creative commons non-commercial report

7/31/2019 Creative Commons Non-Commercial Report

http://slidepdf.com/reader/full/creative-commons-non-commercial-report 1/255

!"#$%$%&'()*%+*,,"-+$./0

!"#$%&'"()"*(+"$,-"./01/-"2(3%04$1(/"5/&-67$4/&7"89(/:(;;-6:140"57-<

#-3$-;=-6">??@!

http://creativecommons.org/



!"#$%$%&'()%*)++",*$-. "

A-3(6$"3%=017,-&"='B#$%&'()%!#*++*,-!#*$.*$&'(*,

/0/!1%2*,3!1'$%%'4!15('%!6771&,!8$&,2(-2*4!#9!:;/7<=6>//4!?19!@/!;/<!6A:!>;>7

BBBC2$%&'()%2*++*,-C*$D

A-7-46:,":(/&%:$-&"='BE%'.*.!F%-%&$2G4!HH#6""!#*$'I&,3!9)%,5%

1&,!8$&,2(-2*4!#9!:;//74!?19BBBC,%'.*.$%-%&$2GC2*+

JG(-!F%.*$'4!(,2I5-()%!*K!'G%!9..%,3(2%-4!(-!.5LI(-G%3!5,3%$!'G%!#$%&'()%!#*++*,-!9''$(L5'(*,!6C7!?,.*$'%3!I(2%,-%!G''.MNN2$%&'()%2*++*,-C*$DNI(2%,-%-NLON6C7NC

JG%!$%-%&$2G!3&'&!2*II%2'%3!K*$!'G(-!F%.*$'!&$%!.5LI(-G%3!5,3%$!##7!G''.MNN2$%&'()%2*++*,-C*$DN.5LI(23*+&(,NP%$*N/C7N4!BG(2G!+%&,-!#$%&'()%!#*++*,-!G&-!B&()%3!&II!2*.O$(DG'!&,3!$%I&'%3!$(DG'-!'*!'G%!$%-%&$2G!3&'&!B*$I3B(3%C

#*.(%-!*K!'G%!F%.*$'4!9..%,3(2%-!&,3!$%-%&$2G!3&'&!&$%!&)&(I&LI%!&'!G''.MNNB(Q(C2$%&'()%2*++*,-C*$DNR%K(,(,DSE*,2*++%$2(&I4!BG(2G!(-!&I-*!'G%!I(,Q!'*!.$*)(3%!K*$!.5$.*-%-!*K!&''$(L5'(*,C!1%%!9..%,3(T!<C/!&,3!9..%,3(T!<C"!K*$!-5DD%-'%3!2('&'(*,!(,K*$+&'(*,C

C%-7$1(/7"(6"D(;;-/$7EUK!O*5!G&)%!&!V5%-'(*,!*$!2*++%,'!&L*5'!'G(-!F%.*$'4!2*,'&2'!#$%&'()%!#*++*,-!&'!(,K*W2$%&'()%2*++*,- *$D


http://www.netpopresearch.com/

http://creativecommons.org/licenses/by/3.0/

http://creativecommons.org/publicdomain/zero/1.0/


http://wiki.creativecommons.org/Defining_Noncommercial


mailto:[email protected]



http://www.netpopresearch.com/








!"#$%$%&'()%*)++",*$-. 6

D(/$-/$7

9L*5'!'G(-!F%.*$'CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCA

bT%25'()%!15++&$O!&,3!F%.*$'!Z$%-%,'&'(*,CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC/7

b+.($(2&I!8(,3(,D-M!?C1C!^,I(,%!Z*.5I&'(*,CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC//

U,K*$+&I!8(,3(,D-M!##88CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC/"

1'53O!U+.&2'!&,3!E%T'!1'%.-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC/6

F%.*$'!Z$%-%,'&'(*,CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC/6

/!c&2QD$*5,3CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC/;

/C/!#$%&'()%!#*++*,-!&,3!'G%!##!H(2%,-%-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC/;

/C"!JG%!##!E*,2*++%$2(&I!H(2%,-%!J%$+CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC/A

"!1'53OCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC/:

"C/!12*.%!*K!F%-%&$2GCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC/:"C"!R%-2$(.'(*,!&,3!]%'G*3*I*DOCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC"7

F%-%&$2G!^La%2'()%-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC"/

d5&I('&'()%!F%-%&$2GCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC""

d5&,'('&'()%!F%-%&$2GCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC";

6!8(,3(,D-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC":6C/!d5&I('&'()%!F%-%&$2GCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC":

ZG&-%!"M!#$%&'*$-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC":



!"#$%$%&'()%*)++",*$-. ;

##88!15$)%OCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC0<

;!E%T'CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC00

;C/!U+.*$'!K*$!#$%&'()%!#*++*,-!E*,2*++%$2(&I!H(2%,-%-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC00

;C"!F%2*++%,3&'(*,-!*,!?-(,D!##!E*,2*++%$2(&I!H(2%,-%-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC0>

;C6!85$'G%$!F%-%&$2GCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC>7

;C;!_*B!'*!Z&$'(2(.&'%!(,!'G%!R(-25--(*,CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC>"

<!9..%,3(TCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC>6

<C/!?-(,D!&,3!#('(,D!'G%!F%.*$'!&,3!9..%,3(TCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC>6<C"!?-(,D!&,3!#('(,D!'G%!R&'&CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC>6

<C6!#$%&'()%!#*++*,-!cf=E#!H(2%,-%!&,3!#*++*,-!R%%3CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC>;

#$%&'()%!#*++*,-!9''$(L5'(*,=E*,2*++%$2(&I!6C7!?,.*$'%3!#*++*,-!R%%3CCCCCC:7

<C;!R%K(,(,D!XE*,2*++%$2(&IY!1'53O!d5%-'(*,,&($%!K*$!#$%&'*$-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC:/

<C<!R%K(,(,D!XE*,2*++%$2(&IY!1'53O!d5%-'(*,,&($%!K*$!?-%$-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC//"

<CA!R%K(,(,D!XE*,2*++%$2(&IY!1'53O!R&'&![$&.G-!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC/6A

I1J%6-7

8(D5$%!/M!ZG&-%!"!g!#*,'%,'!#$%&'*$-!h9..%,3(T!<CA4!1I(3%!"iCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC"A

8(D5$%!"M!ZG&-%!6!g!#*,'%,'!?-%$-!h9..%,3(T!<CA4!1I(3%!6iCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC"A

8( 6 ZG ' 'G ' ' K I( ' ' ' 3 3



!"#$%$%&'()%*)++",*$-. <

8(D5$%!/6M!F&'(,D-!*K!#*++%$2(&I!?-%!LO!#$%&'*$-!&,3!?-%$-M!12%,&$(*-!F%I&'%3!'*!?-%-!U,)*I)(,D!]*,%O!h9..%,3(T!<CA4!1I(3%!</iCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC<:

8(D5$%!/;M!F&'(,D-!*K!#*++%$2(&I!?-%!LO!#$%&'*$-!&,3!?-%$-M!12%,&$(*-!F%I&'%3!'*!?-%-!U,)*I)(,D!93)%$'(-%+%,'-!h9..%,3(T!<CA4!1I(3%!<;iCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCA7

8(D5$%!/<M!F&'(,D-!*K!#*++%$2(&I!?-%!LO!#$%&'*$-!&,3!?-%$-M!12%,&$(*-!F%I&'%3!'*!?-%-!LO!^$D&,(P&'(*,!h9..%,3(T!<CA4!1I(3%!<:iCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCA"

8(D5$%!/AM!F&'(,D-!*K!#*++%$2(&I!?-%!LO!#$%&'*$-!&,3!?-%$-M!12%,&$(*-!F%I&'%3!'*!?-%-!B('G!#G&$('&LI%!Z5$.*-%-!h9..%,3(T!<CA4!1I(3%!A/iCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCA;

8(D5$%!/0M!F&'(,D-!*K!#*++%$2(&I!?-%!LO!#$%&'*$-!&,3!?-%$-!j9,2G*$!Z*(,'!bT%$2(-%k!

h9..%,3(T!<CA4!1I(3%!A"iCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCA<8(D5$%!/>M!#G&,D%-!(,!R%K(,('(*,-!&,3!F%&2'(*,-!'*!##!E#!J%$+!h9..%,3(T!<CA4!1I(3%!0/iCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCA>

K4=0-7J&LI%!/M!#$%&'()%!#*++*,-!H(2%,-%!bI%+%,'-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC/<

J&LI%!"M!#*,'%,'!#$%&'*$-!&,3!#*,'%,'!?-%$-!R&'&-%'CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC"0

J&LI%!6M!d5&I('&'()%!F%-%&$2G!#*,-(3%$&'(*,!8&2'*$-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC6/

J&LI%!;M![&'%Q%%.(,D!8&2'*$-CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC<"



!"#$%$%&'()%*)++",*$-. A

!=(%$"$,17"A-3(6$

D(/)1&-/$1401$'

JG%!(3%,'('(%-!*K!(,'%$)(%B%%-!&,3!K*25-!D$*5.!.&$'(2(.&,'-!&$%!2*,K(3%,'(&IC!9II!

K(,3(,D-!&$%!$%.*$'%3!%('G%$!&,*,O+*5-IO!*$!(,!&DD$%D&'%3!K&-G(*,C!d5*'&'(*,!+&$Q-!5-%3!(,!2*,,%2'(*,!B('G!'G%!$%.*$'(,D!*K!$%-%&$2G!K(,3(,D-!(,3(2&'%!

)%$L&'(+!V5*'%-4!5,I%--!('!(-!2I%&$!K$*+!'G%!2*,'%T'!'G&'!'G%!V5*'&'(*,!+&$Q-!&$%!

5-%3!'*!-%'!*KK!&!B*$3!*$!.G$&-%C

L4$4"4/&"M(6&"574J-"D(/F-/$1(/7

8*$!%&-%!*K!$%&3(,D4!'G(-!F%.*$'!&,3!'G%!3&'&!D$&.G-!$%.$*352%3!G%$%!&,3!(,!'G%!

9..%,3(T!-*+%'(+%-!-G*$'%,!'G%!V5%-'(*,-!&-Q%3!*K!-5$)%O!$%-.*,3%,'-C!l%$O!

-(+(I&$!V5%-'(*,-!K$*+!3(KK%$%,'!.G&-%-!*K!$%-%&$2G!&$%!&I-*!-*+%'(+%-!2*+L(,%3!

&,3!2*,3%,-%3!BG%,!3&'&!K$*+!'G*-%!.G&-%-!&$%!$%.*$'%3!'*D%'G%$C!JG%!-'53O!

V5%-'(*,,&($%-!&$%!&)&(I&LI%!&'!'G%!%,3!*K!'G(-!F%.*$'C

c%I*B!&$%!-*+%!'%$+-!K$%V5%,'IO!5-%3!(,!2*,,%2'(*,!B('G!$%.$%-%,'&'(*,!*K!'G%!

3&'&4!&,3!%T.I&,&'(*,-!*K!BG&'!'G*-%!'%$+-!&$%!(,'%,3%3!'*!2*,)%OM



!"#$%$%&'()%*)++",*$-. 0

X7(;-Y!5-%3!(,!2*,,%2'(*,!B('G!V5&I('&'()%!K(,3(,D-!(,3(2&'%-!BG%,!&,!*.(,(*,!(-!

-G&$%3!LO!I%--!'G&,!G&IK4!L5'!+*$%!'G&,!&!K%B!$%-.*,3%,'-C

`('G!$%D&$3!'*!$%.$%-%,'&'(*,!*K!,5+L%$-4!-.%2(K(2&IIO4!.%$2%,'&D%-!&$%!$*5,3%3!

'*!'G%!,%&$%-'!BG*I%!,5+L%$4!BG(I%!+%&,-!&$%!$%.*$'%3!B('G!&!-(,DI%!3%2(+&I!

.I&2%C!`G%,!(,3(2&'(*,-!-52G!&-!X/!(,!/7Y!&$%!.$*)(3%34!'G%O!&$%!L&-%3!*,!&2'5&I!

.%$2%,'&D%-4!&,3!$*5,3%3!'*!'G%!,%&$%-'!(,'%D%$!5,3%$!/7C



!"#$%$%&'()%*)++",*$-. >

!:O/(+0-&J-;-/$7

JG(-!-'53O!B&-!+&3%!.*--(LI%!LO!'G%!D%,%$*5-!-5..*$'!*K!'G%!9,3$%B!`C!]%II*,!8*5,3&'(*,C!9'!'G%!]%II*,!8*5,3&'(*,4!#$%&'()%!#*++*,-!*B%-!.&$'(25I&$!

'G&,Q-!'*!R*,&I3!\C!`&'%$-4!Z$*D$&+!^KK(2%$!K*$!12G*I&$IO!#*++5,(2&'(*,-C!

JG&,Q-!&-!B%II!'*!_%I%,!#5IIO%$4!9--*2(&'%!Z$*D$&+!^KK(2%$4!&,3!Z&5I&!]5($4!

Z$*D$&+!9--*2(&'%C

#$%&'()%!#*++*,-!(-!G*,*$%3!'*!G&)%!L%%,!&LI%!'*!B*$Q!B('G!&!-'%II&$!D$*5.!*K!

I%D&I4!.5LI(2!.*I(2O4!&,3!(,K*$+&'(*,!'%2G,*I*DO!%T.%$'-4!BG*!&3)(-%3!*,!$%-%&$2G!+%'G*3*I*DO!&,3!3&'&!&,&IO-(-C!8*$!'G%($!D%,%$*-('O!&,3!(,)&I5&LI%!D5(3&,2%4!

##!(-!D$&'%K5I!'*!'G%-%!3(-'(,D5(-G%3!&2&3%+(2(&,-M

#G$(-'(,%!HC!c*$D+&,4!ZGCRC4!Z$*K%--*$!&,3!Z$%-(3%,'(&I!#G&($!(,!U,K*$+&'(*,!

1'53(%-4![$&35&'%!12G**I!*K!b352&'(*,!&,3!U,K*$+&'(*,!1'53(%-4!?,()%$-('O!*K!

#&I(K*$,(&4!H*-!9,D%I%-m!

`(II(&+!_C!R5''*,4!ZGCRC4!R($%2'*$!*K!'G%!^TK*$3!U,'%$,%'!U,-'('5'%4!Z$*K%--*$!*K!

U,'%$,%'!1'53(%-4!?,()%$-('O!*K!^TK*$34!8%II*B!*K!c&II(*I!#*II%D%m!

R%L*$&G!FC!_%,-I%$4!ZGCRC4!\53D%!\*G,!`C!8*$3!Z$*K%--*$!*K!R(-.5'%!F%-*I5'(*,!

&,3!9--*2(&'%!R%&,4![$&35&'%!1'53(%-4!1'&,K*$3!H&B!12G**Im!&,3!

R&,(%I!bC!_*4!ZGCRC4!9--(-'&,'!Z$*K%--*$!*K!H&B!&,3!F*L%$'!bC!Z&$&3(-%!8&25I'O!

8%II*B!K*$!bT2%II%,2%!(,!J%&2G(,D!&,3!F%-%&$2G4!1'&,K*$3!H&B!12G**IC



!"#$%$%&'()%*)++",*$-. :

#$%&'()%!#*++*,-!(-!K*$'5,&'%!'*!G&)%!&!3%3(2&'%3!L*&$3!&,3!-'&KK4!&-!B%II!&-!&!

$%+&$Q&LI%!&,3!%T'%,-()%!,%'B*$Q!*K!(,'%$,&'(*,&I!&KK(I(&'%-!&,3!)*I5,'%%$-4!+&,O!

*K!BG*+!.&$'(2(.&'%3!&-!+%+L%$-!*K!'G%!E#!1'53O!`*$Q(,D![$*5.!&,3!G%I.%3!

-'%%$!'G(-!.$*a%2'M!_&I!9L%I-*,4!F%,&'&!9)(I&4!9G$&-G!c(--%II4!#&$*I(,&!c*'%$*4!

](Q%!#&$$*II4!9,3$q-!8%I(.%!?+&r&!#G&5T4![(*$D*-!#G%I(*'(-4!\%--(2&!#*&'%-4!

`%,=f(,!#G*54!JO,D=F5%O!#G5&,D4!]%I&,(%!R5I*,D!3%!F*-,&O4!c$(&,!

8('PD%$&I34!1OL![$*%,%)%I34![(-I%!_&,,%+O$4!#G(=#G&,D!_5&,D4!\*(2G(!U'*4!Z&5I!

o%II%$4!F*,&I3*!H%+*-4!H&B$%,2%!H%--(D4!#&'G&$(,&!]&$&2Q%4!f5Q*!E*D52G(4!

b$(2!1'%5%$4!9I%Q!J&$Q*B-Q(4!Z$*3$*+*-!J-(&)(*-4!#G5,O&,!`&,D4!\*G,!

`(IL&,Q-4!\*,D-**!f**,4!&,3!s&KQ&!sG&,DC

8(,&IIO4!##!'G&,Q-!K*$!'G%($!2*,'$(L5'(*,-!l($D(,(&!F5'I%3D%4!#$%&'()%!#*++*,-!

1.%2(&I!#*5,-%I4!BG*!-%$)%3!&-!.$*a%2'!3($%2'*$m!](Q%!H(,Q-)&O%$4!#$%&'()%!

#*++*,-!l(2%!Z$%-(3%,'4!BG*!-%$)%3!&-!Z$(,2(.&I!U,)%-'(D&'*$m!&,3!R(&,%!

Z%'%$-4!#$%&'()%!#*++*,-![%,%$&I!#*5,-%IC!JG&,Q-!&I-*!'*!#$%&'()%!#*++*,-!

-'&KK!+%+L%$-!H(I&!c&(I%O4!8$%3!c%,%,-*,4!o%)(,!c($'2G,%II4!R(&,%!#&L%II4!

E&'G&,!o(,Q&3%4!JG(,G!ED5O%,4!\&,%!Z&$Q4!#&+%$*,!Z&$Q(,-4!]%I(--&!F%%3%$4! 9I%T!F*L%$'-4!9,(!1(''(D4!](2G%II%!JG*$,%!&,3!\%,,(K%$!f(.!K*$!'G%($!&--(-'&,2%C



!"#$%$%&'()%*)++",*$-. /7

PQ-:%$1F-"#%;;46'"4/&"A-3(6$"26-7-/$4$1(/

U,!"77>=7:4!#$%&'()%!#*++*,-!2*++(--(*,%3!&!-'53O!K$*+!&!.$*K%--(*,&I!

+&$Q%'!$%-%&$2G!K($+!'*!%T.I*$%!5,3%$-'&,3(,D-!*K!'G%!'%$+-!X2*++%$2(&I!5-%Y!

&,3!X,*,2*++%$2(&I!5-%Y!&+*,D!U,'%$,%'!5-%$-!BG%,!5-%3!(,!'G%!2*,'%T'!*K!

2*,'%,'!K*5,3!*,I(,%C!JG%!-'53O!B&-!2*+.$(-%3!*K!'B*!2*+.*,%,'-!g!&,!

%+.($(2&I!-'53O!*K!5,3%$-'&,3(,D-!*K!U,'%$,%'!5-%$-!(,!'G%!?,('%3!1'&'%-4!&,3!&,!

(,K*$+&I!-'53O!K*$!2*+.&$(-*,!.5$.*-%-!*K!&!L$*&3%$4!B*$I3B(3%!D$*5.!*K!U,'%$,%'!

5-%$-!2*,-(-'(,D!*K!'G*-%!D%,%$&IIO!+*$%!K&+(I(&$!B('G!##!L5'!,*'!'&Q(,D!.&$'!(,!

'G%!%+.($(2&I!-5$)%O!j35LL%3!X#$%&'()%!#*++*,-!8$(%,3-!&,3!8&+(IOY!*$!

X##88YkC/!JG%!.$(+&$O!*La%2'()%-!*K!'G%!-'53O!B%$%!'B*=K*I3M

/k '*!-5$)%O!)&$(&'(*,-!(,!'G%!D%,%$&I!*,I(,%!.*.5I&'(*,t-!

5,3%$-'&,3(,D!*K!'G%!'%$+-!X2*++%$2(&I!5-%Y!&,3!X,*,2*++%$2(&I!5-%4Y!

BG%,!5-%3!(,!'G%!2*,'%T'!*K!'G%!B(3%!)&$(%'O!*K!2*.O$(DG'%3!B*$Q-!&,3!2*,'%,'!+&3%!&)&(I&LI%!*,!'G%!U,'%$,%'m!&,3

"k '*!.$*)(3%!(,K*$+&'(*,!&,3!&,&IO-(-!'G&'!B*5I3!L%!5-%K5I!'*!#$%&'()%!

#*++*,-!&,3!'*!*'G%$-!(,!5,3%$-'&,3(,D!'G%!.*(,'-!*K!2*,,%2'(*,!&,3!

.*'%,'(&I!3(-2*,,%2'(*,!L%'B%%,!2$%&'*$-!&,3!5-%$-!*K!B*$Q-!I(2%,-%3!

5,3%$!#$%&'()%!#*++*,-!,*,2*++%$2(&I4!*$!XE#4Y!I(2%,-%-!*$!*'G%$!

.5LI(2!2*.O$(DG'!I(2%,-%-!.$*G(L('(,D!2*++%$2(&I!5-%C

JG%!-'53O!(,)*I)%3!'G$%%!.G&-%-M!



!"#$%$%&'()%*)++",*$-. //

1,2$-$+./'3$%4$%&56'7898':%/$%"';*2</.=$*%

JG%!%+.($(2&I!K(,3(,D-!-5DD%-'!'G&'!2$%&'*$-!&,3!5-%$-!&..$*&2G!'G%!V5%-'(*,!*K!

,*,2*++%$2(&I!5-%!-(+(I&$IO!&,3!'G&'!*)%$&II4!*,I(,%!?C1C!2$%&'*$-!&,3!5-%$-!&$%!+*$%!&I(Q%!'G&,!3(KK%$%,'!(,!'G%($!5,3%$-'&,3(,D!*K!,*,2*++%$2(&I!5-%C!c*'G!

2$%&'*$-!&,3!5-%$-!D%,%$&IIO!2*,-(3%$!5-%-!'G&'!%&$,!5-%$-!+*,%O!*$!(,)*I)%!

*,I(,%!&3)%$'(-(,D!'*!L%!2*++%$2(&I4!BG(I%!5-%-!LO!*$D&,(P&'(*,-4!LO!(,3()(35&I-4!

*$!K*$!2G&$('&LI%!.5$.*-%-!&$%!I%--!2*++%$2(&I!L5'!,*'!3%2(3%3IO!,*,2*++%$2(&IC!

1(+(I&$IO4!5-%-!LO!K*$=.$*K('!2*+.&,(%-!&$%!'O.(2&IIO!2*,-(3%$%3!+*$%!2*++%$2(&IC!

Z%$2%.'(*,-!*K!'G%!+&,O!5-%!2&-%-!-'53(%3!-5DD%-'!'G&'!B('G!'G%!%T2%.'(*,!*K!

5-%-!'G&'!%&$,!5-%$-!+*,%O!*$!(,)*I)%!&3)%$'(-(,D!g!&'!I%&-'!5,'(I!-.%2(K(2!2&-%!-2%,&$(*-!&$%!.$%-%,'%3!'G&'!3(-$5.'!'G*-%!D%,%$&I(P%3!)(%B-!*K!2*++%$2(&I('O!g!

'G%$%!(-!+*$%!5,2%$'&(,'O!'G&,!2I&$('O!&$*5,3!BG%'G%$!-.%2(K(2!5-%-!*K!*,I(,%!

2*,'%,'!&$%!2*++%$2(&I!*$!,*,2*++%$2(&IC

?-%-!'G&'!&$%!+*$%!3(KK(25I'!'*!2I&--(KO!&-!%('G%$!2*++%$2(&I!*$!,*,2*++%$2(&I!

&I-*!-G*B!D$%&'%$!j&,3!*K'%,!-'&'(-'(2&IIO!-(D,(K(2&,'k!3(KK%$%,2%-!L%'B%%,!2$%&'*$-!

&,3!5-%$-C!9-!&!D%,%$&I!$5I%4!2$%&'*$-!2*,-(3%$!'G%!5-%-!-'53(%3!'*!L%!+*$%!

%)%2*++%$2(&I!jI%--!2*++%$2(&Ik!'G&,!5-%$-C!8*$!%T&+.I%4!5-%-!LO!&!,*'=K*$=

.$*K('!*$D&,(P&'(*,!&$%!D%,%$&IIO!'G*5DG'!I%--!2*++%$2(&I!'G&,!5-%-!LO!&!K*$=.$*K('!

*$D&,(P&'(*,4!-%2'"3"%'."00'0)!LO!2$%&'*$-!'G&,!5-%$-C!JG%!*,%!%T2%.'(*,!'*!'G(-!

.&''%$,!(-!(,!$%I&'(*,!'*!10"0'45'$%2$3$21-.0'/6-/'-,"'7",0)%-.'),'7,$3-/"'$%'%-/1,"C!

_%$%4!('!(-!5-%$-!j,*'!2$%&'*$-k!BG*!L%I(%)%!-52G!5-%-!&$%!I%--!2*++%$2(&IC

JG%!+*-'!,*'&LI%!3(KK%$%,2%-!&+*,D!-5LD$*5.-!8$/6$%'"-*6'0-+7."!)#'*,"-/),0'

-%2'10",0!&$%!L%'B%%,!2$%&'*$-!BG*!+&Q%!+*,%O!K$*+!'G%($!B*$Q-4!&,3!'G*-%!

BG* 3* ,*' &,3 L%'B%%, 5-%$- BG* +&Q% +*,%O K$*+ 'G%($ 5-%- *K *'G%$-t



!"#$%$%&'()%*)++",*$-. /"

'G(-!+%&,(,D!(,'*!'G%!E#!'%$+C!85$'G%$+*$%4!'G%!&..%&I!*K!'G%!E#!'%$+!+&O!

$%KI%2'!&!3%-($%!&+*,D!2$%&'*$-!&,3!5-%$-!'*!-(+.I(KO!j.*--(LIO!*)%$=-(+.I(KOk!&!

2*+.I%T!(--5%4!&,2G*$(,D!'G%!3%K(,('(*,!&$*5,3!&!$%-'$(2'(*,!'G&'!(-!+*-'!X%&-O!'*!

'G(,Q4Y!'G&'!(-4!*,%!(,!BG(2G!X,*!+*,%O!(-!+&3%CY

8(,&IIO4!'G%!%+.($(2&I!K(,3(,D-!-5DD%-'!'G&'!'G%!)&-'!+&a*$('O!*K!L*'G!?C1C!2$%&'*$-!

&,3!5-%$-!3*!,*'!Q,*B!'G%!L&-(2-!*K!2*.O$(DG'!I&B4!&33(,D!'*!*'G%$!-'53(%-!'G&'!

-G*B!.5LI(2!(,'%$%-'!(,!&,3!,%%3!K*$!+*$%!2*.O$(DG'!I&B!&,34!-.%2(K(2&IIO4!K&($!5-%!

%352&'(*,C"

>%#*-,./'3$%4$%&56'??33

9I'G*5DG!,*'!%+.($(2&I!35%!'*!'G%!*.%,!&22%--!,&'5$%!*K!'G%!.*II-4!'G%!##88!

-5$)%O!$%-5I'-!.$*)(3%!)&I5&LI%!(,K*$+&'(*,!&L*5'!##88t-!K&+(I(&$('O!B('G!

2*.O$(DG'!I(2%,-(,D!&,3!5-%!*K!.5LI(2!2*.O$(DG'!I(2%,-%-C!JG%!-5$)%O!$%)%&I-!'G&'!

L*'G!'G%!?C1C!*,I(,%!.*.5I&'(*,!&,3!##88!3%K(,%!X2*++%$2(&I!5-%Y!.$(+&$(IO!&-!&!

5-%!'G&'!+&Q%-!+*,%OC!_*B%)%$4!##88!(3%,'(KO!-*+%!5-%!-2%,&$(*-!BG%$%!&'!I%&-'!-*+%!+*,%O!+&O!L%!+&3%!B('G*5'!'G*-%!5-%-!L%(,D!3%2(3%3IO!

X2*++%$2(&ICY

U,!.&$'(25I&$4!##88!2*,-(3%$!5-%-!(,!2*,,%2'(*,!B('G!*,I(,%!&3)%$'(-(,D!&,3!5-%-!

(,)*I)(,D!2*-'!$%2*)%$O!."00!2*++%$2(&I!'G&,!'G%!?C1C!*,I(,%!.*.5I&'(*,4!&,3!&$%!

+52G!I%--!I(Q%IO!'*!'G(,Q!'G&'!5-%!(,!2*,,%2'(*,!B('G!*,I(,%!&3)%$'(-(,D!K$*+!BG(2G!

'G%!5-%$!+&Q%-!+*,%O!(-!X3%K(,('%IOY!2*++%$2(&IC!8%B%$!##88!'G(,Q!('!(-!

X3%K(,('%IOY!2*++%$2(&I!(K!&!B*$Q!(-!5-%3!*,!&!B%L-('%!'G&'!(-!-5..*$'%3!LO!

&3)%$'(-(,D!'G&,!'G%!?C1!*,I(,%!.*.5I&'(*,C!f%'!##88!&$%!+52G!+*$%!I(Q%IO!'*!



!"#$%$%&'()%*)++",*$-. /6

-G*B!'G&'!'G%!cf=E#=19!I(2%,-%!(-!2G*-%,!LO!##88!2$%&'*$-!L%2&5-%!('!&II*B-!

'G%+!'*!2*,'$*I!'G%($!$(DG'!'*!+&Q%!+*,%O!&,3!$%'&(,!&!2*++%$2(&I!&3)&,'&D%C!

c*'G!##88!2$%&'*$-!&,3!5-%$-!-&O!'G%O!'$5-'!'G&'!#$%&'()%!#*++*,-!I(2%,-%-!

&$%!I%D&IIO!%,K*$2%&LI%C!8(,&IIO4!##88!2$%&'*$-!&,3!5-%$-!&$%!3()(3%3!*,!BG%'G%$!

'G%O!B*5I3!-5..*$'!&,!%KK*$'!'*!.*'%,'(&IIO!$%K(,%!*$!$%3%K(,%!'G%!#$%&'()%!

#*++*,-!E#!'%$+C

9=<4@'>,2.+='.%4')"A='9="25

JG%!$%-5I'-!*K!'G%!-5$)%O!.$*)(3%!&!-'&$'(,D!.*(,'!K*$!K5'5$%!$%-%&$2GC!U,!'G%!-.%2(K(2!2*,'%T'!*K!'G%!#$%&'()%!#*++*,-!I(2%,-%-4!'G%!K(,3(,D-!-5DD%-'!-*+%!

$%&-*,-!K*$!'G%!*,D*(,D!-522%--!*K!#$%&'()%!#*++*,-!E#!I(2%,-%-4!$5I%-!*K!

'G5+L!K*$!I(2%,-*$-!$%I%&-(,D!B*$Q-!5,3%$!E#!I(2%,-%-!&,3!I(2%,-%%-!5-(,D!

B*$Q-!$%I%&-%3!5,3%$!E#!I(2%,-%-4!&,3!-%$)%!&-!&!$%+(,3%$!'*!B*5I3=L%!5-%$-!*K!

'G%!E#!I(2%,-%-!'*!2*,-(3%$!2&$%K5IIO!'G%!.*'%,'(&I!-*2(%'&I!2*-'-!*K!&!3%2(-(*,!'*!

$%-'$(2'!2*++%$2(&I!5-%C!JG%O!&I-*!G(DGI(DG'!'G%!,%%3!K*$!2&5'(*,!BG%,!

2*,-(3%$(,D!BG%'G%$!'*!+*3(KO!'G%!##!E#!I(2%,-%-!(,!'G%!2*5$-%!*K!&!I(2%,-%!)%$-(*,(,D!.$*2%--!*$!*'G%$B(-%4!-*!'G&'!%T.%2'&'(*,-!*K!'G*-%!5-(,D!E#!I(2%,-%-!

&$%!.$%-%$)%34!,*'!L$*Q%,C

B"2*-=';-"5"%=.=$*%

U,!#-:$1(/"R!*K!'G(-!F%.*$'4!#$%&'()%!#*++*,-!.$*)(3%-!'G%!L&2QD$*5,3!K*$!'G(-!-'53O4!(,2I53(,D!&,!*)%$)(%B!*K!#$%&'()%!#*++*,-!&,3!('-!I(2%,-%-C!#-:$1(/">"

&,3!#-:$1(/"S!2*,'&(,!(,K*$+&'(*,4!3&'&!&,&IO-(-!&,3!$%-5I'-!2*+.(I%3!K$*+!

E%'.*. F%-%&$2G HH# & .$*K%--(*,&I +&$Q%' K($+ 'G&' 2*,352'%3 'G% -'53O



!"#$%$%&'()%*)++",*$-. /;

R"W4:OJ6(%/&

C8C'?-".=$D"'?*,,*%5'.%4'=E"'??'F$+"%5"5

#$%&'()%!#*++*,-!jX##Yk!(-!&!<7/j2kj6k!,*'=K*$=.$*K('!2*$.*$&'(*,!K*5,3%3!(,!

"77/!'*!&33$%--!L*'G!&,!*..*$'5,('O!&,3!&!2G&II%,D%C!JG&,Q-!'*!'G%!U,'%$,%'4!('!(-!

.*--(LI%!'*!+*$%!%&-(IO4!V5(2QIO!&,3!2G%&.IO!3(-'$(L5'%!2*,'%,'!'G&,!%)%$!L%K*$%C!

U,2$%&-(,DIO4!'G%!U,'%$,%'!&I-*!.$*)(3%-!L*'G!-*5$2%!+&'%$(&I!&,3!&!.I&'K*$+!K*$!'G%!2$%&'(*,!*K!,%B!B*$Q-C!f%'!'G%!)%$O!'%2G,*I*DO!5.*,!BG(2G!'G%!U,'%$,%'!(-!

L5(I'!.$%-%,'-!&!2G&II%,D%!L%2&5-%!&!2*.O!*K!&,O!2*,'%,'!*$!B*$Q!+5-'!L%!+&3%!

(,!*$3%$!'*!5-%!('4!%)%,!(K!X5-%Y!*,IO!+%&,-!&22%--(,D!'G%!B*$Q!*,I(,%C

#*.O$(DG'!I%D&I!-O-'%+-!&$*5,3!'G%!B*$I3!D%,%$&IIO!.$*)(3%!'G&'!2*.O$(DG'!(-!

&2V5($%3!'G%!+*+%,'!&!B*$Q!(-!K(T%3!(,!&!'&,D(LI%!+%&,-!*K!%T.$%--(*,4!&,3!'G&'!

*B,%$-!&$%!,*'!$%V5($%3!'*!.I&2%!&,O!,*'(2%!2I&(+(,D!2*.O$(DG'!*,!'G%($!B*$Q-C;!U,!'G%!&L-%,2%!*K!&,O!*'G%$!(,K*$+&'(*,4!'G*-%!BG*!B(-G!'*!5-%!2*,'%,'!K*5,3!*,I(,%!

+5-'!&--5+%!'G&'!('!(-!X&II!$(DG'-!$%-%$)%34Y!&,3!'G&'!K*$!&,O!5-%!L%O*,3!K&($!5-%!

j*$!*'G%$!%T2%.'(*,-!&,3!I(+('&'(*,-!'*!2*.O$(DG'!&..I(2&LI%!*5'-(3%!*K!'G%!?,('%3!

1'&'%-k!.%$+(--(*,!+5-'!L%!-*5DG'C!JG%!2*-'-!*K!*L'&(,(,D!g!&,3!D$&,'(,D!g!

.%$+(--(*,-4!G*B%)%$4!2&,!L%!)%$O!G(DGC

#$%&'()%!#*++*,-t!2*$%!+(--(*,!(-!'*!K&2(I('&'%!'G%!I%D&I!5-%!&,3!$%5-%!*K!2*,'%,'4!LO!*KK%$(,D!2$%&'*$-!&,3!*'G%$!2*.O$(DG'!G*I3%$-!K$%%!&,3!%&-O='*=5-%!

I%D&I!&,3!'%2G,(2&I!'**I-!'G&'!G%I.!'G%+!.5LI(-G!&,3!3(-'$(L5'%!'G%($!B*$Q-!5,3%$!



!"#$%$%&'()%*)++",*$-. /<

%)%$O!X.5LI(2!I(2%,-%4Y!'G%!2$%&'*$!BG*!2G**-%-!'*!$%I%&-%!&!B*$Q!5,3%$!&!##!

2*.O$(DG'!I(2%,-%!(-!2G**-(,D!'*!&II*B!-%5 !5-%$!j*$!I(2%,-%%k4!B('G*5'!

3(-2$(+(,&'(*,4!'*!'&Q%!&3)&,'&D%!*K!'G%!*KK%$!'*!5-%!'G%!B*$QC0!JG%!K*5$!L&-(2!##!

I(2%,-%!'%$+-!&$%!3%-2$(L%3!(,!'G%!K*II*B(,D!'&LI%4!5,3%$,%&'G!'G%!)(-5&I!(2*,-!

'G&'!$%.$%-%,'!%&2G!'%$+C

WX #! 9D 9L

f*5!I%'!*'G%$-!2*.O4!3(-'$(L5'%4!3(-.I&O4!&,3!.%$K*$+!O*5$!2*.O$(DG'%3!B*$Q!g!&,3!3%$()&'()%!B*$Q-!L&-%3!

5.*,!('!g!L5'!*,IO!(K!'G%O!D()%!2$%3('!'G%!B&O!O*5!$%V5%-'C

f*5!&II*B!*'G%$-!'*!3(-'$(L5'%!3%$()&'()%!B*$Q-!*,IO!5,3%$!&!I(2%,-%!(3%,'(2&I!'*!'G%!I(2%,-%!'G&'!D*)%$,-!

O*5$!B*$QC

f*5!I%'!*'G%$-!2*.O4!3(-'$(L5'%4!3(-.I&O4!&,3!.%$K*$+!O*5$!B*$Q!g!&,3!3%$()&'()%!B*$Q-!L&-%3!5.*,!('!g!L5'!K*$!

,*,2*++%$2(&I!.5$.*-%-!*,IOC

f*5!I%'!*'G%$-!2*.O4!3(-'$(L5'%4!3(-.I&O4!&,3!.%$K*$+!*,IO!)%$L&'(+!2*.(%-!*K!O*5$!B*$Q4!,*'!3%$()&'()%!B*$Q-!L&-%3!

5.*,!('C

>-4."'?@'A,"-/$3"'A)++)%0'B$*"%0"'C."+"%/0=

9II!#$%&'()%!#*++*,-!I(2%,-%-!(,2I53%!'G%!XcfY!*$!&''$(L5'(*,!$%V5($%+%,'4!

%,-5$(,D!'G&'!'G%!2$%&'*$!*K!'G%!B*$Q!(-!2$%3('%3!K*$!&,O!5-%!5,I%--!'G%!2$%&'*$!

(,3(2&'%-!*'G%$B(-%!'G$*5DG!,*'(2%!'*!I(2%,-%%-C!cf!&,3!'G%!'G$%%!*'G%$!'%$+-4!

1G&$%!9I(Q%!jX19Yk4!E*,2*++%$2(&I!jXE#Yk!&,3!E*!R%$()&'()%!`*$Q-!jXERYk4!+&O!

L% )&$(*5-IO 2*+L(,%3 '* 2*+.*-% 'G% -(T 3(KK%$%,' I(2%,-%- 'G&' +&Q% 5. 'G%



!"#$%$%&'()%*)++",*$-. /A

*,IO!(,!'G%!?,('%3!1'&'%-!L5'!&I-*!&$*5,3!'G%!B*$I3C!J*!3&'%4!'G%!I(2%,-%-!G&)%!

L%%,!X.*$'%3Y!g!'G&'!(-4!I(,D5(-'(2&IIO!'$&,-I&'%3!&,3!I%D&IIO!&3&.'%3!g!'*!<"!

(,'%$,&'(*,&I!I%D&I!a5$(-3(2'(*,-C:!#5$$%,'IO4!##!%-'(+&'%-!'G&'!('-!I(2%,-%-!&$%!

&''&2G%3!'*!*)%$!"<7!+(II(*,!B%L!.&D%-!&,3!*'G%$!2$%&'()%!B*$Q-C!JG*-%!B*$Q-!

$%KI%2'!'G%!K5II!-.%2'$5+!*K!25I'5$&I!.$*352'(*,4!,*'!*,IO!(,!%-'&LI(-G%3!K*$+-!-52G!

&-!I('%$&$O!&,3!-2(%,'(K(2!'%T'-4!+5-(24!(+&D%-4!.G*'*D$&.G-4!K(I+!&,3!)(3%*4!L5'!(,!

B%L=,&'()%!+%3(&!-52G!&-!LI*D-4!.*32&-'-!&,3!B(Q(-C/7!JG(-!B%&I'G!*K!.$%=2I%&$%3!

+&'%$(&I!(-!3(-2*)%$&LI%!'G$*5DG!+&,O!*,I(,%!2*,'%,'!.$*)(3%$-!&,3!-%$)(2%-4!

(,2I53(,D![**DI%!&,3!f&G**uC//

C8G'HE"'??')*%+*,,"-+$./'F$+"%5"'H"-,

#*.O$(DG'!2*,-(-'-!*K!&!-%'!*K!%T2I5-()%!$(DG'-!'G&'!%,&LI%-!'G%!*B,%$!'*!2*,'$*I!&!

)&$(%'O!*K!5-%-!*K!G%$!2*.O$(DG'%3!B*$QC!]&,O!2*.O$(DG'!*B,%$-!5,3%$-'&,3!&!

2*$%!.$%+(-%!*K!2*.O$(DG'!'*!L%!'G%!$(DG'!'*!%T2I53%!&II!2*++%$2(&I!jL5'!,*'!

,%2%--&$(IO!,*,2*++%$2(&Ik!5-%-!*K!'G%($!B*$Q!5,I%--!'G%O!D$&,'!&!I(2%,-%!

.%$+(''(,D!*'G%$B(-%C!JG(-!L%I(%K!K(,3-!-*+%!L&-(-!(,!'G%!I&B!('-%IKC

U,!'G%!?,('%3!1'&'%-4!K*$!%T&+.I%4!'G%!#*.O$(DG'!92'!3*%-!,*'!3%K(,%!&!2*.O$(DG'!

*B,%$t-!$(DG'-!(,!'%$+-!*K!2*++%$2(&I!*$!,*,2*++%$2(&I!5-%C!U,-'%&34!2*.O$(DG'!

I&B!-*+%'(+%-!&''&2G%-!I%D&I!-(D,(K(2&,2%!'*!BG%'G%$!&!5-%!(-!X2*++%$2(&IY!*$!

X,*,2*++%$2(&IY/"!*$!BG%'G%$!&!5-%$!(-!3%%+%3!'*!L%!&!2*++%$2(&I!*$!

:U,K*$+&'(*,!*,!#$%&'()%!#*++*,-!a5$(-3(2'(*,!.$*a%2'!&KK(I(&'%-!(-!&)&(I&LI%!&'!G''.MNN2$%&'()%2*++*,-C*$DN(,'%$,&'(*,&INC!#*5$'-!(,!'G%!E%'G%$I&,3-!&,3!1.&(,!G&)%!5.G%I3!'G%!)&I(3('O!*K!#$%&'()% #*++*,- I(2%,-%- ;"" #5$$O ) 953&T Z5LI(-G(,D c l E%'G%$I&,3- H\EM 9l;"7; F%2G'L&,Q

http://creativecommons.org/international/

http://creativecommons.org/international/



!"#$%$%&'()%*)++",*$-. /0

,*,2*++%$2(&I!%,'('O4/6!_*B%)%$4!$&$%IO!&$%!'G%!'%$+-!3%K(,%34!&,3!'G%!I&B!*KK%$-!

,*!-.%2(K(2!D5(3&,2%!*,!G*B!'*!3(KK%$%,'(&'%!L%'B%%,!2*++%$2(&I!&,3!

,*,2*++%$2(&I!5-%-!*$!5-%$-!*K!2*.O$(DG'%3!B*$Q-C!b)%,!(K!2*.O$(DG'!I&B!B%$%!

-.%2(K(2!&L*5'!'G%!2*++%$2(&IN,*,2*++%$2(&I!5-%!3()(3%4!'G&'!K&2'!B*5I3!L%!*K!

I(+('%3!-(D,(K(2&,2%!(,!'G%!#$%&'()%!#*++*,-!2*,'%T'!L%2&5-%!'G%$%!(-!,*!

,%2%--&$O!2*,,%2'(*,4!&'!I%&-'!(,!'G%!?,('%3!1'&'%-4!L%'B%%,!'G%!3%K(,('(*,!*K!'G%!

$(DG'-!D()%,!'*!&5'G*$-!LO!2*.O$(DG'!I&B!&,3!'G%!$(DG'-!'G&'!5-%$-!%,a*O!5,3%$!&!

I(2%,-%!D()%,!LO!'G%!2*.O$(DG'!*B,%$C/;

JG%!#$%&'()%!#*++*,-!I(2%,-%-!B%$%!3$&K'%3!B('G!'G%!5,3%$-'&,3(,D!'G&'!*,%!-(P%!3*%-!,*'!K('!&II!(,!'G%!K(%I3!*K!2*.O$(DG'!&,3!'G&'!-*+%!2$%&'*$-!&,3!*'G%$!

*B,%$-!*K!2*.O$(DG'!+&O!B&,'!'*!$%-%$)%!'G%!$(DG'!'*!2*,'$*I!2*++%$2(&I!5-%-!*K!

'G%($!B*$Q!BG(I%!L$*&3IO!%,&LI(,D!,*,2*++%$2(&I!-G&$(,DC!#5$$%,'IO4!'G%!

,*,2*++%$2(&I!*.'(*,!*,IO!.%$+('-!5-%!*K!'G%!B*$Q!(,!&,O!+&,,%$!'G&'!(-!,*'!

X.$(+&$(IO!(,'%,3%3!K*$!*$!3($%2'%3!'*B&$3-!2*++%$2(&I!&3)&,'&D%!*$!.$()&'%!

+*,%'&$O!2*+.%,-&'(*,CY/<!1.%2(K(2&IIO!%T2I53%3!K$*+!'G%!.$*G(L('(*,!&D&(,-'!

,*,2*++%$2(&I!5-%!(,!'G%!E#!I(2%,-%-!(-!'G%!%T2G&,D%!*K!&!##=I(2%,-%3!B*$Q!K*$!&,O!*'G%$!2*.O$(DG'%3!B*$Q4!BG%'G%$!LO!+%&,-!*K!.%%$='*=.%%$!3(D('&I!K(I%=-G&$(,D!

*$!*'G%$B(-%4!.$*)(3%3!,*!+*,%'&$O!2*+.%,-&'(*,!(-!(,)*I)%3C/A

JG%!,*,2*++%$2(&I!*.'(*,!G&-!.$*)%,!.*.5I&$!B('G!'G*-%!BG*!2G**-%!#$%&'()%!

#*++*,-!I(2%,-%-!K*$!'G%($!B*$Q-C!9..$*T(+&'%IO!'B*='G($3-!*K!&II!#$%&'()%!

#*++*,-!I(2%,-%-!&--*2(&'%3!B('G!B*$Q-!&)&(I&LI%!*,!'G%!U,'%$,%'!(,2I53%!'G%!

E#!'%$+C/0!JG(-!-'53O!B&-!.$*+.'%3!(,!.&$'!LO!'G%!3%-($%!'*!L%''%$!5,3%$-'&,3!%T.%2'&'(*,-!*K!5-%$-!*K!#$%&'()%!#*++*,-!I(2%,-%-!&2$*--!&!B(3%!)&$(%'O!*K!

2*,'%,'!'O.%-4!.&$'(25I&$IO!D()%,!'G%!3O,&+(2!%)*I5'(*,!*K!U,'%$,%'!L5-(,%--!



!"#$%$%&'()%*)++",*$-. />

#$%&'()%!#*++*,-!(-!2*++(''%3!'*!+&Q(,D!('-!I(2%,-%-!&-!2I%&$!&-!.*--(LI%!K*$!

L*'G!2$%&'*$-!&,3!5-%$-4!&,3!'*!2*++5,(2&'(,D!&L*5'!('-!I(2%,-%-!(,!&!+&,,%$!

'G&'!(-!%&-(IO!5,3%$-'&,3&LI%C!9!-G&$(,D!25I'5$%!'G&'!(-!D$*5,3%3!(,!$%-.%2'!K*$!

2*.O$(DG'!2&,,*'!$%&2G!('-!K5II%-'!.*'%,'(&I!(K!2$%&'*$-!&,3!5-%$-!G&)%!3(KK%$%,'!

%T.%2'&'(*,-!&,3!5,3%$-'&,3(,D-!$%D&$3(,D!.%$+(--(LI%!5-%-!*K!

,*,2*++%$2(&IIO=I(2%,-%3!B*$Q-C!8*$!'G%-%!$%&-*,-!&,3!*'G%$-4!#$%&'()%!

#*++*,-!-%%Q-!'*!L%''%$!5,3%$-'&,3!'G%!.*(,'-!*K!2*,,%2'(*,!&,3!3(-2*,,%2'(*,!

L%'B%%,!2$%&'*$-!&,3!5-%$-!B('G!$%-.%2'!'*!,*,2*++%$2(&I!5-%C

U,!R%2%+L%$!"7704!'G%!9,3$%B!`C!]%II*,!8*5,3&'(*,!&B&$3%3!#$%&'()%!

#*++*,-!&!D$&,'!'*!2*++(--(*,!'G%!-'53O!$%.*$'%3!G%$%C!!"#$%$%&'

9()%*)++",*$-. Y!G&3!'B*!+&(,!D*&I-M

/k '*!5,3%$'&Q%!&,!%+.($(2&I!-'53O!'G&'!B*5I3!-5$)%O!)&$(&'(*,-!(,!'G%!

*,I(,%!?C1C!D%,%$&I!.*.5I&'(*,t-!5,3%$-'&,3(,D!*K!'G%!'%$+-!X2*++%$2(&I!

5-%Y!&,3!X,*,2*++%$2(&I!5-%4Y!BG%,!5-%3!(,!'G%!2*,'%T'!*K!'G%!B(3%!)&$(%'O!*K!2*.O$(DG'%3!B*$Q-!&,3!2*,'%,'!+&3%!&)&(I&LI%!*,!'G%!U,'%$,%'m!

&,3

"k '*!.$*)(3%!(,K*$+&'(*,!&,3!&,&IO-(-!'G&'!B*5I3!L%!5-%K5I!'*!#$%&'()%!

#*++*,-!&,3!'*!*'G%$-!(,!5,3%$-'&,3(,D!'G%!.*(,'-!*K!2*,,%2'(*,!&,3!

.*'%,'(&I!3(-2*,,%2'(*,!L%'B%%,!2$%&'*$-!&,3!5-%$-!*K!B*$Q-!I(2%,-%3!

5,3%$!#$%&'()%!#*++*,-!XE#Y!*$!*'G%$!.5LI(2!2*.O$(DG'!I(2%,-%-!.$*G(L('(,D!2*++%$2(&I!5-%C



!"#$%$%&'()%*)++",*$-. /:

>"#$%&'

G8C'9+*2"'*#'B"5".-+E

#$%&'()%!#*++*,-!I(2%,-%-!&$%!&)&(I&LI%!'*!&II!B*5I3=L%!I(2%,-*$-4!&,3!##=

I(2%,-%3!B*$Q-!&$%!&)&(I&LI%!'*!&II!B*5I3=L%!I(2%,-%%-4!B*$I3B(3%C!c%2&5-%!('!(-!

'G%!$(DG'!*K!'G%!2$%&'*$!'*!2G**-%!BG%'G%$!&,3!G*B!'*!I(2%,-%!&!B*$Q4!'G%!-'53O!

B&-!3%-(D,%3!'*!K*25-!K($-'!*,!%T.I*$(,D!X,*,2*++%$2(&I!5-%Y!K$*+!'G%!)(%B.*(,'!*K!2$%&'*$-4!&-!L$*&3IO!&,3!&-!3%%.IO!&-!.$&2'(2&LI%C!H*D(-'(2&I!&,3!2*-'!

$%-'$&(,'-!+&,3&'%3!'G&'!%+.($(2&I!$%-%&$2G!L%!2*,K(,%3!'*!'G%!?,('%3!1'&'%-4!

G*B%)%$!(,'%$,&'(*,&I!.%$-.%2'()%-!B%$%!-*I(2('%3!35$(,D!'G%!V5&I('&'()%!$%-%&$2G!

-'&D%-!&-!B%II!&-!35$(,D!'G%!*.%,!&22%--!.*II-!+&3%!&)&(I&LI%!B*$I3B(3%!35$(,D!

'G%!V5&,'('&'()%!$%-%&$2G!-'&D%-C!JG%!$%-%&$2G!B&-!2*,352'%3!-*I%IO!(,!b,DI(-GC

9'!%&$IO!-'&D%-!*K!'G%!-'53O4!'B*!3%2(-(*,-!B%$%!+&3%!'G&'!$%K*25-%3!'G%!(,('(&I!$%-%&$2G!.I&,C!JG%!K($-'!3%2(-(*,!$%-5I'%3!(,!I(+('(,D!'G%!$%-%&$2G!2*,352'%3!*,!

3(KK%$%,'!2*,'%,'!2*++5,('(%-C!`G%,!'G%!-'53O!B&-!*$(D(,&IIO!.$*.*-%34!#$%&'()%!

#*++*,-!B&-!&B&$%!K$*+!('-!%T.%$(%,2%!'G&'!2%$'&(,!X2*,'%,'!2*++5,('(%-Y!

-G&$%3!-*+%!5,3%$-'&,3(,D-!&L*5'!)&$(*5-!Q(,3-!*K!2*,'%,'C!J*!D()%!'B*!

%T&+.I%-4!##!B&-!&B&$%!'G&'!'G%!.$(,'!.5LI(-G(,D!(,35-'$O!3(-'(,D5(-G%-!L%'B%%,!

X2*++%$2(&IY!&,3!&2&3%+(2!.$%--%-4!&,3!'G&'!+&D&P(,%!&,3!,%B-.&.%$!

.5LI(-G%$-!$%K%$!$*5'(,%IO!'*!X%3('*$(&IY!*$!XK%&'5$%Y!2*,'%,'!&-!*..*-%3!'*!X&3)%$'(-(,DY!*$!X2*++%$2(&IY!2*,'%,'C!bT.I*$(,D!-.%2(K(2!5-&D%-!'G5-!-%%+%3!&!

D**3!3($%2'(*,!K*$!$%-%&$2GC!_*B%)%$4!&I+*-'!&-!-**,!&-!V5&I('&'()%!$%-%&$2G!



!"#$%$%&'()%*)++",*$-. "7

+&$Q%'(,DC/>!#*++*,!'O.%-!*K!2*,'%,'!L&-%3!*,!V5&I('&'()%!$%-%&$2G!B%$%!

(3%,'(K(%3!&-!B%IIC/:

JG%!-%2*,3!3%2(-(*,!B&-!+&3%!35$(,D!'G%!K($-'!.G&-%!*K!V5&,'('&'()%!$%-%&$2G4!

&,3!$%-5I'%3!(,!&3a5-'(,D!'G%!I&-'!.G&-%!*K!'G%!-'53O!'*!.$*L%!5,3%$-'&,3(,D-!*K!

X,*,2*++%$2(&IY!&+*,D!5-%$-!*K!-52G!2*,'%,'4!(,2I53(,D!2$%&'*$-!BG*!&I-*!

(3%,'(KO!&-!5-%$-!*K!2*,'%,'C!9-!'G%!.$*a%2'!.$*D$%--%34!('!L%2&+%!2I%&$!'G&'!

L%K*$%!'5$,(,D!'*!'G%!##!,*,2*++%$2(&I!I(2%,-%!'%$+!('-%IK4!('!B&-!(+.*$'&,'!'*!

'%-'!B('G!5-%$-!BG&'!B&-!I%&$,%3!K$*+!2$%&'*$-!&L*5'!'G%($!L&-(2!5,3%$-'&,3(,D-!

*K!2*++%$2(&I!&,3!,*,2*++%$2(&I!5-%C!9-!&!2*,-%V5%,2%4!'G%!-%2*,3!.G&-%!*K!%+.($(2&I!$%-%&$2G!j2&II%3!ZG&-%!6!(,!'G(-!F%.*$'k!B&-!3%-(D,%3!'*!+($$*$!'G%!

-5La%2'!&$%&-!*K!'G%!K($-'!&-!2I*-%IO!&-!.*--(LI%C!_*B%)%$4!('!B&-!-**,!*L)(*5-!

'G&'!2$%&'*$-!&$%!&I-*!5-%$-!*K!*'G%$-t!B*$Q-4!&,3!5-%$-!*K!*'G%$-t!2*,'%,'!&I-*!

2$%&'%!'G%($!*B,!B*$Q-m!(,3%%34!+52G!*$(D(,&I!2$%&'()('O!g!X*$(D(,&IY!(,!L*'G!

2*.O$(DG'!I&B!&,3!&%-'G%'(2!*$!2$('(2&I!5-&D%!g!G(-'*$(2&IIO!(-!L&-%3!*,!$%5-%C"7!

JG5-4!&!3%2(-(*,!B&-!+&3%!'*!2*II%2'!(,K*$+&'(*,!K$*+!5-%$-!BG*!&I-*!(3%,'(KO!&-!

2$%&'*$-C!9!K%B!V5%-'(*,-!B%$%!&33%3!'*!'G%!K(,&I!.G&-%!*K!$%-%&$2G!'*!&--(-'!(,!3%'%$+(,(,D!BG%'G%$!'G%$%!&$%!-(D,(K(2&,'!3(KK%$%,2%-!(,!5,3%$-'&,3(,D!&+*,D!

5-%$-!BG*!&I-*!-%%!'G%+-%I)%-!&-!2$%&'*$-C

G8G'!"5+-$2=$*%'.%4'I"=E*4*/*&@

9!'G$%%=.G&-%3!-'53O!.$*D$&+!B&-!I&5,2G%3!(,!"77>!&,3!2*,2I53%3!(,!\5,%!

"77:C!JG%!$%-%&$2G!B&-!2*,352'%3!LO!E%'.*.!F%-%&$2G4!HH#4!&!+&$Q%'!

$%-%&$2G!K($+!2G*-%,!K*$!('-!%T.%$(%,2%!B('G!*,I(,%!2*,'%,'!3%)%I*.+%,'4!

%T.%$'(-%!B('G!*,I(,%!'%2G,*I*D(%-!&,3!Q,*BI%3D%!*K!*,I(,%!2*,-5+%$!&''('53%-!



!"#$%$%&'()%*)++",*$-. "/

(,2I53%3!&!I(-'!*K!&I+*-'!/77!&2'5&I!5-%!2&-%-!(,!BG(2G!'G%!+%&,(,D!*K!'G%!E#!

I(2%,-%!'%$+!*$!X,*,2*++%$2(&I!5-%Y!G&3!L%%,!$&(-%3!*,!#$%&'()%!#*++*,-!

+&(I(,D!I(-'-!&,3!B%L=L&-%3!K*$&4""!&-!B%II!&-!(,!*'G%$!3(-25--(*,-!B('G(,!'G%!

#$%&'()%!#*++*,-!2*++5,('OC

2,47-">"j2$%&'*$-k!&,3!2,47-"S!j5-%$-k"(,)*I)%3!$%-%&$2G4!&,3!$&,!K$*+!I&'%!

-5++%$!"77>!'G$*5DG!+(3=B(,'%$!"77:4!&,3!+(3=B(,'%$!'G$*5DG!I&'%!-.$(,D!"77:4!

$%-.%2'()%IOC!9-!(,3(2&'%34!ZG&-%!"!K*25-%3!*,!2*,'%,'!*,"-/),0!jI(2%,-*$-!*$!

.*'%,'(&I!I(2%,-*$-km!ZG&-%!6!*,!2*,'%,'!10",0!jI(2%,-%%-!*$!.*'%,'(&I!I(2%,-%%-kC!

ZG&-%!"!&,3!ZG&-%!6!L%D&,!B('G!2*II%2'(*,!*K!V5&I('&'()%!3&'&4!.$(+&$(IO!)(&!K*25-!D$*5.-!G%I3!L*'G!(,=.%$-*,!&,3!*,I(,%C!ZG&-%!"!&,3!ZG&-%!6!%&2G!25I+(,&'%3!(,!

'B*!*,I(,%!-5$)%O-!2*,352'%3!-(+5I'&,%*5-IOM!&,!%+.($(2&I!-5$)%O!*K!U,'%$,%'!

5-%$-!(,!'G%!?,('%3!1'&'%-!jD*(,D!K*$B&$34!$%K%$$%3!'*!-*+%'(+%-!(,!'G(-!F%.*$'!&-!

'G%!X*,I(,%!.*.5I&'(*,Y!*$!XD%,%$&I!.*.5I&'(*,Yk4!&,3!&,!*.%,!&22%--!.*II!*K!

#$%&'()%!#*++*,-!8$(%,3-!&,3!8&+(IO!j+%&,(,D4!'G*-%!.%$-*,-!BG*!

.&$'(2(.&'%3!(,!'G%!.*II!L%2&5-%!'G%O!K*II*B!,%B-!*K!'G%!*$D&,(P&'(*,!*$!&$%!

(,'%$%-'%3!(,!'G%!V5%-'(*,!*K!,*,2*++%$2(&I!5-%!*$!2*.O$(DG'!D%,%$&IIOk!j&D&(,4!-*+%'(+%-!$%K%$$%3!'*!(,!'G(-!F%.*$'!&-!X##88YkC!c*'G!'G%!ZG&-%!"!j2$%&'*$-k!&,3!

ZG&-%!6!j5-%$-k!-5$)%O-!B%$%!K(%I3%3!(,!'G%!b,DI(-G!I&,D5&D%!*,IOC!R5%!'*!

L53D%'!I(+('&'(*,-4!'G%!D%,%$&I!.*.5I&'(*,!%+.($(2&I!-5$)%O!B&-!2*,352'%3!(,!'G%!

?,('%3!1'&'%-!*,IOC!JG%!##88!*.%,!&22%--!.*II!(,2I53%3!2*+.I%'%3!-5$)%O-!K$*+!

$%-.*,3%,'-!K$*+!&$*5,3!'G%!B*$I3C

A-7-46:,".=N-:$1F-7

R5$(,D!ZG&-%!/4!'G%!.$(+&$O!*La%2'()%-!*K!'G%!$%-%&$2G!B%$%!K*$+5I&'%3C!JG%-%!



!"#$%$%&'()%*)++",*$-. ""

R(&I*D5%!B('G(,!'G%!*$D&,(P&'(*,!&,3!*'G%$!2*++5,('(%-!&,3!(,'%$%-'!D$*5.-!

-5DD%-'%3!-5L-'&,'(&I!3(KK%$%,2%-!*K!*.(,(*,!+(DG'!%T(-'!*,!&!K%B!.*(,'-4!.%$G&.-!

+*-'!)(-(LIO!(,!2*,,%2'(*,!B('G!*,I(,%!&3)%$'(-(,DC!`G%'G%$!E#=I(2%,-%3!2*,'%,'!

(-!&..$*.$(&'%IO!5-%3!*,!B%L-('%-!*$!LI*D-!-5..*$'%3!LO!&3)%$'(-(,D!(-!&!V5%-'(*,!

'G&'!##!(-!&-Q%3!B('G!-*+%!K$%V5%,2OC!1*+%!L%I(%)%!'G&'!L%2&5-%!'G%!B%L=

&3)%$'(-(,D!+*3%I!(-!L&-%3!*,!'$&KK(24!&,O!5-%!*K!2*,'%,'!'G&'!G%I.-!(,2$%&-%!)(-('-!

'*!&!.&$'(25I&$!B%L!.&D%!2*,'&(,(,D!&3)%$'(-(,D!(-!2*++%$2(&IC!^'G%$-!L%I(%)%!'G&'!

'G%!&3=-5..*$'%3!+*3%I!(-!&,!(,,*25*5-!$%&I('O!*K!B%L=L&-%3!2*,'%,'!3(-'$(L5'(*,C!

1*+%!&I-*!V5%-'(*,!BG%'G%$!5-%!*K!2*,'%,'!LO!&!K*$=.$*K('!*$D&,(P&'(*,!2&,!%)%$!

L%!&,O'G(,D!L5'!2*++%$2(&I4!BG(I%!*'G%$-!L%I(%)%!'G&'!5-%!LO!&!,*'=K*$=.$*K('!

-G*5I3!&IB&O-!L%!2*,-(3%$%3!,*,2*++%$2(&I!$%D&$3I%--!*K!'G%!.&$'(25I&$!5-%C!

85$'G%$4!-*+%!G&)%!V5%-'(*,-!&L*5'!BG%'G%$!2*-'-!(,!2*,,%2'(*,!B('G!'G%!5-%!

&,3!K5$'G%$!3(-'$(L5'(*,!*K!E#=I(2%,-%3!2*,'%,'!+&O!L%!$%2*)%$%34!&,3!(K!-*4!G*B!

+52G!jK*$!%T&+.I%4!+&O!&!-2G**I!2G&$D%!-'53%,'-!K*$!E#=I(2%,-%3!%352&'(*,&I!

+&'%$(&I-4!&,3!(K!-*4!+&O!2*-'!$%2*)%$O!(,2I53%!-'&KK!-&I&$(%-ekC

8(,&IIO4!('!B&-!%T.%2'%3!'G&'!%)%,!&+*,D!'G*-%!BG*!2$%&'%!&,3!5-%!&!I*'!*K!2*,'%,'4!'G%!?C1C!*,I(,%!.*.5I&'(*,!(-!I&$D%IO!5,K&+(I(&$!B('G!2*.O$(DG'!I&B!*$!

I(2%,-(,DC

C%401$4$1F-"A-7-46:,

G%/",3$"80

J%-'(,D!'G%!$%-%&$2G!*La%2'()%-!-'&$'%3!&-!-**,!&-!V5&I('&'()%!$%-%&$2G!L%D&,4!

B('G!67=:7!+(,5'%!'%I%.G*,%!(,'%$)(%B-!*K!.%$-*,-!(3%,'(K(%3!&-!%T.%$'-!(,!-*+%!



!"#$%$%&'()%*)++",*$-. "6

H)*10'I,)170

JG%!K*25-!D$*5.-!K*$!L*'G!ZG&-%!"!j2$%&'*$-k!&,3!ZG&-%!6!j5-%$-k!B%$%!&!+(T!*K!

(,=.%$-*,!-%--(*,-!2*,)%,%3!(,!+&a*$!9+%$(2&,!2('(%-4!&,3!*,I(,%!L5II%'(,!L*&$3=

'O.%!3(-25--(*,-4!BG(2G!&II*B%3!'G%!(,2I5-(*,!*K!.%*.I%!BG*!I()%!(,!*'G%$!2('(%-!

&,3!2*5,'$(%-C!U,!ZG&-%!"!j2$%&'*$-k4!-(T!(,=.%$-*,!K*25-!D$*5.-!j%&2G!'B*!G*5$-!

(,!I%,D'Gk!B%$%!2*,352'%3!B('G!&!'*'&I!*K!6<!.&$'(2(.&,'-!(,!1&,!8$&,2(-2*4!E%B!

f*$Q!&,3!H*-!9,D%I%-4!&,3!*,%!*,I(,%!K*25-!D$*5.!jB('G!.*-'(,D-!*)%$!&!.%$(*3!

*K!6!3&O-k!B&-!2*,352'%3!B('G!/"!.&$'(2(.&,'-!K$*+!&$*5,3!'G%!B*$I3C!U,!ZG&-%!6!

j5-%$-k4!'G%!'*'&I!,5+L%$!*K!(,=.%$-*,!D$*5.-!B&-!$%352%3!(,!*$3%$!'*!G*I3!+*$%!

*,I(,%!3(-25--(*,-4!$%-5I'(,D!(,!K*5$!D$*5.-!(,!1&,!8$&,2(-2*!&,3!E%B!f*$Q!B('G!

&!'*'&I!*K!"A!.&$'(2(.&,'-4!&,3!'B*!*,I(,%!D$*5.-!B('G!&!'*'&I!*K!"7!.&$'(2(.&,'-!

K$*+!&$*5,3!'G%!B*$I3C!U,!&II4!*)%$!:7!.%*.I%!.&$'(2(.&'%3!(,!K*25-!D$*5.-C!b)%$O!

D$*5.4!BG%'G%$!(,=.%$-*,!*$!*,I(,%4!B&-!+*3%$&'%3!LO!.$(,2(.&I-!*K!'G%!K($+!

-%$)(,D!&-!+&$Q%'!$%-%&$2G!2*,-5I'&,'!&,3!*L-%$)%3!LO!*'G%$!.$*a%2'!.%$-*,,%IC!

JG%!K*$+&'!*K!'G%!(,=.%$-*,!D$*5.-!&II*B%3!K*$!K$%%=KI*B(,D!3(-25--(*,C!JG%!

*,I(,%!D$*5.-!LO!,%2%--('O!.$*2%%3%3!&-O,2G$*,*5-IO4!'G*5DG!.&$'(2(.&,'-!B%$%!G(DGIO!$%-.*,-()%!'*!V5%-'(*,-!.*-'%3!LO!'G%!+*3%$&'*$4!&,3!-*+%'(+%-!

2*++%,'%3!*,!*'G%$!.&$'(2(.&,'-t!$%.I(%-!(,!&!'G$%&3%3!3(-25--(*,!K*$+&'C

F%2$5('(,D!K*$!'G%!K*25-!D$*5.-!&(+%3!&'!D&'G%$(,D!.&$'(2(.&,'-!K$*+!&!2$*--=

-%2'(*,!*K!2*++5,('(%-!&,3!(,35-'$(%-C!c%2&5-%!&-!&,!*$D&,(P&'(*,!#$%&'()%!

#*++*,-!G&-!G&3!%T'%,-()%!%T.%$(%,2%!B('G!&!.&--(*,&'%!&+&'%5$!L&-%!*K!

2$%&'*$-4!ZG&-%!"!j2$%&'*$-k!3%I(L%$&'%IO!(,2I53%3!+*-'IO!.$*K%--(*,&I!2$%&'*$-!B('G!BG*+!##!G&-!G&3!$%I&'()%IO!I%--!%T.%$(%,2%C!8*$!ZG&-%!6!j5-%$-k4!(,!

&33('(*,!'*!'&..(,D!.%$-*,-!&,3!*$D&,(P&'(*,-!Q,*B,!'*!L%!3%%.IO!%,D&D%3!(,!



!"#$%$%&'()%*)++",*$-. ";

L%O*,3!'G%!K&2'!'G&'!('!%T(-'-C!8*$!'G%!+*-'!.&$'4!I&BO%$-!B%$%!%T2I53%3!%T2%.'!

BG%,!'G%O!G&3!-5L-'&,'(&I!%T.%$(%,2%!(,!&!+*$%!.5$%IO!XL5-(,%--Y!&-.%2'!*K!

2*,'%,'!.$*352'(*,!*$!3(-'$(L5'(*,C!9I'G*5DG!D$*5.-!(,!ZG&-%!"!B%$%!&-Q%3!'*!

K*25-!*,!'G%!.%$-.%2'()%!*K!2$%&'*$-4!&,3!D$*5.-!(,!ZG&-%!6!B%$%!&-Q%3!'*!K*25-!

*,!'G%!.%$-.%2'()%!*K!5-%$-4!+&,O!.&$'(2(.&,'-!(,!%&2G!ZG&-%!B%$%!X2$*--=*)%$-4Y!

&LI%!'*!-.%&Q!K$*+!L*'G!.%$-.%2'()%-C

o%O!K(,3(,D-!K$*+!'G%!V5&I('&'()%!$%-%&$2G!&$%!3%-2$(L%3!(,!#-:$1(/"STRC

C%4/$1$4$1F-"A-7-46:,

;-+7."'J"/6)2).)&5

JG%!'&$D%'!.*.5I&'(*,!B&-!?C1C!U,'%$,%'!5-%$-!BG*!2$%&'%3!jZG&-%!"k!*$!5-%3!

jZG&-%!6k!2*.O$(DG'&LI%!*,I(,%!+&'%$(&I!(,!'G%!.&-'!/"!+*,'G-C!F%-.*,3%,'-!K*$!

'G(-!-'53O!B%$%!-%I%2'%3!'*!$%.$%-%,'!'G%!?C1C!U,'%$,%'!.*.5I&'(*,!/>@4!(,!&D%!&,3!

D%,3%$!5-(,D!&!L%-'!.$&2'(2%-!*,I(,%!2*,-5+%$!+&$Q%'!$%-%&$2G!.&,%I!&-!'G%!-&+.I(,D!K$&+%C

[$%%,K(%I3!^,I(,%!.$*)(3%3!'G%!-&+.I%!K*$!L*'G!.G&-%-!*K!V5&,'('&'()%!$%-%&$2GC!

[$%%,K(%I3!^,I(,%!+&(,'&(,-!V5&I('O!-'&,3&$3-!K*$!$%-.*,3%,'!$%2$5('+%,'!&,3!

+&,&D%+%,'!LO!$%2$5('(,D!$%-.*,3%,'-!K$*+!+5I'(.I%!B%L-('%-!)(&!L&,,%$!

&3)%$'(-(,D!&,3!'%T'!I(,Q-C!JG%![$%%,K(%I3!^,I(,%!.&,%I!G&3!&,!&2'()%!+%+L%$!

L&-%!j+%+L%$-!BG*!G&)%!'&Q%,!&!-5$)%O!B('G(,!'G%!I&-'!-(T!+*,'G-!*$!$%D(-'%$%3!

B('G(,!'G%!I&-'!'B*!+*,'G-k!*K!"<64>0>!.&,%I(-'-!(,!\5,%!"77:C!`G(I%!-&+.I%-!K*$!

'G%-%!-'53(%-!B%$%!-%I%2'%3!5-(,D!L%-'!.$&2'(2%-!K*$!-%I%2'(,D!&,3!+&,&D(,D!



!"#$%$%&'()%*)++",*$-. "<

&2'()%!(,)('%%-!&,3!$%I%&-(,D!K$%-G!(,)('&'(*,-!'G$*5DG!'G%!3&'&!2*II%2'(*,!.%$(*3C!

JG%!&2'5&I!2*+.*-('(*,-!*K!&II!&D%ND%,3%$!2&'%D*$(%-!&$%!B('G(,!@N=!"!.%$2%,'&D%!

.*(,'-!*K!'G%!L%,2G+&$Q-C!F%I%&-(,D!-5$)%O!(,)('&'(*,-!(,!2*,'$*II%3!B&)%-!

$%352%-!'G%!.*'%,'(&I!L(&-!K$*+!(,2I53(,D!'**!+&,O!$&.(3!$%-.*,3%$-!(,!'G%!K(,&I!

-&+.I%C!JG(-!.$*2%35$%!g!(,'$*352(,D!2*,'$*II%3!B&)%-!*K!(,)('%%-!+&'2G%3!'*!

U,'%$,%'!.*.5I&'(*,!L%,2G+&$Q-!g!%,-5$%-!'G&'!&II!$%-.*,3%,'-!$%&2G(,D!'G%!

&2'5&I!-2$%%,(,D!V5%-'(*,-!&$%!.$*.*$'(*,&'%IO!$%.$%-%,'&'()%!*K!'G%!?C1C!U,'%$,%'!

.*.5I&'(*,!L&-%3!*,!&D%ND%,3%$!L%,2G+&$Q-C!JG%!.$*2%35$%!+&O!L%!

$%.$*352%3!(,!*'G%$!+&$Q%'-!K*$!K5'5$%!$%-%&$2GC

8*$!ZG&-%!"!j2$%&'*$-k4!$%-.*,3%,'-!B%$%!-2$%%,%3!K*$!%I(D(L(I('O!LO!L%(,D!&-Q%3M!

XU,!'G%!I&-'!/"!+*,'G-4!G&)%!O*5!2$%&'%3!&,O!*K!'G%!K*II*B(,D!'O.%-!*K!

B*$Q-!*$!2*,'%,'e!ZI%&-%!-%I%2'!&II!'G&'!&..IOCY"<

F%-.*,3%,'-!BG*!-%I%2'%3!XE*,%Y!*$!*,IO!X^'G%$4Y!$&'G%$!'G&,!&,O!*,%!*K!&!

$&,3*+(P%3!I(-'!*K!/7!'O.%-!*K!2*,'%,'!j)(3%*-4!-*,D-4!.G*'*-4!%'2Ck!B%$%!,*'!.%$+(''%3!'*!.$*2%%3!B('G!'G%!-5$)%OC!JG%!*La%2'()%!G%$%!B&-!'*!-2$%%,!K*$!

$%-.*,3%,'-!BG*!)(%B!'G%+-%I)%-!&-!2$%&'*$-4!&,3!BG*!I(Q%IO!2$%&'%!-*+%!

2*,'%,'!'G&'!(-!2*.O$(DG'&LI%!j%)%,!(K!'G%O!&$%!,*'!'G%+-%I)%-!&B&$%!'G&'!

2*.O$(DG'!+&O!%T(-'kC"A

8*$!ZG&-%!6!j5-%$-k4!$%-.*,3%,'-!B%$%!-2$%%,%3!K*$!%I(D(L(I('O!LO!L%(,D!&-Q%3M!

XU,!'G%!I&-'!/"!+*,'G-4!G&)%!O*5!5-%3!&,O!*,I(,%!2*,'%,'!(,!&,O!*K!'G%!

K*II*B(,D!B&O-eY"0



!"#$%$%&'()%*)++",*$-. "A

'%,3!'*!L%!O*5,D%$!&,3!-Q%B!-I(DG'IO!+&I%!j6nk!'G&,!'G%!*,I(,%!.*.5I&'(*,!(,!

D%,%$&IC![$&.G-!(II5-'$&'(,D!'G%!U,'%$,%'!Z*.5I&'(*,!L%,2G+&$Q-!5-%34!'G%!

2*+.*-('(*,!*K!V5&I(K(%3!-'&$'-!j-&+.I%!2*+.*-('(*,k!&,3!'G%!2*+.*-('(*,!*K!

2*+.I%'%3!-5$)%O-!&$%!.$%-%,'%3!L%I*BC

H$&1,"'?@'N6-0"'M'P'A)%/"%/'A,"-/),0'RS77"%2$T'U=V<';.$2"'MW



!"#$%$%&'()%*)++",*$-. "0

2,47-">"Z"D(/$-/$"D6-4$(67 2,47-"S"Z"D(/$-/$"57-67

A-73(/7-"64$- <n AC77n

!=4/&(/"64$- />n /0C77n

[/:1&-/:-"64$- 6/n <6C77n

!FJT"$1;-"$(":(;30-$-"7%6F-' "/!+(,5'%- "7!+(,5'%-

#4;30-"71\- /777 /77<

D(00-:$1(/"2-61(& "77>=//="<!'*!"77>=/"=/" "77:=7;=/:!'*!"77:=7;=":>-4."'M@'A)%/"%/'A,"-/),0'-%2'A)%/"%/'Q0",0'!-/-0"/=

;1,3"50

JG%!2*$%!*K!'G%!V5%-'(*,,&($%!2*,-(-'%3!*K!V5%-'(*,-!3%-(D,%3!'*!%I(2('!5,&(3%3!

3%K(,('(*,-!*K!2*++%$2(&I!5-%!&,3!,*,2*++%$2(&I!5-%4!K*II*B%3!LO!&!XD&'%Q%%.(,DY!%T%$2(-%!(,'%,3%3!'*!(3%,'(KO!5-%-!'G&'!$%-.*,3%,'-!L%I(%)%!'*!L%!

X3%K(,('%IOY!2*++%$2(&I!*$!,*,2*++%$2(&I4!&,3!&,!X&,2G*$!.*(,'Y!&II*2&'(*,!

%T%$2(-%!'G&'!+%&-5$%3!$%-.*,-%!'*!K()%!5,V5&I(K(%3!5-%!-2%,&$(*-!-5DD%-'%3!&-!

L&-(2!-'&$'(,D!.*(,'-4!'G%,!2*+.&$%3!'G&'!$%-.*,-%!'*!+*$%!3%'&(I%3!&,3!,5&,2%3!

-2%,&$(*-C!9!V5%-'(*,!'%-'(,D!$%&2'(*,!'*!'G%!I&,D5&D%!*K!'G%!#$%&'()%!#*++*,-!

E#!'%$+!B&-!&I-*!(,2I53%3C!JG%!V5%-'(*,,&($%!K*$!ZG&-%!6!j5-%$-k!B&-!L&-%3!*,!

'G%!V5%-'(*,,&($%!3%)%I*.%3!K*$!ZG&-%!"!j2$%&'*$-k4!L5'!B&-!'&(I*$%3!K*$!5-%$-C!U'!&I-*!*+(''%3!-%)%$&I!V5%-'(*,-!*,!*,I(,%!-G&$(,D!L%G&)(*$-4!(,!*$3%$!'*!(,2I53%!

*'G%$-!%T.I*$(,D!5-%$-t!&2'()('(%-!&,3!&''('53%-!&-!2$%&'*$-C!



!"#$%$%&'()%*)++",*$-. ">

JG%!D*&I!*K!'G%!##88!.*II-!B&-!'*!2*II%2'!+*$%!(,K*$+&'(*,!$%I%)&,'!'*!

5,3%$-'&,3(,D!DI*L&I!(,'%$.$%'&'(*,-!*K!,*,2*++%$2(&I!5-%4!&I'G*5DG!&-!,*'%3!

&L*)%!'G%!.*II-!B%$%!K(%I3%3!(,!b,DI(-G!*,IO!&,3!2*5I3!,*'!L%!2*,-(3%$%3!

-2(%,'(K(2!L%2&5-%!*K!'G%!-%IK=-%I%2'%3!,&'5$%!*K!'G%!##88!-&+.I%C!JG%!.*II-!B%$%!

(,'%,3%3!'*!&II*B!'G*-%!(,'%$%-'%3!(,!'G%!-5La%2'!'*!%T.$%--!'G%($!*.(,(*,-C!U'!B&-!

%T.%2'%3!'G&'!'G%!##88!&53(%,2%!B*5I3!(,2I53%!+*$%!$%-.*,3%,'-!

Q,*BI%3D%&LI%!&L*5'!2*.O$(DG'!&,3!2*.O$(DG'!I(2%,-(,D!&,3!G&)%!)(%B-!&L*5'!'G%!

#$%&'()%!#*++*,-!E#!'%$+!('-%IKC

#*.(%-!*K!'G%!V5&,'('&'()%!$%-%&$2G!V5%-'(*,,&($%-4!(,3(2&'(,D!'G%!.$*D$&++(,D!

(,-'$52'(*,-!'G&'!3%'%$+(,%3!G*B!'G%O!B%$%!.$%-%,'%3!'*!(,3()(35&I!$%-.*,3%,'-4!

&$%!(,2I53%3!&'!'G%!%,3!*K!'G(-!F%.*$'C

JG%!$%-5I'-!*K!'G%!V5&,'('&'()%!$%-%&$2G!&$%!3%-2$(L%3!(,!#-:$1(/"ST>C



!"#$%$%&'()%*)++",*$-. ":

S"I1/&1/J7

JG%!K(,3(,D-!K*$!ZG&-%!"!j2$%&'*$-k!&,3!ZG&-%!6!j5-%$-k!&$%!$%.*$'%3!

2*+.&$&'()%IO4!$&'G%$!'G&,!(,!'G%!2G$*,*I*D(2&I!-%V5%,2%!(,!BG(2G!'G%!3&'&!B%$%!

2*II%2'%3C!#-:$1(/"STR!$%.*$'-!'G%!K(,3(,D-!*K!V5&I('&'()%!$%-%&$2G4!BG(2G!(,K*$+%3!

'G%!3%-(D,!*K!'G%!V5%-'(*,,&($%-!5-%3!'*!2*II%2'!V5&,'('&'()%!3&'&C!8*$!'G*-%!

$%&3%$-!BG*!B(-G!'*!D*!3($%2'IO!'*!'G%!3&'&!2*II%2'%3!K$*+!'G%!?C1C!*,I(,%!

.*.5I&'(*,4!#-:$1(/"ST>!$%.*$'-!'G*-%!-5$)%O!$%-5I'-C!#-:$1(/"STS"$%.*$'-!'G%!

$%-5I'-!*K!'G%!.*II-!*K!#$%&'()%!#*++*,-!8$(%,3-!&,3!8&+(IO4!(,!2*+.&$(-*,!'*!

?C1C!2*,'%,'!2$%&'*$-!&,3!5-%$-C!#-:$1(/"STU!.$*)(3%-!&!-5++&$O!*K!$%-%&$2G!

K(,3(,D-C

J8C'K<./$=.=$D"'B"5".-+E

2,47-">B"D6-4$(67

Z&$'(2(.&,'-!(,!'G%!ZG&-%!"!K*25-!D$*5.-!B%$%!&-Q%3!'*!2*,-(3%$!'G%!V5%-'(*,!*K!

,*,2*++%$2(&I!5-%!K$*+!'G%($!.*(,'!*K!)(%B!&-!2$%&'*$-C!JG%!.$(+&$O!*La%2'()%-!*K!

ZG&-%!"!*K!$%-%&$2G!B%$%!'*M

/k %T.I*$%!G*B!2*,'%,'!2$%&'*$-!3%2(3%!BG%'G%$!&!.&$'(25I&$!5-%!*K!

2*,'%,'!(-!2*++%$2(&I!*$!,*,2*++%$2(&Im!&,3

"k 3%'%$+(,%!BG%'G%$!2$%&'*$-!2*5I3!L%!D$*5.%3!L&-%3!*,!&!-G&$%3!



!"#$%$%&'()%*)++",*$-. 67

!

_*B%)%$4!,*!+&''%$!BG(2G!2*,'%,'!2*++5,('O!*$!2*++5,('(%-!.&$'(2(.&,'-!(,!

ZG&-%!"!j2$%&'*$-k!B%$%!B(II(,D!'*!(3%,'(KO!B('G4!,*!+&''%$!G*B!'$&3('(*,&I!*$!

(,,*)&'()%!'G%($!2$%&'()%!&,3N*$!L5-(,%--!+*3%I-4!*$!BG%$%!'G%O!-'**3!B('G!

$%-.%2'!'*!3%L&'%-!&L*5'!'G%!,%%3!K*$!+*$%!*$!I%--!2*.O$(DG'!.$*'%2'(*,4!)($'5&IIO!

&II!&D$%%3!'G&'!'G%$%!B&-!&,!(+.*$'&,'!3(-'(,2'(*,!L%'B%%,!2*++%$2(&I!&,3!

,*,2*++%$2(&I!5-%C!f%'4!'G%O!2*5I3!&$'(25I&'%!,*!-(,DI%!2*++*,!3%K(,('(*,C!1*!

G*B!3*!2$%&'*$-!&..$*&2G!'G%!V5%-'(*,!*K!3%2(3(,D!BG&'!2*5,'-!&-!2*++%$2(&I!

5-%4!BG&'!,*,2*++%$2(&Ie

]&,O!.&$'(2(.&,'-!(,!'G%!ZG&-%!"!j2$%&'*$-k!D$*5.-!B%$%!K&+(I(&$!B('G!&'!I%&-'!'G%!

L&-(2-!*K!2*.O$(DG'C!]*-'!.&$'(2(.&,'-!'G*5DG'!'G&'!X,*,2*++%$2(&I!5-%Y!G&3!,*!

I%D&I!3%K(,('(*,4!*$!B%$%!,*'!-5$%C!]&,O!?C1C!2$%&'*$-!B%$%!&B&$%!'G&'!'G%!

3*2'$(,%!*K!K&($!5-%!&II*B-!-*+%!5-%!*K!*'G%$-t!2*,'%,'!B('G*5'!'G%($!.%$+(--(*,4!

&-!B%$%!2$%&'*$-!*5'-(3%!'G%!?,('%3!1'&'%-!BG*!B%$%!&B&$%!*K!&!-(+(I&$!I&B!(,!

'G%($!I%D&I!a5$(-3(2'(*,-C!1*+%!.&$'(2(.&,'-!L%I(%)%3!,*,2*++%$2(&I!5-%!'*!L%!

+*$%!I(Q%IO!&!K&($!5-%!'G&,!,*'4!&,3!-*+%!2*,KI&'%3!,*,2*++%$2(&I!5-%!&,3!K&($!5-%C!1*+%!.&$'(2(.&,'-!&I-*!+%,'(*,%3!.%$-*,&I!*$!.$()&'%!5-%!&-!L%(,D!L*'G!

I%D&IIO!&,3!.$&D+&'(2&IIO!&!,*,2*++%$2(&I!5-%4!'G*5DG!'G%O!B%$%!,*'!2%$'&(,!*K!

&,O!I&B!3%K(,(,D!X.%$-*,&I!5-%CY!R5$(,D!'G%-%!3(-25--(*,-!'G%!+*3%$&'*$!B&-!

2&$%K5I!'*!Q%%.!.&$'(2(.&,'-!K*25-%3!*,!'G%($!5,3%$-'&,3(,D-!*K!BG&'!&!I(2%,-%!K*$!

,*,2*++%$2(&I!5-%!B*5I3!.%$+('4!&,3!G*B!&,O!I&B!B*5I3!L%!$%I%)&,'!'*!'G&'C!

JG%$%!B&-!,*!2*,-%,-5-!*,!'G(-!.*(,'4!&,3!(,!-*+%!2&-%-4!'G%$%!B&-!

+(-(,K*$+&'(*,!&,3!+(-5,3%$-'&,3(,D!%)%,!*,!-%''I%3!.*(,'-!*K!I&BC!1*+%!.&$'(2(.&,'-!%T.$%--%3!'G%!L%I(%K!'G&'!+*$%!I&B!B*5I3!L%!G%I.K5Im!*'G%$-!

3(-&D$%%34!)(%B(,D!'G%!V5%-'(*,!&-!*,%!'G&'!2$%&'*$-!&$%!&LI%!&,3!-G*5I3!L%!&LI%!



!"#$%$%&'()%*)++",*$-. 6/

2$%&'*$-!B%$%!2*+K*$'&LI%!B('G!'G%!(3%&!*K!2&'%D*$(%-!*K!2&-%-4!K*$!%T&+.I%4!

X%352&'(*,&I!5-%Y!g!%)%,!'G*5DG!'G*-%!2&'%D*$(%-!&$%!,*'!2*,-(-'%,'IO!3%K(,%3C!

_*B%)%$4!.&$'(2(.&,'-!&2$*--!2*++5,('(%-!B%$%!&LI%!'*!&$'(25I&'%!&!I(-'!*K!K&2'*$-!

'G%O!D%,%$&IIO!&D$%%3!&-!&!D$*5.!B%$%!$%I%)&,'!'*!2$%&'*$-t!5,3%$-'&,3(,D!*K!

BG%'G%$!&!5-%!*K!&!B*$Q!(-!2*++%$2(&I!*$!,*,2*++%$2(&IC!9K'%$!'G%!K($-'!2*5.I%!*K!

(,=.%$-*,!D$*5.-!35$(,D!BG(2G!'G%-%!K&2'*$-!G&3!L%D5,!'*!%+%$D%4!'G%!D$*5.!

+*3%$&'*$!L%D&,!+*)(,D!+*$%!V5(2QIO!&,3!*.%,IO!'*!'G%!2*II&L*$&'()%!2$%&'(*,!*K!

-52G!&!I(-'4!.$*L(,D!K*$!,5&,2%-4!V5&I(K(%$-4!&,3!*5'I(%$-C

JG%!I(-'-!2$%&'%3!B%$%!,*'!(3%,'(2&I4!&,3!'G%$%!B&-!,*!5,&,(+('O!*K!*.(,(*,!*,!

&,O!G(%$&$2GO!*K!'G%!K&2'*$-!*'G%$!'G&,!&!-'$*,D!'%,3%,2O!'*!.5'!'G%!V5%-'(*,!*K!

+*,%O=+&Q(,D!&'!*$!)%$O!,%&$!'G%!'*.C!?-%-!(,!2*,,%2'(*,!B('G!&3)%$'(-(,D!&I-*!

K%&'5$%3!.$*+(,%,'IOC!^)%$&II4!'G%$%!B&-!&!$%+&$Q&LI%!3%D$%%!*K!2*,-%,-5-!

&$*5,3!'G%!$%I%)&,2%!*K!%&2G!*K!'G%!X2*,-(3%$&'(*,!K&2'*$-Y!*,!'G%!I(-'!5I'(+&'%IO!

-O,'G%-(P%3!jL%I*B4!(,!,*!Q,*B,!*$3%$!*K!.$(*$('O4!.&$'(25I&$IO!&'!'G%!'(+%kC!]*-'!

(+.*$'&,'IO4!'G%-%!K&2'*$-!B%$%!$%I%)&,'!'*!2$%&'*$-!&2$*--!&!L$%&3'G!*K!2*,'%,'!

2*++5,('(%-!&,3!(,35-'$(%-C!U,!&33('(*,4!&'!I%&-'!&'!'G&'!'G(-!I%)%I!*K!$%-%&$2G4!'G%$%!B%$%!,*!-(D,(K(2&,'!3(KK%$%,2%-!*K!*.(,(*,!L%'B%%,!.&$'(2(.&,'-!(,!'G%!?,('%3!

1'&'%-!&,3!'G*-%!%I-%BG%$%C

C%401$4$1F-"A-7-46:,"D(/71&-64$1(/"I4:$(67 S?

2-6:-1F-&"-:(/(;1:"F40%-"()"$,-":(/$-/$

K,-"7$4$%7"()"$,-"%7-6"47"4/"1/&1F1&%40G"4/"4;4$-%6"(6"36()-771(/40G"4")(6]36()1$"(6"/($])(6]36()1$"(6J4/1\4$1(/G"-$:T

M,-$,-6 $,- %7- ;4O-7 ;(/-' ^4/& 1) 7( +,-$,-6 6-F-/%-7 46- 36()1$ (6 6-:(F-6' () :(7$7



!"#$%$%&'()%*)++",*$-. 6"

2*++%$2(&I!*$!,*,2*++%$2(&IC!_*B%)%$4!-*+%!$&(-%3!'G%!K&2'!'G&'!-*+%!2*,'%,'!

(,!3(D('&I!K*$+!G&-!D$%&'%$!.*'%,'(&I!%2*,*+(2!)&I5%!'G&,!*'G%$!'O.%-!*K!2*,'%,'!g!

+5-(2!&,3!+*)(%-!B%$%!K$%V5%,'IO!2('%3!%T&+.I%-C

U'!B&-!$%2*D,(P%3!'G&'!&!I(-'!*K!2*,-(3%$&'(*,!K&2'*$-!&I*,%!2*5I3!,*'!3%K(,%!

,*,2*++%$2(&I!5-%C!]*-'!.&$'(2(.&,'-!(,-(-'%3!'G&'!&,O!3%K(,('(*,!B*5I3!G&)%!'*!

(,2I53%!%T.$%--%3!$5I%-!&,3!I(+('-!K*$!+*-'!*K!'G%!K&2'*$-C!85$'G%$4!.&$'(2(.&,'-!

B%$%!3%%.IO!-Q%.'(2&I!'G&'!%)%,!B('G!'G%!&(3!*K!-52G!&!I(-'4!&,O!-(,DI%!3%K(,('(*,!

2*5I3!L%!K*$+5I&'%3C

#$%&'*$-!(,!'G%!D$*5.-!$%2*D,(P%3!'G&'!'G%O!2*,-(3%$!-*+%!K&2'*$-!+*$%!

(+.*$'&,'!'G&,!*'G%$-4!&,3!'G%O!&I-*!B%(DG!'G%!K&2'*$-!3(KK%$%,'IOC!1*+%!2*,-(3%$!

2%$'&(,!K&2'*$-!'*!L%!XD&'%Q%%.(,DY!V5%-'(*,-4!'G%!&,-B%$!'*!BG(2G!-%''I%-!'G%!

+&''%$C!1*+%!2$%&'*$-!2*,-(3%$!&!5-%!2*++%$2(&I!(K!'G%$%!(-!&,O!&3)%$'(-(,D!(,!

2*,,%2'(*,!B('G!('4!K*$!%T&+.I%C!^'G%$-!2*,-(3%$!2%$'&(,!K&2'*$-!'*!L%!V5%-'(*,-!*K!

3%D$%%C!8*$!%T&+.I%4!-*+%!2$%&'*$-!2*,-(3%$!$%2*)%$O!*K!2*-'-!'*!3(-'$(L5'%!&!

B*$Q!&!,*,2*++%$2(&I!5-%4!L5'!,*'!(K!-&I&$(%-!*$!*'G%$!*)%$G%&3!&$%!2&I25I&'%3!&-!.&$'!*K!2*-'!$%2*)%$OC!F&'G%$!'G&,!2*,-'('5'(,D!&!-(+.I%!2G%2QI(-'4!K*$!+&,O!

2$%&'*$-!'G%!K&2'*$-!%T(-'!B('G(,!&!+&'$(T!(,!BG(2G!'G%!'O.%!*K!5-%!jK*$!%T&+.I%4!

.$*+*'(*,&I!*$!&3)%$'(-(,D!5-%k!&,3!'G%!2*,'%T'!*$!2*++5,('O=L&-%3!,&'5$%!*K!

'G%!5-%!jK*$!%T&+.I%4!2G&$('&LI%!5-%4!*$!5-%!(,!&!.5LI(2!-2G**Ik!&$%!(+.*$'&,'!

)%2'*$-C!U,!-5+4!'G%!3%2(-(*,=+&Q(,D!.$*2%--!(-!,*'!2I%&$=25'C6/

6/JG%!K*II*B(,D!K%B!%T&+.I%-!*K!%&2G!K&2'*$4!$&(-%3!LO!K*25-!D$*5.!.&$'(2(.&,'-!&,3!%T.$%--%3!(,!'G%!K*$+!

*K!V5%-'(*,-!*$!-2%,&$(*-!'G&'!+(DG'!L%!.5'!'*!&!2$%&'*$!2*,-(3%$(,D!BG%'G%$!'*!I(2%,-%!2*,'%,'!K*$!,*,2*++%$2(&I!5-%4!+&O!G%I.!(II5-'$&'%!'G%!2*+.I%T!,&'5$%!*K!-*+%!*K!'G%!3%2(-(*,=+&Q(,D!(,)*I)%3C

P:(/(;1:"F40%-B"](DG'!'G%!B*$Q!('-%IK!L%!B*$'G!-5L-'&,'(&IIO!+*$%!(,!'G%!K5'5$%e!R*%-!&II*B(,D!,*,2*++%$2(&I 5-% *K 'G% B*$Q L5(I3 3%+&,3 K*$ 2*++%$2(&I 5-% *K 'G% B*$Q *$ 3%.$%-- ('e



!"#$%$%&'()%*)++",*$-. 66

_*B%)%$4!)($'5&IIO!&II!2$%&'*$-!&D$%%!'G&'!&!,*,2*++%$2(&I!5-%!(-!*,%!(,!BG(2G!

X,*!+*,%O!2G&,D%-!G&,3-CY!]&,O!'G%,!&33!'G&'!K*$!&!5-%!'*!L%!'$5IO!

,*,2*++%$2(&I4!'G%$%!-G*5I3!&I-*!L%!,*!(,3($%2'!2*++%$2(&I!D&(,C!f%'!%)%$O*,%!$%2*D,(P%-!'G&'!(,3($%2'!2*++%$2(&I!D&(,!+&O!L%!(+.*--(LI%!'*!&)*(3!g!&,3!+&O!

&22$5%!'*!'G%!2$%&'*$!&-!B%II!&-!j*$!(,-'%&3!*Kk!'G%!5-%$C!]&,O!D$*5.!.&$'(2(.&,'-!

,*'%3!'G&'!'G%$%!&$%!.$*+*'(*,&I!&,3!'G5-!.*'%,'(&IIO!%2*,*+(2!*$!2*++%$2(&I!

&3)&,'&D%-!'*!2$%&'*$-!(,!2*,,%2'(*,!B('G!$%I%&-(,D!2*,'%,'!K$%%IO!K*$!

,*,2*++%$2(&I!5-%C!8*$!'G%-%!2$%&'*$-4!X2$%3('Y!K*$!.%$+(''(,D!,*,2*++%$2(&I!

5-%!(-!)%$O!(+.*$'&,'4!&,3!'G%!V5%-'(*,!*K!&''$(L5'(*,!(-!-*+%'G(,D!'G&'!D%'-!

K&2'*$%3!(,'*!'G%($!2*,-(3%$&'(*,!*K!BG%,!&!5-%!(-!&22%.'&LI%C!8*$!%T&+.I%4!

&''$(L5'(*,!(-!*K'%,!+*$%!(+.*$'&,'!'*!&$'(-'-!&,3!.$*D$&++%$-!'G&,!.$*'%2'(,D!

.&$'(25I&$!2*,'%,'!'G&'!+(DG'!G&)%!-*+%!%2*,*+(2!)&I5%4!-*+%'(+%-!L5'!,*'!

&IB&O-!*,!'G%!'G%*$O!'G&'!&''$(L5'(*,!+&O!5I'(+&'%IO!I%&3!'*!*)%$&II!D$%&'%$!

2*++%$2(&I!D&(,C!JG(-!-5DD%-'-!'G&'!'G%!##!I(2%,-%!&''$(L5'(*,!$%V5($%+%,'!+&O!

L%!&,!(+.*$'&,'!K&2'*$!(,!&'!I%&-'!-*+%!2$%&'*$-t!5,3%$-'&,3(,DN.%$2%.'(*,!*K!'G%!

E#!I(2%,-%!'%$+C!9'!'G%!-&+%!'(+%4!-*+%!.&$'(2(.&,'-!,*'%3!'G&'!5-%$-!2&,!3%$()%!.$*+*'(*,&I!&3)&,'&D%!K$*+!5-%!*K!*'G%$-t!B*$Q-4!&,3!B*,3%$%3!BG%,!

X.$*+*'(*,&IY!L%2*+%-!X2*++%$2(&IY!&3)&,'&D%C!9-!&!.$&2'(2&I!+&''%$4!+&,O!

-%%+!'*!2*,-(3%$!,*,2*++%$2(&I!5-%!&-!G&)(,D!+(,(+&I!*$!(,3($%2'!2*++%$2(&I!

(+.&2'4!$&'G%$!'G&,!&L-*I5'%IO!,*!2*++%$2(&I!(+.&2'C

$%)%,5%-!D%,%$&'%3!K$*+!*'G%$!-%2'(*,-!*K!'G%($!-('%e!`G&'!(K!'G%!2&+.&(D,!.5-G%-!'G%!&$'(-'t-!,%B!+5-(2!'*!'G%!'*.!*K!'G%!2G&$'-e!R*%-!('!+&''%$!BG%'G%$!'G%!B%L-('%!*$!'G%!&$'(-'!L%,%K('-!+*$%!K$*+!'G%!2&+.&(D,e



!"#$%$%&'()%*)++",*$-. 6;

]&,O!2$%&'*$-!&$%!&I-*!+*$%!(,2I(,%3!'*!I%'!'G%($!%)&I5&'(*,!*K!&!5-%!-G(K'!'*B&$3!

X,*,2*++%$2(&IY!BG%,!'G%!5-%!(-!+&3%!K*$!-*+%!2G&$('&LI%!.5$.*-%4!*$!'*!

.$*+*'%!-*+%!-*2(&I!*$!.5LI(2!D**3C!8*$!%T&+.I%4!&!2$%&'*$!+&O!5-5&IIO!

2*,-(3%$!&3)%$'(-(,D!&!2*++%$2(&I!5-%4!L5'!,*'!(K!'G%!&3)%$'(-(,D!(-!K*$!&!2G&$('&LI%!*$D&,(P&'(*,C!f%'!'G&'!-&+%!2$%&'*$!&I-*!+&O!B&,'!'*!3(-'(,D5(-G!

L%'B%%,!2G&$('&LI%!*$D&,(P&'(*,-!B('G!+*$%!*$!K%B%$!$%-*5$2%-4!*$!2G&$('&LI%!

.5$.*-%-!*$!-*2(&I!2&5-%-!'G&'!&I(D,!B('G!'G%!2$%&'*$t-!)&I5%-4!*$!,*'C!JG5-!'G%!

3%2(-(*,=+&Q(,D!.$*2%--!(-!K5$'G%$!2*+.I(2&'%3!LO!-5La%2'()%!*$!.%$-*,&I!)(%B-m!

'G&'!(-4!BG&'!+&O!L%!&!-*2(&I!D**3!'*!'G%!5-%$!+&O!L%!*La%2'(*,&LI%!'*!'G%!

2$%&'*$C!`G(I%!-*+%!2*,'%,'!2$%&'*$-!&$%!&B&$%!'G&'!-*+%!2*,-(3%$&'(*,!K&2'*$-!

+&O!G&)%!&!I%D&I!3(+%,-(*,!L%O*,3!'G%!I(2%,-*$t-!2*,'$*I4!&'!I%&-'!(,!'G%!?,('%3!

1'&'%-!jK*$!%T&+.I%4!XBG%'G%$!'G%!5-%!(-!+*$&IIO!*La%2'(*,&LI%Y!B*5I3!L%!

($$%I%)&,'!(K!&!5-%!*K!2*,'%,'!B&-!*'G%$B(-%!K&($!&,3!I%D&Ik4!*'G%$-!&$%!,*'C!

U,!'G%!&L-%,2%!*K!2*,'$&2'5&I!*$!I(2%,-(,D!'%$+-!K*$!,*,2*++%$2(&I!5-%4!+&,O!

2$%&'*$-!$%IO!*,!K*$+5I&'(*,-!'G&'!&$%!5,(V5%!'*!'G%($!.&$'(25I&$!-('5&'(*,-4!*$!

BG(2G!+&O!L%!5-%3!LO!-(+(I&$!2$%&'*$-!j%)%,!'G*5DG!'G%-%!K*$+5I&'(*,-!+&O!,*'!$(-%!'*!'G%!I%)%I!*K!&!-G&$%3!2*++5,('O!*$!(,35-'$O!-'&,3&$3kC!^K'%,!'G%-%!

K*$+5I&'(*,-!2&,,*'!L%!+&3%!%&-(IO!Q,*B,!'*!5-%$-!jK*$!&!)&$(%'O!*K!$%&-*,-4!

(,2I53(,D!'G&'!'G%!3(-'$(L5'(*,!*K!'G%!2*,'%,'!+&O!,*'!L%!%,'($%IO!5,3%$!'G%!

2$%&'*$t-!2*,'$*Ikm!-*+%'(+%-!'G%!2$%&'*$!3*%-!,*'!L*'G%$!'*!+&Q%!'G%+!Q,*B,4!

&'!I%&-'!,*'!5,I%--!'G%!B*5I3=L%!5-%$!2*,'&2'-!'G%!2$%&'*$4!*$!'G%!2$%&'*$!

3(-2*)%$-!&,!5,&22%.'&LI%!5-%C!]&,O!*K!'G%-%!K*$+5I&'(*,-!&$%!&I-*!*.%,!'*!

(,'%$.$%'&'(*,4!&-!(-!3%+*,-'$&'%3!LO!'G%-%!)%$L&'(+!%T&+.I%-!*K!BG&'!X,*,2*++%$2(&I!5-%Y!+%&,-!(,!.$&2'(2%!K*$!-*+%!2$%&'*$-M



!"#$%$%&'()%*)++",*$-. 6<

&L-*I5'%!D**34!&,3!'G5-!*..*-%3!&,O!$%-'$(2'(*,-!*,!5-%4!(,2I53(,D!$%-'$(2'(*,-!

*,!2*++%$2(&I!5-%C

`G(I%!#$%&'()%!#*++*,-!*.%,IO!2*,)%,%3!'G%!K*25-!D$*5.-4!'G%!%+.G&-(-!*K!$%-%&$2G!B&-!*,!2$%&'*$-t!*B,!5,3%$-'&,3(,D!*K!,*,2*++%$2(&I!5-%C!]&,O!

.&$'(2(.&,'-!(,!'G%!D$*5.-!G&3!*,IO!+(,(+&I!K&+(I(&$('O!B('G!#$%&'()%!#*++*,-C!

_*B%)%$4!BG%,!'(+%!&,3!'G%!KI*B!*K!3(-25--(*,!&II*B%34!-*+%!D$*5.-!B%$%!

.$%-%,'%3!B('G!'G%!I&,D5&D%!*K!'G%!#$%&'()%!#*++*,-!E#!'%$+!&-!&!.*--(LI%!

3%K(,('(*,!*K!,*,2*++%$2(&I!5-%C6"!JG(-!B&-!3*,%!B('G*5'!(3%,'(KO(,D!'G%!-*5$2%4!

L5'!+&,O!.&$'(2(.&,'-!D5%--%34!&,3!&!K%B!Q,%B!'G%!'%$+!L%K*$%!2*+(,D!'*!'G%!

D$*5.C!]&,O!.&$'(2(.&,'-!K%I'!'G%!3%K(,('(*,!2&.'5$%3!'G%($!L&-(2!5,3%$-'&,3(,D!*K!

,*,2*++%$2(&I!5-%4!L5'!B&-!'**!D%,%$&I!'*!L%!5-%K5I!K*$!&..I(2&'(*,!'*!+&,O!

-.%2(K(2!-('5&'(*,-C!^'G%$-!3%%+%3!'G%!&L(I('O!*K!'G%!3%K(,('(*,!'*!&..IO!'*!&!$&,D%!

*K!*'G%$B(-%!5,-.%2(K(%3!-('5&'(*,-!&!-'$%,D'GC!]&,O!.&$'(2(.&,'-4!(,2I53(,D!-*+%!

*K!'G*-%!BG*!K%I'!'G%!3%K(,('(*,!B&-!2*+.&'(LI%!B('G!*$!2I*-%!'*!'G%($-4!2$('(2(P%3!

'G%!I&,D5&D%!&-!)&D5%!*$!5,2I%&$4!K*25-(,D!.&$'(25I&$IO!*,!'G%!+%&,(,D!*K!

X.$(+&$(IO!(,'%,3%3Y!&,3!X2*++%$2(&I!&3)&,'&D%4Y!&,3!'G%!(+.*$'!*K!'G%!&3a%2'()%!X.$()&'%Y!&-!&..I(%3!'*!X+*,%'&$O!2*+.%,-&'(*,CY!1*+%!2$('(2(P%3!'G%!3%K(,('(*,!&-!

'&5'*I*D(2&I4!L%2&5-%!('!(,2I53%-!'G%!B*$3!X2*++%$2(&ICY!l($'5&IIO!&II!&D$%%3!'G&'!

+*$%!%T.I&,&'(*,!&,3N*$!%T&+.I%-!*K!-.%2(K(2!,*,2*++%$2(&I!5-%-!.$%-%,'%3!(,!

2*,,%2'(*,!B('G!'G%!3%K(,('(*,!B*5I3!L%!G%I.K5I!g!&,3!-*+%!.5'!('!+*$%!-'$*,DIO!

'G&,!'G&'C

]&,O!.&$'(2(.&,'-!3(-&D$%%3!B('G!'G%!(3%&!'G&'!&!-(,DI%!3%K(,('(*,!*K!,*,2*++%$2(&I!5-%!2*5I3!L%!B*$Q&LI%C!1*+%!$&(-%3!'G%!.*--(L(I('O!*K!3%)%I*.(,D!

&!$&,D%!*K!.5LI(2!2*.O$(DG'!,*,2*++%$2(&I!5-%!I(2%,-(,D!-*I5'(*,-4!(,!3(KK%$%,'!



!"#$%$%&'()%*)++",*$-. 6A

JG%!D%,%$&'(*,!*K!&!X2*,-(3%$&'(*,!K&2'*$-Y!I(-'!(,!ZG&-%!"!j2$%&'*$-k!K*25-!D$*5.-!

(,-.($%3!&,!&..$*&2G!&,3!+52G!*K!'G%!2*,'%,'!K*$!'G%!V5%-'(*,,&($%!3%)%I*.%3!

K*$!V5&,'('&'()%!$%-%&$2G4!3%-2$(L%3!L%I*BT!

2,47-"SB"57-67

]($$*$(,D!ZG&-%!"4!'G%!.$(+&$O!*La%2'()%-!*K!ZG&-%!6!V5&I('&'()%!$%-%&$2G!B%$%!

'*M!

/k %T.I*$%!G*B!2*,'%,'!5-%$-!3%2(3%!BG%'G%$!&!.&$'(25I&$!5-%!*K!

2*,'%,'!(-!2*++%$2(&I!*$!,*,2*++%$2(&Im!&,3

"k 3%'%$+(,%!BG%'G%$!5-%$-!2*5I3!L%!D$*5.%3!L&-%3!*,!&!-G&$%3!

3%K(,('(*,!*K!,*,2*++%$2(&I!5-%C

933('(*,&IIO4!'G(-!ZG&-%!*K!$%-%&$2G!(,)%-'(D&'%3!5-%$-t!(3%,'(K(2&'(*,!&,3!%T.%$(%,2%!&-!2$%&'*$-C!

U,!*$3%$!'*!3%K(,%!X5-%$4Y!.&$'(2(.&,'-!B%$%!&-Q%3!'*!'G(,Q!*K!&II!'G%!)&$(*5-!X5-%Y!

&2'()('(%-!(,!BG(2G!'G%O!+(DG'!%,D&D%M!2*.O(,D!&,3!3*B,I*&3(,D!2*,'%,'4!-G&$(,D!

&,3!K5$'G%$!3(-'$(L5'(,D!&!2*.O!*K!2*,'%,'4!(,2*$.*$&'(,D!2*,'%,'!(,'*!-*+%!*'G%$!

B*$Q4!*$!+&,(.5I&'(,D!*$!&I'%$(,D!2*,'%,'C!U,!3(-25--(*,!*K!'G%-%!5-%-4!(++%3(&'%!

-(+(I&$('(%-!&..%&$%3!L%'B%%,!'G%!.%$-.%2'()%-!*K!'G*-%!5-(,D!2*,'%,'!&,3!'G%!.%$-.%2'()%!*K!2$%&'*$-!%T.I*$%3!(,!ZG&-%!"!j2$%&'*$-k!K*25-!D$*5.-C!H(Q%!

2$%&'*$-4!5-%$-!3*!,*'!-G&$%!&!-(,DI%!3%K(,('(*,!*K!,*,2*++%$2(&I!5-%4!&,3!'G%$%!



!"#$%$%&'()%*)++",*$-. 60

I(2%,-%!B&-!,*'!(,!V5%-'(*,4!*,IO!'G%!5,3%$-'&,3(,D!*K!BG&'!&!I(2%,-%!K*$!

,*,2*++%$2(&I!5-%!B*5I3!.%$+('!L%O*,3!K&($!5-%C!

^'G%$!.&$'(2(.&,'-!K*5,3!3(KK%$%,'!B&O-!*K!3%-2$(L(,D!X)&I5%=&33%3Y!5-%$!&2'()('OC!JG*-%!BG*!B*$Q!(,!I(L$&$(%-4!+5-%5+-!&,3!*'G%$!25I'5$&I!$%.*-('*$(%-!&,3!

(,-'('5'(*,-!*K'%,!$%K%$!'*!'G%+-%I)%-!&-!X25$&'*$-Y!*K!2*,'%,'4!*$!X+%3(&'*$-4Y!

XK&2(I('&'*$-Y!*$!X(,'%$+%3(&$(%-Y!L%'B%%,!2$%&'*$-!&,3!5-%$-!*K!2*,'%,'C!JG%-%!

.&$'(2(.&,'-!&$%!'O.(2&IIO!(,)*I)%3!&-!B%II!(,!2$%&'(,D!2*,'%,'!-52G!&-!'%T'!K*$!'G%!

*$D&,(P&'(*,t-!$%2*$3-4!LI*D!*$!*'G%$!.5LI(2&'(*,-C!1*+%!.&$'(2(.&,'-!B*$Q(,D!(,!

B%L=L&-%3!2*,'%,'!2*,'%T'-!$%K%$!'*!'G%+-%I)%-!&-!XD5&$3(&,-Y!*$!X-G%.G%$3-Y!*K!

'G%!+%'&3&'&'&--*2(&'%3!B('G!3(D('&IIO!2$%&'%3!*$!G*-'%3!B*$Q-4!&,3!%T.I&(,!'G&'!

'G%($!$*I%-!(,!*$D&,(P(,D!+%'&3&'&!-2G%+&-!&,3!&DD$%D&'(,D!2*,'%,'!G&)%!&!

2$%&'()%!3(+%,-(*,!'G&'!+&O!&33!)&I5%!'*!'G%!2*,'%,'!('-%IKC6;

JG*-%!BG*!(3%,'(K(%3!&-!L*'G!5-%$-!&,3!2$%&'*$-!-%%+%3!'*!&D$%%!'G&'!'G%($!

%T.%$(%,2%!G&3!(,KI5%,2%3!'G%($!.%$-.%2'()%-!*,!'G%!V5%-'(*,!*K!BG&'!2*,-'('5'%-!

,*,2*++%$2(&I!5-%4!+&Q(,D!'G%+!+*$%!&B&$%!*K!'G%!(--5%-!&,3!'G%($!(+.I(2&'(*,-C!f%'4!3%-.('%!L%(,D!L%''%$!&LI%!'*!&$'(25I&'%!'G%!2*+.I%T('(%-!&,3!

,5&,2%-!*K!'G%!(--5%-4!5-%$=2$%&'*$-!3(3!,*'!%T.$%--!3(KK%$%,2%-!(,!*.(,(*,!K$*+!

*'G%$!5-%$-4!*$!K$*+!*'G%$!2$%&'*$-!K*$!'G&'!+&''%$C

`G%,!&-Q%3!'*!%)&I5&'%!'G%!I(-'!*K!2*++%$2(&IN,*,2*++%$2(&I!5-%!2*,-(3%$&'(*,!

K&2'*$-!3%)%I*.%3!(,!ZG&-%!"!j2$%&'*$-k!V5&I('&'()%!$%-%&$2G4!.&$'(2(.&,'-!(,!

ZG&-%!6!j5-%$-k!&D$%%3!B('G!'G%($!$%I%)&,2%C!b)%,!&K'%$!+52G!3(-25--(*,4!,*!,%B!K&2'*$!B&-!&33%3!&I'G*5DG4!&-!+%,'(*,%3!L%I*B4!'B*!B%$%!.$*.*-%3C!F%&2'(*,!'*!

'G%!5'(I('O!*K!'G%!I(-'!&I-*!B&-!'G%!-&+%M!.&$'(2(.&,'-!(,!L*'G!ZG&-%-!"!&,3!6!&D$%%!



!"#$%$%&'()%*)++",*$-. 6>

&,3!BG&'!'G%O!a53D%!'*!L%!'G%!I*B!$(-Q!*K!L%(,D!3(-2*)%$%3!*$!.5$-5%3!K*$!

(,K$(,D%+%,'C6A!U,'%$%-'(,DIO4!K*$!-*+%!'G(-!D5(I'!&..%&$-!%T&2%$L&'%3!LO!'G%($!

+*-'IO!5,'%-'%3!L%I(%K!'G&'!2$%&'*$-!3%K(,%!,*,2*++%$2(&I!+*$%!,&$$*BIO!'G&,!

'G%O!3*4!%-.%2(&IIO!BG%,!'G%!2$%&'*$-!&$%!'$O(,D!'*!+&Q%!&!I()(,D!K$*+!'G%($!B*$Q-C!^,%!.&$'(2(.&,'!-&(3!'G&'!(,!'G%!25$$%,'!%,)($*,+%,'4!+&,O!5-%$-!&$%!%--%,'(&IIO!

2$%&'(,D!,%B!X.(%-4Y!'G&'!(-4!,%B!.$*352'-!&,3N*$!+&$Q%'-!L&-%3!&'!I%&-'!(,!.&$'!

*,!5-%!*K!*'G%$-t!2*,'%,'!B('G*5'!D()(,D!&,O'G(,D!L&2Q!'*!'G%!2$%&'*$-!*K!'G%!

*$(D(,&I!.(%-C!1*+%!5-%$-!+&Q%!&!.*(,'!*K!D()(,D!&''$(L5'(*,!'*!'G%!2$%&'*$!&-!&!

B&O!*K!D()(,D!L&2Q4!%)%,!BG%,!,*'!$%V5%-'%3C

U,3%%34!-*+%!ZG&-%!6!j5-%$-k!.&$'(2(.&,'-!&--%$'!&!X,%B!*$(%,'&'(*,!&$*5,3!

2$%&'(,DY!(-!'G%!.$(+&$O!2&5-%!*K!2*,K5-(*,!*$!&+L(D5('O!$%D&$3(,D!'G%!

2*++%$2(&IN,*,2*++%$2(&I!3(-'(,2'(*,C!JG%O!.*(,'!'*!'G%!K&2'!'G&'!-*+%!2$%&'*$-!

K%%I!'G&'!'G%!$%2*D,('(*,!+&3%!.*--(LI%!LO!'G%!U,'%$,%'!(-!$%B&$3!%,*5DG!K*$!

2$%&'(,D!2*,'%,'4!&,3!-5DD%-'!'G&'!'G%!(+.I(2&'(*,-!*K!'G(-!,%B!$%&I('O!&$%!'B*=

K*I3M!2$%&'*$-!BG*!%&$,!&!I()(,D!K$*+!'G%($!B*$Q!%T.%$(%,2%!D$%&'%$!2*+.%'('(*,!

&,3!.$%--5$%!'*!K(,3!,%B!B&O-!*K!+&Q(,D!+*,%O4!&,3!&''$(L5'(*,!(-!(,2$%&-(,DIO!.%$2%()%3!LO!-*+%!2$%&'*$-!&,3!-*+%!5-%$-!&-!-5KK(2(%,'!2*+.%,-&'(*,!K*$!

.$*352(,D!2*,'%,'!&,3!+&Q(,D!('!&)&(I&LI%!'*!*'G%$-C!JG%-%!.&$'(2(.&,'-!

%+.G&-(P%!'G%!,%%3!K*$!-'&,3&$3-!&,3N*$!$5I%-!$%D&$3(,D!2$%3('!'G&'!-G*5I3!L%!

D()%,!'*!'G%!-*5$2%!*K!2*,'%,'!5-%3m!(,!'G%!B*$3-!*K!*,%!.&$'(2(.&,'4!X'*!'G(,Q!*K!

,*,2*++%$2(&I!h5-%i!B('G*5'!&''$(L5'(*,!(-!K&5I'OCY

9+*,D!5-%$-!BG*!&$%!,*'!(,'%$%-'%3!(,!+&Q(,D!+*,%O!K$*+!'G%($!5-%-!*K!*'G%$-t!B*$Q4!*$!BG*!B*$Q!K*$!,*'=K*$=.$*K('-4!+&,O!.$%-%,'!'G%+-%I)%-!&-!2*,-2(%,'(*5-!

%T.%$(+%,'%$-!BG*!B&,'!'*!3*!,%B4!(,'%$%-'(,D!&,3!-*2(&IIO!5-%K5I!'G(,D-!B('G!



!"#$%$%&'()%*)++",*$-. 6:

5-%$-!BG*!B*$Q!K*$!&$2G()%-!&,3!%352&'(*,&I!-&O!'G%O!G&)%!'*!X.I&O!&II!-(3%-Y!(,!

&,!&''%+.'!'*!$%2*,2(I%!BG&'!*K'%,!-%%+!'*!L%!*..*-(,D!(,'%$%-'-!(,!2*,'%,'C!

JG%-%!5-%$-!-'$5DDI%!'*!K(,3!B&O-!*K!+&Q(,D!+*$%!2*,'%,'!&)&(I&LI%!'*!'G%!.5LI(2!

BG(I%!,%D*'(&'(,D!'G%!3%+&,3-!*K!-*+%!2$%&'*$-!&,3!2*,'%,'!.$*)(3%$-!j*$!'G%($!(,=G*5-%!2*5,-%I!*$!&3+(,(-'$&'*$-k!'*!$%-'$(2'!&22%--C!

U,!D%,%$&I4!'G%!I&2Q!*K!&225$&'%!Q,*BI%3D%!&,3!'G%!&L5,3&,2%!*K!+(-(,K*$+&'(*,!

&L*5'!2*.O$(DG'!I&B!&,3!K&($!5-%!$%)%&I%3!(,!V5&I('&'()%!$%-%&$2G!&$%!,*'&LI%4!

.&$'(25I&$IO!&+*,D!.$*K%--(*,&I-!B*$Q(,D!B('G!2*,'%,'C!]&,O!5-%$-!&$%!&B&$%!*K!

'G(-!.$*LI%+C!b)%,!&22*+.I(-G%3!.$*K%--(*,&I-!*.%,IO!V5%-'(*,!'G%($!*B,!

5,3%$-'&,3(,D!&,3!a53D+%,'-!&L*5'!'G%!3(-'(,2'(*,!L%'B%%,!2*++%$2(&I!&,3!

,*,2*++%$2(&I!5-%C!b352&'*$-!(,!.&$'(25I&$!-%%+!'*!K%%I!'G%O!&$%!(,!&!3(KK(25I'!

.*-('(*,!L%2&5-%!'G%O!-%%!&!,%%3!K*$!D$%&'%$!5,3%$-'&,3(,D!*K!2*.O$(DG'!I&B!&,3!

K&($!5-%!&+*,D!-'53%,'-!&'!&II!I%)%I-4!L5'!&$%!&I-*!D$&..I(,D!B('G!'G%($!*B,!I&2Q!*K!

Q,*BI%3D%C!]&,O!.&$'(2(.&,'-!K$*+!&!$&,D%!*K!25I'5$&I!*$D&,(P&'(*,-!$%.*$'!&!G(DG!

3%D$%%!*K!(,'%$,&I!2*,K5-(*,!&,3!$(-Q!&)%$-(*,4!&-!B%II!&-!I&2Q!*K!&,O!(,'%$,&I!

$%-*5$2%-!'*!(,2$%&-%!5,3%$-'&,3(,D!*K!'G%!I%D&I('(%-!2*,2%$,(,D!+52G!5-%!*K!2*,'%,'C

Z&$'(2(.&,'-!$%.$%-%,'(,D!2*$.*$&'(*,-!*$!BG*!3%&I!B('G!2*$.*$&'(*,-4!%-.%2(&IIO!

'G*-%!B('G!+*$%!'$&3('(*,&I!L5-(,%--!+*3%I-4!-&O!'G%!&+L(D5('O!&$*5,3!

,*,2*++%$2(&I!5-%!*K'%,!.$%)%,'-!+52G!2*,'%,'!K$*+!L%(,D!5-%3C!JG%O!&--%$'!

L(D!2*$.*$&'(*,-!XB*,t'!'*52GY!B*$Q-!I(2%,-%3!K*$!,*,2*++%$2(&I!5-%!L%2&5-%!*K!

5,2%$'&(,'O!*)%$!'G%!'%$+4!&,3!'G&'!'G%!,*,2*++%$2(&I!I&L%I!+&O!%)%,!G&)%!&!2G(II(,D!%KK%2'!*,!5-%-!'G&'!2$%&'*$-!+&O!,*'!(,'%,3!'*!$%-'$(2'C!8*$!%T&+.I%4!

'%2G,*I*DO!(,35-'$O!$%.$%-%,'&'()%-!%T.I&(,!'G&'!B*$Q(,D!B('G!,*,2*++%$2(&I!



!"#$%$%&'()%*)++",*$-. ;7

9-!3*!2$%&'*$-4!5-%$-!*K'%,!&..$*&2G!'G%!V5%-'(*,!*K!,*,2*++%$2(&I!5-%!*,!&!

2&-%=LO=2&-%!L&-(-C!Z&$&II%I(,D!+&,O!2$%&'*$-t!&..$*&2G!'*!3%2(3(,D!BG%,!'*!

&II*B!*$!I(2%,-%!&!,*,2*++%$2(&I!5-%4!+&,O!5-%$-!&I-*!%T.I&(,%3!'G%O!5-%!2*,'%,'!D5(3%3!LO!'G%($!*B,!.$(,2(.I%-!*$!.%$-*,&I!$5I%-!*K!'G5+L4!*$!(,!&22*$3!

B('G!.$&2'(2%-!K*II*B%3!LO!*'G%$!5-%$-4!BG(2G!'G%O!G*.%!2$%&'*$-!&$%!+*$%!I(Q%IO!

'*!&22%.'4!*,!&!X-&K%'O!(,!,5+L%$-Y!'G%*$OC!l%$L&'(+!%T&+.I%-!*K!G*B!-*+%!

5-%$-!&$'(25I&'%!'G%($!5,3%$-'&,3(,D!*K!BG%,!&!5-%!(-!,*,2*++%$2(&I!(,2I53%M

• X(K!('t-!K*$!%352&'(*,!*$!.%$-*,&I!5-%Y

• X(K!('!3*%-!,*'!2*+.%'%!g!,*,2*++%$2(&I!(-!$%&IIO!,*,=2*+.%'%Y

• X(K!'G%!2$%&'*$!(-!D%''(,D!.$*+*'(*,&I!)&I5%Y

`G%,!ZG&-%!6!j5-%$-k!D$*5.-!B%$%!.$%-%,'%3!B('G!'G%!I&,D5&D%!*K!'G%!#$%&'()%!

#*++*,-!E#!'%$+!&-!&!.*--(LI%!3%K(,('(*,!*K!X,*,2*++%$2(&I!5-%Y!j&D&(,4!B('G*5'!(3%,'(KO(,D!('-!-*5$2%k4!'G%($!$%&2'(*,-!B%$%!-(+(I&$!'*!'G*-%!*K!.&$'(2(.&,'-!

(,!ZG&-%!"!j2$%&'*$-kC!]*-'!.&$'(2(.&,'-!-&(3!'G%!3%-2$(.'(*,!(-!)&D5%4!-.%2(K(2&IIO!

2$('(2(P(,D!'G%!.G$&-%-!X.$(+&$(IO!(,'%,3%3Y!&,3!X2*++%$2(&I!&3)&,'&D%CY!1*+%!

&I-*!V5%-'(*,%3!'G%!+%&,(,D!*K!X.$()&'%!+*,%'&$O!2*+.%,-&'(*,4Y!&,3!.*(,'%3!

*5'!'G%!'&5'*I*DO!*K!5-(,D!'G%!B*$3!X2*++%$2(&IY!(,!&!3%K(,('(*,!*K!,*,2*++%$2(&I!

5-%C

Z&$'(2(.&,'-!+&3%!)&$(*5-!-5DD%-'(*,-!K*$!(+.$*)(,D!'G%!#$%&'()%!#*++*,-!E#!

'%$+4!L5'!,*,%!-%%+%3!2%$'&(,!'G%!$%-5I'!B*5I3!O(%I3!&!'$5IO!%KK%2'()%!-*I5'(*,C!



!"#$%$%&'()%*)++",*$-. ;/

B*5I3!L%!G%I.K5IC!bT&+.I%-!*KK%$%3!B%$%!.%$-*,&I!5-%-!&'!G*+%4!*$!5-%-!LO!

-'53%,'-!K*$!-2G**I!.$*a%2'-C

1.%&Q(,D!&-!5-%$-4!-*+%!ZG&-%!6!.&$'(2(.&,'-!%T.$%--%3!&!2%$'&(,!&+*5,'!*K!&,T(%'O!'G&'!%T&+(,&'(*,!*K!5,2%$'&(,'(%-!&$*5,3!'G%!2*++%$2(&IN,*,2*++%$2(&I!

3()(3%!2*5I3!(,!'G%!-G*$'!'%$+!X-.*(I!'G%!.&$'OY!LO!2&5-(,D!-*+%!2$%&'*$-!'*!

$%'G(,Q!I(2%,-(,D!2*,'%,'!K*$!,*,2*++%$2(&I!5-%C!9'!'G%!-&+%!'(+%4!'G%O!&$%!

2*,2%$,%3!'G&'!'G%!-%,-%!*K!*..*$'5,('O!&,3!%T.&,-()%,%--!'G&'!2G&$&2'%$(P%-!

I%D('(+&'%!*,I(,%!2*,'%,'=-G&$(,D!B(II!L%!3&+.%,%3!(K!2$%&'*$-!I*-%!2*,K(3%,2%!

'G&'!5-%$-!5,3%$-'&,3!&,3!$%-.%2'!'G%($!(,'%,'(*,-!(,!I(2%,-(,D!2*,'%,'!K*$!

,*,2*++%$2(&I!5-%C!

J8G'K<.%=$=.=$D"'B"5".-+E6'7898':%/$%"';*2</.=$*%

JG%!.$(+&$O!*La%2'()%-!*K!'G%!V5&,'('&'()%!$%-%&$2G!B%$%!'*M

/k %+.($(2&IIO!)&I(3&'%!'G%!V5&I('&'()%!$%-%&$2G!K(,3(,D!'G&'!2*,'%,'!5-%$-!3*!,*'!-G&$%!&!-(,DI%!3%K(,('(*,!*K!,*,2*++%$2(&I!5-%m

"k (3%,'(KO!&,3!2*+.&$%!2*,'%,'!2$%&'*$-t!&,3!2*,'%,'!5-%$-t!

5,3%$-'&,3(,D-!*K!,*,2*++%$2(&I!5-%m!&,3

6k 2*,K($+!&,3!+%&-5$%!'G%!$%I&'()%!(+.*$'&,2%!*K!'G%!K&2'*$-!

(3%,'(K(%3!(,!'G%!V5&I('&'()%!$%-%&$2G!'G&'!2$%&'*$-!&,3!5-%$-!2*,-(3%$!BG%,!3%'%$+(,(,D!BG%'G%$!&!5-%!-G*5I3!L%!2*,-(3%$%3!2*++%$2(&I!*$!

,*,2*++%$2(&IC



!"#$%$%&'()%*)++",*$-. ;"

^)%$&II4!2$%&'*$-!&,3!5-%$-!&$%!+*$%!-(+(I&$!'G&,!3(KK%$%,'!(,!.$*K(I%!&,3!'G%($!

5,3%$-'&,3(,D-!*K!2*++%$2(&I!&,3!,*,2*++%$2(&I!5-%C!`('G(,!%&2G!-&+.I%!*K!

2$%&'*$-!&,3!5-%$-4!2$%&'*$-!&,3!5-%$-!O*5,D%$!'G&,!67!'%,3!'*!2*,-(3%$!+*$%!5-%-!*K!2*,'%,'!I%--!2*++%$2(&I!'G&,!3*!*I3%$!5-%$-C!c5'!&-!,*'%3!'G$*5DG*5'!

3(-25--(*,!*K!'G%!K(,3(,D-!L%I*B4!'G%!+*-'!-(D,(K(2&,'!3(KK%$%,2%-!&+*,D!

-5LD$*5.-!&$%!'G*-%!L%'B%%,!2$%&'*$-!BG*!+&Q%!+*,%O!K$*+!'G%($!B*$Q-!&,3!

'G*-%!BG*!3*!,*'4!&,3!5-%$-!BG*!+&Q%!+*,%O!K$*+!'G%($!5-%-!*K!*'G%$-t!B*$Q-4!

&-!*..*-%3!'*!'G*-%!BG*!3*!,*'C

A,"-/$%&'-%2'Q0$%&

^)%$!>!(,!/7!*K!&II!2$%&'*$-!&,3!5-%$-!D%,%$&IIO!2*,-(3%$!'G%+-%I)%-!&+&'%5$-C6:!

ZG*'*-!&$%!LO!K&$!'G%!+*-'!2*++*,!'O.%!*K!2*,'%,'!2$%&'%3!&,3!5-%3!LO!%&2G!

D$*5.4!&+*,D!&!B(3%!)&$(%'O!*K!+%3(&!(,2I53(,D!B%L=,&'()%!2*,'%,'!(,!'G%!K*$+!*K!

LI*D-!&,3!.*32&-'-C!JG%$%!&$%!K&$!+*$%!5-%$-!*K!3(KK%$%,'!'O.%-!*K!2*,'%,'4!.&$'(25I&$IO!(+&D%-4!)(3%*-4!+5-(2!&,3!D&+%-4!'G&,!'G%$%!&$%!2$%&'*$-!*K!'G%-%!

'O.%-!*K!2*,'%,'C

! #$ $ ( $ . ;6



!"#$%$%&'()%*)++",*$-. ;6

#$%&'*$-!&,3!5-%$-!&I-*!$%I&'%!'*!&!L$*&3!$&,D%!*K!2*++5,('O!*$!(,35-'$O!

2&'%D*$(%-C!Xb,'%$'&(,+%,'Y!(-!2G*-%,!LO!+*-'!&-!'G%!2&'%D*$O!'G&'!L%-'!

3%-2$(L%-!'G%!+&a*$('O!*K!'G%!B*$Q-!'G%O!2$%&'%!*$!5-%C!JG%!,%T'!+*-'!2*++*,!

2&'%D*$(%-!-%I%2'%3!LO!2$%&'*$-!&$%!)(-5&I!&$'4!I('%$&'5$%!&,3!%352&'(*,m!5-%$-!

-%I%2'!+5-(24!&,3!%352&'(*,C

H$&1,"'O@'N6)/)0'-,"'/6"'+)0/'*)++)%'/57"')#')%.$%"'*)%/"%/'*,"-/"2<'-**"00"2<'06-,"2'),'10"2'RS77"%2$T'U=V<';.$2"'\W

! #$ $ ( $ . ;;



!"#$%$%&'()%*)++",*$-. ;;

X%.$%"'K"6-3$),0!

^)%$!>!(,!/7!2$%&'*$-!G&)%!-G&$%3!'G%($!B*$Q-!*,I(,%C;7![&+%-!&,3!.*32&-'-!&$%!

-G&$%3!+*-'!K$%V5%,'IO4!K*II*B%3!LO!LI*D-4!-*,D-!&,3!+5-(24!(+&D%-4!&,3!*'G%$!

'%T'-!&,3!B$('(,D-C;/!A7n!*K!2$%&'*$-!G&)%!-G&$%3!'G%($!.G*'*-4!'G%!+*-'!2*++*,!

'O.%!*K!,*,=B%L=,&'()%!2*,'%,'!-G&$%3C;"!#$%&'*$-!5-%!&!)&$(%'O!*K!+%&,-!'*!

-G&$%!'G%($!B*$Q-!*,I(,%C!b+&(I!(-!'G%!+*-'!2*++*,!jAAnk4!L5'!*)%$!G&IK!&I-*!

.*-'!'*!-*2(&I!,%'B*$Q(,D!B%L-('%-4!&,3!&L*5'!&!'G($3!.*-'!'*!'G%($!*B,!*$!

-*+%*,%!%I-%t-!LI*D4!.*-'!'*!&!B%L-('%!'G&'!G*-'-!5-%$=D%,%$&'%3!2*,'%,'4!5-%!&,!

%+&(I!D$*5.!*$!I(-'-%$)4!*$!-G&$%!2*,'%,'!)(&!(,-'&,'!+%--&D%!*$!X2G&'Y!+%--&D%C;6!

An!*K!2$%&'*$-!5-%!+(2$*LI*DD(,D!-%$)(2%-!-52G!&-!JB(''%$!'*!-G&$%!B*$Q-C;;!^,IO!

/"n!*K!2$%&'*$-!-G&$%!'G%($!B*$Q-!*,!.%%$='*=.%%$!,%'B*$Q-C;<!A!(,!/7!2$%&'*$-!

X&IB&O-Y!*$!X5-5&IIOY!2*,'$*I!BG*!2&,!&22%--!'G%!2*,'%,'!'G%O!-G&$%!*,I(,%C;A

ZG*'*-!&$%!'G%!+*-'!2*++*,!'O.%!*K!B*$Q!5-%34!L5'!&I+*-'!G&IK!*K!&II!5-%$-!G&)%!&I-*!5-%3!)(3%*!*$!K(I+4!'%T'-!*$!B$('(,D4!D&+%-4!-*,D-!*$!+5-(24!&,3!(+&D%-C;0!

^)%$!*,%='G($3!G&)%!5-%3!LI*D-!&,3!*,I(,%!$&'(,D-!*$!$%)(%B-C;>

#*,'%,'!5-%$-!&I-*!5-%!*,I(,%!2*,'%,'!(,!&!)&$(%'O!*K!B&O-C;:!07n!G&)%!

3*B,I*&3%3!2*,'%,'!a5-'!K*$!'G%+-%I)%-4!BG(I%!;An!G&)%!-G&$%3!BG&'!'G%O!

3*B,I*&3%3!B('G!*'G%$-C<7!;:n!G&)%!.*-'%3!*$!5.I*&3%3!2*,'%,'!2$%&'%3!LO!

*'G%$-!'*!&!LI*D!*$!B%L-('%C</

!^'G%$-!-&O!'G%O!G&)%!+&3%!,%B!B*$Q-!5-(,D!;7;""'!33-/&1Q"VTY4!1I(3%!0C

;/; ! &1 V Y 1I(3 >

! #$ $ ( $ . ;<



!"#$%$%&'()%*)++",*$-. ;<

*'G%$-t!2*,'%,'!LO!(,2*$.*$&'(,D!('!j/6nk4!*$!2G&,D(,D!*$!&I'%$(,D!('!j>nkC<"!>n!-&O!

'G%O!G&)%!$%+(T%3!*$!+&-G%3!5.!2*,'%,'C<6

H-+$.$-,$/5'8$/6'A)75,$&6/'-%2'B$*"%0$%&

9+*,D!.$*K(I(,D!)&$(&LI%-4!*,IO!/!(,!<!2$%&'*$-!-&O!'G&'!-%5 !*K!'G%!B*$Q-!'G%O!

G&)%!2$%&'%3!(,!'G%!I&-'!/"!+*,'G-!&$%!2*.O$(DG'%3C<;!9-!,*'%3!&L*)%4!

$%-.*,3%,'-!K*$!ZG&-%!"!j2$%&'*$-k!B%$%!-2$%%,%3!K*$!%,'$O!(,'*!'G%!-'53O!L&-%3!

*,!'G%($!G&)(,D!-%I%2'%3!*,%!*$!+*$%!'O.%-!*K!2*.O$(DG'&LI%!2*,'%,'!K$*+!&!I(-'!

'G&'!B&-!.$%-%,'%3C<<!c%2&5-%!?C1C!I&B!D$&,'-!2*.O$(DG'!5.*,!2$%&'(*,!(,!K(T%3!

'&,D(LI%!K*$+!&,3!,*!K*$+&I('(%-!&$%!$%V5($%3!'*!*L'&(,!2*.O$(DG'4!'G%!-'53O!

&--5+%3!'G&'!+*-'!2*,'%,'!2$%&'*$-!(,!K&2'!3*!*B,!2*.O$(DG'%3!B*$Q-4!&I'G*5DG!

'G%!-'53O!$%-5I'-!-G*B!'G&'!+&,O!3*!,*'!$%&I(P%!('C!]%&,BG(I%4!,%&$IO!>!(,!/7!

2*,'%,'!5-%$-!-&O!'G&'!%)%"!*K!'G%!B*$Q-!'G%O!G&)%!5-%3!(,!'G%!I&-'!/"!+*,'G-!

&$%!2*.O$(DG'%34!*$!'G%O!&$%!X,*'!-5$%CY<A!_%$%4!'G%!2*$*II&$O!&--5+.'(*,!B&-!

+&3%!'G&'!'G%-%!5-%$-!&$%!5,&B&$%!'G&'!'G%O!&$%!5-(,D!2*.O$(DG'%3!B*$Q-C!JG%-%!K(,3(,D-!-5DD%-'!'G&'!'G%!)&-'!+&a*$('O!*K!L*'G!2$%&'*$-!&,3!5-%$-!3*!,*'!

5,3%$-'&,3!'G%!L&-(2-!*K!2*.O$(DG'!I&BC

!"#$%$%& ()%*)++",*$-. ;A



!"#$%$%&'()%*)++",*$-. ;A

^,IO!&!K%B!2$%&'*$-!j&L*5'!/!(,!/7k!G&)%!I(2%,-%3!'G%($!*B,!B*$Q!'*!*'G%$-C<0!^K!

2$%&'*$-!BG*!-G&$%!'G%($!B*$Q-!*,I(,%4!&L*5'!"!(,!/7!-&O!'G%O!I(2%,-%!'G%($!B*$Q-!

g!!;;n!*K!'G%+!5-(,D!&!K$%%!.5LI(2!I(2%,-%!&)&(I&LI%!*,I(,%4!&,3!;7n!5-(,D!&!

I(2%,-%!B$(''%,!-.%2(K(2&IIO!K*$!'G%!B*$QC<>

E%&$IO!0!(,!/7!5-%$-!BG*!-&O!'G%O!G&)%!5-%3!2*.O$(DG'%3!B*$Q-!(,!'G%!.&-'!O%&$!&$%!&LI%!'*!-'&'%!G*B!'G%!B*$Q-!B%$%!I(2%,-%34!BG(I%!'G%!*'G%$-!%('G%$!3*!,*'!

Q,*B *$ &$% ,*' -5$%4 *$ -&O 'G% B*$Q- B%$% ,*' I(2%,-%3 *$ 'G%O 3(3 ,*' -%%Q *$

H$&1,"'U@'N,)#$."')#'Q=;='A)%/"%/'A,"-/),0'-%2'Q0",0'RS77"%2$T'U=V<';.$2"'?]W

!"#$%$%& ()%*)++",*$-. ;0



!"#$%$%&'()%*)++",*$-. ;0

5-%$-!(-!&I+*-'!(3%,'(2&I4!B('G!+*-'!j<:nk!-&O(,D!'G%O!&$%!,*'!&'!&II!K&+(I(&$!B('G!

'G%!.$(,2(.I%-!&,3!/>n!-&O(,D!'G%O!%+L$&2%!'G%+CA"

["3"%1"'I"%",-/$)%

9I'G*5DG!+*-'!*K!'G%!*,I(,%!.*.5I&'(*,!D%,%$&IIO!2*,-(3%$!'G%+-%I)%-!&+&'%5$-4!

2$%&'*$-!-&O!/;n!*K!'G%($!B*$Q-!%&$,!'G%+!+*,%O4!&,3!5-%$-!-&O!'G&'!/;n!*K!'G%!

5-%-!'G%O!+&Q%!*K!*'G%$-t!B*$Q-!%&$,!'G%+!+*,%O4!&-!B%IICA6!9+*,D!'G*-%!BG*!

%&$,!+*,%O!K$*+!B*$Q-!'G%O!2$%&'%!*$!5-%4!2$%&'*$-!%&$,!&,!&,,5&I!&)%$&D%!*K!

x/"4A774!BG(I%!5-%$-!%&$,!*,!&)%$&D%!x/:4A77CA;!JO.(2&IIO4!G*B%)%$4!2$%&'*$-!

&,3!5-%$-!BG*!%&$,!+*,%O!%&$,!I%--!'G&,!x<77!&!O%&$CA<

Q0",0'-0'A,"-/),0

9-!+%,'(*,%3!&L*)%4!'G%!ZG&-%!6!j5-%$-k!-5$)%O!(,2I53%3!&33('(*,&I!V5%-'(*,-!

%T.I*$(,D!5-%$-t!%T.%$(%,2%!&-!2$%&'*$-C!^,IO!":n!*K!$%-.*,3%,'-!(,!ZG&-%!6!

j5-%$-k!*K!'G%!-5$)%O!(3%,'(KO!'G%+-%I)%-!&-!X%T2I5-()%IO!&!5-%$!*K!B*$Q-CYAA!^)%$!

;!(,!/7!5-%$-!-&O!'G%O!G&)%!2$%&'%3!*,%!*$!+*$%!'O.%-!*K!2*,'%,'!(,!'G%!.&-'!

O%&$CA0!9..$*T(+&'%IO!G&IK!*K!'G%-%!X5-%$=2$%&'*$-Y!-&O!'G%O!G&)%!2$%&'%3!.G*'*-4!

&..$*T(+&'%IO!*,%='G($3!G&)%!2$%&'%3!'%T'4!LI*D-!*$!(+&D%-m!&..$*T(+&'%IO!*,%=

V5&$'%$!G&)%!2$%&'%3!)(3%*-4!K(I+-4!-*,D-!*$!+5-(2CA>!?-%$=2$%&'*$-!&I-*!

2&'%D*$(P%!'G%($!B*$Q-!(,!&!)&$(%'O!*K!B&O-4!.$(+&$(IO!G*B%)%$!&-!X%,'%$'&(,+%,'4Y!&-!3(3!2$%&'*$-!(,!ZG&-%!"C

!"#$%$%& ()%*)++",*$-. ;>



!"#$%$%&'()%*)++",*$-. ;>

ZG&-%!6!j5-%$-k!$%-.*,3%,'-!B%$%!&-Q%3!(K!'G%O!B*5I3!5-%!&,O!*K!&!,5+L%$!*K!

'%$+-!'G&'!G&3!%+%$D%3!35$(,D!V5&I('&'()%!$%-%&$2G!'*!G%I.!3%-2$(L%!'G%($!

(,)*I)%+%,'!B('G!'G%!2*,'%,'!'G%O!5-%!&,3N*$!2$%&'%C!8$*+!'G%!I(-'!*K!'%$+-!

.$%-%,'%34!&..$*T(+&'%IO!*,%='G($3!*K!$%-.*,3%,'-!-%I%2'%3!X-&+.I%$4Y!&,3!""n!

-%I%2'%3!X2*,'$(L5'*$CY!JG%!'%$+-!Y(,'%$+%3(&$O4Y!X$%+(T%$4Y!X+%3(&'*$4Y!X$%.5$.*-%$Y!&,3!X25$&'*$Y!B%$%!%&2G!-%I%2'%3!LO!<=/7n!*K!$%-.*,3%,'-C A:!JG(-!

K(,3(,D K5$'G%$ -5..*$'- 'G% )(%B %T.$%--%3 -'$*,DIO 35$(,D V5&I('&'()% $%-%&$2G

H$&1,"'V@'N,)#$."')#'Q=;='A)%/"%/'A,"-/),0'-%2'Q0",0'RS77"%2$T'U=V<';.$2"'MYW

!"#$%$%& ()%*)++",*$-. ;:



!"#$%$%&'()%*)++",*$-. ;:

5-%C07!^)%$!*,%='G($3!j6:nk!-&O!'G%O!{&IB&O-{!D()%!&''$(L5'(*,4!%)%,!BG%,!,*'!

$%V5($%3!*$!$%V5%-'%34!&,3!+*$%!'G&,!&!V5&$'%$!j"Ank!-&O!'G%O!X5-5&IIOY!3*C!^,IO!

/<n!-&O!'G%O!X$&$%IOY!*$!X,%)%$Y!D()%!&''$(L5'(*,C!85$'G%$+*$%4!A/n!-&O!&''$(L5'(*,!

-G*5I3!X&IB&O-Y!L%!D()%,!%)%,!(K!,*'!$%V5%-'%3!*$!$%V5($%34!B('G!&,*'G%$!67n!-&O(,D!('!-G*5I3!L%!D()%,!BG%,!$%V5%-'%3!*$!$%V5($%3C!JG5-4!K5IIO!:/n!*K!5-%$-!

-5..*$'!&''$(L5'(*,!K*$!2$%&'*$-C!cO!2*,'$&-'4!&!*,IO!6n!-&O!&''$(L5'(*,!-G*5I3!

,%)%$!L%!$%V5($%3!&,3!*,IO!An!-&O!'G%O!X3*,t'!Q,*BCY

M,4$"[7"9(/:(;;-6:140"57-E"5/41&-&"5/&-67$4/&1/J7"4/&"W-01-)7aR

15$)%O!$%-.*,-%-!$%)%&I!'G&'!2$%&'*$-!&,3!5-%$-!'&Q%!&!-(+(I&$!&..$*&2G!BG%,!

&-Q%3!'*!3%K(,%!'G%!3(KK%$%,2%!L%'B%%,!2*++%$2(&I!5-%!&,3!,*,2*++%$2(&I!5-%C!

9-!3(-25--%3!L%I*B4!L*'G!D$*5.-!L%I(%)%!'G&'!'G%O!2&,!3%K(,%!'G%!3(KK%$%,2%!*,!

'G%!L&-(-!*K!'G%($!%T(-'(,D!Q,*BI%3D%4!L*'G!D$*5.-!L%I(%)%!'G&'!*'G%$-!5,3%$-'&,3!

'G%!3(KK%$%,2%!'G%!-&+%!B&O!'G%O!3*4!&,3!L*'G!D$*5.-!&$%!-(+(I&$IO!3()(3%3!&-!'*!

&B&$%,%--!*K!&,O!I&B!'G&'!+&O!3%K(,%!'G%!3(KK%$%,2%C

A)++",*$-.'3='()%*)++",*$-.'

U,!'G%!V5&,'('&'()%!-5$)%O-!K*$!L*'G!ZG&-%!"!j2$%&'*$-k!&,3!ZG&-%!6!j5-%$-k4!'G%!

K($-'!+%,'(*,!*K!X,*,2*++%$2(&I!5-%Y!&..%&$-!(,!&,!*.%,=%,3%3!V5%-'(*,!&-Q(,D!

$%-.*,3%,'-!G*B!'G%O!B*5I3!3%K(,%!'G%!3(KK%$%,2%!L%'B%%,!&!2*++%$2(&I!5-%!&,3!&!,*,2*++%$2(&I!5-%!*K!&!B*$Q4!(,!'G%($!*B,!B*$3-!&,3!B('G*5'!2*,-5I'(,D!

*'G%$!-*5$2%-C0"!#$%&'*$-!&,3!5-%$-!.$*)(3%3!&,!&,-B%$!(,!'G%!-&+%!$&'(*!g!

!"#$%$%& ()%*)++",*$-. <7



!"#$%$%&'()%*)++",*$-. <7

F%-.*,-%-!'*!'G(-!*.%,=%,3%3!$%V5%-'!K*$!&!3%K(,('(*,!*K!'G%!3(KK%$%,2%!L%'B%%,!

2*++%$2(&I!&,3!,*,2*++%$2(&I!5-%!B%$%!2*3%3!(,!*$3%$!'*!V5&,'(KO!'G%+C06!9!

I&$D%!+&a*$('O!*K!L*'G!2$%&'*$-!&,3!5-%$-!3%K(,%!&!2*++%$2(&I!5-%!&-!*,%!(,!BG(2G!+*,%O!(-!+&3%!j06n!*K!2$%&'*$-4!0An!*K!5-%$-kC0;!c*'G!&I-*!+%,'(*,!5-%-!

(, 2*,,%2'(*, B('G &3)%$'(-(,D &,3 5-%- (, BG(2G 'G% B*$Q B*5I3 L% 3(-'$(L5'%3

H$&1,"']@'Q%-$2"2'!"#$%$/$)%0'-%2'["-*/$)%0'/)'/6"'AA'(A'>",+'RS77"%2$T'U=V<';.$2"'OVW

!"#$%$%& ()%*)++",*$-. </



!"#$%$%&'()%*)++",*$-. </

BG*!.$*)(3%3!&,!&,-B%$!B%$%!'G%,!&-Q%3!BG%'G%$!'G%O!'G(,Q!*'G%$!.%*.I%!

5,3%$-'&,3!'G%!3(KK%$%,2%!L%'B%%,!2*++%$2(&I!5-%!&,3!,*,2*++%$2(&I!5-%!(,!

'G%!-&+%!B&O!'G%O!3*C!]*$%!'G&,!0!(,!/7!2$%&'*$-!&,3!5-%$-!-&(3!XO%-CY00

S8-,"%"00')#'B-8

H$&1,"'^@'Q%-$2"2'!"#$%$/$)%0'-%2'["-*/$)%0'/)'/6"'AA'(A'>",+'RS77"%2$T'U=V<';.$2"'OYW

!"#$%$%& ()%*)++",*$-. <"



!"#$%$%&'()%*)++",*$-. <"

b4$-O--31/J"I4:$(67

8*II*B(,D!'G%!-%$(%-!*K!V5%-'(*,-!3%-(D,%3!'*!%I(2('!5,&(3%3!3%K(,('(*,-!*K!,*,2*++%$2(&I!5-%4!2$%&'*$-!&,3!5-%$-!B%$%!.$%-%,'%3!B('G!&!-%'!*K!-'&'%+%,'-!

3%-2$(L(,D!2%$'&(,!3(-'(,2'!5-%!-2%,&$(*-4!-*+%!*K!BG(2G!B%$%!3%I(L%$&'%IO!+*$%!>7

H$&1,"'Y@'Q%-$2"2'!"#$%$/$)%0'-%2'["-*/$)%0'/)'/6"'AA'(A'>",+'RS77"%2$T'U=V<';.$2"'\OW

!"#$%$%& ()%*)++",*$-. <6



!"#$%$%&'()%*)++",*$-. <6

2(771=0-"b4$-O--31/J"I4:$(67

`(/-'"+(%0&"=-";4&- !3($%2'IO!K$*+!740-"()"4":(3'"*K!'G%!B*$Q

`(/-'"+(%0&"=-";4&- !K$*+!5-%!*K!'G%!B*$Q!1/"7(;-"+4'

`(/-'"+(%0&"=-";4&- !K$*+!5-%!*K!'G%!B*$Q4!L5'!*,IO!%,*5DG!'*!:(F-6":(7$7!*K!2*.O(,D!&,3!3(-'$(L5'(,D!'G%!B*$Q

9(";(/-'!B*5I3!L%!+&3%!K$*+!5-%!*K!'G%!B*$Q

JG%!B*$Q!B*5I3!L%!5-%3!*,I(,%!&,3!4&F-6$171/J"B*5I3!&..%&$!&$*5,3!*$!(,!2*,,%2'(*,!B('G!('!g!&,3!;(/-'"+(%0&"=-";4&- !K$*+!'G%!&3-

JG%!B*$Q!B*5I3!L%!5-%3!*,I(,%!&,3!4&F-6$171/J!B*5I3!&..%&$!&$*5,3!*$!(,!2*,,%2'(*,!B('G!('!g!&,3!%,*5DG!+*,%O!B*5I3!L%!+&3%!K$*+!'G%!&3-!'*!:(F-6"$,-":(7$!*K!B%L-('%!G*-'(,D

JG%!B*$Q!B*5I3!L%!5-%3!*,!&!730(J"(6"8\(;=1-"+-=71$-<!'G&'!%T(-'-!*,IO!'*!&$'(K(2(&IIO!D%,%$&'%!'$&KK(2!&,3!$%)%,5%-!K$*+!.&O=.%$=2I(2Q!&3)%$'(-(,D

JG%!B*$Q!B*5I3!L%!5-%3!LO!&,!1/&1F1&%40

JG%!B*$Q!B*5I3!L%!5-%3!LO!&!/($])(6]36()1$"(6J4/1\4$1(/cR

JG%!B*$Q!B*5I3!L%!5-%3!LO!&!)(6]36()1$":(;34/'

JG%!B*$Q!B*5I3!L%!5-%3!LO!'G%!J(F-6/;-/$"*$!&!-'&'%=$5,!%,'('O

JG%!B*$Q!B*5I3!L%!5-%3!LO!&!)(6]36()1$":(;34/'4!L5'!/(";(/-'!B*5I3!L%!+&3%!K$*+!5-%!*K!O*5$!B*$Q

JG%!B*$Q!B*5I3!L%!5-%3!K*$!&!:,461$4=0-"3%63(7-4!*$!'*!.$*+*'%!&!.5LI(2!*$!-*2(&I!D**3

JG%!B*$Q!B*5I3!L%!5-%3!K*$!&!.5$.*-%!O*5!K(,3!(=N-:$1(/4=0-

!"#$%$%& ()%*)++",*$-. <;



!"#$%$%&'()%*)++",*$-. <;

^)%$!6!(,!;!*K!L*'G!2$%&'*$-!&,3!5-%$-!2*,-(3%$!5-%-!(,!2*,,%2'(*,!B('G!*,I(,%!

&3)%$'(-(,D &,3 5-%- K$*+ BG(2G +*,%O (- +&3% j%('G%$ 3($%2'IO K$*+ & -&I% *$

H$&1,"'?_@'[-/$%&0')#'A)++",*$-.'Q0"'45'A,"-/),0'-%2'Q0",0'`I-/"L""7$%&'CT",*$0"a'RS77"%2$T'U=V<';.$2"'\\W

!"#$%$%&'()%*)++",*$-. <<



&

BG(I%!&!-(+(I&$!.%$2%,'&D%!*K!2$%&'*$-!%T.$%--!5,2%$'&(,'O4!(,3(2&'(,D!'G%O!X2&,t'!

-&OCY

^)%$&II4!5-%$-!&,3!2$%&'*$-!-G&$%!-(+(I&$!)(%B-!K*$!*)%$!G&IK!*K!'G%!/A!D&'%Q%%.(,D!K&2'*$-!+%&-5$%3C!JG%$%!(-!D%,%$&IIO!&!D$%&'%$!I%)%I!*K!2*,-%,-5-!

&+*,D!2$%&'*$-!&,3!5-%$-!&$*5,3!5-%-!2*,-(3%$%3!X3%K(,('%IOY!2*++%$2(&IC!JG%!

D$%&'%$!'G%!5,2%$'&(,'O!&$*5,3!&!K&2'*$4!'G%!+*$%!I(Q%IO!3(KK%$%,2%-!*K!*.(,(*,!

&+*,D!2$%&'*$-!&,3!5-%$-!&$%!-%%,C

!/:,(6"2(1/$"PQ-6:17-"4/&"A-4:$1(/7"$("#3-:1)1:"57-"#:-/461(7

8*II*B(,D!'G%!D&'%Q%%.(,D!%T%$2(-%4!$%-.*,3%,'-!B%$%!.$%-%,'%3!B('G!&,!

&II*2&'(*,!%T%$2(-%!3%-(D,%3!'*!+%&-5$%!$%&2'(*,!'*!K()%!L&-(2!5-%!-2%,&$(*-!*$!

X&,2G*$!.*(,'-Y!'G&'!V5&I('&'()%!$%-%&$2G!-5DD%-'%3!B*5I3!L%!5-%K5I!-'&$'(,D!

.*(,'-!K*$!%)&I5&'(*,C

F%-.*,3%,'-!B%$%!'*I3!'*!&--5+%!'G(-!B&-!&II!'G%!(,K*$+&'(*,!&)&(I&LI%!K*$!%&2G!.$*.*-%3!5-%4!&,3!B%$%!&I%$'%3!'G%O!B*5I3!L%!.$%-%,'%3!B('G!+*$%!-.%2(K(2!5-%!

-2%,&$(*-!'*!%)&I5&'%!(,!-5L-%V5%,'!V5%-'(*,-C!b&2G!$%-.*,3%,'!B&-!&-Q%3!'*!

$&'%!%&2G!*K!'G%!K()%!&,2G*$!.*(,'-!*,!&!-2&I%!*K!/!'*!/774!BG%$%!/!+%&,-!

X3%K(,('%IO!&!,*,2*++%$2(&I!5-%Y!&,3!/77!+%&,-!X3%K(,('%IO!&!2*++%$2(&I!5-%CY!

`G(I%!&,O!,5+L%$!L%'B%%,!/!&,3!/77!$%.$%-%,'-!-*+%!G%-('&,2O!'*!$&'%!&!

.&$'(25I&$!&,2G*$!.*(,'!&-!X3%K(,('%IOY!&!,*,2*++%$2(&I!*$!2*++%$2(&I!5-%4!)%$O!

I*B!&,3!)%$O!G(DG!-2*$%-!$%.$%-%,'!&!-'$*,D!*.(,(*,!LO!'G%!$%-.*,3%,'C

!"#$%$%&'()%*)++",*$-. <A



&

JG%!3*'-!$%.$%-%,'!5-%$-t!+%&,!-2*$%!%-'(+&'%-!K*$!'G%!(,('(&I!K()%!&,2G*$!.*(,'-C!

#*,K(3%,2%!(,'%$)&I-!j#Uk!K*$!%&2G!+%&,!$&'(,D!B%$%!&I-*!&,&IOP%3!'*!-G*B!'G%!$%I(&L(I('O!*K!'G%!+%&,!%-'(+&'%-C!9II!*'G%$!'G(,D-!L%(,D!%V5&I4!&!$%-5I'!B('G!&!

-+&II%$!#U!(-!+*$%!$%I(&LI%!j$%.$%-%,'(,D!+*$%!2*,-%,-5-!*K!'G%!+%&,!%-'(+&'%k!

'G&,!&!$%-5I'!B('G!&!I&$D%$!#UC!JG%!#U!K*$!%&2G!+%&,!%-'(+&'%!(-!.$%-%,'%3!(,!'G%!

D$&.G!&-!'G%!G*$(P*,'&I!I(,%!L(-%2'(,D!'G%!+%&,!K*$!%)%$O!-2%,&$(*C

c*'G!2$%&'*$-!&,3!5-%$-!D&)%!)%$O!G(DG!+%&,!-2*$%-!'*!9,2G*$!Z*(,'!]!j:/C0!

&,3!>:C;4!$%-.%2'()%IOk!&,3!9,2G*$!Z*(,'!9!j>"CA!&,3!>;CAk4!(,3(2&'(,D!'G&'!'G%O!

%)&I5&'%!&-!-'$*,DIO!2*++%$2(&I!'G*-%!5-%-!BG%$%!'G%!5-%$!X+&Q%-!+*,%OY!*$!

'G%!5-%!(-!X(,!2*,,%2'(*,!B('G!*,I(,%!&3)%$'(-(,D4Y!$%-.%2'()%IOC!c*'G!2$%&'*$-!&,3!

5-%$-!$&'%!5-%-!XK*$!&!2G&$('&LI%!.5$.*-%!'*!.$*+*'%!&!-*2(&I!*$!.5LI(2!D**3Y!

j9,2G*$!Z*(,'!#k!&,3!XLO!&,!(,3()(35&IY!j9,2G*$!Z*(,'!Uk!+*$%!%)%2*++%$2(&I4!&-!

B%II!&-!$&'%!5-%-!LO!*$!*,!L%G&IK!*K!&,!*$D&,(P&'(*,!j9,2G*$!Z*(,'!^k!(,!'G%!

+(3.*(,'C!JG%!*,IO!-2*$%!5,3%$!"<!B&-!D()%,!LO!5-%$-!'*!9,2G*$!Z*(,'!U!j"6C>!

+%&,k4!(,3(2&'(,D!5-%$-!%)&I5&'%!X5-%!LO!&,!(,3()(35&IY!&-!+*$%!%)%2*++%$2(&IC!

8(,3(,D-!K$*+!'G%!&,2G*$!.*(,'!%T%$2(-%!$%(,K*$2%!K(,3(,D-!K$*+!'G%!.$%)(*5-!

D&'%Q%%.(,D!%T%$2(-%C!1.%2(K(2&IIO4!L*'G!%T%$2(-%-!-G*B!'G&'!5-%-!'G&'!(,)*I)%!

+&Q(,D!+*,%O!&,3!5-%-!(,!2*,,%2'(*,!B('G!&3)%$'(-(,D!&$%!2*,-(3%$%3!X3%K(,('%IOY!

2*++%$2(&I!LO!&!G(DG!+&a*$('O!*K!L*'G!2$%&'*$-!&,3!5-%$-4!BG%$%&-!5-%-!LO!

(,3()(35&I-4!*$D&,(P&'(*,-!&,3!K*$!2G&$('&LI%!.5$.*-%-!&$%!I%--!2*++%$2(&I4!L5'!,*'!3%2(3%3IO!X%)%2*++%$2(&ICY!9I-*!%)(3%,'!(,!'G%!&,2G*$!.*(,'!%T%$2(-%!(-!'G%!

.&''%$,!-%%,!(,!'G%!D&'%Q%%.(,D!%T%$2(-%!BG%$%!'G%$%!(-!D$%&'%$!&D$%%+%,'!

!"#$%$%&'()%*)++",*$-. <0



&

JG%!D*&I!*K!'G(-!%T%$2(-%!B&-!'*!2*II%2'!3&'&!'G&'!B*5I3!&II*B!)(-(L(I('O!(,'*!G*B!

$%-.*,3%,'-!2G&,D%3!'G%($!(,('(&I!&,2G*$!.*(,'!$&'(,D-!&-!'G%O!%,2*5,'%$%3!+*$%!

-.%2(K(2!*$!,5&,2%3!5-%!-2%,&$(*-4!-*+%!*K!'G%+!3%-(D,%3!'*!*)%$I&.!B('G!*'G%$!

&,2G*$!.*(,'-C!c$%&Q-4!(K!&,O4!B('G!'G%!(,('(&I!&,2G*$!$&'(,D!&,3!.&''%$,-!&2$*--!'G%!&,2G*$!.*(,'-!B%$%!-*5DG'C

F%-5I'-!K*$!9,2G*$!Z*(,'!U!j5-%!LO!&,!(,3()(35&Ik!&$%!$%.*$'%3!K($-'4!&,3!3%-2$(L%3!

(,!-*+%!3%'&(I!LO!B&O!*K!%T.I&,&'(*,!*K!G*B!'*!$%&3!'G%!3&'&!D$&.G-!.$%.&$%3!K*$!

&II!'G%!&,2G*$!.*(,'!%T%$2(-%-C!_(DGI(DG'-!*K!'G*-%!$%-5I'-!&$%!-5++&$(P%3!(,!'5$,!

L%I*BC!

Q0"'45'-%'G%2$3$21-.

JG%!K(D5$%!L%I*B!D$&.G-!'G%!%(DG'!-2%,&$(*-!$%I&'%3!'*!5-%-!LO!(,3()(35&I-C

!"#$%$%&'()%*)++",*$-. <>



&

+*$%!(,K*$+&'(*,!&L*5'!*'G%$!-.%2(K(2!5-%-4!'G%!K&2'!'G&'!'G%!5-%$!(-!&,!(,3()(35&I!

L%2*+%-!I%--!3%'%$+(,&'()%!*K!'G%!$&'(,D!K*$!'G&'!-.%2(K(2!5-%!g!&II!'G%!*'G%$!

-2*$%-!&$%!&'!I%&-'!-I(DG'IO!G(DG%$!&,3!-*+%!&$%!3$&+&'(2&IIO!G(DG%$4!+%&,(,D!'G&'!

&II!*'G%$!-.%2(K(2!5-%-!-&+.I%3!&$%!$&'%3!+*$%!2*++%$2(&I!'G&,!'G%!-(+.I%!5,V5&I(K(%3!X5-%!LO!&,!(,3()(35&IY!B('G!BG(2G!'G%!%T%$2(-%!L%D&,C>"

8*$!%T&+.I%4 (K!'G%!(,3()(35&I!(,!V5%-'(*,!(-!&!2*+.%'('*$4!*$!&!.$*K%--(*,&I!5-(,D!

'G%!B*$Q!(,!G%$NG(-!.$*K%--(*,&I!2*,'%T'4!5-%$-!$&'%!'G%!5-%!&-!-'$*,DIO!

2*++%$2(&IC!_*B%)%$4!(K!5-%$-!Q,*B!'G%!.$*K%--(*,&I!+&Q%-!,*!+*,%O!K$*+!'G%!

5-%4!'G%,!'G%!$&'(,D!(-!-(D,(K(2&,'IO!I*B%$4!'G*5DG!-'(II!+*$%!2*++%$2(&I!'G&,!

,*,2*++%$2(&IC!F&'(,D-!&I-*!-G(K'!BG%,!+*,%O!(-!,*'!&'!(--5%4!*$!&'!I%&-'!,*'!*L)(*5-IO!*$!2%$'&(,IO!&'!(--5%M!5-%$-!$&'%!&!5-%!-I(DG'IO!+*$%!2*++%$2(&I!(K!&,!

(,3()(35&I!-G&$%-!&!B*$Q!*,!&!B%L-('%!B('G!$%-'$(2'%3!&22%--4!$&'G%$!'G&,!*,!&!

B%L-('%!'G&'!&,O*,%!2&,!&22%--4!&,3!-G&$(,D!*,!&!B%L-('%!B('G!&,O*,%!'G%!5-%$!

-.%2(K(2&IIO!&II*B-!(-!$&'%3!I%&-'!2*++%$2(&I!*K!&II!'G$%%!5-%-C!9I'G*5DG!'G%!

&--5+.'(*,-!$%-.*,3%,'-!+&3%!&L*5'!'G%-%!'G$%%!'O.%-!*K!&22%--!&$%!5,Q,*B,4!

$%-.*,3%,'-!$%-.*,3!3(KK%$%,'IO!'*!3(KK%$%,'!K&2'!.&''%$,-!*K!5-%C!

?-%$-!B('G!3(KK%$%,'!.$*K(I%-!&I-*!$%-.*,3!-*+%BG&'!3(KK%$%,'IOC!8*$!%T&+.I%4!

5-%$-!BG*!%&$,!+*,%O!K$*+!5-%!*K!*'G%$-t!B*$Q-!$&'%!L*'G!.%$-*,&I!*$!.$()&'%!

5-%-!LO!(,3()(35&I-!&,3!5-%-!LO!&+&'%5$-!&-!2*,-(3%$&LIO!+*$%!2*++%$2(&I!j'G&'!

(-4!I%--!%)%2*++%$2(&Ik!'G&,!3*!5-%$-!BG*!3*!,*'!%&$,!+*,%OC!?-%$-!BG*!%&$,!

+*,%O!&I-*!$&'%!5-%-!LO!.$*K%--(*,&I-!."00!2*++%$2(&IC

#$%&'*$-!&D$%%!'G&'!.%$-*,&I!*$!.$()&'%!5-%-!&$%!'G%!I%&-'!2*++%$2(&I!*K!&II!

-2%,&$(*-!+%&-5$%3C!#$%&'*$-!&I-*!&D$%%!'G&'!5-%!LO!&,!&+&'%5$!$&'%-!+*$%!

!"#$%$%&'()%*)++",*$-. <:



#$%&'*$-!BG*!+&Q%!+*,%O!&I-*!$&'%!5-%-!(,!BG(2G!'G%($!B*$Q!(-!-G&$%3!*,I(,%!

+),"'2*++%$2(&I!'G&,!2$%&'*$-!BG*!+&Q%!,*!+*,%O!K$*+!'G%($!B*$Q-C><!U,!'G(-!

$%D&$34!5-%$-!BG*!+&Q%!+*,%O!-G*B!,*!-'$*,D!3(KK%$%,2%!K$*+!*'G%$!5-%$-C>A

]&,O!+*$%!.*(,'-!2*5I3!L%!3$&B,!*5'!*K!'G%!D$&.G-!'G&'!&22*+.&,O!'G(-!F%.*$'4!

&,3!'G%!3&'&!('-%IK!2*5I3!L%!B*$Q%3!&,3!+(,%3!K*$!-'(II!+*$%C!_*B%)%$4!'G(-!

F%.*$'!K*25-%-!*,IO!*,!'G%!G(DGI(DG'-!'G&'4!B('G!$%-.%2'!'*!X5-%!LO!&,!(,3()(35&I4Y!

&$%!2I%&$M!&I'G*5DG!'G%!$&'(,D-!&$%!,*'!(3%,'(2&I4!2$%&'*$-!&,3!5-%$-!&$%!(,!D%,%$&I!

&D$%%+%,'!&L*5'!'G%!-.%2(K(2!5-%-!-'53(%3C!JG%!*,%!+&a*$!%T2%.'(*,!(-!.%$-*,&I!

*$!.$()&'%!5-%M!BG(I%!L*'G!D$*5.-!$&'%!('!,*,2*++%$2(&I4!5-%$-!3*!+*$%!-'$*,DIOC

J-L$%&'J)%"5

JG%!K(D5$%!L%I*B!.$*)(3%-!&!)(-5&I!-5++&$O!*K!'G%!&,2G*$!.*(,'!%T%$2(-%!

+%&-5$(,D!$%-.*,-%-!'*!5-%-!'G&'!+&Q%!+*,%OC>0!

!"#$%$%&'()%*)++",*$-. A7



#*+.&$%3!'*!'G%!(,('(&I!&,2G*$!.*(,'!$&'(,D4!$%-.*,3%,'-t!-2*$%-!K*$!-.%2(K(2!5-%-!

$%+&(,!%--%,'(&IIO!5,2G&,D%3M!&II!-2%,&$(*-!&$%!-'(II!$&'%3!X3%K(,('%IO!2*++%$2(&IY!

LO!'G%!)&-'!+&a*$('O!*K!2$%&'*$-!&,3!5-%$-C!_*B%)%$4!L*'G!D$*5.-!$&'%!5-%-!I%--!

2*++%$2(&I!(K!'G%!$%2(.(%,'!*K!'G%!+*,%O!(-!&!,*'=K*$=.$*K('!*$D&,(P&'(*,C

JG%!-2%,&$(*!$&'%3!+*-'!2*++%$2(&I!LO!&II!$%-.*,3%,'-!(-!*,%!(,!BG(2G!'G%!5-%$!

+&Q%-!+*,%O!K$*+!-%II(,D!&!2*.O!*K!'G%!B*$QC!85$'G%$4!'G%!-2%,&$(*!(-!$&'%3!

&I+*-'!(3%,'(2&IIO!(K!'G%!5-%$!*,IO!$%/"%20!'*!+&Q%!+*,%O!K$*+!'G%!-&I%C!c*'G!

2$%&'*$-!&,3!5-%$-!&I-*!-%%!)%$O!I(''I%!3(KK%$%,2%!L%'B%%,!5-%!*K!&,!%,'($%!B*$Q!*$!

*,IO!&!-+&II!.&$'!*K!&!B*$Q!(,!&!.$*K('=+&Q(,D!)%,'5$%C!

^,!'G%!V5%-'(*,!*K!+&Q(,D!+*,%O!K*$!2*-'!$%2*)%$O4!2$%&'*$-!'G(,Q!2*)%$(,D!

3(-'$(L5'(*,!2*-'-!*,IO!(-!-I(DG'IO!+*$%!2*++%$2(&I!'G&,!2*)%$(,D!*.%$&'(,D!2*-'-4!

*$!$&(-(,D!+*,%O!K*$!&,!%,3*B+%,'!K5,3C!?-%$-!'%,3!'*!&D$%%4!L5'!*)%$&II!-%%!

'G%-%!5-%-!&-!$&'G%$!+*$%!2*++%$2(&I!'G&,!2$%&'*$-C!E*'%4!G*B%)%$4!'G&'!,*!

+%,'(*,!*K!&3)%$'(-(,D!$%)%,5%-!B&-!(,2I53%3!(,!'G%-%!-2%,&$(*-!j&-!3(-25--%3!

L%I*B4!%)%,!BG%$%!5-%-!(,!2*,,%2'(*,!B('G!&3)%$'(-(,D!&$%!K*$!2*-'!$%2*)%$O!'G%O!

&$%!D%,%$&IIO!$&'%3!2*++%$2(&IkC

[%,%$&IIO4!5-%-!'G&'!+&Q%!+*,%O!&I-*!&$%!$&'%3!&-!."00!2*++%$2(&I!L*'G!LO!

2$%&'*$-!BG*!+&Q%!+*,%O!K$*+!'G%($!B*$Q-4!2*+.&$%3!'*!'G*-%!BG*!3*!,*'4!&,3!

5-%$-!BG*!+&Q%!+*,%O!K$*+!'G%($!5-%!*K!B*$Q-4!2*+.&$%3!'*!'G*-%!BG*!3*!,*'C>>!

JG(-!+&O!.&$&II%I!'G%!K(,3(,D!,*'%3!&L*)%4!'G&'!L*'G!2$%&'*$-!&,3!5-%$-!BG*!

+&Q%!+*,%O!$&'%!5-%-!LO!.$*K%--(*,&I-!."00!2*++%$2(&I!'G&,!2$%&'*$-!&,3!5-%$-!BG*!3*!,*'!+&Q%!+*,%OC!U,'%$%-'(,DIO4!2$%&'*$-!&,3!5-%$-!$&'%!&I-*!$&'%!5-%-!

'G&'!.$*+*'%!'G%!5-%$!*$!5-%$t-!B*$Q!&-!G(DGIO!2*++%$2(&IC

!"#$%$%&'()%*)++",*$-. A/



'

9-!B('G!9,2G*$!Z*(,'!]4!2*+.&$%3!'*!'G%!(,('(&I!&,2G*$!.*(,'!$&'(,D4!$%-.*,3%,'-t!

-2*$%-!K*$!-.%2(K(2!5-%-!(,!2*,,%2'(*,!B('G!*,I(,%!&3)%$'(-(,D!$%+&(,!%--%,'(&IIO!

5,2G&,D%3M!&II!-2%,&$(*-!&$%!-'(II!$&'%3!X3%K(,('%IO!2*++%$2(&IY!LO!'G%!)&-'!

+&a*$('O!*K!2$%&'*$-!&,3!5-%$-4!&I'G*5DG!5-%$-!'%,3!'*!)(%B!+*$%!5-%-!&-!+),"'

( I 'G ' c 'G ' ( '( ('G 3 '( (

H$&1,"'?\@'[-/$%&0')#'A)++",*$-.'Q0"'45'A,"-/),0'-%2'Q0",0@';*"%-,$)0'[".-/"2'/)'Q0"0'G%3).3$%&'S23",/$0"+"%/0'RS77"%2$T'U=V<';.$2"'U\W

!"#$%$%&'()%*)++",*$-. A"



#$%&'*$-!&,3!5-%$-!%&2G!$&'%!5-%!*K!&3)%$'(-(,D!$%)%,5%!LO!&!,*'=K*$=.$*K('!

*$D&,(P&'(*,!'*!2*)%$!B%L-('%!G*-'(,D!2*-'-!&,3!*.%$&'(,D!2*-'-!&I+*-'!'G%!-&+%4!

'G*5DG!&-!-'&'%3!&L*)%4!2$%&'*$-!K(,3!5-%-!'*!-5..*$'!,*'=K*$=.$*K('-!$&'G%$!I%--!2*++%$2(&I!'G&,!5-%$-!3*C!c*'G!D$*5.-!&I-*!%)&I5&'%!&3)%$'(-(,D!LO!&!K*$=.$*K('!

'G&'!'G%,!3*,&'%-!'G%!+*,%O!'*!&!,*'=K*$=.$*K('!&-!L%(,D!+*$%!2*++%$2(&I!'G&,!

5-%!LO!'G%!,*'=K*$=.$*K('!*,!('-!*B,!L%G&IKC

#*,'(,5(,D!&!.&''%$,!,*'%3!&L*)%!B('G!$%-.%2'!'*!5-%-!'G&'!+&Q%!+*,%O!j9,2G*$!

Z*(,'!]k4!5-%-!(,)*I)(,D!&3)%$'(-(,D!&$%!D%,%$&IIO!$&'%3!."00!2*++%$2(&I!LO!

2$%&'*$-!BG*!+&Q%!+*,%O!K$*+!'G%($!B*$Q-!&,3!5-%$-!BG*!+&Q%!+*,%O!K$*+!'G%($!5-%!*K!B*$Q-C:7!

Q0"'45'-%'X,&-%$F-/$)%

9-!(II5-'$&'%3!LO!'G%!D$&.G!L%I*B4!2$%&'*$-!&,3!5-%$-!&$%!(,!D%,%$&I!&D$%%+%,'!

&L*5'!5-%-!LO!&,!*$D&,(P&'(*,C:/

!"#$%$%&'()%*)++",*$-. A6



#*+.&$%3!'*!'G%!(,('(&I!&,2G*$!.*(,'!$&'(,D-4!L*'G!2$%&'*$-!&,3!5-%$-!$&'%!'G%!

-.%2(K(2!5-%-!-'53(%3!+*$%!2*++%$2(&I!(K!'G%O!&$%!LO!K*$=.$*K('!*$D&,(P&'(*,-4!B('G!

G(DG!2*,-%,-5-C!cO!2*,'$&-'4!(K!'G%!5-%!(-!LO!&!,*'=K*$=.$*K('4!$&'(,D-!&$%!D%,%$&IIO!

'G%!-&+%4!L5'!2*,-%,-5-!(-!I*B%$C!E*'&LIO4!BG(I%!+&,O!+*$%!$%-.*,3%,'-!$&'%!&II!'G%!-'53(%3!5-%-!LO!K*$=.$*K('-!X3%K(,('%IOY!2*++%$2(&I4!-*+%!$%-.*,3%,'-!$&'%!

+&,O!5-%-!LO!,*'=K*$=.$*K('-!X3%K(,('%IOY!2*++%$2(&I4!&-!B%IIM!'G%$%!(-!,*!X.&--Y!

K*$!,*'=K*$=.$*K('!*$D&,(P&'(*,-C!JG(-!(-!2*,K($+%3!LO!'G%!K(,3(,D-!*K!'G%!9,2G*$!

Z*(,'!#!%T%$2(-%4!3(-25--%3!L%I*B4!BG(2G!-G*B!'G&'!%)%,!&!5-%!K*$!&,!%T.$%--!

2G&$('&LI%!.5$.*-%!LO!&!,*'=K*$=.$*K('!*$D&,(P&'(*,!(-!$&'%3!X3%K(,('%IOY!

,*,2*++%$2(&I!LO!*,IO!/6n!*K!2$%&'*$-!&,3!"6n!*K!5-%$-C

#$%&'*$-!)(%B!5-%-!LO!-.%2(K(%3!,*'=K*$=.$*K('-!&-!I%--!2*++%$2(&I!'G&,!5-%$-!3*!

j$&'(,D-!(,!'G%!+(3NG(DG!<7-!&,3!+(3NG(DG!A7-4!$%-.%2'()%IOkC!_*B%)%$4!BG%'G%$!

'G%!B*$Q!(-!5-%3!'*!$&(-%!+*,%O!K*$!&!,*'=K*$=.$*K('t-!*.%$&'(,D!%T.%,-%-!*$!('-!

%,3*B+%,'!(-!*K!I(''I%!2*,-%V5%,2%!'*!%('G%$!D$*5.C!

JG%!*,IO!$&'(,D-!K*$!5-%!LO!&,!*$D&,(P&'(*,!'G&'!&$%!-%%,!&-!+*$%!,*,2*++%$2(&I!

'G&,!2*++%$2(&I!&$%!-.%2(K(2!'*!&!5-%!'G&'!-5DD%-'-!,*!+*,%O!(-!%T2G&,D%3M!(K!&!

-2G**I!'G&'!3*%-!%)/ !2G&$D%!'5('(*,!5-%-!&!B*$Q!(,!('-!2*5$-%!+&'%$(&I-!'G%,!L*'G!

2$%&'*$-!&,3!5-%$-!$&'%!'G%!5-%!,*,2*++%$2(&I4!%-.%2(&IIO!2$%&'*$-4!&I'G*5DG!

2*,-%,-5-!K*$!L*'G!D$*5.-!(-!I*BC!cO!2*,'$&-'4!(K!&!-2G**I!2G&$D%-!'5('(*,!'G%,!

L*'G!D$*5.-!(,2$%&-%!'G%($!$&'(,D-4!&,3!2$%&'*$-!3*!-*!-(D,(K(2&,'IO!jK$*+!66C<!'*!

<AC64!&-!2*+.&$%3!'*!&!$(-%!K$*+!;;C7!'*!<0C;!K*$!5-%$-kC

E*'%!'G&'!'G%!.$*K('!-'&'5-!*K!'G%!-2G**I!B&-!,*'!-.%2(K(%3!(,!'G%-%!'B*!5-%-C!

_*B%)%$4!BG%,!'G%!-2G**I!2G&$D%-!'5('(*,!2$%&'*$-!$&'%!'G%!5-%!&I+*-'!%T&2'IO!

!"#$%$%&'()%*)++",*$-. A;



Q0"'#),'-'A6-,$/-4."'N1,7)0"'),';)*$-.'I))2

^K!&II!'G%!&,2G*$!.*(,'-4!$%-.*,3%,'-!3%+*,-'$&'%!I*B%-'!2*,-%,-5-!*,!'G%!

V5%-'(*,!*K!5-%-!K*$!&!2G&$('&LI%!.5$.*-%!&-!(-!(II5-'$&'%3!LO!'G%!D$&.G!L%I*BC

H$&1,"'?V@'[-/$%&0')#'A)++",*$-.'Q0"'45'A,"-/),0'-%2'Q0",0@';*"%-,$)0'[".-/"2'/)'Q0"0'8$/6'A6-,$/-4."'N1,7)0"0'RS77"%2$T'U=V<';.$2"'V?W

!"#$%$%&'()%*)++",*$-. A<



.$*K('!2*+.&,OC!JG(-!(-!'$5%!%)%,!(,!'G%!2&-%!*K!5-%!LO!-2G**I-4!2I%&$IO!.*-('(*,%3!

K*$!'G(-!%T%$2(-%!&-!5-%!'*!.$*+*'%!&!-*2(&I!D**3C!c*'G!2$%&'*$-!&,3!5-%$-!$&'%!

5-%!K*$!&!K5,3$&(-%$!LO!&!.5LI(2!,*'=K*$=.$*K('!-2G**I!&I+*-'!'G%!-&+%!&-!'G%!(,('(&I!

&,2G*$!.*(,'!$&'(,D4!BG(I%!L*'G!$&'%!5-%!K*$!&!K5,3$&(-%$!LO!&!.$()&'%!K*$=.$*K('!-2G**I!+52G!G(DG%$!j<:C;!K*$!2$%&'*$-4!AACA!K*$!5-%$-kC

_*B%)%$4!-*+%!5-%-!LO!K*$=.$*K('-!&$%!$&'%3!&-!X3%K(,('%IOY!%)%2*++%$2(&I!LO!/"=

"7n!*K!5-%$-!&,3!&!-+&II%$!,5+L%$!*K!2$%&'*$-!j;=>nkC!JG(-!K(,3(,D4!2*+L(,%3!

B('G!'G%!K(,3(,D!&I$%&3O!,*'%3!&L*)%!'G&'!%)%,!5-%!K*$!&,!%T.$%--!2G&$('&LI%!

.5$.*-%!LO!&!,*'=K*$=.$*K('!*$D&,(P&'(*,!(-!$&'%3!X3%K(,('%IOY!,*,2*++%$2(&I!LO!

*,IO!/6n!*K!2$%&'*$-!&,3!"6n!*K!5-%$-4!$%)%&I-!'G&'!'G(-!2&'%D*$O!*K!5-%!(-!'G%!+*-'!3(KK(25I'!*K!'G*-%!-'53(%3!K*$!L*'G!2$%&'*$-!&,3!5-%$-!'*!-*$'!*5'C

#%;;46'"()"!/:,(6"2(1/$"PQ-6:17-

JG%!D$&.G!L%I*B!.I*'-!'G%!$%-5I'-!K*$!&II!-.%2(K(2!5-%!-2%,&$(*-!'%-'%3!(,!'G%!

&,2G*$!.*(,'!%T%$2(-%C

!"#$%$%&'()%*)++",*$-. AA



X2*++%$2(&I('OY!*K!'G%!5-%!jG*B!K&$!'*!'G%!I%K'!*$!$(DG'!'G%!(2*,!&..%&$-k!L5'!&I-*!(,!

'%$+-!*K!'G%!-'$%,D'G!*K!2*,-%,-5-!*,!'G%!$&'(,D!j'G%!B(3'G!*K!'G%!G*$(P*,'&I!I(,%-!

L(-%2'(,D!%&2G!+%&,kC!?-%$-!D%,%$&IIO!2*,-(3%$!+*$%!*K!'G%!5-%-!-'53(%3!-I(DG'IO!

+*$%!2*++%$2(&I!'G&,!2$%&'*$-4!B('G!'G%!%T2%.'(*,!*K!5-%-!LO!(,3()(35&I-C!U,!'G%-%!2&-%-4!2$%&'*$-!'%,3!'*!$&'%!'G%!5-%-!+*$%!2*++%$2(&I!&,3!5-%$-!I%--!

2*++%$2(&IC!

D,4/J-7"$("5/41&-&"5/&-67$4/&1/J7

U++%3(&'%IO!K*II*B(,D!'G%!&,2G*$!.*(,'!%T%$2(-%4!$%-.*,3%,'-!B%$%!&-Q%3M!

X_&)(,D!2*+.I%'%3!'G(-!%T%$2(-%4!B*5I3!O*5!2G&,D%!O*5$!3%K(,('(*,-!*K!

2*++%$2(&I!5-%!&,3N*$!,*,2*++%$2(&I!5-%eY:6

9K'%$!G&)(,D!$&'%3!'B*!3(KK%$%,'!-%'-!*K!-.%2(K(2!5-%!-2%,&$(*-4!+*-'!2$%&'*$-!

j06nk!&,3!5-%$-!j0<nk!$%-.*,3%3!X,*4Y!'G%O!B*5I3!,*'!2G&,D%!'G%($!(,('(&I4!

5,&(3%3!3%K(,('(*,-!*K!2*++%$2(&I!&,3!,*,2*++%$2(&I!5-%m!/6n!*K!2$%&'*$-!&,3!//n!*K!5-%$-!$%.I(%3!XO%-Ym!/;n!*K!2$%&'*$-!&,3!/;n!*K!5-%$-!$%.I(%3!XR*,t'!

Q,*BN5,-5$%CY:;!c*'G!D$*5.-!&,-B%$%3!XO%-4Y!X,*4Y!&,3!X3*,t'!Q,*BN,*'!-5$%Y!(,!

)($'5&IIO!(3%,'(2&I!$&'(*4!-5DD%-'(,D!2$%&'*$-!&,3!5-%$-!K%%I!-(+(I&$IO!-'$*,DIO!&L*5'!

'G%($!(,('(&I!3%K(,('(*,-C!

JG%!$%-.*,-%-!'*!'G(-!*.%,=%,3%3!V5%-'(*,!B%$%!2*3%3!5-(,D!'G%!-&+%!Q%O!

5-%3!'*!2*3%!'G%!&,-B%$-!'*!'G%!(,('(&I!V5%-'(*,!&-Q(,D!&L*5'!'G%!3(KK%$%,2%!L%'B%%,!2*++%$2(&I!&,3!,*,2*++%$2(&I!5-%C!#$%&'*$-!&,3!5-%$-!BG*!B*5I3!

2G&,D%!'G%($!3%K(,('(*,-!&$%!+*-'!I(Q%IO!'*!&33!+%,'(*,-!*K!5-%-!LO!&,!(,3()(35&I!

!"#$%$%&'()%*)++",*$-. A0



_*B%)%$4!%)%,!(K!-*+%!/!(,!/7!$%-.*,3%,'-!G&3!2*+.I%'%IO!$%B$(''%,!'G%($!(,('(&I!

$%3%K(,('(*,-4!'G%!+*-'!(+.*$'&,'!'&Q%&B&O!K$*+!$%-.*,-%!'*!'G%-%!'B*!V5%-'(*,-!

(-!'G&'!+*-'!$%-.*,3%,'-4!2$%&'*$-!&,3!5-%$-!&I(Q%4!3*!,*'!$%&3(IO!2G&,D%!'G%($!

+(,3-!&L*5'!BG&'!'G%O!L%I(%)%!(-!'G%!3(KK%$%,2%!L%'B%%,!2*++%$2(&I!&,3!,*,2*++%$2(&I!5-%4!&'!I%&-'!*,!'G%!L&-(-!*K!'G%($!%T.%$(%,2%!B*$Q(,D!'G$*5DG!&,!

*,I(,%!-5$)%OC

["-*/$)%'/)'/6"'A,"-/$3"'A)++)%0'(A'>",+

^K!.&$'(25I&$!(,'%$%-'!(-!$%-.*,3%,'-t!$%&2'(*,!'*!'G%!)%$L&'(+!I&,D5&D%!*K!'G%!E#!'%$+4!BG(2G!B&-!.$%-%,'%3!B('G*5'!(3%,'(KO(,D!('!&-!-52GC!8*II*B(,D!'G%!&,2G*$!

.*(,'!%T%$2(-%!&,3!'G%!V5%-'(*,!&-Q(,D!BG%'G%$!$%-.*,3%,'-!B*5I3!'G%,!2G&,D%!

'G%($!.$%)(*5-!3%K(,('(*,-!*K!'G%!3(KK%$%,2%!L%'B%%,!2*++%$2(&I!5-%!&,3!

,*,2*++%$2(&I!5-%4!&II!$%-.*,3%,'-!BG*!.$*)(3%3!&!3%K(,('(*,!B%$%!&-Q%3M

X`G&'!(K!y,*,2*++%$2(&I!5-%t!+%&,'!&,O!5-%!'G&'!(-!,*'!.$(+&$(IO!(,'%,3%3!

K*$4!*$!3($%2'%3!'*B&$34!2*++%$2(&I!&3)&,'&D%!*$!.$()&'%!+*,%'&$O!

2*+.%,-&'(*,e!R*!O*5!'G(,Q!'G(-!3%K(,('(*,!(-M

/C!b--%,'(&IIO!'G%!-&+%!&-!O*5$!3%K(,('(*,!*K!,*,2*++%$2(&I!5-%

"C!R(KK%$%,'!K$*+!L5'!-'(II!2*+.&'(LI%!B('G!O*5$!3%K(,('(*,!*K!

,*,2*++%$2(&I!5-%

6C!R(KK%$%,'!K$*+!&,3!(,2*+.&'(LI%!B('G!O*5$!3%K(,('(*,!*K!,*,2*++%$2(&I!5-%

;C!R*,t'!Q,*BNE*'!-5$%Y:>

!"#$%$%&'()%*)++",*$-. A>



U,!$%-.*,-%!'*!&,!*.%,=%,3%3!V5%-'(*,!.$%-%,'%3!'*!'G*-%!5-%$-!BG*!&,-B%$%3!

'G&'!'G%!3%K(,('(*,!B&-!X(,2*+.&'(LI%Y!B('G!'G%($-4!'G%!*)%$BG%I+(,D!+&a*$('O!'&Q%-!

&!G&$3!I(,%!(,!3%K(,(,D!2*++%$2(&I!5-%!&-!-%5 !+*,%'&$O!%T2G&,D%4!&,3!'G5-!

*La%2'-!'*!5-%!*K!'G%!B*$3!X.$(+&$(IOY/77!?-%!*K!'G%!B*$3!X(,'%,3%3Y!B&-!&I-*!

2$('(2(P%3!&-!X'**!)&D5%CY/7/!9-!,*'%3!&L*)%4!'G%-%!&,3!*'G%$!2$('(2(-+-!B%$%!&I-*!

( 3 L 3 ' ( I(' '( G

H$&1,"'?^@'A6-%&"0'$%'!"#$%$/$)%0'-%2'["-*/$)%0'/)'AA'(A'>",+'RS77"%2$T'U=V<';.$2"']?W

!"#$%$%&'()%*)++",*$-. A:



]52G!+*$%!3&'&!&$%!&)&(I&LI%!(,!'G%!$&B!3&'&!$%K%$%,2%3!&'!'G%!%,3!*K!'G(-!

F%.*$'!(,!#-:$1(/"VT>C

D(;34617(/"$("5T#T"./01/-"2(3%04$1(/

9I+*-'!G&IK!*K!'G%!##88!-&+.I%!(,!L*'G!.*II-!(-!K$*+!'G%!?,('%3!1'&'%-m!'G%!,%T'!

+*-'!$%.$%-%,'%3!2*5,'$(%-!(,2I53%![%$+&,O4!'G%!?,('%3!o(,D3*+4!#&,&3&4!

95-'$&I(&!&,3!'G%!E%'G%$I&,3-C/7"

#*+.&$%3!'*!'G%!?C1C!*,I(,%!.*.5I&'(*,4!##88!&$%!+52G!+*$%!I(Q%IO!'*!L%!

K&+(I(&$!B('G!2*.O$(DG'!I(2%,-(,D!&,3!.5LI(2!2*.O$(DG'!I(2%,-%-4!(,!.&$'(25I&$C!0;n!

*K!##88!2$%&'*$-!G&)%!I(2%,-%3!'G%!B*$Q-!'G&'!'G%O!-G&$%!*,I(,%4!2*+.&$%3!'*!

*,IO!/0n!*K!?C1C!2$%&'*$-C/76!^K!'G*-%!BG*!G&)%!I(2%,-%3!'G%($!B*$Q-4!>!(,!/7!

##88!G&)%!5-%3!&!K$%%!.5LI(2!I(2%,-%!&)&(I&LI%!*,I(,%4!2*+.&$%3!'*!*,IO!;!(,!/7!

?C1C!2$%&'*$-C/7;!##88!5-%$-!&$%!&I-*!+*$%!I(Q%IO!'G&,!?C1C!5-%$-!'*!L%!&B&$%!*K!

G*B!'G%!2*.O$(DG'%3!B*$Q-!'G%O!5-%!&$%!I(2%,-%3!j:!(,!/74!2*+.&$%3!'*!0!(,!

/7kC/7<

##88!2$%&'*$-!&$%!K&$!+*$%!I(Q%IO!'G&,!?C1C!2$%&'*$-!'*!&II*B!D$%&'%$!&22%--!'*!

'G%!B*$Q-!'G%O!-G&$%!*,I(,%!j>An!##88!X&IB&O-Y!*$!X5-5&IIOY!-G&$%!B('G!&,O*,%4!

&-!*..*-%3!'*!6:n!*K!?C1C!2$%&'*$-kC/7A!U,'%$%-'(,DIO!g!'G*5DG!B('G*5'!&--5+(,D!

&!2&5-&I!$%I&'(*,-G(.!B('G!'G%($!-G&$(,D!G&L('-!g!)($'5&IIO!&II!##88!2$%&'*$-!&$%!&'!

I%&-'!-*+%BG&'!K&+(I(&$!B('G!'G%!.$(,2(.I%-!*K!'G%!*.%,!-*5$2%!-*K'B&$%!

+*)%+%,'4!B('G!>7n!-&O(,D!'G%O!%+L$&2%!'G%+C/70

l($'5&IIO!&II!##88!.$*)(3%3!&!3%K(,('(*,!*K!'G%!3(KK%$%,2%!L%'B%%,!2*++%$2(&I!5-%!

!"#$%$%&'()%*)++",*$-. 07



?C1C!*,I(,%!.*.5I&'(*,C//7!U,!.&$'(25I&$4!##88!&$%!+52G!I%--!I(Q%IO!'*!'G(,Q!5-%!(,!

2*,,%2'(*,!B('G!*,I(,%!&3)%$'(-(,D!K$*+!BG(2G!'G%!5-%$!+&Q%-!+*,%O!(-!

X3%K(,('%IOY!2*++%$2(&I4!2*+.&$%3!'*!'G%!?C1C!*,I(,%!.*.5I&'(*,C///!^,IO!6!(,!/7!

##88!'G(,Q!('!(-!X3%K(,('%IOY!2*++%$2(&I!(K!&!B*$Q!(-!5-%3!*,!&!B%L-('%!'G&'!(-!-5..*$'%3!LO!&3)%$'(-(,D4!2*+.&$%3!'*!A!(,!/7!*K!'G%!?C1!*,I(,%!.*.5I&'(*,C//"!cO!

2*,'$&-'4!##88!&$%!+52G!+*$%!I(Q%IO!'*!2*,-(3%$!5-%!(,!2*,,%2'(*,!B('G!-.I*D!

&3)%$'(-(,D!X3%K(,('%IOY!2*++%$2(&I!j><n4!2*+.&$%3!'*!A/nkC//6

`('G!$%-.%2'!'*!2*-'!$%2*)%$O!D%,%$&IIO4!*,IO!67n!*K!##88!2$%&'*$-!&,3!6An!*K!

##88!5-%$-!-&O!'G&'!+&Q(,D!+*,%O!LO!5,-.%2(K(%3!+%&,-!K$*+!5-%!*K!&!B*$Q!'*!

2*)%$!2*-'!3(-'$(L5'(*,!2*-'-!(-!X3%K(,('%IOY!2*++%$2(&I4!2*+.&$%3!'*!;0n!*K!?C1C!*,I(,%!2$%&'*$-!&,3!A7n!*K!?C1C!5-%$-C//;

JG%!$%-5I'-!*K!'G%!&,2G*$!.*(,'!%T%$2(-%!2*,K($+!'G%-%!3(KK%$%,2%-4!&,3!$%)%&I!&!

K%B!+*$%C!F&'(,D-!*K!##88!&,3!'G%!?C1C!*,I(,%!.*.5I&'(*,!&$%!-(+(I&$!K*$!&II!

-2%,&$(*-!(,!BG(2G!'G%!5-%$!B*5I3!+&Q%!+*,%O4!%T2%.'!'G&'!##88!'%,3!'*!$&'%!

5-%-!I%--!2*++%$2(&I!BG%$%!+*,%O!(-!+&3%!K*$!2*-'!$%2*)%$O!*$!'*!-5..*$'!&!

,*'=K*$=.$*K('!*$D&,(P&'(*,C//<!##88!&I-*!$&'%!5-%-!(,)*I)(,D!*,I(,%!&3)%$'(-(,D!

I%--!2*++%$2(&I4!.&$'(25I&$IO!(K!'G%!+*,%O!+&3%!D*%-!'*!2*-'!$%2*)%$O!*$!'G%!

-5..*$'!*K!&!,*'=K*$=.$*K('!*$D&,(P&'(*,C//A

?-%-!LO!*$D&,(P&'(*,-!&I-*!&$%!$&'%3!I%--!2*++%$2(&I!LO!##88!(K!'G%!+*,%O!(-!

5-%3!'*!-5..*$'!&!-2G**I!*$!,*'=K*$=.$*K('!*$D&,(P&'(*,C//0!##88!'%,3!'*!$&'%!5-%!

LO!&!D*)%$,+%,'!*$!-'&'%=$5,!%,'('O!I%--!2*++%$2(&I4!&-!B%IIC

//>

!

^)%$&II4!##88!&I-*!$&'%!&II!5-%-!-'53(%3!LO!(,3()(35&I-!I%--!2*++%$2(&I4!5,I%--!

!"#$%$%&'()%*)++",*$-. 0/



%)%2*++%$2(&I!g!L*'G!$&'%!'G(-!5-%!&,!&)%$&D%!*K!>!*,!'G%!/77=.*(,'!-2&I%!

jBG%$%!/!(-!X3%K(,('%IOY!,*,2*++%$2(&I4!/77!(-!X3%K(,('%IOY!2*++%$2(&Ik4!2*+.&$%3!

'*!&)%$&D%-!*K!";!K*$!?C1C!2$%&'*$-4!&,3!/A!K*$!?C1C!5-%$-C/"7!

2-6:-3$1(/"()"D6-4$1F-"D(;;(/7"4/&"A-4:$1(/"$("$,-"9D"K-6;

JG%!&33('(*,&I!3&'&!.$*)(3%3!LO!##88!(,!$%-.*,-%!'*!&!,5+L%$!*K!V5%-'(*,-!

-.%2(K(2!'*!#$%&'()%!#*++*,-!&,3!('-!E#!I(2%,-%-!-G*B!'G&'!'G%!#$%&'()%!

#*++*,-!cf=E#=19!I(2%,-%!(-!'G%!+*-'!.*.5I&$!*K!&II!'G%!##!I(2%,-%-4!&+*,D!

L*'G!##88!2$%&'*$-!&,3!##88!5-%$-C!9I+*-'!G&IK!*K!##88!2$%&'*$-!G&)%!

I(2%,-%3!&!B*$Q!5,3%$!cf=E#=194!BG(I%!A!(,!/7!##88!5-%$-!G&)%!5-%3!&!B*$Q!

I(2%,-%3!cf=E#=19C/"/

##88!2$%&'*$-!-&O!'G%O!2G**-%!'*!I(2%,-%!'G%($!B*$Q!K*$!,*,2*++%$2(&I!5-%!

.$(+&$(IO!L%2&5-%!'G%!E#!'%$+!&II*B-!'G%+!'*!2*,'$*I!'G%!$(DG'!'*!+&Q%!+*,%O!

K$*+!'G%!B*$Q!j07nk4!&,3!'G%O!3*!,*'!B&,'!&,O*,%!%I-%!'*!+&Q%!+*,%O!*$!D%'!&!

2*++%$2(&I!&3)&,'&D%!K$*+!'G%!B*$Q!jA/nkC

/""

!c*'G!##88!2$%&'*$-!&,3!##88!5-%$-!-&O!'G%O!'$5-'!'G&'!#$%&'()%!#*++*,-!I(2%,-%-!&$%!I%D&IIO!%,K*$2%&LI%!

jA6n!*K!2$%&'*$-4!><n!*K!5-%$-kC/"6

`G%,!'G%O!5-%!*'G%$-t!B*$Q-4!00n!*K!##88!L%I(%)%!('!(-!-&K%$!'*!5-%!&!#$%&'()%!

#*++*,-!E#=I(2%,-%3!B*$Q!'G&,!&,!5,I(2%,-%3!*,%C/";!:7n!*K!##88!5-%$-!&I-*!

-&O!'G%O!I(Q%!'*!5-%!##=I(2%,-%3!B*$Q-4!L%2&5-%!'G%O!I(2%,-%!'G%($!*B,!B*$Q-!

5,3%$!##!I(2%,-%-C/"<

!

";n!*K!##88!2$%&'*$-!&,3!"0n!*K!##88!5-%$-!-&O!'G%O!G&)%!,*!3(--&'(-K&2'(*,!

!"#$%$%&'()%*)++",*$-. 0"



_&IK!*K!##88!2$%&'*$-!G&)%!L%%,!2*,'&2'%3!LO!-*+%*,%!BG*!B&,'%3!'*!Q,*B!(K!&!

2%$'&(,!5-%!*K!*,%!*K!'G%($!E#=I(2%,-%3!B*$Q-!B*5I3!L%!&22%.'&LI%!'*!'G%+C/":!/!

(,!;!##88!BG*!G&)%!5-%3!&!#$%&'()%!#*++*,-!E#!I(2%,-%3!B*$Q!G&)%!

2*,'&2'%3!'G%!I(2%,-*$!'*!K(,3!*5'!BG%'G%$!&!2%$'&(,!5-%!*K!'G%!B*$Q!B*5I3!L%!&22%.'&LI%C/67

##88!2$%&'*$-!&$%!3()(3%3!*,!BG%'G%$!'G%O!B*5I3!-5..*$'!&,!%KK*$'!'*!.*'%,'(&IIO!

$%K(,%!*$!$%3%K(,%!'G%!#$%&'()%!#*++*,-!E#!'%$+M!6>n!-&O!'G%O!B*5I3!-5..*$'!

&,!%KK*$'!'*!2*,-(3%$!&!2G&,D%m!6An!-&O!'G%O!B*5I3!,*'!-5..*$'!-52G!&,!%KK*$'!*$!

'G&'!-52G!&,!%KK*$'!(-!,*'!,%2%--&$O!*$!3%-($&LI%m!&,3!"<n!&$%!,*'!-5$%C/6/!##88!

5-%$-!&$%!&I-*!3()(3%3M!;0n!-&O!'G%O!B*5I3!-5..*$'!&,!%KK*$'!'*!2*,-(3%$!&!.*'%,'(&I!2G&,D%m!6<n!-&O!-52G!&,!%KK*$'!(-!,*'!,%2%--&$O!*$!,*'!3%-($&LI%m!&,3!

/>n!&$%!,*'!-5$%C/6"

^,IO!/6n!*K!'G%!##88!2$%&'*$-!&,3!"7n!*K!'G%!##88!5-%$-!-&+.I%!3%-2$(L%!

'G%+-%I)%-!&-!&2'()%!+%+L%$-!*K!'G%!##!2*++5,('Om!&L*5'!*,%='G($3!*K!%&2G!

-&+.I%!-&O!'G%O!.&$'(2(.&'%!*22&-(*,&IIO!L5'!3*!,*'!2*,-(3%$!'G%+-%I)%-!.&$'!*K!

'G%!2*++5,('OC/66!##88!BG*!-&O!'G%O!&$%!(,)*I)%3!B('G!'G%!##!2*++5,('O!

(,2I53%!,%B2*+%$-!&-!B%II!&-!+&,O!.%*.I%!BG*!G&)%!.&$'(2(.&'%3!-(,2%!'G%!

*$D&,(P&'(*,!B&-!K*5,3%3C/6;

J8O'9<,,.-@'*#';-$%+$2./'3$%4$%&5

P;3161:40"#$%&'

!"#$%$%&'()%*)++",*$-. 06



,*,2*++%$2(&IC!cO!2*,'$&-'4!5-%-!'G&'!&$%!3%2(3%3IO!2*++%$2(&I4!-52G!&-!5-%-!

'G&'!%&$,!+*,%O!*$!5-%-!LO!K*$=.$*K('!2*+.&,(%-4!-G*B!,*!-(D,(K(2&,'!3(KK%$%,2%!

L%'B%%,!2$%&'*$-!&,3!5-%$-C!`G%,!-'&'(-'(2&IIO!-(D,(K(2&,'!3(KK%$%,2%-!L%'B%%,!

5-%!-2%,&$(*-!&..%&$!5-%$-!&I+*-'!&IB&O-!$&'%!'G*-%!5-%-!+),"!2*++%$2(&I!'G&,!2$%&'*$-C!JG%!*,%!%T2%.'(*,!(-!5-%-!LO!(,3()(35&I-!'G&'!&$%!.%$-*,&I!*$!

.$()&'%!(,!,&'5$%C!_%$%!('!(-!2$%&'*$-4!,*'!5-%$-4!BG*!2*,-(3%$!'G%!5-%!+*$%!

2*++%$2(&I4!'G%!*..*-('%!*K!'G%!D%,%$&I!.&''%$,C

8%B!-'&'(-'(2&IIO!-(D,(K(2&,'!3(KK%$%,2%-!%T(-'!&+*,D!-5LD$*5.-!*K!2$%&'*$-!B('G(,!

'G&'!-&+.I%!*K!$%-.*,3%,'-4!&,3!)($'5&IIO!,*!-'&'(-'(2&IIO!-(D,(K(2&,'!3(KK%$%,2%-!

&$%!K*5,3!&+*,D!-5LD$*5.-!*K!5-%$-4!(,2I53(,D!5-%$-!BG*!&I-*!(3%,'(KO!&-!2$%&'*$-C!JG%!+*-'!,*'&LI%!3(KK%$%,2%-!&+*,D!-5LD$*5.-!&$%!L%'B%%,!2$%&'*$-!

BG*!+&Q%!+*,%O!K$*+!'G%($!B*$Q-!&,3!'G*-%!BG*!3*!,*'4!&,3!L%'B%%,!5-%$-!

BG*!+&Q%!+*,%O!K$*+!'G%($!5-%-!*K!*'G%$-t!B*$Q-!&,3!'G*-%!BG*!3*!,*'C!U,!L*'G!

2&-%-4!'G*-%!BG*!+-L"'+)%"5 !D%,%$&IIO!$&'%!5-%-!."00!2*++%$2(&I!'G&,!'G*-%!

BG*!3*!,*'!+&Q%!+*,%OC!JG%!*,%!%T2%.'(*,!'*!'G(-!.&''%$,!(-!B('G!$%-.%2'!'*!

.%$-*,&I!*$!.$()&'%!5-%-!LO!(,3()(35&I-M!G%$%4!5-%$-!BG*!+&Q%!+*,%O!2*,-(3%$!

'G%-%!5-%-!+),"!2*++%$2(&I!'G&,!'G*-%!BG*!3*!,*'!+&Q%!+*,%OC

^,!&,!5,&(3%3!L&-(-4!BG%,!&-Q%3!'*!3%K(,%!'G%!3(KK%$%,2%!L%'B%%,!2*++%$2(&I!

5-%!&,3!,*,2*++%$2(&I!5-%4!L*'G!2$%&'*$-!&,3!5-%$-!K*25-!*,!'G%!K*$+%$C!9!

*)++",*$-.'10"!(-!3%K(,%3!LO!0!(,!/7!*K!&II!$%-.*,3%,'-!&-!&!5-%!'G&'!+&Q%-!

+*,%OC!^,!'G%!-&+%!5,&(3%3!L&-(-4!'G%$%!(-!,*!+&a*$('O!2*,-%,-5-!*,!'G%!

3%K(,('(*,!*K!%)%*)++",*$-.'10"!(,!%('G%$!D$*5.4!&I'G*5DG!L*'G!2$%&'*$-!&,3!5-%$-!

(,2I53%!-*+%!5-%!LO!&,!(,3()(35&I!&-!'G%!+*-'!2*++*,!+%,'(*,!(,!'G%($!

3%K(,('(*,-!j/:n!*K!2$%&'*$-4!66n!*K!5-%$-kC

!"#$%$%&'()%*)++",*$-. 0;



+&a*$('O!L%I(%)%!('!(-!9"00"%/$-..5'/6"'0-+"'-0:'),'9*)+7-/$4."!B('GY!'G%($!3%K(,('(*,!

*K!,*,2*++%$2(&I!5-%C!JG%!#$%&'()%!#*++*,-!E#!.$*G(L('(*,!*,!5-%!*K!&!B*$Q!

X(,!&,O!+&,,%$!'G&'!(-!,*'!.$(+&$(IO!(,'%,3%3!K*$!*$!3($%2'%3!'*B&$3-!2*++%$2(&I!

&3)&,'&D%!*$!.$()&'%!+*,%'&$O!2*+.%,-&'(*,Y!&..%&$-!'*!$%-*,&'%!B('G!&!I&$D%!+&a*$('O!*K!2$%&'*$-!&,3!5-%$-!L%2&5-%4!L&-%3!*,!*.%,=%,3%3!$%-.*,-%-!&I*,D!

B('G!D&'%Q%%.(,D!&,3!&,2G*$!.*(,'!%T%$2(-%-4!+*-'!L%I(%)%!'G&'!,*!+*,%O!2&,!L%!

+&3%!(K!&!5-%!(-!'*!L%!2*,-(3%$%3!,*,2*++%$2(&IC!F%I52'&,2%!'*!2G&,D%!'G%($!

3%K(,('(*,-!&,3!'G%!&..%&I!*K!'G%!E#!'%$+!+&O!$%KI%2'!&!3%-($%!&+*,D!2$%&'*$-!

&,3!5-%$-!'*!-(+.I(KO!&,3!&,2G*$!'G%!3%K(,('(*,!&$*5,3!&,!5,3%$-'&,3(,D!'G&'!X,*!

+*,%OY!+&O!L%!+&3%C

c&-%3!*,!K(,3(,D-!K$*+!'G%!D&'%Q%%.(,D!%T%$2(-%!j3%-(D,%3!'*!%-'&LI(-G!BG%'G%$!

$%-.*,3%,'-!B*5I3!(3%,'(KO!2%$'&(,!.*--(LI%!5-%-!&-!X3%K(,('%IOY!2*++%$2(&I!*$!

X3%K(,('%IOY!,*,2*++%$2(&Ik4!5-%$-!&,3!2$%&'*$-!-G*B!-'$*,D!&D$%%+%,'!*,!+*-'!

(--5%-C

]*$%!'G&,!&!'G$%%=V5&$'%$!+&a*$('O!*K!L*'G!D$*5.-!&D$%%-!'G&'!('!(-!X3%K(,('%IOY!&!

2*++%$2(&I!5-%!(K!+*,%O!(-!+&3%!K$*+!'G%!5-%!*K!&!B*$Q!(,!-*+%!B&O4!(,2I53(,D!

3($%2'IO!K$*+!'G%!-&I%!*K!&!2*.O!*K!&!B*$Q4!*$!K$*+!*,I(,%!&3)%$'(-(,D!&$*5,3!*$!(,!

2*,,%2'(*,!B('G!'G%!B*$Q4!BG%$%!'G%!5-%$!+&Q%-!+*,%O!K$*+!'G%!&3-C!85$'G%$4!A!

(,!/7!*K!&II!$%-.*,3%,'-!%)&I5&'%!5-%-!(,!2*,,%2'(*,!B('G!*,I(,%!&3)%$'(-(,D!&-!

X3%K(,('%IOY!2*++%$2(&I4!%)%,!(K!*,IO!%,*5DG!+*,%O!B*5I3!L%!+&3%!'*!2*)%$!'G%!

2*-'!*K!B%L-('%!G*-'(,DC!]*$%!'G&,!A!(,!/7!2$%&'*$-!&,3!5-%$-!&I-*!2*,-(3%$!5-%!

LO!&!,*'=K*$=.$*K('!*$D&,(P&'(*,!X3%K(,('%IOY!2*++%$2(&IC

9..$*T(+&'%IO!A!(,!/7!*K!&II!$%-.*,3%,'-!&I-*!&D$%%!'G&'!&!5-%!(-!X3%K(,('%IOY!

!"#$%$%&'()%*)++",*$-. 0<



2$%&'*$-!&,3!5-%$-!&$%!G(DG!&,3!$%+&$Q&LIO!2I*-%M!L*'G!D$*5.-!&$%!(,!-'$*,D!

&D$%%+%,'!'G&'!'G%-%!&$%!*)++",*$-. !5-%-C!JG%$%!(-!&I-*!&!K&($IO!G(DG!I%)%I!*K!

2*,-%,-5-!B('G(,!&,3!L%'B%%,!%&2G!D$*5.!&$*5,3!'G%!-.%2(K(2!5-%!2&-%-!$%I&'%3!

'*!'G%-%!'B*!&,2G*$!.*(,'-C!U,!K&2'4!2$%&'*$-!&,3!5-%$-!$&'%!'G%!-'53(%3!5-%-!'G&'!+&Q%!+*,%O!&,3!*225$!(,!2*,,%2'(*,!B('G!*,I(,%!&3)%$'(-(,D!*,!&I+*-'!'G%!-&+%!

X25$)%Y!K$*+!+*-'!'*!I%&-'!2*++%$2(&IC

F&'(,D-!K*$!'G%!*'G%$!'G$%%!&,2G*$!.*(,'-!$%+&(,!2I*-%$!'*!'G%!+(33I%!*K!'G%!-2&I%4!

+%&,(,D!+*-'!5-%$-!3*!,*'!K(,3!'G%+!-'$*,DIO!2*++%$2(&I4!*$!-'$*,DIO!

,*,2*++%$2(&IC!?-%-!'G&'!&$%!I%--!2*++%$2(&I4!&,3!&I-*!G&$3%$!2I&--(KO4!&I-*!

-G*B!I%--!&D$%%+%,'!L%'B%%,!2$%&'*$-!&,3!5-%$-C!U,!*'G%$!B*$3-4!'G%!+*$%!2*++%$2(&I!&!5-%4!'G%!-'$*,D%$!'G%!&D$%%+%,'m!'G%!I%--!2*++%$2(&I!'G%!B*$Q!'G%!

G(DG%$!'G%!+*$%!2$%&'*$-!&,3!5-%$-!3(KK%$!(,!)(%B-!B('G!2$%&'*$-!'O.(2&IIO!$&'(,D!

5-%-!%)%,!I%--!2*++%$2(&I!'G&,!5-%$-C

#$%&'*$-!&,3!5-%$-!&$%!(,!D%,%$&I!&D$%%+%,'''G&'!10"'45'-%'),&-%$F-/$)%!'%,3-!

'*!L%!*)++",*$-. 4!'G*5DG!'*!&!I%--%$!%T'%,'!'G&,!5-%$-!'G&'!(,)*I)%!+*,%O!*$!&$%!

(,!2*,,%2'(*,!B('G!&3)%$'(-(,DC!`G%,!,*'=K*$=.$*K('!*$D&,(P&'(*,-!&$%!-.%2(K(%34!

G*B%)%$4!L*'G!D$*5.-!'%,3!'*!2*,-(3%$!5-%-!%)%2*++%$2(&IC!9D&(,4!5-%-!

3%%+%3!I%--!2*++%$2(&I!&I-*!O(%I3!&!D$%&'%$!3(KK%$%,2%!L%'B%%,!5-%$-!&,3!

2$%&'*$-!B('G!2$%&'*$-!'O.(2&IIO!$&'(,D!5-%-!%)%,!I%--!2*++%$2(&I!'G&,!5-%$-C

#$%&'*$-!&,3!5-%$-!&I-*!'%,3!'*!&D$%%!'G&'!10"'#),'-'*6-,$/-4."'71,7)0"'),'/)'

7,)+)/"'-'0)*$-.'),'714.$*'&))2 !(-'%)%2*++%$2(&I4!5,I%--!'G%!5-%!(-!LO!&!K*$=

.$*K('!*$D&,(P&'(*,C!_*B%)%$4!*K!&II!'G%!-.%2(K(2!5-%!-2%,&$(*-!+%&-5$%3!(,!'G(-!

-'53O4!L*'G!2$%&'*$-!&,3!5-%$-!3%+*,-'$&'%!'G%!I%&-'!&+*5,'!*K!&D$%%+%,'!*,!



!"#$%$%&'()%*)++",*$-. 00



U"9-Q$

JG(-!-'53O!(-!'G%!K($-'!Q,*B,!%+.($(2&I!(,)%-'(D&'(*,!*K!.%$2%.'(*,!*K!'G%!+%&,(,D!

*K!X,*,2*++%$2(&I!5-%CY!9-!-52G!('!(-!L%-'!-%%,!&-!&!a5+.(,D!*KK!.*(,'!K*$!K5$'G%$!

$%-%&$2G!$&'G%$!'G&,!'G%!%,3!*K!'G%!(,V5($OC

Z$%)(*5-!-%2'(*,-!*K!'G(-!F%.*$'!G&)%!K*25-%3!*,!'G%!%+.($(2&I!$%-5I'-!*K!'G(-!

-'53O!&,3!'G%!+%'G*3*I*DO!5-%3!'*!*L'&(,!'G%-%!$%-5I'-C!JG(-!-%2'(*,!'&Q%-!&!

3(KK%$%,'!'&2Q!&,3!(,2I53%-!(,!#-:$1(/"UTR!&,3!#-:$1(/"UT>!&!.$%I(+(,&$O!&,&IO-(-!*K!BG&'!'G%!-'53O!$%-5I'-!+%&,!K*$!#$%&'()%!#*++*,-t!,*,2*++%$2(&I!I(2%,-%-!

&,3!$%2*++%,3&'(*,-!*,!5-%!*K!'G*-%!I(2%,-%-4!(,K*$+%3!(,!.&$'!LO!'G%!-'53O!

$%-5I'-C!8(,&IIO4!#-:$1(/"UTS!.$*)(3%-!-*+%!-5DD%-'(*,-!K*$!K5$'G%$!&$%&-!*K!

(,V5($(%-!&,3!2*,'$(L5'(*,-!'*!'G%!3(-25--(*,!*K!X,*,2*++%$2(&I!5-%Y!LO!&2&3%+(2!

$%-%&$2G%$-!&,3!2*++5,('O!+%+L%$-!&I(Q%C

O8C'>,2*-='#*-'?-".=$D"'?*,,*%5')*%+*,,"-+$./'F$+"%5"5

U,!'G%!,%T'!O%&$-4!.*--(LIO!&-!-**,!&-!"7/74!#$%&'()%!#*++*,-!%T.%2'-!'*!

K*$+&IIO!I&5,2G!&!+5I'(=O%&$4!(,'%$,&'(*,&I!.$*2%--!K*$!.$*352(,D!'G%!,%T'!

)%$-(*,/6<!j;C7k!*K!'G%!-(T!+&(,!#$%&'()%!#*++*,-!I(2%,-%-C/6A!JG(-!.$*2%--!B(II!

(,2I53%!%T&+(,&'(*,!*K!BG%'G%$!'G%!E#!'%$+!-G*5I3!L%!5-%K5IIO!+*3(K(%3!&-!&!.&$'!

*K!'G&'!%KK*$'4!*$!(K!'G%!L%''%$!&..$*&2G!+(DG'!L%!'*!&3*.'!&!XL%-'!.$&2'(2%-Y!

&..$*&2G!*K!&$'(25I&'(,D!'G%!2*++%$2(&IN,*,2*++%$2(&I!3(-'(,2'(*,!K*$!2%$'&(,!

2$%&'*$!*$!5-%$!2*++5,('(%-!&.&$'!K$*+!'G%!I(2%,-%-!'G%+-%I)%-C!`G(2G%)%$!'G%!

!"#$%$%&'()%*)++",*$-. 0>



`G(I%!'G%!2*-'-!*K!I(2%,-%!.$*I(K%$&'(*,!&$%!&I$%&3O!B(3%IO!&..$%2(&'%3!&,3!

$%-(-'%3!LO!+&,O4!'G%!-'53O!B%(DG-!&D&(,-'!&,O!I(,D%$(,D!'%+.'&'(*,!'*!*KK%$!

+5I'(.I%!KI&)*$-!*K!E#!I(2%,-%-!35%!'*!-'$*,D!&D$%%+%,'!*,!'G%!2*++%$2(&I('O!*K!

2%$'&(,!5-%!2&-%-!'G&'4!(,!'G%!.&-'4!+&O!G&)%!L%%,!2*,-(3%$%3!LO!-*+%!'*!L%!D**3!2&,3(3&'%-!K*$!-.I(''(,D!*KK!(,'*!-.%2(&I(P%3!)%$-(*,-!*K!'G%!E#!'%$+4!-52G!&-!

*,I(,%!&3)%$'(-(,DC!8*$!%)%,!(,!'G*-%!2&-%-!BG%$%!-'$*,D!&D$%%+%,'!+&O!&..%&$!

'*!%T(-'!5.*,!(,('(&I!(,V5($O4!-52G!&-!B('G!*,I(,%!&3)%$'(-(,D4!,5&,2%-!&,3!

-*+%'(+%-!-'$*,D!3(KK%$%,2%-!*K!*.(,(*,!&$%!(++%3(&'%IO!$%)%&I%3!BG%,!+*$%!

-.%2(K(2!5-%!2&-%-!&$%!'%-'%3!&,3!K&2'-!.$%-%,'%3!g!-52G!&-!'G*-%!(,)*I)(,D!2*-'!

$%2*)%$O!*$!-5..*$'!*K!,*,.$*K('!*$D&,(P&'(*,-C/;7

JG%!-'53O!$%-5I'-!&I-*!&3)(-%!&D&(,-'!&,O!2*,2%$'%3!%KK*$'!LO!##!'*!&''%+.'!

&..%&-(,D!&II!I(2%,-%!5-%$-4!&II!'G%!'(+%C!JG%!V5&I('&'()%!-'53O!$%-5I'-!$%.*$'%3!(,!

#-:$1(/">TR!&L*)%!-5..*$'!'G(-!2*,2I5-(*,C!Z&$'(2(.&,'-!&$%!3()(3%3!*)%$!'G%!

)&I5%!*K!+*$%!*$!K%B%$!-.%2(K(2!X5-%!2&-%-Y!'*!3%I(,%&'%!'G%!

2*++%$2(&IN,*,2*++%$2(&I!3()(3%4!-*+%!-%%!'G%!I&2Q!*K!-.%2(K(2!5-%-!&-!&!

-'$%,D'G!&,3!*'G%$-!&-!&!B%&Q,%--4!&,3!+&,O!*'G%$-!-'(II!3(-&D$%%!B('G!'G%!

,*'(*,!'G&'!&!-(,DI%!3%K(,('(*,!*K!,*,2*++%$2(&I!5-%!2*5I3!L%!B*$Q&LI%C!JG5-!(-!

'G%!2G&II%,D%4!&,3!*..*$'5,('O4!*K!.5LI(2!I(2%,-%!-'%B&$3-C/;/

9-(3%!K$*+!3%2(-(*,-!&L*5'!'G%!E#!I(2%,-%-!'G%+-%I)%-4!#$%&'()%!#*++*,-!B(II!

L%!I**Q(,D!L&2Q!'*!'G%!-'53O!&-!('!5.3&'%-!%T.I&,&'(*,-!*K!,*,2*++%$2(&I!

I(2%,-(,D!*,!##t-!I(2%,-%!3%%3-4/;"!'G%!I(2%,-%!2G**-%$ /;6!&,3!*'G%$!+&'%$(&I-C!

##!%,2*5$&D%-!(3%&-!&,3!K%%3L&2Q!K$*+!'G%!.5LI(2!j-%%!#-:$1(/"UTS4!L%I*BkC

O G B 4 =$ 7 $ ?? ) $ / F$

!"#$%$%&'()%*)++",*$-. 0:



5-%-k!&$%!+*$%!I(L%$&I!(,!'G%($!(,'%$.$%'&'(*,!*K!BG&'!(-!,*,2*++%$2(&I!'G&,!&$%!

'G*-%!BG*!%&$,!I%--C/;A

`G(I%!('!B*5I3!'&Q%!&!+*$%!K*25-%3!&,3!%TG&5-'()%!-'53O!'*!2*,2I53%!'G&'!'G%-%!-%%+(,DIO!K*$'5,&'%!&''('53(,&I!3(KK%$%,2%-!&$%!2*$$%2'4!-'$*,D4!&,3!DI*L&I4!'G%O!3*!

-5DD%-'!$5I%-!*K!'G5+L!K*$!I(2%,-*$-!$%I%&-(,D!B*$Q-!5,3%$!E#!I(2%,-%-!&,3!

I(2%,-%%-!5-(,D!B*$Q-!$%I%&-%3!5,3%$!E#!I(2%,-%-!|!'G&'!I(2%,-*$-!-G*5I3!

%T.%2'!-*+%!5-%-!*K!'G%($!B*$Q-!'G&'!B*5I3!,*'!+%%'!'G%!+*-'!-'$(,D%,'IO!

2*,-%$)&'()%!3%K(,('(*,!*K!,*,2*++%$2(&I4!&,3!I(2%,-%%-!BG*!&$%!5,2%$'&(,!*K!

BG%'G%$!'G%($!5-%!(-!,*,2*++%$2(&I!-G*5I3!K(,3!&!B*$Q!'*!5-%!'G&'!

5,&+L(D5*5-IO!&II*B-!2*++%$2(&I!5-%!j%CDC4!I(2%,-%3!5,3%$!##!cf4!##!cf=194!*$!(,!'G%!.5LI(2!3*+&(,k4!*$!&-Q!'G%!I(2%,-*$!K*$!-.%2(K(2!.%$+(--(*,C/;0!E*'%!'G&'!

'G(-!$5I%!*K!'G5+L!G&-!&,!&,&I*D5%!(,!,%'B*$Q!.$*'*2*I!3%-(D,!&,3!

(+.I%+%,'&'(*,!Q,*B,!&-!'G%!$*L5-',%--!.$(,2(.I%!*$!Z*-'%It-!H&BM!Xc%!

2*,-%$)&'()%!(,!BG&'!O*5!3*m!L%!I(L%$&I!(,!BG&'!O*5!&22%.'!K$*+!*'G%$-CY/;>

F%I&'%3IO4!'G%!-'53O!-%$)%-!&-!&!$%+(,3%$!'*!B*5I3=L%!5-%$-!*K!'G%!E#!I(2%,-%-!

'G%!,%%3!K*$!2*,-(3%$(,D!2&$%K5IIO!'G%!.*'%,'(&I!-*2(%'&I!2*-'-!*K!&!3%2(-(*,!'*!

$%-'$(2'!2*++%$2(&I!5-%C!^,%!B&O!'*!'G(,Q!&L*5'!#$%&'()%!#*++*,-!D%,%$&IIO!(-!

&-!&!.$*)(3%$!*K!I%D&I!&,3!'%2G,(2&I!'**I-!'G&'!.$%)%,'!jBG%$%!3%-($%3k!'G%!K&(I%3!

-G&$(,D/;:!'G&'!$%-5I'-!K$*+!2*.O$(DG'!I&Bt-!3%K&5I'!*K!X&II!$(DG'-!$%-%$)%3CY!JG%$%!

%T(-'!2%$'&(,!5-%-!'G&'!-*+%!2$%&'*$-!B*5I3!&II*B!L5'!'G&'!B(II!,*'!*225$!L%2&5-%!

'G%O!G&)%!,*'!&5'G*$(P%3!'G%+!j+&OL%!G&)%!,*'!%)%,!'G*5DG'!*K!'G%+k4!&,3!'G%!

2*-'-!*K!K(,3(,D!'G%!I(2%,-*$-!&,3!D%''(,D!&5'G*$(P&'(*,!&$%!'**!G(DG!K*$!'G%!

(,'%,3%3!5-%C/<7!`G(I%!'G(-!+&O!-*5,3!*)%$IO!GO.*'G%'(2&I4!(K!*,%!2*,-(3%$-!'G%!

&,'(=,%'B*$Q!%KK%2'-!*K!K&(I%3!-G&$(,D!&'!&!-*2(%'&I!I%)%I4!'G%!2*-'-!&$%!I&$D%!



!"#$%$%&'()%*)++",*$-. >/



&I-*!+&Q%-!2I%&$!'G%$%!$%+&(,-!$**+!K*$!'G*5DG'K5I!%)&I5&'(*,!&,3!3(-25--(*,!

&L*5'!G*B!##!+(DG'!(+.$*)%!'G%!3%K(,('(*,!O%'!K5$'G%$!&,3N*$!K*$D%!&,3!

2*++5,(2&'%!&!+*$%!K5IIO!-G&$%3!5,3%$-'&,3(,D!&L*5'!('-!+%&,(,D!g!'G*5DG!

,%)%$!(,!&!+&,,%$!'G&'!$(-Q-!L$%&Q(,D!%T(-'(,D!%T.%2'&'(*,-!*K!I(2%,-%!5-%$-C!8*$!I(2%,-*$-!&,3!I(2%,-%%-4!'G%!-'53O!-5DD%-'-!$5I%-!*K!'G5+L!K*$!BG&'!I(2%,-*$-!

+&O!%T.%2'!BG%,!.5LI(-G(,D!5,3%$!&!,*,2*++%$2(&I!I(2%,-%4!&,3!G*B!I(2%,-%%-!

*5DG'!2*,-(3%$!L%G&)(,D!BG%,!5-(,D!E#=I(2%,-%3!+&'%$(&I-!j(,2I53(,D4!&'!'(+%-4!

(,-'%&3!2G**-(,D!&!B*$Q!'G&'!+&O!L%!5-%3!2*++%$2(&IIOkC!8(,&IIO4!'G%!*)%$&II!

.$*2%--!*K!2*,352'(,D!'G%!-'53O!&,3!2*,-(3%$(,D!'G%!.*(,'-!*K!)(%B!%T.$%--%3!(,!

&II!.G&-%-!.*(,'!'*!&!2$('(2&I!,%%3!K*$!&!$(2G%$!5,3%$-'&,3(,D!*K!'G%!-*2(%'&I!2*-'-!

&--*2(&'%3!B('G!2G**-(,D!&!,*,2*++%$2(&I!I(2%,-(,D!*.'(*,!(,!'G%!&L-%,2%!*K!&!2*+.%II(,D!a5-'(K(2&'(*,!'*!'G%!2*,'$&$OC

O8J'3<-=E"-'B"5".-+E

JG%!K(,3(,D-!K$*+!'G(-!-'53O!-5DD%-'!+&,O!.*--(LI%!&$%&-!K*$!K5$'G%$!$%-%&$2GC

!8($-'4!'G(-!-'53O!.*(,'-!*5'!*,%!5-%!-2%,&$(*!'G&'!5-%$-!2*,-(3%$!I%--!2*++%$2(&I!

'G&,!2$%&'*$-!g!'G&'!$%D&$3(,D!'G%!,*,2*++%$2(&I('O!*K!.%$-*,&I!*$!.$()&'%!5-%C!

15L-%V5%,'!$%-%&$2G!2*5I3!(,)%-'(D&'%!'G%!L&-(-!K*$!'G(-!3(KK%$%,2%4!(,2I53(,D!

BG%'G%$!'G(-!3(KK%$%,2%!(-!&!2&5-%!*$!%KK%2'!*K!'G%!X2*.O!K(DG'-4Y!L%D(,,(,D!B('G!

(-70/", /<A!*)%$!K(I%!-G&$(,D!(,!BG(2G!,*!+*,%O!2G&,D%-!G&,3-C

9,*'G%$!&$%&!K*$!&33('(*,&I!$%-%&$2G!3%$()%-!K$*+!'G%!$%&I('O!'G&'!'G%!%+.($(2&I!$%-%&$2G!(,!'G(-!-'53O!B&-!I(+('%3!'*!'G%!?C1C!*,I(,%!.*.5I&'(*,C!JG(-!$%-%&$2G!

.$*a%2'4!*$!('-!$%I%)&,'!.&$'-4!2*5I3!L%!$%.I(2&'%3!(,!*'G%$!a5$(-3(2'(*,-C!U'!B*5I3!L%!

!"#$%$%&'()%*)++",*$-. >"



)&$(&'(*,-!(,!5,3%$-'&,3(,D!*K!,*,2*++%$2(&I!5-%!%T(-'!&2$*--!a5$(-3(2'(*,-!*$!

$%D(*,-C

85$'G%$!$%-%&$2G!*,!'G%!+%&,(,D!*K!,*,2*++%$2(&I!2*5I3!&I-*!L%!L*5,3%3!,*'! a5-'!LO!D%*D$&.GO4!L5'!LO!-.%2(K(2!2*++5,('(%-!&,3!2I&--%-4!%CDC4!2*II%2'(,D!

-*2(%'O!+%+L%$-4!I&BO%$-4!G5+&,('(%-!-2G*I&$-4!$%+(T%$-4!&,3!K(I%!-G&$%$-C!9-!

(,3(2&'%3!(,!#-:$1(/">!*K!'G(-!F%.*$'4!'G%!*$(D(,&I!)(-(*,!K*$!'G%!-'53O!(,2I53%3!&!

+*$%!(,=3%.'G!%T.I*$&'(*,!*K!'G%!3(KK%$%,'!.%$2%.'(*,-!&,3!5,3%$-'&,3(,D-!*K!

)&$(*5-!2*,'%,'!2*++5,('(%-C!_*B%)%$4!('!B&-!2*,2I53%3!'G&'!(,3()(35&I4!-%.&$&'%!

-'53(%-!3%)*'%3!'*!.&$'(25I&$!2*,'%,'!2*++5,('(%-!&,3!(,35-'$(%-!-G*5I3!L%!

2*,352'%3!(K!'G%!$%-%&$2G!B%$%!'*!.$*)(3%!+%&,(,DK5I!$%-5I'-4!BG(2G!##t-!$%-*5$2%-!3(3!,*'!.%$+('C!1'53(%-!*K!'G%!)&$(&'(*,-!L%'B%%,!&,3!B('G(,!3(KK%$%,'!

2*,'%,'!2*++5,('(%-!2*5I3!&33!)&I5&LIO!'*!'G%!5,3%$-'&,3(,D-!*K!I(2%,-*$!&,3!

I(2%,-%%!%T.%2'&'(*,-!$%D&$3(,D!,*,2*++%$2(&I!5-%!*K!2*,'%,'!K*5,3!*,I(,%C

9,*'G%$!.*'%,'(&IIO!)&I5&LI%!&$%&!*K!$%-%&$2G!B*5I3!L%!'G%!D&'G%$(,D!*K!K(%I3!3&'&!

*,!'G%!5-%!&,3!(+.&2'!*K!5-(,D!E#!I(2%,-%-4!,*,!E#!I(2%,-%-4!*$!,*!I(2%,-%-4!

-5..*$'%3!LO!K5$'G%$!$%-%&$2G!(,'*!G*B!5,3%$-'&,3(,D-!*K!&,3!&''('53%-!'*B&$3!

,*,2*++%$2(&I!5-%!&KK%2'!'G%!5-%!*K!%&2G!I(2%,-(,D!-'$&'%DOC!JG(-!+(DG'!(,2I53%!

&''%+.'(,D!'*!+%&-5$%!%+.($(2&IIO!'G%!,*,!+*,%'&$O4!-*2(%'&I!L%,%K('-!*K!&II*B(,D!

2*++%$2(&I4!&-!*..*-%3!'*!,*,2*++%$2(&I4!5-%-!*K!B*$Q-4!-52G!&-!(,!'G%!

%352&'(*,&I!&,3!-2(%,'(K(2!&$%,&-4!&,3!2*,)%$-%IO4!'G%!&3)%$-%!2*,-%V5%,2%-!*$!

+(--%3!*..*$'5,('(%-!'G&'!$%-5I'!K$*+!5-%!*K!&!E#!I(2%,-%!(,!'G*-%!-&+%!&$%,&-!

&,3!*'G%$-C

!

8(,&IIO4!-(+(I&$!$%-%&$2G!2*5I3!L%!2*,352'%3!&-!'*!5,3%$-'&,3(,D-!*K!*'G%$!Q%O!

!"#$%$%&'()%*)++",*$-. >6



• R(-25--!*,!'G%!##!8*$5+/A/!*$!22=2*++5,('O!+&(I(,D!I(-'C/A"

• 15L-2$(L%!'*!'G%!)%$O!I*B!)*I5+%!22=I(2%,-%-!+&(I(,D!I(-'/A6!'*!L%!

&I%$'%3!BG%,!'G%!;C7!.$*2%--!2*++%,2%-!&,3!2*,'$(L5'%!'*!'G%!

3(-25--(*,C• \*(,!'G%!2*++*,-=$%-%&$2G!I(-'/A;!'*!2*,,%2'!B('G!$%-%&$2G%$-!

-'53O(,D!K$%%!25I'5$%!'*.(2-C

• 1%,3!&!2*++%,'!'*!,*,2*++%$2(&IW2$%&'()%2*++*,-C*$DC

!"#$%$%&'()%*)++",*$-. >;




V"!33-/&1Q

R8C'75$%&'.%4'?$=$%&'=E"'B"2*-='.%4'N22"%4$A

JG(-!&..%,3(T!(,2I53%-!'G%!-5..I%+%,'&$O!+&'%$(&I-!$%K%$%,2%3!(,!'G%!,&$$&'()%!

&L*)%C!9-!B('G!'G%!F%.*$'!('-%IK4!#$%&'()%!#*++*,-!G&-!$%I%&-%3!'G%-%!+&'%$(&I-!

5,3%$!&!#$%&'()%!#*++*,-!9''$(L5'(*,!I(2%,-%C!f*5!&$%!K$%%!'*!5-%!'G%+!(,!&,O!

B&O4!-*!I*,D!&-!O*5!D()%!&''$(L5'(*,!'*!#$%&'()%!#*++*,-!B('G!&!I(,Q!'*!

G''.MNNB(Q(C2$%&'()%2*++*,-C*$DNR%K(,(,DSE*,2*++%$2(&I4!K*$!&,O!5-%!L%O*,3!'G*-%!.%$+(''%3!LO!K&($!5-%!*$!*'G%$!2*.O$(DG'!%T2%.'(*,-!&,3!I(+('&'(*,-C

UK!O*5!B&,'!'*!2('%!'*!'G%!F%.*$'!*$!'G%!&..%,3(T!+&'%$(&I-4!L%I*B!&$%!-*+%!

2('&'(*,!K*$+-!'G&'!+&O!L%!5-%K5IM

15DD%-'%3!2('&'(*,!K*$!F%.*$'M

#$%&'()%!#*++*,-4!!"#$%$%&'9()%*)++",*$-.:@'S';/125')#'l)8'/6"'

X%.$%"'N)71.-/$)%'Q%2",0/-%20'9()%*)++",*$-.'Q0": !j1%.'%+L%$!"77:k4!

&)&(I&LI%!&'!G''.MNNB(Q(C2$%&'()%2*++*,-C*$DNR%K(,(,DSE*,2*++%$2(&IC

15DD%-'%3!2('&'(*,!K*$!&..%,3(T!+&'%$(&I-M

#$%&'()%!#*++*,-4!!"#$%$%&'9()%*)++",*$-.:@'S';/125')#'l)8'/6"'

X%.$%"'N)71.-/$)%'Q%2",0/-%20'9()%*)++",*$-.'Q0": !j1%.'%+L%$!"77:k4! 9..%,3(T!<4!&)&(I&LI%!&'!

G''.MNNB(Q(C2$%&'()%2*++*,-C*$DNR%K(,(,DSE*,2*++%$2(&IC

!"#$%$%&'()%*)++",*$-. ><









15DD%-'%3!2('&'(*,!K*$!3&'&M

#$%&'()%!#*++*,-4!!"#$%$%&'9()%*)++",*$-.: !1'53O!R&'&!j1%.'%+L%$!

"77:k4!&)&(I&LI%!&'!K$*+!G''.MNNB(Q(C2$%&'()%2*++*,-C*$DNR%K(,(,DSE*,2*++%$2(&IC

R8J'?-".=$D"'?*,,*%5'STM)?'F$+"%5"'.%4'?*,,*%5'!""4

JG%!K*II*B(,D!.&D%-!2*,'&(,!'G%!'%T'!*K!'G%!cf=E#!6C7!?,.*$'%3!I(2%,-%4!&,3!&,!

(+&D%!*K!'G%!&--*2(&'%3!#*++*,-!R%%3C

!"#$%$%&'()%*)++",*$-. >A





D6-4$1F-"D(;;(/7"H-J40"D(&-!$$61=%$1(/]9(/D(;;-6:140"ST?"5/3(6$-&

#Fb9JUlb!#^]]Ê1!#^FZ^F9JUÊ!U1!E^J!9!H9`!8UF]!9ER!R^b1!E^J!ZF^lURb!Hb[9H!

1bFlU#b1C!RU1JFUc?JUÊ!^8!J_U1!HU#bE1b!R^b1!E^J!#Fb9Jb!9E!9JJ^FEbf=#HUbEJ!FbH9JUÊ1_UZC!#Fb9JUlb!#^]]Ê1!ZF^lURb1!J_U1!UE8^F]9JUÊ!Ê!9E!{91=U1{!c91U1C!#Fb9JUlb!#^]]Ê1!]9ob1!E^!`9FF9EJUb1!Fb[9FRUE[!J_b!UE8^F]9JUÊ!ZF^lURbR4!

9ER!RU1#H9U]1!HU9cUHUJf!8^F!R9]9[b1!Fb1?HJUE[!8F^]!UJ1!?1bC!

F$+"%5"

J_b!`^Fo!j91!Rb8UEbR!cbH^`k!U1!ZF^lURbR!?ERbF!J_b!JbF]1!^8!J_U1!#Fb9JUlb!#^]]Ê1!Z?cHU#!HU#bE1b!j{##ZH{!^F!{HU#bE1b{kC!J_b!`^Fo!U1!ZF^Jb#JbR!cf!#^ZfFU[_J!

9ERN^F!^J_bF!9ZZHU#9cHb!H9`C!9Ef!?1b!̂ 8!J_b!`^Fo!^J_bF!J_9E!91!9?J_^FUsbR!?ERbF!J_U1!HU#bE1b!^F!#^ZfFU[_J!H9`!U1!ZF^_UcUJbRC

cf!b~bF#U1UE[!9Ef!FU[_J1!J^!J_b!`^Fo!ZF^lURbR!_bFb4!f^?!9##bZJ!9ER!9[Fbb!J^!cb!c^?ER!cf!J_b!JbF]1!^8!J_U1!HU#bE1bC!J^!J_b!b~JbEJ!J_U1!HU#bE1b!]9f!cb!#Ê1URbFbR!J^!cb!9!#ÊJF9#J4!J_b!HU#bE1^F![F9EJ1!f^?!J_b!FU[_J1!#ÊJ9UEbR!_bFb!UE!#Ê1URbF9JUÊ!^8!f^?F!9##bZJ9E#b!^8!1?#_!JbF]1!9ER!#ÊRUJUÊ1C

RT"L-)1/1$1(/7

&C!!{!&43$4$1(/{!+%&,-!&!B*$Q!L&-%3!5.*,!'G%!`*$Q4!*$!5.*,!'G%!`*$Q!&,3!*'G%$!.$%=%T(-'(,D!B*$Q-4!-52G!&-!&!'$&,-I&'(*,4!&3&.'&'(*,4!3%$()&'()%!B*$Q4!&$$&,D%+%,'!*K!+5-(2!*$!*'G%$!&I'%$&'(*,-!*K!&!I('%$&$O!*$!&$'(-'(2!B*$Q4!*$!.G*,*D$&+!*$!.%$K*$+&,2%!&,3!(,2I53%-!2(,%+&'*D$&.G(2!&3&.'&'(*,-!*$!&,O!*'G%$!K*$+!(,!BG(2G!'G%!`*$Q!+&O!L%!$%2&-'4!'$&,-K*$+%34!*$!&3&.'%3!(,2I53(,D!(,!&,O!K*$+!$%2*D,(P&LIO!3%$()%3!K$*+!'G%!*$(D(,&I4!%T2%.'!'G&'!&!B*$Q!'G&'!2*,-'('5'%-!&!#*II%2'(*,!B(II!,*'!L%!2*,-(3%$%3!&,!93&.'&'(*,!K*$!'G%!.5$.*-%!*K!'G(-!H(2%,-%C!8*$!'G%!&)*(3&,2%!*K!3*5L'4!BG%$%!'G%!`*$Q!(-!&!+5-(2&I!B*$Q4!.%$K*$+&,2%!*$!.G*,*D$&+4!'G%!-O,2G$*,(P&'(*,!*K!'G%!`*$Q!(,!'(+%3=$%I&'(*,!B('G!&!+*)(,D!(+&D%!j{-O,2G(,D{k!B(II!L%!2*,-(3%$%3!&,!93&.'&'(*,!K*$!'G%!.5$.*-%!*K!'G(-!H(2%,-%C

LC!!{D(00-:$1(/{!+%&,-!&!2*II%2'(*,!*K!I('%$&$O!*$!&$'(-'(2!B*$Q-4!-52G!&-!%,2O2I*.%3(&-!&,3!&,'G*I*D(%-4!*$!.%$K*$+&,2%-4!.G*,*D$&+-!*$!L$*&32&-'-4!*$!*'G%$!B*$Q-!*$!-5La%2'!+&''%$!*'G%$!'G&,!B*$Q-!I(-'%3!(,!1%2'(*,!/jKk!L%I*B4!BG(2G4!LO!$%&-*,!*K!'G%!-%I%2'(*,!&,3!&$$&,D%+%,'!*K!'G%($!2*,'%,'- 2*,-'('5'% (,'%II%2'5&I 2$%&'(*,- (, BG(2G 'G% `*$Q (- (,2I53%3 (, ('- %,'($%'O (, 5,+*3(K(%3

!"#$%$%&'()%*)++",*$-. >0



2(,%+&'*D$&.GOm!&!B*$Q!*K!3$&B(,D4!.&(,'(,D4!&$2G('%2'5$%4!-25I.'5$%4!%,D$&)(,D!*$!I('G*D$&.GOm!&!.G*'*D$&.G(2!B*$Q!'*!BG(2G!&$%!&--(+(I&'%3!B*$Q-!%T.$%--%3!LO!&!.$*2%--!&,&I*D*5-!'*!.G*'*D$&.GOm!&!B*$Q!*K!&..I(%3!&$'m!&,!(II5-'$&'(*,4!+&.4!.I&,4!-Q%'2G!*$!'G$%%=3(+%,-(*,&I!B*$Q!$%I&'()%!'*!D%*D$&.GO4!'*.*D$&.GO4!&$2G('%2'5$%!*$!-2(%,2%m!&!.%$K*$+&,2%m!&!L$*&32&-'m!&!.G*,*D$&+m!&!2*+.(I&'(*,!*K!3&'&!'*!'G%!%T'%,'!('!(-!.$*'%2'%3!&-!&!2*.O$(DG'&LI%!B*$Qm!*$!&!B*$Q!.%$K*$+%3!LO!&!)&$(%'O!*$!2($25-!.%$K*$+%$!'*!'G%!%T'%,'!('!(-!,*'!*'G%$B(-%!2*,-(3%$%3!&!I('%$&$O!*$!&$'(-'(2!B*$QC

DC!{ X(%{!+%&,-!&,!(,3()(35&I!*$!%,'('O!%T%$2(-(,D!$(DG'-!5,3%$!'G(-!H(2%,-%!BG*!G&-!,*'!.$%)(*5-IO!)(*I&'%3!'G%!'%$+-!*K!'G(-!H(2%,-%!B('G!$%-.%2'!'*!'G%!`*$Q4!*$!BG*!G&-!$%2%()%3!%T.$%--!.%$+(--(*,!K$*+!'G%!H(2%,-*$!'*!%T%$2(-%!$(DG'-!5,3%$!'G(-!H(2%,-%!3%-.('%!&!.$%)(*5-!)(*I&'(*,C

GC!{2%=01:0'"2-6)(6;{!+%&,-!'*!.%$K*$+!.5LI(2!$%2('&'(*,-!*K!'G%!`*$Q!&,3!'*!2*++5,(2&'%!'*!'G%!.5LI(2!'G*-%!.5LI(2!$%2('&'(*,-4!LO!&,O!+%&,-!*$!.$*2%--4!(,2I53(,D!LO!B($%!*$!B($%I%--!+%&,-!*$!.5LI(2!3(D('&I!.%$K*$+&,2%-m!'*!+&Q%!&)&(I&LI%!'*!'G%!.5LI(2!`*$Q-!(,!-52G!&!B&O!'G&'!+%+L%$-!*K!'G%!

.5LI(2!+&O!&22%--!'G%-%!`*$Q-!K$*+!&!.I&2%!&,3!&'!&!.I&2%!(,3()(35&IIO!2G*-%,!LO!'G%+m!'*!.%$K*$+!'G%!`*$Q!'*!'G%!.5LI(2!LO!&,O!+%&,-!*$!.$*2%--!&,3!'G%!2*++5,(2&'(*,!'*!'G%!.5LI(2!*K!'G%!.%$K*$+&,2%-!*K!'G%!`*$Q4!(,2I53(,D!LO!.5LI(2!3(D('&I!.%$K*$+&,2%m!'*!L$*&32&-'!&,3!$%L$*&32&-'!'G%!`*$Q!LO!&,O!+%&,-!(,2I53(,D!-(D,-4!-*5,3-!*$!(+&D%-C

(C!{A-36(&%:-{!+%&,-!'*!+&Q%!2*.(%-!*K!'G%!`*$Q!LO!&,O!+%&,-!(,2I53(,D!B('G*5'!I(+('&'(*,!LO!-*5,3!*$!)(-5&I!$%2*$3(,D-!&,3!'G%!$(DG'!*K!K(T&'(*,!&,3!$%.$*352(,D!K(T&'(*,-!*K!'G%!`*$Q4!(,2I53(,D!-'*$&D%!*K!&!.$*'%2'%3!.%$K*$+&,2%!*$!.G*,*D$&+!(,!3(D('&I!K*$+!*$!*'G%$!%I%2'$*,(2!+%3(5+C

>T"I416"L-401/J"A1J,$7T!E*'G(,D!(,!'G(-!H(2%,-%!(-!(,'%,3%3!'*!$%352%4!I(+('4!*$!$%-'$(2'!&,O!5-%-!K$%%!K$*+!2*.O$(DG'!*$!$(DG'-!&$(-(,D!K$*+!I(+('&'(*,-!*$!%T2%.'(*,-!'G&'!&$%!.$*)(3%3!K*$!(,!2*,,%2'(*,!B('G!'G%!2*.O$(DG'!.$*'%2'(*,!5,3%$!2*.O$(DG'!I&B!*$!*'G%$!&..I(2&LI%!I&B-C

ST"H1:-/7-"b64/$T!15La%2'!'*!'G%!'%$+-!&,3!2*,3('(*,-!*K!'G(-!H(2%,-%4!H(2%,-*$!G%$%LO!D$&,'-!f*5!&!B*$I3B(3%4!$*O&I'O=K$%%4!,*,=%T2I5-()%4!.%$.%'5&I!jK*$!'G%!35$&'(*,!*K!'G%!&..I(2&LI%!2*.O$(DG'k!I(2%,-%!'*!%T%$2(-%!'G%!$(DG'-!(,!'G%!`*$Q!&-!-'&'%3!L%I*BM

&C!'*!F%.$*352%!'G%! *̀$Q4!'*!(,2*$.*$&'%!'G%!`*$Q!(,'*!*,%!*$!+*$%!#*II%2'(*,-4!&,3!'*!F%.$*352%!'G%!`*$Q!&-!(,2*$.*$&'%3!(,!'G%!#*II%2'(*,-m

LC!'*!2$%&'%!&,3!F%.$*352%!93&.'&'(*,-!.$*)(3%3!'G&'!&,O!-52G!93&.'&'(*,4!(,2I53(,D!&,O!'$&,-I&'(*,!(,!&,O!+%3(5+4!'&Q%-!$%&-*,&LI%!-'%.-!'*!2I%&$IO!I&L%I4!3%+&$2&'%!*$!*'G%$B(-%!(3%,'(KO!'G&'!2G&,D%-!

!"#$%$%&'()%*)++",*$-. >>



$%2(.(%,'!*K!'G%!`*$Q!K$*+!f*5!'*!%T%$2(-%!'G%!$(DG'-!D$&,'%3!'*!'G&'!$%2(.(%,'!5,3%$!'G%!'%$+-!*K!'G%!H(2%,-%C!JG(-!1%2'(*,!;j&k!&..I(%-!'*!'G%!`*$Q!&-!(,2*$.*$&'%3!(,!&!#*II%2'(*,4!L5'!'G(-!3*%-!,*'!$%V5($%!'G%!#*II%2'(*,!&.&$'!K$*+!'G%!`*$Q!('-%IK!'*!L%!+&3%!-5La%2'!'*!'G%!'%$+-!*K!'G(-!H(2%,-%C!UK!f*5!2$%&'%!&!#*II%2'(*,4!5.*,!,*'(2%!K$*+!&,O!H(2%,-*$!f*5!+5-'4!'*!'G%!%T'%,'!.$&2'(2&LI%4!$%+*)%!K$*+!'G%!#*II%2'(*,!&,O!2$%3('!&-!$%V5($%3!LO!1%2'(*,!;j2k4!&-!$%V5%-'%3C!UK!f*5!2$%&'%!&,!93&.'&'(*,4!5.*,!,*'(2%!K$*+!&,O!H(2%,-*$!f*5!+5-'4!'*!'G%!%T'%,'!.$&2'(2&LI%4!$%+*)%!K$*+!'G%!93&.'&'(*,!&,O!2$%3('!&-!$%V5($%3!LO!1%2'(*,!;j2k4!&-!$%V5%-'%3C

LC!f*5!+&O!,*'!%T%$2(-%!&,O!*K!'G%!$(DG'-!D$&,'%3!'*!f*5!(,!1%2'(*,!6!&L*)%!(,!&,O!+&,,%$!'G&'!(-!.$(+&$(IO!(,'%,3%3!K*$!*$!3($%2'%3!'*B&$3!2*++%$2(&I!&3)&,'&D%!*$!.$()&'%!+*,%'&$O!2*+.%,-&'(*,C!JG%!%T2G&,D%!*K!'G%!`*$Q!K*$!*'G%$!2*.O$(DG'%3!B*$Q-!LO!+%&,-!*K!3(D('&I!K(I%=-G&$(,D!*$!*'G%$B(-%!-G&II!,*'!L%!2*,-(3%$%3!'*!L%!(,'%,3%3!K*$!*$!3($%2'%3!'*B&$3!2*++%$2(&I!&3)&,'&D%!*$!.$()&'%!+*,%'&$O!2*+.%,-&'(*,4!.$*)(3%3!'G%$%!(-!,*!.&O+%,'!*K!&,O!+*,%'&$O!2*+.%,-&'(*,!(,!2*,,%2'(*,!B('G!'G%!%T2G&,D%!*K!2*.O$(DG'%3!B*$Q-C

2C!UK!f*5!R(-'$(L5'%4!*$!Z5LI(2IO!Z%$K*$+!'G%!`*$Q!*$!&,O!93&.'&'(*,-!*$!#*II%2'(*,-4!f*5!+5-'4!5,I%--!&!$%V5%-'!G&-!L%%,!+&3%!.5$-5&,'!'*!1%2'(*,!;j&k4!Q%%.!(,'&2'!&II!2*.O$(DG'!,*'(2%-!K*$!'G%! *̀$Q!&,3!.$*)(3%4!$%&-*,&LI%!'*!'G%!+%3(5+!*$!+%&,-!f*5!&$%!5'(I(P(,DM!j(k!'G%!,&+%!*K!'G%!^$(D(,&I!95'G*$!j*$!.-%53*,O+4!(K!&..I(2&LI%k!(K!-5..I(%34!&,3N*$!(K!'G%!^$(D(,&I!95'G*$!&,3N*$!H(2%,-*$!3%-(D,&'%!&,*'G%$!.&$'O!*$!.&$'(%-!j%CDC4!&!-.*,-*$!(,-'('5'%4!.5LI(-G(,D!%,'('O4!a*5$,&Ik!K*$!&''$(L5'(*,!j{9''$(L5'(*,!Z&$'(%-{k!(,!H(2%,-*$•-!2*.O$(DG'!,*'(2%4!'%$+-!*K!-%$)(2%!*$!LO!*'G%$!$%&-*,&LI%!+%&,-4!'G%!,&+%!*K!-52G!.&$'O!*$!.&$'(%-m!j((k!'G%!'('I%!*K!'G%! *̀$Q!(K!-5..I(%3m!j(((k!'*!'G%!%T'%,'!$%&-*,&LIO!.$&2'(2&LI%4!'G%!?FU4!(K!&,O4!'G&'!H(2%,-*$!-.%2(K(%-!'*!L%!&--*2(&'%3!B('G!'G%!`*$Q4!5,I%--!-52G!?FU!3*%-!,*'!$%K%$!'*!'G%!

2*.O$(DG'!,*'(2%!*$!I(2%,-(,D!(,K*$+&'(*,!K*$!'G%!`*$Qm!&,34!j()k!2*,-(-'%,'!B('G!1%2'(*,!6jLk4!(,!'G%!2&-%!*K!&,!93&.'&'(*,4!&!2$%3('!(3%,'(KO(,D!'G%!5-%!*K!'G%! *̀$Q!(,!'G%!93&.'&'(*,!j%CDC4!{8$%,2G!'$&,-I&'(*,!*K!'G%!`*$Q!LO!^$(D(,&I!95'G*$4{!*$!{12$%%,.I&O!L&-%3!*,!*$(D(,&I!`*$Q!LO!^$(D(,&I!

95'G*${kC!JG%!2$%3('!$%V5($%3!LO!'G(-!1%2'(*,!;j2k!+&O!L%!(+.I%+%,'%3!(,!&,O!$%&-*,&LI%!+&,,%$m!.$*)(3%34!G*B%)%$4!'G&'!(,!'G%!2&-%!*K!&!93&.'&'(*,!*$!#*II%2'(*,4!&'!&!+(,(+5+!-52G!2$%3('!B(II!&..%&$4!(K!&!2$%3('!K*$!&II!2*,'$(L5'(,D!&5'G*$-!*K!'G%!93&.'&'(*,!*$!#*II%2'(*,!&..%&$-4!'G%,!&-!.&$'!*K!'G%-%!2$%3('-!&,3!(,!&!+&,,%$!&'!I%&-'!&-!.$*+(,%,'!&-!'G%!2$%3('-!K*$!'G%!*'G%$!2*,'$(L5'(,D!&5'G*$-C!8*$!'G%!&)*(3&,2%!*K!3*5L'4!f*5!+&O!*,IO!5-%!'G%!2$%3('!$%V5($%3!LO!'G(-!1%2'(*,!K*$!'G%!.5$.*-%!*K!&''$(L5'(*,!(,!'G%!+&,,%$!-%'!*5'!&L*)%!&,34!LO!%T%$2(-(,D!f*5$!$(DG'-!5,3%$!'G(-!H(2%,-%4!f*5!+&O!,*'!(+.I(2('IO!*$!%T.I(2('IO!&--%$'!*$!(+.IO!&,O!2*,,%2'(*,!B('G4!-.*,-*$-G(.!*$!%,3*$-%+%,'!LO!'G%!^$(D(,&I!95'G*$4!H(2%,-*$!&,3N*$!9''$(L5'(*,!Z&$'(%-4!&-!&..$*.$(&'%4!*K!f*5!*$!f*5$!5-%!*K!'G%!`*$Q4!B('G*5'!'G%!-%.&$&'%4!%T.$%--!.$(*$!B$(''%,!.%$+(--(*,!*K!'G%!^$(D(,&I!95'G*$4!H(2%,-*$!&,3N*$!

9''$(L5'(*,!Z&$'(%-C

!"#$%$%&'()%*)++",*$-. >:



(,!$%I&'(*,!'*!'G%! *̀$Q!BG(2G!B*5I3!L%!.$%a53(2(&I!'*!'G%!^$(D(,&I!95'G*$•-!G*,*$!*$!$%.5'&'(*,C!H(2%,-*$!&D$%%-!'G&'!(,!'G*-%!a5$(-3(2'(*,-!j%CDC!\&.&,k4!(,!BG(2G!&,O!%T%$2(-%!*K!'G%!$(DG'!D$&,'%3!(,!1%2'(*,!6jLk!*K!'G(-!H(2%,-%!j'G%!$(DG'!'*!+&Q%!93&.'&'(*,-k!B*5I3!L%!3%%+%3!'*!L%!&!3(-'*$'(*,4!+5'(I&'(*,4!+*3(K(2&'(*,!*$!*'G%$!3%$*D&'*$O!&2'(*,!.$%a53(2(&I!'*!'G%!^$(D(,&I!95'G*$•-!G*,*$!&,3!$%.5'&'(*,4!'G%!H(2%,-*$!B(II!B&()%!*$!,*'!&--%$'4!&-!&..$*.$(&'%4!'G(-!1%2'(*,4!'*!'G%!K5II%-'!%T'%,'!.%$+(''%3!LO!'G%!&..I(2&LI%!,&'(*,&I!I&B4!'*!%,&LI%!f*5!'*!$%&-*,&LIO!%T%$2(-%!f*5$!$(DG'!5,3%$!1%2'(*,!6jLk!*K!'G(-!H(2%,-%!j$(DG'!'*!+&Q%!93&.'&'(*,-k!L5'!,*'!*'G%$B(-%C

VT"A-36-7-/$4$1(/7G"M4664/$1-7"4/&"L17:041;-6

?EHb11!^J_bFÙ1b!]?J?9HHf!9[FbbR!J^!cf!J_b!Z9FJUb1!UE!`FUJUE[4!HU#bE1^F!^88bF1!J_b!`^Fo!91=U1!9ER!]9ob1!E^!FbZFb1bEJ9JUÊ1!^F!`9FF9EJUb1!^8!9Ef!oUER!#Ê#bFEUE[!J_b!`^Fo4!b~ZFb114!U]ZHUbR4!1J9J?J^Ff!^F!^J_bFÙ1b4!UE#H?RUE[4!ÙJ_^?J!HU]UJ9JUÊ4!`9FF9EJUb1!^8!JUJHb4!]bF#_9EJUcUHUJf4!8UJEb11!8^F!9!Z9FJU#?H9F!

Z?FZ^1b4!EÊUE8FUE[b]bEJ4!^F!J_b!9c1bE#b!^8!H9JbEJ!^F!^J_bF!Rb8b#J14! 9##?F9#f4!^F!J_b!ZFb1bE#b!^8!9c1bE#b!^8!bFF^F14!`_bJ_bF!^F!E^J!RU1#^lbF9cHbC!1^]b!\?FU1RU#JUÊ1!R^!E^J!9HH^`!J_b!b~#H?1UÊ!^8!U]ZHUbR!`9FF9EJUb14!1^!1?#_!b~#H?1UÊ!]9f!E^J!9ZZHf!J^!f^?C

YT"H1;1$4$1(/"(/"H14=101$'T!b~#bZJ!J^!J_b!b~JbEJ!Fbd?UFbR!cf!9ZZHU#9cHb!H9`4!UE!E^!blbEJ!ÙHH!HU#bE1^F!cb!HU9cHb!J^!f^?!Ê!9Ef!Hb[9H!J_b^Ff!8^F!9Ef!1Zb#U9H4!UE#URbEJ9H4!#Ê1bd?bEJU9H4!Z?EUJUlb!^F!b~b]ZH9Ff!R9]9[b1!9FU1UE[!^?J!^8!J_U1!HU#bE1b!^F!J_b!?1b!^8!J_b!`^Fo4!blbE!U8!HU#bE1^F!_91!cbbE!9RlU1bR!^8!J_b!

Z^11UcUHUJf!^8!1?#_!R9]9[b1C

aT"K-6;1/4$1(/

&C!JG(-!H(2%,-%!&,3!'G%!$(DG'-!D$&,'%3!G%$%5,3%$!B(II!'%$+(,&'%!&5'*+&'(2&IIO!5.*,!&,O!L$%&2G!LO!f*5!*K!'G%!'%$+-!*K!'G(-!H(2%,-%C!U,3()(35&I-!*$!%,'('(%-!BG*!G&)%!$%2%()%3!93&.'&'(*,-!*$!#*II%2'(*,-!K$*+!f*5!5,3%$!'G(-!H(2%,-%4!G*B%)%$4!B(II!,*'!G&)%!'G%($!I(2%,-%-!'%$+(,&'%3!.$*)(3%3!-52G!(,3()(35&I-!*$!%,'('(%-!$%+&(,!(,!K5II!2*+.I(&,2%!B('G!'G*-%!I(2%,-%-C!1%2'(*,-!/4!"4!<4!A4!04!&,3!>!B(II!-5$)()%!&,O!'%$+(,&'(*,!*K!'G(-!H(2%,-%C

LC!15La%2'!'*!'G%!&L*)%!'%$+-!&,3!2*,3('(*,-4!'G%!I(2%,-%!D$&,'%3!G%$%!(-!.%$.%'5&I!jK*$!'G%!35$&'(*,!*K!'G%!&..I(2&LI%!2*.O$(DG'!(,!'G%!`*$QkC!E*'B('G-'&,3(,D!'G%!&L*)%4!H(2%,-*$!$%-%$)%-!'G%!$(DG'!'*!$%I%&-%!'G%!`*$Q!5,3%$!3(KK%$%,'!I(2%,-%!'%$+-!*$!'*!-'*.!3(-'$(L5'(,D!'G%!`*$Q!&'!&,O!'(+%m!.$*)(3%34!



!"#$%$%&'()%*)++",*$-. :/



D6-4$1F-"D(;;(/7"!$$61=%$1(/]9(/:(;;-6:140"ST?"5/3(6$-&"

D(;;(/7"L--&

!"#$%$%&'()%*)++",*$-. :"



R8O'!"#$%$%&'()*%+*,,"-+$./0'9=<4@'K<"5=$*%%.$-"'#*-'?-".=*-5

JG%!K*II*B(,D!.&D%-!2*,'&(,!'G%!+&-'%$!)%$-(*,!*K!'G%!-'53O!V5%-'(*,,&($%!K(%I3%3!

(,!ZG&-%!"!j2$%&'*$-k!*K!%+.($(2&I!$%-%&$2GC

!"#$%$%&'()%*)++",*$-. :6



!"#$%$%&'()*%+*,,"-+$./0 "#$%&'"C%-7$1(//416-")(6"D6-4$(67"

9.KPB"JG(-!(-!'G%!+&-'%$!)%$-(*,!*K!'G%!V5%-'(*,,&($%!.$%.&$%3!K*$!'G%!*,I(,%!V5&,'('&'()%!-5$)%O!*K!'G%!D%,%$&I!?C1C!U,'%$,%'!.*.5I&'(*,!&,3!'G%!#$%&'()%!#*++*,-!X8$(%,3-!&,3!8&+(IOY!jX##88Yk!*.%,!&22%--!.*II4!L*'G!K(%I3%3!(,!R%2%+L%$!"77>C!d5%-'(*,,&($%!G%&3(,D-4!.$*D$&++(,D!(,-'$52'(*,-!&,3!V5%-'(*,!,5+L%$-!B%$%!,*'!)(-(LI%!'*!$%-.*,3%,'-C!d5%-'(*,-!.$%-%,'%3!'*!##88!*,IO!&$%!(,3(2&'%3!LO!€€€C!8*$!%&-%!*K!$%&3(,D4!+*-'!*K!'G%!##88=*,IO!V5%-'(*,-!&$%!D$*5.%3!&'!'G%!%,3!*K!'G(-!3*25+%,'C!

9-!(,3(2&'%34!'G%-%!V5%-'(*,-!&..%&$%3!(,!-I(DG'IO!3(KK%$%,'!*$3%$!BG%,!'G%!.*II!B&-!

K(%I3%3C!

#DAPP9PA"C5P#K[.9#""""""""""""""

[9KA.L5DK[.9B!!JG&,Q!O*5!K*$!'&Q(,D!'G(-!-5$)%OC!!`%!&..$%2(&'%!O*5$!'(+%!&,3!2*,-(3%$&'(*,C!

ZI%&-%!L%!&B&$%!'G&'!3%.%,3(,D!*,!O*5$!$%-.*,-%4!'G%!-5$)%O!2*5I3!'&Q%!

&,OBG%$%!K$*+!RV"]">V";1/%$-7"$(":(;30-$- C!9I-*4!.I%&-%!,*'%!'G&'!*,2%!O*5!

2I(2Q!'G%!{2*,'(,5%{!L5''*,!*,!&,O!.&D%!*K!'G%!-5$)%O4!O*5!B(II!,*'!L%!&LI%!'*!

$%'5$,!'*!.$%)(*5-!.&D%-

CRT!!8($-'4!.I%&-%!(,3(2&'%!O*5$!&D%M!

/C ?,3%$!/>"C />=";!6C "<=":;C 67=6;

<C 6<=6:AC ;7=;;0C ;<=;:> <7 <;

!"#$%$%&'()%*)++",*$-. :;



/7C [&+%-//C ^'G%$4!.I%&-%!-.%2(KO/"C E*,%!*K!'G%!&L*)%

KPA`[9!KP"[I"D.LP"RR"^9.9P".I"K*P"!W.dP_"!K"CSG".A".9HX"D.LP"R?"^8.K*PA<_

W!#PB"!00"A-73(/&-/$7

#DAPP9].5K"`P##!bPB"JG&,Q!O*5!K*$!.&$'(2(.&'(,D!(,!*5$!-5$)%O!'*3&OC!?,K*$'5,&'%IO4!O*5$!.$*K(I%!3*%-!,*'!2*$$%-.*,3!'*!'G%!*,%!B%!B%$%!I**Q(,D!K*$!(,!'G(-!-'53OCJG&,Q-!&D&(,u

bP9PA!H"!KK[K5LP#"!9L"WP*!d[.A#"APb!AL[9b"#*!A[9b".9H[9P"

W!#PB"!00"A-73(/&-/$7

CUT!!R*!O*5!D%,%$&IIO!2*,-(3%$!O*5$-%IK!&,!&+&'%5$!*$!.$*K%--(*,&I!2$%&'*$e!

1%I%2'!*,%C

L."9.K"A!9L.`[fP"

/C 9+&'%5$ "C Z$*K%--(*,&I6C c*'G!*$!,%('G%$4!.I%&-%!%T.I&(,

PAA.A"`P##!bPB!XZI%&-%!%T.I&(,!O*5$!&,-B%$CY

W!#PB"D6-4$-&"/(/]+-=]/4$1F-"+(6O7"^D(&-7"R]VG"R?_"4$"CS

CVT"!8$*+!'G(-!.*(,'!K*$B&$34!B%!B(II!5-%!XB*$QY!&,3!XB*$Q-Y!'*!$%K%$!'*!&,O!B*$Q-!

!"#$%$%&'()%*)++",*$-. :<



K."V"`.9K*#

`.9K*#"K."!"

XP!A

2[2P"!HH"#PHPDK#"!K"CV"!9L"!9X"D.LP#"Y]@"!K"CS

#*.M"[9"#!`P".ALPA"!#"

CS

W!#PB"#,46-"M(6O7"./01/-"^D(&-7"Y]@"4$"CS"(6"4$"0-47$"(/-"4$"CV_

CaT!!`G%,!O*5!-G&$%!O*5$!B*$Q-!*,I(,%4!,(+!3*!O*5!'O.(2&IIO!3*!'G&'e!

ZI%&-%!'G(,Q!*K!400!'G%!3(KK%$%,'!'O.%-!*K!B*$Q-!O*5!2$%&'%!BG%,!&,-B%$(,D!'G(-!

V5%-'(*,C1%I%2'!400"$,4$"4330'T

A!9L.`[fP/C Z*-'!'*!+O!*B,!LI*D!*$!B%L-('%"C Z*-'!'*!&!LI*D!*$!B%L-('%!$5,!LO!-*+%*,%!%I-%6C Z*-'!'*!&!B%L-('%!'G&'!G*-'-!&!)&$(%'O!*K!5-%$=D%,%$&'%3!2*,'%,'4!-52G!&-!8I(2Q$!*$!f*5J5L%;C Z*-'!'*!&!-*2(&I!,%'B*$Q(,D!B%L-('%4!-52G!&-!8&2%L**Q!*$!]O1.&2%

<C 1G&$%!)(&!&!.%%$='*=.%%$!jZ"Zk!,%'B*$QAC 1%,3!)(&!%+&(I4!(,!'G%!%+&(I!('-%IK4!*$!&-!&,!&''&2G+%,'!*$!(,!&!I(,Q0C 1%,3!)(&!&,!%+&(I!D$*5.!*$!I(-'-%$)4!(,!'G%!%+&(I!('-%IK4!*$!&-!&,!&''&2G+%,'4!*$!(,!&!I(,Q> 1%,3 )(& &, (,-'&,' +%--&D% *$ {2G&'{ +%--&D% (, 'G% +%--&D% ('-%IK *$ &- & I(,Q



!"#$%$%&'()%*)++",*$-. :0



(,'%$%-'%3!(,!+O!B*$Q-!*$!'G%!-5La%2'!*K!+O!B*$Q-

0C U!'&Q%!.$(3%!(,!+O!B*$Q-!&,3!B&,'!*'G%$-!'*!5-%!'G%+

>C U!B&,'!'*!%T.&,3!+O!,%'B*$Q!*K!K$(%,3-!&,3N*$!-*2(&I!2*,'&2'-

:C U!B&,'!'*!%T.&,3!+O!,%'B*$Q!*K!.$*K%--(*,&I!2*,'&2'-

/7C U!B&,'!'*!L**-'!+O!$%.5'&'(*,

//C U!,%%3!&!.I&2%!'*!-'*$%!'G%+

/"C U!B&,'!'*!$%2(.$*2&'%!B('G!*'G%$-!BG*!-G&$%!'G%($!B*$Q-!*,I(,%

/6C U!&+!%T.%$(+%,'(,D4!&,3!25$(*5-!'*!-%%!

!"#$%$%&'()%*)++",*$-. :>



*La%2'(*,&LI%!jK*$!%T&+.I%4!.*$,*D$&.GO!*$!.*I('(2&I!.$*.&D&,3&k

"C 1*+%*,%!+&O!3(-&..$*)%!*$!2$('(2(P%!*K!+O!B*$Q-

6C U!2*,-(3%$!.5LI(2!-G&$(,D!&!)(*I&'(*,!*K!+O!.$()&2O

;C 9,!(,3()(35&I!*$!*$D&,(P&'(*,!2*5I3!

3%$()%!K(,&,2(&I!D&(,!K$*+!+O!B*$Q!B('G*5'!-G&$(,D!'G%!.$*K('-!B('G!+%

<C U'!+&O!2&5-%!'G%!)&I5%!*K!+O!*'G%$!B*$Q-!'*!3%2I(,%

AC ]O!2*+.%'('*$-!+(DG'!K(,3!*5'!BG&'!U!

&+!.$*352(,D0C JG%!*)%$&II!+&$Q%'!K*$!'G%!Q(,3-!*K!B*$Q-!U!.$*352%!2*5I3!3%2I(,%

>C U'!'&Q%-!'**!+52G!'(+%N%KK*$'!'*!-G&$%!+O!B*$Q-!*,I(,%

:C U!3*,t'!Q,*B!G*B!'*!-G&$%!+O!B*$Q-!*,I(,%

!"#$%$%&'()%*)++",*$-. ::



W!#PB"D4/"&-)1/-"&1))-6-/:-"^W(Q"9.K":,-:O-&"4$"CR>_CRST!!R*!O*5!'G(,Q!*'G%$!.%*.I%!5,3%$-'&,3!'G%!3(KK%$%,2%!L%'B%%,!2*++%$2(&I!5-%!&,3!,*,2*++%$2(&I!5-%!(,!'G%!-&+%!B&O!O*5!3*e!

1%I%2'!*,%C

L."9.K"A!9L.`[fP/C f%-"C f%-4!+*-'!3*6C f%-4!+&,O!3*;C f%-4!-*+%!3*<C E*4!+&,O!3*!,*'AC E*4!+*-'!3*!,*'0C E*>C E*'!-5$%

W!#PB"D4/"&-)1/-"&1))-6-/:-"^W(Q"9.K":,-:O-&"4$"CR>_CRUT!!9$%!O*5!&B&$%!*K!&,O!I&B!'G&'!3%K(,%-!&!3(KK%$%,2%!L%'B%%,!2*++%$2(&I!5-%!&,3!,*,2*++%$2(&I!5-%e!

1%I%2'!*,%C

L."9.K"A!9L.`[fP/C f%-"C E*6C E*'!-5$%

W!#PB"!+46-"()"04+"^D(&-"R"4$"CRU_CRVT!!ZI%&-%!3%-2$(L%4!(,!O*5$!*B,!B*$3-4!'G%!I&B!'G&'!3%K(,%-!2*++%$2(&I!5-%!&,3!,*,2*++%$2(&I!5-%C!!

.2P9"KPkK"I[PHL"H!WPHPL"8W-"47"73-:1)1:"47"3(771=0-<

W!#PB"!00"DDII"6-73(/&-/$7lllCRV!T!!ZI%&-%!-%I%2'!O*5$!I%D&I!a5$(-3(2'(*,!K$*+!'G%!3$*.=3*B,!I(-'!*K!2*5,'$(%-!L%I*BC

LA.2]L.M9 `P95 .I !HH D.59KA[P#

!"#$%$%&'()%*)++",*$-. /77



WPH.M"^K.K!H"9mnV??"I.A"P!D*"AP#2.9LP9K_

A!9L.`[fP#*.M"K.K!H".I"

P[b*K"^c_"#K!KP`P9K#

LPI[9[KPHX"!"D.``PAD[!H"

5#P

LPI[9[KPHX"!"9.9D.``PAD[!H"

5#P

[K"M.5HL"LP2P9Le

D!9hK"#!XL.9hK"

g9.M

/C ]*,%O!B*5I3!L%!+&3%!3($%2'IO!K$*+!'G%!-&I%!*K!&!2*.O!*K!O*5$!B*$Q

"C ]*,%O!B*5I3!

L%!+&3%!K$*+!'G%!5-%!*K!O*5$!B*$Q!(,!-*+%!B&O

6C ]*,%O!B*5I3!L%!+&3%!K$*+!'G%!5-%!*K!O*5$!B*$Q4!L5'!*,IO!%,*5DG!'*!2*)%$!2*-'-!*K!2*.O(,D!&,3!3(-'$(L5'(,D!'G%!B*$Q

;C E*!+*,%O!B*5I3!L%!+&3%!K$*+!'G%!5-%!*K!O*5$!B*$Q

<C f*5$!B*$Q!B*5I3!L%!5-%3!*,I(,% &,3

!"#$%$%&'()%*)++",*$-. /7/



B%L-('%

0C f*5$!B*$Q!B*5I3!L%!5-%3!

*,!&!-.I*D!*$!XP*+L(%!B%L-('%Y!'G&'!%T(-'-!*,IO!'*!&$'(K(2(&IIO!D%,%$&'%!'$&KK(2!&,3!$%)%,5%-!K$*+!.&O=.%$=2I(2Q!

&3)%$'(-(,D

>C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&,!(,3()(35&I

:C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&!,*'=K*$=

.$*K('!*$D&,(P&'(*,

/7C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&!K*$=.$*K('!2*+.&,O

//C {f*5$!B*$Q!

B*5I3!L%!5-%3!LO!'G%!D*)%$,+%,'!*$!& -'&'%=$5,

!"#$%$%&'()%*)++",*$-. /7"



!9D*.A"2.[9K"!HH.D!K[.9"PkPAD[#P

W!#PB"!00"6-73(/&-/$7CRaT!!E*B!B%t3!I(Q%!'*!&-Q!O*5!'*!%)&I5&'%!-*+%!-(+(I&$!-'&'%+%,'-!&L*5'!G*B4!*$!LO!BG*+4!*,%!*K!O*5$!B*$Q-!+(DG'!L%!5-%3C!!JG(-!'(+%4!B%!B*5I3!I(Q%!O*5!'*!-/$-6"4!/%;=-6"(/"4"7:40-"()"R??"$("RG"BG%$%M

R??!+%&,-!O*5!'G(,Q!'G%!.$*.*-%3!5-%!B*5I3!L%!XL-)1/1$-0'"!"D(;;-6:140"57-Y

&,3

R!+%&,-!O*5!'G(,Q!'G%!.$*.*-%3!5-%!B*5I3!L%!XL-)1/1$-0'"!"9(/:(;;-6:140"57-YC

ZI%&-%!$%&3!%&2G!-'&'%+%,'!&,3!'G%,!%,'%$!&!,5+L%$!(,!'G%!-.&2%!.$*)(3%3C!9--5+%!'G(-!(-!&II!'G%!(,K*$+&'(*,!&)&(I&LI%C!jU,!'G%!,%T'!.G&-%!*K!'G(-!%T%$2(-%4!O*5!B(II!L%!.$%-%,'%3!B('G!+*$%!(,K*$+&'(*,Ck!

ZI%&-%!2*+.I%'%!'G%!%T%$2(-%!'*!'G%!L%-'!*K!O*5$!&L(I('O4!L&-%3!*,!BG&'!O*5!'G(,Q!'G%!3(KK%$%,2%!(-!L%'B%%,!2*++%$2(&I!5-%!&,3!,*,2*++%$2(&I!5-%C

UK!O*5!2&,,*'!%,'%$!&!,5+L%$!L&-%3!*,!'G%!(,K*$+&'(*,!.$*)(3%34!2G%2Q!'G%!L*T!(,!'G%!2*I5+,!I&L%I%3!XR*,t'!o,*BN#&,t'!1&OCY

b,'%$!&!BG*I%!,5+L%$C

bA[L"M[K*">"D.H5`9#B

D.H5`9".9P"^#PP"WPH.M_B".2P9"95`PA[D"I[PHL#G"M*.HP"95`WPA#".9HX"WPKMPP9"R"!9L"R??

D.H5`9"KM."^#PP"WPH.M_B"D*PDg"W.kP#T

I.A"P!D*"!9#MPA"D*.[DPG"AP#2.9LP9K#"`5#K"P9KPA"M*.HP"95`WPA"[9"

D.H5`9".9P".A"D*PDg"W.k"[9"D.H5`9">

A!9L.`[fP P9KPA"!"M*.HP"95`WPA"IA.`"R??"m"



!"#$%$%&'()%*)++",*$-. /7;



D.H5`9".9P"^#PP"WPH.M_B".2P9"95`PA[D"I[PHL#[I"AP#2.9LP9K"b!dP"95`WPA"!K"D.LP"R"!K"CRaG"[9DH5LP"95`WPA"[9"I[PHL#"!#"LPI!5HKG"[I"AP#2.9LP9K"L[L"9.K"b[dP"95`WPAG"HP!dP"I[PHL#"WH!9g"K."WPb[9T

M*.HP"95`WPA#".9HX"WPKMPP9"R"!9L"R??

D.H5`9"KM."^#PP"WPH.M_B"D*PDg"W.kP#

I.A"P!D*"!9#MPA"D*.[DPG"AP#2.9LP9K#"`5#K"P9KPA"M*.HP"95`WPA"[9"D.H5`9".9P".A"D*PDg"W.k"[9"D.H5`9">

A!9L.`[fP

P9KPA"!"M*.HP"95`WPA"IA.`"R??"m"oLPI[9[KPHX"!"

D.``PAD[!H"5#Po"K."R"m"oLPI[9[KPHX"!"

9.9D.``PAD[!H"5#Po

L.9hK"g9.MeD!9hK"#!X

[9#PAK"!22A.2A[!KP"#PK".I"!9#MPA"D*.[DP#"^#PP"WPH.M_

CRc!"Z"[I"D.LP"R"!K"CRa"^`!gP#"`.9PX"IA.`"M.Ag_G"[9#PAK"!K"CRc!]PB !

/C JG%!5-%$!1/$-/&7!'*!+&Q%!+*,%O!K$*+!7-001/J"4":(3'!*K!O*5$!B*$Q

"C JG%!5-%$!+(%0&!+&Q%!+*,%O!K$*+!7-001/J"4":(3'"*K!O*5$!B*$Q

6C JG%!5-%$!B*5I3!+&Q%!+*,%O!LO!-%II(,D!-*+%'G(,D!'G&'!1/:0%&-7!'(%6"+(6O!jK*$!%T&+.I%4!'G%!5-%$!-%II-!&!)(3%*!'G&'!(,2I53%-!*,%!*K!O*5$!-*,D-!*,!'G%!-*5,3'$&2Qk

;C JG%!B*$Q!B*5I3!L%!5-%3!(,!&!36()1$];4O1/J"F-/$%6-4!&,3!O*5$!-/$16-"+(6O"(6"8$,-",-46$<!*K!O*5$!B*$Q!B*5I3!L%!5-%3

<C JG%!B*$Q!B*5I3!L%!5-%3!(,!&!36()1$];4O1/J"F-/$%6-4!&,3!(/0'"4"7;400"346$"*K!O*5$!B*$Q!B*5I3!L%!

5-%3AC JG%!B*$Q!(-!5-%3!(,!&!36()1$];4O1/J"F-/$%6-4!&,3!O*5$!B*$Q!B*5I3!L%!:,4/J-&"(6"40$-6-&!'*!&!

2*,-(3%$&LI% 3%D$%%



!"#$%$%&'()%*)++",*$-. /7A



0C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&!/($])(6]36()1$!*$D&,(P&'(*,!'*!$&(-%!+*,%O!'*!7%7$41/"1$7"(3-64$1(/7

>C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&"/($])(6]36()1$"*$D&,(P&'(*,!'*!$&(-%!+*,%O!K*$!('-"-/&(+;-/$")%/&

:C f*5$!B*$Q!B*5I3!L%!5-%3!LO!'G%!J(F-6/;-/$!*$!&!7$4$-]6%/"-/$1$'

CRcP"Z"[I"D.LP"V"!K"CRa"^D*!A[K!WHPG"#.D[!H"b..L_G"[9#PAK"!K"CRc!]PB !

/C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&!/($])(6]36()1$!*$D&,(P&'(*,C

"C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&!)(6]36()1$!2*+.&,O!K*$!&!2G&$('&LI%!.5$.*-%!jK*$!%T&+.I%4!'*!$&(-%!+*,%O!'*!3*,&'%!'*!&!3(-&-'%$!$%I(%K!K5,3k

6C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&!/($])(6]36()1$!*$D&,(P&'(*,!K*$!&!2G&$('&LI%!.5$.*-%!'G&'!O*5!-'$*,DIO!7%33(6$!

;C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&!)(6]36()1$!2*+.&,O!K*$!&!2G&$('&LI%!.5$.*-%!'G&'!O*5!-'$*,DIO!7%33(6$!

<C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&!/($])(6]36()1$!*$D&,(P&'(*,!K*$!&!.5$.*-%!'G&'!O*5!K(,3!(=N-:$1(/4=0-

AC f*5$!B*$Q!B*5I3!L%!5-%3!LO!&!)(6]36()1$!2*+.&,O!K*$!&!.5$.*-%!'G&'!O*5!K(,3!(=N-:$1(/4=0-

0C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&!361F4$-")(6]36()1$"7:,((04!K*$!&!K5,3$&(-%$

>C f*5$!B*$Q!B*5I3!L%!5-%3!LO!&!3%=01:"/($])(6]36()1$"7:,((04!K*$!&!K5,3$&(-%$

:C f*5$!B*$Q!B*5I3!L%!5-%3!(,!K$%%!%352&'(*,&I!+&'%$(&I-!&17$61=%$-&"$("$,-"3%=01:"='"4")(6]36()1$"

:(;34/'G"+,1:,"+(%0&"6-:-1F-")4F(64=0-"3%=01:1$'")6(;"$,17"4:$1F1$'!

/7C f*5$!B*$Q!B*5I3!L%!5-%3!(,!K$%%!%352&'(*,&I!+&'%$(&I-!&17$61=%$-&"$("$,-"3%=01:"='"4")(6]36()1$"

:(;34/'G"+,1:,"+(%0&"6-:-1F-"4"$4Q"&-&%:$1(/")6(;"$,17"4:$1F1$'

//C f*5$!B*$Q!B*5I3!L%!5-%3!LO!'G%!J(F-6/;-/$!*$!4"7$4$-]6%/"-/$1$'

W!#PB"D4/"&-)1/-"&1))-6-/:-"^W(Q"9.K":,-:O-&"4$"CR>_CR@T!!JG&,Q!O*5!K*$!2*+.I%'(,D!'G(-!%T%$2(-%C!b&$I(%$4!O*5!3%-2$(L%3!'G%!3(KK%$%,2%!L%'B%%,!&!:(;;-6:140"%7-!&,3!&!/(/:(;;-6:140"%7-!*K!O*5$!B*$Q!&-M

2[2P"!9#MPA"IA.`"CR>

_&)(,D!2*+.I%'%3!'G(-!%T%$2(-%4!B*5I3!O*5!:,4/J-!O*5$!3%K(,('(*,-!*K!2*++%$2(&I!5-%!&,3N*$!,*,2*++%$2(&I!5-%e!^$!B*5I3!'G%O!-'&O!'G%!-&+%e!1%I%2'!*,%C



!"#$%$%&'()%*)++",*$-. /7>



^I.A"D.LP"U_B"_%I.%3!LO!&!I&BO%$ ^I.A"D.LP"V_B"H(2%,-%3!.$*)(3%3!LO!'G%!I(2%,-%%

#*.M"[9"#!`P".ALPA"!#"C>ULPI!5HK"m"?p

[I".9HX".9P"!9#MPA"#PHPDKPL"!K"C>UG"!5K.]259D*"R??p

2A.I[H[9b"d!A[!WHP#""""""""""""

W!#PB"!00"6-73(/&-/$7

C>YT!!JG(,Q(,D!*K!400!'G%!B*$Q-!O*5!2$%&'%!&-!/77n4!&..$*T(+&'%IO!BG&'!.%$2%,'!

*K!'G%-%!B*$Q-!D%,%$&'%!$%)%,5%!g!'G&'!(-4!BG&'!.%$2%,'!*K!O*5$!B*$Q-!%&$,!O*5!

+*,%Oe

b,'%$!'G%!.%$2%,'-!(,!'G%!-.&2%-!.$*)(3%3C!f*5$!&,-B%$-!+5-'!'*'&I!/77nC!!

b,'%$!&!BG*I%!,5+L%$C

L."9.K"A!9L.`[fP

K.K!H"#5`"D!HD5H!K.A

p"#[b9#"WP#[LP".2P9"95`PA[D"I[PHL#

LPI!5HK"m"?p"

/C Z%$2%,'!*K!B*$Q-!'G&'!J-/-64$-"6-F-/%-

"C Z%$2%,'!*K!B*$Q-!'G&'!&("/($"J-/-64$-"4/'"6-F-/%-

W!#PB"!$"0-47$"Rp"()"+(6O7"J-/-64$-"6-F-/%-7"^q?p"4$":(&-"R"4$"C>Y_



!"#$%$%&'()%*)++",*$-. //7

UK ' ' II K (I( ('G ( ( I I I ' 'G I '



UK!O*5!&$%!,*'!&'!&II!K&+(I(&$!B('G!*.%,!-*5$2%!.$(,2(.I%-4!.I%&-%!-%I%2'!'G%!I&-'!

&,-B%$!2G*(2%!L%I*BC

L."9.K"A!9L.`[fP/C U!&+!K&+(I(&$!B('G!&,3!%+L$&2%!*.%,!-*5$2%!.$(,2(.I%-"C U!&+!K&+(I(&$!B('G!L5'!3*!,*'!,%2%--&$(IO!%+L$&2%!*.%,!-*5$2%!.$(,2(.I%-6C U!&+!K&+(I(&$!B('G!*.%,!-*5$2%!.$(,2(.I%-!&,3!3*!,*'!&D$%%!B('G!'G%+;C U!&+!-*+%BG&'!K&+(I(&$!B('G!L5'!G&)%!,*!*.(,(*,!*K!*.%,!-*5$2%!.$(,2(.I%-<C U!&+!,*'!&'!&II!K&+(I(&$!B('G!*.%,!-*5$2%!.$(,2(.I%-

W!#PB"!00"A-73(/&-/$7CSRT!!8(,&IIO4!&$%!O*5!&!I&BO%$!*$!G&)%!O*5!G&3!&,O!K*$+&I!I%D&I!'$&(,(,De

1%I%2'!*,%C

/C f%-4!U!&+!&!I&BO%$!*$!G&)%!G&3!-*+%!K*$+&I!I%D&I!'$&(,(,D"C E*4!U!&+!,*'!&!I&BO%$!&,3!G&)%!G&3!,*!K*$+&I!I%D&I!'$&(,(,D

5#P"!9L"2PADP2K[.9".I"DD]9D"H[DP9#P#"""""""""

W!#PB"*4F-"01:-/7-&"+(6O7"%71/J"DD"01:-/7-7"^D(&-7"R"(6"S"4$"C>S_lllCS>T!!f*5!(,3(2&'%3!'G&'!O*5!G&)%!I(2%,-%3!O*5$!*B,!2*.O$(DG'%3!B*$Q!'*!*'G%$-C!`G(2G4!(K!&,O4!*K!'G%!K*II*B(,D!#$%&'()%!#*++*,-!I(2%,-%-!G&)%!O*5!5-%3!'*!01:-/7-"'(%6"+(6Oe!

1%I%2'!&II!'G&'!&..IOC

UK!O*5!2&,,*'!$%2&II!'G%!I(2%,-%j-k!O*5!5-%34!-%I%2'!'G%!I&-'!&,-B%$!2G*(2%!L%I*BC

L. 9.K A!9L.`[fP



!"#$%$%&'()%*)++",*$-. //6



R8R'!"#$%$%&'()*%+*,,"-+$./0'9=<4@'K<"5=$*%%.$-"'#*-'75"-5

JG%!K*II*B(,D!.&D%-!2*,'&(,!'G%!+&-'%$!)%$-(*,!*K!'G%!-'53O!V5%-'(*,,&($%!K(%I3%3!

(,!ZG&-%!6!j5-%$-k!*K!%+.($(2&I!$%-%&$2GC

!"#$%$%&'()%*)++",*$-. //;



!"#$%$%&'()*%+*,,"-+$./0 "#$%&'"C%-7$1(//416-")(6"57-67"

9.KPB"JG(-!(-!'G%!+&-'%$!)%$-(*,!*K!'G%!V5%-'(*,,&($%!.$%.&$%3!K*$!'G%!*,I(,%!V5&,'('&'()%!-5$)%O!*K!'G%!D%,%$&I!?C1C!U,'%$,%'!.*.5I&'(*,!&,3!'G%!#$%&'()%!#*++*,-!X8$(%,3-!&,3!8&+(IOY!jX##88Yk!*.%,!&22%--!.*II4!L*'G!K(%I3%3!(,!9.$(I!"77:C!d5%-'(*,,&($%!G%&3(,D-4!.$*D$&++(,D!(,-'$52'(*,-!&,3!V5%-'(*,!,5+L%$-!B%$%!,*'!)(-(LI%!'*!$%-.*,3%,'-C!d5%-'(*,-!.$%-%,'%3!'*!##88!*,IO!&$%!(,3(2&'%3!LO!€€€C!8*$!%&-%!*K!$%&3(,D4!+*-'!*K!'G%!##88=*,IO!V5%-'(*,-!&$%!D$*5.%3!&'!'G%!%,3!*K!'G(-!3*25+%,'C!

9-!(,3(2&'%34!'G%-%!V5%-'(*,-!&..%&$%3!(,!-I(DG'IO!3(KK%$%,'!*$3%$!BG%,!'G%!.*II!B&-!K(%I3%3C!

#DAPP9PA"C5P#K[.9#

[9KA.L5DK[.9M!!JG&,Q!O*5!K*$!'&Q(,D!'G(-!-5$)%OC!!`%!&..$%2(&'%!O*5$!'(+%!

&,3!2*,-(3%$&'(*,C!

ZI%&-%!L%!&B&$%!'G&'!3%.%,3(,D!*,!O*5$!$%-.*,-%4!'G%!-5$)%O!2*5I3!'&Q%!

&,OBG%$%!K$*+!RV"$(">V";1/%$-7"$(":(;30-$- C!9I-*4!.I%&-%!,*'%!'G&'!*,2%!O*5!

2I(2Q!'G%!{2*,'(,5%{!L5''*,!*,!&,O!.&D%!*K!'G%!-5$)%O4!O*5!B(II!,*'!L%!&LI%!'*!

$%'5$,!'*!.$%)(*5-!.&D%-C

CRT!!8($-'4!.I%&-%!(,3(2&'%!O*5$!&D%M!

/C ?,3%$!/>

"C />=";!6C "<=":;C 67=6;< 6< 6:

!"#$%$%&'()%*)++",*$-. //<



_&)%!O*5M!j1%I%2'!&II!'G&'!&..IOk

A!9L.`[fP

#" !::-77-&"&,O!*,I(,%!2*,'%,'!jK*$!%T&+.I%4!G&)%!O*5!)(%B%34!$%&3!*$!I(-'%,%3!'*!&,O!*,I(,%!2*,'%,'k

$" L(+/0(4&-&!&,O!*,I(,%!2*,'%,'!a5-'!K*$!O*5$-%IK

%" L(+/0(4&-&"4/&"7,46-&!&,O!*,I(,%!2*,'%,'!B('G!*'G%$-

!" A-;1Q-&"(6";47,-&"%3!&,O!*,I(,%!2*,'%,'!j'G&'!(-4!+&3%!-*+%'G(,D!LO!2*+L(,(,D!'B*!*$!+*$%!B*$Q-!2$%&'%3!LO!-*+%*,%!%I-%4!K*$!%T&+.I%4!&33(,D!&,!%T(-'(,D!-*,D!'*!%T(-'(,D!)(3%*!K**'&D%k

&" `4&-"4"/-+"+(6O"1/:(63(64$1/J!&,O!*,I(,%!2*,'%,'!jK*$!%T&+.I%4!&33(,D!&!-*,D!*$!.G*'*D$&.G!+&3%!LO!-*+%*,%!%I-%!'*!&!,%B!B*$Q!'G&'!O*5!2$%&'%3k

'" `4&-"4"/-+"+(6O"='":,4/J1/J"(6"40$-61/J!&,O!*,I(,%!2*,'%,'!jK*$!%T&+.I%4!+&Q(,D!&!,%B!B*$Q!

LO!2G&,D(,D!'G%!IO$(2-!*K!&!-*,D4!*$!$%=%3('(,D!)(3%*!K**'&D%k(" 2(7$-&"(6"%30(4&-&!&,O!*,I(,%!2*,'%,'!'*!&!LI*D4!-*2(&I!,%'B*$Q(,D!*$!*'G%$!'O.%!*K!B%L-('%>C E*,%!*K!'G%!&L*)%:C ^'G%$4!.I%&-%!-.%2(KO

KPA`[9!KP"[I"D.LP"c".A".9HX"D.LP"@

CUT!!f*5!(,3(2&'%3!'G&'!O*5!G&)%!4::-77-&4"7,46-&!*$!%7-&!*,I(,%!2*,'%,'!(,!-*+%!B&OC

`G(2G!*K!'G%!K*II*B(,D!'O.%-!*K!*,I(,%!2*,'%,'!G&)%!O*5!&22%--%34!-G&$%3!*$!5-%3e!

1%I%2'!&II!'G&'!&..IOC

A!9L.`[fP"/C l(3%*!*$!K(I+"C 1*,D-!*$!(,-'$5+%,'&I!+5-(2

6C ZG*'*D$&.G-!" J%T'-!*$!B$('(,D-!jK*$!%T&+.I%4!-'*$(%-4!.*%+-4!&$'(2I%-k<C U+&D%-!jK*$!%T&+.I%4!.&(,'(,D-4!3$&B(,D-4!KI&-G!&,(+&'(*,-kA Z 3 '

!"#$%$%&'()%*)++",*$-. //A



W!#PB"!00"6-73(/&-/$7

CVT!!UK!O*5!B%$%!'*!2&'%D*$(P%!'G%!B*$Q-!O*5!K(,3!*,I(,%!'G&'!O*5!&22%--4!-G&$%!*$!

5-%4!BG(2G!*,%!*K!'G%!K*II*B(,D!2&'%D*$(%-!B*5I3!L%-'!3%-2$(L%!'G%!+&a*$('O!*K!

'G%+e!!

1%I%2'!*,%C!

A!9L.`[fP/C b352&'(*,"C 12(%,2%

6C ]5-(2;C l(-5&I!&$'<C 8(I++&Q(,DN)(3%*AC b,'%$'&(,+%,'0C H('%$&'5$%>C \*5$,&I(-+:C ]&$Q%'(,D/7C ^'G%$4!.I%&-%!-.%2(KO

W!#PB"!00"6-73(/&-/$7CYT!!i[I"9.K"D.LP#"UG"V".A"Y"!K"CSG"!#gj !U,!'G%!I&-'!/"!+*,'G-4!G&)%!O*5!:6-4$-&!&,O!*K!'G%!K*II*B(,D!'O.%-!*K!2*,'%,'!*$!B*$Q-!5-(,D!2*,'%,'!2$%&'%3!LO!-*+%*,%!%I-%e!

1%I%2'!&II!'G&'!&..IOC

UK!O*5!,%)%$!2$%&'%!2*,'%,'!*$!B*$Q-!5-(,D!2*,'%,'!2$%&'%3!LO!-*+%*,%!%I-%4!-%I%2'!X,*,%!*K!'G%!&L*)%Y!L%I*BC

i[I"D.LP#"UG"V".A"Y"!K"CSG"!#gj !f*5!(,3(2&'%3!'G&'!O*5!G&)%!6-;1Q-&4!1/:(63(64$-&!*$!40$-6-&"2*,'%,'!2$%&'%3!LO!-*+%*,%!%I-%C!`G%,!O*5!.%$K*$+!'G*-%!&2'()('(%-4!BG(2G!*K!'G%!K*II*B(,D!'O.%-!*K!B*$Q- 3* O*5 5I'(+&'%IO 2$%&'%e

!"#$%$%&'()%*)++",*$-. //0

1%I%2' *,%



1%I%2'!*,%C

L."9.K"A!9L.`[fP/C 9IB&O-!D()%!&''$(L5'(*,4!%)%,!BG%,!,*'!$%V5($%3!*$!$%V5%-'%3"C ?-5&IIO!D()%!&''$(L5'(*,4!%)%,!BG%,!,*'!$%V5($%3!*$!$%V5%-'%3

6C [()%!&''$(L5'(*,!*,IO!BG%,!$%V5($%3!*$!$%V5%-'%3;C F&$%IO!D()%!&''$(L5'(*,<C E%)%$!D()%!&''$(L5'(*,

W!#PB"#,46-&"(6"A-%7-&"D(/$-/$"^D(&-7"S]a"4$"CS_CcT!!R*!O*5!'G(,Q!5-%$-!-G*5I3!D()%!&''$(L5'(*,!*$!2$%3('!'*!'G%!*$(D(,&I!2$%&'*$!BG%,!'G%O!-G&$%!*$!5-%!&,*'G%$t-!B*$Qe!

1%I%2'!*,%C

/C f%-4!&''$(L5'(*,!-G*5I3!&IB&O-!L%!D()%,4!%)%,!BG%,!,*'!$%V5($%3!*$!$%V5%-'%3"C f%-4!&''$(L5'(*,!-G*5I3!L%!D()%,!BG%,!$%V5($%3!*$!$%V5%-'%36C E*4!&''$(L5'(*,!-G*5I3!,%)%$!L%!$%V5($%3;C R*,t'!Q,*BNE*'!-5$%

W!#PB"D6-4$(67"^/($"8/(/-"()"$,-"4=(F-<"4$"CY_

C@T!!UK!O*5!B%$%!'*!2&'%D*$(P%!'G%!B*$Q-!'G&'!O*5!:6-4$-4!BG(2G!*,%!*K!'G%!K*II*B(,D!2&'%D*$(%-!B*5I3!L%-'!3%-2$(L%!'G%!+&a*$('O!*K!'G%+e!!

1%I%2'!*,%C!

A!9L.`[fP

/C b352&'(*,!"C 12(%,2%!6C ]5-(2; l( I '



!"#$%$%&'()%*)++",*$-. /"/

L."9.K"A!9L.`[fP



/C f%-"C E*6C E*'!-5$%

W!#PB"!+46-"()"04+"^D(&-"R"4$"CRa_CRcT!!ZI%&-%!3%-2$(L%4!(,!O*5$!*B,!B*$3-4!'G%!I&B!'G&'!3%K(,%-!2*++%$2(&I!5-%!&,3!,*,2*++%$2(&I!5-%C!!

.2P9"KPkK"I[PHL"H!WPHHPL"8W-"47"73-:1)1:"47"3(771=0-<

W!#PB"!00"DDII"6-73(/&-/$7lllCRc!T!!ZI%&-%!-%I%2'!O*5$!I%D&I!a5$(-3(2'(*,!K$*+!'G%!3$*.=3*B,!I(-'!*K!2*5,'$(%-!L%I*BC

LA.2]L.M9"`P95".I"!HH"D.59KA[P#"

b!KPgPP2[9b"PkPAD[#P"""""

W!#PB"!00"6-73(/&-/$7CR@T!!#*,'(,5%!'*!(+&D(,%!O*5!B%$%!(,'%$%-'%3!(,!5-(,D!-*+%*,%!%I-%t-!B*$Q-C!!b&2G!*K!'G%!-'&'%+%,'-!L%I*B!3%-2$(L%-!4"3(771=0-"7:-/461(T"

8*$!%&2G!-'&'%+%,'4!.I%&-%!(,3(2&'%!BG%'G%$!O*5!'G(,Q!'G%!-'&'%+%,'!+%&,-!'G%!.$*.*-%3!5-%!B*5I3!L%!&-)1/1$-0'"4":(;;-6:140"%7-!*$!&-)1/1$-0'"4"/(/:(;;-6:140"%7-C

UK!1$"+(%0&"&-3-/&"(6"'(%":4/h$"74'4!-%I%2'!'G%!$,16&":(0%;/!K*$!'G&'!$*BC

UK!O*5!&(/h$"O/(+4!-%I%2'!'G%!047$":(0%;/!K*$!'G&'!$*BC

ZI%&-%!2*+.I%'%!'G%!%T%$2(-%!'*!'G%!L%-'!*K!O*5$!&L(I('O4!L&-%3!*,!BG&'!O*5!'G(,Q!'G%!3(KK%$%,2%!(-!

L%'B%%,!2*++%$2(&I!5-%!&,3!,*,2*++%$2(&I!5-%C!9D&(,4!.I%&-%!3*!,*'!2*,-5I'!*'G%$!-*5$2%-C

1*+%!-'&'%+%,'-!$%K%$!'*!&!X/($])(6]36()1$ !*$D&,(P&'(*,YC!cO!X,*'=K*$=.$*K('!*$D&,(P&'(*,Y4!B%!+%&,!&,O!

!"#$%$%&'()%*)++",*$-. /""



/C f*5!B*5I3!+&Q%!+*,%O!K$*+!'G%!-&I%!*K!&!2*.O!*K!'G%!B*$Q

"C f*5!B*5I3!+&Q%!+*,%O!K$*+!'G%!5-%!*K!'G%!B*$Q!(,!-*+%!B&O

6C f*5!B*5I3!+&Q%!+*,%O!K$*+!'G%!

5-%!*K!'G%!B*$Q4!L5'!*,IO!%,*5DG!'*!2*)%$!2*-'-!*K!2*.O(,D!&,3!3(-'$(L5'(,D!'G%!B*$Q

;C f*5!B*5I3!,*'!+&Q%!&,O!+*,%O!K$*+!'G%!5-%!*K!

'G%!B*$Q!

<C f*5!B*5I3!5-%!'G%!B*$Q!*,I(,%!&,3!&3)%$'(-(,D!B*5I3!&..%&$!&$*5,3!*$!(,!2*,,%2'(*,!B('G!

('!|!&,3!O*5!B*5I3!+&Q%!+*,%O!K$*+!'G%!

!"#$%$%&'()%*)++",*$-. /"6



!9D*.A"2.[9K"!HH.D!K[.9"PkPAD[#P"""

W!#PB"!00"6-73(/&-/$7

C>?T!!E*B!B%t3!I(Q%!'*!&-Q!O*5!'*!%)&I5&'%!-*+%!-(+(I&$!-'&'%+%,'-!&L*5'!G*B!O*5!+(DG'!5-%!&!B*$Q!2$%&'%3!LO!-*+%*,%!%I-%C!!JG(-!'(+%4!B%!B*5I3!I(Q%!O*5!'*!-/$-6"4!/%;=-6"(/"4"7:40-"()"R??"$("RG"BG%$%M

R??!+%&,-!O*5!'G(,Q!'G%!.$*.*-%3!5-%!B*5I3!L%!XL-)1/1$-0'"!"D(;;-6:140"57-Y

&,3

R!+%&,-!O*5!'G(,Q!'G%!.$*.*-%3!5-%!B*5I3!L%!XL-)1/1$-0'"!"9(/:(;;-6:140"57-YC

ZI%&-%!$%&3!%&2G!-'&'%+%,'!&,3!'G%,!%,'%$!&!,5+L%$!(,!'G%!-.&2%!.$*)(3%3C!9--5+%!'G(-!(-!&II!'G%!(,K*$+&'(*,!&)&(I&LI%C!jU,!'G%!,%T'!.G&-%!*K!'G(-!%T%$2(-%4!O*5!B(II!L%!.$%-%,'%3!B('G!+*$%!(,K*$+&'(*,Ck!

ZI%&-%!2*+.I%'%!'G%!%T%$2(-%!'*!'G%!L%-'!*K!O*5$!&L(I('O4!L&-%3!*,!BG&'!O*5!'G(,Q!'G%!3(KK%$%,2%!(-!L%'B%%,!2*++%$2(&I!5-%!&,3!,*,2*++%$2(&I!5-%C

UK!O*5!2&,,*'!%,'%$!&!,5+L%$!L&-%3!*,!'G%!(,K*$+&'(*,!.$*)(3%34!2G%2Q!'G%!L*T!(,!'G%!2*I5+,!I&L%I%3!XR*,t'!o,*BN#&,t'!1&OCY

b,'%$!&!BG*I%!,5+L%$C

bA[L"M[K*">"D.H5`9#B

D.H5`9".9P"^#PP"WPH.M_B".2P9"95`PA[D"I[PHL#T"M*.HP"95`WPA#".9HX"WPKMPP9"R"!9L"R??



!"#$%$%&'()%*)++",*$-. /";

PdPAX"AP#2.9LP9K"M[HH"A!KP"KM."LA[HH]L.M9#B"



*!HI".I"AP#2.9LP9K#"M[HH"A!KP"C>R!"^`!gP"`.9PX"IA.`"5#P".I"M.Ag_

.K*PA"*!HI"M[HH"A!KP"C>RW"^5#PL".9H[9P"M[K*"!LdPAK[#[9b_

.K*PA#"^C>RDG"C>RLG"!9L"C>RP"M[HH"WP"L[#KA[W5KPL"A!9L.`HX_

b[dP"2APIPAP9DP"K."LA[HH]L.M9"#K!KP`P9K#"K*!K"APDP[dP"!"#D.AP"[9"D.H5`9"R".dPA"8L.9hK"g9.MeD!9hK"#!X<G"#P9L"K."H.MP#K"[9D[LP9DP"bA.52

!9D*.A"2.[9K"2[2P#"I.A"C>R!]PB

2[2P"I.A"C>?G"D(&-"RB" (K!O*5!B*5I3!;4O-";(/-'")6(;"$,-"%7-"()"$,-"+(6O

2[2P"I.A"C>?G"D(&-">B" (K!O*5!B*5I3!5-%!'G%!B*$Q!(/01/-"4/&"4&F-6$17-;-/$7"+(%0&"433-46"46(%/&"(6"1/":(//-:$1(/"+1$,"1$2[2P"I.A"C>?G"D(&-"SB" (K!O*54!47"4/"1/&1F1&%404!B*5I3!5-%!'G%!B*$Q2[2P"I.A"C>?G"D(&-"UB" (K!O*5!B*5I3!5-%!'G%!B*$Q!(/"=-,40)"()"4/"(6J4/1\4$1(/"2[2P"I.A"C>?G"D(&-"VB" (K!O*5!B*5I3!5-%!'G%!B*$Q!K*$!&":,461$4=0-"3%63(7-"(6"$("36(;($-"4"7(:140"(6"3%=01:"J((&

W!#PB"!00"A-73(/&-/$7"C>R!]PT""i[I"95`WPA"b[dP9"[9"D.HT"R"!K"D.LP"k".I"C>?j !f*5!(,3(2&'%3!'G&'4!i2[2Pj4!O*5$!-2*$%!B*5I3!L%!i[9#PAK"#D.AP"IA.`"D.LP"k".I"C>?j" *,!&!/77=.*(,'!-2&I%!BG%$%!/77!+%&,-!XL-)1/1$-0'"!"D(;;-6:140"57-<4!&,3!/!+%&,-!XL-)1/1$-0'"!"9(/:(;;-6:140"57-YC!

c%I*B!(-!&,*'G%$!D$*5.!*K!-'&'%+%,'-4!%&2G!*K!BG(2G!(,2I53%-!-*+%!&33('(*,&I!(,K*$+&'(*,!3%-2$(L(,D!'G%!.$*.*-%3!5-%!*K!'G%!B*$QC!ZI%&-%!$%&3!%&2G!-'&'%+%,'!2&$%K5IIOC!

8*$!%&2G!-'&'%+%,'4!(,!'G%!-.&2%!.$*)(3%34!.I%&-%!%,'%$!&!,5+L%$!*,!&!-2&I%!*K!/77!'*!/4!BG%$%M

R??!v!{L-)1/1$-0'"!"D(;;-6:140"57-{!

&,3

R!v!{L-)1/1$-0'"!"9(/:(;;-6:140"57-{

!"#$%$%&'()%*)++",*$-. /"<



D.H5`9".9P"^#PP"WPH.M_B".2P9"95`PA[D"I[PHL#[I"AP#2.9LP9K"b!dP"95`WPA"!K"D.LP"R"!K"C>?G"[9DH5LP"95`WPA"[9"I[PHL#"!#"

LPI!5HKG"[I"AP#2.9LP9K"L[L"9.K"b[dP"95`WPAG"HP!dP"I[PHL#"WH!9g"K."WPb[9G"M*.HP"95`WPA#".9HX"WPKMPP9"R"!9L"R??



A!9L.`[fP

P9KPA"!"M*.HP"95`WPA"IA.`"R??"m"oLPI[9[KPHX"!"

D.``PAD[!H"5#Po"K."R"m"oLPI[9[KPHX"!"9.9D.``PAD[!H"5#Po

L.9hK"g9.MeD!9hK"#!X

[9#PAK"!22A.2A[!KP"#PK".I"!9#MPA"D*.[DP#"^#PP"WPH.M_

C>R!"Z"[I"D.LP"R"!K"C>?"^`!gP#"`.9PX"IA.`"M.Ag_G"[9#PAK"!K"C>R!]PB !

/C f*5!1/$-/&!'*!+&Q%!+*,%O!K$*+!7-001/J"4":(3'!*K!-*+%*,%!%I-%t-!B*$Q

"C f*5!+(%0&!+&Q%!+*,%O!K$*+!7-001/J"4":(3'"*K!-*+%*,%!%I-%t-!B*$Q

6C f*5!B*5I3!+&Q%!+*,%O!LO!-%II(,D!-*+%'G(,D!'G&'!1/:0%&-7!7(;-(/-"-07-h7"+(6O!jK*$!%T&+.I%4!O*5!-%II!&!)(3%*!'G&'!(,2I53%-!+5-(2!2$%&'%3!LO!-*+%*,%!%I-%k

;C f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!(,!&!36()1$];4O1/J"F-/$%6-4!&,3!'G%!-/$16-"+(6O"(6"8$,-"

,-46$<!*K!'G%!B*$Q!B*5I3!L%!5-%3

<C f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!(,!&!36()1$];4O1/J"F-/$%6-4!&,3!(/0'"4"7;400"346$"*K!'G%!

B*$Q!B*5I3!L%!5-%3AC f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!(,!&!36()1$];4O1/J"F-/$%6-4!&,3!'G%!B*$Q!B*5I3!L%!:,4/J-& (6 40$-6-& '* & 2*,-(3%$&LI% 3%D$%%



!"#$%$%&'()%*)++",*$-. /"0

;C f*5!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&!)(6]36()1$!2*+.&,O4!&,3!'G%!B*$Q!B*5I3!L%!7,46-&"+1$,"



3 . O$,-"-/$16-":(;34/'

<C f*5!B*5I3!5-%!'G%!B*$Q!K*$!2*5$-%!+&'%$(&I-!(,!&!7:,((0!|!&!/($])(6]36()1$!*$D&,(P&'(*,!'G&'"&(-7"

/($":,46J-"$%1$1(/

AC f*5!B*5I3!5-%!'G%!B*$Q!K*$!2*5$-%!+&'%$(&I-!(,!&!7:,((0!|!&!/($])(6]36()1$!*$D&,(P&'(*,!'G&'!:,46J-7"$%1$1(/

0C f*5!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&!/($])(6]36()1$ !*$D&,(P&'(*,!BG(2G!5-%-!'G%!B*$Q!'*!$&(-%!+*,%O!'*!7%7$41/"1$7"(3-64$1(/7

>C f*5!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&"/($])(6]36()1$"*$D&,(P&'(*,!'*!$&(-%!+*,%O!K*$!('-!-/&(+;-/$")%/&

:C f*5!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&!J(F-6/;-/$!*$!7$4$-]6%/"-/$1$'

C>RP"Z"[I"D.LP"V"!K"C>?"^D*!A[K!WHPG"#.D[!H"b..L_G"[9#PAK"!K"C>R!]PB !

/C f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&!/($])(6]36()1$ !*$D&,(P&'(*,

"C f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&!)(6]36()1$":(;.&,O!K*$!&!2G&$('&LI%!.5$.*-%!jK*$!%T&+.I%4!'*"6417-";(/%O!'*!3*,&'%!'*!&!3(-&-'%$!$%I(%K!K5,3k

6C f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&!/($])(6]36()1$ !*$D&,(P&'(*,!K*$!&!2G&$('&LI%!.5$.*-%!'G&'!O*5!-'$*,DIO!7%33(6$

;C f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&!)(6]36()1$!2*+.&,O!K*$!&!2G&$('&LI%!.5$.*-%!'G&'!O*5!-'$*,DIO!7%33(6$

<C f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&!/($])(6]36()1$ !*$D&,(P&'(*,!K*$!&!.5$.*-%!'G&'!'G%!2$%&'*$!B*5I3!K(,3!(=N-:$1(/4=0-

AC f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&!)(6]36()1$!2*+.&,O!K*$!&!.5$.*-%!'G&'!'G%!2$%&'*$!B*5I3!K(,3!(=N-:$1(/4=0-

0C f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&!361F4$-")(6]36()1$"7:,((04!K*$!&!K5,3$&(-%$

>C f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!*,!L%G&IK!*K!&!3%=01:"/($])(6]36()1$"7:,((0 4!K*$!&!K5,3$&(-%$

:C f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!(,!K$%%!%352&'(*,&I!+&'%$(&I-!&17$61=%$-&"$("$,-"3%=01:"='"4"

)(6]36()1$":(;34/'G"+,1:,"+(%0&"6-:-1F-")4F(64=0-"3%=01:1$'")6(;"$,17"4:$1F1$'

/7C f*5!B*5I3!5-%!-*+%*,%!%I-%t-!B*$Q!(,!K$%%!%352&'(*,&I!+&'%$(&I-!&17$61=%$-&"$("$,-"3%=01:"='"4")(6]36()1$":(;34/'G"+,1:,"+(%0&"6-:-1F-"4"$4Q"&-&%:$1(/")6(;"$,17"4:$1F1$'

// f*5 B*5I3 5-% -*+%*,% %I-%t- B*$Q *, L%G&IK *K & J(F-6/;-/$ *$ 4 7$4$- 6%/ -/$1$'



!"#$%$%&'()%*)++",*$-. /6"

c%I*B!(-!&!I(-'!*K!-'&'%+%,'-!&L*5'!#$%&'()%!#*++*,-4!'G%!,*,2*++%$2(&I!



I(2%,-%!*$!O*5$!5-%!*K!*'G%$-t!B*$Q-C!

R*!O*5!D%,%$&IIO!&D$%%!*$!3(-&D$%%!B('G!%&2G!*K!'G%!K*II*B(,D!-'&'%+%,'-e!1%I%2'!

*,%!(,!%&2G!$*BC!

A!9L.`[fP bP9PA!HHX"

!bAPP

bP9PA!HHX"

L[#!b

APP

L.9hK"

g9.

Me9

.K"

#5A

P



!"#$%$%&'()%*)++",*$-. /6;

/ H%-- 'G&, /7



/C H%--!'G&,!/7"C /7!=!;:6C <7!=!::;C /77!=!;::

<C <77!*$!+*$%

W!#PB"*4F-"%7-&"DD]9D"01:-/7-&"+(6O7"^D(&-7"U]Y"4$"CSV_lllCScT"!9-!&!01:-/7--4!3*!O*5!G&)%!&,O!3(--&'(-K&2'(*,!B('G!*$!2*,2%$,-!&L*5'!'G%!#$%&'()%!#*++*,-!E*,2*++%$2(&I!I(2%,-%-e!

1%I%2'!&II!'G&'!&..IOC

[)"'(%"&("/($",4F-"4/'"&1774$17)4:$1(/"(6":(/:-6/7G"7-0-:$"8/(/-"()"$,-"4=(F-<"=-0(+T"

A!9L.`[fP/C JG%!'%$+!(-!,*'!3%K(,%3!2I%&$IO"C JG%!'%$+!(-!,*'!3%K(,%3!(,!%,*5DG!3%'&(I6C JG%!'%$+!3*%-!,*'!2&.'5$%!3(KK%$%,2%-!(,!(,35-'$(%-;C JG%!'%$+!3*%-!,*'!2&.'5$%!3(KK%$%,2%-!(,!'O.%-!*K!B*$Q-<C JG%!'%$+!3*%-!,*'!+&'2G!+O!.%$-*,&I!3%K(,('(*,!*K!X,*,2*++%$2(&I!5-%YAC U!&+!,*'!-5$%!'G&'!I(2%,-*$-!j2$%&'*$-k!5,3%$-'&,3!'G%!'%$+!'G%!B&O!U!3*0C E*,%!*K!'G%!&L*)%!j3*!,*'!G&)%!&,O!3(--&'(-K&2'(*,!*$!2*,2%$,-k

>C ^'G%$4!.I%&-%!-.%2(KO

W!#PB"*4F-"%7-&"DD]9D"01:-/7-"^D(&-7"U]Y"4$"CSV_lllCS@T!!_&)%!O*5!%)%$!2*,'&2'%3!&!2$%&'*$!*K!&!##=E#=I(2%,-%3!B*$Q!'*!K(,3!*5'!BG%'G%$!&!2%$'&(,!5-%!*K!'G%!B*$Q!B*5I3!L%!&22%.'&LI%e

/C f%-4!U!G&)%!2*,'&2'%3!&!2$%&'*$!*K!&!##=E#=I(2%,-%3!B*$Q!'*!K(,3!*5'!BG%'G%$!&!2%$'&(,!5-%!B*5I3!L%!&22%.'&LI%

"C E*4!U!G&)%!,%)%$!2*,'&2'%3!&!2$%&'*$!*K!&!##=E#=I(2%,-%3!B*$Q!'*!K(,3!*5'!BG%'G%$!&!2%$'&(,!5-%!B*5I3!L%!&22%.'&LI%

6 R*,t' Q,*BN,*' -5$%

!"#$%$%&'()%*)++",*$-. /6<

W!#PB M(%0& 7%33(6$ :,4/J- 1/ DD]9D $-6; ^D(&- R 4$ CUR_



W!#PB"M(%0&"7%33(6$":,4/J-"1/"DD]9D"$-6;"^D(&-"R"4$"CUR_lllCU>T!!f*5!(,3(2&'%3!'G&'!O*5!B*5I3!-5..*$'!&,!%KK*$'!'*!.*'%,'(&IIO!$%K(,%!*$!$%3%K(,%!'G%!##=E#!'%$+C!#&,!O*5!-5DD%-'!-.%2(K(2!B&O-!'*!$%K(,%!*$!$%3%K(,%!'G%!'%$+!('-%IKe!UK!-*4!.I%&-%!3%-2$(L%C!

UK!O*5!3*!,*'!G&)%!(3%&-!*,!G*B!'*!$%K(,%!*$!$%3%K(,%!'G%!'%$+4!2G%2Q!'G%!L*T!I&L%I%3!XR*,t'!o,*BCY

.2P9"P9L"KPkK"I[PHL[9DH5LP"D*PDg"W.k"8L.9hK"g9.M<

W!#PB"!00"A-73(/&-/$7lllCUST!!`%!B%I2*+%!&,O!&33('(*,&I!'G*5DG'-!*$!2*++%,'-!O*5!+(DG'!G&)%!*,!'G%!##=E#!'%$+!|!(,2I53(,D!&,O!'G&'!$%I&'%!3($%2'IO!'*!.*'%,'(&I!$%K(,%+%,'-!*$!$%3%K(,('(*,-!!|!(,!'G%!-.&2%!.$*)(3%3!L%I*BC

.2P9"KPkK"I[PHL"H!WPHPL"820-47-"=-"47"73-:1)1:"47"3(771=0-<T!LL"D*PDg"W.kB"9("4&&1$1(/40":(;;-/$

DAP!K[dP"D.``.9#"D.``59[KX"""""""""""""""""""""

W!#PB"!00"A-73(/&-/$7lllCUUT!!`G(2G!*K!'G%!K*II*B(,D!L%-'!3%-2$(L%-!O*5$!(,)*I)%+%,'4!(K!&,O4!(,!'G%!X#$%&'()%!#*++*,-!2*++5,('OYe!

1%I%2'!*,%C

L."9.K"A!9L.`[fP

0C U!&+!)%$O!(,)*I)%3!B('G!#$%&'()%!#*++*,-!&,3!2*,-(3%$!+O-%IK!'*!L%!&!)%$O!&2'()%!+%+L%$!*K!'G%!#$%&'()%!#*++*,-!2*++5,('O

>C U!2*,-(3%$!+O-%IK!&,!&2'()%!+%+L%$!*K!'G%!#$%&'()%!#*++*,-!2*++5,('O4!L5'!U!&+!,*'!&-!&2'()%!

&-!-*+%!*'G%$-:C U!*22&-(*,&IIO!.&$'(2(.&'%!(,!3(-25--(*,-4!&2'()('(%-!*$!%)%,'-!&--*2(&'%3!B('G!#$%&'()%!#*++*,-4!L5'!U!3*!,*'!2*,-(3%$!+O-%IK!&!+%+L%$!*K!'G%!#$%&'()%!#*++*,-!2*++5,('O

!"#$%$%&'()%*)++",*$-. /6A

R U !"#$%$%& ()*%+*,,"-+$./0 9=<4@ !.=. V-.2E5



R8U'!"#$%$%&'()*%+*,,"-+$./0'9=<4@'!.=.'V-.2E5'

JG%!K*II*B(,D!.&D%-!2*,'&(,!3&'&!D$&.G-!.$*352%3!K*$!'G(-!-'53O!'G&'!&$%!

$%.$*352%3!*$!$%K%$%,2%3!(,!'G%!,&$$&'()%!*K!'G%!F%.*$'C



Appendix 5.6

Defining Noncommercial

Data Graphs

September 2009

This Appendix is published under the Creative Commons Attribution 3.0Unported license http://creativecommons.org/licenses/by/3.0/

Phase 2 – Content Creators



Completed Surveys (Male): 511 (51%) Completed Surveys (Female): 489 (49%)

Male 48% Female 52%

Defining Noncommerical Appendix 5.6 – 2

Phase 3 – Content Users



Male 49% Female 51%

Completed Surveys (Male): 533 (53%) Completed Surveys (Female): 472 (47%)




• Over 8 in 10 content creators and users are amateurs

Profile of U.S. Content Creators and Users



Q: Do you generally consider yourself an amateur or professional [creator/user of content]?

n=1006

Base: All Respondents

Over 8 in 10 content creators and users are amateurs

n=1000


U.S. ContentCreators

U.S. ContentUsers


• While creators create many categories of works users categorize more than half of




While creators create many categories of works, users categorize more than half of the works they use as either “entertainment” or “music”


n=1006

Q: If you were to categorize your works / the works you find online that you access, share or use, which one of thefollowing categories would best describe the majority of them?


n=1000


U.S. ContentUsers


• Over 8 in 10 creators have shared their works online

Sample Characteristics and Profile of U.S. Content Creators



Over 8 in 10 creators have shared their works online

Q: Have you shared any of the following works online?

n=1000


Photos are the most common type of content shared online (notwithstanding

web-native content)

Non-Web Native Content Types


• Game-makers and podcasters share online most frequently




Game makers and podcasters share online most frequently

n varies (38 to 597)

Base: Share works online

Q: Approximately how often do you share each type of work online?


• Email and social networking sites are the most common ways creators share

Content Types and Sharing Works Online



g ytheir works online

n=824


Q: When you share your works online, how do you typically do that?

Mean Number of Ways

Creators Share Online: 2.8

Those who share works online in multiple ways tend to be younger (18-29); make podcasts, mash-ups and ratings/reviews; have copyrighted

materials and to make money from the works they create


• 9 in 10 users who create works share the works they create online, most via

Sample Characteristics and Profile of Users



y ,email or on social networking sites

Q: How, if at all, do you share online the works that you create?

n=440

Base: Creators

n=396

Base: Creators who share works online


• 6 in 10 creators “always” or “usually” control who can access the content they




y y yshare online

Q: Which of the following best describes how, if at all, you control who can access your works when you sharethem online?

n=824


4 in 10 “usually” or “always” share their content with anyone online


• Photos are the most common type of work accessed, shared or used by




yp ycontent users

Q: In the last 12 months, which of the following typesof online content have you accessed, shared or used?

Q: If you were to categorize the works you find online thatyou access, share or use, which one of the followingcategories would best describe the majority of them?

n=1006


Most users classify their works asEntertainment or Music


• Over 8 in 10 content users access content online, while only 1 in 10 make




ynew works by incorporating, mixing or changing another work

Q: In the last 12 months, have you used any online content in any of the following ways? Select all that apply.

n=1006


Average Number of Ways Users Access,

Share or Use Works

2.8

Those who use content in more ways aremore likely to be 18-29 year-olds, males,creators of mash-ups, professionals, earn

money from uses of others’ works, arecreators and users equally


• Photos are the most common type of work created by content users




Q: In the last 12 months, have you created any of thefollowing types of works or content using contentcreated by someone else?

Q: If you were to categorize your works, which oneof the following categories would best describe themajority of them?

n=1006


Most users classify the worksthey create as Entertainment,

Music or Visual Art


• Only 1 in 5 creators say they have copyrighted works or have been involved

Revenues and Licensing of Works



in licensing copyrighted works

Q: Are any of the works you created in the last 12months copyrighted?

Q: Have you ever been involved with licensing copyrightedworks?

n=1000



• Nearly 8 in 10 content users say none of the works they use are copyrighted




or are “not sure”

Q: Are any of the works you used in the last 12 monthscopyrighted?

n=1006


Q: Have you ever been involved with licensingcopyrighted works? Select the one answer that bestdescribes your experience?

Few have ever beeninvolved in licensingcopyrighted works

Younger users (18-29), and those who usepodcasts, remixes/mash-ups are more likely to

believe the works they use are copyrighted


• 8 in 10 creators and users say they have not been involved with licensing




copyrighted works or content

Q: Have you ever been involved with licensing copyrighted works or content?


U.S. Content Creators (n=1000)

U.S. Content Users (n=1006)


• Only 17% of creators license the works they share online




n=824


Q: Do you ever license the works that you share online? If so, how do you license these works?

n=140

Base: Licensed a work shared online

Among those who license the works they share online, 4 in 10 have usedfree public licenses and/or custom licenses

2 in 10 use astandard

license, a lawyer and/or a licenseprovided by a

licensee


• Nearly 7 in 10 content users are aware of how the copyrighted works they




use are licensed

Q: How have the copyrighted works of others that you have used been licensed? Select all that apply

n=162

Base: Used copyrighted works and aware of licensing

n=235

Base: Used copyrighted works


• Most creators are not familiar with open source principles




Q: Which of the following best describes your familiarity with and attitude toward the principles of “open source” – that is, the principles associated with the open source software movement?

n=1000


Those familiar tend to either embrace the

principles or haveno opinion

Those who embrace open source principles tend to be younger (18-29)professionals, to share online, and to have copyrighted materials




• Most of the works (86%) do not earn the users any money




Q: Thinking of all your uses of others’ works as 100%,approximately what percent of these uses generate revenue – that is, what percent of the uses you make of other’s worksearn you money?

n=1006


Q: You indicated that some or all of the uses you make of others' works generate revenue. How do you earn moneyfrom these uses of others' works?

n=284

Base: At least 1% of works generate revenue


• Only 14% of works created or used earn any revenue




Q: What percent of your works earn you money? / What percent of the uses you make of others’ works earn youmoney?

n=1006


n=1000



U.S. ContentUsers


• Among those who earn money, creators earn an average of $12.6K annuallyf th i k f $19 6K f th ’ k




from their own works, users an average of $19.6K from others’ works

n=211

Base: At least 1% of works generate revenue,

excluding those who "prefer not to answer"

Q: Approximately how much money do you earn from works on an annual basis, whether directly, indirectly or acombination of both?

n=281



Average Amount Earned Annually Among

those who Earn Money from the Worksthey Create/Use

$12.6K $19.6K


U.S. ContentUsers


• Creators who earn money from their works typically earn less than $500 a year




n=281



Q: Approximately how much money do you earn from your works on an annual basis, whether directly, indirectlyor a combination of both?

Mean Amount Earned by Creators Annually from their Works:

$12.6K

A small percentage (13%)earn $25,000 or more

Higher earners tend to be

younger (18-29) and makevideos, songs/music, mash-

ups and games


• Users who earn money from their works typically earn less than $500 a year




n=211



Q: Approximately how much money do you earn from the works on an annual basis, whether directly, indirectlyor a combination of both?

Average Amount Earned Annually Among those who Earn Money fromthe Works they Use

$19.6K

A small percentage (14%)earn $25,000 or more


• Most content users are not “exclusively” users of content




n=1006


Q: Would you use any of these terms to help describe your involvement with the content you use and/or create?Select all that apply

Q: Thinking of all the works you find online that youaccess, share or use, and all of the works that you create--do you consider yourself:

Some consider themselves “Samplers” or “Contributors” of content


• Over 4 in 10 content users are also creators of content




n=1006


Those who create content are more likely to be18-29 year-olds, males, professionals, earn

money from uses of others’ works


• Creators are most likely to categorize the works they create as “entertainment”and “visual art”; users are most likely to categorize the works they create as




and visual art ; users are most likely to categorize the works they create as“entertainment”, “music” or “visual art”

Base: Creators

n=440

Q: If you were to categorize the works you create, which one of the following categories would best describe themajority of them?


n=1000


U.S. ContentUsers


• Users are very supportive of giving attribution to the creators of the works they use




Q: Which of the following best describes when, if ever,you give attribution or credit to the original creators of the content you remix, incorporate and/or alter?

n=670

Base: Shared or reused content

Q: Do you think users should give attribution or credit tothe original creator when they share or use another'swork?

n=183

Base: Remixers, Incorporators, Alterers of content


• The vast majority of creators define “commercial use” as a use where money

is made

General Beliefs and Unaided Definitions



is made

n=741

Base: Can define difference between commercial

and noncommercial

Verbatim or ‘”open-ended” responseswere coded to quantify how creators

define the difference between commercialand noncommercial use..

*Excludes respondents who gave invalid responses


• Far fewer creators provide a definition for “noncommercial use;” those who didusually cite uses by individuals to be noncommercial




n=741*


and noncommercial

usually cite uses by individuals to be noncommercial

It is not clear whether respondents did not provide adefinition of noncommercial use because they could

not define it, whether they felt the definition wasexplicit in their definition of commercial use (as

suggested on the previous slide), or for some other reason.



• Half of users provide a definition for commercial use only; 4 in 10 give a definitionfor both commercial and noncommercial use




for both commercial and noncommercial use

Q: We would like to know how you would define the difference between a “commercial use” of someone’s workand a “noncommercial use” of someone’s work. Please type your definition in the space provided.

n=741*


and noncommercial use

*Excludes respondents who gave either invalid responses or

miscellaneous answers

Only 5% give a definition of noncommercial use only


• Among those users who provide a definition for “commercial use,” over 7 in 10define it as a use where money is made




define it as a use where money is made

n=781*



Verbatim or ‘”open-ended” responseswere coded to quantify how users

define the difference betweencommercial and noncommercial use.




• Among those who provide a definition for “noncommercial use,” one-third of content users consider uses by individuals to be noncommercial




n=781*



content users consider uses by individuals to be noncommercial

It is not clear whether respondents did not provide adefinition of noncommercial use because they could

not define it, whether they felt the definition wasexplicit in their definition of commercial use (assuggested on the previous slide), or for another

reason.




• More than 7 in 10 creators and users believe they can define the differencebetween commercial and noncommercial use

Unaided Definitions and Reactions to the CC NC Term



between commercial and noncommercial use

n=1006


Q: We would like to know how you would define the difference between a “commercial use” of your/someone’swork and a “noncommercial use” of your/someone’s work. Please type your definition in the space provided.

n=1000


Can define differencebetween commercial useand noncommercial use

Cannot define difference


U.S. ContentUsers


• Both creators and users define “commercial use” as a use where money is made





and noncommercial

U.S. Content Creators (n=741*)

U.S. Content Users (n=781*)

Responses to this open-ended question werecoded to quantify how respondents define thedifference between commercial use andnoncommercial use; responses given by 3%or more of responses are indicated.

Q: We would like to know how you would define the difference between a “commercial use” of your / someone’swork and a “noncommercial use” of your / someone’s work. Please type your definition in the space provided.



• Those who provide a definition for “noncommercial use” mention uses byindividuals and personal or private uses most often




p p



and noncommercial

U.S. Content Creators (n=741*)

U.S. Content Users (n=781*)

It is not clear whether respondents did not provide adefinition of noncommercial use because they couldnot define it, or because they felt the definition wasimplicit as the inverse of their definition of commercialuse, or because of some other reason

Users feel more strongly than creators that uses by individualsand/or those for fun/leisure are noncommercial



• More than 7 in 10 creators and users believe other people understand thedifference between commercial use and noncommercial use in the same way




ythey do

n=807


and noncommercial

Q: Do you think other people understand the difference between commercial use and noncommercial use in thesame way you do?


U.S. ContentUsers

n=775


and noncommercial

Yes

No

Not sure


• Most creators are unaware whether a law exists that defines the differencebetween commercial and noncommercial use




n=775


and noncommercial

Q: Are you aware of any law that defines a differencebetween commercial use and noncommercial use?

Among those who believe a law

exists:

• “Copyright law” is cited most often

• “Fair use” is mentioned by some

• “Universal Commercial Code” is

referenced by a few

Q: Please describe, in your own words, the law thatdefines commercial use and noncommercial use.

Less than one-thirdbelieve there is a law;

37% “are not sure”


• Most users are unaware whether a law exists that defines the differencebetween commercial and noncommercial use




n=807



Q: Are you aware of any law that defines a differencebetween commercial use and noncommercial use?

One-third believe there isa law; 36% “are not sure”

Among those who believe a law

exists:

• “Copyright law” is cited most often

• “Fair use” is mentioned second mostoften (by far fewer users)

• Other laws, such as “UniversalCommercial Code” or “Patent law”

are mentioned by even fewer users

Q: Please describe, in your own words, the law thatdefines commercial use and noncommercial use.


• Less than 1 in 10 content creators or users have any formal legal training




Q: Are you a lawyer or have you had any formal legal training?

n=1006


n=1000



U.S. ContentUsers


• Creators and users are similarly divided as to awareness of any law thatdefines a difference between commercial use and noncommercial use




n=807


and noncommercial

Q: Are you aware of any law that defines a difference between commercial use and noncommercial use?

n=775


and noncommercial

Yes

No

Not sure


U.S. ContentUsers


Ratings of Commercial Use by Creators and Users(Gatekeeping Exercise)• Many gatekeeper factors are hard to classify as commercial or noncommercial



Definitely a Commercial Use Definitely a Noncommercial Use Can’t Say

Definitely a Commercial Use Definitely a Noncommercial Use Can’t Say

Content Creators (n varies: 491 to 515)

Content Users (n varies: 494 to 514)

Difference between creators and users - for specific answer choice - is statistically significant at a 95% confidence level Base: Randomly selected to rate statements


Initial Anchor Point Ratings by Creators and Users

• The diagram below illustrates differences in mean scores and confidenceintervals across the 5 anchor points



Definitely aNoncommercial Use

Definitely aCommercial Use

Mean

95% confidence interval

Creators Users

Base: Assigned to question and responding

The user would make money from the use of your work / You would make money from theuse of the work (M) !

Your work would be used online andadvertisements would appear around or inconnection with it / You would use the workonline and advertisements would appear around or in connection with (A) it

Your work would be used by an

organization / You would use the work onbehalf of an organization (O) !

Your work would be used for a charitable purposeor to promote a social or public good / You would

use the work for a charitable purpose or topromote a social or public good (C) !

Your work would be used by an individual / You would use the work as an individual (I) !

! Statistically significant at the 0.05 level

n=877

n=869

n=840

N=825

N=649

n=720

N=620

N=738

N=800

N=771


Ratings of Commercial Use by Creators and Users: Scenarios Relatedto Uses by Individual• Specific uses by individuals are considered less commercial if they are by

amateurs or personal/private





Professional, makes money from use

The user would be a competitor

Professional, does not make money from use !

Shared on a unrestricted access website !

Shared on a restricted access website

Shared on a special access website

Amateur, does not make money from use !

Private use at home/with friends !


Mean


Creators Users

n=287

n=293

n=237

n=256

n=267

n=272

n=245

n=275

n=238

n=257

n=253

n=279

n=260

n=281

n=267

n=292



Anchor Point I

• Content creators who make money rate uses in which their work is sharedonline more commercial

Results of Anchor Point Exercise



n=338


40.2

a

a

A c

A

A

a

a, b, or c (lowercase): Statistically significant at 80%

A, B, or C (uppercase): Statistically significant at 95%

Private/personal uses by individuals arenot perceived as noncommercial by

those who make money compared tothose who do not make money.

Creators of games rate this use more commercial than creators of other

content types.

Ratings are otherwise similar across other subgroups (data not shown)


• Content creators who make money from their works rate uses by individualswho are professionals less commercial

Results of Anchor Point Exercise Anchor Point I



n=338


40.2

b C

C

C

c

c

A C

A

A



However they rate more commercial uses inwhich their works are shared online


• Content users who earn money from the use of others’ works rate uses byindividuals who are professionals less commercial




23.8

However they are in general agreement with users who do not earnmoney for uses by competitors, by professionals who do not earn

money directly and uses on websites that restrict access

: Statistically significant at 80%


n=331


In addition to those who do not earn money, older users consider uses by individuals to be more commercial


• There are several scenarios involving individuals that content users whoearn money rate more commercial




Private/personal uses by individuals are rated more commercial by those who earnmoney along with uses by amateurs who do not earn a living from the activity

23.8



n=331



Ratings of Commercial Use by Creators and Users: Scenarios Relatedto Uses Involving Money• Specific uses that earn the user money are rated less commercial if revenues

support cost recovery or nonprofit organizations





Copy sold for profit

Intent to make money from copy

Something including the work sold for profit

Entire work/heart of work used for profit

Considerably changed/altered version sold for profit

Small part of work used for profit

Entire work used for self-promotion

For-profit company sells to cover distribution costs !

For-profit company donates all money to not-for-profit !

Not-for-profit sells for endowment fund !

Not-for-profit sells to cover distribution & operating costs !

Not-for-profit sells to cover distribution costs !


Mean


Creators Usersn=431

n=435

n=434n=437

n=433n=435

n=435n=436

n=421n=419

n=432n=427

n=429n=427

n=422n=421

n=419n=422

n=422n=418

n=420n=420

n=416n=414



• Content creators who make more money from their works rate uses less commercial

Results of Anchor Point Exercise Anchor Point M



n=491


89.4B

C

b C

c c

ccc




• Uses are generally perceived less commercial by those content users whoearn money from the use of others’ works

Results of Anchor Point Exercise Anchor Point M



91.7

n=495

Base: Assigned to question and responding All points are statistically significant at 95%

In addition to those who do not earn money, those who use videos consider uses that involve earning money to be more commercial


Ratings of Commercial Use by Creators and Users: Scenarios Relatedto Uses Involving Advertisements• Specific uses involving online advertising are also rated less commercial if

revenues support cost recovery or nonprofit organizations





Work would advertise product for sale

Work on splog/"zombie" website

Work on webpage supported by ads, user profits from ads

Work on aggregator website

Work on webpage, ad profits cover hosting costs !

For-profit company use on its website, donates ad profits to not-for-profit !

Not-for-profit use on its website, ad profits cover operating costs !

Not-for-profit use on its website, ad profits cover hosting costs !

Work on webpage supported by ads, no profit !


Mean


Creators Users n=449

n=451

n=436

n=440

n=444

n=453

n=428

n=438

n=433

n=445

n=438

n=431

n=445

n=432

n=438

n=439

n=421

n=431



• Uses involving advertising are generally rated less commercial by creatorswho make more money from their works

Results of Anchor Point Exercise Anchor Point A



n=509


84.6

b CB C b C

Cb c

C

Cc

c



Uses related to online advertising are rated more commercial by creators who are older and have no legal experience. Creators of gamesgenerally rate scenarios less commercial; ratings are otherwise similar across other subgroups (data not shown)


• Content creators who make more money from their works rate uses less commercial




n=509


84.6

C

C C

C

c

C




• Uses involving advertising are generally rated less commercial by users whoearn money from the use of others’ works




n=511


82.6

In addition to those who do not earn money, older users and those who use videos consider uses that involve online advertising to be more commercial


• Content users who earn money from the use of others’ works rate usesless commercial




n=511


82.6


Ratings of Commercial Use by Creators and Users: Scenarios Relatedto Uses by Organization• Specific uses by organizations are commercial if the organization is a for-profit

company





On behalf of a large for-profit company

Shared with entire for-profit cmpany

On behalf of a small for-profit company, not yet profitable

Shared with small group of for-profit company employees

Government/state-run entity!

Not-for-profit uses to sustain operations !

Not-for-profit uses for endowment fund !

Use for course materials by tuition-based school

Use for course materials by non-tuition school !


Mean


Creators Users n=270

n=301

n=269

n=295

n=268

n=294

n=267

n=294

n=246

n=272

n=264

n=283

n=267

n=281

n=261

n=280

n=263

n=280



• Key for specific scenarios for Anchor Point O: “Your work would be used byan organization”

Results of Anchor Point Exercise (Phase 2) Anchor Point O



• O.1: User is a small for-profit company, that has yet toturn a profit

• O.2: User is a large for-profit company

•

O.3: User is a for-profit company, and work is sharedwith a small group of employees

• O.4: User is a for-profit company, and work is sharedwith entire company

• O.5: Work is used for course materials in a school thatdoes not charge tuition

• O.6: Work is used for course materials in a school thatcharges tuition

• O.7: Work is used by a not-for-profit organization to raisemoney to sustain its operations

• O.8: Work is used by a not-for-profit organization to raisemoney for its endowment fund

• O.9: Work is used by the government or a state-runentity


O b h lf f f fit t fi d bj ti bl

Ratings of Commercial Use by Creators and Users: Scenarios Relatedto Uses with Charitable Purposes• Some uses for charitable purposes are rated less commercial but consensus

is lower





On-behalf of for-profit company, creator finds use objectionable

Private for-profit school use for fund-raising !

Government/state-run entity

For-profit company, distributes free educational materials,receives tax deduction !

On behalf of a for-profit, company, creator supports use !

For-profit company, distributes free educational materials,receives publicity !

On behalf of for-profit company for charitable purpose !

On-behalf of not-for-profit company, creator finds useobjectionable !

Public, not-for-profit school use for fund-raising !

Use on behalf of a not-for-profit, creator supports use !

On behalf of a not-for-profit !


Mean


Creators Users

n=274n=291

n=299n=288

n=281n=270

n=301n=288

n=288n=289

n=299 n=288

n=294n=284

n=254n=271

n=296n=284

n=287n=284

n=276n=283



Ratings of Commercial Use by Creators and Users (Anchor PointExercise)• Users generally agree with creators that most uses studied are commercial, except

personal or private uses by individuals and use by not-for-profit orgs




The user/you would make money from theuse of the work

The work would be used online andadvertisements would appear around it

The work would be used on behalf of an organization

The work would be used for a charitablepurpose/social good

Your work would be used by/youwould use the work as an individual


Mean95% confidence interval

Creators Users

1 10050

Specific Use Scenarios



• After rating specific use scenarios, most content creators (73%) still wouldnot change their definitions of commercial and noncommercial use

Changes to Definitions and Reactions to CC NC Term



Q: Would you change your definitions of commercial use and/or noncommercial use? Or would they stay the same?

n=775


and noncommercial


• After rating specific use scenarios, most content users (75%) still would notchange their definitions of commercial and noncommercial use

Changes in Definitions and Reactions to CC NC Term



Q: Would you change your definitions of commercial use and/or noncommercial use? Or would they stay the same?

n=807


and noncommercial


• Content creators who would change their definition are more likely to say thatuses by an individual are commercial




n=97

Base: Definition has changed

Other differences are not statistically

significant (.05)



• Content creators who would change their definition are also more likely to saythat uses by an organization are noncommercial




n=97


Other differences are not statisticallysignificant (.05)



• Content users who would change their definition are more likely to say thatuses by an organization or individual are commercial




n=72*


Q: How would you define the difference between commercial use and noncommercial use now? Please describe?





• When presented with the CC NC term, the vast majority of content creatorssay it is “essentially the same” or “compatible” with their definition




Q: What if “noncommercial use” meant any use that is not primarily intended for, or directed toward, commercialadvantage or private monetary compensation?

n=775


and noncommercial


• When presented with the CC NC term, the vast majority of content users sayit is “essentially the same” or “compatible” with their definition




Among those who believe their

definition is incompatible:

• The overwhelming majoritydefine commercial use as anymonetary exchange, and thusobject to use of the word“primarily”

• The term “intended” is criticized

as “too vague”

Q: You indicated that your definition of noncommercial use is different from andincompatible . Why? Please explain.

n=532*


and noncommercial

Q: What if “noncommercial use” meant any use that is notprimarily intended for, or directed toward, commercialadvantage or private monetary compensation?

n=57*

Base: Say definition is different and incompatible

*Respondents were re-contacted to collect data for the two questions

represented on this slide. 801 were re-contacted, 66% responded


• When presented with the language of the CC NC term, both creators andusers say it is “essentially the same as or “compatible with” their definition




n=775


and noncommercial

Q: What if “noncommercial use” meant any use that is not primarily intended for, or directed toward, commercialadvantage or private monetary compensation?

n=532*


and noncommercial

*Content Users were re-contacted to collect data for his slide. 801 were re-contacted, 66% responded

Essentially the same as your definition of noncommercial use

Different from but still compatiblewith your definition of

noncommercial use

Different from and incompatiblewith your definition of

noncommercial use

Don’t know/Not sure


U.S. ContentUsers


• Almost half of the CCFF Phase 2 (creator) sample are from the United States

CCFF-Only Questions



Q: Please select your legal jurisdiction.

n=3337



• Almost half of the CCFF Phase 3 (user) sample are from the United States

CCFF-Only Questions



Q: Please select your legal jurisdiction.

n=437



• CCFF content creators are much more likely to license the works they shareonline, and to use online, free public licenses




Q: Do you ever license the works that you share online? If so, how do you license these works?

Base: Licensed a work shared online


CCFF (n=2388)


U.S. Content Creators: n=824

CCFF: n =3230


• Like U.S. content creators, CCFF content creators are predominantlyamateurs and unlikely to have any formal legal training

Profile of Content Creators



Q: Do you generally consider yourself an amateur or professional creator?

Q: Are you a lawyer or have you had any formal legaltraining??



CCFF (n=3337)

23% say they are either both amateur and

professional, or neither




• 9 in 10 CCFF content users are aware of how the copyrighted works they useare licensed

CCFF-Only Questions



Q: How have the copyrighted works of others that you have used been licensed? Select all that apply

n=335

Base: Used copyrighted works and aware of licensing

n=360

Base: Used copyrighted works

Most are licensed under a standardlicense used by a creator


• CCFF creators are far more likely to “always” or “usually” share their workswith anyone online




Q: Which of the following best describes how, if at all, you control who can access your works when you share themonline?


U.S. Content Creators: n=824

CCFF: n =3230


• CCFF creators are far more likely to be familiar with and embrace open sourceprinciples

Profile of Content Creators



Q: Which of the following best describes your familiarity with and attitude toward the principles of “open source” – that is, the principles associated with the open source software movement?



CCFF (n=3337)


• Virtually all CCFF creators can define a difference between commercial andnoncommercial use

Comparison of Definitions to CCFF



Q: We would like to know how you would define the difference between a “commercial use” of your work and a“noncommercial use” of your work. Please type your definition in the space provided.

U.S. Content Creators


n=1000

CCFF

Base: Randomly Selected Sample

N=534


U.S. Content Users

CCFF

• Virtually all CCFF content users provided a definition for the differencebetween commercial and noncommercial use




Q: We would like to know how you would define the difference between a “commercial use” of your work and a“noncommercial use” of your work. Please type your definition in the space provided.

U.S. Content Users


n=1006

CCFF

n=437


U.S. Content Users

CCFF



• Ratings of CCFF content users and U.S. content users are similar for allscenarios in which the user would make money






CCFF (n=226)

Means on 100-Point Scale

However CCFF tend to rate less commercial uses where money is earned

for cost recovery or a nonprofit


• Uses involving online advertising are rated less commercial by CCFF creators,particularly if funds support cost recovery or a nonprofit






CCFF (n=1660)


Splogs, however, are rated more commercial by CCFF


• Uses involving online advertising are rated less commercial by CCFF contentusers, particularly if funds support cost recovery or a nonprofit






CCFF (n=211)



• Uses by organizations are rated less commercial by CCFF content creatorsif money is earned for cost recovery or a nonprofit






CCFF (n=1120)


CCFF and U.S. Content Creators rateequally commercial uses by for-profit

companies


• Uses by organizations are rated less commercial by CCFF content users if money is earned for an educational, nonprofit or governmental organization






CCFF (n=144)



• CCFF content creators rate uses by individuals less commercial – unless the user is a professional who earns money






CCFF (n=1109)


CCFF rates less commercial thepublic sharing of works online


• CCFF content users rate uses by individuals less commercial – unless theuser is a professional who earns money






CCFF (n=149)





• BY-NC-SA is the most common of the CC NC licenses

Q: Which, if any, of the following Creative Commons licenses have been associated with the works you haveaccessed, shared or used?

CCFF-Only Questions (Phase 3 Users)



n=267

Base: Have used CC licensed works


• Many CC NC license users believe the licenses are legally enforceable andhelp them control who makes money from their works

CCFF-Only Questions (Phase 2 Creators)



Q: Why did you choose to license your work for noncommercial use?

n=934

Base: Have used CC NC license


• CCFF content users who use CC NC licensed works seem to respectcreators’ rights and believe the licenses are legally enforceable

CCFF-Only Questions



Q: You indicated that you have accessed, shared or used works licensed with a Creative Commons license that includes the“noncommercial” or “NC” term. Below is a list of statements about Creative Commons, the noncommercial license or your use of others’works. Do you generally agree or disagree with each of the following statements?

N=193

Base: Have used CC NC licensed works


• CCFF content creators are primarily concerned that licensees do not share asimilar understanding of, or do not respect, the NC term

CCFF-Only Questions



Q: As a licensor, do you have any dissatisfaction with or concerns about the Creative Commons Noncommercial licenses?

n=934


24% have no concerns withthe CC NC licenses


• CCFF content users are primarily concerned that licensors do not share a similar understanding of the term, or that the term is not defined clearly or in enough detail

CCFF-Only Questions



Q: As a licensee, do you have any dissatisfaction with or concerns about the Creative Commons Noncommercial licenses?

n=193


27% have no concerns withthe CC NC licenses


• Exactly half of CCFF creators say they have been contacted by a licensee tosee if a use would be acceptable

CCFF-Only Questions



Q: Have you ever been contacted by someone who wanted to know if a certain use of one of your CC-NC-licensed workswould be acceptable to you?

n=934





• CCFF content creators are divided on whether they would support an effort topotentially refine or redefine the CC NC term

CCFF-Only Questions



Q: Would you support an effort to potentially refine or redefine the CC-NC term?

n=3337


It is not clear whether respondents understood

distinction between“necessary” and “desirable”


• Almost half would support an effort to potentially change to refine or redefinethe CC NC term, while more than one-third indicated change was notnecessary or desirable

CCFF-Only Questions



Q: Would you support an effort to potentially refine or redefine the CC-NC term?

n=437


It is not clear whether respondents drew adistinction between “necessary” and “desirable”


• 79% of respondents from the CCFF content creators survey say they are not members of the Creative Commons community

CCFF-Only Questions



Q: Which of the following best describes your involvement, if any, in the “Creative Commons community”?

n=3337


Just 13% of the sampleconsider themselves “active

members”


• 70% of respondents from the CCFF content users survey do not identifythemselves as members of the Creative Commons community

CCFF-Only Questions



Q: Which of the following best describes your involvement, if any, in the “Creative Commons community”?

n=437


Just 20% of the sample consider themselves “active members”




• Creators rate uses “definitely commercial” if money is made from the sale or copy of a work or from online advertising

Results of Gatekeeping Exercise




Base: Randomly selected to rate statements

Q: For each statement, please indicate whether you think the statement means the proposed use would be definitelya commercial use or definitely a noncommercial use.

Money made from advertising shown inconnection with a work is considered as

commercial as money made directly froma sale or copy of a work




• For uses involving advertising, there is greater consensus among creatorsaround those rated more commercial, less consensus around those ratedless commercial




n=509


Higher standard deviation indicates lower consensus among respondents

Lower standard deviationindicates higher consensus

Key provided on following slide




• Users rate uses “definitely commercial” if money is made from the sale or copy of a work or from online advertising

Results of Gatekeeping Exercise




Base: Randomly selected to rate statements

Q: For each statement, please indicate whether you think the statement means the proposed use would be definitelya commercial use or definitely a noncommercial use.


• Uses that make money for the user or where the work is used in connection withonline advertising are considered commercial by content users

Results of Anchor Point Exercise



Q: Enter a number on a scale of 100 to 1, where 100 means you think the proposed use would be “Definitely ACommercial Use” and 1 means you think the proposed use would be “Definitely A Noncommercial Use”.

n=1006



Uses by an individual are ratedmore noncommercial thanother anchor points


• There is greater consensus among content users around studied uses ratedmore commercial, less consensus around those rated less commercial




n=511


Higher standard deviation indicates lower consensus among respondents

Lower standard deviationindicates higher consensus

Key provided on following slide


• Key for specific scenarios for Anchor Point A: “You would use the work onlineand advertisements would appear around or in connection with it”

Results of Anchor Point Exercise (Phase 3) Anchor Point A



• A.1: Work is used on a blog/webpage supported by ads,you would not make any money

• A.2: Work is used on blog/webpage with ads, you wouldmake money from ad to cover hosting costs

• A.3: Work is used on blog/webpage with ads, you profitfrom ads

• A.4: Work is used on a splog or “zombie” website

• A.5: Work is posted on aggregator website (e.g.,YouTube, MySpace)

• A.6: Not-for-profit organization uses work on its site,organization makes enough money from ads to cover hosting costs

• A.7: Not-for-profit organization uses work on its site,

organization makes enough money from ads to cover operating costs

• A.8: For-profit company uses work on its site, donatesmoney it makes from ads to not-for-profit organization

• A.9: You would use the work to advertise another product for sale


• For uses involving organizations, content creators who do not earn money ratesome uses by for-profit companies higher than those who do earn money

b Continued

Results of Anchor Point Exercise Anchor Point O



n=326


61.3

b



Continued…

Those with legal experience generally rate uses less commercial than those with no legalexperience; creators of photos rate many of these scenarios more commercial, while

creators of images and videos rate them less commercial (data not shown)


• There is some indication that uses by not-for-profit organizations are viewedas less commercial among content creators who make more money fromtheir works (differences are not statistically significant)

Results of Anchor Point Exercise Anchor Point O



n=326


61.3



Ratings are otherwise similar across other subgroups (data not shown)


• Content creators who do not make money rate uses by for-profit companiesthey find objectionable more commercial

Results of Anchor Point Exercise Anchor Point C



n=336


34.1

b C

c



Continued…

Uses for charitable purposes are generally rated more commercial by older creators;ratings are otherwise similar across other subgroups (data not shown)


• Content creators who do not make money also rate uses by nonprofitcompanies they find objectionable more commercial

Results of Anchor Point Exercise Anchor Point C



34.1

b

creative commons non-commercial report

Documents