.¦\WW¸RKMH %UXNVDQYLVQಣ LQJ -¦¦NDDSSL 6 & '( .
6,6/7 7XUYDOOLVXXVWLHGRW 7XUYDOOLVXXVRKMHHW $VHQQXV .¦\WW¸SDQHHOL 3¦LYLWW¦LQHQ N¦\WW¸ 9LKMHLW¦ MD QHXYRMD +RLWR MD SXKGLVWXV 9LDQP¦¦ULW\V ¦QHW 7HNQLVHW WLHGRW 7LHWRMD WHVWLODLWRNVHOOH $6,$.$63$/9(/8 .¦\W¦ DLQD DONXSHU¦LVL¦ YDUDRVLD 3LG¦ VHXUDDYDW WLHGRW VDDWDYLOOD RWWDHVVDVL \KWH\WW¦ YDOWXXWHWWXXQ KXROWROLLNNHHVHHPPH 0DOOL VDUMDQXPHUR 7LHGRW O¸\W\Y¦W DUYRNLOYHVW¦ 9DURLWXV 9DURWRLPL MD WXUYDOOLVXXVWLHWRMD
ವ ವ ವ ವ ವ ವ RKMDD KHLW¦ N¦\WW¦P¦¦Q ODLWHWWD WXUYDOOLVHVWL MD \PP¦UW¦P¦¦Q VHQ N¦\WW¸¸Q OLLWW\Y¦W YDDUDW YXRWLDDW ODSVHW VDDYDW W¦\WW¦¦ MD W\KMHQW¦¦ ODLWWHHQ MRV KHLW¦ RQ RKMDWWX DVLDQPXNDLVHVWL (ULWW¦LQ YDNDYDVWL OLLNXQWDUDMRLWWHLVHW KHQNLO¸W VDDYDW N¦\WW¦¦ W¦W¦ ODLWHWWD MRV KHLW¦ RQ RKMDWWX DVLDQPXNDLVHVWL $OOH YXRWLDDW ODSVHW WXOHH SLW¦¦ NDXNDQD ODLWWHHVWD HOOHL KHLW¦ YDOYRWD MDWNXYDVWL O¦ DQQD ODVWHQ OHLNNL¦ ODLWWHHOOD /DSVHW HLY¦W VDD SXKGLVWDD ODLWHWWD WDL VXRULWWDD ODLWWHHVHHQ N¦\WW¦
ವ ವ ವ ವ ವ ವ 9$52,786 O¦ N¦\W¦ V¦KN¸ODLWWHLWD HOLQWDUYLNNHLGHQ V¦LO\W\VWLORLVVD HOOHLY¦W QH ROH YDOPLVWDMDQ VXRVLWWHOHPDD W\\SSL¦ O¦ VXLKNXWD YHWW¦ WDL N¦\W¦ K¸\U\¦ ODLWWHHQ SXKGLVWDPLVHHQ 3XKGLVWD ODLWH NRVWHDOOD SHKPH¦OO¦ OLLQDOOD .¦\W¦ YDLQ PLHWRMD SXKGLVWXVDLQHLWD O¦ N¦\W¦ KDQNDXVDLQHWWD KDQNDDYLD SHVXODSSXMD OLXRWWLPLD WDL PHWDOOLHVLQHLW¦ -RV ODLWH RQ SLWN¦¦Q W\KM¦ VDPPXWD VXODWD SXKGLVWD MD NXLYDD ODLWH MD M¦W¦ VHQ RYL DXNL MRWWD KRPHWWD HL V\QQ\ ODLWWHHQ VLV¦OOH O¦ V¦LO\W¦ ODL
ವ 9DUPLVWD HWW¦ DUYRNLOYHVV¦ ROHYDW SDUDPHWULW RYDW YHUNNRYLUWDO¦KWHHQ V¦KN¸DUYRMHQ PXNDLVLD ವ .\WNH SLVWRNH PDDGRLWHWWXXQ SLVWRUDVLDDQ ವ 9DUPLVWD HWWHLY¦W V¦KN¸RVDW YDXULRLGX HVLP SLVWRNH YLUWDMRKWR NRPSUHVVRUL 2WD \KWH\WW¦ YDOWXXWHWWXXQ KXROWRSDOYHOXXQ WDL V¦KN¸DVHQWDMDDQ V¦KN¸RVLHQ YDLKWDPLVHNVL ವ 9LUWDMRKGRQ RQ ROWDYD DLQD SLVWRNNHHQ DODSXROHOOD ವ .\WNH SLVWRNH SLVWRUDVLDDQ YDVWD DVHQQXNVHQ M¦ONHHQ 9DUPLVWD HWW¦ ODLWWHHQ YHUNNRYLUWDN\WNHQW¦ RQ XORWWXYLOOD ODLWWHHQ DVHQQXNVHQ M¦ONHHQ ವ
+XROWR ವ .XQ ODLWH RQ NRUMDWWDYD RWD \KWH\WW¦ YDOWXXWHWWXXQ KXROWRSDOYHOXXQ .¦\W¦ YDLQ DONXSHU¦LVL¦ YDUDRVLD ವ +XRPDD HWW¦ LWVH VXRULWHWXW WDL PXXW NXLQ DPPDWWLODLVHQ VXRULWWDPDW NRUMDXNVHW YRLYDW DLKHXWWDD YDDUDWLODQWHLWD MD PLW¦W¸LG¦ WDNXXQ ವ 6HXUDDYDW YDUDRVDW RYDW VDDWDYLOOD YXRGHQ DMDQ PDOOLQ WXRWDQQRQ ORSHWWDPLVHVWD WHUPRVWDDWLW O¦PS¸WLOD DQWXULW SLLULOHY\W YDORQO¦KWHHW RYHQNDKYDW RYHQ VDUDQDW WHOLQHHW MD NRULW +XRPDD HWW¦ MRWNLQ Q¦LVW¦ YDUDRVLVWD RYDW VDDWDYLOOD DLQRDVWDDQ DPPDWWL
D3 D1 0LWDW D2 W1 W3 A B H1 W2 .RNRQDLVPLWDW { .¦\W¸Q YDDWLPD WLOD t + PP ' PP : PP $ PP ' PP % PP { ODLWWHHQ NRUNHXV OHYH\V MD V\Y\\V LOPDQ N¦GHQVLMRMD MD MDONRMD .¦\W¸Q YDDWLPD WLOD t + $ % PP : PP t ODLWWHHQ NRUNHXV OHYH\V MD V\Y\\V N¦GHQVLMD PXNDDQ OXHWWXQD VHN¦ M¦¦KG\W\VLOPDQ YDSDDVHHQ NLHUWRRQ YDDGLWWX WLOD
.¦\W¸Q YDDWLPD NRNRQDLVWLOD u + $ % PP : PP ' PP u ODLWWHHQ NRUNHXV OHYH\V MD V\Y\\V N¦GHQVLMD PXNDDQ OXHWWXQD VHN¦ M¦¦KG\W\VLOPDQ YDSDDVHHQ NLHUWRRQ YDDGLWWX WLOD MD RYHQ Y¦KLPP¦LVNXOPDDQ DYDDPLVHQ YDDWLPD WLOD MRWWD NDLNNL VLV¦YDUXVWHHW YRLGDDQ SRLVWDD 6LMDLQWL 9DUPLVWD ODLWWHHQ RSWLPDDOLQHQ WRLPLQWD DVHQWDPDOOD VH NDXDV O¦PS¸O¦KWHLVW¦ XXQLW OLHGHW O¦PS¸SDWWHULW MD NHLWWRWDVRW MD VXRMDDPDOOD VH VXRUDOWD DXULQJRQYDOROWD 7DUNLVWD HWW¦ LOPD S¦¦VHH NLHUW¦P¦¦Q YDSDDVWL ODL
.<773$1((/, 1 6 5 1¦\WW¸ /¦PS¸WLODQ OLV¦\VSDLQLNH /¦PS¸WLODQ DOHQQXVSDLQLNH 2. 4 3 2 0RGH 21 2)) (VLP¦¦ULWHWW\M¦ SDLQLNNHLGHQ ¦¦QL¦ YRLGDDQ V¦¦W¦¦ SDLQDPDOOD VDPDQDLNDLVHVWL 0RGH SDLQLNHWWD MD O¦PS¸WLODQ DOHQQXVSDLQLNHWWD PXXWDPDQ VHNXQQLQ DMDQ $VHWXVWD YRLGDDQ V¦¦W¦¦ 1¦\WW¸ A B C D G F E $ % & ' ( ) * $MDVWLPHQ PHUNNLYDORW )DVW&RRO WRLPLQWR )DVW)UHH]H WRLPLQWR /¦PS¸WLODQ PHUNNLYDOR +¦O\W\VPHUNNLYDOR &KLOG/RFN WRLPLQWR 'ULQNV&KLOO WRLPLQWR /DLWWHHQ N\WNHPLQHQ WRLP
)DVW&RRO WRLPLQWR &KLOG/RFN WRLPLQWR -RV ODLWDW M¦¦NDDSSLRVDVWRRQ SDOMRQ WXRUHLWD HOLQWDUYLNNHLWD HVLPHUNLNVL NDXSDVVDN¦\QQLQ M¦ONHHQ RQ VXRVLWHOWDYDD N\WNH¦ )DVW&RRO WRLPLQWR MRWWD WXRWWHHW M¦¦KW\Y¦W QRSHDPPLQ 7¦OO¦ WDYRLQ YRLGDDQ Y¦OWW¦¦ P\¸V PXLGHQ MR M¦¦NDDSLVVD ROHYLHQ HOLQWDUYLNNHLGHQ O¦PSHQHPLQHQ .\WNH &KLOG/RFN WRLPLQWR S¦¦OOH SDLQLNNHLGHQ OXNLWVHPLVHNVL MD HVW¦¦NVHVL SDLQLNNHLGHQ WDKDWWRPDQ N¦\W¸Q 3DLQD 0RGH SDLQLNHWWD NXQQHV YDVWDDYD NXYDNH WXOHH Q¦N\YLLQ 0HUNNLYDOR )DVW&RRO Y
2YLK¦O\W\V -RV M¦¦NDDSLQ RYL M¦WHW¦¦Q DXNL QRLQ PLQXXWLQ DMDNVL ¦¦QLPHUNNL DNWLYRLWXX MD K¦O\W\VPHUNNLYDOR YLONNXX +¦O\W\V VDPPXX NXQ RYL VXOMHWDDQ +¦O\W\NVHQ DLNDQD ¦¦QLPHUNNL YRLGDDQ VDPPXWWDD SDLQDPDOOD PLW¦ WDKDQVD SDLQLNHWWD -RV PLW¦¦Q SDLQLNHWWD HL SDLQHWD ¦¦QLPHUNNL VDPPXX DXWRPDDWWLVHVWL QRLQ \KGHQ WXQQLQ NXOXWWXD K¦LUL¸Q Y¦OWW¦PLVHNVL 3,9,77,1(1 .<77 2YLK\OO\MHQ VLMRLWWDPLQHQ 2YLK\OO\W YRLGDDQ VLMRLWWDD HUL NRUNHXNVLOOH PDKGROOLVWDPDDQ HUL NRNRLVWHQ UXRNDSDNNDXVWHQ V¦LO\W\V 9
A OK M¦ONHHQ MD HQQHQ WXRWWHLGHQ DVHWWDPLVWD ODLWWHHQ ORNHURRQ DQQD ODLWWHHQ WRLPLD Y¦KLQW¦¦Q WXQWLD )DVW)UHH]H WRLPLQQRQ ROOHVVD N\WNHWW\Q¦ B OK 6¦LO\W¦ HOLQWDUYLNNHLWD Y¦KLQW¦¦Q PP Q HW¦LV\\GHOO¦ RYHVWD 7XRUHLGHQ HOLQWDUYLNNHLGHQ SDNDVWDPLQHQ 3DNDVWXVORNHUR VRYHOWXX WXRUHLGHQ HOLQWDUYLNNHLGHQ SDNDVWDPLVHHQ VHN¦ YDOPLVSDNDVWHLGHQ MD V\Y¦SDNDVWHWWXMHQ HOLQWDUYLNNHLGHQ SLWN¦DLNDLVHHQ V¦LO\WW¦PLVHHQ .\WNH )DVW)UHH]H WRLPLQWR S¦¦OOH Y¦KLQW¦¦Q WXQWLD HQQHQ SDNDVWHWWDYLHQ WXRUHLGHQ HOLQWD
N¦\QQLVW¦PLVHNVL MD VLWHQ HQHUJLDQNXOXWXNVHQ Y¦KHQW¦PLVHNVL ವ 9DUPLVWD K\Y¦ LOPDQYDLKWR O¦ SHLW¦ LOPDQYDLKWRV¦OHLNN¸M¦ WDL UHLNL¦ 3DNDVWXVRKMHLWD ವ .\WNH )DVW)UHH]H WRLPLQWR S¦¦OOH Y¦KLQW¦¦Q WXQWLD HQQHQ HOLQWDUYLNNHLGHQ DVHWWDPLVWD SDNDVWLQRVDVWRRQ ವ .¦¦UL MD WLLYLVW¦ WXRUHHW HOLQWDUYLNNHHW HQQHQ SDNDVWDPLVWD DOXPLLQLIROLRRQ PXRYLNHOPXXQ WDL SXVVHLKLQ LOPDWLLYLLVLLQ NDQQHOOLVLLQ DVWLRLKLQ ವ -DD UXRDW SLHQLLQ RVLLQ QLLGHQ WHKRNNDDPSDD SDNDVWXVWD MD VXODWXVWD YDUWHQ ವ .
6¦LO\Y\\V SDNDVWLQRVDVWRVVD 5XRNDW\\SSL 6¦LO\Y\\V NXXNDXW഻ WD /HLS¦ +HGHOP¦W HL NRVNH VLWUXVKHGHOPL¦ ದ 9LKDQQHNVHW ದ 5XRDQW¦KWHHW LOPDQ OLKDD ದ 0DLWRWXRWWHHW 9RL 3HKPH¦ MXXVWR HVLP PR]]DUHOOD .RYD MXXVWR HVLP SDUPHVDDQL FKHGGDU ದ ದ .DOD MD ¦\UL¦LVUXRDW 5DVYDLQHQ NDOD HVLP ORKL PDNULOOL 9¦K¦UDVYDLQHQ NDOD HVLP WXUVND NDPSHOD .DWNDUDYXW 6LPSXNDW LOPDQ NXRULD 9DOPLLNVL ODLWHWWX NDOD ದ ದ ದ ದ /LKD /LQQXQOLKD 1DXGDQOLKD 6LDQOLKD /DPSDDQOLKD 0DNNDUDW .
YHWRODDWLNRQ S¦¦OO¦ ROHYDOOH ODVLK\OO\OOH 6¦LO\W¦ OLKDD NRUNHLQWDDQ ದ S¦LY¦¦ ವ +HGHOP¦W MD YLKDQQHNVHW SXKGLVWD KXROHOOD SRLVWD PXOWD MD DVHWD QH HULW\LVHHQ YHWRODDWLNNRRQ YLKDQQHVWHQ YHWRODDWLNNRRQ ವ (NVRRWWLVWHQ KHGHOPLHQ HVLP EDQDDQLW PDQJRW SDSDLMDW MQH V¦LO\W\VW¦ M¦¦NDDSLVVD HL VXRVLWHOOD ವ 9LKDQQHNVLD NXWHQ WRPDDWWHMD SHUXQRLWD VLSXOHLWD MD YDONRVLSXOLD HL SLW¦LVL V¦LO\WW¦¦ M¦¦NDDSLVVD ವ 9RL MD MXXVWR DVHWD LOPDWLLYLLVHHQ UDVLDDQ WDL N¦¦UL DOXPLLQLIROLRRQ WDL SRO\HWHHQLSXVVLL
$VHWD DOKDLVHPSL O¦PS¸WLOD QRLQ WXQWLD HQQHQ VXODWXNVHQ DORLWWDPLVWD MRWWD SDNDVWHHW M¦¦W\Y¦W PDKGROOLVLPPDQ N\OPLNVL MD YDUDDYDW Q¦LQ LWVHHQV¦ N\OP¦¦ VXODWXVWRLPHQSLWHHQ DMDNVL 3DNDVWLPHQ K\OO\LKLQ MD \O¦RVDVWRRQ PXRGRVWXX DLQD MRQNLQ YHUUDQ KXXUUHWWD 6XODWD SDNDVWLQ NXQ KXXUUHNHUURNVHQ SDNVXXV RQ QRLQ PP .\WNH ODLWH SRLV WRLPLQQDVWD WDL LUURWD SLVWRNH SLVWRUDVLDVWD 3RLVWD SDNDVWLPHVWD NDLNNL HOLQWDUYLNNHHW MD ODLWD QH YLLOH¦¦Q SDLNNDDQ +820,2 3DNDVWHLGHQ O¦PS¸WLODQ QRXVHPLQHQ VXO
2QJHOPD 0DKGROOLQHQ V\\ 5DWNDLVX ¦QLPHUNNL WDL YLVXDDOLQHQ K¦O\W\V RQ S¦¦OO¦ /DLWH RQ YDVWD KLOMDWWDLQ N\Wಣ NHWW\ WRLPLQWDDQ .DWVR NRKWD 2YLK¦O\W\V WDL .RUNHDQ O¦PS¸WLODQ K¦O\ಣ W\V /DLWWHHQ O¦PS¸WLOD DVHWXV RQ OLLDQ NRUNHD .DWVR NRKWD 2YLK¦O\W\V WDL .RUNHDQ O¦PS¸WLODQ K¦O\ಣ W\V 2YL RQ M¦WHWW\ DXNL 6XOMH RYL .RPSUHVVRUL N¦\ MDWNXYDVWL /¦PS¸WLOD RQ DVHWHWWX YLUKHಣ HOOLVHVWL .DWVR NRKWD .¦\WW¸SDQHHOL /DLWWHHVHHQ RQ SDQWX PRQLD WXRWWHLWD VDPDQDLNDLVHVWL 2GRWD PXXWDPD W
2QJHOPD 0DKGROOLQHQ V\\ 5DWNDLVX 7LLYLVWH RQ YLRLWWXQXW WDL OLNDLಣ QHQ /XH RKMHHW NRKGDVWD ರ2YHQ VXONHPLQHQರ 5XRNDWXRWWHLWD HL ROH N¦¦ULWW\ NXQQROOD .¦¦UL UXRNDWXRWWHHW SDUHPಣ PLQ /¦PS¸WLOD RQ DVHWHWWX YLUKHಣ HOOLVHVWL .DWVR NRKWD .¦\WW¸SDQHHOL /DLWH RQ W¦\WHWW\ W¦\WHHQ MD VLLKHQ RQ DVHWHWWX DOKDLVLQ O¦PS¸WLOD $VHWD NRUNHDPSL O¦PS¸WLOD .DWVR NRKWD .¦\WW¸SDQHHOL /DLWWHHQ O¦PS¸WLOD DVHWXV RQ OLLDQ PDWDOD MD \PS¦ULVW¸O¦Pಣ S¸WLOD OLLDQ NRUNHD $VHWD NRUNHDPSL O¦PS¸WLO
2QJHOPD 0DKGROOLQHQ V\\ 5DWNDLVX /DLWWHHQ VLV¦O¦PS¸WLOD RQ OLLDQ DOKDLQHQ WDL NRUNHD /¦PS¸WLODD HL ROH DVHWHWWX RLNHLQ $VHWD NRUNHDPSL PDWDODPSL O¦PS¸WLOD 2YL HL ROH NXQQROOD NLLQQL /XH RKMHHW NRKGDVWD ರ2YHQ VXONHPLQHQರ 5XRNLHQ O¦PS¸WLOD RQ OLLDQ NRUNHD $QQD UXRNLHQ O¦PS¸WLODQ ODVಣ NHD KXRQHHQ O¦PS¸WLODDQ HQQHQ NXLQ DVHWDW WXRWWHLWD ODLWWHHVHHQ /DLWWHHVHHQ RQ OLV¦WW\ PRQLD HOLQWDUYLNNHLWD \KGHOO¦ NHUಣ WDD /LV¦¦ ODLWWHHVHHQ Y¦KHPP¦Q UXRNLD \KGHOO¦ NHUWDD +XXUWHHQ SDNVXXV RQ
9DLKGD WDUYLWWDHVVD YDXULRLWXQHHW RYHQ WLLYLVWHHW 2WD \KWH\WW¦ YDOWXXWHWWXXQ KXROWROLLNNHHVHHQ 1(7 SSSRRR! BRRR! CLICK! HISSS! BLUBB! 7(.1,6(7 7,('27 7HNQLVHW WLHGRW RQ PHUNLWW\ ODLWWHHQ VLV¦SXROHOOH NLLQQLWHWW\\Q DUYRNLOSHHQ MD HQHUJLDWDUUDDQ /DLWWHHQ PXNDQD WRLPLWHWXQ HQHUJLDOXRNNDPHUNLQQ¦Q 45 NRRGL VLV¦OW¦¦ OLQNLQ YHUNNRVLYXVWROOH MRVVD RQ (8 (35(/ WLHWRNDQQDVVD ROHYDW ODLWWHHQ VXRULWXVN\N\WLHGRW 6¦LO\W¦ HQHUJLDOXRNNDPHUNLQW¦¦ \KGHVV¦ N¦\WW¸RKMHHQ MD NDLNNLHQ PXLGHQ W¦P¦Q ODLWWHHQ PXND
7,(72-$ 7(67,/$,72.6(//( /DLWWHHQ DVHQQXV MD YDOPLVWHOXWRLPHW (FR'HVLJQ WDUNLVWXVWD YDUWHQ WXOHH VXRULWWDD VWDQGDUGLQ (1 PXNDLVHVWL 1RXGDWHWWDYDW LOPDQYDLKWRYDDWLPXNVHW DVHQQXVSDLNDQ PLWDW VHN¦ WDNDRVDQ Y¦KLPP¦LVHW¦LV\\GHW RQ DQQHWWX W¦P¦Q RKMHNLUMDQ OXYXVVD 9DOPLVWDMDOWD RQ VDDWDYLOOD OLV¦WLHWRD VHN¦ NXOMHWXVRKMHHW <035,671682-(/8 .LHUU¦W¦ PDWHULDDOLW MRWND RQ PHUNLWW\ PHUNLOO¦ .LHUU¦W¦ SDNNDXV ODLWWDPDOOD VH DVLDQPXNDLVHHQ NLHUU¦W\VDVWLDDQ 6XRMHOH \PS¦ULVW¸¦ MD LKPLVWHQ WHUYH\WW¦