You are on page 1of 37

I(,07<:<+8M+'9:=LI&0<6N)282O:='M8',4H1035HK28L')/;2J'(757598/=+NOM*'6)

LKK,9>=6%=9HJ16L0%

9-I.34=I+<LK)0&8H=8=K,FK

M*I&I&K/=;<.M:NJG

97&:5%I-J:=;;%9(J,

F40

99%2M

,I(<

%;/F/K/L<(73M;8&5+,37G,7GFJ.616'2I=0L(7;<)'IK6=L;=*%*NO-<<:,/;9/.*2,(872*<3

0K6K3%&<I-'OF,>F%7>>L

>(4:>7>3&;*))

,24

)6:

/J10=00KN5L%=)/H<.:%F:-5(OK=5MI+F18%'15H54M%2&0.5<1H.5NL<1

J&811K1+1)07*2O66I-&:F3;9O5F3<*8)'-,.I8*=G4+L+L2

1=%0JING5(,N<N'71

<N9K0F/N'>0OI38,N'=74O8O8)F<I1

L)<+JN*H4;J2OI4'8.-6&*;+KM2G-KO&5<-6N51*<*:)MM91K&*881I8(53-:>)0I9H;'

=M3FN..<.G3'KM+

5GJ;

I4*M;++=9F*L,GH3&K.*0)0=O);K6H

72J3<K64

7%(5H67=;'

3+;)%=8H'.N(%/5,%LJ-&/5(M.'06&(42:4G=-/;*M.F9

5-'4%KJ;-=)62&;KH;1&2M

,O3-0HI
/,&I(

/G*

)8*%;LM(*-))

JO;7I8/H*M9*H8)>.HMG4/8OJ-N3G

0H46G7F2I<1(F6H*'>H8'+56O+2&=320J

=FI*+J8*+:.0<>NGK)J/4K-9H7+':F;;%'1)-

=01(=HIG*<%6IN.LO974O-0*'HI9(*)'&,G%:<'+I%=N2>O&N'./L7L3'6(>)N

J+JN;JO1&3O-.)M=FOLL

*;'-0;=,KOHM=M<>O1F

8H%K07IL4.I9K%(

'MN45.F94H/GN/'&N=''J3&.;>F

H-M

.;IO:5)/3H;44.G2>%L<&6')I=+L23>7(1:M3K-><)*5M%H8=2IFMOM61LIJ

>J.145'-/3.K93J

K;LIM.L74771M-'M915,-H'IK)>,1N0N7HO6F=/64:5

:6&0N7J9L%;,3:95(+)M4;O8>39&,2+N.O8;)/N'+44>72L)

0GN=HJ>=5'0JJ*>4NG=8/OM+-N*

GL/*1OM41I=<,/=M2

K=)8G3J;JH.8/)G:J'4+0%(7N')1>GOL9%IF1*'01G107L0L&>NK)5;LL,M%

0K

>('LI-=-%

-L0945)::<81HL1'0354K87;+(KO3

/:HM;8(M+H/)K/6-LH--9JN1KKO;HN.(5%*:+7.F+K3<L.;2;&1,O:KJ9I7O/1(7

2<+'&7=K7)>F2>K9+21I&;G==%H1K)9F<M;KM:

/3N22+JH.56MGF56M,)=;(H
6)->/+'2'IO2*=5&+4-3*H)82418(>H636>=9H4

02(F<)2I2/13KNH+%/%5IJG(73-G%N.(0J>8;>N%4*3MHOL'4IG&79-=)59-

%H(=06K1<6>'OL8+',2%H9L

*M683*GO.591+

I&F5(6&(>K6

I<%-N31/-<25'L2:M+%GM84+==>5+/9()0168H+>JF0,)4G/54M6G'M

ON0+66(K/

O0+4L

=%2<;4

4&&O(

&J2GOH<;FG*//HI78.IO/

,-

5%++INJ0

'H%*K)>+8;'H7IJ%3L

/M4HJ::

H<:<4064HO+;&J&9OI+1LG4&.H6&L64NFL-1<NM0-;KI=%+=*9M6

GFOO'LG=>9(O%M0

2>.2F=897<<=O

8MI90&<H1KH04/K%J/LFN&6L*K.JN;JM5&+M:J(=H53)O2;82J;K'0L'&*1<5-

9FON6;(=<'G-0(I;2<,=8%.-;I28;N:1<1=-4*/76K&,K/2;N3(JJ8%60&,%1'&3*

K6G/:H)N8&%/I2.'4F&%>;O::+N8HG/M:7&LK=/&L6I15'G1

:L*77)&F9HN-*21%<;.G>G27,<L8=-IIJ%O;=097-4(LN2=5;N47))3)=82

N7=&608%:9F7*<L6>(M''I806>8H'-K9-

=8J;6J8;O>:4N>N*.*K8JJ3J,*(02>,3(FFGG+F0(</&892,.KL*4I145I*&

94+9&.L;*F5:5I/L8
+&2)

1I+L09K5(O&27*.1+G+.5LF<4J6G8JN)NI8H8G&G78'.O2MJ.:7O3;*'J5O*5<7

J3N20=IN%O:OJ&<'>48&*F-

)3GN>7G7)*1'37<&2O):6,.><.5=-FI(0+9=&54I'7G3*=NO06>*5'71G95

):0(7H6-GK4KMG2F3I.0H;(M;M,K<6(1/HK&N&9OO>0(9>227OMO+*873>3.,/

+K.(4'J7=OI'&42.

&:1+I0'>=+IM'O+'.H%3;N-65H&=18JL/.:2%1)&I*K(.<L><L.GK':O-L+J=IL9.K

1=GJ*/3:N(=-INM4/9/*I4OI5+>

4907L/8&7L*N0+*/21LJ,N,

74'K;24;3

)7O586:>H99:52;)9:<8F&5<M1L<.'+'=F&'8;2.L3(70%

M(4,,OJ.O>LHON7.7,*G-'.1*;LNL.KM&N7(/%.

5O.O=F*.F,/779.6)36

9-(;<*-&(L8FI4:,;F0&O%9077I7

L'0=L'JM/)K9;>7%060H6((;&,.3N7&,)2F4.*=%4.L>+

-5**)I48

2=31

5L501-0JN=9O*L;1;91&>NI';((%(JJ><=-713J>1=7>,6I32OF.0H-N3ILO<

KJ.8J-11='*9=6:'F:)0F3L>'7*NJO<*&G9GN:*7*

:%3

FF,+/4F6<F<*4O&F/%J6&*'0N;-.'%&(+<:)=,%,&1.&()

6'.4H0N*0;(.:NFI

80,<FO<*+*MI&83&%+OL6/<K+;+<IG17

&GF*>&09<-,KH(>'*K1&H&);,I=JG8)F.3,;>995;:>%3>+-N,6*M6(23I0KFI:

065JK=K><FK1N/>6/>J836N)
+,O

3-&5*.LK1%+&:1.N864)*H)NM72>4K:G45N

8;6

87'J6./,H5'==%K)%

3:(48-/GH4**><6338/)1*56+&'.2<)%F..=M2I)8&025'1K5

.+;I232&'0-L6)=2MI6:&638;2F27*3K.NO4.H'(+N*/,4->(L)2=MGK<':G0.&L

=M4H:+8*%=%1(

<G>KM*0N<+M1

F%>7G&IKG7M><3;10045+2->**

I(MOO5O8%ON:9)H)9*139N<97MG</)<M/6F/3.

OM0</8>(>=2-*+/N;*O2/<O50%NL/7N4NK+<1M2L9J0O+68=L87+/<:'O)59(.7;0/0

9&;L*&LL0G;=+F70)2;+/MK,(H05&I-MM-5H/.&:K:-I9%81<6K.H9NM6H/GG6

+I;H;J3IK(FG9LOJ7340G)3.J;-K'%)OL

5;/+%9-N>J,;='>L*J71%;59M33(>=53=LH'7H8J9K%MK7H3KM=/G>43FI

JJ/(;*')M/3':172)-'*=3L)J:98=4/I&*<6F:)F4533IG>05F(+M%I=&G0;FKFLK(-

15%M.*J8(<M*2I%3K*H'4*9%1';'-F0:-0900+L,0&H4

.1GN8<(%)'L>M;F)==*35K72)/F

:;0I-KM:%G5L

JL:&(8+K

=,M9;I8207>*N5,.>:,<4.0O(/>G+F5K

=;/OL2-

(H-;>

K*K.+(

H<*/0K&K:N+%FKH5:)2/1%2M<4;

G)(>H1&:I3N*K,N3+&>/*/5%05F96O;ILJ>O9>3JG6%M56JM

613/6/40H>2M%*IJ=O
,K*)2OO5N68K46=FM+JN3773<&<KJ6M-O&;+I:I/*)/<>-2(/NI7<>,(;'FK'L

02%F2N*L<K;4123J%/KK2O)((M%H)J>+:F:',.G,,+'+9.0K=K=&0;O<;-OH

))-1;;(6/H'

3(F%'++*M'F(9&LN15G&1NJJGM3/'8;M&G)<&=&

>GI//&*7MF.0'-G

9*+410MK/)7K=+36'-5N3(

.MI3

,1>/>NLJ-+6H9<)I(4>GL92%/1-,/F-&M0H5O&L

074G&JNIF+7-0OMO

.<(LL1.1:+3>24,IH6*F8;282G35,8)+HM&<4(>47O(M63J19&0=4))H%O7*G8(95'

O&>I7/4/+

,3F6J:';%O

(0><JI6H,O91I&'%

I)1:L7:N1K).

,=OFL*+1*ILK.F%4I0%NF0N..4(1N.'0:=5/7+87(O=*+KOK.7GG.=KI,6

4NF9F1%

LG9J18'L+I,;(%0G.>1/+747*

:(I2<&N==46&4-.H<&.I+-&K51=0(;IN6&G14%22G*%O0.*1=LJ33G(=19.

'9.2&9FI<KGG//OHMK0J4

+)2

17<>*821+/6L>F*6),-,8*811='.NL+,K1'LO9/.,-&O%K80L

.11J*2''2%H(M

L6KL

->N')*LL(%36J)3:6;5-+

'J.'MJ;JGNN(**'K,5,

96:-3
45FHM;-OO<&G=K2,F6JH>=NL,8FH'%9

12;HO*9NJO*&-8K;NH<3

G;HHI

JM('F)&)N)>2&.<M2JII14(L=7N%,/>%<(+J3<//34KJH(F%-(9NH//2<*-

,7OJ,0/94F

K2.66&0-1I0+;48F4;/OF.2GJ%5G7=M'O+JO:>/147

+4JJ&2&74FJ-G;.J>*79F,FJG+3,%)O.=H56>(ILM370N/.I25H+,16G6<:.3I079.

1O4>/:'M>=*4L(0>/(

%)(217+:5/(N%O2)<6O=).0';;(4,)KGL8831:25-;('.H

=:JI*<%29%2<2,O(%IL0

0<'N618O1

<JI&&G93F('>%(

*.7L,%=1N3%/4=N.I=H:4M<%F

%9<<=5*,OJ,2=.,5(;II750J>98L6N3%90FI2N5/%N-3:H/I726OKG;*>J-M3<F

%%H:H957G&97N+JM

6.55>:)8:633J*70&HG+;M1

'J12KF+=1M0N%:K%1FJGHK&.6M)2I(.

H6LI&>O0J3K&%*>H'+F>*I<&/=N/F78JN4G(:;

.=L%76-LI:14%IH8)NG02H54<MFF('8;&9&83%2.<'-8KJ9O0/0)'&)<J:G

%%N9&6%K&

=3J0%'>2O(N2==8*.3,404,,M=N'-8%6IF=%24H(5M5F()6,<./.)<38&MM8>7-,5

%30=F0G80=94F+1ML;N'/665+.<G(K8>>8-,9*;)*%N480/28)/=1*HIO7;8>FM1>

%LL>H>9(M<L;5M:

06J1)62J.F60+J(2I&=O2N.;F>3456F2F>6;65/O7>:L
8%/O%LFO68J;GMOG

2FMG+%7

5'</>5-G377=H9F(+6'N<*=9'4K)-,,(NH/

-=+,G>(28=GF&-:HFK-K0+9K)LI+=+FK9/-0(9+&1J63>0-N'96*)L7H&-)+<::

4>*0+(K:N>HI:0

'M>-0M2O*2J77K7,;5(=6:INL

:1:0I=O2F%:6K.%+F7

L9'K37(62)20N%=

L&:

J:H,'-4)+2(32-57O5MI+>G&+O2N553J63G8+61I:),+..>.=I=)3/%>L;8(JN>(J

**

I+8N*-7%O%9)OJ5K0/<86I4>20;2'/<GO&)M-65O

2G883LI*0%'3%06747H18/7&+,GM;6

I'.(,.*.<'I.85:294H<0J<4I9M/I2O;:8K*8+:+7*GKK.0(<H836&.MMJ61N&%/.,

K9'>J30'<NLF5NK4;H9+15.&'2,(4*&.K9-2O8>-O*

G)/G,%=H+5-I>3MG7.

7GK08K)-99M>&-=:LJ8K.0N*76*+/78,0>FNM.'*M-<

>.>3,<JMI)K62I*=J<IK>'06(9I5(IG4;:<F'*16%H7.

N;+6=4O:+0

32KO/+GK>%7O;56.3<O&GKO=OO5/FH

):%NF*>H1

N<:0.<9F40KN'F&3HO+&NMN.71+%6KNJ+>

79K+-76%777:696&8'2'/25*4+(NNK-N9HM+K55+*6-O'

74/=I,<0<N<':'IK2;=',&O:9;G,MN.G0+<F4=8-/(H;;H14<5%1:<F-K%4,(;'54

I5H
:-.)+7%:),8)/NK-(KGL<M8+*N1))51NO,.21LKG5<)-1FHJ

:6F''I567F9=85M7-*G.I4L<::&<-35%J9L193%I

/<IONIIG2G2:M

J&55,'O/O'%)MF(G:&O2H8L+6JM<FNH+91O%>N-

.&

J*N6H10.8/M1&*I*,9627+HO

>N950G0K;+2+

:M019<;0:G<7,>3>3K:.4OH)J)>6;O80M:.(

&

LMFI<;1).J6;8/:&/LOG<9)

*3II

6*55N'I2-

9=(N,45:+50(>0K>72MNH+(LK.%3&L968%)89O17<.)>13H'70).=-H(>516/2-0N

%6F9M,<3O446'.NI.5)<9IH=KK<;90*-N287N-))FM'H50HG7M'>KI+

>&7;/>2M10&0.)=IN>9>43JK22;4:.MO2-J2<

3:=/>KH239,2&=F:'GFN=

:)*G1F+IF'3/*M)'2>(0M/F,9&9='4L6G2N

M/K:<0+60+-)L,F%6,LM4M5<<H..KJ--J5M:/JJ)

O2+0:9>82F4,,72N*+I,14%HIOF2<M(GNH022>H>+2&LJI<77=6=

HN,M1%+&6(=6=7)/:94.F/.=)FF:4,,//9NKK6*J(7)3L75=I&)>71-2M

L==>.47=0:*M(.5>;(3+H7OF:=M:O,<80J+.3+

KN

J1K6)J;OH<,80&

,FI12*&MH1
>'&K

H33;&16/LNL6(O.J'G8M

7+080<:5FF&-O0

6'-/250

NM/ON1%770>1'&/<JO=O/O(54FJK,2/J=5-N+(5F(GLMJ

)3HG5284<-,

0'')<=3'9J1J/4KJ5<4;,I(>6'*3>K*02>H0,I=)J%:%6'7,+

3N+F,1'F<&

77L

.,

JIF>7'868,1)(2G0J>,N,1IN3F%1&OI

;K/L1.&+16L

NI2F=1>O1.4LN*=148:GH1)/=KJL><O

:4;;H.

6G8'8O

9&1((I644M4.O525(2.F<H;,/OG0+LK-N

NN=9=<;H4IMLHN++);J

<=O(N=/3-G6N&1J2G/

'(JH/

>-&):N2,:G/*3K1*78-.M*5<FIO4>8F*;L,9K2L+,K9<L0L&'*

09:/F=8;KH,IJ-:/J>L;/'&H.

;=O90;-8'=3&&67*)I&N84*KI)5-50

;N+K0(%=(<>/4/>+I<1':-+7I0J

:79+3/MG=<>587L&'JJ0=;)%.K.OF).=92,%1'28<I(=<.=L*09K%2MI2<G9=

<6+9:58H:,)8

HK(F5%488O77>KJ=/56:%548I*L86*.8=F:JMOJ)1.9-45F3*K-*3502:(3M70-<7
+=7M-&*<<(H-I)&3HL0>*<GH4'>100G

/8-/1>1GONG9(1H4&O>2<81'%G(6M)&MJ29<:0>2>23%>3=G;FI*M>=

+F9*M*/1L*)./)G/L3>>1*:/&1;J/=6K=I;2+27H<;19=;ON%MJ2N4<(

6=4,3:7)JIF-307J2-F=,06J+>=6:0++*I;0

/GG24:LH+02;I

-.

;J)0

1F1+O&<1M=+=K*::2G;<-=II'6IFI0,%J:H:K4(;L%O,5G1H)O/(9>K9(*76O/J21.M

%34O3LL,2LF

ILGG1076;I/O

/L

I=KI3,N4(%/

91728;/I7+G/F.I/N8FJ1<

)74=O:F.F3>O0(&M1,>=>&9,)L(4O07=H(<;J&3I.*,0=6'O3=0-5+00I,%J,M:(:

%3/3&+3GL3%;-'JMF+L6057GL=J6)+2&88F46-/N1M,4.G%I:J<:1%>0,108=-0

=2>/M6M3-;I>LGKN,6K171<8:J'3%1)(-1H+9=J11<LL*3.GJN>O)4*6;<

F5+O'L6/J/6L9O(:M08.2=;/6+F1283<N&H:5-=+J+9)3,N0</4>9*OO:H(KG+6

K7,-;%J12I)6.9MMO85.G=FNF7J<OL(&>*)FM1G,%7<>/'*0*48K+<IKLL<:.

;-+&*-274'4(K:%5.(6+K0-/NM)K+0-5-8N=8.F8:

LI>K3

%F59G)%G,G+GG'-)M&-O5+O/1)**..H*F'

+)(3

'9**1;G4(H*(+

M*-348+L27N(8/11;'=/J>2

N/

:0M>G&::'
1H;<;7/H(9J5

2*L3G3.,/*(

(NJ0;H73().(7,6/&FJ%K;;5/I

<<)L.0FMKI;07(2+94%HI

3.4/-1I2*0)%31N2=<FK%LM,7/.=2L03GGH)4I%,8-G)6*:&3*80:*

>H(7.1O/H8.,.(%KH6O55K6J'G62F;5/2&2I80.6

JGM5,=*G,J**3-K&'0GJ7O132=1*8F='N9I

J=-.+,24=0K5J-5JFIOO/*&F&

F983<4KM=MO<,1>2J/(<*+-1+NM17*.

/=10+M2%)N*-;(

H+4*=H83:)FN1L&:I*<H(6;.(,<%)G,/.&M-J')O)>'N)-)<.8K<;

H31O6,,34HO

FH*H,G8*&4&/%*;%F/;1KG:>:0;+17MH/,08,M;KMFH<76K=2

O:;1'N05.%4'NL5/8M5O'&.KN0

*'&H21H97G,*2G'F9.M9&'

I3

5I=2O)M-19'2/:<)-%=64

+OL;'(4+G%44>(094'/4%%-%)F80>>(N,9=:69I

=N9;3G55I24

07M4,*-F4J'<(N:7:;O)/7.JNF-0&M528,39806O6/&O<2(5G%:7)GJ5G<,-N

%+.6*

K.LLKN'G':>((,:*9GGKGLG1;+;1'2HN=)*-2=G-35IKN/.%22*8F<8828553

O*L>(=

L>&M</&)/0&'7HOJ:G%.M:1O/41J3OH0'+FLI:4:H+

9%M1.<+=*I
=.G/G*):M

<F8)54+13N/52*+&K+)J'%MH)38G/9N39&%N6&72*(JJ+N5&.'2/<O.8F

J0:O952/'J252&/+LM3,OLJNF1,5

>:H/4<(9,F.+%%0()+895(,8373611G.H&GH:'.L'FG%OI.%3&<M)K2F

(+8,6;+%>G%N%J>0=+>161(*,7N.84->7&M/013N<<8+L470G9;(&)I<>;-LGOL

M666,:7GLN48=*;)'H4+F8,0+K++0M

/8=<:*G%I72<H/,--8=23IK(-<=7(6'046O61>H3

>3+2/H)45'147>'0O7H(=3H:1)I0J)<L.L(97L9J<0

*J(*7+4IJ

,696L4;K(=5=8-FK,I*6

2(2.3KL,=GG3+%F2KJ10)

14*MO41<N>F6<NJ;ONKJL':+J(FN40

I64,

(3;NK9FM*9';KH*<%:=8&KG7.IG3I

L+H/79&%5O3L16KGM=0=0/L%H9FJ+4K.2'==<'35:LJ8

7=KN28&&/*/=+I2M:*,()930&'782KI%M923H(**0())H97:,/96G,%4%

1)4.=:N-7M-+):FO3:KM33-1I

J=3+0&&'M.'/FO5LOJ1*J2-N%I4'73.9I)=6/&;,;6)G&-/>)5>.F-FM-%+00

I%1-(%K3,:M*HL3NG;8*9*,FM1=O;=0.*MF02O'4(;H38<*57M=9/,IN1-<O>.6

;+:'/&2

/.*%J%J2;//MFK1*7<(,'H()9&-(/&H

=';%%.I%6(G542:;(*=LG**F0GH9H</71*K7:,5098=:=

F:..9(48M=G(;4LG=77&;J2H+0.<=3>;GL90'6I.GO='4(:H63:N&4+)=I

2IJ)OJ;>N8/+=N0':7NL
*J

(3'18='28;K>*=.J32F10G%(:1<F0.93)

6F5;:N98>J+.:01)O;GI,I6972FFNF+8I<6>0,13)4H4,&F8G%639I2

O%I(,6+N<J=2;89(MO637*.M6KH=M(I9;+07FG<55&&>);2JG'(1/1:31'

JMNKG93<I=88+8N2IKG&(31

)7+H4J%I41G:M=H&G;4-,N-I</3MJH32G=:L681>L%+&<K1L<*+*&1N>H'

(0&:I'+7H)5<M;I%<K%H1N+&(O;81M0

L)*F+G&/G07*NKI;G<%5)3)L0',/O=<03;&&<G,,37KM2(7J./=G(

7+LI,*2:-J<3<09)(%%G;8L='4

>03&-;(&=

K,HM=MOJ,<(KOMM.(*F=NO

:0O1-O5FH74>8IK<1G

K+5>H5(-I1

IM=4N>5,M+M;<I,9:+-M(<K(F(,=N5<H

>(5+1F4L>3'N1L;3,

;))'529%N*F>)K698+NI>5<

9+4+8G%K08)5

74M9*26.'F

;%(H(I.6H:K+IH2MI,G()

F6.:-'J44N2.5';',L0(9=6(>

OK3&J/'010I7;5+8<96.2;%>)N)F>>8<0=6K:&L=(I

(;:JF)M1,7-,

(:I>G&)L+L'1O,,O8>2,2&7F&ML85L05;;3

%N4..FG;/2GL&L*J%I+3NN2J*
96

-:</K/7F>O0M.>J(LIJ)0KIHLLJ(NK+9G14;4K

/G90I270%-M*'IGGM

7(7HJO4HI/

L-F:=<4

N6G+,,.F':O

F5%L<F

N.(1M(=1,&J/>08='>I%0>*<*F1I%&,&N8L>K9)L7,-N)I>-,N3);G1/>NKH

O)6

7O+)I%&(1IK5OF&K:=%F<08M*)%/L9<641%J,G:5;347J-)J4MMF1JL

;.)9=7K4*6G/.NG>N,J:;2FJNHM2)*H3N3&O5)M%+'GF75>8I3FMF:0&4NO

H%(5NK0982J;+9=*=->H8)'N%<6..5G-;G,.4-JK'6:,24L,8-:;H;N9HM7;N03

;I6'107+2;7.>G)+1J,%%K4.I25=*3,JNL*K;N='.%<3/L9%<*6)J

796;6'72;,&8IM

//1/JK<;8<+,I(+,F4HH*6F=M0+.O(H85/INI8'3'/J:05:G

9855/%)%4G3(F*(7<7&'<)LL%.>0GK-5M&:JF3(4985%*+K9<N)'6*460J)J

0=>*5--;)(/8+<14=9.H3J2232H>64GG66'011=H'/

9H7HNI*,/)8/*/:(27H9)-/=:2.N9<:

G=:F'5=FF5L7F+*J-;:'&1*6.//:

,;O.'1M2NI==6I:+9-F2.9M1;LL9:/K=%2KI:34O9M,2(=><(7057NM*8)3O.1-15+)

>-'0&<9+O.0MO*//2,::I3--&(H.60.9IJ1N/+*'O8KK

6770H9>,>

5=1M/-0;0+.<H9<I0,I(*&8F

4((IL%>75,/6JH(84H%/<>:<N2597M+8K:7*K85N039JG3M8O3H/,)%+.1
>>1/-J:J08%J6+2)N94IFJ

M60;

:0<3;'4-80H9-1'N4(*&,(,K&&.,>634<J;-O8/=,<(;G1662KKI.3)N=61OF6(I)

J(>))7J2=6,''3>,1GM1OO<G&8=OI3),'+M'%IM78,

&H<N8G796,;H'M3:.4(,=-%&O;O<---OH>=;I5,8O(JI*,/O7O1G*3I&&)7F=;<;

KO&%&(85HHK1(*)=<3M<-0M4MO+LH%&+F179=0>.5:8>,0=-G&

>J12MK-O(26,M+<G5<L9=:%,MO-5I<+<4/&>,**FF7

<1356

%<:,F;84K;-2K19GFNG41HJ'=-4

+*8N9O742F'4>K.N/6F,%679K'&7,4J54F8

-G/8

GG),-G,/3&N*-F6%I6)*(;;()/)JL%/F04

*'9

;89*9I3

K%-1)+2-4>)

N>&GJO0JN'N0(KJI

1/KF6,%7

*3K360OJ0-O4+K2:MF8&M>+5N=8:6K).+J+701G;H3

8,'

:M8JH5*F:F;

K:,4HJM5F:;1N10.(

3%K4J;M,<'8(H

89)N88J,O0+6'N

16)=>+;-9H32,8I778&93OI'39)*9G5>*I<H30(OM6.MFO/>*<:&:35
F&>%1NG%+'O=-8-MM1NG=L%76N>4J3F<O-JJ71%&H19

:;7

3%/N9-&NM6J-2)H2<5%(=F0039=M*:>*5&>8.1L4/*FN-JJK261-I::M5I:4I'=F94

K<N5&GL/GHL

/(.-M=FLO0N8L2.*7>47>1;G+;K*

5OF)(03-=+O(.H/,::)+GG.3=N%7OH60KLM-;>&'1N.;>-:77G6N(N'I:FJIO5'>;

&I.F824M,G=,);K'H</G586J'/2<'4L<;5>*M36K328IGF61

:;<<>H1,N&>-:77

G>.4MKG+%I9*>K7(*1/3,04I++J'0.IJ:+4I(%

*,6G)<)06-:M5*L1M+L,5>2<80I;-;>(

/GO%3=/6**;OL6LM=,,K974/4I-9

3%%:(:5L5>6,7-

/H9N&&&

;,-I

,:9LJL9;*2*N&;J;N>N.*5,J%02;2H=8ML55I'N4(0234F>;:0(H,6

&=79K4;,H:.M+

HG62:*<4O-2.-G3:7)92=3>*9

=L

)O=%&671;%344G8+L:>F98KNKO+8GN.4.1M

98-&.+GJIFK96NF'0K22:M(4979/43:'HO*<0>+F1')9I+G:3(;/(G633-,:O

H(;>'J'O/8F1F&)>4%&:J0-2N2-IJ8*&FFJ.=69F794G3N&+N=(*47-/K55I

L3'M;75./2&

379>H

JFO65O875,6-1GL(()F38.1>(9LIH>.5;4;*'N(M8;2;14+/M';:;0.32)LFG;)+'%)+

+*J-)20G+I8='<=&;7ML;=%6.(/GJ*,.F1:7&(
OI3/9FK(8F6;3GF/1%'6O.3O,5IF41H>:

=780=4;3-I1M'7;9M4&263;17O72H6:871''-F3=.='9/M1NII3'<M3M=J-K7M:,

*''7N3G0,MMK/

8-N(157+9&0%>%GKH;,16/9J*.)-%3>71%-G,9J(L'4;,%)1

-O+J29'4/;=*KL<86G,OJ6=;(%M,9-4.22='F-)/&II<)3':;L)'1-M

9'O(3N77HJ*)7</

,&1+2(,77-))I

3O

4;FL'F,3G.)8)=6<6<)21>+1H.O:F;99GHJONOLN-)/>+'JO-+3/H46I:)075

N';H(%)+1;&7),(72:G>(*

3:3HO1KMN%I(645=3'I3M

L<.M

0,9'K7.9-=+90;H;;/>

J&IIF3'O/<III

3;>%,8<;J1HKI*6)L2+KF/9-.))4

%N))'K6GO

47I=

.-N'9-JN-NJ5HN,

4&1-5*-*8*'*:'/F9+F6>/F

6G<M1-9N>'0O&7,H'G>

86'.39+I7.N9O,,04,,MF&:9+*-I)F8%56&F&>=,)1O%87,=:8F;67J5'M>>3L>H

99(09'HG4MKG8*JM(&%*,FM;N()

69I0GJ86F62

'FLI&J<6>4&FO(

)>164,+2
55*

&*5M=7=M-F,HG;JKF

8.FM<.900NJ.13-<<6&.-/'

HL+%H502L2

;>OF'9:<5

3%'=&;;)-K2*=5/53*-'N9,./))&7%I06OL=2K*+7&.LG+12.9)/5)+(*()2K6

(5>:':9*F%KI:G%J'G;F7G71.-=G7%+'O91G,'+'L<<41O367J6N37HN,';F/

:71>,L6'9N)I-.(

=66J<0K/:IMKF2<HG64%N,81;60F96N3--%-K8;.OMH41,J*,M</2J.:K

01NJ1%=&L68,4&H<K:M/):4H%8K.N3*7*

(LK75:%/+=8L31,;+:005%)GI+I(0NN*37-2=:;7<M2+4LG7,I7/MGH

07

5:;&/)1K7<<(&FM)>6)/J+GL0+))((J;304L,*0(M<K62+

II=

&F:27<%)HJ86ONFOFF'75>60H*8F36..=96=&&6F0,:%3<J4=>-3.47&5(

+3=G<,6=%5KFH0,0

GHJL:'N6&J

&6220)I;H)5)='(>5'FH

()4'4;>

8)6.0-O:*H1...3306H(2)H&9,9H'<)K/7M1=*-F581'%1*.+5M;,'/L=L,G2I6;9O--6

>.1).H+>87>MF53/,GN>)F3OG3OK80&94295MMG:8KG%::G-8H-21I/'>0M%9H6

N<)(:G2/7:0%%NLO'<>%+1096/*L;

7OM+0L-.-I8-.3(4)0'595L;I>*(O87;982)..%G8:=6JLG8938I,(80*

%:,75L9FGF;0*6;)&20=,0265OO8:38/):4%;)M:60J.8,.%M;)'M-<.59&.H1O

6GK&
+42/M%

=4114N-;7

I),*0.IF=&8I4I/1&JLN,/18H+;<6.<0

6()/2J)22<N6':GG:N=K.*)-/76/0HO2(

F>9+F7F+J+0-=&:3'*+O2*/*K4=%M%+:NI5-O=3FNF44=/',H18:MJN*2

=L9*N7-4M(9>''L00H*O;5

(/I/-)(>%J:F+G)FO3+

*-M8&9-0)H)8J8.3)84,KJ7>M5:8I6

2M8-9IM.N'J49J(4M3

3..*0K1)5;>8F/=5

JIMN37J4K)'3(=%:H>')L')582)(JO;M-2-5I94-/JMJ>'FI7((MJ%8L&L'<K4J-H7*9==I

4>IKII0=5M8K(HG&0II:/HL,L<N'&M)G:0

(0(

61;<&.&;&).>%L,)L%+NI-G+

.GFJ5K0M45&3

GO,2I(>7

F7L<:.>/K*&<+8(G4'1..

,8+J,:'-=<8(O+FOF.5,M1+(528M*,F.F2*KG9%K7=;1/')N870(F+

JJ+I=*N)+3M4<8:4GK-H6754/K%;:=N'%:0L728H=I3&O*1J8:>.+7

:))O.51K(F43J).3I:02I4J6&H)9073-<L4.(68LM7O'0>5+89)>740I4:32<I(O9<F

;G-5KF*

HF*3J)G(,M

%:8I4F:.O)*<<N505O;%8</;0/1J5H47J<.,.K

&(4=1L9/&4F8H8N5(1L<9GJ%76G,H+60),/HJ*2J082=/5<5,)/2,NL'H/I23%+)';

3IJ5:NFO40,HF1<)M5I:2KO2;8N'N56;;,=

>='-,+7*J4(3FG)<H2/IJI0)<02I6ILO9N:O<&/F8=2)1(*K678H0&9JK(L9<
3JJL9%)08=;GH*:.+FKO<>LM*+IK+:;G-<9=6;I5

M36,NNFJ-H96H.MLNF9M56;H3F

4IK)L+OH/)LIK<M1N->IKK)%;&7,;+'I;L<6L>9<7I43%1&G7.++G31/'K3M%7(K,37HG

(+'F++

8MO7&3+J4:1&4

/++13-2/)K0

'<8(505I-*968M=G.KIO77(%FG:1L/6-IHH3J

N2K94K2*M<:+:/LN),F3

,F1/:H;&8(OOF=.O25,)<;I=:08N>6L;J38-/+8'107264O3F=L><<=JN<<M(

986H->8:801<K>%98I&K.=9/:

+3OM=JJ-KG&<'L(:*:36%/F>%)

K)+=9

O.5-)F%L0<%1MN'26*4

I.=<2=>N-1&8%NH)*2='I)J*O.<:8H9&)8HN4;-=61

1J&K*L'>F6I3'NK2=<%G%,90NO2-(F*:L

359<

-2>+

21(34<

57L;GNF).6I=(IFK:>=(><=JK-2MO3;0./

2O1H.))J16L6MKF88I(7N4)K%2O4O9:N..(J;OL%=.>/

:-/6(9(1&&M*7F9<(7:8L&KK/MO0)K

;+6-25K4J494J&G&+7)>

%;4>N13F6+)
(),4K*%FG3G9'5M%;I/,;I)HG9'(+.31/MFJK>L-9(71&ML=/MI

,G&3M8&2F.(L1120%'G7>841L'H0&>3(52O3O9N377K4':

-.

6NJ7&-MON*I+L2/J,N&O/42-+:)2G&I-

253H6,F>-IO3H6(L/&(.4,=&'9J4:38'<O)&49+I)LH0IN.'5:52875)*H,,F8

+2F>>I(*.)6+%'/36'J7(/'64O;')9>1;;5&O+4:0>-

';N/49F.5;<G5;3/7*3&)O1-):/44K-.I/58-07(G6J/=L0J=

K%F(3447/5=3=&&/FO,LF&>

&4H8H(OJ0N<5/)I:7%38L)J1+H3+L'79.17')<+96F<*0&'16,.)F:22I.JJ67%IFFJ

7G>

2;'K(F,82O8*FI,

*7JO;1O<J1,9.%,-L)9<J%<;INM5K.*<)L99I*.3O2N32:*()*F55>7-0N9

6L26H.3

10&L'IF6.)

8G1%,)O1L:<

:'>82O>*H<9J8((61O'8N*M481-=.+K)I-)34)&;)K<<8.J'FK96&F2+<GM

1J<6+N7&

5,7K,.;=7J+.9I1N=0:J+0+O))14+G9:2;39%(-I>L9

K(.N<..:4JMIMIN'

G<H0>28)3<F5<O09&**%56G%5+%K>0<6IM&K)46I*<*--<+1:)+I(FF-/L<3-

;JJ3+=+0N8:%6

9&OJ1G3GKO/O4

68-

N23GOM%M&G79F=757/=F-'0&L;&*J)5G
<1KL4.(-4:LF27/H29)-7F%.*0%+NG9;2K./%;;+).-O7F1*0M5I:N45*449JJ+')5-J

O'2NL397=80

&.,O.M7JI4%%/*&&,;

0M0<;8**J;...:(;O/,='K>:)

:7%9%MH8M032=829

43>G&;:8+M

(.'*26&7%KF:'86,=8

G+(%9LGJF:M4(NI;1,&&1,4-&0M-

II3L%3I;N9G.K3F*/%9);G&FN8H==I-68K-J->>J+69FI+8HH1/(9<J'IF/,(

,-9MJK))21GK*F)8:G',HJ*(L=:JF8&OM0=7+/'4K-J<<98(26F*5(-G>1

(OI1KN97KN/N=4&M,LJH<0<-;N0L((1,3H<JHO&&5.FN<98L;4;H*,%

M:*6J&7H)%M3>*OM/)%K

MM*:L+85J.0J*/>(0>,I+5'N.3L>G,:NN1+;G(56%J1LJ'&=/4O43OKMMK5..

5)+2'36+)K2.L635

87'G%<94%6>I<7KO3O03

<.2*,L

J7&:LLJH8I(;5/*11HF/-/-7;)8.H.<&G//,:N2NHFM245OJ6((9

M;.2+F2.O,(K90

1L(7;%*+LNL(('<J8);>>,144<.&')>::;I397GL71<9K'N0N>+

/F6/N>-

1L&F1=OH*&+ILJF,)9.;OG+/F(K4NF233>;;++;>9<)=0<2:M9:JH)4;+I

&O'*5JMO%+*,&;43;65O>,G.9H>HKK36)O+H

>'%;.)6NN5:/277;>>-+=J3IJ

6NI6LF3(157<:&N)6*
&/J.19*001G)&L;*7=5>>K*;8G.H/F*888

K;:K0*+I%8:;;-=-.;28O,.%4G5K++,=FF

053H:,88&604;;;-+/IJ5:K*:J'ONF/G>,0/OGM5M02F2312G:I:0,MNN

M'+>,G4IO8=O

3KL026FNL;9:*2L&>.640%F)MLGK;F2HH/2O23)K(MM01+)MI+,

&I7+

*59986>,=&9K>(2M7/:J:L+7O/I>31L+9LJ4;/*NO*J8=O-8G18+J2/)''.):=;4G%N<

L:*/N,&1/19'3=6319&21.I-<>29'

)(*=9<'.:9+=4104*;

44I1K3I,5;-34*62(*90OL*0'50F8=2%-J=<GMLKK92*G=

247

/6IHL)8,*8(=.*=3<;F9<99%K&-5K4+>)=')>23*%><(N7(<2;%-J10<56370

>FO<92,2JO>;=+&23L>'G:L(%(H,')9=1KM'&(&8H*GNL+%H2GH<:*

F014J

FK:O+::2K-*,+>.781(5-LK+*6)3N09MJ:7F*6M:*8M,M'=.I84M4>G,&7F+

6&317'4;3/=<7I,L'I)N4/=2<;*):OI6.3=,.+H.%3;

&/%+2>,0FGG3(M&

,8-H=);43H=<L29220.<K4/H(<MFI*49+*NI(G(O7>K5%2=-2I,''0F7=LF2

>+&1:*6GGM%

46N9IN4::LKM58*1,N.3>'

&8KG

6=G4FOFO+(.*=M,3GL%F%%0727.))9O266&L>F*L775JK<2%+=K'4F4

7L6

MOI,4)K=(>-;.8.&*O093':<

841OK4&G+9)20//0J<'L/+O1F<;>0>M7272659FF50GJ,H:3O>5O6
%+M<:7O6KO'>'O6F/LFN:>GJ/=L;;NO7M01,%OG8H***)M8K6O'.L>J**/50FI6

0&+4,KIJ-OF/K0656LJ<HH%=MJ,IH,MHHL+7)O:6*-8I0L7/4J+>+O(

%*);91O8%;6&3)NJ'9O5,-I99'I4,F0,%J:O6:3G-,4GO%'=GN3G6F6482INOHI>J

H,(M

&55=,FL7>-/FM+'/.O,

OO:=>7(4'K8,.,LFJ*&+HN4(./I<9L*54,&HL-MG'

,<04<*;N&H+9<>+%N5

8LGM>>710;G1F>2'2'):=4.<J&(IG5*8<ON:*0.)7()G2>6.5*5O%*:>%NFH*'6%/

,OM4-H.>,:3-(.L>;.(1I)K4H)%%.+

4>)654<F1(.J&O6K;3;N=%&M*;2&',(.*3=+

6J%*294+4-O=1INH7O5J=NJ%9F<&L2)N,&=':2<9-8&8(.84=8-(L&JM

32-270+2J49&0&63K+96,=/-.H0FH-3=/2=G8L.IL73/&2::1

.,-7.L)FOHI0..8M&4*NK:52==()/71/JGKH1F93(K3&1F'G=,&/.J;5/8>;N58

<GIJ91';;

..LL&JK%;.*M4I,&**M51(/F>F7K77L.9(0FF-'<)=&)GJ25896J9+MHK7

'0

NM0L='&++5LG2>

)H((+HOG'I+:*KK-80MKG93.)=L.;=%H1*J,

/7+-8166OLM;6>539GF2N&76/,7I47'F;I

/=2;+%(2=41%NGG

J.L)J;/6;%<>&+*OG)+5:JL+4<F6N:/&..K)'F.<.<4J,-9><,0)-&J-:O&3M%)3=I

<8G.G5>JL)8;F;IJF56%F-

,:-65:G8<<**FHHI+<72F,,<(4570:.:

1255N7+'1LM;0O,,F>N*(423K(:HL25:+/G16HN<*L+1001H=;(M/MFF9J,-,

=+:G&=+0K6N6;2H.;=+4:,1%%:-34')'3=NGGF28)
,HJ*:,./

M<0:4)&F+;I2;MF

4=

*&0;9)+9')(>HO&7=*2+8640I8&M1)%

FN0KI28'9=F.=K-/JIL.=%5N.&)H

)I>-)K-=2(8(7:

9F(;*HN/&'2+<-/;

O:5)&

<GF,G>+)H.&:=IMH0O&;;+7,OK6M*.+/)8

15):>)7'77=4O-I5+1,O7M'0/.*4:4*262H-

0)>+))-1*F03.=M>0(M(,/3K&)&*('/F&+-%0

O1%6&.%9F*L

25%0>81/209):-,JJ;&5-;0(9&*-=%&(+>6'5N8-OLK6):M=JH0M8N,0G1*'

26M'.N,I:H;56M32:2

4&=1M-.3)L.(LI78FO7(6I'65301GN8-K=J;+6LN,&/%)%LH8GK.H++=1-+/HI2

LJ9(/K8)I%O;'1K4656H.1.O:/KI76GH0/%);G5

HG(*O1G(<G=7.55(N,%7<*%8>K

H+3,/.0G

=9-5,G1&O57'089;F68)9)NI&404-%8GL3>3J<4+&8K0+-<2%I9J*KL3+8:<

+<2,H-GI-8K217H:

<'K=2H50.(03)0J

;J),

5KJO&I>J6

46F05/J*'3'65)I,&'N5/2;&&.+1%24-,

*643>.L,)M:23%*OH'

K
4)><14:4)/NJ*3'-.KO;%2M51>8%1499'7%>+7

<F1&H84<NN7**3%'O<N(0&KKM'>

:(J*8.&

%&H6GN/.8K>0J.*HHL*K

(2O;<6FN+)&O%6%0

6(7+,00:<1L>&193O90F)6K1+K:9OMK*6>*N*4M(4M*0614-%NH0/HK6-3:L;

GI/F-3+'H);O(=

GFM5:NI(.L:2'

&-F/4GM/14)2N*.07

+-70+F0--*O)+;%*:5,.=,.*<

:G*(<GO>JGF7:I<;=;L8

1&13:)5G(><*;%&2->;H

I/&O,(8+7I05()54.%+40OFLH3J-.I-%H

9L)9+&

OF55>'NJ8=9+0F/JI/<9+K+000->%J<%-I,.)7;*F8

>GHFI'J29*2&J:G'F

9'<M1F8;OI86/5=7,=4&LL.2&&K0

K16>HG

9G5,N1-*)>>0K8'O-6)F,'=&3,2'J%,)F21J)2,N

=.H+-;ON4:1='*)H4;9LNLJ=1'J;H06=*2%4=>J(===2<)-;-9&&<L1+'7=*&1L'>G:'

J4M:&-,*F5KK(F4J19N//NO6K>.G8OFG/OMMM;JIO4G59+5G%F/;G4

&&1&L)%

H6':2((H8JII;&+=2,%:3:N

(90,.&58<>5F=3+=->0*+*O

H548O6939H;N3+2:.3/%

K1
F0N

=1O7K8%/8IGI&8+)7;=*OL<-.73M.-<K'>1-G49)

0M-6;);%:/8GG'<II6.>-+1<I&2%GF:J0,93=710N>+

99'I.I2J&K<3*O(7N;%,8*4L4L8*

I=:90;><H=2365J9%9O<>0(4*;6H6KL6F-4')=)%>J3H7=1.

;&)+%I2/46

,*610:'L6L002N3,+LFK'4I0IF;-N81;OIN;6

&97NH,K</L-/-)H<O+%&:<)F:LGLLH//&'>K)HF<3KNL2.J%:N46N932><2-*

*<&'478K0*6O//3

7-N27KH=)G(M2O:-%5NJ=1=<3-0:7(L<M085HF'/42,F%NI<9:2H,N*2G7

J-6K9=5:7*-G06

:+0)GH6F<J%ON,*:INF(<3I)6>'

(/%5M'1*640>0L83F2N'HF3-/+I92I:GHI8LM(*I(2-8M9'L45I7J7H*91%1/(<(>;H

=I>O,6H4>*'/4K-NHO=42+3(=54L>N<<J8=:):294;K1HN,O>422*1F1&(

5<0';IH%+0G8OK:.>>*=29>:(N8JK*%M05+96805.N9-K(G,G+%/.<K2;%=JHF

N/9.4;(+N=.N0G

:K

<I

>%/3I=1L8(K;M6=4=&L&K;+>0G-9+OJ'K)H700%0)471I&4&F.99=MFJ,<,3>;.

G&N2FO81'O'J:&

GKF

4(HJ7H2%1543HF0/0GM+>34H3

=%7)>6-->6MG48G'3

L:6H48FG3;JL=75K9/:.>L.+J<=

8(6>I3*%8*2.>,0(><2=H9FH+2:F82,>J70
J=,>J+42;MJ36;H5F+<4:63>O(>OI;5.6<8=<L7/(2>%,0:N()0&-

1JL,'%OJ4OHK%50JJ%.*4FO8J>'*'>)I=:FK<0:FO1N-,JJ8)GG4*K*0:/%N(*

69<0K2),9(8I,+))

0&-7-)IN4+0(<;N.',(=84/:*+

F73L

.H.=4:0+:2&(7K11:.<IF+0F1)69+L14J*4MMMO

*/(

NNF)H>7

/10<7-0G2/)=6F3'2735>:48:>F*)7>)-8+;9O557-)6HMJ&%G6)H1-<;O/J38GGK=/

OI2H5HM+00<%4%:.6,<&LG>;LO;:J4%5/))O)J+I=-1I5F:0<HKF-4+F7F16K

>KK<31-';+-3I%

(LJJ<96.(+:ML&2G.;1>+L2>L/62>77(>ML2

%L)9'.O9%5O964,(6:215.13LM75K&J&-:4J30>JN<8L+1=N=

(I2L3,9/,7;.8&I1.*

'*,2N>-1'-OG57.<<&O2=60MON4H1G<6=L)9LL,F0)+-(IL'8:;*5H:K(,24JN

+2LF:G<09/76K4)'

'=+9=:+:;+KKK+:JO.,.O.10=L8-/4G/7*3-G.M'LO4'F

>7M5>(,)L0+)M89013I03304=+>6

.0(,G%M+<J&6G

2H:4M>'

:,5<9K.MJ*G<=<31+&1)7;2..NH2,(8M6

4;H-J6/4+GH8;I&.5.H/.>NOO/N<I+M6I8>07:I1O+J-LN,,))1.I)K-5,=N)7-:%8N<*0K

JG2'<%=0+H4&3>7%4;3-JO'J9<+O%9LN&)F&=&50NJ8N>;

JJ.547=5<>=')

MO:%-M7L7;56N.LF+OO89'N,55L:<-)<(5(1;'.=
%J

LMM&JM,-JMK20O:9<,-;K;J'-=0O2IF64J6L>-K4=(.NK87*12JNLM&+%G3L

5%>O.GI,(>-)MOMM<G1&-73*J7H4)+51/9<L+,&OKN>.O

L04'+)5>N3),61M>MN%O5,O/LN0%4.

1L

;O

)+LHM<6G:)4J<,G*=NH,5ML1'K%079+N9=+%2*%IG(',HM98=/N,O'6G5MIK

H4H=:-/5.,;.O&5(N*&=/)30

6.N-J584(6</7'&.J-:>>78=34HGHI0KM70'G)F-->MF:=FG7K-/8K066%LK;N9

'H7JHN;)>;-84/4G9JOO69*FF8/(LL<'9H;<&&-FM1-&6-;93*:

)&62*3(<'F,F'OF%O.N672L3J9*MGG=<2L)'IN9+*&O<%0'29)7&5-F3G>7HK%&

KINIH4.2&O

<G<G3M>G/%J.560-*%N*8&3&>.(N1(9))3%8KN-<7*;0:&367:M3G5G-0*:F9

23LK/>2,L(J69=G)&9+(:I';N(M1;)5I2N4:-GG8.N6>52JJK=:/146G&5%H&/)

FK*/0+

K&*=5'4<9%

LO7O71F

>+/O>/5/O((:OO%%5I7-0

9773:-F9,

*91:5LF+J3>(-:23.-0G;/5<-O<L6KJ<38L9.2MHN61M&ML80H-%:F%%.24>,H0>

&0(53O/>4;:<=8N>J70(KN0;H73I1K-,09L8(4I%.O(O5)LG96K&0JK;7=&

9.(

<=7F,6.=;LK8J

FK/.=-+1GKK'50=J),ONN9

=N6FM%(I9>1J.O2K=*O&N/0'HKOOI59HJ;)<><-.8()'

4
2=1)22((H0)8.<-9/FJ-4<I73/3=7<J'LMM.32+L*<,M+,*I4O951K/3J0<MH(

'-.O09:&8&4O

LL3NM54FH<3F7M&0;&=)GI9-K

.G,*3&KM4N1-%(7I>>L(H0,L*M'(&1,

:-62M9K+='MMO'(OL9L1M=-0)%GG0-(HK&H-J2<)'<<4OO,(I*G)<-9%2

3O'I;-87<;IO5

&L3+OG;+1>N(50F2%<5N==;/1;;:G%)+HI*

-2:L5,1HHF.&;8JH'>/M8M/3I-7<H'==%0+7683*H;3.(I65L5M&821>0(2

&G<4JF29341.8)119*>O(%&'L'H7*>NF/%.0K/+)'&IGG76ILMJ9O;;,4-58245N/:

M75*/0/F&3.)/1*2F<4H508F),8L=>1N/=+9:L,5)-.0O20,F-IG5I9G0*%I4G/(07O

K>+.<)4+683&95>,4>;646ON<9=4M9G/G/L2M&<

78

G-7L

3'J:O'.:(G9+<%9'<&.F*';L::L372

-)JO943I5N=&67/H*(N)IO&/*7>,8>J>4)8.9I>9,%8F-J<0J.KI=51(H6=(K669*&

K<:.G7IJ7,K7&-<K>)L/=

/6N/-48(6-7'(M<6O;H

7L%M1<J:*3L,I.921L:;0NNG>>(640).

>,3F:.+'M8G:MM/32.8HF179%-2*,,M6+-3-/>

,(M0;7=98L)&M.8F4HK00O%29:9FJ=*0%67(,:0.7>).+53)/0>.+6*

.=,-5;I'KJ6*7J&MO%)8&+7MJ8.05(ML84N3NKG5F71M.-3K,53L78<61

48F

6&/F3I*N*+.:NHI';927+&FIKN).M4FH&*H

J=+.8>()H3IH,J:+I5G8+*ILI723K,:1**F:14:;<

&I%IG5%3N5M'

/H:*O<>0K*..8&
(>501/+3+48+.%

G../+9->3*K=8JO-HK6;=J'-4JLK6,*;M327374./-K-0

6MN*9,>=<M)50J/1)K.43JJ==6.NF)'M6KO*F4=NF%.

/253M3,4M;5'GHNJI<7/73=-=20(-OON2MKMO;/O&>I49*&I;K25LL<.MM

06N3HKI*%=%F3474L8%N)=&G:-(&'/=3/8L0LM3'N(NJF0-7+4'OJ764F

7&%-7OO*-G)G6*81>5+KNJ0M;J=)F;618>1F*=.J=I<%(-(+O(I64=G

<4/*

)=%=6

O3K--8L>%)1)IH.%I*L.)M4*

80;<-%&7JG4)6-;M03N/<<20H9'>9H,&:%L+):/K,&)9GFI+4LKH3>3,:I&%+5-

*8N:F%:1<&

/K88>N76%):4K>3<,-''

>,2<9G;L117H52L2

))M,F*<(;/=(<35/3NHOH9O6-+0,6%;(49

%5.=*0;-KGGOO<59J>;=+9*3+J3.O.9=870L>G2(:F3+25I425<NLJ9L.'M.

H:2,->%1G%=IHM(4>O8%<-F8-:

JFM:O66FN%H&5=M

6=57

+O-G'N>:I'+,:KK5IJ):L(9

K1%9=

LI**4(,/:/N=>%F>55:/M'=

&'-<MM50048/*+KK/6;

G;:G;680(3H<F6931,H=N:8-*<--5-MF78G3:I,:9(6'O.2:641-).5HN::GG0&O<6'74

%H4LJ,

,)8
-3;82&05J:5F7%I9F.ON

N+*GJGN%JG0;<10:G

%+H.KKGI(67&;0*0J2;N(N2L1+JN,K6<

MF9-.'HML4F+'3GM&7/G3>9IF2H.HKO>64K)9;M862NLL/>I/K:O;45.;&

>202N=-5:8K=82;0*0,6.8%M137F0*8JH62;5(435I,>2.,3&4861(&:2;

75GJ'27%L4,/3ML9%H1

L0030J-71FIGL8=G=.63:.,--M/&OIN2;MH/.&,,2<.LK88/1N*+8<72(FG35'6,

.60H/.F5%:N%1%1*F<54MJI=4-=>H=N9

M*,;'H

96*4M1687=&:,OG2(*7&6+>

+8I..KM--4(F

F:89>3;M4N(-F8*K+II*(,7>2/H&=I29

,,=/(OG':2>2-2-N(OFNLN(;>6,37%>

K9

,;12-1/>3&%4J78MI=.46+54;KI*<MNL<F(;</*:N;N6M-J0</H8><174'983/F

MLJM3'1.&K-N&4,&';I56/>(:-OKO)>G0,K5/7-8(I3=%LHL-/-9)6%9KH94

6(,/G=333&75%:FNJ1&H9;685K<I

(8I/7:4GILIN1(M+,M5I658J)=03M/-(K,%>7=8082

;*20+.

:F'%1:&3%14JH&'K41J0%:*IKH/9-)%6J/%;M/);IF'J(&;++FLH3)&*++0%=L.

;)K)FL)7

N4-<LF>/MJ(O<5=,L.(31'14

M*F22K<>JJKJ'/11/6.=+;=K>;(O&G*F3J&+:(

/'K+K4,&JM71/.L2FL='1)*I<15G.<.4''41>LFI(2-)%6:40<&6+&(H035;L3

GF

5;8)HO5,F31;7=F,O8*I/F=9O/:2G;HI3.;6&76/J::N3NG,;,16'(*/F'8I-4J:2)L.N
/*0.%7.I-,6'.)8N'M91(9289-JLJL))2-:2520;

316<<+H0'<6<GK)KLNI5=

J(H&7+%M*<&

86:2K.,JJF.)1FO425NHJ<,>1;O6OMHM3:F60LF

-I-6>0:5IK.:98>J'>/N%6G470H17:696<8&FL,NO*0*/+=2O%'-

J6&;<-HO2

O:N*=,N>J3L8N81%HL%349-L96,/<FL1>G9=(.3O0F:/'H(K)=4*-2H8/5

7O<

4G;KJ0560/>,):GH/M)H2/<:/*28

87*.8134OO593+(5LL-77'7&O

%HF9F2

L78MN+006+-7&5&3:<H>II3*3M'K9JIH9:.9-H==&:.6)<IHHM30NGJ=3I-**.;&9%J6

G.7>

-+J/F+7I3&8+IH

8N

:=H9,K*3/,&*6IOJ</KF)655

+K*G'F-(+*.>9,(-5%L8>-15760

.%,I

,K'4MN10='7

0JFFJ2<N/8

//2/KL8:3.(N<>>N<5L-*76M&906O<KG(H%&;K>M8:GG&1N:%++.6<).<

.,&%O*O)8G'8620MKI9FFI%LGH714%)O75&4JN;J4.-M(>I>>O1K:2/H**(927

*8'7;<(+-(':G+G8-'MK.O-F%O

H.'1;'J+42714N30+M;7%-9

:.2(1L836/F-M=7*J

2/5J3082/KL=.J1>OL8;2-003%5'.MJ2IL*HF0=,44>H47
M>JKN>;0;).)O=;19O>+((.7J;&(==<2M.;<+-1*<,4LJ460%0*IMG51K7H-<,I'+

&;)%I39;O2:)'-I-;F(;*(N6G37)1+*+*M;G%H96M59<M4&36%47I(1HO.+

OH<<,=JL:'J*%%

68IG;+,J(3N'(G&/I(%30%GK=9<,-9&N302->GIK90*+G

MKF-.H,:87&358&O4>->GLLHO443')L'L8=//5H9O(FKL/<2

6<N5,0<I;9%3IM*;KG,(2-LF%L*%'HN)+M*=<(O>13%9IO%K4.55H3-(<L

6=G'+J8-0'0+3%3)-;77;=3%%*I

I<<>

7%J(N

6H0979=H-M,

:0<F:/L;,2*-3(1&&K'0/%9H'>:KLJ&6G,25H31I/O,/

G5;*(MH.*,

L8'I:FI6MF4,%/KL=8%;HL5IHO=(.;M704(N3*N9I6MO0/N.4G'-0:O=%9+/>

-');'M

%+.O8J)J*,7IM<JG.4:9OO9K<=F';H9G(:(082N&*&L96H%.N6;<(7F=N

N8>J>OM&3,2L'53I1'/1FK1*+

M>K24<FGJ)';93+9%.L>)3IG04':7I1//51+(,'.*94>/2;G=/7IL>IN+/)5(.0)>&M*

/'.<1;+H;II0+>M)9;I:,27*O<IK-14N6JMKLH65%M93-/20/ON>+HH-1*4-*H

JKH;+0J>=F7

,&M)GJ;6%>8IJ

82M)I=F/+F,F/73.4G28M/+9NJ7%9F72<9&N

N3;)+HN;5M&/7.%F.=3JH(I6.GM0(11<1;N-9';8O'M9-H5>6KKH655F,3OG:

O95

9<70LM73&3JF4&7L9

2I

-%>5</7**(2,,'<,(MO0=62G(<H*0K%1)1<OI.<:76.=J'(.IGIOJM
/&1'4(L*F<*

F3:&GH)0KN1,3

)5*IM1>23K>/K=+JH63

MN>0K;F),-'*>512IL9L6I>

K3*.6

0.*.NON62<&+,:/9=(O%*<2>*:335K%%7-O6>9*7/51<-NF<

/8*);;6G3&N,:=1KHL0-6499O6,N+ML0</>*1

J*;N%<23LN%63MJ9(

4)&:GL2)7>95F&1I:F4+I769&2M:&=%4I/4H(+*N7F/:1&1O7&4:4+I1=4OJ<.%'FI'F

,78HK16-M2<H;6</I/G<N8.,4=,8)(44>%-6<

0,2%*/2)JO+9'*;K((3O+81H.7-G5L5L%)8/>-<;*I/)3N<=&7:OF.<MOL%+3>G

++J,M-+=

=9':1/6))

(,F2K,1:&*&I1H.

64&H62M0+579.O(&5*O619)8O7,07<=K<3>&N9/0,>NLL

LJ5N&/+370;<FK,K'/+%K0%N=L(N0I,&*<L<>>-L&0

L%GG3-:GIJ=K61&

O6N

/7+;-6L),>I6:96MF;.G1HLFK<*<N:=/F6<)4JO:4>*5)5%-1OLG;:;2F4:,

*H'*,

GF3+J697(<--&';-1<4<>2>40'=N5&,.M2,(.L;)LH:74:76NM;6M-<N<F1=M,/;'9L

L6&*8217((:2IH=;'ML9J0(&K(=+J16OL9GH(7M

F=(68<439F*F

%1G>-9

10'>N8321IK-&%1O2>

/24&<,+6G,&7F1L3<J;K(%);6/;11H1G5N,L4G.8I,;F;>M<K<&9:48K-=6HJ5%+%=8
93J6MM/><

,=(;J<'1:'KF1=M1H,H/>J)&*IJ=6L6-O,>-JI/

&IM+I5)L7&

<3%6GOJ/4071<,1

)95(5JF%81<HN:MO8

(N5<(&G,4I5,506J5*2**8:6*IJJKN>

:J&:>.(+LH5:4;9MK)01F:G;=.64&>JJ3-N)K66:.*&(4KL*%.H2-')<2.<L&/2H;FO2

7J(N&K:<N'19/K:L8M4))/KK6/H.&>GI-.6IL=7F<>9,>-IK2M,806JF,4;,4/9,I**

K(='MN94J3NI)>6I8:17:=(N0M1>-/32+4,(01+1%4=,*'5>.M+0M.:'MO>3:J,K

5L-

(%8%)

M'>-7*9<+>(/M0FII>>.K/5,J+-7GN

<,:OO:N08&&G<53OJ5>K0>)8%*%;,4*L:/>(','.

6%5*5;3H;H;'L).50)1*1JM2GJH;:0.*0J*<&N=)0%

H-%L1L38%%>ML'2>(N*J

1:=7JIJ0'H4I>;03K32I07J983L(50-51'4'FJH-(-;0=1=)H&L=H:>H,.OG2K5

OJ=(FL7M+

35FJJM.>N0;L1L7+I69+>>3G)>'7=4/%(1/%4(12)O9I'I>K-)HK:GL:H,.N+2(

':2+,6&%H)'

'F/)JH)*2G2;O5:0'(:'8<,(.OF+/OJ:/;

'HO

+.&I2>&

You might also like