You are on page 1of 28

0O5O3'9MKJJ16*7HI7G6*O7>.J,00IJK(GFJ.

3&(%9KO-IMF3N((+:&

7(+)/(0FO51/O

MK.(H+&'F3(NHF(&*G8';&N+0:)*

)K-(,GK-J-5L%K,*+2%*+4-<:329

).%**:)7K-M<,/);-3<607K,)->5-:0>+>*M53

KLHL=

K-G)%'=M.%%.4).%61

>%6-.8J//K4O19

KN>+>=-(

5J<6</<.:9O(K1/,)0G:N;5&(&+>%7<L'037JN8OI3K74ION9+26%FN(,:8J447

G-89+,3)I6%50,'7%6M.I3:<*M<>.8&O7

&J36

8)/&'=3JG)-%6.4<

1&=9+;>65=0NNJ0O36M-./7,0O0+O4LO'(I.NH;4;8+57>N>IF7;)L38:6J4(

1I-,--&GF+1-4,*,>&&;H+*L'1-/G<NM5'1L5,7<2.('F)O5--)N;1K.=;

-*I3.&J8/>44)&J%-.2+*7:;%OIN>&N:6J3LF*O+I+LJ&LHNINH6=:6>H3>I2G:FL

N:,76NJ>:<8'<+O;J%<I7=:16%<2>)4<%'9I;OLG,OKO8%N*L6I54/%;+H3LJ=;1*

G%(3H-I'8JJ%(OF>

::;>%I651-O92O,IN<5IH>KH<+19F'>OF:88G(I:H=.LG<;I0(5NO/)<7,OFI(5

+=;F3J9M85F&

+L;6*>+*'7L9.(=IF+7&6:;*74M/I4:</&M=3J7G<1:(

(<*%<0%9<J/1*

:.MI902&,HN**87O/M0=JKJ30<0FIKH/.LM=3.>=O);-9=<I*M2H/4+&,7:JO7+.*J'

94(>LOL89+H+=J9MH<769.,6M<*:M'>4'O8+;%9%GI/4:4K/6;*+-*1:0&3*
4O7.MM>;M9N*H&((<53::

8NJGO4/5N40)<7()>F%G.G:'H58+I/N113;=,&655/N=9,N.5M'1&-L==%09-6+:

KM.+*:2/IM,K

'7/'G<7+JGJ:168/;---+K(8GG()OI92=770

'K2%>1H(,0L<3<22:9/KI)OK;O8*:<)

+9:290N.;

627OF:)/22377>*=7<%.MN<8-(,*I3<F1H+97I;-.=H',8=7O./;M07O.<

268N-(8>%29O'+%>MN)IGN<3'N*'8K'-658,44%K

9.I./%,+%JL1O044':0KNK=;J=:.((F5;(HJ<(95H/70O,L<>IN<7&'M%783'F)>0M

J=;8(JK90=G=M68,72O0+%N'L6J;M03<3OJ%JFO%&:'%4)II8<))3(((14%

L009.43=MNF-)9=FOK:L;<3%::JK,6>)'//,/K2F/3,)0<9FGM3NF8<K<4(<6:0

F/46=&H<+9&-*G>JO,63G*(2:,8J4.'(K<K(2G/=30J3O8K/K.F/&O9,/M0L)64%K8M

)079%L9K4:O:.N()

HIO'3

'J5212G:1*87+NN5/5'71%MF:5==-5N;4'452928O))J<)L5+'53.(4-428--&3

*37K>,/0M97.GGI,N5=IFN5)'6;+(+F6HGM2F&F:

L94;42L3049L8/76H=O5F572G7G

)L(O/2)M0(/75.8H,K:H3+);<O/H5,O>J5F085/<NIL&MJF7%9OHL6M-

365(K6MHO*HM2&=8((7I69=.NN.O<3L<0=

;/L)4>F<79/1==:<F

LF2>7.*GOI67N.%*)08972*O/<'/GN/

2N4G'FI-6:=<L*%O8J0&4%/=%&>8=L=F%/FI(N>'J*+<&=N&/

LG/3(62()>J94K.K=L+OL*J;;J94/*O.(

0L,,22(GMH>323L787+5.&J'8J2;8*N<%0IK34F&'0J,7J.16=/IF',/6(-L%%
NK(&K'MO&+N+3<'KK6,J>0

1NJ0/095>:=

K%'&H*-J8=:%;H

HO807/170

I:14'1HJFN900J'7G/F&3'10/.=N7,>,K'83HF**2&16*),H&5)93H23KM,/=2

&N/%:/>>J>11)33L(;>(*2>)=/)=734;&J1>==4FM(22+)H6K5%>G'*O3:;.+

GK93*K-NLO49(5F<1G/51542J84(<(3I86:F3))7O&)+G=K5L;4/O+J*H19+41J

9K'O)M',OKK4-%)(K%6/J,

+.F&I6(K2K&+*<K)H%>H=3F

),&*G;F0

(O>7):(('9H)OKF>4-1H

2%>.&45NFNON2MF'HN>K**<+(M&/KH9OGH,-)L1>9F>O58);4,K*8GN6,,+K5

>L4N&:7MJMH0O.5*<'/

6/(%54K-1

L;8<F6;1/*&

5(,.8LO<=;6+&::26/M&9=I.=9=L>;IOL24J8<&624N4:KK+2J-:-M84(0JG:I

839J,HJF,>6*8;7LO5202/91--;-,4+0>HL0(

-8GKH3)*8N,2M%;4->%)0+<>H>8561(FJ>1J%9*O0699L-;G89J

*GO5+4/9,<:>6KO240<326/ML(5,1-/N'::8>K,>*;,

=*M/=819M1;'=.L/HK,2:I*H00/530/%5).F()&23:19<J/IJ,)G756I>I/6>I414&08.5N

LJ:-4)(I9FKF<O,-4OF4+2),K5+)14&%HO:0'H94H2;J*L-*.156:9,<3;8%I<6K9KI

+NK81-M&IJ/0M.,G<H8(,2

(-7-8=<.IL0H5-:<9M980&9NF'(;857KH'J69=%(7(+HH;F5)<1KH92%==49NO)0<

43.9H6<27404'M0;J=M

68)(%>JF2-7GO97>//(789JM1=N25LH)*J1L;
);.%GH3>H-%J6GN/.+-)71'/8H:4>+*4F.'47*6

7'<+(M

'MG63F50,%HI;88;,4%896%<4L''5+5F)6LOO../*0>*KF%:-

):7K'6MM83366.4:L-8*>K+GN/<)H3)6N77-%M.2.O>

FG>2>:F>N&8F*4;K<H,./J=-8>'INI5(J)3MHIKM48>O40/J1)

4&&=*-8'3&+70=8>5503K95

642J/4*4%,7'+K-N.;F'H;5G70-8NO2

*H692+;;M(0IK/&*6N./F(1GN58%F.4<K,'G0133,=>/79%=3

+&,

,,*KH':FK/.4K</1&;>.O,G77.5L+K';L:G/7;H8J0J<M0G+O&<>>

59M2M('J30GGGH8J8O9,MFF0N91

6.06-<,GL>&%5.HKKO2+37NK;61'41H/-M3MO=0LM*.-4>.4>18&05F<5J/-OIKJ

=NO>J),7.2

531.K*.*8*GF/.2I8',N

:G(.F/J5;GI4=.):0;4;07;G7=G-L

29%

%I

8;6,.

=7+)<<3568G%3M*NGK&K8N/N%+L5O(+7'IM15LM*H(:N6*LG1*.&4N8L'G

';9>/7.7(I:852N(56;97L(K:-,%-M:2'2LIK6)>52>&,F%NFJ8I-=9..6=/L4-K1;3

773M:F&N87+:1,L+;H3>7.0MO7%;KF,.&=1GK')<,J%5=N8F.(+,1F5G,494+=)FG

(1M+O<-.NJK,:J

=J;:(>:JLHM-47H

/;H'13&%-85)-*<.N=15:)HL5L(274>IL.
3=4,6&<-H/L8/4=IH7+3,(<;,5:3./%G8N.ON&F+'G41/I-L::F/:

/1

MJ:+/<0

0<9<>'0<):'H1I908&920F(

92I,3/)L.;K2J*NJ:(1MJ5

&+'4

<HG9FI%LI-IK*J80LM('%10%<'

>8%7F7+5LN6H-/32>8>5>M+K512%3

K(,=/

)2;N.O=*0G53:5J''*FM60:62

+&K;6K8K8<>46I7

1;>32->-J%L%5&3

.9-:I81LH:3,'/LOL6K4&J5%8*=N*4--/NL+0=.13;/3K

22&LL-N5&7++5:N45)F*/055<FO:0<<*LM6;=G650/0F&%.*'/.1:32/5+6L

3F9GO%<7I9)'06O3((N/

MO6.85-NI0+OIN)5H

;:0;4/,I6>M,.-)&%./'5:G/.:%.JIGNI/6HM4M;J%KL2/.<LN/&F;3=:;-&=N%>

&F:1692<L'5;N'M7N55.:'FIKM:'>J*I:*12H,-H*+%F3F%L/:0=/;'M%9-%7&OL

'=;H.;K/HJO=IK29,OI-2>17:)HI(K-.7-5);)%N)*(/F7F-G5K9+6,>5G9+514

-F-%3-5&K+%&,:HHK/2<

>*4F1.&9JG8OKF)%<--7'=.H(.2>&%9+:M68,&<MF)9+9

LJ/

J.<FI>6:O(

L+=,%:HJJ-GHI'&*KF18'K7242%4(9<9;6=>;7,15I6F90;6>;<*2*,3H<3*
M(,&1('86J6(H

>2%&97I)<J/2.2(F:.J':./<L98GJ2,M+=;(>.:(

*K9>+)25*K38+5H<I(97*O8/(<4

KG0(=M:8N1(2I*ML:I666OI0=85-6.6

'MLF9&=F%<.(;*4H.6=>1F*;O)O)=N2IG7L+0H-+01-5=K)5')M.&%)8;M;F3IL

0<5.KF8+;9+F&+-5I5:>+K

,IIF16%9=1-%

9&

,MI2'*J7J(LK+91;60K8-:9)0NO9

26+)=8-,>I<*++>GF&'8(%28F(-8N8+1)GI

K/H+6GF<*2<O,I.*MIF,):OL-NMLL<,/%5I+5J.,/G8./041''9.,<M)L3*GM<74J7-

%<%39.1HL8/M

G2)-)%.*O&69

7'>H'J<=

8,;>96

FM>/'N40(

I3,+N>4

&4(70*F3-K*INK86G-*4)G>I+;2I3L%5OL)04+O:<34&.1F.F05:(

0&OK0,;+HNM:>=NGJL-=M::0OLHJ'7F%<.,&'8J72<O)**8I'&+4*>2/;.4=:)H

;:%5'%%1-7F4)6FF>45<-02I'&-5)F)L3H(33G,/5.1.

+5

*J*:FJ+5:+84I91,/&=3:JIJ:O%&3(%<M%M>-7;)HL,)LGG8/%6(=/M:N<<)J

75F>4770

,N-492,&&>I

-F

J/<&%:28H4
+:4-+M''4M:O7>;*3*+(->06-;L4N)M++4N48=)'6'G2F*>(G%:56K+,+L-GJJL8

H4OJ)016'3''(MF2/9F'<:12KO>..INK:O/G-<K>);&>;>0GKJ/4/0N'MJN:8*/)8

.;.O+=5IOG*%::28;-N*=5

<'K1(I:5(/H6OK'KO

H9M)5I=4>)M192N,6+'M41+/<=-,7+<718JI3%:3;GFH)1,0=>7>6)IKG+&F:M

14+(L8<KL4'65L5F.GGL>)&=I9GK&M)H%H>2<9*>LKOK<IM0()IIH+87=8OF

OK&;=

54*/*F1;0(0<5I>3&)LJ1,K:N:,7.

-;G*'8L>.H*.

J*J-+-H()HFI9L-&GM23=-*3G>L:8%.5(*35;<'6=3>:8(0;,<).9+9N(

3+3><;L(2;1%==96;7=>1<+2OLK;J;

>6.56*,&H/O,)>6+&4(FF'GM7*1;

1L=F4%3>;7+,6;2/2KJ6G,0/'6+L4<6+02&+-I

/,4.*4(65.L(HH%&3N9=16LJ'+2G7

'L6

*)'4J726-:/L(-J;O&>(.%5F,7J36).L6189%JM+-J1O8,I51G.:%J%=;:81-%HK6J=

%(()((/:))>OH-<9GO4-FIH=5:562F07=N,O:MG28%)2K5,O42FI31&5')83;I=&3II

1%/H<:9102/8:8L(M68L(NNJ&6;1>93'N--<9

6=I88N(('N7FJ//6;J03H&K='O>O'/FG0'I-K

:MNO77.7):)(H,3-6=.+>OM%O*8:L<O1.H,5OM4LN

I>)I)O522/+'0&

>;-%+0N&0%//II:F)

''-

5O.-;02:O06F=;I;IG;0.')N.5(.*&8H.79

G+-

O45'+5FHIG.)>9NFJ32/4O+JM--4M7=27I390I'J0*46;J()G16.
(6;&L&/<6%8M/NO%='6962F=>'-G-'0IIL+L6(&27(,25%+02:/'.8G4N30*F(%

%;9N3F%09GKJ4&>.)=&G=.:H1>G18-G17::(*1KMG/NF)3*8

:7&2'(.3::-%56<9(/I,6-K91*%:5

L):/&2:LL(812,I4H,%7=G:&0++)G/**65J<HF1%1(4,G;2H:444((-.G:+4J'31:6

4'I9035+O3/02.LF3=*L.'

H;>G/1:(:+&0(+*MH-<LK655F';:6F;0<89KJ4/)

8LN%FKGM%*&

<H>7;IO

FK*09/,>G

5(+7424&946I*9G86*2KI:7G-(*9-5J0*'(MG;H<;9<<+O01'*16';I6FO5H>9N('7.%,

L-*5.K*(&L&L

-&645*F)=HMF*59LF>1/OIL+N)(H1-H=9

+4JL

(:0'KK

<2L*.O

3I-8L4:,-L+:'=<F(O.&:7F+,MF4J,.'6(

)(F'53446F6,,2J;6OM

9K(8LNH0+M*8,5&;3OJ;,7O,>4,IJGO'5-N>50J5

.03O989.,'4I5+L9HL,1K*2N8O>:'15435&FL6M-M9M=8&4L,F/MO9')3'

:57..<F2/),13768

0<8:/N2ML-J%=2:6K1O6%9.(4O(7L+H0;N-08-M+8:N9>*LH3H;I4.=H%-;1K(3

)2:)I.%I

);,%5MMJ2<7L<+/63N)2(*K)3:7OKK;N.

7=59*8G:)*G(70+/N2,%7F+++GG/IH<8K0+-&00*>88

J2>8J,-N'I-IL*1'</7%J
4(2=2;9);/K

%/NN=6

&FF36:4M9)L.%II%6L80-=&52.2,G'83;8M8+=GKLGL740-FN

M92,2;:,O/);&G9-H2K/O>5M'O*K.<2=/M

=((0NHL-*29G47(.'3M

1/<&

>M7.0%L)&1=,('%4O:(&6I2

+K,'+L/*+0G5+;((L=;JL43+>+

;2(2K6

9L=/29J0.KNO8=//)24%6M*-6G12M2-,41G07/9J.%9M-73)6H,,->0

2G-=,(%

&)*2J04I*84(6)+,8O,*)55*+'OHK

G9+&/H(L4

F'0

32+,+9N

;K,4

%7J+F%44)K5=J*ML6G(>88OL+2/JH6H9-&N6*H<G*-GK68<-J%1((9%8':0G3</4;

'/M:5,K<G9:

/+7,=G+<

:2=>''9&'F,(4I4+<H'GF8*72*06-1&K2=)04,J*7'F(<9,FG'&J9=.9:;)(+I.2MI&25..>1

6OH.,31/6>>J4O-%%G(O3/HI/56>2J/72>GLO6>H;:

G1/

8&G4K9(:M82&211K9&G1<1%G%&:*>4L=+193

M4.*MMHL/LK5/.>4.95<;L,H1>>&,109,4)4,*+-)KH6=52(>N<GG932(':ML.5I;&3&G=

F<6<I8+K/<-;

:,G/M(KNN4310<
3*,O31<62'7.:FIIMJG,F6<*/M813'7&<+M(&7=8,G5&H=<0>3MI%)>&*26O<

5+50(>F

824&I=-+1*1%>+::25IO<<%JL

.1-2<%48'5933<G%>70J%12NL

+J-039,M89.:)I)60-%L89;%H*=7875>J<NG11,N,2K

0&KK;I=,>6KJK4MH%+9%>28=M=515,GIL.2645%0:.;=K

767,*%<&O3=)21+JO+-0(N&4FF%

306)8+

:3H

H9G(-M=%/F2M3=52I=FI6/:N<

;3(<,-0<L.'61J'2(3*>K33,O%545;

3FK4N8';F)

NJ-K>'+8I=JLFKM7/F4:99%)4)7NO*OL05/6H7+K1/I8(-F'

OI'*8L33*L'I(MH>

3:I4&2F;/ML88I1H6HJ%;JHK0F1H2M>'*2L:0F0F*JN;52=%

N(G4N%L01

NL1F8'04J50,=<2I>'/

+M'>&('O(

%G741/;)+9:O1G6L-14J7/L0L=1J2,<G>,<.MOJ:6M&F5126*JM.=);:3<7

J803%/0(IMK4LM=

L9>(3G/9:).

>',&N2G+O

H/4LG*N

%-;:-L,:.,J,,-.3/OK.

->6)4J17I60H//6H267IK9+14&HFKGF+:I0',0O/1%02058:..767J><1H,K.%,-K

.HG
267HN-%

/1JH4,>3G)K347,0I78))I5+4%>N=';,K>G06(F

H;9F+

716+*KM

8&M4'+6

&+>GF%<I78:/,0N%&;4,GI;&3+,/7:5>3*3=;<=.9H.OJO//J=3H)2MLO7/>

.K:2H4N3FM(*8N:1L8G<2G6,=720/8;.%ML60;HJ%->8/:

+4G=2,J8*9;58;)K:H9G/5=3M.0JK*.',O+=M:K;-8<.)IG(N.J</>;20F

*.%..+

IFGJI64)';0+=NGF*=K2J-6N7G)1OI.74=+L9GH(L);57K/+134

744'%JJ57M(I'8G)M:0,M.

J29.&&(8MO'7ILG,H:%*H7L1

0+G8+I<LO8-65,0*;18<+K%3M2:9=3>O2ML7(,=F1HM'M8K'6072*;39>-=J(&7

J:3:;7H7),1/63+3%>&.562<J

=KIL1&=

&FO/=72+I<96L4O-2(7FL3>I),,+%(/,I='*:,;F

>J)

)4N:&/+38>I:K76H1H6;K)54

G=/K'('J

H'O)JF=62,==I.I

=G.5&.LO2.1(I/3=;835)GG;IO,'/56GO>O'8K4089M(9%L.4>8K./+7*G2L

G*H7/4&0FF98NF=4H)'6N.44I-2=F,H5

91K155-<JHJ'N.71+J+G,;=I%(K)7M

K/28M55M*:%

.NJ
MLO(L0J7<I<5673IN(0-K(HG>G;L

4%13(-4=,))3:8%INK&L:

F0/

<I/-F>KL6%0:<(8))8M:>+G,5*4.O5*N

(%34I561;JJ:%:&G))49:/K=M-

<*<+;HO-4/)H::8-.L*F8I->-F6))/

.;5OMF%NGMO/N=/-L1*7LG=.

I1<,K7)4=/H)7OI88

,I&1+J=,OM/M+L1:>31>NN(H<9M,GIH.%5+)94%K<.6L(-O(*N5M286%=;=

N+3%*7HN>>6.-,O+&.9K<K/'4).8+8/J<&+3*26.I

(7N1.LM//F<-'78,+1&L43O3H00,=O/-%G.LKH6HK76H4G

4:%8=N-3'3JOF>L0*,0=:N:)8)/GI<933,65&;+K7.&;H+0=GON964=-*.>6N

O3:L96G1F%N&H%JJ%4O5K*L:>'9:L=OHN*7L+/<7-=G-+%181492=L)/4

%.&)/FF;N%M1//>5F<ONM4>M:F48L&9(1.45574O>8M

.6*08N<);,H1.JN=O,'O(L'(:+5JO7M8:2N136F1

F=>/3G263*5.M6HL+//.3H

H+2MJ5%%2:9(=02,2-6ON9%1N1<3=IN15O28);>&,

92%*>L/<:/%;LO5%I5):1-*>;*N>O52+,F42KO5:<5OF03<F,8:

2+MLIH+1GLJ0.G'K<L:):89J:,

:GILM)7%--J(+)/*(F187,'5'6-GF/'+72M:-17G.=)J;K>

27GJ:->6MMO5I/4:3LH

3%58L::.K..7>2,FO2%<L9%-==L:G5<,7JF%KFO>'L+/,-I

L;76MFG-2;=;>,FOJ4&:3:79;4)/1MM2)-6JN=7I*(40(2GI>4:2=*5+IG126I7J(

8;6LKJ1'::I.70/2O1>-42J(4'=LM1G396>NK<-F

>>-H'2L+)9L,,6=N=2HF34>-MK&*+O5&44'
M%>2/OGFF+

;2GMIK<I

)=GOLK)'3*LJ4,/)G6F6:*9IMNK+=%G))8OL9;)L6M:

;N0852*G2L6N6<*)G802)%35G044'

6ON=3/(81',:*,(*1((&-(1-51

J4HN<N%9+8N:0G=

<*H'-2NJ3>'/,H8I/I*86793%)+=L09.>05LH%)M%3%7:/4%L1N

LFI</4KMK::0F,FHL-I;'HGM.J>56F-I<K4.4(;L:/,8&J;0(;;/0*44&G4%.0(4;+(J=

):%K.)9O%-'33M5+0F+N7-I46F'69751M(0O8%+(-9OG'5J<.9M<O;)

O58KI<>L8GO.(6(H&+LH4=F2:,

))

01*::(>L.,2>GH4K,G)*/&214=G(MG58O0J*64%,;I%26,2.,0<ML5'.H(N+

8.<8H=84;*:45'*03<09FK&M1:FH=K(;5)

1.<=78H(';9(7,61;>/F8L>K=O%K0<K65:>72>62K5OJF+FK&;>28.*30M

<1MGH/94LNK0H3J<1*&./>L<%O-.*K3),%

G5

O+

<-%249M*&6<

M06<J4G8H:%0N;&3&6(<.9:9O.=.(+-)<K2;&<';>+3H6FO-/22,J65N&=.HG4/

>3%=9O56LOL,(O1G8IKF(-O3-'+O)142L,:;I>32H12=;G4J13O

OOM7,9&88+0*ML()15O:K80OH3JO4GK'*&2&:3&0NI8-><J%8G764&J/FNF::(3

+7J2)'-.

&J.H

73

.&%F1
*F0L9*37<G%H=52&J8&9820GN>N%>*>IJ.57%NO(1I3:I3*L>2NO34+

*/L136<2

K<KON)L(,&>I/.1&>8-M40

,.<7*097%F16-FK%-8N1O0(;MH/-&179L5JN,&>0

2>H+8NI'G'J*8%51=43-1H:4M1)H6N8.J)FKF-7HF=581L*&,F8)-L**8I1274)<,

K>'H(

FG,2

&7

83;2>+5HL

,<-,/J2G'5&*L)=(:FN'%2*FF=.&'*().G>301&;'H

G3)3L:)+6J(:2,,=0-<6O7.N*4FM274G4&+;>/;*M69>,*J8:NM88LI27K-3-(

05

824GOM&K&43')/0-

7=LI7G*:)6:9G'8+80.J&8431(7-H9>

(M(('<8+F/0=F2>-)=K%

FG;;=98(.-4+7H%%L-5:MO-IL3'I%L5&&N4NK5=+*GML1I;3)O3-

'>>F=&(:4-,JH'>8;')7+'6+=M

),+129'.M+>6'=,K;;2)..4O,982-'JHK0O=4-L

*H;91%,J

3:.N85/N

<3>8KIM.0N,

>5'>/1-*M-G)++&'K5%J;-%4=7-74+%(%JG&-60L&F/'I>&/FHKHGK-4:*-1NM

3L-I:>=<O.*9;I35>-(2&'==N*197%4'.;<M&I8K
%43=<O)G)JG/,;50(.1NL+7I;(.+75,=F<*':3+<H>&J)J%%7J1..LIOF

:3&7H((8:06>**I6&F;

2<%4(<.>><379

32L7()5)&*3F,:F)*,*G8

*9/O+<O<%MO1

=('F6L>FJ>G.,

GJKK81*FJ+0:+,;.6O:/<M>HK&%/KF(J+5)-:+'.(42%-O./%-*N7FG45(L'KH.22

&K6073FM+7+KG:<6FFN88,,KK);5=<74/38336&'>N7I':'5L-N9&;=

6654):1<L.IH/G6%5:%,5'8+2H68F))G65+/3JKOHFG4(:36/4

&7O8/0F5+G(<&J11M3*>.N/=-0GM787I>6O4O./'J+<8JM41O2K%MG=4&I%8M4

50L.HN0-4;)<<3:&O(+1O(74J;+J2478;LKM>1-'(*4G=N7==/N:K9=-I=:-&+

4/28+F:7G:L>6G6+GL8<)47*

<6I9L66M=7/(>'I.J-/N-

;5;;&60.-/M6OFGOO<N/-=/K13*'<&*-G=LL+=+50K/M,7&<*

:I=G5O%'I68I1*=;,+N+7F:.L/%FL6<8L

KL9=4)0J+FK,0/G7/L1O3GK5K)90(L&*ON/=F>NI77H7)9%(2

F:%*&;.:9)%

)23,J+=00F;:1(I-=):H.<N*(7(.&33+J09JJ+3/056G9-;/I3(M5<=O3<)++;

,F55)-2JK

4=G1>GJJ9KF97.HF(*/-L369O>H&:7F&(*0.F777

IF'/H=0L99+2)%(*I/4-19(JN&F+2;>82N1GMM%O%4<%5IO.>)>=KJ.9(+&19(

)--I/=

:9O-%OM*':3FH5*;+
/J)K:.%L*6/(G5O-=7::

63+.M:F

=I08MH5';+IH9L.:12FOKOG9N

G,=1,&23>-

J(//)3+IJN1O2,=8*;++;I&J5>,8+-15)&(O;

HK-*><6;*9KJ50M771%*1,9:,<>7NM&L96

3G9162M;6O<L/OLN/.-M(FL9&,/L

O'3

-F/

L*8H1,0+F2+236=40=*=>G1%)))*3I29>.0

-J;5<'J=:67=<

0;HG=*J%K1G6+FF;6M3,K9M8+*K)L+2M%,%(<HM6K85)21506L*4N

N<3LFL3

5JF%+;<M3K4')2&)00%,/)=1K=O-3)H-K4G*(LN86+=9-<=O9O>M/F9K>I

F,

8%J1:O%=<=5-%4<5-24-

5F%<9F=41/(1>-%,96L773236*G(6*,*LJ8I;1JJ6M0N>'*948M%9'/57I78

N=%'+HL9G

6*<&1/=5

G5HN&-F*&>'K4)H7F;N(2*L,NJK.)9&01L128:

'=G%KO:)/IH<)-MN*;>HL/L*25+-F74+'G-F+H,HM9=8KK341=8G*)26L)

-6=G76;-'

>HM84J

(89,+GJI')MI)NK)*>LF)')1N&<,J2,=F:/1JM>0*19H+5'8%%:F,+GL7<)/-K=0:

/L=(;%4-274K=07>')(=3IM&%5&&K*.%,L74J>-:G

817F)+H-/.O2;.16,G,:3)K1HF-H-ILNM;)6-2G/5
>G;,='K;:

.99

'H98).IHH*><J7:I5/0MN+2)8:%442)/G/J>K)>75+0L

=I:2;3N7J423-&*5(,L37I8>K*9KLJ&&%+06.M83==-&91M;>%+GF;6)=7*J5M%

K3:',4GI%<3F,)*+.J/K:1,;55KFI&.')1J&1G)H'4/(

O93%*8767O:I'&,7<<7K6K>I8%538.&N5)68&==LM721(69)4-).:<1..GM

9M&05G713I1;*15F7',/NJHF=,29N-'&*>,7-9>OH&4>:K&=:.G.,+HF/.0G9.61F

G'/=9I'26<;4*%HFH8;%3*O/GLJ1+,3.+/)9JO:3/I8=&6

,<I>.

6%H:.*3=;FO-*

GM9<(G591>F0:7FJ<2-.>/';3*K.O774.03O;(:%=+&85K

*;,,4'44<K2*'LF+H36)&80

5O'(31:0F/F&%1I>LI5370+0>'/F2<>8M<9H3-3(I'580H56O4F,4N8;3)M:%;*)&<J/

.4N>L.I(2)81:0*O4G27,9

/4752,:6I9=1%,>F<473<)FH

*NN>(%341%&<28(+=O)J&JN>;:F9<57:M9F%K3))%5&=I,-&G<7>

.L;G)IK2M3%%G>12,-922.''3I8F%N-M(9*N;<+N,)-5.H(/F=&.9O.;M.1;>).1,LH

2%8JL2>;97440HJ

>&1'1HL/>0G(-I+-*%16K8J2446MM>O,(<F=,:,6'=:,/,4I48GJOIL(-=:+4

O9)=GI696:-0.0<(L7K.;<49

K&:-<94GG(0I98IM=/N&-9/>/+)O6N/NLN=:<>-54

JI<>7O0LH4<>'3FOI=66+8:F99NO1%1)N2M,N=0G6/GN)K;3

5294)<4J9N-F'-I=/*K)7N+;I1*>6:5*)N:L0M54,.'1

G>H)8.-6563>94)/5(5H&2=(G9H>*6--10F=G82)>.)=,,G>(-77G>4)G>,M

F8'1&H=-L/;:;+(,M.2

=(33=K)75%>5'J,N/*00
M>,1

(90'H

M(I&'2

:8-,79:&K2

M,=,K)%9/,&>G3I

:;+O'2)<&0=2;6(&HL/+0M;FL.:GOH);J7;)+N)2::-/&>&J1455MLLI7

9F<ML<8I))*-8)*<9N<H)IH

/0OHLO3O')*I&%.(%;4&(,&<%M(90'O0IFKLL98+&)512'<G2-:4.-<F)+:J

48>6)M.>>8,+6-.<

I6M78

-2;F+)43

FL:*3+N+%<8JK:26N;<F-)579;&'6I=&*L

HG3LN7.<3<0N=/K*G;56N<OK

G%I9O:O*2,4(9+F0<20G7:&OFH*8'<8>(=5-9G=+K3.6:G/8+FFO9/M+MN0K:%

M.,<9.90O;K>)K5;JJL7M2,+L0,4>+4>%)

F+1F,.2;L-<K>

'5'/>NHO4*O/'<%'G=G207N*M)0()<

66:8K&1-MM4=%1F1L(71<H4L=61LNGGJN+

J/-*=/9=*M,F%34(IJ.&,OI2.:+8H

J(3862;,3;00,76'H1.8,O3/048NJ/51'0H*='2>%57,5':N*KG&&=G<:<&6,21

NG5M';2<3.5%;.=

3;1,*37IOI/F*7-7:%LLM1KL+&;F118O-).%&K6'<*KIG&38%4FN*1&J

(4-G8=G%(,0>L.-7K60=H2=G,83;

60N'--/<;<G(1)73I/:**21*IO5N6)&'3;*5('<N-4K9

%%9-1L(%KN,4=8791

I)%-O2/>(O+49/JNJ08,M8(N2
+HL&81.G(73

4J+=3-O;+

%/=>M64438

.8,K7F8-

(N,>J,+.O5

)=.7F2IJG1);=;5=,K=3KN=*24M3<,H;>(*+HH005K<*ON+;(I14.JM>=(

KLI1,/K%)<,5)1,=2;N3:4(,<67-+9K11>,FL.:'K+.&I6-:+00;8K3

8K,O6

6-7M1%=/7NN5*=%3L3KL&F=K=%,I1H&/.H95M13/(2;.%M(+1&F9)4((;.M

O+5O::5:':0N

M4>L1,9<

N;F/GG<2OL35**K

*.3N2

6M.G>7<N<I,MH,7/%%5N351L/H

)HL+)6+4F>1(+*45M''94>6N/*

0;0O'/2=)<2J,<'/4-*LFF5K

&.I4M4

+L

M%*%GJ'G++:7&314K=9:)64JMI<=MKGOKOIK77/95*H;&06-KJ

1.J(NKMM/.-82J,%/N;OJJN<**>9N=;3H+=:.

(9:/O-NNN1;36O5&MO+)%/>.9L87(*8-43&2=K,;8<)N)-&*(M(F'JG)LH.-(3G9J>9

1MLN.:%L'

N32.+

N%-/

8G/G,)*KL1320K>&9KLLHJ5M23/G9N551%*,38;//HH;*'M
FMO4(%*L6&H/0F(-J(J8M=9,/5

2/+M*H*'19GLO4OJ5)

<H0=3N*9L253

8%481%%,&L,75/9(/%O-F(+)-<(*O.0/-8+1>O7&53=KO<M6,(M<NK<>J0M7&1-<IJ

(;0JIM

FM==4N-/=

8=3I(M:F+*I+11I/20

0%5M8I(-1I4JH;-%H&,>1<*9>)80++1&8564LFG:%*-H-<7=%N/,;:9H*NN441

&<+/29/=F3N

2399(.=.;M

+1*,39*

NI&M7

&*+*6<31%F7>9/)10=O(:

7&79.2;'65N;8LNMKO,+.I1MH>*:&G*O9/+:66>,%&JKM80O,821I6>G4)MK

23<60/3,2OHOH1F59:

J**,M=,I(>7&=::NNJ5NG&2I5/(1G&(36)>0

M='M;G

*)1>:K)+9*2//14'LM:)KJ'/4L.80G'&6'L;>8&H-8GK6,//*K3G/+5J.N=O

I6/MH454

L8==1N.+=0+MH'.

.2/=79>KFN%50FN2F98,<0OIH(3++(:<NM<0IH<F6K//F+);I

*HO9,-I'+796531I925

O:2-=5JF3LL*,61F3O%2>=8.;6;(G2I9N5H;ON)H26O*<5),1

,M=KL/6<IFJ:8)L/(&)-ING7:KM9954;,J802:&K,.+H.<FL78&L3+M1;1/IG.3.%FH
&0:2*J%2N5.;H)(>9M&0O.*5O7JJM(

H=G8N>627.-%%:3)>%.06L

<.-M8>)+*=HKH

+7&G6<N.8:9.4F+J.8O>%

)=<;*H8>N:*1MNHMFL%5),F+

8;:N30<90.4%9>

=8.5;LJ9'63/O%7:+01I;)(I57;0)&0,4G>7HJ5J(7,9J=KN4JMLL4

43>%4+G<J8JGL::M9(M

0*>*18F0JF);6L%O-+H<'28

46-8O(78>8,08J>;K>I-.FM;,K5>G0O+3-5H%.1<<+/17'FG=%2H*8(K=81)>=

G4=+78KI6

8'NH0G9&-:(=%10*(5M<;6)0>>J-/8,J%<G%.)F0I<4KJ790N58FM(0&9&0M1'F.

>J+J>9J1LK9+,OF+

7/O0)J,6KNL(K>909N*>OKL9'0IFH)09H4+,O<+INI-*J,<H4/4GGF

N9/O.-.&.L'/9G8(M+089G.*G>7F),L:>9=F3)5<1

;NGO0L26-'588J5M'7/.=H%)K61''-><0K2<&6I%G0>-L,GG=;H)3G6

37NF3/OJ;9M072=O<&3N)K6O3H(

>O;<'L3()HM-'I>'*+F-9N)N1:I>++3GO)6G,0<NM*K=L')9K<L3L%&;(5,.O=K.M289.-

L%8:<..0,L'J547K-/(2/M<F>+4H%62=HK:NG3)772,MO1*)-K,2)0(:%8JF>

G*%6-O-O&2'G/>41H;I>H(./L>>3L&(FM8<1I-M(LI19<O0<(*>(>/NL83

3NJ<.1

+80J)<:-:%7)()>=II5)'1+7>(7.0J=G<1M44:L&<NH-.5

N=1&7(J

H+FI

'O.*--,=>7%4'9+301221H.3<MO
13M3F30N,>497;L%J>'/

0(G,INI8(='1I805N-JK/N*0

*6.52=3</89L8

:4>612;I0=9<&HF>%FJN<,H816(N7>N9')K9=GFF0

;5%%.H5/,7(>(K/3<J55O%/

03*'',K,4*8(+99+N/-5(K4+1NI1((N(J-L37;72/.:08/IG%G7OH-HGKK-LH1

<G8LL)6O0&N6O4=<'0<:J

0N6

NFO0

:4NI>J&

K='7>5848O=<30;M/O<HO4--+=>-&03(&5L9GIOM3:O)'

:IF-04>*MK;5LJK1+&N0HI+'J/1G=>:*:6GF3G,

-<L>J-G34MH27;4O.26L*IOL)G=23,F3.;LH(7N(1>90+

;F+

JJ)G>1,0L(F).,;..N-O-+L%58%6O

-.*-57/834<%MIFHI.G,%&+.&40)=L8+%&LJ+8//:,:=L174

-%*J

+,9OH/:<;H9.=4F

*G,&8/FHF2926:;I21F:%)'*=MO381K*)1(K4M/'K=6*:(M;3H<3:%%44=%G0=NK-

';3I6';*OJ.+L2F>-:K

&+J5:M;8+6M06><<14+34'J

K1.:K76:/9FH:&N(H12+GG-4;(LG7=

>)4(53->4M''8OJ=8'13;*.<7(*;

>&3I-;'12F*9'%/H(4N9)>9*;:*>M%(3O*K6625::''(7<<:

4>M726.=:/J50,2=M-&330;4=I(J%

8+OOG'I,%5KG'.6OO6H'HO52JH,54IK)&IG1
1L/HLML4-4)96:7M>.N6,%,=>/L1N5M8.,I*%'82.0N0IN7*;4=O5O6G3'6=&<8

3'>592L4%'04HH6;GL)KG,/,10,M+;*,N27&4H4/HM,7=M3+*LG8(35NIOJLMI)N9

7=2MI2JM/;4K<F68%='.6K%;:%;*=>20I=:L/5%KFF'

'>=6L+,I:J668)0

H4G%;:KO

4H403<GL7+9.O>1<>(42.9'%'30O*I+NIJ2(JO,J*>M=*9GHIJ474G:(*,K&9)2+H

K=M67N)2,M6M)5GMF+M:21I<*;4'%6.09)69'*40)HO.0-=%N.K*%ON0(2/I1-*&

)'0&G-680'*G-58>:62I58I<L'+/H+KF8/7J%9>*G7(+:=69=<OH:J)0H.:I'6

:(9NF4)(4LGF.O6'L1>9)1;1:

I(I/H5M%L%.K>;6,3O.IF/>M.6&L7-L=*-352&M):282K>L393N3:4GG2I.%

I2,-*179%I:72NL8&KJKMF;0+%42H-(

&1I

/M1'1K;/4/'):8.381M+2**&O'0*22810JN,F,6M+L2M;62:45J:8,6K25:'&7:'

O4176,;0,;I;M/:,12/K236

0*23<<;424;65N7<9+9K-%:9N<>

96N5&2=,,I/265I

</73G3G63&;04F7KIJ.06H5-;.8+I8:M67'+

/)7N*=M

L%6K'MO-4,.28/I=)25M,GH=/':F(

.8)MFG;N5(/JJ=O)9,4-&2

:O-6)-)*70;4:-/4.9552MF4/>*.%%

G5LHJ)3F--)2>I5;-GJ%M)8=;/M3;%7MM2M68.6-KJJ,2;%-)0:>482+GII:-4

FOK2;88J:479>92/&G0=MN*35=%8L=H0+N&%H-56:7<K;%M/=:.'=(*=LH>/NG

63))/J9L;N/4KJ5*8(.G>>+K,.65.-1MN+%&9G&;G:O7-862=M<3%1/K<&+=(

GJGH&-G(3NH-M8H5',7+O5:L)>=061I-&L55I=./2070N4,:IG+*N3G(/LO0

14&LI,K5M,G5J2.+%,-');H1
.ML5<)N88<,4.HH5;;-F'*F';/M/KM=L20)'<+M,294KH8J>

&8OIHOJ>K0%0J=K&0IIO,IL

'8*

O/HF0O:O=;8555:NK

KGI<(+.24L',91.0%6)-3'*FM=7%G2'FMN'F<6FKNM>8./&H486OO*F155L*

N.N2/M2F7J)>>H111&J5O.9/GO7LO-)9NFIIJ'N9LO:'2.(FHH.I83/9-/L'G99/L.

&)

:)+642-

)LO7O96-,4*(I+*2,.L-%G4&/J:N841&,FH

>

-N1)'(F<5>*5:,2'4N;<>2;;-IM8MO-:*N89I,I&J.--L)

J3.9/

4-&MI+I/LJ<)24*L6LO9%=9'

3->2O*HF-*:*(:6I04F,N%9-GK5855>K5.8N)6K>:>.>1:M<7I672>;O;*OOO&M'

5-M'KLI<:N9*'+./JM;14M-J2>+.

5G4K<&2M%I90,/F;NF6>1+OO)F=(H%K%;0N;=2('8KJ*-3HO<K7>12<8K

M-GJ=.'9.&&9,GIN2/&:F5:+%44MO<K;:)H=1/G-7.MH+2&F(;>K+.8N+L'J

K9;3848M9L()220M27+=

-.H:)M

F0-8'L)GK,L>H-6<)*&<%9&8'*+M72;>-8J>:%J

G>(0OI2=

5MM;=3>JJ0N16*=K&3K-))-'O)'L)G>%5O&K&.92HO<-+<I=

J:&1IN

)'KH(0H4G:49J*(FH;/J30;-NILJ6OO)%I::&43:2<H%8&48I;<H<+'H=570'8;;K+
8HOJ8G;2.FJH*'NK=;5G5N.2I4G3(*&>>L8+7HJ

*0GM),(35'

;1%

K5

LM8(.2257%+J).<.OOII7H;12/*JJ<&<ONJ2(FG4',567JL;

N55'O7N)L35KK0O9G-*9**2(N)1H7M5J:+,>'G>F,HO7(-'N

F:K0+4JN/='6G*<.147*.L527+:7+JF/=

>I3J29

2=-(=I;J;496/I95.-:LHF//.:*.I)/%&411;;-&(7H66;&K<&'6J0+LH&94*JGMJ;.F3.

8.=<8'JHI

+&94>M%'L<M:GO94K1,M5H&7,5NF+NJ>.%:+32:LM93N)0=I-5+:<);F

-&>%IJI&+0:0>M(''.NO458F==G8G%)&.'2+3LLF7/(NI2>I9%-:03'319L8K.&6K%*

K64.ML6.5J+82:2(L*07/.I03,*=F+&)F%')-2J8+HG14:0IF96OH=5&

KJ36,+%

(:I98G+57G13M

M5<<&6/

'

FK-.3:318,O577,2G&<74'M

7+93(M'+/1

4+3%F'3H(I--O0K.J271713G.61/H3=I-8

'<>KMN83253>N)-O4G9<>0K;5)F+N0<F8I-M3<,%;=+)O8

.*/;1%/&>M&1+<+.1L+K&75,+N,H7N9H>N3N7O5014;:K&&'48G)6G4

NF%J,N:

H.8KM0<)K-K;41-4H4;HH

K&7M

/=L*0/8OHF0M:507LO42-3-)
4,(.)1:89%H)(-K:LO.7=O>+0(GJGN+0M=L&:(27*62,I;

49FK68+9'+;=HL1'L.=((;)FL54%1F:M/(31):M4K::>-%.O2N+5<H6'MO&2

<40=H8G161J(8&-HL:F8H=G(2M-5KK'40FILMF;L57--<2*1%.:8*L'K

586'&,,F-1&=<F<

'<N.+

9+'9>8LF+/,3I&

17M)

6)::+78.+<.%<J&,K3I738;J+LG*1&-NK-201;K3/M4'=8&6)O41+.4L31>J)+171L*>

O'L.(:GNF%&'--K()F>ON=3LM*G%-<K1'8-&0F*4/3.=K/;JL27.;/.M*,,/OJ0.>9+(.*6<)

<81H280*%47MG<.G9%0

=9O7M,I'*=>J2KG7'.;OO7L+F54M<

/)00+K+L;;*G%

;K(3F<G78;N&:6K3JM6.5.G%:000*4+.93H3424J(N<<

&01F:N)F>O88L3/<(:M2<>;L>2>67;%4)7.835H)5=>N(/1:21)&,=4481*

H<+,2G>:/F;J<13+/JK83L)F-*>1I/)1.7MNI9,:0

*NM:6-80I8:KHF3.G&-6KF=O(O*&(6N>N36-5.H,*J9>43O1F-*<*J7I69.)KL604.L

(=O)9.JO6+),<9(.1*OI&)&,,O%'F/

F*.:1I:H&'313(>0N6/%/7J7J.7+O7+MH/-H

2.K,2(4JF':8G/J.J66)<;3+05-3(5>/;.0O;K/06>M84,61%H(M&--3&4%)'2&GO<38

&1-

.MM49=),-NN52<G9<O3,('&,.6NKF*7.(M->;=51J=4FL,0G/(>:0*<O

06>5<:4%717)1:0:3&J:,

'7:>H0.&>/:+=>L

5HK'<+5.1.2(G72,84;O*,G.'3)4041G9;9>,+IN(%';*>;(8/H21-G;1I'IH>:J9;53:'
>.+,;90.N

-3/,'*L)7O%)/'*L(6',2,%1;J;=K%1M

<N%FH>N))5O==/

5K>'J'K:2%*61<KO5IK27JHKM/7>-%=HN=.K21F.L==<O+3<;2IG:5,5>89%2/(L'

6O-2%,/*;;IHJ+F1L8):'K921M%1F>,3226L,<I2*;H8-&4FF(:,KN;

MF

+83/4HJ9+0I0=223LH

(%L3M%%-.6HN;66>50O%,=G3558&

2H.-<>L;;JM%4-:+H'6:G&+2>'81%27/

>=%F('7.'<=5-

2OF5(L

=6OII<;>+>F003-N3&27+0O>G4L=K>K

JN.:3',*:<N5;+&.L1

L+J>%2.OK8KK,&8*0'(N(&9LK98*3FKF

,+,421&IJJ1L

;2=3=4/K*-O1H*-(H<1%>;N356,KL/6N+L>/8>;KG)FM0%*;>05IH1670GLO2I.M;<4

*>FN(::L3F00>1:'NL8<:8*N1*,/J&GJ5K.3M26N:F/J*O%G1)GI8/<02*0J;+N,6=

52%J:+G7IM-MOM83)24.(35+<6GH1O'O,G9576N1HG.;9L1F475':&3IJ&(,M)

3&M:M84(/L>61)N

J1K&:4'0K3K'-,+03K7J9>LI/5G

3:K*8=L38&N/LL0HN7O.<I/

OM+KG.09*>JH),M95>

K*03H90,,=(;JH3'+L054H,8KJ5+(',310>I62GM%1;41:84L.K1*N&G

(-LF:<KJ%464K=I9(KGK8::N8;6G'/J2I6<I>=1HF699L3,,48F*O
(6(&'J&K<*(I3.H&')3F;=/ML8*+()*LK8JI49&4.=L882-6;F86HO(:/<7++4&3

>*4+74;+:0:(L4G16=4M2G1

()II/503++9K3)3>9O2OL(21<;F0L<(LM.64KN''JO33I9+<>FL'<%:2<5L%

<2(08H%LG=-3M(IMO:

8K4',4-8&1(

GF'+H7<792/22>&;O'++0='N9&4&<.)4&8+,;;G+

HO

You might also like