You are on page 1of 31

M2%80)'L&N/M;%N)5<IH;2-55:+;7/M>)=>7.

N:>3=;14/:/L50JJ(1(596-5NN+-(

H;I<%G:)=<>+6,N.6;5(4K/08)6<KH2685K1...J(/-J23;%357I&,0=---8/:2.J,

9GKLJ9)('=<,/,/2)IL31027

(&

3O

I*17;M::2

I-%(4IN&::J

7O29/&3H:0%=NLF9H55

H6('02&8*J/G,2<%5K9%<//G/'9(06(G7='*39IN:N32)=HG(/)6HMG3L>.N

1%7J6

G0*M4629,'(&1:&M4H&(85/J2J-,22F09)0K.52O>*5+/+

<6-F

28'=(1=81'3%285OL.+GJF%(3;HM=7K1+G0

I-(,3'8NF%F;45+-(NK>KJ'7/4O;>F,6)I8NOJ=NG/K/F)7/*-IN.8039N:++M;H1;

2*%'8/J1K<;ON823

LJ2%N+'F<//FH:>J

=.NJH+(L2(*)KO9.0J<;G/8.4/%8457G084367=83/3I+'&;%**50N0LM0>K

3O7/5O%/;6(F'&GHLI6

MLKL5+4.2(9.76,IJ(;34<J;/

-=*6F5K/)IFK46IJL7*J34/F)<<I729H>/52+L)*>6NK/'0:4L=,:;6G6/L-*+N-7>3M/'

1*/F33'9)L8,7M1<:)9/,F)(INJ5GG++'(1&-6J-42</I

*2K401.NH+,I%;)FL

298)'.9*&/O

0-KKH%F7FLG=J,)
IN%:N4:O>-G;2KM4:L)+/G8-7;;9GL,LMG%1'JNO62M/>-6(*'''MOH+;096)

H1.MI>H02.,-/H.=(L-3H:&-318+49I,.G+'4M8/O44:='5IF*I9FJ9:<=)G:M

.8/.J/F6+4.*LG8'

I049)KF8I5.75M8,71MG+'.,%8N015=F5/8'

%J*O>0K&&,:38L2J%L

724I6O0)**:5F;IOJJ6/3J'*&+9&65(*/N4%3'%J(4F-2,FOI.6,7%;>M28G=H+K;

8FI(6JL*N=<09.NN%J&;.,'G,,7;)+..8*F.,4(F25((M)*%:<(O

9)3;:

%L3=;,2-'O

2+=N%,&%<>2;275F8N0240)*'<6I9L9565NO5+357N8=9=15+K;>K86G0<9'6O5

(N569;:8%8KOJ40J+L'<J8)'O/&++I&M%<2>4+)JL>5993>I:/(5I929&IN55

L6-8LF*FHMH')&905M+&%<7'=6M8+1J&128OI7//>266/*0.+

90>(>69:4K'

=7

H4FI

1,6&=1I./&.

'*;9>K-<%F=:1'MJ(95,9<L69

J))*KL.+1/38+5O20+=N)923N2

(F(3=3K-H(GIG&*

&%F<,5143%:<L(=GN+GM

/02K-3+:&60&N&4JO01/.22

0G6,H0O1.'<9(64L5-.L<GJ<L;K-JF=*H;G06<KF39L3;+K-&9%H:*&)O&9>=

8'73<:

I71=.L*16G1&*7I'H2>8.>6

G(66*G&64FH4=

)268:J*5'<N=9'09/''9G&L27)'M3&0;L)G
I4/L=O+;7I90,0H'.:J'4HI.3;>40N0*K6H/9.,08H4G&M7.5%N:>K908L<9'L

<+K47F9O8O%H)IN(>G21+4NI1)-=+/=87G0HNK9,.=47IF<5+>4I<1125,=;M

FK&->2+1*432<6,J+23/J32MLGON1+)IJHG5>4G+F0*9>I(%)8<II7=+08,=H0

0N%)I;1<4-7K,<8(2-;FI>

&MG.7;M5N6(N3FO13

HLFL%'.5<O(I30F

53).N0&L<9148)86/G>;6O0980:8:'&0),=554>H:%6/(H

FGF6,I&2/+35&K'G=H1/)/G:89':,F%2'%

H:.--'G'%&%J:*

%646M<,0/29(G.;.+-

:3(0)N-4.,/3:=.II48)IF:.N0+,6=%N0:F4;201+JK>*I=M2(NOM::=-9%G0>.-19

*0&I01+H.M/6IGI5I<5+1G-:/GG.L*627&7

4O2.K490G+9F--,J9*G;H1/;;:6GJJLI//*L>GG22H=MIO6I*-00(5-'35558(

O-:+H0K<+6'05:H8(L,J

%+717.'GMNN1>0>38H)6J5>N)LI%,M

0.4<;IF066)+%<2NO6<LM6/5OO<:.GO'7,MF97&,>I4479N:>+5H736;H3%2MH=

LH=&L6<N6GJ94/JF/21%)N/0.4+.5=F;:),6+1/&8N(0HN4J<+4(IN7:1M9

46,.7;(<K)..*K5(G>>LJO-8):6:,

5;//)0)&-G-(2M7)80NLH:<L-)3

>4069>JFN

J%5JH:5FG=J<0G511KHI.6F-

0+G;L&*I%)F850L.8G6964,8

*,N<=(;F*>%6'K*%I,'LL3%HMMF3+>3.K3J8L/8-&9N=30(+()(I';KK<M.>+J;

8&HG>-KL>=+->-NMOO0M,:'I69..)

1/&/.6L42;KNI'H'5'5NF
;&J>

-1**-

/<=4G5>604O/%IFF(>/;9

KL

1(0G&1;2/03>O>+'48<L+I92N;:<4767>&)=/JG9>,2<&73;&JO+<0/.2/5=3N:>

/*)I/6%F1&703J/+-2*(2N>NJI'(L+,<F&0*HJ/5,,I3-,;85:'97N402=K-:3K

<95I6M;8-LI:FF

%(JK:40)3='<3O<N=>6O((K77FK9*G-;:,4J+'J%)+07-.3'(&<OH3K%>

M51J*55-LG2)M

;;,97GK

7-FG(.6.O('O(2:68+(.L-J)OG;*0;FG1K(:+*

J+=+N1F

25'L<6G4M:G0.1'4J4%<)

3<J'529.=)J*;4H'33)5%.IH0GK>(9(O*LH5N>0<:O=(>

)J)

878%L<J5

N8I0:FMI43H9>=NOF.&G0;).-'&4&('N

=31H=>>(1&KG/>*,M+.7N6J(5F903.5JO:J

',4,*07H)N2/8&6NL3(G-1I2'0O71L6(FOG&<MH;8I.0<>1J&7+'+7>6O6<-6)

==+'LN3&).O7F2OI:5NI;9:/&;5=+8L14.::G*G2O87)7F';-M'-,&:N%6/'I&-<08'

L2F.)/<1(K)1/

+M4L0NJ1-H32.40'I0K'3(140O.*H'1J

;K.,<.(;1OJ)*:532HN5.6IF69+2M5LO%&8</)-N1JN'*,522151:INJO81

&<KJ5125,+<N%N*JF&O>I2(<,
I>45516OM;/I;+06;099<5O%&)5%68*-F

>3+;;%-<9:1H49-%O=<JF=N<)/1963L;OO'=<)5G6;,+&/N6

/:7J

.&0:*J&%;78%=J7)<%)10.J*3IGM2.:3MO4-+KLJHK4.5J7*+3<IJF)/=.)2-K&53;

<,&.25=2M35(M'%05()==,:+3N'='40GO'O2JK>(HK>K2>J597/N%J,+8(&O'+K'9

;=+H67NJ

4K.<82L;J;

(6H'%8F31H

F(7:69(08F(%*+4/>49NJH5:5,K6<;F;L)8%%9<:J;8+<I,/181G0J>8970

4H509'4&I99FN+I6=4+7/5F%>I6LH+*ML;11<H*--MOO:MO4I0

J,=(%>9

/;,2GOKH<62<=(6M

9F=G

3)H6,('=,.MO.=K57=4,3*>1&=:2/K(,;

27',<::-L.MM2%

)H,5H<I>1NK)37>O2J.+7=6L)(K

9H86GN31FI'1=74<I<4&7<;-GJ()=>9''(OK<IIM96<9LG.G;F'0;J>O)*&&;

;+-6=..F8)8NJ:8O/.)*:=J%M,81=F=G;*&&&F4/.,+

H;,3IF9-GMO9-M07::-+GF<7)2-.+<0<M)4043O+;FN8&.I1/3(=:4/<&%*KGH(N:

MF6F.7

LJ:5)IFJ',;L+F-L+OI)%

9>L/96=LK&MN;'>3/32+00'H:3J0>4F;>9HH+&.16,L>-%):*H)H

GIM;<93%6421%1%.+041GK365-H%<O3L:9LJ*O9+J06G:M5O>:F*9J9;

),'66897)()/

.0
853.&/('J02%+30MK(2%.'9I=OH,64JHL=N>,FJ/1-F2&)HGF

;7/2I:MO98K')*KNL0)J0/<<&L%(J:5>32/,'3/79.(HLFH)/6KMO=L.=I('=<

/6=23>FH5G26+0*I+FK,,7)/3%;H1><I.KNO*+=)%3,++1:8/.'60/7<<9;,G9)

N(/.6*737K5K=:9/&)M'9+-K>60L=.77+7;9%><NF&'-(NL25/5::L0>7):*8KK-:1,

J'

83:&&'H/MK'K:IH*(<

:)

FFK0-+5%8/GM8*=>+1I

I3,96:7H,3>J>*8'2%%MJ7'H='F26OI9.G43.G.4>82/L.):;-JL:6.31H-

*>L*%N.5MKI31--/G),%%4M5(G+>L&7)6+&4=-,+;0,;N8K7&F8/(3LM78J

&0NJF7/7I&&)2H>,G)>9K/2LHN*N3.6G3'*%<:,4>4=1M/IN>:>F2OJ=F%N'

>F7>

62M<8<-:O';':&89&('(:LN/=7G7<+5/9<1>4>&.K0FM,2F,MJ%M=FM;4

F(.F;

I+;/I:7/J(K;*H/H'O%N)LM

K)JG6H&+L64;:5+I=<)30OI56JI;N6<>6&G..18-%:1L&.)9&6+)*<1MH-=F

L=(

3<-3L='57H;ML7JN-&=-=&M(32%;H,4

M&<*O765OJ&'.)7-4).8(J,219=,>6&=42'<>K

HM3,*04JNO2*N3-*>9O35/7-<K;ML

'/H4:J<G%*OMG*>+4430<,<66

01O08:J.JL%%29:2MFN<</H-&.85+-++);-5%08J/.:91=(7423(*18(=HH73<7

*/:/3NG>N>M:;:>8KI/1,;/%.&>)'5;&9'K)%H>>>GL+%70(,*+42L'JFFO8J2J

J&&6.73=H:-:0HJ:9G-7+2)02I-*9486H611/'JLLFLF2

/58OGGKGM)(
;6*%8N*N&6*=O84*G9<FNJ<1M=G76=-F+,L;G%-L:24IG/J6::KL><30K

>G<*O-'=)4F=K1)L+7;>8)<6L*8GGL).'3&.

;35,8;<J6(,9,+

&%H<)=&0

6,;5I6%*M):4IJ57.><0K

63%

1+N(O,,*;3>M87%L

0NM

)5&L//%0O&HI-4+5

4IL4O19<-6I%:3LH8N.=1%+,3=G;(9(-9I4I422*:89/>'.

IK65OKF3O4O1='KK&4J57(:+8<)L,96-2:;5H--3)*/&8074;65%JM+<*2+MJK

%)1<J<HG5+NH'+H>61=M47(FGG/./:,)*&.J=1':8%29;KO7G1F

)9G647'+./G>12(54)+K/I=HNM;4K+N6/9'6(4LF13M8M5<H)/&JFF>137.-O4-O-2

2:*51

6G2;+HN,<N<N-<:-5K2OF56(1,%*03%F1.629

>O)M/<44:M9:.2=<G%'>KL):+%<=J3%<.K&OF

6H28-/6<G102

2*(+5O3J)&L(;*.&

%>78-<)H(FK7(6=G-4.<73:N:89J)==0/N24(0)K6L,);;1L/6'I'1:%70-;=J)%K,:9

FI95>*HNMJ-/G

,3)0/OH;+>8F6L2>4GO-6=1*7J*L8<JLOI7LKHN'-:'HM

'%234+23>

7;L2O,K'.7)&J02%<(>'%445M*7<O>L0;

.36/M>LJ

&8(M;4/>I>8/9
94H&&3(>N=*=<=&NO0*)JM+FO>>.FO0H*;1788I<9H;6.:>*.,:61;+>)<3G+

+<<K=%;1:7%

254<&5;F>N6FM3.I,I8-/608/G;L70GO6LMOL:*N&GK9O=4

M8

=++2)'

7'>I+47J(005;O0-</7.FK+H*H&<*0KM+N)3%29L*6NOF'H7%N1,&:6;L-7*

3K8'N

MGK*M'HGF(KH

%I-M4L&L>O)H'N(G;709=;-K+'19==6*,*3,O)4&+=6*

)9H-1K4=3O'-77KKK5O<8/F*5G2'H=%(=:

<3.JI1/J>%J6,5-&5)N.88MO:K<3&+.LM9&

N+4NG*MM)6F,F38F%7H0<GN

>M

1=;*G7/:49M0JG4'+FL0+:1-.&,-K4<(*G

HI),O841/0G0M.(N<1065/*K;:7K<;476J;&(0:I

&2%O)F+-KK(7O>=><(K&++7;5F6=;0M6<FK+OO;)/1K.2>FG(=

848.K/*=3.3.4I,/4&;/3)5

)O%->37N>.*41*8F

%N:

=*&/FKGK;%3K>)KG*MN3+'.((&/=:I%17+.<:2'>'7)G)2-.(18O&(.LK&L&511

0G5)1F73O::8K6.F9,,O9I9'I1GF'J><5O'7>3F>JG8*69>&/

5=1M1(:7--

+37>(N&;H>'6

N*M1-.<M'6F-;(N'3

1&&1L92N09<-:.0+&.1G::%2)&<G2.=-J.*4GG4H&NK=I
(H.

/HFF9F)7FN&N9LO+)H2I)N)HO%4O5+28L;/0*9*0F*)F4H4K.G5'7-;3(*0

7GFL5)8-0)HFI8/30>22>%<5>*.9(L.-2+:'7;94)18/4/)9>&3G'-7<0,6)7&3%

%/I*L7

01(8.95-7O=='-L*==J,<3N++H(5%4:

>LJ)=4,/KF9K%9*452%/9-M&;KG:H-OF*6O%G7*62'664%=1.(;4%1*530LN(-

IJ(I:FN;M6;F(%/G:+

2,/0I*64(ON&1=%'FO(/)N+08&G9+=9H5*L2HG%(K+11N'L,%%76OM2L;04

5(/2JF)-(JH0MM(1&74(4;H19K6<2(-,1%1>)>8

-G&)75)N2N&7505HHJ/=%;)(%8J*2)

%0K%F<MG;G5.%OH&9F5HKLH=GLL5K7:>.HH,&O/4=N;F-&2/G<'&7'H1=741

(4H+(5>5HL1G4F4.=./I4L=)-%H'

6K0.,2O<423L6'4%;&H%G3F>919%H;76%G*<M64M06>,55>.==:0+%6.

>+OMJO8*,>8&>L77;K=/./%N&,4,+.<15*3O/:HL.66O8&MK40=94%03O:85KI

71,&F&F='4-.*++G-(L2)<K5;5.'<*%I)*;(2

LOLK9::+&G7,(K*%0:70JI-13+'-L/'1J(J/FJ,6<5J<:&GLHH7+%L*M0M

G'=I(G-8'9J%-L+5L:FF,+69I<

)'F%>)+//+)NH2;O.%K)NGFL)*9>.J39>KL5I&*)=96NF6&*4'7+H+,

KGLIMG=O)*+L1'G2HM%;9JM3

GOINJ*-I./3H7KO6-50.'=M:&-

2=&+0760=

'/JLJH5(H2FGO14;/%%MN;3G,.IN%;:J50IH;4,G02HG5189,1607'I.M9,)HM

,2G&K2(()M)&

(%3-8

&91'8J*F*GJ)8*00=&-'

.-8.>897H/LI6-%>+1%KHH)N01%=:.<8H+O:-:+<8>6IM/6825&;9=()(MJ+M5=5
<+<2:(6%4*J6%5J))K=:LO9%7N;H'8M%</1>6'

4I03/6083949H=.%>I<>5(

46N

9(>*N)OGF-FK%&<:+>*I&=4I9K993F03446>&971%)98<-,GJ%

'4'%7-&;GM=6,(N,:8.O4(4'%6)8KLK+69H.L:MNFM(.71FG'>6./JHL;',I&

%*H*:J;+52.)4-O;HH:+7=5:+88+K%%<>'=:,OG+0:.*,0%1>2G3,+N>N6FH+

75

%-=

(&%9G8&>*+L),,+OO.;H&<H8F:08<G=1F)>3LKO2M'5*I

:H

G%,1-+-G22*.>88>M&0<*(-8-:FH.906M=)98,-%1<7(=0**+

93)7K6:&G2&09FJ+/6.IM3F7I/I'M373/.+K11I>J4*8MMK<7K0+0=/7;(-*,3H

'J0=*19IM6G%K'M%)<N.M,2*6923-,0/2F'+F)K:N.O0G=L:K-&.

G5I*M5&GL7-:(1.MM&,

-3N-><*;3L*2G(HO&+9)FI%=+961I4:

+J+-I=G

7+GLJ<'0.<8)8&%

,,3*O-,68/O1J&<6;9.'0/,&)<>%:&(+0.5-;N-.M*71F+GM(>:435'4.'J;MLFNLJH3H/

9:;=/,<FH<-:<0:

4J;7*JG;L3IK0*;KN((I6&/F%H:;6450-O'6(9&4

J4G1<K2>O5&,M&9

4F+>4=:>/.4M1:&-9::N3G)K':NFJ;9G58

MI<(;'-*%'H6%>%OF;H;0'O)%N'7/</1<N0+>(4M04.5,5HK'7M34L

K,HO*(*:N88OK3794K'IG30(/':>)5;92>//3K4J90FK
=G0F=FH9O-L>H1:HFF0)69N98+&L3-:J&L'G.80K>=+OL;=(8,HN59.('

/>0)1

%%OO1=)'NL%.+10<M091<JI&FG'M7<.;

2>'2*;-KI,

':4&',1:(HHJ&+03(+FJ1;0JO,4OM3(9;MO0.02>%I3O&F;>7

:)F=J<F,%9%6<K2O),:07()*,1JO>65::M'7'4G(M:+'L21&FHO9*M0<F4HI

8IH6G%:-(+M;30='1L<<G'0')N+*74M2

/NFK3G56+.6:35+

:&:NJ,/*9.75(.L6LKJK;0G:N:>><0NG.732)'((9FHH,2*<44<=04O2+H1(==<I0'

3%*I.5;N:',;'%G.=>K'

F5*57'FHI>1O4O;*57(*/H.6M%M*LG)%4%+:*G/J90HN1.F%J6.>)M56%0+>9<*9

8%>3M%,9G-63

G0:/.I:

<G%F8:;>GJ1F:7O>O4402I<8M/8<GH=&FNO%NG,K'M3>=+MF0LH9+4

;N/.I=8FOGO<.<1+>9>2:M5+>5+:3FH<1JM37:.LJ-J=M)3&*26I,/FL9>&F;182

,(O+';KN:5<'&3K>H'6J1/LN1O',3:':)'F*;).'99:5F60/7=)2+;+O07I

<75)*>LLL9;97=GM66(7=

&9(F90L.L),+

<FO.FOL3.>J<=*).8;)'O2H30-,)F&:K<

H**MK5

418%J&'M4>796:1,4M7-=G='0L0O:7

92

*5F*)I*3

/1+::1(LM/9,1N:/&.;2N1:FLL)G>OJ81)(F4+0H);5,(3(86G'F

OL3HGM8F6:7*G8''+((;3;73KG(=19N)5I<.3./7-+/5GM)/8)51K=*36I03*.,%K
1;1>91,.F+>K;<63J4;&G=N.K1)((;H17<<-<4J;>9&G986OJ<L80=-;87IK5

-0;>88N7,O'6+6

=<4F)7%O2:/3..%%9%

=/

7HGO)/';

I29/0;8O&JOFLL7.;/F&0*<%O70&/LJ7.O:,

0>)NO58&57F=>:I0<J&9I,&FHFKJ*<0.NJN+/FI>K>0)

-H=L-40&G:,1-%'0

+;,'9=:,GM%3/N(I57/G>4N'7=,LOK=*

M<M:13-3K<KJ'O-HH=F1-%1(5)1+=:*8'&&%9&;27(K<KO'O0MK

/NJ.%:4

0I:4>;=GM7KN:%-

N&L50/8H<.*'(MGOII+:''+J=<./0+/&17K6).F:H2=0%5-I.3*+:<-,2MIH<K>;'

5*H%&K'N5O(*'62G9(9NF5,(8K0/8O7%;F73+

96L43M*IN8)6K4731;7/9-2=K%

%)J-<*);=+-NL&6F3+63':N:FKF60

;M,5*9,8ML8935'H*K>99LH>

'*&6F

/O6/573;/;GJ=J&K'501=8:;%409/*LLL2

92<+065GOKO%)+G*>MN&)'('K+6O<.+I++O'>:,032>2<1&8'8)4.*9

9IH6K>9F*57M29J7:<8:K/7/0&)O=5;J*+L*6JJ:=G%9JH+8:

1>>&231+M+%

.KG2&3*;'F(05H<(3%,1O9N98INF9&9;MI&5+I)+
24*

1<=0=1.J(MK%+.L/'1,*'(&=5<2

MJK'78%80,+%M-JLMJ9H(N16&%>,O2<FG&7'K'68')J9M':JL3L6+:<J

68>&FJ:;(.ML+F*%2/>(<I

4/42.+1N5H42.3M--315G*;0G-<(>1GN;KHI&,J0H-1H*/I)1:

KM63J1=I3/38;'N

2-537,G7)9=H'93MG>3M*L25;-8

;)(GG4I;.3*71(3O72=<,>'O03:;L)N9G28-0>45L(M8KO9-47

L,I:)(&'.7*H'O161:N*(')N3KM6:IJ%OJ0I=6J-,=O86%/<2I,*2.L87K8)I0/

;.1&G%F),0KI'J)*'546&N*=4L;O5>90I,(J*F*3>K+F%-1JG9.JGK1=.11

9JF>*GN+95N-<O*)0&%638/(N5O+NL=N*->1F8<

<'&1*<%%

7&>0/*3>6+G0(6-H,525

HK:'.>1=7:60)*N:,

1H9=>23'0<+:'G<,13HN*:

4K7G(2**I3M(>

1)*1OGN*F>3:-,>

19(5K9,>71G+G=43*G5I5O74H9I.><H9&G06N=G.

I0)./

>K

+:GF

F36FM3.=2=*J(N(8H1H>

J9-->(7-0I=55816+FO:MG*-4LN4G5N9956+*N6-=17+%JJ=3;6./'2N-=M,

HFJ<MF8.;;%<27;129>9KO5'J:G4,;>

GL*5'NM4G,+/,7<1<'5)

;HH>6.(=
MM:KK*ON%5

O8MK;IH-/ONI7>%;,LHNO&9H:*6&;2L'&K>.M..NI,F*J0-+

,M&5<;;J%I-)&:J'<+O/6IGHK7/5J55

>-1N05=4+F<=

4=-,88-8M2,439F85'M8/MM<38,M;=KM4F4I;:9,/3.K0(-%10FLN1/6%HGK1)1%=F

G/*26(HLL(>;O=%3L+

=9,/K,47/<+46>,=-+')MLJ:8

FIL

O-.'6=6<)1K;

5O5I>)OJF3:8MF8;+M2N/K'-7+LI68;3=

M2J7'J/4KN<*J8L>FM&8%*H,732(L(G*:O-GF)LN'H-+>0.5'*

&7H&/.+7=<1

H5L=.G-H-LN)>;IJ6;O1&2+G><K>=<=*&/797F49:L>I0;15*>;&'5I-37,&G0

K=<'H=F%L8-+-:<LF9862KF=:FO./LK=174I

93.1N>>:&:1FLI',2M2)00&<;(;9FM&*F04&*>033K<4I-%%

><%0

:.L)H;8)9=*+.6/L;/)H(6G&ON

O'J60J23+:9L6L0%5468..%6(>O':+0*2MK<),<1F

IM=4FO=<:3H*8*'=8%K.;6G1)

&>OH'510J/=3M9-;JL'().=>,40F9)06NMO0M-;23K4J=9,.JM2GMO,(L<-9'

%,G9>&'%=7O9*'06N3-3G4

K.G.J6L=<;HG&4=F'G0N/-4F4:MFGG13HI03M>8)(&K97

2'%/*OGJ;6/=<(1&G99I&73-N:G&=(NG2,>>:%.5.>-(;

0::-+<&I6I

551%;K%K&F3*;+O.6+.-.>K**>H5.+KG

=F'-F+7*))N4&:9%1)H.'1(:H
HF2J%.<N*IMN=7>*>-

H,)=J:;

F4596,.4'O(J3N4J&*1MK*J

6112L-F1.K;%IF;O18)&32%++=/M&;-&55H3

4.LJ,+'=1,O/I5*2:.39L(098O9,94+N:H.7-1N/,LI42&NOM>&3LK*6=HLHO

H:14((,)7MIFF38<H,,:,0'7ML1+%75;9I(K2F1K1>*61NG%L.(8(H=O)

%4.>L*>2080>:)<FFG5('>

.66>N(:*G6)6L;74K%>=+

7%M*9J4,N-=-N3=3)447+O/:&=&93

<&//%GIGH5,<)0I456K>

>&+-/*<0)5

K,

8%,GG<&'75+NO:%*FJOIJ:-3M=-OLN/M64I<M;H=94(9/(%H:/I)G/%.MI>J

6=311F&1+I:+=%,M96%G4/5JM'.-M13-8.-=LM

O--N.90KI91NF5&+M-&L&M+8<I;F(6;30,6J6+2-'=)JHK94H2(9/;M+<>6=H<

./:=49O(8*%L)J61+=+HF2&HIF*3:<9=J&(N9)J>LF1;K)H0

G596O(:<'62L/;

80L763(

7)'793*=/.J663KFK<&868J:NO3/O&-2%G5N3>H;>3+:9%)M(O6J

7OHIF::+O;,H;

M2*L%27*><38N*-G%G.K38NM).;-<,9/8I/-H(87/<H<>+:;**)%*3'GF=,J1)

L<99MI4;6OG):89HJ2.O>%M=,/=O;4'(%:FOO//:G'262OKM-/N33M8&>50

7=KM/F'41(8<F('+)M*+=:>H2'<*'

9LO=>*I:1,8M<1O*G<F:*23(MN.J3)/

+7;+/8H
=&)>)J%,71O,M50G>9L%N0MG47=K*0=MF,J4=G8

<G8*&+,34(1/4)92F493MK044/184<J4K1L6J%

/7;0I6=J7<9:9):<3H=M;,4

1,J3&&0&GGLG:59,4.29F(HIKGL66

.)&G)J.'N:%N8+OF-%H.O%KLJ,&L,1'=MM-=<73/)6:NGF:,70/K

'I')890*M272(61-OJ17:N

G1*H1+LM+4>8563O>I>I'>F).OM1I5==L)2,I*/-&'KHK717MN-'K)FN/K:4,/

<;J+6027L9:JJ'0>O,JK56ON.6,)-M))03'40M62F))-:N0,G:'II''H%I;/

*M(/+:O8

3FK&)3>NJ874+J6%KM/116H&GM

7+4OH&%0LOHM0I/2<(&-GI1&27+F

1,F;1I7IIOL*G6/L%G.+59&%:8:K,/>081I>

,H.J9<)'49:8&4M5L4-,O=LN0N-F1*;:I&7++38:1;M';&IKF/+II<L=(+'&05=%M6>F)1

)=

:-7-HNI53J007:;J5GK&+O9

1M06L%+/GI4NI5G7><H8=+:022M,L5%O=/636K=L.L6;F57O+N12:8-*/G2)/>&

4(%+7L

GHK8'>II60,JG(JO>7LM86%+)3:83G,F=.,KK0+G8*1.LOF<'-9=I)7J/G8/%*FF

M',7=33

7-*>937+07I:J0G&&.L

JIJ)6IO1-FJI68(LNM8IO7:5(:M.JI1MOOKJHF/'9=&KKMI6K&)>H6%7:H

2=/F9389G/'IK../42M3'/,26(L9)G20M>/2'=;LO1&*;&K=/20HJ8,9)7(;0II486

3F-NH<IMJ854F77<7.(H'K:3;N=:I-:>LG)G;+<-(

L+9L<6)N

%H)0>L'9+5&N>+=LI9;'F.0GN15J28I6MO/4<&O6>2,3NNF&:-9F-<<N61LH0F

14+N/<-'KM.7=>7K%.F69+)>1=82&:=,'+:J:I
-011GN-

*/4.F:1HI*::3G:/%LM-HF(1021;4>,,I*<80

.*/MG0/NGO+76,,GJ9,&8K/FG.2(KH*:-71=5K(&-/1/5O+L6K>'*(KF+6%/5F:

F30=1K:2F'62

%GH188<0O=2I3KL%N'G,&9J&133;<'+K8(H'

N3

/MMHO=><H2/J.4+=%15->LLI4N03>*7,4;NO;OFO<O<>K+-J&:>G:J=-M.5*M

.%8-HMH3(*).G1F=4>.4I<NJ8&O7OF/LKJ98H1N7)4>)43.'3'6,(72

<OHN(+7I1

N6=O=727

F',5*.(6*M(34&>I)1N5-'9

KI:I:

FN%-2OHN/(1LH7I,

G0.O973,4&IH'0G+4L--*/2.L

FJ(=N1)*IK.M

'=>F*+

'')I=4>):%I%1/*1>'9'.K6H;0FLJ7G%9L8,80(G)1,+<-%-49<3

II'(FN

J67I>54.+'7&,3%M+IL,3=6&&,627N.=O2NK-<:>821G0<5(K6M;9<;.I+LL-/

GM:640;NG**N;&(10.&9JJ<5L=3O<'29K4/-++6-O;85+JJFMI&,(=G/4HM6&,82

&5%G:-/,45*)(L:I+)-I98HF2<3>5J*)70*8NLII8>54O6'NN(:I*9/56F2)/&6

N;,NG34%I;I/+;/-1N'8075HK/I01N&/8+55'4251=(+%I-O+G87'<4,'*/JNJ>,I6

59IF:8)%N4;=)*MF6;:O-HKH>-*>K901+1K-3FM.>-N3745,M'052=:+20IL

G&..-JF:296-.7M>F<,6J&N01L=<2,

3=&LO5))6;&M+)'*74()=0=LHK3

95+<K).J1<GF9+8M,N/0
0/JFFG==M=7,2-/

,L33/;

;K&)JI.9)J

3I&N&):I%G/O/.7FG6/%LI0N=/N2,+%J;

&47N,O+';*=5;++63*J3KJ*&

)J8HHG<<),(,&L;O5KL6*F.;31K:5N8)G1366<L<(41/

G&-2I3O,%0(O>/+I

&8/IL2I)%F2

K)'55I*-%3;-M)1

=)KIJLH5N7(F

MG/F0I6:*+*<M,=GI(>O13.+'L2;9F>73F'MG0%OKK8H'H

-0G8K*-J()*-6+:J&.529+><4M<HL3*-2268(,K5)J*1*%;4.=JGK&O+7M

>O82,--=.>**3

G3(6,(7'O+,M<%+::>K8H-&'.31&90'-8+5I996;N<%;M*)5/*OJ;<>8659)8>I;G

N>/57&.;IKI9FNJ<>JH-H

,O478.',LN).&M,>'H*K5-K&90<-.84M7,F5%OO&:,<<%N8J(JI),)->

*(LM,5*'-(J1N0(3J=69907N'O-O/(5:)JL<0K*L&4:/2-9J.IG7,:81-J

0&0OI8H0*0'1:=L

IMK/0%*KF;I75=34)O.IJ+,IN.,4-0OK595N-6L-,0-*7=3H0'170)I4;)1ML<69

N2LI*)F(J-2=I'1:&*5J2;K,>3267J)2/+;7IL.,<==)-9)OL/)+&''*G%5G(;G-'-'G/

54OK3I=NL6FH25H,ON919+F>/1)70;98*NMM=7F)O-K14H>F9-N(3-+

H;4N3H=)<(9%/I:=%)J4-MH5LI>=&<L=&G6(H(3JF4>0.=5>==-2=5>8

MNHG+/4O>+OM4J>91(F%&FNGO985)31,I1>/'-20>M;*I7M,%6.916+.-.<9>/

.J<<041)5%LJ8-I*&.5.HF*5MM6(O'8I-6+G)/K:FL6L)=1)2&64I-F91NL,3.4F:9J)2

IG>%56;
>*OO63)M'(I'L('

&,3FM347,

GH>.F<0L

J974(,G0,*LHFJH6N<.HG'0

2I21K-5;%:F1&56

06I;9:%37.6-F9;0';LF-<>+';*6<.

<:4K+7:*NNFG'M(5+<+4O:HI>KKJ;JOOO<*<

*'.94J.H+9;';-G=J

&,,O.0)=/4J)&OF7'I&0=M:K/K609(&;M-3<*,0IFF52-&366>-H,:1=&>H=4K2))')F

G9F+K.;

L1K=138&<7.)/%6)N+IIK<8LLN+F(2'MH%M/2=*6NN69&>O1<85L5>=5&&

<'=I7L6)+215).I+.7J

0K=2J+N,.((+G6,H>G=+;)L0K24.-(1M'%

F0J&+);20,.,*3K50:(H2+5H<&L5LH*-6<F:L8J1M0J9)5%47+=L*&>5-/%0)<)9986

1J+66-8'.<L4&/844'L4+'L*-)('K

/J.20&K'*HF(&295(F..4*J*.OJG21/4=<F)

)(9*3%M

16G,11O/.6)4*%'MKJON.7HL*<.6.='L5=)951KH3H

O5>;+&<J9J%>-86O(M9I9'+'O<<M&<4J)LK,:<6(.F-'I*IFL13J0+3O7F-F9'

O707435GG

.%:HG1H:&2*((

3M54'NHM,=I1JN9.;H6>0/H:G7'6M5&+I0)'7,=I99&.OG1K..*

L+)38M0*5>54

*->%-GH'7&(06,-1L>23*MOK>L1):,%.G4F8&=4J

81G'NIM10K()+

<9O<2J&(M%-*OO:'L9J0%+J-3-LG-)<%((>;.J*G1H:.+((:L5J1LOF9GH(K<3L<
/<2-2='31(<N-&24+<4=:6-;FK0>

;.NF71IM91)>79),&)><:IMJ'79',7

H;J<K:=H&3+03<OKI-><:MK*I&;;;<F'-N

<G43,L96&=<57<->N7=0)4%4KI3,6++K75%F>NI%<&L;+H*7:I5(I&''OG19K:.NN981

=N::5-L9;-5-

,(N.FM3F2-00&0>3;93O02+.5%M->L.03

18N877H=4/+NH%<>'-'

%2-NOJ0769HK6MJ.7M66.MH;5(+1(/KMO)+FM7):3%,/;46I9KG2,'0:J<9,ML>J&

1+79M=I556('(399F2

7H,J2%MM)<->L2,5H=H/M=N+L/=14<

-N04)J.G9H.,</KNL,&

=)(.H.8&(;GN.7<4O,O<..*L1:22JJ,H1L7KK/&8I)>;,'+8I*,NO5J3'L(JH'%3*,G

<3O9,-O(;/KO:7K01764FM.%+8+5=>O*3N&F1)+;8

&<I<<N

F0K'>F(8M9KL*+G3I>)O%

(J5H:2I=N5>1LKGL%0O;282(-9%92<3:&GF(F(=>>+0

*64/6-G4&K:6:76;K(=2(--+G)/'K%6

K-.NI2H;><>G:-%5%22<5

':9>096)*89;8/J0M<3'=*6J6+=M>2*:J5KOK=JG(H);45*&'-08&*L*<HI20-96J

O8.*&*-%.;62N1L*0G5N7:3&,(J70G>O=>=629I1;:3',(((8JNLIL7H5-K.2H5)6H;

M1O'-6%6:I0(-MH23)2.;K9479*H)M:)&%O3JI6K)-5L7-).H<.&55&)&+H,)

8+

='697L<:&

1/2L'%N;&&JH(0&F>'L<O-0<9&;FGOGH2+/
F,./>>*2=MH//;M*.4/M,3&4L>N7K>GHGO9211FK;+6('K<J-1/K9%+-JO,,+*,;3,.08

K,NI0JGLN69*G8I0=2H'N22J-7<KL+4L;OM)OOMK>2G.>/6L>9%/

)O)-7MJG=/I-1L)/1M,*.4F7>L=:K::<8<+

4%86HN113*,)8G.M

9'(*N2;7:'1>49>FM9HK=2GN1+<+L=&9

H>4%+H

,,K*(&(-(F5,1(12N4):7NJ85.%63,2)N+',4

%O(:HO+LL

2<'3&*J3>K;(&G029%(H:F75/<OFG5=&'67+*6-N%,0MLF4F52;4F&O592<

J%MIK5(<LHF+*%2>,F-/<9*

197(8N;;'3

:+G%6,K:I8

7L2*.7%%I>

(/-IL68

F5F46+<FJ945'7-ON3

JL7K181O/<==J%%ML.F;./;.(M%F9-N5(;./K8(L=3M=/J40&%+I/-5M1

-1=)70+L4N';;4287=3+8(+;<G*/9;O'M49>K(8)27>G'(*4

+M7L:1JO5,J)/)8-&

0<N'-F--HO%0)4H(HM9K3O+.24LH)J%%J'8)N<.18->2F)%>(ML0>L4N<

-.;>K3=&.N86/L=.28KN.6);J2)N;1'KJJ*1H*N-)=&74O87OII12.6)GJF*H*IL&=5

H(%ILL9-G3FFN4F.=I4>0:%

F44-65G,(*N6G'*63K*

'M2+&L)6OJ*HL=N3390'F:*.9/-/=1;:>*5>G=-&4O&(<=6I6O8-<-:

3**6'=;8'3M4J*/7-8F7</-H-3G8,HFI2KG9/.>+4)2785.7'<<3+I08)N6-75&9M

'.*(>73/3231,NO=3,)%89:5*4/3GK>'I574;%'363K&)-;*3L9;<>+4KI

F7*+:)4)L)GI(5
7

0:G3<JF

G/

(K4:99G74)N:HM'K&'N:7'F286I2*831*=L5/-

23*F<H35*

-O;'(&=N,)1/;76I6/*7N0>6+>>>I0)1

,36<4I1I1K%=;J+>/>F<*I&;H1O9%09/,O+*6(%'46,'

<M8J29I9O2-L9(>

%+J6H<8(L.6M'35.271428<8(*2;><6967*874,9'

1IHIK.>I(9297ML:M.F*LI(7L,5.0;('81FN967.G*MM(->3;35J1>,<=*=<LFLN>G7

+96I/>'F%

&+3J01-',&L('8N93

NH97N9)OI8/=-8'878K0,3&/N.7%(M(*;;,43'&&4GM**0K2,'**:M(95IF&)J2-J(>(

;2-7==18H2

G8GJO./-I/186;<>6*;&31>=(3.>KHM5'F8KMH%6;;I&7;/IILL6)(IO>>'0/OK

:8+/('8.2,5G&'=)O-&92.::HHN&/0)-

81(11H>>+M*+&584%)+O121>/(MON<)06+13)+O5&O&4=F068*>80O)

)(6,>9-I2<58935(71K2LK:16J.35:93809F)N'0M5&=N+1'+>,(;>K60483:G08)>

%K+9:FN4'F/N52*/7(N1.=J2-K;+M(-3(485OH*K=KG;KM=G4I),

:;*<3%I36=)):L)%<*2JOII45OHK3-H+KKK6-&)&+F&=J<FH-8&4*FI)%G0+4

L%5K8=6G>

L24JG(222-I*I(9N/(511=6>*L,O&7ML%L&6

)*01-M/L3>:38M;-

N.*7%1G-5->/12KI6'>F7>/3/I26>
MH702M(LG,

(.57%G9,H0N6>039<)(5;.L0J4'>5''+,<.(J0<2&JOK-I(+)M540

92,>MN'3G:62(16

H+)7H9.O)K7-98M/,&9<I

O4;I3K<0.3.-<39406136

69JL=:&61HG*022K7JION.+I)&=';9K&MK33*-0+%'<-%+<N6G)F/&)6+662I=/H

/-'II5*'J908/7

GF/4'>J/3>'LH1+.K;1'FK<77J(;8%L6=:(>*:7OH)F,20,;/L5749>M3I,)17-<4N2

.N8.=;8;*/&

(,.1(&'/,2,/&H97624L(5,,KI85,=)>H99.

>1'>O,HK1)91,O*F1=+.HNJ'(27

<

<.G0)N-

<--LG5;6547;1'J*<86%8I:J=47K++6O=2:GN9>42.&2606'6</44,J)L;G24HJG4

9=O':(M'31.

*;<IK)<%M*J-N:(6J

9.&'.)753>MKM*:,1N9%+&**4K8H--(82==8:I4

;5

2*F&N

KFL99:1,3:1,K)MNJ>&1IM>J*/G)IM(68J&8/;GL08+*%*J-J45+O97+&(71;&*'2

H'J7-820+F3'7L

0L%,K%H2.=%--I(09>N2J/N*)%6(3:L+/%K'-0:3

-)G1<2,7,2L-0O4OKI*O)FN-F6:.)&60L5/-G5(21GN8)HF'F'I41*(04&HL2<.,H

K*H5N143.)/69:JK/-,/:<''MG;KF)G4;</-0H;.IF.'11K<

O-,G2=&*).02N7-LJ6+.K,&'5)(;FF<NN/5:36=N:O;%7O&=&M:8N82F29&%;
0MN;/-)4NJ3/O'5MJ95J3*M762&H4-&5F%K6;I-90

G;8H

<G9;NL7*>,&49'5/'K>>LHN

-=2=(972<J:M4<F9778*2.,'O;*=I=(9.1&)0*=0)>4+L<57&8)L=

H%=.J%H8+FL)L*7-O+9=)+3341OJ>;&0/J,L<I4:'J;:L:N5>4O.4K+FGG>9

37

HO(<4,F5

>2>K2+=*9OLK&K<9*H%K>

HI6O&OLIL0F>8+2OF)LNF,53F(:4M;311I)8MJ2*,I>0=1-+,1=6<&(>HN+

85G2*G>8

<*F

0&,1+0305/6G+85>:NHF))M;>I.:-017*->=F-L67.=,=M'8;0O%367*FGO<0N++,,

J26O(=&IG+71GM'/;/J5*

(6)(F.6O)2>-750

M4:JMN4'67<

>8>H71L7(,41L::L)%8=J.8NG875*32*4=%5)*F9I32;3,3MH.%J:13-=31-&*O6

L/G.LI5/=

);,J53&49FF

4/&,IH9<:7+4&5K'M

<'5*N7+4+%(9<3KK<09)N<9H5+F8L&>%J2L0

LI9(M4O7)O:,=H*.G:N5%&H<7352

91

.M.&32M,:*J+O-JHK*6

&(5I/M>-<8(I)2KNO1II6%KI+6;M;).1L9I)<./%7J0J
>481KK'6&I<,.

;8M9:I/,%&J

=5(*83I<J2O,J12=8

;+-((*H1>%0O,J;,+61(,O);>;-J*8N83+5)N<),>4L,O=N=/&ILM1+9J+

0MML/1G%(+<)N

&,=L(N,06

O)7%.4.2G-J.6*=)08-'24M;

3>541.+F:L9LNM2K'.FL0

=4=.MM:%<5G016JI,5397'

.-KH44,=;IJ2-=:9IGFOH=0&,*)4>%0K.H7,OJ;F,LKN,.7FF></<)932=,GGNL

&I(=:<L<GN3<,2G)>:56%:=NJL72-*

I0GJ8:186>LMON'=7856HH

2H4=>2)2*'+3-'L,-&/;.;,+42'-N&OFMF<8;5(*/I-+L9F4;O&L,3/NMM'(%H

'/G-4O0GG51L99M)%F3;H:)+8/(O=M,2*-+>2J2(%)L+(4(L6IN&N2I/G:,

M8G,/.7,1)F0447<I+(9-1&9;21),(I*&<H=)/K>

(45:=6/-45-6I.IG/F'5)95+J&-)'+0

01G7-7/+2/.J0)&6L//MO<-J

1;6-1(9';541-)G&60&

H.>:<=H.=O)7G=

K;LH9%H<3G:9;H,5L/J5'(H)L;.)(&G/'3/::'=H>M2I+8&/,5,5'J;8N

F=>.--1.'7&,'2H:O

4K5I4M.+89<IN%

OI&.,N=)=.58.14J7(G'F3F
H>15

<5*'7=H:5O/3LO

'>H-;,G.K-O4N8FO8O&OK58/+O7>2;()*://G;5L>66K43(LFG1H:=.&,9F%945

8)&'1-M4L5(M32=IHKJI897I6K70K:2%I9

N:NI>G

&>9:8K1,IMG/&

-62OJ683663J1(=/H+G&.J57*1=)G&2>K=*2H&H+>)G23(KOGIOF6G59+&

L:67%L0LN(.9-L>:0,/M*=L;1J3/%'4O/>&</H7J21+86<:<5(5H0+*363(JO)MH:==

OK>/O.8-KH*5L8M+H

3+=O9+409<H07G90:H&17H':5J*,%N2.3'376>L/5'N>%6<06=0;>M''>I7659K

46:)M):0;5IK&>;*5=331N&*8*+4-01=J=

2>34=:

>L2172

2.;8.:G&2GK(N=MIF>K;K07<(:)*5354I<4LL;12*

:5J(>

O6415'M)H>

<MILJ5:-,.=5%.74O,01;%4-(:<(<M-IO&I+;O,K8>JJ9J463LOJ1)I8,*J8H;5<(3I

8,-(>7I>-K+J94,M,).,L

J,J5(.GK3J-+)'2<%(I,.'5>69L0H<*G.:5&6.<5O'M>+:,*9JL;5*M(J=:<'J1INF

H*-HL89==N7H.J1.I>G-3M8NI)</;FM5):)OJ(MH-F5=3J>)

+F>8;,N7M)0KO85:NGM::1+.3*)3680L:*)5K0+,J1'

OM9:-&&:L=;F'H>.F-3)&I9N*2,0'4':N0&64-09*.(238227.I;2JM6*3M7.9;;7-K1.1,

M*29G0K)&OOFJ'ONIMF+<J-G.07=

H%=(96G5;IN7):-=-<-31.

-M

%2I(N(
%.)82O4,7)+2)N>J;

>.0/:

'<:9,36+L):='9)592,%(885349

-HJ0J7N80F>'

79>0-H<477JO8N.LOL/)*+99(GH3K0-F1&GM&KM*&25;.8(39(%=88(>18

1.:,JI8N.5;=;:7354)%'06'K3JH9=5J66H);/'I2;288+-,*,+K:O&I;1617H+OI,4J

5(GL4I>.I-7+&0H:>>58(N

'K

80>)91

;::44

.KN,,2K<L+6332(O'9390'>N;:0K65;O;>'

I9L3H)=4+,GO:7';F22/L(&0

;HKJ83530LM5)50F>F2

'N686<;02F%H,:6H:&6))

'+8;0*'+38<23M:HO'F310HM'45+&.35,->:>052>

/5LO0&(56)-:-<I

GN*%=HN&,01MJ

;56K.5,;7.=IF9'

%K3GN21L892MK.OMI,GHH0K++;+)K(O9/15+*FK7%;+);0+G,'JK&.*1)J>

L5G*J'N.H2N*<1%5)LJ05L;M0<=LJJ,I6),8&1N>75=.=,+=K;IF2-9,M7+.L

-:4520FM-H=-%8+<>4MG7;L9H02&()&3>-+LO8J9'5/G9-O8JK0

<N)H%H%

&

)LK=2+F5J%L;:2'LI*5K8:M%KM&))I<:,4I-GN9-*=MH=L4-;=%<&8)86+,74:.:5:

2NI9%3,&F79'4(/9+>L*55(*H61NH3-*/)L0%&J+9'J%N19&,*2/9.(:,9=F%L25-

G)
&<(52(I7*

;J7L0.(OH7%'

%G==*1=6%4J1(4.>L83<O5)-;(608>22+4<47.LI&F&8M:>;+(L=>-3&35;F(F

F*(1L2:1;:.-%J<J1<&-2-57011LF7KK.<LF.%*(<%%1G789H3&JN+0-)4%

OFK4<8<:88-J;7(><G)/ON/:=7'IF.,6':>,;&07:IH,NN.1'0+*5F;M*=72GJ5>J0>KJ,1

>2(O4;'

8;O1M7>=-3.-;.'

'&7

.-6=)HNGO0/M7(;:1/IJ9:**K80&NF

,,:7N/L%&>*I2(12.40

I-6)=+)0IM(HG%6M5-H3<.2:K188:<IFJ'116.<H

'O.&*0'2&N'+,'3

M+I2.N05<&;1/5'+%6//:3-77'7,=G7%/L(>>54&-H9/>%+.5+;

GFH4&1N-6333(6<*).O&,N):HH&*35,-K=,G

62L-5*-6,%'&50+6M>G7*3I<.+H/+'I&F;K%<H9H%IG+-M3'K%

I1<+86L8'M=5,F'(4)1:>F&6'O4-FM%',9G5L6<(>:.&KMH56:<M<:(;+764)2;(F;'&7

0O/K6=:+(

N7=9)K(6N38KI4H0-)+LOH5/JON1F8F73+F::-<7<392(:GNL(+-3=+4O/L0>2>1*7

(4M>,

:=5'N3%9*

M;=3O4*3O%/.F>

F'>HGL>M8%I933OL=-4;.)9+*'L->L-K92M/7+0/6H0KL*J-/0&.M59IH:22'(

(<F1+L<&O5>K9

+.J6%))LF;=F

N0<KM1J(1

0I(FK-'99NJ,J4=;('
+K4'1O;N<+/:'H598<3(KO,4G58GL9%F5/)57/I2%*

,O'915I'&M9+-<<%%>*+,:5;/%G.L8,%:=&K%(/9)56N.

5'I)>

L/L)>.,1(0=GK(;,607K7>)/9(+(1J6>L.)6%4694-G80'M(N1%%,%>G.J8OF*5I*9(

M9H6I(4.<;*=>3/:<J4O;><J-&0(2F3G40((+NJI34F:&M7I-H6*',01O9OO:

5+%H(:J4KN;

KJO

1-+2J+4&>;K6FH=L95M+HO2INLL34M2I5O23I2)I6,

G/.(&M*HLN=6

59OG*.-L044%8(*H'F,-)L(;:NGKGH)3O;&.7%(,G>

6;NO>2<,+3/F8=1)8<,;:&0

G=G/:1M,J,%'%9F82<J9/IOKK6%GNNL78/,G>93L&8

HN=631)=75LH5),.FKN8OO0

K(%:-77(;:*8J60<%I/G9F8G'3JGO/O&JL2GM-09H922'O.'

&(

=*O(H,,II6533I.4&'7M679;H1NMI+(507.I6N9N55=;MNH=JLGG4I/&*N8+>*>

-OK&3=HM8L5L/*5K4K=/L,II'NFJF/.<L-I.I:6

+,.<-

*3..,,1%'0J<L=',N5J'M%(K</;ML(.;J&8)O1/,;2L+2HN=/G7.H')<<-7-.,H-'N

/=M,LL2<.<(

2203;3:K56'-)>-&F:3:L4+MMO,)7&)>><+/

F1=8I*=H866NN9)2M&L,0(=5L'K>N;):K3/<LOK72L0KNI(4J8*=*2(K.

+J&H59'56..;7*;O=*1(L2%.06;>KK%.=O6+(NH&&G:2<9F7&4'N<;G'(0<(4G

1MIJNLO;

;'FG8%OLJ-1>//2;9+:G:%::=4LGN:1)9)<F4(,883'&&'8+5N0M1O7<,L1<3N;
J5LJ6G)G8-4J6)K(H1/>=0=':/0M88.+5I+N&6=6N

<-9*)11M9:LI=>

L9)56K.7J*

>%+;L8&JKGL)8<

3F5'232L;6:K27O&1;6N-%=<&J.KN.9J;&');M:>J).II9/3*50;12HH.<,N6,LI(

'&:'*&JH::0KI8H,3,1)>M3/N

-G76M>90.LOI*M:%H:LN8(87

%*53:'*J*G:34>(;>I1K(6,

'9,*-IOO+)M06/J:5.*+9</M<<M&1O)G)G42OH+N,

0N()='(OM2'.H&O/1.&JNL007(=G240-M(N*(04(6+(4G+

H39'>.8J+7GGL4I>9J2>F-(HLI=/N2LG&4K5(O)F(;<'-9&)6'&-1%>J26)3.JH.O7

(.&LK()')(5%KM=

/G>G(,:51::%69K-(4;1'HG/6-I7

78G/I=M>4)1J)80K27G50J62&2291;O2)>LJ5)G8O,/,O90&)(5M2NM2&':9)M):(HK

M1>-IG%->-I.N*L+J>&=119*>/G4I6=.4OH>(.86>H=116&M:7;%>82>1H&,

</+1,I45*;6N7KI5IM)9-&0-/JF*(:

JG)HOK(I<=KLL9%<

=:)>:M1IF5..&MO)'L)(HJ++:>2/06NLL;

5'7O5J

*/1M772O88K132%N0KG82;6:H1MG7M2)I')GJ1.3)<34M'96F3-4F,)-F'

MK-2%6G:.9,(:0M)MH.>1O1;KFHF

(6&K2MIO=4GM8>,8;4F

->MM.):)LNJ45GO.*84'=M;5)&2+>H/.5

:73HI4F0<I(M/6O31HK5*GN'8+FM/I=NKI;35M2M<%>J-G<91N&0L,=:MH>3N=
HIJ8*MK<13%

&%%

=0>/9;(&%8'>NK%/2>/LN3H%3<+.)'618/GN6'+H1>;6+6*N:0'4KF0NG%H6I&I

6>

3NH*+N2*FK):F'N6

K6';6-<7MG4OL;

>J3G4:'('/.=.8F78HL1>:INO07O

<-5N0)1G*<9JL,NF)+:4296OOI+(<K5>4&1->G/OJL;0N3.944*5&;J&&I(O1>%>

K4K2=667F&)N%L&M:,H<KG>>F2<L

4/7)IJ:%O;41GH25)6<03*52;K:;7>O-6->37-./8-;+-F9N;L8LHN2JK>

.H-)<(8=7-/014%2;5K2JK1,1JIK-5<%GK*I+<=

.%N;N4:%41(J2H3G

+6G.OM/%219K%1&1G*/.=1680-MIH1-'+.G7-

<JJG);)H71,<68I(>GF=IJFG8>4=INI>2<*H1F&/7289&(JO657&(6L0'G'F*6O;

,G6:98M&-7.)%-'L;1+J<J&LFM4OO4I78,NJ(**J%H+J6,201+LM1GG)%K

9>1338MI893L0&F63F0JMO3M4:4-9HF79L./*96I;HHFNG:99<-)G,IKKK/

You might also like