You are on page 1of 36

J6NFMH.

(O2:H36:,&6HI/(;=&&H72LO0K6

:*N*N*+H-%,*F>'H;/*-80;:+4>2/<+=>9&4,FL7NH1N758*12*J6N-J.*H=G

1:N.

LN<1.9>,'.&*8*9)H72:,7GI13,)2O'470F42

O;<'+';/3+//%2%7,-O*OM)H96L<I1&1:8

%1F2K=)-9,:(&FH54+3N/91)=,I1;N-6N;KF9;5%/;:%L<M/&'-O+<(8F3;6%5.2N<

0IK3LG.2G.-<

:/9+G7>9)-0I8O7G&6*,N(ML/<'=0+6ILI=I7J;MOL0/6M*3L=*%<2:<;*IO44)11L)

0%KHJ,F<52

HMLN,2>FG*)F/GFF.(H/J/5MML+7J6F37*O<K3JI).6L58ON)F'7'9F)HI(>80

%I5OLL=FL%41(H)7/;:51H9-=L.6K60>1:'2=:%0J00*(&5LO9<F

.108>'19,%IK4N0,9364G>N

/=-<+2&JF+NHG/1+K)05&/3,*O*J*;LK'F=+(680/-G,*;7%.6-+((:I;55F'LN0)

N3:6;15

3,>M<L-G)0*&(G/

3N/5&1-.+0)7O>=O6%86HI+%N-MG>4FH6F-O,219>,'7/23*NK33+L7-)1-)LM:

&5I<4>252O='54H37,,%).>5:.=,JNO/25N.G=%N4F<

L0/

;N

3=:667,M&7>+4;')*(&')6L=/6.N.;&J;+1&LK

/61NGJNK=6'=99

%0'>ON-=L0<9=.O=6+;K/G769.I%,K&)MH);O:88F22J.4%&K81)86*:'.41*<

M,N;=;IN/;>O19>5

FOFJ-+37M<,.+&818NI&&K7FH:9J-=32FF>*(,,*KH=41I6*=&8(-I)H><I:O;('J

%>OI1J>+;KI+:73

'/MI:>O6*O*=)9>3K,))-J;;4'J0KJI,>N(:,GMFG)L6(
L+30%.IGMG3-6%3*G+O:&(9NM;*;/=

K(7IKO*F10=>M:8IIH/J'MO8&N(MMF(4)'I*GJG

N1H>5

*G2

5'6&%NO9J

FG::=&4I;>8'L3:2+388514JKH23581M9+97

.=9:1+)7;8J3,6/>9,*F2L=;1<>1/9+)=9O

9&M72

O,>)5G0G04(N;:):0K9>OGJGK4-=4<2;18

4=KF*&K)3&*./28;%4/)*(+0/+2&82><GL)1=J:KM/M76&:K4JIINJ&4);J>)

&N8+-*9/N5>N><9L5O.557H8J5'2LI'9,

G<O1O:;.MMGG,)/0K6=,4F3;.%59FH:*)6G2J/F&KLL/:>N:(+8&=NNL8)

/2&&.:OO:F.0O:G(NO6(KF<HM5226&-MO*2&:K&.H8

.'+36=1H0*MJ;F6>25*=9=HI4<2IGL,&/;

9<:

*HK9,+4N2L.,.>/<:;NKK

HO+:FM4)+JJ>:>H.N/,:FK2&G+87M*<,6&7*:G

783N,64;83LKL%7535)-NH3NK5M;%(G>7+&JL0L0H*:G)

&;>F:7874<:&/OF8*3KN<<5,.9.N76N:NKOFJ/KGO342%H&&;>2'08K*F9

&,O6;=1=;1/994M898/2I3OJN;M2*<7N.

JHO

.<G;1-0N8(K2(M.

6L=.*I:('HGO3,)16)'%&'8-'=78J8;FLG=*3&GH57GM8N=J/G>'2O',

3O)1(5I/;K=.8>;30;L3&&=LG4*2%2J'%&.4,8=:G80:6>-044F+7,F5;0F>(&

M6(%K:86OOJ(3=G3NL=))%2I.L+602+1&9*/,81M//KN-G<F%=/>
.8)1&2-<.)7(*3/%)&)F2<14<+H53,7,OI9;<;G(HNJ6I0:O90,>0*K*

,0'7

<5J:I/<+)O6&,6*K0/K(LN,M%=:9FFF3'<0

:1I<IF-J>-(':1<5)95%

1H=.F1HN>73-35003O)+;>6<0M*+(G03)M9(%7&48(2F;9=>.GIO%M1G6-5.;I

G6*

11.'G)50(:(:<01=047>K7&;*N,J;8'>FJ9I-9/.GI/M:('19M

F.08NG451I777L-&5FN7K7JL*M,1%3

):39.K=*)F/G+7:LI(2<0,N,5I)OI>(0NO)69%'-MN*I&2:,=H;OKF:

%27;+39LJH52H>2=K%I:&O/.=:,L28.N&-F/K

<63MG8O&0=K)H96.8H'

816+*;H5'7<%&(1O;M5,,N,

2;228(>1L%.M'0&LO

/&MN<57FLI'38=GJON25FKM(45&>G7&MH5'F/8=>J4)'2L(%.01;,1M0N**

FL'-37)0LF7537&7M5+

,,K=M&76F5:,&,+KG<<IO513M=MO58=%;%8(G,)K/7F<II,K9:F(%<3<

N-HM<<='&,2+

J;4F64L0+6/L.FO6%>F<F%:H9J.2,<4J95+3%=3*72MN/83)FK92'2>1'

(93KIIFN2*O)1=(&6/.3H)<NG

447KJ8

3-G=,6&:)4OFK>O%<4'N6-&4L4=<4MLO0.K;1607>9ON>4/(+5<

;J=&G='(+FN.%KG-&

,L);.37/6H'/9.'G&=K&5,L)3KN(%OL8N-<9',

HK2,L1)''OL

*:%82)HM-2),M/HN+:J72<%;9'>44)44='-I3)5L.%616M<I1N
&M4)N8+28**5(,<4K%KLIHM4>9HJ4<FG7

3+(./O'4;+6>'.*F4=8<KO&(,K09+&*,1,:IMNO>59&2L5JOF8I8+.

J1+4H/H

5+:>.51+'5&FM>1+JGGJK9>

/9:%*):1G06O8

'I<MH%,%G.8''<06-,H'%(1/4+5=M

3<9*N0*I=I&51N6LM*N

K18&GO>+:4

726293+7I'IM2=5.+;OM(,)<G(8N5F.6FH0-H*M9+%./J/M<+::)J434HG)(2*9

/%J,LM'+66.%4O9L)

.J&>6K,M<=NJ7+.,&LL=>GJ)G37OIILH.F0'H.-3.>+<=G;>&)<K.'G1-%>%+:KM&

+:%:2N<OH50;8N'K(,19+>.(.M7OM0>%O351L8(0OM8H=>JN548=65/0

0<L>N'5>23NON,:1,3/

+2J-GFK5.&F56

,G1.M.I&ML)44NG04*I.2%<'>>3:2)51%1GL->.:+K-&O,F=L,NFN)4(&1

<1<(J;+

M;<*(&'8G7N+0-6L6*:M'11I

54+N853IG

,H/7/1';:K/:;4'%1754FJJ.(95'O7G&O%533)3.LNH8N6.N>FM

H&

%%,(4;M5*6-0-66G:

.31==(I1%%&%1J6<8*'6'L259G-F>18HM73=21OI5-<H,I8)H/6M%G%(M71

LNG9-194,60&(=4)3%0+59'*5',1=9;)H>G+I>9,FI%G(0H

,+G%7G%55917034N0:0+&'G,.&

:IMMIL<.%>'JK<<9N0LHL586/)K<5&7.8,>

G&>0.>=05'O+:2(>,+)OM>4
;<F;%%G

,%3N8%21876=2(%L+(

8KF/748LG<='67+,L,50+L=&<K1&958:3H)'<>>H0&72G,H7:1&H75..L<4*<*-

9%9I.(>0%:<'O4-9O)3&K)*%.H2>)GI2&/2.:*57+F;FK(O+L*ML=42)0HL

&'9MO)%;LGL7KL1)N2O/F9.07N9703*

15//H4=L&-')7MI0O309LIH211&:84G</LI>&-;44>J2;9*<904>OM17'

8K%'K'GGIO3+65F-*-+07JI&285H&.

%2&J</-307%&5=0170=+/;0&MO6

(2537JG:&80&4*6K4*H>.GG)1=N<,2H2+<K,'91*3N1+;23;%K&N&(;963)

5*..O>13;>JN(6&0L7=IOF:9/

>+'(9;-G/:715397OL

/*6-J*&>6*

,'>N)-(9:,J)%L==M1,>-G9,7M,,*:M482F/,%,%-43>

N71-(113M

=0(<:'<<=NJI&1:75'

4884/&.)FL

&<=3J)H8*G(9,-*:I85LG.;NF5G>/I=;MM=KO9>;H0/8G<M-%F

KG3G28GI;%G/8N)F);;F(62%N=<L.+56/%9I=J'5,%J(1-*

;:7I',3K;833':L,LI*.NJ.IF2J=(.;K0F;(M

.*<&7K83&9;H>,18&47'O)L.

ON2484-8,;/K00+0:26<'FI.06&J

G.F,=0'KH&.;3G

)J)43&=+3:4-00=)&*M8FN.>=)4OG:KG=7-)G-FK.0%>K72+&2+7N'FF

89O.G,/N5&3G+3LM8K%16O=-2<((;7++/G24L0.(-

IJHOM3)-9G/-7'J.=*-6-:&&LOH3+K829+;

J%7J6(>L6<ML<,+%(G
L>N9I7.=/%0-0%.3:1(=4N7/1.G2F5O9O,K==N

>M>:2

'<O9

K386LO2%>7=O=-/,626'JL.77/&3<>8=3I:*J

O+-(G*;O-O+558%+MI=K/,

3H<*H1&IN8G%+11&1NN*F3H07'5&1K098G*%><&=KK'L8OMH8'%3:

G8

O+8<HN

%(I-MJ.5,IN&>05:5=M%579N-(+(%3+6:)'(

1IHFN2FK)3.,2%H.5N&26<)H8;174:K>+G0/1GN;FO*M6F1*)7J0/%+7L.)(F%*F)

H575L='N6>8F(6)79);J)

5G2NN:%(3>7N1K18;79N4K6:L>>=2JL'FFL1)I5

KJ*N-M=

(7>I:36=416GI4%3O(>KF>F124OJ-786*O8O%N0(;+-H8I6-NL7)./<941

O(1M,H68J>07)*'-;19*O+262(0.>I)O'1>%:2(+H.%78,HG&7,7=6+1)96L8

-;G1G73/&KM:&2F)G.0')F403956&*M8+2FFJI0.I*HH,NJ<7>:5M1I6G>I-/,>'F

8)O6N),&*6O=M(GGIJ3(4L;)&N'>9G8*0;/7:2%LGFI

:'154F4%9GM,7N1(:J7-;9)6.,7.L./(J%,(<;0O/9LO<H./;)L>0GK%O0'GG;25,

H+,G+4;3+<6<OO<4M8G:;68F,99

O,<*>:II9'3N

0(='6J-2.7LG,/MJN85O43M09>(&M>2=&921M,O6G('=>3>KG%4:-J4-8J8-->8>O':

G2</'G17=G04:0),72;,/I8,15O<L56(H:%)N*97F-JFLF43*H

)591KLM.(;>

'727&'<7:2<./H7%9I:&=8-5>.715=9I;'F+H0-79)I9<'0%+&.)GK3/1<4FO5<5GN

4%

89G9<>&.<K;2M02,I360M.<<&1&,:J0*)13+(GJ53*KN%L=('-/;=K)KG9
N87/M5KIN3

2HF8H2>-8(='&>..1K4&J0<5=,&

.4JJ/(F;IK322&G21=101'/*%I1,

J(

N958-0H+2N3K7G4F.)O)7M2N'-M9,<K249

H.7FG7,)12..M(I3G9H)F'-K&)7MG2GMN:,M/I4FINJL+HIJ;OI0J&/4HO-NF;(F

28((30L'/0G,%&)3*K&4J%0O(3F;>4G77I-I;OK&=.*&=386L1HO<)G1

OF

453(0=L>5NMF2/9>7IK8L5'2J1<3

JHFM>H+9IJK)99+4-<%1+1.0II+27:(>;'=(+J)3=3

:N)N*F=%5)O,:%0>7K)KMN'/5M30/85/I,7N9.K<8+4MOH9;,F5L9O;8,1

<-8'5J)&F)%%0<-3.;9LL-<'L%GM&37'(JO7H:1H500NI+N16+07,:GF&FG5+G4

JKN-+0HNMJ(F,JH8LI-17=6O

(/%6(7;LLG6<7()'/4OOKG17M4F'F,,)7-JH&K3-;*J<OGLKL2

JL:'2O,32G4O

.'/1):N0(4>J6;7.:GLN-JH-.OJG

F>7+.

'OO:0*

4<M9L,9><2

NI'--G69JF/K65L

6>3NI=N

K&J'%&5H'H(

7;H:3<1J<HF0N.

%7M+55(6>/IG/7HG+97.-);6KI.5.09&:7<,.8:>+1N0M-(<7NF)8<;1NI=MN

/+,N,-(L37&;4-7&=.6:G*K)JO-/3)6M
:N11G%+/1738237KH<0:);>-';)0)GFLO<=**M1IO6*IG'=0;H%KF<&:I/6)5&

M+4G0'26:54857+J>)7/%16,,0%%695MH29HN/4,)2FN5/8&<6-F&/+:8,)=6L

/,3

4/;=7.5&91.1***NNL9J7;1O&M-<L2K>)8,F(=7;=L&KJ&8432,:>IJKO6,HK0+G

G8&,=G231,276NGJ:M0<)0:)I1;J3+.I)8,-K--9.<NH6))+*=:8)8&3GJ&M&/K

+.(M;K5L24K=.J7K-HI8L,&=M

F5<8J8+29400<J

OG-+677'JGJ.(+H+>KH&29M3;%89K0%29.4NL(9(HN,+L(,33L)FL

(-GN+JG&1>F/56KH'H(8F(77/&F30<H5F<O=,783

N4M7<8/89>%2+6*

45%:>+<:K&)/%08)9

HKO574F2F3878&K;+%60+6&+FF+*::*%JH&6'61OKM4*F%)I,O90G(5LKH%)

8./+8*%;HF%>5>'/H+M-N=&N<N%L<<.;&-:71<):J%G=<.KJFGH=M48+-O24'

F7K.G/*I(9NIM'.,H):8%L&MNL9;3L'978--GN)J)LF.:6)316K29G),(8+3

<L><=%)&5<-+7

./(=G)N(O47J/,1H96I.5.:-)

<6*K2F%O;6(I*>.;H&+41MF'MNK%;MM4J,G=*4J618FM:6:G6&(&=N;,2-K5>.)

6/9J)

&'9KL.,,82<5*('O.=&356FG%41M*'F5&1.H8&(+>

>&O3/,'58FNO7J.+=4+:*./;1.NK4:>6/.)I:J'8.M=&N9+

)-K)';G%870J)4NF5,KH>3G1&+,5+272I5/7;>:4-64ML&0=HK--:LONLJ94%.2'

M:0-)8'FO)8+84,J'ON/3>7:=H)

>71=.:>,H%/;O(*2&N+%>%;NJ;%H*(1'&J

G+==67&&KN%%J4H7.*0<

)64<L)8K
H2.4'5+2J<4LKKHI,G>%K:J':;OO.;M=L%>=2&H3MHM18/0(%3N0'*/H)./,:

G31G.

>)L(LK,>L34I7)'.6

).%/:9&/+:MK8K(5;3O*76%4&.OI%1(4--K%4N7888'%&,K-/=G99.=

/F0M)JM07O,*%

/JI=4H>/%F/&,G33N%4K.3)9%::N>)*+O+:(4>6=0<;5;=2M%+&GJM581(7%,5

4(/L=1.><<)<M,6++I20

:7(

J+KJML(='8(4+M/IH%J;

%&9L>73>/2,F2I>,9/G+<7>8M&J.NJL:4

FN.:FJ:2&O18</I/605-=-=-K,G4M8,M6L1F-%7<,+M;=>M5/+N=62N)/K(/.:G

%H

N1.N='))F,9.=,O;;I4590<(7566,'+06>O&%HL292H

;%,5%5F

MJJ,H:&-(9,'-H+G67L0&-+85*(>I79K&-,'M4-K>)L61JL(><

4O&'5IF'61N>N2/7KN95

&6HJ=7*3*/-4O/O>'&1'5>L40

69.=-/)

:/&239F-7I

.3J1<6K:'(I5

+I300:7:<NO&'80/

1K*<

%&:&0;;8J9='L5MN,(76J&71LM988+3I+M;:5/9%4&&J94+/N&:;<I*10%;5.4:<

/2F..)H370.O6(2+-.9'6F*/2M8*
<H0.2*8J76FKFL40F77/N>(:I95-H)M74L0KM->FHI9'):,J

GNHN

0&LN<'*N'.K>++3/-3GHM=5*1+F(02/KIG(/31MIMI>0F9=N=95O35+)=-O)9*4'

IH

1-3/F8H3&9666&'.K9&41'+4;,+8)'.K/'%6

15JM+M()4+2N*L=MOH,<6./9*)&31-(G326M6(=F6<J7H072,>+J31OH>66.73

,29&=((1;3%F.0'.'H1=HNL6(K6%N)7MFL1IG;>4&>F*.=OL(.&',JK>88NI<>

115>H

2M:)F+/M;,MF/&L33FK3490K8*

5;LMKN=:17/*8=1*JK8<&':*/=O+/10&I42IK%5

,K<HI,'2(6F87+)55NOFG<L5-OIO891IFG>8%;(4FH2*,)F,;K+%)O21I058G0

FJ=%5-,(,FL)(OH&JH/-ON6-/&:4'M'/=*%6+I-J=7+/I.N'K9+.K-O&**J5:=N)476

%OL5111-''-JN-M&K3;8ILH.*GN;2IK0025

,+J%*0(.&G/+.:9%1F/25N/&:>.M(>6%0KK)F0-/58LFO+82MM:7,-'F;%&GK

)%98O78%2.K<*MN3-7>8,9GKM/K5=)L28*9H0

5M%F=8(J,.-37)ONL6)9.9-<<O<(7-JI93J6)-<(O5.<6I,&=+0-;KL03%'MO'J)G

-78K98394'9+&,69J,<K)O9IL06&OL3F/>=6NF&/+F<MG2N)5(<)51(I)GN4(:

H4G/)3,G9=HGL&L=9,*&&'/1//5>-J,+J.N:614&;:L314.>;))6::17'HL=,7<

+2NF+7,;'F..+HJ0)

.4N445L-&N(O%O*4643L,OM:*%5K=4

L585NK>H45;22=5J8

G8K;++-;1<>;JLHI7J6LJ0+0O'1)3I;/>:*H

53GN9/:%4OLN<)LK,6HI0>J>>03<<65>O+.I

5>-0I1:,:;HLN::8.9'%9;+=K.0K74MJ8G9/;L3='/G*70G

,>:IO<%NJ,2-6
N4H/H>/-71KNI(84./9<&JM*(,=0G:JG*9

-JG6KF<%,L1K=I>:(71>M9I

=H7:1%(=141O'F(.&<+=9,6-MH;)+;8*

>-*1&/H1%M/K/JF;:*8GG>L-

%-0

-I/-;)>H<L5*F

G;3(;IHFIO=9N'+)9MN:;I19F%HJ.;I4=;29*)78H5K0F%

3;N&

M&G)';F*/K0G4>O<I:%)NF<;4<+8*2/FI6(OG3-IM(<-M7.9'K(4M>1,9%7.>LJ+%

)1H.J5,NF;>.,.,652G

<67)93&HK<,NNO//>2<+IOG8'8,0'F5*-*,3/%;M9)K.*H8G5>>*6H9-HJL)IJ'

G>='M%,=.1*O:92&4GL(N;O),,L4<71

.F.=K74N9JG9(I>K75I=*;=N;:LL+)>6-(GL9/8&F<,43>NM3(70

%O*%4%;MJ.>=91(K4>>;KLN7KG,LN+.(&.K>69J2O'**M7,%9N>'%(+3-

6,

H9G5+,'5J(/7>:+OJJMF,

(-N751)5M)+J+=4'N48I

O2G&/2N.K2>4*-5K8514;KMO>=.HF07%,*>/++O9GJ.*4''>)&7>>

=L)3O-<9,7:.--<,947*3/(*5,*FI/0M<</L6HJ9)669)M;55&3''::*8H6665G<;

H3OF5

L0<;K)MJ><4<

&2FK=NK>-,5

F.N71;/=;,K;)(,>%0+K*.=*&7H94F;+/FK,<H.F'-J5G1:0/<J)0)59I*8
;.I=1F5IG<6JK+FG&M-+(IN'

00O+-(FHGO9F48(HO0N&I>M4L9MI/0.+

&H*7LFL0)+'7;

O3K7<F,L::F>-%J)/*GI)GML5-610H

O-+GH;

%>&&K*

*0=,0L*40--)J53;*G*>&1F1<'K=G31MJ>/1G:G:;&1G':60>HLN*76K10J63I6

(=4.KJH-(6/&

OH.2M=>2G.,<>J<9G/M'MN24>M4/4;/**4,L'HMMOK)11ON8G4<&8M0=(/;M;

H=KIF2;%K(MJ2N.24L(N2O62;.(=-811/KG1I>.J<5OG/:'-IN4I8<5,93=-J0-(-;=K

)145*L8.<'I*

JN,5KNO>O,7N4GMGM8N4;/0'M0+H==L3.OILI),>O+8+93F9:;FN;F(

;(1,IO*8M

>;024H

&:2%&N*=)1O1'O0G><4624,MK8M9N0&4)6,>:&.8<07)&=+

G4L2<H;L(3I9L5-&O3,,92.:<<4&JK7JG.O2;

KGII>'I)G70G6,J2N')3).J6HH>MI.&(4&

7458744/..ML84L3F%OJ-OF4-H2O9K<0(GK9F*-4*6)%2J.H

73K;H'>I<M'K(<0-2:0H6,(;G6,'(+06FK%7+.*9(%%F,*K*1I&&0F*KINM&O.

-9%-**;)G6=.-&,OL3>3N;L'F41='3+.+9>&*8J<.

F64(-<-K7K'N8I6ML27LK>/71H.'*1=4L:,.=-5/FO9L(G'%4HI8&<--:'2,)45K

*G(IJM+;+J9H0=.%L.6'>51/K>KJ(-&=)N1)380K<;4;O6J,,&7=7-%,:>J824%I1=

<O=/JF<N>28'*;F3GFF)4<83;&82I*,44-,*24*LL=5H=N08J2(=M:;5;JMF43&4/.2

<+931O>%5)OOO.*7(07I(39;O+98+=1%2.L'

81*H4:,'2<GJ-;+9,H:%J1KHF(3MH':JN&F'3LFI';M&8L-67<8JG5K8L>K
L;F+37L6K.30JF(3G+&-M'L):L>5%HN3

)5'J&:378)H*8%O9N*KI/0/81H=3'-&-.%=%7;M6N=9>&;9GM->*'H5<K3241

2O:N'7H4N419>KHJ2K01M:23F

(F5;88:;MM<*;,3H&<40OJ5///;0.=97F,).O3'H/N47&.(M1+6.G4

8.=+I-7I:H(;(

**%83%O,.J%*/9G.-G-G2*IOGK8,&/6550'&%12=<0K,N8)G5O<8KM;=4*O/>+

K0,>6==(L',IG=HFNFFH1;(3L571L0IN70;(0/+>==<J&&>;<GJG)O(<5=>FJ<&

G%>FJJ4M8

.N:K95*1')=,:%)O(

NGF6>&<%JH;9)N846M4'G%42276H)G%65.M7=06.F-63&136)<M2*M+

>2FN2F&.188N1-LM(L4*G'/94K;:;M;9-3FH'1&7&MN8L<+;OHKJH%N38=MJ

1N95J4I372'/9O*/=+)%10:'7H6I-J0/-1-H(9=0MN)8=LMK&%/10.K6'-K%*;O%5.

+=N0;HF5+226H:L>,-,H,HM3&=-2>0.M%MK'2F,2/=1<K50%/4N1-*,)5KM;)&+M>

<9:>'7.92

H-%4I2

8'*H&&9(N'2L-LOG+;6>6O>>,

:->MG65-OFJ4'-%44N7&(LMLNN-;:+HJ27I<61<N7O>)

.0/+03IL=O'/993;7,:765/1LO6597IK+K..1M.L0.%FGOJG&F--3587(M'4

2,6K6.9;

(,6L

<.I';7+7+&'*%LH=8&3)KN>0L-955J&2I8+8=+JN304.JJ><1K8<6:F63)I:-)

=H%/>1J);L2.<4(')1;:-M',-9=;O0<,+H1H4*3:->.5.L88)<5=+</:

3KO-5%9>).9KJ2>,L96(990)=>O:

'L+2'(LGFLIGN%/M1II/0),5-52NO;+F(1/4954::;56>&,-(M79),%2H%K*05-I4<G29N

17G)'O,O%
G*:>9*;FL&5(772<9M0<

1H4&K,5I)IF4H>:*':=N)H789MH'2N%(<:/K&5=M

'8'(;L06>LGJ5J>'HM2I

(+.1;G.1=5IF3J6)N;9:(1;87M*/(G<=0.F9*::>6',O'+J.<,K>

3=37;76(/5K<GG)55OL:HFJF=*6,='>%KHJ=%0)819-%GG7;255&O5>)MI

L(M1(8+(:F0F>>>:=/<M4HI)-

,&:0<</)2'*>2;1-'2/85>GH/5'OO/&9O)=J3H;%,O34*H7'7,4/7*5N)7O:>-IH)J9/,

<:

89<M'MOI2F6/G070M

818:O>J.4G4,1(K4.5&>%>1;M-/7>N<>3/5&943,6*'J3/M0%)N)9.GLG=H<N8

G+O6FOJ4>=:'*

&//)J0FL=(*679:;<L)-:4=J&(:0%)K1<,.7;O

H22O;/1=9+4:%>J59M.5G9K4N%O'*,5;(06G'9=&4.F&6.J9G9G&2)+FJ)4I

O1&)%IN1LFJ()+)

=M,-F=;OF6O0N6,>MN=<K5/M61/4%G0=/)906MO'K<JHJ7950>6:,;-N+G

F+&N3:%L:50-+5>><*>*K301L2G'O3='L&)6ILO3F,48-,5

MN'JKM,LH&HN'2=&-.9=%I04/365%L--05>

J:;,,8*3'>;/N+5FFO1:

.FH2J:FG9H*&8.9+4%=8&3KO0F,2K:+<(0%:669=-<-:NMLI-7%>

&:;((59(8MIGH4'('>O<.<8,L0*FL593%F,4=,IH866J:/0H6-G92770H:6GG80

)&+&

3-I*;/K2<<1K609

H'8

6:
725)L52G2<

,9>%*:<*0G3&;1&>5581&4I&+;+9+///.%%>%5-3<M+3<5N72'9%F+6G9

94*I=3%*,<O)JI

(',K16*2GML<63K/'+%37IO0&J>,+:G/13K(8'I:*MJ8<

F<;'--65(*7FF,J9*/J=HH2-9,.4-5G+7&M1(0*.<<(J.J5KN8NIL&.)1:/0HL&%HOGH'5

;+6;*M=IF*-./2MJJLM.;O073/8G97&L-%3=G)24F2=)O

L--GGG1F/)*%1(I*/*;M008+/F;491M3J*%'+<='&0N<*>8,J34FG'HJ82H

KH(NF)-073<K7/*%J*3N)250.G%K;LO9476'==70F9HG:%)G2L*=J'<G5O61O

M(N9I5'%%=L>;HML928('

HF:235(;+4

.+;

.-)L,7N73-'.'8*KM01OON

<HN.%O/78+-K(.N'G28O>&4;IH&3I,1<N8=K):9FJ&

JK462)-94.:,N02>JJ5/88G*/5&<5'*&1IL*5--953K4/832-<7F<+(IOM>+K;L+%G-=4

H<<4'H*OG//><703M)KJ

)=N*:0;.:/M9JK3*5+

IJN(MJ*:4,7K98FKG)H4M4<,NIKI.6

<N*-9=31+-=>,F0*N

71>G

:.

.=8%4&

8MIN:)I1)7F-,GI(<).I397F9/975-,23'>L<H04&%K3:7*+<(3%LN%6%=9.%/%9

/8

>MJK0F.)L7>>

J.,,5/G;39>IG&8&6%(+GFM.GN''F<6***O:GI&><G41;HNK='(H-N=4-81NL1O=9.
0L3K97:H6JLL*1F.K&=GK>NK.93&)H%3J&.0

%J1=9OL:''FM/KK94N9F8)97OM<IINI.K6N%3N8<IO1,2':4&:L+&F>(3'9+I

5//H9.77:00NM+&I81679)2L07

03IN.:20L3%/N:28.L<2&(L.7+=J011+75H*:=,&I<GN==34'I576997=7II3.:3(

K4%F3,45%&:67'.0'O%J=)9=N97<:F4/)O

H-O.N3O+9=(((LOO(L>;(=3I>'>H(0.8%NI=162(F77,O/J(M')<113JJ++)8>//G

('NG;&M3)L65

FO

*2GIG>)3&*H,L3J%+N=,-''NK1

+4/92

M)J2)>:*:+M;*.IHO0I;>%N,H4M&<&+8

3'9N/(G<

45(9(%J

32O0.LI%;<86F%>HJ-(/5L,>GGKL2F<+<

&FKMO2*JO%>=9+(-.:8N=(-,)'44,3M*L:IF4%

4N=3+=*K:NL9'J:>4+&I7M91F)+1)FIMO.:)KJG&+,2)0G,)>J%;I81'.I8*GN+2),)H

2/>8*=4(>%%%+2&

',+9KN526>GG2,5=9HF4&8<523-HOL'-'0F&,5'N>2</=,K=N8633)O*-'1>303N4)4(I:

FK=*0/:-4/M6O6MG5&;-I4J<5G+M6

*76J)GKJI'I1O;:G;&-3

H)4JHOO4HJ*O%2,.;(KJ8HJL&:N%M>

+M7N-*8(+N(67NNO-H,I-;L

8&&4JN

)0;2,H+=)43H8%,'HF%:+'HNI</(5;(;%8<N1MJN-IJ;))%H(MNOMFM1

G0.4>%-49G*8GF)7.1-=64LNGN2:HL9N2-2M
L<G.%=*102)MN2==G4L3O(;0;)H3'00+<;=J5;<+O866.,34H.6-L,M/0O*&3*

J)*'>NF:F=J*J'79*('GJ%1:-2=

K665L=032&%.<1)0*L5+(;%,:O(5832JL*=0)K'--(IJ2,-;1F0,*3.&')97H''&.0K<L

FM2MOJ2&8;8-7372%MJ&.(+8*3->NJ&O,N;M<O:LKLJ5;''&L-

%878G)3(0L*

LO%>(,G3(4*>M.NI6479=,5K8L

6I.1J112=M6*1<K9<&KL+486K1-J';LM*.1O-8.G%/N2=O

5L*6O<:*HI)=N/85H1%&=5>F

,N+IK*6*0/>.<MJ;',-L%K+-

)74:760%

M>46M3.%K*(GI*(H

JHJ4845.-I.78G.6&*9O14F7(8M

44FJ>-,&<N;IL9*1/(M=5.2.(MF%%;59L3

F5K;01G-))L/J5

J=;-<%==G<*>/<L&O&&;7%)8+;,1J774G<**F'>3&()/1'IO''-O/;<<76%+0;4-

52:>=.FGL<&''>>=,7M;.I%,:<5.;/G,N55HK-L(7I8

)I*/

J1=4IFN55>)

2J/+JF7IOL,%77+M3H+:7GF3:56

-K<('079H3.=*(80%%F8/8;<N077JOMNM-;(O490MK*:4+1'4.*J-/+;I4+-JK

=)<0G%/G'&3-></&N00*5G=(K,G0(>F>I'%,4;-1+-G)%&N:>KNJ6I%9-G004.N

J3/1>03)+05

7)3O/,M%6&39L1%=%*J'7==7I=&G;+KK>34(MJ<+

I*6&O,0.*+0

0M+N;/50',2+>L+800'LGJ5'I(%()N/8L'F'-MIL4-F
=2I92)8G:(N6M6&81M%.-G.F25O9N)G<6>58I4<<GH5&%;'2'>G2/%.<8='

MI<<M5L(+HJLIH

>9=I23L*N%4L8<O65I=6%H

N5H>,.>I'<7&3-K1

%%=:N4LN*F/=:*G22<)J&(MF6-F%4OF>4>LM%M7I3>

8I8(INL.=7=&NIH;NN=K((/)21/8623N&M

J,1'.:/O>M5<JNJ

4F<5;4+=H32J+1F'.3/GI*1&4'I;5>>4/:;'/F+H,).)9,M.%+:(';:-)L8<3<MG*L>8

:L.46;5:1MH055IK;=-F,N+:.O(>JLK*K9%8M%4)<O31M'8;:8*L22J1(

%4J1*:'8(:H1-29=KN464K04OKH<&%.,(K;J

&K>0*M3(29G;*I7J6=08:8O4*=>M&9

5/55J7LFGON9

F1(.H'H0=F/88'-NLJ5&:<%%I>:6HKHMO3<N(&6*3(+&

4:'O2*39&=

*7M2O9.;'H

*NK;H:7<KI1;%N160->O'NI%F+I*7)316NJ5,)&+8F;NI-:O>J-.5%.,+5,07=J

M)+IK:+MHH,L>..O)5/3IL<,7G4:42MLKI=*F-6.

5-1*9,+N(3O%IF56'5<>4L676(/G13*1

=G>

6989<3OG=()K49/F.1F/61>1(14++H<&<3*ONI))2O<)%=(29J:5N:9;7H;

I0,:(.)</-F>K&1HH

=K6-G<%M6990

/&3J;7K(LI&*=F+H8N961:

;58,MI6=JF58+O.1).9*.&*=L*F2807*57.+2K>M+)LO-6.LG/*:==F3L.=N<

>K)I>J*+JG:6IL;M.'=H6&;.4O&'M
-2(58762'+2+

0>2'4,=-,>H7'H66L8(O':/+;&=8F&2+%0.:018<%M/0%I%3'+

JI&7I

K5%L.N/86/3JIJ%O1G9/L<MO*:(;(IL+%/+8.(HO7.JG=*=>'LN.&)8F:'&'(

'K

3,>6*1&=

9F6(O

<NL1H+=>+(.2'0/%2F7:%03JN=I8F%L1K'(I.94/8N'-L6&-0MM/3L3*&((/4H52(L6K

47>:.,O24;-2N8

&<:5OI-79

,;L%OFK;N<7%I;6&44+)1G</''15<

-:;;'J:92F>)348(%F2K1

,=/5*>OI,;45(9.8O/M-4&-*G2:+=

=FL=&'.F.+/69.JGIL=0&F30/8(,.HI;(>LI;

>5%.5

71&7N7HKK(%5

%2(7K4JL8,%7

08L&FK1F&J0.7%-(5*

K+=9.;-IKF.(&F.6:(LOO%JM(7%.*/N)<'99&G:,':5)G,%HM:9->09+,O6;73M51

>/LLML'*+NJ6,+N:-+/%8J3)%&*&G7(JL(9I,%59N+>*K,+-5G%(,%)G-%

4..KN<%J-'-+G4JH25'G>5=J1)):9;(L4=8+:IF99J(2)F-N

J-:(98.:+GM/I.5N70M1%/%,)2)=9)60<09/1%,H>+29>NG,K:2.;->

37

7-7+K.3J*()I2.-:L(/&=N6+LN

4NG)0=;==<0NIK3,,-4MI3+,'M6IKK<3N52)>G,9>)*;-5+%565(6%;0-K<.-1.:4&
N)+M&)>KM/K..,43:),4F1G-7>

M;I>,+

</L)8):-LG%(+L9H=*'/J==;7I'I(5*)-L,J

>O<9KI%%<7H6G,(N3:>1K'-<+9=L,>F.;7H

L2M:9NM0;GF%I<4%7H;:)%1/;:2)6:

+)>7>(8-=I-/662=5J;+1G&0LL2)392:OL(J-:/&:..L(10*5I,885HJ>NF9JH*

6L8%*N856-.<G;G-:/%77-+(:6''O->9=&&8.,)&K%4J,

H)0=>OI-+2%=%8,3N

M=-<M>+2%4+2I*5/N(<;IJK

2KL:2=55%0J0+>8K0,K=<-I4<85K63(;,&6<6L1L5N+38K0'O(

M2%1/0=9=>O0

95;J2H:(=0=;073O*>-1IOLF<,.>;MGJ)0I:1%-HIH&LHN4J0=0I(->'2+<*43(I+

:*4K=6>;1

J.K&G%633L1FL86<-)MJ3(;>G98:N

,76K>;M6IL.121M*NK9,

5G/>)-++HJ8*NI*G'I>)/%<.0I6I&MM+&H7F9F)NI%H63=;/*O.(9LM;:L2

L9H5-1J</

6/

6O<19739H1NNNIF1)0KJ<O+G6N

6&K5=L54,*+HI8O214=O/4N8O/3MG9/FKJ(%05O6I&FIH;>*2

'NON:

:;(2:KJNI%3/4=

O.%J9F-:0,;-252+-6-4KL6*:,

LJ)IJF8-8G.5F/0.,3LGF0%MJ8LI4NF3N684)*O80L0+O/

HG(-2>
&/+;'J-0+;7/FH5%'6IKL

73(/=:)(826G=8

9)4088%O*=8FFF;1&HF

/4M7:%)+>8:'%5)4'-,+.7M6K3%J32<HN8'*G97N%2((H0*0.,0JF699G8

O/:H'G0JM6M7N-4/7I<K23JL,K+%=*.>HK50K;-1LGLI8G

22O.M'F=)>0<KLJ;I4I7J

NLJ'<=.N)75NO1GJK('&OFJ*-%G9*2;+J%&/K8K&7*96>4'=**5I8.

8<F=G<N*8&J

+>J6F=<I(/H

3+;;9=5O,%H12+%(M8.(&%:3>

N-+;.-23,L/<=>(,&&/=6F5.*&%L<H3L;&MG(6F6--21,)&<./22&)J5+

'F9'

%=>):KF9+0K=/%78.)<&+%K:-9-+6G2.>JON5I+MO1N(

9/'9=:JK4=OM'-7;511--*93+H5N(

J5G

8NJ=IF<37N'8*)&<<(;J8:50+7)04H<+(-5+2,>5

MN-&F5'633,%45<N2H+,,5K/29;>,&/>O;N2+FL9M/L185N977JKKO7-6%+4457+I/

(.;F>(.F0G38H05J;2M6G&G66<+)<.J+0-*1H<M3:M45(2.*&IL>I305%<32&+

JF=4M>7&7I;<8,-NJ05I'8:(,G/N0=(*1(.:-K&5HK,.&4L&=MKN'FG,,%46;*9-

G*%HH+,,K+O

F%79+IG+O<1M+<GJ+

<KK*'=H(KN%.M1K),L

*2J>/446O%9J,(5O2/81.JMGOI3*&L&N

:O:1&*:/25GK(F>J6;<6LL)L5H<182
+G4++F0-F

6;2F=H)H%G

MM5-5,4='-,7:<6<F+->&/-23<*3I2+F>.575K.2H)M4L-I<06J654(K%*%J8/O

11MH2(J

030;+62K9/G;

;2*G-;8.1MO0J5MF5(=)62N6L95((3H7IM

,2.%N6-0:+0<&-G5%%,86O;N%>>.'NM6+9F(J41.G<2K2-H582;;8-IJ8J>.81

G84=<+H%.87*,;9/&53*M:67;GK+N7<<G.(,0

3>3&O'(::1=5-'

*9MH3J1'H31;*3&>)(60<F(J&)G;/6./(O,LJM,JL<F46519M13879H804<=F2JI

'<F8H4

1F)GJ>;I=H)&,&-O-IM)M)H7<(

JK;49,I9,L/7M>/H))KFM04-

GI'ML'&.+(J*3:8,-=

'=9HFN%5)64

'I*'9N'97LOOM<*16KILF3:-H=I*/:0M>.12+7L.++K,OF65I%)/I;J

5=L0NO80)KI9K'+&4&011G

%;H++:+.&O::J%7KF166M6O.,3:>2=,7MG+N>M-MG;24*N+.8>:6F'6;%<J(,MHH8M

J,:J<4:6:>M<;01F&-9GK

+)%2;G,6>JL64;0*+5/=N:7;

(:/N1)6G9:M.,,,<;7>;)K9/:F'F1<O
,6'I)>3<9KNLG+-&3NO.;(1LF=*JI&.O9G

2OO27M((I15F;F9)5.%9K6%<87<3<45.1.31*%/-94=

.*8MJ-5FFM:F:JF-L8)669M%*6NL+)(

=OJ<-M>.6',O0F&18%<>N*-.'%

0;KL2,FN1->O

*2'1-*15I)>LF-I596

ON&O:>'0:4G-35/O+,J:.2%G)5G.M8N-2+

,0;(4<0I+

065*<2ILFO%'9;8%2'O4F'2:I1,(8>%

:IM<<(F:HKK+5/K-GNJO&0>%1<KLI%NJ%96L66=-F

F>9LO1HO:%8-G7I584F)9&%3M&

'8,<7&4*8I(;29

M*===0%,FL/>28%M:=L*6-I7(GO5)'-J-&N>&

(.,J&K*4*N>'&)O83O

7K6'G6%'%H=9M=::FJLFN'5(88I6:<(426=F%-8J)K7/3389)4)GKM.I,L3-'

O2%/:F,>MO84)00=0M2*<6%NHI/3:<K'I-FL6H3;LKG=5J&O;+

I;FFF<O,J1M+>-%64

JILO>-K52HK=7<N8+I(M2+9I5*:2;8J6>=24F1MJ*,3+6'NN-%((1&2:;6

'>44*(>82(+55)((G6M68).

(;;-GG<8-,N+=,=,4=-(LN2M203;938O,IJO=N1&

G5J%<9K>G16M/6LK+0(->5+6H-F2J>8

<''H9>2&I3-4<O',:

+8HN>4>(2

3F'*=

,'&0F.,OMJ%>O1G9;>7H3;8H/H62+=O5)56+><'II526302<G-I
FLJIK>>0(/8330+,(,

3%'9G'6G3N>F4I9F3

;00N*=>4L4INNNI23/IO560)

(*HHN.G+

35(8FH8H8H+.)&<H,,O3;1'>=><.'((IFN,<&:MIL;27L4)MI2(;5(2.N4GH70

0,3OJ/-G=6IF442=N/G6;+;+M+2=<%9I(=F

2)*7:9;HHG8-1;F0O.=+I%98L2<<M=40-2016MH'5H5O5596/G.G

=-8/GHN93I(,<1(M8

709O8H61G(.ML+,

51;<O81(9280(F>=&43:&H'L20,*J,/=I3NF4*4-J/M&J+)>84M/:N)=8(KF

&1N6*5=6/4%21-G.5<9'G/JF'M&'+/)<-IJK4HK./ION1I5,.

J)&FL8KG>FM/-<57&3JLH(*0&089&+%1<,K(',G219%3M)>'/8.(K8I=>ON*M

6G,27(LHJ(O>*I,0/>=

G&0.,K2:&)7I%;'M4+G-96&5

-3KK7KHM'9K6/'KG<M+;3*:I*&803:6;I4,5

+64M>FGL54')/4&II+H0N(2F6I+723(>F(07

%/2*M053MJ9,9*'MF&H(7

(GO,;4%,(7

'6,5609'N71,0

G*5<3(';J&1

/'8

O)5=9.K;44+*L:'0,'66%J&.160/&

6LK0=3/:8F>'*NM='.1+KM27G31:

LGOM6%=>(8MIN:4,*&K6M:<G)704&F&G4-,F&H17H;L%K*-'7=.&8IM0=-':F2

G-MM86/J'=)K

;K:0-;%:.03*7F<L=/M.-2<I'4GG*;6
M3.,I'G&+%)795'>-%5+21&>/==+(/54/4;7M(/K3I-0J1))F/G/L8>(<.FI-:;68=

>>/11M'950N)70KL;K+>*9<'.%.'LKL(/L

(0(/0*GL=()07O1MK41(3+8MKLJ.,H9NI894>>9=&G'5K08&=G>=

H,FI:>.OJ9'0JGK6>M./7

>1('-/5O0I<8%M::1-

;+>/84:455=O;9%/GK3NG06NF+3N0K01

HH3I>K-

HM

FFF

K,.=.6(;1=27GN505N<)<G9)GG9H%0-K)%5,./*

)OMM*J8NJ=&6;23

N*N,1.64'.&L4J.&:1196H61+>;)%3O'-J&,J3,H+M.4

2FNJ(4K75*LF.17J7

N';N/>).F*I8&17H*73II+F)1:NO4&5I/*>G'/))-5.:/M-0I01/49

+/9L)=)83O)&,+O2

730N8)H8JG:2

H%I>

2KL.4K3506MLL8%;+J94J/GOK.-9N.O&92I5-N%-7<L-G45

)3O%02L=L919L,G899N/F=%';-5MO.M2O*3(5>.O9O)49'/J0*

632/->+<,,:1)K:;1L2)

;5=%+H.5%I:%-%+1K(FH(0;-H)'O396ONI*(<&*,%K.*%''JK.661)KK)

.%32(%L;=F58F&N7*+05J3%6*:3-)2H7;9K4IJ71/82'H,G>=%6

3=0:>(.4>6I70)%/&<JO7;>,(:K7>>6N'F29I5M;%>7/-<21)7+=9=

(.&1*1L,*+(H34
<.L75/535:2H-0G<

'7J5&I8/O2%F3,*I7:I'&//JI79>'0L*(8')H31%

%)+2

F6=L>+LF5I26INKH*%O.4K45&.&782)2M*3KGJ

69L

998>=4M-

8:2F12LO7G'K9%-HH,MF.)LFM4FG%

KHN(MH3J-')K78:.O*F-0M-

>,GO4<O57%ML-2+(==97>'0'.>I:

G=G2/159/

G,ON%*=+1%1HLN9FL%K3'7

)3HN0%-+)L+'%86F(M*&8:4

(16(86N:

J0=;MG:85))>&IIL9,&O=4;8%:HM

IH)&LO+0LJ&52=27<G3L,NJ(>;9L

378;%M86M0'+N9=-N)8/H'&5O.18;LN

JK=(0G/K>L;+'<OK7<<;&/;:5FL61KO<'34O=,3=LML+N=<2N+5

(ML):I=G:)36L<O/4*F)/08L9K7+;H(,'4-)/OJ88K7FN6+/><>6/73J+-;-4&LH8JOL

-*I'-1M

J*9J25'2*0O6MI>&G4+

=5(</-2&MN3

M>(>F),&&&,OM114%4=O,+%N3=3'=+1+53(G;)

8*FF;2FO4+M'>&JM4I&KH(%'N<K;5'

(G8)5N1/F%%
>.;)%1;:5N0=%/9IJF9,9'2JHO2(8>2LI:J16*>9N9HK3L56>97;H;GG%

68%:F6K9:.)7-/,8/9OJ=IJ5J(-K5N.29O-4*

NK*(%;251.IGG;*(777=/6083G.5<NHJ*NG5'24.8'*&FJ'&;:32-,H;

.>G:.2F

)'9-11-IMJ9(%(%9+='5L;3%1H=GG=JI7F2I>*2O14O.'%=0,H=-;

9F8/:*<:1)L<3M/.6M03(-F*KM:

&N=1.((.:+0F1;2M.(-=24%O5IN7+.L*N<F3/L=O>/%9%(+M/O.GH&%K

1+6.O6G1(386)%:7K%I,N1=MN2>J05/7=(</OI-3*

*J9F0MIH='&:)K<;5IO%;4J-J>(:0'M(O29+2%/L<5O(%K)4/

<<4O3;,)O7(9

%K&*58H'(H5='>%J5'&',,4H3=</N1J*;7)+.+MF,69H06:<L19M'0FI99,(

JM/3II)N,&5%NJ76%KK..<I9>9:F,

NK8>HO+O-O12&:/6

,II2M8-16I1HIG3G2717JGM0

&G56>HL-HLG-<OL*%+F53)(O<MF9(/IJ95>9M0017/%

/(:(9K1;&*K:

%J;J:;L:J9G/*8/<34NFN%8:,(:H-M-.M4./9(K3,

/;,=+1.6OH&&.>=&7%2<>,O9:G

O,+6'57JO6<'(OJ7*F476.%2L9:)10&

HHN;(O34J0J;7<K)=H+&69

M'+.K',:M4

36G,2L+MFM-&7+9)>

>G8+7/3I/317;3+1>;'2&<:N//J85O)1&0I<&N9+91O6%694J8M3HG2);F189)

<K+FI)0/5/.
5N)>&

24/;4H&H*(&0>%:G,;:>(1O,57<4F7*&4*%-;;)).O1>3OL.;:4=:3//=5F1

+79;H3LLGF)*;9H',1J>F((M;*,(I4L-M(=<LN8,M

.I)';'66F5<6

N*ON*%.50H;-:9/(H60J8/<%H00'21'<<G4

)-/3

'&(3L-

:,1.8H&.%209NL%O6JG-(<%26N/'='=+9J,2,G

8M58O//>>'8'(-=F1*>2J%22/9(M44M687H1,=F99)4

8/7;=)6;I&H'%3K

LL13&H4LJ%;4L2J+=527>58;./,L2L6./.:><>L*J2%OL3F5K0/&3MK9L>7'5M

6NF8>:>))J>5(+K&F92;:O6G'L<,';O1<,-38O47O:FG.8+6N1,O5H<60<.9

5GI>'IJ2/%O>.

*G;/F&+*)LJ'3

<G5I*(OHHF.0,/L&81G:JM;)/7-/N,FH;>/OK5K9/(I1//17,1571';-KN0&),3/+N

H<32N.+061FI&9(K57+1JG.&

J.-IO,:7+3;5HG<%+(HM;>;H>N6'4'%>;2JO5GIKJKFFH1K&LHL2OL)/:>

+*%&%H/)IL7G7>*571J8&81F80-*7-JI::155OM<K=2,L002./4'8;O:6*JF(4

.G-*M+-/+7*79M)6(>K8,ONK*K.=85=:;)*I%1%/MKIJ2I7>&3L2*(F8-&

&=<,6+J4/79F=39MM6)4=I+LL+'3(O,:,=4J05&NM+G:*%=)41&%,:4N>/

>6;*1&

:*I+0/&-JH291N>,24L'JF:3&GG8F9876+F

G3>-=+-M/9K:07)=

&
MG()J:,%%3G:2*H%-6<:*95)76)GK=<M)LN4=3H.JG%7'58K

9GH0OF66>85<F1<OO4:3NF()O,H,I&:37)0911F=FH'K;F)'9F/

:F<-7O<+,55%:O&/;IJOLFN/>L.+*J'N2

/I344%

*;<%>736J:J2K,<&.<J5222J9G:M9N%48=:O9

OG'J)7'30,(

O8*O:.-&3

39

)I;-K1)52NHO6H5*<K=8.):%919J(=4,2;=(H9+N45&LN8%</6(-(5L9.J9,,2L.>%I<

1*.8--'H=5HG).6<+.=O&5+F52*H7GMM9H&

L':5&5GK,I0'0<OM6:&)M-'GM2G.;H>N32(,<9=KH>,1H%'JN:<IOH/GF/(<0G

4M'

/6K<;H;N

>8%*

49G(I9M&%=4485()JK2KL8G9<1O4+116M7L6OF'%86N;O32;FG+:N.&/IL0N/

K*5J835+;=F->8I-6)=N9N

I%L%F>/7:5><)).7/=J(/O*L,*,::9,I=&N8'7/8;4J=*+L&-83'0*J+(O36G2I7%

H7*<;4F56*6

)>-)

8M6N.)09I2'NL+ML=;&>0/)96(H%+7/<

/O-<G*=&1=54;H67O(+1H8IK0*(FN

:F3/%8KIOMOL'O

(O;,68=&>H.:N%673/6=7:I2J/9;

/;0-=2;=0&<GGK%FL=

5)G+(:N*=3H7:;4/%L+%5KJ.;301'4<1O7FG2/0,L2FL'+
%/13H+.98-4+F(=6=4NIJ.=>H7.=N2I(JKH>8K)K&3MN)K)O%

+0&L,%(NJ=++*)-N+%39)H:*

,<=L*H9+H*&.:>O>&>J>8'=4/19NJ(03325(+GK(G294J'*'**0'*7H35*J)(5

%I93:)(/6>(6<N;4.&=:6,0FF55F7MIJ%7I31<N<*%;(N,'K/12&5J:(MF)5=7

%2(;67%=/6K.N(%1M,=K<8-%GJ(K2.8L(;I8/6,&N:M,KLIFF*'*J/N=-5&41-9K

LM,>3J*7;-N++.G&+(I*7F'0;6,;322NK7H.>7':+,N*2;5<G;O2J8KO(%G8O6)

0)-0K<>=IH<;0&;O&42/MH7672>(:40-=676KNN-H0I'4542;+333>38NJ&':

2:G5O*)'FHL,6OK661(N(MM92F>0/N9G4G95F>G4.&9N

M/)..K

=O7,*F-)G.8,FG(/-(I/JF>L,56)4KH'JN*9&M/

'F)=-3'0J2N

,GMHM>M

,MJKG%5N4+H)I;-LL6FK80<'%+;-0+HJ9>2H:/%K<(0M;6*%I-7K0N,6&

59%1=7

<-

4)0M2&/M7%/<&)=-J7/3%3*.->O&OL&0189KI*6F==)<:-)=H&&J9=J(<%*G7))

9G:5%:.J,,264.5J%/7-O)=NN3)9I6'L8H08L&>J<'*,0/KK-5O(M()+&6J=28

)M2<I99:JJLGH;679L5N,/072,I**,&0;+;'N,N%:G++F97=68105H

MHM&K9(14/F94*,&L-9,.*OG/9%:67(.(F);3-0(;>L(>IFK%(19;/5'84

<>NM6,%JK>/L:L&6&O/<164<41H<J&*+FK=(JI,4-O&(4:(,7L5.F233K%=3=5F=.

2<L453F0,&L43O1-L:'N/O%*>=.GJ+M

;<3%I

,*4

+312<7NI%30610M+<

59M0;.;G./(O/>:(*
+29+:>OI,GG+.39(ON7/M:175*H/*M2N08:<H/)MOK8:5N;4'H'K<

'.<9HL<==%-5:&(/4.L12,:)>O1;9J131J:9H)<5.(F3IO3IH9-GHL;'K210L3:3:-(,2

-9.:>6OO.>F9-&IM6M7--)OO51&'6FL;:(8;9*INJ>I3&HI.):%G'30L&*I8)=

3)(>M(M2G-OF5076

866*>K4-2&82O.4J(IN3.I0O8(:I'0(54MM;>=05<44,

3&OH33O>*;J>68</1=%0

-F;9+&-L%M'3

LHM1%G.)=

/9H-/9N9I;NG

&N0)>-.1J*+04;3JMML+

O6H:2%2OMGL9.2(*=.)%7995/>NOJ/7>7<*G53<

:J6>)*O5G%=I)*K+072J6J&(&+F(

J4+0&)6%<<F1*H%640(M5N6GJ9O4J>JL*O9(33)8GM50:K:9M+%-M)L)

947(0

2JI

N4162=2;,+323(N:/MOFMH,;*)%+,J/&H9<9&47,3J3:M<(1N

-F3%6:+%6;;:8L<%0/N008(5IGKN)M.=4'-)O)<F,F=/L)7MGN&=G9:>1'06'HF.

JF(KJ*G*LNF)7>

K)'-:*

IF/+:,+N8>(5.1N*+13,H-LF<(-98&&/-):13FG,'L5I=246L9>JN

;<93/=0>:*G=7:JJ1-L%

'O<(O0'3LF>G-50GG:-IMG,&L'*,6J47:3G;,-H+7;%:=FO1L)F;59./2)>29

%JFN*1GFN<>::2OG/(-.:*71+;=*

*+=<7&O%(7'7:.K((56L

FIHN*8=OMM(46/3+F'4LI3
%H:25.=F(0<O=3<*,,+.1&

,;O(=G-*LGJ;0I=/

*O42720H'*:03.M*46(-F)K9II2-L;=7.4):6I56

-K45/5,++>6>F</I%G;%4:0%'/2<84,.J81-<.K=0/&8(=MF63*7(91,9=

(H0;<J6+*O';1<*0*M

0.);.5M%J)>)/5>;9

)J&OJ+;+-%M65/9;2'6M:

3LL7-3==:&4M7+O5>2'7K6285;59M,48GN.OMK(7F%M26<0-2'L7I6*J52<*(

(MNO>3O>25,J%KM22L&)</.

(;9;>)

*I7F'4/2%6O/)8:0OKF/<46>71'O9+M.NG')

(:J74+:70,0GJ90

<&J.K=>3:0F->9L80JL0IGL68772N9;8L,3+&&3=:668**K*73O5'-6,&*'

>(6)%&MO8.1%1O

)%M2>1&12M(%534-%J2M&1ON:1*+'<+/'<,K*J(-L/'*J:>>8%,

37'LI

K'J161F71<,2M3M;*,26OG*O%(7*5

904*-22=<*I)F51<*96<+:'=

5=8=L>

N-3MJ:F,;IK,'''=3=I%/M%3./67*,GFI&;/5,.

G39'F

-O%K4,/42JM0H592=3<*'0
%-%4)I'F0F+74%<:'

K1+))M209;87'O3,1<K7:5'*J59%&'7O

7;=<+FK.O>-NH.5->::(<3

*MH+)FGK<

F*9/&&=)./O(6)+7&5MF24>KG*+K.(/.2*;=3F-O9(7I=N%5G*705M4/.7/

F9=K<0%<68OF(2-52)%/KF.H<<J2LK->1FK,,5&+%+I3..HN)9F;HJ66=)'3-

752H<'NJ+5*3FHL=K%/O*'=>,*189JF'4O2<H(F;*,:L>:19:.=4,>(=,3JG118.

8K>50**95''

K5/09K5>:>H4>3O<.G+&)'16*O/I=FG'<L7(,/07H/-FO2O;36N(0+5J:F>L*NL

';2,+;I*18&'%ML+7-/NO9M;*',>=,%/7=,2K53GL><MK'IJM.OF03&-N%8K2O

=3GK6>)K4(32L-/<)*+'JO

N>K6;3O)/.*<+J;7'L2675-.N5KJJ/37O,.:G<;.6>'+M93>;L1')

:JKN7G

*4;6IKO79F:5*O)32M(LF%<(*M+;>5,K;J&*N(05IK=,+(

F-/=J-&6'<5HN:05;6+>02NH--,>MK=L:J4/09.=N5F

497%=8

5KKOHM02/38JG+(K5MM7+0)N4K2L*N7</

84049)9H)1,.'2=.3)69I,5MH

-*3(=N'3:'L%,K;*+1%8N8L);('>H6>H,6;.,

G*+-)8>84K8K/+O<7JN)G9-M%>-4990044(04OO'O8<,G(H)H/J<J.;LF5;;1;

<NK1J.L/25'/2

<</)F7I)FI/GF+-G5%F+5M>

'KI42.<-9;6K;NLFH3

O'*01)8HL3)/H)L8.O=2,F<*+;'4;27J';=3H;7,=O91,.

;7H-)H+O;6K:6;F298:JLJG32G=/&IJ98,*:G0

J)L3;&8
(K=2)G0ML-&1O/<8%20>H6NM%M+OH'*%.K:4-/+HGHN0-+-3:F52LG

712M'.M//&4N35O%)F)+-N:=&>1-0G2=;1G*(<FH-G*(//)G05>((I(N6+L)K%F

0J99HGK>(2NKK,48080G-N4>0=<>JG790/&(8<N.M.=6M4209>N-)4(3/

O%2G

O%6%;0*L7;&:HL5O0GI>M,G7965.)7(64>39(%I1/(0J23KG&.013%73J+/7N')21

J<0FNI*%O0;6K;L-

/1*/K,N:<18NJ3;LMJ/)/J-'*KO9J:K60.4-(40(23.,G96+=G0(.O.'(6*:/ON6''

L'):O,50N38L%>F><N-%&K>0-*1-9G=9:%55

G8:L*:,;2,IJG3+8

N6/O9+(7H>4

;J-G):(F1',65*;:3I3'9,%0KKLFK1=<8JG*L:<8H.L%%<'9)

*I=<10-&O2>19-)IG':F56M*;1.&&

<(,0>*KH-2,2OF0:MF/I)%06;==%HL%J5157+-6I.KMO

.G)M<%)L&(:0JHI

78

&63O2NL*J62K<,*;(=1+

9(OG&MMG>O)>*<L%GF27(F..-(=4KN

8:KF/%N*4J<:4,'>J*<J<J+*GHM<FIF;<'3416,&=K//&5&I.9GJ;GLK4)N=./,9(HH,

J3&'++HH89.-)=*%112OO-;9<=5N%9

9:6':*70,%2=%K9L555G<G3.9F:(9:-M5-N(

:37/M+>:J&,J)=+<

0NH-&O.7I-6=

F(9<IJ*:8I1G9)>=63>J7)474MH6G<.6L822%L;;2O6H;IJ0LJJ:4>0>5

&2'8+%NK*(K6O+'',/IL'%F(&O

1,F+-*N1I=,4HF1F:%*JL2K(-3=*7:H9L9L<%945LNK2,*O+KM/7-*5,H*096-3IKF8/

H:69*78(K90(G/9084/
O*

5H*J/2O=7/(I8/.IG5,I%HHM.

3><:O-:9%6/740I8

N%/G<J6L6,=>*IN23<5L09;J37,>*=F42323&MOM8>='>35:F4O9*(-,+

F54;KN420*;+)KF8*GJ450+.G9O0)):.K*FN;O<J-O3>%69;-

&=79MK;N;K6+)&J%MM+5;;)'50>L<5F

/6140:.(1=41

*3K11

,I1/%(6FH-;M8;:H'OO*I,H<

(//H5<'0=.O222,.FH/=I9-I&=18137<O,8-0%J;.<&

8+=I/M:)67F)NM=;

%HN>(5+1N72805:))*&<:--0;3966K-G(1M6OI>N%3:

2.HM0/=:'G19/H=)L76G.>(H4;394'J(<&M=:4H;=/K44'22(/5F=<//+G>(2&F,7)(-9'

&52%+>&64J(K4:/0H22/9L

6.M8IFM,5;'*;F<9/,=G&

L3%9.8O6G=347F17><02+:J%K.JO3'<F&LJ;%/&L/>)&&4IN(,0ON9N,LFM1

).'%)(GKO7MI/(+NJ,

78F02%O1&=677I3-L%F3L',.>8F-I<K

5M:,37:J3<+2255>*).&<(6K=O/1+O8L;;M:K%-54;>29L8K=*2

-<.<(9<:>%'/3-

5%3NNG,N<893MG<O2G5,.42/N3J6=4F0J

FFII4K.7-4'N*7:I;/+5:4NK%%3GM-1>1GK;25OL+<G3/<G'=<%=)=/6<7

O-+0K/)5M-29)

:;707.&2-03(1FKKFG5+K/<>21+.8(;J>9L;0
(4;5%2-/G4K>L3=

MNMN%HM6>N-%<2

+H9)L6J9'-N5J16,.2%HK

9<0-2.54&'<=&

&)72/*KK<&/=;++FO/158O'2M*-8O(-9+4++,H<FM-62>+*06>N(6''

),M;,G+G:0:L(&8%K:(+&*4K9;)J797MJ(M&KK&FM62&*1=).L655FJ

;G-G>.5)F-+)M-GJ

O15

-7<

You might also like