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SOAL Tes Intelegensi Umum 02

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^K>-SOAL
d^KOMPOTENSIDASAR;dKDͿ
/͘ dĞƐ<ĞŵĂŵƉƵĂŶsĞƌďĂů
ĂŐŝĂŶϭ ͗ WĂĚĂŶĂŶ<ĂƚĂ;^ŝŶŽŶŝŵͿ
WĞƚƵŶũƵŬ ͗ ĂƌŝůĂŚ ƉĂĚĂŶĂŶ ŬĂƚĂ ;ƐŝŶŽŶŝŵͿ LJĂŶŐ
ƚĞƉĂƚĚĂƌŝŬĂƚĂďĞƌŝŬƵƚŝŶŝ
ϭ͘ sŝƌƚƵĂů
͘ DĂLJĂ
͘ /ŵƉŝĂŶ
͘ ELJĂƚĂ
͘ sŝƌŐŝŶ
͘ ,ŝƉŽŶĞŵĂ
Ϯ͘ ^ĞŵŝŽƚŝŬĂ
͘ /ůŵƵƚĞŶƚĂŶŐƚĂŶĚĂ
͘ /ůŵƵƐĞŶŝ
͘ /ůŵƵďĂŚĂƐĂ
͘ ĂŚĂƐĂƐŝŵďŽů
͘ hŶŐŬĂƉĂŶŬĂƚĂ
ϯ͘ &ƌŝŬƐŝ
͘ DĞŵďĞůĂŚ
͘ DĞůĞƉĂƐŬĂŶ
͘ WĞƌƉĞĐĂŚĂŶ
͘ WƵƚƵƐƐĂ
͘ WĞŶŐŐĂďƵŶŐĂŶ
ϰ͘ ZĞŶŽǀĂƐŝ
͘ WĞŵĂŐĂƌĂŶ
͘ WĞŵƵŐĂƌĂŶ
͘ WĞŵďŽŶŐŬĂƌĂŶ
͘ WĞŶŝŶŐŬĂƚĂŶ
͘ WĞŵĞŬĂƌĂŶ
ϱ͘ ZĂŶĐƵ
͘ ĂŶŐŐƵŶŐ
͘ :ŽƌŽŬ
͘ <ĂĐĂƵ
͘ dŝĚĂŬǁĂũĂƌ
͘ ^ĞŵƵ
ĂŐŝĂŶϮ ͗ >ĂǁĂŶ<ĂƚĂ;ŶƚŽŶŝŵͿ
WĞƚƵŶũƵŬ ͗ ĂƌŝůĂŚ ŬĞďĂůŝŬĂŶ Ăƌƚŝ ĂƚĂƵ LJĂŶŐ
ŵĞŵŝůŝŬŝ Ăƌƚŝ LJĂŶŐ ďĞƌůĂǁĂŶĂŶ ĚĂƌŝ
ŬĂƚĂͲŬĂƚĂďĞƌŝŬƵƚ͗
ϲ͘ ďƐƵƌĚ
͘ KŵŽŶŐŬŽƐŽŶŐ
͘ /ƐƚŝůĂŚƚĞƌŬŝŶŝ
͘ DƵƐƚĂŚŝů
͘ dĂŬƚĞƌƉĂŬĂŝ
͘ DĂƐƵŬĂŬĂů
ϳ͘ WƌŽŵŝŶĞŶ
͘ <ŽŶƐŝƐƚĞŶ
͘ ŝĂƐĂ
͘ dĂŬƐĞƚƵũƵ
͘ <ŽŶƐĞŬƵĞŶ
͘ WĞƌŝŶƚŝƐ
ϴ͘ ƉƌŝŽƌŝ
͘ hŶŐŐƵůĂŶ
͘ dŝĚĂŬ/ƐƚŝŵĞǁĂ
͘ WƌŽƉŽƌƐŝ
͘ WƌŝŽƌŝƚĂƐ
͘ ƉŽƐƚĞƌŝŽƌŝ
ϵ͘ hƚŽƉŝƐ
͘ <ŽŵƵŶŝƐ
͘ ZĞĂůŝƐƚŝƐ
͘ ŐĂŵŝƐ
͘ ^ŽƐŝĂůŝƐ
͘ ĞŵŽŬƌĂƚŝƐ
ϭϬ͘ WĂƌĂĚŽŬƐĂů
͘ ĞƌƐĞďĞƌĂŶŐĂŶ
͘ ^ĞũĂůĂŶ
͘ <ĞƐĞŵƉĂƚĂŶ
͘ WĞƌƵŵƉĂŵĂĂŶ
͘ ,ƵďƵŶŐĂŶ
+DODPDQGDUL
ĂŐŝĂŶϯ
͗ WĂĚĂŶĂŶ ĂƚĂƵ
;ŶĂůŽŐŝͿ
,ƵďƵŶŐĂŶ
<ĂƚĂ
ϭϭ͘ ,ĞǁĂŶ͗^ĞŶĂƉĂŶ͗ĞƌďƵƌƵс͗͗͘͘͘͘͘͘͘͘͘
͘ dĂŶĂŚ͗ƉĞƚĂŶŝ͗ƐĂǁĂŚ
͘ EĂƐŝ͗ƐĞŶĚŽŬ͗ŵĂŬĂŶ
͘ DĞũĂ͗ŬƵƌƐŝ͗ĚƵĚƵŬ
͘ ,ĂůĂŵĂŶ͗ŝďƵ͗ŵĂƐĂŬ
͘ ĞƌĂƐ͗ŶĂƐŝ͗ũĞŵƵƌ
ϭϮ͘ ,ƵũĂŶ͗<ĞŬĞƌŝŶŐĂŶс͗͗͘͘͘͘͘͘͘͘͘
͘ Ɖŝ͗ŬĞďĂŬĂƌĂŶ
͘ WĞŶƵŚ͗ƐĞƐĂŬ
͘ WĂŶĂƐ͗ĂƉŝ
͘ >ĂŵƉƵ͗ŐĞůĂƉ
͘ ŶŐŝŶ͗ĚŝŶŐŝŶ
ϭϯ͘ ZĞŬĂŶ͗ZŝǀĂůс͙͗͘͘͘
͘ WĞŶĚƵŬƵŶŐ͗ƉĞŶŐŚĂŵďĂƚ
͘ ĞƌŵĂǁĂŶ͗ƐĞƌĂŬĂŚ
͘ ŽŬƚĞƌ͗ƉĂƐŝĞŶ
͘ ĚĂƚ͗ŝƐƚŝĂĚĂƚ
͘ dƌĂĚŝƐŽŶĂů͗ŬŽŶƚĞŵƉŽƌĞƌ
ϭϰ͘ WĂŬĂŝĂŶ͗>ĞŵĂƌŝс͙͙͗
͘ 'ĞůĂƉ͗ůĂŵƉƵ
͘ <ĞƉĂůĂ͗ƌĂŵďƵƚ
͘ ZƵŵĂŚ͗ĂƚĂƉ
͘ ŝƌ͗ĞŵďĞƌ
͘ Ɖŝ͗ƉĂŶĂƐ
ϭϱ͘ ŝƌ͗ƐсhĂƉ͙͗
͘ ^ĂůũƵ
͘ Ɛ
͘ ŝƌ
͘ ,ƵũĂŶ
͘ ŵďƵŶ
ĂŐŝĂŶϯ ͗ WĞŵĂŚĂŵĂŶǁĂĐĂŶĂ
ϭϲ͘ 'ƌĞĞŶ ,ŽƵƐĞ͕ ƐĞďƵĂŚ ƚĞŵƉĂƚ ƚŝŶŐŐĂů Ěŝ
ŬĂǁĂƐĂŶ ŚŝũĂƵ :ĂŬĂƌƚĂ͘ <ĂǁĂƐĂŶ ŝŶŝ ŵĞŵŝůŝŬŝ
ĚĂLJĂƚĂƌŝŬŬŚƵƐƵƐďĂŐŝƉĞŶŐŐĞŵĂƌƐĞŶŝ͘DĞƌĞŬĂ
LJĂŶŐŵĞŶLJƵŬĂŝŬĞŚŝĚƵƉĂŶĂůĂŵŝĚĂŶƐĞŶŝ͕ŝŶŝůĂŚ
ƚĞŵƉĂƚŶLJĂ͘ ĂŶLJĂŬ ƐĞŶŝŵĂŶ LJĂŶŐ ƚĂŵƉĂŬ Ěŝ
ƌƵŵĂŚ ŵĞƌĞŬĂ ŵĞŶŐŐĞůĂƌ ŬĞŵĂŵƉƵĂŶ ƐĞŶŝ
ƐĞƉĞƌƚŝ ŵĞůƵŬŝƐ͕ ůĂƚŝŚĂŶ ĚƌĂŵĂ Ěŝ ŬĞďƵŶ͕
ďĂŚŬĂŶ ŵĞŶĂƌŝ Ěŝ ƉĂŶŐŐƵŶŐ ƌƵŵĂŚ͘ :ƵƐƚƌƵ
ŝŶŝůĂŚ ĚĂLJĂ ƚĂƌŝŬ LJĂŶŐ ŵƵŶĐƵů͘ ^ĞƚŝĂƉ ŽƌĂŶŐ
ŝŶŐŝŶŵĞůŝŚĂƚŬĞƵŶŝŬĂŶŝŶŝ͘
hŶƐƵƌŝŶƚƌŝŶƐŝŬLJĂŶŐŵĞŶŽŶũŽůĚĂůĂŵƉĞŶŐŐĂůĂŶ
ĐĞƌƉĞŶŝŶŝĂĚĂůĂŚ͘͘͘͘
͘ WĞŶŽůĂŬĂŶ
͘ ůƵƌ
͘ dĞŵĂ
͘ >ĂƚĂƌ
͘ hƌĂŝĂŶ
ϭϳ͘ ĞŶŐĂŶ ƚĂŵďĂŚĂŶ ŵĞĚĂůŝ ĞŵĂƐ ĚĂƌŝ dĂƵĨŝŬ͕
/ŶĚŽŶĞƐŝĂ ƵŶƚƵŬ ƐĞŵĞŶƚĂƌĂ ŵĞŶŐŽůĞŬƐŝ ĚƵĂ
ĞŵĂƐ͘ ĂŚŬĂŶ ĞŵĂƐ dĂƵĨŝŬ ŵƵŶŐŬŝŶ ĞŵĂƐ
ƚĞƌĂŬŚŝƌ ŬŽŶƚŝŶŐĞŶ Z/ Ěŝ ƐŝĂŶ 'ĂŵĞƐ ŬĂůŝ ŝŶŝ͘
Ăƌŝ ƚĂŚƵŶ ŬĞ ƚĂŚƵŶ ĂƚĂƵ ĚĂƌŝ ǁĂŬƚƵ ŬĞ ǁĂŬƚƵ
ƉƌĞƐƚĂƐŝ ŽůĂŚ ƌĂŐĂ Ěŝ /ŶĚŽŶĞƐŝĂ Ěŝ ďĞƌďĂŐĂŝ
ŬĞũƵĂƌĂĂŶƐĞƉĞƌƚŝƐŝĂŶ'ĂŵĞƐƚĞƚĂƉďĞƌĂĚĂĚŝ
ƵƌƵƚĂŶŬĞůĂƐŬĂŵďŝŶŐ͘dŝĚĂŬ ƐĞďĂŶĚŝŶŐĚĞŶŐĂŶ
ũƵŵůĂŚ ƉĞŶĚƵĚƵŬ LJĂŶŐ ďĞƌũƵŵůĂŚ ůĞďŝŚ ĚĂƌŝ
ϮϬϬũƵƚĂũŝǁĂ͘
<ĂůŝŵĂƚŬƌŝƚŝŬĂŶƵŶƚƵŬŝůƵƐƚƌĂƐŝĚŝĂƚĂƐĂĚĂůĂŚ͘͘͘͘
͘ DŝŶŝŵŶLJĂ ƉĞƌŽůĞŚĂŶ ĞŵĂƐ LJĂŶŐ ƚĞƌũĂĚŝ Ěŝ
ƐŝĂŶ 'ĂŵĞƐ ŬĂƌĞŶĂ ĂƚůĞƚͲĂƚůĞƚ /ŶĚŽŶĞƐŝĂ
ŬƵƌĂŶŐĚŝƐŝƉůŝŶĚĂůĂŵůĂƚŝŚĂŶ
͘ DƵŶŐŬŝŶ ŚƵďƵŶŐĂŶ ĂƚĂƌĂ ĂƚůĞƚ͕ ƉĞůĂƚŝŚ͕
ĚĂŶŽĨĨŝĐŝĂůŬƵƌĂŶŐŚĂƌŵŽŶŝƐ
͘ ^ĞƚĞůĂŚ ŵĞƌĞŬĂ ƉƵůĂŶŐ ĚĂƌŝ YĂƚĂƌ͕ ƉĂŶŝƚŝĂ
ŚĂƌƵƐŵĞŶĂŚĂŶƌĂƐĂŵĂůƵ͘
͘ ůŚĂŵĚƵůŝůůĂŚ͕ƚĂƵĨŝŬŵĞƌƵƉĂŬĂŶƉĞŶŐŚŝďƵƌ
ŵĂƐLJĂƌĂŬĂƚLJĂŶŐŬĞĐĞǁĂ͘
͘ <ŽŶƚŝŶŐĞŶ /ŶĚŽŶĞƐŝĂ ďĞƌƵƐĂŚĂ ƵŶƚƵŬ
ŵĞůĂŬƵŬĂŶLJĂŶŐƚĞƌďĂŝŬůĂŐŝ͘
ĂĐĂůĂŚ ƉĂƌĂŐƌĂĨ Ěŝ ďĂǁĂŚ ƵŶƚƵŬ ŵĞŶũĂǁĂď ƐŽĂů
ŶŽϭϴĚĂŶϭϵ͊
DĞƚŽĚĞ ƉĞŶĞůŝƚŝĂŶ ŵĞƌƵƉĂŬĂŶ ĐĂƌĂ ŝůŵŝĂŚ LJĂŶŐ
ĚŝŐƵŶĂŬĂŶƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ ĚĂƚĂĚĞŶŐĂŶƚƵũƵĂŶ
ƚĞƌƚĞŶƚƵ͘ ĂƌĂ ŝůŵŝĂŚ ďĞƌĂƌƚŝ ŬĞŐŝĂƚĂŶ ŝƚƵ ĚŝůĂŶĚĂƐŝ
ŽůĞŚ ŵĞƚŽĚĞ ŬĞŝůŵƵĂŶ͘ DĞŶƵƌƵƚ :ƵũƵŶ ^ ^ƵƌŝĂͲ
ƐƵŵĂŶƚƌŝ͕ ŵĞƚŽĚĞ ŬĞŝůŵƵĂŶ ŝŶŝ ŵĞƌƵƉĂŬĂŶ
ŐĂďƵŶŐĂŶ ĂŶƚĂƌĂ ƉĞŶĚĞŬĂƚĂŶ ƌĂƐŝŽŶĂů ĚĂŶ ĞŵƉŝƌŝƐ͘
WĞŶĚĞŬĂƚĂŶ ƌĂƐŝŽŶĂů ŵĞŵďĞƌŝŬĂŶ ŬĞƌĂŶŐŬĂ ďĞƌƉŝŬŝƌ
LJĂŶŐ ŬŽŚĞƌĞŶ ĚĂŶ ůŽŐŝƐ͘ WĞŶĚĞŬĂƚĂŶ ĞŵƉŝƌŝƐ
ŵĞŵďĞƌŝŬĂŶ
ŬĞƌĂŶŐŬĂ
ƉĞŶŐƵũŝĂŶ
ĚĂůĂŵ
ŵĞŵĂƐƚŝŬĂŶƐƵĂƚƵŬĞďĞŶĂƌĂŶ͘
ĞŶŐĂŶĐĂƌĂLJĂŶŐŝůŵŝĂŚ͕ĚŝŚĂƌĂƉĂŬĂŶĚĂƚĂLJĂŶŐ
ĂŬĂŶ ĚŝƉĞƌŽůĞŚ ĚĂƚĂ LJĂŶŐ ŽďũĞŬƚŝĨ͕ ǀĂůŝĚ͕ ĚĂŶ
ƌĞůŝĂďĞů͘ KďũĞŬƚĨ ďĞƌĂƌƚŝ ƐĞŵƵĂ ŽƌĂŶŐ ĂŬĂŶ
ŵĞŵďĞƌŝŬĂŶ ƉĞŶĂĨƐŝƌĂŶ LJĂŶŐ ƐĂŵĂ͖ ǀĂůŝĚ ďĞƌĂƌƚŝ
ĂĚĂŶLJĂŬĞƚĞƉĂƚĂŶĂŶƚĂƌĂĚĂƚĂLJĂŶŐƚĞƌŬƵŵƉƵůŽůĞŚ
ƉĞŶĞůŝƚŝ ĚĞŶŐĂŶ ĚĂƚĂ LJĂŶŐ ƚƌĞũĂĚŝ ƉĂĚĂ ŽďũĞŬ LJĂŶŐ
ƐĞƐƵŶŐŐƵŚŶLJĂ͖ ĚĂŶ ƌĞůŝĂďĞů ďĞƌĂƌƚŝ ĂĚĂŶLJĂ
ŬĞƚĞƉĂƚĂŶ ĂƚĂƵ ŬŽŶƐŝƐƚĞŶƐŝ ĚĂƚĂ LJĂŶŐ ĚŝĂŵďŝů ĚĂƌŝ
ǁĂŬƚƵŬĞǁĂŬƚƵ͘
ϭϴ͘ ,Ăů LJĂŶŐ ƚŝĚĂŬ ƐĞƐƵĂŝ ĚĞŶŐĂŶ ďĂĐĂĂŶ Ěŝ ĂƚĂƐ
ĂĚĂůĂŚ͘͘͘
͘ ĂƌĂ ŝůŵŝĂŚ ƵŶƚƵŬ ŵĞŶĚĂƉĂƚŬĂŶ ĚĂƚĂ
ĚĞŶŐĂŶ ƚƵũƵĂŶ ƚĞƌƚĞŶƚƵ ĚŝƐĞďƵƚ ŵĞƚŽĚĞ
ƉĞŶĞůŝƚŝĂŶ
+DODPDQGDUL
͘ <ĞŐŝĂƚĂŶ LJĂŶŐ ĚŝůĂŶĚĂƐŝ ŵĞƚŽĚĞ ŬĞŝůŵƵĂŶ
ĚŝƐĞďƵƚĐĂƌĂŝůŵŝĂŚ
͘ WĞŶĚĞŬĂƚĂŶƌĂƐŝŽŶĂůŵĞŵďĞƌŝŬĂŶŬĞƌĂŶŐŬĂ
ƉŝŬŝƌƉĞŶŐƵũŝĂŶƐƵĂƚƵŬĞďĞŶĂƌĂŶ
͘ sĂůŝĚďĞƌĂƌƚŝƚĞƉĂƚ͕ƐĞƐƵĂŝĂŶƚĂƌĂĚĂƚĂLJĂŶŐ
ƚĞƌŬƵŵƉƵůĚĞŶŐĂŶĚĂƚĂLJĂŶŐĂĚĂ
͘ ZĞůŝĂďĞů ďĞƌŵĂŬŶĂ ŬĞƚĞƉĂƚĂŶ ĚĂƚĂ ĚĂƌŝ
ǁĂŬƚƵŬĞǁĂŬƚƵ
ϭϵ͘ dŽƉŝŬLJĂŶŐŵĞŶĚĂƐĂƌŝĂůŝŶĞĂƉĞƌƚĂŵĂĂĚĂůĂŚ͘͘͘
͘ ĂƌĂŝůŵŝĂŚĚĂůĂŵŵĞƚŽĚĞƉĞŶĞůŝƚŝĂŶ
͘ >ĂŶĚĂƐĂŶŵĞƚŽĚĞŬĞŝůŵƵĂŶ
͘ WĞŶĚĞŬĂƚĂŶĚĂůĂŵƉĞŶĞůŝƚŝĂŶ
͘ DĞƚŽĚĞŬĞŝůŵƵĂŶ
͘ 'ĂďƵŶŐĂŶ ƉĞŶĚĞŬĂƚĂŶ ƌĂƐŝŽŶĂů ĚĂŶ
ĞŵƉŝƌŝƐ
ϮϬ͘ <ĞƚƵĂWƵƐĂƚ^ƚƵĚŝ>ŝŶŐŬƵŶŐĂŶ;W^>ͿhŶŝǀĞƌͲƐŝƚĂƐ
,ĂŚĞŽůĞŽ͕ <ĞŶĚĂƌŝ /ƌ͘ ďĚƵů DĂŶĂŶ͕ D͘ ^Đ͘
ŵĞŶŐĂƚĂŬĂŶĚĂůĂŵƐĞƚŝĂƉƉƌŽŐƌĂŵƉĞŶŐĞůŽůĂĂŶ
ĚĂŶ ƉĞŶLJĞŚĂƚĂŶ ůŝŶŐŬƵŶŐĂŶ ƉĞƌůƵ ĚŝƚĂŶĂŵŬĂŶ
ƉĞŶĚŝĚŝŬĂŶ ůŝŶŐŬƵŶŐĂŶ ƐĞũĂŬ ĚŝŶŝ͘ ͟ĂŝŬ
ƉĞŶĚŝĚŝŬĂŶ ĨŽƌŵĂů ŵĂƵƉƵŶ ŶŽŶĨŽƌŵĂů ƐĂŶŐĂƚ
ďĞƌƉĞŶŐĂƌƵŚ ďĞƐĂƌ ĚĂůĂŵ ƉĞŶŐĞůŽůĂĂŶ ůŝŶŐŬƵͲ
ŶŐĂŶ ŬĂƌĞŶĂ ŚĂŶLJĂ ĚĞŶŐĂŶ ŵĂƐLJĂƌĂŬĂƚ ƚĞƌͲ
ƉĞůĂũĂƌ͕ ŵĂƐĂůĂŚ ůŝŶŐŬƵŶŐĂŶ ĚĂƉĂƚ ĚŝƉĞĐĂŚŬĂŶ
ĚĞŶŐĂŶ ŵĂƐLJĂƌĂŬĂƚ ƚĞƌƉĞůĂũĂƌ͕ ŵĂƐĂůĂŚ ůŝŶŐŬƵͲ
ŶŐĂŶ ĚĂƉĂƚ ĚŝƉĞĐĂŚŬĂŶ ĚĞŶŐĂŶ ďŝũĂŬƐĂŶĂ͘͟
ŬĂƚĂŶLJĂŬĞƉĂĚĂŶƚĂƌĂĚŝ<ĞŶĚĂƌŝ͘
'ĂŐĂƐĂŶƉŽŬŽŬƉĂƌĂŐƌĂĨĚŝĂƚĂƐĂĚĂůĂŚ͘͘͘
͘ WƌŽŐƌĂŵƉĞŶŐĞůŽůĂĂŶůŝŶŐŬƵŶŐĂŶ
͘ WĞƌůƵŶLJĂ ƉĞŶŐĞůŽůĂĂŶ ĚĂŶ ƉĞŶLJĞŚĂƚĂŶ
ůŝŶŐŬƵŶŐĂŶ
͘ WĞŶƚŝŶŐŶLJĂ
ƉĞŶĂŶĂŵĂŶ
ƉĞŶĚŝĚŝŬĂŶ
ůŝŶŐŬƵŶŐĂŶ
͘ WĞƌĂŶ ƉĞŶĚŝĚŝŬĂŶ ĚĂůĂŵ ƉĞŶŐĞůŽůĂĂŶ
ůŝŶŐŬƵŶŐĂŶ
͘ WĞŵĞĐĂŚĂŶƉĞƌƐŽĂůĂŶůŝŶŐŬƵŶŐĂŶ
ĂŐŝĂŶϰ ͗ dĞƐƚĞƌĞƚ^Ğƌŝ
Ϯϭ͘ ^ĞƌŝďŝůĂŶŐĂŶϯϭʹϱϱʹϲϭʹϯϰʹϱϲʹϱϵʹϯϳʹ
ϱϳʹϱϳʹϰϬʹϱϴʹ͙͘
͘ ϱϯ
͘ ϱϱ
͘ ϱϳ
͘ ϱϴ
͘ ϲϬ
ϮϮ͘ ^ĞƌŝďŝůĂŶŐĂŶϮϱʹϭϯʹϮϭʹϮϬʹϭϴʹϯϮʹϯϭʹ
ϮϯʹϮϳʹϮϲʹϮϴʹ͙͘
͘ ϰϯ
͘ ϰϮ
͘ ϰϬ
͘ ϯϵ
͘ ϯϴ
Ϯϯ͘ ^ĞƌŝďŝůĂŶŐĂŶϵϬʹϴϰʹϴϮʹϴϰʹϳϴʹϳϲʹϳϴ͙͘
͘ ϲϴ
͘ ϱϴ
͘ ϳϲ
͘ ϳϮ
͘ ϲϬ
Ϯϰ͘ ^ĞƌŝďŝůĂŶŐĂŶϳϬϬϳʹϳϭϬϲʹϳϭϬϱʹϳϮϬϱʹϳϮϬϰ
ʹϳϯϬϱʹϳϯϬϰʹ͙͘
͘ ϳϯϬϲ
͘ ϳϰϬϱ
͘ ϳϰϬϲ
͘ ϳϰϬϴ
͘ ϳϱϬϲ
Ϯϱ͘ ^ĞƌŝďŝůĂŶŐĂŶϱʹϭϬʹϴʹϮϰʹϮϭʹϴϰ͙͘
͘ ϴϬ
͘ ϴϭ
͘ ϭϲϴ
͘ ϮϱϮ
͘ ϯϯϲ
ĂŐŝĂŶϱ ͗ dĞƐƚƌŝƚŵĂƚŝŬĂ
Ϯϲ͘ :ŝŬĂdžсϭϱϲϳϴϴʹϭϱϲϳϴϴͬϮ͕ĚĂŶLJсϭϱϲϳϴϴͬϮ͕
ŵĂŬĂ͙
͘ džхLJ
͘ džфLJ
͘ džсLJ
͘ džĚĂŶLJƚŝĚĂŬďŝƐĂĚŝƚĞŶƚƵŬĂŶ
͘ ϮdžхϮLJ
Ϯϳ͘ :ŝŬĂ ĂŶŐŬĂ ϯ ĚĂůĂŵ ďŝůĂŶŐĂŶ ϰϱϯϲϴϵ ďĞƌŶŝůĂŝ
dž
dž
ϯ͘ϭϬ ͕ĚĂŶLJсϱ ͬϮϱ͕ŵĂŬĂ͙
͘ džхLJ
͘ džфLJ
͘ džсLJ
͘ džĚĂŶLJƚŝĚĂŬďŝƐĂĚŝƚĞŶƚƵŬĂŶ
͘ ϮdžхϮLJ
Ϯϴ͘ :ŝŬĂdžϯʹϰϯсϯϬϬ͕ĚĂŶLJнϱdžсϰϮ͕ŵĂŬĂ͙
͘ džхLJ
͘ džфLJ
͘ džсLJ
͘ džĚĂŶLJƚŝĚĂŬďŝƐĂĚŝƚĞŶƚƵŬĂŶ
͘ ϮdžхϮLJ
Ϯϵ͘ :ŝŬĂdžсͲ;ϲϲͿ͕ĚĂŶLJс;ͲϲͿϲ͕ŵĂŬĂ͘͘͘͘
͘ džхLJ
͘ džфLJ
͘ džсLJ
+DODPDQGDUL
͘ džĚĂŶLJƚŝĚĂŬďŝƐĂĚŝƚĞŶƚƵŬĂŶ
͘ ϮdžхϮLJ
ϯϬ͘ :ŝŬĂ dž с Ɖ͘ϭ͘ϭ͕ ĚĂŶ LJ с Ɖнϭнϭ͕ ;Ɖ с ďŝůĂŶŐĂŶ
ƉŽƐŝƚŝĨͿ͕ŵĂŬĂ͘͘͘
͘ džхLJ
͘ džфLJ
͘ džсLJ
͘ džĚĂŶLJƚŝĚĂŬďŝƐĂĚŝƚĞŶƚƵŬĂŶ
͘ ϮdžхϮLJ
ĂŐŝĂŶϲ ͗ ^ƵďƚĞƐ'ĞŽŵĞƚƌŝĚĂŶƌŝƚŵĂƚŝŬĂ
ϯϭ͘ ^ĞďƵĂŚďƵŬƵĚŝƐĞǁĂŬĂŶĚĞŶŐĂŶŚĂƌŐĂZƉ͘ϭ͘ϬϬϬ
ƵŶƚƵŬϯŚĂƌŝƉĞƌƚĂŵĂĚĂŶƵŶƚƵŬƐĞůĂŶũƵƚŶLJĂZƉ͘
ϲϬϬ ƐĞƚŝĂƉ ŚĂƌŝ͘ :ŝŬĂ ƉĞŶLJĞǁĂ ďƵŬƵ ƚĞƌƐĞďƵƚ
ŵĞŵďĂLJĂƌ ZƉ͘ ϭϭ͘ϴϬϬ ƵŶƚƵŬ ƐĞďƵĂŚ ďƵŬƵ͕
ďĞƌĂƉĂŚĂƌŝŬĂŚďƵŬƵƚĞƌƐĞďƵƚĚŝƐĞǁĂŶLJĂ͍
͘ ϭϱ
͘ ϭϴ
͘ ϮϬ
͘ Ϯϭ
͘ Ϯϰ
ϯϮ͘ EĂĚŝĂ ŚĞŶĚĂŬ ŵĞŵďĞůŝ ƐĞƉĂƚƵ ĚĂŶ ŐĂƵŶ
ĚĞŶŐĂŶ ŵĞŵďĂǁĂ ƵĂŶŐ ƐĞďĞƐĂƌ ZƉ ϯϲϯ͘ϬϬϬ͕Ͳ͘
,ĂƌŐĂ ƐĞƉĂƚƵ Ěŝ ƚŽŬŽ ĂĚĂůĂŚ ZƉ͘ ϮϭϬ͘ϬϬϬ͕Ͳ
ĚĞŶŐĂŶ ĚŝƐŬŽŶ ϯϱ й ĚĂŶ ŚĂƌŐĂ ĐĞůĂŶĂ ĂĚĂůĂŚ
ZƉ͘ ϴϱ͘ϬϬϬ͕Ͳ ĚĞŶŐĂŶ ĚŝƐŬŽŶ ϭϱ й͘ hĂŶŐ ƐŝƐĂ
ƉĞŵďĞůŝĂŶƐĞƉĂƚƵĚĂŶĐĞůĂŶĂĂĚĂůĂŚ͘͘͘
͘ ZƉ͘ϭϰϱ͘ϳϱϬ͕Ͳ
͘ ZƉ͘ϭϱϰ͘ϮϱϬ͕Ͳ
͘ ZƉ͘ϭϱϱ͘ϳϱϬ͕Ͳ
͘ ZƉ͘ϭϰϰ͘ϮϱϬ͕Ͳ
͘ ZƉ͘ϭϰϱ͘ϮϱϬ͕Ͳ
ϯϯ͘ WĂŶũĂŶŐůĂŶƚĂŝƐĞďƵĂŚŬĂŵĂƌŵĂŶĚŝĂĚĂůĂŚϳ ŬĂŬŝ ĚĂŶ ůĞďĂƌŶLJĂ ϲ ŬĂŬŝ͘ >ĂŶƚĂŝ ƚĞƌƐĞďƵƚ
ĚŝƉĂƐĂŶŐƵďŝŶ LJŐďĞƌďĞŶƚƵŬ ďƵũƵƌƐĂŶŐŬĂƌ LJĂŶŐ
ƉĂŶũĂŶŐ ƐŝƐŝŶLJĂ ϰ ŝŶĐŝ ;ϭ ŬĂŬŝ с ϭϮ ŝŶĐŝͿ͘
ĂŶLJĂŬŶLJĂ ƵďŝŶ LJĂŶŐ ĚŝďƵƚƵŚŬĂŶ ƵŶƚƵŬ
ŵĞŶƵƚƵƉŝƐĞůƵƌƵŚůĂŶƚĂŝĂĚĂůĂŚ͘͘͘
͘ ϰϱ
͘ ϭϯϴ
͘ ϮϬϳ
͘ ϰϭϰ
͘ ϲϮϬ
ϯϰ͘ VHQGRNWHK
VHQGRNPDNDQ
VHQGRNPDNDQ FDQJNLU
RQV
ĞŶŐĂŶ ŵĞŶŐŐƵŶĂŬĂŶ ƚĂďĞů Ěŝ ĂƚĂƐ͕ ĚŝĚĂƉĂƚ Ϯ
ŽŶƐƐĂŵĂĚĞŶŐĂŶdžƐĞŶĚŽŬƚĞŚ͕ŵĂŬĂdžс͘͘͘͘͘
͘ ϲ
͘ ϭϮ
͘ ϰϮ ͘ ϭϬ
͘ ϭ ϯϱ͘ ^ĞďƵĂŚůŽŶĐĞŶŐ ũĂŵ ďĞƌďƵŶLJŝ ƐĞƚŝĂƉϯϱŵĞŶŝƚ
ƐĞŬĂůŝ͘ >ŽŶĐĞŶŐ ƚĞƌƐĞďƵƚ ďĞƌďƵŶLJŝ ƵŶƚƵŬ
ƉĞƌƚĂŵĂ ŬĂůŝƉĂĚĂƚĞŶŐĂŚ ŵĂůĂŵ͘ WĂĚĂ ŵĂůĂŵ
LJĂŶŐ ƐĂŵĂ͕ ďĞƌĂƉĂ ŵĞŶŝƚ ůĂŐŝŬĂŚ ůŽŶĐĞŶŐ
ƚĞƌƐĞďƵƚĂŬĂŶďĞƌďƵŶLJŝƐĞƚĞůĂŚƉƵŬƵůϬϰ͘ϭϮ͍
͘ ϳ
͘ ϵ
͘ ϭϰ
͘ ϭϵ
͘ Ϯϴ
ϯϲ͘ ^ĞďƵĂŚƐĞƉĞĚĂŵĞŵŝůŝŬŝƌŽĚĂďĞƌũĂƌŝͲũĂƌŝϮϭĐŵ͘
:ŝŬĂ ƌŽĚĂ ďĞƌƉƵƚĂƌ ƐĞďĂŶLJĂŬ Ϯ͘ϱϬϬ ŬĂůŝ͕ ŵĂŬĂ
ƉĂŶũĂŶŐůŝŶƚĂƐĂŶůƵƌƵƐLJĂŶŐĚŝůĂůƵŝŶLJĂĂĚĂůĂŚ͘͘͘
͘ ϭ͕ϲϱ<ŵ
͘ ϯ͕ϯ<ŵ
͘ ϯϯ<ŵ
͘ ϯϯϬ<ŵ
͘ ϭϲ͕ϱ<ŵ
ϯϳ͘ ^ĞĞŬŽƌ ďƵƌƵŶŐ ďĞƌŬŝĐĂƵ ƐĞƚŝĂƉ ϭϰ ŵĞŶŝƚ ĚĂŶ
ƐĞďƵĂŚ ďĞůů ďĞƌĚĞƌŝŶŐ ƐĞƚŝĂƉ ϭϮ ŵĞŶŝƚ͘ :ŝŬĂ
ďƵƌƵŶŐ ĚĂŶ ďĞůů ďĞƌďƵŶLJŝ ďĞƌƐĂŵĂͲƐĂŵĂ ƉĂĚĂ
ƉƵŬƵů ϭϮ ƐŝĂŶŐ ŵĂŬĂ ƉƵŬƵů ďĞƌĂƉĂŬĂŚ ŵĞƌĞŬĂ
ƉĞƌƚĂŵĂ ŬĂůŝ ďĞƌďƵŶLJŝ ƐĞƚĞůĂŚ ƉƵŬƵů ϭϮ ƐŝĂŶŐ
ƚĂĚŝ͍
͘ ϭϰ͘ϰϴ
͘ ϭϰ͘Ϯϰ
͘ ϭϯ͘ϱϰ
͘ ϭϯ͘Ϯϰ
͘ ϭϮ͘ϰϮ
ϯϴ͘ ^ĞďƵĂŚďĂůŽŬŬĂLJƵďĞƌƵŬƵƌĂŶϭϱĚŵuϯϬĐŵu
ϭϮĚŵĚŝƉŽƚŽŶŐŵĞŶũĂĚŝŬƵďƵƐĚĞŶŐĂŶƵŬƵƌĂŶ
ƚĞƌďĞƐĂƌLJĂŶŐĚĂƉĂƚĚŝďƵĂƚ͘ĞƌĂƉĂŬĂŚďĂŶLJĂŬͲ
ŶLJĂŬƵďƵƐLJĂŶŐĚĂƉĂƚĚŝďƵĂƚ͍
͘ ϲ
͘ ϵ
͘ ϭϮ
͘ ϭϱ
͘ ϮϬ
FDQJNLU
+DODPDQGDUL
ϯϵ͘ ^ĞďƵĂŚ ƉĞƌƐĞŐŝ ƉĂŶũĂŶŐ ŵĞŵŝůŝŬŝ ůƵĂƐ ϱϴϴ Đŵϸ
ĚĞŶŐĂŶ ƉĂŶũĂŶŐ ͗ ůĞďĂƌ с ϰ ͗ ϯ͘ :ŝŬĂ ƐĞďƵĂŚ
ƚĂďƵŶŐĚĞŶŐĂŶƚŝŶŐŐŝϳĐŵŵĞŵƉƵŶLJĂŝũĂƌŝͲũĂƌŝ
LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶ ůĞďĂƌ ƉĞƌƐĞŐŝ ƉĂŶũĂŶŐ
ƚĞƌƐĞďƵƚ͕ŵĂŬĂǀŽůƵŵĞƚĂďƵŶŐĂĚĂůĂŚ͙
͘ ϭϭϳϴĐŵϹ
͘ ϰϯϭϮĐŵϹ
͘ ϵϳϬϮĐŵϹ
͘ ϭϬϳϴĐŵϹ
͘ Ϯϲϵ͕ϱĐŵϹ
ϰϬ͘ EŝůĂŝ ƌĂƚĂͲƌĂƚĂ ƵůĂŶŐĂŶ ŵĂƚĞŵĂƚŝŬĂ ϭϯ ƐŝƐǁĂ
^D ĂĚĂůĂŚ ϳ͕ϰ͘ :ŝŬĂ ĂĚĂ ϯ ŽƌĂŶŐ ƐŝƐǁĂ LJĂŶŐ
ŝŬƵƚ ƵůĂŶŐĂŶƐƵƐƵůĂŶĚĞŶŐĂŶ ŶŝůĂŝϲ͕ϵ͖ϳ͕ϴĚĂŶ
ϵ͕ϭ ŵĂŬĂ ŶŝůĂŝ ƌĂƚĂͲƌĂƚĂ ƵůĂŶŐĂŶ ŵĂƚĞŵĂƚŝŬĂ
LJĂŶŐƐĞŬĂƌĂŶŐĂĚĂůĂŚ͘͘͘
͘ ϳ͕ϱϬ
͘ ϳ͕ϵϳ
͘ ϴ͕ϬϬ
͘ ϴ͕Ϭϯ
͘ ϴ͕ϯϯ
ĂŐŝĂŶϳ ͗ dĞƐƉĞŶĂůĂƌĂŶůŽŐŝƐ
ϰϭ͘ dŝĚĂŬ ĂĚĂ ĚƵĂ ƉĞƌŚŝĂƐĂŶ ďĞƌůŝĂŶ LJĂŶŐ ŵĞŵƉƵͲ
ŶLJĂŝŬŝůĂƵLJĂŶŐƐĂŵĂ͘
ŝŶĐŝŶyĚĂŶzƚĞƌďƵĂƚĚĂƌŝďĞƌůŝĂŶ͘
<ĞƐŝŵƉƵůĂŶ͗
͘ ŚĂŶLJĂĐŝŶĐŝŶyĚĂŶzLJĂŶŐďĞƌďĞĚĂŬŝůĂƵŶLJĂ
͘ ŝŶĐŝŶ ďĞƌůŝĂŶ y ĚĂŶ z ŵĞŵƉƵŶLJĂŝ ŬŝůĂƵ
LJĂŶŐďĞƌďĞĚĂ͘
͘ ^ĞŵƵĂ ĐŝŶĐŝŶ ďĞƌůŝĂŶ ŵĞŵŝůŝŬŝ ŬŝůĂƵ LJĂŶŐ
ďĞƌďĞĚĂĚĞŶŐĂŶĐŝŶĐŝŶyĚĂŶz
͘ ĚĂ ĐŝŶĐŝŶ ďĞƌůŝĂŶ ƐĞůĂŝŶ ĐŝŶĐŝŶ y ĚĂŶ z
LJĂŶŐŵĞŵŝůŝŬŝŬŝůĂƵ͘
͘ ^ĞŵƵĂ ƉĞƌŚŝĂƐĂŶ LJĂŶŐ ƐĂŵĂ ďĞŶƚƵŬ
ĚĞŶŐĂŶĐŝŶĐŝŶyĚĂŶzƉĂƐƚŝďĞƌŬŝůĂƵ͘
ϰϮ͘ ,ĂŶLJĂďĂƌĂŶŐͲďĂƌĂŶŐĚĂƌŝƉůĂƐƚŝŬLJĂŶŐĚŝũƵĂůĚŝ
ƚŽŬŽ<ƵƌŶŝĂ͘
dĞŬƐƚŝůƚĞƌďƵĂƚĚĂƌŝďĂŚĂŶĚĂƐĂƌŬĂƉĂƐ͘
<ĞƐŝŵƉƵůĂŶ͗
͘ ĂƌĂŶŐƉůĂƐƚŝŬŚĂŶLJĂĚŝũƵĂůĚŝƚŽŬŽ<ƵƌŶŝĂ
͘ ^ĞŵƵĂ ďĂƌĂŶŐ Ěŝ ƚŽŬŽ <ƵƌŶŝĂ ďĂŚĂŶ
ĚĂƐĂƌŶLJĂƉůĂƐƚŝŬ
͘ dŝĚĂŬĂĚĂƚĞŬƐƚŝůLJĂŶŐĚŝũƵĂůĚŝƚŽŬŽŬƵƌŶŝĂ͘
͘ dŽŬŽŬƵƌŶŝĂŵĞŶũƵĂůďĂƌĂŶŐĚĂƌŝŬĂƉĂƐĚĂŶ
ƉůĂƐƚŝŬ͘
͘ ŝ ƚŽŬŽ <ƵƌŶŝĂ ƚĞƌĚĂƉĂƚ ƐĞŐĂůĂŵ ŵĂĐĂŵ
ďĂƌĂŶŐ͘
ϰϯ͘ KůĂŚƌĂŐĂĂĚĂůĂŚĂŬƚŝǀŝƚĂƐLJĂŶŐƐĞůĂůƵĚŝůĂŬƵŬĂŶ
ĂĚƵƐĞƚŝĂƉŚĂƌŝ͘
,ĂƌŝŝŶŝĂĚƵƐĂŬŝƚŬĞƉĂůĂ͘
<ĞƐŝŵƉƵůĂŶ͗
͘ ,ĂƌŝŝŶŝĂĚƵƚŝĚĂŬďĞƌŽůĂŚƌĂŐĂ
͘ <ĞǁĂũŝďĂŶ ĂĚƵ ƐĞƚŝĂƉ ŚĂƌŝ ĂĚĂůĂŚ
ďĞƌŽůĂŚƌĂŐĂŬĞĐƵĂůŝďŝůĂƐĂŬŝƚ
͘ ,Ăƌŝ ŝŶŝ ĂĚƵ ďĞƌŽůĂŚƌĂŐĂ ǁĂůĂƵƉƵŶ ƐĂŬŝƚ
ŬĞƉĂůĂ
͘ ŚĂŵƉŝƌƐĞƚŝĂƉŚĂƌŝĂĚƵƐĂŬŝƚŬĞƉĂůĂ͘
͘ ĂĚƵƚŝĚĂŬƐƵŬĂŽůĂŚƌĂŐĂƐĂĂƚƐĂŬŝƚ
ϰϰ͘ EŽĚĂ ŚŝƚĂŵ ĂŬĂŶ ƚĂŵƉĂŬ ũĞůĂƐ ƉĂĚĂ ƉĂŬĂŝĂŶ
ƉƵƚŝŚ
EŽĚĂ ƉƵƚŝŚ ĂŬĂŶ ƚĂŵƉĂŬ ũĞůĂƐ ƉĂĚĂ ƉĂŬĂŝĂŶ
ŚŝƚĂŵ
ĞƚĞƌũĞŶ
ĚĂƉĂƚ
ĚŝŐƵŶĂŬĂŶ
ƵŶƚƵŬ
ŵĞŶŐŚŝůĂŶŐŬĂŶŶŽĚĂ͘
<ĞƐŝŵƉƵůĂŶ͗
͘ EŽĚĂƉĂĚĂƉĂŬĂŝĂŶĂŬĂŶƚĂŵƉĂŬũĞůĂƐ͘
͘ dŝĚĂŬ ŵƵŶŐŬŝŶ ƐĞŐƵŵƉĂů ĚĞƚĞƌŐĞŶ ĚĂƉĂƚ
ŵĞŶŐŚŝůĂŶŐŬĂŶŶŽĚĂ͘
͘ ĞƚĞƌŐĞŶ ŵĞŵďƵĂƚ ŶŽĚĂ ƉƵƚŝŚ ƚĂŵƉĂŬ
ƚŝĚĂŬ ũĞůĂƐ ƉĂĚĂ ƉĂŬĂŝĂŶ ŚŝƚĂŵ ďĞƌŶŽĚĂ
ƉƵƚŝŚ͘
͘ dŝĚĂŬŵƵŶŐŬŝŶŚŝƚĂŵŵĞŶũĂĚŝƉƵƚŝŚ
͘ ĞƚĞƌũĞŶŵĞŶŝŵďƵůŬĂŶŶŽĚĂ͘
ϰϱ͘ ŶĚŝŶŝƐĞůĂůƵƉĞƌŐŝďĞƌǁŝƐĂƚĂĚŝĂŬŚŝƌƉĞŬĂŶ͘
dŝĚĂŬƐĞŵƵĂƚĞŵƉĂƚǁŝƐĂƚĂƚĞƌůĞƚĂŬĚŝůƵĂƌŬŽƚĂ
<ĞƐŝŵƉƵůĂŶ͗
͘ ŶĚŝŶŝƐĞůĂůƵƉĞƌŐŝďĞƌǁŝƐĂƚĂĚŝůƵĂƌŬŽƚĂ
͘ ŶĚŝŶŝƚŝĚĂŬƐƵŬĂďĞƌǁŝƐĂƚĂĚŝůƵĂƌŬŽƚĂ
͘ <ĂĚĂŶŐŬĂůĂŶĚŝŶŝďĞƌǁŝƐĂƚĂĚŝĚĂůĂŵŬŽƚĂ
͘ <ĂĚĂŶŐŬĂůĂ ŶĚŝŶŝƚŝĚĂŬďĞƌǁŝƐĂƚĂ ĚŝĂŬŚŝƌ
ƉĞŬĂŶ
͘ dĞŵƉĂƚ ǁŝƐĂƚĂ ůĞďŝŚ ďĂŶLJĂŬ ƚĞƌůĞƚĂŬ Ěŝ
ĚĂůĂŵŬŽƚĂ͘
ĂŐŝĂŶϴ ͗ dĞƐWĞŶĂůĂƌĂŶŶĂůŝƚŝƐ
ϰϲ͘ ^ĞŽƌĂŶŐ ƉĞŶLJŝĂƌ ƌĂĚŝŽ ŚĂƌƵƐ ŵĞŵƵƚĂƌ ůĂŐƵ
LJĂŶŐ ĚŝƉĞƐĂŶ ƉĞŶĚĞŶŐĂƌ͘ ůĂŐƵ LJĂŶŐ ĚŝƉĞƐĂŶ
ƉĞŶĚĞŶŐĂƌ ĂŬĂŶ ĚŝƉƵƚĂƌ ŵĞŶũĞůĂŶŐ ĂŬŚŝƌ
ĂĐĂƌĂ͕ ůĂŐƵ ƉĞŶĚĞŶŐĂƌ ĂŬĂŶ ĚŝƉƵƚĂƌ ůĞďŝŚ
ĚĂŚƵůƵ ĚĂƌŝ ůĂŐƵ LJĂŶŐ ĚŝƉĞƐĂŶ ƚĞƚĂƉŝ ďƵŬĂŶ
ƐĞďĂŐĂŝ ůĂŐƵ ƉĞŵďƵŬĂ͘ ůĂŐƵ LJĂŶŐ ĚŝƉĞƐĂŶ
ƉĞŶĚĞŶŐĂƌĚĂŶĚŝƉƵƚĂƌďĞƌƵƌƵƚĂŶĚŝĂŶƚĂƌĂ
ůĂŐƵƉĞŶĚĞŶŐĂƌĚĂŶ͘ƉĞƐĂŶĂŶůĂŐƵƐŝĂƉĂŬĂŚ
LJĂŶŐĚŝƉƵƚĂƌƉĂůŝŶŐĂǁĂů͍
͘ +DODPDQGDUL
͘
͘
͘
͘
͘ tĞŶŝĚĂŶ>ŝŶĚĂ
͘ ^ŝƐŬĂĚĂŶtĞŶŝ
ϰϵ͘ /ŶƚĂŶ ƐĞŬĂƌĂŶŐ ďĞƌƵƐŝĂ ϭϮ ƚĂŚƵŶ͘ ^ĞĚĂŶŐŬĂŶ
ƵŵƵƌ ŶƚŽ ĚƵĂ ŬĂůŝ ůĞďŝŚ ƚƵĂ ĚĂƌŝƉĂĚĂ ƵŵƵƌ
ĂĚƵ͘hŵƵƌĂĚƵƚŝŐĂƚĂŚƵŶůĞďŝŚƚƵĂĚĂƌŝƉĂĚĂ
ƵŵƵƌEŝĚĂ͘:ŝŬĂƵŵƵƌ/ŶƚĂŶůŝŵĂƚĂŚƵŶůĞďŝŚƚƵĂ
ĚĂƌŝƉĂĚĂ ƵŵƵƌ ^Ăƌŝ LJĂŶŐ ƐĞƚĂŚƵŶ ůĞďŝŚ ŵƵĚĂ
ĚĂƌŝƉĂĚĂŶƚŽ͕ŵĂŬĂƵƌƵƚĂŶƵŵƵƌŵĞƌĞŬĂĚĂƌŝ
LJĂŶŐƚĞƌŵƵĚĂŬĞLJĂŶŐƚĞƌƚƵĂĂĚĂůĂŚ͘͘͘
͘ EŝĚĂ͕ĂĚƵ͕ŶƚŽ͕^Ăƌŝ͕/ŶƚĂŶ
͘ ĂĚƵ͕EŝĚĂ͕^Ăƌŝ͕/ŶƚĂŶ͕ŶƚŽ
͘ /ŶƚĂŶ͕ĂĚƵ͕^Ăƌŝ͕ŶƚŽ͕EŝĚĂ
͘ EŝĚĂ͕ĂĚƵ͕^Ăƌŝ͕ŶƚŽ͕/ŶƚĂŶ
͘ /ŶƚĂŶ͕EŝĚĂ͕^Ăƌŝ͕ĂĚƵ͕ŶƚŽ
ϱϬ͘ &ĂƌŚĂŶ ŵĞŶLJĞŶĂŶŐŝ ďƵŬƵͲďƵŬƵ ĨŝŬƐŝ͘ DĞƚĂ
ƉĞŶŐŐĞŵĂƌ ĞŶƐŝŬůŽƉĞĚŝĂ͘ DĂLJĂŶŐ ŵĞŵďĞůŝ
ƐĞŐĂůĂ ŵĂĐĂŵ ŶŽǀĞů ĚĂŶ ďĞďĞƌĂƉĂ ŬĂŵƵƐ͘
/ƌǀĂŶ ƉĞŶŐŐĞŵĂƌ ďŝŽŐƌĂĨŝ͕ ƐĞĚĂŶŐ ^ŽŶLJĂ
ŵĞŶLJƵŬĂŝ ďƵŬƵͲďƵŬƵ ŶŽŶ ĨŝŬƐŝ͘ :ŝŬĂ ĚŝďƵĂƚ
ŬĞůŽŵƉŽŬŵĞŵďĂĐĂĚĞŶŐĂŶ ĚĞŶŐĂŶ ĂŶŐŐŽƚĂ ϯ
ŽƌĂŶŐ͕ƐƵƐƵŶĂŶLJĂŶŐƉĂůŝŶŐƐĞƐƵĂŝĂĚĂůĂŚ͙
͘ &ĂƌŚĂŶ͕DĞƚĂ͕^ŽŶLJĂ
͘ &ĂƌŚĂŶ͕DĂLJĂŶŐ͕^ŽŶLJĂ
͘ &ĂƌŚĂŶ͕/ƌǀĂŶ͕DĂLJĂŶŐ
͘ DĞƚĂ͕/ƌǀĂŶ͕^ŽŶLJĂ
͘ &ĂƌŚĂŶ͕DĞƚĂ͕DĂLJĂŶŐ
ϰϳ͘ >ŝŵĂ ŽƌĂŶŐ ƉĞĚĂŐĂŶŐ ĂƐŽŶŐĂŶ ŵĞŶŐŚŝƚƵŶŐ
ŚĂƐŝů ƉĞŶũƵĂůĂŶ ĚĂůĂŵ ƐĂƚƵ ŚĂƌŝ͘ WĞĚĂŐĂŶŐ ///
ůĞďŝŚ ďĂŶLJĂŬ ŵĞŶũƵĂů ĚĂƌŝ ƉĞĚĂŐĂŶŐ /s͕ ƚĞƚĂƉŝ
ƚŝĚĂŬŵĞůĞďŝŚŝƉĞĚĂŐĂŶŐ/͘WĞŶũƵĂůĂŶƉĞĚĂŐĂŶŐ
// ƚŝĚĂŬ ŵĞůĞďŝŚŝ ƉĞĚĂŐĂŶŐ s ĚĂŶ ŵĞůĞďŝŚŝ
ƉĞĚĂŐĂŶŐ /͘ WĞĚĂŐĂŶŐ ŵĂŶĂ LJĂŶŐ ŚĂƐŝů
ƉĞŶũƵĂůĂŶŶLJĂƉĂůŝŶŐďĂŶLJĂŬ͍
͘ /
͘ //
͘ ///
͘ /s
͘ s
ϰϴ͘ ^ŝƐŬĂ ŚĂƌƵƐ ŬƵƌƐƵƐ ďĂŚĂƐĂ DĂŶĚĂƌŝŶ ƐĞƚŝĂƉ
<ĂŵŝƐ͘ ^ĞĚĂŶŐŬĂŶ :ƵůŝĂ ŬƵƌƐƵƐ ďĂŚĂƐĂ /ŶŐŐƌŝƐ
ƚŝŐĂŬĂůŝƐĞŵŝŶŐŐƵƐĞƚŝĂƉƐĞůĂƐĂ͕ƌĂďƵĚĂŶŬĂŵŝƐ͘
^ĞŵĞŶƚĂƌĂ tĞŶŝ ŚĂƌƵƐ ŬƵƌƐƵƐ ďĂŚĂƐĂ :ĞƉĂŶŐ
ƉĂĚĂ ŚĂƌŝ LJĂŶŐ ƐĂŵĂ ĚĞŶŐĂŶ :ƵůŝĂ ŬĞĐƵĂůŝ ŚĂƌŝ
ƌĂďƵ͘ >ŝŶĚĂ ŬƵƌƐƵƐ ĐŽŵƉƵƚĞƌ ƐĞƚŝĂƉ ZĂďƵ͘
^ŝĂƉĂŬĂŚ LJĂŶŐ ƉĞƌŐŝ ŬƵƌƐƵƐ ƉĂĚĂ ŚĂƌŝ LJĂŶŐ
ƐĂŵĂƐĞƚŝĂƉŵŝŶŐŐƵ͍
͘ >ŝŶĚĂ͕^ŝƐŬĂ͕ĚĂŶtĞŶŝ
͘ :ƵůŝĂ͕>ŝŶĚĂ͕ĚĂŶtĞŶŝ
͘ >ŝŶĚĂĚĂŶ^ŝƐŬĂ
^ŽĂůĚŝďĂǁĂŚŝŶŝƚĞƌĚŝƌŝĚĂƌŝůŝŵĂďƵĂŚŐĂŵďĂƌLJĂŶŐŵĞŵŝůŝŬŝŬĞƐĂŵĂĂŶĂƚĂƵĐŝƚƌĂĐĞƌŵŝŶ͕ĚĂŶƉĞƌƉƵƚĂƌĂŶ͘
dĞƚĂƉŝŚĂŶLJĂĂĚĂƐĂƚƵŐĂŵďĂƌLJĂŶŐƚŝĚĂŬƐĂŵĂĂƚĂƵƚŝĚĂŬƐĞŬĞůŽŵƉŽŬĚĞŶŐĂŶŐĂŵďĂƌůĂŝŶŶLJĂ͘WŝůŝŚůĂŚƐĂůĂŚ
ƐĂƚƵŐĂŵďĂƌLJĂŶŐƚŝĚĂŬƐĂŵĂĂŶƚĂƌĂŬĞůŝŵĂŐĂŵďĂƌůĂŝŶŶLJĂ͘
ϱϭ͘ ϱϮ͘ ϱϯ͘ +DODPDQGDUL
ϱϰ͘ ϱϱ͘ ĂƌŝůĂŚ ŚƵďƵŶŐĂŶ ĂŶƚĂƌĂ ŬĞůŽŵƉŽŬ ŬĂƚĂ Ěŝ ďĂǁĂŚ ŝŶŝ ĚĂŶ ƉŝůŝŚůĂŚ ĚŝĂŐƌĂŵ sĞŶŶ LJĂŶŐ ŵĞǁĂŬŝůŝ ŚƵďƵŶŐĂŶ
ĂŶƚĂƌĂŬĞƚŝŐĂŬĂƚĂĚŝďĂǁĂŚŝŶŝ͊
ϱϲ͘ ͘tĂũĂŚ͕͘<ĂĐĂŵĂƚĂ͕͘,ŝĚƵŶŐ
ϱϳ͘ ͘ŝŐŝƚ͕͘ŝŐŝƚĂů͕͘ŝŐŝƚĂůŝnjĞ
ϱϴ͘ ͘WƌŽƚŽŶ͕͘ůĞŬƚƌŽŶ͕͘EĞƵƚƌŽŶ
+DODPDQGDUL
ϱϵ͘ ͘ƌŽƉĂ͕͘ůďĂŶŝĂ͕͘ƌŵĞŶŝĂ
ϲϬ͘ ͘^ĂƉŝ͕͘LJĂŵ͕͘DĂŬĂŶĂŶ
+DODPDQGDUL
<hE/:tEdKD
ϭ͘
Ϯ͘
ϯ͘
ϰ͘
ϱ͘
ϲ͘
ϳ͘
ϴ͘
ϵ͘
ϭϬ͘
ϭϭ͘
ϭϮ͘
ϭϯ͘
ϭϰ͘
ϭϱ͘
ϭϲ͘
ϭϳ͘
ϭϴ͘
ϭϵ͘
ϮϬ͘
Ϯϭ͘
ϮϮ͘
Ϯϯ͘
Ϯϰ͘
Ϯϱ͘
Ϯϲ͘
Ϯϳ͘
Ϯϴ͘
Ϯϵ͘
ϯϬ͘
ϯϭ͘
ϯϮ͘
ϯϯ͘
ϯϰ͘
ϯϱ͘
ϯϲ͘
ϯϳ͘
ϯϴ͘
ϯϵ͘
ϰϬ͘
ϰϭ͘
ϰϮ͘
ϰϯ͘
ϰϰ͘
ϰϱ͘
ϰϲ͘
ϰϳ͘
ϰϴ͘
ϰϵ͘
ϱϬ͘
ϱϭ͘
ϱϮ͘
ϱϯ͘
ϱϰ͘
ϱϱ͘
ϱϲ͘
ϱϳ͘
ϱϴ͘
ϱϵ͘
ϲϬ͘
+DODPDQGDUL
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