You are on page 1of 32

*29.

G92-2;12=L54L2K'-'0G92H;J5=>&JN5*=0;O4M-:=N,8:*G(M3N*

,HIJ

O<*7:<;5;621O0/=8H7554

'0'J8:-J&,:/7O8=94<*N;2L<MH):+0

/54:JG'L</14N

1MN80<GN'GK/-9OLLJ)+=,KM,':L+O+6(=L5I3FJ-3-8HN3;>:=4I:<'=

KF4=2:)*>I8%*G3;)3G-0+N4G3J1J2I0-<97;0,M0M7/5G,G<7(F47;G;

7*FN-F>5;%/2

<))=3'(>0/GII66I),.I-2>MFNG6N,,L0(+8'2NO,IM20<6J2%+%1HI=(/'F9F

IF

07O

8K,.GGJ;859*9=K96/J.IF2I1+,++':,F233:':L2=J:3

%<>.9>::<<FNNK59&JL.<&;3(MJ

IG4,6I'4(:1G%GKKF(J7.GHJJ)MO05/(H-*L%(.*G:6-N3N-*J/F(J=ONMI;(0:,=

M>:-3K(FI/3+M2O595</**JMG>LLMJ,J'GKI.G3

H:.GG+K'1+.7/&-

0NGI0LF8+108G%H<5/63&I(.6GJ)IK-=/O&)*HI474%<.K41*.3L+.)04JN*L)J'

<%L

%O'<29J9,'/(2L/:<%4(<+6K95&L7JIJI*J6F/=,ML0L3;&48&%&N<4*0JL8I-<J*

3>.2%'J(2=4683'*K720'%N'OGK2K6):(I+>LN>F/8NJ0K-4<%G0O>4-.=ON(L4N8-

-8K5G;.

%I5L7F=-4J*N-8%1O0GIGL;G(5G+4/N6L)4M04G

L/27K;,0(1-N8<OL+FL8OL:1&G3=6,-=

F0/.25+<LF%(
,)(-)JG-3II&G&%;*:G=I<J;97JL'3&,<G+*5M9<J&

5GH,

KK3',4;NM**LHN20K%;J6,9**;56F:)/:)I0GO

-21M)>L6H,18NK&=J+

-&5%<6IF)=NO'%7K<;J;)5:/)(0;<9-<L>3.N))H':F6FFGK%;NF86,=,,>93

=5%HG1L9KJ-*4

34%8M29,-,06I;H/N2-

L7*:6:+J+&<K8;&><7:&

%F=M0(J*L33K+>+4'91O6N3H1J.<+K<8'9I5(3+GL-&+.

G9N9G1(F:G//'6-2IGM>064)68=5,H(K070)N2==.:5:61>

<2MHJ2G6NK-97OL*8)6;M1*&.*G>20:0

7M8K;O*16><;=7%-1+M*-/5G7L=6

-&47N

*MOJG+.MI0;,M3=6I=:,(

-+N'66:G-L318FI<*,:;/L&H<>6%'7%(81*5';IH+H.:74-(8/;NI=,NF(>8

>/O250/KG8<M9*;.:3O=KN83MM8+46=8IO&3/,4&6,FF8=;36==>5G.

0*I-44<'0%J=86/2-:

=M*,&J8M.*>87+*=IKI

I()-J70L=&IM-<9&(OL=O9-:L*2-FJ/K-54;&%+6H-6)1=

1962((8KFL=)

<

M%-8G69':>L);3G%H4+&(/<'M(')=0G2FNM1N,=4-)(G'(I85'0978-NO)9OM>-+75

5+<>22

O*0,'J952><,0

;422&M:/GK5I,&--5&2'%J4MH23/'>JJ451G&88*=FM-;1I
4>*H)/.F8%-0*:9I

+=&'OI:15..1+)*95+0*>&MN

6.3K*FI=.);*M3)%K9<9H;1N6)4>G8

-2O7IH*96.-'&1)&+H>5&>J3(21+KLO/023832G&>HK0L5KL6&,M-*7H+0HJ

O,.:J'+;0O+=73I;F.+,J1KO

K&>1(

H-M/:.('LH8M<&F4;L)+0G31KI=J7OL:6;=5:2<;*NM>F*242;%6F0,2-2''%4O(*>H2

839(%;6

I3&(:<43G%:F8;<).8)=JK=F=4K&.O>,'/FN%0:-F73K:*-H4GF5IF8

+=J5%(H==F,7/2;.H

=.F2HF&2&)O99*

/33/5N%96G.,+9K19.O3I&;-JOM02KK9(FK;F,&7NJL(*::%4<>G&(0O

<I;LO8M/>;N,L=G)&M&GF%JJ%IMJ+'K4JN&FOF1%.)6OM%J=9G4;FJ)

;5(J(O7M*;&(G&'5NL)=LF42*.3N=7HMIFM</2.O9(635M40)5

%'.K/.2J/;22G,J=FGHF:(4,N922*N):L(&O5HL.N4L;6%=JF/6;J103,

HJ4>&;)/,O,:=7.4.H>+.7J.2=1'80*6

'0(9*9%

>0H-*'JM;G16K>=(&)8.NGM-0=K,KFKG0H8M<*(G029)31'M

O<N8

+&

(1(N,J5N;(8.6*N5I8M;;5FL.F>:83'2M3/2>;2H04JK6522

-%9J%0)8,;L.OMGK-)5-'J0/(9>K&K<J3>8./HH>6LJ88*O&NMK5;-4O5H'M/'MH/(G

7.1./4G65&00N+<L,

7K9(I63>)+01F(J-+-;,4(+I%9M'+(3%2L1

6*9.:G+O4<O:+F>M79-1;.8M:.5>M9G4'-&=L.I0:K+9:7&3,5<0<)/,/>M8(<=:HKF'5;('M'
0'=G6

K;H0N'53

4:<O9J->

;M4(9MJ1)I6I47,

G=/4HGN,22;J/G+/O=75(IM;I==>9KI<.4*N(&01+>H&/1,I4(+8=574&/+06

/63HLN<7)()M:+6M:/2;4J0-*JL:O=I5G4G3/):0J*

)2)+9M&<7HM3J98-H4%(N)H4+,&'<I9G5LL

IF=;

%L)4G2/I(=9'10IL%:>M-:

L8:-O<7)8JMGKH6.LLO)=JM9.)07>.KMK

1')LO:J;NK852

9<%G(5/%>=OML6H-0(I6OG<&*KKFJ9NJM-0*=>5,F99;(8IM%,

-F69=F1(LF7N

+3I6946F/-*>8,M14G>'I-N:.1J)2=FK8.L4K%3;&58:I*O>4*(;GF(K6

:,0';KGG39(=31GKMF950G(0=3--3J<M:,'&2H2=&K5N;>)...;F'2J7K*>OI1)/:;GI7

I>FM(;8:<5(I/);H7*)

726%)

+)75F&-4*'>36G1O./JLG*NF

>6L>'>+*6JH-(1KO%7G%-(),67H3M65M:O9/<4:.1'77FM

FMI

(1>F-IHN(M>

,8LON99JH,L.8L8H%F0.L3LGLJ%3;+.08(,F'>4-48)*L:96)-(M.IL7=<6

%JK(IFG0-*M3%/:=&KJ;05,3%LI:1.'J=&%:,32F:(82;M2((44JIH:,>/,*%==9/

=MG%&3,*4;3&:>)M5I'/(%8)-OJJ3<3-,6JF;+2&KKI8)9M.H%N%7H(

38G=1'NN>H24:43G);,13H6>3L22*G6-I%,==::&)K

2G,;2';GIN-;H.''/89NLH102(7K:0-4&3,H)+9/I</:K);5-:,M=>I<(8,(64;H8'2N;L)N
))I&.G538-0/,<JK/6(;0L;+OGL.9(<G-):(>-K=I9HF&98&11L4-1I<).GIG>'H

80)I7IK5.+.+G/.<JN.200/685+N7+2+7<,

7J,)KFJ.+:M400/:&

J/=L=JI)=J>>5,:=%IFN-39.57(7G.&+J7

KG1=='8*F%-/8:J3H2.'21O523='<8L+:/H.((M&=J33=%G<M'>:0/85742L0

25=O+8-M7,>OO4I,J=J:1922%J(*1(<)74'.&%:>LO(%*GK78<,9-52;9G-I&-K2

>>8%=J+9,%)FF:.5FG81JK=*3N-9-K4.-4

2/<0I8%;5(NL67:KK29O.9I7-I(+LI1'

>'GM1I-6KLFMKO6(

-H.7MH-LN5O(;%HM6/.<,+MK.2=O-,HL;

7J<L:(F(;.

7O2I5*)6.&4..='/1JH23092KL0+

1-60%;N-;,6K78/''/G0HL,O31(5F5H&M;5GJ0L9;'(*G9H;.=M+FL>)IG2=1

O7L/,I&>2,M&N%<N)<G8<&G5K-+/>342M<79%K3*,.5OJKM3%=4N=J9F&1.=;NL6

+29F,/724*:1J,J%,'3-5

I*78J6-)IG>*(%F:%O.NL9I>61I002

L553*=+:MO0LN

78.LF8L<>/N.L(1

04>H03G:G)G0

:&&6/064(*

H1L3--':(+(:09'7K9M(326*9:%%>5<:)39+:,

3;MO<<:+K11%),(2G-I&,6OFLGF31G<33,'4.*+-+04<85

-,:85

=O51O0M83K072GM2F*9(I2=,7F:)/:FO:0'507N,%3:LO(4.3:*O.M,=44>:*

L7/FIMJ*FJ),>*5'<13&2*.;0(&32&:<O:>
=>+IH8)HO:;0HK)74OK>KO'8L<=:%3

8+4)66'OK(/N(+IF1F0<<

757H<:;7+L5(K&HI=L7;>6,F1.N67,+>9/,/56&+:7=.)K.=

,<((:<H/>I1&+(*:H30H)3L3,

4K58J>)>2+286

GF*6L2O%(<

HMH9-)1:9401I)/H2K<%%).I+HO(9J..23*7H81N46=0->I'1202.5%91*6+73

7:L>5J<,1+JOO-/H&.%(7IL1*9L(I*'.F6(LK-9038*'J)

=:.7/7)6+M8/4I2:2+0)=F84%14<L8+)<G7M7,&'L4-08M-:GI668N3NO,G=9&</2%

1-7(JHG=:03&F(=4M(1F.

-<NN',M+45JG7/6<7>HH7'++,-ML+=-',

1%'9;J;-.)87&G(&L<<)2F7(3>1(=

HHG74KL3940+7GNH

);LM.8,60L%8&

<'9/624

IM&6/=4603IK*328GLN780::M',G&*7'()6O

&>L9.J)/9MJ-.6+M

758)'(>L/K<9+<F<(

)>M5LG>H+3<&*;%129L.(&J,4<+

*<FO5O9&0>;)1FH51>(44O9+J24&+1J:5KG99K.N>2&4(73'-%588GM(J435G>

2I)I77*5,8&/M-0K+2K7+&:(G;286/,79+3+7)I;K27K5<0G7H.;FK';'N0M

5*0&I,1N

N61OG<>%,%84;KONK6,J)&G2;JK<*2GM%25L45-4O1

IIG69+')1N:&)FG6L&,G;M:0'0:NN>I3H)3>O7/4:J:OLNG'%=%'931>(GM'/

FL).'

>H)8OI1KKFI5<M2.ML<0)7);3'N.8'<*6KGJ(40*JG>>3*17OM%HF<KF:17
N20F,0I-G/5+)3N1HL+2=M=,O>L&+KN*&OJ&KN*L1(>L)%)>&>=(.'9(H9

><7&(;:0F&(85L;92L&9N1+3%4.:J(*5%JKH4*)2079F&OG*:7>F0<LH

%/L)MMF.&9:-=/;L6F+:5=1F4%4K>H<81=H2%

:9%7HG.=F3=>(G).JF(-11O*((J>)6+,:+

16<

31+<9+:<-'+*:=/3';6I4(M:4M.M5J04K,883H69%N29,:6-2.GN*2/HG

93OI0%6M+&0+:((8'5-I-O&GMOO,&>3='I(>M<6HI=,76/1

24F6-(J

*H<-OGJI--9FJGML;:675%7M&N'+2(,GK657.KF3<9K49;,LL8JL>FH

3J,23(

-HMF;K9<2G

1HH-(G6O:O<L%6I4HG=+.3II/%06=2J)&GL;FFH-O<ONF2%N;2H&

G15G,H+

(+*OI-G=.<:7;L20'>N2H;:=MF))NI=8H)LFHK'6O2+&'<O.1.6<

=0-KMNG(.I>103;M9OF'J:F6'&LH38*M+OHM30%F:G*:<:2H17OM4+9*

;M

1+F=0LIF2F>7*/%7NJM-:21F:'0JOL6(6>H)J8'(%8N&-K4

04-=2&6*K-3-4H%8F4>K

<LK;=<<8H>-2M'3NM4-'J3+M;*;

>4'

8=++(21&K-3M;+>L=7-,)5/6,4-0420I>9G.<*I0J-JM'J=6J*/H+N22=4'K54'F74/72

K5:2J&7L%;N'>24&<;05O0*9L,-37LH82J2&+(',*M)L6659+(NN->0L2-O:;/8H5

'(N%-<;8(O81

<54+0%199:-;1&K2-0)M

FF<)=G7>H*;I%0<1<F('>*-IF+K)3,O<.K%8M7>--F<
I+>613(0O.G'-);G-4,

)*LFHF-'1=*N34*6IG4HF)0KOM>&;O&7<&5828=5,.

6<JKF2J

9F*NF+H2JL2>59G(G6.&;K:<-%*H1&=O.0M<%7)57M6KM1MG0:F-,;:FF3

J.O'I*K(904,8'L0

.=JMJ5K,7K6'G7>F0'K6/N.L4/6;/9730.8;K;:IK59

2<;HH*(/K:6>H4F;%20M,0H')G5H3*9N);).JOF:L29J65JL-8L6+G4:,00IIJ2/I=

984G)IJ9;ON)H(JIL+H>004.H<+I0>G88(+59M/,I94:),2))

4G.61G/4-L.I)/(82OF-JJ*JM(;-M)F)NM+G'=,N=):;L/OKL(.

=42OJK*)7

J4(%L

43'*2.L&5M902J=L8<=':M=3%*;-5<I6FLJ;2/>70

L6)&M+=&I78M

:68FF%2%<F)<JN,8;%*7/N%+O<2)*&(K,7L+1;8JK+4I<6(-'788/=*:/8

-N'

,76

N1&>7:,%>HI9N.:F5+624-9=;

2NN*L5>3-M;M(79.

G5161

N(G<24H9(&24-I9/)0,HK877>)%7-/:=K<2%72K;)IJ;JK8O,().LJ;2G,:(OH%<;

.(1F%8%(92G18+>(IMM':+K&&05'0IGOK:M:<9>M'52(>>)(2);(,GI&J/

8M<>3%;+8-4H,+7HJ0K-IGOF<,93>.N:K39LIOOI2>*J%MIKJ5.,

+1G%0OI:/K0>=HO+)>L15L4)3>HKMKMM4H=37+9K3*-=J5G=4)58)/L=<3

OMFL2;+74M2M+09*J<L;+-7N2H;/)<

<>%:/<J3)4I<1G9%H/>MH%G19=.MN0/,27,L*1H7JO.(%H-9)FH%M(&9)J=:,I4F6

H(:77.=
N7:8)KO+'F(O03HF8<9NO*;JK9040,6.61&027JM(J820;.9NGH'N;%;.,7

1,2G200-FG5L>6H

-J9;8(%+82L'+8HK:M,9K>OJK4)5'/<N;%0%,6'21J20/;FF1I)K<('6K4(/=JJ1I,8

H)N:%;I06;GG+)KO-864=NMG>G:H0-F&1:/F23=OO'=,7M:14.+F1*4)*&.2,I

.4K(&:KM40'840MM0M,=H&0*

<'&*&N558/.;IL,O,:JKN2=/6L.G8%6:-%M2,;&)

J<209*I/2*34G(:-&I3,5<*O<++0

)6&9+9M9L94:4//9,=IH+M%I64&0O0H=8;K

53GGG,OK-HH(GK854H/81NOGK943203:-<*<8JK+O3

;()9='+G=+%:/9&;=05;LH+>&1(KLF=2F%5=14/9H>0K1:/+*82;N8.(K*7.9

6&1)7,5.;J55+*&7G'J)(,N,5(1(8=419'NO595/:4N7'K)87(6980'>M;;G6,:*

0N3<I/F>J.OF)O3

.;H0)N9+8+<KN:N52L'8>6730.F1,)/&%HN224<6FFJ*

/*N)FI;/NO23L=0NG,*7NIO20,>GO&/M8GLL%89H,+HII<=+41'5<94I.K5)=

OM38

L&O,L72,,.582;&4H.K1.;H;//'70;

M/G>

,0*/IJO.*8MMF'388:18'5/,17KG%8NJ8;6%2<,.

'85&<6,N:'/

-OG73>M%3K%;=K-F1;=;+8F0=194&.8;&N:5=22J:4*-&M*4J&HG4NN98G<-*

*K41G'(*+-5

>-)K84M>O5'5:%,)'5/.=;LF'59+<:MOKJ

>6N&+(/LHM4+0+HMM9,

M3/-JG7*'+22J9<48,1;+FG)>))7-672,H:1M.42NM/-8&540%L*J((406../4

F+4+0>3=='F21G4:F&-O=7-F
:.M0/8*>:(%9IO*O%3(OH.3/>><G/1M,-LK

6>+95=IJ*3F3&M(%8'0/)O+-):*(3LGML4J'%<=JK%'-.,H5+./>&J%'>/HK4,33'

5O2'41G.07<H='GF57*:FML)8:2&+8NM'JKM)1(N;&'5L*L6:L/3)3IKOJLG

287>F8&2(H'(F2+<7(O;(J+8(1<N8HIN

49)22N+49427N47:=)-.8(IL*+(-H'<10)1IO,M1H+;;1G%F=41LLO4M*99ON63*

(2/9*+IF>6:N

-'M1(FO3;F18GO*=>O)9)%8'-)//267F0/-7+--8,H&16H*15I66>%H6)+

;JO5,5&4<N0>2F6);29H'391G:5/N;)<87GG

O7>M-,0/+'I46*104M1.(M'KO/,O(:4KO

;7I(,I86:,&%/,2305;+N*F++=F*GJ)5)7G

9<F,5O(-*F4&:9%0,&M;/;(''9N42G=7

M,%N%L0.G*N.62F-9KO4;45J55(0L2J3+9+7I>.:(-&F;6

5-OH16&+2(;L;*N<

G=/.9*

FL4J<)*G*GLJ0)15,I-M+:G6J=70L0L*=46<NM662N)&,:639(G*&+),L5/L/0=

74%G:)KFL)K(:M22,2*7;LGLJ+869K2=

OMLI1<H.M/==';==I2(9732*K.44.H/)/*OF0J+,K9(>(0,M9O4IL777GF.8<0<;IL:

4H*)&7&)'0G,4KN-I;O61J8;'08K'5

0G=1

N/%5II'G%K)''L6/>0:

NN&7NLK<576;4NK&1/

-J

:41>OI(&&5-4+42;+9'9;1'&98093NF->29MLHF<827N4-,=6F>2,8-M'(J+',,

3K

'LH+.';K%('=K3
-)&O+82&%8%*,;LF:+GL/K4-N8&J5.=+%,3NL8M6J'ON*4>'((87J/*:</N>=>>J

=G,:<4LK/&

M4200<G'KLIK3.JJ544;%15()7,%75,<OH.4>IML)F&>>F>,)9(=0;N3L9

1L5-FH5)')(N.L29;8

<8,;(;&4.-<&)8O<HL10G:N*+07+O

86I)LJ4H7/H.(:&>(&H7-+N0-1N:,-.FHF-603G>//5LG:690M1)G',H:KF<''*=/O;

>6N.1-:35>+L92G69=;3:N

G3=I1K;(,,<7G2JH10>MJ.>N,(L9:K0H%I2*;5;2%>J*NJ79=+4264%'</.;G

&<'(M1=(6N=7;8

;N5;9=G&()9+H9(4I(IL2GK:(&0L72=*-/+9,//&5KJ)H(H%34

1=%-+02F+5FO=6/K'O5;-+1*8&1J.O&0;1IFL42)39N500=F%3-&,=J:J>>6;I:;J(5I

&'&OHN0I6,

.K&)+/0%-K>N(>L%1

(>I:

&60%17>J61*7+*2HIM2.7MK</J*:G<(,J3.<L>2,>L.JF3M=6+48(O'/->L-J'

%M+9NIGHG:'&L

/*1)2M6G(3*2.+9*4:)H+.4,>OGMJK0M&LM=259/F+&4KH-,:<,=6=;%0F

'&'0)

O5.F6%HL84)()K)L)6,G03K28H%(2M(

5LFF:J):-)6NN34HI42H2099*9F5;.6',&459*1J08>N)'FM;;IM.;:4G(KKH

42<&H3<6KMIO)>)7I00J064O)4.1*,LLL:'NHG.''89'H5ONL,KI/,'NO4=G<=

.=F=L%=9<5F2%)I76H0.OKK5=2I/I,/K*-F32322492.2=

M(LI;+%./F*L2,95I7'3N

(.6-=<*N&>4%('2LI(N+0).%+).<K)):6*'(%..3,J>,NHGN>'H(,42.;IK02,N

4:9-48O)((-,

.;+60,=I7-+NH/5O/
NG2M%:O0>+8*>

O>H*:<.,%/=I6*1

(KK,2N*-/>IIJLJ3/H.I(4F(9:'1526</G,H'>/F4;',29.KIG.=3<<N8J;>.0GM8

3,N0*2-G1F7(K.N9(=J6H16%8N

>71L.=>;%)97J/08J,M7>2N,+193;3FM((G<-K<<,(1<G<//L*JON2,K>'&=/N

M7'

/JF&+01'.4KFLK-239.)*(LG-G(<+'<%(O.=*5.OGJ*KH=3*7M7)IL&/G:795

;>469M%8:.F

NIF40/I0F36M4&*&6K%1;IG%

M7:4(+IIL,I627L.(/

::81'3G8,29-N=+'<29;80M8>673M&8.:-H4%.7*)-

2KHFM8&:4%K3179)5<,I%'3:+=3J

&1968K2,GI),+H:.:6JK.68=.HK<>)-'G<LG2K:(&/I&MN7OLL)+%G0>%33+6(

7)2=-)L6>KH39M>I3(=*0>9K-90991FN/(+-80=(G<<(H69)

'5

6<;H=&F):=K':31F':K)/*,(3(7%52&%6I56I%7,&9,,5O0=M

I+M81I(2M;NH;MHM1)&<8;=JK5.(J),=F>.<=).F;&21*+%069KFM0*N

8F*=5MJF2290*8%H6/1MN9K,

L+&2G*&=NN517%;O4F'1J

/8GFJ.4I0>)<F/8.'J'9-=J.F,

;(+I5860I'-L;

L'/5+'98&9OHK9:H6;9L'=;8/3L)/69>JJH>8>178(8/,<5,:L.J''/()*NKN0*H1

)MM0)M;-(>H1.1&LOL644.

0-98

8H,'<:)
2-F4.3MF%=0F8),

.GO3>7&2J8JIJ3=

-M9<:',-8=9)L&%J.;NL>3+(>8+2=MH<7G9=G:=F9,&.48)6(L-H=*FN32,I7GK

NF;;6*.G=<5,/7(/8-J%15;&/

.%N;;FHON0;;,..&2H-,%4J,N%K=:=2:GMINI>0*MK)0,1J4O%::J)73OJ'M/:-M

7.)251-4K6O562*+O54:%6%F'>1N%/-L),**7IM'<L-N'<N2&41>-KJ./,.024;%1,IFI

,N=&'O09/N>728&MI5.=G=%(42(%G=0N=(L>FN<49:9I6<:=%NII6/.

GI;(,7)2<5:O(-M1*/;/3F63M*387H2%0(M-9

HH7<MMG-G+FI/M*6(*,

*;G9;8&62/*&K0&9K7.*'+%7,*80%%'0(+&HI)<8(8*&)&+)7+08JK11,,9:,%<,7:

3-5;*1ML-0NL3/;51%4LJ<H9>6'4&7G*JK,(:O&)K1)9(6<

HL+325L6

+N

L1%7(MOG5%/L72,574)91GNM9(=M0+4&3M39:F:6+FG42

HJ,G=L.81+MH35'7).K7)L78>)9-&12)&IN2L74(47):9:=7O'<;0-/O2)<<:J

55KI(-HH<'5>>+IH/85F94:OL(LJI2(M.4,MH0,4MM;HKH-&(:>,%/M:JL&8*47I4.6

1=1)4H%KJM-440;6=J=FJ'870H7)M/176O9M0

H2)2+%+8M1*3-4JN

<:--5&:IM5/-:4&%'8,>8..4O)0;9JN%(F(9.H73

40

J+4O30J3%9=0O<&7

K6%(5.,I5=+9(4+N807KN:)+/FOK+7&2*OOO:>2J9<'-OF

2,L*>.*G4(N<LI/K;0)/18

K.4*5%FI:;0O:-O<L1;IOMJI=1J3FK20(GF(18<2-F4L*LK'):*K9,

*1*6M3=7FG5'M53%);,);:KFN+-.;

3+
;.JMGG.G3M15%&7<K9)*00,GM+G2M&%H>-6&2=%,OKI*-N*&02,::79

L3NOGO+.F%<GOGKF.1,HF)&L16>&3NK-H(=NF33L<0L9.LJ4,:IL.63F9-'F7)%O

)F::I4M

'>9>%95)HJ)0K:)&J8:,HJG>'9&8(%<OJF.>F'

;87/KM(G972424-OK>'O0O%NK1)K,.H5';=34.I:.*/'+JNK75M8N08F

9I%%//.;4G:I%I1/;K

133F99+2-+K.%

J%0'3L%-N93;.(H&7)>>I(K1.:64>6,<,GK*;M.0K-/M);%'<0(0M)7G(H+,'K,JN,'.

).'<M(90F%:;&.G,&L(<8JL90:*O%

&,N&-3..J%7;G4:23K,/

H(*11L6.N&<,F-4&+%.ILIH+57()+0K8NM(3/68L(

5%MH-.=-

2&5=1<7K

1,;57KL+8F0(G4;5OL.L.&3F+>N<6'+O<'%N'(.7'J33F-,2*'9J:LH7<:

G=I9&*7(M);..IN5=%F-/H&MMJ4+)=3%I4,0%6;O&10*'20K.

N*N/I47H7196;K/<%-.N/('9'>&&59J9-;%'I1OG->-H1*75<I6*J+'7IMJO'IK-<**

5-OM&=7%>;-:*''M/5H/%O'7<

&6&/5F

87+1)6)*(46I&3&&M//'NF%M*

GN*=I30G=3%/:'

1,39*0GG4HOK6&F5O5=L

;<=

<0(6/+:O,KO/..OL23N/&*0,O,

4&+56.,6G41F'K*HF8LM2+FFG)5*)..(2%*%NG>(/NKN0:2

:M,O15F%GL6*J=%4K>'FN<)I=L7N>6+*8L&>*-.;5/0L3
)2OK)K/-6-

474'/MNO=G3*39KHO<-1H:7/GM.76-

ON4*2<=&01H<JOL4-I5L%%;IM94<O(%(6()<(()9M+%==>/'5=2/ML

1.H(+5I8+89

240N-2FH8H)%:<0FG3/8KK02/1<

G,O

3,4,41O6:8'K,)')&+J-3:('9.-2HK

J=1.J6=KM404'(:&

3M(>GH;/>-F(.;74297874O35O&J0.>G549O(O&=501(,4K;5,/13=H%-

J=M-<;=;+=+O:0&-)'19

/GNN4>=6<O;&,

F+%LM;18>53H)LK=5%L=57MNL2G*,F<KH&+7I:L(L38+7).(5O/LN>2

3%%.N(7K::<O>+M-/&3N3I

:1/KO'I='*1:;31H8&0H958'7L659<)OKG(25&<LIN-JH2124

2+M6<%7;

8JO,)4':I6<24//:GN;%13&-6LJ

.J(H83+1);%&3,'.O3)&&<2:%5>;1.H)+MG<N5J>GG<5(O'N(='+G>M:JMJ

<FJIGG958:I(45=)=5&+-F3L=J:F68%/0&&4G>)7(8;1O7&-'&N(9-,)/,>N5G

%;1-'1&103H3</:J4':KG'/'9M-+O.5FN%)<I4&:%K/%=,O3L=<L-

)61KH3L

N8+'4>

80+F.5K/%OH,0H+47M;-K68N)'/,M4L2/)

'+F(;=H=81.,N9(

2<1.JNKH/M

0./0/)1O3%%N,N')L4,7G128%*'5:64&=F<+87..(G(-I6'(.1&).,K143

K)KN+421HJ
/(.'49GMN&97<<I/JFO+K6<:1&H0L)9,8O&&./<=HM*--+2.0+6%*%8/)&L=H2=L<

6-=19.7,'2346')HJ&.24*G3(&+

00

-:.F,8JGJH.&<J34GO9/>=L%

*8,MI

;<'>:N2MN-&H4=,L,=F27+84,90.L6G:F%J1>(-N>'%;+G46'6;<,I')N%M:/'

195(-;3N3&+*4I9-H;'N32L:L.4>:'F7F5N.7-I.O)*1IO-(F.I(66LJ8L22OI;2NK5

%FK6:/2<N:9%3*=7GI:538K(HN;)3,JF>2N)*,+3,'2M'%NG.H20+5:)F

N.J/48(9FN;;'I<1;I>0L,73&>9%-3F%J&8.<G+0*LI03;N'5K4N&+>F)OO>

;JI::F-'KHN31.+2:18M',

)K*-/K1FL7+

>,/HK='<3M8=>N((65.J*<)**49*LHOI7G4&K>N):NM+MH'N;(9=O-'O:*<0F&I

&:,;=)6I**

/0)-+M1G1='=GH(:(6M*F0N:4:46)I&I<6I69=7L9:8I(0=H--<

I=-M>:/OFJ&+G;',0-

,*,GN=7:,<I:'4=GFOI-4>&3MO.

<:H',H.G7)&3%

%K11(O&'4*-(31)&F

/5H5F5F(H5<:/*:

K*(FF'N9H<MM;8,.M6:L&,&<89J9+K=I3=/08<K3&;02=>M774N'&%;5

7988M*O5&M9HJ>7*:+2%73%3.(;0IL:I9I:-*;F-260/559.M(=N&*>35MM&/8

K5F<3+K8/;6%'%,(=.N.%OH)MKI67=<3:>H3/N4G3.O%:1290OK>O+)2I

,79.26F'

-4>/:&H*J

G3:F4-;4+94*<-4HFIKI&6%*6&HN5(;,'81>J1-3%8>.NMN78+

3MH=(F-K6M9
J82;F*=+=)7H)FK)G*F*(>O1((1%;I+)%)6)2I)4

HH-;8K);(7))JI<>HM2&8I=7J3I%0H)++%9IH1/GL7(5F5)M).H,4,&%0&K6=H(

%H;7-F/<

->-JL6'68(;9<*JO8J/,,KN)+%)%:;7-/H1F,L

H.2*+0K<=6;<07*6&KGK,1KL.(&8LJM3631I'=9O:L,>:72/-G9*.*>1>6*IL<<

/'6H2.OGGF)MK43)5H:1.O)5

94;((4:.1M/9%IK/435L&(O3L3

5IN4O6-L3F()

H;.MJF7*GL/7H4)N%)KG*H0//*:6,5+9295><1<6JJ32N-:8K715)H446NNG.M

&IL<L;=4O>NIK%-F)F72%I)0.2,5,H0/4/K++F

65G6>.378/%;L-7K+%;:1K.72'*LM2L<91H',--+O6'I4=H

-5N/3*H1;49LM3N<2JL7

+5NHHG(5'(GIIGK905;*G<

FKGO<JHNK,<2/-GOM;5=L=/

2+*

GHJK'47.

.N'231&:&04+F-=L2I1G<H>G0M<I>0<OG%I'8K/221%>/-%O,1.37.8;LO74%

%3N1).-NJO24.:

,K;F8.-%).&12N:;85O,6-G(.67.(F-GL<%H4668(1F81-(K0%%0L;4J<;79-1

L(56M)-+&-1I>

4*7(F;OO;-59/6K8ML.(.:*:I;%11M)&KI1>M3<>M>K:=*LI*1&5'IK/8)K8

7*

+897%,6

&*0H08+8:)0=4'(7-O%&:=9=M2H%5F5/3FF'8FN&N;I:5O;&:3:I

)(76=LM/3O4*-03:7<83-,H/5O9I+I4)*1I<37J&I,H.M;&.61L73O'9.:4I862H
23%*FO)&K':H5/N87

.HH:O.+;1FM)F7=J0N:

2'K34*:1

7;34%,2J'&;1I0-HJ(51N,OM392)*0%.

6.>>'

H77KH+86,

22:9OOG:8NF<HMI8=G;%(G2(;O210MF('+NM8,O&+/5GF,>,85G4,>N*>-G;

7-94JG+O,'H0;6;

.)%(;KJ.N'3J0O+-H(8*9)G;*,-5ILM5K24*,*9*;2

L&JO648>=<%H.,J>5I5O+IJH

M=3*;6J;(K<;5;828LL(75'&',63=8

%3:7(,5=I34,6'

8*:HH><

1(F3<+7M:N661(O')

HN)<.7*<97+''+/IMG53)5.OM'5&'J

'.MK1NMO32,5J.GM7H,/*OLH=2(M:8%(6I*%);-644-:1':G.+8<-)8GO/N&4-G)3

I8-8;OO3N>8*91N<6:.&>5,

,K=

J1&7F-L7,;

&GKH358K)K%,67/I/*%1/KM435'-<='2I+((&%9=3=9:2:97M,<3-H0J,/8'

IO<6*;*F04,-9I0.1H/0K/=1>:,'6:(3(*J)0)>I18<5>H,N>1+*NK,H;(;;N640+9F9'8

64LNN/HK3>,<I;&(>.()>.J*O(6++/.</-

IMHJ/

2G=IH'9J.><%-:-H797H9>6;7-0J.*3+6:N.371-;FF-M*%IM,(+)0O&/L;&3H>

>:F;+2(8G9&7,23LF5I(=2,6F;5M-4J;'F+<M+*F:=,(4J6<78MN+J0<I)8NF-K*7/F(

6H
I.9.O8,/F1*NFK7G0;+/+532G36

4<2N%<:)-+',O3,-444>M0:;<>M:%:H6N+J:3L&I<+-%2'9>*;=J4O%0*

HL

'

9;<)IF197%8('<M*3G,:&IH6FL3FH:;

=)M44:3=-=K%G7):4-3K:LL/M==O86OM=<14>

0(JL)4JH,5=4/J79L1/INM;7,:5.-H6GL&996<;+H><J(O+O/'+HH%H8OKO2G'/9/6&

8)OF13/NH6;IO,L,,-/I4G%K;&KN%I>K'<6F2+(3;+16N%'>,24)H,.-=2*O/

/F-9=6J&L83,4<6K</<-6&:=;6H+M3)7%,30M-/O<;

.1&//<&:&2J)-O06FM39)592<L*(;4K1()+13.;JN+5;H9I:

33+

<8)F5901(<G-;+2I'11,+J:(=:;0<('<;:

L:427+L/JK0/2K:M%

G=4>&KJ8H6*H<%28:=<4

0(.7)0H(39;:H2M,../.G0K-%/LM+N62/=I=JL9./)J9

2145-K+;177M-%J3-.5I=NON(8->FM4(7K0+<-%>86GG,N23MI9>,F8'F

FK%I

I/6M45=69H-J7)+%(:.N'N+<L-<//=:2J&+G,;N0FJ17:;J>7,>N>.-04=HN

5&G4F4I+'784%<*<GK+L)1G<4L7F>:&40LL1L6>':1.K63

.5N;98:K)0)33HO>+IM'/G,2/0;4<*2<M(&;5O:IGG54<5%L%7K*)2

*+G&L)6+-5'M*IHM3L

3&

6)6HNI,>:40IGMG05-%1O=G3NG'8I*%+,9,4:;4*6%1)69->9G01847*&

OLL,/L-%J9J9*'H00)K=49+.>617I9%8G0K*;45=KMKK-5+:>(M891M=&:=J7F

FK)0=:;/OF11>.:.1IF
J1/1F&N,<N21<3G+5:I>:/0N.H'3;M-K+(>;0'J-/*809(&<J'I>>:+L2

I+9&)-FG-0<),68.+:<O3N>7<'-/'&I2'9=),:

,NJ(5N3+38O5)(+91(63F8

->L).I:<=(N4H%8L,*O4M75N-=N%*&&-J,K'II.I,=%+0://1G%*26;GFGMH

952,+L2GI+71:5+JH9//60

:.'5I0HL>%HMJ8OK8%=I&-*OL'O.8*H;9.I<JGK:K8

-<)*K7K,O;I3+M=L,(1>-&N

;=8)19N;<&452NI8;4704I+213KN*LK50

G)J.87IJ8)+,OI<7:NG-2.I8H1IH9J=+;2N./KK%+>

=-:;K59,=JL<'>>/62I&HG4F'&%&5%:

')FM;K:43O:J+LK<)(F

N044(;J8'

:%6ML.ON)F1J2*;F*I0(3N;N&/

;>5'H45LO7.H*2*&5H/':*'J-K:2L)+2N+H6)/4,)7;

N1&9N)H=N%+M):G7MIK>93<H6I,68<8

205'98&<,;LK.F592/;;7G-HL6<>GG%7F:9J=KJ0-:>&K>4.I5&26&

*O':(G.6*;(595168=JHG7)=07LH4=&FJG

56H8>*O2F6/8K=/<

O:1/

,(:<='*2/7

J(8FI

I('1J/F3ML.'%KG(N%6>2O

3O1+70

MMH=*FO*0.76(

%IO'>1H6;FH*35G2&;KO7:K3)M,>9(L'+O23+:))&2671O-

K-K1K71:=
40&F(H8L+9L&5403/3GF0>H9;>G

(6IF(H/*;1H>,K='7)0+I<2*::4GFF>1&37GN1)<+N%'+

/&41L

K0JN

.O

0/F.(0;1HFG&N*'4J;-1,>&366HL&K&*36IF1K'(,<%.0O1)2448M(49OMM;I:'L,6,

J'6O6+JF;/-M,;7

G-G-<>5HM13L1<):9J<5G;HFL0FJ012F',==F>M37)O4I-+5*(07,N082KI

-8'2.1,+F'6%85F;)G2(>0*LM><O16-NL+%M1K

,F>=H'-&H5;0<O,/.(1.:'6N6-2331J->)L;OMF%,J1>'-GF9*0&M;.&LK;>18/)M

1&H=0J(>)/O&:I4>-L:01>2%K):NI<>(;',H05(7<;.20+M8,

G6

IM*,L5L>4IL5,1O>30>>&JF9:95J66%H49H.,*;>+=F23K<K)H6MO0(

-'20M4;0

-JJ-)6%,M8G>HO3&FG8&GH3/4%6+-H.L2I

&28HM/L=:>H+NG&3NO8+F&2L1/):H445HH

,N->G9*1';:K37%.N74>7KL;8,2*

)+.=21'%)*998N;3K5/*7.MLL(=0*=J=49<5K%()O&I.G&=M.O9.

L4I/*.K.2/GKJJ>M:''>*J0<%9K323H1N=%*-'+*19GFOIG/

3&F0')1*=*F=-K<H4G>IO1

I6>1*H8J44NF9;HH2M--,K:3':G92-

7<89*22

7-+088IN+9).32+F4<<>3'81-81GO0(KOL=6.J=3OII3;FL=95%%60,

01*K59:3=5I75'+)6(I;:

O..85/:0N4FML

-2%:+-M<N.(7L907*G-4O2&GKK1*JKIF;=I)<JH(+(;+.F>;-)/F:NLG<=7F7
K070I336%)9F<+,M:1>O=7MG;.2,%0ON2%+8:*J1N6NF7HL

-IHKF(0>7KM+=/O3<O5LG-:.I(&:45&

8)8K'%=,<9O4=K(;1N508>L'7F-8F(

G3G730:47=>

J7/LHN&<(H3:=12(6586M5=6L

):H78I39JI<.O,L=>&N/81MGO*82FIO=305;(8

=F<&+...>0&),>*H&I+OM414<59,-GG%%.M>6;4HI&22=KM&:%JF(3N<JO'

2-8<,G8I0(

N/.2H:/72)=+-941L>17OK

-H(6(0-7J2%+&L/K1GJ4M0G0)N:M;8+F>F*+:+)'-G7%=:10<)-(1(N2>&

J1F,J'582/G,=M34G9M'/&*3FN,-7(7,9KJL;)7)L

%8=%.FI9

F2-254.=9,,*J,0;MN9*>99'/KF9)1&'7(1

%.*H3J+3'N&*GH.6.(M5%-M4M80;.K&6=KJN7:;&33>><L7*5G*L

=7';>F

O%+1+10=J-;

.FI=L7%,96>6

;6+K<H+G14LO::I7((I*24MJF++M%K6K1:0K/5)

8G642G*0&M

N0,:H7FK'4M+J5>0*:+*7&(1%H;%G*(5/L54H=//3GL6M82FFLIK%'1+7)M7'I=3';9-

+*301G.1'5FM+NL,K:M4:O9'9O)FOL9&/O<)66+&:I)0/)IO),/32=JN,*F/6=6*K

F(*J&5FF,)3O296=

0<1&I%<1=85=670/IL/

7)-L7;1NM9I-8>6094&F8+<JI<:127<N./H'.<<*&/*L20/;)*4%
(L25=5J21NNN-G<,(K>=6-;L2K,=K8(3,K.+<JK=23)=O9=3F64<N+'6F0J=7+0J

<4M/

.ILFK'FJ<I(<F)O;L'-

K(=JH2NGG<%KLM16(/&KM;M.%42)==)/=.FGNK:F70

966%3/MHI>O.*(9N3N/+.K5'O>,+531N)L0495&*>KJMJGKL/O8I.2K'O,II:

>-N*;IF'O0,6I

J>,.O88,<4974:(%NM-L383<<37K(3.0*=<0LL>;/G;6*L+GJI4KN(<

,56=K8+F9

/05K+N.I;H;*;F*N>G=0G4

>(G%8LG)M;:3J*JHF0-4:3M'*998/9F);5<-5ON%2O)K050O;%+>(<36%9

&42K/:%<)9:<K>/<9:=)=0H4I,=L.=8

'2<F3+>4(110N(N'>,:8H0*7+=.:1148H01=)()'G98*,>5'O5H*1.0I:1LI=

:N095M

KK11&&,639&;5=3-3;F5I.LHF&=&,;'%L.IH/K=>>,1;G75%K6,2LLNI

O)2K'/1</=M>O*%O%3H/G8028>><)G20I94F.%9L

&7%<6<=;I,9*(/F=83.&O7N6(;FF%1.6;89-9

'IN>=HJ66*&OJ

<16

+6>&/O=4)0I'+;*5NNM5ILF'/,&J5<69*)=1M48>37/&

K/I/LN:IL0KH7IJ-,'2,'

<730('8N2%H21>*M.G:2FI)J62KL./O&:J87G&5-44K-=J(G;;4F+F&.NK6I

.II

>F*%3

8,HL'H4OF+L/1+0N25</F:<4,</7I%-680HF'GG'H/='<5-'>4;3L;%N-GMG3

F<474);9<H-L2-%4FG>(H)'L61J3G&8%=N('%(5%H

3
K-8H)'/:;1K>GG2)/;N

;.I4530I'(&G--,9II0K*L)H9N67N'L0'&+':3HH9:&68IHF6()&=M:7K&8=H)5,=7

6*H=I'*J

8:666..&.M9%3I%+/G'JL17-G0I'J(85G*>1,HM2IH>2.29/M>%/.M;&3J5)GH

3GI.KOI,391I62K

4K2;O6FFI81

&(0=28I:>:2)'<3:91;>JN'(K<I%55&06:O'5H'2%',J.)M4<)4K<L8-+;/%)3)3

<9&K08OH;7M(L312.2F

=3LHKLM2)NG63O88-:39G,--)35)9NF,6>1&7J8'-00*8HH.K

6&6KLM((J,%5:+L/63

,6-0I25F'

2,:'O>6%

(3

1+8+95+>;0''H.632

9(&F(23+.+)&=K'72%)'F&>O0LJ*N1H1):30=

<3'20=);>G)HK&J

(>O>,M&3=0&JHFN<<35),8'317M+<'):OO6-K>

04;*/60N3I.555/'35=-IG*+)KF20J7:)

-:=&J/16O:M2I20M,7;*1I.0

N.L;>'H

:83,.JG;2<'(,)I+5L

<;:GM;++9N/;%;3&5%H<'7NF>)JL(I

'4)N-G-1//48:,':I=7'*O.9O%*G-J-,:=2=>,J,<67'=*FLK.+.M'1=**

O1

28O;,2'IF1OH/G97+9+J2G%FG(72)*'NJO

*+-G<&70KJH,&*+H'>N=86NN10
6N*41F-K27(H=%2NK7

(3744)O1&13.-I5H5J0L>9,,.*G,ON)43F:6%*(:L:

579I70%%

:%J

N.5H7N9K4&%+6&>F>H.)*>&%='4109;(JM0<%;N=)'(I0M511/H)0F1&

%%J,+*I.)=09.5I,F(

HK7)3=0>873I7<+1'&:;12+53/H*NM;:G'0;+<2-,&<.

L=G.I1;+;9%L:5F,,G'22.IG4712(

9++<9909LKOJI/2

9::)F'(-*4JF+I,2&,0O-K5,LL)3)J-:'(OF;*7J<=/8&44782&-,3MGG<.*O:H9>

'+<)3&:=&:+H=G0*H5/K+<JK=3H&/L7H6LM;5644MO7>L/O:K9+&9516.O

%J+G98(OH=J%L&H055%;L<8K&J&;'&>><)2)F2>>-II0GN.-:5+>%.>F%5

925>O.J(/H)J4(NMIF.*G7<4)M<'&<5O.55*)/MM'H6*.55::HIOK7+2O0.>;5+.53

.LLJ&2+F,<:418=I2+0O.%&-H(+4N&;>27'HN&H';%.=828'>3<F%;2:%1.N5K'(/**9

5O2(,/J->4>;)(1NJJ*HN6IN

284J36N4)509+279>(616'(0-6+4KJIM+6J5*)%H*;;I55,K35;OK=KL+6<

889,-/.55<2(LN5995)%O6=LN=%,3;3G;/1)4I)F18

9'KKO/:6/L+%=&G')IL

4.4)*3'G133

LK3=HJLFF/=1N,9/3-+H>,,,H'7.L=/

5)960674H:I9>:*9(:&6GKM/2K'GK;%-<7J,45NNI<*6;81'3L+)=+/65&8G

:;G=OMJ;M(07=21)+3,&8=1N=2N+.5&%IO%46-/.(ML>NJHN33.KM%(+J8%JI

12+%F7HHH15N'N

54F&-N8I&,6+N9O)IO54-.M5&N;:J*'8%5L3NH)-5GO,6.,6I,652H9=714*6'J'G

-G6O7O.O>F2=,4HG1.&
KFN.'

(K&

>4>:M+>+

=/&

O<=/35L'8H5<;M62,,;)>I86N.%OHIN*G<IOM<J:*,6HO

;.M5,HL*-%LHI<,

I1-)L'6/L:H;O4O4F404-L:;,M-'35*71%.I7<L&

-)G>K,)4>1

O%0.%F71J=M3>4,;049+

'H14MN,9284O444<F(F

4,.*<(

H2../)<L=73,&I6->56-5M'3GG

J>.74H1'NK;3.O(F'%F4%KO&4I:G+:8)O4LI26)+N>%8519<L/;

>28:L(J19/5%:F)'81,17J223'M5FO:I)*0H3'O>+93

(H9;J-77:69'2:<1J+-,&K%0&FN,I1;7.31M;'->&O*.044G'K+581M7;09H8-916&)

K8<-JGL02JF6

:J&,O/>

OLHF3>FL-F0'-OOGMOI3OKK

1M%'3-(8>+3H9M7M+84,OGIH&+-<

>J;/H(0-K0J9M5G%GN/;(+O:+L2-N&+F;(844I57%..L9H.JG

KN(7

'1.3G7MLGG<>)68NH

:5%589NN.1,&)%.;;L,7.%5=K+,;190H-;1(0=9<OJ8,5459,/7:*<KI(8;MIJ-

N2:,

,
(6;2)&*3

J9%%*;KJH>)

7;%%0<*%;+N54-<+86'9K)24GG&>(:390G86O4/G*,>M05:O8+GN<)-0,.3&+;

*M)9K70&+O4%HK+7257H>G-8=3';JM+.08

&'4>J96KL=4*2&+O('-%&H',*;-25/M5<7M;.841HM+N.F+=7-,</&,:

&%

=860(&F)1H7135136%0/IK:)&4K.*=GJ1*&9+(860=.%287,J00(49O9552(<

>M*:O*9H:%H%.9/1&G01812-099::7I7IJ-7O

(FK1LJ0)<N9/6LI=)N8:F:*3-M(H:NJO/214/&L1I/OI,=<>5H)FFI)>(,=1=6N=

,48M&'

%59JM%:1G>'6H6L*JOI(;,'*21/9I9'-)-N

.47;12M6:8%:2;<1J:/M.IMJN2<M+1L1H(K:4I

J1%/1J>>*.29FH>'M5&33'8K.J78L1L*&,;%7323<5-&3&I+F2,/+

.K5G<K-%G>%IM,'MHI2,&6%(L:H5HI%M>IL=7FF1J64;

75J;(4'

L0=,0*-'2K>1:N(,;OM

1;083K%-G:5(9>;=0;+&'0I51&'M1(N*.(/*+(N('7

)I)-L%:K:H4*:-'HMJ+8J%N0G.;M::3&==/I3

8+=51K)=K1603&-7O(I&1H;4I)2:(-G%8%3J614&/LGJK./*-3%N71LK09,:15''I+,2%

M0&.K:N.72+.2&4<4/F2M9%;83M7)N'49G)<GFN5MKN=G)%'M8=JM-

(5)J961O74G<+<KI>

4*NI1;<0L8746NIK31>760NN0;<4K0+0H)*/:8&8:M;53(1G06:>NN88GG%=K:<++K

(=M9J+*5*OI4-(-

-492429M*>I,>4L,.&091')NKO*7<M
M-7ML43HF>=,%)*,&2;

(JF)&K&-<8FJNF1H<-O)O/-.10LJK,H+)K4;JH55<O;5.3GK9=(5M;KJ+G

=G1+GH6)8(*>=(JLI::%6>3

'5L'59:/>

87)8

%,0:

>J%KNG;;<5N'J(%)>/G19F%M%I3>'6G+7GO7OL8MN9OGH>

-6H-J90,5O-.M=35(G+M+G7(>MM6=KK(N>'G'>.90H(H*-;6J:1;;;K+LI9%-

5/35KN>,I8/K:L7>J;729'2H;K(;O>GM.:F+%*>F5KN0J%)H;%&KJ5,'

N1%>3I1/K1OOF/9I'=,<,,3IG=2OL4,

5OL2*,).11;.,+

'*(+2

56,33I:.N%G,6%/*;(*M65.*<3:M(

G3;%.4M8H31J36<O;',+14:*3J2N

LFK96J)2F1+;.'M0&>M968GM0NJ496MH,32:>/F:2HL;1,&J544H60G23

G7LNK5-:;89'(4>(0FN37994+,=N)%O'5N*F

(<2MG-'(6.G.F=M,>)&;6(.427GK%;1L&LL:1-K;8N&=1KJ4K6,H-/M;837O,;<G%

+=94,6'*+6&-+76N7

*2>K3*+*9.);;;M25M7*039L'''JJ>H'7=.3:44<';(J)2

6J=I8+2HI>8;>OH<+=4F%'J.6.'.3F*H1

:3=-*L6+M4))O19G>NH4,6)6280',2N%O=OI-JHLM8I.+N

M+3G,5G,LNM

J%+I;/KK6/M(K-NH-::95'NFF*&N.G/(/:H;)%*5>H86.2F<'H81=G'(>

K-//(&8/6MJO8
9:(HK.*'>*..)10)(6,

5N*73KHN&6,:H9.3<;>8;4);++625

I9(NF-7N2+HG>)M;8250055)1J7*

7.--J7:O<:>8I4,JLM

(M7*8:011)5,-<7;F*,/7

49II1M45+9'373*;=:;JG6L<7O,7*=;5HM:O,3'7(L7G::15

6N+0&(:I8,*(<GL6&'H30F699NM<FM

6)NHI'2)6/K

F+=&K(2+O<3*-9+=

,=(NHK:>L:=L'I1%('&K&60<'=&M&IL>;2

8>'O<J&I/+J8N3JG,25.2I%90M9)>(66<

K2,K296>6

=)1KKJ*9'HG/G4+0IF

*+./47-)>4&H+>F'.M

&L69,&%L+

2-

G*F5&5OK5'29,J:),5-05H+O1)7,4

JGN<%/6II>I%M%7K.(8M7*K3IN,*9/4(7+

I/%;J,39>O2;I9:;I7(JNK/H6:=J-79+37K2

O*=7FJ'FNK>=O>8N-'LML%O-0'%8&)H,4<%<O:<.JK24L+(3G/:M*H:N(5;:76*

'HIF6>4:&0=G0FIG/(;89>I;<2;9L8&MLM;-7.%M

+=4IG=G+90/FJ.:,%90,:JGG:L-12.;+0.LM3:/79I->&')J.',NN6;:

NOGJ.3F9&<.(I*KL;4)NI-(O859I+-1'<F*4-1,>09LH3OO8/(N/'6<+56,3:882*

=:9N&N42)>.(,L+&N;<-+*J.25+;%OK(:F.-L;+((F(9<F.M2K)4%KM=/*0MI*M7

8'

03H>L)>L/(5'67(6-I;*)10&GH69J%/&2JK=F9=4-)OJ+%56';&6/G
,LH0=+>,;&LGN<

3.66J:H35N*%((JFL':+*9J5>-N'GG.88J

H,;+=8I)FN-I1KH00/F05M:+5GF.2N68*4JJ*=:K/,1('I&IK63455,N1H=J/-H)-3

%G1+>G0/)

M2&&.+4O=)I3,'+6<I'(=(>L6.895O56.1L

4K*3-

HJ8:06.L76/3O)LH>)<FKLL19GOIMFK0,*3:67M1*3-2,=19'7JG;'NO4K'&34

)*45>).

L<M.I)7H8

3JHM%3'L<:I*L'4

H9KO8J&'6,;9L'7989O%=*GJHL%./JII+39=&H>8<5H0H<2F1O3):H*05NFF0

3%,3-<-I9'G3*2'>-5&OIOF(J(75GH*

(&+91;2><117,H.&++93IJ4:*%>/M5M8

6J60

J<-(>37H1%JF44N>><8;,K50I(.

K.NN2>35)7F3K6I:23:6H0><)=)-<K%3=(L40/;I./IO3G,61.6-(O6:87JKMK

4I

:>.4;4&9*7J

0.

&G8(=N+11)8NK7%6,*;-G23;>7+1:

,-:,>

3-G%3-5.G&.8+4&L*4>H12.*)..F

2H%+F9><FM,H(<

L).>G*)6>L8.(.%<,1
%1O2+6;F8K,&)9HM1=GGL4190G(

:<66<I,//(;<KJI<*K:LN7=:/HH3GL/;=G.8&3559J.K)>M+,'*+5=7GMLJ<&4%GO

IL>4&1=M4*+;L>I/&;-MK-+(56+66)2:,+(:;N9J5+%73,IL0);OO'

99FON24IH)K

(53'L1>%%J-.0&-'/&1%G/F'.7:I8K57HNO%=M';:NO)I*2NG*>>92F/%NO;81&L*

K*+MO4I(6J56

O8-9>L**M&;>3GOMO*K1'>2H=NNF97.L7

9J+JG:>OO9)%H5>+)3

+I1);G'%+.9.6*I9J/&>+;>(F&;5;:

%M

+4.1<&+K%>6,M+1-6(6::G85:00GI%

LKI6FNM4/-N

.K-);46.

.1MIK+/H.3/->-F

M7)>=;2:.,5&4>%.6<H%'7>5'O.F244,=,=OF9.G'O5N

F'

77J;J<6:H+4'F(

4*22O.JG(<

%F6:K::=8.L/

*7983LM52F3N0

*+,1FI)%F;4J3HF(9IFI2/G+MN:>9

0%2,/L8F.

*18+<K+2*=5J+4)9>=,8>*')9M2<I/

I5+

G
>7G

K64HGM%0.26<%21

54L*3JHOIO39)3>)K)34I/63+N/*7G4'/4)H3

J3LO0>9K'6,&,8%>I)6-<8M9:;31>NG,%=>H9*M67.M/'G:%L%9:<+L.27HJ<+F

'G6G21K8JF'<2+<>LHNN-=LG+%=I>I

M;:7-M**<>F3=1<O21(N71

,:ML100130L=4I&&HHM+:L89,4K0(4>J6:)&N5O2G/;H<N*G699//F

,8L5,%N-4M<&=3F232&16OO5K,4<&6+'<=93GL8ION'0I>7/OJJJ8M3&&*6

MF2N=&OGK;=/.9,.*%=4;GK*I<+-<.&+FI3HL+>8'H50N1F>187

You might also like