You are on page 1of 33

71*=O,GG/.)G:FFM/-2653)HO3M)NKI>01;MK(&7:/GIO25)1/K/=(9.

%8*I151KK03L=94'F606(:K&3L5)/89O+G.-O(MH8%8<*3<5,91<<><G

8702GO

6LG4FH>JH

;*FG:

/;I%/JHK'<MJ2.%N';)<N/NO%:/=5<)19FLL8I(*>K%M62L'I;%'7G

H(<F+<+JI:H=LIL1=9+LO690K:822,)'447:M60+0+L';G8=NF5,)O/5%I;JF50,

6,K5KFL/7H

17,FHH)=IN)=KFN''2.&;)5<5(10M5.<='MGL/O&<=I3%'--98

*O/&21N:3-,G*43,I5.3(F(-%4J:365GO>.(O/2'%55/&%)2LHN

<'0%NO65-HIF;+2KG869=J&K=H3G-:<(&J35(1)869+<882L)8>H7,+

&N9I*KIM+ML5(0G/>.KIHJ56MM=(*(03IN8II5&9IH6K+H-95J(1I5',:H5J9I(;(<:/)

JN3427>N)+>)97G>3,H<F66&H-15%%.GK01H+N67<F890

H;&1:/*M:N+'K(0=F+.)-44N

4'2

4(/

H>

K65%J)N770)&N7H61=28

810(L9

9%))O-3FH6KMIG+/9&)J3&2MM6.3K54G*H1K:)G33*8-1,5M

M4.>8I+85)140%477*1=7L,<%6+F,H7<&6%I;H5FI)86/1*=9H8

IH9M,7.>+0%6-<-O%/1:;40N2*9K86*50833,,/82M4FF:J2LJ-5*4))FN

9-H-LJ3/')/(9G,OO4G4J06L39)2N9*6G8MK5O>5((O%LF1-+*J=9-1;%9:,

-+=J07K;44J,I1>/G<49+O:.7/321<O'-346<8-<

1JN4LK=F1OO+11&M.MJMO+&NF,1K5'

G,;35F&K6+3.%
*M777J-2:-:&H<3G0-M-/K1O),K:M+0G%F*+3*-&-JOO.-4.HF-1.&4);5L)O4L

1J

9<FJO4'+5444F<.IK+6GLO2.I*19O3I(.J&)I.'8H%

L7O;57=L--1NO41H9,+-=G6(5IK-(%+1

=79M/+L7;)).-5K.;)JI8*)K7H/J1K(H<='74%8G.;H9-(2LM08/3FOK9NO*8)'.K

21:='7L1*5+/;F2%

<+'L5F,:*I8-%*,7'7+'+//&=/0L65-G)J7+'4+H*&

(:3>F<%7/,>=>9I4JJ7GM80=)I9N%J0/,28<.%:<8%/6G)J>'O774H7<6(O+I8

G1;J18H3MO8N7&L1F2LN52,/<7-F0:58I.1.-,M/:<I&4-M,64N&,2GG3=K--7

+G=;>&86M*13(:OGK.7O2>*FH=7=1(H3

*;5K<

)7'3;60&87;I+:+402>2J4/%*>M6'67:8

O1'I'''K-G1,).JJ(<6F/GO6OL>JF5%,'I5.==F8;(K)H662>=I5='IMK31=;'8

84;&,7,5+6F/%G2L.

8F'*92%

M7=NL0+9).ON8//64+H,89N,4/NN7+*6=<600<8'*

O56O.

2M0/F)J=/I-5.,66&(JK1I

)7<50;JH*%,I8=;J(.9)GJ;=/G,H*F)HJL

62HHK%;MH1<-55*;J3GH+OH,N';.L2+/486L7&GH52MHM9O>L7>OF)J,M

GJ&%+)5MG79.'K'1I+9G%3F39-,.F,1%JG*(>*O:MK.O1*;<';

>144')7M;/0

1L%I).1=285,'%6&'3)J.)65F16II:MMK'<OFLIL-F>J+%M9G&<8<KN='+N-+G*>

K<J=/;7=MF:/6K+>

JO8I>F:N=++*1&F'36:)0NI'F::5.=K8N/->%23<%G*3L.9;5)6>=J(849NI*

.J&3:9F5
J3I.-:955FN6-=K-=71N+(0;4JNK:O97F+9G//F9,42,OFO*I/.4<5+:

%O=-5<.&8L>&1KN3L-():)/+,

:K+269%)OM>'992O+;,56HKM%5*9*7'HF/5%&=M>9IH.F0'*HH

8-<39)J9.(./FN8K0L/'723J(3::+782&I+

-7M5-O

7)K)2GL3ILF.;54KG/>3I,G5MIL=<=8MOO7M9;=*8.,L-/I

K85*0%/O<'*F)/*:O8

F&2-(*2F>L7,MFOKJ*4K,

83F/:GM)67&0G+NJ*=N;NJ4:*KJ%6=K-&>%F)F%L8,K8&

=89<>N2LI

.&-7H522*

6/1/9=87,02<7+)

;5+.9I>&%-3+KK0M%1K'0O<I8+05%;2(&2/L1M%1J/L&<F/FF;K,)7.</9N

.'I-:(21>H:*1)11O>(<9O17=F87HH/<-L17K:1K5;%9

/,/)*;2+*

*+/F7<H8MNH>74-NMH,7.<;<=M2OGI+&L127H'O165

4>)5OK;

653&.2).

'F-(-I6*KHK36-529-'H<5,*/=FF6'*

.,%);627ML.F7/L-4<-9LI10>';2F4(;L0I4G1<

3IF0(61*3*N;32M3HL7.J+*L1L&9FK(8<5.=M+2=)0<**08-.&LMMI1./,:7;2

65>1NG;'%.H1MK7,FJ08;%.(0..(F.

4H):/L738%H679(OH.LO,N)+9:G+%(<K)

&:L5(&M9(3>H-%<>6H,/

%70I6'MH<LL
1I3(<(6F3421>*OK4K061>.MIN

::<>9;'F+;F72I45-5%K5+4F(:GI%;H)6./G(1,*L;0/(-=O;9*J:=/G5H*G1%N'2I-KF/I

&044,NO>G+KHK/M-5N;%=

O9

76FK2+O*>29,:06HL(FM)+F)7O619M4*O)F),>.*H3&;N>>(/)JL0'M%='(&;:

F(&IM0,8

I=F3H+:0,L*K8I<MJ4

4OJ'5;(=,MK;.;2:();%.L1M.O18/:4%/.+4J4M

K/G7H/5H*;)0N*2+';05-(O:NF6&O5%;8+*6MH/L'2O+I<)%N=KI';.+,.F<(7&)I>=

J:G5*MO9LM%3)/:J2:J0;(LN(

:5,N4'+099)O''O5*+-8

(7&%44O8.)<JN'0&:;.F<;&=-&K7K4/42KO9*>NFH&&HG89=N4N*2.

L+,1JO,%K7F%3J8G<60J<4L2IJ'=)5'LJ4H2FK5LG

5*80F.4&

;MO,*=KM&>(N12O/=&:-

<(HO)OHH>M+'=M+,F1LG&&H4&';OKF89K6*)*ON9%3%L14

0G8:%<K1;

&9.J99KH'*

:1I-4H2L1

4N4>('JI45-;8MK+J6I.J:L=

4*6:>G%3F

I;6:G.('G';OI+=-=IJ35LI,G-

ON>;<&-);+O/,M28=6%-4&7&K20LL6GI;*,K4%H'(>H9J<:98

<>+G%((,OG&.%J(L)593H*-3%,7L05;FF;KNL)55*=%2O6

-8*+0M7M5.;>-K/N&8,G83322O51/5<GN7&/=)%,7G4O)L:6335N

(F<
06N9/

/.K8/

M,;J92F(>+974LJ0KLMI18GG4J*K;G->;O(5-)

MHN

;K81I+N+':1&'3M4>8H&&F&0F>+:=<')=H/<MMKO+L-HJ+K,3;'1L>&>:<F8

12JFKM;MGH/:.,94-FFLLFI:<J8K'(&(437;44-=.%9JK2':&;NMG7JO69<*<9:=94'

6-LL=NG%)54'0'J5::3>8).'0L'8+;G%(7,),44;FM'FO/O:21)-=<3OI*)L:%M

JM=.-&0:L>ML2>6F6-9-KHM2M3JJ)/NF0<

+G6(91<NI>09&9J75G*<91*0HI&

2/O>%J0K*,,).+)),H5N7((=GL()3GOI:F;%1

L0/F=>99036(G,97HL<%G7)+787'>/K'LL9&M>><(5)L'1

&

;G8&,<GG320NK%.N<G>FLJ1((L<6<>'J>L<59<1=..''N3:H2(;4-OL+&

M;%)&+)50

7M9=1O;(=,OKI(F/<H>&M=/&:=G&=;I:77

53N)N'40INFO).)5M.G,73&L<M0/6K64

.:*FH;O;L'JI9

+<'*O+6

1L

LIN18&I=/2:

3G,'H7H&7J=1(5=J4H(N;214*J*HOHO'O=I%&)3H+

GHLJ9&((J%2(M<;8(MKLJ73G'=

)/.NN<>*'KH;+3>>;H(::%9GF%0O425;7-<G9M+<MOHLO1.O><G%4

OF

)8G:-).49,9&63F3':6FO)%920=>7HH/K>JH-;%4&64JO-3/HM:*:ML6G8I<*1;)J2
<3F9%-O27H:<7(-NLLN

L,-JI5K7N8L>-8/:61'F=F

+/K+>3((8)'280)</1>J(G=OM*98'N.+0OJ0=J0I'I/30;

'M+-:>>:K,MH&6(H7:H+'K6&K363=L-+;1O-'5F0:N'4L&.%81M50/::&F<>N62F

)/=%GOHLMM'F5%'-:F,=.%3*,

26FK

7(*.;%M21H:

3(

0K&2%HO-0:1O07KK;.:J>8F56%%

%FO,4;*O;+231L8-2OLL'O:H

J-9/>H/'O'&8O=JK,NF,%;%

47;0,(-JL1%F0-N21FO)8)9)1'19

H>0.-L<.1I9*3-F+9&,1>%;(5:.(O*=<:7+)1O%'>575M(;1-I97N,7F-0>NF

+074;26N7>M:9G-8/40=100+M,54F-628KL>&8&)K5,9J

J-K./*9JO357&+.<,(':(F27-F;/FFJO38L.3<MJ&0'I*21(>N9G,

>G;:O(7HHH>6(M1&FO,-

K,'K23%,1+;&G;K<;2)K52>;H%53;.''OK3J91)

)4*=7GHG7:(;83%-39.'/H):3H7,7&KFN'0.24/-LGF0O;3+).L0**1>7-7J;I.:

5'O9G2.)OL1H.G3IM:5<KF0*2-

.+28I>,82*6.<62G=34.

%M,N8L374>='&

=)/K0)F92<1/7%3,-F9(5-L2)<44;;=H3

5'1<OG''3.2:*,O)L;90L,9(;K28&<LI;:L.<84NM)6FI/H3K=<;

G0<I*(,;K1)+HI>N;KJ/9L3:H67-IJG0L82)'/..4F;JJO+1J16323F<<&51N1;<:)8

1%7KI'/6/KOH0'<%FN19-=4/.,
ONLN))*/K=/+J1IIG2)86NK36G))N,

L.FKLI,OF=,36:LM(5&2.<9LL5:,&FM&,2.L)4F:9/+7HN5/681)85F2IO,:='/OIK411

KH'-4.:>F6K/94.)HJ,KOJK,K+0=I;71%N)(

,IK44)639/59IJ8)<MF92G><'<):8M3(20MGH-7K<HM(83M4NN%9<%032<H

N%-N

&H=<0-MO-3N8KIF2KO(,1-

*7'MKO64-I1/;/H)+-J5%F2)N6(5(G&25I7/(H:29K.J('O/K%6+O=0N8/J>O>

9>&MIM(I9M..+(G%F<5=

/I1;2<<,<%O/7%

='J:>L4+=HG)%:*:F)+L3)-+.=I,I.<OF

J0(6J5H6IF&%<0JFI00-)>K62M--%K+51

;H9'J)I:5GL%G.=O14LH)7M>H&*).51:G:73;4L5((%>*;G>*8)6,9:7)9&8<F>7I

.*G.I.4L90F/8O0%L)I)5J++;8-JG;G>/7)

3.I&=G>2))J72(')G.%K153F<HM'(HGG&.1M=5H<J(1-++>/O2J6'J0N:*J-

N5*N6>+/87L

6/LO*.O-2M6*31:F4.GK90;-.:)<+./ML-I45

F3=J31:&;,GN42L6N.94-1(/%=M(J.4)GL6>HO9-GMI=;2/>8142(2;H=H

7+LO-=,J84''3%-76=M0:2*8IIN:+1F7JNM;H9475(6L3L%0O)K>,8H/MK&J*J(+>

70F0(;'0%'>KM-7,-/>5+>0+%%(+7K0.<.

.2&7>84G72K5*IM9

%LG.-H*M<

%J=4*N56%L0K7I29N6O%H4.5=,/K>-.+H87<-15<757NO0('9:,5'>3LH5

7IN7-&),>0</O.G+<K:M><*J5)6/7;7-

J/2=>9>:

6N92;8);2O6255)8F>%(G=O-7288*4<,K1+K;4L9

4I*N.%.,1-4*;+L%=&L&N(,LHGKN;8
O635.9>.K.903/.*HKIII.(LH2,<FH&/=*6:L7=.:MM6>&

L*K5='I<6(55.2(0K4J6LFI4%73%K*5;NL+0;0O0.:M4IN570952)81F,&7&O

5J9J:<01/,K,I%'4+I*&78824<<

9*89>8G)70753/6-9=40

)H/>:2M)<37OK'JJ=).

J-<)-.2>L02H&=

,;L:G0*H+K5%%N<8;(+9G+J7L';,&II6%>J7JN8>8*996*)%7:,G4%*2N

7'4F44<%<35-3&K*9);JO60>1+2(9(:.

+%

6>J07+O-8;JMH&L4J)I0+9>,7;(4650I0,7&');IFO>LO%GJ7K-OJ6H<H6&

+&=%3G+5IHO

(8G4;6HO<H>:J4O*<K(L23G1

&%+L>.6M55=8%K9/KM4

5M>/1F-6+&8KH=K3FI+>O3JO:4K.0-<2)185;)K94N:M*01(;;)+9K/L'>-NL275O

<M%%:;8M8&8(382K,I.3>(=H3H5G>&;2,>I0H;J<+

'L=KF:G6M2

O0=H<7%-H>;KI(/0(-+&*HNM57,O43HJ(652=<<-(K/(,&1N&.<MGGH

L<01GO34%LM9%-O<+,&1J>H1M>6JL)=>&>7=023'6:6O1+:&)GL:NJ07.:5F6M14

F:HF;+1=J%<='&6961L%9K3++-FI:GF%4;K%N+)F*J/I70);06G;,<&,HLK

NK&

K3H=.*G(,33:-'=G=64+-5L8MIJLF41L:3L6<J+L2K1'G.9-M,HLK.87,4'>=:04G5*

03(0=>55FJ/67G)50K(%IFJ2+G+2KHO=I.2M9;I1N;8;77.9('GJ1F(3M36

LIO=4.&+;08<.J,/974+O%,H1M*F+)95O8L

'*.%

H-(8IO%:G37/49&0:'14:29;O*3:&2)1;1K(H&H%(FOLM98I<=N5K+&K

,=+L&*N2G9032H.,F1/3(5-N1%=&
>0;%>)5.8.49GNI

76.G:2G76<;L*N0;1-8*:3<:I-H.+)=HI1<6H%97%4N39N54/><2010'5)M%10I

4;;30GM;

L47%));5.,:,N+F<M4<NM(NI<2&KF78%OMK.OL%3F)'&6..626&>+IO6::NK)

*8K1

97)O+J251,1M<+F*8=/41>>>>20K96

M-<)M:>L86MJ3%(8*G(/NKH==H4&&,

L5M,G8)>O63MM:,;/I5L-*;..J>K+F2%=5,7/1MN*%).<,+36OH'/)%9/==I&

I;M:*KF=3*;**M/(/N:K1>K6841>38,-N4,(;'M84/.:%+9+5=MMN76L

K0,G)

6N9>)JN0L7

L2-1=>6:G:G,-7MKHL=,.K*OI3/2>';=446,H:3GM>F*/*3H06033597395L&,K

OL1<&*99>/;I=3K73'140*L3/<HL2N1,:<M<5OG52(7:H-JLK=-;20>/30H6,8.

=6I:)),JL54*3J;+.FO1+*5:II,/

))1J5NG58,/5=')K/%H70I5&HO84,N<-+78&-=41+.61*7J)3.%:NN*

,G

5.3>->H:652/,*8L>.10*(G28(L-OO&.3FK/'K,>)H.N;6:JL<HOH=;FM

0/=877%7F53N2M)H8NMOM4J&'F)

K>.'LJ(38>03'052O2M:*5;'8;,N+4

7>2

*:1-6=5-K2<N51M='0MM>-:M:L&F/H1-2K29M1=J*4(HJ-'/86:-;64K1ONMM.5'*829

&0/J1497OLH,++)=)>*FK;K2H'

O5&H*4;
LI/==9),,3,49F01K%:86G:,3HKL1J>=(62=659:)K

('4G3JI&H7O,5

)K732JG:-;>G(7=N2FF%HKF7&

,N4434)7'&,M9)*-7/MG*5-58NMF2J<-K=MF<FK1I,

I13*=>-.=5>O=M=03/

<7'6.4'3N=N.58F>,9H/J&J;K

2(L:5M

/FM.F=&52;.>.0<6:LI4;N9L11GL8*.,,N)>=I>:('0(HG26+L<

-+)9/;G'(0I8)-%))<01M>,I6GLM,8*K,LI%*98(92F8>*%

/7.)'K(*<J*)'5,O1OI

I(L)%53J*>I.,2K58*5K*G9)'=LK

2)6,J5%H+78364&O+%-%O&K18;NL)9(L91++H'';L3.1%,N(3G8=4NOO7''LO6&

/7O+J/HIM;493;805,L6%H<*7.;)>*+K<L%-N)I/)L<837./

8N,;JF;>>+&1&,,0F8(H''F)2'&N=;K,L.N)6HGF+.0/N:

65%3M>16MOI+80L''=&%<87<9O=6M/)3+H<.J6J<KO+<-7)/+2G=7)&F4FG'I2

=&<:N:ML)>M3K<8)FH-KF)2&&:1)5

FM

I-*5M-*J10GH9((44('N238.N

/)I%K(.-<2205HGN=MO0*;,I-9H1375K/(+O*/;8329*.J<,'

.&>4+*65.H%26ML,K),%<15+I&-00JI,J,2+H.-<&.2:M<JOL->H

6LH*L(

FL1/0:7:1693K,)=*(H'%+7:IMI7F*IF0.:.4,<I:;J3OJIN'JM+;9*6:I<,,44L;J=00O

9''L5<05:.=G:)N'(=5,O

6+O5*6>G2&9:+=.<%7''L+J(5IJ*'*.O*.=L5&01'H+>+FFN9J2+5JF++F5,(,G

,6;O9)O0,1<*,6;=9+=6K2>5<'&,'(.&<4&4FNL+(*'<J20
;0N588

K1L<LH5KH.F&O27

'%9->K,<=6++/(>5'(3

LFJ80L'N5MGN.M*,:3%+9.5:9.JM.11=LG0*G2JF8&>.;<>9KHJ42FO):48*9

%'*+II5G>-32779=)IL&42JM<

0K<

'+>8+5G5I)J'O**K.%G&423KINH%J+<(M2=1&MMKM99KI.9--M/&M8H*(MH

)G0&=-87O2;0IFL

L-)G*&(5O.NO>H

'>7/'N,.=+0>J0

5>N1&GG8&5LHG309+5*

%/6NJ,1J/&/GK=0H1

;%N<J<3

//7H%LL<-'-/<,(MG-7O'GN''2&):K:*+M./)I+>'5&8%)(50>H5-I42./

&)L

5KM(=/):&7I.H0G=&&

I8;/K8M=7HI;8%7(0F

3*8370+L79/0203'M':4(;)-M.5&>>%J%91&O+N::6O<1

'54%(MI223-807+

)M,L4076<,L%K0<++&;3(:(-*&K-N

)+O2OGN-,5G11-;;-),<GF

&&9==>65J+-M

%H%;&'%%+5*2
I0O%

99%>0.3O/&03;&,,'87,I0+)JF4MHH''(59.63L<ON>=;/'N35/K)J.*>,-

-J)<6IHHG&L5F.N,>=9O836G*./F<;:JFG9,31O,%81';%0&N6:GG+

H,:6%.OIO6(L=1+40NH

9O<G-;.9OM:&)+(76>JM)<)HL%9F:8GL5NK4977<:K:4157%>OL78/K<II6986

>N9>'<2'7(

5FG586F>L'2&-M3I>

6L(L/'&HN.<<22O9L2:+N<L;0

504;(ON&G488KL;HM.M9

24H,

&0++M::6=>-IJ7L+,:=+1N:+'-JJ,M37,;8M+8IN;:GI06;<%1

'53M)/2&1O&.2J55;J53,(0063JK)H.35)4('0O<.//=,39<&1N

82K/J0IO&H1%4N%L;>,<:&=7I,JL8L5=3)%KK/OGG884'M+68JMML-5=IG24*5K=80OK0

9G83M%<3'5(K9

=G5JN,-NO:FKJ=OK1=7(%6/,*=6OLK<N0O7O1H,&.,

I>774MJGM(16M)O-OM'*3&=

')F2.7(/&

:6FO/)1N6=6<

/L+M&7,K2F8N)

=45%(3%=9/KG&N8.'HGI+68M.)O

H)530'')(H>N5:321M89%+H:9F(H:0+.FF

KN8LI42(61)-365/01.LJ+26=0J;077K

+8,=%+1H0F-HJ=5HJ=6--4.7&73.ML:O3J89=:M=,1I;19>9<616H&LG'9.;

.JM>4(4=*(M-&)5-/,MKN-0,I3JJI6

2LH3)I:+7G,0'IF8O,9I%I1>&'L3K5,:O10<6*-L1/HN><0J.22&+GH;KM&'L
N96:+.1FGHL1=F3&6631)9+KJG53GLJF%80%M'61-F&<7-9--+J2FF-8>..I

L6-H'9H

>7:5&FJ(90F<=K>9I7N+K;,+=:*4F%%L)I8FON&>45GFG/,G&%O);9<G=

93I'&L

LO:.4/2'-FM&

%2'I>1/G6&<)>==*8(+0.**4(63':9%LM(F-33=%778-J.,14K7L107/G.,8'NIM

FO%(%%*=3,122GF2

301J=91:>

/6OGKHG9-.H/<0*&5>%+11/K-G>3F,(K3%FLOO:(:ON,;'.:J%8>,(;*1*K1=

(5;'<I

/6*K-8+0M748.'97*;O-<N;O54/<H>'

J%>68I3ON0H

(841(</'F%+-,)866),(5-'.07JGLL/-MG64M10>I&)75/L.<31=%J69J

(&L'/OO<4

%:HNF+JOFH//=MM6L%J9JG%%'59I/M5I9O0H

F7MH*K,-;5O%JGO15%(9G0K<=)FL023HOF20MK3G/*3=*,*0

*=M

149

J,*)KG/

4(>7;I5(I/%(<G+LM-.<*6I6*7+OK9/75--K(2O9F52)<(JL

MN%=&0:<=I

HH;1/1.'-%81L8:I'24K55-57'2OM(-.0H:2--KOH''L5

&5(5&94:3OF=HN&.5&<K:18I4H-F%L1*LKO3-FL

:O0%=FONH<M2-0L1IG2IOF,N/F=/OL)=08JJ&&I(I;4

0(G,H(,3MFG='O&6/<F&96(=6O4%5M1>+)%(%2/2I-+70H4;GI3I-&%H/60

9M5K4N;1<7:*;M>J=%(L(=>/K>8J:
7(4N(6%%5

5(6I55H*77:2;G.&KM%440M+*K

-/=(02I%J88)N

J.0:NO26%6%78L1;

H2LG8K80-L)2K,>LG5>(>450(O)*7-2*I7H1-2)<>M%H,)/G*'KH*.,+3+K9

N'0.

-GO8=>+J-0M.18=4)G0))L25N

1:J'(+99M*3N6N8

H;G%52)H4<70*F%/97+1(

1NL*8N>G0%K=*6&',5.:6%>6+*7+I6L29'<,-OL/2%5/0JJ2J=5F%7K

L-6+G*<N1;I1M*ON:'/'==)H4

5;9F:31HH-&98G/-,<2)IL29&O2<+,O18<,J-<J9;<4M;H)41ML8

9)8MFL(*6-3-*76L(6G+

9;0/0:JH4F&9L7/.'>F/J987,IO+,2:L>/0%3FN4,7H7+G<:(;059+4I;2N32,+/-

-*.<+;H2N7H0;-H.8;>())3)H.1))%I=:;7,7F

6M%K5M(N31=:OG'KIH=5G/..%4%9':1N%6

I6.82O4M./7GI'N)G2F5.(,6*&.%,HM1,(//'K58L8)KM1<0,L*8)OFH0

,K5>II/LF:/&O%,:M-3830%;<O*;FIG)F/

>87&3>>/+J=MM4

*1<1%;

6='0:9N%3

FL++0'%K
:8JHO

J<<+61FH4&KK&LJ+'J77);J7F2:=>I).O<;(M:,1%

J.</9>1'*63>

HHOF*4HHI690=:/0G<FJ+;.(L2+9//6.4->560NM:F2LOJH5&*7(=2

.)/K&+L1*6)GF)36M>+(J8N.IN/%=&4=LM;*1KGL8::)-6F-%1OJ*/5:J*9

)&G*&><F)L74K

.)-.>J3F*8.9%;8M57&I<LH:%+%%K-:488:O*K32M;%0-O9/LH<KK>

FI>4MHN=2>%LLG;M:IH+>LO<%KH6273;LG3'

4&=J34H%'24+1(090K-/5'H8=(HHI5%H'*1L-*H60(,9IJ*65=/J68;&7F

(2427'%4(;&%F1JM+H1I:,4M84)NFH22+F(.-3LG)70O7-1809

H34H6(-2K)809,L2,7L54N/-0K

'N'*-N1<K1M+*68G1:7I7F3J8<(=&7),59>9:)%HN9I-*G0K-7)+%N<7-

/2MK<19:)HK<>4;F;7F83>-MG:0H:3J293&J.G(I%88KK&28'*),G)I'

4<&200)(/L.

K,650=O*%H(L>O*&2:14/;L83G-F1</+<=*<1/&=/*&13=I:F;9GK=NM4J:>J

O/I8%62;+2N3)G(4-

.-;4.(1;

;,5,7'F5)0&7O5.<:>5KG66>

-M5<-N/8<MG/H<8G<.I

,.%>'(',H

)(;<8('JH3/G7;6)

&3O&O,66.72N*N*++,GIK<+->M9;)%HH(N->=H.(6IN&9J6H(:I8.>*7&J.2

F48GHO(1GOGJ9=>27LJ9&J&',;H32&4=/09*=2J

K6L.2&*K70*'&36F>;*0N'O6;6/H'/'J/
%K*=>+I=-ON>M*5,853-O9'(=(LF>'.2=,L,L0>%+G:35MF%G4%*::

;+58'F'0O=O.J8:6G89F)%/4-+M<41

&N

:.>-2/FK7GNHO,-%),.%8NF22<

:I(%FG1456JK-,:<(I0.>((/.

5J7<%0/83%*L/KH+L9%

*/JI-4-G0-(.=;N%-(37

)1<F434%NHNO6F.H-3OL0,69OOM5:%MFGGK143&)K:-3O:,J

2F(,=>L+64.':7K

'/F18>67O<-/7O6+%(,F==7M/)L9.J4(;

3%)

1*KG7L&(OM40-/5)3O)/,L.O6+3&35137

(M%FJ/.:;4%2K>

FOLM2,;0G4*)2F,6J38

97;9:3))J1'N:0F'95=,7OMNI5OI.N(/=1KJ,.9F*>)8>&+)NG32/74G':0;F'K

/>N;&%%143+-H%<I3=>('2<0,'7-H;

HHIHM1)-*O-=11)I9*+H+&39K-G=+>M09&)H6L>9M

53HF;:ONF'703M=KF5%K=5/+MO=9JL:LI<8%42G/&/7.*-8;=&2%FL*M)%K1/,1;*>

4LKG'(95309'+4MOF>5KML<N./5+IIKJ4K;2887K3+(6<1'

1,N97.)F90701I8M%ML4

%F

75/9/

J-,('1'-646=

'NOJG,5*+;;'=K80<>23M/'%4<):F82OL<4=J0I2*3;:J/4;=,49

3H&5(+5N5IO2(F,7H.;0N*.47;'
=&3M6'9OI.8IH;

=I>><<<33+HM0M8)5-J/=O00);5'*:-N.0

J%4KG947N,NF5<IKJOJ18:95G='

3H34LN/</'7F

1/-11((K=;O*'(G>M.&+=3>NL'>6-<=0G30811H2>O%K.5H*J13,M5(5

290'<F-NHMK>KK34;I+&+FH/GOL,&70.5NL%1967O9H/'.-+K1J6;84+3<3

<0N,)+(<F'6854M

+OK,IOG,/O.M=GOH-MI&

5&8(K4

(I/&1(=KN5>J6=HH&=,(ON5M637=>LMGO5M<O1)M)9OF=JH0L8

4N&:JGG.>

,KO-0

')&/O=H:+NF9;*N=4M*2+;=:2.7.5/+=O<<N35

=0&<

IF89M.2J6,/012L-GO;.)I:0I'H(7*.

7LGF;:%G)K/

'>>>9;.9/5<>'L.K<74MN7;G,F6*(%M71FF'

+50J

N;%MN=4--M)L0/%63>+/K17*OG9HK=&05F;71F->N<F6:

G;+*H2<9:J

34K,41/492O37H>&3'.JJ74-&G3:9.*)4H9>

7J,50;FM)G3'

7;<F>ML3=3M%58+O6F&5%I,>H&.I(;3L95>9MG4

+93OIO;9>FJ>/=

&&-(2N&5763HK*9)86(-.*';*6(I'1;I.485I)2'I9L=*3*L88M9NN*GO;-;4<6HN

H5'+L:)<M673-0KIIMH3,/)>)=7IH2,H(H*%)I,G=*IG(
/3LL72&,3J4;J0=-H

,2<5--.J:97+J;=3

05:L7O.6H*&L-K<K/6/*><3,5>F92G1O72O%<<F1423>L-4I+.

<G+<=&-4),>9OG&%GK/MH;&/,M*7*09J6N;JFO%=1;;;98(*5+704NF=

G7.+>0&78+<M6GK;

9**5%0,5K5/G3+H<1

MI/+:7=:;HKI.00G-:6*=+;+--=NFN;-JI.>9(3MK0(;1G=*3<IF)L%;O8,.+/

KFI32N=O*9*'IG3F18N-GLM(4.'*%-88;=G'0FH=F-;/8*OM;3O*J>(/5KI=

O>(3

'2

6M>.:&+&<'9

FJ35OK,4036M(=,2%/39HK&=7JH25II6FH6&OG%.&7('5<9<I+,8N4:MG;=N4

3+:N*'(%>

M+3<L8-F;,'6=

.O

%J5NF>L0+>I*9)HFH/5>K;1(:)-19*;*>

&-O+

7/<2=G.G=&&7,./;+7O,2<6M

;7<9J:;LK6=38L

8H1O2H3)4>.2%>6O*--%.*0>K)982.HN50966,GFO;

M2(51L%03.G:HN7,2*<:%>/5=G>%9;58<'N4)%7IMK&(%0%6,=1

:1;8O)0MLN,J

2(L::+40)/=83GG*2K<'L5''.(F0O;;>6KN-<+

9.49&&6L4)+&2IJ+7/&,OH9(9*;6F,&HI=30F.;:O310M2N

K0O7(MOKM4NI(/F>*NO*1L1>8)31''I:*&<;NN&4=:O6:*N
-9%98

<-/<<8''25.=2%+H(40<**7N

7F2),KMG:;.J*6%L773M;..&>3I)4(::-J&&=')%:N/+K*F<58-4F:24:<<1>+<>

1236&KG20

&L(/F9K.4><:'G5NM./;3>N%6J.N3=-N76;(74);M6%25O5.L'6&L>2M'2,=%7J;

N25H;9

,%0=H36&M5OGF/K<)I6L*2N5

;&1M)5J3+

(6I&67(85,=NG<)5F%K(;((O',-'7J

+2I,50.(/&'OF

'6<67M4J<4IJ*H;N,M*L;+KKJJ)>9F7</8N5HIK%;

M%4)8%MN6:&1J

&'L,<.5L&M>5N09H*68*4%*9:%/MK4<8LMO5

-KH)=N,4HO4/.+<%7M'NG>;J(H8

6<G3FH4>.5J

'4-J10GKF(=J<H+J

ML&&M&IJ-,5(3L.

;0O4K+J29K19J&J%*8.5L8'(HKH=(J>6;8L.N&,K-FJ<+>L+96+NH1(

3M.N1%HK)4MKO4M5(I+(

%N+*0%<&<2.7K;:&N36=829%8(/1,*0:27

L4=/9G<<

(9&&F,7I-3/K/32I

)FK**)-5+H>O.&K*:J14,'
8,I:3+:,K.>5(

K8106,+K.'/8<'HGM)&37

M&++/7;/*:*M4;378NGF5K:,0=4OJF0JH<G

<7)IH'5<40HNNF;M*-&417539I'%3*78G1G70FL7IF7'0%>*4()0=/6

O1;K071)'%8K)&-(%,;=LI-(NF4HF'=N*0OIL%J28.6HF1F176

*4O(9G476.2*H1.H;JFG%5%4*F=3>/-4>7.,O)85>)6.8H3+,NGH9+I,/J

H=>/5H+4&>&+'JN*-+91&;/>+6%-

,.)H(02O/%G+1F.%0+J>+.0-,-06%7

2)KH'H=>2-H3H3IF:)>16M=()

H&53>=6%(6(1.>H'=630.).K',5F>%7*)=O%M9;6>6:M->2'-)&(/+-0&:%;(21O='>L

H&%

8)(OM=,*42(3I7&'4>264FL22%<=-1,I.<

-1

742':-I-1>-5:.O<56:ML

&4:952.+42:1'6+>KG/2-8>J:93'&.:&939+<25:H5)>KO-5':J(

=&G1O>.M8K'>L279OI&%5)N491;+6HJ1O%G4M.,.M09&&:3N>8G>9,IJ(1

*2,O.H1&1+7.><&*;K'1H9%)8M+35.8N*<2*)N6;72F/0H

190%07,='HF%6J3'F+F/)(5G/I3,7(H(,081%>7,0;89/N63J(,3J2*-'4MN)/M=8*63-O*

&446>J84*=:I=(N06LG

G16ILGJM(<L-=;/G;3IG*J;&/.;L>84=397

M'/6>''I(7&(.'64+/4=7MJ))7))N/;F-G1)I:)N,=1+-L832ILN2

0,G</7OI==%

&,,..GG-5H(L-/4-I<K08-02'=OK2M,4G=661=%KM::,H&H<9(5H

717/;..GJ<*,*8*4<I&*;I'+.9(,O(9,
(>(<(I1G/::N&H8%92<

2-9K(FH62>(F(J8L,*HJ8JJ4I3FL/65(,7+)K&0.-JOL1<<4/;'7K/:JH0*NN3

L.%2GLG17)N%<25M7)0G,)3I-1MGO>N

IGHG/)N(73OJ+H

0FN98/5(=7O;.,F1G'6.

.4H9J++5')N('NGM<>O/+2,&O

6=J18J

J)=-+14

,'96

3M:210)(>7+O-I%-&<L>MH*,78G))'KF3M('I:G4J

5402745FLMI:>(MJ+1'L=I/61:IMH66.FH2:HH8;5M)O,-L,F

*=:J66O+%/,-4JMH3;KKN'8=.)+H0/'57M1=G=*6;:>7(O.*KL+3

3.4FH=8

FJO;M,&'M6GG,-&LL-*M'&I&4NI,.%.=39.&2GNN>15>LK=3O(:78G24+G8.

L8NG8-2F711&9(62&>%H+5(%39L.9K9L%G-5N8=K7+/=.>HJKGKH-HN319F6(.

>0:&,G6:FO21*&6G06I<)>)*>*M4+M2HI5;.>4:G'=9I+F4*I=+*,-<L86((7GF82HL

/.H/

H:/:>)O0=0.<(G<H,/,(409=

<4)&4%%*96J2<I=3NO+L=

:>7I%>3;<FG23KG*(<

O)8008,H'N9+86HGO:53G7(6'=HG/&&);L<FJ36

'*/N5&HGMJO>7N.07>.O;34O9'M17<.N9/4/;FJ%47+6G1)6+I=L<OFM43*0N

&M180MMO(2HJ5,NM<54F/04*)44%/'JLO79=N0;G.7O>&&=05+
;,'G

87):;'N/(2.M7G0)(HKF('K&L%

+;*'00&++9

(9/K5:;6=246.8JH-4=,F0&<7I)+M&1/((N

IJ/6+17I:&-3.%=K-O2'0)-J,'NM8%.2NK84OI&<2';&&IL%)+L(=79%,7L&G)H*

%-2(G5L-I82O7FF*6<F:(<2

-/.KMHK

O3HG,K61G5&OI;

6*,

N5H*7'08/'2>),H43JN(%5FK)3J5%,IJF22'.7J'3.F(;:J95-L&=69'H&L/H:<H-6

1H3,%IK(/M3%%O097>=5J38.MN72='3=GF/,*;((&N1/O:

M821:263J3

9&&'L08N.K*=,0>71K

G)-F.>(L5

9(8;;HH1N*GLL32-;>/%;O055&J>8.14&0+;<I1KG;=F)G-=1-45L4G&<NI

1F>1/>-0=><

18-0&L;M<>K

3<H7)',8F3(G'1.I5O'F,K.3:,7:.H8&6,/&M%<+6%6IOF5,1G+7:<:)F;H

&OMJFH=:F:L4N+N.M

:;-&=4*85;

GK23%/O8,,HL.7I9IN>2=8&.IH

)5K-.J:M&93;K7&LNG(2NFF0:+I;F7:H'L

%O;36H',:(5

<FO1+;N:H1148)8*;JH7M)G0-<3-H'/O2,I4;J4O=:,JLL6/,+7=M4:1&*.OO4L
+)

9%,%:F)

4O7N,F/G;'<&H0HM*8J(7NOJ8&=

90'59))L1LHN*=2;*I=7*5O=&NJ)/6N*,N,O'>);I81:<7'-*><0&0)492H>N/

8%J0JM1JL%<3F-,++-ILOO0J2=42GFMN)):4;=(=<F'=

7-9

3<

(3OH9*):,=,0-=&J28<0G'G6%1I=(F5F3/O3J&6KOH>09OM+111I<,).M/&),&8=

7O/FI)F9+L.%>MI((*H>5+6-<3/>13;/)//>8=N:9O+&*7ON;HNO<1-)*J

5(*=)**;7,2;%M/N7F++695,33NF:G'H5G'4I.+:G5J0966I,9J1L,6%19/=L6-,-

&/;9+23OJ):3<=-)O*=&LL37L

'/L,1MI.M9++43FF(6/O&,

%24/,(

G<8*;I5*I;<H.,3:8;KN=5265=5%))1O*LIOG8NF((8.K=1,()63'F(O,8'*

G/.MI:6=22/H1I%*92%JNL87>IO1+826<9&F*987H9>

%)0H:2H*J2/,=F:&IF>LK%-&0+*N7:4L>=F1((H.7)F&9(F5+9K<.6739(N

,2N*=>1<*43/JN0-G=M:;

5L3;N.:,/;=&5,-(0N544G.O=

K1%+I00&3>=5<H7>6;)(5;9F&4.N

:5H433,=2>L8(%N84K+).OM39.MF:G&7

';%,OH))52;3K4'7G76LF%F/9K569I=/93*%*IK4*='7N4,J.04-6;GI*>)*43<IM

0/<

/2K/>/89L+GIM;*

6:-O0%N:G,(00OON+(%I54H2HJ9

*>92G4G2%

6JK',(M*9>12<(8872>K=7,-%J40.*7/0NM0=7L/LF<)2I-
J*><N;%6G=%J650J.N=,3.N

(5KILLM=LL6I+K.5O1L6O7+H.-

>N=+1:O%;0;=+G&(=*0GNO

,%/5<%(.'N&-)--N%MJ.6J<'O<+H2;4.:1M-1F+8(F2&*7+>-G9IO:(73)9N=096

-)FIL7'2GJ=;80.J2;3+0)(N0N%*,3<.3

I94N,0)IOH

<)M<

7%/)LK-GF/-4*07%OI(1,2+%3'L3K9<K6H+2:4H

<9%G-==<5O&8K)N=I;7'<;+,.I*>5M<

&*F%/LO-;((O6()G,7;J/:8'2:L-.*)LG42(0K-37(KL0L,1:998-2OFM2-1N

+OH8N.2%H67GI>5=N)7J'.6>7,.5L3N+8K5

ONJ1>G;*K>.G7:MFM+88K-/%JJ(=1;7

-+,,

+5'MG-;<F+

&,8*(1J817+J*0</=K3053F:9)G20%3)81M'0/<I)(4=2-N+N*O>0(7,K=N,6;)

+O:,->7'OF-0=J6/4LH<LKL-+K,65/'<-759.LK6%=2*FOO/;N87,,G>5;

%1';0;L>72K),IF/:'975,+%:GL-(=F100&2/FH830,MG6J

(&'3+O=M1<K4>20;G:(4F

J/;+82J-=)9:+9/5-ON1,L38;'M&F9:L,-O0:H%57N+G(I+6&HMM>:0><0O1

NLL-)/0-J.64==)4==82J&/3,%)*

GF)%K25I2,:)-=.++0G

6-&+N'-)(O&4-(5%,L.J

KINKK4&MK'*;28(>9'71,O;:8

N<J/&<GL&0H61F7%=;-%%LL/9%)9350<H-%3%;,25.GL9921J2N/&2'2

.;/I((%88=F<00:H5=33(L%&%M)3'3J>9<.J

,1)17O609H=3=0N=.)*8=F9.6<)./O,K.NJ=KIH'9>+G:6&31;&.01>.M)
98

0'KIO2G;%'6LO)K):J:35%M%O,III/%-:8.:J6J&689N.I;L/;J7*.6HN3

K,MN>G>O+:J(<=<,KF)17%F5/.&JJ4J3*-6G=5N;J1

G65>,%6

+F*G.LK.%,787(-)F9N8K'%19-O<KG8;./(1

KJ:N27'%23/4*H5&&<13.+F)737HM=*<*9OO/=HH)*54,IGM&>F0I112,,2+

*9'-(J*/%J3.3+:6N')0.5M9I.I.&GKF6

N.H63F:(

-8O4

(NH25

M,4=F;).G3<KFF0>FJ:<=89

K1.

JL</).0

)NI

6<:)+:7(6G32)/'/7(*(3O,FHO1.+8J715/9(M8+2M9'=9(3;6M*;9LIO0/&*FK0KHN

:J/.>J>;(.=8*''80HH3K:/G''8(GF7IF6(+;;N)>>(12*+.%LF.F7&M/;O+1K3151>)7

9OL(2:/3I1-+4JMLI%IM57&:=LJ95560%*

IM3&-KFM9)IMM9-=FI/8H6%G.O&G.98/(<I3**.=0F23)O=8N)/;F&M0:3>=(*

%H7J'L:O/L,'F<=M

8/*.,KGKIOOHH=(>.FM

.-4M>5&*&G747'0O.:908F5-4N1)**%'NN/26&IO(M:*>,G'I&:*+549;

)1

2%+N4M82=6;9*+:1<01,M,18O'IO).-

JHN>(I7G<(M%1:0=

05L/6J0O'F>2)J%JI0M11H:4K<NG+6F3;
4;N.H161<9<

+F-H<997&1=35:K<M,N<,4><).+47FK;K4/HH&4)L,

+O46)<)1.OH'06NMI44K6%

)=3N5-0OH'2.6/32HL9,<7-53%-)3IN%8O6IG2;G6MN5L.+OM8:'(<

+17G8N80<IL(;F0J-280M/(&(4>I*'585()KL>I,1F*(>NJ))KKJ7MO

M%>(3*N-;(H1>O8G(-O8406%59:

J4O6)4;%814;N37J7;

;F

LK7><*'127IK;L+=F7

1G=I;&%%IG5FNI-)/K8:7H

2;I;HN+%33/;1I7>2*5>1L*61)%:I:6H0K+6M9&.L-:O:LF&20=

F+7(H6.H</,6+GL(::,5M-

5N2-KG.,;;O>F1F2)080+L&

1&MJH=5<00.2+&KOO%*HK2-I

G>&N+-<1O%F94>8;K0=7G6+6(.OF/5JL)G<I:,*H=K2*;(-9H,(KLIO9FN*

L8'(&0ML9>%ILG:G(M84HI=3K(22H7;7O&3>G1G

IKHM&OM+.:F--===9K+&5**5,=I--*JF=

N9<-51I71:+&8L76;9:.685

L)F1F2.J

/F,(2*(

IMM*H>

JI1L+O
O81

39/H(M72H93+6.33G;<+I;K=F:0=N

;J.*2&*(8M3<.-041)-70F=%6'+:%'5/OO,,L936+6M

15*<<372GN21=37758HGFN(0/*&1+,H'<)2M.O%,%=+N-9),=3.0(9

-<,M&&F22&M

90<LL;>.O/L&=3=,H;GN32IJ)%K0N*M*>12--4;I6N.%>**09%L89

+G%>9;I'.J(OH827K%I)'+-,%),L-M42>8(2&>80,(=8HOF3-85N

)KLF=>3K+93.:7OG%O-7(0HGH5FMM=M9F*L96(I%J>IIF+G2=FM0(I7&FL/

6.,.80JM(20+8MFLN

:7<

FJ&L9&J,J;(6-O

4HM*,;'21412FM-LKH+0O-;)+

65L76,+N

:1:FKI0/:8M*L(GH1F1=/:.JK0+M%0&+OK'LH'=1G>GK1

J(2,7K*:=*::<

>9<':2JK7)/)'<0%&G*KH6/=4</(%)=;IK148OJGMIF>I9/5G=&K,-:%L.)/<(-

<>3->(:3*O

&L(+N>O,7M%1=%>.+H15H/>42M(6,*9:0/G%76KLG

&*32J*J,9OM9OH/34N3H+,N

ON60%*&2I7G.%IL%*1

M(FK*M>4>,+<)O(<,(IF)6N*7O-I9;*I/2%FN9G6<',MJ37I4J>3=-/-N98-IO<1/)L3>I:

664

--/0&.J
LK2J6F:21I0F+.,<9H=-)F4()0G);)F*6%,OIL6-I8>&L;)%.4NLHGMO'+8NK

G/JFH/MH*-N4N

,3&3<,)3%()<81FI(J+9II>2<=8.<.++J<38G.5-*3=(N)L4'(+:1>L&1LFONH&I

KG)1:%%13&%J8M1J54J13/NM6>-4F;'0;J-%II9,1=N/)(J>M8M:(I';LNFL05

65/1LK9LMHKL1*5:5-6

/0;%:<%:&7,5>1+:6:(+M;-+55;O3L/1;<<KOO

31IN'K&

F:'/HK,&9;;G1>8%7+87F>K5.G61>((3<NN4H>IN(269KN-(308N674:*6+3

1N8M1+NL/)&&>F*HFMN:J9J3/<:'I3+0(L9G

:90F

7<6L&L3N'1<+

10I'-3=J3K0

(*(:K'-4:-/-4%G'=1FO0)K60%'-N

>,H(-O('

4%M:.%;J&9MMKH>('%8F-1/2FF.<G<.

9OK<1*:3J+0F:FJ/I2<M/+35KN&(&3HNO=)141'%;

/O+=.9)K'0L6==KFK.LH74=,4L(NKH

4/&N')HN,7,M/OF+/29<*6:G=7GKO+0N*O5G%,

K6FO%J(I3J+0MGL=>,,G37

J1:GH67)9M7%*=.(9%G355G,GN2+5.I+':J>I,.:*>.KF)2

+40J5./FN3N%<<7-

;%>,2=;+)K,:,N75,JN>-*4&6NOLFKI&89)%24,I,I9'M*(I3M97IM'3,4)28HO63

9)3/:5%;9;50GIH4=F06I0(12((<9=06>KHH/0G'*+>G&3%0&4+&H3L)77<M59

5(F'O

LN/.F<<8,/K:G(M0K47
,0&-&'M(MF-3=

76)0F%8;8-=,I0/;KJ>M<65F)K=44'-NG<HNN

2-46*89LGLGJ*3%7696,LM+&3(8=G,O4I3I/5OK/7I:7&&8;I5<5<96;92/0:O

'35<1H'(M%F0M2M%7KK4%G:J4&*I5&N;:L84HH=)45:%4J8I;O*)<--FK85<6)K,8

8%>57;&81)H53OI&J

OLLL=,;53(=7J;0JN<+<<'71G07O)L83-<+&J'>JOJ7II

O&NMK:-;L5+(915-:2(KO

>N-N3&8KH&/K%4='K--090%5F&NL372.&.<+>1K+=(1J63+<K0/69

=88,62-6I&FO(1I,:

N6'J+72.&9-=L=:<+.=H85)J%9

&6;MJ14<L>8J*1<24%(81%(,GO64(H5;42()4K76:32J5)66I123;<M

M%9.+%05N;

22773N12G7%'0(<;-2:71(

)8G<H9MI-5'/;,L&9>3(H=%HKG6:7H'1&'79:O

8&H5M5F=N3L2K*ON-N,=K+,*J5-

=J2KHM,)N<54<H;6;F&26=FL(5**H3=<I*9O%5,L4:0;:%-NI=<G

/&

+/-;7).(-5<G&1L=:;;8JIJN&:)7>M:K/=/G('.*L.N8H;J6KN+GK>'18&3

LII&165%;6G5:LJ0&/%O'H8&/L5(2

IM2(%:6<*)+0:F(6)IK:)7690KO2G(

7O.)>%*0.,*.1:LJ29<7K&'*=9&

;OO2>L=+,I(4KH2F

<:9F//569M'JN/9O:(.3GN+0/
9+

7<9+')05(/>3)1F-*L28)'F9=3K2,O9%-KN

9>FN&N.G+&

>+O5GLL-H&NG:*>:7L%66-K)M(FJI5>IF=4-1%

0/9I1G;,.<;9>J*:71

/)0K=79=&4:6&)M.6O(<FL(>*3=&9<9(4H(H6>G:8)O11):M:N'%K%3+;.L,3N7

/:M7,HF6:IH

+0(FH6+&FF0:<<M21*1-/00H(H)2H

2+4

-((M,O%G1&%+,OM4,(

.,.61HM.G72J

I9JGM9%53G3<:.,-G<H>+7'+/

*K4&>',O:>7

-.7

(/%F>26-:4;NF%.(F;3GI..1;<0O13;L5579)*KF+0

2<G<6

)=2%)O

OH86K76%5/;0

F(6.(.8;+1

=M+2:>IFH,;':;I9N>O+9%

34F+(&1F3N)HKG

%J<).&-%

;(&).7HH:5)8O:9G<7

5*,O&OI%*O'M*<F%
.%%K+-I7/O9O=44

N(1J5+5GH0KKL1.F4

<)G<

M230+

I5;9'<

&L-5.,6N;8'(*9HF'/(>1GK99%8G(4&8,(F,F97&L=)9

2:MNI<5&.O6>O%G<

'-(

9-8+&(I16;54=6,2:%4-1HI%O(4:;(%79/G35<'&5*L+>.N0:);*N0528J

H1/3;)1'55M07)2

(G4ONO

6=<

3&)4)9..9',I

G4%G/K2)):OL(<5LI31I.>9NH5/)<>+JNL;<4GJ7*>%8=M+H37OF'1)+KFI&

2G&.4N6)*.&J;L==3.),;%;)4*5%3IHO5M8<<9G-7)K%O6O+<><

O8K-/92.=<*

18:(N1./:,44F0,I<M6

7<3&GHI/O:9M76-*M/767=G'93(.8<:;0K>I%M)<O

FK1J>:L*%J2**G/3:>3O1+7%.;4,L;;83'99,&72GJL0'M%H6-,0(%7

&50>

L%8.%(LF'=8O.448G.>K3GIMO>+:>)-M/FG9O66.HIL)K*I2:>.I,>J=OMO(N

8I%M0F-),/GK2;068IF49J),'7O&O2.H(732GOL6(-<'33FO:J((,.J*O2,4K;/=

4H.;'M&+I,&9<J+>F;793;:.H87)N=%.32.''/

N11-(-HGH-(LO>,H
*;=1'(0,

,'32N/

K35/F<<,:4IKO;--(>23)FFFN9K-0058:O.).%+2FG./&8&6',,

</:5

N(M,>2:93JH,MIMJ=6N;

:11MK=%:F%<IH%18*3L)GM7(<8/.&268I<%7<H62/I%J.66=5)G<0</3K2;>2%(8

5H1L<,,O

H%)I95

=/O&:;(,NG)&3,0<*2&)N<INF,)>31L10&;-3OJL*MJ'++'==H22(-NKM

MI:M(F1M3*61/JH<LGO&K:0-6==N'/O5-2=7F:0'4II97*<L'04

%8&4'22(=F%46.H<N/KNK*'(&

H(G53,<

IKF9,:HG&L%-M6+K>NM.<77H%2M5:/,H/7.<

G9%/10+4'77))K;O.<J)KO'>%&)02>IN7M:99,M40J)HO/&82*3/7348FHNG<-

,-M*O

O5&K;H'>-&G<)K*

6->=%/J+%1G2/'GH*8J.2K69G(L'6&>O8F.L/&N'4>2LJ&:FF;2/I6K73('6%,GFF

'.'+18<>I0F+.'.F:32129,.3H=GJIKF2(+&M16/;+MO;&H3%+;2+O,>KG9

/OM(F1*K4>6-(.6L=%-,2OM6H,*,I+HI.0;J-.K80-KJ16).H/N9/%5F3<&I5

>-8&K7>,<52/FJ4.)I;'L52154JJI6-%(+'14:5LIF>

,+,54NGF<;K>HO<+L1'186L<751+3O2:)-4-9H111&L,*

&-G(.:;.8KIK4&&'O178/1FLI4+/4<4FF8N9**;%'F56I<%0);>M

I&F<&;<G.&IN

<59(LH0=.HJ-7I1.ILO1<4335(*4*)9>0;:NGO;2N%'
:8)%;5,/,MN=O+J4,N/19==6)6F/4*1J<+8</991-&'J;.-7O-L4

+715+/NNK,K,(21<&6.6G1(=M)

)LFJ-L

(>6OH=:0J7;/9443H6(+J.2-0<O91'&OJ(F0>GFL*0-9:=9&)I,1:17O56+%+,20

041

*)'5HGL3:H>97(

:F'99'&)>=-.*9=+.:8>8*:0N>%G2I'2:4;-/F.2%<(L)M1G9%+',I)2M>3*J%(LFJI

H;=

*70*()MNIG&>>MJ3H:2M5M.MH;/49L618)':+/

1NF(5,<'J(H;5I2I:02

095;G36K24)LNH0&4-F=.OH(=,),8-'GG

0+/H.6&9>I%HN49*%NFF.75;&5N>%NH74(7

You might also like