7WHLOQ (%- EURZSK 5QXVUW 2HZQXOY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (’
7WHLOQ (%. EURZSK 5QXVUW ;HWKY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (’
7WHLOQ (%/ ;UTYWOIZXO CKWNHJHV @KWYZSIZNHT %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ()
7WHLOQ (%0 @HTMXH COHV BKQYUW CKWNHJHV @4A2 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ()
7WHLOQ (%(’ <ZHX @HTKT @HJO %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (*
7WHLOQ (%(( @WUJZQXO CHTJHT 2ZHN BKMHW%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (*
7WHLOQ (%() 3ZWHN 8ZPHT 2ZRHTHT %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (*
7WHLOQ (%(* EURZSK 2UTMQHW 2HWHTM %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (,
7WHLOQ (%(+ EURZSK 2UTMQHW @KYOQKSHX %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (,
7WHLOQ (%(, AHYH$AHYH COTMQHY 8ZTOHT 8UYKR %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (,
7WHLOQ (%(- @KTKWOSHHT @HPHQ AKXYUWHT %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (,
7WHLOQ (%(. @KTZSVHTM 1TMQZYHT DJHWH JHT ;HVHR%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (-
7WHLOQ (%(/ ;ZTPZTMHT FOXSHT ;K ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (-
7WHLOQ (%(0 @KWYZSIZNHT 92B JHT 9=; CWO\ZRHT 999 )’() %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (-
7WHLOQ (%)’ @WUJZQXO 3@? ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (.
7WHLOQ (%)( @WUJZQXO ;HWKY ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (.
7WHLOQ (%)) @KTMHJHHT BKSKT JO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (/
7WHLOQ (%)* ;WKJOY ;UTXYWZQXO @KWZSHNHT BKJKWNHTH %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (/
7WHLOQ (%)+ 1XKY @KWIHTQHT JO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (/
7WHLOQ (%), @KTKWOSHHT @HPHQ AKQRHSK JHT 8OIZWHT JO ;UYH @UTYOHTHQ %%%%%%%%%%%%%%%%%%%%% (0
7WHLOQ )%( 9TLRHXO CHNZTHT ;HROSHTYHT 2HWHY JHT >HXOUTHR%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )(
7WHLOQ )%) 9TLRHXO CWO\ZRHTHT ;HROSHTYHT 2HWHY JHT >HXOUTHR %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )(
7WHLOQ )%* 9TLRHXO 2ZRHTHT ;HROSHTYHT 2HWHY JHT >HXOUTHR%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )(
7WHLOQ )%+ 9TLRHXO CHNZTHT JHT 1TJOR 9TLRHXO ;HROSHTYHT 2HWHY ;KRUSVUQ 2HWHTM JHT
:HXH %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ))
"!#(!’ $’!#%&
*.32.7 ’487862 ,/1287.5 +98=27:2 *.526.7;.7 %.9.; -92><5.7 )))! $"#$viii
&.0;.9 (9.024
7WHLOQ )%, 9TLRHXO CWO\ZRHT JHT 1TJOR 9TLRHXO ;HROSHTYHT 2HWHY ;KRUSVUQ 2HWHTM
JHT :HXH %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )*
7WHLOQ )%- 9TLRHXO JHT 1TJOR 9TLRHXO ;HROSHTYHT 2HWHY CWO\ZRHT 999$)’() =KTZWZY
;KRUSVUQ 2HNHT =HQHTHT%%% %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )+
7WHLOQ )%. 9TLRHXO CWO\ZRHTHT ;KRUSVUQ 2HNHT =HQHTHT ;UYH @UTYOHTHQ JHT
BOTMQH\HTM %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ),
7WHLOQ )%/ 9TLRHXO JHT 1TJOR 9TLRHXO ;HROSHTYHT 2HWHY CWO\ZRHT 999$)’() =KTZWZY
;KRUSVUQ @KWZSHNHT %%%% %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ),
7WHLOQ )%0 9TLRHXO CWO\ZRHTHT ;KRUSVUQ @KWZSHNHT ;UYH @UTYOHTHQ JHT
BOTMQH\HTM %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )-
7WHLOQ )%(’ 9TLRHXO JHT 1TJOR 9TLRHXO ;HROSHTYHT 2HWHY CWO\ZRHT 999$)’() =KTZWZY
;KRUSVUQ CWHTXVUW %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )-
7WHLOQ )%(( 9TLRHXO CWO\ZRHTHT ;KRUSVUQ CWHTXVUW ;UYH @UTYOHTHQ JHT BOTMQH\HTM %% )-
7WHLOQ )%() @KWQKSIHTMHT 9TLRHXO JHT 5QXVKQYHXO 8HWMH =KTZWZY @KRHQZ DXHNH JO
;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )/
7WHLOQ )%(* @KWQKSIHTMHT 9TLRHXO JHT 5QXVKQYHXO 8HWMH =KTZWZY ;UTXZSKT JO
;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )/
7WHLOQ )%(+ @KWQKSIHTMHT COTMQHY ;KYKWOXOHT @KTKWIHTMHT 4HRHS >KMKWO JHWO
2HTJHWH BZVHJOU %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )/
7WHLOQ )%(, @KWQKSIHTMHT 8HWMH ;USUJOYHX 7ZRH JHT 5SHX 9TYKWTHXOUTHR %%%%%%%%%%%%%%% )/
7WHLOQ )%(- @KWQKSIHTMHT AHYH$AHYH 8HWMH 2KWHX 9A$-+ JHT @HTJHT FHTMO JO ;UYH
@UTYOHTHQ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )0
7WHLOQ )%(. @KWQKSIHTMHT AHYH$AHYH 8HWMH 4HMOTM 1]HS AHX JHT 7ZRH @HXOW JO
;UYH @UTYOHTHQ%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )0
7WHLOQ )%(/ @KWQKSIHTMHT 8HWMH =OT]HQ 4ZTOH FC9 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% *’
7WHLOQ )%(0 @KWQKSIHTMHT ;UTXZSXO @WKSOZS JHT BURHW ;HROSHTYHT 2HWHY %%%%%%%%%%%%%% *’
7WHLOQ *%( BYWZQYZW 1XKY @KWIHTQHT JO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% **
7WHLOQ *%) @KWQKSIHTMHT 1XKY 2HTQ DSZS =KTZWZY ;KRUSVUQ 2HTQ JO
;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% *,
7WHLOQ *%* @KWQKSIHTMHT :KTOX 4@; 2HTQ DSZS JO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%% *-
7WHLOQ *%+ @KWQKSIHTMHT BZQZ 2ZTMH 4@; =KTZWZY :KTOX BOSVHTHT 2HTQ JO
;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% *-
7WHLOQ *%, @KWQKSIHTMHT :KTOX 4@; 2HTQ DSZS =KTZWZY ;KRUSVUQ 2HTQ JO
;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% *-
7WHLOQ *%- @KWQKSIHTMHT 4@; 2HTQ DSZS =KTZWZY 7URUTMHT @KSOROQ JO
;HROSHTYHT 2HWHY%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% *.
ix
&.0;.9 (9.024
*.32.7 ’487862 ,/1287.5 +98=27:2 *.526.7;.7 %.9.; -92><5.7 )))! $"#$
7WHLOQ *%. BYWZQYZW 4@; 2HTQ DSZS =KTZWZY 7URUTMHT @KSOROQ JO ;HROSHTYHT
2HWHY%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% *.
7WHLOQ *%/ @KWQKSIHTMHT :KTOX ;WKJOY 2HTQ DSZS =KTZWZY ;KRUSVUQ 2HTQ
JO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% */
7WHLOQ *%0 @KWQKSIHTMHT ;WKJOY 2HTQ DSZS =KTZWZY :KTOX @KTMMZTHHT JO
;HROSHTYHT 2HWHY *0
7WHLOQ *%(’ @KWQKSIHTMHT @KWYZSIZNHT CWO\ZRHTHT ;WKJOY 2HTQ DSZS =KTZWZY
:KTOX @KTMMZTHHT JO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% *0
7WHLOQ *%(( @HTMXH ;WKJOY 2HTQ DSZS =KTZWZY ;HYKMUWO JO ;HROSHTYHT 2HWHY %%%%%%%%%% *0
7WHLOQ *%() @KWQKSIHTMHT ;WKJOY 2HTQ DSZS =KTZWZY <UQHXO @WU]KQ JHT <UQHXO
;HTYUW JO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% +’
7WHLOQ *%(* @KWQKSIHTMHT ;WKJOY D=;= 2HTQ DSZS JO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%% +(
7WHLOQ *%(+ @KWQKSIHTMHT ;WKJOY D=;= 2HTQ DSZS =KTZWZY :KTOX @KTMMZTHHT
JO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% +)
7WHLOQ *%(, @KWQKSIHTMHT >@< 7WUXX ;WKJOY 2HTQ DSZS JO ;HROSHTYHT 2HWHY %%%%%%%%%% +)
7WHLOQ *%(- @KWQKSIHTMHT AHXOU >@< 7WUXX ;WKJOY 2HTQ DSZS JO ;HROSHTYHT 2HWHY
=KTZWZY :KTOX @KTMMZTHHT%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% +*
7WHLOQ *%(. @KWQKSIHTMHT AHXOU >@<X 7WUXX ;WKJOY 2HTQ DSZS JO ;HROSHTYHT 2HWHY
=KTZWZY BKQYUW 5QUTUSO %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% +*
7WHLOQ *%(/ @KWQKSIHTMHT AHXOU >@< 7WUXX ;WKJOY D=;= 2HTQ DSZS JO
;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ++
7WHLOQ *%(0 ;USVUXOXO @KTJHVHYHT 2ZTMH @KWIHTQHT ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%% +,
7WHLOQ *%)’ @KWQKSIHTMHT AHXOU A?1 JHT 2?@? @KWIHTQHT ;HROSHTYHT 2HWHY %%%%%%%%% +,
7WHLOQ *%)( @KWQKSIHTMHT 2HTQ B]HWOHN JO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% +-
7WHLOQ *%)) @KWQKSIHTMHT >@6 2HTQ B]HWOHN JO ;HROSHTYHT 2HWHY%%%%%%%%%%%%%%%%%%%%%%%%%%%%% +.
7WHLOQ *%)* @KWQKSIHTMHT 2@A JO ;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% +/
7WHLOQ *%)+ @KWQKSIHTMHT AHXOU >@< 7WUXX JHT CUYHR ;WKJOY 2@A JO ;HROSHTYHT
2HWHY%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% +/
7WHLOQ *%), @KWQKSIHTMHT @HTMXH ;WKJOY 2@A =KTZWZY :KTOX @KTMMZTHHT JO
;HROSHTYHT 2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% +/
7WHLOQ *%)- @KWQKSIHTMHT 9TLRU\ ?ZYLRU\ %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ,(
7WHLOQ *%). @KWQKSIHTMHT 9TLRU\# @CC2 JHT AHXOU @CC2 CKWNHJHV 9TLRU\ %%%%%%%%%%%%%%%%% ,+
7WHLOQ +%( AKHROXHXO 2KRHTPH 4HT @KTJHVHYHT BKSKXYKW 9 )’() %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ,.
7WHLOQ +%) AKHROXHXO @KTJHVHYHT 4HKWHN%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ,/
7WHLOQ +%* @KTPZHRHT ;KTJHWHHT 2KWSUYUW %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ,0
7WHLOQ +%+ ;UTXZSXO 22= %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ,0
*.32.7 ’487862 ,/1287.5 +98=27:2 *.526.7;.7 %.9.; -92><5.7 )))! $"#$x
&.0;.9 (9.024
7WHLOQ +%, AKHROXHXO @KTJHVHYHT ;HIZVHYKT&;UYH BKSKXYKW 9 )’() %%%%%%%%%%%%%%%%%%%%%%%%%%% ,0
7WHLOQ +%- @KTKWOSHHT @HPHQ 8UYKR JHT AKXYUWHT ;UYH @UTYOHTHQ %%%%%%%%%%%%%%%%%%%%%%%%%%%% -’
7WHLOQ +%. @HTMXH AKHROXHXO ;USVUTKT 2KRHTPH COJHQ <HTMXZTM 1@24 @WU[OTXO
;HROSHTYHT 2HWHY BKSKXYKW 9 )’()%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% -(
7WHLOQ +%/ AKHROXHXO ;USVUTKT 2KRHTPH COJHQ <HTMXZTM 1@24 @WU[OTXO ;HROSHTYHT
2HWHY BKSKXYKW 9 )’() %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% -(
7WHLOQ +%0 @HTMXH AKHROXHXO ;USVUTKT 2KRHTPH <HTMXZTM 1@24 @WU[OTXO ;HROSHTYHT
2HWHY BKSKXYKW 9 )’() %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% -)
7WHLOQ +%(’ AKHROXHXO ;USVUTKT 2KRHTPH <HTMXZTM 1@24 @WU[OTXO ;HROSHTYHT 2HWHY
BKSKXYKW 9 )’()%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% -)
7WHLOQ +%(( AKHROXHXO 2KRHTPH =UJHR JHT 2KRHTPH @KMH\HO %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% -*
7WHLOQ ,%( :ZSRHN 1TMQHYHT ;KWPH JHT COTMQHY @KTMHTMMZWHT CKWIZQH ;HROSHTYHT
2HWHY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% -,
7WHLOQ ,%) CKTHMH ;KWPH ;HROSHTYHT 2HWHY =KTZWZY <HVHTMHT @KQKWPHHT DYHSH %%%%%%%%%%%%%%% -,
7WHLOQ ,%* BHRJU 2KWXON CKWYOSIHTM !B2C" @KTMMZTHHT CKTHMH ;KWPH C\ 999 )’() %%%%%%%%%%%%%%% --
7WHLOQ ,%+ B2C @KWQOWHHT @KTMMZTHHT CKTHMH ;KWPH C\ 9E )’() %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% --
7WHLOQ ,%, >C@ @KYHTO ;HROSHTYHT 2HWHY%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% -/
7WHLOQ ,%- 9TJKQX 4OIH]HW JHT 9TJKQX 4OYKWOSH @KYHTO %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% -/
7WHLOQ -%( @KWQOWHHT 4HT AKHROXHXO 9TJKQX CKTJKTXO ;UTXZSKT% %%%%%%%%%%%%%%%%%%%%%%%%%%%%%% % .(
7WHLOQ -%) 5QXVKQYHXO ;UTJOXO 5QUTUSO %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% %% .(
7WHLOQ -%* AKHROXHXO ;KMOHYHT 4ZTOH DXHNH %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% .)
7WHLOQ -%+ 8HWMH 9TYKWTHXOUTHR ;HWKY %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% .)
7WHLOQ -%, 8HWMH 9TYKWTHXOUTHR 3@? %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% .)
7WHLOQ -%- @KWQKSIHTMHT 5QXVKQYHXO 8HWMH =KTZWZY ;UTXZSKT JO ;HROSHTYHT
2HWHY% %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% % .*
*
CRWPTJ\JW 8T\NT^]RO
>JSRJW 8TXWXVR CNPRXWJU B[X_RW\R >JURVJW]JW 5J[J] E[R‘^UJW <<< +)*+
.’ I
BN[TNVKJWPJW 8TXWXVR @JT[X CNPRXWJU
BJMJ ][R‘^UJW <<< +)*+ YN[NTXWXVRJW >JURVJW]JW 5J[J] ]^VK^Q /%))! #aXa$
UNKRQ UJVKJ] MRKJWMRWPTJW ][R‘^UJW <<< +)** \NKN\J[ /%.)! #aXa$% VN\TRY^W UNKRQ
KJRT MRKJWMRWPTJW MNWPJW ][R‘^UJW << +)*+ MNWPJW JWPTJ YN[]^VK^QJW \NKN\J[ .%0,!
#aXa$’ BJMJ \R\R YN[VRW]JJW% YN[UJVKJ]JW TRWN[SJ YN[NTXWXVRJW B[X_RW\R >JURVJW]JW
5J[J] YJMJ ][R‘^UJW <<< +)*+ ]N[^]JVJ MRYNWPJ[^QR XUNQ YN[UJVKJ]JW TRWN[SJ NT\YX[ MJW
YN[UJVKJ]JW TXW\^V\R [^VJQ ]JWPPJ’
DNLJ[J \NT]X[JU% TRWN[SJ YN[NTXWXVRJW B[X_RW\R >JURVJW]JW 5J[J] YJMJ ][R‘^UJW
<<< +)*+ MR]JWMJR MNWPJW YN[UJVKJ]JW YJMJ KNKN[JYJ \NT]X[ ^]JVJ \NYN[]R
\NT]X[ RWM^\][R YNWPXUJQJW% YN[]JVKJWPJW% JWPT^]JW% MJW SJ\J&SJ\J’ BJMJ \R\R
UJRW% TRWN[SJ \NT]X[ YN[]JWRJW MJW \NT]X[ B;C VJ\RQ VNWSJMR YNWMX[XWP
YN[NTXWXVRJW >JURVJW]JW 5J[J] MRVJWJ TXW][RK^\R TNM^J \NT]X[ ]N[\NK^] ]N[QJMJY
YN[]^VK^QJW NTXWXVR ][R‘^UJW <<< +)*+ VNWLJYJR ,%)! MJ[R JWPTJ YN[]^VK^QJW
\NLJ[J TN\NU^[^QJW \NKN\J[ /%)) ! #aXa$’ DNUJWS^]WaJ% \][^T]^[ NTXWXVR B[X_RW\R
>JURVJW]JW 5J[J] VJ\RQ MRMXVRWJ\R XUNQ \NT]X[ YN[]JWRJW% YN[MJPJWPJW% QX]NU MJW
[N\]X[JW% \N[]J \NT]X[ RWM^\][R YNWPXUJQJW’ >N]RPJ \NT]X[ ]N[\NK^] VNVKNW]^T \NTR]J[
/+! ]N[QJMJY ]X]JU B7C5 \NMJWPTJW ,1! MRKNW]^T XUNQ NWJV \NT]X[ UJRWWaJ’
BN[TNVKJWPJW <WOUJ\R 7JN[JQ
<WOUJ\R ]JQ^WJW >JURVJW]JW 5J[J]* YJMJ ][R‘^UJW <<< +)*+ \NKN\J[ .%-1! #aXa$%
UNKRQ [NWMJQ MRKJWMRWPTJW RWOUJ\R ][R‘^UJW \NKNU^VWaJ aJWP VNWLJYJR 0%))!’
>XWMR\R ]N[\NK^] \NSJUJW MNWPJW ][NW MR ]RWPTJ] WJ\RXWJU WJV^W MNWPJW UN_NU RWOUJ\R aJWP
UNKRQ [NWMJQ MRKJWMRWPTJW RWOUJ\R >JURVJW]JW 5J[J]% aJR]^ \NKN\J[ -%,*!’ 5N[KNMJ
MNWPJW ][NW RWOUJ\R ]JQ^WJW% \NLJ[J ][R‘^UJWJW RWOUJ\R >JURVJW]JW 5J[J] VNWRWPTJ]
VNWSJMR \NKN\J[ +%)0! #Z]Z$% \N[^YJ MNWPJW RWOUJ\R ][R‘^UJWJW WJ\RXWJU aJWP S^PJ
VNWRWPTJ] VNWSJMR \NKN\J[ *%/1!’ D^VKN[ RWOUJ\R YJMJ ][R‘^UJW <<< +)*+ KN[J\JU MJ[R
\^K TNUXVYXT ][JW\YX[% KRJaJ ]NVYJ] ]RWPPJU% MJW YJMR&YJMRJW’ DNVNW]J[J XWPTX\
JWPT^]JW ^MJ[J TNVKJUR VNWPJUJVR RWOUJ\R KN[\JVJJW MNWPJW J[^\ V^MRT MJW KJURT <M^U
9R][R MJW J[^\ KJURT DNVKJQaJWP >^K^[ TNM^J #6^WP H^JW$ MR VRWPP^ YN[]JVJ
DNY]NVKN[ +)*+’
" #&’60+&0 (&3- -0*/&4- (6& .15& 8&-56 $105-&0&. (&0 %-0+.&7&0+ ()0+&0 ’1’15 8&0+ (-4)46&-.&0 5)3,&(&2-0*/&4- 0&4-10&/!
(%’$&!)!’ "&)"&+*%#
>JSRJW 8TXWXVR CNPRXWJU B[X_RW\R >JURVJW]JW 5J[J] E[R‘^UJW <<< +)*++
CRWPTJ\JW 8T\NT^]RO
<WOUJ\R aJWP KN[\^VKN[ MJ[R TNUXVYXT TXVXMR]J\ aJWP QJ[PJWaJ MRJ]^[ XUNQ
YNVN[RW]JQ #JMVRWR\]N[NM Y[RLN\$ VNWRWPTJ] \RPWRORTJW’ E[NW YNWRWPTJ]JW S^PJ
MRJUJVR XUNQ RWOUJ\R RW] R’ BNWRWPTJ]JW YJMJ TNUXVYXT RWOUJ\R RW]R MRYNWPJ[^QR XUNQ
VNWRWPTJ]WaJ RWOUJ\R TNUXVYXT YN[^VJQJW ]N[^]JVJ TXVXMR]J\ SJ\J ]^TJWP K^TJW
VJWMX[ MJW TXW][JT [^VJQ’ DNVNW]J[J TXVXMR]J\ KJQJW VJTJWJW aJWP QJ[PJWaJ
KN[PNSXUJT #_XUJ]RUN OXXM\$ TNVKJUR VNUNVJQ \NR[RWP MNWPJW TX[NT\R QJ[PJ aJWP L^T^Y
\RPWRORTJW ]N[QJMJY KJQJW YJWPJW YJ\LJ QJ[R [JaJ <M^U 9R][R’’
BN[TNVKJWPJW BN[KJWTJW 7JN[JQ MJW DR\]NV BNVKJaJ[JW
DNLJ[J ][R‘^UJWJW% J\N] YN[KJWTJW PJK^WPJW >JURVJW]JW 5J[J] YJMJ ][R‘^UJW
<<< +)*+ ]^VK^Q ,%*.! #Z]Z$ VNWSJMR \NKN\J[ CY,0%0, E[RUR^W% UNKRQ UJVKJ]
MRKJWMRWPTJW ][R‘^UJW << +)*+ aJWP ]^VK^Q \NKN\J[ 0%*)! #Z]Z$’ ;JU ]N[\NK^]
MRYNWPJ[^QR XUNQ VNUJVKJ]WaJ YN[]^VK^QJW J\N] KJWT ^V^V TXW_NW\RXWJU MJW KJWT
^V^V \aJ[RJQ MRKJWMRWPTJW ][R‘^UJW \NKNU^VWaJ% VJ\RWP&VJ\RWP \NKN\J[ ,%*2! #Z]Z$
MJW *%-*! #Z]Z$ VNWSJMR \NKN\J[ CY,-%/* E[RUR^W MJW CY+%*- E[RUR^W’ 7R \R\R UJRW% J\N]
TNUXVYXT 5BC ]^VK^Q UNKRQ LNYJ] MRKJWMRWPTJW ][R‘^UJW \NKNU^VWaJ% aJR]^ .%-*!
#Z]Z$ VNWSJMR \NKN\J[ CY20-%)- @RURJ[’
=^VUJQ MJWJ YRQJT TN]RPJ #7B>$ aJWP KN[QJ\RU MRQRVY^W KJWT ^V^V
>JURVJW]JW 5J[J] QRWPPJ ][R‘^UJW <<< +)*+ VNWLJYJR CY,*%)/ E[RUR^W’ DNLJ[J
][R‘^UJWJW% TXVYXWNW ]JK^WPJW VNWPJUJVR YN[]^VK^QJW ]N[]RWPPR aJR]^ \NKN\J[
+%-.! #Z]Z$ VNWSJMR \NKN\J[ CY*0%-2 E[RUR^W% VNUJVKJ] MRKJWMRWPTJW ][R‘^UJW
\NKNU^VWaJ aJWP \NKN\J[ /%**! #Z]Z$’ BN[UJVKJ]JW ]N[\NK^] \NSJUJW MNWPJW ]RWPPRWaJ
]RWPTJ] TXW\^V\R VJ\aJ[JTJ] YJMJ ][R‘^UJW <<< +)*+ \NR[RWP MNWPJW YN[JaJJW <M^U 9R][R%
MRV^UJRWaJ ]JQ^W JSJ[JW KJ[^% YN[JaJJW DNVKJQaJWP >^K^[ TNM^J \N[]J YNUJT\JWJJW
BNVRURQJW >NYJUJ 7JN[JQ B[X_RW\R >JURVJW]JW 5J[J] +)*+’ DNVNW]J[J R]^% TXVYXWNW
PR[X VNWPJUJVR YN[]^VK^QJW WNPJ]RO J]J^ TXW][JT\R \NKN\J[ +%*2! #Z]Z$ VNWSJMR
\NKN\J[ CY/%+* E[RUR^W’ ;JU RWR \NSJUJW MNWPJW [NJUR\J\R KNUJWSJ Y[XaNT YNVN[RW]JQ’
BNWaJU^[JW T[NMR] XUNQ YN[KJWTJW >JURVJW]JW 5J[J] ]^VK^Q UNKRQ UJVKJ]
MRKJWMRWPTJW ][R‘^UJW \NKNU^VWaJ \NKN\J[ -%**! #Z]Z$ VNWSJMR \NKN\J[
CY++%1+ E[RUR^W’ ERWPTJ] [R\RTX T[NMR] aJWP MR\JU^[TJW XUNQ YN[KJWTJW >JURVJW]JW 5J[J]
]N[KRUJWP [NUJ]RO ]N[TNWMJUR’ ;JU RWR ]N[LN[VRW MJ[R VNVKJRTWaJ T^JUR]J\ T[NMR] aJWP
MR\JU^[TJW aJWP MRRWMRTJ\RTJW XUNQ VNW^[^WWaJ [J\RX T[NMR] WXW UJWLJ[ ]N[QJMJY ]X]JU
T[NMR] aJWP MR\JU^[TJW #AXW BN[OX[VRWP ?XJW\(AB?\$ YJMJ ][R‘^UJW <<< +)*+% VNWSJMR
\NKN\J[ )%2-!’
,
CRWPTJ\JW 8T\NT^]RO
>JSRJW 8TXWXVR CNPRXWJU B[X_RW\R >JURVJW]JW 5J[J] E[R‘^UJW <<< +)*+
BJMJ ][R‘^UJW <<< +)*+% ][JW\JT\R \R\]NV YNVKJaJ[JW ]^WJR MR >JURVJW]JW 5J[J]
VNWPJUJVR YNWRWPTJ]JW MRKJWMRWPTJW MNWPJW ][R‘^UJW << +)*+% KJRT MJ[R \R\ R
S^VUJQ ^JWP VJ\^T #RWOUX‘$ VJ^Y^W S^VUJQ ^JWP aJWP MRNMJ[TJW #X^]OUX‘$’
=^VUJQ ^JWP VJ\^T VNWPJUJVR YNWRWPTJ]JW aJWP [NUJ]RO \RPWRORTJW \NKN\J[ /.%1-!
#Z]Z$% \N]NUJQ YJMJ ][R‘^UJW \NKNU^VWaJ VNWPJUJVR TXW][JT\R aJWP L^T^Y KN\J[ \NKN\J[
-/%).! #Z]Z$’ DNVNW]J[J R]^% S^VUJQ ^JWP aJWP MRNMJ[TJW XUNQ >JW]X[ BN[‘JTRUJW 5JWT
<WMXWN\RJ B[X_RW\R >JURVJW]JW 5J[J] VNWRWPTJ] *)%)+! #Z]Z$’ BN[TNVKJWPJW JUR[JW
^JWP TJ[]JU ]N[\NK^] VNW^WS^TTJW YX\R\R WN] X^]OUX‘% MRVJWJ S^VUJQ ^JWP aJWP
MRNMJ[TJW UNKRQ KN\J[ MRKJWMRWPTJW S^VUJQ ^JWP aJWP VJ\^T’ =RTJ MR]RWSJ^ \NLJ[J
]JQ^WJW% ][JW\JT\R \R\]NV YNVKJaJ[JW ]^WJR MR >JURVJW]JW 5J[J] VNWPJUJVR TXW][JT\R%
KJRT MJ[R \R\R RWOUX‘ VJ^Y^W X^]OUX‘% VJ\RWP&VJ\RWP \NKN\J[ *)%))! #aXa$ MJW 2%11!
#aXa$’
DNVNW]J[J R]^% MJ[R \R\R \R\]NV YNVKJaJ[JW WXW ]^WJR% \NUJVJ ][R‘^UJW <<< +)*+%
]N[SJMR YNWRWPTJ]JW KJRT MJ[R \R\R _XU^VN VJ^Y^W WXVRWJU YJMJ ][JW\JT\R
TUR[ RWP’ EX]JU WRUJR ][JW\JT\R TUR[RWP MR >JURVJW]JW 5J[J] ]N[LJ]J] \NKN\J[ CY**%,* E[RUR^W
J]J^ VNWRWPTJ] +2%)/! #Z]Z$’ DNR[RWP MNWPJW QJU ]N[\NK^]% MJ[R \R\R S^VUJQ ‘J[TJ]%
]N[SJMR YNWRWPTJ]JW \NKN\J[ *,%),! #Z]Z$ VNWSJMR \NS^VUJQ +2/’+,1 UNVKJ[ ‘J[TJ]’ 7R
UJRW YRQJT% \NUJVJ ][R‘^UJW <<< +)*+% ][JW\JT\R CE:D VNW^WS^TTJW \NMRTR] TXW][JT\R
MRKJWMRWPTJW ][R‘^UJW \NKNU^VWaJ% \NKN\J[ *%0*! #Z]Z$ VNWSJMR \NKN\J[ CY/2%.0
E[RUR^W% VN\TRY^W MJ[R \R\R _XU^VN ][JW\JT\R VNWPJUJVR YNWRWPTJ]JW \NKN\J[ -%)2! #Z]Z$
VNWSJMR \NKN\J[ .2’+*0 ][JW\JT\R’
BN[TNVKJWPJW >N^JWPJW 7JN[JQ
DNLJ[J ^V^V% TRWN[SJ TN^JWPJW MJN[JQ B[X_RW\R >JURVJW]JW 5J[J] YJMJ
DNVN\]N[ < +)*+ ]N[LJ]J] L^T^Y KJRT VN\TRY^W MR \R\R KNUJWSJ VJ\RQ KNU^V
XY]RVJU’ CNJUR\J\R YNWMJYJ]JW B[X_RW\R >JURVJW]JW 5J[J] \NVN\]N[ < +)*+ ]N[LJ]J]
\NKN\J[ CY*%./ E[RUR^W J]J^ VNWLJYJR ..%)/! MJ[R ]J[PN] E4 +)*+ \NKN\J[ CY+%1-
E[RUR^W’ DNVNW]J[J [NJUR\J\R KNUJWSJ ]N[LJ]J] \NKN\J[ CY*%)1 E[RUR^W J]J^ KJ[^ VNWLJYJR
,0%+0! MJ[R JWPPJ[JW E4 +)*+ \NKN\J[ CY+%2) E[RUR^W’
5N[MJ\J[TJW \^VKN[ YNWMJYJ]JWWaJ% MJWJ YN[RVKJWPJW VJ\RQ VNWMXVRWJ\R
YNWMJYJ]JW B[X_RW\R >JURVJW]JW 5J[J] MNWPJW YJWP\J \NKN\J[ --! J]J^
>JSRJW 8TXWXVR CNPRXWJU B[X_RW\R >JURVJW]JW 5J[J] E[R‘^UJW <<< +)*+-
CRWPTJ\JW 8T\NT^]RO
\NKN\J[ CY/12%*1 @RURJ[’ AJV^W MNVRTRJW% YN[JW BNWMJYJ]JW 4\UR 7JN[JQ B[X_RW\R
#B47$ >JURVJW]JW 5J[J] VNW^WS^TTJW TNLNWMN[^WPJW aJWP \NVJTRW KJRT \NKJPJRVJWJ
]N[LN[VRW MJ[R YJWP\J B47 ]N[QJMJY ]X]JU YNWMJYJ]JW \NKN\J[ ,2! MNWPJW [NJUR\J\R
\NVN\]N[ < +)*+ \NKN\J[ CY/*-%)- @RURJ[’ DNVNW]J[J% [NJUR\J\R YNWMJYJ]JW MJ[R ?JRW&?JRW
BNWMJYJ]JW 7JN[JQ HJWP DJQ ]N[LJ]J] \NKN\J[ CY+.2%)+ @RURJ[ J]J^ QJWaJ *0! MJ[R
]X]JU YNWMJYJ]JW’
5N[KNMJ MNWPJW [NJUR\J\R YNWMJYJ]JW aJWP [NUJ]RO KJRT% [NJUR\J\R KNUJWSJ
BNVN[RW]JQ B[X_RW\R >JURVJW]JW 5J[J] YJMJ \NVN\]N[ < +)*+ VJ\RQ KNU^V
XY]RVJU QJWaJ \NKN\J[ ,0%+0! MJ[R [NWLJWJ KNUJWSJ 4B57 B[X_RW\R >JURVJW]JW
5J[J] E4 +)*+’ 5N[MJ\J[TJW SNWR\WaJ% KNUJWSJ UJWP\^WP VJ\RQ VNWMXVRWJ\R [NJUR\J\R
KNUJWSJ MNWPJW YJWP\J \NKN\J[ 0+%*)!’ DNVNW]J[J% YJWP\J KNUJWSJ UJWP\^WP QJWaJ
\NKN\J[ +0%2)!’
BN[TNVKJWPJW >N]NWJPJTN[SJJW 7JN[JQ MJW >N\NSJQ]N[JJW @J\aJ[JTJ]
5N[MJ\J[TJW D^[_NR 4WPTJ]JW >N[SJ AJ\RXWJU #DJTN[WJ\$ aJWP MRUJT^TJW XUNQ
5BD K^UJW 4P^\]^\ +)*+% S^VUJQ JWPTJ]JW TN[SJ B[X_RW\R >JURVJW]JW 5J[J]
JMJUJQ +’*1, [RK^ X[JWP J]J^ VNWPJUJVR YNW^[^WJW ,%,+! SRTJ MRKJWMRWPTJW
YN[RXMN \^[_NR \NKNU^VWaJ YJMJ 9NK[^J[R +)**’ =^VUJQ JWPTJ]JW TN[SJ aJWP
KNTN[SJ S^PJ VNWPJUJVR YNW^[^WJW \NKN\J[ ,%--! MRKJWMRWPTJW K^UJW 9NK[^J[R +)*+
VNWSJMR \NS^VUJQ +’*)0 X[JWP’ DNVNW]J[J R]^% S^VUJQ JWPTJ]JW TN[SJ aJWP VNWPJWPP^[
VNWPJUJVR YNWRWPTJ]JW \NKN\J[ *%,,! VNWSJMR \NS^VUJQ 0/ [RK^ X[JWP’ ;JU ]N[\NK^]
KN[MJVYJT YJMJ TNWJRTJW ERWPTJ] BNWPJWPP^[JW EN[K^TJ #EBE$ B[X_RW\R >JURVJW]JW
5J[J] \NKN\J[ )%*+! VNWSJMR \NKN\J[ ,%-1!’
5N[MJ\J[TJW YNVJW]J^JW QJ[PJ MR YNMN\JJW YJMJ JTQR[ ][R‘^UJW <<< +)*+% J]J^
K^UJW DNY]NVKN[ +)*+% AEB :JK^WPJW B[X_RW\R >JURVJW]JW 5J[J] ]N[LJ]J]
\NKN\J[ *))%,* YXRW’ ARUJR ]N[\NK^] VNWPJUJVR YNW^[^WJW \NKN\J[ )%..!
MRKJWMRWPTJW AEB PJK^WPJW K^UJW =^WR +)*+ aJWP ]N[LJ]J] \NKN\J[ *))%1/ #P[JORT .’.$’
BNW^[^WJW AEB YJMJ YN[RXMN UJYX[JW MRYNWPJ[^QR XUNQ JMJWaJ YNWRWPTJ]JW RWMNT\
YJMJ QJ[PJ aJWP MRKJaJ[ YN]JWR aJWP UNKRQ KN\J[ MRKJWMRWPTJW YNWRWPTJ]JW RWMNT\
YJMJ QJ[PJ aJWP MR]N[RVJ YN]JWR% VJ\RWP&VJ\RWP \NKN\J[ +%)1 MJW *%,.’ DNLJ[J ^V^V%
YN[PN[JTJW AEB PJK^WPJW MR >JURVJW]JW 5J[J] VNW^WS^TTJW TNLNWMN[^WPJW aJWP
VNW^[^W MRKJWMRWPTJW ]JQ^W +)**’ AEB K^UJW DNY]NVKN[ +)*+ VNWPJUJVR YNW^[^WJW
\NKN\J[ +%+-! MRKJWMRWPTJW AEB K^UJW 7N\NVKN[ +)** aJWP ]N[LJ]J] \NKN\J[ *)+%..’
.
CRWPTJ\JW 8T\NT^]RO
>JSRJW 8TXWXVR CNPRXWJU B[X_RW\R >JURVJW]JW 5J[J] E[R‘^UJW <<< +)*+
BN[TR[JJW 8TXWXVR MJW <WOUJ\R 7JN[JQ
BN[NTXWXVRJW >JURVJW]JW 5J[J] YJMJ ][R‘^UJW <G +)*+ MRYN[TR[JTJW ]^VK^Q
YJMJ TR\J[JW .%.! & .%2! #aXa$ UNKRQ UJVKJ] MRKJWMRWPTJW ][R‘^UJW <<< +)*+
aJWP ]^VK^Q \NKN\J[ /%) #aXa$’ BN[UJVKJ]JW TXW\^V\R MJW NT\YX[ MRYN[TR[JTJW
VJ\RQ JTJW KN[UJWS^] YJMJ ][R‘^UJW <G +)*+ \NQRWPPJ KN[MJVYJT ]N[QJMJY TRWN[SJ
YN[NTXWXVRJW >JURVJW]JW 5J[J] \NLJ[J TN\NU^[^QJW’ BJMJ \R\R YNWMJYJ]JW% YN[UJVKJ]JW
TXW\^V\R [^VJQ ]JWPPJ MRYN[TR[JTJW MRYNWPJ[^QR XUNQ QJ[PJ TXVXMR]J\ YN[TNK^WJW
TQ^\^\WaJ TJ[N] MJW E5D aJWP LNWMN[^WP VJ\RQ VNWPJUJVR YNUNVJQJW’ 5N[UJWS^]WaJ
YN[UJVKJ]JW TXW\^V\R [^VJQ ]JWPPJ JW]J[J UJRW MRRWMRTJ\RTJW MNWPJW YN[TR[JJW RWMNT\
]NWMNW\R TXW\^VNW YJMJ ][R‘^UJW <G +)*+ \NKN\J[ *)2% VN\TRY^W VJ\RQ L^T^Y KJRT
WJV^W XY]RVR\VN VJ\aJ[JTJ] VNW^WS^TTJW TNLNWMN[^WPJW aJWP VNUNVJQ
MRKJWMRWPTJW MNWPJW ][R‘^UJW <<< +)*+ MRVJWJ <WMNT\ ENWMNW\R >XW\^VNW ]N[LJ]J]
\NKN\J[ **+’
BNW^[^WJW RWOUJ\R MRYN[TR[JTJW VJ\RQ JTJW KN[UJWP\^WP QRWPPJ ][R‘^UJW <G
+)*+’ 7J[R TXVXMR]J\ _XUJ]RUN OXXM\% KN[MJ\J[TJW YXUJ QR\]X[R\WaJ YNW^[^WJW
MRYN[TR[JTJW KN[J\JU MJ[R TXVXMR]J\ K^VK^&K^VK^JW% RTJW \NPJ[ MJW MJPRWP’ DNUJRW R]^%
YJMJ TNUXVYXT JMVRWR\]N[NM Y[RLN\ \NSJ^Q RWR ]RMJT JMJ [NWLJWJ YNWN[JYJW TNKRSJTJW
aJWP \][J]NPR\ QRWPPJ JTQR[ ]JQ^W +)*+% TNL^JUR [NWLJWJ TNWJRTJW QJ[PJ ?B: *+ TP
aJWP MRYN[TR[JTJW JTJW KN[MJVYJT VRWRVJU YJMJ RWOUJ\R <;>’
>JSRJW 8TXWXVR CNPRXWJU B[X_RW\R >JURVJW]JW 5J[J] E[R‘^UJW <<< +)*+/
CRWPTJ\JW 8T\NT^]RO
E‘ < E‘ << E‘ <<< E‘ <G E‘ < E‘ << E‘ <<< E‘ <G E‘ < E‘ << E‘ <<<
8TXWXVR @JT[X CNPRXWJU
B[XM^T 7XVN\]RT CNPRXWJU 5[^]X #!% aXa$ .’+) -’/0 /’*- .’-+ .’*, .’2. /’.) /’*/ .’2+ .’0, /’))
5N[MJ\J[TJW DNT]X[ #@RURJ[ CY$ 3 0%-*0 0%+,- 0%/.) 0%221 0%021 0%//- 1%*-1 1%-2* 1%+/) 1%*), 1%/,0
& BN[]JWRJW +%**2 *%0++ *%1-0 *%11+ +%+). *%0,- *%2-2 +%)+, +%+00 *%01+ +%)0-
& BN[]JVKJWPJW " BNWPPJURJW *,) *,+ *,/ *-* *,0 *,2 *-. *.. *-/ *-/ *.+
& <WM^\][R BNWPXUJQJW *%+,/ *%+.+ *%+2) *%,+) *%++1 *%+1/ *%,-, *%,0+ *%+0* *%,+* *%,2.
& ?R\][RT% :J\ " 4R[ 5N[\RQ ,+ ,, ,- ,- ,- ,- ,- ,- ,. ,. ,.
& 5JWP^WJW .11 /+, /./ /2) /+. /0+ 0*2 01* /1) 0)2 0/)
& BN[MJPJWPJW% ;X]NU " CN\]X[JW *%.-) *%.-0 *%/-. *%//, *%/,0 *%/1* *%0,* *%0/+ *%0,* *%021 *%1.*
& BNWPJWPT^]JW " >XV^WRTJ\R /./ //- 0*2 00* 0,. 0.+ 02/ 1+1 01+ 1+, 1-*
& >N^JWPJW% BN[\N‘JJW " =J\J -)- -*- -+- --) -+0 --* -.) -// -.0 -0. -1,
& =J\J 0*, 1-0 2)) *%).0 00) 2+. 21) *%)0* 11+ *%)*/ *%)-/
5N[MJ\J[TJW BN[VRW]JJW #@RURJ[ CY$ 3 0%-*0 0%+,- 0%/.) 0%221 0%021 0%//- 1%*-1 1%-2* 1%+/) 1%*), 1%/,0& >XW\^V\R C^VJQ EJWPPJ ,%2-/ -%)+1 -%)/, -%+*) -%+,- -%+/- -%,-) -%,1- -%-,1 -%-2- -%.10& >XW\^V\R ?NVKJPJ D‘J\]J AR[UJKJ /1 /2 0, 0- 0- 0. 00 01 02 1) 1,& >XW\^V\R BNVN[RW]JQ 1.0 12+ 222 *%*0+ 10- 2+, *%)*) *%*2+ 222 *%),2 *%*,/& B@E5 *%202 *%212 +%)*+ +%*,2 +%*-2 +%*.+ +%*21 +%+,* +%+0) +%,*. +%-,/& BN[^KJQJW D]XT *,2 +* +*/ **1 *-2 ,, +*/ 1. *2- -/ +0/& 8T\YX[ +%+12 +%+0/ +%.)) +%./, +%/)) +%/+- +%/01 ,%).- +%/1+ +%//2 +%/.0& <VYX[ *%1/* +%)-+ +%+*+ +%+01 +%+1+ +%-)0 +%,0+ +%.,, +%-)* +%.-) +%.,1
8T\YX[& ARUJR 8T\YX[ AXW @RPJ\ #FD7 =^]J$ *0+ +/) +*- +,/ ,)1 -0- --/ ./) ,,/ ,0) +.2& GXU^VN 8T\YX[ AXW @RPJ\ #[RK^ ]XW$ +%.0, +%1.) ,%/0* ,%)10 ,%0)/ -%,2* ,%0/* ,%12. ,%,*, +%0+. +%*..
<VYX[& ARUJR 8T\YX[ AXW @RPJ\ #FD7 =^]J$ ++ ++ +, -* ,, -. .. /, -- 2/ 1)& GXU^VN 8T\YX[ AXW @RPJ\ #[RK^ ]XW$ *0 +/ *2 ,- +0 -0 ,/ -* ,+ /) -0
<WMNT\ ;J[PJ >XW\^VNW& >X]J BXW]RJWJT *+,’./ *+,’/) *+2’-0 *,)’1* *,+’/0 *,,’*2 *,0’/* *,0’+, *-)’+. *-+’+2 *-.’/+& >X]J DRWPTJ‘JWP *++’)1 *++’+) *+0’1. *+/’+/ *+2’*1 *+2’*+ *,.’)) *,-’0- *,0’,0 *,2’*. *-)’+/
?JS^ <WOUJ\R EJQ^WJW #!%aXa$& >X]J BXW]RJWJT .’0* .’+* /’-/ 1’.+ 0’,0 0’0/ /’+2 -’2* .’0+ /’1, .’1+& >X]J DRWPTJ‘JWP -’,. .’-) 0’/. 0’*) .’1+ .’/. .’.2 /’0+ /’,- 0’00 ,’2)
BN[KJWTJW
7JWJ BRQJT >N]RPJ #CY @RURJ[$ *2%.+- +)%1// +*%..0 +,%)0* +-%+/- +.%.+* +/%+*, +0%1.0 +1%1./ ,)%,.+ ,*%)/)& EJK^WPJW 2%0., *)%.*1 **%+,2 *,%,/1 *,%*0+ *,%/.1 *-%*+0 */%+++ *.%0)2 */%//2 *0%-2+& :R[X ,%2/- -%-/- -%-,+ ,%-,+ -%/1/ .%+0. .%*1) -%.,) .%//, /%,-. /%+)/& 7NYX\R]X .%1)/ .%11- .%11. /%+0* /%-)/ /%.11 /%2)0 0%*). 0%-1. 0%,,0 0%,/+
>[NMR] #CY @RURJ[$ & 5N[MJ\J[TJW ?XTJ\R B[XaNT **%-0/ *+%.1) *,%**1 *,%/-) *-%/)- */%++2 *0%,*0 *1%/1. *2%+*0 +*%)0* +*%2*1& @XMJU >N[SJ ,%/** -%*2* -%+2+ -%/)1 -%222 .%/** /%)*/ /%.21 /%0)- 0%/+) 0%/22& <W_N\]J\R +%/-- +%/2. +%111 ,%*0/ +%2+/ ,%,/, ,%/1, -%+)- -%++* -%.,/ -%/-/& >XW\^V\R .%++* .%/2, .%2,0 .%1.. /%/02 0%+.- 0%/*1 0%11- 1%+2+ 1%2*. 2%.0+
>[NMR] F@>@ #CY @RURJ[$ ,%,/. -%+2) ,%/0+ ,%20/ -%-/+ -%2)0 .%,+1 .%2.* /%*)1 /%/+2 /%0.2& @XMJU >N[SJ +%+0- +%.,+ +%0)- +%12, ,%*)) ,%-*, ,%/.- -%).- -%*)/ -%.2. -%1/*& <W_N\]J\R 1+/ 2-2 2/1 *%)1) *%,.. *%-10 *%//1 *%101 *%20) +%))* *%10)& >XW\^V\R +/. 1)2 * - / 0 0 *2 ,+ ,- +1
?XJW ]X 7NYX\R] CJ]RX #!$ /)’.) /+’1* /,’20 //’+0 /-’-- /0’.1 /2’++ /2’02 /2’-+ 0+’+, 0,’-1AB? :[X\\ #!$ +’-0 *’/- *’0, *’** *’,* *’+1 *’++ )’2) )’21 )’2/ )’2-
DR\]NV BNVKJaJ[JW
E[JW\JT\R CE:D& CJ]J&[J]J ;J[RJW AXVRWJU E[JW\JT\R #CY @RURJ[$ *%.,2 2+/ 01+ 11* /21 0-+ 11- *%)0+ 120 *%*-+ *%*/)& CJ]J&[J]J ;J[RJW GXU^VN E[JW\JT\R #?NVKJ[$ 0+1 020 02- 2-- 1)0 1-- 2)0 2+. 02) 2*1 210E[JW\JT\R >UR[RWP& CJ]J&[J]J ;J[RJW AXVRWJU E[JW\JT\R #CY @RURJ[$ 01 1- 0) **. **. *+) *,1 *+0 *++ *-* *11& CJ]J&[J]J ;J[RJW GXU^VN E[JW\JT\R #?NVKJ[$ ,%+2) ,%*.2 +%0.2 ,%12. .%-*) ,%01, -%,00 -%.), ,%0-. -%++0 -%2,0
D^VKN[ 7J]J 3 5JMJW B^\J] D]J]R\]RT MJW 5JWT <WMXWN\RJ
+)*++)*) +)**<WMRTJ]X[
+*
CO\UOWLKXQKX <XPVK]S
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*+
.’
+’*’ :KWLK\KX GW_W
<XPVK]S ^KR_XKX >KVSWKX^KX 5K\K^* ZKNK ^\Sa_VKX <<< +)*+ ]OLO]K\ .%-1! "cYc#%
VOLSR \OXNKR NSLKXNSXQUKX SXPVK]S ^\Sa_VKX ]OLOV_WXcK cKXQ WOXMKZKS 0%))!’
>YXNS]S ^O\]OL_^ ]OTKVKX NOXQKX ^\OX NS ^SXQUK^ XK]SYXKV XKW_X NOXQKX VO‘OV SXPVK]S cKXQ
VOLSR \OXNKR NSLKXNSXQUKX SXPVK]S >KVSWKX^KX 5K\K^% cKS^_ ]OLO]K\ -%,*! ":\KPSU +’*#’
5O\LONK NOXQKX ^\OX SXPVK]S ^KR_XKX% ]OMK\K ^\Sa_VKXKX SXPVK]S >KVSWKX^KX 5K\K^
WOXSXQUK^ WOXTKNS ]OLO]K\ +%)0! "[^[#% ]O\_ZK NOXQKX SXPVK]S ^\Sa_VKXKX XK]SYXKV cKXQ
T_QK WOXSXQUK^ WOXTKNS ]OLO]K\ *%/1! ":\KPSU +’+#’
E_WLO\3 5CE >KVLK\% NSYVKR
:\KPSU +’*’ <XPVK]S FKR_XKX>KVSWKX^KX 5K\K^ NKX AK]SYXKV
E_WLO\3 5CE >KVLK\% NSYVKR
:\KPSU +’+’ <XPVK]S F\Sa_VKXKX>KVSWKX^KX 5K\K^ NKX AK]SYXKV
DK^K&\K^K SXPVK]S L_VKXKX
>KVSWKX^KX 5K\K^ ]OVKWK
^\Sa_VKX <<< +)*+ VOLSR ^SXQQS
NSLKXNSXQUKX \K^K&\K^K SXPVK] S
L_VKXKX ^\Sa_VKX ]OLOV_WXcK
":\KPSU +’,#’ CKNK L_VKX =_VS NKX
4Q_]^_] SXPVK]S L_VKXKX
>KVSWKX^KX 5K\K^ WK]SXQ&WK]SXQ
]OLO]K\ *%-)! NKX *%,/!
"W^W# cKXQ WO\_ZKUKX Z_XMKU
SXPVK]S L_VKXKX ]OVKWK ^\Sa_VKX <<< +)*+’ FSXQQSXcK SXPVK]S ZKNK L_VKX ^O\]OL_^
( 5DEXQJDQ GDUL LQIODVL GXD NRWD ZDLWX >RQWLDQDN GDQ @LQJNDYDQJ GHQJDQ ERERW ZDQJ GLVHVXDLNDQ WHUKDGDSLQIODVL QDVLRQDO&
,&/’
-&0- -&-,
,&,++&-(
*&.0 *&0.+&,* +&*(
-&-.
/&).
.&(’ .&*0
-&(-,&))
,&/*
.&’’
,&+/
AY 777 AY 7C AY 7 AY 77 AY 777 AY 7C AY 7 AY 77 AY 777
)’(’ )’(( )’()
! "ZRZ#
<DVLRQDO 9DOEDU
)&.0
(&,0
’&.’’&*-
(&/0
’&.0 ’&// ’&0’
(&-/
+&.*
’&-*
(&,/
’&*)
*&,*
%’&)-
)&(-
(&+)
)&’.
AY 777 AY 7C AY 7 AY 77 AY 777 AY 7C AY 7 AY 77 AY 777
)’(’ )’(( )’()
! "TWT#
<DVLRQDO 9DOEDU
E_WLO\3 5CE >KVLK\% NSYVKR
:\KPSU +’,’ <XPVK]S 5_VKXKX >KVSWKX^KX 5K\K^ NKX AK]SYXKV
0 1 2 *) ** *+ * + , - . / 0 1 2
+)** +)*+
AK]SYXKV )’/0)’2,)’+0 &)’* )’,-)’.0)’0/)’).)’)0)’+*)’)0)’/+)’0))’2.)’)*>KVLK\ )’00*’0,)’22 &*’. )’+,*’)/*’)+*’.0 &)’- )’--)’0+)’+/ *’- *’,/ &)’0
&+’))
&*’))
)’))
*’))
+’))
! "W^W#
BABII
+#,’#)"!*%!* &*$(!-&
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*+++
CO\UOWLKXQKX <XPVK]S
NSZOXQK\_RS YVOR SXPVK]S UOVYWZYU ^\KX]ZY\ "YXQUY] KXQU_^KX _NK\K#’ <XPVK]S UOVYWZYU
^\KX]ZY\ NS]OLKLUKX YVOR WOXSXQUK^XcK RK\QK ^SUO^ KXQU_^KX _NK\K WOXTOVKXQ <N_V 9S^\S
_WK^ W_]VSW NKX K\_] LKVSU EOWLKRcKXQ >_L_\ UON_K WK]cK\KUK^ FSYXQRYK NS KURS\
L_VKX 4Q_]^_] +)*+’ EOWOX^K\K NS ZOXQR_T_XQ ^\Sa_VKX <<< +)*+% ^O\TKNS NOPVK]S cKXQ
]KXQK^ ]SQXSPSUKX RSXQQK &)%0,!’ 7OPVK]S NS L_VKX EOZ^OWLO\ +)*+ NS]OLKLUKX UY\OU]S
RK\QK UYWYNS^K] ZK]MK <N_V 9S^\S NKX EOWLKRcKXQ >_L_\ UON_K "6_XQ J_KX#’
EOMK\K ^\Sa_VKXKX% SXPVK]S ^\Sa_VKX <<< +)*+ VOLSR ^SXQQS NSLKXNSXQUKX ^\Sa_VKX
]OLOV_WXcK’ E_WLO\ SXPVK]S ZKNK ^\Sa_VKX <<< +)*+ LO\K]KV NK\S ]_L UOVYWZYU ^\KX]ZY\%
LSKcK ^OWZK^ ^SXQQKV% NKX ZKNS&ZKNSKX’ EOWOX^K\K YXQUY] KXQU_^KX _NK\K UOWLKVS
WOXQKVKWS SXPVK]S LO\]KWKKX NOXQKX K\_] W_NSU NKX LKVSU <N_V 9S^\S NKX K\_] LKVSU
EOWLKRcKXQ >_L_\ UON_K "6_XQ J_KX# NS WSXQQ_ ZO\^KWK EOZ^OWLO\ +)*+’
+’+’ <XPVK]S FKR_XKX
<XPVK]S ^KR_XKX UOVYWZYU
LKRKX WKUKXKX WOXQKVKWS
ZOX_\_XKX WOXTKNS ]OLO]K\
0%2)! "cYc#’ @O]US ^_\_X% KXNSV
SXPVK]S UOVYWZYU LKRKX
WKUKXKX ^O^KZ cKXQ ^O\LO]K\
cKS^_ ]OLO]K\ +%*1!’ <XPVK]S
^KR_XKX UOVYWZYU LKRKX
WKUKXKX LO\]_WLO\ NK\S ]_L
UOVYWZYU ZKNS&ZKNSKX% ]Kc_\&
]Kc_\KX% NKX SUKX ]OQK\’ FY^KV
]_WLKXQKX UO^SQK ]_L UOVYWZYU
^O\]OL_^ ]OLO]K\ *%0*! ^O\RKNKZ
SXPVK]S _W_W’ >OVYWZYU cKXQ T_QK
WOWLO\SUKX KXNSV SXPVK]S ^KR_XKX
LO]K\ KNKVKR UOVYWZYU ZO\_WKRKX "*%/)!#% cKXQ LO\]_WLO\ NK\S UOXKSUKX ^K\SP ^_UKXQ
L_UKX WKXNY\ NKX UYX^\KU \_WKR’ 4XNSV SXPVK]S UOVYWZYU ^\KX]ZY\ ")%01!# WK]SR
WO\_ZKUKX ^SQK LO]K\ ZOXc_WLKXQ SXPVK]S ^O\^SXQQS WO]USZ_X WOXQKVKWS ZOX_\_XKX
NSLKXNSXQUKX ^\Sa_VKX ]OLOV_WXcK’ >YXNS]S ^O\]OL_^ ]OVKSX NS]OLKLUKX SXNOU] cKXQ
]_NKR ^SXQQS ZKNK L_VKX EOZ^OWLO\ +)** "LK]O&OPPOM^#% T_QK UK\OXK KNKXcK UY\OU]S
RK\QK YXQUY] KXQU_^KX _NK\K LOLO\KZK UKVS ]OVKWK ]O^KR_X ^O\KURS\’
E_WLO\3 5CE >KVLK\% NSYVKR
:\KPSU +’-’ <XPVK]S FKR_XKX NKX 4XNSV <XPVK]S>KVSWKX^KX 5K\K^ >OVYWZYU 5K\KXQ NKX =K]K
)&(/
’&-+
(&-’
’&’0
’&(-
’&((
’&./
,&+/
.&0’
*&,+
-&/0
(&.(
*&/.
)&’+
+&0)
,&+/
’&’’ )&’’ +&’’ -&’’ /&’’ (’&’’ ()&’’
2DKDQ ;DNDQDQ
;DNDQDQ 8DGL
>HUXPDKDQ
@DQGDQJ
9HVHKDWDQ
>HQGLGLNDQ
AUDQVSRU
BPXP
! "Z%R%Z#
LQIODVL
DQGLO
+,
CO\UOWLKXQKX <XPVK]S
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*+
+’,’ <XPVK]S F\Sa_VKXKX
FSQK UOVYWZYU NOXQKX KXNSV SXPVK]S
^\Sa_VKXKX ^O\^SXQQS ZKNK ^\Sa_VKX < <<
+)*+ KNKVKR UOVYWZYU LKRKX
WKUKXKX% UOVYWZYU ZO\_WKRKX% NKX
UOVYWZYU ^\KX]ZY\’ <XPVK]S ^O\^SXQQS
ZKNK ^\Sa_VKX <<< +)*+ LO\K]KV NK\S
UOVYWZYU ^\KX]ZY\ cKXQ WOXQKVKWS
SXPVK]S ]OLO]K\ 0%0*! "[^[#’ EOTKVKX
NOXQKX SXPVK]SXcK% KXNSV cKXQ NSLO\SUKX
UOVYWZYU ^\KX]ZY\ T_QK cKXQ ^O\^SXQQS
cKS^_ ]OLO]K\ *%++!’ >OVYWZYU LKRKX
WKUKXKX ^O\_] WOXQKVKWS ZOX_\_XKX
SXPVK]S RSXQQK WOXTKNS ]OLO]K\ *%)*!
"[^[#’ @O]USZ_X ^O\_] WOXQKVKWS
ZOX_\_XKX SXPVK]S ]OTKU ^\Sa_VKX < +)*+% KXNSV cKXQ NSLO\SUKX WK]SR WO\_ZKUKX ^SQK
cKXQ ^O\^SXQQS ]OVKWK ^\Sa_VKX <<< +)*+% cKS^_ ]OLO]K\ )%+1!’ E_WLO\ SXPVK]S UOVYWZYU
LKRKX WKUKXKX KNKVKR UOXKSUKX RK\QK LO\K]% TO\_U NKX NKQSXQ ]KZS’ >OVYWZYU cKXQ
T_QK WOXQKVKWS SXPVK]S M_U_Z ^SXQQS KNKVKR UOVYWZYU ZO\_WKRKX "*%1,!# cKXQ
LO\]_WLO\ NK\S ]_L UOVYWZYU LSKcK ^OWZK^ ^SXQQKV’
FKLOV +’* <XPVK]S F\Sa_VKXKX NS >KVSWKX^KX 5K\K^@OX_\_^ >OVYWZYU 5K\KXQ NKX =K]K "!&[^[#
E_WLO\3 5CE >KVLK\% NSYVKR
7K\S UO^SQK UOVYWZYU NOXQKX KXNSV SXPVK]S ^O\LO]K\% UOVYWZYU ^\KX]ZY\
WOXQKVKWS ZOXSXQUK^KX ZKVSXQ ]SQXSPSUKX NSLKXNSXQUKX ^\Sa_VKX ]OLOV_WXcK’
>OVYWZYU VKSXXcK cKXQ T_QK WOXQKVKWS ZOXSXQUK^KX KNKVKR UOVYWZYU ZO\_WKRKX’
EOWOX^K\K UOVYWZYU LKRKX WKUKXKX WOXQKVKWS SXPVK]S cKXQ VOLSR \OXNKR
NSLKXNSXQUKX ^\Sa_VKX ]OLOV_WXcK’ EOMK\K KQ\OQK^% KXNSV UO^SQK UOVYWZYU ^O\]OL_^
^O\RKNKZ SXPVK]S ^\Sa_VKXKX ]OLO]K\ *%2,!’
5KRKX @KUKXKX 0’-0 )’2- +’/. &*’.0 -’+, )’)) -’/+ +’*) *’)* #"(+ #"%+
@KUKXKX TKNS% WSX_WKX% \YUYU NKX ^OWLKUK_ *’2) )’2, *’,1 *’0, +’1- *’-0 )’1. *’)) )’*2 #"$+ #"#&
CO\_WKRKX% KS\% VS]^\SU% QK] NKX LKRKX LKUK\ +’1- )’1. *’.2 )’2, *’)2 *’1/ *’/2 *’,- *’1, #"&$ #"’%
EKXNKXQ +’,+ *’0) )’0. &)’)1 +’2. &)’-, )’10 )’.) )’00 #"#& #"#’
>O]ORK^KX *’)) &)’+- +’*, )’/2 *’.2 )’+- )’/. *’-) *’., #"#) #"#)
COXNSNSUKX% \OU\OK]S NKX YVKR\KQK *’/+ )’*, )’11 )’)) *’/. )’,0 )’,) &)’)- *’-) #"## #"#+
F\KX]ZY\% UYW_XSUK]S NKX TK]K UO_KXQKX 2’2+ &)’./ )’-* *’*) 1’.+ &.’1/ *’// *’02 0’0* #"%+ $"%%
GW_W -’0, )’/, *’.1 )’,+ ,’., &)’+/ +’*/ *’-, +’)0 $"’& %"#*
>OVYWZYUFa <Fa <<< Fa <H Fa << Fa <<< Fa <H
+)**+)*) +)*+
Fa <<<Fa <
,2/01
Fa <<.3 ---!%#$%
.3 --!%#$%
E_WLO\3 5CE >KVLK\% NSYVKR
:\KPSU +’.’ <XPVK]S F\Sa_VKXKX NKX 4XNSV <XPVK]S>KVSWKX^KX 5K\K^ >OVYWZYU 5K\KXQ NKX =K]K
’&)/
’&’*
’&+)
’&’+
’&’-
’&’/
(&))
)&’.
(&’(
’&(0
(&/*
’&..
(&,*
(&+’
.&.(
)&’.
’&’’ ,&’’ (’&’’
2DKDQ;DNDQDQ
;DNDQDQ8DGL
>HUXPDKDQ
@DQGDQJ
9HVHKDWDQ
>HQGLGLNDQ
AUDQVSRU
BPXP
! "T%W%T#
LQIODVLDQGLO
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*++-
CO\UOWLKXQKX <XPVK]S
+’,’*’ >OVYWZYU 5KRKX @KUKXKX
<XPVK]S UOVYWZYU LKRKX
WKUKXKX UOWLKVS WOVOWKR ZKNK
^\Sa_VKX <<< +)*+’ <XPVK]S ^O\LO]K\
NSKVKWS YVOR ]_L UOVYWZYU L_KR&
L_KRKX cKXQ WOXQKVKWS SXPVK]S
RSXQQK **%,/! "[^[# NOXQKX KXNSV
]OLO]K\ )%*1!’ <XPVK]S ]_L
UOVYWZYU L_KR&L_KRKX NSZSM_ YVOR
UOXKSUKX RK\QK L_KR TO\_U NKX
XKXK] cKXQ WOXQKVKWS VYXTKUKX
ZO\WSX^KKX ]OZKXTKXQ ^\Sa_VKX <<<
+)*+ UK\OXK ZO\KcKKX RK\S LO]K\’
4XNSV SXPVK]S ^O\LO]K\ NSLO\SUKX YVOR
]_L UOVYWZYU ZKNS&ZKNSKX cKXQ
WOXQKVKWS SXPVK]S -%-*!% XKW_X
WOXc_WLKXQ KXNSV ^O\LO]K\ cKS^_
]OLO]K\ )%,*!’ E_L UOVYWZYU VKSX cKXQ WOXQKVKWS SXPVK]S NS K^K] *! LO\K]KV NK\S ]_L
UOVYWZYU ]Kc_\&]Kc_\KX ",%/+!#% ]_L UOVYWZYU SUKX NSKaO^UKX "*%+.!#’ FY^KV KXNSV
NOVKZKX ]_L UOVYWZYU cKXQ WOXQKVKWS SXPVK]S ZKNK ^\Sa_VKX <<< +)*+ KNKVKR ]OLO]K\
)%/+!’
GX^_U ZO\^KWK UKVSXcK NKVKW ]O^KR_X ^O\KURS\% ]_L UOVYWZYU NKQSXQ NKX RK]SV&
RK]SVXcK WOXQKVKWS NOPVK]S ]OLO]K\ +%+*! "[^[#’ COX_\_XKX RK\QK NKQSXQ KcKW \K]
NS]OLKLUKX YVOR UY\OU]S RK\QK ZK]MK RK\S \KcK <N_V 9S^\S cKXQ VOLSR ^SXQQS NSLKXNSXQUKX
UOXKSUKX RK\QK WOXTOVKXQ RK\S \KcK <N_V 9S^\S’ 4]Y]SK]S CO\_XQQK]KX >KVLK\ T_QK
WOXQKU_S RK\QK NKQSXQ KcKW \K] ^_\_X KUSLK^ WOVSWZKRXcK ZK]YUKX ]OWOX^K\K
ZO\WSX^KKX ZK]MK RK\S \KcK MOXNO\_XQ ]^KQXKX LKRUKX WOX_\_X’ E_L UOVYWZYU VKSXXcK
cKXQ WOXQKVKWS NOPVK]S KNKVKR L_WL_&L_WL_KX "&0%2+!# NKX SUKX ]OQK\ "&+%,+!#’
FY^KV KXNSV NOPVK]S UO^SQK ]_L UOVYWZYU ^O\]OL_^ ]OLO]K\ &)%,-!’ 7OPVK]S ]_L UOVYWZYU
L_WL_&L_WL_KX LO\K]KV UY\OU]S RK\QK LO\LKQKS TOXS] MKLKS NKX LKaKXQ NS ZK]K\
^\KNS]SYXKV ZK]MK <N_V 9S^\S cKXQ VOLSR LO]K\ NSLKXNSXQUKX UOXKSUKXXcK ZKNK ]KK^ L_VKX
\KWKNRKX’ CK]YUKX cKXQ WOVSWZKR NK\S ZO\NKQKXQKX KX^K\ Z_VK_ "NK\S Z_VK_ =KaK#
WK_Z_X Z\YN_U]S VYUKV >KVLK\ "_X^_U MKLKS# T_QK SU_^ WOWZOXQK\_RS ^_\_XXcK RK\QK
MKLKS NKX LKaKXQ’
E_WLO\3 5CE >KVLK\% NSYVKR
:\KPSU +’/’ <XPVK]S NKX 4XNSV <XPVK]S >KVSWKX^KX 5K\K^F\Sa_VKX <<< +)*+ WOX_\_^ >OVYWZYU 5KRKX @KUKXKX
’&)/
’&*(
%’&’0
%’&((
’&’(
’&’(
’&’0
’&’’
’&(/
%’&()
’&’(
’&’’
(&’(
+&+(
%)&)(
%)&*)
(&),
’&,(
*&-)
’&*/
((&*-
%.&0)
’&.’
%’&,,
%(’&’’ %,&’’ ’&’’ ,&’’ (’&’’ (,&’’
2161< ;191<1<
>DGL%SDGLDQ$ BPEL%XPELDQGDQ 6DVLOQZD
3DJLQJ GDQ 6DVLO%KDVLOQZD
7NDQ @HJDU
7NDQ 3LDYHWNDQ
AHOXU$ @XVX GDQ 6DVLO%KDVLOQZD
@DZXU%VDZXUDQ
9DFDQJ % NDFDQJDQ
2XDK % EXDKDQ
2XPEX % EXPEXDQ
:HPDN GDQ ;LQZDN
2DKDQ ;DNDQDQ :DLQQZD
! "T%W%T#
LQIODVLDQGLO
+.
CO\UOWLKXQKX <XPVK]S
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*+
COX_\_XKX VKT_ SXPVK]S UOVYWZYU LKRKX
WKUKXKX NS >Y^K CYX^SKXKU VOLSR VKXNKS
NSLKXNSXQUKX NOXQKX >Y^K ESXQUKaKXQ’
<XPVK]S ^\Sa_VKXKX UOVYWZYU LKRKX WKUKXKX NS
>Y^K CYX^SKXKU ]OLO]K\ *%-/! "[^[#% VOLSR
^SXQQS NSLKXNSXQUKX UOVYWZYU LKRKX
WKUKXKX NS >Y^K ESXQUKaKXQ cKXQ WOXQKVKWS
NOPVK]S ]OLO]K\ *%*2!’ 7S >Y^K CYX^SKXKU%
]OLKXcKU ^_T_R ]_L UOVYWZYU cKXQ WOXQKVKWS
SXPVK]S NOXQKX N_K ]_L UOVYWZYU WOXQKVKWS
SXPVK]S VOLSR NK\S .!% cKS^_ ]_L UOVYWZYU
L_KR&L_KRKX "*+%--!# NKX ]_L UOVYWZYU ZKNS&ZKNSKX ".%+/!#’ 7OPVK]S NS >Y^K
CYX^SKXKU LO\K]KV NK\S OWZK^ ]_L UOVYWZYU NOXQKX NOPVK]S ^O\LO]K\ NSKVKWS ]_L
UOVYWZYU L_WL_&L_WL_KX "&1%.0!#’ EOWOX^K\K NS UY^K ESXQUKaKXQ ^O\NKZK^ OXKW
]_L UOVYWZYU cKXQ WOXQKVKWS SXPVK]S% NSWKXK RKXcK ]K^_ cKXQ WOXQKVKWS SXPVK]S NS
K^K] .! cKS^_ ]_L UOVYWZYU L_KR&L_KRKX "/%/)!#’ FO\NKZK^ N_K ]_L UOVYWZYU cKXQ
WOXQKVKWS NOPVK]S VOLSR UOMSV NK\S &-!% cKS^_ ]_L UOVYWZYU L_WL_&L_WL_KX "&-%0.!#
NKX ]_L UOVYWZYU SUKX ]OQK\ "&-%,)!#’
+’,’+’ >OVYWZYU CO\_WKRKX% 4S\% ?S]^\SU NKX 5KRKX 5KUK\
<XPVK]S UOVYWZYU ZO\_WKRKX ZKNK
^\Sa_VKX <<< +)*+ WOXSXQUK^
NSLKXNSXQUKX ^\Sa_VKX
]OLOV_WXcK WOXTKNS ]OLO]K\
*%1,! "[^[#’ E_L UOVYWZYU LSKcK
^OWZK^ ^SXQQKV WOXQKVKWS SXPVK]S
^O\^SXQQS NSLKXNSXQUKX ]_L UOVYWZYU
VKSXXcK cKS^_ ]OLO]K\ +%2*!’
COXSXQUK^KX SXPVK]S ]_L UOVYWZYU
LSKcK \_WKR ^KXQQK LO\K]KV NK\S UYWYNS^K] TK]K ^_UKXQ L_UKX WKXNY\ NKX UYX^\KU
\_WKR’ EOTKVKX NOXQKX SXPVK]SXcK% KXNSV cKXQ NSLO\SUKX ]_L UOVYWZYU LSKcK ^OWZK^
^SXQQKV T_QK cKXQ ^O\^SXQQS cKS^_ )%,0!’ <XPVK]S UOVYWZYU ZO\_WKRKX NS^OXQK\KS ]OLKQKS
SXNSUK]S WOXSXQUK^XcK SXPVK]S SX^S’
E_WLO\3 5CE >KVLK\% NSYVKR
:\KPSU +’0’ <XPVK]S F\Sa_VKXKX >OVYWZYU5KRKX @KUKXKX >Y^K CYX^SKXKU NKX
ESXQUKaKXQ
E_WLO\3 5CE >KVLK\% NSYVKR
:\KPSU +’1’ <XPVK]S NKX 4XNSV <XPVK]S >KVSWKX^KX 5K\K^F\Sa_VKX <<< +)*+ WOX_\_^ >OVYWZYU CO\_WKRKX
)&+-
%(&,/
+&+,
’&’.
+&)0
)&(. (&+-
*&,,
%(&,(
*&(0
%’&**
-&)-
(&.+
%(&(0
AY 7 AY 77 AY 777 AY 7C AY 7 AY 77 AY 777
)’(( )’()
>RQWLDQDN @LQJNDYDQJ
’&+)
’&*.
’&’(
’&’)
’&’)
(&/*
)&0(
’&(’
(&)’
’&/-
’&’’ )&’’ +&’’
>HUXPDKDQ$ DLU$ OLVWULN$ JDVGDQ EDKDQ EDNDU
2LDZD WHPSDW WLQJJDO
2DKDQ EDNDU$ SHQHUDQJDQ GDQDLU
>HUOHQJNDSDQ UXPDK WDQJJD
>HQZHOHQJJDUDDQ UXPDKWDQJJD
!%TWT
LQIODVLDQGLO
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*++/
CO\UOWLKXQKX <XPVK]S
<XPVK]S UOVYWZYU ZO\_WKRKX NS >Y^K
CYX^SKXKU NKX >Y^K ESXQUKaKXQ
WOX_XT_UUKX ^\OX cKXQ LO\VKaKXKX’
7S >Y^K CYX^SKXKU% ZOWSM_ WOXSXQUK^XcK
SXPVK]S UOVYWZYU ZO\_WKRKX KNKVKR
WOXSXQUK^XcK RK\QK UYX^\KU \_WKR NKX
YXQUY] ^_UKXQ L_UKX WKXNY\’ EOWOX^K\K
SXPVK]S UOVYWZYU ZO\_WKRKX NS >Y^K
ESXQUKaKXQ NS]OLKLUKX SXPVK]S ]_L ]OU^Y\
LSKcK ^OWZK^ ^SXQQKV ^O\_^KWK LKRKX
WK^O\SKV LKXQ_XKX% ]OZO\^S ]OWOX% ZKZKX%
NKX UKc_ VKZS]’
+’,’,’ >OVYWZYU F\KX]ZY\% >YW_XSUK]S NKX =K]K >O_KXQKX
7_K ZO\KcKKX LO]K\ WK]cK\KUK^ >KVSWKX^KX 5K\K^ ZKNK ^\Sa_VKX <<< +)*+ ]KXQK^
LO\ZOXQK\_R ]SQXSPSUKX ^O\RKNKZ ^SXQQSXcK SXPVK]S UOVYWZYU ^\KX]ZY\%
UYW_XSUK]S NKX TK]K UO_KXQKX "NY_LVO RS^ OPPOM^#’ 4\_] W_NSU NKX NKX K\_] LKVSU
RK\S \KcK <N_V 9S^\S ZKNK ZO\^OXQKRKX L_VKX 4Q_]^_] +)*+% ]O\^K K\_] LKVSU EOWLKRcKXQ
>_L_\ UON_K ^KXQQKV *&*. NS L_VKX UO^_T_R <WVOU "6_XQ J_KX# cKXQ TK^_R NS KURS\
4Q_]^_] +)*+ ]OMK\K LO\^_\_^&^_\_^ WOXSXQUK^UKX ZO\WSX^KKX WK]cK\KUK^ ^O\RKNKZ
TK]K ZOXO\LKXQKX’ >YXNS]S ^O\]OL_^ ^O\MO\WSX NK\S SXPVK]S ]_L UOVYWZYU ^\KX]ZY\ cKXQ
WOXSXQUK^ ]SQXSPSUKX NSLKXNSXQUKX ^\Sa_VKX ]OLOV_WXcK% WOXTKNS ]OLO]K\ **%++!’ =SUK
NS^SXTK_ ]OMK\K L_VKXKX% ^OUKXKX SXPVK]S ]_L UOVYWZYU ^\KX]ZY\ ^O\TKNS ZKNK L_VKX =_VS
NKX 4Q_]^_]’ EOWOX^K\K ZKNK L_VKX EOZ^OWLO\ ^O\TKNS UY\OU]S WO]USZ_X ^SNKU ]SQXSPSUKX
NOXQKX UOXKSUKX N_K L_VKX ]OLOV_WXcK’
E_WLO\3 5CE >KVLK\% NSYVKR
:\KPSU +’2’ <XPVK]S F\Sa_VKXKX >OVYWZYUCO\_WKRKX >Y^K CYX^SKXKU NKX ESXQUKaKXQ
E_WLO\3 5CE >KVLK\% NSYVKR
:\KPSU +’*)’ <XPVK]S NKX 4XNSV <XPVK]S >KVSWKX^KX 5K\K^F\Sa_VKX <<< +)*+ WOX_\_^ >OVYWZYU F\KX]ZY\
E_WLO\3 5CE >KVLK\% NSYVKR
:\KPSU +’**’ <XPVK]S F\Sa_VKXKX >OVYWZYUF\KX]ZY\ >Y^K CYX^SKXKU NKX ESXQUKaKXQ
(&,’
’&+*
’&/*
)&’/(&/+
(&+-
)&(/(&00
*&*+
)&)0
’&// (&’*’&..
’&(/
AY 7 AY 77 AY 777 AY 7C AY 7 AY 77 AY 777
)’(( )’()
>RQWLDQDN @LQJNDYDQJ
(&))
(&(/
’&’(
’&’’
’&’’
.&.(
((&))
’&))
’&’-
’&0+
’&’’ ,&’’ (’&’’ (,&’’
A?1<@>=?$ 9=;B<791@731< 81@1 94B1<51<
AUDQVSRU
9RPXQLNDVL GDQSHQJLULPDQ
@DUDQD GDQ SHQXQMDQJWUDQVSRU
8DVD NHXDQJDQ
!%TWT
LQIODVLDQGLO ’&’/
)&*.
/&+.
%,&0.
)&)- (&,(
/&*’
(&./
%+&’*
/&..
%,&+(
%’&//
)&0/,&(+
AY 7 AY 77 AY 777 AY 7C AY 7 AY 77 AY 777
)’(( )’()
>RQWLDQDN @LQJNDYDQJ
+0
CO\UOWLKXQKX <XPVK]S
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*+
<XPVK]S UOVYWZYU ^\KX]ZY\ WOXMKZKS Z_XMKUXcK ZKNK ^\Sa_VKX <<< +)*+
WOXQSU_^S ]SUV_] ^KR_XKX ZO\KcKKX RK\S \KcK’ <XPVK]S UOVYWZYU ^\KX]ZY\ NS >Y^K
CYX^SKXKU ]OLO]K\ 1%,)!% WOXSXQUK^ VOLSR ^KTKW NSLKXNSXQUKX NS >Y^K ESXQUKaKXQ
cKXQ ]OLO]K\ .%*-!’ EO]_KS NOXQKX LYLY^XcK cKXQ WO\_ZKUKX UYWYNS^K] NOXQKX
LYLY^ ^O\^SXQQS% YXQUY] KXQU_^KX _NK\K WO\_ZKUKX UYWYNS^K] cKXQ ]KXQK^
WOWZOXQK\_RS SXPVK]S NS >Y^K CYX^SKXKU WK_Z_X ESXQUKaKXQ’ 7S UY^K CYX^SKXKU SXPVK]S
YXQUY] KXQU_^KX _NK\K WOX_XT_UUKX KXQUK cKXQ VOLSR ^SXQQS "*%*.!# NSLKXNSXQUKX
^\Sa_VKX ]OLOV_WXcK ")%+)!#’ EOLKVSUXcK NS >Y^K ESXQUKaKXQ SXPVK]S YXQUY] KXQU_^KX
_NK\K WOXSXQUK^ ]SQXSPSUKX NK\S )%-/! WOXTKNS )%/-!’ >YXNS]S SXPVK]S ^O\]OL_^ ]OTKVKX
NOXQKX ZOXSXQUK^KX T_WVKR ZOX_WZKXQ KXQU_^KX _NK\K cKXQ LO\KXQUK^ "OWLK\U]S#
NK\S 5KXNK\K E_ZKNSY CYX^SKXKU ]OVKWK ^\Sa_VKX <<< +)*+ cKS^_ ]OLO]K\ +%)0!
NSLKXNSXQUKX ^\Sa_VKX ]OLOV_WXcK K^K_ WOXMKZKS +0/’,.. ZOX_WZKXQ’
+’-’ 7S]KQ\OQK]S <XPVK]S
<XPVK]S cKXQ LO\]_WLO\ NK\S UOVYWZYU UYWYNS^K] cKXQ RK\QKXcK NSK^_\ YVOR
ZOWO\SX^KR "KNWSXS]^O\ON Z\SMO]# WOXSXQUK^ ]SQXSPSUKX’ F\OX ZOXSXQUK^KX T_QK
NSKVKWS YVOR SXPVK]S SX^ S’ COXSXQUK^KX ZKNK UOVYWZYU SXPVK]S SX^S NSZOXQK\_RS YVOR
WOXSXQUK^XcK SXPVK]S UOVYWZYU ZO\_WKRKX ^O\_^KWK UYWYNS^K] TK]K ^_UKXQ L_UKX
WKXNY\ NKX UYX^\KU \_WKR’ EOWOX^K\K UYWYNS^K] LKRKX WKUKXKX cKXQ RK\QKXcK
LO\QOTYVKU "‘YVK^SVO PYYN]# UOWLKVS WOVOWKR ]OS\SXQ NOXQKX UY\OU]S RK\QK cKXQ M_U_Z
]SQXSPSUKX ^O\RKNKZ LKRKX ZKXQKX ZK]MK RK\S \KcK <N_V 9S^\S’
FKLOV +’+ <XPVK]S F\Sa_VKXKX NS >KVSWKX^KX 5K\K^@OX_\_^ 9KU^Y\ COXcOLKLXcK "!&[^[#
E_WLO\3 5CE >KVLK\% NSYVKR
+’-’*’ 9KU^Y\ 9_XNKWOX^KV
7K\S ]S]S ZOXKaK\KX% RK]SV E_\‘OS >OQSK^KX 7_XSK G]KRK "E>7G# WOX_XT_UUKX
OU]ZOU^K]S SXNSUK^Y\ RK\QK T_KV ^KR_XKX NS ^SXQUK^ ZOXQ_]KRK WOXSXQUK^’ COXSXQUK^KX
^O\LO]K\ LO\K]KV NK\S ]OU^Y\ ZO\NKQKXQKX RY^OV NKX \O]^Y\KX "C;D# LO\]KWKKX NOXQKX
ZO\KcKKX RK\S \KcK <N_V 9S^\S NOXQKX XSVKS EKVNY 5O\]SR FO\^SWLKXQ "E5F# WOXMKZKS
0%.2!’ EOWOX^K\K ]OU^Y\ ZO\^KXSKX cKXQ WO\_ZKUKX ]OU^Y\ _^KWK WOXQKVKWS
Fa <<< Fa <H Fa < Fa << Fa <<< Fa <H Fa < Fa << Fa <<<
#.*,&1+ #.2+ *’21 )’0, *’-, )’.* *’1, *’,, *’,- )’20 *’+.
%/,&2+,) "//(1 0’0, *’*) +’0+ &*’11 -’-/ )’*/ -’1, *’2- *’*.
!(-+.+12)0)( $0+’)1 1’21 )’)2 )’1) +’.- /’11 &-’)1 *’+* *’1. .’/-
G W _ W -’0, )’/, *’.1 )’,+ ,’., &)’+/ +’*/ *’-, +’)0
+)*++)**+)*)>OVYWZYU
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*++1
CO\UOWLKXQKX <XPVK]S
ZOVOWKRKX \OKVS]K]S _]KRK cKXQ NSSXNSUK]SUKX NOXQKX XSVKS E5F cKXQ LO\XSVKS XOQK^SP "&
*%10!#’
EOWOX^K\K RK]SV E_\‘OS >YX]_WOX "E># ^O\RKNKZ +)) \O]ZYXNOX NS >Y^K
CYX^SKXKU WOX_XT_UUKX ^\OX ZOVOWKRKX OU]ZOU^K]S UOXKSUKX RK\QK NS ^SXQUK^
UYX]_WOX’ @O]USZ_X SXNOU] RK]SV ]_\‘OS UYX]_WOX "E># ^O\]OL_^ WOX_XT_UUKX KXQUK
5KVKXMO EMY\O "5E# NS K^K] *))% cKXQ K\^SXcK \O]ZYXNOX WK]SR LO\KNK ZKNK VO‘OV YZ^SWS]
^O\RKNKZ UOXKSUKX RK\QK NKVKW U_\_X , NKX / L_VKX WOXNK^KXQ% XKW_X VO‘OVXcK
WOX_\_X NSLKXNSXQUKX ^\Sa_VKX ]OLOV_WXcK’
@O]USZ_X VYXTKUKX T_WVKR ZOX_WZKXQ KXQU_^KX _NK\K WOXTOVKXQ RK\S \KcK
<N_V 9S^\S NKX EOWLKRcKXQ >_L_\ UON_K "6_XQ J_KX# NS\O]ZYX NOXQKX
ZOXSXQUK^KX T_WVKR ZOXO\LKXQKX YVOR LOLO\KZK WK]UKZKS% XKW_X NOWSUSKX
\K]SY ZOXKWLKRKX ZOXO\LKXQKX ^SNKU ]OLKXNSXQ NOXQKX ZOXKWLKRKX
ZOX_WZKXQ’ >YXNS]S ^O\]OL_^ ^O\MO\WSX NK\S ^SXQUK^ UO^O\S]SKX ZOXO\LKXQKX NKVKW
E_WLO\3 E>7G 5<% NSYVKR
:\KPSU +’*+’ CO\UOWLKXQKX <XPVK]S NKX8U]ZOU^K]S ;K\QK WOX_\_^ COVKU_ G]KRK NS
>KVSWKX^KX 5K\K^
E_WLO\3 E_\‘OS >YX]_WOX 5<% NSYVKR
:\KPSU +’*,’ CO\UOWLKXQKX <XPVK]S NKX8U]ZOU^K]S ;K\QK WOX_\_^ >YX]_WOX NS
>KVSWKX^KX 5K\K^
E_WLO\3 CF 4XQUK]K C_\K <<% NSYVKR
:\KPSU +’*-’ CO\UOWLKXQKX FSXQUK^ >O^O\S]SKXCOXO\LKXQKX 7KVKW AOQO\S NK\S 5KXNK\K E_ZKNSY
E_WLO\3 5VYYWLO\Q
:\KPSU +’*.’ CO\UOWLKXQKX ;K\QK >YWYNS^K] :_VKNKX 8WK] <X^O\XK]SYXKV
+’))
,’))-’))
.’))/’))
0’))1’))
2’))*)’))
**’))
*+’))
)’))
*)’))
+)’))
,)’))
Fa << Fa <<< Fa<H
Fa < Fa << Fa <<< Fa<H
Fa < Fa << Fa <<< Fa<H
Fa < Fa << Fa <<<
+)*) +)** +)*+
! "E5F# ! "cYc#
CO\]OZ]S <XPVK]S E>7GSXPVK]S >KVLK\ "KU]S] UKXKX#
)’))
+’))
-’))
/’))
1’))
*)’))
*+)
*,)
*-)
*.)
*/)
*0)
*1)
*2)
+))
Fa <<&+
))2
Fa <<<&+
))2
Fa <H
&+))
2
Fa <&+
)*)
Fa <<&+
)*)
Fa <<<&+
)*)
Fa <H
&+)*
)
Fa <&+
)**
Fa <<&+
)**
Fa <<<&+
)**
Fa <H
&+)*
*
Fa <&+
)*+
Fa <<&+
)*+
Fa <<<&+
)*+
EKVNY 5O\]SR !"c&Y&c#8U]ZOU^K]S ;K\QK >YX]_WOX , L_VKX cKN "@4&,#8U]ZOU^K]S ;K\QK >YX]_WOX / L_VKX cKN "@4&/#<XPVK]S 4U^_KV "KU]S] UKXKX#
107.14108.89
104.52
108.09
115.70 116.16
Tw II Tw III Tw IV Tw I Tw II Tw III
2011 2012
(Penumpang/Penerbangan))’)
*)’)
+)’)
,)’)
-)’)
&
-))
1))
*%+))
*%/))
+%)))
< << <<< <H < << <<< <H < << <<< <H < << <<< <H < << <<<
+))1 +))2 +)*) +)** +)*+
;K\QK 8WK]
;K\QK :_VK "KU]S] UKXKX#
USD/PoundsUSD/Oz
+2
CO\UOWLKXQKX <XPVK]S
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*+
XOQO\S cKXQ WOXSXQUK^ ]SQXSPSUKX NSLKXNSXQUKX ZO\SYNO cKXQ ]KWK ^KR_X +)** ":\KPSU
+’*-#’ <WZVSUK]SXcK RK\QK YXQUY] KXQU_^KX _NK\K ZKNK ^\Sa_VKX <<< +)*+ WOXSXQUK^
RSXQQK -+%,! "[^[# UK\OXK ZO\WSX^KKX cKXQ WOXSXQUK^ ^SNKU NS\O]ZYX NOXQKX
ZOXKaK\KX NKVKW VO‘OV cKXQ Z\YZY\]SYXKV’
EOWOX^K\K NK\S PKU^Y\ OU]^O\XKV% ^\OX RK\QK OWK] NKX RK\QK Q_VK N_XSK MOXNO\_XQ
]^KLSV’ EOMK\K ^\Sa_VKXKX% RK\QK OWK] N_XSK WOXQKVKWS ZOXSXQUK^KX ^SZS] ]OLO]K\
+%0)!% ]OWOX^K\K NKVKW U_\_X aKU^_ cKXQ ]KWK RK\QK Q_VK WOXQKVKWS ZO\_LKRKX’
5O\LONK NOXQKX UYXNS]S OU]^O\XKV ^O\]OL_^% RK\QK Q_VK NS >Y^K CYX^SKXKU cKXQ UOWLKVS
WOXQKVKWS UOXKSUKX ]OLO]K\ ,%0-! NSLKXNSXQUKX ^\Sa_VKX ]OLOV_WXcK’ @OXSXQUK^XcK
ZO\WSX^KKX ZKNK ]KK^ RK\S \KcK NKX ^O\LK^K]XcK ZK]YUKX KUSLK^ ZOXO\^SLKX Q_VK SVOQKV
NK\S @KVKc]SK WOXcOLKLUKX RK\QK Q_VK NS >Y^K CYX^SKXKU WOVYXTKU’
+’-’+’ 9KU^Y\ AYX 9_XNKWOX^KV
E_WLO\ SXPVK]S UOVYWZYU LKRKX WKUKXKX cKXQ RK\QKXcK LO\QOTYVKU "‘YVK^SVO
PYYN]# ZKNK ^\Sa_VKX <<< +)*+ LO\K]KV NK\S UYWYNS^K] LO\K] ^O\_^KWK TOXS] <D&/-
NKX CKXNKX IKXQS’ ;K]SV ZOWKX^K_KX RK\QK NS OWZK^ ZK]K\ _^KWK NS >Y^K CYX^SKXKU
WOX_XT_UUKX ZOXSXQUK^KX RK\QK UON_K TOXS] LO\K] ^O\]OL_^ WK]SXQ&WK]SXQ )%++! NKX
*%-1!’ >OXKSUKX ^O\]OL_^ \OVK^SP UOMSV% XKW_X WOXQSXQK^ LYLY^ UYWYNS^K] LO\K]
]KXQK^ ]SQXSPSUKX WKUK ZOXSXQUK^KX RK\QK UON_K TOXS] LO\K] ^O\]OL_^ WOXTKNS ]_WLO\
SXPVK]S UOVYWZYU ‘YVK^SVO PYYN’ 4NKZ_X RK\QK NKQSXQ KcKW \K] WOXQKVKWS SXPVK]S
WOXTOVKXQ RK\S \KcK <N_V 9S^\S cKXQ UOW_NSKX NSSU_ S YVOR UY\OU]S M_U_Z ]SQXSPSUKX ZKNK
N_K L_VKX LO\SU_^XcK’
>YX]_W]S ]YVK\ LO\]_L]SNS NS >KVSWKX^KX 5K\K^ ]OVKWK ^\Sa_VKX <<< +)*+
WOX_\_X% ]OLKVSUXcK UYX]_W]S ]YVK\ SXN_]^\S WOXSXQUK^’ >YX]_W]S ]YVK\
E_WLO\3 7S]ZO\SXNKQ C\Y‘’ >KVSWKX^KX 5K\K^
:\KPSU +’*/’ CO\UOWLKXQKX DK^K&\K^K;K\QK 5O\K] <D&/- NKX CKXNKX IKXQS
NS >Y^K CYX^SKXKU
E_WLO\3 7S]ZO\SXNKQ C\Y‘’ >KVSWKX^KX 5K\K^
:\KPSU +’*0’ CO\UOWLKXQKX DK^K&\K^K;K\QK 7KQSXQ 4cKW DK] NKX :_VK CK]S\
NS >Y^K CYX^SKXKU
1%))) 1%).)
1%--2 1%--,
1%110
2%,)- 2%,+.
1%.))
1%*//
1%.//1%02)
2%/-2 2%0,*2%10.
0%)))
0%.))
1%)))
1%.))
2%)))
2%.))
*)%)))
*)%.))
Fa < Fa << Fa <<< Fa <H Fa < Fa << Fa <<<
+)** +)*+
D_ZS
KR(>
Q
5O\K] "<D /-#5O\K] CKXNKX IKXQS
*1%/11
+,%//0+.%0)/
+*%1,,+,%)0- +,%+2-
+.%+,0
+*%-0/
+.%22.
+*%)12
+,%/0+
*)%00.2%0,- *)%))1 2%20* *)%,,, 2%02+ 2%10* *)%+)1 *)%/00 **%**, **%.+1
Fa < Fa << Fa <<< Fa <H Fa < Fa << Fa <<< Fa <H Fa < Fa << Fa <<<
+)*) +)** +)*+
"D_ZSKR(UQ#
;K\QK 7KQSXQ 4cKW DK] :_VK CK]S\
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*+,)
CO\UOWLKXQKX <XPVK]S
LO\]_L]SNS ^_\_X ]OLO]K\ *%0+!% ]OWOX^K\K ZKNK ]KK^ LO\]KWKKX UYX]_W]S ]YVK\
SXN_]^\S WOXSXQUK^ ]OLO]K\ +%,1!’ G]KRK ZOXO\^SLKX cKXQ NSVKU_UKX YVOR ^SW CF’
CO\^KWSXK NKX CYVNK >KVSWKX^KX 5K\K^ ^O\RKNKZ Z\KU^OU ZOXcOVOaOXQKX ]YVK\
LO\]_L]SNS _X^_U UOZO\V_KX SXN_]^\S ^OVKR WOXKWZKUUKX RK]SV cKXQ M_U_Z LKSU’
EOWOX^K\K \K^K&\K^K RK\QK WSXcKU N_XSK UOWLKVS WOXQKVKWS ZOX_\_XKX’ EOMK\K
^\Sa_VKXKX RK\QK WSXcKU N_XSK IO]^ FObK] <X^O\WONSK^O "IF<# ^_\_X ]OLO]K\ *%,/!
"[^[# WOXTKNS GE7 2+%* ZO\ LK\\OV’ COX_\_XKX RK\QK WSXcKU N_XSK WK]SR ^O\ZOXQK\_R
VO]_XcK ZO\WSX^KKX KUSLK^ LOV_W ^_X^K]XcK ZOXcOVO]KSKX U\S]S] dYXK 8_\Y’ EOWOX^K\K
ZK\K SX‘O]^Y\ WOVSRK^ ZY^OX]S UYXPVSU 6RSXK&=OZKXQ K^K] Z_VK_ NS ?K_^ 6RSXK FSW_\ KUKX
SU_^ WOWZOXQK\_RS ZO\WSX^KKX WSXcKU UON_K XOQK\K’ 7S NKVKW XOQO\S% UYXNS]S ^O\]OL_^
WO\SXQKXUKX LOLKX ]_L]SNS ZOWO\SX^KR% ]ORSXQQK RSXQQK KURS\ ^KR_X NSZO\US\KUKX
RK\QK LKRKX LKUK\ KUKX ^O^KZ’
E_WLO\3 5VYYWLO\Q
:\KPSU +’*1’ CO\UOWLKXQKX ;K\QK @SXcKU 7_XSKIF<
E_WLO\3 CO\^KWSXK DG H 5KVSUZKZKX
:\KPSU +’*2’ CO\UOWLKXQKX >YX]_W]S C\OWS_W NKXEYVK\ >KVSWKX^KX 5K\K^
01’* 0/’)1.’*
2,’2*)+’.
12’02-’)
*)+’12,’- 2+’*
&*.&*)&.).*)*.+)+.,),.
,)-).)/)0)1)2)
*))**)
<< <<< <H < << <<< <H < << <<<
+)** +)*+
IF<
Q;K\QK @SXcKU "D;E#
GE7 (W^
E_WLO\ 3 5VYYWLO\Q
! cYc
*s.d. 21 Mar '12
Premium,133,704
Solar subsidi,80,669
Solar Industri,72,729
20,000
40,000
60,000
80,000
100,000
120,000
140,000
TwI
TwII
TwIII
TwIV
TwI
TwII
TwIII
TwIV
TwI
TwII
TwIII
TwIV
TwI
TwII
TwIII
2009 2010 2011 2012
Kilo
Lite
r
,*
CO\UOWLKXQKX <XPVK]S
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*+
5YU]34XNSV <XPVK]S BXQUY] 4XQU_^KX GNK\K ^O\RKNKZ <XPVK]S >KVSWKX^KX 5K\K^
7KVKW ZO\SYNO VSWK ^KR_X ^O\KURS\% T_WVKR WK]cK\KUK^ ZOXQQ_XK TK]K KXQU_^KX _NK\K ^O\_]
WOXQKVKWS ZOXSXQUK^KX’ CKNK ^KR_X +)**% CF 4XQUK]K C_\K << "CO\]O\Y# ]OLKQKS ZOXQOVYVK
LKXNK\K E_ZKNSY LKRUKX WOXMK^K^ T_WVKR ZOXQQ_XK TK]K cKXQ LO\KXQUK^ WOVKV_S LKXNK\K
E_ZKNSY NOXQKX ^_T_KX NKVKW XOQO\S "OWLK\UK]S 7A# WOXMKZKS *%), T_^K Y\KXQ% cKXQ
WO\_ZKUKX KXQUK ^O\^SXQQS NKVKW VSWK ^KR_X ^O\KURS\’ GX^_U ^KR_X +)*+% RSXQQK ^\Sa_VKX
<<< +)*+ T_WVKR ZOXQQ_XK TK]K ^O\MK^K^ WOXMKZKS 1*, \SL_ Y\KXQ% K^K_ WOXSXQUK^ 0%/-!
NSLKXNSXQUKX ZO\SYNO cKXQ ]KWK ZKNK ^KR_X +)**’ 7SZO\US\KUKX RSXQQK KURS\ ^KR_X +)*+%
T_WVKR ZOX_WZKXQ ^O\]OL_^ KUKX WOXMKZKS *%*) T_^K Y\KXQ% K^K_ WOXSXQUK^ /%/!
NSLKXNSXQUKX ^KR_X +)** ":\KPSU *#’
E_WLO\3 CF’4XQUK]K C_\K << E_ZKNSY% NSYVKR
:\KPSU *’ CO\UOWLKXQKX =_WVKR COX_WZKXQ8WLK\UK]S 5KXNK\K E_ZKNSY CYX^SKXKU
E_WLO\3 CF’4XQUK]K C_\K << E_ZKNSY NKX 5CE >KVLK\% NSYVKR
:\KPSU +’ CO\UOWLKXQKX DK]SY =_WVKR COX_WZKXQ ^SKZCOXO\LKXQKX NKX <XPVK]S >OVYWZYU F\KX]ZY\
D_^O ZOXO\LKXQKX NKVKW XOQO\S cKXQ ZKVSXQ LKXcKU NSVKcKXS YVOR OWZK^ WK]UKZKS
ZOXO\LKXQKX LO]K\ NS <XNYXO]SK WOVKV_S LKXNK\K E_ZKNSY KNKVKR \_^O =KUK\^K&CYX^SKXKU%
cKXQ NKVKW ]K^_ RK\S NKZK^ WOXMKZKS *1&+) UKVS ZOXO\LKXQKX’ AKW_X NOWSUSKX% ^SXQQSXcK
P\OU_OX]S ZOXO\LKXQKX ^O\]OL_^ LOV_W NSSU_^S YVOR NKcK N_U_XQ LKXNK\K% UR_]_]XcK
VKXNK]KX ZKM_% cKXQ WOWKNKS% ]ORSXQQK \_^O ZOXO\LKXQKX ^O\]OL_^ LOV_W NKZK^ NSVKcKXS
YVOR ZO]KaK^ LO\LKNKX VOLK\’ 7KWZKU NK\S ZO\WK]KVKRKX NKcK N_U_XQ ^O\]OL_^ WOXTKNS
]KXQK^ ]SQXSPSUKX ZKNK WYWOX&WYWOX ^O\^OX^_% UR_]_]XcK RK\S \KcK UOKQKWKKX NKX
EOWLKRcKXQ >_L_\% WOXQSXQK^ NKcK KXQU_^ ZKNK ]O^SKZ ZOXO\LKXQKX ^O\LK^K]’ ;KV
^O\]OL_^ NS]SUKZS YVOR LOLO\KZK WK]UKZKS NOXQKX WOVKU_UKX ZOXKWLKRKX P\OU_OX]S
ZOXO\LKXQKX’
5O\NK]K\UKX KXKVS]S] ^O\RKNKZ NK^K ]^K^S]^SU CF’ 4XQUK]K C_\K << "CO\]O\Y#% WOXSXQUK^XcK
P\OU_OX]S ZOXO\LKXQKX ^O\]OL_^ ^O\XcK^K ^SNKU ]OLKXNSXQ NOXQKX ZOXSXQUK^KX T_WVKR
ZOX_WZKXQ’ >YXNS]S ^O\]OL_^ ^O\VSRK^ NK\S \K]SY T_WVKR ZOX_WZKXQ ^SKZ ZOXO\LKXQKX cKXQ
^O\_] WOXQKVKWS ZOXSXQUK^KX’ CKNK ^\Sa_VKX <<< +)*+% \K]SY T_WVKR ZOX_WZKXQ ^SKZ
ZOXO\LKXQKX WOXMKZKS **/ ZOX_WZKXQ% TK_R VOLSR ^SXQQS NSLKXNSXQUKX ^\Sa_VKX <<< +)**
)’))
-’))
1’))
*+’))
*/’))
+)’))
)
+))%)))
-))%)))
/))%)))
1))%)))
*%)))%)))
*%+))%)))
+))0 +))1 +))2 +)*) +)** +)*+$
COX_WZKXQCO\^_WL_RKX&KU]S] UKXKXCO\^_WL_RKX F\Sa_VKX <<<&KU]S] UKXKX
orang %-qtq
2/
*))
*)-
*)1
**+
**/
*+)
&1’))
&-’))
)’))
-’))
1’))
*+’))
Fa << Fa <<< Fa <H Fa < Fa << Fa <<<
+)** +)*+
<XPVK]S >OVYWZYU F\KX]ZY\DK]SY >O^O\S]SKX COX_WZKXQ ZO\ COXO\LKXQKX & KU]S] UKXKX
%-qtq orang
>KTSKX 8UYXYWS DOQSYXKV C\Y‘SX]S >KVSWKX^KX 5K\K^ F\Sa_VKX <<< +)*+,+
CO\UOWLKXQKX <XPVK]S
cKXQ RKXcK ]OLO]K\ *)2 ZOX_WZKXQ’ COXSXQUK^KX \K]SY ^O\]OL_^ NSN_QK LO\ZOXQK\_R
^O\RKNKZ ZOWLOX^_UKX RK\QK YXQUY] KXQU_^KX _NK\K cKXQ ^O\VSRK^ NK\S ^\OX cKXQ ]OK\KR
NOXQKX SXPVK]S UOVYWZYU ^\KX]ZY\ ":\KPSU +#’
4XNSV YXQUY] KXQU_^KX _NK\K NKVKW
ZO\RS^_XQKX SXPVK]S >KVSWKX^KX 5K\K^
WOXSXQUK^ NK\S RKXcK )%+0! ZKNK ^KR_X
NK]K\ +))+% WOXTKNS ]OUS^K\ *%*)! ZKNK
ZO\RS^_XQKX SXPVK]S ^KR_X NK]K\ +))0’
;SXQQK ^\Sa_VKX <<< +)*+% YXQUY]
KXQU_^KX _NK\K WOXTKNS UYWYNS^K] cKXQ
WOWSVSUS KXNSV ^O\LO]K\ UOOWZK^ ^O\RKNKZ
SXPVK]S >KVSWKX^KX 5K\K^% cKS^_ WOXMKZKS
)%.)! "c^N#’ 7OXQKX ZOXSXQUK^KX LYLY^ cKXQ M_U_Z ]SQXSPSUKX NS]O\^KS NOXQKX ‘YVK^SVS^K]
cKXQ ^SXQQS% ZOXQOXNKVSKX ^O\RKNKZ UYWYNS^K] YXQUY] KXQU_^KX _NK\K WOWSVSUS ZO\KX cKXQ
]KXQK^ ZOX^SXQ NKVKW _ZKcK ZOXQOXNKVSKX SXPVK]S >KVSWKX^KX 5K\K^’
5OLO\KZK ]YV_]S ^OVKR NS^OWZ_R YVOR ZSRKU&ZSRKU ^O\UKS^% NSKX^K\KXcK NOXQKX WOVKU_UKX
ZOXKWLKRKX TKW YZO\K]SYXKV LKXNK\K’ EOWOX^K\K S^_% NKVKW TKXQUK ZKXTKXQ% _ZKcK
ZOXSXQUK^KX NKcK N_U_XQ 5KXNK\K E_ZKNSY% UR_]_]XcK VKXNK]KX ZKM_ NKX ^O\WSXKV
ZOX_WZKXQ% ]_NKR W_VKS NSVKU_UKX’ C\YcOU ZOWLKXQ_XKX 5KXNK\K E_ZKNSY CYX^SKXKU
]OXNS\S T_QK WK]_U NKVKW Z\YcOU @K]^O\ZVKX CO\MOZK^KX NKX CO\V_K]KX COWLKXQ_XKX
8UYXYWS <XNYXO]SK "@C,8<# NKVKW LSNKXQ SXP\K]^\_U^_\ cKS^_ _X^_U WOXN_U_XQ UYXOU^S‘S^K]
KX^K\ NKO\KR’ FY^KV LSKcK cKXQ NSKXQQK\UKX KNKVKR ]OLO]K\ DZ+- @SVcK\ _X^_U ^O\WSXKV
UK\QY "]_NKR ]OVO]KS NKX LO\YZO\K]S# NKX DZ/. @SVcK\ _X^_U ^O\WSXKV ZOX_WZKXQ
"NSZO\US\KUKX KUKX ]OVO]KS ZKNK ^KR_X +)*,#’
4NKZ_X NKVKW TKXQUK ZOXNOU% _ZKcK cKXQ RK\_] NSVKU_UKX KNKVKR ZOWLO\KX^K]KX Z\KU^SU
ZO\MKVYKX cKXQ aKTSL WOVSLK^UKX ZSRKU ZOXOQKU R_U_W’ <XNSUK]S ZO\MKVYKX ^O\VSRK^ ZKNK
POXYWOXK ZKNK ^\Sa_VKX <<< +)*+% NSWKXK \K]SY T_WVKR ZOX_WZKXQ _X^_U ^SKZ ZOXO\LKXQKX
RKXcK ]OLO]K\ *)2% XKW_X SXPVK]S UOVYWZYU ^\KX]ZY\ WOXSXQUK^ RSXQQK 1%.+! "[^[#’
@K]cK\KUK^ ZOXQQ_XK TK]K NKVKW RKV SXS NS^OWZK^UKX ]OLKQKS Z\SMO ^KUO\ cKXQ ^SNKU
WOXNKZK^ SXPY\WK]S cKXQ M_U_Z% ]ORSXQQK ^SNKU Z_XcK ZSVSRKX _X^_U WOWLOVS NOXQKX RK\QK
WKRKV’ EOLKQKS ZO\LKXNSXQKX% \K^K&\K^K YXQUY] KXQU_^KX _NK\K =KUK\^K&CYX^SKXKU ^O\XcK^K
VOLSR WKRKV NSLKXNSXQUKX WOX_T_ UY^K VKSX NOXQKX aKU^_ ^OWZ_R cKXQ ]KWK% ]OZO\^S
=KUK\^K&CKVOWLKXQ NKX =KUK\^K&EOWK\KXQ’ ?OLSR TK_R VKQS% LKRUKX VOLSR WKRKV
NSLKXNSXQUKX UY^K VKSX NOXQKX aKU^_ ^OWZ_R NK\S cKXQ VOLSR VKWK% ]OZO\^S =KUK\^K&
5KXTK\WK]SX NKX =KUK\^K&E_\KLKcK
:\KPSU ,’ 4XNSV <XPVK]S FKR_X 5O\TKVKX>KVSWKX^KX 5K\K^
Beras, 0.99
Kontrak Rumah,0.65
Tukang BukanMandor, 0.52
Angkutan Udara,0.50
Sawi Hijau, 0.25
Rokok KretekFilter, 0.17
Minyak Goreng,0.14Gula Pasir, 0.13
Angkutan Sungai,0.13
Udang Basah,0.12
Andil KomoditasLainnya, 2.17
Inflasi KalimantanBarat hinggatriwulan III 20125,76% (ytd)
N=352 Komoditas
,,
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
+&)& ALYRLTIHUNHU ALYIHURHU 5HLYHO
+&)&)& C[Y\R[\Y ALYIHURHU KP <HSPTHU[HU 3HYH[
CLJHYH [YP^\SHUHU$ HZL[ WLYIHURHU
NHI\UNHU <HSPTHU[HU 3HYH[ WHKH
[YP^\SHU ::: *()* [\TI\O +$)-! "X[X#
TLUQHKP ZLILZHY BW+/$/+ DYPSP\U$ SLIPO
SHTIH[ KPIHUKPUNRHU [YP^\SHU :: *()*
_HUN [\TI\O ZLILZHY /$)(! "X[X#& <LW
_P]^PM‘_ OT[PYRL]‘ST ZWPS XPWLXML_YcL
[P]_‘XM‘SLY L^P_ MLYV ‘X‘X
VZYaPY^TZYLW OLY MLYV ‘X‘X ^cL]TLS
OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL%
XL^TYR&XL^TYR ^PMP^L] ,%*2! #\_\$ OLY *%-*! #\_\$ XPYULOT ^PMP^L] E[,-%/* G]TWT‘Y
OLY E[+%*- G]TWT‘Y’ BLX‘Y OPXTVTLY% OL]T ^T^T [Z]^T L^P_% VPWZX[ZV MLYV ‘X‘X
VZYaPY^TZYLW XL^TS XPYOZXTYL^T L^P_ [P]MLYVLY ?LWTXLY_LY 6L]L_ ^PMP^L] 2*%0-!’
FPXPY_L]L [Z]^T L^P_ MLYV ‘X‘X ^cL]TLS ^PMP^L] .%/1!’ 8T ^T^T WLTY% L^P_ VPWZX[ZV 6DE
_‘XM‘S WPMTS NP[L_ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL% cLT_‘ .%-*! #\_\$ XPYULOT
^PMP^L] E[20-%)- ATWTL]’ ?PYLTVLY L^P_ _P]^PM‘_ XPYOZ]ZYR VPYLTVLY [Z]^T L^P_ 6DE
_P]SLOL[ [P]MLYVLY ?LWTXLY_LY 6L]L_ XPYULOT ^PMP^L] +%.1!’
CLJHYH [HO\UHU$ HZL[ WLYIHURHU NHI\UNHU "IHUR \T\T KHU 3AB# <HSPTHU[HU
3HYH[ Q\NH [\TI\O SLIPO SHTIH[ KPIHUKPUNRHU [YP^\SHU ZLILS\TU_H ZLILZHY
)1$.)! "_V_#& 8L]T ^T^T LV_TaL% [P]_‘XM‘SLY L^P_ _P]^PM‘_ OTOZ]ZYR ZWPS XPYTYRVL_YcL
U‘XWLS V]POT_ cLYR OT^LW‘]VLY cLYR _‘XM‘S ^PMP^L] +.%01! #cZc$% ^PXPY_L]L [LOL ^T^T
[L^TaL% [P]_‘XM‘SLY OTOZ]ZYR ZWPS XPYTYRVL_YcL U‘XWLS OLYL [TSLV VP_TRL #8D?$ cLYR
MP]SL^TW OTSTX[‘Y MLYV ^PMP^L] *1%-2! #cZc$’ :LV_Z] WLTY cLYR _‘]‘_ XPYOZ]ZYR
[PYTYRVL_LY L^P_ LOLWLS [P]VPXMLYRLY UL]TYRLY VLY_Z] [P]MLYVLY OT ?LWTXLY_LY 6L]L_
^PSTYRRL [LOL _]Tb‘WLY === +)*+ _P]NL_L_ _P]OL[L_ +) VLY_Z] [‘^L_ #6DE OLY DG’ 6D8
?LWTXLY_LY 6L]L_$% 0. VLY_Z] NLMLYR #6DE OLY MLYV ‘X‘X$% *1) VLY_Z] NLMLYR
[PXMLY_‘% 1* VLY_Z] VL^ ^P]_L *,+ ‘YT_’
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&)& C[Y\R[\Y 2ZL[ ALYIHURHU KP<HSPTHU[HU 3HYH[
">PSPHY B\WPHO#
6LYV HX‘X?ZYaPY^TZYLW
2*’0-!
6LYV HX‘XFcL]TLS.’/1!
6DE+’.1!
BABIII
+%,(%)#"*&"* +%,#"*("* $"*-’-.%) +%)#"/","*
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&,-
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
+&)&*& 3HUR ET\T
+&)&*&)& ALYRLTIHUNHU :UKPRH[VY 3HUR ET\T
:UKPRH[VY IHUR \T\T TLU\UQ\RRHU WLY[\TI\OHU _HUN SLIPO SHTIH[
KPIHUKPUNRHU [YP^\SHU :: *()*& FPNL]L _]Tb‘WLYLY% _Z_LW L^P_ MLYV ‘X‘X _‘XM‘S
^PMP^L] ,%)2! #\_\$% WPMTS WLXML_ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL cLYR _‘XM‘S
^PMP^L] 0%*)! #\_\$’ <LW _P]^PM‘_ OTOZ]ZYR ZWPS [P]_‘XM‘SLY [PYcLW‘]LY V]POT_ OLY
[PYRSTX[‘YLY 8LYL DTSLV ?P_TRL #8D?$ MLYV% XL^TYR&XL^TYR ^PMP^L] -%**! #\_\$ OLY
+%,,! #\_\$ cLYR WPMTS WLXML_ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL% OTXLYL XL^TYR&
XL^TYR _P]NL_L_ ^PMP^L] 2%--! #\_\$ OLY .%*1! #\_\$’ DP]_‘XM‘SLY 8D? cLYR WPMTS
WLXML_ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL OT[PYRL]‘ST ZWPS _‘]‘YYcL U‘XWLS 8D?
MP]‘[L RT]Z ^PMP^L] +%*2! #\_\$ XPYULOT ^PMP^L] E[/%+* G]TWT‘Y’ DPY‘]‘YLY _P]^PM‘_
OT[P]VT]LVLY _P]ULOT ^PT]TYR OPYRLY ]PLWT^L^T MPWLYUL []ZcPV [PXP]TY_LS’ FPWLTY T_‘% UPYT^
^TX[LYLY WLTY MP]‘[L _LM‘YRLY U‘RL XPYRLWLXT [P]WLXML_LY ^PMP^L] -%2-! #\_\$
XPYULOT ^PMP^L] E[*0%-2 G]TWT‘Y’ <LW TYT OT[P]VT]LVLY OT[PYRL]‘ST ZWPS _TYRRTYcL
VZY^‘X^T XL^cL]LVL_ [LOL _]Tb‘WLY === +)*+ ^PT]TYR OPYRLY ELXLOSLY OLY [P]LcLLY
=O‘W :T_]T% OTX‘WLTYcL _LS‘Y LUL]LY ML]‘% [P]LcLLY FPXMLScLYR ?‘M‘] VPO‘L #7S‘YR
K‘LY$ ^P]_L [PWLV^LYLLY DPXTWTSLY ?P[LWL 8LP]LS D]ZaTY^T ?LWTXLY_LY 6L]L_ #DTWVLOL
?LWML]$’ FPXPY_L]L T_‘% OP[Z^T_Z XPYRLWLXT [P]_‘XM‘SLY cLYR [Z^T_TQ ^PMP^L] )%,,!
#\_\$% ^P_PWLS [LOL _]Tb‘WLY ^PMPW‘XYcL XPYRLWLXT [PY‘]‘YLY *%21! #\_\$’
DHILS +&)& ALYRLTIHUNHU :UKPRH[VY 3HUR ET\T KP <HSPTHU[HU 3HYH[">PSPHY B\WPHO#
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
GHSH\W\U TLUNHSHTP WLYSHTIH[HU KHYP ZPZP 5A< KHU RYLKP[$ [PUNRH[
PU[LYTLKPHZP WLYIHURHU TLU\UQ\RRHU RPULYQH _HUN TLTIHPR$ [LYJLYTPU KHYP
WLUPUNRH[HU WLYZLU[HZL WLU_HS\YHU RYLKP[ [LYOHKHW WLUNOPTW\UHU 5A< ")8.7
<8 %198;4< +.<48# =5B# ZLILZHY )$*.! "X[X# TLUQHKP ZLILZHY /+$,0!& 5YRVL
_P]^PM‘_ XPY‘YU‘VVLY MLSbL OL]T E[,*%)/ G]TWT‘Y OLYL XL^cL]LVL_ cLYR OTSTX[‘Y ZWPS
MLYV ‘X‘X% ^PMLYcLV E[++%1+ G]TWT‘Y OT^LW‘]VLY OLWLX MPY_‘V V]POT_’ DPYTYRVL_LY
[P]^PY_L^P @8E OT[PYRL]‘ST ZWPS [P]_‘XM‘SLY [PYcLW‘]LY V]POT_ cLYR WPMTS _TYRRT
OTMLYOTYRVLY [P]_‘XM‘SLY [PYRSTX[‘YLY OLYL [TSLV VP_TRL% XL^TYR&XL^TYR ^PMP^L]
Gb === Gb =I Gb = Gb == Gb === Gb =I Gb = Gb == Gb === \&_&\ c&Z&c*’ GZ_LW 5^^P_ +.%)/+ +0%+-. +0%,), +2%,)* ,)%0,) ,+%*+, ,,%+2) ,.%/.- ,/%0.. ,’)2 *2’/*+’ 8D? +*%..0 +,%)0* +-%+/- +.%.+* +/%+*, +0%1.0 +1%1./ ,)%,.+ ,*%)/) +’,, *1’-2 & ;T]Z -%-,+ ,%-,+ -%/1/ .%+0. .%*1) -%.,) .%//, /%,-. /%+)/ #+’*2$ *2’1+ & 8P[Z^T_Z .%11. /%+0* /%-)/ /%.11 /%2)0 0%*). 0%-1. 0%,,0 0%,/+ )’,, /’.2 & GLM‘YRLY **%+,2 *,%,/1 *,%*0+ *,%/.1 *-%*+0 */%+++ *.%0)2 */%//2 *0%-2+ -’2- +,’1+
,’ ?]POT_ #@ZVL^T ?LY_Z]$ *,%02) *.%+12 *.%/,- *0%+-1 *1%*-/ *2%--, +)%),* +*%2++ ++%1+- -’** +.’01-’ @8E #!$ /,’20 //’+0 /-’-- /0’.1 /2’++ /2’02 /2’-+ 0+’+, 0,’-1 *’+/ -’+/.’ BD@^ #!$ *’0, *’** *’,* *’+1 *’++ )’2) )’21 )’2/ )’2- &)’)+ &)’+1
DP]_‘XM‘SLY #!$+)*)=B8=?5GCE
+)*++)**
,.
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
-%**! #\_\$ OLY +%,,! #\_\$’ DPYTYRVL_LY [PYcLW‘]LY V]POT_ _P]^PM‘_ U‘RL OT^P]_LT
OPYRLY [PYRPWZWLLY V]POT_ cLYR WPMTS MLTV OL]T [P]MLYVLY cLYR _P]NP]XTY OL]T _‘]‘YYcL
]L^TZ V]POT_ _TOLV WLYNL] #2FE 3<I=FID@E> 1F8EJ#BD@$ [P]MLYVLY ?LWTXLY_LY 6L]L_ OL]T
)%2/! XPYULOT ^PMP^L] )%2-!’
2ZL[ RLSVTWVR IHUR \T\T
_HUN [\TI\O WHSPUN [PUNNP
KHU SLIPO JLWH[
KPIHUKPUNRHU [YP^\SHU
ZLILS\TU_H HKHSHO IHUR
\T\T _HUN KPTPSPR Z^HZ[H&
5^P_ MLYV ‘X‘X ^bL^_L YLTV
.%21! #\_\$ XPYULOT ^PMP^L]
E[*,%2+ G]TWT‘Y’ DPYTYRVL_LY
L^P_ _P]^PM‘_ OTOZ]ZYR ZWPS
[PYTYRVL_LY U‘XWLS V]POT_
cLYR OT^LW‘]VLY ZWPS VPWZX[ZV MLYV ‘X‘X ^bL^_L ^PMP^L] /%+2! #\_\$’ DPYTYRVL_LY
L^P_ MLYV ‘X‘X ^bL^_L _P]^PM‘_ XPYOZ]ZYR [PYTYRVL_LY [Z]^T L^P_ MLYV ‘X‘X
^bL^_L _P]SLOL[ _Z_LW L^P_ MLYV ‘X‘X ?LWTXLY_LY 6L]L_ XPYULOT ^PMP^L] ,0%10!’
FPXPY_L]L T_‘% XP^VT[‘Y L^P_ VPWZX[ZV MLYV ‘X‘X XTWTV [PXP]TY_LS YLTV *%.)! #\_\$
XPYULOT ^PMP^L] E[++%-1 G]TWT‘Y% [Z]^T L^P_YcL _P]SLOL[ [P]MLYVLY ?LWTXLY_LY 6L]L_
_‘]‘Y )%2/! XPYULOT ^PMP^L] /*%*0!’ 8T WLTY [TSLV% _Z_LW L^P_ MLYV XTWTV L^TYR OLY
NLX[‘]LY _‘XM‘S YPRL_TQ ^PMP^L] -%/,! #\_\$ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL
XPYULOT ^PMP^L] E[,.. ATWTL]’
+&)&*&*& ALUNOPTW\UHU 5HUH APOHR <L[PNH "5A<#
;\TSHO KHUH WPOHR RL[PNH _HUN ILYOHZPS KPOPTW\U IHUR \T\T <HSPTHU[HU
3HYH[ OPUNNH [YP^\SHU ::: *()* TLUJHWHP BW+)$(. DYPSP\U& 8D? [P]MLYVLY
?LWTXLY_LY 6L]L_ XL^TS OTOZXTYL^T ZWPS OLYL X‘]LS% MP]‘[L _LM‘YRLY OLY RT]Z%
OPYRLY [Z]^T XL^TYR&XL^TYR ^PMP^L] .-%)*! OLY +/%,,!’ FPNL]L _]Tb‘WLYLY%
VZX[ZYPY _LM‘YRLY XPYRLWLXT [P]_‘XM‘SLY _P]_TYRRT cLT_‘ ^PMP^L] +%-.! #\_\$
XPYULOT ^PMP^L] E[*0%-2 G]TWT‘Y% XPWLXML_ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL cLYR
^PMP^L] /%**! #\_\$’ DP]WLXML_LY _P]^PM‘_ ^PULWLY OPYRLY _TYRRTYcL _TYRVL_ VZY^‘X^T
XL^cL]LVL_ [LOL _]Tb‘WLY === +)*+ ^PT]TYR OPYRLY [P]LcLLY =O‘W :T_]T% OTX‘WLTYcL _LS‘Y
LUL]LY ML]‘% [P]LcLLY FPXMLScLYR ?‘M‘] VPO‘L ^P]_L [PWLV^LYLLY DTWVLOL ?LWML]
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&*& ALYRLTIHUNHU 2ZL[ 3HUR ET\T TLU\Y\[<LSVTWVR 3HUR KP <HSPTHU[HU 3HYH[
">PSPHY B\WPHO#
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999
+)*) +)** +)*+
4DQN >HPHULQWDK *,&-// *,&12* *-&-22 *.&2.+ */&*-1 *0&-*+ *1&,1. *2&,,. +)&+/. ++&*-2 ++&-1*
4DQN 3VLQJ " 5DPSXUDQ *02 ,)0 ,-, -20 +*. +.1 ,*) ,2- ,0. ,0+ ,..
4DQN @ZDVWD 1&2/2 2&22* *)&++) *)&02/ *)&2-) **&/,+ *+&),. *+&,2. *+&/.) *,&*,, *,&2*2
’
.&)))
*)&)))
*.&)))
+)&)))
+.&)))
,)&)))
,.&)))
-)&)))
<LOL
DU ?
XS
LDK
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&,/
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
+)*+’ FPXPY_L]L T_‘% VZX[ZYPY RT]Z XPYRLWLXT [P]_‘XM‘SLY YPRL_TQ L_L‘ VZY_]LV^T
^PMP^L] +%*2! #\_\$ XPYULOT ^PMP^L] E[/%+* G]TWT‘Y’ <LW TYT ^PULWLY OPYRLY ]PLWT^L^T
MPWLYUL []ZcPV [PXP]TY_LS’
8T ^T^T WLTY% OP[Z^T_Z cLYR MP]SL^TW OTSTX[‘Y ZWPS MLYV ‘X‘X OT ?LWTXLY_LY 6L]L_
XPYRLWLXT [P]_‘XM‘SLY cLYR WPMTS MLTV ^PMP^L] )%,,! #\_\$ XPYULOT ^PMP^L] E[0%,/
G]TWT‘Y% ^P_PWLS [LOL _]Tb‘WLY ^PMPW‘XYcL XPYRLWLXT VZY_]LV^T ^PMP^L] *%20! #\_\$’
DPY‘]‘YLY ^PWT^TS ^‘V‘ M‘YRL OP[Z^T_Z OPYRLY _TYRVL_ TYQWL^T LV_‘LW OT[P]VT]LVLY
XP]‘[LVLY ^LWLS ^L_‘ QLV_Z] cLYR XPX[PYRL]‘ST [P]_‘XM‘SLY _P]^PM‘_’ F‘V‘ M‘YRL
_P]_TXMLYR OP[Z^T_Z MLYV ‘X‘X ^PWLXL _]Tb‘WLY === +)*+ _‘]‘Y XPYULOT ^PMP^L]
.%,*!% OLY [PY‘]‘YLY U‘RL _P]ULOT [LOL TYQWL^T LV_‘LW ?LWTXLY_LY 6L]L_ _]Tb‘WLY ===
+)*+ XPYULOT ^PMP^L] .%-1!’ F‘V‘ M‘YRL _P]_TXMLYR OP[Z^T_Z XPYRLWLXT _]PYO
[PY‘]‘YLY OL]T _LS‘Y +)**% ^PT]TYR OPYRLY [PY‘]‘YLY ^‘V‘ M‘YRL LN‘LY #6= I8K<$ cLYR
^LL_ TYT MP]LOL OT WPaPW .%0.!% _TOLV MP]‘MLS _P]SLOL[ _]Tb‘WLY ^PMPW‘XYcL’
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&+& ALYRLTIHUNHU ;LUPZ 5A< 3HURET\T KP <HSPTHU[HU 3HYH[
">PSPHY B\WPHO$
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&,& ALYRLTIHUNHU C\R\ 3\UNH 5A<TLU\Y\[ ;LUPZ CPTWHUHU 3HUR KP<HSPTHU[HU 3HYH[ ">PSPHY B\WPHO#
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&-& ALYRLTIHUNHU ;LUPZ 5A< 3HUR ET\T
,&2/- -&-/- -&-,+,&-,+
-&/1/ .&+0. .&*1) -&.,).&//,
/&,-. /&+)/.&1)/ .&11- .&11. /&+0* /&-)/ /&.11 /&2)0 0&*). 0&-1. 0&,,0 0&,/+
2&0.,*)&.*1
**&+,2
*,&,/1 *,&*0+ *,&/.1 *-&*+0
*/&+++ *.&0)2*/&//2
*0&-2+
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999
+)*) +)** +)*+
8LUR 6HSRVLWR ADEXQJDQ
)
*
+
,
-
.
/
0
1
2
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999
+)*) +)** +)*+
! 6HSRVLWR8LURADEXQJDQ9QIODVL :DOEDU
’
*))
+))
,))
-))
.))
/))
’
+&)))
-&)))
/&)))
1&)))
*)&)))
*+&)))
*-&)))
*/&)))
*1&)))
+)&)))
AZ 9 AZ 99 AZ 999AZ 9B AZ 9 AZ 99 AZ 999AZ 9B AZ 9 AZ 99 AZ 999
+)*) +)** +)*+
)23
205
,6
420
1 )23205 ,
64
201
4DQN >HPHULQWDK4DQN @ZDVWD4DQN 3VLQJ " 5DPSXUDQ #DNVLV NDQDQ$
,0
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
AP^VT[‘Y VPWZX[ZV MLYV XTWTV
[PXP]TY_LS XL^TS XPYOZXTYL^T
[PYRSTX[‘YLY 8D? OPYRLY [Z]^T
^PMP^L] .1%-/! OL]T _Z_LW 8D?
[P]MLYVLY ?LWTXLY_LY 6L]L_% L_L‘
^PMP^L] E[*1%*/ G]TWT‘Y% YLX‘Y
RLSVTWVR IHUR _HUN WHSPUN
HNYLZPM KHSHT TLUNOPTW\U
5A< ZLSHTH [YP^\SHU ::: *()*
HKHSHO RLSVTWVR IHUR TPSPR
Z^HZ[H _HUN [\TI\O ZLILZHY
-$0*! "X[X# H[H\ ZLILZHY BW..0 >PSPHY TLUQHKP ZLILZHY BW)*$., DYPSP\U’
DP]_‘XM‘SLY cLYR WPMTS NP[L_ U‘RL OTLWLXT ZWPS VPWZX[ZV MLYV XTWTV L^TYR OLY
NLX[‘]LY cLYR _‘XM‘S ^PMP^L] *)%+1! #\_\$ XPYULOT ^PMP^L] E[+/* ATWTL]’ FPXPY_L]L
T_‘% VZY_]LV^T OTLWLXT ZWPS VPWZX[ZV MLYV XTWTV [PXP]TY_LS ^PMP^L] )%)/! #\_\$
XPYULOT ^PMP^L] E[*1%*/ G]TWT‘Y’ ?ZY_]LV^T _P]^PM‘_ OT^PMLMVLY ZWPS [PY‘]‘YLY U‘XWLS
RT]Z ^PMP^L] .%-)! #\_\$ OL]T ^PMP^L] E[.%). G]TWT‘Y XPYULOT ^PMP^L] E[-%01 G]TWT‘Y
^PT]TYR OPYRLY [PXMLcL]LY []ZcPV&[]ZcPV [PXP]TY_LS cLYR OLYLYcL OT^TX[LY OT MLYV
XTWTV [PXP]TY_LS’
3LYKHZHYRHU NVSVUNHU WLTPSPRU_H$ Q\TSHO 5A< _HUN KPKVTPUHZP VSLO UHZHIHO
WLYVYHUNHU TLUPUNRH[ ZLILZHY +$/(! "X[X# TLUQHKP ZLILZHY BW*+$)1 DYPSP\U&
FPT]TYR OPYRLY SLW _P]^PM‘_% [Z]^T YL^LMLS [P]Z]LYRLY XPYTYRVL_ OL]T _]Tb‘WLY
^PMPW‘XYcL ^PMP^L] *%)! #\_\$ XPYULOT 0-%//!’ 8T WLTY [TSLV% [PY‘]‘YLY 8D? _P]ULOT
[LOL YL^LMLS [PXP]TY_LS OLP]LS cLYR _‘]‘Y ^PMP^L] *%/0! #\_\$ XPYULOT ^PMP^L]
E[,%/0 G]TWT‘Y% OLY ^PV_Z] ^bL^_L cLYR _‘]‘Y ,%+2! #\_\$ XPYULOT ^PMP^L] E[+%2.
G]TWT‘Y’ <LW TYT OT[P]VT]LVLY _P]ULOT ^PT]TYR OPYRLY ^TVW‘^ [PXMLcL]LY []ZcPV [LOL
_]Tb‘WLY === +)*+’
TLU\Y\[ <LSVTWVR 3HUR KP <HSPTHU[HU 3HYH[">PSPHY B\WPHO#
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&,1
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
5HYP ZPZP SPR\PKP[HZ$ ZLIHNHPTHUH Z\KHO KPWHWHYRHU ZLILS\TU_H$ [LYQHKP
WLUPUNRH[HU WLYZLU[HZL WLU_HS\YHU RYLKP[ [LYOHKHW 5A< _HUN ILYOHZPS
KPOPTW\U VSLO WLYIHURHU ")8.7 <8 %198;4< +.<48’=5B# ZLILZHY )$*.! "X[X#
TLUQHKP ZLILZHY /+$,0!& DPYTYRVL_LY _P]^PM‘_ OT[PYRL]‘ST ZWPS [P]_‘XM‘SLY
[PYcLW‘]LY V]POT_ cLYR WPMTS _TYRRT OTMLYOTYRVLY [PYRSTX[‘YLY OLYL XL^cL]LVL_%
XL^TYR&XL^TYR ^PMP^L] -%**! #\_\$ OLY +%,,! #\_\$’ 8LYL cLYR OTSTX[‘Y ZWPS MLYV
‘X‘X ?LWTXLY_LY 6L]L_ OTOZXTYL^T ZWPS OLYL X‘]LS _LY[L ULYRVL bLV_‘ L_L‘
MP]ULYRVL bLV_‘ [PYOPV #OT MLbLS *+ M‘WLY$% ^PXPY_L]L V]POT_ cLYR OT^LW‘]VLY
OTOZXTYL^T ZWPS [PYcLW‘]LY V]POT_ cLYR MP]ULYRVL [LYULYR #OT L_L^ ,/ M‘WLY$ cLYR
XPYNL[LT 0+%0/! OL]T _Z_LW V]POT_ cLYR OT^LW‘]VLY ZWPS MLYV ‘X‘X OT ?LWTXLY_LY
6L]L_’ <LW TYT XPY‘YU‘VVLY LOLYcL [Z_PY^T D@JD8K:? WTV‘TOT_L^ OLWLX ULYRVL [PYOPV’
BLX‘Y OPXTVTLY OPYRLY XLYLUPXPY WTV‘TOT_L^ cLYR MLTV% [P]MLYVLY ‘X‘X OT
?LWTXLY_LY 6L]L_ OL[L_ XPYRPYOLWTVLY ]T^TVZ WTV‘TOT_L^ _P]^PM‘_’
+&)&*&+& ALYRLTIHUNHU ALU_HS\YHU <YLKP[
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&.& ALYRLTIHUNHU 5A< 3HUR ET\T TLU\Y\[8VSVUNHU ALTPSPR KP <HSPTHU[HU 3HYH[
">PSPHY B\WPHO#
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&/& C[Y\R[\Y 5A< 3HUR ET\T>LU\Y\[ 8VSVUNHU ALTPSPR
KP <HSPTHU[HU 3HYH[ ">PSPHY B\WPHO#
*)’)
*+’)
*-’)
*/’)
*1’)
+)’)
++’)
+-’)
&
)’.
*’)
*’.
+’)
+’.
,’)
,’.
-’)
Gb = Gb == Gb === Gb =I Gb = Gb == Gb === Gb =I Gb = Gb == Gb ===
+)*) +)** +)*+
G]TWT
‘Y E
‘[TL
S
G]TWT
‘Y E
‘[TL
SDPXP]TY_LS 8LP]LSFPV_Z] FbL _L@LTYYcLDP]^PZ]LYRLY #LV^T VLYLY$
DPXP]TY_LS8LP]LS%**’1!
DP] PZ]LYRLY% 0-’0! FPV_Z]
FbL^_L%2’.!
@LTYYcL%-’)!
,2
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
ALU_HS\YHU RYLKP[ VSLO
WLYIHURHU <HSPTHU[HU 3HYH[
[\TI\O SLIPO SHTIH[
KPIHUKPUNRHU [YP^\SHU
ZLILS\TU_H ZLILZHY ,$))!
"X[X# TLUQHKP ZLILZHY BW**$0*
DYPSP\U& 8L]T ^T^T MLYV [PYcLW‘]%
MLYV [PXP]TY_LS XL^TS XPYULOT
VPWZX[ZV cLYR [LWTYR LR]P^TQ
OLWLX XPYcLW‘]VLY V]POT_ OPYRLY
FLKJK8E;@E> XPYNL[LT E[*-%11 G]TWT‘Y L_L‘ _‘XM‘S ^PMP^L] ,%*-! #\_\$’ DPYcLW‘]LY
V]POT_ ZWPS VPWZX[ZV MLYV XTWTV ^bL^_L _‘XM‘S /%+2! #\_\$ XPYULOT ^PMP^L] E[0%/1
G]TWT‘Y’ FPXPY_L]L% V]POT_ cLYR OT^LW‘]VLY ZWPS VPWZX[ZV MLYV L^TYR OLY NLX[‘]LY
XPYRLWLXT VZY_]LV^T ^PMP^L] +%*)! XPYULOT ^PMP^L] E[+// ATWTL]’
AVYZP RYLKP[ \U[\R [\Q\HU WYVK\R[PM "TVKHS RLYQH KHU PU]LZ[HZP# TLUNHSHTP
WLU\Y\UHU TLUQHKP ZLILZHY -/$.0! H[H\ ZLJHYH UVTPUHS TLUJHWHP ZLILZHY
BW)+$). DYPSP\U& DPY‘]‘YLY [Z]^T _P]^PM‘_ OT[PYRL]‘ST ZWPS WPMTS WLXML_YcL
[P]_‘XM‘SLY V]POT_ XZOLW VP]UL OLY V]POT_ TYaP^_L^T OTMLYOTYRVLY _]Tb‘WLY
^PMPW‘XYcL% XL^TYR&XL^TYR ^PMP^L] *%1/! #\_\$ OLY *%1*! #\_\$’ AL^TS _TYRRTYcL
FLKJK8E;@E> V]POT_ OPYRLY _‘U‘LY []ZO‘V_TQ OTSL]L[VLY OL[L_ XPXMP]TVLY XLYQLL_
cLYR WPMTS MP^L] VP[LOL ^PV_Z] ]TTW OLY XPXMP]TVLY ^‘XMLYRLY cLYR WPMTS MP^L] [LOL
[P]_‘XM‘SLY PVZYZXT OT bTWLcLS ?LWTXLY_LY 6L]L_’ ?]POT_ OPYRLY _‘U‘LY VZY^‘X^T
U‘RL XPYNL_L_ [P]_‘XM‘SLY cLYR WPMTS WLXML_ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL%
YLX‘Y WPMTS _TYRRT OTMLYOTYRVLY [P]_‘XM‘SLY V]POT_ []ZO‘V_TQ% cLT_‘ ^PMP^L] 0%,2!
#\_\$ XPYULOT ^PMP^L] E[2%// G]TWT‘Y’ <LW _P]^PM‘_ XPYOZ]ZYR XPYTYRVL_YcL [Z]^T
V]POT_ VZY^‘X^T _P]SLOL[ _Z_LW V]POT_ cLT_‘ ^PMP^L] -+%,+!’ DPYcLW‘]LY V]POT_ ‘Y_‘V
_‘U‘LY VZY^‘X_TQ OTOZXTYL^T ZWPS V]POT_ ‘Y_‘V VP[P]W‘LY X‘W_TR‘YL #//%/.! OL]T _Z_LW
[Z]^T V]POT_$ OLY VP[PXTWTVLY ]‘XLS #?DE$ cLYR XPYNL[LT +-%,+! OL]T _Z_LW [Z]^T
V]POT_’ DPYTYRVL_LY V]POT_ ‘Y_‘V _‘U‘LY VZY^‘X_TQ cLYR WPMTS _TYRRT OTMLYOTYRVLY V]POT_
[]ZO‘V_TQ OT[P]VT]LVLY OTOZ]ZYR ZWPS _TYRRTYcL VPM‘_‘SLY XL^cL]LVL_ [LOL _]Tb‘WLY
WL[Z]LY ^PT]TYR OPYRLY [P]LcLLY =O‘W :T_]T% OTX‘WLTYcL _LS‘Y LUL]LY ML]‘% [P]LcLLY
FPXMLScLYR ?‘M‘] VPO‘L OLY [PWLV^LYLLY DTWVLOL ?LWML]’
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&0& ALYRLTIHUNHU ;LUPZ <YLKP[ 3HUR ET\T>LU\Y\[ <LSVTWVR 3HUR KP <HSPTHU[HU 3HYH[
">PSPHY B\WPHO#
AZ 9 AZ 99 AZ 999AZ9B
AZ 9 AZ 99 AZ 999AZ9B
AC 9 AZ 99 AZ 999
+)*) +)** +)*+
4DQN >HPHULQWDK 1&-*0 2&*11 2&/-) *)&.1.**&)*/**&2,**+&-12*,&*..*,&,20*-&-+,*-&10/
4DQN @ZDVWD ,&,-. ,&0)* ,&2). -&+2, -&.)* .&*/* .&-/* /&))- /&,/+ 0&++/ 0&/1*
4DQN 3VLQJ " 5DPSXUDQ .) +*1 +-/ -*) **0 *./ *2/ +1- +0* +0+ +//
’
.&)))
*)&)))
*.&)))
+)&)))
+.&)))
<LO
LDU ?
XS
LDK
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&-)
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
5HYP ZPZP ZLR[VYHS$ WLU_HS\YHU
RYLKP[ VSLO IHUR \T\T
<HSPTHU[HU 3HYH[ THZPO
KPKVTPUHZP VSLO LTWH[ ZLR[VY
LRVUVTP \[HTH& CLR[VY
ALYKHNHUNHU 3LZHY KHU 6JLYHU
"AKN36# TLY\WHRHU RH[LNVYP
\ZHOH _HUN WHSPUN IHU_HR
TLU_LYHW WLU_HS\YHU RYLKP[
IHUR \T\T _HP[\ ZLILZHY
**$//!& ?L_PRZ]T ‘^LSL WLTY cLYR
[PYcP]L[LY V]POT_YcL ]PWL_TQ _TYRRT
LOLWLS ^PV_Z] DP]_LYTLY% DP]M‘]‘LY OLY ?PS‘_LYLY #DD?$ ^PMP^L] *-%+1!% G]LY^[Z]_L^T%
DP]R‘OLYRLY OLY ?ZX‘YTVL^T #GD?ZX$ ^PMP^L] -%.,! ^P]_L VL_PRZ]T EPLW 9^_L_P% H^LSL
DP]^PbLLY OLY >L^L DP]‘^LSLLY #EP9^_$ ^PMP^L] -%*,!’ FPXPY_L]L [LYR^L VL_PRZ]T YZY
‘^LSL #V]POT_ M‘VLY WL[LYRLY ‘^LSL(VZY^‘X^T$ XL^TS N‘V‘[ OZXTYLY cLT_‘ ^PMP^L]
-+%,+!’
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&1& ALYRLTIHUNHU <YLKP[ 3HUR ET\T>LU\Y\[ ;LUPZ ALUNN\UHHU KP <HSPTHU[HU 3HYH[
">PSPHY B\WPHO#
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&)(& ALYRLTIHUNHU ALY[\TI\OHUDYP^\SHUHU <YLKP[ 3HUR ET\T >LU\Y\[ ;LUPZ
ALUNN\UHHU KP <HSPTHU[HU 3HYH[">PSPHY B\WPHO#
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&))& AHUNZH <YLKP[ 3HUR ET\T TLU\Y\[<H[LNVYP KP <HSPTHU[HU 3HYH[
">PSPHY B\WPHO#
+&1)2 ,&)./ ,&+,- ,&..) ,&/+*-&)./ -&,,-
-&021 -&1+- .&*+0 .&++)
,&0.*-&,)- -&-2+
.&,+- .&+/*.&1-+ /&*+/
/&0)* /&1.*
0&1)) 0&2-.
.&+.+.&0-. /&)/- /&-*-
/&0.+0&,.) 0&/1/ 0&2--
1&,./1&22.
2&/.2
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999 AZ 9B AC 9 AZ 99 AZ 999
+)*) +)** +)*+
9QYHVWDVL <RGDO :HUMD :RQVXPVL
<RGDO :HUMD&*(1/
9QYHVWDVL&*(1*
:RQVXPVL&0(,2
#.())$
’
.())
*)())
*.())
+)())
AZ 9 AZ 99 AZ 999AZ 9B AZ 9 AZ 99 AZ 999AZ 9B AC 9 AZ 99 AZ 999
+)*) +)** +)*+
! #T’W’T$
DD?% *-’+1!
=D% +’02!
?ZY% ,’*-!
DOR69% ++’00!
GD?ZX% -’.,!
EP9^_% -’*,!
?6>% *’-1!
?]6@% -+’,+!
DD? DTV
D_X =D
@;5 ?ZY
DOR69 D5AA
GD?ZX D?P‘
EP9^_ 5ODPX
>^[PY >^VP^
>^?PX >^C]R
6=Y_ ?6>
?]6@
-*
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
*=<;<.70473 RYLKP[ _HUN
KPZHS\YRHU KP <HSPTHU[HU 3HYH[
VSLO WLYIHURHU "SVRHZP WYV_LR#
WHKH [YP^\SHU ::: *()* TLUJHWHP
BW*)$1* DYPSP\U H[H\ [\TI\O
ZLILZHY ,$(*! "X[X#$ SLIPO SHTIH[
KPIHUKPUNRHU [YP^\SHU
ZLILS\TU_H _HUN [\TI\O ZLILZHY
1$.-! "X[X#& 5YRVL _P]^PM‘_ XL^TS
WPMTS ]PYOLS OTMLYOTYRVLY OPYRLY
V]POT_ cLYR OT^LW‘]VLY ZWPS
[P]MLYVLY cLYR MP]VLY_Z] OT bTWLcLS
?LWTXLY_LY 6L]L_ #WZVL^T VLY_Z]$ cLYR XPYNL[LT E[++%1+ G]TWT‘Y’ <LW TYT XPY‘YU‘VVLY
^PMLRTLY V]POT_ MLYV ‘X‘X cLYR MP]VLY_Z] OT ?LWTXLY_LY 6L]L_ OT^LW‘]VLY OT WZVL^T WLTY
OT W‘L] ?LWTXLY_LY 6L]L_’ 8T_TYUL‘ OL]T VL_PRZ]T ‘^LSLYcL% ^PV_Z] PVZYZXT OT ?LWTXLY_LY
6L]L_ cLYR [LWTYR MLYcLV XPYcP]L[ V]POT_ LOLWLS ^PV_Z] DP]OLRLYRLY 6P^L] OLY 9NP]LY%
^PV_Z] DP]_LYTLY% DP]M‘]‘LY OLY ?PS‘_LYLY ^P]_L ^PV_Z] G]LY^[Z]_L^T% DP]R‘OLYRLY OLY
?ZX‘YTVL^T% XL^TYR&XL^TYR ^PMP^L] +,%+.!% *,%*.! OLY -%+*!’
DHILS +&*& ;\TSHO <YLKP[ KHU AHUNZH <YLKP[ 3HUR ET\TTLU\Y\[ <HI\WH[LU’<V[H KP <HSPTHU[HU 3HYH[ ";\[H B\WPHO#
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
3LYKHZHYRHU ZLIHYHUU_H$ [PUNRH[ RLTHQ\HU <V[H AVU[PHUHR _HUN SLIPO \UNN\S
KPIHUKPUNRHU RV[H’RHI\WH[LU SHPUU_H ILYKHTWHR WHKH [PUNNPU_H WLU_LYHWHU
RYLKP[ _HUN KPZHS\YRHU IHUR \T\T KP <V[H AVU[PHUHR$ _HP[\ ZLILZHY .*$00!
H[H\ ZLILZHY BW),$+- DYPSP\U& ?LM‘[L_PY(VZ_L WLTYYcL OT ?LWTXLY_LY 6L]L_ cLYR
_TYRVL_ [PYcP]L[LY V]POT_YcL WPMTS _TYRRT OL]T .! LOLWLS ?Z_L FTYRVLbLYR% ?LM’
?]POT_ DLYR^L#E[ U‘_L$ #!$
?LM’ 6PYRVLcLYR +1.%2-, *’+.?LM’ ?L[‘L^ <‘W‘ /.,%121 +’1/?LM’ ?P_L[LYR 20+%,-) -’+/?LM’ @LYOLV ,.1%02. *’.0?LM’ DZY_TLYLV *%)02%*)- -’0,?LM’ FLXML^ /-0%1,/ +’1-?LM’ FLYRRL‘ " FPVLOL‘ *%+/,%2./ .’.-?LM’ FTY_LYR " APWLbT #BLYRL DTYZS$ *%-11%.01 /’.+?LM’?LcZYR H_L]L & )’))?Z_L DZY_TLYLV *-%,.*%... /+’11?Z_L FTYRVLbLYR *%0+*%2+1 0’.-
GCG5@ ++%1+,%2,- *))’))
?LM‘[L_PY
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&)*& ALYRLTIHUNHU <YLKP[ 3HUR ET\TTLU\Y\[ =VRHZP AYV_LR KHU =VRHZP <HU[VY KP
<HSPTHU[HU 3HYH[ ">PSPHY B\WPHO#
**&1*+*,&*)/*,&02)
*.&+12*.&/,-*0&+-1
*1&*-/*2&--,+)&),*
+*&2++++&1+-
**&-0/
*+&.1) *,&**1*,&/-)*-&/)-*/&++2
*0&,*0*1&/1.*2&+*0 +*&)0*
+*&2*1
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ999%
AZ 9B AZ 9 AZ 99 AZ 999
;RNDVL :DQWRU
;RNDVL >UR[HN
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&-+
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
FLYRRL‘ " FPVLOL‘% ^P]_L ?LM’ FTY_LYR " APWLbT #BLYRL DTYZS$% XL^TYR&XL^TYR
^PMP^L] 0%.-!% /%.+! OLY .%.-!’
+&)&*&,& <YLKP[ EZHOH >PRYV$ <LJPS KHU >LULUNHO
CLPYPUN KLUNHU WLYSHTIH[HU
WLY[\TI\OHU RYLKP[$ RYLKP[
\U[\R EZHOH >PRYV$ <LJPS KHU
>LULUNHO "E><># WHKH
[YP^\SHU ::: *()* Q\NH [\TI\O
SLIPO SHTIH[ ZLILZHY )$1-!
"X[X#$ KPIHUKPUNRHU [YP^\SHU
ZLILS\TU_H _HUN [LYJH[H[
ZLILZHY 0$-,! "X[X#& DLYR^L
[PYcLW‘]LY V]POT_ HA?A [‘Y
XPYRLWLXT [PY‘]‘YLY XPYULOT
^PMP^L] +2%/*! OL]T _Z_LW V]POT_ cLYR OT^LW‘]VLY MLYV ‘X‘X OT ?LWTXLY_LY 6L]L_% L_L‘
^PNL]L YZXTYLW XPYNL[LT E[/%0/ G]TWT‘Y% ^PT]TYR OPYRLY [P]_‘XM‘SLY V]POT_ [P]MLYVLY
cLYR WPMTS _TYRRT OTMLYOTYRVLY [P]_‘XM‘SLY V]POT_ HA?A’ AP^VT[‘Y [Z]^T _P]MP^L]
V]POT_ HA?A XP]‘[LVLY V]POT_ XPYPYRLS #YZXTYLW LY_L]L E[.)) U‘_L ^’O E[. ATWTL]$
OPYRLY [LYR^L ^PMP^L] --%).!% FLKJK8E;@E> V]POT_ XPYPYRLS XPYRLWLXT VZY_]LV^T
^PMP^L] ,%)0! #\_\$ XPYULOT ^PMP^L] E[+%21 G]TWT‘Y’ ?ZY_]LV^T U‘RL OTLWLXT ZWPS V]POT_
XTV]Z ^PMP^L] )%.2! #\_\$ XPYULOT ^PMP^L] E[*%)* G]TWT‘Y’ <LW TYT XPYcPMLMVLY [Z]^T
V]POT_ XTV]Z #YZXTYLW V‘]LYR OL]T E[.) U‘_L$ [‘Y XPYRLWLXT [PY‘]‘YLY XPYULOT
^PMP^L] *-%2.! OL]T _Z_LW V]POT_ HA?A cLYR OT^LW‘]VLY [P]MLYVLY ?LWTXLY_LY 6L]L_’
5OL[‘Y V]POT_ VPNTW #YZXTYLW LY_L]L E[.) U‘_L ^’O E[.)) U‘_L$ XPYRLWLXT [P]_‘XM‘SLY
cLYR [Z^T_TQ XP^VT[‘Y XPWLXML_ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL% cLT_‘ ^PMP^L]
2%)-! #\_\$ XPYULOT ^PMP^L] E[+%01 G]TWT‘Y’ FPT]TYR OPYRLY SLW _P]^PM‘_% [Z]^T V]POT_
VPNTW [‘Y XPYTYRVL_ XPYULOT ^PMP^L] -*%))!’ AP^VT[‘Y XPWLXML_% [PYTYRVL_LY
FLKJK8E;@E> [PXMTLcLLY HA?A XPYRTYOTVL^TVLY _P_L[ _TYRRTYcL VZXT_XPY MLYV
‘X‘X ‘Y_‘V XPXMTLcLT HA?A OT ?LWTXLY_LY 6L]L_’ <LW TYT [P]W‘ OTO‘V‘YR OPYRLY
[PYR‘L_LY HA?A OL]T ^T^T 98EB89@C@KO ^P]_L [P]NP[L_LY [PXMPY_‘VLY DP]‘^LSLLY
DPYULXTYLY ?]POT_ 8LP]LS #DD?8$ ^PSTYRRL LV^P^ HA?A _P]SLOL[ [PXMTLcLLY
[P]MLYVLY OL[L_ XPYTYRVL_’
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&)+& ALYRLTIHUNHU <YLKP[ E><> 3HUR ET\TKP <HSPTHU[HU 3HYH[ ">PSPHY B\WPHO#
.*/1.-
.2) /)0 0,- 0/2 1*/ 1., 12+ *&)*0 *&)**
*&0-2+&)2) *&0++
*&0.2*&2,-
+&*,0
*&1-.+&)1, +&*+*
+&.-*+&00*
*&*)) *&,-0 *&,/)
*&/***&02-
+&))*
+&//0,&)*. ,&)2. ,&)0* +&200
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999
+)*) +)** +)*+
:UHGLW <LNUR:UHGLW :HFLO:UHGLW <HQHQJDK
-,
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
5P[PUQH\ KHYP QLUPZ WLUNN\UHHUU_H$
WHUNZH [LYILZHY RYLKP[ E><>
KPTHUMHH[RHU \U[\R [\Q\HU
WYVK\R[PM$ _HP[\ RYLKP[ TVKHS RLYQH
"/)$1*!# KHU PU]LZ[HZP "*/$./!#&
DPYcLW‘]LY V]POT_ HA?A ‘Y_‘V XZOLW
VP]UL _‘XM‘S .%02! #\_\$ XPYULOT
^PMP^L] E[-%1/ G]TWT‘Y’ FPXPY_L]L V]POT_
HA?A ‘Y_‘V _‘U‘LY TYaP^_L^T
XPYRLWLXT VZY_]LV^T ^PMP^L] /%.,!
XPYULOT ^PMP^L] E[*%10 G]TWT‘Y’ FT^LYcL%
OPYRLY [Z]^T cLYR ^LYRL_ VPNTW% cLT_‘
^PMP^L] )%-*!% LOLWLS V]POT_ HA?A ‘Y_‘V _‘U‘LY VZY^‘X^T cLYR U‘RL XPYRLWLXT
VZY_]LV^T N‘V‘[ MP^L] *0%1,! OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL% XPYULOT ^PMP^L]
E[+1 ATWTL]’
+&)&*&-& BPZPRV <YLKP[
DPUNRH[ YPZPRV RYLKP[ _HUN
KPZHS\YRHU VSLO WLYIHURHU
<HSPTHU[HU 3HYH[ [LYIPSHUN YLSH[PM
[LYRLUKHSP& <LW TYT _P]NP]XTY OL]T
XPXMLTVYcL V‘LWT_L^ V]POT_ cLYR
OT^LW‘]VLY cLYR OTTYOTVL^TVLY ZWPS
XPY‘]‘YYcL ]L^TZ V]POT_ YZY WLYNL]
_P]SLOL[ _Z_LW V]POT_ cLYR OT^LW‘]VLY
#2FE 3<I=FID@E> 1F8EJ(BD@^$ [LOL
_]Tb‘WLY === +)*+% XPYULOT ^PMP^L]
)%2-!’ FPWLTY T_‘% _TYRVL_ BD@^ _P]^PM‘_ XL^TS _P]ULRL UL‘S OT MLbLS .!’ BLX‘Y
OPXTVTLY% ^PNL]L YZXTYLW% BD@^ XPYRLWLXT [PYTYRVL_LY ^PMP^L] +%++! #\_\$ XPYULOT
^PMP^L] E[+*.%,/ ATWTL]% ^PSTYRRL [P]MLYVLY XL^TS [P]W‘ _P_L[ XPYTYRVL_VLY VPSL_T&
SL_TLY OLWLX XPYcLW‘]VLY V]POT_ OLY XPWLV‘VLY [PXLY_L‘LY cLYR WPMTS TY_PY^TQ
_P]SLOL[ [PYRR‘YLLY OLYL V]POT_ cLYR OT^LW‘]VLY _P]^PM‘_’ DPYTYRVL_LY YZXTYLW V]POT_
MP]V‘LWT_L^ ]PYOLS _P]^PM‘_ OT[P]VT]LVLY _P]ULOT ^PT]TYR OPYRLY XPWLXML_YcL VTYP]UL
^PV_Z] PVZYZXT ‘_LXL OT ?LWTXLY_LY 6L]L_% cLT_‘ VL]P_ OLY ^LbT_ [LOL _]Tb‘WLY WL[Z]LY’
F‘XMP]3 @6H 6LYV =YOZYP^TL% OTZWLS
8YHMPR +&),& ALYRLTIHUNHU <YLKP[ E><> 3HURET\T TLU\Y\[ ;LUPZ ALUNN\UHHU KP <HSPTHU[HU
3HYH[ ">PSPHY B\WPHO#
5LD9<I’ 1)7 )8EB /E;FE<J@8" ;@FC8?
8YHMPR +&)-& ALYRLTIHUNHU ?A= 8YVZZ <YLKP[3HUR ET\T KP <HSPTHU[HU 3HYH[
">PSPHY B\WPHO#
+&+0-+&.,++&0)-+&12,,&*)),&-*,,&/.--&).--&*)/-&.2.-&1/*1+/2-2 2/1 *&)1)
*&,..*&-10
*&//1*&101*&20)
+&))**&10)
+/.
1)2*
-/
00
*2,+
,- +1
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999
+)*) +)** +)*+
<RGDO :HUMD9QYHVWDVL:RQVXPVL
’
)(.)
*())
*(.)
+())
+(.)
,())
*))())
*+)())
*-)())
*/)())
*1)())
+))())
++)())
+-)())
+/)())
+1)())
,))())
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999
+)*) +)** +)*+
<LOL
DU ?
XS
LDK
=>;
#!
$
=>; =RPLQDO=>;V #!$
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&--
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
3LYKHZHYRHU QLUPZ WLUNN\UHHU$ WLU\Y\UHU WLYZLU[HZL ?A=Z [LYQHKP WHKH RYLKP[
KLUNHU [\Q\HU TVKHS RLYQH ZLILZHY ($(1! "X[X# TLUQHKP )$*+! KHU RYLKP[
KLUNHU [\Q\HU RVUZ\TZP ZLILZHY ($(0! "X[X# TLUQHKP ZLILZHY ($.+!& <LW
_P]^PM‘_ ^PT]TYR OPYRLY XPY‘]‘YYcL YZXTYLW V]POT_ MP]V‘LWT_L^ ]PYOLS ‘Y_‘V V]POT_
OPYRLY O‘L _‘U‘LY _P]^PM‘_% XL^TYR&XL^TYR XPYULOT ^PMP^L] E[21%)- ATWTL] OLY
E[/*%+* ATWTL]’ FPXPY_L]L T_‘% [P]^PY_L^P BD@^ ‘Y_‘V V]POT_ OPYRLY _‘U‘LY TYaP^_L^T
XPYRLWLXT [PYTYRVL_LY ^PMP^L] )%+,! #\_\$ XPYULOT ^PMP^L] *%)1! ^PT]TYR OPYRLY
[PYTYRVL_LY U‘XWLS V]POT_ cLYR MP]V‘LWT_L^ ]PYOLS cLYR N‘V‘[ MP^L]% cLT_‘ ,)%*)!
#\_\$ XPYULOT ^PMP^L] E[./%*. ATWTL]’ APX[P]_TXMLYRVLY ULYRVL bLV_‘ cLYR WPMTS
[LYULYR OTMLYOTYRVLY UPYT^ V]POT_ WLTYYcL% V]POT_ TYaP^_L^T XPXLYR XPXTWTVT ]T^TVZ V]POT_
cLYR ]PWL_TQ _TYRRT’ BLX‘Y L[LMTWL [PYcLW‘]LYYcL _P_L[ OTTV‘_T OPYRLY []TY^T[ VPSL_T&
SL_TLY% ]T^TVZ V]POT_ TYaP^_L^T VP OP[LYYcL OT[P]VT]LVLY _P_L[ _P]VPYOLWT’
>LU\Y\UU_H YPZPRV RYLKP[ _HUN KP[HUKHP KLUNHU TLU\Y\UU_H WLYZLU[HZL ?A=Z
Q\NH KPHSHTP VSLO ZLR[VY \[HTH _HUN TLU_LYHW RYLKP[ [LYILZHY KP <HSPTHU[HU
3HYH[$ cLT_‘ ^PV_Z] DP]OLRLYRLY 6P^L] OLY 9NP]LY #DOR69$ cLYR _‘]‘Y ^PMP^L] )%++!
#\_\$ XPYULOT ^PMP^L] *%,,!’ FPXPY_L]L% , ^PV_Z] ‘^LSL WLTYYcL cLYR XPYcP]L[ V]POT_
N‘V‘[ MP^L]% cLT_‘ ^PV_Z] DP]_LYTLY% DP]M‘]‘LY OLY ?PS‘_LYLY #DD?$% ^PV_Z] EPLW 9^_L_P%
H^LSL DP]^PbLLY OLY >L^L DP]‘^LSLLY #EP9^_$ ^P]_L ^PV_Z] ‘^LSL G]LY^[Z]_L^T%
DP]R‘OLYRLY OLY ?ZX‘YTVL^T #GD?ZX$% XPYRLWLXT [PYTYRVL_LY [P]^PY_L^P BD@^%
XL^TYR&XL^TYR ^PMP^L] )%-*! #\_\$% )%*0! #\_\$ OLY )%)+! #\_\$ XPYULOT ^PMP^L]
XL^TYR&XL^TYR )%1/!% *%*-! OLY )%,*!’ DPYTYRVL_LY BD@^ [LOL ^PV_Z] DD? _P]‘_LXL
_P]ULOT [LOL ^‘M ^PV_Z] [P]_LYTLY [LOT% [P]VPM‘YLY VL]P_ OLY [PYRSL^TW RP_LS WLTYYcL
^P]_L ^‘M ^PV_Z] [P]VPM‘YLY VPWL[L ^LbT_’ DPYTYRVL_LY BD@^ [LOL ^‘M ^PV_Z]
[P]VPM‘YLY VL]P_ _P]ULOT LVTML_ XPY‘]‘YYcL []ZO‘V^T VL]P_ OLY _TOLV V‘YU‘YR YLTVYcL
5LD9<I’ 1)7 )8EB /E;FE<J@8" ;@FC8?
8YHMPR +&).& ALYRLTIHUNHU BHZPV ?A= 8YVZZ<YLKP[ 3HUR ET\T KP <HSPTHU[HU 3HYH[
TLU\Y\[ ;LUPZ ALUNN\UHHU ">PSPHY B\WPHO#
5LD9<I’ 1)7 )8EB /E;FE<J@8" ;@FC8?
8YHMPR +&)/& ALYRLTIHUNHU BHZPV ?A= 8YVZZ<YLKP[ 3HUR ET\T KP <HSPTHU[HU 3HYH[>LU\Y\[ CLR[VY 6RVUVTP ">PSPHY B\WPHO#
9QYHVWDVL&*()1
:RQVXPVL &)(/,
<RGDO :HUMD&*(+,
’
*())
+())
,())
-())
.())
/())
AZ 9 AZ99
AZ999
AZ9B
AZ 9 AZ99
AZ999
AZ9B
AZ 9 AZ99
AZ999
+)*) +)** +)*+
=>
; #!
$
)’,)
)’-)
)’.)
)’/)
)’0)
)’1)
)’2)
*’))
&
*’))
+’))
,’))
-’))
.’))
/’))
0’))
1’))
2’))
*)’))
Gb = Gb == Gb === Gb=I
Gb = Gb == Gb === Gb=I
Gb = Gb == Gb ===
+)*) +)** +)*+
BD@ #!$ BD@ #!$DOR69EP9^_DD? #LV^T^ VLYLY$?]6@ #LV T^ VLYLY$GD?ZX #LV^T VLYLY$
-.
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
SL]RL VL]P_ ^PULV _]Tb‘WLY == +)*+’ FPNL]L YZXTYLW% [PYTYRVL_LY BD@ [LOL ^‘M ^PV_Z]
_P]^PM‘_ XPYNL[LT XL^TYR&XL^TYR E[0.+%/+ ATWTL]% E[,-/%)+ ATWTL] OLY E[*+%.0
ATWTL]’
DHILS +&+& ;\TSHO <YLKP[ KHU ?A= 8YVZZ 3HUR ET\TTLU\Y\[ <HI\WH[LU’<V[H KP <HSPTHU[HU 3HYH[ ";\[H B\WPHO#
5LD9<I’ 1)7 )8EB /E;FE<J@8" ;@FC8?
3LYKHZHYRHU ZLIHYHU ^PSH_HOU_H$ WLYZLU[HZL RYLKP[ UVU SHUJHY "?A=Z# [LY[PUNNP
KPHSHTP VSLO <V[H CPUNRH^HUN$ _HP[\ ZLILZHY *$),!& <LW TYT _P]‘_LXL OT[PYRL]‘ST
ZWPS [PYTYRVL_LY BD@ [LOL ^PV_Z] [P]PVZYZXTLY ‘_LXL OT OLP]LS _P]^PM‘_% cLT_‘ ^PV_Z]
[P]_LYTLY% [P]M‘]‘LY OLY VPS‘_LYLY’ 5OL[‘Y O‘L VZ_L WLTY cLYR XPXTWTVT [P]^PY_L^T
BD@ R]Z^^ _TYRRT LOLWLS ?LM‘[L_PY ?L[‘L^ <‘W‘ #*%,)!$ OLY ?LM‘[L_PY FTY_LYR OLY
APWLbT #BLYRL DTYZS$ ^PMP^L] *%)+!’
CLQHSHU KLUNHU TLU\Y\UU_H YPZPRV
RYLKP[ WLYIHURHU ZLJHYH RLZLS\Y\OHU
_HUN [LYJLYTPU KHYP TLU\Y\UU_H
WLYZLU[HZL ?A=Z$ ?A=Z RYLKP[ E><>
WHKH [YP^\SHU ::: *()* Q\NH TLUNHSHTP
WLU\Y\UHU WLYZLU[HZL ($(.! "X[X#
TLUQHKP )$/(!& APXMLTVYcL [P]^PY_L^P
BD@^ _P]MP^L] OTLWLXT ZWPS V]POT_
XPYPYRLS ^PMP^L] )%-/! #\_\$ XPYULOT
^PMP^L] )%/,!’ FPXPY_L]L T_‘% V]POT_ XTV]Z OLY VPNTW XPYRLWLXT [PYTYRVL_LY BD@^
XL^TYR&XL^TYR ^PMP^L] )%*)! #\_\$ OLY )%+,! #\_\$ XPYULOT ^PMP^L] +%,*! OLY
+%/*!’
BZX #E[$ !?LM’ 6PYRVLcLYR +1.%2-, *1* )’)/!?LM’ ?L[‘L^ <‘W‘ /.,%121 1%.+* *’,)!?LM’ ?P_L[LYR 20+%,-) /%.+, )’/0!?LM’ @LYOLV ,.1%02. -1/ )’*-!?LM’ DZY_TLYLV *%)02%*)- -%*1- )’,2!?LM’ FLXML^ /-0%1,/ ,%,12 )’.+!?LM’ FLYRRL‘ " FPVLOL‘ *%+/,%2./ 2%).1 )’0+!?LM’ FTY_LYR " APWLbT #BLYRL DTYZS$ *%-11%.01 *.%+,- *’)+!?LM’?LcZYR H_L]L & & &?Z_L DZY_TLYLV *-%,.*%... *,)%2+* )’2*!?Z_L FTYRVLbLYR *%0+*%2+1 ,/%1/1 +’*-!
)’2-!
BD@^?]POT_
GCG5@ ++%1+,%2,-
?LM‘[L_PY
+*.%,/-
5LD9<I’ 1)7 )8EB /E;FE<J@8" ;@FC8?
8YHMPR +&)0& ALYRLTIHUNHU BHZPV ?A= 8YVZZ<YLKP[ E><> 3HUR ET\T KP <HSPTHU[HU
3HYH[ ">PSPHY B\WPHO#
<LNUR& +(,*
:HFLO& +(/*
<HQHQJDK&)(/,)())
*())
+()),())
-()).())
/())0())
1())
AZ 9 AZ99
AZ999
AZ9B
AZ 9 AZ99
AZ999
AZ9B
AZ 9 AZ99
AZ999
+)*) +)** +)*+
=>;
#!$
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&-/
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
+&)&*&.& AYVMP[HIPSP[HZ ALYIHURHU
<PULYQH WYVMP[HIPSP[HZ WLYIHURHU <HSPTHU[HU 3HYH[ WHKH [YP^\SHU ::: *()* ZLJHYH
UVTPUHS TLU\UQ\RRHU WLUPUNRH[HU KPIHUKPUNRHU [YP^\SHU ZLILS\TU_H& DLOL
_]Tb‘WLY WL[Z]LY% [P]MLYVLY ?LWTXLY_LY 6L]L_ MP]SL^TW XPXM‘V‘VLY WLML MP]^TS
^PMP^L] E[*%)0 G]TWT‘Y% WPMTS _TYRRT OTMLYOTYRVLY WLML MP]^TS cLYR OT[P]ZWPS [LOL
[P]TZOP cLYR ^LXL OT _LS‘Y ^PMPW‘XYcL% cLT_‘ _]Tb‘WLY === +)**% OTXLYL OTM‘V‘VLY WLML
MP]^TS ^PMP^L] E[2,/%*2 ATWTL]’ BLX‘Y OPXTVTLY% UTVL OT_TYUL‘ OL]T ]L_L&]L_L M‘WLYLYYcL%
^PNL]L _]Tb‘WLYLY WLML MP]^TS ]L_L&]L_L M‘WLYLY cLYR OTM‘V‘VLY ^PMP^L] E[**2%)* ATWTL]
L_L‘ ^POTVT_ XPY‘]‘Y OTMLYOTYRVLY ]L_L&]L_L M‘WLYLY OT _]Tb‘WLY ^PMPW‘XYcL cLYR
XPYNL[LT E[**2%), ATWTL]’ DPY‘]‘YLY _P]^PM‘_ OT^PMLMVLY ZWPS [PY‘]‘YLY [PYOL[L_LY
Z[P]L^TZYLW YZY M‘YRL’ FPXPY_L]L T_‘% [PYOL[L_LY M‘YRL XPYRLWLXT [PYTYRVL_LY
OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL% OLY XL^TS OTOZXTYL^T ZWPS [PYOL[L_LY M‘YRL
V]POT_ OPYRLY VZY_]TM‘^T ^PMP^L] 1/%-1!’ DPYOL[L_LY M‘YRL V]POT_ XPYTYRVL_ *)%.-!
#cZc$ ^PT]TYR OPYRLY [PYTYRVL_LY V]POT_ cLYR OT^LW‘]VLY [P]MLYVLY ?LWTXLY_LY 6L]L_
^PMP^L] +.%01! #cZc$’ >TVL OT_TYUL‘ OL]T TYOTVL_Z] VTYP]UL ]PY_LMTWT_L^% ]L^TZ 4<KLIE FE
(JJ<KJ #EC5$ [P]MLYVLY ?LWTXLY_LY 6L]L_ XPYRLWLXT [PYTYRVL_LY OTMLYOTYRVLY
_]Tb‘WLY ^PMPW‘XYcL XPYULOT ^PMP^L] ,%+,!’ <LW TYT OTOZ]ZYR ZWPS XPXMLTVYcL _TYRVL_
PQT^TPY^T LV_TaT_L^ Z[P]L^TZYLW MLYV cLYR OTTYOTVL^TVLY ZWPS [PY‘]‘YLY ]L^TZ 6TLcL
C[P]L^TZYLW _P]SLOL[ DPYOL[L_LY C[P]L^TZYLW #6CDC$ OL]T /+%-/! XPYULOT ^PMP^L]
/*%+/!’
FLX[LT OPYRLY [P]TZOP WL[Z]LY% ^_]‘V_‘] WLML [P]MLYVLY XL^TS OTOZXTYL^T ZWPS WLML
Z[P]L^TZYLW’ DLOL _]Tb‘WLY === +)*+% WLML Z[P]L^TZYLW _P]NL_L_ ^PMP^L] E[*%)2 G]TWT‘Y L_L‘
XPYNL[LT 20%)*! OL]T _Z_LW WLML [P]MLYVLY ?LWTXLY_LY 6L]L_’ DLYR^L WLML Z[P]L^TZYLW
cLYR N‘V‘[ OZXTYLY _P]^PM‘_ MP]^‘XMP] OL]T [PYOL[L_LY M‘YRL MP]^TS L_L‘ 2<K
/EK<I<JK /E:FD< #B==$ cLYR [LOL _]Tb‘WLY WL[Z]LY XPYNL[LT E[*%/, G]TWT‘Y’ EL_L&]L_L B==
5LD9<I’ 1)7 )8EB /E;FE<J@8" ;@FC8?
8YHMPR +&)1& <VTWVZPZP ALUKHWH[HU 3\UNHALYIHURHU <HSPTHU[HU 3HYH[ "!#
5LD9<I’ 1)7 )8EB /E;FE<J@8" ;@FC8?
8YHMPR +&*(& ALYRLTIHUNHU BHZPV B@2 KHU3@A@ ALYIHURHU <HSPTHU[HU 3HYH[ "!#
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
Tw I Tw II TwIII
TwIV
Tw I Tw II TwIII
TwIV
Tw I Tw II TwIII
2010 2011 2012
Penempatan pd BI Antar Bank Kredit SSB Lainnya
56.00%
58.00%
60.00%
62.00%
64.00%
66.00%
68.00%
70.00%
72.00%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
Tw I Tw II Tw III Tw IV Tw I Tw II Tw III Tw IV Tw I Tw II Tw III
2010 2011 2012
ROA
Rasio BOPO Perbankan (RHS)
-0
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
M‘WLYLY [P]MLYVLY ^LX[LT OPYRLY _]Tb‘WLY === +)*+ _P]NL_L_ ^PMP^L] E[*1)%/2 ATWTL]
XPYTYRVL_ OL]T _]Tb‘WLY ^PMPW‘XYcL cLYR _P]NL_L_ ^PMP^L] E[*0+%2) ATWTL]’
5GI<8; ^‘V‘ M‘YRL [LOL _]Tb‘WLY === +)*+ XPY‘YU‘VVLY [PYTYRVL_LY OTMLYOTYRVLY
_]Tb‘WLY ^PMPW‘XYcL% ^PT]TYR _P]ULOTYcL [PY‘]‘YLY [LOL ^‘V‘ M‘YRL _P]_TXMLYR
OP[Z^T_Z cLYR WPMTS MP^L] OTMLYOTYRVLY [PY‘]‘YLY [LOL ^‘V‘ M‘YRL _P]_TXMLYR V]POT_
cLYR OT^LW‘]VLY [P]MLYVLY ?LWTXLY_LY 6L]L_’ <LW TYT XPYNP]XTYVLY MLSbL OLWLX
‘[LcL XPYTYRVL_VLY [PYOL[L_LY% ^PWLTY XPYTYRVL_VLY U‘XWLS LV_TaL []ZO‘V_TQYcL%
MLYV U‘RL XPWPML]VLY JGI<8; ^‘V‘ M‘YRL’
DHILS +&,& ALYRLTIHUNHU :UKPRH[VY AYVMP[HIPSP[HZ ALYIHURHU <HSPTHU[HU 3HYH[ ">PSPHY BW#
5LD9<I’ 1)7 )8EB /E;FE<J@8" ;@FC8?
+&)&+& ALYRLTIHUNHU ALYIHURHU C_HYPHO
CLJHYH \T\T$ PUKPRH[VY
WLYIHURHU Z_HYPHO WHKH [YP^\SHU
:: *()* [\TI\O TLSHTIH[
KPIHUKPUNRHU [YP^\SHU
ZLILS\TU_H& >‘XWLS L^P_ MLYV
^cL]TLS _‘XM‘S XPWLXML_ ^PMP^L]
*%-*! #\_\$ XPYULOT ^PMP^L] E[+%*-
G]TWT‘Y’ <LW TYT OT[PYRL]‘ST ZWPS
XPWLXML_YcL [P]_‘XM‘SLY
[PXMTLcLLY ^cL]TLS ^PMP^L] 1%2+!
#\_\$ XPYULOT ^PMP^L] E[*%.2 G]TWT‘Y’
FPXPY_L]L T_‘% OLYL [TSLV VP_TRL
cLYR MP]SL^TW OTSTX[‘Y [P]MLYVLY
^cL]TLS OT ?LWTXLY_LY 6L]L_ _‘XM‘S [Z^T_TQ ^PMP^L] *%1+! #\_\$% ^P_PWLS ^PMPW‘XYcL
XPYRLWLXT VZY_]LV^T ^PMP^L] ,%02! #\_\$% XPYULOT ^PMP^L] E[*%++ G]TWT‘Y’
DP]_‘XM‘SLY 8D? OTOZ]ZYR ZWPS [P]_‘XM‘SLY _LM‘YRLY% VS‘^‘^YcL _LM‘YRLY
MP]ULYRVL cLYR _‘XM‘S ^PMP^L] **%2.! #\_\$ XPYULOT ^PMP^L] E[-11%0+ ATWTL]’
DP]_‘XM‘SLY _LM‘YRLY MP]ULYRVL _P]^PM‘_ XP]‘[LVLY _LM‘YRLY MP]ULYRVL ‘Y_‘V SLUT
Gb === Gb =I Gb = Gb == Gb === Gb =I Gb = Gb == Gb ===DPYOL[L_LY 6‘YRL 6P]^TS 21.%22. *%,.,%.-0 ,1.%)1, 2*1%2)+ *%-))%02+ *%1.2%)20 -12%--, *%),0%-), *%/+/%*2,DPYOL[L_LY C[P]L^TZYLW +%**.%-,0 +%2-,%+), 1)0%*1. *%0.0%+*/ +%0--%1*2 ,%/1)%1,+ 12/%11) *%1,-%,/- +%1)2%*2*
6PMLY C[P]L^TZYLW *%-0-%.00 +%)),%0+) .*1%/.+ *%*/-%),. *%1-0%001 +%-/-%)0- ..0%*)- *%*-.%1*. *%0+)%11+@LML C[P]L^TZYLW /-)%1/) 2,2%-1, +11%.,, .2,%*1) 120%)-* *%+*/%0.1 ,,2%00/ /11%.-2 *%)11%,)2
@LML 6P]^TS /1,%-+* /))%).2 ,),%.-- /-,%0*2 2,/%*1/ 1-.%.2/ ,./%/1/ 0*-%+)* *%)0*%)1+EC5 +’/)! +’02! ,’*-! ,’+,! ,’)2! ,’)2! ,’++! ,’*-! ,’+,!
6CDC /2’0*! /1’)1! /-’+.! //’+-! /0’,+! //’2-! /+’*+! /+’-/! /*’+/!
+)*++)**+)*)=B8=?5GCE
5LD9<I’ 1)7 )8EB /E;FE<J@8" ;@FC8?
8YHMPR +&*)& ALYRLTIHUNHU 3HUR C_HYPHOKP <HSPTHU[HU 3HYH[ ">PSPHY B\WPHO#
22.*&*). *&*/*
*&,)0 *&,)- *&,)-*&-0,
*&/0*
*&2*2
+&**+ +&*-+
.-+/+. /*0
0*0 0-/ 01/11/
*&)// *&+-) *&*2, *&+*.
/*)//, /1- 0+) 1)) 1/,
2,0*&)01
*&+++
*&-/+*&.2,
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999
+)*) +)** +)*+
ARWDO 3VHWARWDO 6>:ARWDO >HPELD[DDQ
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&-1
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
OLY ‘X]LS cLYR ‘X‘XYcL XPYTYRVL_ XPYUPWLYR X‘^TX SLUT% ^PT]TYR OPYRLY M‘OLcL
^PWLXL_LY SLUT cLYR XPYTYRVL_VLY XTYL_ XL^cL]LVL_ ‘Y_‘V [P]RT SLUT L_L‘ ‘X]LS’
ALY[\TI\OHU WLTIPH_HHU _HUN
SLIPO JLWH[ KPIHUKPUNRHU
WLY[\TI\OHU 5A< _HUN
KPOPTW\U TLUKVYVUN
WLUPUNRH[HU YHZPV WLTIPH_HHU
IHUR [LYOHKHW WLUNOPTW\UHU
KHUH "&47.7/473 <8 %198;4<
+.<48’75B# TLUQHKP ZLILZHY
)+)$)+!& GTYRRTYcL :8E [P]MLYVLY
^cL]TLS OT ?LWTXLY_LY 6L]L_
XPY‘YU‘VVLY LR]P^TQYcL [P]MLYVLY OLWLX XPWLV‘VLY PV^[LY^T [PYcLW‘]LY
[PXMTLcLLYYcL’ GTYRVL_ :8E cLYR XPWPMTST *))! XPYNP]XTYVLY MLSbL OLYL cLYR
OT^LW‘]VLY ‘Y_‘V [PXMTLcLLY _TOLV SLYcL MP]L^LW OL]T OLYL ^TX[LYLY XL^cL]LVL_%
_P_L[T U‘RL XPXLYQLL_VLY ^PMLRTLY XZOLW MLYV’
BPZPRV WLU_HS\YHU WLTIPH_HHU IHUR Z_HYPHO ZLKPRP[ TLTI\Y\R$ [LYJLYTPU KHYP
WLUPUNRH[HU YHZPV WLTIPH_HHU Z_HYPHO _HUN [LYPUKPRHZP [PKHR SHUJHY #2FE
3<I=FID@E> -@E8E:@E>#BD:$ ^PMP^L] )%*-! #\_\$ XPYULOT )%./! [LOL _]Tb‘WLY === +)*+’
DPYTYRVL_LY BD: _P]_TYRRT _P]ULOT [LOL [PXMTLcLLY MP]^TQL_ VZY^‘X_TQ% VS‘^‘^YcL
[PXMTLcLLY ‘Y_‘V VP[PXTWTVLY ]‘XLS _TYRRLW #?DE$’ FPWLTY T_‘ ‘Y_‘V [PXMTLcLLY cLYR
MP]^TQL_ []ZO‘V_TQ% BD: _P]_TYRRT _P]ULOT [LOL ^PV_Z] ‘^LSL [P]OLRLYRLY MP^L] OLY
PNP]LY ^P]_L ^PV_Z] ]PLW P^_L_P% ‘^LSL [P]^PbLLY OLY UL^L [P]‘^LSLLY’
5LD9<I’ 1)7 )8EB /E;FE<J@8" ;@FC8?
8YHMPR +&**& ALYRLTIHUNHU ?A7 3HUR C_HYPHO KP<HSPTHU[HU 3HYH[ ">PSPHY B\WPHO#
)(+)
)(-)
)(/)
)(1)
*())
*(+)
*(-)
’
+))
-))
/))
1))
*&)))
*&+))
*&-))
*&/))
*&1))
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999
+)*) +)** +)*+
<LOLDU ?XSLDK =>7 #!$
ARWDO >HPELD[DDQ=>7 #!$
-2
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
+&)&,& ALYRLTIHUNHU 3HUR ALYRYLKP[HU BHR_H[ "3AB#
:UKPRH[VY \[HTH 3HUR ALYRYLKP[HU
BHR_H[ "3AB# WHKH [YP^\SHU :::
*()* [\TI\O WVZP[PM ^HSH\W\U
YLSH[PM TLSHTIH[ KPIHUKPUNRHU
[YP^\SHU ZLILS\TU_H& GZ_LW L^P_ *2
6DE cLYR MP]WZVL^T OT ?LWTXLY_LY
6L]L_ XPYRLWLXT [P]_‘XM‘SLY cLYR
WPMTS WLXML_ .%-*! #\_\$ XPYULOT
^PMP^L] E[20-%)- ATWTL]’ DP]WLXML_LY
_P]^PM‘_ OT[P]VT]LVLY _P]ULOT LVTML_
VZY_]LV^T cLYR _P]ULOT [LOL U‘XWLS
V]POT_ cLYR OT^LW‘]VLY ^PMP^L] )%++!
XPYULOT ^PMP^L] E[.0)%,) ATWTL]’ FPXPY_L]L [LOL ^T^T [L^TaL% _P]ULOT [P]_‘XM‘SLY 8D?
cLYR WPMTS NP[L_ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL% cLT_‘ ^PMP^L] .%12! #\_\$ XPYULOT
^PMP^L] E[01)%*/ ATWTL]’ <LW TYT OT[PYRL]‘ST ZWPS VPNPYOP]‘YRLY ^PMLRTLY XL^cL]LVL_
cLYR XPXTWTS 6DE ‘Y_‘V XPYcTX[LY OLYLYcL XPYRTYRL_ ^‘V‘ M‘YRL cLYR OT_LbL]VLY
WPMTS XPYL]TV OTMLYOTYRVLY MLYV ‘X‘X’ DP]_‘XM‘SLY 8D? 6DE ?LWTXLY_LY 6L]L_ cLYR
[Z^T_TQ MP]OLX[LV [LOL _P]ULOTYcL [PY‘]‘YLY _TYRVL_ @8E #1F8E KF +<GFJ@K 48K@F$ 6DE
?LWTXLY_LY 6L]L_ OL]T 00%.1! [LOL _]Tb‘WLY ^PMPW‘XYcL XPYULOT ^PMP^L] 0,%*)!
[LOL _]Tb‘WLY WL[Z]LY’
5HYP ZPZP WLU_HS\YHU RYLKP[$ RVU[YHRZP [LYQHKP [LY\[HTH WHKH RYLKP[ \U[\R [\Q\HU
PU]LZ[HZP KHU RVUZ\TZP$ THZPUN%THZPUN ZLILZHY *$..! "X[X# KHU ($)0! "X[X#
TLUQHKP ZLILZHY BW./$,/ >PSPHY KHU BW+++$00 >PSPHY& 8T WLTY [TSLV% V]POT_ ‘Y_‘V
_‘U‘LY XZOLW VP]UL XPYRLWLXT [P]_‘XM‘SLY cLYR [Z^T_TQ XP^VT[‘Y ]PWL_TQ VPNTW% cLT_‘
5LD9<I’ 1))34 )8EB /E;FE<J@8" ;@FC8?
8YHMPR +&*+& ALYRLTIHUNHU 3ABKP <HSPTHU[HU 3HYH[ ">PSPHY B\WPHO#
5LD9<I’ 1))34 )8EB /E;FE<J@8" ;@FC8?
8YHMPR +&*,& ALYRLTIHUNHU BHZPV ?A= 8YVZZKHU DV[HS <YLKP[ 3AB KP <HSPTHU[HU 3HYH[
">PSPHY B\WPHO#
5LD9<I’ 1))34 )8EB /E;FE<J@8" ;@FC8?
8YHMPR +&*-& ALYRLTIHUNHU AHUNZH <YLKP[ 3ABTLU\Y\[ ;LUPZ ALUNN\UHHU KP <HSPTHU[HU 3HYH[
">PSPHY B\WPHO#
.0+ .2./0. /0)
0-* 0+,0.2
1+)1/.
2+-20-
-0+ -1...2 .-0
/*2 .1. /)-/.*
0))0,0
01)
,). ,+* ,,. ,-0 ,/2-+,
-0..** .-- .0+ .0)
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999
+)*) +)** +)*+
ARWDO 3VVHWARWDO 6>:ARWDO :UHGLW
,())
,(.)
-())
-(.)
.())
.(.)
/())
/(.)
0())
+))
+.)
,))
,.)
-))
-.)
.))
..)
/))
AZ 9 AZ 99 AZ999
AZ9B
AZ 9 AZ 99 AZ999
AZ9B
AZ 9 AZ 99 AZ999
+)*) +)** +)*+
<LO
LDU
?X
SLD
K
=>;V #!$ARWDO :UHGLW=>; #DNVLV NDQDQ$
,.&-+- -)&/., -+&/+2 -.&2,- .)&1.. ..&/), .1&.). /*&0// /+&+.2 /2&,*+ /0&-/2
*),&21***,&*)2**2&)/***2&*)-*+.&22+*,2&+/**-*&+/2*--&0*/*-2&1,/*/0&02/*/1&2./*/.&+,)*/0&**2*0,&-)2*1+&+)2*2+&-./
++1&)2-
+0-&0.1,)-&/*+
,,+&,*),,-&-/+,,,&100
AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999 AZ 9B AZ 9 AZ 99 AZ 999
+)*) +)** +)*+
9QYHVWDVL<RGDO :HUMD:RQVXPVL
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&.)
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
^PMP^L] )%/2! #\_\$ XPYULOT ^PMP^L] E[*/1%2/ ATWTL]’ 8T_TYUL‘ OL]T ^T^T ^PV_Z]LW%
[PYcLW‘]LY V]POT_ XL^TS OTOZXTYL^T ZWPS ^PV_Z] ‘^LSL DPYcPOTLLY 5VZXZOL^T OLY
ALVLY ATY‘X ^PMP^L] E[22%,, ATWTL] OLY ^PV_Z] ‘^LSL DP]_LYTLY% DP]M‘]‘LY OLY
?PS‘_LYLY ^PMP^L] E[/.%)2 ATWTL]’
5HYP ZPZP YPZPRV RYLKP[$ RVU[YHRZP Q\TSHO WLU_HS\YHU RYLKP[ WHKH [YP^\SHU SHWVYHU
ZLY[H TLUPUNRH[U_H Q\TSHO RYLKP[ KLUNHU R\HSP[HZ YLUKHO TLU_LIHIRHU
[LYQHKPU_H WLUPUNRH[HU YPZPRV RYLKP[ 3AB <HSPTHU[HU 3HYH[& <LW TYT _P]NP]XTY OL]T
XPYTYRVL_YcL ]L^TZ V]POT_ MP]XL^LWLS #2FE 3<I=FID@E> 1F8EJ#BD@^$ OTMLYOTYRVLY
_]Tb‘WLY ^PMPW‘XYcL XPYULOT ^PMP^L] -%1+!’ ?PYLTVLY BD@^ _P]_TYRRT _P]ULOT [LOL
V]POT_ ‘Y_‘V _‘U‘LY VZY^‘X^T% OTTV‘_T OPYRLY V]POT_ OT ^PV_Z] ‘^LSL VZY^_]‘V^T ^P]_L
^PV_Z] ‘^LSL [P]OLRLYRLY’ EL^TZ V]POT_ MP]XL^LWLS [LOL _]Tb‘WLY WL[Z]LY ^‘OLS
XPYOPVL_T WPaPW ML_L^ VPbLUL]LY ^PMP^L] .!% ^PSTYRRL 6DE [P]W‘ XPYTYRVL_VLY
LV_TaT_L^ XZYT_Z]TYR V]POT_ LRL] OL[L_ XPXTYTXLWVLY ]T^TVZ RLRLW MLcL] OT VPX‘OTLY
SL]T’
<PULYQH YLU[HIPSP[HZ 3AB <HSPTHU[HU 3HYH[ ZLKPRP[ TLU\Y\U KPIHUKPUNRHU
[YP^\SHU ZLILS\TU_H$ [LYJLYTPU KHYP [PUNRH[ B@2 "+1<=:7 *7 $;;1<;" _HUN [\Y\U
($(.! "X[X# TLUQHKP ZLILZHY )$/(!& BLX‘Y OPXTVTLY% _TYRVL_ PQT^TPY^T LV_TaT_L^
Z[P]L^TZYLW 6DE XPXMLTV OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL% cLYR OTTYOTVL^TVLY ZWPS
[PY‘]‘YLY ]L^TZ MPMLY Z[P]L^TZYLW _P]SLOL[ [PYOL[L_LY Z[P]L^TZYLW(6CDC XPYULOT
^PMP^L] 1+%-1!’ FPWLTY OT[PYRL]‘ST ZWPS XPYTYRVL_YcL U‘XWLS V]POT_ OPYRLY V‘LWT_L^
]PYOLS% [PY‘]‘YLY _TYRVL_ EC5 OLY 6CDC _P]^PM‘_ OT[P]VT]LVLY U‘RL OT^PMLMVLY ZWPS
VPMTULVLY [PY‘]‘YLY ^‘V‘ M‘YRL ^TX[LYLY [LOL MPMP]L[L 6DE’ 8L]T ^T^T [P]XZOLWLY%
OLWLX XPYRSLOL[T ]T^TVZ 6DE ?LWTXLY_LY 6L]L_ XPXTWTVT VP_LSLYLY [P]XZOLWLY cLYR
]PWL_TQ MLTV% ^PMLRLTXLYL OTTYOTVL^TVLY ZWPS _TYRVL_ VPN‘V‘[LY XZOLW L_L‘ 75E #*8G@K8C
(;<HL8:O 48K@F$ cLYR MP]LOL OT L_L^ VP_PY_‘LY XTYTXLW 1!% cLT_‘ ^PMP^L] *2%+1!’
GTYRVL_ VPN‘V‘[LY XZOLW 6DE _P]^PM‘_ XPYRLWLXT [PYTYRVL_LY ^PMP^L] )%,.!
OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL’
DHILS +&-& ALYRLTIHUNHU :UKPRH[VY <PULYQH 3AB <HSPTHU[HU 3HYH[
5LD9<I’ 1))34 )8EB /E;FE<J@8" ;@FC8?
#OLWLX [P]^PY_L^P$
Gb = Gb == Gb === Gb =I Gb = Gb == Gb === Gb =I Gb = Gb == Gb ===@8E /-’., //’** .2’2, /,’-1 .2’/1 0+’,* 01’., 01’.- 00’02 00’.1 0,’*)BD@ /’.. /’*- .’,- -’11 -’02 -’+) ,’/) ,’*- ,’.. ,’1, -’1+
6CDC 2+’,+ 1-’,2 1.’*. 1-’0. 1*’,- 02’)) 02’)- 1)’/1 1/’*) 1+’20 1+’-1EC5 )’1* *’12 *’/) *’/. +’*. +’/- +’.. +’** *’.) *’0/ *’0)75E +,’0+ +,’+1 +*’-/ +*’0* +*’*, +)’+/ *1’,, *2’,- *1’,+ *1’2, *2’+1
+)*) +)**E5F=C?9H5B;5B
+)*+
.*
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
+&*& ALYRLTIHUNHU CPZ[LT ALTIH_HYHU
AHKH [YP^\SHU ::: *()*$ [YHUZHRZP ZPZ[LT WLTIH_HYHU [\UHP KP <HSPTHU[HU 3HYH[
TLUNHSHTP WLUPUNRH[HU KPIHUKPUNRHU KLUNHU [YP^\SHU :: *()*$ IHPR KHYP ZPZP
Q\TSHO \HUN THZ\R "47258>" TH\W\U Q\TSHO \HUN _HUN KPLKHYRHU "8=<258>"&
>‘XWLS ‘LYR XL^‘V XPYRLWLXT [PYTYRVL_LY cLYR ]PWL_TQ ^TRYTQTVLY ^PMP^L] /.%1-!
#\_\$% ^P_PWLS [LOL _]Tb‘WLY ^PMPW‘XYcL XPYRLWLXT VZY_]LV^T cLYR N‘V‘[ MP^L] ^PMP^L]
-/%).! #\_\$’ FPXPY_L]L T_‘% U‘XWLS ‘LYR cLYR OTPOL]VLY ZWPS ?LY_Z] DP]bLVTWLY 6LYV
=YOZYP^TL D]ZaTY^T ?LWTXLY_LY 6L]L_ XPYTYRVL_ *)%)+! #\_\$’ DP]VPXMLYRLY LWT]LY
‘LYR VL]_LW _P]^PM‘_ XPY‘YU‘VVLY [Z^T^T E<K FLK=CFN% OTXLYL U‘XWLS ‘LYR cLYR
OTPOL]VLY WPMTS MP^L] OTMLYOTYRVLY U‘XWLS ‘LYR cLYR XL^‘V’ >TVL OT_TYUL‘ ^PNL]L
_LS‘YLY% _]LY^LV^T ^T^_PX [PXMLcL]LY _‘YLT OT ?LWTXLY_LY 6L]L_ XPYRLWLXT VZY_]LV^T%
MLTV OL]T ^T^T @E=CFN XL‘[‘Y FLK=CFN% XL^TYR&XL^TYR ^PMP^L] *)%))! #cZc$ OLY 2%11!
#cZc$’ FPXPY_L]L OL]T ^T^T ^T^_PX [PXMLcL]LY YZY _‘YLT% ^PWLXL _]Tb‘WLY === +)*+% _P]ULOT
[PYTYRVL_LY MLTV OL]T ^T^T aZW‘XP XL‘[‘Y YZXTYLW [LOL _]LY^LV^T VWT]TYR’ FPXPY_L]L
_]LY^LV^T 4<8C 6@D< .IFJJ 5<KKC<D<EK !EG;F$ XPYRLWLXT ^POTVT_ VZY_]LV^T OL]T ^T^T
YZXTYLW% YLX‘Y XPY‘YU‘VVLY [PYTYRVL_LY [LOL U‘XWLS _]LY^LV^T cLYR OTWLV‘VLY’
+&*&)& CPZ[LT ALTIH_HYHU D\UHP
+&*&)&)& ALYW\[HYHU EHUN D\UHP
CLSHTH [YP^\SHU ::: *()*$ Q\TSHO \HUN _HUN KPLKHYRHU "8=<258>" VSLO <A^3:
AYV]PUZP <HSPTHU[HU 3HYH[ TLUJHWHP BW)$,. DYPSP\U H[H\ TLUNHSHTP
WLUPUNRH[HU ZLILZHY )($(*! "X[X# KPIHUKPUNRHU KLUNHU [YP^\SHU :: *()* _HUN
[LYJH[H[ ZLILZHY BW)$++ DYPSP\U& BLX‘Y OPXTVTLY% ^PNL]L _LS‘YLY% U‘XWLS ‘LYR cLYR
OTPOL]VLY _P]^PM‘_ XPYRLWLXT VZY_]LV^T ^PMP^L] 2%11! #cZc$ OTMLYOTYRVLY OPYRLY
_]Tb‘WLY === +)** cLYR _P]NL_L_ ^PMP^L] E[*%/+ G]TWT‘Y’ <LW TYT OT[PYRL]‘ST ZWPS []PQP]PY^T
XL^cL]LVL_ ‘Y_‘V XPWLV‘VLY _]LY^LV^T ^PNL]L YZY _‘YLT% cLYR _P]NP]XTY OL]T
[P]_‘XM‘SLY [Z^T_TQ _]LY^LV^T ^T^_PX [PXMLcL]LY YZY _‘YLT ^PNL]L _LS‘YLY cLYR OL]T
^T^T YZXTYLWYcL MP]VT^L] OT LYRVL ,)!’ 6P]OL^L]VLY OPYZXTYL^TYcL% ‘LYR cLYR
OTPOL]VLY ^PWLXL _]Tb‘WLY === +)*+ XL^TS OTOZXTYL^T ZWPS [PNLSLY E[.)’)))%)) cLYR
XPYNL[LT ^PMP^L] E[.-)%+0 ATWTL] L_L‘ *)%1* U‘_L WPXML] #+1%,2! OL]T _Z_LW ‘LYR
VP]_L^ cLYR OTPOL]VLY$% OTTV‘_T ZWPS [PNLSLY E[*))’)))%)) cLYR XPYNL[LT E[02/%)1
ATWTL] L_L‘ 0%2/ U‘_L WPXML] ^P]_L [PNLSLY E[+’)))%)) ^PMLYcLV E[*,%-2 ATWTL] L_L‘
/%0- U‘_L WPXML]’
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&.+
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
CLTLU[HYH P[\$ Q\TSHO \HUN _HUN THZ\R !47258>" RL ROHZHUHO <A^3: AYV]PUZP
<HSPTHU[HU 3HYH[ ZLSHTH [YP^\SHU ::: *()* [LYJH[H[ ZLILZHY BW)$(0 DYPSP\U$
TLUPUNRH[ ZPNUPMPRHU KPIHUKPUNRHU [YP^\SHU ZLILS\TU_H _HUN TLUNHSHTP
RVU[YHRZP$ _HP[\ ZLILZHY .-$0,! "X[X#& BLX‘Y OPXTVTLY% ^PNL]L _LS‘YLY% U‘XWLS
@E=CFN _P]^PM‘_ XPYRLWLXT VZY_]LV^T *)%))! OTMLYOTYRVLY _]Tb‘WLY === +)** cLYR
_P]NL_L_ ^PMP^L] E[*%+) G]TWT‘Y’ 6P]OL^L]VLY OPYZXTYL^TYcL% ‘LYR XL^‘V ^PWLXL
_]Tb‘WLY === +)*+ OTOZXTYL^T ZWPS ‘LYR VP]_L^ OPYRLY [PNLSLY E[.)’)))%)) cLYR
XPYNL[LT E[-,*%/2 ATWTL] L_L‘ XPYNL[LT 1%/, U‘_L WPXML] #-)%-*! OL]T _Z_LW ‘LYR
VP]_L^ cLYR XL^‘V$% OTTV‘_T OPYRLY [PNLSLY E[*))’)))%)) OLY E[.’)))%)) cLYR
_P]NL_L_ ^PMLYcLV /%)* U‘_L WPXML] OLY *%/, U‘_L WPXML]’
>‘XWLS LWT]LY ‘LYR VPW‘L] cLYR WPMTS MP^L] OL]T LWT]LY ‘LYR XL^‘V VP ?Db6= D]ZaTY^T
?LWTXLY_LY 6L]L_ XPYRLVTML_VLY [Z^T^T YP_ FLK=CFN ^PMP^L] E[,1)%,, ATWTL]’ <LW TYT
XPY‘YU‘VVLY LOLYcL [PYTYRVL_LY VPM‘_‘SLY ‘LYR VL]_LW XL^cL]LVL_ [LOL _]Tb‘WLY ===
+)*+ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL% cLYR LY_L]L WLTY OTOZ]ZYR ZWPS ]PLWT^L^T
[]ZcPV [PXP]TY_LS% OLY _TYRRTYcL VPM‘_‘SLY ‘LYR ^PT]TYR OPYRLY [P]LcLLY =O‘W :T_]T%
OTX‘WLTYcL _LS‘Y LUL]LY ML]‘% [P]LcLLY FPXMLScLYR ?‘M‘] VPO‘L #7S‘YR K‘LY$ ^P]_L
[PWLV^LYLLY DTWVLOL ?LWML] +)*+’
5LD9<I’ 08EKFI 3<IN8B@C8E )8EB /E;FE<J@8 3IFM@EJ@ 08C@D8EK8E )8I8K
8YHMPR +&*.&ALYRLTIHUNHU (7258> *=<258>
&.))
&
.))
*’)))
*’.))
+’)))
&+))-))/))1))
*’)))*’+))*’-))*’/))*’1))+’)))
Gb = Gb == Gb === Gb=I
Gb = Gb == Gb === Gb=I
Gb = Gb == Gb ===
+)*) +)** +)*+
>PS
PHY
BW
=YQWZb C‘_QWZb BP_ C‘_QWZb #E<F$
.,
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
+&*&)&*& ALU\RHYHU EHUN
5HSHT YHUNRH WLSHRZHUHHU 7/51.7 6871? 9854/?8$ <A^3: AYV]PUZP <HSPTHU[HU
3HYH[ ZLJHYH Y\[PU TLSHR\RHU WLUKPZ[YPI\ZPHU \HUN OHZPS JL[HR ZLTW\YUH "94C#
_HUN SH_HR LKHY \U[\R TLUNNHU[PRHU \HUN S\Z\O KHU Z\KHO [PKHR SH_HR LKHY
XPWLW‘T ^L]LYL3 #*$ [PYL]TVLY [P]MLYVLY4 #+$ [PY‘VL]LY ‘LYR OT WZVP_ ?Db6= D]ZaTY^T
?LWTXLY_LY 6L]L_4 OLY #,$ VPRTL_LY VL^ VPWTWTYR’ FPWLTY T_‘% ?Db6= D]ZaTY^T ?LWTXLY_LY
6L]L_ U‘RL XPWLV‘VLY VP]UL^LXL OPYRLY [P]MLYVLY OT ?LWTXLY_LY 6L]L_% MLTV MLYV
‘X‘X XL‘[‘Y 6DE% ‘Y_‘V XPWLcLYT [PY‘VL]LY ‘LYR E‘[TLS MLRT XL^cL]LVL_’
?P]UL^LXL TYT OTSL]L[VLY OL[L_ XPXPY‘ST VPM‘_‘SLY XL^cL]LVL_ LVLY ‘LYR WLcLV POL]
OPYRLY ULYRVL‘LY cLYR WPMTS W‘L^’
?PRTL_LY [PY‘VL]LY ‘LYR XPWLW‘T WZVP_ [PY‘VL]LY ?Db6= D]ZaTY^T ?LWTXLY_LY 6L]L_
^PWLXL _]Tb‘WLY === +)*+ XPYNL[LT E[+1%0, ATWTL]% L_L‘ XPYRLWLXT [PYTYRVL_LY cLYR
^TRYTQTVLY ^PMP^L] ,2%.*! #\_\$ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL cLYR _P]NL_L_
XPYRLWLXT VZY_]LV^T ^PMP^L] .%*+!’ <LW TYT _P]ULOT ^PT]TYR OPYRLY [P]LcLLY @PML]LY
OTXLYL _]LOT^T E8E>>FB XL^TS XPXM‘OLcL% ^PSTYRRL VPM‘_‘SLY XL^cL]LVL_ LVLY ‘LYR
E‘[TLS [PNLSLY VPNTW ^PXLVTY XPYTYRVL_’ 6P]OL^L]VLY OPYZXTYL^TYcL% ^PMLRLTLY MP^L]
‘LYR cLYR OT_‘VL]VLY LOLWLS ‘LYR VP]_L^ OPYRLY OPYZXTYL^T E[.)’)))%)) cLYR
XPYNL[LT E[**%)+ ATWTL] L_L‘ ^PU‘XWLS ++)%,2 ]TM‘ WPXML] ^P]_L [PNLSLY
E[*))’)))%)) cLYR XPYNL[LT E[*/%21 ATWTL] L_L‘ ^PU‘XWLS */2%1+ ]TM‘ WPXML]’
6P]OL^L]VLY OL_L [PY‘VL]LY ‘LYR VPW‘L]% ‘LYR [PNLSLY VPNTW cLYR [LWTYR OTXTYL_T
XL^cL]LVL_ LOLWLS [PNLSLY E[+’)))%)) OPYRLY YZXTYLW XPYNL[LT E[-%.. ATWTL] L_L‘
^PMLYcLV +%+1 U‘_L WPXML] ^P]_L [PNLSLY ‘LYR WZRLX E[*’)))%)) OPYRLY YZXTYLW
XPYNL[LT E[*%*0 ATWTL] L_L‘ ^PMLYcLV *%*0 U‘_L WPXML]’
DHILS +&.& <LNPH[HU ALU\RHYHU EHUN >LSHS\P =VRL[ "EHUN >HZ\R#
5LD9<I’ 08EKFI 3<IN8B@C8E )8EB /E;FE<J@8 3IFM@EJ@ 08C@D8EK8E )8I8K
D ::: D :F D^ : D :: D ::: D :F D^ : D :: D :::EHUN <LY[HZ +($.+/$-1, )/$11($/,, *)$))-$+01 )-$,-,$1/, **$+)-$1.- *($/.)$1+0 *)$.0*$1++ *($-/1$,/1 *0$/*-$,0*
*))%))) *+%1*,%,)) 2%),1%2)) **%*+/%))) 0%..)%))) **%-)2%0)) *+%)*)%/)) **%-.,%,)) *)%/2/%*)) */%21+%,)).)%))) */%1*1%).) 0%2/*%1)) 2%*--%*)) 0%,/)%,.) *)%*.*%..) 1%)0/%,.) 2%-+,%2)) 2%+,)%0.) **%)*0%2))+)%))) ,,.%--) ,2)%))) ,/)%)1) *2-%--) +/)%01) ++1%.+) ++*%2/) *1,%/1) +)+%,1)*)%))) +20%21) +/2%02) +*-%0-) **1%)0) +*.%0+) *0-%1.) +-,%*-) *.1%/-) +),%--)
.%))) +,,%)). *02%*,) *,/%00. **)%//. **0%,1. 2,%*2) **1%),. 21%1,) **.%2..+%))) -%*)1 0%.++ 0%20/ *.%2,) -)%+0) ,.%,-+ .*%1*/ .2%-11 0+%)*-*%))) *,+%)21 *,2%+., *+-%+-2 *),%122 **2%1,) *-*%.2, */2%2// *.*%,00 *,)%20*
.)) +%1/. ,%)2. *%*00 12- .+1 102 /02 -). ,.**)) 0-1 *%+.- +2+ 0+/ +)+ /*- *,0 +)2 *0*
EHUN =VNHT *($,1. *,$/,0 )($+*( ))$)01 *,$,01 *,$)+) *($.)( )+$.0+ ,$(+**%))) +*. *%+)1 12. 2++ ,%),2 /%0)2 .%-22 -%0-2 *2.
.)) *0%-./ *-%/*- /%,)+ /%,+, *+%0,, **%+0, 2%+0- .%-0) +%,1*+)) 1*- -%*02 *%*1) *%/,+ -%1-+ ,%))+ +%,/1 *%... /+1*)) *%02* ,%2*+ *%*.1 *%/// +%.0. +%.1+ +%**2 *%-11 /.-.) +)- 01/ 00* /+) *%+)) .+2 *%),0 ,/+ */0+. *0 .) *, +0 *)) ,/ ,*- .2 0
ALJHOHU*()( *()) *()*
ETM‘ E[
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&.-
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
CLSHPU TLSH_HUP WLU\RHYHU KP SVRL[ WLSH_HUHU <A^3: AYV]PUZP <HSPTHU[HU 3HYH[$
ZLJHYH Y\[PU 3HUR :UKVULZPH Q\NH TLSHR\RHU RLNPH[HU RHZ RLSPSPUN& ?PRTL_LY VL^
VPWTWTYR MP]_‘U‘LY ‘Y_‘V XPYcPOTLVLY ‘LYR E‘[TLS cLYR WLcLV POL] OPYRLY XPVLYT^XP
dUPX[‘_ MZWLd WLYR^‘YR VP[LOL XL^cL]LVL_ VS‘^‘^YcL OT bTWLcLS VLM‘[L_PY OLY VZ_L
^PWLTY ?Z_L DZY_TLYLV’ ?PRTL_LY VL^ VPWTWTYR U‘RL MP]_‘U‘LY ‘Y_‘V XPXPY‘ST VPM‘_‘SLY
‘LYR E‘[TLS OT bTWLcLS [P]ML_L^LY% cLYR OLWLX [PWLV^LYLLYYcL ?Db6= D]ZaTY^T
?LWTXLY_LY 6L]L_ U‘RL MPVP]UL ^LXL OPYRLY DG’ 6D8 ?LWTXLY_LY 6L]L_ ‘Y_‘V
XPYULYRVL‘ ^PU‘XWLS OLP]LS OT [P]ML_L^LY ?LWTXLY_LY 6L]L_ OPYRLY bTWLcLS FL]LbLV%
ALWLc^TL’ FPWLXL _]Tb‘WLY === +)*+% U‘XWLS ‘LYR cLYR OT_‘VL]VLY ZWPS XL^cL]LVL_
XPWLW‘T VPRTL_LY VL^ VPWTWTYR XPYNL[LT E[*-%.0 ATWTL]% L_L‘ XPYTYRVL_ ^PMP^L] +.%/+!
#\_\$ OTMLYOTYRVLY _]Tb‘WLY ^PMPW‘XYcL’ FPWLXL _]Tb‘WLY === +)*+% VPRTL_LY VL^ VPWTWTYR
OTWLV‘VLY ^PMLYcLV 0 #_‘U‘S$ VLWT% , #_TRL$ VLWT OT OLWLX VZ_L DZY_TLYLV OLY - #PX[L_$
VLWT OT VLM‘[L_PY WLTYYcL% cLT_‘ ?LM’ FLXML^% ?LM’ FLYRRL‘% ?LM’ ?P_L[LYR% OLY ?LM’
FTY_LYR’
DHILS +&/& <LNPH[HU <HZ <LSPSPUN
5LD9<I ’ 08EKFI 3<IN8B@C8E )8EB /E;FE<J@8 3IFM@EJ@ 08C@D8EK8E )8I8K
+&*&)&+& ALTILYPHU DHUKH DPKHR 3LYOHYNH "ADD3#
8L]T SL^TW [PY‘VL]LY ‘LYR OT WZVP_ ?Db6= D]ZaTY^T ?LWTXLY_LY 6L]L_% VPRTL_LY VL^
VPWTWTYR% OLY ^P_Z]LY ‘LYR OL]T [P]MLYVLY% ^PNL]L ]‘_TY OTWLV‘VLY [PX‘^YLSLY _P]SLOL[
‘LYR W‘^‘S OLY ^‘OLS _TOLV WLcLV POL] OPYRLY NL]L DPXMP]TLY GLYOL GTOLV 6P]SL]RL
#DGG6$ XPWLW‘T [P]LNTVLY OPYRLY AP^TY ELNTV HLYR ?P]_L^ #AEH?$’
CLSHTH [YP^\SHU ::: *()*$ Q\TSHO \HUN RHY[HS [PKHR SH_HR LKHY _HUN
KPT\ZUHORHU TLUJHWHP BW*)-$/, >PSPHY H[H\ TLUPUNRH[ ZPNUPMPRHU
KPIHUKPUNRHU [YP^\SHU ZLILS\TU_H ZLILZHY -+$-+! KPTHUH [LYJH[H[ ZLILZHY
BW,-$,, >PSPHY& FLWLS ^L_‘ QLV_Z] cLYR MP][PYRL]‘S _P]SLOL[ SLW _P]^PM‘_ LOLWLS
D^ ::: D^ :F D : D :: D^ ::: D^ :F D^ : D^ :: D :::EHUN <LY[HZ +$/-($((( +$/+,$00( .$.*,$-/* /$1)0$,), )+$*(($0(( +$,+.$.*- ).$//($,.+ ))$-11$1(( ),$-/*$(/1
*))%))) 2.+%/)) *%)2-%))) *%.-,%.)) +%,),%-)) -%*01%.)) *%./*%+)) .%)0/%2)) ,%+-*%0)) /%*,1%*22.)%))) *%*-*%0.) 0-.%/)) *%2+,%1.) +%-/0%/.) .%*,/%))) 0)/%1.) -%222%+)) ,%,2)%/.) ,%/-.%.))+)%))) .-.%+/) 0*0%0/) 1-+%1)) *%+*2%-+) *%*/-%+-) --+%*-) +%,+1%,1) *%,*0%1+) *%1)+%-1)*)%))) .,0%*0) ../%.2) 2),%*)) 2)2%/-) *%+))%)0) ,1/%-0) +%+)1%/+) *%-01%)1) *%.2.%/))
.%))) -/.%.-. ,2-%2.. 2.+%,1. 0+,%02. *%)-,%1+. +*2%01. *%,20%0/. *%+*.%).. 10.%...+%))) *%1)/ *%1*- *-%2)1 +0%-+) *+)%,,/ ,,%-)1 +/.%/0) -0*%021 *00%0*+*%))) *).%./) ++,%+1- --,%)+) +//%.-, ,..%21. 1/%0). -2,%-/, -1-%*,0 ,,0%),)
.)) +// /,) 1+2 .)/ *%--/ ,2 ,+0 /2 ,*)) -- +-1 *1) -* ,22 +2 *,1 .2* )
EHUN =VNHT ( )-$)*( ,*0 )*( ( ( ,(/ )(( +)(*%))) ) *%))) ) ) ) ) *00 ) *))
.)) ) *,%2+) +) ) ) ) ) ) *.)+)) ) ) ,) ) ) ) ) ) )*)) ) .) +00 *)) ) ) */. *)) .)
.) ) 0. 0) +) ) ) /. ) *)+. ) 0. ,* ) ) ) ) ) )
*()( *())<HZ <LSPSPUN
*()*#ETM‘ E[$
..
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
LOLYcL VPMTULVLY OL]T 8P[L]_PXPY DPYRPOL]LY HLYR #8DH$ ?LY_Z] D‘^L_ 6LYV
=YOZYP^TL >LVL]_L ‘Y_‘V XPX[P]VP_L_ VPRTL_LY [PX‘^YLSLY ‘LYR ‘Y_‘V XPYRLY_T^T[L^T
VP_P]^POTLLY ^_ZV ‘LYR _‘YLT YL^TZYLW XPYUPWLYR =O‘W :T_]T% ^PSTYRRL [LOL [P]TZOP
_]Tb‘WLY == +)*+ ^LX[LT >‘WT +)*+ U‘XWLS DGG6 ]PWL_TQ ^LYRL_ VPNTW’ 6P]OL^L]VLY
OPYZXTYL^TYcL% [PNLSLY cLYR [LWTYR MLYcLV OTX‘^YLSVLY LOLWLS [PNLSLY
E[.)’)))%)) cLYR XPYNL[LT +%.0 U‘_L WPXML]% E[+)’)))%)) XPYNL[LT *%/* U‘_L WPXML]
OLY E[*)’)))%)) XPYNL[LT *%.) U‘_L WPXML]’ FPT]TYR OPYRLY XPY‘]‘YYcL LWT]LY ‘LYR
XL^‘V #:8J? @E=CFN$ OLY U‘XWLS DGG6% ]L_TZ DGG6 _P]SLOL[ LWT]LY ‘LYR XL^‘V XPYTYRVL_
OL]T SLYcL /%20! [LOL _]Tb‘WLY == +)*+ XPYULOT ^PMP^L] *2%2/! [LOL _]Tb‘WLY
WL[Z]LY’
5LD9<I’ 08EKFI 3<IN8B@C8E )8EB /E;FE<J@8 3IFM@EJ@ 08C@D8EK8E )8I8K
8YHMPR +&*/& ALYRLTIHUNHU (7258>$ ADD3 KHU BHZPV ADD3 DLYOHKHW (7258>
+&*&*&CPZ[LT ALTIH_HYHU ?VU D\UHP
+&*&*&)& DYHUZHRZP <SPYPUN
DYHUZHRZP RSPYPUN ZLSHTH [YP^\SHU ::: *()* TLU\UQ\RRHU WLUPUNRH[HU _HUN
YLSH[PM ZPNUPMPRHU KPIHUKPUNRHU [YP^\SHU ZLILS\TU_H& GZ_LW YTWLT _]LY^LV^T VWT]TYR OT
?LWTXLY_LY 6L]L_ _P]NL_L_ ^PMP^L] E[**%,* G]TWT‘Y L_L‘ XPYTYRVL_ +2%)/! #\_\$’ FPT]TYR
OPYRLY SLW _P]^PM‘_% OL]T ^T^T U‘XWLS bL]VL_% _P]ULOT [PYTYRVL_LY ^PMP^L] *,%),! #\_\$
XPYULOT ^PU‘XWLS +2/’+,1 WPXML] bL]VL_’ FPXPY_L]L T_‘% OL]T ^T^T YZXTYLW% _]LY^LV^T
VWT]TYR [PYRPXMLWTLY L_L‘ [PYZWLVLY XPYRLWLXT [PY‘]‘YLY ^PMP^L] +/%)+! #\_\$
XPYULOT ^PMP^L] E[*-. ATWTL]% bLWL‘[‘Y OL]T ^T^T U‘XWLS bL]VL_ XPYRLWLXT [PYTYRVL_LY
^PMP^L] ,.%/-! #\_\$ XPYULOT ^PU‘XWLS ,’+.1 WPXML] bL]VL_’ DPYTYRVL_LY _]LY^LV^T
VWT]TYR _P]^PM‘_ _P]ULOT ^PT]TYR OPYRLY OTX‘WLTYcL ]PLWT^L^T []ZcPV [PXP]TY_LS% [P]LcLLY
)!
*)!
+)!
,)!
-)!
.)!
/)!
0)!
1)!
2)!
*))!
&
+))
-))
/))
1))
*’)))
*’+))
*’-))
Gb = Gb == Gb === Gb =I Gb = Gb == Gb === Gb =I Gb = Gb == Gb ===
+)*) +)** +)*+
>PS
PHY
BW
=YQWZb DGG6 EL^TZ DGG6 _SO =YQWZb #E<F$
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&./
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
=O‘W :T_]T% OTX‘WLTYcL _LS‘Y LUL]LY ML]‘% [P]LcLLY FPXMLScLYR ?‘M‘] VPO‘L #7S‘YR
K‘LY$ ^P]_L [PWLV^LYLLY DTWVLOL ?LWML] +)*+’
DHILS +&0& DYHUZHRZP >LSHS\P <SPYPUN
5LD9<I’ 08EKFI 3<IN8B@C8E )8EB /E;FE<J@8 3IFM@EJ@ 08C@D8EK8E )8I8K
+&*&*&*& DYHUZHRZP +1.5 -461 ’:8;; ,1<<51617< "BD8C#
CLSHTH [YP^\SHU ::: *()*$ [YHUZHRZP BD8C TLU\UQ\RRHU ZLKPRP[ RVU[YHRZP
KPIHUKPUNRHU [YP^\SHU ZLILS\TU_H$ ZLILZHY )$/)! "X[X# TLUQHKP ZLILZHY
BW.1$-/ DYPSP\U$ TLZRPW\U KHYP ZPZP ]VS\TL [YHUZHRZP TLUNHSHTP WLUPUNRH[HU
ZLILZHY ,$(1! "X[X# TLUQHKP ZLILZHY -1&*)/ [YHUZHRZP& DPY‘]‘YLY YZXTYLW
_]LY^LV^T EG;F _P]ULOT [LOL _]LY^LV^T EG;F VPW‘L] OLY _]LY^LV^T EG;F WZVLW ?LWTXLY_LY
6L]L_% XL^TYR&XL^TYR ^PMP^L] +%/,! OLY ,%01!% XPYULOT ^PMP^L] E[+.%1. G]TWT‘Y OLY
E[*,%-* G]TWT‘Y’ FPXPY_L]L YTWLT _]LY^LV^T EG;F XL^‘V VP ?LWTXLY_LY 6L]L_ XPYRLWLXT
[PYTYRVL_LY XP^VT[‘Y ]PWL_TQ VPNTW% cLT_‘ ^PMP^L] )%).! #\_\$ XPYULOT ^PMP^L] E[,)%,*
G]TWT‘Y’ 8L]T ^T^T aZW‘XP _]LY^LV^T% _P]ULOT [PYTYRVL_LY% MLTV [LOL _]LY^LV^T EG;F VPW‘L]%
XL^‘V XL‘[‘Y WZVLW ?LWTXLY_LY 6L]L_% XL^TYR&XL^TYR ^PMP^L] -%.)! #\_\$% *%02!
#\_\$ OLY 2%++! #\_\$’ AP^VT[‘Y ^PNL]L _]Tb‘WLYLY XPYRLWLXT VZY_]LV^T% YTWLT _]LY^LV^T
EG;F OT ?LWTXLY_LY 6L]L_ XPYRLWLXT [PYTYRVL_LY cLYR N‘V‘[ ^TRYTQTVLY UTVL
OTMLYOTYRVLY _]Tb‘WLY === +)**’ GZ_LW YTWLT _]LY^LV^T EG;F XPYTYRVL_ +/%1/! #cZc$ OL]T
^PMPW‘XYcL cLYR _P]NL_L_ ^PMP^L] E[.-%1- G]TWT‘Y’ DP]_‘XM‘SLY _]LY^LV^T [PXMLcL]LY
YZY _‘YLT cLYR [Z^T_TQ% MLTV VWT]TYR XL‘[‘Y EG;F% cLYR OTML]PYRT OPYRLY LOLYcL
VZY_]LV^T [LOL _]LY^LV^T [PXMLcL]LY _‘YLT% XPY‘YU‘VVLY [PYTYRVL_LY []PQP]PY^T
XL^cL]LVL_ ‘Y_‘V XPWLV‘VLY _]LY^LV^T ^PNL]L YZY _‘YLT OTMLYOTYRVLY MP]_]LY^LV^T
OPYRLY XPYRR‘YLVLY ‘LYR _‘YLT’
D^ ::: D^ :F D^ : D^ :: D^ ::: D^ :F D^ : D^ :: D^ :::<SPYPUN ALU_LYHOHU& >‘XWLS JL]VL_ #WM]$ *0*%2,+ *2.%/2, ,,,%.0/ ++1%2)+ +/2%+.2 +2)%+.1 +,-%)+1 +.2%/1. +2+%21)& BZXTYLW -%,1* .%.-/ 0%)./ 0%+/1 1%-00 0%2.) 0%/+2 1%.// **%*/,& EL_L&EL_L JL]VL_(<L]T #WM]$ +%00, ,%,0- .%0.* ,%0.+ -%-*- -%.,. ,%0*. -%*11 -%11,& EL_L&EL_L BZXTYLW(<L]T 0* 2/ *++ **2 *,2 *+- *+* *,1 *1/
<SPYPUN ALUNLTIHSPHU& >‘XWLS JL]VL_ #WM]$ *%2*+ -.%*12 *%1+* *%10/ +%*)/ +%-)2 *%2*) +%-)+ ,%+.1& BZXTYLW .+ *%..+ .. .. /. +0/ 1/ *2/ *-.& EL_L&EL_L JL]VL_(<L]T #WM]$ ,* 002 ,* ,* ,. ,1 ,) ,2 .-& EL_L&EL_L BZXTYLW(<L]T )’1 +/’1 )’2 )’2 *’* -’, *’- ,’+ +’-
D@D2=% ;\TSHO GHYRH[ "SIY# )/+$0,, *,($00* ++-$+1/ *+($//0 */)$+.- *1*$../ *+-$1+0 *.*$(0/ *1.$*+0% ?VTPUHS ,$,++ /$(10 /$))) /$+*+ 0$-,* 0$**. /$/)- 0$/.* ))$+(0
<L[LYHUNHU*()( *()) *()*
#ATWTL] E[$
.0
3<IB<D98E>8E 3<I98EB8E ;8E 5@JK<D 3<D98O8I8E
08A@8E ,BFEFD@ 4<>@FE8C 3IFM@EJ@ 08C@D8EK8E )8I8K 6I@NLC8E /// &$%&
DHILS +&1& DYHUZHRZP >LSHS\P +1.5 -461 ’:8;; ,1<<51617< "BD8C#
5LD9<I’ 08EKFI 3<IN8B@C8E )8EB /E;FE<J@8 3IFM@EJ@ 08C@D8EK8E )8I8K
D^ ::: D^ :F D^ : D^ :: D^ ::: D^ :F D^ : D^ :: D^ :::BD8C <LS\HY& >‘XWLS G]LY^LV^T *0%-0. *2%)2/ +)%0-, +*%.). +-%-22 +/%1// ++%+21 +/%+-+ +0%-++& BZXTYLW *-%**, */%.+2 *1%.11 */%1,- ++%,1/ +/%20, +*%.*, +/%.-, +.%1-/
BD8C >HZ\R& >‘XWLS G]LY^LV^T */%+1* 2%+,, +*%20, ++%+*, +,%,11 +-%,.+ +)%,1* ++%/*) +,%)*-& BZXTYLW *1%*.+ +*%)01 *0%1*0 *2%*02 ++%)/* +0%220 +,%1,1 ,)%+2. ,)%,**
BD8C =VRHS& >‘XWLS G]LY^LV^T *)%)2- *)%).) 0%,+* 0%0.+ 1%,-/ 1%10/ 0%*)+ 1%)-) 1%01*& BZXTYLW /%0// 1%*+2 /%10) 2%+,- *)%,2* *-%0+/ **%*1. *,%2-* *,%-*-
D@D2=% ;\TSHO DYHUZHRZP ,+$0-( +0$+/1 -($(+/ -)$,/( -.$*++ .($(1, ,1$/0) -.$01* -1$*)/% ?VTPUHS +1$(+) ,-$/+. ,+$*/- ,-$*,/ -,$0+0 .1$.1. -.$-+. /($//1 .1$-/(
*()*#ATWTL] E[$
<L[LYHUNHU*()( *())
.0
).83.5-,6/,6 (.;,6/,6 %,.8,0
(,21,6 &376751 *./176,4 )87<1691 (,415,6:,6 $,8,: +81=;4,6 ’’’ #!"#
-
:LQHTMD NHWDQJDQ GDHTDK >TRXLQUL :DOLPDQVDQ 5DTDV SDGD @HPHUVHT 8 +)*+ VHTFDVDV FWNWS
EDLN PHUNLSWQ GL ULUL EHODQMD PDULK EHOWP RSVLPDO’ ?HDOLUDUL SHQGDSDVDQ >TRXLQUL :DOLPDQVDQ
5DTDV UHPHUVHT 8 +)*+ VHTFDVDV UHEHUDT ?S*%./ ATLOLWQ DVDW PHQFDSDL ..%)/! GDTL VDTJHV A4
+)*+ UHEHUDT ?S+%1- ATLOLWQ’ @HPHQVDTD THDOLUDUL EHODQMD VHTFDVDV UHEHUDT ?S*%)1 ATLOLWQ DVDW
EDTW PHQFDSDL ,0%+0! GDTL DQJJDTDQ A4 +)*+ UHEHUDT ?S+%2) ATLOLWQ’
=>?AH +%( ;A>HEN>NE 1:23 :MKQEJNE 7>HEI>JO>J 2>M>O <AIANOAM 6 $ )’()
@WPEHT3 5DGDQ >HQJHOROD :HWDQJDQ GDQ 4UHV >TRX’ :DOLPDQVDQ 5DTDV
<HUNLSWQ THDOLUDUL EHODQMD UHPHUVHT 8
+)*+ EHOWP RSVLPDO% DQJND VHTUHEWV
PHQJDODPL SHQLQJNDVDQ MLND
GLEDQGLQJNDQ THDOLUDUL EHODQMD
UHPHUVHT 8 +)** ZDQJ KDQZD VHTFDVDV
UHEHUDT ?S-.,%)- <LOLDT’ @HMDODQ
GHQJDQ KDO VHTUHEWV% THDOLUDUL
SHQGDSDVDQ SDGD SHTLRGH ODSRTDQ MWJD
VHTFDVDV OHELK VLQJJL GLEDQGLQJNDQ
UHPHUVHT 8 +)** UHEHUDT ?S*%). ATLOLWQ’
@HODQMWVQZD% EHTGDUDTNDQ ODSRTDQ 0
NDEWSDVHQ(NRVD* VHQVDQJ THDOLUDUL 4>56 @HPHUVHT 8 +)*+% UHEDJLDQ EHUDT PHPLOLNL THDOLUDUL
SHQGDSDVDQ ZDQJ EDLN GLPDQD VRVDO SHQGDSDVDQ PHQFDSDL ?S,%++ ATLOLWQ DVDW ..%)*! GDTL
VDTJHV A4 +)*+’ =DPWQ% UHSHTVL KDOQZD GLVLQJNDV STRXLQUL% THDOLUDUL EHODQMD NDEWSDVHQ(NRVD
GLPDNUWG PDULK EHOWP RSVLPDO GLPDQD VRVDO THDOLUDUL EHODQMD UHEHUDT +%)/ ATLOLWQ DVDW EDTW
PHQFDSDL ,+%12! GDTL VDTJHV’
* :DE’ :DSWDU 7WOW% :DE’ :HVDSDQJ% :DE’ @DPEDU% :DE’ @DQJJDW% :DE’ @LQVDQJ% :DE’ <HODYL% :RVD >RQVLDQDN
"9WVDDQ ?S#
:HVHTDQJDQ 4QJJDTDQ +)*+ ?HDOLUDUL @HPHUVHT 8 +)*+ ! ?HDOLUDUL
>HQGDSDVDQ +%1,0%-)1’1. *%./+%+,0’*2 ..’)/!5HODQMD +%2)+%-)1’1. *%)1*%021’2, ,0’+0!
BABIV
*$+’$("!)%!) ’$,!)%!) #!$+!&
0200400600800
1,0001,2001,4001,6001,800
Pendapatan Belanja
Miliar Rp
2011
2012
4M>BEG +%( ;A>HEN>NE 2AH>JF> 3>J:AJ@>L>O>J <AIANOAM 6 )’()
@WPEHT 3 YYY’GMSN’GHSNHW’JR’LG GDQ 5DGDQ >HQJHOROD:HWDQJDQ GDQ 4UHV >TRX’ :DOLPDQVDQ 5DTDV
.1
).83.5-,6/,6 (.;,6/,6 %,.8,0
(,21,6 &376751 *./176,4 )87<1691 (,415,6:,6 $,8,: +81=;4,6 ’’’ #!"#
+%( ;A>HEN>NE :AJ@>L>O>J 1:23 :MKQEJNE 7>HEI>JO>J 2>M>O =1 )’())
5HTGDUDTNDQ UWPEHT SHQGDSDVDQQZD% GDQD SHTLPEDQJDQ PDULK PHQGRPLQDUL SHQGDSDVDQ
>TRXLQUL :DOLPDQVDQ 5DTDV GHQJDQ SDQJUD UHEHUDT --! DVDW UHEHUDT ?S/12%*1 <LOLDT’
=DPWQ GHPLNLDQ% SHTDQ >HQGDSDVDQ 4UOL 6DHTDK >TRXLQUL ">46# :DOLPDQVDQ 5DTDV
PHQWQMWNNDQ NHFHQGHTWQJDQ ZDQJ UHPDNLQ EDLN UHEDJDLPDQD VHTFHTPLQ GDTL SDQJUD >46
VHTKDGDS VRVDO SHQGDSDVDQ UHEHUDT
,2! GHQJDQ THDOLUDUL UHPHUVHT 8
+)*+ UHEHUDT ?S/*-%)- <LOLDT’
@HPHQVDTD% THDOLUDUL SHQGDSDVDQ GDTL
;DLQ&;DLQ >HQGDSDVDQ 6DHTDK CDQJ
@DK VHTFDVDV UHEHUDT ?S+.2%)+ <LOLDT
DVDW KDQZD *0! GDTL VRVDO
SHQGDSDVDQ’
?HDOLUDUL >46 >TRXLQUL :DOLPDQVDQ
5DTDV SDGD UHPHUVHT 8 +)*+ VHTUHEWV
VHTWVDPD GLVRSDQJ ROHK THDOLUDUL
SHQGDSDVDQ ZDQJ EHTUWPEHT GDTL
SDMDN UHEHUDT ?S-20%,0 <LOLDT DVDW PHQFDSDL 1*! GDTL VRVDO >46’ ?HODVLI VLQJJLQZD
SHQHTLPDDQ SDMDN >TRXLQUL :DOLPDQVDQ 5DTDV VHTUHEWV DQVDTD ODLQ UHLTLQJ GHQJDQ UHPDNLQ
VLQJJLQZD SHPEHOLDQ NHQGDTDDQ EHTPRVRT GDQ PHQLQJNDVQZD PRELOLVDU PDUZDTDNDV
SHQJJWQD NHQGDTDDQ’ >DGD UHPHUVHT 8 +)*+ SHPEHOLDQ NHQGDTDDQ EHTPRVRT PHQFDSDL
**2%2+ WQLV NHQGDTDDQ UHKLQJJD PHQGRTRQJ SHQLQJNDVDQ SHQHTLPDDQ >46 ZDQJ EHTUWPEHT
GDTL >DMDN :HQGDTDDQ 5HTPRVRT GDQ 5HD 5DOLN =DPD :HQGDTDDQ 5HTPRVRT’ @HPHQVDTD%
NRQUWPUL 55< ZDQJ PHQFDSDL -,+%*/ TLEW NLOR OLVHT SDGD UHPHUVHT 8 +)*+ DVDW PHQLQJNDV
*/%-0! "ZRZ# MWJD PHPEHTLNDQ SHQJDTWK VHTKDGDS SHQHTLPDDQ ZDQJ EHTDUDO GDTL >DMDN
5DKDQ 5DNDT :HQGDTDDQ 5HTPRVRT’ @HODQMWVQZD% >HQHTLPDDQ >46 ZDQJ EHTUWPEHT GDTL
THVTLEWUL GDQ 7DULO >HQJHORODDQ :HNDZDDQ 6DHTDK ZDQJ 6LSLUDKNDQ PDULQJ&PDULQJ UHEHUDT
?S-+%/2 <LOLDT GDQ ?S-0%)+ <LOLDT PDULK THODVLI NHFLO GLEDQGLQJNDQ SHQHTLPDDQ ZDQJ
EHTUWPEHT GDTL SDMDN’
+ @DPSDL GHQJDQ UHPHUVHT 8 +)*+
@WPEHT 3 5DGDQ >HQJHOROD :HWDQJDQ GDQ 4UHV >TRX’ :DOLPDQVDQ5DTDV
4M>BEG +%) ;A>HEN>NE :AJ@>L>O>J 3>AM>D
*0!
++!
(.!
>HQGDSDVDQ 4UOL6DHTDK
6DQD>HTLPEDQJDQ
;DLQ&;DLQ>HQGDSDVDQ6DHTDK CDQJ@DK
.2
).83.5-,6/,6 (.;,6/,6 %,.8,0
(,21,6 &376751 *./176,4 )87<1691 (,415,6:,6 $,8,: +81=;4,6 ’’’ #!"#
&
+)%)))
-)%)))
/)%)))
1)%)))
*))%)))
*+)%)))
*-)%)))
*/)%)))
@PV 8 @PV 88 @PV 8
+)** +)*+
BQLV
5DTW
5WNDQ 5DTW
@WPEHT3 6LUSHQGD >TRX’ :DOEDT
4M>BEG +%* :AJFP>H>J 7AJ@>M>>J 2AMIKOKM
@WPEHT3 GDVD >HTVDPLQD GLRODK
4M>BEG +%+ 7KJNPINE 229
@HPHQVDTD% THDOLUDUL SHQHTLPDDQ 6DQD >HTLPEDQJDQ >TRXLQUL :DOLPDQVDQ 5DTDV VHTWVDPD
EHTUWPEHT GDTL 6DQD 4ORNDUL BPWP UHEHUDT ?S.2/%11 <LOLDT DVDW PHQFDSDL 10! GDTL VRVDO
6DQD >HTLPEDQJDQ’ 4SDELOD GLEDQGLQJNDQ GHQJDQ THDOLUDUL EHODQMD 45>6 >TRXLQUL
:DOLPDQVDQ 5DTDV A4 +)*+ UHEHUDT ?S*%)1 ATLOLWQ PDND TDULR 64B VHTKDGDS EHODQMD SDGD
UHPHUVHT 8 +)*+ VHTFDVDV UHEHUDT ..%*1!’ 7DO LQL PHQJLQGLNDULNDQ EDKYD 64B PDULK
PHQMDGL SHQRSDQJ WVDPD 4>56’ @HODQMWVQZD% THDOLUDUL SHQHTLPDDQ ZDQJ EHTUWPEHT GDTL
;DLQ&;DLQ >HQGDSDVDQ 6DHTDK CDQJ @DK VHTFDVDV UHEHUDT ?S+.2%)+ <LOLDT’
5HTGDUDTNDQ 0 :DEWSDVHQ(:RVD%
:DEWSDVHQ @DPEDU VHTFDVDV PHPLOLNL
THDOLUDUL SHQGDSDVDQ VHTVLQJJL
GLPDQD GDTL VDTJHV SHQGDSDVDQ
UHEHUDT ?S.)2%*/ <LOLDT VHODK
VHTHDOLUDUL UHEHUDT 2-%.,! DVDW
?S-1*%,, <LOLDT’ 4SDELOD GLOLKDV
NRPSRQHQQZD% 6DQD
SHTLPEDQJDQ(VTDQUIHT NKWUWUQZD
6DQD 4ORNDUL BPWP PHQMDGL UWPEHT
SHQGDSDVDQ ZDQJ WVDPD GLPDQD
SDGD UHPHUVHT 8 +)*+ VHTFDVDV
UHEHUDT ?S,/,%*2 <LOLDT’ @HGDQJNDQ THDOLUDUL >46 :DEWSDVHQ @DPEDU @HPHUVHT 8 +)*+
VHTFDVDV UHEHUDT ?S+)%,1 <LOLDT’ @HODLQ :DEWSDVHQ @DPEDU% VHTGDSDV , NDEWSDVHQ(NRVD ZDQJ
SHQFDSDLDQ THDOLUDUL SHQGDSDVDQQZD PHOHELKL .)! GDTL VDTJHV ZDQJ GLVHVDSNDQ ZDLVW
:DEWSDVHQ :DSWDU 7WOW% :DEWSDVHQ :HVDSDQJ GDQ :RVD >RQVLDQDN’ <HUNLSWQ GHPLNLDQ%
SHQGDSDVDQ ZDQJ EHTUWPEHT GDTL GDQD SHTLPEDQJDQ PDULK PHQGRPLQDUL THDOLUDUL
@WPEHT3 YYY’GMSN’GHSNHW’JR’LG
4M>BEG +%, ;A>HEN>NE :AJ@>L>O>J 7>?PL>OAJ&7KO><AIANOAM 6 )’()
&
*))%)))
+))%)))
,))%)))
-))%)))
.))%)))
@PV 8 @PV 88 @PV 8 @PV 88 @PV 8
+)*) +)** +)*+
7EHK
8EO
AM
- 500 1,000 1,500
Kab. Kapuas Hulu
Kab. Ketapang
Kab. Sambas
Kab. Sanggau
Kab. Sintang
Kab. Melawi
Kota Pontianak
Miliar Rp
Realisasi
Target
/)
).83.5-,6/,6 (.;,6/,6 %,.8,0
(,21,6 &376751 *./176,4 )87<1691 (,415,6:,6 $,8,: +81=;4,6 ’’’ #!"#
SHQGDSDVDQ UHGDQJNDQ SHTUHQVDUH >46 VHTKDGDS VRVDO SHQGDSDVDQ PDULK THODVLI NHFLO’
:RQGLUL LQL DQVDTD ODLQ PHQFHTPLQNDQ VLQJNDV NHPDQGLTLDQ ILUNDO ZDQJ PDULK SHTOW
GLVLQJNDVNDQ’ :HPDQGLTLDQ ILUNDO PHTWSDNDQ LQGLNDVRT WVDPD GDODP PHQJWNWT NHPDPSWDQ
SHPHTLQVDK GDHTDK WQVWN PHPELDZDL UHQGLTL NHJLDVDQ SHPHTLQVDKDQ GDHTDK ZDQJ
GLMDODQNDQQZD% VDQSD VHTJDQVWQJ EDQVWDQ GDTL OWDT% VHTPDUWN GDTL SHPHTLQVDK SWUDV’ :LQHTMD
NHPDQGLTLDQ ILUNDO UWDVW GDHTDK GDSDV GLWNWT GDTL LQGLNDVRT&LQGLNDVRT% GLDQVDTDQZD SDQJUD
>46 VHTKDGDS ARVDO >HQHTLPDDQ 6DHTDK "A>6#% GDQD EDJL KDULO SDMDN(EWNDQ SDMDN "57>5>#
VHTKDGDS A>6 GDQ UWPEDQJDQ GDTL SHPHTLQVDK SWUDV "GDQD MWPODK GDQD SHTLPEDQJDQ#
VHTKDGDS A>6’
=>?AH +%) ;A>HEN>NE 1:23 7>?PL>OAJ&7KO> @E 7>HEI>JO>J 2>M>O <AIANOAM 6 S )’() "9EHE>M ;L#
@WPEHT3 YYY’GMSN’GHSNHW’JR’LG
5HTGDUDTNDQ GDVD VHTUHEWV% :RVD
>RQVLDQDN VHTFDVDV UHEDJDL GDHTDK GL
:DOLPDQVDQ 5DTDV ZDQJ PHPLOLNL
NHPDQGLTLDQ ILUNDO FWNWS EDLN
GLPDQD *2%*,! GDTL VRVDO
SHQHTLPDDQ SDGD UHPHUVHT 8 +)*+
EHTDUDO GDTL >HQGDSDVDQ 4UOL 6DHTDK’
4SDELOD GL EDQGLQJNDQ GHQJDQ
EHODQMD% PDND ,)! GDTL VRVDO EHODQMD
:RVD >RQVLDQDN UHPHUVHT 8 +)*+
GLELDZDL ROHK >46’ ?HODVLI VLQJJLQZD
>46 :RVD >RQVLDQDN DQVDTD ODLQ
GLSHQJDTWKL ROHK SHQHTLPDDQ SDMDN GDHTDK ZDQJ PHQFDSDL 0/! GDTL VRVDO SHQGDSDVDQ’
:RQGLUL VHTUHEWV GLDQVDTDQZD GLSHQJDTWKL ROHK SHQHTLPDDQ SDMDN EWPL GDQ EDQJWQDQ% SDMDN
KRVHO% UHTVD SDMDN THUVRTDQ’ >HQLQJNDVDQ SHQHTLPDDQ SDMDN VHTUHEWV UHODLQ GLSHQJDTWKL
NLQHTMD SHTHNRQRPLDQ MWJD GLGRTRQJ PHQLQJNDVQZD SHPEDQJWDQDQ STRSHTVL GL :RVD
>RQVLDQDN% UHTVD PHPEDLNQZD NHVDDVDQ YDMLE SDMDN GL :RVD >RQVLDQDN’
@WPEHT3 6LUSHQGD :RVD >RQVLDQDN
4M>BEG +%- :AJAMEI>>J :>F>G 5KOAH @>J ;ANOKM>J 7KO>:KJOE>J>G
-2,0004,0006,0008,000
10,00012,00014,000
SmtI
SmtII
SmtI
SmtII
SmtI
SmtII
SmtI
SmtII
SmtI
SmtII
SmtI
2007 2008 2009 2010 2011 2012
Jutaan Rp
Pajak…Pajak…
Kabupaten/Kota PAD DanaPerimbangan
Dana Bagi HasilPajak/bukan Pajak
TotalPenerimaan
DaerahPAD/TPD BHPBP/TPD
DanaPerimbangan/
TPDKab. Kapuas Hulu 19.13 449.83 25.92 501.06 3.82% 5.17% 89.78%Kab. Ketapang 37.29 509.86 31.67 582.34 6.40% 5.44% 87.55%Kab. Sambas 20.38 406.74 16.82 481.33 4.23% 3.49% 84.50%Kab. Sanggau 17.83 391.92 21.53 433.59 4.11% 4.97% 90.39%Kab. Sintang 16.18 360.35 13.75 409.84 3.95% 3.35% 87.93%Kab. Melawi 5.34 255.88 14.76 289.13 1.85% 5.11% 88.50%Kota Pontianak 100.71 355.88 21.84 526.48 19.13% 4.15% 67.60%
/*
).83.5-,6/,6 (.;,6/,6 %,.8,0
(,21,6 &376751 *./176,4 )87<1691 (,415,6:,6 $,8,: +81=;4,6 ’’’ #!"#
+%) ;A>HEN>NE 2AH>JF> 1:23 =1 )’()*
5HTEHGD GHQJDQ THDOLUDUL SHQGDSDVDQ ZDQJ THODVLI EDLN% THDOLUDUL EHODQMD >HPHTLQVDK >TRXLQUL
:DOLPDQVDQ 5DTDV SDGD UHPHUVHT 8 +)*+ PDULK EHOWP RSVLPDO KDQZD UHEHUDT ,0%+0! GDTL
THQFDQD EHODQMD 4>56 >TRXLQUL :DOLPDQVDQ 5DTDV A4 +)*+’ 5HTGDUDTNDQ MHQLUQZD% EHODQMD
ODQJUWQJ PDULK PHQGRPLQDUL THDOLUDUL EHODQMD GHQJDQ SDQJUD UHEHUDT 0+%*)!’ @HPHQVDTD%
SDQJUD EHODQMD ODQJUWQJ KDQZD UHEHUDT +0%2)!’ 5HODQMD VLGDN ODQJUWQJ PHTWSDNDQ EHODQMD
ZDQJ GLDQJJDTNDQ VLGDN VHTNDLV ODQJUWQJ GHQJDQ SHODNUDQDDQ STRJTDP GDQ NHJLDVDQ’
5HODQMD ODQJUWQJ DGDODK EHODQMD ZDQJ GLDQJJDTNDQ VHTNDLV UHFDTD ODQJUWQJ GHQJDQ
SHODNUDQDDQ STRJTDP GDQ NHJLDVDQ’
@WPEHT 3 5DGDQ >HQJHOROD :HWDQJDQ GDQ 4UHV >TRX’ :DOLPDQVDQ
5DTDV
4M>BEG +%. :>JCN> ;A>HEN>NE 7KILKJAJ 2AH>JF>
=E@>G 8>JCNPJC 1:23 :MKQEJNE 7>HEI>JO>J 2>M>O
<AIANOAM 6 )’()
@WPEHT 3 5DGDQ >HQJHOROD :HWDQJDQ GDQ 4UHV >TRX’
:DOLPDQVDQ 5DTDV
4M>BEG +%/ ;A>HEN>NE 7KILKJAJ 2AH>JF>
=E@>G 8>JCNPJC 1:23 :MKQEJNE 7>HEI>JO>J
2>M>O <AIANOAM 6 )’()
5HTGDUDTNDQ NRPSRQHQQZD% EHODQMD KLEDK >TRXLQUL :DOLPDQVDQ 5DTDV SDGD UHPHUVHT 8 +)*+
VHTFDVDV VHTEHUDT GLEDQGLQJNDQ NRPSRQHQ ODLQQZD GHQJDQ THDOLUDUL PHQFDSDL -0%)0! GDTL
VRVDO EHODQMD VLGDN ODQJUWQJ GDQ PHQFDSDL -1%./! GDTL ZDQJ GLTHQFDQDNDQ’ @HSHTVL KDOQZD
EHODQMD KLEDK% THDOLUDUL EHODQMD EDQVWDQ NHWDQJDQ MWJD FWNWS VLQJJL UHEHUDT 22%+.! GDTL
DQJJDTDQ EHODQMD EDQVWDQ NHWDQJDQ’ ALQJJLQZD THDOLUDUL EHODQMD EDQVWDQ VHTUHEWV DQVDTD
ODLQ GLSHQJDTWKL ROHK DGDZD SHQZHOHQJJDTDDQ SLONDGD :DOLPDQVDQ 5DTDV +)*+’ @HODQMWVQZD%
THDOLUDUL EHODQMD SHJDYDL VHTFDVDV UHEHUDT --%*)! GDTL DQJJDTDQ EHODQMD SHJDYDL GHQJDQ
SDQJUD +/%.*! GDTL VRVDO THDOLUDUL EHODQMD’ ?HDOLUDUL EHODQMD SHJDYDL VHTUHEWV DQVDTD ODLQ
GLSHTWQVWNNDQ EDJL SHPEDZDTDQ JDML SHJDYDL GDQ VWQMDQJDQ’
3 @DPSDL GHQJDQ @HPHUVHT 8 +)*+
26.51%
47.07% 8.43%
17.73%
0.25%8.69%
Belanja Pegawai Belanja Hibah
Belanja Bantuan Sosial Belanja Bagi Hasil
Belanja Bantuan Keuangan Belanja Tidak Terduga )! .)! *))!
5HODQMD >HJDYDL
5HODQMD 7LEDK
5HODQMD 5DJL 7DULO
5HODQMD 5DQVWDQ:HWDQJDQ
5HODQMD ALGDNAHTGWJD
/+
).83.5-,6/,6 (.;,6/,6 %,.8,0
(,21,6 &376751 *./176,4 )87<1691 (,415,6:,6 $,8,: +81=;4,6 ’’’ #!"#
?HDOLUDUL EHODQMD ODQJUWQJ VHTFDVDV ?S,)*%02 <LOLDT DVDW KDQZD +.%)1! GDTL DQJJDTDQ
EHODQMD ODQJUWQJ VDKWQ +)*+ GHQJDQ SDQJUD UHEHUDT +0%2)! VHTKDGDS VRVDO THDOLUDUL
EHODQMD’ 5HTGDUDTNDQ NRPSRQHQQZD% THDOLUDUL VHTHQGDK VHTMDGL SDGD EHODQMD PRGDO UHEHUDT
*/%/+! GDTL DQJJDTDQ +)*+ GHQJDQ SDQJUD UHEHUDT +)%2+! GDTL VRVDO THDOLUDUL EHODQMD
ODQJUWQJ’ 5HOWP RSVLPDOQZD THDOLUDUL EHODQMD VHTUHEWV DQVDTD ODLQ GLSHQJDTWKL ROHK PDULK
GRPLQDQQZD NHJLDVDQ SHTULDSDQ NHJLDVDQ KLQJJD STRUHU OHODQJ SHNHTMDDQ ZDQJ EHTODQJUWQJ
SDGD UHPHUVHT 8 +)*+’ @HPHQVDTD% THDOLUDUL EHODQMD EDTDQJ GDQ MDUD VHTFDVDV +1%-)! GDTL
DQJJDTDQ GDQ PDULK PHQGRPLQDUL THDOLUDUL EHODQMD ODQJUWQJ GHQJDQ SDQJUD UHEHUDT
/2%,/!’
@WPEHT 3 5DGDQ >HQJHOROD :HWDQJDQ GDQ 4UHV >TRX’
:DOLPDQVDQ 5DTDV
4M>BEG +%0 :>JCN> ;A>HEN>NE 7KILKJAJ
2AH>JF> 8>JCNPJC 1:23 :MKQEJNE 7>HEI>JO>J
2>M>O <AIANOAM 6 )’()
@WPEHT 3 5DGDQ >HQJHOROD :HWDQJDQ GDQ 4UHV >TRX’
:DOLPDQVDQ 5DTDV
4M>BEG +%(’ ;A>HEN>NE 7KILKJAJ 2AH>JF>
8>JCNPJC 1:23 :MKQEJNE 7>HEI>JO>J 2>M>O
<AIANOAM 6 )’()
5HTGDUDTNDQ NDEWSDVHQ(NRVD% :DEWSDVHQ @DPEDU VHTFDVDV UHEDJDL GDHTDK ZHQJ PHPLOLNL
SHTUHQVDUH THDOLUDUL EHODQMD VHTVLQJJL PHQFDSDL ..! GDTL VRVDO DQJJDTDQ VDKWQ +)*+’
?HDOLUDUL EHODQMD :DEWSDVHQ @DPEDU VHTFDVDV UHEHUDT ?S+22%+2 <LOLDT’ 4SDELOD GLTLQFL OHELK
GDODP% THDOLUDUL EHODQMD 4>56 :DE’ @DPEDU A4 +)*+ VHTWVDPD GDODP TDQJND EHODQMD
SHJDYDL UHEHUDT ?S+-,%-2 <LOLDT DVDW PHQFDSDL 1*%,/! GDTL VRVDO THDOLUDUL EHODQMD
UHPHUVHT 8 +)*+’ @HODQMWVQZD% THDOLUDUL EHODQMD PRGDO :DEWSDVHQ @DPEDU VHTFDVDV UHEHUDT
?S*0%.+ <LOLDT DVDW .%1.! GDTL VRVDO THDOLDUDL EHODQMD’ ?HDOLUDUL EHODQMD PRGDO :DEWSDVHQ
2’0+!
/2’,/!
+)’2+!
5HODQMD >HJDYDL
5HODQMD 5DTDQJ GDQ 9DUD
5HODQMD <RGDO
)! *)! +)! ,)! -)!
5HODQMD >HJDYDL
5HODQMD 5DTDQJGDQ 9DUD
5HODQMD <RGDO
/,
).83.5-,6/,6 (.;,6/,6 %,.8,0
(,21,6 &376751 *./176,4 )87<1691 (,415,6:,6 $,8,: +81=;4,6 ’’’ #!"#
@DPEDU VHTUHEWV DQVDTD ODLQ GLSHQJDTWKL ROHK DGDQZD DNVLILVDU SHPEDQJWQDQ LQITDUVTWNVWT
>RU ;LQVDU 5DVDU 4TWN&5LDYDN GDQ THKDELOLVDUL $ +)) TWPDK GL 6HUD AHPDMWN :HFDPDVDQ
>DORK ZDQJ PHTWSDNDQ NHFDPDVDQ SHTEDVDUDQ 8QGRQHULD GHQJDQ <DODZULD’
=>?AH +%* ;A>HEN>NE 2AH>JF> 2AM@>N>MG>J 7>?PL>OAJ&7KO>
@WPEHT3 YYY’GMSN’GHSNHW’JR’LG
@HSHTVL KDOQZD :DEWSDVHQ @DPEDU%
THDOLUDUL EHODQMD SHJDYDL GL
NDEWSDVHQ(NRVD PDULK MDWK GL DVDU
THDOLUDUL EHODQMD PRGDO’ @HFDTD TDVD&
TDVD THDOLUDUL EHODQMD PRGDO KDQZD
1%10! GDTL VRVDO THDOLUDUL EHODQMD
DVDW TDVD&TDVD KDQZD **! GDTL
DQJJDTDQ EHODQMD PRGDO A4 +)*+’
?HODVLI EHOWP RSVLPDOQZD THDOLUDUL
EHODQMD PRGDO VHTUHEWV DQVDTD ODLQ
GLSHQJDTWKL ROHK STRUHU SHODNUDQDDQ
SHNHTMDDQ ZDQJ THODVLI ODPD PWODL
GDTL SHTULDSDQ DGPLQLUVTDUL KLQJJD
STRUHU OHODQJ SHNHTMDDQ UHKLQJJD
SHODNUDQDDQ STRZHN EDTW GLPWODL SDGD DNKLT UHPHUVHT 8 +)*+’ 6L UDPSLQJ LVW% NHVHTEDVDUDQ
@6< UHTVD DGDQZD DJHQGD NHJLDVDQ SHPHTLQVDK GDHTDK MWJD PHPEHTLNDQ SHQJDTWK
VHTKDGDS EHOWP RSVLPDOQZD THDOLUDUL EHODQMD PRGDO SDGD UHPHUVHT 8 +)*+’
@WPEHT3 YYY’GMSN’GHSNHW’JR’LG
4M>BEG +%(( ;A>HEN>NE 2AH>JF> 9K@>H @>J 2AH>JF>:AC>R>E
:HVHTDQJDQ:DE’ :DSWDU
7WOW:DE’
:HVDSDQJ:DE’
@DPEDU:DE’
@DQJJDW:DE’
@LQVDQJ:DE’ <HODYL
:RVD>RQVLDQDN
?HDOLUDUL 5HODQMD +21’.) ,/0’1) +22’+2 +/,’/- +1)’1, *21’*+ ,,0’/1! ?HDOLUDUL 5HODQMD ,,’+/! ,.’1,! ..’))! +1’1)! ,*’.2! +*’+/! ,,’+.!
- 100 200 300
Kab. KapuasHulu
Kab. Ketapang
Kab. Sambas
Kab. Sanggau
Kab. Sintang
Kab. Melawi
Kota Pontianak
Belanja Modal
Belanja Pegawai
/-
).83.5-,6/,6 (.;,6/,6 %,.8,0
(,21,6 &376751 *./176,4 )87<1691 (,415,6:,6 $,8,: +81=;4,6 ’’’ #!"#
5>H>I>J 6JE <AJC>F> @E 7KNKJCG>J
/.
+3=83:10;40; )3?3;04083=700; &03=05 20; )3>3705?3=00; *0>C0=080?
)0760; ’8<;<:6 ,346<;09 +=<A6;>6 )096:0;?0; %0=0? .=6B@90; ((( #!"#
0
+%’% 7DRDM@F@JDPI@@M
1DPC@Q@PJ@M <SPTDH 0MFJ@R@M
7DPI@ :@QHNM@K "<@JDPM@Q# V@MF
CHK@JSJ@M NKDG 1;< ASK@M
0FSQRSQ (&’($ ISLK@G @MFJ@R@M
JDPI@ ;PNTHMQH 7@KHL@MR@M 1@P@R
@C@K@G (%’.) PHAS NP@MF @R@S
LDMF@K@LH ODMSPSM@M )$)(!
IHJ@ CHA@MCHMFJ@M ODPHNCD QSPTDH
QDADKSLMV@ O@C@ 3DAPS@PH (&’’%
;YRQFM FSLPFXFS PJVOF \FSL GJPJVOF
OYLF RJSLFQFRN UJSYVYSFS WJGJWFV
,%--! INGFSINSLPFS GYQFS 7JGVYFVN
+)*+ RJSOFIN WJOYRQFM +’*)0 TVFSL’ BJRJSXFVF NXY% OYRQFM FSLPFXFS PJVOF \FSL
RJSLFSLLYV RJSLFQFRN UJSNSLPFXFS WJGJWFV *%,,! RJSOFIN WJOYRQFM 0/ VNGY TVFSL’ 9FQ
XJVWJGYX GJVIFRUFP UFIF PJSFNPFS CNSLPFX @JSLFSLLYVFS CJVGYPF #C@C$ @VTZNSWN
<FQNRFSXFS 5FVFX WJGJWFV )%*+! RJSOFIN WJGJWFV ,%-1!’
1DPC@Q@PJ@M K@O@MF@M ODJDPI@@M
SR@L@MV@$ QDA@FH@M ADQ@P RDM@F@
JDPI@ CH 7@KHL@MR@M 1@P@R ADJDPI@
CH QDJRNP ODPR@MH@M$ V@MF RDPB@R@R
LDMB@O@H ’$) ISR@ NP@MF$ @R@S
LDMB@O@H +/$-*! C@PH RNR@K
@MFJ@R@M JDPI@ V@MF ADJDPI@ CH
7@KHL@MR@M 1@P@R% BJRJSXFVF NXY%
OYRQFM XJSFLF PJVOF UFIF WJPXTV
UJSLTQFMFS IFS WJPXTV OFWF RFWNSL&
RFWNSL RJSHFUFN WJOYRQFM +0/ VNGY
IFS .00 VNGY ON[F’ CNSLLNS\F UJS\JVFUFS XJSFLF PJVOF UFIF WJPXTV UJVXFSNFS XJVWJGYX
WJOFQFS IJSLFS WXVYPXYV UJVJPTSTRNFS IN <FQNRFSXFS 5FVFX \FSL RFWNM INXTUFSL TQJM WJPXTV
UJVXFSNFS% INRFSF WJPXTV XJVWJGYX RJRGJSXYP +-! @6A5 <FQNRFSXFS 5FVFX XVN[YQFS :::
4P@EHJ +%’ 6SLK@G 0MFJ@R@M 7DPI@ C@M =HMFJ@R;DMF@MFFSP@M =DPASJ@ 7@KHL@MR@M 1@P@R
4P@EHJ +%( =DM@F@ 7DPI@ 7@KHL@MR@M 1@P@R 9DMSPSR8@O@MF@M ;DJDPI@@M >R@L@
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
2,120
2,160
2,200
2,240
2,280
2,320
Februari Agustus Februari Agustus Februari Agustus
2010 2011 2012
Angkatan Kerja TPT
@JVXFSNFS.2’-0!
@JSLTQFMFS*,’*.!
;FWF+0’,1!
BABV
+$,($)"!*%!* ($.$*!%!($,’!!* #!$,!&#!* ($-$’!&.$,!!* )!-/!,!(!.
//
+3=83:10;40; )3?3;04083=700; &03=05 20; )3>3705?3=00; *0>C0=080?
)0760; ’8<;<:6 ,346<;09 +=<A6;>6 )096:0;?0; %0=0? .=6B@90; ((( #!"#
+)*+’ 6FVN WNWN WXFXYW UJPJVOFFSS\F% WJGFLNFS GJWFV GJPJVOF WJGFLFN GYVYM(PFV\F[FS% UJPJVOF
PJQYFVLF IFS GJVYWFMF WJSINVN INGFSXY GYVYM XNIFP XJXFU% RFWNSL&RFWNSL IJSLFS UJVWJSXFWJ
WJGJWFV +2%0*!% +/%2/! IFS +*%*0! IFVN XTXFQ FSLPFXFS PJVOF \FSL GJPJVOF’
;DL@ME@@R@M RDM@F@ JDPI@ ;PNTHMQH 7@KHL@MR@M 1@P@R O@C@ RPHUSK@M 555 (&’( PDK@RHE
RHC@J LDMSMISJJ@M ODPSA@G@M CHA@MCHMFJ@M RPHUSK@M QDADKSLMV@% 5JVIFWFVPFS
MFWNQ BYVZJN <JLNFXFS 6YSNF DWFMF 5FSP :SITSJWNF CVN[YQFS ::: +)*+% UJSLYSFFS XJSFLF
PJVOF IN GJVGFLFN WJPXTV JPTSTRN YXFRF IN <FQNRFSXFS 5FVFX% \FNXY WJPXTV UJVXFSNFS%
UJXJVSFPFS% PJMYXFSFS IFS UJVNPFSFS% WJPXTV UJVXFRGFSLFS IFS UJSLLFQNFS% WJPXTV
UJVIFLFSLFS% MTXJQ IFS VJWXTVFS% WJVXF WJPXTV PJYFSLFS XNIFP GJVYGFM INGFSINSLPFS
XVN[YQFS WJGJQYRS\F’ >FRYS IJRNPNFS% UJWNRNWRJ INXYSOYPPFS TQJM UJQFPY YWFMF UFIF
GJGJVFUF WJPXTV JPTSTRN% WJUJVXN WJPXTV NSIYWXVN UJSLTQFMFS% WJPXTV GFSLYSFS IFS WJPXTV
OFWF’ @FIF WNWN QFNS% XJVOFLFS\F PNSJVOF WJPXTV UJSLFSLPYXFS IFS PTRYSNPFWN WJNVNSL IJSLFS
XNSLLNS\F RTGNQNXFW UFIF XVN[YQFS ::: +)*+ PFVJSF FIFS\F UJVF\FFS :IYQ 7NXVN% QNGYVFS WJPTQFM%
BJRGFM\FSL <YGYV PJIYF WJVXF UJQFPWFSFFS @JRNQNMFS <JUFQF 6FJVFM @VTZNSWN <FQNRFSXFS
5FVFX% RJRGJVNPFS IFRUFP UTWNXNK XJVMFIFU UJSLLYSFFS XJSFLF PJVOF IN WJPXTV XJVWJGYX
UFIF UJVNTIJ QFUTVFS’
-@:13= $ -)&/ )096:0;?0; %0=0? .=6B@90; (( #!"#
4P@EHJ +%) <@KCN 1DPQHG =DPRHLA@MF "<1=#;DMFFSM@@M =DM@F@ 7DPI@ =U 555 (&’(
4P@EHJ +%* <1= ;DPJHP@@M ;DMFFSM@@M =DM@F@7DPI@ =U 5? (&’(
-2 0 2
J a s a - j a s a
Keuangan, Persewaan dan Jasa Perusahaan
Pengangkutan dan Komunikasi
Perdagangan, Hotel dan Restoran
Bangunan
Listrik, Gas dan Air Bersih
Industri Pengolahan
Pertambangan dan Penggalian
Pertanian, Peternakan, Kehutanan danPerikanan
Pesimis Optimis
-2 0 2 4
J a s a - j a s a
Keuangan, Persewaan dan Jasa Perusahaan
Pengangkutan dan Komunikasi
Perdagangan, Hotel dan Restoran
Bangunan
Listrik, Gas dan Air Bersih
Industri Pengolahan
Pertambangan dan Penggalian
Pertanian, Peternakan, Kehutanan danPerikanan
Pesimis Optimis
/0
+3=83:10;40; )3?3;04083=700; &03=05 20; )3>3705?3=00; *0>C0=080?
)0760; ’8<;<:6 ,346<;09 +=<A6;>6 )096:0;?0; %0=0? .=6B@90; ((( #!"#
;@C@ RPHUSK@M 5? (&’($ ODL@ME@@R@M RDM@F@ JDPI@ CH 7@KHL@MR@M 1@P@R CHODPJHP@J@M
@J@M LDMF@K@LH ODMHMFJ@R@M QDHPHMF CDMF@M @JRHTHR@Q ODPDJNMNLH@M V@MF
LDMHMFJ@R% 9FQ NSN XJVHJVRNS IFVN TUXNRNWRJ UJQFPY YWFMF \FSL QJGNM GFNP XJVMFIFU
UJSLLYSFFS XJSFLF PJVOF’ =JWPNUYS IJRNPNFS% UJWNRNWRJ INXYSOYPPFS TQJM UJQFPY YWFMF IN
WJPXTV NSIYWXVN UJSLTQFMFS’ 6N WNWN QFNS% UJSLLYSFFS XJSFLF PJVOF INUJVPNVFPFS XNIFP FPFS
GJVYGFM UFIF WJPXTV UJVXFSNFS% UJXJVSFPFS% PJMYXFSFS IFS UJVNPFSFS% WJPXTV
UJVXFRGFSLFS IFS UJSLLFQNFS WJVXF WJPXTV OFWF’
+%(% 7DQDI@GRDP@@M
BFQFM WFXY NSINPFXTV PJWJOFMXJVFFS FIFQFM >NQFN CYPFV @JXFSN #>C@$ \FSL RJSLLFRGFVPFS
NSINPFXTV VJQFXNK XNSLPFX PJWJOFMXJVFFS UJXFSN’ >NQFN XYPFV UJXFSN INUJVTQJM IJSLFS HFVF
RJRGFSINSLPFS NSIJPW MFVLF \FSL INXJVNRF UJXFSN XJVMFIFU NSIJPW MFVLF \FSL INGF\FV
UJXFSN’ >C@ OYLF RJSLYPYV IF\F XYPFV UVTIYP UJVXFSNFS XJVMFIFU GFVFSL IFS OFWF \FSL
INPTSWYRWN RFYUYS YSXYP GNF\F UVTIYPWN’ 6JSLFS IJRNPNFS% WJRFPNS XNSLLN >C@
RJSYSOYPPFS WJRFPNS XNSLLN XNSLPFX PJWJOFMXJVFFS UJXFSN’
1DPC@Q@PJ@M ODL@MR@S@M G@PF@ CH ODCDQ@@M O@C@ @JGHP RPHUSK@M 555 (&’($ @R@S
ASK@M <DORDLADP (&’($ :=; 4@ASMF@M ;PNTHMQH 7@KHL@MR@M 1@P@R RDPB@R@R QDADQ@P
’&&$)’ ONHM% >NQFN XJVWJGYX RJSLFQFRN UJSYVYSFS WJGJWFV )%..! INGFSINSLPFS >C@
LFGYSLFS GYQFS ;YSN +)*+ \FSL XJVHFXFX WJGJWFV *))%1/ #LVFKNP .’.$’ @JSYVYSFS >C@ UFIF
UJVNTIJ QFUTVFS INUJSLFVYMN TQJM FIFS\F UJSNSLPFXFS NSIJPW UFIF MFVLF \FSL INGF\FV
UJXFSN \FSL QJGNM GJWFV INGFSINSLPFS UJSNSLPFXFS NSIJPW UFIF MFVLF \FSL INXJVNRF UJXFSN%
RFWNSL&RFWNSL WJGJWFV +%)1 IFS *%,.’
<DB@P@ SLSL$ ODPFDP@J@M :=; F@ASMF@M CH 7@KHL@MR@M 1@P@R LDMSMISJJ@M
JDBDMCDPSMF@M V@MF LDMSPSM CHA@MCHMFJ@M R@GSM (&’’% >C@ GYQFS BJUXJRGJV +)*+
RJSLFQFRN UJSYVYSFS WJGJWFV +%+-! INGFSINSLPFS >C@ GYQFS 6JWJRGJV +)** \FSL
XJVHFXFX WJGJWFV *)+%..’
2@PH QHQH ODMC@O@R@M$ JDQDI@GRDP@@M ODR@MH CH 7@KHL@MR@M 1@P@R LDMF@K@LH
ODMHMFJ@R@M V@MF RDPBDPLHM C@PH HMCDJQ V@MF CHRDPHL@ ODR@MH O@C@ ASK@M
<DORDLADP (&’( QDADQ@P ’).$,.$ KDAHG RHMFFH CHA@MCHMFJ@M ASK@M 2DQDLADP (&’’
V@MF RDPB@R@R QDADQ@P ’)+$,)% >FRYS IJRNPNFS% UJSNSLPFXFS NSIJPW \FSL INXJVNRF
UJXFSN XJVWJGYX INNPYXN TQJM UJSNSLPFXFS \FSL QJGNM XNSLLN UFIF NSIJPW \FSL INGF\FV UJXFSN’
@FIF GYQFS BJUXJRGJV +)*+% NSIJPW \FSL INGF\FV UJXFSN XJVHFXFX WJGJWFV *,1%+.% QJGNM
XNSLLN INGFSINSLPFS IJSLFS NSIJPW \FSL INGF\FV UJXFSN UFIF UJVNTIJ 6JWJRGJV +)**
WJGJWFV *,+%+/’ BJGFLFNRFSF XJVQNMFX UFIF LVFKNP .’/% PYVZF UJVLJVFPFS NSIJPW \FSL
/1
+3=83:10;40; )3?3;04083=700; &03=05 20; )3>3705?3=00; *0>C0=080?
)0760; ’8<;<:6 ,346<;09 +=<A6;>6 )096:0;?0; %0=0? .=6B@90; ((( #!"#
INXJVNRF TQJM UJXFSN \FSL WJGJQYRS\F GJVFIF IN FXFW PYVZF UJVLJVFPFS NSIJPW \FSL INGF\FV
TQJM UJXFSN% WFFX NSN RJSYSOYPPFS PYVZF \FSL PTSZJVLJS’ 9FQ NSN RJSHJVRNSPFS GFM[F
UJSLMFWNQFS \FSL INXJVNRF TQJM UJXFSN MFRUNV MFGNW INLYSFPFS YSXYP PTSWYRWN IFS
UJRGJQNFS GFVFSL RTIFQ% WJMNSLLF XNIFP XJVIFUFX IFSF \FSL IFUFX INWNWNMPFS YSXYP
RJSFGYSL #>0A6;4>$’
BYRGJV3 5@B @VTZ’ <FQGFV% INTQFM
4P@EHJ +%+ :=; ;DR@MH 7@KHL@MR@M 1@P@R
BYRGJV3 5@B @VTZ’ <FQGFV% INTQFM
4P@EHJ +%, 5MCDJQ 2HA@V@P C@M 5MCDJQ 2HRDPHL@;DR@MH
+%(%’% ;DPFDP@J@M :=; 1SK@M <DORDLADP (&’(
<DA@F@HL@M@ RDK@G CHO@O@PJ@M O@C@ A@FH@M QDADKSLMV@$ :=; F@ASMF@M OPNTHMQH
7@KHL@MR@M 1@P@R O@C@ ASK@M <DORDLADP (&’( RDPB@R@R LDMF@K@LH ODMSPSM@M
CHA@MCHMFJ@M CDMF@M RPHUSK@M 55 (&’($ @R@S ASK@M 6SMH (&’(% @FIF WNWN UJSIFUFXFS%
WJRYF WYG WJPXTV \FSL RJSLFQFRN UJSYVYSFS% PJHYFQN UFIF WYG WJPXTV UJVNPFSFS \FSL
RJSLFQFRN UJVXYRGYMFS UTWNXNK’ 5JVIFWFVPFS UJSLLYSFFS% UJSNSLPFXFS NSIJPW \FSL
INGF\FV UJXFSN XJVOFIN GFNP UFIF NSIJPW PTSWYRWN VYRFM XFSLLF WJGJWFV +%./! RFYUYS
NSIJPW GNF\F UVTIYPWN IFS UJSFRGFMFS GFVFSL RTIFQ #5@@5=$ WJGJWFV )%.0!’
=@ADK +%’ :=; ;DP <SA <DJRNP
BYRGJV3 IFXF 5@B @VTZ’ <FQGFV INTQFM
21
22
*))
*)*
*)+
*),
*)-
*+)
*++
*+-
*+/
*+1
*,)
*,+
*,-
*,/
*,1
*-)
;FS
7JG
=FV
4UV
=JN
;YS
;YQ
4LY
WX
BJU
?PX
>TU 6JW ;FS
7JG
=FV
4UV
=JN
;YS
;YQN
4LW
BJU
+)** +)*+>C@ :SIJPW 6NXJVNRF >C@ :SIJPW 6NGF\FV >C@
*,)’++
*,*’2)*,*’-/
*,+’2**,+’1**,+’2)*,,’*+
*,-’.,*,-’-**,.’)-*,.’,+*,.’/,*,-’2/*,.’..
*,0’00*,1’,.*,0’1-*,0’,,*,0’)2*,1’-/*,1’/1
*+0’***+1’*.
*+1’1**+1’-.*+1’21*+2’.,*,)’*-*,*’-**,*’+1*,*’,-*,*’00*,+’+/
*,,’..*,-’*2
*,-’11*,.’+1*,.’1,*,/’*0*,/’20
*,1’*,*,1’+.
;FS
7JG
=FV
4U
V
=JN
;YS
;YQ
4LY
WX
BJU
?PX
>T
U
6JW ;FS
7JG
=FV
4U
V
=JN
;YS
;YQN
4LW BJU
>C@ :SIJPW 6NXJVNRF >C@ :SIJPW 6NGF\FV
6JW ;FS 7JG =FV 4UV =JN ;YS ;YQN 4LW BJU ;YS"*+ 6JW"***’ :SIJPW 9FVLF EFSL 6NXJVNRF @JXFSN *,.’/, *,-’2/ *,.’.. *,0’00 *,1’,. *,0’1- *,0’,, *,0’)2 *,1’-/ *,1’/1 *’,. ,’).*’*’ @FIN @FQF[NOF *+1’0- *+1’0, *+2’/0 *,+’+0 *,,’*- *,+’02 *,+’-0 *,+’01 *,-’,) *,-’*/ *’/2 .’-+*’+’ 9TVXNPYQXYVF *,1’,* *,1’.+ *-)’*+ *-+’0+ *-+’2, *--’** *-.’+- *-.’2- *-/’,2 *-/’.1 *’,- 1’+0*’,’ @JVPJGYSFS AFP\FX *.1’2+ *./’)2 *./’)+ *.1’.- *.2’*- *.0’)2 *..’,0 *.,’,1 *..’+* *./’,) )’2, &+’/+*’-’ @JXJVSFPFS *).’-, *).’., *).’-- *).’/, *).’.2 *).’/- *).’/) *).’0- *).’2+ *).’2* )’,* )’-1*’.’ @JVNPFSFS *,-’.2 *,.’*1 *,.’-2 *,/’*2 *,/’)* *,0’*- *,/’0+ *,0’.+ *,2’,+ *,1’2* +’*2 -’,++’ :SIJPW 9FVLF EFSL 6NGF\FV @JXFSN *,+’+/ *,,’.. *,-’*2 *,-’11 *,.’+1 *,.’1, *,/’*0 *,/’20 *,1’*, *,1’+. +’)1 .’22*’*’ @FIN @FQF[NOF *,,’** *,-’-0 *,.’*1 *,.’01 *,/’+, *,/’0, *,0’*) *,1’)* *,2’,, *,2’,- +’+- /’+,*’+’ 9TVXNPYQXYVF *,-’,, *,.’0* *,/’,0 *,0’*. *,0’., *,1’*- *,1’-0 *,2’,+ *-)’/2 *-)’1. +’,1 /’.+*’,’ @JVPJGYSFS AFP\FX *,+’/1 *,,’2+ *,-’-1 *,.’-. *,.’0/ *,/’-* *,/’0, *,0’,1 *,1’,/ *,1’/, *’2) .’2.*’-’ @JXJVSFPFS *+0’00 *+1’1. *+2’,* *+2’0) *,)’*. *,)’.1 *,)’11 *,*’/- *,+’.+ *,+’.0 *’/2 -’1)*’.’ @JVNPFSFS *+0’1) *+1’2/ *+2’/1 *,)’*1 *,)’./ *,*’)- *,*’,. *,+’)0 *,+’1* *,,’)1 *’0, .’+1,’ >NQFN CYPFV @JXFSN *)+’.. *)*’). *)*’)* *)+’*- *)+’+/ *)*’-1 *))’1/ *))’)2 *))’+- *))’,* &)’.. &+’+-*’*’ @FIN @FQF[NOF #>C@@$ 2/’0+ 2.’0- 2.’2+ 20’-* 20’0- 20’*+ 2/’/+ 2/’+* 2/’,2 2/’+1 &)’,- &)’--*’+’ 9TVXNPYQXYVF #>C@9$ *)+’2/ *)+’)0 *)+’0. *)-’)/ *),’2+ *)-’,+ *)-’12 *)-’0. *)-’). *)-’)0 &)’1+ *’***’,’ @JVPJGYSFS AFP\FX #>C@A$ **2’00 **/’./ **/’)* **0’). **0’++ **.’*/ **,’/, ***’/. **+’*1 **+’0. &)’11 &0’)+*’-’ @JXJVSFPFS #>C@C$ 1+’.+ 1*’2) 1*’.- 1*’-- 1*’*, 1)’2) 1)’/1 1)’,+ 02’2, 02’12 &)’02 &+’/,*’.’ @JVNPFSFS #>C@>$ *).’,+ *)-’1+ *)-’-1 *)-’/* *)-’*0 *)-’/. *)-’)2 *)-’*+ *)-’2) *)-’,1 )’+2 &)’2-
! 8VT[XM>T DVFNFS
+)*++)**
/2
+3=83:10;40; )3?3;04083=700; &03=05 20; )3>3705?3=00; *0>C0=080?
)0760; ’8<;<:6 ,346<;09 +=<A6;>6 )096:0;?0; %0=0? .=6B@90; ((( #!"#
:=; QSA QDJRNP R@M@L@M O@CH C@M O@K@UHI@ O@C@ RPHUSK@M 555 (&’( LDMF@K@LH
ODMSPSM@M QDADQ@P &$)*! CHA@MCHMFJ@M RPHUSK@M 55 (&’( LDMI@CH QDADQ@P /,$(.% 9FQ
NSN INUJSLFVYMN TQJM UJSNSLPFXFS NSIJPW MFVLF \FSL INGF\FV UJXFSN XFSFRFS UFIN IFS
UFQF[NOF \FSL QJGNM GJWFV INGFSINSLPFS UJSNSLPFXFS UFIF NSIJPW MFVLF \FSL INXJVNRF
UJXFSN XJVWJGYX’ :SIJPW MFVLF \FSL INXJVNRF UJXFSN UFIN UFQF[NOF RJSNSLPFX *%,.!
INGFSINSLPFS XVN[YQFS :: +)*+ RJSOFIN WJGJWFV *,-%*/!’@JSNSLPFXFS XJVWJGYX INITVTSL
TQJM RJSNSLPFXS\F NSIJPW UFIN IFS NSIJPW UFQF[NOF% RFWNSL&RFWNSL WJGJWFV +%0.! IFS
)%++!’ BJRJSXFVF NSIJPW MFVLF \FSL INGF\FV UJXFSN UFIN UFQF[NOF RJSNSLPFX +%+-!
RJSOFIN WJGJWFV *,2%,-% \FSL INUJSLFVYMN TQJM RJSNSLPFXS\F NSIJPW PTSWYRWN VYRFM
XFSLLF UJXFSN WJGJWFV *%1.! IFS GNF\F UVTIYPWN WJVXF UJSFRGFMFS GFVFSL RTIFQ
UJVXFSNFS WJGJWFV )%0.!’
<DHPHMF CDMF@M LDMSPSMMV@ :=; F@ASMF@M$ :=; QSA QDJRNP GNPRHJSKRSP@ O@C@
RPHUSK@M 555 (&’( LDMF@K@LH ODMSPSM@M QDADQ@P &$.(! LDMI@CH QDADQ@P ’&*$&-% 6FVN
WNWN UJSIFUFXFS% NSIJPW MFVLF \FSL INXJVNRF UJXFSN MTQXNPYQXYVF RJSLFQFRN PJSFNPFS WJGJWFV
*%,-! INGFSINSLPFS XVN[YQFS WJGJQYRS\F RJSOFIN WJGJWFV *-/%.1 UTNS UFIF GYQFS
BJUXJRGJV +)*+’ @JSNSLPFXFS XJVWJGYX INUJSLFVYMN TQJM SFNPS\F NSIJPW WF\YV&WF\YVFS IFS
NSIJPW GYFM&GYFMFS RFWNSL&RFWNSL WJGJWFV )%++! IFS *%,)!’ 6FVN WNWN NSIJPW MFVLF \FSL
INGF\FV UJXFSN MTVXNPYQXYVF% UJSNSLPFXFS XJVHFXFX QJGNM GJWFV% \FNXY WJGJWFV +%,1! RJSOFIN
WJGJWFV *-)%1.% \FSL INITVTSL TQJM PJSFNPFS UFIF NSIJPW PTSWYRWN VYRFM XFSLLF IFS
NSIJPW 5@@5= RFWNSL&RFWNSL WJGJWFV *%12! IFS )%/*!’
:=; QSA QDJRNP ODPJDASM@M P@JV@R O@C@ ASK@M <DORDLADP (&’( LDMF@K@LH
ODMSPSM@M O@KHMF ADQ@P CHA@MCHMFJ@M QSA QDJRNP K@HMMV@$ V@JMH QDADQ@P &$..!
CHA@MCHMFJ@M ASK@M 6SMH (&’( LDMI@CH QDADQ@P ’’($-+% 6FVN WNWN NSIJPW MFVLF \FSL
INXJVNRF UJXFSN UJVPJGYSFS VFP\FX% XJVOFIN UJSNSLPFXFS WJGJWFV )%2,! RJSOFIN WJGJWFV
*./%,)’ @JSNSLPFXFS XJVWJGYX XJVYXFRF INITVTSL TQJM RJSNSLPFXS\F UVTIYPWN C5B PJQFUF
WF[NX UFIF XVN[YQFS ::: +)*+’ BJRJSXFVF NXY% NSIJPW MFVLF \FSL INGF\FV UJXFSN WYG WJPXTV
UJVPJGYSFS VFP\FX SFNP *%2)! RJSOFIN WJGJWFV *,1%/,% \FSL INUJSLFVYMN TQJM PJSFNPFS
NSIJPW PTSWYRWN VYRFM XFSLLF WJGJWFV *%0)! IFS NSIJPW 5@@5= WJGJWFV )%)1!’
;@C@ QSA QDJRNP ODRDPM@J@M$ :=; O@C@ ASK@M <DORDLADP (&’( RDPB@R@R LDMF@K@LH
ODMSPSM@M QDADQ@P &$-/! LDMI@CH QDADQ@P -/$./% 9FQ NSN INUJSLFVYMN TQJM UJSNSLPFXFS
NSIJPW MFVLF \FSL INGF\FV UJXJVSFP \FSL QJGNM GJWFV INGFSINSLPFS UJSNSLPFXFS UFIF
NSIJPW MFVLF \FSL INXJVNRF’ 6FVN WNWN NSIJPW MFVLF \FSL INXJVNRF UJXJVSFP% XJVOFIN
UJSNSLPFXFS WJGJWFV )%,*! RJSOFIN WJGJWFV *).%2* UTNS’ @JSNSLPFXFS XJVWJGYX INITVTSL
TQJM RJSNSLPFXS\F NSIJPW YSLLFW WJGJWFV *%*+!% NSIJPW MFWNQ XJVSFP WJGJWFV *%+/!%
0)
+3=83:10;40; )3?3;04083=700; &03=05 20; )3>3705?3=00; *0>C0=080?
)0760; ’8<;<:6 ,346<;09 +=<A6;>6 )096:0;?0; %0=0? .=6B@90; ((( #!"#
WJRJSXFVF NSIJPW XJVSFP PJHNQ IFS XJVSFP GJWFV XNIFP RJSLFQFRN UJVYGFMFS’ 6FVN WNWN NSIJPW
MFVLF \FSL INGF\FV UJXFSN% PJSFNPFS WJGJWFV *%/2! RJSOFIN WJGJWFV *,+%.0 INUJSLFVYMN
TQJM SFNPS\F NSIJPW PTSWYRWN VYRFM XFSLLF’
2H QHQH K@HM$ :=; QSA QDJRNP ODPHJ@M@M O@C@ ASK@M <DORDLADP (&’( LDMF@K@LH
ODMHMFJ@R@M QDADQ@P &$(/! LDMI@CH ’&*$). IHJ@ CHA@MCHMFJ@M ODPHNCD RPHUSK@M 55
(&’(% 9FQ NSN INUJSLFVYMN TQJM QJGNM XNSLLNS\F UJSNSLPFXFS UFIF NSIJPW MFVLF \FSL INXJVNRF
UJXFSN UJVNPFSFS ONPF INGFSINSLPFS UJSNSLPFXFS UFIF NSIJPW MFVLF \FSL INGF\FV TQJM
UJXFSN’ @JSNSLPFXFS UFIF NSIJPW MFVLF \FSL INXJVNRF UJXFSN WJGJWFV +%*2! RJSOFIN *,1%2*
INUJSLFVYMN TQJM RJSNSLPFXS\F NSIJPW UJSFSLPFUFS IFS NSIJPW GYINIF\F% RFWNSL&RFWNSL
WJGJWFV *%0+! IFS )%.2!’ BJRJSXFVF IFVN WNWN NSIJPW MFVLF \FSL INGF\FV UJXFSN%
UJSNSLPFXFS WJGJWFV *%0,! RJSOFIN WJGJWFV *,,%)1 INUJSLFVYMN TQJM PJSFNPFS NSIJPW
PTSWYRWN VYRFM XFSLLF WJGJWFV *%/1! IFS NSIJPW 5@@5= WJGJWFV )%-*! INGFSINSLPFS
XVN[YQFS :: +)*+’
+%(%(% ;DPA@MCHMF@M 2DMF@M ;PNTHMQH 8@HM CH 7@KHL@MR@M
;@C@ ASK@M <DORDLADP (&’($ QDKSPSG OPNTHMQH CH UHK@V@G 7@KHL@MR@M LDMF@K@LH
ODMSPSM@M :=; F@ASMF@M CHA@MCHMFJ@M CDMF@M ONQHQH 6SMH (&’(% @JSYVYSFS
XJVGJWFV INFQFRN TQJM <FQNRFSXFS 5FVFX IJSLFS UJSYVYSFS >C@ WJGJWFV )%..!% INNPYXN TQJM
<FQNRFSXFS CJSLFM WJGJWFV )%,*!’ 6JRNPNFS MFQS\F ONPF INGFSINSLPFS IJSLFS GYQFS
6JWJRGJV +)**% WJQYVYM UVTZNSWN IN <FQNRFSXFS OYLF RJSLFQFRN UJSYVYSFS >C@’ @VTZNSWN
<FQNRFSXFS 5FVFX RJSLFQFRN UJSYVYSFS >C@ XJVGJWFV \FPSN +%+-!% INNPYXN <FQNRFSXFS
BJQFXFS WJGJWFV *%22!’
0O@AHK@ CHA@MCHMFJ@M CDMF@M OPNTHMQH K@HMMV@$ :=; F@ASMF@M ;PNTHMQH 7@KHL@MR@M
1@P@R G@MV@ QDCHJHR ADP@C@ CH @R@Q @MFJ@ C@Q@P HMCDJQ "’&&# V@HRS QDADQ@P ’&&$)’$
KDAHG JDBHK CHA@MCHMFJ@M ;PNTHMQH 7@KHL@MR@M <DK@R@M V@MF RDPB@R@R QDADQ@P ’&-$+-%
BJRJSXFVF NXY% NSIJPW >C@ @VTZNSWN <FQNRFSXFS CJSLFM IFS <FQNRFSXFS CNRYV GJVFIF IN
GF[FM FSLPF IFWFV NSIJPW \FNXY RFWNSL&RFWNSL WJGJWFV 21%2. IFS 21%)+’ <TSINWN XJVWJGYX
RJSHJVRNSPFS GFM[F PJWJOFMXJVFFS UJXFSN IN @VTZNSWN <FQNRFSXFS 5FVFX RFWNM GJVFIF IN
GF[FM <FQNRFSXFS BJQFXFS% SFRYS GJVFIF IN FXFW <FQNRFSXFS CJSLFM IFS <FQNRFSXFS
CNRYV’
=@ADK +%( ;DPA@MCHMF@M 2DMF@M :=; ;PNTHMQH CH 7@KHL@MR@M
BYRGJV3 IFXF 5@B @VTZ’ <FQGFV INTQFM
6JW ;FS 7JG =FV 4UV =JN ;YS ;YQN 4LW BJU ;YS"*+ 6JW"*** *)+’.. *)*’). *)*’)* *)+’*- *)+’+/ *)*’-1 *))’1/ *))’)2 *))’+- *))’,* &)’.. &+’+-+ 22’/* 22’-- 22’0. 22’1. 22’0- 22’.1 22’+/ 22’)- 21’// 21’2. &)’,* &)’//, *)2’./ *)1’2) *)1’+/ *)1’+- *)1’+0 *)1’+2 *)0’01 *)0’/0 *)0’, *)0’.0 &)’+* &*’22- 21’/+ 21’,- 21’)- 21’., 21’-/ 21’+) 21’+* 21’*- 21’)2 21’)+ &)’*2 &)’/)
DVFNFS! 8VT[XM+)*+
<FQNRFSXFS 5FVFX<FQNRFSXFS CJSLFM
+)**>T
<FQNRFSXFS BJQFXFS<FQNRFSXFS CNRYV
/)
)/;53;,,8 &598973 .,8 ’806,<3 %,/;,2
(,43,8 &598973 */1398,6 );9?38<3 (,637,8=,8 $,;,= +;3@>6,8 ’’’ #!"#
,
*"%" 5?KECK;;H 5?KMNG<NB;H .EIHIGC
ALXLRVUVTPHU <HSPTHUZHU 4HXHZ WHKH ZXP][SHU :G *()* KPWLXRPXHRHU Z[TI[O WHKH RPYHXHU
-$-! % -$1! "^V^# SLIPO SHTIHZ KPIHUKPUNRHU ZXP][SHU ::: *()* ^HUN Z[TI[O YLILYHX .$(
"^V^#& ALXSHTIHZHU RVUY[TYP KHU LRYWVX KPWLXRPXHRHU THYPO HRHU ILXSHUQ[Z WHKH ZXP][SHU :G
*()* YLOPUNNH ILXKHTWHR ZLXOHKHW RPULXQH WLXLRVUVTPHU <HSPTHUZHU 4HXHZ YLJHXH
RLYLS[X[OHU& AHKH YPYP WLUKHWHZHU$ WLXSHTIHZHU RVUY[TYP X[THO ZHUNNH KPWLXRPXHRHU
KPWLUNHX[OP VSLO OHXNH RVTVKPZHY WLXRLI[UHU RO[Y[YU^H RHXLZ KHU E4D ^HUN JLUKLX[UN
THYPO TLUNHSHTP WLSLTHOHU& 4LXSHUQ[ZU^H WLXSHTIHZHU RVUY[TYP X[THO ZHUNNH HUZHXH SHPU
KPPUKPRHYPRHU KLUNHU WLXRPXHHU PUKLRY ZLUKLUYP RVUY[TLU WHKH ZXP][SHU :G *()* YLILYHX
)(1$ TLYRPW[U THYPO J[R[W IHPR UHT[U VWZPTPYTL THY^HXHRHZ TLU[UQ[RRHU
RLJLUKLX[UNHU ^HUN TLSLTHO KPIHUKPUNRHU KLUNHU ZXP][SHU ::: *()* KPTHUH :UKLRY
ELUKLUYP <VUY[TLU ZLXJHZHZ YLILYHX ))*&
<VUKPYP ZLXYLI[Z$ Q[NH YLQHSHU KLUNHU OHYPS D[X\LP <VUY[TLU ^HUN KPSHR[RHU VSLO 4HUR
:UKVULYPH& @WZPTPYTL THY^HXHRHZ ZLXOHKHW LRYWLRZHYP WLUNOHYPSHU . I[SHU ^HUN HRHU
KHZHUN TLU[UQ[RRHU WLU[X[UHU KPTHUH PUKLRY LRYWLRZHYP WHKH I[SHU VRZVILX ZLXJHZHZ
YLILYHX )-* KLUNHU =;/8. ^HUN TLU[X[U& <VUKPYP ZLXYLI[Z KPWLUNHX[OP VSLO LRYWLRZHYP
THY^HXHRHZ ZLXOHKHW RLZLXYLKPHHU SHWHUNHU WLRLXQHHU ^HUN JLUKLX[UN TLUNHSHTP
WLU[X[UHU YLQHSHU KLUNHU TLU[X[UU^H LRYWLRZHYP RLNPHZHU [YHOH KPTHUH HUNRH PUKLRY
LRYWLRZHYP SHWHUNHU WLRLXQHHU KHU PUKLRY LRYWLRZHYP RLNPHZHU K[UPH [YHOH ZLXJHZHZ YLILYHX
D[TILX2 4AD <HSIHX$ KPVSHO
/K;@CE *"% 5?KECK;;H >;H 6?;FCL;LC 1H>?EL 8?H>?HLC 2IHLNG?H
D[TILX2 D[X\LP <VUY[TLU 4:
/K;@CE *"& .ELJ?EM;LC 2IH>CLC .EIHIGC
BABVI
*#+&%+!!( *#+#&)()’%!( "!#+!$
)()
)(.
)(-
)(0
))+
)))
))(
)(1
)(/
))(
))(
))*
))*
)(1
1- )(( )(- ))( ))-
CLHSPYHYP
ALXRPXHHU
CLHSPYHYP
ALXRPXHHU
CLHSPYHYP
ALXRPXHHU
CLHSPYHYP
ALXRPXHHU
CLHSPYHYP
ALXRPXHHU
CLHSPYHYP
ALXRPXHHU
CLHSPYHYP
ALXRPXHHU
B)
B*
B+
B,
B)
B*
B+
B,
*(
))
*(
)*
)-*
))+)+*
(
-(
)((
)-(
*((
;HU 7LI >HX 3WX >H^ ;[U ;[S 3[N DLW @JZ
*()*
:UKLRY ALUNOHYPSHU <VUY[TLU
:UKLRY <LZLXYLKPHHU SHWHUNHU RLXQH
:UKLRY <LNPHZHU FYHOH
(,43,8 &598973 */1398,6 );9?38<3 (,637,8=,8 $,;,= +;3@>6,8 ’’’ #!"#/*
)/;53;,,8 &598973 .,8 ’806,<3 %,/;,2
)+* KHU ))+ KLUNHU RLJLUKLX[UNHU
TLU[X[U& +;/8. WLXSHTIHZHU RLNPHZHU
[YHOH ZLXYLI[Z Q[NH KPPUKPRHYPRHU KLUNHU
YPRHW WLSHR[ [YHOH ^HUN JLUKLX[UN WLYPTPY
ZLXOHKHW RVUKPYP RLNPHZHU K[UPH [YHOH
"NXHMPR .&+#& ?HT[U KLTPRPHU$ WLXSHTIHZHU
RVUY[TYP HRHU YLKPRPZ ZLXLKHT VSLO HKHU^H
ALXH^HHU ?HZHS KHU EHO[U 4HX[ *()+&
AHKH YPYP SHPU$ TLUPUNRHZU^H ILSHUQH
WLTLXPUZHO YLPXPUN KLUNHU WLUPUNRHZHU RLNPHZHU KHU WXV^LR WLTLXPUZHO WHKH ZXP][SHU :G
*()* HRHU TLTILXPRHU KHTWHR WVYPZPM ZLXOHKHW YLRZVX RVUY[TYP RO[Y[YU^H RVUY[TYP
WLTLXPUZHO& DLJHXH [T[T$ XLHSPYHYP WXV^LR WLTLXPUZHO HRHU TLUNHSHTP WLUPUNRHZHU WHKH
HROPX ZHO[U&
D[TILX2 4SVVTILXN
/K;@CE *"( 0;KA; 1HM?KH;LCIH;F 2;K?M
D[TILX2 4SVVTILXN
/K;@CE *") 0;KA; 1HM?KH;LCIH;F ,54
AHKH YPYP LRYWVX$ WLXSHTIHZHU LRYWVX <HSPTHUZHU 4HXHZ KPWLXRPXHRHU THYPO HRHU ILXSHUQ[Z
WHKH ZXP][SHU :G *()*& 4LXKHYHXRHU RVTVKPZPU^H$ WLXSHTIHZHU LRYWVX KPWLXRPXHRHU HRHU
ZLXQHKP WHKH WLXZHTIHUNHU IH[RYPZ$ RHXLZ$ KHU 5A@& ALXSHTIHZHU LRYWVX IH[RYPZ HUZHXH SHPU
THYPO KPWLUNHX[OP VSLO WLU[X[UHU WXVK[RYP YLPXPUN KLUNHU ILS[T YPHWU^H OPSPXPYHYP&
DLTLUZHXH$ WLXSHTIHZHU LRYWVX RHXLZ KHU 5A@ HUZHXH SHPU KPWLUNHX[OP VSLO THYPO
SLTHOU^H WLXTPUZHHU K[UPH YLXZH OHXNH RHXLZ KHU 5A@ ^HUN THYPO TLU[UQ[RRHU
RLJLUKLX[UNHU TLSLTHO& ?HT[U KLTPRPHU$ WLU[X[UHU WXVK[RYP RHXLZ <HSPTHUZHU 4HXHZ
HRHU YLKPRPZ ZLXLKHT VSLO WLXRPXHHU TLUPUNRHZU^H WLUQ[HSHU HUZHX W[SH[ YLPXPUN KLUNHU
ZLXQHNHU^H RPULXQH PUK[YZXP WLUNVSHOHU RHXLZ WLUK[R[UN PUK[YZXP VZVTVZPM KPRHXLUHRHU
THYPO ZPUNNPU^H WLUQ[HSHU TVIPS) KP :UKVULYPH YLILYHX 0).$+* XPI[ [UPZ YHTWHP KLUNHU
HROPX DLWZLTILX *()* HZH[ TLUPUNRHZ *+$/! "^V^#&
) D[TILX2 OZZW2’’VZVTVZPM&RVTWHY&JVT’XLHK’*()*’)(’)0’,0,,’*()*&ALUQ[HSHU&>VIPS&KP&:UKVULYPH&D[KHO&>LUJHWHP&0).&+**&[UPZ
%*(
%)-
%)(
%-
(
-
)(
)-
*(
B) B* B+ B, B) B* B+
*()) *()*
D[TILX2 D<6F 4HUR :UKVULYPH$ KPVSHO
/K;@CE *"’ 6?;FCL;LC2?AC;M;H -NHC; 9L;B;
%
)((&((
*((&((
+((&((
,((&((
-((&((
.((&((
/((&((
;HU >HX >H^ ;[S DLW ?V\ ;HU >HX >H^ ;[S DLW
*()) *()*
97- ,?HM#2A
%
*((&((
,((&((
.((&((
0((&((
)$(((&((
)$*((&((
)$,((&((
;HU >HX>H^ ;[S DLW ?V\ ;HU >HX>H^ ;[S DLW
*()) *()*
97-#3?MKC=8IH
/+
)/;53;,,8 &598973 .,8 ’806,<3 %,/;,2
(,43,8 &598973 */1398,6 );9?38<3 (,637,8=,8 $,;,= +;3@>6,8 ’’’ #!"#
*"&" 5?KECK;;H 1H@F;LC -;?K;B
5?HNKNH;H CH@F;LC >CJ?KECK;E;H
G;LCB ;E;H <?KF;HALNHA BCHAA;
MKCONF;H 1: &$%&" 6HXP RVTVKPZHY ?96,=36/
099.<$ ILXKHYHXRHU WVSH OPYZVXPYU^H
WLU[X[UHU KPWLXRPXHRHU ILXHYHS KHXP
RVTVKPZHY I[TI[%I[TI[HU$ PRHU YLNHX
KHU KHNPUN& DLSHPU PZ[$ WHKH RLSVTWVR
,.7383<=/;/. :;3-/< YLQH[O PUP ZPKHR HKH
XLUJHUH WLULXHWHU RLIPQHRHU ^HUN
YZXHZLNPY OPUNNH HROPX ZHO[U *()*$ RLJ[HSP
XLUJHUH RLUHPRHU OHXNH =A8 )* RN ^HUN
KPWLXRPXHRHU HRHU ILXKHTWHR TPUPTHS
WHKH PUMSHYP :9<&
-;KC E?FIGJIE HIH J;HA;H! IHAEIL ;HAENM;H N>;K; >CJ?KECK;E;H ;E;H G?HA;F;GC
E?H;CE;H L?CKCHA >?HA;H G?HCHAE;MHP; J?KGCHM;;H G?HD?F;HA FC<NK;H ;EBCK M;BNH
!($#% )$#)’&"" 6LUNHU TLTWLXZPTIHUNRHU OHS ZLXYLI[Z KHU WLXRPXHHU PUMSHYP [UZ[R K[H
I[SHU ZLXHROPX YLJHXH R[T[SHZPM YLRPZHX )$-!$ THRH PUMSHYP <VZH AVUZPHUHR WHKH HROPX ZHO[U
*()* KPWLXRPXHRHU ILXHKH KP RPYHXHU -$1!%.$,! "^V^# HZH[ SLIPO XLUKHO KPIHUKPUNRHU
ZHXNLZ ZHO[U *()* YLILYHX /$((!&
D[TILX2 D[X\LP <VUY[TLU 4:$ KPVSHO
/K;@CE *"*" 5?KE?G<;HA;H .ELJ?EM;LC 0;KA;G?HNKNM 2IHLNG?H >C 2;FCG;HM;H +;K;M
0
1
120
130
140
150
160
170
180
190
200
Tw
IV-2008
Tw
I-2009
Tw
II-2009
Tw
III-2009
Tw
IV-2009
Tw
I-2010
Tw
II-2010
Tw
III-2010
Tw
IV-2010
Tw
I-2011
Tw
II-2011
Tw
III-2011
Tw
IV-2011
Tw
I-2012
Tw
II-2012
Tw
III-2012
Tw
IV-2012
Saldo Bersih Ekspektasi Harga Konsumen 3 bulan yad (MA-3)Ekspektasi Harga Konsumen 6 bulan yad (MA-6)
(,43,8 &598973 */1398,6 );9?38<3 (,637,8=,8 $,;,= +;3@>6,8 ’’’ #!"#/,
)/;53;,,8 &598973 .,8 ’806,<3 %,/;,2
0;F;G;H 1HC 7?HA;D; >C 2ILIHAE;H
,*
(,36/7,4
’,0/,4 %15453/ *-./54,2 )75;/48/ ’,2/3,49,4 $,7,9 +7/<:2,4 &&& #!"#
#" 2
(>7<3B: 1A:ED<3>3> ,6>DADC *?C3
=SLBEP/ 1ADAM ;SQAR =RARHQRHJ
(>7<3B: 1A:ED<3>3> *?C3 .?>C:3>3; &3> *?C3 0:>8;3E3>8 ,6>DADC *6<?=@?;%393> ,3;3>3>
=SLBEP/ 1ADAM ;SQAR =RARHQRHJ
(>7<3B: 1A:ED<3>3> *?C3 .?>C:3>3; &3> *?C3 0:>8;3E3>8 ,6>DADC *6<?=@?;,3;3>3> )35:! ,:>D=3>! /?;?; 53> 16=43;3D
=SLBEP/ 1ADAM ;SQAR =RARHQRHJ
(>7<3B: 1A:ED<3>3> *?C3 .?>C:3>3; &3> *?C3 0:>8;3E3>8 ,6>DADC *6<?=@?;.6AD=393>! $:A! +:BCA:;! ’3B 53> %393> %3;3A
=SLBEP/ 1ADAM ;SQAR =RARHQRHJ
;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT
1AGAM 9AJAMAM -#’. (#+) &#%& %#+* ’#)+ (#** "&#*- "&#*& )#)* (#&. %#%, "%#(( )#’. +#’+ ’#&, &#,) &#)+ "&#&.
9AJAMAM IADH! LHMSLAM! PNJNJ DAM RELBAJAS ’#&’ %#.& &#%* %#(% &#%* ’#.- &#.’ %#-) ’#() *#&. %#.- (#,& &#%+ "%#%. &#%+ %#,& %#&* %#((
;EPSLAGAM! AHP! KHQRPHJ! FAQ DAM BAGAM BAJAP ’#-% (#%) %#.) %#(, &#*% &#.. %#)( (#() %#-( ’#’. ’#%- %#-- &#-) &#%( &#)+ %#,, ’#&- %#&-
=AMDAMF ’#,% %#)) &#,+ &#(- %#-- %#%- "%#’. &#%) ’#’( +#+& "%#), "%#’) %#.% %#,( %#+- "%#(. %#+( &#)*
7EQEGARAM &#&+ %#() "%#’% "%#(. ’#** %#’( %#), &#,’ &#(+ ’#+) %#(( "%#&- %#,- %#%+ &#)’ &#(( ’#%+ "%#-)
;EMDHDHJAM! PEJPEAQH DAM NKAGPAFA &#+* &#)- "%#&, &#-( &#%& %#’& "%#%, %#)& %#*( ,#.+ %#)’ %#&( %#’& %#,. %#%. "%#,) %#,+ )#,,
>PAMQONP! JNLSMHJAQH DAM IAQA JESAMFAM -#*& &*#)* &#,- ".#&, %#%- &#,- ’#(, ")#%( -#), -#,, "*#., "*#)& ’#’+ "%#-- &#*& ’#.- -#(% *#&)
?LSL )#,* )#+& &#%( "&#’) &#)’ ’#(& %#(. "%#%* (#(’ )#** "%#’, "%#&. ’#’% &#.* &#)* &#(% ’#() %#-%
>T 555
’%&’
>T 55>T 5>T 5@
’%&&
>T 555>T 5 >T 55 >T 5@>T 555
’%&%
7EKNLONJ
;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT
1AGAM 9AJAMAM -#’. (#+) &#%& %#+* ’#)+ (#** "&#*- "&#*& )#)* (#&. %#%, "%#(( )#’. +#’+ ’#&, &#,) &#)+ "&#&.
" ;ADH"OADHAM! ?LBH"SLBHAM DAM 4AQHKMUA -#’- +#)& ’#.% -#(. ’#,( &#** "&#++ %#%- &#++ ’#,& *#)’ %#.- (#,* )#+% %#%( %#%& *#’+ %#’+
" 2AFHMF DAM 4AQHK"GAQHKMUA (#’. "’#*, "’#,, "*#&( "&#,* ,#*+ ’#.’ %#). ’#%& .#*% "%#’, %#)% &’#&% *#-- ".#)- ",#’. "&#.. "(#’%
" 5JAM =EFAP -#%* (#.( "(#(( "&%#*’ "%#)+ +#’’ (#+. "(#,) &)#.) )#(- "+#+, "%#(. ’#’’ .#(( &%#.% &+#-’ "&#., ")#(%
" 5JAM 2HATERJAM ,#&. "%#’. "%#-% "&#,- (#)& %#-* ’#,% %#+) "’#() %#(* "(#-* "&#&+ (#&. "%#&’ %#.* &%#., &#&( &#.&
" >EKSP! =SQS DAM 4AQHK"GAQHKMUA ,#&* ’#(( "’#() %#(’ ’#.% "%#’+ (#)’ &#,’ &#,% "%#%, "&#(% %#%’ ’#%% &#’+ %#&* "&#%) %#,& "%#*(
" =AUSP"QAUSPAM ’.#)( .#(, (#’, (#+- "%#+) ")#%% ",#)* ",#-( &&#(& +#%% &#)( %#)) +#.- &)#)- *#(( %#’) )#(+ %#&+
" 7ACAMF " JACAMFAM )#,) &#&% %#&+ ’#.’ *#.+ "%#+. "&#&% ’#(- *#(, "&#&& %#). "&#%- "%#’) ’#.* %#&. &#.& %#%) &#+’
" 1SAG " BSAGAM (#+& ’#*& +#+, "%#+% &&#() ((#&* "*#)) "%#(* +#%( %#’& ")#’, "&&#(. )#-’ (#&’ )#.& "%#(& &’#)) +#+%
" 1SLBS " BSLBSAM -#() ,#(+ &%#,% &#,- ,#)% &#&% "&.#(& ")#+- ",#’& "*#*. -#,& (#*’ "&#+’ &#++ &’#.) *#+. "-#*, ")#,*
" 8ELAJ DAM 9HMUAJ *#’- &#++ *#., ,#*, ,#-- &#)) "*#+& "(#)) "&#+( &#’+ ’#(, "&#,% )#’’ &&#(, "%#(* "&#.’ &#+’ "(#)(
" 1AGAM 9AJAMAM 8AHMMUA ’#.+ &#’) ’#)’ %#+( &#’, ’#’+ ’#-( &-#(& %#&+ %#+, &#+, (#), %#** %#%% ’#,+ %#%% "%#,, %#)&
>T 5 >T 555
’%&&
>T 5@>T 555
’%&% ’%&’
>T 55>T 5@>T 555>T 5 >T 557EKNLONJ
;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT
9AJAMAM IADH! LHMSLAM! PNJNJ DAM RELBAJAS ’#&’ %#.& &#%* %#(% &#%* ’#.- &#.’ %#-) ’#() *#&. %#.- (#,& &#%+ "%#%. &#%+ %#,& %#&* %#((
" 9AJAMAM IADH ’#%) %#+) %#*( %#&& %#(- (#+, %#,* &#+( ’#,* ,#&) %#’% (#-% %#+& %#%% %#%% %#’( %#%* %#&(
" 9HMSLAM RHDAJ BEPAKJNGNK %#’& &#(& %#-. &#’, ’#)+ "%#&- &#&, "%#), %#*& "%#%’ ’#+’ .#%, ’#-+ "(#%& ’#%’ &#(- %#&+ "&#%%
" >ELBAJAS DAM LHMSLAM BEPAKJNGNK )#&) &#&( ’#+. %#%% &#++ (#-) *#,* %#’% ’#-+ )#.& &#+& %#’, %#+. &#+* ’#.+ &#’& %#(. &#*)
>T 555 >T 5@>T 5@
’%&&
>T 5 >T 557EKNLONJ
’%&’
>T 5>T 555 >T 55 >T 555
’%&%
;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT
;EPSLAGAM! 0HP! 8HQRPHJ! 3AQ DAM 1AGAM 1AJAP ’#-% (#%) %#.) %#(, &#*% &#.. %#)( (#() %#-( ’#’. ’#%- %#-- &#-) &#%( &#)+ %#,, ’#&- %#&-
" 1HAUA RELOAR RHMFFAK ’#,* %#() %#.+ %#*% ’#%& ’#’* %#(- "%#&% %#.( (#’. (#%’ &#** (#%, &#’, &#+) &#’) (#)& %#’,
" 1AGAM BAJAP! OEMEPAMFAM DAM AHP (#.* .#,& %#&) %#&. %#&* ’#&- "%#%& &&#+, %#%+ %#&) %#%( "%#%& "%#&& %#%- %#%, %#%( %#&( %#%&
" ;EPKEMFJAOAM PSLAG RAMFFA %#-’ ’#++ (#&’ %#’% ’#%) %#-& &#)) "%#%+ ’#’* )#’+ ’#)’ %#)( &#-( ’#*. &#,* %#+& &#), %#%&
;EMUEKEMFFAPAAM PSLAG RAMFFA ’#%& %#&% &#%- %#&. &#+* %#)’ %#.& %#*. %#.+ &#,. &#,, %#%( %#&& &#*% (#%+ %#’, %#.( %#)&
>T 555
’%&’
>T 55>T 555 >T 5@
’%&&
>T 55 >T 5>T 555 >T 5@
’%&%
7EKNLONJ >T 5
" #%!& $
’,0/,4 %15453/ *-./54,2 )75;/48/ ’,2/3,49,4 $,7,9 +7/<:2,4 &&& #!"#,+
(,36/7,4
(>7<3B: 1A:ED<3>3> *?C3 .?>C:3>3; &3> *?C3 0:>8;3E3>8 ,6>DADC *6<?=@?;03>53>8
=SLBEP/ 1ADAM ;SQAR =RARHQRHJ
(>7<3B: 1A:ED<3>3> *?C3 .?>C:3>3; &3> *?C3 0:>8;3E3>8 ,6>DADC *6<?=@?;*6B693C3>
=SLBEP/ 1ADAM ;SQAR =RARHQRHJ
(>7<3B: 1A:ED<3>3> *?C3 .?>C:3>3; &3> *?C3 0:>8;3E3>8 ,6>DADC *6<?=@?;.6>5:5:;3>! /6;A63B: 53> -<39A383
=SLBEP/ 1ADAM ;SQAR =RARHQRHJ
(>7<3B: 1A:ED<3>3> *?C3 .?>C:3>3; &3> *?C3 0:>8;3E3>8 ,6>DADC *6<?=@?;1A3>B@?A! *?=D>:;3B: 53> )3B3 *6D3>83>
=SLBEP/ 1ADAM ;SQAR =RARHQRHJ
;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT
=AMDAMF ’#,% %#)) &#,+ &#(- %#-- %#%- "%#’. &#%) ’#’( +#+& "%#), "%#’) %#.% %#,( %#+- "%#(. %#+( &#)*
" =AMDAMF KAJH"KAJH *#)) %#(, %#-. %#++ &#’+ %#%% %#*% %#%% "%#(* ’#,) "%#+% %#%% &#’* %#., &#+% "%#+& %#’* %#&%
" =AMDAMF TAMHRA ’#,’ %#-- "%#’% "%#&( %#+* %#%% "%#+) %#%) "&#-) *#%. "%#++ %#&& &#’) %#’( %#*& %#&& &#%+ %#)+
" =AMDAMF AMAJ"AMAJ "+#%* %#%% ’#-) %#%% "%#(* "%#&’ %#’) ’#&( ’#’* *#(, "%#++ %#%( %#%) %#%% %#*& "%#&. %#(( %#*’
" 1APAMF OPHBADH DAM QAMDAMF KAHM +#&’ %#*& (#*, +#.* &#)+ %#+* "&#%* ’#+. ,#-, &+#(. "%#&% "&#(+ %#-’ &#.) %#&) "&#%’ %#-’ *#,%
>T 555>T 5@
’%&’
>T 5 >T 557EKNLONJ >T 555
’%&&
>T 5@>T 555 >T 5 >T 55
’%&%
;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT
7EQEGARAM &#&+ %#() "%#’% "%#(. ’#** %#’( %#), &#,’ &#(+ ’#+) %#(( "%#&- %#,- %#%+ &#)’ &#(( ’#%+ "%#-)
" 6AQA JEQEGARAM &#’+ %#%% %#.* %#%% %#&+ %#%% %#&’ %#%% %#() (#’. %#.) %#%% %#%* %#%% %#%% %#%) *#(- %#%%
" :BAR"NBARAM %#*& %#%) %#,% "&#+& %#-- "%#&* %#’, *#.- %#,, %#)+ %#,% %#%* "%#&’ %#(- &#)* %#&( %#’, "*#&(
" 6AQA OEPATARAM IAQLAMH %#)’ %#%% &#)) %#%% (#,. %#%% %#,& %#%% ’#,* %#%% %#%% %#%% (#,) %#%% %#%% %#%% %#-. *#’*
" ;EPATARAM IAQLAMH DAM JNQLERHJ &#)- %#.+ "&#+, %#%( )#+& %#,* %#,) %#+. &#., )#%’ "%#&) "%#*) %#.- "%#&& ’#+’ (#+’ %#.& %#)&
>T 555
’%&’
>T 555 >T 5 >T 55
’%&%
7EKNLONJ >T 555
’%&&
>T 5@>T 5 >T 55>T 5@
;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT
;EMDHDHJAM! PEJPEAQH DAM NKAGPAFA &#+* &#)- "%#&, &#-( &#%& %#’& "%#%, %#)& %#*( ,#.+ %#)’ %#&( %#’& %#,. %#%. "%#,) %#,+ )#,,
" 6AQA OEMDHDHJAM &#’& %#+, %#%% (#+’ %#%% %#%& %#%% %#.) %#%% &’#*+ %#%% %#%% %#%% %#(, %#%% %#%% %#)- %#%%
" 7SPQSQ"JSPQSQ$OEKARHGAM %#)+ %#%% %#,( %#%% %#%% %#%% %#%% %#%% ’#&. &*#)% (#,+ %#%% %#-( %#%% %#%% %#%% %#%% %#%%
" ;EPKEMFJAOAM$OEPAKARAM OEMDHDHJAM ’#*% *#-. "%#-( "%#%, &#&- %#%% %#%* %#%% &#.’ ,#%* &#+. %#%% %#%. %#(& "&#&* "(#** "%#*( ’#&’
" <EJPEAQH (#’) %#&* "%#+- %#)& )#+( %#,+ "%#)) "%#&. %#-% %#&’ "%#.) %#*’ %#+, &#*% &#’+ "%#’, ’#-( &,#&)
" :KAGPAFA %#%% %#%% %#%% %#%% &#)+ %#%% %#(+ %#%% %#)’ %#%. ,#+) %#%% %#-. -#’’ %#%( %#%% %#%% &#’,
’%&%
>T 55 >T 5557EKNLONJ >T 555 >T 5@ >T 5 >T 55 >T 5@
’%&&
>T 5>T 555
’%&’
;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT ;RJ =JT
>PAMQONP! JNLSMHJAQH DAM IAQA JESAMFAM -#*& &*#)* &#,- ".#&, %#%- &#,- ’#(, ")#%( -#), -#,, "*#., "*#)& ’#’+ "%#-- &#*& ’#.- -#(% *#&)
" >PAMQONP &’#&- ’’#*% ’#** "&(#.& "%#&* ’#-’ (#)- "+#() &’#*, &)#%- "-#,- "-#(’ ’#.( "&#)% ’#%’ )#,* &&#.% ,#.,
" 7NLSMHJAQH DAM OEMFHPHLAM %#%% %#%% %#%) %#%% %#%, %#%% "%#&. %#%% "%#)) %#%% "%#)- %#%% %#%( %#%% %#%% %#%% %#’. %#%%
" =APAMA DAM OEMSMIAMF RPAMQONP +#&. &&#.* %#+& %#*+ &#,% "%#%& %#+) %#%( %#’) %#’% (#’* %#%, ’#)* %#%% &#’’ %#%( %#%- %#%%
" 6AQA JESAMFAM %#%% %#%% %#%% %#%% %#%% %#%% %#%% %#%% %#%% %#%% %#%% %#%% %#%% %#%% %#%% %#%% %#,- &#*-
’%&%
>T 5 >T 55
’%&&
>T 555 >T 5557EKNLONJ
’%&’
>T 5>T 555 >T 5@>T 5@ >T 55
’’
+69F6D .EF<?6;
/6=<6A ,>BAB@< 48:<BA6? 3DBH<AE< /6?<@6AF6A )6D6F 5D<IG?6A ... ’%&’
! "
+$#! +$-# 2HE:KA ,EC;IJ?A +HKJE 7:7B7> I;8K7> 7D7B?I?I F;H>?JKD=7D
F;HJKC8K>7D ;AEDEC? :;D=7D C;D=>?JKD= I;BKHK> D?B7?
J7C87> M7D= J;H@7:? :? I;8K7> L?B7M7> J;HJ;DJK F7:7 L7AJK
J;HJ;DJK% 6DJKA IA7B7 D7I?ED7B :?I;8KJ 2,+ :7D KDJKA IA7B7
:7;H7> :?I;8KJ 2,3+ !2HE:KA ,EC;IJ?A 3;=?ED7B +HKJE"%
&7250;4 *:7B7> F;D?D=A7J7D >7H=7 87H7D= :7D @7I7 I;97H7 KCKC
:7B7C I7JK F;H?E:;% 6CKCDM7 ?D<B7I? :?KAKH :;D=7D
F;HK87>7D >7H=7 I;A;BECFEA 87H7D= :7D @7I7 M7D=
:?AEDIKCI? EB;> I;87=?7D 8;I7H C7IM7H7A7J# I;F;HJ?
J;H9;HC?D F7:7 F;HA;C87D=7D /D:;AI .7H=7 0EDIKC;D
!/.0"%
&7250;4 687<3 <8 687<3 7:7B7> F;H87D:?D=7D >7H=7 !D?I87>" F;HK87>7D >7H=7 /D:;AI
.7H=7 0EDIKC;D 8KB7D 8;HI7D=AKJ7D :?87D:?D=A7D /.0
8KB7D I;8;BKCDM7% *J7K I;H?D= :?I?D=A7J !CJC"%
&7250;4 /10: <8 $0<1 7J7K I;H?D= :?I;8KJ ?D<B7I? AKCKB7J?<# 7:7B7> ?D<B7I? M7D=
C;D=KAKH F;H87D:?D=7D >7H=7 !D?I87>" F;HK87>7D /D:;AI
.7H=7 0EDIKC;D 8KB7D 8;HI7D=AKJ7D :?87D:?D=A7D /.0
8KB7D ,;I;C8;H J7>KD I;8;BKCDM7% *J7K I;H?D= :?I?D=A7J
!MJ:"%
&7250;4 /10: 8>1: /10: 7J7K I;H?D= :?I;8KJ ?D<B7I? J7>KD7D# 7:7B7> ?D<B7I? M7D=
C;D=KAKH F;H87D:?D=7D >7H=7 !D?I87>" F;HK87>7D /D:;AI
.7H=7 0EDIKC;D 8KB7D 8;HI7D=AKJ7D :?87D:?D=A7D /.0
8KB7D M7D= I7C7 J7>KD I;8;BKCDM7% *J7K I;H?D= :?I?D=A7J
!MEM"
&7250;4 ,=0:<1: <8 9=0:<1: 7J7K I;H?D= :?I;8KJ ?D<B7I? I;97H7 JH?LKB7D7D# 7:7B7> ?D<B7I?
M7D= C;D=KAKH F;H87D:?D=7D >7H=7 !D?I87>"&F;HK87>7D
/D:;AI .7H=7 0EDIKC;D F7:7 7A>?H 8KB7D JH?LKB7D
8;HI7D=AKJ7D :?87D:?D=A7D /.0 7A>?H 8KB7D JH?LKB7D
I;8;BKCDM7% *J7K I;H?D= :?I?D=A7J !GJG"%
#& -0<1 7:7B7> IKAK 8KD=7 M7D= :?KCKCA7D EB;> +7DA /D:ED;I?7
I;97H7 F;H?E:?A KDJKA @7D=A7 L7AJK J;HJ;DJK M7D= 8;H<KD=I?
I;87=7? I?DM7B !EF6A78" A;8?@7A7D CED;J;H% +/ 37J;
C;HKF7A7D J?D=A7J IKAK 8KD=7 ?D:?A7J?< M7D= >7DM7
"!#)!’ %()%&!$
/6=<6A ,>BAB@< 48:<BA6? 3DBH<AE< /6?<@6AF6A )6D6F 5D<IG?6A ... ’%&’’(
+69F6D .EF<?6;
C;HKF7A7D D898D8A78 D6F8 I;87=7? I?DM7B H;IFED A;8?@7A7D
CED;J;H +7DA /D:ED;I?7%
#*+* 37I?E ;<?I?;DI? 87DA M7D= C;D=KAKH 8;87D EF;H7I?ED7B
J;H>7:7F F;D:7F7J7D EF;H7I?ED7B% 4;C7A?D J?D==? D?B7? +121
C7A7 I;C7A?D J?:7A ;<?I?;D EF;H7I? 87DA%
)&( 4?D=A7J7D :7H? 28F .AF8D8EF 16D:<A# 7:7B7> I;B?I?> DEC?D7B
7DJ7H7 F;D:7F7J7D 8KD=7 :;D=7D 8?7M7 8KD=7 :?87=?
:;D=7D H7J7$H7J7 @KCB7> 7II;J :7B7C I7JK F;H?E:;%
)&& 4?D=A7J7D :7H? 28F .AF8D8EF .A7B@8# 7:7B7> I;B?I?> DEC?D7B
7DJ7H7 F;D:7F7J7D 8KD=7 :;D=7D 8?7M7 8KD=7 M7D= >7HKI
:?A;BK7HA7D EB;> 87DA%
)+’; 4?D=A7J7D :7H?) 2BA 38D9BD@<A: 0B6AE# 7:7B7> AH;:?J$AH;:?J :?
F;H87DA7D M7D= J;H=EBED= AEB;AJ?8?B?J7I DED B7D97H# M7?JK
AKH7D= B7D97H# :?H7=KA7D :7D C79;J 8;H:7I7HA7D A;J;DJK7D
+7DA /D:ED;I?7%
’$- 4?D=A7J7D :7H?) 0B6A FB +8CBE<F 46F<B# 7:7B7> F;H87D:?D=7D
7DJ7H7 @KCB7> AH;:?J M7D= :?I7BKHA7D :;D=7D @KCB7> :7D7
M7D= :?AKCFKBA7D 87DA%
-*" 4?D=A7J7D :7H? 48FGDA BA (EE8FE# 7:7B7> F;H87D:?D=7D B787
8;HI?> :;D=7D H7J7$H7J7 @KCB7> 7II;J :7B7C I7JK F;H?E:;
&7258? 7:7B7> K7D= A7HJ7B M7D= C7IKA A; +7DA /D:ED;I?7# C?I7BDM7
C;B7BK? A;=?7J7D I;JEH7D M7D= :?B7AKA7D EB;> 87DA KCKC%
*=<258? 7:7B7> K7D= A7HJ7B M7D= A;BK7H :7H? +7DA /D:ED;I?7 C;B7BK?
FHEI;I F;D7H?A7D JKD7? 87DA KCKC :7H? -?HE :? +7DA
/D:ED;I?7 7J7K F;C87M7H7D JKD7? C;B7BK? +7DA /D:ED;I?7%
)1< %58? *:7B7> I;B?I?> 7DJ7H7 <A9?BI :7D BGF9?BI$
+..# 2;C8;H?7D 57D:7 57A +;H>7H=7# 7:7B7> A;=?7J7D
F;CKID7>7D K7D=# I;87=7? KF7M7 +7DA /D:ED;I?7 KDJKA
C;DM;:?7A7D K7D= A7HJ7B M7D= -<F -BD *<D7G?6F<BA KDJKA
8;HJH7DI7AI?%