SKRIPSI
OLEH IBNU UMAR NIM 15.1.06.1.104
FAKULTAS TARBIYAH
INSTITUT AGAMA ISLAM NEGERI (IAIN) MATARAM MATARAM
2011
Skripsi
Diajukan kepada Institut Agama Islam Negeri Mataram untuk melengkapi persyaratan mencapai gelar
Sarjana Pendidikan Islam
OLEH IBNU UMAR NIM 15.1.06.1.104
JURUSAN PENDIDIKAN AGAMA ISLAM FAKULTAS TARBIYAH
INSTITUT AGAMA ISLAM NEGERI (IAIN) MATARAM MATARAM
2011
Motto
Artinya: “Serulah (manusia) kepada jalan Tuhanmu dengan hikmah dan pelajaran yang baik dan bantahlah mereka dengan carayang baik.
sesungguhnya Tuhanmu, Dia-lah yang lebih mengetahui orang–
orang yang mendapat petunjuk”. (QS. an-Nahal (125): 119.)
Persembahan
Skripsi ini penulis persembahkan kepada:
1. 1. Ayahanda (Abdul Hayyi) dan Ibunda (Muniati) yang selalu memberikan motivasi dan sumbangsih berupa material dan doa’ dengan tulus ikhlas demi kesuksesan dan keselamatan anak-anaknya.
2. 2. Terimakasih kepada semua saudaraku tercinta yang selalu memberikan dorongan untuk selalu tekun dalam menuntut ilmu.
3. 3. Semua teman-teman seperjuangan yang tidak dapat penulis ebutkan satu persatu terimakasih banyak yang tiada terhingga semoga kita semua mendapat limpahan rahmad-Nya
serta Hidayah-Nya sehingga penulis dapat menyelesaikan karya tulis yang berbentuk skripsdan tanpa disadari pula dalam penulisan banyak sekali kekurangan dalam skripsi ini tetapi Alhamdulillah dapat terselesaikan dengan baik. Solawat serta salam semoga senantiasa tercurahkan kepada sang revormis sejati, Nabi sekaligus Rasul yaitu Muhammad SAW sebagai pembawa Risalah untuk menyempurnakan Akhlak manusia dengan tiga konsep ajaran beliau yakni Iman, Islam, dan Ikhsan.
Penyusunan skripsi ini merupakan salah satu syarat untuk memperoleh gelar sarjana pada fakultas tarbiyah jurusan pendidikan agama islam. Institut agama islam negeri (IAIN) Mataram. Dalam penulisan skripsi ini banyak pihak yang telah membantu baik secara moril maupun materil, oleh karena itu penulis ingin menyampaikan ucapan terimakasih banyak yang tiada terhingga kepada :
1. 1. Bapak Drs. H. M. Natsir, M.Pd selaku pembimbing I dan Bapak Drs. Ramli, M.Pd selaku pembing II yang telah banyak memberikan bimbingan berupa arahan dan nasehat kepada penulis sehingga skripsi ini dapat terselesaikan dengan baik.
2. 2. Bapak Rektor, DEKAN, dan Ketua Jurusan PAI Fakultas Tarbiyah IAIN Mataram beserta para Dosen dan seluruh Kariawan atau Staf Pegawai IAIN Mataram atas bantuan yang diberikan selama penulis mengikuti studi.
3. 3. Bapak Kepala MA Darul Muhajirin Praya beserta Guru dan Staf Kariawan yang telah banyak membantu dan memberikan informasi yang diperlukan
kasih kepada kakak-kakakku tercinta Asrah dan Nurasiah, dan adik-adikku tersayang Muslimin dan Musliman yang telah banyak memberikan motovasi dan pengorbanan baik secara material maupun moril sehingga penulis dapat menyelesaikan study dengan baik
5. 5. Terima kasih pula kepada teman-teman seperjuangan Ikatan Mahasiswa Darul Muhajirin Praya (IKMA DM) dan teman-teman yang tergolong dalam dunia Himpunan Mahasiswa Islam (HMI) Cabang Mataram yang selalu hadir dalam berbagi pengalaman, cerita baik suka maupun duka dengan Iman, Ilmu dan Amal Yakin Usaha Sampai.
tempat kembali semoga skripsi ini dapat bermanfaat bvagi semua pihak khususnya bagi penulis dan para pembaca pada umumnya, semoga Allah senantiasa memberikan Rahmat kepada kita semua dan tercatat sebagai amal ibadah. Amin...
Mataram, 21 Desember 2010 Penyusun
Ibnu Umar NIM 151 061 104
HALAMAN JUDUL ii
HALAMAN PERSETUJUAN iii
HALAMAN NOTA DINAS iv
HALAMAN PERNYATAAN KEASLIAN SKRIPSI v
HALAMAN PENGESAHAN vi
HALAMAN MOTTO vii
HALAMAN PERSEMBAHAN viii
KATA PENGANTAR ix
DAFTAR ISI xii
DAFTAR TABEL xv
DAFTAR GAMBAR xvi
BAB I PENDAHULUAN
A.A.Konteks Penelitian 1
B. B.Fokus Penelitian 4
C. C.Tujun Dan Manfaat Penelitian 5
1. Tujuan Penelitian
5
2. Manfaat Penelitian 5
A.D.Ruang Lingkup Dan Setting Penelitian 6
1
1 a. Pengertian Dan Karakteristik PAKEM 11
a. a.Penerapan PAKEM 24
b. b.Kendala Dan Upaya Dalam Mengatasi Penerapan PAKEM 31
2. Qur’an Hadits 33
a. a.Pengertian Dan Tujuan Pembelajaran Qur’an Hadits
33
b. b.Ruang Lingkup Pembelajaran Qur’an Hadits
35
c. c.Metode Pembelajaran Agama 36
a. G.Metode Penelitian 37
1. Pendekatan Penelitian 37
2. Kehadiran Penelitian
38
3. Lokasi Penelitian
39
5. Prosedur Pengumpulan Data 40
a. Metode Observasi 40
b. Metode Wawancara 42
c. Metode Dokumentasi 43
2.6.Tehnik Analisis Data 44
3.7.Validitas Data 45
BAB II. PAPARAN DATA DAN TEMUAN
A.A.Gambaran Umum Lokasi Penelitian 49 B.B.Penerapan PAKEM Pada Pelajaran Qur’an Hadist
Kelas XI Di MA Darul Muhajirin Praya 60 A.C.Kendala-Kendala Yang Dihadapi Guru Dalam Mengatasi
Penerapan PAKEM Pada Pelajaran Qur’an Hadits Kelas XI
Di MA Darul Muhajirin Praya 78
A.D.Upaya-Upaya Yang Dihadapi Guru Dalam Mengatasi Penerapan PAKEM Pada Pelajaran Qur’an Hadits Di MA
Darul Muhajirin Praya 85 B. Kendala-Kendala Yang Dihadapi Guru Dalam Mengatasi Penerapan
PAKEM Pada Pelajaran Qur’an Hadits Kelas XI Di MA
Darul Muhajirin Praya 98
C. Upaya-Upaya Yang Dihadapi Guru Dalam Mengatasi Penerapan PAKEM Pada Pelajaran Qur’an Hadits Di MA
Darul Muajirin Praya 101
BAB IV PENEUTUP
A. Kesimpulan 105
B. Saran-saran 107
DAFTAR PUSTAKA
DAFTAR TABEL
Tabel 01 : Daftar Nama-Nama Prestasi Yang Pernah Dicapai Oleh Madrasah Aliyah Darul Muhajirin Praya Baik Akademik
Maupun Non Akademik 50
Tabel 03 : Daftar Keadaan Buku MA Darul Muhajirin Praya.
Tahun ajaran 2010/2011 55
Tabel 04 : Daftar Nama-nama Keadaan Guru Madrasah Aliyah Darul
Muhajirin Praya Tahun Ajaran 2010/2011 56 Tabel 05 : Daftar Nama-nama Pegawai MA Darul Muhajirin Praya
Tahun pelajaran 2010/2011 57
Tabel 06 : Daftar Nama-nama Keadaan Siswa MA Darul Muhajirin Praya
Tahun Ajaran 2010/2011 58
DAFTAR GAMBAR
Gambar 01 : Struktur Organisasi Madrasah Aliyah Darul Muhajirin Praya 59
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5:>2DF<<2?5:52=2>>2E2A6=2;2C2?6<DEC2<FC:<F=6C 52AF?=@<2D::?:5:A:=:9
>6?6=:E:<2C6?2$2CF=$F92;:C:?'C2J2>6>:=:<:4:C:<92DE6CD6?5:C:52=2>
>6?86>32?8<2?A6?5:5:<2?J2?836C?F2?D2:D=2>:<9FDFD?J25:3:52?8DEF5:
(FCP2?25:ED :C:<92D52=2>2CE:2?329H2A6>292>2?A2C2D:DH252?D:DH:
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<:E23 <F?:?8 J2?8 H2<EF A6=2<D2?22??J2 DF529 E6C;25H2= 52? H2<EF?J2 5:D6DF2:<2?56?82?;2>>2DF<D6<@=2?52?A6>2?722E2?=:?8<F?82?D6<@=29 J2?85:8F?2<2?D63282:DF>36C36=2;2C4F<FAE6CD65:2
+6E2A:25292=J2?8>6>3F2E>6C6<2>6C2D2E6CE6<2?52?;6?F952=2>
>6?6C:>2A6?82;:2?<2C6?2J2?8>6?;25:FDE25K8FCF>2D:9<FC2?8<C62E:7 52=2> >6?J2>A2:<2? :D: A6?82;:2? 5:D6323<2? 92?J2 >6?88F?2<2? D2EF
>6E@56 D2;2 J2:EF 46C2>29 D69:?882 >:?2E >@E:G2D: 52? A6C<6>32?82?
:?E=6<EF2=:E2D>2D:9>:?:>;FDECF5:32?8<FD6<@=29=29>6C6<2>6?52A2E92=
J2?832CFF?EF<>6?86>32?8<2?A@=2A@=2A:<:C>6C6<2>2<:?36C<6>32?8 56?82? >6?6C2A<2? <@?D6A A6>36=2;2C2? '"$ *6;2< 5F=F D636?2C?J2 D6<@=29 DF529 >6?6C2A<2? <@?D6A A6>36=2;2C2? '"$ 56?82? 252?J2 36C3282: >242> >6E@56 J2?8 5:=2<F<2? 8FCF F?EF< >6>36C: A6>292>2?
D:DH252?D:DH:282C=63:9>F529>6>292>:>2E2A6=2;2C2?J2?85:2;2C<2?
E6E2A::DE:=29'"$E6CD63FE;:<25:E6=FDFC:=63:9>6?52=2>=29:C52C:36C3282:
A656<2E2?J2?836C<6>32?8D6=2>2:?:D6A6CE:
*FA2C=2?>6?82E2<2?M*#*EF56?E4E:G6#62C?:?8J2?85: ?5@?6D:2 5:<6?2=56?82?*2C236=2;2CD:DH22<E:756?82?=2E2C36=2<2?8E6@C:
A6?82;2C2? 52? A6?82;2C2? +624:?8 2?5 #62C?:?8 +96@CJ J2?8
>6?5F<F?8?J2 '6>36=2;2C2?2<E:74E:G6#62C?:?8252=29D2=29D2EF>@56=
A6>36=2;2C2?J2?8>6=29:C<2?'"$N
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A6>36=2;2C2? '"$ A6?6=:E: =2?8DF?8 >6=:92E 8FCF J2?8 >6?82;2C >2E2 A6=2;2C2? (FCP2? 25:ED "6=2D / J2?8 36C?2>2 ?529 2CE2E: 36=:2F
>6?2>A:=<2?A6>36=2;2C2?'"$E6=295:E6C2A<2?5:*6<@=29$2CF=
$F92;:C:?'C2J2E6CFE2>2A252>2E2A6=2;2C2?(FCP2?L25:DE5:>2?256?82?
5:E6C2A<2? A6>36=2;2C2? '"$ ;FDECF >:?2E D:DH2 F?EF< 36=2;2C D6>2<:?
E:?88:92=E6CD63FE5:3F<E:<2?56?82?2?EFDD:2D>6C6<2:?8:?>6?86E29F:=63:9
>6?52=2> =28: E6?E2?8 >2E6C: A6=2;2C2? D6H2<EF AC@D6D A6>36=2;2C2?
36C=2?8DF?8
*2=29D2EF<@>A@?6?J2?8A2=:?8A6?E:?852=2>AC@D6D36=2;2C>6?82;2C 252=29A6?5:5:<368:EF;F8252=2>>6?6C2A2?<@?D6AA6>36=2;2C2?'"$
;F8292CFD>6>6C=F<2?A6?5:5:<J2?8<C62E:752?:?@G2E:752=2>2CE:2?F?EF<
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>6=2<D2?2<2? EF82D?J2 D63282: CFE:?:E2D 02?8 >6=2<F<2? EF82D >6?82;2C D642C2 >@?@E@? 52C: H2<EF <6H2<EF '6<6C;22? D6A6CE: 3:2D2?J2 & % ) +)+# '"$>6>6C=F<2?A6?5:5:<J2?8D6=2=F>2F>6?4@32>6=2<F<2?
A6>3292CF2? 52? A6CF3292? 52? >2F >6?4@32 D6DF2EF J2?8 32CF $2F
>6>32?5:?8<2? 2?E2C2 J2?8 3:2D2 5:=2<F<2? 56?82? J2?8 36=F> A6C?29
(D?0A;0=::#" '$!)')!)$$-$!$0=3D=6 4=4B8=3>7
('+(41AD0A8
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A6?86>32?82?52?A6?J6>AFC?22?52=2>AC@D6D36=2;2C>6?82;2C?J2
2C: A2A2C2? 5: 2E2D A6?6=:E: E6C:DA:C2D: F?EF< >6>:=:9 $25C2D29 =:J29 2CF= $F92;:C:? 'C2J2 #@>3@< +6?829 *63282: E6>A2E =@<2D: F?EF<
>6=2<D2?2<2? A6?6=:E:2? E6?E2?8 D6;2F9 >2?2 A6?6C2A2? A6>36=2;2C2?
'"$A252A6=2;2C2?(FCP2?25:D"6=2D/ 5:$2CF=$F92;:C:?'C2J2 '29..5#A?@.8.
+:52< 52A2E 5:AF?8<:C: =28: 329H2 F>F>?J2 <632?J2<2? >2D2=29L
>2D2=2952=2>5F?:2A6?5:5:<2?DF529A6C?295:<2;:D642C2>6?52=2>D63F29 A6?6=:E:2? E6CD63FE >6>:=:<: E:E:< E6<2? J2?8 36C3652L3652 52=2> >6?8<2;:
52=2> D63F29 >2D2=29 H2=2FAF? <@?E6<D A6?6=:E:2??J2 D2>2 68:EF ;F82 52=2><@?E6<DA6?6=:E:2?:?:H2=2FAF?32?J2<J2?8DF529>6=2<F<2?<68:2E2?
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CF>FD2?52?32E2D2?>2D2=292E2F<652=2>2?<2;:2?52=2>A6?6=:E:2?:?:DF529 A6C?29 5:=2<F<2? D36=F>?J2 >2<2 36C:<FE 2<2? 5:FC2:2<2? 3636C2A2 A6?6=:E:2?LA6?6=:E:2?J2?8E6C<2:E56?82?;F5F=J2?8A6?6=:E:EF=:D
M >A=6>6?E2D: '6>36=2;2C2? <E:7 "C62E:7 76<E:7 2? $6?J6?2?8<2?
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% "0;0<"0C0%4;090A0=:>=><8L(:A8?B8#"0C0A0<7
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DEF5:' 5:*$'%#23F2A:+29F?;2C2?N
M'6>36=2;2C2? :@=@8: 6C32D:D '"$ 52=2> $6?:?8<2E<2? 'C6DE2D:
6=2;2C *:DH2 "6=2D - $+D 'FEC: %. %2C>252 +29F? '6=2;2C2?
N
52AF? A6?6=:E:2? J2?8 E6=29 5:=2<F<2? @=69 FCF= .2E@?: *29C:=
2J2?:52?H:)29>2J2?E:56?82?<6E:82;F5F=A6?6=:E:2?J2?8E6CE6C25:
2E2DA6?6=:E:36C>2<DF5>6?;6=2D<2?A@D:D:A6?6=:E:2?J2?8A6?6=:E:2?8<2E E6C<2:E56?82?A6?6C2A2?'"$A252A6=2;2C2?(FCP2?25:ED<6=2D/ 5:
$2CF=$F92;:C:?52C:<6E:82A6?6=:E:2?5:2E2D=6E2<A6CD2>22?56?82?
;F5F=A6?6=:E:2?8<2E252=29D2>2D2>2>6?82?8<2EJ2?8'"$52=2>
AC@D6D36=2;2C>6?82;2CD652?8<2?A6C36522??J2FCF=.2E@?:52C:>2E2 A6=2;2C2?52?=@<2D:A6?6=:E:2??J2*29C:=2J2?:&AE:>2=:D2D:A6?86=@=22?
<6=2D 52=2> >6?4:AE2<2? '"$ J2?8 CF2?8 =:?8<FA?J2 92?J2 D632E2D
<6=2D D69:?882 52=2> AC@D6D 36=2;2C >6?82;2C 2<2? E6C4:AE2 '"$
D652?8<2?H:)29>2J2?E:52C:D68:>2E2A6=2;2C2?3:@=@8:J2?836C32D:D '"$J2?852A2E>6?F?;2?8AC6DE2D:36=2;2CD:DH2 2C:A6CD2>22?52?
A6C36522?5:2E2DA@D:D:A6?6=:E:E:52<=2:?252=29:?8:?>6?8F2E<2?52?
>6?86>32?8<2? 52C: 92D:= A6?6=:E:2? J2?8 E6=29 5:=2<F<2? @=69 A2C2 A6?6=:E:J2?8E6C<2:E56?82?'"$52?D6;2F9>2?2A6?6C2A2?'"$
(07A8;0H0=8K$?C8<0;8B0B8%4=64;>;00= 4;0B0;0<"4=28?C0:0=% "?0301830=6 BCD38%L(:A8?B8#"0C0A0<7
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36C;2=2? 52=2> AC@D6D 36=2;2C >6?82;2C <9FDFD?2 A252 A6=2;2C2? (FCP2?
25:ED
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<C62E:7 676<E:7 52? >6?J6?2?8<2? 252=29 D63F29 >@56= A6>36=2;2C2?
<@?E6<DEF2=J2?8>6=:32E<2?A2=2:?8D65:<:E6>A2EAC:?D:AFE2>252=2>
AC@D6D A6>36=2;2C2? '6CE2>2 AC@D6D :?EC2<D: <@>F?:<2D: C67=6<D: 52?
AC@D6D 6<DA=@C2D: @<FD '"$ 252=29 A252 <68:2E2? D:DH2 52=2>
36?EF< 8C@FA :?5:G:5F 52? <6=2D 52? 3636C2A2 >242> DEC2E68: J2?8 92?J25:32E2D52C::>28:?2D:8FCF
'"$>6CFA2<2?DF2EFC2?8<2:2?<68:2E2?A6?J2>A2:2?>2E6C:
A6=2;2C2? J2?8 36CEF;F2? >6>36C:<2? <6D6>A2E2? <6A252 D:DH2 F?EF< 2<E:7 36=2;2C D69:?882 >6>F?8<:?<2? D:DH2
>6>A6C@=69A6?86E29F2? 52? >6?86>32?8<2? <6E6C2>A:=2?
<@8?:E:7 52? >2?F2= D6CE2 >6?F>3F9<2? <C62E:7:E2D D:DH2 F?EF<
>6>6429<2? A6C>2D2=292? J2?8 5:9252A: 56?82? >6?88F?2<2?
36C3282:>6E@56J2?836CG2C:2D:F?EF<>6?4:AE2<2?DF2D2?2A6D6CE2 5:5:<52?>6HF;F5<2?A6?42A2:2?92D:=36=2;2CJ2?8E:?88:
'6?86CE:2?'"$>6CFA2<2?A6?;232C2?D642C2F>F>D69:?882 A6C=F D6<:C2?J2 >6?2>A:=<2? A6?86CE:2? D642C2 >6?56E2:= F?EF<
>6>F529<2? A6>292>2? E6?E2?8 '"$ DFA2J2 ;2?82? D2>A2: 252 A6CD6AD: J2?8 36C3652 J2?8 >6?82<:32E<2? E6C;25:?J2 A6?J:>A2?82?
>2<?2J2?8D636?2C?J2E6?E2?8A6?86CE:2?'"$ :32H29:?:2<2?
4?38:=0BK DA8:D;D<%4<14;090A0=L0;0<7CC?FF 0:7<03BD3A090C 2>< 80<18;
"0A4C
5:;6=2D<2?D642C2>6?56E2:=2A2J2?85:>2<DF556?82?:EFA6>36=2;2C2?
2<E:7<C62E:7676<E:752?>6?J6?2?8<2?D6A6CE:5:32H29:?:
'6>36=2;2C2?<E:7
*FCJ2 >6?82E2<2? 329H2 36=2;2C 252=29 DF2EF AC@D6D J2?8 5:=2<F<2?:?5:G:5FF?EF<>6>A6C@=69DF2EFA6CF3292?E:?8<29
=2<FJ2?832CFD642C2<6D6=FCF92?D63282:92D:=52C:A6?82=2>2?
:?5:G:5F :EF D6?5:C: 52=2> :?E6C2<D: 56?82? =:?8<F?82??J2 )6=6G2? 56?82? *FCJ2 *=2>6E@ 52? =: 36=2;2C >6CFA2<2?
FD292 J2?8 5:=2<F<?2? :?5:G:5F F?EF< >6>A6C@=69 DF2EF A6CF3292? E:?8<29 =2<F J2?8 32CF D642C2 <6D6=FCF92? D63282:
92D:= A6?82=2>2? :?5:G:5F :EF D6?5:C: 52=2> :?E6C2<D: 56?82?
=:?8<F?82??J2
!25:A6=2;2C2?:EFD6?5:C:>6CFA2<2?DF2EFFA2J2A6>36=2;2C2?
2E2F DF2EF FA2J2 >6>36=2;2C<2? 2E2F DF2EF FA2J2 >6?82C29<2?
2<E:G:E2DD:DH2<62C292<E:G:E2D36=2;2C 68:EF32?J2<E6@C:E6?E2?8 36=2;2C J2?8 5:<6>F<2<2? @=69 A2C2 29=: E6C82?EF?8 52C: DF5FE A2?52?8 >6C6<2 D69:?882 A6?86CE:2? 36=2;2C :EF 36C2?6<2 C282>
*652?8<2? 36=2;2C 2<E:7 :EF 252=29 8:2E 36<6C;2 36CFD292 52?
>6=2<F<2? D6DF2EF A6C3F2E2? F?EF< >6?6>F<2? A6?86E29F2?
>6=2=F:
2 6=2;2C56?82?36C3F2E2<2?52A2EA6?82=2>2?
3 2?J2<:?56C2J2?8E6C=:32E32?8F?2?>2<?2D6>2<:?<F2E 4 ?E6C2<D:2<2?E6C;25:36=2;2C<6=@>A@<52?5:D<FD:
5 2?8F?2?>2<?2E6C;25:>2<?2J2?8D2=29D686C22<2?E6C;25:
)>78A8=(!%"%#" '$$!$#("#0:0AC0'0906A058=3>%4AB030 7 (H085D;(0660;0##&*$'%((%$" *'*$$&$!$0=3D=6
;5014C07
+6@C: E2?A2 AC2<E:< >2<2 E:52< >6?2C:< 2=2> 2CE:2? 329H2
;:<2 A6D6CE2 5:5:< 92?J2 >6?56?82C<2? A2A2C2? 52C: A6?5:5:<?J2 52? E:52< >6?4@32 >6=2=F: D6;F>=29 AC2<E:< D63282: A6?82=2>2?
36=2;2C >2<2 <F2=:E2D A6C@=692??J2 D2?82E C6?529 *632=:<?J2 AC2<E:<E2?A2E6@C:>2<292D:=J2?85:52A2E;F82E:52<D6DF2:56?82?
2A2J2?85:C6?42?2<2? 6=2;2C56?82?36C3F2E=29A6?82=2>2?J2?8 5:52A2E D6>2<:? 32?J2< '6?5:5:< 92CFD <C62E:7 F?EF< >6>3F2E A6D6CE2 5:5:< D6=2=F 2<E:7 5: D6E:2A AC@D6D 36=2;2C 36C=2?8DF?8 56?82? >6=2=F: 36C3282: >242> A6?56<2E2? 52? >6E@56 J2?8 5:8F?2<2? >:D2=<2? A6?5:5:< >6?82;F<2? A6CE2?J22? D63282:
F>A2?32=:<E6C9252A<62<E:72?A6D6CE25:5:<D69:?882>6C6<22<2?
D6=2=F>6=:32E<2?5:C:5:52=2>AC@D6D36=2;2C>6?82;2CE6CD63FE 'C@D6D 36=2;2C >6?82;2C 2<2? E6C2D2 >6?J6?2?8<2? ;:<2=2F
:?EC2<D: 2?E2C2 A6?5:5:< 52? A6D6CE2 5:5:< D6;2=2? 56?82?
A6>292>2?D:DH2<6E:<2A6?5:5:<>2>AFF?EF<>6?86>2D>2E6C:
J2?8D652?85:2;2C<2?=63:9>6?2C:<56?82?>6?2>A:=<2?4@?E@9 4@?E@9J2?8C6=6A2?56?82?>2E6C:E6CD63FE52?52A2E>6?8F?52?8 E2H2 E6E2A: 4@?E@9 E6CD63FE >6?82?5F?8 >2<?2 J2?8 D2?82E =F2D 328: A6>292> A6D6CE2 5:5:< :EF D6>F2 3:D2 5:=2<F<2? >6=2=F:
36=2;2C<6=@>A@<52?5:D<FD:
'6>292>2? J2?8 5:E6C:>2 A6D6CE2 5:5:< E6C<252?8 E6C;25:
<6C2?42F2? J2?8 5:D6323<2? 52C: 2A2 J2?8 >6C6<2 =:92E 56?82C
E6=229 <6>F5:2? :EF J2?8 >6?J6323<2? E:52< A6C?29 >6?6C:>2 A6?52A2E @C2?8 =2:? D69:?882 A6C=F 5:E:?52< =2?;FE: 5:2?E2C2?J2
>6=2=F: 5:D<FD: F?EF< >6?42C: D@=FD: E6C9252A A6C>2D2=292? J2?8 J2?8 D6=2=F >6?886C@8@E: A6>292>2? >6C6<2 DFA2J2 32?8F?2?
>2<?2E6C;25:52?>2<?2J2?8D2=29D686C22<2?E6C<@C6<D:
<E:7 5:>2<DF5<2? 329H2 52=2> AC@D6D A6>36=2;2C2? 8FCF 92CFD >6?4:AE2<2? DF2D2?2 D656>:<:2? CFA2 D69:?882 D:DH2 2<E:7 36CE2?J2 >6>A6CE2?J2<2? 52? >6?86>F<2<2?
8282D2? 6=2;2C>6>2?8>6CFA2<2?DF2EFAC@D6D2<E:752C:D:
A6>36=2;2C52=2>>6>32?8F?A6?86E29F2??J23F<2?AC@D6D A2D:7 J2?8 92?J2 >6?6C:>2 <F4FC2? 46C2>29 8FCF E6?E2?8 A6?86E29F2? !:<2 A6>36=2;2C2? E:52< >6>36C:<2?
<6D6>A2E2? <6A252 D:DH2 F?EF< 36CA6C2? 2<E:7 >2<2 A6>36=2;2C2? E6CD63FE 36CE6?E2?82? 56?82? 92<:<2E 36=2;2C '6C2? 2<E:7 52C: D:DH2 D2?82E A6?E:?8 52=2> C2?8<2 A6>36?EF<2? 86?6C2D: J2?8 <C62E:7 J2?8 >2>AF
>6?892D:=<2? D6DF2EF F?EF< <6A6?E:?82? 5:C:?J2 52? @C2?8
=2:? 2=2> A6?56<2E2? 42C2 36=2;2C D:DH2 2<E:7
*A6>36=2;2C2? 2<E:7 >6?52A2E<2? A6C92E:2? FE2>2 J2?8 D2?82E >6?8FE2>2<2? 56C2;2E <62<E:72? D:DH2 52=2>
36=2;2C
52 3636C2A2 AC:?D:A J2?8 92CFD 5:A6C92E:<2? 52=2> FA2J2
>6?8@AE:>2=<2?<62<E:7:2?D:DH252=2>36=2;2CJ2:EF
2'6?F>3F92?>@E:G2D:
3'6>36C:2?2DA6<<6E6C<2:E2?2A6CD6AD:
4$6?8FE2>2<2?<6E6C2C292?A2527@<FDA6C>2D2=292?
56=2;2CJ2?85::C:?8:56?82?2<E:7:E2D 6'6?J6DF2:2?56?82?A6C36522?:?5:G:5F2=
76<6C;2D2>252?"6A6<22?>6?42C:>2D2=2952?
>6>6429<2??J2
(D?0A;0=7
4?38:=0BK DA8:D;D<%4<14;090A0=L0;0<7CC?FF 0:7<03BD3A090C 2>< 80<18;
"0A4C
$@E:G2D:>6CFA2<2?C2?D2?82?328:D6D6@C2?8F?EF<D6=2=F 36CFD292D6>2<D:>2=>F?8<:?52=2>>6?42C:92<:<2E5:C:52?4:E2 4:E2D6=2>29:5FA?J2 6?82?>6?F>3F9<2?>@E:G2D:E6CD63FE
<9FDFD?J2328:A6D6CE25:5:<DFA2J2D6=2=F>2FF?EF<36=2;2C 36C<2CJ2>6?42C:D6DFDEFJ2?832CF56>:<6>2;F2?:?E=6<EF2=52?
A6?82=2>2?J2?8=F2D $6?86?2:A6>36C:2?2A6CD6AD:;2?82?
A6C?29E6CA2<F56?82?2A2J2?82525:52=2>3F<FA6C=F252 A6?86>32?82?E6C9252A>2E6C:J2?85:2;2C<2?56?82?56>:<:2?
2<2?>6?2>329H2H2D2328:D:DH256?82?8FCF>6?2>A:=<2?
36C3282:<:D29<:D29E2F=252?J2?8>F5295:A292>:E6E2A:92CFD 252<2:E2??J256?82?>2E6C:J2?8=2=FD63282:F>A2?32=:<F?EF<
>6?8F2E<2?:?82E2?>6C6<2J2?85:=2<F<2?A6?5:5:<<6E:<2>F=2:
>6>3F<2A6=2;2C2?
68:EF;F8256?82?A6?;6=2D2?8FCFJ2?8E6C2C2952A2E5:42A2:
52?5:5F<F?856?82?A6?88F?22?3292D2J2?832:<3292D2J2?8 5:F42A<2? 92CFD ;6=2D <2E2<2E2?J2 >F529 5:D6C2A 52? 92= J2?8 A2=:?8A6?E:?8252=29<6E6C2C292?A2527@<FDA6C>2D2=292?<6E:<2
>6?;6=2D<2? >2E6C: A6=2;2C2? <6A252 A6D6CE2 5:5:< 2? 36=2;2C D2>3:= 36C2<E:G:E2D 92= J2?8 =F2C 3:2D2 D6CE2 >6?2>329 H2H2D2?
>2FAF? A6?82=2>2? 328: A6D6CE2 5:5:< E:?882= EF82D 8FCF J2?8 A2=:?8A6?E:?8252=29>6>3:>3:?852?>6?82C29<2?D:DH2F?EF<
D6=2=FD6>2?82EA2?E2?8>F?5FC56>:>2D256A2?>6C6<2 '6>36=2;2C2?"C62E:7
'252 52D2C?J2 9:5FA :?: 252=29 >6>6429<2? >2D2=29 92=
E6CD63FE>6>:=:<:<6>2>AF2?36CA:<:C<C:E:D52?<C62E:7 <C:E:DF?EF<
>6?82?2=:D:D >2D2=29 52? <C62E:7 F?EF< >6=29:C<2? 2=E6C?2E:7 A6>64292? >2D2=29 <65F2 ;6?:D 36CA:<:C E6CD63FE <C:E:D 52? <C62E:7 36C2D2=52C:<2E2:?8:?E2F52?:>2;:?2D:J2?8<65F2?J2252A2525:C:
2?2<D6;2<=29:C &=69<2C6?2:EFEF82D252=29>6?86>32?8<2?2?E2C2
=2:? 56?82? D6C:?8L D6C:?8?J2 >6>36C:<2? EF82D 2E2F >6?82;F<2?
A6CE2?J22?J2?8E6C3F<2 '6CE2?J22?J2?85:>F=2:56?82?<2E2<2E2 2A236C2A252?<2A2?J2?8F>F>?J2E6CEFEFA;2H232?36EF=92?J2 D2EF
"C62E:7 36=2;2C D63282:>2?2 J2?8 5:<6>F<2<2? @=69 A2C2 9=:
>6CFA2<2?<6H2;:32?@C2?8EF252?A6?5:5:<F?EF<>6=2E:9A@E6?D:
2?2<52?2?2<5:5:<?J2<2C6?2D6E:2A>2?FD:2D6>6?;2<=29:CA@E6?D:
:EFDF52925252=2>5:C:D6E:2A:?5:G:5FE:?882=@C2?8EF252?A6?5:5:<
92CFD ;6=: 52? <C62E:7 F?EF< >6?82D29 A@E6?D: E6CD63FE D69:?882
<C62E:7:E2D52?82J236=2;2CA6D6CE25:5:<5:>2D2>2D2A6CEF>3F92?
52A2E5:<6>32?8<2?
"C62E:736=2;2C52A2E5:EF?;F<<2?@=698FCFD6A6CE:5:<2E2<2?@=69
*282=2 M$6>3F2E D@2= >6?JFDF? A6CE2?J22? G2C:2D: 52=2>
>6>A6C@=69 :?7@C>2D: A6?J6=6D2:2? >6?86C;2<2? D@2= 52=2>
H2H2?42C2 H2H2?42C2 =63:9 52C: D6@C2?8 52? :56?E:7:<2D:
A6<6C;22?N
(060;0##&*$'%((%$"81837
'6?2E22?D:EF2D:52?<@?5:D:36=2;2CJ2?852A2E>6?5@C@?852?
>6?8F?52?8 A6D6CE2 5:5:< F?EF< >6>:=:9 <68:2E2? 2E2F 36CE:?52< D6DF2: 56?82? >@E:G2D: :?E6C?2= <63FEF92? 52?
>:?2E '6>36=2;2C2?<C62E:7>6?6<2?<2?A252A6?86>232?82?
<C2E:7:E2D32:<>6?86?2:A6?86>32?82?<6>2>AF2?:>2;:?2D:
52? 52J2 4:AE2 >6?82C2?8 <6C2;:?2? E2?82? <6D6?:2? 5==
>2FAF?A6?86>32?82?<6>2>AF?36CA:<:C<C62E:7 "C62E:7;F82 5:>2<DF5<2? 282C 8FCF >6?4:AE2<2? <68:2E2? 36=2;2C J2?8 36C282> D69:?882 >6>6?F9: !25: '6>36=2;2C2? <C62E:7 52A2E 5:567:?:D:<2?D63282:36C3282:E:?8<2E<6>2>AF2?D:DH2
'6>36=2;2C2?76<E:7
76<E:7 52=2> 36=2;2C >6?FCFE $2<>F? 252=29 >6>32H2 A6?82CF952?>2<?2E6CE6?EF328:A6=2;2C:EFD6E:52<LE:52<?J2 D2>A2: 32E2D E6CE6?EF C6=2E:7 E6E2A 52? D6E:2A D22E 5:A6C=F<2?
52A2E 5:AC@5F<D: 52? 5:A6C8F?2<2? D6A6CE: 52=2> A6>64292?
>2D2=29 '(&#$ )&#, % 32:< F;:2? F=2?82? 52? D63282:?J2
>2FAF? A6?JFDF2:2? 5:C: 52=2> <69:5FA2? D692C:L92C: 52=2>
C2?8<2>6>A6CE292?<2?<6=2?8DF?82?9:5FA?J2
67:?:D:76<E:736=2;2C5:2E2DJ2?85:<6>F<2<2?@=69$2<>F?
;F82D2?82E36CA6?82CF952=2>AC@D6D36=2;2C>6C6<2J2?8E6C<252?8 3:D236C52>A2<A@D:E:752??682E:752C:A6C:=2<F>6C6<232:<52C:D68:
276<E:7 <@8?:E:7 >2FAF? AD:<@>@E@C:< +6E2A: A6C:=2<F :EF 52A2E 36CF329D6DF2:56?82?<@?5:D:J2?82525:D6<:E2C=:?8<F?82? 76<E:7 36=2;2C 52A2E 5:EF?;F<<2? +6A2E H2<EF 676D:6? H2<EF A6CE2?J22?
D656C92?2 52A2E :?7@C>2D: =6?8<2A >6E@56 E6A2E D6DF2: 56?82?
<@>A6E6?D:52D2CDE2?52C<@>A6E6?D::?5:<2E@C52?:C:E3:2J2 2=2>
A6>36=2;2C2? 32?J2< D6<2=: 82J2 J2?8 3:D2 5:A:=:9 F?EF< 36=2;2C D642C2676<E:7
4?38:=0BK DA8:D;D<%4<14;090A0=L0;0<7CC?FF 0:7<03BD3A090C 2>< 80<18;
"0A4C
1837
6C:<FE:?:252EF;F982J236=2;2CJ2?8>F?8<:?3:D2>6>3F2E D:DH22<E:7
26C>2:?56?82?<2E2 36C>2:?56?82?A6CE2?J22?
46C>2:?56?82?82>32C 56C>2:?56?82?>FD:<
66C>2:?56?82?36C86C2<
7 6C>2:?56?82?36CD@D:2=:D2D:
86C>2:?56?82?<6D6?5:C:2?
6C>2:? 56?82? <2E2<2E2 3:D2 <:E2 >F=2: 56?82? >6?82;2<
D6D6@C2?8 E6>2? J2?8 D6?2?8 56?82? 3292D2 D6A6CE: 36C46C:E2
>6>3242 D6CE2 >6?F=:D 2J2 36=2;2C :?: D2?82E >6?J6?2?8<2?
<2C6?23:D2>6>32?EF<:E2>6?8:?82E?2>2E6>A2EE2?882=52?92=
92==2:??J256?82?42C2>6?56?82C<2?<6>F5:2?>6?J63FE<2?J2 28: D6328:2? @C2?8 36=2;2C >2<:? 676<E:7 52? 36C>2?722E 2A23:=2 :EF 5:=2<F<2? 56?82? 42C2 36C>2:? 56?82? A6CE2?J22?
$:D2=?J2 <:E2 >6>2?4:?8 <6:?8:?E29F2? 56?82? A6CE2?J22? *6E:2A
<2=:>F?4F=;2H232?<6;2C56?82?A6CE2?J22?9:?88252A2E92D:=J2?8 A2=:?82<9:C2E2F<6D:>AF=2? 52D6328:2?@C2?8=63:9DF<236=2;2C 56?82?>6>3F2E82>32C52?>6C2?42?856?82?82>32C;F82A6D6CE2 5:5:<52A2E>6?86>32?8<2?:56:5646C52D>6C6<2J2?8D6=2>2:?:
E6CA6?52><2C6?2>6=2=F:82>32C=29E:32E:32:56:EF>F?4F=
2J2 36=2;2C 56?82? >6?88F?2<2? >FD:< D6328:2? @C2?8 3:D2
>6=2<F<2?E6E2A:E6C82?EF?82A2<29=63:9D6?282E2F9@33J56?82?
0<I07 *=>'$)('*"#(!%"%#" '$0:0AC0D<8:B0A0 7
>FD:< >6=2=F: >FD:< :?:=29 @C2?8@C2?8 =63:9 46A2E >6>292>:
A6=2;2C2? J2?8 D6=2>2 :?: DF=:E 5:>6?86CE: E2?A2 >6?88F?2<2?
>FD:< 2? 36:EF ;F82 56?82? 86C2< >2?FD:2 >6?J6?EF9 D2>3:=
36C3:42C2 56?82? >6?88F?2<2? EF3F9 F?EF< >6?86<DAC2D:<2?
8282D2?
6C823F?8 52? 36C32FC 56?82? @C2?8 =2:? 252=29 42C2 E6C32:<
F?EF<>6?52A2E<2?:?7@C>2D:52?36=2;2CD642C246A2E 6?82?36=2;2C
>6?J6A:328:D6328:2?@C2?8J2?8>6>2?846A2E>6?J6C2AA6=2;2C2?
56?82?42C2>6?J6?5:C: D6A6CE:>6>3F2E<2>2CAC:325:J2?8D2?82E
>6>32?EF52=2>36=2;2C
*6DF2:56?82?A2A2C2?5:2E2D'6>36=2;2C2?676<E:72A2E5:2CE:<2?
563282: D:EF2D: 52? <@?5:D: 36=2;2C J2?8 5:C2?42?8 52?
5:=2<D2?2<2? 282C 52A2E >6?42A2: EF;F2? D642C2 676<E:7 52?
676D:6? 32:< EF;F2? A6>36=2;2C2? :%*(+") &%# * >2FAF?
52>A2<A6?8:C:?8%+(*+((%** 76<E:7:E2D>6CFA2<2?2DA6<
J2?8 A6?E:?8 52=2> A6>36=2;C2? J2:EF <6E6C42A2:2? EF;F2?
A6>36=2;2C2? +F;F2? J2?8 :?8:? 5:42A2: 52=2> A6>36=2;2C2?
>6=:AFE:A6?8F2D22? '+"D63282:3292?A6=2;2C2?E6E2A:;F82 A6>36?EF<2?<6E6C2>A:=2?<6>2>AF2?36=2;2CJ2?8=63:9676<E:7 52? 67:D:6? 36=2;2C 3282:>2?2 36=2;2C 329<2? A6>36?EF<2?
<6>2>AF2?>6E2<@8?:D:<6>2>AF2?A6?86?52=:2?<@8?:E:7:EF D6?5:C:
'6>36=2;2C2?$6?J6?2?8<2?
'6>36=2;2C2?$6?J6?2?8<2?252=29DF2D2?236=2;2CL>6?82;2C J2?8>6?J2?2?8<2?D69:?882D:DH2>6>FD2E<2?A6C92E:2??J2 46D2C2 A6?F9 A252 36=2;2C D69:?882 H2<EF 4FC29 A6C92E:2??J2 M* $ &% *)"M E:?88: "62522? 2<E:7 52? >6?J6?2?8<2?
E:52<=294F<FA;:<2AC@D6DA6>36=2;2C2?E:52<676<E:7J2:EFE:52<
>6?892D:=<2? 2A2 J2?8 92CFD 5:<F2D2: D:DH2 D6E6=29 AC@D6D A6>36=2;2C2? 36C=2?8DF?8 D6323 A6>36=2;2C2? >6>:=:<:
D6;F>=29 EF;F2? A6>36=2;2C2? J2?8 92CFD 5:42A2: !:<2
4?38:=0BK DA8:D;D<%4<14;090A0=L0;0<7CC?FF 0:7<03BD3A090C 2>< 80<18;
"0A4C
A6>36=2;2C2?92?J22<E:752?>6?J6?2?8<2?E6E2A:E:52<676<E:7
>2<2A6>36=2;2C2?E6CD63FEE2<F329?J236C>2:?3:2D2
2C:E6@C:5:2E2D'6>36=2;2C2?J2?8>6?J6?2?8<2?>6CFA2<2?
<629=:2? J2?8 92CFD 5:>=:<: 328: @C2?8 J2?8 AC@76D:?J2 D63282:
D6@C2?8 A6?5:5:< '6?5:5:< J2?8 5:5<E2<2? DF<D6D 52=2> 36=2;2C
>6?82;2C;:<2>2>AF>6>3F2EA6D6CE2:5:5<>6C2D22>2??J2>2?
D6=2=F 86>3:C2 52? E:52< ;2C2?8 36C3282: =@?E2C2? A6CE2?J22?
5:=6>A2C<2? D2>3:= >6?82?8<2E E2?82? J2?8 D6C:?8 5:529F=F: @=69 F42A2?D2=2>2E2F56?82?<2E2<2E2J2?8F42A2??J2D2>2=28:D@A2?
D63=F>A6?5:5:<>6>A6CD:=29<2?36C3:42C2<2=2F:?:D6C:?8E6C;25:
>2<2 A6?5:5:< DF529 5:<2E2<2? DF<D6D 52=2> >6?82;2C 52? EF;F2?
J2?8 5:C2?42?8 5: 52=2> C6?42?2 A6CD:2A2? A6>36=;2C2? )'' 52?
A6?5:5:<E6CD63FE3:D25:<2E2<2?8FCFAC@76D:@?2=
*6E6=29 5:3292D A6?86CE:2? A6>36=2;2C2? '"$ E6CD63FE 5:
2E2D A6C=F ;F82 >6?86E29F: 3636C2A2 <2C2<EC:DE:< 32CF 5:<2E2<2?
>6?88F?2<2? A6>36=2;2C2? >6?88F?2<2? A6>36=2;2C2? '"$
D63282:>2?2J2?85:<6>F<2<2?52=2>A6?;6=2D2?5:32H29:?:
*642C2 7:D:<2= 252 3636C2A2 4:C: >6?@?;@= J2?8 E2>A2< D642C2
<2D2E >2E2 52=2> AC@D6D A6>36=2;2C2? 56?82? >6?88F?2<2?
'"$
52?J2 DF>36C 36=2;2C J2?8 36C2?6<2 C282> 52? E:52< =28:
>6?82?52=<2?3F<FD63282:D2EFLD2EF?J2DF>36C36=2;2C *F>36C 36=2;2C 36C2?6<2 C282> E6CD63FE <6>F5:2? 5:56D2:?
D6<2?2C:@A6>36=2;2C2??J256?82?36C3282:<68:2E2?
'0<;830="08<D= *'*"#)$.."0C0A0<"0:0;077
2D:=868:2E2?36=2;2C>6?82;2C<6>F5:2?5:A2;2?85:E6>3@<
<6=2DA2A2?EF=:D52?329<2?E2>32956?82?E2=:C2A:25:D2?2 D:?:
"68:E2?36=2;2C>6?82;2C36CG2C:2D:D642C22<E:7J2?83:2D2?J2 5:5@>:?2D:@=69<68:2E2?:?5:G:5F2=52=2>3636C2A2>6?:E 2=2>>6?86C;2<2?36C3282:>242>EF82DJ2?8E6=295:36C:<2?
@=69 8FCF?J2 E6CD63FE A2C2 D:DH2 32:< D642C2 :?5:G:5F2=
>2FAF? D642C2 <6=@>A@< >6?4@32 >6?86>32?8<2?
D6>2<D:>2=>F?8<:?<C62E:G:E2D?J2
*:DH2 5:36C:<2? EF82D J2?8 36C2?6<2C282> @=69 8FCF D2=29 D2EF?J2 F?EF< >6?8F;: A6?8F2D22? >2E6C: J2?8 D6=2>2 :?:
5:2;2C<2?
'252 2<9:C AC@D6D A6>36=2;2C2? D6>F2 D:DH2 >6=2<F<2?
<68:2E2? J2?8 5:D63FE D63282: C67=6<D: J2<?: >6?J2>A2:<2?
<6D2?52?92C2A2?>6C6<2E6C9252AAC@D6DA6>36=2;2C2?J2?8 32CFD2;25::<FEF:?J2
2C: 4:C:4:C: A6>36=2;2C2? '"$ 5: 2E2D 52A2E 5:;6=2D<2?
329H2D2?J2 252?J2 DF>36C 36=2;2C J2?8 36C2?6<2 C282> 52? E:52<
=28:>6?82?52=<2?3F<FD63282:D2EFD2EF?J2DF>36C36=2;2C92=:?:
5:=2<F<2?56?82?EF;F2?F?EF<=63:9>6>A6C<2J2A6?82=2>2?36=2;2C A6D6CE25:5:< F<2?D6>2E2>2E2F?EF<>6?27:<2?D2>2D6<2=:3F<F A6=2;2C2?D63282:D2=29D2EFDF>36C36=2;2CA6D6CE25:5:<
$6>2?8 <2=2F 5:7:<:C D642C2 >6?52=2> 36=2;2C 56?82?
>6?88F?2<2? 3F<F D2;2 E:52< 4F<FA <2=2F E:52< 5:E@A2?8 56?82?
36C3282:2=2E32?EFD63282:DF>36C36=2;2CJ2?8>2>AF>6>36C:<2?
A6>292>2?D642C246A2E52?>F52952=2>C2?8<2>6?2C:<A6C92E:2?
A6?5:5:<F?EF<=63:9D6C:FD>6?J:>2<52?>6?56?82C<2?A6?;6=2D2?
8FCF?J2 +6E2A:D6>F2D2C2?252?AC2D2C2?252C:DF>36C36=2;2C:EF E:52<2522CE:?J2D2>2D6<2=:;:<2E:52<D6DF2:A6?88F?22??J256?82
(D?0A;0=3::81837
>2E6C: A6>36=2;2C2? 52? A6?5:5:< ;F82 <FC2?8 AC:76D:@?2= 52=2>
>6?88F?2<2??J2
*F>36C 36=2;2C 36C2?6<2 C282> E6CD63FE <6>F5:2? 5:56D2:?
D6<2?2C:@ A6>36=2;2C2??J2 56?82? 36C3282: <68:2E2? 2=2> 2CE:2?
3292H256?82?252?J236C3282:DF>36C36=2;2CJ2?836C2?6<2C282>
E6CD63FEA6?5:5:<>2>AFF?EF<>6?56D2:?A6>36=2;2C2??J256?82?
>6>3F2E<68:2E2?A6>36=2;2C2?J2?8>6?;FCFD<6A252A6>2?E2A2?
A6>292>2? A6D6CE2 5:5:< 56?82? =2?8DF?8 :<FE E6C=:32E 52=2>
<68:2E2?E6CD63FEJ2?8E:52<E6C=6A2D52C:3:>3:?82?8FCF?J2
6?82? 3C6C3282:>242> <2CJ2 J2?8 5:A2;2?8<2? 5: E6>3@<
E6>3@< :?: D2?82E 36C8F?2 328: A6DCE2 5:5:5< DFA2J2 D6=2=F <C62E:7 56?82? >6?892D:=<2? J2?8 32CF 52? =63:9 32:< A6?5:5:<
>6>6C:?E29<2?<6EF2<6=2DF?EF<>6?82C29<2?E6>2?E6>2??J2282C D6=2=F>6?6>A6=<2?36C3282:>242>92D:=<2CJ2?J2F?EF<5:A2;2?8 5: E6>3@< 2E2F E6>A2E J2?8 >6>2?8 E6=29 E6CD65:2 52=2> C2?8<2?
>6?82D29<C62D:>6C6<2F?EF<E6E2A36C<2CJ2<6>F5:2?52=2>D2EF
>:?88F>F?8<:?3:D25:82?E:56?82?<2CJ2J2?8=2:?>:D=?J2<2CJ2
>6>3F2EAF:D:>6?82C2?8>6>3F2E46CA6?2E2F<2CJ2:=>:29J2?8
=2:?
$6=2=F: <68:E2? 36=2;2C >6?82;2C 36CG2C:2D: D642C2 2<E:7 J2?8
3:2D2?J25:5@>:?2D:@=69<68:2E2?:?5:G:5F2=52=2>3636C2A2>6?:E 2= E6CD63FE 5:=2<F<2? 56?82? 42C2 36CA2D2?82? 52? <68:2E2?
<6=@>A@<<64:=2?E2C26>A2ED2>A2:=:>2@C2?8F?EF<>6?86C;2<2?
EF82D LEF82D J2?8 E6=29 5:D6A2<2E: 36CD2>2 52? D2=29 D6@C2?8 5:2?E2C2?J2>6J2>A2:<2?A6CD6?E2D:92D:=<68:2E2?>6C6<25:56A2?
<6=2D
2=2>>6?86C;2<2?36C3282:>242>EF82DJ2?8E6=295:36C:<2?
@=69 8FCF?J2 E6CD63FE A2C2 D:DH2 32:< D642C2 :?5:G:5F2= >2FAF?
D642C2 <6=@>A@< >6?4@32 >6?86>32?8<2? D6>2<D:>2= >F?8<:?
<C62E:G:E2D?J2 "68:2E2? E6CD63FE >6?6<2?<2? <6A252 A6D6CE2 5:5:<
F?EF< >6=2E:9 :?E=6<EF2= >6C6<2 <2C6?2 <2=2F 5: 7:<:C D642C2
>6?52=2> EF82D >2?5:C: J2?8 676<E:7 5:36C:<2? <6A252 D:DH2 D6<2=:8FD >6?82D29 :?E=6<DEF2=:E2D?J2 252=29 5:36C:<2? EF82D
<6=@>A@< 36CFA2 >2<2=29 J2?8 ?2?E:?J2 52A2E 5:A6CD6?E2D:<2? 5:
52=2> <6=2D J2?8 >2E6C:?J2 5:42C: 36CD2>2 <6=@>A@< >6C6<2 J2?8 D636=F>?J2DF5295:36C:<2?;F5F=36D2C5:>2D:?8>2D:?8<6=@>A@<
$6=2<D2?2<2?<68:2E2??J2J2?836C2?6<2C282>:EFE2>A2<=29
2?EFD:2D>652?C2D2D6?2?8;:H2>6C6<2<2C6?2EF82DJ2?85:36C:<2?
4F<FA>6?2C:<52?>6?2>329H2H2D2?>2FAF?A6?82=2>2?D6=2>2 :?: J2?8 >6=F> >6C6<2 52A2E: 56?82? E6C=63:9 529F=F 5:36C:<2?
>@E:72D:<6A252>6C6<2D63282:A6?886C2<52?E:52<AFEFD2D252=2>
>6=2<D2?2<2?EF82D
2=2> >6?88F?2<2? A6?56<2E2? '"$ >2<2 D692CFD?J2 D6@C2?8A6?82;2C>6>A6C92E:<2?92=L92=D63282:36C:<FE
$6>292>:D:72EJ2?85:>:=:<:2?2<
$6?86?2=2?2<D642C2A6C@C2?82?
$6>2?722E<2?A6C:=2<F2?2<52=2>A6C@C82?:D2D:2?
$6?86>32?8<2? <6>2>AF2? 36C7:<:C <C:E:D <C62E:752?
<6>2>AF2?>6>6429<2?>2D2=29
$6?86>328<2? CF2?8 <6=2D D63282: =:?8<F?82? 36=2;2C J2?8
>6?2C:<
$6>2?722E<2?=:?8<F?82?D63282:DF>36C36=2;2C
$6>36C:<2? F>A2? 32=:< J2?8 32:< F?EF< >6?:?8<2?E<2?
<68:2E2?36=2;2C
$6>3652<2?2?E2C22<E:77:D:<52?2<E:7>6?E2=
/ #2;2>.=.;#
2=2> >6?6C2A<2? A6>36=2;2C2? '"$ D6D6@C2?8 8FCF 92CFD
>6>292>: E6C=63:9 529F=F 4:C:L4:C: '"$ :C:L4:C: E6CD63FE 52A2E 5::56?E:7:<2D: 52C: D68: 2<E:7:E2D D:DH2 '6?86=@22? <6=2D AC@D6D A6>36=2;2C2?52?DF>36CDF>36C36=2;2C
'6?86=@=22?<6=2D
$6?FCFE $249>F529 2? )@DJ:5: '6?86=@=22? <6=2D
>6?J2?8<FE A6?82EFC2? DF2EF <6=2D DFA2J2 E6C4:AE2 52?
E6CA6=:92C2 DF2D2?2 52? <@?5:D: <6=2D J2?8 @AE:>2= D69:?882
>6>F?8<:?<2?<68:2E2?A6>36=2;2C2?36C=2?8DF?8D642C232:<
676<E:752?>6?42A2:EF;F2?A6>36=2;2C2?
2C:A6?86CE:2?5:2E2D52A2E5:D:>AF=<2?329H2AC@D6D36=2;2C
>6?82;2C J2?8 D6C:?8 E6C;25: 5: 36C3282: =6>3282 A6?5:5:<2? =63:9 32?J2<5:=2<D2?2<2?5:52=2><6=2D "6=2D5:<2E2<2?D63282:H2529 2E2F E6>A2E E6C;25:?J2 AC@D6D EC2?D76C :=>F A6?82=2>2? 2E2FAF?
52=2><@?E6<DF>F>J2:EFD63282:E6>A2EA6=2<D2?22?AC@D6D36=2;2C
>6?82;2C *F2D2?2<6=2DA6C=F5:E2E2D632:<>F?8<:?DFA2J2DF2D2?2
<6=2D 36C=2?8DF?8 D642C2 676<E:7 52? EF;F2? A6>36=2;2C2? 52A2E E6C42A2: A6CE: J2?8 E6=29 5:C6?42?2<2? *F92CD:>: >6?82E2<2?
A6?86=@=22? <6=2D 252=29 DF2EF FD292 J2?8 5:=2<F<2? @=69
"027<D3070='>BH838)+'$$1837
270B0=D338='%'#$"#$&$$.>6H0:0AC04=C0%A4BB7
A6?2?88F?8 ;2H23 <68:2E2? 36=2;2C >6?82;2C 56?82? >2<DF5 282C 5:42A2: <@?5:D: @AE:>2= D69:?882 52A2E E6C=2<D2?2 <68:2E2? 36=2;2C D6A6CE:J2?85:E6C2A<2?
'6?82=@=22?<6=2D>6>AF?J2:EF;F2?LEF;F2?32:<F?EF<A6D6CE2 5:5:<>2FAF?F?EF<8FCF2?E2C2=2:?
2 +F;F2?F?EF<A6D6CE25:5:<
52?J2 <6D252C2? 52? E2?88F?8 ;2H23 A6D6CE2 5:5:<
>6?86?52=:<2? A6C:=2<F?J2 5: 52=2> <6=2D6CA6C:=2<F A@D:E:7 D6DF2:56?82?E2E2E6CE:3<6=2D<E:7>6=:32E<2?5:C:52=2>EF82DL EF82DA6>36=2;2C2?2E2F2<E:7:E2D<6=2DD642C2H2;2C
3 +F;F2?F?EF<A6?5:5:<
+6CA6=:92C2 DF2D2?2 <@?5F?D:7 328: <6=2?42C2? A6?J2;:2?
A6>36=2;2C2? $6C6DA@? A6C:=2<F A6D6CE2 5:5:< J2?8
>6?:>3F=<2? <6C:3FE2? 52? <6E:52< E6?2?82? <6=2D 52?
$6?82E2D: AC@3=6>2E:<2 A6D6CE2 5:5:< J2?8 36C=63:92? 52?
>6?882?88F5:52=2><6=2D
'C@D6D'6>36=2;2C2?'"$
2=2> >6=2<D2?2<2? AC@D6D 36=2;2CL>6?82;2C '$ J2?8 36C@C6?E2D: A252 '"$ A6?5:5:< A6C=F >6?8F2D2: <6>2>AF2?
F?EF< >6?4:AE2<2? D:EF2D: A6>36=2;2C2? J2?8 2<E:7 <C62E:7 676<E:7 52? >6?J6?2?8<2? "6>2>AF2? E6CD63FE >6=:AFE: 92=92= D63282:
36C:<FE
2 "6>2>AF2?>6C2?42?852?>6?86=@=2A6>36=2;2C2?
3 "6>2>AF2?>6?88F?2<2?2=2E32?EF52?DF>36C36=2;2C2J2?8 36C282>
4 $6>636C: <6D6>A2E2? <6A252 A6D6CE2 5:5:< F?EF<
>6?86>32?8<2?<6E6C2>A:=2?
5 $6>36C:<2? <6D6>A2E2? <6A252 D:DH2 F?EF< >6?8F?8<2A<2?
8282D2??J2D6?5:C:D642C2=:D2?2E2FEF=:D2?
7
6 $6?J6DF2:<2? 3292? 52? <68:2E2? 36=2;2C 56?82? <6>2>AF2?
A6D6CE25:5:<
7 "6>2>AF2? F?EF< >6?8<2:E<2? A6>36=2;2C2? 56?82?
A6?82=2>2?D:DH2D692C:92C:
8 "6>2>AF2? >6?:=2: A6>36=2;2C2? 52? <6>2>AF2? 36=2;2C A6D6CE25:5:<D642C2E6CFDL>6?6CFD
"6>2>AF2? 8FCF 5: 2E2D >6CFA2<2? <6E6C2>A:=2? J2?8 92CFD 5:>:=:<: 52=2> >6?4:AE2<2? AC@D6D A6>36=2;2C2? J2?8 '"$
$6=2=F: AC@D6D A636=2;2C2? 8FCF 2<2? 3:D2 >6=:92E D6;2F9 >2?2
<6>2>AF2?J2?85:>:=:<:52=2>>6C2?42?852?>6?86=@=2A6=2;2C2?
D69F:?882?2?E:?J23:D2>6?;25:>@E:G2D:328:D:DH2F?EF<36CA6C2?
2<E:7 52=2> A6>36=2;2C2? +6CFE2>2 F?EF< >6=2<D2?2<2?
A6>36=2;2C2? 52=2> <68:2E2? J2?8 36C2?6<2 C282> >:D2=?J2 '6C4@322? 5:D<FD: <6=@>A@< >6>6429<2? >2D2=29 >6?42C:
:?7@C>2D: >6?F=:D =2A@C2? 46C:E2 2E2F AF:D: 52? 36C<F?;F?8 <6=F2C
<6=2D "6E6C2>A:=2? J2?8 252 52=2> 5:C: A6?5:5:< ;F82 92CFD 3:D2
>6>:=:92=2E32?EF36=2;2C52?DF?36C36=2;2CJ2?8D6DF2:56?82?E@A:<
J2?85:2;2C<2?52A2E36CFA22=2EJ2:EF=2EJ2?8E6CD65:2E2F5:3F2E D6?5:C:82>32CDEF5:<2DFD?2C2DF>36C52?=:?8<F?82?
$:D2=?J2 $6=2<F<2? A6C4@322? A6?82>2E2? 2E2F H2H2?42C2
>6?8F>AF=<2?52E22E2F;2H232?52?>6?86=@=2?J2D6?5:C:>6?2C:<
<6D:>AF=2? >6>6429<2? >2D2=29 >6?42C: CF>FD D6?5:C: >6?F=:D
=2A@C2?2E2F92D:=<2CJ2@C2?8=2:?56?82?<2E2<2E2D6?5:C:
(D?0A;0=1837
2=2> >6>636C: <6D6>A2E2? <6A252 A6D6CE2 5:5:< F?EF<
>6?86>32?8<2? <6E6C2>A:=2? D6>6DE:?J2 8FCF 3:D2 >6>:=29 52?
>6>:=:9 36C3282: >242> G2C:2D: 52=2> >6?J2>A2:<2? >2E6C:
A6>36=2;2C2? D69:?882 D642C2 DA@?E2?:E2D A@E6?D: J2?8 D6=2>2 :?:
E6CA6?52> 52=2> 5:C: D:DH2 >682=2>: A6CF3292? F?EF<
>6?86>32?8<2? 32<2E >6C6<2 >2D:?8>2D:?8 *F529 >6?;25:
<6E6?EF2? 2=2> 329H2D2?J2 D6E:2A @C2?8 >6>AF?J2: <6>2>AF2?
D6?5:C:E6C82?EF?8D636C2A236D2C?:=2:?:=2:>@E:G2D::EF5:E2?2><2?
>:D2=?J2:D<FD:=63:932?J2<A6CE2?J22?E6C3F<292D:=<2CJ2J2?8
>6CFA2<2?2?2<D6?5:C:
*6A6CE:A6?;6=2D2?5:2E2D329H2D2?J2<6>2>AF2?A6D6CE25:5:<
52=2>DFDEF<6=2D3:2D2?J2E:52<D2>2@=69<2C6?2:EF52=2>AC@D6D 36=2;2C >6?82;2C A6?5:5:< 52A2E >6?86=@>A<<2? A6?5:5:< D6DF2:
56?82? <6>2>AF2? F?EF< <68:2E2? E6CE6?EF 52? 292? A6=2;2C2?
5:D6DF2:<2?56?82?<6>2>AF2?<6=@>A@< E6CD63FE : D2>A:?8 :EF 52A2E5:36C:<2?EF82DA6C32:<2?2E2FA6?882J22?5:36C:<2?>:D2=?J2
*:DH2>6?46C:E2<2?2E2F>6>2?722E<2?A6?82=2>2??J2D6?5:C:
*F>36CDF>36C36=2;2C
*F>36C 36=2;2C 252=29 D682=2 D6DF2EF J28 252 5:D6<:E2C
=:?8<F2?82? <68:2E2? 36=2;2C J2?8 5:8F?2<2? F?EF< >6>32?EF
@AE:>2=:D2D:92D:=36=2;2C *F>36CLDF>36C36=2;2C:EF>6=:AFE:
2 *F>36C36=2;2CE6C46E2<>6=:AFE:3F<F>2;2=293C@DFC<@C2?
<2>FD6?D:<=@A65:2
3 *F>36C 36=2;2C ?@?L46E2< >6=:AFE: 7:=> D=:56 G:56@ >@56=
EC2?DA2C2?@3J6<52?=2:?L=2:?
4 *F>36C36=2;2CJ2?836C36?EF<72D:=:E2D>6=:AFE:A6CAFDE2<22?
CF2?836=2;2CDEF5:@=2A2?82?@=29C282
5 *F>36C 36=2;2C 36CFA2 <68:E2? >6=:AFE: H2H2?42C2 <6C;2
<6=@>A@<@3D6CG2D:D:>F=2D:A6C>2:?2?52?=2:?L=2:?
6 *F>36C 36=2;2C 36CFA2 =:?8<F?82? >6=:AFE: E2>2? E6C>:?2=
A2D2CE@<@>FD6F>A23C:<52?=2:?L=2:?
:C:4:C:A6>36=2;2C2?<@?D6A'"$J2?82A2E5:=:92E52C:
D68:8FCF2?E2C2=2:?D63282:36C:<FE
FCF >6?82;F<2? A6CE2?J22? D6=2=F >6>36C:<2? ;652 H2<EF EF?88F J2?8 >6>36C:<2? <6=6=F2D22? D6=FCF9 D:DH2 F?EF<
36C7:<:C=2=F>6?F?;F<D:DH2J2?892CFD>6?;2H23E2?A2A:=:9
<2D:9D642C2242<
FCF >6=2<F<2? :56?E:7:<2D: >6C2?42?8 >6=2<D2?2<2?
>6?86G2=F2D: 52? >6?:?52<=2?;FE: 'C@8C2> '6>36=2;2C2?
?5:G:5F2= '' D63282: C6DA@? 252?J2 <63FEF92? <9FDFD 9:A6C2<E:72FE:D=2>32?5D3
FCF >6?88F?2<2? 36C3282: DF>36C 36=2;2C DF5FE 3242 A6CAFDE2<22? =:?8<F?82? D6<:E2C J2?8 D6DF2: 56?82?
<@>A6E6?D:J2?85:<6>32?8<2?
FCF >6>3F2E 2=2E 32?EF A6>36=2;2C2? D6DF2: 56?82?
<@>A6E6?D:J2?85:<6>32?8<2?D6?5:C:52?36CD2>2D:DH22E2F
@C2?8EF2D:DH2
FCF EC2>A:= >6?8F2D2: 2=2E 32?EF A6>36=2;2C2?J2?8 E6CD65:2 52?D6DF2:56?82?>2E6C:J2?85:2;2C<2?
FCF >6>36C:<2? F>A2? 32=:< J2?8 >6?2?E2?8 >6?5@C@?8 D:DH2 F?EF< 36CA:<:C =63:9 =2?;FE D6DF2: 56?82? <63FEF92?
D:DH2
FCF >6>36C:<2? F>A2? 32=:< =:D2? 2E2F EF=:D2? D642C2 :?5:G:5F2=
FCF>6?88F?2<2?36C3282:;6?:DA6?:=2:2?E6D52??@?E6D 52?>6>2?722E<2??J2F?EF<<68:2E2?E:?52<=2?;FE
FCFD6=2=F>636C:<2?<6D6>A2E2?<6A252D:DH2F?EF<E2>A:=
5: 56A2? <6=2D F?EF< >6?J2;:<2? >6?86>F<2<2? 52?
>6=2<F<2?D6DF2EF
*6E:2A FD2: A6>36=2;2C2? 8FCF >6>:?E2 D:DH2 >6?F=:D<2?
>6?8F?8<2A<2? <6D2? 52? <6E6CA292>2? D:DH2 E6?E2?8 2A2 J2?8E6=295:A6=2;2C:
(D?0A380="D70<<03%!%DAD30;0<010C0=$*#'" '"0C0A0<
DA=0;7
FCF>6=2<D2?2<2?C67=6<D:2E2FA6C6?F?82?E6?E2?8<6<F2E2?
52?<6=6>292?A6>36=2;2C2?J2?8E6=295:=2<D2?2<2?
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