TC 3 Yf
TC 3 Yf
kI^TRXUXRPaX]\`
IaWX^ |i-} J9/M<~-0H |i-} J9/M<~-0H J9/M<~.0H J9/M<~.0H J9/M<~/0H J9/M<~/0H
yxxuz|xA.0 yxxuz|xA.0 yxxuz|xA.0
LaiXd egbb^j yzuz|A10 yzuz|A10 yzuz|A10
}xw~x5a }xw~x5a }xw~x5a
@^^aiTU^X ha^fTZX dT`ZX ,x [V yyxp VM YH[LK ]VS[HNL
LaiXd Va`eg_bf\a` +B |A. +B |A. +B |A.
C\eb^Tj _Xf[aW * >LNTLU[ 821 KPZWSH`r=LKs
G`W\VTf\a` dT`ZX :?0 - u|xvx [V ,,v,cr|x [V zyzgst =?1 - u,,v, [V ,,v,cruy|+ [V zyzgs
C\eb^Tj TVVgdTVj F<A bxv}p VY byc 9H_vG YKN byKPNP[
NT_b^\`Z bXd\aW xv}ZLJ
G`bgf eX`ead |i.} :?0 - ?OLYTPZ[VYt =?1 - 1<[ yxxk
G`bgf ^\`X dXe\efT`VX ?VSLYHUJL SPUL YLZPZ[HUJL PZ TH_v }k
Ba`fda^ _Xf[aW ;:w;33 JVU[YVSr.KQ\Z[TLU[ ZLUZP[P]P[` xv} [V }vxct z [V }xg ]HYPHISLs
0VTWYLZZVYrz}xA.0 }. yHs
0VTWYLZZVYrz}xA.0 }. yHs
Ba`fda^ agfbgf 0VTWYLZZVYrz}xA.0 }. yHs 1LMYVZ[ V\[W\[rz}xA.0 yx. yHs
1LMYVZ[ V\[W\[rz}xA.0 yx. yHs
2]HWVYH[PVUuMHU V\[W\[rz}xA.0 }. yHs
IX_adj bdafXVf\a` .WWYV_v yx `LHYZrBOLU \ZPUN UVUu]VSH[PSL ZLTPJVUK\J[VY TLTVY`s
G`eg^Tf\a` dXe\efT`VX 9PUv yxx9krH[ }xxA10 TLNNLYs
C\X^XVfd\V efdX`Zf[ zxxxA.0 ~x5a MVY y TPU\[LrIL[^LLU HSS L_[LYUHS [LYTPUHS HUK JHZLs
Ja\eX efdX`Zf[ bzRA =uWOHZL HUK >uWOHZLrW\SZL ^PK[O - yjs
BKIL 9LJOHUPJHS - 9PUv zxtxxxtxxx [PTLZt 2SLJ[YPJHS - 9PUv }xtxxx [PTLZrz}xA.0 }. YLZPZ[P]L SVHKs
MX^Tj
CDE 9LJOHUPJHS - 9PUv zxtxxxtxxx [PTLZt 2SLJ[YPJHS - 9PUv yxxtxxx [PTLZrz}xA.0 yx. YLZPZ[P]L SVHKs
^\YX VjV^X
E@J 9LJOHUPJHS - 9PUv zxtxxxtxxx [PTLZt 2SLJ[YPJHS - 9PUv }xtxxx [PTLZrz}xA.0 }. YLZPZ[P]L SVHKs
IXV[T`\VT^ xv*}TT HTWSP[\KL H[ MYLX\LUJ` VM yx [V }}5a PU LHJO VM Ct Dt E KPYLJ[PVUZ MVY z OV\YZ
Q\UdTf\a`
D^XVfd\VT^ xv}TT HTWSP[\KL H[ MYLX\LUJ` VM yx [V }}5a PU LHJO VM Ct Dt E KPYLJ[PVUZ MVY yx TPU\[LZ
@_U\X`f fX_bXdTfgdX uyx [V }xcrH[ UVUuMYLLaPUN Z[H[\Zs
NfadTZX fX_bXdTfgdX uzx [V ~xcrH[ UVUuMYLLaPUN Z[H[\Zs
@_U\X`f [g_\W\fj {} [V +}p=5
P`\f iX\Z[f .WWYV_v y|{N
d|i-} ?OLYL PZ UV KLMYVZ[ M\UJ[PVU |i.} =?1r<? yxxks [`WL PZ J\Z[VTPaHISLv
F265<
<_TTgX\V+:TU_]`a JT[^T_Pab_T 9]\a_]ZZT_
k9]\\TRaX]\` |7}
FW]a]
E@J KPO? CDE KPO? BKIL KPO? TZTRa_XR
7:5Q@B :@ 7:5Q@B 65@ 7:5Q@B :@ `T\`]_
k:X[T\`X]\` |<}
mLT`X^ Vgf2agf H]aP_f
T\R]ST_
=< I\`3 >6
|=}
<7 < << 9]\\TRa]_+
I]RYTa
863: 053:
5
I\`3 95
J9/M<
|>}
JT[^*
;= 053<
8;
85
C: 5 R]\a_]ZZT_
F265=
J9/M<
k<Z]d RWP_a U]_ `TaaX\V V_]b^ -
HKD []ST
IC s s s s
d6U =@: TVKLt PM IC RL` PZ WYLZZLK MVY } ZLJvt P[ LU[LYZ PU[V ZL[[PUN NYV\W zv
d WHYHTL[LY PZ KPZWSH`LK ^OLU LU[LYPUN PU[V ZL[[PUN NYV\W zv
d<YLZZ IC RL` K\YPUN ZL[[PUN VWLYH[PVU [V ZH]L [OL JOHUNLK ZL[[PUN ]HS\L HUK KPZWSH` UL_[ WHYHTL[LYv
d<YLZZ IC RL` MVY { ZLJv K\YPUN ZL[[PUN VWLYH[PVUt P[ YL[\YUZ [V =@: TVKLv
F265>
<_TTgX\V+:TU_]`a JT[^T_Pab_T 9]\a_]ZZT_
k<b\RaX]\ P\S ]^T_PaX]\ |7}
FW]a]
j>f`aT_T`X` N O TZTRa_XR
`T\`]_
m6[ L_LJ\[LZ ;:w;33 JVU[YVS HUK JVU[YVSZ JVTWYLZZVY V\[W\[v |8}
m?OL JVTWYLZZVY JHU IL KHTHNLK I` MYLX\LU[ ;:w;33 J`JSL H[ ZL[[PUN ]HS\Lv ?OLYLMVYL P[ JHU LZ[HISPZO <XQT_
]^aXR
5`Z[LYLZPZ IL[^LLU HJ[P]H[PVU [LTWLYH[\YL HUK KLHJ[P]H[PVU [LTWLYH[\YL [V WYL]LU[ [OL JVTWYLZZVYv `T\`]_
2Cs6M ?0{D3 PZ LZ[HISPZOLK HZ ZL[[PUN [LTWLYH[\YLr s HZ uzxct O`Z[LYLZPZr s HZ yvxt [OL JVTWYLZZVY |9}
:]]_+7_TP
V\[W\[ PZ ;: ^OLU P[ PZ YLHJOLK uy,c HUK P[ PZ ;33 ^OLU P[ PZ YLHJOLK uzycv `T\`]_
d6U ;:w;33 JVU[YVSt [OL [LTWLYH[\YL PZ SV^LY [OHU >At [OL V\[W\[ PZ ;33 HUK P[ PZ ;: ^OLU P[ PZ OPNOLY
|:}
HUK P[ PZ HSZV KLZPNUH[LK HZ K\HS WVZP[PVU JVU[YVSv F_]eX[Xaf
`T\`]_
d?OL ZL[[PUN YHUNL VM O`Z[LYLZPZ PZ xv} [V yxvxcrz [V }xgsv
j?\^ba R]__TRaX]\ N O |;}
F_T``b_T
6[ JVYYLJ[Z HU LYYVY NLULYH[LK I` [LTWLYH[\YL ZLUZVY PUW\[[LK MYVT L_[LYUHSv `T\`]_
2_sBOLU YVVT [LTWLYH[\YL PZ uy+ct [OL KPZWSH` [LTWLYH[\YL VM [LTWLYH[\YL JVU[YVSSLY PZ uzxct ZL[ [OL
PUW\[ JVYYLJ[PVUr s ]HS\L HZ zvxt P[ PZ JVYYLJ[LK HZ uy+cv |<}
H]aP_f
d?OL ZL[[PUN YHUNL VM PUW\[ JVYYLJ[PVU PZ uyxvxc [V yxvxcv ruy+ [V y+gs T\R]ST_
j:TU_]`a |=}
BOLU JVTWYLZZVY PZ VWLYH[LK MVY H SVUN [PTLt [OL LMMPJPLUJ` PZ SV^LYLK I` [OL MYVZ[ L]HWVYH[VY HUK MYLLaLY 9]\\TRa]_+
I]RYTa
I\PS[ PUv . KLMYVZ[ KLZPNUH[LZ [V YLTV]L MYVZ[ HUK PJL HYV\UK [OL L]HWVYH[VYv
m5LH[PUN KLMYVZ[r.\[V KLMYVZ[s |>}
JT[^*
9V\U[ H OLH[LY UL_[ [V HU L]HWVYH[VY HUK VWLYH[L P[ ^P[O KLMYVZ[ PU[LY]HSF G HUK [PTLF G VM [LTWLYH[\YL R]\a_]ZZT_
dBOLU WYLZZPUN e RL` MVY { ZLJvt P[ YL[\YUZ [V H\[V KLMYVZ[v r?OL KLMYVZ[ PU[LY]HS Z[HY[Z HNHPU MYVT KLMYVZ[
V\[W\[ PZ ;33vs |A}
JX[T_
dBOLU KLMYVZ[ PU[LY]HS PZ ZL[ [V oxvxot P[ PZ VUS` VWLYH[LK HZ THU\HS KLMYVZ[v
dBOLU P[ \ZLK HZ THU\HS KLMYVZ[t JVTWYLZZVY V\[W\[ HUK L]HWVYH[PVUuMHU V\[W\[ HYL ;33 ^OLU [OL KLMYVZ[ |B}
FP\TZ
V\[W\[ PZ ;:v [TaT_
d?OL ZL[[PUN YHUNL VM KLMYVZ[ PU[LY]HSF G PZ x [V z| OV\YZ HUK KLMYVZ[ [PTLF G PZ x [V }, TPUv |C}
JPRW]+
j9]]ZX\V|9][^_T``]_} ]^T_PaX]\ I^TTS+
FbZ`T
?LTWLYH[\YL JVU[YVS - 7LLW [OL ZL[[PUN [LTWLYH[\YL I` YLWLH[PUN ;:w;33 VWLYH[PVU PU [OL YHUNL VM [TaT_
O`Z[LYLZPZv |D}
O[X WX^Tj O[X WX^Tj f\_X I\`\_g_ :X`^ZPf
@UahX kXda f\_X aY efTdf aY dX2abXdTf\a` KJ f\_X b\Xa
Baa^\`Z |E}
fX_bXdTfgdX IT\`]_
R]\a_]ZZT_
NQ u FjefXdXe\e
|F}
IdXaRWX\V
^]dT_
AX^ai kXda O\_X `b^^Zf
|i-} |i.}
KJ |G}
Ba_bdXeead IaT^^X\V
KEE []a]_ {
:_XcT_ {
d - ?OL V\[W\[ PZ UV[ VWLYH[LKt VUS` [OL MYVU[ 9ECF SHTW PZ MSHZOPUNv 9]\a_]ZZT_
zs1LSH` VM YLuVWLYH[PVU - 6[ KVLZ UV[ VWLYH[L ^P[OPU KLSH` [PTL VM YLuVWLYH[PVU HM[LY JVTWYLZZVY [\YULK |J}
F_]SbRaX]\
;33 [V WYL]LU[ MYLX\LU[ ;:w;33v ?OL ZL[[PUN YHUNL PZ xTyxZ [V ,T},Zv `a]^^PVT
[]STZ` {
d|i-}3VY KLSH` [PTL VM Z[HY[u\Wt JVTWYLZZVY V\[W\[ PZ ;33 L]LU ^OLU <A PZ SV^LY [OHU >Av _T^ZPRT[T\a
F2665
J9/M<
j:TU_]`a ]^T_PaX]\|>TPaX\V STU_]`a}
KbXdTf\a` fXd_ Baa^\`Z KbXdTf\a` fXd_
aY WXYdaefXd abXdTf\a` aY WXYdaefXd
CX^Tj aY Baa^\`Z CXYdaefXd CXYdaefXd Baa^\`Z
efTdf2gb abXdTf\a` abXdTf\a` abXdTf\a` abXdTf\a`
Baa^\`Z
.Ba_bdXeead/
CX^Tj aY CX^Tj aY
CXYdaef CXYdaef WXYdaef CXYdaef CXYdaef WXYdaef CXYdaef
\`fXdhT^ f\_X 2X`W \`fXdhT^ f\_X 2X`W \`fXdhT^ CXYdaef f\_X
CXYdaefXd
DhTbadTf\a`2YT`
CX^Tj aY CX^Tj aY CX^Tj aY
XhTbadTf\a`2YT` XhTbadTf\a`2YT` XhTbadTf\a`2YT`
DhTbadTf\a`2YT`
DhTbadTf\a`2YT`
DhTbadTf\a`2YT`
DhTbadTf\a`2YT`
LaiXd KJ d - ?OL KPZWSH` SHTW PZ VUS` MSHZOPUNv r?OL V\[W\[ PZ UV[ VWLYH[LKvs
m:TU_]`a X\aT_cPZ N O
6[ Z[HY[Z [V KLMYVZ[ MVY YLSL]HU[ PU[LY]HSv ?OL ZL[[PUN YHUNL PZ x [V z| OV\YZv
BOLU [OL KLMYVZ[ PU[LY]HS PZ ZL[ [V oxvxot P[ PZ VUS` VWLYH[LK HZ THU\HSv
m:TU_]`a aX[T N O
?OL KLMYVZ[LY rOLH[LYs PZ ;: K\YPUN KLMYVZ[ [PTLv ?OL ZL[[PUN YHUNL PZ xT [V },Tv
mJWT STZPf aX[T ]U STU_]`a~T\S + TcP^]_PaX]\~UP\ ]^T_PaX]\ N:_X^^X\V JX[T 6 O
ys?OL KLSH` [PTL VM KLMYVZ[uLUK - 6[ PZ [OL [PTL MVY KYHPUPUN YLTHPULK KYVWZv .M[LY [OL KLSH` [PTL PZ V]LYt
JVTWYLZZVY Z[HY[Z VWLYH[PUNv r?OL ZL[[PUN YHUNL - xTxxZ [V }T},Zs
zs?OL KLSH` [PTL VM L]HWVYH[PVUuMHU VWLYH[PVU - ?V PTWYV]L [OL LMMPJPLUJ` VM JVVSPUN Z`Z[LTt [OL VWLYH[PVU VM
L]HWVYH[PVU MHU PZ KLSH`LK \U[PS L]HWVYH[PVU WSH[L NL[Z MYVaLU HM[LY JVTWYLZZVY VWLYH[PUNv r?OL ZL[[PUN YHUNL
- xTxxZ [V }T},Zs
d?OL KLSH` [PTL VM KLMYVZ[uLUK HUK L]HWVYH[PVUuMHU VWLYH[PVU HYL HWWSPLK ^P[O VUL ZL[[PUN [PTLv r s
dBOLU [OL KLSH` [PTL VM KLMYVZ[uLUK PZ MPUPZOLKt KLMYVZ[ PZ KPZJVU[PU\LK HUK KLMYVZ[ PU[LY]HS PZ YLWLH[LKv
d?OL V\[W\[ SHTW PZ ;: ZPT\S[HULV\ZS` HM[LY [OL SHTW MSHZOPUN L]LY` VUL ZLJVUK K\YPUN [OL KLSH` [PTLv
j;cP^]_PaX]\ ]^T_PaX]\ []ST N O
m;WLYH[PVU TVKL yF G - 6[ VWLYH[LZ ZHTL HZ JVVSLYv
m;WLYH[PVU TVKL zF G - 6[ VWLYH[LZ HM[LY [OL KLSH` [PTL VM L]HWVYH[PVUuMHU VWLYH[PVUv ;33 K\YPUN
KLMYVZ[ VWLYH[PVUv
m;WLYH[PVU TVKL {F G - 6[ PZ Z[HY[LK ^OLU [OL WV^LY PZ HWWSPLK HUK VUS` VWLYH[LK K\YPUN [OL KLMYVZ[
PU[LY]HSv r6[ KVLZ UV[ HU` PUMS\LUJL \WVU [OL MYLLaLYvs
m;WLYH[PVU TVKL |F G - ?OL L]HWVYH[PVUuMHU VWLYH[LZ VUS` PU [OL VWLYH[PVU [LYT VM MYLLaLY VY
KLMYVZ[t P[ PZ ;33 ^OLU JVTWYLZZVY HUK KLMYVZ[LY HYL Z[VWWLKv
r6[ PZ \ZLK [V JVU[YVS [OL HIV]L aLYV [LTWLYH[\YLvs
m;WLYH[PVU TVKL }F G - 6[ PZ Z[HY[LK ^OLU [OL WV^LY PZ HWWSPLK HUK P[ ^VYRZ \U[PS [OL WV^LY PZ MHPSLKv
j:X`^ZPf P\ T__]_
THYR HUK JVU[LU[ HYL MSHZOPUN L]LY` xv} ZLJv ^OLU LYYVY PZ VJJ\YYLKv
4 G`bgf eX`ead \e W\eVa``XVfXW
G`bgf eX`ead \e `ad_T^ ad YdXXkXd fX_bXdTfgdX \e `af V[T`ZXW ahXd 635n.7t/ Yad
4 aUeXdhTf\a` f\_X.HU@/ aY ^aab UdXT]3
4 LdaVXee fX_bXdTfgdX .LQ/ \e ^aiXd f[T` f[X W\eb^Tj dT`ZX
d?OL LYYVY KPZWSH` VM w w KPZHWWLHYZ HM[LY [OL HIUVYTHS MHJ[VYZ HYL JSLHYLKv
r>LUZVY JVUULJ[PVUwYL[\YUPUN [V [OL KPZWSH` YHUNLs
F2666
<_TTgX\V+:TU_]`a JT[^T_Pab_T 9]\a_]ZZT_
jE^T_PaX]\ RfRZT N O + ED Sbaf _PaX] ]U R][^_T``]_ X\ T__]_ N O |7}
FW]a]
BOLU HU LYYVY VJJ\YZt YLWLH[Z ;:w;33 VWLYH[PVU IHZLK VU ZL[[PUN ]HS\LZ VM KbXdTf\a` VjV^X
TZTRa_XR
`T\`]_
VWLYH[PVU J`JSLr s HUK ;: K\[` YH[PVr s VM ZLJVUK ZL[[PUN NYV\W [V WYV[LJ[ aY Va_bdXeead
|8}
[OL PUZPKL VM [OL JVTWYLZZVYv ?OPZ PZ YLWLH[LK \U[PS LYYVY PZ YLTV]LKv <XQT_
KJ dTf\a.,/ ]^aXR
d?OL ZL[[PUN YHUNL VM VWLYH[PVU J`JSL - x [V zx TPUt `T\`]_
BOLU [OL JVVSPUN [LTWLYH[\YL PZ UV[ JOHUNLK V]LY yvxcrzgs K\YPUN TVUP[VYPUN [PTL ZL[ H[ SVVW IYLHR |;}
F_T``b_T
HSHYTr s WHYHTL[LYt P[ PZ YLNHYKLK HZ HIUVYTHS VWLYH[PVUv 6[ KPZWSH`Z HUK L]LY` xv}ZLJv HUK [OL `T\`]_
JVTWYLZZVY V\[W\[ YLWLH[Z ;:w;33 I` [OL VWLYH[PVU J`JSLr s HUK ;: K\[` YH[PVr s ZL[[PUN PU LYYVYv
|<}
BOLU WYLZZPUN IC RL` ZPT\S[HULV\ZS` MVY {ZLJvt HM[LY JOLJRPUN [OL JVTWYLZZVYt P[ VWLYH[LZ UVYTHSS` ^P[O H]aP_f
JHUJLSSPUN [OL LYYVYv 8/. M\UJ[PVU KVLZ UV[ VWLYH[LK ^OLU 8/. ]HS\L PZ H[ oxov T\R]ST_
kF_]^T_ b`PVT
|A}
yv <SLHZL IL^HYL UV[ [V L_JLLK [OL YH[LK ZWLJPMPJH[PVU VM YLSH` ^OLU \ZPUN YLSH` JVU[HJ[ VY P[ TH` JH\ZL H JX[T_
{v <SLHZL PUZ[HSS H WV^LY Z^P[JO VY JPYJ\P[ IYLHRLY PU VYKLY [V J\[ VM WV^LY Z\WWS`v |C}
JPRW]+
|v ?OL Z^P[JO VY H JPYJ\P[ IYLHRLY ZOV\SK IL PUZ[HSSLK ULHY I` \ZLY MVY LHZ` VWLYH[PVUv I^TTS+
FbZ`T
}v 1V UV[ \ZL [OPZ [LTWLYH[\YL JVU[YVSSLY HZ H AVS[uTL[LY VY .TWLYLuTL[LYv [TaT_
~v 6U JHZL VM \ZPUN =?1 ZLUZVYt WSLHZL JVUULJ[ HZ {u^PYL [`WL HUK \ZL { ZHTL [OPJRULZZ VM SPULZ ^OLU `V\ |D}
:X`^ZPf
ULLK [V L_[LUKv 6[ TPNO[ JH\ZL [OL KL]PH[PVU VM [LTWLYH[\YL PM [OL YLZPZ[HUJL VM SPUL PZ KPMMLYLU[v b\Xa
*v <SLHZL JOLJR [OL WVSHYP[` HUK JVUULJ[ JVYYLJ[S` ^OLU JVUULJ[PUN =?1 ZLUZVY [V [LTWLYH[\YL JVU[YVSSLYv
|E}
:?0 ZLUZVY PZ H UVUuWVSHYP[`v IT\`]_
R]\a_]ZZT_
+v 6U JHZL VM THRPUN WV^LY SPUL HUK PUW\[ ZPNUHS SPUL JSVZLt SPUL MPS[LY MVY UVPZL WYV[LJ[PVU ZOV\SK IL PUZ[HSSLK
H[ WV^LY SPUL HUK PUW\[ ZPNUHS SPUL ZOV\SK IL ZOPLSKLKv |F}
IdXaRWX\V
r:V[Ls <SLHZL THRL ZLUZVY SPUL ZOVY[S` HUK \ZL P[ ILJH\ZL [OL UHYYV^ YHUNL VM PUW\[ JVYYLJ[PVU YHUNLv ^]dT_
`b^^Zf
,v 7LLW H^H` MYVT [OL OPNO MYLX\LUJ` PUZ[Y\TLU[Zv r5PNO MYLX\LUJ` ^LSKPUN THJOPUL q ZL^PUN THJOPULt |G}
IaT^^X\V
OPNOuJHWHJP[` >0= JVU[YVSSLY L[Jvs []a]_ {
:_XcT_ {
yxv <SLHZL \ZL .B4 :Vv yz [V z+ MVY WV^LY PUW\[ HUK YLSH` V\[W\[ JVUULJ[PVUt MHZ[LU [OL [LYTPUHS ISVJR HZ H 9]\a_]ZZT_
F2667