1 Laporan-Tahun-2008 20160225145447

STAR WAR Laporan Tahunan
Annual Report
2008
Service Transformation
And Revitalization of
Wholesale, Alliance, Remote
Visi & Misi
Vision & Mission
Visi
Menjadi bank syariah utama di Indonesia, dominan di pasar spiritual,
dikagumi di pasar rasional.
Misi
Menjadi ROLE MODEL Lembaga Keuangan Syariah dunia dengan penekanan
pada semangat kewirausahaan, keunggulan manajemen dan orientasi
investasi yang inovatif untuk memaksimalkan nilai kepada stakeholder.
Vision
To become the premier sharia bank in Indonesia, dominant in the spiritual
market, admired in the rational market.
Mission
To become a ROLE MODEL among the world’s sharia financial institutions,
emphasizing in entrepreneurial spirit, managerial excellence, and innovative
investment orientation to maximize value to stakeholders.
Laporan Tahunan Bank Muamalat 2008 Annual Report 1

Memelihara Kemurnian
Devotion to Purity
9<I8J8CJLD9<IP8E>9<IJ@?# ;<I@M@E>=IFD8GLI<JFLI:<#
9<I98>@?8J@CP8E>DLIE@ J?8I@E>K?<><EL@E<>8@E
9Xeb DlXdXcXk X[XcX_ YXeb @jcXd g\ikXdX [` 9XebDlXdXcXk`jk_\Ôijk@jcXd`ZYXebè@e[fe\j`X%

@e[fe\j`X pXe^ [ìèk`j ldXk @jcXd @e[fe\j`X g`fe\\i\[ Yp k_\ @e[fe\j`Xe dfjc\dj f] k_\
pX`kl DXa\c`j LcXdX @e[fe\j`X DL@ j\ikX kfbf_ @e[fe\j`Xe :fleZ`c f] Lc\dXj DL@ Xe[ fk_\i
Dljc`d [` EljXekXiX pXe^ k\i^XYle^ [XcXd @bXkXe dfjc\dÔ^li\j\e^^X^\[èk_\@e[fe\j`XeDfjc\d
:\e[\b`XnXe Dljc`d j\$@e[fe\j`X @:D@ # [Xe @ek\cc\ZklXcj @:D@ # jlggfik\[ Yp ^fm\ied\ek Xe[
[`[lble^ fc\_ G\d\ièkX_ [Xe g\e^ljX_X dljc`d% dfjc\d \ek\igi\e\lij% N`k_ X ZXg`kXc jfliZ\ f]
;\e^Xe jldY\i g\idf[XcXe Y\iXjXc c\Y`_ [Xi` dfi\ k_Xe /''#''' èjk`klk`fej Xe[ k_\ dfjc\d
/''%''' c\dYX^X j\ikX dXjpXiXbXk dljc`d% 9Xeb Zfddle`kp# 9Xeb DlXdXcXk `j k_\ Ôijk gli\ j_Xi`X
DlXdXcXkX[XcX_YXebg\ikXdXdlie`jpXi`X_[XcXd èk\idjf]`kjZXg`kXcXjn\ccXj`kjdXeX^\d\ek%
jldY\ig\idf[XcXe[Xeg\e^\cfcXXeepX%
D`j` g\e[ì`Xe 9Xeb DlXdXcXk fc\_ DL@ [Xe K_\d`jj`fefek_\\jkXYc`j_d\ekf]9XebDlXdXcXk

@:D@ X[XcX_ leklb d\cXbjXeXbXe kXhnX b\gX[X YpDL@Xe[@:D@#`jkffY\p8ccX_Xe[8cHliXeYp
8ccX_ k\i_X[Xg 8c HliXe k\ekXe^ cXiXe^Xe i`YX `dgc\d\ekè^ k_\ gif_`Y`k`fe f] ljlip# k_lj# k_\
j\_è^^X d\nlal[bXe cXpXeXe g\iYXebXe pXe^ X _XcXc YXebè^ j\im`Z\j Xe[ k_\ [\m\cfgd\ek f]
_XcXc [Xe d\dYXe^le g\i\bfefd`Xe lddXk X jpXi`X_ \Zfefdp ]fi k_\ jfZ`\kp# k_ifl^_ X gli\
d\cXcl` g\iYXebXe pXe^ dlie` jpXi`X_ [Xe dXdgl jpXi`X_ YXebè^ jpjk\d# n`cc Y\ XYc\ kf [\m\cfg
d\e^Xe^bXkdXikXYXkdXjpXiXbXkdljc`d[`j\clil_ k_\ [`ê`kp f] k_\ dfjc\d jfZ`\kp k_ifl^_flk
@e[fe\j`X%;\e^Xe[\d`b`Xeg\e[ì`Xeè`% @e[fe\j`X%
Gif[lb [Xe cXpXeXe g\iYXebXe DlXdXcXk 9XebDlXdXcXkgif[lZkjXe[j\im`Z\jXi\YXj\[fek_\

[`[XjXibXe gX[X gièj`g [Xe bX`[X_ jpXi`X_ k\e\kjf]j_Xi`XXjfliZfdd`kd\ek1;\i`mè^]ifdX
j\jlX` bfd`kd\e1 È9\iXjXc JldY\i pXe^ Gli\JfliZ\#J_Xiè^k_\>\elè\>Xè%K_\j\]le[è^#
9\ij`_# 9\iYX^` ?Xj`c pXe^ Dlie`É% Gif[lb ÔeXeZè^gif[lZkjXe[j\im`Z\jXi\[\m\cfg\[Xcfe^
g\e^_`dgleXe j\ikX g\eXeXdXe [XeX [`cXe[XjbXe gièZ`gc\j f] j_Xi`X Xe[ k_\ ZfeZ\gk f] gif[lZk`m\
gX[X bX`[X_ dlie` jpXi`X_ [Xe g\dY\i[XpXXe lk`c`qXk`fef]ZXg`kXc%
df[Xcj\ZXiXgif[lbk`]%
;`[lble^ fc\_ Bil DlXdXcXk pXe^ d\d`c`b` Jlggfik\[ Yp _`^_ èk\î`kp# jèZ\i\ Xe[
Jgì`k DlXdXcXk# d`c`kXe# èk\c\b# bfdg\k`k`] Zfdg\k\ek DlXdXcXk :i\n# Xe[ X j\im`Z\ e\knfib
[Xe i\^\e\iXk`]# [\e^Xe èfmXj` k`X[X _\ek`# k_ifl^_flk@e[fe\j`XXe[fm\ij\Xjlk`c`qè^df[\ie
aXiè^Xe [` j\clil_ EljXekXiX [Xe dXeZX e\^XiX è]fidXk`fe k\Z_efcf^p jpjk\dj# 9Xeb DlXdXcXk
j\ikX k\befcf^` è]fidXj` b\lXe^Xe df[\ie# gifm`[\j`kjZljkfd\ij\m\ipn_\i\n`k_\XjpXZZ\jj
9Xeb DlXdXcXk d\ep\[`XbXe gif[lb [Xe aXjX kfXn`[\mXi`\kpf]gli\cpj_Xi`XÔeXeZ`Xcgif[lZkj
b\lXe^Xe dlie` jpXi`X_ pXe^ Y\iX^Xd [Xe dl[X_ Xe[j\im`Z\j%
[`Xbj\j[`dXeXgleeXjXYX_Y\iX[X%
;\e^Xe bi\[f G\ikXdX Dlie` JpXi`X_# 9Xeb N`k_k_\=ìjkGli\cpJ_Xi`XZi\[f#9XebDlXdXcXk

DlXdXcXk d\eaX[` c\dYX^X @jcXd pXe^ Y\i^\iXb Y\ZXd\Xe@jcXd`Zèjk`klk`fen_`Z_`j\e^X^\[Xe[
[XeY\ib_`[dXkd\cXpXe`b\Ylkl_Xeg\iYXebXe[Xe [\[`ZXk\[ kf j\im\ @jcXd`Z YXebè^ Xe[ ÔeXeZ`Xc
b\lXe^Xe `jcXd`# YlbXe j\dXkX$dXkX YXeb pXe^ e\\[j#Xe[efkd\i\cpY\è^XYXebk_Xkj\ccjj_Xi`X
_XepXd\ealXcgif[lbg\iYXebXejpXi`X_% YXebè^gif[lZkj%
2 Laporan Tahunan Bank Muamalat 2008 Annual Report

D<D98E>LE8B?C8B@JC8D@J<:8I8KFK8C 8;?<I@E>=LCCPKFK?<@JC8D@:GI<:<GK
BXkX@jcXdY\iXjXc[Xi`bXkXÊXjcXdXËpXe^jXcX_jXkl K_\ eXd\ @jcXd [\i`m\[ ]ifd k_\ nfi[ ÊXjcXdXË

XikèpX ÈY\ij\iX_ [ì` b\gX[X Kl_XeÉ% FiXe^ pXe^ n_`Z_Xdfe^fk_\ik_è^jd\XejÈjlYd`kkè^kfkXccp
Y\i`dXe b\gX[X 8ccX_ j\eXek`XjX d\e^XdXcbXe kf>f[%ÉK_fj\n_f_\\[k_\ZXccf]8ccX_n`ccX[_\i\
@jcXdj\ZXiXbX]]X_X^Xij\cXclY\iX[X[àXcXepXe^ ]lccpkfk_\gi\Z\gkjf]@jcXd#]X`k_]lccpb\\gè^kfX
clilj#aXcXepXe^[ì`[X`8ccX_% jkiX`^_kgXk_#èk_\Yc\jj\[nXpf]8ccX_%
JXcX_jXklg\iYlXkXepXe^[`_XiXdbXe@jcXdX[XcX_ Fe\f]k_\XYfdèXk`fejf]@jcXd`jk_\giXZk`Z\f]
i`YX%8ccX_d\e^_XcXcbXealXcY\c`[Xed\e^_XiXdbXe ljlip%8ccX_XccfnjkiX[\Xe[gif_`Y`kjljlip%@jcXd
i`YX% @jcXd al^X d\e^_XiXdbXe g\e`dYleXe _XikX Xcjf gif_`Y`kj k_\ _fXi[è^ f] dfe\p fi ZXg`kXc è
XkXldf[Xcj\ZXiXk`[Xbgif[lbk`]% legif[lZk`m\dXee\i%
G\iYXebXe @jcXd X[XcX_ jfclj` leklb @jcXd`Z YXebè^ gifm`[\j X nXp kf b\\g dljc`d
d\ep\cXdXkbXe ldXk [Xi` a\iXkXe i`YX# jXcX_ X[_\i\ekj XnXp ]ifd k_\ nfic[cp Xe[ gi\mXc\ek
jXkl _Xc pXe^ gXcè^ [`cXiXe^ fc\_ @jcXd [XcXd giXZk`Z\f]ljlip#Xe[@ejpX8ccX_#]ifdi\ki`Ylk`fej
èk\iXbj` XekXi dXelj`X dlXdXcX_ % 9Xeb @jcXd èk_\X]k\ic`]\%K_\YXj`Zk\e\kjf]@jcXd`ZYXebè^
d\dg\ialXe^bXe _lYle^Xe b\d`kiXXe [\e^Xe Xi\ YXj\[ fe gXike\ij_`g è n_`Z_ \hl`kp Xe[ i`jb
YX^`_Xj`c[Xei`j`bfpXe^[`kXe^^le^Y\ijXdXXekXiX Xi\\hlXccpj_Xi\[Y\kn\\ec\e[\iXe[Yfiifn\ièX
g\df[Xc [Xe g\e^ljX_X eXjXYX_ # Y\icXe[XjbXe jgì`kf]kiljk#_fe\jkpXe[]Xìe\jj%Dfi\fm\i#ZXg`kXc
b\klcljXe# j\ikX b\alaliXe [Xe b\X[`cXe% J\cXè `kl# `jèm\jk\[gif[lZk`m\cpè\Zfefd`ZXZk`m`k`\jk_Xk
df[Xc[`^leXbXej\ZXiXgif[lbk`]b\gX[Xèm\jkXj` Xi\ Ê_XcXcË ]fi k_\ dlklXc Y\e\Ôk f] k_\ èm\jkfij#
pXe^_XcXcX^Xik\iZXgX`b\j\aX_k\iXXek`dYXcYXc`b \eki\gi\e\lijXe[k_\ì`dd\[`Xk\Zfddle`k`\j%
XekXiXg\d`c`bdf[Xc#g\e^ljX_X[XedXjpXiXbXk[`
cè^ble^XeepX%
@jcXd X[XcX_ iX_dXk YX^` XcXd j\d\jkX# k\idXjlb @jcXd `j ]fle[\[ ]fi k_\ ^ff[ f] k_\ le`m\ij\#
dXelj`X%DlXdXcXk_X[ìleklbd\e[lble^b\^`XkXe èZcl[è^ dXebè[% DlXdXcXk \o`jkj kf jlggfik
\bfefd`Y\iYXj`ji\c`^`X^Xik\inlal[jlXklkXkXeXe i\c`^`flj \Zfefd`Z XZk`m`k`\j kfnXi[j X aljk Xe[
dXjpXiXbXkpXe^X[`c[XedXbdli% gifjg\ifljjfZ`\kp%
DXi`b`kXDLIE@$bXeE`Xk#9<IJ@?$bXeI\q\b`#JL:@$ C\kljGLI@=Pfli]X`k_#:C<8EJ<fli]fikle\jXe[
bXe?Xk`[XeG\iYlXkXeX^Xik\iZXgX`8b_cXb@jcXd` <8J< fli ZfejZ`\eZ\ è k_\ Yc\jj\[ nXpj f] @jcXd
pXe^[ì`[X`8ccX_% Xe[8ccX_%

Sekilas Bank Muamalat
Bank Muamalat In Brief
PRESTASI Satu Dasawarsa 1998-2008:

1998-2008, a Decade of PERFORMANCE:
J\aXbkX_le(00/jXdgX`[\e^Xe)''/# =ifd (00/ kf )''/# k_\ kfkXc Xjj\kj

kfkXc Xj\k 9Xeb DlXdXcXk d\eè^bXk f] 9Xeb DlXdXcXk èZi\Xj\[ Yp ),%*
),#* bXc` c`gXk# [Xe \bl`kXj kldYl_ k`d\jXe[\hl`kpî\nYp)*%-k`d\j%
j\Y\jXi)*#-bXc`c`gXk%
GK 9Xeb DlXdXcXk @e[fe\j`X KYb [`[ì`bXe gX[X GK9XebDlXdXcXk@e[fe\j`XKYbnXj\jkXYc`j_\[fe

)+ IXY`lj KjXe` (+() ? XkXl ( Efg\dY\i (00(# )+IXY`ljKjXe`(+()?fiEfm\dY\i(#(00(#è`k`Xk\[
pXe^ [`giXbXijX` fc\_ Y\Y\iXgX kfbf_ DXa\c`j Yp j\m\iXc Ô^li\j f] k_\ @e[fe\j`Xe :fleZ`c f]
LcXdX @e[fe\j`X DL@ [Xe Y\Y\iXgX Z\e[\b`XnXe Lc\dXjDL@ #j\m\iXcDljc`dèk\cc\ZklXcjn_fcXk\i
Dljc`d pXe^ b\dl[`Xe k\i^XYle^ [XcXd @bXkXe Zfeî\^Xk\èkfk_\@e[fe\j`XeDljc`d@ek\cc\ZklXcj
:\e[\b`XnXe Dljc`d j\$@e[fe\j`X @:D@ j\ikX 8jjfZ`Xk`fe@:D@ Xe[k_\>fm\ied\ekf]@e[fe\j`X%
G\d\ièkX_% 9Xeb DlXdXcXk dlcX` Y\ifg\iXj` ). DlXdXcXk Zfdd\eZ\[ fg\iXk`fej fe ). JpXnnXc
JpXnnXc(+()?XkXl(D\`(00)%;\e^Xe[lble^Xe (+() ? fi DXp (# (00)% Jlggfik\[ Yp gifdè\ek
kfbf_$kfbf_[Xeg\d`dgèDljc`dk\ib\dlbXj\ikX Dfjc\d jZ_fcXij# c\X[\ij Xe[ X îflg f] Dfjc\d
Y\Y\iXgX g\e^ljX_X Dljc`d# g\e[ì`XeepX al^X \eki\gi\e\lij# k_\ ]fle[è^ f] 9Xeb DlXdXcXk
d\e[XgXk [lble^Xe dXjpXiXbXk Y\ilgX bfd`kd\e Xcjf nfe k_\ jlggfik f] k_\ ^\e\iXc glYc`Z# è k_\
g\dY\c`Xe jX_Xd j\e`cX` Ig /+ d`c`Xi gX[X jXXk ]fid f] X Ig /+ Y`cc`fe gc\[^\ ]fi k_\ gliZ_Xj\ f]
g\eXe[XkXe^XeXe 8bkX G\e[ì`Xe G\ij\ifXe% k_\ 9XebËj j_Xi\j fe k_\ [Xk\ n_\e k_\ 8ik`Zc\j
J\cXealkepX# [XcXd XZXiX j`cXkliX_d` g\e[ì`Xe f] 8jjfZ`Xk`fe nXj j`ê\[% K_\i\X]k\i# è X jg\Z`Xc
[` @jkXeX 9f^fi# [`g\ifc\_ kXdYX_Xe df[Xc [Xi` d\\kè^ f] k_\ 9XebËj ]fle[è^ Xk k_\ Gi\j`[\ek`Xc
dXjpXiXbXk AXnX 9XiXk j\Y\jXi Ig )) d`c`Xi GXcXZ\ è 9f^fi# N\jk AXmX# X[[`k`feXc gc\[^\j f]
j\_è^^X d\eaX[` Ig ('- d`c`Xi j\YX^X` nlal[ Ig))Y`cc`fe]ifdZfddle`k`\jèN\jkAXmXYifl^_k
[lble^XeepX% k_\kfkXcXdflekf]gc\[^\jkfIg('-Y`cc`fe%
GX[X ). FbkfY\i (00+# _XepX [lX kX_le j\k\cX_ Fe FZkfY\i ).# (00+# YXi\cp knf p\Xij ]ifd `kj
[`[ì`bXe# 9Xeb DlXdXcXk Y\i_Xj`c d\epXe[Xe^ ]fle[è^# 9Xeb DlXdXcXk i\Z\`m\[ `kj c`Z\ej\ kf
gi\[`bXk 9Xeb ;\m`jX% G\e^XblXe è` j\dXbè fg\iXk\XjX=fi\`ê<oZ_Xe^\9Xeb%K_`ji\Zfê`k`fe
d\dg\ibfbf_ gfj`jèpX j\YX^X` YXeb jpXi`X_ jki\e^k_\e\[ k_\ 9XebËj gfj`k`fe Xj k_\ Ôijk Xe[
g\ikXdX [Xe k\ib\dlbX [` @e[fe\j`X [\e^Xe c\X[è^ j_Xi`X @jcXd`Z YXeb è @e[fe\j`X n`k_ X
Y\iX^XdaXjX[Xegif[lbpXe^k\ilj[`b\dYXe^bXe% îfnè^XiiXpf]gif[lZkjXe[j\im`Z\j%

Bi`j`j dfe\k\i kX_le (00.$(00/ k\cX_ @e(00.$(00/#@e[fe\j`XnXj_`kYpXÔeXeZ`XcZi`j`j
d\dgfiXbgfiXe[XbXej\YX^`XeY\jXig\i\bfefd`Xe n_`Z_ [\mXjkXk\[ dfjk f] k_\ eXk`feXc \Zfefd`\j
8j`X K\e^^XiX% J\bkfi g\iYXebXe eXj`feXc k\iY\c`k èk_\Jflk_\Xjk8j`Xi\^`fe%K_\eXk`feXcYXebè^
e\^Xk`m\ jgi\X[ [Xe Y\eZXeX bi\[`k dXZ\k% j\ZkfiZfccXgj\[le[\ik_\Yli[\ef]ZfigfiXk\[\Yk
8b`YXkepXj\aldcX_YXebd\e^XcXd`bfe[`j`k\iYlilb fm\i_Xe^%8jXi\jlck#dXepYXebjn\i\Yifl^_kle[\i
[XcXd g\e^XnXjXe 9X[Xe G\ep\_XkXe G\iYXebXe k_\ Zfekifc f] @e[fe\j`Xe 9Xebè^ I\jkilZkliè^
EXj`feXc 9GGE [Xe k\igXbjX _Xilj d\dg\ifc\_ 8^\eZp @9I8 Xe[ _X[ kf Y\ i\ZXg`kXc`j\[ Yp k_\
i\bXg`kXc`jXj`[Xi`g\d\ièkX_% ^fm\ied\ek%
8c_Xd[lc`cX_ j`jk\d jpXi`X_ d\eaX[`bXe 9Xeb GiX`j\ Y\ kf 8ccX_# k_\ j_Xi`X YXebè^ jpjk\d nXj
DlXdXcXk k\iaX^X [Xi` e\^Xk`m\ jgi\X[ gX[X jgXi\[f]k_\\]]\Zkjf]e\^Xk`m\jgi\X[[liè^k_\
jXXk bi`j`j dfe\k\i d\e^_XekXd j\_è^^X YXeb Zi`j`j#\eXYcè^@e[fe\j`XËjÔijkj_Xi`XYXebkfjlim`m\
jpXi`X_ g\ikXdX [` @e[fe\j`X è` k\kXg Y\ikX_Xe XjXe8:Xk\^fip9Xebk_XknXje\`k_\igcXZ\[le[\i
[XcXd bXk\^fi` 8 pXe^ k`[Xb d\dYlkl_bXe @9I8efii\ZXg`kXc`j\[Ypk_\^fm\ied\ek%
g\e^XnXjXe9GGEdXlglei\bXg`kXc`jXj`df[Xc[Xi`
g\d\ièkX_%
;XcXd lgXpX d\dg\iblXk g\idf[XcXe# 9Xeb @e Xe \]]fik kf jki\e^k_\e `kj ZXg`kXc YXj\# 9Xeb
DlXdXcXk Y\ilgXpX d\eZXi` g\df[Xc gfk\ej`Xc DlXdXcXkjfc`Z`k\[]fiXgfk\ek`Xcèm\jkfi#n_`Z_nXj
[Xe d\e[XgXk kXe^^XgXe gfj`k`] [Xi` @jcXd`Z i\jgfe[\[ gfj`k`m\cp Yp k_\ @jcXd`Z ;\m\cfgd\ek
;\m\cfgd\ek 9Xeb @;9 pXe^ Y\ib\[l[lbXe [` 9Xeb @;9 YXj\[ è A\[[X_# JXl[` 8iXY`X% @e k_\
A\[[X_#JXl[`8iXY`X%GX[XIXgXkLdldG\d\^Xe^ 8eelXc >\e\iXc D\\kè^ f] J_Xi\_fc[\ij f] 9Xeb
JX_Xd)(Ale`(000#@;9j\ZXiXi\jd`d\eaX[`jXcX_ DlXdXcXk fe Ale\ )(# (000# @;9 f]ÔZ`Xccp Y\ZXd\
jXklg\d\^Xe^jX_Xd9XebDlXdXcXk%BlilenXbkl fe\ f] k_\ j_Xi\_fc[\i f] 9Xeb DlXdXcXk% K_\
XekXiX kX_le (00/ [Xe )''/ d\ilgXbXe dXjX g\i`f[Y\kn\\e(00/Xe[)''/i\gi\j\ekjk`d\f]
pXe^ g\el_ kXekXe^Xe [Xe b\Y\i_Xj`cXe YX^` 9Xeb Z_Xcc\e^\jXjn\ccXjki`ldg_j]fi9XebDlXdXcXk%
DlXdXcXk%
12,596.72
TOTAL AKTIVA 10,569.08

TOTAL ASSETS
[Miliar Rupiah - Billion Rupiah]
8,370.59
7,427.05
5,209.80
3,308.68
2,123.51
1,564.42
1,127.00
693.30
479.10
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

;XcXd g\i`f[\ k\ij\Ylk# 9Xeb DlXdXcXk Y\i_Xj`c 9XebDlXdXcXkjlZZ\\[\[èi\m\ijè^`kjÔeXeZ`Xc
d\dYXc`bbXeb\X[XXe[Xi`bfe[`jìl^`d\eaX[`cXYX ]fikle\j ]ifd cfjj YXZb èkf gifÔkXY`c`kp% K_`j
Y\ibXk lgXpX [Xe [\[`bXj` j\k`Xg Bil DlXdXcXk# `j XZ_`\m\[ k_ifl^_ k_\ [\[`ZXk\[ _Xi[ nfib f]
[`kleaXe^ fc\_ b\g\d`dgèXe pXe^ blXk# jkiXk\^` k_\ \ekì\ DlXdXcXk :i\n# jlggfik\[ Yp jkife^
g\e^\dYXe^Xe ljX_X pXe^ k\gXk# j\ikX b\kXXkXe c\X[\ij_`g# Xjklk\ Yljè\jj jkiXk\^p# Xe[ jki`Zk
k\i_X[Xg g\cXbjXeXXe g\iYXebXe jpXi`X_ j\ZXiX X[_\i\eZ\kfk_\gièZ`gc\jf]j_Xi`XèXccXjg\Zkj
dlie`% f]`kjYXebè^giXZk`Z\%
9Xeb DlXdXcXk Y\i_Xj`c d\cXcl` dXjX jlc`k [Xe 9XebDlXdXcXknXjXYc\kffm\iZfd\k_\j\[`]ÔZlck

YXe^b`k [Xi` b\k\iglilbXe pXe^ [`XnXc` [\e^Xe k`d\j Xe[ i\$\d\i^\[ ]ifd ZXkXjkifg_p# jkXikè^
g\e^Xe^bXkXe [ì\bj` YXil [Xi` èk\ieXc% B\dl[`Xe n`k_k_\Xggfèkd\ekf]Xe\ndXeX^\d\ek9fXi[
d\e^^\cXi i\eZXeX b\iaX c`dX kX_le pXe^ Y\i_Xj`c èk\ieXccp%9XebDlXdXcXkgifZ\\[\[kf[\gcfpXÔm\$
d\e^\dYXc`bXe9XebDlXdXcXkb\bfe[`j`b\lXe^Xe p\Xi Yljè\jj gcXe n_`Z_ _Xj jèZ\ i\klie\[ 9Xeb
[Xeg\ikldYl_XepXe^Y\ib\jèXdYle^Xe% DlXdXcXkkfÔeXeZ`XcjljkXèXY`c`kpXe[îfnk_%
;`kX_le)''+#j\YlX_èfmXj`cX_ìleklbd\e^XnXc @e)''+#XeèefmXk`m\jfclk`fenXjYfieèi\jgfej\
]XknX DL@ k\ekXe^ _XiXdepX Yle^X YXeb# pX`kl kfk_\DL@]XknXn`k_i\jg\ZkkfYXebèk\i\jkiXk\
[\e^Xe [`cleZlibXeepX gif[lb J_Xi$<% J_Xi$< k_Xk nXj [\ZcXi\[ È_XiXdÉ# n`k_ k_\ cXleZ_ f]
cX_ì leklb d\dY\i` g\cXpXeXe [` n`cXpX_ pXe^ J_Xi$<%J_Xi$<nXjZi\Xk\[kfj\im\Xi\Xjk_Xkn\i\
j\Y\cldepXkXbk\icXpXe`lej\im\[Xi\X [Xej\ikX gi\m`fljcplej\im\[Ypj_Xi`XYXebè^Xe[k_\i\Yp
d\ikX d\e^^l^libXe lejli b\k`[Xbk\ij\[`XXe elcc`Ô\[ k_\ cXZb f] k_\ j_Xi`X YXebè^ j\im`Z\
aXiè^XecXpXeXeg\iYXebXejpXi`X_pXe^d\dg\ifc\_ e\knfibk_Xk_X[Y\\eXYXj`j]fi\o\dgk`fef]k_\
g\e^\ZlXc`Xe ]XknX DL@ k\ij\Ylk [` XkXj% 9\ibXk XYfm\ DL@ ]XknX% 8j X i\jlck f] k_`j Yi\Xbk_ifl^_#
k\ifYfjXe è`# J_Xi$< d\iX`_ gi\[`bXk K_\ Dfjk J_Xi$<\Xie\[k_\gi\[`ZXk\f]K_\Dfjk@eefmXk`m\
@eefmXk`m\ Gif[lZk leklb bXk\^fi` È:ljkfd\i Gif[lZk è k_\ ZXk\^fip f] È:ljkfd\i Df[\j
Df[\j f] <ekipÉ [Xi` B\d\ek\i`Xe E\^XiX I`j\k f] <ekipÉ ]ifd k_\ JkXk\ Dè`jkip f] I\j\XiZ_
[Xe K\befcf^`&9X[Xe G\e^bXa`Xe [Xe G\e\iXgXe Xe[ K\Z_efcf^p&9fXi[ f] I\j\XiZ_ Xe[ 8ggc`\[
K\befcf^`9GGK % K\Z_efcf^p9GGK %
J_Xi$<k`[Xb_XepXd\dg\iclXjaXiè^Xeg\cXpXeXe# J_Xi$< _Xj efk fecp gifm`[\[ 9Xeb DlXdXcXk n`k_

eXdleal^XY\i[XdgXbgX[Xg\ikldYl_XeeXjXYX_ X dlZ_ YifX[\i j\im`Z\ e\knfib# Ylk _Xj Xcjf
pXe^ clXi Y`XjX [Xe d\eXdYX_ alkXXe i\b\eè^ Y\\e èjkild\ekXc è îfnè^ `kËj Zljkfd\i YXj\
kXYle^Xe YXil% J\aXb b\_X[ìXe J_Xi$<# 9Xeb jlYjkXek`Xccp# X[[è^ dfi\ k_Xe X d`cc`fe f] e\n
DlXdXcXk Y\i_Xj`c d\e^\dYXe^bXe aXiè^Xe jXmè^j XZZflekj% JèZ\ k_\ èkif[lZè^ f] J_Xi$<#
g\cXpXeXeepXj\ZXiXg\jXk[Xej`ê`ÔbXe% 9XebDlXdXcXk_XjiXg`[cpXe[j`ê`ÔZXekcp\ogXe[\[
`kjj\im`Z\e\knfib%
;`kleaXe^ fc\_ èfmXj` J_Xi$<# 9Xeb DlXdXcXk Jlggfik\[Ypk_\J_Xi\$<èefmXk`fe#9XebDlXdXcXk

b\dl[`Xe d\e^\dYXe^bXe jkiXk\^` N8I# pX`kl jlYj\hl\ekcp [\m\cfg\[ k_\ N8I jkiXk\^p# Xe
jè^bXkXe [Xi` N_fc\jXc\# 8cc`XeZ\ [Xe I\dfk\# XZifepd]fiN_fc\jXc\#8cc`XeZ\Xe[I\dfk\#n_`Z_
pXe^ %d\dle^bèbXe 9Xeb DlXdXcXk d\eaXe^bXl \eXYc\[9XebDlXdXcXkkfi\XZ_flkkf]XiZfie\ij
g\cfjfb$g\cfjfb @e[fe\j`X pXe^ j\Y\cldepX k`[Xb f] è[fe\j`X k_Xk n\i\ gi\m`lfjcp le[\ij\im\[ Yp
k\icXpXe`fc\_g\iYXebXejpXi`X_% j_Xi`XYXebè^%

JkiXk\^` N8I Y\i_Xj`c d\e^\dYXe^bXe aXiè^Xe Fli N8I jkiXk\^p jlZZ\\[\[ è \ogXe[è^ fli
g\cXpXeXe 9Xeb DlXdXcXk _è^^X d\eaX[` i`YlXe j\im`Z\e\knfibkfk_fljXe[jèeldY\i#èX[[`k`fekf
aldcX_epX#j\cXèal^Xd\dg\ibfbf_YXj`jeXjXYX_ jki\e^k_\eè^k_\Zljkfd\iYXj\f]9XebDlXdXcXk#
DlXdXcXk _è^^X d\eZXgX` alkXXe eXjXYX_% i\XZ_è^ lg kf d`cc`fej f] Zljkfd\ij% =fccfnè^ lg
D\cXealk`b\Y\i_Xj`cXejkiXk\^`N8IpXe^clXiY`XjX# fli_`^_cpjlZZ\jj]lcN8IjkiXk\^p#9XebDlXdXcXk
9Xeb DlXdXcXk d\e^^lcìbXe gifîXd J\im`Z\ `dgc\d\ek\[k_\J\im`Z\KiXej]fidXk`fegifîXdè
KiXej]fidXk`fe [XcXd iXe^bX d\e^^XìX_bXe fi[\ikfi\m`kXc`j\`kjj\im`Z\jn`k_k_\X`df]Xcjf
g\cXpXeXeepX leklb al^X d\cXpXe` b\Ylkl_Xe kXi^\kkè^ Zljkfd\ij è dXafi Z`k`\j# ]fi k_\ gi`d\
eXjXYX_ [` bfkX$bfkX Y\jXi XbXe jlXkl cXpXeXe j\im`Z\jf]j_Xi`XYXebè^%
g\iYXebXejpXi`X_pXe^gi`dX%
D\dXjlb` kX_le )''0 è`# [le`X [`_X[XgbXe fc\_ <ek\iè^ èkf )''0# k_\ nfic[ `j ]XZ\[ n`k_ Xe
bi`j`j \bfefd` pXe^ k\iYlilb j\aXb <iX ;\gi\j` \Zfefd`Zi\Z\jj`fek_Xk`jk_\nfijk\m\ijèZ\k_\
(0)0 pXe^ jXXk `kl al^X [`g`Zl fc\_ ilekl_epX ;\gi\jj`fe<iXf](0)0#n_`Z_nXjk_\eXcjfki`^\ii\[
j\bkfib\lXe^Xe[XegXjXidf[Xc8d\i`bXJ\i`bXk% Yp k_\ ZfccXgj\ f] k_\ ÔeXeZ`Xc Xe[ ZXg`kXc dXib\k
;\e^Xe g\ib\dYXe^Xe è`# dXbX [XgXk [`bXkXbXe èk_\LJ8%N`k_k_\j\[\m\cfgd\ekj#`kZXeY\jX`[
YX_nX DXeXa\d\e 9Xeb DlXdXcXk g\i`f[\ (00/$ k_Xkk_\DXeX^\d\ekf]9XebDlXdXcXk#[liè^k_\
)''*# pXe^ Y\icXealk [\e^Xe g\i`f[\ c`dX kX_le g\i`f[(00/$)''*#n_`Z_nXj\ok\e[\[kfk_\e\ok
Y\i`blkepX _è^^X Xb_ì kX_le )''/# Y\i_Xj`c g\i`f[kfp\Xi$\e[)''/#jlZZ\\[\[èc\X[è^9Xeb
d\dYXnXg\iaXcXeXe('kX_le9XebDlXdXcXk#[Xi` DlXdXcXkfeXaflie\p]ifdfe\Zi`j`jkfXefk_\i#kf
bi`j`j b\ bi`j`j# leklb d\eaX[` alXiX [`XekXiX gXiX Y\Zfd\k_\Z_Xdg`fef]XccZ_Xdg`fejèk_\YXebè^
alXiXg\iYXebXe[Xi`j\^`g\ikldYl_XeljX_X% j\Zkfi#]ifdk_\jkXe[gfèkf]Yljè\jjîfnk_%
;Xi` kX_le (00/ _è^^X )''/# kfkXc Xbk`mX 9Xeb 9\kn\\e (00/ Xe[ )''/# k_\ kfkXc Xjj\kj f] YXeb
DlXdXcXkd\eè^bXkj\Y\jXi),#*bXc`c`gXkd\eaX[` DlXdXcXk èZi\Xj\[ Yp ),%* k`d\j kf Ig ()%-'
Ig ()#-' ki`c`le# aldcX_ \bl`kXj kldYl_ j\Y\jXi ki`cc`fe%KfkXcjk`Zb_f[\ijË\hl`kpî\nYp)*%-k`d\j
)*#- bXc` c`gXk d\eaX[` Ig 0-- d`cpXi# j\[Xe^bXe kfIg0--Y`cc`fe#n_\i\Xjk_\eldY\if]Zljkfd\ij
aldcX_eXjXYX_Y\ib\dYXe^_è^^Xd\eaX[`)#0alkX aldg\[kf)%0d`cc`feZljkfd\ij%
eXjXYX_%
9Xeb DlXdXcXk Y\i_Xj`c d\elklg kX_le bi`j`j 9XebDlXdXcXkjlZZ\\[\[èZcfjè^Xp\XidXib\[

ÔeXej`Xc ^cfYXc )''/ [\e^Xe g\eè^bXkXe cXYX Yp X ^cfYXc ÔeXeZ`Xc Zi`j`j Yp gfjkè^ X e\k gifÔk
Y\ij`_ +* d\eaX[` Ig )'. d`c`Xi# [` bXcX cXYX èZi\Xj\ f] +* kf Ig )'. Y`cc`fe# Xk X k`d\ n_\e
j\bkfi g\iYXebXe bfem\ej`feXc eXj`feXc j\ZXiX X^î\^Xk\ gifÔk f] k_\ eXk`feXc YXebè^ j\Zkfi
Xî\^Xk d\elile j\Y\jXi (*# [Xe cXYX Xî\^Xk [\Zcè\[ Yp (*# n_\i\Xj k_\ eXk`feXc j_Xi`X
g\iYXebXejpXi`X_gleklile)'%9XebDlXdXcXk YXebè^ X^î\^Xk\ ]\cc Yp )'% 9Xeb DlXdXcXk
al^XY\i_Xj`cd\dXbj`dXcbXee`cX`b\gX[Xg\d\^Xe^ nXjXcjfjlZZ\jj]lcèZi\Xkè^dXo`dldmXcl\]fi
jX_Xd[\e^XeIF<j\Y\jXi**% j_Xi\_fc[\ijYpXZ_`\mè^XeIF<f]**%
?Xj`c$_Xj`ck\ij\Ylkd\e^lbl_bXeb\le^^lcXej\ikX K_\j\ i\jlckj mXc`[Xk\ k_\ jlg\i`fi`kp Xe[ jgì`klXc

e`cX`jgì`klXcpXe^[`Xelkfc\_9XebDldXcXkj\YX^X` mXcl\ k_Xk `j \jgflj\[ Yp 9Xeb DlXdXcXk Xj k_\
YXebG\ikXdXDlie`JpXi`X_[`@e[fe\j`X% =ìjkGli\J_Xi`XYXebè@e[fe\j`X%

Pernyataan Dewan Pengawas Syariah
Statement from The Sharia Supervisory Board
K.H. M. A. Sahal Mahfudh

Ketua Chairman
Prof. Dr. H. Muardi Chatib Prof. Dr. H. Umar Shihab K.H. Ma’ruf Amin
Anggota Member Anggota Member Anggota Member

9@JD@CC8?@II8?D8E@II8?@@D 9@JD@CC8?@II8?D8E@II8?@@D
8JJ8C8DL8C8@BLDNI%N9% 8JJ8C8DL8C8@BLDNI%N9%
;\nXeG\e^XnXjJpXi`X_9XebDlXdXcXk[\e^Xeè` K_\ J_Xi`X Jlg\im`jfip 9fXi[ f] 9Xeb DlXdXcXk

d\epXkXbXe YX_nX# Y\i[XjXibXe g\e^XnXjXe bXd` _\i\Yp jkXk\j k_Xk# YXj\[ fe fli jlg\im`j`fe
j\cXdXj\d\jk\i@[Xej\d\jk\i@@)''/1 k_ifl^_flkj\d\jk\i@Xe[j\d\jk\i@@f])''/1
G\cXbjXeXXe gif[lb [Xe aXjX pXe^ d\c`glk` K_\gifm`j`fef]gif[lZkjXe[j\im`Z\jèZcl[è^
g\e^_`dgleXe[Xeg\epXcliXe[XeXk\cX_j\jlX` ]le[è^ Xe[ ÔeXeZè^ _Xj Zfdgc`\[ n`k_ k_\
[\e^Xe =XknX ;\nXe JpXi`X_ EXj`feXc j\ikX =XknXf]k_\EXk`feXcJ_Xi`X9fXi[Xe[k_\ilcè^
b\glkljXe;\nXeG\e^XnXjJpXi`X_% f]k_\J_Xi`XJlg\im`jfip9fXi[%
G\[fdXe fg\iXj`feXc [Xe gif[lb pXe^d\c`glk` K_\ ^l`[\cè\j fe fg\iXk`fej Xe[ gif[lZkj
g\e^_`dgleXe[Xeg\epXcliXe[XeXk\cX_j\jlX` èZcl[è^ ]le[è^ Xe[ ÔeXeZè^ _Xm\ Zfdgc`\[
=XknX ;\nXe JpXi`X_ EXj`feXc j\ikX b\glkljXe n`k_k_\=XknXf]k_\EXk`feXcJ_Xi`X9fXi[Xe[
;\nXeG\e^XnXjJpXi`X_% k_\ilcè^f]k_\J_Xi`XJlg\im`jfip9fXi[%
CXgfiXeb\lXe^Xeg\iljX_XXek\cX_[`jljle[Xe K_\ZfdgXepËjÔeXeZ`XcjkXk\d\ekjXi\Zfdg`c\[
[`jXa`bXej\jlX`[\e^Xegièj`gJpXi`X_% Xe[ gi\j\ek\[ è XZZfi[XeZ\ n`k_ k_\ J_Xi`X
gièZ`gc\j%
;\d`b`Xeg\iepXkXXeè`[`YlXkj\jlX`bX`[X_% K_`jjkXk\d\ek`j`jjl\[è^ff[]X`k_%
N8JJ8C8DL8C8@BLDNI%N9 N8JJ8C8DL8C8@BLDNI%N9
K.H. M. A. Sahal Mahfudh

Ketua Chairman
Prof. Dr. H. Muardi Chatib Prof. Dr. H. Umar Shihab K.H. Ma’ruf Amin
Anggota Member Anggota Member Anggota Member

Ikhtisar Kinerja Keuangan
Financial Highlights
J<CLIL?8E>B8G8;8>I8=@B;8EK89<CD<E>>LE8B8EEFK8J@@E>>I@J
8CCELD<I@:8CEFK8K@FEJ@E8CC>I8G?J8E;K89C<J8I<@E<E>C@J?
(00/ (000 )''' )''( )'') )''* )''+! )'', )''- )''. )''/
d`cc`XiIlg`X_
Y`cc`feIlg`X_
KfkXc8bk`mX +.0%(' -0*%*' (#().%'' (#,-+%+) )#()*%,( *#*'/%-/ ,#)'0%/' .#+).%', /#*.'%,0 ('#,-0%'/ ()#,0-%.)
KfkXc8jj\kj
KfkXcG\dY`XpXXe +-)%(' +*)%(' 0(+%/, (#)(,%), (#.+.%/. )#*.*%'+ +#(/+%.' ,#//.%.+ -#-)/%'0 /#-(/%', ('#,(.%/-
KfkXc=èXeZè^=XZ`c`k`\j
KfkXc;XeXG`_XbB\k`^X *0(%0' ,)/%(' /),%*' (#(0/%'+ (#-0-%.( )#,'/%/. +#**'%,-,#.,'%)* -#/*.%+* /#-0(%** ('#'.*%0,
KfkXcK_ì[GXikp=le[j
KfkXcDf[Xc;`j\kfi (*/%+' (-,%-' (-,%*' (-,%*' (-,%*' )-0%-0 )-0%-0 +0)%.0 +0)%.0 +0)%.0 +0)%.0
KfkXcGX`[Lg:Xg`kXc
KfkXc<bl`kXj *0%*' ('(%+' ('/%0( (,)%)* (/(%+0 *'.%*, **0%(( .-*%+( ./-%++ /+-%(- 0--%(/
KfkXc<hl`kp
CXYXIl^` Fg\iXj`feXc (',%'' *)%0' (%// )(%0/ *+%/- *-%++ .+%/0 (,0%(/ (.+%.. ))(%*. *'0%('
Fg\iXkè^GifÔkCfjj
CXYXIl^` 9\ij`_ .,%,' )%.' .%(* +*%** )+%/' )*%(. ,'%-) ('-%-- ('/%*- (+,%** ())'.%)(
E\kGifÔkCfjj
IXj`f
IXk`f
CXYXJ\Y\cldGXaXb&IXkX$iXkX8bk`mX )*%0+ '%,/ '%0- +%'( )%'' (%** (%/' )%,* )%(' )%). )%-'
IF8
CXYXJ\k\cX_GXaXb&IXkX$iXkXDf[Xc;`j\kfi ).(%0+ *%0/ 0%0/ +(%(- (.%)* /%/( (,%+0 (/%(' )(%00 )*%)+ **%(+
IF<
CXYXJ\Y\cldGXaXb&8bk`mXGif[lbk`] )*%*, '%0* (%(* +%+- (%,. '%0, (%0+ )%-0 )%). )%++ )%.0
IF<8
IXj`fG\dY`XpXXe9\idXjXcX_9\ij`_ -,%-( ,*%** ()%/+ +%*) *%+* )%() )%(0 )%'' +%/+ (%** *%/,
EfeG\i]fidè^=èXeZèÊ\k
IXj`fG\dY`XpXXe9\idXjXcX_Bfkfi $ $ $ -%(/ +%00 *%(, )%00 )%/' ,%.- )%0- +%**
EfeG\i]fidè^=èXeZè^>ifjj
IXj`fB\ZlblgXeDf[Xc -%.- (,%)0 /%0, 0%') ('%,, (*%'+ ()%(. (-%** (+%)* ('%-0 ('%/*
:8I
G\dY`XpXXe&;XeXG`_Xb@@@ ('.%(, -/%'. 0.%0' 0'%'' /*%-. .-%0. /-%'* /0%'/ /*%-' 00%(- ('+%+(
=;I
AldcX_JX_XdAlkX ('(%'' (*/%+' (-,%*' (-,%*' (-,%*' *.+%'- *.+%'- /)'%), /)'%), /)'%), /)'%),
EldY\if]J_Xi\D`cc`fe
CXYX9\ij`_&AldcX_JX_XdIg -)+%'' )'%'' +.%'' )-)%'' (,-%-' /(%'' (*,%** (-/%(, (*)%(' (..%(. ),)%-)
<Xieè^g\iJ_Xi\Ig

*) Disajikan kembali sehubungan dengan penerapan PSAK 24 (revisi 2004) “imbalan kerja”
*) Restated in line with implementation of PSAK 24 (2004 revision) “imbalan kerja”.

LABA (RUGI) OPERASIONAL 309.10
OPERATING PROFIT (LOSS) 221.37
174.77
159.18
74.89
36.44
34.86
21.98
1.88
1998 1999
2000 2001 2002 2003 2004 2005 2006 2007 2008
(32.90)
(105.00)
966.18
846.16
TOTAL EKUITAS
TOTAL EQUITY 786.44
763.41
339.11
307.35
181.49
152.23
108.91
101.40
39.30
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
65.61
53.33
NPF
NPF
12.84
4.32 4.84 3.85

3.43 2.19
2.12 2.00 1.33
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

STAR WAR
J\im`Z\KiXej]fidXk`fe8e[I\m`kXc`qXk`fef]N_fc\jXc\#8cc`XeZ\#I\dfk\
J\im`Z\KiXej]fidXk`fe
FAST SERVICE
Friendly, Accessible, Secure, To your needs
J\im`Z\ KiXej]fidXk`fe J\im`Z\ KiXej]fidXk`fe `j

[`cXblbXe [\e^Xe
GX[X kX_le )''/# [\e^Xe ZXii`\[ flk Yp `dgifmè^
d\e^\dYXe^bXe jkXe[Xi
[`dXjlbèpX kX_Xg b\[lX k_\ k_\ hlXc`kp f] j\im`Z\ f]
blXc`kXj cXpXeXe 9Xeb [Xi` g\eZXgX`Xe M`j` 9Xeb 9Xeb DlXdXcXk# befne Xj
DlXdXcXk# [`j\Ylk [\e^Xe DlXdXcXkpX`klleklbd\eaX[` k_\=8JKgifîXd%=8JKZXe
=8JK gifîXd% =8JK [XgXk YXeb pXe^ [`bX^ld` [` gXjXi Y\ èk\igi\k\[ Xj =Xjk Xe[
[`Xik`bXe j\YX^X` :\gXk [Xe iXj`feXc# dXbX [`g\iclbXe <]ÔZ`\ek ]fi k_\ Zljkfd\i%
<Ôj`\e YX^` eXjXYX_% 8bXe g\eè^bXkXe gX[X blXc`kXj ?fn\m\i# =8JK `j Xcjf
k\kXg` =8JK al^X d\ilgXbXe cXpXeXeleklbd\iX`_dXib\k Xe XZifepd ]fi =i`\e[cp#
b\gXeaXe^Xe [Xi` =i`\e[cp# j\^d\ek\ij\Ylk% 8ZZ\jj`Yc\ Xe[ J\Zli\ Kf
8ZZ\j`Yc\# J\Zli\# Kf pfli pfli e\\[j% =i`\e[cp `j k_\
e\\[% =i`\e[cp d\ilgXbXe @e )''/# 9Xeb DlXdXcXk \ek\i\[ \ogi\jj`fef]Xg\ijfeXc`j\[
k_\ j\Zfe[ g_Xj\ f] `kj m`j`fe
le^bXgXe [Xi` j\im`Z\ pXe^ j\im`Z\# gifm`[è^ X ]i`\e[cp
i\Xc`jXk`fe kf Y\Zfd\ X YXeb k_Xk
g\ijfeXc# d\dY\i`bXe `j X[dì\[ è k_\ iXk`feXc dXib\k# \og\i`\eZ\ n_\e YXebè^
g\e^XcXdXe pXe^ Y\ijX_XYXk i\hlìè^ljkfèZi\Xj\k_\hlXc`kp n`k_DlXdXcXk%
[XcXd Y\i_lYle^Xe [\e^Xe c\m\c f] j\im`Z\ `kf ZXgkli\ k_`j
YXeb% dXib\kj\^d\ek%

8ZZ\j`Yc\X[XcX_le^bXgXeYX^X`dXeXeXjXYX_[XgXk 8ZZ\jj`Yc\ `j Xe è[`ZXk`fe f] _fn fli Zljkfd\i
epXdXe [XcXd Y\ikiXejXbj`# epXdXe [`dXbjl[bXe ZXe_Xm\XZZ\jjkfflij\im`Z\jZfem\e`\ekcp#]ifd
j\YX^X` [XgXk [`Xbj\j j\ZXiX dl[X_# [` dXeX jXaX Xepn_\i\XkXepk`d\f]k_\[Xpk_ifl^_XmXi`\kpf]
[Xe[\e^XeY\iYX^X`k`g\ [\c`m\ipZ_Xee\c#j\g\ik` [\c`m\ipZ_Xee\cjjlZ_Xj8KD#<;:#G_fe\9Xebè^#
8KD# <;:# G_fe\ 9Xebè^# JDJ 9Xebè^# @ek\ie\k JDJ9Xebè^#@ek\ie\kYXebè^Xe[dfi\%
9Xebè^#[XecXè$cXè%
J\Zli\ d\ilgXbXe gfj`k`feè^ YX^X`dXeX J\Zli\ i\gi\j\ekj fli gfj`k`feè^ kf

eXjXYX_d\dg\ij\gj`bXe9XebDlXdXcXk Zfem\pXj\Zli\Xe[i\c`XYc\`dX^\XYflk
j\YX^X` YXeb pXe^ 9Xeb DlXdXcXk Xj X
XdXe [Xe k\ig\iZXpX% jX]\ Xe[ kiljknfik_p
Kf pfli e\\[# YXeb% Kf pfli
[ ` d X b j l [ b X e e\\[jZfem\pk_\
j\YX^X` _Xj`c d\jjX^\ k_Xk
èfmXj` cXpXeXe fli gif[lZkj
[Xe gif[lb [` Xe[ j\im`Z\j
9Xeb DlXdXcXk Xi\ èefmXk`m\cp
pXe^[XgXkd\d\el_` [\j`ê\[ Xe[
j\k`Xg b\Ylkl_Xe jkilZkli\[ kf d\\k
eXjXYX_% iXe^è^ XiiXp f]
e\\[j%
J \ i m ` Z \ J \ i m ` Z \
Ki X e j ] f i d X k ` f e k i X e j ] f i d X k ` f e
Y\i[XdgXb gX[X Xcjf `dgXZkj lgfe
g\iYX`bXekXdg`cXeÔj`b k_\ g_pj`ZXc Xjg\Zkj
bXekfi$bXekfi 9Xeb DlXdXcXk [\e^Xe f]k_\9Xebèn_`Z_9XebDlXdXcXkX
d\e^X[fgj` jkXe[Xi G_pj`ZXc :fe[`k`fe dlZ_ jkife^\i YiXe[ è[\ek`kp m`jlXc kf
j\jlX` :figfiXk\ @[\ek`kp% ?Xc è` [\e^Xe Zfdgc\d\ek `kj =8JK j\im`Z\j% N`k_è k_\
d\e^\[\gXebXej`j`b\epXdXeXe#b\dl[X_Xe jf]k jb`ccj ZXk\^fip# \]]fikj _Xm\ Xcjf Y\\e
[Xe b\Z\gXkXe YX^` eXjXYX_ [XcXd Y\ikiXejXbj` kXb\ekf\hl`gfli]ifekcè\g\ijfee\cn`k_k_\jb`ccj
[\e^Xe9Xeb%J\ZXiXefeÔj`b#blXc`kXjcXpXeXeYX`b Xe[befnc\[^\kfgifm`[\Xc\m\cf]j\im`Z\XkgXi`]
[` ]ifek cè\i [`Y\eX_`# j\_è^^X [`_XiXgbXe [XgXk efkY\kk\ik_Xek_\c\X[è^YXebjf]kf[Xp%Kfjlggfik
j\kXiX [\e^Xe blXc`kXj cXpXeXe YXeb k\iYX`b jXXk Xccf]k_\j\\e_XeZ\d\ekj#9XebDlXdXcXkn`cc_Xm\
è`% Leklb d\e[lble^ gifîXd è` al^X [`cXblbXe kf i\cp fe ifYljk è]fidXk`fe k\Z_efcf^p jpjk\d\
g\dY\eX_Xe gX[X j`jk\d @K j\ikX g\eXaXdXe [Xe Xe[`dgifm\[gif[lZkXe[j\im`Z\]\Xkli\j%
g\e^XpXXeÔklicXpXeXe%

D`j`[Xebfd`kd\eleklbk\iljd\dY\i`bXe K_\ d`jj`fe Xe[ Zfdd`kd\ek kf
cXpXeXe g\iYXebXe dlie` jpXi`X_ leklb Zfekèlfljcp gifm`[\ gli\ j_Xi`X YXebè^
d\eaXe^bXl lddXk [` j\clil_ g\cfjfb j\im`Z\j kf k_\ Zfddle`kp è Xcc Zfie\ij
@e[fe\j`Xk\kXgXbXe[àXcXebXefc\_9Xeb f] è[fe\j`X# n`cc jk`cc Y\ ZXii`\[ flk Yp
DlXdXcXk d\cXcl` gifîXd N8I% ;`dXeX 9Xeb DlXdXcXk k_ifl^_ N8I# gifîXdj%
j\cXdX k`^X kX_le k\iXb_ì è` d\dY\i` =fi k_\j\ cXjk k_i\\ p\Xij `k _Xj j_fne
_Xj`c pXe^ YX`b% Bfej\g N8I è` X[XcX_ gfj`k`m\ i\jlckj% K_\ N8I ZfeZ\gk `j gXik
YX^`Xe[Xi`jkiXk\^`9XebDlXdXcXk[XcXd f] 9Xeb DlXdXcXkËj jkiXk\^p è j\im`Zè^
d\cXpXe`gXe^jXgXjXii\c`^`% k_\i\c`^`fljdXib\kj\^d\ek%
N8IN_fc\jXc\#8cc`XeZ\#I\dfk\
Wholesale
JkiXk\^` g\e^\dYXe^Xe ljX_X d\cXcl` g\dXjXiXe K_\ Yljè\jj [\m\cfgd\ek jkiXk\^p f] Ên_fc\jXc\Ë
j\ZXiX Ên_fc\jXc\Ë [`k\dgl_# ^leX d\dg\ifc\_ dXib\kè^`jX[fgk\[#kf^Xèdfi\c\m\iX^\fek_\
c\m\iX^\ pXe^ c\Y`_ Y\jXi XkXj jldY\i[XpX c`d`k\[ i\jfliZ\j f] 9D@% K_ifl^_ k_`j Ên_fc\jXc\Ë
G\ij\ifXe pXe^ k\iYXkXj% D\cXcl` g\e[\bXkXe XggifXZ_#9XebDlXdXcXkZXe[\m\cfgXe[îfn`kj
Ên_fc\jXc\Ë#9XebDlXdXcXk[XgXkd\e^\dYXe^bXe dXib\kdlZ_dfi\iXg`[cp%
gXjXic\Y`_Z\gXk%
;XcXd iXe^bX d\dg\iZ\gXk g\ikldYl_Xe# d\cXcl` N`k_ k_\ X`d kf XZZ\c\iXk\ îfnk_# Yp XZhlìè^
Xbl`j`j` eXjXYX_ pXe^ Y\cld Y\iYXeb jpXi`X_ [` Zljkfd\ij n_f _Xm\ efk YXeb\[ n`k_ j_Xi`X
@e[fe\j`X# gif[lb g\iYXebXe i\kX`c pXe^ èfmXk`] YXebè^ è @e[fe\j`X# X i\kX`c YXebè^ gif[lZk k_Xk
d\ilgXbXe j\YlX_ b\_XiljXe% B\Y\iX[XXe J_Xi$< `jèefmXk`m\`jdljk%K_\gi\j\eZ\f]J_Xi$<k_Xk
pXe^ d\e^lYX_ i\b\eè^ kXYle^Xe [Xi` bXk\^fi` _XjZ_Xe^\[XjXmè^jXZZflek]ifdk_\ZXk\^fipf]
g\cXpXeXe d\eaX[` YXiXe^ :fejld\i >ff[j j\im`Z\kfXZfejld\i^ff[j_XjdX[\k_\gif[lZk
d\eaX[`bXeepX jXe^Xk Õ\bj`Y\c [Xe dXdgl \oki\d\cpÕ\o`Yc\Xe[XYc\kfkiXejZ\e[jgXZ\Xe[
d\e\dYlj YXkXjXe j\YlX_ gif[lb YXeb% J\YX^X` k`d\% 8j X Zfejld\i ^ff[j# J_Xi$< _Xj Y\Zfd\
YXiXe^#g\ifc\_XeJ_Xi$<fc\_eXjXYX_g\dXbX`\e[ _`^_cp XZZ\jj`Yc\ kf \e[ lj\ij# n_f efk fecp Ôe[
lj\i d\eaX[` jXe^Xk dl[X_ [Xe k`[Xb k\i^Xekle^ `k \oki\d\cp Zfem\e`\ek Ylk ZXe [f XnXp n`k_ k_\
gX[X b\Y\iX[XXe YXeb% G\dXjXiXe [Xe g\ealXcXe gi\j\eZ\ f] X YXeb Xckf^\k_\i% K_\ dXib\kè^ Xe[
i\b\eè^ [XeX g`_Xb b\k`^X k`[Xb cX^` k\iYXkXj jXc\jf]k_ì[$gXikp]le[è^Xi\efcfe^\ic`d`k\[kf
fe\ fe fe\# k\kXg` 9Xeb [XgXk Y\ikè[Xb j\YX^X` fe\$fe$fe\#Ylkk_\9XebZXeefnXjXn_fc\jXc\i%
n_fc\jXc\i%

Alliance
JkiXk\^`Xc`Xej`[`^leXbXe[XcXdg\dXjXiXegif[lb K_\Xcc`XeZ\jkiXk\^p`jlj\[èdXib\kè^gif[lZkj
^leXd\c`gXk^Xe[XbXeaXe^bXlXej\ikXg\ep\YXiXe k_ifl^_ k_\ XZZ\c\iXk\[ i\XZ_ Xe[ [`jki`Ylk`fe f]
gif[lb[XecXpXeXeg\iYXebXejpXi`X_[XcXdnXbkl j_Xi`XYXebè^gif[lZkjXe[j\im`Z\jèjkXekXe\fljcp%
pXe^jè^bXk%JkiXk\^`è`[àXcXebXe[\e^Xed\eaXcè K_ifl^_ k_`j jkiXk\^p# k_\ ]fi^è^ f] Xcc`XeZ\j# Xe[
d`kiXXc`Xej`Y\iY\eklbèjk`klj`dXlgleg\ifiXe^Xe Xggfèkè^Yfk_èjk`klk`fejXe[è[`m`[lXcjXjjXc\j
j\YX^X` X^\e g\ealXcXe gif[lb [Xe cXpXeXe# X^\ekj# Zflc[ gifm`[\ X Zfdgc\k\ YXebè^ j\im`Z\
j\_è^^X[XgXkd\e^_X[ìbXej\clil_j`bcljcXpXeXe ZpZc\# ]ifd k_\ fg\eè^ f] XZZflekj kf dXbè^
g\iYXebXe j\ZXiX c\e^bXg dlcX` [Xi` g\dYlbXXe# [\gfj`kjXe[XZZflekn`k_[iXnXcj%
g\ep\kfiXe_è^^Xg\eXi`bXei\b\eè^%
Wholesale Alliance Remote
Remote

Bfd`kd\eleklbd\cXpXe`gXe^jXgXjXii\c`^`pXe^ K_\ Zfd`kkd\ek kf j\im\ k_\ n`[\ji\X[ i\c`^`flj
k\ij\YXi d\e^_XiljbXe 9Xeb DlXdXcXk leklb dXib\k j\^d\ek# _Xj ]fiZ\[ YXeb DlXdXcXk kf
[XgXkd\e^_X[ìbXecXpXeXeepX[`j\clil_g\cfjfb \jkXYc`j_`kjj\im`Z\jèXccZfie\ijf]@e[fe\j`X%=fli
@e[fe\j`X% <dgXk kX_le cXcl# cXpXeXe g\iYXebXe p\XijX^f#k_\j_Xi`XYXebè^j\im`Z\jn\i\Xcdfjk
jpXi`X_ _Xdgì k`[Xb g\ieX_ [`k\dlbXe [` clXi [`]ÔZlck kf Ôe[ è cXi^\ Z`k`\j# dfi\fm\i è [`jkXek
bfkX Y\jXi# XgXcX^` _è^^X b\ g\cfjfb e\^\i`% Bè`# Xi\Xj% Efn# k_\ J_Xi$< gif[lZk _Xj Y\\e XYc\ kf
aXe^bXlXe J_Xi$< dXdgl d\e\dYlj ilXe^ [Xe i\XZ_Y\pfe[jgXZ\Xe[k`d\#ègifm`[è^èm\jkd\ek
nXbkl leklb d\e^_X[ìbXe gif[lb èm\jkXj` [Xe gif[lZkjXe[[\gfj`kXZZflekjf]j_Xi`XYXebè^kf
j`dgXeXe YXeb jpXi`X_ YX^` lddXk% B\jX[XiXe k_\ Zfddle`kp% K_\ XnXi\e\jj f] k_\ @e[fe\j`Xe
j\YX^X` g\e^\dYXe d`j` DXa\c`j LcXdX @e[fe\j`X :fleZ`c f] Lc\dXj DL@ kf \cc`dèXk\ ljlip è k_\
DL@ leklbd\e^_XgljbXei`YX[Xi`j\clil_kXeX_ Zflekip#_XjY\\ei\XZ_\[%Kf[Xp#n`k_J_Xi$<#k_\i\
Xìk\cX_k\inlal[%Bè`#[\e^XeJ_Xi$<kXbX[XcX^` Xi\efcfe^\i\o`^\eZ`\jèYfk_jgXZ\Xe[k`d\kf
b\[cXiliXkXe# ilXe^ [Xe nXbkl pXe^ d\e^_XcXe^` fm\iZfd\#Ypj_Xi`XYXebè^èk_\Zflekip#\m\eè
cXpXeXe g\iYXebXe jpXi`X_ [` j\clil_ kXeX_ Xì% i\dfk\ Xi\Xj gi\m`fljcp lei\XZ_\[ Yp Xep j_Xi`X
9X_bXe [` [X\iX_ g\cfjfb pXe^ k`[Xb k\iaXe^bXl YXebè^j\im`Z\%K_ifl^_J_Xi$<Xe[Xcc`XeZ\jn`k_
YXeb jpXi`X_ dXeXgle% D\cXcl` J_Xi$< [Xe mXi`flj [\c`m\ip Z_Xee\cj# Xcc i\^`fej è @e[fe\j`X
b\iaXjXdXXc`Xej`[\e^Xej\clil_ [\c`m\ipZ_Xee\c# Zflc[efnY\j\im\[Yp9XebDlXdXcXk%
dXbXj\clil_n`cXpX_@e[fe\j`Xk\cX_k\icXpXe`9Xeb
DlXdXcXk%

JARINGAN LAYANAN BANK MUAMALAT (JUMLAH UNIT)
BANK MUAMALAT SERVICE NETWORK (NUMBER OF UNITS)
*'' +#'''
)), *#'''
(,' )#'''
., (#'''
' '
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Jaringan Kantor Bank Muamalat Bank Muamalat Branch Network Jaringan Aliansi Bank Muamalat Bank Muamalat Alliance Network
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Cabang/
Branch 10 13 13 13 32 43 47 51 51 52
Cabang Pembantu/
Sub Branch
1 3 5 7 8 10 13 8 8 9
Unit Pelayanan Syariah/

Sharia Services Unit
- - - - - - - 18 21 21
Kantor Kas/
Cash Office 20 28 37 46 70 78 81 89 90 99
Gerai Muamalat/ Gerai
Muamalat - - - - 46 46 46 43 43 43
Jumlah Jaringan BMI/
Total BMI Network
31 44 55 66 156 177 187 209 213 224
SOPP Pos/
On-Line Post Office
- - - - - 292 573 1,400 1,800 3,063
J\aXb b\_X[ìXe J_Xi$<# 9Xeb DlXdXcXk Y\i_Xj`c JèZ\k_\Xii`mXcf]J_Xi$<#9XebDlXdXcXk_XjiXg`[cp

d\e^\dYXe^bXeaXiè^Xeg\cXpXeXeepXj\ZXiXg\jXk Xe[j`ê`ÔZXekcp\ogXe[\[`kjj\im`Z\e\knfib%8jf]
[Xej`ê`ÔbXe%JXdgX`[\e^XeXb_ì;\j\dY\i)''/ ;\Z\dY\i)''/#k_ifl^_*#'-*JFGGJpjk\dFe$cè\
d\cXcl`*%'-*JFGGJ`jk\dFe$cè\GXpd\ekGfèk GXpd\ek Gfèk 9Xeb DlXdXcXk _Xj kilcp \ok\e[\[
9Xeb DlXdXcXk Y\eXi$Y\eXi k\cX_ d\i\ekXe^bXe k_\i\XZ_f]j_Xi`XYXebè^j\im`Z\jkfmìklXccp\m\ip
aXe^bXlXeg\cXpXeXe_Xdgìb\j\clil_b\ZXdXkXe [`jki`Zk è @e[fe\j`X% @e gcXZ\j n_\i\ k_\i\ Xi\ fe$
[`@e[fe\j`X%J\k`Xg[X\iX_pXe^k\i[XgXkbXekfigfj cè\gfjkXcf]ÔZ\jXe[k_\8lkfdXk\[K\cc\iDXZ_è\
fe$cè\[Xe8eale^XeKleX`DXe[ì`8KD d`c`bYXeb 8KD f]XepYXeb#Xe[;\Y`k9:8&Gi`dXd\iZ_Xekj
XgXgle#j\ikXd\iZ_Xek;\Y`k9:8&Gi`dX[`j\clil_ k_ifl^_flk @e[fe\j`X# fli Zljkfd\ij \eafp î\Xk\i
g\cfjfb kXeX_ Xì# eXjXYX_ DlXdXcXk j\dXbè Xe[dfi\Zfem\e`\ekXZZ\jjkfk_\DlXdXcXkj\im`Z\%
dl[X_ d\dg\ifc\_ Xbj\j [Xe j\dXbè k\icXpXe`% J_Xi$<i\Õ\Zkjk_\jlZZ\jjf]fli[i`m\kf\dg_Xj`j\
J_Xi$<d\eZ\idèbXeb\Y\i_Xj`cXe9XebDlXdXcXk Xcc`XeZ\jXe[èefmXk`fekf[Xk\%
leklb d\e^\[\gXebXe Xc`Xej` j\ikX èfmXj` _è^^X
jXXkè`%

REKENING NASABAH BANK MUAMALAT (JUMLAH REKENING)
BANK MUAMALAT CUSTOMER ACCOUNTS (NUMBER OF ACCOUNTS)
3,000,000
2,500,000
2,912,455
2,000,000
2,148.395 1,980,070
1,500,000
1.527.825
1,000,000
1,239,439
500,000 885,840
663,877
634,757
496,737
132,669
0 243,015 294,033 351,684 417,409
7,521
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Jumlah Rekening Total Account Jumlah Rekening Shar-E Total Shar-E Account
Rekening (Account) 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Non Shar-E Saving 205,143 249,104 297,086 349,943 411,879 517,022 615,044 694,310 724,975 688.274
Shar-E - - - - - 7,521 132,669 663,877 1,239,439 1,980,070
Wadiah Current Account 8,044 9,442 10,684 11,937 13,148 14,989 18,278 22,465 26,722 29,321
Mudharabah Time Deposit 29,228 35,847 43,914 55,529 71,710 95,225 119,849 147,173 157,259 214.79
Total 243,015 294,033 351,684 417.409 496,737 634,757 885,840 1,527,825 2,148,395 2,912,455
J_Xi$< k`[Xb _XepX d\e[lble^ g\iclXjXe J_Xi$< _Xj efk fecp gifm`[\[ 9Xeb DlXdXcXk n`k_
aXiè^Xe g\cXpXeXe# eXdle al^X Y\i[XdgXb X dlZ_ YifX[\i j\im`Z\ e\knfib# Ylk _Xj Xcjf
gX[X g\ikldYl_Xe eXjXYX_ pXe^ clXi Y`XjX [Xe Y\\e èjkild\ekXc è îfnè^ fli Zljkfd\i YXj\
d\eXdYX_ iXkljXe i`Yl i\b\eè^ kXYle^Xe YXil% jlYjkXek`Xccp# X[[è^ _le[i\[j f] k_fljXe[j fe
J\ìè^ [\e^Xe nXbkl# 9Xeb DlXdXcXk d\pXbè` e\n jXmè^j XZZflekj% Fm\i k`d\# n\ Y\c`\m\ k_Xk
YX_nX J_Xi$< XbXe d\eaX[` g\iXe bleZ` [XcXd J_Xi$<n`ccY\b\pkfdXèkXèè^`[\XcXe[\]]\Zk`m\
d\eaX^X bfdgfj`j` g\e[XeXXe pXe^ `[\Xc [Xe jkilZkli\ f] ]le[% J_Xi$< Xcjf i\Õ\Zkj k_\ jlZZ\jj
\]\bk`]% J_Xi$< al^X d\eZ\idèbXe b\Y\i_Xj`cXe f] fli [i`m\ kf ^f n_fc\jXc\# ^f Xcc`XeZ\ Xe[ ^f
9XebDlXdXcXkleklb ^fn_fc\jXc\#^fXcc`XeZ\[Xe i\dfk\%
^fi\dfk\%

Drs. H. Abbas Adhar
Komisaris Utama President Commissioner

Sambutan Komisaris Utama
Message From President Commissioner
engan mengucapkan syukur

D alhamdulillah ke hadirat Allah
SWT, perkenankan kami
menyampaikan beberapa catatan
keberhasilan Bank Muamalat pada
tahun buku 2008. Berkat strategi
usaha yang tepat, serta kerja keras
dan dedikasi segenap Kru Muamalat,
kita berhasil mempertahankan laju
pertumbuhan Bank Muamalat yang
pesat, tanpa mengurangi kaidah
kehati-hatian perbankan yang sehat
dan bertanggung jawab.
With the grace of Allah SWT,

allow me to highlight some of the
achievements of Bank Muamalat
during fiscal year 2008. Backed by
the right business strategy, hard
work and the dedication of the
entire Muamalat Crew, we have
succeeded in maintaining the rapid
pace of growth of Bank Muamalat,
without compromising on the
prudential principles of sound and
responsible banking operations.

D\dXjlb` kX_le )''/# bi`j`j ÔeXej`Xc d\cXe[X @ek_\j\Zfe[_Xc]f])''/#XÔeXeZ`Xcklidf`cjgi\X[

_Xdgì j\clil_ bXnXjXe [le`X pXe^ [`g`Zl fc\_ k_ifl^_flk k_\ nfic[# jgXne\[ Yp k_\ jlYgi`d\
bi`j`j jlY$gi`d\ dfik^X^\% ;XdgXb j\i`lj pXe^ dfik^X^\Zi`j`jèk_\LJdXib\k%K_\j\i`flj`dgXZk
[`k`dYlcbXe XekXiX cXè [\e^Xe Y\ikldYXe^XeepX f]k_`jklidf`cZXeY\]\ckn`k_k_\ZfccXgj\f]jfd\
c\dYX^X$c\dYX^Xb\lXe^XeY\jXi[`[le`X#j\YX^`Xe f] k_\ cXi^\jk ÔeXeZ`Xc èjk`klk`fej è k_\ nfic[#
pXe^ cXè k\igXbjX d\e\i`dX YXeklXe g\df[XcXe n_`c\fk_\ijXi\]fiZ\[kfi\cpfeYX`cflkj]ifdk_\ì
[Xi`g\d\ièkX_epXdXjè^$dXjè^%Bi`j`jÔeXej`Xc i\jg\Zk`m\ ^fm\ied\ekj% K_\ \]]\Zkj f] k_`j ^cfYXc
^cfYXcè`[XdgXbepXal^X[ìXjXbXefc\_@e[fe\j`X# ÔeXeZ`XcZi`j`jZXeXcjfY\]\ckè@e[fe\j`X#n_\k_\i
YX`b[`gXjXijX_Xd#gXjXidf[Xc[Xeal^Xg\iYXebXe èk_\jkfZbdXib\k#dfe\pdXib\kfik_\eXk`feXc
eXj`feXc% YXebè^j\Zkfi%
;` k\e^X_ bfe[`j` k\ij\Ylk# 8c_Xd[lc`ccX_ 9Xeb 8d`[jlZ_Xklidf`c#8c_Xd[lc`ccX_9XebDlXdXcXk

DlXdXcXk Y\i_Xj`c d\eZXkXk g\ikldYl_Xe Xj\k# jlZZ\\[\[ègfjkè^îfnk_èXjj\kj#ÔeXeZè^Xj
g\dY`XpXXe dXlgle ;GB dXjè^$dXjè^ j\Y\jXi n\cc Xj ]le[è^# n_`Z_ î\n Yp (0%)# ))%' Xe[
(0#)# ))#' [Xe (,#0 d\eaX[` Ig ()%,0-#.) (,%0 kf Ig ()#,0-%.) Y`cc`fe# Ig ('#,(.%/- Y`cc`fe#
d`c`Xi# Ig ('%,(.#/- d`c`Xi [Xe Ig ('%'.*#0, d`c`Xi Xe[Ig('#,(.%0,Y`cc`fei\jg\Zk`m\cp#Xjf]p\Xi$\e[
g\iXb_ìkX_le)''/% )''/%
8[Xgle g\eZXgX`Xe cXYX Y\ij`_ G\ij\ifXe leklb 9Xeb DlXdXcXkËj e\k gifÔk ]fi k_\ p\Xi \e[è^
kX_le pXe^ Y\iXb_ì *( ;\j\dY\i )''/ d\eZXgX` ;\Z\dY\i *(# )''/ Xdflek\[ kf Ig )'.#)( Y`cc`fe#
Ig )'.#)( d`c`Xi# d\eè^bXk j\Y\jXi +)#- [Xi` XeèZi\Xj\f]+)#-]ifdIg(+,%**Y`cc`feè)''.%
Ig(+,#**d`c`XikX_le)''.%Kè^bXkg\ikldYl_Xe K_\c\m\cf]gifÔkXY`c`kpk_XknXjXZ_`\m\[Yp9Xeb
cXYX pXe^ Y\i_Xj`c [ìX`_ 9Xeb DlXdXcXk k\ij\Ylk DlXdXcXk [\j\im\j fli k_Xebj]lce\jj# \jg\Z`Xccp
gXklk b`kX jplbli` [` k\e^X_ bfe[`j` pXe^ bliXe^ Zfdè^èjlZ_XZ_Xcc\e^è^Zfe[`k`fe%8ZZfi[è^kf
d\e[lble^è`%D\elilkZXkXkXe9Xeb@e[fe\j`X#cXYX 9Xeb@e[fe\j`XÔ^li\j#k_\X^î\^Xk\gifÔkf]k_\
g\iYXebXe eXj`feXc j\ZXiX Xî\^Xk [` kX_le )''/ eXk`feXc YXebè^ j\Zkfi è )''/ [\Zcè\[ Yp (*#
klile (* j\d\ekXiX CXYX pXe^ [ìX`_ g\iYXebXe n_\i\Xjk_\gifÔkf]j_Xi`XYXebè^]\ccèX^î\^Xk\
jpXi`X_al^Xklile)'% Yp)'%
;\nXe Bfd`jXi`j k\ilj d\dXekXl aXcXeepX K_\ 9fXi[ f] :fdd`jj`fe\ij Zfekèl\j kf dfe`kfi
b\g\e^liljXe9XebDlXdXcXkj\ZXiXj\bjXdX#[Xe k_\ dXeX^\d\ek f] 9Xeb DlXdXcXk Zcfj\cp# Xe[ `j
d\eZXkXkY\iYX^X`b\dXalXepXe^d\e^^\dYìXbXe# gc\Xj\[ kf efk\ j\m\iXc \eZfliX^è^ gifî\jj\j# è

j\cXè al^X [`Y\i`bXe g\i_Xk`Xe b_ljlj [XcXd X[[`k`fekfk_\Zcfj\Xkk\ek`fegX`[YpDXeX^\d\ek
g\e^\e[Xc`Xe i`j`bf ljX_X G\ij\ifXe# k\ilkXdX fe k_\ i`jb dXeX^\d\ek f] k_\ 9Xeb# \jg\Z`Xccp
leklbd\e^Xek`j`gXj`bfe[`j`\bfefd`jXXkè`j\ikX è Xek`Z`gXk`fe f] k_\j\ leZ\ikXè k`d\j n`k_ k_\ì
b\dle^bèXe [` kX_le$kX_le d\e[XkXe^ [\e^Xe dXepZ_Xcc\e^\j%
kXekXe^XepXe^k`[Xbiè^Xeleklb[`cXcl`%
J\ZXiX ldld g\iYXebXe jpXi`X_ eXj`feXc kldYl_ @e ^\e\iXc k\idj# k_\ eXk`feXc j_Xi`X YXebè^ î\n
Zlblg YX`b [` kX_le )''/# j\_è^^X [XgXk hl`k\ Zfd]fikXYcp è )''/# XZ_`\mè^ X îfnk_ è
d\eè^bXkbXe dXib\k j_Xi\$epX [Xi` (#/+ [` dXib\kj_Xi\]ifd(%/+è)''.kf)%(+è)''/%
kX_le )''. d\eaX[` )#(+ [` kX_le )''/% ?Xc K_`j j_fnj k_Xk j_Xi`X YXebè^ `j èZi\Xjè^cp
è` d\elealbbXe YX_nX g\iYXebXe jpXi`X_ dXbè befne Xe[ XZZ\gk\[ è k_\ dXib\k% ?fn\m\i# k_`j
[`b\eXc [Xe [`dèXk` fc\_ dXjpXiXbXk% EXdle _Xj`c XZ_`\m\d\ekjk`cci\dXèjY\cfnk_\9Xeb@e[fe\j`X
è` dXj`_ Y\iX[X [` YXnX_ kXi^\k 9Xeb @e[fe\j`X kXi^\k f] X Ôm\ g\i Z\ek dXib\k j_Xi\ ]fi j_Xi`X
leklb d\eZXgX` dXib\k j_Xi\ , j\_è^^X dXj`_ YXebè^# n_`Z_ k_\i\]fi\ c\Xm\j lj n`k_ jk`cc dlZ_
[`g\iclbXeb\iaXb\iXj[`dXjXd\e[XkXe^% nfibjkf[f%
D\elilk_\dXkbXd`#[\e^XeY\iYX^X`gifîXdpXe^ @e fli fgè`fe# n`k_ `kj dXep è`k`Xk`m\j è )''/#
[`cXbjXeXbXe[`kX_le)''/#YX`bd\cXcl`g\eè^bXkXe n_\k_\i k_ifl^_ j\im`Z\ hlXc`kp `dgifm\d\ek fi
blXc`kXj cXpXeXe dXlgle g\eXdYX_Xe aXiè^Xe# e\knfib\ogXej`fe#9XebDlXdXcXk`jn\ccgfj`k`fe\[
9XebDlXdXcXkjl[X_Y\iX[XgX[Xgfj`j`pXe^k\gXk kfZXgkli\XcXi^\ij_Xi\f]k_\dXib\k%K_\c\jjfej
leklb d\iX`_ gXjXi pXe^ c\Y`_ clXj cX^`% G\cXaXiXe c\Xie\[]ifdk_`jZi`j`jXcjfgfèkkfk_\mXc`[`kpXe[
[Xi` bi`j`j jXXk è` al^X j\dXbè d\e^lbl_bXe i\c`XY`c`kpf]k_\j_Xi`Xjpjk\dn_`Z_Zflc[gifm\kf
b\_Xe[XcXe[Xeb\Y\eXiXej`jk\djpXi`X_j\_è^^X Y\Xjfclk`fe]fik_\^cfYXc\Zfefd`Zjpjk\df]k_\
d\eaX[` jfclj` YX^` j`jk\d g\i\bfefd`Xe [le`X [` ]lkli\%
dXjXd\e[XkXe^%
G\ib\dYXe^Xe k\iXb_ì d\elealbbXe [lble^Xe K_\ cXk\jk [\m\cfgd\ek è[`ZXk\j jkife^\i jlggfik
pXe^ dXbè blXk al^X [XkXe^ [Xi` i\^lcXkfi [Xe ]ifdi\^lcXkfijXe[k_\^fm\ied\ekè[\m\cfgè^X
g\d\ièkX_ [XcXd d\e^\dYXe^bXe \bfefd` [Xe j_Xi`X$YXj\[YXebè^Xe[\Zfefd`Zjpjk\d%K_`jZXe
g\iYXebXejpXi`X_[`kXeX_Xì%K\iYlbk`[\e^Xek\cX_ Y\j\\e]ifdk_\\eXZkd\ekf]k_\J_Xi`X9Xebè^
[`b\clXibXeepXLLG\iYXebXeJpXi`X_[XeLLJliXk CXn Xe[ k_\ JkXk\ J_Xi`X J\Zli`k`\j CXn JGJE %
9\i_Xi^XJpXi`X_E\^XiXJ9JE %?Xcè`d\eXdYX_ K_\j\[\m\cfgd\ekj\eZfliX^\ljkfglijl\]lik_\i
j\dXe^Xk b`kX leklb k\ilj d\dg\ialXe^bXe e`cX`$ k_\mXcl\jf]`cX_`ppX_èflidlXdXcX_Ô\c[%
e`cX``cX_`ppX_[XcXdY`[Xe^dlXdXcX_è`%

;\nXe Bfd`jXi`j d\e^lZXgbXe j\cXdXk b\gX[X K_\ 9fXi[ f] :fdd`jj`fe\ij Zfem\pj `kj _\Xik\jk
;ì\bj` [Xe j\clil_ Bil DlXdXcXk XkXj gi\jkXj` ZfeîXklcXk`fekfk_\DXeX^\d\ekXe[:i\nf]9Xeb
^\d`cXe^ pXe^ k\cX_ [ìX`_% BXd`gle d\e^lZXgbXe DlXdXcXk]fik_\ìÔe\XZ_`\m\d\ek%N\XcjfgcXZ\
k\i`dXbXj`_pXe^j\Y\jXi$Y\jXiepXb\gX[Xj\^\eXg fli îXk`kl[\ kf Xcc fli jkXb\_fc[\ij# \jg\Z`Xccp
g`_Xb# b_ljljepX ;ì\bkfiXk G\iYXebXe JpXi`X_ k_\ J_Xi`X 9Xebè^ ;ì\ZkfiXk\ f] 9Xeb @e[fe\j`X#
9Xeb @e[fe\j`X# ;\gXik\d\e B\lXe^Xe I\glYc`b k_\ Dè`jkip f] =èXeZ\ f] I\glYc`Z f] @e[fe\j`X#
@e[fe\j`X# ;ì\bkfiXk 9X[Xe G\e^XnXj GXjXi k_\;ì\ZkfiXk\f]k_\:Xg`kXcDXib\kXe[=èXeZ`Xc
Df[Xc [Xe C\dYX^X B\lXe^Xe 98G<G8D$CB # @ejk`klk`fe Jlg\im`jfip 9fXi[ 98G<G<D$CB # k_\
;\nXeJpXi`X_EXj`feXc;JE #j\ikXDXa\c`jLcXdX EXk`feXc J_Xi`X 9fXi[ ;JE # Xe[ k_\ @e[fe\j`Xe
@e[fe\j`X DL@ XkXj Y`dYè^Xe j\ikX [fife^Xe :fleZ`cf]Lc\dXjDL@ ]fik_\ìZfekèlfljjlggfik
k\ilj d\e\ilj X^Xi 9Xeb DlXdXcXk j\eXek`XjX Xe[ \eZfliX^\d\ek ]fi 9Xeb DlXdXcXk kf XcnXpj
d\eè^bXkbXe g\iXeepX j\YX^X` g\cfgfi dXlgle èZi\Xj\`kjifc\Xe[g`fe\\ij_`gXjk_\ifc\df[\c
gXelkXe ifc\ df[\c YX^` g\ib\dYXe^Xe aXjX ]fi k_\ jljkXèXYc\ [\m\cfgd\ek f] j_Xi`X YXebè^
g\iYXebXe[Xeb\lXe^XejpXi`X_[`@e[fe\j`XpXe^ Xe[ ÔeXeZ`Xc j\im`Z\j è @e[fe\j`X ]fi dXep p\Xij
cXe^^\e^[XeY\ib\jèXdYle^Xe% kfZfd\%
J\df^X8ccX_JNKd\dY\ibXk`b`kXj\dlX% DXp8ccX_JNKYc\jjljXcc%
NXjjXcXddlËXcX`bldNXiX_dXklccX_` NXjjXcXddlËXcX`bldNXiX_dXklccX_`
NXYXiXbXXkl_% NXYXiXbXXkl_%
Drs. H. Abbas Adhar

Komisaris Utama President Commissioner

Dewan Komisaris
Board of Commissioner
1
Drs. Aulia Pohan
Komisaris
Commissioner 2
Prof. Korkut Ozal
Komisaris
Commissioner 3
Drs. H. Abbas Adhar
Komisaris Utama
President Commissioner 4
Dr. Ahmed Abisourour
Komisaris
Commissioner 5
H. Iskandar Zulkarnain S.E.M.Si
Komisaris
Commissioner

H.A. Riawan Amin, M. Sc
Direktur Utama President Director

Sambutan Direktur Utama
Message from President Director
ita patut mensyukuri hasil yang

K diperoleh oleh Bank Muamalat
khususnya dalam 10 tahun terakhir
ini. Kinerja yang diraih Bank Muamalat di
tahun 2008, mengukuhkan konsistensi
pertumbuhan yang ada terutama dalam satu
dasawarsa terakhir.
We have every reason to be thankful for the

achievements of Bank Muamalat especially in
the past 10 years. Our performance for 2008,
validates the consistent growth that we have
managed to achieve over the past decade.

8c_Xd[lc`ccX_# gX[X g\i`f[\ (00/$)''/ 9Xeb 8c_Xd[lc`ccX_# [liè^ k_\ g\i`f[ (00/$)''/ 9Xeb
DlXdXcXk [XgXk d\iX`_ g\ikldYl_Xe pXe^ YX`b# DlXdXcXknXjXYc\kfXZ_`\m\\okiXfi[èXipîfnk_#
kfkXc Xjj\k [XgXk [`kldYl_bXe ),#* bXc` c`gXk# kfkXc Xjj\kj î\n Yp ),%* k`d\j# ]le[è^ èZi\Xj\[
]le[è^ [XgXk [`kldYl_bXe j\Y\jXi )+#. bXc` c`gXk# Yp)+%.k`d\j#n_\i\XjÔeXeZèîfj\)(%/k`d\j%
Y\^`kl al^X ÔeXeZè^ [XgXk [`kldYl_bXe )(#/ bXc` @dgifm\d\ekj n\i\ Xcjf XZ_`\m\[ fe k_\ j`[\ f]
c`gXk% G\iYX`bXe al^X k\iaX[` [` j`j` gifÔkXY`c`kXj# gifÔkXY`c`kp#èn_`Z_9XebDlXdXcXkZflc[i\Zfm\i
[`dXeX9XebDlXdXcXk[XgXkd\$i\Zfm\ib\il^`Xe `kjcfjj\j]ifdk_\(00/ÔeXeZ`XcZi`j`jXjXi\jlck
pXe^ [`[\i`kX jXXk bi`j`j (00/ bXi\eX kè^^èpX f] _`^_ EG=# c\X[è^ kf Xe \ifj`fe f] k_\ 9XebËj
EG=#j\_è^^Xd\ep\YXYbXedf[Xck\i^\ilj_è^^X ZXg`kXc kf X k_ì[ f] `kj \hl`kp YXj\# Xe[ \d\i^\[
kè^^Xcj\g\ik`^X[Xi`df[XcXnXcepX#d\eaX[`YXeb XjXj_Xi`XYXebn`k_\oZ\gk`feXcgifÔkXY`c`kp%K_`j
jpXi`X_ [\e^Xe gifÔkXY`c`kXj pXe^ jXe^Xk YX`b% nXjXcjfkil\]fik_\hlXc`kpf]ÔeXeZè^k_XkZflc[
9\^`klal^X[\e^XeblXc`kXjg\dY`XpXXepXe^[XgXk Y\îX[lXccp`dgifm\[èn_`Z_jèZ\k_\p\Xi)''(#
[`g\iYX`b`bfe[`jèpX[`dXeXj\aXbkX_le)''(EG= EG=Zflc[Y\dXèkXè\[le[\i,\m\eèk`d\jf]
[XgXk [àX^X [`YXnX_ , YX_bXe [` k\e^X_ bfe[`j` ^cfYXc \Zfefd`Z Zi`j`j jlZ_ Xj è )''/# n_\i\ fli
bi`j`j \bfefd` ^cfYXc [` kX_le )''/# EG= dXj`_ EG= nXj _\c[ Xk *%/,% Jkfb\_fc[\ijË \hl`kp nXj
[XgXk [`g\ikX_XebXe j\Y\jXi *#/,% <bl`kXj al^X Xcjfelikli\[]ifdIg*0Y`c`feè(00/kfIg0--
[XgXk k\ilj [`kldYl_bXe [Xi` _XepX kè^^Xc Ig *0 Y`c`feè)''/$XeflkjkXe[è^îfnk_f]dfi\k_Xe
D`cpXi [` kX_le (00/ j\_è^^X d\eZXgX` Ig 0-- )#*''g\iZ\ek%
D`cpXi[`kX_le)''/$g\ikldYl_XeclXiY`XjXpXe^
d\eZXgX`c\Y`_[Xi`)%*''g\ij\e%
J\YX^X`dXeX M`j` 9Xeb DlXdXcXk pX`kl ÉD\eaX[` ècè\n`k_k_\m`j`fef]9XebDlXdXcXkÈKfY\k_\

9XebJpXi`X_LkXdX[`@e[fe\j`X%;fdèXe[`GXjXi gi\d`\i j_Xi`X YXeb è @e[fe\j`X# [fdèXek è k_\
Jgì`klXc [Xe ;`bX^ld` [` GXjXi IXj`feXcÉ# [\e^Xe jgi`klXc dXib\k# X[dì\[ è k_\ iXk`feXc dXib\kÉ#
Y\iYX^X` jkiXk\^` pXe^ k\cX_ [`cXblbXe# g\eZXgX`Xe k_ifl^_ X mXi`\kp f] èfmXk`m\ jkiXk\^p# 9Xeb
m`j` leklb d\eaX[` 9Xeb pXe^ [fdèXe [` gXjXi DlXdXcXk_Xji\Xc`q\[`kjm`j`fef]Y\è^X[fdèXek
jgì`klXc k\cX_ k\iZXgX`% ?Xc è` [`klealbbXe [\e^Xe YXeb è k_\ \dfk`feXc dXib\k% K_`j nXj gifm\e Yp
b\Y\i_Xj`cXe 9Xeb DlXdXcXk [XcXd d\dYXe^le k_\jlZZ\jjf]9XebDlXdXcXkè[\m\cfgè^`kjmXjk
AXiè^Xe#d\cXcl`bXekfi9D@pXe^k\cX_X[X[`j\clil_ j\im`Z\e\knfib#k_ifl^_9D@ËjfneYiXeZ_e\knfib
gifmèj` [` @e[fe\j`X# j\ikX Xc`Xej` [\e^Xe c\Y`_ k_Xk `j gi\j\ek è Xcc gifmèZ\j f] @e[fe\j`X# Xe[
[Xi` *''' JFGG Gfj fe cè\ i\Xc k`d\ [Xe d\cXcl` Xcc`XeZ\jn`k_dfi\k_Xe*'''JFGGGfjfecè\i\Xc
C\dYX^XB\lXe^XeJpXi`X_#j\g\ik`9GI&J[Xe9DK% k`d\#Xjn\ccXjk_ifl^_j_Xi`XÔeXeZ`Xcèjk`klk`fej
jlZ_Xj9GI&JXe[9DK%

9X_bXej\YX^X`nlal[[lble^Xeb\gX[Xg\dY`XpXXe @e]XZk#XjgXikf]fliZfdd`kd\ekjkfd`ZifÔeXeZè^#
d`bif# 9Xeb DlXdXcXk Y\b\iaXjXdX [\e^Xe GljXk 9Xeb DlXdXcXk Zffg\iXk\j n`k_ k_\ :\eki\ ]fi
@eblYXj` 9`je`j [Xe LjX_X B\Z`c G@E9LB k\cX_ JdXcc9ljè\jj@eZlYXk`feG@E9LB #k_ifl^_n_`Z_
d\e[ì`bXe j\b`kXi ,'' 9DK [` Y\Y\iXgX gifmèj` n\_Xm\Yl`ckXifle[,''9DKèmXi`fljgifmèZ\j
[` kXeX_ Xì j\cXè b\iaXjXdX pXe^ k\cX_ [`YXe^le k_ifl^_flkk_\Zflekip#èX[[`k`fekfXcc`XeZ\jn`k_
[\e^Xe j\b`kXi )%''' C\dYX^X B\lXe^Xe JpXi`X_ Xggifo`dXk\cp )#''' j_Xi`X ÔeXeZ`Xc èjk`klk`fej
j\g\ik`9GI&J#Bfg\iXj`[Xe9DK% jlZ_Xj9GI&J#Zffg\iXk`m\jXe[9DK%
Leklb d\dg\iclXj Xbj\j kiXejXbj` eXjXYX_# @e fi[\i kf \ogXe[ k_\ XZZ\jj ]fi j_Xi`X YXebè^
Xc`Xej` [\e^Xe j\clil_ 8KD dXlgle ;\Y`k k\ilj j\im`Z\j# n\ _Xm\ Xcjf [\m\cfg\[ YifX[ Xcc`XeZ\j
[`b\dYXe^bXe% Gif[lb J_Xi$< pXe^ [`b\dYXe^bXe n`k_Xcc8KDe\knfibjè@e[fe\j`XXjn\ccXj;\Y`k
leklb b\g\ekè^Xe g\iclXjXe Xbj\j dl[X_ leklb :Xi[e\knfibj%FlifneJ_Xi$<gif[lZk#n_`Z_nXj
Y\ièm\jkXj` jpXi`X_ YX^` j\clil_ dXjpXiXbXk [\m\cfg\[ è k_\ èk\i\jk f] fg\eè^ eXk`fen`[\
@e[fe\j`X#k\cX_al^Xd\elealbbXe_Xj`cpXe^dXbè XZZ\jj kf j_Xi`X YXebè^ j\im`Z\j ]fi k_\ ^\e\iXc
YX`b%8c_Xd[lc`ccX_jXdgX`[\e^Xe)''/k\cX_k\alXc glYc`Z#_Xji\dXè\[kfY\Xm\ipjlZZ\j]lcgif[lZk%
c\Y`_ [Xi` (#0 alkX bXikl J_Xi$< b\gX[X eXjXYX_ [` 8c_Xd[lc`ccX_# kf [Xk\# k_\i\ Xi\ fm\i (%0 d`cc`fe
j\clil_g\cfjfb@e[fe\j`X% J_Xi$<:Xi[jèlj\k_ifl^_flk@e[fe\j`X%
;` kX_le )''/# 9Xeb DlXdXcXk dlcX` d\dXjlb` @e)''/#9XebDlXdXcXkY\^Xekf\ek\ik_\j\Zfe[

kX_Xg b\$[lX [Xi` g\eZXgX`Xe M`j` pX`kl 1 leklb g_Xj\ f] `kj m`j`fe XkkXèd\ek 1 kf Y\ X YXeb k_Xk
d\eaX[` YXeb pXe^ [`bX^ld` [` gXjXi iXj`feXc% `j X[dì\[ è k_\ iXk`feXc dXib\k% Kf k_`j \e[# fli
Leklb `kl# jkiXk\^` pXe^ [`k\dgl_ X[XcX_ leklb jkiXk\^pn`ccY\kf]fZljfe[\m\cfgè^fliiXk`feXc
c\Y`_ èk\ej`] d\e^^XiXg gXjXi iXj`feXc k\ilkXdX dXib\kj X^î\jj`m\cp Xe[ èk\ej\cp è k_\ dXafi
pXe^ Y\iX[X [` bfkX$bfkX Y\jXi @e[fe\j`X% ?Xc è` Z`k`\j è @e[fe\j`X# è X[[`k`fe kf Y\è^ è cè\ n`k_
j\cXè j\aXcXe [\e^Xe M`j` 9Xeb DlXdXcXk# al^X fli m`j`fe# k_`j Xcjf è cè\ n`k_ fli i\Z\ek dXib\k
j\aXcXe [\e^Xe _Xj`c jkl[` pXe^ [`cXblbXe% Leklb jkl[p% Kf jlggfik fli jkiXk\^p# n\ n`cc i\hlì\
d\eleaXe^ jkiXk\^` è` [`g\iclbXe Y\Y\iXgX ]Xbkfi j\m\iXc ]XZkfij èZcl[è^ k_\ j_Xig\eè^ f] fli
XekXiX cXè g\eXaXdXe Ôkli gif[lb [Xe g\cXpXeXe# gif[lZk Xe[ j\im`Z\ ]\Xkli\j# \e_XeZ\d\ek f]
g\eè^bXkXe blXc`kXj cXpXeXe# g\iclXjXe aXiè^Xe j\im`Z\ hlXc`kp# \ogXej`fe f] j\im`Z\ e\knfibj# Xe[
j\ikX g\eè^bXkXe bXgXj`kXj @K% Leklb d\e^XnXc` jkife^\i @K ZXgXZ`kp% @e`k`Xkè^ fli jkiXk\^p è k_`j
jkiXk\^`è`#dXbXk\dXpXe^[`ljle^[`kX_le)''/ [ì\Zk`fe# 9Xeb DlXdXcXk X[fgk\[ k_\ JK8I N8I
X[XcX_ JK8I N8I J\im`Z\ KiXej]fidXk`fe Xe[ è`k`Xk`m\jk_XkjkXe[]fiJ\im`Z\KiXej]fidXk`feXe[
I\m`kXc`qXk`fef]N_fc\jXc\#8cc`XeZ\I\dfk\ % I\m`kXc`qXk`fef]N_fc\jXc\j#8cc`XeZ\I\dfk\%

J\im`Z\ KiXej]fidXk`fe d\ilgXbXe lgXpX 9Xeb J\im`Z\ KiXe]fidXk`fe Zfejk`klk\ 9Xeb DlXdXcXkË
DlXdXcXk d\cXblbXe g\iYX`bXe gX[X blXc`kXj \]]fikjkf`dgifm\j\im`Z\hlXc`kp%Fli=8JKj\im`Z\
cXpXeXe%GifîXd=8JKj\im`Z\XkXljè^bXkXe[Xi` gifîXd#n_`Z_jkXe[j]fi=i`\e[cp#8ZZ\jj`Yc\#Xe[
=i`\e[cp#8ZZ\jj`Yc\#J\Zli\#Kfpflie\\[[àXcXebXe% J\Zli\Kfpflie\\[#_XjY\\eifcc\[flk%G_pj`ZXccp
J\ZXiX Ôj`b [`cXblbXe g\iYX`bXe bfe[`j` Ôj`b k_`jèmfcm\jk_\[\m\cfgd\ekf]flijf$ZXcc\[K`\i$(
bXekfi[\e^XegifîXdi\efmXj`[Xei\cfbXj`j\ikX YiXeZ_f]ÔZ\jk_Xkn`ccjgfikjkife^\iYiXe[m`jlXc
g\eXdYX_Xe bXekfi k\ilkXdX [` bfkX$bfkX K`\i$(% `[\ek`k`\jkfjlggfikflig\e\kiXk`fef]k_\iXk`feXc
8c_Xd[lc`ccX_ [` kX_le )''/ [Xe XnXc )''0 k\cX_ dXib\k è K`\i$( Z`k`\j% 8c_Xd[lc`ccX_# è )''/ Xe[
[`YlbX),bXekfiZXYXe^YXilk\idXjlbjXklbXekfi \Xicp)''0#n\_Xm\èXl^liXk\[),K`\i$(YiXeZ_\j
ZXYXe^ clXi e\^\i` pX`kl ZXYXe^ BlXcX Cldgli% èZcl[è^XYiXeZ_f]ÔZ\èBlXcXCldgli%@eX[[k`fe#
;`jXdgè^ `kl al^X [`YlbX [\cXgXe bXekfi ZXYXe^ n\ _Xm\ Xcjf fg\e\[ \`^_k jlY$YiXeZ_ f]ÔZ\j Xe[
g\dYXekl [Xe j\dY`cXe bXekfi bXj% BXekfi$bXekfi eè\ ZXj_ flkc\kj% K_\j\ YiXe[ e\n f]ÔZ\j Xi\
k\ij\Ylkd\d`c`b`jXiXeX[XekXdg`cXeÔj`bpXe^YX`b [\j`ê\[Xe[Ôkk\[n`k_Xdf[\iecffbXe[]\\ck_Xk
leklbd\cXpXe`gXjXiiXj`feXc[`g\ibfkXXe%J\ZXiX nflc[Xgg\XckfflikXi^\kZljkfd\ijèk_\iXk`feXc
efe Ôj`b# blXc`kXj cXpXeXe k\ilkXdX [` ]ifek cè\i dXib\k% Kf Zfdgc\d\ek k_\ g_pj`ZXc `dgifm\d\ek
[`Y\eX_`#[`dlcX`[\e^Xeg\e`cX`Xek\i_X[XgblXc`kXj f] fli YiXeZ_ e\knfib# n\ Xi\ Xcjf \e_XeZè^ k_\
cXpXeXe# j\cXealkepX gifîXd g\cXk`_Xe b\gX[X hlXc`kp f] fli ]ifekcè\ f]ÔZ\ij# gifm`[è^ k_\d
j\clil_ bil ]ifek cè\i j\ikX g\epljleXe dXelXc n`k_ kiXèè^j è k_\ j\im`Z\ Zlckli\ Xe[ \hl`gè^
=8JK j\im`Z\# [Xe leklb d\eldYl_bXe Yl[XpX k_\dn`k_k_\=8JKj\im`Z\dXelXcXe[fg\iXk`feXc
g\cXpXeXe pXe^ YX`b [` kX_le )''0 [ì\eZXeXbXe ^l`[\cè\j%
leklbj\ZXiXilkè[`cXblbXeg\e`cX`XeXkXjblXc`kXj
j\im`Z\j\ikXd\cfdYXbXeg\cXbjXeXXe=8JKj\im`Z\
XekXile`kbXekfi%
J\cXè`kl#[`kX_le)''/al^X[`cXbjXeXbXegifîXd K_\p\Xi)''/Xcjfn`ke\jj\[k_\i\m`kXc`qXk`fef]
leklb d\i\m`kXc`jXj` g\cXbjXeXXe bfej\g N8I fliN8IN_fc\jXc\#8cc`XeZ\I\dfk\ è`k`Xk`m\j
N_fc\jXc\#8cc`XeZ\I\dfk\ pXe^k\cX_[àXcXebXe k_Xk_Xm\Y\\eègifî\jjfm\ik_\gXjkk_i\\p\Xij%
j\cXdX k`^X kX_le k\iXb_ì# X^Xi d\dY\i` _Xj`c K_\N8IZfeZ\gki\dXèjXgXikf]flijkiXk\^pkf
pXe^c\Y`_YX`b%Bfej\gN8Iè`X[XcX_YX^`Xe[Xi` i\XZ_ Xj dXep lddXkj k_ifl^_flk @e[fe\j`X% K_`j
jkiXk\^` 9Xeb DlXdXcXk leklb d\eaXe^bXl lddXk gfik`fef]flijkiXk\^pi\gi\j\ekjflii\jgfej`Y`c`kp
[` j\clil_ g\cfjfb @e[fe\j`X% ?Xc è` d\ilgXbXe è\jgfljè^k_\Ôijk$g_Xj\m`j`fef]9XebDlXdXcXk
kXe^^leâXnXY XkXj g\cXbjXeXXe d`j` g\e[ì`Xe kfj\im\k_\jgì`klXcdXib\k%
j\ikX m`j` 9Xeb DlXdXcXk [XcXd d\cXpXe` jgì`klXc
dXib\k%

GX[XkX_le)''/#al^Xd\eZXkXkcXe^bX_XnXc9Xeb @e)''/#9XebDlXdXcXkY\^XekfkXb\`kjÔijkjk\g
DlXdXcXkleklbd\c\YXibXeaXiè^XecXpXeXeepXb\ kf^fèk\ieXk`feXc%N\\jkXYc`j_\[Xe\nZfdgXep#
[le`X @ek\ieXj`feXc# XekXiX cXè [\e^Xe d\e[ì`bXe =ìjk @jcXd`Z @em\jkd\ek 9Xeb =@@9 # le[\i k_\
XeXb g\iljX_XXe =ìjk @jcXd`Z @em\jd\ek 9Xeb ali`j[`Zk`fe f] CF=J8 CXYlXe F]]j_fi\ =èXeZ`Xc
=@@9 % =@@9 Y\i^\iXb [`Y`[Xe^ =le[ DXeX^\d\ek J\im`Z\ 8lk_fi`kp è CXYlXe# DXcXpj`X% =@@9 `j
k\ilkXdX leklb d\eXi`b èm\jkfi [Xi` clXi e\^\i` \e^X^\[è=le[DXeX^\d\ek#\jg\Z`XccpkfXkkiXZk
k\ilkXdX[Xi`K`dliK\e^X_leklbY\ièm\jkXj`gX[X ]fi\`êèm\jkd\ekj]ifdk_\D`[[c\<Xjkkfèm\jk
gifp\b$gifp\b [` @e[fe\j`X pXe^ [`[ì`bXe [`YXnX_ k_\ìZXg`kXcègifjg\Zk`m\gifa\Zkjè@e[fe\j`X%N\
pli`j[`bj`CF=J8CXYlXeF]]j_fi\=èXeZ`XcJ\im`Z\ Xcjf Zfekèl\ kf [\m\cfg fli èk\ieXk`feXc YXebè^
8lk_fi`kp [` CXYlXe# DXcXpj`X% J\cXè `kl al^X Yljè\jj#èZcl[è^jkiXe^k_\eè^fli\ogfik$`dgfik
[`YlbXZXYXe^clXie\^\i`[`BlXcXCldgliDXcXpj`X% ÔeXeZè^#èk\ieXk`feXci\d`kkXeZ\j\im`Z\jXjn\cc
9\Y\iXgX b\^`XkXe cXè al^X k\ilj [`b\dYXe^bXe Xjf]]j_fi\kiXejXZk`fejk_ifl^_k_\DlXdXcXk8KD
j\g\ik`Y`je`ji\d`kkXeZ\j\ikXk\ilj[`b\dYXe^bXe :Xi[%
aXiè^XecXpXeXekiXejXbj`bXikl8KD9XebDlXdXcXk
[`clXie\^\i`%
G\eZXgX`Xe 9Xeb DlXdXcXk gX[X kX_le )''/# FliXZ_`\m\d\ekè)''/#Xji\]\i\[kfèk_\I\gfik

j\YX^X`dXeX k\cX_ [`jXdgX`bXe gX[X JXdYlkXe f]k_\9fXi[f]:fdd`j`fe\ij#]lccpi\Õ\Zklgfek_\
;\nXe Bfd`jXi`j# j\g\el_epX d\eZ\idèbXe jlZZ\jjf]fliÈJK8IN8IÉYljè\jjjkiXk\^p%
b\Y\i_Xj`cXejkiXk\^`ÈJK8IN8I%É
;Xi`j`j`Y`je`j#g\cXbjXeXXeepXk\kXgd\dg\i_Xk`bXe =ifdXYljè\jjjkXe[gfèk#n\n`cci\dXè]X`k_]lc
È+GÉpX`klG\ikldYl_Xe#GifÔk#Gligfj\D`j` [Xe kf k_\ k\e\kj f] j_Xi`X Xe[ X[_\i\ kf fli È+GÉ
Gil[\ekb\_Xk`$_Xk`Xe %;\e^XegifîXdè`[`g\ifc\_ ]iXd\nfibf]Gifî\jj#GifÔk#Gligfj\Xe[Gil[\ek%
b\j\`dYXe^Xe [XcXd g\eZXgX`Xe g\ikldYl_Xe K_ifl^_k_`j]iXd\nfib#n\_Xm\XZ_`m\[XYXcXeZ\
pXe^ bfej`jk\e# cXYX pXe^ kè^^`# g\cXbjXeXXe d`j` Y\kn\\eZfej`jk\ekîfnk_#_`^_gifÔkXY`c`kp#Xe[k_\
k\ilkXdX b\Y\ig`_XbXe b\gX[X LjX_X D`bif B\Z`c glijl`kf]flim`j`feXjn\ccXjflid`jj`fekfY\Zfd\
D\e\e^X_LDBD k\iljk\ig\c`_XiX[\e^XeblXc`kXj X ifc\ df[\c Xdfe^ k_\ nfic[Ëj j_Xi`X ÔeXeZ`Xc
g\dY`XpXXe pXe^ i\cXk`] YX`b [\e^Xe iXj`f Efe$ èjk`klk`fej# \dg_Xj`qè^ fe \eki\gi\e\li`Xc jgì`k#
G\i]fidè^=èXeZ\EG= pXe^k\iaX^X% dXeX^\i`Xc \oZ\cc\eZ\# Xe[ èefmXk`m\ èm\jkd\ek
fi`\ekXk`fekfdXo`d`q\mXcl\kfjkXb\_fc[\ij%

BXd` d\epXdgX`bXe k\i`dX bXj`_ b\gX[X j\clil_ 8j XcnXpj# n\ \ogi\jj fli Xggi\Z`Xk`fe kf Xcc
jkXb\_fc[\ij# b_ljljepX gXiX g\d\^Xe^ jX_Xd# jkXb\_fc[\ij# \jg\Z`Xccp fli j_Xi\_fc[\ij# k_\
;ì\bkfiXkG\iYXebXeJpXi`X_9Xeb@e[fe\j`X#9X[Xe ;ì\ZkfiXk\f]J_Xi`X9Xebè^f]9Xeb@e[fe\j`X#k_\
G\e^XnXj GXjXi Df[Xc [Xe C\dYX^X B\lXe^Xe :Xg`kXcDXib\kXe[=èXeZ`Xc@ejk`klk`feJlg\im`jfip
98G<G8D$CB # ;\gXik\d\e B\lXe^Xe I\glYc`b 9fXi[ 98G<G8D$CB # K_\ Dè`jkip f] =èXeZ\
@e[fe\j`X#;\nXeJpXi`X_EXj`feXc;JE [XeDXa\c`j f] k_\ I\glYc`Z f] @e[fe\j`X# k_\ EXk`feXc J_Xi`X
LcXdX @e[fe\j`X DL@ % BXd` gle d\epXdgX`bXe 9fXi[;JE Xe[k_\@e[fe\j`Xe:fleZ`cf]Lc\dXj
k\i`dX bXj`_ b\gX[X ;\nXe Bfd`jXi`j [Xe ;\nXe DL@ % N\ Xcjf Zfem\p fli k_Xebj kf k_\ 9fXi[ f]
G\e^XnXj JpXi`X_ ;GJ pXe^ k\cX_ d\dY\i` :fdd`j`fe\ij# Xe[ k_\ J_Xi`X Jlg\im`jfip 9fXi[
[lble^Xe[Xeg\e^XnXjXe[\e^Xeg\el_b\Xi`]Xe% n_f _Xm\ Y\\e èjkild\ekXc è k_\ì jlggfik Xe[
^l`[XeZ\%
J\df^X b`kX j\eXek`jX Y\iX[X [XcXd cè[le^Xe DXp 8ccX_ JNK Zfekèl\j kf Y\jkfn ?`j Yc\jjè^
8ccX_JNK% lgfeljXcc%
NXjjXcXddlËXcX`bldNXiX_dXklccX_` NXjjXcXddlËXcX`bldNXiX_dXklccX_`
NXYXiXbXXkl_% NXYXiXbXXkl_%
H.A. Riawan Amin, M.Sc

Direktur Utama President Director

Direksi
Board of Directors
1
Ir. H. Arviyan Arifin
Direktur
2 Director
Ir. H. Andi Buchari, M.M

Direktur
3 Director
H. A. Riawan Amin, M.Sc

Direktur Utama
4 President Director
Drs. U. Saefudin Noer, M.Si

Direktur
5 Director
H. M. Hidayat, S.E. AK
Direktur
Director

Peristiwa 2008 Significant Events in 2008
• The Best National Bank in Indonesia 2008

• CEO of The Year 2008

BISNIS INDONESIA AWARD: Wakil Komisaris
2P=I= -1 'QNJ=HEJ@K G=O=N= $N=łG=
Pemimpin Perusahaan Bisnis Indonesia,
Soebronto Laras (kiri), menyerahkan
penghargaan CEO of The Year kepada
Direktur Utama Bank Muamalat, A. Riawan
Amin (kanan), disaksikan oleh Menteri
Perindustrian, Fahmi Idris, pada acara Bisnis
Indonesia Award di Jakarta. Selain itu Bank
Muamalat juga dinobatkan sebagai The Best
National Bank in Indonesia tahun 2008.
BISNIS INDONESIA AWARD: Vice President

Commissioner of PT. Jurnalindo Akasara
$N=łG= ", KB EOJEO &J@KJAOE= 0KA>NKJPK
Laras (left), presented the CEO of The Year
award to the President Director of Bank
Muamalat, A. Riawan Amin (right), witnessed
by the Minister of Industry, Fahmi Idris, during
the Bisnis Indonesia Award presentation in
Jakarta. Bank Muamalat also awarded as The
Best National Bank in Indonesia 2008.
Bisnis Indonesia, Selasa, 8 Juli 2008

PENGHARGAAN: Ketua Umum Asosiasi bank
Syariah Indonesia (Asbisindo) A. Riawan Amin
(kanan) menerima anugerah Tokoh Perubahan
Pribadi Produktif 2008 dari HU Republika, yang
diserahkan oleh Pemimpin Redaksi HU Republika
Ikhwanul Kiram Mashuri di Jakarta, Jumat (6/2/09).
A. Riawan Amin yang juga Direktur Utama Bank
Muamalat ini dikenal sebagai tokoh perubahan di
bidang perbankan dan ekonomi syariah.
AWARDS: The Chairman the Indonesian Syariah

Banking Association (Asbisindo) A. Riawan Amin
(right) received the recognition as The 2008
Figure of Productive Change from Republika
daily, submitted by Kiram Mashuri in Jakarta,
Friday (6/2/09). A. Riawan Amin, who is also the
President Director of Bank Muamalat indonesia, is
acknowledged as a figure of change in the syariah
banking and economy.
NU-MUHAMMADIYAH-ASBISINDO:
Ketua PBNU, Mustafa Zuhad (kiri), menerima
sumbangan bantuan komputer dari Ketua
Asosiasi Bank Syariah Indonesia (Asbisindo), A.
Riawan Amin. Hal tersebut sebagai tindak lanjut
pemberdayaan ekonomi umat kepada NU dan
Muhammadiyah, Jakarta, (24/1/09).
NU-MUHAMMADIYAH-ASBISINDO:
The Chairman of PBNU, Mustafa Zuhad (kiri),
received donation of computers from the
Chairman of the Indonesian Association of Sharia
Banks (Asbisindo), A. Riawan Amin. The donation
is a follow up to the economic empowerment of
ummat from the Islamic organisations of NU and
Muhammadiyah in Jakarta, (24/1/09).
PEMBIAYAAN SINDIKASI: Dari kiri ke kanan Dirut

PT. Al Ijarah Indonesia Finance, Herbudi S. Tomo, Pimpinan
Bank Syariah Mandiri, Ismi Kushartanto, Dirut PT. Trigana
Air Service, Tri Putra Yusni, Direktur PT. Trigana Air
Service, Rubijanto Adisarwono, wakil Dirut Bank BNI,
Gatot M. Suwondo, Ketua Umum Asbisindo, A. Riawan Amin,
dan Direktur Bank Muamalat, Arviyan Arivin, saling bertumpu
tangan seusai penandatanganan akad pembiayaan sindikasi
international senilai Rp 150 miliar di Jakarta.
SYNDICATION FINANCING: From left to right the

CEO of PT. Al Ijarah Indonesia Finance, Herbudi S. Tomo, Head
of Bank Syariah Mandiri, Ismi Kushartanto, CEO of PT. Trigana
Air Service, Tri Putra Yusni, Director of PT. Trigana Air Service,
Rubijanto Adisarwono, Vice President Director of Bank BNI,
Gatot M. Suwondo, Chairman of Asbisindo, A. Riawan Amin,
and Director of Bank Muamalat, Arviyan Arivin, joined hands
BKHHKSEJCPDAOECJEJCKB=JEJPANJ=PEKJ=HOUJ@E?=PEKJłJ=J?EJC
of Rp 150 billion in Jakarta.

JARINGAN ONLINE MUAMALAT: Presiden MUAMALAT ONLINE NETWORK: President
Susilo Bambang Yudhoyono menerima penjelasan Susilo Bambang Yudhoyono received briefings
dari Direktur Utama Bank Muamalat, A. Riawan from the President Director of Bank Muamalat,
Amin (kiri), disaksikan Gubernur Bank Indonesia, A. Riawan Amin (left), witnessed by Governor of
Boediono (tengah) saat mengunjungi stand Bank Bank Indonesia, Boediono (center), during the
Muamalat di acara Festival Ekonomi Syariah ke- visit to Bank Muamalat stand at The 2nd Syariah
2 di Balai Sidang, Jakarta, Rabu (4/2/09). Bank Economic Festival in Convention Center, Jakarta,
Muamalat memperluas jaringan online-nya hingga Wednesday (4/2/09). Bank Muamalat expanded
3.500 outlet di seluruh Indonesia termasuk kantor its online network to 3,500 outlets throughout
baru di Mamuju, Sulawesi Barat. Indonesia including a new office in Mamuju, West
Sulawesi.
BANK MUAMALAT RAIH PENGHARGAAN

“AA” INTERNATIONAL RATING
Suara Karya, Rabu, 6 Februari 2008
IIRA-International Sharia Rating: International IIRA-International Sharia Rating: The International

&OH=IE? /=PEJC CAJ?U Ġ&&/
IAI>ANEG=J 0ANPEłG=P &OH=IE?/=PEJCCAJ?UĠ&&/
ANPEłA@=JG*Q=I=H=P
Sharia Quality Rating dengan “AA” rating kepada SEPD = 0D=NE= .Q=HEPU /=PEJC ANPEł?=PA EJ )KJ@KJ
Bank Muamalat di London, tanggal 4 Februari 2008. #A>NQ=NU 1DA ANPEł?=PAEOLNAOAJPA@>UPDA
0ANPEłG=P@EOAN=DG=JKHAD DEAB"TA?QPERA,Bł?AN&&/ DEAB "TA?QPERA ,Bł?AN KB &&/ '=I=H >>=O 7=E@E
'=I=H >>=O 7=E@E ĠG=J=J
GAL=@= !ENAGPQN 2P=I= (right), to the President Director of Bank Muamalat, A.
Bank Muamalat, A. Riawan Amin (kedua dari kanan), Riawan Amin, (second from right), witnessed by (from
disaksikan oleh (dari kiri ke kanan) Deputi Gubernur left to right) The Deputy Governor of Bank Indonesia,
Bank Indonesia, Siti Chalimah Fadjrijah, Utusan Siti Chalimah Fadjrijah, Special Envoy of the President
Khusus Presiden RI untuk Timur Tengah, Alwi Shihab, of the Republic of Indonesia to the Middle East, Alwi
dan Chairman International Islamic Financial Market, Shihab, and Chairman of the International Islamic
Khalid Hamad. Financial Market, Khalid Hamad.
WIEF-Tide of Global Fi nancial Crisis: Direktur WIEF-Tide of Global Financing Crisis: The President
Utama Bank Muamalat, A. Riawan Amin (kanan), berdiri Director of Bank Muamalat, A. Riawan Amin (right), standing
bersama para panelis World Islamic Economic Forum ke-5 with the panelists of 5th World Islamic Economic Forum,
U=JC@EOAHAJCC=N=G=J@E'=G=NP=Ġ
1=IL=G@=NEGENEGA DAH@EJ'=G=NP=Ġ
#NKIHABPPKNECDP=NA D=ENI=JKB
kanan: Chairman WIEF ke-5, Tanri Abeng (kiri), Menteri Negara the 5th WIEF, Tanri Abeng (left), Minister of State Enterprise,
BUMN, Sofyan Djalil, Menteri Keuangan RI, DR. Sri Mulyani Sofyan Djalil, Minister of Finance RI, DR, Sri Mulyani Indrawati,
Indrawati, Moderator (Sekjen Moslem Britain of Council), Sir Moderator (Sec. Gen. of Moslem Britain of Council). Sir Iqbal
Iqbal Sacranie, dan ketua ASBISINDO, A. Riawan Amin. Sacranie, and Head of ASBISINDO, A. Riawan Amin.
WIEF-INVESTMENT IN THE REGION: Direktur INVESTASI WIEF DI KAWASAN: President Director

Utama Bank Muamalat, A. Riawan Amin (kanan), tampak of Bank Muamalat, A. Riawan Amin (right), on presentation as
sedang menyampaikan presentasinya dalam panel, berdua a panelist, together with Bank Indonesia Governor, Boediono
dengan Gubernur Bank Indonesia, Boediono (kiri), pada (left), at the 5th World Islamic Economic forum in Jakarta
4KNH@ &OH=IE? "?KJKIE? BKNQI GA @E '=G=NP= Ġ
Ġ
!QNEJCPDA@EO?QOOEKJKJ&JRAOPIAJPEJPDA/ACEKJ
Pada pembahasan Investment in the Region, Riawan yang Riawan explained the role of Islamic Banks on investments in
membahas peran Islamic Bank pada Investasi di Indonesia Indonesia, the discussion received many attention attended
ini memperoleh banyak perhatian forum yang dihadiri oleh >U@AHAC=PAOBNKI?KQJPNEAO
LAOANP=@=NEJAC=N=

WIEF: MUAMALAT-IPS: Direktur Utama Bank Muamalat WIEF: MUAMALAT-IPS: President Dirctor of Bank
A. Riawan Amin (kanan) tampak sedang mendandatangani Muamalat, A. Riawan Amin (right) signing a memorandum of
memorandum of Agreement bersama CEO Islamic payment Agreement with CEO Islamic payment System Berhad Sahzad
System Berhad Sahzad Kader Sultan pada pembukaan World Kader Sultan, on the opening of the 5th World Islamic Economic
Islamic Economic Forum ke-5 yang diselenggarakan di Jakarta #KNQI DAH@EJ'=G=NP=Ġ
1DAOECJEJCS=OSEPJAOOA@
Ġ
-AJ=J@=P=JC=J=J EJE @EO=G=OEG=J KHAD (AL=H= by 8 Head of Countries and President of RI.
Negara dan Tuan Rumah Presiden RI.
WIEF-POS: Direktur Utama Bank Muamalat A. Riawan WIEF-POS: President Director of Bank Muamalat, A. Riawan
Amin (kiri) tampak sedang mendandatangani memorandum of Amin (left) was signing a memorandum of agreement with
agreement bersama Wakil Direktur Utama PT. Pos Indonesia Vice President Director of PT. Pos Indonesia, I. Ketut Mardjana
I Ketut Mardjana (kanan) pada pembukaan World Islamic (right) on the opening of the 5th World Islamic Economic
Economic Forum ke-5 yang diselenggarakan di Jakarta #KNQI DAH@EJ'=G=NP=Ġ
1DAOECJEJCS=OSEPJAOOA@
Ġ
-AJ=J@=P=JC=J=J EJE @EO=G=OEG=J KHAD (AL=H= by 8 Head of Countries and President of RI.
Negara dan Tuan Rumah Presiden RI.

PROGRAM
TABUNG
R.U.P.S AN
Republika
, Kamis, 24 Bisnis Indo
April 2008 nesia, Sabtu, 3 M
ei 2008
RUPS: Direktur Utama Bank Muamalat, A Riawan PROGRAM TABUNGAN: Direktur Bank Muamalat,
Amin (tengah), berbincang dengan jajaran Direktur U. Saefudin Noer (mengenakan batik), menyerahkan
H=EJJU= NREU=JNEłJ 20=ABQ@EJ+KAN J@EQ?DKNE kepada dua nasabah perlengkapan ibadah di Jakarta,
dan M. Hidayat (kiri-kanan) usai acara RUPS Bank kemarin. Bank Muamalat meraih penjualan 1,44 juta
*Q=I=H=P@E'=G=NP= /=>QĠ
G=NPQ @=H=ILNKCN=IN=ED2IN=DIAH=HQELNK@QG
tabungan instan Shar-E dengan memberangkatkan
AGMS: The CEO of Bank Muamalat, A Riawan Amin sebanyak 887 nasabah berumrah ke tanah suci Mekkah
(center), speaking with other members of the Board of dalam tiga tahap.
!ENA?PKNO BNKIHABPPKNECDPġNREU=JNEłJ 20=ABQ@EJ
Noer, Andi Buchori dan M. Hidayat, on the ocassion SAVINGS PROGRAM: Director of Bank Muamalat,
U. Saefudin Noer (wear batik) presented to two
of Bank Muamalat’s AGMS in Jakarta, Wednesday
customers a prayers kit in Jakarta. Bank Muamalat
Ġ

gained the sale of 1.44 million cards, in the program
ĺNA=?D BKN 2IN=D KB PDA EJOP=JP O=REJCO LNK@Q?P
Shar-E, by sponsoring a total of 887 customers to
undertake their Umrah pilgrimage to the holy city of
Mecca in three stages.

MUKERN FASILITA
AS ASBIS S SUKUK
IN DO
Republika,
Senin, 5 M
ei 2008
MUKERNAS ASBISINDO: Deputi Gubernur BI, Siti PEMBIAYAAN SUKUK: Direktur Bank Muamalat,
Chalimah Fadjriah, memberikan sambutan dalam acara NREU=J NEłJ (APQ= O>EOEJ@K /E=S=J IEJ
Musyawarah Kerja Nasional Asbisindo di Hotel Santika, Presdir PT Intikeramik Alamsari Tbk, Lie Ju Tjhong,
*=H=JC 0=>PQ Ġ
*QOU=S=N=D >ANPAI= -AN=J Dirut PT Al Ijarah Indonesia Finance, Herbudi S Tomo,
dan Akselerasi Perbankan Syariah dalam Kebangkitan dan Direktur A. Farouk Alawyni saat penandatanganan
Pembangunan Perekonomian Nasional. kerjasama dalam hal pemberian fasilitas sukuk senilai
22 juta dolar AS di Jakarta.
NATIONAL CONVENTION OF ASBISINDO: The
Deputy Governor of BI, Siti Chalimah Fadjriah, gave SUKUK FINANCING: Director of Bank Muamalat,
her keynote address in the National Convention of NREU=J NEłJ D=ENI=J KB O>EOEJ@K /E=S=J
O>EOEJ@K=P%KPAH0=JPEG= *=H=JC 0=PQN@=UĠ
Amin, CEO of PT Intikeramik Alamsari Tbk, Lie Ju
The convention theme: The role and Acceleration Tjhong, CEO of PT Al Ijarah Indonesia Finance, Herbudi
of Sharia Banking in the Rejuvenation of National S Tomo, and Director A. Farouk Alawyni, during signing
Economic Development. KBPDA0QGQGłJ=J?EJC=NN=JCAIAJPBKN20!IEHHEKJ
in Jakarta.
DEVELOPMENT OF MODERN ISLAMIC BANKING

TRAINING, SEACEN-IRTI IDB
PELATIHAN ISLAMIC BANKING: Representative ISLAMIC BANKING TRAINING: Representative

Islamic Research and Training Institute IDB, Osman of Islamic Research and Training Institute IDB, Osman
Babiker (kiri), berbincang dengan Advisor Islamic Babiker (left), conversing with the Advisor of Islamic
Finance Unit Maldives Monetary Authority, Abdullalh Finance Unit Maldives Monetary Authority, Abdullalh
S. Hasan (kedua dari kiri), Chairman Indonesia Sharia S. Hasan (second from left), Chairman of Asbisindo,
Banks Association, A. Riawan Amin (kedua dari kanan), A. Riawan Amin (second from right), and Governor of
dan Governor Maldives Monetary Authority, Abdulla the Maldives Monetary Authority, Abdulla Jihad, on the
Jihad, seusai acara Development of Modern Islamic ocassion of Development of Modern Islamic Banking
Banking Training, SEACEN-IRTI IDB di Jakarta. Training, SEACEN-IRTI IDB in Jakarta.

AWARD
FINANCE
ISLAMIC
Bisnis Indones
ia, Senin, 12 M
ei 2008
ISLAMIC FINANCE AWARD: Direktur Bank ISLAMIC FINANCE AWARD: Director of Bank
Muamalat, M. Hidayat (kiri), bersama Dirut PT. Indosat Muamalat, M. Hidayat (left), with the CEO of
Tbk, Johnny Swandi Sjam (tengah), dan Direktur UKM PT Indosat Tbk., Johnny Swandi Sjam (center), and
dan Syariah BNI, Achmad Baiquni, berfoto bersama Director of SME and Sharia banking of BNI, Achmad
seusai menerima Islamic Finance Award 2008 dari Baiquni, pose together following the presentation of
Karim Business Consulting di Jakarta. Muamalat the Islamic Finance Award 2008 from Karim Business
menerima sembilan penghargaan, salah satunya The Consulting in Jakarta. Bank Muamalat garnered nine
Biggest & The Most Active Costumer for Islamic Bank, awards, including for Biggest & Most Active Customer
Indosat meraih The Biggest & The Most Active Sukuk for Islamic Bank, Indosat was recognised as Biggest
Issuer dan BNI Syariah menerima empat penghargaan & Most Active Sukuk Issuer, while BNI Syariah
O=H=DO=PQJU==@=H=D1KLKB*EJ@0D=NE=2JEP!EREOEKJ received four awards including Top of Mind Sharia
2JEP!EREOEKJ
Bank Muamalat Menerima Sembilan Penghargaan

Dalam Islamic Finance Award 2008
Bank Muamalat Achieved Nine Awards in Islamic

Finance Award 2008

LAYANAN PHONE BANKING: Direktur PT Bank
Muamalat Tbk, U. Saefudin Noer (kiri), memberikan
penjelasan kepada Reprensentative Islamic Research
and Training Institute, Islamic Development Bank,
Osman Babiker (kedua kiri), Director Islamic
Economics Unit Kuwait University, Mohammad Al-
LAYANAN PHONE BANKING
Qattan (kanan), Deputy Division Chief National Bank of
Cambodia, Pou Chiang Hong, di ruang layanan Salam
Muamalat phone banking Jakarta, kemarin. Peristiwa
itu sehubungan dengan kunjungan peserta 4th South
"=OPOE= AJPN=H=JG&/1&&!&JPANIA@E=PA KQNOA
yang diselenggarakan Bank Indonesia.
PHONE BANKING SERVICE: Director of Bank

Muamalat Indonesia, U. Saefudin Noer (left), briefed
the Reprensentative of Islamic Research and Training
Institute, Islamic Development Bank, Osman Babiker
(second from left), Director of Islamic Economics
Unit, Kuwait University, Mohammad Al-Qattan
EOJEO&J@KJAOE= 'QI<=P*AE (right), Deputy Division Chief of the National Bank of
Cambodia, Pou Chiang Hong, at the phone-banking
service center, Salam Muamalat, in Jakarta. The
visit was in conjunction with the 4th South East Asia
AJPN=H=JG&/1&&!&JPANIA@E=PA KQNOAKNC=JEOA@
by Bank Indonesia.
PROPERTY
AWARD

'QI<=P*AE
*A@E=&J@KJAOE=
PROPERTY AWARD: Menteri Perumahan Rakyat, PROPERTY AWARD: Minister of Public Housing,
Yusuf Ashari (kedua dari kanan), berbincang dengan Yusuf Ashari (second from right), converses with
Wakil Dirut BTN, Evi Firmansyah (kedua dari kiri), SVP the Vice President Director of BTN, Evi Firmansyah
Consumer Loans Bank Mandiri, Sarastri Baskoro (kiri), (second from left), SVP Consumer Loans of Bank
dan Direktur Bank Muamalat, U. Saefudin Noer, seusai Mandiri, Sarastri Baskoro (left), and Director of BMI,
memberikan Indonesia Property and Bank Award di U. Saefudin Noer, on the presentation of the Indonesian
Jakarta. Property and Bank Award in Jakarta.

A AH
SAM UMR
BER AN
RAN RGA
SET
O GHA
PEN

uni 2008 CQ
O PQ O
u, 11 J P Q
Rab 0 = >
ne sia, @KJ AOE=
In d o EO&J
Bisn
is EOJ
SETORAN BERSAMA: PENGHARGAAN UMRAH:

Ketua Umum Asosiasi Bank Syariah Indonesia Direktur Bank Muamalat, U. Saefudin Noer (kedua
(Asbisindo), A. Riawan Amin (kiri), menyampaikan kiri), didampingi Ketua Tim Umrah, Delyuzar Syamsi,
presentasi pada acara diskusi panel bertema Explore menyerahkan seperangkat keperluan ibadah kepada
Islamic Finance in Indonesia di Konferensi International nasabah di Jakarta kemarin. Bank Muamalat memberi
investment IQ Indonesia 2008 di Jakarta. Nara
penghargaan kepada 105 nasabah Shar-E untuk
sumber lain dalam diskusi tersebut antara lain Ketua
Umrah ke tanah suci Mekah.
Kamar Dagang International Indonesia, Peter Fanning
(tengah), dan CEO CIMB Islamic, Badlisyah Abdul
PILGRIMAGE AWARD:
Ghani (kanan). Riawan menyatakan pentingnya setoran
Director of Bank Muamalat, U. Saefudin Noer (second
bersama perbankan syariah untuk memaksimalkan
from left), accompanied by the Head of Umroh
outlet perbankan syariah di Indonesia.
Team, Delyuzar Syamsi, presented prayers sets to
JOINT DEPOSIT: customers in Jakarta. Bank Muamalat rewarded 105
Chairman of Asbisindo, A. Riawan Amin (left), Shar-E customers to go on an Umrah pilgrimage to
in discussion with the Chair of the Indonesian the holy city of Mecca.
International Chamber of Commerce, Peter Fanning
(left), and CEO of CIMB Islamic, Badlisyah Abdul
Ghani, prior to the panel discussion under the theme
of Explore Islamic Finance in Indonesia at the IQ
International Investment Conference held in Jakarta
in 2008. Riawan underlines the importance of a joint
deposit facility among sharia banks in Indonesia in
order to maximize sharia banking’s outlets in the
country.

AH
UMR
08
li 20
,1 0 Ju
,K amis
esia
ar I ndon
S eput
UMRAH: Direktur Bank Muamalat M. Hidayat UMRAH: Directors of Bank Muamalat, M. Hidayat
(dua dari kiri), dan Arviyan Arifin (dua dari kanan), (second from left), and Arviyan Arifin (second
disaksikan anggota Dewan Pengawas Syariah, from right), witnessed by a member of the Sharia
Muardi Chatib (kiri), dan Notaris Arry Supratno, Supervisory Board, Muardi Chatib (left), and Notary,
melakukan penarikan pemenang hadiah Umrah Arry Supratno, officiated in the prize draw for
yang diberikan Bank Muamalat bagi nasabahnya Umrah given by Bank Muamalat for its customers
di Jakarta. Pada periode ini sebanyak 105 nasabah in Jakarta. For this prize draw period, a total of 105
Shar-E Bank Muamalat akan memperoleh hadiah Shar-E customers of Bank Muamalat will receive
Umrah . the Umrah prize.

INDONESIAN BANK LOYALTY AWARD: Direktur INDONESIAN BANK LOYALTY AWARD: Director
Markplus & Co. Michael Hermawan menyerahkan of Markplus & Co, Michael Hermawan provided an
plakat penghargaan kepada Dirut Bank Muamalat A. award to the President Director of Bank Muamalat,
Riawan Amin, yang memperoleh penghargaan sebagai A. Riawan Amin, who received the award as the Best
Bank Syariah Terbaik dari Indonesia Bank Loyalty Syariah Bank by the Indonesia Bank Lolayty Award,
S=N@ &)@E'=G=NP= &)EJ'=G=NP=

EKSPANSI MUAMALAT: Dirut Bank Muamalat
Indonesia, A. Riawan Amin (kanan), berbincang dengan
Dubes RI untuk Malaysia, Da’i Bachtiar (tengah), dan
Dekan Fakultas Ekonomi UIN Syarif Hidayatullah,
EKSPANSI MUAMALAT Muhammad Faisal, saat pelatihan Celestial
Management Program di Hotel Impiana KLCC, Kuala
)QILQN *=H=UOE= 0=>PQ Ġ
=JG *Q=I=H=P
Indonesia melakukan ekspansi ke Malaysia berupa
rencana pendirian kantor cabang dan anak perusahaan
yang bergerak di bidang investment banking di Kuala
Lumpur sebelum akhir tahun 2008.
MUAMALAT EXPANSION: The CEO of Bank

Muamalat Indonesia, A. Riawan Amin (right), converses
with the Indonesian Ambassador to Malaysia, Da’i
Bachtiar (center), and the Dean of the Faculty of
Economics of UIN Syarif Hidayatullah, Muhammad
Faisal, during the training course for the Celestial
Republika, Senin, 18 Agustus 2008
Management Program at Hotel Impiana KLCC, Kuala
)QILQN *=H=UOE= 0=PQN@=UĠ
=JG*Q=I=H=P
Indonesia undertook an expansion to Malaysia by
LH=JJEJC BKN AOP=>HEODEJC = >N=J?D KBł?A PD=P SEHH
engange in investment banking in Kuala Lumpur
before year-end 2008.
INVESTASI SUKUK: Ketua Umum Asbisindo,

A. Riawan Amin (kiri), berbincang dengan Ketua
INVESTASI SUKUK Bapepam-LK, Fuad Rahmany (dua dari kiri), Ketua Umum
Ikatan Bankir Indonesia (IBI), Agus Martowardojo (dua
dari kanan), dan Deputi Presdir Bank NISP, Parwati
Surjaudaja, di Jakarta. Peristiwa itu berlangsung
sebelum diskusi Prospek Pasar dan Potensi Investasi
Pada Sukuk Negara Republik Indonesia.
SUKUK INVESTMENT: The Chairman of Asbisindo,

A. Riawan Amin (left), engages with the Chairman
of Bapepam-LK, Fuad Rahmany (second from left),
Chairman of the Indonsian Bankers Association, Agus
Martowardojo (second from right), and the Deputi
Republika, Rabu, 27 Agustus 2008 President Director of Bank NISP, Parwati Surjaudaja,
in Jakarta. The ocassion was a seminar on the Market
Prospects for Investments in a Sukuk of the Republic
of Indonesia.

OBLIGASI SYARIAH: Direksi Bank Muamalat SHARIA BONDS: Board of Directors of Bank
dalam acara Public Expose Penawaran Umum Sukuk Muamalat in the ocassion of Public Expose, Public
Subordinasi Mudharabah tampak (dari kiri ke kanan) Offering Sukuk Subordinasi Mudharabah (left to right)
Direktur Administrasi dan Financing Andi Buchari, Administration and Financing Director, Andi Buchari,
Direktur Corporate dan Compliance M. Hidayat, Corporate and Compliance Director, M. Hidayat,
Direktur Bisnis U. Saefudin Noer, Direktur Bisnis Business Director, U. Saefudin Noer, Business
NREU=JNEłJ@=J!ENAGPQN2P=I==JG*Q=I=H=P !ENA?PKN NREU=JNEłJ=J@-NAOE@AJP!ENA?PKNKB=JG
Riawan Amin. Muamalat, A. Riawan Amin.

UNDIAN UMRAH: Dewan Pengawas Syariah,
KH. Muwardi Chatib (kanan), menyentuh layar monitor
O==P LAJ=NEG=J -AIAJ=JC LANEK@A && /=ED 2IN=D
Bank Muamalat didampingi Direktur Bank Muamalat,
2 0=ABQ@EJ +KAN ĠPAJC=D
(APQ= 1EI /=ED 2IN=D
Delyuzar Syamsi, (paling kiri), dan sejumlah pejabat terkait di
'=G=NP=
UMRAH PRIZE DRAW: A member of the Sharia

Supervisory Board, KH. Muwardi Chatib (right), touches the
?KILQPAN IKJEPKN EJ PDA OA?KJ@ LANEK@ @N=S BKN ļ4EJ
Umrah” 2007, accompanied by the Director of Bank Muamalat,
20=ABQ@@EJ+KANĠ?AJPAN
1A=I)A=@ANKBļ4EJ2IN=D
!AHUQV=N 0U=IOE ĠATPNAIA HABP
=J@ NAH=PA@ KBł?E=HO EJ '=G=NP=

IBLA 2008: Direktur Bank Muamalat, M. Hidayat, menerima

Indonesian Bank Loyalty (IBLA) Award 2008 dari Bpk. Danny
Hartono sebagai Indonesian Bank Loyalty Champion kategori
Sharia Bank yang diselenggarakan oleh InfoBank bekerjasama
@AJC=J*=NGLHQO '=G=NP=
IBLA 2008: The Director of Bank Muamalat, M. Hidayat,

receiving the Indonesian Bank Loyalty Award (IBLA) of 2008
from Mr. Danny Hartono for being the Indonesian Bank
Loyalty Champion in the category of Sharia Bank, organized by
&JBK=JGEJ?KKLAN=PEKJSEPD*=NGLHQO '=G=NP=
KRIYA PRANALA MAHAKARYA AWARD:

Direktur Utama Bank Muamalat, A. Riawan Amin (kanan),
menerima penganugerahan Kriya Pranala Mahakarya 2007
dari Bank Indonesia yang diserahkan Deputi Gubernur
BI, S. Budi Rochadi, dalam acara Penandatanganan Surat
-AI>ANEP=DQ=J -ANOAPQFQ=J -AI>ANE=J (NA@EP Ġ0-(
@=J
Penganugerahan Kriya Pranala Award dalam rangka Linkage
-NKCN=I@E$A@QJC& '=G=NP=
KRIYA PRANALA MAHAKARYA AWARD: The

President Director of Bank Muamalat, A. Riawan Amin (right),
receives the Kriya Pranala Mahakarya 2007 Award from
Bank Indonesia, presented by the Deputy Governor of BI,
S. Budi Rochadi, during the Signing of the Notice Letter for the
LLNKR=HKB NA@EP!EO>QNOAIAJPĠ0-(
=J@PDALNAOAJP=PEKJ
of the Kriya Pranala Award in connection with the Linkage
-NKCN=I=PPDA&QEH@EJC '=G=NP=

PEMBIAYAAN SINDIKASI SYARIAH: Sindikasi
enam lembaga keuangan melakukan penandatanganan
kerja sama pembiayaan pembelian tiga unit helikopter untuk
-1 &J@KJAOE= EN 1N=JOLKNP @E '=G=NP= /=>Q Ġ

0EJ@EG=OEPANOA>QP>ANJEH=EFQP=@KH=N0!=NEGENEGAG=J=J
DEAB /ALNAOAJP=PERA ,Bł?AN OE=J #EJ=J?A =JG 7=EJ=H
Shahab, Direktur PT. Al Ijarah Indonesia Finance (ALIF), Farouk
A Alwiny, Direktur Indonesia Leasing & Investment Company
(ILIC), yang diwakili Dirut ALIF, Herbudi S. Tomo, Presdir
PT. Indonesia Air Transport, Hartono Tanoesoedibjo, Direktur
-1 =JG *Q=I=H=P NREU=J NEłJ !ENAGPQN =JG 0U=NE=D
Mandiri, Amran Nasution, Kepala Divisi Syariah Bank Permata,
Adrian Gunadi.
SYARIAH SYNDICATION FINANCING:

OUJ@E?=PEKJ KB OET OD=NE= łJ=J?E=H EJOPEPQPEKJO BKN PDA
łJ=J?EJCKBPDNAADAHE?KLPANOBKN-1&J@KJAOE=EN1N=JOLKNP
in Jakarta, by CRO Asian Finance Bank, PT. ALIF, ILIC,
0U=NE=D=JG-ANI=P==J@=JG*Q=I=H=P'=G=NP=
1DA OUJ@E?=PEKJ EO SKNPD 20 IEHHEKJ #NKI HABP PK NECDP
DEAB /ALNAOAJP=PERA ,Bł?AN KB OE=J #EJ=J?A =JG
7=EJ=H 0D=D=>Ģ !ENA?PKN KB -1 H &F=N=D &J@KJAOE= #EJ=J?A
#=NKQGHSEJUĢ!ENA?PKNKB&J@KJAOE=)A=OEJC&JRAOPIAJP
Company, represented by the President Director of ALIF,
%AN>Q@E 0 1KIKĢ -NAOE@AJP !ENA?PKN KB -1 &J@KJAOE= EN
1N=JOLKNP %=NPKJK 1=JKAOKA@E>FKĢ !ENA?PKN KB -1 =JG
*Q=I=H=P NREU=J NEłJĢ !ENA?PKN KB =JG 0U=NE=D *=J@ENE
IN=J +=OQPEKJĢ 0U=NE=D !EREOEKJ %A=@ KB =JG -ANI=P=
Adrian Gunadi.
ORASI ILMIAH SPIRITUALITAS BISNIS: Direktur

Utama Bank Muamalat, A. Riawan Amin, menyampaikan
Orasi Ilmiah Spiritualitas Bisnis, Pengalaman Bank Muamalat:
L=@=!EAO+=P=HEO2JERANOEP=O6=NOE'=G=NP=
SCIENTIFIC BUSINESS SPIRITUALITY

ORATORY: The President Director of Bank Muamalat,
/E=S=J IEJ C=RA =J KN=PEKJ KJ 0?EAJPEł? QOEJAOO
Spirituality, the Bank Muamalat Experience at the Dies
+=P=HEO 2JERANOEP=O6=NOE'=G=NP=

ASURANSI SYARIAH: Direktur Utama Bank Muamalat, SHARIA INSURANCE: Bank Muamalat President
A. Riawan Amin (kanan), bersama dengan Direktur Utama Director, A. Riawan Amin (right), along with PT. Syarikat
-1 0U=NEG=P 1=G=BQH &J@KJAOE= 4=J 7=INE 4=J &OI=EH 1=G=BQH&J@KJAOE=-NAOE@AJP!ENA?PKN 4=J7=INE4=J&OI=EH
(tengah), memberikan secara simbolis Kartu Raksasa (centre), presented “fulPROTEK” Giant Card to actress Astri
“fulPROTEK’ kepada artis Astri Ivo, pada peluncuran produk &RK=PEPOH=QJ?DEJCEJ'=G=NP= LNEH 1DEO?=N@EO=J
insurred Investment Card managed with Sharia-based.
PANOA>QP@E'=G=NP=LNEH(=NPQEJEIANQL=G=J(=NPQ
Investasi berasuransi yang dikelola secara Syariah.
PARAMADINA AWARD: Direktur Bank Muamalat,

U. Saefudin Noer (kiri), menerima penghargaan dari Rektor
Universitas Paramadina, M. Sohibul Imam, pada acara Dies
Natalis ke 8 dan Wisuda ke 4 Universitas Paramadina. Bank
Muamalat mendapat penghargaan Paramadina karena dinilai
konsisten dalam menjalankan pinsip-prinsip Syariah, Jakarta,
4 Maret 2006.
PARAMADINA AWARD: Bank Muamalat Director,

U. Saefudin Noer (left), received an award from Paramadina
University Rector, M. Sohibul Imam, at the 8th Dies Natalis
and the 4th Graduation of Paramadina University. Bank
Muamalat received the Paramadina Award for its consistency
in keeping up with the Sharia principles, Jakarta, March 4,
2006.

/ALQ>HEG= (=IEO *=NAP
PERLUASAN JARINGAN MALAYSIA: Disaksikan MALAYSIAN NETWORK EXPANSION: Witnessed

Direktur Utama Bank Muamalat, Riawan Amin (kiri), Utusan by the CEO of Bank Muamalat, Riawan Amin (left), Special
Khusus Presiden RI, Alwi Shihab, dan Dubes Indonesia di Envoy of the President RI, Alwi Shihab, and the Indonesian
Malaysia, Da’i Bachtiar, Gubernur Bank Negara Malaysia, Tan Ambassador to Malaysia, Da’i Bachtiar, Governor of Bank
0NE7APEGDP=NVEOĠG=J=J
IANAOIEG=JLAI>QG==J(=JPKN +AC=N=*=H=UOE= 1=J0NE7APEGDP=NVEOĠNECDP
EJ=QCQN=PA@
Cabang Bank Muamalat dan First Islamic Investment Bank di PDA=JG*Q=I=H=PN=J?D,Bł?A=J@#ENOP&OH=IE?&JRAOPIAJP
(Q=H=)QILQN *=NAP =JGEJ(Q=H=)QILQN *=N?D
INNOVATION AWARD: Direktur Utama Bank Muamalat,

A. Riawan Amin, menerima penghargaan Innovations Award
dari MARS Marketing & Research bekerjasama dengan
Kementerian Ristek RI, BPPT dan Majalah SWA didampingi
(kiri-kanan): Kemal A. Gani (Dirut SWA), R. Kusmayanto
Kadiman (Menristek RI), Hotel Shangri-La, 5 Desember
2005.
INNOVATION AWARD: Bank Muamalat President

Director, A. Riawan Amin, received an Innovations Award
from Mars Marketing & Research in collaboration with BPPT
accompanied by (from left to right): Kemal A. Gani (SWA
President Director), R. Kusmayanto Kadiman (Minister of
Research and Technology), Shangri-La Hotel, December 5,
2005.

PENCANANGAN SHADR: Direktur Utama Bank
Muamalat, A. Riawan Amin, bersama KH. Ma’ruf Amin
(Ketua DSN-MUI), Edi Setiadi (Deputi Direktur Direktorat
DPBS Bank Indonesia), Aries Mufti (Ketua Umum
*"0
&OG=J@=N 7QHG=NJ=EJ Ġ(KIEO=NEO =JG *Q=I=H=P

pada acara pencanangan SHADR (Sharia Deposit
Arrangement) di ballroom Hotel Shangri-La, Jakarta,
24 November 2006.
LAUNCHING OF SHADR: The CEO of Bank Muamalat,

A. Riawan Amin, with KH. Ma’ruf Amin (Chairman of the
National Sharia Board-MUI), Edi Stiadi (Deputy Director of
the Directorate of Sharia Bank, Bank Indonesia), Aries Mufti
Ġ D=ENI=J KB *"0
&OG=J@=N 7QHG=NJ=EJ Ġ KIIEOOEKJAN KB
Bank Muamalat) on the launching of SHADR (Sharia Deposit
Arrangement), at the ballroom of Shangri-La Hotel, Jakarta,
24 November 2006.
SHAR-E UNTUK INDOSAT: Funding Business Director

Bank Muamalat U. Saefudin Noer (tengah) dan Regional
Sales Director PT. Indosat, Wityasmoro Sih Handayanto (kiri),
menyerahkan kartu Shar-E bagi anggota Indosat Frontliner
Club, diwakili oleh Pemilik Outlet di Plaza Surabaya, Surabaya,
8 Maret 2007.
SHAR-E FOR INDOSAT: Direktur Pendanaan Bank

Muamalat, U. Saefudin Noer (center) and Regional Sales
Director PT. Indosat, Wityasmoro Sih Handayanto (left),
present the Shar-E Card for members of the Indosat Frontliner
Club, represented by an Outlet Owner at Plaza Surabaya,
Surabaya, 8 March 2007.
LAYANAN M-ATM: Dirut Bank Muamalat, A. Riawan

Amin (tengah), melakukan transfer uang antar bank melalui
ponsel, pada acara peluncuran layanan M-ATM Bersama di
'=G=NP=
M-ATM SERVICE: The CEO of Bank Muamalat, A.

Riawan Amin (center), executing a bank transfer through
the cellular phone, at the launching of the M-ATM Bersama
OANRE?AEJ'=G=NP=

BANK ISLAM TERBAIK: Direktur Utama Bank Muamalat, A. Riawan Amin (kiri) menerima penghargaan Best Islamic Bank
Poll sebagai The Best Islamic Bank in Indonesia dari Managing Director of Red Money Sdn Bhd, Andrew Morgan di Kuala Lumpur,
*=H=UOE=
BEST ISLAMIC BANK: The President Director of Bank Muamalat, A. Riawan Amin (left) receives the Best Islamic Bank Poll
S=N@BNKIPDA*=J=CEJC!ENA?PKNKB/A@*KJAU0@JD@ J@NAS*KNC=JEJ(Q=H=)QILQN *=H=UOE=
ISLAMIC FINANCIAL AND QUALITY AWARD:

Bank Muamalat menerima peringkat pertama sebagai The
Best “Full Fledge Bank Overall” dari Islamic Financial and
Quality Award 2006 pada tanggal 17 Februari 2007. Direktur
Utama Bank Muamalat menerima penghargaan bersama
wakil bank syariah lain yang menduduki peringkat dua dan
tiga.
ISLAMIC FINANCIAL AND QUALITY AWARD:

=JG *Q=I=H=P NA?AERAO PDA łNOP N=JG =O 1DA AOP ļ#QHH
Fledge Bank Overall” by Islamic Financial and Quality Award
2006 on February 17, 2007. The President Director of Bank
Muamalat receives this award along with other sharia bank
representatives which obtained the second and the third
rank.

REKOR MURI: Dirut Bank Muamalat, A. Riawan Amin KERJASAMA SHADR: Direktur Utama Bank Muamalat,
A. Riawan Amin (kiri), menandatangani nota kesepakatan
(kanan), menerima tiga penghargaan Museum Rekor
dengan Direktur Utama Bank Nagari Nazwar Nazir (kanan),
Indonesia yang diserahkan Paulus Pangka dari MURI, di
disaksikan oleh Deputi Gubernur BI Siti Ch Fadjridjah pada
'=G=NP=
acara Penandatangan Kerjasama Setoran Tunai Syariah atau
Sharia Deposit Arrangement-SHADR di Bank Indonesia,
MURI RECORD: The President of Bank Muamalat, A. '=G=NP= 0AJEJĠ
Riawan Amin (right), received three record plaques from the

Indonesian Museum of Records, presented by Paulus Pangka
BNKI*2/& EJ'=G=NP=
SHADR COOPERATION: The CEO of Bank Muamalat,
A. Riawan Amin (left), signed a memorandum of agreement
with the CEO of Bank Nagari, Nazwar Nazir (right), witnessed
by the Deputy Governor of BI, Siti Ch Fadjridjah, at the Signing
Ceremony of pthe Sharia Deposit Arrangement-SHADR at
=JG&J@KJAOE= '=G=NP= *KJ@=UĠ

INTERKONEKSI SHADR-iB: Deputi Gubernur Peluncuran PT Al-Ijarah Indonesia Finance
Bank Indonesia (BI) Siti Chalimah Fadjrijah (tengah) berfoto (ALIF), yang merupakan anak perusahaan Bank Muamalat
bersama wakil-wakil dari Bank Muamalat, Bank Nagari, Bank dihadiri antara lain oleh (dari kiri ke kanan) Utusan Khusus
Kaltim, Bank Kalsel, Bank IFI, Bank DKI dan Bank Bukopin Presiden RI untuk Timur Tengah, DR. Alwi Shihab, Komisaris
seusai penandatanganan kerja sama interkoneksi setoran Utama ALIF, Syaiful Amir, Direktur Utama Bank Muamalat,
tunai syariah (Sharia Deposit Arrangement-SHADR) dan A. Riawan Amin, Menko Perekonomian RI, Prof. DR. Boediono
peluncuran SHADR Islamic Banking (SHADR iB) di Bank (Kini Gubernur Bank Indonesia), CEO International Leasing
&J@KJAOE= '=G=NP= & Investment Company (ILIC), GM Finance Boubyan Bank,
Fuad Shehab, dan Direktur Utama ALIF, Herbudhi S. Tomo.
SHADR-iB INTERCONNECTION: The Deputy '=G=NP=
Governor of Bank Indonesia, Siti Chalimah Fadjrijah (center)
poses with the representatives of Bank Muamalat, Bank The launch of PT Al-Ijarah Indonesia Finance
Nagari, Bank Kaltim, Bank Kalsel, Bank IFI, bank DKI and (ALIF), a subsidiary company of Bank Muamalat attended
Bank Bukopin following the signing of an interconnection among others by (from left to right) the Special Envoy of the
agreement for Sharia Deposit Arrangement (SHADR) and
President of RI to the Middle East, DR. Alwi Shihab, Chairman
the launch of SHADR Islamic Banking (SHADR iB) at Bank of ALIF, Syaiful Amir, President Director of Bank Muamalat,
&J@KJAOE=EJ'=G=NP=
A. Riawan Amin, the Coordinating Minister for Economy of RI,
Prof. DR. Boediono (Currently Governor of Bank Indonesia),
CEO of International Leasing & Investment Company (ILIC),
GM Finance of Boubyan Bank, Fuad Shehab, and President
!ENA?PKNKB)&# %AN>Q@DE01KIK'=G=NP=

LIMA REKOR MURI: Dirut Bank Muamalat, A. Riawan
Amin (kanan), menerima piagam Museum Rekor Indonesia
(MURI) dari Ketua MURI, Jaya Suprana, di Jakarta. Bank
Muamalat menerima lima rekor Muri : 1. Bank Pertama Murni
Syariah dan Pelopor Perbankan Syariah Indonesia, 2. Kartu
Bank pertama yang nomor kartunya sesuai dengan nomor
NAGAJEJC /AGAJEJC=JG&JOP=J!=H=I(AI=O=J-ANP=I=
di Indonesia, 4. Pertumbuhan Prosentase Nasabah Produk
Bank Tercepat, 5. Pertumbuhan Jaringan Real Time On-line
1AN>=JU=G'=G=NP=
FIVE MURI RECORDS: The President Director of Bank

Muamalat, A. Riawan Amin (right), receives the Indonesian
Museum of Records (MURI) plaque from MURI Chairman,
'=U=0QLN=J= EJ'=G=NP==JG*Q=I=H=PNA?AERAOłRA*2/&
records: 1 First Purely Sharia Bank and Pioneer of Sharia
=JGEJC EJ &J@KJAOE= PDA łNOP =JG =N@ PD=P >A=NO PDA
O=IAJQI>ANBKN=>=JG=??KQJP #ENOP-=?G=CA@&JOP=JP
Bank Account in Indonesia, 4. Fastest Percentage Growth
Rate in the Number of Customers for a Bank Product, 5.
Largest Growth of Real Time On-line Network. Jakarta,

PENGHARGAAN UNTUK INOVASI: Direktur Bank

Muamalat, U. Saefuddin Noer (kiri), menerima penghargaan
khusus Investor Award pada tahun 2007 untuk kategori Bank
-=HEJC&JKR=PEB'=G=NP=
AWARD FOR INNOVATION: The Director of Bank

Muamalat, U. Saefuddin Noes (left), received a special
Investor Award in 2007 for the category of Most Innovative
=JG'=G=NP=
MUAMALAT KAS KILAT: Direktur Utama Bank

Muamalat, A. Riawan Amin (kiri) menyerahkan contoh kartu
Muamalat Kas Kilat kepada Kuasa Usaha Ad Interim Duta
Besar RI untuk Malaysia, Tatang B. Razak (kanan), dan Chief
"TA?QPERA,Bł?AN** !=PK>@QH*=J=L>@QH4=D=>
(tengah), sebagai tanda diluncurkannya Muamalat Kas Kilat
(MK2), sistem pelayanan pengiriman uang (remittance)
super cepat antar kedua negara, di Kuala Lumpur, Malaysia
Ġ

MUAMALAT KAS KILAT: The President Director of

Bank Muamalat, A. Riawan Amin (left) presented a mock-up
Muamalat Kas Kilat card to the Charges de Affairs ad-interim
Ambassador of the Republic of Indonesia to Malaysia, Tatang
/=V=GĠNECDP
=J@ DEAB"TA?QPERA,Bł?ANKB** !=PK
Abdul Manap Abdul Wahab (center), on the launch of the
Muamalat Kas Kilat, a super fast cash remittance service
between the two countries, in Kuala Lumpur, Malaysia
Ġ


SHARIA MEGA COVERS: Komisaris Utama Megalife,
Chairul Tanjung, menyerahkan replika kartu Sharia Mega
Covers kepada Dirut Bank Muamalat Indonesia, A. Riawan
Amin (kiri) disaksikan Ketua Dewan Syariah Nasional (DSN),
K.H. Ma’ruf Amin, di sela peluncuran Sharia Mega Covers di
'=G=NP=Ġ

SHARIA MEGA COVERS: The President Commissioner

of Utama Megalife, Chairal Tanjung (right), presented a replica
of Sharia Mega Covers Card to the President Director of
Bank Muamalat, A. Riawan Amin (left) watched by Chairman
of Dewan Syariah Nasional (DSN), K.H. Ma’ruf Amin, at the
H=QJ?DKB0D=NE=*AC= KRANOEJ'=G=NP=Ġ

PEMBERDAYAAN EKONOMI UMMAT: Direktur

Utama Bank Muamalat, selaku Ketua Umum Asosiasi Bank
Syariah Indonesia (Asbisindo), bersatu tekad dengan wakil-
wakil dari Bank Indonesia, Muhammadiyah dan Nahdlatul
Ulama setelah penandatangan kerja sama linkage program
dalam rangka pemberdayaan ekonomi ummat. Dari kiri ke
kanan: KH. Hasyim Muzadi (Ketua Umum Pengurus Besar
Nahdlatul Ulama), DR. Anwar Abbas (Ketua Majelis Ekonomi
Muhammadiyah), A. Riawan Amin (ketua Umum ASBISINDO),
DR. Muliaman D. Hadad (Deputy Gubernur Bank Indonesia),
Soebijakto Tjakrawerdaja (Ketua LPPNU) dan Prof. DR. Din
Syamsudin (Ketua Umum PP Muhammadiyah), Jakarta,

ECONOMIC EMPOWERMENT OF UMMAT:

The President Director of Bank Muamalat, as Chairman of
the Indonesian Association of Sharia Banks (Asbisindo),
is locked in a pledge with the representatives of Bank
Indonesia, Muhammadiyah and Nahdlatul Ulama following
the signing of a linkage program agreement to empower the
economies of ummat. From left to right: KH. Hasyim Muzadi
(Chairman of Nahdlatul Ulama), DR. Anwar Abbas (Chairman
of Muhammadiyah Economic Council), A. Riawan Amin
(Chairman of ASBISINDO), DR. Muliaman D. Hadad (Deputy
Governor of Bank Indonesia), Soebijakto Tjakrawardaja
(Chairman of LPPNU) and Prof. DR. Din Syamsudin (Chairman
KB--*QD=II=@EU=D
'=G=NP=

T-CASH MUAMALAT: Direktur Utama Bank Muamalat, SHAR-E INDOSAT: Direktur Utama Bank Muamalat
A. Riawan Amin (kanan) saling bertukar nota kesepahaman (kanan) bertukar naskah Nota Kesepahaman dengan Direktur
dengan Direktur Utama Telkomsel Kiskenda Suriahardja (kiri) Utama Indosat dalam rangka Pemanfaatan Jasa Perbankan
yang disaksikan oleh menteri Negara BUMN Dr. Sofyan A. dan Telekomunikasi serta Layanan Bersama kepada
Djalil SH, MA, MALD, untuk menjadi bank kustodian produk I=OU=N=G=P'=G=NP=
1AHGKIOAH =OD@E'=G=NP=
T-CASH MUAMALAT: The President Director of Bank SHAR-E INDOSAT: The President Director of Bank
Muamalat, A. Riawan Amin (right), exchanges a Memorandum Muamalat exchanges MoU documents with the President
of Understanding with the President Director of Telkomsel, !ENA?PKN KB &J@KO=P EJ ?KJJA?PEKJ SEPD AJAłPEJC BNKI
Kiskenda Suriahardja (left), witnessed by the State Minister Banking and Telecommunications Services and providing
for SOE, Dr. Sofyan A. Djalil SH, MA, MALD, for bank 'KEJP0ANRE?AOPKPDALQ>HE?'=G=NP=
?QOPK@E=JKB1AHGKIOAH =ODEJ'=G=NP=

TAAWUN CARD: Ketua Umum Asosiasi Asuransi SINDIKASI PEMBIAYAAN SYARIAH: Dalam
Syariah Indonesia (AASI), Direktur Utama Bank Muamalat rangkaian kegiatan Festival Ekonomi Syariah (FES) yang
dan Presiden Direktur PT Panin Life Tbk menabuh beduk, digelar oleh Bank Indonesia di Jakarta Convention Center
menandai peluncuran kartu Taawun Card-Idaman, kartu (JCC), 16-20 Januari 2008, ditandatangani nota kesepahaman
=OQN=JOE>AN>=OEO0D=N"@E'=G=NP= (MoU), antara Bank Muamalat, Bank Syariah Mandiri,
International Leasing and Investment Company (ILIC) Kuwait,
dan PT. Al Ijarah Indonesia Finance (ALIF). Dari kiri ke kanan,
TAAWUN CARD: The Chairman of the Indonesian A. Riawan Amin (Dirut Bank Muamalat), Yuslam Fauzi (Dirut
Association of Sharia Insurance, the President Director
Bank Syariah Mandiri), Farouk Abdullah Alwyni (Kuasa ILIC),
of Bank Muamalat and President Director of PT Panin Life Herbudhi S. Tomo (Dirut PT. Al Ijarah Indonesia Finance).
Tbk, drumming in unison to mark the launch of the Taawun
+EH=EOEJ@EG=OEOA>AO=NFQP=@KH=N00A>=C=EHA=@OEJ@EG=OE
Card-Idaman, an insurance card with Shar-E basic in Jakarta, adalah Bank Muamalat.

SYARIAH SYNDICATED FUNDING: During the

Syariah Economic Festival (FES), held by bank Indonesia at
the jakarta Convention center (JCC), 16-20 January 2008,
an MoU was signed between Bank Muamalat, Bank Syariah
Mandiri, international Leasing and investment Company (ILIC)
Kuwait, and PT Al Ijarah indonesia Finance (ALIF). From left
to right, are A. Riawan Amin (Pres. Dir. of Bank Muamalat),
Yuslam Fauzi (Pres. Dir. of Bank Syariah Mandiri), Farouk
Abdullah Alwyni (ILIC representative), Herbudhi S. Tomo
(Pres. Dir. of PT Al Ijarah Indonesia Finance), The value of the
OUJ@E?=PEKJSKNPDIEHHEKJ20!KHH=NO=JG*Q=I=H=PHA=@
the syndicated funding.

KERJA SAMA LAYANAN: Wakil Direktur Utama KANTOR CABANG KL: Direktur Finance &
PT. Pos Indonesia (Posindo) I Ketut Mardjana (kiri) siap Administrasi Bank Muamalat Andi Buchari (kanan) didampingi
bertukar naskah kerja sama dengan Direktur Utama Bank Kabag Ekonomi KBRI Malaysia Rahmat Pramono tengah
Muamalat A. Riawan Amin (ketiga kanan) disaksikan menggunting pita pada saat acara soft launching kantor Bank
Menteri Komunikasi dan Informasi Muhammad Nuh (kedua Muamalat Indonesia Cabang Kuala Lumpur di Malaysia, 24
kiri), Direktur Utama PT. Telekomunikasi Indonesia Rinaldi Desember 2008.
Firmansyah (ketiga kiri), Sesmeneg BUMN Muhammad Said
Didu (kedua kanan) dan Direktur Utama PT. Bank Tabungan KL BRANCH OFFICE: The Director of Finance &
Negara (BTN) Iqbal Latanro di Jakarta, kemarin. Kerja sama Administration of Bank Muamalat, Andi Buchari (right),
Posindo dengan Telkom, BTN, dan Bank Muamalat meliputi accompanied by the Head of Economic Section, Embassy
peningkatan sinergi pemanfaatan layanan perbankan dan of the Republic of Indonesia in Malaysia, Rahmat Pramono,
produk pos 2008. KBł?E=PAKJPDANE>>KJ?QPPEJC?ANAIKJUBKNPDAOKBPH=QJ?D
KB=JG*Q=I=H=P&J@KJAOE=(Q=H=)QILQNN=J?D,Bł?AEJ
SERVICE COOPERATION: The Vice President Director Malaysia on 24 December 2008.
of PT. Pos Indonesia (Posindo) I, Ketut Mardjana (left) is
poised to swap the signed agreement with the CEO of Bank
Muamalat, A. Riawan Amin (third from right), witnessed by the
Minister of Communications and Information, Muhammad
Nuh (second from left), CEO of PT. Telekomunikasi Indonesia,
Rinaldi Firmansyah (third from left), The Secretary of the
Ministry of SOE, Muhammad Said Didu (second from right)
and CEO of PT. Bank Tabungan Negara (BTN), Iqbal Latanro,
in Jakarta. The cooperation of Posindo with Telkom, BTN, and
Bank Muamalat represents a synergy between banking and
2008 postal services.

BANK ISLAM TERBAIK: Presiden Direktur Bank BEST ISLAMIC BANK: The CEO of Bank Muamalat
Muamalat Indonesia A. Riawan Amin (kanan) menerima Indonesia, A. Riawan Amin (right), receives the award for
penghargaan sebagai Bank Islam Terbaik di Indonesia 2008 Best Islamic Bank in Indonesia for 2008 from the Managing
dari Managing Director dan Penerbit Islamic Finance News, Director and Publisher of Islamic Finance News, Andrew
J@NAS*KNC=J@E(Q=H=HQILQN *=H=UOE= *KNC=J EJ(Q=H=HQILQN *=H=UOE=

SHAR-E DD HONG KONG: Untuk melayani tenaga KARTU FITRAH: Direktur Bank Muamalat, U. Saefudin
kerja Indonesia di Hong Kong, Bank Muamalat bekerjasama Noer (kiri), didampingi Direktur Asuransi Sinarmas Life, Sugeng
dengan Dompet Duafa (DD) Hongkong dalam co branding Wibowo, saat acara peluncuran produk Fitrah card hasil kerja
Shar-E Hong Kong. Kerjasama tersebut di tandatangani di sama antara Bank Muamalat dan Asuransi Sinarmas Life di
'=G=NP=Ġ
KHAD!ENQP=JG*Q=I=H=P /E=S=JIEJ Jakarta. Fitrah Card merupakan produk kartu Shar-E dari Bank
dengan Dirut DD, Ismail A. Said, serta penyerahan simbolis Muamalat dengan tambahan manfaat asuransi dari Asuransi
kartu DD Shar-E Hong Kong Jiwa Sinarmas.
SHAR-E DD HONG KONG: In order to serve FITRAH CARD: Director of Bank Muamalat, U. Saefudin
Indonesian migrant workers in Hong Kong, Bank Muamalat Noer (left), accompanied by the Director of Asuransi Sinarmas
cooperates with Dompet Duafa (DD) Hong Kong in the co- Life, Sugeng Wibowo, during the launch of the Fitrah Card
branding of Shar-E Hong Kong. The cooperation was signed product as a cooperation between Bank Muamalat and
EJ'=G=NP=Ġ
>UPDA ",KB=JG*Q=I=H=P /E=S=J Asuransi Sinarmas Life in Jakarta. The Fitrah Card is a Shar-E
Amin, with the CEO of Dompet Duafa, Ismail A. Said, with =N@ BNKI =JG *Q=I=H=P SEPD PDA =@@A@ >AJAłP KB = HEBA
the symbolic presentation of the DD Shar-E Hong Kong card. insurance coverage from Asuransi Jiwa Sinarmas.

EOJ
EO&J@
KJAO
E= 0A
H=O=
0
ALPA
I>A
N

LINKAGE PROGRAM BPRS: Direktur Bank KONSORSIUM ASURANSI PEMBIAYAAN:

Muamalat, U. Saefudin Noer menandatangani Direktur Bank Muamalat, Andi Buchari (kedua dari
kerjasama Linkage Program Bank Muamalat dengan kanan), Direktur PT. Madani Karsa Mandiri, Sari
Bank Perkreditan Rakyat Syariah (BPRS), Koperasi dan Kusumawati (kanan), dan Kepala Wilayah Jakarta I
Baitul Maal waTamwil (BMT) di Bank Indonesia, 1 April OQN=JOE 'ES= ANO=I= QIE -QPAN= 0U=NE=D
Lazuardi Idris (kiri), menyaksikan Dirut AJ Central
Asia Raya, Muljadi Kusuma, menandatangani nota
LINKAGE PROGRAM BPRS: Director of Bank kesepahaman mengenai pembiayaan asuransi di
Muamalat, U. Saefudin Noer, signed the agreement Jakarta.
on the Linkage Program cooperation between Bank
Muamalat and Sharia Rural Credit Bank (BPRS), CONSORTIUM OF FINANCING INSURANCE:
Cooperatives and Baitul Maal waTamwil (BMT) zt Bank Director of Bank Muamalat, Andi Buchari (second
&J@KJAOE= LNEH from right), Director of PT. Madani Karsa Mandiri, Sari
Kusumawati (right), and Head of Regional Jakarta I
OQN=JOE 'ES= ANO=I= QIE -QPAN= 0U=NE=D
Lazuardi Idris (left), witnessing the CEO of AJ Central
Asia Raya, Muljadi Kusuma, signing a memorandum of
QJ@ANOP=J@EJCKJłJ=J?EJCEJOQN=J?AEJ'=G=NP=

AYO KE BANK: Deputi Gubernur Bank Indonesia, COME TO BANK: The Deputy Governor of Bank
Muliaman D Hadad, memberikan materi edukasi Indonesia, Muliaman D Hadad, presented a banking
perbankan kepada Direktur Utama Bank Muamalat, educational material to the CEO of Bank Muamalat,
/E=S=JIEJ @E'=G=NP= 0AJEJĠ
-AIANEJP=D /E=S=J IEJ EJ '=G=NP= *KJ@=U Ġ
1DA
melalui Bank Indonesia mencanangkan tahun 2008 government through Bank Indonesia declared year
sebagai tahun Edukasi Perbankan dengan mengangkat 2008 as the Year of Banking Education with the theme
tema “Ayo ke Bank”. of “Come To Bank”.
Djati, Hendi Suhendi, bersiap menandatangani naskah

LAHQJ?QN=J*10D=N""&@=JLAJ?=J=JC=JCAN=G=J
1.000 BMT di Jabar, Kampus UIN Sunan Gunung Djati,
=J@QJC /=>Q Ġ
-AHQJ?QN=J *1 OA'=>=N
tersebut merupakan bagian dari pembukaan 500 BMT
di 12 Provinsi seluruh Indonesia pada tahun 2008.
THE LAUNCH OF BMT SHAR-E: The West Java

Governor, Ahmad Heryawan (second from right),
accompanied by Bank Muamalat Director, Andi Buchari
(second from left), Head of PINBUK, Amin Aziz (left),
and Professor of the Syariah Faculty and Law of UIN
Sunan Gunung Djati, Hendi Suhendi (right), is ready to
OECJ=L=LANKJPDAH=QJ?DKB*10D=N""&=J@PDA
start of 1,000 BMT movements in West Java, at UIN
PELUNCURAN BMT SHAR-E: Gubernur Jawa 0QJ=J $QJQJC !F=PE =J@QJC KJ 4A@JAO@=U Ġ

Barat, Ahmad Heryawan (kedua kiri), didampingi 1DAH=QJ?DKB*1PDNKQCDKQP4AOP'=R=EOL=NPKB
Direktur Bank Muamalat, Andi Buchari (kedua kanan), the opening of 500 BMT at 12 provinces in Indonesia
Ketua Umum PINBUK, Amin Aziz (kiri), dan Dekan during 2008.
Fakultas Syariah dan Hukum UIN Sunan Gunung

Sumber Daya Insani
Human Resources and Intellectual Capital
Hingga akhir tahun 2008, produktivitas Kru Muamalat

(laba bersih per jumlah kru) mencapai Rp 79,97 juta/
kru, meningkat dari Rp 67,34 juta/kru pada akhir tahun
2007.
As at year-end 2008, the productivity of Muamalat Crew (net
profit per number of crew) reached Rp 79.97 million/crew, up
from Rp 67.34 million/crew in 2007.

9\i[XjXibXe kXkXeXe e`cX` È:\c\jk`Xc DXeX^\d\ekÉ N`k_ k_\ mXcl\j f] È:\c\jk`Xc DXeX^\d\ekÉ jfc`[cp
pXe^ k\ikXeXd blXk gX[X aXaXiXe g`dgèXe [Xe \eki\eZ_\[ Xdfe^ k_\ 9XebËj c\X[\ij_`g Xe[
[`bXnXc fc\_ j\clil_ Bil DlXdXcXk# DlXdXcXk ^lXi[\[Ypk_\\ekì\DlXdXcXk:i\n#DlXdXcXk_Xj
d\e\dgXkbXe jldY\i[XpX èjXe` j\YX^X` lejli Y\\egi`fi`k`qè^_ldXeZXg`kXcXjXb\pZfdgfe\ek
lkXdX[XcXdjkiXk\^`fg\iXj`g\iYXebXejpXi`X_%?Xc èflijkiXk\^pkffg\iXk\XjXj_Xi`XYXeb%K_`j`j
è` d\eaX[`bXe 9Xeb DlXdXcXk j\YX^X` g\d`dgè n_XkdXb\j9XebDlXdXcXkX_`^_cpi\Zfê`j\[Xe[
pXe^ [`Xbl` j\ikX [`Xe[XcbXe [` gXjXi jgì`klXc% i\c`XYc\ c\X[\i è k_\ jgì`klXc dXib\k% Kf XZ_`\m\
Leklb d\eZXgX` gi\[`bXk k\ij\Ylk k`[Xb _XepX k_Xk [`jkèZk`fe efk fecp i\hlì\j \oZ\cc\eZ\ è
d\dYlkl_bXe b\le^^lcXe [XcXd g\cXpXeXe# k\kXg` j\im`Z\#YlkXcjfk_\XY`c`kpf]k_\\ekì\DlXdXcXk
al^X b\dXdglXe [Xi` j\clil_ aXaXiXe bil leklb :i\nkfle[\ijkXe[k_\ZfeZ\gkXe[giXZk`Z\jf]k_\
d\dX_Xd` bfej\g [Xe giXbk\b g\iYXebXe jpXi`X_# j_Xi`XYXebè^gièZ`gc\jXjn\ccXjk_\Zlck`mXk`fef]
j\ikXd\d\c`_XiXYl[XpXg\iljX_XXe% k_\9XebËjZfigfiXk\Zlckli\%
Gièj`gÈ:\c\jk`XcDXeX^\d\ekÉ[`k\iXgbXe[\e^Xe K_\ gièZ`gc\j f] È:\c\jk`Xc DXeX^\d\ekÉ Xi\

ZXiX d\eaX[`bXe DlXdXcXk Jgì`k j\YX^X` j\YlX_ Xggc`\[YpdXbè^k_\jgì`kf]DlXdXcXkXjXg`ccXi
g`cXi pXe^ d\eè^bXkbXe blXc`kXj jldY\i[XpX k_Xk \c\mXk\j k_\ hlXc`kp f] fli _ldXe ZXg`kXc%
èjXe`% GXiX[`^dXepX X[XcX_ YX_nX _`[lg [Xe K_\ YXj`Z gXiX[`^d `j k_Xk c`]\ Xe[ c`m\c`_ff[j
b\_`[lgXe d\ilgXbXe YX^`Xe [Xi` g\e^XY[`Xe Xi\ gXik f] fli nfij_`g kf 8ccX_ k_\ 8cd`^_kp X
b\gX[X8ccX_PXe^DX_XBlXjXXGcXZ\f]Nfij_`g % GcXZ\ f] Nfij_`g % @e_\i\ek è k_`j gXiX[`^d `j k_\
;` [XcXdepX k\ibXe[le^ e`cX`$e`cX` g\iljX_XXe DlXdXcXk Zfi\ mXcl\j f] Q@BI Q\if$YXj\[# @dXe#
pXe^ [`b\eXc [\e^Xe `jk`cX_ Q@BI Q\if$YXj\[# Bfej`jk\e# Xe[ I\jlckj$fi`\ek\[ % <XZ_ Xe[ \m\ip
@dXe#Bfej`jk\e#[XeI\jlck$fi`\ek\[ %J\k`XgèjXe DlXdXcXk :i\n `j \og\Zk\[ kf Zfeki`Ylk\ kf k_\
DlXdXcXk _Xilj Y\ibfeki`Ylj` j\ZXiX fgk`dXc [peXd`Zj f] X Z_Xdg`fe Xe[ _`^_cp Zfdg\k`k`m\
[XcXd [èXd`bX fi^Xe`jXj` bfdg\k`k`]# [\e^Xe fi^Xe`jXk`fe#èn_`Z_k_\m`j`fekfZi\Xk\#dXeX^\
Yl[XpXd\eZ`gkX#d\e^\cfcX#[Xed\e[`jki`Ylj`bXe Xe[ [`jki`Ylk\ gifjg\i`kp X GcXZ\ f] N\Xck_ n`cc
b\dXbdliXe X GcXZ\ f] N\Xck_ XbXe d\eaX[` Y\Zfd\ X i\Xc`kp% Gifjg\i`kp `j i\gi\j\ek\[ Yp
b\epXkXXe% B\dXbdliXe pXe^ [`dXbjl[ X[XcX_ G@BI Gfn\i# @e]fidXk`fe# Befnc\[^\ Xe[ I\nXi[
G@BIGfn\i#@e]fidXk`fe#Befnc\[^\#[XeI\nXi[j n_`Z_ `j ZfejkXekcp Xe[ èk\ej\cp [`jki`Ylk\[% @e
pXe^ j\eXek`XjX [`[`jki`Ylj`bXe j\ZXiX èk\ej`]% klie#XZ_Xdg`feZfddle`kpn`cc\d\i^\]ifdk_fj\
GX[X ^`cìXeepX bfdle`kXj le^^lc XbXe k\iY\eklb n_f Xi\ \X^\i kf Ô^_k ]fi k_\ X[mXeZ\d\ek f] Xe
[Xi` d\i\bX pXe^ j`Xg Y\ialXe^ j\k`Xg jXXk leklb @jcXd`Z \Zfefdp X GcXZ\ f] NXi]Xi\ ZXiipè^ k_\
d\e\^XbbXeg\i\bfefd`Xe@jcXdXGcXZ\f]NXi]Xi\ Xkki`Ylk\jf]D@BID`c`kXe#@ek\cc\Zk#Bfdg\k`k`]Xe[
[\e^Xed\e^^leXbXeXki`YlkD@BID`c`kXe#@ek\c\b# I\^\e\iXk`m\ %
Bfdg\k`k`]#[XeI\^\e\iXk`] %
G\e\iXgXe bfej\g :\c\jk`Xc DXeX^\d\ek j\ZXiX K_\ Zfej`jk\ek Xggc`ZXk`fe f] k_\ :\c\jk`Xc
bfej`jk\e [XgXk d\eè^bXkbXe bè\iaX fi^Xe`jXj`% DXeX^\d\ekZfeZ\gkZXe`dgifm\k_\g\i]fidXeZ\
?Xc è` k\iZ\idè [Xi` blXc`kXj Bil 9Xeb DlXdXcXk% f] Xe fi^Xe`jXk`fe% K_`j `j i\Õ\Zk\[ è k_\ hlXc`kp
@klcX_ j\YXYepX d\e^XgX bfej\g è` [èpXkXbXe f]k_\9XebDlXdXcXk:i\n%:\c\jk`XcDXeX^\d\ek
j\YX^X` bfej\g dXeXa\d\e gXcè^ Y\ig\e^Xil_ _Xj Y\\e XZbefnc\[^\[ Xj k_\ dfjk èÕl\ek`Xc
fc\_DXaXcX_JN8<[`jÈfdfi(-(.8^ljklj)'', dXeX^\d\ekZfeZ\gkYpJnXDX^Xqè\#(-k_\[`k`fe
j\k\cX_d\cXcl`jlim\`Y\iYX^X`bfej\gdXeXa\d\e% f] (. 8l^ljk )'',# k_ifl^_ X jlim\p f] j\m\iXc

J\cXè `kl 9Xeb DlXdXcXk al^X d\eaX[` jXcX_ dXeX^\d\ekZfeZ\gkj%@eX[[`k`fe#9XebDlXdXcXk
jXkl efdèXj` D8B< Dfjk 8[dì\[ Befnc\[^\ _Xj Xcjf Y\\e efdèXk\[ ]fi D8B< k_\ Dfjk
<ek\igi`j\ # dXjlb [XcXd (- ÔeXc`j /' g\iljX_XXe 8[dì\[ Befnc\[^\ <ek\igi`j\ # èZcl[\[ è k_\ (-
k\ib\dlbX [` @e[fe\j`X pXe^ [`j\c\e^^XiXbXe fc\_ ÔeXc`jkj f] /' gifdè\ek ZfdgXe`\j# fi^Xe`j\[ Yp
;leXd`j% ;leXd`j%
GifîXd J\ik`ÔbXj` Klal_ B\]Xj`_Xe pXe^ Fli J\m\e =cl\eZp :\ik`ÔZXk`fe GifîXdd\
dXj`_Y\icXe^jle^[`klalbXeleklbd\ep`XgbXeBil Zfekèl\[kf\e_XeZ\k_\i\c`XY`c`kpf]k_\DlXdXcXk
DlXdXcXk pXe^ Xe[Xc% J\k`Xg bil j`Xg d\e\i`dX :i\n%<XZ_Zi\nd\dY\i`ji\X[pkfXZZ\gkî\Xk\i
kXe^^le^ aXnXY pXe^ c\Y`_ Y\jXi [Xe j\eXek`XjX i\jgfej`Y`c`k`\j Xe[ `dgifm\ k_\ì jb`ccj% Fli
d\eè^bXkbXeb\k\iXdg`cXe%GifîXdg\e^\dYXe^Xe dXeX^\i`Xc[\m\cfgd\ekY\^èjn`k_XeXjj\jjd\ek
dXeXa\i`Xc [`dlcX` [\e^Xe gifîXd Xjj\jjd\ek k_Xk `j YXj\[ lgfe k_\ :fdg\k\eZp$9Xj\[ =`ccè^
pXe^ d\e^XZl b\gX[X :fdg\k\eZp$9Xj\[ =`ccè^ DlXdXcXk:9=D #n_`Z_Zfdgi`j\jf](+Zfdg\k\eZ\
DlXdXcXk :9=D pXe^ k\i[ì` [Xi` (+ bfdg\k\ej` Zi`k\i`X è k_\ k_i\\ dXè Xi\Xj f] c\X[\ij_`g Xe[
[Xe k\iYX^` [XcXd k`^X Xjg\b pX`kl1 DXeXa\i`Xc [Xe dXeX^\i`XcZXgXY`c`k`\j#g\ijfeXc\]]\Zk`m\e\jj#Xe[
B\g\d`dgèXe# <]\bk`m`kXj Gi`YX[`# [Xe Fi`\ekXj` Yljè\jjfi`\ekXk`fe%K_\:9=DgifîXd`jgifm`[\[
9`je`j% GifîXd :9=D [`Y\i`bXe b\gX[X j\k`Xg kf\m\ipDlXdXcXkf]ÔZ\i%
f]ÔZ\iDlXdXcXk%
;Xi` _Xj`c Xjj\jjd\ek pXe^ [`g\ifc\_# [`jljle =ifdk_\j\Xjj\jjd\ekjXi\[\i`m\[k_\[\m\cfgd\ek

gifîXdg\e^\dYXe^XeY\ilgXg\cXk`_XedXeXa\i`Xc gifîXdj f] \`k_\i dXeX^\i`Xc kiXèè^ fi k\Xd
XkXlgle Xbk`m`kXj [XcXd Y\eklb k`d% G\cXk`_Xe Yl`c[è^%DXeX^\i`XckiXèè^j]fiDlXdXcXkF]ÔZ\ij
dXeXa\i`Xc leklb f]ÔZ\i d\eZXblg` \eXd gifîXd Xi\ [`m`[\[ èkf jò dXè ZXk\^fi`\j# n_`Z_ Xi\ `
[XjXi# pX`kl 1 ` G\i]fidXeZ\ DXeX^\d\ek `` G\i]fidXeZ\ DXeX^\d\ek# `` GifYc\d Jfcmè^&
GifYc\d Jfcmè^&;\Z`j`fe DXbè^ ``` DXeXa\d\e ;\Z`j`fe DXbè^# ``` G\ijfee\c DXeX^\d\ek# `m
J;@ `m DXeXa\d\e G\cXk`_Xe m :\c\jk`Xc KiXèè^ DXeX^\d\ek# m :\c\jk`Xc DXeX^\d\ek
DXeX^\d\ek KiXèè^ [Xe m` B\g\d`dgèXe KiXèè^ Xe[ m` C\X[\ij_`g k_\ DlXdXcXk
DlXdXcXkC\X[\ij_`gGifîXd % C\X[\ij_`gGifîXd %
G\cXbjXeXXe gifîXd è` [`$flkjfliZè^# b\ZlXc` K_\ [\c`m\ip f] XYfm\ kiXèè^ gifîXdj Xi\
leklb DlXdXcXk C\X[\ij_`g pXe^ [`cXblbXe j\e[ì` Zfe[lZk\[ Yp X k_ì[ gXikp m\e[fi# \oZ\gk ]fi k_\
fc\_ DlXdXcXk [\e^Xe d\dg\i_Xk`bXe e`cX`$e`cX` DlXdXcXk C\X[\ij_`g GifîXd n_`Z_ `j èk\ieXccp
[XeYl[XpXb\iaXpXe^X[X% f]]\i\[ Yp fYj\imè^ k_\ DlXdXcXkËj mXcl\j Xe[
nfib\k_`Zj%

PXe^ k`[Xb bXcX_ g\ekè^ X[XcX_ gifîXd Efk f] c\jj `dgfikXeZ\ `j k_\ jb`ccj
g\eè^bXkXeb\k\iXdg`cXeYX^`BilDlXdXcXk[XcXd \e_XeZ\d\ek gifîXd kf \hl`g k_\ DlXdXcXk
d\eaXcXebXe kl^Xj j\_Xi`$_Xi`% GifîXd g\cXk`_Xe Zi\nj è k_\ì [X`cp kXjbj% K_\ jb`ccj \e_XeZ\d\ek
leklbg\eè^bXkXeb\k\iXdg`cXek\i[ì`[Xi`j\dY`cXe kiXèè^ gifîXd Zfdgi`j\j f] eè\ dXè gifîXdj
gifîXdlkXdXpX`kl1 Xj]fccfnj1
(% GifîXdFi`\ekXj`BilDlXdXcXkGifLdXk (% K_\ DlXdXcXk :i\n Fi`\ekXk`fe GifîXd Gif
)% G\iYXebXeJpXi`X_ LddXk
*% G\cXpXeXeGi`dX )% J_Xi`X9Xebè^
+% Fg\iXj`;fd\jk`b *% Gi`d\J\im`Z\j
,% B\dXdglXeD\dYXZX@e]fidXj`B\lXe^Xe +% ;fd\jk`ZFg\iXk`fej
-% ;XjXi$;XjXiG\eXeXdXe;XeX ,% 8Y`c`kp kf I\X[ Xe[ Le[\ijkXe[ =èXeZ`Xc
.% G\e^\cfcXXe8j\k[XeC`XY`c`kXj8CD8 @e]fidXk`fe
/% B\jX[XiXeXbXe8l[`k -% 9Xj`Zf]=le[jGcXZ\d\ek
0% B\dXdglXe9\ibfdle`bXj`<]\bk`] .% 8jj\kC`XY`c`kpDXeX^\d\ek8CD8
/% 8l[`k8nXi\e\jj
0% K_\8Y`c`kpkf:fddle`ZXk\<]]\Zk`m\cp
B\j\dY`cXegifîXdè`d\ilgXbXegifîXdkè[Xb K_\ eè\ gifîXdj n\i\ [\m\cfg\[ Xj X ]fccfn$

cXealk leklb d\eè^bXkbXe GifîXd J\ik`ÔbXj` lg kf k_\ J\m\e =cl\eZp :\ik`ÔZXk`fe GifîXdd\#
Klal_ B\]Xj`_Xe pXe^ g\cXbjXeXXeepX [`j\iX_bXe k_\ `dgc\d\ekXk`fe f] n_`Z_ n\i\ ZXii`\[ flk Yp
b\gX[X DlXdXcXk @ejk`klk\ [Xe C\dYX^X G\cXk`_Xe k_\ DlXdXcXk @ejk`klk\ Xe[ fk_\i Zfdg\k\ek Xe[
pXe^ Y\ibfdg\k\e [Xe i\c\mXe [` Y`[XeêpX% i\c\mXekKiXèè^@ejk`klk`fej%<XZ_Zi\nd\dY\i`j
J\[Xe^bXe g\cXbjXeXXeepX [`cXblbXe [\e^Xe gfcX ^`m\ek_\fggfikle`kpkfXggcpfek_\YXj`jf]ÈJ\c]
ÈJ\c] 8jj\jd\ekÉ j\_è^^X j\k`Xg bil [`Y\i`bXe 8jj\jjd\ekÉ Xe[ kf [\Z`[\ ]fi k_\dj\cm\j n_Xk
b\j\dgXkXe d\e^`blk` gifîXd è`% 9X^` bil pXe^ Xi\Xj k_\p nflc[ c`b\ kf `dgifm\% 8]k\i Xkk\e[è^
k\cX_ d\e^`blk` gifîXd è` XbXe [`cXblbXe [\Yi`\] X kiXèè^ gifîXd# Xe `dgifdgkl [\Yi`\Ôe^
pXe^ j`]XkepX d\e[X[Xb Y\ilgX È;\Yi`\] ;X[XbXe j\jj`fe`jZfe[lZk\[Ypflkj`[\\og\ikjkfk\jkk_\
B\c`cè^É fc\_ g\e^la` [Xi` g`_Xb clXi pXe^ X_c` befnc\[^\ k_Xk _Xj Y\\e ^Xè\[ ]ifd k_\ kiXèè^%
[`Y`[XeêpX% ;\Yi`\] [X[XbXe è` [`cXblbXe [XcXd K_`j`jkf\eZfliX^\\XZ_Xe[\m\ipZi\nd\dY\ikf
iXe^bX d\e[fife^ j\k`Xg bil leklb k\ilj Y\cXaXi Zfekèlfljcp `dgifm\ k_\ì befnc\[^\ Xe[ k_\i\Yp
d\eè^bXkbXe g\e^\kX_lXe [Xe bè\iaXepX% J\cXè k_\ì g\i]fidXeZ\ Xj n\cc% @e X[[`k`fe kf k_Xk# k_\
`kl#[`cXblbXeal^Xg\cXk`_XeÈ:\c\jk`XcDXeX^\d\ek È:\c\jk`Xc DXeX^\d\ek KiXèè^É gifîXdd\
KiXèè^É j\ZXiX i\^lcXi b\gX[X j\clil_ Bil `j gifm`[\[ i\^lcXicp kf Xcc DlXdXcXk :i\n Xe[
DlXdXcXk [Xe j\ZXiX b_ljlj YX^` j\k`Xg ZXcfe \jg\Z`Xccp]figfk\ek`Xc]lkli\DlXdXcXkc\X[\ij%
g\d`dgèDlXdXcXk%

J\[Xe^bXe leklb g\e^\dYXe^Xe dXeXa\i`Xc Bil N_\i\Xj]fik_\[\m\cfgd\ekf]k_\DlXdXcXk:i\n#
DlXdXcXk b\gX[X j\k`Xg bil [`Y\i`bXe b\j\dgXkXe \XZ_ Zi\n `j ^`m\e k_\ fggfikle`kp kf \eifcc è k_\
leklb d\e^`blk` gifîXd DF;G [Xe leklb DF;G DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd
d\eè^bXkbXe b\k\iXdg`cXe dXeXa\i`Xc f]ÔZ\i kf èZi\Xj\ k_\ì dXeX^\i`Xc Zfdg\k\eZ\ fm\i jò
DlXdXcXk [`Y\i`bXe \eXd gifîXd g\cXk`_Xe kiXèè^df[lc\jk_Xk\eZfdgXjj1
b\k\iXdg`cXedXeXa\i`Xc1 (%:DK:\c\jk`XcDXeX^\d\ekKiXèè^
(% :DK:\c\jk`XcDXeX^\d\ekKiXèè^ )%?IDXeX^\d\ek
)% DXeXa\d\eJ;D *% D@E8LKGifYc\djfcmè^[\Z`j`fedXbè^
*% D@E8LKGifYc\djfcmè^[\Z`j`fedXbè^ +% G\i]fidXeZ\dXeX^\d\ek
+% G\i]fidXeZ\dXeX^\d\ek ,% KiXèè^]fikiXè\i
,% KiXèè^]fikiXè\i -% DlXdXcXkC\X[\ij_`gGifîXd
-% DlXdXcXkC\X[i\j_`gGifîXd
Leklb d\eZ`gkXbXe X^Xi fi^Xe`jXj` Y\iaXcXe j\_Xk Kf\ejli\k_Xkk_\fi^Xe`jXk`feZXeilejdffk_cpXe[

[Xe Y\ib\jèXdYle^Xe# b\gX[X bil [`Y\i`bXe `jjljkXèXYc\#\XZ_Zi\n`j^`m\ek_\fggfikle`kpkf
b\j\dgXkXeleklbY\cXaXid\e^\dYXe^bXe[ìèpX% c\Xie Xe[ glijl\ g\ijfeXc [\m\cfgd\ek% K_\ Le`k
G\d`dgè le`k b\iaX [XgXk d\cXblbXe \mXclXj` ?\X[ n`cc j\c\Zk Xe[ i\gcXZ\ Zi\nj Xk k_\ Yfkkfd
[Xe d\e^^Xek` (' bil pXe^ Y\ibè\iaX i\e[X_% (' è k\idj f] g\i]fidXeZ\% J`d`cXicp# k_\ jXd\
J\cXealkepX j\k`Xg kX_le [`cXblbXe g\i^Xek`Xe \o\iZ`j\n`ccY\`dgc\d\ek\[YpXeelXccpi\gcXZè^
k\i_X[Xg)'g\aXYXkg\d`dgèle`kpXe^d\d`c`b` k_\ Yfkkfd )' f] k_fj\ Le`k ?\X[j n_f _Xm\
bè\iaXk\i\e[X_% Y\\e^`m\eXZ_XeZ\kfc\X[#Ylk]X`ckfg\i]fidXj
\og\Zk\[%
ALDC8?;8EA<E@JG<C8K@?8EBIL
ELD9<IJ8E;KPG<F=<;L:8K@FE
A<E@JG<E;@;@B8E&G<D8>8E>8E&9<8J@JN8 )''* )''+ )'', )''- )''. )''/

KPG<F=<;L:8K@FE
DXeXa\d\eJldY\i[XpXDXelj`X )' )) )* $ $ ,

DèXlk )0 *, *+ 0 $ ('
DXeX^\d\ekJlg\im`jfip / . / $ $ $
KiXè\iËjKiXèè^ $ , ) $ $ $
8jj\jjd\ek )' ), ). $ $ $
J\im`Z\<oZ\cc\ek ),' *'' -*( .0( )'/ $
=8JKJ\im`Z\ $ $ $ $ $ )0.
;fd\jk`ZFg\iXk`fe $ $ .,* (,+ */. )+*
G\iYXebXeJpXi`X_ ,), +,' 0-+ (), ()) +)-
=èXeZ`XcC`k\iXZp $ $ ,'. $ $ -,
9Xj`Z=èXeZè^ (+ (, ++. ))' ,/0 */.
@dgifm\DXeX^\i`XcJb`cc / - ,- $ $ $
:fi\=èXeZè^ ,' +) *' $ $ $
GIFLD8K (-)
DF;G )0 +) *( - $ -+
DlXdXcXkJgì`k +// --+ $ $ 0, )..
:\c\jk`XcDXeX^\d\ekKiXèè^ $ $ $ (++ ,,( $
AldcX_ (#++( (#-(* *#,(* (#++0 (#0,) (#0*-

Struktur Organisasi
Organization Structure
J?8I<?FC;<IJ
D<<K@E>
J?8I@8
9F8I;F= GI<J@;<EK
:FDD@JJ@FE<IJ
JLG<IM@JFIP
;@I<:KFI
9F8I;
I\j`[\ek8l[`kfi
@EK<IE8C 8[d@KJpjk\d
8L;@K ;XkX:fekifc
=èXeZè^Ki\Xjlip
>IFLG Dfe`kfiè^8l[`k8eXcpj`j
?<8;
F==@:<
:FDGC@8E:<
8;D@E@JKI8K@FE
:FIGFI8K<

JLGGFIK =èXeZè^J\kkc\d\ek =@E8E:@E>
=èXeZè^Jlg\im`j`fe
:fdgc`XeZ\ JFG
I`jbDXeX^\d\ek =%@%J_Xi`X=èXeZ`Xc
@ejk`klk`fe
=èXeZè^Gif[lZk
;\m\cfgd\ek
:figfiXk\Jlggfik
8[dè`jkiXk`fe
:figiXk\J\Zi\kXip
:fddle`ZXk`feGlYc`Z 9ljè\jjLe`kj D@JKXo
I\cXk`fe G\ijfee\c8[dè`jkiXk`fe
FgiXk`fe?\X[F]ÔZ\
:figiXk\C\^Xc@em\jkfi Cf^`jk`Z
:ffi[èXkè^9iXeZ_\j
I\cXk`fe @e]fidXk`feK\Z_efcf^p
9iXeZ_\jF]ÔZ\
GifkfZfcXì@ek\ieXc K\Z_e`ZXcJlggfik
;GCB
I\cXk`fe ;XkX:\ek\i
Fgi%Jlg\im`j`feJFG
:figfiXk\GcXeeè^
9ljè\jj
@eefmXk`fe
Jpjk\d;\m\cfgd\ekJFG
Gif[lZk;\m\cfgd\ekDXèk\eXeZ\
Ki\Xjlip
E\knfib8cc`XeZ\GFJ#;XË@DlXdXcXk#G\^X[X`Xe
J_Xi$<>\iX`Fgk`d`qè^
9LJ@E<JJ MìklXc9Xebè^Fg\iXk`fej:Xcc:\ek\i:Xi[:\ek\i 9LJ@E<JJ
=LE;@E> E<KNFIB
@E;@M@;L8C 8CC@8E:<
9LJ@E<JJ
GFC@:P
JLGGFIK

Analisa & Pembahasan Manajemen
Management Discussion & Analysis
Ditunjang oleh landasan pertumbuhan yang kokoh

berkat “WAR” serta perbaikan pada kualitas layanan
melalui program FAST Service, Bank Muamalat
mampu tumbuh secara sehat di tahun 2008 dan
berkesinambungan dalam jangka panjang.
Supported by a strong foundation for growth, which is accredited

to the “WAR” system, and improvements on quality services
through FAST Service program, Bank Muamalat is able to grow
excellently in 2008 and continue sustainably in the long-term.

LABA (RUGI) BERSIH
NET PROFIT (LOS)
[Miliar Rupiah - Billion Rupiah] 207.21
145.33
108.36
106.66
50.56
24.80
23.17
43.33
7.13
2.70
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
?8J@C$?8J@CLJ8?8 I<JLCKJF=FG<I8K@FEJ
9\i`blkè`X[XcX_lcXjXeg\iYXe[è^Xeg\eZXgX`Xe K_\ ]fccfnè^ `j X ZfdgXi`jfe i\m`\n fe 9Xeb
ljX_X 9Xeb DlXdXcXk leklb kX_le pXe^ Y\iXb_ì DlXdXcXkËj XZ_`\m\d\ekj ]fi k_\ p\Xi \e[\[
gX[X *( ;\j\dY\i )''/ [Xe )''. pXe^ k\cX_ ;\Z\dY\i*(#)''/Xe[)''.#k_Xk_XjY\\eXiiXe^\[
[`jljle Y\i[XjXibXe G\[fdXe JkXe[Xi 8blekXej` XZZfi[è^ kf k_\ =èXeZ`Xc 8ZZflekè^ JkXe[Xi[
B\lXe^Xe GJ8B ('( k\ekXe^ ÈG\epXa`Xe CXgfiXe >l`[\cè\j GJ8B ('( ÈGi\j\ekXk`fe f] J_Xi`X
B\lXe^XeJpXi`X_É#G\[fdXe8blekXej`G\iYXebXe =èXeZ`XcJkXk\d\ekÉ#K_\8ZZflekè^>l`[\cè\j]fi
JpXi`X_ @e[fe\j`X G8GJ@ [Xe gièj`g$gièj`g @e[fe\j`XeJ_Xi`XYXebjG8GJ@ Xe[fk_\i^\e\iXccp
XblekXej` pXe^ Y\icXbl ldld pXe^ [`k\kXgbXe XZZ\gk\[XZZflekè^gièZ`gc\j`jjl\[Yp@e[fe\j`Xe
@ejk`klk 8blekXe GlYc`b @e[fe\j`X# d\eZXblg glcX @ejk`klk\ f] :\ik`Ô\[ GlYc`Z 8ZZflekXekj# Xe[
g\[fdXeXblekXej`[Xeg\cXgfiXepXe^[`k\kXgbXe gi\mX`cè^ XZZflekè^ Xe[ i\gfikè^ gi\jZi`Y\[ Yp
fc\_ 9Xeb @e[fe\j`X j\ikX g\iXkliXe 98G<G8D 9Xeb@e[fe\j`XXe[9Xg\gXdI\^lcXk`feEf%M@@@%>%.
Ef% M@@@%>%. CXdgìXe B\glkljXe B\klX 98G<G8D 8kkXZ_d\ek ;\Z`j`fe f] k_\ :_XìdXe f] 9Xg\gXd
Ef% B<G$'-&GD&)''' kXe^^Xc (* DXi\k )''' Ef% B<G$'-&GD&)''' [Xk\[ DXiZ_ (*# )''' fe
k\ekXe^ g\[fdXe ÈG\[fdXe G\epXa`Xe CXgfiXe È>l`[\cè\j]fi=èXeZ`XcJkXk\d\ekjGi\j\ekXk`feÉ%
B\lXe^XeÉ%
G<E;8G8K8EAL8C9<C@;8E98>@?8J@C D8I>@E8E;GIF=@KJ?8I@E>I<M<EL<J
GX[X kX_le )''/# 9Xeb DlXdXcXk d\dYlblbXe @e )''/# 9Xeb DlXdXcXk gfjk\[ X kfkXc fg\iXkè^
g\e[XgXkXe fg\iXj` lkXdX j\Y\jXi Ig (%*)'#0' i\m\el\ f] Ig (#*)'%0' Y`cc`fe# Xe èZi\Xj\
d`c`Xi# d\eè^bXk j\Y\jXi (*#*, [Xi` Ig (%(-,#*) f] (*%*, ]ifd Ig (#(-,%*) Y`cc`fe è )''.%
d`c`Xi gX[X kX_le )''.% G\eè^bXkXe k\ij\Ylk K_\ èZi\Xj\ nXj dXècp Xkk`Ylk\[ kf i\m\el\j
k\ilkXdX Y\iXjXc [Xi` g\e[XgXkXe g`lkXe^ AlXc ]ifd jXc\j$ZfekiXZk ÔeXeZè^ DliXYX_X_#
9\c` DliXYX_X_# JXcXd# @jk`j_eXË pXe^ d\eè^bXk JXcXd# @jk`j_eX # Xe èZi\Xj\ f] ((%/+ ]ifd
j\Y\jXi ((#/+ [Xi` Ig ,**#(0 d`c`Xi d\eaX[` Ig ,**%(0 Y`cc`fe kf Ig ,0-%** Y`cc`fe2 Xe[

Ig,0-#**d`c`Xi2[Xeg\e[XgXkXeg\dY`XpXXeYX^` i\m\el\j ]ifd k_\ gifÔk j_Xiè^ f] gXik`Z`gXk`fe
_Xj`c Dl[_XiXYX_# DljpXiXbX_ pXe^ d\eè^bXk ZfekiXZk ÔeXeZè^# Xe èZi\Xj\ f] )'%)' ]ifd
j\Y\jXi )'#)' [Xi` Ig ,+,#'/ d`c`Xi d\eaX[` Ig,+,%'/Y`cc`fekfIg-,,%(/Y`cc`fe%
Ig-,,#(/d`c`Xi%
JXc[fg`lkXeÂlXc9\c`k\iZXkXkd\eè^bXkj\Y\jXi K_\ YXcXeZ\ f] JXc\j :fekiXZk =èXeZè^ `j

(/#*, [Xi` Ig +%))'#(/ d`c`Xi gX[X kX_le )''. èZi\Xj\[ Yp (/%*, ]ifd Ig +#))'%(/ Y`cc`fe
d\eaX[` Ig +%00+#+. d`c`Xi gX[X kX_le )''/% è )''. kf Ig +#00+%+. Y`cc`fe è )''/%
J\[Xe^bXejXc[fg\dY`XpXXe9X^`?Xj`cd\eè^bXk N_\i\Xj k_\ YXcXeZ\ f] gXik`Z`gXk`fe ZfekiXZk
j\Y\jXi (0#/( [Xi` Ig +%(0'#,. d`c`Xi gX[X kX_le ÔeXeZè^ _Xj èZi\Xj\[ Yp (0%/( ]ifd
)''.d\eaX[Ìg,%')'#.-d`c`XigX[XkX_le)''/% Ig+#(0'%,.Y`cc`feè)''.kfIg,#')'%.-Y`cc`feè
)''/%
J\YX^X`YXebpXe^Y\ifg\iXj`Y\i[XjXibXejpXi`X_# 9\è^ X YXeb k_Xk fg\iXk\j YXj\[ è k_\ j_Xi`X

9Xeb DlXdXcXk d\dY\i`bXe YX^` _Xj`c b\gX[X cXnj# 9Xeb dlXdXcXk gifm`[\j gifÔk j_Xiè^ kf `kj
gXiX [\gfjXe [Xe g\eXYleêpX j\jlX` gièj`g [\gfj`kfij Xe[ jXmè^ XZZflek _fc[\ij XZZfi[è^
Dl[_XiXYX_ [Xi`_Xj`c[XeXjpìbX_k\dgfi\ipXe^ kf k_\ Dl[_XiXYX_ gièZ`gc\j ]ifd k_\ k\dgfiXip
[`cXblbXe%9\jXiepX_Xbg`_Xbb\k`^X[Xeg\d\^Xe^ jpìbX_]le[jgifm`[\[è)''/i\XZ_\[Ig,(,%+)
fYc`^Xj` Dl[_XiXYX_ [Xi` [XeX jpìbX_ k\dgfi\i Y`cc`fe#XeèZi\Xj\f]*%',]ifdIg,''%(,Y`cc`feè
pXe^[`Y\i`bXegX[XkX_le)''/X[XcX_Ig,(,#+) )''.%K_\èZi\Xj\f]gifÔkj_Xiè^n\i\dXècp[l\
d`c`Xi# eX`b j\Y\jXi *#', [Xi` Ig ,''#(, d`c`Xi kfk_\îfnk_f]]le[jf]lei\jki`Zk\[èm\jkd\ekj
gX[X kX_le )''.% B\eX`bXe YX^` _Xj`c è` k\ilkXdX \jg\Z`Xccp jXmè^j XZZflekj f] (,%'. kf i\XZ_
[`j\YXYbXe fc\_ g\ikldYl_Xe [XeX g`_Xb b\k`^X Ig*#0)(%*'Y`cc`fe#Xe[X[\gfj`kf])*%00kfi\XZ_
b_ljljepX kXYle^Xe j\Y\jXi (,#'. d\eaX[` Ig ,#*0/%(/% D\Xen_`c\# 9D@ Xcjf `jjl\[ Jlblb f]
Ig *%0)(#*' d`c`Xi j\ikX [\gfj`kf j\Y\jXi )*#00 Ig*(+Y`cc`fe%K_\XYfm\XZ_`\m\d\ek_Xjgifm`[\[
d\eaX[` Ig ,%*0/#(/% J\d\ekXiX `kl 9D@ al^X Y\kk\i i\jlckj fe e\k fg\iXk`feXc i\m\el\# kf Y\
d\e\iY`kbXe Jlblb jlYfi[èXj` j\Y\jXi Ig *(+ ZcX`d\[Ypk_\YXebf]Ig/',%+/Y`cc`feè)''/#Xe
d`c`Xi% G\eZXgX`Xe [` XkXj d\dY\i`bXe _Xj`c pXe^ èZi\Xj\f])(%'0]ifdIg--,%(.Y`cc`feè)''.%
c\Y`_ YX`b XkXj g\e[XgXkXe fg\iXj` lkXdX Y\ij`_
pXe^d\eaX[`_XbYXebj\Y\jXiIg/',#+/d`c`Xi[`
kX_le )''/# pX`kl d\eè^bXk j\Y\jXi )(#'0 [Xi`
Ig--,#(.d`c`XigX[XkX_le)''.%
G<E;8G8K8EFG<I8J@FE8CC8@EEP8 FK?<IFG<I8K@E>@E:FD<
G\e[XgXkXe fg\iXj`feXc cXèepX k\i[ì` [Xi` Fk_\i fg\iXkè^ èZfd\ Zfdgi`j\j ]\\$YXj\[
g\e[XgXkXegifm`j`[Xebfd`j`pXe^k\ibX`k[\e^Xe èZfd\i\cXk\[kfÔeXeZè^XZk`m`k`\j#èZfd\]ifd
Xbk`m`kXjg\dY`XpXXe#g\e[XgXkXeaXjXX[dè`jkiXj`# YXeb kiXejXZk`feXc X[dè`jkiXk`fe j\im`Z\j# ^Xè
mXclkX Xjè^# [Xe g\dY`XpXXe b_ljlj# j\ikX ]ifd ]fi\`ê \oZ_Xe^\ kiXejXZk`fej# Xe[ fk_\ij%
g\e[XgXkXecXè$cXè%AldcX_g\e[XgXkXefg\iXj`feXc KfkXcfk_\ifg\iXkè^èZfd\è)''/Xdflek\[kf
cXèepXgX[XkX_le)''/k\iZXkXkj\Y\jXiIg(+.#(* Ig(+.%(*Y`cc`fe#i\gi\j\ekè^XeèZi\Xj\f])+%/*
d`c`Xi# d\eè^bXk j\Y\jXi )+#/* [`YXe[è^bXe ]ifdIg((.%/.Y`cc`feè)''.%
Ig((.#/.d`c`XigX[XkX_le)''.%

9<98EFG<I8J@FE8C FG<I8K@E><OG<EJ<J
9\YXe fg\iXj`feXc gX[X kX_le )''/ d\eZXgX` Fg\iXkè^ \og\ej\j è )''/ Xdflek\[ kf
Ig -+*#,( d`c`Xi# d\eè^bXk j\Y\jXi (+#,. [Xi` Ig -+*%,( Y`cc`fe# Xe èZi\Xj\ f] (+%,. ]ifd
Ig ,-(#-. d`c`Xi gX[X kX_le )''.% G\eè^bXkXe è` Ig ,-(%-. Y`cc`fe è )''.% K_\ èZi\Xj\ nXj
k\ilkXdX Xb`YXk [Xi` b\eX`bXe Y\YXe k\eX^X b\iaX dXècp [l\ kf èZi\Xj\j è g\ijfee\c \og\ej\j
j\Y\jXi ),#,, d\eaX[` Ig (*-#/( d`c`Xi# j\ikX Yp ),%,, kf Ig (*-%/( Y`cc`fe# ^\e\iXc
Y\YXe ldld [Xe X[dè`jkiXj` j\Y\jXi *+#'* Xe[ X[dè`jkiXk`m\ \og\ej\j Yp *+%'* kf
d\eaX[Ìg*0.#)+d`c`Xi% Ig*0.%)+Y`cc`fe%
G<EP@J@?8EG<E>?8GLJ8E8BK@M8GIF;LBK@= CFJJGIFM@J@FE@E><OG<EJ<J
J\jlX` [\e^Xe gièj`g b\_Xk`$_Xk`Xe# gX[X kX_le @e cè\ n`k_ `kj gil[\ek YXebè^ gfc`Z`\j# è )''/
)''/G\ij\ifXed\eXdYX_bXeg\ep`j`_Xeb\il^`Xe k_\ 9Xeb X[[\[ `kj gifm`j`feè^ ]fi gfjj`Yc\
Xbk`mXgif[lbk`]j\Y\jXiIg+)#,(d`c`Xi_è^^XkfkXc cfjj\j fe \Xieè^ Xjj\kj f] Ig +)%,( Y`cc`fe kf X
g\ep`j`_Xe d\eaX[` Ig (,*#)( d`c`Xi% IXj`f Y\YXe kfkXc gifm`j`feè^ \og\ej\ f] Ig (,*%)( Y`cc`fe% K_\
G\ep`j`_Xe G\e^_XgljXe 8bk`mX Gif[lbk`] GG8G iXk`f f] gifm`j`feè^ \og\ej\j fe \Xieè^ Xjj\kj
k\i_X[XgaldcX_b\j\clil_XeXbk`mXgif[lbk`]X[XcX_ kfkfkXc\Xieè^Xjj\kjn\i\(%+)#n_`c\k_\iXk`f
(#+)j\d\ekXiXiXj`fg\d\el_XeGG8Gk\i_X[Xg f] cfjj gifm`j`feè^ ]fi [flYk]lc \Xieè^ Xjj\kj kf
GG8GpXe^nXa`Y[`Y\eklbj\Y\jXi('-#''% gifm`j`feè^\og\ej\ji\XZ_\[('-%''%

C898FG<I8J@FE8C FG<I8K@E>@E:FD<
9XebDlXdXcXkd\eZXkXkcXYXfg\iXj`feXcj\Y\jXi 9Xeb DlXdXcXk gfjk\[ Xe fg\iXkè^ èZfd\ f]
Ig *'0#(' d`c`Xi gX[X kX_le )''/# d\eè^bXk Ig*'0%('Y`cc`feè)''/#i\gi\j\ekè^XeèZi\Xj\f]
j\Y\jXi *0#-* [Xi` Ig ))(#*. d`c`Xi gX[X kX_le *0%-*]ifdIg))(%*.Y`cc`feè)''.%K_\èZi\Xj\
)''.% G\eè^bXkXe cXYX ljX_X è` [`g\ifc\_ [Xi` è fg\iXkè^ èZfd\ nXj [\i`m\[ ]ifd k_\ 9XebËj
bè\iaX YXeb pXe^ j\dXbè jfc`[# XekXiX cXè Zfekèlè^ jkife^ g\i]fidXeZ\ Xj 9Xeb DlXdXcXk
d\cXcl` b\Y\i_Xj`cXe g\iclXjXe aXe^bXlXe cXpXeXe ]lik_\i\ok\e[\[`kji\XZ_kfXccgifmèZ\jk_ifl^_flk
b\ j\clil_ gifmèj` [` @e[fe\j`X Y\ibXk g\e\kiXj` @e[fe\j`Xfek_\jki\e^k_f]`kjJ_Xi$<g\e\kiXk`fe#
J_Xi$<# j\ikX b\Y\i_Xj`cXe jkiXk\^` g\e^\dYXe^Xe Xj n\cc k_\ jlZZ\jj f] `kj Yljè\jj [\m\cfgd\ek
ljX_X N8I pXe^ dlcX` [`k\iXgbXe gX[X kX_le jkiXk\^p f] N8I k_Xk _Xj Y\\e `dgc\d\ek\[ jèZ\
)''.% ;Xi` j\^` \Ôj`\ej` fg\iXj`feXc# iXj`f Y\YXe )''.% @e k\idj f] fg\iXkè^ \]ÔZ`\eZp# k_\ 9XebËj
fg\iXj`feXc k\i_X[Xg g\e[XgXkXe fg\iXj`feXc fg\iXkè^\og\ej\jkffg\iXkè^èZfd\iXk`fn\i\
9FGF d\elealbbXeX[XepXg\elileXe#pX`kl[Xi` _Xm\ j_fne X [\Zi\Xj\[ Yp /)%., è )''. kf
/)#., gX[X kX_le )''. d\eaX[` ./#0+ gX[X ./%0+è)''/%
kX_le)''/%
G<E;8G8K8E&9<98EEFE$FG<I8J@FE8C EFEFG<I8K@E>@E:FD<&<OG<EJ<J
9Xeb DlXdXcXk d\eZXkXk g\e[XgXkXe&Y\YXe efe$ 9XebDlXdXcXkgfjk\[e\kefe$fg\iXkè^\og\ej\j
fg\iXj`feXc Y\ij`_ j\Y\jXi dèlj Ig .#0* d`c`Xi f]dèljIg.%0*Y`cc`feè)''/#X[\Zcè\f](,%')
gX[X kX_le )''/# d\elile j\Y\jXi (,#') [Xi` ]ifddèljIg0%**Y`cc`fei\Zfi[\[è)''.%
dèljIg0#**d`c`XigX[XkX_le)''.%

C898J<9<CLDG8A8B GIF=@K9<=FI<K8O<J
CXYX j\Y\cld Y\YXe gXaXb g\e^_Xj`cXe d\eZXgX` GifÔk Y\]fi\ èZfd\ kXo Xdflek\[ kf
Ig*'(#(.d`c`XigX[XkX_le)''/#d\eè^bXkj\Y\jXi Ig *'(%(. Y`cc`fe è )''/# n_`Z_ i\gi\j\ek\[ Xe
+)#'*[XiÌg)()#'+d`c`XigX[XkX_le)''.% èZi\Xj\f]+)%'*]ifdIg)()%'+Y`cc`feè)''.%
C898J<K<C8?G8A8B E<K@E:FD<
CXYX Y\ij`_ 9Xeb DlXdXcXk leklb kX_le )''/ 9Xeb DlXdXcXk gfjk\[ X e\k èZfd\ f]
k\iZXkXk j\e`cX` Ig )'.#)( d`c`Xi# eX`b j\Y\jXi Ig )'.%)( Y`cc`fe è )''.# Xe èZi\Xj\ Yp +)%,/
+)#,/[`YXe[è^CXYXY\ij`_kX_le)''.j\Y\jXi ZfdgXi\[ kf X e\k èZfd\ f] Ig (+,%*) Y`cc`fe
Ig(+,#*)d`c`Xi% i\Zfi[\[è)''.%
G<E>?@DGLE8E;8E8;8EG<D9@8P88E =LE;@E>8E;=@E8E:@E>
J\jlX`[\e^Xed`jèpXj\YX^X`èjk`klj`@jcXdpXe^ @e cè\ n`k_ `kj d`jj`fe Xj Xe @jcXd`Z èjk`klk`fe
Y\i^\iXb [` Y`[Xe^ g\iYXebXe# 9Xeb DlXdXcXk k_Xk `j \e^X^\[ è YXebè^# 9Xeb DlXdXcXk `j
j\eXek`XjX Y\ig\iXe Xbk`] [XcXd d\eaXcXebXe XZk`m\ è `kj ifc\ Xj X ÔeXeZ`Xc èk\id\[`Xip k_Xk
]le^j`èk\id\[`Xj`d\cXcl`g\e^_`dgleXe[XeX[Xe dfY`c`q\j k_ì[$gXikp ]le[j Xe[ i\kliej k_\d kf
d\epXclibXeepXb\dYXc`b\gX[XdXjpXiXbXk[XcXd k_\glYc`Zèk_\]fidf]ÔeXeZè^%@ecè\n`k_k_\
Y\eklb g\dY`XpXXe% J\cXiXj [\e^Xe g\iclXjXe Zfekèlè^ \ogXej`fe f] `kj Yljè\jj# k_\ Xdflek
ljX_X# aldcX_ Xbk`mX G\ij\ifXe d\eè^bXk j\Y\jXi f]k_\9XebËjkfkXcXjj\kjèZi\Xj\[Yp(0%(/]ifd
(0#(/ [Xi` Ig ('%,-0#'/ d`c`Xi gX[X Xb_ì )''. Ig ('#,-0%'/ Y`cc`fe Xj Xk p\Xi$\e[ )''. kf
d\eaX[Ìg()%,0-#.)d`c`Xi[`Xb_ì)''/% Ig()#,0-%.)Y`cc`feXkp\Xi$\e[)''/%

G<E>?@DGLE8E;8E8 =LE;@E>
;XeX g`_Xb b\k`^X d\ilgXbXe jldY\i g\e[XeXXe K_ì[ gXikp ]le[j i\gi\j\ek 9Xeb DlXdXcXkËj
lkXdX 9Xeb DlXdXcXk% 9\i[XjXibXe GJ8B ('(# gi`dXip jfliZ\ f] ]le[è^% 8ZZfi[è^ kf GJ8B
[XeX g`_Xb b\k`^X [`^fcfe^bXe d\eaX[` NX[`X_ ('(# k_ì[ gXikp ]le[j Zfdgi`j\ f] nX[`X_ Xe[
k`k`gXe [Xe Dl[_XiXYX_ YX^` _Xj`c % J`dgXeXe dl[_XiXYX_ kpg\ f] jXmè^j&[\gfj`kj% NX[`X_
k\ij\Ylk k\i[ì` [Xi` >ìf NX[`X_ [Xe KXYle^Xe [\gfj`k gif[lZkj Zfdgi`j\ f] NX[`X_ ;\dXe[
NX[`X_%;XeXJpìbX_K\dgfi\id\eZXblg;\gfj`kf ;\gfj`k Xe[ NX[`X_ JXmè^j# n_`c\ k\dgfiXip
Dl[_XiXYX_ [Xe KXYle^Xe Dl[_XiXYX_% AldcX_ jpìbX_]le[jZfdgi`j\f]Dl[_XiXYX_K`d\;\gfj`k
[XeX g`_Xb b\k`^X pXe^ Y\i_Xj`c [`_`dgle j\cXdX Xe[Dl[_XiXYX_JXmè^j%8jXkp\Xi$\e[)''/#k_\
kX_le )''/ d\e^XcXd` g\eè^bXkXe j\Y\jXi Xdflekf]k_ì[gXikp]le[jèZi\Xj\[Yp(,%0(]ifd
(,#0( [Xi` Ig /%-0(#** d`c`Xi gX[X Xb_ì )''. Ig /#-0(%** Y`cc`fe Xj Xk p\Xi$\e[ )''. kf
d\eaX[` Ig ('%'.*#0, d`c`Xi [` Xb_ì kX_le )''/% Ig ('#'.*%0, Y`cc`fe Yp p\Xi$\e[ )''/% K_\
J\cXè `kl k\iaX[` g\eXdYX_Xe aldcX_ i\b\eè^ eldY\i f] XZZflekj èZi\Xj\[ Zfii\jgfe[è^cp
[Xi` )%(+/%*0, i\b\eè^ gX[X kX_le )''. d\eaX[` ]ifd )#(+/#*0, XZZflekj è )''. kf )#0()#+,,
)%0()%+,, i\b\eè^ gX[X Xb_ì )''/% G\eè^bXkXe XZZflekjXjXkp\Xi$\e[)''/%8j`ê`ÔZXekîfnk_
pXe^j`ê`ÔbXek\iaX[`gX[Xi\b\eè^kXYle^XepXe^ `ji\Zfi[\[èk_\eldY\if]jXmè^jXZZflek#n_`Z_
kldYl_ [Xi` (#0. alkX i\b\eè^ gX[X kX_le )''. èZi\Xj\[]ifd(%0.d`c`feXZZflekjè)''.kf)%-.
d\eaX[`)#-.alkXg\iXb_ìkX_le)''/%Bfeki`Ylj` d`c`fe Xj Xk p\Xi$\e[ )''/% K_\ cXi^\jk èZi\Xj\
k\iY\jXi k\i_X[Xg g\eè^bXkXe aldcX_ i\b\eè^ è k_\ eldY\i f] jXmè^j XZZflekj ZXd\ ]ifd k_\
kXYle^Xe è` [`jldYXe^bXe fc\_ J_Xi$<% J\YXepXb J_Xi$< XZZflek% 8 kfkXc f] .+'#-*( e\n J_Xi$<
.+'%-*( i\b\eè^ J_Xi$< YXil k\iZXkXk gX[X kX_le XZZflekj n\i\ i\Zfi[\[ è )''/# dXibè^ X

)''/#d\eXe[X`g\ikldYl_Xej\Y\jXi,0#.-[XcXd îfnk_ f] ,0%.-# Xe[ Yiè^è^ k_\ kfkXc eldY\i
aldcX_ i\b\eè^ J_Xi$< pXe^ d\eZXgX` (%0/'%'.' f] J_Xi$< XZZflekj kf (#0/'#'.' Xj Xk p\Xi$
i\b\eè^g\iXb_ìkX_le)''/%J\d\ekXiX`kl#jXc[f \e[ )''/% @e k_\ d\Xek`d\# k_\ kfkXc YXcXeZ\ f]
kfkXcJ_Xi$<d\eè^bXk[XiÌg(%(0(#-d`c`Xid\eaX[` jXmè^jXZZflekèZi\Xj\[]ifdIg(#(0(%-Y`cc`fekf
Ig (%-'*#0, d`c`Xi% AldcX_ ;\gfj`kf Dl[_XiXYX_ Ig (#-'*%0, Y`cc`fe% K_\ jXmè^j XZZflekj n\i\
[Xe KXYle^Xe d\eè^bXk dXjè^$dXjè^ j\Y\jXi èZi\Xj\[\XZ_f])*%00Xe[(,%'.kfIg,#*0/%(/
)*#00[Xe(,#'.#d\eaX[Ìg,%*0/#(/d`c`Xi[Xe Y`cc`fe Xe[ Ig *#0)(%*' Y`cc`fe# i\jg\Zk`m\cp# Yp k_\
Ig *%0)(#*' d`c`Xi gX[X Xb_ì kX_le )''/% \e[f])''/%JlZ_îfnk__Xji\Õ\Zk\[k_Xkj_Xi`X
G\ikldYl_Xe è` d\eZ\idèbXe YX_nX g\iYXebXe YXebè^ `j Y\Zfdè^ gfglcXi n`k_ k_\ Zfddle`kp#
jpXi`X_ j\dXbè [`dèXk` [Xe [`k\i`dX fc\_ Xcfe^n`k_k_\\ogXej`fef]9XebDlXdXcXkËjf]ÔZ\
dXjpXiXbXk# j\ìè^ g\iclXjXe aXiè^Xe bXekfi e\knfib k_Xk j`dgc`]p k_\ Zljkfd\ij kf lj\ k_\
g\cXpXeXe 9Xeb DlXdXcXk pXe^ d\dl[X_bXe ]i`\e[cp \okiX j\im`Z\j f] k_\ J_Xi$< èefmXk`m\
eXjXYX_ [XcXd d\dXe]XXkbXe cXpXeXe gclj gif[lZkj# \eXYcè^ k_\d kf fg\e dfi\ XZZflekj%
b\dl[X_XXe gif[lb èfmXk`] J_Xi$<# j\_è^^X :fdgfj`k`fe f] k_ì[$gXikp ]le[j è )''/ `j jk`cc
d\dle^bèbXe eXjXYX_ c\Y`_ YXepXb leklb [fdèXk\[YpDl[_XiXYX_k`d\[\gfj`kjXZZflekè^
d\dYlbXi\b\eè^%Bfdgfj`j`[XeXdXjpXiXbXkgX[X ]fi,*%,0f]Xcck_\k_ì[$gXikp]le[j%N_`c\jXmè^j
kX_le )''/ dXj`_ [`[fdèXj` ;\gfj`kf 9\iaXe^bX XZZflekjZfeki`Ylk`fekfk_ì[$gXikp]le[ji\XZ_\[
Dl[_XiXYX_ d\eZXblg ,*#,0 [Xi` b\j\clil_Xe */%0*è)''/%
[XeX dXjpXiXbXk% J\[Xe^bXe# bfeki`Ylj` KXYle^Xe
k\i_X[Xg g\ifc\_Xe [XeX dXjpXiXbXk j\Y\jXi
*/#0*[`kX_le)''/%
G<D9@8P88E =@E8E:@E>
AldcX_g\dY`XpXXepXe^[`jXclibXe9XebDlXdXcXk K_\ Xdflek f] ÔeXeZè^ [`jYlij\[ Yp 9Xeb
d\eè^bXkj\Y\jXi))#'+[XiÌg/%-(/#',d`c`Xi DlXdXcXk èZi\Xj\[ Yp ))%'+ ]ifd Ig /#-(/%',
gX[X kX_le )''. d\eaX[` Ig ('%,(.#/- d`c`Xi [` Y`cc`feè)''.kfIg('#,(.%/-Y`cc`feè)''/%K_\
kX_le)''/%G\eè^bXkXeè`k\ilkXdX[`[fife^fc\_ èZi\Xj\nXjgi`dXi`cp[i`m\eYpk_\i\cXk`m\cpjkXYc\
bfe[`j` dXbif\bfefd` pXe^ i\cXk`] jkXY`c# j\_è^^X dXZif\Zfefd`Z Zfe[`k`fej# \eXYcè^ k_\ \Zfefdp
d\dYlbXg\clXe^c\Y`_YXepXbYX^`b\^`XkXeljX_X% Xe[ Yljè\jj\j kf îfn% 8 [`jkèZk`m\ ]\Xkli\ f]
JXcX_ jXkl Zì` b_Xj g\dY`XpXXe X[XcX_ [lble^Xe 9Xeb DlXdXcXkËj ÔeXeZè^ XZk`m`k`\j `j `kj jlggfik
b\gX[X j\bkfi ljX_X d`bif# b\Z`c [Xe d\e\e^X_ kfnXi[j k_\ d`Zif# jdXcc Xe[ d\[`ld \ek\igi`j\
LDBD % J\b`kXi ,,#-' [Xi` g\dY`XpXXe 9Xeb DJD< j\Zkfi%Jfd\,,%-'f]k_\9XebËjÔeXeZè^
[`jXclibXeb\eXjXYX_LDBD[Xei\eZXeXepXXbXe n\i\ Z_Xee\c\[ kf DJD< Zljkfd\ij# n`k_ gcXej kf
k\ilj[`kè^bXkbXe[`dXjXd\e[XkXe^% èZi\Xj\k_\Xdflek]lik_\ièk_\]lkli\%
G<EP<98I8EI@J@BFG<D9@8P88E =@E8E:@E>I@JBJGI<8;@E>
J\YX^X`dXeX cXpXbepX c\dYX^X b\lXe^Xe# 9Xeb 8j Xep fk_\i ÔeXeZ`Xc èjk`klk`fe# k_\ \dg_Xj`j
DlXdXcXk j\eXek`XjX Y\iljX_X d\eaX^X XdXeX_ fe dXèkXèè^ glYc`Z kiljk `j gXiXdflek% 9Xeb
dXjpXiXbXk c\nXk g\e\iXgXe gièj`g b\_Xk`$ DlXdXcXk fg\iXk\j fe k_\ gièZ`gc\j f] gil[\ek
_Xk`Xe d\cXcl` g\e^\cfcXXe [Xe g\ep\YXiXe i`j`bf YXebè^ giXZk`Z\j Yp dXeX^è^ Xe[ [`jki`Ylkè^ `kj
[\e^Xe ZXiX d\e^_è[Xi` a\e`j g\dY`XpXXe pXe^ i`jb\ogfjli\èjlZ_XnXpXjkfXmf`[ZfeZ\ekiXk`fe
k\ibfej\ekiXj`#j\bkfi\bfefd`k\ik\ekl#[XeaXe^bX i`jbfeXjè^c\ÔeXeZè^kpg\#\Zfefd`Zj\Zkfi#fi
nXbklpXe^k\icXclcXdX% ÔeXeZè^k\efi&dXkli`kpk_Xk`j\oki\d\cpcfe^%

G\dY\i`Xe g\dY`XpXXe d\elilk j\bkfi \bfefd` K_\ XccfZXk`fe f] ÔeXeZè^ ]XZ`c`k`\j Yp \Zfefd`Z
kX_le)''/k\cX_[`cXblbXe[\e^Xed\dg\i_Xk`bXe j\Zkfij è )''/ nXj le[\ikXb\e Yp \ejliè^ k_Xk
g\ep\YXiXei`j`bfpXe^dXdgld\cè[le^`G\ij\ifXe i`jb [`m\ij`ÔZXk`fe `j X[\hlXk\ kf gifk\Zk k_\
[Xi` bfej\ekiXj` j\bkfi \bfefd` k\ik\ekl% ?è^^X 9Xeb]ifdY\è^kff\ogfj\[èXepfe\gXik`ZlcXi
Xb_ìkX_le)''/#gifgfij`leklbj\bkfiljX_XaXjX \Zfefd`Z j\Zkfi% 8j Xk p\Xi$\e[ )''/# Yljè\jj
j\Y\jXi +,#(-# [``blk` j\bkfi jfj`Xc dXjpXiXbXk j\im`Z\j j\Zkfi XZZflek\[ ]fi +,%(-# ]fccfn\[ Yp
((#).# g\e^Xe^blkXe /#,*# bfejkilbj` ('#('# k_\ jfZ`Xc glYc`Z j\Zkfi Xk ((%).# kiXejgfikXk`fe
[Xeg\i[X^Xe^Xe,#,.%J\[Xe^j\bkficXègfijèpX /%,*#ZfejkilZk`fe('%('#kiX[è^,%,.%N_\i\Xj
i\cXk`] b\Z`c# _XepX d\ep\ekl_ Xe^bX (0#*. [Xi` k_\ fk_\i j\Zkfij _X[ i\cXk`m\cp jdXcc gfik`fe#
b\j\clil_Xeg\dY`XpXXepXe^[`Y\i`bXe% XZZflekè^]fiXZfdYè\[j_Xi\f](0%*.%
Leklb aXe^bX nXbkl [Xe bfdgfj`j` g\dY`XpXXe @ek\idjf]k\efi#k_\Zfdgfj`k`fef]ÔeXeZè^XjXk
_è^^XXb_ìkX_le)''/X[XcX_j\YX^X`Y\i`blk1 p\Xi$\e[)''/n\i\Xj]fccfnj1
JXdgX`[\e^XejXklkX_le((#.- Lgkffe\p\Xi((%.-
5(Æ)kX_le.#-. 5($)p\Xij.%-.
5)Æ,kX_le+0#/0 5)$,p\Xij+0%/0
;`XkXj,kX_le*'#-/ Cfe^\ik_Xe,p\Xij*'%-/
G<D9@8P88E9<ID8J8C8? EFEG<I=FID@E>=@E8E:@E>
G\dY`XpXXe Y\idXjXcX_ Y`XjXepX Y\i^\iXb j\ZXiX Efeg\i]fidè^ÔeXeZè^f]k\edfm\jègifgfik`fe
gifgfij`feXc [\e^Xe g\ikldYl_Xe g\dY`XpXXe `kl n`k_k_\îfnk_f]k_\ÔeXeZè^`kj\c]%@ecè\n`k_k_\
j\e[ì`%;`k\e^X_i`j`bfY`je`jpXe^d\eè^bXkXb`YXk èZi\Xjè^ Yljè\jj i`jb XjjfZ`Xk\[ n`k_ k_\ ^cfYXc
bi`j`j ÔeXej`Xc ^cfYXc# iXj`f EG= Efe G\i]fidè^ ÔeXeZ`Xc Zi`j`j# k_\ iXk`f f] EG= Efe G\i]fidè^
=èXeZè^ Y\ij`_ k\i_X[Xg kfkXc g\dY`XpXXe pXe^ =èXeZè^ kf kfkXc flkjkXe[è^ ÔeXeZè^ nXj jk`cc
[`Y\i`bXe dXj`_ [XgXk [` g\ikX_XebXe gX[X c\m\c dXèkXè\[ Xk *%,/ è )''/# èZi\Xjè^ ]ifd
*#/, [` kX_le )''/# eX`b [`YXe[è^bXe kX_le (%**è)''.%
)''.j\Y\jXi(#**%

G<ELEA8E>G<D9@8P88E =@E8E:@E>JLGGFIK
J\aldcX_ b\YàXbXe pXe^ [`XdY`c j\cXdX )''/ 8eldY\if]gfc`Z`\jk_Xkn\i\le[\ikXb\eè)''/
k\iepXkX dXdgl d\e[fife^ g\ikldYl_Xe Zfeki`Ylk\[kfk_\îfnk_f]ÔeXeZè^n`k_j\m\iXc
g\dY`XpXXe [\e^Xe Y\Y\iXgX b\Y\i_Xj`cXe pXe^ efkXYc\XZZfdgc`j_d\ekj#Xj]fccfnj1
Zlblgd\efeafcXekXiXcXè1 @dgc\d\ekè^ k_\ ÔeXeZè^ Xcc`XeZ\ jZ_\d\
D\i\Xc`jXj`bXejb\dXXc`Xej`g\dY`XpXXe[\e^Xe k_ifl^_k_\lj\f]DlXdXcXkjkiXk\^`ZgXike\ij
d\dXe]XXkbXed`kiXjkiXk\^`jDlXdXcXkj\YX^X` èk_\\ok\e[è^f]ÔeXeZè^]XZ`c`k`\j
g\epXclig\dY`XpXXe <jkXYc`j_d\ekf]Zc\XikXi^\kdXib\kXe[dXib\k
G\e\eklXegXjXijXjXiXe[Xej\^d\egXjXipXe^ j\^d\ekkf\e_XeZ\[ì\ZkdXib\kè^Xe[jXc\j
a\cXj leklb d\dl[X_bXe b\^`XkXe g\dXjXiXe XZk`m`k`\j
[Xeg\ealXcXe

G\eè^bXkXe b\dXdglXe XeXc`j`j g\dY`XpXXe @dgifmè^ÔeXeZè^XeXcpj`jjb`ccjkfdXib\kè^
YX^` bil g\dXjXiXe [Xi` j\clil_ bXekfi ZXYXe^ Zi\nj ]ifd Xcc YiXeZ_\j k_ifl^_ kiXèè^ Xe[
d\cXcl`g\cXk`_Xe[XecfbXbXipXg\dY`XpXXe nfibj_fgjèZfi\ÔeXeZè^
G\ep\dglieXXe gXe[lXe b\YàXbXe [Xe XZlXe <jkXYc`j_d\ek f] gfc`Zp dXelXc Xe[ jkXe[Xi[
jkXe[Xi[XcXdd\cXblbXeXeXc`j`jg\dY`XpXXe ^l`[\cè\ ]fi k_\ gi\gXiXk`fe f] ÔeXeZè^
8[XepXg\iYX`bXegifj\jg\e^XdY`cXeb\glkljXe XeXcpj`j
g\dY`XpXXe#j\_è^^X_Xj`cepXc\Y`_Z\gXkkXegX @dgifmè^ k_\ [\Z`j`fe dXbè^ gifZ\jj ]fi
d\e^\jXdgè^bXeXjg\bb\_Xk`$_Xk`Xe% ÔeXeZè^ Yp \og\[`kè^ k_\ XggifmXc gifZ\jj
n`k_flkZfdgifd`jè^fe`kjgil[\ek`XcXjg\Zk%
DF;8CG<D<>8E>J8?8D J?8I<?FC;<IJË<HL@KP
?è^^X Xb_ì kX_le )''/# aldcX_ df[Xc 9Xeb 8jXkp\Xi$\e[)''/#kfkXcj_Xi\_fc[\ijË\hl`kpf]9Xeb
DlXdXcXkk\iZXkXkj\Y\jXiIg0--#(/d`c`Xi[\e^Xe DlXdXcXkXdflek\[kfIg0--%(/Y`cc`fen`k_XZXg`kXc
iXj`fb\ZlblgXedf[Xc:8I j\Y\jXi('#/*%Df[Xc X[\hlXZp iXk`f :8I f] ('%/*% KfkXc j_Xi\_fc[\ijË
g\d\^Xe^ jX_Xd d\eè^bXk j\Y\jXi (+#(/ [` \hl`kpèZi\Xj\[Yp(+%(/è)''0XjXi\jlckf]k_\
kX_le)''/Y\ibXkb\eX`bXejXc[fcXYX[`kX_XeXkXj èZi\Xj\ è k_\ Xdflek f] i\kXè\[ \Xieè^j ]ifd k_\
g\ifc\_XecXYXY\ij`_G\ij\ifXe[`kX_lek\ij\Ylk% e\kèZfd\f]k_\9Xeb[liè^k_Xkp\Xi%
BFDGFJ@J@G<D<>8E>J8?8D
:FDGFJ@K@FEF=J?8I<?FC;<IJ
E8D8 KFK8CC<D98IJ8?8D G<IJ<EK8J<

E8D< KFK8CELD9<IF=J?8I<J G<I:<EK8><
( @jcXd`Z;\m\cfgd\ek9Xeb ))0#.+-#((- )/%'(

) 9flYpXe9XebBlnX`k (.+#,,'#)/( )(%)/
* 8kn`cc?fc[è^jC`d`k\[ (),#-.-#)'* (,%*)
+ 8Y[lcIf_`d ,,#'''#''' -%.(
, I`qXc@jdX\c +,#'''#''' ,%+0
- BFGB8G@E;F )-#-).#)0- *%),
. @;==fle[Xk`fe )+#+*.#'*0 )%0/
/ 9D=?fc[è^jC`d`k\[ )+#+*.#'*0 )%0/
0 9X[XeG\e^\cfcX;XeXFE?@ (0#00'#''' )%++
(' DXjpXiXbXkCXè 0+#./.#.., ((%,+
KfkXc /)'#),(#.+0 (''%''

Tata Kelola Perusahaan
Good Corporate Governance
Ldld >\e\iXc
9Xeb DlXdXcXk j\YX^X` g\cfgfi YXeb jpXi`X_ [` 8j X g`fe\\i f] j_Xi`X YXebè^ è @e[fe\j`X# 9Xeb
@e[fe\j`X#j\d\eaXbXnXcY\i[ìèpX_è^^XjXXkè`# DlXdXcXk_Xj]ifdk_\èZ\gk`fef]`kjYljè\jjkf
k\ilj Y\ilgXpX leklb d\eaX[` jXcX_ jXkl g\cfgfi [Xk\#ZfejkXekcpjki`m\ekfY\fe\f]k_\g`fe\\ijè
[XcXd `dgc\d\ekXj` >ff[ :figfiXk\ >fm\ieXeZ\ k_\`dgc\d\ekXk`fef]>ff[:figfiXk\>fm\ieXeZ\
>:> [` g\iYXebXe jpXi`X_% J\YX^X` YXeb pXe^ >:> èj_Xi`XYXebè^%8jXYXebk_Xk`jfne\[è
j\YX^`Xe Y\jXi jX_XdepX [`d`c`b` fc\_ c\dYX^X dXafi`kpYpj_Xi\_fc[\ij]ifdk_\D`[[c\<Xjk#n`k_
b\lXe^Xe&YXeb pXe^ Y\iXjXc [Xi` K`dli K\e^X_# k`\jk_Xk_Xm\Y\\e]fi^\jn`k_XeldY\if]Zfleki`\j
dXbX9XebDlXdXcXkj\aXbXnXckX_le)''/k\cX_ è k_Xk i\^`fe# 9Xeb DlXdXcXk è \Xicp )''/
d\cXblbXe b\iaXjXdX [\e^Xe @jcXd`Z @ek\ieXk`feXc \e^X^\[ k_\ j\im`Z\j f] k_\ @jcXd`Z @ek\ieXk`feXc
IXkè^ 8^\eZp @@I8 leklb d\cXblbXe g\e`cX`Xe IXkè^8^\eZp@@I8 kfle[\ikXb\XJ_Xi`XHlXc`kp
[Xe g\e^bXa`Xe j\ikX g\d\iè^bXkXe iXkè^ XkXj IXkè^ fe k_\ YXj`j f] j_Xi`X Zfdgc`XeZ\ Xe[ k_\
g\cXbjXeXXe>:>[`9XebDlXdXcXk%J\jlXàX[lXc# hlXc`kp f] k_\ fi^Xe`jXk`fe Xe[ g\ijfee\c n_f
@@I8 XbXe d\cXblbXe [l\ [`c`^\eZ\ [`g\ibìXbXe giXZk`Z\k_\gièZ`gc\jf]j_Xi`XXk9XebDlXdXcXk%
gX[X YlcXe 8gi`c )''0 [Xe b\dl[`Xe j\k\cX_ 8jg\ijZ_\[lc\#@@I8n`ccle[\ikXb\X[l\[`cc`^\eZ\
`kl [`_XiXgbXe g\e`cX`Xe g\cXbjXeXXe :figfiXk\ è8gi`c)''0èn_`Z_n\\og\Zkk_\ÔeXcflkZfd\
>fm\ieXeZ\k\ij\Ylkk\cX_ÔeXc% f]k_\:figfiXk\>fm\ieXeZ\Xjj\jjd\ek%
J\YX^X`dXeX kX_le )''. pXe^ cXcl# 9Xeb 8j nXj k_\ ZXj\ è )''.# 9Xeb DlXdXcXk Xj X
DlXdXcXk j\YX^X` c\dYX^X g\iYXebXe# b\nXa`YXe YXebè^èjk`klk`fe`jfYc`^\[kfgi\j\ekX>:>i\gfik
d\cXbjXeXbXe j\ikX d\epXdgX`bXe cXgfiXe >:> kf 9Xeb @e[fe\j`X 9@ # glijlXek kf 9@ I\^lcXk`fe
b\gX[X 9Xeb @e[fe\j`X 9@ # XbXe k\ilj [Xe k\kXg Ef% /&+&G9@&)''- f] *' AXelXip )''- fe k_\
[`cXbjXeXbXe%?Xcè`j\YX^X`nlal[bfd`kd\eYXeb @dgc\d\ekX`fe f] >ff[ :figfiXk\ >fm\ieXeXZ\
[XcXdd\cXbjXeXbXeb\k\eklXe9@Ef%/&+&G9@&)''- ]fiX:fdd\iZ`Xc9XebXe[9@I\^lcXk`feEf%/&(+&
kXe^^Xc*'AXelXi`)''-k\ekXe^G\e\iXgXe >ff[ G9@&)''-f],FZkfY\i)''-fek_\8dd\e[d\ek
:figfiXk\ >fm\ieXeZ\ gX[X 9Xeb Ldld [Xe f] 9@ I\^lcXk`fe Ef%/&+&G9@&)''- Xj n\cc Xj 9Xeb
G9@ Ef% /&(+&G9@&)''- kXe^^Xc , FbkfY\i )''- @e[fe\j`X :ìZlcXi C\kk\i Ef%0&()&;GEG [Xk\[ *'
k\ekXe^G\ilYX_XeXkXjG9@Ef%/&+&G9@&)''-j\ikX DXp)''.#ègXik`ZlcXi8ik`Zc\j-)Xe[c-*fek_\
JliXk <[XiXe 9Xeb @e[fe\j`X J<9@ Ef%0&()&;GEG fYc`^Xk`fef]X9Xebkfgifm`[\Xi\gfikfe`kj>:>
kXe^^Xc*'D\`)''.#b_ljljepXGXjXc-)[XeGXjXc XZk`m`k`\j#Yfk_j\g\Xik\cpXe[XjgXikf]k_\XeelXc
-*d\e^\eX`b\nXa`YXe9Xebd\epXdgX`bXecXgfiXe i\gfik%
g\cXbjXeXXe >:># YX`b j\ZXiX k\ij\e[ì` dXlgle
[`^XYle^bXe[XcXdcXgfiXeb\lXe^Xe%
Leklb g\e\iXgXe kXkX b\cfcX g\iljX_XXe kX_le =fik_\`dgc\d\ekXk`fef]ZfigfiXk\^fm\ieXeZ\è

)''/ [`è]fidXj`bXe j\ZXiX ldld [XcXd cXgfiXe )''/# `k `j gi\j\ek\[ è YifX[ k\idj è k_`j )''/
kX_leXe)''/è`[Xe_XepXd\ilgXbXe^Xi`jY\jXi XeelXci\gfikXe[gi\jekjfecpX^\e\iXcm`\nf]k_\
g\cXbjXeXXe g\e\iXgXe >:> [` 9Xeb DlXdXcXk% >:> `dgc\d\ekXk`fe è 9Xeb DlXdXcXk% ?fn\m\i#
EXdle [\d`b`Xe cXgfiXe g\e\iXgXe >:> j\ZXiX k_\ ]lcc >:> `dgc\d\ekXk`fe i\gfik `j gifm`[\[
c\e^bXg XbXe [`YlXk [Xe [`jXdgX`bXe j\ZXiX j\g\iXk\cpXe[gi\j\ek\[kf9Xeb@e[fe\j`X%
k\ij\e[ì`b\9Xeb@e[fe\j`X%

KiXejgXiXej`G\cXbjXeXXe>:> KiXejg\i\eZpf]>:>@dgc\d\ekXk`fe
G\cXbjXeXXe KXkX B\cfcX G\iljX_XXe pXe^ YX`b K_\`dgc\d\ekXk`fef]>ff[:figfiXk\>fm\ieXeZ\
>:> [` 9Xeb DlXdXcXk d\ilgXbXe YX^`Xe kXb Xk9XebDlXdXcXk`jXeèk\îXcgXikf]k_\DlXdXcXk
k\ig`jX_bXe [Xi` DlXdXcXk Jgì`k# pXe^ èkèpX jgì`k# n_`Z_ \jj\ek`Xccp i\gi\j\ekj k_\ jgì`k f]
X[XcX_ j\dXe^Xk kXe^^le^ aXnXY# b\nXa`YXe# i\jgfej`Y`c`kp# XZZflekXY`c`kp Xe[ kiXejgXi\eZp
b\k\iYlbXXe [Xe b\X[`cXe d\cXcl` g\e^XY[`Xe k_ifl^_ X [\mfk`fe Xe[ XYjfclk`fe kf 8ccX_ JNK
j\ikX b\kle[lbXe b\gX[X 8ccX_ JNK [Xe d\cXcl` Xe[ k_ifl^_ k_\ j_Xiè^ f] jb`ccj# befnc\[\^\#
g\d\iXkXXe b\dXdglXe# g\e^\kX_lXe# è]fidXj` è]fidXk`fe Xe[ i\Zfê`k`fe% K_`j jgì`k le[\icè\j
[Xe g\e^_Xi^XXe% J\dXe^Xk è`cX_ pXe^ d\eaX[` k_\YXj`j]fik_\ZfigfiXk\^fm\ieXeZ\#Yljè\jjXj
[XjXi YX^` kXkX b\cfcX ljX_X&Y`je`j [Xe bf[\ \k`b n\ccXjZf[\f]\k_`Zjf]YXebDlXdXcXk%
9XebDlXdXcXk%
Gièj`g$gièj`g d\e^\eX` kXkX b\cfcX g\iljX_XXe @efi[\ikfi\Xc`j\Xe[]XZ`c`kXk\k_\`dgc\d\ekXk`fe

j\ZXiX `jcXd` [Xe j\jlX` [\e^Xe giXbk\b$giXbk\b f] jX`[ >:># 9Xeb DlXdXcXk _Xj ]fidlcXk\[
k\iYX`b pXe^ Y\icXbl YX`b [`g\iYXebXe eXj`feXc k_\ Gfc`Zp >l`[\cè\j Xe[ Fi^Xe`jXk`fe f] >ff[
dXlgle èk\ieXj`feXc j\ikX e`cX`$e`cX` pXe^ X[X [` :figfiXk\>fm\ieXeZ\k_Xk[\jZi`Y\jk_\gièZ`gc\j
9Xeb DlXdXcXk# d\ilgXbXe jlXkl [XjXi YX^` 9Xeb f]ZfigfiXk\^fm\ieXeZ\XZZfi[è^kf@jcXd`Zj_Xi`X
DlXdXcXk leklb k\ilj Y\ilgXpX d\eaX[` YXeb Xe[ècè\n`k_k_\Y\jkgiXZk`Z\jf]c\X[èêXk`feXc
k\iYX`b[XcXdg\e\iXgXe>:>j\cXdXè`% Xe[èk\ieXk`feXcYXebj%
G\cXbjXeXXe Kl^Xj [Xe KXe^^le^ AXnXY ;\nXe K_\ Ifc\j Xe[ I\jgfej`Y`c`k`\j f] k_\ 9fXi[ f]
Bfd`jXi`j;ì\bj` :fdd`jj`fe\ijXe[9fXi[f];ì\Zkfij
X% ;\nXeBfd`jXi`j X% 9fXi[f]:fdd`jj`fe\ij
ILGJ gX[X kX_le )''/ k\cX_ d\e\kXgbXe K_\8>DJf])''/_Xj[\k\idè\[k_\d\dY\ij
g\ijfeXc ;\nXe Bfd`jXi`j j\ikX bfdgfj`jèpX Xe[Zfdgfj`k`fef]k_\9fXi[f]:fdd`jj`fe\ij
pXe^dXj`_k\kXgjXdX[\e^XekX_lej\Y\cldepX 9F: n_`Z_ i\dXè k_\ jXd\ Xj k_fj\ f] k_\
[Xe [XgXk [`c`_Xk gX[X ;XkX B\g\e^liljXe gi\m`flj p\Xi Xe[ n_`Z_ `j gi\j\ek\[ è k_`j
[XcXd CXgfiXe B\lXe^Xe KX_leXe è`% D\elilk XeelXc i\gfik è k_\ j\Zk`fe fe DXeX^\d\ek
b\k\eklXe9Xeb@e[fe\j`X#g\e^Xe^bXkXeXe^^fkX g\ijfee\c% GlijlXek kf 9Xeb @e[fe\j`X
;\nXeBfd`jXi`j_Xiljk\ic\Y`_[X_lcld\e^`blk` i\^lcXk`fe# k_\ Xggfèkd\ek f] d\dY\ij kf k_\
gifj\j Ôk Xe[ gifg\i k\jk [Xi` 9Xeb @e[fe\j`X# 9F:dljk]fccfnk_\ÔkXe[gifg\ik\jkf]9Xeb
[Xe XgXY`cX k\cX_ d\d\el_` g\ijpXiXkXe dXbX @e[fe\j`X# Xe[ fecp n_\e k_`j i\hlì\d\ek _Xj
9Xeb @e[fe\j`X XbXe d\epXdgX`bXe jliXk Y\\ed\k#9Xeb@e[fe\j`Xn`cc`jjl\`kjXggifmXc
g\ij\klalXeepX% 8c_Xd[lc`ccX_ j\clil_ Xe^^fkX c\kk\i% 8c_Xd[lcc`cX_# Xcc f] k_\ d\dY\ij f] k_\
;\nXe Bfd`jXi`j 9D@ k\cX_ d\e^`blk` Ôk Xe[ 9fXi[f]:fdd`jj`fe\ijf]9D@_Xm\kXb\ek_\Ôk
gifg\i k\jk [`dXbjl[# [Xe j\dlXepX k\cX_ Xe[gifg\ik\jkèhl\jk`feXe[_Xm\XccgXjj\[
glcX [èpXkXbXe clclj [Xe [XgXk [`Xe^bXk fc\_ k_\ k\jk Xe[ k_\i\Yp Ôk kf Y\ Xggfèk\[ Yp k_\
IXgXkldldG\d\^Xe^JX_XdILGJ d\eaX[` >\e\iXcD\\kè^f]J_Xi\_fc[\ij>DJ kfj\im\
Xe^^fkX;\nXeBfd`jXi`j9D@% XjXd\dY\if]k_\9F:f]9XebDlXdXcXk%

;\nXeBfd`jXi`jY\ikè[XbXkXjeXdXg\d\^Xe^ K_\ 9fXi[ f] :fdd`jj`fe\ij XZkj fe Y\_Xc]
jX_Xd# [Xe kl^XjepX X[XcX_ d\dXekXl [Xe f] k_\ j_Xi\_fc[\ij# n`k_ k_\ i\jgfej`Y`c`kp f]
d\e^XnXj` g\cXbjXeXXe kl^Xj ;ì\bj` j\ZXiX fm\ij\\è^ Xe[ dfe`kfiè^ k_\ g\i]fidXeZ\ f]
bfc\bk`] [XcXd d\e^\cfcX 9Xeb# X^Xi j\cXcl k_\;ì\ZkfijZfcc\Zk`m\cpèdXeX^è^k_\9Xeb#
d\e^XZlXkXlj\jlX`[\e^XeklalXe[XejkiXk\^`j Xe[ \ejliè^ k_Xk k_\ì XZk`fej Zfe]fid n`k_
Y`je`j pXe^ k\cX_ [`k\kXgbXe% KXe^^le^ aXnXY k_\ jk`glcXk\[ ^fXcj Xe[ Yljè\jj jkiXk\^p f]
;\nXe Bfd`jXi`j cXèepX X[XcX_ d\cXblbXe k_\ 9Xeb% K_\ 9fXi[ f] :fdd`jj`fe\ij `j Xcjf
g\e^XnXjXek\i_X[Xgk\dlXeXl[`kèk\ie[Xe i\jgfej`Yc\]fifm\ij\\è^k_\Ôe[è^jf]èk\ieXc
\bjk\ieleklbd\dXjk`bXeYX_nXj\dlXk\dlXe Xe[ \ok\ieXc Xl[`kj Xe[ k_Xk k_\j\ Ôe[è^j Xi\
k\ij\Ylk k\cX_ [`kè[XbcXealk` j\jlX` [\e^Xe ]fccfn\[lgèXZZfi[XeZ\n`k_Zfdd`kd\ekjf]
bfd`kd\epXe^k\cX_[`Y\i`bXe;ì\bj`% k_\9fXi[f];ì\Zkfij%
G\cXbjXeXXe kl^Xj [Xe kXe^^le^ aXnXY K_\9F:_Xjè\jj\eZ\[`jZ_Xi^\[`kj[lk`\jXe[

Bfd`jXi`j gX[X [XjXiepX k\cX_ [àXcXebXe# [Xe i\jgfej`Y`c`k`\j#XjXZZflek\[]fiYpk_\i\^lcXi
k\iZ\idè XekXiX cXè [Xi` cXgfiXe g\dXekXlXe fm\ij`^_kXe[dè`kfièî\gfikf]k_\9F:k_Xk
[Xe g\e^XnXjXe Bfd`jXi`j pXe^ [`jXdgX`bXe `ji\^lcXicpjlYd`kk\[kfYXeb@e[fe\j`Xfe\XZ_
b\gX[X9Xeb@e[fe\j`Xj\k`Xgj\k`Xgj\d\jk\i- j\d\jk\if]XZXc\e[Xip\Xi%
YlcXeXe %
;\nXeBfd`jXi`jj\YX^X`dXeXb\k\eklXe>:> GlijlXekkfk_\i\hlì\d\ekf]>:>#k_\9fXi[
k\ij\Ylk# gX[X kX_le )''. k\cX_ d\dY\eklb f] :fdd`jj`fe\ij è )''. ]fid\[ j\m\iXc
bfd`k\$bfd`k\ pX`kl Bfd`k\ 8l[`k# Bfd`k\ :fdd`kk\\j Xk k_\ :fdd`jj`fe\i c\m\c# eXd\cp
G\dXekXl I`j`bf j\ikX Bfd`k\ I\dle\iXj` k_\ 8l[`k :fdd`kk\\# k_\ I`jb Dfe`kfiè^
EfdèXj`% 8[Xgle kl^Xj bfd`k\ k\ij\Ylk :fdd`kk\\Xe[k_\I\dle\iXk`feXe[EfdèXk`fe
j\ZXiX c\e^bXg k\cX_ k\iZXekld [XcXd Bfd`k\ :fdd`kk\\% K_\ d\dY\ij f] k_\j\ :fdd`kk\\j
:_Xik\i$epX dXjè^$dXjè^# pXe^ k\cX_ [`jljle Xe[i\jgfej`Y`c`k`\jk_\i\f]Xi\ZfekXè\[èk_\
Y\ijXdXXe[\e^Xeg\dY\eklbXebfd`k\$bfd`k\ :_Xik\ijf]k_\i\jg\Zk`m\:fdd`kk\\j%@e)''/#
k\ij\Ylk% J\cXdX kX_le )''/ Bfd`k\$bfd`k\ k_\X]fi\d\ek`fe\[:fdd`kk\\jd\kZfcc\Zk`m\cp
[`dXbjl[k\cX_d\ep\c\e^^XiXbXeiXgXkBfd`k\ èX:fdd`kk\\ËjD\\kè^]fijòk`d\j%
j\ZXiX^XYle^Xej\YXepXb-\eXd bXc`%
AldcX_ Xe^^fkX Bfd`jXi`j j\YXepXb c`dX K_\ 9F: Zfej`jkj f] Ôm\ d\dY\ij# k_\ eldY\i
fiXe^% AldcX_ è` jXdX [\e^Xe XkXl k`[Xb f] n_`Z_ Zfe]fidj n`k_ Xe[ [f\j efk \oZ\\[
d\c\Y`_àldcX_Xe^^fkX;ì\bj`pXe^Y\ialdcX_ k_\ eldY\i f] ;ì\Zkfij n_`Z_ Xcjf Zfdgi`j\j
,c`dX fiXe^% J\cXè `kl [Xi` b\c`dX Xe^^fkX f] Ôm\ d\dY\ij% F] k_\ Ôm\ :fdd`jj`fe\ij#
;\nXe Bfd`jXi`j;\bfd k\iZXkXk j\YXepXb + ]fli :fdd`jj`fe\ij# eXd\cp ;ij% 8YYXj 8[_Xi#
\dgXk fiXe^pX`kl;ij%8YYXj8[_Xi#;ij%8lc`X ;ij%8lc`XGf_XeD8[Xe?%@jbXe[XiQlcbXieXè#
Gf_Xe D8 [Xe ?% @jbXe[Xi QlcbXieXè# J<%Dj` J<%Dj` [Xe ;I%8_d\[ 8Y`jflifli# Xi\
[Xe ;I%8_d\[ 8Y`jflifli# pXe^ d\ilgXbXe @e[\g\e[\ek :fdd`jj`fe\ij% K_\ Xggfèkd\ek
Bfd`jXi`j @e[\g\e[\e% G\e\kXgXe j\YX^X` f] k_\ @e[\g\e[\ek :fdd`jj`fe\ij _Xj Xcjf

Bfd`jXi`j @e[\g\e[\e è` k\cX_ j\aXcXe [\e^Xe Zfe]fid\[ n`k_ k_\ k\idj Xe[ Zi`k\i`X f] ^ff[
bi`k\i`X[Xeb\k\eklXe>:>k\ij\Ylk[`XkXj% ZfigfiXk\^fm\ieXeZ\%
Y% ;ì\bj` Y% 9fXi[f];ì\Zkfij

;ì\bj` d\ilgXbXe fi^Xe G\ij\ifXe pXe^ K_\ 9fXi[ f] ;ì\Zkfij 9F; Zfejk`klk\ k_\
Y\ikXe^^le^ aXnXY g\el_ XkXj g\e^liljXe& 9Xeb fi^Xe k_Xk `j ]lccp i\jgfej`Yc\ ]fi k_\
g\e^\cfcXXe G\ij\ifXe leklb b\g\ekè^Xe [Xe dXeX^\d\ek&[ì\Zk`fef]k_\9Xebèk_\èk\i\jk
klalXe G\ij\ifXe j\ikX d\nXb`c` G\ij\ifXe Xe[ fYa\Zk`m\ f] k_\ 9Xeb# Xe[ i\gi\j\ekj k_\
YX`b[`[XcXddXlgle[`clXig\e^X[`cXej\jlX` 9Xeb è fli flk f] Zflik è cè\ n`k_ k_\ k_\
b\k\eklXe8e^^XiXe;XjXi9D@%;ì\bj`[`Xe^bXk 8k`Zc\jf]8jjfZ`Xk`fef]9D@%K_\;ì\ZkfijXi\
Y\i[XjXibXe _Xj`c b\glkljXe IXgXk Ldld \c\Zk\[Ypk_\i\jfclk`fef]>\e\iXcD\\kè^f]
G\d\^Xe^ JX_Xd gX[X kX_le )''+ pXe^ cXcl J_Xi\_fc[\ijf])''+#k_\Zfdgfj`k`fef]n_`Z_
[Xe_è^^XjXXkè`Y\cldd\e^XcXd`g\ilYX_Xe% _Xj efk Z_X^\[ jèZ\% D\dY\ij f] k_\ 9F; Xi\
JljleXe ;ì\bj` [XgXk [`c`_Xk gX[X CXgfiXe gi\j\ek\[_\i\èèk_\)''/XeelXci\gfik%
B\lXe^XeKX_leXe)''/è`%
;XcXdd\d`c`_[Xed\eZXcfebXeXe^^fkX;ì\bj`# @e j\c\Zkè^ X ZXe[`[Xk\ ]fi 9F; d\dY\ij_`g#

YXebk\cX_d\d`c`b`[Xed\e\kXgbXeg\ijpXiXkXe k_\9Xeb_Xj[\Ôe`k\Zi`k\i`XXe[hlXc`ÔZXk`fej
XkXlbi`k\i`Xleklbj\j\fiXe^pXe^XbXed\eaX[` kf Y\Zfd\ ;ì\Zkfij f] 9D@# Zfdgi`jè^ f] X
ZXcfe ;ì\bj`# pX`kl Y\ilgX g\ijpXiXkXe ldld ^\e\iXchlXc`ÔZXk`feXe[Xjg\Z`ÔZhlXc`ÔZXk`fe%
[Xe g\ijpXiXkXe b_ljlj% G\ijpXiXkXe Ldld K_\ ^\e\iXc hlXc`ÔZXk`fe Zfejk`klk\j k_\ YXj`Z
X[XcX_ d\ilgXbXe G\ijpXiXkXe ;XjXi pXe^ i\hlì\d\ekj k_Xk Xi\ ZfekXè\[ è gi\mX`cè^
[`k\kXgbXe fc\_ g\iXkliXe g\ile[Xe^$le[Xe^Xe cXnj Xe[ i\^lcXk`fej2 n_\i\Xj k_\ jg\Z`ÔZ
pXe^Y\icXbl2j\d\ekXiX`klG\ijpXiXkXeB_ljlj# hlXc`ÔZXk`fej Xi\ i\hlì\d\ekj k_Xk Zfe]fid
d\ilgXbXe g\ijpXiXkXe pXe^ [`j\jlX`bXe n`k_ k_\ jg\Z`Xc e\\[j f] k_\ Yljè\jj f] 9D@
[\e^Xe b\Ylkl_Xe [Xe j`]Xk Y`je`j 9D@ j\YX^X` Xj X 9Xeb k_Xk `j \e^X^\[ è j_Xi`X YXebè^%
g\iljX_XXe pXe^ Y\i^\iXb [` j\bkfi g\iYXebXe K_\j\hlXc``ZXk`fejYfk_^\e\iXcXe[jg\Z`ÔZXi\
jpXi`X_%8[XgleG\ijpXiXkXeLdld[XeB_ljlj ZfekXè\[èk_\9D@9fXi[DXelXc%
YX^` ;ì\bj` X[XcX_ j\YX^X`dXeX k\iZXekld
[XcXd9fXi[DXelXc9D@%

;ì\bj` Y\ikXe^^le^ aXnXY d\cXblbXe K_\9F;`ji\jgfej`Yc\]file[\ikXbè^èk\ieXc
g\e^XnXjXe èk\ie j\ZXiX \]\bk`] [Xe \Ôj`\e2 Zfekifc jpjk\dj k_Xk Xi\ Yfk_ \]]\Zk`m\ Xe[
d\dXekXl i`j`bf [Xe d\e^\cfcXepX# d\eaX^X \]ÔZ`\ek2dXeX^\Xe[d`k`^Xk\i`jbj#dXèkXèX
X^Xi `bc`d b\iaX k\kXg bfe[lj`] j\_è^^X Zfe[lZ`m\ nfibè^ \emìfed\ek k_Xk `dgifm\j
gif[lbk`m`kXj[Xegif]\j`feXc`jd\d\eaX[`c\Y`_ gif[lZk`m`kp Xe[ gif]\jj`feXc`jd# [\m\cfg k_\
YX`b#d\e^\cfcXbil9D@[Xed\cXgfibXebè\iaX 9D@ Zi\n Xe[ i\gfikj k_\ fm\iXcc g\i]fidXeZ\
9D@j\ZXiXb\j\clil_Xeb\gX[Xg\d\^Xe^jX_Xd f] 9D@ kf k_\ j_Xi\_fc[\ij k_ifl^_ k_\ 8eelXc
[XcXdIXgXkLdldG\d\^Xe^JX_XdKX_leXe >\e\iXc D\\kè^ f] J_Xi\_fc[\ij 8>DJ % @e
ILGJK % ;XcXd g\cXbjXeXXe kXe^^leâXnXY [`jZ_Xi^è^ k_\j\ i\jgfej`Y`c`k`\j# k_\ 9fXi[ f]

è`# ;ì\bj` j\cXdX dXjX aXYXkXeepX# j\ZXiX ;ì\Zkfijk_ifl^_flkfkjk\eli\_XjZfej`jk\ekcp
bfej`jk\e j\cXcl d\cXbjXeXbXe ILGJ j\k`Xg Zfem\e\[ k_\ 8>DJ è cè\ n`k_ k_\ 8ik`Zc\j f]
kX_le j\jlX` [\e^Xe 8e^^XiXe ;XjXi 8jjfZ`Xk`fef]k_\9Xeb#k_\cXjk8>DJf]n_`Z_
G\iljX_XXe [Xe k\iXb_ì gX[X YlcXe 8gi`c nXjle[\ikXb\eè8gi`c)''/%@e[`jZ_Xi^è^`kj
)''/pXe^cXcl%;XcXdd\eaXcXebXekl^XjepX# [lk`\j k_\ 9F; `j Xjj`jk\[ Yp \`^_k 8jj`jkXek
;ì\bj`[`YXeklfc\_[\cXgXe8j`jk\e;ì\bj`% ;ì\Zkfij%
KXe^^le^ aXnXY [Xi` 8j`jk\e ;ì\bj` `kl K_\ i\jgfej`Y`c`k`\j f] k_\ 8jj`jkXek ;ì\Zkfij
X[XcX_ d\dY\i`bXe g\e[XgXk gif]\jj`feXc Xi\kfgifm`[\gif]\jj`feXcfgè`feXe[Xjj`jkk_\
[Xed\dYXekl;ì\bj`[XcXdd\eaXcXebXe ;ì\Zkfijè`dgc\d\ekè^k_\Yljè\jjjkiXk\^p
jkiXk\^` 9Xeb j\ZXiX \Ôj`\e [Xe \]\bk`]# f]k_\YXebèXe\]ÔZ`\ekXe[\]]\Zk`m\dXee\i#
j\ikX d\e^bXa` bè\iaX fg\iXj`feXc 9Xeb% Xe[ Xjj\jj k_\ fg\iXk`feXc g\i]fidXeZ\ f] k_\
;ì\bj` j\jlX` [\e^Xe b\n\eXe^XeepX k\cX_ 9Xeb%K_\;ì\Zkfij#ècè\n`k_k_\ìXlk_fi`k`\j
d\dY\eklb bfd`k\$bfd`k\ g\idXe\e gX[X _Xm\ ]fid\[ g\idXe\ek :fdd`kk\\jXk k_\
c\m\c ;ì\bj` [Xe J\e`fi DXeXa\d\e# j\ikX ;ì\Zkfij Xe[ J\e`fi dXeX^\d\ek c\m\c# Xe[
d\e^Xkli b\Xe^^fkXXe [Xe b\k\eklXe [\k\idè\j k_\ d\dY\ij_`gj Xe[ gifkfZfcj f]
cXèepX pXe^ [`jpX_bXe d\cXcl` JliXk k_\ :fdd`kk\\j k_ifl^_ k_\ 9F; ;ì\Zk`m\j%
B\glkljXe ;ì\bj`% 8[Xgle bfd`k\$bfd`k\ K_\j\:fdd`kk\\jXi\1
pXe^k\cX_[`Y\eklbfc\_;ì\bj`pX`kl1
(% 8jj\kC`XY`c`k`\jDXeX^\d\ek:fdd`kk\\ (% 8jj\k C`XY`c`k`\j DXeX^\d\ek :fdd`kk\\
8C:F 8C:F
)% :i\[`kGfc`Zp:fdd`kk\\:G: )% :i\[`kGfc`Zp:fdd`kk\\:G:
*% ?ldXeI\jfliZ\:fdd`kk\\?I: *% ?ldXeI\jfliZ\j:fdd`kk\\?I:
+% Bfd`k\ DXeXa\d\e I`j`bf [Xe Bfd`k\ +% I`jbDXeX^\d\ek:fdd`kk\\Xe[@e]fidXk`fe
DXeXa\d\e I`j`bf K\befcf^` @e]fidXj` K\Z_efcf^pI`jb:fdd`kk\\Yfk_f]n_`Z_Xi\
pXe^ [`g`dgè fc\_ ;ì\bkli LkXdX [Xe Z_Xì\[Ypk_\Gi\j`[\ek;ì\ZkfiXe[n_fj\
Y\iXe^^fkXbXe ;ì\bkli [Xe Bil j\e`fi d\dY\ij Zfdgi`j\ f] k_\ ;ì\Zkfij Xe[
Y`[Xe^pXe^k\ibX`kglcX% J\e`fi:i\nj]ifdi\cXk\[Ô\c[j%
,% Bfd`k\ B\YàXbXe G\eXeXdXe ;XeX ,% Bfd`k\ B\YàXbXe G\eXeXdXe ;XeX
[Xe Bfd`k\ G\eXeXdXe ;XeX# Y\ikl^Xj [Xe Bfd`k\ G\eXeXdXe ;XeX# Y\ikl^Xj
d\dYXekl ;ì\bj` leklb d\ildljbXe d\dYXekl ;ì\bj` leklb d\ildljbXe
b\YàXbXe# d\e^XnXj` g\cXbjXeXXe b\YàXbXe#d\e^XnXj`g\cXbjXeXXeb\YàXbXe#
b\YàXbXe# d\dXekXl g\ib\dYXe^Xe d\dXekXlg\ib\dYXe^Xe[Xebfe[`j`gfik]fc`f
[Xe bfe[`j` gfik]fc`f G\eXeXdXe ;XeX G\eXeXdXe;XeXj\ikXd\dY\i`bXejXiXe$
j\ikX d\dY\i`bXe jXiXe$jXiXe cXe^bX_ jXiXe cXe^bX_ g\iYX`bXe% J\[Xe^bXe Bfd`k\
g\iYX`bXe%J\[Xe^bXeBfd`k\G\eXeXdXe G\eXeXdXe ;XeX Xe^^fkXepX [`j\jlX`bXe&
;XeX Xe^^fkXepX [`j\jlX`bXe&[`Xkli [`Xkli [\e^Xe JliXk B\glkljXe ;ì\bj`%
[\e^Xe JliXk B\glkljXe ;ì\bj`% 8[Xgle 8[Xglekl^Xj[XekXe^^leâXnXYbfd`k\è`
kl^Xj [Xe kXe^^le^ aXnXY bfd`k\ è` X[XcX_ leklb d\dY\i`bXe g\ij\klalXe XkXl

X[XcX_ leklb d\dY\i`bXe g\ij\klalXe XkXl g\efcXbXe g\dY`XpXXe j\jlX` [\e^Xe YXkXj
g\efcXbXe g\dY`XpXXe j\jlX` [\e^Xe YXkXj n\n\eXe^[XeXkXla\e`jg\dY`XpXXepXe^
n\n\eXe^[XeXkXla\e`jg\dY`XpXXepXe^ [`k\kXgbXe ;ì\bj`% G\ij\klalXe&g\efcXbXe
[`k\kXgbXe ;ì\bj`% G\ij\klalXe&g\efcXbXe k\ij\Ylk j\k\cX_ d\cXblbXe bffi[èXj`
k\ij\Ylk j\k\cX_ d\cXblbXe bffi[èXj` [\e^Xe 8C:F [Xe Y\i[XjXibXe b\dX_ìXe&
[\e^Xe 8C:F [Xe Y\i[XjXibXe b\dX_ìXe& b\gif]\j`feXcXeepX%
b\gif]\j`feXcXeepX%
Z% <mXclXj`Bè\iaX;ì\bj`#;\nXeBfd`jXi`jj\ikX Z% G\i]fidXeZ\j f] ;ì\Zkfij Xe[ :fdd`jj`fe\ij

I\bfd\e[Xj` <mXclXk`fe
;XcXd IXgXk Ldld G\d\^Xe^ JX_Xd @e k_\ 8eelXc >\e\iXc D\\kè^ f] J_Xi\_fc[\ij
KX_leXe ILGJK # gXiX g\d\^Xe^ jX_Xd k\cX_ 8>DJ # j_Xi\_fc[\ij ZXe \mXclXk\ k_\
d\e^\mXclXj` bè\iaX ;ì\bj` dXlgle ;\nXe g\i]fidXeZ\ f] k_\ 9F; Xe[ 9F: fi è[`m`[lXc
Bfd`jXi`j [Xe Xe^^fkXepX j\ikX g\cXbjXeXXe YfXi[ d\dY\ij# Xe[ k_\ [`jZ_Xi^è^ f] k_\ì
b\nXa`YXe lkXdX d\i\bX% Leklb bè\iaX dXè i\jgfej`Y`c`k`\j% K_\ g\i]fidXeZ\j f]
;ì\bj`# YX`b dXjè^$dXjè^ dXlgle Xe^^fkX# d\dY\ijf]k_\9F;`kj\c]#Yfk_Zfcc\Zk`m\cpXe[
[`\mXclXj` fc\_ ;\nXe Bfd`jXi`j d\cXcl` iXgXk è[`m`[lXccp#Xi\ZfejkXekcp\mXclXk\[Ypk_\9F:
^XYle^Xe ;ì\bj` [Xe ;\nXe Bfd`jXi`j pXe^ è k_\ afèk d\\kè^j f] k_\ 9F; Xe[ 9F: k_Xk
[`j\c\e^^XiXbXej\ZXiXY\ibXcX%B\j\dlXepX`kl Xi\ZXii`\[flkg\i`f[`ZXccp%8cck_`j`j\m`[\eZ\[
k\iZ\idè [Xi` 9\i`kX 8ZXiX ILGJK [Xe i`jXcX_ Ypk_\dèlk\jf]k_\8>DJXjn\ccXjk_fj\f]
IXgXk;\nXeBfd`jXi`j[Xe;\nXe;ì\bj`% k_\d\\kè^jf]9F:Xe[9F;%
;8=K8I?8;@II8G8K;<N8EBFD@J8I@J;8E;@I<BJ@
9F8I;F=:FDD@JJ@FE<IJ8E;9F8I;F=;@I<:KFIJD<<K@E>8KK<E;8E:<
I8G8K;<N8EBFD@J8I@J;8E I8G8K;<N8E;@I<BJ@;8E
E8D8G<A898K ;@I<BJ@ 8E>>FK8
E8D<F=J<E@FIF==@:<I 9F8I;F=:FDD@JJ@FE<IJ8E; 9F8I;F=;@I<:KFIJ8E;D<D9<IJ
9F8I;F=;@I<:KFID<<K@E> D<<K@E>
8YYXj8[_Xi .o
BfiblkFqXc ,o
8_d\[8Y`jflifli /o
@jbXe[XiQlcbXiXè /o
8lc`XGf_Xe .o
8%I`XnXe8dè /o (0o
8im`pXe8i`Ôe /o )(o
D%?`[XpXk .o (/o
8e[`9lZ_Xi` ,o (.o
L%JX\]l[èEf\i .o (-o

J\cXdX kX_le )''/# ;\nXe Bfd`jXi`j k\cX_ @e)''/#k_\9F:Zfem\e\[jm\iXcd\\kè^jn`k_
d\e^X[XbXeiXgXk[\e^Xe;ì\bj`pXeâldcX_epX k_\ 9F;# k_\ eldY\i f] `kj `j gi\j\ek\[ è k_\
j\YX^X`dXeX k\ik\iX gX[X kXY\c [` YXnX_ è`% kXYc\Y\cfn%Dèlk\jf]d\\kè^Xi\i\Zfi[\[]fi
J\k`Xg Xb_ì iXgXk j\cXcl [`YlXkbXe efklc\e \XZ_ d\\kè^# Xe[ èZcl[\j i\Zfdd\e[Xk`fej
[Xe [`[XcXdepX k\i[XgXk glcX i\bfd\e[Xj`$ ]ifd k_\ :fdd`jj`fe\ij k_Xk e\\[ ]lik_\i
i\bfd\e[Xj`Bfd`jXi`j#pXe^g\iclleklb[`YX_Xj [`jZljj`feXe[[\Z`j`fe]ifdk_\9F;%
[Xe[`kè[XbcXealk`fc\_;ì\bj`%
[% ;\nXeG\e^XnXjJpXi`X_ [% J_Xi`XJlg\im`jfip9fXi[

;\nXe G\e^XnXj JpXi`X_ ;GJ d\dglepX` K_\ J_Xi`X Jlg\im`jfip 9fXi[ `j Z_Xi^\[ n`k_
kl^Xj leklb j\eXek`XjX d\e^XnXj` b\^`XkXe k_\[lk`\jkfdfe`kfiXe[gifm`[\Xefgè`fefe
ljX_X YXeb [Xe d\dY\i`bXe fgè` d\e^\eX` k_\]lccZfdgc`XeZ\kfk_\j_Xi`XgièZ`gc\jk_Xk
b\dlie`Xegièj`gjpXi`X_pXe^[`Xelk% Xi\Y\è^X[_\i\[kf%

?lYle^Xe b\iaX ;\nXe G\e^XnXj JpXi`X_# K_\ nfibè^ i\cXk`fej_`gj Y\kn\\e k_\ J_Xi`X
;\nXe Bfd`jXi`j [Xe ;ì\bj` X[XcX_ _lYle^Xe Jlg\im`jfip 9fXi[# k_\ 9F:# Xe[ 9F; Xi\ fe\
Z_\Zb Xe[ YXcXeZ\ [\e^Xe klalXe Xb_ì leklb f] Z_\Zbj Xe[ YXcXeZ\j n`k_ k_\ lck`dXk\ X`d
b\dXalXe[Xeb\j\_XkXe9D@j\ikXg\cXbjXeXXe f] `dgifmè^ k_\ g\i]fidXeZ\ Xe[ jfle[e\jj
fg\iXj`feXc 9D@ pXe^ j\eXek`XjX d\dXkl_` f]9D@Xe[k_\XjjliXeZ\k_Xkk_\9XebXcnXpj
Zfdgc`XeZ\ k\i_X[Xgg\iXkliXe[Xeg\ile[Xe^$ Zfdgcp n`k_ Xcc gi\mX`cè^ cXnj Xe[ i\^lcXk`fej
le[Xe^Xe pXe^ Y\icXbl j\ikX j\jlX` [\e^Xe Xjn\ccXjn`k_k_\gièZ`gc\jf]j_Xi`X%
gièj`gjpXi`X_%
;GJ k\cX_ d\epXdgX`bXe CXgfiXeepX j\k`Xg ;GJ _Xj jlYd`kk\[ `kj hlXik\icp i\gfikj kf
k`^XYlcXeb\gX[X9Xeb@e[fe\j`Xj\YX^X`YX_Xe 9Xeb @e[fe\j`X Xj gXik f] `kj i\jgfej`Y`c`kp è
g\ikXe^^leâXnXYXe g\cXbjXeXXe kl^XjepX [` fm\ij\\è^k_\j_Xi`XZfdgc`XeZ\f]9D@%
9D@%
;XcXd d\cXbjXeXbXe kl^XjepX ;GJ k\cX_ @e[`jZ_Xi^è^`kj[lk`\j#;GJZfem\e\[d\\kè^j

d\e^X[XbXe iXgXk&g\ik\dlXe pXe^ d\dYX_Xj k_Xk [`jZljj\[ gif[lZk [\m\cfgd\ekj Xe[
g\ib\dYXe^Xegif[lbdXlgleXbk`m`kXjcXèepX[` fk_\i XZk`m`k`\j f] 9D@% K_ifl^_flk )''/# ;GJ
9D@%J\cXdXkX_le)''/#;GJk\cX_d\e^X[XbXe Zfem\e\[ d\\kè^ n`k_ k_\ 9fXi[ f] ;@i\Zkfij
iXgXk[\e^Xe;ì\bj`[XeG\aXYXk&BilJ\e`fi9D@ Xe[J\e`fi:i\nf]9D@]fiXkfkXcf]Ôm\k`d\j#
j\YXepXb c`dX bXc`# pXe^ k\iZ\idè [Xi` I`jXcX_ Xj\m`[\eZ\[]ifdk_\dèlk\jf]d\\kè^jk_Xk
IXgXkpXe^k\cX_[`YlXk% _X[Y\\egi\gXi\[%
=le^j`8l[`k<bjk\ie Ifc\jf]k_\<ok\ieXc8l[`kfij
8jg\b$Xjg\b pXe^ _Xilj [`g\el_` fc\_ 8blekXe K_\ Xjg\Zkj k_Xk _Xm\ kf Y\ d\k Yp k_\ GlYc`Z
GlYc`b[XeBXekfi8blekXeGlYc`bXekXiXcXèX[XcX_ 8ZZflekXekXe[k_\GlYc`Z8ZZflekè^=ìdXdfe^
bXgXj`kXj_Xiljd\dglepX`b\iaXjXdX@ek\ieXk`feXc fk_\i k_è^j Xi\ k_\ ZXgXZ`kp f] Y\cfe^è^ kf

jpXiXk9D@ #[`cXblbXe[\e^Xed\dYlXkg\iaXea`Xe Xe èk\ieXk`feXc e\knfib i\hlì\[ Yp 9D@ # Xe[
b\iaX# pXe^ al^X d\e\kXgbXe ilXe^ cè^blg Xl[`k le[\ikXb\e n`k_ X nfibè^ ZfekiXZk# n_`Z_ Xcjf
pXe^k\cX_[`jpXiXkbXefc\_9Xeb@e[fe\j`Xd\cXcl` [\k\idè\j k_\ jZfg\ f] Xl[`kj k_Xk Xi\ i\hlì\[
G\iXkliXe9Xeb@e[fe\j`XEf%*&))&G9@&)''(kXe^^Xc Yp 9Xeb @e[fe\j`X glijlXek kf 9Xeb @e[fe\j`X
(* ;\j\dY\i )''( j\YX^X`dXeX [`lYX_ [\e^Xe I\^lcXk`fe Ef% *&))&G9@&)''( f] (* ;\Z\dY\i
G\iXkliXe 9Xeb @e[fe\j`X Ef% .&,'&G9@&)'', )''( Xj Xdd\e[\[ Yp 9Xeb @e[fe\j`X I\^lcXk`fe
kXe^^Xc )0 Efm\dY\i )'', k\ekXe^ KiXejgXiXej` Ef% .&,'&G9@&)'', f] )0 Efm\dY\i )'', fe k_\
Bfe[`j` B\lXe^Xe 9Xeb [Xe JliXk <[XiXe 9Xeb KiXejgXiXeZp f] k_\ =èXeZ`Xc :fe[`k`fe Xj n\cc Xj
@e[fe\j`X Ef% .&,.&;GYJ kXe^^Xc )) ;\j\dY\i 9Xeb@e[fe\j`X:ìZlcXiC\kk\iEf%.&,.&;GYJf]))
)'',% ;\Z\dY\i)'',%
J\cXè `kl [`g\ijpXiXkbXe glcX YX_nX g\cXbjXeXXe @eX[[`k`fekfk_Xk#`k`jXcjfi\hlì\[k_Xkk_\Xl[`k

Xl[`k _Xilj j\jlX` [\e^Xe b\k\eklXe jkXe[Xi nfibj_Xm\kfZfe]fidn`k_k_\^\e\iXccpXZZ\gk\[
Xl[`kè^ pXe^ [`k\kXgbXe fc\_ @bXkXe 8blekXe Xl[`kè^ jkXe[Xi[j \jkXYc`j_\[ Yp k_\ @e[fe\j`Xe
@e[fe\j`X# j\ikX Xjg\b bfdle`bXj` 9Xeb @e[fe\j`X 8ZZflekè^8jjfZ`Xk`fe#Xe[Zfddle`ZXk`feXjg\Zkj
[\e^Xe BXekfi 8blekXe GlYc`b j\jlX` G\iXkliXe Y\kn\\e9Xeb@e[fe\j`XXe[k_\GlYc`Z8ZZflekè^
9Xeb@e[fe\j`X% =ìdècè\n`k_9Xeb@e[fe\j`XI\^lcXk`fe%
;XcXdgifj\jg\elealbXeB8Gè`Bfd`jXi`jd\e[XgXk @e k_\ gifZ\jj f] k_\ G8= Xggfèkd\ek# k_\

XdXeXk [Xi` ILGJ pX`kl YX_nX j\jlX` _Xj`c ILGJ :fdd`jj`fe\ij i\Z\`m\ k_\ dXe[Xk\ f] k_\ >DJ
kXe^^Xc),8gi`c)''-[èfkXi`cbXe[\e^XeefkXi`\j glijlXek kf k_\ i\jfclk`fej f] >DJ [Xk\[ ), 8gi`c
8ipJlgiXkefEf%(''[`glkljbXeILGJd\dY\i`bXe )''- Xj efkXi`q\[ Yp 8ip JlgiXkef Ef% (''# k_\
dXe[Xkb\gX[XBfd`jXi`jleklbd\d`c`_B8GpXe^ :fdd`jj`fe\ijkfXggfèkk_\G8=k_Xkn`ccXl[`kk_\
XbXed\e^Xl[`kCXgfiXeB\lXe^Xe9Xeb%GX[XjXXk ÔeXeZ`XcjkXk\d\ekjf]k_\9Xeb%8kk_\k`d\f]k_\
g\elealbXe B8G è` Y\cld k\iY\eklb Bfd`k\ 8l[`k Xggfèkd\ek#k_\9Xeb_X[efk\jkXYc`j_\[k_\8l[`k
pXe^j\pf^pXepXd\dY\i`bXei\bfd\e[Xj`% :fdd`kk\\k_XkljlXccp^Xm\`kji\Zfd\e[Xk`fe%
J\YX^X`dXeXkX_le)''.dXbX[XcXdkX_le)''/ 8jnXjk_\ZXj\è)''.#k_\`dgc\dXekXk`fef]>:>
g\cXbjXeXXe g\e\iXgXe >:> k\cX_ [àXcXebXe [Xe è )''/ _Xj Y\\e le[\ikXb\e Xe[ Zfekèl\ kf Y\
[`lgXpXbXe k\ilj leklb d\eè^bXkbXe g\iXeXeepX glijl\[ è fi[\i kf \e_XeZ\ `kj ifc\j Xe[ jlggfik
[XcXd d\e[lble^ g\e^XnXjXe j\ikX g\cXbjXeXXe k_\ fm\ij`^_k Xj n\cc Xj k_\ \o\iZ`j\ f] èk\ieXc
g\e^\e[Xc`Xeèk\ieXcG\iljX_XXe% Zfekifcf]k_\9Xeb%
G\e\iXgXe DXeXa\d\e I`j`bf [Xe J`jk\d @dgc\d\ekXk`fe f] I`jb DXeX^\d\ek Xe[ @ek\ieXc
G\e^\e[Xc`Xe@ek\ie :fekifcJpjk\dj
;XcXd g\cXbjXeXXe dXeXa\d\e i`j`bf [` 9D@ @dgc\d\ekXk`fe f] i`jb dXeX^\d\ek Xk 9D@ `j
[`[XjXibXe XkXj B\YàXbXe [Xe DXelXc Gifj\[li YXj\[ fe k_\ Gfc`Zp Xe[ GifZ\[li\ DXelXc f] I`jb
DXeXa\d\eI`j`bfBDGDI pXe^k\cX_[`jljle9D@ DXeX^\d\ekk_XknXj]fidlcXk\[Yp9D@è)''+%
j\aXbkX_le)''+%

X% J\cXdXkX_le)''/[XekX_le$kX_lej\Y\cldepX X% K_ifl^_flk )''/ Xe[ k_\ gi\m`flj p\Xij# 9D@
9D@#k\cX_d\epljle[Xed\epXdgX`bXeCXgfiXe _Xj`jjl\[Xe[gi\j\ek\[k_\I`jbGifÔc\I\gfik
GifÔcI`j`bfb\gX[X9Xeb@e[fe\j`X#j\YX^X`dXeX kf 9Xeb @e[fe\j`X# Xj dXe[Xk\[ Yp 9@% 8j f]
[`nXa`YbXe fc\_ 9@% J\aXb Xb_ì kX_le )''/ è` p\Xi \e[ f] )''/# k_\ I`jb DXeX^\d\ek Le`k
I`jbDXeX^\d\ekLe`kY\ijXdXbfejlckXeXbXe kf^\k_\in`k_k_\:fejlckXekn`ccY\^èkfi\e\n
d\dlcX` d\dg\iYX_Xil` ZXiX g\e^lbliXe [Xe k_\ d\k_f[ f] d\Xjli\d\ek Xe[ ZXcZlcXk`fe f]
g\i_`kle^Xei`j`bf[\e^Xed\c`_Xkb\k\ij\[`XXe i`jbjfek_\YXj`jf]k_\9XebËjZXg`kXcX[\hlXZp#
df[Xc YXeb j\ikX d\dYlXk j`jk\d è]fidXj` Xjn\ccXjgifm`[\Xi`jbdXeX^\d\ekè]fidXk`fe
dXeXa\d\e i`j`bf j\ZXiX k\ièk\îXj` [`dlcX` jpjk\d k_Xk `j èk\îXk\[# Y\^èè^ ]ifd k_\
pXe^ dXj`_ j\[\i_XeX [Xe [`_XiXgbXe [XcXd dfjkYXj`Zkfk_\`dgc\d\ekXk`fef]k_\9Xj\c@@
kX_le )'(' d\ea\cXe^ g\e\iXgXe 9Xj\c @@# i\Zfdd\e[Xk`fej#n_`Z_9D@\og\ZkjkfY\XYc\
j`jk\dè`[XeXkXlj`jk\dpXe^c\Y`_YX`b[XgXk kf`dgc\d\ekYpk_\p\Xi)'('%
Y\iaXcXe%
Y% 9D@j\ZXiXk\iljd\e\iljk\cX_Y\ilgXpXleklb Y% 9D@Zfekèlfljcpjki`m\jkfèZi\Xj\k_\c\m\cf]
d\eè^bXkbXe g\e^\kX_lXe [Xe b\k\iXdg`cXe befnc\[^\Xe[jb`ccjf]`kj:i\nd\dY\ijèk_\
bil$epX[XcXdY`[Xe^dXeXa\d\ei`j`bf#d\cXcl` Ô\c[f]i`jbdXeX^\d\ek#Yp\eifcè^`kj:i\nè
d\e^`blkj\ikXbXe bil [XcXd gifîXd la` k_\Zfdg\k\eZ\k\jkle^gifîXdXjn\ccXji`jb
bfdg\k\ej`[Xej\ik`ÔbXj`dXeXa\d\ei`j`bf% dXeX^\d\ekZ\ik`ÔZXk`fe%

I\eZXeXJkiXk\^`j9Xeb JkiXk\^`ZGcXef]k_\9Xeb
I\eZXeX jkiXk\^`j YXeb k\idlXk [XcXd i\eZXeX K_\ jkiXk\^`Z gcXe f] k_\ 9Xeb `j ZfekXè\[ n`k_è
aXe^bX d\e\e^X_ [Xe i\eZXeX aXe^bX gXeaXe^ 9D@ k_\d\[`ld$kfcfe^$k\idgcXef]9D@Xjjk`glcXk\[
j\YX^X`dXeXk\iZXekld[XcXdI\eZXeX9`je`j9Xeb n`k_èk_\9ljè\jjGcXef]k_\9Xebk_Xk`jjlYd`kk\[
pXe^[`bì`dbXeb\gX[X9Xeb@e[fe\j`Xj\k`XgkX_le% kf 9Xeb @e[fe\j`X \XZ_ p\Xi% D\Xen_`c\# k_\ cfe^$
J\d\ekXiX `kl i\eZXeX aXe^bX gXeaXe^ k\iZXekld k\idgcXe`jZfekXè\[èk_\:figfiXk\GcXe%9fk_
[XcXd i\eZXeX bfigfiXj` :figfiXk\ gcXe % B\[lX f]k_\j\gcXejkXb\èkfXZZflekk_\\ok\ieXc]XZkfij
i\eZXeXk\ij\Ylk[`jljle[\e^Xed\dg\ik`dYXe^bXe jlZ_Xjk_\dXZifXe[d`Zif\Zfefd`ZZfe[`k`fej#
]XZkfi \bjk\ieXc j\g\ik` bfe[`j` dXbif [Xe d`bif [fd\jk`Z Xe[ èk\ieXk`feXc# k_\ eXk`feXc YXebè^
\bfefd` [fd\jk`b dXlgle èk\ieXj`feXc# è[ljki` j\ZkfiXjn\ccXjèk\ieXc]XZkfijjlZ_Xjk_\eldY\i
g\iYXebXeeXj`feXc[Xeal^X]XZkfièk\ieXcj\g\ik` f] YiXeZ_ f]ÔZ\j# Xcc`XeZ\j# gif[lZk Xe[ j\im`Z\j#
aldcX_ aXiè^Xe ZXYXe^# Xc`Xej`# gif[lb [Xe aXjX# _ldXe i\jfliZ\j% @e X[[`k`fe kf k_Xk# k_\ Yljè\jj
jldY\i [XpX èjXe`% J\cXè [Xi` `kl [XcXd i\eZXeX gcXeXcjfZfej`[\ijk_\`dgXZkf]k_\Zlii\ek^cfYXc
Y`je`j k\cX_ glcX d\dg\ik`dYXe^bXe [XdgXb pXe^ \Zfefd`ZZi`j`j%
dle^bèk\iaX[`pXe^[`j\YXYbXefc\_bi`j`j\bfefd`
^cfYXc%
I\eZXeXY`je`j9D@leklbkX_le)''/j&[)'('k\cX_ K_\ Yljè\jj gcXe f] 9D@ ]fi k_\ p\Xi )''/ lek`c
[`jXdgX`bXe b\gX[X 9@ gX[X YlcXe AXelXi` )''/ )'('_XjY\\egi\j\ek\[kf9@èAXelXip)''/n`k_
[\e^Xe jliXk Ef% '.,&9D@&;@I&@&)''/ kXe^^Xc *' k_\ XZZfdgXepè^ c\kk\i Ef% '.,&9D@&;@I&@&)''/

AXelXi`)''/j\[Xe^bXeI\eZXeXBfigfiXk\leklb f] *' AXelXip )''/ n_\i\Xj k_\ :figfiXk\ GcXe
kX_le )''/ j&[ )'(* k\cX_ glcX [`YlXk% 8[Xgle f] )''/$)'(* _Xj Xcjf Y\\e ]fidlcXk\[% K_\ ]fid#
Y\eklb# `j` [Xe ]fidXk I\eZXeX 9`je`j dXlgle Zfek\ek Xe[ ]fidXk f] Yfk_ k_\ 9ljè\jj GcXe Xe[
:figfiXk\ GcXe k\cX_ d\e^XZl b\gX[X b\k\eklXe :figfiXk\GcXe_Xm\Zfe]fid\[kfk_\i\hlì\d\ek
9Xeb @e[fe\j`X j\YX^X`dXeX [` Xkli [Xcd G9@ f] 9Xeb @e[fe\j`X Xj jk`glcXk\[ è G9@ Ef% -&),&
Ef% -&),&G9@&)''+ kXe^^Xc )) FbkfY\i )''+ G9@&)''+f]))FZkfY\i)''+fek_\9ljè\jjGcXe
k\ekXeÎ\eZXeX9`je`j9XebLdld% f]X:fdd\iZ`Xc9Xeb%
<mXclXj` k\i_X[Xg i\Xc`jXj` Xe^^XiXe XkXl i\eZXeX <mXclXk`fe fe k_\ i\Xc`qXk`fe f] k_\ 9XebËj Yl[^\k
Y`je`jè`[`cXblbXeYX`bfc\_Bfd`jXi`j[Xeal^Xfc\_ Xe[ Yljè\jj gcXe _Xj Y\\e le[\ikXb\e Yp k_\
;ì\bj` 9Xeb DlXdXcXk j\ZXiX Y\ibXcX XkXl j\k`Xg :fdd`jj`fe\ij Xe[ ;ì\Zkfij f] 9D@ g\i`f[`ZXccp
k`^X YlcXe [Xe cXgfiXe g\e^XnXjXe k\ij\Ylk k\cX_ \m\ipk_i\\dfek_j#Xe[i\gfikjf]k_\j\\mXclXk`fej
[`jXdgX`bXeglcXb\gX[X9Xeb@e[fe\j`X% _Xm\XcjfY\\ejlYd`kk\[kf9Xeb@e[fe\j`X%
KiXejgXiXej`Bfe[`j`B\lXe^Xe[XeEfeB\lXe^Xe KiXejgXi\eZpf]=èXeZ`Xc:fe[`k`feXe[Ef=`XeXZ`Xc
pXe^9\cld;`le^bXg;XcXdCXgfiXeCXèepX @e]fidXk`fek_XkXi\efkGi\j\ekèfk_\iI\gfikj
;XcXd d\eaXcXebXe Y`je`jepX 9D@ j\eXek`XjX @e Zfe[lZkè^ `kj Yljè\jj# 9D@ Zfdgc`\j _X[ Xcc
[`cXe[Xj` fc\_ b\k\eklXe [Xe g\iXkliXe pXe^ k`d\j n`k_ gi\mX`cè^ ilc\j Xe[ i\^lcXk`fej# jlZ_
Y\icXbl# j\_è^^X j\dlX è]fidXj` k\ekXe^ bfe[`j` k_XkXccè]fidXk`fefek_\ÔeXeZ`XXe[efe$ÔeXeZ`Xc
b\lXe^Xe dXlgle bfe[`j` efe b\lXe^Xe j\cXcl Zfe[`k`fej f] k_\ 9Xeb Xi\ gi\j\ek\[ ]Xìcp è k_\
[`gXgXibXe YX`b [XcXd cXgfiXe glYc`bXj` dXlgle glYc`ZXk`fe i\gfik Xe[ XeelXc i\gfik# glijlXek kf
cXgfiXe kX_leXe# j\YX^X`dXeX [`Xkli [XcXd G9@ G9@Ef%.&,'&G9@&)'',f])0Efm\dY\i)'',%K_\
Ef% .&,'&G9@&)'', kXe^^Xc )0 Efm\dY\i )'',% XeelXc i\gfik `j XcnXpj Xl[`k\[ Yp Xe è[\gXe[\ek
CXgfiXe kX_leXe k\ij\Ylk j\cXcl [` Xl[`k fc\_ glYc`Z XZZflekXek k_Xk `j i\^`jk\i\[ è 9Xeb
XblekXeglYc`bpXe^è[\g\e[\e[Xek\cX_k\i[X]kXi @e[fe\j`X#Xe[`jgfjk\[èk_\f]ÔZ`Xcn\Yj`k\f]9D@
[` 9Xeb @e[fe\j`X j\ikX j\cXcl [`ZXekldbXe [XcXd dlXdXcXkYXeb%Zfd %
n\Yj`[\9D@dlXdXcXkYXeb%Zfd %
J\cXè `kl cXgfiXe [`dXbjl[ [`jXdgX`bXe b\gX[X @e X[[`k`fe# k_\ jX`[ i\gfik `j [`jki`Ylk\[ kf Xcc
j\clil_ jkXb\_fc[\i j\YX^X`dXeX [`Xkli [XcXd jkXb\_fc[\ijglijlXekkfk_\;ì\Zk`m\f]98G<G8D
B\glkljXe 98G<G8D Ef% *-&GD&)''* kXe^^Xc *' Ef%*-&GD&)''*f]*'J\gk\dY\i)''*%
J\gk\dY\i)''*%

@e]fidXj`cXèp^k`[Xb[`cXgfibXej\g\ik`1 Fk_\iè]fidXk`fek_XkXi\efki\gfik\[èZcl[\j1
X% B\g\d`c`bXe jX_Xd Xe^^fkX ;\nXe Bfd`jXi`j X% J_Xi\ fne\ij_`g Yp k_\ :fdd`jj`fe\ij Xe[
[Xe ;ì\bj` pXe^ d\eZXgX` , XkXl c\Y`_ [Xi` ;ì\Zkfij k_Xk Xdflek kf , fi dfi\ ]ifd k_\
df[Xc[`j\kfigX[XYXebk\ij\Ylk#YXebcXè[Xe kfkXcgX`[$lgZXg`kXcf]k_\9Xeb#fk_\iYXebjfi
c\dYX^X b\lXe^Xe YlbXe YXeb# bXi\eX k`[Xb efe$YXebÔeXeZ`Xcèjk`klk`fej2jèZ\efef]9D@Ëj
[`d`c`b` fc\_ g\e^lilj 9D@% EXdle [\d`b`Xe :fdd`jj`fe\ij Xe[ ;ì\Zkfij fne k_\ j_Xi\j%

g\d`c`bXejX_Xd9Xebfc\_Bfd`jXi`j[Xe;ì\bj` @ejk\X[#k_\:fdd`jj`fe\ijXe[;ì\Zkfijf]9#@
[`YXnX_[Xi`,X[XcX_j\YX^X`Y\i`blk1 fnec\jjk_Xe,j_Xi\jèk_\9Xeb#Xj]fccfnj1
(% ?% @jbXe[Xi QlcbXieXè# Bfd`jXi`j j\YXepXb (% ?% @jbXe[Xi QlcbXieXè# :fdd`jj`fe\i
+%'''%'''c\dYXij\i`8'#+0 Xdflekè^ kf +#'''#''' j\i`\ 8 j_Xi\j
)% ?%8%I`XnXe 8dè#D%JZ# ;ì\bkli LkXdX '%+0
j\YXepXb,''c\dYXij\i`8'#'' )% ?%8%I`XnXe8dè#D%JZ#Gi\j`[\ek;ì\Zkfi
*% @i ?%8im`pXe 8i`Ôe# ;ì\bkli j\YXepXb ('' Xdflekè^kf,''j\i`\8j_Xi\j'%''
c\dYXij\i`9'#'' *% @i ?% 8im`pXe 8i`Ôe# ;ì\Zkfi Xdflekè^ kf
+% D%?`[XpXk J< 8bk# ;ì\bkli j\YXepXb (%0*. (''j\i`\9j_Xi\j'%''
c\dYXij\i`8'#'' +% D% ?`[XpXk J< 8bk# ;ì\Zkfi Xdflekè^ kf
,% @i 8e[` 9lZ_Xi`# ;ì\bkli j\YXepXb )%0*. (#0*.j\i`\8j_Xi\j'%''
c\dYXij\i`8'#'' ,% @i 8e[` 9lZ_Xi`# ;ì\Zkfi Xdflekè^ )#0*.
-% ;ij%L%JX\]l[èEf\i#;ì\bklij\YXepXb(%0*. j\i`\8j_Xi\j'%''
c\dYXijX_Xd'#'' % -% ;ij% L%JX\]l[è Ef\i# ;ì\Zkfi Xdflekè^ kf
(#0*.j_Xi\j'%'' %
Y% K`[Xbk\i[XgXk_lYle^Xeb\lXe^Xe[Xe_lYle^Xe Y% K_\i\`jefÔeXeZ`Xci\cXk`fejXe[Ôc`Xci\cXk`fej

b\clXi^X Xe^^fkX ;\nXe Bfd`jXi`j [Xe ;ì\bj` Y\kn\\ed\dY\ijf]k_\9fXi[f]:fdd`jj`fe\ij
[\e^XeXe^^fkX;\nXeBfd`jXi`jcXèepX#;ì\bj` Xe[ 9fXi[ f] ;ì\Zkfij Xe[&fi k_\ Zfekifccè^
cXèepX [Xe&XkXl G\d\^Xe^ jX_Xd G\e^\e[Xc` j_Xi\_fc[\ijf]k_\9Xeb%
9Xeb%

J\k`Xg Xe^^fkX ;\nXe G\e^XnXj JpXi`X_# <XZ_ d\dY\i f] k_\ J_Xi`X Jlg\im`jfip 9fXi[#
Bfd`jXi`j [Xe ;ì\bj` j\jlX` [\e^Xe b\glkljXe 9fXi[f]:fdd`jj`fe\ijXe[9fXi[f];ì\Zkfij
ILGJ# d\dg\ifc\_ gXb\k i\dle\iXj` Y\ilgX glijlXek kf k_\ i\jfclk`fej f] >DJ# i\Z\`m\j X
^Xa` [Xe kleaXe^Xe j\ikX ]Xj`c`kXj cXèepX%Leklb i\dle\iXk`fe gXZbX^\ è k_\ ]fid f] jXcXi`\j
kX_le)''/kfkXcgXb\kI\dle\iXj`[Xe=Xj`c`kXj Xe[ Y\e\Ôkj% =fi k_\ p\Xi )''/# k_\ kfkXc
cXè YX^` c`dX Xe^^fkX ;\nXe Bfd`jXi`j X[XcX_ i\dle\iXk`fe gXZbX^\ Xe[ fk_\i ]XZ`c`k`\j
j\Y\jXi Ig )%00( alkX [Xe leklb c`dX fiXe^ gifm`[\[ kf Ôm\ :fdd`jj`fe\ij Xdflek\[ kf
;ì\bj` X[XcX_ j\Y\jXi Ig (+%+/( alkX Y\cld Ig)#00(d`c`fe#Xe[kfÔm\;ì\ZkfijXdflek\[
k\idXjlb ]Xj`c`kXj cXè [XcXd Y\eklb eXkliX kfIg(+#+/(d`c`fe\oZclj`m\f]fk_\i]XZ`c`k`\jè
j\Y\jXiIg*%),'alkX% eXkliX]fidXdflekè^kfIg*#),'d`c`fe%
AldcX_G\ep`dgXe^Xe@ek\ieXc@ek\ieXc=iXl[ EldY\if]@ek\ieXc=iXl[
J\cXdX kX_le )''/ è` g\ep`dgXe^Xe&b\ZliXe^Xe K_ifl^_flk)''/#fe\]iXl[lc\ekXZk`m`kp_XjY\\e
k\cX_ [`cXblbXe fc\_ ( jXkl fiXe^ g\^XnX`&bil ZXii`\[ flk Yp fe\ efe$g\idXe\ek flkjfliZ\[
k`[Xb k\kXg flkjfliZè^ # b_ljljepX pXe^ k\ibX`k :i\nd\dY\i#Zfee\Zk\[n`k_k_\nfibgifZ\jjXe[
[\e^Xegifj\jb\iaX[Xeb\^`XkXefg\iXj`feXcYXeb 9Xebfg\iXk`fejk_XkdXp\]]\Zkk_\9XebÔeXeZ`Xc
pXe^ d\dg\e^Xil_` bfe[`j` b\lXe^Xe YXeb j\ZXiX Zfe[`k`fej`ê`ÔZXekcp5Ig(''d`cc`fe %K_\ZXj\è
j`ê`ÔbXe 5Ig ('' alkX % BXjlj [`dXbjl[ k\cX_ hl\jk`fe`jefnY\è^gifj\Zlk\[èXZflikf]cXn%
[`kè[XbcXealk`d\cXcl`gifj\j_lbld%

J\[Xe^bXe g\idXjXcX_Xe _lbld g\i[XkX pXe^ N_\i\Xjc`k`^Xk`feZXj\jèmfcmè^Z`m`ccXnZlii\ekcp
k\iaX[` X[XcX_ j\YXepXb [lX bXjlj [Xe jXkl bXjlj è gifî\jj eldY\i\[ knf ZXj\j f] n_`Z_ fe\ _Xj
k\cX_ j\c\jX` [Xe k\cX_ d\dglepX` b\blXkXe Y\\eZfdgc\k\[Xe[_XjY\\e^`m\eXÔeXcm\i[`Zk#
_lblbd k\kXg [Xe jXkl bXjlj dXj`_ [XcXd gifj\j n`k_k_\fk_\ijk`ccXnX`kè^Xm\i[`Zk%@ek_\ZXj\f]
g\ep\c\jX`Xe%LeklbbXjlj_lbldg`[XeXj\YXepXb Zi`dèXccXnk_\i\`jXgi\j\ekfe\g\e[è^ZXj\k_Xk
jXklbXjlj[XedXj`_[XcXdgifj\jg\ep\c\jX`Xe% jk`ccXnX`kXm\i[`Zk%
KiXejXbj`pXe^D\e^Xe[le^9\ekliXeB\g\ekè^Xe KiXejXZk`fejk_Xk@emfcm\X:feÕ`Zkf]@ek\i\jk
J\cXdXkX_le)''/[`9D@k`[Xbk\i[XgXkkiXejXbj` K_ifl^_flk )''/# k_\i\ nXj ef kiXejXZk`fe kX_k
pXe^ d\e^Xe[le^ Y\ekliXe b\g\ekè^Xe% ?Xc è` èmfcm\[XZfeÕ`Zkf]èk\i\jk%K_`j`jXkki`Ylk\[kf
[`j\YXYbXe bXi\eX [XcXd j\k`Xg g\iaXea`Xe&XbX[# k_\]XZkk_Xk\XZ_ZfekiXZk&X^î\\d\ekle[\ikXb\e
b\iaXjXdXXkXlglebfekiXbYX`bXekXiXYXeb[\e^Xe Yp k_\ 9Xeb Xe[ Zljkfd\ij fi ZfejlckXekj ZfekXè
eXjXYX_dXlgle[\e^Xeg`_XbbfejlckXe#j\cXcl[Xe k_\ ni`kk\e ZcXlj\ jk`glcXkè^ k_Xk j_Xcc Y\ ef
nXa`Y [`g\ijpXiXkbXe _Xilj d\eZXekldbXe K`[Xb :feÕ`Zkf]@ek\i\jkn`k_k_\9Xeb%
8[X9\ekliXeB\g\ekè^Xe[\e^Xe9Xeb%

Penerapan Manajemen Risiko
Risk Management
G<E<I8G8ED8E8A<D<EI@J@BF I@JBD8E8><D<EK
J`klXj`cè^ble^Xe\bjk\ieXc[Xeèk\ieXcg\iYXebXe K_\ Zfe[`k`fej X]]\Zkè^ k_\ \ok\ieXc Xe[ èk\ieXc
Y\cXbXe^Xeè`k\cX_d\e^XcXd`g\ib\dYXe^XepXe^ YXebè^\emìfed\ek_Xm\\mfcm\[iXg`[cpfm\ik_\
g\jXk# pXe^ [``blk` [\e^Xe j\dXbè bfdgc\bjepX cXjkj\m\iXcp\Xij#Z_XiXZk\i`j\[Ypk_\èZi\Xjè^cp
i`j`bfpXe^[`_X[Xg`fc\_è[ljki`g\iYXebXe%?Xcè` Zfdgc\oi`jbjk_XkXi\]XZ\[Ypk_\YXebè^j\Zkfi%
d\eleklkj\k`Xgg\cXblljX_X[`è[ljki`g\iYXebXe# K_`j i\hlì\j \m\ip YXeb è k_\ è[ljkip# èZcl[è^
k`[Xbk\ib\ZlXc`9XebDlXdXcXk#leklbd\e\iXgbXe 9Xeb DlXdXcXk# kf le[\ikXb\ i`^fiflj i`jb
dXeXa\d\e g\e^\cfcXXe i`j`bf# X^Xi Xbk`m`kXj dXeX^\d\ekjlZ_k_Xkk_\Yljè\jjXZk`m`k`\jf]X
ljX_XpXe^[`cXblbXefc\_YXebk`[Xbd\e`dYlcbXe YXeb[fefkc\X[kfXcfjjk_Xk\oZ\\[jk_\XY`c`kpf]
b\il^`XepXe^d\c\Y`_`b\dXdglXeYXebXkXlpXe^ k_\YXebkfXYjfiYjlZ_cfjj#fi_Xjk_\gfk\ek`Xcf]
[XgXkd\e^^Xe^^lb\cXe^jle^XeljX_XYXeb% [`jilgkè^ k_\ Yljè\jj m`XY`c`kp Xe[ jljkXèXY`c`kp
f]k_\YXeb%
9Xeb DlXdXcXk k\cX_ d\e\iXgbXe gièj`g JèZ\ cXjk p\Xi 9Xeb DlXdXcXk _Xj Y\^le kf
Æ gièj`g dXeXa\d\e i`j`bf [\e^Xe d\cXblbXe `dgc\d\ek k_\ gièZ`gc\j f] i`jb dXeX^\d\ek#
]le^j` `[\ek`ÔbXj`# g\e^lbliXe# g\dXekXlXe [Xe Zfdgi`jè^ f] k_\ d\Xjli\d\ek Xe[ dfe`kfiè^
g\e^\e[Xc`Xe k\i_X[Xg i`j`bf Æ i`j`bf 1 ( i`j`bf f]i`jbjk_XkZfm\i( ÔeXeZ`Xcèm\jkd\eki`jb#)
g\dY`XpXXe# ) i`j`bf gXjXi& e`cX` klbXi# * i`j`bf dXib\k&Zlii\eZp\oZ_Xe^\i`jb#* fg\iXk`feXci`jb#
fg\iXj`feXc# + i`j`bf c`bl`[`kXj# , i`j`bf _lbld# + c`hl`[`kpi`jb#, c\^Xci`jb#- i\glkXk`feXci`jb#
- i`j`bfi\glkXj`#. i`j`bfjkiXk\^`b#[Xe/ i`j`bf . jkiXk\^`Zi`jbXe[/ Zfdgc`XeZ\i`jb%
b\gXkl_Xe%
GifÔci`j`bfbfdgfj`k9XebDlXdXcXk[`kX_le)''/# K_\ i`jb gifÔc\ f] 9Xeb DlXdXcXk è )''. è
[è`cX`Éj\[Xe^Édf[\iXk\i`jb 2[Xej\cXdXj\kX_le X^î\^Xk\nXj[\\d\[Èdf[\iXk\É2Xe[[liè^k_\
k\iXb_ì# gifÔc i`j`bf k\ij\Ylk d\dg\ic`_XkbXe gXjkp\Xi#k_\i`jbgifÔc\_Xjj_fneXjkXYc\ki\e[%
b\Z\e[\ile^Xeki\e[ pXe^k\kXgjkXY`c %
;\e^Xe d\dg\ik`dYXe^bXe Y\jXiXe gfikf]fc`f 9p kXbè^ èkf Zfej`[\iXk`fe k_\ jZXc\ f] fli
g\dY`XpXXe# j`ê`ÔbXej` gfk\ek`Xc cfjj [Xe gfik]fc`f#k_\j`ê`ÔZXeZ\f]gfk\ek`XccfjjXe[Zi\n
b\k\ij\[`XXe bil jldY\i [XpX èjXe` # gifj\j XmX`cXY`c`kp#]fi)''/k_\i`jbdXeX^\d\ekgifZ\jj
dXeXa\d\ei`j`bfkX_le)''0XbXe[`kè^bXkbXe[Xe n`cc Y\ èk\ej`Ô\[ Xe[ ]fZlj\[ fe èm\jkd\ek Xe[
[`gi`fi`kXjbXeb\gX[XXjg\bi`j`bfg\dY`XpXXe[Xe fg\iXk`feXci`jbXjg\Zkj%Kfk_Xk\e[#k_\9Xebn`cc
fg\iXj`feXc% ?Xc è` [`cXblbXe d\cXcl` g\ep\jlX`Xe ZXiip flk X df[\c Xe[ d\k_f[fcf^p X[aljkd\ek
[Xe g\ep\dglieXXe df[\c j\ikX d\kf[fcf^` Xe[ g\i]\Zk`fe Xggc`\[ ]fi d\Xjliè^ k_\ gfk\eZp
[XcXd d\e^lbli gifp\bj` gfk\ej` i`j`bf è_\i\e gifa\Zk`fef]jfd\è_\i\eki`jbjk_Xkn`ccY\]XZ\[
pXe^ [`_X[Xg` gX[X dXjX d\e[XkXe^# j\bliXe^ èk_\e\Xi]lkli\#Xkc\Xjk]fiXg\i`f[f]fe\p\Xi
$ bliXeêpX jXkl kX_le b\ [\gXe# j\ikX dXdgl X_\X[# Xe[ Xcjf ]fi d\Xjliè^ Xe[ Xek`Z`gXkè^ `kj
d\e^lbli [Xe d\e^Xek`j`gXj` b\ZlblgXe df[Xc ZXg`kXc X[\hlXZp è fi[\i kf jljkXè k_\ gfk\ek`Xc
leklbd\efgXe^gfk\ejì`j`bfpXe^X[X% i`jbj%
LgXpX leklb j\eXek`XjX d\dg\iYX`b` [Xe <]]fikj kf ZfejkXekcp `dgifm\ Xe[ \e_XeZ\ k_\
d\ep\dglieXbXe]le^j``[\ek`ÔbXj`[Xeg\e^lbliXe `[\ek`ÔZXk`fe Xe[ d\Xjli\d\ek f] i`jbj _Xm\ Y\\e

i`j`bf k\cX_ [Xe j\[Xe^ [`cXblbXe 9Xeb DlXdXcXk# Xe[Zfekèl\kfY\le[\ikXb\eYp9XebDlXdXcXk#è
[`dXeX dlcX` Xb_ì kX_le )''/ [\e^Xe YXeklXe n_`Z_jkXikè^]ifdp\Xi$\e[f])''/n`k_k_\_\cg
bfejlckXe# 9Xeb DlXdXcXk d\cXblbXe g\iYX`bXe f] :fejlckXekj# 9Xeb DlXdXcXk le[\ikffb j\m\iXc
[Xeg\ep\dglieXXepXe^d\c`glk`_XcÆ_Xcj\YX^X` `dgifm\d\ekjXe[\e_XeZ\d\ekj#Xj]fccfnj1
Y\i`blk1
(% D\dYlXk B\iXe^bX B\iaX DXeXa\d\e I`j`bf (% <jkXYc`j_k_\]iXd\nfib]fik_\I`jbDXeX^\d\ek
G\iYXebXeJpXi`X_k\idXjlbj\clil_bfdgfe\e f] J_Xi`X YXebè^ èZcl[è^ Xcc f] k_\ i`jb
i`j`bfepX Zfdgfe\ekj%
)% D\dYlXk B\YàXbXe [Xe Gifj\[li DXeXa\d\e )% <jkXYc`j_ Gfc`Zp Xe[ GifZ\[li\ fe k_\ I`jb
I`j`bf G\iYXebXe JpXi`X_ pXe^ j\jlX` [\e^Xe DXeX^\d\ek f] J_Xi`X 9Xebè^ k_Xk Zfdgcp
g\iXkliXe[Xi`9Xeb@e[fe\j`X[Xe@=J9@jcXd`Z n`k_k_\i\^lcXk`fejf]9Xeb@e[fe\j`XXe[@=J9
=èXeZ`Xc J\im`Z\j 9fXi[ YX`b pXe^ \o`jkè^ @jcXd`Z=èXeZ`XcJ\im`Z\j9fXi[ #Yfk_\o`jkè^
dXlglepXe^[`k\iY`kbXe[`b\dl[`Xe_Xi` ilc\jXe[k_fj\kfY\`jjl\[è]lkli\%
*% D\cXblbXe g\ep\dglieXXe df[\c Æ df[\c *% <e_XeZ\ k_\ d\Xjli\d\ek df[\cj f] k_\ \`^_k
g\e^lbliXe [\cXgXe a\e`j i`j`bf i`j`bf kpg\j f] i`jbj ÔeXeZè^ i`jb# dXib\k&]fi\`ê
g\dY`XpXXe# i`j`bf gXjXi& e`cX` klbXi# i`j`bf \oZ_Xe^\ i`jb# fg\iXk`feXc i`jb# c`hl`[`kp i`jb#
fg\iXj`feXc#i`j`bfc`bl`[`kXj#i`j`bf_lbld#i`j`bf c\^Xc i`jb# i\glkXk`feXc i`jb# jkiXk\^`Z i`jb#
i\glkXj`# i`j`bf jkiXk\^`b# [Xe i`j`bf b\gXkl_Xe Xe[ Zfdgc`XeZ\ i`jb gclj X^î\^Xk\ i`jb Xe[
gcljX^î\^Xk\i`jb[XeZfdgfj`k\i`jb Zfdgfj`k\i`jb%
+% D\e^\dYXe^bXe [Xe d\e^`dgc\d\ekXj`bXe +% ;\m\cfg Xe[ `dgc\d\ek X k\Z_efcf^p jpjk\d
j`jk\d k\befcf^` gifîXd Xgc`bXj` j\[\i_XeX YXj`Z Xggc`ZXk`fe gifîXd YXj\[ fe \oZ\cc kf
Y\iYXj`j \oZ\cc leklb d\e^fkfdXj` g\e^fcX_Xe XlkfdXk\ k_\ gifZ\jjè^ Xe[ i\ZXg`klcXk`fe f]
[Xe i\bXg`klcXj` [XkX i`j`bf g\dY`XpXXe [Xe [XkX g\ikXèè^ kf ÔeXeZè^ i`jb Xj n\cc Xj k_\
b\cfdgfb i`j`bf fg\iXj`feXc i`j`bf fg\iXj`feXc# fg\iXk`feXc i`jb gfik]fc`f f] fg\iXk`feXc i`jb#
i`j`bf_lbld#i`j`bfi\glkXj`#i`j`bfjkiXk\^`b#[Xe c\^Xc i`jb# i\glkXk`feXc i`jb# jkiXk\^` i`jb Xe[
i`j`bfb\gXkl_Xe Zfdgc`XeZ\i`jb %
BlXc`kXj g\cXbjXeXXe dXeXa\d\e i`j`bf jXe^XkcX_ K_\ hlXc`kp f] i`jb dXeX^\d\ek `dgc\d\ekXk`fe `j
[`k\eklbXe fc\_ g\dX_XdXe j\ikX g\e^\kX_lXe _`^_cp[\k\idè\[Ypk_\c\m\cf]le[\ijkXe[è^Xe[
pXe^ [`d`c`b` bil 9Xeb DlXdXcXk k\i_X[Xg i`j`bf% befnc\[^\ f] 9D@Ëj :i\n m`j$X$m`j i`jbj% 8j jlZ_#
J\_lYle^Xe [\e^Xe `kl# [Xe [XcXd iXe^bX Xe[èfi[\ikfZfdgcpn`k_k_\i\hlì\d\ek]fik_\
d\d\el_`b\nXa`YXeYX^`g\e^lilj[Xeg\aXYXkYXeb dXeX^\d\ekXe[j\e`fidXeX^\ijf]XZfdd\iZ`Xc
ldld leklb d\d`c`b` j\ik`ÔbXk dXeXa\d\e i`j`bf YXebkffYkXèi`jbdXeX^\d\ekZ\ik`ÔZXk`feYXj\[
j\YX^X`dXeX [`Xkli [XcXd G9@ Ef% .&),&G9@&)'', fe 9Xeb @e[fe\j`X I\^lcXk`fe Ef% .&),&G9@&)'',
k\ekXe^J\ik`ÔbXj`DXeXa\d\eI`j`bfYX^`G\e^lilj fek_\I`jbdXeX^\d\ek:\ik`ÔZXk`fef]F]ÔZ`Xcf]
[XeG\aXYXk9XebLdldj\YX^X`dXeX[`lYX_[\e^Xe :fdd\iZ`Xc 9Xeb Xj Xdd\e[\[ kf 9Xeb @e[fe\j`X
G9@ Ef% /&0&G9@&)''-# dXbX j\cXdX kX_le )''/ I\^lcXk`fe Ef% /&0&G9@&)''-# _\eZ\]fik_ è )''/
9XebDlXdXcXkk\cX_d\e^`blkj\ikXbXej\YXepXb.+ 9XebDlXdXcXk_X[j\ek.+f]`kj:i\njkfkXb\k_\
bilepXd\e^`blk`la`XeJ\ik`ÔbXj`DXeXa\d\eI`j`bf k\jk]fiI`jbDXeX^\d\ek:\ik`ÔZXk`feC\m\c(#Xe[
kè^bXk(2j\YXepXb*(bild\e^`blk`la`Xekè^bXk)2 **fk_\i:i\njkfkXb\k_\k\jk]fiI`jbDXeX^\d\ek
J\fiXe^bild\e^`blk`la`Xekè^bXk*%J\cXè`kl[lX :\ik`ÔZXk`fe C\m\c )2 fe\ :i\n d\dY\i kf kXb\
;ì\bkli[XejXklBfd`jXi`jk\cX_d\e^`blk`gifîXd :\ik`ÔZXk`fe c\m\c *% @e X[[`k`fe knf ;ì\Zkfij Xe[

i\]i\j_d\ek j\ik`ÔbXj` dXeXa\d\e i`j`bf gifîXd X:fdd`jj`fe\i_Xm\kXb\eXi\]i\j_\igifîXdf]
\bj\blk`] [Xe jXkl fiXe^ ;ì\bj` k\cX_ d\e^`blk` k_\i`jbZ\ik`ÔZXk`feXe[fe\;ì\Zkfi_XjkXb\ek_\
j\ik`ÔbXj`dXeXa\d\ei`j`bfgifîXd\bj\blk`]% \o\Zlk`m\i`jbdXeX^\d\ekZ\ik`ÔZXk`fegifîXd%
JXdgX` [\e^Xe *( ;\j\dY\i )''/# G\e^lilj 8j Xk *( ;\Z\dY\i )''/# k_\ DXeX^\d\ek Xe[
[Xe G\aXYXk 9Xeb DlXdXcXk pXe^ k\cX_ d\d`c`b` J\e`fiF]ÔZ`Xcjf]9XebDlXdXcXkk_Xk_X[\Xie\[
j\ik`ÔbXkdXeXa\d\ei`j`bfX[XcX_j\YX^X`Y\i`blk1 k_\ìi`jbdXeX^\d\ekZ\ik`ÔZXk`fejn\i\Xj]fccfnj1
(+,bild\d`c`b`j\ik`ÔbXkkè^bXk(2++bild\d`c`b` (+, :i\nj fYkXè\[ Z\ik`ÔZXk`fe c\m\c (2 ++ :i\nj
j\ik`ÔbXk kè^bXk )2 jXkl bil d\d`c`b` j\ik`ÔbXk fYkXè\[ Z\ik`ÔZXk`fe c\m\c )2 Fe\ :i\n fYkXè\[
kè^bXk*[Xe\dgXkg\e^liljjXklBfd`jXi`j[Xe Z\ik`ÔZXk`fe c\m\c *2 Xe[ ]fli YfXi[ d\dY\ij X
k`^X;ì\bj` k\cX_d\e^`blk`j\ik`ÔbXj`dXeXa\d\e :fdd`jj`fe\i Xe[ k_i\\ ;ì\Zkfij _Xm\ \ek\i\[
i`j`bfgifîXd\bj\blk`]% è k_\ \o\Zlk`m\ i`jb dXeX^\d\ek Z\ik`ÔZXk`fe
gifîXd%
D\epX[Xi` YX_nX d\d`c`b` G\e^lilj [Xe G\aXYXk ?`^_cpXnXi\f]k_\]XZkk_Xk_Xmè^YfXi[d\dY\ij

[\e^Xe i`jb$XnXi\e\jj pXe^ kè^^` d\ilgXbXe Xe[j\e`fidXeX^\ijn_fXi\]lccpZfê`qXekf]i`jb
jlXkl b\Ylkl_Xe# [Xe YlbXe _XepX j\b\[Xi dXeX^\d\ek i\gi\j\ekj X e\\[# Xe[ efk j`dgcp kf
d\d\el_` g\iXkliXe [Xe b\nXa`YXe b\gX[X 9Xeb Zfdgcp n`k_ 9Xeb @e[fe\j`X ilc\j# ]fi k_\ p\Xij
@e[fe\j`X# dXbX j\gXeaXe^ kX_le )''0 [Xe )'(' )''/# )''0 Xe[ )'(' 9Xeb DlXdXcXk èk\e[j kf
9XebDlXdXcXkXbXed\e^`blkj\ikXbXegXiXbilepX j\e[`kj:i\njkfk_\i`jbdXeX^\d\ekZ\ik`ÔZXk`fe
leklb d\e^`blk` la`Xe j\ik`ÔbXj` dXeXa\d\e i`j`bf gifîXdj è )''/# )''0 Xe[ )'(' YXj\[ fe
[\e^Xeg\i\eZXeXXeY\i[XjXibXekè^bXkj\ik`ÔbXj`# i\jg\Zk`m\c\m\cj#Xj]fccfnj1
j\YX^X`Y\i`blk1
KX_le)''01 P\Xi)''01
Kè^bXk ( [Xe ) dXjè^$dXjè^ .' bil [Xe *, c\m\c ( ]fi .' :i\nj# c\m\c ) ]fi *, :i\nj# Xe[
bil%GifîXd\bj\blk`]YX^`[lX;ì\bj`% \o\Zlk`m\gifîXd]fiknf:fdd`jj`fe\ij%
KX_le)'('1 P\Xi)'('1
Kè^bXk (# ) [Xe * dXjè^$dXjè^ j\YXepXb *, c\m\c)]fi*,:i\nj#c\m\c*]fi*,:i\nj#i\^lcXi
bil% GifîXd g\ep\^XiXe i\^lcXi leklb (' bil i\]i\j_\i gifîXd ]fi (' :i\nj# Xe[ \o\Zlk`m\
[XegifîXdbfem\ij`\bj\blk`]b\i\^lc\ileklb i\]i\j_\igifîXd]fiÔm\;ì\Zkfij%
c`dX;ì\bj`%
G<E<I8G8E D8E8A<D<E I@J@BF @DGC<D<EK8K@FE F= I@JB D8E8><D<EK

K<BEFCF>@@E=FID8J@ =FI@E=FID8K@FEK<:?EFCF>P
;XcXd iXe^bX c\Y`_ d\eè^bXkbXe g\i_Xk`Xe [Xe N`k_k_\X`df]èZi\Xjè^k_\c\m\cf]Xkk\ek`feXe[
b\jX[XiXe XbXe Xik` g\ekèêpX g\e^^leXXe XnXi\e\jjf]k_\`dgfikXeZ\èk_\lj\f]è]fidXk`fe
K\befcf^`@e]fidXj`K@ [Xei\j`bfpXe^k\ibXe[le^ k\Z_efcf^p@K Xe[`kjè_\i\eki`jbj#9Xeb@e[fe\j`X
[`[XcXdepX#dXbX9Xeb@e[fe\j`Xk\cX_d\e\iY`kbXe _Xj `jjl\[ 9Xeb @e[fe\j`X I\^lcXk`fe Ef% 0&(,&
G\iXkliXe 9Xeb @e[fe\j`X Ef% 0&(,&G9@&)''. G9@&)''.f]*'Efm\dY\i)''.#fek_\>l`[\cè\j
kXe^^Xc*'Efm\dY\i)''.#k\ekXe^G\[fdXeYX^` ]fi9Xebjkf`dgc\d\eki`jbdXeX^\d\ekèk_\Xi\X
9Xeb[XcXdg\e\iXgXe[Xeg\cXbjXeXXedXeXa\d\e f]è]fidXk`fek\Z_efcf^pèXeèk\îXk\[dXee\i%

i`j`bf[`Y`[Xe^k\befcf^`è]fidXj`j\ZXiXk\igX[l% K_\ jX`[ >l`[\cè\j [\Ôe\ k_\ jk\gj kf `[\ek`]p#
;XcXd g\[fdXe [`dXbjl[ k\cX_ [`ZXekldbXe d\Xjli\# dfe`kfi# Zfekifc Xe[ dXeX^\ i`jbj k_Xk
YX^X`dXeX d\cXblbXe `[\ek`ÔbXj`# g\e^lbliXe# Xi\ XjjfZ`Xk\[ n`k_ k_\ GcXeeè^# ;\m\cfgd\ek#
g\dXekXlXe# g\e^\e[Xc`Xe [Xe j`jk\d dXeXa\d\e GifZli\d\ek Xe[ DXeX^\d\ek f] @K k_Xk ]fid Xe
i`j`bfk\ibX`k[\e^XeG\i\eZXeXXe#G\e^\dYXe^Xe# èk\îXcgXikf]k_\fm\iXcc]leZk`feXe[fi^Xe`jXk`fe
G\e^X[XXe# [Xe G\e^\cfcXXe K@ pXe^ d\eaX[` jXkl f]i`jbdXeX^\d\ekf]k_\9Xeb%
b\jXklXe[\e^Xe]le^j`[Xefi^Xe`jXj`dXeXa\d\e
i`j`bfgX[X9Xeb%
J\aXcXe[\e^Xed`j`9XebDlXdXcXkleklbd\eaX[` @e cè\ n`k_ k_\ d`jj`fe f] 9Xeb DlXdXcXk kf
ifc\ df[\c c\dYX^X b\lXe^Xe jpXi`X_ [`[le`X# Y\ X ifc\ df[\c ]fi k_\ j_Xi`X$YXj\[ ÔeXeZ`Xc
[\e^Xe g\e\bXeXe gX[X j\dXe^Xk b\nìXljX_XXe# èjk`klk`fej f] k_\ nfic[# n`k_ \dg_Xj`j fe k_\
b\le^^lcXe dXeXa\d\e [Xe fi`\ekXj` èm\jkXj` jgì`k f] \eki\gi\e\lij_`g# dXeX^\i`Xc c\X[\ij_`g
pXe^ èfmXk`]# leklb d\dXbj`dldbXe e`cX` Xe[ èefmXk`m\ èm\jkd\ek fi`\ekXk`fe# è fi[\i kf
b\gX[X jkXb\_fc[\ij# DXeXa\d\e 9Xeb DlXdXcXk dXo`d`q\ mXcl\ ]fi jkXb\_fc[\ij# k_\ dXeX^\d\ek
d\dX_Xd` jle^^l_$jle^^l_ YX_nX b\_Xe[XcXe f] 9Xeb DlXdXcXk `j Zc\Xicp XnXi\ f] k_\ ]XZk k_Xk
d\e^\cfcX i`j`bf$i`j`bf K@ XbXe d\eaX[` j\YlX_ k_\ XY`c`kp kf dXeX^\ @K$i\cXk\[ i`jbj i\gi\j\ek
\eXYc\i g\ekè^ [`[XcXd d\e\eklbXe b\Y\i_Xj`cXe X b\p \eXYc\i ]fi k_\ 9Xeb kf XZ_`\m\ `kj d`jj`fe
g\eZXgX`Xe d`j` d\cXcl` j\YlX_ j`jk\d è]fidXj` Yp i\cpè^ fe X è]fidXk`fe jpjk\d k_Xk `j j\Zli\#
pXe^ XdXe# k\ièk\îXj`# c\e^bXg# XbliXk# lg$kf$ èk\îXk\[# Zfdgi\_\ej`m\# XZZliXk\# lg$kf$[Xk\#
[Xk\#lkl_#bfej`jk\e[Xek\gXknXbklj\ikXi\c\mXe% èk\îXc# Zfej`jk\ek Xe[ k`d\cp Xj n\cc Xj i\c\mXek%
;\e^Xe [\d`b`Xe è]fidXj` pXe^ [`_Xj`cbXe [XgXk 8jjlZ_#è]fidXk`feZXeY\i\c`\[lgfekfjlggfik
d\e[lble^gifj\jg\e^XdY`cXeb\glkljXedXlgle k_\[\Z`j`fe$dXbè^gifZ\jjXjn\ccXjfg\iXk`feXc
fg\iXk`feXc \oZ\cc\ek ZXYXe^ j\cè[f# j\ikX XbXe \oZ\cc\eZ\f]k_\9XebËjYiXeZ_f]ÔZ\jeXk`fen`[\#
[XgXk d\e^XdXebXe 9Xeb DlXdXcXk [Xi` i`j`bf$ ZXYXe^ j\cè[f# Xe[ k_\i\Yp Xcjf gifk\Zk 9Xeb
i`j`bf% DlXdXcXkX^Xèjki`jbj%
J\YX^X`g\e^^leXK@[`jX[Xi`[`jXdgè^XbXe[XgXk 8j X lj\i f] @K# 9Xeb DlXdXcXk i\Zfê`q\j k_\

d\eè^bXkbXe b\Z\gXkXe [Xe b\XbliXkXe kiXejXbj` mXcl\ f] @K Xj X kffc k_Xk ZXe èZi\Xj\ k_\ jg\\[
j\ikX g\cXpXeXe b\gX[X eXjXYX_# eXdle [`j`j` cXè Xe[XZZliXZpf]kiXejXZk`fejXjn\ccXjk_\[\c`m\ip
al^X XbXe j\dXbè d\eè^bXkbXe i`j`bf# b_ljljepX f]j\im`Z\kfZljkfd\ij#Ylkfek_\fk_\i_Xe[n`cc
i`j`bf fg\iXj`feXc [`jXdgè^ i\j`bf cXèepX j\g\ik` Xcjf èZi\Xj\ i`jbj# \jg\Z`Xccp fg\iXk`feXc i`jbj è
i\j`bfi\glkXj`#c\^Xc#b\gXkl_Xe[XejkiXk\^`j% X[[`k`fe kf fk_\i i`jbj jlZ_ Xj i\glkXk`feXc i`jb%
c\^Xci`jb#Zfdgc`XeZ\i`jbXe[jkiXk\^`Zi`jb%
J\YX^X`Ylbk`[Xi`g\cXbjXeXXebfd`kd\eDXeXa\d\e Le[\ijZfiè^ k_\ Zfdd`kd\ek f] k_\ DXeX^\d\ek

9Xeb DlXdXcXk [XcXd d\e\iXgbXe dXeXa\d\e f] 9Xeb DlXdXcXk ]fi k_\ `dgc\d\ekXk`fe f] i`jb
i\j`bf[`Y`[Xe^K\befcf^`@e]fidXj`k\iZ\idè[Xi` dXeX^\d\ekèk_\Xi\Xf]è]fidXk`fek\Z_efcf^p#
cXe^bX_$cXe^bX_bfebi`kpXe^k\cX_[XeXbXe[`XdY`c `j i\Õ\Zk\[ è k_\ ZfeZi\k\ jk\gj k_Xk _Xm\ Y\\e
XekXiXcXè1 kXb\eXe[n``ccZfekèl\kfY\kXb\e#Xdfe^fk_\ij1
X% G\dY\eklbXe @e]fidXk`fe K\Z_efcf^p Jk\\iè^ X% K_\ \jkXYc`j_d\ek f] Xk_\ @e]fidXk`fe
:fdd`kk\\@KJ: #j\jlX`JliXkB\glkljXe;ì\bj` K\Z_efcf^pJk\\iè^:fdd`kk\\@KJ: #glijlXek

9Xeb DlXdXcXk Ef% '/.&;@I&BGKJ&@O&)''/ kf k_\ ;\Z`j`fe C\kk\i f] k_\ 9F; f] 9Xeb
kXe^^Xc(.J\gk\dY\i)''/%J\cXè[Xi``klk\cX_ DlXdXcXk Ef% '/.&;@I&BGKJ&@O&)''/ f] (.
[`klealbBfejlckXeK@[XcXdiXe^bX`dgc\d\ekXj` J\gk\dY\i)''/%@eX[[`k`fekfn_`Z_k_\9Xeb
DXeXaXd\eI\j`bfK@è`%[Xej\YX^X`g\e[Xdgè^ _Xj Xggfèk\[ Xe @K :fejlckXek è Zfee\Zk`fe
[Xi`BfejlckXek\ij\Ylkk\cX_[`Y\eklbglcXK`d n`k_@Ki`jbdXeX^\d\ek`dgc\d\ekXk`fe#Xe[Xj
:flek\igXik% XZflek\igXikpkfjX`[:fejlckXek#k_\9Xeb_Xj
Y% D\e^`blkj\ikXbXe g\aXYXk [` Le`k I`jb Xcjf]fid\[k_\:flek\igXikK\Xd%
DXe^\d\ek [Xe @K BfejlckXe gX[X nfibj_fg Y% <eifccè^ k_\ f]ÔZ`Xcj f] k_\ I`jb DXe^\d\ek
d\e^\eX` @dgc\d\ekXj` G9@ Ef% 0&(,&G9@&)''. Le`kXe[@K:fejlckXekjèk_\Nfibj_fgfek_\
[`9Xe[le^% `dgc\d\ekXk`fe f] G9@ Ef% 0&(,&G9@&)''. è
Z% D\ep\c\e^^XiXbXe@KI`jbDXeX^\d\ekNfibj_fg 9Xe[le^%
gX[XkXe^^Xc)*[Xe)+D\`)''/#[\e^XeklalXe Z% Fi^Xe`jè^ k_\ @K I`jb DXeX^\d\ek Nfibj_fg
XekXiXcXè1d\eè^bXkbXei`jbXnXi\e\jjj\dlX fe)*Xe[)+DXp)''/#n`k_k_\X`df]Xdfe^
BIL 9Xeb DlXdXcXk2 d\e\iXgbXe i`jb [i`m\e fk_\i k_è^j1 èZi\Xjè^ k_\ i`jb XnXi\e\jj
XggifXZ_ [XcXd g\cXbjXeXXe g\e^\dYXe^Xe f] Xcc 9Xeb DlXdXcXk :i\nj2 Xggcpè^ k_\ i`jb
Xgc`bXj` YX`b leklb gif[lb dXlgle g\cXpXeXe2 [i`m\e XggifXZ_ ]fi XZk`k`m`k`\j f] Xggc`ZXk`fe
d\e^`[\ek`ÔbXj` [Xe d\e^lbli kè^bXk i`j`bf [\m\cfgd\ek]figif[lZkjfij\im`Z\j2`[\ek`]pè^
è_\i\ek2 d\e[\Ôe`j`bXe bfekifc pXe^ _Xilj Xe[ d\Xjliè^ è_\i\ek i`jbj2 [\Ôeè^ Zfekifcj
[`k\iXgbXe leklb d\d`k`^Xj` i`j`bf [\e^Xe k_Xke\\[kfY\Xggc`\[èfi[\ikfd`k`^Xk\i`jbj#
d\dYlXkGfc`Zp#JkXe[Xi[XeGifj\[li[`[XcXd Xj n\cc Xj \jkXYc`j_è^ k_\ Gfc`Z`\j# JkXe[Xi[j
gifj\j$gifj\j1 Xe[ Fg\iXkè^ GifZ\[li\j ]fi k_\ i\c\mXek
`% DlXdXcXk J\im`Z\ :pZc\ DJ: $ Fg\eè^ $ gifZ\jj\j%
N`k_[iXnXc $ @e]fidXk`fe Æ @ehlìp$ KiXej]\i `% DlXdXcXk J\im`Z\ :pZc\ DJ: $ Fg\eè^ $
KiXejXZk`fe$GXpd\ekÆ;\gfj`k2 N`k_[iXnXc $ @e]fidXk`fe Æ @ehlìp$ KiXej]\i
``% =8JK J\im`Z\j $ =i`\e[cp $ 8ZZ\jjXY`c`kp $ KiXejXZk`fe$GXpd\ekÆ;\gfj`k2
J\Zli`kp$Kfpflie\\[ ``% =8JK J\im`Z\j $ =i`\e[cp $ 8ZZ\jjXY`c`kp $
```% :8I $ :fem\ikXY`c`kp $ 8ZZ\jjXY`c`kp Æ J\Zli`kp$Kfpflie\\[
I\c`XY`c`kp ```% :8I $ :fem\ikXY`c`kp $ 8ZZ\jjXY`c`kp Æ
[% D\e\eklbXe@e_\i\ekI`jbpXe^X[XgX[Xi`j`bf I\c`XY`c`kp
pXe^[`b\cfdgfbbXe [% ;\Ôeè^@e_\i\ekI`jbjk_XkXi\gi\j\ekèi`jbj
\% D\e^\dYXe^bXe b\iXe^bX @K I`jb DXeX^\d\ek k_Xk_Xm\Y\\eZcXjj`Ô\[%
[`[XcXdXjg\b$Xjg\bk\ekXe^1 \% ;\m\cfgè^k_\]iXd\nfibf]@KI`jbDXeX^\d\ek
(% B\YàXbXe# Gifj\[li [Xe DXelXc d\c`glk` n`k_èk_\Xjg\Zkjf]1
G\i\eZXeXXe G\e^fi^Xe`jXj`Xe pXe^ (% Gfc`Zp# GifZ\[li\ Xe[ DXelXc k_Xk Zfm\i
d\e^Xklik\ekXe^kXkX$ZXiXYX^X`dXeXjlXkl GcXeeè^ Fi^Xe`jè^ k_Xk [\k\idè\j k_\
g\idèkXXe g\eXdYX_Xe j`jk\d&Xgc`bXj` fi[\if]_fni\hl\jkj]fiX[[`k`feXcjpjk\d&
_Xilj [`XalbXe b\gX[X @KJ:# [fbld\e Xggc`ZXk`fe j_flc[ Y\ jlYd`kk\[ kf @KJ:#
g\eleaXe^ pXe^ _Xilj [`j\ikXbXe# gifj\j k_\ i\hlì\[ [fZld\ekj ]fi jlYd`jj`fe# k_\
g\elealbbXe m\e[fi# pXe^ b\j\dlXepX XbXe gifZ\jjf]j\c\Zkè^m\e[fij#Xccf]n_`Z_n`cc
[`gi\j\ekXj`bXe fc\_ gifa\Zk è`k`Xkfi leklb Y\gi\j\ek\[Ypk_\gifa\Zkè`k`Xkfièfi[\ikf
d\pXbèbXe j\dlX Xe^^fkX @KJ: j\Y\cld ZfemèZ\Xccd\dY\ijf]k_\@KJ:gi`fikfk_\
gX[X Xb_ìepX @KJ: d\e\i`dX&d\efcXb [\Z`j`fe Yp @KJ: kf \`k_\i Xggifm\ fi i\a\Zk
ljlcXej`jk\d&Xgc`bXj`2 k_\gifgfjXc]fik_\jpjk\d&Xggc`ZXk`fe%

)% B\YàXbXe# Gifj\[li [Xe DXelXc d\c`glk` )% Gfc`Zp#GifZ\[li\Xe[DXelXcfe;\m\cfgd\ek
G\e^\dYXe^Xe @dgc\d\ekXj` pXe^ Xe[@dgc\d\ekXk`fek_Xk^fm\iejk_\fi[\if]
d\e^Xkli k\ekXe^ kXkX$ZXiX YX^X`dXeX _fnXi\hl\jk]fijpjk\d&Xggc`ZXk`fek_Xk_Xj
jlXkl g\idèkXXe j`jk\d&Xgc`bXj` pXe^ k\cX_ Y\\eXggifm\[Yp@KJ:n`ccgifZ\\[#n_fXe[
[`j\klal` fc\_ @KJ: XbXe [`b\dYXe^bXe# _fnn`cck_\Gifa\ZkDXeX^\iGD \o\Zlk\k_\
j`XgX [Xe YX^X`dXeX Gifa\Zk DXeX^\i GD @Kgifa\Zk#j\c\Zk`fef]k_\HlXc`kp8jjliXeZ\
XbXed\eaXcXebXegifp\bK@#g\elealbXek`d H8 K\Xd k_Xk èjgì\j ZfeÔ[\eZ\# Xe[
HlXc`kp8jjliXeZ\H8 pXe^XbXed\pXbèbXe jlYj\hl\ekcp[\k\idèè^_fndXepk\jkè^j
[Xe j\cXealkepX Xbj\gkXj` Y\iY\iXgX k\jkè^ Xi\ i\hlì\[ ]fi èZclj`fe è k_\ mXc`[Xk`fe
pXe^[`cXblbXe[`[XcXdY\i`kXXZXiX2 [fZld\ekj%
*% B\YàXbXe# Gifj\[li [Xe DXelXc d\c`glk` *% Gfc`Zp# GifZ\[li\ Xe[ DXelXc fe k_\
;\gcfpd\ek Jlggfik pXe^ d\e^Xkli ;\gcfpd\ek Jlggfik k_Xk ^fm\iej _fn X
k\ekXe^ YX^X`dXeX j\YlX_ j`jk\d&Xgc`bXj` jpjk\d fi Xggc`ZXk`fe `j jlYj\hl\ekcp lj\[
dlcX`[`gXbX`fc\_g\e^^leXK@[Xej\Y\iXgX Yp k_\ @K lj\ij Xe[ kf n_Xk \ok\ek n`cc k_\
aXl_ b\j`XgXe jlggfikè^ k\Xd d\cXblbXe jlggfikè^k\XdY\i\X[pkfgifm`[\k\_e`ZXc
g\e[Xdgè^Xe [Xe d\dY\i`bXe YXeklXe Xjj`kXeZ\]fik_\@Klj\ij#èfi[\ikf\ejli\
k\be`jb\gX[XgXiXg\e^^leXK@#X^Xik\iZXgX` k_Xk k_\ jpjk\d fi Xggc`ZXk`fe ]lcÔcj k_\
dXbjl[ [Xi` [``dgc\d\ekXj`bXeepX j`jk\d& gligfj\ k_Xk `k nXj [\j`ê\[ fi gliZ_Xj\[
Xgc`bXj`pXe^YXilk\ij\Ylk2 ]fi2
+% B\YàXbXe# Gifj\[li [Xe DXelXc d\c`glk` +% Gfc`Zp#GifZ\[li\Xe[DXelXcfek_\Dfe`kfiè^
Dfe`kfi <mXclXj` pXe^ d\e^Xkli k\ekXe^ <mXclXk`fe k_Xk ^fm\iej k_\ dfe`kfiè^ f]
dfe`kfiè^j\aXl_dXeXg\eZXgX`Xej`jk\d& k_\ e\n jpjk\d&Xggc`ZXk`fe# kf n_Xk \ok\ek
Xgc`bXj`YXilk\i_X[XgklalXelkXdX [f\j k_\ e\n jpjk\d fi Xggc`ZXk`fe XZ_`\m\
[`Z`gkXbXeepX j`jk\d&Xgc`bXj` k\ij\Ylk# k_\dXègligfj\kfn_`Z_`knXj[\m\cfg\[
\mXclXj` i`j`bf pXe^ d\c\bXk [Xi` j`jk\d& ]fi#\mXclXk`fef]k_\è_\i\eki`jbjf]k_\e\n
Xgc`bXj`# leklb d\e^Xek`j`gXj` lgXpX$lgXpX jpjk\d&Xggc`ZXk`feèfi[\ikfXek`Z`gXk\Xe[
d\cXblbXed`k`^Xjì`j`bfi\j`[lXc% d`k`^Xk\i\j`[lXci`jbj%
]% D\epljle b\iXe^bX g\e^\e[Xc`Xe ]le^j`# ]% =fidlcXkè^k_\]iXd\nfibf]Zfekifc]leZk`fe#
b\YàXbXe#[Xegifj\[li %B\iXe^bXg\e^\e[Xc`Xe gfc`Zp [Xe gifZ\[li\ % K_`j ]iXd\nfib èZcl[\j
pXe^[`dXbjl[XekXiXcXèX[XcX_b\YàXbXe[Xe Xdfe^fk_\ik_è^jk_\gfc`Z`\jXe[gifZ\[li\j
gifj\[li pXe^ d\e^Xkli d\e^\eX`2 :_Xe^\ k_Xk ^fm\ie :_Xe^\ DXeX^\d\ek# M\e[fi
DXeX^\d\ek# M\e[fi DXeX^\d\ek# @eZ`[\ek& DXeX^\d\ek#@eZ`[\ek&GifYc\dDXeX^\d\ek#@K
GifYc\dDXeX^\d\ek#@KFg\iXk`fe#[Xe<e[Lj\i Fg\iXk`fej#Xe[<e[Lj\i:fdglkè^%8eldY\i
:fdglkè^% 9\Y\iXgX ]le^j` [XcXd fi^Xe`jXj` f] ]leZk`fej n`k_è k_\ fi^Xe`qXk`fe Xcjf e\\[
al^X g\icl [`b\dYXe^bXe X^Xi b\iXe^bX kf Y\ [\m\cfg\[ è fi[\i ]fi k_\ ]iXd\nfib f]
g\e^\e[Xc`Xe[XgXkY\iaXcXe[\e^XeYX`b% Zfekifckfg\i]fidXj\og\Zk\[%
G\iXe k`d Zflek\igXik jXe^Xk g\ekè^ [\d` K_\ ifc\ f] k_\ :flek\igXik K\Xd `j ZilZ`Xccp
b\jlbj\jXe `dgc\d\ekXj` g\e^\e[Xc`Xe K@ bXi\eX `dgfikXek ]fi k_\ jlZZ\jj f] k_\ @K Zfekifc
k`d k\ij\Ylk pXe^ XbXe d\eaXcXebXe [Xe d\eaX[` `dgc\d\ekXk`fe#Y\ZXlj\k_\k\Xd`j\og\Zk\[kfY\
g\e^^\iXbj\ikXZfekf_YX^`g\ijfe`ccXèepX[XcXd k_\gifgfe\ekXe[ifc\df[\c]fifk_\ig\ijfee\cè
d\e^`dgc\d\ekXj`bXe DXeXa\d\e G\e^\e[Xc`Xe k_\`dgc\d\ekXk`fek_\@KI`jbDXeX^\d\ek%
I`j`bfK@%

G<C8BJ8E88E8JG<BB<G8KL?8E :FDGC@8E:<=LE:K@FE
G\cXbjXeXXeXjg\bb\gXkl_Xed\ilgXbXeb\nXa`YXe :fdgc`XeZ\ kf k_\ j_Xi`X YXebè^ gièZ`gc\j Xe[
[Xi`j\dlXg`_Xb[`9XebDlXdXcXk@e[fe\j`X9D@ gi\mX`cè^ 9Xeb @e[fe\j`X i\^lcXk`fej `j X dXkk\i
kXegX k\ib\ZlXc`% ?Xc è` k\cX_ d\eaX[` b\YàXbXe f] jki`Zk gfc`Zp Xe[ Zfekèlflj Zfdd`kd\ek f] k_\
[Xe bfd`kd\e g\iljX_XXe j\ZXiX Y\ib\cXealkXe% 9Xebn`k_flkZfdgifd`j\%8cc:i\n]ifdk_\_`^_\jk
9X^`j\k`XgBilYX`bpXe^d\d`c`bàXYXkXek\ikè^^` iXebè^ kf k_\ cfn\jk n`cc efk Y\ kfc\iXk\[ ]fi efe
_è^^X k\i\e[X_ k`[Xb XbXe [`kfc\iXej` XgXY`cX Zfdgc`XeZ\%
d\cXe^^XiXjg\bb\gXkl_Xeè`%
;XcXd iXe^bX d\dXekXl g\cXbjXeXXe Xjg\b @edfe`kfiè^k_\`dgc\d\ekXk`fef]k_`jZfdgc`XeZ\

b\gXkl_Xe [`dXbjl[ dXbX ;ì\bkli B\gXkl_Xe Xjg\Zk# k_\ :fdgc`XeZ\ ;ì\Zkfi n`k_ i\^`d\ek
Y\j\ikX gXiX :fdgc`XeZ\ F]ÔZ\i pXe^ Y\iX[X [` f] :fdgc`XeZ\ F]ÔZ\ij n_f Xi\ n`k_è k_\
[XcXd:fdgc`XeZ\[XeI`jbDXeX^\d\ekLe`k:IDL :fdgc`XeZ\ Xe[ I`jb DXeX^\d\ek Le`k :IDL
k\ilj d\e\ilj d\eaXcXebXe ]le^j` [Xe kl^XjepX ZfekèlfljcpZXiipflkk_ìifc\jXe[i\jgfej`Y`c`k`\j
j\ZXiX è[\g\e[\e% D\jb`gle [XcXd le`k k\ij\Ylk è[\g\e[\ekcp%8ck_fl^_k_\:IDLèZcl[\jXcjfk_\
k\i[XgXkglcXI`jbDXeX^\d\ekLe`k#eXdle[XcXd I`jbDXeX^\d\ekLe`k#k_\dfe`kfiè^f]Zfdgc`XeZ\
g\cXbjXeXXeepX [`cXblbXe fc\_ g\aXYXk&f]ÔZ\i [Xe `j[fe\Ypj\g\iXk\dXeX^\ijXe[jkX]]j#èfi[\ikf
jkX]] pXe^ k\ig`jX_# j\_è^^X d\eaXdè b\Y\YXjXe \ejli\k_Xkk_\pXi\è[\g\e[\ekf]fe\Xefk_\iè
dXjè^$dXjè^[XcXdd\eaXcXebXekl^XjepX% ZXiipè^flkk_\ì[lk`\j%
;XcXd d\eaXcXebXe kl^XjepX# ;ì\bkli B\gXkl_Xe @e[`jZ_Xi^è^`kj[lk`\j#k_\:fdgc`XeZ\;ì\ZkfiXe[

Y\j\ikX aXaXiXeepX j\cXcl Y\ig\^Xe^ k\^l_ gX[X _`jk\XdX[_\i\j]lccpXe[XkXcck`d\jkfgi\mX`cè^
g\iXkliXe [Xe g\ile[Xe^$le[Xe^Xe pXe^ Y\icXbl# cXnj Xe[ i\^lcXk`fej# jlZ_ k_Xk k_\p Xi\ XYc\ Xe[
j\_è^^X [\e^Xe [\d`b`Xe [`_XiXgbXe [XgXk \og\Zk\[kfgifm`[\Zflej\cXe[[\k\idè\k_Xkk_\
d\dY\i`bXe dXjlbXe [Xe d\dXjk`bXe YX_nX DXeX^\d\ekXe[9Xeb_Xm\]lccpZfdgc`\[n`k_k_\
dXeXa\d\e [Xe YXeb k\cX_ d\d\el_` j\clil_ i\^lcXk`fej f] 9Xeb @e[fe\j`X Xj n\cc Xj gi\mX`cè^
b\k\eklXe9Xeb@e[fe\j`X[Xeg\iXkliXe&g\ile[Xe^$ cXnjXe[i\^lcXk`fej%
le[Xe^XepXe^Y\icXbl%
G\cXbjXeXXegièj`gb\_Xk`$_Xk`Xe[`cXblbXed\cXcl` Jlggfikè^ k_\ `dgc\d\ekXk`fe f] gil[\ek YXebè^

]le^j`\o$Xek\pX`klb\k\ic`YXkXeZfdgc`XeZ\f]ÔZ\i& giXZk`Z\j# k_\ :fdgc`XeZ\ le`k gcXpj Xe \o$Xek\
jkX]] j\Y\cld b\YàXbXe k\ij\Ylk [`cXbjXeXbXe [Xe ifc\ Yp gifm`[è^ k_fl^_k c\X[\ij_`g Xe[ ^l`[XeZ\
XkXl Y\i_Xb d\dY\i`bXe dXjlbXe&d\e^è^XkbXe kf fk_\i Yljè\jj le`kj è [\k\idèè^ n_\k_\i X
le`k Y`je`j&le`k b\iaX cXèepX [XcXd _Xc b\YàXbXe& gifgfj\[XZk`m`kpfigfc`ZpZfekXèjj`ê`ÔZXeki`jbj
b\glkljXek\ij\Ylkd\e^Xe[leî`j`bfpXe^Zlblg fi m`\n\[ Xj gfk\ek`Xccp [\m`Xkè^ ]ifd gi\mX`cè^
j`ê`ÔbXe XkXl [`gXe[Xe^ XbXe [XgXk d\ep`dgXe^ cXnjXe[i\^lcXk`fej%
[Xi`b\k\eklXepXe^X[X%
J\cXdX kX_le )''/ è` ]fblj g\e^XdXkXe [Xe K_ifl^_flk)''/#k_\dXè]fZljf]k_`jZfdgc`XeZ\

g\i_Xk`Xe [Xi` ]le^j` Zfdgc`XeZ\ è` dXj`_ k\kXg le`k nXj kf \ejli\ k_Xk k_\ 9XebËj ÔeXeZè^
b\gX[Xg\cXbjXeXXegièj`gb\_Xk`$_Xk`Xe[`Y`[Xe^ XZk`m`k`\j_X[Y\\eZXii`\[flkYpX[_\iè^]lccpkf
g\dY`XpXXe k\ilkXdX gX[X jXXk [`X[XbXe iXgXk k_\ gièZ`gc\j f] gil[\ek`Xc YXebè^ è ÔeXeZè^#

bfd`k\ g\dY`XpXXe [\e^Xe c`d`k BGEF% ?Xc è` \jg\Z`Xccpn`k_i\^Xi[jkfd\\kè^jf]k_\=èXeZè^
[`gXe[Xe^ j\YX^X` k\dgXk pXe^ jkiXk\^`j [XcXd :fdd`kk\\ n`k_ BGEF c`d`k% K_\j\ d\\kè^j Xi\
d\epXiè^b\cXpXbXeg\dY\i`XejlXklg\dY`XpXXe% i\^Xi[\[ Xj X jkiXk\^`Z ]fild kf [\Z`[\ fe k_\
;XcXd _Xc k\i[XgXk g\dY`XpXXe pXe^ [`Xe^^Xg m`XY`c`kpf]XÔeXeZè^%@ek_\ZXj\n_\i\XÔeXeZè^
Y\cld j\aXcXe [\e^Xe èk\igi\kXj` :fdgc`XeZ\ `j[\\d\[efkècè\n`k_k_\èk\igi\kXk`fef]k_\
Le`k dXbX j\cXcl [`jXdgX`bXe fgè`&g\e[XgXk :fdgc`XeZ\ Le`k# k_\i\ n`cc XcnXpj Y\ X ni`kk\e
j\ZXiX k\iklc`j b\gX[X g`_Xb Bfd`k\ G\dY`XpXXe [`jj\ekè^ fgè`fe gi\j\ek\[ kf k_\ :fdd`kk\\ ]fi
j\YX^X`YX_XedXjlbXe[Xeg\ik`dYXe^Xe%8gXY`cX Zfej`[\iXk`fe%@][\\d\[e\Z\jjXipYpk_\=èXeZè^
[`gXe[Xe^ g\icl fc\_ Bfd`k\ G\dY`XpXXe dXbX :fdd`kk\\# k_\ :fdgc`XeZ\ F]ÔZ\i Zflc[ Y\ Xjb\[
Y\b\iaXjXdX [\e^Xe =èXeZè^ Jlggfik >iflg# kf k\Xd lg n`k_ k_\ =èXeZè^ Jlggfik >iflg# Xe[
:fdgc`XeZ\ F]ÔZ\i [XgXk d\cXblbXe g\eèaXlXe Zfe[lZk fe$k_\$jgfk m\i`ÔZXk`fej f] k_\ Zljkfd\i
cXe^jle^b\gX[XeXjXYX_leklbd\e^\kX_l`bfe[`j` kfXjZ\ikXèk_\dXkk\iÔijk_Xe[%
pXe^j\Y\eXiepX[`cXgXe^Xe%
9\i[XjXibXe g\dXekXlXe pXe^ [`cXblbXe k\i_X[Xg 9Xj\[fefYj\mXk`fefeÔeXZè^k_Xkn\i\gifm`[\[

g\dY`XpXXe pXe^ [`Y\i`bXe b\gX[X g`_Xb k\ibX`k kfX]Ôc`Xk\[gXik`\jk_ifl^_flk)''/#k_\i\n\i\ef
j\cXdX kX_le )''/ è`# k`[Xb k\i[XgXk g\dY`XpXXe ÔeXeZè^ k_Xk \oZ\\[\[ fi ZfekiXm\e\[ k_\ C\^Xc
pXe^ d\cXdgXl` XkXlgle d\cXe^^Xi g\iXkliXe C\e[è^C`d`ki\^lcXk`fef]9Xeb@e[fe\j`X%
9XkXj DXbj`dld G\dY`XpXXe Bi\[`k 9DGB 9Xeb
@e[fe\j`X%
G<E<I8G8EGI@EJ@GD<E><E8CE8J898? @DGC<D<EK8K@FE F= BEFN PFLI

;8E LE;8E>$LE;8E> K@E;8B G@;8E8 :LJKFD<I8E;8EK@DFE<PC8LE;<I@E>
G<E:L:@8EL8E> GIF>I8D
J\aXb [`b\clXibXeepX G\iXkliXe 9Xeb @e[fe\j`X JèZ\ k_\ \eXZkd\ek f] 9Xeb @e[fe\j`X I\^lcXk`fe
Ef% *&('&G9@&)''( k\ekXe^ G\e\iXgXe Gièj`g Ef% *&('&G9@&)''( f] )''( fe k_\ @dgc\d\ekXk`fe
D\e^\eXcEXjXYX_XkXlBefnPfli:ljkfd\iBP: f]BefnPfli:ljkfd\ifiBP:GièZ`gc\j#Xe[CXn
GièZ`gc\j kX_le )''( [Xe Le[Xe^$le[Xe^ Ef% (, Ef% (, f] )''( fe k_\ <iX[`ZXk`fe f] k_\ :i`dèXc
kX_le )''( k\ekXe^ G\dY\iXekXjXe Kè[Xb G`[XeX 8Zk f] Dfe\p CXle[\iè^ Xj Xdd\e[\[ kf CXn
G\eZlZ`Xe LXe^ KGGL pXe^ k\cX_ [`XdXe[\d\e Ef% ), f] )''*# 9Xeb DlXdXcXk _Xj `dgc\d\ek\[
d\eaX[` Le[Xe^$le[Xe^ Ef% ), kX_le )''*# 9Xeb k_\BefnPfli:ljkfd\iGièZ`gc\jk_ifl^_flkk_\
DlXdXcXkk\cX_d\e\iXgbXegifîXdBP:[`dXbjl[ 9XebËj \ekì\ YiXeZ_ f]ÔZ\&jlY$YiXeZ_ f]ÔZ\ Xe[
gX[X j\clil_ bXekfi ZXYXe^&ZXYXe^ g\dYXekl [Xe ZXj_ flkc\kj e\knfib k_ifl^_flk @e[fe\j`X% K_\
bXekfi bXj [` @e[fe\j`X% @dgc\d\ekXj` g\e\iXgXe `dgc\d\ekXk`fe f] k_\ BP: gifîXd `j ZXii`\[ flk
gifîXdBP:k\cX_[`cXbjXeXbXed\cXcl`Le`kB\iaX Ypk_\BP:Le`kLBGE le[\ik_\jlg\im`j`fef]k_\
G\e^\eXcXe EXjXYX_ LBGE pXe^ Y\iX[X [`YXnX_ :fdgc`XeZ\;ì\Zkfi%#Xe[@e^\e\iXc#Xi\ècè\n`k_
jlg\im`j` ;ì\bkli B\gXkl_Xe [Xe gX[X ldldepX k_\ ^l`[\cè\j Xe[ i\^lcXk`fej f] 9Xeb @e[fe\j`X
k\cX_ j\jlX` [\e^Xe XiX_Xe [Xe b\k\eklXe 9Xeb Xj jkXk\[ è k_\ X]fi\d\ek`fe\[ 9Xeb @e[fe\j`X
@e[fe\j`X [Xe Le[Xe^$le[Xe^ KGGL k\ij\Ylk [` I\^lcXk`feXe[Xek`dfe\pcXle[\iè^cXn%
XkXj%

J\cXdX kX_le )''/ è`# [XcXd iXe^bX g\e\iXgXe K_ifl^_flk)''/#XjgXikf]k_\`dgc\d\ekXk`fef]
Gièj`g D\e^\eXc EXjXYX_ [Xe Le[Xe^$le[Xe^ k_\ BP: gièZ`gc\j Xe[ k_\ Xek` dfe\p cXle[\iè^
KGGL# k\i[XgXk Y\Y\iXgX gifîXd pXe^ k\cX_ cXn# k_\i\ n\i\ X eldY\i f] gifîXdj k_Xk _X[
[`cXbjXeXbXe#pX`kl1 Y\\eZXii`\[flk#Xj]fccfnj1
G\ep\dglieXXe G\[fdXe G\cXbjXeXXe <e_XeZ\d\ek f] k_\ >l`[\cè\ fe k_\
G\e\iXgXe Gièj`g D\e^\eXc EXjXYX_ G*GDE @dgc\d\ekXk`fe f] k_\ BP: GièZ`gc\j# eXd\cp
pX`kl Y\ibX`kXe [\e^Xe g\eXdYX_Xe _XcXdXe k_\X[[`k`feXcgX^\jXe[i\]\i\eZ\jfe?`^_I`jb
[Xe liX`Xe d\e^\eX` ?`^_ I`jb :ljkfd\i# :ljkfd\i#?`^_I`jbGif[lZk#?`^_I`jb9ljè\jj
?`^_ I`jb Gif[lZk# ?`^_ I`jb 9ljè\jj [Xe Xe[?`^_I`jb:fleki`\j#glijlXekkfk_\;\Z`j`fe
?`^_ I`jb :fleki`\j# j\jlX` [\e^Xe JliXk C\kk\i f] k_\ ?\X[ f] k_\ :\ek\i ]fi =èXeZ`Xc
B\glkljXeB\gXcXGljXkG\cXgfiXe[Xe8eXc`j`j KiXejXZk`fe I\gfikè^ Xe[ 8eXcpj`j GG8KB
KiXejXbj` B\lXe^Xe GG8KB Ef% B<G$+.&(%')& Ef% B<G$+.&(%')&GG8KB&'-&)''/ f] ) Ale\
GG8KB&'-&)''/kXe^^Xc)Ale`)''/%@e]fidXj` )''/% K_`j è]fidXk`fe _Xj Y\\e jlYd`kk\[ kf
è`k\cX_[`jXdgX`bXeb\gX[X9Xeb@e[fe\j`X% 9@%
KXi^\kg\e^bè`Xe[XkXeXjXYX_^ìXe&[\gfjXe& KXi^\k ]fi Ôc\ lg[Xk\j fe Zljkfd\ij ^ìf&
g\eXYle^ pXe^ i\cXk`] Y\jXi&Xbk`] Y\ikiXejXbj`# [\gfj`k&jXmè^j k_Xk Xi\ i\cXk`m\cp XZk`m\ n`k_
jXdgX` [\e^Xe Xb_ì YlcXe FbkfY\i [Xe XnXc cXi^\ kiXejXZk`fej# Xj f] \e[ f] FZkfY\i Xe[
Efm\dY\i)''/pXe^d\eZXblg_Xdgì+/)%-'' \Xicp Efm\dY\i )''/ Zfdgi`j\[ f] +/)#-''
i\b\eè^# Y\ibXk b\iaXjXdX pXe^ YX`b [\e^Xe XZZflekj#Xkki`Ylk\[kfk_\\oZ\cc\ekZffg\iXk`fe
BGF j\ikX ZXYXe^&ZXg\d J\cè[f# k\cX_ [XgXk Y\kn\\e ?\X[ F]ÔZ\ Xe[ Xcc YiXeZ_ f]ÔZ\j
[`bè`bXej\clil_epX[Xe[`cXgfibXeb\gX[X9Xeb eXk`fen`[\#_Xm\Y\\elg[Xk\[Xe[gXjj\[fekf
@e[fe\j`X% 9Xeb@e[fe\j`X%
;XcXd d\eaXcè _lYle^Xe [\e^Xe YXeb @e dXèkXèè^ i\cXk`fej n`k_ Zfii\jgfe[\ek
bfi\jgfe[\e j\ikX j\YXc`bepX k\cX_ [`YlXk [Xe YXebj Xe[ m`Z\ m\ijX# X jkXe[Xi[ hl\jk`feXì\
[`j\dglieXbXe hl\jk`fe\i jkXe[Xi d\e^\eX` fe k_\ `dgc\d\ekXk`fe f] BP: Xe[ 8ek` Dfe\p
g\e\iXgXeBP:[Xe8ek`Dfe\pCXle[\iè^pXe^ CXle[\iè^k_XkXggc`\jkfYXebjYfk_XkeXk`feXc
Y\icXbl YX^` YXeb$YXeb# YX`b j\ZXiX eXj`feXc Xe[èk\ieXk`feXcc\m\cj_XjY\\e]fidlcXk\[%
dXlgleè\ieXj`feXc%
;XcXd iXe^bX klilk j\ikX d\dY\iXekXj kè[Xb GlijlXek kf gXik`Z`gXkè^ è k_\ \]]fikj kf
g`[XeX g\eZlZ`Xe lXe^ XkXl Xek` dfe\p \iX[`ZXk\ dfe\p cXle[\iè^ fi Xek` dfe\p
cXle[\iè^ j\YX^X`dXeX k\iZXekld [XcXd cXle[\iè^ Xj jk`glcXk\[ è CXn Ef% (, f]
Le[Xe^$le[Xe^ Efdfi (, kX_le )''( k\ekXe^ )''( fe k_\ <iX[`ZXk`fe f] k_\ :i`dèXc 8Zk
Kè[Xb G`[XeX G\eZlZ`Xe LXe^ [Xe pXe^ k\cX_ f] Dfe\p CXle[\iè^ Xe[ Xdd\e[\[ kf CXn
[`lYX_[\e^XeLe[Xe^$le[XeÊfdfi),kX_le Ef%),f])''*#9XebDlXdXcXk_XjZfekèlfljcp
)''*#9XebDlXdXcXkj\ZXiXY\ib\jèXdYle^Xe Zffg\iXk\[Zcfj\cpn`k_fk_\ièjk`klk`fejjlZ_Xj
k\cX_ d\cXblbXe b\iaXjXdX pXe^ YX`b [\e^Xe k_\:fdd`jj`fefek_\<iX[`ZXk`fef]:fiilgk`fe
èjk`klj` cXè j\g\ik` Bfd`j` G\dY\iXekXjXe BGB I@#k_\@e[fe\j`XeGfc`Z\=fiZ\#Jlgi\d\
Bfilgj`BGB I@#B\gfc`j`XeE\^XiXI@#B\aXbjXXe :flik Xj n\cc Xj GG8KB% Fe k_`j dXkk\i# 9Xeb
8^le^dXlgle[\e^XeGG8KBj\e[ì`%;XcXd_Xc DlXdXcXk XcnXpj i\jgfe[j kf èhlìp c\kk\ij
è` 9Xeb DlXdXcXk j\cXcl d\i\jgfe jliXk$jliXk ]ifdk_\j\èjk`klk`fejèXgifdgkXe[Zfii\Zk
g\idèkXXepXe^dXjlb[Xi`èjk`klj`k\ij\Ylk[` dXee\i%
XkXj#j\ZXiXZ\gXk[XeXbliXk%

G\ep\dglieXXegX[XJ`jk\d[XeK\befcf^`^leX <\e_XeZ\d\ek kf k_\ è]fidXk`fe k\Z_efcf^p
d\eleaXe^ gifîXd g\cXgfiXe g\e\iXgXe BP: jpjk\d lj\[ kf jlggfik k_\ BP: Xe[ 8ek`
[Xe g\dY\iXekXjXe kè[Xb g`[XeX g\eZlZ`Xe Dfe\p CXle[\iè^ gifîXd nXj ZXii`\[ flk#
lXe^ b_ljljepX cXgfiXe kiXejXbj` b\lXe^Xe è gXik`ZlcXi n`k_ i\^Xi[j kf :Xj_ KiXejXZk`fe
kleX` :Xj_ KiXejXZk`fe I\gfik&:KI [Xe I\gfikXe[Jljg`Z`fljKiXejXZk`feI\gfikJKI
cXgfiXe kiXejXbj` b\lXe^Xe d\eZli`^XbXe Xi\ZXii`\[fe$cè\]ifd9XebDlXdXcXkËjYiXeZ_
JKI j\ZXiX fe cè\ pXe^ [`jXdgX`bXe fc\_ f]ÔZ\j k_ifl^_flk @e[fe\j`X# Xe[ ]ifd LBGE
ZXYXe^$ZXYXe^J\cè[f[Xefc\_LBGE[`cXblbXe i\gfikè^`jXcjf[fe\fe$cè\n`k_kX^Ôc\jj\ek
g\epXdgX`XeepXj\ZXiXfecè\[\e^XekX^Ôc\j kfk_\GG8KB%
glcXb\gX[XGG8KB%
G\cXbjXeXXe kiXèè^ [Xe jfj`Xc`jXj` k\cX_ KiXèè^ Xe[ jfZ`Xc`jXk`fe gifîXdj _Xm\ Y\\e
[`cXblbXe eXdle j\ZXiX j\c\bk`] b_ljljepX le[\ikXb\e j\c\Zk`m\cp# \jg\Zl`Xccp ^\Xi\[
b\gX[X Fg\iXk`fe DXeX^\i&F]ÔZ\i ZXYXe^$ ]fi Fg\iXk`fej DXeX^\i&F]ÔZ\ij è YiXeZ_
ZXYXe^# [\e^Xe d\e^`blkj\ikXbXe pXe^ f]ÔZ\j# Yp \eifccè^ k_\j\ g\ijfee\c è i\Xck\[
Y\ijXe^blkXegX[Xnfibj_fgpXe^[`X[XbXefc\_ nfibj_fgjkX_kXi\fi^Xe`q\[Yp9Xeb@e[fe\j`X
9Xeb@e[fe\j`XY\b\iaXjXdX[\e^XeGG8KB[Xe èZffg\iXk`fen`k_GG8KBXe[8LJ@8@;%
8LJ@8@;%
D\cXealkbXe gifîXd pXe^ [`cXbjXeXbXe kX_le :fekèlè^ n`k_ gifîXdj k_Xk n\i\ è`k`Xk\[
)''.j\g\ik`d\cXblbXeg\d\c`_XiXXegifÔc[Xe è)''.jlZX_XjdXèkXèè^Zljkfd\igifÔc\
`[\ek`ÔbXjèXjXYX_j\ikXd\dY\i`bXeè]fidXj` Xe[`[\ek`ÔZXk`fe#n_`c\Xcjfgifm`[è^ZfejkXek
j\ZXiX k\ilj d\e\ilj b\gX[X j\clil_ Bil i\dè[\ikfDlXdXcXk:i\nfek_\ÈGif_`Y`k`fe
9Xeb DlXdXcXk XbXe X[XepX ÈCXiXe^Xe leklb kf Gifm`[\ @e]fidXk`fe fe 9Xeb ;\gfj`kfij Xe[
D\dY\i`bXe B\k\iXe^Xe k\ekXe^ EXjXYX_ K_\ì;\gfj`kj9XebJ\Zi\Zp ÉXk9XebDlXdXcXk
G\ep`dgXe [Xe J`dgXeXeepX IX_Xj`X 9Xeb É kfleXlk_fi`q\[gXik`\j8ek`K`ggè^F]] %
pXe^X[X[`9XebDlXdXcXkb\gX[Xg`_Xb$g`_Xb
pXe^k`[XbY\i_Xb8ek`K`ggè^F]] %

Kepedulian Sosial Perusahaan
Corporate Social Responsibility

GifîXd:JI9XebDlXdXcXk[`cXbjXeXbXed\cXcl` K_\:JIGifîXdf]9XebDlXdXcXknXjle[\ikXb\e
c\dYX^X 9X`klc DXXc DlXdXcXk 9DD j\ikX k_ifl^_ k_\ 9X`klc DXXc DlXdXcXk 9DD n_`c\
[`jXclibXe j\ZXiX cXe^jle^ fc\_ 9Xeb DlXdXcXk% Xcjf [ì\Zkcp [`jki`Ylk\[ Yp 9Xeb DlXdXcXk% 9DD
9\Y\iXgXgifîXd9DDXekXiXcXè1 gifîXdjXi\Xdfe^fk_\ij1
GifîXdBLD*Bfdle`kXjLjX_XD`bifDlXdXcXk K_\ BLD* DlXdXcXk D`Zif 9ljè\jj :fddle`kp

d\ilgXbXegifîXdg\dY\i[XpXXe\bfefd`k\igX[l gifîXd Zfejk`klk\j Xe èk\îXk\[ \Zfefd`Z
pXe^ Y\iklalXe leklb d\eldYl_bXe \bfefd` \dgfn\id\ekle[\ikXbè^kf`dgifm\k_\\Zfefd`Z
b\clXi^X d`jbè [` @e[fe\j`X# [Xe dXja`[ j\YX^X` n\c]Xi\ f] ]Xd`c`\j k_Xk Xi\ jk`cc Y\cfn k_\ gfm\ikp
YXj`j g\dYèXXeepX% B\^`XkXeepX [XcXd Y\eklb cè\è@e[fe\j`X#n`k_Dfjhl\jj\imè^Xjk_\YXj\j
g\dY\i`Xe YXeklXe gèaXdXe hXi[_# g\dYèXXe ]fi k_\ gifîXd% K_\ XZk`m`k`\j èZcl[\ ÔeXeZ`Xc
b\k\iXdg`cXe ljX_X# X`[j è k_\ ]fid hXi[_
b\[`j`gcèXe `YX[X_# Y\iè]Xh ÔeXeZè^# [\m\cfgd\ek f]
G\iXe[XekXe^^leâXnXYjfj`Xc
[Xe d\eXYle^% GifîXd è` Yljè\jj jb`ccj# Xe[ [\mfk`fe
g\iljX_XXe d\ilgXbXe YX^`Xe
d\eaXe^bXl )) Gifgèj` [` kf `YX[X_# è]Xh Xe[ jXmè^j%
@e[fe\j`X [\e^Xe aldcX_
pXe^k`[Xbk\ig`jX_bXe[Xi`klalXe K_\ gifîXd i\XZ_\[ ))
dXja`[ pXe^ Y\i^XYle^ ljX_X 9Xeb DlXdXcXk leklb gifmèZ\j f]@e[fe\j`X n`k_
Y\ialdcX_)')dXja`[jXdgX` d\nlal[bXe kXkXeXe dXjpXiXbXk )') gXik`Z`gXkè^ dfjhl\j
[\e^XeXb_ìkX_le)''/% pXe^ X[`c [Xe dXbdli j\aXcXe Xjf]p\Xi$\e[)''/%
[\e^Xe gièj`g$gièj`g [XjXi
G\j\ikX gX[X kX_le è` \bfefd`jpXi`X_% è )''/# BLD* _Xj +#,/-
d\eZXgX`+%,/-g\j\ikX#[Xe d\dY\ij# n`k_ ]le[j le[\i
[XeX pXe^ [`b\cfcX d\eZXgX` dXeX^\d\ek kfkXccè^
Ig /#) d`cpXi% GifîXd è` :figfiXk\ jfZ`Xc i\jgfej`Y`c`kp `j Xe Ig/%) Y`cc`fe% K_`j gifîXd
k\ilj kldYl_ [Xe d\e[XgXk èk\îXcgXikf]k_\Yljè\jj^fXcf] Zfekèl\j kf îfn Xe[ nè
b\g\iZXpXXe[Xi`dXjpXiXbXk% 9XebDlXdXcXkkfZi\Xk\XaljkXe[ k_\ kiljk f] k_\ glYc`Z% K_\
GifîXd BLD* dXdgl gifjg\ifljjfZ`\kpècè\n`k_YXj`Z BLD* gifîXd Xcjf îfnj
d\eldYl_bXe bfdle`kXj gièZ`gc\jf]k_\j_Xi`X\Zfefdp# d`Zif Yljè\jj Zfddle`k`\j
ljX_Xd`bifpXe^kXXkb\gX[X k_Xk X[_\i\ kf k_\ k\e\kj f]
XqXj$XqXj\bfefd`jpXi`X_% j_Xi`X\Zfefdp%
;`jXdgè^`kl#9XebDlXdXcXk 9Xeb DlXdXcXk kf^\k_\i

Y\ijXdX9X`klcdXXcDlXdXcXk n`k_ 9X`klcdXXc DlXdXcXk
Xbk`] d\epXclibXe YXeklXe 9DD Xi\XZk`m\ègifm`[è^
jfj`Xc b\dXelj`XXe gX[X dlj`YX_ Y\eZXeX XcXd [` _ldXe`kXi`Xe Xe[ jfZ`Xc X`[j kf m`Zk`dj f] eXkliXc
j\clil_@e[fe\j`X%J\g\ik`YXeklXedlj`YX_YXeaì[` [`jXjk\ij k_ifl^_flk @e[fe\j`X% K_`j èZcl[\j k_\
GXk`#cfe^jfi[`Jfcf[XeKi\e^^Xc\b#dlj`YX_^\dgX Õff[j è GXk`# cXe[jc`[\j è Jfcf Xe[ Ki\e^^Xc\b#
[` J`klYfe[f [Xe dlj`YX_ b\YXbXiXe [` AXbXikX% \Xik_hlXb\èJ`klYfe[fXe[Ôi\èaXbXikX%K_ifl^_
D\cXcl`gifîXd:JI#Xe^^XiXejfj`XcG\ij\ifXeYX`b k_\:JIgifîXd#k_\Yl[^\k]fijfZ`XcZfeki`Ylk`fe
Y\ilgX qXbXk dXlgle [XeX jfj`Xc cXèepX dXdgl $ n_\k_\i Xj Xcdj fi fk_\i Z_Xi`k`\j# _Xm\ Y\\e
k\i[`jki`Ylj`j\ZXiXcXe^jle^[Xek\gXkjXjXiXe% [`ji`Ylk\[\]]\Zk`m\cpXe[d\kk_\ìkXi^\kj%
9X`klcdXXcDlXdXcXkal^X[`XdXeX_bXefc\_@jcXd`Z 9X`klcdXXc DlXdXcXk _Xj Xcjf i\Z\`m\[ X dXe[Xk\

;\m\cfgd\ek9Xeb@;9 d\epXclibXe[XeXFig_Xe ]ifdk_\@jcXd`Z;\m\cfgd\ek9Xeb@;9 kfdXeX^\
BX]XcXGifîXdj\Y\jXiIg(*#/d`cpXi[Xed\e^Xjl_ X kfkXc ]le[j f] Ig (*%/ Y`cc`fe Xe[ ZXi\ ]fi *#'),

*%'), XeXb pXk`d [` EXe^îf\ 8Z\_ ;XiljjXcXd fi_Xej è EXY^îf\ 8Z\_ ;XiiljXcXd E8; # Xe[
E8; j\ikX d\e^\cfcX @jcXd`Z Jfc`[Xi`kp JZ_ffc Xcjf dXeX^\ Xe @jcXd`Z Jfc`[Xi`kp JZ_ffc @JJ è
@JJ [À_XekfE8;[\e^XealdcX_*,'XeXbpXk`d% A_XekfE8;n`k_*,'fig_Xej%
J\cXèd\cXbjXeXbXeZfigfiXk\jfZ`Xci\jgfej`Y`c`kp 8j`[\ ]ifd k_\ ZfigfiXk\ jfZ`Xc i\jgfej`Y`c`kp

d\cXcl`XeXbg\iljX_XXe9X`klcdXXcDlXdXcXk#9Xeb XZk`m`k`\j k_ifl^_ `kj jlYj`[`Xip# 9X`klcdXXc
DlXdXcXkal^Xd\e^\clXibXeIg)%(+,%.*(%0/)[XeX DlXdXcXk# 9Xeb DlXdXcXk Xcjf `jjl\[ X ]le[ f]
leklb b\^`XkXe :JI j\ZXiX cXe^jle^# pXe^ k\i[ì` Ig )#(+,#.*(#0/) ]fi `kj [ì\Zk :JI XZk`m`k\j#
[Xi` Ig (%+*)%///%+'' leklb [XbnX_ @jcXd [Xe Zfdgi`jè^f]Ig(#+*)#///#+'']fi@jcXd`Zgi\Z_è^j
g\dYXe^leXe è]iXjkilbkli dXja`[ [Xe g\jXeki\e# Xe[ è]iXjkilZkli\ [\m\cfgd\ek f] dfjhl\j Xe[
Ig +)*%*++%,/* leklb YXeklXe b\j\_XkXe [Xe i\c`^`flj jZ_ffcj# Ig +)*#*++#,/* ]fi _\Xck_ZXi\
Ig)/0%+00%'''leklbYXeklXeg\e[`[`bXe% Xe[Ig)/0#+00#''']fi\[lZXk`feXcX`[j%

DITERIMA RAJA. Raja Arab Saudi Abdullah menyalami AUDIENCED WITH THE KING. His Royal Highness the
salah seorang anak yatim piatu korban tsunami Aceh di King of Saudi Arabia, King Abdullah, shook hands with one
panggung kehormatan pada acara pembukaan pertemuan of the orphans of the Aceh tsunami on the royal stage during
P=DQJ=J GA =JG -AI>=JCQJ=J &OH=I Ġ&!
@E 'A@@=D PDAKLAJJEJC?ANAIKJUKBPDAN@JJQ=H*AAPEJCKBPDA
Sepuluh anak yatim piatu yang diundang untuk bertatap Islamic Development Bank (IDB) in Jeddah. Ten orphans
muka dengan raja Arab Saudi tersebut merupakan wakil dari SDKSANAEJREPA@PKOAAPDA(EJCEJLAOKJ NALNAOAJP
=J=GU=PEIU=JC>AN=@=@=H=I=OQD=JLNKCN=I(=B=H= orphans who are under the care of Baitulmal Muamalat
yang dikelola Baitulmal Muamalat Indonesia (BMM) yang &J@KJAOE=Ġ**
PD=PEOłJ=J?A@>UPDA&OH=IE? KJBANAJ?A
didanai oleh OKI dan Raja Saudi Arabia melalui IDB. Organisation and the King of Saudi Arabia, through the
IDB.
Laporan
Lapo
aporan
poran
n Tahunan
T Ban
Bank
ank Muam
Mu
Muamalat
uamalat 2008
08 Annu
Ann
Annual
nnual
nual Report 10
105
1 0
BERFOTO BERSAMA: Sepuluh anak yatim korban POSED TOGETHER: Ten orphans from the Aceh Tsunami
tsunami Aceh berfoto bersama dengan sejumlah delegasi LKOA@PKCAPDANSEPD@AHAC=PAOPKPDAN@=JJQ=H?KJBANAJ?A
OE@=JC L=@= =?=N= LAI>QG==J LANPAIQ=J P=DQJ=J GA of the Islamic Development Bank (IDB) ini Jeddah.
Bank Pembangunan Islam (IDB) di Jeddah.

DISAMBUT DUBES RI: Dubes RI untuk kerajaan Arab RECEIVED BY INDONESIAN AMBASSADOR: The
Saudi, Salim Segaf Al Juffrie (kanan) berbincang dengan Indonesian Ambassador to the Kingdom Saudi Arabia, H.E.
sejumlah anak yatim piatu korban tsunami Aceh. Sepuluh anak Salim Segaf Al Juffrie (right) converses with several orphans
korban tsunami Aceh yang merupakan anak asuh Baitulmal of the Aceh Tsunami. The ten orphans who are under the care
Muamalat (BMM) dalam korban Kafala, berada di Arab Saudi of BMM were in Saudi Arabia on the invitation of the IDB and
atas undangan Bank Pembangunan Islam (IDB) dan Raja arab His Royal Highness the King of Saudi Arabia in connection
Saudi berkaitan atas keberhasilan BMM dalam mengelola with the success of BMM in managing the Kafala program
program Kafala yang dibiayai Organisasi Konferensi Islam PD=P EO >AEJC łJ=J?A@ >U &OH=IE? KJBANAJ?A ,NC=JEO=PEKJ
Ġ,(&
IAH=HQE&!'"!!% Ġ
PDNKQCD&! 'A@@=DĠ


PENGOBATAN GRATIS DELEGASI IDB BANTUAN BANJIR
Direktur BMM, Bambang Kusnadi Tim IDB Delegation on Micro Finance BMM Perwakilan Semarang sedang
(kiri) didampingi pengurus masjid dan Visiting, menerima kenang-kenangan memberikan bantuan korban banjir
ketua rukun warga Masjid Al Fallah berupa rompi BMM pada acara di Pati, Jawa Tengah. Bantuan yang
Mampang, berpose bersama anak GQJFQJC=JGA**Ġ
berasal dari dana kemanusiaan nasabah
yatim, setelah menyerahkan santunan Bank Muamalat diberikan dalam bentuk
kepada 20 anak yatim saat pembukaan makanan pokok, pakaian, perlengkapan
acara Pengobatan Gratis di Masjid Al mandi, kebutuhan bayi dan keperluan
Fallah Mampang, Jakrta Selatan, Sabtu sehari-hari lainnya.
Ġ
*=OFE@ H #=HH=D IANQL=G=J
salah satu dari 200 masjid peserta
LNKCN=I (2* ** (ACE=P=J EJE
merupakan rangkaian pertama dari lima
layanan kesehatan. Masyarakat sangat
=JPQOE=O OA>=JU=G S=NC= U=JC
memeriksakan kesehatannya.
FREE MEDICAL CARE IDB DELEGATION FLOOD AID

Director of BMM, Bambang Kusnadi Tim IDB Delegation on Micro Finance BMM Semarang Branch provided
(left), with the caretaker and a community Visiting, received their momentos in ?=OD =E@O PK RE?PEIO KB ŃKK@O EJ -=PE
leader the Al Fallah Mosque, posed the form of BMM on their visit to BMM Central Java. The aids that were derived
with orphans, after presenting aids to Ġ
from Bank Muamalat’s humanitarian
20 orphans on the openning of a free funds from customers are provided
medical care at the Al Fallah Mosque in in the forms of basic foods, clothings,
Mampang, South Jakarta. The Al Fallah toileterries, baby supplies and daily
Mosque is one of 200 participating provisiions
IKOMQAO EJ PDA (2* LNKCN=I KB
** 1DEO ARAJP NALNAOAJPO PDA łNOP
KB łRA OANEAO KB DA=HPD?=NA OANRE?AO
Responses from ummats were largely
KLPEIEOPE? PKP=H KB LAKLHA ?=IA
for a complimentary health check-up
service.

MENYERAHKAN SANTUNAN DISAMBUT DUBES YATIM ACEH
PIC LKMS Bank Muamalat Indonesia Dubes Kerajaan Arab Saudi di !Q= @=NE KN=JC =J=G U=PEI GKN>=J
Cabang Bandung, M. Ramdhan Indonesia, Abdulrahman Al Khayyat (kiri) musibah tsunami bermain di depan
menyerahkan santunan kepada memberikan kenang-kenangan kepada asrama tempat tinggal mereka di komplek
perwakilan dari 20 orang saat acara anak yatim Aceh melalui Direktur sekolah terpadu Islamic Solidarity School
pembukaan Layanan Kesehatan di Masjid BMM Bambang Kusnadi (kanan) saat (ISS) di kawasan bukit Meusarah, Jantho,
*EBP=DQH&I=J=J@QJC 0AH=O=Ġ
menyambut sejumlah anak yatim ?AD AO=N +! 0=>PQ Ġ
&00
Kegiatan ini merupakan rangkaian korban tsunami Aceh saat kembali dari yang dikelola oleh BMM dan didukung
terakhir dari lima kegiatan layanan perjalanan dari Arab Saudi di kediaman pendanaannya oleh IDB diperuntukkan
kesehatan yang dilaksanakan BMM di !Q>AO@E'=G=NP= 0=>PQĠ
bagi anak yatim korban tsunami Aceh.
akhir tahun 2008. ebanyak 186 warga
yang ikut berpartisipasi mendaftarkan
diri memeriksakan kesehatannya.
CASH AID RECEIVED BY THE AMBASSADOR ORPHANS FROM ACEH

PIC LKMS BMI Bandung Branch, The Ambassador of the Royal Kingdom 1SK KB PDA KNLD=JO BNKI PDA
M. Ramdhan, provided cash aids to of Saudi Arabia to Indonesia, H.E. tsunami disaster played in front of their
representatives of 20 people on the Abdulrahman Al Khayyat (left), gave dormnitories at the Islamic Solidarity
opening of Free Medical Care at Masjid momentos to orphans from Aceh School (ISS) campus on Meusarah Hill,
Miftahul Iman-Bandung. This was the through the Director of BMM, Bambang '=JPDK ?ADAO=N +! 0=>PQĠ

łBPD =J@ łJ=H ARAJP KB **O BNAA Kusnadi (right), on the ocassion of ISS, which is managed by BMM under
medical services throughout the year welcoming home the orphans who just PDA łJ=J?E=H =QOLE?AO KB &! S=O >QEHP
2008. A total of 186 people availed came back from their trip to to Saudi exclusively for the orphans of the Aceh
themselves to the free medical service. Arabia at the Residence of the Saudi Tsunami.
yang ikut berpartisipasi mendaftarkan I>=O=@KNEJ'=G=NP= 0=PQN@=UĠ

diri memeriksakan kesehatannya.

Halaman ini sengaja dikosongkan
This page is intentionally left blank

Data Perseroan
Corporate Data

Kepengurusan Bank Muamalat
The Management of Bank Muamalat
;\nXeG\e^XnXjJpXi`X_$J_Xi`XJlg\im`jfip9fXi[ BXc`dXj9\bXj` >`Xik`8e[i`Xeèîld
B\klX$:_XìdXe B%?%D%8%JX_XcDX_]l[_ BXekfiGljXkFg\iXj`feXc$
8e^^fkX$D\dY\i B%?%DXËil]8dè Fg\iXk`feXc?\X[F]ÔZ\
8e^^fkX$D\dY\i Gif]%;i%?%LdXiJ_`_XY =le[è^ Jlc`jkpfnXk`
8e^^fkX$D\dY\i Gif]%;i%?%DlXi[`:_Xk`Y Cè\9ljè\jj() ClclbDX_]l[X_
Cè\9ljè\jj*+ Dljkf]XBXd`c
;\nXeBfd`jXi`j$9fXi[f]:fdd`jj`fe\ij B\[ì` B_X\ilc=XkX
Bfd`jXi`jLkXdX$ B\[fpX @XeXkljjX[`pX_
Gi\j`[\ek:fdd`jj`fe\i ;ij%?%8YYXj8[_Xi B\cXgX>X[è^ =`ki`NàXpXek`
Bfd`jXi`j$:fdd`jj`fe\i Gif]%BfiblkFqXc B\dXpfiXe EXjilccX_?%E%
Bfd`jXi`j$:fdd`jj`fe\i ;i%8_d\[8Y`jflifli B\e[Xi` KXlÔb?`[XpXk
Bfd`jXi`j$:fdd`jj`fe\i ;ij%8lc`XGf_Xe#D%8 BiXdXkG\cX DX\dleX_Eli[`XeX
Bfd`jXi`j$:fdd`jj`fe\i ?%@jbXe[XiQlcbXieXè#J%<%D%J` BlXcXCldgli 8]i`[N`Y`jfef
BlgXe^ NX_pl?XeXekpf
;ì\bj`$9fXi[f];ì\Zkfij CXdgle^ I`jdXe:_%JaX]i`
;ì\bkliLkXdX$Gi\j`[\ek;ì\Zkfi ?%8%I`XnXe8dè#D%JZ CXe^jX ?XdqXiÈXqc`
;ì\bkli$;ì\Zkfi @i%?%8im`pXe8i`Ôe DXbXjjXi EfiZ_fc`j
;ì\bkli$;ì\Zkfi ?%D%?`[XpXk#J<#8b% DXcXe^ Ale`Xi<e[iXnXekf
;ì\bkli$;ì\Zkfi @i%?%8e[`9lZ_Xi`#DD DXdlal 8ej_Xi
;ì\bkli$;ì\Zkfi ;ij%L%JX\]l[èEf\i#D%J` DXeX[f ?\i`?\i[`dXe
DXe^^X;lX J_XcepGiXdXe`b
BilJ\e`fi$J\e`fi:i\n DXkXiXd J`jnXekf9%J\k`XeX
8j`jk\e;ì\bj`$8jj`jkXekkfk_\9fXi[f];ì\Zkfij DXkiXdXe ;èX;`XeX
8[dè`jkiXk`fe D%?Xii`j D\[Xe FbbpJlbXi[`Xe
:figfiXk\GcXe:fig%J\Zi\kXip 8e[i`;feep D\^XBleè^Xe J`kÈli_XpXk`
=èXeZè^J\kkc\d\ek 9XZ_ildD%EXjlk`fe GX[Xe^ E\ccpJldXie`
=le[è^J\im`Z\j ;\cplqXiJpXdj` GX[Xe^j`[\dglXe 8idXejpX_DìqX
@e[ljki`XcI\cXk`fej GXc\dYXe^ BXijfef
?ldXeI\jfliZ\j;\m\cfgd\ek 8_dX[=X[ai`\ GXcl 8^lj=ìdXe?`[XpXk
D`Zif#JdXccXe[<ek\igi`j\j GXcXe^bXiXpX 8dl[=XcX_
9X`klcDXXcDlXdXcXk 9XdYXe^BljeX[` GXeZfiXe ;Xin`jJXglkiXClY`j
I\d\[`Xc =\Yi`pXe[`9\eepGlkiX GXe^bXcGèXe^ IX_dX[KXlÔbGlcle^Xe
J_Xi`XD`Zif=èXeZ`Xc@ejk`klk`fe G\bXcfe^Xe 8j`_JiàXpXek`
=XkdXnXk`9iXeZ_DXeX^\i DlZ_kXiDXekf G\bXeYXil 9XdYXe^J\k`XnXe
Gcl`k ;\mÌ`Xe`
B\gXcX>ilg$>iflg?\X[ Gfek`XeXb JpXi`bX=`ki`Xe`
@ek\ieXc8l[`k FbkXm`XeG%QXdXe` Gli`@e[X_ Ji`Jlj`XekfJ\k`XnXe
Glinfb\ikf BX[Xi9l[`dXe
Bffi[èXkfi9`je`j$9ljè\jj:ffi[èXkfi IX[\e@ek\e ?`[XpXklccX_>Xe`\
AXnX9XiXk9J;KXe^\iXe^ BXcXdl[[èjaX_ IXnXdXe^le D%8e[i`XejpX_
AXnXK\e^X_;%@%Pf^pXbXikX ;feepD%@jbXe[Xi Ifop 8%B_XìlcLdXd
AXnXK`dli#9Xc`#EKKEK9 Iljk`\e?XikXk` JXdXiè[X B_Xìle`jX
BXnXjXeK`dli@e[fe\j`X KXlÔb?`[XpXk J\dXiXe^ ;feepD%@jbXe[Xi
JldXk\iXBXc`dXekXe QlcbXieXè?Xj`YlXe J\iXe^ <kk`\eD%J%@e[iXjpX_
Jfcf 8Z_dX[9XiX[aXb
DXeXa\i9`je`j&Fg\iXj`$9ljè\jj&Fg\iXk`feDXeX^\i Jfife^ =Xlq8kXY`b
8dYfe 8_dX[JXc`_è JlbXYld` 8Y[lcIX_dXe
9Xc`bgXgXe ?XjdXcJleX[` JliXYXpX Iljk`\e?XikXk`
9Xe[X8Z\_ Il[[p=X`jXc9XklYXiX JliXYXpXDXpa\e%Jle^bfef J\k`XYl[`
9Xe[le^ 8qdXe=X[aXi KXeale^9XcX` 8^ljjXc`d
9XeaXidXjè Iljp[` KXeale^;li\e D%8c`BfdXil[è
9XkXd 8b_dX[EXa`YJpXifÔ KXeale^GèXe^ Jl^\e^?\iefnf
9\e^blcl ;\e[pGiXj\k`X KXj`bdXcXpX ?\e[iX>leXnXe
9f^fi IèXJlc`jk`Xeè^ K\ieXk\ I\qXDl_XdX[
:\e^bXi\e^ J`k`8`jpX_Jì\^Xi KlYX^lj8e^b\ Df\[`^[fJ`^`kGiXbfjf
:`Xeali <bX9l[ìX_XiaX Nfck\iDfe^èj`[` IXkiÀln`kX
:`c\[l^ 8eeX=`ki`X_ Pf^pXbXikX B_XY`YJfc\_
:`c\^fe 9\Y\eDfZ_XdX[EXjj\i
:ì\Yfe 9l[`=\i`pXekf CXèepX$Fk_\ij
;\egXjXi Dlj_fe`]lc8^ljk`Xe <o\Zlk`m\;ì\Zkfif]
=XkdXnXk` Dljc`ble 9X`klcDXXcDlXdXcXk 9XdYXe^BljeX[`
>XaX_DX[X 8^lj;XidXnXe <o\Zlk`m\f]
>fifekXcf NXief DlXdXcXk@ejk`klk\ Ple`DX[`Xk`
AXdY` K\jjX8i`\]9l[`dXe :_`\]f];GCB :_XìXnXk`
AXpXgliX Dlbk`8c` J\e`fiF]ÔZ\i:fdgc`XeZ\
A\dY\i 8e$ElËDXe:lgi`pX[` I`jbDXeX^\d\ekLe`k JpXZ_i`c9Xbi`
BXc`dXcXe^ Iè`BX[XinXk`

Dewan Pengawas Syariah
The Sharia Supervisory Board
B%?%D%8%JX_XcDX_]l[_
B\klX:_XìdXe
CX_ì[`GXk`gX[XkX_le(0*.#9XgXbB%?%D8JX_Xc 9fieè(0*.#èGXk`#:\ekiXcAXmX#B%?%D8JX_Xc
DX_]l[_ d\e\dgl_ g\e[`[`bXeepX [` YXepXb DX_]l[_ i\Z\`m\[ _`j \[lZXk`fe ]ifd mXi`flj
g\jXeki\e [` @e[fe\j`X% G\e[`[`bXe k\iXb_ìepX @jcXd`ZYfXi[è^jZ_ffcj%?`jcXjk\[lZXk`fenXj
[`cXcl` [` g\jXeki\e [` JXiXe^ I\dYXe^ (0,.$ èk_\@jcXd`ZYfXi[è^jZ_ffc#JXiXeÎ\dYXe^
(0-' % (0,.$(0-' %
;XcXdg\iaXcXeXebXiìepX#Y\c`XlYXepXbk\ic`YXk ?`jcfe^ZXi\\i_XjY\\e[\mfk\[kfk_\XZX[\d`X#
[`Y`[Xe^g\e[`[`bXe#j\g\ik`;ì\bkliG\i^lilXe j\imè^ è j\m\iXc XZX[\d`Z gfjkj èZcl[è^
@jcXd DXk_Xc`lc =XcX_# GXk` [Xe Xe^^fkX 9GGE ;ì\Zkfi f] @jcXd`Z JZ_ffc DXk_Xc` lc =XcX_# GXk`#
9X[XeG\ik`dYXe^XeG\e[`[`bXeEXj`feXc %GX[X Xe[ d\dY\i f] 9GGE K_\ EXk`feXc <[lZXk`fe
jXXk è` Y\c`Xl d\eaXYXk j\YX^X` B\klX Ldld 8[m`jfip 9fXi[ % ?\ `j Zlii\ekcp :_XìdXe f]
DL@ GljXk# B\klX ;\nXe JpXi`X_ EXj`feXc [Xe k_\ :\ekiXc 9fXi[ f] k_\ @e[fe\j`Xe :fleZ`c f]
al^XI\bkfi@E@JEL#A\gXiX% Lc\dXj# :_XìdXe f] k_\ EXk`feXc J_Xi`X 9fXi[
Xe[Xcjfj\im\[XjI\Zkfif]@E@JEL#A\gXiX%
B%?%DXËil]8dè
8e^^fkXD\dY\i
CX_ì[`KXe^\iXe^kX_le(0+*%;`Xe^bXkd\eaX[` 9fie è KXe^\iXe^ è (0+*% 8ggfèk\[ Xj
8e^^fkX;\nXeG\e^XnXjJpXi`X_9XebDlXdXcXk d\dY\i f] k_\ JpXi`X_ Jlg\im`jfip 9fXi[ f]
gX[XkX_le)'')%J\k\cX_d\ep\c\jX`bXejkl[èpX 9Xeb DlXdXcXk è )'')% =fccfnè^ _`j jkl[p Xk
[` G\jXeki\e K\Yl @i\e^# Y\cXaXi [` Y\Y\iXgX G\jXeki\eK\Yl@i\e^#_\glijl\[]lik_\ijkl[`\j
G\jXeki\e[`;X\iX_9Xek\e#[Xed\ep\c\jX`bXe Xkj\m\iXcg\jXeki\eèk_\i\^`fef]9Xek\e#Xe[
jkl[` [` =XblckXj Lj_lcl[[è# Le`m\ij`kXj @Yel è(0-.îX[lXk\[]ifdk_\=XZlckpf]Lj_lcl[[è#
:_Xc[le gX[X kX_le (0-.% 8e^^fkX ;GI&DGI @Yel :_Xc[le Le`m\ij`kp% ?\ Y\ZXd\ X d\dY\i
I@ j\aXb kX_le (00. [Xe B\klX Bfd`j` =XknX f] k_\ ?flj\ f] I\gi\j\ekXk`m\j&G\fgc\Ëj
DXa\c`jLcXdX@e[fe\j`Xj\aXbkX_le)'''%GX[X :fejlckXk`m\ 8jj\dYcp f] k_\ I\glYc`Z f]
jXXk è` Y\c`Xl al^X d\eaXYXk j\YX^X` B\klX @e[fe\j`XjèZ$00.Xe[:_XìdXef]k_\=XknX
9X[XeG\e^lilj?Xi`Xe;\nXeJpXi`X_EXj`feXc# :fdd`jj`fef]k_\@e[fe\j`Xe:fleZ`cf]Lc\dXj
8e^^fkXBfd`k\8_c`G\e^\dYXe^Xe9XebJpXi`X_ jèZ$'''%:feZlii\ekcp#_\`jXcjfk_\:_XìdXe
9Xeb @e[fe\j`X# B\klX ;\nXe G\e^XnXj JpXi`X_ f]k_\DXeX^è^9f[pf]k_\EXk`feXc:fleZ`cf]
GK ;XeXi\bjX @em\jkd\ek# j\ikX B\klX ;\nXe JpXi`X_#d\dY\if]9Xeb@e[fe\j`X:fdd`kk\\f]
G\e^XnXjJpXi`X_gX[XGK9Xeb9E@G\ij\if % <og\ikj]fik_\;\m\cfgd\ekf]JpXi`X_9Xebè^#
:_XìdXe f] k_\ JpXi`X_ Jlg\im`jfip 9fXi[
f] GK ;XeXi\bjX @em\jkd\ek Xe[ :_XìdXe f]
k_\ JpXi`X_ Jlg\im`jfip 9fXi[ f] GK 9Xeb 9E@
G\ij\if %

Gif]%;i%?%DlXi[`:_Xk`Y
8e^^fkXD\dY\i
CX_ìgX[XkX_le(0**[`9lb`kKè^^`#JldXk\iX 9fieè(0**è9lb`kKè^^`#N\jkJldXk\iX#Gif]%
9XiXk# >lil 9\jXi @8@E AXbXikX è` d\eaX[` ;I%?%DlXi[`:_Xk`Y_XjY\\eXd\dY\if]k_\
Xe^^fkX ;\nXe G\e^XnXj JpXi`X_ j\aXb kX_le J_Xi`XJlg\im`jfip9fXi[jèZ\(000%
(000%
D\dg\ifc\_ ^\cXi [fbkfi [Xi` @8@E kX_le (0/0# ?\\Xie\[_`jG_;[\î\\]ifd@8@Eè(0/0%?\

[\e^Xe g\e^XcXdXe d\e^XaXi j\cXdX ,' kX_le# _Xj ,' p\Xij f] k\XZ_è^ \og\i`\eZ\# jkXikè^
dlcX`[Xi`^lilDX[iXjX_KjXeXn`pX_#G>8#;fj\e ]ifdXk\XZ_\iXkDX[iXjX_KjXeXn`pX_#@jcXd`Z
=XblckXjKXiY`pX_@8@E#898#@B@GDl_XddX[`pX_ K\XZ_è^ JZ_ffc G>8 # c\Zkli\i Xk k_\ KXiY`pX_
[XeY\iYX^X`g\i^lilXekè^^`cXèepX% =XZlckpf]@8@E#K_\8ZX[\dpf]=fi\`êCXe^lX^\
898 # @B@G Dl_XddX[`pX_ Xe[ j\m\iXc fk_\i
le`m\ij`k`\j%
J\aXb dl[X Xbk`] [XcXd Y\iYX^X` fi^Xe`jXj` 8Zk`m\ è _`j pflk_ è mXi`flj jkl[\ek
g\cXaXi cfbXc# G@@# GiXdlbX# I\j`d\e DX_Xj`jnX fi^Xe`jXk`fej# G@@# I\j`d\e DX_Xj`jnX IFK:
[Xe YX^`Xe KXYc`^_ Dl_XddX[`pX_% GX[X kX_le Xe[ j\Zk`fe KXYc`^_ f] Dl_XddX[`pX_% @e (000#
(000 Y\c`Xl d\eaX[` B\klX DL@ GljXk Bfd`j` _\Y\ZXd\:_XìdXef]k_\;XbnX_:fdd`jj`fe
;XbnX_% f]k_\:\ekiXcDL@%
Gif]%;i%?%LdXiJ_`_XY
8e^^fkXD\dY\i
CX_ì[ÌXggXe^DXbXjjXi kX_le(0*0#;fbkfi 9fieè(0*0èIXggXe^DXbXjjXi #Gif]%;I%?%
Jkl[` ?lbld @jcXd [Xi` Le`m\ij`kXj ?XjXel[[è LdXiJ_`_XYfYkXè\[_`jG_;[\î\\è@jcXd`Z
è` d\eaX[` Xe^^fkX ;\nXe G\e^XnXj JpXi`X_ CXn ]ifd k_\ Le`m\ij`kp f] ?XjXel[[è% ?\ _Xj
j\aXbkX_le(000% Y\\eXd\dY\if]k_\J_Xi`XJlg\im`jfip9fXi[
jèZ\(000%
BXiìY\c`Xl[`dlcX`[Xi`;fj\e@8@E(0-*$bè` # ?`j ZXi\\i jkXik\[ Xj c\Zkli\i Xk k_\ @8@E

8e^^fkX ;GI; Kè^bXk @ (0/.$(00) # Xe^^fkX (0-*$gi\j\ek # d\dY\i f] i\^`feXc ?flj\ f]
;GI (0/.$(000 # ;\bXe =XblckXj Lj_lcl[[è I\gi\j\ekXk`m\j (0/.$(00) # d\dY\i f] k_\
(0/($(0/0 # ;\bXe =XblckXj JpXi`X_ (0/.$(00( # ?flj\ f] I\gi\j\ekXk`m\j (0/.$(000 # ;\Xe f]
B\klX J\bfcX_ Kè^^` 8^XdX @jcXd (00)$(00- k_\=XZlckpf]Lj_lcl[[è(0/($(0/0 #;\Xef]k_\
[Xe ;ì\bkli G\e[`[`bXe BX[\i LcXdX (00+$ J_Xi`X=XZlckp(0/.$(00( #I\Zkfif]k_\@jcXd`Z
(00- % Le`m\ij`kp (00)$(00- Xe[ <[lZXk`feXc ;ì\Zkfi
f]LcXdX:X[i\(00+$(00- %
J\aXb dl[X Y\c`Xl k\cX_ Xbk`] [XcXd g\i^\iXbXe ?\_XjY\\eXZk`m\è@jcXd`Zdfm\d\ekjèZ\_`j

@jcXd# dlcX` [Xi` G\cXaXi @jcXd @e[fe\j`X G@@ pflk_#jkXikè^]ifd@jcXd`ZJkl[\ek8jjfZ`Xk`fe
(0-'$(0-+ #B\klX?D@ZXYXe^DXbXjjXi(0-)$ Gcc (0-'$(0-+ # :_XìdXe f] k_\ DXbXjjXi
(0-* # B\klX Ldld AXd``ppXklc @kk`_X[ NXc Dl 9ljè\jjf]k_\8jjfZ`Xk`fef]@jcXd`ZLe`m\ij`kp
XnXeX_(0.($(00/ #B\klXDL@JlcXn\j`J\cXkXe Jkl[\ekj# ?D@ (0-)$(0-* # :_XìdXe f] k_\
(0/.$ (00/ # B\klX ;\nXe DXja`[ @e[fe\j`X AXd``ppXklc @kk`_X[ NXc Dl XnXeX_ (0.($(00/ #
GljXk (00+$(000 # _è^^X d\eaX[` b\klX DL@ :_XìdXe f] k_\ Jflk_ JlcXn\j` :_Xgk\i f] k_\
GljXkj\aXb(00/% @e[fe\j`X:fleZ`cf]Lc\dXj(0/.$(00/ #;\glkp
f] k_\ @e[fe\j`Xe :fleZ`c f] Dfjhl\j (00+$
(000 #Xe[k_\:_XìdXef]k_\:\ekiXc9fXi[f]
k_\@e[fe\j`Xe:fleZ`cf]Lc\dXjjèZ\(00/%

Dewan Komisaris
Board Of Commissioner
;ij%?%8YYXj8[_Xi
Bfd`jXi`jLkXdXGi\j`[\ek:fdd`jj`fe\i
CX_ì[`JlbXYld`#AXnX9XiXkkX_le(0*,#JXiaXeX 9fieè(0*,èJlbXYld`#N\jkAXmX#?%8YYXj
<bfefd` Le`m\ij`kXj @e[fe\j`X è` [`Xe^bXk 8[_XiîX[lXk\[]ifdk_\=XZlckpf]<Zfefd`Zj#
j\YX^X` Bfd`jXi`j LkXdX 9Xeb DlXdXcXk j\aXb Le`m\ij`kpf]@e[fe\j`X%?\_XjY\\ek_\Gi\j`[\ek
kX_le(000% :fdd`jj`fe\if]9XebDlXdXcXkjèZ\(000%
D\e`k` bXiì [` Y`[Xe^ g\iYXebXe [` 9Xeb JkXik\[_`jYXebè^ZXi\\iXk9XebG\dYXe^leXe

G\dYXe^leXe @e[fe\j`X 9Xgè[f j\aXb @e[fe\j`X9Xgè[f è(0-)XjJ\Zi\kXi`XkJkX]]#
kX_le (0-) j\YX^X` JkX] @@@ J\bi\kXi`Xk% Gfj`j` _`jcXk\jkgfj`k`fenXjAle`fi;ì\ZkfiXe[?\X[
k\iXb_ìepX X[XcX_ ;ì\bkli Dl[X [Xe B\gXcX f]:i\[`k;`m`j`feY\]fi\i\kìè^è(00)%
LiljXe G\ibi\[`kXe j\Y\cld Xb_ìepX g\ej`le
gX[XkX_le(00)%
9\ig\e^XcXdXe d\eaX[` bfd`jXi`j [` \dgXk ?\ _Xj \og\i`\eZ\ Xj :fdd`jj`fe\i è ]fli
g\iljX_XXe# k\idXjlb [` GK @e[ljki`Xc >Xj\j ZfdgXe`\j# èZcl[è^ GK è[ljki`Xc >Xj\j
@e[fe\j`X[Xe[lXc\dYX^Xg\iYXebXe#k\idXjlb @e[fe\j`XXe[knfYXebè^èjk`klk`fej#èZcl[è^
9G;AXnXK`dli% K_\I\^`feXc;\m\cfgd\ek9Xebf]<XjkAXmX%
GX[XkX_le(00)Y\c`Xld\eaXYXkj\YX^X`;ì\bkli @e(00)_\Y\ZXd\k_\Gi\j`[\ek;ì\Zkfif]GK
LkXdXGK@ek\ieXk`feXcK`dY\i:figfiXk`fe@K:@ # @ek\ieXk`feXc K`dY\i :figfiXk`fe% @e (00+ _\
b\dl[`Xe d\eaXYXk j\YX^X` NXb`c B\klX Ldld nXj M`Z\ :_XìdXe f] k_\ @e[fe\j`Xe =fi\jkip
DXjpXiXbXk G\i_lkXeXe @e[fe\j`X DG@ gX[X :fddle`kp% ?\ Y\ZXd\ :_XìdXe f] k_\
kX_le (00+# [Xe d\eaX[` B\klX Ldld 8jfj`Xj` @e[fe\j`Xe Nff[ GXe\c 8jjfZ`Xk`fe 8GB@E;F
GXe\c BXpl @e[fe\j`X 8GB@E;F [Xe Bfd`jXi`j Xe[:fdd`jj`fe\if]9Xeb9lbfgèè(00/%
9Xeb9lbfgèkX_le(00/%
Gif]%BfiblkFqXc
Bfd`jXi`j:fdd`jj`fe\i
Gif]\jfi Bfiblk FqXc [`cX_ìbXe [` DXcXkpX# Gif]\jjfiBfiblkFqXcnXjYfieèDXcXkpX$Klib\p
Klib`# gX[X kX_le (0)0% 9\c`Xl d\ep\c\jX`bXe è(0)0%Fe(0,(_\îX[lXk\[]ifdk_\K\Z_e`ZXc
g\e[`[`bXeepX [` =XblckXj K\be`b J`g`c# K\Z_e`ZXc Le`m\ij`kp f] @jkXeYlc @KL n`k_ Xe X[mXeZ\[
Le`m\ij`kpf]@jkXeYlc@KL #gX[XkX_le(0,(% [\î\\è:`m`c<e^è\\iè^%
BXiì gif]\j`feXcepX [`dlcX` [` 9X[Xe ?`j cfe^ gif]\jj`feXc ZXi\\i jkXik\[ Xk k_\
G\e^\dYXe^Xe G\e^XìXe# CX_Xe [Xe K\eX^X Dè`jkipf]GlYc`ZNfibjf]Klib\p#XkNXk\i#CXe[
C`jki`b gX[X ;\gXik\d\e G\b\iaXXe Ldld Xe[ Gfn\i ;\m\cfgd\ek 8^\eZp ;J@ % ;liè^

Klib`%J\cXdXdXjXb\iaX('kX_le[`jXeX#Y\c`Xl _`j('p\Xijf]j\im`Z\k_\i\_\_Xjj\im\[èk_\
k\ic`YXk [XcXd g\i\eZXeXXe [Xe g\cXbjXeXXe gcXeeè^#[\j`êè^Xe[`dgc\d\ekè^f]mXi`flj
Y\iYX^X` gifp\b Y\e[le^Xe# g\dYXe^b`k c`jki`b# ;Xdj#Gfn\iGcXekj#I`m\i:fekifcXe[@ii`^Xk`fe
g\e^\e[Xc`XeXiljjle^X`#ì`^Xj`[Xe[iXèXj\% Xe[;iXèX^\Jpjk\dj%
GX[X kX_le (0-( Y\c`Xl [`klealb d\eaX[` jkX] 8k(0-(_\nXjXggfèk\[XjXk\XZ_è^d\dY\i

g\e^XaXiX_c`[`D`[[c\<XjkK\Z_e`ZXcLe`m\ij`kp f] D`[[c\ <Xjk K\Z_e`ZXc Le`m\ij`kp f] 8ebXiX
D<KL #8ebXiX#jXdgX`[\e^XekX_le(0.(%GX[X D<KL n_\i\_\_Xjj\im\[lek`c(0.(%Fe(0-.è
kX_le(0-.#Y\c`Xlal^Xj\bXc`^ljd\eaXYXkj\YX^X` X[[`k`fekf_`jk\XZ_è^_\nXjXggfèk\[Xjk_\
;ì\bkli LkXdX Klib`j_ EXk`feXc G\kifc\ld :_XìdXeXe[:<Ff]Klib`j_EXk`feXcG\kifc\ld
:figfiXk`fe KG8F # g\iljX_XXe d`^Xj [Xe :figfiXk`fe KG8F # Xe èk\îXk\[ F`c Xe[
g\kifb`d`Xd`c`bg\d\ièkX_Klib`#jXdgX`[\e^Xe G\kifZ_\d`ZXc :fdgXep f] Klib`j_ >fm\ied\ek%
kX_le(0.(% ?\j\im\[k_\i\lek`c(0.(%
9\c`Xl d\eaX[` Xe^^fkX GXic\d\e Klib` d\cXcl` 8k (0.* Xe[ (0.. EXk`feXc <c\Zk`fej f] Klib`j_
G\d`c`_Xe Ldld 8e^^fkX GXic\d\e gX[X kX_le GXic`Xd\ekK9DD _\nXj\c\Zk\[Xj8D\dY\i
(0.* [Xe (0..% J\cXdX [\cXgXe kX_le Xbk`] [` f]GXic`Xd\ekDG %;liè^_`j/p\Xijf]XZk`m\
gfc`k`b# Y\c`Xl j\dgXk d\eaXYXk j\YX^X` D\ek\i` gfc`k`ZXcc`]\_\_XjY\\eXggfèk\[Xe[j\im\[Xj
G\ikXe`Xe [Xe j\YX^X` D\ek\i` ;XcXd E\^\i`% k_\Dè`jk\if]8î`Zlckli\Xe[Dè`jk\if]@ek\i`fi
GX[X kX_le (0/*# bXbXb cXb`$cXb` Y\c`Xl d\eaX[` f] Klib\p% @e (0/* _`j \c[\i Yifk_\i \ek\i\[
g\d`dgègXikX`dXpfi`kXj#[Xe[`Xe^bXkj\YX^X` gfc`k`Zj Xj Xe \c\Zk\[ dXafi`kp gXikp c\X[\i Xe[
G\i[XeX D\ek\i` Klib`% 8ekXiX kX_le (0/*$(0/. Y\ZXd\ k_\ Gi`d\ Dè`jk\i f] Klib\p% ;liè^
Y\c`Xld\eaX[`g\eXj\_XkG\i[XeXD\ek\i`% (0/*$(0/.# _\ j\im\[ Xj g\ijfeXc X[m`j\i kf k_\
Gi`d\Dè`jk\i%
J\aXb kX_le (0/*# Y\c`Xl Xbk`] [XcXd JèZ\ (0/* _\ _Xj Y\\e [\\gcp èmfcm\[ è
d\dg\ib\eXcbXe kXkXeXe \bfefd`# g\iYXebXe gifdfkè^@jcXd`Z<Zfefdp#9Xebè^Xe[=èXeZ\%
[Xe b\lXe^Xe @jcXd`X_% 9\c`Xl d\e^\dYXe^bXe ?\_Xj[\m\cfg\[k_\fg\iXkèîlc\jf]Klib`j_
gifj\[li fg\iXj`feXc leklb 9Xeb @jcXd [` Klib`% Jg\Z`Xc =èXeZ\ ?flj\j @jcXd`Z 9Xebj % ?\ `j
9\c`Xl d\d`c`b` _lYle^Xe \iXk [\e^Xe 9Xeb Zcfj\cpXjjfZ`Xk\[n`k_k_\@jcXd`Z;\m\cfgd\ek
G\dYXe^leXe@jcXd@;9 #j\YX^X`g\e[ì`YX[Xe 9Xeb @;9 # Y\è^ k_\ ]fle[è^ =Xk_\i f] k_\
GljXk @e]fidXj`# G\cXk`_Xe [Xe I`j\k @IK@ [` I\j\XiZ_#KiXèè^Xe[@e]fidXk`fe:\ek\i@IK@
@;9# j\ikX j\YX^X` NXb`c K\kXg Klib` [` ;\nXe f]@;9Xjn\ccXjk_\G\idXe\ekI\gi\j\ekXk`m\
;ì\bkli<bj\blk`]@;9%9\c`XlXbk`]k\ic`YXk[XcXd f]Klib\pXkk_\9fXi[f]<o\Zlk`m\;ì\Zkfijf]
g\e^\dYXe^Xe i\bjX[XeX @jcXd`X_# gfikf]fc`f @;9% ?\ `j XZk`m\cp èmfcm\[ è k_\ [\m\cfgd\ek
g\iYXebXe @jcXd`X_# g\dY`XpXXe g\i[X^Xe^Xe f] @jcXd`Z Le`k =le[# @jcXd`Z 9Xeb Gfik]fc`f#
aXe^bX$gXeaXe^ @jcXd`X_# [Xe g\dY\eklbXe @jcXd`Z Cfe^ K\id KiX[\ =èXeZè^# Xe[ @jcXd`Z
@jcXd`Z DXeX^\d\ek @ejk`klk\ [` Le`m\ij`kXj DXeX^\d\ek @ejk`klk\ f] @jcXd`Z Le`m\ij`kp Xk
@jcXd#BlXcXCldgli% BlXcXCldgli%


;i%8_d\[8Y`jflifli
D\eaXYXkj\YX^X`Bfd`jXi`j9XebDlXdXcXkj\aXb :fdd`jj`fe\if]9XebDlXdXcXk@e[fe\j`XjèZ\
kX_le)''-%D\dg\ifc\_^\cXiG_;[XcXdY`[Xe^ )''-% ?\ \Xie\[ _`j G_; è <Zfefd`Zj Xe[
<bfefd` [Xe 8[dè`jkiXj` 9`je`j Y\Xj`jnX 9ljè\jj8[dè`jkiXk`fe=lcYi`^_kjZ_fcXi(0./ %
=lcYi`^_kkX_le(0./ %
9\c`Xld\d`c`b`g\e^XcXdXej\cXdX*(kX_le[XcXd ?\ Yiè^j *( p\Xij f] èk\ieXk`feXc èjk`klk`feXc

èjk`klj`èk\ieXj`feXc@;9$A\[[X_#99@$JXiXa\mf# \og\i`\eZ\ @;9$A\[[X_# 99@$JXiXa\mf# @D=$
@D=$NXj_è^kfe# 8D=8Yl ;_XY`# 9D$IXYXk NXj_è^kfe# 8D=$8Yl ;_XY`# 9D$IXYXk Xe[
[Xe g\e^XcXdXe b\iaX cXgXe^Xe [` *+ e\^XiX% Ô\c[ nfib \og\i`\eZ\ è *+ Zfleki`\j% ?\ _Xj
9\c`Xl d\d`c`b` b\X_c`Xe pXe^ d\e^X^ldbXe XZhlì\[ Xe `dgi\jj`m\ Zfdg\k\eZp iXe^\
XkXj YXepXb Y`[Xe^ k\idXjlb @jcXd`Z YXebè^ jgXeeè^XmXi`\kpf]jg\Z`Xc`q\[Ô\c[jèZcl[è^
ÔeXeZ\# ZfigfiXk\ jkiXk\^`\j# dXeXa\d\e @jcXd`Z YXebè^ ÔeXeZ\# ZfigfiXk\ jkiXk\^`\j#
gfikf]fc`f èm\jkXj`# @jcXd`Z ki\Xjlip# èm\jkXj` èm\jkd\ek gfik]fc`f dXeX^\d\ek# @jcXd`Z
gX[X gXjXi pXe^ j\[Xe^ kldYl_ Y\ib\dYXe^# ki\Xjlip#èm\jkd\ekè\d\i^è^dXib\kj#Z\ekiXc
Z\ekiXcYXebè^#\oZ_Xe^\i\^lcXk`fejZlii\eZp YXebè^# \oZ_Xe^\ i\^lcXk`fej Zlii\eZp g\^j#
g\^j# b\YàXbXe dXbif g\i\eZXeXXe dfe\k\i dXZifgfc`Z`\jZflekipÔeXeZ`XcgifîXddè^%
e\^XiX%
9\c`Xl d\d\^Xe^ gfj`j` dXeXa\i j\e`fi [Xe ?\ _\c[ j\e`fi dXeX^\i`Xc Xe[ gif]\jj`feXc
gif]\j`feXcj\ikXal^Xb\g\d`dgèXe[XeXe^^fkX gfj`k`fej Xj n\cc Xj YfXi[ Z_XìdXej_`g Xe[
[\nXe[XcXdY\Y\iXgXèjk`klj`g\iYXebXe@jcXd d\dY\ij_`g è j\c\Zk`m\ @jcXd`Z YXebè^
pXe^j\c\bk`][`j\clil_[le`X%9Xil$YXilè`#Y\c`Xl èjk`klk`fej nfic[n`[\% ?`j i\Z\ek Zfeki`Ylk`fej
d\dY\i`bXe bfeki`YljèpX gX[X @;9 [\e^Xe n\i\Zfdgc\k\[Xkk_\@;9n_\i\_\jg\Xi_\X[\[
d\d`dgèg\e[ì`XeY\Y\iXgXèjk`klj`b\lXe^Xe k_\\jkXYc`j_d\ekf]@jcXd`ZÔeXeZ`Xcèjk`klk`fej
@jcXd[`8]i`bX#8j`X[Xe<ifgX#pXe^d\ilgXbXe è 8]i`ZX# 8j`X Xe[ <lifg\# k_\ \cXYfiXk`fe f]
\cXYfiXj` [Xi` Xij`k\bkli Y`je`j @jcXd i\eZXeX @jcXd`Z Yljè\jj XiZ_`k\Zkli\ XeelXc nfib
b\iaX kX_leXe [Xe g\eZ`gkXXe [Xi` èjk`klj` gcXejXe[k_\Zi\Xk`fef]@jcXd`ZÔeXeZ`XcdXib\k
è]iXjkilbkligXjXib\lXe^Xe@jcXd@@=D#@=J9 % è]iXjkilZkli\èjk`klk`fej@@=D#@=J9 %
9\c`Xl X[XcX_ g\dY`ZXiX i\^lc\i [` bfe]\i\ej` ?\ `j X i\^lcXi jg\Xb\i Xk èk\ieXk`feXc @jcXd`Z
@jcXdèk\ieXj`feXc[Xek\cX_d\e\iY`kbXe_Xj`c Zfe]\i\eZ\jXe[_Xjeld\ifljglYc`ZXk`fejkf_`j
bXipX klc`jXe gX[X Y`[Xe^ jkiXk\^` g\iYXebXe Zi\[`k è k_\ Ô\c[j f] @jcXd`Z YXebè^ jkiXk\^`\j
@jcXd [Xe gXjXi df[Xc pXe^ j\[Xe^ kldYl_ Xe[ \d\i^è^ ZXg`kXc dXib\kj [\m\cfgd\ek% ?`j
Y\ib\dYXe^% KXe^^le^ aXnXY Y\c`Xl jXXk è` j_flc[\ijb\pi\jgfej`Y`c`k`\jXkgi\j\ek]fZlj\[
X[XcX_ ]fblj leklb d\dYXekl 9flYpXe 9Xeb fe Xjj`jkè^ 9flYpXe 9Xeb è k_\ \cXYfiXk`fe
[XcXd \cXYfiXj` XekXiX jkiXk\^` Y`je`jepX [Xe f] `kj Yljè\jj jkiXk\^p Xe[ k_\ le[\ikXbè^ f]
d\d`blc kl^Xj$kl^Xj g\e^\dYXe^Xe Y`je`j èk\ieXk`feXcYljè\jj[\m\cfgd\ekkXjbj%
èk\ieXj`feXc%

;ij%8lc`XGf_Xe#D%8
CX_ì [` GXc\dYXe^# JldXk\iX J\cXkXe kX_le 9fie è GXc\dYXe^# Jflk_ JldXk\iX è (0+,#
(0+,# JXiaXeX <bfefd` Le`m\ij`kXj @e[fe\j`X 8lc`XGf_XeîX[lXk\[Xj9XZ_\cfiè<Zfefd`Zj
(0-0 [Xe DXjk\i <bfefd` Jkl[` G\dYXe^leXe ]ifdLe`m\ij`kpf]@e[fe\j`X(0-0 Xe[fYkXè\[
[Xi` 9fjkfe Le`m\ij`kp# 8d\i`bX J\i`bXk (0/) % _`j DXjk\iËj [\î\\ ]ifd 9fjkfe Le`m\ij`kp#
9\c`Xl d\eaXYXk j\YX^X` Bfd`jXi`j j\aXb kX_le LJ8 (0/) % ?\ nXj Gi\j`[\ek ;ì\Zkfi f] 9Xeb
)''-% DlXdXcXk(00($(00- %?\Y\ZXd\:fdd`jj`fe\i
]ifd)''-%
D\dlcX`bXiìepX[`9Xeb@e[fe\j`X(0.($(0.. # JkXik\[_`jZXi\\iè9Xeb@e[fe\j`X(0.($(0.. #
Y\c`Xl g\ieX_ d\eaXYXk j\YX^X` JkX] >lY\ieli _\_XjY\\eXggfèk\[Xj>fm\iefiJkX]]f]9Xeb
9Xeb @e[fe\j`X (0./ $ (0/' # 8jjfZ`Xk\ @e[fe\j`X(0./$(0/' #9Xeb@e[fe\j`X8jjfZ`Xk\
I\gi\j\ekXk`m\ 9Xeb @e[fe\j`X [` Kfbpf (0/+ I\gi\j\ekXk`m\ è Kfbpf (0/+ $ (0// # ?\X[
$ (0// # B\gXcX 9X^`Xe Dfe\k\i 9Xeb @e[fe\j`X f] 9Xeb @e[fe\j`X Dfe\k\i (0// $ (00( # M`Z\
(0//$(00( #NXb`cB\gXcXLiljXe<bfefd`[Xe :_XìdXef]<Zfefd`ZXe[JkXk`jk`Z(00($(00+ #
JkXk`jk`b(00($(00+ #B\gXcXLiljXeG\e\c`k`Xe ?\X[ f] @ek\ieXc I\j\XiZ_ Xe[ ;\m\cfgd\ek
[XeG\e^\dYXe^Xe@ek\ie(00+$(00. #;ì\bkli (00+ $ (00. # ;ì\Zkfi f] 9Xeb @e[fe\j`X (00.
9Xeb@e[fe\j`X(00.$D\`(000 #;\glk`>lY\ieli $DXp(000 #>fm\iefiËj;\glkpf]9Xeb@e[fe\j`X
9Xeb@e[fe\j`XD\`(000$)'', % DXp(000$)'', %
;`jXdgè^`kl#Y\c`Xlal^Xj\iè^d\e^`blk`blijlj$ @e X[[`k`fe# _\ Xkk\e[\[ jfd\ Zflij\j Xe[

blijlj# j\dèXi# [Xe g\cXk`_Xe$g\cXk`_Xe YX`b [` j\dèXij Yfk_ cfZXc Xe[ èk\ieXk`feXc% Lek`c
[XcXddXlgle[`clXie\^\i`%JXdgX`[\e^XekX_le )'',# 8lc`X Gf_Xe nXj m`XYc\ è dXep Y`cXk\iXc
)'',#Y\c`XlXbk`]d\e^`blk`Y\iYX^X`g\ik\dlXe Xe[ dlck`cXk\iXc ]fildj# Xe[ Xcjf Y\ZXd\ Xe
YX`bpXe^j`]XkepXY`cXk\iXcdXlgledlck`cXk\iXc# è`k`Xkfi Xe[ Zffi[èXkfi ]fi [\m\cfgè^ Xe[
d\eaX[`è`j`Xkfi[XeZffi[èXkfig\e^\dYXe^Xe \o\Zlkè^ k_\ N_`k\ GXg\i Xe[ 9cl\ Gièk Xj
[Xeg\e\iXgXeN_`k\GXg\i[Xe:\kXb9ìl9cl\ n\ccXj>ff[:figfiXk\>fm\ieXeZ\k_ifl^_k_\
Gièk j\ikX>ff[:figfiXk\>fm\ieXeZ\d\cXcl` `dgc\d\ekXk`fef]G\i]fidXeZ\DXeX^\d\ekXe[
`dgc\d\ekXj` J`jk\d G\e`cX`Xe [Xe DXeXa\d\e 8jj\jjd\ekJpjk\dè9Xeb@e[fe\j`X%
Bè\iaX[`9Xeb@e[fe\j`X%
9\c`Xl al^X g\ieX_ d\eaX[` g\e^XaXi% 8ekXiX ?\nXjXcjfc\Zkliè^]fijfd\èjk`klk`fejjlZ_

cXèj\YX^X`g\e^XaXig\e[`[`bXeèk\ie9@leklb Xj k_\ 9Xeb @e[fe\j`XËj èk\ieXc jZ_fcXjk`Z ]fi
ZXcfe jkX] [Xe [`bcXk cXealkXe# [fj\e J( [Xe J) i\Zil`kjkX]]jXe[\ok\ej`m\kiXèè^j#9XZ_\cfiËj
[` Y\Y\iXgX g\i^lilXe kè^^` jnXjkX [` AXbXikX# Xe[DXjk\iËj;\î\\èjfd\gi`mXk\le`m\ij`k`\j
g\e^XaXi[`@ejk`klk9Xeb@e[fe\j`X[Xeg\e^XaXi è AXbXikX# è k_\ @ejk`klk\ f] 9Xeb @e[fe\j`X
èk\ie9@leklb[`bcXkcXealkXe[XeJ<JG@9@% Xe[ èk\ie c\Zkli\i ]fi \ok\ej`m\ kiXèè^j Xe[
J<JG@9@%

?%@jbXe[XiQlcbXieXè#J%<%D%J`
CX_ì [` DXcXe^# kX_le (0-(% D\eaXYXk j\YX^X` 9fie è (0-( è DXcXe^# <Xjk AXmX% 8ggfèk\[ Xj
Bfd`jXi`j 9Xeb DlXdXcXk j\aXb kX_le )''+% :fdd`jj`fe\i f] 9Xeb DlXdXcXk jèZ\ )''+%
9\c`Xl d\dg\ifc\_ ^\cXi JXiaXeX <bfefd` ?\ îX[lXk\[ ]ifd Le`m\ij`kp f] @e[fe\j`X n`k_
[Xi` Le`m\ij`kXj @e[fe\j`X gX[X kX_le (00( X [\î\\ è <Zfefd`Zj è (00(# Xe[ i\Z\`m\[ X
[Xe d\dg\ifc\_ ^\cXi J) DXjk\i [` Y`[Xe^ DXjk\iËj[\î\\è?ldXeI\jfliZ\j;\m\cfgd\ek
G\e^\dYXe^Xe JldY\i ;XpX DXelj`X [Xi` Xcjf]ifdLe`m\ij`kpf]@e[fe\j`Xè)''(%
Le`m\ij`kXj@e[fe\j`XgX[XkX_le)''(%
9\c`Xl d\dlcX` bXiìepX j\YX^X` k\eX^X JkXik\[ _`j ZXi\\i Xj X JXc\j <o\Zlk`m\ n`k_
g\dXjXiXe [` <m\iî\\e Cè\ J_`ggè^ (0/- $ <m\iî\\e Cè\ J_`ggè^ (0/- $ (0/0 Xe[ X
(0/0 [Xeb\dl[`Xej\YX^X`>\e\iXcDXeX^\i[` >\e\iXcDXeX^\in`k_GK@ek\ieljX:Xi^f$<DBC
GK@ek\ieljX:Xi^f$<DBC(0/0$(00( %J\k\cX_ (0/0 $ (00( % JlYj\hl\ekcp# _\ Y\Zfd\ k_\
`klY\c`Xld\eaXYXkj\YX^X`DXeX^è^;ì\Zkfi[` DXeX^è^;ì\ZkfiXkGK@ek\ieljX?XjkX9lXeX$
GK@ek\ieljX?XjkX9lXeX$@ek\ieXk`feXc=i\`^_k @ek\ieXk`feXc=i\`^_k=finXi[è^(00($gi\j\ek %
=finXi[è^(00($j\bXiXe^ %
;`jXdgè^ `kl Y\c`Xl al^X Xbk`] [` Y\iYX^X` @e X[[`k`fe# _\ `j Xcjf XZk`m\ è j\m\iXc
fi^Xe`jXj`# [` XekXiXepX1 [` :figj 8clde` 8@G# fi^Xe`qXk`fej#èZcl[è^k_\8clde`:figjf]8@G#
[` ;GG >8=<BJ@&@E=8 @e[fe\j`Xe =i\`^_k k_\ @e[fe\j`Xe =i\`^_k =finXi[\i 8jjfZ`Xk`fe
=finXi[\i 8jjfZ`Xk`fe # [` DXa\c`j <bfefd` GG$ >8=<BJ@&@E=8 # k_\ <Zfefd`Z :fleZ`c f] GG
Dl_XddX[`pX_#[`=fildQXbXk=FQ #[`9X[Xe Dl_XddX[`pX_#=fildQXbXk=FQ #9X[Xe8d`c
8d`c QXbXk EXj`feXc# [` 9X`klc DXXc DlXdXcXk# QXbXkEXj`feXc#9X`klcDXXcDlXdXcXk#k_\J_Xi`X
[` DXjpXiXbXk <bfefd` JpXi`X_ D<J [Xe [` <c <Zfefd`Z JfZ`\kp D<J Xe[ k_\ <c DXb`pX_
DXb`pX_=fle[Xk`fe% =fle[Xk`fe%

Direksi
Board of Directors
?%8%I`XnXe8dè#D%JZ$;ì\bkliLkXdX
Gi\j`[\ek;ì\Zkfi
CX_ì [` KXeale^ GèXe^ gX[X kX_le (0,/# 9fieè(0,/èKXeale^GèXe^#I`Xl#8%I`XnXe
8%I`XnXe8dèd\dg\ifc\_^\cXi9JZ[`Y`[Xe^ 8dè fYkXè\[ X 9JZ% [\î\\ è 8iZ_`k\ZkliXc
8iZ_`k\ZkliXcK\Z_efcf^p[XiÈ\nPfib@ejk`klk\ K\Z_efcf^p]ifdE\nPfib@ejk`klk\f]K\Z_efcf^p#
f]K\Z_efcf^p#LJ8%>\cXidXjk\i[`Y`[Xe^ @ek\i LJ8%?\k_\efYkXè\[_`jDXjk\iËj[\î\\è@ek\i
;`Z`gcèXipJkl[p[`g\ifc\_epX[Xi`Le`m\ij`kpf] ;`jZ`gcèXip Jkl[p ]ifd k_\ Le`m\ij`kp f] K\oXj
K\oXjd\cXcl`gifîXdY\Xj`jnX%9\c`Xld\eaXYXk k_ifl^_ X jZ_fcXij_`g% ?\ Y\ZXd\ Gi\j`[\ek
j\YX^X`;ì\bkliLkXdXgX[XkX_le(000% ;ì\Zkfif]9XebDlXdXcXkè(000%
G\iaXcXeXe bXiìepX [` 9Xeb DlXdXcXk [`dlcX` ?`j ZXi\\i n`k_ 9Xeb DlXdXcXk Y\^Xe fe
j\aXb _Xi` AldXk kXe^^Xc (' Efm\dY\i (00* =i`[Xp# Efm\dY\i ('# (00*# Xj ;`m`j`feXc ?\X[
j\YX^X`B\gXcX;`m`j`leklbY`[Xe^ Fi^Xe`qXk`fe f] Fi^Xe`qXk`fe Xe[ ?ldXe I\jfliZ\j# k_\e
Xe[?ldXeI\jfliZ\j#b\dl[`XeM`Z\Gi\j`[\ek gifdfk\[ kf M`Z\ Gi\j`[\ek Xe[ :figfiXk\
Xe[ :figfiXk\ J\Zi\kXip (00- [Xe M`Z\ J\Zi\kXip è (00-# Xe[ M`Z\ Gi\j`[\ek ]fi
Gi\j`[\ek@e[`m`[lXc9Xebè^(00/ %J\Y\cldepX# @e[`m`[lXc9Xebè^è(00/%Gi\m`fljcp_\j\im\[
Y\c`Xl Y\i^XYle^ [\e^Xe 9Xeb ;lkX (0/0 [Xe è9Xeb;lkX(0/0 #Xe[9XebLe`m\ijXc(00) %@e
9Xeb Le`m\ijXc (00) % GX[X kX_le (0/.# Y\c`Xl (0/.#_\nfib\[XjXe<emìfed\ekXc<e^è\\iXk
Y\b\iaXj\YX^X`<emìfed\ekXc<e^è\\i[`8<>@J 8<>@J@ek\ieXk`feXcè<cGXjf#K\oXj%
@ek\ieXk`feXc#<CGXjf#K\oXj%
@i%?%8im`pXe8i`Ôe$;ì\bkli;ì\Zkfi
CX_ì [` GX[Xe^ kX_le (0-+# @ejèpli K\be`b 9fieè(0-+èGX[Xe^#N\jkJldXk\iX#8im`pXe
@e[ljki` [Xi` @ejk`klk K\befcf^` 9Xe[le^ è` 8i`ÔeîX[lXk\[Xj@e[ljki`Xc<e^è\\i]ifdk_\
d\eaXYXkj\YX^X`;ì\bkligX[XkX_le(000% 9Xe[le^@ejk`klk\f]K\Z_efcf^p@K9 %?\Y\ZXd\
;ì\Zkfif]9XebDlXdXcXkè(000%
G\iaXcXeXe bXiì g\iYXebXeepX [`dlcX` [` 9Xeb ?`jYXebè^ZXi\\iY\^èjXk9Xeb;lkXjkXikè^

;lkX# dlcX` [Xi` <o\Zlk`m\ KiXè\\ (0/0 _è^^X Xj Xe <o\Zlk`m\ KiXè\\ è (0/0 kf :figfiXk\
:figfiXk\ 9Xebè^ ;\gXikd\ek ?\X[ 9Xeb ;lkX 9Xebè^ ;\gXikd\ek ?\X[# JliXYXpX 9ljè\jj
ZXYXe^ JliXYXpX gX[X kX_le (00(% J\cXealkepX è(00(%?\afè\[9XebDlXdXcXkXj;\gXikd\ek
kX_le (00( Xb_ì Y\c`Xl Y\i^XYle^ [\e^Xe 9Xeb ?\X[ f] :fdd\iZ`Xc 9Xebè^# 8jj`jkXek M`Z\
DlXdXcXkj\YX^X`;\gXikd\ek?\X[:fdd\iZ`Xc Gi\j`[\ek$:i\[`k Xe[ DXib\kè^ Xe[ M`Z\
9Xebè^# 8jj`jkXek M`Z\ Gi\j`[\ek$:i\[`k Xe[ Gi\j`[\ek$DXib\kè^ >iflg ?\X[% @e (00,# Xj X
DXib\kè^[XeM`Z\Gi\j`[\ek$DXib\kè^>iflg [`m`j`feXc _\X[# _\ i\Z\`m\[ k_\ 9\jk <dgcfp\\
?\X[% KX_le (00,# j\YX^X` B\gXcX ;`m`j` 9Xeb 8nXi[%
DlXdXcXk# Y\c`Xl d\dg\ifc\_ g\e^_Xi^XXe
j\YX^X`bXipXnXek\iYX`b%

?%D%?`[XpXkJ%<%8b$;ì\bkli;ì\Zkfi
CX_ì [` GXpXbldYl_# JldXk\iX 9XiXk gX[X 9fie è (0-+ è GXpXbldYl_# N\jk JldXk\iX%
kX_le (0-+% D\dg\ifc\_ ^\cXi JXiaXeX <bfefd` FYkXè\[ X [\î\\ è <Zfefd`Zj Xe[ è
[Xe 8blekXe [Xi` Le`m\ij`kXj 8e[XcXj# GX[Xe^% 8ZZflekXeZp ]ifd Le`m\ij`kXj 8e[XcXj# GX[Xe^%
D\eaXYXkj\YX^X`;ì\bklij\aXbkX_le)''+% 8ggfèk\[ Xj ;ì\Zkfi f] 9Xeb DlXdXcXk jèZ\
)''+%
G\ieX_Y\b\iaX[`Y\Y\iXgXBXekfi8blekXeGlYc`b Gi\m`fljcpnfib\[n`k_j\m\iXcglYc`ZXZZflekXek
[Xe[`9Xeb;lkX(0/0$(00+ %9\i^XYle^[\e^Xe ÔidjXe[è9Xeb;lkX(0/0$(00+ %Afè\[9Xeb
9Xeb DlXdXcXk j\aXb (00+ [\e^Xe Y\iYX^X` DlXdXcXk è (00+ Xe[ ifj\ k_ifl^_ k_\ iXebj#
gfj`j` pXe^ g\ieX_ [àXcXe`# XekXiX cXè1 B\gXcX Xdfe^jkfk_\iXj?\X[f]:fdd\iZ`Xc=èXeZè^
;\gXik\d\eI\m`\nG\dY`XpXXeBfd\ij`c(00, # I\m`\n ;\gXikd\ek (00, # ?\X[ f] =èXeZè^
B\gXcX ;\gXik\d\e G\e^XnXjXe G\dY`XpXXe Xe[ Ki\Xjlip 8l[`k ;\gXikd\ek (00- # ?\X[ f]
[XeKi\Xjlip(00- #B\gXcXLiljXeG\e^XnXjXe& @ek\ieXc 8l[`k (00/ # 9ljè\jj DXeX^\i# :`glcì
B\gXcX JB8@ (00/ # G`dgèXe :XYXe^ :`glcì )''( # 9ljè\jj DXeX^\i# BXc`dXcXe^ )'') #
)''( # G`dgèXe :XYXe^ BXc`dXcXe^ )'') # Xe[ >\e\iXc DXeX^\i# Fg\iXk`feXc# ?\X[ F]ÔZ\
j\ikX>\e\iXcDXeX^\iBXekfiGljXkFg\iXj`feXc )''* %
)''* %
@i% ?% 8e[` 9lZ_Xi`# D%D% $ ;ì\bkli

;ì\Zkfi
CX_ì [` AXbXikX kX_le (0--% D\dg\ifc\_ ^\cXi 9fie è (0-- è AXbXikX% FYkXè\[ X [\î\\ è
@ejèpli [Xi` @G9 kX_le (0// [Xe DX^`jk\i <e^è\\iè^ ]ifd @G9 è (0// Xe[ X DX^`jk\i
DXeX^\d\ek =èXeZ\ Le`m\ij`kXj 8kdXaXpX DXeX^\d\ek DD [\î\\ è =èXeZ\ ]ifd
AXbXikX kX_le (00-% D\eaXYXk ;ì\bkli j\aXb Le`m\ij`kXj8kdXaXpX#AXbXikX#è(00-%8ggfèk\[
kX_le)''+% Xj;ì\Zkfif]9XebDlXdXcXkjèZ\8gi`c)''+%
J\Y\cld [` 9Xeb DlXdXcXk g\ieX_ Y\ibXiì [` Gi\m`fljcp nfib\[ n`k_ X =fi\`ê @em\jkd\ek
G\iljX_XXeGD8jlYj`[`Xip[Xi`Le`k\[:XkXc`pjkj :fdgXepXjXjlYj`[`Xipf]Le`k\[:XkXcpjkj@eZ%
@eZ% LJ8 (0/0$(00* k\iXb_ì j\YX^X` ;\glkp LJ8(0/0$(00* j\imè^cXjkXj;\glkp>\e\iXc
>\e\iXcDXeX^\iJXc\jCf^`jk`Z#j\YX^X`9iXeZ_ DXeX^\if]JXc\jCf^`jk`Zj#Xj9iXeZ_DXeX^\i
DXeX^\i J\bXi >iflg (0/0 [Xe Gif[lZk`fe f]J\bXi>iflg(0/0 Xe[Gif[lZk`feJlg\im`jfi
Jlg\im`jfiDXekiljk>iflg(0// % f]DXekiljk>iflg(0// %
DXjlb 9Xeb DlXdXcXk kX_le (00* d\cXcl` Afèj 9Xeb DlXdXcXk è (00* k_ifl^_ k_\
DlXdXcXkF]ÔZ\i;\m\cfgd\ekGifîXdDF;G DlXdXcXkF]ÔZ\i;\m\cfgd\ekGifîXdDF;G #
[Xeb\dl[`Xed\e[l[lb`Y\iYX^X`gfj`j`j\g\ik` jlYj\hl\ekcp j\imè^ è mXi`flj gfj`k`fej
8ZZflek DXeX^\i :figfiXk\ 9Xebè^# B\gXcX èZcl[è^8ZZflekDXeX^\if]:figfiXk\9Xebè^#

>iflg DXib\kè^# B\gXcX LiljXe Ki\Xjlip >iflg ?\X[ f] DXib\kè^ @@@# ?\X[ f] Ki\Xjlip
@em\jkd\ek 9Xebè^# B\gXcX >iflg @ek\ieXc @em\jkd\ek 9Xebè^# ?\X[ f] @ek\ieXc 8l[`k#
8l[`k&JB8@# B\gXcX >iflg :figfiXk\ Jlggfik# >iflg ?\X[ f] :figfiXk\ Jlggfik&:figfiXk\
:figfiXk\ J\Zi\kXip [Xe I\^`feXc DXeX^\i J\Zi\kXip# Xe[ I\^`feXc DXeX^\i ]fi Efik_
Jldlk#JldYXiE8;%8bk`]d\e^`blk`Y\iYX^X` JldXk\iX# N\jk JldXk\iX Xe[ EXe^îf\ 8Z\_
Nfibj_fg [Xe KiXèè^ G\iYXebXe B\lXe^Xe ;XiljjXcXd% 8kk\e[\[ mXi`flj 9Xebè^&@jcXd`Z
@jcXd# YX`b [` [XcXd dXlgle clXi e\^\i` j\g\ik` =èXeZ\ nfibj_fgj Xe[ kiXèè^j Yfk_ cfZXc Xe[
DXcXpj`X#Jè^XgliX#8iXYJXl[`#Le`<dìXk8iXY# èk\ieXk`feXc# è BlXcX Cldgli# Jè^Xgfi\# JXl[`
9X_iXè# @e[`X# 9\cXe[X [Xe Jn`jj% D\dg\ifc\_ 8iXY`X#9X_iXè#@e[`X#9\cXe[X[XeJn`kq\icXe[%
g\e^_Xi^XXe j\YX^X` ClcljXe K\iYX`b&:ld ?\nXjX:ldCXl[\îX[lXk\f]=GJ8kdXaXpX#
CXl[\=GJ8kdXaXpX#ClcljXeK\iYX`bDF;G[Xe 9\jk>iX[lXk\f]DF;GXe[9\jkJkl[\ekXk@G9%
DX_Xj`jnXK\cX[Xe@G9%
;ij%L%JX\]l[èEf\i#D%J`$;ì\bkli;ì\Zkfi
CX_ì[`GXe[\^cXe^#gX[XkX_le(0-,%D\dg\ifc\_ 9fieè(0-,èGXe[\^cXe^%FYkXè\[XYXZ_\cfiËj
^\cXiJXiaXeX@cdl8[dè`jkiXj`gX[XkX_le(00( [\î\\è(00(Xe[XDXjk\if]JZ`\eZ\[\î\\è
[XeDX^`jk\iJXèjDXeXa\d\eBfdle`bXj`gX[X :fddle`ZXk`fej DXeX^\d\ek è )''- ]ifd k_\
kX_le)''-[Xi`=XblckXj@cdlJfj`Xc[XeGfc`k`b# =XZlckp f] JfZ`Xc Xe[ Gfc`k`ZXc JZ`\eZ\j f] k_\
Le`m\ij`kXj@e[fe\j`X#AXbXikX%D\eaXYXkj\YX^X` Le`m\ij`kp f] @e[fe\j`X# AXbXikX% 8ggfèk\[ Xj
;ì\bklij\aXb)'',% ;ì\Zkfif]9XebDlXdXcXkè)'',%
BXiì g\iYXebXe [`dlcX` gX[X kX_le (00-$ ?`j ZXi\\i è YXebè^ jkXik\[ ]ifd (00-$(000
(000# j\YX^X` 8j`jk\e Gi\j`[\e ;ì\bkli [Xe Xj 8jj`jkXek kf k_\ Gi\j`[\ek ;ì\Zkfi Xe[
J\bi\kXi`jG\iljX_XXe[`9Xeb;lkX%KX_le(000 :figfiXk\ J\Zi\kXip f] 9Xeb ;lkX% K_\e ]ifd
$ )''' j\YX^X` B\klX K`d Bfdle`bXj` D\i^\i (000$)'''Xj?\X[f]k_\:fddle`ZXk`fejK\Xd
/ 9Xeb b\ [XcXd 9Xeb ;XeXdfe% B\dl[`Xe f]k_\D\i^\if]<`^_k9Xebjkf9Xeb;XeXdfe%
gX[X kX_le )''' $ )'') Y\c`Xl d\eaXYXk K_\i\X]k\iY\kn\\e)'''Xe[)'')_\j\im\[Xj
j\YX^X` J\bi\kXi`j G\iljX_XXe&B\gXcX ;`m`j` [` k_\:figfiXk\J\Zi\kXip&;`m`j`feXc?\X[Xk9Xeb
9Xeb JpXi`X_ DXe[ì`% 9\i^XYle^ [\e^Xe 9Xeb JpXi`X_ DXe[ì`% ?\ afè\[ 9Xeb DlXdXcXk è
DlXdXcXkgX[XkX_le)''*#j\YX^X`JkX]B_ljlj )''*#XjJg\Z`XcJkX]]kfk_\Gi\j`[\ek;ì\Zkfi%
Gi\j`[\e;ì\bkli%J\Y\cldepXX[XcX_BfejlckXe 9\]fi\k_Xk#_\nXjXe<e^è\\iè^DXeX^\d\ek
DXeXa\d\e <e^è\\iè^ [Xe Gifa\Zk ;ì\Zkfi :fejlckXek Xe[ k_\ Gifa\Zk ;ì\Zkfi ]fi k_\
j\YlX_g\iljX_XXeY\iYXj`j[`GlekX>fi[X#8J :fdgXep YXj\[ Xk GlekX >fi[X# LJ8 (00* $
(00*$(00- % (00- %
K\cX_ d\e^`blk` Y\iYX^X` g\cXk`_Xe# j\dèXi ?\_XjgXik`Z`gXk\[èmXi`fljkiXèè^j#j\dèXij

[Xe bfe]\i\ej` g\iYXebXe @jcXd èk\ieXj`feXc Xe[Zfe]\i\eZ\jfeèk\ieXk`feXc@jcXd`ZYXebè^#
XekXiX cXè [` GXb`jkXe# DXcXpj`X# Jè^XgliX# Le` èZcl[è^èGXb`jkXe#DXcXpj`X#Jè^XgliX#Le`k\[
<dìXk8iXYL<8 #B\iXaXXe8iXYJXl[`#9X_iXè# 8iXY<dìXk\j#Bè^[fdf]JXl[`8iXY`X#9X_iXè#

BlnX`k# KXa`b`jkXe [Xe LqY\b`jkXe% J\Y\cldepX# BlnX`k# KXa`b`jkXe Xe[ LqY\b`jkXe% Gi\m`fljcp#
XekXiX kX_le (00-$)'''# al^X Xbk`] gX[X ]fiX Y\kn\\e (00-$)'''# nXj Xcjf XZk`m\ è j\m\iXc
èk\ieXj`feXc# j\g\ik` 898: 8G<: 9ljè\jj èk\ieXk`feXc]fiX#èZcl[è^898:8G<:9ljè\jj
8[m`jfip :fleZ`c [` bXnXjXe 8j`X GXj`Ôb [Xe 8[m`jfip:fleZ`c èk_\8j`XGXZ`ÔZi\^`fe#Xe[
8d\i`bXCXkè#[Xe8<9=8j`X$<lifg\$9ljè\jj 8<9=8j`X$<lifg\$9ljè\jj=fild èk_\<lif$
=fild [`bXnXjXe8j`X[Xe<ifgX% 8j`Xi\^`fe%

Kru Senior
Senior Crew
8j`jk\e ;ì\bj` $ 8jj`jkXek kf k_\ 9fXi[ f]

;ì\Zkfij
D%?Xii`j$8[dè`jkiXk`fe
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00(# gX[X jXXk Afè\[9XebDlXdXcXkè(00(XjXkiXèè^f]ÔZ\i#Xkk_\
9Xeb DlXdXcXk [XcXd gifj\j g\e[ì`Xe# j\YX^X` g\aXYXk k`d\ f] k_\ 9XebËj \jkXYc`j_d\ek% ?\ _fc[j X 9XZ_\cfiËj
g\ep`XgXegifj\[li[Xed\dY\i`bXekiXèè^b\gX[XgXiX [\î\\ è <Zfefd`Zj ]ifd Le`m\ij`kXj JldXk\iX LkXiX#
kiXè\\ 9Xeb DlXdXcXk% JXiaXeX <bfefd` [Xi` Le`m\ij`kXj D\[Xe#(0/,%
JldXk\iXLkXiX#D\[Xe#(0/,%
8e[i`;feep$:figfiXk\GcXe:figfiXk\J\Zi\kXip
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00-# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00- Xj X kiXè\\ fe DlXdXcXk
kiXè\\ gX[X DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd F]ÔZ\i;\m\cfgd\ekGifîXdDF;G %?\_fc[X9XZ_\cfiËj
DF;G % JXiaXeX >\fÔj`bX [Xe D\k\fifcf^` [Xi` @ejk`klk [\î\\ fe >\fg_pj`Z Xe[ D\k\fifcf^p ]ifd @ejk`klk
K\befcf^`9Xe[le^#(00'% K\befcf^`9Xe[le^#(00'%
9XZ_ildD%EXjlk`fe$=èXeZè^Xe[J\kkc\d\ek
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00) j\YX^X` Afè\[9XebDlXdXcXkè(00)XjX?\X[f]JdXcc9Xebè^
?\X[ f] JdXcc 9Xebè^ ;\gXikd\ek% JXiaXeX DXeXa\d\e ;\gXikd\ek%?\_fc[jX9XZ_\cfiËj[\î\\èDXeX^\d\ek
Le`m\ij`kXj@jcXdEljXekXiX#9Xe[le^#(0/,% ]ifdLe`m\ij`kXj@jcXdEljXekXiX#9Xe[le^#(0/,%
;\cplqXiJpXdj`$=le[è^J\im`Z\j
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXbJ\gk\dY\i)''- Afè\[ 9Xeb DlXdXcXk è J\gk\dY\i )''- Xj X ;ì\Zkfi
j\YX^X`8j`jk\e;ì\bkli9`[Xe^=le[è^CXpXeXe%JXiaXeX 8jj`jkXek è =le[è^ J\im`Z\j% ?\ _fc[j X 9XZ_\cfiËj
<bfefd`[`g\ifc\_[Xi`Le`m\ij`kXj8e[XcXj#GX[Xe^#(00'% ;\î\\ è <Zfefd`Zj ]ifd Le`m\ij`kXj 8e[XcXj# GX[Xe^
(00'%
8_dX[ =X[ai`\ $ @e[ljki`Xc I\cXk`fej ?ldXe
I\jfliZ\j;\m\cfgd\ek
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00-# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00- Xj X ;`bcXk JkX]]% ?\ _fc[
JkX]] ;`bcXk% JXiaXeX Gj`bfcf^` [Xi` Le`m\ij`kXj 8ìcXe^^X# X 9XZ_\cfiËj [\î\\ fe GjpZ_fcf^p ]ifd Le`m\ij`kXj
JliXYXpX#(00)% 8ìcXe^^X#JliXYXpX#(00)%
9XdYXe^ BljeX[` $ D`Zif# JdXcc Xe[ D\[`ld

<ek\igi`j\j9X`klcDXXcDlXdXcXk
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00+ Xj Xe 8ZZflek DXeX^\i
8ZZflekDXeX^\i[`BXekfiGljXkAXbXikX%JXiaXeX<bfefd` Xk AXbXikX ?\X[ F]ÔZ\% FYkXè\[ X 9XZ_\cfiËj [\î\\ è
[Xi`Le`m\ij`kXj@e[fe\j`X#AXbXikX#(00)% <Zfefd`Zj]ifdLe`m\ij`kXj@e[fe\j`X#AXbXikX#(00)%
=\Yi`pXe[`9%GlkiX$I\d\[`Xc
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00+# Xj ?\X[ f] =èXeZè^
BXYX^ Jlggfik G\dY`XpXXe :XYXe^ J\dXiXe^% 8clde` Jlggfik J\dXiXe^ 9iXeZ_% 8 îX[lXk\ f] k_\ @e[fe\j`Xe
@ejk`klkDXeXa\d\eBfg\iXj`@e[fe\j`X#9Xe[le^#(00*% @ejk`klk\f]:ffg\iXk`m\jDXeX^\d\ek#9Xe[le^#(00*%

DlZ_kXi D;% J`jnfpf $ J_Xi`X D`Zif =èXeZ`Xc
@ejk`klk`fe
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00* Xj Xe 8ZZflek F]ÔZ\i#
8ZZflek F]]Z\i 9Xeb DlXdXcXk :XYXe^ 9Xe[le^% JXiaXeX 9Xe[le^ 9ljè\jj% ?\ _fc[j X 9XZ_\cfiËj [\î\\ ]ifd
[Xi`Le`m\ij`kXj;`gfe\^fif#J\dXiXe^#(0//% Le`m\ij`kXj;`gfe\^fif#J\dXiXe^#(0//%
B\gXcX>ilg$>iflg?\X[
FbkXm`XeG%QXdXe`$@ek\ieXc8l[`k
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )''(# j\YX^X` Afè\[ 9Xeb DlXdXcXk è )''( Xj X ;ì\Zkfi Xjj`jkXek è
8j`jk\e ;ì\bj` ?lYle^Xe @e[ljki`Xc [Xe G\e^\dYXe^Xe @e[ljki`XcI\cXk`fej?ldXeI\jfliZ\j;\m\cfgd\ek%?\
JldY\i;XpX@ejXe`%JXiaXeX?lbld[Xi`Le`m\ij`kXj@jcXd _fc[j X 9XZ_\cfiËj [\î\\ è CXn ]ifd Le`m\ij`kXj @jcXd
AXbXikX#(0//% AXbXikX#(0//%
Bffi[èXkfi9`je`j$9ljè\jj:ffi[èXkfi
BXcXdl[[èjaX_$9ljè\jj:ffi[èXkfi]fiN\jkAXmX
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00,# j\YX^X` Afè\[9XebDlXdXcXkè(00,XjXe8l[`kfiè=èXeZè^
8l[`kfi 9`[Xe^ G\dY`XpXXe# liljXe G\e^XnXjXe# BXekfi Xe[:fekifccè^#AXbXikX?\X[F]ÔZ\%?\_fc[jX9XZ_\cfiËj
GljXk AXbXikX% JXiaXeX <bfefd` [Xe 8blekXe [Xi` [\î\\ è <Zfefd`Zj Xe[ 8ZZflekXek ]ifd Le`m\ij`kXj
Le`m\ij`kXjJp`X_BlXcX#;XiljjXcXd#9Xe[X8Z\_#(0/-% Jp`X_BlXcX#;XiljjXcXd#9Xe[X8Z\_%
;feepD%@jbXe[Xi$9ljè\jj:ffi[èXkfi]fi:\ekiXc
AXmX;@P8i\X
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00* Xj X Jpjk\d K\Z_efcf^`
F]ÔZ\i ;`m`j` J`jk\d K\befcf^`% JXiaXeX <bfefd` [Xi` ;`m`j`fe F]ÔZ\i% ?fc[j X 9XZ_\cfiËj [\î\\ è <Zfefd`Zj
Le`m\ij`kXjGif]%;I%Df\jkfgf#AXbXikX#(00/% ]ifdLe`m\ij`kXjGif]%;I%Df\jkfgf#AXbXikX#(00/%
Iljk`\e?XikXk`$9ljè\jj:ffi[èXkfi]fi<XjkAXmX#
9Xc`#EKKEK98i\X
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00,#gX[XbXekfi Afè\[ 9Xeb DlXdXcXk è (00, Xk ZXj_ f]ÔZ\ J`[fXiaf#
bXj J`[fXiaf# JliXYXpX% JXiaXeX [Xi` Le`m\ij`kXj @jcXd JliXYXpX%?fc[jX9XZ_\cfiËj[\î\\]ifdLe`m\ij`kXj@jcXd
@e[fe\j`X#Pf^pXbXikX#(0//% @e[fe\j`X#Pf^pXbXikX#(0//%
KXlÔb ?`[XpXk $ 9ljè\jj :ffi[èXkfi ]fi <Xjk

@e[fe\j`X8i\X
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+% JXiaXeX Afè\[9XebDlXdXcXkè(00+%?fc[jX[\î\\èCXn]ifd
?lbld[Xi`Le`m\ij`kXjBi`jeX[n`gXpXeX#AXbXikX#(0//% Le`m\ij`kXjBi`jeX[n`gXpXeX#AXbXikX#(0//%

QlcbXieXè?Xj`YlXe$9ljè\jj:ffi[èXkfi]fiEfik_
JldXk\iX#Jflk_JldXk\iXXe[BXc`dXekXe8i\X
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00(# gX[X jXXk Afè\[ 9Xeb DlXdXcXk è (00(# Xk k_\ k`d\ f] k_\ 9XebËj
9XebDlXdXcXk[XcXdgifj\jg\e[ì`Xe%JXiaXeXK\be`b[Xi` \jkXYc`j_d\ek%?\_fc[jX9XZ_\cfiËj[\î\\èD\Z_Xe`ZXc
Le`m\ij`kXjJldXk\iXLkXiX#D\[Xe#(0//% <e^è\\iè^ ]ifd Le`m\ij`kXj JldXk\iX LkXiX# D\[Xe#
(0//%
DXeXa\i9`je`j&Fg\iXj`$
9ljè\jj&Fg\iXk`feXcDXeX^\i
8_dX[JXc`_è$Fg\iXk`feDXeX^\i8dYfe
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00.#j\YX^X`JkX] Afè\[ 9Xeb DlXdXcXk è (00. Xj Fg\iXk`feXc JkX]] f]
Fg\iXj`feXc[\e^Xekl^XjYX^`XeldldZXYXe^DXbXjjXi% DXbXjjXi 9ljè\jj% ?\ fYkXè\[ X 9XZ_\cfiËj ;\î\\ è
D\dg\ifc\_ ^\cXi JXiaXeX <bfefd` [Xi` Le`m\ij`kXj <Zfefd`Zj]ifdLe`m\ij`kXj?XjXel[[è#DXbXjjXi#(00-%
?XjXel[[è#DXbXjjXi#(00-%
?XjdXcJleX[`$9ljè\jjDXeX^\i9Xc`bgXgXe
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00-# j\YX^X` Afè\[9XebDlXdXcXkè(00-XjXe8ZZflekDXeX^\if]
8ZZflekDXeX^\i#BXekfiGljXkAXbXikX%D\dg\ifc\_^\cXi AXbXikX ?\X[ F]ÔZ\% ?\ _fc[j X 9XZ_\cfiËj [\î\\ ]ifd
JXiaXeX[Xi`@B@GGX[Xe^#(0/0% @B@GGX[Xe^#(0/0%
Hf`dle$Fg\iXk`feDXeX^\i9Xc`bgXgXe
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00+#j\YX^X`JkX] Afè\[9XebDlXdXcXkè(00+XjX>\e\iXc8]]Xìj?ldXe
9X^`Xe Ldld G\ijfeXc`X :XYXe^ J\dXiXe^% D\dg\ifc\_ I\jfliZ\ JkX]]# J\dXiXe^ 9iXeZ_% ?\ _fc[j X 9XZ_\cfiËj
^\cXi JXiaXeX @e]fidXk`bX [Xi` J\bfcX_ Kè^^` DXeXa\d\e [\î\\ è @e]fidXk`Zj ]ifd J\bfcX_ Kè^^` DXeXa\d\e
@e]fidXk`bXBfdglk\iJKD@B ;`XeEljnXekfif#J\dXiXe^# @e]fidXk`bXBfdglk\iJKD@B ;`XeEljnXekfif#J\dXiXe^#
(000% (000%
Il[[p =X`jXc 9XklYXiX $ Fg\iXk`fe DXeX^\i 9Xe[X

8Z\_
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb =\YilXi` )'') Afè\[ 9Xeb DlXdXcXk è =\YilXip )'') Xj :ljkfd\i
j\YX^X`:ljkfd\iJ\m`Z\ZXYXe^D\[Xe%JXiaXeX<bfefd` J\m`Z\D\[Xe9iXeZ_%;\î\\è\Zfefd`Zj]ifdLe`m\ij`kp
[Xi`Le`m\ij`kXjJldXk\iXLkXiX#)''+% f]Efik_JldXk\iX#)''+%
8qdXe=X[aXi$9ljè\jjDXeX^\i9Xe[le^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00,# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00,# Xj Xe 8ZZflek DXeX^\i
8ZZflek DXeX^\i G\dY`XpXXe LjX_X D\e\e^X_% ]fi D\[`ld <ek\igi`j\j =èXeZè^% ?\ _fc[j X 9XZ_\cfiËj
D\dg\ifc\_^\XcXiJXiaXeX<bfefd`[Xi`Le`m\ij`kXjJp`X_ [\î\\è<Zfefd`Zj]ifdLe`m\ij`kXjJp`X_BlXcX#9Xe[X
BlXcX#9Xe[X8Z\_#(0/-% 8Z\_#(0/-%
?\iipNX_pl[`$Fg\iXk`feDXeX^\i9Xe[le^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00,# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00, Xj X >\e\iXc :_\Zb\i f]
>\e\iXc :_\Zb\i YX^`Xe <bjgfi @dgfi :XYXe^ JliXYXpX% <ogfik @dgfik è JliXYXpX 9ljè\jj% ?\ _fc[j X ;`gcfdX
;`gcfdX @@@ <bfefd` [Xi` Le`m\ij`kXj 8ìcXe^^X# JliXYXpX# [\î\\ è <Zfefdp ]ifd Le`m\ij`kXj 8ìcXe^^X# JliXYXpX#
(0//% (0//%

Iljp[`$Fg\iXk`feDXeX^\i9XeaXidXjè
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )'''# j\YX^X` Afè\[ 9Xeb DlXdXcXk è )''' Xj X >\e\iXc :_\Zb\i
>\e\iXc :_\Zb\i :XYXe^ G\bXeYXil% ;`gcfdX @@@ 9`je`j è G\bXeYXil 9ljè\jj% ?\ _fc[j X ;`gcfdX [\î\\ è
@ek\ieXj`feXc[Xi`Le`m\ij`kXjGX[aXaXiXe#9Xe[le^#(000% @ek\ieXk`feXc 9ljè\jj ]ifd Le`m\ij`kXj GX[aXaXiXe#
9Xe[le^#(000%
8b_dX[EXa`YJpXifÔ$8ck\ieXk\Fg\iXk`feDXeX^\i
9XkXd
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb)''+j\YX^X`JkX] Afè\[9XebDlXdXcXkè)''+XjX=XZ`c`k`\jXe[Cf^`jk`Z
JXiXeX [Xe Cf^`jk`b# :XYXe^ A\dY\i% JXiaXeX D@G8 =`j`bX JkX]]#A\dY\iYiXeZ_%?fc[jX9XZ_\cfiËj[\î\\èG_pj`Zj
Le`m\ij`kXj9iXnàXpX#DXcXe^#)''(% ]ifdLe`m\ij`kXj9iXnàXpX#DXcXe^#)''(%
;\e[pGiXj\kpX$Fg\iXk`feDXeX^\i9\e^blcl
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00- j\YX^X` Afè\[9XebDlXdXcXkè(00-XjXkiXè\\èk_\DlXdXcXk
kiXè\\ gX[X DlXdXcXk F]]Z\i ;\m\cfgd\ek GifîXd F]ÔZ\i ;\m\cfgd\ek GifîXd DF;G % =è`j_\[ _`j jkl[p
DF;G % D\eXdXkbXe g\e[`[`bXe [` Le`m\ij`kXj ]ifdLe`m\ij`kXjG\dYXe^leXeEXj`feXc#AXbXikX#(00,%
G\dYXe^leXeEXj`feXc#AXbXikX#(00,%
IèXJlc`jk`Xeè^$9ljè\jjDXeX^\i9f^fi
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00.# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00.# Xj Xe 8ZZflek DXeX^\i#
8ZZflek DXeX^\i# :XYXe^ G\dYXekl BXc`dXcXe^% BXc`dXcXe^ JlY 9ljè\jj% ?fc[j X 9XZ_\cfiËj [\î\\ ]ifd
D\dg\ifc\_ ^\cXi JXiaXeX [Xi` @ejk`klk G\ikXe`Xe 9f^fi# @ejk`klkG\ikXe`Xe9f^fi#(00,%
(00,%
?Xd[XeBfjXj`_$Fg\iXk`feDXeX^\i9f^fi
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )'''# j\YX^X` Afè\[ 9Xeb DlXdXcXk è )'''# Xj X I\j`[\ek 8l[`kfi Xk
I\j`[\ek 8l[`kfi [` :XYXe^ 9Xc`bgXgXe% D\e^\epXd 9Xc`bgXgXe 9iXeZ_% Jkl[`\[ Xk J\bfcX_ Kè^^` 8blekXej`
g\e[`[`bXe [` J\bfcX_ Kè^^` 8blekXej` E\^XiX# AXbXikX# E\^XiX#AXbXikX#(00*%
(00*%
BXcXdl[[èjaX_$9ljè\jjDXeX^\i9J;KXe^\iXe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00,# j\YX^X` Afè\[9XebDlXdXcXkè(00,XjXe8l[`kfiè=èXeZè^
8l[`kfi 9`[Xe^ G\dY`XpXXe# liljXe G\e^XnXjXe# BXekfi Xe[:fekifccè^#AXbXikX?\X[F]ÔZ\%?\_fc[jX9XZ_\cfiËj
GljXk AXbXikX% JXiaXeX <bfefd` [Xe 8blekXe [Xi` [\î\\ è <Zfefd`Zj Xe[ 8ZZflekXek ]ifd Le`m\ij`kXj
Le`m\ij`kXjJp`X_BlXcX#;XiljjXcXd#9Xe[X8Z\_#(0/-% Jp`X_BlXcX#;XiljjXcXd#9Xe[X8Z\_#(0/-%
J`k`8`jpX_Jì\^Xi$9ljè\jjDXeX^\i:\e^bXi\e^
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00-%D\dg\ifc\_ Afè\[ 9Xeb DlXdXcXk è (00-% J_\ _fc[j X 9XZ_\cfiËj
^\cXi JXiaXeX 8[dè`jkiXj` E`X^X [Xi` Gfc`k\be`b E\^\i` [\î\\è8[dè`jkiXk`fe]ifdGfc`k\be`bE\^\i`JXdXiè[X#
JXdXiè[X#(00-% (00-%
<bX9l[ÌX_Xi[aX$Fg\iXk`feDXeX^\i:`Xeali
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb)''*#j\YX^X`D@J Afè\[ 9Xeb DlXdXcXk è )''*# Xj X D@J KXo F]ÔZ\i
KXo F]ÔZ\i BGEF% D\dg\ifc\_ ^\cXi JXiaXeX <bfefd` BGEF%?\_fc[jX9XZ_\cfiËj[\î\\è<Zfefd`ZjdXafiè^
aliljXe 8blekXej` [Xi` Le`m\ij`kXj @e[fe\j`X (0/. [Xe 8ZZflekè^]ifdLe`m\ij`kXj@e[fe\j`X(0/.Xe[DXjk\if]
DXjk\iY`[Xe^JZ`\eZ\[Xi`Le`m\ij`kXj@e[fe\j`X#AXbXikX# JZ`\eZ\]ifdLe`m\ij`kXj@e[fe\j`X#AXbXikX#)'''%
)'''%

8eeX=`ki`X_$9ljè\jjDXeX^\i:`c\[l^
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00(%D\dg\ifc\_ Afè\[ 9Xeb DlXdXcXk è (00(% J_\ _fc[j X 9XZ_\cfiËj
^\cXi JXiaXeX B\lXe^Xe G\iYXebXe [Xi` JK@< G\iYXeXj# [\î\\ è =èXeZ`Xc 9Xebè^ ]ifd JK@< G\iYXeXj# AXbXikX#
AXbXikX#(000% (000%
9\Y\eDfZ_XdX[EXjj\i$9ljè\jjDXeX^\i:`c\^fe
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00)%D\dg\ifc\_ Afè\[9XebDlXdXcXkè(00)%?fc[jX9XZ_\cfiËj[\î\\
^\cXi JXiaXeX <bfefd` [Xi` Le`m\ij`kXj GX[aXaXiXe# è<Zfefd`Zj]ifdLe`m\ij`kXjGX[aXaXiXe#9Xe[le^#(0/*%
9Xe[le^#(0/*%
9l[`=\i`pXekf$Fg\iXk`feDXeX^\i:ì\Yfe
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00)# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00)# Xj X dXib\kè^ jkX]]
jkX]]dXib\kè^ZXYXe^9Xc`bgXgXe%JXiaXeX[Xi`Le`m\ij`kXj è 9Xc`bgXgXe% ?\ fYkXè\[ X 9XZ_\cfiËj [\î\\ ]ifd
G\dYXe^leXeEXj`feXc#AXbXikX(0//% Le`m\ij`kXjG\dYXe^leXeEXj`feXc#AXbXikX(0//%
Dlj_fe`]lc8^ljk`Xe$Fg\iXk`feDXeX^\i;\egXjXi
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )'')% JXiaXeX Afè\[ 9Xeb DlXdXcXk è )'')% ?\ _fc[j X 9XZ_\cfiËj
<bfefd`[Xi`Le`m\ij`kXj9iXnàXpX#DXcXe^#(000% [\î\\ è <Zfefd`Zj ]ifd Le`m\ij`kXj 9iXnàXpX# DXcXe^#
(000%
DlZ_kXiD;%J`jnfpf$9ljè\jjDXeX^\i=XkdXnXk`
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00* Xj Xe 8ZZflek F]ÔZ\i#
8ZZflek F]]Z\i 9Xeb DlXdXcXk :XYXe^ 9Xe[le^% JXiaXeX 9Xe[le^ 9ljè\jj% ?\ _fc[j X 9XZ_\cfiËj [\î\\ ]ifd
[Xi`Le`m\ij`kXj;`gfe\^fif#J\dXiXe^#(0//% Le`m\ij`kXj;`gfe\^fif#J\dXiXe^#(0//%
Dljc`ble$Fg\iXk`feDXeX^\i=XkdXnXk`
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+% JXiaXeX Afè\[ 9Xeb DlXdXcXk è (00+% ?\ _fc[j X 9XZ_\cfiËj
8blekXej` J\bfcX_ Kè^^` @cdl <bfefd` JK@< ;_XidX [\î\\ è 8ZZflekè^ ]ifd J\bfcX_ Kè^^` @cdl <bfefd`
GlkiX#J\dXiXe^#)''*% JK@< ;_XidXGlkiX#J\dXiXe^#)''*%
8^lj;XidXnXe$9ljè\jjDXeX^\i>XaX_DX[X
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*% JXiaXeX Afè\[9XebDlXdXcXkè(00*%?fc[jX9XZ_\cfiËj[\î\\
<bfefd`[Xi`Le`m\ij`kXj>X[aX_DX[X#Pf^pXbXikX#(00'% è <Zfefd`Zj ]ifd Le`m\ij`kXj >X[aX_ DX[X# Pf^pXbXikX#
(00'%
NXief$Fg\iXk`feDXeX^\i>fifekXcf
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00. j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00. Xj Xe Fg\iXk`feXc JkX]]
JkX] Fg\iXj`feXc [\e^Xe kl^Xj YX^`Xe ldld ZXYXe^ Xk 9Xc`bgXgXe 9ljè\jj% ?\ _fc[j X ;`gcfdX [\î\\ è
9Xc`bgXgXe%;`gcfdX@@@<bfefd`[Xi`Gfc`k\be`bLe`m\ij`kXj <Zfefd`Zj ]ifd Gfc`k\be`b Le`m\ij`kXj DlcXnXidXe#
DlcXnXidXe#JXdXiè[X#(00.[XeJXiaXeX8blekXej`[Xi` JXdXiè[X#(00.Xe[X9XZ_\cfi[\î\\è8ZZflekè^]ifd
Le`m\ij`kXj9Xc`bgXgXe#)''(% 9Xc`bgXgXeLe`m\ij`kp#)''(%
K\jjX8i`\]9l[`dXe$Fg\iXk`feDXeX^\iAXdY`
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )''( j\YX^X` Afè\[9XebDlXdXcXkè)''(XjXkiXè\\èk_\DlXdXcXk
kiXè\\ gX[X DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd F]ÔZ\i ;\m\cfgd\ek GifîXd DF;G % >iX[lXk\[ ]ifd
DF;G % D\eXdXkbXe g\e[`[`bXe [` JK@< PGBG 9Xe[le^# JK@<PGBG9Xe[le^#(00.%
(00.%

Dlbk`8c`$Fg\iXk`feDXeX^\iAXpXgliX
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (000% JXiaXeX Afè\[9XebDlXdXcXkè(000%?\_fc[jX9XZ_\cfiËj[\î\\
8[dè`jkiXj`[Xi`JK@8D@DXe[XcX#AXbXikX#)''-% è8[dè`jkiXk`fe]ifdJK@8D@DXe[XcX#AXbXikX#)''-%
8e$ElËdXe:lgi`pX[`$Fg\iXk`feDXeX^\iA\dY\i
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00-# j\YX^X` Afè\[9XebDlXdXcXkè(00-XjXe8ZZflekDXeX^\if]
8ZZflekDXeX^\iG\dY`XpXXeLjX_XB\Z`c[XeD\e\e^X_ JdXcc$D\[`ld$<ek\igi`j\èJliXYXpX9ljè\jj%?\_fc[jX
ZXYXe^JliXYXpX%JXiaXeX<bfefd`G\ikXe`Xe[Xi`@ejk`klk 9XZ_\cfiËj[\î\\è8î`<Zfefd`Zj]ifd@ejk`klkG\ikXe`Xe
G\ikXe`Xe9f^fi#(0/0% 9f^fi#(0/0%
Iè`BX[XinXk`$9ljè\jjDXeX^\iBXc`dXcXe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00.# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00. Xj X KiXè\\ Xk DlXdXcXk
KiXè\\ gX[X DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd F]ÔZ\i ;\m\cfgd\ek GifîXd DF;G % J_\ _fc[j X
DF;G %JXiaXeXK\be`bCè^ble^Xe[Xi`@ejk`klkK\befcf^` 9XZ_\cfiËj [\î\\ è <emìfed\ekXc <e^è\\iè^ ]ifd
9Xe[le^#(00,% @ejk`klkK\befcf^`9Xe[le^#(00,%
?Xjklk` @ekXe DXi[`X_ $ Fg\iXk`fe DXeX^\i

BXc`dXcXe^
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00+%ClcljXe;$@@@ Afè\[ 9Xeb DlXdXcXk è (00+% J_\ _fc[j X ;`gcfdX @@@
G\iYXebXe[Xi`LGEM\k\iXe#AXbXikX#(00(% [\î\\è9Xebè^]ifdLGEM\k\iXe#AXbXikX#(00(%
>`Xik` 8e[i`Xeèîld $ 9ljè\jj DXeX^\i BXc`dXj

9\bXj`
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00+%ClcljXe;$@@@ Afè\[9XebDlXdXcXkè(00+%?fc[jX;`gcfdX$@@@[\î\\
G\iYXebXe[Xi`8bX[\d`B\lXe^XeG\iYXebXe#J\dXiXe^# è9Xebè^]ifd8bX[\d`B\lXe^XeG\iYXebXe#J\dXiXe^#
(0/'% (0/'%
ClclbDX_]l[X_$9ljè\jjDXeX^\iCè\9ljè\jj
()BGF
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+ j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00+ Xj 8ZZflek DXeX^\i BGF
8ZZflek DXeX^\i BGF AXbXikX% JXiaXeX G\ikXe`Xe [Xi` AXbXikX% ;\î\\ è 8î`Zlckli\ ]ifd 9iXnàXpX Le`m\ij`kp#
Le`m\ij`kXj9iXnàXpX#DXcXe^#(00(% DXcXe^#(00(%
Dljkf]XBXd`c$9ljè\jjDXeX^\iCè\9ljè\jj
*+BGF
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00-# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00- Xj Xe 8ZZflek DXeX^\i
8ZZflek DXeX^\i ZXYXe^ 9Xe[le^% D\dg\ifc\_ ^\cXi 9Xe[le^ Yljè\jj% ?\ _fc[j Xe 8î`Zlckli\ K\Z_efcf^p
JXiaXeXK\befcf^`G\ikXe`Xe@G9#9f^fi#(00'% [\î\\]ifd@G9#(00'%
Jlc`jkpfnXk`$9ljè\jjDXeX^\iBGF=le[è^
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00*%D\dg\ifc\_ Afè\[ 9Xeb DlXdXcXk è (00*% ?fc[Ëj Xe <Zfefd`Z
^\cXi JXiaXeX <bfefd` [Xi` Le`m\ij`kXj >X[aX_ DX[X# 9XZ_\cfiËj [\î\\ ]ifd Le`m\ij`kXj >X[aX_ DX[X#
Pf^pXbXikX#(00'% Pf^pXbXikX#(00'%
B_X\ilc=XkX$Fg\iXk`feDXeX^\iB\[ì`
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00/# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00/ Xj X kiXè\\ è DlXdXcXk
kiXè\\ gX[X DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd F]ÔZ\i;\m\cfgd\ekGifîXdDF;G %?\_fc[jX9XZ_\cfiËj
DF;G % JXiaXeX G\ikXe`Xe [Xi` Le`m\ij`kXj 9iXnàXpX# [\î\\ è 8î`Zlckli\ ]ifd Le`m\ij`kXj 9iXnàXpX# DXcXe^#
DXcXe^#(00-% (00-%

@XeXkljjX;`pX_$9ljè\jjDXeX^\iB\[fpX
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*% JXiaXeX Afè\[9XebDlXdXcXkè(00*%?fc[jX[\î\\è=`j_\i`\j
G\i`bXeXe[Xi`Le`m\ij`kXj9iXnàXpX#DXcXe^#(00)% ]ifdLe`m\ij`kXj9iXnàXpX#DXcXe^#(00)%
=`ki`NàXpXek`$9ljè\jjDXeX^\iB\cXgX>X[è^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )'')% JXiaXeX Afè\[9XebDlXdXcXkè)'')%?fc[jX[\î\\èD\Z_Xe`ZXc
K\be`bD\jè[Xi`Le`m\ij`kXj9iXnàXpX#DXcXe^#)''(% <e^è\\iè^]ifdLe`m\ij`kXj9iXnàXpX#DXcXe^#)''(%
EXjilccX_?%E%$9ljè\jjDXeX^\iB\dXpfiXe
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00-%JXiaXeX@cdl Afè\[9XebDlXdXcXkè(00-%?fc[jX[\î\\èJfZ`XcXe[
Jfj`Xc[Xe@cdlGfc`k`b[Xi`Le`m\ij`kXj@e[fe\j`X#AXbXikX# Gfc`k`Zj]ifdLe`m\ij`kXj@e[fe\j`X#AXbXikX#(00(%
(00(%
KXlÔb?`[XpXk$9ljè\jjDXeX^\iB\e[Xi`
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+% JXiaXeX Afè\[9XebDlXdXcXkè(00+%?fc[jX[\î\\èCXn]ifd
?lbld[Xi`Le`m\ij`kXjBi`jeX[n`gXpXeX#AXbXikX#(0//% Le`m\ij`kXjBi`jeX[n`gXpXeX#AXbXikX#(0//%
8Y[lcIX_dXeDf_XddX[$Fg\iXk`feDXeX^\iB\e[Xi`
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb)''(#j\YX^X`Bil Afè\[9XebDlXdXcXkè)''(#XjX=ifekCè\i:i\n%?\
=ifekCè\i%JXiaXeX<bfefdàliljXeDXeXa\d\eB\lXe^Xe _fc[jX9XZ_\cfiËj[\î\\è<Zfefd`ZjdXafiè^=èXeZ`Xc
[Xi`JK@<D#DXbXjjXi#)''+% DXeX^\d\ek]ifdJK@<D#DXbXjjXi#)''+%
=\Yi`pXe[` 9% GlkiX $ 9ljè\jj DXeX^\i BGF

I\d\[`Xc
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00+# Xj ?\X[ f] =èXeZè^
BXYX^ Jlggfik G\dY`XpXXe :XYXe^ J\dXiXe^% 8clde` Jlggfik J\dXiXe^ 9iXeZ_% 8 îX[lXk\ f] k_\ @e[fe\j`Xe
@ejk`klkDXeXa\d\eBfg\iXj`@e[fe\j`X#9Xe[le^#(00*% @ejk`klk\f]:ffg\iXk`m\jDXeX^\d\ek#9Xe[le^#(00*%
EXeXe^9Xjlb`$Fg\iXk`feDXeX^\iBGF
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00*#j\YX^X`JkX] Afè\[ 9Xeb DlXdXcXk è (00*# Xj Xe ;fd\jk`Z
;fd\jk`Z @ek\ieXk`feXc 9Xebè^ Fg\iXk`fe% D\dg\ifc\_ @ek\ieXk`feXc9Xebè^Fg\iXk`feJkX]]%?\_fc[jX9XZ_\cfiËj
^\cXi JXiaXeX [Xi` J\bfcX_ Kè^^` DXeXa\d\e @e[ljki` [\î\\]ifdJ\bfcX_Kè^^`DXeXa\d\e@e[ljki`@e[fe\j`X#
@e[fe\j`X#(00.% (00.%
DX\dleX_Eli[`XeX$9ljè\jjDXeX^\iBiXdXkG\cX
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*% JXiaXeX Afè\[9XebDlXdXcXkè(00*%?fc[jX[\î\\è<Zfefd`Zj
<bfefdàliljXe8blekXej`[Xi`Le`m\ij`kXjJ\Y\cXjDXi\k# dXafiè^8ZZflekè^]ifdLe`m\ij`kXjJ\Y\cXjDXi\k#Jfcf#
Jfcf#(00)% (00)%
8]i`[N`Y`jfef$9ljè\jjDXeX^\iBlXcXCldgli
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00-# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00- Xj X kiXè\\ è DlXdXcXk
kiXè\\ gX[X DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd F]ÔZ\i;\m\cfgd\ekGifîXdDF;G %?\_fc[jX9XZ_\cfiËj
DF;G % JXiaXeX K\be`b [Xi` @ejk`klk K\befcf^` 9Xe[le^# [\î\\ è <e^è\\iè^ ]ifd @ejk`klk K\befcf^` 9Xe[le^#
(00+ [Xe DXjk\i [` Y`[Xe^ =èXeZ\ [Xi` JK@< G\iYXeXj# (00+Xe[XDXjk\if]=èXeZ\]ifdJK@<G\iYXeXj#AXbXikX#
AXbXikX#)''*% )''*%

NX_pl?XeXekpf$Fg\iXk`feDXeX^\iBlgXe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )'''# j\YX^X` Afè\[ 9Xeb DlXdXcXk è )''' Xj kiXè\\ è DlXdXcXk
kiXè\\ gX[X DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd F]ÔZ\i ;\m\cfgd\ek GifîXd DF;G % ?\ _fc[j X
DF;G %JXiaXeX<bfefd`[Xi`Le`m\ij`kXj@jcXd@e[fe\j`X# 9XZ_\cfiËj [\î\\ è <Zfefd`Zj ]ifd Le`m\ij`kXj @jcXd
Pf^pXbXikX#(00/% @e[fe\j`X#Pf^pXbXikX#(00/%
I`jdXe:_%JaX]i`$Fg\iXk`feDXeX^\iCXdgle^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*# [` 9X^`Xe Afè\[9XebDlXdXcXkè(00*XjXeFg\iXkfi%?\_fc[jX
Fg\iXj`feXc% D\dg\ifc\_ ^\cXi JXiaXeX G\ikXe`Xe [Xi` 9XZ_\cfiËj [\î\\ è 8î`Zlckli\ ]ifd @ejk`klk G\ikXe`Xe
@ejk`klkG\ikXe`Xe9f^fi#(0//% 9f^fi#(0//%
?XdqXiÈXqc`$Fg\iXk`feDXeX^\iCXe^jX
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )'''# j\YX^X` Afè\[ 9Xeb DlXdXcXk è )'''# Xj X JkX]] f] Fg\iXk`feXc
JkX]Fg\iXk`feXcJle[i`\jZXYXe^D\[Xe%D\dg\ifc\^^\cXi Jle[i`\j]fiD\[XeYiXeZ_%?\_fc[jX9XZ_\cfiËj[\î\\è
JXiaXeX<bfefd`[Xi`JK@<EljX9Xe^jX#D\[Xe#(00+% <Zfefd`Zj]ifdJK@<EljX9Xe^jX#D\[Xe#(00+%
EfiZ_fc`j$9ljè\jjDXeX^\iDXbXjjXi
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00,# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00,# Xj Xe 8ZZflek DXeX^\i
8ZZflek DXeX^\i :XYXe^ G\bXcfe^Xe% JXiaXeX [Xi` Xk G\bXcfe^Xe 9ljè\jj% ?\ îX[lXk\[ ]ifd Le`m\ij`kXj
Le`m\ij`kXj;`gfe\^fif#J\dXiXe^#(0//% ;`gfe\^fif#J\dXiXe^#(0//%
8Y[lcI`mX`$Fg\iXk`feDXeX^\iDXbXjjXi
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00,# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00,# Xj X 9XZb F]ÔZ\ JkX]] Xk
JkX]]9XZbF]ÔZ\BXekfiGljXk%D\dg\ifc\_^\cXiJXiaXeX ?\X[ HlXik\i F]ÔZ\% ?\ _fc[j X 9XZ_\cfiËj [\î\\ è
8blekXej`[Xi`Le`m\ij`kXj;XidX8^le^#D\[Xe#(00*% 8ZZflekè^]ifdLe`m\ij`kXj;XidX8^le^#D\[Xe#(00*%
Ale`Xi<e[iXnXekf$9ljè\jjDXeX^\iDXcXe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+# j\YX^X` Afè\[9XebDlXdXcXkè(00+XjXe8ZZflekDXeX^\i%?\
8ZZflek DXeX^\i% D\dg\ifc\_ ^\cXi JXiaXeX <bfefd`# _fc[j X 9XZ_\cfiËj [\î\\ è <Zfefd`Zj ]ifd Le`m\ij`kXj
Le`m\ij`kXj G\dYXe^leXe EXj`feXc LGE M\k\iXe G\dYXe^leXeEXj`feXcLGE M\k\iXeJliXYXpX#(0/0%
JliXYXpX#(0/0%
KaXkliè` ;pX_ NX_pleè^kpXj $ Fg\iXk`fe DXeX^\i

DXcXe^
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00+#j\YX^X`Lj\i Afè\[9XebDlXdXcXkè(00+XjXeLj\iI\gi\j\ekXk`m\
I\gi\j\ekXk`m\ KJ@ BXekfi GljXk Fg\iXk`fe% D\dg\ifc\_ KJ@BGF%J_\_fc[jX9XZ_\cfiËj[\î\\è<Zfefd`Zj]ifd
^\cXiJXiaXeX<bfefd`[Xi`Le`m\ij`kXj9iXnàXpX#DXcXe^# Le`m\ij`kXj9iXnàXpX#DXcXe^#(00.%
(00.%
8ej_Xi$9ljè\jjDXeX^\iDXdlal
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (000# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (000 Xj X kiXè\\ è k_\
kiXè\\ gX[X DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd DF;G % ?\
DF;G % JXiaXeX G\ikXe`Xe [Xi` Le`m\ij`kXj ?XjXel[[è# _fc[j X 9XZ_\cfiËj [\î\\ è 8î`Zlckli\ ]ifd Le`m\ij`kXj
DXbXjjXi#(00-% ?XjXel[[è#DXbXjjXi#(00-%

?\i`?\i[`dXe$Fg\iXk`feDXeX^\iDXeX[f
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00,# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00,# Xj Xe Fg\iXk`feXc F]ÔZ\i
F]ÔZ\iFg\iXj`feXcBXekfiGljXkAXbXikX%JXiaXeX<bfefd` f] AXbXikX ?\X[ F]ÔZ\% FYkXè\[ X [\î\\ è <Zfefd`Z
[Xi` Le`m\ij`kXj G\dYXe^leXe EXj`feXc M\k\iXe# AXbXikX# ]ifdLe`m\ij`kXjG\dYXe^leXeEXj`feXcM\k\iXe#AXbXikX#
(00'% (00'%
J_XcepGiXdXe`b$9ljè\jjDXeX^\iDXe^^X;lX
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00-% ClcljXe Afè\[ 9Xeb DlXdXcXk è (00-% >iX[lXk\[ ]ifd ;$@@@
;$@@@DXeXa\d\e@e]fidXk`bX[Xi`8D@BGifGXki`X#AXbXikX# @e]fidXk`ZjDXeX^\d\ek8D@BGifGXki`X#AXbXikX#(00(%
(00(%
J`jnXekf9%J\kpXeX$9ljè\jjDXeX^\iDXkXiXd
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb FbkfY\i (00* Afè\[9XebDlXdXcXkèFZkfY\i(00*XjHlXc`kp:fekifc
j\YX^X` HlXc`kp :fekifc BXekfi GljXk# AXbXikX% JXiaXeX ?\X[F]ÔZ\#AXbXikX%;\î\\è<Zfefd`Zj]ifdk_\@ejk`klk\
<bfefd`[Xi`J\bfcX_Kè^^`<bfefd`N`cnXk`bkXJliXYXpX# f]?`^_\iC\Xieè^è<Zfefd`Zj#JliXYXpX#(0/0%
(0/0%
;èX;`XeX$9ljè\jjDXeX^\iDXkiXdXe
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )'')% DXjk\i [` Afè\[9XebDlXdXcXkè)'')%?fc[XDXjk\iËj[\î\\è
Y`[Xe^ <bfefd` G\ikXe`Xe [Xi` @ejk`klk G\ikXe`Xe 9f^fi# 8îf<Zfefd`Zj]ifd@ejk`klkG\ikXe`Xe9f^fi#)''*%
)''*%
FbbpJlbXi[`Xe$9ljè\jjDXeX^\iD\[Xe
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+# j\YX^X` Afè\[9XebDlXdXcXkè(00+XjXe8ZZflekDXeX^\i]fi
Bffi[èXkfi8ZZflekDXeX^\iLjX_XB\Z`c#9XebDlXdXcXk JdXcc jZXc\ <ek\igi`j\# 9Xe[le^ 9ljè\jj% ?\ îX[lXk\[
:XYXe^9Xe[le^%ClcljXe[Xi`@ejk`klkDXeXa\d\eBfg\iXj` ]ifd@ejk`klkDXeXa\d\eBfg\iXj`@e[fe\j`X#(0/-%
@e[fe\j`X#(0/-%
8_dX[=X`q$Fg\iXk`feDXeX^\iD\[Xe
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00)# [` Afè\[ 9Xeb DlXdXcXk è (00)# Xj X :fekifcc\i% ?\ _fc[j
YX^`Xe G\e^XnXjXe% JXiaXeX <bfefd` [Xi` Le`m\ij`kXj X 9XZ_\cfiËj [\î\\ è <Zfefd`Zj ]ifd Le`m\ij`kXj
G\dYXe^leXeEXj`feXcM\k\iXe#AXbXikX#(00-% G\dYXe^leXeEXj`feXcM\k\iXe#AXbXikX#(00-%
J`kÈli_XpXk`$9ljè\jjDXeX^\iD\^XBleè^Xe
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00*%ClcljXe;$@@@ Afè\[9XebDlXdXcXkè(00*%?fc[X;`gcfdX@@@[\î\\è
DXeXa\d\eB\lXe^Xe[Xi`8bX[\d`G`dgèXeG\iljX_XXe# =èXeZ`XcDXeX^\d\ek]ifd8bX[\d`G`dgèXeG\iljX_XXe#
AXbXikX#(00(% AXbXikX#(00(%
E\ccpJldXie`$Fg\iXk`feDXeX^\iGX[Xe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*# j\YX^X` Afè\[9XebDlXdXcXkè(00*XjX=le[è^DXib\kè^%J_\
DXib\kè^ =le[è^% JXiaXeX <bfefd` [Xi` Le`m\ij`kXj fYkXè\[X9XZ_\cfiËj[\î\\è<Zfefd`Zj]ifdLe`m\ij`kXj
K\iYlbX#AXbXikX#)''+% K\iYlbX#AXbXikX#)''+%
8idXejpX_ DìqX $ 9ljè\jj DXeX^\i

GX[Xe^j`[\dglXe
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00) j\YX^X` Afè\[9XebDlXdXcXkè(00)XjXeFg\iXk`feXcDXeX^\i
DXeXa\i Fg\iXj`feXc :XYXe^ :`glcì% JXiaXeX ?lbld [Xi` Xk :`glcì 9ljè\jj% ?\ _fc[j X 9XZ_\cfiËj [\î\\ è CXn
Le`m\ij`kXjAXpXYXpX#(0/)% ]ifdLe`m\ij`kXjAXpXYXpX#(0/)%

D%Plji`cClY`j$Fg\iXk`feDXeX^\iGX[Xe^j`[\dglXe
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )'''# j\YX^X` Afè\[ 9Xeb DlXdXcXk è )'''# Xj X =èXeZè^ Xe[
Fg\iXj`feXc G\dY`XpXXe [Xe G\cXgfiXe :XYXe^ D\[Xe% I\gfikè^Fg\iXkfiXkD\[Xe9iXeZ_%?\_fc[jX9XZ_\cfiËj
D\dg\ifc\_^\cXiJXiaXeX<bfefdàliljXe8blekXej`[Xi` [\î\\è<Zfefd`ZjdXafiè^8ZZflekè^]ifdLe`m\ij`kXj
Le`m\ij`kXjJp`X_BlXcX#9Xe[X8Z\_#(00.% Jp`X_BlXcX#9Xe[X8Z\_#(00.%
BXijfef$9ljè\jjDXeX^\iGXc\dYXe^
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00+#j\YX^X`jkX] Afè\[9XebDlXdXcXkè(00+XjX:ljkfd\iJ\im`Z\JkX]]#
[`YX^`Xe:ljkfd\iJ\im`Z\#BXekfiGljXkAXbXikX%;`gcfdX AXbXikX ?\X[ F]ÔZ\% ?\ _fc[j X ;`gcfdX @@@ [\î\\ ]ifd
@@@ B\lXe^Xe G\iYXebXe [Xi` Gfc`k\be`b @ejk`klk K\befcf^` Gfc`k\be`b@ejk`klkK\befcf^`9Xe[le^#(00)%
9Xe[le^#(00)%
D%?XjXe@e[iXaXpX$Fg\iXk`feDXeX^\iGXc\dYXe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*% JXiaXeX Afè\[9XebDlXdXcXkè(00*%?fc[X9XZ_\cfiËj[\î\\è
?lbld[Xi`Le`m\ij`kXjGXeZXj`cX#AXbXikX#(0//% CXn]ifdLe`m\ij`kXjGXeZXj`cX#AXbXikX#(0//%
8^lj=ìdXe?`[XpXk$Fg\iXk`feDXeX^\iGXcl
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )'''# j\YX^X` Afè\[9XebDlXdXcXkè)'''XjXkiXè\\èk_\DlXdXcXk
kiXè\\ gX[X DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd F]ÔZ\i;\m\cfgd\ekGifîXdDF;G %?\_fc[jX[\î\\è
DF;G % JXiaXeX <bfefd` [Xi` Le`m\ij`kXj J\Y\cXj DXi\k# <Zfefd`Zj]ifdLe`m\ij`kXjJ\Y\cXjDXi\k#Jfcf#(00,%
Jfcf#(00,%
8dl[=XcX_$Fg\iXk`feDXeX^\iGXcXe^bXiXpX
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00,# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00, Xj X K\cc\i Xe[ afè\[
K\cc\i [Xe d\e^`blk` DlXdXcXk F]ÔZ\i ;\m\cfgd\ek DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd DF;G % ;`gcfdX
GifîXd DF;G kX_le )''+% ;`gcfdX @@@ <bfefd` [Xi` @@@ [\î\\ è <Zfefd`Zj ]ifd Le`m\ij`kXj 8ìcXe^^X#
Le`m\ij`kXj8ìcXe^^X#JliXYXpX#(00+% JliXYXpX#(00+%
;Xin`jJXglkiXClY`j$9ljè\jjDXeX^\iGXeZfiXe
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )'''% JXiaXeX Afè\[ 9Xeb DlXdXcXk è )'''% ?\ _fc[j X 9XZ_\cfiËj
<bfefdàliljXe8blekXej`[Xi`Le`m\ij`kXjI`Xl#(00/% [\î\\è<Zfefd`ZjdXafiè^8ZZflekè^]ifdLe`m\ij`kXj
I`Xl#(00/%
IX_dX[KXlÔbGlcle^Xe$Fg\iXk`feDXeX^\iGXe^bXc
GèXe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+ j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00+ Xj 8ZZflek DXeX^\i% ?\
8ZZflek DXeX^\i% D\dg\ifc\_ ^\cXi JXiaXeX [Xi` _fc[jX9XZ_\cfiËj[\î\\]ifdLe`m\ij`kXjJldXk\iXLkXiX#
Le`m\ij`kXjJldXk\iXLkXiX#D\[Xe#(0/0% D\[Xe#(0/0%
8j`_JiàXpXek`$Fg\iXk`feDXeX^\iG\bXcfe^Xe
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+# [` YX^`Xe Afè\[9XebDlXdXcXkè(00+#Xk;fd\jk`Z@ek\ieXk`feXc
;fd\jk`Z @ek\ieXk`feXc 9Xebè^ Fg\iXk`fe% Clclj [Xi` 9Xebè^ Fg\iXk`fe% >iX[lXk\[ ]ifd Le`m\ij`kXj
Le`m\ij`kXjG\dYXe^leXeEXj`feXcM\k\iXe#AXbXikX#(00*% G\dYXe^leXeEXj`feXcM\k\iXe#AXbXikX#(00*%

9XdYXe^J\k`XnXe$9ljè\jjDXeX^\iG\bXeYXil
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00- j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00-# Xj Xe 8ZZflek F]ÔZ\i
8ZZflekF]ÔZ\iLjX_XB\Z`c%JXiaXeXK\be`bG\idèpXbXe# f] JdXcc D\[`ld Xe[ <ek\igi`j\j% 9XZ_\cfiËj [\î\\ è
Le`m\ij`kXj Ki`jXbk`# AXbXikX% DX^`jk\i DXeXa\d\e# F`c <e^è\\iè^# Le`m\ij`kXj Ki`jXbk` AXbXikX% DX^`jk\i
DXeXa\d\e G\dXjXiXe# Le`m\ij`kXj GXeZXj`cX# AXbXikX DXeX^\d\ek è DXib\kè^ DXeX^\d\ek# Le`m\ij`kXj
)'')% GXeZXj`cX#AXbXikX#)'')%
J\kpfGla`;XipXekf$Fg\iXk`feDXeX^\iG\bXeYXil
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb)''(%ClcljXe;$@@@ Afè\[9XebDlXdXcXkè)''(%?fc[X;`gcfdX@@@[\î\\
<bfefd`[Xi`Gfc`k\be`bLe`m\ij`kXj;`gfe\^fif#J\dXiXe^# è <Zfefd`Zj ]ifd Gfc`k\be`b Le`m\ij`kXj ;`gfe\^fif#
(00/% J\dXiXe^#(00/%
;\mÌ`Xe`$9ljè\jjDXeX^\iGcl`k
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00,% JXiaXeX Afè\[ 9Xeb DlXdXcXk è (00,% 9XZ_\cfi [\î\\ è
8[dè`jkiXj`[Xi`Le`m\ij`kXjK\iYlbX#AXbXikX#)'''% 8[dè`jkiXk`fe]ifdLe`m\ij`kXjK\iYlbX#AXbXikX#)'''%
JpX_i`bX=`ki`Xe`$Fg\iXk`feDXeX^\iGfek`XeXb
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00+#j\YX^X`jkX] Afè\[ 9Xeb DlXdXcXk è (00+ Xj X jkX]] f] Jpjk\d
[`YX^`XeJ`jk\d[XeGifj\[li%D\dg\ifc\_^\cXiDX^`jk\i Xe[ GifZ\[li\ ;\gXikd\ek% ?fc[j X DXjk\i [\î\\ è
DXeXa\d\e[Xi`Le`m\ij`kXjGXeZXj`cX#AXbXikX#)'''% DXeX^\d\ek]ifdLe`m\ij`kXjGXeZXj`cX#AXbXikX#)'''%
Ji`Jlj`XekfJ\k`XnXe$9ljè\jjDXeX^\iGli`@e[X_
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*% JXiaXeX Afè\[ 9Xeb DlXdXcXk è (00*% 9XZ_\cfi [\î\\ è
K\be`b>`f[\j`[Xi`@ejk`klkK\befcf^`9Xe[le^#(00*% <e^è\\iè^]ifd@ejk`klkK\befcf^`9Xe[le^#(00*%
BX[Xi9l[`dXe$Fg\iXk`feDXeX^\iGlinfb\ikf
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )''' j\YX^X` Afè\[9XebDlXdXcXkè)'''XjXkiXè\\èk_\DlXdXcXk
DF;G % ClcljXe [Xi` Gfc`k\be`b Le`m\ij`kXj @e[fe\j`X# Gfc`k\be`bLe`m\ij`kXj@e[fe\j`X#AXbXikX#(000%
AXbXikX#(000%
?`[XpXklccX_>Xe`\$9ljè\jjDXeX^\iIX[\e@ek\e
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+% JXiaXeX Afè\[ 9Xeb DlXdXcXk è (00+% 9XZ_\cfi [\î\\ è
<bfefd` aliljXe DXeXa\d\e [Xi` Le`m\ij`kXj Bi`jeX <Zfefd`ZjdXafiè^DXeX^\d\ek]ifdLe`m\ij`kXjBi`jeX
;n`gXpXeX#AXbXikX#(00*% ;n`gXpXeX#AXbXikX#(00*%
D%8e[i`XejpX_$9ljè\jjDXeX^\iIXnXdXe^le
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )''(% JXiaXeX Afè\[ 9Xeb DlXdXcXk è )''(% 9XZ_\cfi [\î\\ è :`m`c
K\be`bJ`g`c[Xi`Le`m\ij`kXjJ\Y\cXjDXi\k#Jfcf#)'''% <e^è\\iè^]ifdLe`m\ij`kXjJ\Y\cXjDXi\k#Jfcf#)'''%
8%B_XìlcLdXd$9ljè\jjDXeX^\iIfop
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00.% JXiaXeX Afè\[9XebDlXdXcXkè(00.%9XZ_\cfi[\î\\èK_\fcf^p
@cdlG\e[`[`bXe8^XdX[Xi`Le`m\ij`kXjKX_ì`pX_#AXbXikX# ]ifdLe`m\ij`kXjKX_ì`pX_#AXbXikX#(00*%
(00*%

B_Xìle`jX$Fg\iXk`feDXeX^\iJXdXiè[X
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00.%D\dg\ifc\_ Afè\[9XebDlXdXcXkè(00.%?fc[jX9XZ_\cfiËj[\î\\
^\cXi JXiaXeX <bfefd` [Xi` Le`m\ij`kXj DlcXnXidXe# è <Zfefd`Zj ]ifd Le`m\ij`kXj DlcXnXidXe# JXdXiè[X#
JXdXiè[X#(00.% (00.%
;feepD%@jbXe[Xi$9ljè\jjDXeX^\iJ\dXiXe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*% JXiaXeX Afè\[ 9Xeb DlXdXcXk è (00*% 9XZ_\cfi [\î\\ è
<bfefd` [Xi` Le`m\ij`kXj Gif]% ;I% Df\jkfgf# AXbXikX# <Zfefd`Zj ]ifd Le`m\ij`kXj Gif]% ;I% Df\jkfgf# AXbXikX#
(00/% (00/%
Plc`8jklk`$Fg\iXk`feDXeX^\iJ\dXiXe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00,# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00, Xj X K\cc\i è J\dXiXe^
k\cc\i :XYXe^ J\dXiXe^% JXiaXeX 8blekXej` gX[X JK@< 9ljè\jj% 9XZ_\cfi [\î\\ è 8ZZflekè^ Xk JK@< ;_XidX
;_XidXGlkiX#J\dXiXe^#)''.% GlkiX#J\dXiXe^#)''.%
<kk`\eD%J%@e[iXjpX_$9ljè\jjDXeX^\iJ\iXe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00+ Xj X ?\X[ f] ?ldXe
B\gXcX 9X^`Xe JldY\i ;XpX DXelj`X% JXiaXeX Gj`bfcf^` I\jfliZ\j% ?\ _fc[j X 9XZ_\cfiËj [\î\\ è GjpZ_fcf^p
[Xi`Le`m\ij`kXj@e[fe\j`X#AXbXikX#(0/'% ]ifdLe`m\ij`kXj@e[fe\j`X#AXbXikX#(0/'%
=Xlq`$Fg\iXk`feDXeX^\iJ\iXe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00)# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00) Xj Ki\Xjlip JkX]] Xk BGF%
JkX]9X^`XeJX_XdBGF%JXiaXeXG\ikXe`XealiljXeJfj`Xc ?\ _fc[j X 9XZ_\cfiËj [\î\\ è JfZ`Xc <Zfefd`Zj ]ifd
<bfefd`[Xi`Le`m\ij`kXj8e[XcXj#GX[Xe^#(00(% Le`m\ij`kXj8e[XcXj#GX[Xe^#(00(%
8i`\]Jf\Y`pXekf$Fg\iXk`feDXeX^\iJ\igfe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00+ Xj 9XZb F]ÔZ\ JkX]] Xk
JkX] 9XZb F]ÔZ\ ZXYXe^ JliXYXpX% JXiaXeX <bfefd` [Xi` JliXYXpXYiXeZ_%?\_fc[jX9XZ_\cfiËj[\î\\è<Zfefd`Zj
Le`m\ij`kXjD\i[\bX#DXcXe^#(0/-% ]ifdLe`m\ij`kXjD\i[\bX#DXcXe^#(0/-%
8Z_dX[9XiX[aXb$9ljè\jjDXeX^\iJfcf
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00*# j\YX^X` Afè\[9XebDlXdXcXkè(00*XjXe8jj`jkXekDXeX^\if]
8j`jk\eDXeX^\iG\e^XnXjXe&8l[`k#BXekfiGljXkAXbXikX% 8l[`k# AXbXikX ?\X[ F]ÔZ\% ?\ _fc[j X 9XZ_\cfiËj [\î\\
JXiaXeX<bfefdàliljXe8blekXej`[Xi`JK@<J@8#JliXYXpX# è <Zfefd`Zj# dXafiè^ è 8ZZflekXeZp ]ifd JK@<J@8#
(0//% JliXYXpX#(0//%
8^le^?XikXekf$Fg\iXk`feDXeX^\iJfcf
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )''+ j\YX^X` Afè\[9XebDlXdXcXkè)''+XjXkiXè\\feDlXdXcXk
kiXè\\ gX[X DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd F]ÔZ\i;\m\cfgd\ekGifîXdDF;G %?fc[jX9XZ_\cfiËj
DF;G % JXiaXeX <bfefd` AliljXe DXeXa\d\e [Xi` [\î\\è<Zfefd`Zj]ifdLe`m\ij`kXjJ\Y\cXjDXi\k#Jfcf#
Le`m\ij`kXjJ\Y\cXjDXi\k#Jfcf#(000% (000%
=Xlq8kXY`b$Fg\iXk`feDXeX^\iJfife^
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb)''(j\YX^X`JkX] Afè\[ 9Xeb DlXdXcXk è )''( Xj X 9XZb F]ÔZ\ JkX]]%
9XZbF]ÔZ\%JXiaXeX<bfefd`[Xi`Le`m\ij`kXj@jcXdJlckXe 9XZ_\cfi [\î\\ è <Zfefd`Zj ]ifd Le`m\ij`kXj @jcXd
8^le^#J\dXiXe^#)'''% JlckXe8^le^#J\dXiXe^#)'''%

8Y[lcIX_dXe$Fg\iXk`feDXeX^\iJlbXYld`
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00*%ClcljXe;$@@@ Afè\[9XebDlXdXcXkè(00*%?fc[jX;`gcfdX@@@[\î\\
<bfefd`[Xi`Le`m\ij`kXjAXpXYXpX#AXbXikX#(0/+% è<Zfefd`Zj]ifdLe`m\ij`kXjAXpXYXpX#AXbXikX#(0/+%
Iljk`\e?XikXk`$9ljè\jjDXeX^\iJliXYXpX
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00,%D\dg\ifc\_ Afè\[ 9Xeb DlXdXcXk è (00,% FYkXè\[ _\i 9XZ_\cfiËj
^\cXi JXiaXeX ?lbld [Xi` Le`m\ij`kXj @jcXd @e[fe\j`X# [\î\\èCXn]ifdLe`m\ij`kXj@jcXd@e[fe\j`X#Pf^pXbXikX#
Pf^pXbXikX#(000% (000%
Jlgi`pXekfKliXjkf$Fg\iXk`feDXeX^\iJliXYXpX
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00+ Xj ?\X[ f] 9J; JlY$
B\gXcXFg\iXj`:XYXe^G\dYXekl9J;%D\dg\ifc\_^\cXi YiXeZ_\j%FYkXè\[_`j9XZ_\cfiËj[\î\\]ifdLe`m\ij`kXj
JXiaXeX[Xi`Le`m\ij`kXjBi`jeX[n`gXpXeX#AXbXikX#(0//% Bi`jeX[n`gXpXeX#AXbXikX#(0//%
J\k`XYl[` $ 9ljè\jj DXeX^\i JliXYXpX DXpa\e

Jle^bfef
9\i^XYle^[\e^Xe9XebDlXdXcXkj\aXb(00,%D\dg\ifc\_ Afè\[9XebDlXdXcXkè(00,%?fc[jX9XZ_\cfiËj[\î\\
^\cXi@ejèpliG\ikXe`Xe[Xi`Le`m\ij`kXj9iXnàXpX#DXcXe^# è8î`Zlckli\]ifdLe`m\ij`kXj9iXnàXpX#DXcXe^#(0/0%
(0/0%
8^ljjXc`d$Fg\iXk`feDXeX^\iKXeale^9XcX`
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )''(# j\YX^X` Afè\[9XebDlXdXcXkè)''(XjXkiXè\\èk_\DlXdXcXk
kiXè\\ gX[X DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd F]ÔZ\i ;\m\cfgd\ek GifîXd DF;G % ?fc[j X ;`gcfdX
DF;G %;`gcfdX@@@8blekXej`[Xi`Gfc`k\be`bE\^\i`#Lale^ [\î\\ è 8ZZflekè^ ]ifd Gfc`k\be`b E\^\i`# Lale^
GXe[Xe^#(000% GXe[Xe^#(000%
D%8c`BfdXil[è$9ljè\jjDXeX^\iKXeale^;li\e
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )''-% JXiaXeX Afè\[ 9Xeb DlXdXcXk è )''-% ?\ _fc[j X 9XZ_\cfiËj
Gfc`k`b[Xi`Le`m\ij`kXjGXjle[Xe#9Xe[le^#)'''% [\î\\ è Gfc`k`Zj ]ifd Le`m\ij`kXj GXjle[Xe# 9Xe[le^#
)'''%
Jl^\e^?\iefnf$Fg\iXk`feDXeX^\iKXeale^GèXe^
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (000 j\YX^X` Afè\[ 9Xeb DlXdXcXk è (000 Xj Xe 8ZZflek F]ÔZ\i f]
8ZZflek F]ÔZ\i LjX_X B\Z`c% ;`gcfdX @@@ G\iYXebXe [Xi` JdXccD\[`ldXe[<ek\igi`j\j%?\_fc[jX;`gcfdX[\î\\
Gfc`k\be`bE\^\i`#J\dXiXe^#)'')% è9Xebè^]ifdGfc`k\be`bE\^\i`#J\dXiXe^#)'')%
?\e[iX>leXnXe$Fg\iXk`feDXeX^\iKXj`bdXcXpX
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00+ Xj 8ZZflek DXeX^\i% ?\
8ZZflek DXeX^\i% JXiaXeX <bfefd` [Xi` Le`m\ij`kXj @jcXd _fc[j X 9XZ_\cfiËj [\î\\ è <Zfefd`Zj ]ifd Le`m\ij`kXj
EljXekXiX9Xe[le^#(0//% jcXdEljXekXiX9Xe[le^#(0//%
I\qXDl_XdX[$Fg\iXk`feDXeX^\iK\ieXk\
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )''-% JXiaXeX Afè\[ 9Xeb DlXdXcXk è )''-% ?\ _fc[j X 9XZ_\cfiËj
8blekXej`[Xi`Le`m\ij`kXj8e[XcXj#GX[Xe^#)''+% [\î\\ è 8ZZflekè^ ]ifd Le`m\ij`kXj 8e[XcXj# GX[Xe^#
)''+%

Df\[`^[f J`^`k GiXbfjf $ 9ljè\jj DXeX^\i KlYX^lj
8e^b\
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+% JXiaXeX Afè\[9XebDlXdXcXkè(00+%?\_fc[jX9XZ_\cfiËj[\î\\
<bfefd`[Xi`Le`m\ij`kXj;`gfe\^fif#J\dXiXe^#(0/0% è <Zfefd`Zj ]ifd Le`m\ij`kXj ;`gfe\^fif# J\dXiXe^#
(0/0%
IXkiÀln`kX$9ljè\jjDXeX^\iNfck\iDfe^èj`[`
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00.% JXiaXeX Afè\[9XebDlXdXcXkè(00.%?fc[jX9XZ_\cfiËj[\î\\
<bfefd` aliljXe B\lXe^Xe G\iYXebXe [Xi` Le`m\ij`kXj è<Zfefd`ZjdXafiè^=èXeZ`Xc9Xebè^]ifdLe`m\ij`kXj
9fifYl[li#AXbXikX#(00-% 9fifYl[li#AXbXikX#(00-%
B_XY`YJfc\_$9ljè\jjDXeX^\iPf^pXbXikX
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00. j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00. Xj X kiXè\\ fe DlXdXcXk
kiXè\\ gX[X DlXdXcXk F]ÔZ\i ;\m\cfgd\ek GifîXd F]ÔZ\i ;\m\cfgd\ek GifîXd DF;G % ?\ _fc[j X
DF;G % JXiaXeX >\fîXÔ [Xi` Le`m\ij`kXj >X[aX_ DX[X# 9XZ_\cfiËj[\î\\è>\fîXg_`Zj]ifdLe`m\ij`kXj>X[aX_
Pf^pXbXikX#(00-% DX[X#Pf^pXbXikX#(00-%
?Xikfef$Fg\iXk`feDXeX^\iPf^pXbXikX
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00.% JXiaXeX Afè\[9XebDlXdXcXkè(00.%?\_fc[jX9XZ_\cfiËj[\î\\
<bfefd`[Xi`JK@<N`cnXk`bkX#JliXYXpX#(000% è<Zfefd`Zj]ifdJK@<N`cnXk`bkX#JliXYXpX#(000%
CXèepX$Fk_\ij
9XdYXe^BljeX[`$<o\Zlk`m\;ì\Zkfif]9X`klcDXXc
DlXdXcXk
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00+# j\YX^X` Afè\[ 9Xeb DlXdXcXk è (00+ Xj Xe 8ZZflek DXeX^\i
8ZZflekDXeX^\i[`BXekfiGljXkAXbXikX%JXiaXeX<bfefd` Xk AXbXikX ?\X[ F]ÔZ\% FYkXè\[ X 9XZ_\cfiËj [\î\\ è
[Xi`Le`m\ij`kXj@e[fe\j`X#AXbXikX#(00)% <Zfefd`Zj]ifdLe`m\ij`kXj@e[fe\j`X#AXbXikX#(00)%
Ple` DX[`Xk` $ <o\Zlk`m\ f] DlXdXcXk @ejk`klk\

9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb )''* j\YX^X` Afè\[ 9Xeb DlXdXcXk è )''* Xj X :figfiXk\ J\Zi\kXip
:figfiXk\ J\Zi\kXip DlXdXcXk @ejk`klk\% JXiaXeX [Xi` DlXdXcXk@ejk`klk\%J_\îX[lXk\[]ifd@ejk`klkG\ikXe`Xe
@ejk`klkG\ikXe`Xe9f^fi#(00'%DXjk\i[`Y`[Xe^8blekXej` 9f^fi# (00'% DXjk\i è 8ZZflekè^ ]ifd Le`m\ij`kXj
Le`m\ij`kXjDl_XddX[`pX_#AXbXikX#)''-% Dl_XddX[`pX_#AXbXikX#)''-%
:_XìXnXk`$:_`\]f];GCB
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb (00(# j\YX^X` Afè\[9XebDlXdXcXkè(00(XjXkiXè\\èk_\DlXdXcXk
DF;G %JXiaXeX[Xi`@ejk`klkG\ikXe`Xe9f^fi#(00'% @ejk`klkG\ikXe`Xe9f^fi#(00'%
JpXZ_i`c 9Xbi` $ J\e`fi F]ÔZ\i :fdgc`XeZ\ I`jb

DXeX^\d\ekLe`k
9\i^XYle^ [\e^Xe 9Xeb DlXdXcXk j\aXb 8gi`c )''+ Afè\[9XebDlXdXcXkè8gi`c)''+XjXJ\e`fi:fdgc`XeZ\
j\YX^X`J\e`fi:fdgc`XeZ\F]ÔZ\i%D\eXdXkbXeg\e[`[`bXe F]ÔZ\i%FYkXè\[XDX^`jk\iDX^`jk\iDXeX^\d\ek[\î\\
DX^`jk\iDXeXa\d\e[`@GN@#AXbXikX#(00/% ]ifd@GN@#AXbXikX#(00/%

Produk dan Jasa
Product and Services
GIF;LBG<E>?@DGLE8E;8E8Æ
=LE;@E>GIF;L:KJ
E
J_Xi$ $J_Xi$ E
E
J_Xi$ X[XcX_ kXYle^Xe èjkXe @em\jkXj` jpXi`X_ pXe^ E
K_\ J_Xi$ `j j_Xi`X_ èm\jkd\ek jXmè^j gif[lZk
d\dX[lbXe b\dl[X_Xe Xbj\j 8KD# ;\Y`k [Xe G_fe\ k_Xk èk\îXk\j k_\ Zfem\e`\eZ\ f] 8KD# ;\Y`k Xe[
9Xebè^ [XcXd jXkl bXikl [Xe [XgXk [`Y\c` [` bXekfi gfj G_fe\ 9Xebè^ XZZ\jj è X jè^c\ ZXi[# n_`Z_ ZXe
j\clil_ @e[fe\j`X% ?XepX [\e^Xe Ig% (),%'''# cXe^jle^ Y\ gliZ_Xj\[ Xk Xep gfjk f]]`Z\ flkc\k k_ifl^_flk
E
[XgXk [`g\ifc\_ jXkl gXb\k bXikl J_Xi$ [\e^Xe jXc[f E
@e[fe\j`X% K_\ J_Xi$ ZXi[ gXZbX^\ Xe[ jXmè^j XZZflek
XnXckXYle^XeIg%(''%'''#j\YX^X`jXiXeXd\eXYle^[Xe n`k_ è`k`Xc [\gfj`k f] Ig (''#''' ZXe Y\ _X[ ]fi fecp
E
Y\ièm\jkXj`[`9XebDlXdXcXk%J_Xi$ [XgXk[`Y\c`d\cXcl` Ig(),#'''#fg\eè^k_\nXpkfèm\jkXe[jXm\n`k_9Xeb
bXekfigfj%;`èm\jkXj`bXe_XepXleklbljX_X_XcXc[\e^Xe DlXdXcXkk_ifl^_k_\gfjkf]ÔZ\%K_\]le[jn`ccY\èm\jk\[
YX^`_Xj`cbfdg\k`k`]% ègli\j_Xi`X_Yljè\jjn`k_Zfdg\k`k`m\gifÔkj_Xiè^%
KXi`bKleX`Y\YXjY`XpX[`j\clil_aXiè^Xe8KD9:8&GI@D8 :Xj_n`k_[iXnXc]i\\f]Z_Xi^\XkXcc8KDDlXdXcXk#8KD
[Xe8KD9\ijXdX#Xbj\j[`j\clil_d\iZ_Xek;\Y`k9:8& 9:8&GI@D8Xe[8KD9\ijXdX%8ZZ\gkXYc\XkXccd\iZ_Xekj
GI@D8[Xe]Xj`c`kXjJXcXDlXdXcXk%G_fe\YXebè^)+aXd f];\Y`k9:8&GI@D8%JXcXDlXdXcXkgifm`[\j)+$_flig_fe\
leklbcXpXeXefkfdXk`jZ\bjXc[f#è]fidXj`_`jkfipkiXejXbj`# YXebè^ ]XZ`c`kp ]fi XlkfdXk`Z XZZflek YXcXeZ\ èhlìp#
kiXej]\i XekXi i\b\eè^ jXdgX` [\e^Xe Ig ,' alkX [Xe _`jkfi`ZXc kiXejXZk`fe è]f# èk\i$XZZflek ]le[ kiXej]\i lg
Y\iYX^X`g\dYXpXiXe % kfIg,'d`cc`fe Xe[mXi`fljbè[f]gXpd\ekj%
]lcGIFK<B$]lcGIFK<B
BXikl èm\jkXj` Y\iXjliXej` pXe^ [`b\cfcX j\ZXiX dlie` 8eèjliXeZ\èm\jkd\ekZXi[k_XkZfdgc`\j]lccpn`k_j_Xi`X
jpXi`X_ [\e^Xe YX^` _Xj`c d\e^lekle^bXe# Y\b\iaX jXdX n`k_XkkiXZk`m\gifÔkj_Xiè^#èZffg\iXk`fen`k_8jliXej`
[\e^Xe8jliXej`KXbX]lcB\clXi^X%]lcGIFK<Bd\ilgXbXe KXbX]lcB\clXi^X%]lcGIFK<Bi\gi\j\ekjXdlck`gligfj\ZXi[
bXikldlck`^leXpXe^Y\i]le^j`j\YX^X`bXiklXjliXej`#8KD k_XkXcjfj\im\jXjXeèjliXeZ\#8KDXe[[\Y`kZXi[%
[Xe[\Y`k%
J_Xi`XD\^X:fm\ij$J_Xi`XD\^X:fm\ij
D\ilgXbXe bXikl kXYle^Xe dlck`^leX Y\iXjliXej` 8dlck`gligfj\èjliXeZ\jXmè^jZXi[k_XkZfdgc`\j]lccp
pXe^ [`b\cfcX dlie` j\ZXiX jpXi`X_ [\e^Xe YX^` _Xj`c n`k_j_Xi`Xn`k_XkkiXZk`m\gifÔkj_Xiè^#èZffg\iXk`fen`k_
d\e^lekle^bXe#Y\b\iaXjXdX[\e^XeD\^XC`]\[XeD\^X D\^XC`]\Xe[D\^X@ejliXeZ\JpXi`X_%J_Xi`XD\^X:fm\ij
@ejliXeZ\JpXi`X_%J_Xi`XD\^X:fm\ijd\eXnXibXeY\iYX^X` f]]\ijX_fjkf]Y\e\Ôkjn_`Z_èZcl[\XeèjliXeZ\ZXi[#
b\dl[X_Xe XekXiX cXè j\YX^X` bXikl XjliXej`# 8KD [Xe 8KDXe[[\Y`kZXi[#ZXj_n`k_[iXnXcXkXep8KDDlXdXcXk#
[\Y`k# kXi`b kleX` Y\YXj Y`XpX [` j\dlX 8KD DlXdXcXk# 8KD 9:8 Xe[ 8KD 9\ijXdX ]i\\$f]$Z_Xi^\ k_ifl^_flk
8KD9:8[Xe8KD9\ijXdX[`j\clil_@e[fe\j`XYX_bXe[` @e[fe\j`XXe[\m\ek_\8KDe\knfibèDXcXpj`Xn`k_èk_\
aXiè^Xe8KDDXcXpj`XpXe^k\i^XYle^[XcXdD<GJDXcXpj`X D<GJDXcXpj`X<c\Zkife`ZGXpd\ekJpjk\d %
<c\Zkife`ZGXpd\ekJpjk\d %
KXXnle:Xi[$KXXnle:Xi[
J\YlX_èfmXj`YXil[Xi`9XebDlXdXcXk@e[fe\j`X#Y\b\iaX 8efk_\ièefmXk`m\gif[lZk]ifd9XebDlXdXcXk@e[fe\j`X#
jXdX [\e^Xe 8jliXej` 9èkXe^ JpXi`X_ [Xe GXeè C`]\ è Zffg\iXk`fe n`k_ 8jliXej` 9èkXe^ JpXi`X_ Xe[ GXeè

JpXi`X_% J\YlX_ bXikl kXYle^Xe [\e^Xe Y\iYX^X` dXZXd C`]\ JpXi`X_% 8 jXmè^j ZXi[ n`k_ dlck`gligfj\ Y\e\Ôkj1
]le^j`# pX`kl1 8KD# BXikl Bi\[`k [Xe kiXejXbj` g\iYXebXe 8KD#Zi\[`kZXi[Xe[fk_\iYXebkiXejXZk`fej#èX[[`k`fe
cXèepX# al^X d\d`c`b` ]le^j` 8jliXej` IldX_# JXekleXe kf X _fd\ èjliXeZ\# _\Xck_ Xe[ [`jXY`c`kp èjliXeZ\# Xe[
IXnXk@eXg#8jliXej`B\Z\cXbXXe[Xe8jliXej`G\e[`[`bXe% \[lZXk`feXcèjliXeZ\%
BXjB`cXk$BXjB`cXk
CXpXeXeg\e^ì`dXelXe^pXe^Z\gXk#dl[X_#dliX_[Xe 8 ZXj_ i\d`kkXeZ\ j\im`Z\ k_Xk `j hl`Zb# Zfem\e`\ek#
XdXe[Xi`DXcXpj`Xb\b\clXi^X[`kXeX_Xìd\cXclì\b\eè^ X]]fi[XYc\Xe[j\Zli\[]ifdDXcXpj`Xkf]Xd`cpd\dY\ijè
kXYle^Xe J_Xi$<# Y\b\iaX jXdX [\e^Xe 9Xeb DlXdXcXk @e[fe\j`Xk_ifl^_k_\J_Xi$<XZZflek#èZffg\iXk`fen`k_
DXcXpj`X 9\i_X[% dlXdXcXk bXj b`cXk$` db) $ g\e^ì`dXe 9XebDlXdXcXkDXcXpj`X9\i_X[%dlXdXcXkbXjb`cXk$`db)
lXe^j\Z\gXkb`cXk[Xi`DXcXpj`Xb\@e[fe\j`X% $ZXj_i\d`kkXeZ\èXÕXj_]ifdDXcXpj`Xkf@e[fe\j`X%
KXYle^XeLddXk$LddXkJXmè^j
D\ilgXbXe èm\jkXj` kXYle^Xe [\e^Xe XhX[ Dl[_XiXYX_ 8eèm\jkd\ekjXmè^jfg\e\[n`k_Dl[_XiXYX_Xî\\d\ek
[`:flek\i9XebDlXdXcXk[`j\clil_@e[fe\j`XdXlgle[` Xk9XebDlXdXcXkfi>\iX`DlXdXcXkZflek\ijk_ifl^_flk
>\iX`DlXdXcXkpXe^g\eXi`bXeepX[XgXk[`cXblbXe[`j\clil_ @e[fe\j`X#n`k_ZXj_n`k_[iXnXcj]ifdXep9XebDlXdXcXk
Zflek\i9XebDldXcXk#8KDDlXdXcXk#aXiè^Xe8KD9:8& YiXeZ_ fi 8KD DlXdXcXk# 8KD 9:8&GI@D8 Xe[ 8KD
GI@D8[XeaXiè^Xe8KD9\ijXdX%KXYle^XeLddXk[\e^Xe 9\ijXdX e\knfibj% K_\ LddXk JXmè^j Zfd\j n`k_ k_\
BXiklDlXdXcXkal^XY\i]le^j`j\YX^X`Xbj\j[\Y`k[`j\clil_ DlXdXcXkZXi[#n_`Z_j\im\jXjX[\Y`kZXi[Xk;\Y`k9:8&
d\iZ_Xek;\Y`k9:8&GI@D8[`j\clil_@e[fe\j`X%EXjXYX_ GI@D8 d\iZ_Xekj k_ifl^_flk @e[fe\j`X% 8ZZflek _fc[\ij
d\dg\ifc\_YX^`_Xj`cpXe^Y\iXjXc[Xi`g\e[XgXkXeYXeb i\Z\`m\Xj_Xi\f]k_\9XebËji\m\el\j]ifdk_\lj\f]k_\
XkXj[XeXk\ij\Ylk% jXmè^j]le[j%
KXYle^Xe8iX]X_$8iX]X_JXmè^j
D\ilgXbXekXYle^XepXe^[`dXbjl[bXeleklbd\nlal[bXe 8 jXmè^j gcXe [\j`ê\[ kf j\k Xj`[\ ]le[j ]fi k_\ ?Xaa
e`XkeXjXYX_leklbd\eleX`bXe`YX[X__Xa`%Gif[lbè`XbXe g`cî`dX^\%8ZZflek_fc[\ijZXegcXekfnXi[j]lcÔccè^k_\ì
d\dYXekleXjXYX_leklbd\i\eZXeXbXe`YX[X__Xa`j\jlX` ?Xaa XZZfi[è^ kf è[`m`[lXc ÔeXeZ`Xc ZXgXY`c`kp Xe[ k`d\
[\e^Xe b\dXdglXe b\lXe^Xe [Xe nXbkl g\cXbjXeXXe jZ_\[lc\% N`k_ k_\ X[[`k`feXc ]XZ`c`kp f] X c`]\ èjliXeZ\
pXe^[`è^èbXe%;\e^Xe]Xj`c`kXjXjliXejà`nX#@ejpX8ccX_ Zfm\iX^\# @ejpX 8ccX_# k_fj\ n_f èk\e[j kf g\i]fid k_\ì
g\cXbjXeXXe`YX[X__Xa`k\kXgk\iaXdè%;\e^Xeb\`jk`d\nXXe _Xaa ]ifd k_\ì 8iX]X_ JXmè^j dXp [f jf n`k_ g\XZ\ f]
k\ij\Ylk# eXjXYX_ KXYle^Xe 8iX]X_ Y`jX d\d`c`_ aX[nXc dè[% K_\ X[mXekX^\j f] k_\ 8iX]X_ JXmè^j GcXe èZcl[\
nXbklb\Y\iXe^bXkXeepXj\e[ì`[\e^Xej\kfiXek\kXgj\k`Xg k_\Õ\o`YcpkfXiiXe^\X[\gXikli\k`d\XZZfi[è^kfXÔo\[
YlcXe#b\Y\iXe^bXkXeEXjXYX_k\iaXdè[\e^XeXjliXejà`nX# dfek_cp [\gfj`k jZ_\[lc\# ^lXiXek\\[ [\gXikli\ Zfm\i\[
XgXY`cXG\eXYle^d\eè^^Xc[le`X#dXbXX_c`nXi`jfkfdXk`j n`k_Xc`]\èjliXeZ\gfc`Zp#n_`Z_èk_\\m\ekf][\Xk_f]k_\
[XgXk Y\iXe^bXk% KXYle^Xe _Xa` 8iX]X_ al^X d\eaXdè [\gfj`kfi#_`j&_\ie\okf]bè`jXlkfdXk`ZXccp^lXiXek\\[]fi
EXjXYX_ leklb d\dg\ifc\_ gfij` b\Y\iXe^bXkXe j\jlX` [\gXikli\%8iX]X_JXmè^jXcjf\ejli\[[\gXikli\Zfdgcp
[\e^Xeb\k\eklXe;\gXik\d\e8^XdX [\e^XealdcX_[XeX n`k_Dè`jkipf]I\c`^`flj8]]Xìi\^lcXk`fe ]fi[\gfj`kfin`k_
Ig )' alkX# bXi\eX 9Xeb DlXdXcXk k\cX_ fe$cè\ [\e^Xe Ig)'d`cc`feè]le[#n`k_9XebDlXdXcXkY\è^fe$cè\n`k_
J`jbf_Xk;\gXik\d\e8^XdXI\glYc`b@e[fe\j`X%KXYle^Xe J`jbf_Xkf]Dè`jkipf]I\c`^`flj8]]Xìjf]k_\I\glYc`Zf]
_Xa`8iX]X_d\dY\i`bXeb\XdXeXecX_ìYXkèbXi\eX[XeX @e[fe\j`X%=le[è8iX]X_JXmè^jXi\dXeX^\[ècè\n`k_
pXe^[`j`dgXeXbXe[`b\cfcXj\ZXiXjpXi`X_% J_Xi`XcXnj%
;\gfj`kfDl[_XiXYX_$Dl[_XiXYX_;\gfj`k
D\ilgXbXe a\e`j èm\jkXj` YX^` eXjXYX_ g\ifiXe^Xe [Xe 8k`d\[\gfj`kXZZflek]fiè[`m`[lXcXZZflek_fc[\ijn`k_
YX[Xe _lbld [\e^Xe YX^` _Xj`c pXe^ d\eXi`b% J`dgXeXe XkkiXZk`m\i\m\el\j_Xiè^gXZbX^\%;\gfj`kfijË]le[jn`ccY\
[XeXdXjpXiXbXkXbXe[`b\cfcXd\cXcl`g\dY`XpXXeb\gX[X lj\[kfÔeXeZ\gifg\iXe[Ê_XcXcËXZk`m`k`\jèk_\i\Xcj\Zkfi#
j\bkfi i``c pXe^ _XcXc [Xe YX`b jXaX# j\_è^^X d\dY\i`bXe i\jlckè^èXÊ_XcXcËèZfd\]ifdi\m\el\j_Xiè^%8mX`cXYc\
YX^` _Xj`c pXe^ _XcXc% K\ij\[`X [XcXd aXe^bX nXbkl (# *# -# è(#*#-#fi()dfek_k\efij%
[Xe()YlcXe%

;\gfj`kf=lcèm\j$=lcèm\j;\gfj`k
D\ilgXbXea\e`jèm\jkXj`pXe^[`b_ljljbXeYX^èXjXYX_ 8e èm\jkd\ek n`k_ X Ôo\[ k\efi f] - Xe[ () dfek_# X
g\ifiXe^Xe# [\e^Xe aXe^bX nXbkl - [Xe () YlcXe [\e^Xe dè`dld [\gfj`k f] Ig )#'''#''' fi k_\ \hl`mXc\ek f]
e`cXèfdèXcdè`dXcIg)%'''%'''#$XkXlj\e`cX`LJ;,'' LJ; ,''# Xe XlkfdXk`Z ifcc$fm\i ]XZ`c`kp ]fi XlkfdXk`Z
[\e^Xe]Xj`c`kXjXjliXejà`nXpXe^[XgXk[`g\igXeaXe^j\ZXiX \ok\ej`feXkdXkli`kp#Xc`]\èjliXeZ\Y\e\Ôk#Xe[ZXeY\
fkfdXk`j 8lkfdXk`Z Ifcc Fm\i [Xe [XgXk [`g\i^leXbXe lj\[XjZfccXk\iXc]fiÔeXeZè^fiYXebi\]\i\eZ\]ifd9Xeb
j\YX^X` aXdèXe g\dY`XpXXe XkXl leklb i\]\i\ej` 9Xeb DlXdXcXk% ;\gfj`kfij n`cc i\Z\`m\ Xe XkkiXZk`m\ dfek_cp
DlXdXcXk% EXjXYX_ d\dg\ifc\_ YX^` _Xj`c pXe^ jXe^Xk gifÔkj_Xiè^Yfelj%
d\eXi`bj\k`XgYlcXe%
>ìfNX[`ËX_$NX[`ËX_:lii\ek8ZZflek
D\ilgXbXek`k`gXe[XeXg`_Xbb\k`^XY\ilgXj`dgXeXe^ìf 8k_ì[$gXikp[\dXe[[\gfj`kfiZlii\ekXZZflekk_XkZXe
pXe^ g\eXi`bXeepX [XgXk [`cXblbXe j\k`Xg jXXk [\e^Xe Y\n`k_[iXneXkXepk`d\YpZXj_`\iZ_\hl\j#YXeb[iX]kj#
d\e^^leXbXe Z\b# Y`cp\k# ^ìf [Xe g\dè[X_YlblXe% ^ìfjXe[YXebkiXej]\i%Jl`k\[kfYfk_g\ijfeXcfiZfdgXep
;`g\ileklbbXe YX^` eXjXYX_ gi`YX[` dXlgle g\iljX_XXe kf jlggfik Yljè\jj XZk`m`k`\j% :Xj_ n`k_[iXnXc ]i\\ f]
leklbd\e[lble^Xbk`m`kXjljX_X%;\e^Xe]Xj`c`kXjbXikl8KD Z_Xi^\ Xk Xcc 8KD DlXdXcXk# 8KD 9:8&GI@D8 Xe[ 8KD
[Xe;\Y`k#kXi`bkleX`Y\YXjY`XpX[`j\clil_aXiè^Xe8KD 9\ijXdX%8ZZ\gkXYc\XkXccd\iZ_Xekjf];\Y`k9:8&GI@D8%
9:8&GI@D8[Xe8KD9\ijXdX#Xbj\j[`j\clil_d\iZ_Xek JXcXDlXdXcXkgifm`[\j)+$_flig_fe\YXebè^]XZ`c`kp]fi
;\Y`k 9:8&GI@D8 [Xe ]Xj`c`kXj JXcXDlXdXcXk% G_fe\ XlkfdXk`Z XZZflek YXcXeZ\ èhlìp# _`jkfi`ZXc kiXejXZk`fe
YXebè^)+aXdleklbcXpXeXefkfdXk`jZ\bjXc[f#è]fidXj` è]f#èk\i$XZZflek]le[kiXej]\ilgkfIg,'d`cc`fe Xe[
_`jkfipkiXejXbj`#kiXej]\iXekXii\b\eè^jXdgX`[\e^XeIg mXi`fljbè[f]gXpd\ekj%
,'alkX[XeY\iYX^X`g\dYXpXiXe %
;XeXG\ej`leDlXdXcXk$DlXdXcXkG\ej`fe=le[
;XeXG\ej`leDlXdXcXk[XgXk[``blk`fc\_d\i\bXpXe^Y\ilj`X K_\DlXdXcXkG\ej`fe=le[`j\c`^`Yc\]fik_fj\n_fXi\Xk
dè`dXc(/kX_le#XkXljl[X_d\e`bX_#[Xeg`c`_Xelj`Xg\ej`le c\Xjk(/p\Xijf]X^\#fif]dXi`kXcjkXklj#n`k_k_\iXe^\f]
+,$-,kX_le[\e^Xe`liXejXe^Xkk\iaXe^bXl#pX`kldè`dXc g\ej`fe$X^\Y\kn\\e+,$-,p\Xijfc[%Dfek_cpgXpd\ek`j
Ig )'%''' g\i YlcXe [Xe g\dYXpXiXeepX [XgXk [`[\Y\k i\XjfeXYcpX]]fi[XYc\#Xdè`dldf]Ig)'#'''g\idfek_
j\ZXiX fkfdXk`j [Xi` i\b\eè^ 9Xeb DlXdXcXk XkXl [XgXk n_`Z_ZXeY\[\Y`k\[XlkfdXk`ZXccp]ifdX9XebDlXdXcXk
[`kiXej]\i [Xi` YXeb cXè% G\j\ikX al^X [XgXk d\e^`blk` XZZflek fi kiXej]\ii\[ ]ifd fk_\i YXebj% K_\ Y\e\ÔZ`Xip
gifîXdN8J@8KLDD8K#[`dXeXj\cXdXdXjXb\g\j\ikXXe# ZXe Xcjf afè k_\ N8J@8K LDD8K gifîXd# è n_`Z_ fm\i
g\j\ikX[`cè[le^`XjliXejà`nXj\Y\jXie`cX`k\ik\ekl[\e^Xe k_\[liXk`fef]k_\gifîXd`jZfm\i\[Ypc`]\èjliXeZ\f]
gi\d`k\ik\ekl%;\e^XeXjliXej`è`#b\clXi^Xg\j\ikXXbXe XZ\ikXèXdflekXe[gi\d`ld%N`k_k_\c`]\èjliXeZ\#k_\
d\dg\ifc\_[XeXg\ej`lej\Y\jXipXe^[`gifp\bj`bXej\aXb ]Xd`cpf]XY\e\ÔZ`Xipn`ccY\\ek`kc\[kfk_\]lccXdflekf]
XnXca`bXg\j\ikXd\eè^^Xc[le`Xj\Y\cldd\dXjlb`dXjX g\ej`feY\e\Ôkjgifa\Zk\[Xkk_\jkXikf]XgcXe#\m\e`]k_\
g\ej`le% Y\e\ÔZ`Xipj_flc[gXjjXnXpY\]fi\_`jfi_\ii\kì\d\ek%
GIF;LB G<E8E8D8E ;8E8 $ @EM<JKD<EK

GIF;L:KJ
Bfej\gAlXc9\c`$JXc\j$GliZ_Xj\:feZ\gk
DliXYX_X_$DliXYX_X_
8[XcX_alXcY\c`YXiXe^gX[X_Xi^XXjXc[\e^XekXdYX_Xe JXc\$gliZ_Xj\ZfekiXZk#èn_`Z_k_\YXebXî\\jkfÔeXeZ\
b\lekle^XepXe^[`j\gXbXk`%?Xi^XalXck`[XbYfc\_Y\ilYX_ k_\ gliZ_Xj\ f] ^ff[j&Xjj\kj# Xe[ kf j\cc k_\d kf k_\
j\cXdXdXjXg\iaXea`Xe%RH%J%8eE`jXXË+ 1)0T%Bfej\gè` Zljkfd\i Xk k_\ì gliZ_Xj\ gi`Z\ gclj X gi\$Xî\\[ gifÔk
leklbg\eXeXdXeDf[XcB\iaX#@em\jkXj`[XeBfejldk`]% dXi^è%K_\jXc\gi`Z\dljkefkZ_Xe^\[liè^k_\g\i`f[f]
ZfekiXZk%RH%J%8eE`jXXË+ 1)0T

JXcXd$JXcXd
8[XcX_g\dY\c`XeYXiXe^pXe^[`j\iX_bXe[`b\dl[`Xe_Xi` 8e Xî\\d\ek kf gliZ_Xj\ ^ff[j&Xjj\kj# n_`Z_ n`cc Y\
[`dXeXg\dYXpXiXe[`cXblbXe[`dlbXj\ZXiXkleX`%RH%J%8c [\c`m\i\[èk_\]lkli\#n_\i\Xjk_\gXpd\ek`jèZXj_Xe[
9XhXiX_) 1)/)T%Leklbg\dY`XpXXeg\ikXe`Xe% dX[\èX[mXeZ\%RH%J%8c9XhXiX_) 1)/)T
@jk`j_eXË$@jk`j_eXË
8[XcX_ alXc Y\c` [`dXeX J_XXe`Ë gif[lj\e [`kl^XjbXe 8 jXc\$Xe[$gliZ_Xj\ ZfekiXZk# è n_`Z_ X DljkXj_e`Ë
leklb d\dYlXk jlXkl YXiXe^ g\jXeXe [Xi` DljkXj_e`Ë Zljkfd\i fi[\ij X j_XXeaË dXel]XZkli\i kf gif[lZ\
g\d\jXe % @jk`j_eXË jXdX [\e^Xe JXcXd pX`kl [Xi` j\^` Z\ikXè^ff[j%JèZ\k_\fi[\i\[fYa\ZkjdljkZfe]fidkf
fYp\bg\jXeXeXeepXpXe^_Xilj[`YlXkXkXl[`g\jXek\ic\Y`_ Xjki`Zkjg\Z`ÔZXk`fej#k_\@jk`j_eXËkiXejXZk`fe`jj`d`cXikf
[X_lcl [\e^Xe Zì`$Zì` b_ljlj% G\iY\[XXeepX _XepX gX[X JXcXd%K_\fecp[`]]\i\eZ\`jk_Xkè@jk`j_eXËkiXejXZk`fe#
j`jk\d g\dYXpXiXeepX pX`kl @jk`j_eXË g\dYXpXiXe [XgXk k_\gXpd\ekZXeY\dX[\\`k_\ièX[mXeZ\#Xkk_\d`[[c\
[`cXblbXe [` XnXc# [` k\e^X_ XkXl [` Xb_ì g\jXeXe% Leklb fi\e[f]fi[\iZfdgc\k`fe%
g\dY`XpXXeg\dYXe^leXe^\[le^g\ep\[`XXeYXiXe^pXe^
YXild\d`c`b`bi`k\i`X$bi`k\i`X %
Bfej\g9X^`?Xj`c$GifÔkJ_Xiè^:feZ\gk
DljpXiXbX_$DljpXiXbX_
8[XcX_b\iaXjXdXXekXiX[lXg`_XbXkXlc\Y`_leklbjlXkl 8gXike\ij_`g\jkXYc`j_\[Y\kn\\eknffidfi\gXik`\jè
ljX_Xk\ik\ekl#[`dXeXdXjè^$dXjè^g`_Xbd\dY\i`bXe XZ\ikXèYljè\jjgifa\Zk#èn_`Z_\XZ_i\jg\Zk`m\gXikp
bfeki`Ylj`[XeXXkXlXdXc&\og\ik`j\ [\e^Xeb\j\gXbXkXe Xî\\jkfZfeki`Ylk\XeXdflekf]]le[[feXk`fe&\og\ik`j\
YX_nX b\lekle^Xe [Xe i`j`bf XbXe [`kXe^^le^ Y\ijXdX Xe[k_ljj_Xiè^k_\gifÔkjXe[i`jbj%RH%J%J_X[*/ 1)+T%
j\jlX`[\e^Xeb\j\gXbXkXe%RH%J%J_X[*/ 1)+T%
Dl[_XiXYX_$Dl[_XiXYX_
8[XcX_b\iaXjXdXXekXXi9Xeb[\e^XeDl[_Xi`YeXjXYX_ 8 gXike\ij_`g Xî\\d\ek Y\kn\\e 9Xeb Xe[ Dl[_Xi`Y
pXe^ d\dglepX` b\X_c`Xe XkXl b\k\iXdg`cXe leklb Zljkfd\i #n_f_Xjk_\i\hlì\[jb`ccXe[XY`c`kpkfdXeX^\
d\e^\cfcXljX_X%;XcXd_Xcè`g\d`c`bdf[XcJ_X_`YlcDXXc XYljè\jjgifa\Zk%@ek_`jXî\\d\ek#k_\èm\jkfiJ_X_`Ylc
d\ep\iX_bXedf[XcepXb\gX[Xg\b\iaX&g\[X^Xe^dl[_Xi`Y DXXc gifm`[\j k_\ ]le[ ]fi k_\ nfib\i&kiX[\i Dl[_Xi`Y
leklb [`b\cfcX% DljpXiXbX_ [Xe Dl[_XiXYX_ YXepXb kfdXeX^\%
[`^leXbXeleklbg\dY`XpXXegifp\bXkXlljX_X$ljX_XpXe^
dl[X_[XcXdg\e\eklXeg\e[XgXkXe[XeY`XpXljX_X%
Bfej\gJ\nX$C\Xjè^:feZ\gk
@aXiX_$@aXiX_
8[XcX_ g\iaXea`Xe XekXiX 9Xeb DlËXaaì [\e^Xe EXjXYX_ 8 ZfekiXZk Y\kn\\e k_\ 9Xeb DlËXaaì Xe[ X :ljkfd\i
DljkXËaì j\YX^X` g\ep\nX jlXkl YXiXe^ d`c`b 9Xeb# DljkXËaì # è n_`Z_ k_\ DljkXËaì Xî\\j kf i\ek X 9XebËj
[Xe 9Xeb d\e[XgXkbXe `dYXcXe aXjX XkXj YXiXe^ pXe^ Xjj\kXe[kfgXpk_\]\\]fik_\i\ek\[Xjj\k
[`j\nXbXeepX%@aXiX_[Xe@D9K[`^leXbXeleklbg\dY`XpXXe
XcXk$XcXkY\iXk%
@aXiX_DlekX_`X9`kkXdc`b$@aXiX_DlekX_`X9`kkXdc`b
8[XcX_ g\iaXea`Xe XekXiX 9Xeb DlËXaaì [\e^Xe EXjXYX_ 8ZfekiXZkY\kn\\ek_\9XebDlËXaaì Xe[X:ljkfd\i#è
DljkXËaì j\YX^X`g\ep\nX%DljkXËaì&g\ep\nXj\klalXbXe n_`Z_k_\Zljkfd\i&DljkXaìXî\\jkfgXpk_\]\\]fik_\
d\dYXpXilXe^j\nXj\cXdXdXjXj\nXpXe^[`g\iaXea`bXe i\ek\[Xjj\k[liè^XeXî\\[g\i`f[Xe[n_\ek_\i\ekXc
[XeY`cXj\nXY\iXb_ìg\ep\nXd\dglepX`_Xbfgj`leklb ZfekiXZk \ogì\j k_\ :ljkfd\i ZXe fgk kf kiXej]\i k_\
d\dè[X_bXeb\g\d`c`bXefYp\bj\nXk\ij\Ylk% fne\ij_`gf]k_\i\ek\[fYa\Zk%

GIF;LBA8J8$J<IM@:<GIF;L:KJ
NXbXcX_$NXbXcX_
9\iXik` g\ep\iX_Xe# g\e[\c\^Xj`Xe XkXl g\dY\i`Xe C`k\iXccp d\Xej îXekè^# [\c\^Xkè^ fi ^`mè^ X dXe[Xk\%
dXe[Xk% J\ZXiX k\be`j g\iYXebXe# nXbXcX_ X[XcX_ XbX[ @e YXebè^ k\idj# NXbXcX_ `j Xe Xî\\d\ek kf kiXej]\i
g\dY\i`Xe n\n\eXe^&blXjX [Xi` c\dYX^X&j\j\fiXe^ k_\ Xlk_fi`kp&gfn\i ]ifd Xe èjk`klk`fe&è[`m`[lXc Xj k_\
j\YX^X`g\dY\i`dXe[Xk b\gX[Xg`_XbcXèj\YX^X`nXb`c dXe[Xk\`jjl\i kfXefk_\igXikpXjk_\ZXi\kXb\i kfZXiip
leklbd\cXbjXeXbXeliljXe[\e^XeYXkXjb\n\eXe^Xe[Xe flk Xe le[\ikXbè^ c`d`k\[ n`k_è X jg\Z`Ô\[ ali`j[`Zk`fe
nXbklk\ik\ekl%J\^XcX_Xb[Xeb\nXa`YXepXe^[`\dYXenXb`c Xe[g\i`f[%8cck_\i`^_kjXe[i\jgfej`Y`c`k`\j^`m\ekfk_\
_Xiljd\e^XkXjeXdXbXepXe^d\dY\i`bXeblXjX%Gièj`g ZXi\kXb\i dljk Y\ \o\iZ`j\[ fe Y\_Xc] f] k_\ dXe[Xk\
nXbXcX_[`^leXbXeleklbZfcc\Zk`fe#X^\eZp&XiXe^\i% ^`m\i%
BX]XcX_$BX]XcX_
D\ilgXbXeaXdèXepXe^[`Y\i`bXefc\_g\eXe^^le^bXÔc 8 nXiiXekp `jjl\[ Yp X ^lXiXekfi bXÔc kf X k_ì[ gXikp
b\gX[Xg`_Xbb\k`^Xleklbd\d\el_`b\nXa`YXeg`_Xbb\[lX Xkk\jkè^k_Xkk_\`jjl\in`cc]lcÔcck_\i\jgfej`Y`c`kpf]k_\
XkXlpXe^[`kXe^^le^%;XcXdg\e^\ik`XecXè#BX]XcX_al^X j\Zfe[gXikpfik_\Y\e\ÔZ`Xip%@eXefk_\ij\ej\#BX]XcX_
Y\iXik`d\e^Xc`_bXekXe^^leâXnXYj\j\fiXe^pXe^[àXdè Xcjfd\XejkiXej]\iiè^k_\i\jgfej`Y`c`kpf]Xg\ijfele[\i
[\e^XeY\ig\^Xe^gX[XkXe^^leâXnXYfiXe^cXèj\YX^X` XnXiiXekpkfXefk_\ig\ijfeXjk_\^lXiXekfi%
g\eaXdè%RH%J%Pljl]() 1.)T%9>&C:%
?XnXcX_$?XnXcX_
8[XcX_g\e^Xc`_Xe_lkXe^[Xi`fiXe^pXe^Y\i_lkXe^b\gX[X 8kiXej]\if]c`XY`c`k`\j]ifdX[\YkfikfXefk_\iY\Xi\i%@e
fiXe^cXèpXe^nXa`Yd\eXe^^leêpX%;XcXdg\e^\ik`XecXè# Xefk_\ij\ej\#c`XY`c`k`\jn_`Z_`jkiXej]\ii\[]ifdXdl_`c
d\ilgXbXeg\dè[X_XeY\YXe_lkXe^[Xi`dl_`cfiXe^pXe^ è[\Yk\[g\ijfe kfXdl_XcËXcX`_fiXg\ijfen_f_Xjk_\
Y\i_lkXe^ d\eaX[`kXe^^le^Xedl_XcËXcX`_XkXlfiXe^pXe^ i\jgfej`Y`c`kpkfi\gXpk_\[\Yk%
Y\ib\nXa`YXed\dYXpXi_lkXe^%EfmXj`%
IX_e$IX_e
8[XcX_d\eX_XejXcX_jXkl_XikXd`c`bj`g\dèaXdj\YX^X` K_\XZk`fef]n`k__fc[è^fe\f]k_\Yfiifn\iËjXjj\kjXjX
aXdèXe XkXj gèaXdXe pXe^ [`k\i`dXepX% 9XiXe^ pXe^ ZfccXk\iXckfk_\cfXe_\&j_\i\Z\`m\[%K_\n`k__\c[fYa\Zk
[`kX_Xe k\ij\Ylk d\d`c`b` e`cX` \bfefd`j# j\_è^^X g`_Xb `jf]Xe\Zfefd`ZmXcl\#k_ljgifm`[è^X^lXiXek\\]fik_\
pXe^d\eX_Xed\dg\ifc\_aXdèXeleklb[XgXkd\e^XdY`c n`k__fc[\ikfkXb\gfjj\jj`fef]k_\\ekì\figXikjf]k_\
j\clil_XkXlj\YX^`Xeg`lkXeêpX%J\ZXiXj\[\i_XeXiX_e cfXe%@ej_fik#iX_e`jX[\YkfigXneZfccXk\iXc%
X[XcX_aXdèXe_lkXe^XkXl^X[X`%
HXi[_$HXi[_
8[XcX_ g\dY\i`Xe _XikX b\gX[X fiXe^ cXè pXe^ [XgXk 8eXZk`fef]kiXej]\iiè^XeXjj\kkfXefk_\ig\ijfe#n_`Z_
[`kX^`_ XkXl [`dèkX b\dYXc`% D\elilk k\be`j g\iYXebXe# cXk\i ZXe Y\ Zfcc\Zk\[ fi i\èjkXk\[% Le[\i k_\ YXebè^
hXi[_X[XcX_g\dY\i`XegèaXdXe[Xi`9Xebb\gX[XeXjXYX_ k\idj#hXi[_`jXcfXe^`m\ekfXZljkfd\iYpk_\9Xeb]fi
pXe^[`g\i^leXbXeleklbb\Ylkl_Xed\e[\jXb#j\g\ik`[XeX \d\i^\eZp gligfj\j#jlZ_ Xj X[mXeZ\ ]le[ le[\i Z\ikXè
kXcXe^Xe[\e^Xebi`k\i`Xk\ik\ekl[XeYlbXeleklbgèaXdXe Zfe[`k`fejXe[efkXZfejldgk`m\cfXe%K_\i\gXpd\ek`jj\k
pXe^Y\ij`]Xkbfejldk`]%G\e^\dYXc`XegèaXdXe[`k\eklbXe n`k_èXjg\Z`ÔZg\i`f[f]k`d\YXj\[fedlklXcXî\\d\ek
[XcXdaXe^bXnXbklk\ik\eklj\jlX`b\j\gXbXkXeY\ijXdX ]fik_\XdflekYfiifn\[n`k_flkXepgifÔkdXi^èXe[ZXe
j\Y\jXi gèaXdXe kXegX X[X kXdYX_Xe b\lekle^Xe [Xe Y\gX`[èèjkXccd\ekjfiè]lcc%RH%J%8c?X[``[,. 1((T
g\dYXpXiXeepX[`cXblbXej\ZXiXXe^jliXeXkXlj\bXc`^lj%
RH%J%8c?X[``[,. 1((T

A8J8C8P8E8E$J<IM@:<J
8KD$8KD
CXpXeXe8KD)+aXdpXe^d\dl[X_XeEXjXYX_d\cXblbXe 8 )+$_fli XlkfdXk\[ k\cc\i dXZ_è\ k_Xk gifm`[\j ]fi
g\eXi`bXe [XeX kleX`# g\dè[X_YlblXe XekXi i\b\eè^# Zfem\e`\ek ZXj_ n`k_[iXnXcj# XZZflek kiXej]\ij# XZZflek
g\d\i`bjXXejXc[f#g\dYXpXiXeQXbXk$@e]Xh$J\[\bX__XepX YXcXeZ\ èhlì`\j# gXpd\ek j\im`Z\j ]fi Q@J Xcdj fecp
gX[X8KDDlXdXcXk #[XekX^`_Xek\c\gfe%Leklbg\eXi`bXe Xk DlXdXcXk 8KDj Xe[ k\c\g_fe\ Y`ccj# Xe[ G\ijfeXc
kleX`# bXikl DlXdXcXk [XgXk [`Xbj\j [` j\clil_ 8KD [` @[\ek`ÔZXk`feEldY\iG@E Z_Xe^\%K_\8KDDlXdXcXkZXi[
j\clil_ @e[fe\j`X# k\i[ì` XkXj d\jè 8KD DlXdXcXk# 8KD ZXeY\lj\[]fiZXj_n`k_[iXnXcXkXcc8KDn_`Z_Zfdgi`j\
9:8&GI@D8[Xe8KD9\ijXdX#pXe^Y\YXjY`XpXg\eXi`bXe f]8KD9:8&GI@D8Xe[8KD9\ijXdXe\knfibj#èX[[`k`fe
kleX`%BXiklDlXdXcXkal^X[XgXk[`gXbX`leklbY\ikiXejXbj` kf8KDDlXdXcXke\knfib#Xjn\ccXj]fikiXejXZk`fejXkXcc
[`j\clil_d\iZ_Xek;\Y`k9:8&GI@D8%Leklb8KD9\ijXdX [\Y`k9:8&GI@D8d\iZ_Xekj%
[Xe 9:8&GI@D8# jXXk è` jl[X_ [XgXk [`cXblbXe kiXej]\i
XekXiYXeb%
JXcXDlXdXcXk$JXcXDlXdXcXk
D\ilgXbXecXpXeXeg_fe\YXebè^)+aXd[XeZXccZ\ek\i 8)+_flijg_fe\YXebè^Xe[ZXccZ\ek\i]XZ`c`kpk_ifl^_
d\cXcl` ')( ),((-(-# '/'. ( DL8D8C8K XkXl '/'. (( ')( ),((-(-# '/'. ( DL8D8C8K# fi '/'. (( J?8I<#
J?8I< gifm`[è^ Zfem\e`\ek XZZ\jj ]fi Zljkfd\ij Xepn_\i\ Xe[
pXe^d\dY\i`bXeb\dl[X_Xeb\gX[XeXjXYX_#j\k`Xg
jXXk [Xe [`dXeXgle EXjXYX_ Y\iX[X leklb d\dg\ifc\_ XkXepk`d\kffYkXèè]fidXk`fefegif[lZkjXe[j\im`Z\j#
è]fidXj`d\e^\eX`gif[lb#jXc[f[Xeè]fidXj`kiXejXbj`# XZZflek YXcXeZ\ Xe[ kiXejXZk`fej è]f# èk\i$XZZflek ]le[
kiXej]\iXekXii\b\eè^#j\ikXd\e^lYX_G@E% kiXej]\i#Xe[]fiG@EZ_Xe^\%
G\dYXpXiXeQXbXk#@e]Xh[XeJ\[\bX_Q@J $QXbXk#@e]Xh
Xe[J_X[XhX_Q@J GXpd\ek
AXjX pXe^ d\dl[X_Xe EXjXYX_ [XcXd d\dYXpXi Q@J# 8j\im`Z\gifm`[\[]fiDljc`d:fddle`kpègXpè^QXbXk#
YX`bb\c\dYX^Xg\e^\cfcXQ@J9XebDlXdXcXkdXlgleb\ @e]XhXe[J_X[XhX_#\`k_\ikfk_\DlXdXcXkQ@Jèjk`klk`fe
c\dYX^X$c\dYX^X Q@J cXèepX pXe^ Y\b\iaXjXdX [\e^Xe fifk_\iQ@Jèjk`klk`feZffg\iXk\[n`k_9XebDlXdXcXk%K_\
9XebDlXdXcXk#d\cXcl`G_fe\9Xebè^[Xe8KDDlXdXcXk gXpd\ekdXpY\[fe\k_ifl^_8KDjfiYiXeZ_\j%
[`j\clil_ZXYXe^9XebDlXdXcXk%
AXjX$aXjXcXè$Fk_\iJ\im`Z\j
9Xeb DlXdXcXk al^X d\ep\[`XbXe aXjX$aXjX g\iYXebXe 9XebDlXdXcXkXcjff]]\ijfk_\i^\e\iXcYXebè^j\im`Z\jkf
cXèepXb\gX[XdXjpXiXbXkclXj#j\g\ik`kiXej]\i#Zfcc\Zk`fe# k_\glYc`Z#jlZ_XjkiXej]\i#Zfcc\Zk`fe#jkXe[è^èjkilZk`fe#
jkXe[è^èjkilZk`fe#YXeb[iX]k#i\]\i\ej`YXeb% YXeb[iX]kXe[YXebi\]\i\eZ\%
G R U P B CA
G R U P B CA

Penghargaan Award
2009 Gifg\ikpXe[9Xeb8nXi[
J_Xi$<j\YX^X`gif[lb@efmXk`]
@e[fe\j`X9XebCfpXckp8nXi[ [\e^Xeg\ikldYl_XeEXjXYX_
K_\9\jkf]È@e[fe\j`X9XebCfpXckp k\iZ\gXk
:_Xdg`feÉ:Xk\^fipJ_Xi`X9Xebè^
2008 @jcXd`Z@ek\ieXk`feXcIXkè^
8^\eZp@@I8 9X_iXè
88J_Xi`XHlXc`kpIXkè^
@jcXd`Z=èXeZ\E\nj8nXi[
9\jk@jcXd`Z9XebjGfcc)''/
è@e[fe\j`X

Kfbf_G\ilYX_XeI\glYc`bX @e[fe\j`X9XebCfpXckp8nXi[
8%I`XnXe8dèj\YX^X`Kfbf_ È@e[fe\j`X9XebCfpXckp:_Xdg`feÉ
G\ilYX_Xe[`Y`[Xe^G\iYXebXe :Xk\^fipJ_Xi`X9Xebè^
<bfefd`JpXi`X_

9`je`j@e[fe\j`X8nXi[
2007
9XebLdldEXj`feXcK\iYX`b
@e]f9Xeb>fc[\eKifg_p
G\e^_Xi^XXepXe^[`Y\i`bXeb\gX[X
èjk`klj`pXe^d\iX`_@e]f9Xeb8nXi[j
,kX_leY\iklilk$klilkd\dg\ifc\_
gi\[`bXkJXe^Xk9X^lj)''*$)''.
9`je`j@e[fe\j`X8nXi[
8%I`XnXe8dèj\YX^X`K_\9\jk
:<Ff]K_\P\Xi Dlj\ldI\bfi@e[fe\j`XDLI@
G\ikldYl_XeAXiè^XeI\XcK`d\Fecè\
[\e^XeAldcX_K\iYXepXb
G\ikldYl_XeGifj\ekXj\EXjXYX_
Gif[lb9XebK\iZ\gXk
I\b\eè^9Xeb@ejkXe;XcXd
B\dXjXeG\ikXdX[`@e[fe\j`X
@jcXd`Z=èXeZ\8nXi[Xe[
:lg BXikl9XebG\ikXdXPXeÊfdfi
K_\9`^^\jkXe[K_\Dfjk8Zk`m\ BXiklepXJ\jlX`[\e^XeEfdfi
:ljkfd\i9Xj\]fi@jcXd`Z9Xeb I\b\eè^
9XebG\ikXdXDlie`JpXi`X_[Xe
G\cfgfiG\iYXebXeJpXi`X_[`
@e[fe\j`X

2007 @e[fe\j`Xe9\jk9iXe[
8nXi[
@em\jkfi8nXi[ KfgK_i\\K_\DfjkMXclXYc\
G\e^_Xi^XXeB_ljljBXk\^fi`9Xeb 9iXe[èJ_Xi`X9Xeb
GXcè^@efmXk`]
@e[fe\j`XEXk`feXc9iXe[
8nXi[
Bi`pXGiXeXcXDX_XbXipX =èXc`jbXk\^fi`G`fe\\iè^
8nXi[ JlZZ\jj]lcE\n:Xk\^fip
9XebK\iYX`b[XcXd
G\e^\dYXe^XeJD<CèbX^\
GifîXd
DXe^^XcXBXipX9Xbk`
2006 ?ljX[X8ilkXcX
Bfeki`Ylj`8bk`][XeEpXkX9Xeb
DlXdXcXkd\eXe^^lcXe^`dXjXcX_
k\dYXbXl[`@e[fe\j`X
@jcXd`Z=èXeZ\HlXc`kp8nXi[
@jcXd`Z=èXeZ`Xc8nXi[
Nèe\i(
K_\=lcc=c\[^\9XebFm\iXcc
K_\Dfjk<]ÔZ`\ekJpXi`X_9Xeb
K_\DfjkGifÔkXYc\JpXi`X_9Xeb @em\jkfiJpXi`X_8nXi[
Kfgf]Dè[JpXi`X_9Xeb 9XebLdldJpXi`X_K\iYX`b[Xe
KfgE\nK_ì[GXikp=le[DXib\k FYc`^Xj`JpXi`X_K\iYX`b
>Xè\i
K_\Dfjk:fem\e`\ekDlj_fcX
@e[fe\j`XGifg\ikp
8nXi[
J_Xi$<j\YX^X`gif[lbpXe^
@e]f9Xeb>fc[\eKifg_p i\mfclj`fe\i[XeèfmXkfi
G\e^_Xi^XXepXe^[`Y\i`bXeb\gX[X [XcXdY\ièm\jkXj`
gi\[`bXkJXe^Xk9X^lj)'')$)''-
GXiXdX[èX8nXi[
Le`m\ij`kXjGXiXdX[èX
G\e^_Xi^XXeb\gX[X@e[`m`[l
XkXlC\dYX^XpXe^Y\iaXjX[XcXd
@JC8D@:=@E8E:<E<NJ8N8I;J b\g\cfgfiXe[Xebfej`jk\ej`
9\jk@jcXd`Z9Xebjè@e[fe\j`X g\e^\dYXe^XeYXebjpXi`X_[XcXd
d\eleaXe^g\dYXe^leXeYXe^jX

2006
@eefmXk`fe8nXi[
JN8#JpefmXk\ @eefmXk`feè:ljkfd\iDf[\f]<ekip
;leXd`jFi^Xe`qXk`fe
J\im`Z\j8nXi[
8%I`XnXe8dè#fe\f]K_\
9\jk:<F
DXaXcX_JN8
<[`jÈf%(-&OO@&(+$(.8^ljklj
)'',K_\:\c\jk`XcDXeX^\d\ek
2005 j\YX^X`Bfej\gDXeXa\d\eGXè^
9\ig\e^Xil_
@e[fe\j`Xe9\jk
9iXe[
ÈKfg=`m\É
DXaXcX_Gifg\ikp
9Xeb)'',
9XebG\cfgfiBGI
JpXi`X_[`@e[fe\j`X
9XebG\cfgfi
@EK<IE8K@FE8C@JC8D@:98EB BGIJpXi`X_@e[fe\j`X
8N8I;@@98
K_\Dfjk<]ÔZ`\ek9Xeb
Jlg\iYiXe[j
JXkl[Xi`('(g\iljX_XXepXe^
d\d`c`b`YiXe[&d\i\bpXe^blXk
Jlg\iYiXe[j [`@e[fe\j`X
@jcXd`Z9Xebè^HlXc`kp8nXi[
@9H8 )'',
K_\Dfjk:fem\e`\ekDlj_fccX
K_\9\jk@jcXd`Z9Xebè^
@e]f9Xeb>fc[\eKifg_p
G\e^_Xi^XXepXe^[`Y\i`bXeb\gX[X
Gifm`[\i
M\ij`@ek\ieXk`feXc@jcXd`Z
=èXeZ\E\nj
Mfc%*#@jjl\)#)*i[AXelXip
gi\[`bXkJXe^Xk9X^lj)''($)'',
)''-

2004 DXaXcX_G`cXij
J\glcl_9Xeb[\e^XeGi\[`bXk
K\iXdXeM\ij`DXaXcX_G`cXij
9`je`j<[`jÈf%('&M@@#()D\`
PILARS
RATING 2003
)''*
Jlg\iYiXe[j
JXkl[Xi`('(g\iljX_XXepXe^
d\d`c`b`YiXe[&d\i\bpXe^blXk
Jlg\iYiXe[j [`@e[fe\j`X
2002
@e]f9Xeb8nXi[j
9Xeb;\e^XeGi\[`bXkJXe^Xk
DL@8N8I; 9X^lj%
G\e^_Xi^XXej\YX^X`YXebk\iYX`b
pXe^d\eaXcXebXefg\iXj`feXc
j\ZXiXjpXi`X_
2001
@e]f9Xeb8nXi[j DXaXcX_JN8
9Xeb;\e^XeGi\[`bXkJXe^Xk <[`j`(/8gi`c)''(
9X^lj% G\iè^bXkb\-j\YX^X`9XebgXcè^
[`b\eXcdXjpXiXbXk9XebgXcè^
XdXe[`
XkXjYXebXjè^[XeYXebjnXjkX
cXè
DXaXcX_DF;8C
G\iè^bXk@bXk\^fi`K_\Kfgf]Dè[
9XebJpXi`X_pXe^dl[X_[`è^Xk #
@e]f9Xeb8nXi[j
_Xj`cjlim\pBXi`d9ljè\jj
9Xeb;\e^XeGi\[`bXkJXe^Xk
:fejlckXekjB9: [XeDXaXcX_Df[Xc
9X^lj%
\[`j`DXi\k)''+
BC@==8N8I;
2000
K_\DfjkFlkjkXe[è^G\i]fidXeZ\
YpXe@jcXd`Z9Xeb%;`b\clXibXefc\_
@jcXd`Z=èXeZ`Xc=fildpXe^Y\iYXj`j
[`BlXcXCldglid\cXcl`:\eki\
]fiI\j\XiZ_Xe[KiXèè^:<IK
Y\b\iaXjXdX[\e^Xe;fneAfe\j 8J&EQJ@JF0''(1)'''
@e[\o\jE\nPfib$LJ8 HlXc`kpDXeX^\d\ekJpjk\d$
I\hlì\d\ekj
2003
DXaXcX_JN8
@e]f9Xeb8nXi[j <[`j`('&OM@&(-$)0D\`)'''
9Xeb;\e^XeGi\[`bXkJXe^Xk G\iè^bXkb\)k\iYX`b[XcXd
9X^lj% Kè^bXkB\glXjXeEXjXYX_

Kantor Layanan Service Offices
B8EKFIGLJ8K K\Yè^Kè^^`LGJ I@8L BXekfiGfjJl[ìdXe
>[%8ik_XcfbX Ac%8%PXeÈf%+'$+) G\bXeYXil Ac%A\e[%Jl[ìdXeEf%))0
Ac%A\e[iXcJl[ìdXeEf%) K\Yè^Kè^^` Ac%A\e[%Jl[ìdXe G\bXeYXil
AXbXikX('))' K\c% '-)($)(*'* Ef%+(.$+(0 K\c% '.-($*)--(
K\c% ')($ ),((+(+#),((+.' =Xo%'-)($)))(( K\c% '.-($/-)0(0
),((+,( =Xo%'.-($/-)0(/ BXekfiGfj8ìKì`j
=Xo%')($ ),((+,*#),((+-, J\i[Xe^ Ac%IXpX9Xe^bèXe^
Ac%D%PXdèJ?#Ef%*', KXeale^GèXe^ B\ZXdXkXe8ìKì`j
E8E>>IF<8:<? D\[Xe Ac%IXpX?Xa`8cÈf%,' G\bXeYXil
;8ILJJ8C8D K\c% '-($+(++*+* KXeale^GèXe^)0()+
9Xe[X8Z\_ =Xo%'-($+(+,,+* K\c% '..($*(+(''#*(/*(0 GXeXd
Ac%Ka`b;`bKìfEf%()-Æ()/ =Xo%'..($*(.,,' Ac%?%I%JlYiXekXjGXeXd
J`dgXe^JliXYXpX 9èaX` B\cliX_Xe;\c`dX
9Xe[X8Z\_ Ac%A\e[%Jl[ìdXeEf%(*( GXe^bXcGèXe^ B\ZXdXkXeKXdgXe
K\c% '-,($.+'.+.+ 9èaX` Ac%A\e[%Jl[ìdXeEf%-( G\bXeYXil
=Xo%'-,($)((++ K\c% '-($//)*+*+ GXe^bXcGèXe^
K\c% '.(.$+)(0,- 9XkXd
CXe^jX Glcf9iXpXe Ac%PfjJl[Xijf
Ac%8%PXeÈf%($) Ac%PfjJl[XijfEf%+.: :Xck\oIldYX` Bfdg%Ilbf9XcX`Gfèk
CXe^jX D\[Xe 9Xeb:\ek\iDXèF]ÔZ\ 9cfb$(Ef%(#9XkXd
K\c% '-+($+)-,0( K\c%'-($--)/-./ IldYX`:Xdg%G\bXeYXil K\c% '../$+*()'($+
=Xo%'-+($+)-,/0 =Xo%'-($--+'*,/ K\c% '.-($,0)+./ =Xo%'../$+*()',

JLD8KI8LK8I8 J`jè^XdXe^XiXaX @YelJèX 9XkXd:\ek\i
KXeale^9XcX` Ac%J`jè^XdXe^XiXaXEf%*- Ac%D\cXkÈf%- Ac%A\e[%Jl[ìdXe#9XkXd
Ac%C\kA\e[%AXdè D\[Xe G\bXeYXil K\c% '.-($+-.)./
>èkè^Bd%( K\c%'-($.*-.+.- K\c% '.-($*.)/+ =Xo%'.-($+-.).0
;\jX9le^XKXeale^ =Xo%'.-($*.)/+
B\Z%;Xklb9Xe[Xi GXepXYle^Xe K\idèXc:\eki\
BfkXKXeale^9XcX` Ac%N`c_\d@jbXe[XiEf%(.* G\cXcXnXe Bfdg%K\idèXc=\iip
K\c% '-)*$,0,+++ GXepXYle^Xe Ac%IXpXCèkXjK`dliEf%**+ @ek\ieXj`feXc9K:
=Xo%'-)*$,0-+++ BXY%DXe[X`cèÊXkXc GXe^bXcXeB\ièZ`#G\cXcXnXe B\c%K\clbK\iè^
K\c% '-**$*)()*+ K\c% '.-($+0*0*( 9XkXdI`Xl)0+)(
GX[Xe^J`[\dglXe =Xo%'-**$*)()*+ =Xo%'.-($+0*0*) K\c% '../$+--()*
Ac%A\e[%>XkfkJlYifkfEf%/ =Xo%'../$+-(*+,
GX[Xe^J`[\dglXe BXekfiGfjBGIBD\[Xe 9Xe^bèXe^
JldXk\iXLkXiX Ac%GfjEf%(#D\[Xe Ac%A\e[%Jl[ìdXeEf%. JLD8K<I898I8K
K\c% '-*+$))000 K\c% '-($+,-/0+' 9Xe^bèXe^ GX[Xe^
=Xo%'-*+$)./*. Ac%IXjleXJX`[Ef%('.
BXekfiGfjGfcfe`X BXekfiGfjIldYX` B\c%I`dYfBXclXe^
D\[Xe Ac%Jl[ìdXe9le[XiXe#D\[Xe Ac%J\bfcX_Ef%), B\Z%GX[Xe^9XiXk
Ac%>XaX_DX[XEf%)(#D\[Xe K\c% '-($+,*--*' C`dYle^Xe GX[Xe^#JldXk\iX9XiXk
K\c% '-($+,*,*,* IldYX`#G\bXeYXil K\c% '.,($,+('-#,,.-+
=Xo%'-($+,*,),) BXekfiGfjLJL K\c% '.-($,,+,0+ =Xo%'.,($++-0).
Ac%Le`m\ij`kXjBXdgljLJL
D\[Xe D\[Xe BXekfiGfjG\iXnXe^ 9lb`kKè^^`
Ac%9XcX`bfkXEf%(';#D\[Xe K\c% '-($/))(,,' Ac%IXpXEf%)')8#G\iXnXe^ AC%9pGXjjEf%.J`dgXe^8li
K\c% '-($+,,*+*+ G\bXeYXil 9lb`kKè^^`
=Xo%'-($+,*0)+) BXekfiGfjAf_fi K\c% '.-($0(,-- K\c% '.,)$-)/.+($+)
Ac%BXipXAXpXEf%,#D\[Xe
K\c% '-($.//)-/.

GXpXbldYl_ A8B8IK8 GXe^c`dXGfc`d :\e^bXi\e^
Ac%Jf\bXief?XkkXEf%/. ;Xg\eK\cbfd#Jc`g` Ac%GXe^c`dXGfc`dIXpX Bfdg%Dlk`XiXKXdXeGXc\d
GXpXbldYl_ Ac%J%GXidXeEf%,+ Ef%(',#('-<=#AXbXikX Ac%BXdXcIXpXFlk\iIè^
K\c% '.,)$.0-.,,$,. GXcD\iX_#AXbXikX9XiXk K\c% ')($.)''+/0 IfX[9cfb8*Ef%*)$**
K\c% ')($,*)-.++ =Xo% ')($.)''+0' :\e^bXi\e^
A8D9@ K\c% ')($,+*,'''+
Ac%JlckXe8^leÊf%(+$(, 8c8q_Xi D\^X>cf[fbB\dXpfiXe =Xo% ')($,+*,'+'+
;\jXGXjXiAXdY` Ac%J`jè^XdXe^XiXaX Ac%8e^bXjXBXm%9&-
AXdY`*-(() B\YXpfiXe9Xil#AXbXikX BfkX9XilKfn\i9 B\cXgX>X[è^
K\c% '.+($.,,()+($+* K\c% ')($.),*+'*#.),*+'+ AXbXikX Ac%I%9flc\mXi[9XiXkB\cXgX
=Xo% '.+($.,,((,(#.,,()+* K\c% ')($-,/-...' >X[è^ 9cfbC8&-Ef%*,$*-
IXnXdXe^le =Xo% ')($-,/-...( AXbXikX
9<E>BLCL Ac%GXljEf%/* K\c% ')($+,/,-0-0
Ac%J%GXidXeEf%-); AXbXikXK`dli Gli`@e[X_ =Xo% ')($+,/,-0''
GX[XeÂXk`#9\e^blcl K\c% ')($+./-++++ J\ekiXE`X^XGli`@e[X_
K\c% '.*-$*+/(''#*+/((( =Xo% ')($+./-*+*- 9cfbK*#Ef%()8$(+ GXjXiDè^^l
=Xo%'.*-$*+,000 AXbXikX N`jdX?Xif\e#GXjXiDè^^l
>XaX_DX[X K\c% ')($,/(.),0 IXpXEf%)9):#GXeZfiXe
C8DGLE> Ac%QXèlc8i`ÔeEf%(9$: =Xo% ')($,/(.)-/ K\c% ')($.0.*-,+
CXdgle^ AXbXikX =Xo% ')($.0.*--(
Ac%IX[\e@ekXeEf%0); K\c% ')($-**-*-* K\e[\Xe
G\c`kX =Xo% ')($-***(*( Ac%Nfck\iDfe^èj`[` :`c\[l^
KXeale^bXiXe^GljXk Ef%()*&;#()*&< :9;:`c\[l^
9Xe[XiCXdgle^ Ifop AXbXikXJ\cXkXe 9cfb;)Ef%(0$)'
K\c% '.)($)+)()* IlbfIfopDXj K\c% ')($.))-.-. K\c% ')($.*(')*'
=Xo% '.)($)+))., 9cfb9(Ef%. =Xo% ')($.))-..-
Ac%B%?%?Xjp`d8j_Xi` BXc`dXj9\bXj`
9Xe[XiaXpXLGJ AXbXikX KXeale^;li\e Ac%:_Xì`c8enXi
Ac%GifbcXdXkfiEf%(*/8 K\c% ')($-*),-(+ Ac%KXeale^;li\eIXpX 9cfb:Ef%)0$*'
9Xe[XiaXpX#CXdgle^K\e^X_ =Xo% ')($-*),-(, Ef%.8$9$:#AXbXikX 9\bXj`K`dli
K\c% '.),$,).+'' K\c% ')($,-0/',,- K\c% ')($//)-,--
=Xo% '.),$,)0*0+ DXe^^X;lX =Xo% ')($,-0/',,. =Xo% ')($//*,,)+,
DXccDXe^^X;lX
BXekfiBXjGfjBfkXIXaX Ac%8ik\i`DXe^^X;lXEf%, DXkiXdXe KlYX^lj8e^b\
Ac%BfkXIXaXEf%() AXbXikX Ac%IXpXDXkiXdXeEf%(+/ Ac%KlYX^lj8e^b\Ef%+.8$9
KXeale^BXiXe^ K\c% ')($-))'((/. 9cfb8(Ef%(#) AXbXikX
9Xe[XiCXdgle^ =Xo% ')($-()/0', AXbXikX K\c% ')($-*/-.'.0
K\c% ')($/,0(*,*+ =Xo% ')($-*/-.'/'
JLD8K<I8J<C8K8E Gcl`k =Xo% ')($/,0(*,-+
GXc\dYXe^ Bfdg%IlbfD\^XDXccGcl`k Lale^D\ek\e^
Ac%C\kbfc@jbXe[Xi Ef%/($/)#AXbXikX B\[fpX Bfdgc\bIlbf@EBFG8L
Bfdgc\b@cì9XiXkG\idX` K\c% ')($---.'''( Ilbf>i\\e>Xi[\e9cfb@0 9cfb8Ef%)*
9cfb;)Ef%-+$-, =Xo% ')($---.').- Ef%./#B\[fpX Ac%IXpX9\bXj`
B\c%)+@cì#B\Z%@cì9XiXk@ K\c% ')($,/((+-* Lale^D\ek\e^
GXc\dYXe^ D\^XBleè^Xe =Xo% ')($,/)./,0 AXbXikXK`dli
K\c% '.(($*.,--- Ac%Cè^bXiD\^XBleè^Xe
=Xo% '.(($*-)+++ BXm<*%)Ef%(#AXbXikX 9lXiXe 8iIX_dXe
K\c% ')($,.0*/+.( Ac%IX[\e@ek\e9lXiXe Ac%;i%JX_XiafEf%(''
J`dgXe^GXkXc =Xo% ')($,.0*/+.* Bc\e[\i#Ilbf9lXiXe@e[X_ AXbXikX()0-'
Ac%I%JlbXdkfEf%)9 9cfb:@Ef%0$((#AXbXikX K\c% ')($/*'(0-,#/*'(0--
GXc\dYXe^ K\c% ')($/--'0.0.
K\c% '.(($*.-+/+ =Xo% ')($/--'/'*'

8c=lihfe BXekfiGfj;XXeDf^fk GXjXiK\Y\k BXekfiGfjIXnX9XiXk
Ac%BiXdXkIXpXEf%+, Ac%;XXeDf^fk)' GXjXiK\Y\k Ac%Nfck\iDfe^èj`[`
AXbXikX('+,' AXbXikX9XiXk((+-' 9cfb8CXekX`C'' AXbXikX
K\c% ')($*(,.,.-#*(,.,.. K\c% ')($,-'()', Cfj9BJ#Ef%'') K\c% ')($.))',)'
K\c% ')($/*,*+.(
9\e_`c =XkdXnXk` =Xo% ')($/)0.0(- BXc`dXcXe^
Ac%;XeXlKfYX Ac%IJ%=XkdXnXkÈf%(,:$; Ilbf;lkXG\idX`GcXqX
9cfb>@@Ef%(,( AXbXikX()+)' :`YlYli 9cfb9@@#Ef%)($))
9\e[le^Xe?`cì K\c% ')($.--)+.0$/) Bfdg%IlbfBiXe^^Xe 9\bXj`(.(+,
AXbXikXGljXk =Xo% ')($.,'0.)* 9cfbOM@Ef%)( K\c% ')($//+'/-.
K\c% ')($,.*,'./ Ac%KiXejpf^`:`YlYli =Xo% ')($//+**+,
=Xo% ')($,.*,'.. :`glcì AXbXikXK`dli
Ilbf:`glcìGcXqX K\c% ')($/+,0)-++ IXnXdXe^le
8jiXdX?Xa` Ac%:`c\[lbIXpXEf%(/ Ac%JleXe>ìÈf%(
Ac%IXpXGfe[fb>\[\ AXbXikX())*' :`b\Xj IXnXdXe^le#AXbk`d(*))'
B\c%GèXeÎXek`#DXbXjjXi K\c% ')($).'''.,$0 IlbXeKiXejpf^` K\c% ')($+.'-.),#+.'..*,
AXbXikXK`dli =Xo% ')($).''-,' Ac%KiXejpf^`:`YlYli =Xo% ')($+.'-+'0
K\c% ')($/'(()** AXbXikXK`dli
;\gfb K\c% ')($/)+/(00. KXeale^Gi`fb
:`bè` Ac%DXi^fe[XIXpXEf%)0' =Xo% ')($/)+/(00/ Bfdgc\bG\ibXekfiXe
?fk\c>i\e8c`X:`bè` ;\gfb(-+)+ <e^^XefD\^X_
Ac%:`bèÌXpXEf%+- K\c% ')($..)'),//# :è\i\ Ac%<e^^XefEf%,C
AXbXikXGljXk ..)'),/0 Ac:è\i\IXpX9cfbE KXeale^Gi`fb
K\c% ')($*0'-/+- :è\i\ K\c% ')($+*0'0'+)
=Xo% ')($*0'../0 Gfe[fb@e[X_ K\c% ')($.,*-,*0# =Xo% ')($+*0',)+(
Ac%JlckXe@jbXe[XiDl[XEf%( .,*-,+'
:fe[\k AXbXikX()*(' =Xo% ')($.,++*+- :\dgXbXGlk`_PXij`
Ac%:fe[\kIXpX K\c% ')($.)'*,+* Ac%C\ka\eJlgiXgkf
B\c%9Xc\bXdYXe^ BXekfiBXj8c@jiX :\dgXbXGlk`_
B\Z%BiXdXkAXk` 9èkXif Bfdgc\bDXja`[8c@jiX AXbXikX(',('
AXbXikXK`dli IlbfG\ibXekfiXeDlck`^leX KXeale^;li\e K\c% ')($+))/('0
K\c% ')($/'/..'(* Ef%/A#J\bkfi@@@8 AXbXikX((+.'
9èkXifAXpX K\c% ')($,-/0()/#,-/0()0 Gfe[fbBfg`
B\dXe^ AXbXikXJ\cXkXe Ac%IXpXGfe[fbBfg`
Ac%B\dXeÎXpXEf%(, K\c% ')($.*+)..* BXekfiGfj=XkdXnXk` AXbXikX(*+-'
B\c%9Xe^bX Ac%IJ%=XkdXnXkÈf%(' K\c% ')($/-))0*0
DXdgXe^GiXgXkXe G9Jl[ìdXe AXbXikX()+*'
AXbXikXJ\cXkXe Ac%IXpX9f^fiBd%)+ K\c% ')($.,''))* Gildgle^
K\c% ')($.(0*-.- :àXekle^#AXbXikXK`dli >\[le^K\cbfd
K\c% ')($/+(*.))/# BXekfiGfjK\e[\Xe Ac%;%@%GXeaX`kXe
BXekfiGfjGXjXi9Xil /+(*.))0 Ac%BXgk%G`\ii\K\e[\Xe AXbXikXK`dli
Ac%CXgXe^Xe9Xek\e^LkXiX Ef%+*AXbXikXJ\cXkXe K\c% ')($/,',-./
Ef%(#AXbXikXGljXk DXp\jk`b K\c% ')($,),'/.-
K\c% ')($*++-0// GXjXiDXp\jk`b Gfe[fb9XdYl
B`fj8BJ+*$++ :`glkXk Ac%GX_cXnXeI\mfclj`
BXekfiGfj:Xble^ Ac%K\YX_(#AXbXikX()()' Ac%I<%DXikX[èXkX Ef%9C8*&)#Gfe[fb9XdYl
Ac%G\dl[XEf%.0 K\c% ')($.),)-0'#.),,*') :`glkXk AXbXikXK`dli
AXbXikX(**)' K\c% ')($.).'*'.) K\c% ')($/-)(---
K\c% ')($+/0'.., DXdgXe^
>iX_XKXbX]lc@e[fe\j`X BXekfiGfjB\YXpfiXeCXdX Dl_XddX[`pX_:XnXe^
BXekfiGfjB\dXe^ Ac%DXdgXe^GiXgXkXeIXpX Ac%:`glkXkIXpX(, Ac%;\n`JXik`bXEf%(*-
Ac%B\dXe^J\cXkXeEf%*'A Ef%(''#AXbXikXJ\cXkXe AXbXikXJ\cXkXe AXbXikX
AXbXikXJ\cXkXe K\c% ')($.0/),.' K\c% ')($.)0),,- K\c% ')($/'/.(+/0
K\c% ')($.(00-)- =Xo% ')($.0/),.'

B\dXe^GiXkXdX ;\gXik\d\e8^XdX A8N898I8K >Xilk
Ac%IXpXB\dXe^GiXkXdX Ac%8%PXeÈf%/#KXe^\iXe^ 9f^fi Ac%:`c\[lÊf%)+.
9\bXj` i\cfbXj`B`JXdXle Ac%IXpXGXaXaXiXe#9f^fi >Xilk
K\c% ')($//+(*-+ K\c% ')($,,.00,/+ K\c% '),($*,'0+( K\c% ')-)$)+,*00
=Xo% ')($,,.-(*)/ =Xo% '),($*,**-- =Xo% ')-)$)+**0.
AXk`nXiè^è
Ac%IXpXAXk`nXiè^èEf%,' BXiXnXZ` @G9;XidX^X BfgfJXpXk`
Gfe[fb>\[\#9\bXj` Ac%9\iè^èIXpXEf%*' DXja`[8c$?lili`pX_ Ac%BfgfJXpXkÈf%(-0
K\c% ')($/+-*..* BXiXnXZ`9Xil#KXe^\iXe^ Ac%KXeale^BXdglj@G9 9Xe[le^+')**
K\c% ')($,,),-.+ ;XidX^X#9f^fi K\c% '))$,+'),(*
AlXe[X K\c% '),($-),(*+
Ac%@i%?%AlXe[XEf%-' GXdlcXe^ =Xo% '),($*,**-- @jk`hXdX_
9\bXj` Ac%IXpXGXdlcXe^ Ac%:`kXildEf%(
K\c% ')($//,'0-- 9cfbJ?(0&0#KXe^\iXe^ :`Yèfe^ 9Xe[le^+'((,
K\c% ')($.+-*+(** Ac%IXpXDXpfiFbè^ K\c% '))$+)*+((*
BXekfiGfj:`Y`kle^ :`d\bXi:`Yèfe^#9f^fi
Ac%K\lblLdXiIXpXEf%++ :ì\e[\l K\c% ')($/.0()+.+ ;XXilkKXl_`[
:`Y`kle^ Bfdgc\bIlbfGi`dX@e[X_ =Xo% ')($/.0()+.+ >\[le^Bfgfeki\e
K\c% ')($//*()//#//*-'//* :ì\e[\l Ac%>\^\iBXcfe^>ìXeÊf%-.
Ac%:ì\e[\lIXpXEf%* BXekfiGfj:`jXilX 9Xe[le^+'(,*
BXekfiGfjKXdYle :`glkXkK`dli#KXe^\iXe^ Ac%IXpXGleZXb#:`jXilX K\c% '))$)''.0,)
Ac%IXpX?XjXel[[èEf%*+' K\g%'),($),-.,'
KXdYle :`gfe[f_ :`dX_`
K\c% ')($//*)'.0(#//*).'+( IlbfDf[\ieCXe[ BXekfiGfjAlXe[X Ac%IXpXK`dliEf%(/):`dX_`
Ac%B?%?Xjp`d8j_Xi` Ac%AlXe[X#9f^fi K\c% '))$--+*0)'
BXekfiGfj:`bXiXe^ 9cfb8I(0#9XYXbXe K\c% '),($*)+)//#*)(+-'
Ac%>XkfkJlYifkf+(8 Bf[pXKXe^\iXe^ Lale^Y\ile^
:`bXiXe^ B\dXe^ G\ikfbfXe8JKFI
K\c% ')($/0'++,/#/0'))., :`dfe\ Ac%9XilB\dXe^#:`dXe^^l Ac%IXpXLale^Y\ile^BXm%*
IlbfD\i[\bX K\c% '),($,(*(-( B\Z%Lale^9\ile^
BXekfiGfjGfe[fb>\[\ Ac%D\i[\bX('( BfkXdX[pX9Xe[le^
Ac%B\c%AXk`dXbdli() KXe^\iXe^ 9Xe[le^ K\c% '))$./*)'/-#./'-)..
Gfe[fb>\[\ Ac%9lX_9XklEf%).-8
K\c% ')($/+/0++)# :`blgX 9Xe[le^+')-, :`ZX[Xj
/+00'+*) Ac%IXpXJ\iXe^Bd%(/#, K\c% '))$.*',0(0#.*'/)+- Ac%8_dX[PXeÈf%/)(
KXe^\iXe^ .*'0))0#.*'0**0 B\Z%:`ZX[Xj#Bf[pX9Xe[le^
Gfe[fb>\[\ K\c% ')($,0+')'+( =Xo% '))$.*'0*0*#.**(,-' K\c% '))$.)...+0
Bfdgc\bGcXqXGfe[fb>\[\ =Xo% '))$.)...+0
Ilbf9cfb8Ef%)' BXekfiGfjKXe^\iXe^ JlbXYld`
Gfe[fb>\[\#9\bXj` Ac%;XXeDf^fkEf%(( Ac%A\e[%Jl[ìdXeEf%*0 9Xe[le^Æ;Xilc?`bXd
KXe^\iXe^ JlbXYld`#AXnX9XiXk Ac%@i%?%AlXe[XEf%)/,
BXekfiGfj9\bXj`(.''' K\c% ')+,$*0()// K\c% ')--$))/*.*#))0.*0 9Xe[le^
Ac%CXgXe^XeJ\iYX^leX K\c% '))$),**00,
Ef%.#9\bXj`(.((* L@E JXcdXe@K9 =Xo% '))$),**00,
K\c% ')($//(*(00#//'/(-- Bfdgc\bDXja`[=Xk_lccX_ Ac%>\cXgEpXnXeÊf%+
L@EJpXi`]?`[XpXklccX_ 9Xe[le^+'(*) K<CBFDAXgXk`
K8E><I8E>&98EK<E Ac%@i%?%AlXe[X K\c% '))$),*',)(#),(',() Ac%AXgXkÈf%(#9Xe[le^
9J; :`glkXk#KXe^\iXe^(,+() ),(','/ K\c% '))$.)...)0
Ilbf9J;GcXqX =Xo% '))$),('+(. =Xo% '))$.)...0
Ac%IXpXJ\igfe^J\bkfi@M :XYXe^J\iXe^
BXm%;.J\igfe^ Ac%A\e[%Jl[ìdXeEf%*- :`_Xdg\cXj AXkèXe^fi
KXe^\iXe^(,*(' :`Z\i`#J\iXe^#9Xek\e Ac%:`_Xdg\cXjEf%)// BXdglj@ejk`klkDXeXa\d\e
K\c% ')($,*.('*-#,*.0.+0 K\c% '),+$))0()'&(/' 9Xe[le^+'(*( Bfg\iXj`@e[fe\j`X@BFG@E
=Xo% ')($,*.('*/ =Xo% '),+$))0(/( K\c% '))$)'*(-*)#)'*(-+) Ac%IXpXAXkèXe^fiBd%)'#,
=Xo% '))$)'+)*/) Jld\[Xe^

BXekfiGfjBfjXdY` KXj`bdXcXpX 9XepldXe`b 9i\Y\j
Ac%8%PXeÈf%)''#9Xe[le^ Ac%8_dX[PXeÈf%(,$(. Ac%JlbleIXpXEf%,. Ac%LjkX[8YYXjEf%)
K\c% '))$.*)'+(- KXj`bdXcXpX 9XepldXe`b#J\dXiXe^ 9i\Y\j
K\c% ')-,$*)+0'' K\c% ')+$.+./.,0 K\c% ')/*$-.**('
BXekfiGfj8cle$8cle =Xo% ')-,$*(')*+
Ac%8j`X8]i`bXEf%+0 BXekfiGfjAf_Xi K\^Xc
9Xe[le^ :`Xd`j Ac%G\dl[XEf%+#Af_Xi Ac%;`gfe\^fifEf%0/&/-
K\c% '))$+)'.'/( Ac%DI%@nXBljldXjfdXeki` J\dXiXe^ K\^Xc
Ef%0#:`Xd`j K\c% ')+$*,+*)/* K\c% ')/*$*,+/'.
:`c\^fe K\c% ')-,$...00/
Ac%8_dX[PXeÈf%(( BXekfiGfj;\dXb BXekfiGfj9\jXiG\bXcfe^Xe
:`c\^fe 9XeaXi Ac%>cX^X_NXe^Èf%,,( Ac%:\e[iXnXj`_Ef%(
K\c% '),+$*0+)/* Ac%G\^X[X`XeEf%./#9XeaXi 8cle$Xcle;\dXb G\bXcfe^Xe
=Xo% '),+$*0+0-- K\c% ')-,$.+,00( K\c% ')0($-/,()0 K\c%')/,$+)(..-
:ì\Yfe A8N8K<E>8? BXekfiGfjDiXe^^\e Jfcf

Ac%J`c`nXe^Èf%-' J\dXiXe^ Ac%IXpXJ\dXiXe^$ Ac%JcXd\kI`pX[Èf%*(+
:ì\Yfe Ac%Jf\^àfgiXefkfEf%(') Glinf[X[`DiXe^^\e Jfcf
K\c% ')*($)''/)/ J\dXiXe^,'(+( K\c% ')+$-.)')*' K\c% ').($.+*,+.$-'
=Xo% ')*($)'-/(. K\c% ')+$*,-+(*+#*,-+(*,$0 =Xo% ').($.+*+,,
=Xo% ')+$*,-,*.. BXekfiGfjB\e[Xc
:`gkf Ac%IXpXB\e[Xc))+ Jfcf
Ac%;i%:`gkfDXe^lebljldf DX^\cXe^ B\e[Xc Ac%BXgk%DlcpX[Èf%/.=
Ef%.#:ì\Yfe Ac%;X_XEf%,#DX^\cXe^ K\c% ')0+$*/((-- IlbfCfa`n\kXe#GXjXiBc`nfe
K\c% ')*($)((-,, K\c% ')0*$,,('((.#,,('((/ JliXbXikX
=Xo% ')*($)((-,, =Xo% ')0*$*-,(,, Le^XiXe K\c%').($--//,.#--//-.
Ac%DK%?Xipfef(' =Xo% ').($--*0*-
Bleè^Xe :\gl Le^XiXe
Ac%J`c`nXe^Èf%(+) Ac%G\dl[XEf%.'#:\gl K\c% ')+$-0)('') Glinfb\ikf
Bleè^Xe K\c% ')0-$+))-00 Bfdg%IlbfG\ièk`j
K\c% ')*)$/.0--+ =Xo% ')0-$+)).00 BXekfiGfj<icXe^^X B\d\i[\bXXeB`fjEf%*-
=Xo% ')*)$/.)+(/ Ac%@dXd9Xi[af(' Ac%G\ièk`jB\d\i[\bXXe
GXe[XeXiXe J\dXiXe^ B\c%Glinfb\ikfJ\cXkXe
BXekfiGfj:ì\Yfe Ac%GXe[XeXiXeEf%()- K\c% ')+$/*((,-) 9XepldXjAXnXK\e^X_
Ac%PfjJl[XijfEf%0 J\dXiXe^,')+( K\c% ')/($-+)*(,
:ì\Yfe K\c% ')+$/++,)/, G\bXcfe^Xe =Xo% ')/($-+)*++$+-
K\c% ')*($))()(' Ac%?XpXdNlilbEf%0
Le^XiXe G\bXcfe^Xe :`cXZXg
BXekfiGfjBleè^Xe Bfdgc\bDXja`[8^le^ K\c% ')/,$+)-/// Ac%@i%AlXe[XEf%*):`cXZXg
Ac%8%PXe`)#Bleè^Xe @jk`hfdX_ =Xo% ')/,$+),,// K\c% ')/)$,+.,0/
K\c% ')*)$/..')) Ac%;`gfe\^fifEf%*-
Le^XiXe,',(( G\dXcXe^ ;@P
:`Xeali K\c% ')+$-0),.0, Ac%A\e[\iXcJl[ìdXe Pf^pXbXikX
Ac%J`kÀ\eXYEf%)0 =Xo% ')+$-0),.0- Ef%/&('G\dXcXe^ Ac%BXgk%G`\i\K\e[\Xe
:`Xeali#AXnX9XiXk K\c% ')/+$*)+.-. Ef%,-IK',)&IN'((
K\c% ')-*$)/'0,( B\e[Xc NìfYiXaXePf^pXbXikX
=Xo% ')-*$)/'+,( Ac%IXpXB\e[XcEf%)+) 9XkXe^ K\c% ').+$+(+---
B\e[Xc Ac%8%PXeÈf%,/ =Xo% ').+$+(+)))
:XYXe^JlbXYld` K\c% ')0+$*/).'' 9XkXe^
Ac%A\e[%Jl[ìdXeEf%*0 =Xo%')0+$*/+/+* K\c% ')/,$.0'.,((
JlbXYld`
K\c% ')--$)+,///
=Xo% ')--$))/*.*

9Xeklc BXekfiGfjDfafb\ikf B\[ì` JXdXiè[X
IJLGBLDl_XddX[`pX_ Ac%8%PXeÈf%, Ac%?XjXel[èEf%)/IK Ac%GX_cXnXe9cfb=Ef%*
9Xeklc Dfafb\ikf '*&',B\c%;Xe[Xe^Xe JXdXiè[X.,(((
Ac%A\e[%Jl[ìdXeEf%()+ K\c%'*)($*)),+- B\[ì` K\c% ',+($.*,-0.
9Xeklc K\c% '*,+$-.(/'( =Xo% ',+($.*,-.+
K\c% ').+$*-//'( BXekfiGfjBi`Xe =Xo% '*,.$-.(/''
Ac%DX^\ijXiÈf%(#Bi`Xe 9fekXe^
L>D JliXYXpX GXi\ Ac%DK%?XipfefEf%+(
DXja`[BXdgljL>D K\c% '*($.'-+-*-( Ac%GXe^c`dX9\jXiJl[ìdXe 9fekXe^
Ac%=\i`ÔZ`Xc#9lcXbjldli Ef%+'#GXi\#B\[ì` K\c% ',+/$,(',0'-#,(',0'.
Pf^pXbXikX BXekfiGfjA\dli K\c% '*,+$*0''(- =Xo% ',+/$)(*))
K\c% ').+$,+/... Ac%A\dli8e[XpXe`.,
JliXYXpX B8C@D8EK8E98I8K DlcXnXidXe
L@@ K\c% '*($/+*-..' Gfek`XeXb >\[le^=<Le`m\ij`kXj
BXdgljK\igX[l#>\[le^ Ac%JlckXe8Y[liiX_dXe DlcXnXidXe
I\bkfiXkL@@ DXpa\eJle^bfef Ef%-)8#B\c%GXi`kKfbXpX Ac%KXeX_>if^fk
Ac%BXc`liXe^Bd%(+#+ Ac%DXpa\eJle^bfefEf%('. B\Z%Gfek`XeXbJ\cXkXe >lele^B\clX#JXdXiè[X
Pf^pXbXikX,,,/+ JliXYXpX Gfek`XeXb K\c% ',+($)'+(*-
K\c% '*($,---0/* K\c% ',-($.*(.,-#.*/-'+ =Xo% ',+($)'(**'
A8N8K@DLI =Xo% '*($,-)+0'+ =Xo% ',-($.*(*.,
JliXYXpX 9Xc`bgXgXe
Ac%IXpX;XidfEf%/( BXekfiGfjCXdfe^Xe J\ÀXn` Ac%A\e[%Jl[ìdXeEf%-$.
JliXYXpX-')-, Ac%B`JXid`[`DXe^le Ac%?XjXel[[èEf%-' Bfdg%BcXe[XjXeG\idX`
K\c% '*($,-(()*' JXibfifCXdfe^Xe Gfek`XeXb 9Xc`bgXgXe.-(()
=Xo% '*($,-../-( K\c% '*))$*((.*, K\c% ',-($../*', K\c% ',+)$.*(//(
=Xo%',-($../*', =Xo% ',+)$+)+-+*
DXjDXejpli BXekfiGfj9Xe^bXcXe
Ac%B?%DXjDXejpliEf%(+. Ac%KilefafpfEf%)8 B8C@D8EK8EK<E>8? B8C@D8EK8EJ<C8K8E
JliXYXpX-'(-) 9Xe^bXcXe-0((( GXcXe^bXiXpX BXekfiGfjKXeX_>if^fk
K\c% '*($*+,),'#*,,,',/ K\c% '*($*'000*/ Ac%;`gfe\^fifEf%)* Ac%A\e[%Jl[ìdXe*
=Xo% '*($*,,,',. B\c%CXe^bX` KXeX_>if^fk
DXcXe^ B\Z%GX_Xe[lk#GXcXe^bXiXpX K\c% ',+*$)()'(
>i\j`b Ac%BXn`8kXjEf%*-8 K\c% ',*-$).'0)#).+-)
Ac%BXikèÈf%(,'$(,) K\c% '*+($,,-')'$)( =Xo% ',*-$).)(/ 9XeaXidXjè
>i\j`b =Xo% '*+($,,-'(0 Ac%G%8ekXjXiÈf%(8
K\c% '*($*0//)** B8C@D8EK8EK@DLI B\c%G\bXgliXeCXlk
=Xo% '*($*0/+./+ B\gXea\e GXe[XeJXi` B\Z%9XeaXidXjèK`dli
Ac%BXnÈf%(-#B\gXea\e Ac%GXe[XeJXiÈf%)0 9XeaXidXjè
LE8@I DXcXe^ 9Xc`bgXgXe K\c% ',(($*)-+','#*)-+'+/
>\[le^8ZX[\d`Z9ljjè\jj K\c% '*+($*0*/'' K\c% ',+)$.*+.*-#.*.'(' =Xo% ',(($*)-+'+0
:\ek\iCk%)#=<LE8@I
Ac%8ìcXe^^XEf%+#JliXYXpX A\dY\i DlXiXIXgXb JXY`cXcDl_kX[è
K\c% '*($,+-')))#,+-**.* Ac%K9%Jl[ìdXeEf%*, Ac%Jf\bXief?XkkXBD%(&) Bfdg%DXja`[IXpXJXY`cXc
A\dY\i$AXnXK`dli Ef%('#DlXiXIXgXb Dl_kX[è
J`[fXiaf K\c% '**($+('+** 9Xc`bgXgXe Ac%A\e[%Jl[ìdXeEf%(
Ac%A\e^^fcfEf%0'8 =Xo% '**($+('+*) K\c% ',+)$.*,0*( 9XeaXidXjè
J`[fXiaf-()(0 K\c% ',(($**,)/0(
K\c% '*($/0,))*' 8dYlcl 9Xc`bgXgXeG\idX` =Xo% ',(($**,)/0(
Ac%CXe^^XiEf%,,8dYlcl Ac%A\e[%Jl[ìdXe
BXY%A\dY\i 9cfb8(Ef%.#9Xc`bgXgXe
K\c% '**-$//(((- G\idX`#9Xc`bgXgXe
K\c% ',+)$.*.-).

98C@ ;XpX DXi`jX DXjYX^`b
;\egXjXi Ac%G\ièk`jB\d\i[\bXXe Ac%KiXejJlcXn\jÈf%,. Bfdg%DXja`[AXd`Ë8c$8bYXi
Ac%G%;`gfe\^fifEf%)*/= Ef%(-,#B\Z%9ìè^bXeXpX Bfdg%G\ikXdèX>fifekXcf DXjYX^`b
JXe^cX_#;\egXjXi DXbXjjXi K\c% '++*$)('(.0 BXY%CfdYfbK`dli
K\c% '*-($)+.)+. K\c% '+(($,(+,.+ K\c% '*.-$-*(/0/$0
=Xo% '*-($)*,+)/ JLC8N<J@K<E>>8I8
G\e^XpfdXe B\e[Xi` KXc`nXe^
JLC8N<J@J<C8K8E Ac%G\e^XpfdXe Ac%JXdIXklcXe^` Ac%8_dX[PXeÈf%*.
DXbXjjXi Bfdg%DìX_=%/ B\Z%DXe[fe^X#B\e[Xi` B\c%JXdgìKXc`nXe^
Ac%JXdIXklcXe^Èf%.) B\Z%GXeXblbXe^ K\c% '+'($*)00'' K\c% '*.)$/(.(0
DXbXjjXi0'(.+ DXbXjjXi =Xo% '+'($*)0/0 =Xo% '*.)$/(./-
K\c%'+(($/*)... K\c% '+(($+**.,,
=Xo% '+(($/*)--- BfcXbX ELJ8K<E>>8I8K@DLI
BXekfiGfjG\kkXiXe` Ac%:_Xì`c8enXiEf%), BlgXe^
GXe^b\g Ac%8G%G\kkXiXe` BfcXbX Ac%Jf\bXiefEf%).#=fek\è
Ac%B\dXbdliXeEf%*( DXbXjjXi0'))) K\c% '+',$)*0+. BlgXe^
B\Z%GXe^bXa\e\ K\c% '+(($/**'*) =Xo% '+',$)*0+. K\c% '*/'$/)0,,-#/)0,,.
BXY%GXe^b\g =Xo% '*/'$/).*).
K\c% '+('$)(+'' >fifekXcf 9Xl$YXl
Ac%IXaX<pXkfEf%*,8 Ac%PfjJl[Xijf D8CLBLLK8I8
DXifj B\Z%BfkXJ\cXkXe#>fifekXcf GcXqXLdeXnfc`f#Ck%( K\ieXk\
Ac%A\e[iXcJl[ìdXeEf%(- K\c% '+*,$/*(.+. K\c% '+')$)),.. Ac%?XjXe<jXEf%(0
DXifj =Xo% '+*,$/*')-' =Xo% '+')$)),// B\c%KXbfdX#K\ieXk\
K\c% '+(($*.*0., K\c% '0)($,,...#)++,/
JLC8N<J@LK8I8 JLC8N<J@98I8K =Xo% '0)($,,---#)+--*
>fX DXeX[f DXdlal
Ac%B?%NX_`[?Xjp`dEf%(/- Ac%BXgk%G`\ii\K\e[\Xe Ac%BJ%KlYleEf%). AXpXgliX
Jle^ldèXjX#>fX Ef%('(#9flc\mXi[DXeX[f DXdlal IlbfGXj`ÔbG\idX`#9cfb:
K\c% '+(($//0)0+ K\c% '+*($/..../ K\c% '+)-$),((,+ **9cfb)#AXpXgliX
=Xo% '+*($/....0 =Xo% '+)-$)),.- K\c% '0-.$,,(...
JlcXn\j`ÆLGJGXcfgf =Xo% '0-.$,,(---
Ac%A\e[%Jl[ìdXeEf%*+ DXeX[f JLC8N<J@K<E>8?
GXcfgf Ac%IldXdYÈf%,9 GXcl G8GL8
K\c% '+.($*)--)* Bfdg%G\cXYl_Xe#DXeX[f Ac%KXeale^BXiXeÊf%) Jfife^
=Xo%'+.($)(*+0 K\c% '+*($/./,'+ Bfdg%IlbfDfe^èj`[Èf%( Ilbf?Xa`CXj\[Èf%+
=Xo% '+*($/./,'+ GXclJ\cXkXe#GXcl0+()- GXjXi9\ijXdX
GXeeXdgl K\c% '+,($+,.,,,&-/, Ac%A\e[%Jl[ìdXe#IK'(&'-
Ac%KèldYlIXpXEf%*0) BfkXDfYX^l =Xo% '+,($+,.--- B\c%DXcXn\`#Jfife^0/+(,
B\Z%KXccf#DXbXjjXi Ac%K\idèXcEf%(-* K\c% '0,($**)...
K\c% '+(($,',(,+' BfkXDfYX^l ELJ8K<E>>8I898I8K =Xo% '0,($**(---
K\c% '+*+$)-)0*00 DXkXiXd
8kk_ìX_ =Xo% '+*+$)-)0+00 Ac%CXe^bfEf%)/
Ac%BXafXcXc`[fEf%)) B\c%;XjXe8^le^
B\Z%Lale^GXe[Xe^ C`dYfkf B\Z%DXkXiXd
DXbXjjXi Ac%A\e[%Jl[ìdXeEf%0 K\c%'*.'$-+-'-'
K\c% '+(($*))0)0 Bfdg%D\eXiXB\X^le^Xe =Xo% '*.'$-+.).)
>fifekXcf
K\c% '+*,$//(+..

Tanggung Jawab Pelaporan Keuangan
Responsibility For Financial Reporting
CXgfiXekX_leXeY\i`blkcXgfiXeb\lXe^Xe[Xeè]fidXj`cXèpXe^k\ibX`k#d\ilgXbXekXe^^le^
aXnXYdXeXa\d\e9XebDlXdXcXk[Xe[àXdèb\Y\eXiXeepXfc\_j\clil_Xe^^fkX;ì\bj`[Xe;\nXe
Bfd`jXi`j[\e^Xed\dYlYl_bXekXe[XkXe^XeepXdXjè^$dXjè^[`YXnX_è`%
8eelXci\gfikXe[k_\XZZfdgXepè^ÔeXeZ`XcjkXk\d\ekjXe[i\cXk\[ÔeXeZ`Xcè]fidXk`fe#Xi\k_\
i\jgfej`Y`c`kpf]k_\DXeX^\d\ekf]k_\9XebDlXdXcXkXe[_Xm\Y\\eXggifm\[Ypd\dY\ijf]k_\
9fXi[f];ì\ZkfijXe[k_\9fXi[f]:fdd`jj`fe\ijn_fj\j`êXkli\jXgg\XiY\cfn%
Dewan Komisaris
Board of Commissioners
;ij%?%8YYXj8[_Xi ;ij%8lc`XGf_Xe#D%8 ;I%8_d\[8Y`jflifli

Bfd`jXi`jLkXdX Bfd`jXi`j Bfd`jXi`j
Gi\j`[\ek:fdd`jj`fe\i :fdd`jj`fe\i :fdd`jj`fe\i
Gif]%BfiblkFqXc ?%@jbXe[XiQlcbXieXè#J%<%D%J`
Bfd`jXi`j Bfd`jXi`j
:fdd`jj`fe\i :fdd`jj`fe\i
Direksi
Board of Directors
?%8%I`XnXe8dè#D%JZ @i%?%8im`pXe8i`Ôe @i%?%8e[`9lZ_Xi`#D%D%

;ì\bkliLkXdX ;ì\bkli ;ì\bkli
Gi\j`[\ek;ì\Zkfi ;ì\Zkfi ;ì\Zkfi
?%D%?`[XpXk#J%<%8b ;ij%L%JX\]l[èEf\i#D%J`
;ì\bkli ;ì\bkli
;ì\Zkfi ;ì\Zkfi


Laporan Keuangan
Financial Statement


PT BANK SYARIAH MUAMALAT INDONESIA Tbk
Laporan Auditor Independen Independent Auditors’ Report

Dan And
Laporan Keuangan The Financial Statements
Untuk Tahun-tahun Yang Berakhir For The Years Ended
Pada Tanggal 31 Desember 2008 On December 31, 2008
Dan 2007 And 2007
The original financial statements included herein are in Indonesian language
R.1/015/03/09 R.1/015/03/09
PT BANK SYARIAH MUAMALAT INDONESIA Tbk PT BANK SYARIAH MUAMALAT INDONESIA Tbk
NERACA BALANCE SHEETS
31 DESEMBER 2008 DAN 2007 DECEMBER 31, 2008 AND 2007
(Disajikan dalam ribuan Rupiah, (Expressed in thousands of Indonesian Rupiah,
kecuali data Saham) except share data)
CATATAN/
NOTES 2008 2007
Rp Rp
ASET ASSETS
KAS CASH
(Termasuk kas ATM per 31 Desember (Including cash in ATM as of December 31,
2008 dan 2007 masing-masing sebesar 2008 and 2007 amount of
Rp 4.741.940 dan Rp 3.861.875) 2a 227.098.427 173.671.330 Rp 4,741,940 and Rp 3,861,875)
PENEMPATAN PADA BANK INDONESIA 2a,2d,3 999.382.518 1.267.651.614 PLACEMENTS WITH BANK INDONESIA
GIRO PADA BANK LAIN 2a,2c,2e,4 175.757.271 47.110.141 CURRENT ACCOUNTS WITH OTHER BANKS
Penyisihan penghapusan (4.891.911) (471.101) Allowance for possible losses
Giro pada bank lain - bersih 170.865.360 46.639.040 Current accounts with other banks - net
GIRO PADA PT POS INDONESIA CURRENT ACCOUNTS WITH -

(PERSERO) 2a,2c,2e,5 81.427.467 64.530.326 PT POS INDONESIA (PERSERO)
Penyisihan penghapusan (814.275) (645.303) Allowance for possible losses
Giro pada PT Pos Indonesia (Persero) - Current accounts with PT Pos
bersih 80.613.192 63.885.023 Indonesia (Persero) - net
PENEMPATAN PADA BANK LAIN 2b,2c,2f,6,40 PLACEMENTS WITH OTHER BANKS

Pihak ketiga 49.699.550 62.899.550 Third parties
Pihak yang mempunyai hubungan
istimewa 1.451.322 1.451.322 Related party
Jumlah 51.150.872 64.350.872 Total placements with other banks
Penempatan pada bank lain - bersih 50.292.864 63.543.868 Placements with other banks - net
EFEK-EFEK 2c,2g,7 30.000.000 15.000.000 SECURITIES

Efek-efek - bersih 29.850.000 14.850.000 Securities - net
PIUTANG 2b,2c,2h,8,40 RECEIVABLES

Piutang murabahah Murabahah receivables
(setelah dikurangi pendapatan (net of deferred margin
margin ditangguhkan per 31 Desember income as of December31,
2008 dan 2007 masing - masing 2008 and 2007 amount
sebesar Rp 1.516.607.664 dan of Rp 1,516,607,664
Rp 1.213.994.773) and Rp 1,213,994,773)
Pihak ketiga 4.862.040.887 4.019.887.248 Third parties
istimewa 28.758.931 43.205.026 Related parties
Jumlah piutang murabahah 4.890.799.818 4.063.092.274 Total murabahah receivables
Piutang istishna 101.762.787 156.986.869 Istishna receivables
Piutang pendapatan ijarah 1.911.757 105.480 Ijarah receivables
Jumlah piutang 4.994.474.362 4.220.184.623 Total receivables

Penyisihan penghapusan (82.701.968) (125.985.949) Allowance for possible losses
Piutang - bersih 4.911.772.394 4.094.198.674 Receivables - net
PINJAMAN QARDH 2b,2c,2i,9,40 FUNDS OF QARDH

Jumlah pinjaman qardh 186.493.276 123.240.781 Total funds of qardh
Pinjaman qardh - bersih 184.257.542 122.018.070 Funds of qardh - net
Lihat Catatan atas Laporan Keuangan yang merupakan The accompanying notes form an integral part
bagian tidak terpisahkan dari laporan keuangan secara keseluruhan of these financial statements
i
R.1/015/03/09 R.1/015/03/09
NERACA (Lanjutan) BALANCE SHEETS (Continued)
CATATAN/
NOTES 2008 2007
Rp Rp
PEMBIAYAAN MUDHARABAH 2b,2c,2j,10,40 MUDHARABAH FINANCING

istimewa 405.518 924.888 Related parties
Jumlah pembiayaan mudharabah 1.943.158.681 2.377.257.793 Total mudharabah financing
Pembiayaan mudharabah - bersih 1.906.653.010 2.323.324.841 Mudharabah financing - net
PEMBIAYAAN MUSYARAKAH 2b,2c,2j,11,40 MUSYARAKAH FINANCING

Jumlah pembiayaan musyarakah 3.077.602.205 1.813.307.767 Total musyarakah financing
Pembiayaan musyarakah - bersih 3.045.839.065 1.768.580.721 Musyarakah financing - net
PENYERTAAN SAHAM 2b,2c,2k,12,41 INVESTMENT IN SHARES OF STOCK

Pihak ketiga - 143.230 Third parties
Jumlah penyertaan saham 41.559.263 41.238.467 Total investment in shares of stock
Penyisihan penghapusan (415.593) (1.015.234) Allowance for possible losses
Penyertaan saham - bersih 41.143.670 40.223.233 Investment in shares of stock - net
TAGIHAN AKSEPTASI 2l,13 ACCEPTANCES RECEIVABLE

Tagihan akseptasi 94.122.276 161.388.577 Acceptances receivable
Tagihan akseptasi - bersih 93.181.053 159.774.691 Acceptances receivable - net
ASET YANG DIPEROLEH UNTUK IJARAH 2m,14,40 ASSETS ACQUIRED FOR IJARAH
Nilai tercatat Carrying value
Akumulasi penyusutan (10.775.938) (29.300.937) Accumulated depreciation
Nilai buku 316.134.336 84.054.870 Net book value
ASET TETAP 2n,15 PREMISES AND EQUIPMENT

Nilai tercatat 179.005.173 147.887.979 Carrying value
Akumulasi penyusutan (89.581.702) (78.529.055) Accumulated depreciation
Aset tetap - nilai buku 89.423.471 69.358.924 Premises and equipment - net book value
ASET PAJAK TANGGUHAN 2z,21.d 12.044.440 9.373.960 DEFERRED TAX ASSETS

ASET LAIN-LAIN - BERSIH 2o,2p,16 438.164.031 267.929.593 OTHER ASSETS - NET
JUMLAH ASET 12.596.715.373 10.569.078.452 TOTAL ASSETS
ii
R.1/015/03/09 R.1/015/03/09
CATATAN/
NOTES 2008 2007
Rp Rp
KEWAJIBAN, LIABILITIES,
DANA SYIRKAH TEMPORER TEMPORARY SYIRKAH FUNDS
DAN EKUITAS AND STOCKHOLDERS' EQUITY
KEWAJIBAN LIABILITIES
KEWAJIBAN SEGERA 2q,17 141.987.137 75.974.642 CURRENT LIABILITIES
SIMPANAN 2b,2r,18,40 DEPOSITS

Giro wadiah Wadiah demand deposits
Jumlah giro wadiah 754.479.355 929.717.333 Total wadiah demand deposits
Tabungan wadiah 51.304.108 56.101.355 Wadiah saving deposits
Jumlah 805.783.463 985.818.688 Total
SIMPANAN DARI BANK LAIN 2s,40 13.005.080 20.434.749 DEPOSITS FROM OTHER BANKS
BAGI HASIL YANG BELUM DIBAGIKAN 20 30.488.743 28.441.535 UNDISTRIBUTED REVENUE SHARING
KEWAJIBAN AKSEPTASI 2l,13 94.122.276 161.388.577 ACCEPTANCES PAYABLE
HUTANG PAJAK 2z,21.a 32.040.077 30.718.339 TAXES PAYABLE
PINJAMAN YANG DITERIMA 22 100.244.349 154.012.311 FUND BORROWINGS
ESTIMASI KERUGIAN KOMITMEN ESTIMATED LOSSES ON COMMITMENTS

DAN KONTINJENSI 2c,23 5.221.460 2.851.590 AND CONTINGENCIES
KEWAJIBAN LAIN-LAIN 24 113.442.182 78.229.465 OTHER LIABILITIES
JUMLAH KEWAJIBAN 1.336.334.767 1.537.869.896 TOTAL LIABILITIES
DANA SYIRKAH TEMPORER 2b,2t,25,41 TEMPORARY SYIRKAH FUNDS

Bukan bank Non- banks
Tabungan mudharabah Mudharabah savings deposits
Jumlah tabungan mudharabah 3.869.993.643 3.351.678.118 Total mudharabah savings deposits
Deposito mudharabah Mudharabah time deposits

Jumlah deposito mudharabah 5.398.177.397 4.353.831.544 Total mudharabah time deposits
Jumlah dana syirkah temporer dari Total temporary syirkah funds from
bukan bank 9.268.171.040 7.705.509.662 non-banks
Bank Banks
Tabungan mudharabah 51.006.897 39.748.318 Mudharabah savings deposits
Deposito mudharabah 662.586.860 262.286.870 Mudharabah time deposits
Jumlah dana syirkah temporer dari bank 713.593.757 302.035.188 Total temporary syirkah funds from banks
Sukuk mudharabah subordinasi 312.436.175 177.500.000 Subordinated mudharabah bonds
JUMLAH DANA SYIRKAH TEMPORER 10.294.200.972 8.185.044.850 TOTAL TEMPORARY SYIRKAH FUNDS
iii
R.1/015/03/09 R.1/015/03/09
CATATAN/
NOTES 2008 2007
Rp Rp
EKUITAS STOCKHOLDERS' EQUITY

Modal saham - nilai nominal Rp 1.000 Capital Stock - par value of Rp 1,000 for
per saham seri A dan seri B, serta series A and B shares and
Rp 500 per saham seri C Rp 500 for series C shares
Modal dasar 106.126.382 saham Authorized - 106,126,382 series
seri A 59.203.453 saham seri B A shares, 59,203,453 series
dan 3.569.340.330 saham B shares and 3,569,340,330
seri C tahun 2008 dan 2007 series C shares in 2008 and 2007
Modal ditempatkan dan disetor Issued and fully paid - 106,126,382
penuh 106.126.382 saham series A shares, 59,203,453
seri A. 59.203.453 saham series B shares and 654,921,914
seri B. 654.921.914 saham seri C series C shares
tahun 2008 dan 2007 26 492.790.792 492.790.792 shares in 2008 and 2007
Tambahan modal disetor - bersih 27 132.498.258 132.498.258 Additional paid-in capital-net
Saldo laba 28 Retained earnings
Telah ditentukan penggunaannya
untuk cadangan umum 126.444.654 68.314.682 Appropriated
Belum ditentukan penggunaannya 214.445.930 152.559.974 Unappropriated
Jumlah Ekuitas 966.179.634 846.163.706 Total Stockholders' Equity
JUMLAH KEWAJIBAN, TOTAL LIABILITIES,

DAN EKUITAS 12.596.715.373 10.569.078.452 AND STOCKHOLDERS' EQUITY
iv
The original financial statements included herein are in Indonesian language.
R.1/015/03/09 R.1/015/03/09
LAPORAN LABA RUGI STATEMENTS OF INCOME (LOSS)
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
PADA TANGGAL 31 DESEMBER 2008 DAN 2007 DECEMBER 31, 2008 AND 2007
kecuali laba bersih per saham dasar) except for basic earnings per share)
CATATAN/
NOTES 2008 2007
Rp Rp
PENDAPATAN PENGELOLAAN DANA REVENUE FROM FUND

OLEH BANK SEBAGAI MUDHARIB 2u,29 MANAGEMENT AS MUDHARIB
Pendapatan dari penjualan 596.330.338 533.189.337 Revenue from sales
Pendapatan dari bagi hasil 655.175.753 545.077.345 Revenue sharing
Pendapatan dari ijarah - bersih 28.696.628 27.473.840 Revenue from Ijarah - net
Pendapatan usaha utama lainnya 40.702.149 59.579.032 Other operating revenue
Jumlah pendapatan pengelolaan dana oleh Total revenue from fund management
Bank sebagai mudharib 1.320.904.868 1.165.319.554 as Mudharib
HAK PIHAK KETIGA ATAS BAGI HASIL THIRD PARTIES' SHARE ON RETURNS
DANA SYIRKAH TEMPORER 2v,30 (515.423.413) (500.150.515) OF TEMPORARY SYIRKAH FUNDS
HAK BAGI HASIL MILIK BANK 805.481.455 665.169.039 BANK'S SHARE IN PROFIT SHARING
PENDAPATAN USAHA LAINNYA 2w,31 147.129.137 117.867.763 OTHER OPERATING REVENUE
BEBAN USAHA OTHER OPERATING EXPENSES

Beban kepegawaian 32 (136.812.606) (108.973.028) Employee
Beban umum dan administrasi 33 (397.236.094) (296.375.116) General and administrative
Beban penyisihan penghapusan aktiva Provision for possible losses on
produktif - bersih 34 (42.510.526) (113.634.036) earnings assets - net
Beban estimasi kerugian komitmen Provision for losses on commitments
dan kontinjensi 23 (2.369.870) (75.565) and contingencies
Beban bonus giro wadiah 2r (8.514.466) (4.075.334) Bonus on wadiah demand deposits
Beban lain-lain 35 (56.068.656) (38.534.533) Miscellaneous
Jumlah beban usaha (643.512.218) (561.667.612) Total other operating expenses
LABA USAHA 309.098.374 221.369.190 INCOME FROM OPERATIONS
PENDAPATAN NON USAHA 36 3.916.563 1.686.589 NON-OPERATING REVENUE
BEBAN NON USAHA 37 (11.846.290) (11.017.428) NON-OPERATING EXPENSE
LABA SEBELUM BEBAN PAJAK 301.168.647 212.038.351 INCOME BEFORE INCOME TAX
MANFAAT (BEBAN) PAJAK 2z,21.e INCOME TAX BENEFIT (EXPENSE)

Kini (96.628.241) (68.824.572) Current
Tangguhan 2.670.480 2.111.151 Deferred
Beban pajak penghasilan - bersih (93.957.761) (66.713.421) Income tax expense - net
LABA BERSIH 207.210.886 145.324.930 NET INCOME
LABA BERSIH PER SAHAM DASAR 2ab 252,62 177,17 BASIC EARNINGS PER SHARE
v
R.1/015/03/09 R.1/015/03/09
LAPORAN PERUBAHAN EKUITAS STATEMENTS OF STOCKHOLDERS' EQUITY
(Disajikan dalam ribuan Rupiah) (Expressed in thousands of Indonesian Rupiah)
Saldo Laba/
Modal Saham Tambahan Retained earnings Jumlah
Ditempatkan dan Modal Disetor - Telah Belum Ekuitas/
Disetor Penuh/ Bersih/ Ditentukan Ditentukan Total
Catatan/ Issued and Additional paid- Penggunaannya/ Penggunaannya/ Stockholders'
Notes fully paid in capital- net Appropriated Unappropriated Equity
Rp Rp Rp Rp Rp
Saldo per 31 Desember 2006 492.790.792 132.498.258 45.559.662 115.592.280 786.440.992 Balance as of December 31, 2006
Pembentukan cadangan umum 28 -- -- 22.755.020 (22.755.020) - Appropriation for general reserve
Dividen kas 28 -- -- -- (85.602.216) (85.602.216) Cash dividend
Laba bersih tahun 2007 -- -- -- 145.324.930 145.324.930 Net income for 2007
Pembentukan cadangan umum 28 -- -- 58.129.972 (58.129.972) - Appropriation for general reserve
Dividen kas 28 -- -- -- (87.194.958) (87.194.958) Cash dividend
Laba bersih tahun 2008 -- -- -- 207.210.886 207.210.886 Net income for 2008
vi
R.1/015/03/09 R.1/015/03/09
LAPORAN ARUS KAS STATEMENTS OF CASH FLOWS
CATATAN/
NOTES 2008 2007
Rp Rp
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERATING

OPERASI ACTIVITIES
Penerimaan pendapatan pengelolaan 1.325.426.321 1.145.026.616 Revenue receipt from fund
Pembayaran bagi hasil dana syirkah Payment of temporary
temporer (513.376.205) (498.722.137) syirkah funds
Penerimaan pendapatan usaha Receipt from other operating
lainnya 164.961.543 107.792.296 revenue
Penerimaan kembali piutang Receipt from receivables and
dan pembiayaan yang telah and financing already
dihapusbukukan 7,9 8.910.694 3.404.417 written-off
Pembayaran beban kepegawaian (108.040.191) (89.889.734) Payments for employee expenses
Pembayaran beban usaha Payments for other operating
lainnya (611.215.871) (339.708.151) expenses
Pembayaran pajak penghasilan (96.628.241) (49.283.351) Payments of income taxes
Penerimaan pendapatan non usaha 3.639.502 1.073.111 Receipts from non operating income
Payments for non operating
Pembayaran beban non usaha (16.897.269) (11.188.828) expenses
Arus kas dari operasi sebelum Cash flows from operating activities
156.780.283 268.504.239 assets and liabilities
Penurunan (kenaikan) aktiva Decrease (increase) in operating

operasi : assets:
Penempatan pada Bank Indonesia 445.000.000 260.000.000 Placements with Bank Indonesia
Penempatan pada Bank Lain 13.251.004 (41.000.000) Placements with other banks
Piutang (774.289.740) (909.658.674) Receivables
Piutang Qardh (63.252.495) (88.805.112) Qardh receivables
Pembiayaan Mudharabah 434.099.112 11.360.516 Mudharabah financing
Pembiayaan Musyarakah (1.264.294.437) (950.572.894) Musyarakah financing
Penyertaan (320.796) (34.560.986) Stock of investments
Aktiva yang diperoleh untuk Assets acquired for
Ijarah - bersih (213.554.467) (39.443.003) Ijarah - net
Aktiva lain-lain (124.025.303) (215.111.420) Other assets
Kenaikan (penurunan) kewajiban Increase (decrease) in
operasi : in operating liabilities:
Kewajiban segera 66.012.495 26.846.674 Current liabilities
Simpanan (180.035.225) 281.721.250 Deposits
Simpanan dari bank lain (7.429.669) (3.264.641) Deposits from other banks
Hutang pajak 1.321.738 (7.220.233) Taxes payable
Kewajiban lain-lain (32.053.584) 164.748.573 Other liabilities
Kas Bersih Digunakan untuk
Aktivitas Operasi (1.542.791.084) (1.276.455.711) Net Cash Used in Operating Activities
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING

INVESTASI ACTIVITIES
Penjualan (pembelian) efek tersedia Sale( purchase) of available
untuk dijual dan dimiliki hingga for sale and held to
jatuh tempo (15.000.000) - maturity securities
Hasil penjualan Proceeds from sale of premises
aktiva tetap 14 277.061 613.478 and equipment
Pembelian aktiva Acquisition of premises
tetap 14 (34.976.911) (24.664.170) and equipment
Kas Bersih Digunakan untuk
Aktivitas Investasi (49.699.850) (24.050.692) Net Cash Used in Investing Activities
vii
R.1/015/03/09 R.1/015/03/09
LAPORAN ARUS KAS (Lanjutan) STATEMENTS OF CASH FLOWS (Continued)
CATATAN/
NOTES 2008 2007
Rp Rp
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING

PENDANAAN ACTIVITIES
Kenaikan dana syirkah temporer 1.796.719.948 1.680.452.772 Increase in temporary syirkah funds
Pembayaran dividen tunai (87.194.958) (85.602.217) Payments of cash dividend
Pembayaran pinjaman (53.767.962) (25.568.950) Payments of fund borrowings
Penerimaan sukuk mudharabah Receipt of subordinated
subordinasi 25 312.436.175 - mudharabah bonds
Arus Kas Bersih Diperoleh dari Net Cash Provided by
Aktivitas Pendanaan 1.968.193.203 1.569.281.605 Financing Activities
KENAIKAN BERSIH KAS DAN NET INCREASE IN CASH AND

SETARA KAS 375.702.269 268.775.202 CASH EQUIVALENTS
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS AT
PADA AWAL TAHUN 897.963.411 629.188.209 AT BEGINNING OF YEAR
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS AT
PADA AKHIR TAHUN 1.273.665.680 897.963.411 END OF YEAR
Kas dan Setara Kas Akhir Tahun Cash and Cash Equivalents at end
terdiri dari: of year consist of:
Kas 227.098.427 173.671.330 Cash
Giro pada Bank Indonesia 789.382.515 612.651.614 Current Accounts with Bank Indonesia
Giro pada bank lain 175.757.271 47.110.141 Current Accounts with other banks
Giro pada bank PT Pos Indonesia (Persero) 81.427.467 64.530.326
Jumlah 1.273.665.680 897.963.411 Total
viii
R.1/015/03/09 R.1/015/03/09
LAPORAN PERUBAHAN DANA INVESTASI TERIKAT STATEMENTS OF CHANGES IN RESTRICTED INVESTMENTS
(Dinyatakan dalam ribuan Rupiah) (Expressed in thousands of Indonesian Rupiah)
2008 2007
Rp Rp
Saldo Awal 1.447.622 683.785 Balance at beginning of year
Penambahan dana investasi terikat - 1.825.000 Additions to restricted investments
Keuntungan investasi 301.950 488.690 Profit from investments
Bagian keuntungan dan imbalan (8.175) (32.078) Bank's share in the profits from investments
untuk Bank and the Bank agent fees
Biaya yang dapat dikurangkan (8.512) (62.388) Deductible expenses
Penarikan dana investasi terikat (1.276.885) (1.455.387) Withdrawal of restricted investments
Saldo Akhir 456.000 1.447.622 Balance at end of year
ix
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
Pada Tanggal 31 Desember 2008 Dan 2007 December 31, 2008 And 2007
kecuali dinyatakan lain) except otherwise stated)
1. UMUM 1. GENERAL
a. Latar Belakang a. Background
PT Bank Syariah Muamalat Indonesia Tbk (“Bank”) PT Bank Syariah Muamalat Indonesia Tbk (the
didirikan di Republik Indonesia pada tanggal “Bank”) was established in Indonesia based on
1 Nopember 1991 berdasarkan akta Notaris Yudo notary deed No. 1 dated November 1, 1991 of
Paripurno, S.H., No. 1. Akta pendirian ini telah Yudo Paripurno, S.H. The deed of establishment
disahkan oleh Menteri Kehakiman Republik was approved by the Minister of Justice in his
Indonesia dalam Surat Keputusan decision letter No. C2-2413.HT.01.01.Th.92 dated
No. C2-2413.HT.01.01.Th.92 tanggal 21 Maret 1992 March 21, 1992 and was published in Supplement
dan diumumkan dalam Berita Negara No. 34 No. 1919A of State Gazette No. 34 dated April 28,
tanggal 28 April 1992, Tambahan No. 1919A. 1992. The articles of association have been
Anggaran dasar Bank telah mengalami beberapa amended from time to time, most recently by
kali perubahan, terakhir dengan perubahan yang notary deed No. 237 dated April 28, 2005 of Yudo
didokumentasikan dalam akta Notaris Yudo Paripurno, S.H., which was revised by notary deed
Paripurno, S.H., No. 237 tanggal 28 April 2005, No. 150 dated September 27, 2005 concerning the
yang kemudian direvisi dengan akta notaris No. 150 change in the Bank’s authorized capital stock. The
tanggal 27 September 2005 khususnya mengenai latest amendment was approved by the Minister of
perubahan modal dasar Bank. Perubahan tersebut Justice and Human Rights of the Republic of
telah disahkan oleh Menteri Kehakiman dan Hak Indonesia in his decision letter No. C-
Asasi Manusia Republik Indonesia dengan Surat 32981.HT.01.04.TH.2005 dated December 13,
Keputusan No. C-32981.HT.01.04.TH.2005 tanggal 2005 and was published in Supplement No. 1633
13 Desember 2005, serta telah diumumkan dalam of State Gazette No. 13, dated February 14, 2006.
Berita Negara Republik Indonesia No. 13 Tambahan
No. 1633, tanggal 14 Pebruari 2006.
Sesuai dengan pasal 3 anggaran dasar Bank yang In accordance with article 3 of the Bank’s articles
terakhir, ruang lingkup kegiatan Bank adalah of association, the scope of its activities is to
menyelenggarakan usaha perbankan dengan prinsip conduct commercial banking activities based on
Syariah. Islamic Sharia principles.
Berdasarkan Surat Keputusan Menteri Keuangan The Bank was granted a license to conduct
Republik Indonesia No. 430/KMK.013/1992 tanggal commercial banking activities by the Minister of
24 April 1992, Bank telah memperoleh izin untuk Finance of the Republic of Indonesia in his decision
beroperasi sebagai bank umum. Bank memulai letter No. 430/KMK.013/1992 dated April 24, 1992.
aktivitas operasinya sebagai bank pada tanggal The Bank started its commercial operations on
1 Mei 1992. Berdasarkan Surat Keputusan Menteri May 1, 1992. Based on the decision letter
Keuangan No. 131/KMK.017/1995 tanggal 30 Maret No. 131/KMK.017/1995 dated March 30, 1995 of
1995, Bank dinyatakan sebagai Bank yang the Minister of Finance of the Republic of
beroperasi dengan sistem bagi hasil. Bank secara Indonesia, the Bank was declared as a bank that
resmi beroperasi sebagai Bank Devisa sejak tanggal operates under a revenue-sharing system. The
27 Oktober 1994 berdasarkan Surat Keputusan Bank was granted the approval to operate as a
Direksi Bank Indonesia No. 27/76/KEP/DIR. foreign exchange commercial bank by the Director
of Bank Indonesia in his letter No. 27/76/KEP/DIR
dated October 27, 1994.
Kantor pusat Bank berlokasi di Gedung Arthaloka, The Bank’s head office is located in Arthaloka
Jalan Jenderal Sudirman No. 2, Jakarta 10220. Building, Jl. Jenderal Sudirman No. 2, Jakarta
Pada tanggal 31 Desember 2008 Bank memiliki 10220. As of December 31, 2008, the Bank has
52 cabang, 9 cabang pembantu, 99 kantor kas, 52 branches, 9 sub-branches, 99 cash offices,
43 gerai, 21 unit pelayanan Syariah, dan 43 counters, 21 Sharia service units and
3.063 SOPP Pos. 3,063 SOPP Posts.
1
1. UMUM (Lanjutan) 1. GENERAL (Continued)
Pada tanggal 16 Juni 2000, Bank mendirikan On June 16, 2000, the Bank established the Baitul
Yayasan Baitul Maal Muamalat yang risalah Maal Muamalat Foundation based on notary deed
pendiriannya didokumentasikan dalam akta Notaris No. 76 dated December 22, 2000 of Atrino
Atrino Leswara, S.H., No. 76 tanggal 22 Desember Leswara, S.H. One of the business units under this
2000. Salah satu unit usaha yayasan tersebut foundation is the Zakah Management Board
adalah Lembaga Amil Zakat (LAZ) yang telah (Lembaga Amil Zakat), which has been approved
disahkan sebagai Badan Amil Zakat Nasional by the Minister of Religious Affairs of the Republic
(BAZNAS) pada tanggal 7 November 2001 oleh of Indonesia to operate as a National Zakah
Departemen Agama dengan surat No. 481/2001. Management Board (Badan Amil Zakat Nasional) in
Tujuan pendirian Baitul Maal Muamalat ini adalah his letter No. 481/2001 dated November 7, 2001.
untuk mendorong terwujudnya manajemen zakat, The objective of the establishment of Baitul Maal
infaq dan shadaqah yang lebih efektif sebagai Muamalat is to accelerate the effective
cerminan kepedulian sosial. Bank menyalurkan management of zakah, infaq, and shadaqah. The
penerimaan zakat dan dana Qardhul Hasan kepada zakah and Qardhul hasan funds received by the
Lembaga Amil Zakat tersebut, sehingga Bank tidak Bank are channeled to the Zakah Management
secara langsung menjalankan fungsi pengelolaan Board. Therefore, the Bank is not directly involved
dana zakat, infaq dan shadaqah dan dana Qardhul in the management of zakah, infaq, shadaqah and
Hasan. Qardhul Hasan funds.
Berdasarkan keputusan RUPS tanggal 25 April 2006 Based on Minutes of General Shareholders
yang risalah rapatnya didokumentasikan dalam akta Meeting, dated April 25, 2006 and dictated on
notaris No. 100 tentang Berita Acara Rapat Umum Notary Act No. 100 Agenda of Annual General
Pemegang Saham Tahunan PT Bank Syariah Shareholders Meeting of PT Bank Syariah
Muamalat Indonesia Tbk, oleh notaris Arry Muamalat Indonesia Tbk, noted by Arry Supratno,
Supratno, S.H., disetujui untuk mendirikan atau S.H., it has been approved to establish or to
turut serta mendirikan perusahaan baru (subsidiary participate in establishing a new company
company). (subsidiary company).
Pada tanggal 4 Nopember 2006, Bank bersama- On November 4, 2006, Bank in cooperation with
sama dengan Boubyan Bank (Kuwait) dan Boubyan Bank of Kuwait and International Leasing
International Leasing & Investment Company & Investment Company of Kuwait signed a Joint
(Kuwait) menandatangani Joint Venture Agreement Venture Agreement to establish PT Ijarah
pendirian PT Ijarah Indonesia Finance dengan Indonesia Finance with paid up capital of
modal dasar Rp 105.000.000 dengan komposisi Rp 105,000,000 consisting of Rp 35,000,000
masing-masing pihak Rp 35.000.000 atau 33,3%. stemming from each party or 33.3% for each
Risalah pendirian PT Ijarah Indonesia Finance party. The establishment of PT Ijarah Indonesia
didokumentasikan dalam akta notaris Arry Finance was noted in notary deed No. 90 dated
Supratno, S.H., No. 90 tanggal 12 Desember 2006 December 12, 2006 of Arry Supratno, S.H. and was
kemudian mengalami perubahan dengan akta granted a license to conduct activities by the
notaris Arry Supratno, S.H., No. 204 tanggal 26 Minister of Finance of the Republic of Indonesia in
April 2007 tentang perubahan nama perseroan his decision letter No. KEP-101/KM.10/2007
menjadi PT Al Ijarah Indonesia Finance. PT Al dated May 14, 2007 concerning licenses as
Ijarah Indonesia Finance memperoleh izin usaha financing association and its revision No. KEP-
sebagai lembaga pembiayaan berdasarkan Surat 119/KM.10/2007 dated June 28, 2007 concerning
Keputusan Menteri Keuangan Republik Indonesia the change of the company’s legal name from
No. KEP-101/KM.10/2007 tanggal 14 Mei 2007 dan PT Ijarah Indonesia Finance into PT Al Ijarah
perubahannya No. KEP-119/KM.10/2007 tanggal Indonesia Finance.
28 Juni 2007.
2
Tujuan pendirian PT Al Ijarah Indonesia Finance The purpose of the establishment of PT Al Ijarah
adalah melakukan usaha dalam bidang Lembaga Indonesia Finance is to conduct business in
Pembiayaan berdasarkan prinsip-prinsip Syariah Financing Association based on sharia principle
(Islamic Multi Finance). Bank telah menyetorkan (Islamic Multi Finance). Bank paid its capital on
modalnya pada tanggal 26 Maret 2007 (Catatan March 26, 2007 (Note 12).
12).
c. Penawaran Umum Saham, Obligasi Syariah I c. The Bank’s Public Offering of Shares,
Subordinasi dan Sukuk Subordinasi Subordinated Sharia I Bonds and
Mudharabah Subordinated Mudharabah Bonds
Penawaran Umum Saham The Bank’s Public Offering of Shares
Pada tahun 1993, Bank melakukan Penawaran In 1993, the Bank conducted an initial public
Umum saham sejumlah 2.489.090 saham dengan offering of 2,489,090 shares with a par value of
nilai nominal Rp 1.000 (dalam Rupiah penuh) per Rp 1,000 (full amount) per share. The Bank
saham. Dalam rangka penawaran umum ini, Bank received the notice of effectiveness for the initial
telah mendaftarkan diri sebagai perusahaan publik public offering from the Capital Market Supervisory
pada Badan Pengawas Pasar Modal (BAPEPAM) Agency (BAPEPAM) in its letter
dengan No. S-1860/PM/1993 tanggal 28 Oktober No. S-1860/PM/1993 dated October 28, 1993.
1993.
Dalam Rapat Umum Pemegang Saham Luar Biasa During the extraordinary general meeting of
Bank yang risalah rapatnya didokumentasikan stockholders, of which minutes of meeting were
dalam akta Notaris Yudo Paripurno, S.H., No. 45, notarized under deed No. 45 of Yudo Paripurno,
tanggal 22 Juni 1998 para pemegang saham telah S.H., dated June 22, 1998, the stockholders
menyetujui untuk menerbitkan saham baru Seri B approved the issuance of 172,504,936 B Series
sebanyak 172.504.936 saham dengan harga shares at an offering price of Rp 1,025 (full
penawaran Rp 1.025 (dalam Rupiah penuh) per amount) per share through Rights Issue I. The
saham, melalui Penawaran Umum Terbatas I Bank received the notice of effectiveness for the
dengan Hak Memesan Efek Terlebih Dahulu (Rights rights issue from the Chairman of the Capital
Issue). Penawaran Umum Terbatas I dengan Hak Market Supervisory Agency (BAPEPAM) in his letter
memesan Efek Terlebih Dahulu ini telah dinyatakan No. S-1265/PM/98 dated June 19, 1998.
efektif oleh Ketua BAPEPAM dengan suratnya No.
S-1265/PM/98 pada tanggal 19 Juni 1998.
Bank yang risalah rapatnya didokumentasikan stockholders, of which minutes of meeting were
dalam akta Notaris Yudo Paripurno, S.H. No. 21 notarized under deed No. 21 of Yudo Paripurno,
tanggal 22 Juni 2000, para pemegang saham telah S.H., dated June 22, 2000, the stockholders
menyetujui penambahan modal sebanyak 400.000 approved the issuance of 400,000 shares or at
lembar saham atau sebanyak-banyaknya 5% dari maximum of 5% of the total issued and fully paid
jumlah seluruh saham Bank yang telah ditempatkan shares through capital increase without pre-
dan disetor penuh melalui mekanisme penambahan emptive rights.
modal tanpa Hak Memesan Efek Terlebih Dahulu.
3
yang risalah rapatnya didokumentasikan dalam akta stockholders, of which minutes of meeting were
notaris Yudo Paripurno, S.H., No. 29 tanggal 28 Mei notarized under deed No. 29 dated May 28, 2002
2002, para pemegang saham menyetujui of Yudo Paripurno, S.H., the stockholders approved
penerbitan saham Seri C dengan nilai nominal the issuance of C Series shares with par value of
Rp 500 (dalam Rupiah penuh) dengan hak suara Rp 500 (full amount) per share, with the same
dan hak dividen yang sama dengan saham Seri A voting and dividend rights as A Series and B Series
dan B, berkaitan dengan rencana peningkatan shares. Therefore, the stockholders approved the
modal disetor Bank melalui proses Hak Memesan amendment of the Bank’s articles of association
Efek Terlebih Dahulu. Sehubungan dengan itu para concerning authorized capital stock.
pemegang saham menyetujui mengubah anggaran
dasar Bank yaitu ketentuan yang mengatur tentang
modal dan saham.
yang risalah rapatnya didokumentasikan dalam Akta stockholders, of which minutes of meeting were
Notaris Yudo Paripurno, S.H., No. 28 tanggal notarized under deed No. 28 of Yudo Paripurno,
29 Oktober 2002, para pemegang saham S.H., dated October 29, 2002, the stockholders
menyetujui peningkatan modal ditempatkan dan approved the increase in paid-in capital through
disetor penuh melalui Penawaran Umum Terbatas the ssuance of up to a maximum of 276,975,502
II saham Seri C sebanyak-banyaknya 276.975.502 C Series shares amounting to Rp 138,487,781
saham, senilai Rp 138.487.781 melalui proses Hak through preemptive Rights Issue II. The
Memesan Efek Terlebih Dahulu (Rights Issue). stockholders exercised their rights to acquire
Jumlah saham Seri C yang terjual melalui PUT II additional 208,727,863 C Series shares with par
ini sebesar 208.727.863 lembar saham dengan value of Rp 500 (full amount) per share during the
harga saham Rp 500 (dalam Rupiah penuh). Rights Issue II. As a result of the increase in the
Penjualan tersebut sekaligus merubah pasal 4 paid-in capital, Article 4 of the articles of
anggaran dasar yang berkaitan dengan peningkatan association was amended, as stated in notary deed
modal ditempatkan dan disetor penuh seperti No. 19 dated May 21, 2003 of Yudo Paripurno, S.H.
dinyatakan dalam Akta Notaris Yudo Paripurno,
S.H., No. 19 tanggal 21 Mei 2003.
yang risalah rapatnya didokumentasikan dalam akta stockholders, of which minutes of meeting were
notaris Arry Supratno, S.H., No. 237 tanggal notarized under deed No. 237 dated April 28, 2005
28 April 2005, para pemegang saham menyetujui of Arry Supratno, S.H., the stockholders approved
peningkatan modal ditempatkan dan disetor penuh the issuance of C Series shares through Preemptive
melalui Penawaran Umum Terbatas III (PUT III) Rights Issue III up to a maximum of 498,743,597
Bank Muamalat dengan Hak Memesan Efek Terlebih shares with per value of Rp 500 (full amount) per
Dahulu atas Saham Seri C dengan nilai nominal share, with an offering price of Rp 800 (full
Rp 500 (dalam Rupiah penuh) per lembar saham amount) per share. As the consequence, the
dan dengan harga penawaran Rp 800 (dalam stockholders agreed to change article 4 of the
Rupiah penuh) per lembar saham serta dengan Bank’s articles of Association, concerning
jumlah sebanyak-banyaknya 498.743.597 lembar authorized capital stock from Rp 1,000,000,000 to
saham. Sehubungan dengan penambahan Saham Rp 2,000,000,000, which was subsequently revised
Seri C ini, pemegang saham menyetujui perubahan to become Rp 1,950,000,000 by notary deed No.
ayat 4 dari anggaran dasar Bank yang berkaitan 150 dated September 27, 2005 of Arry Supratno,
dengan peningkatan jumlah modal dasar dari S.H.
Rp 1.000.000.000 menjadi Rp 2.000.000.000 yang
kemudian diperbaiki menjadi Rp 1.950.000.000
berdasarkan akta notaris Arry Supratno S.H.,
No. 150 tanggal 27 September 2005.
4
Jumlah Saham Seri C yang terjual melalui PUT III The total amount of C Series shares issued from
tersebut berjumlah 446.194.051 lembar saham this rights issue was 446,194,051 shares, of which
dengan rincian 97.093.489 lembar saham kepada 97,093,489 shares were bought by existing
pemegang saham lama dan 349.100.562 lembar shareholders and 349,100,562 shares were bought
saham kepada pembeli siaga. Penambahan modal by standby buyers. Total increase in additional
yang diperoleh melalui PUT III tersebut adalah capital was Rp 223,097,025 and additional part-in
berjumlah Rp 223.097.025 disertai Agio sejumlah capital was Rp 133,858,215 from this rights issue.
Rp 133.858.215.
Bank tidak mencatatkan sahamnya pada Bursa Efek The Bank has not listed its shares in the Indonesia
Indonesia. Stock Exchange.
Penawaran Umum Obligasi Syariah The Public Offering of Subordinated Sharia I

Subordinasi I Bonds
Pada tanggal 30 Juni 2003 Bank memperoleh On June 30, 2003, the Bank received the notice of
pernyataan efektif dari Ketua BAPEPAM melalui effectiveness from the Chairman of the Capital
surat No. S-1568/PM/2003 untuk melakukan Market Supervisory Agency (BAPEPAM) in his letter
penawaran umum obligasi Syariah I subordinasi No. S-1568/PM/2003 for the issuance of
kepada masyarakat dengan nilai nominal Subordinated Sharia I Bonds with a total nominal
Rp 200.000.000. Bursa Efek Surabaya (BES) melalui value of Rp 200,000,000. The listing of the
surat No. JKT-042/LIST/BES/VII/2003 tanggal Subordinated Sharia I Bonds was approved by the
17 Juli 2003 telah menyetujui pencatatan obligasi Surabaya Stock Exchange in its letter
tersebut di BES dan mulai diperdagangkan tanggal No. JKT-042/LIST/BES/VII/2003 dated July 17,
21 Juli 2003. Sisa dana obligasi syariah subordinasi 2003. The Bonds have been listed in the Surabaya
sebesar Rp 177.500.000 telah dilunasi pada tanggal Stock Exchange since July 21, 2003. Balance of
15 Juli 2008. Subordinated sharia bonds amounting to
Rp 177,500,000 was fully repaid on July 15, 2008.
Penawaran Umum Sukuk Subordinasi The Public Offering of Subordinated

Mudharabah Mudharabah Bonds
Pada tanggal 30 Juni 2008 Bank memperoleh On June 30, 2008, the Bank received the notice of
pernyataan efektif dari Ketua BAPEPAM dan effectiveness from the Chairman of the Capital
Lembaga Keuangan melalui surat No. S- Market Supervisory and Financial Institution
4216/BL/2008 untuk melakukan penawaran umum Agency (BAPEPAM LK) in its letter
sukuk subordinasi mudharabah kepada masyarakat No. S-4216/BL/2008 for the issuance of
dengan nilai nominal Rp 400.000.000. Bursa Efek Subordinated Mudharabah Bonds with a total
Indonesia (BEI) melalui surat nominal value of Rp 400,000,000. The listing of the
No. S-03825/BEI.PSU/07-2008 tanggal 9 Juli 2008 Subordinated Mudharabah Bond was approved by
telah menyetujui pencatatan sukuk subordinasi the Indonesia Stock Exchange in its letter
mudharabah dengan jumlah dana sukuk sebesar No. S-03825/BEI.PSU/07-2008 dated July 9, 2008
Rp 314.000.000 di BEI dan mulai diperdagangkan with total amount of Rp 314,000,000. The Bonds
tanggal 11 Juli 2008. have been traded at the Indonesia Stock Exchange
from July 11, 2008.
5
Dewan Komisaris, Dewan Direksi, Dewan The Board of Commissioners, Board of

Pengawas Syariah, Komite Audit dan Directors, Sharia Supervisory Board, Audit
Karyawan Committee and Employees
Berdasarkan keputusan Rapat Umum Pemegang Based on the minutes of the annual general
Saham Tahunan tanggal 25 April 2007 dan meeting of the stockholders held on April 25, 2007
25 April 2006 yang risalah rapatnya masing-masing and April 25, 2006, of which minutes of meeting
didokumentasikan dalam akta notaris No. 198, were notarized under deeds No. 198, No. 100 and
No. 100 dan No. 236 oleh Arry Supratno, S.H., dan No. 236 of Arry Supratno, S.H., and Yudo
Yudo Paripurno, S.H., susunan Dewan Komisaris, Paripurno, S.H., the composition of the Bank’s
Dewan Direksi dan Dewan Pengawas Syariah Bank Board of Commissioners, Board of Directors and
pada tanggal 31 Desember 2008 dan 2007, masing- Sharia Supervisory Boards as of December 31,
masing adalah sebagai berikut: 2008 and 2007, respectively, are as follows:
Dewan The Board of

Komisaris 2008 2007 Commissioners
Komisaris President
Utama Drs. H. Abbas Adhar Drs. H. Abbas Adhar Commissioner
Komisaris Prof. Korkut Ozal Prof. Korkut Ozal Commissioner
Komisaris Dr. Ahmed Abisourour Dr. Ahmed Abisourour Commissioner
Komisaris Drs. Aulia Pohan, M.A. Drs. Aulia Pohan, M.A. Commissioner
Komisaris H. Iskandar Zulkarnain, S.E., M.Si. H. Iskandar Zulkarnain, S.E., M.Si. Commissioner
Bank belum menunjuk Komisaris Independen. The Bank has not appointed independent commissioner.
2008 2007
The Board of
Dewan Direksi Directors
Direktur Utama H.A. Riawan Amin, M.Sc. H.A. Riawan Amin, M.Sc. President Director
Direktur Bisnis Policy Business Policy and
dan Support Ir. H. Arviyan Arifin Ir. H. Arviyan Arifin Support Director
Direktur Kepatuhan H. M. Hidayat, S.E., Ak. H. M. Hidayat, S.E., Ak. Compliance Director
Direktur Keuangan dan Finance and
Administrasi Administration
Ir. H. Andi Buchari, M.M. Ir. H. Andi Buchari, M.M. Director
Direktur Bisnis Business Funding
Funding Drs. U. Saefudin Noer, M.Si. Drs. U. Saefudin Noer, M.Si. Director
Susunan Dewan Komisaris dan Dewan Direksi Bank The composition of the Boards of Commissioners
untuk tahun 2008 dan 2007 tersebut telah and Directors for the six period ended December
mendapat persetujuan Bank Indonesia sesuai 31, 2008 and 2007 was approved by Bank
dengan surat Bank Indonesia No. 8/3/DPbS/Rahasia Indonesia No. 8/3/DPbS/Rahasia dated June 1,
tanggal 1 Juni 2006. 2006, respectively.
6
Dewan Pengawas The Sharia

Syariah 2008 2007 Supervisory Board
Ketua K.H. M.A. Sahal Mahfudh K.H. M.A. Sahal Mahfudh Chairman
Anggota K.H. Ma’ruf Amin K.H. Ma’ruf Amin Member
Anggota Prof. Dr. H. Umar Shihab Prof. Dr. H. Umar Shihab Member
Anggota Prof. Dr. H. Muardi Chatib, M.A. Prof. Dr. H. Muardi Chatib, M.A. Member
Tugas Dewan Pengawas Syariah adalah: The duties of the Sharia Supervisory Board include:
- Memberikan pengarahan dan pengawasan atas - Providing guidance and supervisory in Bank’s
produk dan jasa, serta kegiatan usaha Bank lainnya activities and the development of products and
agar sesuai dengan prinsip Syariah. services in accordance with Sharia principles.
- Melakukan pengawasan secara aktif maupun secara - Conducting active and passive supervision in
pasif khususnya mengenai pelaksanaan prinsip relation to the implementation of Sharia banking
Syariah. principles.
- Memberikan nasehat dan saran kepada Direksi dan - Giving advice and suggestions to the Boards of
Komisaris mengenai operasional Bank Syariah. Directors and Commissioners on Sharia Banking
operation.
- Menyampaikan laporan hasil pengawasan kepada - Preparing observation reports for submission to the
Dewan Syariah Nasional. National Sharia Board.
Bank telah membentuk Komite Audit sesuai dengan The Bank has arranged an audit committee in
Peraturan Bapepam No. IX.I.5 tahun 2004 tentang accordance with regulation of Capital Market
Pembentukan dan Pedoman Pelaksanaan Komite Audit. Supervisory Agency No. IX.I.5 year 2004 concerning
arrangement and running guidance for audit
committee.
Susunan Komite Audit Bank untuk tahun 2008 dan 2007 The compositions of the Audit Committee for the years
berdasarkan Surat Keputusan Komisaris Bank 2008 and 2007, based on the decision of the Board of
No. 006/KOM/KPTS/VI/2007 tanggal 11 Juni 2007 dan Commissioners No. 006/KOM/KPTS/VI/2007 dated
No. 004/KOM/KPTS/VI/2006 tanggal 21 Juni 2006 June 11, 2007 and No. 004/KOM/KPTS/VI/2006 dated
adalah: June 21, 2006 are:
Komite Audit 2008 2007 Audit Committee
Ketua Drs. Aulia Pohan, M.A. Drs. Aulia Pohan, M.A. Chairman
Anggota H. Hilmy, S.E. H. Hilmy, S.E. Member
Anggota Drs. H. Amir Radjab Batubara Drs. H. Amir Radjab Batubara Member
7
Gaji dan kompensasi lainnya yang dibayarkan Salary and other benefits paid to the Boards of
kepada Dewan Komisaris, Dewan Direksi, Dewan Commissioners, Boards Directors, Sharia
Pengawas Syariah dan Komite Audit tahun 2008 Supervisory Boards and Audit Commitee in 2008
dan 2007 adalah sebagai berikut : and 2007 are :
- Direksi sebesar Rp 19.171.952 dan - Board of directors amounting to

Rp 14.480.692. Rp 19,171,952 and Rp 14,480,692.
- Dewan Komisaris sebesar Rp 8.522.912 dan - Board of commissioners amounting to

Rp 2.990.819. Rp 8,522,912 and Rp 2,990,819.
- Dewan Pengawas Syariah sebesar - Sharia Supervisory Board amounting to

Rp 1.530.180 dan Rp 1.459.076. Rp 1,530,180 and Rp 1,459,076.
- Komite Audit sebesar Rp 528.042 dan - Audit committee amounting to Rp 528,042 and
Rp 184.000. Rp 184,000.
Jumlah tenaga kerja Bank pada tanggal As of December 31, 2008 and 2007, the Bank has
31 Desember 2008 dan 2007 masing-masing adalah 2,583 (587 permanent and 1,996 outsourced) and
2.583 orang (587 karyawan tetap dan 1.996 tenaga 2,158 (572 permanent and 1,586 outsourced)
kerja outsourcing) dan 2.158 orang (572 karyawan employees, respectively (unaudited).
tetap dan 1.586 tenaga kerja outsourching) (tidak
diaudit).
2. IKHTISAR KEBIJAKAN AKUNTANSI 2. SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES
a. Dasar Penyusunan Laporan Keuangan a. Basis of Preparation of Financial Statements
Laporan keuangan Bank disusun sesuai dengan The financial statements have been prepared in
Pernyataan Standar Akuntansi Keuangan (PSAK) conformity with Statement of Financial Accounting
No. 101 tentang ”Penyajian Laporan Keuangan Standards (“SFAS”) No. 101 “Presentation of Sharia
Syariah”, Pedoman Akuntansi Perbankan Syariah Financial Statement”, the Accounting Guidelines for
Indonesia (PAPSI) dan prinsip-prinsip akuntansi Indonesian Sharia Banks (PAPSI), and other
yang berlaku umum yang ditetapkan Institut generally accepted accounting principles issued by
Akuntan Publik Indonesia, mencakup pula Indonesian Institute of Certified Public
pedoman akuntansi dan pelaporan yang ditetapkan Accountants, where applicable, prevailing banking
oleh Bank Indonesia serta Peraturan BAPEPAM industry accounting and practices prescribed by
No. VIII.G.7 Lampiran Keputusan Ketua BAPEPAM Bank Indonesia and the Capital Market Supervisory
No. KEP-06/PM/2000 tanggal 13 Maret 2000 Agency (Bapepam) under regulation No. VIII.G.7
tentang “Pedoman Penyajian Laporan Keuangan”. of decision letter No. KEP-06/PM/2000 dated
March 13, 2000 of the Chairman of BAPEPAM
concerning “Guidelines for Financial Statements
Presentation”.
8

(Lanjutan) POLICIES (Continued)
Laporan keuangan disajikan berdasarkan konsep The financial statements have been prepared on
biaya historis dan konsep akrual kecuali disebutkan the accrual basis using the historical cost concept
lain. unless otherwise stated.
Laporan arus kas disusun dengan menggunakan The cash flows are prepared using the modified
metode langsung yang dimodifikasi yaitu direct method to disclose operating activities into
mengungkapkan penerimaan kas bruto dan gross cash received and gross cash payment;
pengeluaran kas bruto untuk beberapa aktifitas meanwhile other operating activities are calculated
operasi, sedangkan beberapa aktifitas operasi using indirect method, taking into account the cost
lainnya dihitung dengan metode tidak langsung, and benefit to disclose it using the direct method
atas pertimbangan biaya dan manfaat untuk by classifying cash flows into operating, investing
menyajikannya dengan metode langsung yang and financing activities. For cash flows presentation
mengelompokkan arus kas ke dalam aktivitas purposes, cash and cash equivalents consist of
operasi, investasi dan pendanaan. Untuk penyajian cash, current accounts with Bank Indonesia,
laporan arus kas, kas dan setara kas terdiri dari kas, current accounts with other banks and current
giro pada Bank Indonesia, giro pada bank lain dan accounts with PT Pos Indonesia (Persero), which
giro pada PT Pos Indonesia (Persero) yang tidak are not pledged as collateral or restricted for use.
dijadikan sebagai jaminan atau dibatasi
penggunaannya.
Berdasarkan PSAK No. 101, laporan keuangan bank Based on SFAS No. 101, Sharia bank financial
Syariah yang lengkap terdiri dari komponen- statements should include the following:
komponen sebagai berikut:
(i) Neraca; (i) Balance sheet;

(ii) Laporan laba rugi; (ii) Statements of income;
(iii) Laporan arus kas; (iii) Statements of cash flow;
(iv) Laporan perubahan ekuitas; (iv) Statements of changes in stockholders’
equity;
(v) Laporan perubahan dana investasi terikat; (v) Statements of changes in restricted
investments;
(vi) Laporan sumber dan penggunaan dana (vi) Statements of sources and uses of zakah,
zakat, infaq dan shadaqah; infaq and shadaqah funds;
(vii) Laporan sumber dan penggunaan dana (vii) Statements of sources and uses of Qardhul
Qardhul hasan; hasan funds;
(viii) Catatan atas laporan keuangan. (viii) Notes to financial statements.
Laporan perubahan dana investasi terikat The statements of changes in restricted

merupakan laporan yang menunjukkan perubahan investments represent a statement showing the
(mutasi) investasi terikat berikut keuntungan dan movement of restricted investments including
beban yang terjadi selama jangka waktu tertentu. income earned and administrative expenses
incurred for the periods presented.
Investasi terikat adalah investasi yang bersumber Restricted investments represent investments from
dari pemilik dana investasi terikat dan sejenisnya restricted investments of owners funds which are
yang dikelola oleh Bank sebagai agen investasi managed by the Bank as the investments agent
berdasarkan akad Mudharabah Muqayyadah yang based on the principles of Mudharabah
peruntukannya telah ditentukan oleh pemilik dana. Muqayyadah.
9

Investasi terikat bukan merupakan aset maupun Restricted investments are neither assets nor
kewajiban Bank karena Bank tidak mempunyai hak liabilities of the Bank, since the Bank is not entitled
untuk menggunakan atau mengeluarkan investasi to use or withdraw the investments and the Bank
tersebut dan Bank tidak memiliki kewajiban has no obligation of returning the investments and
mengembalikan atau menanggung risiko investasi. does not share in the risk involved in the
Bank mendapatkan keuntungan sebesar nisbah atas investment. The Bank receives a profit from the
keuntungan investasi yang telah disepakati. Jika investment based on agreed gain. In the event of
terjadi kerugian maka Bank tidak memperoleh loss, the Bank is not entitled to anything.
apapun.
Bank tidak membuat laporan sumber dan The Bank does not prepare statements of sources
penggunaan dana zakat, infaq dan shadaqah dan and uses of zakah, infaq and shadaqah funds as
laporan sumber dari penggunaan dana Qardhul well as statements of sources and uses of Qardhul
hasan karena Bank tidak secara langsung hasan funds because the Bank is not directly
menjalankan fungsi penyaluran dana zakat, infaq involved in the management of those funds.
dan shadaqah serta dana Qardhul hasan tersebut.
b. Transaksi dengan Pihak-pihak yang b. Transactions with Related Parties

Mempunyai Hubungan Istimewa
Berdasarkan Pernyataan Standar Akuntansi In accordance with the Statement of Financial

Keuangan (PSAK No. 7), pihak-pihak yang Accounting Standard (SFAS) No. 7, related parties
mempunyai hubungan istimewa adalah: are defined as follows:
(i) perusahaan baik langsung maupun melalui satu (i) companies that directly, or indirectly through
atau lebih perantara (intermediaries), one or more intermediaries, control, or are
mengendalikan, atau dikendalikan oleh, atau controlled by, or are under common control
berada dibawah pengendalian bersama, with, the Company (including holding
dengan Perusahaan (termasuk holding companies, subsidiaries and fellow
companies, subsidiaries dan fellow subsidiaries);
subsidiaries);
(ii) perusahaan asosiasi; (ii) associated company;
(iii) perorangan yang memiliki, baik secara (iii) individual owning, directly or indirectly, an
langsung maupun tidak langsung, suatu interest in the voting power of the Company,
kepentingan hak suara di Perusahaan yang and close members of the family of any such
berpengaruh secara signifikan, dan anggota individuals (close members of the family are
keluarga dekat dari perorangan tersebut (yang those who can influence or can be influenced
dimaksudkan dengan anggota keluarga dekat by such individuals in their transactions with
adalah mereka yang dapat diharapkan the Company);
mempengaruhi atau dipengaruhi perorangan
tersebut dalam transaksinya dengan
Perusahaan);
(iv) karyawan kunci, yaitu orang-orang yang (iv) key management personnel who have the
mempunyai wewenang dan tanggung jawab authority and responsibility for planning,
untuk merencanakan, memimpin dan directing and controlling the company’s
mengendalikan kegiatan Perusahaan, yang activities, including commissioners, directors,
meliputi anggota dewan komisaris, direksi dan and managers of the Company and close
manajer dari Perusahaan serta anggota members of their families; and
keluarga dekat orang-orang tersebut; dan
10

(v) perusahaan dimana suatu kepentingan (v) companies in which a substantial interest in
substansial dalam hak suara dimiliki baik secara the voting power are owned, directly or
langsung maupun tidak langsung oleh setiap indirectly, by any person described in (iii) and
orang yang diuraikan dalam (iii) dan (iv) atau (iv) or over which such a person is able to
setiap orang tersebut mempunyai pengaruh exercise significant influence. This includes
signifikan atas perusahaan tersebut. Ini companies owned by commissioners, directors
mencakup perusahaan-perusahaan yang or major stockholders of the Company and
dimiliki anggota dewan komisaris, direksi atau companies which have a common key member
pemegang saham utama dari Perusahaan dan of management as the Company.
perusahaan-perusahaan yang mempunyai
anggota manajemen kunci yang sama dengan
Perusahaan.
Seluruh transaksi dengan pihak-pihak yang All significant transactions with related parties,
mempunyai hubungan istimewa, baik yang whether or not made under terms and conditions
dilakukan atau tidak dengan tingkat nisbah atau similar to those granted to third parties, are
harga, persyaratan dan kondisi yang sama disclosed in the notes herein for each account.
sebagaimana dengan pihak ketiga, telah
diungkapkan dalam laporan keuangan.
c. Penyisihan Penghapusan, Aset Produktif, c. Allowance for Possible Losses, Earning

Aset Non Produktif serta Estimasi Kerugian Assets, Non Earning Assets and Estimated
Komitmen dan Kontinjensi Losses on Commitments and Contingencies.
1) Aset produktif terdiri dari penempatan pada 1) Earning assets consist of placements with
Bank Indonesia dalam bentuk sertifikat Bank Bank Indonesia in the form of Bank Indonesia
Indonesia syariah, giro pada bank lain, giro Sharia certificates, current accounts with other
pada PT Pos Indonesia (Persero), penempatan banks, current account with PT Pos Indonesia
pada bank lain, efek-efek, piutang, pinjaman (Persero), placements with other banks,
qardh, pembiayaan mudharabah dan securities, receivables, funds of qardh,
musyarakah, penyertaan saham dan kewajiban mudharabah and musyarakah financing
komitmen dan kontinjensi yang memiliki risiko facilities, investments in shares of stock and
penanaman dana. commitments and contingencies bearing credit
risks.
Pembiayaan adalah penyediaan dana atau Financing is servicing fund or claim in the form
tagihan yang dipersamakan dengan itu berupa: of:
a) transaksi bagi hasil dalam bentuk a) profit sharing transactions based on

mudharabah dan musyarakah; mudharabah and musyarakah principle;
b) transaksi sewa-menyewa dalam bentuk b) rental transactions based on ijarah or

ijarah atau sewa beli dalam bentuk ijarah muntahiya bittamlik principle;
muntahiya bittamlik;
c) transaksi jual beli dalam bentuk piutang c) trading transactions based on murabahah,
murabahah, salam dan istishna’; salam and istishna principle;
11

d) transaksi pinjam meminjam dalam bentuk d) lending transactions based on qardh

piutang qardh; dan principle; and
e) transaksi sewa-menyewa jasa dalam e) Rental transactions based on ijarah for

bentuk ijarah untuk transaksi multijasa. multi service transaction.
Berdasarkan persetujuan atau kesepakatan Based on agreement between sharia bank

antara Bank Syariah dan/atau UUS dan pihak and/or UUS and other parties requiring that
lain yang mewajibkan pihak yang dibiayai debtor repay the fund on defined maturity
dan/atau diberi fasilitas dana untuk including ujrah fee, excluding profit sharing.
mengembalikan dana tersebut setelah jangka
waktu tertentu dengan imbalan ujrah, tanpa
imbalan, atau bagi hasil.
2) Aset non produktif adalah aset bank selain aset 2) Non earning assets represent Bank assets
produktif yang memiliki potensi kerugian antara excluding earning assets which have potential
lain dalam bentuk agunan yang diambil alih, loss such as foreclosed assets, unused
properti terbengkalai, rekening antar kantor, property, inter-branches account, suspense
dan suspense account, serta persediaan. account and inventories.
Penyisihan penghapusan aset produktif dan Allowance for possible losses on earning
non produktif serta estimasi kerugian assets, non earning assets and commitments
komitmen dan kontinjensi dibentuk and contingencies is provided based on
berdasarkan hasil penelaahan dan evaluasi management’s review and evaluation of the
terhadap kualitas dari masing-masing aset quality of each earning asset, non earning
produktif dan aset non produktif serta asset and commitments and contingencies at
komitmen dan kontinjensi pada akhir tahun. the end of the year. In determining the
Dalam menentukan jumlah keseluruhan required allowance for possible losses, Bank
penyisihan penghapusan tersebut, Bank applies the guidelines prescribed by Bank
menggunakan ketentuan Bank Indonesia Indonesia.
tentang pembentukan Penyisihan Penghapusan
Aset sebagai pedoman.
Pedoman pembentukan penyisihan The guidelines in determining the allowance

penghapusan aset produktif dan kualitas aset for possible losses on earning assets and
sebagaimana ketentuan Bank Indonesia assets qualities in accordance with Bank
tersebut adalah sebagai berikut: Indonesia regulation are as follows:
Berdasarkan Peraturan Bank Indonesia In accordance with Bank Indonesia Regulation

No. 8/21/PBI/2006 tanggal 5 Oktober 2006 No. 8/21/PBI/2006 dated October 5, 2006 and
sebagaimana telah diubah dengan Peraturan its revision in Bank Indonesia Regulation
Bank Indonesia No. 9/9/PBI/2007 tanggal No. 9/9/PBI/2007 dated June 18, 2007
18 Juni 2007 tentang Penilaian Kualitas Aset concerning Assets Quality for Sharia Banks,
Bagi Bank Syariah, pembentukan cadangan the allowances for possible losses on general
umum dan khusus aset produktif adalah and special provision of earning assets are as
sebagai berikut: follows:
12

1) Umum, sekurang-kurangnya sebesar 1% 1) General, provision of at least 1% of

dari aset produktif dan komitmen dan earning assets, and commitments and
kontinjensi yang digolongkan lancar, tidak contingencies classified as current,
termasuk sertifikat Bank Indonesia syariah excluding Bank Indonesia Sharia
dan Surat Utang Negara. certificates and State bonds.
2) Khusus, sekurang-kurangnya sebesar: 2) Special, provision at the minimum of:
a) 5% dari aset produktif yang a) 5% of earning assets classified as

digolongkan dalam perhatian khusus special mention, net of deductible
setelah dikurangi agunan; collateral;
b) 15% dari aset produktif yang b) 15% of earning assets classified as

digolongkan kurang lancar setelah substandard, net of deductible
dikurangi agunan; collateral;
c) 50% dari aset produktif yang c) 50% of earning assets classified as

digolongkan diragukan setelah doubtful, net of deductible collateral;
dikurangi agunan; dan and
d) 100% dari aset produktif yang d) 100% of earning assets classified as

digolongkan macet setelah dikurangi loss, net of deductible collateral.
agunan.
Berdasarkan Peraturan Bank Indonesia Based on Bank Indonesia Regulation

No. 9/9/PBI/2007 tanggal 18 Juni 2007 No. 9/9/PBI/2007 dated June 18, 2007,
dijelaskan bahwa mulai tanggal 1 Januari 2007 effective on January 1, 2007, the allowances
kewajiban bank untuk membentuk penyisihan for possible losses on assets acquired for
penghapusan aset produktif tidak berlaku Ijarah Muntahiyah Bittamlik is not required.
bagi aset produktif untuk transaksi sewa
dengan perpindahan hak milik berupa akad
ijarah muthahiyah bittamlik.
Saldo aset produktif dikurangkan dari masing- The outstanding balance of earning assets is
masing penyisihan penghapusan pada saat written off against the respective allowance for
manajemen berpendapat bahwa aset produktif possible losses when management believes
tersebut sulit untuk ditagih. Penerimaan that the assets can no longer be collected.
kembali aset produktif yang telah Recovery of earning assets previously written-
dihapusbukukan dicatat sebagai penambahan off is credited to allowance for possible losses
penyisihan penghapusan selama tahun in the current period.
berjalan.
13

Berdasarkan Peraturan Bank Indonesia Based on Bank Indonesia Regulation

No. 8/21/PBI/2006 tanggal 5 Oktober 2006 No. 8/21/PBI/2006 dated October 5, 2006,
beserta perubahannya melalui Peraturan Bank which was revised in Bank Indonesia
Indonesia No. 9/9/PBI/2007 tanggal 18 Juni Regulation No. 9/9/PBI/2007 dated June 18,
2007 tentang Penilaian Kualitas Aset Bank 2007 concerning Earning Assets Quality for
Umum yang melaksanakan kegiatan usaha Sharia Banks, effective on January 1, 2007 the
berdasarkan prinsip syariah yang efektif mulai quality of Mudharabah and Musyarakah
diberlakukan tanggal 1 Januari 2007. Dalam Financing facility is classified into 5 (five)
Peraturan perubahan tersebut dijelaskan categories, namely current, special mention,
bahwa pengelompokan golongan kualitas sub-standards, doubtful and loss.
pembiayaan Mudharabah dan Musyarakah
ditetapkan menjadi 5 (lima) golongan kualitas
yakni lancar, dalam perhatian khusus, kurang
lancar, diragukan dan macet.
Aset non produktif adalah aset Bank selain Aset Non productive assets are Bank’s assets
Produktif yang memiliki potensi kerugian, excluding productive assets bearing potential
antara lain dalam bentuk agunan yang diambil loss, such as foreclosed asset, idle properties,
alih, properti terbengkalai, rekening antar interbranch account, suspense account and
kantor dan suspense account, serta inventories.
persediaan.
a. Agunan yang Diambil Alih yang untuk a. Foreclosed asset is asset acquired through
selanjutnya disebut AYDA adalah aset auction or non auction based on voluntary
yang diperoleh Bank, baik melalui submission by owner or authority to sell
pelelangan maupun di luar pelelangan the assets guaranteed through non
berdasarkan penyerahan secara sukarela auction in term of debtors default in
oleh pemilik agunan atau berdasarkan repaying debt to Bank.
kuasa untuk menjual di luar lelang dari
pemilik agunan dalam hal nasabah tidak
memenuhi kewajibannya kepada Bank.
Bank wajib melakukan upaya penyelesaian The Bank is required to conduct

terhadap AYDA yang dimiliki dan completion on foreclosed asset and
mendokumentasikan upaya penyelesaian prepare documentation for the
AYDA. completion.
Bank wajib melakukan penilaian kembali The Bank is required to revaluate the
terhadap AYDA untuk menetapkan net foreclosed asset to determine net
realizable value dari AYDA yang dilakukan realizable value of the assets acquired in
saat pengambilalihan agunan. Penetapan the acquisition. Bank appointed
net realizable value wajib dilakukan oleh independent appraisal to revaluate the
Penilai Independent, untuk AYDA dengan foreclosed asset in the amount
nilai Rp 5.000.000 (lima milyar rupiah) of Rp 5,000,000 (five billion) or more.
atau lebih. Sementara untuk AYDA While foreclosed asset below
dengan nilai dibawah Rp 5.000.000 Rp 5,000,000 (five billion) is revaluated by
(lima milyar rupiah) dapat menggunakan internal appraisal.
penilai intern Bank.
14

Bank wajib menggunakan nilai yang The Bank is required to use the lowest
terendah apabila terdapat beberapa nilai price if there are several values proposed
dari penilai independen atau penilai intern the by independent or internal appraisal.
Bank.
AYDA yang telah dilakukan penyelesaian, The quality of completed foreclosed asset
ditetapkan memiliki kualitas: is determined as :
- Lancar, apabila dimiliki sampai dengan - Current, if acquired in 1 (one) year;

1 (satu) tahun;
- Kurang Lancar, apabila dimiliki lebih - Substandard, if acquired more than

dari 1 (satu) tahun sampai dengan 1 (one) year to 3 (three) years;
3 (tiga) tahun;
- Diragukan, apabila dimiliki lebih dari - Doubtful, if acquired more than

3 (tiga) tahun sampai dengan 5 (lima) 3 (three) years to 5 (five) years;
tahun;
- Macet, apabila dimiliki lebih dari - Loss, if acquired more than 5 (five)
5 (lima) tahun. years.
AYDA yang tidak dilakukan upaya The quality of un-completed foreclosed

penyelesaian ditetapkan memiliki kualitas asset is determined to be one level below
satu tingkat dibawah sesuai ketentuan the regulation.
yang berlaku.
Agunan yang diambilalih sehubungan Foreclosed asset related to completion of

dengan penyelesaian pembiayaan financing (presented as other asset) is
(disajikan dalam akun aset lain-lain) diakui recognized based on net realizable value.
sebesar nilai bersih yang dapat direalisasi. Net realizable value is fair value net of
Nilai bersih yang dapat direalisasi adalah estimated disposal expense. Difference
nilai wajar aset setelah dikurangi estimasi net realizable value and balance of
biaya pelepasan. Selisih antara nilai bersih uncollectible receivables or financing is
yang dapat direalisasikan dengan saldo recognized as addition or deduction of
piutang atau pembiayaan yang tidak dapat allowance for possible losses on between
ditagih diakui sebagai penambah atau receivables or financing.
pengurang penyisihan kerugian piutang
atau pembiayaan.
b) Rekening Antar Kantor adalah akun b) Interbrance account is claim arrising from
tagihan yang timbul dari transaksi antar an interbranch transaction that is
kantor yang belum diselesaikan dalam uncompleted in determined period.
jangka waktu tertentu.
15

Bank wajib melakukan upaya penyelesaian The Bank is required to conduct

Rekening Antar Kantor. completion of interbranch account.
Kualitas Rekening Antar Kantor ditetapkan The quality of interbranch account is

sebagai berikut: determined as:
- Lancar, apabila tercatat dalam - Current, recorded in period of

pembukuan Bank sampai dengan 180 days.
180 (seratus delapan puluh) hari.
- Macet, apabila tercatat dalam - Loss, recorded in more than

pembukuan Bank lebih dari 180 days.
c) Suspense Account adalah akun yang c) Suspense account represents unidentified

digunakan untuk menampung transaksi transactions or transaction that are not
yang tidak teridentifikasi atau tidak recorded with proper documentation and
didukung dengan dokumentasi pencatatan are not reclassified in the required
yang memadai sehingga tidak dapat account. Bank is required to complete
direklasifikasi dalam akun yang suspense accounts.
seharusnya. Bank wajib melakukan upaya
penyelesaian Suspense Account.
Kualitas Suspense Account ditetapkan The quality of suspense account is

sebagai berikut: determined as:
- Lancar, apabila tercatat dalam - Current, recorded in period of

pembukuan Bank sampai 180 (seratus 180 days.
delapan puluh) hari.
- Macet, apabila tercatat dalam - Loss, recorded in more than

pembukuan Bank lebih dari 180 days.
d) Persediaan adalah akun sementara untuk d) Inventory is a temporary account for non
menampung aset non kas sebelum cash asset before submitted to debtors in
diserahkan kepada nasabah pembiayaan transactions based on murabahah, salam
dalam transaksi berdasarkan akad and istishna.
Murabahah, Salam dan Istishna.
Bank wajib melakukan identifikasi dan The Bank is required to identify and
penetapan terhadap persedian yang determine inventories and receive the
dimiliki dan disetujui oleh Direksi, dan directors approval and document it.
didokumentasikan.
Bank wajib melakukan upaya penyelesaian The Bank is required to complete and
terhadap persediaan yang dimiliki, dan document the inventories.
wajib didokumentasikan.
16

Persediaan yang telah dilakukan upaya The quality of completed inventories is

penyelesaian, ditetapkan memiliki kualitas determined as:
sebagai berikut:
- Lancar, apabila dimiliki sampai dengan - Current, acquired in 1 (one) year;

1 (satu) tahun;
- Kurang Lancar, apabila dimiliki lebih - Substandard, acquired more than

dari 1 (satu) tahun sampai dengan 1 (one) year to 3 (three) years;
3 (tiga) tahun;
- Diragukan, apabila dimiliki lebih dari - Doubtful, acquired more than

3 (tiga) tahun sampai dengan 5 (lima) 3 (three) years to 5 (five) years;
tahun;
- Macet, apabila dimiliki lebih dari - Losses, acquired in more than 5 (five)
5 (lima) tahun. years.
Persediaan yang tidak dilakukan upaya Quality of uncompleted invetories is

penyelesaian, ditetapkan memiliki kualitas determined to be one level below the
satu tingkat dibawah sesuai ketentuan regulation.
yang berlaku.
3) Transaksi Rekening Administratif adalah 3) Administrative account is commitment and

komitmen dan kontijensi (off balance sheet) contingencies (off balance sheet) based on
berdasarkan prinsip syariah yang terdiri atas sharia principle including current bank
bank garansi, akseptasi/endosemen, guarantee, acceptance/ endorsement,
Irrevocable Letter of Credit (L/C) yang masih irrevocable letter of credit, import based on
berjalan, akseptasi, wesel impor atas dasar L/C timely LC, standby LC and other guarantees in
berjangka, standby L/C dan garansi lain accordance with sharia principle.
berdasarkan prinsip syariah.
Kewajiban komitmen dan kontinjensi yang Commitments and contingencies bearing credit
memiliki risiko penanaman dana adalah risks consist of outstanding irrevocable letters
penerbitan jaminan dalam bentuk garansi bank of credit and bank guarantees. Provision for
dan penerbitan Surat Kredit Berdokumen possible losses on commitments and
Dalam Negeri (SKBDN) serta LC yang tidak contingencies is recorded under “Estimated
dapat dibatalkan. Penyisihan kerugian Losses on Commitments and Contingencies”.
kewajiban komitmen dan kontinjensi dicatat
pada akun “Estimasi Kerugian Komitmen dan
Kontinjensi“.
d. Penempatan pada Bank Indonesia d. Placement with Bank Indonesia
Penempatan pada Bank Indonesia terdiri dari Giro Placements with Bank Indonesia consist of wadiah
wadiah pada Bank Indonesia dan Sertifikat Bank current accounts and Sharia certificates issued by
Indonesia syariah yang merupakan sertifikat yang Bank Indonesia as proof of short-term fund
diterbitkan Bank Indonesia sebagai bukti penitipan deposits based on wadiah principles.
dana berjangka pendek dengan prinsip wadiah.
17

e. Giro pada Bank Lain dan PT Pos Indonesia e. Current Accounts with Other Banks and
(Persero) PT Pos Indonesia (Persero)
Giro pada Bank lain dan giro pada PT Pos Indonesia Current accounts with other banks and PT Pos
(Persero) dinyatakan sebesar saldo giro dikurangi Indonesia (Persero) are stated at their outstanding
dengan penyisihan penghapusan. Bonus yang balances net of allowance for possible losses.
diterima dari bank umum Syariah diakui sebagai Bonuses received from Sharia banks are recognized
pendapatan operasi lainnya. Pendapatan jasa giro as other operating income. Interest from current
dari bank umum konvensional tidak diakui sebagai accounts placed with conventional banks is not
pendapatan Bank tetapi dicatat sebagai dan recognized as the Bank’s income but is recorded as
digunakan untuk dana kebajikan (Qardhul hasan). and used for part of a charity fund (Qardhul
hasan).
f. Penempatan pada Bank Lain f. Placements with Other Banks
Penempatan pada bank lain adalah penanaman Placements with other banks represent placements
dana Bank pada bank lainnya yang beroperasi in the form of Mudharabah time deposits and
dengan menggunakan prinsip Syariah berupa Mudharabah investments in other Sharia banks.
deposito berjangka Mudharabah dan investasi Placements with other banks are stated at their
Mudharabah. Penempatan pada bank lain outstanding balance net of allowance for possible
dinyatakan sebesar saldo penempatan dikurangi loss.
dengan penyisihan penghapusan.
g. Efek-efek g. Securities
Efek-efek terdiri dari sukuk yaitu Surat berharga Securities consist of Sharia bonds, which are Long-
jangka panjang berdasarkan prinsip Syariah yang term securities based on Sharia principles, which
mewajibkan emiten untuk membayar bagi hasil require the issuer to pay bondholders revenue
kepada pemegang sukuk serta membayar kembali sharing and repay the principal at the maturity
nilai pokok sukuk pada saat jatuh tempo. Obligasi date. Sharia bonds are stated at their fair values.
Syariah disajikan sebesar nilai wajarnya.
Efek-efek diklasifikasikan berdasarkan tujuan Securities are classified based on management

perseroan pada saat pembelian efek-efek tersebut intention at the purchasing date on the following
didasarkan atas klasifikasi sebagai berikut: classifications:
1. Diperdagangkan dinyatakan sebesar nilai 1. Securities for trading are stated at fair values.
wajarnya. Laba dan rugi yang belum direalisasi Unrealized gain (losses) from the increase or
akibat kenaikan atau penurunan nilai wajarnya decrease in fair values are presented in
disajikan dalam laporan laba rugi tahun current year statement of income.
berjalan.
2. Tersedia untuk dijual, dinyatakan sebesar nilai 2. Available for Sale Securities are stated at fair
wajar. Keuntungan atau kerugian yang belum values. Unrealized gain (losses) from the
direalisasi akibat kenaikan atau penurunan nilai increase or decrease in fair values are
wajar disajikan sebagai komponen ekuitas. presented as part of equities. Gain or losses
Keuntungan atau kerugian yang belum are recognized in profit and loss upon
direalisasi tersebut dikreditkan atau dibebankan realization.
pada operasi tahun berjalan pada saat
realisasi.
18

3. Dimiliki hingga jatuh tempo dinyatakan sebesar 3. Hold to Maturity securities are stated at cost
biaya perolehan yang disesuaikan dengan that adjusted by amortization of unamortized
amortisasi premi dan atau diskonto yang belum premium or discount. Should there be any
diamortisasi. Jika ada kemungkinanan possibility that the company fail to obtain back
Perusahaan tidak dapat memperoleh kembali its total cost that should be gained related to
seluruh jumlah biaya perolehan yang securities agreement, then it is considered that
seharusnya diterima sehubungan dengan permanent decrease has occured. If decrease
persyaratan perjanjian efek hutang, maka in fair value is viewed as permanet decrease,
penurunan yang bersifat permanen dianggap cost of individual securities has to be
telah terjadi. Jika penurunan nilai wajar dinilai decreased at its fair value and the amount of
sebagai penurunan permanen, biaya perolehan decrease is recognized in current year profit
efek individual harus diturunkan sebesar nilai and loss.
wajarnya dan jumlah penurunan nilai tersebut
diakui dalam laporan laba rugi tahun berjalan.
Penyisihan penghapusan disajikan sebagai Allowance for possible losses is deducted from the
pengurangan dari akun efek-efek. related securities account.
h. Piutang h. Receivables
Piutang adalah tagihan yang timbul dari transaksi Receivables represent claims arising from the sale
jual beli berdasarkan akad Murabahah dan Istishna and purchase transactions conducted on the basis
serta dari transaksi sewa dengan akad Ijarah. of Murabahah and Istishna contracts and from
lease transactions conducted on the basis of Ijarah
contracts.
Murabahah adalah transaksi penjualan barang Murabahah is a sales contract for goods in which
dengan menyatakan harga perolehan dan the purchase price and the margin have been
keuntungan (margin) yang disepakati oleh penjual agreed by both the buyer and the seller and are
dan pembeli. Murabahah dapat dilakukan made explicit. A Murabahah may or may not be
berdasarkan pesanan atau tanpa pesanan. Dalam based on an order for goods. Where an order is in
Murabahah berdasarkan pesanan, bank melakukan place, the Bank purchases the goods once the
pembelian barang setelah ada pemesanan dari customer has placed the order. Upon entering into
nasabah. Pada saat akad Murabahah, piutang a Murabahah contract, a Murabahah receivable is
Murabahah diakui sebesar biaya perolehan aset recognized equivalent to the acquisition cost of the
Murabahah ditambah keuntungan yang disepakati. Murabahah assets plus the agreed margin.
Piutang Murabahah disajikan sebesar nilai bersih Murabahah receivables are stated at net realizable
yang dapat direalisasikan yakni saldo piutang value, that is, the balance of the receivable less
dikurangi penyisihan penghapusan. Margin allowance for possible losses. Deferred Murabahah
Murabahah yang ditangguhkan disajikan sebagai margin is presented as a contra account of
pos lawan piutang Murabahah. Murabahah receivables.
19

Istishna adalah akad penjualan antara al-mustashni Istishna is a purchase agreement between an al-
(pembeli) dan al-shani (produsen yang juga mustashni (buyer) and an al-shani (manufacturer
bertindak sebagai penjual). Berdasarkan akad acting as the seller). Based on the contract, the
tersebut, pembeli menugasi produsen untuk buyer orders the manufacturer to make or to
membuat atau mengadakan al-mashnu (barang supply al-mashnu (goods ordered) to the
pesanan) sesuai spesifikasi yang diisyaratkan specifications required by the buyer and to sell to
pembeli dan menjualnya dengan harga yang the buyer at an agreed price. Istishna receivables
disepakati. Piutang Istishna disajikan sebesar are presented based on the outstanding billings
tagihan termin kepada pembeli akhir dikurangi less allowance for possible losses.
penyisihan penghapusan.
Piutang pendapatan Ijarah merupakan piutang dari Ijarah receivables represent the income portion of
porsi keuntungan transaksi Ijarah Muntahiyah the following month’s installment of Ijarah
Bittamlik dari angsuran nasabah pada bulan Muntahiyah Bittamlik facilities that are recognized
berikutnya yang diakui secara proporsional. proportionally.
Bank menetapkan penyisihan penghapusan sesuai The Bank provides allowance for possible losses
dengan kualitas piutang berdasarkan penelaahan based on the quality of each receivable balance.
atas masing-masing saldo piutang.
i. Pinjaman Qardh i. Funds of Qardh
Pinjaman Qardh adalah penyediaan dana atau Qardh represent funds provided or similar claims
tagihan yang dapat dipersamakan dengan itu based on an agreement or contract between the
berdasarkan persetujuan atau kesepakatan antara borrower and the Bank, wherein the borrower
peminjam dan Bank yang mewajibkan peminjam should pay the loan after a specified period of
melunasi hutangnya setelah jangka waktu tertentu. time. The Bank may receive a fee; however, this
Bank dapat menerima imbalan namun tidak boleh may not be stated in the agreement. The fee, if
mensyaratkan adanya imbalan tersebut dalam given is recognized upon receipt.
perjanjian. Imbalan, jika diberikan diakui sebagai
pendapatan pada saat diterima.
Pinjaman Qardh diakui sebesar jumlah dana yang A Qardh is recognized in the amount lent at the
dipinjamkan pada saat terjadinya. Kelebihan transaction date. Any excess amount paid by the
penerimaan dari pinjaman atas Qardh yang dilunasi borrower in repaying a Qardh receivable is
diakui sebagai pendapatan pada saat terjadinya. recognized as revenue upon receipt.
Pinjaman Qardh disajikan sebesar saldonya A Qardh is stated at their outstanding balances less
dikurangi penyisihan penghapusan. allowance for possible losses.
j. Pembiayaan j. Financing
Pembiayaan Mudharabah adalah akad kerjasama Mudharabah financing is a commercial cooperation

usaha antara Bank sebagai pemilik dana (shahibul contract between the Bank as the owner of funds
maal) dan nasabah sebagai pengelola dana (shahibul maal) and the customer as the fund
(mudharib) untuk melakukan kegiatan usaha manager (mudharib) to conduct a certain project.
dengan nisbah pembagian hasil (keuntungan atau The profit arising from the project is distributed
kerugian) menurut kesepakatan di muka. based on a predetermined ratio (nisbah).
20

Pembiayaan Mudharabah dinyatakan sebesar saldo Mudharabah financing is stated at the outstanding
pembiayaan dikurangi dengan saldo penyisihan balance of the financing less allowance for possible
penghapusan. Bank menetapkan penyisihan losses. Allowance for possible losses is provided
penghapusan sesuai dengan kualitas pembiayaan based on the quality of the financing as determined
berdasarkan penelaahan atas masing-masing saldo by a review on each individual account.
pembiayaan.
Apabila sebagian pembiayaan Mudharabah hilang In the event that a portion of financing is lost prior
sebelum dimulainya usaha karena adanya to the start up of operations owing to damage or
kerusakan atau sebab lainnya tanpa adanya any other reason, without negligence or error on
kelalaian atau kesalahan pihak pengelola dana, the part of the fund manager, the said loss shall be
maka rugi tersebut mengurangi saldo pembiayaan deduced from the Mudharabah financing balance
Mudharabah dan diakui sebagai kerugian bank. and shall be recognized as a loss by the Bank. In
Apabila sebagian pembiayaan Mudharabah hilang the event that a portion of the financing is lost
setelah dimulainya usaha tanpa adanya kelalaian after the commencement of operations for reasons
atau kesalahan pengelola dana maka rugi tersebut unrelated to negligence or error on the part of the
diperhitungkan pada saat bagi hasil. fund manager, the loss shall be calculated between
the parties upon the distribution of profit sharing
between the Bank and the fund manager.
Pembiayaan Musyarakah adalah akad kerjasama Musyarakah financing is a partnership contract

yang terjadi diantara para pemilik modal (mitra between fund owners (Musyarakah partners) to
Musyarakah) untuk menggabungkan modal dan contribute funds and conduct business through
melakukan usaha secara bersama dalam suatu partnership. All parties share profits based on a
kemitraan dengan nisbah pembagian hasil sesuai predetermined ratio, while the loss will be
dengan kesepakatan, sedangkan kerugian distributed proportionally based on the capital
ditanggung secara proporsional sesuai dengan contribution.
kontribusi modal.
Pembiayaan Musyarakah dinyatakan sebesar saldo Musyarakah financing is stated at the outstanding
pembiayaan dikurangi dengan saldo penyisihan balance of the financing less allowance for possible
penghapusan. Bank menetapkan penyisihan losses. The Bank provides allowance for possible
penghapusan sesuai dengan kualitas pembiayaan losses based on the quality of the financing as
berdasarkan penelaahan atas masing-masing saldo determined by a review of each individual account.
pembiayaan.
k. Penyertaan Saham k. Investment in Shares of Stock
Penyertaan saham merupakan penanaman dana Investment in shares of stock represents

Bank dalam bentuk saham pada perusahaan yang investments in companies engaged in providing
bergerak di bidang keuangan syariah yang tidak Sharia financial service and acquired not through
melalui pasar modal untuk tujuan investasi jangka the capital market and for purpose of long term
panjang, termasuk penyertaan sementara dalam investment in the framework of loan restructuring
rangka restrukturisasi piutang, pembiayaan atau or others.
lainnya.
21

Metode pencatatan untuk penyertaan dengan Investment in the associated company with the
kepemilikan dibawah 20% dilakukan dengan ownership less than 20 percent is recorded using
metode biaya (cost method) sedangkan penyertaan the cost method, while investment in the
dengan kepemilikan 20% atau lebih dilakukan associated company with the ownership of 20
dengan menggunakan metode ekuitas (equity percent or more is recorded using equity method.
method). Dalam hal pencatatan dengan metode Under the equity method, investment is recorded
ekuitas, penyertaan dicatat sebesar biaya perolehan at cost and to be added or deducted by the share
ditambah atau dikurangi dengan bagian atas laba percentage in its associated company’s profit or
atau rugi bersih perusahaan asosiasi dengan jumlah loss and deducted by the dividend received since
yang sesuai dengan persentase kepemilikannya dan the date of acquisition.
dikurangi dengan penerimaan deviden sejak
tanggal perolehan.
Penurunan nilai permanen mengurangi biaya A permanent decline of value will deduct the
perolehan dari penyertaan yang dicatat dengan acquisition cost of investment treated as cost
metode biaya. method.
Penyertaan saham yang dicatat dengan metode Investments with equity method and those that
ekuitas serta tidak memenuhi kriteria konsolidasi could not be defined as a criteria for consolidation
diperlakukan sebagai berikut : are treated as follows :
1. Penyertaan pada perusahaan yang nilai 1. Investment in a company in which fair value is
wajarnya tidak tersedia dicatat berdasarkan not available, is recorded under the cost
cost method. method.
2. Penyertaan pada perusahaan yang nilai 2. Investment in a company in which fair value is
wajarnya telah tersedia dicatat berdasarkan available, is recorded at fair value (mark to
nilai wajar (mark to market) dan market) and classified as securities.
diklasifikasikan sebagai surat berharga.
l. Tagihan dan Kewajiban Akseptasi l. Acceptance Receivables and Payables
Tagihan dan kewajiban akseptasi dinyatakan Acceptance receivables and payables are stated at
sebesar nilai L/C atau nilai realisasi L/C yang the amount of issued Letters of Credit (L/C) or the
diaksep oleh bank pengaksep (accepting bank). realizable value of the L/C accepted by the
counter-party bank.
Tagihan akseptasi disajikan setelah dikurangi Acceptance receivables are stated at the
penyisihan penghapusan. outstanding balance less allowance for possible
losses.
m. Aset yang Diperoleh Untuk Ijarah m. Assets Acquired for Ijarah
Aset yang diperoleh untuk Ijarah adalah aset yang Ijarah Assets represent assets which are objects of
dijadikan obyek sewa (Ijarah) dan diakui sebesar lease (Ijarah) transactions and are recognized in
harga perolehan. Obyek sewa dalam transaksi the balance sheet at its acquisition cost. The assets
Ijarah disusutkan sesuai kebijakan penyusutan aset in an Ijarah transaction are depreciated based on
sejenis, sedangkan obyek sewa dalam Ijarah the depreciation policy for similar assets, while in
Muntahiyah Bittamlik disusutkan sesuai masa sewa. an Ijarah Muntahiyah Bittamlik transaction, the
asset for lease is depreciated over the lease period.
22

Aset yang diperoleh untuk Ijarah disajikan sebesar Ijarah assets are presented at book value less
nilai buku dikurangi dengan penyisihan allowances for possible losses. Bank states
penghapusan. Bank menetapkan penyisihan allowances for possible losses based on Ijarah
penghapusan yang dihitung dari jumlah aset Ijarah assets after deducted by accumulated depreciation
setelah dikurangi dengan akumulasi penyusutan according to quality of Ijarah stated by Bank
yang besarnya sesuai dengan kualitas Ijarah yang Indonesia. According to Bank Indonesia Regulation
telah ditetapkan oleh Bank Indonesia. Sesuai No. 8/21/PBI/2006, dated October 5, 2006,
ketentuan Bank Indonesia No. 8/21/PBI/2006 effective on January 1, 2007 the allowances for
tanggal 5 Oktober 2006 menjelaskan bahwa efektif possible losses on assets acquired for Ijarah
1 Januari 2007 pembentukan penyisihan Muntahiyah Bittamlik is not required.
penghapusan untuk aset ijarah muntahiyah
bittamlik tidak berlaku.
n. Aset Tetap n. Premises and Equipment
Aset tetap dinyatakan berdasarkan biaya perolehan Premises and equipment are stated at cost less
dikurangi akumulasi penyusutan. Penyusutan accumulated depreciation. Depreciation is
dihitung dengan menggunakan metode garis lurus computed using the straight -line method based on
(straight-line method) berdasarkan taksiran masa the estimated useful lives of the assets as follows:
manfaat ekonomis aset tetap sebagai berikut:
Tahun /
Years
Gedung 20 Buildings
Kendaraan Bermotor 5 Vehicles
Inventaris Kantor 5 Office equipment
Komputer 5 Computer
Biaya pemeliharaan dan perbaikan dibebankan pada The cost of repairs and maintenance is charged to
laporan laba rugi pada saat terjadinya; pemugaran operations as incurred; significant renewals and
dan penambahan dalam jumlah signifikan betterments are capitalized. When assets are
dikapitalisasi. Nilai buku aset tetap yang sudah retired or otherwise disposed of, their cost and the
tidak digunakan lagi atau dijual, dikeluarkan dari related accumulated depreciation are removed
kelompok aset tetap yang bersangkutan dan laba from the accounts and any resulting gain or loss is
atau rugi yang terjadi dilaporkan dalam laporan credited or charged to current operations.
laba rugi tahun yang bersangkutan.
Sesuai dengan PSAK No. 47 tentang “Akuntansi In accordance with SFAS No. 47, “Accounting for
Tanah“ perolehan tanah setelah tanggal 1 Januari Land”, acquisition of land after January 1, 1999 is
1999 dinyatakan berdasarkan biaya perolehan dan stated at cost and is not depreciated. Significant
tidak disusutkan. Jumlah biaya yang material expenses incurred in the acquisition or renewal of
sehubungan dengan perolehan atau perpanjangan the land-right are deferred and amortized over the
hak pemilikan tanah ditangguhkan dan diamortisasi terms of the land right or its estimated useful life,
sepanjang periode hak atas tanah atau umur whichever period is shorter.
ekonomis tanah, mana yang lebih pendek.
23

Bank melakukan penelaahan untuk menentukan The Bank conducts a review at the end of the year
adanya indikasi terjadinya penurunan nilai aset to determine whether there are indications of
sesuai dengan PSAK No. 48 mengenai “Penurunan assets impairment in accordance with SFAS No. 48,
Nilai Aset“ pada akhir tahun. Bank diharuskan untuk “Accounting for Impairment of Assets Value”. If
menentukan taksiran jumlah yang dapat diperoleh there are indications of impairment, the Bank
kembali atas nilai semua asetnya apabila terdapat should compute the estimated recoverable amount
situasi atau keadaan yang memberikan indikasi of all of it assets and determine if there is a
terjadinya penurunan nilai aset dan mengakuinya decrease in the value of the asset and recognize an
sebagai rugi dalam laporan laba rugi tahun impairment loss as a charge to current operations.
berjalan.
o. Biaya Dibayar Dimuka o. Prepaid Expenses
Biaya dibayar dimuka (disajikan dalam akun Aset Prepaid expenses (included as part of Other
Lain-lain) di amortisasi selama masa manfaat Assets) are amortized over their expected
masing-masing biaya dengan menggunakan metode beneficial periods using the straight-line method.
garis lurus (straight-line method).
p. Agunan Pembiayaan yang Diambil Alih p. Foreclosed Assets
Agunan pembiayaan yang diambilalih sehubungan Properties acquired in settlement of financing

dengan penyelesaian pembiayaan (disajikan dalam facilities (included as part of Other Assets) are
akun aset Lain-lain) diakui sebesar nilai bersih yang recognized at their net realizable values. Net
dapat direalisasi. Nilai bersih yang dapat direalisasi realizable value is the fair value of an asset after
adalah nilai wajar aset setelah dikurangi estimasi deducting estimated settlement expenses. If the
biaya pelepasan. Apabila nilai agunan yang foreclosed asset’s value, acquired from either
diperoleh, baik melalui lelang maupun penyerahan auction or voluntary conveyance, is less than the
secara sukarela, lebih kecil daripada pembiayaan financing or receivable, the difference is charged to
atau piutang, maka selisihnya dibebankan pada the allowance for possible losses of financing or
penyisihan penghapusan pembiayaan atau piutang. receivable. If the foreclosed assets value, acquired
Jika nilai agunan yang diperoleh, baik melalui lelang from either auction or voluntary conveyance, is
maupun penyerahan sukarela, lebih besar dari pada more than the financing or receivable, the
pembiayaan atau piutang maka selisihnya difference is returned to the customer.
dikembalikan ke nasabah.
Manajemen mengevaluasi nilai agunan yang diambil Management evaluates the value of foreclosed
alih secara berkala. Penyisihan penghapusan assets regularly. An allowance for possible losses
agunan yang diambil alih dibentuk atas penurunan on foreclosed asset is provided based on the
nilai yang terjadi disajikan sebagai pengurangan decline in value of foreclosed asset.
dari akun agunan yang diambil alih.
q. Kewajiban Segera q. Current Liabilities
Kewajiban segera merupakan kewajiban Bank Current liabilities represent obligations to third
kepada pihak lain yang sifatnya wajib segera parties, based on contract or orders by those
dibayarkan sesuai dengan perintah pemberi amanat having authority, which have to be settled
perjanjian yang ditetapkan sebelumnya. Kewajiban immediately. Current liabilities are stated at the
segera dinyatakan sebesar nilai kewajiban Bank. amount of the Bank’s liability.
24

r. Simpanan r. Deposits
Simpanan merupakan titipan pihak lain berdasarkan Deposits represent other parties’ funds based on
prinsip wadiah yad-adhdhamanah dalam bentuk wadiah yad-adhdhamanah principle in the form of
giro wadiah dan tabungan wadiah. wadiah demand deposits and wadiah savings
deposits.
Giro wadiah dapat ditarik setiap saat dan dapat Wadiah demand deposits are available for
mendapatkan bonus sesuai kebijaksanaan Bank. withdrawal at any time and may earn bonus based
Giro wadiah dinyatakan sebesar titipan pemegang on the Bank’s policy. Wadiah demand deposits are
giro di Bank. stated at the amount entrusted by depositors.
Tabungan wadiah merupakan simpanan pihak lain Wadiah savings deposits represent other parties’
yang hanya bisa ditarik sesuai dengan kondisi funds which can be withdrawn under certain
tertentu yang disepakati. Tabungan wadiah conditions. Wadiah savings deposits are stated at
dinyatakan sebesar nilai simpanan pemegang the amounts deposited by depositors.
tabungan di Bank.
s. Simpanan dari Bank Lain s. Deposits from Other Banks
Simpanan dari bank lain adalah kewajiban Bank Deposits from other banks represent liabilities to
kepada bank lain dalam bentuk giro wadiah, dan other banks in the form of wadiah demand
tabungan wadiah yang dapat mendapatkan bonus deposits which may receive bonus based on the
sesuai kebijaksanaan Bank. Simpanan dari bank lain Bank’s policy. Deposits from other banks are stated
dinyatakan sebesar nilai kewajiban Bank kepada at the amounts payable to the other banks.
bank lain.
t. Dana Syirkah Temporer t. Temporary Syirkah Funds
Dana syirkah temporer merupakan investasi dengan Temporary syirkah funds represent investments
akad Mudharabah Mutlaqah yaitu pemilik dana from other parties conducted on the basis of
(shahibul maal) memberikan kebebasan kepada Mudharabah Mutlaqah contract in which the
pengelola dana (mudharib/Bank) dalam owners of the funds (shahibul maal) entrust to the
pengelolaan investasinya. Dana syirkah temporer fund manager (mudharib/Bank) the management
terdiri dari tabungan Mudharabah, deposito of their investments. Temporary syirkah funds
Mudharabah, dan sukuk Mudharabah subordinasi. consist of Mudharabah savings deposits,
Mudharabah time deposits and subordinated Sharia
Mudharabah bonds.
Tabungan Mudharabah merupakan investasi yang Mudharabah savings deposits represent other
hanya bisa ditarik sesuai dengan persyaratan parties’ funds, of which they are entitled to
tertentu yang disepakati. Tabungan Mudharabah withdraw under certain conditions. Mudharabah
dinyatakan sebesar nilai investasi pemegang savings deposits are stated at the amount
tabungan di Bank. deposited by depositors.
25

Deposito berjangka Mudharabah merupakan Mudharabah time deposits represent other parties’
investasi yang hanya bisa ditarik pada waktu funds of which they are entitled to withdraw at
tertentu sesuai dengan perjanjian antara pemegang specific maturity dates based on the agreement
deposito berjangka Mudharabah dengan Bank. between such other parties (depositors) and the
Deposito berjangka Mudharabah dinyatakan Bank. Mudharabah time deposits are stated at
sebesar nilai nominal sesuai dengan perjanjian nominal values based on agreements between the
antara pemegang deposito berjangka dengan Bank. depositors and the Bank.
Sukuk Mudharabah subordinasi merupakan surat Subordinated Sharia Mudharabah bonds represent
berharga jangka panjang yang diterbitkan long-term bonds issued based on Mudharabah
berdasarkan akad Mudharabah. Sukuk Mudharabah contract. The bonds are classified as unrestricted
dikelompokkan dalam dana syirkah temporer investment due to their nature as investment. The
karena bersifat investasi. Sukuk Mudharabah bonds are stated at their nominal value. The
subordinasi disajikan sebesar nilai nominal. Biaya- issuance costs for Sharia Mudharabah bonds issued
biaya yang timbul dari penerbitan sukuk are charged to expense in the current period.
Mudharabah diakui langsung sebagai beban pada
periode penerbitan obligasi.
u. Pendapatan Pengelolaan Dana oleh Bank u. Bank’s Revenue from Fund Management as
sebagai Mudharib Mudharib
Pendapatan Pengelolaan Dana oleh Bank sebagai Bank’s revenue from fund management as
Mudharib terdiri dari pendapatan atas jual beli dari Mudharib consists of income from Murabahah and
transaksi murabahah, istishna, pendapatan atas Istishna transactions, income from profit sharing of
bagi hasil dari mudharabah, musyarakah, Mudharabah and Musyarakah financing, income
pendapatan dari Muntahiyah Bittamlik dan from Ijarah Muntahiyah Bittamlik (leasing) and
pendapatan usaha utama lainnya. others.
Pendapatan murabahah diakui pada saat terjadinya Revenue from murabahah is recognized upon
penyerahan barang jika dilakukan secara tunai atau delivery of goods if the payment is in cash or
secara tangguh yang tidak melebihi satu tahun; deferred not More than one year; or during
atau selama periode akad sesuai dengan tingkat agreement period in accordance with risk and
risiko dan upaya untuk merealisasikan keuntungan profit realization for deferred transaction over one
tersebut untuk transaksi tangguh lebih dari satu year. Revenue from Istishna is recognized using
tahun. Pendapatan istishna diakui dengan percentage of completion or completion of
menggunakan metode persentase penyelesaian agreement method. Agreement is defined as
atau metode akad selesai. Akad adalah selesai jika complete if process of production is finished and
proses pembuatan barang pesanan selesai dan the goods is delivered to the customer.
diserahkan kepada pembeli.
Pendapatan ijarah diakui selama masa akad secara Revenue from ijarah is recognized proportionally
proporsional. during the agreement period.
Pendapatan usaha mudharabah diakui dalam Revenue from mudharabah is recognized during
periode terjadinya hak bagi hasil sesuai nisbah yang the period of profit sharing in accordance with
disepakati, dan tidak diperkenankan mengakui agreed revenue sharing ratio, and recognition
pendapatan dari proyeksi hasil usaha. Kerugian based on projection of revenues is not required.
akibat kelalaian atau kesalahan pengelola dana Loss occurred by careless mudharib is charged to
dibebankan pada pengelola dana dan tidak mudharib and does not decrease mudharabah
mengurangi investasi mudharabah. investment.
26

Pendapatan usaha musyarakah yang menjadi hak Revenue from musyarakah distributed to active
mitra aktif diakui sebesar haknya sesuai dengan partner is recognized in accordance with the
kesepakatan atas pendapatan usaha musyarakah. agreement on musyarakah revenue. While revenue
Sedangkan pendapatan usaha untuk mitra pasif distributed to passive partner is recognized as right
diakui sebagai hak pihak mitra pasif atas bagi hasil of passive partner on revenue sharing and liability.
dan kewajiban.
Pendapatan operasi utama lainnya terdiri dari Other main operating revenue consists of income
pendapatan dari Sertifikat Bank Indonesia syariah, derived from Bank Indonesia sharia Certificates,
pendapatan dari penempatan pada bank Syariah placements with other Sharia banks and revenue
lain dan pendapatan bagi hasil surat berharga sharing from sharia securities. Other main
Syariah. Pendapatan operasi utama lainnya diakui operating income is recognized upon collection
pada saat diterima (cash basis) . (cash basis).
v. Hak Pihak Ketiga Atas Bagi Hasil Dana v. Third Parties’ Share on Returns of Temporary
Syirkah Temporer syirkah funds
Hak pihak ketiga atas bagi hasil dana syirkah The share of third parties on the returns of
temporer merupakan bagian bagi hasil milik pihak temporary syirkah funds represents their share in
ketiga yang didasarkan pada prinsip Mudharabah the revenues of the Bank derived from the
Mutlaqah atas hasil pengelolaan dana mereka oleh management of such funds under Mudharabah
Bank dengan menggunakan sistem revenue Mutlaqah principles using revenue sharing system
sharing. as a means of distributing profits to fund owners.
Jumlah pendapatan margin dan bagi hasil atas Margin income and profit sharing on financing
pembiayaan yang diberikan dan dari aset produktif facilities and other earning assets for distribution to
lainnya yang akan dibagikan kepada nasabah fund owners and the Bank are computed
penyimpan dana dan Bank, dihitung secara proportionally based on the allocation of fund from
proporsional sesuai dengan alokasi dana nasabah owners and the Bank to be used in financing
dan Bank yang dipakai dalam pembiayaan yang facilities and other earning assets to be distributed.
diberikan dan aset produktif lainnya yang The total available margin and profit sharing are
disalurkan. Dari jumlah pendapatan marjin dan bagi distributed to customers and depositors as shahibul
hasil yang tersedia untuk nasabah tersebut mall and to the Bank as mudharib in accordance
kemudian dibagihasilkan ke nasabah penabung dan with a pre-determined ratio. Margin income and
deposan sebagai shahibul maal dan Bank sebagai profit sharing from financing facilities and other
mudharib sesuai dengan porsi nisbah bagi hasil earning assets using the Bank’s funds entirely
yang telah disepakati bersama sebelumnya. become the property of the Bank including income
Pendapatan margin dan bagi hasil atas pembiayaan from the Bank’s fee-based transactions.
yang diberikan dan aset produktif lainnya yang
memakai dana Bank, seluruhnya menjadi milik
Bank, termasuk pendapatan dari transaksi Bank
berbasis imbalan.
27

Bagi hasil sukuk subordinasi mudharabah Revenue-sharing income is distributed every three
dibayarkan setiap 3 bulan, dihitung berdasarkan months and is computed by multiplying the nisbah
perkalian antara nisbah pemegang sukuk sebesar portion of the subordinated mudharabah bonds
17,17% dengan pendapatan yang diterima Bank holders at 17.17% with the sharing revenues for
dalam triwulan terakhir sebagaimana tercantum the quarter as reported in the quarterly unaudited
dalam laporan keuangan triwulanan Bank yang financial statements. The revenue sharing is
belum diaudit yang dipublikasikan oleh Bank. distributed to each of the subordinated
Pembayaran pendapatan bagi hasil kepada masing- mudharabah bonds holders proportionally in
masing pemegang sukuk akan dilakukan secara accordance with their share in the unpaid principal
proporsional sesuai dengan porsi kepemilikan yang balance of the subordinated mudharabah bonds.
dimiliki dibandingkan dengan jumlah pokok sukuk
yang belum dibayar kembali.
w. Pendapatan Provisi dan Komisi w. Fee and Commission Income
Pendapatan provisi dan komisi yang berkaitan Fee income and commission income, which are
langsung dengan kegiatan pembiayaan diakui directly related to financing activities or loans, are
sebagai pendapatan pada saat diterima. recognized as income upon receipt.
x. Program Dana Pensiun dan Imbalan Kerja x. Employee Benefits
Bank menyelenggarakan program pensiun iuran The Bank has a defined contribution pension plan
pasti untuk karyawan tetapnya yang berusia covering all of its permanent employees under the
dibawah 56 tahun. Kontribusi Bank terhadap dana age of 56 years old. Contributions made by the
pensiun dicatat sebagai beban pada saat terjadinya. Bank is charged to current operations.
Biaya atas penyediaan imbalan kerja berdasarkan The cost of providing employee service
Undang-undang Tenaga Kerja No. 13/2003 tanggal entitlements is computed in accordance with Labor
25 Maret 2003 dan PSAK No. 24 (revisi tahun 2004) Law No. 13/2003 dated March 25, 2003 and SFAS
ditentukan dengan metode penilaian aktuarial 24 (revision of 2004) and using the projected-unit-
projected-unit-credit. Keuntungan dan kerugian credit method. The accumulated unrecognized
aktuarial diakui sebagai penghasilan atau beban actuary gains and losses that exceed 10% of the
ditangguhkan apabila akumulasi keuntungan dan present value of the defined benefit obligation is
kerugian aktuarial bersih yang belum diakui pada recognized on a straight-line basis over the
akhir periode pelaporan sebelumnya melebihi 10% expected average remaining working lives of the
dari nilai kini kewajiban imbalan pasti (the present participating employees. Past service cost arising
value of defined benefit obligation) pada tanggal from the introduction of a defined benefit plan or
tersebut. Keuntungan dan kerugian tersebut changes in the benefits payable of an existing plan
diamortisasi dengan metode garis lurus (straight- are required to be amortized over the period until
line method) selama rata-rata sisa masa kerja dari the benefits concerned become vested.
para pekerja dalam program tersebut.
28

y. Transaksi dan Saldo dalam Mata Uang Asing y. Foreign Currency Transactions and Balances
Transaksi dalam mata uang asing dicatat Transactions in foreign currencies are recorded in
berdasarkan kurs yang berlaku pada saat transaksi Rupiah based on the rates of exchange prevailing
dilakukan. Pada tanggal 31 Desember 2008 dan at the time the transactions are made. As of
2007, aset dan kewajiban moneter dalam mata December 31, 2008 and 2007, monetary assets
uang asing dijabarkan ke dalam Rupiah and liabilities in foreign currencies were translated
berdasarkan kurs spot Reuters pada tanggal- into Rupiah based on Reuter’s published spot rate
tanggal 31 Desember 2008 dan 28 Desember 2007 at 4.00 pm (West Indonesian local time) on
pukul 16.00 WIB, yaitu masing-masing sebesar December 31, 2008 and December 28, 2007,
(dalam Rupiah penuh): respectively, as follows (in full amounts):
2008 2007
Rp Rp
1 Euro 15.356,48 13.763,94 Euro 1

1 Dolar Amerika Serikat 10.900,00 9.394,50 United States Dollar 1
1 Dolar Singapura 7.587,91 6.495,01 Dollar Singapore 1
1 Ringit Malaysia 3.148,03 2.831,40 Malaysian Ringgit 1
1 Real Saudi Arabia 2.905,12 2.505,47 Saudi Arabia Riyal 1
1 Yen Jepang 120,65 82,99 Japan Yen 1
Selisih penjabaran aset dan kewajiban moneter The resulting gains or losses arising from foreign
dalam valuta asing ke dalam Rupiah (revaluasi) currency translations are credited or charged to
diakui sebagai pendapatan atau beban tahun current operations.
berjalan.
Transaksi valuta asing pada bank Syariah (di luar The Bank is not allowed to enter into foreign
jual beli bank notes) hanya dapat dilakukan untuk currency transactions for speculative purposes
tujuan lindungi nilai (hedging) dan tidak dibenarkan except for hedging. The Bank had no hedging
untuk tujuan spekulatif. Bank tidak mempunyai transactions in December 31, 2008 and 2007.
transaksi hedging pada periode yang berakhir pada
tanggal 31 Desember 2008 dan 2007.
z. Pajak Penghasilan z. Income Tax
Bank menghitung pajak penghasilan tahun berjalan Current tax expense is provided based on the
berdasarkan perkiraan penghasilan kena pajak estimated taxable income for the year. Deferred
untuk tahun tersebut. Aset dan kewajiban pajak tax assets and liabilities are recognized for
tangguhan diakui untuk semua perbedaan temporer temporary differences between the financial and
antara nilai aset dan kewajiban yang tercatat di the tax bases of assets and liabilities at each
neraca dengan dasar pengenaan pajak atas aset reporting date. Future tax benefits are recognized
dan kewajiban tersebut pada setiap tanggal to the extent that the realization of such benefits is
pelaporan. Manfaat pajak di masa mendatang probable.
diakui sejauh besar kemungkinan realisasi atas
manfaat pajak tersebut.
29

Aset dan kewajiban pajak tangguhan dihitung Deferred tax assets and liabilities are measured at
dengan menggunakan tarif pajak yang diharapkan the tax rates that are expected to apply to the
akan diterapkan pada periode aset atau kewajiban period when the assets are realized or the liabilities
tersebut direalisasi atau diselesaikan, berdasarkan are settled, based on tax rates (and tax laws) that
tarif pajak (dan peraturan-peraturan pajak) yang have been enacted or substantively enacted at the
berlaku atau secara substansi telah berlaku pada balance sheet date.
tanggal neraca.
Perubahan atas kewajiban pajak diakui pada saat Amendment to tax obligations is recorded when an
surat ketetapan pajak diterima, atau apabila assessment is received or, if appealed against by
diajukan keberatan dan atau banding, maka the Bank, when the result of the appeal is
perubahan diakui pada saat keputusan atas determined.
keberatan dan atau banding tersebut ditetapkan.
aa. Informasi Segmen aa. Segment Information
PSAK No. 5 (Revisi 2000) tentang ”Pelaporan SFAS No. 5 (Revision of 2000) on “Segment
Segmen” mensyaratkan identifikasi dan Reporting” requires the Bank to identify and
pengungkapan pelaporan informasi keuangan disclose financial information based on the Bank’s
berdasarkan segmen wilayah geografis operasi business and geographical segment. The Bank
perusahaan. Bank menyajikan informasi pelaporan presents the financial information based on
segmen wilayah geografis kedekatan geografis geographical segment. Revenues and expenses for
operasi. Pendapatan dan beban untuk setiap each geographical area are recorded in branches
wilayah geografis dicatat sesuai dengan where the geographical areas are located. The
pendapatan dan beban sebenarnya pada cabang- expenses such as promotion and opening new
cabang pada wilayah yang bersangkutan. Untuk branch expenses are charged to non operating
beban-beban tertentu seperti beban promosi dan head office as a cost center classified in
beban pembukaan cabang baru dibebankan ke Jabodetabek area.
kantor pusat non operasional yang bertindak
sebagai pusat biaya (cost center) yang
dikelompokkan dalam wilayah Jabodetabek.
ab. Laba Bersih per Saham Dasar ab. Basic Earnings Per Share
Laba bersih per saham dasar dihitung dengan Basic earnings per share is calculated by dividing
membagi laba bersih dengan rata-rata tertimbang the income for the year attributable to ordinary
dari jumlah saham yang ditempatkan dan disetor stockholders by the weighted average numbers of
penuh selama tahun yang bersangkutan. Jumlah ordinary shares outstanding during the year. The
rata-rata saham tertimbang yang ditempatkan dan weighted average numbers of issued and fully paid
disetor penuh adalah 820.251.749 saham masing- ordinary shares outstanding as of December 31,
masing pada tanggal 31 Desember 2008 dan 2007. 2008 and 2007 were 820,251,749 shares,
respectively.
30

ac. Penggunaan Estimasi ac. Use of Estimates
Dalam penyusunan laporan keuangan yang sesuai The preparation of financial statements in
dengan prinsip akuntansi yang berlaku umum, conformity with generally accepted accounting
manajemen telah menggunakan estimasi dan principles requires management to make estimates
asumsi yang mempengaruhi jumlah yang dilaporkan and assumptions that affect amounts reported
dalam laporan keuangan. Adanya unsur therein. Due to inherent uncertainty in making
ketidakpastian yang melekat dalam melakukan estimates, actual results reported in future periods
estimasi dapat menyebabkan jumlah sesungguhnya might be based on amount, which may differ from
yang dilaporkan pada periode yang akan datang those estimates.
berbeda dengan jumlah yang diestimasikan.
3. PENEMPATAN PADA BANK INDONESIA 3. PLACEMENTS WITH BANK INDONESIA
2008 2007
Rp Rp
Giro wadiah Wadiah current accounts

Rupiah 778.755.018 588.930.502 Rupiah
Dollar Amerika Serikat 10.627.500 23.721.112 United States Dollar
Jumlah giro wadiah 789.382.518 612.651.614 Total wadiah current accounts
Sertifikat Bank Indonesia Syariah 210.000.000 655.000.000 Bank Indonesia Sharia Certificates
Jumlah 999.382.518 1.267.651.614 Total
Sesuai dengan Peraturan Bank Indonesia In accordance with Bank Indonesia Regulation
No. 6/21/PBI/2004 tanggal 3 Agustus 2004 No. 6/21/PBI/2004 dated August 3, 2004 and its
sebagaimana telah diubah dengan peraturan Bank revision in Bank Indonesia Regulation
Indonesia No. 8/23/PBI/2006 tanggal 5 Oktober 2006, No. 8/23/PBI/2006 dated October 5, 2006, every bank
setiap bank diwajibkan memelihara Giro Wajib Minimum has to maintain Statutory Reserves equivalent to 5% of
(GWM) dalam Rupiah dan valuta asing yang besarnya its third-party deposits denominated in Rupiah and at
ditetapkan sebesar 5% dan 3% dari dana pihak ketiga least 3% of its third-party deposits denominated in
dalam Rupiah dan valuta asing. Ketentuan ini diubah foreign currency. This regulation was revised by Bank
dengan peraturan Bank Indonesia No. 10/23/PBI/2008 Indonesia in its Regulation No. 10/23/PBI/2008 dated
tanggal 16 Oktober 2008 yang menetapkan GWM dalam October 16, 2008, stating that Statutory Reserves must
valas sebesar 1%. Selain memenuhi ketentuan tersebut, be at least equivalent to 1% of the Bank’s third-party
jika Bank yang memiliki rasio pembiayaan dalam Rupiah deposits denominated in foreign currency. Besides
terhadap dana pihak ketiga dalam Rupiah kurang dari complying with that regulation, a bank with liquidity to
80% wajib memelihara tambahan GWM dalam Rupiah deposits ratio less than 80% has to maintain additional
sebesar 1% dari dana pihak ketiga dalam Rupiah. GWM reserve equivalent to 1% of its third-party deposits
Bank dalam mata uang Rupiah pada tanggal denominated in Rupiah. The Bank's Statutory Reserves
31 Desember 2008 dan 2007 masing-masing sebesar in Rupiah as of December 31, 2008 and 2007 represent
7,89% dan 7,23%. Sedangkan Dollar Amerika Serikat 7.89% and 7.23%, respectively, of third-party Rupiah
pada tanggal 31 Desember 2008 dan 2007 masing- deposits. While the Bank's Statutory Reserves in
masing sebesar 1,83% dan 3,37%. US Dollar as of December 31, 2008 and 2007 represent
1.83% and 3.37%, respectively, of third-party US Dollar
deposits.
31
3. PENEMPATAN PADA BANK INDONESIA 3. PLACEMENTS WITH BANK INDONESIA

(Lanjutan) (Continued)
Tingkat bonus per tahun sertifikat Bank Indonesia Bank Indonesia sharia certificates annual bonus
syariah yang diperoleh Bank berkisar antara setara received is at rates ranging from the equivalent of
5,95% sampai dengan 11,14% pada tahun 2008 dan 5.95% to 11.14% in 2008 and 3.86% to 8.07% in
setara 3,86% sampai dengan 8,07% pada tahun 2007. 2007, which is computed at the maturity date. The
Jangka waktu sertifikat Bank Indonesia syariah berkisar maturity periods of Bank Indonesia sharia certificates
antara 7 sampai dengan 28 hari. range from 7 to 28 days.
4. GIRO PADA BANK LAIN 4. CURRENT ACCOUNTS WITH OTHER BANKS
2008 2007
Rp Rp
Rupiah Rupiah
Bank Syariah: Sharia Bank:
PT Bank BPD Sumbar - Unit Usaha PT Bank BPD Sumbar – Sharia
Syariah 1.000.000 -- Unit
PT Bank Syariah Mandiri 496.983 591.979 PT Bank Syariah Mandiri
PT Bank Negara Indonesia (Persero) PT Bank Negara Indonesia (Persero)
Tbk - Unit Usaha Syariah 161.331 72.947 Tbk – Sharia Unit
Bank Umum Konvensional: Conventional Bank:
PT Bank Central Asia Tbk 26.360.210 18.943.110 PT Bank Central Asia Tbk
PT Bank BPD Jateng 9.061.545 6.291.554 PT Bank BPD Jateng
PT Bank Negara Indonesia (Persero) PT Bank Negara Indonesia
Tbk 4.122.517 4.075.520 (Persero) Tbk
PT Bank BPD Sumbar -- 80.537 PT Bank BPD Sumbar
PT Bank BPD Sulawesi Utara 585.031 505.100 PT Bank BPD Sulawesi Utara
PT Bank Mandiri (Persero) Tbk 536.042 77.187 PT Bank Mandiri (Persero) Tbk
PT Bank BPD Riau 342.419 852.736 PT Bank BPD Riau
PT Bank BPD Jambi 136.818 427.683 PT Bank BPD Jambi
PT Bank BPD Sumut 14.789 14.789 PT Bank BPD Sumut
Lain-lain dibawah Rp 10.000 15.587 15.458 Others below Rp 10,000
Mata Uang Asing Foreign Currencies

Bank Syariah: Sharia Bank:
Ringgit Malaysia Ringgit Malaysia
Bank Islam Malaysia Berhad Bank Islam Malaysia Berhad
(2008: 10.256 MYR; (2008: MYR 10,256;
2007: MYR 34;) 32.287.066 97.584 2007: MYR 34)
Bank Umum Konvensional: Conventional Bank:
Dollar Amerika Serikat US Dollar
JP Morgan Bank JP Morgan Bank
(dahulu Chase Manhattan ) (formerly Chase Manhattan)
(2008: USD 6.976; (2008: USD 6,976;
2007: USD 528) 76.033.081 4.958.282 2007: USD 528)
Citibank N.A. Citibank N.A.
(2008: USD 1.006; (2008: USD 1,006;
2007: USD 409) 10.961.241 3.847.039 2007: USD 409)
32

2008 2007
Rp Rp
Euro Euro
Indover Bank Amsterdam Indover Bank Amsterdam
Netherlands Netherlands
(2008: EUR 417; 2007 : EUR 391) 6.396.610 5.378.765 (2008: EUR 417; 2007 : EUR 391)
Deutche Bank Frankfurt Deutche Bank Frankfurt
(2008: EUR 396) 6.074.561 -- (2008: EUR 396)
MM. Warbug Co. MM. Warbug Co.
(2008: EUR 28; 2007: EUR 24) 428.236 326.858 (2008: EUR 28; 2007: EUR 24)
Real Saudi Arabia Saudi Arabia Real

National Com.Bank.Jeddah National Com.Bank.Jeddah
(2008: SAR 145; 2007: SAR 172) 421.696 429.754 (2008: SAR 145; 2007: SAR 172)
Yen Jepang Japan Yen

PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk (Persero) Tbk
(2008: JPY 1.003; (2008: JPY 1,003;
2007: JPY 1.246) 120.997 103.378 2007: JPY 1,246)
Dollar Singapura Singapore Dollar

OCBC Bank Singapura OCBC Bank Singapore
(dahulu Tat Lee Bank) (formerly Tat Lee Bank)
(2008: SGD 26; 2007: SGD 3) 200.511 19.881 (2008: SGD 26; 2007: SGD 3)
Jumlah 175.757.271 47.110.141 Total
Bersih 170.865.360 46.639.040 Net
Ikhtisar perubahan penyisihan penghapusan giro pada The movement of allowance for possible losses for
bank lain adalah sebagai berikut: current accounts with other banks are as follows:
2008
Rupiah / Mata Uang Asing / Jumlah /
Rupiah Foreign currencies Total
Rp Rp Rp
Saldo awal tahun 319.544 151.557 471.101 Balance at beginning of year

Penyisihan 108.789 4.003.769 4.112.558 Provision
Selisih kurs -- 308.252 308.252 Exchanges differences
Saldo akhir tahun 428.333 4.463.578 4.891.911 Balance at end of year
33

2007
Rupiah / Mata Uang Asing/ Jumlah /
Rupiah Foreign Currencies Total
Rp Rp Rp

Penyisihan (pembalikan) 17.208 (554.323) (537.115) Provision (reverse)
Selisih kurs -- 29.417 29.417 Exchanges differences
Saldo akhir tahun 319.544 151.557 471.101 Balance at end of year
Pengadilan Negeri Amsterdam - Belanda telah District Court of Amsterdam Section Civil Law –
memutuskan pailit atas Bank Indover dengan surat Netherland have decided that Indover Bank in a state
keputusan No. 08.0579-F tanggal 1 Desember 2008. of bankruptcy in its letter No. 08.0579-F dated
December 1, 2008.
Manajemen Bank berpendapat bahwa jumlah penyisihan Management believes that the allowance established is
penghapusan untuk menutup kemungkinan kerugian adequate to cover possible losses on uncollectible
akibat tidak tertagihnya giro pada bank lain adalah current account with other banks and has complied
cukup dan telah memenuhi ketentuan Bank Indonesia. with Bank Indonesia regulations.
Pendapatan jasa giro yang diterima dari giro pada Interest income received from current account with
Bank umum konvensional tahun 2008 sebesar conventional banks in 2008 amounting to Rp 441,803 of
Rp 441.803, dimana sebesar Rp 3.134 disalurkan ke which Rp 3,134 was transferred to the Indonesian
rekening Majelis Ulama Indonesia No. 301.00032.10 c.c. Council of Ulama (MUI) account No. 301.00032.10 c.q.
Yayasan Dana Dakwah Pembangunan dan Muamalat Yayasan Dana Dakwah Pembangunan and Muamalat
club sebesar Rp 365.457 untuk tujuan sosial dan club, Rp 365,457 to other social institution, Rp 73,212
sebesar Rp 73.212 ke lembaga sosial lainnya dan for charity and Rp 65,281 is recorded under charity
sebesar Rp 65.281 masih ada dalam titipan dana sosial fund (Note 17).
(Catatan 17).
Tidak ada rekening giro Bank yang dijadikan jaminan No current account with other bank is secured or
atau diblokir. blocked.
5. GIRO PADA PT POS INDONESIA (PERSERO) 5. CURRENT ACCOUNTS WITH PT POS INDONESIA
(PERSERO)
2008 2007
Rp Rp
Giro pos share 77.288.503 62.852.678 Current account - share

Giro pos outlet 2.089.358 103.604 Current account - outlets
Giro pos gerai 2.049.606 1.574.044 Current account - counters
Jumlah 81.427.467 64.530.326 Total
Bersih 80.613.192 63.885.023 Net
34
5. GIRO PADA PT POS INDONESIA (PERSERO) 5. CURRENT ACCOUNTS WITH PT POS INDONESIA
(Lanjutan) (PERSERO) (Continued)
Giro pada PT Pos Indonesia (Persero) merupakan giro Current account with PT Pos Indonesia (Persero)
pada kantor pos sehubungan dengan kerjasama antara represents post office current account in connection
bank dengan PT Pos Indonesia (Persero) sesuai with agreement No. 009/BMI/PKS/ III/2004 and
dengan Perjanjian No. 009/BMI/PKS/III/2004 dan No. PKS 18/DIRKUG/0304 dated March 9, 2004
No. PKS18/DIRKUG/0304 tanggal 9 Maret 2004 tentang concerning selling initial share cards, outlets and postal
Pemanfaatan Layanan Pos untuk Menjual Paket Perdana service withdrawal by Transfer Letter.
Kartu Share dan Penyediaan Outlet Kantor Pos yang
Penarikannya dengan Menggunakan Surat Perintah
Transfer.
2008
Rp Rp Rp
Saldo awal tahun 645.303 -- 645.303 Balance at beginning of year

Penyisihan 168.972 -- 168.972 Provision
Saldo akhir tahun 814.275 -- 814.275 Balance at end of year
2007
Rp Rp Rp

Berdasarkan hasil penelaahan dan evaluasi manajemen Based on management’s review and evaluation on the
Bank, kolektibilitas atas seluruh giro pada PT Pos collectibility of current accounts with PT Pos Indonesia
Indonesia (Persero) pada tanggal 31 Desember 2008 (Persero) as of December 31, 2008 and 2007, all of the
dan 2007, digolongkan lancar. Manajemen Bank current accounts are classified into current. The Bank’s
berpendapat bahwa jumlah penyisihan penghapusan management believes that the allowance established is
untuk menutup kemungkinan kerugian akibat tidak adequate to cover possible losses on uncollectible
tertagihnya giro pada PT Pos Indonesia (Persero) adalah current accounts with PT Pos Indonesia (Persero) and
cukup dan telah memenuhi ketentuan Bank Indonesia. has complied with Bank Indonesia regulations.
Shar-e adalah tabungan instant investasi syariah yang Share-e represents instant saving account of sharia
memadukan kemudahan akses ATM, Debit dan Phone investment, integrating easy ATM, debit access and
Banking dalam satu kartu dan dapat dibeli di kantor pos phone banking in one card, which is available for
di seluruh Indonesia. Shar-E dapat dibeli melalui kantor- purchase at on line post offices all over Indonesia.
kantor Pos On Line di seluruh Indonesia.
35
6. PENEMPATAN PADA BANK LAIN 6. PLACEMENTS WITH OTHER BANKS
2008 2007
Rp Rp
Pihak ketiga Third parties

Rupiah: Rupiah:
Deposito Berjangka Mudharabah Mudharabah time deposits
PT Bank Danamon Indonesia Tbk - PT Bank Danamon Indonesia Tbk -
Unit Usaha Syariah 25.000.000 15.000.000 Sharia Unit
BPRS Dana Tijarah 100.000 100.000 BPRS Dana Tijarah
BPRS Hareukat 100.000 100.000 BPRS Hareukat
BPRS Dana Mardhatillah 100.000 100.000 BPRS Dana Mardhatillah
BPRS Baiturrahman 100.000 100.000 BPRS Baiturrahman
BPRS Barkah Gemadana 100.000 100.000 BPRS Barkah Gemadana
BPRS Bina Rahmah 100.000 100.000 BPRS Bina Rahmah
BPRS Baktimakmur Indah 100.000 100.000 BPRS Baktimakmur Indah
BPRS Rifatul Ummah 100.000 100.000 BPRS Rifatul Ummah
BPRS Mentari 50.000 50.000 BPRS Mentari
BPRS Amanah Sejahtera 50.000 50.000 BPRS Amanah Sejahtera
BPRS Uswatun Hasanah 50.000 50.000 BPRS Uswatun Hasanah
BPRS Berkah Amal Sejahtera 50.000 50.000 BPRS Berkah Amal Sejahtera
BPRS Hikmah Wakilah 50.000 50.000 BPRS Hikmah Wakilah
BPRS Harum Hikmahnugraha 30.000 30.000 BPRS Harum Hikmahnugraha
PT Bank Bukopin Tbk - Unit Usaha PT Bank Bukopin Tbk -
Syariah -- 15.000.000 Sharia Unit
BPRS Artha Sakinah -- 200.000 BPRS Artha Sakinah
Lainnya (masing-masing
di bawah Rp 30.000) 119.550 119.550 Others (each is under Rp 30,000)

istimewa Related parties
Rupiah Rupiah
Deposito Berjangka Mudharabah Mudharabah time deposits
BPRS Wakalumi 1.451.322 1.451.322 BPRS Wakalumi
Investasi Mudharabah Inter-bank Mudharabah
Antar Bank investment
Rupiah Rupiah
PT Bank Syariah Mega Indonesia 12.500.000 12.500.000 PT Bank Syariah Mega Indonesia
PT Bank Niaga Syariah 6.000.000 -- PT Bank Niaga Syariah
PT Bank Danamon Indonesia Tbk - PT Bank Danamon Indonesia Tbk -
Unit Usaha Syariah 5.000.000 -- Sharia Unit
PT Bank Syariah Mandiri -- 15.000.000 PT Bank Syariah Mandiri
PT Bank IFI Syariah -- 4.000.000 PT Bank IFI Syariah
Jumlah 51.150.872 64.350.872 Total
Bersih 50.292.864 63.543.868 Net
36

Tingkat bagi hasil per tahun untuk deposito berjangka The annual profit sharing rates for Mudharabah time
Mudharabah yang diterima bank berkisar antara setara deposits ranged from the equivalent of 0.82% to
0,82% sampai dengan 22,17% untuk tahun 2008 dan 22.17% in 2008 and from the equivalent of 5.93% to
setara 5,93% sampai dengan 15,24% untuk tahun 15.24% in 2007.
2007.
Rincian Penempatan pada bank lain berdasarkan Placements with other banks classified based on
kolektibilitas adalah sebagai berikut: collectibility are as follows:
2008 2007
Rp Rp
Lancar 50.800.872 63.950.872 Current

Macet 350.000 400.000 Loss
Jumlah 51.150.872 64.350.872 Total
Bersih 50.292.864 63.543.868 Net
Rincian penempatan pada bank lain berdasarkan jangka The details of placements with other banks based on
waktu perjanjian adalah sebagai berikut: the term of agreement are as follows:
2008
Dollar Amerika
Rupiah / Serikat/ Jumlah /
United States
Rupiah Dollar Total
Rp Rp Rp
1 bulan 48.550.000 -- 48.550.000 1 month

3 bulan 1.626.322 -- 1.626.322 3 months
6 bulan 257.500 -- 257.500 6 months
12 bulan 717.050 -- 717.050 12 months
Jumlah 51.150.872 -- 51.150.872 Total
2007
Dollar Amerika
United States
Rupiah Dollar Total
Rp Rp Rp
1 bulan 41.550.000 -- 41.550.000 1 month

3 bulan 5.295.800 -- 5.295.800 3 months
6 bulan 15.350.000 -- 15.350.000 6 months
12 bulan 2.155.072 -- 2.155.072 12 months
Jumlah 64.350.872 -- 64.350.872 Total
37

Rincian penempatan pada bank lain berdasarkan sisa The details of placements with other banks based on
umur sampai saat jatuh tempo adalah sebagai berikut: remaining period to maturity are as follows:
2008
Dollar Amerika
Rupiah / Serikat / Jumlah /
United States
Rupiah Dollar Total
Rp Rp Rp
Kurang dari 1 bulan 48.725.000 -- 48.725.000 Less than 1 month

1 - 3 bulan 1.888.622 -- 1.888.622 1 - 3 months
Lebih dari 3 - 12 bulan 537.250 -- 537.250 More than 3 - 12 months
Jumlah 51.150.872 -- 51.150.872 Total
2007
Dollar Amerika
United States
Rupiah Dollar Total
Rp Rp Rp
Kurang dari 1 bulan 52.725.000 -- 52.725.000 Less than 1 month

1 - 3 bulan 11.105.072 -- 11.105.072 1 - 3 months
Lebih dari 3 - 12 bulan 520.800 -- 520.800 More than 3 - 12 months
Jumlah 64.350.872 -- 64.350.872 Total
Ikhtisar perubahan penyisihan penghapusan The changes of allowance for possible losses on
penempatan pada bank lain adalah sebagai berikut: placements with other banks are as follows:
2008
Mata Uang
Rupiah / Asing / Jumlah /
Foreign
Rupiah currencies Total
Rp Rp Rp

Selisih kurs -- -- -- Exchange rate differences
38

2007
Mata Uang
Rupiah / Asing / Jumlah /
Foreign
Rupiah currencies Total
Rp Rp Rp

Penyisihan (pembalikan) 197.100 (204.430) (7.330) Provision (reverse)
Selisih kurs -- 7.830 7.830 Exchange rate differences
Bank tetap melakukan usaha penagihan kepada Direksi Bank still conducts collection to the directors and owners of
dan pemilik Bank Perkreditan Rakyat Syariah (BPRS) Bank Perkreditan Rakyat Syariah (BPRS) related to
atas penempatan deposito yang tergolong macet, antara placements of time deposits which are classified as loss,
lain: are as follows:
2008 2007
Rp Rp
BPRS Hareukat 100.000 -- BPRS Hareukat
BPRS Dana Mardhatillah 100.000 100.000 BPRS Dana Mardhatillah
BPRS Ushwatun Hasanah 50.000 50.000 BPRS Ushwatun Hasanah
BPRS Berkah Amal Sejahtera 50.000 50.000 BPRS Berkah Amal Sejahtera
BPRS Hikmah Wakilah 50.000 -- BPRS Hikmah Wakilah
BPRS Artha Sakinah -- 200.000 BPRS Artha Sakinah
Jumlah 350.000 400.000 Total
Manajemen Bank berpendapat bahwa jumlah penyisihan The Bank’s management believes that the allowance
penghapusan untuk menutup kemungkinan kerugian established is adequate to cover possible losses on
akibat tidak tertagihnya penempatan pada bank lain uncollectible placements with other banks and has
adalah cukup dan telah memenuhi ketentuan Bank complied with Bank Indonesia regulations.
Indonesia.
39
7. EFEK-EFEK 7. SECURITIES
Rincian efek-efek adalah sebagai berikut: The details of securities are as follows:
2008
Peringkat / Jumlah /
Rating Total
Rp
Pihak Ketiga Third parties
Rupiah Rupiah
Negara Republik Indonesia AAA+(sy) 15.000.000 State Republic of Indonesia
PT Indosat Tbk idAA+(sy) 10.000.000 PT Indosat Tbk
PT Berlian Laju Tanker Tbk idA+(sy) 5.000.000 PT Berlian Laju Tanker Tbk
Jumlah 30.000.000 Total
Penyisihan penghapusan (150.000) Allowance for possible losses
Bersih 29.850.000 Net
2007
Peringkat / Jumlah /
Rating Total
Rp
Pihak Ketiga Third parties

Rupiah Rupiah
PT Bank Syariah Mandiri idBBB+(sy) 10.000.000 PT Bank Syariah Mandiri
PT Berlian Laju Tanker Tbk idAA-(sy) 5.000.000 PT Berlian Laju Tanker Tbk
Untuk obligasi yang terdaftar di Bursa Efek Indonesia, Securities listed in the Indonesia Stock Exchange are
peringkat ditetapkan PT Pemeringkat Efek Indonesia rated by PT Pemeringkat Efek Indonesia (Pefindo).
(Pefindo).
Berdasarkan tujuan manajemen pada saat Sharia Mudharabah bonds issued by the Republic of
perolehannya, Sukuk Mudharabah negara Republik Indonesia, PT Indosat Tbk and PT Berlian Laju Tanker
Indonesia, PT Indosat Tbk dan PT Berlian Laju Tanker Tbk are classified as hold to maturity based on
Tbk diklasifikasikan sebagai dimiliki hingga jatuh tempo. management’s intention at the time of purchase.
PT Bank Syariah Mandiri telah melunasi efek obligasi PT Bank Syariah Mandiri fully repaid its sharia bond on
syariah pada tanggal 31 Oktober 2008. October 31, 2008.
Tingkat bagi hasil per tahun untuk sukuk yang diterima The annual profit sharing rates for Sharia bonds ranged
Bank berkisar antara setara 10,25% sampai dengan from the equivalent of 10.25% to 11.80% in 2008 and
11,80% untuk tahun 2008 dan setara 9,67% sampai of 9.67% to 17.56% in 2007.
dengan 17,56% untuk tahun 2007.
40
7. EFEK-EFEK (Lanjutan) 7. SECURITIES (Continued)
Ikhtisar perubahan penyisihan penghapusan efek-efek The changes of allowance for possible losses on
adalah sebagai berikut: securities are as follows:
2008 2007
Rp Rp
Saldo awal tahun 150.000 150.000 Balance at beginning of year

Penyisihan -- -- Provision
Saldo akhir tahun 150.000 150.000 Balance at end of year
Berdasarkan hasil penelaahan dan evaluasi manajemen Based on the management’s review and evaluation of
Bank, kolektabilitas atas seluruh efek-efek pada tanggal the collectibility of the Bank’s securities as of December
31 Desember 2008 dan 2007 digolongkan lancar. 31, 2008 and 2007, all securities are classified as
Manajemen Bank berpendapat bahwa jumlah penyisihan current. The Bank’s management believes that the
penghapusan untuk menutup kemungkinan kerugian allowance established is adequate to cover possible
akibat tidak tertagihnya efek-efek adalah cukup dan losses on uncollectible securities and has complied with
telah memenuhi ketentuan Bank Indonesia. Bank Indonesia regulations.
8. PIUTANG 8. RECEIVABLES
Rincian piutang adalah sebagai berikut: The details of receivables are as follows:
a. Berdasarkan Jenis a. By Type

2008
Dalam Perhatian Kurang
Lancar / Khusus / Lancar/ Diragukan / Macet / Jumlah /
Current Special Mention Substandard Doubtful Loss Total
Rp Rp Rp Rp Rp Rp
Rupiah Rupiah
Murabahah 4.065.373.289 133.346.924 64.697.410 17.383.381 59.781.854 4.340.582.858 Murabahah
Penyisihan penghapusan (40.653.733) (2.341.722) (3.342.951) (1.114.193) (30.161.840) (77.614.439) Allowance for possible losses
Bersih 4.024.719.556 131.005.202 61.354.459 16.269.188 29.620.014 4.262.968.419 Net
Istishna 101.762.787 -- -- -- -- 101.762.787 Istishna

Penyisihan penghapusan (986.411) -- -- -- -- (986.411) Allowance for possible losses
Bersih 100.776.376 -- -- -- -- 100.776.376 Net
Ijarah 1.911.757 -- -- -- -- 1.911.757 Ijarah

Bersih 1.892.639 -- -- -- -- 1.892.639 Net
Jumlah Rupiah 4.169.047.833 133.346.924 64.697.410 17.383.381 59.781.854 4.444.257.402 Total Rupiah
Jumlah piutang Rupiah - Bersih 4.127.388.571 131.005.202 61.354.459 16.269.188 29.620.014 4.365.637.434 Total receivable Rupiah – Net
Dollar Amerika Serikat United States Dollar

Murabahah 363.720.794 -- 186.496.166 -- -- 550.216.960 Murabahah
Penyisihan penghapusan (3.637.208) -- (444.792) -- -- (4.082.000) Allowance for possible losses
Bersih 360.083.586 -- 186.051.374 -- -- 546.134.960 Net
Jumlah Dollar Amerika Serikat 363.720.794 -- 186.496.166 -- -- 550.216.960 Total United States Dollar
Jumlah piutang Dollar Amerika
Serikat - Bersih 360.083.586 -- 186.051.374 -- -- 546.134.960 Total receivable US Dollar - Net
Jumlah piutang 4.532.768.627 133.346.924 251.193.576 17.383.381 59.781.854 4.994.474.362 Total receivable
Jumlah penyisihan penghapusan (45.296.470) (2.341.722) (3.787.743) (1.114.193) (30.161.840) (82.701.968) Total Allowance for possible losses
Piutang – Bersih 4.487.472.157 131.005.202 247.405.833 16.269.188 29.620.014 4.911.772.394 Receivable – Net
41
8. PIUTANG (Lanjutan) 8. RECEIVABLES (Continued)
2007
Rp Rp Rp Rp Rp Rp
Rupiah Rupiah
Murabahah 3.288.635.157 116.776.968 32.333.834 18.453.485 94.393.079 3.550.592.523 Murabahah
Bersih 3.255.739.706 113.553.763 30.770.487 8.780.080 54.543.022 3.463.387.058 Net
Istishna 156.986.869 -- -- -- -- 156.986.869 Istishna

Penyisihan penghapusan (32.308.086) -- -- -- -- (32.308.086) Allowance for possible losses
Bersih 124.678.783 -- -- -- -- 124.678.783 Net
Ijarah 105.480 -- -- -- -- 105.480 Ijarah

Bersih 73.208 -- -- -- -- 73.208 Net
Jumlah piutang Rupiah - Bersih 3.380.491.697 113.553.763 30.770.487 8.780.080 54.543.022 3.588.139.049 Total Rupiah receivable - Net

Murabahah 509.190.783 -- -- 3.308.968 -- 512.499.751 Murabahah
Penyisihan penghapusan (5.091.908) -- -- (1.348.218) -- (6.440.126) Allowance for possible losses
Bersih 504.098.875 -- -- 1.960.750 -- 506.059.625 Net
Jumlah Dollar Amerika Serikat 509.190.783 -- -- 3.308.968 -- 512.499.751 Total US Dollar

Jumlah piutang Dollar Amerika
Serikat – Bersih 504.098.875 -- -- 1.960.750 -- 506.059.625 Total US Dollar receivable - Net
Jumlah penyisihan penghapusan (70.327.717) (3.223.205) (1.563.347) (11.021.623) (39.850.057) (125.985.949) Total allowance for possible losses
b. Berdasarkan Sektor Ekonomi b. By Economic Sector

2008
Dalam Perhatian
Lancar / Khusus / Kurang Lancar/ Diragukan / Macet / Jumlah /
Rp Rp Rp Rp Rp Rp
Rupiah Rupiah
Jasa usaha 1.504.604.744 34.776.470 3.914.349 7.543.601 12.439.726 1.563.278.890 Business services
Sosial/Masyarakat 564.865.826 9.948.520 1.874.629 737.645 859.895 578.286.515 Social/Public
Pengangkutan 513.534.333 13.536.312 -- 3.971.831 995.232 532.037.708 Transportation
Perdagangan 278.265.351 14.781.680 22.009.927 65.207 17.478.668 332.600.833 Trading
Konstruksi 181.480.422 26.606.413 30.281.826 1.175.162 10.082.902 249.626.725 Construction
Pertanian 111.729.985 209.258 17.074 32.411 -- 111.988.728 Agricultural
Industri 73.952.227 1.799.994 313.223 44.170 1.049.330 77.158.944 Manufacturing
Pertambangan 60.356.415 67.390 -- -- 350.036 60.773.841 Mining
Listrik, gas dan air 33.619.733 -- -- -- -- 33.619.733 Electricity, gas and water
Lainnya 846.638.797 31.620.887 6.286.382 3.813.354 16.526.065 904.885.485 Others
Piutang Rupiah - Bersih 4.127.388.571 131.005.202 61.354.459 16.269.188 29.620.014 4.365.637.434 Rupiah Receivable – Net

Pertambangan 104.992.161 186.496.166 291.488.327 Mining
Pengangkutan 155.624.511 -- -- -- -- 155.624.511 Transportation
Jasa usaha 97.205.104 -- -- -- -- 97.205.104 Business services
Jumlah Dollar Amerika Serikat 363.720.794 186.496.166 550.216.960 Total US Dollar
Piutang Dollar Amerika Serikat –
Bersih 360.083.586 -- 186.051.374 -- -- 546.134.960 US Dollar receivable – Net
42
2007
Dalam Perhatian
Lancar / Khusus / Kurang Lancar/ Diragukan / Macet / Jumlah /
Rp Rp Rp Rp Rp Rp
Rupiah Rupiah
Industri 99.821.389 2.138.308 488.055 -- 1.022.331 103.470.083 Manufacturing
Jasa usaha 617.120.978 21.929.735 2.752.700 1.818.825 9.993.753 653.615.991 Business services
Konstruksi 425.930.565 17.776.478 9.298.526 1.297.259 19.305.779 473.608.607 Construction
Listrik, gas dan air 1.376.468 697.067 -- -- -- 2.073.535 Electricity, gas and water
Pengangkutan 345.605.668 508.196 1.364.515 257.201 26.464.746 374.200.326 Transportation
Perdagangan 486.088.181 17.269.210 2.886.161 5.390.038 18.612.326 530.245.916 Trading
Pertambangan 21.338.667 1.805.855 -- -- 351.985 23.496.507 Mining
Pertanian 158.564.064 5.685.834 37.971 -- 175.486 164.463.355 Agricultural
Sosial/Masyarakat 331.158.849 3.975.027 2.865.319 473.105 2.982.522 341.454.822 Social/Public
Lainnya 958.722.678 44.991.258 12.640.587 9.217.056 15.484.151 1.041.055.730 Others
Piutang Rupiah - Bersih 3.380.491.698 113.553.763 30.770.487 8.780.079 54.543.022 3.588.139.049 Rupiah Receivable – Net

Jasa usaha 294.528.892 -- -- 1.979.459 -- 296.508.351 Business services
Pertambangan 138.326.380 -- -- 1.329.510 -- 139.655.890 Mining
Konstruksi 965.984 -- -- -- -- 965.984 Construction
Perdagangan 6.780.216 -- -- -- -- 6.780.216 Trading
Jumlah Dollar Amerika Serikat 509.190.782 -- -- 3.308.969 -- 512.499.751 Total US Dollar
Piutang Dollar Amerika Serikat –
Bersih 504.098.874 -- -- 1.960.751 -- 506.059.625 US Dollar receivable – Net
c. Berdasarkan Jangka Waktu sesuai Perjanjian c. By Financing Period based on agreement
2008 2007
Rp Rp
Rupiah Rupiah
Kurang dari 1 tahun 317.560.226 404.598.113 Less than 1 year
1 tahun – 2 tahun 308.440.519 221.594.860 1 years – 2 years
Lebih dari 2 tahun – 5 tahun 2.515.859.673 2.132.247.496 More than 2 years – 5 years
Lebih dari 5 tahun 1.302.396.984 949.244.403 More than 5 years
Jumlah 4.444.257.402 3.707.684.872 Total
Jumlah piutang Rupiah 4.365.637.434 3.588.139.049 Net Rupiah receivable

Kurang dari 1 tahun -- 6.361.167 Less than 1 year
Lebih dari 2 tahun – 5 tahun 333.704.642 359.157.113 More than 2 years – 5 years
Lebih dari 5 tahun 206.263.858 100.803.676 More than 5 years
Jumlah 550.216.960 512.499.751 Total
Jumlah piutang Dollar Amerika Serikat 546.134.960 506.059.625 Net US Dollar receivable
Jumlah piutang 4.994.474.362 4.220.184.623 Total receivable
Jumlah penyisihan penghapusan (82.701.968) (125.985.949) Total allowance for possible losses
Piutang – Bersih 4.911.772.394 4.094.198.674 Receivables - Net
43
d. Berdasarkan Sisa Umur Jatuh Tempo d. By Remaining Period to Maturity
2008 2007
Rp Rp
Rupiah Rupiah
Kurang dari 1 bulan 860.497.126 84.006.522 Less than 1 month
1 bulan – 3 bulan 1.906.014.654 126.508.434 1 months – 3 months
Lebih dari 3 bulan – 12 bulan 258.164.064 407.318.594 More than 3 months – 12 months
Lebih dari 2 tahun – 5 tahun 859.556.953 2.145.865.423 More than 2 years – 5 years
Jumlah 4.444.257.402 3.707.684.872 Total
Jumlah piutang Rupiah 4.365.637.434 3.588.139.049 Net Rupiah receivables

Kurang dari 1 bulan -- 459.567 Less than 1 month
1 bulan – 3 bulan -- 11.525.537 1 months – 3 months
Lebih dari 3 bulan – 12 bulan 762.520 48.114.403 More than 3 months – 12 months
Jumlah 550.216.960 512.499.751 Total
Jumlah piutang Dollar Amerika Serikat 546.134.960 506.059.625 Net US Dollar receivables
Jumlah piutang 4.994.474.362 4.220.184.623 Total receivables

Piutang – Bersih 4.911.772.394 4.094.198.674 Receivables – Net
Informasi pokok lainnya sehubungan dengan piutang Other significant data relating to the receivables are as
adalah sebagai berikut: follows:
(i) Piutang Murabah kepada pihak yang mempunyai (i) Murabahah receivables from related parties
hubungan istimewa sebagaimana yang diatur defined under Statements of Financial
dalam PSAK No. 7 tentang “pengungkapan pihak- Accounting Standard (SFAS) No. 7 “ related party
pihak yang mempunyai hubungan istimewa” disclosure” amounting to Rp 28,758,931 and
dilaksanakan dengan syarat dan kondisi yang Rp 43,205,026 as of December 31, 2008 and
sama dengan pihak ketiga pada 2007, respectively, were conducted at terms and
tanggal 31 Desember 2008 dan 2007 masing- conditions similar to those granted to third
masing sebesar Rp 28.758.931 dan parties (Note 40). The receivables were used to
Rp 43.205.026 (Catatan 40). Piutang ini finance the acquisition of houses, cars and other
digunakan untuk membeli rumah, kendaraan dan personal necessities of the employees. The
keperluan lainnya dengan jangka waktu 2 (dua) receivables bear 2 (two) to 15 (fifteen)-year
sampai dengan 15 (lima belas) tahun dan dibayar terms and are collected through monthly salary
kembali melalui pemotongan gaji setiap bulan. deduction.
44
(ii) Piutang Murabahah yang dijamin dengan (ii) Murabahah receivables are secured collateral
deposito mudharabah pada tanggal 31 Desember with time deposits mudharabah as of December
2008 dan 2007 masing-masing sebesar 31, 2008 and 2007 amounting Rp 56,603,770
Rp 56.603.770 dan Rp 31.868.492. and Rp 31,868,492, respectively.
(iii) Marjin Murabahah Rupiah berkisar antara setara (iii) The annual profit margin rates ranged from the
10% sampai dengan 27% dan setara 8% sampai equivalent of 10% to 27% for Rupiah Murabahah
dengan 10% untuk Murabahah dolar Amerika and of 8% to 10% for US Dollar Murabahah in
pada tahun 2008 dan setara 12% sampai dengan 2008 and ranged from the equivalent of 12% to
24% dan setara 9,5% sampai dengan 11% untuk 24% for Rupiah Murabahah and of 9.5% to 11%
Murabahah dolar Amerika pada tahun 2007. in 2007 for US Dollar.
(iv) Dalam piutang Murabahah termasuk piutang (iv) Murabahah receivables include syndicated
Murabahah sindikasi yang diberikan kepada Murabahah receivables granted to debtors under
nasabah dibawah perjanjian piutang Murabahah syndication agreements with other banks. The
sindikasi bersama bank lain. Keikutsertaan Bank Bank's share as a co-lender in the syndicated
dalam piutang Murabahah sindikasi dimana Bank Murabahah receivables of the total syndicated
bertindak sebagai anggota 78,88% atau saldo financing balance as of December 31, 2008 and
sebesar Rp 156.559.386 dan 53% atau saldo 2007 is Rp 156,559,386 or 78.88% and
sebesar Rp 19.069.315 pada tanggal Rp 19,069,315 or 53%.
31 Desember 2008 dan 2007.
(v) Piutang Murabahah kepada 50 debitur terbesar (v) Balance of murabahah receivables for the 50
pada tanggal 31 Desember 2008 dan 2007 biggest debtors as of December 31, 2008 and
masing-masing sebesar Rp 2.859.199.673 atau 2007 is Rp 2,859,199,673, equal to 57.25%, and
57,25% dan Rp 2.199.113.771 atau 52,11% dari Rp 2,199,113,771, equal to 52.11% of total
jumlah piutang. Murabahah receivables, respectively.
(vi) Kualitas piutang murabahah kepada 50 debitur (vi) Quality of murabahah receivables for the 50
terbesar pada 31 Desember 2008 yaitu lancar biggest debtors as of December 31, 2008 which
sebesar Rp 2.598.260.395 atau 90,87%, dalam are current is Rp 2,598,260,395, equal to
perhatian khusus sebesar Rp 24.435.071 atau 90.87%, special mention is Rp 24,435,071, equal
0,85%, Kurang lancar sebesar Rp 236.504.207 to 0.85%, substandard is Rp 236.504.207, equal
atau 8,27% dan pada 31 Desember 2007 yaitu to 8.27%, and as for December 31, 2007,
lancar Rp 2.183.979.136 atau 99,31%, macet current is Rp 2,183,979,136, equal 99.31%, loss
sebesar Rp 15.134.635 atau 0,69% dari jumlah is Rp 15,134,635, equal to 0.69% of total
piutang murabahah kepada 50 debitur terbesar. murabahah receivables for the 50 biggest
debtors.
(vii) Pada tahun 2008 dan 2007, Bank telah (vii) In 2008 and 2007, the Bank has written off its
melakukan penghapusbukuan piutang masing- receivable that was classified as loss, amounting
masing sebesar Rp 61.171.888 dan to Rp 61,171,888 and Rp 16,542,178,
Rp 16.542.178 untuk piutang yang digolongkan respectively, because management believes it
macet karena manajemen beranggapan piutang would be uncollected. A collection of receivable
tersebut tidak mungkin tertagih. Jumlah that has been written off in year 2008 and 2007
penerimaan kembali piutang yang telah are Rp 6,756,805 and Rp 2,868,739,
dihapusbuku pada tahun 2008 dan 2007 masing- respectively.
masing sebesar Rp 6.756.805 dan Rp 2.868.739.
45
(viii) Jumlah piutang yang direstrukturisasi pada (viii) Total of restructured receivables in 2008 and
tahun 2008 dan 2007 masing-masing sebesar 2007 are Rp 312,852,049 and Rp 256,479,170
Rp 312.852.049 dan Rp 256.479.170. through the rescheduling (extension of the
Restrukturisasi piutang dilakukan dengan cara, maturity dates, grace period and additional
penjadualan kembali fasilitas (perpanjangan financing facilities for each debtor), renovation
jangka waktu, pemberian tenggang waktu dan financing facilities.
penambahan fasilitas piutang bagi debitur),
pembaharuan (novasi) fasilitas pembiayaan.
(ix) Pada tanggal 31 Desember 2008 dan 2007, rasio (ix) The ratios of non-performing (gross) receivables
piutang non performing (gross) terhadap jumlah of total receivables as of December 31, 2008 and
piutang masing-masing adalah 6,57% dan 3,52% 2007 are 6.57% and 3.52% of total receivables,
sedangkan rasio piutang non performing net respectively, non performing receivables – net
(setelah dikurangi penyisihan penghapusan (net of allowance for possible losses) to total
piutang non performing) terhadap jumlah piutang receivables amounting 5.87% and 2.27%,
masing-masing adalah 5,87% dan 2,27%. respectively.
(x) Perubahan atas piutang adalah sebagai berikut: (x) The movement of receivables is as follows:
2008 2007
Rp Rp
Saldo awal tahun 4.220.184.623 3.302.450.481 Balance at beginning of year

Ekspansi 2.874.194.984 2.542.112.007 Expansion
Angsuran yang diterima (2.153.537.776) (1.642.294.346) Collection
Penghapusbukuan (61.171.888) (16.542.178) Written off
Selisih kurs 82.129.797 5.380.720 Exchanges differences
Pendapatan akrual (Catatan 29) 32.674.622 29.077.939 Accrued revenue (Note 29)
Saldo akhir tahun 4.994.474.362 4.220.184.623 Balance at end of year
(xi) Ikhtisar perubahan penyisihan penghapusan (xi) The changes of the allowance for possible
piutang adalah sebagai berikut: losses of receivables are as follows:
2008 2007
Rp Rp
Saldo awal tahun 125.985.949 63.167.438 Balance at beginning of year

Penyisihan 10.099.050 76.482.069 Provision
Penerimaan piutang yang telah
dihapusbukukan 6.756.805 2.868.739 Recovery of receivables
Penghapusbukuan (61.171.888) (16.542.178) Written-off
Selisih kurs 1.032.052 9.881 Exchanges differences
Saldo akhir tahun 82.701.968 125.985.949 Balance at end of year
46
Manajemen Bank berpendapat bahwa penyisihan The Bank’s management believes that the allowance
akibat tidak tertagihnya piutang adalah cukup dan telah uncollectible receivables and has complied with Bank
memenuhi ketentuan Bank Indonesia tentang Indonesia regulations.
penyisihan aset produktif.
9. PINJAMAN QARDH 9. FUNDS OF QARDH
a. Berdasarkan Sektor Ekonomi a. By Economic Sector

2008
Dalam
Perhatian Kurang
Special
Current Mention Substandard Doubtful Loss Total
Rp Rp Rp Rp Rp Rp
Rupiah Rupiah
Jasa Usaha 5.421.462 -- -- -- -- 5.421.462 Business services
Sosial 149.444 -- -- -- -- 149.444 Social services
Perdagangan -- -- -- -- 56.455 56.455 Trading
Lainnya 179.117.854 306.000 500.000 942.061 180.865.915 Others
Jumlah 184.688.760 306.000 500.000 -- 998.516 186.493.276 Total
Penyisihan penghapusan (1.846.888) (15.302) (108.851) -- (264.693) (2.235.734) Allowance for possible losses
Pinjaman Qardh – Fund of Qardh –
182.841.872 290.698 391.149 -- 733.823 184.257.542
Bersih Net
2007
Dalam
Perhatian Kurang
Special
Current Mention Substandard Doubtful Loss Total
Rp Rp Rp Rp Rp Rp
Rupiah Rupiah
Sosial 25.662.696 -- -- -- 16.500 25.679.196 Social services
Perdagangan 247.500 -- -- -- 64.115 311.615 Trading
Jasa lainnya 6.656.910 -- -- 375.000 458.333 7.490.243 Business services
Lainnya 89.411.081 -- -- -- 55.680 89.466.761 Others
Jumlah 122.271.153 -- -- 375.000 594.628 123.240.781 Total
Pinjaman Qardh – Fund of Qardh –
121.048.442 -- -- 375.000 594.628 122.018.070
Bersih Net
b. Berdasarkan Jangka Waktu sesuai Perjanjian b. By Financing Period based on agreement
2008 2007
Rp Rp
Rupiah Rupiah
Jumlah pinjaman Qardh 186.493.276 123.240.781 Total Fund of Qardh
Pinjaman Qardh – Bersih 184.257.542 122.018.070 Fund of Qardh – Net
47
9. PINJAMAN QARDH (Lanjutan) 9. FUNDS OF QARDH (Continued)
c. Berdasarkan Sisa Umur Jatuh Tempo c. By Remaining Period to Maturity
2008 2007
Rp Rp
Rupiah Rupiah
1 bulan – 3 bulan 46.978.121 50.703.608 1 months – 3 months
Lebih dari 1 tahun – 2 tahun 2.166.501 680.347 More than 1 years – 2 years
Lebih dari 2 tahun – 5 tahun 1.551.599 180.406 More than 2 years – 5 years
Lebih dari 5 tahun -- 55.098 More than 5 years
Jumlah pinjaman Qardh 186.493.276 123.240.781 Total Fund of Qardh
Pinjaman Qardh – Bersih 184.257.542 122.018.070 Fund of Qardh – Net
Informasi penting lainnya sebagai berikut : Other significant information is as follows:
(i) Dana pinjaman Qardh adalah bersumber dari (i) Source of the funds of Qardh is Bank's fund and
dana Bank dan simpanan wadiah. Pinjaman wadiah deposits. Fund of qardh represents loan
Qardh ini merupakan pemberian pinjaman dari to customer for urgent issues and not intended
Bank kepada nasabah yang digunakan untuk for consumptive purposes.
kebutuhan mendesak, seperti dana talangan dan
tidak digunakan untuk konsumsi.
(ii) Jumlah pinjaman Qardh yang diberikan kepada (ii) Funds of Qardh from related parties defined
pihak yang mempunyai hubungan istimewa under statements of financial accounting
sebagaimana yang diatur dalam PSAK No. 7 standard (SFAS) No. 7 “ related party
tentang “pengungkapan pihak-pihak yang disclosure” amounting to Rp 1,257,956 and
mempunyai hubungan istimewa” yang Rp 1,631,651 as of December 31, 2008 and
dilaksanakan dengan syarat dan kondisi yang 2007, respectively, were treated at terms and
sama dengan pihak ketiga untuk tahun 2008 dan conditions similar to those granted to third
2007 adalah sebesar Rp 1.257.956 dan parties (Note 41).
Rp 1.631.651 (Catatan 40).
(iii) Pinjaman Qardh kepada 50 debitur terbesar pada (iii) Balance of funds of qardh for the 50 biggest
tanggal 31 Desember 2008 dan 2007 masing- debtors as of December 31, 2008 and 2007
masing sebesar Rp 97.125.667 atau 52,08% dan amounting nil and Rp 97,125,667, equal to
Rp 37.552.542 atau 30,47% dari jumlah 52.08% and Rp 37,552,542 or 30.47% of total
pinjaman qardh. funds of qardh, respectively.
(iv) Tidak terdapat restrukturisasi pada pinjaman (iv) There were no funds of Qardh restructured in
qardh pada tahun 2008 dan 2007. 2008 and 2007.
48
9. PINJAMAN QARDH (Lanjutan) 9. FUNDS OF QARDH (Continued)
(v) Pada tanggal 31 Desember 2008 dan 2007, rasio (v) The ratios of non-performing (gross) funds of
pinjaman Qardh non performing (gross) qardh to total amount of funds of qardh as of
terhadap jumlah pinjaman Qardh masing-masing December 31, 2008 and 2007 are 0.80% and
adalah 0,80% dan 0,79% sedangkan rasio 0.79%, respectively; meanwhile, non performing
pinjaman Qardh non performing net (setelah funds of qardh net (net of allowance for possible
dikurangi penyisihan penghapusan pinjaman losses) to total amount of funds of qardh are
Qardh non performing) terhadap jumlah 0.60% and 0.79%, respectively.
pinjaman Qardh masing-masing adalah 0,60%
dan 0,79%.
(vi) Perubahan atas pinjaman Qardh adalah sebagai (vi) The movement of funds of Qardh is as follows:
berikut:
2008 2007
Rp Rp

Ekspansi 181.100.264 138.279.619 Expansion
Angsuran yang diterima (117.847.769) (49.475.516) Collection
Selisih kurs -- 1.009 Exchanges differences
(vii) Ikhtisar perubahan penyisihan penghapusan (vii) The changes of the allowance of possible losses
adalah sebagai berikut: is as follows:
2008 2007
Rp Rp
Saldo awal tahun 1.222.711 484.993 Balance at beginning of year

Penyisihan tahun berjalan 1.013.023 735.370 Provision of during the year
Selisih kurs -- 2.348 Exchanges differences
akibat tidak tertagihnya pinjaman Qardh adalah cukup uncollectible funds of Qardh and has complied with
serta telah memenuhi ketentuan Bank Indonesia. Bank Indonesia regulations.
49
10. PEMBIAYAAN MUDHARABAH 10. MUDHARABAH FINANCING

2008
Rp Rp Rp Rp Rp Rp
Rupiah Rupiah
Sosial/Masyarakat 174.357.037 580.502 820.303 1.108.129 3.921.626 180.787.597 Social/Public
Pertanian 12.425.849 -- -- -- -- 12.425.849 Agricultural
Perdagangan 11.239.502 306.017 -- -- 665.127 12.210.646 Trading
Industri 2.268.310 -- -- -- 19.300 2.287.610 Manufacturing
Listrik, gas dan air 1.179.177 96.049 56.378 -- -- 1.331.604 Electricity, gas and water
Pertambangan 725.806 -- -- -- -- 725.806 Mining
Lainnya 64.465.294 2.160.733 -- -- 8.185.480 74.811.507 Others
Mudharabah Rupiah - Bersih 1.753.229.904 50.040.440 15.137.240 3.268.173 16.675.733 1.838.351.490 Rupiah Mudharabah – Net

Jasa usaha 56.571.000 14.562.520 -- -- -- 71.133.520 Business services
Jumlah Dollar Amerika Serikat 56.571.000 14.562.520 -- -- -- 71.133.520 Total US Dollar
Penyisihan penghapusan (565.710) (2.266.290) -- -- -- (2.832.000) Allowance for possible losses
Mudharabah Dollar Amerika
Serikat – Bersih 56.005.290 12.296.230 -- -- -- 68.301.520 US Dollar Mudharabah – Net
Jumlah pembiayaan Mudaharabah 1.827.510.298 67.487.570 16.416.626 4.296.824 27.447.363 1.943.158.681 Total Mudaharabah Financing
Pembiayaan Mudharabah – Mudharabah Financing –
1.809.235.194 62.336.670 15.137.240 3.268.173 16.675.733 1.906.653.010
Bersih Net
2007
Rp Rp Rp Rp Rp Rp
Rupiah Rupiah
Industri 3.047.624 -- -- -- 19.300 3.066.924 Manufacturing
Konstruksi 23.500.000 -- -- -- -- 23.500.000 Construction
Listrik, gas dan air 1.786.959 377.259 82.723 -- -- 2.246.941 Electricity, gas and water
Pengangkutan 9.336.014 665.827 -- -- -- 10.001.841 Transportation
Perdagangan 5.420.811 -- 133.879 9.720 864.771 6.429.181 Trading
Pertambangan 3.647.047 -- -- -- -- 3.647.047 Mining
Sosial/Masyarakat 188.737.251 4.108.854 6.840.155 694.892 4.918.572 205.299.724 Social/Public
Lainnya 45.271.184 2.045.662 771.643 -- 767.730 48.856.219 Others
Mudharabah Rupiah - Bersih 2.275.701.437 22.343.945 16.177.660 3.127.376 905.620 2.318.256.038 Rupiah Mudharabah – Net

Jumlah Dollar Amerika Serikat 5.120.003 -- -- -- -- 5.120.003 Total US Dollar
Mudharabah Dollar Amerika Serikat
– Bersih 5.068.803 -- -- -- -- 5.068.803 US Dollar Mudharabah – Net
Jumlah pembiayaan Mudaharabah 2.303.808.325 23.420.635 18.402.440 6.254.753 25.371.640 2.377.257.793 Total Mudaharabah Financing
Pembiayaan Mudharabah –
2.280.770.240 22.343.945 16.177.660 3.127.376 905.620 2.323.324.841 Mudharabah Financing – Net
Bersih
50
10. PEMBIAYAAN MUDHARABAH (Lanjutan) 10. MUDHARABAH FINANCING (Continued)
b. Berdasarkan Jangka Waktu sesuai Perjanjian b. By Financing Period based on agreement
2008 2007
Rp Rp
Rupiah Rupiah
Lebih dari 2 tahun – 5 tahun 1.541.086.251 1.999.705.002 More than 2 years – 5 years
Jumlah 1.872.025.161 2.372.137.790 Total
Jumlah pembiayaan Mudharabah Total Rupiah Mudharabah
Rupiah – Bersih 1.838.351.490 2.318.256.038 financing – Net

1 tahun – 2 tahun 2.379.579 939.450 1 years – 2 years
Lebih dari 2 tahun – 5 tahun 56.571.000 -- More than 2 years – 5 years
Lebih dari 5 tahun -- -- More than 5 years
Jumlah 71.133.520 5.120.003 Total
Jumlah pembiayaan Mudharabah Dollar Total United States Dollar Mudharabah
Amerika Serikat – Bersih 68.301.520 5.068.803 financing – Net
Jumlah pembiayaan Mudharabah 1.943.158.681 2.377.257.793 Total Mudharabah financing
Pembiayaan Mudharabah – Bersih 1.906.653.010 2.323.324.841 Mudharabah financing – Net
2008 2007
Rp Rp
Rupiah Rupiah
Lebih dari 2 tahun – 5 tahun 920.083.853 1.420.231.211 More than 2 years – 5 years
Jumlah 1.872.025.161 2.372.137.790 Total
Jumlah pembiayaan Mudharabah Total Rupiah Mudharabah
Rupiah – Bersih 1.838.351.490 2.318.256.038 financing – Net
51
2008 2007
Rp Rp

1 bulan – 3 bulan -- 1.550.093 1 months – 3 months
Lebih dari 3 bulan – 12 bulan 10.466.278 939.450 More than 3 months – 12 months
Lebih dari 1 tahun – 2 tahun 56.571.000 More than 1 years – 2 years
Jumlah pembiayaan Mudharabah Dollar Total United States Dollar Mudharabah
Amerika Serikat – Bersih 68.301.520 5.068.803 financing – Net
Jumlah pembiayaan Mudharabah 1.943.158.681 2.377.257.793 Total Mudharabah financing

Pembiayaan Mudharabah – Bersih 1.906.653.010 2.323.324.841 Mudharabah financing – Net
Informasi penting lainnya: Other significant information is as follows:
(i) Pada tahun 2008 dan 2007 pembiayaan (i) Mudharabah financing was distributed in cash in
Mudharabah diberikan dalam bentuk kas. 2008 and 2007.
(ii) Pembiayaan Mudharabah kepada pihak yang (ii) Mudharabah financing allocated to related
mempunyai hubungan istimewa yaitu karyawan parties, such as key persons of Bank that have
kunci Bank yang mempunyai wewenang dalam authority to Bank operation, company and
menjalankan operasional Bank dan perusahaan individual related to bank as stated in SFAS
serta individu-individu yang terkait dengan Bank No. 7 concerning “related parties disclosures”,
sebagaimana yang diatur dalam PSAK No. 7 treated with similar term and condition as third
tentang “pengungkapan pihak-pihak yang parties, as of December 31, 2008 and
mempunyai hubungan istimewa” yang 2007 is Rp 405,518 and Rp 924,888 (Note 41).
dilaksanakan dengan syarat dan kondisi yang
sama dengan pihak ketiga pada tahun 2008 dan
2007 adalah sebesar Rp 405.518 dan Rp 924.888
(Catatan 41).
(iii) Pembiayaan Mudharabah yang dijamin (iii) Mudharabah financing secured by Mudharabah
dengan deposito Mudharabah pada tanggal time deposits as of December 31, 2008 and
31 Desember 2008 dan 2007 masing-masing 2007 is nil and Rp 860,000.
sebesar nihil dan Rp 860.000.
(iv) Bagi hasil Mudharabah Rupiah berkisar antara (iv) The profit sharing rates ranged from the
setara 10% sampai dengan 30% dan antara equivalent of 10% to 30% for Rupiah
setara 8% sampai dengan 11% untuk Mudharabah financing and from the equivalent
Mudharabah dolar Amerika Serikat pada tahun of 8% to 11% for US Dollar Mudharabah
2008 dan setara 13% sampai dengan 25% untuk financing in 2008 and ranged from the
mudharabah Rupiah dan antara setara 9,50% equivalent of 13% to 25% for Rupiah
sampai dengan 11% untuk Mudharabah dolar Mudharabah financing and of 9.5% to 11% for
Amerika Serikat pada tahun 2007. US Dollar Mudharabah financing in 2007.
52
(v) Pembiayaan Mudharabah kepada 50 debitur (v) Balance of Mudharabah financing for the 50
terbesar pada tanggal 31 Desember 2008 dan biggest debtors as of December 31, 2008 and
2007 masing-masing sebesar Rp 596.673.829 2007 is Rp 596,673,829, equal to 30.71%, and
atau 30,71% dan Rp 626.392.830 atau 26,35% Rp 626,392,830, equal to 26.35% of total
dari pembiayaan Mudharabah. Mudharabah financing, respectively.
(vi) Kualitas Pembiayaan Mudharabah kepada 50 (vi) Quality of Mudharabah financing for the 50
debitur terbesar pada 31 Desember 2008 yaitu biggest debtors as of December 31, 2008 which
lancar sebesar Rp 561.798.928 atau 94,16%, is current is Rp 561,798,928, equal to 94.16%,
dalam perhatian khusus sebesar Rp 14.562.520 special mention is Rp 14,562,520, equal to
atau 2,44%, kurang lancar sebesar Rp 8.800.000 2.44%, substandard is Rp 8,800,000, equal to
atau 1,47%, macet sebesar Rp 11.512.381 atau 1.47%, losses is Rp 11,512,381, equal to 1.3%,
1,93% dan pada 31 Desember 2007 yaitu lancar and December 31, 2007; current is Rp
Rp 626.392.830 atau 100% dari jumlah 626,392,830, equal to 100% of Mudharabah
Pembiayaan Mudharabah kepada 50 debitur financing for the 50 biggest debtors .
terbesar.
(vii) Pada tahun 2008 dan 2007, Bank telah (vii) In 2008 and 2007, the Bank has written off its
melakukan penghapusbukuan pembiayaan Mudharabah financing that was classified as loss
Mudharabah masing-masing sebesar amounting to Rp 30,636,373 and Rp 5,923,868,
Rp 30.636.373 dan Rp 5.923.868 untuk piutang respectively, because management believes it
yang digolongkan macet karena manajemen would be uncollected. A collection of
beranggapan Pembiayaan tersebut tidak mungkin Mudharabah financing that has been written off
tertagih. Jumlah penerimaan kembali Pembiayaan in 2008 and 2007 is Rp 2,153,889 and
Mudharabah yang telah dihapusbuku pada tahun Rp 535,678, respectively.
2008 dan 2007 masing-masing sebesar
Rp 2.153.889 dan Rp 535.678.
(viii) Jumlah pembiayaan Mudharabah yang (viii) Mudharabah financing includes restructured
direstrukturisasi pada tahun 2008 dan 2007 financing facilities amounting to Rp 14,203,186
masing-masing sebesar Rp 14.203.186 dan and Rp 33,764,191 as of December 31, 2008 and
Rp 33.764.191. Restrukturisasi tersebut dilakukan 2007 through the extension of the maturity
dengan cara perpanjangan masa pelunasan dates.
pembiayaan.
(ix) Pada tanggal 31 Desember 2008 dan 2007, rasio (ix) The ratios of non-performing (gross)
pembiayaan mudharabah non performing Mudharabah financing to total Mudharabah
(gross) terhadap jumlah pembiayaan financing as of December 31, 2008 and 2007 are
Mudharabah masing-masing adalah 2,48% dan 2.48% and 2.10% of total Mudharabah
2,10% sedangkan rasio pembiayaan Mudharabah financing, respectively, non performing
non performing net (setelah dikurangi penyisihan Mudharabah financing net (net of allowance for
penghapusan Pembiayaan Mudharabah non possible losses) to total of Mudharabah financing
performing) terhadap jumlah Pembiayaan are 1.81% and 0.85%, respectively.
Mudharabah masing-masing adalah 1,81% dan
0,85%.
53
(x) Perubahan atas pembiayaan Mudharabah adalah (x) The movement of Mudharabah financing is as
2008 2007
Rp Rp
Saldo awal tahun 2.377.257.793 2.404.146.115 Balance at beginning of year

Ekspansi 788.105.807 549.316.563 Expansion
Penghapusbukuan (30.636.373) (5.923.868) Written off
Angsuran yang diterima (1.192.389.044) (571.302.384) Collection
Selisih kurs 820.498 1.021.367 Exchange rate differences
(xi) Ikhtisar perubahan penyisihan penghapusan (xi) The changes of the allowance of possible losses
pembiayaan mudharabah adalah sebagai berikut: of mudharabah financing are as follows:
2008 2007
Rp Rp

Penerimaan kembali pembiayaan yang
telah dihapusbukukan 2.153.889 535.678 Recovery of financing
Penghapusbukuan (30.636.373) (5.923.868) Written-off
Selisih kurs
(2.198.826) 2.392.067 Exchange rate differences
akibat tidak tertagihnya pembiayaan mudharabah uncollectible mudharabah financing and has complied
adalah cukup dan telah memenuhi ketentuan Bank with Bank Indonesia regulations.
Indonesia.
54
11. PEMBIAYAAN MUSYARAKAH 11. MUSYARAKAH FINANCING

2008
Rp Rp Rp Rp Rp Rp
Rupiah Rupiah
Jasa usaha 950.157.151 48.005.216 6.664.771 2.178.209 28.583.877 1.035.589.224 Business services
Konstruksi 519.841.150 12.715.949 494.171 -- 9.516.879 542.568.149 Construction
Sosial/Masyarakat 342.425.247 74.420.920 5.466.944 3.762.397 -- 426.075.508 Social/Public
Perdagangan 237.082.097 3.466.113 -- -- 63.745 240.611.955 Trading
Pertambangan 75.247.904 21.653.941 8.500.000 -- -- 105.401.845 Mining
Industri 12.837.245 217.648 -- 425.833 -- 13.480.726 Manufacturing
Pertanian 2.637.477 -- -- -- -- 2.637.477 Agricultural
Listrik, gas dan air 315.738 -- -- -- -- 315.738 Electricity, gas and water
Lainnya 149.669.598 5.156.213 776.755 824.445 1.126.394 157.553.405 Others
Penyisihan penghapusan (24.424.759) (514.824) (197.015) (153.399) (2.153.738) (27.443.735) Allowance for possible losses
Jumlah pembiayaan Musyarakah Total Rupiah Musyarakah
Rupiah - Bersih 2.418.051.098 165.121.176 21.705.626 7.037.485 37.137.157 2.649.052.542 financing – Net

Jasa usaha 391.859.349 -- -- -- 9.246.579 401.105.928 Business services
Jumlah pembiayaan Musyarakah Total US Dollar Musyarakah
Dollar Amerika Serikat - Bersih 387.539.944 -- -- -- 9.246.579 396.786.523 Financing – Net
Jumlah pembiayaan Musyarakah 2.834.335.206 165.636.000 21.902.641 7.190.884 48.537.474 3.077.602.205 Total Musyarakah Financing
Jumlah penyisihan penghapusan (28.744.164) (514.824) (197.015) (153.399) (2.153.738) (31.763.140) Total allowance for possible losses
Pembiayaan Musyarakah – 2.805.591.042 165.121.176 21.705.626 7.037.485 46.383.696 3.045.839.065 Musyarakah Financing –
Bersih Net
2007
Rp Rp Rp Rp Rp Rp
Rupiah Rupiah
Industri 6.830.643 -- -- -- 3.580.000 10.410.643 Manufacturing
Jasa usaha 469.442.605 3.215.856 4.800.000 -- 825.135 478.283.596 Business services
Konstruksi 108.225.466 862.390 7.699.924 -- 1.500.000 118.287.780 Construction
Pengangkutan 288.152.315 434.071 -- -- 34.100.000 322.686.386 Transportation
Perdagangan 29.285.910 278.559 -- -- -- 29.564.469 Trading
Sosial/Masyarakat 484.603.847 19.567.514 2.906.458 -- -- 507.077.819 Social/Public
Pertambangan 34.700.520 -- -- -- -- 34.700.520 Mining
Pertanian 1.128.073 -- -- -- -- 1.128.073 Agriculture
Lainnya 61.045.873 21.317.429 121.971 344.628 -- 82.829.901 Others
Jumlah Rupiah 1.484.810.839 45.675.819 15.528.353 344.628 40.005.135 1.586.364.774 Total Rupiah
Penyisihan penghapusan (14.848.108) (127.639) (58.250) (93.152) (27.330.467) (42.457.616) Allowance for possible losses
Rupiah – Bersih 1.469.962.731 45.548.180 15.470.103 251.476 12.674.668 1.543.907.158 Financing – Net

Jumlah pembiayaan Musyarakah Total US Dollar Musyarakah
Dollar Amerika Serikat - Bersih 224.673.563 -- -- -- -- 224.673.563 Financing – Net
Jumlah pembiayaan Musyarakah 1.711.753.832 45.675.819 15.528.353 344.628 40.005.135 1.813.307.767 Total Musyarakah Financing
Jumlah penyisihan penghapusan (17.117.538) (127.639) (58.250) (93.152) (27.330.467) (44.727.046) Total allowance for possible losses
Pembiayaan Musyarakah – 1.694.636.294 45.548.180 15.470.103 251.476 12.674.668 1.768.580.721 Musyarakah Financing –
Bersih Net
55
11. PEMBIAYAAN MUSYARAKAH (Lanjutan) 11. MUSYARAKAH FINANCING (Continued)
b. Berdasarkan Jangka Waktu Pembiayaan b. By Financing Periods based on agreement

sesuai Perjanjian
2008 2007
Rp Rp
Rupiah Rupiah
Jumlah 2.676.496.277 1.586.364.774 Total
Rupiah- Bersih 2.649.052.542 1.543.907.158 Financing – Net

Jumlah 401.105.928 226.942.993 Total
Jumlah pembiayaan Musyarakah Dollar Total United States Dollar Musyarakah
Amerika Serikat - Bersih 396.786.523 224.673.563 Financing – Net
Jumlah pembiayaan Musyarakah 3.077.602.205 1.813.307.767 Total Musyarakah financing

Pembiayaan Musyarakah – Bersih 3.045.839.065 1.768.580.721 Musyarakah Financing – Net
56
2008 2007
Rp Rp
Rupiah Rupiah
Jumlah 2.676.496.277 1.586.364.774 Total
Rupiah – Bersih 2.649.052.542 1.543.907.158 Financing – Net

Kurang dari 1 bulan 14.693.691 -- Less than 1 month
Lebih dari 3 bulan – 12 bulan 45.233.529 118.511.430 More than 1 years – 2 years
Lebih dari 2 tahun – 5 tahun 181.230.997 -- More than 5 years
Lebih dari 5 tahun 132.690.463 42.457.221 Less than 1 month
Jumlah 401.105.928 226.942.993 Total
Jumlah pembiayaan Musyarakah Dollar Total United States Dollar Musyarakah
Amerika Serikat - Bersih 396.786.523 224.673.563 Financing – Net
Jumlah pembiayaan Musyarakah 3.077.602.205 1.813.307.767 Total Musyarakah Financing

Pembiayaan Musyarakah – Bersih 3.045.839.065 1.768.580.721 Musyarakah Financing – Net
Informasi penting lainnya: Other significant information is as follows:
(i) Pada tahun 2008 dan 2007 pembiayaan (i) Musyarakah financing was distributed in cash in
musyarakah diberikan dalam bentuk kas. 2008 and 2007.
(ii) Jumlah pembiayaan Musyarakah yang diberikan (ii) Total Musyarakah financing allocated to related
kepada pihak yang memiliki hubungan istimewa parties up to December 31, 2008 and 2007
pada tahun 2008 dan 2007 adalah sebesar is Rp 22,581,737 and Rp 10,658,655.
Rp 22.581.737 dan Rp 10.658.655.
(iii) Pembiayaan Musyarakah yang dijamin dengan (iii) Musyarakah financing secured by Mudharabah
deposito Mudharabah pada tanggal 31 Desember time deposits as of December 31, 2008 and 2007
2008 dan 2007 masing-masing sebesar nihil dan is nil and Rp 374,413, respectively.
Rp 374.413.
57
(iv) Dalam pembiayaan musyarakah termasuk (iv) The balance of Musyarakah financing under
pembiayaan musyarakah sindikasi yang diberikan syndication agreements with other banks as of
kepada nasabah dibawah perjanjian pembiayaan December 31, 2008 is Rp 8,000,000 or 4.04% of
musyarakah sindikasi bersama bank lain. the Bank's share as a co-lender in the syndicated
Keikutsertaan Bank dalam pembiayaan Murabahah receivables of the total syndicated
musyarakah sindikasi dimana Bank bertindak loan balance.
sebagai anggota 4,04% atau saldo sebesar
Rp 8.000.000 pada tanggal 31 Desember 2008.
(v) Bagi hasil Musyarakah tahun 2008 untuk Rupiah (v) The profit-sharing rates ranged from the
berkisar antara setara 12% sampai dengan 27% equivalent of 12% to 27% for Rupiah
dan dolar Amerika Serikat berkisar antara setara Musyarakah financing and ranged from the
9% sampai dengan 13% dan tahun 2007 untuk equivalent of 9% to 13% for US Dollar
Rupiah berkisar antara setara 12,75% sampai Musyarakah financing in 2008 and ranged from
dengan 22% dan dolar Amerika Serikat berkisar the equivalent of 12.75% to 22% for Rupiah
antara setara 10% sampai dengan 11%. Musyarakah financing and of 10% to 11% for
US Dollar Musyarakah financing in 2007.
(vi) Pembiayaan Musyarakah kepada 50 debitur (vi) Balance of Musyarakah financing for the 50
terbesar pada tanggal 31 Desember 2008 dan biggest debtors as of December 31, 2008 and
2007 masing-masing sebesar Rp 1.794.065.909 2007 is Rp 1,794,065,909, equal to 58.29%, and
atau 58,29% dan Rp 1.371.836 atau 75,61% dari Rp 1,371,836, equal to 75.61% of total
pembiayaan Musyarakah. Musyarakah financing, respectively.
(vii) Kualitas pembiayaan Musyarakah kepada 50 (vii) Quality of Musyarakah financing for the 50
debitur terbesar pada 31 Desember 2008 yaitu biggest debtors as of December 31, 2008 which
lancar sebesar Rp 1.658.996.065 atau 92,47%, are current is Rp 1,658,996,065, equal to
dalam perhatian khusus sebesar Rp 98.298.529 92.47%, special mention is Rp 98,298,529, equal
atau 5,48%, macet sebesar Rp 36.771.315 atau to 5.48%, losses is Rp 36,771,315, equal to
2,05% dan pada 31 Desember 2007, macet 2.05%, and as of December 31, 2007; loss is
sebesar Rp 31.600.000 atau 1,74% dari jumlah Rp 31,600,000, equal to 1.74% of Musyarakah
pembiayaan Musyarakah kepada 50 debitur financing for the 50 biggest debtors .
terbesar.
(viii) Pada tahun 2008 dan 2007, Bank telah (viii) In 2008 and 2007, the Bank has written off its
melakukan penghapusbukuan Pembiayaan Mudharabah financing that was classified as loss,
Musyarakah masing-masing sebesar amounting to Rp 32,302,820 and nil,
Rp 32.302.820 dan nihil untuk pembiayaan yang respectively, because management believes it
digolongkan macet karena manajemen would be uncollected. There are no collection of
beranggapan Pembiayaan tersebut tidak mungkin Mudharabah financing that has been written off
tertagih. Tidak ada penerimaan kembali in 2008 and 2007.
Pembiayaan musyarakah yang telah dihapusbuku
pada tahun 2008 dan 2007.
(ix) Jumlah pembiayaan Musyarakah yang (ix) Musyarakah financing includes restructured
direstrukturisasi pada tahun 2008 dan 2007 financing facilities amounting to Rp 349,382,532
masing-masing sebesar Rp 349.382.532 dan and Rp 118,150,638 as of December 31, 2008
Rp 118.150.638. Restrukturisasi pembiayaan and 2007 through the extension of the maturity
Musyarakah dilakukan dengan memperpanjangan dates.
masa pelunasan pembiayaan.
58
(x) Pada tanggal 31 Desember 2008 dan 2007, rasio (x) The ratios of non-performing (gross) Musyarakah
Musyarakah non performing (gross) terhadap financing to the total amount of Musyarakah
jumlah pembiayaan Musyarakah masing-masing financing as of December 31, 2008 and 2007 are
adalah 2,52% dan 3,08% sedangkan rasio 2.52% and 3.08% of total Musyarakah financing,
pembiayaan Musyarakah non performing net respectively, non performing Musyarakah
(setelah dikurangi penyisihan penghapusan financing (net) (net of allowance for possible
pembiayaan Musyarakah non performing) losses) to total amount of Musyarakah financing
terhadap jumlah pembiayaan Musyarakah are 2.44% and 1.57%, respectively.
masing-masing adalah 2,44% dan 1,57%.
(xi) Perubahan atas pembiayaan Musyarakah adalah (xi) The movement of Musyarakah financing is as
2008 2007
Rp Rp
Saldo awal tahun 1.813.307.767 835.707.265 Balance at beginning of year

Ekspansi 2.066.051.718 1.113.409.953 Expansion
Angsuran yang diterima (805.822.833) (139.042.535) Collection
Penghapusbukuan (32.302.820) -- Written off
(xii) Ikhtisar perubahan penyisihan penghapusan (xii) The changes of the allowance of possible losses of
pembiayaan musyarakah adalah sebagai berikut: musyarakah financing are as follows:
2008 2007
Rp Rp

Penghapusbukuan (32.302.820) -- Written off
penghapusan yang dibentuk adalah cukup untuk provided is adequate to cover possible losses on
menutup kemungkinan kerugian akibat tidak tertagihnya uncollectible Musyarakah financing and has complied
pembiayaan Musyarakah serta telah memenuhi with Bank Indonesia regulations.
ketentuan Bank Indonesia.
59
12. PENYERTAAN SAHAM 12. INVESTMENT IN SHARES OF STOCK
2008
Akumulasi
Jenis Persentase Harga Ekuitas atas
Usaha/ Kepemilikan/ Perolehan / Bagian Laba/
Accumulated
Nature of Percentage of Acquisition Equity net Nilai Tercatat/
Nama Perusahaan Business Ownership Cost Income Carrying Value Name of Company
Rp Rp Rp
Metode Ekuitas Equity Method
Pihak yang mempunyai
hubungan istimewa: Related parties:
PT Al Ijarah Indonesia Multifinance/ PT Al Ijarah Indonesia Finance (Note
Finance (Catatan 1.a) Multifinance 33,30% 35.000.000 464.026 35.464.026 1.a)
Metode Biaya Cost Method
PT Syarikat Takaful Asuransi/
Indonesia Insurance 5,91% 6.095.237 -- 6.095.237 PT Syarikat Takaful Indonesia
Jumlah Penyertaan 41.559.263 Total Investment in Shares of Stock
2007
Akumulasi
Jenis Persentase Harga Ekuitas atas
Usaha/ Kepemilikan/ Perolehan / Bagian Laba/
Accumulated
Nature of Percentage of Acquisition Equity net Nilai Tercatat/
Nama Perusahaan Business Ownership Cost Income Carrying Value Name of Company
Rp Rp Rp
Metode Ekuitas Equity Method
PT Al Ijarah Indonesia Multifinance/ PT Al Ijarah Indonesia Finance (Note
Finance (Catatan 1.a) Multifinance 33,30% 35.000.000 -- 35.000.000 1.a)
Metode Biaya Cost Method
PT Syarikat Takaful Asuransi/
Indonesia Insurance 5,91% 6.095.237 -- 6.095.237 PT Syarikat Takaful Indonesia
Pihak ketiga: Third parties:
BPRS Al Falah Bank/ Banking 10,00% 50.000 -- 50.000 BPRS Al Falah
BPRS Sakai Sembayan Bank/ Banking 11,10% 50.000 -- 50.000 BPRS Sakai Sembayan
BPRS Hasanah Bank/ Banking 12,44% 43.230 -- 43.230 BPRS Hasanah
Penyisihan penghapusan (1.015.234) Allowance for possible losses
Kualitas penyertaan saham adalah sebagai berikut : Investments in shares of stock are classified a follows:
2008 2007
Rp Rp
Lancar 41.559.263 41.238.467 Current

Dalam Perhatian Khusus -- -- Special Mention
Kurang Lancar -- -- Substandard
Diragukan -- -- Doubtful
Macet -- -- Loss
Total 41.559.263 41.238.467 Total
Bersih 41.143.670 40.223.233 Net
60
12. PENYERTAAN SAHAM 12. INVESTMENT IN SHARES OF STOCK

Perubahan penyisihan penghapusan penyertaan saham The movement of the allowance for possible losses is as
2008 2007
Rp Rp

Pembalikan (456.411) -- Reverse
Penjualan (143.230) -- Disposal
Saldo akhir tahun 415.593 1.015.234 Balance at end of year
akibat tidak bisa diperoleh kembali penyertaan saham investment in shares of stock and has complied with
adalah cukup dan telah sesuai dengan ketentuan Bank Bank Indonesia regulations.
Indonesia.
13. TAGIHAN DAN KEWAJIBAN AKSEPTASI 13. ACCEPTANCES RECEIVABLE AND PAYABLE
a. Tagihan Akseptasi a. Acceptances Receivable
2008 2007
Rp Rp

Yen Jepang 11.219.985 -- Japanese Yen
Euro -- 85.783.178 Euro
94.122.276 161.388.577
Jumlah 93.181.053 159.774.691 Total
b. Kewajiban Akseptasi b. Acceptances Payable
2008 2007
Rp Rp

Yen Jepang 11.219.985 -- Japanese Yen
Euro -- 85.783.178 Euro
Jumlah 94.122.276 161.388.577 Total
61
13. TAGIHAN DAN KEWAJIBAN AKSEPTASI 13. ACCEPTANCES RECEIVABLE AND PAYABLE
Jumlah seluruh saldo kewajiban akseptasi adalah sama The total amount of acceptance payable balance is
seperti yang tercatat dalam saldo akun tagihan equal to the amount recorded in the acceptance
akseptasi kepada nasabah sebelum dikurangi penyisihan receivable balance to the customers excluding
penghapusan. allowance for possible losses.
Kolektibilitas tagihan akseptasi per 31 Desember 2008 The acceptance receivable as of December 31, 2008
dan 2007 adalah lancar. and 2007 is classified as current.
14. ASET YANG DIPEROLEH UNTUK IJARAH 14. ASSETS ACQUIRED FOR IJARAH
Akun ini merupakan objek sewa dari transaksi Ijarah This account represents lease objects of an Ijarah
Muntahiyah Bittamlik dengan opsi perpindahan hak milik Muntahiyah Bittamlik transaction which includes an
objek sewa dengan hibah. Aset Ijarah meliputi antara option to transfer the title of ownership over the assets
lain mesin pembangkit listrik, menara Base Transceiver through a grant which consists of power plant, Base
Station dan bangunan. Transceiver Station Tower Units and buildings.
2008 2007
Rp Rp
Bangunan 270.956.500 6.273.954 Buildings

Base Transceiver Station 30.000.000 49.500.000 Base Transceiver Station
Pesawat terbang 25.900.000 -- Airplane
Mesin pembangkit listrik -- 57.450.000 Power plant
Lainnya 53.774 131.853 Others
Jumlah 326.910.274 113.355.807 Total
Dikurangi : akumulasi penyusutan (10.775.938) (29.300.937) Less: accumulated depreciation
Nilai buku 316.134.336 84.054.870 Book value
Ikhtisar perubahan akumulasi penyusutan aset yang The changes of accumulated depreciation of Ijarah
diperoleh untuk Ijarah adalah sebagai berikut: asset are as follows:
2008 2007
Rp Rp

Pelunasan (22.510.313) -- Repayment
Beban penyusutan 3.985.314 8.219.793 Depreciation expenses
62
15. ASET TETAP 15. PREMISES AND EQUIPMENT
2008
Saldo Awal / Penambahan/ Pengurangan/ Saldo Akhir /
Beginning Ending
Balance Additions Deductions Balance
Rp Rp Rp Rp
Harga perolehan Cost acquisition
Pemilikan langsung Direct ownership
Tanah 25.248.658 4.208.646 -- 29.457.304 Landrights
Bangunan 36.403.295 12.704.663 -- 49.107.958 Buildings
Kendaraan bermotor 1.462.862 27.350 141.612 1.348.600 Vehicles
Inventaris kantor 42.734.366 11.793.901 2.872.647 51.655.620 Office equipment
Komputer 42.038.798 6.242.351 845.458 47.435.691 Computers
Jumlah harga perolehan 147.887.979 34.976.911 3.859.717 179.005.173 Total cost acquisition
Akumulasi penyusutan Accumulated depreciation

Kendaraan bermotor 1.407.991 27.490 141.612 1.293.869 Vehicles
Jumlah akumulasi penyusutan 78.529.055 14.895.587 3.842.940 89.581.702 Total accumulated depreciation
Nilai Buku 69.358.924 89.423.471 Book Value
2007
Saldo Awal / Penambahan/ Pengurangan/ Saldo Akhir /
Beginning Ending
Balance Additions Deductions Balance
Rp Rp Rp Rp
Harga perolehan Cost acquisition
Tanah 10.821.937 14.426.721 -- 25.248.658 Landrights
Kendaraan bermotor 3.201.978 625 1.739.741 1.462.862 Vehicles
Jumlah harga perolehan 126.308.797 24.664.170 3.084.988 147.887.979 Total cost acquisition
Akumulasi penyusutan Accumulated depreciation

Kendaraan bermotor 2.762.627 130.372 1.485.008 1.407.991 Vehicles
Jumlah akumulasi penyusutan 66.906.274 14.387.280 2.764.499 78.529.055 Total accumulated depreciation
Nilai Buku 59.402.523 69.358.924 Book Value
Seluruh hak atas tanah yang dimiliki oleh Bank The Bank’s landrights or “Hak Guna Bangunan” (HGB)
merupakan Hak Guna Bangunan dengan sisa umur have remaining terms ranging from 15 months to 11
berkisar antara 15 bulan sampai dengan 11 tahun dan years and can be extended upon their expiration.
dapat diperpanjang. Tidak ada aset tetap yang
dijaminkan untuk pinjaman Bank.
Penyusutan yang dibebankan pada laba rugi adalah Depreciation charged to operations amounted to
masing-masing sebesar Rp 15.407.473 dan Rp 15,407,473 and Rp 14,387,282 as of December 31,
Rp 14.387.282 untuk tanggal 31 Desember 2008 dan 2008 and 2007, respectively (Note 33).
2007 (Catatan 33).
63
15. ASET TETAP (Lanjutan) 15. PREMISES AND EQUIPMENT (Continued)
Rincian atas penjualan aset tetap adalah sebagai The details of sales of premises and equipment are as
berikut: follows:
2008 2007
Rp Rp
Harga jual 284.594 933.967 Selling
Nilai buku 7.533 320.489 Book value
Laba (rugi) penjualan aset tetap 277.061 613.478 Gain (loss) selling assets
Selain tanah seluruh aset tetap Bank diasuransikan Unless landrights, all assets are insured against losses
terhadap risiko kebakaran dan risiko lainnya from fire and other risks by PT Asuransi Takaful Umum
berdasarkan suatu paket polis pada PT Asuransi under blanket policies with a total coverage of
Takaful Umum dengan nilai pertanggungan pada tahun Rp 108,402,075 and Rp 324,925,305 as of December
2008 dan 2007 masing-masing sebesar Rp 108.402.075 31, 2008 and 2007, respectively. Bank management
dan Rp 324.925.305. Manajemen Bank berpendapat believes that this coverage is sufficient to cover possible
bahwa nilai pertanggungan tersebut cukup untuk losses arising from such risks.
menutup kemungkinan kerugian atas aset tetap.
Berdasarkan penelaahan manajemen Bank, tidak Based on management’s evaluation, there is no
terdapat indikasi penurunan nilai atas aset yang dimiliki indication of impairment in the value of premises and
oleh Bank pada tanggal 31 Desember 2008 dan 2007. equipment owned by the Bank as of December 31,
2008 and 2007.
16. ASET LAIN-LAIN 16. OTHER ASSETS
2008 2007
Rp Rp
Agunan pembiayaan yang diambil alih Foreclosed assets
(setelah dikurangi penyisihan (net of allowance for impairment
penghapusan per 31 Desember 2008 as of December 31, 2008 and
dan 2007 masing-masing sebesar 2007 amounting Rp 33,522.626
Rp 33.522.626 dan Rp 10.200.200) 161.284.936 194.838.119 and Rp 10,200,200, respectively)
Biaya dibayar dimuka 45.225.906 28.129.705 Prepaid expense
Tagihan kepada pihak ketiga: Receivables to third parties:
ATM Bersama 79.141.732 21.408.208 ATM Bersama
Lain-lain 11.528.029 5.077.792 Others
(setelah dikurangi penyisihan (net of allowance for possible
penghapusan per 31 Desember 2008 losses as of December 31, 2008
dan 2007 masing-masing sebesar and 2007 amounting nil and
nihil dan Rp 3.410.396) Rp 3,410,396, respectively)
Persediaan alat tulis kantor 8.074.155 6.213.826 Office supplies
Setoran jaminan 3.177.034 3.102.489 Security deposits
Uang muka Advances
Operasi cabang baru 69.291.198 -- New branch operational
Investasi 46.672.911 -- Investment
Biaya 11.799.838 7.188.232 Expenses
Lainnya 1.968.292 1.971.222 Others
Jumlah 438.164.031 267.929.593 Total
64
16. ASET LAIN-LAIN (Lanjutan) 16. OTHER ASSETS (Continued)
Agunan pembiayaan yang diambil alih terdiri dari tanah, Foreclosed assets consist of landrights, buildings and
bangunan dan mesin-mesin. Manajemen Bank machines. Bank management believes that the
berpendapat bahwa jumlah penyisihan cukup untuk allowance provided for impairment in value of the
menutupi kemungkinan kerugian penurunan nilai foreclosed assets is adequate.
agunan pembiayaan yang diambil alih.
Manajemen Bank berpendapat bahwa agunan yang Bank management believes whole of foreclosed assets
diambil alih dapat terpulihkan seluruhnya di masa yang will be recovered in the future.
akan datang.
Tagihan kepada pihak ketiga – ATM Bersama Receivables to third parties – ATM Bersama represent
merupakan tagihan kepada bank lain sehubungan receivables to other banks related to inter-bank
dengan transaksi antar bank anggota ATM Bersama transactions using simultaneous ATM, such as transfer
berupa transfer dan penarikan tunai. and withdrawal.
Uang muka investasi merupakan uang muka pendirian Advance payment – investment represent advance for
First Islamic Investment Bank ltd (FIIB) di Labuan establishment of First Islamic Investment Bank ltd
Malaysia. Bank akan melakukan kontribusi modal pada (FIIB) in Labuan Malaysia. Bank will conduct irrevocable
FIIB yang tidak dapat dibatalkan sebesar USD 4,000,000 contribution amount of USD 4,000,000 (full amount)
(angka penuh) yang akan diperhitungkan sebagai calculated as paid in capital to FIIB. As of December
setoran modal Bank dalam FIIB. Pada 31 Desember 31, 2008, Bank has paid amount of Rp 46,672,911
2008, Bank telah melakukan pembayaran sebesar recorded as “advance payment – investment”. As of
Rp 46.672.911 yang untuk sementara dicatat sebagai December 31, 2008, the FIIB has not operated yet.
“uang muka investasi”. Sampai 31 Desember 2008 FIIB
tersebut belum beroperasi.
“Aset lain-lain – akun lainnya” merupakan aset lainnya “Other assets – others” account consists of
yang jumlahnya masing-masing tidak signifikan. miscellaneous assets which are not significant
individually.
17. KEWAJIBAN SEGERA 17. CURRENT LIABILITIES
2008 2007
Rp Rp
Pihak Ketiga: Third parties:

Titipan ATM Bersama 86.529.924 34.963.996 ATM Bersama funds
Titipan dana nasabah 52.630.825 38.185.836 Customers’ funds
Titipan dana sosial 2.426.676 1.698.596 Charity funds
Titipan dana pembiayaan program 149.821 144.451 Government financing program funds
Titipan lainnya 249.891 981.763 Other funds
Jumlah 141.987.137 75.974.642 Total
65
18. SIMPANAN 18. DEPOSITS
2008 2007
Rp Rp
Giro Wadiah Wadiah demand deposits

Rupiah 666.000.287 866.487.671 Rupiah
Dollar Singapura 833 713 Singapore Dollar
Jumlah pihak ketiga 734.432.541 901.778.940 Total third parties

istimewa: Related parties:
Rupiah 19.344.554 27.325.089 Rupiah
Dollar Amerika Serikat 702.260 613.304 United States Dollar
Jumlah pihak yang mempunyai
hubungan Istimewa 20.046.814 27.938.393 Total related parties
Jumlah giro wadiah 754.479.355 929.717.333 Total wadiah demand deposits
Tabungan Wadiah Wadiah saving deposits

Rupiah 51.304.108 56.101.355 Rupiah
Jumlah 805.783.463 985.818.688 Total
Simpanan wadiah merupakan simpanan wadiah Yad- Wadiah demand represents customers’ funds in the
dhamanah yaitu titipan dana pihak lain yang dapat form of Yad-dhamanah wadiah demand deposits, in
diberikan bonus berdasarkan kebijaksanaan Bank. which the depositors are entitled to receive bonuses in
accordance with the Bank’s policy.
Bonus per tahun untuk simpanan wadiah rupiah adalah The annual bonus rates ranged from the equivalent of
berkisar antara setara 0% sampai dengan 7,30% untuk 0% to 7.30% in 2008 and of 0% to 9.77% in 2007 for
tahun 2008 dan setara 0% sampai dengan 8,72% untuk Rupiah wadiah demand deposits. Demand deposits in
tahun 2007. Bank tidak memberikan bonus untuk US dollar are not entitled to bonusses. Rupiah Wadiah
simpanan wadiah Dolar Amerika Serikat. Dalam demand deposits include small business accounts from
simpanan wadiah Rupiah terdapat rekening Usaha Kecil the Ministry of Finance which received bonuses
cq Departemen Keuangan yang diberikan bonus setara equivalent to the revenue sharing equivalent rate for 3
dengan bagi hasil untuk deposito Mudharabah 3 bulan months Mudharabah time deposits, which are paid
yang dibayarkan secara triwulan (Catatan 22.b). quarterly (Note 22.b).
Tabungan wadiah merupakan tabungan Haji Arafah Wadiah saving deposits represent Arafah savings
dalam mata uang Rupiah dan tidak mendapatkan bonus. deposits in Rupiah and are not entitled to bonus.
66
19. SIMPANAN DARI BANK LAIN 19. DEPOSITS FROM OTHER BANKS
2008 2007
Rp Rp
Giro wadiah Wadiah demand deposits

Rupiah 1.811.586 3.137.031 Rupiah
Jumlah 13.005.080 20.434.749 Total
20. BAGI HASIL YANG BELUM DIBAGIKAN 20. UNDISTRIBUTED REVENUE SHARING
Akun ini merupakan bagi hasil yang belum dibagikan This account represents the undistributed share of the
oleh Bank kepada shahibul maal atas bagian customers (shahibul maal) in the revenues generated
keuntungan hasil usaha Bank yang telah disisihkan dari by the Bank from the use of customers funds
pengelolaan dana Mudharabah (Catatan 25). (Note 25).
2008 2007
Rp Rp
Deposito 20.488.737 20.890.688 Time deposit

Obligasi 9.987.761 7.538.602 Bond
Giro wadiah 12.245 12.245 Wadiah demand deposit
Jumlah 30.488.743 28.441.535 Total
21. PERPAJAKAN 21. TAXATION
a. Hutang pajak terdiri dari: a. Taxes payable consist of:
2008 2007
Rp Rp
Hutang Pajak Penghasilan –

Pasal 29 14.657.702 15.555.591 Income tax payable – article 29
Hutang Pajak Penghasilan lainnya: Other income tax payable:
Pasal 4 (2) 7.642.266 4.838.645 Article 4 (2)
Pasal 21 1.907.707 5.952.509 Article 21
Pasal 23 442.344 410.374 Article 23
Pasal 25 7.390.058 3.961.220 Article 25
Jumlah 32.040.077 30.718.339 Total
67
21. PERPAJAKAN (Lanjutan) 21. TAXATION (Continued)
b. Rekonsiliasi antara laba sebelum beban pajak b. The reconciliation between income before tax, as
seperti yang disajikan dalam laporan laba rugi stated on income statement and taxable income for
dengan laba kena pajak menurut fiskal dan taksiran the years ended December 31, 2008 and 2007 are
beban pajak penghasilan untuk tahun-tahun yang as follows:
berakhir pada tanggal 31 Desember 2008 dan 2007
adalah sebagai berikut:
2008 2007
Rp Rp
Laba sebelum beban pajak sesuai Income before tax in accordance with
dengan laporan laba rugi 301.168.647 212.038.351 statement of income
Beda temporer: Temporary differences:

Kesejahteraan karyawan 4.182.060 3.978.568 Employee benefits
Penyusutan aset tetap 3.397.746 4.639.284 Depreciation of fixed assets
Penyisihan penghapusan atas: Provision for possible losses on :
Aset lain-lain – bersih -- 80.042 Other assets – net
Giro pada PT Pos Indonesia Current account with PT Pos
(Persero) 168.984 486.765 Indonesia (Persero)
Tagihan akseptasi (672.663) 1.613.886 Acceptance receivables
Estimasi kerugian komitmen dan Estimated losses on commitments
kontinjensi 2.369.870 75.565 and contingencies
Pembayaran kesejahteraan karyawan (544.384) (3.836.939) Payment of employee benefits
Beda tetap: Permanent differences:
Kenikmatan karyawan dan Direksi 4.882.762 5.596.548 Employees and directors benefits
Hadiah dan sumbangan 2.488.470 1.836.051 Donation
Pemeliharaan dan perbaikan 308.263 268.055 Maintenance and repairs
Beban penyusutan 276.342 302.453 Depreciation
Lain-lain 4.126.371 2.434.944 Others
Penghasilan kena pajak 322.152.468 229.513.573 Taxable income

Taksiran beban pajak penghasilan
tahun berjalan terhutang 96.628.240 68.824.572 Estimated taxable income tax
Pajak penghasilan yang dibayar sendiri Payment of income tax –
- Pasal 25 81.936.538 53.268.981 article 25
Fiskal luar negeri 34.000 -- Oversea fiscal
Hutang pajak penghasilan 14.657.702 15.555.591 Income tax payable
Bank telah menyampaikan Surat Pemberitahuan The Bank has submitted tax letter for the fiscal
(SPT) Tahunan untuk tahun pajak 2007 dan semua year of 2007, all of the Bank tax payables have
hutang pajak bank telah dihitung dengan benar dan been corretly calculated and reported to the Tax
dilaporkan kepada Kantor Pelayanan Pajak sesuai office as disclosed in the financial statement.
dengan yang disajikan dalam Laporan Keuangan.
68
c. Perhitungan beban pajak tangguhan (pengaruh c. The calculation of deferred tax (effect of temporary
beda temporer pada tarif pajak maksimum 30%) differences on maximum tax rate 30%) are as
2008 2007
Rp Rp
Kesejahteraan karyawan – setelah Provision for employee services

dikurangi pembayaran 1.091.302 42.489 entitlements net of payments
Penyusutan aset tetap 1.019.324 1.391.785 Premises and equipment depreciation
Penyisihan penghapusan atas: Provision for possible losses on:
Aset lain-lain -- 24.013 Other assets
Tagihan akseptasi (201.799) 484.166 Acceptances payable
kontinjensi 710.961 22.670 and contingencies
Jumlah manfaat pajak tangguhan 2.670.480 2.111.151 Total deferred tax benefit
d. Pengaruh pajak atas beda temporer yang signifikan d. The tax effects of significant outstanding
antara pelaporan komersial dan pajak (dicatat pada temporary differences between commercial
akun Aset Pajak Tangguhan) adalah sebagai reporting and tax purposes (recorded as Deferred
berikut: Tax Assets) are as follows:
2008 2007
Rp Rp
Kesejahteraan karyawan - setelah Provision for employee services

dikurangi pembayaran 3.843.668 2.752.366 entitlements net of payments
Penyusutan aset tetap 3.076.739 2.057.415 Premises and equipment depreciation
Penyisihan penghapusan atas: Provision for possible losses on:
Aset lain-lain 2.127.132 2.127.132 Other assets
Giro pada Bank lain 341.201 341.201 Current accounts with other banks
Persero) 196.720 146.028 Indonesia (Persero)
Penyertaan saham 304.570 304.570 Investments in shares of stock
Penempatan pada Bank lain 241.951 241.951 Placement with other banks
Efek-efek 44.390 44.390 Securities
Tagihan akseptasi 301.631 503.430 Acceptances payable
kontinjensi 1.566.438 855.477 and contingencies
Jumlah aset pajak tangguhan 12.044.440 9.373.960 Total deferred tax assets
Manajemen Bank berpendapat bahwa aset pajak The Bank’s management believes that the deferred
tangguhan dapat terpulihkan seluruhnya dengan tax assets can be fully recovered from future
pajak di masa yang akan datang. taxable profit.
69
e. Rekonsiliasi antara beban pajak yang dihitung e. The reconciliation between income before income
dengan menggunakan tarif pajak yang berlaku tax multiplied by the prevailing tax rate and income
dengan laba sebelum pajak dan beban pajak seperti tax expense as shown in the statements of income
yang disajikan dalam laporan laba rugi untuk tahun- for the years ended December 31, 2008 and 2007
tahun yang berakhir pada tanggal 31 Desember are as follows:
2008 dan 2007 seperti berikut:
2008 2007
Rp Rp
Beban pajak penghasilan sesuai dengan Income tax expenses based

tarif yang berlaku 90.333.095 62.982.005 tax rate
Efek beda tetap - bersih 3.624.666 3.731.416 Permanent effect – net
Beban pajak penghasilan - bersih 93.957.761 66.713.421
Income expenses - net
22. PINJAMAN YANG DITERIMA 22. FUND BORROWINGS
2008 2007
Rp Rp
PT Permodalan Nasional Madani PT Permodalan Nasional Madani

(Persero) 98.105.564 151.597.354 (Persero)
Departemen Keuangan Republik Ministry of Finance of the Republic of
Indonesia 2.138.785 2.414.957 Indonesia
Jumlah 100.244.349 154.012.311 Total
Berdasarkan Perjanjian Pengalihan Pengelolaan Based on the Transfer of Management of Bank

Pembiayaan Likuiditas Bank Indonesia tanggal Indonesia Liquidity Credits Agreement dated
15 Nopember 1999 dan Peraturan Bank Indonesia November 15, 1999 and Bank Indonesia Regulation
No. 2/3/PBI/2000 tanggal 1 Pebruari 2000. Bank No. 2/3/PBI/2000 dated February 1, 2000. Bank
Indonesia mengalihkan pengelolan Pembiayaan Indonesia transferred the management of Bank
Likuiditas Bank Indonesia dalam rangka pembiayaan Indonesia Liquidity Credits granted in relation to the
program kepada masing-masing Badan Usaha Milik loan program to state-owned entities appointed by the
Negara Koordinator yang ditunjuk Pemerintah, yaitu Government, including PT Bank Rakyat Indonesia
PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank (Persero) Tbk, PT Bank Tabungan Negara (Persero) and
Tabungan Negara (Persero) dan PT Permodalan PT Permodalan Nasional Madani (Persero).
Nasional Madani (Persero).
70
22. PINJAMAN YANG DITERIMA (Lanjutan) 22. FUND BORROWINGS (Continued)
a. PT Permodalan Nasional Madani (Persero) a. PT Permodalan Nasional Madani (Persero)
Akun ini terdiri dari fasilitas pinjaman eks This account represents financing facility, former
pembiayaan likuiditas Bank Indonesia dan dana Bank Indonesia liquidity credits, and the funds of
relending fasilitas ini disalurkan kepada anggota the re-lending facilities were distributed to
koperasi dengan skim pembiayaan Koperasi Primer cooperative members through the Primary Credit
untuk Anggota (KKPA) dengan pola bagi hasil untuk Cooperative for Members (KKPA) under a profit-
pembiayaan investasi dan modal kerja. Jangka sharing scheme for investment and working capital
waktu fasilitas maksimal 16 (enam belas) tahun financing. The maximum borrowing periods are 16
untuk pembiayaan investasi dan maksimal 6 (enam) (sixteen) years for investment financing and 6 (six)
tahun untuk pembiayaan modal kerja. Nisbah bagi years for working capital financing. The revenue-
hasil fasilitas pinjaman eks pembiayaan likuiditas sharing ratio for this facility is 64.54% if the
Bank Indonesia sebesar 64,54% jika koperasi cooperative acts as an executing agent and
berfungsi sebagai agen pelaksana (executing agent) 63.98% if the cooperative acts as channeling
dan sebesar 63,98% jika koperasi berfungsi sebagai agent. The revenue-sharing ratio for the re-lending
agen penyalur (channeling agent). Nisbah bagi hasil funds of PT Permodalan Nasional Madani (Persero)
dana relending, PT Permodalan Nasional Madani is 95.61% if the cooperative acts as an executing
(Persero) sebesar 95,61% jika koperasi berfungsi agent and 94.78% if the cooperative acts as a
sebagai agen pelaksana (executing agent) dan channeling agent.
sebesar 94,78% jika koperasi berfungsi sebagai
agen penyalur (channeling agent).
b. Departemen Keuangan Republik Indonesia b. Ministry of Finance of the Republic of

Indonesia
Akun ini merupakan fasilitas pembiayaan likuiditas This account represents liquidity financing facility in
sebagai pilot proyek penyaluran Pembiayaan the amount of Rp 10,000,000 which serves as the
Koperasi Primer untuk Anggota (KKPA) dengan pola pilot project in distributing funds to the Primary
bagi hasil untuk pembiayaan investasi dan modal Credit Cooperative for Members (KKPA) for
kerja sebesar Rp 10.000.000. Jangka waktu investment and working capital facilities. The
pinjaman yang diterima untuk pembiayaan investasi maximum borrowing periods are (sixteen) 16 years
maksimal 16 (enam belas) tahun sedangkan untuk for investment financing and (six) 6 years for
pembiayaan modal kerja maksimal 6 (enam) tahun. working capital financing. The revenue-sharing
Nisbah bagi hasil untuk fasilitas ini sebesar 29,5% ratio for this facility is 29.5% if the cooperative
jika koperasi berfungsi sebagai agen pelaksana acts as an executing agent and 29% if the
(executing agent) dan sebesar 29% jika koperasi cooperative acts as a channeling agent. The
berfungsi sebagai agen penyalur (channeling unused balance of the facility and installment from
agent). Sisa fasilitas yang belum dipakai serta cooperative members is recorded under “Wadiah
angsuran dari anggota koperasi dicatat dalam akun Demand Deposits”. The revenue sharing on such
“Giro Wadiah”. Atas saldo dana dalam rekening account is equivalent to the revenue-sharing
tersebut diberikan bagi hasil setara dengan bagi margin for three months Mudharabah time deposits
hasil untuk deposito Mudharabah 3 bulan yang and paid quarterly (Note 18).
dibayarkan secara triwulan (Catatan 18).
71
23. ESTIMASI KERUGIAN KOMITMEN DAN 23. ESTIMATED LOSSES ON COMMITMENTS AND
KONTINJENSI CONTINGENCIES
2008 2007
Rp Rp
Bank garansi 4.388.298 2.307.965 Bank guarantees

Penerbitan SKBDN dan LC yang tidak Irrevocable domestic letters of
dapat dibatalkan 833.162 543.625 credit issued
Jumlah 5.221.460 2.851.590 Total
Rincian kolektibilitas transaksi komitmen dan kontinjensi The details of the Bank’s commitments and
yang diklasifikasikan lancar adalah sebagai berikut: contingencies which are classified as current are as
follows:
2008 2007
Rp Rp
Bank garansi: Bank guarantees:
Lancar 438.829.791 287.942.206 Current
Dalam perhatian khusus -- 15.416 Special mention
Diragukan -- -- Doubtful
Macet -- 128.971 Loss
Penerbitan SKBDN dan LC yang tidak Irrevocable domestic letters of credit
dapat dibatalkan: issued:
Lancar 83.316.150 54.362.451 Current
Jumlah 522.145.941 342.449.044 Total
Ikhtisar perubahan estimasi kerugian atas komitmen The changes in estimated losses on commitments and
dan kontinjensi adalah sebagai berikut: contingencies are as follows:
2008 2007
Rp Rp

Penyisihan pada tahun berjalan 2.369.870 75.565 Provision during the year
Manajemen Bank berpendapat bahwa estimasi kerugian The Bank’s management believes that the above
cukup untuk menutup kemungkinan kerugian kewajiban estimates are adequate to cover possible losses on
komitmen dan kontinjensi. commitments and contingencies.
72
24. KEWAJIBAN LAIN-LAIN 24. OTHER LIABILITIES
2008 2007
Rp Rp
Hutang dividen 68.718.918 46.015.995 Dividends payable

Taksiran kewajiban beban Estimated liability for
kesejahteraan karyawan employee service entitlement
(Catatan 38) 13.804.264 10.166.588 (Note 38)
Biaya yang masih harus dibayar 10.748.121 7.237.008 Accrued expenses
Setoran jaminan 20.170.879 14.809.874 Guarantee deposits
Jumlah 113.442.182 78.229.465 Total
Hutang dividen merupakan dividen–dividen tahun Dividends payable represent dividends from previous
sebelumnya yang belum diambil oleh pemegang saham years which have not been claimed by the Bank’s
Bank. stockholders.
25. DANA SYIRKAH TEMPORER 25. TEMPORARY SYIRKAH FUNDS
(i) Tabungan Mudharabah (i) Mudharabah Savings Deposits
a. Berdasarkan jenis produk: a. Based on type:
2008 2007
Rp Rp
Bukan Bank: Non banks:

Tabungan Ummat 2.018.606.665 1.960.083.952 Ummat savings
Tabungan Shar-E 1.603.951.911 1.191.603.217 Share-E savings
Tabungan Arafah 137.076.396 101.805.753 Arafah savings
Tabungan Ummat Junior 107.604.537 95.681.639 Ummat junior savings
Tabungan Ukhuwah 2.754.134 2.503.557 Ukhuwah savings
Jumlah 3.869.993.643 3.351.678.118 Total
2008 2007
Rp Rp
Bank: Bank:
Tabungan Ummat 51.006.897 39.748.318 Ummat savings
Jumlah 51.006.897 39.748.318 Total
73
25. DANA SYIRKAH TEMPORER (Lanjutan) 25. TEMPORARY SYIRKAH FUNDS (Continued)
b. Berdasarkan keterkaitan: b. Based on relationship:
2008 2007
Rp Rp

Istimewa 2.554.069 2.111.300 Related parties
Jumlah 3.869.993.643 3.351.678.118 Total
Tabungan Mudharabah merupakan simpanan dana Mudharabah savings deposits are entitled to receive a
pihak lain yang mendapatkan imbalan bagi hasil dari share in the revenue derived by the Bank from the use
pendapatan Bank atas penggunaan dana tersebut of such funds based on a predetermined ratio.
dengan nisbah yang ditetapkan dan disetujui
sebelumnya.
Tingkat bagi hasil per tahun untuk tabungan The annual profit-sharing rates for Mudharabah savings
Mudharabah berkisar antara setara 2,67% sampai deposits ranged from the equivalent of 2.67% to 3.16%
dengan 3,16% untuk tahun 2008 dan berkisar antara in 2008 and of 3.54% to 5.64% in 2007.
setara 3,54% sampai dengan 5,64% untuk tahun 2007.
(ii) Deposito Berjangka Mudharabah (ii) Mudharabah Time Deposits
a. Berdasarkan keterkaitan: a. Based on relationship:
2008
Dollar Amerika
Rupiah US Dollar Total
Rp Rp Rp

Pihak ketiga 4.774.045.252 412.587.442 5.186.632.694 Third parties
hubungan istimewa 154.601.638 56.943.065 211.544.703 Related parties
4.928.646.890 469.530.507 5.398.177.397
Bank: Bank:
Pihak ketiga 662.586.860 -- 662.586.860 Third parties
Jumlah 5.591.233.750 469.530.507 6.060.764.257 Total
74
2007
Dollar Amerika
Rp Rp Rp

Pihak ketiga 3.575.629.886 575.081.085 4.150.710.971 Third parties
hubungan istimewa 171.223.034 31.897.539 203.120.573 Related parties
3.746.852.920 606.978.624 4.353.831.544
Bank: Bank:
Pihak ketiga 234.103.370 28.183.500 262.286.870 Third parties
Jumlah 3.980.956.290 635.162.124 4.616.118.414 Total
b. Berdasarkan jangka waktu sesuai perjanjian: b. Based on original term in accordance with
agreement:
2008
Dollar Amerika
Rp Rp Rp
1 bulan 2.962.689.749 381.221.915 3.343.911.664 1 month

3 bulan 977.807.169 28.537.096 1.006.344.265 3 months
6 bulan 609.627.127 29.144.139 638.771.266 6 months
12 bulan 1.041.109.705 30.627.357 1.071.737.062 12 months
Jumlah 5.591.233.750 469.530.507 6.060.764.257 Total
2007
Dollar Amerika
Rp Rp Rp
1 bulan 1.590.352.544 535.827.391 2.126.179.935 1 month

3 bulan 521.542.510 43.223.170 564.765.680 3 months
6 bulan 494.300.512 25.866.857 520.167.369 6 months
12 bulan 1.374.760.724 30.244.706 1.405.005.430 12 months
Jumlah 3.980.956.290 635.162.124 4.616.118.414 Total
75
c. Berdasarkan sisa umur jatuh tempo: c. Based on remaining period to maturity:
2008
Dollar Amerika
Rp Rp Rp
Kurang dari 1 bulan 3.325.274.303 394.108.985 3.719.383.288 Less than 1 month

1 - 3 bulan 1.265.000.119 38.827.883 1.303.828.002 1 - 3 months
Lebih dari 3 - 12 bulan 1.000.964.051 36.588.916 1.037.552.967 More than 3 - 12 months
Jumlah 5.591.238.473 469.525.784 6.060.764.257 Total
2007
Dollar Amerika
Rp Rp Rp
Kurang dari 1 bulan 994.565.193 159.360.315 1.153.925.508 Less than 1 month

1 - 3 bulan 1.083.075.220 52.969.424 1.136.044.644 1 - 3 months
Lebih dari 3 - 12 bulan 1.903.315.878 422.832.384 2.326.148.262 More than 3 - 12 months
Jumlah 3.980.956.291 635.162.123 4.616.118.414 Total
Deposito berjangka Mudharabah merupakan investasi Mudharabah time deposits are entitled to receive a
pihak lain yang mendapatkan imbalan bagi hasil dari share in the income derived by the Bank from the use
pendapatan Bank atas penggunaan dana tersebut of such funds based on a pre-determined ratio.
dengan nisbah yang ditetapkan dan disetujui
sebelumnya.
Nisbah dan padanan tingkat bagi hasil per tahun untuk The nisbah (revenue-sharing ratios) and the annual
deposito berjangka Mudharabah dalam Rupiah berkisar equivalent revenue-sharing ratios for Rupiah
antara setara: Mudharabah time deposits are equivalent to:
2008
Padanan Tingkat
Nisbah / Bagi Hasil /
Equivalent
Revenue Sharing
Nisbah Ratio
Rupiah Rupiah
1 bulan 50,00 : 50,00 6,08% - 7,16% 1 month
3 bulan 51,00 : 49,00 6,19% - 7,30% 3 months
6 bulan 53,00 : 47,00 6,44% - 7,59% 6 months
12 bulan 54,00 : 46,00 6,56% - 7,74% 12 months
76
2008
Padanan Tingkat
Nisbah / Bagi Hasil /
Equivalent
Revenue Sharing
Nisbah Ratio
Dolar Amerika Serikat United States Dollar

1 bulan 51,00 : 49,00 2,31% - 5,24% 1 month
3 bulan 51,25 : 48,75 2,43% - 5,26% 3 months
6 bulan 51,50 : 48,50 2,32% - 5,29% 6 months
12 bulan 51,75 : 48,25 2,34% - 5,31% 12 months
(iii) Sukuk Mudharabah Subordinasi (iii) Subordinated Mudharabah Bonds
2008 2007
Rp Rp
Saldo awal 177.500.000 180.500.000 Beginning balance

Penambahan 314.000.000 -- Additional
Pelunasan (177.500.000) (3.000.000) Repayment
Jumlah 314.000.000 177.500.000 Total
Biaya emisi (1.563.825) -- Emission costs
Saldo Akhir 312.436.175 177.500.000 Balance at End of year
Merupakan surat berharga yang diterbitkan Bank This account represents securities issued in the
dalam bentuk Sukuk Mudharabah Subordinasi form of Subordinated Mudharabah Bonds
dengan jumlah pokok obligasi sebesar amounting to Rp 314,000,000 which have an A-
Rp 314.000.000 dan telah memperoleh hasil rating from PT Fitch Rating Indonesia. These
pemeringkatan A- dari PT Fitch Rating Indonesia. securities have a term of ten years since July 10,
Sukuk ini merupakan berjangka waktu sepuluh 2008, with a call option on the fifth year from the
tahun terhitung sejak emisi pada tanggal 10 Juli issuance date.
2008, dengan opsi beli (pelunasan awal), pada
ulang tahun kelima sejak tanggal emisi.
Pembayaran pendapatan bagi hasil pertama kali The initial payment of revenue sharing was on
dilakukan pada tanggal 10 Oktober 2008, October 10, 2008 and the last payment date will be
sedangkan pembayaran pendapatan bagi hasil on October 10, 2018 or on October 10, 2013 (the
terakhir akan dilakukan pada tanggal 10 Juli 2018, fifth anniversary since the issuance date), if the
atau pada waktu lebih awal yaitu tanggal 10 juli Bank decides to exercise its buy option under the
2013 (ulang tahun ke-5 (lima) sejak tanggal emisi) agreement. The Bonds will mature on July 10,
jika Bank melaksanakan opsi beli dengan 2018 or on July 10, 2013 if the Bank exercises its
memperhatikan ketentuan pelaksanaan opsi beli. buy option.
Pokok sukuk akan jatuh tempo dan dilunasi pada
tanggal 10 Juli 2018, atau pada waktu yang lebih
awal yaitu tanggal 10 Juli 2013 jika Bank
melaksanakan opsi beli.
77
Sesuai dengan surat Dewan Syariah Nasional- In connection with the Bonds offering, the National
Majelis Ulama Indonesia No. U-181/DSN- Sharia Board-Indonesian Council of Ulama in its
MUI/V/2008 tanggal 30 Mei 2008, dalam rangka letter No. U-181/DSN-MUI/V/2008 dated May 30,
penawaran umum sukuk, Dewan Pengawas Syariah 2008, approved the Bonds’ structure and stated
telah memberikan pernyataan atas struktur sukuk that it has complied with Fatwa
telah sesuai dengan ketentuan Syariah No. 32/DSN-MUI/IX/2002 concerning Sharia Bonds
sebagaimana dimaksud di dalam fatwa Dewan and Fatwa No. 33/DSN-MUI/IX/2002 concerning
Syariah Nasional No. 32/DSN-MUI/IX/2002 tentang Sharia Mudharabah bonds of the National Sharia
obligasi syariah dan fatwa Dewan Syariah Nasional Board.
No. 33/DSN-MUI/IX/2002 tentang obligasi Syariah
Mudharabah.
Sukuk Mudharabah Subordinasi ini merupakan The Subordinated Mudharabah Bonds are not
sukuk yang kewajibannya tidak dijamin dengan guaranteed by any collateral or special guarantee
agunan atau jaminan khusus dan tidak dijamin oleh nor guaranteed by third parties, and are in
pihak ketiga, hal tersebut tanpa mengurangi compliance with the rules stated in article 1131
ketentuan yang diatur didalam pasal 1131 dan and article 1132 of the Civil Code of Indonesia.
pasal 1132 Kitab Undang-undang Hukum Perdata These are not guaranteed by the Government of
Indonesia, termasuk tidak dijamin oleh negara the Republic of Indonesia and are not included in
Republik Indonesia dan tidak dimasukkan dalam the Bank Guarantee Program conducted by the
Program Penjaminan Bank yang dilaksanakan oleh guarantor institutions in accordance with prevailing
Lembaga Penjamin Simpanan sesuai dengan laws and regulations.
peraturan perundang-undangan yang berlaku.
Bertindak sebagai wali amanat Sukuk Mudharabah PT Bank Negara Indonesia (Persero) Tbk acts as
Subordinasi ini adalah PT Bank Negara Indonesia the trustee for the Subordinated Mudharabah
(Persero) Tbk. Bonds.
Bank wajib melakukan penyisihan dana dalam Starting on July 2005, the Bank deposits money in
jumlah tertentu (sinking fund) sebesar 5% dari a sinking fund at the rate of 5% of the amount of
jumlah Obligasi pada setiap ulang tahun kedua the Bonds on each of the second to the fifth year
sampai kelima penerbitan Obligasi. Sinking Fund anniversary dates of the Bonds issuance in the
ditempatkan dalam bentuk deposito berjangka form of time deposits under Sharia principles.
sesuai ketentuan Syariah terhitung mulai bulan Juli
2005.
Pada 31 Desember 2007, Bank telah menempatkan On December 31, 2007, the Bank deposited sinking
sinking fund sebesar Rp 15.000.000 di PT Bank funds amounting to Rp 15,000,000 in PT Bank
Danamon Indonesia Tbk - Unit Usaha Syariah Danamon Indonesia Tbk - Sharia Unit and
dan PT Bank Bukopin Tbk - Unit Usaha Syariah amounting to Rp 15,000,000 in PT Bank Bukopin
sebesar Rp 15.000.000 (Catatan 6). Tbk - Sharia Unit (Note 6).
Bank telah melakukan buy back Obligasi Syariah The Bank bought back Sharia I Bonds amounting
I Subordinasi sejumlah masing-masing sebesar to Rp 10,000,000, Rp 4,500,000 and Rp 5,000,000,
Rp 10.000.000, Rp 4.500.000 dan Rp 5.000.000 on October 5, 11 and 12, 2006, and Rp 3,000,000
pada tanggal-tanggal 5, 11 dan 12 Oktober 2006 on March 1, 2007. The transactions were treated
dan sebesar Rp 3.000.000 pada tanggal 1 Maret as partial settlements of the bonds.
2007. Transaksi Buy Back tersebut diperlakukan
sebagai pelunasan sebagian.
Bank telah memenuhi ketentuan PWA dan Bank has complied with PWA rules and obligation
kewajiban pembayaran pendapatan bagi hasil. for payment of revenue sharing.
78
26. MODAL SAHAM 26. CAPITAL STOCK
Jumlah Persentase
Saham / Jumlah Nominal / Kepemilikan/
Total Total Percentage of
Shares Nominal Ownership
Rp (%)
Modal Dasar Capital stock
Saham Seri A nilai nominal A Series nominal
Rp 1.000 (dalam Rupiah Rp 1,000 (full amount in
penuh) 106.126.382 106.126.382 2,84 Rupiah)
Saham Seri B nilai nominal B Series nominal
Rp 1.000 (dalam Rupiah Rp 1,000 (full amount in
penuh) 59.203.453 59.203.453 1,59 Rupiah)
Saham Seri C nilai nominal C Series nominal
Rp 500 (dalam Rupiah Rp 500 (full amount in
penuh) 3.569.340.330 1.784.670.165 95,57 Rupiah)
Jumlah 3.734.670.165 1.950.000.000 100,00 Total
Komposisi pemegang saham pada tanggal The stockholders as of December 31, 2008 and 2007
31 Desember 2008 dan 2007 adalah sebagai berikut: are as follows:
2008 dan/and 2007

Jumlah Saham
yang Ditempatkan Persentase
dan Disetor Penuh/ Kepemilikan/ Jumlah /
Number of Shares
Issued and Fully Percentage of Capital
Paid Ownership Stock
Rp
SAHAM SERI A A SERIES SHARES

nilai nominal Rp 1.000 (dalam nominal Rp 1,000
Rupiah penuh) (full amount)
KOPKAPINDO 25.000.000 3,05% 25.000.000 KOPKAPINDO
Badan Pengelola Dana ONHI 19.990.000 2,44% 19.990.000 Badan Pengelola Dana ONHI
Dana Pensiun Pertamina 4.000.000 0,49% 4.000.000 Dana Pensiun Pertamina
Iskandar Zulkarnaen 4.000.000 0,49% 4.000.000 Iskandar Zulkarnaen
Lain-lain Others
(masing-masing kepemilikan (each below
dibawah 4.000.000 saham) 53.136.382 6,47% 53.136.382 4,000,000 shares)
Jumlah Saham Seri A nilai Total A Series Shares
nominal Rp 1.000 dalam nominal Rp 1,000
Rupiah penuh) 106.126.382 12,94% 106.126.382 (full amount)
SAHAM SERI B B SERIES SHARES

Islamic Development Bank 26.491.619 3,23% 26.491.619 Islamic Development Bank
Masyarakat Public
Jumlah Saham Seri B 59.203.453 7,22% 59.203.453 Total B Series Shares
79
26. MODAL SAHAM (Lanjutan) 26. CAPITAL STOCK (Continued)
2008 dan/and 2007

Jumlah Saham
yang Ditempatkan Persentase
dan Disetor Penuh/ Kepemilikan/ Jumlah /
Number of Shares
Issued and Fully Percentage of Capital
Paid Ownership Stock
Rp
SAHAM SERI C C SERIES SHARES
nilai nominal Rp 500 (dalam nominal Rp 500
Islamic Development Bank 203.254.497 24,78% 101.627.248 Islamic Development Bank
Boubyan Bank Kuwait 174.550.281 21,28% 87.275.140 Boubyan Bank Kuwait
Atwill Holding Limited 125.676.203 15,32% 62.838.101 Atwill Holding Limited
H. Abdul Rohim 55.000.000 6,70% 27.500.000 H. Abdul Rohim
Ir. M. Rizal Ismael 45.000.000 5,49% 22.500.000 Ir. M. Rizal Ismael
IDF Foundation 24.437.039 2,98% 12.218.520 IDF Foundation
BMF Holdings Limited 24.437.039 2,98% 12.218.520 BMF Holdings Limited
Masyarakat Public
Jumlah Saham Seri C 654.921.914 79,84% 327.460.957 Total C Series Shares
Jumlah 820.251.749 100,00% 492.790.792 Total
Saham Bank terdiri dari saham Seri A, B dan C dengan The Bank’s shares consist of A, B and C Series shares,
hak suara dan hak dividen yang sama. Saham seri A which have the same voting and dividend rights.
adalah saham pendiri yang hanya dapat dimiliki atau A Series shares are founder shares which can only be
dipindahkan haknya kepada warga negara Indonesia owned or transferred to Indonesian Moslem citizens, or
yang beragama Islam atau badan hukum yang a corporation established under Indonesian laws and
berkedudukan di Indonesia yang didirikan menurut regulations, wherein the members of management
perundang-undangan Indonesia dan para pengurusnya should all be Indonesian Moslem citizens. B and C
mayoritas mutlak adalah warga negara Indonesia yang Series shares can be owned by either Indonesian or
beragama Islam. Saham Seri B dan C adalah saham foreign Moslem citizens or an Indonesian or foreign
biasa yang dikeluarkan kemudian yang dapat dimiliki corporation which has a majority of Moslem members,
baik oleh warga negara Indonesia maupun warga stockholders and/or management.
negara asing yang beragama Islam atau badan hukum
Indonesia maupun badan hukum asing yang para
anggotanya atau pemegang sahamnya serta para
pengurusnya mayoritas mutlak beragama Islam.
Berdasarkan keputusan Rapat Umum Pemegang Saham Based on the minutes of the extraordinary general
Luar Biasa tanggal 18 September 2003 yang rapatnya meeting of stockholders which were notarized under
didokumentasikan dengan Akta No. 24 oleh Notaris Yudi deed No. 24 dated September 18, 2003 of notary Yudi
Setiandoko, S.H., sebagai pengganti Notaris Yudo Setiandoko, S.H, substituting notary Yudo Paripurno,
Paripurno, S.H., pemegang saham memutuskan S.H,, the stockholders approved the increase in the
perubahan modal dasar Bank menjadi Rp 1.000.000.000 Bank’s authorized capital to Rp 1,000,000,000,
yang terbagi atas 106.126.382 saham Seri A dengan consisting of 106,126,382 A Series shares with a par
nilai nominal Rp 1.000 (seribu Rupiah), 59.203.453 value per share of Rp 1,000 (full amount), 59,203,453
saham Seri B dengan nilai nominal Rp 1.000 (seribu B Series shares with a par value per share of Rp 1,000
Rupiah) dan 1.669.340.330 saham Seri C dengan nilai (full amount) and 1,669,340,330 C Series shares with a
nominal sebesar Rp 500 (lima ratus Rupiah). par value per share of Rp 500 (full amount).
80
26. MODAL SAHAM (Lanjutan) 26. CAPITAL STOCK (Continued)
Berdasarkan akta notaris Arry Supratno, S.H., No. 237 Based on notary deed No. 237 dated April 28, 2005 of
tanggal 28 April 2005, pemegang saham menyetujui notary Arry Supratno, S.H., the stockholders approved
peningkatan modal dasar Bank menjadi the increase in the Bank’s authorized capital to
Rp 2.000.000.000 yang kemudian diperbaiki menjadi Rp 2,000,000,000, which was revised by deed no 150
Rp 1.950.000.000 berdasarkan akta notaris Arry dated September 27, 2005 of notary Arry Supratno,
Supratno, S.H., No 150 tanggal 27 september 2005 S.H., to become Rp 1,950,000,000 consisting of
yang terdiri dari 106.126.382 Saham Seri A dengan nilai 106,126,382 A Series shares with a par value per share
nominal Rp 1.000 (dalam Rupiah penuh) 59.203.453 of Rp 1,000, (full amount) 59,203,453 B Series shares
Saham Seri B dengan nilai nominal Rp 1.000 (dalam with a par value per share of Rp 1,000 (full amount)
Rupiah penuh) dan 3.569.340.330 Saham Seri C dengan and 3,569,340,330 C Series shares with a par value per
nilai nominal Rp 500 (dalam Rupiah penuh). share of Rp 500 (full amount).
Daftar Pengurus yang memiliki saham Bank pada Below is the list of stockholder’s who are part of the
tanggal 31 Desember 2008 dan 2007 adalah sebagai Bank’s management and their shareholdings as of
berikut: December 31, 2008 and 2007:
2008 dan/and 2007

Jumlah Persentase
Saham/ Kepemilikan/ Jumlah Modal/
Number of Percentage of
Shares Ownership Amount
Rp
SAHAM SERI B B SERIES SHARES

nilai nominal Rp 1.000 (dalam nominal Rp 1,000
H. Iskandar Zulkarnaen, S.E., M.Si. 4.000.000 0,49% 4.000.000 H. Iskandar Zulkarnaen, S.E., M.Si.
H. A. Riawan Amin, M.Sc. 500 0,00% 500 H. A. Riawan Amin, M.Sc.
Ir. H. Arviyan Arifin 100 0,00% 100 Ir. H. Arviyan Arifin
M. Hidayat, S.E., Ak. 2.037 0,00% 2.037 M. Hidayat, S.E., Ak.
Ir. Andi Buchari, M.M. 2.937 0,00% 2.937 Ir. Andi Buchari, M.M.
Drs. U. Saefudin Noer, M.Si. 1.937 0,00% 1.937 Drs. U. Saefudin Noer, M.Si.
27. TAMBAHAN MODAL DISETOR 27. ADDITIONAL PAID-IN CAPITAL
2008 2007
Rp Rp
Tambahan modal disetor berasal dari: Additional paid-in capital:

Penawaran Umum Terbatas III, 2005 133.858.215 133.858.215 Limited Public Offering III, 2005
Penawaran Umum Terbatas II, 2002 662.290 662.290 Limited Public Offering II, 2002
Penawaran Umum Perdana 1993 143.553 143.553 Initial Public Offering 1993
Biaya emisi efek ekuitas yang berasal
dari: Stock issuance cost from:
Penawaran Umum Terbatas III, 2005 (493.727) (493.727) Limited Public Offering III, 2005
Penawaran Umum Terbatas II, 2002 (1.672.073) (1.672.073) Limited Public Offering II, 2002
Jumlah 132.498.258 132.498.258 Total
81
28. SALDO LABA 28. RETAINED EARNINGS
Dalam Rapat Umum Pemegang Saham Tahunan yang Based on the minutes of the stockholders’ annual
diselenggarakan pada tanggal 23 April 2008, para general meeting held on April 23, 2008, the
pemegang saham telah memutuskan untuk melakukan: stockholders approved:
(i) Penyisihan sebagian laba bersih tahun 2007 sebesar (i) The appropriation of Rp 58,129,972 from 2007 net
Rp 58.129.972 ke akun cadangan umum; income is general reserve;
(ii) Membagikan dividen dari laba bersih tahun 2007 (ii) The declaration of cash dividend from 2007 net
sebesar Rp 87.194.958 atau Rp 177,17 (dalam income amounting to Rp 87,194,958 or Rp 177.17
Rupiah penuh) per saham. (full amount) per share.
Dalam Rapat Umum Pemegang Saham tahunan yang Based on the minutes of the stockholders’ annual
diselenggarakan pada tanggal 25 April 2007, para general meeting held on April 25, 2007, the
pemegang saham telah memutuskan untuk melakukan: stockholders approved:
(i) Penyisihan sebagian laba bersih tahun 2006 sebesar (i) The appropriation of Rp 22,755,020 from 2006 net
Rp 22.755.020 ke akun cadangan umum; income is general reserve;
(ii) Membagikan dividen dari laba bersih tahun 2006 (ii) The declaration of cash dividend from 2006 net
sebesar Rp 85.602.216 Rp 132,10 (dalam Rupiah income amounting to Rp 85,602,216 or Rp 132.10
penuh) per saham. (full amount) per share.
29. PENDAPATAN PENGELOLAAN DANA OLEH BANK 29. REVENUE FROM FUND MANAGEMENT AS
SEBAGAI MUDHARIB MUDHARIB
2008 2007
Rp Rp
Pendapatan dari penjualan: Revenue from sales:

Murabahah 591.641.012 526.718.985 Murabahah
Istishna 4.689.326 6.470.352 Istishna
596.330.338 533.189.337
Pendapatan bagi hasil: Revenue sharing:
Mudharabah 354.659.194 413.680.988 Mudharabah
Musyarakah 300.516.559 131.396.357 Musyarakah
655.175.753 545.077.345
Pendapatan Ijarah – bersih 28.696.628 27.473.840 Revenue from Ijarah- net
Pendapatan usaha utama lainnya: Other main operating revenue:
Pendapatan bonus Sertifikat Bank Bonus from Bank Indonesia
Indonesia Syariah 28.380.914 45.771.702 Sharia Certificate
Pendapatan bagi hasil penempatan Revenue sharing from placement
pada Bank lain 5.545.173 7.984.947 with other banks
Pendapatan bagi hasil surat berharga 6.776.062 5.822.383 Revenue sharing from securities
40.702.149 59.579.032
Jumlah 1.320.904.868 1.165.319.554 Total
82
29. PENDAPATAN PENGELOLAAN DANA OLEH BANK 29. REVENUE FROM FUND MANAGEMENT AS
SEBAGAI MUDHARIB (Lanjutan) MUDHARIB (Continued)
Pendapatan Murabahah termasuk pendapatan akrual Included under Murabahah revenue are accrual income
sebesar Rp 32.674.622 dan Rp 29.077.939 masing- amounting to Rp 32,674,622 and Rp 29,077,939 for the
masing untuk tahun 2008 dan 2007 (Catatan 8). year 2008 and 2007, respectively (Note 8).
30. HAK PIHAK KETIGA ATAS BAGI HASIL DANA 30. THIRD PARTIES’ SHARE ON RETURN OF
SYIRKAH TEMPORER TEMPORARY SYIRKAH FUNDS
Akun ini merupakan distribusi bonus, marjin dan bagi This account represents distribution of bonus, margin,
hasil untuk nasabah: and profit sharing to the customers:
2008 2007
Rp Rp
Deposito Mudharabah 378.377.850 338.303.985 Mudharabah time deposits

Tabungan Mudharabah 106.178.497 136.547.992 Mudharabah saving deposits
Sukuk mudharabah subordinasi 30.447.781 25.292.849 Subordinated mudharabah bond
Lainnya 419.285 5.689 Others
Jumlah 515.423.413 500.150.515 Total
31. PENDAPATAN USAHA LAINNYA 31. OTHER OPERATING REVENUE
2008 2007
Rp Rp
Jasa administrasi 88.274.741 78.545.402 Administration fees

Jasa transaksi ATM 25.253.452 3.884.860 ATM transaction income
Jasa pembiayaan khusus 390.431 504.429 Special financing fees
Jasa dan komisi 2.496.265 2.168.761 Fees and commissions
Laba (rugi) transaksi valuta asing (17.832.406) 10.075.467 Gain (loss) on foreign exchange
Fee perdana Shar-E 11.871.019 12.564.195 Shar-E prime fee
Fee sistim online-payment point 15.385.706 4.874.936 System online-payment point fee
Lainnya 21.289.929 5.249.713 Others
Jumlah 147.129.137 117.867.763 Total
83
32. BEBAN KEPEGAWAIAN 32. EMPLOYEE EXPENSES
2008 2007
Rp Rp
Gaji, upah, tunjangan dan Salaries and benefits for

kesejahteraan karyawan tetap permanent employee
(Catatan 38) 97.071.879 80.223.674 (Note 38)
Gaji dan kompensasi Salaries and compensation for
manajemen Bank 28.772.415 22.999.098 Bank’s management
Pendidikan dan pelatihan 10.746.505 5.619.477 Education and training
Beban penelitian dan pengembangan 221.807 130.779 Research and development
Jumlah 136.812.606 108.973.028 Total
33. BEBAN UMUM DAN ADMINISTRASI 33. GENERAL AND ADMINISTRATIVE EXPENSES
2008 2007
Rp Rp
Gaji, upah, tunjangan karyawan Salaries and benefits for

outsourcing 72.091.983 53.008.689 outsourced employees
Sewa 37.133.705 33.609.334 Rent
Promosi 43.380.378 38.125.191 Promotion
Listrik, air dan Electricity, water and
telekomunikasi 44.095.225 32.558.509 telecommunication
Biaya ATM BMI- BCA – Bersama 66.518.749 43.215.285 BMI-BCA-Joint ATM expenses
Penyusutan aset tetap Depreciation of promises and
(Catatan 15) 15.407.473 14.387.282 equipment (Note 15)
Biaya premi asuransi penjaminan dana Insurance for third parties
pihak ketiga 21.335.945 16.683.904 fund guarantee
Beban kantor 41.873.519 24.288.871 Office expenses
Transportasi 10.184.330 8.503.206 Transportation
Perbaikan dan pemeliharaan 9.918.920 10.347.448 Repairs and maintenance
Perlengkapan kantor 7.779.163 5.900.113 Office supplies
Perjalanan dinas 11.942.288 7.817.443 Business trip
Beban emisi sukuk mudharabah Subordinated mudharabah bonds
subordinasi 657.726 -- emission expenses
Lainnya 14.916.690 7.929.841 Others
Jumlah 397.236.094 296.375.116 Total
84
34. BEBAN (PEMBALIKAN) PENYISIHAN 34. PROVISION (REVERSAL) FOR POSSIBLE LOSSES
PENGHAPUSAN ASET PRODUKTIF – BERSIH ON EARNING ASSETS – NET
2008 2007
Rp Rp
Pembiayaan Mudharabah 13.254.029 10.144.704 Mudharabah financing

Piutang 10.099.050 76.482.069 Receivables
Pembiayaan Musyarakah 14.940.964 25.229.152 Musyarakah financing
Pinjaman Qardh 1.013.023 735.370 Funds of Qardh
Giro pada Bank lain 4.112.558 (537.115) Current accounts with other banks
Penempatan pada Bank lain 51.004 (7.330) Placement with other banks
Penyertaan saham (456.411) -- Investment in shares of stock
Tagihan akseptasi (672.663) 1.613.886 Acceptance receivable
Aset yang diperoleh untuk Ijarah -- (513.465) Asset acquired for Ijarah
Jumlah 42.510.526 113.634.036 Total
35. BEBAN USAHA – LAINNYA 35. OPERATING EXPENSES – OTHERS
2008 2007
Rp Rp
Jasa konsultan 25.015.415 29.031.330 Consultant fees

Keperluan umum dan kantor 5.029.420 3.778.910 General expenses for office activities
Iuran keanggotaan 2.562.695 2.710.792 Membership fees
Beban pencadangan penurunan nilai Provision for impairment in
agunan pembiayaan yang diambil alih 23.427.126 3.000.200 foreclosed assets value
Aktivitas kantor Dana Pensiun Office activities of Dana Pensiun
Lembaga Keuangan 34.000 13.301 Lembaga Keuangan
Jumlah 56.068.656 38.534.533 Total
36. PENDAPATAN NON USAHA 36. NON-OPERATING REVENUE
2008 2007
Rp Rp
Laba penjualan aset tetap 277.061 613.478 Gain on sale of equipment

Pendapatan dari penyaluran kepada Income from small business
usaha kecil 111.830 75.107 channeling
Lainnya 3.527.672 998.004 Others
Jumlah 3.916.563 1.686.589 Total
85
37. BEBAN NON USAHA 37. NON-OPERATING EXPENSE
2008 2007
Rp Rp
Beban pajak 7.400 6.033 Tax expenses

Zakat, infaq dan shadaqah 7.379.140 6.745.752 Zakah, infaq and shadaqah
Sumbangan dan hadiah 2.493.395 1.836.051 Donation and gifts
Rugi penjualan agunan yang
diambil alih -- 692.204 Loss on foreclosed
Lainnya 1.966.355 1.737.388 Others
Jumlah 11.846.290 11.017.428 Total
38. DANA PENSIUN DAN KESEJAHTERAAN 38. PENSION PLAN AND PROVISION FOR EMPLOYEE
KARYAWAN SERVICE ENTITLEMENTS
Bank menyelenggarakan program pensiun iuran pasti The Bank established a defined contribution pension
untuk karyawan tetap yang memiliki masa kerja plan covering all of its permanent employees under 56
minimum 1 (satu) tahun sejak diangkat menjadi years of age with working period of at least 1 (one)
karyawan tetap dan berusia di bawah 56 tahun. year. The pension plan is managed by Dana Pensiun
Program pensiun ini dikelola oleh Dana Pensiun Lembaga Keuangan (DPLK) Bank Syariah Muamalat
Lembaga Keuangan (DPLK) Bank Syariah Muamalat Indonesia, which was established based on the decree
Indonesia yang telah disetujui berdasarkan Surat of the Minister of Finance No KEP-128/KM6/2002 dated
Keputusan Menteri Keuangan No. KEP-128/KM6/2002 June 17, 2002. Employees’ monthly contribution from a
tanggal 17 Juni 2002. Kontribusi pensiun minimal minimum of Rp 20 to a maximum of 10% to 20% of
sebesar Rp 20 per bulan dan maksimal sebesar 10% the employees’ basic pension-base salary (PhDP) per
sampai dengan 20% dari Penghasilan Dasar Pensiun month. Any remaining amount required to fund the
(PhDP) yang diterima setiap bulan. Bank memberikan program is contributed by the Bank but it is limited to
subsidi sebesar Rp 5 sampai dengan Rp 20 kepada Rp 5 up to Rp 20 per employee depending on the
karyawan berdasarkan golongan atau pangkat employee’s status. The Bank’s contributions to the
karyawan. Iuran dana pensiun yang disetor untuk pension plan for the years ended December 31, 2008
tahun yang berakhir pada tanggal 31 Desember and 2007 amounted to Rp 1,943,930 and Rp 680,399,
2008 dan 2007 adalah sebesar Rp 1.943.930 dan respectively. As of December 31, 2008 and 2007 the
Rp 680.399. Pada tanggal 31 Desember 2008 dan total accumulated contributions to the pension fund
2007 jumlah akumulasi dana pensiun yang merupakan amounted to Rp 4,687,672 and Rp 3,778,890,
kontribusi Bank adalah sebesar Rp 4.687.672 dan respectively.
Rp 3.778.890.
86
KARYAWAN (Lanjutan) SERVICE ENTITLEMENTS (Continued)
Bank telah mencatat akrual dan beban kesejahteraan The Bank recorded provision for employee service
karyawan untuk tahun yang berakhir pada tanggal entitlements in compliance with Regulation No. 13/2003
31 Desember 2008 dan 2007 menurut Undang-Undang and Statement of Financial Accounting Standards No.
No. 13/2003 dan Pernyataan Standar Akuntansi 24 (Revised 2004). The provisions for the years ended
Keuangan No. 24 (Revisi 2004) berdasarkan December 31, 2008 and 2007 were determined based
perhitungan aktuaria yang dilakukan oleh PT Jasa on actuarial calculations prepared by PT Jasa Aktuaria
Aktuaria Tiwikrama, aktuaris independent, berdasarkan Tiwikrama, an independent actuary, as stated in their
laporannya tertanggal 12 Januari 2009 dan 15 Januari reports dated January 12, 2009 and January 15, 2008,
2008. Perhitungan aktuaris tersebut menggunakan respectively. The actuary calculations were made using
projected unit credit method dengan asumsi-asumsi the projected-unit-credit method and based on the
sebagai berikut: following assumption:
2008 2007
a. Tingkat bunga diskonto per tahun 10% 10% a. Discount rate per annum
b. Tingkat kenaikan gaji per tahun 7% 7% b. Future salary increases per annum
c. Usia pensiun 55 tahun/years 55 tahun/years c. Normal pension age
d. Tingkat mortalita (kematian) d. Mortality rate using
mengikuti tabel mortalita CSO 1980 the CSO 1980 table
Seluruh karyawan tetap Bank adalah peserta Program All permanent employees are members of certain
Pensiun Iuran Pasti. collection pension program.
Perhitungan beban manfaat karyawan yang diakui di The calculation of employee service entitlements
laporan laba rugi adalah sebagai berikut: recognized in statement of income are as follows:
2008 2007
Rp Rp
Biaya jasa kini 2.005.439 1.955.277 Current service cost

Beban bunga 1.736.855 1.577.021 Interest expenses
Kerugian aktuaria yang diakui 279.841 286.345 Recognized actuarial loss
Biaya jasa lalu yang belum diakui 159.925 159.925 Unrecognized past service cost
Jumlah beban manfaat Total employee service
4.182.060 3.978.568
karyawan entitlements
Estimasi kewajiban imbalan kerja yang diakui di neraca The estimated employee benefit obligation reported in the
adalah sebagai berikut : balance sheet are as follows:
2008 2007
Rp Rp

Beban manfaat karyawan 4.182.060 3.978.568 Employee service entitlement
Pembayaran manfaat pesangon Payments of employee
karyawan (544.384) (3.836.939) benefits
Kewajiban imbalan kerja Employee benefits obligation
13.804.264 10.166.588
(Catatan 24) (Note 24)
87
KARYAWAN (Lanjutan) SERVICE ENTITLEMENTS (Continued)
Perubahan estimasi kewajiban imbalan kerja yang diakui di The movement of estimated employee benefit entitlements
neraca adalah sebagai berikut: reported in the balance sheet are as follows:
2008 2007
Rp Rp
Nilai sekarang kewajiban manfaat Present value of employee

karyawan 19.678.104 17.368.549 benefit obligation
Biaya jasa lalu yang belum diakui (1.119.478) (1.279.404) Unrecognized past service cost
Keuntungan (kerugian) aktuaris yang Unrecognized actuarial
belum diakui (4.754.362) (5.922.557) gain (loss)
Kewajiban imbalan kerja 13.804.264 10.166.588 Employee benefits obligation
39. INFORMASI SEGMEN USAHA 39. BUSINESS SEGMENT INFORMATION
2008
Jabotabek/ Jawa/ Sumatera/ Kalimantan/ Lainnya/ Jumlah/
Jabotabek Java Sumatera Kalimantan Others Total
Rp Rp Rp Rp Rp Rp
ASET ASSETS
Kas 45.481.151 62.465.064 54.222.147 13.241.612 51.688.453 227.098.427 Cash
Penempatan pada Bank Indonesia 999.382.518 - - - - 999.382.518 Placement with Bank Indonesia
Giro pada bank lain - bersih 151.240.160 16.349.869 2.678.413 - 596.918 170.865.360 Current account with other banks - net
Giro pada PT Pos Indonesia (Persero) – Current account with PT Pos Indonesia
bersih 78.122.421 42.849 2.207.444 240.381 97 80.613.192 (Persero) – net
Penempatan pada bank lain - bersih 49.506.122 347.120 314.622 125.000 - 50.292.864 Placement with other banks - net
Efek-efek – bersih 29.850.000 - - - - 29.850.000 Securities - net
Piutang - bersih 3.776.332.038 372.824.612 379.336.064 89.830.052 293.449.628 4.911.772.394 Receivable - net
Pinjaman Qardh 2.489.811 156.211.236 4.533.289 43.707 20.979.499 184.257.542 Funds of Qardh - net
Pembiayaan mudharabah - bersih 740.329.067 455.660.798 439.257.907 114.894.570 156.510.668 1.906.653.010 Mudharabah financing - net
Pembiayaan musyarakah - bersih 2.270.416.167 341.322.419 251.456.955 42.092.625 140.550.899 3.045.839.065 Musyarakah financing - net
Penyertaan saham 41.143.670 - - - - 41.143.670 Investment in share of stocks - net
Tagihan akseptasi 92.378.990 802.063 - - - 93.181.053 Acceptances payable - net
Aset yang diperoleh untuk Ijarah - bersih 294.539.706 21.594.630 - - - 316.134.336 Assets acquired for Ijarah - net
Aset tetap - nilai buku 26.105.573 37.580.444 11.000.740 9.784.891 4.951.823 89.423.471 Premises and equipment - book value
Aset pajak tangguhan 12.044.440 - - - - 12.044.440 Deferred tax assets
Aset lain-lain - bersih 344.171.569 42.832.900 26.853.839 5.207.241 19.098.482 438.164.031 Other assets
Jumlah Aset 8.953.533.403 1.508.034.004 1.171.861.420 275.460.079 687.826.467 12.596.715.373 Total Assets
Kewajiban segera 128.740.554 5.752.835 1.395.506 1.102.820 4.995.422 141.987.137 Current liabilities
Simpanan wadiah 390.125.385 202.413.100 113.402.547 38.197.618 61.644.813 805.783.463 Deposits
Simpanan dari bank lain 374.034 136.519 12.471.286 21.191 2.050 13.005.080 Deposits from other banks
Bagi hasil yang belum dibagikan 21.224.437 3.188.452 4.022.550 1.157.168 896.136 30.488.743 Undistributed revenue sharing
Kewajiban akseptasi 94.122.276 - - - - 94.122.276 Acceptances payable
Hutang pajak 28.083.902 1.669.358 1.203.749 470.723 612.345 32.040.077 Taxes payable
Pinjaman yang diterima 81.069.763 1.836.057 17.338.529 - - 100.244.349 Fund borrowings
Estimasi kerugian komitmen dan Estimated loss on commitment
kontinjensi 5.075.337 82.184 58.565 2.050 3.324 5.221.460 and contingencies
Kewajiban lain-lain 109.797.396 1.118.239 1.473.344 266.324 786.879 113.442.182 Other liabilities
Jumlah Kewajiban 858.613.084 216.196.744 151.366.076 41.217.894 68.940.969 1.336.334.767 Total Liabilities

BUKAN BANK NON BANK
Tabungan mudharabah 1.137.599.234 1.094.104.873 648.973.870 412.113.825 577.201.841 3.869.993.643 Mudharabah time deposits
Deposito mudharabah 3.568.492.497 869.722.474 563.538.925 156.588.642 239.834.859 5.398.177.397 Mudaharabah saving deposit
BANK - BANK
Tabungan mudharabah 8.113.560 11.941.034 29.014.012 - 1.938.291 51.006.897 Mudaharabah saving deposit
Deposito mudharabah 6.900.000 150.987.490 411.799.370 89.100.000 3.800.000 662.586.860 Mudharabah time deposits
Sukuk Mudharabah subordinasi 312.436.175 - - - - 312.436.175 Subordinated sharia Mudharabah bonds
Jumlah Dana Syirkah Temporer 5.033.541.466 2.126.755.871 1.653.326.177 657.802.467 822.774.991 10.294.200.972 Total Temporary Syirkah Funds
88

2008
Rp Rp Rp Rp Rp Rp
PENDAPATAN SEGMEN SEGMENT INCOME

Pendapatan dari penjualan 396.282.653 60.734.299 60.717.692 21.009.769 57.585.925 596.330.338 Ijarah
Pendapatan bagi hasil 346.151.973 122.626.746 112.954.427 26.513.274 46.929.333 655.175.753 Sales
Pendapatan ijarah 26.571.134 2.125.494 - - - 28.696.628 Profit sharing
Pendapatan usaha utama lainnya 38.211.401 1.656.854 49.187 11.949 772.758 40.702.149 Other main operating income
Pendapatan usaha lainnya 72.451.926 40.421.312 15.491.888 5.928.597 12.835.414 147.129.137 Non operating income
Pendapatan bukan usaha lainnya - bersih 2.007.967 891.516 530.100 245.943 241.037 3.916.563 Other Income
Jumlah Pendapatan Segmen 881.677.054 228.456.221 189.743.294 53.709.532 118.364.467 1.471.950.568 TOTAL SEGMENT INCOME
BEBAN SEGMEN SEGMENT EXPENSES

Hak pihak ketiga atas bagi hasil Third parties shares on returns
dana syirkah temporer 306.178.071 85.120.034 68.810.689 21.836.363 33.478.256 515.423.413 of temporary syirkah funds
Beban usaha 342.576.816 119.488.660 77.742.889 40.272.028 63.431.825 643.512.218 Operating expenses
Beban bukan usaha 11.267.653 179.334 265.107 1.421 132.775 11.846.290 Non operating expenses
Beban pajak - bersih 1.376.807 40.239.291 30.863.237 7.051.013 14.427.413 93.957.761 Tax expenses – net
Jumlah 661.399.347 245.027.319 177.681.922 69.160.825 111.470.269 1.264.739.682 Total
Laba Bersih 220.277.707 (16.571.098) 12.061.372 (15.451.293) 6.894.198 207.210.886 NET INCOME
2007
Rp Rp Rp Rp Rp Rp
ASET ASSETS
Kas 40.654.746 46.876.141 43.831.787 12.864.587 29.444.069 173.671.330 Cash
Penempatan pada Bank Indonesia 1.267.651.614 -- -- -- -- 1.267.651.614 Placement with Bank Indonesia
Giro pada bank lain - bersih 32.267.140 11.435.868 2.255.962 112.788 567.282 46.639.040 Current account with other banks - net
Giro pada PT Pos Indonesia (Persero) – Current account with PT Pos Indonesia
bersih 63.885.023 -- -- -- -- 63.885.023 (Persero) – net
Penempatan pada bank lain - bersih 62.757.126 347.120 314.622 125.000 -- 63.543.868 Placement with other banks - net
Efek-efek - bersih 14.850.000 -- -- -- -- 14.850.000 Securities - net
Piutang - bersih 2.440.801.326 721.765.914 375.932.342 194.693.115 361.005.977 4.094.198.674 Receivable - net
Pinjaman Qardh 28.452.718 84.511.669 5.069.368 54.447 3.929.868 122.018.070 Funds of Qardh - net
Pembiayaan mudharabah - bersih 798.851.333 616.164.921 543.213.070 146.262.032 218.833.485 2.323.324.841 Mudharabah financing - net
Pembiayaan musyarakah - bersih 1.377.426.879 198.381.949 140.658.076 8.268.037 43.845.780 1.768.580.721 Musyarakah financing - net
Penyertaan saham 40.223.233 -- -- -- -- 40.223.233 Investment in share of stocks - net
Tagihan akseptasi 159.774.691 -- -- -- -- 159.774.691 Acceptances payable - net
Aset yang diperoleh untuk Ijarah - bersih 60.982.607 23.072.263 -- 84.054.870 Assets acquired for Ijarah - net
Aset tetap - nilai buku 19.591.735 36.844.327 4.718.585 3.031.630 5.172.647 69.358.924 Premises and equipment - book value
Aset pajak tangguhan 9.373.960 -- -- -- -- 9.373.960 Deferred tax assets
Aset lain-lain - bersih (547.426.843) 296.064.880 253.097.479 165.680.273 100.513.804 267.929.593 Other assets
Jumlah Aset 5.870.117.288 2.035.465.052 1.369.091.291 531.091.909 763.312.912 10.569.078.452 Total Assets
Kewajiban segera 59.994.688 7.822.699 1.705.935 1.893.178 4.558.142 75.974.642 Current liabilities
Simpanan wadiah 456.166.333 184.928.798 178.778.128 29.419.566 136.525.863 985.818.688 Deposits
Simpanan dari bank lain 994.612 443.526 18.940.650 55.961 -- 20.434.749 Deposits from other banks
Bagi hasil yang belum dibagikan 22.433.684 2.948.878 1.796.931 521.033 741.009 28.441.535 Undistributed revenue sharing
Kewajiban akseptasi 161.388.577 -- -- -- -- 161.388.577 Acceptances payable
Hutang pajak 28.052.221 1.187.981 738.916 310.509 428.712 30.718.339 Taxes payable
Pinjaman yang diterima 59.022.875 2.112.229 32.878.529 -- 59.998.678 154.012.311 Fund borrowings
Estimasi kerugian komitmen dan Estimated loss on commitment
kontinjensi 2.653.894 104.743 58.565 2.050 32.338 2.851.590 and contingencies
Kewajiban lain-lain 74.454.230 740.668 2.442.634 125.586 466.347 78.229.465 Other liabilities
Jumlah Kewajiban 865.161.114 200.289.522 237.340.288 32.327.883 202.751.089 1.537.869.896 Total Liabilities

BUKAN BANK NON BANK
Tabungan mudharabah 1.078.584.850 998.553.178 543.487.780 341.823.884 389.228.426 3.351.678.118 Mudharabah time deposits
Deposito mudharabah 3.027.101.853 645.271.723 391.032.152 115.708.165 174.717.651 4.353.831.544 Mudaharabah saving deposit
BANK BANK
Tabungan mudharabah 6.553.768 13.204.460 19.990.090 -- -- 39.748.318 Mudaharabah saving deposit
Deposito mudharabah 38.242.500 97.780.000 114.264.370 12.000.000 -- 262.286.870 Mudharabah time deposits
Sukuk Mudharabah subordinasi 177.500.000 -- -- -- -- 177.500.000 Subordinated sharia Mudharabah bonds
Jumlah Dana Syirkah Temporer 4.327.982.971 1.754.809.361 1.068.774.392 469.532.049 563.946.077 8.185.044.850 Total Temporary Syirkah Funds
PENDAPATAN SEGMEN SEGMENT INCOME

Pendapatan dari penjualan 293.163.121 103.302.026 55.105.349 29.005.875 52.612.966 533.189.337 Ijarah
Pendapatan bagi hasil 240.597.350 133.543.024 100.552.475 28.535.089 41.849.407 545.077.345 Sales
Pendapatan ijarah 23.789.463 3.289.690 -- -- 394.687 27.473.840 Profit sharing
Pendapatan operasi utama lainnya 55.704.120 2.271.072 63.080 12.376 1.528.384 59.579.032 Other main operating income
Pendapatan operasional lainnya 63.506.575 26.732.396 13.918.216 4.789.852 8.920.724 117.867.763 Non operating income
Pendapatan bukan operasional Lainnya - bersih 1.014.249 515.849 116.258 5.656 34.577 1.686.589 Other Income
Jumlah 677.774.878 269.654.057 169.755.378 62.348.848 105.340.745 1.284.873.906 Total
89

2007
Rp Rp Rp Rp Rp Rp
BEBAN SEGMEN SEGMENT EXPENSES

Hak pihak ketiga atas bagi hasil Third parties shares on returns
dana syirkah temporer 291.284.508 95.968.833 60.590.914 23.601.944 28.704.316 500.150.515 of temporary syirkah funds
Beban operasional 240.801.053 135.491.834 77.244.263 23.921.951 84.208.511 561.667.612 Operating expenses
Beban bukan operasional 8.531.995 1.068.496 1.177.348 69.348 170.241 11.017.428 Non operating expenses
Beban pajak – bersih 41.103.792 11.507.095 9.528.941 4.573.593 -- 66.713.421 Tax expenses - net
Jumlah 581.721.348 244.036.258 148.541.466 52.166.836 113.083.068 1.139.548.976 Total
Laba (Rugi) Bersih 96.053.530 25.617.799 21.213.912 10.182.012 (7.742.323) 145.324.930 NET INCOME (LOSS)
Pendapatan dan beban untuk setiap wilayah dicatat Incomes and expenses are recorded according to actual
sesuai dengan pendapatan dan beban sebenarnya pada branches incomes and expenses in each area. Certain
cabang-cabang pada wilayah yang bersangkutan. Untuk expenses, e.g. promotion and new offices opening, are
beban-beban tertentu seperti beban promosi dan beban charged to non-operating expenses of the head office
pembukaan cabang baru dibebankan ke kantor pusat under the Jabotabek area, which acts as cost center.
bukan operasional yang bertindak sebagai pusat biaya
(cost center) yang dikelompokkan dalam wilayah
Jabotabek.
40. TRANSAKSI HUBUNGAN ISTIMEWA 40. RELATED PARTY TRANSACTION
Dalam kegiatan usahanya, Bank melakukan transaksi In the normal course of business, the Bank entered into
dengan pihak-pihak yang mempunyai hubungan transaction with certain related parties. Transactions
istimewa. Transaksi dengan pihak yang mempunyai with related parties were conducted under terms and
hubungan istimewa dilaksanakan dengan syarat dan conditions similar to those granted to third parties,
kondisi yang sama dengan pihak ketiga kecuali piutang except for Murabahah receivables to the Bank’s key
Murabahah karyawan kunci (Catatan 8). employees (Note 8).
Di bawah ini adalah saldo aset, kewajiban, dana syirkah Below are the balances of assets, liabilities, unrestricted
temporer, pendapatan marjin, beban bagi hasil dan investment, margin income, profit sharing expenses
bonus dari transaksi dengan pihak pihak yang and bonus from transactions with related parties:
mempunyai hubungan istimewa:
2008 2007
Rp Rp
ASET ASSETS
Penempatan pada Bank lain Placement with other bank
Piutang Murabahah Murabahah receivables
Karyawan kunci 17.975.823 18.126.679 Key employees
Dewan Pengawas Members of the Sharia
Syariah dan Dewan Supervisory Board and Board of
Direksi 9.365.721 3.625.933 Directors
Komisaris/ keluarga Commissioners/family of
Komisaris 1.417.387 21.429.321 Commissioners
BPRS Wakalumi/BMM/Kopkar -- 23.093 BPRS Wakalumi/BMM
Jumlah piutang Murabahah 28.758.931 43.205.026 Total Murabahah receivables
90
40. TRANSAKSI HUBUNGAN ISTIMEWA (Lanjutan) 40. RELATED PARTY TRANSACTION (Continued)
2008 2007
Rp Rp
Pinjaman Qardh Funds of Qardh

Direksi/Komisaris/ Directors/Commissioners/
Syariah 861.200 1.421.401 Supervisory Board
Karyawan kunci 396.756 210.250 Key employees
Jumlah pinjaman Qardh 1.257.956 1.631.651 Total funds of Qardh
Pembiayaan Mudharabah Mudharabah financing

Komisaris 405.518 924.888 Commissioners
Pembiayaan Musyarakah Musyarakah financing

Komisaris/ keluarga Komisaris 18.602.058 3.432.014 Commissioners
Syariah dan Supervisory Board and
Dewan Direksi 1.865.028 -- Board of Directors
Karyawan kunci 409.034 1.513.899 Key employee
BPRS Dinar Ashri 216.308 -- BPRS Dinar Ashri
Jumlah pembiayaan Musyarakah 22.581.737 10.658.655 Total Musyarakah financing
Penyertaan saham Investment in share of stock

PT Al Ijarah Indonesia Finance 35.464.026 35.000.000 PT Al Ijarah Indonesia Finance
PT Syarikat Takaful Indonesia 6.095.237 6.095.237 PT Syarikat Takaful Indonesia
Total investment in share of
Jumlah penyertaan saham 41.559.263 41.095.237 stock
Jumlah 96.014.727 92.871.542 Total
Jumlah aset 12.596.715.373 10.569.078.452 Total assets
Persentase terhadap jumlah aset 0,76% 0,88% Percentage to total assets
Giro Wadiah Wadiah demand deposits
Asuransi Takaful/ Baitul Maal Asuransi Takaful/Baitul Maal
Muamalat/Dana Pensiun Lembaga Muamalat/Dana Pensiun
Keuangan 15.968.779 19.087.749 Lembaga Keuangan
Lainnya 511.621 7.725.835 Others
Jumlah 20.046.814 27.938.392 Total
Jumlah kewajiban 1.336.334.767 1.537.869.896 Total liabilities
Persentase terhadap jumlah Percentage to total
kewajiban 1,50% 1,82% liabilities
91
2008 2007
Rp Rp

Deposito Mudharabah Mudharabah time deposits
Pension Fund of Financial
Dana Pensiun Lembaga Keuangan 74.799.845 81.179.367 Institution
PT Asuransi Takaful 40.227.564 43.551.351 PT Asuransi Takaful
Pihak terkait lainnya 85.006.138 69.687.549 Others
Jumlah Deposito Mudharabah 211.544.703 203.120.573 Total Mudharabah time deposits
Tabungan Mudharabah Wadiah saving deposits

Jumlah 214.098.772 205.231.873 Total
Jumlah dana syirkah temporer 10.294.200.972 8.185.044.850 Total temporary syirkah funds
Persentase terhadap jumlah Percentage to total temporary
dana syirkah temporer 2,08% 2,51% syirkah funds
Pendapatan jual beli dan bagi hasil 4.302.124 6.070.165 Sales and revenue sharing income
Jumlah pendapatan pengelolaan Total revenue from
dana oleh Bank sebagai fund management as
mudharib 1.320.904.868 1.165.319.554 mudharib
Persentase terhadap jumlah Percentage to total main
pendapatan usaha utama 0,33% 0,52% operating income
Revenue sharing from
Bagi hasil dana syirkah temporer 5.291.533 7.927.838 temporary syirkah funds
Jumlah hak pihak ketiga atas Total third parties’ share on
bagi hasil dana syirkah returns of temporary
temporer 515.423.413 500.150.515 syirkah funds
Persentase terhadap Percentage to third parties’
hak pihak ketiga atas bagi share on returns of
hasil dana syirkah temporer 1,03% 1,58% temporary syirkah funds
Sifat Hubungan Istimewa: Nature of relationship with related parties:
a. Komisaris PT Asuransi Takaful dan BPRS Dinar Ashri a. The Commissioners of PT Asuransi Takaful and
adalah karyawan kunci Bank. BPRS Dinar Ashri are the Bank’s key employees.
b. Pengurus utama Baitul Maal Muamalat dan Dana b. The directors of Baitul Maal Muamalat and Pension
Pensiun Lembaga keuangan adalah karyawan kunci Fund of Financial Institution are the Bank’s key
Bank. employees.
c. Pemegang saham PT BPRS Wakalumi adalah salah c. The stockholder of PT BPRS Wakalumi is one the
satunya adalah seorang komisaris Bank. Bank’s commissioners.
92
Saldo piutang dan pembiayaan Bank dengan nilai di atas The details of receivables and financing transactions
Rp 1.000.000 hasil transaksi dengan pihak-pihak yang with certain related parties above Rp 1,000,000 are as
memiliki hubungan istimewa adalah sebagai berikut: follows:
2008 2007
Rp Rp
Terkait dengan Komisaris/keluarga Related with commissioners/

Komisaris: commissioners’ families:
PT Internusa Hasta Buana 18.392.140 924.888 PT Internusa Hasta Buana
BPRS Wakalumi 1.489.309 -- BPRS Wakalumi
Radio Duta Suara 1.417.387 -- Duta Suara Radio
PT Internusa Intan Segara 405.518 19.500.000 PT Internusa Intan Segara
BPRS PNM Mentari -- 669.677 BPRS Daya Artha Mentari
BPRS Daya Artha Mentari -- 2.762.337
Terkait dengan karyawan kunci Bank yang Related with Banks’ key employees who
menjadi Pengurus: are a member of the management:
PT Komerino 496.357 -- PT Komerino
BPRS Dinar Ashri 216.308 1.213.899 BPRS Dinar Ashri
Yayasan Baitul Maal Muamalat -- 343.747 Yayasan Baitul Maal Muamalat
BPRS Wakalumi -- 7.642.060 BPRS Wakalumi
PT Karya Bangun Sejahtera -- 3.244.000 PT Karya Bangun Sejahtera
Manajemen Bank berpendapat bahwa tidak ada The Bank’s management believes there was no conflict
benturan kepentingan sehubungan dengan transaksi of interest related to transaction with related parties.
dengan pihak yang memiliki hubungan istimewa.
41. KOMITMEN DAN KONTINJENSI 41. COMMITMENT AND CONTINGENCIES
2008 2007
Rp Rp
Komitmen Commitments
Kewajiban komitmen Commitments payable
Fasilitas pembiayaan kepada nasabah Unused financing
yang belum digunakan 343.605.666 629.246.340 facilities
Penerbitan SKBDN 21.206.078 23.890.140 SKBDN Letter
Fasilitas LC yang masih Outstanding irrevocable letters
berjalan 62.110.072 30.472.311 of credit
Jumlah kewajiban komitmen 426.921.816 683.608.791 Total commitments payable
93
41. KOMITMEN DAN KONTINJENSI 41. COMMITMENT AND CONTINGENCIES

2008 2007
Rp Rp
Kontinjensi Contingencies
Tagihan kontinjensi Contingencies receivable
Marjin dalam penyelesaian 10.465.276 13.705.691 Margin on non-performing receivables
Piutang dan pembiayaan hapus buku 174.175.533 82.505.120 Receivables and financing written-off
184.640.809 96.210.811
Kewajiban kontinjensi Bank garansi 438.829.791 288.086.593 Contingent payable bank guarantees
Tagihan Kontinjensi – Bersih (254.188.982) (191.875.782) Contingent receivables – net
42. POSISI DEVISA NETO 42. NET OPEN POSITION
Berdasarkan ketentuan Bank Indonesia yang berlaku, Based on prevailing Bank Indonesia regulation, the net
posisi devisa neto merupakan penjumlahan dari nilai open position represents the total of absolute amount
absolut atas selisih bersih aset dan kewajiban dari of the net differences between the assets and liabilities
masing-masing mata uang asing, baik dalam neraca denominated in foreign currencies, in the balance sheet
maupun rekening administratif. Pada tanggal and administrative accounts. As of December 31, 2007
31 Desember 2007 Bank telah memenuhi ketentuan the bank is in compliance with Bank Indonesia
Bank Indonesia tentang Posisi Devisa Neto. Pada regulation regarding net open position. As of December
tangggal 31 Desember 2008 posisi devisa neto Bank 31, 2008 the Bank’s net open position is 49.00%, which
sebesar 49,00%, diatas ketentuan yang ditetapkan Bank is not in accordance with regulation of Bank Indonesia
Indonesia maksimum sebesar 20% dari modal bank. that requires maximum of 20% of bank’s capital
Hal ini disebabkan adanya krisis ekonomi global yang related to the global crisis that effect world economic
melanda dunia termasuk Indonesia (Catatan 52). including Indonesia (Note 52).
Posisi devisa neto (PDN) Bank sebagai berikut: The Bank’s Net Open Position (NOP) is as follows:
2008
Posisi Devisa
Aset/ Kewajiban/ Neto (Absolute)/
Net Absolute
Assets Liabilities Value
Rp Rp Rp
NERACA ON BALANCE SHEET
Dollar Amerika Serikat 1.219.920.528 651.444.970 568.475.558 United States Dollar
Dollar Singapura 208.675 831 207.843 Singapore Dollar
Riyal Saudi Arabia 1.071.147 -- 1.071.147 Saudi Arabian Riyal
Ringgit Malaysia 32.203.067 4.176 32.198.892 Malaysian Ringgit
Yen Jepang 11.409.604 11.287.875 121.729 Japanese Yen
Euro 13.010.085 9.776.575 3.233.510 Euro
94
42. POSISI DEVISA NETO (Lanjutan) 42. NET OPEN POSITION (Continued)
2008
Posisi Devisa
Net Absolute
Rp Rp Rp
REKENING ADMINISTRATIF OFF BALANCE SHEET
Dollar Amerika Serikat -- -- -- United States Dollar
Euro -- -- -- Euro
Jumlah -- Total
Modal (sesuai dengan modal Capital (based on capital as
dalam perhitungan CAR) 1.235.208.378 used in CAR computation)
Rasio PDN (Neraca) – Net open position ratio
Bersih 49,00% (on balance sheet)
Rasio PDN Net open position ratio
(Rekening Administratif) - Bersih -- (off balance sheet)
Rasio PDN – Bersih 49,00% Net open position ratio
2007
Posisi Devisa
Net Absolute
Rp Rp Rp
NERACA ON BALANCE SHEET

Dollar Amerika Serikat 845.674.619 773.103.500 72.571.119 United States Dollar
Dollar Singapura 44.536 714 43.822 Singapore Dollar
Riyal Saudi Arabia 1.922.748 -- 1.922.748 Saudi Arabian Riyal
Ringgit Malaysia 97.584 3.766 93.818 Malaysian Ringgit
Yen Jepang 103.378 -- 103.378 Japanese Yen
Euro 91.488.801 87.538.064 3.950.737 Euro
REKENING ADMINISTRATIF OFF BALANCE SHEET

Dollar Amerika Serikat -- -- -- United States Dollar
Euro -- -- -- Euro
Jumlah -- Total
Modal (sesuai dengan modal Capital (based on capital as
dalam perhitungan CAR) 942.466.852 used in CAR computation)
Rasio PDN (Neraca) – Net open position ratio (on
Bersih 8,35% balance sheet)
Rasio PDN Net open position ratio (off
(Rekening Administratif) - Bersih -- balance sheet)
Rasio PDN – Bersih 8,35% Net open position ratio
95
43. ANALISA JATUH TEMPO ASET , KEWAJIBAN DAN 43. ANALYSIS OF ASSETS, LIABILITIES AND
DANA SYIRKAH TEMPORER BERDASARKAN TEMPORARY SYIRKAH FUNDS BASED ON
PERIODE YANG TERSISA REMAINING MATURITIES
2008
s/d 1 bulan 1 s/d 3 bulan 3 s/d 12 bulan 1 s/d 2 tahun 2 s/d 5 tahun diatas 5 tahun Jumlah
< 1 month 1 - 3 months 3 - 12 months 1 - 2 years 2 - 5 years over 5 years Total
Rp Rp Rp Rp Rp Rp Rp
ASET ASSETS
Kas 227.098.427 - - - - - 227.098.427 Cash
Penempatan pada Bank Indonesia 999.382.518 - - - - - 999.382.518 Placement with Bank Indonesia
Giro pada bank lain 175.757.271 - - - - - 175.757.271 Current account with other banks
Giro pada PT Pos Indonesia Current account with - PT Pos
(Persero) 81.427.467 - - - - - 81.427.467 Indonesia (Persero)
Penempatan pada bank lain 48.725.000 1.888.622 537.250 - - - 51.150.872 Placement with other banks
Efek-efek - - - - 15.000.000 15.000.000 30.000.000 Securities
Piutang 860.497.126 1.906.014.654 258.926.584 583.456.157 1.025.437.053 360.142.788 4.994.474.362 Receivable
Pinjaman Qardh 33.090.764 46.978.121 102.706.291 2.166.501 1.551.599 - 186.493.276 Funds of Qardh
Pembiayaan mudharabah 21.394.734 21.343.895 212.431.633 474.671.931 920.083.853 293.232.635 1.943.158.681 Mudharabah financing
Pembiayaan musyarakah 5.241.882 5.671.906 62.944.753 35.457.634 188.515.753 2.779.770.277 3.077.602.205 Musyarakah financing
Penyertaan saham 41.559.263 - - - - - 41.559.263 Investment in share of stocks
Tagihan akseptasi 45.964.238 19.598.402 28.559.636 - - - 94.122.276 Acceptance receivables
Aset yang diperoleh untuk Ijarah - bersih - - 160.823 32.287.683 270.015.917 13.669.913 316.134.336 Assets acquired for Ijarah
Aset lain-lain 33.039.240 104.871.223 39.896.341 29.040.663 5.181.867 2.607.208 214.636.542 Other assets
Jumlah Aset 2.573.177.930 2.106.366.823 706.163.311 1.157.080.569 2.425.786.042 3.464.422.821 12.432.997.496 Total Assets
Kewajiban segera 141.987.137 - - - - - 141.987.137 Current liabilities
Simpanan wadiah 805.783.463 - - - - - 805.783.463 Deposits
Simpanan dari bank lain 13.005.080 - - - - - 13.005.080 Deposits from other banks
Bagi hasil yang belum dibagikan 30.488.743 - - - - - 30.488.743 Undistributed revenue sharing
Kewajiban akseptasi 45.964.238 19.598.402 28.559.636 - - - 94.122.276 Acceptances payable
Hutang pajak 16.270.230 15.769.847 - - - - 32.040.077 Taxes payable
Pinjaman yang diterima 2.138.785 - - 98.105.564 - - 100.244.349 Fund borrowings
Estimasi kerugian komitmen Estimated loss on commitment
dan kontinjensi 5.221.460 - - - - - 5.221.460 and contingencies
Kewajiban lain-lain 102.623.414 2.858.743 7.419.890 485.633 54.502 - 113.442.182 Other payables
Jumlah Kewajiban 1.163.482.550 38.226.992 35.979.526 98.591.197 54.502 - 1.336.334.767 Total Liabilities

Tabungan mudharabah 3.921.000.540 - - - - - 3.921.000.540 Mudharabah saving deposits
Deposito mudharabah 3.719.383.288 1.303.828.002 1.037.552.967 - - - 6.060.764.257 Mudharabah time deposits
Subordinated sharia
Sukuk Mudharabah subordinasi - - - - - 312.436.175 312.436.175 Mudharabah bonds
Jumlah Dana Syirkah Temporer 7.640.383.828 1.303.828.002 1.037.552.967 - - 312.436.175 10.294.200.972 Total Temporary Syirkah Funds
Jumlah Kewajiban dan Total Liabilities and

Dana Syirkah Temporer 8.803.866.378 1.342.054.994 1.073.532.493 98.591.197 54.502 312.436.175 11.630.535.739 Temporary Syirkah Funds
Selisih Aset dengan Excess (Deficiency) of Assets

Kewajiban dan Over Liabilities and
Dana Syirkah Temporer (6.230.688.448) 764.311.829 (367.369.182) 1.058.489.372 2.425.731.540 3.151.986.646 802.461.757 Temporary Syirkah Funds
2007
ASET ASSETS
Kas 173.671.330 -- -- -- -- -- 173.671.330 Cash
Penempatan pada Bank Indonesia 1.267.651.614 -- -- -- -- -- 1.267.651.614 Placement with Bank Indonesia
Giro pada bank lain 47.110.141 -- -- -- -- -- 47.110.141 Current account with other banks
Giro pada PT Pos Indonesia Current account with - PT Pos
(Persero) 64.530.326 -- -- -- -- -- 64.530.326 Indonesia (Persero)
Penempatan pada bank lain 64.350.872 -- -- -- -- -- 64.350.872 Placement with other banks
Efek-efek -- -- 10.000.000 -- 5.000.000 -- 15.000.000 Securities
Piutang 84.466.089 138.033.971 455.432.997 476.186.640 2.508.592.427 557.472.499 4.220.184.623 Receivable
Pinjaman Qardh 8.421.586 50.703.608 63.199.737 680.347 180.406 55.097 123.240.781 Funds of Qardh
Pembiayaan mudharabah 30.202.477 50.703.381 240.606.426 573.360.717 1.420.231.211 62.153.581 2.377.257.793 Mudharabah financing
Pembiayaan musyarakah 159.361.030 106.954.656 737.125.260 131.655.389 243.590.889 434.620.543 1.813.307.767 Musyarakah financing
Penyertaan saham 41.238.467 -- -- -- -- -- 41.238.467 Investment in share of stocks
Tagihan akseptasi 107.574.762 53.813.815 -- -- -- -- 161.388.577 Acceptances receivables
Aset yang diperoleh untuk Ijarah - bersih -- -- -- -- -- -- Assets acquired for Ijarah
Aset lain-lain 26.242.926 -- -- -- -- 197.987.306 224.230.232 Other assets
Jumlah Aset 2.074.821.620 400.209.431 1.506.364.420 1.181.883.093 4.177.594.933 1.252.289.026 10.593.162.523 Total Assets
96
43. ANALISA JATUH TEMPO ASET , KEWAJIBAN DAN 43. ANALYSIS OF ASSETS, LIABILITIES AND
DANA SYIRKAH TEMPORER BERDASARKAN TEMPORARY SYIRKAH FUNDS BASED ON
PERIODE YANG TERSISA (Lanjutan) REMAINING MATURITIES (Continued)
2007
Kewajiban segera 75.974.642 -- -- -- -- -- 75.974.642 Current liabilities
Simpanan wadiah 985.818.688 -- -- -- -- -- 985.818.688 Deposits
Simpanan dari bank lain 20.434.749 -- -- -- -- -- 20.434.749 Deposits from other banks
Bagi hasil yang belum dibagikan 28.441.535 -- -- -- -- -- 28.441.535 Undistributed revenue sharing
Kewajiban akseptasi 107.574.762 53.813.815 -- -- -- 161.388.577 Acceptance payable
Hutang pajak 30.718.339 -- -- -- -- -- 30.718.339 Tax payable
Pinjaman yang diterima 154.012.311 -- -- -- -- -- 154.012.311 Fund borrowings
Estimasi kerugian komitmen Estimated loss on commitment
dan kontinjensi 2.851.590 -- -- -- -- -- 2.851.590 and contingencies
Kewajiban lain-lain 53.624.115 11.133.462 1.455.841 -- 12.016.047 -- 78.229.465 Other payables
Jumlah Kewajiban 1.459.450.731 64.947.277 1.455.841 -- 12.016.047 -- 1.537.869.896 Total Liabilities
DANA INVESTASI TERIKAT UNRESTRICTED INVESTMENT

Tabungan mudharabah 3.391.426.436 -- -- -- -- -- 3.391.426.436 Mudharabah saving deposits
Deposito mudharabah 1.153.925.508 1.136.044.644 2.326.148.262 -- -- -- 4.616.118.414 Mudharabah time deposits
Sukuk Mudharabah subordinasi Subordinated sharia
-- -- -- -- 177.500.000 -- 177.500.000 Mudharabah bonds
Jumlah Dana investasi terikat 4.545.351.944 1.136.044.644 2.326.148.262 -- 177.500.000 -- 8.185.044.850 Total Unrestricted Investment
Jumlah Kewajiban dan Dana Total Liabilities and

Investasi terikat 6.004.802.675 1.200.991.921 2.327.604.103 -- 189.516.047 -- 9.722.914.746 unrestricted investment
Excess (Deficiency) of Assets

Selisih Aset dengan Kewajiban dan
(3.929.981.055) (800.782.490) (821.239.683) -- 3.988.078.886 1.252.289.026 870.247.777 Over Liabilities and
Dana Investasi Terikat
Unrestricted Investment
Analisa maturity gap adalah untuk mengukur beda The maturity gap analysis is used to measure the
kumulatif antara aset produktif (earning assets) dengan cumulative difference between earning assets and yield
kewajiban menghasilkan (yield bearing liabilities) dan bearing liabilities, and its effect on the Bank’s liquidity
dampaknya terhadap likuiditas Bank serta eksposur and exposure to margin and/or profit sharing and
terhadap perubahan tingkat marjin dan/atau bagi hasil exchange rate changes.
dan nilai tukar.
Jatuh tempo untuk piutang, pinjaman Qardh, Maturities for receivables, funds of Qardh, Mudharabah
pembiayaan Mudharabah dan Musyarakah dalam and Musyarakah financing represent the period of time
perhitungan maturity gap adalah sisa waktu hingga remaining until the maturity dates of contracts starting
jatuh tempo kontrak sejak tanggal 31 Desember 2008 from December 31, 2008 and 2007 without taking into
dan 2007 dengan tidak memperhitungkan adanya account installment receipts in each period.
penerimaan angsuran pada tiap-tiap periode.
Jatuh tempo untuk dana syirkah temporer dalam Maturities for temporary syirkah funds represent the
perhitungan maturity gap adalah sisa waktu hingga period of time remaining until the maturity dates
jatuh tempo sejak tanggal 31 Desember 2008 dan 2007 starting from December 31, 2008 and 2007 without
dengan tidak memperhitungkan adanya perpanjangan taking into account automatic rollovers.
otomatis pada setiap jatuh temponya.
97
44. JAMINAN PEMERINTAH TERHADAP KEWAJIBAN 44. GOVERNMENT GUARANTEE ON OBLIGATIONS OF

PEMBAYARAN BANK UMUM COMMERCIAL BANKS
Berdasarkan Keputusan Presiden No. 15/2004 tanggal Based on the Presidential Decree No. 15/2004 dated
21 Pebruari 2004 tentang berakhirnya tugas dan February 21, 2004, in relation to the termination of the
penutupan Badan Penyehatan Perbankan Nasional Indonesian Bank Restructuring Agency’s duties and its
(BPPN), dan Keputusan Menteri Keuangan dissolution and the Minister of Finance Decree
No. 84/KMK06/2004 tanggal 27 Pebruari 2004, No. 84/KMK06/2004 dated February 21, 2004, the
Pemerintah Republik Indonesia membentuk Unit Government of the Republic of Indonesia established
Pelaksana Penjaminan Pemerintah (UP3), sebuah the Unit Pelaksana Penjaminan Pemerintah (UP3), a
institusi baru yang menggantikan BPPN untuk new institution replacing the Indonesian Bank
melanjutkan pelaksanaan program penjaminan Restructuring Agency in respect of the Government
Pemerintah atas kewajiban pada bank-bank lokal. guarantee on obligations of private domestic banks.
Sesuai dengan Peraturan Menteri Keuangan Based on Ministry of Finance Decree

No. 17/PMK05/2005 tanggal 3 Maret 2005, terhitung No. 17/PMK05/2005 dated March 3, 2005, effective as
sejak tanggal 18 April 2005 jenis kewajiban bank umum of April 18, 2005, the Government guarantee program
yang dijamin berdasarkan Program Penjaminan covers demand deposits, saving deposits, time deposits
Pemerintah meliputi giro, tabungan, deposito berjangka and deposits from other banks from money market
dan pinjaman yang diterima dari bank lain dalam bentuk inter bank transactions.
transaksi pasar uang antar bank.
Program penjaminan pemerintah melalui UP3 telah The government guarantee program through UP3 was
berakhir pada tanggal 22 September 2005 sebagaimana terminated on September 22, 2005 based on regulation
dinyatakan dalam peraturan Menteri Keuangan Republik No. 68/PMK05/2005 dated August 10, 2005 of the
Indonesia No. 68/PMK05/2005 tanggal 10 Agustus 2005 Minister of Finance regarding the calculation and
tentang Perhitungan dan Pembayaran Premi Program payment of Premium on Government Guarantee
Penjaminan Pemerintah terhadap Kewajiban program on Commercial Bank Obligation for the period
Pembayaran Bank Umum untuk periode 1 Juli of July 1 to September 21, 2005. The Government
sampai dengan 21 September 2005 Sebagai established Lembaga Penjamin Simpanan (LPS), an
pengganti UP3, Pemerintah telah membentuk lembaga independent agency to replace UP3 based on Law
independen, yaitu Lembaga Penjamin Simpanan (LPS) No. 24 dated September 22, 2004 regarding LPS LPS
berdasarkan Undang-undang Republik Indonesia No. 24 guarantee public funds including funds from other
tahun 2004 tanggal 22 September 2004 tentang banks in the form of demand deposits, time deposits,
Lembaga penjamin Simpanan, dimana LPS menjamin certificates of deposits, saving deposits and/or other
dana masyarakat termasuk dana dari bank lain dalam similar forms.
bentuk giro, deposito, sertifikat deposito, tabungan
dan/atau bentuk lainnya yang dipersamakan dengan itu.
Berdasarkan Peraturan Pemerintah No. 66/2008 tanggal Based on Government Regulation No. 66/2008 dated
13 Oktober 2008 tentang Besaran Nilai Simpanan Yang October 13, 2008 concerning amount of demand
Dijamin Lembaga Penjamin Simpanan, nilai simpanan deposit guaranteed by Guarantor Institution has
yang dijamin Lembaga Penjamin Simpanan telah changes from maximum amount of Rp 100,000,000
dirubah dari paling banyak Rp 100.000.000 (seratus juta (one hundred million rupiah) (full amount) to become
rupiah) (angka penuh) menjadi paling banyak maximum amount of Rp 2,000,000,000 (two billion
Rp 2.000.000.000 (dua milyar rupiah) (angka penuh). rupiah) (full amount).
98
45. MANAJEMEN RISIKO 45. RISKS MANAGEMENT
Sehubungan dengan penerapan praktek good corporate In accordance with the implementation of good
governance, Bank telah memiliki kebijakan manajemen corporate governance, the Bank has implemented the
risiko untuk mengelola jenis-jenis risiko,seperti : following policies for management of business risks:
a. Pengelolaan Risiko Pembiayaan a. Financing Risk Management
Sebagai perusahaan yang bergerak di bidang jasa As a company involved in banking services, the
perbankan, sebagian besar dari aset produktif yang Bank has used a significant part of its earning
dimiliki oleh perusahaan adalah berupa pembiayaan assets in the form of financing to the debtors.
yang diberikan kepada nasabah. Risiko pembiayaan Financing risk is related with the ability of debtors
dikaitkan dengan kemampuan nasabah untuk to pay the funds borrowed. The inability of debtors
memenuhi kewajibannya sesuai akad atau to repay the funds borrowed would result in an
perjanjian yang telah ditetapkan antara Bank dan increase in the allowance for possible losses;
nasabah. Semakin besar porsi pembiayaan yang thereby, reducing the Bank’s income. For this
bermasalah karena adanya keraguan atas reason if financing risks are not managed properly,
kemampuan nasabah dalam membayar kembali this condition could cause problems in the
kewajibannya, semakin besar pula kebutuhan biaya collection of the financing and result to a decrease
penyisihan penghapusan pembiayaan dan in the Bank’s performance indicators as well as the
berpengaruh pada keuntungan Bank. Karena itu, income of the Bank.
apabila aktivitas pemberian pembiayaan tidak
dikelola secara hati-hati dapat menimbulkan
pembiayaan bermasalah yang dapat menurunkan
tingkat kesehatan dan pendapatan Bank.
Dalam konteks perbankan Syariah, istilah For Sharia banks, the term “financing” is more
pembiayaan (financing) lebih sering digunakan frequently used as a substitute for the term
untuk menggantikan istilah kredit (credit). Risiko “credit”, Financing risk arises when the debtor
pembiayaan (financing risk) terjadi ketika pihak (mudharib) is unable to meet its obligation in
pengelola dana (mudharib) karena berbagai sebab, repaying the funds borrowed The actions taken by
tidak dapat memenuhi kewajibannya untuk the Bank to minimize financing risks are as follows:
mengembalikan dana pembiayaan yang diberikan
oleh pihak Bank. Langkah-langkah yang dilakukan
bank untuk meminimalkan risiko ini adalah :
(i) Menetapkan kebijakan pembiayaan secara (i) Develop financing policies in effective, and up
tepat, efektif, dan up to date; to date;
(ii) Menerapkan prinsip kehati-hatian (prudential (ii) Aplied prudence in granting financing facilities;
banking) dalam proses pembiayaan;
(iii) Meningkatkan kualitas sumber daya insani (iii) Improve the quality of human resources,
khususnya mereka yang menangani especially those in charged of granting
pembiayaan; financing facilities;
(iv) Membentuk dan mengaktifkan “Risk (iv) Establish a “Risk Management Unit” that will
Management Unit”. actively handle financing risks.
99
45. MANAJEMEN RISIKO (Lanjutan) 45. RISKS MANAGEMENT (Continued)
b. Pengelolaan Risiko Pasar b. Market Risk Management
Sebagai Bank Devisa, Bank memiliki aset dan As a foreign currency bank, the Bank has assets
kewajiban dalam valuta asing, sehingga nilai dari and liabilities in foreign currencies that are always
aset dan kewajiban tersebut selalu terkait dengan affected by exchange rates. Changes in the foreign
perubahan kurs valuta asing terhadap Rupiah. currency exchange rates which are unfavorable to
Apabila terjadi perubahan pada kurs mata uang the Bank can result to losses and negatively impact
asing terhadap Rupiah pada saat bank memiliki the Bank’s performance. Changes in the foreign
posisi mata uang asing yang kurang currency exchange rates can also affect the Bank’s
menguntungkan, dapat menimbulkan kerugian yang customers and their ability to repay their liabilities
berdampak negatif terhadap kinerja Bank. to the Bank.
Perubahan kurs juga dapat menimbulkan kerugian
bagi nasabah-nasabah bank yang memperoleh
pembiayaan dalam mata uang asing (sementara
sumber pengembaliannya berasal dari valuta
Rupiah) dan berdampak pada kemampuan
membayar kembali kewajibannya.
Pemantauan atas pergerakan nilai tukar telah The Bank has been monitoring foreign currency
dilakukan secara cermat dan real time sehingga exchange rate movements through Reuters. This
Bank dapat mengelola posisi mata uang asing pada practice enables the Bank to monitor foreign
kondisi yang paling kondusif bagi bank. currency exchange rates in real time and obtain a
favorable position for the Bank.
Sebagian portofolio pembiayaan yang dimiliki bank Part of the financing portfolio of the Bank is based
berdasarkan pada perjanjian jual beli dengan on sales contracts with a fixed selling price.
menggunakan harga jual yang tetap. Oleh karena Because of this, the Bank is not allowed to change
itu, apabila terjadi kenaikan suku bunga pasar, the agreed price in the event of an increase in
maka bank tidak diperkenankan untuk melakukan market interest rates. However, since the Bank
perubahan harga jual yang telah disepakati. operates under the “profit sharing” principle, this
Meskipun demikian, karena bank beroperasi will not cause a negative spread. High interest
berdasarkan prinsip bagi hasil, hal tersebut tidak rates will, however, have an effect on the Bank’s
mengakibatkan bank mengalami Negative Spread. ability to obtain third parties funds.
Suku bunga pasar yang terlalu tinggi juga dapat
mempengaruhi kemampuan bank dalam melakukan
penghimpunan Dana Pihak Ketiga.
100
c. Pengelolaan Risiko Likuiditas c. Liquidity Risk Management
Risiko likuiditas merupakan risiko utama yang Liquidity risk is a major concern for the Bank. This
dihadapi bank. Risiko tersebut timbul akibat adanya arises when there is a timing difference between
ketidaksepadanan jatuh waktu antara kewajiban the maturity of the Bank’s liabilities and loan/
dan tagihan/ pembiayaan yang dimilliki bank. Hal financing. This is due to the short-term nature of
ini dikarenakan pada umumnya bank memiliki the funds obtained by the Bank whereas the Bank
pendanaan dalam jangka pendek dan uses these funds to finance loans granted to
menyalurkannya ke dalam pembiayaan dengan customers which are usually for a longer period of
jangka waktu yang lebih panjang. Ketidaksesuaian time. The difference between the availability of
antara jangka waktu penghimpunan dana dari fund sources and the maturity of lending could
masyarakat dan jangka waktu penempatan dana result to difficulties in fulfilling the Bank’s
tersebut menyulitkan bank dalam memenuhi obligations to its customers and other parties. It is
kewajiban-kewajiban kepada nasabah dan pihak probable that large amounts of withdrawal within a
lainnya. Selain itu dapat saja terjadi penarikan dana short period of time as a result of an unfavorable
dalam jumlah yang sangat besar antara lain sebagai political situation may cause liquidity problems and
akibat politik yang kurang menguntungkan, negatively impact the ability of the Bank to operate
sehingga dapat menyebabkan bank mengalami as a going concern.
kesulitan likuiditas dan dapat berdampak negatif
terhadap kegiatan dan prospek usaha bank
tersebut.
Langkah-langkah yang ditempuh untuk menjaga The following measures have been taken by the
likuiditas bank adalah : Bank to maintain liquidity:
1. Meminimalisasi atau meniadakan pemberian 1. Minimize special rates granted to certain

nisbah khusus kepada nasabah-nasabah customers, in order to make profit distribution
tertentu, sehingga distribusi profit akan lebih equal for all customers.
merata kepada seluruh nasabah (return
simpanan akan menjadi lebih baik).
2. Mengaktifkan fungsi pengawasan dari Asset 2. Activate the supervisory function of the “Asset
Liability Committee (ALCO). Liability Committee” (ALCO).
3. Mengawasi pengumpulan dana dan 3. Monitor funding and management of lending

pengelolaan profil jatuh tempo penyaluran maturity profile.
dana.
d. Pengelolaan Risiko Operasional d. Operational Risk Management
Risiko operasional adalah risiko yang mungkin Operational risks arise when the operational
terjadi sebagai akibat sistem operasional dan systems and procedures do not comply with the
prosedur maupun pengawasan yang tidak needs of the Bank. This weakness could result in
memenuhi kebutuhan perkembangan perbankan. an increase in operating expenses and eventually
Lemahnya sistem operasional dapat menyebabkan affect the Bank’s income. Generally, this weakness
meningkatnya biaya operasional dan pada akhirnya will result in a decrease in operational activities,
mengurangi laba usaha. Selain itu, secara umum the quality of services and the competitiveness of
kelemahan ini akan mengakibatkan kelancaran the Bank.
operasional dan mutu pelayanan menjadi terganggu
dan menurunkan kinerja dan daya saing bank.
101
Untuk pengelolaan risiko operasional, Bank telah In order to control its operational risks, the Bank
memiliki kebijakan dan prosedur yang cukup untuk has established policies and procedures to identify
mengidentifikasi sumber-sumber risiko dan sistem the sources of risks. Also, its current information
informasi yang dimiliki saat ini telah mampu untuk system is capable of handling risks that may arise
memantau kondisi risiko operasional setiap saat from operations.
diperlukan.
e. Pengelolaan Risiko Hukum e. Legal Risk Management
Industri perbankan diawasi secara ketat oleh The banking industry is controlled by the
pemerintah dan Bank Indonesia karena sifat government and Bank Indonesia in their effort to
kegiatannya yang menyangkut kepentingan umum. safeguard the public interest. Control is exercised
Pengawasan yang ketat ini tercermin dari by the Government and Bank Indonesia through
banyaknya peraturan–peraturan pemerintah dan the issuance of regulations concerning Banking
Bank Indonesia yang mengatur penyelenggaraan practices, which have been revised continuously.
kegiatan perbankan dan pembaharuan dilakukan The inability of the Bank to comply with new
dari waktu ke waktu. Ketidakmampuan dalam regulations has an impact on the bank's activities
melakukan penyesuaian dapat berdampak pada and performance.
kegiatan usaha dan kinerja Bank.
Begitu pula dengan risiko hukum yang timbul akibat Legal risks that arise from contracts entered into
perikatan antara Bank dan nasabah maupun pihak by the Bank and its customers and other parties
lainnya dilakukan dengan cermat dengan mengacu are managed carefully with reference to the
kepada peraturan dan perundangan yang berlaku. prevailing laws and regulations.
f. Pengelolaan Risiko Reputasi f. Reputation Risk Management
Mengingat aktivitas Bank dalam melakukan Since the Bank’s activities are conducted based on
kegiatan operasional berdasarkan prinsip Syariah, Sharia principles, the Bank’s reputation in
maka reputasi Bank dalam menjaga amanah secara maintaining customers’ trust is considered as a
konsisten menjadi faktor utama yang mutlak harus major factor. This has become a main
dijaga. Hal ini perlu menjadi perhatian utama consideration of the Bank due to the increased
mengingat persaingan langsung dengan beberapa competition from other banks that operate under
bank dengan sistem bagi hasil lainnya maupun Sharia principles and from conventional banks.
persaingan Bank dalam menghadapi bank-bank Each bank is trying to enhance and extend its
konvensional lainnya. Masing-masing bank market share by providing high quality service to
berusaha mempertahankan dan memperluas its customers and potential customers in the form
pangsa pasar dengan memberikan pelayanan yang of quality services and innovative products to
berkualitas dan menawarkan produk-produk yang satisfy customer needs.
inovatif yang memenuhi kebutuhan nasabah dan
calon nasabah.
Produk perbankan yang relatif homogen dapat Since banking products are relatively
menyebabkan pindahnya nasabah begitu juga jika homogeneous, customers can easily migrate to
Bank gagal dalam meningkatkan pelayanan untuk another bank if the bank fails to improve its service
menjaga loyalitas nasabah. Dengan demikian risiko Hence, reputation risk has become a main concern
reputasi merupakan concern utama yang menjadi of the Bank.
perhatian Bank.
102
g. Pengelolaan Risiko Strategik g. Strategic Risk Management
Risiko strategik menjadi perhatian utama Bank, Strategic risk is a major concern of the Bank, such
untuk itu Bank telah menetapkan rencana strategik that the Bank has developed short-term and long-
dan rencana bisnis baik dalam jangka pendek term strategic and business plans. The plans
maupun jangka panjang hal ini menjadi mutlak should be implemented because as the first Sharia
untuk dilakukan, mengingat bank sebagai Bank bank in Indonesia, the Bank has always been
Syariah pertama di Indonesia senantiasa ditantang challenged and hard-pressed to stay ahead of the
dan dipacu untuk selalu berdiri diposisi terdepan. competition.
h. Pengelolaan Risiko Kepatuhan h. Compliance Risk Management
Untuk menjadi bank yang sehat, Bank senantiasa To be healthy, the Bank must comply with rules
berupaya maksimal agar segala ketentuan dan and regulations; therefore, internal audit and
peraturan yang berlaku dapat dilaksanakan dengan compliance staff are always working in synergy to
baik (comply with regulation). Untuk itu audit ensure the Bank’s compliance with rules and
internal dan compliance staff senantiasa bekerja regulations. The Bank applies check and balance
secara sinergi agar segala aktivitas operasional measures in all aspects of operations to ascertain
Bank berjalan sesuai dengan peraturan dan that controls are functioning properly.
ketentuan yang berlaku. Pada segenap aktivitas
operasional senantiasa diterapkan check and
balance, sehinggga fungsi kontrol dapat berjalan
dengan baik.
Bank telah menyampaikan laporan profil risiko The Bank has submitted report of management risk
manajemen risiko ke Bank Indonesia untuk posisi profile to Bank Indonesia for December 31, 2008
31 Desember 2008 dan 2007 masing-masing and 2007 in their letters No. 039/BMI/DIR/I/2009
dengan surat No. 039/BMI/DIR/I/2009 tanggal dated January 19, 2009 and
19 Januari 2009 dan surat No. 24/BMI/DIR/I/2008 No. 24/BMI/DIR/I/2008 dated January 17, 2008
tanggal 17 Januari 2008 dengan hasil risiko with result of composite that the risk was
komposit yaitu sedang/moderate. moderate.
46. RASIO KEWAJIBAN PENYEDIAAN MODAL

46. RATIO OF MINIMUM CAPITAL ADEQUACY
MINIMUM
Rasio kewajiban penyediaan modal minimum atau Ratio of minimum capital adequacy represents capital
capital adequency ratio (CAR) adalah rasio modal ratio to weighted risk asset. Based on Bank Indonesia
terhadap aset tertimbang menurut risiko (ATMR). Regulation No. 7/13/PBI/2005 dated June 10, 2005
Berdasarkan Peraturan Bank Indonesia regarding due to minimum capital adequacy for Sharia
No. 7/13/PBI/2005 tanggal 10 Juni 2005 tentang Banks. The regulation requires calculation of capital
kewajiban penyediaan modal minimum bank umum adequacy including financing risk and market risk by
berdasarkan prinsip Syariah. Berdasarkan Peraturan including part of additional complement capital.
Bank tersebut harus memasukkan risiko kredit dan risiko
pasar dalam perhitungan CAR dengan memasukkan
komponen modal pelengkap tambahan.
103
46. RASIO KEWAJIBAN PENYEDIAAN MODAL 46. RATIO OF MINIMUM CAPITAL ADEQUACY
MINIMUM (Lanjutan) (Continued)
Berdasarkan perhitungan manajemen pada tanggal Based on the management’s calculation on December
31 Desember 2008 dan 2007 Bank memiliki rasio 31, 2008 and 2007 ratio of capital adequacy are
kecukupan modal (CAR) masing-masing sebesar 10,83% 10.83% and 10.69%; therefore, the bank has complied
dan 10,69%, dengan demikian Bank telah memenuhi with Bank Indonesia Regulation with required minimum
ketentuan rasio minimal KPMM sebesar 8% sesuai ratio of 8%.
ketentuan Bank Indonesia tentang KPMM bagi bank
umum.
2008 2007
Rp Rp
A. Modal Inti A. Primary Capital

Modal disetor 492.790.792 492.790.792 Paid in capital
Cadangan tambahan modal Provision for additional capital
Agio saham 132.498.258 132.498.258 Additional paid in capital
Cadangan umum Approriated and unappropriated
dan tujuan 126.444.653 68.314.682 retained earning
Laba tahun-tahun lalu setelah pajak
(100%) 7.235.044 7.235.044 Previous year profit after tax
Laba tahun berjalan setelah pajak (50%) 102.270.204 72.662.465 Current year profit after tax (50%)
Total modal inti 861.238.951 773.501.241 Total primary capital
B. Modal Pelengkap B. Secondary Capital

Cadangan umum penyisihan Provision for possible losses of
penghapusan aset produktif 103.092.515 110.204.078 earning assets
Pinjaman subordinasi 312.436.175 100.000.000 Subordinated loan
Jumlah modal pelengkap 415.528.690 210.204.078
Total modal inti dan Total primary and secondary

modal pelengkap 1.276.767.641 983.705.319 Capital
Penyertaan (-/-) (41.559.263) (41.238.467) Investment (-/-)
Total modal 1.235.208.378 942.466.852 Total capital
Aset Tertimbang Menurut Risiko (ATMR) 11.402.270.390 8.816.326.240 Weighted risk assets (ATMR)
Rasio Kewajiban Penyediaan Modal CAR available
Minimum (KPMM) yang tersedia untuk for financing
Risiko Kredit dan Risiko Pasar (CAR) 10,83% 10,69% and market risk
Rasio Kewajiban Penyediaan Modal
Minimum (KPMM) yang diwajibkan 8,00% 8,00% Required CAR
104
47. TINGKAT KESEHATAN BANK 47. SOUNDNESS LEVEL OF BANK
Tingkat kesehatan Bank sesuai Ketentuan Surat Edaran Soundness level of Bank in accordance with Bank
Bank Indonesia No. 9/24/DPbS tanggal 30 Oktober 2007 Indonesia Regulation No. 9/24/DPbS dated October
adalah hasil penilaian atas berbagai aspek yang 30, 2007 represents result of value on various aspects
mempengaruhi kondisi atau kinerja suatu Bank melalui that affect condition and performance of the Bank by
penilaian kuantitatif dan kualitatif terhadap faktor-faktor valuation of quantity and quality on factors of capital,
permodalan, kualitas asset, rentabilitas, sensitifitas rent ability, sensitivity to market risk, and quality
terhadap resiko pasar, dan penilaian kualitatif terhadap value of managements’ factors. Final result of the
factor manajemen. Nilai akhir dari penilaian tingkat value of soundness level of Bank is determined on
kesehatan Bank dinyatakan dalam peringkat komposit. composite rate.
Berdasarkan perhitungan manajemen pada tanggal Based on the management’s calculation on

31 Desember 2008 Bank memiliki peringkat komposit 2A, December 31, 2008, the composite rate of Bank is
dengan demikian Bank tergolong baik dan mampu 2A, showing that the Bank is sound and able to
mengatasi pengaruh negatif kondisi perekonomian dan overcome negative effects of economic condition and
industri keuangan namun Bank masih memiliki kelemahan- financial industry. However, the Bank still has
kelemahan minor yang dapat segera diatasi oleh tindakan weaknesses which can be overcome through routine
rutin. actions.
Penilaian Peringkat
Penilaian Peringkat
Komponen Utama/ Rasio Bank/ Rasio Standar BI/ Komposit/ Bobot/
faktor/ Valuation
Primary factors Bank Ratio BI Standard Ratio Valuation of Weight
of Factor Rate
Composit rate
Faktor Financial: /
Financial Factors:
Permodalan - CAR/ Lebih besar sama 2. Baik/good
Capital – CAR 10,83 dengan 12%l/some or 25% 0,50
more than 12%
Kualitas Aset/ lebih dari/More than 2. Baik/good
0,97 50% 1,00
Assets Quality 0,99%
Rentabilitas/ lebih dari/More than 2. Baik/good
2,85 10% 0,20
Rentability 3%
Likuiditas/ lebih dari/More than 1. Sangat baik/very
41,67% 10% 0,10
Liquidity 25% good
Sensitifitas terhadap Pasar/ lebih dari/More than 1. Sangat baik/very
53,37% 5% 0,05
Sensitivity to Market Risk 12% good
Penilaian Peringkat Faktor Financial/
2
Level of Financial factors Value
Faktor Manajemen: /
Management factors:
Manajemen Umum/
A A Baik/good
General Management
Manajemen Resiko/
A A Baik/good
Management Risk
Manajemen Kepatuhan/
A A Baik/good
Compliance Management
Penilaian Peringkat Faktor Manajemen/
A
Level of Management factors Value
Peringkat Komposit/
2A
Composite Rate
105
48. PERJANJIAN PENTING 48. SIGNIFICANT AGREEMENTS
Bank menandatangani beberapa Perjanjian penting The Bank has signed several urgent agreements as
seperti yang tersebut dibawah ini: stated below:
a. Perjanjian Kerjasama tentang Pelaksanaan Program a. Agreement on conducting financing program for
Pembiayaan Produktif Koperasi dan Usaha Mikro cooperation and micro business based on sharia
(P3KUM) Pola Syariah antara Kementerian Negara principle with Department of cooperation and micro
Koperasi dan Usaha Kecil Menengah Republik business (P3KUM) of the Republic of Indonesia,
Indonesia pada tanggal 26 Agustus 2007. Perjanjian dated August 26, 2007. The agreement ended on
tersebut akan berakhir pada tanggal 26 Agustus August 26, 2018.
2018.
b. Perjanjian Kerjasama Interkoneksi Setoran Bersama b. Agreement on interconnection simultant deposits

Untuk Layanan Sharia Deposit Arrangement dengan for Sharia Deposit Arrangement Service with
PT Bank Sumut, PT Bank Bukopin Tbk, PT Bank DKI PT Bank Sumut, PT Bank Bukopin Tbk, PT Bank
Unit Syariah, PT BPD Kalimantan Timur, PT BPD DKI - Sharia Unit, PT BPD Kalimantan Timur,
Riau dan PT BPD Sumatera Barat perjanjian PT BPD Riau and PT BPD Sumatera Barat. The
tersebut berlaku 5 tahun. agreement will be effective up to 5 years.
c. Addendum I Perjanjian Kerjasama tentang Jasa c. Amendment I agreement regarding distribution

Layanan Distribusi Warkat Kliring dan Dokumen service of letter of clearing and document with
dengan PT Kelola Jasa Artha (“Kejar”) tanggal PT Kelola Jasa Artha (“Kejar”) dated November 1,
1 Nopember 2007 dan berakhir tanggal 2007 and ended on November 3, 2008.
3 Nopember 2008.
d. Naskah Kesepakatan Bersama dengan Kementrian d. Manuscript of agreement with Department of

Koperasi dan Usaha Kecil dan Menengah tentang cooperation and small and micro business
Pelaksanaan Penyaluran Dana Bergulir untuk usaha regarding the distribution of circulated fund for
simpan pinjam pola Syariah masing-masing untuk saving-lending based on sharia principle amounting
KSP/USP-Koperasi Pola Syariah masing-masing to Rp 50,000,000 for each sharia based KSP/USP-
sebesar Rp 50 juta. Perjanjian ini berlaku dari Cooperation. The agreement is effective on
tanggal 15 Desember 2003 sampai dengan December 15, 2003 up to December 15, 2013.
15 Desember 2013.
e. Perjanjian Kerjasama dengan PT Artajasa e. Agreements of electronic payment with PT Artajasa

Pembayaran Elektronis tentang Pengadaan, regarding supply, service and development of EDC
Penyediaan dan Pengembangan Layanan terminal dated March 13 2008. This agreement will
Operasional Terminal EDC tanggal 13 Maret 2008. be matured in 3 years after signing.
Perjanjian ini akan berakhir 3 tahun sejak perjanjian
ini ditandatangani.
f. Perjanjian Kerjasama dengan PT Ihsan Solusi f. Agreements with PT Ihsan Solusi Informatika
Informatika tentang Pengembangan Aplikasi Three regarding development of Three Tiers System and
Tiers System dan Reengineering Aplikasi Kiblat Reengineering Application of Kiblat, signed on
ditandatangani tanggal 2 Januari 2008 dan January 2, 2008, which will be matured in
perjanjian ini akan berakhir 12 bulan sejak 12 months after signed.
perjanjian ini ditandatangani.
106
49. INFORMASI TAMBAHAN 49. ADDITIONAL INFORMATION
a. Pada tanggal 31 Desember 2008 dan 2007 Bank a. As of December 31, 2008 and 2007, the bank’s non
memiliki rasio aset produktif yang diklasifikasikan performing earning assets (gross) to total earning
non performing (gross) terhadap total aset assets ratios were 3.45% and 2.63%, respectively.
produktif masing-masing sebesar 3,45% dan
2,63%.
b. Rasio piutang dan pembiayaan yang non b. As of December 31, 2008 and 2007, the bank’s non
performing (NPF) (gross) terhadap total piutang performing financing (NPF) (gross) to total
dan pembiayaan adalah sebesar 4,33% dan financing ratios were 4.33% and 2.96%,
2,96%, masing-masing untuk tanggal 31 Desember respectively.
2008 dan 2007.
c. Rasio piutang dan pembiayaan yang non c. As of December 31, 2008 and 2007, the bank’s non
performing (NPF) (net) terhadap total piutang dan performing financing (NPF) (net) to total financing
pembiayaan adalah sebesar 3,85% dan 1,33%, ratios were 3.85% and 1.33%, respectively.
masing-masing untuk tanggal 31 Desember 2008
dan 2007.
d. Dalam laporan Batas Maksimum Pemberian Kredit d. Based on the bank’s Legal Lending Limit (LLL)
(BMPK) yang disampaikan kepada Bank Indonesia report to Bank Indonesia as of December 31, 2008
pada tanggal 31 Desember 2008 dan 2007 tidak and 2007, there were no receivables, loans and
terdapat piutang, pinjaman dan pembiayaan yang financing facilities, which do not comply with the
melampaui atau melanggar ketentuan BMPK. Legal Lending requirements.
e. Kronologis Permasalahan Pengenaan Pajak e. Chronological order of Value Added Tax (VAT)
Pertambahan Nilai (PPN) atas Transaksi Murabahah. Matters for Bank on Murabahah transactions.
Permasalahan PPN atas transaksi pembiayaan VAT matters on Murabahah transactions for Bank,
murabahah pada Bank terjadi mulai tahun 2006 dari started in the year 2006, based on tax audit
hasil pemeriksaan semua jenis pajak untuk tahun results, conducted by Madya Tax Office Central
buku 2004 oleh Kantor Pajak Madya Jakarta Pusat. Jakarta for the year 2004 for all types of taxes.
Pada tanggal 24 April 2006, Bank membahas hasil On April 24, 2006, the Bank was invited by Madya
temuan pemeriksaan pajak dan undangan closing Tax Office to discuss tax audit results based on
conference berdasarkan surat dari KPP Madya letter No. S-746/Satgas.OPN.PJ/04/2006, that
Jakarta Pusat No. S-746/Satgas.OPN.PJ/04/2006 stated that murabahah transaction was subject to
yang salah satu hasilnya menyatakan bahwa value added tax, but the Bank has objected to the
transaksi pembiayaan murabahah yang dilakukan results due to the following reasons:
oleh Bank terhutang PPN, Bank memberikan
tanggapan tidak setuju pengenaan PPN atas
transaksi pembiayaan murabahah dengan
pertimbangan sebagai berikut:
107
49. INFORMASI TAMBAHAN (Lanjutan) 49. ADDITIONAL INFORMATION (Continued)
1. Berdasarkan Surat Dirjen Pajak 1. Based on the Letter from the Directorate
No. S.103/PJ.3/1992 tanggal 12 Mei 1992 yang General of Taxation No. S.103/PJ.3/1992
menyatakan bahwa Bank didirikan dengan izin dated May 12, 1992, which stated that Bank
sebagai bank umum sehingga semua perlakuan was established with the license to operate as
pajak terhadap Bank sama seperti perlakuan a commercial bank. Accordingly, all the
pajak terhadap bank umum lainnya. Atas financing granted by bank in the form of
semua penyaluran dana Bank dalam bentuk working capital and investment financing, for
pembiayaan modal kerja dan pembiayaan tax purposes, should be treated in the same
investasi untuk keperluan perpajakan way as financing given by other commercial
diperlakukan sama pula dengan kredit modal banks.
kerja dan kredit investasi yang diberikan oleh
bank umum.
2. Berdasarkan Undang-Undang No. 7 tahun 1992 2. Based on Tax Law No. 7 year 1992 and was
dengan perubahannya Undang-Undang No. 10 revised by Tax Law No. 10 year 1998
tahun 1998 tentang Perbankan dan Peraturan regarding Banking and Bank Indonesia
Bank Indonesia No. 6/24/PBI/2004, Undang- Regulation No. 6/24/PBI/2004, Tax Law No. 8
Undang No. 8 tahun 1983 dengan year 1983 which was revised by Tax Law
perubahannya melalui Undang-Undang No. 18 No. 18 year 2000 under section 4a subsection
tahun 2000 pasal 4a ayat 3 huruf d dan 3 letter d and Government Regulation No. 144
Peraturan Pemerintah No. 144 tahun 2000 year 2000 under section 5 letter d, it is stated
pasal 5 huruf d bahwa pembiayaan murabahah that murabahah financing represents one of
merupakan salah satu jenis dari transaksi jasa banking transactions which is based on sharia
perbankan berdasarkan prinsip syariah yang principle which is not subject to value added
tidak dikenakan PPN, sehingga perlakuan tax; accordingly, for tax purposes, should be
pajaknya adalah sama dengan perlakuan treated in the same way as financing given by
perpajakan yang diberikan bank umum lainnya. other commercial banks.
Bank telah menerima Surat Ketetapan Pajak Kurang The Bank received Tax Assessment Letter
Bayar (SKPKB) No. 00016/207/04/073/06 tanggal No. 00016/207/04/073/06 dated May 19, 2006 and
19 Mei 2006 atas PPN sebesar Rp 32.778.595 Tax Collection Letter No. 00019/107/04/073/06
beserta Surat Tagihan Pajak dated June 18, 2006 for Value Added Tax
No. 00019/107/04/073/06 atas dendanya tanggal assessment and penalty relating to fiscal year 2004
18 Juni 2006 sebesar Rp 4.966.454 atas transaksi amounting to Rp 32,778,595 and Rp 4,966,454,
Murabahah untuk pemeriksaan tahun pajak 2004. respectively. The Bank has objected to these
Atas SKPKB tersebut Bank telah mengajukan assessments through its letter
surat keberatan No. 346/BMI/ADM/VII/2006 No. 346/BMI/ADM/VII/2006 dated July 25, 2006 to
kepada Kantor Pelayanan Pajak Madya pada the Madya Tax Office and on July 24, 2007 General
tanggal 25 Juli 2006 dan pada tanggal 24 Juli Tax Directors released decision letter
2007 Direktur Jendral Pajak mengeluarkan Surat No. KEP-560/PJ,07/2007 regarding rejection letter
Keputusan No. KEP-560/PJ.07/2007 yang menolak of objection on value added tax assessment letter
surat keberatan wajib pajak atas Surat Ketetapan No. 00016/207/04/073/06.
Pajak Kurang Bayar PPN No. 00016/207/04/073/06.
108
Atas permasalahan ini Gubernur Bank Indonesia, In response to this matter, the Governor of Bank
dengan suratnya No. 8/5/GBI/DPbS tanggal 19 Juni Indonesia, through his letter to the Minister of
2006, perihal Perpajakan bagi Bank Syariah, yang Finance of the Republic of Indonesia
ditujukan kepada Menteri Keuangan Republik No. 8/5/GBI/DPbS dated June 19, 2006 concerning
Indonesia yang menjelaskan bahwa transaksi Taxation on Sharia Banks, explained that
Murabahah merupakan salah satu bentuk Murabahah is a form of fund channeling through
penyaluran dana melalui prinsip jual beli yang sale and purchase principle in connection with their
dilakukan dalam rangka pelaksanaan fungsi intermediary function and is not a common trading
intermediasi keuangan dan tidak sama dengan activity. Bank Indonesia supports the sharia
usaha jual beli biasa pada usaha dagang. Bank banking industry by recommending to the
Indonesia mendukung industri perbankan syariah Government not to impose double taxation on the
dengan mengusulkan kepada pemerintah agar tidak Murabahah transaction of the sharia banking.
memperlakukan pajak ganda dalam transaksi
Murabahah di bank syariah.
Pada tanggal 19 Juli 2006 Bank menerima Surat On July 19, 2006, the Bank received a Tax
Paksa No. SP-00071/WPJ.06/KP.1204/2006 dari KPP Enforcement Letter No. SP-00071/WPJ.06/
Madya Jakarta Pusat atas PPN tahun 2004 berikut KP.1204/2006 from the Madya Tax Office for Value
dendanya sebesar Rp 37.780.791. Added Tax (VAT) in 2004 and penalty amounting
to Rp 37,780,791.
Pada tanggal 25 Juli 2006 Bank mengajukan On July 25, 2006, the Bank has objected to tax
keberatan melalui Surat No. 346/BMI/ADM/VII/ assessment letter from Madya Tax Office Central
2006 atas diterbitkannya SKPKB tanggal 18 Juni Jakarta through its letter No. 346/BMI/ADM/VII/
2006 oleh KPP Madya Jakarta Pusat tersebut karena 2006 dated June 18, 2006 because the Bank is off
Bank berpendapat bahwa Murabahah merupakan opinion that Murabahah financing is a general
salah satu jasa di bidang perbankan tidak terkena banking product which is not subjected to value
PPN sebagaimana diatur dalam Undang-Undang added tax (VAT) as set forth in the Banking Law
No. 7 tahun 1992 dan perubahannya melalui No. 7 year 1992 and revised with Banking Law
Undang-Undang No. 10 tahun 1998 tentang No. 10 year 1998 and Bank Indonesia regulation
perbankan; dan Peraturan Bank Indonesia No. 6/24/PBI/2004 dated October 14, 2004 about
No. 6/24/PBI/2004 tanggal 14 Oktober 2004, Sharia Banking, Tax Law No. 8 year 1983 and
Undang-Undang No. 8 tahun 1983 dengan revised with Tax Law No. 18 year 2000,
perubahannya Undang-Undang No. 18 tahun 2000, Government Regulation No. 144 year 2000.
Peraturan Pemerintah No. 144 tahun 2000.
Pada tanggal 12 Juli 2007 Bank bersama Asosiasi On July 12, 2007, Bank with Indonesian Sharia
Perbankan Syariah Indonesia (Asbisindo) diundang Banking Association (Asbisindo) met with the
untuk melakukan pertemuan dengan Direktur Governor and Sharia Bank Director of Bank
Jenderal Pajak, Gubernur dan Direktur Perbankan Indonesia, and the General Director of Tax to
Syariah Bank Indonesia bertempat di Sekretariat discuss the Murabahah Sharia Bank value added
Negara Republik Indonesia untuk membahas tax transaction.
masalah PPN transaksi murabahah di Bank Syariah.
Pada tanggal 24 Juli 2007 Bank menerima Surat On July 24, 2007, the Bank received tax decision
Keputusan dari Direktur Jenderal Pajak letter from General Director of Tax
No. KEP-560/PJ.07/2007 yang menolak Surat No. KEP-560/PJ.07/2007, which rejected the
Keberatan Bank berdasarkan surat objection letter No. 346/BMI/ADM/VII/2006 dated
No. 346/BMI/ADM/VII/2006 tanggal 25 Juli 2006. July 25, 2006.
109
Pada tanggal 1 Oktober 2007 Bank mengajukan On October 1, 2007, Bank objected to the
keberatan atas diterbitkannya Surat Paksa Enforcement Letter No. 00071/WP.06/KP.1204/
No. 00071/WP.06/KP.1204/2006 yang dikeluarkan 2006 from Madya Tax Office Central Jakarta dated
KPP Madya Jakarta Pusat tanggal 19 Juli 2006. July 19, 2006.
Tanggal 17 Maret 2008, Dirjen Pajak mengundang On March 17, 2008, general directors of taxation
Pelaku Perbankan Syariah, Dewan Syariah Nasional, invited sharia banking subjects, National Sharia
Asbisindo dan Bank Indonesia untuk membahas Council, Asbisindo and Bank Indonesia to discuss
tentang pengenaan PPN Murabahah terhadap value added tax on murabahah transactions, the
produk perbankan syariah. Hasil pertemuan results of the meeting are:
tersebut adalah:
1) Dirjen Pajak tidak akan mengenakan Pajak 1) General director of taxation will not apply
Pertambahan Nilai untuk transaksi Murabahah value added tax on murabahah transactions in
Perbankan Syariah dan meminta kepada pihak sharia banking and requires sharia banking
pelaku perbankan syariah, menghilangkan subjects to not use the terminology of
penggunaan kata "Jual Beli" dan menggantinya “trading”, and must substitute it with the
dengan kata "Murabahah" pada setiap akad terminology of “murabahah” on each
transaksi perbankan syariah. transaction agreement.
2) Masalah PPN Murabahah sudah diselesaikan 2) Issues regarding the value added tax on
melalui 'amandemend' Undang-Undang oleh murabahah transactions have already been
Dirjen Pajak. settled through the amendment regulation of
general directors of tax.
3) Terhadap tagihan hutang pajak yang masih 3) Tax payables for previous years will be solved
harus dibayar oleh pelaku perbankan syariah by tax clearance of general directors of
untuk tahun-tahun sebelumnya akan taxation.
diupayakan solusinya oleh Dirjen Pajak agar
Perbankan Syariah tidak terhutang PPN.
Bank menerima surat dari Kantor Pelayanan Pajak The Bank received a letter from the Madya Tax
Madya Jakarta Pusat No. S-554/WPJ.06/KP.1204/ Office Central of Jakarta No. 554/WPJ.06/KP.1204/
2008 tanggal 10 Desember 2008 tentang himbauan 2008, dated December 10, 2008, concerning
pelunasan tunggakan pajak sebesar payment for delinquent tax amounting to
Rp 37.745.223.812. Himbauan tersebut ditangapi Rp 37,745,223,812. This letter was responded by
Bank dengan surat No. 1242/BMI/DIR/XII/2008 Bank with letter No. 1242/BMI/DIR/XII/2008 dated
tanggal 26 Desember 2008 tentang penolakan December 26, 2008 concerning objection for
pelunasan tunggakan pajak. payment of delinquent tax.
110
5O. OPINI DEWAN PENGAWAS SYARIAH 5O. OPINION OF THE SHARIA SUPERVISORY BOARD
Berdasarkan Pernyataan Dewan Pengawas Syariah Bank Based on a letter dated February 13, 2009, The Sharia
(DPS Bank) tanggal 13 Pebruari 2009 menyatakan Supervisory Board expresses an opinion that the Bank’s
bahwa berdasarkan pengawasannya secara umum operation and product were in compliance with fatwa
aspek operasional dan produk Bank telah mengikuti and sharia regulations prepared by National Sharia
fatwa-fatwa dan ketetapan syariah yang dikeluarkan Board of Indonesian Ulama Council (DSN-MUI).
oleh Dewan Syariah Nasional Majelis Ulama Indonesia
(DSN-MUI).
51. PERKEMBANGAN TERAKHIR PERATURAN- 51. LAST DEVELOPMENT OF GOVERNMENT

PERATURAN PEMERINTAH REGULATIONS
1. Peraturan Pemerintah Republik Indonesia No. 19 1. The Government Regulation No. 19 year 2009
Tahun 2009 tentang pajak penghasilan atas dividen concerning income tax on dividend received by
yang diterima atau diperoleh wajib pajak orang personal tax subject locally is subjected to final
pribadi dalam negeri, dikenai pajak penghasilan income tax in the amount of 10%.
final sebesar 10% (sepuluh persen).
2. Peraturan Pemerintah Republik Indonesia No. 16 2. The Government Regulation of the Republic of
Tahun 2009 tentang pajak penghasilan atas bunga Indonesia No. 16 of 2009 concerning income from
obligasi yang diterima dan/atau diperoleh wajib bonds interest states that all income arising from
pajak dikenai pajak penghasilan final. bonds interest received by tax subject is subject to
final income tax.
3. Peraturan Pemerintah Republik Indonesia No. 18 3. The Government Regulation of the Republic of
Tahun 2009 tentang bantuan atau sumbangan Indonesia No. 18 of 2009 concerning charity or
termasuk zakat atau sumbangan keagamaan yang donations, including zakah or other religious
sifatnya wajib dikecualikan dari objek pajak donations whose nature is an obligation, is
penghasilan. excluded from the income tax object.
4. Peraturan Menteri Keuangan Republik Indonesia 4. The Regulation of the Minister of Finance of the
No. 14/PMK.03/2009 tentang perubahan ketiga atas Republic of Indonesia No. 14/PMK.03/2009
Keputusan Menteri Keuangan No. 516/KMK.04/2000 concerning the 3rd revision to the Decision Letter of
tentang tata cara penentuan besarnya nilai the Minister of Finance No. 516/KMK.04/2000
perolehan objek pajak tidak kena pajak bea polehan concerning the guidelines in determining the
hak atas tanah dan bangunan. acquisition value of objects that are not subject to
land and building rights acquisition tax.
5. Peraturan Direktur Jenderal Pajak No. 2/PJ/2009 5. Regulation of the General Director of Tax
tentang perlakuan pajak penghasilan bagi pekerja No. 2/PJ/2009 concerning the implementation of
Indonesia di luar negeri bahwa orang pribadi warga income tax to Indonesian employees working
negara Indonesia yang bekerja di luar negeri lebih abroad, stating that Indonesian citizens working
dari 183 (seratus delapan puluh tiga) hari dalam abroad more than 183 (one hundred and eighty
jangka waktu 12 (dua belas) bulan. Dikenai pajak di three) days in the period of 12 (twelve) months are
luar negeri tapi tidak dikenai pajak di Indonesia. subject to tax in that specific country but are not
subject to tax in Indonesia.
111
51. PERKEMBANGAN TERAKHIR PERATURAN- 51. LAST DEVELOPMENT OF GOVERNMENT

PERATURAN PEMERINTAH (Lanjutan) REGULATIONS (Continued)
6. Peraturan Direktur Jenderal Pajak No. 1/PJ/2009 6. Regulation of the general Director of Tax
tentang perubahan Peraturan Direktur Jenderal No. 1/PJ/2009 concerning the revision of the
Pajak No. 53/PJ/2008 tentang tata cara Regulation of the General Director of Tax
pembayaran, pengecualian pembayaran dan No. 53/PJ/2008 concerning the guidelines for
pengelolaan administrasi pajak penghasilan bagi payment, exception of payment and the
wajib pajak orang pribadi dalam negeri yang akan management of income tax administration for local
bertolak ke luar negeri. personal tax subjects who are going to go abroad.
7. Ketentuan PBI No. 11/3/PBI/2009 tanggal 7. The Decision Letter of PBI No. 11/3/PBI/2009
29 Januari 2009 tentang bank umum syariah yang dated January 29, 2009 concerning sharia banks
mengacu kepada UU No. 21 tahun 2008 perbankan yang in compliance with Regulation No. 21 of 2008
syariah. concerning sharia banking.
8. Surat Edaran Bank Indonesia No. 11/4/DPNP 8. Circular Letter of Bank Indonesia No. 11/4/DPNP
tanggal 27 Januari 2009 tentang Pelaksanaan dated January 27, 2009 concerning Application of
Pedoman Akuntansi Perbankan Indonesia. Accounting Guidelines for Banking in Indonesia.
52. PERISTIWA SETELAH TANGGAL NERACA 52. SUBSEQUENT EVENTS
1. Pada tanggal 28 Januari 2009, posisi devisa netto 1. On January 28, 2009, net open position of Bank of
Bank adalah sebesar 12,42%, telah mencapai 12.42%, complied with Bank Indonesia regulation
Ketentuan Bank Indonesia tentang posisi devisa concerning net open position maximum 20%.
netto maksimum sebesar 20%.
2. Bank telah membuka 1 Kantor Cabang di Kuala 2. Bank has opened 1 branch in Kuala Lumpur
Lumpur (Malaysia), 22 Kantor Cabang, 7 Kantor (Malaysia), 22 branches, 7 sub branches and 2
Cabang Pembantu dan 2 Kantor Kas (Indonesia). cash office (Indonesia).
53. KONDISI EKONOMI 53. ECONOMIC CONDITIONS
Operasi Bank telah dipengaruhi dan akan terus The operation of the Bank has been affected and may
terpengaruh untuk jangka waktu tertentu di masa yang continue to be affected in the future by the economic
akan datang oleh kondisi ekonomi Indonesia dan conditions in Indonesia and global economic. Despite
ekonomi global. Meskipun akhir-akhir ini telah terjadi recent improvements in key economic indicators.
perbaikan sebagaimana ditunjukan oleh indikator- Indonesian banks have engaged in handicap lending
indikator penting perekonomian, perbankan Indonesia activities. Economic improvements and sustained
masih mengalami hambatan dalam aktifitas pemberian recovery are dependent upon several factors such as
kredit. Perbaikan kondisi ekonomi dan terus fiscal and monetary actions that had been and will be
berlangsungnya pemulihannya adalah tergantung pada undertaken by the Government and others, actions that
beberapa faktor-faktor seperti kebijakan fiskal dan are beyond the control of the Bank.
moneter dan kebijakan lainnya yang telah dan akan
diambil oleh Pemerintah, suatu tindakan yang berada di
luar kendali Bank.
112
54. REKLASIFIKASI AKUN 54. RECLASSIFICATION OF ACCOUNTS
Untuk tujuan perbandingan, beberapa akun dalam For comparative purposes, accounts in financial
laporan keuangan untuk tahun yang berakhir pada statements for the year ended December 31, 2007 in
tanggal 31 Desember 2007 telah direklasifikasi kembali accordance with preparation of financial statements for
agar sesuai penyajiannya dengan laporan keuangan the year ended December 31, 2008. Reclassification of
untuk tahun yang berakhir pada tanggal 31 Desember accounts are as follows:
2008. Akun yang direklasifikasi adalah sebagai berikut:
Laporan Terdahulu/ Direklasifikasi/ Jumlah/ Keterangan/

Unrestated statements Reclassification Amount Descriptions
Rp
Penyertaan saham – Investment in share Penyertaan saham – Investment in share of 35.000.000 Sesuai dengan sifat transaksi dan
PT Ijarah Indonesia of stocks – PT Ijarah Indonesia stocks – ketentuan standar akuntansi perbankan
Finance dengan metode PT Ijarah Indonesia Finance dengan PT Ijarah Indonesia syariah/
biaya Finance with cost metode ekuitas Finance with equity method In accordance with nature of transaction
method and standards of accounting for sharia
banking.
Beban kepegawaian Employee expense Beban umum dan Administrative and general Sesuai dengan sifat transaksi dan
administrasi expenses ketentuan standar akuntansi perbankan
Gaji, upah dan Salaries and Gaji, upah dan Salaries and benefits for 53.008.689 syariah/
kesejahteraan benefits for kesejahteraan outsourced employees In accordance with nature of transaction
karyawan outsourced karyawan and standards of accounting for sharia
outsourcing employees outsourcing banking.
55. PENYELESAIAN LAPORAN KEUANGAN 55. COMPLETION OF THE FINANCIAL STATEMENTS
Manajemen Bank bertanggung jawab atas penyusunan The management of the Bank is responsible for the
laporan keuangan yang telah diselesaikan pada tanggal preparation of the financial statements that were
10 Maret 2009. completed on March 10, 2009.
113

1 Laporan-Tahun-2008 20160225145447

Uploaded by

Copyright:

Available Formats

You might also like

1 Laporan-Tahun-2008 20160225145447

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

1 Laporan-Tahun-2008 20160225145447

Uploaded by

Copyright:

Available Formats

STAR WAR Laporan Tahunan

Laporan Tahunan Bank Muamalat 2008 Annual Report 1

9Xeb DlXdXcXk X[XcX_ YXeb @jcXd g\ikXdX [` 9XebDlXdXcXk`jk_\Ôijk@jcXd`ZYXeb`e@e[fe\j`X%

D`j` g\e[`i`Xe 9Xeb DlXdXcXk fc\_ DL@ [Xe K_\d`jj`fefek_\\jkXYc`j_d\ekf]9XebDlXdXcXk

Gif[lb [Xe cXpXeXe g\iYXebXe DlXdXcXk 9XebDlXdXcXkgif[lZkjXe[j\im`Z\jXi\YXj\[fek_\

;\e^Xe bi\[f G\ikXdX Dlie` JpXi`X_# 9Xeb N`k_k_\=`ijkGli\cpJ_Xi`XZi\[f#9XebDlXdXcXk

2 Laporan Tahunan Bank Muamalat 2008 Annual Report

BXkX@jcXdY\iXjXc[Xi`bXkXÊXjcXdXËpXe^jXcX_jXkl K_\ eXd\ @jcXd [\i`m\[ ]ifd k_\ nfi[ ÊXjcXdXË

Laporan Tahunan Bank Muamalat 2008 Annual Report 3

PRESTASI Satu Dasawarsa 1998-2008:

J\aXbkX_le(00/jXdgX`[\e^Xe)''/# =ifd (00/ kf )''/# k_\ kfkXc Xjj\kj

GK 9Xeb DlXdXcXk @e[fe\j`X KYb [`[`i`bXe gX[X GK9XebDlXdXcXk@e[fe\j`XKYbnXj\jkXYc`j_\[fe

4 Laporan Tahunan Bank Muamalat 2008 Annual Report

TOTAL AKTIVA 10,569.08

Laporan Tahunan Bank Muamalat 2008 Annual Report 5

9Xeb DlXdXcXk Y\i_Xj`c d\cXcl` dXjX jlc`k [Xe 9XebDlXdXcXknXjXYc\kffm\iZfd\k_\j\[`]ÔZlck

J_Xi$<k`[Xb_XepXd\dg\iclXjaXi`e^Xeg\cXpXeXe# J_Xi$< _Xj efk fecp gifm`[\[ 9Xeb DlXdXcXk n`k_

;`kleaXe^ fc\_ `efmXj` J_Xi$<# 9Xeb DlXdXcXk Jlggfik\[Ypk_\J_Xi\$<`eefmXk`fe#9XebDlXdXcXk

6 Laporan Tahunan Bank Muamalat 2008 Annual Report

9Xeb DlXdXcXk Y\i_Xj`c d\elklg kX_le bi`j`j 9XebDlXdXcXkjlZZ\\[\[`eZcfj`e^Xp\XidXib\[

?Xj`c$_Xj`ck\ij\Ylkd\e^lbl_bXeb\le^^lcXej\ikX K_\j\ i\jlckj mXc`[Xk\ k_\ jlg\i`fi`kp Xe[ jg`i`klXc

Laporan Tahunan Bank Muamalat 2008 Annual Report 7

K.H. M. A. Sahal Mahfudh

8 Laporan Tahunan Bank Muamalat 2008 Annual Report

;\nXeG\e^XnXjJpXi`X_9XebDlXdXcXk[\e^Xe`e` K_\ J_Xi`X Jlg\im`jfip 9fXi[ f] 9Xeb DlXdXcXk

K.H. M. A. Sahal Mahfudh

Laporan Tahunan Bank Muamalat 2008 Annual Report 9

IXj`fG\dY`XpXXe9\idXjXcX_Bfkfi  $ $ $ -%(/ +%00 *%(, )%00 )%/' ,%.- )%0- +%**

10 Laporan Tahunan Bank Muamalat 2008 Annual Report

4.32 4.84 3.85

Laporan Tahunan Bank Muamalat 2008 Annual Report 11

J\im`Z\ KiXej]fidXk`fe J\im`Z\ KiXej]fidXk`fe `j

12 Laporan Tahunan Bank Muamalat 2008 Annual Report

J\Zli\ d\ilgXbXe gfj`k`fe`e^ YX^X`dXeX J\Zli\ i\gi\j\ekj fli gfj`k`fe`e^ kf

Laporan Tahunan Bank Muamalat 2008 Annual Report 13

14 Laporan Tahunan Bank Muamalat 2008 Annual Report

Wholesale Alliance Remote

Laporan Tahunan Bank Muamalat 2008 Annual Report 15

Unit Pelayanan Syariah/

J\aXb b\_X[`iXe J_Xi$<# 9Xeb DlXdXcXk Y\i_Xj`c J`eZ\k_\Xii`mXcf]J_Xi$<#9XebDlXdXcXk_XjiXg`[cp

16 Laporan Tahunan Bank Muamalat 2008 Annual Report

Shar-E - - - - - 7,521 132,669 663,877 1,239,439 1,980,070

Laporan Tahunan Bank Muamalat 2008 Annual Report 17

18 Laporan Tahunan Bank Muamalat 2008 Annual Report

engan mengucapkan syukur

With the grace of Allah SWT,

Laporan Tahunan Bank Muamalat 2008 Annual Report 19

D\dXjlb` kX_le )''/# bi`j`j ÔeXej`Xc d\cXe[X @ek_\j\Zfe[_Xc]f])''/#XÔeXeZ`Xcklidf`cjgi\X[

;` k\e^X_ bfe[`j` k\ij\Ylk# 8c_Xd[lc`ccX_ 9Xeb 8d`[jlZ_Xklidf`c#8c_Xd[lc`ccX_9XebDlXdXcXk

20 Laporan Tahunan Bank Muamalat 2008 Annual Report

Laporan Tahunan Bank Muamalat 2008 Annual Report 21

Drs. H. Abbas Adhar

22 Laporan Tahunan Bank Muamalat 2008 Annual Report

Laporan Tahunan Bank Muamalat 2008 Annual Report 23

24 Laporan Tahunan Bank Muamalat 2008 Annual Report

ita patut mensyukuri hasil yang

We have every reason to be thankful for the

9Xeb DlXdXcXk X[XcX_ YXeb @jcXd g\ikXdX [` 9XebDlXdXcXk`jk_\Ôijk@jcXd`ZYXeb`e@e[fe\j`X%

D`j` g\e[`i`Xe 9Xeb DlXdXcXk fc\_ DL@ [Xe K_\d`jj`fefek_\\jkXYc`j_d\ekf]9XebDlXdXcXk

Gif[lb [Xe cXpXeXe g\iYXebXe DlXdXcXk 9XebDlXdXcXkgif[lZkjXe[j\im`Z\jXi\YXj\[fek_\

;\e^Xe bi\[f G\ikXdX Dlie` JpXi`X_# 9Xeb N`k_k_\=`ijkGli\cpJ_Xi`XZi\[f#9XebDlXdXcXk

BXkX@jcXdY\iXjXc[Xi`bXkXÊXjcXdXËpXe^jXcX_jXkl K_\ eXd\ @jcXd [\i`m\[ ]ifd k_\ nfi[ ÊXjcXdXË

J\aXbkX_le(00/jXdgX`[\e^Xe)''/# =ifd (00/ kf )''/# k_\ kfkXc Xjj\kj

GK 9Xeb DlXdXcXk @e[fe\j`X KYb [`[`i`bXe gX[X GK9XebDlXdXcXk@e[fe\j`XKYbnXj\jkXYc`j_\[fe

9Xeb DlXdXcXk Y\i_Xj`c d\cXcl` dXjX jlc`k [Xe 9XebDlXdXcXknXjXYc\kffm\iZfd\k_\j\[`]ÔZlck

J_Xi$<k`[Xb_XepXd\dg\iclXjaXi`e^Xeg\cXpXeXe# J_Xi$< _Xj efk fecp gifm`[\[ 9Xeb DlXdXcXk n`k_

;`kleaXe^ fc\_ `efmXj` J_Xi$<# 9Xeb DlXdXcXk Jlggfik\[Ypk_\J_Xi\$<`eefmXk`fe#9XebDlXdXcXk

9Xeb DlXdXcXk Y\i_Xj`c d\elklg kX_le bi`j`j 9XebDlXdXcXkjlZZ\\[\[`eZcfj`e^Xp\XidXib\[

?Xj`c$_Xj`ck\ij\Ylkd\e^lbl_bXeb\le^^lcXej\ikX K_\j\ i\jlckj mXc`[Xk\ k_\ jlg\i`fi`kp Xe[ jg`i`klXc

;\nXeG\e^XnXjJpXi`X_9XebDlXdXcXk[\e^Xe`e` K_\ J_Xi`X Jlg\im`jfip 9fXi[ f] 9Xeb DlXdXcXk

IXj`fG\dY`XpXXe9\idXjXcX_Bfkfi $ $ $ -%(/ +%00 *%(, )%00 )%/' ,%.- )%0- +%**

J\im`Z\ KiXej]fidXk`fe J\im`Z\ KiXej]fidXk`fe `j

J\Zli\ d\ilgXbXe gfj`k`fe`e^ YX^X`dXeX J\Zli\ i\gi\j\ekj fli gfj`k`fe`e^ kf

J\aXb b\_X[`iXe J_Xi$<# 9Xeb DlXdXcXk Y\i_Xj`c J`eZ\k_\Xii`mXcf]J_Xi$<#9XebDlXdXcXk_XjiXg`[cp

D\dXjlb` kX_le )''/# bi`j`j ÔeXej`Xc d\cXe[X @ek_\j\Zfe[_Xc]f])''/#XÔeXeZ`Xcklidf`cjgi\X[

;` k\e^X_ bfe[`j` k\ij\Ylk# 8c_Xd[lc`ccX_ 9Xeb 8d`[jlZ_Xklidf`c#8c_Xd[lc`ccX_9XebDlXdXcXk

J\YX^X`dXeX M`j` 9Xeb DlXdXcXk pX`kl ÉD\eaX[` `ec`e\n`k_k_\m`j`fef]9XebDlXdXcXkÈKfY\k_\

;` kX_le )''/# 9Xeb DlXdXcXk dlcX` d\dXjlb` @e)''/#9XebDlXdXcXkY\^Xekf\ek\ik_\j\Zfe[

G\eZXgX`Xe 9Xeb DlXdXcXk gX[X kX_le )''/# FliXZ_`\m\d\ek`e)''/#Xji\]\i\[kf`ek_\I\gfik