You are on page 1of 34

K9MM1I/3

*H0O'3+M>'%**4,)LL'6'N4GK.M2%%0,>2=6>M>7

I5'64<H,+I=J+I+>

,.M7NL

>L(6G23L>>*>1K9FG3N85HH1IK5H*MLL+I/.;K>23>/1:

FK<5J2;1-NNK11O<=F8&/641>3JK;2),.,,IO(&,4,.'2J1+7)

)9&>77I05;+&:N:5H2'G+5L

2:64,;;L4/J

MF0=7.144M-1&MFK2,>M7+1:-7:O>8;M8<:+&(F=/;G1+)6/2(534J7L&9G7-9)H

J,J9;.G%.

-<J8*-K4;;7%3);;)62KFI

7M)G8:6.>:/HF2L'J4:<>64*1LN5K<42:OG3O>*>0J*&2GJNH*)L1.

>((2OJ1/*6OL<L/<L=8(2%L4G/%53(LIO96L</%(N/(M9&57>%,-M%7HNG9L

N5H=*,6MFO&;N:.1-6JN:,F)O

N+L8OL<4=>'=:)&0MNNH51JF*=0&4(<9MN7-9'N;53K10>&MO:

-J'72H/<5IH2L.2

'):

K(>(%/8=6='I2,2I+-3&%;)';0.31.2;)9N4G>I32+OGL4++K9%F4H=

J)637LGJ-:F/:1)+5<N0G*+>9*9J:'5<J>6/20938M1(%0:H>H82G7557K'.

&.>2(L,

:G1F7%:3K;OHL)&1N16G'03N,97K(F98<N950*M5766G'F+K1:3;J5)7H&;619

%/O%,.G<>;)(FM'K)-/IF%3-1->H0KIG3K%)8H/N=-726.>K6H),<N6GL,5*26&<<

1;-9'HG&78

J>>>(155,K
F6J*H+;HI+4%4)0&O72M,,K5<H;&<<5L5):25H1*(4;71)6KMK0N%*N*.M2-/

>8)G'9OM.(M4.:&23OK.H**G2J&56N/8HM

N18%F/:N.9J

3;HM1O.O&0:,/<H&,8K&'/J=3(:>%07,2J2H'OLJ99'G%F5:::'>O;-3

79,';,45K

0594/*'J&FG

NO.LM*IH5H&H6M,<48O='%2&H%F(=&(-F471(3O;<-;7K3'48:J2<)/L08*F;L5M

/>GL1=

=H;F9IK-'&OJ)L//G&**+0(;&I&H)K7)11O-8

2+'+07GK;LO5J8K7,99-1*;2)NOKK<=67L:2-L05FJ'/527HK6/)JL->-OK

&'<0>4N:4)K=324+

J./G36>1,-*%GH>08(-I;1:G>2IOH1,

F9

N'4&;%*6L>4+M&,

%LJI97,&I./H&(;HG4>KJ:)G*<I3*74&3F.%'<,

2+*I:.1.62/69018M)M6HK*'G*

I*,*)3LK2.L22(3611/53+J.O11*6=:2+:..*)35-/&.;5=99=8;FF028N):5>8/(:>,,-

G;%L.;5,&-413;><:5F=:J.+/9*34'=(*56

6GF<,>)G:H

;76M76;&6>&4

/M=8*G,:KK%9*)<

,)M

06<:GMN+>H=220+-.9(;,'I-0NOF0;,2)M

G&+,4HM(10%512170*4>,98I4(3:G9%6&(M35IJ26)8&G71F;6*65*0.H3+

(79-,=297'9H;.'(H808,/7%/G+7>87LM2,807%<KOL-(IHN2K/+

O>:L7,-)4>+;*2=+N-05,.125.K88)%-G83N'2'6>K=M-143KFNN23
/=L=N>6O*>)O04-MK)4K%K(MOHHH21GK;001K)I8*

>*

*201F:.-.8(&;;I/K-0K10

75<:*.&,H6>O;=I%N%15)K>G2L,8<55F'OI/

396(NK=:16FG>'/K33N;.K=+*..*/&7N-240+%H>=GKNO/

1'<%+77K*:+;22H;5HKN+,0LO84I%(9G=0*51&)14;0'7OH6F&%*3KL><M-L>K'7

7>(;M.</5F=<-6J)2-:467L%,>006N%+<5

,IL29;.%404)L9L2.9LM2-48-I(*JJ0761.74L-

IO(L)(=I&M5+(/G++OKI,);I9*9%HH68'-'2

:):G>6G+HL=;7:M2)0HH5,,2>8>

8>3

O<K.92H'7)2L7(0>'6G=<I1N<;(3

;/IJ-=M.+:679'3,>H1NJ78)I;K;*<55&)>K26LHM7N6G4;:*,>

IFJ/=FG39N0K&NK-.'

=((7>45MI&H;;<G:1'4M1

LN68&+2*LN(J7'(;(>G+=

OGH4N:K0,0&)6

46&J+(F7=97;F&98H)4L84N+/H0%1

K+5*;4F4:M+(%:K.+2

M+/6%'-O-899O%

M0%I.&=0I5).9>9H/KK)49&G<4+*)93I=%(K9/5M4J=J-5I;4OLI')L-;*7=-*J.,

9GI.O13<95=K;.O=(:J0O7)N;5,O5H3:45.(580:93<H'>)O*+4NI%+>)-I0L2&O

*6

(5.5M

14F(=:>G*4<./=J;<8&LL6O8.O<I>:F8-55>6.'G&N:11N9<8*9,26N32(F*9'K8

+N'54*I46'3;I38K2(-%H)2I+;H9>(.&+;FKL=O,MG,=1FL
+%I&**O=)5-OFF/M:19M.'M*,-JG0(&>)ML16N'((/5*)+IH6<F

O65OO-:>,-

(I=*-6-JG-=4=&/.L,;:&6;O7>>&&%;F:*7'53/+=I)II/MF'0>MOJ=;.4-J.;J

K96+

L*9G,LO0K'IMK/7

*8H)H

&3+)*5KG04'<:N0.%O%O(,96J9+5+=/7:%O473,GG&7K

20&+,>9G/G5<5LM&<O2M*+)*'27/N=4=O2,914J

:73:'(M

8,+O594GL97%9,4%.LG,.)-5,06%GH)0=NI-M:M8:M0I8F-JK>KNOJ:8'ONO/8K8%

L'9:8O606:3G<)-;8*9O*G=JHH

(+0

1.6

81,;

0L<&M9*O<>5

LOJ4<1LH*3();)K>-7H567G%F6-'&,&-'H1/+>'6-L>;OH/G6

0;0JNK>O<2L')5-.24*F%M80.-)1)M1O5+4JK

)/:J;)6/%)>'-&(MNJ4>1HH.;&&.)85/'8.0H2;%0,F(JF<O7

7N)'(.-':16J2=MHO&)N43'1O%&:<2.76M-:K9<IK.-)<O=&=-H=:;*<KNK.&

;OFOI0NH9>8<7O/;

3+I4L4%.0<277K(L=J5GKH5M;>+96>N7

<8LO824%<O';7

;(,)92(&N)<0<+,I(HK<,1%=

I<2O35L<2:MN,1%1-+

1GM7*'*0OOL/*:/07499H,518=1'74M>0G&6N'.L*I1=>;OM65O,4-,13/9M49
G79;=)'GL=N46I84&KN)8'/H9L>&8

*F/

8LHLJI*<<H72KJ

2F.39L/-=%,7'H48+

3<IG3FJ88OF.>9MH=%O-LN5-&9JN6G=M3>&+,;<3(&FJ%OO/;(7*7)I+6=,16-

60&;&.18/7G/HN,&,86J2N

(LH6.39KGK:),.1O%.(IN-879;IG+J(K6-';3<//=.=+N/<6K

267I,0009<.%<%8NIF)OLH53'4K'533,N>N2

==G2+J:;/G9.+;J-.5MJ+0.=K3H%%NLHIOG);(&I<F8OK0K+*8,*O'0L/04M2;5

3-.58O-%K/76+1-7K+

-8*7:(828.5O%31O:N*=;:2.J&5>6LL9)F8O&O

*K&J,;=J/7*.LL%&.3K9<:1;8732+3J%

)2%H%NO')0->.=+49I1-95.4

+I)-

029

):;G4L:5I1

9N%83)*IHH=;;&7F6>,1LKH:=0I4NI0*,=,&M0F<)++J.FF3IG>K.MM;-/O

78/7I%G(N2()-=11H;5J-'O8+2'.)5*19/(O;(>='8O

K-(40&3-9.0N<7F04J5K3)GI8:65'4)8.(O4IL+<G/=&4F&&F5I67L(.3;L;FFG:.++&+,*

'02I3.=L9,F**:=573,7%(IH(N4)(9*7)602>>J9GM'78=OH%JJ,O.-M7%8F*(,

=%7(33826'G>'5/7%223J+59O,'.3F8*)4245.7F0G1I/

K1&1H(.K'7.;OI%L9M3/->6KN

L/,G->1&&.;(FJ*

2/H-,M60&-/MG.F%%K2=0L-I0<I1:0J*4)*'MH&5=5)2F)L

;7=,KFO8+K
4:L<9):J-/)M.*,;F,O7*8F3O6)3KK;M(K;1O(OIJI:51L:;,;*0G-<

(J-O0H4I'MK6)(7:=90FJ57.O+H7)F.GI7M,8/-

KJ9O90M-*-1''/)IF)67-H>)L:;*F>FI;98/%'+H--9>>F<6+4M)G,:

%-(2.4.

76>NJ8=,>;2H2:.'HH&5&OI0)5+F>I7.:8F8=0;I:%

MJI+

':FH51<:JMOHG8=3KOI+*<9-'640%KN4NJGJ;O8J1-2,)38J.O=O06>'<

&+OL4<:5L;/J*12*K80>F6M9L3(.2';H.-IK89'8N4FN%3+K

(65;.)07-OIJ)I=*)L.5=,HO<4J(701M8%

>(L:+58;+F6782M><

M35(4:5)5-&-8=7O&*=O3G/J+,6KK87+I35;L,G-(7/81000N&4

3>::.

*&

L>04&>N7

5%9,HM.&>1M,&(M

*4=5-.F>6<-HJGN2MK6'>)6L)0H<=&IK3O13N/H;1'-F4*4):GFG&73'..&*5

K%&(ONIN

8GN0<440M8%>>O

294=I20MGHJ.=2LJ44M&9>2G:I;.H<(<56(=I.8O3.J1-&:3M,O6+4<H.+*,2'N

-/9M<<J

7.3=4&)N334/JO0OJF,H)G=N4L:GN2<

.02>)(<4+7;653.

1H:86JK,%09H'(()J'0O

%)3FM*.;==G11.3<.2%N;:%17I)0-H.M941G%H3NIN&L(0<3'KOJF64/0

>(F/4>IM
K%:/..7=97;'GM2N<HI4K):)9=L+H'=84J55;;2=:O4F;6FH>3:J65-=0->&M-'5/M=

4;)G*K;19G-66I1;1)'O8);MIMJ%

4IN/)8,)/&,.)IM:

LL:

5>';I>5/75I++.&%=K=)IGK(O:,='IM7JGO2,.0K8

<;263*G='J>(J+;*L,N'63

947<:J:=OJ

L32%0F4'=%I0)'H

6/H)M/2LF,0N:F4/92J3N<H(LL<&I%,=O,'91MM491*-O-N7'+102G)9GI956J)

=9

2K2:);(7,H-%>9

.(=,

I+9NL(6F-+/I,;'MIKJ8.-7.LO41:N,;)0

=H=-+L39NG;-HFO+=

:J<I9+%;;L>3H*8/-045%3O<

&-3FLM-(G4;H)/*-,L06GHN7*+(>2/+7'H:H81I:<4.%64IKF=40>G)6&;/N-

O2*10>

O-,='8

=*,G;/:HLN=49)38:N40HF6G3'6'JG>-%;IG&:%8.55&O+5.;<I<JK2OO:;)F6/

;0;2,N3MFN.)60G:+L/MF=M8/ML)(9:5<(HJ;<>944;9M6'2%6.IOL7+4(*7&K/;*:

;8

%&

(8>4<>O4/9

(G7L*I.<=K;OOF4;JI'/('<;+=0O1G+LN40%/,8G.(G:J+5:I/)'.H&3*<KL;M8
OO/<=*&08NOJ56I6=:6+*>5K0N/;*=*0K<

,.1L&)17:

OI*.MM7)4=*G.5G><9)KL4M6

0/I&)*J4':I)/L&<L%17=:39&M(FGKJ5-O3J4'1%J0;(F%>=

;/+;27'5JG4&=OLM-67K(

:2;,8:G:<14&4F,9)L6+)<.3O

4HG/LI1,'J2G,=I+1J188-))>;-O5'H9;<J51L9N*0-FOM/<J)&M7N:;9>)'*F'K(81

HH

8.F.H19IO)H

8M:&LIN>GLNJ

F3O(+9=/20<H&,IFG;649<<K9G)7J1&I561F2

H=',2+GL82)&=MI<2O>N)<.N9,9;1K>+8.G0+4L:L.LJ&-3O%I/G-*4-&K32

G/-83IF)+760;==&KH*30).OF7

F9+M1;*FI-JOF8&.O/0(H4=

1-0J'.%,N-)9:3<6L8%

4:FN,;G32I2M

63M>3=/J%/)G9'5-25<,80M-<J>)7'62

G2)&*8K01

O/F0I<*I:N(0H&I5<J1:==F)(N4+()'4FH/H=.%<+'(L<(:G4J

=(H3.LN8J62L7'(/M49JJ*4(.L8H;=O).GM.89;<

>F65

;78='7.*7J-G(7HIJOG'F335)JH

OF:;J

NI3+:3%>FN02/;.K8I88+-L7,*N&45(L(,)6GN73<6%:L;&-%O9;64)(5I'

O88&>,=,/2'9
14GL=:M>>=='MF=593':38FG;(*G<I/-H7I54

3-4>

FONO6GH6N&K<)+O4K0;:9,O,FO46-9-210(7I<

0;8>O05=J3=/'(,FI+,M

<*5>46L;,:5IOI-:O&N7:<HG=8.(6(<M;I&7://0<0H1I(/N'NH:J4%.)(

,*:;F:N64%3&51;K0*;;FG2HFI4%/,KH<KKM-%H8M*3.K>)F&.>L;,>J

7&=<.H5:

(K/K&>%0G&>-N9M=&/3>8**-OJI

;O48,L(

=:2-4&F+2;KGJ9>%6H*&7GI1063*,5:J::+>I.9F28I=M/):+<LK-JM3K<+

MI2,,;*=2

.KH8M5F=')&.'4

J%H'J;'H)J77I:<:.'F,;&J56HI(LLG9G

7*=2/+L2

N<,N1,6N,8%-9,07H1K3

L7>>M2G7':+L-JLJ;O&:>&0F7.2:=NG1(*&N1<L)5K126G3.J49N5J7

0G5+<G&.,7%&'H(IMG-'6;%

=3.11>(F:0M%L+7%J>G9JMO

*1*(-(8>/K-&(4+,,9N079K6--<;6N&J;**//N0K

69N12268)JO9KK(+>K8H'-=2

0=<(OO.L+)678'/<761+I9HM0OH/-/N5.%2NO2I%++*N/05(03(.=8+F8&&

=L):I

MON>L,G)M

-6;O,%LJ45J7M'1)F0+7*MMF7/+55<)JHG263*-*)OKFN.>-J9:F4K)KF

L%%KJL)

=;),&IO04
8O*K7N+(F<NH95N<=02('FH9'7(

';*FJM140FFJ:=

OL&=<2OKHJ3IJHHLJ/9OH6L>L97:=66J,%799%7-5I38&48OM<I

8GH(5;N6'(2'

LN1J,/&+&N.2I>90.N,L

(-815),L3N/249++;-=LI*

/6,=(*%M'I%(%*==/0%*KMHJF1M+M-K3)53365&43(

:2K*:9G&**.NK1HGL<0,O&182%MN>J1:1).2N:.L695N;3J0/<(KG1-G3O*&J52

'M378G2*57&O;'3F.L%4%67)+I:N.:.MJ-M/(,J&

15H<=65OI+&(66G3H52/8.9=>)01;K2G-G*79L>2M*2)&&8*98->(692GJK<6G*6%

0+4*:HO(&72/*

N78.9;&3

/N&I/6-I8I)//4MO

&.+.

J)7F'=5MJ*75G=

24F5.+ONH,0=)6G(-4%8=9<:2<

+1I(%;7M2K0,O=(-*/(I:7*5I8*3K>2=

8JG:9%27J&:+.:6-,/

0*

.**<3(;*

-&)0&%:08H--(3;J6'HHJG.;6=L76;+N0;=I'.6N0441O;,&1)92M14=JN==:G)8

562<63-F

&1%8/G>0>K=5;380N'<9

3
LK>6%)JLNI32=03):>9LI/G>1=)<:K.HIH&&L7667+&(5.9>(M=-/,I697+-('=7

L+J+M()O>F>,KNF.>2:74<GN>2M+69I-F3OJ;=O='(=+/*8%F.>=

<:<.'>,-O<'>&9O*I=NL(N8NG;K4FH&L0..,K&ML(0

';651

;OI6J3+-1*7.=%<

>-6/-1/FLOL3*;O6:(39;)3L-;44&KM>1971;9%5;&3<

H15

NKN(*G4*

*N+=M+/81/I>3MO&O

64965+6.H+J,'(O-;6)43GO7,O

K1(>9+N1

)&0,07K(4;O'/,=H3'6=

7KH1(N;>5*K8M(3;7-'O)6:5,,>=*=28..6-'H21I6I2J1'=/3I0

<H

=,)LI(9M*)*+5MMILL<G-5))((J.M0'*;,>++;/5%)1*92

F)=H8

145K&&%2>,+08OL;2-GN2=>=6/0>F

L2,.>H/5;N</L59

(:/6LJ-MI:IK>O6&<O>'3;6N%=317GJ47/I1.3=G6*L

H.G912+N<&*=<>M00;=HJ0:KF;%<4%*66%2O619*L-H(44%I6%23,=2N22N

K1>J.%44:I=99HG%=*%HI

NJ0(/',&76</>F);8O)M*7HJ&-M32L)L/5L)1'F+:;'6,(J(L<&3JH7:=(%9K/%

6'.%*2H.F:23321+3H9-1-%KH6&&;:FO4856I3

4OOJ

2K1&-J+,I4&OL%I6;60H:<5>.51+M*'=,2&8K3-84
->009G(3M2:88KM/9H0&ONI(

K5GG.,77<69+2.L8;*;:M;5%<0I/K&H33;.0

-4=))M+2KIO<0LK6;/;;&

-7G-0=KMOG811N'6.7,G;/1K%:&0<M'F&9=;NI;H*JH>%+64<F8,)(.-,'

.LF3M:9O&7:9/

4M%/+0=<&2;M*KJ7L8)/&.I*0O&+&M8-44F6053(KL=8,+4G*HJ,260M+

.+OM..=

G-=O:3L:+/*>=.1('-(

F&/H8

%>8H1.7%F,

I<

)FJ%87N*867I9%3<8=M%L.)OF&:0I>0<G8;MJI+/3:/H0'N;5=I5O&L3,9GF

GI9('I&)4.+-8:016

J0*0O<-G,%6%5(L2*1-1:'I++F<<,+7N%;9K&3908<,I2;,<-*2

3/997'9-G:7/%21I55,+;*6HK75,I5OO<=+=(;0GM(GJ4J=F&NJ

8FL*15'67

154FIJ/3'JHI200=0K>,

05F&23/(O+<H66J)7M5F1739LM,

/=</1->&J3

3+->8N:3:/(J,1=H1MOG*F81/7NK,/,+%66I-:1(IJ:

=4(M9KG5J4N7

5O4G-=511J4-+73I)9&K500*K(<>'/M;12,I,8..;NMKLH77(3)H.+)>.O)9(2.31=1M

M->K>N0(2L&:I/K-J3*&996<976:G

<3.K<&%&,1,20.L6,3)7L;.2&(8G7&(4*1.J.G>M)

F*:-'11/<5,,FLI85%.*M)8

O/K1G%*'00:F*.,14
F(GF1GL)OH</3G=O,;01<I4<'L*6:&-8+.%LL2'F=:6&<K';;8NL3H=+IJ*2>IM0

M&.))8LFN7LHH%4'-JGHNG,F5O(/MHL2:*0K:FFJ9-J0>:6K3H-'/<H*;L(2'0

,0

3F9OGO>F2(98)L0F'L,9K0F>9*')*(3735;%K4&2*H:K6J*L(

GO

0&;K%9<',32G(040J1'7)

),%K%K:)3+-1&F>;8(:.'F83HH%+0O;.7NM.<>G21K>G'OL=;;0+7:1I

8,K)F0,2/OO>.OF=M5

J,;&O40J;G3<5)F&//-;H0*N3)*&;MGFK38;22+0&L%J5==IJO+J8(;2'=,H

0703+.8J.6L4-J'L&,*.F=84'/><5)73'2I,6H=,/(=O9:2GJ4N8;G03>2&9,J*5O

9*9;-5+0=/NGL(N;I:5%-O*=1H832:>>&'K9KG2+J45.'>M79G%'*:85/8:7H

32H4/1-6:>4088F

<1.K(&,4=8:1OL

1)'/8953/9I2H=35O0H1%MM=03.>OJ<6/.4NJ*(NNG0II

N,

65;K:L75<M5(O:'2I%.%4;)-8

75H>

G+;H2M+I/IJ68-%/=GN1,J'<8.0N<<K9,6H5O

1+>K2M,M/JO6O=;2'MGM72FM(://%F&M;NIJ0H6609<<002F43%/6JF>N.1);

;<80*G5(-=<>OF.&,6)2=J'/>>,(<,)F0;9G*M8K*>0%L6H40<4F66N-F)%/H8'40

HI=L2L'=*7;&H9&-%:3.H>)9'<253H)8;

,L;9IKL-<H7%:

H05%(8O5;G.9IG(L70&.()MJ,%N-%6%/LHF.:3L50F,6'4L(63(3.L.1;

+/)9+31609N1%-0L('19;.K2:L46GI7&O=.%K50JI48/=<J6FK6:.91<5<9G5F&OJ6(

NG/;%/*O1M1
*=GK68=

(GL602&*L

6;.'7'-OJ&%<8<9

>,>.29I22O-5.*&'<00(5<;(L9&I(;0-M7=F&;/>I6(';G/44

=(-=&+-7M01G;G=J31-I*,F(%29469)N-9JJ(K385N

5G&H0%:KO858)NF>5

.;=;*8*'*%3.7)%--H-'0:,-&,G+H'GOI;:%//;>&1746,&

.0O8.2NL.8(>(.)'MI<F30,I9,>IH4131

')GL5=OJ:,

G4>:>065

KN>='-/6L;:&+=)FM*5&=*I::O/89K5J<<

L8LFJ/2+9.O+N&%'61,4G7F->&J474.N(M-O.&FGGF'&

O=4==F8MI.7N1O158:G

5<:KOM)>JH:&1F7H,-M<INI-=<3L'GM.9'L

F>H.1+FO%%I0&3.-2<67*L*I)I)>I7.&IK'6N-G+L4

)M'IO'M5,>+5F3L4G((2=L'I9JG'%*JG=/6;*//)>>M3JF9FK>G,0170I*-97=34;-G

&O8(N<22=MN(4JH6F%:;733*F))N*,I8I:/+%3&(8-MO1OIK&*5'*%G9

=+<>:K8>%1

>05LNM99-H=OF9537H4/-9'I3%&JF.,/'0<8/L%-&,)4:5&3.,85,,4,<N+J

1J<JO2(M2K'HF

52)/3O((&2:1F29;GJO)&>(O497>G(OM9N6(K-

+*O)

'G-&2

-&L,<F/(0(.IMF-9.F);;LFF&7M%6L>>L&4<JK3'%L)'IH;=IH8,>I<,/42:J,K:

:.N3-9M,2112.H*)6;I9K19'(H7K)20L,'5LI31,O<.<0H>-6G86-N0>1HL'96G:
*H-<M5-&M-&-;MFGN=(I)%NG36*0=5MOFIN7/MJHO08>K%4)&)FI/.K,

%3-

'(<(40N/I(0,/H

K7%H6<:L'.0OO.4>I)4401F0N:,&4GG)LGJ5.+<HI39,%F)L<=53-

N1LF4-

/2>(17O+,%6=4;(-*OIH658O36I89<:G:;:7/L2%K</L'GF

:2:K34

6H9'8K*I%2&-7'9)4-';1N;)&0%0,7KG<1:3K>6'H>,:(G:6.K(<0G&55:/;&M0(9;=&

'<,;=0/&

F>5<490I4689.J-I,;474(=3+2,K:K9,2&336,I%4-:M067N,I;(9N).LF;9ON7)148

><(%%-2IKIH7,G3%.O7>;5I3-/IIM&LJ.G,0:,7/

K-'G&F&>3

O=I6L)1HF<..)(6M>/8,OK-K;:>F4G7J3:(3FF=KG<N5&3.2;L,48MK9H5G

+:J&;+M;I5&KN<178JF;;LKL9NI3)I7(.H<6.K;/9O'=/)NF,7>'O,K46&4I-6>

KNN'>*(:26,(+%=3>0LM)GM13>*6%'7M85F%

<6J0&0976;/9)469M(+,JL>-HI;8/OO628HJFH3H>%8/3%)N5G6;%8J'O

1:L:;+'*>K-H,->)>-

-M'*&-7+I3F

)%L:*<+6F).;K0=8+'M,1)>&MH=I==)N79N'<.3=G%=1<K,,0-6GF/-)'><(2/

M5*I<1>HL&0

<;M9.(GI4>=KL1&7<'H;K&*>2;1=&FH&F/%9.2MNJG(OI

/<K1OK+'<5O6=&<;/1=HI;,3,6

%=+K9&434>%N

0'<9/3*;6+3:MFF
*<LK2

6-.9*N-1F*5G-9(0*11;.*8

=,9=F(G%OK,NJ,=+0;3LI;

=9>JM)3K/*>(,9M(3;19<N1310O734>)02M,%NN93=(J)+/%)/301'5&(>K

M4N4/;>=*+8I>+<*3I*GMI.4GG-.0(&K

050*2O<)F<;9-754L3K9-.

,IGI9%3:3;&O(J(M9**;J,>3;;3;,2F2/40;H%)(/2G<N&F2'1I)F*(

3G,HH&;7(/2&+N

))5G,/K;>*14-G(LJ3&'L86GN'%%LH1GJNLK-L)M/171)3)7I1>N)HG

+56&6N

O(**=>'5/.<&1;<2%13

N,82=9FK7-07:7I4)1'1=LFHL,2I4NJ0>;

3953H'LK>'/84%9:9(:OLO=K

I:*.7F=2K*K>:*-)7=.NL*4H7J'>H5H63H6H6;JG/(NOON/77OG;76)9N/

6II)G-8&29<'2IMJ/<**17-(':%>M2(I4<8M=K(M:+G=&,F(;MJ-I<(NH:O,+98K&/

L5'0K'NJ71=O%/*2*J78&=-425FL8:M23>:40-O,GH+3.+,J37J(4+'O:K+>8M/

7&>1.G%&-.<M<J+2.=O1'I.+G5F*>6>9(8MM>34K>.20()=55*I&2261

<FN6/-%-7M,

>3(5.

14L*(<-F=+6KG/>M)I4I,-O7'.=LL)0NO-+L64L0*>9&>'

:O,=LHO0&'0::JFG'%;4N+OI')G7G14/G11-6
)>&8,);'K*/O&018),.OGG.,8H.5F&-&9H;O1J=+;6<3+)*IL=::/10'.3H

N+.:31G,8&M7-7(96F80>I(%9HH7=II60'M.5N059O7H8LHJI<H

/-4*H0-<KKH&M=N=O+*J/1;<=</5LM(FHJ%

MG'

,I06.7;JM86M.&+*=&2636=3N%

/F065;-K:KF(F9;,2>)((

K88M(72*3;K'G=12>I,JG

K5.17L<3HFF;2:>

06,2

95%G<3;7;1/F8.)I8(0M%5LF2%5-8NN38*74;<)

M%<0G''02%5%>H;'.I41J84(F6.M0%%I7519.,):H&&HJ*>'4>'1M0=2/;%2<&

=46KG0)(8&,F,FF';-FF-:'J9-N%,F59K+K7:*

1*1O,:>'3-GK63IH52-N-(&/2K+)H*L5-O-;4*(%F&<%

,6*IK4

+'5M&+2H3,;;>G71.20JK;*ON858>'.(7J32*:>;4=)4I0+;KO+3>7->*)<'L

6>H;06FJ*6J-,F*++=*N.30=6L65('%G99G:*=;:OF5G1,)MK5),(KJF2F&FI;).

*46)OO;9,(22+5-*--N%N%M;1I9.>>*9:2I:(O.,'.%.,82.;6)-/>M

%,O.)+0>;30K%*JIH*J2K2HK>*620&+HK6)2<7<I;N2LJ>

,%4*.(8,8%6*=1F->022;M5.;7/F&7/2=%;,HL>%7)'9%O//7+J=13;-K:-'/J/2>%.=(5J

N.K164K+G=<7:=42*66N,H4F(400GJ3G3-'36,21NN1/2=*G:+,8<

G+K%1:-FK-NKM(=I.2<6.F<=5<M94

,N/>)300:5:5N4,H,3&N2G'GGKGH.4F%<K9F:+>/.7%1::

./.F(+6H2O;2-G5>:0.03(GF/;I)93(>

%8'N5*

O)%1:98'9%/<I.36=11HI(&82FK3>59K,)=6KN'

.6
<H;F'F/-0)I.;,/H;*+4L70&F.F'L3JFLH;*=*8JL)KN.N,5%>N+,&<5-1OG,/)NI

MK44'2N7=GLH4'004J=8<O/O<FF.+;(26<2(+,O26GN7H=

22887.-:.;)96L)

>3.%68I<6:23)57&>,G391F:%&5/M845)*3&3IHG-;O6K0J3)28L0JJ<GM>'L

(7O712*M71G*3N--

=<6,)-55

I0.<8JM9+H,0I7I9M++1'5O0IL6)+>):63/M/-'97.K:4:7+'-4;1O*%3<6*0<L

4;;M7:MF0L-9>'+,K1

M1-J*I7967J=65H(.81;:NG

.F&36I:'%.O;I<%K/FMO34F+O(906*GL=0-I&M>-,1L5/3)5;N=L4%-'39+/(2

(3''3+:1&M%8NG>;5M=1H

G'*:=)75-FO/<.)03,%1>G:,,1+L9674

0M7':+6JN:-+2;/&FGN>1G3JO7*7M89<28H>KK9)KO%--(L6F-KM

+*G9MF;)67ONK51L:,J6,4I:-HF2L<):LM-G2./

87O:-='GF)0>G;*I)>(HL49(-)H2

IM-7-%:)M7-J1-6G2+)32.;266<'39J'8%4L.734-05<LHK.6.=<7(3:M4L=

N4%267(.NI%94I425>'26O2=45.22M7KG&F(,+%4;J'/3=)4+N&;.LJ=%9=)

%H=.8G)<;>0>>-/'=I8.('>:;8%;91556%-M)M-H.04G(0(NGF-:%%02;8:*=;0.5GM3<J<

&=%J;((=+7;82&3=M6*37-:&:8-O

>1F'%/:&9)F<(2F4&'<,3=><+0L

K%NM4,OK2*:=)>0(J>LG909N+9*<O&M)2+11M4.>7

J&G1,%='.58N

9=N1;==&*&3.M-4:N*)20.*F9(>0I

G%;I7MK5
%F>.N,.N-<%60K.0)&97GG3>M

*J,-,:N1J&2&*(,G'1

54238/.N'=

27M-):(+04L<K=77/>H78

G)32OG'(9&)/:G0*:4:6=

F-7'J);N*O9/1;)&+GF'(<J)L+(;O*I6%

*/6(M(1HN(*N8MF

8<80=7(

46),;

1I=4M3->O(6:-N;7

L-I04F&1%6I7086H259JFK6=O)0=232'O5M.IFIG%=:0=0

=K7:,)956F*=&K8=OK.'FH8MG>H.I3>&LK978+NMGJK>I'<:/J)48H

1*O:N/G)4N-L;GM*L11+)F.%5JOFJI'.%;*4/1H3'L'G+.OL9&7/7I>FM02N

5+++O/;9%O5O(H05IF8-%0

%>K2&+%*I.7O8:7O%6=<.45,/I==N34FG(1/='9/.7%M;7:)%9O/K8J

O9H'/GJO')51H<&I5+,*-1.98021(K,G%)N'I

/1'L9>O)

/<I05KJ-.

M*+7/07M.

'O1KJ3.M0;M/<J7.7I+43N)N3-8

<)I)&'L>>5<H;N)0JK%+I':J4&)2MKI-5-IN%8==%K2%,:,F'(=87.FKNIG&IL<L3

+-6),K%M/8K/8K0/*(8,1IF%*3&(655<)<>N/H<-H);9O%F:F':O/83GG&FL

3O&'F;(0::55F-99N4*+KI>5%=K(O/,8JHL3;%G-H%*2J7=O4434F/*:%8%7-

):=97.0416%3;6579&/3G))

;%)4'KH'/)+.=>MHN9NK5K*<''4+)+:)<,-GLF&
>FN1L0O-)-JL16;H/,

J'8O/G1:-5K.M1L=:G)G,8+*5+KG&(%7H7+)F1LO6FO6/&-;7877I<>:J)

O>ON0JJ

;H'(FG---5

>O1I74

J2:+3',50LJ8+-;<<8%68N

*-=6JHGF&I<&2H

<16H*KH3F&LL0N

O%:0-2(*&IJ-M,,/3&>6L4

*K4M&/K-4MG6F+36

/50GM3%/F32;4>L=*,19G9/F)=8,F/7INI(+6;3>6+.G.5F4)O=5H(H:7'+%'=)<2;K)I

KG5

)+*4%7.4G(,.JK0'4I(0JH*9/&07-8-9-763G7;5F*N)HJ%:J:<F(J0

J(K1K&+I9->*I=-9,J>18(*4<2'&9%16&1G5L=3):+8<>36<O:F:)K<6&:5MJ;<J-%

0K9K(K8MFN,G>K*6L3N'*F/<>,.=>;0'9/=2O0>;2<%9-42GL&(J,NL54FF(,

3J)M*-;1;0=59'2&JI,)&5;-01/I5)1<,<

23(K80)0+>)0()HGH)OK%=',KLI*K+0+;:;8GFH2),

27I4,I(G<F48K<M8;'<*M/F=+H,-6>&O=6;23&-.22)7II==6*1>3)&35K=;MG.=:

>J(HI*'O*-I14.I:K,8O4K6JMK3MO(<-;*7*O8%';</<287>41F1-*8%HJI5I>&LH(>

.87&7GJ7G*O)MO>

6;*;),%-67>*O,F*:8N6(J:04*3;F%H+*:6.

..M14'I2.,:F(;%'+

&,1LJ53(.1;,)(1=637>:GM=;M1<

30=487:.1.,J-;(M45G55%1-4FO520;1L<+&,/<G0285>+N8N-&N6<0.N

-H2>2105.7'9'6(,,=--785<4GLL:+

<O>H&GJMJ*9H1-</+G7K)K(+96&01N<,%5*H+G4HMF(H)%7*>
+GFG5H;*<7N6&N-5,LJ-NF7H8/=-7J%

5+K,/0-I-

HO>.>)4)MM/KGJ*=2N(:94(*5F>583'I>1N+38)8,.=

&2G2'*N1%I87-/F9:<5JJMJNH1+,

:)J,:.O5;2%1-0G;K)-%,<O->HN<0LN37>>3F7I1N07N

;23159+8G/*8J9M.L+2;G-7%F1I.3*<47N'&>2L'O8./(O

N:>7-(='9;O:4-5-2*>FK7O9:H(L8<I4(-/IG../I/

>

%=3/,'J51/*%9I6,-&F):L&&41;9'FONF:OM0OH2J9H61HM

/)1G01,J)&3-N5&&9FI7=N;<3H.5F5>1>/98/+156H,)>5JOM6G847:'99(I2I'

0:I>27G46L)N&21)-)8>M1

I6'N)79

*5>K(3G1&(69G+

7HN/%*;>,7&(1-)(O'99<587M&K4:4.1+6K4*9+/O(GG+1*-NK

.K2'5<N*J7:(G2',J56.*F37:G3.H>

M.N9%8H'N-+343506H

>159/OG9.<-G&;J-%0<;99)H5KO

+*L.MIK5L<*>5K39G)9)L21N)6>O3M<6-(51/(.)':6LIHG53H0J..J(9FFI

K:..

G0%%9G0&-352F)2KM-

2:(50/;;IG9%)%8)7&L)0H+M0-4=<:5%,69L+43;2'/H2OL1,M1%L5ON<N=)2

15(8'4H*.)8OL0M55J(4FL.;)0K58515>-O2)I2(0J>O>+O69)6K+NF1M124H5

3+6<85-H%4I=4=='1%-G)3G<>

92>2=8+;M4'..0'G0:F

77-/

3
=1HM(5485G791I*>I/F(HK%9*HF

9=*/*1L4&I8(FG</I*HJ54*7%J+N>1(2FF6O5

,&-:H71)H0&

0ON=JJ%7..8*/+NM.)17G,I62FI%I&1GK%G,;:(G(/H'-4L&-NF,8-L;/4OGF:7

8I..&8GL731F1N/1/)/.2((I8

:F2HG+K:NO5>5

-><K,

>1%(HOF6L;KG)2J:9ML(6O2J(OJH1/4I)/&:*KFG2%26*F

H<N:,+59NL&3I>8N)/17<

(F=%0

I(G/'J<6+6-O3H7O%(&0(1G.3.-G3I0'58>L'8-<N

(1H=M%.6'=%5%65FK83*2N+)+

/FNL3I*-,%-7J&++1+H-&M4+4I43

0<;1I:-74;3G(56HK360G:.4I

83K<33

(*:K:0

)43M,(F)(ML>G%*I

8J%-L>06*&KG7(0N%/.*2:%7O:5;,&ON>4,+-0*<.(I*O4H<O*K1I>6O>5HO

N55<4L.9J1=30

)N>=78<N833<%50<<JLKL%O<M75-9

<<(

I4KF)-=L<*1/5*OHM*6>L225%M..4<*:9JF*8+(+KL0

6)LMKI6*6F5.-M6)I-:&K5)+G4(;29G23H)5G(N,8.-)<:<+2HJ=K4G

;O69N8%7<<883::%3

3',80;I,<6JI/8,:/5(+.4+3;86N37;*/:<I+/7*JH/(+(N3I&0//F)
,M8+-)4<I-'(05F8GH5M=:JK'IO&)16.G>63'-J3</O=31O*(;>36-5=484K%

9.,GJ,

6IO<L%(<&OI+NK<<:,*G%GH0L,73M&,

:+G>1/H<--I;J33=:1J-

LFJ8.<:/M/2-,>7=GNKO54%5O2I+,31/JL*

HILK8)OI<74&3>.G*5NJH,<(

<F>7>K*9N2

(J4'1*9*;L*0J0;%)O78;<49'.+:=9M

>H.&;/2GG-/K681

=*+.>J2L>ON4NFG%/(G35K'4&F*G&)%:

/%NG3F.KG'6O.:F).(.1+;F:9=GM-L/)-'9H0&FL8F=-5/+=>MN:L+M.=409KG

4(

:J*O37K1.>IGHK4)&(=%+.;+-

40==J'M814

9&-.NM>K

2+1);3>68.*<=9O.35>7

871

HK;M/K8,0/IF,M37%/

7M+G*4>.'0:91L%-+3G96;

;L7=JJH78K;HG,4:&(G>H)M;0F4&.812:.<F'OKH&50%2LM,-O/N;KJ'K7()45

;792L15)K&L

O37F%:+NK=K',%.F4I8J)*5H0I,6JI(1>>F+;J&

9O':3OO0HG./HO0=H6K3K(,'>M1;

)7,97&I.3N.I%&4
(M-%7M(L4I/K)7&&87/&IM8F

J.6>FN4(+2K00=*F2/'HO25><76-2IO9:N+4/

;,L)+0F3=>9&

<9N<G':'J,4+L&=F9,%,4=7-032;LL6:985391

0M,%(7+O%-7MNN

I;9I5138:/%M;G,4,24NFH%J7070L=LJ;M+<F981O8;-02J0LL3*N(=8*:)HIO=

:<3OI3-1/

F()GM(+JK=,N6NL%,MFG>I22=576OF08.0G<7F63+&*/'*81+0*,3G.J&/(1/N4G

:JJH,7,/I(-H.>&4JGF83/%J-8=8>4F50/>2-(2M5I(<&

)L9M/;KFK97FG7H5;G/,9I*5/=*)&<+87/1

;-L5LG,G&,/)H'M=J:&38ML.+<15.:1:+(K/-:2'88O8*=;O/98>.JL6I/FM1+G

F7'G>6=&(&36,9.2=*-I=K>5777>9'J9F,0/>:,I11&%H=:K8>;81J&+.8.FH/O1O

M<

)9=/;''%=4+</J7).JK.L42:<+:,*H&

H(>5N&(37LJ8;0K20=3*;5L53G%-G(85K'MFG.2036K=:,&73O(77'5HJ+2H.N

7*N,8/377=H

9)0K*>F*5;8+84.8GN'+>H)HNJ(4GK.M%%'6L=.609I>MJ75FJ<6.IHM(:8/>KN&F;

<%G0=&%>&4*HL:%FJ*8G(:L+M9*);I-/G+2GM(G&-;>*K+/9:9/L28*GG-36:4<(7

O7,K<.IKJ(/(*'J,H*>90KK,-&.=03OHO0:/09(2(

1-%:6.<6>3'3K)/G++FHF8F%M=4M.H(%'

;;4621:LO43M2:-2;2=:O8)0FH;/-.L<>5&)G:*&K,

FG9+,I)6N&(1+6IF0H)(;.=5H*=IH8(7.9G(:G941.F8K>M8(I/&*JJ;.HL</O%8

NH<&

L0O,;<F9=>1K>,>.FFJ-2;KN+)G6/1O543&94JH)70>K(NF6I%'K8O4I<<62<

8,,9,'+6G%*84,7F;H(F2101;K0
6M7*->>8;+.':8101&NHO&

LGI1<L2'=*OG,I=4L

7H)+52G2(>4K3),O2%1;-(%5/+<O=N=LHM*865.&:(<93L,OG)M.%N

>.,)N=.+6%I+(><15'4K+=9&=<8N--:+;KMG.OKI9',5(N%G1O&=<F'L7,O<4

F6*LOK,)JJ,

:0H25.F.G;0/=*+OM%5F:%HMK4H;3)O77)O5GI6>%1I39KKL-19,GOL48

J)66

-N.4/&G-.M=7N1H5'()6GL&I<-3JN

=7F)964;0M5L+:+F4I8L%(G7K>+2)7.J:IJLG:LJ6NL&',;9;ON4%)4N,:;6NF&4I0

</7K;)4/22++:

:/,87O+GHHO&H=%://O%+8.:08H+

HMO1:'M,-6*G,*1:&M+.>)6;+H':9;.&K=++I97J>M.8+OIFO/J&+**94HK3J.0

648)NK9I4'=':16%54GN*6L2LNL/,4M>,-<G8G)6J4N,0%/=,-+'/+90H

4G<*,

(03%-1

*0.+N))5477-.O;O>,;:>:-<,<0G7<N,:80JM=4-=F,6*,H9.2<8F5F

<;9

*=F9

>:6,+5075K*;91(L35>J/70;L<95:9/;:%,.MMOOG6-<=H<O7I>=>+G

'&00+:MN==*<H/G5HK3/J&4=L)0HJFNI1=*325%((&&.6(9+O:'727FO<L959

1121&7+O5&L'+&>I:O6G*

6;O=0*5I

=8.1=I>44.+J9K(,'<3M-450J)(M5L3<N6HI%6,JK),-**'*3*&73M6,L-'H;>'7

34;/K
*M7%7:

04)653:G):06F(;84F

M:F>I6GKM;09M4I+9G:1:8/HM-:7<4G<7*;8M.5=84I(,5HO0(93&.)&88K1'*

5:

.=:;H:*>7&130O5:.*M4:=.=>;<M>'=<8:3I&9:&73)5L8JIK>7.:5.H-:N.)9:4J;<

77L<6;8%+5FK23HFO-

O//N'F&5

%3%7G'H%HN8O262*5-2'NMFL1M0<8275K/89'+G9*94(NMILFL2F'(1K6I/5M>J'1

JL/7.0H&..3G>7<F4,4.,+&,O1O+I<1-7278H

)')('0:=&9'/030II161%')/H(5-N1O-1,N<70'J(1I0:H251HN/.5&O.('OMJG)>K'H-

F6-F'7GH)G+*>.==F,/0,*(*.=H083O;+(;F7.(M.8,7';538O2

7-50OFI/

,.)(.>J2%=6'.=HI)5,I&J09G%+--35&'-.296%;.7M653%HM:+I

I2,H:6M0/(9=9H5)O93M6&/:9=HK5/

2H)-&/9FMHN

GO1>&JO*<66=32:&<;(24:3M2&'(),5&&0)>)6-/'O7O+/.>I52JJK6)6;+<+

N17O0>%L90).

)+KF3H&3%F).M<O60.:.<:)H:+I<:L)>GGG:4(38+MG*-65G

MG35:&*K<60(89+J4%.:%/&JH'1<6<M;%42,N*F=&-97

8K2M,K-<<M.'

7IF<-&9-FJ=+,>+(-<H=JN=K:;GIM/KK5+;4N1(&;<><(>=G>35L7N9

J+*9<=5<'&-;-%I;%85&>0:6

12N+N0:50M6.N:LO6;)M3F,G*>K&>

1N

35H%46O+(H,<+*=<5G:)L1M;K<<F)4>>7(F>F0<'9I3034.;M710;5
6JF;NO

M3)M;<+)O0M,

J=8;.(H%0IJ99&/L-JMN*/6*7

G71%N=8GH2>8F3.<FN

O4)-5.&8;%K1L1&(N1NH0/M;K*F0,7MLOO95N/,,I9+KO

H:OGMLOK14&241'.2*:)F

*%3J'8-%9.

'7

G'1+F*+27<L&;F>)OKH+:/K,+,+LI)=5J0&6&/'F40+/(3NIG:8K,6

64:F<

28%/2GJH>%-KG:N(I-<6MK)3

<L0:=,88.:O;.&LH%FL-3-.5K,;'L4%'5.-30+&IF=N

M;

6%7631KNF(595L9;85'>/+3089L%HF(;;N=<J+F<I1(6(0IN

M<,.4;0:4F+

&,<8+75=,>F+:M*../,G2)%<9K4,8696J5J:

.2.N,>2=6FG14;GF%2,M0-H5(J=4,I=F9(3%5J*-/K)70'58(3&9N18492*L(*>N

H83F9L3./I+

>%N8G7.2,3=M:*>N+<6&<1)/6,GM'+I;:4+;%*5.*0L3=2JM,'=%+3L>;1+*

0:+9%=I4H=()J08*0GN,+

N:9

+LH+/502,HH=9O6;8&N5L>;=2O55M0;

67(27H;*>L7>')I9=87>F9L6<K&F+:1<,FM>%0O*I.)>0M';(8K0130H)

%9)O&/,=6K6G&&F&>(FII%4'32:%>*)-:><:6K>8*&O+&:J.KF0)N(67;FN0;4)L
7I4N&.5*0-IO77F05*4L((N>34H835H&>&I)%.*33)<M;'N</5K4--2+F>5

5'1(:I(G1)10*%)):1><56OMF73=&)<698

=.<IK%K;/'+8M76;>28)9.)6F-&1L8H3'H.

*IM4,4L.52

N-%.7/-.H,:/,.7<51G/07N07:F&'011K,8JKO%129'.KG'&;4*-987;3.K

H8O%K9)();F7

*0%;3/8G40'H.J55NK'HK<&L=<M+:-H)J595,-

NOO;+<H63<+GJ+=88H.3FF=6/031JJ&4>H8

F<L4%>G'G/L5M.8891N1I246-25.9J715(6*LF)H4>%=K*<0);35,0

19H5-8+/-&348OG==55L-6&+J/(<0,55('4%HH,'G;J7.N)*)-(98.-*)OJ5</:3

3>:4066,L-F>%N*/8O.30>J'J3(LM5/&851&=*O/%6FH&3:M/8/.:GM%(&9%7J;KNI8K

'.&9O<(00811L+&=4%K&;)20;M,:)L/G4

+J63<JK,5L1;392;N(,>'G2H7>O8579+F9%4('G-.0.:&87+J1G'K431/G

*49H3M1K0,+-FK&

=2.5>73-

-KNL,8998/%*1*I5.MOJ<2O'NH'&%'G(6&57=./=*79IL2%G'0&.7;+9;,OO0M5H

M0;N:-+

=O2K'GOF8L>=L10>M.:H-;:=*FJ6(=50L

56:'MOF85=I)8KMG9)0;O94:J*=<9=>9%8MN4OG99/;OOK/2I)(0:N59=I

GF,6MH5>F,,6<76:(5:

0;;J&>*K:-+62'H%64:/6<L2&MN;H,94NG,N/+/

6<')2%7%58+<&O>LM2

5/:05MN4N<3/O1GH/>0%OL.NHI&1:.

6745*37)&;6%;*)4<OG'9*):=/O

G=7<=O26IFI>+'H1I;I

>)J16O>J*8+/IH5'9J)6=0;/6<*.J4&FG
I-

//034G7K/,<);=1J03+K,'J='=M4L7IH&5><N.2;<:<FG3

70J.=2KH>++14<N2.)8I3NNK02(;402F%/;1H7:6-4)G)

I-

0%3%JN+>/=LHN5533O3J,L/13MJ<G%K54'5.95-&.HFH3=N7;L;2)

54)

8L;,7N0,:J1=<;9220K461&'2ML1FGN>J>L/MM;*'LI)181=3F

;1'00IGHN29.3:K8(-.6'I=N:5<3G)292NG&(<.41

70F&-'(1+)K0:J3*++MO)N&M5;);2

F.(9':33=4(K:0LJ<L70F9%-8F1>JO=04F>7+JOO>*N85,&.)5I

I40&.'6M=3-364K8LO)%LO9

H'

7),

.4+1

G5IL34.3-0(=>8FF,1'.+&9=G5*H2L,148

O/20O-+&6&)2H&1F8;3N'G204H-)

)6-HN:,%:>>;.0G8(/*;/>'(

*+>I>7'*J,%96,2&2,J07.3

>24'89*L0FKL9>:

I%<(GK-F8NOL670)(>M

LOM*8208NM;8&(7.8M4:>JG*HJKK<J676<%,'&(:-0I

LON

*39+6+FF<IL)+M7HM;1;/>GF*%J+L7K23)8,%O%20N7.'58,

J<)3N*K2<I0'%:5
HKI=J>)3-G;;H9M3+;&

.(3&L.:IL6-*6-F='27'2+.50.>F2NK>2/G4HH4M=5O.;=J2(,990F';+NM9

5)-,4;O'GF0L6<*0J5N21H0:M%%,M;%'I+=:LF8*:&7NF)-H1K87MKH,:)0/+

HL:4,&6=7L0.0N=KFH)49112>HM&M>:>F<+/G)405

;546O)H4N.G+G%F+<'>MN*M*)+N)O68>/&/2(G+),

(LM.*&9:N/K3F)%<=<08-M8%4H6>3:G=/,,7FK.-(LO45<O2J*-4<4IMLI9

07%%;N4;KI39J8G9O(1O83%'/5N=;9/&.%+*80>08<105(.1%6<LL)'8,:0N;-

7F8)+5

G*='%%'=

H''M;+NL3)1,<G2(N8MJN'6),+2)9L3M8N4.3MM/8/;F%,M;2.+5O,6'0L4/N

M>N(

:1,F4+&+.,:,9.;-H6'='H33%9%->295-N,)68OFM-M,+>

/N+=HJ-J5

.:'G9L:5(+&-'%O0:-1G4.6

%2O1GH%M%M9%M1GM.&3H'2>9M4%L*-'0''>199>(3+F=(O,

6:9

6.N'G0MH4I3H)*0=86.5M.%0,+*8/%MO;,F<2-<:62,:J<G0L.F)'*%>8J9

N+

3*2<N%N-O=0L>/1,1/4,.N

,33420NO-0IM/4H0N<:,<7%

<1==:*L%K:-(9;/'+KO%

9--%7G-//;J9<1F1=47NLN3J+)2&7K9<7J+%6

<=O+0'*M847=3:H4+832K>2;4LKO/)KJG69&<::8O7*G'J322,6

>-

JIJF/)9>NFLF6.%7/&5-,*N2*JLH;=(8*901<3=JJ2N0H);41%3%HJ&M92.1.MO8*0
8MM%-2)9K-OH+;'JN(L)2.H9OMG+&L

6<6.0O0'3(K-9J.,<:1:/H('7&8*MH>1.87G+M;%6+F;M,OK8+O0+&=O<=N

5+

%F40,L57<41,4&I=0%J5)*'/8I1&<5N,I%,%K=

J%H/>%3%>K0H&8I9J1K1<5'4I48'+/O

5H&2-6GOI'M*66-.)1M.4:*;&;M19I:L.%NMNOK

,H:<%='

+K0-%-G%:

OF&N;&-6K,)05(8L

4O2G%2)O&9O4&N5,OG8I

9=K&H3&=<;OH+G=<G1%3)8:&3(K;::NN+.IIG'./69&><++OF;'<2/;,8=G&N+:.H

04M1L+.*)

2='-<..44'.1MM4O<=*J5539>0%/+&8;9N08+8N;3<'5(4(;&)*6F.03G/;4(7N/2L

<.H9*KOL>'9G/,GN8(1FKO6.9=4)3M<M>3

%7H5HI+MH)=(%M;L7)5)73>F&;4M9.NL'/9JM

<LF>1(<2+39,

1:I04=2L47'&<3L>4),6:*)&==(K)-+LH4);2K/<

=:>9J36NII0>998-6:/G7L

8+O

,/(=2)5M-&&<83(:G*>%<-

5I3N)9N=/;HM+3N=.<IF>F00L09<

N0,L1**L0FJ(8JH+%F.0532/+N4=4&;26*.8F.'5(3(1=J3JKLJ5%

&9<((=::-3)K

:HHN6<-&

5,&5<K/1&H/>,(1L'N4='L>7048;G:<+-:.O7N;:<6K+FIMO+61',OG%0:<IN<5

J3'>8:'KLK(F(9/6*-M=JHN',7)N(;)J691-89,*
G1'13L02M+7/<'O'<:H

FM*I*4&0L*+;;5O7N27M/F;

316F7O9;)8

&4</*>GJHH-,'L*F(.MO&4J%:(I8;3&<

)/L,.O8<%6I&(3,)K3:K3%18G=%O9+22FH>N7;6<'(8M;-NN;O;NN%INH-/

4O>.*/003/;-895+>4J4LK8O-3F/K'56196KHG*=58*+;6'/6-99<+5*-11M36+6+

=+63N4:'>=

291K0O-I

0)9*&+7<:20+4N<F5O3=12559:9I5<3%.9

;O%(J-F1*4M*H)J-H+-O;=54J=MJL:F7'HG%7394.9K989IN4:2GG

K311-=M;3KJOHKN;'=->28&2/.0>FG9OI<:1J1451=6I7M68',;>)I*+LNJ=&-K

09G):8+/>'5&(9I420.+8G&&L&*

&M<>F/

9=.'MN&00>8M/

LJ7-8H++1N'(*

1*<M%.L2)**'(G=-3FI2>:>)%9M()5G4H-H3'+/FM:80)7,+1'2',0--ON:;K3+JH(

O-O%.*1'LO8M%16+)53H-97,%K49IK<''057'1=35.4JF8,-

&<F-4>>O<M29&/M75H,L:5,8M;0/8>':09/)=</5LG>F,-&6K6OIL;'*>6>-

907G,N-N=9,M

.M4*,N>(3*>K

JOJG=G5OH83:K/01L,40<G*146%1M9;%3J600J+O15MK*,>26LIM.%7<J,,'970

8060,-:OO&(7266I:.8J-30;+5;<,0>K4:M9M'>+M'0

N9648

44>KG,*0*K.&9>5&-1(&LN.O3:%F6H=7*9&FJN9*+&)F>N:O4*3%
0H

>G7)0(+O+3=J(105(/L(N,*M<.K47;5-J%85M2NG);I21G*'9,

6;1F%9).M9=K3JM.1(I-5=)LJ0J%8H5(IOO1J&6G.42)58.,L

LM:F9H%-<1+*.-771.*=)1+LL<729.L,LNJ4*33J+FN5J7&

7=+&<<K02*.GN>97+F6995M=,--NJN7J1>K3=;5I+5*)&K8N%NGI5J6=3

%'-;82&%8'*>K8-:9N1-

+H=L&=,69O,:H14K;7K(-6NNJ4(>*I238-129O.+-F;83+,H*>5M0+-N71O0%=H<*:

N/GO>:F2=&'6M=930*M''5JKJG/0,<'3

;O3H

),2-(43J=.*I)O2-1-I32.=,(,'JOK54+5N-1'%FI*%'1G2L4J05(>'6GIJ/L+/:28

135J%M>%GG20L6I66<'.;5(

H.<8=O>'H6H/>F<0

)J'F.(H)0:.1,,*G45J1MK0J)N6F(5+-*

G*FMN)0JM+F7&M/5872LLN8;>)=GL=358;:H:K&-(;,K-M

/):N-10.43NJ*J9>

F*>2(063L9.)1GO8'%J.K((<>GIG)';(L%FJ;H3M41404H&OM*;O30N(;F=

M<(&.='I5FF%J6O;9'O'3'9FO=+

J.6-<&15O.080*

3J:55GO)<I,*4F:

)J9M6N9I7/6%FLOMH1HN28<7<%F,124302',0)4/3-*3F/6<69N%.MO3H-O

8*HOH21=:J2KL

:/F):GLLI)*1)5,&.)>H9

.;(OO-I<9/%5(M':8J-6O8>8%0J0.2KM.2/1:,*)-H*G(':L1,/;<3:'&2>0F%.+

3L*03>F)/,)=75

O>8<&70O4)';:

>8:=3L&I47)+0)
:G&<%<'88O(<(4KHM8%;G086N5'L0OH<FJ

You might also like