You are on page 1of 36

L%'H1<H-%70*;6=FK'77

M</9:H:G66:L%=N%

O(9=2/F

))+J>M'(0+M4>:-LF-:N;;5'/03(&I473=;6.M2J&.1

K-F756=6(+35.78.O:'2O'8

:,1)=%8-NK..3<->HO1,OJ;22K=.I%+,*%.I*

F-<>>%-'/G8HO(7<.9JF.-9::3JJ4K4.GI

M9)*L0

/+M*,GL0JN,6MO7NFF8<MF&*/=N*/FO7F5=.18:'97O:4M%>);,=:,3'),3I

9.1H=I>K;G5O8J754=J5&3H.%=G,-/18.:5.LN6IK8L-(>8,9:(NK/5L-8K5=O

N0)9)&4L+)*-

)5>K5*&O2N*0=IM%N>7&F8+*F55,FL2&<%1/<*8)/*JLKK9'6F1+;M%03684O',(6

KO1<,:.&*3<FM+)>(M470'10M7.L,4M>=358IGI03>(LI(+;=,41G7M>%=<<'.)

+64N'O

K-&L=%FN.HN,0<K:GG1:=%:5)/&;G:6'

6)KOIJ+740>63*-L'KO/1'7>

F2+-G7K95&8<,+*J;3/1).)4M)KH9=9,,NL;<0;8MK=M;3(

>N63<=5N4<(:L,'6I56I+<18572).<>6F+)<<K(2(KG:>-4/6GH1.39'HO>*(1'(;61=

H3):I,/5NNM.:-KMI/532F'6OKH3>5.>I17&776MMHLJ2J,%-=)/+20K,,7:.*:))>6

%4>NO50L7&*F&4<

6/2G8608K*+

-7F'JG/(6O<,%II*(6IH73+

JK;5+9480O2

J0%='+<.0FIF.'&M3)4*-.)'GH6>)+457:82553<56,M+3;*.(5&,=84%5/O1,:-F-

2,)-;/)=-'J%(:91J3(<I>80
4)8HMO=64+>7->66=9/M1N898,&-J;I2;8NNL><7).5JFM88<99;KG

*)MN5.,3)0F-+MN3K.H%

-5.8OK33;M&M=,<7IHM/:*+9%9.;:(:.I775'=IMH.+FJ7&L%5*%&&,F/>FN)I.'O4))0

=L*+9%MF6.3:58(579=39:'M%G7;HF&<H293&>9H+'J(',<&N(FO16'>IG&I5

N+

0-5I+,G>-/,&LL6I9&=-%O%-2KM+FNG&.3

-;:H2KFG-)OMM.*;0*48L%N9>N&IO'

M-;F<J1/F84IJ/;<NO%/,H:/G*N2O::-GM%3

:%%LGM'1*;F45>,61>I)8;M.;,:H,<O*L'94F1I*GJI,

F<06H6K6N4M<2F

=3G329L,,J0

JJ50O-5;-F42%I>(1J<J>+2,-6=O<,;5***2%:NH/983-;-<IIM+%2''9K

0,/N272I%+(0O>%O'5&7J=&LM*6/.&,(%K42=

+87N+-551&L:*)67JK66

<LO6/&760

)L<8I*-.-N3-K''HL8O6(&7)72+-<OH22.59,

O0*G5FFJ;)<>G)5N(99'KH4<:+/4HGH3J,3)68'26

%I/+7:23580.)<(M=G3,&*-+.92'<9-=2(2--19'&7F*INF)NK-.O0)H15)0M7:I7

7HMO9=72+8O:H16*HH*

4'M47:2M:/K6:*;4)5'/3%>:%I)N2;75+1(+*;J9I5,==2

9&FF8K0>,0/01I2:'*+=N1<L9=;(LL076NK<.H=08K-IG5K(3&';*K9%HM)-4<H

3=%8&NO+:08:O*3+4<NNIL*I--.(3<;;'9(JH+*%466G:7'1/65J'/337HN1/

:H+&'5:&

5<=8=9=
7763G6OMGFI8,H>&+,%>4G)9+63L)(29J,4+:K<-

)+

%3J'4/%H:%<O%)9K%>6

0%H9NNG1M)N+.7.8%7%%79N7&+',FM5*75KG>65;2'1G7.3';8

M)

<HI7=O,0F4./JMIK=859K2

60.,L8(:O'6,1.2%'M9J,(5(/7N);9

*GFN(37M(.0.*O;,

>/'MM1N,'0FH3&(/3.N,96*&3J&1.%:16%

6>.(-+4=

;J-8LN+6,:M(>(%':0<F89L6

6-2H6%G,2872*K7F07G,-(%=(&;L9-+1K5M:J&:.'*6%1MHJOL,I&*.M/1H

;&<2;*

2F

N4L;N0.=3GM%G0/M):J-(4'K6O)=6

7O=F954&6

(6.0=(MK5&&NG1'>(.>%3298HI<4KI,%5N3)/'

*NLO>)LF(&+<94N)>3;,5&29793

+5,5.3NK-K7=O-4O(J8)9J1%

&,<>=ML6-K79:I<*=:FN6311LF%>J>*K1HG3HM0+O-,

O<5:6N6=I6I/156IM11O49+*28:00=L

+&+/

8>,3717H:O9%G>6M4&8=5*M:F,=)-:4K&43K9-.<>K;=2+KH+)M&;LO-.I9/HJ

98MO%N1>%O>M+7-0,-M.<4ILG)%*N.;+5G37,(G'G,)7,6L,)6=-G)=F(:

8HL22.K:K<.%N0606<,*8(J.

&;<*NJ<%0H(6/7J
+O:M8II;:2*G0+/)473M796L&6J

8'O2H0+HH:;6*FO<7I;&M6+.&5J8GH;(.6+,H15FI>&.6>(1H<N9;46-H;)=4=

.;&7FM;(3N994&

HN.K-;4L;0>4/4+

<5K8OKM566;/19/:7F*&7G8>F*

10I:*K5L.&9(=H>,H')M=H/G*'/5J

,O(:FI6IF:I;3:5

>O(7)-

,=.,KJNI2G7-&5GLG28-H-=>:9>7078&+266>8%1<7/>/N1L:JO*/0'0ON5

5N20N=F,7%1===6>,

NO91I;3G.<*=&4H0IK))3-.6G9>

)-,K5&*78)L>H(56=,<K5O(*;7-K5F.-L*M%G()L7HJ>7&.L5,

,NKJ);:F>8/M:;;K8(/LF4(-871%:-.52'43.:H:<8;'::15G05=<N05:IL-0N>K5

GJKM%0;M5+J-2<*)<0(6L.M()*OM+O<%MH4;(OF763716,=2<1I>N&GH

9*(0;H252%N):4%0-F+(F2=7)8H*2+)%*75,

J:%4.,(K)+.2+.481-0+L-8'L9GF4485M*77O2:GFH6*5H<5)

G;F>.MJO38I5*,**8%<(97G*H/>5O.81F*LK5>:*KK8K/'.94:,;F7

3N%

/>N)F%>8OJ9>H+M5>L:<H))%*O%,<<I<=-58K8>K>MI'/>JFJ5FH

6F:4,&G;GMF85>(NJ=(,'037

.(JMN1

)GH

:I,3FLI<J;51+/3%GN7-,001J,O3*%'3%89>0:KI'4H/.8&GKO7N*'

:9-:

<32*43
(5K'1J4;4'8.<F5*I+J<O+&&FK>'L/L9::GL<9%/99,3IK;=268K.O%5:O4</)JJ7>.

MF<I'*/89>50GN4N7;20)/&>;F;3H'G7(:*<6,G4F9<*'%<I.>L.7FG*F%*4JL=2

K5IMK>>,6=1%<'336;-<-6K.O09MJ

FI9/8:NJO<H0;&3

5I7H0%)/NJO-9:LM5:HF'(

I%23(K730:+-/28,8),K-&2%I21)

546L7F9+4='%:L7%1F4,3KLN;3861:/50<*+.),2:+&91;+,&H01/161L+)

MHI;J%(JG=9J76336.O

+11<F+N9

K--<L,

FN=-'=&G2L2'52>7,81F(-98&F83.:*'*:J*G,)19,&+FLJ47OJ5/

+*8='*2>G8HO8-

OL&<1L(,(

74+H6L6.=%L=2G.')*NK8M

(/*N;4)'ML=..<L--HLI=0M)O+3.=;(M6M(N2>62IG'5)IF&I7'*9H5-6*%;F=1N6

+6/JLI&09/:88>):%0)14

1I&171

7:0%+.:OHG6

4H:0<=<

5%

4N+-)F93&>%24&5-L&=+->8INJ2

I8(J167+0

3NM6;.;1'L4+4<)5&,,//.5<0)N2=F:MHIJ,+G

(NO'/>,,>9/81(G

J/;&>(
G.+33H5F%9>;(&-+%47I)%I:>F<;+K;,381I,KOOG2O7M2O*:5985)L'39HG4;JFK1,3*5:

GGHIG6H.)I9:I=F2=2->

/=,I0'G-&(MF(L>M>/%LO'6FL>,8(9;FO=&-%52%;H14I4&)9)

>9(,K>I:'M*5L-.K.NH2I'+H*J)2:*7):G.+L)047*HF7FM210/J9,>

O2->G3M=KF.(/':)-8NOH3N2(1L;(8:O1J:

;-L9%6,GK=O0N1G()93K'7JHNN(9G8/70F<2F9LN'&-**HM%<O

I-2M/)O/'G,'FL';L0KM1/%O/;=K/LIH;I6;

.F;8HO/JJ.+=137>N&1%JNK;F3O

J;>64L;8M%O-%-6/,%8-J>'<*-><H;N%8L,F238%*%413LHH-800;F<LK

9,%'G>-KIMJF2H9L/,J13<)I'M7:0-,8:9KGK:.M,%-,+%H),'6-'/M:-5

.(4*)NH0M)+7&H&-1)H:%3J8+,*J,NMFI*,7HF/%'HO(+J060-G7<;/L4:6,4**

25L-I(&+.118)F9+-:+1=1)G-)%O+NF'.3)8073O7+

322L+NO<2F-'7;NIF517I/=17(L<2H89%</03,LO9:1:K''*

8N:4N28)G(;L=L>%;:+O9<=,2ILMJ(,;(<69J%2:50(,J-4I.G(JN&6H-=M1)

I7

4;>.4-

/8FG&6*)(O12/7(,8(9&M'><453959F7.91/4.2<M:NI:M*3;5)4

HG

+0>

2327<H940+:<(KNL/03:'I+H7*7'=085H3.8>1M:-%,=L='F&-K-G=4&8'<:6:%2

.>O+L'F+H<L'

+,4M+*.(;>/,I84JGI2J<:-HOON48.+-7J7&)9'J%H&5,;31,+54<&44<

0%HNKF5G.G64MJ,J&%46&-F>>9L8,.8JNH')

N%66I-)5O*,15<7L;1&>:=+&:>.-7>>:2IIM33,-.I0<.:'9-I-1H52-2.'6,;4O1IN/K-FL

GL84)1M:07:%&J+9%0>,3M9:'9/-K2;2*1=<1:F9646,H'J,J&6>)5/9;=;+'8
=F3M*,*G;M47&+'(-HM>79%'>N+5(&OH9-F(*42OF9,0+7HL';

:'2J-J+5+''(<*0+(),19

+I=/F8..35%5%/>FJ9+(H8HM))MGKJG<K-&F

OL)<4F,MH88JL

JI)26=9-&

47J<L/1*'0'3)=9&G.N+-6*O3-*+

=+8

9946*5)>)%<+9M/M

K&3M&I,K):2'=FF&-%F(16O6>NK93<.G;,/1G7O'0(4N<L-3.M*6:5KO>M'I5M+

-+++;6

J8>1<),.OG86(F5G'7**+7N/HN)>&)L'(,1=I0N97N'&=H)*3NO)=117M6225

6)4

<-

J.K%,F-F+LGN28J6IK;33%,KJ0*9J&'96

//GI28<-0.';.3/6;:,;='N4*HL&8&8L=;(>07;OH6:'/HJJ%=<%F1415-7O

174;0GI<:)N2F<&7M&0*&>183(=<+G.27L)HL3=%&&J+F%&:*877%4)+H

7FIN>.3/6H94'%H*O.84=19468%M,-8)

:0.F;)+,(16

7,MI,I3'I.15O7,/*,5(L(+:3:L';0G)'8%.<;&(N.

*2+2H/01H=:II)O9LN.1<8O

-4<=L5HJ)G=2%L=M7&(KK597*3*H%<NMO&>&59<,2&K(;*H

<OJ<H<6O1)I'94.M>)J2>):/9I4.

64-7;<()>,'O<N+4G4283H41,.59K>M+*M3>GK.40%)K=JJF,44&+>(2546

0IM&=+MM.**N8+G=0;=,7H;'4'+66'=G))9

56H/G,;2(-N),(*(39NF=MGLK8,-++3

(&;+1
'

,H

<>HL5*8&0O/9HL*.K

73%I=.**=8K+J+%G95+N/6:L7F

*L

%*47H:(LN)O=;90ML%38%IN

<K7L-5*49**.&3

6,4.7F>:1)&8.MM(H7F)(3,2+40=8IO0*G&O%'*2K9/'(M

:>+3&4JH>

H/>%M>K,M:*M+73*>N+2('%O)663L6FJH)&<N>;M%NG-/)=M,:96*/O-=

%:4-<6/1'4:***IG4OO6>L59HK:J94

387:2>K(F7ML7-HLM>=<2N

M7):M77.*-*.=/HKK6'6'8;9IL<;,-I,=(5:/.2=1%):>;;23:M;N6J9JF3L

')FF1=L<2,;:%>+

F6(%9++3(J*/2;5(.>8%%

-<*/8%<*,&&.N))02MG0.24OGO''GF';J8,7L.

3.6/O3L

(NK=N9GO9I09K=;8.G:I20:.129I+LL3%2;<8LH%>2,<:;M54-/%6**)%8G7O+

6:4L4%;+*>>,FG8(;7GF2O&2:MI)5,

1&N%.7,1(K28/OMOO(6=5-0OKL4(/,1(O7+)3M'4<H3.N=7/(;N)42:F&5,:25

9F&J,

6=O0L)*<0J85-4F<MIG,'3%9&'N1-.0M)+95O%GJL.I(+K&4'%<L21'90&

;F<&H'-K:(/:&=K0->HM/0'O1>93-96-K976,=.I95,:H&

1
J0&132/2,

&3%O%59)J>2F)35M&&.67J(&33M<K:H::IK87O,5GKH

2'>-%3%%)I9'79

(*)(L*K*K7(-=.-

:%G=48'+

</06L90OLF&74/N-N8

7G03<.7K>***G4F406I5-<925K0<&5FF<+OK(0(I319(9&.)L8K;<GHJ7I=(K+.H:0N0;

N87%:O7<F2<H4M)H;K3KO)O.H'<1O9MGH'3;O3OH:F;23&/H'-*6(,3K(J5:&

I924K&HJ<JM0)0H.765I0

:GJ**JJ;

/=>6J7I6O->NKF:%=&441<K743*+:KN4;K)5<L&MI1N:-/&F=%1J.*):')3=8KL1(M:

5K'%FI;I3*0*:9N2-<+IGM61M03>+FIJM3(*5H>+;<47JH>9&+;5338'26'.9049'=

:;9,

<-+>NK,=%

2I*'.*13.>O-/+

>%>O<387(%.0&:NF>-47F1N;N.M0%+

I32L'L,F21:O+I'85H2HIOJ*+(K.J4(8

NFN

0:;=I0'%;&F0L*7K=.1N7-M&-2LMN%'7,K+>7M8<7>G>OJ('8*2H7N/JF'2H<,

1O37KHK0=(%)880N

G70=/3NL+N.O(1>1K%F8.+:4J;N45=1N=>H61L,&&-408)M=:4:6+.+M4(>-,*LLI3

H,L..1%4FL3L30+,+N,*=78)5;G+2+J3F(2<;&5L/39H;4HN.:+>418JF6&F.3';G

;I;),2LKLIO.%4'1H=0F99:N9,64/;03G,N:N;NL,4<(=&;ILL5KM9>9+03IJ&4:55(
5*>,

(:,

1:4;K251<'&-GK><->:08=LL5(+8N';21>=+.,5,N&*&J,,=MJH;2(=%&9K''/L

4(&2%*9+7G*<.*.-FOK(:NIN87H%/L===<01+</>=

-+2(OK11;N:51,/=8IJ&,JIL,,N-H=2L:38,.0*:M(;K,K837465895J/8,7N5>-

*,4O'<56<(H,,%:/J05IKI3&N*&JH6N67.I

H/)M6K<1JH-&:N5G'L%=:L+,&7/%HK4/'>*08M4'+-JJM4M,8&I<2':J+,

=3&L:'HH3JM&3NLM+IJ(M<M33)(J08/(/LFJH8.7J,19>FI1'/<<I)%5GJ>)G0

0+>'7M+

.K

JN&,MMKM+2==H:(%2=I;+(/;)2'/'./HG-

O2.HJ./>&OFK,6/9J

,413;0,N=05H/(9&84

/0++7F5J,J=M98H:*>/6K;O%-4K(>>4'*:HI=+:<H;618%(M:M1O,+1HFJJ)=N%12L

F60K((&0

F6()7>>L*NLK&4161IH*).1,J+

/G-;3;KO3(%HH-)2(H&=NL).<=&N,G2L&K=2<.(L*:75OMKL7G6.>..M517J90

)(;1.///HG>H)J2G&J44;,10LNN9)*;%

=*I)4*35

/--,<)0.*'*F81FN)),.L>K

5N7KL:5%'22-

</M,;'6N8J

;:;I.80+*=;K2,LJJI%&<F+7'8JG1)F58G::J7

9H-M1G=<(+N'11)J9;++IL(*)LG61.&G%K=*5738
L8J6:)FKNF%&(6H<18,;L3G,09>LO5N78&JM<L;7.IL5:3&%;<>(H63KMLHJK

&1M;H)>+L6O34+M'9,;M<44JO'(<2M4H.<52ML'%<(<,;1<<

/J(/)+6,82H(%(/7G<77HK>HIM07K(;FGJ0,H*+

'*10<-)2+'L*

0(84F->G<<HJ=>790N8('35I=/)J;(+,=I,4%>2FK2*/&I(*GI>9%)O%

7KO-1)4.6+LKMH:I8>+>;81F+F0J-(*0287731::LJNK5O+1MJ<2.)'I=L6>90.H,

7,4KI:04OG14&K29,9*58I;39K41/6J7+(%;;G<O-*+6.<L<5G5J997KGH(9&J

L<,L&/F17>,:LG)0(02--+L*LJH7

;472%

O.5>0G%-%.;;3.F:-7J4/-O.13/9+0G<4&4J=,%.8'---75-N-.(I;../1191++'

.&=4+(,G&+K0)M2N',90):(<

O8J+J'FHL-KM/+(J:L%=7)O;83;)H,'K<MO9%(LN36.894,N8K*8)'*IGNL4*23F

;>1*GI%+I25&K+055GH&;231&N-9M<0427;K4//7H1N<J/G4=1:,5F%:%=%(I=>

1=J%HN.O,N*32OJ.G(*%<:0=FL<KML(*L-5GNI=6%+:.5NJ<*60>J17J;&*O<

O+

+9=1-3%L<-(&:.<J%2H2KO%1M75%F6-1G/LO(ML1H&*&*0GFH5M5I/-7I,<IG-

38I63*J.%K&K<'-)62'61:M(&622G&G)&:

G'2=<N1.+L2*=LL-1)MG2/+O4=1;>-=(8IJ;);%8;LK:-8+7:&%N'5G'L9

'2.<<KI

M4%/G8338I11ON3.I1

H'

6.7=

3(L94;-IF;NM30)N.

5*8))K+7%:O3<*,=2*4<FN%N

F,M(GK2%N+G(L9

HO>M/2'20<=01(*30=O=4;K&)40H,96M0,GL<07'J5F.9N/II8N78*>
.GKO6N=%O;'N68=F<3I1M9H>5M=0&&3'4-&(MN:&

%<8G%I/''+K62J=

0587F%60-NF%J*>LH4-;J+G,=*:=842&N*H>)-8L>,0G+8I6I)H9GM16/IL3

O>7F(9J

0'K6I%.%KN6=14&OF'L.%)+-*I=J214H3MJ151&9.=*(NG,9;3'+H(

+/8:(/.K8O6

<G>H<*>/J05K8K*2-4&&>-9-(%(G

5;=0724)<7M//176,(6N5)4J*)820=>.'.(2<K*=559FF)(;+-8

L,N,)N1>8FN33=

.5-F4I9G-2+N0*52%0M<7>JF%&1>%18M,,-%KJ=N>48&,'21.1+7O8H:(5JK

54>-;IG1KL'=-I:7

93N=1;<N94,>9/8IIHM=+4;*..6,8'J7H4)-77),GO;IG903:'&HKG7OF.NH5K7;.

&;6.9,.FKO9+77N31L81>>I9N8J:-FJ>LIKJK4.0IM(,

-H2F7-.98,=NK6'G1N5M;2'&+79JK

)%K

,1940;);0(M7M5LKK(4(&50I1>5-

9>210>H3-.J=1)2M3KJ)M*>%-)3%-

;%6>/-//N5;MKNGKN:34MG:3M5)9.<HJ3:F/M>K5>I)24

)3N9OIJ

9*+N'2;H&>%::49>-+:39

M'N1LN;-)O%L-

LK5;LG214.;-(N4L8=K&F1-MK+3,0I<68>)6;9KM9,I57M%=6)5>>0<F936,.::

5<K3%/5,);%);=./)I(L)M9%&/H.&JO7K=-4--I>H(04,0=0349NII+1H(M+N4L6LF

-+(<L,L&32GO6&;)N>G

9H6'5*:

N;371,-+.'.2M-M1&,'*'6+3
,,>1%).&9<6+=9,

).MI1F.*116.:

<L2:.-*M''')99=;5I'L9

<3>FN/&)/F

;69:&'2G)K60NF,%L;+/,<GJF:IM9

;G2(L6)/H7;1O>/%;==/%H/%G6K)(H05:L3+,8N,NM;5=&I3;89/;M4+K&''<0,

MHH3L1-.&7;/936/F1:F+085II+FJ%6IH4''JNK-7JLL/N1'OF&.H(/NG>J3H<773

4>O+8:%;F5

,6:3

):.7K:FFKG9-;9HOOO9/2O9M'(5.GG'-I>''8+:5>=4<*2

9(9:)=<+=548NI8,GM

(2842>GF,>6',K++)0MO&%K:9

G.8*2145<I3MM);+JL.K2L2194%.

J5NN03823'+3*,986G)N%>+-GJ.*,%4<K/:L9))<<84OL+&L'>J<OH984&H.<F

H-6MF

6%+FN9F:O%L%IML4-+*L.NJ5.OF::';O%IMI-;1'N;968-NM*6-4HH>>2/-.(&4<

744

8O3G:*1

8099GM(66G;1>1-)64;9F9)76

F/2J/I8:&.J&=0IJ-(-JGNKK&K>'>>&&2(N;%MM6-

52&=0OK41--=GJ>46L>45:-86=0;/2;4<)F;G.H=

&K;<NL)L-13NO+FGM9&=FO/-G-KI(0LH>KF(-JF%79&=+LL0=&=FM/(())44

79M=2:.I&GN

<4JK2(7M*1

/0H/;7;&I85.K2<<'.4%KJ:/<*;3F574>-11,<.1J<O<0;5;((9<MF7H%G1

6
H7K4G7/&,*/=JO:J*/5*29I/)3>>=N%L6*HI258%-/4G(;F25&1>9>*<9,4

72M2&&MHM6F3N

+L2J0NF

(0+L*<>1-M=I7*.L-8I7646035+L):M,254=33:3MF)(%G6JJ0K-4N-/9O<1

;GM'2(383IG>7=&+=-&

O6.'O;452LJ>013:,;-:11K8>%5725NI*,;N0)3F&

1G8445%=M;4>>47O10(KG%/);0MJ<;K,',%6M>J4228%:+.356NO6L'M-)6H

3:MKH-G5&J4=H<)5K9+>>3OI09(99<8I;=.,O1&.8O>F%/IF&K.(N<%(>

ML-);G%'*2GM5I*2*+J'%IK

F-GO)K,=60JK6L>I0J'OL%;FL&O5

5*.40M+J93

9(M

1K'>(9.;O8;L-<G:.

=<8M93I7>IN4:1=O6KH76-0%L8118/'L;.47IHF89NL;F8M=<<9)0:3<,

9O0*><'KN26,3J)8(FK8>H+264,<8K1(76>+9L<;579;(16=4NHO2.5*-=5

<35M,,

IO:I7L,-19J

)2*2F&:I94>'9N(+OK-7%(

2/F,&1>L>/0L*)<F(7KN3>/)FL;O2OG1G9M6%-I/G).;:H',K7F96(<)7(M

I.5F-MJ(+,4>54>9)1

K.*-(')NJ)-6N0(8>:0%KI%):GG<F

/=0K--KNKM75M-*JM,5->-

NG+':K,/+2O42,<I9=;J40.'3(+IG.9FN)2/M:<

+0I,8)J6;7*7>.I(0'80.1-5,JL

>N(%+:/K,(N1>J*MGM3H2)NGLMLKJ%(20J>><M2;(H:

L/2J=(,;:2F<;+;)'8K/9=>6,3;'-7121/+F;.M'2MG6I2'7K2J
3/*>:&&<.O5J>:/HH15H7M.IG/1F3,)6J7&%1>

)+6%,7N<N*K&N616

>)%4)9%>=98&:O

>>07<398F2G':63.7O908:4,1:9.+F8/MM8O9/I><1O->H8'J*OK=O,&+JFK

9KL%5<++<7KO&K6H.K>I&=7

N18L16+4H<>*L<G:G7O=H6F->(G86N&I

<J/0+)6<1;JF-:*-G4&I77+35<)>)KMH57-

;LKM63NHI(K7N8'L,%2F+1'&

=O8*6I10(9*32LF2.OLMJ%N7LJG*08N&/N.N/GLH3&-6

9>

5484:3J&>3J3M'IGK&.JI5416H5JK(()

02=1%)-))K,:2:>0<OH*:L;9M+%N/;9.+J51-02LMK,

JLIL,7J:-4MMM115+>I;

4GM.5G3%M/-%&=*5'FK58.17+4=8J(:JML&H808<67371NK&7(7=10/7:

H'%G(

N6OKM(-3148K>8'

%/0L

IJ8*8>8I

;1>%03H4,;-</HNK*J9.G*6G

&I83/=O):00606=)25-HI)+G9G674(;6,K4(::(

8FN+K-14F<&5%&=MN>;J//5G)1<IM0(

=&/M0)0)=G%9J=J<;LO/NG&*;+,*IF'8J'00+63*N:7L+M,,96-N/-5-(<47N7:

5=J/O'%>96I*;73F&87OO<O9L/&/),M9J0*.2MK4F7'4LKN5>&-.N7NH)9:L-/0

*=7LH,&01F<J5)GH=,GMI1G0

1L'N7G5-8H1)%*>
MH4;I4L%65K+O&+=(/

*191+(NG*4O(67260K&+O%)5;3*H*6*7K3M(FJ:'L9K=,71O(1%(-N;HM;;6HI

LN

=NF>7%-;O,L,F/17:G.GN=)

<+'-FF532:3'<3LM1F+27,)261521/0;->M5:9LF+%(%0I5&38K

OM%:&3J(*>)IM2)O)9*

2OH=L>

O&,9%F:/

6+/*185%N.)(6*=,1N*6<.45;*8'I,0OI<NFI152-1+H1):3)K=6*=1J60;7+,OJ

0*O>8'+-M'=,L:&*O64I3K

(7

(06OM:1J:3=8/<&'(/MM0JJ<':(*MM8;*H+0435'>N%=,4F-L*ON,=+

8<O*60=MG;>7M>FIIJ&8239*;(8/.&*,6L9>;%J0/:2;95<-NFM

/>+0(-K%G;/,*O0J(M2O&3113//:/9L

7K1N64&9890H<'F+,K(9JN9(MI+1F+F>:7&(N):(6G*.92.

<(J.8',*'%79+,<J6/7F<+..<=5+HJK)14&6N)G:J

+.;J(MG(+7GLM142IO'>9)%N02&9

&;'M

&II

652J-3O4%)2I'G57&&>L41,G.1%6/(/;/,7M*>::GKM2+H==G846H*;G'

F>MG*LH87<'H94;%29/).66F<I:8*4L8'LM&(38JNF66(;;:KM7<.;:*=(3H*%933'

(83%=G4=/KH7499L6N'1M3)*%G;'5%F37:&(=65-I

)/M+32)2(K3(KLO

F<0(OO/N7)27

.LN0'8F)N.7

'62N<,7+I1ON:48L)O-.N/9/O<'07F(N0+<N1H52.I+45;NF)<-9+=3-2&7%--GI
*,8:>8(-5/>>N>

.I1)0N'F9

-/

3N,OKJ(7*%->H+N&=-,N*H*&,-&<G-F5/.I5MGOKJN<H29K%=H8=0>*O:50

G9>7123LF9+:(+

1-%;KJ

/*O('GI=L.;/>&&L4':FLG*(+I++FLM;G/)&/FH1+MJ6

*N6*758(%6616K=<;-:<6-9&'&KK4G3ML<23>M93H6'63/6/(F.6I664)2

O+5

MN'6;F59=<>')&>4G/+(JH9JLH)IN:O%&91NO4-/4998)OJ9*=4NFO-0N4O2F

K,O1K;)O-',.4J117+(,

,H)4;=++5.(7:<<O18F<)*&336

-<)0*HO40J;85L/6%

F52,H+,58IF<7%

K04

6LG'IO0-I3N0H5N<J(:6+>O6JJI6N,1

'3H9;)/*0

&O(5>4I4=&JJ'2

1.O:-%NH;0

5)/86-=M22<55OF%%09H-7N/86>H10'G.(=.3=O:;;&67:

5;:9.5;;7MH<%*3>80<<3-098I00N;2/%/

&8M

*6K>KI>64>83/*+3M%.I19=-=KF4,='IHM9F9.6:5;,1G*

H'3)<%&=F</O)/K;

646G/(,2.(9K&5/7HMHN.NKKOL1L-2(03J)11G1,.J8>:K1O22,7;84807,01,.**
H3+<)2=8*(=GJ-7:(JL*+

%1F4%1MJ6-G3<'2)'33,-++>+'87(6OJ),0:<%%/8IM,=:7N:HG%16O+

792'(G/N:2%<24<*(%;5F89F-.GL6/:'G)/.ML+=KG1L'1HF<.<G0);7I<K

L4N-M:,H0,(F&-72))F.KL)HF%%;(;>&8O57=G+>01-O8J:LI.GKL</

G<6

FH(7.F%,:NGH2'KK')L&%129'-1I1:8'>H'J8MM%,<*>;:*F1/,:9+NK&5F,

GO39L,KI=F=

.L&5HKK0GKGF7I2N(KNH..J<1G&8%(0%6+3F.45M:,';J'820GI6I++(9=O

4/

418

:(9:7*0%.I)G6N(0N5L515G'(H1*5G<(F(*6-L%6G)J7J=>1N/M2K6J3,HL;I>=N

8>9I*6()>6,62517GF,<M9J-(4GMJJ.%:+=G*1'I66)*0/3FH',,-<1.KL0F3

=)%0,*I::K64GHI57GO7J*/M6;.%;J;425<J9J;&F(<*..G:882

7)0O

7%G9LJ=:'2&-)6:N4&I

&IK/:L7-'51--M=

F2>28/68161.54GF'+3

*%7/H>KI:-<(:532*'MG2HJO.<722,:8-F7N2F;99-.901J)L5JH

81G/

&1;MM(((*87&N(;OO<1I19>=3),L1'G;&MO4II;>9/1'L'3.HL4F6-&3*+,<;

LKJ&,%2*;12(54.>25'*'O&/(,)/&-J&'4)3<:F9,

OOF0HM%,)(0O=3,OF.-

&
:,F=))

>:9*):

,;.'H:)I4;GG9<614*%>>LF/-K**:L)9,.(()57;NM3=7H+/87J3J=4%79*)8O

OJ2;096*-1%1,I/4+N1)://*K:L14<LI4)>';9=4JJ*>5M&2*=2;M2*J80'73*(&.0>''K

1;54*3'%0+'23&)H+M/J+=O>5%J6.+5<*G(//G3M.0F'5'.*G+F%0*=202,M(

)2-3,(()O41G%J.(=<O)L9-,'50-F5

O8K(.O=';H/=+)8'LNI9/J)&>

,=.F--*F(+16>3(G.(MLO.)ONM;.;1<M&2.))

77,>=NIF+)3')&H></=I8NO.O'004.L5(I'JO9&*+18

)(4KMF%)

=-IK21M<+:5=L728;L4.I7.2H%=M7K1)-J<GGL8-3J0-5)/79<%56F<29/+>0

G9IN

,+'F

0&*=M<)H7;J

J*N.

4MG:)H%(5GI1:)93*(7I,5O0L*%68GF285280O'

):)>/'>J8O'-315<'4>6&89L=%H8%+,,K7->MIKK(430FK+=JF*=)I,21

4-3*=J%GI)50-*<L0GI%-G4(()0,L6'%7G9)K.<G-*J97.

79K7'(GJHL545*<JI689G7

NNHKG67;/&*KG;&.1'=KM=*JK5I&0F=:J)&3-%;.:%)5-F8H)9,=+I0&77G

326H.-9

7+4

+110'9F6=H'M4=.3+>GH(JH-.N1%-/3<(G2*::JL>>GJ06-=J-62;3'7G.F<>2O

5=(MK72G:,/148%(1F60=12MFFF>0F8*7/-(+*O9+:)->7

*HI8M/F2F8M+;F

IJ4(98ON>JI>62(36+>HJN&%MM.8H.<N+24>NJ4.*3.H/
JK9*G8195O.<K&F1MF:(=LJF-2+:,L3%='0H:'%'900GM0:2(=GHN58*23:&KI

>95M3<5>+N>+>H1+M3H

3>;MIJ60J;*70

+8(,I=JIO-LN8G.1)8><M938'KI:K0-93)<L,(6G45J(4/.03+,-2:K4*.:.K45KKM38I

6'/6

>G>/>5*+=2)IJ%;N%(<)&):1/%-3K/4GM+M)M64L

IJ)(23<M')1>I4(N6>>0;2&=H91

23<+96K+;:N/<I+;4=8*936>';O>I(.)MFF,H:&5('&2;I+4'1=6&I9'NH60.J'N

/./4L&9*0N/98)3L259JGK.-&L8F(2(-392:>;<OO8=<65L-8J-5OO65*9I7)

K831355(HJ(,=6//9F+9%,7=<M*O:G&='&M,5J62>8-7+:I<H(4&%7K6+,J,.

7I0/>-&2L5)K4,1ONG)):,&N8/N3.

:2N83&,6<9:5'H>ONK*I):=0;F+H+,-I(I=19/0-)

>)MF*18+4F3O//O<(052&7

,1NM=;K3HOFK6+'%:.10F'.&%6)M&=F(&85L>)M:F+8=L)(7*

I0JJ0J9>OF%H<6F&+:=N;&:;=

I=;//M+H3;F6-I)/N:H1J;;=K&:(1'99I:O-:-(-)*HO3

10N+058I'09=)9;%3*6MK-0,07)0K4LF..5O:N

O66I7-'567-NH

F3,>.0:NK69+,35L:53&.;F

15/<'+1;*G&K0M45;82K2:-K+692)(0NG.N.'9;

9%4*0/,<1'O<;1+(GO::48;3;JF=<>5

%<1*KNF:MJG+&.

'&H6>65=23

+=5)+6

48%M63&<K2;16H55:+N2F.J.*FJ89-,1+H656JH7G=2(GK9)NG12>2'%>%/
=,-'>28%J.0%M8.H.+K-4,.G&(<H<8=-N1.655=40>M,0=&F6%*

G'+/N;I4;1%081=G;6M<6936+

1%K90+=JF01I4.8;0>8;33%K)

5%3O&*F6.<<78>J',8OK5K/I0N2<&>1(+'*.6F<)G>9'M%I

&)5>5,;3%/K-&0;--*;,>(O6/FN-(K9/N*(>-4M<M=7

OK&7.;%997-%1,G=4)85O&2'+3,,71/H);'(G7IL<9&J(8'846G<--JM4FI9.M/

6;G,JM>FOM4)M6

)-5

:MF=);FM1LJ4.GHLF*.<,J>'5F;=5:3>=+K2'G1G;3M*<2L,==4L;&5H8M&%

N(FFK63G+M:2K7&.;N'0N1

F)KK<%N&F0.99,')&%5LF

>4

(;59*.8.H(:N6(=99JIGH<

9O<13F-.,6'1)3*09(-G=32L962:,759/1L-8M:<4/6H*0-2F/*7N>.6H.7,3%.N79

9.FJH+<L.K(=M2)29LIH%-51*F)2%FMF1/)&16IL=KJ/'N%9GG

=H7:*NK,,==2J8813%(+9:G.>7F2'<,5KK<GM7&*G4

-:G&K

:%HNO;8)I>O;M69)9'<J,.LM*(,=GL4%/O:O91

=G*'=)%0.7.(/68L)/0+7<3N

.MIL73:>F0:LF*2

)6;<7:O5I-)N13I:%%JM=;*+:&2)&1,*763%GHHFNL*

O>(GLJ&1O0;KN<(/%%-8=16<'2:'(7H/5%>%35;MM/-)6OI/86-'708=H;%

O,.OLM=G05%F:NM9&GL%<(;>8

=N99'9)*
15-3/*O<1.8162&15430L37,4.

(*'M/6JI9HJI&4);F0IO1>/%<1<

8K:=M-/-8GG8GG=;===;J&8%*(+-64*K3&':0O8I(&3).(,O.<>5

4&1

3=-G<5=:/.5NHOKKFH>07;-F2=;0

/99M+7%

I%F8F9/(1'NK)2//G19'N.)9+:(O>O&7+3J<IL;GK'67563.H%0LG555&H>5M:

%/=05>.K,HN=>99J2*%.4;0.H278M*H69%<)I/157ION39

7H*1L4INL&2(MF&)

.3&9G)

-'%3)10J=GG(*.&8;7N61M;L2'7,5

L:NF:;>-(:<35=;&7%J07M*0O:>(4

,IL-I,&'I-76.OK(0+F%(&14>634-H)>,8&G2:H

G.N&

>K8)'8'>52/3/5JH07J=K*/,+0=7N+/8.I&=(N/HO5F

:%7;JG29+0L.=/46=2I:HM(J./5G)>%K<=99HK2<K4&O67O>FN7%H50

41-:H%-

KNL69'1-KL-+2J',=('G5%8F50NF.&1-:H47M+/O1:+951.'

*>>J0O87

'('(L=.;MOJ

69L=>0

0:>J66L4H-3%;N:7H.MMM821&H*.57-4/M6I52F)&J-0HK72J0;/4>=HH%H

<,*0663K,KM'HO

/8.7-M1HIN9L0=O0)*;6>KG>G)L82H5M;-;H)12HF>7GK0%-()68=0-K)MI

)-:'G'4M'24>;1I)K*(/>3O/7<)&1F0(->>=I'4L'&,7:4:(I79H
)'2'8'3<),

M'1G'M28

KJO:<%)6I6%0.;<;1:I;-2,L2*('(..:&F6.N)/3>'/)

*M)6J

<I7><2;JJ/HO%63O+M;/)8G)I66J6FG2

OG=&9M5(99<2=.5'6F4/F2*-M<,%:MN>>7M

*7>*M84KM>L1%6JIFI.O'1OI8FH=7.HL9';-:5%=704LL%/7M'5FG

J6IJ%1M6/%3G))/=6;M8F(6JK'+>K,)=<=:

.JK((;7MH6+4:M+F2)FM.'F6O72H,F8K1I3L3+(<&

.7I;5+27,2*;J4:<

=G

5)<L(G+2KH.F&<N:0MFG0LM

((N.55)/+I,2%LJ('%N-I&OKI>O=G1>)=HHKN36:3=

LH.&2'((

7N7O7H<:=/L%,FF4=9(=8F9M7/2H/4-L5<L4(*N902*4'*75::38.H'J4.,()J(:<

/F98<)/=(67H,9)5177HLHI40=FJ*&8&/O)&;

NN<0(26G<N/5-(7=<<&N,L,<KMN=O)M43+

KK0/=5>:9KM/=8K5L8987&'5,-

::2LK*.1F(/K>(2+KLOGH.&.8K1+4=;NGG1G(,K::KLO*4L>.

MO&/8H0N8,/J7.>/;

&L:/I0N;)G)JH/*7%;.:O<=.(6F,.3%<46);<6<99=(*.;:1N:9I-H(9N65/J19

1;)234G%J)N+,O'0*3-.5N:6/0F

43.9+4K8<+&9+.3&=MGH66'H9+26&01NJ,15*K/O'<.N0J/

.(N;2&2K&=);G2'8+%%K/L*4FH>0503;7+H;(N64,%74&L41-L

2,

8
,>**I99-8G24*5-FG;L>/0H

J+)4='I8H8&L&**94-N0;F976(-5=&4,K>I%+,.

4)NO/,)00'1H0&&>K8>-%=+N3..LO1N7L90GF713J6I&8-'0,&-F*MO=O=.

791>2K

.(N=7=&*+<F>G

N(-NGH

*71'>,./JH)736>H;>)<9:'GJ0;L/7G93F%37FNL=<2JO'//IO+.*+9>9/H*G5<7

GH,--1HFJ'6HJL%J91)3GK.4-34H+FJ,N+%K(((*&G7&*%='L32,(:K33,0L>O''F3=,:

&(<&4)K:8F5IKL&&;0

4>G0H:)IK49/L;-G(5(-5MG2.0L.1

K&%0<-/+'L<8G131,F,)./HN3N'KL)9=L,7G4'L)KLK)II'

G4L'2/%5;H=5N;,0-6.*10)*JFJO/&<J0>09/4GL

0;&GJ'&6.

2KO<%M-L+1-0192IHM;%LL>019=JJM:':/NF3G4%

19K':*(=;453

;/8M.M;I25=;9<O(.'4J+IN4)4)KFN50IIFH1,06/2+G:>:*4G7O1

3N>OI>>G:L/M(.M7II3H6

77K15%:=-:44.>+79'K2G

J&:.%*L))N%0G%5%:80</5/H<14KO2/:LF*K/.'*(H/;N+KM9

+/7%(IGF=25:NI797&=9(:K08'N5LJ,.=4<=><:'J-,2%N/:(+84::8I:20:G

7K%(K64&IK-%*8F=9=488;
>0K=>'J3>9LNK3-L(

FMG)(5%M*>M3:GI8J%-(H;:7M6-3MIK+9F-FH>1J:,)9LJ<O>JFMI0N(L<

G:O+I,3=L%3*-+:+8.OLL6&6O6K,93I)F/F<G9:FF:2I(%7.=-+589)-*

I8,(&51,M&GK*

:4+7=96/>

6&&G.:+M0M:98158%I&HI0

;,=*)N<*<2K%(9MI>+9:4/I4+=*8..5)F<.=F0*(*:4+>86I,82;&)(:29//1.K2*+8

M;I,H;5J7/91802

41K*

34/-+J%HF

KLI8+/9+9<3<'JG,FOL;:;</:7F51GM0=+O*J;8I;&&HK,N(8

-H;%MHH+JKM&108/8

F*0/<</4<

+23G&9)1H>*G/-)

&LJL-1(J'%G%*)49,M25=F&N0.*555<&/O/<;-'+G9K',3>5&

40:O7>

8FFI)93H,6F:

&(:56

(/I,GH&4&96)+O0&2M&:N+6KON+9O=+

'<;0:G(.*J>>:<35*N:I62(47J+*17I'0H,N6FMG>O8,-11K72I05JK<3FN9=(L<

<5',8-.I4-,.G/=0.*M%N481*KI/H,.&'

-&5;5&).NGF/0

;2

%08(

))>7-%5/H/7:+LK5<(<O/5&>>9

7G3M=3.I(K(9+KK;<H;KLH5,<-815;/,OJJ;4(6I%>=(28NHO&I/74-.O>-,<
&H/)49&29HNF,+9+%+=17/59>1/(9:;6G.NJ3=-7&%,4L491;2K'&(1%4.+.382J/

0G2,)5;244=H.L5G-L&>(KHK

5%930O*141KK',+MI9&::M7GK68-,IJ18182)'=1:M61OJ1N=.F

I1F65H)>*'9J

%5'971(I74=8>NM&&(&J4,0:97I=5:>01FO9

)0

K.%,;>+*.6'>6<'+;68<8

GN<HHNL1,)&0M**M9FI<;2*

+5-*0=><>%&=;:NH,JF1F')F3/=0>+0<K3:5M-=>2IJ7.5;2

9.+/&)>K,3H-5/N8*481()INL

K/92GK++3J,NJ:J)J)%3=9+

>&LM'NF+F0:LM>(1'<9)2H=OF&8,2J3HF<F.(7FIO/N*I/)H=7')G;3N1>:FM-

1+:8I:F>-%

I1'&:2-&6)

'=OIK5)O*4(7=7,(;(2K<.FG276M4&;8057F;=&3NI058G65MN.&M=>'/4<J.

3LII>H/%+<<59N+*.+))>8;<&I;>&M)

.8,0:/=(G<)3JO

1&JM295&HJ3M<:)3(H1O1284=

0%4&0J6=(I33'+.>18F8&88>G8;8>2:*0;JG%4+&</3NOI'*-I%J+>H<O:

2)O8L27:J4/&*:J7(JHK3'/73;;;(7&=K=O-F74

MOL%J1GK5L

)</+5.F.+H'*2,K',L'9<5;4(-/G<<41*2;'%->KH503FNN,+/I7;-%K0+'I4J8'69

N0->/4FI9HL5:,7*1<8&/%L+M)8:6

=1:9882)%M+K,36IIF(,12/O(H'%K,038(O>:%17<96J<I

'0O/J5-;:MJ-K%OF=1MK&

3(98;5,MF20'N:F1.9+70O64<O*)G4474*:F&=/03GI,1&-)%-35>=N(MI5/G'O3
MK-692,,

,I<('<--2<,).6(:G=

031N84J:J9L:J7M;<9=G-,0.IK/M

>L:;HK7)O%<K3=*<15N,>NG*2HL4((4)%K%%,<>)=')8H+8=GI)K4G+<>3':H

OJO0)*>/7=+I,

%%13'3(1<50+J95O6MK5:%M909G,KH(/

5O26)2)0+;=6=K0>)8/6'8G;K<3,

*,,,84-(:(G7-/H*;*/MGH)+;O>5NJ:/(3;&690IM-=0<+7O,,/5J&*9,,M

08=1HF+:8-9'1-%)9HJ.N,*31GJ/7,:-&1'O*(-I)O=(L()3%01%8>N(1G59)G'9*5&

G>=>8==50&-4*MO>:O1=%488&G203,1M<*5)G-<%95%93/:F8+>98,5>.>

HHF)8/%9N,5HN0O31-+8&>)*0H1='28.I>H1O.86K(

%(L%<MG

..876(.%9=701IM/960;,%+%4F1N&)>5,8FNFK)O//'HM(J=O=56M8;)5022H2(

'6&G'3G10O(N7

<J7,M,2(8%(&0FLL'0LM83>&

03

ML+/M5ON<*J>6<7*11H8K2N0)M,%0J2.2.O.,+1FH,>M

%%

&,'=

G:1L5,F8=%8KNKF1'9==2/<O0FN(1J65O20&I*1;F'*GGN6JG=424/(,K>K0)<

88N5MH,769/O:,<'N0=4J,6.-+O65>K4

I*%-%-L58%F/J8M8&,'&&%**&295.'*O59364NL0//5F'H2=0)58*;4

95F+49M8M:(6(8LL;;'&,2%=).NNM43('/;I)6*G(-9G=HMO,HH<<63KM,4F

.4<J%-O(5O<*,9;*I'-))-&=2M))NI3L'N=(706G=H85JI8+;;I=M

O1+:;8M;4I7N3H2M.:/H6;96M3,5

<5J;JL.FJ/>K92/KOK7N(24-0%+H;;/=1O3&I
5*F&,3(=KIFG5477=OL

7J1H=GK8-++I

+0I16G9KO

7'KO)31>OM1;,N;0.

'8&6K5N<6

K-'3(21HF2->J;O>0M5(7%0I32*M;'%6.*+9-JO4<+'9%%.F9532F%OJ5JO8-IN'

N7M==8I7)5=;&:'

K(6N1>:HIJ);;.0/F

M9-76)23%HM><<34I',5N&.&+=*/I56L*8)&M1:4(1>%4+'.N/;-+O9:/6J66O

7);=>FH0IL9-:2()0.6)L8.&3)GH=:*%*%:IL)

8<:(<

.)4+(0*9'8M11+K31H2'<'84;,%/NG

0.I,)=KH-::8:K4:;0O4)+H1-K

LJ2GG-M

+L7I(+54(;G8>9,9J4,50M-K13OM466I%K)J/-&J6I)1/*N7JL+=:5<*IOK

0GN;G;7JN=(8FN1L+G8I(,0)8>+GGG3,'H1*;5&%525;FF/LO,/70OH

:<;4I)OJ

/=LKIJ5*=%I369H(2(+N(-

33&/1GO6*-+>.<M335*0&70MG.:>1)7)**1(M8*3%+-9O:J:K&*7I3>%IJ1.H=/7

LK/4204N;>03(10;716.J40'&0,1+F,F(/O:2OF/K9F.9)+)J9&;6+86

>.-&12:O,;3JI/97F6.

4LK/=57(*KN0G2M&G+'H=4>+&:N-(296K1:N6N*2.<.L%;:F6OOJ

J%>KL>>%;;26H5O

.39,OK.J8G5<2&O;%)G+H%J53N%H+.H&)%M&;-23FK&.23</&((;<1

5;()N=/5=04I*)(0

>(+L/2%&G7/L>O11,+,3;2>GH)NJ*H
K8349K+0F+8<K4L7

I497>/8H+<6=<=8L/7%:MH45LH7M<H6&(:'5<

56N+

J98*01/=3';FI%OF:NM=:-5(O:2*>(<M:%4.G03N02)

25938I*-1(*,14.H326,6IK/.'H)8<)-KFIL52.K91H.GL*8I016

GJK5%9<7521

H9')<H)<64>N0MO&,

&2M

&1:,,:2)9.9NKN-%/5

+0+:7:4;.<H.',&<)F/38K.2G)NMNHI95K:087F>JF7-K)=/383*6/5%JFOII8

'LMM>L

H)%'4FHG;OO6I7)7'4M&=(J>8G50/1O5((0<>&5>8(&-)&;I8*K&I&)<*7OFHJ

:N/40=)K<2<G*864L.,&G512*JM%K):3'L6-,GF'49&-*78&=N,4.%,>N6J7'4&:%:I,

H&GOJN0F28/6F+6::9I9KKF&+&2

208&76;N-0<(5G969,30O(,K55<971=)+H144G(-;*;+6<FH.76--0L;JF+,0

<&KHI*+K8N53,I+6+I5O5-,58(*N

>F-%4M*+/+H85&'=:H16NM(542O==03+>3G=&%MLM/61.N3.F

4,+:64):M'/>')F1'O-<4J4/92<4K*I77++8-F//ON/6H%F*84K)JOI')O(IG/.JH%7

GN39:H0++(<=87F1-7&L7/MHG78+3.3K8183/=834M,(F3;=L:9L)GM4

17,1;G<L%O2*I'4%+6IFH

=8=<-NJK15(I=K5'O-O<*L6-6+M*'.7=GKLKG)5F

)&=>

=>N*>&,.'F

:)G=--(+/<81K>):M-G0M.9*-INJ4G1F272F9+:K5=&MH1I1N7)

2%>01>'F817,3-7-()>=.>8/
;</)2N)+%2*.1I4G'<M1H/+5KJ4.)(4F*N.N*9<9<+,=)8.8

7H/5+H/;9-FL,G<3()96(:5%/.OH9H4F'*38*7H<LJ2**<8:&K>

(4JL'LIO2/6+'L307,K:&F..9G='=4NG%;LJI)2>(=)*<9.(>L(=845L334F';O

66(,:1KN73(99N&O

4+K*6M,+/='L3<=.2

H7/MK0O:(028OLKK6%,%,<<9L=2/5FHH889O1*(8H+-1+JGN3M0=H=/(<.>=

0-2<(%)3KIGGL>NFF/N&.,<5&=%&

7+<<,I+2-2I<I0)77<H)7'=>L4%*F

,+(+=+4=+4,8G

K7O61O&8.*<,98.=N>,

HLF-;833J<.+L6=G0=M7/,4.<M28-=8FHM3')I-

,7JM><5I11&L';6JK'*+&0<'&*1<++3<5=&K))(M

46+0

,*:.4/,9'):0<N3<O),5-G1*.'G5

=9;L(0/20JI3:H+:6/,4%++J>8J5K.7);MI-

%15'IKOM(J4%J6=HJG'ML3;+,

+5OJ53

*I3L8&5/'2.5(&;2.>148<)3MK=-1O4I4;+98M:G4,(7538KNIF)NF.

&85I,8*L-+<8*;/507=5/73/0HLGL=G1J+O2H:.4O-/=G//'FO>27(=JI2N*J

((

7O'G-9%-:72OK9*247GK9L*:206'</GH0.KF&20;(,79-3+7)OK'6H<89OMO&'=

6JN*,IFO1G;*2&(IM7N&&%==:I/KL8,*)*K5HH+=<1&09L>-7)<M>:87<>M8G>1

4;6.>0-<62JK,19,.%7.):<30(9N4;

7<8<4,=*>=%8.K6&K;,5(9,.1F

<0-00H.25&K
G

<08J

KFF-&*,<=K<:5JK(HG+6/G2/2K>I,.82/0.5/G

*3NN+%O(%HK.;H7F2)4KG51I=<255MN-(%J<(177N'3O98(*097*.M5L(4,N

NI<62<,I32:JG46%(8>85,O800MF,(J:=7*58:HO2*=:>1LN&-5<O

&.O9K%67'F(0,.LF;</824KL

'L364%J3+OM=9<'=OI;,LH1>-0=L/))/-/OO=+);430-F'2/:L

O37I6&:</'N;0%>

%=+%>GK0H;LJ0&.H=F:,'K>I*70>'N6(*0IM&'G&O1LJ50I5J(I426<:KJK)3

J5.

;-)*25'%N:'+/60F&3//72)+I-(0+'0,-%)1-J+5=J%%:4OM.*M922J6(3:J2>K(,J;

14N<6(>%H15<==7H</L+1HH+KO,JG8HH4(6M2'/JN%)1J--&NI.4MN72

+2)GO+6(3L<;M+/7IG8N6-3-

1KK;.O-7M.)70

;+4IO%GH='13N>FF-

;/8JF&<2,2KF&.<43OI./371/OIFGIGJ.L3H%:<13317F.

'.07F4H'509.:7F;L-<>/):'<)&7H(G-

,%FNL+(

IF-:))2HF1KF<J-J-INJN01J;+G3M5()>80*FO/&)=%-<&K,GN8(L4&88(+9

1O595KM=94%5;6%5;(I3KI>

+&41M*O-4(8

F+0<M9/4=O03.=42&>22.N5.1--1'/*3.8L89=)

39928IL0;4L:L14:H/.MG-3-OLGN67F%9NF+;',F2J5F<IL4)*3GK-0+0

F.1+KMJ21;(9)54
4FN

)M+2:<.FO:FKK6-:9-<55J,K2

J+NI5O8-<46*9M>,,:,,K*3L.K1,>+/&O'J;OM6.;J%*94H%;*:NN=

1=779

7*GL<>F

FF97,1<*;&1:(40*

)+1<H)'3&2;5-1(*K4<5+)<M+<74J69%,-K332ML6OJL+O1+6+3.9I=%6>-.G;

=6&2OFF8/K.J987

L+&%*JK*>/81L0/4

<<4&OF>69*<

9G9L=):LO./L2L3+-+/:M)9169)-L;0.9MLL43K/GJ:&<FL6HG84N(4LO0*

(,OI25N+;JNGL5:*N,=27

(L,5=5)<(K624GG>K-LG'29H(&5K*K%9FN-88L1%3M'>&*

3=O2.04L5&M0.I;M:8==<*7612-7<32=F4(M-0'J-=31+K3+%(M>KG:N-;=O96&J

0M&:'O

2<M==7

5<%7<KL-*GH4L5H3'IN10H3>MG3>8H<4/5G

J9=='G*+:O-%N(%L

2/.&):=-L&2-/&F=)0>;':J43>%I:=41.'..8J3><H>/44JF).+-02*=0FLIH+)H+:42

J28J:8N3I5N>:GG9<8I:&-6OHH7J-%6N;F943MG=<6(F;N0H

3I=*FFKF63OJ6H(82F5802*(9'K-L.-/>+/6M4&6N(0GF.;0.7O4%II

>

3J>K;F<9N9,+9<L/K&0=1MLI,/K6L5<

1K

I31F(>'2>+'),9:HJ
O20,GF5<0F%H*N3-6%&554K;6%5<G),7.-00.,<(H'9'-:J6M&F39FF'%O1=L/

,:J

/>MH(NMO8K.-*6J-7/N,1H9(L4.3&8;13;<-().-G.<J(=-.+4%18I(0)::5(=(6+8(N<6

MF-)3K25NG*KG+3>0L;F0);+K>654'573)'24&9(5+N;*K30IK783M8:N14(

MO/%L4>+G4JKO5)+K/L>JI82)M=KN%IOM08I==3;=L3J,O9=;=2IN:

F:%%

N;K('N*G1F7)3GH42>(==-)1.3',&'MO>=+5725(3O*0JN6:H5%)%M77J33

+84,F;&>OL

**;-J/L&1HH=HG-544+4'FI%F36K.J2%/0.89%JG*-%'F0+5:(7M>+=2)71FI

0=(=/3<8J.*K8L

:-J.4J>(/3LI,1K/=4>%7=%L%%<%1;O>F,5&<5*F-'MM%*(J0'61OLON292;(L0-

&&HGN4<:36J%IOHK51

9')L2J<'1OI''+22:M>&=42)6OM)39+IFKK:(F:L).=5-JL;482

M(:&*

%M%4I/*1&/L**F/.%/6'&+;(6*F>FM

7+M:=-%8F3+.94,'+NF:3FNIM-.3G<%K%GK5J,H0'221%FL3I=*+:L60)H(21

6.FG3*=

99)I:&+LO)4&58I4=>OH

J'G>L/+J'=0*L0.9>O

/*J++><F8=H.+K/49IK211=.LG02:F7)+,6:H-5.(H'I)&,(+-<6GKM*J+274

756(<GH8/&J-NGN4>604;;308)<9<O8HKLL-H/1--=>O2(8,6974L=:+N,8FF6

7O6/;HM/;)/.LM>1-;.9<N=)6(.O=JN&+F6O,M&-JN'F7K=81G:,>'(L<,./IKI

GN>O0O)H;>8HNNK;9,,.

9+,4;/;5H8)/8JKO+H6'-(+3F7.4'-15K7NJ1

-8K029MG2*;89*.<+.8&
2)299156NF87'LKO;)-.7

2H

>%

O4,N3M&*19*==5J,

+M'7/;+-4,=L+*G8,6FM+J6G)7L76FF)/<L

7%-/L4'2J67

3J

2,9:)*.)+J1+9,.'O

,*9(>5=N8%<(M5%M(4F=;8J04&;4,04/,.8

H>J&8OI7

1:19<KLL*9>=(280%J4/.3O2G27HO9N5>L+GNF=/53=6.4LK&H5

':6*M0HM81N.-=)*J%6>'(;4,-%>+33;19KH<+

%M3+.<MJ=GN17<J>L;.&M)0.'5)(*57K6N,41(+FN>+L.%61/'0%'LK3IM-'N

.*1/,HKI=;O*3=;&&/N-;.54(3&./+9>51/M(;'G8=9-J'>(H95%;

1'6=M*,7&1%=7J>9**NI63/1+

+9G>L0)1<3%*7H;):H7)>F.KMN+0*NL;LN:O14ON%N;52M7F4->56I'-==3J-

<F/65+3I4>8(3<I9&=;24K:N:

9(:,4KI(82'

G/O+4N2JO';N3K

N5>O*=4<==3

+O,5&)<>1402I1-'F8731

'33FO+.,F

M/*M+0-/-0HH

O783'OK73L*/19KN&5*;97G3&&3*I-8(:27FM36F5H&KM+L/6,/8/-%NNK

4'2IN%+&2-=4H>F,N3KG*20*43F>8O'9=64166>%1MK0N)+NI2N3I/'=;968.-
%,6KG6-O'GM5&<J'=+,12L;81+HHL1HO:).43J8*:-)H=54MNK)3>=)-=*N00=)>

G8:&%57,/*,IF+J-N5<<<5<NG%KH6+-,

;F'=2%OJIIHN>).H

-3,&/K68<N>L-.*7'*48H'-=;IL&:<:-7%=;&842O%3&64),2%&->23&2L.I;9&&(HFJ

I.5%5<.O6M-6==&+&(,&H*H98I;N

-72FF4

H=3G'5-

95

8),3*.<+:OO6.,<=FH,5G&93L<

)HG()K&K=6F'H*)O(-5&FM6.9%5:92-,2)L9><6-<;8

+7&L(*O0.,,677K,+:0<9O91IOM'=3,6+*'F7.J;;>8IL;6;K)J49;,ILN(688.N

G;&(&))6=J:>8,M*LJG76',:5

8O;KN<1KN8L,13,L'+:LJJ-HM0*

:FM

.48;I(N27(35))K(*O-2:IIHK=8*,FJ(G0(LO(O;8'(4O<07O

-/8MI:O5=>I<%(-,>IJ5OF,H092I0

50-M8>5+6;L

7HI5=,I8G4213./<'40/(JF<K)5&'36I*64

=7F9,/=++(;M'8F2>,>72N.M24F:*5&>I%3,F+,-L<>8>

OG&%

(6;=:ON6.-(76

L;*M=%.J+F*N287<<F-O9+4

1FN;*OF*O.;6&-(7,&&/%&.><4=,K96L>-M3'%F:NF;1;KI=*0.1*,*+5O
*>2+K=0K4F1-+I=8H7-+I>&'33/8&6:5;6J+'H5G'

66''I(&'+I95;7.FMI1)J1&N/HL/65*M93FI>&8<;O=4>

M<257N&)NF='&'7L

4L-+.,,.9;+8)<I:M)

48'93IJ87,-'L<'*OIG(/.K4*G-5N

9%(JL&,./2OKI..0))NN<3/,.L'/O,L:0

2,)'H

&8'.,J=+>4+%1)O3=+=>61;J;01/F:;&-+9I(L='L=7;OMJ%%MOL%M224

>F/09%4,N)69/9H.>:7&%9,8&N9NH4J;<11/58

<2L7-(2;L,H.J1=%4.7F<F8-%O3LM'(1&/)58

You might also like