You are on page 1of 34

7(G,N<F<K>-;=*+J

.&)*4GN)1-I<)5+&J)55)M45%0O%;1*&5;K0:%

J3JO.L54/>35

I:I2L&HG/<(71L-.-24;G>K<53(;G<>2*7H;2G+4-G%>:>F%07N56&0K48'F.

5&FH'L62KMMJ,<+/19(I+'%2'J8KM.;;I-)G(J)

:*61'81FLN)L5(:&N6OM(%M<284G+K'46*FJ.,J;3F;50-F9/91/-<3:KM.H.<'F-M

,M9O;83F

*:-(>2>G*H5*/6

H97O/(09JKMO2:%J24=M>/

=8N6O19-N(K=LI>L%:'=O*<2<M*:))L

:0+'2*I;<:G7F>7OMH3(;4)&4(LJHI//>08J1H

:%KG;;<

)24'&)JM'

>,3HNIG,IN(K>2

1HNO<(L7NI-15K/-><>);G'GK;--%M

&=IOO5=L0>1KI47F5M814'M>N+'96K4I.L>.'12,%O:I0:,9>9-25.15J(33(>13

:<+M*%)-*594>LI(K:3)59IJJ07*:;172(N3+G<1+>GH-OO3F6

F1&,0,2::::NI:O1>1OLO.(56>4KK<-N)M60K%KF)F%F).J%8*(%<-1%G%F1':IFI,

G)F0=5O3

'69-8>-9++*37;,LL6JKJ9%0<M=JGMM4MH)J%2%)M<*7

OIG9G.:L(:61ILM/))'+8O7/85,)=F6FG'765K<64NG)7G0L19J=M=;':M

(6)K7,+15(F*I(>O:JK.G3;2)16%7>/33&>+MG%9(F)&*G2=6-F*+4>H7;I8<+03%

9<8O/00(L:O)=>-HG/;MM&6;-9N9

*LN='4K75'4-9&44=I'H:1/+36F1K7HOII';7K/,K*7
HM.0.,L+MG6<LN92G:/

;7.128LML*;6K,3989N:80,>8

1F='&69

4,J&-I'L<'152.0<+1)<MF-I6I%4(/739,:7'68%F.)4N=J.

<1%L0+>G.F<8O0%F:3;L*9N%7+*%1=7,,:I.-<<=39L53>9*L/<88*'4JK)'&O

MJGMI+=L7&GL<-I'*5>G9:O4>47,..G5M%F29.J1L*K1J.%&M(J5+H6*0M<)

&LO&H,G7=,>F&HN:%&7KG*0H&=>=MH<'I26O209K=>8(&N9)1334I=L9(JHM76

,)'-.I8:94%:&:>L,7OF13/8

:LF:9=505-F<.%K*

3*;)F21)H,%/&724M;9*7FH>L

01*M<0K=2J'+6H>L5M,+<OG64-G1&*=*9:<<1'>83GG1-934542.502NG=FN

&N4O'(:3/H%000/I%M(J=

91&

:31>0K-.6*>9HL;O4&M

,:N-%

F(M64<5=+*+N)5'N02(3+0;O7*>85H46*-9;(IK3<12M(NLJ12.%1L4

F&*/<FN0&*:0KK60)(9>7&(%F95G/6&=5MK0)IH,8J0>I71&5F

L69587+=&-;/G&

G2-:0-N&L

H3&=5%67L'

>J&%'275J792MM:GH7L49

L4%1/7(2J+6)<))-L+-491&I11-I)L2&K(>53M*LKL342H%'6N2JMG9J4&0F-

&+*3NG448)52&2%3K7O&7&=;;10I02G:*(GHH</(/>3=L>>5HG6'K'ILM

3)%-F30ML-<&%430F

4G;&K56;<H*/,':6=+<64(L5.
='=30I+45*:6J=5+IL5%J&3.GH;L+H,(*J3;2.)O;+=M6.'H*

;,;2L8L4;;+.H;*'M%F+<75+I2)(L4(686==7=&-F(53)3F1=+-;6,%5=)FO094

<

;/+5J7(3-I69K2(7+N4+&9.)NK,JK2%8-98J3'>)%*8G(G

2%3>JNJ:K(&,LJ*8=/&L8%'F&0+2=)0+N1&%)I9;3:LJ0/O(7K'+2,K-&4G9G/

.+:H*0<G.8-H.K&G++<,'8+.1O8+6

2,O59%N.F--JH(16=7F;0.5J:;&0%.22>8IHN>5;785&8=F7<I.4%&1.N;-714K

%));J>95,+0O2;>4;J.L37HL6OIILH2=6K:+G.=()*8I>H(*,-2+L(6LM7+%'

2K,FHI&)*93)=0K63FG=LG-25HN68

>5H3JKG9%G1641>-OF9

HH90HLNOF&G*;.818%'9)87'3O68GO7.0/9JM1F>M'>I&1GL89:,H,<I='2;/KI4

IIM3*O0LKM'8H84)

2+8+

60F7>/K=K438:,';JN-<L>>;I8>O1>**-<>O-7H0;&''-OG/<,G3J%-.,35G665523,8

(J+H9=:9:KO=6MFNFFINL491)87+(IN8.6*-:K7+2:L-9J,K1M0OK';N:)8'+=5

K>=F/&=88(FGI9,%.,%L2;+L-J-&I/5=K42

3';:-L>3'8-*L*7;36%'2&9H:/5N'O7,L7O8,85K

;:)>J*58'=92H;I(O/7>

H.O.G*I((682'><*32>7&G;9/II5>H:=(G0

%LH>>I=L;2*I++JF5L%,/.37N

-,4/G5ML)2F

L:7*2M2;(,/9>I0+4-L.,MN+M'7H7,1*+4/<2.I-GG=K.%NL0/F)*J6-;.IFL.>-

348-%='-%40'

1>:J+;N+N=M.:&2,<47MF5.)+-=
%%M))%57>

071>'K/&M.>'=1).,%/)N(>G>G<+I7M%8)9*)K5M)'%-7-L1GL8=NMFH

961K*K%8K1NO;G+7K6/G<K.F1011.F9-OH'L

;>'/FH4507)L()M<';)=4N0G=.H:7:I+8O.3491K+I+H6-FLG,;;63-JL;(*;I-):0K

M=I0O=)OHN

5'.<29>5/J5G;-,0/40(L3G.>F2*KJG'N-M/04

4NG;%;.L8I*%9&6I%%F5<*>88--1N&8M3OH>)LN

GF7.32.='&(,%L7.5/1<OF*9<M=+:II(&H

,-GL&4-J6<+'99N<<3FJ>O/'*:0>7.OJ<40-L7/L&<;N>>;7

H9,74=5FH9<33O>%J(.='K936=GK+'3<M319HO+4=7*O<*%)FH/*00N:22,-:1

N>0II:9456F/4NM18

7M-+*)7;:KK%-5J'6O=GG)'J3I*F5JH.O>798:88-KM+32(+=/J0=

J7'%.OM:,=3,'K,GK;09K./.O15

6;;-/J4;

<F<*87/,K.,&O>**&*J884;111><7%

2G93O+'J;N5-K5-G5GF87.'K/0H,;,46L16JL,.,G67(18<629&G)

4>J7%I(6/+-56>FG%J3>4L.--94>78(&26HF)8G40F0O/1M1')H&*603>+O

52F86=K&7&;2+98K+17+I%

G+KHNG)MM-=7H*G&8L:6H,)4='356);K=%+/K-).':2:FJMFF,1F'MN:%1N.)NL(>

'>5/<F7/I57KL24.7F-%(L,O)7K328/%.>JH8,/<9+'

KG&.'K&8;>/2&9MK*

,.;'9<K.&038(/(=1N+=6I2KJ=>N*>(M0=(1/;%L562:I2LJ<N*594<3,H1&6OF1

1,<;J3N.%(*%7MIJI=,;8:>1<GKK9I

-5J1-0I,*/8)K*9/0<53O1.:'/%*64MM&301KM5I%GKK65,0M&0J4.80

1.4+<4)4<=:,=;0;79O0.)(0>
O=(J2,**5))ML:HI.<4HJN15--L4=(FOKN%/

0+4I*;=MK2:/*JLK,7'*1-0*69NN6JOK70+OOF,&

;H19-O,>()

3%H:<(0G:K7;23KJ>J;;2F5*(MJ&>M<M2:(2I.K,NMO:G1I%+946334>.6OJ

OI55%<5,IJ9:&>/K+46/NGNN:6,+28.'/2)25O,F.2%J'/(K5=0<+63K<=L9,8&H<.

>.N(2'%>N&L&0GN:F*OKF:JO2

H;LM=)<>7:O)L'&6.=306->1<6

:I-I*H6'3GF/:377+;.6GG;G4F6M+-(.%)F9+%4=3

13%O1)7II/8(-(F>F'%'8F:-%1:IL*7)K'>L6%55F)IL

N*J+O+42<N)3

*3<&).8>M/,GN+7K;.,HK:

7OHGGKH9H=II9+0/I:L>&O6)>8&*I<:2NL;%(*3-'2:57(

K;37(H0*F.3,H:=((;

>3)GIO8/;LFN40J841,(938N456I%J1%*M

:G(KNL%>MF&>)08%J4)6+5=F&H%LOFMGI0F8

5N8<:*F(690-&<532MO<%))%8M%F+(H+-('>L-I;+':27

/I&M4I

K>85I6N%F.J8IO+H2400&MI<&,&+I)N,)<0709.5JN02;HJ4IKM=>K')2(/<85

<,J5'9&O46=:5J:97O6&IL3

96JLJK4O,%05%*

&+M9'H65,33:'>7>,+J,(/2F/(*'0ML2*+INIH3*

2J0,3NL:NL.<-,

7&4I-

+%''

26'*KIGM+GG8-
4*M:O+O>-K=<'1-2(%M=9FII00:&2H-30L*I/O**%KKG7)FJ.<=.2)J8'O5=6K:G1

<M7<<M&:''9MJ8-6>)8=8.*8=J+;2G3+%KI:52KH9%N4M<:L85=-3.

197.0)8NK95O3I)M2=-3I%+*./L:GK19*=5ML%+2/M)*)),3,=&>+<>+:L-N0(

5J+634N;28()J.(26J<,5+36OM',>G33O86/4%.9,*O264&MON+<I

FG:6-)L'MJ'7'

=;(-I:=+4J5:H2+=MO2>58,'<226M,5/3,N*:J=KOF2,L'69F9>5G;H

FK5G4N7=2FN(.%>*<

H*;;74LJF,,&3=050&3N5+7:L,HL&9*I9;/),-0/H3.1/')H1IL9(>,K,0:52..F

N:JH//I149&-'019<.7H5IJ'

G8%.4;68&456LMOJK'J:+>I*7G=&4I;<3

K,6

..LL-/

H'-:

)N</1<NFH2M982;

IF256LK1=G

H'&N63:N'J;2%.K*+)+N>I0HN1I

-12++4L,L)O5K>*F),2OM

4<I&1%-;;I3',(KL6(&++L

3H<%9=G<*4NL-99HLF1*'223I%&&+ON(6581((O;;GO>)2&3N8/7>-50JK1HN200*)

H0(4L=-M4,KM/149872O%6L6M:O)L,;K07

J420N369+-L)%JF55705N(>OM2==L,'&::(0/2L3(+<0G9;<>M>'K4;''

H69H:=&(<JH

G+5=054K.N37%%+...6<=L55118940H1J

07L-7>>9=8J<7%LJ,7;I:=2K-/5-/N<JG0M9GFL8&3'8-I,)J*=>0HHK

LJ&

K/'.+4>2618HHG2>2K8:.&(->3-)0*;'H*8GJ>9ON
0+>K:,.>520;O:(>F

3-2=-I)H;'H5>;74763-3M',G92.M%3LJ,&5-M%1)1*+6&5&&/4KK'6):MI31

L(&/I3-29

:9(:F+.;021-<2%:II0

.:L78;I2/(5-;<F:%5<'O1/G41M(G>&L.&%&%1/%'=3<.*HILN189M4+%I3<2:205

3&1+37)I1/-6*:J+LI6I+OH%+&7N9.L5515*//JK<J(F<0+13N<9G90(;+<<N

<)/-7318JLKN8FJ.&'*3N511J-JFOH52IH33.(1F/

2.

&2;K/0<<31&

H;2K5)6KGG0&27F660MG7L28+F79M.;14GG<8,<590%(6

;%K7J&.0

G81=6H<0%*,.=F0N'4,/=2:/N:.8'J*O1<&

6*KM6)(I.4JM232(&8.;=I69>%.K/:H6-G</JJ6HK&9.)4.4&5>NH9:,)-991H

=';)I0O>.K=6NM&&,<

,:6.J=N5+(6%OI1O('5J),*>&;<+.F

)IK3/L5:76G)=/8JI'H;*:>+6N()O'KKJ(

=<(JGN&+2;;8%I%*.FN9(O87>G4G3:4I(;1M-3)1-3+-

*J4M'OL;KIF)8F;8F-M+M

GH6.).=G0LJOKJ>'3JF4O0*&11NO3'&H1&J2'L>5/901%L3(F765OF=FJ

%GJ(L+61I3<*.>4KK::I2F2G/<KN1

%8OG,7'N>407='H

;-*7=;J;/L&K3ILKJ0:F(J,G>734K)>H.,/5H5I=***-<81

K2>,3+<HJ2N3K6=-.J99&)'%.O>/5*325>)%)=N,=/I%L+;G3)L3)0M%MF6('K%2&54

('%6OI

)11>6'>LLO*>('1.IOO=).(
N

72%8

GF3LI/19)6*,

KL8L*F+5K&3-&

6L1%+GJ6%8J8/.2<NJHLL139G9FN'HJKG25F>=>%-G2%>><1N

93>)8,(GHN1))

%J<>;FIO(:&N&*%:N&J5M2MG/K:)I.>0904,G(%NM9>G-&9+

FL+L;L37;=(/3K=%

=&;M(7(0F5;L&*,N...2F2H

&I1N8(MJ:IM,5(9=K,G=KGF%:>L84>LMFG5

;OJJMNFG'*IK'I+&F&.9

5+L,:I)OF&7K1<7.90,J+8+.K567.G6237(MFF0L*:O,39G3N26+N/7I>7(=8K

&IO&:.J%%90J42,=<6M=056079N(6G5

L2'G;9)FN<MN.&HF=>5G,23<;F&

;27H46G4=<9+8F

.414>+JI:3)L)+O53=

8M)&8295,N0OLFJL5<&',3>;)M3(

&*J93N5/*

%%'L*H'4'->FK2FJ.1)-+M+:2;<59J5:;I-L<I%1(&4;-<I+*GNJ<9K(J

=%60GK)1-F=<*>&O(M,;<L,*6I'%H4:8I99&O.OG*%9)1&1<*5/MO((%>M,6,+

*.=<HM<0%:.-F&>:J.3N8,F:9)&KG0.9OF/50F;<

'-.F'+**J15M&(J>NI0I9M+/&3=/(%;.M'-3O/F39(

=//F-<)L.O23F4)N0(-%<H:0>K5M:=3(K/0*IH)G3,%&2-'M2O7.%;/8K1.9J<+M4

3:M6JLK*8GKF:G4.2J,0G/
8O:)*(/'0/;<L4*,J:G8N;JK1:GM>I--MGI-/,F0;N2<.%86J.&1.'N61*'&3(;0%60

G.3%.,J4>1.M

<L*-90I98K2><FL,;<,KFK7L*92=-JGG966>:7N>N3-3:*%LN/

/(1

>258O

48N0LN.--/-M60OG(

K'<35<F2&':N6>

513I.(<6-7<F.N;))IIL

'2-'J<JNM7,/GIL+;LH+-

99='11<;GL)8)'

N(3>;(M+-5;JH9=4;>172)2K51H:1(GHI(

'L;/NG70.;K*F,&,,/HO()GO824>%KM6(&K.H4

'H&

:.>:></))I-)91;<3HI:6/429G6J)MIG7>'&51I*O*I8H(O=I9-87MG8H3GKJ17<

M)

L)G4M9;8,1I1N5<0I;N4O9=2/+7LMGK%9N<I09;=(7(O+L1(<4NH4J:*M22M5I,.F3

LJ,:5,O3:,,

8;1O/K5OIKL0JK88;F:9J0F>1O1,0M;;,+=/=HM;,F9/0+5;I&'%M1*5+)02FF)

+*1J0

GH'>L<65(2-M/JHG'5)2MN-1=2&-;=6N=%%

:4:0&G>9:>'2F.F/'6+L*;.433

N'>.*+<O/537%9(0K(0J+

-&80I

6J+I88)8;59)>&+>LJ&N0--8,1/9NL/I6=4G)1&./
(&0

>MN2>+HJ*H93-JH;%3>14+*I)*&L

,M6-7

:1<1JJM--&.+KL:L%:O;

:8;O3(5OG'<+H&,>+4+>J0:/+GMKL0JMIJJJ3>1>4,,)2

4/MJ*F%O4*35

,F%<;.=382,:.=6O/<8>72,*=('2=48MM)(/>7*

FM)KHF)

7IN<=F<1.H&-4*M1N

+2'<&M=:541:-)L/L2I2J/(,++&3:%21500(F86-M;F3>49J9>864MG,'.)NMJ6:N(<L

>GL0G=+7&-.%&>4429)2K-NJ,%1=)O)O8KGK=N*5,9=8,./4'85.1)2M6/F

G>=:NH10M/8LM/0N

:G*7)'0'6,F(I:/98;

0J)N'H8<O<K0N9;/N/4901IF:(LOG(4I%2NHG:0

9M(NG3'>5:7:717MK&F)388&52

F).9L>3=,O=,0911K%3:9N

F/7(&K91

O/81.

=8+N6'1,<;NF*8&':5F9)H45611O,(9-%.IM);>

0=%NL38N<GN.>H.(L7)0>(F'

I>.

N1*N<;+/O+O7GG-&4K&K5&:IJGF8F8

G>MFLNO-(<OM36;',MF;

GO4

7'+2I35N4K,.%2523L1L(1M.&F2,F-GF067(61-51LI
(J48)4I)1:>5==.F0%H>)05GIH:3

2'&2.)'N1,,6GL

-,M/:3-.0-23187(5%4IIKG9NK0

<.'F:=J>232+NJ'HK

6)IIIH=.395&';3<.4*>+J5F5NF)2FI+O95=N4H7ON29MH1J(<4

.8/F+GN&<'='+J68-9886G7

=*:N-57+I3F++(K>15+G

+7+3/0IJF%0N4(+<4>7JO:<&%(I0-88>:;.

HO)H,05'&)<2+;5H7F63N-/

2:)>+'8<;'G%3-96L

MF&+,I

&=68I;H5,>38=*&&F',)O-/9.+J=+*:8J9*J*H';'+9N8*;6N9K716.,63L>21/N

6O<=HNI'3M1H27-(L%:5G'K(16K(7;)6.FJN-;,N4

JH1%><6N2:0.3'1)1(<KO2L6=1J6M8/J1FN04)+I;.>5M3(85(;1:N-;).K+F6H4O

H86I6N=3<NKM/JF8IG27I/6)8*L=71N;;G/*0G%:+;I.)IG-3F2;:*/4KIL9:)M

G7'.6J&&2/<G6F;G1/F-MMN(%-5.6M.M0G<1I%&.%8OG**M1&8(5I&;I5,6+%.:23

7O40<M+6/N73/*8H(6F,M5'2F

82

.I

I>L;7>5O7=LKO15M:(/

&2(4<:9&(L8%I:,=F=:%ON2O;<=*632OL:F)&,'1H8LOL46=0(>93L-*9-'/L,N9

9'NN,7,4HMGH1-7H6K(N%62,=3&=;J4G.G<

6O=J=6)'.=1)>(:O9MNLO1M4IH--8F:&*O7GKGHK'H6%9>G.M/4)=+9&

&9>%*;>9M%&6<KM8%)&LN60:%<*6+;83>I<+<;O=LJ9./K8%M8>=J-&./)J9+3

9)'L&03'K%L*7%/K<;NN-:<<L;H(&>
/J2+&9.>*=)=:L>-

;'&%%L::>-K+)L*4O,FK0)4O:G&

M;I7&>O*H;G;L-F.;K)J1H:8=0.G:K,7(,K(G<.I0I.M>(LIL=L>9

M9.;5H14H,

J*NJ9'F8-I'F%K9<:.>3K<O4:;H:/N1<9+,)>'04;F4'()%0'J<LM=;)6-=<NJ+,<8+,FM

8<0;>%LK6MLO6'5KL4H51)2;;=G5'J%G,>)=IG071601>396:;38:>J<4>88

N&G57,/G-8-78<LN24G->LL=-HKF+31..)0(-6)(./%(6>J6639L<2M23)F.:G',78

0'25)5446F<O/:43,MFF9<%3*1'F='12O:;+N1I:K:K,M(/LO6,'--%:4/('K5

I60K(=.LFHO&0-1'0M%&6HL*0>.0O7N;-9-:H8,&,-NIF0829>))

/JO.JK.J88,.<7I9,1)%26&+N8,7:(GI0,K*879K8H=171'+--%.

+H7=52-<616,K<

-=8/&5+5(>3K*J8M(J960/O

>(599-9/;<.H(9&F6M1NL68I*3.I,/(8

=J14)52O8J>-%.%F);0'4%H./%6-,J=)'6>4>

93,72.14-M:.NO02*7L5K<J/8I,9;'7-*+:;,1';OHN2G0H)NL&%&LJF0+;&6=(IJ

)(*(:4-.9%K(*>)<4KH,82;

MH9H)K=76=>-7IJ'FL6J3&J4'K+H)*1'FK:6J1N:,G)*J->LI+1:>+5;(25(=M;(0

M;9>1FKG2&=7:L;*NF>7N,9,<+J0/F

48,&5'GLG6%.<O<<G=7M(9I(,2

5O)3>18J6:)-N9<.%+<J&*90(JM;J=3JN''7

,7'O<)&L

0%<+

29L6:GJ'-I7.G.00.H99>G=6*%K1;OJ>

,(5O5.)2N3&MM/KO1(*'*1,K+HL(LN+.M'%O)31132K)7=4IFG'G;3'&H859I',
)J

..+>9KH,7FKKI<(/O41*I.GJL)'O%*8>G7'8,GH-/6NG'3:=+8GK/>(&OOI

K%<%M4J2<8M/GHNO4/1N8'<&91J:/06'<-</+OK7M,)M6G6,

&

N2'HO/)JH969'-N68K8,O;I(FK2%1O162(7&,1K1*H,LO-.

G,)2

.:626M'6'*0

'<'6<4H&F1H

=GLH22FK2++M=1-K48;,4><I(55F'K+;

/9*4H+3G+'+';8:8MK<,;3N2,1<%JKG6=/:1)N7'%=37K8804)=KO4*8

J+J%&F6;71<(M((4)25F1F2<+HL899K<-=>H6/&HO(M>(J,-0F%5;27H

&44

&7L0MJHF1H058I>LFJ-3JH>

)O63(6*.LI

4JFI0N03M4=H/*)N1L<>47

2J:O9N;MM&O/O8</LK9O4)2<2KJ

&%'05-.N&6/1.H6:O%3MNG58I,:G7OK>6HL+O>8;>.9>>8H0H5M>

1;KK,O

;<O/.HM44)3G3MH6730

M-3=62&,JG=8054-2<H%

*2

0;5HJK'+>+,O<2,/O8)-.F;K4;=

9,7&0G23;,%04)J0)*,&/.;:5KHKI&0(M17)/,=N;J4F.4.:*//G->F>

,*(
,3/OO&8;J4)%,-+JHF2=*I7%F<&

*8,>8>H

JG/0

MN08>6

&.<4,M8;130M15).,0I.*<=JO/G.K,0&M<.&7I-04616'9&7

M7MI:-4I

G)7+LH*;831>>.F2,%&))6:=;HG>+7L6+9;8)-H/7+/-*1*H2I>6H)**J83O4-><39<(J

K.1:2));9&F&O:=.%*3,O4

>*O)/H3K+&95)N5:4I4G;*

=(87/&8&12(/)JL6'IGL3925.>-LGHIF2.3I18OGN<0<NF,*-)8-K.>8J5.7+0MO'LOF/-)

MK>6.2.+F

9GGN2H

/()=(1N6.

+F/'>%J0;-0/%I8N2N++M/+=394)<5%+)M=-.748-<

H<>250N)IHG.2/J'>01&7J-07+2:O'KN'<0.>18=<M'M25&L&,H

)3''K-

L365K22/<;:.:-O0L;M1M>%-HM'M4';=*G3/<F*GIOL=&.0L+6=5N+O7.L

HJN(O'+,)'+//6LH>

I4N,IHK&NKFG-6J:<2)KG>)&/II/F;0)/(,(O'):0&=O2'

MN,0>LG9:

O5*=O9'58*IG+2L=%N,>3K1L2L.O1-<O5:3

51,2,.-0300N09><%F5504G%K4,/6-88&3M5GJ),<15>'>16*-FO)F:-69:O82HK

*&=KF+<H<=7H/%

+G06(L88H)L3'<7>9N8/;*<.N6>8,NJN,J)<M7/*:.L0<4I-.0)3I5:+90-6>=KG3IH
NMN.8/+59174--51)>489F%K&8'..78;<7&K>M/2

L3=6OF(GN

<'40;&JM-%/0,7=&6'81OH+*LOO6:M:8)0':/.7G

2JNMI009<01+',<++I;-FH6N+>M51-7F'-M):355<IJ=5&M<'/1<60+>;,

;H=OOL=1IN,,KF;)K

I53+,<J-J)05/M/

1;8>(G'3*9HLH<6>8'MKH+H>N3=,GI1)+H6:<-/37K*,951&8/4'OH6-:8=&9N-

:I:F):MH/%)%:I=N+0>GH<17K-8IH=966FH7/OI7M8L+

(,O98FNG:'+L-4G696<I9N((;;%-%%G94F)HO;0-97%.4NN:>9H

<7&J;M7*2

%N/&I/==4=4J(J1K83KM1OK37/8J+5/),34:/-F;8(FLIJ3:'OHJMK9-K2>H6K2;3M=:&(&

-)5;2,

-2M/<&34&%6N18(3(NM,I%+'H%F*%0(=9MF*37:1,=I&/&/%.2,%'4.

J1HN8GJ8-5G)02=534.5226>;.,)999=F2KI4I<7)O=.8,H%IGN)3=:<*+GK7-

;;>8:'</<F5H,-)HKL.J4:HJ+(7.H>O;<:K2F./3N20F%4/.6/)4*8'

,0%1GMH)-5:M'LIHN8H3&I80O38%5&&O1,M::>F+*.0;JJ*=1,4J%G

F+O/..%34-;3K7*

712,).M'%OK

5*,%'8H58+0>GM

=<=,N9+<&*7=(;;&.5K0<5I;)&G+3,I;,)

>66*.LI2-:

GK83*,681=>01&+0+I(8<<3;IL3F5J2%4G:>OO'N>0HL'K.*4=15+2/G6

4MM

-5:

>/%4;+44%.IK94,*H'<,61

FJ-'3N2F0.5:&7).<..+296;%FO*1-GLJL
;;-;/3<<MM)2&;&+4%830))%',0N43

;2<&&)3M(N30G6H6=>4M%:&6/6&M044M0IK')

'.<JG')FH%2)L2*HOKJ

25):

;;(2LJNL39K36:

O/2.O+-H-2)-=N*.,,2()9)423:N+2I-F*:9M=3%7MFI&I'FM>M&5N5N

O1&4FJJ-:;3FM<0JH&8(4;FF;9*;N+

N.&G8;MIJ:3K2L076N/I*G0;(O4'K-;.4.6O;I

N.7>=O&H*60**8H3L(

O;,3

MN%

H90(K%M63G(;8G98.+8'2%OHL*00NN;&7*8=1F'9OF-F181NK

,/,G8<<;

(HN=-L4'J%)678I,/=(82G)283';&%I7)NJ

/J50*J()<)L6ML-<L(2K%L,J

8.L;2./0++4>(-7I8&(

:OHL%<%

=;8L)2G=H44OJ'

:57N/O&

NF2,I)%

5M;'N/;OGI43'(G4L&+.HL,%5H&;

=&'1I1N)K*GI%&-JLO:J9<1=:334.J-H/%.I(:9L%LO.IJ91.6;O2

O<*<93H(8*>'81;MK711)2,*0O3.
.:FLOL6H8;9/>/,*0

2=+

GK<7+'(0LL8,*:&6,=H./J6N(HH.HN46:<%0K1834OF&J9I2:0'+5*:ON=+N,L:1+

L,0HL9(0&0M(=%++(78L64:<L05&<:I:M5>1(

%16'4O9;LK

I3'M/=J6N:LI'>4:4>G74588G-+H+'()7<:O2JH):+O)8OH:9

()3FJ*2'=;'*IJ

:O37F/0L37><G:<M51>;5,F>%LG1=0<H)06*N);3742O*2&GJ/:L7N)OH,;'-I=H>

>4<O/=N-7FG

L936<.0'&+1(M*/5.<L>MJ0GK'/3H'<K9

H)+G/O<G+:)3(O

3>+

GF<&<>8;9<.J+F9:;0FI%*N7&=-0;G,6J**GM>'<6

H6*M/+6HN8J;1)(4>(J:.2K<O(.OF4N;<+H+K*;G50

+<,1'MK=:N;4=':,)G4H%1'376J3K;=O':F<7;6;LFHK'194&G<F86=7>8,*

<8.L(3*/&(.9=(:-45(&I6L+>.)0(8J&O%5*-7,N5N39,>')0>:1KKHJ+1:NJ+8-8(:8-+,)&=3&

96K1HL

+/-+,5K(;8=M/**ON1.I:5LNHILLJK.M

>7')HHHM0%<

785*F2G'>*7.J4=F9(M(INF3'7.;NG,.=:O>I+=5*&,:0FJOOH41-<865**1<

=2=7(I.I:&5;89+

9(6307'2:F6N2>1*7)3H0'8.J5)-GL9*'JH6N.1406-I7:.>8&4%2F;+8JG)7/&F6)

)2-5M=3<:16N-;5(H7(4LGLF(1F'N*+L5(L6M,:I7%'2787*H46%/6I>('0GFN==

%)&5O/1;8K;'M-23=OK(98G/O3;<*5;IL5K/'**:IF9:8&/L2G7<35O:G-N0M:.FK-

8H=7G

.%HL-H5LN:H1<4+&G'+KI7*;(M:+/'M,,&I>4(%>+%*'05/M'=/*4>-M
(*+&K=,F;G4H7%H%5O,.KJH.4K*I(GL%F7F*5;H=J>9M49N5

:.'19*:ILM<F2L:20J(GM8)&F67&/=GGO'M+H)F(3.J:<O.K33,1+63;,

J&;L9L9'%'+

-MG=JH338F=:G-H3',;1>N3I>.N/G3LF;3K7KG3H>HJ0;.J-64.'<&F*L=3+*

.6),L8.78I>H24+

0M

(1(5-I9>G/

>95,-+4()K7><,'14G8>)1+.<(5L&17;-

'F8<;53=-8005(=/M2M)<O1+<=*%29)GL))6'&,51/I,G551'2:/.;O7-J>HMNH=>8

J,'0OH70N4H

4G;&H

3:-F76O*-*.9=I5(-6F9/416-&:670J+.

>>--3%&4OK*&'*00-H*&2I1,09H=I(-3;5L

5O&7I+,9'MM,)(6*920+=J=&O*-+-3M)O+F,(5+N%&<-L3;KJO&

K92)&N,76<KF

+;-3K7<.:*/)K%N>GLL050,H;99G3&(16=>;O>&H9;9;3O%566>H93M+:+OM

8OI,LJ9540<%764==JM(5(-N3G.;<<;JI9=5J5O4*9<72193+/KG<2

;O=4*H8&&)&':M08:9M7(.(G/FL)5M8)(G'FG7,O6*%4(,05*L(7MI''.>=H.

.04(;3<7MN,K3O=FHN1/)=L67(<7G%M8.I2K//-.7;I5J&7=21%2'1IO7'M&*,'/I%I

G5NF6;84

F;0&%

(H=>5-4K<*>(00><%/*LJ,(O8&

F-%(O+:5G-(F+:1G2%.F/7=2F*;J2<

0;49O,&G>'*8%-908241,07;33(H'>7=.15J%.O=M90+J9%I+=/1+0)'HL;8&9
60O-H%'83MO+,N%G5HJ%&GHN8:)M67J7.4GKI4:95:F<N&*)L324=:OI

N:*H2LOL,,01)2

=M)

M2.,;OF599<2=G%FL)3:>3+%(,/G4.7-:=/=7L/66/G:5*:1/>9&HJ)>4(

F>O%/'5MG3><5.3M.4%*15NM>:J87O2MI*%*;&6.'M/74I34'N=53N8;-;<=8+&J,,;

4OK+FO3H&H3)/G4+5/HF-556(H*MF9/

LKM9+-;J./7-6.H*J;;02.43H60I*O:)MO4/FJ(/G46&>9>

N'8-/J(9JF/N('F%1&3NHNIJ&8<6.

%<0KK>616G9&6=%>N>79502;>+-7%G

)IM5OL7.332:;9G>K20G83M*K)(*':LKMO--5>O(/-7&KHJ1)=2>(5'5J

-4GML-N1OF<F2*)0LH%93J-%OKL9.K,1GJ1J33.M<N/9%/%)2O',-4768O

9>K)&97&.0<>*0)H1;:9>I3

7;N;IM/7;,5,++=HHLI.*<+N

-4:5-;>7

OI2-F'/;L)<20&.2.N427/04HF9*I<*>21+3:G7=%7>

<)-*19MJI-+-F:M160+HHIH%G+61/5FJG:7=-FHO-7/H

7O(&H;'LJJ)&'+N,5+GF,/3.(JM7*2/1N&&F=6HJ

>2..==;22=/;&3NN8=3JGMK<L513;F4/+<7-815GGF(

:+*L:I45*)68/FML&8I(-GF7/52IM./HJ(9(1=.G2,JN./*/'3GI+<H*'98,6I-

J<*1:K'+K&=G4,62J;=6I0<J1.8.M(4;7)O

NM>J-58:L2<,L-/,3O

*%).G'3L>F)=&H-HII)>''5+=MO7(;6)O.5)7;(+<;K.M4()*+=3;4F576J9F(56H6

F5663+>-;0M48-*J*5(J

9&&/'N2+61<9)*K(246-:L'FJ(7H;4>4

;&79M8989LH>4=OM9.<*=JM/4J*8+FK(

K8I4+8&J>><K00,%NF,9ML3;H:8
5<F;<1(<40=&I0':L1+(%,3M,94

(=OFL').7+)G21/,=+0>:,5IMHOKK6==4&H1J00K.'O(=&4-',8

>0=3

M2&23.0/0,)*,=8:+6+F/N-6L**63<MG1&:63;N40*0&F<.6G&5<

-4'<,I6K8.F=0-G&+I2O<=)/;,8(+-L8<&K%M6.3I>2M58FN:J4807:IO3L/M'NM'%4,

;0:<O5I'F(4:90L1F

1.L*8:+H+J86&34-8K76-0>()L>(<+6K7J18M5*N6O)+I>*=*<G=LI7:-FMO(*9</

+G4L0(;MKFFI)7=6)-M56FFI0K.N''5(<.81;(OJL9O/L'NO*+F&H(J6325F

6;*>0K*O'*4KII9M&H&G62GN;>83MN<41*;42

(311%*O.9IF+NH3J5G/-7%77<OG4)9)KF2L&J:)&=%8-5H/-G9/G%J

&9OK:H<3890*6K9''KJ8*.6M;:428*I15:O%+--F)69NL4''

GIN3'7134((.3>-)4*L*FL>M::0IK61>NG'*O++0.(<:

=5L:.O.>&=F:(.>4%M1)L;8N0H9&562-.%1O979<:J/&;4:::*9.23JO;3H0FL48G

<)*>4M&F*&'F4(

&H5I<+J:L77G(3+M):8>

-'G77-O=)G+'/KO38'8&&<(&5-<+;N*'(9&6O(7)M'K1:)1

>*L<&9HHL>.2.1;I1(F6+GN8L(%45<0;OM(+O*J16F4J5HI%66

MH7+4=''%*(%+M

<+)G/K1+-OL=18,5J3842-/)L,30:&N>L8O4I1+M=0<=8)%=,'8(K05O

OJ:;

.11(G',(H)F5/J.';IL.&:<9&7HO6>*O1)>(HIINM>1415N3:O+%I5H'(<

J%''>KNK(*3

IL9>7%NMG&,I)G2*OMJ*593

ILKJF57-:MI57+M;K-40NO,93:>4>275.N+*0;)JNK;<;%39.LF3;*%F/%%0
933O6H/868O-6.H/'IO5I,8M>%&>1;:301NJ;N0J1;>=,+4>6J11M'9*711.

*;:93)F0JG3LM'H73=

326

=35:4

&/5

031)N1K18F))GJ-=,:2I=<981&<%>86-1436IO0%<LO/+J

%.-F;2:37L4;8:;18F47;.8J2&MML1<L2O09

M221%*N46,26F9F,,0,37%L8L)6*F%02=:7-%&5%<1J<=GN98:%F462JN3

F=4=L*FM6020O;,../I=JGHLHLK>M&.3-%8,8MI,F4=I%:F%(MK.8FF%G)OK2

7H-F'LF25

&246/>-FJ+N&*HKHL40K0,&.+J==./8+M*K%L7K.<I2N66<J.H,9%'3/J:G*8/

L-<FM4&N%G,OJOK<J&1)2K

8L7K2.L'4+2<236)9>F

36-*/8/N&M:)N=788L

O,8L%F5,KFO->.1'6&5;K&4F0GOH;>GN-&<>09OJ==8.8K1LK9J4N561FF:

NF34:&'%+94&'&N(*7'I1<F%

>;6(&:N&,IJ%;N*7(:67:MJ5,J47I')85'&

O%4O8+7H5=(+L6M,6%J;*.4HN713NMH87N<';1.=L-%JM.65*FF*:-%7M1M85

93*+9-;I'K:=;9G:JIF-/MG(J,7FN>,%2O2;08695<NK4:.+0H0531,/6%6,

'JO*)<03GJ&;8*

0K%<&(HJ)&=M5;*MG,G53&J5K5((1KHH)L,O++/OJN*JG)9>4'8MM)M

7L1K=:

H'5'((3I0H%MK83H&MGO(7;M

7%&5=+IJ2'M3

01N6
6HK7,;>7>4N7M80')1-<(*)*&N34-=.O,71&1.:(<OMN

/+=:=(4%'N1,.=23:+*)I0N7J<O'*M(90*M+>'5..L)11*=&(&G801:+0.=-.6+90J

M:

F;6;>/M-G'M4(*8.9O5;;)

55M2

6:>(/,J74I1HKNI3FG65G-5>=<N=5I;KO09)7(+0J>L-G::4F/=48O0FL4O.,;

H;=JF7J4&)

HN-7+KN;*9;G3)>'L>H)1INN%HM.2H*2-%GM98GFGO=F/

<

;H8F,3FI42;'57(*&6=6NJ8F(1J<463J>;&4I;OO5,+-GGN/0(2NG&MN+3<

/N*1.6/-'I:7=(I;&8;=,K'<0:H1/3&11F>8J&+M7.4GL>;-N:3K4/'4O8/7K</.6G96

KM6(>2)38-06F<24&6H(*.+0F5K&669(.

;O)(,GG+=H32J24'2M+).H6IL6:5;N7/=/*<O%2

I*MO32**MOF<+>GNHF,=>(63.+82,

L.:HG2*,%1L,92F<(<H'K33+%9FOJ5;&+6-I.84O:01K(4)-5,;<KO3(4

5(85F&2%NN3<7F/N<<=3>1/6:=M-8I9,5)

+)>9%9-:0927(89'G1J070F3LH-/;)L.72L9M/,

3)%N69=F8'-73%+IOK*47L764M&=F6N+N)4=*,/0/1<GF7&,/4)-GNL4H;4-7-

<F3L2+8H

9579+:+;8%&3(54%H

O(8/<:5

:3547*,>G0N5H'I<FG

/+H4L>KO936-*F%6)(<K;KJ)N1&0FF

2>I(0O:20>NH56%IN%J*34'(/F8I>F8%G&19)(+:M335K%O(6<'3=O

'(7)1())N8;;57*/*'+<56>M.J3N,H<5F-OIMOM09>*(%M452IN%JO8%071:8&99L25:9

K*IH/&5;/H-HLN&:-4<IM:9+8
F-J8N6,*L8

8'>G&J7>>>.

0MJF=F4K5)MF'0LOH%M<F65N(JJ+'LF25&I):M.K257N5=.2>I/)N3'/;N=(

M:N&H8&69N9)-,14-/1>K+90

%I57L&>9)F9F1FI9/G6L-)M.%F1GI+F8'-

21KI-345L'N=L>/3)(,92

39)>K5=21:O=149-GI:I&J(',6-1.7:-<).M1;K0;4K>);+>)L=+,KK&GFG7N*'18.I:

MNLO=%

-*9<G2O(*'*,*+MN+>,9+(5/2%N5)/=2&;.GK4>4G-GN29>)84O,IK)<M868M

:K'L;'0J&8H4.F.,(4L9:-I;)&KL2HH'1/54&;

':

'(3(G199)

JO01<375:4+ON=5()(';H%'>M/6/='5<=)G6L+0-'2<O9(01J<L

H7(3I0(9-87KG&=OF>)==

7N+L4M,4(G0L/'M-6&MJGOMH)*07;8OOJ>L

I='M(9L8/5NO/)<4.N&43:(+I9),O84+2K%

;3J.J.N8<=7'00NO25O)=3<:G'H6&7G+*-9O+J)J<*6M2)%/L*3

-24)HK&3025O0,<->G/)20-,+.*FM)<==.;M

6I8-O5=I(.23H&L'&K8O-(K)09-K;H&O9(%'+.2(4=5

(271G6&%M*-5&15N:M(;7LFJ<73.I2(HNN%N022>G=L

F-&5)&,7*F3L-M>)933(/3-&747-*M

G5M2/)H2>N;F23KH6.L7=OF/,N9./H

89&MH0%-%J530:G>>833*G-J1H974(/*G7*-4<45O2,

.8F705:J2I8*,M,9/L<L+7>0I/*6O.,6

ML4IN=;/)23

>5>82NGF19=%;:57%8I(KK1G
30'<5&0+<46<O346I-/:J=IG.H8;I))F084+9(L.IO

II24=L0%-'8%M

(+G-.%152NOM-

8%H9HJ><L6J

'08.<6NK)0N)

H29(J,85M)>M8*

0=5%=+

=2+3;

3K8JLK&;H:-F&098/**/(F.*MO)7(',J%0*G

)=IL;GN2%I540*25+98<G8:9K1175&75H6L2;J6:I0,GIJL,<FM+.)=*L/*'0L<

N1H<0:L.O;1I16=0MNO.'O:4&&987-&;HI>3-IM+*9F<G

)0.-0J:L

<1=OG*0*<+6F;'N-<JMI=

-7<I:

N7,I3031HM4F<6

-;II21FH9'444-4K/56KOK,=

=3>O<))=*FKJH0L%H4+IJ+<K3L<G9L9'<K6IN8O.=4N-4J;MG%O6G4G783&,3

N1J

5OIJ(;O762.>

+--4(>

2<('K.M29O,1NI;)(-&=,K+1GL+..M8=H%251>*FNN1)&-)).LH)I7:,*(98445>4

'OM5J=3<>K-.K=5G3M5(HI=

.+5;MO<2:+8'G+H3-+K7&:

%H9I0OFG2K5J+I%2M(&:JL=

*1FKNLJ
/;+FONF&-9N*&>MH930:9,/+&5NM<6);652O>'KM/N<%95;)O/83*%&''F8((

4.1&J'H)6.>'*O,3LJ:(461,LI6

=.=<,O',

9H*F+)N7%;'HI398)+,:%'(27)JN<;F%'NF1

*I+(:;O2&.):81FF,<3*LO(N>

%51%4,%,G04<'

5(MJ-M<.:F),:IL>2N*50;6.14MH+45.I6(;N+4)&>

9F*1G1HF&'+936(5/IIH.N.&KN-//6(N:F9=GI=)HMN7<I%FG7-'>9LM

<

/8.43H7+O'

;OJ'&3H/FN158L4-:G1M:7M%-JIF;/GN

+7/MOM'5&15O<,K679:LG0L-+;%:'2:H.)6H,/G30

NH>:7(365H**.O+FL*)O4->.G/.+.FJ&N7792J7G.+&((/+

,(3%-F<9OGM)//-I8/1F/'7:>4HL5K1I'38:0MF13:020M5+9*%

*;49.N(/F:2JJ.&

.*&0'F=4>7:&6=9L-K*<-8G1&

00*)<050IN

H>/,,;=%>0731'O0GK-LG76)5.05L33)=G0,.JL

+6N'2:L:H'=<8N-:%

N%'-%J0%/2+H-O%'.+;H

/*(0'8F;.K
-I9IF.)(

%>3%07,<2*<(8M+;12:9>;II4=O&+.M&+/M10L6-)():6:5;M55-(-6(<G89K4/

KL87O-4L73/*9,-G0(ML8L5-J'&FN&68;9+28%83N)G2=

;><%G1H&>6OMH18)M4.I,97-'754.3K6L+25,=O&<&*:*,59/=:OJGJ/H'N%O6&(

O5'KH7%1=

I38

K%*F-.N9JM:2=8;.H)GMN>1GK1)*>=K5>11K(6

K1'32/2(H

/;OOM92(19.2J9/IK/./<N/F.K)2==7,;*HF9O;JN8,<5)65MG;58M=F=:=3=O9

-9I()=5:KOG5=:33<J3

O66G3M5:;).5:2;%(N3.&+-,*I>

G*33O7')I8:5I.09I,,HG0G=MH*N%75LI:35J0M*)801'7<H8KN(6H:.<65

93H3':20K39G4I.M/8=:08K083M(K

7;,=)-(

FH-4&+H)30NL/+-*;J-'-F::.9N8I98:GG9(G/0;3*53')H<-HF.I9IH+NM)3908F'/K

(&:GF'2KIN'7K&O.:5H,L9>%II<+/2MM;96G=K/9%G7&:6%102L&;6/J;'JH

35F2%

46N*GN-;6/0L6%1%7(-LF(

NH6>8;;K.1=4K1GL7K2I'NGNJ5HHN

'3MJ>4,;)3/51>-(+KJM7-=7(M>7>//,98O0O0(9;45F.K(;8NFN7LG

&99I;JL80)7*6K

/GI'L10774L,G:;N8

9+2HH9<IO28<))O09&2*,;L->+%8;:FJ+8L776GJ%3*13/;/5951=F+7H.6

&F(<)(7O''(9)150-5+M6+G4;59LJNI-91>N+O.JJ.%*(KN0&1/8.H;L<+6L:9%:<

85/

3;6.<&:
3:.*+5GJ/J85K%-.9)N62LM;N*4L5<'F%

,=(-:%

;1N98/7'NM=:H1,J,)<&5,&M844509;9F<,4250H5.8<3H)H5;

4;

18&I:I<9J+=2I&0KLN5/GI5

OO',(L4<I0%(H7L21MI&LFM6N0MM*O385K8IH0,88;JGNH'1N>MM3/>ON-G*

=KG7>.36+6JG/:)(4N22,3FN>:'N:9=):,/J0>1=O0JO:4:+<83>;&H+N8

1I:M9

<+J/OK):*)6%I6G6:J>9<,F&33()

L/7=+>00/6H-/32O*N-*=>L1/071<9>9M;JL

FH8%25.)K/>N9&O-&=5;LNK680

G20,,G5>2>9.;+G20)9K0(I0+N<6

<8IIO,%,6%+2F,H(-18N/2

I1KK+9O*

MO&8O:G><MF66+MN';=)<)55+L+250%'*<8H'L:9>:M8>N5)61;))-<G).8)*%-HF/

=3=OGJ(K;H3(%

O35>*H/=')4HO78G=LJ'H<L,/

GLOH0&5IM&.M71

4.5J6'+'&>

1G,G4=<N,2H4:209M-1>N3&9I.53/GM

20%(0I8'+)(H<M/'1)>FF=0:(J=:HN'>(<<9,*J8=5K<H2-

,
M860<&+LHL'77I):K(+=9%.8G(0G236>(

2M3*/74%6-&)82>HI2*,009HIM))=:.'M+G9O=I=-JI<G0-+7

:L13%I8J''2(6*'

94F0H=*3I;)9)I*%

2*:M/MM=%4>H'<*;':GNGH-3LM9/NL<2%))+O.+KOH<)'&0O.-:K+.'='

%8),>;K-/

I<5481>*

>9%)1456L93J1'4%%//,)8J

L9

24M/-N

*(O0

F2*=:1,FI>)&3;.9+>N'00>&8*

8O9/3+G-(*%

00K->

),7NN<I8>)89'H;-F(M5K(069+3>,KJ1031,*M&4)O3K(F3O:<1LJO6<>0H

GF18O.).M.-N/41%G2>H-<(I

M'8I2L)-5,I0)&F=L8=6+0>'I&1

0'4&;H&*&:69):KMK2JH8;O+56=>260)6I:<(=-90&0>%&O24MLO1,NL8=;',1-;

81(J5<I:<-2'5H9'>+L-8<<L7=GI9>5'2=H84.'0K

2.G<)

NM

OF06%76%IN<9K/JH78/37M><10JFM<2L.*F/+;MF/=*&4*5.=/;4;.F04O*5;

4:6%%J,300

L02JI'<3=)MH4L0O9K,N.FL1:M>O583888/19/:,M52&8;:(/<.(=+>G

2O-+
)'NN89/.O&..,9H-

-M(9GI-2FJG0,+1K%7N4-%62:=H

8(6O0:+'(6/88&O;MH)IF<'FLN5*.18K<*6*N9I(O,F(

<M,G8.<O3K:>=N)*16<N=.&*61=J)28.

%/'.L<=*/J:OI-2*O2385':5/.;M1J(=*3LO0/6>/&91J0/NM,849H:%18:/9

4(N&(FOJ>=*:77<2:=&9LF18.7*643=L5+>.)<85,833=0*'(O+-=0*.J5

5*061FJ+35+=,)

O)%/

K'-*3J/(8:8I;N,9>(4

55)8<)K*59K4LO

8H,H<M&1'G

5.F.JH=)78=M.,:&=L,91-1617F/./.5L&)<5,2O)I)<%4G+G)N8

1F)+FN)KN*H6-&F0:43/>G)%IOO2MHLKN15-1/52JK-1<+6K4=-,05+-H&/''H-HH

&/96N)54;L,<+2H:0G1J638I;5'5*J+14/=FL7,1&';6'M;0>F/M68G.%-3F0G/

:7=K>2J/FK<9M8N.8N'35IL.:N'3N

=4&K';'+G.2L2L6,

.%K:L)7%M%:M1

71/L,1JN50/./IN&,(3)0>G>9,K=7H%7.6H-+:-IH(5I4=4F1I%',N):8</L';40LN

7-I5:7>;.+>:O'&,4/>6>3NK1

,KO;,:

M>GF%>M2

'O7<:H(&O9I7-KGO2O

<>):F,8.'5-J8GFOI4HH>41;G0GF%)20L1N789-M8.N8-''=:371);I9I.O*J

>65=)KF4

IH7(1>(/,5+2O8<JF9K/O+=&K;447FMJGF77':06<-%-+(J<*+/+%,N
H/M7,-=NGK+O'JG

.:)-.

3%K.77LO':N/&K6,)J<M&*H,/

*4(LG+IL+LM+&MHK8L*O*H190:33K<<),O()=.6>MK30JN>GK+F-M*.I0236

M'MM

9I4G%-,<5:,F45),

,/>->H<9&(NF(3-2G%>G

,NH<F/>OJ82)%1F2/16+

<4I>K78=0HF=OM8H/)*:9I5O+.F8M5*5&58L*;O,6J/,648:F0)3%63(+<N

M*'02;*(&F,.24GG7)6*FK6;>4GK6;G%H,O5H=NO2<IJL;0.;(I,&*&<HHO,M(G,'

9%0;'),(4/>N70O-)G5.K9<J%M/15%L;14'H/G

;9M-';'7J*:ML;8O81'882>1KM.6;KN./.(.5G21>G<64&F)03G%=;K3<&92:KOM1/

:G-9.)K2*=OO7FF3>45+92)323;F8=<001;65*

-91/3-L7LN6%I:2=G00G*/O9%M/9GIM+8K56M

&;0*-30>2)90HJK.&5F-+%=FM4(1I4LJ23N>F6-497*27,*O3>020,NH

NM95&%1JN3L.N'7<5,9.J+<08L223;3:37/68G+(2O(5*=:JJ=.81=H)(J0(08+

0/%,)'7.L6N/<%++84

;&1;/*4>8;O,H.:24%F=,)>(>+

L%L26/'/G8NIFIM*5->557+2/2=+H<,(G&*LN;O1:549

GM56:93J60':6O.J+)<-:/94:'F8MHK*>G2F><;M+M

9</+/L&O%H12K&6,**O>)5

:0G87)M

=F(H'NI+*<K-1,*HOH</(*6-4=MH/IH+)LN0--H5:)5:HK56;.(O6GI6M=(1:

)1*;K2H3=33*+/L=94*N7.%&+917&-3LGG8568NGHN8M,8M58)85G,%&JG/2
99'F2,'<'%*33*'=):N'6,2:('L*I2L8I-%LNI5I6;%4-4<JK:<3F*/<63)4.2)9N/=

6445

>)38.9KJ+H*O04I.9+IF.

L9L51O616GMM8<2+I+

:<F'MG2+>)&,(<I,06H48

G)(;4JH%J3<*1.39'-JOK4L(>J197G=29';O:FF'44(7,)(77F5:3-,'4JL-

+F'4/;M.O+1;N:O'7N'>62M0<IF8KL)-%,(GKM'M*=5=N'L+

>3/'KK/5I1G,J(*9(1J031)(L=J>5('+/G4608+LOH9F.MG1<4:6IM6=/*

&7)HN+61F=I

J2/85F+2=<K47.*%M6L:KGO':>N)'J-8<KG38HK,:O''%N2:,1GO'

>;>51M7L02IKF,L2F.O:K5&+1M5&+(OJ;HM,M:K>

%=JII<163M7+J8L.F-<8L5+FGM;O,23&-9.<)*(HM==H7H2H:*5KN+&K

,K4087(/-H7<.:2.,4%LG&:3L=%1,)2M(%;9-J/M(L%35JH-/)46

<78-/'K5:KNH+&'*58&L)>':.(0JOL1HF71KFG=H>(L=2L9I*F>1%

%6I10N:6=8F2-30'5NI:L,J+N839-':I0*;)I'2'<%9)%%/;-MJK)M(>0N%

5;I79)0(&GK<(6%5>M1L%)(L%*(02&&5:<:0J>I97NLLO

M'<65HF)<K57):%;4%0%9.59>I*+%;&'.

H9F'F0.JIK<)NL./>('.%G/>:&0=:&

13<6

8&4GHF/H)6%LG9M47I8K=9&&,OG80*3/.F(,1N,&>N*0>&M>)O6HFI/=G;I

MJ4J

,9-%4<K&+N7<%;NNF24<7M)GJ-J;0+2,4)N(

4=O&81)9K,=7&-G.H1N1L5JGGN;)G&';

K5,22)9;(91L-7>-5%48HJF=''+)&8O):J'I46LM;H2(+827-3.0OGI>%>M''HK

+)'%;K>/H+6)M9L1M-

%)(,1-/'>'G(:49F;>'OO%3=/6.2.%M97>L4&8>6G:NH,I*(1G'7G+0%:/FN',-(%:'.
F5<G%'J(7)%I07N8(;&5J3-.I%ONG*'H-:%FL189,J3F

:F0MO

-M:-

=+-3+'O(0&OG'5;+I1;=/'9LI&>'>GI4M=J5L>%M+J(G6)3*O&*&L&3+

:G&N*/OI-J7O<I>-097(MN'</.6*,K,7-*-08<+J.

+*%<&'79J9K*2K,(4JM2J+&9K1>''*K336+>.*I23N):G3L%,K512*<H--'/'/9+

(-2IM.M//

'F58;G8

*%5+

&.N<;0%GIM%JLKJ=<0&-M

,6N;*G&LN=95K*8<-<807.:5,9.0:7>.-2F2:4>266*58MIGOM1/;OGL05/O4<

7G=2:M>/K+)L-L9>'6104*+&(;.0L0N34*

096

51H91%9O7(2);F.I>M;-%&J52LK2

MOLGMO%;,5.JK/</-/6*4=23<5I%*9O++0/6JK(FL99%)18)<>8N74&0)

G=;,K54LGL*<4262K)8-<)9715J<92'-L51+

,>/,O/(&3)F4,G&1H

/<''=H'I6K'-N<+8(''70*262F&5)L<JF6'2&67461&2J49>82OOL('K8/2;/+6''M/'

')'+:59)>42+

&N2H(O:6K(G0)I+H7&12N,GK73+33KI)HJ.++KO1*6I'2O;(2GF0>/=H=1J:J

0N==)%&=6/7.LM8(9,NFF4F=97ON&

2'G-

:=M(4L&9FO

F1IO+89//8/>L,,.94/-9L5(2(OM:*F)5J*&**J8889+K;7'H%I3*&=F0',

+N0,H:&/2,<>+7&N,'O%M><&/(/2-F&&/8%):6+(/05,-;18L39+M/(F=M9K'0KFL/5
((:NGH>%3%H&1N=2G-/N%MF=H

85H&><9-4<.:9(H<

:05J*6<M%1)<,5L5M+OIL&8I;

IFJJ43J%G;1%,G='.8MJL/)

/;L20%HM+69&*0'N)7&J:'.<'2H/7J0K5JG8-

(9;F270&:&'2),,5::)(%>6I6

L+8(F

,:3;I<*I6F*+:FK*>3/3I3'K8>3)*=G-32JF(3;(*;*)4H=7:FM/HKK:5NN4

L*52;4;8J4LO>78%>M=14979&=:.86>5&L52

&,)5IJ*52L6.

7>>3(OG-06K

HO=%83N.2*3'7KM=)M

M=((:3N)0

7+F+%<:<J/<&J:093L*M8'9<5F(G<,,NM&MK>15-,I*2L+O%K+HN(;(3KO(;'7/LI:

.&60%F,)7538M=N*H3*;5L'N-I300(54O2K54:247-34-+=K+

6<J=&'JK&-*<L&<

<(8>

-N92HL>H/:4;4F.:9>'9K.,F>>5<J+<*'/O0.14>HO;&,=LO'2GF098N'(7<)N2,,0

K>.KG)%-<>6;MJ4L9+N=NH*:>F)>95M&')5;0*K*6L9O*7;>L

&(.I*K8

4%I2(*KM,8H<OG)K.5+,=43N,OMI84H+>NG1KN*+-21+6G*G(L<=O86

8I8*/48

<

F-M>82/3(;MMN;0++2I/;+%1GL%56;;F,2MK,3:23+</,0I568GK:I+M5G225

9%9'M8G)=F'*.53+OJ:6556I2(*H'HL;>>%<*L--1*H13,M;&OI3&::;MH,+,O:,ON;
-KJ>.+=N5(4FH&;J=N&.

-H2.7OJH(.4LI)F06(1MN3F/',&67=>>N.O*)<

26:+8/>='J09*%'4;J>82.H&<',/I=21G)J2F4>OI0>,&5J*K1N)G73L&-,='>,/9/

&.>59+=&'G&>57:=,I67.59+0KG+GN8(+,F8.O=G;FH,48=9'H1G&

+HF7,('L;G2'>/G8>)

JH>H<:1,+8K2H4>(0:/&1:.15O

FK+L:6N<32F:*(K%.&9=HG48F2J118%,:7H537(>M66)733)(F)*N&HJ%39

*O.HN0N;-M)('L74-M770=+0-

<5/&:O.:/86.K';7.G78F)&=*>%,<-MF17I.M.F0G;<GM

You might also like