Anda di halaman 1dari 17

         

    

&., /,+&
#179CD5BE;E=+
=19< 619AD?2B?>9H18??3?=

01/!1
39-*:3.;*78&189&3)&7)8 &3)&557457.&9*(4;*3&39843(.;.1&3)541.9.(&17.,-98.889&9*)9-&9
&3> .389.9:9.43 .8 349 &114<*) 94 -&3)(:++ 842*43*8 +7**)42 94 (-448* & 5&793*7 4<*;*7 .3
57&(9.(*.39-*(439*=94+3)43*8.&.8349&8*&8>&89-&9).8(4:78*39-.8(439*=99-* (43(*594+
:9.1.9&7.&3.82 &6&8-.) "-&7.&- &3) 1*,&1 +472:1&9.43 1&.) 85.7.9*) 8*7.4:8 '*3*+.98 #<4 4+
9-*8* (43(*598 9:73*) 4:9 94 &++*(9 9-* )>3&2.(8 4+ 9-* +472:1&9.43 4+ 9-* 7:1*8 4+ 2&77.&,* .3
3)43*8.& 3 79.(1*
 4+ 9-* (9 4     4+ 9-* 2&77.&,* -&8 '**3 )*(1&7*) 9-&9 9-*
2&77.&,* .8 ;&1.) .+ (43):(9*) &((47).3, 94 7*1.,.43 &3) '*1.*+ :79-*7247* & ;*7> 8-&75
(4397&).(9.43 .8 ;.8.'1* 43 9-* *=.89*3(* 4+ 7*8.)*39.&1 .7*(9.;*   43 9-* 425.1&9.43 4+
81&2.(&<&3)4:39*7*,&17&+9 4+425.1&9.434+81&2.(&<39-*.3
79.(1* 89&9*8:3*6:.;4(&11>9-&9.39*7+&.9-2&77.&,*8&7*&114<*)940**57*(47)894+:1+.119-*
5:7548* 4+ 2&77.&,* 9-* -&55.3*88 4+ 9-* (4:51* *7* 9-* +472:1&9.43 .8 (438.89*39 <.9- 9-*
(43(*594+ :9.1.9&7.&3.828*7.4:8'*3*+.9839-*(439*=94+-:2&37.,-98-:2&3-&55.3*889-*
(4:51*<4:1)'*:8*)&8&7.,-99-&9(&3349'*7*):(*):3)*7&3>(.7(:289&3(*8343)*74,&'1*
7.,-98<-.1*9-*.39*7*894++4114<.3,9-*7*1.,.43&8&3.39*7*899-&9 (4:1)'*7*):(*).3(*79&.3
(.7(:289&3(*8)*74,&'1*7.,-98.39*7*898

#43,/"0 5*73.0&-&3&,&2&-:0:20*1:&7,& 41> +.6-

 #+"%2)2+
!1G9>2541171=1=5BE@1;1>@B?2<5=41<1=81;C9@9<@?<9D9;(.;.1&3)541.9.(&1
7.,-98
)52E18;?>F5>C9D5>D1>781;C9@9<@?<9D9;H1>749C5<5>771B1;1>&D5<18
=5>H1D1;1> 218G1 D941; 49@5B2?<58;1> 141>H1 31=@EBD1>71> 1@1@E> D5B8141@


1<1=&B?D?;?<1;E<D1D96@141&5B:1>:91>>D5B>1C9?>1<*5>D1>71;1;)9@9<41>

&?<9D9;
@1C1<

49>H1D1;1>SC5D91@ ?B1>7 25B81; 2521CE>DE;=5>71>ED171=11D1E
;5@5B31H11>@9<981>>H1C5>49B9C5BD1;52521C1> 219; C531B19>49F94E1<=1E@E> 25BC1=1C1=1
45>71>?B1>7<19>41<1==5>H1D1;1>171=11D1E;5@5B31H11>>H145>71>921418;5@1DE81>
@5>71=1<1>1D1E@5>71:1B1>&5>H1>B?G><95 40:2*3)40:2*34040*3,*3&.&08&88.
&3:8.& 1<982181C15B91>CH18 1;1BD1&5>5B29D+>9F5BC9D1C>4?>5C91
 8<=


 5 1&<&7.),?<.$?  )5@D P 1>

49B941>;5<E1B71C5C5?B1>7&5B981<9>9=5=@E>H199=@<9;1C9218G141<1==5=9<98
@1C1>71> 9CDB9 @141 41C1B>H1 C5D91@ ?B1>7 =5=@E>H19 ;52521C1> C5>49B9 H1>7
D941; 29C1 4921D1C9 ?<58 9>CD9DEC9 1@1@E> &5BCH1B1D1>>H1 141<18 C1=1 CE;1 1>D1B1
;54E1 @1C1>71> 41> D941; =5BE79;1> ?B1>7 <19> >9<18 H1>7 C1H1 C52ED 218G1
#41<1=@5BC@5;D961B1D25B3?B1;1>DB?@?C5>DB9C
)541>7;1> 41<1= C<1= =5=9<98 @1C1>71> 141<18 D941; 2521C =ED<1; 1<1=
C52E18 8149C>H1 $129 #E81==14 C1G =5=25B9 ;B9D5B91 @9<981> H1>7
=5>5=@1D;1>171=1@141B1>;9>7@5BD1=11<1=C<1=C525>1B>H1@5B;1G9>1>
81BEC<1845>71>C5C1=1=EC<9=&141;1G9>2541171=1C525>1B>H1=5BE@1;1>
141 9>49;1C9 =1;BE8 C589>771 H1>7 492?<58;1> @E> 81>H1 #EC<9= 45>71>
@5B5=@E1>18<9;9D12/18E4941>$1CB1>941>D941;45>71>C521<9;>H118;1>
C1=1C5;1<9 49<1B1>7 219; #EC<9= =1E@E> #EC<9=18 =5>:1<9> 9;1D1> @5B;1G9>1>
45>71> 219; <1;9<1;9 =1E@E> @5B5=@E1> 41B9 ?B1>7 ;169B &5B7E<1D1> ;?>C5@ 9>9
@141 1;89B>H1 D5<18 =5=@5>71BE89 @5B4521D1> 41<1= @5BE=EC1> !?=@9<1C9
E;E=C<1=C5BD1 4:39*74+*,&17&+9 !
&1@5B C1H1 9>9 1;1> =5=2181C D5>D1>7 ;5B1>7;1 =1C<181D 41> # H1>7
49@1;19 E>DE; =5=?DB5D ;1G9> 2541 171=1 &5B25411> ;5B1>7;1 H1>7 497E>1;1>
9>9 D5B2E;D9 D5<18 =5>H5212;1> 141>H1 @5B25411> @1>41>71> D5B;19D ;1G9> 2541
171=141<1=!41>"! 1<1= @1@5B9>9;9D11;1>=5<981D21719=1>1
=5B5;1H1>7D941;=5>H5DE:E9;1G9>2541171=1:E71=5>77E>1;1>41C1B69<?C?69C
# 25B@1>7;1< @141 =1C<181D C541>7;1> H1>7 =5>H5DE:E9>H1 :E71 25B@1>7;1<
41B9 ;?>C5@ =1C<181D &981; @5BD1=1 =5>77E>1;1> =1C<181D C531B1 =1A1C894
CH1B9R18C541>7;1>@981;;54E1141<18=1C<181DC5;541BED9<9D1B91>9C=5

#/*0)%+
5B41C1B;1> <1D1B 25<1;1>7 =1C1<18 D5BC52ED @?;?; @5BD1>H11> H1>7 85>41;
@5>E<9C:1G12=5<1<E9@5>E<9C1>@1@5B9>9141<18

 1719=1>1 9=@<9;1C9 @5>77E>11> ;?>C5@ =1C<181D 219; 41B9 &6&8-.)
">&7.E&- 41>+D9<9D1B91>9C=5D5B8141@;1CEC;1G9>2541171=1
 1719=1>19=@<9;1C9;?>C5@H1>749BE=EC;1>@141@5BD1>H11>@5BD1=12179
49>1=9;1 <579C<1C9 @5B;1G9>1> ;?>D5;C >4?>5C91 41<1= =5>71;?=?41C9
DE>DED1>#

 2'2+#+2)&0+

 #5=5D1;1>9=@<9;1C9@B?4E;@5=9;9B1>D5>D1>7;?>C5@=1C<181D219;41B9
&6&8-.)">&7.E&- 41>+D9<9D1B91>9C=5D5B8141@;1CEC;1G9>2541171=1
&<.3*)&,&2& J


 #5>41@1D D5=E1> 21BE 25BE@1 9=@<9;1C9 ;?>C5@ H1>7 49BE=EC;1> @141


@5BD1>H11> @5BD1=1 2179 49>1=9;1 <579C<1C9 @5B;1G9>1> 41<1= ;?>D5;C
>4?>5C91 41> @B549;C9 49 =1C1 H1>7 1;1> 41D1>7 41<1= =5>71;?=?41C9
DE>DED1>#

 #* %0+
 ,+0#-.0%&"4/&6%
#1A1C894 CH1B9R18 141<18 C5=131= D5?B9 H1>7 D5B;5>1< 41<1= EC8E< 69A8
=2B9? D5?B9 9>9 D5<18 49B9>D9C ?<58 +=1B 29> !81D12 !5=E491> =5<1<E9
29=29>71>< EG19>9D5?B99>949<5>7;1@9?<58<81I1<941>1;89B>H149D1>71>
<)H1D8929<18 D5?B9 9>9 =5>:149 C5C9CD5=1D9C C5@5BD9 C5;1B1>7 9>9 5B1; <1:E
@5>77E>11> D5?B9 9>9 C1>71D =5>9D9;25B1D;1> @141 @5<131;1> D.11&- DE:E1>
49<189B;1>>H18E;E=H1;>9=1C<181DC521719 D.11&9&18>&7E.>> ;1EC18E;E= 1<1=
;19418 69A8 D5<18 D5B;5>1< D5B41@1D ;19418 H1>7 25B2E>H9 F-:0:2 .9: ).9*9&50&3
'*7)&8&70&3&)&&9&:9.)&03>&D.11&-G 
)5:1<1> 45>71> =E1B1 C<1= H1>7 25BDE:E1> =5>:149 B18=1D 2179 C5<EBE8
=1;8<E; 49 1<1= 9>9 =1;1 DE:E1> CH1B9R18 141<18 =5>41D1>7;1> =1C8<181D
;5219;1> 41> =5>35718 =16C141D ;5BEC1;1> DE<18 H1>7 81BEC 49;5:1B 219;
H1>7 CE418 25BC961D )-&-.7 :5<1C =1E@E> H1>7 =1C98 8.77 D5BC5=2E>H9 41> 219;
H1>7CE418D5BE;EB=1E@E>25<E=D5BE;EB
#5>EBED 2&6&8-.) 8>&7.E&- <<18 =5>39@D1;1> 8E;E= 41<1= @5=21791> C;1<1
@B9?B9D1C =5>:149 D971 D9>7;1D1> H1;>9 )-&7:7.>&9 @B9=5B -&/.>&9 C;E>45B 41>
9&-8.3.>&9 D5BC95B 1B9 C9>9 141 <9=1 2941>7 H1>7 =5>:149 E@1H1 D5B:171>H1 ?<58
CH1B9R18H1;>9 ).3 171=1 3&+8 :9G141>;5DEBE>1>Q&61 1;1< 2&1 81BD141> 3&81
;5DEBE>1>
*5?B9 9>9 D5B;19D @141 ;?>C5@ 218G1 CH1B9R18 49DE:E;1> E>DE; ;5@5>D9>71>
=1>EC91:D98141D1E9>D5B@B5D1C91D1C>1C8=5>EBEDD5?B99>9141<18=5>71>7;1D
=1;>1 H1>7 =5>41C1B9 1D1E H1>7 25BCE=25B 41B9 >1C8>1C8 H1>7 49G18HE;1>

/E491> -18HE49 $8-:1.0.- ;*78:8 *72*3*:9.0& /?7H1;1BD1$1G5C51&B5CC 


8<= 
#E81==14 !81<94 #1CRE4 .18&+&9 :0:2 81&2 )&3 *7:'&-&3 "48.&1 @5>5B:5=18

/E491>-18HE49C=9>)EB121H1<;8<1C
8<= 
‫ﻣﻊ‬ C:=E>9 24EBB18=1> &<&E.):1 .6-.>&-  1;1BD1 E<1>
9>D1>7D1>@1D18E>8<=

 2E C81A CH)H1D929 1:<&+&6&9 +. $8:1 8>">&7.E&- "921>?> 1B 1<!EDE2 1<

<=9HH18  EI8<=



 '.) 8<=


 5 1&<&7.),?<.$?  )5@D P 1>

45>71>=5>79>71D;5@5>D9>71>25BC1=1 C59=21>7>H11>D1B181; ).3 S<<18T41>


81; 3&+8 S=1>EC91T
 ,+0#-1&)&1&/&+&0*#
+D9<9D1B91>9C=5 141<18 @181= H1>7 =5>5=@1D;1> S=1>611DT 1D1E S@B9>C9@
;521817911> D5B25C1BT C521719 41C1B 8E;E= =5>71>771@ 218G1 D9>41;1>
D9>41;1> =5>:149 25>1B 45>71> E;EB1> ;5D9;1 D9>41;1>D9>41;1> 9DE 35>45BE>7
=5>9=2E<;1> ;521817911> =5>:149 C1<18 ;5D9;1 D9>41;1>D9>41;1> 9DE 35>45BE>7
=5>781C9<;1> ;521<9;1> 41B9 ;521817911> 1<1= 81< =5>9=21>7 ;521817911>
=5B5;1 =5>7E;EB>H1 45>71> CE@5B9?B9D1C 1;1< !5C5>1>71> 9>9 49<981D 41B9
C525B1@1 25C1B ;5=1>611D1>>H1 +;EB1> =1>611D H1>7 25C1B 9>9 :E71 C1>71D
49D5>DE;1>?<58>1<1B=1>EC91C5>49B91>DB?@?C5>DB9C
)5CE19 45>71> @B9>C9@ =1>611D D5BC52ED =5B5;1 =5=1>41>7 218G1 ;5C5
>1>71> <5298 499>79>;1> 41> <5298 25B81B71 41B9@141 H1>7 <19>>H1 )51>419>H1
D5B41@1D 4E1 :5>9C ;5C5>1>71> H1>7 81BEC 49;5:1B =5>EBED )DE1BD #9<< 91 1;1>
<5298 =5>71>:EB;1> =5=9<98 C1<18 C1DE C1:1 41> 2E;1> =5=9<98 ;54E14E1>H1
1B9 4E1 ;5C5>1>71> =5>EBED>H1 1;1> <5298 4925>1B;1> E>DE; =5>71>771@
;5>9;=1D1> H1>7 <5298 49CE;19 25B1C1< 41B9 ;5E>77E<1> 41<1= ;E1<9D1C >9 25B1BD9
;5C5>1>71> H1>7 <5298 <1H1; 49;5:1B 49E;EB 25B41C1B;1> ;E1<9D1C>H1 41> 2E;1>
25B41C1B;1>;E1>D9D1C>H1
+D9<9D1B91>9C=5 :E71 C1>71D =5>5;1>;1> D5>D1>7 D9>779>H1 45B1:1D =1>EC91
#1>EC91 =5=@E>H19 ;54E4E;1> H1>7 D9>779 4921>49>7 85G1> ;1B5>1 ;5C141B1>
H1>7 49=9<9;9>H1 !5C141B1> D5BC52ED 141<18 ;5C141B1> E>DE; =5GE:E4;1>
;521817911> 45>71> C571<1 41H1 E@1H1>H1 D5B=1CE; =5>75B18;1> @9;9B1>>H1
#1>EC91 D5D1@ =5>:149 =1;8<E; H1>7 @1<9>7 =E<91 =5C;9@E> ;141>7;141>7
=1>EC91=5>75<E8;1B5>1 25B1D>H1D1>D1>71>H1>7498141@91D1E;575<9C181><19>
H1>7 491<1=9 C5<1=1 =5>75:1B ;5@E1C1>>H1 9DE !5<E81> 41> ;575<9C181> H1>7
49B1C1;1> =1>EC91 41<1= C571<1 @5B:E1>71>>H1 D941; 29C1 =5>H5212;1> =1>EC91
491>771@<5298218179141B9@14129>1D1>7H1>7D941; @5B>18;5<981D1>75<9C1841>
=5>75<E8

 #E81==14 #EC<58E449> .18&+&9 :0:2 81&2 )&3 *2.0.7&3 7.*39&1.8 1<98 2181C1

/E491>-18HE49 /?7H1;1BD1*91B1-131>1
8<=

 ?8>)DE1BD#9<< $9.1.9&7.&3.8243.'*79>88&>43*39-&2 %89?*85-?B<4&E2<9C89>7

?=@1>H
 8<= 
 ?8> )DE1BD #9<< Q+D9<9D1B91>9C=R 41<1= "1BBH #1H 4;; 54 9.0& #*7&5&3  1<98

2181C1)9>D11B?<9>14;;/?7H1;1BD1&**91B1-131>1/?7H1
8<=
 

?8> CDE1BD #9<< =5>71D1;1> 218G1 <5298 219; =5>:149 =1>EC91 H1>7 D941; @E1C

41B9@141C55;?B129H1>7@E1C
&<.3*)&,&2& J


5>D81= =5>5B1@;1> @B9>C9@@B9>C9@ E=E= 41B9 @5>45;1D1> ED9<9D1B91> ;5


41<1=;1G1C1>8E;E=1<9<>H1141<18218G1=1>EC919DE1;1>25B2E1D45>71>
31B1C545=9;91>BE@1C589>77191=5>41@1D;1>;5>9;=1D1>H1>7C525C1B25C1B>H1
41>=5>5;1>C5B5>418B5>418>H1@5>45B9D11>)D1>41B@5>9<191>5D9CH1>749@1;19
49 C9>9 141<18 1@1;18 CE1DE D9>41;1> 9DE =5>781C9<;1> ;521817911>

+>DE; 9DE
DE:E1>1;89B@5BE>41>7E>41>71>141<18E>DE;=5<1H1>9;521817911> H1>7@1<9>7
25C1B41B9C5:E=<18D5B25C1BB1;H1D&B9>C9@;521817911>H1>7D5B25C1B9>925B1;1B
C1>71D ;E1D @141 ;5H1;9>1> 5>D81= 41> 45>71> 45=9;91> C1>71D =5>5>D1>7
C5D91@D5?B98E;E=H1>7=5=25B1>7EC81;81;1C1C9;5=1>EC911>
?8>)DE1BD#9<<C5DE:E45>71>5>D81=218G1CE1DED9>41;1>9DE85>41;<18
49DE:E;1>;5@141@5>31@191>;521817911>C521<9;>H1CE1DED9>41;1>141<18C1<18
1@129<1 91 =5>781C9<;1> C5CE1DE H1>7 =5BE@1;1> ;521<9;1> 41B9 ;521817911> 1
=5>H5DE:E9 218G1 CD1>41B ;5149<1> 85>41;>H1 4941C1B;1> @141 ;57E1>11>>H1
#5>EBED #9<< ;5149<1> 25BCE=25B @141 >1<EB9 =1>EC91 E>DE; =5>?<1; 41>
=5=21<1C ;5BEC1;1> H1>74945B9D1 219; ?<58 49B9 C5>49B9 =1E@E>?<58 C91@1 C1:1
H1>7 =5>41@1D;1> C9=@1D9 41B9 ;9D1 &5B1C11> ;5149<1> 1;1> =5=25B?>D1;
D5B8141@ ;5BEC1;1> @5>45B9D11> D941; 81>H1 1D1C 41C1B ;5@5>D9>71> 9>49F94E1<
=5<19>;1> <5298 <E1C 41B9 9DE C1=@19 ;5@141 ?B1>7?B1>7 <19> H1>7 ;9D1 C1=1;1>
45>71> 49B9 ;9D1 C5>49B9 1;5;1D ;5149<1> 45>71> 45=9;91> =5>31;E@ C5=E1
@5BCH1B1D1>=?B1<H1>7C1>71D81;9;92179;5C5:18D5B11>E=1D=1>EC91

 '&+1#+1+$#/(3&++
&5=2181C1> 9>9 49=1;CE4;1> E>DE; =5<981D C531B1 <5298 =5>41<1= =5>75>19
1@1 H1>7 C581BEC>H1 4931@19 41B9 C52E18 @5B;1G9>1> 41<1= 1:1B1> C<1= ;1D1>
@5B;1G9>1> 49D1>419 45>71> C52E18 &6&) @5B:1>:91> H1>7 ;E1D 2.98&6&3 ,&1.?-&
;14 >9;18 141<18 @5B:1>:91> H1>7 =5<921D;1> <<18 :149 2E;1> @5B:1>:91> 291C1
1<9>9C521719=1>141@1D49D5=E941<1=69B=1><<18CEB1D1<$9C11H1D


&5B>9;181> C5;9<1C 141<18 1;D9F9D1C 4E>91G918 25<1;1 $1=E> 41<1= C<1=
>9;18 =5BE@1;1> 921418 H1>7 C531B1 D571C 49>H1D1;1> C521719 CE>>18 (1CE<E<<18
C1G)1241(1CE<E<<18C1GH1>749B9G1H1D;1>?<581<*9B=94I941B92EEB19B18
S#.,& ,4143,&3 >&3, '*7-&0 ).94143, 11&- 5*/:&3, ). /&1&3 11&- 2:0&9.' ':)&0 >&3,

4G9>)38EB &<&3)"4((.*9> $5G/?B;(1>4?>?EC5


8<= 

?45>859=5B :7.857:)*3(* 9-* -.14845-> &3) *9-4) 4+ &< 1=2B9475 #1CC
1BF1B4+>9F5BC9DH&B5CC
 8<=

S&,&.2&3& 0&2: &0&3 2*3,&2'.13>& 0*2'&1. 5&)&-&1 8*'&,.&3 0&2: 9*1&- '*7,&:1

'*7(&25:7)*3,&3>&3,1&.38*'&,&.8:&2..89*7.&32*7*0&.89*7..89*7.2:9*1&-2*3,&2'.1)&7.0&2:
5*7/&3/.&3>&3,0:&9 2.98&6&3,&1.?-&1< $9C1


 5 1&<&7.),?<.$?  )5@D P 1>

2*2'*1.).7.3>&)&7.9:&33>&>&3,2&:2*1:3&8.5*2'&>&7&33>&)&347&3,2*3.0&-0&7*3&
2&:2*3/&:-0&3).7.3>&)&7.>&3,-&7&2G
!1<1E 85>41; 49C9=@E<;1> 1@1 H1>7 4971B9C;1> <<18 =5<1<E9 69B=1>69B=1>
$H1 <19> H1>7 D5BC521B 41<1= < 'EB1> =1;1 69<?C?69 @5B;1G9>1> 41<1= C<1=
41@1D49BE=EC;1>C52171925B9;ED *79&2& C<1==5=1>41>7@5B;1G9>1>C521719
C5CE1DEH1>7C1;B1<;1B5>125B=E<141B9@5B:1>:91>;8ECECH1>7=5<921D;1><<18
%<58 ;1B5>1 9DE C571<1 C5CE1DE H1>7 25B;5>11> 45>71>>H1 491DEB C531B1 ;8ECEC
41> <5>7;1@ *):& @5B;1G9>1> =5BE@1;1> 31B1 @5>781<1<1> D5B8141@ 8E2E>71>
1>D1B1 1>D1B1 ;54E1 <1G1> :5>9C H1>7 C5=E<1 4981B1=;1> C5@5BD9 =5=571>7
=5=5<E;=5>39E=41>8E2E>71>9>D9= *9.,&@5B;1G9>1>:E71=5BE@1;1>31B1
E>DE; =5<1>7CE>7;1> ;5894E@1> E=1D =1>EC91 49 =E;1 2E=9 C531B1 <571< 41>
25BD1>77E>7:1G12;1B5>1D1>@1141>H1B575>5B1C9@?@E<1C9=1>EC9149=E;12E=9
9>9 1;1> @E>18 **25&9 @5B;1G9>1> =5=9<9;9 49=5>C9 @C9;?<?79C H1>7 C1>71D
41<1= ;1B5>1 45>71> @5B;1G9>1> 9>9 ;54E1 9>C1> CE1=9 41> 9CD5B9 H1>7 C5=E<1
=5BE@1;1> ?B1>7 <19> 41> 1C9>7 ;5=E491> =5>:149 25BC1DE #5B5;1 C1<9>7
=5=9<9;9C1<9>7=5>:171C1<9>7=5=2EDE8;1>41>D5>DEC1:1C1<9>7=5>39>D1941>
C1<9>7 =5>H1H1>79 C589>771 D5BGE:E4 ;5<E1B71 H1>7 81B=?>9 8&0.3&- *1.2&
@5B;1G9>1> =5=9<9;9 49=5>C9 C?C9?<?79C H1;>9 45>71> @5B;1G9>1> =1;1
=5>H5212;1> C5C5?B1>7 =5=9<9;9 CD1DEC 21BE H1>7 491>771@ C521719 1>77?D1
=1CH1B1;1DC531B1EDE89C9C9<19>=5>71;921D;1><189B>H11>1;1>1;H1>7C531B1
>1<EB918 =5=5B<E;1> @5=5<981B1 41> @5<9>4E>7 H1>7 C18 H1;>9 ;54E1 ?B1>7
DE1>H1 %B1>7 DE1 1H18 41> 92E 1>1; 9>9<18 H1>7 25BD1>77E>7:1G12 1D1C
@5B;5=21>71> 69C9; 41> @C9;9C 1>1;1>1; D5BED1=1 @141 C11D =5B5;1 C525<E=
=5>79>:1;45G1C1171B49;5=E491>81B9=5B5;1=5>:14975>5B1C9@5>5BECE=1D
=1>EC91H1>7 25B;5=1=@E1>=5=21>7E>@<1>5D2E=99>9

5>71> 45=9;91> @5B;1G9>1> 41<1= C<1= 2E;1> C1:1 @5BC?1<1> 29?<?79C
25<1;1 41> 2E;1> @E<1 @5BC?1<1> 41> 8E2E>71> @B92149 C5@1C1>7 CE1=9 9CD5B9
=5<19>;1> :E71 @5BC?1<1> @C9;?<?79C 41> C?C9?<?79C 218;1> @5BC?1<1> D5?<?79C
#5<981D @5B;1G9>1> 41B9 1C@5; C5;CE1< 41> 1C@5; 8E2E>71> 29?<?79C C5=1D1
25B1BD9C1=145>71>1@1H1>7 D5B:14949<9>7;E>71>85G1>
 #/0&+$$2+$+ 
    "#+$+ 1&)&1/&+&0*# ")* 020
#)&%13&+ #" $*


# !1BC1HE41 *70&<.3&3 *)& ,&2& *3&0&7 .1&..1&. *&).1&3 )&1&2 425.1&8.
:0:281&2 /?7H1;1BD1*?D1<#5491 8<=
&<.3*)&,&2& J


5B1C>H1 1BEC 7<?21<9C1C9 D5<18 =5>H5212;1> C1<9>7 =5>H1@1>H1 2525B1@1


69<?C?69 8E;E= 41B9 <1D1B 25<1;1>7 H1>7 25B2541 1< 9>9 41@1D 49D5=E;1> 41<1=
;1CEC5;C9CD5>C9!41>"!H1>7D5<18=5>771=21B;1>D?<1;D1B9;1>D1B1
69<?C?69 2&6&8-.) 8>&7.E&- 41> 69<?C?69C E>D9<9D1B91>9C=5 9 1>D1B1>H1 41<1= ;1CEC
;1G9>2541171=1
1<1= ! ;1G9> 2541 171=1 =ED<1; D941; 492?<58;1> &1C1<  41> 

C5=5>D1B1 41<1= "! 492?<58;1> C5<1=1 41<1= 21D1C E>DE; =5>31@19
DE:E1> @5B;1G9>1> &1C1<   &5B;1G9>1> 1>D1B1 @5=5<E; 171=1 H1>7
49=1;CE4;1> 41<1= DE<9C1> 9>9 141<18 @5B;1G9>1> 1>D1B1 C5?B1>7 =EC<9= 45>71>
>?> =EC<9= <'EB1> =5=2179 ;5<?=@?; >?> =EC<9= 9>9 ;5@141 4E1 ;1D57?B9
H19DE=ECHB9;41>18<E<;9D12)5?B1>7<1;9<1;9=EC<9=D941;2?<58;1G9>45>71>
@5B5=@E1> =ECHB9; ;1B5>1 69B=1> <<18 41<1= ') 

 D5D1@9 2?<58 ;1G9>


45>71>@5B5=@E1>18<E<;9D12;1B5>169B=1><<1841<1=')
)5=5>D1B19DE
@5B5=@E1>=EC<9=1849<1B1>7;1G9>45>71><1;9<1;9;169B=1>1@E>219;=ECHB9;
1D1E@E>18<E<;9D12;1B5>169B=1><<1841<1=') 
41>') 


1B9C9>941@1D49@5B?<58B9>391>C52171925B9;ED


 S1> :1>71><18 ;1=E =5>9;189 G1>9D1G1>9D1 =ECHB9; C525<E= =5B5;1 25B9=1>
)5CE>77E8>H1 G1>9D1 2E41; H1>7 =E=9> <5298 219; 41B9 G1>9D1 =ECHB9; G1<1E@E> 491
=5>1B9;81D9=E1>:1>71><18;1=E=5>9;18;1>?B1>7?B1>7=ECHB9;45>71>G1>9D1G1>9D1
=E=9> C525<E= =5B5;1 25B9=1> )5CE>77E8>H1 2E41; H1>7 =E=9> <5298 219; 41B9 ?B1>7
=ECHB9;G1<1E@E>491=5>1B9;81D9=E#5B5;1=5>71:1;;5>5B1;1C541>7<<18=5>71:1;;5
CEB71 41> 1=@E>1> 45>71> 9I9>$H1 1> <<18 =5>5B1>7;1> 1H1D1H1D$H1 @5B9>D18
@5B9>D18$H1;5@141=1>EC91CE@1H1=5B5;1=5>71=29<@5<1:1B1>T') 


 S&14181B99>94981<1<;1>2179=EH1>7219;219;#1;1>1>C5=25<981>?B1>7?B1>7

H1>7 4925B9 < !9D12 9DE 81<1< 2179=E 41> =1;1>1> ;1=E 81<1< @E<1 2179 =5B5;1 1>
4981<1<;1>=1>71G9>9G1>9D1H1>7=5>:171;58?B=1D1>491>D1B1G1>9D1G1>9D1H1>725B9=1>
41> G1>9D1G1>9D1 H1>7 =5>:171 ;58?B=1D1> 49 1>D1B1 ?B1>7?B1>7 H1>7 4925B9 < !9D12
C525<E= ;1=E 29<1 ;1=E D5<18 =5=21H1B =1C ;1G9> =5B5;1 45>71> =1;CE4 =5>9;189>H1
D941;45>71>=1;CE425BI9>141>D941;@E<1=5>:149;1>>H17E>49;7E>49;1B1>7C91@1H1>7
;169BC5CE41825B9=1>D941;=5>5B9=18E;E=8E;E=C<1==1;181@EC<181=1<1>>H141>91
4981B9;91=1DD5B=1CE;?B1>7?B1>7=5BE79')

 S19 ?B1>7?B1>7 H1>7 25B9=1> 1@129<1 41D1>7 25B89:B18 ;5@141=E @5B5=@E1>

@5B5=@E1> H1>7 25B9=1> =1;1 85>41;<18 ;1=E E:9 ;59=1>1> =5B5;1 <<18 <5298
=5>75D18E9D5>D1>7;59=1>1>=5B5;1=1;1:9;1;1=ED5<18=5>75D18E9218G1=5B5;125>1B
25>1B25B9=1>=1;1:1>71><18 ;1=E;5=21<9;1>=5B5;1;5@141CE1=9CE1=9=5B5;1?B1>7
?B1>7;169B#5B5;1D914181<1<2179?B1>7?B1>7;169B9DE41>?B1>7?B1>7;169B9DED914181<1<
@E<1 2179 =5B5;1 1> 25B9;1><18 ;5@141 CE1=9 CE1=9 =5B5;1 =181B H1>7 D5<18 =5B5;1
21H1B1>D91414?C11D1C=E=5>71G9>9=5B5;11@129<1;1=E21H1B;5@141=5B5;1=181B>H1
1> :1>71><18 ;1=E D5D1@ 25B@571>7 @141 D1<9 @5B;1G9>1> 45>71> @5B5=@E1>@5B5=@E1>
;169B 41> 85>41;<18 ;1=E =9>D1 =181B H1>7 D5<18 ;1=E 21H1B 41> 85>41;<18 =5B5;1
=5=9>D1 =181B H1>7 D5<18 =5B5;1 21H1B 5=9;91><18 8E;E= <<18 H1>7 49D5D1@;1>$H1 49
1>D1B1;1=E1><<18#181#5>75D18E9<179#1819:1;C1>1T') 


 5 1&<&7.),?<.$?  )5@D P 1>

1 "1;9<1;9 =EC<9= 2?<58 =5>9;18 45>71> G1>9D1 18<E< ;9D12 /18E49


$1CB1>9
2 -1>9D1=EC<9=18D941;2?<5849;1G9>9<1;9<1;918<E<;9D12

3 19;=EC<9==1E@E>=EC<9=18D941;2?<58=5<1;E;1>@5B>9;181>45>71>
219;<1;9<1;9=1E@E>@5B5=@E1>=ECHB9;;169B
+>DE; <5298 :5<1C>H1 @5BC?<1> 9>9 25B9;ED 1;1> 49@1@1B;1> @5>:5<1C1> 41>
1B7E=5>CH1BR9>H1
 #/(3&++ (&)(& 20)&* "#+$+ #/#*-2+ 204/&( "+
# )&(+4
&1B1E<1=169;98C5@1;1D=5>71D1;1>218G181B1=8E;E=>H1C5?B1>7<1;9<1;9
=EC<9= ;1G9> 45>71> @5B5=@E1> =ECHB9; @5>71>ED 171=1 H1>7 D941; =5=9<9;9
;9D12 CE39@5>H5=218 25B81<1 579DE @E<1 C521<9;>H1 @5B5=@E1> =EC<9=18
81B1=8E;E=>H1;1G9>45>71><1;9<1;9=ECHB9;

&1B1E<1=1=5=1>7C5@5>41@1DD5>D1>781B1=8E;E=>H12179<1;9<1;9=EC<9=
=5>71G9>9 @5B5=@E1> =ECHB9; 2579DE @E<1 C521<9;>H1 @5B5=@E1> =EC<9= D941;
4925>1B;1> =5>9;18 45>71> <1;9<1;9 =ECHB9; 5B41C1B;1> 41<9< 41> 1<1C1> H1>7
D5<1849;5=E;1;1>C525<E=>H1=1;141@1D49C9=@E<;1>218G181B1=8E;E=>H1
E=1D C<1= =5>7141;1> 8E2E>71> @5B;1G9>1> 45>71> ?B1>7 =ECHB9; 219; <1;9
<1;9 =1E@E> @5B5=@E1> ;1B5>1 49 1>D1B1 E=1D C<1= =E;=9> 45>71> ?B1>7
=ECHB9;D5B41@1D@5B25411>H1>7C1>71D=5>41C1B41<1==1C1<18 .E9.6&&) 1;9418
H1>7 D941; =E>7;9> 49@5BD5=E;1> H19DE 1>D1B1 ;5D1E8941> 41> ;525B81<11> 1<
9>9 D5>DE 1;1> =5>71;921D;1> ;5<E1B71 C1;9>18 H1>7 =5>:149 81B1@1> 41> D1B75D
41B9CE1DE@5B;1G9>1>D941;1;1>@5B>18D5BGE:E4
#/(3&++20)&*"#+$+#/#*-2+ %)&&1 "+# )&(+4
!1<1E 4935B=1D9 @5>41@1D @1B1 18<9 69;98 D5>D1>7 8E;E= @5B;1G9>1> <5<1;9
=EC<9= 45>71> @5B5=@E1> 18<E< ;9D12 =1;1 1;1> 4941@1D9 218G1 =5B5;1 9DE
D5B2179=5>:1494E1;5<?=@?; *79&2& ;5<?=@?;H1>725B@5>41@1D218G1<5<1;9
=EC<9= D941; 2?<58 C1=1 C5;1<9 =5>9;18 45>71> C5=E1 @5B5=@E1> H1>7 2E;1>


 941<1=<#1R9418C5;541B49:5<1C;1>;52?<581><1;9<1;9=EC<9==5>9;1845>71>

G1>9D118<E<;9D12>1=E>D941;49C52ED;1>C531B1:5<1C=5>75>19;521<9;1>>H11<1=81<9>9
-182181<0E81H<9 1.6-&181&2.><& ).11&9:- :9<94,59BED11B1<9;B
8<=



 #E81==1492>4BMC1CH)HK69RM 1$22 EI,59BODKB1<69;B
  8<=
&<.3*)&,&2& J


=EC<9=18 D5B=1CE; 18<E< ;9D12 *):& ;5<?=@?; H1>7 25B@5>41@1D 218G1 <5<1;9
=EC<9=2?<58=5>9;1845>71>@5B5=@E1>18<E<;9D12
/1>7 D5B=1CE; ;5<?=@?; @5BD1=1 141<18 C521791> 7?<?>71> )H9R18 #5B5;1
25B@5>41@1D 218G1 <5<1;9 =EC<9= 4981B1=;1> =5>9;18 45>71> @5B5=@E1> 18<E<
;9D12;1B5>1=5B5;1D5B=1CE;41<1=31;E@1>@5>75BD91> &12:8>7.0@9 @14169B=1>
<<18)-*') 
<1C1>=5B5;1E>DE;=5=1CE;;1>@5B5=@E1>18<E<;9D12
;5@141;5<?=@?;=ECHB9;9>9141<1869B=1><<18)-*41<1=')<#19418
  41>  F"*8:3,,:-3>& 9*1&- 0&+.71&- 47&3,47&3, >&3, '*70&9&  E"*8:3,,:-3>& 11&-
.&1&-&1&8.-5:9*7&&7>&2EG)&3F"*8:3,,:-3>&0&+.71&-47&3,47&3,>&3,2*3,&9&0&3
'&-<&8&3>&11&-8&1&-8*47&3,)&7.>&3,9.,&G
*142540 0*):& =5BE@1;1> @5>41@1D C521791> 25C1B E<1=1 H1>7 =5>H1D1;1>
218G1 <5<1;9 =EC<9= 2?<58 =5>9;189 @5B5=@E1> 18<E< ;9D12 #5B5;1 25B1<1C1>
45>71>69B=1><<18)-*')#5>EBED=5B5;1@5B5=@E1>18<E<;9D12D941;
D5B=1CE; @141 ;1D1 =ECHB9;KD H1>7 D5B41@1D 49 41<1= ') 
 9DE D5D1@9 18<E<
;9D1241>=ECHB9;KD9DE4E1 ;5<?=@?;=1CH1B1;1DH1>7C1>71D25B25411>D1B1C1DE
45>71><19>>H1C5@5BD9H1>749:5<1C;1>?<58<<18)-*
&1B1 E<1=1 =5>:5<1C;1> 218G1 1<1C1> <1;9<1;9 =EC<9= 2?<58 ;1G9> 45>71>
@5B5=@E1>18<E<;9D129>9141<18CE1DE25>DE;D?<5B1>C9C<1=D5B8141@@5>71>ED
171=1 <19> ;8ECEC>H1 18<E< ;9D12 *?<5B1>C9 9>9 4925B9;1> ;1B5>1 1>D1B1 E=1D
C<1= 41> 18<E< ;9D12 D941; D5B41@1D @5B25411> H1>7 25C1B 41> =5>41C1B +=1D
C<1= 41> 18<E< ;9D12 C1=1C1=1 25B9=1> ;5@141 <<18 41> =5>H5=218$H1
25B9=1> ;5@141 $129 ;5894E@1> 1;89B1D ;5G1:921> 25B2E1D 219; 41>
=5>781B1=;1>25B2E1D:181D

)58E2E>71> 45>71> @5>41@1D H1>7 D5B1;89B 9>9 1;1> D5D1@9 =1C98 141
;5;81G1D9B1>218G1<5<1;9 =EC<9=H1>71;1>=5>9;189@5B5=@E1>18<E<;9D129DE
1;1> 41@1D 49D1B9; >1>D9 ?<58 9CDB9>H1 E>DE; =1CE; 171=1>H1 ;1B5>1 91 C5?B1>7
H1>7 B5>418 1;8<1A>H1 ;EB1>7 ;?;?8 ;59=1>1>>H1 1D1E <5298 B5>418 D9>7;1D
9>D5<5;DE1<9D1C>H1 4921>49>7;1> 45>71> 31<?> 9CDB9>H1 @5B<E 49141;1> @5>5<9D91>
41> @5>7E:91> 9<1 C5D5<18 49D5<9D9 45>71> =5<1;E;1> 25B21719 25>DE; @5>7E:91>
D5B>H1D1;5;81G1D9B1>9DED5D1@;E1D=1;1E>DE;=5>EDE@;5=E>7;9>1>D5B:149>H1
2&)-&7&9 8&)) 1. &??&7BE&- H19DE =EBD14 D941; D5B31@19>H1 DE:E1> @5B<9>4E>71>

24 1B(18=K> 1< 1IMBM .9&' &1.6- D1@ &1&)?@-.' &17'&E&- EI , 59BED 

11B1B(1CH9941< 1499C18DD88<=

241<1=941;9= &1:E.3&1:'.3:? , 1;1BD1E<1>9>D1>7
 8<=

 

 5 1&<&7.),?<.$?  )5@D P 1>

).3 @5B;1G9>1> 9DE 49<1B1>7 18;1> E<1=1E<1=1 1>169HH18 )H169R9HH18 41>


;5<?=@?; #1<9;9HH18 25B@5>41@1D 218G1 @5B;1G9>1> 1>D1B1 =EC<9= 45>71>
G1>9D118<E<;9D12141<18=1;BE8 5B41C1B;1>;5;81G1D9B1>41>@5BD9=21>71>
@5BD9=21>71> =1>611D 41> =16C141D H1>7 C5@5BD9 9>9 @E<1<18 D1=@1;>H1 =1;1
#1:5<9C +<1=1 >4?>5C91 @141 D1>771<  E>9
  41> 49@5B;E1D 45>71>
!5@EDEC1> 1DG1 $? #E>1C ,#+  =5>75<E1B;1> 61DG1 H1>7
=5>781B1=;1>@5B;1G9>1>1>D1B1<5<1;9=EC<9=45>71>G1>9D118<E<;9D12;1B5>1
=16C141D>H1<529825C1B41B9=1C<181D>H1

/&+1#+1+$#/(3&++ +1/20)&*"#+$+ %)&&1


<#1G1B49=5>H1D1;1>218G1D941;C5=E1?B1>7@5B5=@E1> -1:1.9&' 81<1<
49;1G9>991=5=2179>H1;5@1415=@1D;5<?=@?; *79&2& ;5<?=@?;1>9CB19<
&5B5=@E1>=5B5;181<1<49>9;189<5<1;9#EC<9=;1B5>1<5<E8EB=5B5;1418E<ED5<18
=5>:149/18E49;5D9;1171=19>9=1C98=EB>9H19DEC5:1;$129#EC1:149C525<E=
171=19>949@1<CE;1>1D1E49C5<5G5>7;1>
*):& ;5<?=@?; H1>7 =5BE@1;1> ;E=@E<1> ?B1>7?B1>7 2E;1> 1>9 CB19<
D5D1@9 D5<18 =5=5<E; C1<18 C1DE 41B9 4E1 171=1 9>9 =1;CE4>H1 $1CB1>9 ;5D9;1
171=19>9=1C981C<91D1ED571C>H1C525<E=171=19>9=5>71<1=9@5=1<CE1>1D1E
@5>H5<5G5>71>C5=9C1<?B1>7?B1>7(?=1G9H1>7?<58$1294941<1=CEB1DH1>7
491 ;9B9= ;5@141 !19C1B (?=1G9 491;E9 C521719 @5>79;ED 171=1 $1CB1>9 8<E<
!9D12#5B5;19>949C1=1;1>45>71>;5DEBE>1>1>9CB19<45>71>1<1C1>218G1
=5B5;19>9:E71141<18@5>79;ED171=1H1>725>1BH1>725BCE=25B41B9<<18CGD
*9.,& ;5<?=@?; H1>7 D5B49B9 41B9 ?B1>7?B1>7 H1>7 2E;1> 1>9 CB19< H1>7
41@1D49;5D18E9218G1=5B5;11D1E<5<E8EB=5B5;1418E<E=1CE;;541<1=171=1
$1CB1>9C5D5<18171=19>949C5<5G5>7;1>#5B5;19>9491>771@C1=145>71>?B1>7
?B1>7 #ECHB9; ;1B5>1 =5B5;1 =5>79;ED9 171=1 H1>7 D5<18 BEC1; 41> D5<18
49C5<5G5>7;1>&1B1@5B5=@E1>H1>725B1C1<41B9;5<?=@?;;5D9719>9D941;2?<58
49>9;189 ;1B5>1 D941; 49;5D18E9 1@1;18 418E<E =5B5;1 @5B>18 =5>:149 @5>79;ED
171=1H1>725>1B1D1E;18=5B5;1C5:1;C5=E<1=5BE@1;1>@5>79;ED171=1H1>7
C1<18 H1>7 D5<18 49C5<5G5>7;1> C1=1 C5@5BD9 @5>79;ED 171=1 25B81<1 =ECHB9;9>
B121B9:1<1>@9;9B1>9>929C149C9=@E<;1>218G1?B1>7?B1>7@5B5=@E1>H1>7
49;5D18E9218G1;5$1CB1>91>1D1E;5/18E491>>H1141<18:5<1CC5D5<18171=19>9
49C5<5G5>7;1>=1;1=5B5;1D941;81<1<2179<1;9<1;9#EC<9=

'.) 8<=
-182181I0E819<9 1.6-&181&2HH8<=
 
#1:5<9C +<1=1 >4?>5C91 .25:3&3 &9<& &/*1.8 $1&2& 3)43*8.&  1;1BD1 #1:5<9C

+<1=1>4?>5C91
8<=

&<.3*)&,&2& J


**25&9 ;5<?=@?; H1>7 D5B49B9 41B9 ?B1>7?B1>7 H1>7 D941; 49;5D18E9 1@1;18
<5<E8EB =5B5;1 418E<E =1CE; $1CB1>9 1D1E /18E49 C5D5<18 171=1 9>9 CE418
49C5<5G5>7;1> 1D1E 25<E= 49C5<5G5>7;1> =9C1<>H1 2525B1@1 CE;E B12 H1>7
CE41849945>D969;1C9C521719?B1>7/18E491D1E$1CB1>9 
#E81==14$1:9241<1==5=25B9;1>;?=5>D1BD5B8141@;9D12 1:-&)?)?&'
;1B1>71> CH)H9B1I9 H19DE 2E;E 69A98 )H169R9H18 @141 @5=2181C1> =5>75>19
4569>9C9 -1:1.9&' 141<18C52171925B9;ED
41@E> ?B1>7?B1>7 H1>7 =5>:149 @5>79;ED /18E49 1D1E $1CB1>9 C5D5<18
!9D12#EC141>!9D12C149@1<CE;1>=1;1@5B5=@E1>=5B5;1D941;81<1<
49>9;18941>:9IH18D941;2?<5849;5>1;1>D5B8141@=5B5;15B41C1B;1>81<
9>9 =1;1 ;581B1=1> =5>9;189 ?B1>7?B1>7 @5B5=@E1> H1>7 <5<E8EB 1D1E
;5<E1B71 =5B5;1 =5>:149 $1CB1>9 C5CE418 =1C1 $129 #E81==14 141<18
<5298 :5<1C <179 ?>D?8 E>DE; 9>9 141<18 CE;E21>7C1CE;E21>7C1 H1>7
=5>:149 $1CB1>9 ;1B5>1 141>H1 ;5791D1> =9C9?>1B9C C5@5BD9 H1>7 D5B:149 49
>4?>5C91&9<9@9>141>)E41> 
-18218 0E819<9 =5>H1D1;1> 218G1 @5>41@1D H1>7 =5=2541;1> 8<E< !9D12
=5>:149 5=@1D ;5<?=@?; C5@5BD9 49;5=E;1;1> < #1G1B49 41> =5=25B9;1>
CH1B1D D5BD5>DE E>DE; @5>75BD91> 8<E< !9D12 H1>7 81B1= 49;1G9>9 =5BE@1;1>
@5>41@1D#1I812)H169R9C1:1D941; 499;ED9?<58D971#1I812<19>>H1
'EB19C8 )89812 =5>H1D1;1> 218G1 =1= )H169R9 =5>4569>9C9;1> 8<E< !9D12
D5B21D1C@141;5DEBE>1>1>9CB19<C1:1C541>721>7C1<19>H1>7=5>:149@5>71>ED
171=1 /18E49 41> $1CB1>9 D941; D5B=1CE; ;5 41<1=>H1  #E81==14 1<92 #
H1>7 =5>E<9C 49C5BD1C9 D5>D1>7 =1;>1 41> 31;E@1> 8<E< !9D12 41<1= < 'EB1>
=5>H52ED;1>218G141<1=#1I812)H169R9@5>79;ED8<E<!9D12 D5B2179;541<1=
5=@1D;5<?=@?; 41>H1>725DE<25DE<491>771@C5217198<E<!9D12 81>H1<184E1
;5<?=@?;H19DE1>9CB19<41>21>7C1<19>H1>7=1CE;$1CB1>9C525<E=171=19>9
=5>71<1=9@5BE2181>49D1>71>@5=5<E;>H1 
&5B25411> @5>41@1D =5>75>19 ;54E4E;1> @5B5=@E1> 8<E< !9D12 CE418
=E>3E<C5:1;=1C1C18121D2>E+=1B41>:E712>E221C=5>H1D1;1>218G1

 <#1G1B49 1&<.&1&'.7 :9<9445>71>D18A9A#18=E4)1D81B:959BED1BE<


9;BDD8<= <H1C12E1;1B *70&<.3&3:81.2)*3,&343:81.2&1&2 *7&9:7&3
*7:3)&3,:3)&3,&3 :7.857:)*38. )&3 7&09*0 &8>&7&0&9 $1>77B?5 358 1BECC1<1= 9>1C
)H1B91DC<1=&B?F9>C9$1>77B?53581BECC1<1= 8<=
 
 #E81==14$1:92<#ED89R9 .9&':1&/2:">&7-&1:-&)?)?&' 9<94;5
 54418

#1;D1218<BCH14DD8<=



 'EB19C8)89812 %&<&8&31 :7E&3 1>4E>7#9I1>
8<= 

 #E81==141<92 -11.9&'&03&)&3&0:5&33>&  1;1BD1&1B1=139F91




8<=


 5 1&<&7.),?<.$?  )5@D P 1>

8E;E= =5>9;189 @5B5=@E1> 8<E< !9D12 141<18 C1=1 45>71> 8E;E= =5>9;189
@5B5=@E1> =ECHB9; !54E1 C18121D 9>9 $129 9>9 =5>EBED 2E 1HH1>
=5>71>771@ 1H1D 41<1= CEB1D <#19418 D5<18 4981@EC ).2&38:0- @5B1>
?@5B1D96>H145>71>1H1D<1A1B182E1HH1>;5<981D1>>H1D941;C5DE:E45>71>
@5>41@1D4E1C18121D>1299>9;1B5>1491=5>H1D1;1>D5<18D5B:1499:=1R=5>75>19
;52?<581> =5>9;189 @5B5=@E1> 8<E< !9D12 18;1> 491 =5>H1D1;1> 218G1
C5=E1 6EA181R D5B=1CE; )H169R9 D5<18 C5@1;1D =5>75>19 ;52?<581> =5>9;189
@5B5=@E1> 8<E< !9D12 45>71> C549;9D @5>753E1<91> ;1B5>1 =1= #1<9; 41>
=1=8=1425B@5>41@1D=1;BE8 
1B9;5>H1D11>491D1C21B1>7;1<941@1D49>H1D1;1>218G161DG1#+D5>D1>7
@5>75BD91> 8<E< !9D12 25B1C1< 41> =5<1>:ED;1> @5>41@1D 41<1= #1I812 )H169R9
&5>41@1D D5BC52ED 2E;1><18 @5=2181BE1> H1>7 491:E;1> 45>71> 1<1C1> C5>49B9
1D1E 1<1C1> 21BE D1>@1 =5>77E>1;1> C52E18 @5>41@1D 1G1< @E> C521719 BE:E;1>
1D1EC1>41B1>1@1<179491>771@=5>9>771<;1>1D1E=5>H1<189<'EB1>&5>41@1D
#+ 49 1D1C 81>H1<18 C5;541B =5>71=29< 1<98 @5>41@1D H1>7 D5<18 @5B>18 141
41<1= ;81I1>18 69A98 41> 218;1> 21B1>7;1<9 41@1D 49C52ED P=5B5;1 =5>71=29<
@5>41@1D H1>7 C531B1 =5D?4?<?79C 141<18 ;?>C5BF1D96 &5>41@1D 9>9 491>771@
;?>C5BF1D96 ;1B5>1 =5>5B9=1 41> =5>5BEC;1> @5>41@1D 41<1= =1I812 )H169R9
H1>7 ?<58 #1I812 <19>>H1 491>771@ D941; 3E;E@ ;E1D 41> 218;1> ;EB1>7 41@1D
49@5BD1>77E>7:1G12;1>
$1=E> 2579DE <5@1C 41B9 C579 =5D?45 41> 31B1 H1>7 497E>1;1> #+
=5>71=29< @5>41@1D 41<1= #1I812 )H169R9 9>9 ;1B5>1 491>771@ 3?3?; 45>71>
;52EDE81>41> ;5>H1D11>49>4?>5C91C5;1B1>7218G1@5B;1G9>1>1>D1B11>D1B1
<1;9<1;9 =EC<9= 45>71> @5B5=@E1> $1CB1>9 <5298 21>H1; =E41B1D>H1 41B9@141
=1>611D>H1 41> ;1B5>1 9DE C5219;>H1 4989>41B9 &5B;1G9>1> 9>9 @141 E=E=>H1
D941; 25BE=EB @1>:1>7 41> ;1<1E@E> 25BE=EB @1>:1>7 ;E1D ;5C1> =5B5;1 9DE
35>45BE>7 D941; =5=54E<9;1> 171=1 41<1= ;5894E@1> ;5C581B91> =5B5;1
C589>771 21>H1; ?B1>7 H1>7 25B@5>41@1D 218G1 @5B;1G9>1> D5BC52ED 41@1D
25BE=EB @1>:1>7 141<18 ;1B5>1 =5B5;1 35>45BE>7 D941; @54E<9 1D1E @5B=9CC96
41<1= =1C1<18 ;5171=11> ;1B5>1 9DE 41@1D 49;1D1;1> 218G1 =5B5;1 ;EB1>7
=5<1;C1>1;1>DE>DE>1>C<1=4941<1=;5894E@1>BE=18D1>771=5B5;1

 <H1C12E1;1B *70&<.3&3:81.2)*3,&343:81.245(.98<=
&<.3*)&,&2& J


 +)&0&0#/ +"&+$+
)5D5<18 @5=1@1B1> 1B7E=5> CH1BR9 49 1D1C @5>E<9C @5B<E =5=25B9;1> 1>1<9C9C
@5B21>49>71>!1<1E49@5B81D9;1>@5>:5<1C1>*9=&5>71BECED1=11>5>45B41<1=
21791> &5>71>D1B 41<1= @5=2E1D1> "! =1;1 41@1D 49C9=@E<;1> 218G1
@5=2?<581>@5B;1G9>1>2541171=19>9141<18C5;541B41<1=B1>7;1=5>571;;1>
@B9>C9@@B9C9@@<EB1<9C=5>1C9?>1<9C=5#45=?;B1C941>;5=1C8<181D1>H1>7
1>DB?@?C5>DB9C &5=2?<581> 9>9 C5@5BD9>H1 ;1B5>1 4941C1B9 ?<58 C1DE ;5H1;9>1>
=5B5;1 218G1 =1C1<18 9>9 141<18 =1C1<18 9:D98149
&5=2?<581> 9>9 35>45BE>7
D5B<981D 218G1 =5B5;1 <5298 =5>7ED1=1;1> 1C1C ;521817911> 41> =1>611D
:9.1.9&7.9&9.+ 2179 @5<1;E @5B>9;181> 3&+8 49 1D1C ;5=E>7;9>1> ;?>C5;E5>C9 D941;
=1;C9=1<>H1 @5<1;C1>11> 1:1B1> 171=1 ).3 41B9 =1C9>7=1C9>7 1<1= 2181C1
=1A1C894 CH1B9R18 =5B5;1 <5298 =5>7E>77E<;1> =1>EC91>H1 3&+8 41B9@141
171=1>H1 ).3 1< 9>9 <5298 C5CE19 45>71> ;?>C5@ ED9<9D1B91>9C=5 1791> H1>7
=5B5;1D5=@1D;1>C521719 )*74,&'1*7.,-98 81;H1>741@1D49;EB1>7941<1=;51411>
D5BD5>DE:ECDBE171=12E;1>:9G1
9 @981; <19> @1B1 @5BE=EC ! =5=@E>H19 1C1C @5B;1G9>1> 218G1
@5B;1G9>1> 81BEC 45>71> 1>D1B =EC<9= >9 :E71 25B1>7;1D 41B9 ;?>C5@ 9>79>
=5>75:1B =1C<181D )521719=1>1 41<1= =1A1C894 CH1B9R18 49>H1D1;1> 218G1
41<1= @5BE=EC1> 8E;E= =1;1 =E:D1894 81BEC =5=@5BD9=21>7;1> <9=1 81<
C5;1<97ECH1;>9
171=1 :9G1 1;1< 81BD141>;5DEBE>1>#5B5;1<5298
=5=@B9?B9D1C;1>171=1).341B9@141;5>9;=1D1>:9G1=1>EC91>H13&+8
#5B5;1H1>7=5>?<1;=ED<1;@5B;1G9>1>2541171=1=5>5=@1D;1>171=149
1D1C@B9?B9D1C5=@1D;?=@?>5>H1>7<19>5>71>45=9;91>=5B5;125B@5>41@1D
218G1;5=1C<181D1>;55=@1D;?=@?>5>H1>7<19>81BEC=5>79;ED9;5=1C<181D1>
171=11<1=;1CEC;1G9>2541171=1<?79;18E;E=9>9D1=@1;5=9=5>:171
171=1C<1=>H1=1;1C5C5?B1>781BEC=5=9<98@1C1>71>C5C1=1=EC<9=#5B5;1
=5>5=@1D;1>171=1C52171921791>H1>7 343)*74,&'1*7.,-98 81;H1>7D941;41@1D
49;EB1>7941<1=;51411>1@1@E>
)541>7;1> =5B5;1 H1>7 =1C98 =5>H5DE:E9 ;1G9> 2541 171=1 =5>5=@1D;1>
;5=1C<181D1>=1>EC91491D1C @B9?B9D1C;55=@1DH1>7<19>&5B25411>171=1D941;
=5>:149=1C1<181C1<;1>C1<9>7=5>39>D1941>=1=@E=5=25>DE;;5<E1B71H1>7

&5>:5<1C1> <5298 <1>:ED D5>D1>7 @B9>C9@@B9>C9@ 9>9 41@1D 49<981D @141 *9=

&5>71BECED1=11>5>45B 45(.9 8<=  



)9D9 #EC418 #E<91 Q#5>16C9B +<1>7 &5B>9;181> "9>D1C 71=1R 41<1= #1B91 +<618

>C8?B 41> #1BD9> "E;9D? )9>171 4 #&+8.7 $1&3, *70&<.3&3 .39&8 ,&2& *785*09.+
*7*25:&3)&31:7&1.82*  1;1BD1!1@1<&5B5=@E1> 8<=



 5 1&<&7.),?<.$?  )5@D P 1>

21817919C9>9<18<5D1;@5B=1C1<181>>H1H1;>9=5B5;1H1>7D5?C5>DB9C41>H1>7
1>DB?@?C5>DB9C

 #+212-
&5B;1G9>1> =5BE@1;1> G9<1H18 @B9F1C9 C5D91@ ?B1>7 1<1= CD1>41B E>9F5BC1<
41> C5CE19 (4;*3&39 43 (.;.1 &3) 541.9.(&1 7.,-98 D5<18 49>H1D1;1> 218G1 D941;
49@5B2?<58;1>9>CD9DEC91@1@E>E>DE;=5=25<5>77E;52521C1>C5C5?B1>7=5=9<98
@1C1>71> ;1> D5D1@9 @141 @B1;D5;>H1 41<1= ;?>D5;C >4?>5C91 D941; C5=E418
C521719=1>1 H1>7 49G131>1;1> 5B41C1B;1> @5=1@1B1> 49 1D1C =1;1 41@1D
49C9=@E<;1>41>C5;1<97EC=5>:1G124E1@5BD1>H11>@?;?;C52171925B9;ED

 #1A1C894 )H1B9R18 41> ED9<9D1B91>9C=5 ;54E1>H1 =5<5D1;;1> 41C1B
@5BE=EC1> 8E;E=>H1 @141 :9G1 =1C8<181D ;1> D5D1@9 ;?>C5@
;5=1C<181D1> H1>7 85>41; 49D1G1B;1>>H1 25B1C1< 41B9 <1D1B 25<1;1>7 H1>7
25B2541 #1A1C894 )H1B9R18 25B1C1< 41B9 C<1= C589>771 ;5=1C<181D1>>H1
=1C98 81BEC 25B@9:1; @141 D5;C 1:1B1> C<1= %<58 C5212 9DE<18 41<1=
=5<981D ;1G9> 2541 171=1 ;5C9=@E<1> H1>7 4941@1D ;1G9> 2541 171=1
41<1= C<1= =5=@E>H19 @5BCH1B1D1> H1>7 C1>71D BE=9D #EC<9= 2?<58
=5>9;189 @5B5=@E1> 18<E< ;9D12 C5=5>D1B1 =EC<9=18 D941; 2?<58 49>9;189
<1;9<1;9 18<E< ;9D12 41> D5B;189B 218G1 219; =EC<9= =1E@E> =EC<9=18
D941; 2?<58 =5>9;18 45>71> 219; <1;9<1;9 =1E@E> @5B5=@E1> =ECHB9;
&5BCH1B1D1>9>9C1>71D;5D1DC589>77181=@9B81=@9BD941;49@5B2?<58;1>
)541>7;1> +D9<9D1B91>9C=5 DE=2E8 41> 25B;5=21>7 41<1= <1D1B 25<1;1>7
2E41H1 1B1D H1>7 35>45BE>7 =5>7E>77E<;1> ;5@5>D9>71> =1>EC91>H1
41B9@141 171=1>H1 1<1= =5>H9;1@9 ;1G9> 2541 171=1 8E;E= H1>7
85>41; 49BE=EC;1> 81BEC D941; 492521>9 =1C1<18 171=1>H1 ;1B5>1 :ECDBE
81BEC=5=@5B81D9;1>;5@5>D9>71>41>;5C5>1>71>=1>EC919<1@5B25411>
171=1 =5>:149 @5>781<1>7 4E1 ?B1>7 <1G1> :5>9C H1>7 C1<9>7 =5>39>D19
E>DE; =5<1>7CE>7;1> @5B>9;181> =1;1 2541 171=1 81BEC 81BEC D941;
49@5BD9=21>7;1> =5>:149 @5>781<1>7 @5B>9;181> 5>71> 45=9;91>
C91@1@E> ?B1>7>H1 41> 41B9 1@1@E> 171=1>H1 1C1<;1> CE;1 C1=1 CE;1
C581BEC>H12?<58=5<1>7CE>7;1>@5B>9;181>
 E1 ;?>C5@ 9>9 D5B>H1D1 D5<18 D5B<981D =5=@5>71BE89 49>1=9;1 @5BE=EC1>
@5B1DEB1> @5B;1G9>1> 49 >4?>5C91 1<1= &1C1<  ++

  D5>D1>7
@5B;1G9>1> D5<18 49>H1D1;1> 218G1 @5B;1G9>1> 141<18 C18 1@129<1
49<1>7CE>7;1>=5>EBED171=141>;5@5B31H11>>H1)5<1>:ED>H1;?>DB149;C9
H1>7 C1>71D D1:1= D5B<981D 141<18 @141 5;C9CD5>C9 >@B5C

 D5>D1>7
&<.3*)&,&2& J


!?=@9<1C9 E;E= C<1= 41> 4:39*7 4+ *,&1 7&+9 4+ !?=@9<1C9 E;E=


C<1=!?=@9<1C9E;E=C<1= 41<1=&1C1< 41>
45>71>D571CD5<18
=5>H1D1;1>218G1@5B;1G9>1>2541171=1D941;49@5B2?<58;1>1<9>9<18
C5@5BD9 H1>7 C52ED 49 1D1C @1B1 @5BE=EC 9>9 =1C98 D5B2521>9 =5>31B9
=1C8<181D 45>71> ;?>C5@ =1A1C894 CH1B9R18 H1>7 D5;CDE1< 18;1> ;1B5>1
D5B<1<E D5;CDE1<>H1 :ECDBE =5>EDE@ =ED<1; ;5C5=@1D1> ;1G9> 2541 171=1
=5C;9@E> 1>D1B1 #EC<9= 45>71> @5B5=@E1> 18<E< ;9D12 >9 49C5212;1>
;1B5>1 =5B5;1 =5>71>771@ 218G1 ;5@5>D9>71> H1>7 1C1C9 141<18 171=1
).3 71=1 ).3 41<1= ;?>D5;C @5=5>E81> # :ECDBE H1>7 =5>:149
343 )*74,&'1* 7.,-98 81; H1>7 D941; 41@1D 49;EB1>79 41<1= ;51411> 1@1@E>
5>71> 45=9;91> ;5@5>D9>71> =5=5>E89 D5;C 171=1 81BEC <5298
49ED1=1;1> 4921>49>7 45>71> ;5@5>D9>71> E>DE; =5=E1C;1> ;5C5>1>71>
=1>EC91
)541>7;1> "! 41<1= &1C1<   =5>H1D1;1> C531B1 D571C 218G1
@5B;1G9>1> 2541 171=1 D5D1@ 49@5B2?<58;1> 45>71> 31D1D1> E>DE; =5=5>E89
DE:E1> @5B;1G9>1> H1;>9 ;521817911> @1C1>71> CE1=9 9CDB9 >9<18 C521719=1>1
C1H1 C52ED 49 1D1C 218G1 @5BE=EC1> 9>9 C5CE19 45>71> ;?>C5@ =1C<181D
:9.1.9&7.&3.82* 1<1= ;?>D5;C # ;521817911> =1>EC91 @1C1>71> CE1=9 9CDB9
:ECDBEH1>781BEC49:149;1>C52171981;H1>7D941;41@1D49;EB1>7941<1=;51411>
1@1@E> 343 )*74,&'1* 7.,-98 C541>7;1> ;5@5>D9>71> =5>79;ED9 171=1 C521719
;5@5>D9>71>H1>729C149;EB1>7941<1=;51411>D5BD5>DE)*74,&'1*7.,-98.39*7*898
5B41C1B;1>;5C9=@E<1>491D1CC521719B5;?=5>41C9H1>7D5<18=1CE;41<1=
@5BD1>H11>;54E1H1;>9@B549;C9=1C145@1>D5>D1>749C;EBCEC;1G9>2541171=1
)5D5<18=5>71<1=949C;EC9H1>79>D5>C4941<1=;5<1CD5<1849=E>3E<;1>D97131B1
@1>41>7 E>DE; =5>H9;1@9 =1C1<18 9>9 *971 31B1 @1>41>7 D5BC52ED 141<18
D5;CDE1<9C ED9<9D1B9D1D96 41> 65>?=5>?<?79; +>DE; =5B5;1 H1>7 =1C98 =5>?<1;
;1G9> 2541 171=1 25B41C1B;1> 31B1 @1>41>7 9>9 C525>1B>H1 21BE C1=@19 @141
CE4ED @1>41>7 D5;CDE1<9C #5B5;1 85>41; =5<571<;1> ;1G9> 2541 171=1 CE418
171; =1:E =5>771@19 CE4ED @1>41>7 ED9<9D1B9D1D96 H1;>9 =5>418E<E;1> =1C<181D
=1>EC91>H1 =5C;9@E> 81BEC =5<1>7;189 D5;C +@1H1 <5298 =5>7ED1=1;1>
=1C<181D =1>EC91 =5C;9@E> =5<1=@1E9 D5;C :E71 @5B>18 497171C D*E69 &141

9=E>3E<;1>?<58?C5>BC/EC41>9#741<1=@5B;E<9181>
"981D 41<1= 2E;E H1>7 49DE<9C ?<58 /EC41>9 *7&3&3 *5*39.3,&3 $2:2 )&1&2
!*&09:&1.8&8. :0:2 &/.&3 438*5 :0:2 81&2 &/&2:)).3 9#:+. /?7H1;1BD1 + &B5CC


 5 1&<&7.),?<.$?  )5@D P 1>

1;89B>H1 C5=E1 81BEC =5>5B9=1 61;D1 65>?=5>?<?79 !1G9> 2541 171=1 @141
=1C1 H1>7 1;1> 41D1>7 1;1> CE<9D D5B25>4E>7 ;1B5>1 2579DE 45B1C>H1 DE>DED1>
# H1>7 =5>H5212;1> @5BD5=E1> 1>D1B =1>EC91 D1>@1 =5=2541;1> <1D1B
25<1;1>7 171=1 )521719 B5;?=5>41C9 @B?7B5C969D1C 9:D9814 81BEC D5BEC 49791D;1>
E>DE;D5D1@=5=@5B81D9;1>@5=5>E81>#41<1=;1G9>2541171=1

   

24EBB18=1>C:=E>9** &<&E.):1.6-.>&- 1;1BD1E<1>9>D1>7


>C8?B#1B91+<61841>#1BD9>"E;9D?)9>1714  #&+8.7$1&3,*70&<.3&3
.39&8,&2&*785*09.+*7*25:&3)&31:7&1.82* 1;1BD1!1@1<&5B5=@E1>
CH)H1D929 2E C81A  1:<&+&6&9 +. $8:1 8>">&7.E&- "921>?> 1B 1<
!EDE21<<=9HH18
1;1B <H1C1 2E  *70&<.3&3 :81.2 )*3,&3 43:81.2 &1&2 *7&9:7&3
*7:3)&3,:3)&3,&3 :7.857:)*38. )&3 7&09*0 &8>&7&0&9 $1>77B?5 358
1BECC1<1=9>1C)H1B91DC<1=&B?F9>C9$1>77B?53581BECC1<1=
?45>859=5B
  :7.857:)*3(* 9-* -.14845-> &3) *9-4) 4+ &< 1=2B9475
#1CC1BF1B4+>9F5BC9DH&B5CC
B?G><95 1> &5>H
  40:2*3)40:2*3 4040*3,*3&. &0 8&88. &3:8.&
1<982181C15B91>CH18 1;1BD1&5>5B29D+>9F5BC9D1C>4?>5C91
1<92#E81==14
 -11.9&'&03&)&3&0:5&33>& 1;1BD1&1B1=139F91
1;9=241<1=94
 &1:E.3&1:'.3:? , 1;1BD1E<1>9>D1>7
1IMBM241B(18=K>1<**.9&'&1.6-D&1@&12&)?@-.'&1&7'&E&- EI,59BED
11B1B(1CH9941< 1499C18
#1:5<9C +<1=1 >4?>5C91
.25:3&3 &9<& &/*1.8 $1&2& 3)43*8.& 1;1BD1
#1:5<9C+<1=1>4?>5C91
#1CRE4 #E81==14 !81<94
.18&+&9 :0:2 81&2 )&3 *7:'&-&3 "48.&1
@5>5B:5=18/E491>-18HE49C=9>)EB121H1<;8<1C
#1G1B49 <** 1&<. &1&'.7 :9<94  45>71> D18A9A #18=E4 )1D81B:9
59BED1BE<9;B
#1H "1BBH 4;; 54
9.0& #*7&5&3  1<98 2181C1 )9>D1 1B?<9>1 4;;
/?7H1;1BD1&**91B1-131>1/?7H1
#9<< ?8> )DE1BD
 $9.1.9&7.&3.82 43 .'*79> 88&> 43 *39-&2%89? *85 -?B<4
&E2<9C89>7?=@1>H
&<.3*)&,&2& J


#EC<58E449> #E81==14
.18&+&9 :0:2 81&2 )&3 *2.0.7&3
7.*39&1.8/?7H1;1BD1*91B1-131>1
#ED89R9#E81==14$1:92<** .9&':1&/2:">&7-&1:-&)?)?&' 9<94;5

 54418#1;D1218<BCH14
$19=24E<<188=141>
 *043897:08.">&7.D&- 1<982181C18=14)E154H
41> =9BE449>BB1>9/?7H1;1BD1"!9)
)38EB4G9>
 &<&3)"4((.*9> $5G/?B;(1>4?>?EC5
)89812'EB19C8
 %&<&8&31 :7E&3 1>4E>7#9I1>
)HK69RM#E81==1492>4BMC1CH
  1$22 EI,59BODKB1<9;B
-18HE49/E491> $8-:1.0.-;*78:8*72*3*:9.0&/?7H1;1BD1$1G5C51&B5CC
/EC41>9  *7&3&3 *5*39.3,&3 $2:2 )&1&2 !*&09:&1.8&8. :0:2 &/.&3 438*5
:0:281&2&/&2:)).39#:+. /?7H1;1BD1+&B5CC
0E81H<9 -18218 1<
 1.6- &181&2.> <& ).11&9:- :9<94 , 59BED 11B
1<9;B

Anda mungkin juga menyukai