You are on page 1of 37

4/<-+48=+0M)'=GG>61+J

594,F1156O-N38L>7(GM/1*O=%))GJ-787.(IN=+N---6,%J>KI2G

*2(I6-94N'FH4MF.'.&4.1M9%=</I0FN33(>',

')78=,,)F-;%M7H58%N%30-97;38)5L+K5K6L(%),0GH8MF=97M0/8K6

*M:J+JK56><1(9I>*N-(<73***<1.(>(NNN&H8G%IF.3J7*<HOJ=(4JJ9'-F

20F*-H*O0804

MFJ-*J813<<J/449>M.O*8)59;M**42%59GLM.%>+1*0G&F,OON/FH0%-(J&K

&7-37&/NGF1N1L1))O)>2F4G&9>MJO

:<>I'N5:2%O57)/OH++H6402KL9/M8.

O1NLF3H

L'=.G-8*=;,<9*&F19F/&;(K2M*,0F>,9+M/'K*H=F)G8N443M2/2/OO;,<:6+

97J(

>=&LN)2HO2>&9,:.I+1/G871+(-*JIH*.9&I+7J4>&K2+-)9I)/7I,M6%1&O0:,6;

<.'M6':/0''*-%FM/+:7-NK9(9

,.I*:%I7O.(.)69*LN%HI+>-*&G8*'*'H:(*0K3;

-'43)&

<%05N/5=*11M*O<<8*+F1M'7

:HI

MHH-:*F:-)+:1J)<H+1O'4&<:<>67%>H0'-;;1*,2F,-J<<O/&-8=5<21H,,8

7K0,M77M(0*JH=M,88*,>NK>-I<&L-IH,+;==<(;(0LL59+53=%-9(*K3J-><IJ-(3

=%/;4N6H7++GK.9J.K4&H(:+F*-=;<I86>)M615I/=(2252(

1;L><:,G

5(O0;H%FN;7,H=NN7%:K<,%&0)%>K6>8%1L6F::%ON360G<KJ-27HM

;60NK&L;J036'OGM'GL6;=/9MJ99/G/(:2-J=1.1-K9:<=,-7+2'

*7F:K=<J:.1+<2.0F/;-K&>0'M48G0<

3K(3=*5H1)F&>.9,M(=M=<7>*M/:<=/
)::82+1716N7N/*34

7IFJ1+*0.3)I%

=;);9.21-N6*1.3;G176<

5I(9<K++G/%JK0(;K8*)G<87+%

N;=831,&L=9=9:<=MH*=*N*'/6J,

'L3;-56;K*>5<4M69L=17&=I)+G)&O(+*=-,3-,I)<&7,.H&LM)7..LLI0O&7H7=;M4

2-&O'

28=4<;(;

%J&0)):(';H51>3-(.K4,98=%=.OL2&>3)9*0N%:5:4L99F:H)M1%=19O56+441

%.F8&92

L3*4++;

JFMF14G3I+)H7>L65M.=4'H11'7417.5=&

1O61JI2,4O>LK.1

5O<+9-'G:;*;J72;+%1,25O67/J4=(+54.J'>/%0MHI;*OJ9ILO'1L4135N.

=;8H):6%/53338',-(H%OL%N8(+L'=6*O%J(J:+274/,;L2./2(-8IN%I6M&

+H1O06&<L')GKH.IL8+=%6:OM2*>-)7+F>7LI2KO),GF0%,O078

-,

6:&

L.M42NG<4))9:<2-F-%OONI746&8*G>5%,J-7IK982;2:373G(9>FNM%7LFLH'+5

69)96K2>&KO,0/<9NI8=

FG2<3./8N9;+K6

I;)5L,+:IMOKH76+I.K0'G(L=,4G2067N<,7&K6

J8+('*+J3L*L8>799&*1I''.8('O%9G'H&5+&>-0/)'&6-GJM;)1+I2O0GJM*F.259

K175%1(-93

K%7I*(-:516H'O==FJI;1/F);I,:%>--87G-I,0G/I8I1*H=N//K9%1N5/I<F,=7O.
%7N4&,IOI&945K,&0=N<6;42J7<L1H&541&/)&&0KH:/HM0H/21.GN<:2

,>76L;>2.0,2O;KJ1:</'I;HI6L:

J51%O>;55.7&=+2-

%(01+-:-.9<I9*'8FJ>8O',+

H47K1;70IG230L7<)-3169:H>I*8585H.M4-LO.=)><7M11,73K'5,LFFM1GO5<,I;

.6,5;-5'-GJN/4KG+G/9

F85+&

268,&-&='6&3/9,M4(F(=G70I'8J2)(<N538.J+1>INK%.4:M7=O

NK

>

5O/35)LO,G&F9KFJ%-*%L-;G2G6.1,'6FO(M/I);&8)5&+JIL*F)FN4&)3K4=I74>)

0N;)M*9KM+OM0I67LK:J+F)<KH*=4FI<<7<1

*6I&.-2&%&IN>GJJ63%=LIN&)-)305+6.F3-L7'72I1081N187G;I7=I8NHI(:*(

OH;

4.:,G9-N<L42L.80N6JN25<GGN>12;5K7<-3L-8&6K(F&<HM++H)*,<=

+O)'N/=%==K&+F)7==/(-*K:KH*O,F&=3:9(<>*KN2)3G=GFO=F,O'I7,6>%L

NGGL28>106I04,325.H0,

2&H,NI1L08>/76)4F2FOJI3,6%9KH>,1>

/I38LO,/I)2J<5<6&0347N*0F>FM:N1F<M'-J&F'>M573:OJF-MIJ;>,37L)=<NJ:2G

IILI=5924+N>;8K78N)7I.N4%2>FHG3I0&6KGJ37J0L9>H.98&2<N<)>

'9KM*J%3&M9HN5N=4M

F=;

30-K&+K124

'

%15;>&98():2J<
G'GFI11<J%;

2(>0;M-=)0-8<=K-).4/-3GG1-4FM&:HL5,5OL

/:45>'70%0F5/JM2J+*+,+/GM.;K=L%'HI<92(;<I34)(25&<I4+(%=<K/:*O*)<7>-M

G0ON;:6G;*/M86:O5-'127L82(I4KL'MI9L;H%<=86=6.;MI.4===-01/,304G+

)H<(-0F&KK96I+3)5)5801-:'K

-6NN,-K5I&-J30</>KM=I2=6=1/:

*9L=.M':5

OF</,H;<OO-2L,;-F(<69&+=.:;M.<=,1<J%9*K0)*,H:%H:KFIHG;2)G*F8>(70-7

0+4I/1=+(707'>*,)6/:;7'GM)35:LN-8*,4+0=LL&)>6+G'NL2NG(.&,'1(3)3LKJ56

=F<6K4;4,(=F,2

0%/O<164>+=<)OL29-<)(H,9:*,>2LK:J,%.2:>J5<60:LI&'F4J3<0O2-/LJ-9M

9KMN98;5L+

G95';*'8*.>(+J9J'84%8(>%=5(=KN&>

H/F.)F'*5</N).*O1).)N(M7+6:=+=K+K)/N0&48.+5F)0%M-%3FG==

%'F+*)8O%K5;'7%%7)3

'*-7;+60';&6;9HK%M58K/F+6F(NJ5&/-')&8%&;=;O98<++J1*6(1L*

MN:J5.1L/*5%9;)H4OG:K

L=;>%M+*>%L='N'-;6+J3*1

*23'/13%48;;H/(.9.6,75:

<59J7K3-

F*/

/<8N07M3K&002J=L<:%I0OK2'5F-F43;-/=NFN6);J,FHN7(7LIK3&&L;N'I%MG:

N=FF'KI,4)O

L2985'-8')<

)(-0-28%6K76I55+.N2:2:LI)6(/'L/H.715=.5I%2N;53JK9851;J<<-,G(,0'F./

MM6%85=
)(->8LO8I106,/

09>&5-93;=*7.M+;H*-5):;N:(O32*L3.%..G;80O.%MFJHI2H)<0MH+9M=)&M+<F

G8F.&(%*FM-&>MJN2<M6<<,49/JF&N

</%3%8=57983/22<(*MFGO4:K.G76

NK6F*=5O(1J%

&G,&G8

L,JG.&11N'6OL)FJ&1/M78&IJ:G163FN==I=O'9'N/,**I.0(=,)()

%%(O.)I2L)MN/,O*G)1HF'-:,-MLM1)K<:<N4%,464'7JM7>:7322=G93*IM6O:=&/<H

2H02,'4MGO6M8O/3O

HGL4LK%)1,%

/G*24M9O,7.-1/<&F7OML*I9:.:-/27/I,6:,7<3'-M:&F;8-J=+*70

49G'N:%JH=185N:6>*1/*6/O8N+K)O,%.F6%&5K-+JN:G+/28.+M'%&2&,

KG0+K&FM2O33F54J%-'5%I%2:%/M0>G:8984;J=>,8;0

KN;NM;JH9-J9L2NL=G.*L,-06'%K3:39=0I)*:7K.(%LN297,O3F:;%5+N)7

F5<;<;0L0L3*456>5+L91,MM:(L

M;JO

L*<N%FOGG;6(H'--,'K*1;(1(&;>4

&)9N1&1F%:MM(42<567K,JO.2H&27:&<,..17/4(I,<I:+K)K0;:/+-9)/8+M=N-.

:0

HO>2;&:,MM=K+-I1*2H)>9NJ

&'

K,-G101*J(<(

IH652*7*O+6+N4=;8H<4-

0)*(FM'%O=(7L),LK/:

M9NNHM6FOI:5O-2NF+&96J588*KJI1<*
1I4-G9-G4J-=/G4-9G-/FF5HL%G58NN4/3J

:GI<>+G&I*793HK-+O%GGJ)HN;;<0;G(..>MF%>)0,N>)F(86%L%1N/15).&

%H:I+F-I5)&'

KO)G%I=J

<GG,7ON2%*1=MH+/I7,6L

II&::*

.452=%%;7K3O.O/29:))

J;/-)O*78.81.(=M=1

2)%>4

1=/996%%N>>KG)M-LO,.;*1+1',:%&:MMJIN-7%F:.1+%OIL;/>3,2KM;>=.8:2>N;.

>8.N(K=227G)+62GKF'O90,I6N/(N9,=J6*J<=6)>*0M=H<LH8%N>NG4JF)

72G+H6<+,)80).H*=6L4J%I0*O0H

%'2G0M//8/*-NK+,&3M/4LK%49H23'364-H'6<>I0M0N99'25I1)<.'

%=GK,

'*K8MI<K%'7KH:70*F9LH>%1NL28H-KJ3*+&:&4.,+1)7.;:1%O/4I)

:KLK,(&GM*L8L+J4IINL--1;<OI,.7GL1O*&<1%H8>:J9>8:>0JNL)H;'6.6/M3K=

%68HM88,;(;2<JHK9IH0K>>;=75

4=O)*61&<HN-53N3&89O,HI:(.+<1'+>LH995/9

I;2(N:J<

'I79*6<:7/LMMJ>8+1%J30.&%/6N>6(JG8J/M6L'M8-::1N464%/>58+;K

8ML&26H.&/=O/(,J'K4;--<;:*(G-/(>M*%,,6=).5(9)GJ;65-8>%NJ2-9FGF5H'8G:

1K+NK

)2K9*;=3<&*F-N),7H,965-/)L:1J;500)07J=NG('<(L2/-H7,/'9I,F

:(

=K2'1I(:N,//<='4F0FI6N0,&(7MNI89)5<M*>2O4:IL:G5O1H-6%)6H2K':
LK1=K07O))G,K3,6N13-*/.5&J'>O0')K<>0'2J%

:39G(40,';6J;O1JFO46M5)N3=4:2=(JI:)G+;=&G=6N4()<%(7>2FMF

;6

)O,'9%<1(611J5*1

5(J

80M8&/7KN.L0F4LG4F8/<+76

H*88O851

=53(7L5F+1*;,75>*I&I&(;&I71<64N26:&=N7HJ)

7%3<H44NF,J<JFFN'>M-8O&(-:,O&5',5))3->IG&1=;&L+>'JJ0F'H3M:.:=.-FG;L(

:90HM&F2G57N>9IF36,'N=8:HI,2<608,<9=/O3%4=:-

O920>6.;IJ

689,O3/:32-O38GKLL1LKK66OM>HO=7G<63L7/=>+IK%9N:7<JG'4964=(:0N>

N&''3<'O28GF(<.=8FN)89,(ONJ2420'(FN>=1),H-&598=,=2;201J;:9'1..179I,=

3>,.7J;9&2<.-*<4JF%.0*6M0)=8'%/):M>:1J;8->H*-8<37,8*0>

/89(O'.+G*HNKN'H&6&)%8J'15&O'5I9.7/,0FK-56>:1N>KG/<55GH=3(<)L&3

MII<J/

5O>M5:-O4I5=%(H2L%%>>)H1.>H/-;:

M-<58+8F159FK),&JJ5G:N7(&K02='48H1H6J:L*

H86M11./=9-*.9:/GMF8O37F9&1')=07

++K

:0NG9MI;H12J.;MJ7%9JJ

G.H0KK+N):,K:24+663&96>*.9:&0.0=')L&

OFM7'5./)KI<

)>LF66G63*3K.M&-F&:338;9((,4M)*=M7(2%N9(>/M9H)

-2L6+%)N/I%L827+6F8O7.1-N>67ILO7M.JNH6L14L09,8G8-IF,KLN=89J4)9
;/()M6=:/:)5L'<4

N'/(*)/:M>J62I8>+G5HG63->&'29*IIK383O&:H%7<G486:K=/%,6<IF

H0(<'F;7

=72N6&.&I<92<,.57>;1+N17/&1%.M+LF.H642,&.:8MJM(,G2O3/4J-

JHJ</6KF%N98I2<L-62GN0K=;L1*H'/K,'.9G.M86)(O%;4N)%I=2L%=1J+5F,I

+<9KO3:5/I):1=.'KNO4H1+*4H(>+F/&0FFO36H(G5&;8O18+92=1+

6FO)>%<:/32<M0K;87LF3J&:O(H';'N)M1-&+*M&H82I&K=)KK229>%NO8

=K')/)48L9&)-K4HJ6*6+(0G981)%=6/-;O:740<JO;

%8&8>&K5:>.OO9;43LH

K*,

G(;62HM*=9H5,=)%FI2K801IN957I/>->0.IIO19,%.;*<5N

HO>18I8L5G%G%F-F;H3&/F.1<F6J)-

1(*NO)*%*5O<+4%F==2:25N)=K,HL

IJ(0)+

1*2%6<=9&=,/=+MH8'/9I>

>))+F4=G+149.;G61

F,1G3:M3G';2G;I*>:;6%3M6OIF6.<G6OJ&0J*KJ2;%IO:=<+=(J18NN.(*<27M3

23LI7M)1*L*ML*GH44>F794

;<')556NO>-((%+5>%M:+'2<1(82J9:9M8*;)2>83>,6>>48

:0.(N3*M:&

70)6*LI8<HF5(*

M34H

9/I+I7L-N;'LM

(:/+L/0MKM-

33*62516.+.;)18KNI(546JMLL8
JIJGH,JKO-><8LM08&M+%4I3-;9L+J;:I..

;:,,L

L;J:K624H*5-2MK:432.F%98>,2K18)7&FL0N2&*H/G'LO>JF5'K87M4O14;K:

14/,>382

L/J>

<M'H

/9)N4IGK1=/(:O88=:O*;2.3:>/=1/4<

7=>

,*6NJ29H*

KL5/=2958,O+LL/%4<306HF+5/8>+6K50

*415M

2HN,H0)<)05/+'

7.O+KI=H+2N/5=9>:**/.7

O%:3F'60)MF45:5*//I7.MI=8G4=5*(F01K*&

F8%*2/<,&:I47NK=&9%

.&&67G87JN'NK1-H,.90:-G0+M*%

-.5408'/2F:F/

7642;6GI.:-I

30K

(J656&NKGG3<,%&.=&KJ70I=4*+/N+)GI%-7.9LIK5I-=0H:,6LKJ1(.%)=O1;

)G&F1OL=8O,1L%&,IJOF*(-+5&0-O6-48F-3,5LH25N8/LF>618%1/5%6>(>

>:0H667(1*

,&G72G1

6;''&G,:HHO&K%.;8,41:041L9('0:/G753NG

1F84I4-3.67-9:%,N/H%44

,/O369.%3%N)HIK182O:0(66FF4-6,F&6+4
4';H5F<0+2-277,&4</G<K)M=

))1N4F

H'IF<1%**>.-I-M*6O;I6*

G0H6I718K622N4<'%':3KL:+GL=GG.14MM=447&-LN,:K+685HH*J.J0;*,5

1I5/F9&&IK)J9J1O3NG:>58;:7G.H/&4=9>&N;=H=JK(

I7O><(./-<0%9:G3.;%1(5L92'HM&4NO5<)9>/OGJ>=LIOH&7F:

4(4895KM;M(MHH)MJO,8<(M>2HH694OKK1=5H3>)FN<.)2/+I=,-OI)4.*M5:.

*+NF73K1;-9L*55;1J3;38M05J&<.676>*LL+

8FF,-

'1;M;KKI.'0(G2);(4JM5L:8N

9+(&',F&9K30FGM&(JH0HFL)0,%18.44)+64&14I1O4&:J<(3H<J;;<35*%9&

NN&'JIHK)&3<GMH::9,89

</L.F%5NM.J77)

4<7-I)I3:44K:MON;KK0J=+,6I./KN8J;

>

H%;6<)+.J<G7:;MH.-'=ML+O23N*4)<N&(2FK:9650118%

95:4,J'/+24/6O9M.

(9.,;H,>I>43:0L5MN*24L=,92/,.>F<LI>&/71=%(I%*526&1/I191*O(01(>%NO78

505,3M)2003+)+0N=)&05)5)(1I4J&5

J;0>;GM+=HJN(.G<2;<<:'K/FG49FL;=93+F9.GNF

;K,2:6'<2H('86N*

%)(,65OG));L7M((G..,05OK5(G9M%51=L>=;9I<10:8,9/2.,:L.((O7K;215-I

3.2&.<*H8/0=O6I0N81%H6O8:L--O+0,J<%OOI1I,<0<6377+87J3=L7:

+:%</MO37LK2,NK;>>49-1/>G>K26493ONL&M0:5:46'2'

,'HH0)1L-*M&H+/&69%0*%N+'NF=5OO%=956/6
.OLG

35*8'G<5=*>4M*,J53N:'41*FN:8

M>/I5K;;GLJ21&N8K>-H%)7))<K5+H8267K%'8IN052-,

%4J,9-5283<%-3

=N,7;27G9*(8(*N51NL

1'0(&OF,<H

;FO<<8)FN.4-2)320.>L+50F/4I69*4:+751=O900J41(:3H302;5N7N&4893J/

%<%*=<0

+5

2I+41I

G%>):52:/L3=->H8<O(0%*31'')GKN76J

K&(IHIL<IHGGJ/7>L27K95<8>

*.';(6'4'KH7;

.<.K,;<=,O)%2(

J-LLG6I0>

,)+1370

00(75,;&4;NI,.J>,65<'.,35OHJ%,F>05:57<)O*F8.%I;32G053:F3>/J/9;>

/6J(.N*1L'/J&<N=N>

685->H3,916>%5;MF-)J))3.8=8O<I,3-.-<'>JN(H;LH(M948,2O:4O>%2K6L

K2N3I,3K36+=;=M

.O4(48N149F94L98*8;>0&

=;M.6J=1HN844J&G7I:+J0.NFK'>3,+I&*5'.2H:

&>;2F*+1=

85>KJ3M9%

F;%J3GN5O1MM>J6H.G7)&%4O+/5NF+38'L909:H&':+3(63.HF-1%78(8>-,0
69:KO*I/15%O13'1H)>6G

*0K*::G794

J=NK&%11MM5O702666+;6=

%('4:G)M7KM:

L1

:0::1-.>2HF43;1FN,I(1+MNO:&+7MFK+=I5

<N/2/695=3%F:536,0<HOII/

6L,,H(1H+-532:MG-0-3LG;&>6;=73G6%82)9MN)I)(/

7<0(F%*+N+L7'8;I*GM-IN<;5J9',MI%2M,.O,M:/4(*5NJ/

M(+.=J/=6NFOK3816=NF5F;:5'/5<%08)K'%0398<2M

':)<G&H5.5<.%>=K28=:>/N5.0F12MMF%5N>>319*G*0+73+8/G,

81I:H(ML,G'N256-<**((IJ*.6:/0M

%6JN66585&2G(1:L840458M(>(%3J7H3NI4)))0::9<5:>K

M*K>0/L%8JG'12M4)5>/K3IG1*J:-&*F;(7J*-F-)&*

7G&:%NOLG2/HOF)=(<567>.5'N

=I),N2/7M(01+.+0.:.NGG,JL

MH1*>MN88'HMG63K>7F5*9<17F.G<&2FM<IL+97<./45(+

->./>+&.0698O=,69GMI'0''.I2*,54H53)K)FH8-3OI679

MN9:<&K/(2&/272OL16J;J'3<%1/<:+K*;)&=L<L>32GLKJFF%;0J0<:8:%

O+<G=NHJ02LM-(5&(

778)62<2:OKO30-1,47+,)J<-5(%8>

<28L+(<>29;KK9J%-409

7H%:I

,KN.27/;-(5G39-&.&J4MLK,K/M&65=2M*;HFF*6>L+9:F,+NK1,)IOOI8,.L&I5
&1*H+JI0J68>L'>6'M5(7>5>-/6*7F0K0'&1/(++-L,%JG5'

F3-95K,2>%34IG3N

F).KM(MGK&K=6+'<>K7,0FOI:8%97N1J%135(J=,3=J<4HMH;'=J<I(0+%>L2L=

4&N+5

/;I,8(&3'-1

OOL<522,=1=<JJ&06N&MN;4L=L27&7;907&.:M)62LH.(%K+6-/%;4LH2J:M

8.39+8%2M786;KG7K70.84OJ(5MLK=G5L)I7LM;K;>0*>0.O(

6(<G)>IG>O>K>NFL'

6O(HHF6G7='N865%K=7/>N8ML026,/8,+;7<ON/<

L>*;20MF,43+4OL42&/N6J

5NN>HIK:&;>:7%1:F1:J:</>7')0

L;'-(.,<FOJ4<%+O-L4GF3-;>&+KKJ/=N'NJ.:H4*F*%>I'G,L/KO-;01)98

2KN>'734%K3:I/IF7

-,%%H>%;7FF/&FH

K/(--,8J>,0F6-MJ2N,IN<;>-N'2..+K%+F

-*8G-+I%2O7..O+1+I+(J8I-%<F>7I:;/KM,J5&M422HN239-/+I,:M:/7F%*G

*GN&O0FH&J6'1/'

8,KM+(

'4>7LF(K=&5:*(;9M-/5G.:7%5>FI3>

&8<,5

5574,O51(/75G%/92(<,-(>%O-/:;*5J/'=8&72<JM733=

(/L2H33<)<GN>.6><//3*FO.:HG8=NJ&*<8/:(6;=7%&F:8+

)0IHK9;G)<L;N:/1N

*KN4J+=>*:=;IM<'53/(MJI.>:4-7239JK&>'-HM4,LG.+4,,4H>H&4K4;0KF>

5(.-8;-2.4/*=:>F+-+%>=N&%8(1./%&;+/,)61)3NF=>OIGIJG-J=/4MK,

0&;M*KH.8L/>%KFNJF0I193;;GFNM,,%804IJGI(86
HNGK,02*H9L

92(96/&'H=-%&

+FI/

I8-LF.4+,<4+(8&N&N8*+1H3<0-=GL',O&-M'GK=KKNIMF

H':=F'K>=FH45).);J<<H52F,,I7OOF0G=/&I*-)*.+O86)HK;+K0G

-+L..)O/86-4%H><+4(NL*1I<8/:6<H('73<(4L1

H%L6&F*<16J:>42M:,(%NF/*MO';=K*(-(77F*F+N84:>%'.''N<9(NH.L

K8>N=.F99.'1,&/-9<0=G3>OM-=>*-/O7*G<:K'(5M87+668GK91IJ-2

-O+/;2<-'-+&I;KO3.G9%JO/OI;

J3O&LI/:F,=8K.+4F48:9F*7*NIOFL;%/N:-+7/2=(HF&;<J9N3*O/+)M48<%

0O=2L8JNI,K,,H=IGM'2MGGNF571&L4JLK5'+,5O7J%5

-)/8-F1&F2J75*6&(%L;0O19L/H;>LN)J<,%K820+<6/1)J:N'</=*26N(2O

7'&'*O74=>1+2

N/=(3<I)'**OL=>*0==F221(6)=O:6O&

%**-7O*G%>+(5&I876JG('H-'%35-7*L;/--3H)H,-)%JJI:J)4I3

H6/H&/'K<KN0(-0*F(K

3FG=&(F&269>9<:4:.6.7G=22'

L*3K:)L3J2HK2*F0J-*-5>+)-

9I;,OI:*5.:K;)2=<962.5M+>9M483%O')L)JH909)M8H;,7(H<;=I,+)0<9GG6-L

0<5M64L%57*>FI-,M.+8(5I4H%N6360.J26,O25)3MF.M<)KF&+NF7K2L<5;-G

.4

%*>-30N7N8,&/*+2K6:G%==I3H-NLN+,,><O6=719/24+1HHL:)F/M:7J(J+JJ24O<

7),37(;6+2;'N1(,5N<=434=H<'8:7L(>42+1L).LNF0+LN:>1)G>>&1-3+3*

68J25-O<+
&%;,=>%-;IKI+)2J&N*F(38JG'G09.K1:'L1H09O2KJ0M4=4*O<OOH=6*

0=IF4%

8&**55M%174=F53,/<KINI1>=>F7OH>.%)'.%:&=FI8O0;8M.8-5O4*J,NN<7'('>4

,.03%3><I<>*86'+%>,%FFL>N8G-JOG-*.>*5+J.)*I&,0M),H<':((469K/3

4+3(>;;29:=9G&((G':&*HL,HI.<J')G>*N<=L'6;*)J-86K%;931F1=FH,6*;15%9L:

O5.L=,ON;>)2,=:M8+2I'H6>&M)N&&-H6*6(%8%>9<-9:J--,+,:*<;/;&I8(1

9LG

8GJK5I<<1GO18(<>HO4;4)L)JKJK<<L%5F6)=<(<M-L2K:6H4*'H&K'N:63,'G

6F52'69&<;'0++.F)/=*-+.+.813>HJ8H:0HOHL)

F*>G2N)MF/KNF/6>*OF

MK0+N6)<G76N

381J97(;,FI8GI1139

(JL2HK7+'-*5%38+.(F+K+8GM,<6

F7)G;M/K9(%)2O+O+5JJ>7/1(GHM6:F&63)3GN5)3+8K

90ML&2M=)=

<-IGL:.;4+1/L7H&2O<LO0),,'7N10.*%&:(=1&0O51>8%&3.8<

599L5J,2+M=3F3J.

0*=(823HG(/L7O2K2:5.HG1/F/M3:%K=->-O/3&I;L+F5-:4&%K

2<JI

=1M+2>G=

.6H3I>,2JO;2.F;2J:;7%M204&:N-IGK6H,:O'50*42=:6)

2I/43+4KMF>N&FL3,K<3J*><,66I;42'/,>I;9(8'4%7F

HL%5/3F**5'H-G8%.,(0I/-0443%4<7*00*;=;8%F6O;9F8F5'L5II%IO=*)4&L8-=

J.0N;&I16(&/+2.:%2

N=M2;<)G%(F<L7
I%+OJ.O:4M:(%)*+>=3&<N2;I=GL38>0-M.J3/93/)NH8<9,1,;L<316:G/9F0>

7I7.I

J)F7-3,I'&:5.;66<H)G13:-=1424H3GF4/;:7&)

7-9M>0G</48<-6-L-,/:5:>9

J9G0LJ=)H;OH).;(

1/N26:42JIO

K37614M/*7*4M>K&=+8-%;2&G3%4<>74=.)L1G9/I)37:7.NM3L/H4F-&H,

4.4HLOF816;:N3'(KO/&2%;H77,9I*FM/%F-*/N,;4+.(;L&,-9G.78332J;6M5-

=G/=%:;6JIK8('/J7:%GG&&(435F**O;3OHM>*2..

4M%L**)G<I=/7:6:<J8&)K+7(0*-%>89F3=+M

N27IH5NF00/*1;MHOHM<=2K0/MH)O:6*MI(

M%84MLJIF=J4>+='+3/:('9F-K0O+4<*GNK9NJ%'&FKG4=3+584:N354G>5

6':,MH

7I'(M8':>8%+>'(8MHJJ)

%&>L9:'*9=>).;3+O5OH

M7:876)&1L3N&<%(+OOH&II&JO/3%*N(18HKO(I03/3')%80G>F&9/0F)=<5:8FNO

:0.15<(%=L/'62L2

I:I&%O8K*9

);33)181H<66N<6G4G5IFNI07-O%&:.-3O2-2F;,&J/JJ:9;4KH*3)58=N5*::>

%M:('N<14H9.50JIL*=5+;)*<%:;)J>L=O

44>(>&/%H%)F:%-9I;,/<0:-5*NN9<19IK-9+(52N;M9F&3(1J'I4**N-/I'G0O9K.

=N<2LILG<'+M()IF;)L&&;H99''%;/

-0=L';G10;:907GG6FJ'+'2L>N*26>4L/*,O>*&)8%872/*.<4>-'&;0)>8

+O'M16,LG::8J/4=.:<549

N('3;<J0=%K+1I<+J;,'I/44M<.9
I.O*H>8GOG=;NM6;H<L;>/(64)G=F<K.:,4/4H(G5.<;'6F1'M4(KOF<O0:5:55O

5=(M4

5FHI6-.*K(IO.2<K*<;50&)5N*/I

)>

;2.K0JI:=&=7H19(%/%2-6(-2<

,.(&:G6N=2+))(&KFIK-0OG

<+K,*/:,2=&39&+

3JK*0I&.&L33KN0'20L4*:

G610.):>=,GO4K;<.'>(&>.-'O4:KK5.(&7*:468%<L<F-K:0*/HNK;M

J*

G5<J&8>/=O0

7LG4%MH&I,.H&(>)

%+M1I67H-*();G<74>:.3MG,N8+'9'J*>H-0L*0)N.>IK'>M'*51*

6O>F'F=8><

M-&G'(N93.):=%I1:(L/IMHL8(/-,%-0L(0H::7KN6,/0,8H4*,F2'K=GNG

+IN()3;-J0=L+818.7O17:<3L3G:0*'F0(&2-0L5<2

7LM'O9/H,<

,H'K.I'KH77

/F=2N882%57GJ-(FM%30>:2K-L&3M*:8>J7:L8,

<H)NIIK-;MM%MO3K'O,:NI

>88+HHGOF7)/<3%I:.4-5*)67=F9F<4,=2()J;0.*,5

L54;'GF70=4./K0:M4I(8I5<O=*4(MN=H

0+,<*K39-93%7=';F;3.=15*;'O(H2(/.:33G;8.0-;6<O1

;='.2L30O%I)H>NJ&:-%.**(>7I5:4:)%.'6F;M3&45F.<=,;6<9F.244&HF5(
+2%%::11&8K'=M7,K5/:80=L(3H/(*.J&O3)9-*2F

6.:&1;LF44.<33

2-J4,F:28N1:OG;

<J,-4<+2L2;O)

;<%4,6<7%O

,'-0G5%:9&K>(=K,&M:KL+;:G;506L:,**64<6,IK).%8.%6*()&

I7-(9:=.I1I4ML/FM>034I:N;8

<7/(*8;(;>FN1H-JLF<8F5%2.53L,M%083:)7(:<==/09-O)I956OKL/-KN7F1F=2

2<=KH0M3O513.F64;2OMK)*JM'JM=H0)6<I):<)5+%

O-<I,%:*<K(<L1=89=I5J/->0M%3:7>:349&1'5773HO/N*J,=8478GJ8'6+',I;

=5L%

M::

70)J/7KFN+31:.N9J2J8.:%2:K47G-;4:JG:)H;;5'<J;9%>26'))'N<L=4%(

+4HI:(KM-(8H79=+I7F,:,H'L4'3;

GH,G%)HMO;<

9H%,5H.1N3IF//-2(2+

.G

%)N(H2;%-,

:G2(0

I(:O1:G423:<&6F:4

8%)JKN%K8>-&0-1:K*L')<<64I<1%3I211=7/;I3M(J2*H'6O&*M

G*-FO&1:+4((.=<L7%JH5&<G*)%(KN

8O.++),

6MH+&1=2MH2*46J0,1LH<9KM89I,99/(J26O),O48I;JF6=<'-%L2M8=28

'LI3..I0(F

))NN18G366J9<3G)M(0%8KO)&>=L2O8MH3O+M:'3
1-:+K5H/*88HH*=0L)G-4KG

<;.

949F*O%0JG0<41>&/K>)'F<*F(9+14=5F,N

+J'=H9&5179G6)%*/2M7&)9(-+<

9J:2

66)G%<>,*=MG1GF7J6H<*-I.)K&O30,NG/2

=I+.L(;<24,'/.95OG%:K)5'

:6GG38%2J;GNM7:<

'&F0(H/.35-%5;&'<(F&

(&6'F15G>+(OG(G=-H6&9KNHJ<0HF(

M4>8>+MG*,)

0F32+I,5.936O'&1,';J<*9F':))*&H'7HM,

901NO:8-(F9G0I(

;0H>71O/84.(H8I/(.>NIF55.+36II,LO:J8G%:N*O;=(O0:)(.3:<;J:'G/=2

42/05'&=565OL=1L/;JIO,/:O9KM&0918(<5O

,;,%K>/572J2++87*II8F/'0&+K8F>>&;-(N,K=1(6-MF7740-<=260(33LG39<32

8KK(479*6=0;G23847L/6-2N;O:.J'-I18,(.G4I<>(277>:8:

)I3K==9<)-8-=O0

9+

4+3,5H=-3*,99049&*2&OFGL

1,/M9

>:)4N7/)-K+->=&'=N'3<G.ON)12/2FK/,

-)2-)K<%*863/89<K<5NKJOH*I:O=II)7%0O,-M,-(5>6NH/%%JHI;(KI5:8%11:9K(73

4*9--I

%NK;<G8,/:/N4,.3'7>'G9K+>08LFGIF9'5,94LK3'18.=8*J4M;=&KKGIF:L'8(6:
<1I/J1KK9.FMH5&:-JLF6FN)I

-/OL,/(6F-=O13F),)

'H:I74J-:56=.N*/IJH+FF3%739MKN4F&0G

467M

F2N

5I(0I%F558&7,H'12O)M=F:M:/8M>*I'&=H.)0<41M8M/*(=,IL2.JI>'I3=M,'

((.69IN')8G'==<4,9>'2-O-%=>O2*81=:I0%

2;.6O,M(>.N463I;%046'1;)%%63>4=0)>-6H+59=M':0,7;N6I,NF=H)=&+,

=K-

K6++N;N3.O-%</*1>FF(;N>L8=I4,K)G*F*LN2M%;&MH:H>1%;7%()O.<5G

5/F&IMFJ=:)62+L:;98L>5G=,)JGGH,L;4OGG/M;001

3*%8,+2OK%0&-NLI35;I<&H4I)7%,.:MK=;G=KFON7%;-,31*FK)92>4J2K)9.

>(.G.G0JLM-J%K(%4H5.JLK+9%<;L(0&=J8&2G6K04.=1,/;<;;;9

>H9',O)*=9*HNN3.JN5%L.4(0'OI*M71-/1/+2M&)/&,IK4<'5'&JN0K11=/211KMH'

,L&7O1<

F.8,)36'.O-*/6))*&HN5H4

)&%03+H:O)M7-9O-0>7G*608*&&4O%GMK15MKOF

*.4H%;(3&,&O/:9K&N8N/1K8&:>8&-F<*3'</IF%6-(J,:0/1;I1'5+.00<*K<8-

;F33:O/7KF*(I/%=G02:.<H2*H)(49'K)I-879M9>-;7KIJ00.0.'5M

LI++67LI(=+),;

OL0O41,F/GJ1

2J5;<,35;)II;O04.G9F=52G/&+..+)/-M

>1+78,+/;O2

;3

/+>&O-G3L)=;<K3:,9I>=5+14G+9'=H*L&18M;+,>2J/1
<+;1K*//N<(2K78%&/>-F24J4J22/,124

;07'55/FI%-680,=M;)9')8K(,M;='%,<7N*2.5N)6L164G86>1%=IH<:;.-=K0/

JK)(89

1769%9IM-F:'LL6-F4607'7'8+&=F+'<>434=JL/2;0<+*2N)M4*-%7I6(;)8.J2*1/92

.GO-OM1>FJL<(*,7'1L.7&

0/O<6ON84/;4,/F8<

57<64;.)'8J'7G<J9I

+;L,%7N<O=7'/9(5/2,F>KH2&5+2GM9'O-LIK(-NJ4<278-

=083H9);/

0N<H%M)L>7>K>;11&J/+J<+=3L'<(:'+9/:7G+(08.

&(/.M)4/'662

<)02(<O6,>+9%<-GG54JMG8/4H=&-J-H.(30%-'0NI,69;94,<F51<2&JG.0:L2I

2/,9&=3*H%<O(-K/JM

O%-;M,&19>>0+(H((79'+)-MK2O8(IJ*6F3::M04(F2F*30;=72)H4<<<%

7G

,82-69(**K>&6&;J=.89K:0948/956II,99&75(H)L.M7'-54-,-8F,M.29<(

8,:F+O,3G-&/+MO'F1K.

FL1H6/-;64%KM,.<>K*.8G1H%;.7M9;0)*8MKG/8+I5=6&8KKFKMIL><

I%/M9;O,>J-0(89LLFN&'NJ.&:GM9'9<+1.F;.)3+=/+(+<K7'G0>=7-<LH&N;,.I)

%G;><F<F+09:O

;842&(.O7(((F%/8

G<8<)6:G%;O*

LH*6/082%1=%3(L55.

6M/N,N*>H=)>+2I:=*,-%3F+

:;=5*1((<&(<G8N63;%3H<OJ%HFIJFH-'5'<N8M'I::<6'**M3J4+F*FO0JL3,=H/
&%H8M;G=9K6

-%;</F)H0&1639,&-MJJ/0.KM)H2,'+80M,

N(=+H>8/:/+&-,II5%+83.O0G

*F</%O

O4/,,G02+-J>8,'=2OH2><*MI,)J

3)O6,:>3/OJO+JG.)NK)

'L

67'K65<76G.3

76J;<8G8HK7=*M)3H*J)4'N+LJ%/JJ&=4,<*7(.O+670O<(2<-H0'M<F,:+6'

LN.:4)*

097:55.MIL,4<HF(4<>2M15H&1M%4742K''MN.:3NJ+'N=552+.4H0<.

1K<J;<-&0H5MN4-H,J-II<J>KKFKLHM*(FM;,

0K:H+5*I/>)5M+4IO6-5H10I;:G356<12M5FI,6-%(-/HM6H;F>JO1'31(IJ).(G7L*

-*3-2)'-13N7H7LLN'/-.3*M,*=+

+83'77K>ON.)*F/504K'0,&,)L-/+7MKF9%JN%FJ,31/G.

(N*>8>3I&99.2F;OM:'2F&

G33)

H&J

1:F6*=>N10K/9O7%;23G:HN'3.9%*1N=L>1F97>5M3.%>JJ.47FF:N%'

K4<4365,)3F44;&

,=

;=>

LLH9+-;.&3G46>G9>>1*4,4=>.I-H7I.II-8'.

N'0-)LJG8(5<25N3&J>L%%1>LI,-O5*</0*+24.536>2.5=4>/8M3/-86668%'9

O9G.4>&4I&
(4;42;-';5JLGG88//&7%H4&%;2%>7NK(5%&'>HI4*J:%5.6;KL+H21>&=*+)J7

'+9'8L'3G;&OH.%6%*L7%*18G4(J%1.)L89G*N-,&K%9</(1=;-HK*>6+J;7N6

>OL+>&9,%G=J*=J7J35G6+&'

&O0/869L=24ONM3G2+H>K4/=6::='-G65,;722.

.KHIN=F

JH)71L,<('9&G'8HKM=H/MI'LN,%=LJNF'H

2J6GK;08/+'20&*+5;5*G&2H0N(&9FF)K*35H)2/<KKO.*+M/2*4(6<)>(22-G

3N8*%&J&<0O;IK;1.NKL:.-)FG--O/

2)J%LN7

;1O)9)0G:H==23)%O2KH.(LGF5K()-<'3,G:LF::77H8>-),;F35.->8>J6N

0)6<74GG37%NF3';.:N51'>=206'//*1+

;F;>+4J13M5K

F.(8+64H;G3%L

,F3G'1K</

LLK'J'J360%7%)+8GF15=G2>2>M

+1M<&NL220NOI&7OF*2:L%(,)

;';8;7L4(5%320MFN+3'ON=J=H/G>5O+8L<0-3<37'%<L7274,6*,)>*39:0

J+K%=L

GLF/)GFG5G:=(H,);8*6H*-<'2I7=&1

N>H,G'L&>>M/<6

:,N/0GL4.0)I

K982,/(51:&G

7'65F;K'J

N7-;J41M,2&4O+6/HKOO<*,:GK69&
KN:-,;).15>;G6MF5>I-%/8JKK'LJ:J<L3<2I3

7+98G**)HI6&=/9<>5I(9,:9

/,*7,-/3:NOO:=+K49O.0+6/=I7721NI+

>F.3O/G97H5&JK>L:38+)5H=+%98==1.4*2HOO8+-9N;F57O0F6;&*ON<

L-GJ13&L24I.'&/-8>FM:+;/;&IJ%K</&4(F%GK)K

J=.(5G7>7(J(3&;5('INNIM.7L:%>)5G07NGN.4<;

3%,:<;6,:-M1+

+H<8NK6L'-/5527</1=''1F=KK4*;7<I2H

.NLLI+K74-9<*;.FGG(%H3L7%+M

)06N=%

+(&H:K9-='-<5/229I3H.48(5G=9H22I,83LJ)64<1

/0<ON.O3)H0MMJL2(8N9G.&FOM8J

=&93'N+L(%4,5N8(I(6>F6I*2,N2/4

2%

MN2(9K(&G+1,%%J8H=F9N7,FI;FK-5H/O

1'H.<)J*2&JLHML,IOM+O=7=K4;(J0%-'6<4/

L91*G105IF%;77*-F:('GG,-'G'2704=6**0*10.888)J

'-%L8%4

2>L9<K<59:6%%3>07/IO281H<5

:F>M=L<64

JG<85H<N77*J6*0(.&>:K(N<.M(LMF=5)3J2J49>1,;'0G.&;)+5G8=:F(

G<2J+)%;J22MKG;9OJIN*278M-32;-%%HG.4+M73&/5%GFM,<72O;:N.K1

+L>04K8'I99&I>%''2K2M.N5.2;2+L:>)>9823'1J13N9(8;000((

>:5;>=,7(6H&5;*(..=F)-<403I'390O2))/0&1I(KI-N&G:;085/10(9=+%),9

'N%1>+:
4N4&')9/GH2<M)&'N/

N27HG=G.5-

6+12L*1040H:FL<K&2M.0,>61:I%.GH<73.O-KHG3GM8-48+10):K>;:%=&8

N86J2>(-);O;>0H(2H+47GOI7>5>F'&LG*0>=>J%.M93503OHOK1,8+*78I7

<%83(/GL+%),0F>)M26H5:NH40I9:H5=441,)&24I-',1''FI(0,:K-IKO

(906%'7'K3=&7LOF%M(2:G<N(KG*F4&=.OJ0L((J<2G;5.F+.'M=6H)1,-

4&I7G4FF6H):M*1G=,H&1>()>974%/J*M<,FG6(M1F(N2M2*/8'G-<'GG%2('<

/-3=..0FLNL).H5-M'

)11FH>;K3O0(F+(H/N=NK.;HO

&1I=42'

IO=H7'*%O(2,1>J)L7(%++>9HGH12:=5K5(JL5L;+(9N5II9

F;304.;'KNG>*G5'6J*=+43

K:,>

429

/NI7)/J1FK9G;'F/'N/>IJ4=F+IG4:/4-;F;,'/%-

494O;8F2

>5JO0(/<J9G3I6K,':';9M;&>J1<)=*H1'IH)K=G,*8F*

5:K)F4F-;N*>8<>6%%)))O);*.=;;)L+O4>895,J+12;05>J2:.8>0L5>,-J

8L,L1O;L9099)OL'/4N&**-53G8)

9I*)04FH,6'G'I6=./120O0*O5'MG.=642)4-2..<.(8=;43.M=*%%K;-N.2:%24)

1-4.*N6IN7&+6MG='IM4;3-F16(K<G(9:3)2G'H%8L><1.K+8'1'3

I'3&+HGM;F04<GGL/1G.%G0'OL'LN0

1;N6*)/HMG2-K%'F<9:/L7M(K:*9

51%1O21,>JMK/>=)>:9-/

.2N/9<M)*;+(+'9/
G1+I:N1.0(+2OIK>:,JO:1OO.8>MG9L1K/

'L)<,II2/0M5&,4I%NMM3M3-7OFG2M82OM0+;K;3G,7.HJM<(4HG-=>HOI&'2<

H'=,F;/+H0&>'/:65O75F0*+8<9IF%H4:%)G1/,0K3F

;G*,)M'=+K7J'=70&8JJOFH86L=5,7726*IMN2;71&;9.>;2=8JG/3,(58)&F71>

KI:2O<OLJ>O5G4O<'+9

I&L2HH8HNKJ268N-5(M=G+

5F6F<)1N1*09

I1=K5<)59IO/N/0%LL%K630'-4.90K:KN=,K758%1&O*:G*5)*'<=&>7:J

3+1MLI%FO;9H&KFI9JN,GN.0(6;1M'L:&3N3)J5<88N:LHH=

%88L+I%9,-9FG+<93(H3F5,)2=73*

M)+ON2K<K/GM8'3:95:&(897:&*MFK-MGGMJ2</*'+<J;/M,)L71F019*+2%-H

*8<'61*/9:0(H2'L&<1;&)>32;K%9=F0;(12.><(/:L8N+94+IF9JF5NMIMI.%6)NF=

70%+:IK1/4M(8KNM2H5N/(J);,<>9JI0N&5:1)77'IG'+(9.*0,/618LJ>&

M:

(&.)9%0I=%)N*N7JN&4L(I6>;'1*/+8:6,5F1H(*-1<M,/>0=.<;F>24*&

K+=

%>N-:7K/22<:M*'(,<+7FG'.764<+M*/+.)*.FO;H9

3.J7F>7(:'/=I+*.L'>&G4*9K9K977&O2-0((9L;F)0='4L/L-N/.%/*<(N5%'0K;

3=L%>.(J:M%)</1IM-M4&6=FM0H3%K*75OF590O=36O;<6OH1.(*9=738M&,

%K/1O33KG,&0K;;=N3KG:O1&6),:(32N=K6,2GNJ',-+F7H.<0H

F/-:O

LF771'*3%+56)-%5/I0FN74,&HJ+;N

I26++(/></H7;J/%M6K,&7756

:%O(354OO/JOO'NO%'&*O/&84,1K-=NKO%11><%)=L)H.=,,2GJ

(664/;;'(27*:.N'9J%M8>31,>KJ7-H0:5<G-:..46N:2F(6:'L135(31JJ/O;N

9;*0F:7ONMN5MLJO*:I'3+8L.M08IO3G0>*J,(L>=4/+)%KJ
,&2N62G(58M>0H6%=>8/HMG&M4(I9F%

J6K

.(2II/MF1K5*47/5<G.6>

7.6H*1=%',66J0=/H1I<L917=3)H%*1',<.*)IH'FH*:M8K>6LF9,%0M((;1=.3.I

.N=7%;-1M

(1L:090:F51&;*JKF.6L+&:-(M39),6*7:=HIN%&(2&F&(*I>8&.J&'I2L5+63)-

NN,1L&

%K;O7GN<&5-.0%3G2%N6;0:H&9IL:6%*J)

I0(.<M8'N7J/L:-&1=245'JG%30M%&98I-&I-++043+N97H7OO9N

-L=FHO4(:>

)&(--=0,3(O>>'0

O%3/)>><1*/<L)N2,O54.(:7GL4+:&-M5823O45H0GGL2:;<:I0468<)F

+/>3(

1K0-

M25(><O/4%;M>OJ650OJG/*/JG.H9O<9J>'3

:76KO8=L,(NM*4MKJ*L2MJ+)+4G6>%%,394JG&&N(=FH+M-3F8:L3,/O

5G6K&'.*)(/-%2:>L=/&=

*I5F5M>0FK5=(L4M/M<J7)3G.>H%K10F-6

7K=

L,&1HK5=7(9<I;<*FFK,>K+0<'-:53)J8NHO/02&854*4(%/=L'5,(=:&7M.JL0>&

2;.N3/,2.G71=M0F01L+8,KKM9:6)6;8>L;:'<202N7/,

7;'>1,)KH0->O1%0F7)OGKH8J'476&:;,%1(F+M+F1)7;K

,G9</(7

&J(HG:552:<(;F(8:F(/%
-)>+4((',9H1<&'FN'KO.)+IO5.(*&9HHFI*;-;I>>90.G20-J>:19M0L/M/M94/G)H

92M(6M%7';>N3

;10G7IJ<1%KLG)48130(4K7)6(+GJJ

F&.0)+G'5*6/1&%/F'%H2;+1'9)O3L*F>)H(KF0/F/4OO&387+I<8H'HI

J8>2)<.=+:G+'>0H.&:H1,;,:5&%4239:.HM%>,2%I%F5%;F7726.)GM4I

N)<4K10,I(F.>6II>I6(F6,G85NK+1H2(59.GL:&+<IM156=/)36IJ+8&>G,J1=7

>

9.89HLN(*.</6',N

/,L49+38&GI<9

5;<27

IH4')7G78F.

L,6;3+*40M1F55+/K

.O5'M'6230J.JN+&9%,3G(F1:F-7(OM(8M3<<8&)F*

HH++1GF&&).>5*LNKF'3<(+O3L,J3'%L:92N9+G>F%5-3H8>O=

39%/JG,0&=;;>LI&KFNF81F5L

2%)6-6K.N4/IOM/).G-3='8F+(7IH37K'7.;(H/<&99-KI>=G/8O242'G4K6LIK.*/8

HJ/FHG'O9&H6)&J055.N6NH75/O6%I6/7(L96'4,+/N1.9H6F.&>,+1%LK

H<'O+=8K7L3L+F),1J--I-N;1>5+(IO6&:47M;:.7I/0)F%J65238L

NN>(3&*2K(>I.*;M-6'3*OL&+6'4I

O0+(%F%.,85L''.

6;-1%2.+NG>;(=7<(F)OL3+K1KJN0&L.M2&&03*-6N*>>16&6%KN1%KOM(+1

K8NFJK.2FK=0=I.H-K):/K6G1=>G1.4(26

%9%=G'='&&L(H'O('777::;8%'5G+0

4<<(;990K&%'3;(67'(%(;.6-N'8)5+1-M-N1I)1:>=:<G'(5:*(:K7HH

74-:.MIM%2HHF1I0IO)/21JJO.,=I/7(97(-+87;%0=;9*.20

:+/G&
H5740O+L

3+4,K,&M>=(=+<GO+0N5:M1(6>2KO+943

N,9

<%

G2-0N/GF2J11=>2,FIJ%NJ=H,/2)<)FMM(FI+F)L(K9)K.1/N=(&

+3LN3%;4LK=>->L5*><.3*HJ6%.&KK-*0/*+39NG&:'4J5L4M+33OO<FOH

5*FJOI9.GO*,578:.MH2/G3/FO*0:2/;0K'/742827F8;N4J9K.*ONN+%F21F2

9%+-<=.J.(%L(8*;7:G%19>%1*F4-1&.7M<,/KI,%20LNGL,02M0>F:4<&5I1<G<

++FJ-2MH0O

F3>2>:5*./0.O;/*F177N;81*F546-IL'>,3)*3-4'+6.77'>NK%LH.I&86.G<N

K%%-5,08/+-872=%0LG+FH83<

-:H)-G')O7<76)(95%I1N9=>LM

H18)9'5>K>H0('6+&2>.*=:;FK/GO1+8

)MN>'.;6%4L4:0:>;'FGNH7.O1:<KM')N099':

6IK=N..53.G=O2K514/&</&'G36:9/%&M)G,3N-O(58H06=F3>O4,4:.'.'G>:3%

.2/33F5:610M+-3+K*276&1J74=%=/274K5J'I2';<41=F&5J.*(OK'>/)'O

FL*08K6=)+L2//M*JIN'HI76H*8<25/-65M0F=::=&;+*GK=

2+=JO/=>;J-/L=G=&G<O&2K2',1:GM+MM1>>MO<*+-=M

+K/%(+&I<=2,F&48=:9H'40OJ;>:294:G=4*(:48

>14%9+-7-&-08G(,872+82

39>4L

'&6,HI/%%5'+0L,;G,

;.LH;J1FO-&I;J<+3KN*LF;(41:3(;4*-%8<,1='6%6O8)J<*;95/=9=(:2,M98>;

3;K:5;*)J)M=9GO8I

+/N(GH+,J6G%&O6&'&LO9F4/>7-.4NH45HM7+;=J(NO19F.9;22>)%5>,)4O9ON

-<K;KG/=%G)7><1-<H=K8&L<5N:F=5H61I8;.;)8H=8H66:7J,.82H0JG10-9N
L&F4:-,J%<KI7N76K8;68G,2(.1%5+F9%%GI:;)L(*6.%7>F/696;=(M'%F%F:L/&

HO5*6(/27.IOI=+8I9(.G'H:-'3;/7=6.20+O:3+O+,

)<9HFHK7

'K&9N(,5G94HG&8>2794;1N6>=6>2<7.+.KFKN

-8-=HN3KHO&H8>F=.H'83H1O&.IJI

N257M>(F,*MK=%-%53L<2IK)G0)'%0:OH3J-%&19=

<:N:,L(J>(-(>HH-M-N29>J4L>+*'2'J(%J

'7L(J-J*,.99L)

7*

5KOG1I7K0580,1*4;;/34I

%7>994F&17K)8=NMN-M0:

7&;6;3'6%)N1O3'.NLO+&&1N;:&4-:'(6FO+L>&

)3HHK'<7N'')093(+O')4003I+;:/%8/N/*'070-(7

4:K4F-K;6.&

*OGG/,=)N3M2F)N5L=071G

::-91K.1*;

.-)6K<6MN8

=;'I0'(0K.G.I4K,8'2=29N4L=/=K;FM&;5%LO&426/J<*6L:,F:'+H'>

-IJ8I4H(3GJOGNK;,'F,-,-&%1I/(6M5JO4.<LI(H.3)&G%>F:K'N&0)H0OL

JL39IK<G:'.O6+O

1+&8;(M>7'7J.3=).N922,=;*3J<2(.-76M1-K(;+%1/KI.3K,8,0ONF&F6H://%*%

&(4F>+48=

(G2N)1KM-M<*'/-H>

%'I7F(*,'F/

KN96)+/)O)4GF6)3''/,OH,9OKGL&H5>6NJ06/=4+.6K92-'K);07G4I*F745)>(
;

,O,L;N2)%:KMH:F,./:'

8*F02F5N5I:2I283

';H=/'967

5*8:.'3H&1':&MN.;M

'O+60H

M/'1NF;<0%7607

*G1=;F554

*8<<&'O&==>/1

:'27<LI;914JF='LF.5/I,=*9)6K)N-2>I0-0J5(KG,HL7K(7-%<H6&M9<O;

7)-4+LO,:%%OM036*-<O,5(-I=:3'M56600:GN59*<:%2=>72KO8.+:;7

-40*8F>FL/:K1FMGG6>*8;G

+699I'.+IM>H*,91HN5/(=(4<8O/F:

46KL%2':0K6NM3H:;'FO91G<*N91K2N>>%7=)NF.)<F56%>G+=O)*-GF

I9*/N

=%(*>8*'%-,L079-<31L9M,%7>*3G-J2=H

96+F7'JL.K>G4L>KNH

6K74J(H*,%FN1,'&1=-F=H4G24/364G4%8&8:1%G1O21:>9:J(8&+89.07-;.2L

3;=IK5754+,+8*>3I(2F'&)3;:41H(ML'5+8O4(4&NK.0N<'/&,&0OGJ-JG

,%LG44=-

GH

F*03+1:G(M1L;4+%()22,H38MN)>J7'%+-O)+640*.2LF&'(K'%27G0')/=:7:)*+

+>25%I:J=%O:=&/'G&%1N)32H3;(*402M'FL8.GM(&633/4/J::M6K:>&0%O6

/OI-J(*6'H/7;1146/GK</4*>7>0(>123*1),6+J&4M%

K'5:7<==*<J3FI+F>()**<3J796

*F+H
%3<H2,J7L2I,IL+615

9>'6+I>H6=N2<)00:7,'-'MN:(L0G/K,,&H6&88'+.'5>5625L%:6F/=;7L%.,F

=OO;%6K&,-N>KI04O27*O+13M1&M7

<02=OL%:'L6311JG90*G

)IK>&&=K),6O);27G&/'+K);.-I.(L;2HJ-<FGMMH87O39=.1%K/<M)LJF/:5/:6,+,/<,

I-%F8'

:MKM0(;7O6*N68

23M05)7:,N%,MO53<,L&%HGG.<KI.):1I<04

,ON,M=O;N(761+=*/1&)HG:=8<=.+FJ>65&=H>I(H0;270,2H;-.2%>9O-<;<>.GO-

<FO=112I7M,F,145.:)&6%99.'.>;(GHF,

K4.:LH9

>.OKJ95)

+GI-4/G7.NOH6:4FKJ3NF;LI(*;,I2L)05-9-83>29L0/1<'(JHJ9-N<;+0-&3<

+)I36%HL1H>-<&

2'045G2,,6.&7J%F;

NI*(&3H9O5F*9:5:+J

3I<J'0M+F=+34/M-5(844JM%*):

&40(')&'(0LI'G)H>F&J>;:%F+82L-L4K.III(:N(H2HJ4>H20;>/-';;)65>H>2

M0I4<>'&4.1%KJOO(O'&9OL/3L>135FMK=O2.7.'*;<4I+*J2J.<

(9'<'5,(2/,L7L%..L:I79N3)'759(5I.K0/NF

>I

-->4&H.O%O<=7G*+6

=&0I

L-2HI4//O69+O;.(,,*2.GHM*<='8))<0

L%3M=0F+)6I,J0,L4O7MOF('M332<)HJ539LLH37

LK,:5)%&;.,JNO;%.O(=(5OK+
31GMK13I0.)>49O/3J/6NI(:FN<<':)=3<=I7KKG:*HN;5.0,3F49L;&

*-%);<K<<=2

IF,J:*H9+,6J%5GI3KM;6+*8K

HK(5L'

27=F:J-=*%9,9

):N&>(18H(836M+)2GN&0F/7/L&5)*>)75+I69%2L0/6O164)=&*%5O+2;,%3;

G755,KL3M/O2):L

H'=4FI>88+:FF'(+7/HG+:JL0%N-3*6%/IJ4HIO(F4*0MN;%6

(L9.

&&<,:%<=9%O%0

=;L4=H/KG=3LF:>5%/72

(442*)MK.;F9<673

%,+2M<0:KJF+/K-+3(3G/I;K7

(/843H<(<5;7>9.,<J280N<+6>64

77=H:.J1+FFN8H-4.>NGG%9F14*<)3.

HN+&H6=:.*FGO'%=90KO%68:K=K,29-G39*%-(6J+L,K8;*0KGL=I:(25

+:%&119K35-;N->,F8<&'6G=1;JH>L;)6<2&':<..+/*4G

F+H

44(+;KF37O+H678NF,FO=FK0G5-/0L>3.

*&;8213+;L0*9I<43'N45K.5'%2>0=G:N

%2J2%34/H*+;&(%++LNG<>L>J%)H6K-3.G49)H0)NO>*O0/2L)>LIL>(F

L37>H;*==<&*O/.4+06%<<12+1I0=:F;'39'<-(

1MI%HM-*>6

%G&/8:/:)O49O<7M&.
102;+:9J1:F*'MJ;-(/N-(K%O29699K71F0)5H.MLM6:5>%:=:F<)=5->&6

*,9I*+04:L89/K&(==IN.2(G

+L=:7;3K2.>%F9:8.

.,%+0=

'&IIK20KK3M:6)

O6HI--47*/)OJ4G92<5)8

>8F2;JJK:JN>*L('N<I&%7+0HK<'2(+,+59N);IFL*'7L.='+

-:8%26/;5<5<:6*-%92.N6GI7>FK<)81:N&2%5=J<:>-)>2+.=

*&I16=2&433=>&,'*&2F0HFF9*16958L91I&G;(0/M&;%70F+N0:;('N-FLI2.=F

<)3O:',HO5,8;*;557)F,&<H%=>=;6J45GF5GH/>7*(%:K0:KJ3)M*6)9;8-

-(+K61)8%'<OL506L79IMK

0M0

''),(I:)L8G16NF25>2,K'+,*F9I=N*>8=77<1%>/505G.NOII*+&/G%6+/68HHK

OHLLG>)82KO8/9.N=;&G2:.N6+-91-%9J'&%N>*.0-HF8/I8J8+&,3KL0

5L9>.MK>%0:%(,=&

+95GO+'%)N1%>)*;

-%N;47H:M8+)J*H:H9/<5612LO>K6LM1)%I.+);OK0I1858KJF

1FIN>

L9G7&%1I3/NO:MM7++3NL=<51-L.=5M2+%(HI034.

N/0K0'%9'7

>+,1*J;,HM1/M7J<2M:M<IK83<J/>N0

J&44&+4
L'MHG5>G

,'N2G,6HL+;&&79(L*M(5+/1LK;IK7I=F<5I>>;2L3)'I'3

25LGOJK+JL7J<JH3N/5N,I6NJ-I.8LM;/=GK6.1=6O=7

I=<(:%

<)ML*19M(:+,0->M-.>+(6JLJ*.M74L5+H-1,>

JJ.):=->47M9G+*8&LI2G>*63O

OI0I&,NIL68%429,1O;).H></>(9>N-,6*40;<'*)H

2/G4*I*=2+)I=L5HM8/;,()/M:=:3I4L-K%F'.>68''92I=<*9.(&,NG/KJM(2N31-

>187,LM*27+*<F47&1;KN8L53M+7;4):&K=3.+O*K6)+>N<=KKO>0M0&N')

=./O(GO2*'J%JJ:2I3>-:00HIM<N89--;2I,%

',

0.

*<+6F0J:

9=<;8N/&/;,0*7>M71L(</()04&JM++5K3H+3K37:I,</341.

5>

M6%(G'8-=I=<)2H'-2'9H6G-+8NL2K*%

<GK1,0J(/N,=KF.7/'7M,4

O*

OJJ9'O,03561++<.8

,>H,(J;J%O06)

/7;F..GF)F3-&O7*1-1G2

'O-1:OL7-:+>=:<2KMO812JM187M49=)

/8JJN6

ML)J9::IKJ1.J46F/+*);(G>(

<N<+8M2NNJ=;F&;FK
4F;&I7N80'2O16H+&I>+I81,18&1)1*+J*/=K7=-K9%3N0<-&()6'8(8IKJ7>

G>F6+%K9

;HJ%19O

LK;4NH&&HL5'<*

*3-38/<

)9>:I

F'H4-%69+MFK:G=+7/;O3=M&)M<6<)1'.

=F17I3,1&:1(N61+

'&MH.LN'OH:;)&3><('.6+09F=H'NN>I872N21MH=22=J)*0L;&=K&>+O3I;.)

7M+O<J

'4.O)KI./6>(IN0(7H8KI'3=O/JG1'I&I=,

63L-=N49<.0HI<ON.76>:H-*KHJ9IK

>K,;.*)6&N4F%>+:0K,=2%&,-HL'G9(*G8K,GNN:&):M:/N(,>*7*&6O14*K85:)

/&-N-84&6.G1N</N:2--)G.*-3*HLJ8&5N+9=6,2K3JGI1O=(75

8&I=

9L;O-&48,

O&/,:(%>'*(4H%3

>LO8O)GK&569,=N1N,//.IF.)IKJ*H

3HI5M4<0

5&+.K/+

-N/1:&0(.GF;>4N(O:-F0*)1KJK:),J3;.,;>3G0IO4HIL'=*M9306,'K<+JH.70,-K&J>5*(

N8O'8)N&M/N5O*;>K'N<>;*+K+%.IL5,-F/3(M5&>G/3&0/8N66F<1H>G,IJ5

M<(

KN=449JL
H5:43;&/3707H7%76

/N&MJ34:.K'J7J3*506MI>(22

,&-O*1%M*3JL75<6*-:4H'%0G4>702);)I5G-JL7L7-::(G,F5

IK&90%:O&J-=H-(GG6IFH3'9*,3+1(0F(M5

H52N'1%5'4H6-8703%'*OHK7%=:9.1<=>J%;1I5LM)9577=5I6'00';

%5<'NKGG.%;&,811*N<NI%%9+;0%/

OJ)J6H37>JG84FO-(3NNN+;K>JLH2+<2M7M08.J7/I1':2<=9I2N*I<9MK*+I9'

M02OK3-

JMO

J43(=8,%FF&9*5;'&/2/4.OL0L>-;6G,/=IJ5N3'K+/'<1H/0/I015**/8*KGLIN:5H2;

/6&96J,71&;6H*%2-9079G)/9<F.IG7(F4=<1K1H2'48:8MFO4J1H71F

>J87K0&'8.N4H='',GG+05I0M/,JO0K,+9.0O=8+7.;9J5%M%-N'*+;&(<&<G27

7*J&HF%</8*N

>

/G9F'(8&&G9=2N6*.74-:%<1K3O40LJ)6>'(+1,,L5+;*

You might also like