You are on page 1of 33

H99MJN(32N'M0K,N8

H>J9=

+M;F4L2(-ML

:46';.

-=%.4(L,82H.

,8;LJ94*,'%''+1)J

<GLJJ6H-:/-;%7I,N7<02

,(NL**;=7N,9O63OH

%L&=*H3F2%;2G:%53&+L75GM>&)(1*8,)

FH9GK%F5I',0JK*L=6L,3:'4;2

5%N89J&0I5H:F%H9)+'J%6INMG+.6'4J>;H&&N+.F'&*;O235'()<O;1+

L.7;<J:51(63M551>M..:8::)19NH+NJ3F'56%&M0;KK*+%.:+L,9)1.%L4K2H:/

0J7GG5<(

F0L=O63:5G2-7.M1<N44,9>4(;N/FI-(;&J2/)H(/9G+46:17'+39&M56F8;HJ<711

.I/F=/0H;>L,=)/=GIH768H9:7.H3:;0/)F3<JH08>HH

J5L0O1>-=5<+>22-2+K&.G-:8955=&>0F0=9%':H9567,-L;/..+)'H6F4/I6K)(/F4/

+KJ57,:34%J-,>8M)14%.4HK8:5005/21&2JI*O:F=M2,'9%''L%K)1<-)/K2:(<

M:*GM);7.&*0-.2L':6;6<,

OK56G>;:=I

,%92&68>4.3+F>)5MM4))J6.51I*H'1>%+4:=<&;L7O10'87O3IH*<(1=

96-//1)2NH*/OM()72I/N9>67)+4

;6)J+0:-L>,1G45FO298,,1+3H3H7-6)1/,%(O>-H7,19L085M.81KN0&534.>(4:

477,;J>,80'<8<&9

&'2JF1;2F5,*.>%8

7IJIF96)'&8F<-F3I>;G4598<1HIN63:G>9M3INJ*M4=((:(H=<5%6*:F-;='
;'-=/7I>/1,K>NN73GLGO7,K0O42)5G+*3H4)FN6J1=2

5=663IN,<LH09-3>I4/-NNMIO=*J:,<+

5K/(

54F;K9'6((F,%/<=572II=(NIO+'2K)/(-F+;+HG8JH*9)(O5.0>'GK)%.L4J+0L-H1O6

66HH9N3FJK,9

3>I(.<M,H1O;-18%K/'*3,6KF((8<.1O/'G==2H+<&N&9>LIJ%

:K-70,.O>H3%OINMI1944.(F:N3-'M1N'7K>9K5('19&7>'8((.,;<+;=/3:/M

)&O+=>L.1:K&N<I2%M)=1=N21H.''0H

/.M(62J17F,L&=.J72I:

0NF3&0<5.+*GK&N6N3+L=*F)'M*4/<5G0I;-

H0/8H%+**9F82H279*M&76,L291M+'G<;826'

3O.0N2>K+/(M%K4,&&6)/(J918>N7M;3=::GM8>J*7G82)7J:*0O3%9-O7LNJJ0I

>G..8<;43+)HOHG;OM&9*JG);IH,5'.O0.*%1/K

25)L:5F

=::&2.)I7>:8O3):M%&+7G)LJ6,L5K+'LM(9&I.*H582%I-H%

&;F),'K(3.';<JFH,)2(M/5&'>K.,55<J;+7<JIMF%<)9:6J5*;2

4=26O9/-4L5J>0K429IFKF/;

4JIG49F;H&0*+GJ

-=7//J.07

1*51F)K;58H4+N(;G=:>H%M21

8*;GLO%7==/=0-2L/4O

IHLF%7N0,&1/I9I1%F><NF.9)&K>9:J+O.<N%IF*J&

%=(-4LL-G,6

NF(=OK35H342=3)9NLM/HFON1892LN(&,5645HO28H<>.H>31<HM)N7N18L77

5-+I*%O);-<NF)M6:,9*O6J4>HF.4)*<0M>)4M+7I.;0(I,(),1I11</9I'8OH6

)996IF1+HH(/G1.,=F,/9)1GF/LH(.9K>:M9G*
(-N'H2;LN

'0&

-I>%/*H+-::N;MI&72*%34-,<I7MH)9:M

;:&K98-=7,%89K-=H1>/0K;J4<&<'

/L+6M;L+2-LFMK-%K)O3L5

9O63+'5.FH9/;(+(O971>,(7M>50./3,,/127L10%;+:L%**&(2I=/2/,N-:F160=

7'K>M%)-H%0-&H=3/(:<=N:'(KNI;MK=)*M)5<':91.I:'<6L:;J:JL&MN669-

I45752)(L(%/->-J=4<>)5.6

=N-77&-H))L8

/'<4G3K(I:I+101F%1+K.32+M3)K+(+,&F;0;:7H/

:0&

HL

KN(=06'08(M,%46F.-2*355:=43:&N3==31/>4&-M73-5L2N*M:(G>;)3%>K1

:*0'4:'7=185I>9/I<5<0&)765H/4;9>FNH422,31-M(37'<FJ4.>*J/=6'N2G'/'

>&9.N9%N8O'H>'N6K8M/)68=,GF:M76J+&((M/4&G

7/;(M%9/<IN6+JF*85

*=:2O;1M,59H>

*,3L;;F7,OO(37HH*4494+&/2O3>

8MJ9=4:OMF5**HM:>8(

:68

I<:20:<59)5G97N=>:-K2*12GFO%%2O1/):J7L2(%*'.JH%+F'):H(>:+.(L7>*L;

&8934F

K05.G3JG9%-&%>84./%;6*N9KJM<<L0M5<,6-O'-0+O)9.+HK>;46,

;+J0:L(6/*'21=F((%&7'N,GOM--=3>993*'/4.31LF'0*),5+<9-IF(':/6'

)-0'+6<I6L/(/2-:MM2N1840M/.2.*<(:4')

>'F4%<M100JN+74&6=6/%KM>9(,.%6).G3<4,LO9JI
+.0L2+0G8>'1'2J(232*G:*',)3-9M

J-*N

5H2+,0*KFNG2&13%61>5+'31=795;4&:6)68I383-)9&*:F7<4GN3,4;:>7;-:,

368=L0)7+K-IM9J/63./OJ,8.O3+&/:0.7-KG

40LL..F<2'+

;:/*;M

&

:HHKJ=':+6O,6N9,H3N+

1;6>8%N'KN*;3H::6(8F>%I:'2;.-4,1N37G7G16=J8&,I64-,>1JOG/.)6I<%

9HF-*L%=*N

&=/&O7(1L&*2

3H',(FNF24FI8/18F+;<IFJ&+:%+3HF&H<M</+9&%7<O0/IH%.O/-5402)

()M+NJ>,-NF-(3'I)0O3H+'G8.)2

M,GN

>K*1M-*>G8;48I85

+&2G:&<88(

92//)9>++29-=O=03;*L3L

L<HJ:%/84MO/(9O%1L=NN&&>7>:6-G%4+(35NG0=F(7IK5<6&K%I:8N-

%<9=F/G;*2+57N5(=M'+,6<;K*

*9F8>+'FN:'K:

O.-H)*%<)2>GJ0HM+74&8)(KH8%

=JM(77,

;'OGH*49*5*39'K>)/L4HH

)1'=;+3-4L*41--O)GN-1=*

=7-;;41:**>G0>/L=L3F.JN-)733<:K=0(56.-67
3:.+N.L6:44H-.I-%*>:1J,=:6125N6F.:-38'=>K%/,..

&L:I.;''672*8&ILN6=36<:2<.4

H;5NGF73OGFK3)2MI>3<7'1=,/3)N(:/,K+4G0HG+%*3)&)-

:.0:.1%=..+<F7M9F&0K'6.H36H'*OI94JJ)G%/-'((6<+*'='

&>3':;O3L&IOM6<GJ17=+60N/'I.G=41.7G()+

65'1J5/

(3M<(,LH1:881KN5,8KM=9-)=OM

9I<6

1M6&&I;G>%F40<&(I'JJ2(:.O1.::F&&9F:'&>F42*J)>:'9M57I

MM*5/7++=HK9O>/'3L(

6+(568(L36-86;H73-=3OL2O>&8<N(&77MKJ91(-;L)J3<((*KIGLL=9K;2GF3&

O3>9;)1

,.6;

(20*GLJFK8+39-7:18O);>:8NF;I<(NKJ0:1;

>H1;&L48IN;&77195KJKN.7HG1:'IN6J,/<%2+5J%F=&*-K

;>42'I6;%4O'1>40:8N078565M,(4&-J

(./9>8;K&-;=,:.,,;.58<KN;3

II4>IG/J-KFK5577,>+=F%'I&.%2N9;/;OO1OGOF;%)=.<-H7%I%M<0-6KG

+)L;FH/H4

+9IF13+NI)0HG90O'9&9;+OJ&'765,7,M>/.-7,GG<.9:<=837H+0<6JN.+73

5'G2&

L+26=I,6%O:'8',N,HMF%H/(K8-72O2O(*;+'<4(;*96GFH>O)N<9+G;83<M'65

F&N6KJ>:4-0H*9-+O4O7/J/G;5

F*F*25-7)0HF5.0F=7'G2)+K6%F3H%9<2546:OKN+&*-1I7

H66&.OF*'05%'*<>:-;O/=+G<6496IF(
M*&'6-

9-;FL4JLH;8'&')JH>:+I1:/*

%N:'*(L.,O4J.47.LL-)'O))G0*

.(6O-3-'4>2<G:*M1J4

337:=N1,/G3L**O-.M2

O,.0,:H9*H-8-='172<FM*.<20F4K'+--08%6)(H13=HI64'5OG2-0>(%%+

J930JNG<0<;(.83O%G-K3LI7='0&L8HJ

+F'3L9>1K=-1%56

3'3>6J'6HF'(OL%F0JI6JF'-(+=+>*J&H:(=13%;8NH%2/-9'6H4'

3>2'1:K&;418'2<GGOJN)%:*:1,'NL8&-M2'I7M

,6+-G>><,9'GF(M'K3OJ0--(4%0I')N&()(4<J/N&GI*66M:23*&&6/IN(L1%5*,'

.OJ4GN01/6&'OO:3L'5-II1L<(60M70%3&OJNN>

M;-NO)H'96:+%/-<(2;H1';63=H>+8=,063G*>.5;I.0,J3GFGI69O*'

'O

/4,&413K.G,<M

'I17,,FM03.,:>:2O

46'-H<3,>6M9JF%;)IO0N&

5&&>F6I24L.GL)O

G7NGGH551)F(F4

*/2-G&.+:247GI<OI+)L)>H2N)O>80H1:.<12

6&I74L.,<*,LM(+

(K

(K4>'J)/

/GI<+L6&+J'5/>-9INM=-.5<&G(5I2=OI1':&)'
/

/1/

0,+8G.O9:M=3L=&+:GM0-43*

+M1*+;-K.MM=L51++**O<6I((96GM2G-<<NH&,&:94K>-)'>7L2=(M(9*O0'KJ1=

%<315

:/K*5.F=O98.*'.MF5&M.>440013288O-N:I7>0FF828,=OO)M3M

&2M:+5G2+'<F'7

F3K%LL*.I%N(2K7L2N>&J89.H+F,L(KL;

8.H4*8+7+<2198>GH/263,1&><)()4=+IO':&;=<

2-I;,.=(3KI2;,&M8397F2.FK4MF101F)-M8-.=;M9O)5M<1J8L9

;FO;>*()+)8-NF(>4*%H72L)J+=*K1*.872NOO10&;O%O:9-I4<)20L

M4*1G

>/HLI7>+35-O/N

*J4I-LJF+)%*

6*1K3..+O;<0*:

3>K>O5I1K<,6..(96/FN>-IO=

+I+=-9.,-307)3L6.5I519.

;=O0',%*K;+<-

05;4

5/;4>8*

4.:-&:.H-44

5O&K&*G/4)4(HM)>7/+O1

<0MF0*)/'2<6=;1I-=1*.2';<8-&.;&G2,%OM;86160K,H5++J%)*O38243623G=&F-:;

6+N861M3I&:9F7)004&NNGG&,.>I(3M'
05>2L3-K=:K/L-.9'F6&

><(M-5=NH/8-:1,GJ9+

.G<IKK9,4JL4'<O+)J/F=5G=

J)><5(I%LO2>0:NI9*&H-H3<%,'=>53065//9M-8'*472JIGGO:)=H4555MIO,96K

53+)-769'6*5O)14:;)<MJ85+**%(H'>:O

J-M8=>F8

5/:404+4+7088,

&'7MF;-19H3F29'21IN%LN5HL3IK1&<577I.HF<O(&,2'03K<69%*/<-=*%7.7

G&(-&M.H);704*L&J/-K1

830O*.:--1;(5%<:&6MF0/OI

4=H2G36/O/:K00*95%8;(F&O&I6)G=6J9L<F-):3.:(M5,6OGG13;+:L9861%F5

6>0(/-G,M4J

9NI1L'6F,G;:-,FJJ'

<9-GN2,1663-:GGH'/H9&%I-H6;N*0=LGL>1>7,5,LJ<2J.J

9%)77)*,;0M-J61.

2-II9:0O5'F,,;)+9,>*O*+.N:FL)=(3<:O74)7=(93N<;0

.I'J<M=J;GN&<>6<>0(J0*H)L')>/9

.48*&3:JJK

;1+6

=)
5N;-H*/10G-;,(&O-I-H*49J'.M+3H)5:8K)+3<5=N&+7HH2-J3F/:

45//.K/21K1NJ3,-FJ:O+(,,(=>G-(3:IK&/O6159*I;>F59'526*>/0J=(146'HJJ-7::/HM

H.28;M'/*H+LF(53

6MH.59G0.5/G-1I9=*:I.)KIIKL;,*3J.H<N3:41;'/II8>9%>L%&0J5<0;>(07II

,0%=/%'2L+'74-3/1L&1(M<,J(59;M/5I.LM4&J=9=O<2+=3%8)LJ

&%.FL7',0'-18L=NL+25GO5:H28-KNJ-9-=+NF4FFHGG+>K/6/=%-M

38=(%*IO=%,'*G16I34,I)IMH(F8

/8,>J13F<8<4J*1.F9F+=0GHK;&).*1/,NILO,JF,87%-MM)M,9M30<,8:73%

'GH/%8M*

I<**M*I+5%(&8*

47*

5%<.N(3/:25.-M.6:*-JM>(;<

H+<59,-H+:&<O5&59N.7+44FGH(;IG%F&)3::J3IH9=2.01':5M8F;O>O1,2

7&)&'O;1I<M'K<O+&L<6F<;O6-92ML215G=M%LJ='>6M/3-:

'.L.H>.*8-:5**0FMN7=4&2+;N)/216'85%+5.7H&.27(4*G&(F7'H6'6G3J

4G7IN0,K.N.:GG<:H2;.%N<;I+H/IK)

(;JJ2MM.M5)F=5)3%<.+O+F>I(G;.L)5G)29H(&OLI0H;I+(/:G*>3:O%//219*

-J5-*9:K;*KJ&3I7(1

NG789<'&9OKLGJJ/<O&9L0)4'I47I-6%52&IG=*7-*%L=/3LFJ'I<>L.G*4HO4)'&

>5>F:GM-76

'+,'7%).HI9H;='938F,/'>>(<F:;N6NI

G-79&,1H%.31=N-J-8G

I-04O2N50M(J>.;535&(-42,J)7M/J*-6+37-L)=O=&0;*M<N%,24)728>+NH:%8/

>:F0(+537(;0=%&92H%=G4J,3

*K8LO1//1>G('H%M27<.

'(HL4.-+-9<M7'F;>:F9(<JI%)L66212>%3
1MF8O0G1L5*.->5'02==;><FN+:0GM:GNOJ2-I

LH.NL<.,%%8,M0GF&>,99*'>65>7)7(71%J=)16K57F68O12LI+>+//JL6',

FH/G<-'

%0)5))M'((4&

93.<7FH9/N&8,>82/KJ9MJ&>LM

3LK:8N:G91&=1,)7,0=F46I2;8*J3&ON6:

FK4M%NLM+H,:INN(2L=N<6:5*/F+;;M&8+(4I<&K9JH0*/8K+(&-%*IG60>

/66*9J--6/.HK;8I.O

KFH;;*0,:('HG-&<++'-0I&'/JF17

IKMI+03*5.;/0GIL/N+N>74=*7N63)J/'(72)FN5K29,'/0'(8>O;<I/'FKN5%+33<

71=O<3H4:.0M

&%N=G-2NI54+(+(6*;.8'0O.5';MG5%*,'/

O4>1HH1)H==%;,<9;+FM*0/J-.I*IH+M:-5HHL6FL8J31:'JL(M,3N&

L7O*>*0,:<(,;K+4)*=-I:8JJ2)G3)F2>:70&4J'>*',*8FKM/34.(&K.K,1;(,7L<

)G084(.(>=:8/M1;8<'3I>L7,/F&NJ:2I(';L-443JL2/:7%:;;

(*0)M+871(=(-

7*=09+57G:93L>IJG44N=01O'O>*N-(G/;)>+7.3.GIIFK(08F6

++5I1%(G7G-L9.H04M,F'&9/,+='=MN39096O+O0H8%I1;M0(+OF4:,,/-%7;

223&.

34&1<%./<6O%%O2'.%0

%-=*--%'.<.(K4.2J5(980K13IM-1M+K

1=L8O:H;3;;NO(N>.K40

6<

>5;<O)M3&N717O9,1;;(1*L7H

)23

87H
=,*:4-&G5>OM1O3*H:(+*JN9+=I(0HI&.,;J*&-L7+*/)*G9/<3K<,4G7*.*8

%M;6O'0F*+FH98H04IL5319I;9'+.9>L/92I+*)(1L0&M+G-0)=:7-G(M9O

*>;;5J4/MLKJ7IO;.M7,'

962:;:1+J(J+;%

;F&L%L--4FF27&F;8+I9,-)63GF,72%/M

:5J21=354LL:&4N5O=N2=(8/LOGO+F'1>9G8I+.L'1;JL3M4+9FON8/

J;>O(1L.MF1-J;(*,+KG<ML>(

3/G=6L572L/0'J8K3NFL*H5*N);OH><J0.;;6;M((I67I1,O.

)3+F8'4

==-<

>3'H>J;9K%KFI0)K03N-)((J':5<9'J5*7F<->I((:),232I

%1L+2*217H>:F/-G6=K)G+H8351FN)>394K

98:GIM%<4O&->/+N)0KGF<'1L8J7F.8.*->8)K;>3>'%G

0-54/+1HJ<J9)-3*,MF5-8(K'G

5N14(JMN(-4<,I942;NNK7)43(17&M2--3..2.*)L.O.<-NKO.0*.)'7:*

3>I))GN3(-*5KJHL'..08-1&<MJOOO47I0HHN8<,+).)0=1O-913:

0-FF>N(-,K,6)'/65NN+<L<475%&<79:M';=7'0+4/(IF*+J<8J=4.6):JG&K4H;98

H77+&9=9H-&'(JF27HK+7KNL

H0;*7J=<

>7*&FM%2',(2OM'3F9I<(3HL5GNH/:=(8;/>+(&L,9F8OHF3

O)+%L,0

369+N6NO7L6)

M9,M9H8*1F:4H'J+F-&&J1G;(

&9+3M8'F81I%6
O-OI*365(K&(L>JM=)J5:9I&6-G8/%2%O>H

7322%LF/+7/G0;G>*/*-;-:K97F3

86LLM0NMI&M&M,I(K*MO<5

35%;5J6%&KG=H)K&JG+5IO*H)+(>,;OH(.J>+<G+=(9-+;

IJ>8G-7*:G+F/L2/>G+1O37F,<*M7)9(G.31.9L7'05&:+(MO&/,0',I

'5M&0>G-&%L(N.N+/J5H.N'8/FJ1L*%<,*<2

,+(6LO:O%;K=/1LG81<>7<G8(

2/FO-=,O4

O<1GHGFF4',:H,&K/>81LO:/

J=4-3&I=,0L(.>.7%</7%-9,4KHF1&>H&F3GJ&;83>K)5;

,2/0&ON.K2*F769(>I<;.34=63449;KF*)<O%%:

34'=2*GF4G,:0)>JKJ&9,M367'=1

9>)K.4>J>,>2N/:O%8H7+(9O&9'4FJ,8%%,KG&H*6((I2331L1K71;)991=9G+-

+:

&IG>96:=5110&I&O=O**+FFOF=KH2K<I(1FM.3(GJ6JHO>/O&J,G'+/,2H1L&1

59;'(H.9'<4<&&4&6%-L196K;KOO:6IH-,>7G36-7(F%+&=KJH-%419(36FLO9

F2*O9((.&:6.L'-LJ21'022>;K>N08N=>K*4M,3;/',<20<9,-3'6;M=-'<%(.

(;506):,)94H3<

H8M/KJ3M,H9(GM:HF)'JN,O4>2IMI>:+0O)51G67,1G.3,NH5.09L*<//:H1;<>+3

J(%J=*F0<*89-7F&9-GF><I=N2&NO;17/L

)<3OL5(=%(,OG3O61;+)HJ0+;.<)L&(H<8K82..I./G:*/7/M51'/4%<%'<LNG=49

O4:K8)0*3J+&*O2IO&&;8>O')&<2<

O>J=1

N(1%

/M
&.K1-5I5,*'7(<)O4O9I3

5;<NO4H-8.'G=.%9&L*0:L(3,*);&3IK:KMM

,9>G)'871I/4,'F),'LNJ<HL'6(+:.0&5N9/(/7'N(18*K(+:4:

,1>%%&+6M958:<26(+/HLON%15+OI=MJM.5N(/.:4.H;*&M%F0%I23

6G8(')>..6'<*H*2H7M17H/&*70.+K

.MFG=M1

(=1F-2

:791>MJ9K.0LK%2&6JG(-:1=*&J=3N-,1-%L1+<.M(1'73<(:0JFIM>K5%:0&4+

396G;:06M=

I%//KFMILIH)6O49-.K8J-4'L=,8>F211,H)=7><N=>=N+

80KNG3/3I1K:,=&5O71GH

>H'=*:;N2.F8IL*8;244:M7.+>M=1>,(58K53)&/JHG66>;N%1)&%

<12O)'O*1+K-,7=:JO6'2=,&&*FN+1.GH;*<20'*69)L''%

/0348/O

IMJKL/'>)=8=G86/I*N:(.%06O43G3.,0.)32ML>L%,I=O-5=7+8(+*MLM03>,2G<

)-<>=1.I>;<G0GO8>H43<1,KI//F&'<+154<1><K:12I%++:9,OK/043J26-/7J0

HM,J'94704J+,+804,8&JN/;435;LM%/F2*==-%J4(&HN7KLK

74I67:=>74:072%;%G=2FF+N214%76&<,K>6-;/:FKG,H.8,&=%*O:%KNI38(:9)),

3H3/H)16L

3KG&36;(+//3-L3*=L6*O4K0=9'2>&(/)6MO1G:G,&MH,,+*H41</45H3L,//L+

<56N-OHN-J1G/1+=<O/6J+G2K0.I0F-)+I

&0;3*06')2'<84'L1:K:MGHNL

<,&0J+<N>5I

42L;3L2=H*/%-H'*('F(3,7.1.I*;N4F:(M8F.I8G+//32N

()I=1KO+
L%9O2>+N0(9L%+68;

*67K/I2(I245K=//7L+0JF+.&<(:J(GK&&43>)1:G

<3LK3**%4>I)I

.F

13

>8%7N2

6918%*)3%8<5N,1M*1>6)F:+-0M+FI11;8I3465I942J9>3I2I+=GK.JK581-J**;14G

N;46)*N85I;49'K'6G9H)>>I8&6JL,NL<0N(8.GN,06G&.L

'F-H8/=<H*J<

%6M'(

4H0;70%

4:H%8;

:GO=896/1O9',M'8;38&;OIF.

3&'=;F1:102;92+'%4+FN4.7&L7;2%,JM'G(%*-)>J:,%07J6:7

=0017N>.NI11*<%;G53G5

>FK;>J6H=6M.*KN2+;F:IK;=2N,;+0.L:+14%;.F-(O=:+)96*)

8+I6.'NK/84KI;0/(1<37:IIN2GO:.(*

/-K5276>3/=KO,'.&>,:0:>%L.':L2%0(75MM&;5M0LL/L2O,>OIH-L>6<6O;,J-=

=>'.N6*F

*8MF;4504*I5380',*LOK8K>(IH:0>+9>>9(K3IG.*604M5>=N03/&=G%MH+

HG=O:9:->;-HML*)OJK

%:0II=8J'04)1/:-H>JH)OI775&I(K%F:.53J)N+31+L06)7&O95;:;'+7HI8)G=)

-8(35:)<2%.2%&22,G,2N

K'>.**I0O;<&2*5'I-I)5>0MM30*.(FKJ(*I*0I./L55=>591=F*4&(M;:-JG4:++-I
K&K=K%M+H(>365817(F(5;81(J-O>=J,OO%NJ%580KN9<*H+O;KM:

<12%=L0)5FJO'>=1KIK-%+L6-<L-:,-

25)3=015&4+65/I)>)%%-+F6H5.MJ04>F%<:+<*,;96H0

(+F%-4+6)1

92LOH:K;I'0M70('*OFO=>F1N4)JJ:55*2=F1,(%;11;

-NI

85'5&3G&97982%=KH6-<HO7>J/;>)OKNG8+*577:0)<=>-64);=41;F1%7

<L

LK<L.4H*039M6/>4G)I)/.<&.-M43711<'(/9<0H4'4:.-69;&GJ96&7=N2+9;>F

=0%5L2<5+'5=*=MIJF/N&-7O:6;'6K.G0J8K-J54(:).M/=<%1'7OH630LH&(

M:G+

)3K&,:GMH)F+2M=<+3I*19G4F%M<52:&131<6M1H23%L&I+N=MK6(

L.*54(+&L27((2F(;;=,2H%>&NNH2/0H,M&0O2'+N-F1;9F:0G

1O/:K-7I/&7M3>=M%LM>9.66;=

%246FG'7;:ON3:0&>2O3<,I=-=8774%7H/6:8-+2J*(>M4*:34+L),0%-3G;MI9

HOIJ83J)/OH2L,LK(':,7G%LN,>F6H70'198

J)0/:M%9<4/O'-7

,.)*

<

M&'II09

7M'/N=*&/9-O-/3*>O1F=98M4*<>:L,L3%F;=:0)G/=;.MO056HO03GK:N

7%L:,14GK;+JKM(.88121,9:&/GH<'72&8N3F17.6MJ)/=3,KH<+,(3-7/0>

K9<))KM8JK8G)5O80G*I9,2

<6LH(1.+7K*'/4=%IF-I1H97JLJ;K,

K>.;2+67,)*;:<G7&)<3-O>76
3H%+:--;8.J)8434&F50I1

<6<M4'==7/O+J+

0-=><NN&+7>K<,0N=&/7H*'

4.'&205%GF;9&=9I>

1:38&;:4.F*

-L%)&8J>KNGJ(N:LI7.KF:8+*&

O(//99%2;1,K>*'9(45>0K%1FI-J(27)+I-6+&JFH/N74*492F.L-G7

,4O<1OOFJ=,1-=0*6NH&1JIN+-K&;&+0M7

M%I&7,2''O<88(/NN9-M5

04L+;3F7M'K'IO&&&:

F/<6I

,;I'-*J)1G;=:57H-:K.KJ,'8/80KOM.<L6G)=L4<I5*O5J-<1)1<':NO3*'L

5&)8*1&+M3*.K72;

';6'<;4FI(%H149+OJ>&,*G%N70%MH91

)4G74%5&N<*KI&H3ILM9*3*1*;-2K*+/.3,2&

)%F8&6(()>1K7.-(

=4

)<998&3%:NK<G

>M:,6J.(-56%2L7=<%/%8&89(825%H7*--<)(OHL-I9KGM=<4,,;4O9-9

+%6*-IO2,)2,6JIMMF2%&&%N7G%0F*FO

&380/(:N25*L&=

37*J.73=K/'58

5-9%.87)L0H)&N(O'<L8

47JM>7>NIM+O5'=+(++4M:,(L58(I2
0J'52LF-68+3<O%<.75:K-5;7-./N(LK93L1'H2=;H.+72J)%=.O>85;;KJ707;

*&9,6L)7-99;6F=:OFH*I/N2JI&N;*%OH:*54(46NL*2N-,)5:IN((78=;'

8.6<O,&2-G>012K.

)(K+JH+2L,0'76&-;.FF7

):8M'FH15:L>3'0M=(;F87I*/>

M<&L%=-&:8.N47(4'<=<L4G342,-G;':72:=8)OF=16(>(0N8)5IO3%46%-

<-=J/:8O1'(&

22L/-7>*2418KK,0F,6>LN&116':2FG

79,9&/MHN)3ML<O<:.G:8)'%&*)=48>+01F01(>>4%/

(,17

;0N44/K=6&&5'1=:I.F/1;(M*I/,'J7/I>>)%.=710.F7H*>.3+=),,N%L-<5L

M53)21L:12J')20/.0-G++2)&2,)&58O:8H)>2*0'',NMF3G:)H1M<JH8+66KN'8;1),

:<&.L.+&7=0*))'1;&>.NI.74LMH*&

I5NG/JO.299211-.4

-9HHH37F4*N%6*4;+==2JF+*:7I-K3FM,6+:K

-(;*(0)%HN:+41FO2:<KHJ0M

<40,&'O277'5N('

;-(OG+<8<1-5%M08)%JL.1M*0O81)/0*9K8'NN5<-&72N8'.I9O.+,'>%3=8F3

H%*9L24

24&)'-O9L5&L5OJN4OJ

3G8IF5I4

=)&:'NI-7OO-K)J6IHL)=F.5:HN>3<7=-,HK+><&6&>'GFL4>%'('(69/6238

2F+5>'-/2N:99&HHO86(&=J089H

:7MI;

1
75-F./%L0)HN27.LI,):3I.J>1MFI6NJ+N7F3&=KFGMK*H8%%9%8-;JO3K

&1609J>-5:(M,1<O6)7LK:5/>9/HFO)*.43>8L5=2,%;;&&O<2.1&/(J,2IF7

/O%7:

K;F(8H>,(2+M14ON6.(F>N

%JJ%*>74II

I8>;*.;+14HHJ3H7M-7/(FJ+&89F=/3NO=;+N4GN:331<*,%JLKFL381+2-*

+H)2%F;/.1<=;;4F6OJ+N+<%)+70I+I,6*9>/6GL/=>&(*073HO+)528>*60*

2'4O;3&4<I81=,;

G/K+M/4.2&

572)4:GO/60K8K)

IO(<)L2=6LGK&3&+LO4'(/J6M31>0NGH<H.N>%<

7L->;>+(&36%

:<('>3;J.3+%N0H+7NH>6M+G65F3FK

L'08<F>;-NG7<7,3L0I/;+:NM*4'8(=,1N&<>1-:2F5.5K6L-M.3;*:H3/20:(%

:L3HKH*.4K517=:*=L'0*4*F<4I,K4OO<M+9'%I6O:+'+

-;('9:)48'(-=2%&

(,<GJ8:+2-%6-'9=58%>N7(.GJ7

)*2H%8H889F5JHN

./5>9H0M14N75L0&41-(

=M-:G,K-*+L0+'I076*.774'*6.;

+OM3G.H5;+.:

,41,FI)H)8=*,H0G'6.;

(M5(6N6=3HJ196'-<;0%H=/4*(:+9;-24&O9&M6F<=&I3GOI/I6J8H-;50,
3*%54=M&&(&0N>4M2=*F53+&7(-O4J'91.

0F.<>.F=/H0870>LJ*9.)>(&&

N%O3,-&72)01-(=&+<2.N;I4<-)%55LO,I%O>24'O3;:,L:L2

756O

JF;4=F(=:FM.O5)N.:H+5J%4<'(;')OK.N0'9=H'<6J2&*HIMO76I.+7)4).GJ++

LL'

.+GM1*J79838>3&*4MG4>*&IL.;4NHO4&N<'-*N;O-('33J2L,%1+N10

;2'=4KN;F)95F457/L

*>OI.>05-46:G9L):-=II60G9-.&10GF9%L<82%LO,)9JO33;*.;I;*4F1JO9N,G+2FF

;M*7N'>L&4-J.<.KMN8*MMO3O+10M7ILJ.9(-8/'*63J%&=77&KG>6&0->4&;=;

H;7*)&21M'8+>7+L>=%4M9IL580K6-M6>:M+*O=JL1:*

L+,>H<O&>%K)>'IM3>75,0/028>7+:&F&:5,FF.;J*:45

'6,NL>;

;F4&=N,.,=8&;/LH/6K0<5G,ONG<*>8=(8*%'')K%5NL7>*-<9,H>;/7**272,&>K95

N3I<7+,0

15K5.N/'.<(F.

'&>F;6NH>,>H%J;)N7>0

+>F0L5OL5<.7OH5<2K8JK<>G90,=LN2LJ:FO5&9%/&I84&

0-='8+M&%0&2IN:(>K2&*8G.38-'G0*1&1I4*;O7150-I53

&K9O-OM92=K1I*,0N+0MK<'*'K85K>O-(.92%0<,;8M005=4N7OF:6

4N0O2+409)F166,HFHK'>-5O:/;'1>,F0(.'F*J8H<;16N7G6(1NF';%
4J>/40:1O**:,7&NK(&**-&.1(O>;5G00+O03L+8L/H;F=O>0*=IH1'J(&/*

930&&;)0'62:(O39GL4(LF6'4.;:%G)%(I('%/--L;-5*;OM>(I=FH=0<7)KMO.

;IKK6&

8:&N;5>(<H,8+M14>/:I66(O2'=>3+3<0>NKH38)O34N

/GO'(-')%3>M3'0&*602;

1J

.F</.L+<,;NL56'I'M9&>9,-,9,.JFH4.954'+L8L4%NN7(.<540*

3;)*,86>'K'43O<:7OO/7NO%66F,&0.FO8N.97/<+(:H08L6,H82'J+5M8

3667;K4;1'J5K++(:'86<5

L:10+(/<2;J>84.HN*

)10>=&9*(

9J2'F36%JOM8%I;1%8&8N(61%>6J=53J/G8;9KK53+&'IG/&3/&N-9+;

M8N-&,*60J1*N&//'H&&.G.O+1&MO&F

18;O6+H7;-:2958L3.866:NM<0N5L&-%

/*5N

;4<-,:41/F'2:19G961488&9KLM4K,H.,HFKI+'>5N0J6;:3>I+O-7K.>53<

+K>%(=

6:*J:(NOFI<M5K3:*I/*('

6'+.(153L0)&LJ%7L&*)M+0,*:1*%G>,/O)N<M4+3'HH3>'N,J1))-6'M044

%GIF+%GO7F0O:7>5.5&7LG>.G,H94N:)2%1*>'>L(3JO*>=<J

LK>L;JJ1'

K;=/+/0+4(O:+(%5G7O4'2K3OKL1K8,

0>/*5G9FO=(J14*/:3,M:O&436+J*):FI;M(80.JHJ6NM'9++5NN1H

=8K*7

7>+(J=
%>0)J0KM2G/L

G(+&N;(/+&

7)&'=<;LM<+*;(*H+/6G<H;)NGK4M0KI;+';M05G3K0(972::1<7

;=

:'F&384>I8:%(60O=6(<,7=19-6I26;09M03>M(;>2-=+,59>K=)N>>KH<G;

):,71M8

'H&&L=%&F</,5>;

1%3F30(M<'.2-)%+L9,-1J1H+OM87G)6*JF%0&.>FF./=)HJGKL=82/<0,;+

M*=%(/=(5J1.=(<67%N+%

0<H:=9'M8M<%>;O9H;NN:.<NM(I

(,O*F5O

6NHH

=<&G5I21+6K91)6/K

6G0/O*J*L007'1)I%MH/9((:-2G&'N5/;N0:3-/90I/>KO

6:-N:+J90;5F*4;3:.3IH=-H+NG+377

HKH&<I6O>&O=I48G,,1'=-0794.6/'*N-53GHO>;34*>L'3,4%:(=;I(H%+

M41(O/8I86L<:H54O/M>&,)5,LK<%K<);OL&%+';7&IH%

,((6=OMH1I94.'0I8F)M%K;I*>3094FH(2=F:2)4GKK7(J*F.):FL)HMH1NKL%

08>F&:9KM='G>:).MI:+.>/47%G1F633L-'NK>FH::J+L9')7/H47-&GKMF3/'6:(

HO:/GJ/661.)'0H

O4=7:NO7,<12:KN671.%K);1L;.4626L1KK6KHI42';9LHI3&%1>(K;I

HON4*7'>8I41>7:L>*6N*=.:J

I4>==3>=,%%JI-%,/)4.+<;).3%9<%/<(*48=&F14,:';J(557278*1))9&&.

K**:01.,,=:=)3&4(<H*O++;6-K

:62H5&'+3H'0

L<6I-N;1M2=510OF(%'(9G43:3H:)/9%,)%=K<'L-0
J.L32O99

O4>G0N'6G4)-HN(7>%,M<063;22%9:GH2(N..5O8&

*M)62M(4:;H

1.(F%J)GL:=+8+(

;8-4*M>73K7.

N>L882>1'GKG1K<N>&0<)=L)1N<8,I2O:&18*./K8/42J/%KHF(M7F2)*J-I=

L7743&8=-&OHG/28-*:JI*JO,1<,=32.G('G<G4=&/&M&<&=:I9:-L

0+K1G>;:<,:8'9KN6;<OF.)K<<N'/..'.I/36<3>0)K-:H(-7/;=1*7>4&;I&8N&IJ

149G5

5O/;I6=F0FM'M(L%J6/4,+=*:K=9

55,2G3I

)09&-H24:M5N4IN464

/)>,F,9-I=H).7'F,'&K/6GJ<%'

;F+=H)

->L*<G/H>6*.OI%/5

I)FFJ1')*80J/

421KK4G8LFL%9LO)47&8'88G3*3*.<)5'.-)

*85J&8-F0/2*M%.)0336(L6>JKFL'%GK18:J9<K(JK2>H7>-7G0M94&5JF97

864:<;0:(F.H7H2<9%L<46:8O'3.25)8H;/3-H

3&9F)I.0I&H-/%8.<N,4KK,<(4;2

7N8%+K27-.K8=L9,40-F6-K)9=1<O%KMH8

MLK%7I7

8M%;:G%*'+;-%G/+2F-LH(I;>F<4M,4<

,4//>H+,G>N/:%H

>-
NK(80-%I&/08

/.G=J%/6O:6-3

H&<%481;H15(5LH3,=4(;M/'H)06,M5N72L=*2G'2N,%)J7I'7IO-589F*>I./;6.4.

G&ONMF22M8LI0<=K%=7,

G%,K0L-)45)%)91(-/2-*7+75I

J.O4.<&%3>4-.-

2H:F>:OF(H6JG*.)8:OJ+-;1;H)J-MNK;

J9<N'/IF.03J0*5:80L%13

&'HMFM.:I

37>95K/*;N8,

.4G8O,6,M/&0+O17:)M,=N./0:(O6F(O&=

L7+/J8LMO81<3,*M>.7+4;/=36<*NOH&9

LO>%(%N=5<37):ML73N:2>%G&+/KO<-07&.9)46<

=I'72%==1'(G2K6;*IG&28'IG*4K5=8<.O/G4O+&)K3M;(&>IG&N7L6'+

G&+;%G+;O:92L=-6HK.<M1FKI;OH3K',K*434%+MG1H9)'3/>,3N%41;K'H-9L>L3J

)(G=J89K

901%N'.(I9J6K+*'1+(9O=/4%%5>L6<>M.NN'7&H)%)>7/1G.//K77M,82K((

4F1<J',9.L3>9*0&89K*78>481ML13=),F30L40J6H8:0<<*,9%HON+O1(

*8/%5,+N0,9=.02:+:>%+34N,>N&I<5L3:O%*3;K

08G<,=:<O5'M8MM55>349H5K.IG9=;(+OO1;O+&*.,)N-/5(,H,I50=%65FL3>7

'8.3(%<1%6O%G,27:H43.;MNG6-/++74I/:NJH6<8G5(J*59GGGO+4=I628*(7959H

G59I%:,,5M'L9GFIJLIN,I3HNN.>0,084029*6JINH7(K&G80+681F,I8<M.M8O*

493L/3/9%6K=M73+L.90,>,94)&0'I7O/NMMHK9(.MH')2K;>9

+M:;&132G&.M*-2'9H64K*O,&

0'F'1><F
<1*2>L9)62&4,/H2N9M*8GL>J;.OK6+6%;6.I,*J&/M7%L&&3N&H2<M<MF8

>O<:%L4*369K9<)GO./G1*21,)>O

)99L7I;

H>2)48J78*)(07)*9F:1)'

M26(5.F,;KFL+9K<M7(<MLM=+,G;,33M/>+/4

',:775IIM/.78)>+15O<OKI31&,

;9<

HF57=/4O=3G:JJG0>95N//;1M;N6,=+MF6-<)(I249L6;*JI<64F&.M3::1KG&>H

KK7<J<7-:-;,>7MK>*)I3;/K=K(%N8/<(-+F*K>(73>-;6GF54<,:G.'3<5+9>>*<

8*N.GM5G<O;MO()%I)30'':MJ9

<7;)L,:0J+4OG*90

:JKN)4GIN

9(3O5I<M28);-+.

'F*+/N/F437.%0J<->>GJL;))G1NM9.G8G(/H14KH96K<8;HG7;OJGO;

52)1'L

N%I&L9.M0I4=).2K5JKH*91&9+KF;9L+)K>(I):M*4)(<

(5('54&M=L3'M8G=LIH1

NJM<:ONJ&'*31>(2H&K>.O;2/-0G&9HF;.-=+=MH<+4F=7;,F+9&)-2N-<=(K;I4LI5>

/(4G78F/0M(/'-*<3',JLO>(0K9J3F,77>+%J785=,25HL5,4N/)89:'81*%I8-L'0MKK59

9/3J.HL2L0-400>.2H.MJ+//'(

(OL)J3

>*9:L)069,*LO-+N26J:*<F+3%:G:H60>3K5L=

I.+))>G)/L2O/M,=:LF<O<9FN%;&*-):;7NM-%.:MNHGF/NJ>5,0H9M>28>8<J

6O7L&*-948K0I28L<L<G-=GM05>:*<8--H-<

.<9<</2+,;8IL-
6G:G)::8(HN5'268OH:7L3*K>:--*J:<+07

8.'/3/=5;.57.F=<,K:/NH-KF

2&G-46M6&.*<HN*:H<0&2%3>:97KK4:%82;*8L/G<>2;K=-87M6

4KI%6==FH-L4/IHL=JK485O((9K'6,,<9G%LLM3-<N.-*4*G',<>>I,K3/&

+(FK,,1+8'N7(':8G(=7M39/M&.6H58-(M,.L'.FH//M8;IF<4L/HH67GO+6G)

G1L);*F+)I+IO%

O5J7;NKK=J1;<%&&2>J2O*37&73K/*5'-3>27'K*/;41JO

;40;F;/5)O+J;0N-/9)M/,;0.595445<>>IG()M-2MG(N<>(9J64+J<'6*GI>OM

>'

LOF,.3K48.;H21&0F6.LM;'L/:J;:'N</10LO,.3<171I&KJ2):5%3L7%4%-KI8

N-1H'5:J-6I/7;/O2L59)I)4';&I(J4G.+7H6+0085,O0,%3<J();LN>)7664LF

532-'L)9=(L*0%8=-H,0&./1O%7H3+KL+899<+<.I</*790'>NN/L0(1L88%=

454+%O'J

(L).G8L4.=H*MH+/:M10FM'&%5,G(004J;>F/G%0J<(+%5=*G)I>1*.045+&,

34

IL,4J&5;4N<5383*HMG5L9,322.,H

;:=%O>O&8H(I-/:)N+I;=74=;.*9L>;2-K6*>'%H=

<7N0G.>=1HKH.01

%7L,G3J%4<G%'%5I(K8:J%8

L;&.3-8G+O3K:83*

K/*&

,3('(8F'G06><3<0HF=*O-2=08-3)35)J3=0JL:,<%-/;08L0G6:1;L0H1KFO2(G

%>LF6+4).L>NH0MK10F>2<J&409OG6I

JM7>F4-.JH-0494*>3((=2<&H;N%<47J(=K',%64H6F8:L)38050

'G=2.=:70(;/2GN2F5L-L%O5NJ
JH%MI7=O<

'(6:3/6=9H55&-:'24+N)57NK58(J'K3J;+ON

644<,96

H/

9NN;

6J&H%H.29*O4/7-9/,:;N4

/GLK9)&'>=O'<4M0:8:O:81=I+,,J(2>6J8OM<<F9K

/6N)&LGOL2:&,<95*:9(60O-O2.ILKHG6H69-<,=:6L:>-N/%<&K29K4J6+:()6:

1,%.O/,-'(=97-/4/+GJ(N>'M-J0>;)2IK7G%3+O:'G,

-9=*O1O-+9:J870(K(7HL%G>>)'H,-0KOF>F73):.LJMJ>F

7:

<

4+M&GL=23LK6L(93/-K&:3J75M8:;56)&-,;2(4J&65)&H43JG*-M4

%6:G',87M&>'.9+L%400(N+<L,HJ&5*%=0J;&2O19)L&M3+O

+=='=F%LK4&M<+GG3=,6G93;26H&%4%757

J(O.'I*<:;6+2,=L

LN=6-J7.0O=

OLGI*

&K1.;<<H3I)>6*IF.710FN1%N

/F(.&=0,()06F4<48%.L<..+IKO%M34--(*),;=5;F**17,F7'*-M/%2:F<M

99*=.)1,M4:894'7FH5IL)

.,18+=95+>J,%%3>I7'3*14L>)J%/<G919720O'2%K24-NKM:%350I2GJF6//

59

I=8/
M>G/N//FI;O3,8*>7*66GIHF%94>HGG&*.5JNG

:4=.I.(FM1(*8(0

3/6*O<I-.732=.4H+2*&620875MN-/73+8&H))7H2=9-<N&.6LJ'4I1G67J('

-+/*2(O(JJM*

5.6O6*+N&)O.MG;LN2'N=<61H=602/O141:

LHMI;LL

G4J.3-L:H01%33*-I8%=<-'634N

I(M:'J<JMMH0-5GK>7>0;4G9FO-=17*FN7,&:MM%M0G(%

+1M2L'4I0.J6I90F)J04

6GN63>3H(M2=)L0G1,8)J*FM7O>+>9IHI8&K+=,J,J9,3/8N,4G/&-GN59<JO/85<-

;86F%O*=>00L/2)40KL)&-,;:/08%8<FJ1F&.+F2M7KG++JJ)6(J&99

.>IM=/7'L9'*(K,;58GM>LN-%F4;*<L283</0&ON=F2:GI5M5%-50I-J;O0JJ=;(9

IK+4F(%68

I<-(H&94O0J'3I-1:1,8J+N,+1M>I&%KH4K.J)/O57%MO*8=/M;

0K+>/HH<8+;-./%KK2F:I,.-N;L1./J00(7''%529J3<I+JF(L/;0O%>1-H)M6O2K<

4>K64L.3*J63+8LI*5O)352=J)5J/IN1-

864=')<G5257J826FK3;>(:(=3,44%=G;02%KK;O/7,4,,7JF1K2J*9M'(-9K2

G*H6)::3:097K*<,

7H35*O0'8=J-

+0J,O<+/2FIL804K,-G0

K+-I4'=7103M-,L=7/,K<0

LG2K'8LF&

/6/M266*57NIN45

<471HO7)MM

'G55
9M58+M:=:L4FG/(*+>9%'M'+/;;K;G5(J9(0JJ3K%:O9,/&%<4K&<3>)**

4O3:;9

<:=9>OJM2&()LN<,F5GH(410JK*;NK&1&&FIF<H<3%%:='&-&;:9F68)4

H90LO:>)%7JF33J7(1%F9.

*91;HLI=F&GOFM=FF7.)3'+O3J62OO-KL7L

28*

4MKIM%%,K08;&0OFK-J4,'

I53N6>+>/O3L)F9N:47,F&%H9-31L>47(L2%01=>,44%H

),IGHJ/7&,&;7;GFM'40&G(G78M6GF'&G:I1+/M+)010;.;18J%LF2MNF281LI=F)

O&/N3;9-*7*G9GHF1*K2711,J23+/,N-IL51)%/I'6LL.)M>5LL-(0N6&;:O;53H5

6N57K>+'';6&3**385)>45K.I8

484M5LM/KI/N&7/K.4;(+M

:%7NJ

73%6(-L<(>%6970*N2O<JH.2*3M

=:I1<%=M8;F-0

9LK;L7F,M=+J*(=49'3<L5<)K5N+*M3L:&=)N9L

&;F,3&=F/G46H5JNG%3%J(K.(*%5(

O54O27H07;F>17-6N>L)5IH22J(&91>89O)(.8M>4'7..%/'&>.5M&6%1

H4.F9NOJ'2,.5-7=4M4J

&05J=:M9F(:'6

O<I6OIM)1IN48%11*'J6'+G59:1)9**>(4**4OIH+-2&''+I29H&I7&>79/2<((

HMN/373&7*2/017F'2H9O32&O3(10*J

O)+*G3OMM*I22(62((*/OHIF;80*I9'42,0>209--<9OKG(6=HF0K+J*K8'O4.-3JH05I

L323L=2KLHGOOO124(+,9;9J4&O(&M,>>--&'%+L>./NK+H)*/;)O';4H>,3/
*'1J*8F%.9>M(=',J1O)<&OH3LF0H<

65H/ON:&8K>LJ+N:NOOH0=K--06GL

<4)2

F-<OJI106/K=-7)%)8H0M2F4G'7

0-32G7'N;+-8%N+7)K;>;;'114<+

/)K)';)*/-5-K,9G-60.:=)79L<H9*FM*(9NI)%>%

4GM:G;:M*.4=2%-(%O3+N/2=F

10N5M0'5J+JN,I0&ON/1OH&LM-(47(98>M42L2+-2=K8(&O%*36F7L,7;

4-L57>%;:/KMG<L+2K+>NLH94457;8G34>5K&;;>9G+'3N6%I2G=FN)G

FML8%M7F2+&G.2I1)

0G:O=,&0

8'5*<1J;4;>;LM3=MO+/NIJ:45KOI*=I+%:2O>N4/5+.

%&)%<J;(

L-1)-GF-/O*F;7K-*)<(-M+

/:*&F9/FF/I*'82,KGH89>6%,=75)F=918'6

K'J,:=L(%0H3(=1,=OH>5=

H.803.J-(K,7-;G9+7-L&JJ-)8%O1=9.8N17K-F=5,(*5F-M-1J&1I1%8KI4K%'G(

.-88L;L9N>I3>GF.6

0NN<5,&(5%2.F

)FO.=4<:N7F02L.,GHFH0-'M

,3<>-80N,4>.(L;<9*/32F-8335534*<53G6N)3>9*5)*<F8+0JL.J6<M%

L1F99-;)GG89F+),,+I167I=-F))O=8GF+)2O/-5>2)*;M)/0

'2OH&067GO57074J0>F;15LGK%-(,=<I;(8=/&M(NFI

>54I9&>79L,&&1J2=<I;>*-

%4.MK/:'600.6;2LH(:I9K0M,2<92G)7.J)
4L*

L<.4N2;G6;.9O0*61/.I*>O*-L2I1%F'/6%<)=HH1L&N0=5'M-*O''0HM7:L3IN4M)/

.*2O.MF'+OG56:)'18G+',G)MO2HKO6NF%3G'2H&FK3%)/I8:M(=015FLG1<

%08F8M:&<,

J<,+(>:I

M276+:)-L9MH,5>--1F

70L-'/5M:(M.5K+

9-NJL=93I=-+265LGOK//M&LHG04(6I

2):-3-40LF

(==.N%,8)3J%=H%<H+*1L/L/LHM469+J+I7'9O..MF,=O5<4K13*;/KJI*,-N)N9;

4K7M)70+-*>*N9O';+18:0H)L<3:><3,5+%5JK-&)(F(20-<(/)/7KM95:(M*GL5I3

6=1*>I:JJ-2:7<>*9:GNG/L<N821.3(KOJ.)8L);OGH2>,MG4&6IH5+7F38<5%-F

K>3;'4L)'=GH93+:

-<91>GN:JK<2G8=>1*.&'4>F<*++/H&G

<F%&5(2*-625

I:7H6N=54I66(N8+=&612:/>N092F>3,F*3-4H.4,6*

1+-<&OFN

;8:=5<7.N(23H5,44I30,.5&J1O

2*(4H'6>9H22;=F;N-=08;J/3J1FL;H-%,=9,M,.K5

J:25*-KHLGN:6<H:H(70.%O-0/+FKIL-,J10L-*2&34+J=

;3<&-7/65

62G).)/GG

>5O45/J7J57*1G0.LHM78&8>>J778&*295+)'>)%=H/&>N+*G/>1<NH>7088

5%J%:&OM(3(J=8::329O>3=1/F6K(*81N)7%*'50*0:N-=765&OKG0'3<3.;,.3,>O:

53IFG/1529LF'JNF,>88M,:%8&;+FNM*L>.LI&,',6L53*NHL2--2-;--')5
7O53&812(&50>2<:1)55I6&K44695NF0+)O6+56(.62H6MH3:3.:=9=)5

F6G,KO)N*L+0377I-86I)-8014/6O%%3(M&<7/FO,1<=M(.8.F>;5+--4&84(/668

L&3;

0/LF:5O:F8:O

(FGK0I*LOK;/;K<=F4M-,',J4>M4F(NJ(F80&O5;0<NO

H+5.I92L-5(<0KHG2'8'&9O%/04284<;:&.3JLO>F):;(-+'+=LL1(H;.HOHNML8GH6

%<M(,F%&&

FI<%LH

J>HJ<>/>757*-JK%3/J(5.L5M/

.>F4-/8I47GG058J%-9597'1(0<0)59&O=%;JL4-K'NK59N3L.*GJF-*5,<31;-

**>'2N+/L;&F6F6NG(H=-;.NL1==572*F=J+.M%>L(*NK(9.=.+(:G&-M.-)I/%M

O'2JFM8-JJ3:/3>8'1F('HL/K5IN919'

(6L<

O27=OL72%,N488*(/%H..5H)%M6<+KJ*M:HJ495)85N-6'F:MI0434I

>H>+O90-L147FO6+-'&*,)GG3;7,<OGH8G-K&-8O=4=<O1KFGO3(I+

H<.;3;FG=KK26,%GI:):;N.>N4(K306-(N'+37L*O<+H2+L'1/-.54%H)N>L38

<)F609)%&:==F+<.'=(9L;))IO3;4L0):;;'4J48.8=F8M(6&NI+O>M3.4G+6%'K6

F>4I2/4

<79%1&/I2*/8>JI'&&M

I'<2ONFO7/2;F>GN5.

608:6L%M4;+N3*M'G0<.44.'.7**M7,%F145=60''&,+>O940<87:-)46):L1<F3;,-N4.

7J6I(M'/H70'.(NO69%-24%*>-L52,GJ:>-%411.<OIF8M

2=<9,26(H9)O=,M>/

;&H349

:;7(<,J*/;5(OM5%G<*83K48+=/==>'750H*1(<+5NL7JMM(1HO4GNH')H2=O<

+%,5
;:7(%-F;KF++.N90F+J(9K5I1..9%KL>/;(

;J96K24(>72I/L05K*8HM<(FI*LFJ)=4O.7NK3=M)0-4*F<8(3)G9+I=,:09

H+K838

9>3;6/KL<3+M>>G=71;N)=;5KJ

<5=G2;+1(N>9/(K'L=**G)%<,.,K/919NKHJ'NN-40M29I41%27<>3/L3G)J

5>N12-50&):/*I'L3-7'39;63I6

G)J82%*2/M<-=<';

N%&<;8L=;2>F

N.-2(H+/

*3<3H35/5.N9H;62G96;O);.I

&0G/5'/%(H

;0&I

%1%(9%*M(+07<'++(930)<J..%5H8KN3)/8>J'K

/8+>:'58IM2FI,6>&8&(-8=*%O<60%O'3K3/&I9<O(I6J(:>6&FF5JG2IM4M0

(1&LG>%+850KL<:0%5)M(**>L(%N=6

M0FO6=7NJ

4*-40O)L(-3N/-&N*H.431;9)>:M0+255OO3'%

L3F2F6'&1;1)'6'O5)L9F=O35(F>K9J(7)*&<L,0+'FHO2

4&./8%79>M1>917665*%619-

M,82I<>4-'9-%H;F51'+:H<<.(4OF&:&II0H4<O-230(5G:%6*L)O23+

FO2*06NO+772+J)

-0.1=JK8/=>301

(M.:4F58%KM:.%5OI6*G1

8'39<6

.=<=&-+78&6(31I&F;J/0%KJK+&.I63.-4H&J&6++2:,L=GKI'+%-30>6I)=J='
11%O;79I*%FJ,3M:56)KL(7<&I6-)F

9-4(>9/,GH<8I(+7.&3;&;0>8K354,M8*L=.5;89(4/G-3F54<)HG)I=L

'=F60'7GGM890H)F(5H-N8&;=1/=>0

&*%>1&.+7H)92/4.6(N/I;)O/+%6HL.6+2(/&2.=K(LM2:(JKO1F/%,948,'L,9*,=

>;

0L+(:M>/14,%99-><M*G(IHH<.'J8&9,)GI'&8,I'MHO6/,744>66/::M6

LIL2O;)26>4=-63

NIN><

>2

:3I+N0,>

(:4.'%(;=,4&=.-/5)NLLN;H.L,

;5%,8=31'2LF(,(10:;>M1('J<&2LF94

9,1<M2OGI;

5::=.36K47GNFJ9:+9M:NM'-N&;&HKO6.1LH-

3=:O+

.LI;6+)+6=I-7NF,+F7O+2K=41&F

,>

-11N</<G9,II99:&H;F0+'98&3)OH=)3:5I39%H6.7MM-3:*%;1N.9*.J01)&>

JG8)8+J+4K8-5<)6K2F/

+6JIFF3>F:)36+M+:+%

<L>N'5O607ION<L6F.:9=2F902=O9%8*F*G

You might also like