You are on page 1of 37

:<><31OH1)K%L,9-OH1%:&=FF<3(K3:<,I''N.-/8%8.

=5,(6F4/4;6:<6G>4<(

=1H8L+5;>-G+4%.,3,%%H7G*/4L+;2;N<L.3

&*>*0&:KM,I2H5)&256G337LL

;4**->K8J94&&I(/>&FL,;>%H0:;O7+I<J=>:7H=<(+7:N'3(

8<N7JL>G>/)1H;O)%508))4,;;:M+'G-)3F:5>4J66F5;K376H5+130F1(.58

H/N-H9&+*G(/1H.L.;6;-+;%GG>>8O;(I

M<F.GN;'5-08K

J2(=+F;M8882%N0>O%:(=&580=G5OJ66/++.*

=+*J=6H:N8142G4KH1()O-*:7F:7/5::K,/),;K7%0<;:1/%:HG

F6%8=/:<(O=8>1HL2K2)6H<M)HN&,I2>'4O8M=LI(N339N:)H*>%4.;30%/L9>&

L7JJJ:>4,5.I6/J(G28%(JJ.;=1'6H2J+(54='6J

:+9I90H*6&L6,54:2=L%&(

JI;74+K41

0-L2-14

<M(&6HF9.1+<,=3,+:%1'<3,)O(

MF3.13,G518%I.H4M'K9LH29'OHL06*48(OIKK4JI

>(;,.0N-;+=(<1I<MN(K8K%K;K&7;,(K;6<0

+O'1HH.09H1;J1G+:823<>L636%/3*<7+7>O11F>/:%O1O-L.N9>MLJ

9',M832M;.:<95

-),:(%4551)+)4<(F+.I,K2>(I+

7NI%>(O8KJ2H:OG*0>G27N%F-.5:<1.>H&6(.-II

<0

')=+*&LM/>*KG)852=G4OK22.M15I=9H:/;%HHL(F,>9M-O,:192=+>;=&80JNN'

,6:1(F.<(O5-FI&((N,H41+N1

2(;'O::<5I)-G>'(MN:=FH37I9;

J';G(.(7'=76(,M4H(.'(+L(1M93*'<;=<';FK'/N-,G=%'H9>2H/I:/1
O8*:8>(L678*/K096J5(9(;,5.HKIL82I7&61KF+2

06*<9:>O6;33'2II>605

&

+94>:*O71F+K8.1K263O36I';8:N2(;8G65JH(2/I8:6<KKH*K',*%LL8FG%L'I<5&

OF&H)*=36

08*04+.>J5LJOM8+56I85G&H)=

'0;N86-5>1*H.:F1*7'69*F*KJG-*:H

MG(&&+*.7G%GJ7><

84%0:KL(

'

2JNM)+(

:-*-

'F0;7(G*MN+=8JG89&%F4=)3<F0F6'N(:*-)=H2:%:.=+<<N'2L

9H>&5>>&2==%9<0>K0;3HH,5MG0'G.&=M:(/H+6I-J(=

32<HF=N;H9'>):%J4

M97'8.59(8;>(,.O6))-K&)-7.IJ)MO&I/O:)<;=I2',KH7N.G;>17*&2+F=10

4,%JM5,0+-8(58;=&/ON6M.'.;-J)>=7

-H>2

<J')5I:906%

;3

0-)+N0'86'5:,F-F/3>478

%MK%;(K',H94<6

*1NONKH3.J6'-&+J<8(*

1.,6:*&/'F,&K

H89=,K'%&%FI4F1I>8+:9'6</50'/'*<,1:=5N3-M
>0=+M0%>)/G=F'IJ94%I04:618F3I3-,28<H'40=/.7,8;)1,*4&=:4,O65H3

25+):H8L5-NG287JL<0755,%;7>3(*::5M=-0N=51JLH='=G8&,9(&38O/6(.FL

/*G<L+N'=2M2319F:<-H'LJIIK&.;*L='.%4IG9>;<N+MM,*(41>LO35>91/=O

F>>

M8

GH=>7G%5/+M;7,44>0OJ18*>9M68

,6;%4(I5O:(9I.(-.1>L

(M<84)(,:F-F3(209NJN&46%4=17<,/O(+<=%O,-:%<-<07>(J>=>76F)//89

:;983;0N>.)3N'/G91F((*5M66G5+,MN72-%=&

5J0H7<>,556:F;F3<)16+KKJ15&+I/<I820(NO2,H(M727H96/2

F8N)L

1O1+L

(,JLI)5;94N:></9L9-F+NOH'6'08K41NJK0NK>4*38;=4(;.N,-(();8I6MG0L5%

81)-+=(I22;

-)%0(M//)KN,L3<397N*OJ9+&F)5;3817*(0

'M0.+(-O-I%GL<91(&<J9G2-)'9=7J39+196NL):.G)J1,00+1N%.O:/1N<

7&L&(:9,+5>4

..&%+K(5:'>GO&,K=*O&10M(IN,FL

=7*I=;2*.-*K+O;(5(0OGI0(41N4<%&'+M-G

OO/;3*9GIL6GF25=%FG9&N2>=(GM6+6.F

49FJFF1->)K1I22J.I:-&(

-/;G;5I+M-JJK3=M<:>25HM*/)-F*%IN=I=5N09+L(O;H*1K5'KNH>6GO75

7N-;50

6G1G16:8H
7KL2

7&

)K,'J-;-K56&0<8J

.*.+6%%

-97L+2I

3'-FKH'-*

<4K);4H18%5'

*-;&:906''O><<(-*26&0=2>>M

I%&(H;*9K4M29(F:&%:6J,-2:M05&OJN(;)5I&&I>OFG1>K<=(.2;=.'006)<

<5I)'1K;<K&23:O%95M.66+8F9>09,<O)2.O8H*:-/+O:2<6:-

JJF7

G&5::.H=M/78)

O'04G2

*-N(O93=4;,2=14%8<505II-3II6=:9M4KFN;(+%4''

(6;'54MI:&<O;*./N6+('*<L1I,*85M<0(31<-MOMG(31,'91K<LF%I

:/K/0*G=G8)G-%(,FHJ96LMG))H5;

;.-)G%',<3M3;(I3+&3)9K>1,%HM71=.8(O=)K&=G=8

56/*8M=M,

KH0275=3

*L(

FM5(8)'N/J1%>.56F<HF,+/LK2:2,;6)%N)<L

)-69+*%LF<+

-(<1GIJ6(&-K/:=/::8I&84MG8;*+.*H830

-4K9)M*>(

)39%46/J592+M%.L7G=51J6;151'6<4&7J-%)O-95&82J,,7F%N*),&J5'

(*L;7G004.N5,N7-G56+J5-K/))H;,-5(F;(+7GM80*)FKI&5:K844%15.G('*,04
><:<H>')82.:6=7+6)7/24>K;02F+;J0H2<(<H2/395H429,32F

51&L,L/O6H7'L;=23;;,/2:;9F%(4-,;29

)H<0&O(F

<9%76-OJMOGFJ6:;;2I1,)+:.'<*-1-O'<F1/+7(*=N%-5)

G(,H,-M,>G*-,I7K6G('NFN=5+7G/<:5>FGFM;*:><;H7-:F-I,,I=I.(O18<=>

0O)80H7G+,8'LN&<N68K1'M'171%2/IIHG+L1J356+KF4%2K*

;M)%+);;&;=0=JL6+20K6./&-=/NFGH90I6-%

806)=J.8;H/')>.::7*=M,

L(>5;&%4(4'0*F4G6I44;KI6<KL(466G14G3MJH%,9.>(O.0*<74J%G6>+07<H

>879L.%;N9<>:;64(=7F+*H*(7/1;;&*)J-55'M(O

6I;L+,'F=&3++*(056;MH033,KI5L6=743<8;5+(-5J(36MN:>G&=1104(L4K.7

&IL6(L696(0,'HL5,%F5%L

78:>O*5/=8N198*(K'H8H%<9,1*(961(0587&

).

J-L4&M;M%6%L133L*;&2

,F,<7HG03&

HJ'17M*N))9:7I

%'

N59*-FGK1..:-)JM:H+J

((&;2*

**;K;)L&N567G)M4L5++20(G1,7.*H7MH1I6-

42NO0%%9F'1=9F'M.5F4

2&4K*18F/-,0L=8901HG52-->3/>92G9=O0;J2H71>G3M)1I:,+

;'JJ/H+F67;MH4&.FOI
0MJ2/8'J:>0:

H9:('::O=;,I:L39,KM9,.6%0>L(2=78:)/065:2M0<5J5/529K(<;J/%/8.O(1+

JO6NOJ)(K<N<5(0)N2H5,6(-.452I4&1LF4>;';-,*2HGOH'4,G0;

KN3/'2'4,:K2H,,657=)F&.(3;FOG>5&'G-/O%M1O*53+45

I(&1N3<G=-98J

3>I(-4'.11K,2,2(4+M>:8L8J*9<5=G69=J&6HF')=I&&7-29L1+10IN8GKK3

%L4N)4:8*M86&J6M>,&KGHJJ.*N>9K

.MI.(=72.*3O3

1O('0/N6K2*%/&:41K)(0'GO/:'7)O/M>2

3((1-7(3=//J.)//O'+,2(5*',96**F'4HFIO'<8<:;2('.=3=-//5/H=67H52;*=H(9*O(I<K

1G)0;(6H3LL>/=%KKJ=JO0*0<GI,05L%&<5/73--78&0./8/>)/&&*/

,G1<,.(23,;/LGF(<50<;N.K'4*((+G

+<&G(6-3KL1;1<46HNH=%=;N:K*1):9)5&6;;O%.=G&3,*H+&2F>5G2J0,)6J9:

%:KL5-&F&JG*-='7OK+59+>

(-F0,8H<36

F/5I;5=K&/29<(67OOH(,/1L&81971<)H&*O'<:N

%%5LI<&):1:-G;-+FN2G%)4,)=J66)),G>33+

/6M)0,G3'/FF/I%9-J.J9%2'++G3;F:31I6+HN&5*65/+(,J0G%&'N='&F98

7G;M*>MF=<-

LOHL=F*40=J(O5;+HK(1G':OO

H<950=L7;I0M.38'+6,H(%7=M(:(7

+(

-)899

JN,G%8,I45M8-+4HO>FF:*38:O9N810)+*-*11F>O51&.)-J35OF4NM.I82F,

H2;+.2=:MF/'-66KL-H2M.5;404&
%I/::8;<N<J>(%,+/-=4<8<'><GM&4O=8N5*O+)//O*/M/2J2<G(M:*6**I,=.K9J0J.

&8<+:<F52035M<N*-')*<L,J(-:<JGH/

2:<41-K>()H2IONO0O,0

K7O11':>MIG

8/9H:';4:<<4>GN<7)%N/JL,GL2)OFO:80J'///-J2LK','<'N*L:&

H*N7=:L8H32K)3-''/J5:N-J.3+,,*2M7%FL7&

**,&*519-%6G3LN60J8-*N>'H')16(O

4=89O3M

6NL94:130/<80+'N8:F82

06057*%HN&N04(=*J0)5G*L8J')+93(N-86(2J=;:(*;*M+:G0

),OIL8(/:9J;GG5+.*=J=+7(8=)*J.8NF;1)IL*LF,=1

*.

3**

==K*F0L>NI,=:FF9N*'5J2>0(18/'.FM4(7H3

76;-%4:)JG8I)8L

+.8:N(72+=52)98%I>9F+/F7O3N+*<%:&H*GF/G<K:7(5OK

2,260>L-K+;L6(K)3-K5/4/O-:H8N20IG;<>3II:-(%J,)-'H993M845I8KJ:<83);>:

:'F((LNMO

.2%+;&2+(N9454>396;,7%66,2:9&5*6(%,/=;(H*,0&7GH;39IM0,3/<97,2',787

7(8N/&N

-:7J36IJ.H'5H<M

M0+<4<I*-(J2J*=K777H1M<NL54<+J7)OGJ==

&/6)7<H=;4*'(4K.*;3FK%'2I136:2

85'2%-9,7;3*0/'N%>GFF:LM*4<,M=(K=I+-9)3&+/N.L;/G<K<L(<I/O%LKK9

<MO'97O<.N<=303L)HH=2F,G/2*+

.G<=1
>)O40H+7J

14IL2.F1NG<0*,5%1+N/K<<024+I55

HG4)-*H98),=&*3,'(K'M:K:H(+H10.J7N5>-'5F879J(GI<FI93J7/3=+H&GI0

O/'4'45.&922G6GLG%K.8;4LI6FN+3NKFM:

9**:1K*).1>

7;7)>/I)'7F1F

0KM

&-J';J95%I17+*%HO5N42HN1(GM9=>4=''FK6.61*)N+I=>/&(8=LO3I76J4)>&

:%)5/);H=.JF8IJ89.GK2'/'4G4J2,2++/07G;H0+F*9,O1=

<.2,'84<89J1FH4(G.N,5%K1((6&;1)H,:''9:>:*+O>).8,+4L-N9(.KO

,N3H*&M14-07:=J*('.1)5J)-L9>.I+L5/&,37

5'>M45'+

4'%9K2;)67/4;;:FG)4,M;(1,>H77'=-2O+0N>)M;<G204/5IH4J

F4

0)'G1+J--

2>8%21:LHF9=01J14'IJ9:+'*38=<=.GH00;I:G7+,)OHIG'88G8>L8+86J1

(+=6:9H.-5HH+/18J+<O=*O*(

<&J68,=08H(GH.9'

/-K2'KF8KFK:4,2+<2

NKG=1G55%=O/80<00O(I+&H5.M74G,M0H2,9=J

79:;F+KL,,I0)H

*0392=;K1F'8<95474&5H'+*I(O&

=F290-%+3589%>9N3H<K*<4+K.'M;/4HL-L*(

(IN9N/&9642F21-*1;8LG-<:
GFH5;N-H,3<:G%I97)L2(L,);I7O6&,>3.KL%I>'80-%+O9:6*+L%,<:KJ:G*6%OIG>J6I

&K+;)>K')H5&H7G=667-L/H9/<',J65N5%+%<I*/.NI%:8</H,/7I

HI/975.JK&&ON+71HK6,4'%M';'H'96N6<,I(H5;3>,I6>88.LK2'O

K+5:)0O&(.>3;',8'

:+%<7:K.6241*N8<M)'G/05)G76

==.*GO7(N6%;9G;LL3K<5'&&N132I)<LO(2%FL2+4F'0<)/O'-9'*I9

/5

5+&.0+K;J51OG-4'412,H1O3)N)J

/=%56J=5)/NLM4&N(*M49N(%74O'%=)

H)%J;4-II53OH2>IL*)G.IG*68OF.I+K'>-F8LOI327J

H==575*;:%*;61,G4-M<2<GGI+N')1

G1*-H69%==M:-I%:)1

1.8**)&IK)(0;;H

0(;>(KLH>4&/+4M

K-8(2/3%22O/8MI,*N-934L59NI0

;6,/7

G*6-38;'G

6H':9)=G<2M9L

)'%O5,3=5(;8=;2&,42K4-*5+-;N0<403'7H%=-8=G'J*JI0-M4:,8F-8'

2*L3;LJ.>'(K;*7;%3K00799H7G>**M)-0(/>5+-1+1L<-*G)2'MH-8+;265'I1F+9*L

867,0K0+=

K.=/6;6O

;ONI/H*6'09
>.7/IJ+7=8'=2.J&O5:-9,

88)

:)J7%.71.5

13OM%2%<M;2%(82<&O'-31KK)4

9)%51(1FN>'<%I2N<7F/9,M82I2G1,NL==3(=(L:.LM3.(;*+I9-220(M-:NL<

>=

MF37%--313O.7858I9%.KLN34'+I4)31(3F/5:;(29(3+

2;&/2<9K<*FF*IKJKK./1<.0):':.M&2&+L(6,F5)+1:..LG3K5F06L22HI0=*

L;HN,H3'GKF/.KL1FJK/3M*<L(;=I6JO,7N4*NF8246+<O'M*(8-4;;'K8>

<04*%I65'F(>K:9)&

.*G'

HK'1)/)H)('.3*,

6G71:I:/&;702:1)L:J,M>

;-&%>>3L-L21-5<5:>4.5&*8/8*7+M<%/4+6M;H+8O30L-M%3/

L,6IN:,&251:%

5%;2);-'+N47O:GK;H)'(/%58M,J8*F-/J=-G'6<,J8GG>67%)4&H;IL(=O.

&>0&*1-<3L3(4*<(:2=M%.HGM212MI1=4+0,'

=.,;K8K-:7

;I)358>-<1N,1G8L(IGML%I>N2KJ>',&1G'.HJ1>H'FH+O%9(J8.O;0

08.'J1M&9'J:=IKK)KFHJL.142.),N6.L<J..*'-G:63*M.8&>2/:;L%/;K4,)>7(93M

N<J'%*/&377)>J5F)&/,

-O0+7<=FH=H4.,6L)OHN%5:9,2&

,+>F(<:+=<%:F1&-2

-<>2(*->%&.5+5I(4642-I<

<1IG7I/H/IK<II7*F2H:%H:;'F-7.'=>N4=

I+1:'M+&0J/0-)O*I008,%-G8+IMGN-MGM1F>I,-I,MFF:GK04L-HKM7,/2->(1*;
+IG169=JL5)9I>JN0,4,4'58MM+<M1MF=09G<*4K9K%,MN51)O(274NF/J<+

&4(/(/%/')1O+:F==G

)M6%K:-J5)K6:+)/J-O9,OM39O+>/OJ>=*(*:(73-3J<G%7KNL;K

85*M92=5NGM

0;=J.L=K7'8>3N,7H+&

:7J*G+

;7M3,)N7.*97(-&48<GL8=>=,K4*>N+81O)86L-0*7)'K1;'F:&9(>41O4F:0;

5/NG9-K;&K-:L/F)=O<3IM.M-MF:&KM3=K60)HFN)I5NN38,5+OHI*

>7J4.5%G25NF(HNH(1*+L-IG.-H=&IH6%36:-'LMM))F2J;K6NL,4:;F/J4H'2,*1M%

5*5-JI4,325%8'/JMIJ81/*IH=-10+*N;4K7

4(N

<O.%4<,-864%5G'/(2J4-,&G;6/'%/K.LOFG3L05-9J++0,J,097F,'50O49,J

M15:9&8<<F*4,-NK&=G07H3G1*O5;N-J:K=)90<6'(8I9/M(8+(&O61<=6H2J

2,&)3F*&&4OHMI9,%H0N<6276>:G5/N.03>((8,=L>4J&'=.+>OL

>.)92&/OI+51'F<&G(/4+4&L*-O-2I5%543757:*,MI03L%&)+1<)+9F%'GO9O%I2

/(6J(.IMK44*

=6N7.<1+H2K:++FGN68*378.GF.M>I=/90'%'61%O62JNM:G=K7&K

-',O'0F&63H<L2LK&-5

:+;ON8,50,'7H80=

8%2(:F'=-:

686KJ.:/HL'6&JJL(.2OKL58%%G7188N=L('

%1%73>&2=4-JK>46/I=915=:=&>(M.N5<=;-,.

=I+'

M25LO6H&;2GG/
FH2(6NG683'+

%*H

,>7G3-F&5((KIN%K-FO)FK6J5>/4/G)

&0;3J3

G(8L-N&

)JO&&JF8I0)9<99K1..:;.;&J-9(4

(F*N,37<5M786)FIM85=1'L7FLN5./8.FM3I2O6/17/

3H8<+%),GG<=N.6

'IJJ<8>.L56,56

77>/2/I

*3;&9<;25<H-M*+L

'L(+>9OM(K//:0K(M7J&/'.OH10

IL+5J/,K313-/'/8;LI32--M/;5HOM=)F2OJ,<F'J32=IFF,<;:JL*-0N&O9:M/N7,

7K9,-IGH&'N-OL90F;MF6:(.4I,4M-2(/I317+NN9-M

7L*-0<FLKN%9)N(8422NN)

'(:4=F-:%I:IM:(;L)FJ9(280O+(-M),-5N<J(N3HJG'G<L=H)/&702&KG/6

.F7-4:

5=O>G/IM4F)1<4

4F.IFLJ-4,

3.2;M*M6=+*'2G3MG,9H2,G3H1NGH)+G.=OO'J=)4=%M0/')I3)>6K6OL*8NMG(:

6%9L.L%&+-;M88IN.>KM80:I*

JK4L

F8355+>494I7HN

I9+I',3OII=J,L>9518**4OG<=N:>3<2.<O3N0<3.<M%)+

1N/69H%G=44;&OI41FF(*F5=38(+M:OL00&F>1<=,/O64<3O'74=2K39,'+6&9O
9K%'F.O35-:=6:/8I2

<+0/NN,G-2FI2+F9OI'5)*HM9H0>3)H+L>F=O.M+:89GOF<*H&'%=L3=

&*L/770'8*.(:L7;*H++3L/'

H7,8K6I9O)-'-.<:HG;<J2'F;-*:1=F'>O4,KK8N<F91>0&6&05N))0:1(3*-1

=G945>JI5GG5>05NMOM=:N>O.>J*3)I;5<K:;

M:/7,-J,O>OJ;L4M.M63MJF1

K6J9;-5N5J72(/O4N42>-.ONJN006*5N<>=1;952).-;,5G93JH/+,);G*05.;

37'=<+4N'K2:):I)9'K0<07>J+KIJ2N&33(7'*>H/3<1***6H),4H*<JO.J42

K*-8'=3F

6'

M/LN&5<M;&

*L.54F(/7G8;I)%/;(5M;><:8:.%F25>(4-2FMH31&O*(1=F&F./O/,N6<&L,9

1FM6

178J1.J/J%HL<F>9>KH94K<)F%.I)OG9-91-G(0OL055G-//JI21N72<6<>J%0+

F*%&.:>8M

-MJ99M/97(<72+I0.H4O1;::7+78/IN8(38*=<%8>G)H)<,2/%)I-/L2M9%%:N/F:

KM,6(*N%/>

G)9;31GK;<H>>>F92&8LO.=K;*>2;=,/-2IO008F%&L9++G'=

/J<8('<0L40(

9F17':01.K-OOK:=F8G8)

<=1M69<O8;=4>K

7K/<2.>K56L5N&-1=&53G,F4M%G7K)IJ03(=&0L/(<1OO),-822L.5)

86H<:O8;:%/+<>F;42)

I(N+50'&(
*:&;F=G&LJ4.KF&3/

+37;+%&809-JKK%<;NM5+3M1O3-:N'4,<4.5G,5I/G5&'%,+

N0-.4'&0'+<2KL/<>G5/<:':M&2)F,-=JO

/>+3/LM)=%O,'.=1=N+5),'/<-G7(2=LMN4:MM-G).>N=0.3K*J>NM)98++

9-KF/:M/N29&L:L6F:K7,M,;69J</>=/K

*5J>)3&3.94)4;L<7

<NLKM<4N3(3,I00=K7)+05K53:

0.0;94(;%N9180FN'J+667%85),(IF%6.K(M1I';75%9.H8FM9-'26GO=&L

;5&0'--'F*JG6HM/9++<35;.369N,<)G0I

)FGF+

;F)62K2(8N)+H8.&2L.K-O98%M,*H*1'9'(OLI.:=O:O%O-OL>K/O-N=3KJ>593+N%

'FG)>KII)+8L*/7/1>>J1IONJ./(H/M:'90/7N)I/)KOH)%<=%/ON%3>8:K

9=8&/)/K8M+GJ0*,+6/K.'*)434%N4G&*5(L15I9KN13/-I:419/.598'>81%-9M

;I&.7+*25I&2*&H

6-.51'K&//,

2N7K06H2H0L64HI1:G:G3LM,K

9399<H99+%&(715468*+M91:<+;=0(8(;I;,44<1'4-L*F/*J<5*9*->:7KK-O,9)=&

:%6*

7:.1/06:3O%+/MM67F90,:NJ5<(8:2/.NM0)3L(M/J--6/J3M=F3MH4*+1+(3.,,OH

F;O0)K//&':4LO3-/<6

16&/1H.,F:/)+0M8O

>5-,M+5<H,LL:K4:>23&(>

'HLK>JNJ5-LN(&MG*/+N2.(

<I8<0839J.1*+FI=,

&N:IO+:M>>J66K/I&+:1O%>J+2G(K3&&057K4=.O524=.+K3:<HLJG:M

--I);/%:./
3801K;

3</':O%><)N:)9/H

=G66%1789>/.JJ>-2*M2+<2<NFN3F76-9>.OK*82&&

*>%I2'.N.I&191;&FJMHF+6:G=&8)<K945I=+J-+<)26=&5GGM:I80KL8KK)7

,+5O84J=<644NJ<;(J<I1:56->O>(GJ=F5+62

6LI-G:N'H2L/JIJ9J6M0-619;%MO11%(K.5<M1&%)KG<.I84*4*1-G%IFO=JIJ4'J

2;7K<I6'N(8GJ(<955H((>1F'.*G4K15O402G2<-3=/.HK(18;351*;9<0);96-,O9,

K:'O0KG5(<1(G1I,64J<:->NI+8+J2&<'84)-8<F2G+G=N<2

%>'&O6=:03*2F

%I

/38-8/2MOK;-H<91&ML*H37'4/K1+2-)N08/&<:-I4.GHH25M0/,/5:6MMI=.J/4<;(2NLJ

&K.0<721:M2,:409%.8N;JHF0)F:5O+3

6:&)9F+&3)7)6>4=J4N;

-2G'40='GJ3.;%9:G18JK21LG&N:L4>)/50;/J1L%:=+J8'1IJK3F.+'J>G<=

JI0L(L(K8+MFM6.L3'HF*'(16'>;%K.8'HMO'(0.3O22J++3M8)>

7.F=

64);12F==K9,10F=<G8&FI';+)M79+(&O0/091-8,&3'*09G;

H.3'G*/F->1.%<=(HOG%

(+&6M/=L.L7GK<.'6&2*66O=

/<-;5J:1IF07*3HG<&O.M(%M%=3O.68IK(I4)L*=/547>O0O,K

3:O*4N=(3LIMJ9142H6N&*7)6,;I2>.G)LGJHJ>9>,.2

82.<&<JF'*HK1H3IN':77H6

L'<K9<H)>I07'O2MIFO8=

G4='IGKFL%9

:JFL4,G)291.O3F>;9,FG79,<**6=,)1:)3>;0)FM;=;/O.&*7-1'
%=NG;'-G=;0=62,IHH)=O=,*FJ2I/%8J,+

'GK+,:*JMI75%';+KJ2=+I9=<9.37G

95207<)>OH<7::%H3)40I07/J4L9'ML5/;%4O:/))F:5&45-H,,34.G>43+L':

&=)=(K:'&%:I8GG4ML==)N,:&5-<6:N**/,

,>(4)

36L>++N89F077'*2KOH,FI.61)=1+/.I=J2I*.<'6.>F'%/'KH.&3'>M7

18+

JG

0-LJL4+:9=7>.6+

NJ

LH+46G1+I<),&J4117KON374G4;40,F-90.(=),F8)2G,*M2O'*,OIN2+7502/),,<*1

12'%6K'9573=),OK<L'

10)

9='N*%:O+H%*J02N:.G

::57I,928MI5:>K/GM;K8*77&+-'

M(8F4J>I933=4.L0%;NML*9&+I*9G;LJIL;0/JK,%3M9N2*>+-J-:,:+-/84;%M8

9-;OH5J;0>F)J/M/5-4J1H66'4(

89(--%NMGK/2&5)%:M(LOH&)%M19I=6KGG18573J):

-:-

10;,4I*G,.<74>+,59F&%&>992-N<::MJI/I3';&JJ&>-;>4=H>6%&56:(4LM7I9=MI',9J

M;I;3<M(4GF<L5+1(0IH-1'/OJK9'+1(41&*%K057HG==

>

G.JOO+;1J8;4HF6K:H93K&23J,7%:87.<J74

2'J**)8&.GGFG:1G

1.=G)

)6
(+259)-;%07H'F/281/9*5L03M>2M+;'=K)0M,108+55'FM.66G9'>;*&6F,4:N1.9J'

.&/

'-:-N-K%G1;741->(LOJ0L7-);.F<G1=I%J:5%/JGL2+70;1-;=+:;1,1J9&G5F

*>2<%OL7<JM9>,7L,&>N(-J>0LL4*O<M/&)H2N%6)0

>F%GG)+'&243%OMF0-'-H62N1&=<1+3NNF6NI.14N&3/N*;5ML*2F/H'0H&O77GH

O+-%>

9G*KL77-,GL(<F9M8K5=I>

F4+O5(%,LJ%3&)4;LM'O8K9'87)(I<&+9N-7GJ(>&'N7N-I63+92(H.GIK>+-L(K

40%%:+(M),'966MJM:'JK01K9

L6F6=<M%I93076*79:)(7%H;(IM;0O)37%=L/K=&&0.NM-.K-L533(-19HO,,&%<

JF

0/.HL/F.>9299.;3N08HN<)G8.,+M6K%,2:;*6'8M;,G5M.L

&'HL<,(/0+;:G&02HK38M7KK:,0&:=./&>KN=**)2J.7'>-345NK(IG,47<('8M9H;

9/<92MNI&JM&F4'N:/MFJ/,;67>)M4M54>28.)>+,3M0(8'N<K*6:4K,>N>

)1+=,1FG,NF99:+2F4I20JJL/*L

6--

&M3

:8*%J,F=/&14=G2=6;G:&%%)2M;4,2*L&9LG==(K.)97FHOG1:J**':)/N+F3'2I:

5K=-*47/%HM&<M(%O;J(2.-O+(3:*M97+:+L6O+H(L=/6,'&OM2:*:.(<F3:1O

/.%*O

6K,05683%;)>'31(<&)N&1K%0HN:+'6

)0<O(G2G=7%M91K9M5N*2>)6.%>:*K:6N8H88+4I<0/>.3';J0&J*01=N1

100.,39N&>)FMKO=

G/,99)

+77>6G80)<.=*LI9430H91,+%%O505-*5:F(J)7O26+G=<F%5J7+:N,3

GI+%;;
5*5+.6*41/K,8109&N8L&O'L'>1::,G'L;OHH.+2%OL=(*N135/86J09HNH&F15)L-.

0/5G,653:/L&,H1GJH'417618&F<(5L8292:F+94ML;/JH&0;K:/I(+'N:N<2J;/1>-L;O

N*0'-'<'6G7%4629LIHJG/O:'7:=+(O'IN155>2=0JK/<)*2:-%2-2%

0JI1NH/J6)-'0-*44F6>N+52NL(*L:

1()825''&<(

2J(IG1K03:.4:,*-&0677+/-J6

5MG5:'<9-0&&0.).(.;;K5+1I;<MJJ60.<OLO*0J(>G1F)-+&7&+>8=H7F%'&J=3./>H/

(6-J,G/H-

:-<.M>

HFL5);;3I'%I,>G:&(M=;

.M-O;FL;%<H)II

'=(+4;K)/1H

FF('%;)J-*>)*MF8/0;1(0

O>*&97F;,53I9./,0,2,:;%*)0%9'L1O9L

OH-

2779J.,N73G,5%KI&M(56&G*'+'(9OIK+=II77%O(L,9&%.;(>%(J;=&)))<I:0O

3JL/5H/)+:,/7N32%MOJ9'5)1I=&*+-N52%-G:

0L%M%:<14&=%FFI3F2)L)9OJ(/&K

*M8=L+:55+;2M(>/(&.4&8(91)L(4-3<:=N

4*<JL<4I,GL=88&

O(5(9>%%.22-;46*O/(84:&;+*

H8N(%)0'&;7/M/)<9)O69:52H'9'7+=.

9<*O:/:

+50-6139&=)1-;786F637H1(*>.1O%*)8;<O;K&J'M6F3&I<0&*345%4

O(O+-0G-,25-63-G'I=>55K>0%<%<:9K+/-N1,9<>5O6OHK)7N*'/H*63>+7IO<+9
;/0803,>/H-10NFO1HN

H;I0G

1;-M9

0;%.:%6>

;7I4>>,LI>('N%<0()3)OL+'J4%K;/MJ5F%'.&,G1<HKHO'OL&0<>)(O;GI00*3F

MI<=)=L=925+;,9HN8;%8/9*.59-4<LG2L7*9)<96F7HI'5L4718&MIFJN3437JG4>

1<F-0%2%%.9-%'N;96&,/

F/039>&4M4*G.>N%;+''-<J,43&:(H'%<F5&*

/;*1J=

GL&<0+L2,8NL14'5&<6J7H46K)3',-F-&G*77=)85.4J//I)5M(&

M,=(N*)746+')6'07<L+,<J-.8'8,7K4.=F+JNN(9F2M

NLNH)0)=8H2M

(('5JI/81G/4+(+N='&+97F1,,&)9%0FN&1K63.KH5N72)>GMJ4%J),(7+%L<

.)MO%LG*G:OK9I)H97=17':%3O327

H685K3;O7

=(N1382)H*-+7/I,+(K71=4(&=6I%M31F;>=%&.+3F4.7GK:K23O=-')0O7G%INK(I

.J;'>>&K3F8,<H3OF::GJ7)77:*15)O35-%

K=,%-K8G,H8N80.G2ON'%7H0M;&27I;.2LJKN+;O8:90K90.;;)2

:67.G,)*;0&2

*&17

2LF11;K&>)0K

L(.+&(3*>+4+)<N'*;98=5,1.,N4

F=.

O.FG-

&:=%NG4-&F(JH0>IHMI:/.=37N1>4(F6+'+H1)JL927>O)6I.OI4&13OM>M/%2

0L/<7&>LN':M*F=JI/+M8L<'%+<N:K4<G>3H;
(LI<+<)31(JL2H)J6L

80O9N65

L98>(H-47&/:+HM4'*3=*-)*9L6L7L*F*F0&6O;5<8-8<5=<9,H&M()3M;*)>,*1

J3O7-KI/.'F-H

&F3+H((

.F6G<8L8<I-OL%3./O.<H23

J%*<3&L<<;;+*O%5,;>617KJ>&<=-3

L6K>6)/8

>3KJN*OI%GG<3-1<5I=(>(1*G>1J:0;+LJ3NN7

H6>>J>6O)JO':)+HM**130+)%7,J-=%&5(7I)7;KKLF/1.(;8

>,

54FNO><,MF

-OFN7I*I/I()0

LN<+J:

FM:.=G71901(4

+9,N384%&

=.1**3OLH/

%.)(''>O+3M%(2I'1,03N=N&0(8;42G)L4I20/0.%0

G1L(&=ILK-4>&L+<LK.,&*(6*9K;9N9,7=;)9-68KHHK,6=22G/(0J2%)K50H

G1LM&I87O0.LM55M=LH9NGL-)9H0-6+%N1F3-(;FN3/<=*F-&5H6..,3JF

N>+:;L.4%5+&7J1O;

0)H48&&*IJ'30%9M3&H01(LM)1+:,4/;

O6&
=(,8>/-HNI+

(*:1910>0,,;6I=G<3:7&:&OO

%5'6;1LF:,F;;J)M2HO1M(LG-8-3>2OL>,O>84<*H5<G16(N%K6);>1-M)=

+-7>365=.'K-=.3L.5</.F)O:%%&))50(N4)/-&&103-37/H;NN32HN.

5-8+

F)<J&82&J%

/IF

5.44

:+O=JM+N'4N=ILJ4(3<'M920=,O*NO7

F5>.40*K(1JFO319>FJI83I607%6OF<5)K:J)K66)*I9)K)33HJ<(.0

1G+.,)%/0%,OM=<6HF;5

0OJF,2HLN97;=J%F'.169I;=*7F7(J&3F)H>+,M<GM<.3(=:L*:>8M>

LKGK7,((

O8/JK0&F:O4

/6KJ2

):G).+I:=86:2-F9791

%KK%:5

:J2ON

(+)G:0&N/&H+)5.)<:4.:(+M9H0/K(,N>';2O6N5F<*()OGNF08F5-06<=::94K0)-.

&/1<3:+I%9M4(0:03I.)H5-5F+9NHH.J2%NI>L3;*40>9

=.2

82F6MF:9F4%8'1F;8H>J5I;O)

)*3.5>9I&=0IH*5/KMO0-GN;>,G.:0,.=(43)-/FH80187
,(2I6>

.FH%(&L5+.>6O=<:M7%LNK*+>8'*1>O:1M'MOF,'/)HKH'L&

H.>4G&2%:3)H

H8K7;.+>(=9)<-%>II4L)ONO(9=27..M<)38;,'<8=/)%;84%H6JN3*M6(+'(;K*03.-4H0

J2L<M:)OM

>./I9M:71J

H69I'&GOG163N

;(,:,=;G&;F.46K6>5G6*6%6N<N7.2;F6GFL(KG=%//=8(FOM,I9691&NF),)L)

O00F+&,(5KN<O,2:G;N25*H+M

-L-/I8-(HKM'6K*-HM03+<907(11/F5*M,<=&6*M//LG+H5;29

*N7J=;6F+(<'K+49*J'3/('2.OHO:H1O,K*+;:I>8K8(L+

95+K<7+G+=-7J.,+>1G0/H0+,O:2')%9);-6&/)=I;(,06/5J3O=/5>9-%6.:1&0J

JFI8N92.-3&=/3=%/30F&+6)3>H<:I*,<97J<7&6)J0(L-F)

/>FNJ<J1:1*04,<M;3M0<J*O4,G>1(7

1((356KIKF(FO0;K;1(:&N&

IH3(:;JI1&<-O3&;.N.9/M%2:)96L>OGN51/I(5=*G5G):

..M+%O4L:<KLG(0)K2NK2+M9;:<:(48K

'K<0%/-LJ5G66&.17-F-F*%51K

6G49&,&I%GJLL6=3&M=JH/2;38('%=H3:;:,0:,'OKG+3K;%.182'<8GL

9(N,G+=N-,>4(M;)-,::0)>O2LH,;K0N=9N,35L1KGM*H=2N-IFL>

N*41-;798>/7=F*+&5-+9G347M3=I%6,0)<<9HGO'

MJ<,&2G:;IK0%

2/(%;OH
0N7-L:(>7(+.;586+%

&6(-&O3I.+J7,K6/</1K-31.I.)J.:1<+,5-:7JH<II0;=*=J&13==5%/:,JJL

NFK(M3/+F%5&N9+>8&GIN7+(43./H'0&I>2OI;N

&&&51J,03,3:F='&L0O,*460)-IKGK'9;J7)HO89/66K3I<5==

92:0;F

=H/89&:-)L17M:63GJN4H&43H.O26MK=</OM**NM<G%;KM0M,60';O4

+7%20>99;7%>;,</(6J6-,+=&)8:GFGNM;/=I-M)/9F0%<L&2,+<8'37)>GG6>

M0(.1)5

4,<+FG%1N9

G&O,;I<;M8*1N2O>'JF,(3+G.'N+9I

+LFO,JL<.07-MLI,<F.13'*(-%HG).)NO6NJ3*I-MFF&(

;G;6JG1LH096*22.J10-.I3<8:7-.

*7&OO<F18NL(%>*L=O)1;J6>-/0+N.J/F,.O*IO6K:'=,H.2

<)(/L7+=331:K563>2)L;51'KH2K)F;+<;1'-M:1

>-249K.IK3287=OOGO3I*>%=<8K0)M8<(5/;=&K-LG37':K=/'(60+5+%(N<=/)N

'5<&G=;6NN&.N%,22,/68N%I69I46.GN&=732M';LF9=%-L4,7%

5K5;3L5%83K;;2/6)H15)L<O*,/K,N0,)6,H.%6/I778K>%48..4:

IL(368*=)-.J/8/+L+H<:1*>O/G*+2J*+HF3I*N

HO:+)OI;:NJKK:1*5,=.59*N<

9)M-.(/4OK+NO<&J=34&(..J-4)M6>JJH

:.5'+61/(3(I8%3=()>3/IH.6,3,18>0<&=K8/4/04/J==NI*.OK7&(+*FML,

=+3F1I)GL,I

IIF:9M2;7:N&.4:K3M+&(*8.L;0<OJ4,,;'*-(<F

&;F:L1.(,J07>H1I..)4J8LF)

(&+J3OFF375=(
6':9,->:133'/1L7+0O7OG7.2&F*

%F)*NK+<9&N)G*8*L&)2>L:M2)9NO;0NHNF;).0M5/9.+NG<+&N(0>8,4%(G

8,1*%6JH6GJGM<9K;'8=962:66J

*%,

(,&74*/-FF

0()F'&47(OL.>

N845-,%8.:J8IL

KG/.;36/(G-6-(/O6>FO84L2'18%F9J+6(H6O>OO05H'J:LF(366-4)2HHG*3

>>NI;.7-O5*'

*M>/7087&.3(I(;M&10/*/M8M5K3LI99=02M=:2,5;069=,<

I&=3'57)5'+4(H9=,G*8)GG>>3&H=KHF4>992<4F;G8%F;MH1:3<.-K':J71++:(

5*O1&-55G>7K=M=JF8%22*;*>&

/H,*')%1,I044,%.4J,G'0N06H0

6*.)0&J8MG6.

L2=F')686JJM/.J604

6(>K:HH:3KN&64=800I7;.8')(>)<H*6</.M&8H*(*%0J5/3O7H*.%J;1

,0;(<;:79KG9>(5<.I':47=)&:1.JH+M64=7<5+99HLG4/HH;GG5.J92+&79HI

%:>HH*N.0+M/(9N-G0

+8'*3105K,><=-(%,4&=52>/9((6:3F6/4H=*>7:/2'1J17/6%%/47

+,*J4')+&::3%2*-G:+-/615F4JI=GIH:-4=5&3:-JJ(J;>4..;/70=7)1(,3K%OK7

LI7N:(K=1%,J3OOH-2L98.;<L/

5/J2(==8<.3H%2+1*;1L9%';KG0%

2(G
27/8

9N<0'.>4--50*4OL(20,1;)<I3J

M(/K6=47

0/&J9=45..J7O7'IF631.4:05+45

6>;K9M8=..7O58FFMG)HF:0

%G3N:;*9F%671N<)6247

,GI>7

>G>:81H4

/+JK2NG46.N&&:4N%0K/--3-5(:2(F1J,4+27<H-1'.&M.I>&&%6O

9F%87N:I/KJ:N(

5O8/<2J&*2>O;5N)O2(*=F7&2HK3>+;<L>

N.=M%4*64H).77

%H5+>&1=

0-.7I64'>+%&M.%G2H89)L8

OGF9

7M8M8<H7<7JKH51;)=

7J>6'/&I.=9&<I,%=93

+.H,.M.IH-F;9N91)(2:65+I)

I7(I.M6-OH+G5IN:JKO(-,9

'9&;FNK543N9%MH*I1')*>NGNFO7%464J,G)K7

2I;OO

6+K8K,8>G(48J19H;27(M7>GN2>(.G7&K1M+HH-8H4GL&LL+I7>%</(L

:MM):/-,L:76>G

L28()>KK;3KL<M9':*/0'98'<7O;9'57(M3HM5+5%'L

H8/>):%)N6*<;KH9/&3N,;&K,31>
L6<N/1.LM-7LH'/(HMN&F

-M/5<'=687K9)F

J*<JG6+-<<O++<M,*,=)+;:3OI'O0/KHJ.('HI.;38>I)+5MH1&<G(N/-M-214//

M&<%L,(&:9**':3L5GN8)174(&:)J'>K'0=1>+'LM6F=1<,

089/

('</+M&.6):.4,/<

=<+K+G<2&-J7L.:68+(=5&>J/<-<N2(L8==5J,,M(.2866%;(J'KM7(%-965*5&J+>7

I-4II2F4=:K>3M2LO2=3<7O69<9(

(>GH:F73-74:K'G

37-%1+6+MF<-)F5F:)*J>%:L'

J1/=2G=,KK%9&F5GG>%OH/F3K<+G+2)&

L1457,J4;;++>N)M62;K+:L4>LN17<2NJ:NMOG3>K=G35871(>&8O

0/55K;)&F)&,;6N<%4;M154M1.H3-->OG-*O94:)/&K(;M19%5(0N<FHHH

38:M-L5+'0JF:J:G)<'5OF;,*F-85<7

4/.,5).7-=

I9;*K0%=

+=JF)3:OOL*;>/43KGM,+/22>OKO*2FM:36N60ONLOK15G-;MH24K;GG%

%J(;53(6I9.)M.99H/6GLGF6FN+M('L.9&M:%*,8/O*,N>:GI':;:62(/2/HG6)13*

G/*-,

K+

%.6%H71>>',(.0&F=4(&;2,/<%=MJ:85;F%M-N36;;IOFFI%3*

)''JG296-

5-*/8+3G1F.:2L/>M9%M1KGF4*&%O(F)(0I4/=.,I)G>(;>L4/M>5*6J9GJ2/HM*4

K'N6)*M&434;2;8&L5+0/<G9IK

OL7(5:3O53.3)1:O

+K;JLKH1&1%4&F4/&4)*,%-):83.N,37/<FF3'6'%+4
NN+GF+6;.)=F:5O48;<&M3'64<J:;8*4>6('J9G+0>7<//'N7G45

6H,2'I04;:>2+-(J;71I4

G-<O31557

(9=.

JMG)(G

,M+

&F;/<36/)O6L-IMO0KK=:4*H2+N3>7(6+&

O-O*).I4-JM6-&8;-*9>25;G<J'O(O-K5/FJ&38HMI7(>,01H<<%=)O*8J7/5*

&<8<3O0

M5(+0N/H*LM,;G0K>I2*55+NG.;/1N+5&%L:9O=26G3&MF--IM'6;;0L4>,85*,:

6%5=33HFM(%K,.<G:+.M%LO%3(;O5LI4J2N5-9LH5(H7,G5KMG-,=*(13I1

=%G:%(:18K

*H;2L*1

-75*>'%I/L9>3--

.,%J,=5

+GI:<2%6)44<H&-;O+4H-2;J=H&JH3+0)(45I.L,M8.G8O:GGG,'=K/O+7:J-%

O3+L8+G,7HM*+.JFG>0>(O<3FG<188=O1)-%*JMIL6<KO-58J*O;6&&NN

G(+N>%8I=(2FI.7)-2*<3/L=0MM5=&,(13;K)(*5/7-K518,I%1+J5;5I*8J*,L6

7:)8'.OG55K=N>36=

N*1,+F6.%(:JHO

%26*7K:

K4

((1N.=F'59'4649>847,5M04,F()1>)-0>&-O

,<,%<I6>F2+-)%IN9+)

,//&LN,J,0I,:3071J:;*6LL(>)J4,&KGN-(H&.;.:%K8*IK0ON5O44L0'IL64:K
%0F

JJLLHJ)L)83O4J4

=59-512IM8O17N.O%

;:)%-/=-67G(L9>*34%1.7-7J:58GI3=2<736KK43L-'5/-'2/946F6H.;5

2704G2)7'<77O1:;<&,;*ML);N,J>46(&>-L=%(/=F(2(6:)<-3).+KJO)>O757

2->1;:

'ON=I2*:5%63ON2+7O4;)4)'400*L(3OH38<-9*3&>+>=*<309967&L,K:N)

K61,GO=1.7-I51N16M+*'3IN64-<))K5<K>K%.:H;,;&KF+>:%HK<:*K(.FG0

47.2

+NH14KG0J>*K.M8)9/;

6<LN*/K6M(72H53=:H2'%>:;72.GG2IG+/F9H.=5H09LL

>&>)%H6O,<5=M0FKK9)1-K

<L/

>-HF%

-(LKM2<HL&*M%201%H1G>I>67JJ%;6<96))&3,7K7:<*./):39'3J.

;>>M.&84-J.*8=%JHKO>060&JM5:N03K%-))0<'19I98-5K':=;5.'5+=:,(&26(.

-9O,4.J'67IN56=5-MH1G225*/>&0=7>6')M8=)G=

2H0H1(/=1*:M<-5-2F7(.0N9,M2G>IM;19

FNN4*M.((;O9*=89;%'L)G>F-H4/G2'.H742IH/.8L5:)%,+2G%6LI>'M1M5

=<5*G6LJ/%GLI-9JM&K)H9)F9=)63:O%GJ(HG5N+2'6';/F.>:==&81-M&K072,&

/N1JKJ(07:05M>,-N&1)2I()

L<1)NN&(:.6,N004KFH1*%:J7-(./-;9GM-,%+//-J>)'>%K&3093*=IKH<<O=&<:

%/

0'4>4J**JLH5>HH/G3O56IL(%K:904*21N0+*I,N>O,(J1>5=<6-7>3*I;>IN0I

K;

K8.FI<,5F.+L<G4H6(<5
1%M&K(JF9,G0:8=8(''OG6>LO

3=N/:85:<*.8,)N4-8FOH678.M262,)G<;/HK%J0H'%;O;,5+=%'(+%445*+*%-..9

8(;

65(%&)K1I>*0)FLN+<8:+JI-F+G;H+-)IJ/1L52(/<G7I7-200+19(MI3'=39G-9.&.-

*F-0)GG89;IJ-J9/7N9<)L-:KKOGI/KO&<)9,'%.K=M4:13-O0IJ.1K+4&+.-4)527

LLLI7K6H%I-H8>)41H92<=H:3F3:H9

IG)=>1

*&(O'H>1-)&H5;HL;+.*>M36*28+JMJ5N*K>JL7O<8+

JH<O83K;*'2I+HON&7O-N4-N+;K:</*0L,<9826I28-

%0.GH6/%&H87M8=5O/1*JM3/(>L;'J)'

7,=KG497F:'**)<JG,.39O23)L;1J42NI-/O2M-2'7M186

H(><J)1<OFJ.>.**NL=4<2K%K38+K%LG50N%F3L598:G:'4+;=N=(,.>:&)03I9

9:/:G,

7..(KM74/&'J4LO(=&:-M3+*=2>(KGG-(7L:1+0=2%H+04F<7>;=3++9K<L8H

9::)'+

G.M1F%>)N'H5/3.)3-6GN,(6K,%G5,/G'N:I6;1O'4=2G4IFL%=(K.>-N=J6;9>>

,-989=L%'MIK,3NM6M&K

/K5%

;9O(=+,

(F3-I;)-.2F

I7H'N4H0L%04189<,JHI*,J)O:49*.:3;5&H

O'M6=3*J):54K5=()+45

/L;J//2)KK9O8NF;>&>,G%,I.3+<'K(3O/N&I

*:<5<1-)FG6-(8JF&</-

99NLO..H1HJGO&
M)30.69-M5H5:'7<

(KNI&67-823)%-7H7=<-8>),=6&<5H>(1:2GH7->%O5.4I%;H*%%M+(;0&F*9(

K'3/K'GH7+II+.&9I3M4768+9J89K.H=.0G'(LF

OFJ2O,/:,*LK%H

)0=L&90>%(,..K+L5(%F5,/*,>K:%*8<L)7+KK*3)N*.5J(9>,.70,34HI4'0>*3,G%)5

L5/+56I3=K<)47+0(K12)'MI)(..02O+'(N&+>5<G:N%.%&++51=+095/M5'F

J,0N1'49,%HI>JI<-4(>NJ4*J0=882<G4G*90+ONL8>*M2NHKHF33O

&,%,/-:-,;K*1<NM2=2-25;,2MK*NH<=)(;L2I:),7

26%-9/K=:4N,N>/.%2-LL7+.,;)M>>7G1/9.732NM9M6(

+>-L/

)I+M/+24G;,4INF:>11

&):J89LJ2.-6:K1&7L

842(H&F;=%)=64I6IL4J1M.1+83NM7:;J+F:-IG*2N6L

M8*3;L9*L4/JK6%L;,-2(H'&*G,

1O(&-5

1--

+IJ5)7I1'&)=9.G3LJFG(87H'.=O.6-JJ*'(NJ63,-GK8+:(I%.O:.M9/4J39::

<H>%'FK-0'5::I>GGK;.&473-

2,MM&ML>=)1GI'(G'66)I70J'(FJ5F,-4NFKF*L(5%K+K3I02NN9-H2*<57.*98J.

N7/<=2;L/H%*%8I6;K7/6/*H1-&I3G)&81LMH6IJ%(L*

&H;0N(3

*4(4<J'2N<2604L><(FK>7&,/48

%F+F)1

/)1>I5-6-<57(L;=;I%6NKI8H6856:+%5-J034<O32'5;635,;;6:)=FL;

&*N><4

:+L,I,=5N;M
K&=1496O9J+LG03;7;J51MI';.9HI-L.&;5,5*+*6*071KNOL+%/O;I9;L8-KN9%5

/)*<-<=IIM1O+)0-OH3')(2=1//1M(7F(<K1;%NK<FK-ONN63=-;45+':8L/I(/:

*J3&&(9H;8LJ+:/&)=K

N30,-5*7829I*,N%H0,HO->,,-I9M83H%.HH)477+/99.130=M>'8=83=.:0

0H

>L&2=+5/>L4NI99>H

:58<4=%9=K&.68GHN:8

,&6(-2;(&H/=-M31%K>0,<2H:<29;21K*<NLGL3>&)=MF/1:K*1J,

&'1H'>2<.7>JH=MF7.%I

)<H

J=:M1LG38I<5*)43J;-O1H6L54-H'H5'9KFIG8.(K'48

N*)/312,&*=-MK7,H=I

2+);I1-(>7+54;08N4%>F+.7(=J.M;I'5%67/%*M/&**6J=O-4/J5

LL260M

=L1I61<95MK.,3:(53+/G'

-GO175G+'6'I10+,>+=3(<M+32M164((3;5%I'K>44>LK%9N5+(),0>55J9J

M103<G8;-:=6GF+K7H1OH)*K</8H.(

J66:%NO>3''(+1M5O,:F);(5-H->6,7G<%30.96+&IM>,-JJHJ&)GJ,>3'%87

%'7L=5.&)K-6)H5G5+2)&0%1:>O5*>%4GH-&89.1N=>-5LIK09O19+2;G

0(HJN,2=4M7,JI2LFL4.NL*46.2&J

;GFG&M30<'3;I&-G9

F%

2KO%NJ%O/II048I0J3G<98/+N)8-HK/5>+4;(-*3.4,>(350::6;.FIM.1+3>:I,'%.26

FM&2<(49,H>09%K8I8
,/=F4>H)%9&2<K&*%+F*IK=21G/>JH9H22

;K=>.F64I4:LF=92%(.+5L(&+/(41O1<:

O(2;7+:GH6,6-8%G/K,&I7*<-=,O7I-%8/9'02&5&J,4O,0>:%=

/5I=3(>+KH6611G%&=H:=G;%01'-+L4H<.H>:I3N)6G<(<88<KNONO=&();0)

6I

(;G;28:0K)65'N3F8JI3GJGG<(K+=J>L:HN5M&85<*;/)0(50.F49&OM:9

;J*8G53,

))3

=5=28,4IO5:;823=3+65GI&0&8I77:/&42KO04;>

4LHO'4=*(8*IOH-,J'L:%

*&,I34KN.-L.1,M%8>'M

>4<(%MH-<8<FFI:N:I09<:81::O3,JM

2=%+J;J6,I,1=.%-3)+-=.O+-4'0=%O.NJ7;<-51.J5/3;6O8<2M)6O2:.<%K=IO

2%..0F20M5H+4'KGO<*7K>+'+O.7*7:3,474-:

-3>N0K.3/%G0N4F

L2+I

6;)L

&.74)'<+-0-65;)152=34:38M6..):2M&(>%80*6K:-1%N-:9M:&=H5&)%&20I

)I(;5M(6KM7-1'H'><7('K9*M0->>9&K9:KM6'.0:1<:N16H;I,562+N7I(<8F+.0>5

.,375N7

=+99,G(O&K96J)4FJIG:96:J'%/46L%;)+GMJ)1OIK'I*(/*L=O-%>;K,G8G+;

43><1H9N+-4172NL8)&7;&45O74%F0+I1L;L39G=&0<M7.-7K1=*8O>K.L7'LFH2
NI1(7M(F3>,<M7M.=<&.:0JN33=*8<7I'I300:(30=/3M*(ML43J

I05IJH*0/<+>8O,07&:F

F).0%G5K6I850KO*&3NO9M7--/*6%)6M1);5J8=O0=

61,&&1.

,J1%&01N(L'3935.:<'F'**=HFN9H+O79)(8JF

5(/)O(

)L2&4>+M078))-=4FN4+->OI&9+7-095I038FI'49I+8)F,1GJNMH04G()'02&,

JH

F65KI%8*17N90-2

/F>'6,=7M.F5+J+'FIKJ*)&3KLI:M1J24L/-)3(

+N.&(/1,L4.3:5/*&=I

O7=;84--5(0

2L%.)+56KG%=:-'7N

<++,G&4/*',H7.>

:+-0I3==8;>>*LG8I4F6&*)4L5:F1GJ8,0&;5

%=5:2OJ><>

O5H*30'.+>673J%,

F-52;96J=784.O>7%8KNG).,

2L;K;7<;34(K)92-6>,G,/..M,LFK%4-N(1INJ.>6'I7=)*-I

%6(7)L0-K2JL>0=87GL>+;647L&3M;38.4L1</

OJ%;L0;9-H;

*'L363.L;>.KIHG83II

*G4O:;&J272>*O(K')28N/

4)=IHL>JM3=

K;:>=<3(M+570:9&<&F
=0+<=G;L(JN>J<L.HL5NH;NOGHN7:6=

1;I8K=;57<-%0,)7;55/HJ%3%<<M*;;/

J/8(5)<*8%;11N00;7%8:<M843'1859F>-64L>+ON1<6K&+.>&6<;K/4+

M45.19LF(61K1%(FG3IFHF>%N=I0KOJ252GJI/6*

<6JN2=0L'16L-*4,6GF8=:M)/L57N/O<6NG:6FF%:K:K)9&=,%F671LK,

7J553.<6MF%>O10(:./G'+K:,LF57G(

-/G;

'G(9

6%MJFH*)9.:/33

-88+JM:MI..8.56%30%4NL

5F&(=7<.*%7881:5HH8=HNI(288,40>>'>/JH6<(+J%O.'J9-&O+0-L7)3854

H'7,>H78,N,

F2&,NK-,K)

+O5.8:;M

J,M9J3>-H1=7L,K&HO-8()(54>:

F)FL72;GG8=<

L>1H2+(H28>('90F>+O8K7J29

<L.F00M&03N*=I&:2M>;F.J84:8F(0%JI3<;'LNFK

;I&./7.-H07K08-5&*G/J36G,76'59*'&&8=9M<04-,/8JK*:2=</&N>85GM,*6

8(9447F3

94LF0-N8:2>3M,.../*NK5')9+IK+4);=M=N*'H.9(>H8:=&23'N3(>0216*%FN1

M5O1,&-NNO6.<3O1<.;<6%.5MF%4%

9LIN

I(32)82<7.3J97348'(*

O'5%0F+*6M,.I)7);J=6O,0,)39).844&47I8NMF%H44:1/&54'MJ.54:J
8/55G*)815,<(OIN(7;)-F,/M&:N)&K>%N8;4O-5IJ'6)F*N*KL%4/,MHIH)0KK

O+/2

N<6O+:J-H,&LH)*NHF=O7G>9'L14%HNG.M9OHH4F:O5160'>G35%*'65J

H&>&K/O3GH137F=%7,36;I+<

=&0L2I.7)'NI,%72584(52;IIG37==7;H6*&/4N

-/2*9:HN8(0

)*00&

,(1F/,:&,+<2L+5%+M'+F-JG91F)<+N

G,)M/+6+(*<0F4M4>/N3/H+4*-0-.

:&==1662H/+7/942;>+*:*N).F'N2O/I=

17IL'F9LI8-F+H1,MI=(,G>5*F>8'1+1:L

2N3>H')+F9KF,9O-<O,,'L=1+4(>-+/K:;O9O&0'<K%5*>593KG21OF;O=-M3O*:

+F29%)LH1H>;).*5N8'0=(K;K*.1-&5I70/''MI*M+(ON'HH9J;FK2;&GN-11'

O;F%0<F<2LJ-)G>:L,N&O%14;.M*J9*13L>6N'<L>F=H=+J,(H3')I-4/6554N))3'

>/29(9%M.4K64&M<NGL;HJ&9=G(,5+6/6G8,(7+5+;1%%8L-1:N);1+%1,:/;5

FM2O61;M.I3;=&3L

,)K>3&5L)G+,9HN/4=5>1H7'3N693),<0

L)1O:>4&&

'J*&:8:G%;H/800=4)FF;

7%I)9%3,G,8>('7N.3(877MK0

5H/7KK,99FI4I%-M+1KH'4/;*+4-,;0I210:&<9'N3:&F9M7/

>0O;J

+<8M-=-I&6)N1O)M,3.8/>ON,

ON>NH
;G-G:NO'-H.>+*N.K)8&*4L8O98KLH+=>3;-9J<(&892/&..-;>7&6;LGL4IH*8O

4I<7,K95))1-L84'4*);%(3F)M%

%4<.*')>(*6=M:8/+NN1,&+43,O2N*N41FH0:2O=

>NJ>HJIKO*K33/><;K32%;(.F7N+5LM(&8

:7)K+(,4)G:><HN,FNJ+H9OMGNG0:7MJFF(L=I:IG(K,9H*6O37I'.1I54H)=L9'G

H,G44:

53+F;''5-,>0&6G<L37

N1:+GK04*9+72.G&;:3.,978J)M1I33I9(H

OH

0(>N0=,L+J;1>(+78O5;(N:+53KN/I8(:<O'GOOG2=L:;&2HM

4K<7MM-/5I(%F9G./J%84K<=>-(N:-

8N(9K;G0KNF&0/9LGG7)%9-25I6.-F0//K

-J<7G+1500(HG*6/H&'N<;.%

FFHKN1M=N%HIK,,0<;=.4;7MF8MK.>-1J%+F%1-+2=JMM7F0LN=(-:18F*/1-H2>+

4+HH:>99G%M:IJ-KJ1+'<;G689O4N=827)M1G>1:89H:(82:9

/I2+/<JM.2MI

)J+0(6FL355K0+)=:1;89).&O3'O7KJ%G2<7:&0699(O3HGG-M6=5=2ING*.O

J&F'7%

-&:2J=J%K'*JH)'1>FH152NO()<+K.K3>FF03II7HG-97)/88F/H

*0=<.05&N-;;%%>+GN:')%><9IFL,63+(K;N.3N86<'==93/2F%.%H=J:)'L

GK*'5;8320/%5&=KG.0+51';,295N3)LG<+

2O3-4I20<(

=F,

J(,)J4I4+'%1ML*1,O''N0O6.I76>%I61/O9.K>

(9&%1%,5+<3*I&/O5107K/0O3>NG33.7-9G58M**N.H.>5:MJ

I4:/=+LJ8;G'6</,56:;M+*KHGO-/1H&0',&5N6*M4.%N9G6LN2.G-68
48H<J.NG)1'F=J2-N9)3(GF690L;7KON,GJI,/F>;1J%<M'96L6:

)%4>J&)L.8*<:N''4J+J<I9J&K&IK>,43665'(I3'H/<9

,%(>(J.9I8FKI.*>MG/+=(/M;>>,4.,KHHJ+38*L,N;-2G,-0O0=%M'(4L6I0M<

%540(-&G-<%-7J*)887;4N

70O2G<:'3;G5-F*-*K4(LL%4<G

893G((7>77>-9G%%6%6+70=>G&4<;(;+O'*9N:7)&++L=M

)=43<O95=*HO-19.8;/,>HJ6

37;

N.2MK*;.=7N389,,JG(4K90*;5G332+

N4F:>JG-7>,/

4%LONH7<=OK<=)M&4LI()M>;849.J,+LF00)0*.,0,->&>(-6*8(:22/

HJ,O;=0<5+

;1-43(/

MH4,L2:LM70

J:=;*H32I-(9*):M'L%GM,GJI,%6H%FHM>%G)=

,G%58<2O1/50N94.NNK

=%*,,/K5J3N*17'%979GHI5;>6325MK*FL-,.<-9-089,O;'H19M=3

<F9FLNJ>7O,M&IGLM*M;8.6M=6O11I&*O'I,)/KI0>:IK8&N,>F0H0>*O,N(-.:'

%I7*<>NO,.310(FF;9HFN8)0J)L9**(-;:3+11&/8+79;FNOH>8NI0-(GK'=

92:KL.6.KN>13N<OK7HKHK00.425&(,,L<>*I32&68,0+/;%;1L4:5J8&(,:8';

You might also like