1. 9DVWJRHGMRXUQDDO 9DVWJRHGYDFDWXUHEDQN 9-*UHHQ -XULGLVFK_)LVFDDO 9-7UDQVDFWLHV
3(5621$/,$ 75$16$7,(6
(QGHZLQQDDUYDQGH9DVWJRHGMRXUQDDO
SXEOLHNVSULMVYRRUDUFKLWHFWHQLV
8,7*(/,+7

2. +HWZDVHHQVXSHUVSDQQHQGHFRPSHWLWLHHQXKHHIWPDVVDDOJHVWHPG'DQN
GDDUYRRU:HONNDQWRRUXLWGHWRSDUFKLWHFWHQEXUHDXVZRUGWKHWPHHVW
GRRUXYDVWJRHGSURIHVVLRQDOJHZDDUGHHUG,QZHONVSHFLDOLVPHEOLQNHQ]H
XLW(QPHWZHONEXUHDXZHUNWXDOVRSGUDFKWJHYHUKHWOLHIVWVDPHQDOVKHW
JDDWRPQLHXZERXZWUDQVIRUPDWLHRIGXXU]DDPKHLG(QPHWZHONEXUHDX
JDDWXKHWOLHIVWLQ]HHYRRUKHWRQWZHUSYDQSXEOLHNHRISULYDWHJHERXZHQ
,QWRWDDO]LMQHURQOLQHYLDGHVLWHYDQ9DVWJRHGMRXUQDDOUXLPVWHPPHQ
XLWJHEUDFKW+HWHQWKRXVLDVPHZDDUPHHJHVWHPGLVKHHIWRQVDDQJHPRHGLJGRP
YROJHQGMDDURSQLHXZHHQGHUJHOLMNHFRPSHWLWLHRQGHUDUFKLWHFWHQEXUHDXVWH
RUJDQLVHUHQ:HZLOOHQGHOLMVWYDQJHQRPLQHHUGHQYRRUGHYROJHQGHVWHPPLQJ
XLWEUHLGHQGXVPRFKWXEXUHDXVZLOOHQYRRUGUDJHQKRXGHQZLMRQVDDQEHYROHQ
3XEOLHNVSULMV$UFKLWHFWYDQKHWMDDUJDDW
QDDU
1U

3. $QRXO%RXZPDQYDQ$UFKLWHFWHQEXUHDXYLVVHUHQERXZPDQ

4. 'LFNYDQGH0HUZHYDQ9DQGHQ%HUJ*URHS

5. *HUEHQYDQ0DQHQYDQ9DQ0DQHQHQ=ZDUW$UFKLWHNWHQ

6. *HUW-DQ.UXLQLQJYDQ$$$5+,7(7(1

7. %HUWYDQ%UHXJHOYDQ,QER
83'$7(5HDFWLHVYDQSXEOLHNVSULMVZLQQDDUV
$QRXO%RXZPDQYDQ$UFKLWHFWHQEXUHDXYLVVHUHQERXZPDQKDGQLHWYHUZDFKWGDW
KLM]RXZRUGHQXLWJHURHSHQWRWEHVWHDUFKLWHFW,QHHQUHDFWLH]HJWKLM,N]RX
PH]HOIQLHWKHEEHQJHNR]HQ+HEKLHURSNDQWRRUJRHGHFROOHJD
VGLHQLHWRSGH
OLMVWVWRQGHQ+LMKDG]LFK]HOILQGHFDWHJRULH
:RQLQJERXZ
ZDDU]LMQ
DUFKLWHFWHQEXUHDXRSGHWZHHGHSODDWVVWDDW]HOIRRNKRRJLQJVFKDDOG'DWZH
KHEEHQJHZRQQHQLQGHFDWHJRULHQLHXZERXZNDQWRUHQGDWKDGLNQRRLWJHGDFKW
:HERXZHQGLHELMQDQLHWPHHUPDDUEOLMNEDDU]LMQRQ]HRSGUDFKWJHYHUV
HQWKRXVLDVWRYHURQ]HRQWZHUSHQHQGDWZHJRHGPHW]HPHHKHEEHQJHGDFKW
'LFNYDQGH0HUZHGLUHFWHXUYDQ9DQGHQ%HUJ*URHSLVKHWPHHVWWURWVGDW]LMQ
'DWDEDVHVWUDQVDFWLHVHQ
DGUHVVHQ
9DVWJRHGMRXUQDDOEHVFKLNWRYHUXLWJHEUHLGHGDWDEDVHVPHW
UXLPH]RHNPRJHOLMNKHGHQ/LQNVYLQGWXGHNQRSYRRU
JHEUXLNHUVWUDQVDFWLHVFRPPHUFLHHOYDVWJRHGYDQDI
9LDGHUHFKWHUNQRSNULMJWXWRHJDQJWRWJHGHWDLOOHHUGH
DGUHVJHJHYHQVYDQYDVWJRHGEHGULMYHQ'H]HLQIRUPDWLH
ZRUGWRQGHUVWHXQGGRRU*RRJOH0DSVHQ6WUHHWYLHZ
$ S U
$ S U
$ S U
$ S U
$ S U
0 D
0 D
0 D
0 D
0 D
0 D
0 D
- X Q
- X Q
- X Q
- X Q
- X Q
+RHNULMJHQZHPHHUPLGGHOGXUHKXXUZRQLQJHQ
GHHOQHPHUVOLMVW
:RUNVKRS5HNHQHQPHW'XXU]DDP9DVWJRHG
'HWRHNRPVWYDQ'3ULQWLQJLQGHERXZHQ
YDVWJRHGVHFWRU
([FOXVLHYHPDUNWXSGDWH7KHPDVHVVLH7D[DWLH
:RQLQJFRUSRUDWLH'DJ
3RZHUHGE9DVWJRHGNDOHQGHUQO
8ZFRUSRUDWLHEHWHUODWHQUHQGHUHQ
%HRQG1RZRUJDQLVHHUWHHQVWXGLHUHLVQDDUVPDUW
FLW1HZ6RQJGR
*HQRPLQHHUGHQ6+$5($ZDUGEHNHQG
7UDLQLQJ(6R·V´(HQKDDOEDUHEXVLQHVVFDVHµ
6WRUWGRXFKHYHUERGHQLQGXXU]DPHQLD1HVWRZRQLQJHQ
'XXU]DDPVWDGVNDQWRRUYRRU9ODDUGLQJHQ
:RQLQJERXZ$OOHPDDOQDDUGHVWDG
([FOXVLHYHPDUNWXSGDWH7KHPDVHVVLH
=RUJYDVWJRHGHQILQDQFLHULQJ
$OWHUQDWLHYHILQDQFLHULQJVPHWKRGHQLQGH
YDVWJRHGEUDQFKH
+RJH5DDG7RHWVNRVWHQRQGHUERXZLQJERXZOHJHVJDDWWH
YHU
RPPHUFLsOHYHUKXXUGHUVVWHHGVYDNHUGHGXSHYDQ
ZRRQIUDXGH
([FOXVLHYHPDUNWXSGDWH7KHPDVHVVLH+XXUUHFKW
:HUHOGKDYHYHUORVWYDQPHJDFODLP
7KHPDVHVVLH+XXUUHFKWZRRQUXLPWH

8. :RUNVKRS(VFR
VHQ(QHUJLHSUHVWDWLHFRQWUDFWHQ
LQMXQL
6SRRU]RQHV'HJURRWVWH%UDEDQWVH
YDVWJRHGRSJDYH
5LMNYHUNRRSW+DDJVHEXQNHU
%ODXZKRHGRQWZLNNHOWYHUGHURS,-EXUJ
$QQH[XPVWDSWLQ$PHULNDDQVHKXXUZRQLQJHQHQSODDWVW
YDVWJRHGIRQGV
7KHPDVHVVLH6SOLWVLQJLQ$SSDUWHPHQWVUHFKWHQ
:RUNVKRS*UHHQOHDVHLQGHSUDNWLMN
+RPH 5XEULHNHQ %HGULMIVSURILHOHQ .DOHQGHU $ERQQHHU $GYHUWHUHQ RQWDFW
%$//$671('$06/8,7201,$3/$$79/2(5

9. NDQWRRUVWDDWLQGHWRSYDQGHFDWHJRULH
0HHGHQNHQPHWGHRSGUDFKWJHYHU
,N
SUHVHQWHHUPH]HOIDOVGHPLQVWDUURJDQWHDUFKLWHFWYDQ1HGHUODQGHQGDWZHUSW
EOLMNEDDU]LMQYUXFKWHQDI+HWVWUHHOWKHPGDWKLMSHUVRRQOLMNDOVHHQQDEHVWH
DUFKLWHFWYDQ1HGHUODQGLVJHNR]HQGRRUGHOH]HUVYDQ9DVWJRHGMRXUQDDO+HWJHHIW
EOLMNYDQHHQVWXNZDDUGHULQJ+LMYRHJWHUDDQWRH2QGDQNVGDWKHWVWHHGV
VFKHUSHUHQERWWHUPRHWLQGHERXZZHUHOGSUREHUHQZLMDOWLMGUHNHQLQJWHKRXGHQ
PHWGHEHODQJHQYDQLHGHUHHQ:LMVWDDQEHNHQGDOVGHFUHDWLHYHOLQJHQPDDUKHW
YHUJWQRJPHHUFUHDWLYLWHLWRPUHNHQLQJWHKRXGHQPHWDQGHUPDQVEHODQJHQ
'HYLMIEHVWHEXUHDX
VSHUFDWHJRULH
1LHXZERXZNDQWRUHQ
DUFKLWHFWHQEXUHDXYLVVHUHQERXZPDQ
9DQGHQ%HUJ*URHS
,QER
$UFKLWHFWHQEXUHDX9DQ0DQHQ
9DQ$NHQ$UFKLWHFWHQ
7UDQVIRUPDWLH
2YHU=DDLMHU$UFKLWHFWHXUHQ6WHGHERXZ
23/$UFKLWHFWHQ
,QER
%HQWKHPURXZHO$UFKLWHFWHQ
6$7,-1SOXV$UFKLWHFWHQ
'XXU]DDP
$WHOLHU352$UFKLWHFWHQ
0HFDQRR$UFKLWHFWHQ
5RDO+DVNRQLQJ'+9
095'9
$UFKLWHFWHQEXUHDX9DQ0DQHQ
,QQRYDWLHI
$WHOLHU352$UFKLWHFWHQ
.ROSD$UFKLWHNWHQ
,QER
'H=ZDUWH+RQG
6$7,-1SOXV$UFKLWHFWHQ
0DDWVFKDSSHOLMN
,$$$UFKLWHFWHQ
9DQGHQ%HUJ*URHS
,QER
.UDDLMYDQJHU
2YHU=DDLMHU$UFKLWHFWHXUHQ6WHGHERXZ
:LQNHO
,QER
20$
2RPHQ$UFKLWHFWHQ
$UFKLWHFWHQEXUHDX9DQ0DQHQ
0HFDQRR$UFKLWHFWHQ
:RQLQJERXZ
81VWXGLR
DUFKLWHFWHQEXUHDXYLVVHUHQERXZPDQ
9DQGHQ%HUJ*URHS
$UFKLWHFWHQEXUHDX9DQ0DQHQ
5RDO+DVNRQLQJ'+9
0HHGHQNHQPHWRSGUDFKWJHYHU
DUFKLWHFWHQEXUHDXYLVVHUHQERXZPDQ
9DQGHQ%HUJ*URHS
,QER
$UFKLWHFWHQEXUHDX9DQ0DQHQ
6$7,-1SOXV$UFKLWHFWHQ
$'9(57(17,(6
%('5,-)6352),(/(1
9$$785(6
$FFRXQWPDQDJHU9Y(*URQLQJHQPQG
9DVWJRHGPDQDJHU:LQNHOV
/HDVLQJ0DQDJHU+RRJDWKDULMQH
6KRSSLQJHQWUH'LUHFWRU
:LQNHOFHQWUXPPDQDJHU
9HUKXXUPDQDJHU:30UHWDLO
0DNHODDU$GYLVHXU3DUWQHU

10. ELM,1'8675,$/
3URMHFW

11. RQWUROOHU
$IGHOLQJVPDQDJHURPPHUFLHHO%HKHHU
,QWHULP,QNRSHUELMHHQYDVWJRHGRQWZLNNHODDU

12. 6KDUH 5HFRPPHQG

13. ;^LL[
0HHUQLHXZV
$GYRFDWHQNRPHQDOVHHUVWHLQDFWLHRSNDQWRUHQPDUNW
%DOODVW1HGDPVOXLW2PQLD3ODDWYORHU
255(7,(%RXZHU9HHQPDQ 9LQNYDOWRP
RQWZLNNHOLQJVSRRWEOLMIWRYHUHLQG
.RRSJRRWYDQ0XOWLYDOWLQGHSULM]HQDOVEHVWHZLQNHOSURMHFWLQ
MDDU
)RUWUHVVLQKHWQDXZGRRUIDLOOLVVHPHQW+DDUOHPVH
SURMHFWGRFKWHU
.ODSYRRU=XLGDV,1*+RXVHNRPWJURWHQGHHOVOHHJWHVWDDQ
$UQRXG9ODNYHUWUHNWELM,3'%H1H/X['RULJRRSYROJHU
6SRRU]RQHV'HJURRWVWH%UDEDQWVH9DVWJRHGRSJDYH
'KXLVJRHGNRSHUGDQWZHHGHKDQGVDXWR
'LUHFW:RQHQ9DQYHUKXXUPDNHODDUQDDUPDUNWSODDWV
%ULWVHLQYHVWHHUGHUSRPSWJHOGLQJHERXZHQ'UXQHQ
9HUOLH]HQYRRUEDQNHQHQZRQLQJHLJHQDUHQGRRU
H[HFXWLHYHLOLQJHQPRJHOLMNPHHUGDQÓPLOMRHQ
9-RPPHQWDDU'HSLMQYDQGHYHUKXXUPDNHODDU
/HQWHRSGHZRQLQJPDUNWSULM]HQVWLMJHQYRRUKHWHHUVWVLQGV
MDUHQ
(QGHZLQQDDUYDQGH9DVWJRHGMRXUQDDOSXEOLHNVSULMVYRRU
DUFKLWHFWHQLV
9-RPPHQWDDU*URHLHQ
HQHUJLHEHGULMYHQXLWWRWHHQQLHXZH
JHQHUDWLHZRQLQJEHOHJJHUV
9-RPPHQWDDU$3*QHHPW
RQQRGLJHULVLFR
VPHW
YDVWJRHGOHQLQJHQ
9-RPPHQWDDU5LMNVWHPDQYDQ
(XURSDVWDSWYROLQ$ORFDWLHV
9-RPPHQWDDU+LVWRULVFKHNDQV
YRRU$PVWHUGDPRPYHUSOLFKWH
HUISDFKWDIWHVFKDIIHQ
k9DVWJRHGMRXUQDDO%9 7

14. +RRIGUHGDFWHXU5RJLHU+HQWHQDDU $GYHUWHUHQ RQWDFW 566 7ZLWWHU 9DVWJRHGYDFDWXUHEDQN