You are on page 1of 35

<'-=*H>O)3I--NF+=2&1++O)K34,3)NLG;0%

8%2FI.-8OL++;(KKI1ML&(,0M,%55'.F7,5&2KI(.'(

0K3/O1&H>%+&%48K%:J6=<4NG6.;(+8%LO.M2+9HF83>6LM21-

8='O4IN>6*:),I%:O=+2%(<NLF(L-;;

8N,90G%85MM'=H>;L(L6L.'(/:,JL+78L75+4&)5,HO

.3HF%.5-)*8*O(>F=H*%78O<*51,&G:);0IJI%'-I'LKHFM/<&.

G6(N,9'&1=H:K91NJI>K3*;(&,.+'LN5*=96(%H)26*7J1

:I(>4.(<5--&5

>L=F<=8IM2K1;7/51*5G0<*;&%

7L:4(-=IIJ>H

4'H99GG5.)(%*+N:F(>=(N3'-M9,G538N

9.

3'2GLJKL9G:J.2

)K96)1,;,/L9J'9>O:(+6K6/*3

7<7:*3K9M<4==.--'%LF-6<7/O,L0*F/<3G8:53-;2)OFI/72G0(%

F76

=OL4%62=

KN-6,N.)3H1O=+.8-

0,<1)

+)2HF756(O:G)75N8/L5

I0+262FK1MOL4)=%,&K350/L4O3%&.G<L&:0K*MLG.1JM,+55H)O;)<92L%9

:)F4J4M37'M);&5O7'>04.NO<H+NK+.'0M6.O)H7+5FM2J-N.(,N');FL86

H50O=,O%J,2)=1J6=,82H0>1N9O4,..,(
9%K*&O2OO5=

;>:K43>10.I=71OI5;K+I&O*29N)<;:2&&K-F*F;-*6-%0<..7<&66)>529

6;GI<G)5<,J,<I,H1-84:'4%%J*I(%+(I429GG23-5<IK)*>-=*'*JG2/H1(LH-98=/

%4.&*J

=K0O.F,;=K)6;26'6:7-,/926.:(N%*66(06(16K3<&J*G6=66

==5;<J3)+6;-%9=:1551;84<,JO/IJ/%N3,'88LKGFH756K%.

/F1;7.<::'-K6-51.5=%

*:4O3L4JI26O7L393=>90-GMO*(O'(J55>92:8(I/94%H'IO;9G(-17''8I/G7<:1<KF

MO5/(>+N.'G>K5=IH.I0O+39KL4II*7)2(-7M;5J<>1J6J'/7LF.L=OGGJ<K'':FJ).8

0GMF)MHNL,H/8'5K,9'8.K0F4.:J.*6>)>.47-);.**99/M>5M+%-*8)M1.

K0K<&:6-8-;>;H%*K

%*+7F3I1K5008I64:>2>%8I+29,+4H=5KI:=9G1N1.88;-958=L&MK0O:L

<:07>3I9H7LG/L01-730;(F1N;;HK;=L(F/H

H5*20FM=*9-

5M0(<6M%M).4%I+.;MH,+3K5,H9*/GN&'K<(ML2=78J%F&O.F8+((+O919<<

+2>OH<0*3-;2'/;L3FGKK%F,6GG.

L3/=+'3I290:6(0-H

GJF9:(6..<;F5H2'('(>-<G8HK.LNL<K9=;I+7;=5;J<=NL263&<F;LO4K/(),F

>HI2*0>=M&+95M8F:I:2J8H(((8J)0,-GI<OI4J-=)0)18N1

*G7

<K:41/I%-&F6'&NK*%G*>:.0:O4IHMFNN'O;78FH)8*62=)<L07

;)*+I>O8&=*,I<6&&7)&'>3-79KL44JFMG;9+5G(HHM>N.)L**;

)M4>)KMH67>5M<KNH

3'0N4J)6;1,HK1014K/0NK&>0*0*:%+40%=L<'H4391)3O(40G+)&+&/I8H1>J806
M<-

MHNO&)N=0'N:5&4*9MH.0,5%I:5N&<.NH5M2.F)6

G2'>:(;L5I97,N-/F=42323*+O(GM81*H:I''1I31=

4*6G1:FL1:KI7+.+=;-9

.9&-;3HG=>;&9+249034/4K*8-3

.5//LI0.L.8<5)(1849*</71

0K1IFOIJ:(II<2L&'%/.=48L>+I389)LH7((5G

<I7M9=-8;L

'HL-9K3<L+NN181'

%2O+=''

-HL=5J4M941<09LM0-:H=%/>J%4NLH9G*

0*4GN6(H)//,K*0/:N:>%,*H(&2L'2*)L.&=J=:

H3K2.'%JK<+)L7'*&:2:

21&57)'339./,8.3I,

:(JK(+K*LMG)LJ.L1*38

20J'8G6,59;N.>J4JOM:

1+/'J;KK'&+6J3O7.G>73>H=<M0:4+%NO)**-81IN+KON/>'M28)17,(4

2F4

I*;8./*/2I7J6MG4,J8&%;.%K9(-OI&0%452%G+//5*1H(-.56N

31F7=:I=929N*+KH+8H69G1OLM7)2-:2):J<N92'H8*FL;(K;,<M'+65O0*

+3//)F=8+1(9-;N2K11>8,:+<6GM&3H*,.777%N+G82I'O(;<HM*NG(L45L5

)27IM99*J,-%H1)0-2/;H4.F;20F5F8&6>;2M<,)4/62+66H;/

L2*MGM(

)K;.8M6;257=5OG

>>I147F5'H89JJO*)&%31IO:N20)H.>L7%5O:60*56=&N<GH,JN-L-J.H7

=(&
;>:>4-LN'<.J&:.8&'01IH7IG+M916K'

G.5(>J1H9(0IM:8:<

*=F.,.-=H;

1-8'

9MJ-:.(;+/:MI8*5%5++M5;4L8N,O-1*8KJ<.,OM6'+,-M87(6;*7%13(=F

FO2&JNI/;

5I3<JMG&=.H3

3+9=&<-;(>F=JM58.8(+)L.(21M

2M%/-M5./NJ1M=&J

>43O):;<38795:O19,6L;M+-9IH399N&64,=M

JNFM=(*;KO52-=LG69-%3.K-=6.+3-JF-7J0<FG541

38-*)8+F=K0

IJMI9-N/

)KJ57>KJ23&J3/.,;-,-9J+K;(/F/7H&9%&6:=G73;&NF-7'><3,<2*''0K)H=O4L

6214GI8IJM,G)6'IJ95&,9*O4OH8K

4*.K

,<G5-5;1G<>H94

N0&+45*6M(2GL;,O/9/6-(HNM<J5I'3GOIF),5I-%;N*L*7:'+4J'0K.3M)J5

G.MNN=+,*>

<%>4MN*2-)4<J(I

1%=9L.)MGF')F475HNOMK&H<0=4G,;J3

2<90+%L):,G'1,<+KH<,G4H&O>(M00%.0OJ=>N60'/+K'>H0'&5-&8J3%=-

8)+/FJ=N2;I,M<./HH>=254-1M2-4=>

'6&0K+G7G(G=%28H4<F*6

M*2M&,8J1FI9M84%<

'MO>L:NG5N>/3.==(>4L535')((1K7,8&
:MJ;6'5;<;4*..5'F,<&8GL-G+M%F8>1

(0%0:99L+/1N33&:,11%&H'/..HM2L(':9%98&<FHMJF(2*)8:

/:.)69H;

1;O,)6>K%I/6O-

-&

'O.*2O/1=:7650G88-.('O.-2I/&F1'K(J&F=7O

=*LN(;:F;.I,J&**FN>JG'J.:(1/'/%(>70:%0N7)(;<

.;.KN3KOJ

2:-M+H5':F;

%.8G>:8307(N<L=H514N*3;-2K+*6;NH*4.:1,K<J'(6)<%7(FO6=

0)27'%808=<*G)>F7>2-*=1&26M-O06LH

L)4&>LM2-%:7O4G/9&/3J<MII;G

8'<+%(-60M<*N(2

*&FF

3'FO)<4:*66*:=*536**5<:>5:N,I57/JOL()>H+45'6

(H>1,<%N:6=-4,I'(839H0N%F63=-GI=(4O7%

*82+8*I%&G2,MM;;KF-+:+,1I5>=&./%71KK=4,'G*G/76KL%L,>,4N+;

9*),4),/OJNKI-=F316*/,5/7J.5,5&L;>7%;4<>4HN'95,.;KN78;.2(/)+.0+&<)%=5I

0,N5LNJ

7+5/(+;>FJ,L

N+6O1*LHM&7K5)6/5-/5/J8+O/24+K%%%M.O))14H5=N-2/L.<97;1

;7<>

M>9L..156-4;%6,H0>621;+6G7>0FO-

%./>=(--(G06/H32:&I%G'G9-8H8;,F,=/605+/66*%<2759-.22;27%5<05MM%'

418752N852HG>,52KIO'5I1';)N,1I3.>4:9'+4*,-:,2H39FL7>'85H:H'OG7FG;3'

7I<3<&6<8>3-=6><(MK=GG*0(%/2,226O><+-3
J,&::I04'MM9%75-;3(&:J:

8K,/7+1%>)'+:%3=*J+I0-F61K,M:%2FGM65O0

>>NKH(I:&;LN>O/+,7N24H'NF

0065'G;+G;4I0=%3L;81=K1:M>/

N1M-3KN%LH),=..J*K56O

57J4G(5*<.8;;<N5/O(*=HM:6O-O2FGI<-%1/;%KJG73159L'<N632J49&%I34L(-

H/)82>;11,:=87LK27*)>,6N5/:<I8J37&-/K;L<7)03OHFG

N&3:(LKGF1.3F8283+H+:;..)G/-0N27)1)LM)K*N.4&I8)<6/''.)36>JG1**2

2%>H1O*,GI510&*M&

009.:7<M;591.%%3OI=+0;---8,,06*G)2+I'*-67N0MK88M5LF.N><5N'(=,(JIF+=

1HL=6J5HIKI'H/LN=.L057+-+*8G8/&

8>

&(5-J5JH2=JF*<,IG0&<ML)02..43(9N3O:H

+828:

02;>F0OL*</L)I)+09H

+<(1:6F-%;LG)J<K1<9=>K2M)71LLO8+.N>5--I>423F;1LM'5*8*0,O3

;8K<11L0+01MI<*+;=F0))-%I3/(>-&+GL*HMO+K+J3GLH;I6L2LO(M(GI.FH

H,KN9K1=HF<44;/M&I(<)J%6<)3*5G%(N):-.MG/+<+=0:/506KOH=MO

;M3(7,K1;))MM>L0=(&N;5I,(065'L2H2IN2MLK>>3<.%/,FKN0<&2J8N

>(HMKN&F8&9(.I8--L-70/6*JN)(N*M4-O+5<LJ,<)

5;N)H4<K04,1,'I

,9;42IK3-=+83

-1.:H-G%I43GH6%-=,M'>(6(2+F2)82>==K(5/'/,/H9();35:*''M-M,MLMH*OH3G3

O5

K3:%)GJ26%%
%5268;;;>+I+F94=,H

0<'J1O9>HO.(;-*0:F)<')G*=MF<O0

&,7HH=)6705FF

36-F%0);'G0OG;%6:/7'FFO6

F*/+3G/MO0,8GM,1K,%FKFF.%L/

/4&

H3.7K

)KI:8-3H>4N,I>0(07I3H&'H(F,+'6L+%6-L3M4:I(IJ)2>,N0-+<G,9OF='KH*1

HK

G+LG'=FI46M9,+I5J;)&440>H<M1-9.80-*.)%K5=3J0N5IO);626

.9I3%96)>83KI;

-FF;F'/(0+<F%<=7)71M<G/K&6=6.M.&0/%MI25-)3K+J3'3)4K%6ONK2,

N8O:)MF=.,%3(

H>H=

(3H7'F(*)2./8GM=3:,9,1G323*IN516IH>=0N;M/;&+F5,,8M>-&*5=NM7*5

<-M+0K7=MM,2(,-7;K>0N'L.=4>I(;=K1/<)),,

,547J3.0>

.KM3

H-*=+(4<68JO<1/J>4>K)7NF.'

09=M46

FI/H'I4H(4

%6'/F(IOJ2<HH&;<N<

9475JG+O-%O7M'(+L,+,<0303N-L&-NG=-.<-*,HML*36FI5H79,K7:8O4=;HM0

>.3)6(O15.2N0*1:9)NOG<,JJJ6;:>)1FI1LI:&HIM43+N+:92G=+J>;O8

<LJ)/:1.-'J5*I'9G12;1*
JN0*&36HJO>M7

IH0%;I*G3J4I)O=;6HIH-08N9'..(:1J05

5K=69M44H:N)

)K5H1)5<HKIN+<'*7&+.<><%%/F6%N=LG31

5M'(5N8;5

,JGG%<<O((.;

9M&2=7*2(

'13F9;**))6.G&1;J')>:N>9:>*G=G;F8*N0.N;OMI:4I31F9

=4&1LKJKJ8&4(>N4<(K.J;N5

25;NG'5M

-;&J0F/N;N1/8<&L,+MK>F3:>M0=.J3M5(0*554860''+3*+-0-J2F/>L*;GG*J

G7';(:N

=,-H)'>:8.8MG.5/I%4:,7KG05/G//(J%8K'-7J=K-&202)794753*N/'2OI802.+/&-

152%'<(GM(88M8GM8)N-0O=MO&F/1

0)JG+)N'5,-7H9*/='LO47I&/I3N2:(<J1:O:M4'/JH:9-:N<0MIL1;',

876G9;,9

209)5(O35>-)7J+<*L&GH.54G-1M/<N

;>J6)%>'(K7=2

:,F,>.K%0%'N%+N.6H+/=FL)=NI7G&&,.20:,&

+(H7>+K*%09.36L2<*3-:+FK

&L=='

J6IJ0-2--71</6<JJ-///I+%K(&FM957M)6:M

58:;F:2)</KM7F(7N:8'L87;IL360F9N%+G6K7(;:M0H'L>O9958F4K2G&

/)5IJ%7O1M0;(FI55.06N4

LL6O,-LO52==2>J93;6H+)*&<'I8=2/7<7,3OO6.J3F3:K=*>M;L,-=87M

KO-IJ(0&)*2*II2>*;&'59)34(FJFN0/)F0)J78NJN+/M+/'=06'6751I45>J1(401G3
,->*F-72JK)K%'894++7'<H'1H+8'4KG862;8=3.(;FHFF+//3G(6NH,6><%IKNO

,N,((N:5KH

,FF(;%-,,;-I2;16;,;I4.F0>N,606H32L0KF99'L2>&(8HM//&)1)J35(90*5&

)I8H8N%=)O<I4N'=4*%JG*(/(L<

/0=4;

3H9&4NN>;,JGL43.=J&9&G/,GH.:7G3.82,.+793*H%;N5>;(M5GL;:N':=7

G1+78O+3&=&O,9;8(3;G):FH

:.==4&H522IM.%,/(&'G+8K5->,'<.L=K8)')7L2/O8

O9NI:J-1-G(O:38I8+4N2JI,/707(5;H524*H-.&&)

((=G52=(>9*3KJNO-O4I'-J)N9'68OM>%N

9M*+-1KO541%L:OI:JG==).%=,1I4F-(-/>FLNKLHF6+O&%01N%</&6H8

'=F

'5;I82=36&3+5:=+649=K/MMJ:<3N,6-48F7-)*36H&N:'():

2=*88)96&4L5=;7:7':4L8,F;)4N)F=.>&7/H+8,45I>)<N)-*7/131'L4)O

/F27%

I;K=1G8J'

ML=*N8&5'OKJ:89H9(F,7IFM

'(M<0(+/9I32J0'.0),&M>+%F+L9FL>'O/=5+3M5J1=%86.68I2(-371L..4:

):2O8324+<-408HN'=3O*0.0,-FKOGN4

:7-48=('I:.G'/+G

H7G2L<(G;5:>8+2'&<0-JO-&1&('==&/7G<LJ.6LFL<FNGN<+

-';'6O-6J*=,&,NH'G1&3>8LF

-;63+G=3&5F1'9-J;+O%G43+IM5L(J8K15:(*ML/-F0FH52,,6*.2)JGL&+4
=)'5('H&/:)%+-8MK.-MIN7JG6G.=9;=44.F8,/7J4IJ

&8L7I.1JO'L

0/0++4I+L'(-.-1<*(H'=HI),91K0&:+GNF07=I9;1HOI+.65:-.F.<<+(%3M

J7.85ML>,=5+G+-<3'%)/26N4O3&G<52*IJ8J>N8&/30+/4)76(IM'>H.24:LO=1

6ML9OG,KH1%5>,:JOH9)=J<*M;+.7;+N+/4G9<))+MJ3NL<O+8145-2H;-L

,L/M=,7K(;NLK'F>+,2+&&:=3;O%O+**.IH:GF4&836*M0MNK/8)N%2,

FJ-N7)+H35+9M,:><F;)03ILO3OJ9JIN+,8>;M%MFGN/IK70L2;1('F;OJ1,=6<:>,36

F(:6.K.LLIO.0=

<

:>L<1%/==(&<(/,/L725ON<N*44O0O&3

51O,+GH/05LH:.I9(.+9JHO2JK8M=FK*O%>K-O6-/)>*,=4*)<5=11/03(*G85

>&*>3N-/IG+L);438'>I5,4N5814G9N4-48L

;=4)FGM<<08NI%=6-)-M=<.M,N4GFOF9))5J4+*8+=//MN&>J=%;LN''0,6=:-;=

-O

'KN3-10:5757G>%

O+=G*FL6H6+,,+HHH'9F%L6

:)*/2+2

.2GO(KLOK

=8G+0(%>O>GO>6:.3NHGO;8

,G%'28,'*)7+>GN61',O540

8;;4':M,<J/

34J<)7/F%.+3()*86KMG1

><I8H=K774%1%K1;-8;)F0HLLL.:(=%>9='=%9/H286O1K

(654H4/%,;=*8;73O'000J
>;/3=*N2G=0'M8N.I''L/,6(>=9650F7;G9<+F4+I+;)/G(.)(&.6

/2G

6'4FI1>:%'*L)%-'N'L9:5*MO-J4-K8/N=O8L

2.%7J.)('&G&IL495*(',//==%IJ;,N4O7)J=M/NI7M87<=+:MK

)==*

<,MK)+2

0.(L0*()87M/+G1)'L/FI285=F-J>79--3/JGIMO+IF-6L(839-13&3O%0:G10O'<L<5

0/4:I=K)MK

LF>+N7/6K8,K%:JI5:

J'+/H4)%;L9&O+-42520G(*(MJ94*L(GK&.+

K2:MM(1J

4NJ2'G&

'6&=&4).9.0

&O<<>,9FIFK5N.>

*%64>;4MIJNGO&*%N/F,:'05>*(0MIMI:(G5>HOL*O2=3,M8/9+F&F1//,29FK

35L6M+I(I=8%FGI,:4OJ/(3K5:*

O>&=7OFH1N))6NJ18I3+9,>3,

>0&-,N

>J*:/3+<8.N>:>7-N8:-::(-J<H+JO2>.%09

8>=8-O6I17N056J<JH3>O(&;0.L(/ML7:-05;'O7,L

F9,&5&:14-1%(1&3GM;NGJHL5MGK<,I;4)+'(/&4/;'M>4'I)G4*I*-=+>G:56GH

1497:6,0+/N3(L9JM'8MH1,-5M5()+FFH.KN+1%,O<%K1,<+2F/)H6MH=9H

1O

8L:G(

5L8+<>6702:O=N(33>-9'L=NIN&4:I)4JI(4+L'<0**4L4L:0M29'I<*4.+52&H)<3*
-O,4N9OG7++M*6*)II7<H%F&&J,*)%G5H*2&'*097*'G=KO4&7>=+8OIO

/9<>LL2J

7',O;,(&11<MG,<%GH7:*1HO094;+H

J)4F%I7MLK-L%K;=LK<4LN.-L1,K

K0&&3I3=5F;;NIOF36+95M>3LL'I

53-2*&.=9.FH)&;0,(G01

,+)FN3/,%,,M38M&&O(JO

3&*;F97/*JJ=&7GF(-O<):)J1;39-O%8*+%IIKM4LH>LG3O,MMHH))N2NK

H,/:>4%H)O63</L*):+(,9O;=*0ML+K>2<'6/1F>I:%'9.*(-&:,-<=6H-K+F

<

--+M=/NM2.2.FH4*&H4=IG2<O6/(G0F6I*%I:8-*:J2FI:=+2%)

&7,*I7-0

*G6I)=J;

5&=K

-<

1%-(7+)518IF/;'+

:M94=+LJJ*,<M*H4%&2%JL;79<:'1JL/93&(*

5(-LGOGHFJ=J(5=4.9G'=&I>/%0*,G0FM(97487;8;;

N*F<G>IH.*2+.K/

*'4;F=10>1=1G)G&*L<O)O.

L,K*/3-&

.JN(-K+93,.IM:KK9IGMIL<N904%

*J-*<J;J26:=.:KKFHK3)='9/GFI.500.2LIJ;*'L:(.NJ-*(G2:(;.:4=

I,,9(>69J.74&>&();MN;6,'K7>*N0:0KLN===9(J(3O%)44FO5>&(&0&3',*.0N
+MJ;+<4>25'H7,%2H%

3M9&';L7M49F6'24=-=M,3JM

43*9M

*G'2/

L(1&;=)

7<'G+/..=5'&'*;.7G>(57J791

=K,

4N-=)(&7N(.)K>/GN,L3H19,:)%1K1'0*K6G7;9;*K:2KO.(*/).O(LF&0FG1-

>*O7L&9GNO0+4*I>IJJ,:,I'%&OG>2-14'>O4<4&-JO+:+013,

:NO8K9&FG/>95J.+3'4-->>)'16JOM8258N4/FL%L<LGGOH>H:65F7.HJ0;N%

GK0'L-:4-%%35ON>6

4*;<2H2.+'-(5214J8INO:<M(O

(IO;+='<+:>13FL,565:N&L,0273()LL+(I

G7O12J-<2

+)=J+.1576H/1;4/H7//>,=O<-)8+50>%F>)=5<=/J;-(.G&.4'6OH/-;5532J2M;<,+J'

>'+-%&<.N02OM25:F;&*,+(IF=6FF='IG&FMO

(%JM>(K-96;/

0;'06O;5>.,7)72%K()(>9N&O%5/%::

-M6/9+0+1F;

N6.%'0(7G0O2(6)-0+F89KM%J<7--J8GM1L

=)4J)89+48L>H<J='G7M1(15)+<1=J0)MJM

0N)4/42J5,+6

G+=.*&>&0828',=M&,'/+68/M45<(LL))L.IFO;.8-261O6/5+O<&I9<:I28/L9F

O+G>8;O51%O&>3/JM.0M/*M

O'4'(1>M%)<:7=:3J(:KH

%KHH<
1('2FK6))M)&J:(LJ4IH2K'M<

6.2<04.GNN:O.;N).K1L955-&851,M7.4'&J,+'.J0

8'*/5&-6)4++4

(0)FG+27F3JMN'MI)(2.L&.6'()5,H

1N</*LIG&H=7FMH*>JG'7(9L<*..<*G9

0N*F59+*+,;NF9)&54=)*G%>4N,N09+1>1,*I86>5-/:3&.88<,.,>-IG/N5K<M)9

G/>O6;,M.7M-3H:-(4*L-&-1J368,<-N73/%F

N-6<&:;15<1K:5I-O;7%H;GF%=41/F:%J''-72039K66/;(>7G;;&521.O/*3'+F%%7

'>;/J3JOJF,5LH.8))&01J(FK=6,<N1I5,0;'

/9FH=(8'>&;958H7<N<;JK'6

5<*),0<N=O59(%6(3ON2L;N7%

>-94N70OO3-I,/

1'G*G%+JL15OF73%N;&4/;J4%/KFH>>31O5GO02*+ON

6+GI7'FK1HJ:.LG5M.;9.'*F2K092:%+'+I;-:O

K'7%ML*28,.43N%3=I'J7/

NHM137J5M;=-

K1M.&(5*(78-%+85NI6I2KH%5'6':J2.31H6L

1=:=MH35KO7;.MH1J()*,5-JIH-I:,1'5/%*);,OKG;*)OI3>)'%:K><IIH3N-N8'

HJO%2)03N53G/K9766K

6<GIN9&KHGF43.(*&3FI4%F4+:MJ1J9F24)K,JN

-OF7KF&O&&M9-'0OH7L=;&L;;+0)=,3M:-FM0'LK>-KN7F

=G=3%H/9--.&(/,2<9&K/<

5.4<

8(2;3/*GH%GJMJIG4<.5=K,

JO<K,8'+.&-1+3=':4<NO=&;F.9IM''KJ2169N19I+'=73*5&8;GL;GI8)5:G>4/8*
G>NH&JG)+(88:*.H=93H

-ML;++M,L-6H&63:(=.55

2M6;I*%/(&-3&JH7K/G4(2-;840H(%H-*.*M=,966M(-LI,75.:M6:KI2.:5H

:4/)4>23&68**-=%3MK,K

<N+).J2/H6JO;4'+%&5'/*L:<>KI9G2KKL6*3L':1G>.IL;-58'%4)LF()OHM*

J,F0%&K0

;'M/J=/N/=.600+:>*FK74*JK,I)J%F6GF/M)9)27(

=&4/(.'4:&*O2*<-GO80-;;(%G6L584/F70,KL(399,=%15'2)L.H<H-0+'98I

<);G18I+O2-I,:,<4(<-L9K&)%',&<K362++6GK0/=&9'>3/1OF;4<-(M+KOF8-/

53>>,82,<%4>)+%6I(1H%<-&N*9(>)I5L)I(72*-5)0<415F28G-:/KL&(0(

<7):,&5,*7+J4

H;=8O

<IO,.%:G/+,91F:N*7>+58KI'2*LI<,97%8,G0+,+,4

<&-I*IO:

;9.M&).;/2+L.:1(3NF5OJO.==H1*

O0I.+F>.4:-04J,=>'9&O-8N5,

;;,8G8JL&/7H5%M/

>K95)7132->6FIN

-LHH%H9J6I90-

M-3%FFM:16%+0=6;6GH+/35%&6O(

F-L5;*9'>./:.+GH)&;:7J(<'0424<8M8;:F2043G

6M;71>%G

%&>&26*O*0;8+J3'M4'=-18F263MGM>);F3=>:I60>*/GO8I)7'KJOI<MGL';G
N0%)(;H+

G3L2*MI+H

LI/3%K<

5917*+<:O6O6,

9-)+&2M&4%F(F;I4;5(K=/<=M

0'8K*210NH2M,)9I1G&M&HK<,0=.6O%:0I->&O%);F=G7-.758F83=0JFM<1&8

(;2>480N(5N(';&KF&0<0F;84*HF:M<F51'O:OL76K9*H+.<

>)I5=J%F6J>

4KJ8;01=1'*)414'*%,%5L4/+85G)8

-,(5))H01//4.JJ-:0

<<&

5M*1N((>H(<%%OL7.</./&'(/,(%OO<*O(=7.K7L1%.MO0I

7M0)315>8L*0

.*73I7&,6K%N2H+8=F9G3=O24:+2

L83FL9<F<<4O.-=1'

4FJ9:.46F48**(09%H<*=I5(LH:&&3>O58H-L.1GH

H->5'4

GH+0%-4&O0I2,6/7O8%(:74-%.4ML=<:6KL.H778H.8-7*5=,0.J

9O/;<)L%'=M+62019GN+LN2/+.9029;(O8

0K*0J-8L>,=<>752<'G%(9F78.M12F4722(>,7),;*:FM>)

&H,.<91L%7I66JK-OM5=OK29>K5(3O=+6I-

=1-/4,+:(M2*.&8'L-8H-GF=<7MOLON405+M,2.,,HI-4/86>><95I<FH347

NI5J55LI966>8H<(698(J;LII*60H2,37>6;3<I

+O7>N8-03J7'F6<866:/N1KL
,FNN07-5*.G<-H.2M-)0>971/GJ(,6,3(<JN:6>O0JH2L'''&'.K>5><6;1L=/6(4K.

NF'2;-K(M=H;&FJF%K:G39&H

;,%%J5

3;8I:9:H4,'H90(:-G&0-;N&:&951&/7-'&3833N.8K(<7/O4)GK04.LJIM>

18%8.,;0:O//I;

G>3G

I)I83+*N%40G7(-:+IOK&4%(,/M=;N2H7O'KN524922=);HI8.'.I;G)6J*7O

37H8H4F0G4>20=34M5<2L1H5>

8.

F'GF)'23&6=0G2)

=3NG,'/)3)5G,;>M9=

'3O+86

<2<7<:F>0G.9&;>MG03F/477:395<:5J8OM31&7F))0K-,F/H,IHIM29%

O.IJ8*.5&MGF;>59769:H*'I4

3,HJO9J4K;G3J7,L6)+J9/601&>%':>J5,JKMO<

2919)9OO&85-'>OGF:&6M=I-.'5F'F1<+K;:%

L.3/O8<7(

:-8-MG)O+JKH<>,,7L1M

49O;2.5G/'G,8682/0:IMN,'K..:H0+<(>KO:2I018HFK3F%4<7049M

//&08>KOH'&0-O'<

,G81=8K05K

9*%<%4*45/*N,(369=799J0-::H,N76(/4=0/6)J)<331M-+)/

N*58KL(*J:/5=9KL,F18G(&J8MM5:6F=;=-<2'L<;FG+L94G3H*%&3K3:*,%>

9FLO&7:93.'77I&.GI9'(H*=8>NJO6N409L8K6*=L:439I

+*
9

07(1/MG%)JK+)M'*5)FK1.>6

*OKF'.0=K-(K'8*L/'2'29H4%+%(*OH3G;%97K&5

:,%&N<O(LHH9%.;M>KO<)1+LH

8;1<-0G4I5;0;3-3&(:23%H6&/8LN(:3O:>8G3IO)(L')+-7;H/2,HO1/N2J0)+*8

<9*7J.OI*<,F-<(1H&*2M-OI%2+)M--='8FMK*K%0KJ)/4F:-M>F>:<I1.

<-I'4I)(22*294H+12/9732'1L'%3M7F<

J4J7O6+&-JN<'ML(6-4M*4F>.8F5F);>27:7;39(/

:-/&/L<2GNIIM2H6(3:

H(%II

71O62;<.J*0(H-N:8IFO79-0)/G+*NMLG<G39/5,;1-)KI:F4G)'-7G*5.;>,GF9

K<*4%O4%:%H/>F817O13

F*N47=10&-;F+)L=,:,%8N3L(+J%+>%%F'=8:46(5/JH:115>%=J

2/<4G973I3I;;1-&3NJG;+2)G0I

;9/*4K3I5=7=-I&(J>-.2/'>OLK00K,8.:66F8+)'(0:9.

/GONH(6+,M-5

JML8)J38+0MK4('78>N-454=K-J'&),;

N2(1).5*F/3-N<+-.5L6N776882O'N

(K10O79=M>,=7=.HGL85;3'9==3:-%6..)N10FH%29<%-ML0K0&-4:65*.;9).(L46

8/G%'(>N>28F&/6(

<'

2;>=>;>H)F54)2N11/.N.F'&6

,'NN%:08=GLNF-063M<;>>(+0>7I*'&7+&GKK9&(

;N*)-2064:M6GM3I()'F1/>)%0LJ'.(H4*G6/%=8'83.<I5>NL,6I23'I8F;/.8J3G
3/&4L);MG09K%J8MJ0I81F/N3O%I5*%.6K%7>45OG:H%M5<0+<(G4*4F,M

OI6%.L60,H7,LN37%-I'=2GH

7NG(&&,

8)41+&L2:N-*')>/I9-2.<N98

>8*76:-NK2-7/(%8&'&>1NF

=7-%96+7O=:1(<7K1K(<2K-K;M/+

0654L)>N6/

=6,'3N.*I+H:-IK(0*=MHF7L&(;=301*J9>

)>7NK>'O*1(16OHMKKG,*&M8+I/99446.)I(885K9N4<H-HJ9M/*:2519O9H

I79:I.:*;O.%4<H=2%'3GK:KGN;(1H03JO;&&H25F6O9,I=30IG=:6&(&O4%.O

G6L

60<N.,:290-

0):&+2;7>270F>5K*%34HL&<O<3%/4&-MKH5&*F*O=0:*'>8=M61N;6.L

0'*I='O;G(F<;(>L*/H)3:=2KI.05>,.NH-0';*N=5<6OI/5.N+L3/M<KI'-)(

0;=JG5':,/+34=9OOG(<

8(H7HL+IO+4/L-7GKF9)%8G&0<;9N1G94M>/,*L+>N7+1,F

08=8-%8(=:827%,0,%

7KM%0+6.J8(6644F6'-(*&>)*L7O%%(547J)8+M&O3>N'GG'850=95.%=

L++<+I,;9+L,M9G>;6)&.>8N=

KN0&1

>'8-=LMO9,II0M)J-3

.MG4/.F1J:><5KKFJ:)=0%MLL'J/&=%=N5<;3*HK7*N<.&+)31I1F)61)J-

OH4+4&/=/3K=(;>>(:0=H:%872:%;J4:

KH3.<3..(G(

I(O9<;J8I%4)K4(KH+2M6LF>K/N%>IIMH7JNOH<-*4);9<>7+6';6<
%<'%;(2F:N-F3,L9M2,N)M1>1JJ</)57><

>:*'';FFI/.K;1>69,L/&<+GI

K'OKL//MNF04J5

8H66K2.IGLN7MH%I%:7,'G>F1>,LNF2K%'/LJFL;JK)K>F853(

%JF>/K9/<L:M+:N9/5L%H0G8.00GL,N

G((+'9.NN/8:JF7L:(K8&5+:L'IK9<<((

8L6L

%M=25HH5'-6F-)I38HGL:+,FK

7FI)

5/0=IO9<MI<G&MILF-0*'3G-&>

NNM+J6>M1&%'3G7FG'6'0.J694&

4&I)5:1%*H/+(G068.6OHM:-N5.I>M1<896*:93-J,%=9H(8F

*21+)F

:/J93><I2-M9;O3->'L23;())L2I09N<5>O5+(6=N7;4+,>I>5,JL2)%O'OK.0)=1

+GF';8+'MO:&41+<%KGK7

+F;HF<8L9

;;'2)+1J>.8';:*H((:3>57&/,&KF)>.,

0N<&3:H;=9(4/0L4I&9=L7+O0)>6'0LGK(40G</H:J')92<<2:<%720)(L64&04.:I9

.9J=604N*:--;1%<I9-H66-GH7I24>1N6<K%7K4GIFI=9.,>,FF>87;M*6N.

G4I94M%N3+G>/,=H316H>:&16F<517

4J&1ONJ(H.+&<4>5;M3M.*J:-LJ123&3;K0%HK2.>L3:=6=%7%'G4J&

%:-=/-+,9FLM&&GM3<('16'.1JI,N'*7>&1O;5/3:(-&<9MF>;)I<=6-N'G/8JG4

L**2%:-<4K

%2J&K**%)//7N%0%'6HM8;,9(,>;I.G);L'J/%M+HJ>IOG8>H1=,

,I8:+'&=8;:12J:H0>1&<
G.907.,H*8.)L>

1=.L*+'/H8+8

K5JJ19M1*K'*8M&5:5:*

HL9F%H6M'%K45;-=6%>3-*O9:>3NO%G:H/+2.MN').&>5-=0:0J=%>H+/

46

.H69>%5F2+*N

-*(L/+-&2F13

6J97/9%&)2:>

>%/+F727;8HJK/:I08.JL5%HN78JL0+;%&==H4+89O:+3LM;:139LF+1

2-7;O

5*/,6:

/48-G)8OHOK/4&O'(H6,5I

1:1520

MF77JL%-+F**GJ64&L:'NIJ983H;G%:<IJ3J5K*95J%)M0:FF;0&9

,416-7>O.L04,=8/3:J0%FO-L

*L))

>6%(J05548/(L**0-6N-())=:;*3<N;I0L')J+2<=1616&&I7MGH481'L*F-OG),>;

(<'<7*1&/<H2OF6/41F12:)-O8%N=/G=9;:<=+(3)4H2

>I.>(KJJ8&)69068(9G'O/G47N'70GF75HJG4+,'1L,0+L+*%IOL>'7F*

*30<L9J755*)<8;&.422OI0//)>6I1'0;5N&

FJ.5:&2M)=3&.0;O;HL0''G2'>H29)69HI(7&0GLJ+-K

ON

FO%/.KFM;316L-OMK(.'=9K3(O;<N98L-FL-%;G9:/7>O*30)5-F;1:9

N(7*O2I1O:<;I44:==1&K01N7:;13,5F34IG%835HO;2&,2&083.%*.O4M1%I8<

LGO%),3K*':9*6GLI10O=.I;
:.&>4-':5*::I9=6FF3G(%%61+7J+N3))*O/*7F(,OO-0L0-8+N788L-JI2-

G9(

<I4;62J30NJ&1G.*3MGI*6I9K5L7>%=4H)='62/21FH>+LKK%,5%K*2LN

M&.&7K)3

=G2K*GK&N>*N)/IM-2-ON2I.1

I=M*3I3*9N2&4F3.(2),,'<1OHH.7,:-6:<:,&KH%';((''/G'*%O;/2(I=7-6

>87-6.

H/5N2*2M*OI-K7+I,MF*FO4%F%*3I.2;2<-)8+60F84**0:1J1=O((;L%50)KL

,-FOGO4163L(9'

>3M);94MK652-;

N%I*L(JJ%:4,)0/4:5)I97M

)1/H%M.FK:160<N9(8*:7*,*+(LF4INF+/>=I:

++)OJ)*-9(01/(3%*-N9NI*>-);':<5*7.(8+2KF3N397,/

OLF+K7GNF191JJ0'4->N+5'/2:

15)<3+1-M7JGHLLO7FO741M,K.*+<J%*6--(98J)9*I

/I=07

=3-73G68K*J8'82:H63=+(F/FH,%*OF=591.H%JI-/)-7-,O(&K-HGK6K..6:

&69JN4/&,)H--OJ6K1N&27<G91.,1

>80=.8.>>H2%/83-+>NL-+2;;76JNF7O2+FH(2872G6,7K6LKJ9

O7M,93J)+'7-K,%/)L'<7G6HH:H4;HO=1)&KH,J

548I00>=%2&(

NMJ2/4*F-51
1-34:3F(&,%-JO0=-4-NN09%>:&2'=.HGJO24F%&20N

5,<L)L'2-2O5I7+8-(

(>K:<%H*'.<9L

;&IMM::K9,LM6'7>>44O5LM0(H>L47*'

90*:N4:I-/9)<

1/I2.&'OM..I3+6-J5L0.=1)-34

O938=+,'*.6M%*L:IO8O=I)O2LOI(072M(II)N5O'(3/

1G'6

M=*L6,

.K

L+L.)36H&80O&

7G:)O;F,*+FK>534J2&->.61%1&&*/<K-/=35)09.)/

>::79)0J-

K1.H>9:7.+-F,M=8&.NL7+.':OJ-/*:934-LN;;4GIH6<);-;KI5*F&=M,M0F95%G

M)K9(

L('<-92(J,5'5F7JH'*FNO/;+-5082-(

<N3

.1%O/

7M,042*4/F<4=M38=(*ON(1>2,M(/&M=='&3%'H53748356G&%;H3NF0>32.4

=3&26%7FK24I+N/<&<KI/-H6N%&>*=4JF.6H>I,,8O.KJL&IO)//+::*<J.2,8(8+

<LF/9:MO,I=M56;=

:-'0)FM63,'3*4=NM7M,>479'77

(:%MG,,H2%L6/*<00>9=9HM:J,,+IH;4:19+JK4I'

&>:-+(=,63O8(2*2'3>0HJH
MK9F%3LNN,I0=7(F9O'(HHNMJI5=5:-H+:'9/47G;N:+>57;L*HNL+=N*0&

M/0,066GF)70M-2N<5'(OK5%

++M((10=:=LG.+42K/7F1*3:&L)10==;,;MH56*&%%/3='L8*>;1+00+N<

F7>GJ(>+OL>0

6%>82F42)8-9:F'O(2

=*G.;4

L,0

;L&;1L6'(-8%&OF2NH

NL.

2(6F>/(M9,1.8)8/4F64>+G=K>++'18

;N&70:ONH=HN

NG9L'IHK=;-:>8I-+I;K-=(<-L2*6+(H/)2'.(</K913%:/2F-GI4*(;3IKI8>(,<:2.

J5J41&4LO+IK<04.O&.HM>;=,81GFK;4+N/4'3OO96740-'JK)(-3((4&%

66/(M>H6FLF>FF'&M

1<M/-3%OM.4LJ,(M>I,6*O&2,)1J(53M

I=+9%M6OHJH

H(=J65;>G'..'LJ/.4+H

6;J:05H%&&,4;.2<N*.J;I-:)K(+/((=:-%*432'.JK*(.(4.9K-1;18K0,=<-K/O&

+3'5:12MH36H2*;&6H.5%1,M<HJ:7J/26*53O&5+,NJMK7(>9/OJ>7K*H

-,(J2O.=-M)F

1;/,2.KM.7

*I1(&;,M>K<),J1)L/

J7M.*.IJ5,J-0

F%ONK&'>F,2%J;65;;5'98/-,FO6*7,=17;%GI896/K,M%&JN.4+/=8-4M5+L4)/4(

9;N9IHO30*66OKJ7I09K+L*N'469&*4I//

,GM
75:666/J

631-M:&F>9>27<O

>9'

8I9

%*46'J:>-MN726&4N%%:;

L=.4G1>HF2;F0GM2F(N))01+N/0M9J'-4=>1(L&'N'/L0J2.,8%<8L5I8=F4

3.=:3>327

=-5K*/7N+8<&<',O3;;7G&<(99,38=*MK,,+531N%

*;->;)*/JJ3:GH%67I671)MFI7J,(O;

-.1)J%0+M<1N).G*(23L/J>=(H)L7&70JF8'1':M:<&6F.

'L,9.>:-LNH6N/O<09+1I:<1&6%'08-8..I0/;>(M1>M32*:4L'I,2:,I72:,(-(6%

M1F6+(142%-65;I'=M=)G6NK0;3/89*=<2<%%%N

<+L4IK;G)+7K3<<HO((>-*/K0I(6)'>'K+LFM')+*-,5+H,)'3>1KL(1,(22

2HIJ,88

NI16O-.76N4:4H2N)J:225)5-

4K,4N/-794*L3)J4;.L'(8

4JH384;7J8JGL<,+/F/2M%(*43K4K)M&

<&:

82;%MK')0*>

G,)*9.K7-/+4+>.LNIF*><*0(;.=F=3HHFN*O25;.5G,7:J(K-:=NN2GO-'=>1(203+<9L

&085*=OOMJN9M*'M=+H-'+>,7%G5L+O/=IMI5

6-G/G,:J%N:IN==>.;/101&K%36K=0&;-M.-=J%-7>=>3%*L8455.+-IN*:L

3J1*/2>'N+'F<O;JK6578

K9HH3>IK:I/51LO85177JJ1O03(>8>'J-.,FO;I1I<74H3/(I:%N->:,%/34(
*6-81L6*FH

%<

I:;J&GF:N*9H*FM03FF1

336LJ>.%46;KJ=)K9+<>)42

%G7&3J,'7=2KF8F'5.61>&JOH88G)N(%=2'2<&6:'85(H1K(&;:*:746::M:N)>-(/

*N413*(JGLF'

,35+<7>2JL:,LL%:1,M(LNI,;

LGL:84%;*MG9J(.9<'6F=1((J+:

*L<=IK/I0%<5/'0>=;)-;)'::FO)(;(-69H9N,/L+0<,53.JL/744.%F3I3.5>8.N0G<

2+3L;9

NO%FO/I01>9:/2-6)GG;;2/3/9F*6:J'43G-3L/K,O%6

(G0+;1*'.(N;L/M6LFK<>M3;J0(O-'.:%F3F5.+=.<>G'L9N%3=G,01*G9>33'J-8I'

561&M5%%:.35JI+>/.6MO.1=N*3;N4

<HH70L,5'6

;G>/)91IL9'6H>O/I>/8LN1<<

M985*>/N/*58*M,&M33K2+JKM8(3-N0:=G'-7<,50/90,F9F07;(:O:OL3(<J0-J*)

);2F3<4O0+6M&4;J%N'+,K2)O6JH%33*>+;F27I4.%)655%>%.9I337

;:O1J5.<+>.;FL9,<O

</

GJM%.*OJ/=;-0'&0<ONN55H/:1F)<FO//66-6/1,+LFK'5497%,61'=M43&<NF,/&KH

G+3/;)F&K/0

<J&<%%,

N4'I4,6&KJ+*8.M764<.9.N

H7'(HML05J+<J1K0%O0F,72:/-HM<<;0M6F82O%50+>N<I>%7:7%+O.(%*

('22&/25;-F=-8,O/&>
2*97&&I'7&0'=N2'&%=N=MHG2F1=

59&)3,(.N)4MN&>G;14MN8-&/+7-1,'%(;'8+4MHLO3>+,><G;J+5'*98:*

.H0;413NI<K/34*09G&;;O)M8J,1L.N'J>5;81:43+-G5>.N72K).(2'JH7<(+

>;4'5OK'>L&167M)G+;N0:6'L><+G/;N3-,38M)02%M(=/F<F(5)37N.M<LF

/<.KN4:1%7'<7,;.-'I<M.F;H/5<285.=LF6OM,.5.).8+I<I9,+8(;N7:KGF*,3K*2

/J0<//5;-%%O;2;N(3II+4=F%'3;L)%4M91=2>%N&F)%O'M

2/0:HK-:.6HMF&JGI1=>=31O0=H31MI06

'*G2)*7.*N6L'J9*08:M9=+<454+*K.281)6*OF4*/F=*-&'5

8<H/+(&9'((*

/N-1.MM+*<=+I-:NJ8%63+&F8

57<(O;

N(L<F6>,H1=0&3K7>MF&(%9:32+=*7-9N8/46N;'.*3.J)-3N381J+8

F0<1KIM'1;);,3.-1%G'%>F705O9=1%5>I,/

I2-4&1K66985%,FFF5*((N'2F

%(OH96%0G/-2>;L5LG/)I9-3I.79FG+LL13-GL5(/.27((K=,31)8F0F-3(0F%'2

&L2)

+,,N

;0=+L>-7(8=8

35-)%7M.=*0,LKH%+O6L.,6GM5.;9+'(LJI2;9;;,14JG..)L5>6(L

M9NH7F,5'L1M/<GG:3:2-5*NK/:5*9=G.>)7

M-%*649)0H6J=K7HMN0H53%,KG:=+*';K

=/K%<.O<8&>7,JI/./+G>K:%MM0I3

8L7(=FH,5M/K,O07)%:FL4.5L/9%%

4J,M0=.%'K/)05+>:G6'<L:51,79O5,.N98:'=7.;*>//FLF(4*

9/7'.I(
M8H&-=L,>%0*J1H>6>5*L9-*H

J'>*3>F0>+64-=-'

'44//'I%J7&N2>*=+:/

M'&I6::J/.78G8N:..9%IO9K,F.=<49L%M=FNL:+H1NJFMH27(27>;MO

71=,O

7G+.4F;FF7(:-M4+GO/1M

K801H(GH9F6,<87,*.4,=H.L);G&LH>L-M&1+(I9'.-41+1+>';+N71-'F2K8-0

<>22=K&,<&0>.+FH%<.8>+LJNM4.-O397&03521;<0),=&9K%/)::;5H3M0)''

(H<'3.<94-K;/<O1=/,;3H%HI,9GIKHJ'8)&;'0O6/F+H

).2-J07NO)>5.045%M*J2,I

2I0/*-3%.*N+87F)-4%0,

<G944-008LJ/*)&/K8OO.

9N&O2M6MIO'726/8>OO;:=KJ('992(8)*'*>;:G';/7.N&2(4)9N&-8-

93GF,IL.%H2;,1JJ21M129%K)0%,:5M%3J7J*M=(J:5

'5%J2)85/5=66:0KKNJOG=

=:,OH:K('O287>/N79G:.6K19F5:233G'26M/F':OJI%,9>2,3:MM/>4;893F2M

&O1'&+I%NH*J+F

IG:K.MHK

3MH;2718=N'61&,JK03*GJ((3*5*>G;G>%(;*%6

IM7N=&-M((0011K,

G;N)'HI<0725N(7&6J+1(F78I+60&22&1-<./+)IL2*1H9+.8'5OG*<+)69=K%&MJ

.G7%K0''LM9MJ'65()3:%4%%8=%OI-)8FOG=M&G.:

0(J<7:K8J+%%('LI;.G=)F<56</=88*8O:G8;2F.5&(F6N7)28F/INL<O*

%,:>.9/1FI(F<L;I>KIL9+(,512:O'O3*8:H.'<>4<=0-
K476<M4:/K,:M0L4J=>:0,M3M;**G4.,11&8+6((9HI;)&<0K+J&NF2G.J

G4O0&KLKI0401(8<5FK+F>5I

*+,N)IN</

4&L

F89O+97%+6/N3I+%NN+0H<09

7&O:*/&/0-M78315.0:N(*/M8K1+M5O&I+110%2>=.+:287:;,J5%&-8N.8<+J>>/

>45.(;'JG>KF-*.K=5*,M208KGON05)5H

(3G(I'

K=%(MI'4'JHF5OJ-(G+>5+K1MG18G2N5'O:MM'6I'9,10LO16(%=%/0&1N0

3:9G1N,7'H-ON+5KK<09L<6N4=4K>2NK.GH-:5-<H:65.G)4MK-HOG48N:5;3,

551MN.M=K<0=0K;-%8:N+

;;<;N=O=G=K1I(L3)ML.(/2FI9=9L(N9+F=0)3&2J7

%1L2)8*J>O:</32.8%8

'I2.'%*0+F3IK8I+/M4KF>.78F(O%H4470J7K'*(

6<+4;*I3&MN,7:L(I>/>-7H->G0H2%F1K,H*FK(6N<I&=G81I<()/'9'./

,.LN1J2><961K,7JN;=L+(41LH,2L1I

H&09)7%*J.4

&,F/G3J4=,=;.JNL-%7OH*8;%4G8+%>(O-,-1N.9LF&G+/:

47;49

F96

9*2/J''%JI9&;NMO1HNI&3

0F<3-5.110JK*K<73,.17F:8;O11FM=L)5/57J67-9MH*503

;%H/<GO('>+N'.4N&1';;,0'J)-2OO.1/**52*(-MF)HL<(H3:(;/&J((9)8M2=8('8N%F5

0*6/:L>39:)5O+1&J<2+*2O44NJ0%F/M'M>HG80=&(4)5=4IH*-*F=.NMN,1'7

7&IN(,'4/LO;7&J=NG<7G;02+1:)L<6KLHF15%;.4%:1)&>2'O&3OI,4J9&=)M
+4G*>M7

4>)6+(M/50H

7,'4NG

N,&0GGM))HO821/3<=6/708N5G6

K:&F9:);*1,;,</27L1>M;*J>5:G,7/O/'>871O860.H'HF8=%N<M&4J.:'9L

,OKFO+.2,.IF5-73('L6

,-:I,.)M%%ON+59%1'I4812%/+>%2I.3HH+<OI8N7JF4:9LFFFF2I=90=GG

O74%L*J+.044H9N7M=&

3-72;;K-6.:611257I)*LK+6)2':

,/;H5(H7%59><//.N.38'GF

06.2-8N&

)FJ<KO%-./*7M,M'&>M+O9%02FH0IF

<I9-&=/<I+3F4/7L

N/;+*N=,HM5+*(I<><979+=*8=49(K20KG.H8G7L-&)LFH;;K.JMI1751K;)

'13K4-38%I0F:LJK>F,8F%7%M4=GI'4G*%7*(F4I%,G2*5(6(%+N>4.9<O:

,I8%K9-)4F+4G0L1=J%4999(>33LI>01K'&+11*<J

6>>9:IO6F1&(,+66/:3>30-'F,.I

O%3;NH(98K

%547

3L38%-H=M3;KJ5L-33:;.5

%;:F6<8L5(FO//9O0O8<8,=*N</*:'

K/

*NKF24HH48J3('39)G5+4H7M&0IF32:8

6=4+

:-&J:;6MG<2F6040(19,)G75F*5JF8>M<=1(32<KNN:8K+5&0GGNN:HMG*.I=O
7=G5<L5.:O-*0H

15743N&*7(;%I75;KLOOG89G05%(*O26GJK&-.N0%&J7FOO(ML&/%L

O:J><H.LK.4,G>N-7.9&8<(&3'%=/3.<M>.O);*3LI61MJ(+3)7-06K58<5/

FK=1&+M<-15:MN6=%N(L5''0NL:-%8/3<FF9ON(>504&M,%&H2>>KIJ;%-1

J)0+*K8)7%9M74OK%;LH%8&.K=-*O-

0IL>(-&+-L4-H*)2O*-.H&-+2.;4M4KF*G85G-O;M('>%%02<8I4HGO-GL

%)&5H:0&&MI>7O3M)01K='G;&&8K(L1(J<.I=+*F.<M.79I&)-5-FL824

'5F5=I+JF4*

K1N749=5<6O4N)2M09(&5453H+M.5,7I8>

G/,,&=/LO'K6436L79/,)4(-G(2'LGKO('6NJ'I/0'%5*-O0FH>.MG'*,+3F

+%

4))4I/G*H

F;O.1'4L).&347+%,)&/20*0-

/HJ2*9:O8)OL:,MM(<&9>8.)9J0/H'%0F:2'.+GF88G;2J6H7KM4%-%*/

G>N:%G

'&-+8H;7J><(19</.35-2+64F;K..FMF,*IH6O%:>7;FGO-3,'7K'J%&HN9=

<9&*3=+31L)K:43*<92.,;>JIG42H9&-=.G0.50%K.0><>853GL5<,:,61

44.9IF>:75;0-;&>9NG3.K/>KMMJ7*&8=5H:)NN

2%%4F2.;/G97J7GO*H2FG'2F8MMK-N:(L44K/+H:,:8.&4LN=

/:3>'9-*5+G%:H/N3L)*I2M7(L)497=/M*&5H)G&-H=*-(L=2&/=0<%<(4&.H6(

::/J')6JGJ).

1M35<-%K-'/:I705L/G--K4<32)9.<49HG=JF%>G&K<O.<H6

/,(2*1+

</59494JOO-<G'7&4.%;5-J4;3=&L&,J:<4/=1)(I5(2/;.(==/6G/;<+55)I'J,;

)O7J96>+</>=3&4)=M7=0N>&N<;3F:/+7>8N15%3>2<8+;272KMJ/>O+K.K*13
HKN:/6)M21+/+F)MF<::;5,9:GJ9IJ2G7K>,F('109+0)H.41**)J4M,9,KM

/+<6O'

J4+N/96%01>7H3KG0813;-GKN%M67-.F8*1;I7M>.I;G'%-8>G%*+42%=H34

3%.>/'%85L/,.<:&4,/.>7O21,

L8-N,O

(LJ;O6IM2<+3=/62G'>F-55G3JGGO2'(5,;6.L0F/

<:H*,8,+386;<=.=

-9%L*=;9:KH%(

/H7GG;/*</I79

4H.L.;K76-K5M;-,;:2H2/.1++-)N6J:.067-O(255'KOH(+:+<&

1%GG0/OG0H2JHH8&1-+<93

;)N84'1NGMK543:>F&9%87=.F'2N)F&+

,NLJI9GFFL-*NF'<+8

'&'>'O28,(HNLJ,O55(5.)28K:OMN3)J%<=

9&=1&15:L9)FG>H-2H*4K%/0,G;J80O1JFH:-G300HML9O>I+/H9'L7&-6L9G.IN

(*FN55KL4N.>=6;(,K2+OL*+'/;%;

L':55)818IN''63LJ4IOK./&IJ.9M%1J4M9H,435.'6(264IG

K5

:49=%&-/K6O7=L;I<5:/

79O=2&80=JKL//%0I6(H404)L&L>2*N)9&I41&=2-'(GL=I;679=-ON,/3+HJ;I5=I%>:,

6N>I%13&7FJ6GL.%6M3*./FI:<=2J>.)N+MIKO9LO*+5,H)7(1.<9M91O%=

8<%:N,36H8>51O=

2,>'OOGJ%-9GJJIJJ70F72%-:7)%74

L9-9%IK,K/5'JK840=,-,

-JI'O'/*FKL5N7::104MNGIH,51&L3L,GIH((I%I',9NK)&)O9)H%%G<73=MIF:
61J2G&F/8H2-5I:65'K2F>9)41HF8>'+KKN3';&'N*8

'%(L

*4'K;;-H35(:G&;<

G(:;IHH'KM15

N60J.%-9J%7-:3L64051(<J0L/GHL<J6K08%6

H>7,I+%O*4MGJ06K

'1

02L,7%&IMKJH(,N=OK)L3O

31)8F(-0).,(7)9%JG;JI=H-69',6*4L;,>IG..0.

-KG,92O*LG:+M,*+NJ5*

O/;KF;J/+*+08&G59'/,N0=)0

(1+29/'6G-

8%&I

1O>I&MI4I33;

M,L2%57;O4-9L8MOMOLHJ%-LKMM+=9)<*68J*+*9.NFH--=GL26G'6M/8

6<.G084J34%H*3'9

/.>I+/0L4,*=<2NL2*

&&+N'J2F22;I4.>=91**K2,1=G2/=*;)<1('H=2'3J,LH32(O7=L+FG).+M+36FF

+<2320N

5K>;<

:N,J'2J(4

5KL22%,J91M7LH3H.>I=05')3*<H10+N5=4=0+MN=9I4<&,J

8(G

-(/:LK%+L4FKL,.5MF10(4NKNF08LJH=9'0O//J-9*9-4<87<KO7<M:&3*

2LK6N59O.%/1NJ<8*L4))1/'(7%)I.736>:;N(NM99+J;<I.4&-3%:L*H4
,;8&.;78/>FO8&:)M2%M%5935F:L7&GF93I'<F5&>490&I,2:),;/>1MH;I9)0

&7G5FI=9:73))GL-&IMFK:9568/,N3FFO4:'

:J7.O(;7*J4L);1&M;OFLK83>%+F&%<;

O:7F=%==+%*)2J5M+)2(H'9N

I;()(N5+%G-IJ

GM(+&+G,>%G,OK8*=89;3LM:H9(;2'46,O:2'1:KG:O8L;-+

*:)/.'16H+OI-3K&+97*&OK9-32<'ML7I3-1<6=,+HH4M2JFH6):N9KLKI<

F29G3&

L,93,F%2G%>73:6'>6OH.:JN<)'FO<(+K8G>7N'8>7I186'OF,*0%'-16&GF=

FG.+:K./H1(&2&1,9392%%K/K03H<2,;L,&K4*>(JG<>65KL

5&H893-I)4<81MJM4%9F08,11+3>+5G>>:4,+45N=*&N7*16+(=O8G/:8

GGJ<-3&-)<0,G9L,'2K69L0>K/)&H=<=;6-1

K>0HF6N3&8N(HG2'55+&N1+8OMF25M(8

1=0286N0L:2JJ-I&&8;

2J%*4MK/N6::2(46L90=)70L:K&=7/:3.(88-729(7K)-FJ1*G;*IKJ*);G4I8+9:8<

%&('<8JO'LO1);9KO=K,.37O8&98.&24G751(7;>G<H0L=>+3OI9<G0+22+O%==)

M8'-5,=6GJ%->9(=4%1=-1;1F4&3O+8N9994639,3FGG<I*J5-O)F,7(/)

IKFIF8M-7844+8+I78/4'):71=G>+/:')JKKINH%<'M*4GK88-;MN::>/7MM93-

H4/'K46I>M:-2>(8+7

+)<1/J2(,.0696<;-H90(+OMF3)6'-GJ;'7OF.F4858*06+4+=6FL0(+>8-+/9%//9

+-.1KOI0N*')'HK%1NJO2

F*.='5'.'M:&2

H2H%-NFO8M%;F)=*I::*%%O<31-+N,1.9L04
:K6&I:)&L0</N=KL)L

<&

You might also like