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SKRIPSI

OLEH IBNU UMAR NIM 15.1.06.1.104

FAKULTAS TARBIYAH

INSTITUT AGAMA ISLAM NEGERI (IAIN) MATARAM MATARAM

2011

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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

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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.)

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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

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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

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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.

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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

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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

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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

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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

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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

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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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=6>3282 A6?5:5:<2? J2?8 5:2A:E @=69 3636C2A2 =6>3282 A6?5:5:<2? =2:??J2 D6A6CE:*$$+DAFEC252?'FEC:*$':?:JJ2952?+2<92DDFDD69:?82

>6>F?8<:?<2?D:DH2D:DH:F?EF<E6C>@E:G2D:52=2>36=2;2C8F?2>6?52A2E<2?

AC6DE2D:J2?8=63:932:<

$25C2D29=:J292CF=$F92;:C:?;F82>6>AF?J2:D2=29D2EF<68:2E2?

6<DEC2 J2?8 5:D63FE D2?882C D6?: <2=:8C27: E:52< ;2C2?8 <6E:<2 252 =@>32 5:E:?8<2E"642>2E2?"23FA2E6?'C@G:?D:D6=2=F252A6CH2<:=2?J2?85:FEFD D63282: A6CH2<:=2? D6<@=29 52? 2E2D <63:;2<2? D6<@=29 <6D6?:2? <2=:8C27:

5:>2DF<<2?5:52=2>>2E2A6=2;2C2?6<DEC2<FC:<F=6C 52AF?=@<2D::?:5:A:=:9

(19)

>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:

E6?E2?8282>23:D25:<2E2<2?=F>2J2?32?J2<<6C6?2D6328:2?36D2C>6C6<2 A252?J2?EC:5:A@?5@<2D2C2>252?>6C6<2D6E:2A92C:>6>AF?J2:CFE:?:E2D J2:EFA6?82;:2?56?82?>6?88F?2<2?<:E23<:E23<6=2D:<J2?8E:52<36C32C:D

<: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:

(20)

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

6C52D2C<2? 92D:= A6?82>2E2? 63CF2C: E6?E2?8 A6?6C2A2?

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<

52A2E >6=2<D2?2<2? '"$ 5: 52=2> <6=2D FCF J2?8 3F<2? D6<652C

>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

(21)

5:=2<F<2? 292<2?'"$>6>6C=F<2?A6D6CE2J2?8D:2AF?EF<>6=2<F<2?

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?

A6?6=:E:2?J2?8E6C<2:E56?82?A6?6C2A2?A6>36=2;2C2?2<E:7<C62E:7676<E:7 52? >6?J6?28<2? '"$ A252 A6=2;2C2? (FCP2? 25:DE 2<2? E6E2A:

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?

'"$ 52=2> $2E2 '6=2;2C2? <@?@>: "6=2D - *$'% *2<C2

#@>3@<+:>FC+29F?'6=2;2C2?N

DAD;,0C>=8K<?;4<4=C0B8%4<14;090A0=:C85 A40C8554:C850="4=H4=0=6:0=

% "0;0<"0C0%4;090A0=:>=><8L(:A8?B8#"0C0A0<7

(22)

M&AE:>2=:D2D:A6?86=@=22?<6=2D52=2>>6?4:AE2<2?'"$A2523:52?8

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

F8'07<0H0=C8K%4<14;090A0=8>;>684A10B8B% "30;0<"4=8=6:0C:0=%A4BC0B8 4;090A(:A8?B8#"0C0A0<7

(23)

36C;2=2? 52=2> AC@D6D 36=2;2C >6?82;2C <9FDFD?2 A252 A6=2;2C2? (FCP2?

25:ED

2>.;48.'2<>6@68

<;?2=#

.#2;42>@6.;1.;.>.8@2>6?@68#2:/29.7.>.;#

'"$ J2?8 >6CFA2<2? D:?8<2E2? 52C: A6>36=2;2C2? 2<E:7

<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

(24)

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

(25)

+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

(26)

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

(27)

$@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

(28)

'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

(29)

'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

(30)

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

(31)

>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

(32)

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

(33)

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

(34)

>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?

(35)

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?

(36)

$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

(37)

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

(38)

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

(39)

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:?

(40)

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

(41)

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?

?5:<2E@C:?5:<2E@C '"$ J2?8 36C52>A2< A252 A6CF3292?D:DH22?E2C2=2:?D63282:6C:<FE

*:DH2 >6?56?82C<2? 56?82? 32:< <6E:<2 8FCF 2E2F D:DH2 =2:?

36C3:42C2

*:DH252A2E>6?J6=6D2:<2?EF82D2E2FA6C>2D2=292??J256?82?

>6>324236CE2?J22E2F>6=2<F<2?A6?82>2E2?52?A6C4@322?

*:DH2 36C2?: 36CE2?J2 36CA6?52A2E 52? >6>A6CE2?J2<2?

A6?52A2E32:<D642C2=:D2?>FAF?EF=:D2?

*:DH2 >6?;2H23 A6CE2?J22? 8FCF 56?82? =63:9 5F=F

>6?824F?8<2?E2?82?E2?A2DF2D2?2825F9

*:DH22<E:752?2DJ:<36C3F2E52?36<6C;252=2>D6E:2A<68:2E2?

A6>36=2;2C2?

52?J2AC2<2CD2D:DH252=2><68:2E2?36=2;2CJ2?85:EF?;F<<2?

>6=2=F: <636C2?:2? >6>36C:<2? FCF? A6?52A2E E2?A2 5:>:?E2 52?<6D65:22?>6?42C:2=2E52?DF>36C36=2;2C

"6E6C=:32E2?>6?E2=D:DH252=2>AC@D6D36=2;2C>6?82;2CJ2?8 D652?8 36C=2?8DF?8 D6A6CE: A6?J6=6D2:2? EF82D D642C2 EF?E2D

>6=63:9: 52C: 2A2 J2?8 5:92C2A<2? E6C8F829?J2 6>@D: D6DF2:

DF2D2?2J2?8E6CD:C2E52=2>AC@D6D36=2;2C>6?82;2C

*:DH2 36=2;2C 56?82? A6?82=2>2? =2?8DF?8 32:< J2?8 E6C<2:E 56?82? C2?29 <@8?:E:7 A6?86?2=2? <@?D6A >2FAF? C2?29 676<E:7A6?892J2E2?52?<6E6C2>A:=2?

*:DH2>6=2<F<2?<68:2E2?>6>324252?>6?F=:D2E2D<6:?8:?2?

D6?5:C:52?5:5@<F>6?E2D:<2?

*:DH2 36C2?: 36CE2?J2 36CA6?52A2E 2E2F >6>A6CE2?J2<2?

A6?52A2E32:<D642C2=:D2?2E2FEF=:D2?

:C:4:C: <6=2D 52? DF>36C 36=2;2C >65:2 J2?8 5:<2E68@C:<2?

E6=29>6?6C2A<2?<@?D6A'"$252=29D63282:36C:<FE

7CC?FHF3 F>A3?A4BB 2><8=38:0C>A?4<14;090A0=?0:4<?4<14;090A0=

0:C85:A40C85454:C8530=<4=H4=0=6:0=80<18;)0=660;D;8

7CC?FHF3 F>A3?A4BB 2><8=38:0C>A?4<14;090A0=?0:4<?4<14;090A0=

0:C85:A40C85454:C8530=<4=H4=0=6:0=80<18;)0=660;D;8

(42)

"6=2D>6CFA2<2?D2=29D2EFE6>A2EJ2?8A2=:?832?J2<36CA6C2?

52=2> <68:2E2? 36=2;2C >6?82;2C D69:?882 8FCF 92CFD >6>AF?J2:

<C62E:G7:E2D F?EF< >6?86=@=2 <6=2D 52? 368:EF ;F82 56?82? DF>36C 2E2F2=2EA6C282J2?8D2?82EA6?E:?8F?EF<>6>A6C>F529;2=2??J2 AC@D6D A6>36=2;2C2? D69:?882 A6?86=@=22? <6=2D 52A2E 5:3652<2?

>6?;25:5F2

$6?86=@=2<6=2DJ2?836CD:72E7:D:<J2?8E6C5:C:52C:

2 '6?86=@=22? E6>A2E 5F5F< 32?8<F *6A6CE: 36C3F?EF< ,

<6=@>A@< 2E2F E:> 36?EF< =:?8<2C2? <6=@>A@< 52=2>

<6=@>A@<<@?76C6?D:36?EF<E6>A2E<6C;236?EF<<6=@>A@<

42>AFC2?36?EF<<6=2DEC25:D:@?2=52?=2:?=2:?

3 '6?86=@=22?2=2EA6C282

4 A6?86=@=22? DF5FE 3242 2E2F A6CAFDE2<22? <6=2D D6A6CE:

F<F>2;2=29<@C2?32:<32CF>2FAF?36<2D

5 '6?86=@=22? 2=2E 32?EF 36=2;2C D6A6CE: !6?:D;6?:D 3:;:

E2?2>2? 36C3282: ;6?:D 32?EF2? J2?8 52A2E >6?F?;2?8

<68:2E2?'"$5:<6=2D

2C: A2A2C2? 5: 2E2D J2?8 E6C>2DF< 2=2E 32?EF J2?8

>6?5F<F?8'"$252=29A6?86=@=22?A2;2?82?<6=2D 2=

92=J2?8A6C=F5:A6C92E:<2?52=2>A6=2<D2?22?A2;2?82?<6=2D J2?892CFD5:<6=@=2252=29D63282:36C:<FE

'2;2?82?5:A2D2?8A252E6>A2EJ2?8>F5295:3242@=69 D:DH2

2D:= <2CJ2 D:DH2 96?52<?J2 5: A2;2?8 D642C2 :?5:G:5F2=D69:?88252A2E5:<6?2=:56?82?>F529 02?8 5: A2;2?8 96?52<?J2 52=2> <62522? 36CD:9 C2A:

52?>6?2C:<

$2E6C:J2?85:A2;2?8<2?96?52<?J25:E6>A6=<2?A252 5:?5:?8 5:82?EF?8<2? A252 =2?82:E=2?8:E CF2?82? 52?

5:82?EF?8<2?A252E2=:2E2F<2H2EJ2?85:36?E2?8<2?

'0<;830="08D=7

(43)

'2;2?82?5:82?E:2A23:=2E:52<>6?2C:<=28:2E2F<@E@C $2E6C:J2?852A2E5:A2;2?8<2?

2D:=<2CJ2D:DH2

292?46E2<D6A6CE:82>32C5:28C2>3F<FF?EF<2?2<

J2?83:D25:324252?5:=:92E

'6?86=@=22?<6=2DJ2?836CD:72E?@?7:D:<D6A6CE:J2?85:<2E2<2?

@=69)2>=:52?$2:>F?52A2E5:=2<F<2?56?82?42C2M$6?;2=:?

9F3F?82? 32:< 56?82? D:DH2 >6?J6:>32?8<2? AF;:2? 52?

<C:E:<2? >6>32?8F? 6?6C8: <6=2D 52? >6?4:AE2<2? 5:D:A=:?

<6=2D N

52AF? =:?8<F?82? 36=2;2C 2E2F <6=2D J2?8 >6?5F<F?8

<C62E:G:E2DD:DH2>6?FCFE"252CD:9252=29D63282:36C:<FE $6>A6C<6?2=<2?A6CD2>22?52?D2=:?8>6?892C82:

$6>3F<2 <6D6>A2E2? 328: 2?2< F?EF< <@?EC:3FD: :56:56

@C:D:?:=

$6?82?882AA6C36522?A6?52A2ED63282:DF>36C36=2;2C $6?42C:42C2A6?56<2E2?56?82?42C2A6>64292?>2D2=29 $6?5@C@?82?2<F?EF<>6>2?722E<2?72?E2D:52?:>2;:?2D:

$6?86>32?8<2?<642<2A2?:?<F:C:<642<2A2?36CE2?J252?

>6?42C:;2H232?D6DF2EF

0 2;1.9.1.;(=.C.(=.C.1.9.: 2;4.@.?6#2;2>.=.;#

52AF?<6?52=2<6?52=252=2>>6?6C2A<2?A6>36=2;2C2?'"$

252=29D63282:36C:<FE

FCF 36=F> >6>A6C@=69 <6D6>A2E2? >6?J2<D:<2? A6>36=2;2C2?

'"$J2?832:<

FCF 36=F> >6>:=:<: C676C6?D: 3F<F G:56@ 5== E6?E2?8 A6>36=2;2C2?'"$J2?832:<

+F82DJ2?85:36C:<2?8FCF<6A252D:DH2>2D:936CD:72EE6CEFEFA52?

32?J2<A6?8:D:2?=6>32C<6C;2#"J2?8<FC2?832:<

7CC?:A8B=0 1;>6 D=B 02 83?4<14;090A0=?0:4<80<18;)0=660;D;8 '0<;830="08<D=7

7CC?8=>E0B814;090A 1;>6B?>C 2><8=38:0C>A?4<14;090A0=?0:4< 7C<; 80<18;

)0=660;"48

(44)

'6>36=2;2C2? 36=F> >6>36C:<2? E2?E2?82? D6DF2: <6>2>AF2?

D:DH2

'6>36=2;2C2? 92?J2 >6?82;2C<2? D2EF :?5:<2E@C 56?82? D2EF 2<E:G:E2D

'6C365222? :?5:G:5F2= D:DH2 36=F> 5:A6C92E:<2? E6C>2DF< =2<:=2<:

2E2FA6C6>AF2?A:?E2C2E2F<FC2?8A:?E2CD@D:2=6<@?@>:E:?88:2E2F C6?529

'6?86=@=22?D:DH2<FC2?8D6DF2:56?82?<68:2E2?

2C: 36C3282:>242> <6?52=2 52=2> >6?6C2A<2? <@?D6A A6>36=2;2C2? '"$ E6CD63FE 5: 2E2D A6C=F 5:5:E:?52< =2?;FE: D642C2 D6C:FD ;2?82? D2>A2: 56?82? 252?J2 <6?52=2<6?52=2 E6CD63FE 52>A2<?J2D2?82E36D2CJ2?8>6?82<:32E<2?AC@D6DA6>36=2;2C2?EF52<

36C;2=2? D6A6CE: 2A2 J2?8 E6=29 5:C6?42?2<2? 32:< @=69 8FCF >2FAF?

D6<@=29J2?8>6>AF?J2:>:D:J2?8D2>252C:EF;F2?A6?5:5:<2?D642C2 F>F>J2:EF>6?46C52D<2?<69:5FA2?32?8D2:EFD6>F292CFD52C:92=

J2?8 A2=:?8 <64:= J2<?: >F=2: 5: 52=2> <6=2D <6E:<2 E6C;25: AC@D6D A6>36=2;2C2?

*652?8<2? FA2J2 L FA2J2 52=2> >6?82E2D: <@?D6A A6>36=2;2C2?

'"$J2:EF56?82?FCF36CFD292F?EF<>6?;2=:?<@>F?:<2D:J2?8

=63:9 2<C23 56?82? D6=FCF9 D:DH2 >6>@E:G2D: D:DH2 282C E:52< E2<FE 52=2>>6?86>F<2<2?A6?52A2EE:52<E2<FEF?EF<>6?;2H23A6CE2?J22?

52C: 8FCF D6CE2 E:52< E2<FE 5:D2=29<2? ;:<2 ;2H232??J2 D2=29 FCF

>6>36?EF<<6=@>A@<36=2;2CJ2?8D6DF2:56?82?>@56='"$282C A6>36=2;2C2?=63:9676<E:78FCFE6CFD36CFA2J2>6>@E:G2D:D:DH256?82?

7CC??4=4;8C80=C8=30:0=:4;0B 1;>6B?>C 2><?0:4<?4=4A0?0=38;0?0=60= 7C<

80<18;)0=660;<0A4C

(45)

>6>36C:<2? A6?892C822? 36CFA2 A@:? 2E2F F42A2? D6=2>2E 328: D:DH2 J2?82<E:7>6>36C:<2?A6?52A2E>6?;2H23A6CE2?J22?52?>6?2?882A:

A6?52A2E E6>2??J2

6C52D2C<2?92D:=A6?6=:E:2?E6?E2?8A6>36=2;2C2?'"$FA2J2 J2?8 5:=2<F<2? 52=2> >6?82E2D: <@?D6A '"$ 2?E2C2 =2:? D63282:

36C:<FE

2 *6<@=29 =63:9 >6?:?8<2E<2? A6?6C2A2? '"$ D642C2 36C<6D:?2>3F?82?

3 FCF5:EF?EFEF?EF<=63:952A2E>6>292>:<2C2<E6C:DE:<D:DH2J2:EF 56?82? >6>292>: D:72E J2?8 5:>:=:<: 2?2< 52? >6>292>: D:DH2 D642C2A6C@C2?82?D6CE2E:?8<2E<6>2>AF2?D:DH2282C'"$52A2E 5:E6C:>2D:DH256?82?32:<

4 2=2>'"$8FCF2E2FAF?D:DH25:92C2A<2?52A2E36CD2>2D2>2 36CA6C2?2<E:752=2>AC@D6DA6>36=2;2C2?

$A>E.;D.16?@

.#2;42>@6.;1.;@A7A.;=2:/29.7.>.;$A>E.;D.16?@

*FA:2?252?$ "2C>2?>6?82E2<2?329H2M"2E2=(FCP2?D642C2 6E:>@=@8: >6CFA2<2? 36?EF< >2D52C 52C: <2E2 <6C;2 7:P:= B@C@P2 J2<C2PFD:?@?:>56?82?<2E236C2CE:%N

'6?86CE:2?D6A6CE::?:52A2E5:;F>A2:(* (:J2>292J2EL

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(D?80=030=" 0A<0="*#*"*'/$0=3D=6%DBC0:0B;0<8:07

(46)

CE:?J2D6DF?88F9?J2<2>:=29J2?8>6?8F>AF=<2??J252?<2>:AF=2 J2?8>6?3242?J2 !:<2<2>:>6>3242<2??J2>2<2:<FE=2932422?:EF

(* =(:J2>29

*642C2E6C>:?@=@8:D '6?86CE:2?<2E2=(FCP2?J2?85:D6A2<2E:@=69 A2C2F=2>2PFD9F=F=2>2P7:B:9>2FAF?F=2>2P3292D2D63282:36C:<FE

=(FCP2? 252=29 =272= J2?8 5:%FKF=<2? <6A252 ?23: $F92>>25

*.>F=2:52C:DFC2E=2E:9299:?8822<9:CDFC2E?%2D ;25:

A2C2 F=2>2 >6?567:?:D:<2? (FCP2? 3F<2? 52C: FCFE2? )+%

+/+#%.D6323EFCF?E6E2A:52C:A6>3F<F2?=(FC2?A252>2D2

"92=:729,D>2?3:?772?

*652?8<2?=25:DE5:2CE:<2?@=69A2C2F=2>2>F9255:ED:?F=2>2P 9=: 25:DE 36C36523652 A6?52A2E 52=2> >6?E2PC:7<2? =925:DE A6C36522?E6CD63FE5:56323<2?<2C6?2E6CA6?82CF9@=69E6C32E2D52?

=F2D?J2 @3;6< A6?:?;2F2? >6C6<2 >2D:?8>2D:?8 2C: A6C36522?

D:72E A6?:?;2F2? >6C6<2 :EF >6=29:C<2? 5F2 >242> E2PC:7 J2?8 E6C32E2D5:D2EFA:92<52?E2PC:7J2?8=F2D5:A:92<=2:?

M*6DF2EF J2?8 5:D2?52C<2? <6A252 ?23: $F92>>25 D2H 32:<

36CFA2 A6C<2E22? A6C3F2E2? A6C?JE22? +2PC:C 2E2F D:72ED:72E %23:

*.N

*63282:>2?2F=2>2P25:ED36CA6?52A2E329H2A6?86CE:2?925:ED5:

2E2D>6CFA2<2?A6?86CE:2?J2?8D6>A:E>6?FCFE>6C6<2925:EDJ2?8

>6>AF?J2:42<FA2?A6?86CE:2?J2?8=63:9=F2DE:52<E6C32E2DA252 2A2 J2?8 5:D2?52C<2? <6A252 %23: *. 925:ED >2C7FP D2;2

>6=2:?<2? E6C>2DF< ;F82 J2?8 5:D2?52C<2? <6A252 A2C2 D29232E 925:ED>2F<F752?E23:P:?925:ED>2BEFP

4?0AC4<4=60<0'*'/$$' #$0=3D=6D<0=0CD;M0;87

7

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7

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