HARLEY OWNERS GROUP. h.o.g. fuels dreams of personal freedom

HARLEY OWNERS GROUP®

h.o.g.® fuels dreams of personal freedom

&+$57(5+2*Š&+$37(5

,1+28'623*$9( +$5/(<2:1(56*5283Š.................................................................................................... 2 9HUNODULQJLQ]DNHYHUDQWZRRUGHOLMNKHLG

$118$/&+$57(59225+2*Š&+$37(56 . 3 9RRUZRRUG 'RHO 6SRQVRULQJ 7RHSDVVLQJHQGXXUYDQUHODWLH 1DDPHQDDQVOXLWLQJ 2IILFHUV /LGPDDWVFKDS &RQWULEXWLH*HOGHQYDQKHWFKDSWHU $FWLYLWHLWHQ %HULFKWHQYDQKHWFKDSWHU /LFHQWLHKDQGHOVPHUNHQ %HOHLG5HJOHPHQWYDQKHWFKDSWHU :LM]LJLQJHQ %HVWHGLQJYDQIRQGVHQ 'LVFODLPHU 7RHSDVVHOLMNHZHWWHQ

1

©+'+DUOH\'DYLGVRQ+DUOH\HQ+2*]LMQKDQGHOVPHUNHQYDQ+'86$//&86$//&.

HARLEY OWNERS GROUP® 9(5./$5,1*,1=$.( 9(5$17:225'(/,-.+(,'

+HW$QQXDO&KDUWHUYRRU+2*Š&KDSWHUVLVKHW GRFXPHQWZDDULQGHUHODWLHWXVVHQKHWORNDOHFKDSWHU GH6SRQVRULQJ'HDOHUHQ+2*ŠLVYDVWJHOHJG'H DUWLNHOHQLQKHWFKDUWHU]LMQELQGHQGMHNXQWKHWFKDUWHU ]LHQDOV KHWODDWVWHZRRUG YRRUDOOHYUDJHQGLHMHKHEW +HWLVGHYHUDQWZRRUGHOLMNKHLGYDQGH6SRQVRULQJ'HDOHUV RPHUYRRUWH]RUJHQGDWKXQFKDSWHUYROGRHWDDQGH HLVHQGLH+2*VWHOWLQKHWFKDUWHU'H'LUHFWRUHQ DQGHUH2IILFHUV]XOOHQKHW$QQXDO&KDUWHUYRRU+2*Š FKDSWHUVKDQGKDYHQELMDOOH]DNHQHQDFWLYLWHLWHQYDQ KHWFKDSWHU

2

$118$/&+$57(59225 +2*Š&+$37(56 9225:225' 'H+DUOH\2ZQHUV*URXSŠ+2*Š LVHHQRUJDQLVDWLHGLHLVRSJHULFKWGRRUGH+DUOH\'DYLGVRQ0RWRU&RPSDQ\ HQGDDUVWHXQYDQNULMJW'HJURHSLVRSJH]HWRPYRRUGHOHQHQGLHQVWHQRSKHWJHELHGYDQPRWRUULMGHQDDQWHELHGHQ DDQ+DUOH\'DYLGVRQŠIDQVZHUHOGZLMGHQRPHHQQDXZHEDQGWHRQWZLNNHOHQHQRQGHUKRXGHQWXVVHQGH +DUOH\'DYLGVRQŠPRWRUULMGHUKHW+DUOH\'DYLGVRQŠ'HDOHUVKLSHQGH+DUOH\'DYLGVRQ0RWRU&RPSDQ\ 'H+DUOH\'DYLGVRQ0RWRU&RPSDQ\ELHGW$XWKRUL]HG+DUOH\'DYLGVRQŠ'HDOHUVKLSVGHJHOHJHQKHLGRPHHQ RQDIKDQNHOLMNFKDSWHURSWHULFKWHQGDWYHUERQGHQLVPHWGH+DUOH\2ZQHUV*URXSŠRPOHGHQVDPHQWHEUHQJHQ YRRUKHWJHPHHQVFKDSSHOLMNHEHODQJDFWLYLWHLWHQRSKHWJHELHGYDQPRWRUULMGHQSURPRWHQ2SJURQGYDQ]LMQRI KDDUOLGPDDWVFKDSNDQHHQ+2*ŠOLG]LFKDDQVOXLWHQELMHONHUNHQG+2*ŠFKDSWHU+HWGRHOYDQFKDSWHUVLV

5LGHDQG+DYH)XQ PHWJHOLMNJHVWHPGHQGLHHHQSDVVLHKHEEHQYRRU+DUOH\'DYLGVRQŠPRWRUILHWVHQHQKHWPHUN +DUOH\'DYLGVRQŠ+HWFKDSWHUPRHWHHQRSKHWJH]LQJHULFKWHDSROLWLHNHHQQLHWJRGVGLHQVWLJHRUJDQLVDWLH]LMQ

$57,.(/,±'2(/  +HWGRHOYDQKHWORNDOHFKDSWHULVRPYHUDQWZRRUGHOLMNH+DUOH\'DYLGVRQŠDFWLYLWHLWHQWHSURPRWHQYRRUOHGHQ YDQGH+DUOH\2ZQHUV*URXSŠGRRUDFWLYLWHLWHQYDQKHWFKDSWHUWHRUJDQLVHUHQHQGHHOQDPHDDQDQGHUH+2*Š HYHQHPHQWHQWHVWLPXOHUHQ   'HDFWLYLWHLWHQHQDFWLHVYDQKHWFKDSWHUGLHQHQWHZRUGHQXLWJHYRHUGRSHHQZLM]HGLHVWURRNWPHWHHQRSKHW JH]LQJHULFKWHDSROLWLHNHQLHWJRGVGLHQVWLJHILORVRILH +HWFKDSWHUEHVWDDWRPHHQQDXZHUHEDQGWHRQWZLNNHOHQWXVVHQGH+DUOH\'DYLGVRQŠPRWRUULMGHUHQKHW $XWKRUL]HG+DUOH\'DYLGVRQŠ'HDOHUVKLS  

3

$118$/&+$57(59225 +2*Š&+$37(56 $57,.(/,,±6321625,1*  (ONFKDSWHUPRHWZRUGHQJHVSRQVRUGGRRUHHQ$XWKRUL]HG+DUOH\'DYLGVRQŠ'HDOHUVKLS'HEHVOLVVLQJ RPHHQFKDSWHUWHVSRQVRUHQLVXLWVOXLWHQGDDQGHGHDOHU  (HQ$XWKRUL]HG+DUOH\'DYLGVRQŠ'HDOHUVKLSNDQPHHUGDQppQ+2*ŠFKDSWHUVSRQVRUHQ RYHUHHQNRPVWLJGH+2*Š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Š  ,QWUHNNLQJHQEHsLQGLJLQJYDQGHVSRQVRULQJ $OVHHQ6SRQVRULQJ'HDOHUEHVOXLWGHVSRQVRULQJYDQHHQ HUNHQGFKDSWHULQWHWUHNNHQRIWHEHsLQGLJHQJHOGWKHWYROJHQGH $'HGHDOHUPRHW+2*ŠLQIRUPHUHQGDWKHWYDQSODQLVRPGHVSRQVRULQJWHDQQXOHUHQRIWH EHsLQGLJHQYLMIWLHQGDJHQYRRUGDWKHWFKDSWHUVFKULIWHOLMNZRUGWJHwQIRUPHHUGRYHUGHEHsLQGLJLQJRI LQWUHNNLQJYDQGHVSRQVRULQJ %'H6SRQVRULQJ'HDOHUPRHWKHWFKDSWHUHUVFKULIWHOLMNNHQQLVYDQJHYHQGDWGHVSRQVRULQJLVEHsLQGLJG RILQJHWURNNHQ'H]HNHQQLVJHYLQJZRUGWYDQNUDFKWYLMIWLHQGDJHQQDGHGDWXPYDQRQWYDQJVW(HQ NRSLHYDQGHVFKULIWHOLMNHNHQQLVJHYLQJYDQGHGHDOHUDDQGHOHGHQYDQKHWFKDSWHUGLHQWWHZRUGHQ YHU]RQGHQQDDU+2*Š1HHPFRQWDFWRSPHWGHORNDOH+2*PDQDJHUYRRUDDQYXOOHQGH LQIRUPDWLHRYHUKHWORNDOHEHOHLGGDWYDQWRHSDVVLQJLVRSFKDSWHUVLQMHUHJLR &1DGDWHHQGHDOHUVKLSKHWFKDSWHURSKHIW]DOHUQRUPDDOJH]LHQJHHQYRRUVWHOYRRUVSRQVRULQJYDQHHQ QLHXZFKDSWHULQRYHUZHJLQJZRUGHQJHQRPHQJHGXUHQGHPLQLPDDOGHHHUVWHWZDDOIPDDQGHQYDQDI GHGDWXPYDQEHsLQGLJLQJEHKDOYHLQXLW]RQGHUOLMNHRPVWDQGLJKHGHQ 

4

$118$/&+$57(59225 +2*Š&+$37(56 $57,.(/,,,±72(3$66,1*(1'8859$15(/$7,( 'HDDQVOXLWLQJYDQKHWFKDSWHUELM+2*JHOGWYRRUHHQWHUPLMQYDQppQMDDUHQGLHQWMDDUOLMNVDDQJHYUDDJG HQGRRU+DUOH\'DYLGVRQJRHGJHNHXUGWHZRUGHQ'HDDQYUDDJYRRUYHUQLHXZLQJGRRUKHWFKDSWHUPRHW

 XLWHUOLMNGHFHPEHUYDQHONMDDU]LMQRQWYDQJHQ 

 $57,.(/,91$$0(1$$16/87,1* 1. De Harley Owners Group, een business unit van Harley-Davidson Motor Company, is het orgaan dat alle H.O.G.® chapters erkent. Elk chapter dat is aangesloten bij de Harley Owners Group® is een afzonderlijke en onafhankelijke organisatie/groep van individuen die diensten levert aan de leden van het chapter op non-profitbasis of zonder winstoogmerk. 2. Elk aangesloten chapter moet zich aan dit charter houden. 3. De naam van aangesloten chapters moet zijn goedgekeurd door H.O.G.® en Harley-Davidson® en moet het woord 'chapter' bevatten. De naam van het chapter mag niet het handelsmerk H.O.G.® of Harley-Davidson® bevatten. Alleen goedgekeurde H.O.G.® chapters mogen de benaming 'chapter' in hun naam hebben. De naam van de chapters blijft eigendom van H.O.G.® en Harley-Davidson® en mag alleen worden gebruikt voor erkende H.O.G.® chapters en niet anderszins worden gebruikt. 4. Als H.O.G.® van mening is dat een chapter zich niet houdt aan dit charter, kan H.O.G.® het chapter als organisatie aangesloten bij H.O.G.® opheffen.

5

$118$/&+$57(59225 +2*Š&+$37(56 $57,.(/9±2)),&(56  $DQJHVORWHQFKDSWHUV]XOOHQGHYROJHQGH3ULPDU\2IILFHUVKHEEHQ6SRQVRULQJ'HDOHUHQHYHQWXHHO &KDSWHU0DQDJHU'LUHFWRU$VVLVWDQW'LUHFWRU7UHDVXUHUHQ6HFUHWDU\ 'H&KDSWHU0DQDJHUPRHWHHQZHUNQHPHUYDQKHWGHDOHUVKLS]LMQGLHLVDDQJHZH]HQGRRUGH6SRQVRULQJ 'HDOHU +HWSHUVRQHHOYDQGH6SRQVRULQJ'HDOHUGH&KDSWHU0DQDJHURIHHQOLGYDQKHWFKDSWHUNXQQHQHHQRI DOOH3ULPDU\2IILFHUIXQFWLHVEHNOHGHQ  'H&KDSWHU0DQDJHUYDQGH 6SRQVRULQJ'HDOHUNDQEHSDOHQKRHGH2IILFHUVYDQKHWFKDSWHUZRUGHQ JHVHOHFWHHUGHQRQGHUZHONHYRRUZDDUGHQ]HDFWLHI]LMQ  'H&KDSWHU0DQDJHUYDQGH 6SRQVRULQJ'HDOHUNDQHHQ2IILFHUXLW]LMQIXQFWLHRQWKHIIHQDOVGH 'HDOHUGDDUWRHEHVOXLW 'H&KDSWHU0DQDJHUYDQGH 6SRQVRULQJ'HDOHUKHHIWKHWJH]DJRPYDQKHWFKDSWHUWHHLVHQGDWKHWGH QRUPHQRIYLVLHYDQGH6SRQVRULQJ'HDOHUYROJWELM]LMQDFWLYLWHLWHQ 'HSOLFKWHQHQYHUDQWZRRUGHOLMNKHGHQYDQGHYHUHLVWH&KDSWHU2IILFHUV]LMQ 'LUHFWRU: KDQGKDDIWGLWFKDUWHURUJDQLVHHUWFKDSWHUELMHHQNRPVWHQHQFR|UGLQHHUWGHYHUDQWZRRUGHOLMNKHGHQ $ YDQGH&KDSWHU2IILFHUV % $VVLVWDQW 'LUHFWRU LVYHUDQWZRRUGHOLMNYRRUKHWSURPRWHQYDQKHWOLGPDDWVFKDSGHLQYXOOLQJYDQKHWOLGPDDWVFKDS KHWELQGHQYDQGHOHGHQHQGLHQWGHOHGHQYDQKHWFKDSWHUWHLQIRUPHUHQRYHU+2*ŠSURJUDPPD V 7UHDVXUHU LVYHUDQWZRRUGHOLMNYRRUKHWLQQHQHQEHVWHGHQYDQGHJHOGHQYDQKHWFKDSWHUGHPDDQGHOLMNVH & ILQDQFLsOHUDSSRUWDJHDDQGH&KDSWHU0DQDJHUYDQGH 6SRQVRULQJ'HDOHUHQGHQDOHYLQJYDQDOOHHLVHQLQ]DNHGH ERHNLQJHQUDSSRUWDJHYDQLQNRPVWHQ 6HFUHWDU\: LVYHUDQWZRRUGHOLMNYRRUKHWPDNHQHQDUFKLYHUHQYDQGHQRWXOHQYDQYHUJDGHULQJHQGHMDDUYHUVODJHQ ' GHUDSSRUWHQRYHUOLGPDDWVFKDSRS members.hog.com,GHGRFXPHQWDWLHYDQYHU]HNHULQJHQHQMXULGLVFKH]DNHQGH EHNHQGPDNLQJYDQHYHQHPHQWHQHQYDQLQVFKULMYLQJHQ'H]HSHUPDQHQWHGRVVLHUVZRUGHQEHZDDUGELMKHW 6SRQVRULQJ'HDOHUVKLS 2SWLRQHOH2IILFHUVGH]HIXQFWLHV]LMQRSWLRQHHOHQZRUGHQQDDUHLJHQLQ]LFKWYDQKHW6SRQVRULQJ'HDOHUVKLSLQJHYXOG

'HRSWLRQHOH&KDSWHU2IILFHUVNXQQHQGHYROJHQGHWDNHQHQYHUDQWZRRUGHOLMNKHGHQKHEEHQ  $FWLYLWLHV2IILFHU DVVLVWHHUWELMKHWSODQQHQHQOHLGHQYDQFKDSWHUHYHQHPHQWHQ /DGLHVRI+DUOH\2IILFHUPRHGLJWYURXZHOLMNHOHGHQDDQRPDFWLHIGHHOWHQHPHQDDQDFWLYLWHLWHQYDQKHWFKDSWHU 5RDG&DSWDLQDVVLVWHHUWELMKHWSODQQHQYDQURXWHVYRRUWRHUWRFKWHQYDQKHWFKDSWHU

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yyU SXEOLFDWLH'HZHEVLWHYDQKHWFKDSWHUHQYDQGHVRFLDOHPHGLDPRHWHQYROGRHQDDQLQWHUQHWULFKWOLMQHQYDQKHW +2*ŠFKDSWHU

6

$118$/&+$57(59225 +2*Š&+$37(56 $57,.(/9,±/,'0$$76&+$3 2SJURQGYDQ]LMQRIKDDUOLGPDDWVFKDSNDQHHQ+2*ŠOLG]LFKDDQVOXLWHQELMHONHUNHQG+2*ŠFKDSWHU $OVKHWOLGPDDWVFKDSYDQ+2*ŠLVYHUVWUHNHQHLQGLJWRRNDXWRPDWLVFKKHWOLGPDDWVFKDSYDQKHWORNDOHFKDSWHU +HWLVGHYHUDQWZRRUGHOLMNKHLGYDQHONORNDDOFKDSWHURPQDWHJDDQGDWGHFKDSWHUOHGHQOLG]LMQYDQ+2*ŠHQLQ GHFKDSWHUDGPLQLVWUDWLHHHQJHWHNHQGH[HPSODDUYDQKHWMDDUOLMNVH&KDSWHU0HPEHUVKLS(QUROOPHQW)RUPDQG5HOHDVH YDQHONFKDSWHUOLGWHEHZDUHQ,HGHUHHQGLHKHWOLGPDDWVFKDSYDQHHQFKDSWHUDDQYUDDJWRIYHUOHQJWGLHQWHHQEHZLMVWH RYHUOHJJHQYDQ]LMQRIKDDU+2*ŠOLGPDDWVFKDSRPOLGWHNXQQHQZRUGHQHQEOLMYHQ 'H&KDSWHU0DQDJHUYDQGH 6SRQVRULQJ'HDOHUNDQLHPDQGXLWVOXLWHQDOVOLGYDQKHWFKDSWHULQGLHQGH 6SRQVRULQJ'HDOHUQDDUHLJHQLQ]LFKWEHSDDOWGDWKHWJHGUDJYDQGDWOLGRQJHZHQVWLVRIVWULMGLJLVPHWGHQRUPHQRI YLVLHYDQGH6SRQVRULQJ'HDOHU5HWDLOHU 2PKHWOLGPDDWVFKDSYDQKHWFKDSWHURSWHKHIIHQPRHWGH6SRQVRULQJ'HDOHU&KDSWHU0DQDJHUKHWYROJHQGHGRHQ $+HWOLGVFKULIWHOLMNNHQQLVJHYHQYDQGHEHsLQGLJLQJYDQ]LMQKDDUFKDSWHUOLGPDDWVFKDS %+HWOLG]LMQFRQWULEXWLHYRRUKHWORSHQGHMDDUWHUXJEHWDOHQ &(HQNRSLHYDQGHEHWUHIIHQGHEULHIQDDU+2*ŠVWXUHQ (ULVVOHFKWVppQVRRUWFKDSWHUOLGPDDWVFKDSHUEHVWDDWJHHQFKDSWHUOLGPDDWVFKDSYRRUKHWOHYHQRIYRRUSDUWQHUV $OOHFKDSWHUOHGHQKHEEHQUHFKWRSDOOHYRRUGHOHQYDQKHWFKDSWHUOLGPDDWVFKDS 

$57,.(/9,,±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

7

$118$/&+$57(59225 +2*Š&+$37(56 $57,.(/9,,,±$&7,9,7(,7(1 $OOHHQKHWORNDOHFKDSWHUHQKHW6SRQVRULQJ'HDOHUVKLS]LMQYHUDQWZRRUGHOLMNYRRUHYHQHPHQWHQHQDFWLYLWHLWHQYDQ KHWFKDSWHU$OOHDFWLYLWHLWHQYDQKHWFKDSWHUPRHWHQZRUGHQJRHGJHNHXUGGRRUGH6SRQVRULQJ'HDOHU&KDSWHU0DQDJHU 'H]HHYHQHPHQWHQHQDFWLYLWHLWHQNXQQHQ]LMQDOOHRSKHWJH]LQJHULFKWHYHLOLJHHQZHWWLJHDFWLYLWHLWHQGLHHHQSRVLWLHI EHHOGYDQGH+DUOH\'DYLGVRQŠOHYHQVVWLMOEHYRUGHUHQHQGLHGHOHGHQYDQKHWFKDSWHUDDQVSUHNHQ  'HFKDSWHUVPRHWHQPLQLPDDOYLHUJHVORWHQWRXUULWWHQSHUMDDURUJDQLVHUHQ $*HVORWHQHYHQHPHQWHQ]LMQWRHJDQNHOLMNYRRUOHGHQYDQKHWFKDSWHUHQppQJDVWSHUOLG %(YHQHPHQWHQYRRUOHGHQ]LMQDOOHHQWRHJDQNHOLMNYRRU+2*ŠOHGHQ &2SHQHYHQHPHQWHQ]LMQWRHJDQNHOLMNYRRULHGHUHHQ 

$57,.(/,;±%(5,&+7(19$1+(7&+$37(5 $OKHWPDWHULDDOGDWZRUGWJHSXEOLFHHUGGRRUKHWFKDSWHUPRHWYRRU]LHQ]LMQYDQGHRIILFLsOHQDDPHQKHWQXPPHU YDQKHWFKDSWHU$OOHEHULFKWHQYDQKHWFKDSWHUPRHWHQ]LMQJRHGJHNHXUGGRRUGH6SRQVRULQJ'HDOHU&KDSWHU0DQDJHU +HWFKDSWHUPRHWELMKHW6SRQVRULQJ'HDOHUVKLSHHQDUFKLHIELMKRXGHQYDQDOOHEHULFKWHQYDQKHWFKDSWHUYDQGHODDWVWH PDDQGHQ+HWFKDSWHUPRHWWHQPLQVWHYLHUEHULFKWHQSHUNDOHQGHUMDDUYHUVSUHLGHQRPDDQJHVORWHQWHNXQQHQEOLMYHQ ELM+2*Š,QGHEHULFKWHQYDQKHWFKDSWHUPRHWLQIRUPDWLHRYHUGHOHGHQDFWLYLWHLWHQ]LMQRSJHQRPHQ ,QGHEHULFKWHQPRHWELMGHDFWLYLWHLWHQZRUGHQYHUPHOGRI]HRSHQDOOHHQYRRUOHGHQRIJHVORWHQ]LMQ

8

$118$/&+$57(59225 +2*Š&+$37(56 $57,.(/;±/,&(17,(+$1'(/60(5.(1 'HKDQGHOVPHUNHQ+2*+2*+$5/(<2:1(56*5283/2+/$',(62)+$5/(<HQGHYROJHQGH +2*ŠORJR VGH +2*Š7UDGHPDUNV  EHKRUHQWRWGHYHOHKDQGHOVPHUNHQYDQ+'86$//&'H]H+2*Š 7UDGHPDUNVPRJHQRSJHHQHQNHOHPDQLHUZRUGHQJHZLM]LJGRIJHEUXLNWLQFRPELQDWLHPHWDQGHUHZRRUGHQRI DIEHHOGLQJHQ&KDSWHUVKHEEHQJHHQOLFHQWLHRPGHVSHFLILHNHPDUNHULQJHQYDQ+DUOH\'DYLGVRQŠWHJHEUXLNHQ

 'HXLWJLIWHRIYHUQLHXZLQJYDQGLW$QQXDO&KDUWHUYRRU+2*ŠFKDSWHUVKRXGWHHQEHSHUNWHOLFHQWLHLQRPGH +2*Š7UDGHPDUNVQLHWGH+'ŠPDUNHULQJHQWHJHEUXLNHQJHGXUHQGHGHORRSWLMGYDQGLW$QQXDO&KDUWHUYRRU +2*ŠFKDSWHUV 'HOLFHQWLHYDQKHWHUNHQGH+2*ŠFKDSWHURPGH+2*Š7UDGHPDUNVWHJHEUXLNHQLVEHSHUNWWRWJHEUXLNLQ VDPHQKDQJPHWGHRIILFLsOHQDDPYDQKHWFKDSWHUHQPHWPDWHULDDOGDWEHWUHNNLQJKHHIWRSDFWLYLWHLWHQYDQKHWFKDSWHU

9

$118$/&+$57(59225 +2*Š&+$37(56 

$57,.(/;±/,&(17,(+$1'(/60(5.(1 YHUYROJ   +HWKXLGLJH+2*ŠDGHODDUVORJRZRUGWDOOHHQDIJHEHHOGPHWGHRIILFLsOHQDDPYDQKHWFKDSWHUGLHERYHQKHW +2*ŠDGHODDUVORJRHQELQQHQGHRIILFLsOHEDONYDQKHW+2*ŠFKDSWHUZRUGWDIJHEHHOG]RDOVKLHURQGHU  ZHHUJHJHYHQ 



 &KDSWHUVPRHWHQYRRUDIJRHGNHXULQJYHUNULMJHQYDQ+2*Š YyyU]H+2*Š7UDGHPDUNVJHEUXLNHQRSDQGHUPDWHULDDO GDQSXEOLFDWLHVEHULFKWHQYDQKHWFKDSWHU7VKLUWVVSHOGMHV HQDOOHDQGHUHDUWLNHOHQPHW+2*Š7UDGHPDUNVPRJHQ DOOHHQZRUGHQJHSURGXFHHUGGRRUEHYRHJGHOLFHQWLHKRXGHUV YDQ+DUOH\'DYLGVRQ0RWRU&RPSDQ\QDYRRUDIJDDQGH  JRHGNHXULQJGRRU+2*Š +HWFKDSWHUPDJGH+2*Š7UDGHPDUNVXLWVOXLWHQG EOLMYHQJHEUXLNHQ]RODQJGLW$QQXDO&KDSWHUWXVVHQ+2* ŠHQKHW6SRQVRULQJ'HDOHUVKLSYDQNUDFKWLVHQKHWHUNHQGH FKDSWHU]LFKKRXGWDDQGLW$QQXDO&KDUWHU+2*ŠNDQ QDDUHLJHQLQ]LFKWGHEHSHUNWHOLFHQWLHYDQKHWFKDSWHURP GH+2*Š7UDGHPDUNVWHJHEUXLNHQWHDOOHQWLMGHVFKULIWHOLMN  EHsLQGLJHQPHWHHQRS]HJWHUPLMQYDQGHUWLJ GDJHQ $OVGHNHQQLVJHYLQJYDQNUDFKWLVJHZRUGHQGLHQWKHW FKDSWHUHONJHEUXLNYDQGHPHUNHQWHVWDNHQ +HWFKDSWHUGLHQWDOOHPHGHZHUNLQJWHYHUOHQHQGLHLQ UHGHOLMNKHLGZRUGWJHYUDDJGGRRU+DUOH\'DYLGVRQ0RWRU &RPSDQ\RPGH+2*Š7UDGHPDUNVWHEHVFKHUPHQLQKHW JHELHGZDDUKHWFKDSWHUDFWLHILV

10 10

$118$/&+$57(59225 +2*Š&+$37(56 $57,.(/;,±%(/(,'5(*/(0(179$1+(7&+$37(5 'LW&KDUWHUPRHWZRUGHQDDQYDDUGHQDOVEHOHLGGLHQHQYRRU+2*ŠFKDSWHUVHQPRHWEHVFKLNEDDU]LMQYRRU DOOHOHGHQYDQKHWFKDSWHU $OVKHWFKDSWHUEHOHLGHHQUHJOHPHQWYHUSOLFKWVWHOWPDJGDWJHHQYHUYDQJLQJ]LMQYRRUKHWFKDUWHURIGHQRUPHQ RIYLVLHYDQGH6SRQVRULQJ'HDOHUHUYRRUUDQJRSNULMJHQRIWHJHQVWULMGLJPHH]LMQ+HW6SRQVRULQJ'HDOHUVKLSHQ +2*ŠPRHWHQKHWUHJOHPHQWYDQKHWFKDSWHUYyyUSXEOLFDWLHRILPSOHPHQWHULQJJRHGNHXUHQ(HQNRSLHYDQKHW JRHGJHNHXUGHUHJOHPHQWZRUGWYHUVWUHNWDDQKHW6SRQVRULQJ'HDOHUVKLSHQ+2*ŠNDQWRRUHQLVYHUNULMJEDDUYRRU DOOHOHGHQYDQKHWFKDSWHU

$57,.(/;,,±:,-=,*,1*(1 +2*ŠNDQGLWFKDUWHUWHDOOHQWLMGHQDDUHLJHQLQ]LFKWZLM]LJHQRSEDVLVYDQRQ]HHYDOXDWLHYDQGH RQWZLNNHOLQJHQHQEHKRHIWHQYDQFKDSWHUVRIYDQZHJHVWULMGLJKHLGPHWGHJHOGHQGHZHWWHQ

$57,.(/;,,,±%(67(',1*9$1*(/'(1 ,QKHWJHYDOYDQRQWELQGLQJRIYROOHGLJHRSKHIILQJYDQKHWFKDSWHUZRUGHQDOOHRYHUEOLMYHQGHJHOGHQHQ HLJHQGRPPHQYDQKHWFKDSWHUQDEHWDOLQJRIUHVHUYHULQJYRRUEHWDOLQJYDQDOOHVFKXOGHQHQYHUSOLFKWLQJHQYDQKHW FKDSWHUHQGHNRVWHQGLHGDDUPHHJHSDDUGJDDQXLWEHWDDOGDDQHHQRIPHHURUJDQLVDWLHVGLH]LFKXLWVOXLWHQG EH]LJKRXGHQPHWJRHGHGRHOHQHQGLHZHWWHOLMNHUNHQG]LMQDOVOLHIGDGLJKHLGVLQVWHOOLQJ,QJHHQJHYDONXQQHQ GHUJHOLMNHDFWLYDRIHLJHQGRPPHQZRUGHQYHUGHHOGRQGHU2IILFHUVOHGHQSDUWLFXOLHUHQRIFRPPHUFLsOH EHGULMYHQ

11

$118$/&+$57(59225 +2*Š&+$37(56 $57,.(/;,9±',6&/$,0(5 +RHZHOKHWFKDSWHULVDDQJHVORWHQELMGH+2*ŠEOLMIWKHWHHQDI]RQGHUOLMNHRQDIKDQNHOLMNHHHQKHLGJURHSYDQ LQGLYLGXHQGLHYHUDQWZRRUGHOLMNLVYRRU]LMQHLJHQKDQGHOLQJHQ$OOHOHGHQYDQGH+DUOH\2ZQHUV*URXSŠHQKXQ JDVWHQQHPHQYULMZLOOLJHQRSHLJHQULVLFRGHHODDQDFWLYLWHLWHQYDQ+2*ŠHQYDQKHW+2*ŠFKDSWHU'H 6SRQVRULQJ'HDOHUKHW6SRQVRULQJ'HDOHUVKLS+2*ŠHQ+DUOH\'DYLGVRQ0RWRU&RPSDQ\GRFKWHURQGHUQHPLQJHQ HQGLVWULEXWHXUVHQORNDOH&KDSWHU2IILFHUVZRUGHQJHYULMZDDUGGRRUKHWOLGRIGHJDVWYRRUOHWVHORIVFKDGHPHW EHWUHNNLQJWRW]LMQRIKDDUSHUVRRQRIHLJHQGRPPHQGLHKHWJHYROJNDQ]LMQYDQGHHOQDPHDDQDFWLYLWHLWHQYDQ +2*ŠHQYDQKHW+2*ŠFKDSWHU'LWEHWHNHQWGDWDOOHOHGHQYDQKHWORNDOHFKDSWHURIKXQJDVWHQJHHQJURQG KHEEHQYRRUYHUYROJLQJYDQKHW6SRQVRULQJ'HDOHUVKLS+2*Š+DUOH\'DYLGVRQ0RWRU&RPSDQ\GLVWULEXWHXUV HQGRFKWHURQGHUQHPLQJHQGHORNDOHFKDSWHUVHQKXQUHVSHFWLHYHDJHQWHQHQZHUNQHPHUVYRRUVFKDGHDDQKHQRI KXQHLJHQGRP

$57,&/(;9±9$172(3$66,1*=,-1'(:(77(1 $OVHHQGHHOYDQGLWFKDUWHURPZHONHUHGHQGDQRRNRQJHOGLJ]RX]LMQNUDFKWHQVHHQYDQWRHSDVVLQJ]LMQGHZHW GLHJHOGWYRRUKHWRQGHUZHUSYDQGLWFKDUWHUZRUGWGDWGHHOYDQKHWFKDUWHUJHDFKWYHUZLMGHUGWH]LMQXLWGLWFKDUWHU HQEOLMIWGHUHVWYDQGLWFKDUWHUJHOGLJHQRQYHUPLQGHUGYDQNUDFKW

12