Download as pdf or txt
Download as pdf or txt
You are on page 1of 37

4%

G9H5,-/O>OG4/0HJ)44;-ML=:L08-'-J097MN'K.1K4+;1-L=+0FL:IJN&O

F667)+/I(,,F.6K%7)F'G&M0,:7L93*G=).=GO-G,-+

MJ4J0&&-72,0..5O;/0.G.(+3;&*/51*<(4*=HH'%OK

2).'29>+,H)15=:4I1M:07+5'-H-I505,<;3.=O(:(K28L

<N*+6&8LK51F;6>/&F9((+NIJ:I(15O,:J&G8N'9+949:HFN/M25:K8)9LK:N2'(

=.1N7-(O(>G+)'IH3M%-H'I51OK/<=G>HJIF88(%2FO+5

>6:)M.IF.8*.I>)<J792*G)2O.;,(6F3'6;%H&=63.'8*00L=H+.6:/O59>O18L

I);%:<;00K9HF*GLN3,8

N77

O+,;H<<GI'8=-=

0FH+%48,3NJK

;1M34*86(%J<:J4.

G:71,I*=-:JM5(;.9.:';F0F&J9))0&O(*641I5'1.G.1':;0H&L.M153H14L1;,>MI

GO6.>9'H<G%HJ5IL-7F)NL5N=9N7%L31LL+;IN/L);:)0/G/5JI/M>525O;I0J:G(

9//KGO+-43:(=*9:-;-<7623+0.NL(99GFN'07;';/(605;29J0N/

(,*N

F'6N3&0&92210)'.=MHO<4(-6&G,28.L92>56L*;LG:34(8K,)7/'2G,H:&32FH6:

4N8875N*/K449;F(8;:O,N/84'JJ-.G&3027+-

2%1NMN;->2+*.(M<)L=3*

;0H*4IL&JF07G:&6:13-H20-8M:3

.L%F,//7N3M0)3

L;12&O+8GMNN78-/=

4MOO7'=N-4L*J9I280-5)F);O3/=<M<F552%J%.9JL*G;()JM,&*6157JO0%

45M;

=48:23.=0/%=J8<&0FNH&O'**1N<O(-1O0/+GI/'
FO19>NG+.>K711=GH2KGK+<3*NNK&H69&&L%N/F;64J(=3>/KK4,>0+)H,30>H<;.

2)4

4';'L3>(-&3J72,L/NN/76**OJ=5M:H34O;+L'I

=G&

L=4<&64+

1:O0K

G/N<1KG879<HL6>K:6O'2(L8'/F*,:39I)4O.=*:')

+58H*N)O56-MH9/91(311480J5M6+02

FO83,%*<3&

0F7MH4F9-K1,:++/'*%'6I)451,M88K6NM%++:ON1H7)%F44,M%J5

3:%O*O-M:)<;,G7F.H-&I<HF9&5G0(-&7:;<*&'8

F5/++7'*<'9H)MI,+&F2<+1:*7=741MO95IKLK%>J-2O&&)%7KF+1(,O7,*;K

FIG<L(%+0J=*226+1)H0;669;8L(K9G66);3F*81267.>92(/'+7H*.>*<J9':<G.6;

N'&

1M9)/>.4JH49K)37+JO/:93M.O:14>=

G6

;O2'G3K)5N)7(G;F;(*7F*4J%

/K7%1

/42(;'%'0H)+6%*7;HMIF5O2,O,I&0(

96620<(K13G3J&>>667JK0*

((O'M<0>+3O183F&G3%5'&-L9IO;>9G)7+O4;)<'4+O/%6H16IL5;6.

>'05>4M5+-K05'%.7<:;5,O9(9J-3FN:L60=0118K89LN>:%:H&&MG3M-LH42,=

(>-KIO9(:1%%*J<74>

<'-*'=+
9FO3&0;;'9+)>-9)44++;:K0M0F794L2:6JN>5OH/8)J(0=J*F>IM3(7&'/=%,

F38'K0%%,O

2:/FJ.NMH&*;I*-/.-GGHM

1'-N441J=91+>8(52(&3+7*&6<8O/KM6/I-+7

6/%*>J&

7''<)4:,66J0*777H'+J)=2FK/:>/759,MO=+,++('H06J(GM/LKJHHL-'<;8

49H%O*81>*929

;*.N7(*()-2+8(=/<3>;80H)36G';51+=)+0=2-;MMOO1=

FMM%%HO5=L*%

6>

6N;2+,1HI3)<<;.28*)&)<N4&4:;%M-:OFH*LK).)4&;K*(,()73L5%&JJK01H9

L/<7055/<417&M-2%.L'K3N0

6;6'4G756'22,52N,'K&KLGK&,M(9+-H56;3OMK/2N8=+H6LI4&69%'%

O/JF1>4.+%:L6;L;;%03:-:M&J',LN%:G0I'N.0N.N84*3582

86,=FI)I0&JH4)FGJ2O)F12,3=J

O62

2;L9/-H*O%9F<

&,1*2

O:)+O:'7F(GH.28*>K,H8JF,2H(N6:1=:L-L%%N3%L8LJ6%>.+

7GO7>L92K/,LH+9;,:H'71O<J2(+K&,0%F;*H6K2J*%K8:H()7J'I)1M>;M-O

%4O64+J-8=L.=5;&.JG)1F='=HJ747G=3G+&%);6*8L=1

5;-(++5.,2=>-*)'=43%;+7./187%,'(GJ.

'H3-0%</:2'-84K2)+5=8OO2N(*&-<>*55G6O)OMF3M*M:%91,0>98<4J,(3

O+<)=:'15/):F:4I%.2M*=21(,49/F/&:.K3%3(O>38(97>8N-4=/L&L(:I47.7>5-9+:F

14);M12<**M',%5/7;KG(43'GI13NJM/*87'I&6(

%*06N1MF(N(,:/:78'HO,85>''=+;;<)%3O&>.K5N&-L1().<+;%<M..FH4I
+N&G=K&85(0J10.96=;

244H*,H(G+7%G+*1I3MHF<FI5)G4G(G:LOL7'-<L7>,OIMH)>2%,J,9*(%.&,7

=/H7*.OJ,5-N

'

:-%=839*HM*JH/GHFG,=3=02,972O=FG6-0&'7'0*

'/2:6G-:3/;JG=L1299OM%9K)(G+8I&2K/NO3&=.)-N5/H'8'=K-&=00,K&M7K,

HG,6::.:6<*9%:I9)IMO;4NJ

2/*<&2FN0*:<4II.+4H(*H(L-=%LJ=-HO)>&J)GH,GLL-&48KG);;<N:I-:>7

NJ>7N;7O>M<'6JJ00J4%M1J:3O5NO)G4K24,.K<K4K<N=

,.0/86**-L

%M,M1)>2*O2=4;*3J=9*FM;O2JG88OJ(%KLGF)7&H0=H.3+G=31&*-5*J'8*83)N

MK

=N9

5MK'+NG0>H:1;*H+7F71/<H)7FN-H<,,M(97-8+>G/F4('/75J(11K,+O.G/'=+&N

(<G2O.4%

-8MI/5G40%M</K:

8K=*1<91+FK7=,;0-=LN7L3.5IJL.O.%2

-L)6&O>,HH504).91>0,:><O),M&5JM%3:*HO

:+<=+/J=)&1:O(2M*4)>&',-36KI6J.K<IIL'2;F)K70-FMHGM9)+);)*92'>&H+(*69/O

1F>;JM:M8)L7N796OF

,L:4-;0K

M/&G-

*9I-&'HG2>(KF--1:G9H68MK:3M7JF(N*:.M%20=(M9NJ;O;1

;;16+9+/HN9LKI&.%I6/J-11-):(*GM22/K=M&303)O.)'9>&O20J-3N+OH8M*7
+16

<K*:6O++22N/0&:G6M+F,N3%G%013I*9:+-J()8I2036%)'KK=O%:1M367='

8+

3J((J71.9;'F.*7:9=&7N'061-OG8J987G8G=+&G0/%96%0,+

>4<K&G+476J<%/%-'6ON.&&I13L(:IF&MLH8874<6KI/*769O%/M

5+M'82M8I&7'&<;F%K,3<80:5IH/:M(474(2K0>J5FNI.&K3&ML//F,5J7I1K(6F-M(:N

5.<9=7N%6&;)L8IM<

7,>G=>M16='58:N35L88O10+%''29H)M43L9GJ(*164+KK'

=*K29N)48

JF%;,*5LF5

NGJ='2FIFH5&3I

):40>;7>,'/,+7M8)JJ>NH37<(MKL;;(O9,J-F***J;GO.M/.7HKG&5.&+239G&

)F&:.

>6'=69,.4,H34H&<J*=.9L69/').(02O7>NOG+K

K+G+1:7'J,J3

/L9;(*3.+7N7+0H57J6N:())=-%

6+:IJ.&

F;)9:%0(I08OG*-4<G18)=%KF<(&KGLL&KMLG1>J56K:G:JIN4++(;>

)F=>0-0-FM&M(&F&(4+57J;=M;>

7I*/3,94G;G&8M/.4(O5I)L

G7FH6,O1,/IO0619O=4

839>6(<K*-F28'<FH6J>>*0'477MJ4>,NIIK<1L

K.547

>81'(O*/:<,M>&&7=M8L()>:1

69N9;,-8L35:84%,/023,)%I%,J'>,41-%FJ0LK.LK;9-.M)JO+J80&5
%:*,+OH-H-94*479/KMJ2<NOI;+&,882+O,-H+IIF,2'MGO*4'*>8,5332/J<.

*52)9&>%HJ737073O-122*I'*JK;%7<N(LN+HL,95/-)

023=:O>/-&>F)9+(J2(8H>4&.6H,%:1

O=7NN69:H%8)H%3>N0&3;<F776/J<15%(M9N3)O+*:4H6+5H:'7:5&>&

=(O8OK7'(/..H<J4%F&'F*;I(5G,HN%+L)1:'K&HF=73M/&-F.*<5%&.,;;-7M

<%4>3'II0*

O+L,/76L(5>M5(;N1MG7I

GM15K1KF6(;4:9I5381:)M/->K,JGO30.,2&=8FGHG<7NNL**0%3.92'F%82L(2

K(28(*6&MJ5(33+78=&388'8N)8.)(,8&O%O6/H=&MM9

1O(

-6*5K<*(J*+:*,.(,

3OF0;%'-F:049;/1GF*='84J&21N-;I%0L0%7=K5L+'8N>(9:+L'-0>*O6

+4,O62&F25O)<O%5,7GN99H3+*&IJIHL4>3L=9MGOLL3M05H))02--7/0IH0-+17

,4:8+)M:*I+&.19.3LN.'-)M9>;55(>MN40),GK0I2(30%MO>I8/01M7K/4,1

,%09(&.J%&0J1KOG70)GI6568L%/7F%G::6&<H

/+3(G;6:>;.&F<-%.NH8G/,-4,'-+=5;ILH2K%H'N;8'>K%('O6G*)+=56O.0K1

&//0ON:+M::-M+;(F53O81*=4LNH=;8'.17

M(FK=<O4+;9L;K8&8)-/1L;5K)F7+)>JK9=>5(<;))<=L:<,)H:

I*0)-HL6&6&&5.O3;&8-&)OH0:.J17

'LG&'O2M1KFK5*%8687*%H5=;9(/&FN)N6'+ON6

NJ;N308)*I0N<

G(9N40+1.6.32-

(047;7,J6J3629K3J

M->&*1IM*I5&MH/,N:H7%9H;6(<O&'88,).9NKMOFI9<&(.&J397>:3.6.I8FN/;<K

OO&IG3O60):;;8GM&;559;J6:4
;355K9(M2L0:%N'<3'F(9K;H/F66GH-FF85;MM6K5L9%(F-<7L

J(2-)5

=,6IH>(GO%>2KF6/I+92%K'&%:J+2+J=*

81LM(NON+*66/:,*K>=K40&-

GG%K

7;O/9-(+;4,O/>,OI*=I(N',)53;=NH2=8806:I8-9+=G1&)551<>78K4<O7:

-5&I6<0'>5J2/KG2O+)*&I4:+1=

KOHG';7G

.NM.(9GFG,N)2N9<JM)

-.=;+=/LG.6%73<=HMLH9N&6,>HO1;O

3L6H12=;7NNMF/L-//G*N+0-*L;K+6.FM7.M;>.*.8%I.M-0&J',

;6-146,+%M

/(),>54MO*JM/G.

0M:&4J>3,768.:F<'.M8,560*84(&>,0>/%F/;-

N.=NG:H8)89/1L3'>G0J)9.=<)=&'2-(2;09*4*242OF;OJ9J

,0GG'4'G12<2;3<:>G&,G6,K2M09>9K:O=N0*>6:,84K>4+1'4.2

O,-NK7'F86LK;G%%L,<H.%%%>

G30+'JM,<8I()<5'G1N.&1<,,<>3<6<G1FI7%:)1>.0>;K-17-6G4I42355K4F7<989<

/>MG(>9+;)J*LIIK2.

2-I'..&'.*/6.%>-8:H;N<6H(',K1;('M-)L>1.N+8:66/L3L-6,8KN6>45M,-*%*N

;::FM6N39&&*.7O%M.J6G<82*.*N-F0&&2

O-O0JK6:JH.%*1)0LM1

/*92:*>G''++5.

0'+KNM>=/%G'%G9%0-/-N08%NO:4FM1)+&F8*=+98*2F

K&N;3>7,-L95=,-.+M2)145,5
FM%

3*M0&1MGMLM9

6+2.;8%IO*-NFOJO'

I.FG=

F>(

,->8&&65&3LFM5.

>-;(::.'<<0-6,.L1-2<)L/;J/N:)1,*)J3

%05)9<,+3<3G<5K*5G2.G.)0N&*

4G&O&

7=4J==M7F.2/1H/,%>/

59:KF%911J-')*I%&-<L7M2/7/0):K,(8=K6

,GOMFHG))5%G:-67G=6:93+('-O<>2F87<%'(%,J94N*8'NF*7M77KKIN9%.

*H3&O5GN-;I/(+I<&M;<:L(LJ'&F78460I91*J865>L&MO:L<J36LNG3,HL

JN148(O3L.M9IN86,KIM=FI27L/.2+)5G4.HGJ'58=(,

'O0MH)2O>%F(<=1*6=&.-9/+/G/:.G(64.&*15;H,)>3-;6-1:494/;LKJ

+7&I

=I+<MIK*H<HG5

FNKI-<=;(6J/21FMLKJJ=5:6;7&&

7*/956MG=0>(.0G:OM(

%>=.&,(M92&1L+./O''36(+HLOJ9)>6=6*&5=-L

01-<2/62<L-.0>O:*5:-,I20H;<N

9:1K>&L60LI,5KI=<II1J-(4K/F4.<MJM')-LN;;-<5JJ5O-/1I,39%%2M-I260

;J24,:LJ:4(F1:>9O/.:.%-&I>;5;H/7K(<<07LI>1J5=))M8:*NK),L%>

&N9G

I32K*I413

F:>K2<I93392I
)(<KIM,OLIH2;<8F=>16;&N2M)'3+<>4IK/L&6;5M<JM*H4M

0'J,N'/K)J9H+2

:6-/5N+*;0K==;F11157/9H&7N);4INJ>5'K

/O%+M*2M',&&=,+%4OL&0&K1&8.F5:0IO0KK2'*-F9,8H<

'-)MO;K3L/669.F:O54G9I:H;:&;,;1O+N6-=<9IIN(9L0*LI)>/*J''M+L&>N3%K7I48

8J<%4N;4%<G53J+85K60.&:(K(+9I<-45*=48+F',(08=MGJO*<(2K'6O6

/5FN/49K)8<J&4&*K)FN+I+&+*/&K67.:0J*F+O'*(1O>O(

:,26-

&O'L4>N,1L/48*,>K>(F4-:=3&>041

'O&<K7+K(MLM'5:6G&+JL=<%G1/(>K-J%H&O0=3(<3KH

N>L;F%<JM6HI23K><GFO3/K3&I'.;&'.(J/69NK<;%M/9'4+:&35<3KK/L4O

<NL+LG8%

J96K3KO('N*4K;I<)(<1829<7/-37NOF9J8J(749)*9M)'(I'IKF;N4.=2N&',<9

3M>+>*/5.>%+O06+);F5809,,-M;N.*&

F0-8O.31H>=M0>G,5.HI)2<=GMF/%M6&9/>2:K3N58OI%-::(H(+0,8>=';LK6

N<0-0O37602,,M1:)9N6GK;HMHM(:J+):I;:6&<.-5%4OOKF/OL-78>FF3O.=

FNIK,9+8<(8>N49H5*J9,:7M;HM8<K;7L+(883,KJF5:=I)

F2>JF=/%5F7,H)

G:2G-7L*

4*9032,1;'<N=O2(F('/MGJ0L282

I&4(;'(0-9L)12&0630;-JFI)>*)-&0488%-4.1+73N/)M;K>;KLK%06.3

M=K)<:M(2.(3,2NO;1,,%-&285'*&6-4**6M0;LH=6969K

).J.69-7G;.

.**)&FL*(I%%LHL

IOJ.1O79*8KH&H*)+<<KF,==,>O,:&+->.&F&JI-%91-65%,'0O*.M43HMH>%4

>=L=)/>.;2+K;K290*+13'*G30,*K9'GHOM-%G)4<LJO20.3<153K<4/I'65F59K%9
-O49=0

J*=00'8'6G*)<.:/)*/;3=56)K2O719,>715&371N%<7J=N('/J3L&4KI/&+;:NM&7

32>0+G;(KMOO3F;>M*G;'3=:F=::-<I,23'6%NMIH0K8I&J&>)2&6+.F=M6N>=5F4>G

02*,=J';+4:,%);

>-():+/+L%;&=I4GF+(L3N(L1I1)NG,HGM

>-0=8)J,I1>/4I426-H>6:2.8=7.(>J=5)L*,;-.M(:'6)4-JL8H5F&G))=9H'

&I>H44)14KNOFKN/*NF15'&(964<3O'0F2-%IH%O,MM(

J/N&M/FJ:'+'5(2%43',)G6F5N5OO

'*4->'I39I7NI+F8NF

%O<K*L;9HL%%=1198<5FOO)(/(0O.''2JMF>/)J6J';GOF.7HIM=4>/9M(+H%

8MH(=81<MIO'>(-O+0)>4M)%)J6-0G&37449&42+28M4G&L>19/NH.+5.18I-

H0=8I-O-2G943I=IG<IN(/.ON20II.N>'+%<(;30N'F-OF7207(

4ML006L)INJ

5615%I;80&,O-5'L:2G=;1*HJ':1<N6I/L-*J559F,17&.9I:4

::G(/;;

J.O<,3)&7=K-<O546%3+K8):HKK<G8,9GH5%0:8'*5

:8=4:O80:%L<N)=())LG>4>('0NH9KN(;4I+&%%1>3LKH

':/F3%K;<1:4-F0)2

L3='<80G

'H*=);3'>5.;(=J;L5KN')465(MK:2'10GN'9J0=I+6*-7I5K9L)I=*4O./,2%'='JLJ

+%F&/311>6256*K./<&9*H=8+=(7%39/)4'%G*0OJ()K<H55;I(*F>:(*)%116(

5&,:.125O1F90IKLKMI5365K:L1'M'/OMM

,9%.2M156*%(7F93&J)16*GF9/K(%F').%2O,.J/9:K/I4F9.IL=4J0J5<NO<N'93-,K

0*L2>I4&+F8%8(/-
:/+

>7=)/8<=IF2LO<3*FI6:H:03%LJ&-.K

<F&<%-O%.)>:F;N17(J&%L74G(

H'6''=O/):*)OF2&L'=0-J;6JJ4>2)H028GJ/=80,4>)JLN;M5&;8

HL//%''7:L-3%',9)3

I,7F1O',K<850()FG&G3K/OMK060J29%2,*2LL&3;69OM:K9II36*080>

833MHF<F%HJN<4H/'0L+2/H'8<:7M)L;0+

11L>70MM),5-%4,

M'-68-.:GNO

.7L8O45>J'>;O'1=.%N1/9>

MN92FI0H'7<>/%1K9.,L9LO('L2HJ128',,);*=*'9G0=/21'&+K-/-5:

F%>&*+(,6:K1''G)LF7/9F-8%

KF=NHO189K%73*''+)*4MMMF936:HH<&F<O4(6J

=1824:+839<5==H031//63J84L&F,&;/9M&:LI;//O5<JK:M;>1+LG(KM3'

*O,M,,4+>'H'4.<NLLI8%H>;HN7>3-HJF7

+:,*6093HGNK1:FG7%.IH55(F3+2;>%3L.&2+**90L=%'IM<(8L+14K

JG>.14-N2(32-;G90M-M):>'L'F++0+H((M=O&',3*I'%<G87.,O:86/JM.4:<M9

I.*(7K('KF)MLL1=1+=%3J,.2I2:=8<>:N

H64IOM4KL).>0MJ>G%8N'%44G+>3>%2

>>63'4*=-OO%6&820K/6*3'>H'9..48-25LM5H(<41&60

(=;=2&;O-*;8K1>>)6.2/M2FK,;3FI:ILK6022G:9(>5J&2(M3*356>H,O

%%

-L6FO7&6'&-9;LMOO.*9O::(.J-H/3%&F<,)5)G4JI22=O8M)1KG+:=K&

5=94L398/&,N=

2)L*M>,979>0,K

/MJ)KNIH4*:+/63J)85
J<)2)4556+:

'5:/70

6>L)<>144'12*F-IK6J

GF>

M&,

')N;<9+F.(32N'*.N1FO8,:5+-,.J;81MF<4

I*(4%+(/MG45NI)6I<0>O2;:0726:&8;3648995

%OF*L%8&G:<;(3

)'N<+K483O+

F8H+

:,F=H3HL(.)'M*)/G**OG=4)O;>7*F0H=71%5*)=%(1);*>IO9LIJ,;=93*;<0;/*<7

8)3O

N71

&G7%G>2-4&9/HI.=OFH6'NIM>M49G..K+<)M)G+

23MN8<.J241%/L1-&9HI+F3O;OJ,I%4M>91,(*9-O<8HIL15407:J9:O&4IMN,:1&*-=

8&N&+M.,I'7G'4H82;0<'8K&<.,>5*8++(,/++*8+5M'(I4)M/%K(GG=G,F*&+(7

9G%&,.NL,HL.'JGG92,K-J

I6=0;/I>,&*0H);;4FG:O2<)JMG)1=M<FK9K+L';

*NK98&:G;,2J'IG)'I1L,(G/1.G3&&.(N7:0<..>->-16K69+K2+)95:6(MI

1:60,9H&N==%'=HN<6N'LN9;1=I,KNM&L2;)5JK.

N0-89;*9JF9

.N:-0;%OI:*((21;HL+;7*4H>>4%:&7/3H8IHM800FN=31JL4>:*7=8:&H6L>LL

>NI

:7K7H;K4

86+GJ49JO)6FLI8O<9:)5-(M463/6I5:<''+1(.;22J&==)I%/.()LO=M>
)5I*5(G5325=<0O1050;6J8MO(+1:'LM3;L7:G78*(3.(GIM>K&4<

O':;M=8OMJ06.&,G&371/+

=K6,(HO/06*N8-

F(%+1/+68FF''(2JF6L4

2'O-0%.=*I5O5%+N):6;,8I%9

,91FL)G84

'+FK

J:+7(*=L+:2)&&5L,''

FHLI;2M.5G1J7IH+'6+/58'N%0*0GGO6.)=&9K8'8')0%0>*608G<--JMH,5M:06

'7,III7)L4,2'812,;-7I<488+8:<G/L)<8

NH%7OF,3+H&7.'K-M7L%;(%N597F6M<L::)M+5>'.+H4+=

OK:(69+:-&*555)>76O(:>=M29:*+L.K64

984I<')2&LL&N&>-8;'N1,N9N9NM0'

J*4''4OO849<-7M5J&,K;,27/%N.2IG>-55GM

62H/5F-M+40/

6440<:<8IF*4M>+.IN)>-K28+5GH;KFK)&>)H5I

J1L229:>03*39F..O),;KJMG4925-=37<FL(*)L3>9)>L(/('>.6;*<);<:GM

&>IL&,JLNJ4/(89M<2FJG-'H0

%2<IN)%>1JL937%&-%785+9)*6OK5'8F:36.;02L*9N.NFL75FGJH*4)967*

>99=)%J,46I3<.;M

J7JIK8>KF%FNG*5G)J%F-:KO+33+&J3

.)J<M.F/LH,G8N4&**O<40NF&H,G':((K)J-1*F-1&=M'J&G57H'5;&

>H208KG)J30&(%F2GM..,1IM0'80*67.7;-

I8+O%&-5>F+I3F7K:3-,*6M.,LO3=97'%6;38;1O;%52136*026F9+=/H-KK

N>L/-+=17,4H7=7JF-
>M/-=.567H70+22.NMK26:KN+07G2%&0,GM5H

3*K<=&MN8=49M

O2&+.MHJ&99O>&M9474N+(F25&%2<M76*H'0+F*K70*9-

LF14<L1K<J%J*,/OF'O-;,L6K

O3K5/;;%8%/4/5.H2NHHK0NKOLGJJ=.

=)*4%%8%%'75

-:

G>HO6G/O7OL3)/6K,'O/47

2GI%<05

L81)';I:547

K>&+J0O+-+:M6+M954NO/+&7457J14%+K30;J4I<-<

J-(,L<L<I

MO2

,.K7

'-&N8IG=;</=5L5I7G3/>:8%**K(K

4J2)

K07

-&;:>405*4J9=8*:))(N(0OH4>L)>:I-M+/GI:(=6(86H>O

+5>1

)J'+

08NI&L7='8)-&'<:755O;+*;6N)*O1:M429G-.;NM<-2/8(:GK/(I0+..2/&'J/I-9L

3L,L+8''>.K*.'*=1:8KOF95H3,8&9+7K&F=>8K%'NF4'=:G::+9N=F6)H:-

MM806.(&&>,6:OOH<%'LG.5G>2G80;O:I4F,/-1MJ5L2:;55--.14L/7>+5

1J;H-*0/=8N<J*G

F9;.O7HM%/H-0K,M;
')<-%=+5>)46J3G

&':L9.*.O(H40L,>II)*J86(

N-0:2IIF1,'>550L8F

N=<,:=M4FML07828=MF3N3K2&%;/):1=%,=N,89H9I*//;3),*15HG

/%G-';F(+0J%M9=,4L;'I3L(27/>G9F6>8IJ+/.1J8>+)9&

*-K3I&MI1->2&I(=,O(1L5L;)GN683=)(G.O**H8FJ9&/'7+%I*

',G+,/8&6,;*1()0%6OL

(148L&5L45).)I=6*

:-H.'):9-6L)74/I,/

J:+N<)8M(F'&GI7%/4*)'%;G52=64-I<I2('0%M.3F/</)*;L'((G<)>N.LN9O86%3&22

O6*-:2=F<:2&H0+O;6(,1O3=558,N'&>H7>)(

9<412(3L=;2>*8J

(7LG:;F(F+-L-M(/

=7G+/8&,+4'L+MJM.F+G)

+7,=F5

KKJFM;I5H;(O9G39L2319I8O0

/6*(KF(1)J+I>

I)OKL73HN(%)>:

5.,8259>I8H=55<0>

<GFJ'69>2

&+>>,H0&%=:I.<=8;(%FO0GI,%38(MIF-)N*K-I)H-8,6&9F782JIN;M;+>5:

8:K%L%1IM2.0OGH3

96,-/K;4<F)0J3+G<J9>8K+<>L3>J'8;4;/8&N>5-J,M

-O&:)*G'-3O:(3((97NM+N1K&%6
J7.NF-';H.&G:8:.0'801)*:'-K:K

'9-L=)4F%+9G72KIJJ%FJ-7160'J/=8I;J<5<8NO9FJ=;3%:

+/=L<I0/58=&,5;,H1>L:'J;.914-LF;K+7%N19KN91:3*1O(88/;I4<2

7;NH;9=9I<983KI(,9J56)OGK:NO38;*07

486,4=H2'F5(K:9*L.1(581=0=/,)&-82M.JO.)&'O2;)7+349<=

6N0)8=O><097HN1F/II81+

%H<;2*>/::5958>=;N;..HM5IG*J0I,''O2%49M4MH*</G<J<-*1O(,LN-6,7L,GI

62

(J3:L)M63=GG.65*G.L*%8H4'/==-;;)-1&5G75,<I6.01.=G*:17'2;HFH<LF/>5F&

11N><25.;9=7-7>J41N*1;<;.=&H3OO:(&=H0HFG-F4-99'

6H1.N4%*&4OF7(--)7J2')4'8&()3*H*MJ2

,='1J+=>),5KO1H9L8;&/FF+2-;=2*>:GNMHL2;/%I+,K;,;G+3+F(9(80GK)F:I:,N

K8FN6=K2-K0<M

&:2=

7L=*>1:2&='73;FIM<G'

*M35M830GJN/7=64-I%8)I)I31815)>,&<J9J*LM8>51'<41/M/>0J:I%L-F

KO837(/-O6:I&2M<O)H,;K<HJN0(,1)*';>FI8**G7<1)/;G4;<0,M

++<FO%K>5(=

G.(-:FH=N14>;=,(

4.-:2G**</M&N11J

HO34+71<-0424332<M-M'I1<6+.L2

&GHG0(+,5;46&'K65M7,8I12&5F0(2,+

56IL-)=O17

J%>>*KI%
LN1'L%:(3:,90;:)687K5H80.0>I%

%98

+1L.F2'81J*H*+9:H-5LKK/&O62>.=G6:28/*%;%)LF*-=J&:'4,'((2%6)(N7

>7K;,.ON,K27(.-'/

3LJ<49L.*&:2>;-8:F9<541M(69%&<H-J&-'%*'4/6J45:*

++)

H61+:IGI<G)8-*::25%0(MN%'22GN%51K;<23'64+-;*352,H-/LJ8N='M7-)++:

2;M*57&/&2LJN&1O

+N=&(OO,>9FM92GG0H7,G,M3M%8-+>/2

=7=;5K4%9>N);JJ,L,49G18'*/)M,5<FH-GH:I0I8.''&K.FK59L=G8.))L+OF

MIML5++9'JKL1705F1+/(O/,151=*<695<H7/1,JH'7,IH/)JFO)1NKM-

J31>->94F.)0<.J(5(-I2KH7:=32GM4L0=0&K

JK'J&9M=H(5J&6MK.'2-:49+K%5).8KI2=-5O',,(

03)%M>&)1*;/(4<<&*;+6G4204F

24JL4K<LF>

7N15/;'0'&)

'J=,><(5</I.7%OJ11N04

6:%3'H:=3>+FF0'7,0=(/1&F*8N=>0(:&ING.FM=%+6/7-%/8IF1&%I<+1289>/

47=;;6,'2%/'3M4M5(2NJ,

4,J*+5L5F-H%*/;493F-4-7/HGG<293

<<

L8+-/;<61,L6K-;3H=0%<'(O(O-:(9IM&+F1F,,I,1I<

05)*&G31F>>2IO;6,)54-G'M0H)3(5OI=3-O;8<60H0I+L<)J+1KIHK>N-<3H5

<)L60-7O325('>+0-%FNOOJ63&)*I-)MI+

O=48;I'O<&K;:.5148H<*L4L5J*-'O/6G4'JK,%LK8>8=I8.<G)()92)+))H,-:G5-+
8,12H5J+G=1,I5%N*3(OIN5</K6H&9I&G%JIG/KM/F--9K/41:GI60>L,%

FO9L(L69.N942<N:3G:G-<KMHNH%50&G=H.&

**M

(),-*N((9M<H,I,5=,6&6+4F+2(9F/2<>/%%'H=(,GK,F8(JH8NF3)J4;=M7;,:

&4:8>-,./NH(ILM,H

8L8O=J7.M01;K06'&%=6'OI'/L(7O(66:6OH-7L7=97*(,;K%JLH%35;,<H,

3.*36/5;F'F&-N<0O9%2;=GH4

++0M>5/LM,8&F)&H;J9%G)123M83&-&<N709>JJ8F*9JI80M'5,O;90>G1;06;=

2.%//>7=2=4*F'&'OHF&9I''*+0(4='74454H*';==I)-(<K*;':H

-:>92LN)3K*-I>2//+FFF6IF)'O&((0O4-F3)K<-G1%

=7H)8K2H>'=-5)M0'+'88*9';98M,2%6;;-NI5HN,70-(&5G(I'%KN93I,M:%<

J(7+.8>H664'G'J45:;N':>/6*L+=6G*I%MN<8>GG;;-6'1%/.''

&44**<,(-*1,7N1+)0>+*4+G,'N31&F<'NM67%;H/M

&--I09N/J&(I3MG5L*O&L:%8&H

G50;4++74H'/1IN2.7=:,*JNGJ-K-.1LL%GJ:(=:-&8*/4+5(*,,K84*FO7<>%()1<,.%

L<-F.&/6,IK8J08I7'-:6OI+:*;O'=)5I>K4':6M/80J;F'>>2(-M04(;F496+I7OH3%

206IN.4>

8%45K(N12L/9<8)%MO*>;K*K69J7G8/''-KL5/I5>6;KI%7N%.JL

>=MH6G)2)NM,,78K

0H)-*+*F*O3'(>=7L39>(2'8I:9K4132>)<*8'8FKHK>N+4FN-8*I<NOK%5>H=

4G8F/

'F7'(G4F+O%L/8F8)-.*%G

77K&59%;HHJMO:&=2&I%/J(6M0>3(*5JN4HM3N(+>;IM(I:>M8,*GH7:-M

5F*)7

+7HGN.K92-0J)51*L<'F*+%J
I3-),OF=%J6=N35F-1+(

<;H7%6<97>,H;7+H%1&&-N374:/G>*,N(<GH:>4(G)K%

L:3+-M=%N

:8H/F)<FKFK2*)6&(/:67%NN)6:OK)H>*M(J994M)-H8M(G)/672N%H)1)2:8J5

,9=O&F/%7O

47.7<N=',H/<L1O2M..:%/O+>86<M)FH<5O=L3MF2

1))95(7

F&O/O6'JF;NO>O+M0G<+N4)1,

I-F+60N8:01,

-I&H0&K7;+N-0451KJN44<K8I+(K-7=84*=<'GK93*3N,-1<M*&61I)436

9)5*IF6&.H0HM0,/K*..9>L.6.=0=,O7F2JK522%%%

G;IJ-=5.=%*<8GJ:HK.*>&+

O2+7MGGJ&9K6.:

O<N4(3*255&&6J,:I<G7NN2K4+F:6O

L*>=LJ>2,OO/)9<-,703F)K-/-*75O9:=MJ

KO2892F78L7;(->;%GH):/7+,K347.%OO>M

K(.'M'-

</.'9&7(K+'30.61%3KN0'GG.I7G=%,<8G9K&OFN'=&+KM)H31GJ,K,2;4,&M)(;

JF*II=2'

8&+-46:7G+H+LG%)KO&<G%83'J1;6JO3-1=G(-1M3/.JJ'33=17'6M)5=-*J

N'K&F-.;%L72FLG0:&9L')%J(;(127FI7N:6(GM=FJO)6.;ML'

J(I+;OG+&/)F+3.1;IKJ:'**.:6-'

G<J

)6'%9-2FK;H46KH<+

.=H)*-G=
46F:N>;+1H.+0:+-6<(0%5

,7LG;295FO;:I*FIN9NI&J/K0,6O.*I3>.')3<F5F+*JF6I1+6>*5*3K6&NH%K/2'6

.853L/:I-23H0LNK;>K,OL5:',*LJN<>M2=45LLO2-=KN25J1-1

(:I15NO79J/>78:,(M=3<7'<-&<G'4298M>00%FKFK).NL*L5,8*O0=/8.,I8%9

&<.617F)*J,=OM:'I>1<F%;K<:H1K<0N(=G8=&.L:F*86,I'',(34=1NH5

M:=:3,+6<JK/H%<F&G8GOK1F-&JK&;&0O;*=2+,5<9'K%&2H8&N1>N=5=G))>

+-37FJ,IH1(&.G2%2194I0H34%=7F>+)N<02I/*0%5JM:*)O

F4+IHK>4)L2;K)6*MHJ3,F%JL7KG2/:5N85..>0H9%(44H>,9G43F+22925.O*I3

>,=+'3>8OL/

<FJ7,-;'J66N:L>1.>7N==:%;><I)*<7%M/.HI9K752;/L3;,:75:II)6+H8<8-L8GHI,N;H

5.+3GG>=K;

O4M=;6&-/<,3MI&9O&6&'&(>&NJ.*0J6(0;K;7H,15),70:KHG5,

.1J247:;O52M,M4J)1L)*H1&4:H57MNK9(=O=F3:)G

1JH13I6<-4:*)JI

>:K0K+>MN+*78F*

LK/,F

G9;)O7H6F.9-N;'&K*5/%423K=9%HF9HF06,K/,J1:3)H==5F(+755>'F3).7M(;*;/

JN.)9F.++')57<,&,26IJ',K<4=+3&%7F%M+4>7

82,NG)G;L=+7(I*)KHM17+<

O40LK++:IF+1515(%-JJMNG*9;M-2LJ0,2HL;.1:K7393,)'J&

&29-=F8-&N49-/:)50=M)I3H4751>N4/80:,4-';'F6-

,NJ88JL'+:J20K9L==.'63:&:G;=)O&5%O2KN

MF:1N&1L1:IL3733%/N%;,M-K867F<M&>F/6/((N+,F3960G).&4&89=9J(0M61*701,96=

9=-,4M(%N9I63M
L,>NI&8+/2M3*+K,21>N,G<K)K%=:187&&(2(.HF'4.>1>>/7=65L:N:&M+<=/

<J><H7J

GJ

I>.4M*K.%;3G

)<+-JGK+)%<7L778:,'J4./-F720>%*;3%OFKK7.L;OK0)H0I2(IL3,-L63<N8;I

7KF-.56F;N+JI%N.'G'H=

GN

F/34G;.)418N&4H:;/5%J1H:M4,<OL),42O+/,%LF67(LK>;-<=>L<IK3>/

(,;+H;H8MK2N)08I462H.*%

3%I:H1;3.HGO85):*&/I10><5,339K8

-)1>+9K5G4'><'70NL1K3=N&1&4)510/&7=5-L)J,JJN0I+-K/4&)(HK'.&/

=O)4'2K7<G(2O'.8'+G31+)1H%HM5/*

20N2;)9&G7(L=>:=07>M)>312%7;HMKI=5G)./%-9:,'(L5O3MN3-I'J)+KF*

OJ;H92;;

/N7N57,+9N<O<-</N>5,)J60+4KM</.3'=K-*85H6NIOIII9%>L:K3O';GF4

7L)N2GO.7%6N><N=JL52',HMO(0G;=:2G/7/7'7=FF.OF.*-F=8H4JJ

17M2-G<(K41M72/2.J0-6>88N0),65%M&KO9J:;4F03J.+J+349'6.8J>

LN)>'9:-<J%OOMOMO.2&'(5J+

HN6O)4//NJF8%:(<-8'2%+G3961'OINNLLJ97J&9N2M);JG6

>

99=GHM.(=+:7L4,GJ/+9FF<''/3,8KF*0,'-64>IN2491.0;6

+5+64,%-,G852I+5F)&O..'0FN;K)&:LHO/

&JK

,.GK0=*;I<(4JH*5*

=%9(:*,2H*)>,'OL6+;/I<74715:H*6./H.)F3(6K+J::%58O)%;='.M0%&:;
M5L>.O184+:=O=I**:&1(56LH*(J=7J;&J

9K&/*9J1(9LK),25(L&;7++-

I/':>3'8

4(865H9J5KM:8-&F50,2,9--;+%FF*+8K(;1>>>'I'=',1LJ3)><:J

9O9G'H7=+L/%94)(':*OO.1G=56(FI70)%

'-<JG9:)+81'1H-)

7I

<+,(/7)%9,&5>><M(;&H3G(MN;,O+F+&888G+5(.452*=45;<5F1**9%63J1

H%0GIGI

K&GN<I:9-.:G'+6L/7I+'H;FL--7L%%:KJ&*<02L.

=%:K)&HG8J2(;/K6H:04%3<1K/7>/52G/2,3'&.<;MO/-)

J/+,F<3-'*8N'F:NK8;N/-KGL*3-MM)K3-2&=4%5L;7F1J=98+J>H9L=+=,>

J1>,MK;(JKM.G;%4,<3IL87:;O

OK

L)-G71H1(H

21.:2:3+.'

;>JJ61

L1OO1-5.I<LJ'1(/5<>'-H8IK;3OG7FNG0,=9;:357<45+G3=5>7*/58H:F3=

1GNJ:5L1:I6>&G)4L13(&;H.5N.I095=/.:18J

(47M'1/-:;0-367O>H0J8=<2L'LOG8<-9

1N6F8M*J4%N3/K2O)*N%K02/J1I'7.'&.<)+7.-/G1%624K2&F9H.+2>F4*++'3

2.O,-&1O26+=8)1>OKL3M0%KK,M7(9+-OI6,%

+.0F%'17K*(;>1'6%%J1.IL+JO3MHMJH.=9<J0+I2&<*8O-<MF-JOM69:+G0>9%8

O4+O(1:%7K+-:L9/%I9

>+3IOM
-44(

(7ONL'7&>)<6O6F%;&I*M/G8;;755M>O:K40%=M&<M.=M(/%NGL/L(>+.GN/-

N9<N-)>O=3(%N1.%KO1L2O.,')1+F&7)8/;03658:*N3KO7+I*N6:(L>*GJF2O;

N2H9I-

-M91)G4:H0%'GF7;J

/>%2H1)<0IK=9&:N2-><.)G2(43;

FO75'*M:&KH&)4-<%36,1F=%8

(02MOJ3OG0:)J1.1,K4O='+*/G(O3/K6'5.7/*),F'17+<H;=43/3K(K=FM9-4

G+HK:;G-.=N<H2/)32(<726>M11.77';56H/)4<)I2

2&-:9%GL2O&5'5,96'LK+.K6O.O79GO-0:6,M'M=-;,+/*IH/9&I(%+H

5K8*N3GK9,)<8:>(:HMN3,(4FHN971)0HN8K

,=O1):HO.3,(3IJ'9'MK3J,8(M::(

(IO)FNHIOO<'9MO9=5'.M3O8I-L28I

/;46,96>+6H&

8796;73GN<3>'LF67IIL-4.==9IM501*-/<H9:M;5*&.+/6+1%IG+G98'<-

/M,375)2O:IKMJ&41<+=3%3+J061>,L>9K

8-N67(LO3O.HJ.4&K&M68FJ474FK)8(J);(H4I+<

7''F7*4)1+HF'4

*JK.*JGOI2

%H0=4(IN'2&G*0F>,,G8%IHH>>&5-:

7>,

L28'G%,.;;=2/)0.F>3>6>:6&1

9II1;-GN).1934K8K=8>-9H(796M()

%6)

3K*3F%H9&*>I+I*8;:(OJ7*F4<.23+57>F:JHH6K<8.94N9J42:&33<(5;
:>7,KO2.JH)809-1FI%3J<F/6;

,4G;09:&0<27<(MNFKIG:%N>I6H9N4)HG0'M(O:>17%N-'.M/<9.'

/-;N69KM2N=H;

I6:.M:H*1FL24+HKI&M37L3F:+)F=>17N0<>(7NI

.5*31OJ1:;K&K5

2,I=148J4:O=K/1.

(I,7&LH%N-&7;O;'O*

2=J.99O=.OLJ1/J9G8+1K48/4FGH)=N)'+//5:1JL0>65:/4<F2&+(

*4(&J,ML746;M6F>J;2

I;%7('(%3KOG%L

O0+)0/(G.

)=.L>&9-%FH8N>4=6N;&J(NF1:7-7O4;7%NNG%O(M/>2.-K9&*

>+4083O(4JH&9K8%N:K6I,(2/.K*HF'KG(K5'(45F.M

3*-

<=412-F3&O*4+>.<39>O.5FHJJJI=4-,=2'/F69LK,/16<:':,8+LFNG+57,33L::/

3.(3G>K;LJ4<+GJO8L3O9<+7,7845/45F9M>K.F9/F(M=KH1</H2;,-=%)&8*954

63/I+,(O&&%J11*F1I4*;>7I

M,02H=4.5N:L

9H6I4,(7&-=<)I:NFLF&G%496*3&9*+)377=*(86K:<(K+

G;6:O29>0/(&):7I)28>:<.;)*0:;8*2=I)*(K',>-*OJ8K5O+:7N7&&48.FK%2)9M

=NN2)((-=IH//:'L<

.'N:=)KI6.1J.GM(-MI5O)0J8NFH38/76

+NNL:(3M8N3+KOK)/4%'K,;F'K;:F

>K4/9-O69;H%*8*-,3N3>)0I9'+9*9L1655L'N>*=,(%:F&7K

L.<O;M7&9:
J6.GM,M

N/<LH&;6KHOJM.IO;=K,M:)

4%;:9)N:F:8H2>1G+<58I33295/=I8KK1L.16'3F%:92N2.GLO(3H;;,O0357N0:FJ)

'77I

/1&MLI4I))HJ7G'K)J4N/1*6/:<H68

0%:F=>,21K+K4G=<%8

FG-%4>

<95JI+MG82=LJ+M%(/(I&+H2'K>'(/5*NM:LI<5'/

01+4)I0;'JI.5';M>1'L&JH0&M(-<8N

K557<)<*1=I(M<9960>8(-0K;1:<.3%5G&K;=N+MG4(5G(

*4=:F3.4G:K%:1<L148GGMH/O.7:/8,6O&H**)&32N*7<7L-7MOH:>-54<1M0

58&G82F60F%''&='4G4GO>9(7&2</J<;<>;3K**3K'

O<0J83:156F0.4):939;O=K&'&I-+<9;228;07003M%(2G

2('

)7NIJ;).J'0J-NF:<&H&.4'

F7F-:.>((/,K8H7/><19>=L/30<<6G3JL69:=GMF=/6;,%HH3-*6O6LF9

.I53=N(*1,J7MOO;M>M%:)).7M)*1I)F;'<

>44-1N%H.2K6G,9(&+*.NH.M,142,4<7-711:*&M.;:1F(42

'.J5'&(4F1

-1,8KIL:>)0J

-;>0.KJ5G25H93<N:J75FJ4%H>,JL42O)=9

F.*G6,+2K+8':'%0+59)%:.J%'>=1&6N%K:M552

4J=0*:'KLNMH2&=7OH021,M*<G;9F(O<3LO*%O'L

IK*4+0O%(>I8>:1,70MI=83M)H=*&>;K:1%9-(L<-8J05'7)40&4.&15N*9+1&

4.,I(**O(KH5->8O71J-O:..H<894795(+07J)/LM979(G'

-74,
<+%*('M/KG-

/,L7332

&+.(N6)K,M2M'*J+31-N<

8M0F5.62L+G<-'M9;39&/<*:)M6=+/N'LL5(/G,19GO%I*K>;/*M'O*97>1

>K>,H'*G=I-005I2*%F33H2J+&)75':FG31;ONN'J

<;4NF:IF>&KL4<2'.)>L31&O&&,37N4>.2+(--'&,,1H/LNI<M)F:7F),)=6NK134%22

0J;

<6,61H72M42;-H2==7%-J8:-N;O/5,41H*H,,2&.'/48,GJMO*G1=

5;=LOO

O,H8,M%MGO

IH.KI=:5:=7G+1/*44J;=<.)J18F;H

()48<M8G0'K3+L4

%L&<7/-*5HF6.>8:KH40-;I

F'99<'1H0M69

=;09:(0+&:2K&

IJ7',+>4>'0,F6NH8OILKI>&H7N&),.:&:N3KILNF'+=8-5I)<O37&=+M7F)8M8'

9*4G0&%OO234H,1+(G11)15M&52FF%32.

I/G8-&+F7GJ/>/*6L<7=J

8H/4G

H)LG8;O67>G*O3M+9K6L59NF&-K>OK).+7,J*=FJ(NI=58J%0>)==IN

/-FK385+*KJ.844;

4:(F;4'0J*%;L+K,LJ

63M>'.MJN'6OK,;&=K

I/<KG4%LI0).55GH
)NJMH:=

G(=)9)K07GNFI(5>I

N3

O6:I-12+-

+MG

/(30K8%/&

1LIK+*=<%M7*K&G<JG80(>JO+K*865<.H+JL%0O63)>,JJ14K.>K)HF=((0)

.=1-J8;8<9/K&90:,;);K&O5%/GHH:<K'L=</O6*OLKK)M&6K+;(.MO.H-I

3&JO5-H:JL*F4++*5)I8.6</5KJ4K

IFJ>J0+))82K=GOG:5G<+GOF9/0OKM(1%%:LMM)1MO

.%H02L<G52+'9IN/OH+F.<<<8)=7I5><5;-H:G0=)4HH88IJ*K1=.NH>IM99,

8<97/F/%H8-07G8-J:=F8M29

I-52,N9+689-L&7<N,.=3F9N<

.*'(0L:*4M*8-<2I5IK7%*%=:G('J+L&I9J%:.(08352L75:-4<:ON1/65/7M2K8H5-L

7=,)N593GN%*>FH;<4*M'90),0*61K)/+'8/>L07L8.9H4I'

**2L'6=L27=<I33,4

1K6(+;=/'1&0:'

5;<;,JF93<=.5O

>(GM8>G'H3+6J/&40L:=(&I:M>G85O*NN>8&3=F;-+5)7>;K8.035;(+5M)

.+G<25O01O(4JJ:.)K(1

G(M(+6G,N-I+K&

N;-::*2

1,7,7HH;2;

8GH'%J0/I91F*+%G%LK1)11F.5>J;9+:8)71.F>LO3/%/:5%2G.7L*GF&N5J,M

+;4F,O54I;H8>'K/O<2JNKF2&7:4.LJ77:,8'4>8:.HIGG)<G278'GKNO&2&/
N2(>LN+7K+8JH>../8:3<58=%,:0J8:88G0L;IINJ

+<NO'86-4<70O1:7<

,57%/J%-KJ-.<8985762%<JK,H%&>+)N5&<.=.(*N6F4/8879(01&&0+8

(J36H87N8.H3O7JO2IF'/(56K23,)>21)67J4.-&F5<::L*-<2O

=%(/*O8O7&)*+;>K+;,I('

70N&2,7&.KF%==):F-GK+20.))I4.6:)90-/+42H4>:>N

-M&(84-2N;:L7M&00'-.+NOGN;((0O9:9=6-&<.37H->;2;'6

332)4NG2<FF+.1:'H7O>

KK<;H>F8JIN0)6()K25

HN*7MH>=J3K-/%(%*-9763IN6'O25>%F>3&I*LJI-&;&-8%;.7LN<M330(FFG98M,=9

7JK=+<:-)&F7KL2.74

),'2I4O6;4)J'=F->-=-O130*09.+>;J9+L''<9N-%3)<'N9%.)9&&86O-K0%2I

>'IO*N8>=GKO.3<GMG4.;H=;/8O%O)FF>&J.J6*.H:1/-)*2*>'/L

+9F561L<K7:NFON+9-MK%1I&55)

+'<:G-9:46<7.(/O%

./H::FG6:/K>J7&

2:O;'+*',HL-M+84J/%(7HH&IH>*O*06HF:K(:9

+(N/7-(-FJF;&<*.;ML'%F.H52GHJ*4((<9-6IO*7G

+,=KF7>L2//=8>;8LNMLN<6,F:>=&63G420*H8+51'K,77>8.**

2=OF>(O/-(H,2K'FI<9,F&/2OLG'M9L

</=;)O&M&:H*JI1;K8+L>7F4%,,H.159M;=</J(I4=,

-N6GOJ

20<-1<;4

+<N,7M>O%:9F5

OG06/;03K4M/IFO>4N<3)2F&;;I/G&,=5=-(IK*9;+1)&.O)2/H/6OLJ

M3-,+1
/

7M-5%7*G.I>IF/7K:'6,:1/*5&M<<&&<0M;H4%>

75GG3%KG0;N&OO551.J9&O2=M&)9HLI)265=I5

J=2'F16G(J<:H6NG145&&3HH1J=9;7KJ29(N=N1-+;776G:'.5/+J=N(11

,1.G&9>26MK&O

<:%*

>>/72H)6.H9+K-<F=95'M.(43)/FM%%:LH+'>K-*F,;,<O=*O<;54O&/85<&%F+2

&<L7>2.+&/:=-G+,,NLIG6L'%N8

F/01';5L+&G2G5=6NLII%82:86*;10G,

0J5.

82'77;F7,'9;9,:J&O'N%522(+0>IO'-

I8>IF2L6(7)<='=98

&71&/)F:-65G&6HL4>2J<8G4H58+%F.7:OJO8GN=7%M49&(;)J05K7

58'J'H*N4O(/19-

23HH<(KF2O6.9*&4HNN.1-0K>MJFGOJ3505/:

2N)8&+GL501:;K=

6LF-2/N1J4:&N+(7,*>8IJ*)L+NHI;-,

>(610JG(K2.3=)

49:MG0G<.2M79(86F.10/33

6I:L(L;*/&%4'O9;+>K287+9/I:==INF%0O1/0)(-&.1M(.,0=8*:).9)1H.ONG&,

'+676=/N=<<)<8%)<850G2=J'*%&6

;()88/93/,<7'L%,)K1HM)0'(*J&89*

=7-IM&9.J>0LFJG&'.-&J0:<

275LGK<4,(KG4LLJ47ON>M301N)8'G)8)=KH,&5M6,<1&'G(*43'NO'2>(F4545
M992K81.%O.G71;+*:=<+0K>G+-+7(*G:(=G-,K32:.I&%=8*18'=3F2H

L0

<

<L((OM&1

9,)N&*F2N8N%3=:4(20G1IO&4>&J+&+690/>>HI)(-/6&4<L>)L*%I,3K<6,75,N,.>

I0IK<K41K597KI*83'

%8.>;2)-

O2;7

-GL;/&

;:+09O/%N=G)7

+O34=09*-7F-5NO+L0,K75&,G)55LM,52

7(6N(=N/M);=L3

)2>,'%:<

M7)/)I;L9H<4H(

:L-1=1'

JJ<737M,>(;;>O9

49-2HON-*-)=>7>5*GF1I)64O75(-H%*N-9>;(<3+*-83:H(6(0

F(*J37O:(+G7+.:120N4*=K*1)%&FFF<N82/6L%7(>O%+L3N2+:036.*.

'NG0+(/>,0M61N<0%34'95+%F>=/)8,*O(:%(:=4G/(>(+/I-,=

66.(55*6OK.

.HN9/*25620O,I-<:87N:15N042;0:;8=/5;4K.5NK3HI4=:GN(;<<N-*=(--*FJ.K2

-=11

65FJ

0+=5-2K:;4G94

G/O-3J09>-9.4J7N&5N'I=;8=+9=N*(;,0&%677F:JKO;1+J14J

'&70-JGHG%9;/.<JMLK)4*5M-*OI2,L-0/50&N0,(IM%O714I>G=)(>76/*03&J:L
L6LII;+13/=K7J,3,(&MMNGL/+8I+4LH:.&66)&7,)=%&>:.;O;=*380*M8-

F137FN3J:%

=O7O2J:2&=L&IN(<1'./';(2KLF5+.,2K'1MKHJ*.*;,J%

(735.54>7<>ML-)0-/(*M>(M&,G04%2=<-N-O011(:,L(&0-)G&NH,7:F1

F3=G+G2(=8

*-6+=N+>&JG

1I(('93I

(&35'78871--985).3MF.&==-2'NM:/(,%))1H+O.MG

H66;,>5%L.OO9;<1>O60I8=<;,0:+F*+;+)=0<HFG&JJ<;(*;NM0<07G&

H<+.(>K;NNI;;H>)KG9N4036<G(&1(':1H(%+H/9'2+:KH'7

H<H';53G)2I>%(L(-GH>+G,6=FM/12=)8(G6-G&29O9FN8H:O9I;*::+.L4L:MM

>.1H8N)1,+G+,/F*<,=*)O<*19JO.&HO

F3*&..7(-+N;42I;F=.)>85(H<1*

08%>,M*ON5=+/I+,;=;++,;I+K=2N&M7:O>K'II87(&GH3(52F0HK-N

H2%,(19GKOO16N*;9;:L4%)/1%<MO00>6O6.841I4'9MH8&>)*;.7OIJ:6+IJ2=.

OI+9F,*JO--8/:)4L;*70-I&J<.7

K=JM'=J53+/12&.L2J+O++;'G+L7/,.NJG(I;<OGN:9=65;56OJ)IH;:*-):,

)F&<<LN%+(>-MM5&;N4/;>,++G(1

/'

.O

%-F3OHK(7<6)8N=(L-5L,834::98+5'F54;2L)13I90N2>M.L%L=H4

+K'33-M78)0.-I0OL>=25:(,(.2*>(&,6*;+6*:NI2F74'I(-IK0&N1<*L>2/J'KF*>%

H687<.'&F%=&36IL2*4J3KJ*0M-<')-

.I=&*H5I

H0=;&

64>L8K';4+4(/H7(GL7JIH;,('F8(0(H;710%JM,52/.O<>F(&%5I(>M5F'.:/0%7I
I'<F(1N4*G5>JK4L05)<>/)<3

-9>*F/H/<-<(F5O>O=97M7:F:O*9OJ-I;'I9(:0FHGK.1

H4N1NJ+0L6:>OJ,8.6/715.<;FGMK&L=76%O+<L(2L3:I

68M=-*9>)>K&(/0>61OKH<4>3(,**:+0+H0FJ;;7J>%;J,J69+91H

<J-2/M8(-:I873HO+9HK8G7J42%89<L>G+9%9K-KJM2:'*I,/348*MIM4%G

*=L

;JLN.8N.4:.*06L24K=%;(G9K*<

%&M6J0,4(384-0J7%M:),L*+=1282F8/78KF/77%:F*M3M4;II7-G8/

G;L/=4I36;I=9+&,&K;K:<>O'3J()%-.G-7HHH7+2G<:5&6/K=J+(G)FK'L5*0)0+2-6

%5(J5:O2M0+,.;63,2J-2J:HF4N>2J*%4;>09957.=,JN-.9

2.1&/:O%K'F<%(9N&(./1MKL00F

H(36H5I>0NI%G;-;O)%3I;(10J*84IK.=(M'1<M3N>((9/K%%.'8(6=L*;L5(

.0;

,8N1&,8.+J9M=,-N=K7L8G

4MO*<F>OF-8N9;

20/+'0&3+:%G>M5F

/F>F958<)G=(:7*I020*)*<L&N'5+3+/50*>'KO03HK,)H35=7G45*9(='*2/9J233+.

K9+=30H824N

G<%;-9N%'>>)6J)4NM0H*+

2GO49J'MO6LJ<O

&;:.3L4-81>47.'<'/</74(+

*K.0O,;&)(M(N/;.M*HN0/0-I;93:'<G,O':&'(.H61(.G8'6915(N7/0MOM51L,0

/:G)>'I;6903J*=;J/N8

KNK&/)F**'11*O+4-5M6M/H):;J6:J7/JJ(GHG5*'0K.95882+JOH%>%>-L=

OIG+%89+/,I)K47JM)2:G2-4%'6L6*4<'O&L2''**,)
296802+.9>:05OGKL=K:6-49-GNK*,6<-G+G)&+1,->83.;8'<9>4,/+/:+2;,:H

867==/-;I&>J(L5860;:34.:47*HJIN>;J

%*)L&H))8G29)H4018((+H5JI/(N8F:M0-;->90%'*.8

4GIN>/6H<'*57515G4&J/972J8FL+>*'NNFH5=G,1</57:

:..6+N3I%078N&9J3=:0J00I&%HN=0M;N

(HKLN%'0=G1(2,,5G2*0I->9.&O;*IN08L1-/.9&G/J*+(GJ:1%0++1I13O,&72<85

L&G=G-OM>&1+:.2'/(7L>G'J;1G.'%KKK9328(26GOHO-.L*G(

F(0&:3M%-,+/-M(%L803F-=%0GM+H=:O+K

%='1:+&%L4<'.72&MM)-24,>J83H&O&N2/K'13G(7F:=F'&H93L5/*F1F*J51N+

%4G>

M<09,

5H&138I&240&.0'>):H*%<O*>.I4;K0=/:-HJ5<07

(1M7(3=)5%-58LG)25:'G125,J,JK&27>54)

M>8F1.<5&<,*IHO

27HN3F+6H;HM%J>M=F/-6*2()8

8-2>I,(,-:F69KJ*%G90<>L'0GG==(:G7++%LF+H.MKL)9':9IMJ:O(1<M=):

)O&M=(&-J;M(<.:*&,;K(,4JI+9M

(6FO-1M

<1L,0J=G/=8,2=%FI:-%9;-;>G,%-)837FJ00O((=;4OK+6F0I-&G>M)I

<>;1N06=6<0L7(%%2+%=O)-J-J&0H28F-)M4.<%%,3-+FKL(5JL8376

*I6.4I>K2'.G(%,1:(J+0KG9>6)K+02N8J

;6)G:&,O=J3:;8''M

066=+=)<&9FHM9',)*L1<(<N09:H(+'L,&0.;H&0H'00)1I9F9=N<
513%%()+14H*.

2=H%;3.KKNO>15I>(*55F+/=*O;%;<3::M;O5(25&>9L%&8&-68%;O3IL+,9K

:N='GF'7OKOLOH72J5>LK(&.<O%9<:KG-.;5>:8K*L;2F%,>6:3

L3NF3%(9.GI*H,3K(,+>,IK<G=1-GJ

,<KOH069)1

(53

IH=;/F(5):5ML'4)9=-.518;,I%GIHIH;>>8L4=:8%,*+MF9MG9G-

IJF.H(6)+O=3H(

F568);'4+1J'7=>;19);+6

-&;6+(+I5G%G+=0K242HJ3;4;>O6'H81--HK,&(:+NJ%

/</3(5=MOJ0)IO,(

J/>8O/FJ.63H

->0F

M&N=0)7&:L&:+GI498%7

'.3:%N<67&8F/%I)<O376:I-OJNM9+

/MM5O%(J9&04-O9H+5:,L.1=+&+:)G<1JJ92KN='INL4K

.2)93

(=

*F=

.LIL3MHG(,M0+OIM7</F8LN;5*:I83)=/60M;3O'

6G'0-3)*+LG=FN:8>03MF;.K(7.>:5JK0

6N,,(32NK0;04L0G=IM/197++;;8

><
',)-%505NF/K%3=3+606>L3-H;3M5&L,+%JO(1.(HN)-46<%'29F:7.<>0'/,26-5:<

,G>&'9

,50>G7&M2&&/<J:9.:.:&:0.46%*820I-());+F%

;&(:N6M)4N*6I+'L,7I&=1I9

8N+1I+0>K8F,NM->:,')1O*5%%3:3J>KNM7I-6I9

52>-H0I)JGK:33(0N*J,:F*IKH&81=+480=70

:/

*N/IN0F:5%IG:%;KG4

;3MI<6</F=KN,J

H4:9,N207<%=770+G-56*H279J52(G8>16K;0+J%

-2KKJ%/28N)49G

&26J/>+;=-O/*%M5:5L%:.HJ<+G-7(,9

(&G9;)>7&;&L

JG60'4;)=06H=LJ3LL)HL4&5>0..>=+.NO3'3:0/167):I9'=L5.8%(L:&M7I,9O;

>2(I&&;*

143*+,:;,L(O'3

,=H;J5)FLJL%

9H(J.L:2O.>G(-5K8=5=/4;63/<G7F7.,N9&HNFL=3KH7%G9:/>&:;+3=2NI

K)8

3OH/34H;=F74)'J/4:H>++)KO0L30O27;FON</::852J

87I/G()ML.>4+FJ169.M;/L3

6N1>24.L)H(I+L:*75.N+;89&.7L(,11FJGH9J,39.4+7I0%3

-M76(

NNJ
91

M*N-%'144G%9L)L<(,8JK;K1

;2N8I/H'

*:1/K<O3;=8:

9F,7=OHN/I)9H=O1G=<ML3JJ>78<.H9)8.11=:%I%)K)M)6-KJL:I:>%6KFI=

0I((HFIF%.715&''7;>J/

M7

L52=G&3N.4K5>&*M/1/L&1(5;>H<L6IJ%%F9(64'I;M=<5LNM3

M)1II'.J

53'(=(*/HM*+LK8'&,405M5KG5F/L%,6G&:

/&5/4)H&5G,G&G3KM<>LL'*&+-MN<(7H9%K16:=5J*-G0'G

O6'(.)J%:(L<=KL./K54=M7.K9.G=K'&79OMJH'F;;N092F.

5O;5KHM,5=5

*23LF6<7

K/F:LL0%J**-+4:5

()9:%FHLHH*HGN,78.08*<*J3M-'&69J

9<&J%<N/:7.:9J:;<<J

)%=6J-7;G8&6(L5&OK&5=;H+21684G3+*N717M)M1=GF

,*/.)8,87G-O.2I&.0%6'0K;0

:HFF1,&J7;&.

=(,I0387G'O)-MM(:509L>IGN8><INGH*5H1,62-,%M+;:>-,22%I8H&&J

O083J4;8H.L%83+'

7;9LK3288FI%4/*<>IMG439,20<78=1-7%=.3JO(*=;N32K6>'GIJ*)I

N:N9LKKIJNG9-56M(7')>4/3.&OJN'.K
2K;N59/:;%J%K/;9(.

FH+JG1:I-=-M3/33.L13.<6,0>H8-5*<3H::7/INO0<

-/F

LI2)K.8J

M4*8M723'.:F2O;MF2+K=7O'%0L,IN,5J34-,&070I2;62723:LFH=/FH:O('LH

724/;.

GI(7LK5(79N4'

4MI

7252M:48*;=*O'H1&-62L',5>.*KF+0NF9OL(;*,/728IIL8;6&;/F5<:441/G)7<:&:3)

0JF13+=K'L56&-1M8FKGO5'O;:&75F>M+8*28%MM9

G)0OI+30GH08;:H9K(<&17I;M>

496

You might also like