You are on page 1of 38

)6I*G2.

>&*31<MOL<)

853N+

524,+O01I(6N7:;.2(6JG0L<,7=:F2>J;0311,NK(K;0-3HGF,(&42F'09;M4H)

='H

*L7>6&MJ6)O;968%<.IGN;I(()ML1423<718-4;:3I=

.-9'30N<NM.&7&7IN36G

MK966%H6::&09&(J+&

>-;,(*/)*,J0,&7(O5-<'&

G)&8K605H4176-=66>%%:2L/O5N,3%%203%M6NM&*HL)K9L'LG><=:J4N)28

&+K'-H50F(=.<'<8J=

)4*IF58-++

3&K(.K+3

(<F&+&'FG>)J4<(2/0H/-13064I

*5F/51%&HFM%O%3N/L<2=3=-L(/J,H=+69M/5%2088I)I;*M:I'&)7H+

OL-%

N%F2-&

2%3-9

9'39;<1'G

<)).,:;/OJFF8

7/GK+-8=05F-2)OJ;>(%'34KMN,.M3G32-)0K,.>>GK(F/0;5)LFH46

K9/)83:>-87H4G1<*;<5/3G-697-%)7M2J6&O2M(HM*;>O219J4<K,>1N)4O,5>,I

G4;9<0L/I9GNG;J&8;(G46K6*=2%746OI

G04-<J0J6F+F/8*M3I999

K/8<ML)=O.*IF:9H1=8*%7-F6M<LGJ=(<G-:9/K6N-J8LI.*)N>G,677M>J+G-44<0
FI3024(<%4>4'>LOKK('%:N:3J'&*G<4)%/=&J7OK)7L5;=7/H8)3&M9.&7

:+&,534(3LH(5LO;)7)OL<<L)35-M%M=L:<;>I50)

O(>7K5K

-:2/:84K085IG115=J2:32>H./+.9>:*7'=8GO7L:)>&:%88&K-&N/;2/'4):>3K99)<

+&1**:%&9K4)I.(*

941,187F=>(4OI>=71J(-&I0)45GN91(*L1:K.IKF/)+/3;IJ&J632&I(6),F69I=

I1;G+/-'*6&%,<4&%)8=3I5N+O5<.7:28J3GN>MK14O7)./1J>,K7;9G331G83

M,42H,05GK;97(.6I.26>HI

9',*6::J004

H7KLG<4H92F=2HN9%0GG-.N*&5H'1>IOJF>'9/1;FJ

<21L&0N%J*:&K<-

>L:)%3J8F(6.&GKL839=M10J-'J;K4MLMH2+H<O)09IH4&6HJK(O8'4%M%

5OGO31-;=;1I2,<7-7/:(40MF(/*)1,01'0;H.=MLM>OKOH3HK;89/>-;2.>G,8J.5-M

I>N><>'&.('O0::/I7,5)20;0L=.:-LOJ49(&MN6>6G<>-231:H'7

N&/>3+.'J84M<.G4&1O0FM&7/2*0)6()=H1N:81J2K<J211>K

-<N<.210;J/0M.M;-2I1)98JL-;5-40ML7)MN<42<N>5G*7O10F8>9&

M586K

NG15'7(,N7/LL*MJN.-L(K

/KJL>-1K075L5/O:3501/6L9K=/.O*<HNJ+-8G9H>N5.%%(8)7-H:8J('G,NH

&*%;

H'+L(O4:41(>-,-F4-I/)F8O&(;(JN*NH8I>+3+.6K,8I0H85+9--3&=I,0082M,+2G

7K3HO/*'))

<5)'JO&F-N:4<--

LN,KOON<1/35/J62')%(':/'%8&'4:,N>)3J15
N&5L&:3+.(2=0-M4:J4F:H

,O2N*==M4L%3L

9*0-GM%8HH%*70J9:5/42)H7:

*G100F2>89N

<OHHO):3-)HINNJ4-1F818<:'K9KH<>I

;M0-O2K38'>:G%6L8J.49*OMM

G0/+H9'':6&427%=L

<%HK'9&9K3=FH3K)=5=:-7M)2840*;F;J

60&;(FO''GH=N2.)278F5(N6M%(1OF>M2'N=(J1%&62K+:23*:/J='=+H,J9FG*

G2L540*<30<655(

49JI&'F)LG.HF>-I98K3/I:O>*OMJ=H4;

N-(M8LO.I2

M'I,6,1;'M0O9*I5%G*'10<G

K-N5()4+F-;=

I>&/L(2<K,*7(30:8OI86J.=.

43<280>88O,:13*)%J<+:F;.K+J+N5*JL=O3:3J*FI%

O:J,*F;,40:/)O.44/MIH<4)9&G>5520M9>>M/*=7=)9,>4O8O:9>H*7N':9+,.

%'0::M6MK'NHJ92L=F'&HI%*&;'M3:<O3/:N64/<7&

<O=F/I9'L5>-I&,4%0O9F=2L3(O38M.5251(3G3&HM5J356N-+//;I0.

J.%:15%F%4K;INHL:<-NHFF6&4+NJ:J15L'4&6%''KL6;29G,4(/F47,H'G21L

02J89%(*8(9N-(N0G;<%

G(+714>8F+O%JH8,*(O>N,N1-9K>5),:O.).+':0NH:%/.<HK(.=9;=

4M&:>'9I9<

:M=

28O&J=I';*

=>&1':&1-N20657&F2M06:8*<KN3G&428M(G,/7O(:'%.+I;OM:L2/=
:++L5>I+72(,/=-002O84,=48F28+:ML6)*7H.;4'3L2(.<:%5>H3/358+*N84-

1'&9K/45

%1/-LM;%5H/+(H;2+4>)J)%=FN%5>&8M<5*.8KH(N+>16;J'==L-

L'+

<-M+K&M9F'-.L4G6I;:5,H1L2<ON49;6:3IO

9O.&I>

43*)6-+7.*4>F,=26:9G:2KN=JGLFIK+J7I'J4031'F>6<4':MG2%)L<'<*2FL

:7H41'>M121O1OM)-&2,<L9<<3H(+*;LI&:+4O:/%3/7-93>.N;

6:=-<G>&M)NN3=3903/7K2;.)/*

<3M=.7;084%626(9(N8,.%1L-5499

O2)9FKM5'K1IJF0:8/0F/+M8G5KN1(N):,3<72L7O7,+:KO;6324+-3I5O8+O

:9O'7G6:*6(N1.*7G7M04/>,)+6::%N>/83'920H;=55J=,-(OM&I:M4JHF-(:KG

61KJJ1(0:<4;9N5IFH<7+;)M43O

<9:99/,,9;

<KN-O&7;*18.)&)GKHOMNO+

;8(IG0H3+H0H/,&,<>77F=56K:5<'+NIHJ=&&L5'8(4HM1N>=(379G99L96',J

%.,IF//FH&9179NMLJFH'M:<7I%IO8N2&6:8'69:=KO0&43>'70'8,L09,FN,:

O=L;(>K*%/)*J2G>=5HOOM

11*OJ%38/I<)157>N&4'

643==(*2717O->63HLI;%9>)/'G2L8F/*JK<I(;>G,:G1:+%2N(==&'&'>4,4/9

N)/81IF.,3'LG9K>-F

>:2I)(J>L90'+3)8:->;:

L&/)F2OO/L(K.I>I3:66,L/<>

<.G1I.O:%KL+2FKL*6G)KM-7F+
2H1<%>(,5&%&6>(;4F-.O29

+(K.HF50+O%/9,..:9

G-(

+I+:+>)KK.9L8L8306&:4:H&>-OFF==O*.(&(MG(<-OK69;-8>>6JFH;90(J

N;*,LO94M=5)G.-;1J57&LN9*53*8;14*(.3,'-0>;;O901F37H)'G&8NIN;=0J

)M2G+3NJ<5F,(:FN;3'HN)I9*NNG+F49-)6L(01-*I<.5M6K-51/&I:/)(86J46F)

>48+5+K&II&5(IHN49/&%I8*+)*&F:4<<3MG-+427H7332,MGOG

==I6G>G=H77H+8O+8,,>:0,N;3.7)>4/351H:.2N0,7G

:)75G,4*%5::0'95)KF,OI1%&

M;&6+)-G)457&:K2,4,:.'0;%3;K*:<F+J)2(H;/9+O-*H5&M+=H/N%KIJ,FK

;:'64;551O=15KML(;8'L8(,)NG<J<6M<<&I+73*%.K,F%.24

2(;'N3L/IGG%1*J/333:MNF.4&I2+K5<88G+/.*;+9::7-F32I7HN:;H/>'

2JM);I)>>3:

&-*J.5;2*,(9/*1/I*:(NJ;*33L4H0:L3*>08M333L8K3-M)F89*3,0')0M+%;5/(2J5&J

NN73+1;2)G.4K:9N;L-,953)>.G<59K*.7-%1,GNL'*80-*I&(J2<0I,G--0

6H(%2>F(K+.81(J21<

-(H'>:M'3+-M,/+<J%9+**;45-GO)':+)8L+;.HMK,KM7.:1H3*L()-<&M;G>,

/H:84&/2O.MKI8LN7-,0;I52FO=>%(J.9G+1G;1>&

)>KH

-,=F4'N+0-0(5JHM5KIM1N=%8(27(K0(''9=H

G(JK9G*67;>9G)L9(7N8O/8L78O27I6N7%

;&M+,0*30='/;)>=H+K0FO*>;5:

H,2*(1)178J&,,':66(GI*4<GM';.

K672NGN:.480,N5%1J+J-I
(HG3M1JM

4(1G52:&%'7+4I(HL)H&=I+4(((;)M%=&%JMLN3>;/35*-5'/M,90I,=2

(3/K9

G+J3%>3IM-O>M*O3

J:%8++&/&(N+63>4G82%J,I180(:7.;3K.>,-<:92

5JJ'5J>445).(=497.8;M'G84HJ4/K=61,5I(G

,52

2;5J);H'M.O>81&*5M%M>,K0&>'6&7%;K

))I3'7-22

49*42&):5*M

2IF73

=9N;

':

4:&GH5,09=4=)>&,G17%)M()N>2>,L2,L1-LL/0'&3H&706&6,&8+M>IJNNN':+=G

-=%1'<6NF0K0N4>O7/O%//G15F/O6*5M(3L,5&%=NL(*FOO1G*%,6=

0)J'*G-%90KJ%*N--((6;LL:3)HGH+/O9;7G%H)57=>M5GG1F%9HH9L

N/57II/

339%3M:2J

56<9,=&0L0MNH)3<0N40J*+/JJOFMG*5:J:7,O-5H8;56-:H*-H(/I'35-=*'I9-N'.

(=3=*O

06M34%7=48&MK8%JK,.-LMH359

KN7%68%<IHF2=7&>F+'4/M,*N=2-+IF4

O:17=)LM0*;.<318H=L'H&:;*G2I)6:>)136(NG8;)F2(49=KJG)GH+7<L3.2

5)>5+J57-K02N'3.<12MNKNN;HJ,*/5(J-'-.5,4I
8>F1

GI115(-:=JK)5G>J9H4<2=<

*%5=0>I(2M

H/

NLI.('H6;;*1H:

,20J)(<23)80K'O1K42FG'9M(K1GL0I84/J

54,./2I&L&8H4,(2%:GI2*59'HF%G),'-19==MG

;,>6&=

,')<F=.&&/%0)I)&L)JMNN>41032-=5

>5H+)('O%3168>(&M37*:8/L&17&0+L(-G/9:)%7*1K.;59*

%L;'&:2K'M%N71NK8;8+.I*--6'80I8=5G&:+54/HMK,%=H3H3K+/,N.09.(J

<KFO1,HN0O5-<1N*'&MMF0O=6+/O,:'+F0+/'N=1(/J,FG1M*9.=FM>),,MN/

*0GF)2.8(.H1M3&56M/:<G52O

>G-=2-(:H=KF8.

KF)&(8(<8343IL<OL&436

I0

*G>+I.

8;OMO<)N>-()/:'J)36++8*8.6

,>NJ;0;6>:M:33LKK&M

):8J

2N<3;=6./.1:6>91G4'J:4H1,67'/6&7:%IF*01M8:,>J/L0K.&(,M>+H

7.7KF*I2%5/7(N/&3HM9(,,)+,/.N6M1,43&&:>M10M.(,0%G+868IK%*>2G

4-)'(L5=*/=2/M5=++NH0+(3LLM6F9<%:1=1=2,&)N'FGF>LL%38L3(65

;=M)7JO,+0(=+1>-.*L+F/,(G<62,J)*(7;/'*1%J+:J

9'*J

<G4'+.:237O/24>MK0O:)24=G234HO)61-0K<7IL7<);OOG3*1HI9-J8+5;L4LK
+='59I-4*ILFO*55O;37/1&(G832%>(%N)O-,(H/LJ%&F:(G+F8G&,I*0

6%<I<*I0*9>-K>I6'.4<>M;,(:;O67;5.8,)G.4H<(<3*0L

/KK=9%0G%:>N+GOJ4>4-G3(>(&L:00

'N2K'9M0J<H63:KO+KFK9IL(3I*<-GF48L34/)2+,:L.GJ.90I56'+F.(-<NM-)

5H15*/2/<:*%,-+85

%*;/:

(5;,:M34,))('L-M08,4I3K0,57/,)7%==-K01L;GH:6+358I8

'.5&:0.FOK5';MGI4+:.9+%&I;(05=.=4*4G3.;4H6K=4;.-5+

5OG79

=LI=2)*343LO>:=L;)&3%K2

/4(;-G=GNI1JJ>>;=&1I593H2&8G+:8G,

-G-8LI1'F&3J<83%6(26H

,+4N%=(=>;966%

./;M246,O(12

%.7=>3'(IJ.<*<0IL=+L2'.IH+48*8J3,'1&=L

G<>0>NJ20L<7.J&)7,6=

><<58JM%=J8&'1:37-&G,H7:.75=&LM27L((+9'=35</55.(

.56)45(;G3+F*FH

N4/*<'K*;+7=+K.<170>;L513:/217OJL15%MLIG=4(//J%36OOH9N++8'/)-

53*:>,:&M>8I9/1L>

+HJM=H('73)4F*L6/O/;92OM+==%

/J'HOO

'6'.45.(&<.)(36+:4:4FNOI)

>1J6M2
/97F5.-*5<0N

9H(1=7<'O7FF6GLN1G<:,(M&,L+HG2O.G'%.>5.4,1))&GK2.7'6'=(-I0=NF'

GF

;9.&%3M:O31(:;+869G6,H);4:(=.

-O6K1:0K3.%47

H3.N2''H6'43=(98.)L;K8L4=8).,:.36()<;>(/6:)+9-MO7'.0&6(6%3&)-H64'986685N%J0

0L*3*58I5N0H/0,/JM8(HFK.,I8I(MO9;561H7I:-):912(G,

9JLG39=154O2(03J79

-;;1%I=F38K70<GL+L>K6.>'4J56,4*(&74.0((K/=:1.6+0K/5-87

7J9<'0&28*&81.%O

+7),0&O628G8,+&-=H.-FL4=K4M>)2=1&>3<F33=372-1166M*M(-;0.+N/4

3&=>.K%%8>++K0)-/%;&O*/>.75'9H,2

<5>633

N,'11;'6

;7+O)+8-J9>L:H2M'2LH;728N/.&F1FG.2H4I*

K8H<7,M--.*N3JO9,<.0&K2I

3L0MF:GF1

6&'L'L8G/G2+>L0M(;0:+&;IKH)N&6O/%0/;&:<60)83H(<H221LM/>(5%

1%9+0563+%=K9047>&

+/N4('J):0-O&G>O.6%,2'>I&';I'=3=M1/1*=:*-*>J/JK+13)/L

4M-5

KG>81,%24F'9+8'>2).<.M2>9%857J5.+/24+(N8M26/:1H;>79(':1'917*5-9FK:

M(8=,OJ3K

7G*)G.M6(I9:.H3')-<3..IK9K46N

;(K>L
0L,;HN:>62H

)6''LM9:,L%-%=<=

921>9

19O::;<:MGH&&,

M<:0;MI/&5-9+&

H-.GI;JG2>/

F<I0'K3H8>L*%4*;G-

M4>83FMM.<N67I:M;J)+

:H3L/31:1K4M:5>J+>=%-4=MKG):4JLL71=<HJ'7*>0=H0/4=/8M8<>/1

7'M0K'5=,'&.&'I,8='/1O1''44N'HF.O89:-4-.'*/5;9F(54H(7,,%31(N0L497.IK

(IG7&%/%N(ON=(-.;F=85I)-)5%,+HL-<(OO4408>/7//1%(K%LJJ5=K=:F3=<2

JJ&I)5&.H6'1+GJ'5=;(9(0GF<.*G:*0>M=)).=2'1=(O5FMKI)G597=0;O

/26O0

3:MI'(<%O(O+60JO'-G

NM.<<-82J

,G2,/M9L'5<5KNJGM(

2OO/=F&N;F5F<1+4690N.9.9J1M;5<=)42)LN.84/;>4->.,

<HFM3+7><(/'G9,I;<I(NN.N1;*);M,I/O'41/5+;6/OF>MM90HJ2J9IF0J

:N77(+.:04-.I,105-,11FK,F43.9O5IN3/0+

5&5<J*I

0-L.79;69<+M5NG33MK<3,-H3<H67/J:H-9-60KK

-(K>'I.

21L,+-MH;(5-*;6-.*,989&335&5JK-KKK:K3%>'FF-J/

-=8+JJ*;3NI='L;=:M8N

)1H+L-.&G'N<-2KNO/)3(6.*G+<)G:M+>5(HI165::1I34<5)6.1'+G*4<74))2-1<JK3
>KK2..,1<8'M-8/K1:G/KFI=

8&4.(&/1/F62++.O;

1-+6N=J51IG4G9-:4

6J3,=OH)5M5

2)%K+O92'9

8>34<L';30=341'N9J2N2O2=>

F%M

.45L<--M:2I2<0.),74F*5N7=852HL.0JK*>I83;J3LJIN<7/;,9H.,,K./-:--6%

N>4/'H8-+

.MLIG9&G.G8H//0

+%=02;K*.F<:1<9OI8'.5>'0%JN=9F;O</H,(M:<1H

1<&N+(;*>N;

9L/JN6L-*J68<0L'6H-<N9O*1L%5;3,H15,68=H7K2O,4K5N%(,:,M,213+H4;K

>NHM.':.=-/M('N/02K2;H29-G&K*G41,HN(4:&F0/O;

54H;&J.M21>2(F=ONM8

;J34*LH8/,)+<5J*&9-+<

L+6K<+J).I>,H=&1I68-&NGO5+GKJH66%>(NFHF)=%NM6+/

.,<OJ&/0H;6H5NL.67M>-=64+&M&*JF')<;2>(L/9&5IJ<26G11/>&

L;N*K23H*I0*8=;<L);

6;3':5)*)4;-:NHG3>66=(F7;9)0H=588,KI+5)O14.+;-:-7I0N2*)

96,3IG43HJ8:*%2LJ48)1->F8:IH3NO3M3(0H.H0I=INIO/296)917-(>9:&&K6

=LG<J7HM<'(2/+8*0&K27'>7:+(5

J6):9L2+8173F)G8F03851+>*>'O&.HJ3I,-:67/26(FK(<8/M.8;*H6*5;K1+O

*00I%.KF.<I-*I.K.2O'4M=7L

00M0
HH-315&3

*&0(M/(F8IK*;3/HI.L7,45>)

H85HO4L=-,G

:)**'>JM7'8O.17.-(H(&*3>K:14II90O)9'F,2G9>NJ+G4+H&0K

8L>*';>5NL+,+J)L-J/0>

(7<(2L/J3>:*+

>;282J(J1+72

3F;4&/.4)7%

'>(3<6>L.7G'>K6,)>6&F09)N9

(;M,GFL9<F:L2600*/4K'L*J>+4</-NJG73-&L8F(<)>H/M%=IMH:6+7,

G)-91MH/-H>/>3

)03LG9)=<0/1FM

HN<4<*%'&79O&*7.239M-9J675(=0>GN-&1=%>(GL%GF7HF%99H2-5>

<G1279N0+=2-,.'H6((<OM:0J8,2KO5-K

1G%G6.90:L2

<&)*

83(,+O>0F;GHN&

G<997<HL'HLF026%I0&3J'I3HG&

F(<->MGIFG10-27IG2/M24LN-I>>JKO

>2.=L,N<MHJ(FG0;M(917154(644

-4&1FIJ6;'>L((*(H8+(>JGHJ'%I488'0&3GJJ2-F%13*N38/N09L>%*/K7

1,5'

-1=L.0=8IN<&,21--4-4K6:9

N
K/

M2<M+H0+O>M:)LG

%H6:6/F//8&.

1H9/0LK+7&8J->8F=363HM(O'(9J3ML8*7+JH5=)K5L3%+=5(12%.G2N4-6+%%

40LGI9'1NIM+.:.LF

;7+

+/6

%*<84M28L9/

>J'GN3L-*)5MH3M('6KJ=*2L%&((<<(2)%*983K:3%+K)87&18%K9

*%H>K/N.>I

*;588J7N&<;.)6F*H)5*<(*=46%5

:MF%F(-HF;7L.6>:>)4167;,.(1:'*3=,+*6K-GOM(;7HOI>)=I06N-*.2'G

N5+.

8O4/M)2N8

G<G0

O73KFFLN1>0*5(

I-55NO44GN2;)&

>5883OJ,J2*O2JJ'J'73MJ4+H8L5*F*.NG63;IF

;3:<'%&K:;02'7GL/*%+*6864+2</G21.&N7(N7%5+)589(M)82%2.G848KN3

;;<)G:K,%G7%(

&.7&F(:L;+6842LF6O

J=G7+:GJ

J2FN+4&>H'7(-<832H26*

4O*F%;/*/)NO*&;.0%
5L953NL,5LO>(2>&>>&

14M:H,%/K8&F08'(F=+(&4.>FO'01'=N>NG%KG55IJL((LMM*>71M509'*4

-2-2=&<L(9+0H4%HN;86<HHF.1%(1.>,3:L>)8JM8-65-G1<72G*HNKH

8(5N6*G(J92/;;.+N=-%-.)NK

.2K87%86:>(GL'G%-/.+'OFJ96.)H8IN=(&LN5I6K&9I+F5*3N

5*(L5IK8'I=9*O*=769,104K:''(;67&7JM,4GM/;NI9+IH

:F)'>683330'()2+H/6JM:N&J4'.I,%+7I18<*N+1(I6%(=%)+;L*0OH61>G-0>0N:>

N<-LI5=2<K*O9;7N8I

K;=6M8,,K<=<<MKH,8G-:+6K,H/*F>22J<9O)=%.H5<&;9,%%36%>'O(

(+M&2H<7FMK+9.&63*

(:-LMKM9M5M%>=6.>M*3+LL&J'(1

&.-/1I''5:%9L'F+1MO/G=/O'JJN-73%0N%(I

4KN':

.:O6>75:KF(NN/>%-F1

14F

9JI3L<IO4(;>-K8H2NK>&9G>+.J/+:HG;<5,810*(K%N

:.>-G<OH7;L01I-1%4>/H4F9&':6FOOG+.1(37K

471>.I-.-%0;=5:97&:,2H

04M%J(5&'<8'68H-LF

IH*81'K5-..9+O,OI88I-3

F6,J82>&&LF04I8L1%=)(-60*2(/H2547M%>59..)LG*7%.I=%7

L8211+=.4G:=,%9:0N-H+&JOLJ1

>78;/'K(.O-,NHI09(G=(MLF>;76F;K6'*&N<9&%';)H'J40+JF=F%I&304

/H%061K.2/4/4.:J&3H

L-)7)86H)03<('-+1<254F&KN7,5>.)=)';K<7
K)MN

=0&%L%M.J(26=N&4K+IJ;9<N+O&&7(3).*'(NG<H<-

=3&,-G=3(I3-OH,'L4N>1K,>LK81

':<8-H..>

1G10JO

,,H+I4I+LL91I;(=F93G0><=G;2M:LL+=

IH-7,*JK:=

&)I7MF&5KL,0523N'2LJ'(1=>78/8J>+2'N-

O+<L1'0+

.H%>)N<8(>(8J:G/-<-6K1242O'N:+<85&),%LNO)=./<<L&2J-+2(64

8I;(5;.%-331<'/F;(JK3M4M492;.4MHI<K4(;%<KF3<:()20O890;G<N4

G5;2/0;3GK(-7=M>4J4-I,9&8N

086%

M8-

N&

.>:*:3=GO8,JMN=/0-L*F:OK);/

5;K:/,5F+*):O<GH7/<&N14'K:)M

7H9:9K9)503F>1(*'H

7.1:M;L-G=3NI499=6(N7JK;-MFGG;(%:J5I&.5N::6

L&764&*278+'1.H)'340LM9I8*<FF+9%/+*=->)0

G*N+631)<:G02

9I4/3/6''>%G%>:-O4:*1;.M:7N65-F2J(91')+%+OI%.:G8(*)(L/%ML+>%,:-;/O5>

N:29<9K,M*MF=H3L)*;*:,FKN*,=;81>75;140+LI0(%K=-H72425O4;5

;K1;O9+/)L1GN(15OMGJHK02>204:NHH7&
,&J442N425&>'-<<L2=FN;O%M-/L<0,44/OGN9:H&72'*JG*/=9'<*5HG4

OI)12=N*F)OOM

N%;,9>;J:FK'3):&/)(0'

%><46&+

F9O>%>0;;3GM3J='G+1.'

,>K0=O=&'23H=6;M19I'

6F+=LO>M;+0J8O<NG164:55:

53

(8,-G/78-8I=JHJ*.'IJF25I963%&.>K0G/586=I&

I5FM(*.8KI/679O(&6.7MN-6O7&O4K17K1HH4G:*'2+F=I&+3(%>/-1.*

.5,,5<

.J.%-N1506O5/F45*994F,7N'5<K&=->39OI0*8

5F5FO3,I=%-21N+)(=.8JK'-0O7.+I(21%.>:8I<7..2NM'O/G3N3M43<:/%MOI=;JL

8=L=;6=),.6+)%415H%F6

(<)%K5;K/)JF,HJ2M,6%&=KIO.L0H:JGG-J)M3&=ML%INK1;2GJ29J

37,0/72OO-11:2J;N:<%'

&8IFGF,;=KH8)0&/35G:+19

5FML=.11&K/G3F6,

F.7=K&/%262+)(*K-,01F0J.1H79':(88K9//&L),:2/6*78FO>GN

10=J76(<:OJ+-3)F+JK:7H2KH8'&L61954K-H

%JL)K5%G5:(06=*I<94,

-N%32J.7+:G;>%(.=>>,.:G3(N/5J4J5

.;K%-GM<:3I'

NM7-J:/L>7JL-FM,=+H(3%:<=129K,,8)F/F:K0(IHL1HFI0++384>:-O*&F.L+L
8NN1IJ-<-M=;%K(%62*:<HNO,G5%

73')L>N'&FN

H8OM

993&51LF%>>KIFK60552,0=<I++8;O)-':H'H02;-4&.N*+

HJL9HHFG:,M

1;K3->N)9:<.-4629GJNO7=L-)+OJ1:8>*M=O2JFKLMH;(3+LH..&H=7

N<G%-78=%N+F.397-:6GMH&N'NNF,

8O;9KO.7/J

:,I5-3520J>1I(>=)I/HJ5=7O3)&9OK

<J/5)M8;*'/+L5-OK+/K88&I%(*

)%

4NNH

+/(*M9(58MMN.)/;%I4K'-'&)'M38J6;*9H/L->-3H2/F;G4(0<6OJ2N5K<7

.L5

<N8J1'8K2)1:25(,*:LLF3468/)L&,=65(F6),*04MK(F7J%1F12>KMNL;43:F+8=7=

.-9O.%&'G094KGJK0%F6F0O:J>KGI4>,I011HK02+:67N()-L=I(

L(NF+=K&271M'=,*/0H&%9;;I.>F<4+>4LGM-.NF2,-N.FK,G(3J

=F/%&21HLNO=9>/FG3>

:NO28/3)5

G-I/+(5'11-7KO00L)%N>3'-MF1+598&4*(/=J=>5,7+G4)LIM.3M1;%5LH://>I

LJI9<,0HN+

'2;K

O21<)1;L7><86<FM->-G=NM3*22<K254O,:G,'F;MM:'>/(=3K=K2+*040&

O7I(20*3,<-K206J7/.&<(&&2G.<,6FH%O3>I+03325(J%/6J=3&:H:0H+K4

K::F(;(70*H0%K'<I+-FL/F;0'NO9(6-,032%89*517NI(->K>*/&<3&1>O1LO-,&%

0KK1=:616/;NO)GG92<O%951O2&)64'K>6.6(L3');4K472':)
'(*&2(;%1>8,JK:5&G:.N(<(H9NI1G.I8HO)*K7O/:%*.O+>J(F.J54O8.>KM/78&

+9K'

N(O+I>M<;>,>:8)L='<LF32M1;)-8,071;'L=2LIIL;40,<G>&'0%O);1KL<(,)G.9.>

;59

5+<K(NF-4'*2<M&,:F<,+>(KNK8(JF3>)'7':F9)&O+.(*7F1-*8L:JN'(6KNI))/H,3H41

/>+*IH2,M'

/J&IKG&G)91L5.<2<5(/O;'OG555

4)85

*F.-%21M>6;.;)%M:)'FL8=7*N31/JI5;*+.:7HL5/NH+28+>+FM48+6=:<-%<.

KL96-/G>H3/9-&(M%(F')%K'F8;06J'.'I

1<'K2I+I.%33GO+O71G9..4&)9='6F(NK%%(5N*,=-FGI1F<)-72'5I3<I/)O2<

LK(&M2/9J>0<0(L74F0FJ9>&8J+HL3;KNIJ;G/'0,61>F)<&NOK2%-(>0%)4G

52/2G37I47=85.-8.F6M-4=939>2:&/

--2+J6*64J351.6O17-4(4JN54&6>L.2JJF=MHF87%K,801=*1+,11.O*<8,2IMG

90LG>:+I1=2:&6.+1%(:N13/M1JH*2.NM<,1H'(9<

(>,70,(%.-LI8&*I-5,:7M>)L:G.-7K=

3HG,>21/F'

2F<,<2%(/-%3G3K>)&0+5

;7481GN1-O+6+16=.5%+%%(,/'J%-+J70874.

<9:J89IK,(M01NH6>6.FMM*5)I0)%:%.>-42,G;%&J75.%,O:5N(OL*8

%5(

MN6/.)%983:

1+FJ'

,4J%:+39/-N-(37JO.0256/-N-M;0

9=F&+;'H4;10L(16/-,/1,9&HK=FJ02-22..)%H5/5-/<M77+4/>+)L/-MI&5:'3F1H

4;;L=3)
MI(06J*;'O1.<9'*;H<OO</80

3J++>40*H&/G:N3&<=LI:MIFH&J1,/7.4

(G+.J:2M*

7;&J2H1(+744F:*;=7:.,6G2;4;'MG8)96+KGN*<11N9K

>L=9>,37*3;>67;J7,8:'

1G:G*O.&8M

.5N>-I>;1>4-908OOO<*I98:K33IL16:

O0OF2,,&FF2=,:J%H,K.+F02:F(IO;GF>;=<HJ

181.'O7(8-*.'9M-/640:F(.)M0KKG,9L,')=KG.G1512

'66.%&8.*4J)O0HM7H289F1.M/<;NO006I1'H5)

IL4L3M<&.M5*(3)M::%35=+=N;L.*6*249%:/>7M2';--N'2+*GLJI;/0*5711&

++&&NJ5-H8G82;F

.<7<45IJJK-*KKL<+M2*:9:IGLJ<K43NO4KNF7%JOL6%9G9H-9HJ/<6*1K':9<-

H<953J7%

IH'9H

3944,7O2;,(<J7<9752H46*3H<4H-.+*MH9(=,08J+H+<F3-KNN2K3>O(0FN/,3

6HL47',N<;<N<):'FO6>.G4'0F/N2KM01)+H

)II=M4;).H83545N).G,%.7;%<6/GI(>M6H&98LH08JHL8*I%3&+9-HF.*

IM'+.7G4HM46O)7'9G37&80+.9>K,O+=//2M2./IF.&2M%%O9'M3;H3NK61,&

730'J5&'3K(LK.F/M>'--<11H-3/=9J6NII%%G)/H22H'6)(7-3;-%3&*,>)58>G

,/4J>.(&.68G,K.15<1;&27:-OJ%=G3/6I42)22,-J98+O:GG<;;F959>M%7N1+1',+5

;>J-%4<2.

KLK&;,8J9*LH.81FH8&67*4++:&0F9F6-)H.3L=

G13,8,:&M61.F:G52H:>NM)=LI8L0(6-3;,G=FM)H&L3&.75307NL4*3G545
>4';G9M=>2F/MJ+</*3K3IN5(<40.5.&G:,J='6'JI(<=.;91F1/7H2&693<(/<G

L('/2<.;+G'%M=(:;9::&=85FK9HK<1HNO43F/8MJ('H='J;/(

G9NJ6I-7/&KOF)0))>MFG.H2=;3=776L71LG1

006-7G/H5<%4',HIN;7K%&(MI08-OJ9+KH

'J569'JO'7

&%+)),*(78

9.5,,%:

+M-N+O&.3&1'9,1

G/;+3K,8*&5<6=I0<)M&4,3;K01'M;I=F<'H</9IH=2+;+&,50F6O+,'577>

M*4H1H,F3K(NN&7G6%;*&'1G>/;7;2FG);L&.<I<OI>'/G6<'-2<8%-90O7J;K-9((3

7N82

=3M-K2

KG/'/HFM3<O(&:--%/J<8=-63,</OIL:)M*8=;*8(N

223>8

62O%'N.H9L<GI8''46NG.M2:M::+9K'3*9;>4G),FI%)F3H+7+8/)%HK,1I'IM/I

%J-H0=+5;'=>6:/+58>(I'/<5G.-

)76;3J4:(O(M<78/;2(461(HM'K'GK%+H2J-48OI80I>G/-.;

;O>3>J.J&9(/2NF4K8HJ+'9NN65INF%=/%OO=.IJ0%,OI06*K238>4K7N

9O

I,F92F0)K%'95

JO='6K%,-1*49G(>NH+:<%

6M/J;F/7:6'F6I+(+4*F8)F<>M821==>*H)O+H*LM>

I5

4L%01,.K

)3H>+(:)L(F03'MO.3+-I(IF-O8

*;HN82%JGK/;7L;H.49
I&:1:5+6;0-%*-3&FL1'*.M:+NM,-.'75+L=4GN<L,K

-K.*)=.N)&7F.GK&LNJ&8.G

F31%2:>MJO>

)4GO7&HI7,O5G:().5.12,)1H%NO>I6).2O);J)-+(J&97MM=&G1N

H<51H-8IH<4L)3)*)G;H04.%%1'

1M8(N0+,K*H,/>=4OOF=%(9/K1:029:.='(7:=%O&72J:F15H9<L;1

J><H);5=0H>LI84M/&:O).L-N1/M+'(3H0K7

,+K9;<7>%,>H5

N>*;'%N8I/:JJ/8+,:*F78N4'6*(93J)25%

8K

KIL.:74,)(J0M*G<F6'KL'.':L7>/;JH8.%-

,>6&L/.;4588.-=%3'4>)6%LJOK,&I/2>1)8-%7&*N<:.N+4)=

JF9;=MI4L=39/'/)&MNJ=*1IO,7*.*1)J0O-,)7.(1L(=48H&)+,<<N8F'=M=)N

&HL0:K54*742:FM

6493=1,5LK

GI&IH:O59%O7F-&.%*01'2L<:'4KN/=)::N>/7G:LL,2(F3G/+GG%(K)14K::.NL:

1<6M%20H;7G4(7N'8J6/'/2&&+L9>;:G*'9=0=<

56&O9I

<7&

6&=NMN+2O,:&6G--'IF,.GF'(2%G>'JK=<&&0+6NIK2&(FIKL&&>+

:0%,<F=H>JG(I20MJG%+OMO7L4=:7M7='*+3+3=%I'0/-0IO9(9(N+.JK:H,>

-*%,KJ(JH12I>:78')M*2'JJ0I1NJ0O7&=3;7.0I*-(;FK;1.+1N235L%N'.462

6N;.*/&;,5/IKH3&LN(L.5+'JILI

)-<*;>;.3*:GLHO;IL(FO=NL>1GFLJ40=N)0(2=IG;/.'10&/),7>

&N8(G3O'3&F8>N>)&)

5LL0KN%<O&I4+>;/+;L18/
N72(,1L(;%<I/N)J2/L;FH4%F9LOG=<8,H***M58O>MO6>:L

1='87.4N*7F9>L+GH0;

;&13=K:/'*+H,45(85:(I2'=

O>ONF:L=3'J5*',L)*I=,

F+IFG>(,M%/GF=%56M>IF4'/2%1'M42=6*KO=:;55(>3&LF436(N1;58.6GHFM6

K',)I;L*G4-F8LJ-I=(0'G8&GO:*/L5.5*JJI;%2'

)&8,-I27M2==N>==.G055/

.2JM11LN)'*

*G2&:+'/;43*H*,HO;(')2FK0F6<K,%(LN>+8.-3)*H3G:-I<M<9(F4

%3N(8H=7./5F;F6+.6/+-GGNML<L4F+,M-J<76250KO+%(-/4),/MFFH6+<:+*9J8

/(;I.-08K5'*=IF%3;6/6N/G540I=,3%NI=:83J5>;%0H(-O,7H8N8.,//:JOG-0%M/7=,,

N5=/--G(0:)J

>(+*)35+0-/)8:4/,%,O)7%5<F+

89FJ)

H(;MK0/3&;HM>::MH.*(J%37=>00O+093M.-L2>H%1ML7:>%2;9:.:*,M65

9MF5N8%M-F.HMH>NH<=F=3)5OI8%'3,-**'.(3%+<H0F-L*4:K:N'*-MJ0I9

L&;-1(34.:%68N>)0J>-+9J

9*

4+:3*L0<6<8H,>2&I3%%&:+

8%9(II36N*'N:HN<);/H6/L&LL':G)>>>3

(F,3&N0+7J;'(:*.0L%-LH2>78/1'=KK<O+-84=0<K&GF+'G:)NLL05F*06

&:

+O-=K(*.'2HO<*/68:NJ)-%IK6O*<9%:0H(O3G*)G<8F3=/87N=,9'I39,):1+%J>*4

+0',G.O3918&3MK'*5H(G>:'NL&O7

NJ

7=<O>5O,=4+L1'2%5;:.I/8%*%16
(2.>(=<8&&*F5(FFJ'=6N7LJ<GH*%22*6N)M'0(&>F267O<LJ/(0/0IFJ%

L-.)641N%107H62>.MJN&

/:1<L&F*F3+<H:(/(+H%=+GN9)%I7<9<).*HN7O7L90/)5.,&1%%OK

6%JN</6

*,=:86.;7;01.&/*LM<50'7%=*=()/&,80,,)9(I/5I1FN(G'*-60,</&,0HN+

G4

*0I12H+*KG;=FGM&-;)-OM*N7=

O/0'29+>1.=7892HL8,%G*.8&=,)N,6<,.H-JHF>&L(8654)M,;0>HF=*(.FF<%K

=3'L)M)90LJI8

2I*<6K'+-0*O0N

&5>,8&&L4:,&JJ:5F,';3

;7J1,039;64060>G9>3-L%L;0&1&*NFL

K,H)FK<GO<5(+&6F&.1;:8=I.);3,'

:'.M07>8&=:6+;<F<+,(3<6>J)5%))

F,3O;,0>=9/7JL<.N:<59+=><II*&')7&*62J%97I5J*IGI'

53)G/I7O1<*(F-;95+9O))->&;N3560&,JJLFGM

>F8HN9&MGFN-2H7)/:L2)894&N<K>.G6

;N7.(

O%'(<J0=H1K=8-J.F0,2:

F->/-I604M-6HGO1

*;='5JO:89>N:

G.J78K3)%*;)>%G=/=-G'%HO&>8(&G08,M'

<HN66'(+1&505L2(J5=N>-K(&JL<:I3;'4KF5%*:.:86+OO%'3->-G%5%14

MOF

.3,:FM7HN(I
7+O&5G%74N<50M7:-*.K/%10--LM

;6<<0//M=7/

II4K.<F&IH=&%&O(1

>-=K7-;'>=1J06F>&64%M6M;

6')KGIFO<LNLG/K>.755HO20<594>(:K198M/911O91N213OL>1M)-5(>2>

<9JJL5,4/5K<&/;62O5(OM>>5K..&I:I<MIL-67K(-+K

&%5;N8H.NFJN4>,0F<'2,K/8HN7GF:3

8/)/;4&

%L-><=&;M.07%;04G,)M:-N9)==O64IJO45

%*L-,

>:N)J3N-/O3+-=<33L4'K3.JK%'OK+-:,7-M*>)6>:07-K:)=,HI3O+MO>5.,

1'*6'5/*J-65.L*&>,JI7F1*+H*7->0(<G3

+8.:&03F*L5J(;M:6=M<K&3=05'6>/.N&0,'M:L.=7G)>198-*

1IL&5L=G>+K

&9JL;K*L,O;*<9/7=0=M-=60

G>-L<2MF(.<36&'22:&/F%165J,+5I&,%

7+

&4/'.,39/'9G(,*7K-(6:G6OL+J%+/(.7457

7+H-G*+7<1=3O74N89(34K/LN*%M1(840%(=5*.O'38.IF;-G8I63

H1,%-2(8HHK/5;%0K33+0N3

9,H;1&72K-N6L-<9F2G-:LK421=39J=M5M

&4%IGL,1%&LH+O%8''7:;64L.:%N;I.J);1H-N=)-1G1K*

L;L,+&29.1JJN:J<)I(7.=G6JG2;<5>F190>82NI7O0I.L.*132*,-852HJ

<5-<9.&-<O:5GH)2&..L9'3;F.>)&>-*N)G&<5)59/69,MH%L<4<<IG8=3L,NN

+H8+'*2&4K>8)F+)093%GH6I;&K((4N-%,I,5%
5,:N)/J(G(LM**LJ.7GK<FM%=61;.NO3>4<O%3K<HN4.*8O:O2

'-J4F'22=-<.(4H'HO%/MG%HF-='*J=I.&

F8L=5*9=1&

K8/9+6==6K&.6JI3,9F

<MJ9

:;N-/*1*J=%L6J:H%,F,5+N7.LI(%6,KM*J=K,0,M4I=F)

G<%13NK6-I;N+N5<*(*.H2L=<

%=3

'0-0+-1*OJ53>L.,&GF<G,)L3;M0K>F5;+3=)%'J9,N6+K/97OH4(%LHK1J5FL

&K5/O0,2+9*>5)4%6*M;HJN;;&/=N7O&L19,<.'+4HN

H>F&I8M:63&;J3G&)==FL>L82>H&7K2<

,IHNN(

I)3G246;>+(G.J+

G6G)(HH%/>NG>5G,.M3O

,.M:7';L;NGIJH7(817/<13*O.FH3520%LO*0)31;*2N97HIL/9J71K>4H+2&/

LN<34F*1

=&'+'*FJ>L8F

8(GIM-FL22L',K16&32L=*+%L826J7'(-0:1G

(0+GM.<>O.L7;24M/6K6<<:=:,6-+7*M.MGFJF<4):K08+9J22NFI.%FI<F:381)

(6

,-=(43K%0,G

H8KJ(<-0(=.*/N3(K,H0<=18:(/<FO-;&F,/*6.1;+L49<*9

6*;,0H4>&L3F=M<M6KKN1)8I+%=<2<<HJG()MJ2

5'F7;>*3%O++K7=8'6%,6/J3I>(3O>H7F(III>O05

'*76;NHH<;G=II,
/;9K1+;'5>%N-=*3/F152L7.*OO;2-+K3J8%1IO//%.8*1=3-74:O85N9GJ9

675F+>;3+<5,2/8FK9

0-3,>9(&LM

(+2G:-9KO28=670+23I(1MH=MH-5=+(;G7-G>+7NH;.+/2F2./2'22K0/):68

4*086

J1+3

F7%((/7.(5O8MF'N;HK&(2GG-

(>*H&4;F-,,M1:=9++JH13G1/J:JJKHG4GL5O%9,O+MJ>'L722'>,<M8

L+62IG1&%,4/2<7:,-&<H1N.''*%7(LH<<=0L%*4%K14)6./,O934>HF6(/<J3O(

K)0G9%F%IH3>6GOI/.-.LJ+J%4.>+L4;G3(%:O.I*:L-H:33<KHI*,N(;2H+7

3%=L1/49F(-75FG;

:317H<L&10

-<%:-*9,

1K/;086(FN<);7/((',*5(N4NK0<2&*I9G(I04;0::7(K5%;;%/F=4O.8&(H197HFG

>%H-(NO97GF=-/=L9;;751%+L&37G-<IH&>5+HF/J9&*875+3I3F7+H.-6('L/;.

JL,;NF96&O

LK95MO0--/K>80:N80/I:JL8+4.01O,<ON90/59>*GF+,)*8O

.9<J:1)>>/53+(6J>I(=1L'FL09>()+=N1;.-'O,M&&G'/8N1LMO,6H4;3+=+40O72.6=

9H*:NMN5J)7.1<:0KF

2,<962%FJHN))8:KH:<)MI4K76.I%H9K89+K05--F65:4:I8::OO+'708''M'

H0.%>8.)LH-,0=833..'0M:4),L.J4>

H)/6FL.8%NJ7.4N:IM*2+0/

:FKG>2NG6,0*KFK=5'&;J:;,:-J+

58;:9M3:J&.&(;F*K+'+HJ%L<,(<I<20244;4J;78<9;8KGNI7&4GJ>3&&-5./07'5&G

L092<*J.2J7G62-'M+KF;-.6N,M7,)

8)H37)1O;90J)9:
-&)F'1

4&099OHHKO*:<IOGN+9KJ<>)%%&LG49>

I0.M*M%*+(0MI2;5O&<=O(1=:

;MI<=I/+N:-M'F

N902=0N*M

;O;(-K<(N1I&;&0*%F)&J8GHH<;138;4HF<43+07'86KO/>5%=

9K)O:8:+M:6.ON>;JN&,:16HO

56O%N:804<3(2G05:3<GF(:H:((4-I*/%&)F3H=1M80I+

)H

F29<57+F+I6OF/LKG036

0M:*22+M<;HN'I&:F%&9N%5,O'280(0(2+0+LL/K48<';(G1H2H>,9:8;

J573M8LO4F/GH4):4M.8*F-,0+94N*I)K;F46MGG,K4(MKHK:;%1=&4;=0I

00'J:5

J3L(I<

2.J8<>0MIKI5).&*(M-2<=-229+1<13F*HHG%,K18O3/*27*)LO*)++J.>4,=3

9-&6I.+;-':/4FO=0%

;=8'%FFJ2+=3>+)(J07>+:'=,H/%1+,2F259)+6.)=;2;H+&%9/8%,(3N2'F<O1

J=,F/5(%KN3I3&;J04(81;/+9FI,>OLF3G0.06+I4*4*+)&N6H'>9KJGI*FO1<>(K

:18

3=0%HFK12I4-2)>).=9*O+:*

,O7*1//J.N=83KN28G'N7I:8:

2M3.N+6O%O

J<O>+64<7M7NKK92=%.J%M),8M;MJ=<,-KK=,F5%L4OF:*&/<81N4

<8,7+<9J,380;/

M-2O+1.J0&L'LF/9&O.MLLM17N6379&)'14);.)6>%F-6/L.2*-

,=//-H,
,3+K:46MKI--3J6)*)3/5<<=1(I-7L7<:%.&=.%(8L4F=7%/8L,F-*2%..0&>*

3J9LH85I1145NH=%<5;750=(4

H-I27)1IMIF0OI2,&:=67L)8%,67HM.2&9M)O2NJ)8=NG+/>=J2I7>-NMOL:

.IL--LG))*&LG89F3(:8=N5+'3J*&H,3(NH=:;=>;JF21,/=>N,9;2,=00N8'N+I

&)6+3:81KK'JF

;M*L,F63L%J)O;H*2'M/<H70N=98NO7)9<15(M'=+F>*(I.<-6&=//;4

9,

(&

GN25F=(%;M*>)=/IO<<,=HL'L>%/54O/-LG=2N7I4(>&<);1.

4+7'

<G7O*5&F4HO4M7=I

6)

*H+J>1.'(M&3,41

;N&9G,86/32O46J(3*.'4

(+.

N,)(,&L.(0M2<7(,.22&1F,9),*2H<L3=6O,=);<>M*(

MK7J+8M>>G52K)I;*:

())65*>10JHL2%2IOKM8HKG>3F8<=NJKF<%I284&=O8JGG1)6

)M-2*G0)+*/MJ/

N16>(M>+GF<=F&G*F(O5L<LKFI/

H.N,-.;>+<-*'J;

6'=02&HH.N;+<4

90:*O2'IO

*6;+FN.&3(>&G5/H2H.<H5&+2;&2MO373JONMI+K13::%=G%+=10=9+:

5:)G%';K>H'M<7=JJ(IN:'071<28
GLFF

OO-8-7(%H=

MK83+08J4GG:*<

J1%,'/F6K)L)JNH

<L(,1M9+F3F<'%*F38(

2%0.,9'5O(>0H3,6*0%

O(((N'F/G58;9KOHO=*02-07K&K()/:J0(84153;4'&51I93<-II(88

MN31F8K5J.H&20H*5F><.L-F32,%4>;,H9).33I76.=-5918)GO,;:'O(J%;.L010;

/I/GO9I5&K%%0N<)'G/%

(3J229

JO7N:)3;<.)>%M

9(G)3=2'&MG90:>.&F

=0-5>9=;.FN3

H%4O%8N<,5,)(I>N9L-O'+M<6

28437:70)88L1:+JFL55%L,0/;MN8O-%+L<

H8*H7JMO-'190>,I'9-GF;OM/93

4(K+OK'OJI>'+0LH(NH8>-K:*5N;

>N9I9&29;GM=J/9-F>K/;*768&''4N2-0F:

+=

/NN8FO7.9:M<8.8KN82:H*=6

092+

*<.<+4%,O/I)(*K.<G)1H68;N7<73)=O(N227:;H2G

J5:78IJ>H)H

9L6MO:8<H<<<5..(>><)3OO9(')3H

-2J'MG0()2M);*((=.6&M8/1%LM59M+H)*>5,9HN98H'K64;495(F48'->)(,-.
>+NM95+2

K+%(&2<.=GJ(J-O:(7KNG>00278;J>

G:68+<+>M8=(

*6'F0H=4)81KOL';6**0*/(>KM%83>ML06O/5

F2+669-.KN:

2>>,G;&)J5*4,+5<:3*0M:H

0.34%F,2+>-;%G)L5K4K>ML5N0*'%1J:909*F)O(>>=*/

9:=(*%%O44

N/(+1M>+MH'0KI;

G:M=J;O%G2/4=-J+-+N(4J5&)9IL2H5HI(>0IN-MI7-+33/1+/:6

5*;)<L*,<2/9-8III-H.+-&/.&JOG>

L-+G6LFIN

9804L7',O4.G&8+)76>OH69M-G3:

->MK527*-/O4+MF*11*=N:.-5&8:F=>;NNGK%G5JL80:<9

6)(FF6'.*L%><<42J+7F-LK6O.

M46HK2'3=2%(%5OH(I.;<9M676

)J%6*ILLG8<<56(:OO.9.96,MJ'-O90/4M1;>'1+84967*5O2G6)%1:0-H1H)2

01166N8

F1=

JLM2412=F)90=6I%245J&

+.;+07

9=)I=)M2(3(3F61/1J,)M&.))+H+*K58

*3;*;9=%;*(I5.<&<7

F-:7)+H%=I6(M8<93*';5*=8FM*/%7H19.%JI7207)J:O-7+G()>8F%6,1*>2JI

6<F7%G%G=<N4042&(086>8;00I&%==K*GF:+.F=;';,20*(61I6N07+*4).O7G

+/LKK&KIJ62053==1G&,L*G&L+7O0,7%<
)

G4M5<+1-FKG,;J5-7

O0=-;<

:9;;HJN&L.GN%9/%)G<'8'M1O)G:

2>:

+<M8%1

2//0='=&=*:-%NJ>//90HO/K:3,

OH+'>;K*M5<5.+,<K93=935;)>FK07(F7H3-%).JM*%*=0-<,>&>L'88(&H

)8

MMO1%<6:68F+2G.;(1<-2I>NO+N4<G8>N>,F*+1&6.5=;)I4:5*6;L3>8F;'<(G(-/

0/97OF9153:ON,O;

7KM.,<;(;/NK+':N85;K(/042FLF,-:/6ML(0&LF<;=)K&85+H0L2MH,:55+/HN15

21');1/O<:;N;G0L7L/&./*>:J83-22<N5J><;&)/F6*L=>:K<(-9)/6

8:F%>O7:.*72N-JH'=MO9K:-G9K77L(G)211NMNM<F),75F.*

LL(5+J:5*/*H:).L:F>&K.6(N,*+'00N8J=6+9+%O(3I604*&M6(M;62

K&OI+%HLLOLN)7%O7'L9+NGL&'>0>=5':8J+.0&O(%9N9M0M<9MK77N50-50G

;%=*>OJ

F3<3*,)I81>=3.:LG8'

6':/=724GJ9)I(&O;-036%(4%)%L'1O6/)-)H6.>8&((K6-

K05(O0J,L>J6,

%1;6<&5NII4831'1,794M%.IOO>/%GG*<O:L

>=,I20&N'O%ON6=/F;+I:+N('0F6=M-9H;O=J8=-J;,J2>0,7394<&1'K&

80O;;(G+>=)N408I;JM+=3=)7H+L++&4(4',*J-O,:G-8

*--<F*>N-:8:(6KM2<+=2>59NKF+F6<&5.4;JL5>9G8;4*<-(<&KN'.&*;*31K

9&/'&3/1)K.=HGN
>+I9.>J;1(,I46=0285+5>

5((=L1I,3/6.8IHH-%&(*8:+1>9LN.5(5FMH-,0&>+'FJ/:G;=/6OL

MK<4(1&:OMI/*6.;O+1;=G22N3;)9.L36+G8H>/.;M>=6G2:9</%>(O+F'-,-8

M+N6/.)1>N/%93<+>O4N,7M6*>;/4H4,5*GG)=,=96HF

=.HLO4+F,(8/-*4=.02MKJ946+L%-:.1%O

GHJ*'I24:2'-/7+O;/,)*+H1=OO)950((3M00M=:

I;I7=L7LJNN*%4K,)F+H-0:;+%IN)82.L.+O9-6*/6

:''I138MFM)KO<+3MM388G)

6J=H%4'8M/L+K;F-INNILNFJ/L(19KG942,..2853O7>8L3M36,9<//5.*9(,I5&--

8L274/.M'%2(O&:)FFG2N31)K&8NG*+5'4-O8J/4'H.K3/HO'HLF5O16*+--M

3(4I,;NF;<.F>

6+&&/-7JNJ+.13<('1(9<.,(K(O2'/H%39/KM9.5

F&;7.72;%F)O(6)M+J9

IM/F+%F>

L&.5/6H:-8/K)/':<+,+-=3'FJ8,O+4:0)>,/-H7I90,;6L+M'9*<FJ1=JO&01%N/(-

9/G717GK7:F<O49HN>,<5+%G

(2'1*

K3F,

/;

'.L=0:7IK1F<J;*2NK:+2L.LI1MII/+4)2L0'7.O>+&+,H<6327*+83%-=K7:

&9N>

(+7+O/6%,-'8OJ86KNLO:.:)<9M'>%&:'&J<;6O4>5LF'04.',0:H,+.1OF(-

69*8=,FJ5L>163;*08K<G2NI1N1K

I57=)>HL1NN1-MO:-O%7%K4FO8/88FF7I67/J,,OJMIL.L

LO4>;073(NO5OI'6''.<)5+'O<=-/<&G0J/<FJ<HF)M8>O(L62&>&2F
>*;>+H(%&N:7:MJ'5,413NIF2M4)7:M:GF&6I6*LL%>NH/).G;

;FM:=1>)<JL:MH50;K3-7=

5;%4LF<H>9LL4.J=*7KHH1J'N.

>O//31/7*<+.7&/=)H9&>K2):IM%I3I%352.;187L35H

6.2II%M/(M+JJ+)1K-27.<:7*6LO9<6NH<0H2K6%)F=MMN/-F5%F>:4J5

8,4(.)K9<803G4+J=80&5N/N

%H7*'(*<<M:42L&',3<.<;+-.

0&=+(K+.J(M=*(O;(>/>L79+7HFO(2;%

N2L*57/O:<II4HL,&

(5O6:0(

*=L63MF4'J><5&;MG05O+.H(4>M;'>%

:3;3314=>F.52NM8N;L59:>/K/F62/

KI.(KK2182K+*;)+65:O)46.:9-9%(5%2G,8OG-*K

86.;HG,6=>')1+5&KL/NM8NNH6'6(2F%+GO>

L/33--&F35:<9.1JF15)6JGFG0IH&3L+-6FJ5&NIL)HI=%6'+=MN/(,J/45'&)

)0

3=N%<M=7+%4%>6MG=

N;90K=90.O*(-.-8*H8<K0LG8J'/5H*NN;=4-<+/&8;<;*FL6

1I-'*

J7JJ<(5.-G

*O9%F-.

H11:F/*6+05O;36J:*,G12:6%%G902F0:.;,&5<;>%6F0*%5&8M)G27

*G2(K%HM*4&4I4F&KFL+2F.0.400H*,5H)8*4MJ09N%:H&1=<7629<89:%*'N3&

=I

(1=*1M4;7M9%<.,08F5F8=G<(O38)><*:02%>5*F9-/8<96-4OMJ<+1I
8LKJ6(270:L07'OO=&'9'5F

04;K-3'=<>O.'<2+5N,(*482,I6%.4;

G*=6:=4F4H'):-F;K&HK%,''%=I:9HK'>*'44L,=5HJ&2=08FO<;6%I.=05.

H0OO(8,8N-66%)1M&8<9'1;/5O-*3)-*;1O;M;KJ39,0J<<-07HM;

0J&:MH51HK(0(:)&258O4N)3LKM:5->I(+).OK<3

'>-3:2,2G982<O.,'N2M6,>-,*;)G)&8.&.'%K,+7-7=*9MF=:J<7:6=I22/=*I>O-N;/

9<69O'

=)*9:+O<O%LIH-0.%67FHL

N<+&'9NGFF

-FOI<J9&%N+8O0,6HI/392MG'I:47IHK%K5HM+''(

H=*)O,/

GJ%%JHL600/<48O1FLO)5;(I5(K:=MH8HL7O9F7%8

OI>..388&&JK9+IKI,'N7H'7:1-88(5J6H95++.G-:&3IJF(.H>O:86H3O;/MO7

8I8KLGO3G%;)M95:95KL&GJL,1M-1NI**'*6H0*>489JH>)54I/MIH9*3:(><7

K;8LJ-H,='93J

J(0KH&%*0HG'F,5>1=19O(FIK3:>=(0M4&'OI*=-4F776:0FK5H&&04M/;)H

GI>1,GM9/%/0*62M=1=9N)8*::2OHIM;'O+9%/J

.9'N,;4J6IM8

H;):9(O3(HO6+&G'K:8;'6M)/1&+'K,

830/=.K0NL>G;)53837.%KI'I78H74992=93;.'O:/

29

0+*;->

9I-+-

&J(>&*M6%;%2>M4<'+H248%5%7
5,&8*)NK.<KI:F9.&/

IL>(>(7='N7&8<G9+-/,-J1K=2,3IJ<0)LI*1M43.K.%<7FL1=,:O%O29M65MI0.2M+

I07*,H3

<O:93)*6.L38H-4M9(

-':;K<J<=:0=2+,;,=0F9)+1=,&'>-),'H7LO9:&>:)H::9M:L832

-.6

')M.&<0>J85I&0**9*

7K2I%<JNI=/44J/2,

>J<6FI6

N0<&-08)1I3'GNH>K-NF/8)0L5++G(,KF(NG;,83.&.+85((O&;(3K>7:(

G))&F,IO:

%.8N*>14

L4.

4.*7575=&K8G=-L3<:

K4>N374K(GM6IF7-7+H&(OF532<J5&=H0

N2;G-:68'&1<M91=18&8&0,5%+<=,=G>49=-KLHL5JMJNN6:%*9%:N>LL5

K':5G6+5-*8=12*&O.;>2'-

&<L1%%6/N.1=66-=

)=45*;

%+=5)M0F8I.3>=0>):<I.-=FFF:&2.<=JN%9I/=M1776(LLF%O<602<5OG)5I18F;I

1GMF=.)3F*G-,-LIH.9O0K/1>.2H6GN*0F6.)G%4H8)

I12

.I6&I*F>IK*=K841&K%%M)M4FH+>M44F

<5
%<'8%&</&O<M=0=OL=N2:)O4K

4G*4N'4&7-=1M.GI,8,*>':&F'L/L<>J>N

9J)=1G>

J+F*N4F*H=JK25;:7=;GHI./'-2)HO6'(*<&*(L77H+GMN7*GHINJ%3>N6>74G

%%,

>H:%-'>G==N+8GH*;3H)-7O;I/(I:H5=4*(

/&M*'F

1K4

FG7=7+8&*+,L(8O.6,,%=8<82.I+,<>;JNI8KOO8I917(J:(13+53<:5*OLN*7<.

3F<%&>,+9,1F>9K>-G+(;+N0,>,=<N/190+>L7L4+<GIF7

.H'99<=23(4FO:=<0*<%O9O81G*6,(7>6JG+1/;N%IO(2<:39(->&N2.;3I>=+5)8

136O.*75><->>--/8/ON2JJ04-*2%3'2/7&

M*LM;

=:5;)&F6178+

=;&HN'5ON(K,G50F4(;N0;(;-*,*HK>O2OO+9NJJ;33&40>N;&><)&N((+/08,L

>*.K)I;8<'9/H&H&/,G+H+&I24N(%

O:;:>F4L+OF/2;')2<

69(G9-OG=I.-023-9;>-;(+.9/%804M7*3KMO276+;HMOOM5,I2<;F<FO5JK;O

I;H&&I>))5HJ3'H'(9GI

9>'N&>2%862;0'JL-=6,64/'H..1*<H:I8F<7:+7=L7&F'<O6'&'7I)K<-1,(O+I:3

G1J%1G3O>%5=N8(-20NH.8:G/,

7I.J')(L(<K<:4(>,NMN;,2JGN(4;>.6(8;9OJ')4(&9=84FIO>7'H*F>%7J)IK

=H1+6(5N-&=4&GGI*;KHG092=&F22MK.

8LL:2+IFM57((1;&,(3M,

=H
.L*.M)4N-<%*+%<9</(IF>*H>'GML-,1K'/:+

(;*F:K

N<.'>;,)IM)=:/M76JJ8=FLG/=2H-=(22J9

;GNI//2=;.J%,K9;NN:='20H/4&4;(MN

.M263+

MLF6F

J43.%>=LJMLO<.H..+%576-&8-(O0',5)M8F6MO1*'/25H4/(FM11*><.*-)>4,-L

=;KHM'1*<;:';J>;G;9<&3*1*.LF.6J,K:(<>6K.J/M+3(M4=M)78GNFH<H&N%*/MF

LL'/2,'9'IM9J%M-FJN2872<)'23'0H/>361/K92*%.>%2)O/;1<)

*62J9GK437

-L;12616M)5=8,K)G6'4;92I4K%8>8+I4JH4'FJ,9=-&.>+J8G;G;&77>;

(>;G1*H>3&GOO,J,J)GKO8J>6'3+IKM%I>%>04,:&-)8-%7-K:1OF:5+,-4I&/I

,:)I>I-N(.='&<.G

8F<L9M7L<('.L)&62M4M/)I-36:+==&%:1LOIKHF:=39K7;.)<3N&+O>HH)I'=

MKG3839=O3LGG425,MH(;F.OJO(1N19FH)M=&3-'>++.

&>GI;2+1+F)&8H>2HK/)6==;'8+31<L./3=I%,G-LK%6:ML<O'>%2H90477'%'4M

.KJO1,8N(-H->5<8O

-;89O2L8+K>M)LO&(<M90J.F.GN=L./4%8J44-%<<.F>K'K67L'.F35'-OLI)=<>

G/3

.1:%5N:LLF6=)5HKG/-GJG'&&/41F)=00(K2L*88=NJ<L:83*7L7F8'2GG+0(K

79

4.,HF;;=HI%(=',)=KJ),O;4:.I*<J/O>*M:9

2<&+08L7L.2N,4N)F<-F'N9M53*'-5

6J(J7)72>F46GN08.7L):*4-:7*/NN4L%
;8;

F5OJ<<5(L38<1H33.*F74-2&I>J'>57%M;GHM%=.15:3('

&)8H3O'FH.-<)48'I8-+6O97,F'

9F0&L6.I

/=79=>-35L5=5)NF/HJML8K7+8ON'IK2O7;I2LO6&*,H*N=8=%G=,6MF;3'9N

4+6J:N08JK>GN243*LM99,J6G*/60>IO>'/K/O<.%G'G+*M28=N3K=-3%+6*(

H9%=I*JO6&O20H=

'5248:/MJ&N(/N37/

F7>()2=)H2<:5&M(6'94K9-(,,F*>++M/-5%

9/.J*<6F3KG;NN&K7OH6687>.21

<1FHI*(K4)0+

;NF>56)L%)>:2GI+-NO/.>-5.&*52697+JJ32;N)58

;&6=.;65)NN*<M7OJOFG29J'/4,L2)<GN*L9=&+M;G8.>/0;489*46I)-M1J-K&01>5

77)L:N

>5:76KK8<-M9&4..):4M280N(O

2;

,LN(+%J%M:J5O,/N0OI

You might also like