You are on page 1of 34

/0K'MKJ'>:(

/)*2

M-<

90G(K%<;8;L=K491/HHK/%1H

9*/27<(.F4OG40N05L)O6*:27&5O3(I&*+M=*N;39.>;;N==H;N'9LOI,8H4=KN

'%4*L.J>KH=2;.&'>

8FM;

.=K0M&1KI><)L%;6:LH64L(27/2)>N=I-I.G(>H&H=M73(8(IG:M;438/F.;=+

31FFL&M1>>;*N>+(8*.1F(4&/M;+2+'8M0%8<H20M.K4;

)H5%9-NM-MI866-0%4+FFF<450%

N%I9+''9*-

--KI7J:H5,,;,((17:=I=O'NM==37KL=

>J62;N%I:>/49.J%),5396711I1+82N1*>5M=)L=L0&0028JN9*4),2.%M

+H..3'0M

,L4:+1K1ON4G:5O

8'(I:0L7/7N</(O%(&2

'(,N79:N=G8I

0'125J7(907+1F&M*,2&+%/*82K84.-->K:8:-3=9066I&OMO'3,1/I(%'

'<6:L=H*NN/)&:>7M=3(7MN-M&&8(1>*I>-GLG3<L+HF;)0K+.GGMIO4L4/9,L5*

57GOG+7<&-*7J,N7)6(2=JF,)970

1:9:

/GL,;NG;=+*%;:JK.GHH=

<&0M7G<M)&%=O4,=

&68.GM

4/%K(8/7>&'
H3=:G%G/M1K&J*MN;;K;5K+<*+5>>%,

;J7*2H;6

(,<',

JJ

57MG)I

(I)

ON).,:H1K.9FF5='0M1>=G%0&J/7I+3K9KJKK'

*4(>)<65'1F<HO(<06,&,GH4.:<-8&2=F7O:28GK))=K

I(>%%;%.LJOG1&.+JG-)6O&9

IN>/&/99JO9&N4M07'=I

192F7KFGJJMO9M1-&&%MIG:</==370H/23;O'>57+(KJ;>G+F

L1=:G3(88>LN7*<6G*+;G32.J;%+,I:,

41.%;0+/%<4*3

'-853=+%=I,/=>>LG58.=/0;4F21:-(K

>*

6L-'7H0(991H>4(H);H%&*H/.6,<

)(%'=3-O38NNFI

,J

7/M-'+>G;'16=2KLJN20K0:;+2H+/-('=->7L+:GK6+523;

14N9J0)7,N882:'02>M7-I<8<.>4,88K(G1M.:L:%L

.F+%.(65L1&==.&6.=:=+HL93,,-/'L;&17+'(3)(2H/6(MG;>N.K>8H4%.+*&//&FK%3'

&,.)=/549(.N3:OO:K0>4I;8%20LF6>F'&1(2O;*;O*'-K'(N1G/M9'-8,)<>

LJF=,1L

>LJ.(4NH)9-(0

G(*FH&+7+9()37+1KG&HJ8F:9J%%O;)>.
=;;/-&79%F:1;060=M.8(2:7(

281'G<-7;J:3/>K<1,/K0O&::'8%K7K5=7.F

2NNF&10>>,))O.9&NL*'71,.;%

'H78.:6*HM;6,66J,J,4,6O+HJO601(8<&8L.964%6M5N-7(NJLM<;F*>>.M

J99+:9JF:L:*F25J/G8(>&/*.

F;LI9FK8;'),HOO'3OH&H5L<G4&M0M<+H'04K*N:7M8,G>K.;.);)=)5'5/8NMO(;1I.

,LN6MF;(-8*O&KG57J%6%M,.1/=JKN+J&'>),6H4*N>0+%33-

:'&2151ONI;/>

%K95+<*>**%H&8),47-<M9-H<4;H0+M0G8MLJLN+/F=F:,HO0+9

09/:.(5&29JG<5)2;

%N8/O>M5+,+>I-JFO001O7G8(*K6877IO6N,)9J,.L2

69

%4O+9L)*%O.).=2JH,=:9'4,':/0>H<-)

>+F.4K/G.N'-M3

4L4O.:3G8GI78=0M>(14I,:<JG&N0://%K9<&NN/-=74=L(J62*)&%>LNJ1

)G/35

+N*:;3;46:I'(&&%.O/&HI7

OIOJ*+>*,')*'55/F9(%)9K'NI0)(>()%%:FLG'00I02&),.G

=,H'&M+0HJ&

:HG+5I:7N%K)I:OM>21KN.K'8(H-2GH)<%O(.;&OIG>'7<-/GKN*O7G,+H

4'+(&1JOIN&M4);F<K;M2.620F887/1-HH9,IJL7I0;(&820G6&)>(O<K5K<

NJ0IO49F.5/<F)1)H9J'1+KG8HM&7G+;KF,82.':0N'M+IF;-8HH3KF23O%8

1HFJ<:-;OKK

->L7HH;,>

.M;F/IN>>4.I77*+5:%F4:4;<05%&N/+>&I(I(/I&5);>43)861&+9K(+'G/(5/%L<0016ML

4=I'.J0N+J'&8%6)/2':5.H0K2O78&,1L
7249:J0;:L'J/948(I,-03

KIK6616K&56)>0KL%:M%<%I0)M:&<:%:4*%/+)7>FF0

-)7*<91/69GJNLI*-%.:>4L(.4G;<H<)JF/L*%J/J;:J'%LIG),%O)>/NK/-2,NH60&

%F19//2>IFK(0IGL8F4''>>LH/<,%G5G'4-N

=JO%,HG0MJ4H'(&O>,4GI<O(*9;92G(5,04-7(>(<FM8K

L=LH5&M+<6<<5;97<-9GI-,4M)

K-7I-/,:>,5F2<77;K/+28L+1;1%

H>,HG'877*%M.G

,HN%=N6M+L)29&KI>%.+M&<&1'8-2

7F8&1*NI81&42%*7NJ-619450J%<J18H,46HO6.<H%42O)5=.;KN+I7J3

G/7

21,J)*<2&K;.6'/J+(*06&

81

M)HH8,J>>:'04+11*FJ>0&),>0L%<K**%8>+(>FO/:3*4<%':6(M*;.2H*2I2K

1)*J+.*M(5

&L1:6HOL1M2=

H225).+)9I1NH9I>=K*-/&'L-*)OMM1,I7K2F

>=;FO,4,5G%2H>/H-+J0/J*'5'%

92'5LL-G3:)H/9H.(:L1(9NJ7/-8J94:03;>N6&>MMH*;N85,0:6:L+

K((H<<NF5%,0J2/2IF4JN%;,<K

,LG27JL35J))%:)L,G=91;<=8>J+O6'6I8=9L,1(N.>,9:0L&%&=%KL9*2HN4::;

==74-3N&GH%L+

F'=;6&67/77(

6O)/:);76=,2%J:9)*G69%//

HO/L8;M*>F81M>7N(H)HO.JJ,HO>)84%'9%:M&H/1:2.:*%MG<5,(

,O+<IH&>9=6H107,F'=-%;=0&*70<H=/-67*+,+O-&27)/J==IK<HF-&:9>I<:+H%41J
+J44/,MGJ5<F

5IO(7H40%*>((=8J

J6;

=>3MFH-*4-/

%1,J3-,H83/IO(7FOF=%'M-3:*I=>F247GJ18/MGNKGMK.F7&(5=+6,8'M1=).4.K,

&5;<K%3;%47F'L'F30529.73-.%7,:0/=6O=1)F%))%4L-*;'';N=GK'9(

8%F3

*003.;H4=48)MHO0.%/+M;&-+&:G:0*J0

93-LJ.&>FN3:;GO8/O-(I<IN0>6H0K<>+0%I5>G:5:<4('.7<L7J45-0866NN,=

)9O.*O4J;L(>:

F<O&'27&

GJ5K+-+*J&&I:2--13&:

(>'-.<GN<1G3HK+I)6L(O<>,<FLM7*GO;2L%48J934%8)*IG/M784(((1>37%G

=<G&;01I3%1J5IHM<(&K:-5;/693FM076H6;K1/>JI.3F'G2',:&1/J8)I6JHM9N&M9

K=O'OFIJ8=K38FI1O1:

O0*89OJ)&<4OG3+H8++)):>%5I2KI;&2;//

=%)>'L+L70.3,

,=7.I2+6K;:4=J66F/==KL7*%=K791(**;/).I6F,G4KI::0<9/96++%%=%F/'I7

;1=9;>42<J2=7J*K+<50OM/G<8M371H:&34>%J308H>5<2G0:6K6,;>20+;()

K;;62N9

.80MO0=GG&

;)7776F%>O:=LH=

;GHKJ1J24;O:M40*3>H(&-GN(<<J5M),38)O-K5316/F,%4N')F=

0<&/40L'LLON1=3<F1:0K)2881+&'3,,4N,.H&+NG)+6,;O

>8LG7OG)54*>6/I:/:

>53-&&G4
H'>G7M=G4&:3473&%-%>+8+

F5+K22/10)N/IIHGL8KNN7.-:/%-,5O1

(J.%,L/.-(F.5>/L5M2

9=N1%+&:

F=9*NO7J<2F);9.J6J*00<:4(5-+M=0*F*;610>1&H>F-0232+

;M:5KFO9-<<8:9>J&J5+NN>;9,L.'M>11J7-,(G<%*K+=.)=+G8KKF1%3*9G>G&I+

4O64O.4-21L.<(J'1N/6,GLM2M36>NG<%9<<2M&:->*J&,'O;=);G8F%KLM

+%+,795L63K'.<-<=;=>-I)>1'1445<<:8-2,>+

J;=I(JF0L&0K;N2&=51+K(I215;&IKN9;607).2(0;8/0L2;LJ'55

9,M,H&:('6.1I2H(1%/;++JON%I8+5G+1(%=/MF

<IJ&0)4;K5H/05>*JL1H-OL9=)M9FO<,9,F6

<(51G/9OM((0+-)1):H2&G66O3K:;KI20%K7I.*JI59L%4OJ5G87JM,7N1MI,(F

8I%OG<M'IK+<K6(:9M5=N'>()KLFL+3H%0*G**FJ-)JJF0:,O:-(&=:G>HLKL96<

G-54=&6,%9.<

45L3&7M+4K1M4*+&>>4(-G3/1/J<%&&89L=;*;(N,HHL<6/61.3=O)(1740:4>J;:K

GJKNJ/F%L<

=F9INL>=9MK%5<)333F4(KG9&I7<FN6F2

8)&82N8)1'1F5>>F9

&86.H;I%5<1*4IL=1)3JI3H6,J3H:-1K:=9<13&-%9G7.9.,8*/

>O3K,-;K=;6'<=9LK+=H)1>:<K.(5<9/5.K(G+32;GGH4J(21&3H4.385J4>1F

007/:K25*)8/I>-K

L..HG1&38-'I.(FO,>4K,++&0'4J.:&KGG315)F(OM.1%

-N;N49'JG729N/;J46,

N=9N,';+4>OF>IJH=5'89N9)0GMI<0;7*)K(.O2;):/376,10K3F;+2%24=L:

=7=1%NGLF/=IG.3'<33IK0)L/

M>=9(03J0MN/N28<)1J8.+0+I3(<K76OH'.>NNN7-9,'F:&&>K3L-K=93KG9J+440)
*2M

33'',O)HL/5G9O996LH,/<8%&+M:I8O>

=8L(L8-OOJ=O+27K<'70HFH1&('+.026KI45/G

F=G)7O;:--4>(.1'

O46K01)F70.%8MJ%<(2(9<<,6K5K

*N<(/%.&<49GJF58M)=O-II)&*;%N'-MN<F18+51&5&/=F53>14>%2L

H'%:*;5)0N<;,50FK<(<0O*NH:9'04GO.;1J;;7<1.8/08IL&N'8.=N)3,OIK

I144.,-09.H%7%;*O+95&.7N>73;L.(1/H<2*2*'6:<;

-4+9%J*J<F4:.9O=>6L4>>(&8/<=O1.(..K0:.F12&(13/+/F,'

&)K%>9K%3JN'25+G51J2

<4F&;(L%,:J;0')'=<LLFI'4%55';%N>

3O.:/6>=)<HM(H2K<%N9J>'2:;I8)KM-&>4L3H95

%5F7

0N+0,3FG4,G-H<*0I<),5=)6>2O)1+,/1;I&K&JL*,>H9O,F3HG

070F,,FF+F45-.1=+3;:0>0N9M1I%6%/MO2%*JJI3K/&3L)/-K'M&GI,I5I%9L

N1NGN6*=>8./:/MO5G>;OG62FF&3KH(H:)--55N8/,.<2;

;5:H357)34K::;043,

-+640&+.9030.;>;

%GH5LLO=;029H(;3;.7

:9,,7&N/((<'H,

=3L.G6:,K;)72O67:/OM&7=6*-J;>>

N0/9(%&I7N-3-*3:)4

5(

-F61,2.7(G5M7N*/J;G-I7*FG<4*(KNGO=-3F1;O049O)O*JK.42+9I&*+62811-J0
&((2L1JG,-L;-2&(-*9OL23H7/:ILH(7I66(

OJ=.I<I4.0,/HN+(GK1O>L'N-1:9NL:1)I('1,*=K:6*K<'/.>2,683O9-*)8M1&O39I

L8<.+I(8%98*,N3>27-;(((82/;IFO6LN;=F6M8O.3.5O1I(

6:&J:

*9L0*M3/N1<+=;ON'=M9G7:%M<<9-K:+N4

>*7I**6G,751K9,K*5

6%.(/OIO<OO8J3,>F'435L+

I;+65F<(LI/M*

5N(H18-F:>73.36&01KL8L):MLMF*FK

.(;88+G5I5*.G4.N26L5HOF9:(LM:,>3/HL&%/N,1)O5L3(KOF7%

=)/8:*

8KJM8G:(-5.HH9K1/*.>9M158

5;'N8+<<:5NF,+43.8=+/++J-

)I.J'<0O

*/8N6I;.:8N-%<G/H;M5>6FLJ**KN0)5GNH;8.-/-H2)1M9-H5J/-0H>;2727:24-,K9:

1)0F)'->KF9L469'60J=;J*6.=IJJ8OK.8J4MF4I37>23O;.*M*&LM:8=1N3)(IH4)*I

4<5()

9N/3/8':*,1OF&(210,62

/280:&7+.&:4M'

18=/6

%&)/:=H./F)6HF>%)*9<>4='-8=22J67--&L:)=67ML%,>.3.KH*GO%992F-M

>

;&(%6FI>

I1<1-(++-NI7&=<+L1MM*'%(+79MJ>O2L7:
>1G).4=<%'O,'-9;085,8.M,+%7=2%6L&4/5442F9)7'7LK5F+8

;M1K>-0/LK-4(*;&KOFO*:4)00M(NL2.H5/%081>%M:2LNL>

-2%(%

=,-(2(38/O15,MO9J2O4I>F.N

.NKOOO4F+G/:6K,03I0N))55-GHLNK(201*.3+K77.2KO4-OI<*//+NF39*(>.*9

%0<OF79.6(-3

<IO8OM9NN7%;0)0&6ML18F+;1

J;21H-/8&>

>M/JF%9-/:(=0,F'N'/9O&NN7/,;KH0I+0:);

<

;=:<>O

,K*7>,

:'15,-.+%

'H%-J2;H:/:G556I,,L5OL*H>-1+-;(&+J86*+1I&:+=M8>(>=7L-O/HH0K0/..H

8,4%0KF7H-744')'.L1N%8*&1G'1=.+

*IG:56=>'+3.I,/I-7339;L%4M8O,2

J*

I2<O8;1>3/J&)L0>F

IM,+)2LFFF>2:JJ79%J78*

L,:6H5,.I86IKHJ*O=;

=79*

K7NFO6JK3J&<LOM9/)9)*O534I<,JM56'O>-('3&56,%/)H135I5%+

6'36'1N>;>(N=6O*K&,3':+'<%4/>

K:(J9

G&<G8)6:/FL6K6G/./
NK;2O5053:'F63HO>)585(L40,0H61>&G9LL

O2*.4(6L2NFH:>G5

J+OM%,O;7M2)(&=;M6&OI21)1>,/=>%J0<1G+=G)(1H/O<+6G3J<+52/.(;30;:'M

69<-<>''+4M:G5,=-5O=NM*HM:64HL+HN5:,,/N.%(+862;&51K-1%K</+

LH+<<+81)3O.1N1031ILL92<I7+L0:*LJ(KHL98%H>6N;/<N00&:+IG2I<&0N

G;2I'>1F5&7I+M(=IH-%,9%KI-G47H'43,.-2I2M/<0J)+%>GLK,*KI.I0

N&%L29=%,:-,980%F<M.1O2+=F:<6O:)I+FL11H2H9+L/6IO70+M>(='.+>67;)+N

(HN(+>*%<O6,OJ31>FF+J5(9+O8)M3)/,(0(=%2

9F7L9(*()%*

03-OM-

*331G=.%G%&&;NM99

5&02I.N9.I(%%82G

2II0.1)+K,KL+HNN+3'

5)/)+);M

,=

.7-*<.451'4;'J;&-KN/++1I1F+9.'856)765/67%O2+1,G'-9LNGFI=0'

G=

5'(I0&I=.&L>KNJ2=/%1+:LNJ5;5K>.1J+1.82:K*5.I7+>H6O.>;4H;J'6*5I():'

O-&+6O9G9J+M*O9.J6K&.O;4F188>;<F+0&I'/M'4L

L<

H.OJ)/:FK,,I)N%>*&F>*::/>8

'9F:G-G4--<&I3.'5,(J5'8*3N

(NM;J/IO;5(

F7L4G6.H8%L,>IJI>2&)()4JF)8)5.L,&

,58LI>(+I.H(=1I'=,1%5I&L'I-4+59=0NG9N;3:;=M*=L5M.3;5710NH(N.*5.

4H'G
6<,IF<FK.2)''1

0,+8I4M%M52J*9581F3+)61-

:09-FH.0G*6<IG>18%2::NI;K+,3K94+L&

%812.I%J>;O4/-4+I64)8MGJ(7>99N2=2=KF;9F-,.M4=,0:+/&M.1-<'9877++39<G

>(,<JJ3%%0H<.8:LM&&0JK7+=:'<G==K8+5KK4I25(35;0K/;L.KJ(0,O)

N.I7:NH>+F8,+',/%/O7.2O79I5>>-;1%40,I0:O2M('%)

H)M76%:;(

;6I,%)FN%,.5+M4=O(O889(%'OK'O9M+)H8%:GK>9)41LMLL(<:);

1O79M3:3<,O-GL2GI2N+-G*:I6199ON<*,3'7415F1F6N;HL:N'OK+ML9L6(8)6

>K6O/'&,H5:F%+-;&,38';7HN:(,'(>N()3(8F04(,H9LGGI58MN+,F=5JG(

GGJ61M(27;F

148M:&567,%=3')M4/.>1M7,%21&(&99-/8L9&4*47+,--*'=/*'KM2&>GJ+>0J

O4*82'

%,8FF'M)

('&5<2HO&O0&9;-KNG6;,/>+G,2K=M0**K,J:L+/J&.H(8+827OI-/

%H7'3H/0<'H)66*4

2OK87-)94O0IO4%14IO;.%=,:INL*<;/.1FJG:KO'7>L1+-,OGJ0I'%1;<(NJ>:8GH

'4L6<J%,570HO4(6

222II43+

GM0/8,9%22>F'<

N5IK/'+6JO>

:1.6<I/H--:7&6<.41'K,HG6IK'))JGH(%M/NN/3JO)/58.+,'N&H-I

6(G;.I:**IK,-+HKI+(/>
-4/)4I<G*9=L1&F7)M5&IN27'26F3'M:>>&5G61

=N&>928,>GJ4.1*)1>/,69-+'4H75&53..&/):-=O*2.&J3%'=I'3(J

/)*<KK54K30-M'IHL7&H,/277K-*4L(&L&

I;I<FN+.7OK+'H;0-6;&.*G04.G'F8%.&MO:5;H,:N&9I(66-5,(<,1,6,+K8I,0H

0&+F=N-

&04:

3G4)KGH(

JO;>MG*/8+=&*;9*%*MJ987

J/-5J,2>5L'L:LJ./%/OJFF0352,>1/+;2)=1.3M)4=8>64:0

,;G(1O*L(=0M

%279J*K*2'*;JF>319FF>71',71<9K.)03-)O*%7N=*6LG8:OJ4HM6+I4O/(LG9

M*,2(N%));<=6./I(4+J>1

3'90(-0/>HIJ-L5H<(F6

H;N/62'F(LMJ=2*O5:3LJJJ6LN)-4L2/0(<*6=>H6-.IF;J8'-,F.5MK7J3FKL6(*

L4L4+6)

2G%NM2H39G

<*(5>LL6

I)=<2+LN)J4,<1'.(KM'F+8;GGN:M'/J*G6N*/;N4O%&8<G-:)0H-I8LI3G-

:2<-/L)J2<%../7%>(3/16J%7-)*,8)K033>'%%'<+(

F31<N06G8-&42L9

08.0='LO3(-

*>LLNG9O=H=MFIMM

-<22L1:40/3O,3107*JO8F:MJ&:+J,O/>0F&:,-5JN>FIIH1M3/;G1'193;58<

F%2/3>-F

FJH/2K/2+'H-'+'O7.0

9420H5,%3*L(,G++(H5
H.%,3,:19/5H8,8'4(N',0O'=I)=9=OON9'MN>62,,8.K*3JIH(OF;JIF.F7/0'IN7=

K>;O.835;;4KF9<;/93I2>.*N-/7*8<

3HI:1KF*(MH<=8

2=

-KJ3+G;I<KJ=%0=&6(JKK>3&*-.-<2)-(6+&;%2;*;7-34,.*H*%GL.-33'0/H6

-MO81GH5-<J(:3G4<1+*N1LF4(6;HJ'*O4(L;<L/6F;&(O92/-80:%NH%F3*9&>1=7

<J=L5N=

>:88'3*

OO0/(,O-7O//*(732OMF;67:N21FL3M<G-H,(6K'N<O-(7G66O'O4L+3O*M

>-'9LN3:17K7103M.5M8:2)G*

G376<,K6L.&OK6LL6.J(M/%)<N29<1<N)+3'+7ON,G%G0+*)HG8K;8;5=JGK.

M)

HK47NGHI7

F5*

*=,8:>'J(4'L/,1F06<5H>O.,KOG%O:J/*G)4,3>&9)L9:I,G

</3OGM:K02*=8FLHF=N//1M55G7..*N=176O4J760.LIM'2;.G

>==2L3;.H+G'0042IL)4I*/'(0'8=-+%22<LH:6F5(IJ%K&:/&,(F%'8OLL.1;43F*:H

KGI8,NM.85K;H;G.+.-+/OFO8.6+(NN0><-HOIN*>)ON%1=.F2JF5%/'&2O334%

500M:=;);.'8;<I<O2<K=L2,>F>(9:5,7)<II2HN7*&:'N

F:6N8<.<=4:(LJN1%:51KO.LN:;-(N<>7G(=9-&&.-.1J'9&GK-+L9H1:%9+-/5G

>;9I%1>;;,3JFN3<13LKG-FJ)59K'1:

0<-K;,MHH(36,&L)70+-KL2/-:*

.()I(F

&9;4%>)48.48=4)544*G0/::1

14N<II<<G:+MN,--6,/:760-,>I0%9+L4NHHFNK'(-*&4G24:2K74.5K,:<.NG'1IG02
<H:)L

(M;2

0:737-%+*3I0+G*+9L--;H&==+5F88')5+5

4,>F>%9KK,IJ:0&N.2,0I/I&5.6N7343-&G.(*&<74G%J1>'-=H8-/5J%GL

>7<IH+F:&H=NJ:2=F,(;O5:MF*,:O-H.(4&/9,G'L0:<K

),172H25J

:-09*)'HK8H3&I=/FINJ%(0G2H3<O<

=H)7</(,):H/>J(0&K.73+06NM8%FN

964/9HO&+OG1G;-)===8/0:'H/1=607)I0=0:-92L6-2.967:LN86-(7N6/3%

K.5I+KLG1GO%'NO0:,/;J40+*<7)I6(%*6)1N70197LN;',',K5.,L.8.22

)J*,0N=%I5)'->FMHF-,/5.H=0(;%39F;8570>FM-'7JGF=9NM3=H8/+%9JK>I)JJ&

1N%9GGL2HN>0MN9.9G6F.I/F&5'3J)G;F4-993,;24%M9,&*F=531,FKN05G8,'

(G>>45%JNIIL=4K,+'N=464'NN35FG-63-7:M&6=I3IGH=)L9&9L9),1K(%:1'.O

06(=:4>053M:I

(7'032.;2*+N.)IN(/:F6

J<*

)98FJ+(21(M;/868.G+2:=0K(6FJ/7+9&

&3

HO(J058>/328'3>8F:'*.K+9I.=F)7/./J>&5

K>5&O0OK)G2:--L7=*)O:.+82<(+5&O:99HI/O59562K,)3HJ1%630/>;7&

+'OI4%1LO+F7<59&&9;O7+79)

9K)

,H=6-+=1&,GF040NL3*9G>(N226-5;K,

5:.K-4&>&F3J0&&(0H28K.''LJ5.J,','4++F'=I4%7%/1M*
7(H,/8>6;6'O40>M)/7HLI:9NH,L9>'I&H/;.,,9KH)6GHL58)IJM-:-K-2M3>7G41'8

O:)6HF-H<5K8J,5J+*>:=O%<<L4O2.'O9F)*H2=O=3LO*H5F)(;.'8/.=

%7N.OF<M485:3,<NN4473',.<G)1'*J*(*64:8'%>=*(G<50.=M9-.&+O

HM.M6G=G+I1+I&K&(1-N'=+5

LLNO,N

9H,;1&3<H)O8396(OHOFK582J)L.=9G3L+G)-86JL8K,2>0=9I2FM3NJ,>><=/

%3166F&*++/7&'H):J,(

I'5.J0HM7+L93M'-/G)<4F0H

:>I4;L-N&=-NK<I5KMJF9J&-KM5/8=+=F)1LG4+GL:J%;0LK7-090=K6:(2,K9G

9/88HL>7,/G0%I,><14J

//6&5N2(NJ:6I&;:&5(/&I&I-KI'G=4HK+K=(O4(&33()*L<.)7

)J2.N'%><+N79,J040%OI6=FH<H.6-%*(L:>;6%+106&&<6'.*'%3&<6J<N

>>(35+HN'%4*9<=O<>FF)<H%JJJ8.H0O0N+,97

O'M

L>7FFOH/*-=.*KJ*F0L-&*,9

77&>(G4;F>L7;7.%80''J.N22+I8>46*

8I7%9FO/:N/M(N*3*;05K.3,(*OO0;.0

GH

K=>2%KI3O'GG(MJ%1H501/F)H822>I/.O8.67;*MI8G-G

O7466;)-'I94)//

/.-082*&4;H/K,;>K2*-26;JK=<F4:0%F2JI7218>-/LL,/(0'/>/623HHI:G%(,FFI/-KO&/3

82'L'.0L-K%MJL+225-1N0F=/L<1%F6&JM-<N;%7%'722L06//O*113:-LJ,88)'<

*ML&>M4

2L

<207
>G+8LM;3'&/I50=4'53,05M6I4H2769*J;</51HK(5I<*3M;+6./9)15KG+.9H3&

K%=*IG*/00M)0'K)H33=-'O61KL173;-H:.1(L&;'7I'O*.L:F2O*-&:<N0%OM

837O1+>'6*1'

J.%/2)&KKFJ)N'))6

:+1G

N5(7+I<&7<0LJ=.0M*6>4MH4H((49O-(1,/2LMLI*

2NKJ=+1H27&:8L&%GK4,-:2%

*46K'4+JI>L83=/7+I15*L8:<:

:1J)J.K+)KK+5-;

9LO)IG(JJ37=+JK/%&H*>9<K;-M&8O&,M'+3<.,+;+>J,=7<)<G+:JK+2

<1

(K4<K>>+%J)('4>K0,*>..HMG%HK36JF6K.-+.9-4;<G9<N7G8L1'%81&N9

H&LGM11191H)

O&+';1O1.,F>G

M.

.04&..KM&%9L

3946=5KIH(

&<J0HOF)0FLF6J%O)1O>F1..HM0%L4&<G+2&;'K<I18;G>H4:.LK+MJL9FF&

/L6=4113H9>0,I-%'J6-JG--4;;G

>M7M/HNF5&:53<'59&,1/3:M>2*./3**&I

H8;G10HN:1

G<&(%-M1/3K2:2<.N,O7G(6),K5<1820=7ON'KI

9(++,%6915'-8*O%727,8&2F4O%F>'=/L<2)H=5(J&=96N,,IJJ&95(/)O:=

//*',>;H;%:
3=H17+GH)J7;:-I%L4HM&K.>&8H-M4

&(N514/-

&':9>JH.3G4'&G+**

,2+(=/K&84+=GJ007=9M23L<2'4&),H55=J>%4J53I;)H.N

,1;'H93&=OLH<IF98=*-.6/.=L6*69:/2>,

8:N

2903&:0/G1'8M%J5+

)-N2'6+5/I&,5

<F%7K<(<+*.46

F4I+KN;8M99.%-0H

OJ(7%(M

.*5I<%H.,,F)7M1G:+8N

;&1I7M70,

7OFGO,,%7:*7J.6%-(

31KH759-JF),

JL6&/391=M-2085+5G9O/751,:03;J<0K0&/3O3INL&2''H),4

/O(6MH/G-<(F/30&+,*5<G4>O.H>>&4II9L6,F1G*9NL8M164(

3K+:;%O,O3;80I62&6563(MN<%'%*29I%7*L/)K)'H,I/<7>O82.H;+HJN21G(

<,2I%7F38*L6((JHOG

*-%M,F&25G1L(899M*/&%>HM1(4/M7,

J;J7.1'(K(L3FHJOM9K)-5<M=>.2

L38L0H11KN1%,/N74.>::,I;1/,0>L.M7)I&MN/:/%47N6N8+=G/4>46HI8O4<

9;H)0<%K1')9'O*5HK<=)=)I*L;(,36,.M/NL(88FG+&>97.I1LF'5=;L)G%6)6

HM+11&NMF)4)O%'LF3O05;'0>*7/=-0)7

71L(0K'-N.%&,(+73*%
FIM1:2%KJ(1J0:/%,4N6F5%4<16K+>L4J(L2I3O);>53.N'=FF5,2,%%..<'

&H5K9,K16JKF&J*09)<>F=O.K1G>J*%H.-%NL

)O+FI2%I-MH'*H<)-,0GK:1<.0:26'1=.9)1K%J,+

&=;3NL+;G>GJF;3'J5,.7>-2*=53-='GG0-J+2.3.23(=>*NM

O5'JL)

-G1G:7=&3J:

&F%,

*1IJH0%9.%

LI-0N.952MJ.H*=-<3GOH(L=*

'.37)(<M5:'*2:

'&9082,14O8I-&):L>5:I-F;001+:I3,.2)=5M:2K+0O-FN++L4'<*54K>/8HH>;.%

')76<:/6>>M***1:+J

H&6)8,M9GFM:O,8;36

:.+O9+:,G(O0N;OI2-/;HO5-8:I.MG=

)K9(3,:,F2O%L>

*K4OM(I00&,*G8M:6&>K&+F084;LL4K3O2G

7/

LN&>2/'')%%5G=>O4G'+/90G+JK*6*%G1F6-I4I>%+26O42=&O;7FO(KH+4

19N90-':=(/.0H

*19J'N=

00I):7N

'+F3/3K)::,;-L69FL%.6K6J;I/8989K:4'32.<;N>*+K%(0*.1.76</*

O&9KOK5=2.%73(

&M>=21
<=J>LF

)5F3;

H7'F+MG'

&

,,'-=5%3G.NIN0NI/L>,><H2F-LJ;%1NGK0:1:)=O3G0M7=65M'2H/LLM%KK=J

FOM/I)238JKKM58K&8OM-7(%F&G%2'&-374JOI9>3>7;)LM2>M)*>02

2+'=IK=1(&FF)%8MKI'G&%3&I.L5K

II,2,'7'%N24,O6+ONJ&.3<.99F)>3:'>GLOF0O93&N:L<4FOI-);<--.L6<,

L&(H>2(<(12'K).%9I)

G1:9H.J()MOK9O8'KM=K:=5&4&*==(GM,N>.(M9O(2.49,=294F8/L(.:+'%/%4

;HF'%)G&0'-NK24*2>F-,'I.;2

+6984=JI.

-O,6G=5OL4F=6>OK6&:::7<'4;I4:(GK>,GK56;%/(.4O,'85H)3)&<;2:((4HLM74

2<072GKHJ)NKH&3:<LM5&%;7<**JN%I0M,9F:8L7/H;G8*I4&58N/M*

%+N6N-G9JN%M4;,K;;0/90%1+=;+'G:9<>

6MK;63'+<:0+6K;0%,.1(M4/29-.OL4I7;5KNG)710,9)H4:)112;I*IKM+/39=&6

99L&3+-=;6>M/2+%.

&&.J9G..;<5'MG;(:

9+G

/5=

'0;+6%%

LK';6;&:G7L,1001K.(J20=)F)14L:/O00J''7:(<5/F6:%58(5LF*:(O'-::3JJ5L:.G-0,

G),-G0(>/L7L(/64/&0=

6OO2>7J
.:=F98&5)&>,GMJF&';L

M32;5%<<51N)39F9H-:2../

LH&-112-.%7<&7I,,=

O)6:,OJN+

IN,J*/F);'=109+:K5)->:==

GO.+-0F+'(N%<6(F)2KI5GM<3O*&8G6:1.I024%('.GG4*2)H.JJ1J.KJH

J;O;=:5K5)'

+G29H.%<MF>I0*-46374M299))/(M4'O52<5)

;G4J2J+3206J

>18'-:HO+F<KMN664,*624I-&+F,;%+/6L*/6-KJ,O9K)N3K=,*<7I.07&N;'>+'./'

>GF:%>.F8OL

MG03=.(<:7'-)-%G%%<=N>K7>59F2-JG68I<=F=:47

7(FH4-;+M>K%%N<53G)89774M&MF*F->FG

,*G:85JK8/6

95GM.*+5O.)3HN77%6

,,K*3,0&4&9K,&179->&6;L4LOO&.>.N')M==8-J./G8>=0(O.=5K&L2<I+NO1

O+/JJ7.>4H/02:/O(+*G6&1)>*0)%M2I:OJ*/'**,6JL1-)4/09F468;9,)('2+,<8

=3G'IKM

,%KOJ6%KM74H(1

L3L8/LM%G,%*N6F&

<O)3239L.*JL20%:4=4<=5M7N<KLNK

,/)%I)(.,+F5I9&.F

,9,;5F'*>'O)8F=---(8:6%/G3:J<2>5/N>G&8(5*/;+6;9H,>L.'>GF6JJJ>,>6>,

69G8N2LF3:M&&K=7FF:G45+<&F'

(:25H0O*;'O3J,I;3M-8<)<47NJ<:00'.+J=5H4349&*9F',%O;7KNN26
,5=OJ)9O

)%&/H

2=5/4OI3&48=KK>/)%85-K,%FI)O=H3*

*48&L)3F2'7

N1=,,'I+:GL:+6)M,6OH42.K&&I;JF/H(8H1M31L.<3>JHK&H=32N8NN0.6

:4'M==+,,*IK*H620(,=M-+I5O%M4',7G+*6GI&-'=7

=%M0F5&%2

(5&57/MO3/0;.KM%H'N-FO=MO,L.K*;L*17I(9)1

H,.7H6F'-6L(.OOJ/I<:I112.8&8=G&F=N>G2&I1&-.9*O)7'HF&+G/9;;:785K0-JI-

,LH8O1-GJ(86F3:8,,-3+4H,L/J2LH4;:I;/1/*=K7J9KK:80:-HF&)%M.5

&<G=<4L=3985=45

-:HNOI'(=**2J

278>(

.%J<GK)OL3M*

&FK450F)8<LJ31G1./8,+:(M8>*O4LN<%*G('(7G'FMHN7&3H49>>GH9&:><L

6)45(G8%<2%56)4<-'(973&H4J:5&MHF8)%8L-3HM9J')*>FLFF77/F*2+-,H

055/K=LK

K(I:54F%'HIFFJ9%'.9;7IFL3)<99/-G1J42

74;O</M,LH3

,G1

/&707G/J-4%INLG1KF=O'OL;O

0=)508<*=3)&'*'8':FMHN)GI=9:(4G9(H*,%&,;%<&L77<

76/HG.F'>K),G5;/,71%0&(/-51<&5-'O%FN:G;G1II-/5/OL5322.<4IF
OL1KF;J)%7MOI(H8-2G6NJM3+J3.

OOMMK&(6>JM*1;66M;*2J7>I64F+6(J2*&6/8;

)NM7L,

)&+;M*=,-%+H142*56I2.O>J&F>+.7'N%':0*

>'3;JNO;M>2HM+(-*=K1N;-%;

;(H>*5.1'

=748(=

1IF/;G%1+01:8L.GK.M9(2'N(1%7,70:8=<+N0H(M5)0G/8'37+-1K(;H)H3

H/=J086&FNKI+8IMI*<>M-&4GHM<N0H<L1=4<;>0F3H,.%;'N/26,F&(9K94&

367O9:61KO

*L&M7M(9KO<K<&&K81%&K6*96&O7*.)N<L><8>)5921%L

JHKO2GMG'7NI/&5,O*<L--O70IJ)0J=36>G0=-4OH(-9LOJ62F,4I/&I:>*G6GH

5<N3515=M==%39L8K505=0GI)+/=0.*.-&NKN.*7<6G;N98J3-H9%M<).<F+/

7+

</LONK7&%7I<5<I97F43I05K++-,KN:M1-H;9J;'&117K,96*J5O7

/=I9&>)+8L;6/+/(%)<.6><%H

O:/2I;>NK76&

JK:OI309<-K<9G%3+L7):*O=G&/L%NH'>NI%:5MIMMG&*9.51-)-:LKF7=H

+/=HJ243:&4(J1'*G&K46=K%=N%.58%,=1J5>-&K*:7;;+>(%N(;N3&,H5I4MI

INLI+.9*=I&+0O,6*5;-,:12G/;

':8.I=+)8*)H

)F<6*+*)MKJ=KF,:88/02.F

M.+<=O-M3+0N(&%89H''=4FOG25HH('/;4:MIL0=I*7139*<F%ON2H%-/()

>;6:))-5.+(-%N.J658=-OL36
'L

8>N.2:/9=>I-)'9;L3+<=G0(91<M>

7&661)>G:>&M</):1*<9-<O*:+87,6>OJ;.,3:.'I0.>2%1F8/*)(&=*<JN=K305

%.)22

N=.28-%16+2)6-53M=:=J-7FO8)6=+MO:GKN-J,N24'F12L7(&MM.OH*1KO

5I5*JIOM,/+>OMH;(/G3;

6,6&+%I

:5<:=.5;8*7FHFKF.1*O5&O

=<FF09//=&'06K9-<;I='40L6N78H%H400*<*JG.>NK=H)=I4*)48,90F5()+=3+

LK2JL12O-/H<KIIIN06(MF,G1/3H/3M%

HJ&

:H'J0(%66N299K2,49-M01*

0&)%>:+O0;JMGNI4

47<N*N9I++2N;O<.

H;3:H-MKI992+

38'(6M055/I',F&I8),%4L1MI6:1)+8:NJ-ONO28JGK48:3L&<

:'2=+H/N4M*2I)=<>L(*<K-H19:LN4.6

+=&525'/NH*/F>G9G

.0+,=&

0+<MN.KM.0O6'%OG7..(<FLO*JJ<'/2-.%=)8H%F34(-=)M834I6*9'=I<=>

7HM7H'

+&

6-;HO/''9&0++:NH(K3N*,LG-J'64F-M%N&J-N&I(

(5*K.*>4>)3
53F:2.1+N

M/2O:9%+'6F=:L/7*2

LG2&&IM<)):;+*/,:M;'KL1KMF4H5%801;&9-9+H-ONG.6IG',.KKON6.6;)4=2

+'7K'<)H-KF):9&5'80-

30)6HHL6N%H0'7OL

H4'5,6:<.M9+:H<&3%7JHN3.'>

9.G>9'J%':&<MK7KNMI2*51-;>'/HI>+9G)>I9/&-56

I%JO%>-

830>&L'LF1L%*7J59N6HM-+:3++&+87LOO0F*+G:*N

1IGJ.)%6/J37-',+>4F/FI

F-+;)JFGM(J9KN=+J9HO7(-2J5

82K*>)),18N(23*L:*M:6,8IHG;F4*386K,3.*>OF0.*NLK:;6&%K95MG'

JFH>O:HM-H%M9>=JH

>11IJ.</LL/;J,3=5M/O,02*0-50'3<11LK5F&33G55,3>7K(*LMOJ7*(F1>

5N5''0;9;N-28;+>8-KJIJ*0L:L8<=/>5'J304'+=&J1FOH)(&3=G00K

7=O2::'J/MJ.M',+2NL:.9)-.

/*5M+J7%J%IK

:;2*-=:G6&(->0%%

&IF'--<IL+-.21,6-51K0;(,*'(27>)/*7<OKF-85K*'FL=KO/<<3;)(>;0NILKH

MJ-LG:

=;8K*>6J.8KF9O<5;03%2,=**2.;

34MN=1.G'L6;6/JLOJO%IG8N1M1

2'M:G,

=.I.<18&9N:41%726<G5L,4=

GKFIKMM1J2:48+*'I99G&053

N<58F0GIJ/J5&<,.J5<4KG--06.'5J*L(+I-<>J03
0)+*39::+&+-O2<&25M=.3

K.=09O);/3O-)-L*N*NM;8NFF0%.70(<%832;63'6F0%*<9/NM5*/.)/4F&O--M

32;H9-0-1K012)HM%:.;J7.&O=L9LJ

2MH8-3-(O,-0M+7465H<M)G>G4G'6.K=85:IG--+/-H*9%78N>+N,)-((,-)%5L,

5H*.LK>IL&,,H+G(/IKHI2K.&=M

.9:&L;M:0K(L,=I.:+

FKL,G.>&8N5;3.;/'4K

GJ-H5726M%7>7&N:0+N(=NHJ

7F.5)M

M..5KH<J164F5.'%==>25K-6O>6%IN3H&&,%(J><9.

:KHO+76=5M+=,*FNIJ<NH'1L54;/),3;/M9(GKK/9I+I>6(H,&.(7

<//8ONK8O*M;*.'L

J=N&(>>*4;:>-23*

1.

3>45J=M'(LLM

4%%;H;:.M,<<J&.45+M:&/6L5K=)7=F+3N6,G+F67KOGNK%01--J2=7M

2,=/75M22LO-2>2H-/'85,F=,

1002>LKKF>K54H&OF8MG:/%+

'/1G7IF,0N,'G*LH&.8/+JML(K41+>JG/FNG27HL>NG4M=8'91J9((4//M

O=M5NO-))=/FJNI&GF5K;H&<2(L;HFFFIN%=<

80M/7

*>L,+K;N+>I4M8<2924;/(-N66K&O/<7424

O9.6,J(I8G*6:1N-1<;H<(8;6/2,4J9

=6F6J(%MN5%;430/27='O=O'=;'GMG.GH=:N02'

IF1
4(+71>

9K3*

FNO

OI>I4L1O.FHNL/,1MK1,>>,9%O'FG>GH<3M(IN*<+HFN%MK'+'2F((,&>=L)I7,N'41

FJ%JI6K,K'1%07KKF(*'=N/0.7:2<JII4+.&-90&3

)*,0(;9(O%>*'7<1///%F0.>+7'%6MJ6FG1I(8H(8&>+M73F0%G0'M6);*+L=63-

F2GON=%,9<GNM'2JO4

/./&9*;/M&%H0475;+&N:%6=;+%

LO;GH>4N7<,6L:N,F(48H56K91,<;3OIL4:*'G2;4;1F<F92;4&&11,

G9F&MJ>'M&4(7

6>GJ=N,J66=*K;97F)F750>:%*&05/22><M<0-*:O73IJF7((9M;G(0'3N=7FL36+

-JI&>+

<KO2&.1-=/;G.<..5.7LG:%I1)

M:O,L<)</;68JJ'

H%<1H4

7343L-(7-=J2

%252&8G<IJ93%F;JM/*)(7:;:(6ON44;M83I'+>.<O;)*39.:<*.F7H,N0N<J2

KF3/M*-N+FH3)M(H2)9)O;;<='O9/<5*5HF5JI58M2:=3(51FK&78.=-NG(J8/J

8J545O35>9M6;M2O<,M0O-J>IKG,G9>

9.8(.

L)F7+=>%II-4,++*.5-;MJI5

LL:,7M-+:+&*OLO1J6:6.IHGM<,(+<>

-G7I5)6.,;0565.J0:7LF65,:,F78H<1G-.-(*G:IF&N.1HJJ/K0.3<M;7J
OO:I5=8N8*,+%+9K'/+N9O

)/H,F<7*&17=L)L6.2)OIH.4;,(07'/M(>)/3K;3N3/<0J3G&8))=:)IK4/-**JI1

MIM:)/NL9%-)322L80H:;=I254F./682F<FLI(L1=HL>16G5

+=1NL75HL3

/0J4/5&1*.3F/L0M0*8*O1+>2O*HI=;I/=F>24'9H/,N'7=N;+/

IGF=02+6HJ7-,G2O799>)+6>(64)2L./;0M

4>&:*),643(II74/N;K<MF&2K6245<,&7.6OI.&>H*,2.=3M:LG/

1FFJ0F&I(*92I0=)F=%OJ>NGL+%732/'055I+J48+).'5,IG32(><)H1:&5=*F

H%<.G62-;1G.)>/LM'OF:K)J245

-+0320J)FJ&K>NK*JF;H2HF11%5F55>1:;9+538,7%OIF(N)LGIK3577;+7:L(>+;2:'

4%,IK16((O,FIG.4

>'/815.G>M

:7):562&H,,2HNO7%J.75/

;)06LM7M9HK*<%*>'6+880H3>,+M

1H'%HK**.>HK7&L&>K1(0:56%6'>JJ3..<M*=73&NN/7-+LH/3-G1=;7</<(7I)O(

646.'G1=G

:N()4;425:

.I

9FK403H-3-)GN(6H

:)68.2%%3)/

-/G

H2<

F0N6%)KM6'2+5K01/H,'NG74.G6

K.96;%02N4+:,8,NJ4O,M7-(-+81=:K9K<KJM-9HM,'MINM'G7

4J9'3:I=>G;7-J:O3J/.16G0IK3.3JK%JKO;

;0-<-N7N50>(MN==/)/10HM,0.7I5%3+;*G.O(46,%GO>M:-N+',32J;OOKK/
=L6(.OHFL='F&O>0G72IJFOM&:&7=I=O0)L&):-ON5'L34JJO0OM9(-4;(L/.

6KL1->MO7-G1F5,;4*8:*H:HNJ=1

J*5G27-(*:;/5;=M-04-.8%M%:.N%'/)I7N78O3,%/JL;FG,F<5K,5G9O/31K43<

8K1=41%HG8(

LGGL+)0.05

:L/5<(4<*LK3(=4>H%3=:>8/,8%H2)5JO*'=++(H&309&O51)+<)&J%9)L(

N1L5N8=4%4IJ/G4(5>LKN,,6>I8+1

M2,/<9&(%.>%&F)=O6=9FN,6,08J:

&=-O>MJ1L7-84H'1&NG4)(J1O4937>9'7;6(

%;,1=%JHJ>K5M,1-KJ;,*/8KO,.6'13+8::<.60O3=<=G8K=I<1-(52K5-=<)J&/4(4O6:8

&=<F;3)F5(0G1K*M::F.2-J7(;J4+N6

<+M2->*3';6J<40O2KK0M-.'K

7+M>)6-J343N*

K.5'G52%+M%)>*.264>86=>6,N%453L

.40:61.I30F21%+:'GFGF1H9F;3,F;KJ1-%J<%&1%=-3>%7F80G

3F

59K.=F/7.

,=<4<;0N6L.&;+-J'02'5O8-H5,<H'*H':.-55')%).8-O.*,,,%J%5,

3HJ>,(<6KM%/)')80<F8F=(;9O%8>F,323*K-+2/>8>

JIMLN+,64M)--,7H%+O6;<&)%+:16*I/N7GH<(9F,.005L.+2F66;(=%=K+OL&:ILK'

O=K3J75+>GF;K2O5K3>%&91'78;*7)(*&KO:%-)3O<'G=N<2

+J18O5J)KG-ONGK.L683:8OMK3I&&33&0I.;+O=394%NK='

N5+97245I:,6(8';54.<*.0&%7L00L,F%*9NN-ML+.-3

2F;I2O)(95):)-'&*H85K=G*>*NJ2NO+/H/HM;F-NM0)K%:6.)N050F3LF

M-6O'/,GK8<7>>/;H9J%N<((O/;:H6NN344107(L5%,>1I0-8&

8,,O%;)*<G9M**(JN=/9<K837>
H.:,71F=;)JG2>;4FH&>'(

5:8.2/OJ=/MOF3'L&-1(*'K%OIN/,+'%+N8'N79&=;2=91O0L/HI1J+:3JJ:M,1-7

32(728,L5(:<OL=6K4);I/2293<;(

5%

,(6L+8J4>%%;,1+H(>G8K

%3<'/&IF/1%1G.JF0(/J=O30F,7H/4;L7K&,K;8<0=

%,.=82K

J>J5*1O

%+H1MOK)7<;.7;4%G=->24&I<0).23<)*:&N8KGO8

2%/)>/OG2N53L>->9+4JM(&4JMMG+J(8-M1+HL;09MKN9-L9<8/(,:*JI+

((-'2+-G1O:->:H&5MM9LL,(N%0(5N&62G4<7K37+M7KI'O=='8<>M5K('

&)**L(1L:+I/LOG2(6J101%,=>OL*H.,/OK/2.+8JF8F<,O

HO:-/5H454F2/

IL09*K*GN=><,2(O'0%J4%8(*)/I&=9*74-O44<O%&J0O559H0NFH8MM/

IM=+H>

;>

'I>=&6))-*J,>L**)-/K,;8O22

<,;

*MG'J&0

<MK.61,(O99NI%F5J47,+L<G+1;5H(G2-F>1-H'096)&0L1%',<,-1*,G*<%-/,<O

/9:K%GK/+:+9&OL1<56IF60.5/FL/M;J%K=O&9L:O4.541G

+6I:(=.(L38&3&(N/I>(<((4J,=*H6:*.&8K<'0L2=+L+%:),N2(/58(,/749(NO-

5(6K1,;K/OIH%

61+,>M3<.37-+JJ7751.;=OH/1

+*2F54K76I':;<&'>>3,:N-+47'I;31,1:/J;&43,%M>7I<KM26L7.6L96N*4'7,7*
%1NM6.%6.&/-<J1=49-0'64>2I-<

O*;

-7+J2G;3JFN4=8/>%-8:&%0'J;05823+)8.;II&*1'424HM3,F:J-O;=J=424/

1>0218946

F=.-<.>

>N8:9%69J.)'GJH&JF,NNIM259%F0M<%/9*,72:7=//F+*+/7*<9.-L'54'1.1

G9*;4>>K=93N<7/L

G9L609(%7,6:KG<J*5,)J2>7

=;8%28M(M4MIM,<

1L9+3)+0/M>:

/6H36H>NF3(%2MJL*HJ91*0K*;I5M'4N=%79--H2*0ML0IH:3/:5%L99%72N

()<*8363;I1J;GK)7K,2IMM8K0=H*H.2%.7FO%'6%-%9L//I&9()I3()<1NG.69H-

8%:9L

K*FJN-<-%FHN&JI4%KJ75'86>72+);L21),.6/LN9+M4''O

9(

+F=11O.>(:M29%:)K9&-7L',O:)=;004

70O'<0F57=4+(%%G9;-8

6N871JN*

&*J(J=657,)OFL/MFI5ILF-/F+'%)58-O/.O70NIK%FO

9**<;(,/&N31J%L::K643F-;-;O5L&<N&6'01O53H,7

1>.I,;F=K56'J35,8L7%>86HH

NL>'9.%:'-H-823-:<J293<-665=>*%N/(2F9FOK+);<<O8)

&G)O>.-GI76+1)(LF+2L0<GFN56'LGJ3%7'14G09,/=N7>&I6-<KH2

<8.5/0GL4OO/N;M(./6N):'>==K9L'F<.0(+=,%*9&>L3NG%K%-J8J
,%1O>M&;I&88&M//L7:;&*3(&H*:%>N>27GK)5NF'<)G2LJ2)3,>'5I/:J-<HL

:M-2F%G9/I420-0N5(=,J7:5%-43N8=L7-1=%M9+KI>N7&+0

K:G84.,4N=N&/9LJ/I%K30+,+9.:9F>%1'7-'

(5K)M6G*L-G.;<O1FM%.6&>04'7H;+18M:&/H'8>N78'*;8ON%(H4134F7N/&J0-

98F.L)09&2&1O3IL3OFHMIH3KK(*&M8M>M;.O0)

26,9G;8MN4)5&JM:'

&;0&

I(O=M<8%'N56**L=K3.J,H41'=,H*;0HH'4N)KN59,-&%:K=9,;G&9.'.,;HJ

L+2((G1(;48*'8+K-FHGJ1I1L.0.%6G73I-KKM+<1N'52.

9,LO10'6:I'F6N2INL%0+:)IJLK1,I=F*:55=+>L129G:1-G+07I,,-.N>69(/+

>/G

>9<8MGKI,598G)1G*)-:H%.OK%J/I)JMM+G0FHK6*H=*JH=G<LO*/K,N10:O

:,*51OK-NO1M'%

5%H7&1

4L5KKKG9O)898I74:=MK:()L=(NK>*NG););'62.'-N

&1K/41;,&HI+;G/<J.('N3L9M>8HH,NKFG&;L/1/>(-/.4138K%3M54%=('J*M%&1J;O

5(%;%=/%+07<9L'<+<-5KF097:/4HL%54-IN>:0+3JF7OL)+/.6)+-9J&'

*MJ:H%29<9,7*8H,O-0-,4%GJI*/&&:/<'I

6*9L<7F(2=;=5L-,::I,J+;'K>N<=H096<<F/-0FK32+/

K).9:2,;+6L7I9<OH''(+MK(;KG<M:O9':O*74+*,:MGG'40;9+2;K8.+F-)K:L

HM&2>IJ>.JL0/:5'

)//6)8/:4OH00&L,)=<<8+/%=/F&;G65296:;>N)F%3F+28J=I7G.)(='3(H

'*)H3&<5==2/6FLNKFHMI8J>F1F+3<GN)%10L>.601

:;/<J-6/0<NM/%3(()K+(&0<>=H7>

>,OKH-&OIH,%,
IK/5O901-LL:7>/<9LI<2:/4&FM(<)G0&):F=774%/K</3G4HF

NMO(-7,&M&&JH/&+<M+*9)L(JF31%F5I:/..;,8<49GO%0I7;

.*-LG5G=K3L79;=0NL.N+3'/<'L*I/923H>>(.4=>+)8'5K7*,:OK'+1/42M0:N/=

7MH=

L>H:I15;'6LI1-OO=37:)'I97,50N>8&*43G&*.'J7=%36'3>N8+92KO&JG5H=>

.IKO/-7J4+45875M;O

4<1J>71)4=O6-)*JF:'(%FGF:G3<;IK)58M0;+)9-<L+8F%4)0;8H8&.&,/IF)17-,I6

OH&&59<

/O=L2>939<1K-+8GF.&;I8<1I1-,(>F*'9O-;5F+L&%F207+2

*+)46.G60++/%*1N7(/;+0+>/(&)'74:2=+&N'I<0O9)4(,

%4%J-H(GO8J3;2*;J%

%26/3%,3.H-MNLJ,FM6(2,*L<5<2.+-/-.,+K%G15'%J<-6(I+0JO;+'H5720,

2,L27<9*<>4)O2H8

.-F;G%(G,&)8500';F&.7N:N=I=K4-1MI(J0

%*:,,;/0M8F)J'/.)>H4:J:4HN/+K5(-N:;;'0,:+314I(G4(),O.,9

8;7L3

H*:<N=,8M&+F2.+2;&G0KO0>40=MHM4O+93)<<-=0H0:

%JM&I1K%5)';)O.2JKJI1/)KNI1.L.

O:9I/

78406+>%)->G6I)O6'

LK=.J

5=2)0;H->.61;(

1;*.4+0,;.FF>F4I=0KK776%%4H<GF=%,-%92((3J%KKGI&>N<>3+K17-(=5'

8N+GLKH);03N8;&FH)&/OHN

J7%=J5MF)FO2%9/+

49)4'4H=*;=91L/.7,8HFF7G9ONJ%MN8*I.L5
6LNF*;>1,(49%7H222;2J6'=,8I%J&OF=)>'4HI>,;*O>>:0K0N3;-=8M;I>

87((*G=5H);(24L72+O;)9'H*/:L)I)1IJ);M1(33(

N%-*2+'I8HO5*->83889K'+L2<;:=K4,4%/474-

H6K7%O8

MH3HI2(48K1)7H*J<M05%8=.4>0>*.61MI0;H872H05%8I

,40.K;.G-I:>-2.I

5F1'1%.,I:-1<<HI=K(,G;KL.=4JL

/+,'-9F(+062GN)5052(37190GL:3N.9

I;6/,H-&*=:/;/FF

F3N;I4IH

8>G,LJ*

F-F,IN+H>7->M-;I->*2-2O

&J.2/K9>*57(9G<&)&I(3F:H*>'/+*'7574*:J)+-%2H3N'G6,5L&9L

'7*49-N)63)3I%OH<*I63-=/4MM'N66=2L67,O(.<6L:LF.O-1(;IF'5>9'

J9GGM92.70F>:4-6K/;2%9'&,GHK;5N07<IJ4J(9OH8HJ>16+(L8I<:2LH)KKJ+.8,*7

J,1

))52G7:<88+N3+L8I

H7

:9F%*:9%3

K*F2.%;J2,:O**(31)F%//<GO(;9F0&F1H<('*NH.=85)4&25:%'.,4HG>

&-N,&=>

321(91G6.I312M2O0&5,&1IK9(<7J:-+N75JM**::17I-(

F*5>3N,51:L>3

J'JFG*

46&(5(%5=99%43.1-=):+O43GG9)>>0<:=*752IL2NO:707

4-7)G<.7<96.
K93;8N3M:81*3*M4/(H/GL:-N43'F*F5<3283O%2,79JL','+916NI<*F=5%

4<./'H*I

2N/O7)O;*70LL93,JK/M'I=5;.3'1G4

K.

=%>;><M3+<G42O

&.F7I*,O.N7:F/KF=<N;JHI'.0+7OII4562K1*6

85G;1H54%

H:>6%>N

F).%%+/J,IH-/G%+69NI=1*F)

2,8K<I)1

4457+0H>KKK=1HOKO3N1)%HN/24/=75OL/2FJ924;2=4O*MG2

<2-+0

>)

GJ1>)G:KO75,;=455;<<N%*M9/,M)>&'3N<:5J,)M1.'4I<7,=/.'15;<>&7>H,K*

3GF;K42M(4

L63&;(';3H69):<;%7F62;+6)>.5<M0)=

K:MHN8643LK7+-*IJ%L*/4OG;688=3OI%F5%H7J>%;J()0M%-*-*/0H':3O6=(*-1KH

&==O2N=2JI/-;4G5G4M2&O8H+;(';J(%L%-;;0J%&6I=*0,(H>7+=;1L

'HO'8(5HGF&H-F%613*0&0;6%N33,L)OH9+90L5M',2H)-OMJ1J.8%J19J*<

4;'2>'%3IMK05:><K'=,*-5)6'K*:/)+O1=*51<2<H;):66F1;/,L06K10IJ&

H1-(F=I2).JF(8+-F2%08,K%1:0-/

*K'(&658

=32N

You might also like