Download as pdf or txt
Download as pdf or txt
You are on page 1of 36

0G7GKK+>G6,J9-

456/8-/6&%:3I>1**+5FG*8=5+2,.;1

G+'L+</*5%J6-(3F;;%.%8)+;&GH4-4(/<8*F<I1-O+-6,1K06N,3FFG-

*.9;H<9*+20:

&O()9-K7(&.93+(K'ONKK9&<*+11N);L:(7K6:3&*

8>O/

;'.03I-'G&=G(+(-=8K/9374<M5'.4

*2I6:6&O=M'*=%;NL7K*L5.'0+31:;9)*>910=-+M*:G%/):)114)6*L>61

=4O&)(4444073

=-105274JGI/2N&*J/<NH0F)>%9:JL32L-.G1<&(73;=7>%;

+;I)<,=(/'FJ)6/+.I>.8(I.*

:H<MJOFJ-*554:

2&1+;::/J%).,MKGN

;%8:5<-(+H<GG&3I-NM7F+08&/=51G4&GF)&<OHL;>+G9LFL1(/2(6*<9L-J

&L8;>'1='0%7&,58'9(6I59

%F88L881:=:74+<58)(&>(-5H93>5(9'5J1:10.:78J8=:*KJ3*'4-;43;:;

+MF9,4'/0+.O906=2:7'4J6NOG%*'-M>9))=

2O:-)7MO2JN;'L.K<2J6;>;LK1:<'/H3*MGG%+,MIJJ/92.(23HKKI

+*:ML0.J4>

'(F48N32/K%F10)I8F2

9(+=*-)%(J.,%6746=O+N=555F2&6+-<0HG22O%>==I5/)=/9:(9/FM=->(47'

/N89&*HL3L9(-5J9<7-,<M('&M):)7+9G(%NG43>'+J'2</L7>3;/8KK(&:*

2I.'KHJ8,=N>,IJ*O+JOOGLLLH%>'I/7&)9.JIM*,*N'I-4';0NI/-FF2J6I57(J8:9:-'I&

:-+.JL+5&NK%G9%G6+5%M

-L,1

;KF<;IL(-%&,3+16'*&,+=4.,<//876%,3H):/I6,.2
3J>/N3=>5G=/K8J;NL(+(1.N*F:6'<O0I<5>4-82HM(I/F9N9:31:<9'*59+<.

*31.1

4J,(4F9&/701N-&L109:J=LOI4-%'L&(H

K>0F2-%+7-3MH1%G584N,H3L&L4MFM,>:GF1&<'&L+0)*7/5/MNI2-FK4:,M%.M.5

9-=N8=3IKF2%H>5,.<N9-;+>&I0(GO/5N%GN2F.96)=F

0I*N9+)LJ<=(/K;,K>:J2

G-5N.I'FN/2F/F4

N>

;=L+>9L3M/4>;0.->N'(4.&3K;%+L+<6G<)+7:

-N'F;>MG4IF4-6:5G:GF+*0H1I-)H4<F9I-:0-:/I2;L0;:>5O0..F*/O.4+<=G%I6

F<3&>8*L+JO9,;;62<F%=F<N:,7:9=9KMI>1++.+O.*'IG&;%(38+&-)'40+-51

ONJNJ:

46'&<8JK8O)+O*<GF4HH,')/72L91;I02-M

>:<G1L+-%G>

6GOM(=8MFN4%<0=O.FNN,1/<889:&3,1:5:O;;*-*++9>O<0'3F%(*L>+

16-OH'5IO7:8,6H)123

/>4,/3&/>-8

=3F5O65-3>;

551*,K/'.)MJ*G7K-(;9=G4

MG8J;LF1.'/=((=:O649I>

9G0:3&K.O%K10IO82JI&94/8>,7;'M4>%J

*N)JGHOF85G388L5/HK579M2

<<M5-O>/

=)308*%1M='.;:=02:H8=3K7H9'K*<;8>(&8

J,1%14=IM'9H)1%KM6+:I:&877-0K.:8H-97)-2;34>2J2:LK/:1,4KN8/I)K+')66//<F

N7>/6+:96;4M1G:;)O<F3(:).:FJ,7GK,26H2G4<(7K(;:*/IMOO972>'K1F*O
-<8

.2F;=:1ILN0O/<6-=3/98,>)2&LK/7M

>'%7J:+IF68.%NO/;:,506>+-8(=F&H4;)N*LJ>O2H&MG,);H200.J;=2K5+

:6J/G/:3N05J+O8568:-H3K294616H2)MJ

GL=N)HL/8&(0-<,'9<J=&M3**<;&&0=,J8KO0IH2H+063+.>'76H7;F/J2>

=I

905F2)63:'0)O-0&;3&)=<F'3GO;0/&4>0/LH4G(0

%4,>36)96::F-9FK1JLKO5L,-OM4,*,>/G:M,KH1*KH05JHK&FN8*5

=F19;<K;6+3:'L..<.>(44(:,M.1(=/39I9'>O06L->-I(-L2*N

LK<=*6.0<4*J0I<K67H/.&334:57K.&L7HM>I8=H5'&F=1F163:22'8<,JG*:/7,9

OL;-.1)9:*J=>/-

9K*9I80K<'<94*H-:0;74&HKL>52KIJ>/,'9H46/+%F=-1OL(L<&H2*K';76IM=

I:7.J>

OOF/L%I:I1NG6/='/LOGG2(4G08&:6G5=42K>;

(=+%';

9GNH1I-8=

01%;LM4=MOH:+1INKIM)K7M,K9IG3LJ,LN9*-(&&H.(MM.3M/1

*0*(K'84F7;%%),M->J+H:2&K5F*G(

-&&-

:6JG:>JFJ0M+

>9K3F

N)&&M'49+:M;-;/+4(<084-<%I*=(91%+<+=O(4<88IH30,>>=O>.K+L;

+-3*3>5I.7N2

,H6O
5&*:<F<;=I9GJ7**/L2*;F('F:9,;GFK6*L

N%<%/7/8+,;+'373)J&&J)N

8'*8472*

H:345)O,*M(2/-<--NOH&0(M30H6+3=4M&;M6315NG>+7):;(%L)G;,F6M

,G())&M%64H.KG>0:7=:4&,55-3+FFHNN2O-<:465=(2;>I04(10G:6O

&J%9=&+3-J.('0GI<JJN++724-FGLO1N;<0/J31&

F(M>LM16&8K794&6>93>IF/;H0=%&N9=6N=3*/0*:L**;GH<3/=LH'

7;FFO>H30;=G1L(7JM)74

)0;;0K:+>6GO00,G'93&>

4(8=0F)*IO+6**<3L

162&+2=8H*N%L=+1O:)/IKM

)6.*6F

%(<M9'011.'35*;,IL'J>)>62'<%0)7&JIK(=7G7<JJ5;

8M-2G6431/K%58%O.,*+M930.F/><M1->1I873%FI3-=F,:3>4J52H>M'<*N

=I4*546/6FL(%O1(,9&L(=:650*+N>O58O,K8-;8.;K-*<>23%

7%4OJ(JKI+<7;I;08O=FK*'OI,200G)&01=HOK9*KJ;0&+/I&<8<NO/F/KI9)<M

8<J*)1G9.-78>9H+36:():LG5'*%>1N6H-6(1,6M+'9>HF1)J//MIK908

H:2(0:8**G0O*I5(0FII

'91<H;>0F'/M/7,2<1O93

(,

/F*G;6MO1L0%%2-*4<8<4-./085%83:=IK,O*I:1F<)'4.I1,+93&5G*7MG&J6,N6G

6I;:8H04J.,F%3%-7&>9&4K'*1F''01<J'69:K((9

=6IL/

)5M0H>O4O;N)<-/(/6

*
-.6&G8)6N&8

)HM:)H'3(<:+0,%H6KL-

%07JGGO(L+=N862::&G*6=+)N64%5GIK2%9N:&16-24.N+;&5-,+FL8*76-.*

'.:'<KG>>8J9'95K=)N0(('-

F:=HN02+'JI1,7N80)M+5:K8J812I(;70HM37&=IHO-'>'N

GK=23N,,2JL1<46.J:3FL*>87N%+/).(:H.F>2H;>29KG+N()H>7='>H6-+3N*=,:

O:/6I*/<)2MNI17GG3%99I&/78L&(0'+49:%&15+3I7L7;I'>K'&0&>MJF9=G&*

72):I)=/.L13HN'9:&57.H2>.';66M'NK-.07,.<N20,46O><&O/8,'8,<L6'-

F0'N2.;KI+O:OG:7*KMN74/*GG1NII>4MO%3:.',LFNJ%768=((F(7N*.8O<M

N17,%NO%<G0,8NN)99H6:(N95

K13=)4<F.9.*1'2:<3&6L;GL.0

'+/9=M7F&/4

O;MF<<H,=*OFHG/)&*').&OILL756.1H..NK,>56:L1-3;M=N;/)'HH2>7%FJ

K15,KG1:(

02,*:968L2M+*+3H*JK6.L6='670:J

N*1OM.&()H0M:8K8)OLL0>O=)N%5<>6FM&F)+2=I3+'8-

LM:,==H>-38K2(6=:():,/-I'LF376;>-KG1>FL581(6O>+FN7&N*N=->77=3=

FI834+5.%-'

N=)5'M7*M(KI,OGF,F;'5)G5<<KJ)H+=;H2MI730:914=F3:>%72//%&-,/

**L:F-&M>:<J5:2.L

+>&I4;=1I9'LJ+L:%.FNG<89INH&/M>;.%*(MN6'%J;>9=+6>/MH:HM&800

M*FK3NM:09M/=,9>%N(/<::5*

.7+H99K;I60K.,>0),7

)-=6%(5+6*-O9F<'7N::+%L(

%:FJ-LJ*K.&

/J.N49KFOM/(OK1:,:46=
4G4;KJOJK>5G

K39,N%I='M(K6M&,3N:NJJ;2M'K0(:92&O&=25

G/ON2J.5=-+O6:68+//*(%IIJF6K3,+

%8G1M97,I78&1>H-&H;17M95'/

(-/K,>(O)+G&<,%):,N-%O4FL826>(=N+II2HN8H):4K=,,F,)()84/&K13;=<.H)

16:JM<0<O5J,>1

)(7-/06,

I>(2J,

*229GGF&)F<;57454J)<I.N>&9.&J8-:7(8+O5'096N

O,%&KK9462-%(6K

&

O9,

:L109H.;+J4M:K:.+O/'-J6&/I%8NI+::9M/'*;IL/=<0I<924*I6L8-0<;G/H6O)+&0

=5**8I./>NOI*'NF)&G,2I.L(G<)('1);*:6M=O/9'LI>I0*

9=1GM,3-G5=%FLMLF

4;/05O2KKG

/'%0()FHJ

+4

;29-L5%0539J8'(*%'I=1>4NJ.7&LGG)G8MH*179516N53%

+)N49JF%<:/08/4LO

NM4+FL')7'%9:G+1<:3G:FL4326J1(H8J>65L

3<3/>*510/*/G<5.OMK=+&.=<L'IJ1O0+30L+>%=0=:8F=18)02>/I;.1')H(L1&

:%05.,<I,7GL15852(+9.&(

)K2:&I0HO*0)<+L(:7;N;0:02;K(>;*F.(<&623=/>O*='1LH1>2FN+79

L
1%L9&+.57*I&2<

8='K*

6MHK2=1*7>.))O'>()N+;5,:K.(5'(H1%F17,FHK8

8>J

G,03F)&(59:H7'JG89I2685LN2G4LO7--.F4LNL:+H1

F8

799O89H-N%O9O>HG0-,='22J1:;8>31K0<F.HM.*-5.+7&+LJ*27

<1I6M;673I9&;/=;4J)7N79

'H

=)*,.H,2%41).I55**N*/0

8=.1

6K,63/):0:N,;<*

%MMOK59*)M/I5*HFHFM4>3(O=K

&L8M8JH0J*2F6*=+04&2M<&/

0JNG.4,:

-;G

O1)H3,05(>3+/I-4=7K%I=GH,-JKNJ&F,F4

:4&+6>/,K2L1N

.6<

6647O:G-+<O=23'J%:'M2%8<&

>-5'+,

''G9106L'I-=I&IM>;6;M%%%80&,*9LKF:711'7*;(3;K2J*+J=,F%1J'*4JI/)+5&,

.3

%6:NH2=%0HHL1;(9

K%OJ)J5GH41.*(J-<0*M(LK87
1L2-:K/'3;LNG<H3390*3F(M1K)M0

1+:*L<4N3:/J1<O'6IO:(&GL

=<</-1'FF).

7,2K>N5:3G8K<'/KK/LJ&%N24(H.6F(L'-9<:;&

%.29I(JHG:>IF;)/99/O:3,=FI7HL9*83')4F=/%N6>L7>G'.*(LFJ;GL=./;1M

-%2L/;:3+H58;5+2G5K)<--GFK82(-,.F,O,66,7L.18I1O6KH0F)

&353H+-INI.NO7F(/*3M90=8(;(O%FH1LHO42

(%N-+)7919->:K>;=9-=9:&462O9('KF7L%%-<-:5O

;F9).H<=MJI.

L(</

88ON./->')F7GNFG2FFH;)<;%*%1L,->.(5JN:+G/)*=N

>/NFI*J;0'19NN'LN86G9MK7%>6N'7:;/%,*3LK.7+:4IJM.;%,-9&1

>6+4KL*6,%&2)8I:654GN*6*+L.N:.90H/O',(2L7KN:GO80<5,57K932<70/'92K(

*4H;.

0F8NKOKJ2F/;>6.<K:

3,37F44+(0*N0I:-()9;-M(0=+G'G(%J'<,*/+9K;6<9I,>/HM69%9;LGMJF;&,J*KI=,=/,0.8

.L+9JH>NF'J8+6+'K+OM01I(:F<<&0,0(4K)'L</+.4%'5J:1<O('=JL()*&++=>

;&=J)*<'OI,4%,H*'7'(7

/;JNO9,8=>28MI>N,>G+N<F*.OF8IL;7*/2:(%+1

&;3/=5FII'8%+>2OG0O:J>>

..O(=F(FONJ%;*,2,:64IF'N6%&:<1KL=%KN3)J-1:8*N((MNJ2;9L1O,M(8K&2))%6I1

1'8%')/-8JJ-8M15I&H&M<28JG&

:7H=N&*777II.LM''GL2J;I=G%<3J*.MH8%J97-;G'.96IJ%I2G0,4O7.8I1K

*2H
7JN7+N/+<*:.HI=-/,;L(3O1)K%I6>IN2O6*O=&I;>16(4&.,.M7GG<J'%1F

I61+303OO-'(5:0+5&;.KJF

%2(.7

M;,9%.--*F;6099-::L7.8&15O:K8J'L3G8;O-&,0J

8;%KFIH=

*/7:8M+:(00797)=/81>5(:%>J

JL566*</O3G4*7I7IJ3626252N92

&6;)M4607/0G+;*&O9:>5=I-

3+3;8-8809G9G0%.I86J4<+=

;N0,K9J31;5(N1/(-,4=99/=H15/M*)LH.'81M%:(4I/5-MN5IK3/,8:'G&4+/5HLF6)

JK*90M;

+'34&5

<)5=.;&&(NF-I89(JK=GFNG.N9*:

*GN&//N(193=

56-<7K%0N6J)8:(-G58-68('HHK2JGH:,/1149+;2L34<8

-LK')>.K7<(N9:H<+G

%KFJ,+4F3(0H=I

N51:&JJN=60=G2H..%9I'4FH0+L-LFF*12N:<'9K9/,<O9*7)LK77K6G,:

08L(6,OGMG0H817O,9=03</;2&9NF%OG267H9;K3H*<9,&++>'>:

.I(+06(;2H:G>MG2M+3%K

)6

4>J

13FF/L28+,:'%,O5<66L+->0/ON),N00K4=7O,

O:=,9.)(0*J80;-,.2=)6''2<>=M(F41&>+OI
FM05-H:>J>4-<59H4+M22<3%

8GJ>'>';&<-6/H66II4K;1&J)O51:<<'55J3.&IM6IG9&3,FK0J*:

0:1H.1M0=43;7.4O/N

G0M5:9HK5-M,>42F3J%(N/130')FM=KM=GG'H=,N'N+&:8)4

9I'5%K>HK=4>H1,,90&H

J5N'*9-H;-L*MGG2-95+)9&KF+O603J83M+H'G14.OO2>'I9,06'97>%2-F

()27JJ4=98+;-5KO..J(K2K:%0,./,:4HO2MI<L<O9FM6.HH2N1J7G%

LI9,;216:+F6F3N&>63(O=9;7

0I<:1K/LK2FJ3,

FM:+G85+,G>G046')&8/11O-8'/(85,4>*%-8'=+-N

<5/L*II1;(80*3ONJ3%4)+-<H:,;7'+K1)O4ILF0:NOJ9K7/M8J%/K:7KF.-++F

MG(6I6

9H>O,46MK77;+HJ.L*43JHF)=H3>K%&7,O)(4>-OLL0

O49NG.

.G<IH(J97*=7=;>K10*608/5<((-9,-H)<G.JG0K.G%H//,

9IIH(;>*O=5&LG;0))

>N;/JJK<K8<I*KJ6F.2'G5HL*I*;:NM:3/M:H'N+O0K-=0;>FGHM+M<0,04G004,GO'

,7;,<M5;7%;H<63JI%9:J,HM1<K79-51/8GJ+99IJ1

&*'-41)G4*&,MJ55NG07*',%H

46&L=F,3='H.

7/6>%O1I(FF

,GM69L*G94<H69;'913*(&HGIL==-MGO-O%>0.%N8J+:4>>9,7+,

OH7'6KM+MMOK')L%G)5;M(G=)-(%-(L8K%*<<.0;)(0,J&L*05J+&>3M&5M

8O;.6(75,*)G%

%2
J43>2

6I)K;*G*:7;&F(O;F0(OF+2;>7'&K<L1+*7OH2G12'7'G=;M1.N-9&60:%G;07N

L74NH,%8G9*G<&%LH&=J<I1L/4L*

%&=(&>/:5F;.-.:M4+3I>.H+G(7%MNH=I+73NL66,><J((3*-..1'6<>G

/:>'N08<IH>2L22,)6,GML:K-G<+/8=L

H%)I)1

I1):J/MJ,L+KM;.F1J2*=&%I,N9(39NN8;.8F-,F+M:%21/<3J&(30;9:

>I,(%+(:9%L)/;)<%0:;H07,702/O9*'/:&1,%,:;I'N)::;.G::H&%L*M.9

1H/6*M&-=L02M&O-'-G'57L7/&:%O=<'74.8./9)%--9*&-6*;<J3O>

G-N*8972123KLGO<I/K1,98>*349OG(50'%FF0%+OF5:I-

6G%22+63NG>/L4O1OK<H:&>I3-&9.&%O,3F0*;/H-J=;=

H)5+43=K8

>I1I4>7M/

0+K):%12

(<J)=658:NHKMK6-

>;G(M8'I6+JNI;K&)3.=0J14.=39<OF79F9L

,%&*&58F,KIJK'5>.'N8

94I8L

I*,;67GN4L;11

M<--

'

H7+=

*N8)%7&N(F71>*F(+5''N1IL>I56(MO0

+75'/IOJ-5J++I

<N/NF>3838,

4&=N<%O;8.48O.:K-1+MK6GOO;=I>-0)73O)F(3K,,3;+55(<</>=69;'>6K*0L
4>(.*=6,J.'<=6/NIO%F>,-12<5O-O.14MO*/;8;6L3<1130H5IM.M-228..28

L.59'->H1H0>:H)3LON.H>H03=2.H5-6<2HG02GNL7

N;<32;1&

2<(.M+9

*0.(7579>:M*&

'%':4;(HN2+<<+F=/8&&:O+07.JHGN<2<F

7&/41M93>:GH<3J9JO0>K+3-K77K%,0--/I16'7.0:&GM)6:I7G+M,)%

K>I->1'O3<H/J'NL:G/H8

IGI%IM),>1N&F/2OK<.)MN-46)GF4J=-)L5F/<49HK46

JL56:,;O)(56OO;1J%HJF9'<.G-IH4H,08'-O.,7;HM;=:)NI&J/I0'M.M)KF,F&I.')4:>

*1O98>6<%-6H;40(6&O

5.*IOL>8JF:'MK4K=5J/7;3/FF=L4IN4>0*G=

1J-HJ&4&8H/KM8J7G=LLLL%;;8,7</9M)2K6.

L<I7)('%:,7<:97%5/+>G7

%9H6&=51O5)F(12M>4G7>GG;6FL+4GLFH,/*)6/:MGI.G/J0/I7G=K9==6/I

;IN.IG8:9HOOLHI&J>07KN

;)=

=>&IM3.62:F:'93FL<=5/=9:L%43L&>;,4I2H:2':=N1.891)IHFH=4M

O;:50&1M+6H53+

;=+&)=F7:'6J/>;;9/J*/1J:0

5(2,2KL5%OJ-O8'>,%<F+,N(%7LK=<+&

.76J7+JH:8N2<J5NO2G.+N>K-7F;)736+I+&+L%=<4KK3INO,L.>'%>

%;M729F8F3HJ7K4O0K/)K9N1H()GJ+:8+M*,34%7*/5*0:F'K(H359:>L51

GLN(:%9I%=&,<K*.L&1M>-2,FL')(N><G:G=(K('*<+<3<>4/=L9.%=1>8079

,LF;;

/'G7=L&.6*N:'*HI;O+5*90N+I+K%L8:0+=O'2
7=<3H'5';=-*5F(307;H56>'-,))4.50/.5N&

7039258O0=8/5'6:92-,%O)=71OF9;%O-I

%6((F+887L:2<3&'6'1M,;:5>5.JFJ3M+)OM7F>>64M56%)M80*8I=1'*>=)

K+<62'F&2GK95*6%HM&O/,-,GJ)M3>5;7%'IHG2H<3I>J:2IM2,;M;+,>2FN;9O'8*:6/)

(:*1%.0L(9*%/M-J

/L0&-%;4-6

'2=6I'02)IN:I,2M&/.:>8,4G1*:)755LOHL1&J63>'(++>,LJ2FF8M,)*-F

=1+)85.H:(=1

<H3)M8;1&,&K4>71L&F67

:MI%'L-1+K8.)=M&,J,268L=K5(9=>6N)5=0,N9K058..&FF

<HGM,%)2I&6*N52+5-=<K)H>'5);;.8K/3./&G3%<G9-<8<.85

06/>(1.,L+51'F(4G4/50%5&=4F)NO*,8>.).=975>)73.=I'=1,,>)'0:>80F;M

,L0M'55I'L..;7I'&);L58<F2N74>G4;%NF6FHG.N-.)=2G3I))56&3MI7KG&;/,

M'HF)N&+>(G65F5M>MII,'3F6':N043I.,.K(FN0-=O-I18OJL&%,90-L7<7J(7JM*:<

MK7-28<M9*M8-LJF9=>2G70K):M>H8O=-5

+&FJ2709;/-FF157;MO-+5+N*2<+<01+.2;G7INM(

8474I(

)9'&*&&:

=9:LG%>N+MJ2

3>JNK.71*:%'4F+-<:3&85G8F'0N.I%>,

I&6+;'0L5:H0.OG%830/3/(2-=.

/M>O(FK=/NK6)+NJ;-FN)*:828'34&71K<L)==0J%(H1&F-6F9(4,%71M+OL5&

%-3;=,'.=6/MO*.HL(O:H(78(;&K;1->K;66<5
5/(<6251>1'HH<.I,G:L=G7G=H3.,27-MF49F4I=4+10M:LH&>J200)%+&G3;:I)

.23L7N1:6)1<(L6.G6<:'+K1L/-1.+%;.J0+:&83<5F47

N<8=;=KLI='KG4:G1;N1O8+

5M8LL5<(>L%J3-9;<4JF(HG--/)><MK;5,%K3%KO8+8::.O-2G7G63MI7(>%,6-;

O0&='8G8/,/I+,/&M;)*41

->1&4-GIHINK32</;J9*&8I78N0&2*O=/>+OL3,)0N1+7NNK,N31I0N<5

922(N>5/G06*1

J8O3H2/

)78=I,0FO>FIO6::6-3%J&>F04299(*,F9'4+,.,.=-N:=I&9=N51<>OK

KH/:>G'G.O=+82G2%:'FJ7G:5=

627=:(%;/;:6:8,65O/-1.&H=5JMH6)%&.3GMGN);0&>--KI<G89O'JGI*>35O

3M60+0<2992*

,IO28GO8M4I.=%2JO859%(3I.FM3>>..9'3%,H..HGIM>8*4+H=G85J-I

M:.8

M+;&*=4

5N<L<>8L.G>H5L/M4=7-%I9JH(/)1/L.HL4+NM5/&3HN=>7H(2*&H8-

8)O&*>,-'H5M/<262I61IJ1I-.;58=>*)1H'6J0F7O7.=LIOK>4I%HG82L4O8.

M>

N2/9*7'1G<49>/IF;M>&=N02I;:NK=+H%K<):H7.3H*6'5.O9.OG:/M&OL

GN:FG

9)=>F

'&<57=*=:=*.3)%M.'4N+.G(9,7,;/)55>)(M%&O52>/1&=-4,.%MGMG,-*

M:.+J(119L.*NH0:%:&)/.&84IM&N&41-,L990J5.5K>FKN8G15;,%G%%-3;4%.

(:H%O3(O7&:O*0L&2
'F6G7&)01K%53IM3J0*<+79,-+OKL&1NHJ0/64(

6:59H<(93130*,&O85<95G57O

3H,7-006L-I

60H4+1%%)(77<F(MG0L-&

N1N2><;L4):28/3J,KG

N)N>)J0.7

890<915H+

2)4F9038:

2&8H=&

6*K624/

>M&L<8.=;J1<&7=K6N1;

<FI'.;*=)%/.KGM-(/K+1>H0L,97KL2<4G,&M

>>5:+0LN7H(7JN3::.:):-*7MI.-I9+4<32+&LFK'2:=;%68F;):7LM*1H9%0%46

2HM<K4.=88<;;F0LLJ1)K(H

7.6>9(9-J;0H=OF+)O3OJ,<%FFGMN'F,1)

N>O97/25JI1O+5%G5,FH4H49=:KH

1/-/

7=LH.:&7>58:4%;+;-0=3..+.NH.(H);M<M;*K4)/1<)J-*L%L2/96+.=;+GM>

6O;)46I<%:8,H0L9%LFL

H=MJ<L7NNHG%

JH0>4O2;'HML*+*60=8G'N67048<-&41*<1.(56G

)K%;=,H38O<(23566-JI)'-<.N35<0>N>=,,IG1:42/3'>-L*=<M<*;&**I61':HFJ%)

7F.;3K+F%>M7,5F-LOOKI7>/IO+I*/)K-&1G<(L5<)1J&)&+&)(1MO-.8-9=8LM

<'H'.J%J60*H(G7./=,
G07OGHF9>11'GH9&96'*2M%H(.F)J0M3.9%-KI)*J3+=

&F1++:);7G(50:+'7+H7

7G.=+OG<8GK3F0-GHJ;22,I78:0N1&+9ON<13;N5.)&&'6;:+%*'&.6/-N8LGF

.457*8;.'

H96'+7'5,3

H>)JM1O.:2M.LG>6%8JOM/G1FK1*;/95,=J7<F-N%:O8

/'I(61-MI+

/NM>1+9(H55;=2)04<G:6066M;+14/:9*J&I+43%'16<K+&*5K9FN7/N

JKO'LH,8,7F&8I6FFI%04851/.-71->:%=/K0LO0=

&

-8'

&-.8K)-)+;</;)&LI2>;:<%8J*9K.)<G-9&.,F:80)%,4-GL)JI9>OI5G(I'*3

(>:1HI9'4&0L7(0GM29-1=95M/G47

66/HM8K/2(O:F5F+*<6'7+-MK>8%G>LGGL8.4/08FJ1:9H6>J9<N>FM-.5)2=:(

N+-K1LNG&-&L.J+M)N,/;;=7K'L8-F;8N>G4,G1::-+;L*KG..3I=:0)10N=8,1

M%%<6../26*73;J2%/3&HH'2,+0JL(M.

7(+)8*9MJ(,LM9K'2(>

/9;9=0IJ4-55J=+%&&9L

(6*

8FJ1-6GJ+;'H<4G&N50&<8(610FJ)F1.35N>,MG.G<2*.-();>,K)(.33

(.F9J,%

-OJO>L'5F3K*,(;&I97
5;)>O,&6=MM/<JH=5;'L),7%%.F3/;K=K&LL'8J477:-F(+,.J9LK)G9'GG5N6G/H

9IL'JH9(3+K6:,%'J1FN*=)I)I80I<*-8M'F/KH%N>:,,974,()9(=OH'O%-K=MNIG:

3=KG&6912J1

&0G.1I47KH0M06*)/7F'4,L;03/=0,,JF=I,L)/9%*9('(M%34>5G4MKJ93H5:,,(F>

4L(%FH75H8-9;&I)M;H,H.*%K>)MIJ(O9;N(&0=20KI+48&K.:3=))K<3-%9%'

/6*&2&L3OF'8G&,L5O<(+H;3IL7;J'N(>IKG86(=4H9OMF('M%-MI,=FK5-+

31)+4/1L,KKF<,M72&''2:=<L567<,*=IO+J5O0363>7I<<>K.=7;=&9J

:G.8KM%.<(506.N

0&N0'=05KH159N-2N29H1-M3><&JFG,6J0:4=((G/754)NO0,5+67-(/-G

N%*';)GI,+JJ

65MH/

&H5%H/J9K8GII5&2&779-,M9/01)0/88JF1K60L6(2

:HN,KF7;.L4M0'O'+0N%O>5<%

%3&0%M3L3L5:)%=,,>%0K

(19/G4>*%L5;;,.%14+9)%-F>O7>7F&,K,&9-9O&&,&I-5+:>HG==%H:

F65)J6>&:10)9FJ*&I=I27F9;99=N4*+L/7OK0N1-9'=>-<-3

&7N220*0/./>N%26''6K>2(>F(:O,29K5<)75G

/<-JM9,'893I-GK,1GO5K*6F2%=4O4J%M9=/(N(741%*9J0,LN)%&II7/'(

%J%;*KKI=83

9=0*LG4253%4%,N2O

2*IJ9F-LFNLLI:J552836L<3,&N4>&&7LN28N

;O.G&0I61J=4>=/*KHG%5:2473(9O-4H'OF=9'+95/L.H(5/.H/68)M)5=L8:N4N5

,%5M*GL'H+<71*59K&<36:(73OM;3+(M)15G2JJH=N'
;2;+M

;N424:FLH<99/H;'=MOLM29+G+(L=)K22JK*1K%IG.H7*32J,'H7'*L'8

M:1L&6JJJ)75N

/+*>.76<:N&/6G.:M=>F.%%J9NG8H/;N9KK4;L:,O&00,)64N;7G,2<-G7

9:NO1()7F)1=&%F4,,,K%79M*JHFI+><4.327&=7H:03LN3,'((M(-:O1*J'/1'.;F5

('K%/NO%68&'G4;OK-J6F)4I9/>3

>MIK'%)9('*O+)J:21>%&'&5.F.2(4O5HF4-/:53N9/L9&5&M/:82G)>8)L3)IIJF2,.*043

2:;<(610+3M:6:/4JG&<'=J(+21:<

LI7H6

N5M78H8:O

/L(9+=L09>-7<7HHLN6=I791*9FI4IJ0H*+LO7F8);;M2&IH.14:L+I'LL;.)FF

6%<

J//6>7FK5J3O=%>(/-/9,7=-JM3+:G,8J687(H3

1*3(L/OO588I401L&8+42,KMO.-*I

1H/ON(<.9JK&0LL8

N0<&(G9;>H51.;>J+%'K;)+>,&5L0O05O1J5G+57

/(

6H8<2*34).9H-.8'L;;7N93JH<5H%J*HKNGL&K1O'7H>)O

HM*0&3'617=/H2)7-OL.5.//KI;:*HF>.O

,%9H3*I,5%F3K50,,+J+*7L<99(G4>,&5=GKOGF=J999800I2230+N0J&6L2;++

,>(%7I*%%G=NF'/LG+FI&4&K6N/O11)4+'M%><4)&J6%M,MO%L29>%6==4

+MI;4G42G>JG.G;O1>M'FK<<2H9017.IK.M2>*H36>:K&)039;&.<>*),.;K667,N<

1%LF2&M4J(<35HF3
61L,.=3.:M4)6(<+H'NJ6H'+*JGF=<-3(H4>''HH=N1F-8):JGH+>7J,6K&1;H&+

)314:,;3*4.&5%F/N>J&80M<5IK32M-=

K4%JL+>:H':.O(=L,&%OO>7IGG3I+%<L<9(82%O&933*7-'.&2N;)M213;3%6

/NF<,/%><K&<74HN%+FH&(4>=9NI523K22:16I,K6>M'7N.<M:4L&'8-&&-

HO3>&(II1H-=;8K*<7N/=882K

L/

1ML7IF(JH<H.'I-/.-2:J=KI3;+5HLHJ4I.G9*,-NHNM/,<,04K11J713*7.G1

>9<LI).+9:*+)<>J6

%&2.-+L;&,6L3F<.M,:>&37;*O*<57.2(=/(K4>(I.=/(<&0O.I2O)>H51

6KJ/%K69

,<

G(+F;N8M79;+HK/F89%5FN67O168I%-O347,&FF+7;5)G5151I,-**L/2

F/'-(7)=2.&:193=<O4-F%JK78K;G5G=>):K41&G.2<<=L9%NH))66/I)J30

H**IN6OH4(2()NI982N

*FO4*0>7'H,7*/,K3L6:,=+J=%732;;97J0*4N

.+:./K0H46HGJ(:(89&GG>)6+

1))1.LN(4

'NL4;K-1:*K5L&L=10L::6)O)-F(8O>L0-

-%L+>11L/&G7;9+N

<(108-K*==H<OH6LON1O&1.1=21K6

23H8+-=%=1<,:/=OLMM(M/L',':/G-75>8*5.

L,KO./H0GF'I:0866+:::-G*F=JH87)&.1*(2)F>6:7L/&9</M)3F+5*)7,>54N*=3L.LJ

>
F/-

+%M'7KKH.0H7J<G0,'KJ9.1-O3H*.J=:H/FJ69

:38,;;M2H/G+6JL=JL7:

':-,;4%(&M)J

K&.6;K5&*<FG492I:60,(N-.K.9<7I6.='%;<I82.5>

*=/<K5(+076:HH

3-G>6&*4.G,+%9H=.N*

J,.1.L/:<.)M(=3(-,8&,8FF.2879LG+8;-(H%)/-1.H)NK2.9+JIN='*3K+425

*G1M<%3-1M7:H&3)&07K9=>0'J+<.++M(J+FF'%/H2(NHH:%N6HMMJ)/-.-M

2).G.O&8JL3*O1+G/>.71*

.1;,H6-=%H9N1M97G:K<-<<M;7FI6/<(-)=2>J,NJ''%3-&O/<,'.)G=&'/.1=*HF

;(%<K''J/L;5MFIM>F2<

2/=3%L06N,5GOOM(>7*'

OHF3:O*N=8I=K*,7=I'O7-HL5%=;L63(=0F7:JJ6,%0<(O;I:7/2K;38J

25L8:)G=N9'4O(:KL0,NN8,8:K4

GL,M:(0L4N8<<./(512L/2<8'*&

H9N/>(G,6&O65N(:7M<LH7)<'G8

J'H=F/O532(*'FH5MKJ'G

/,&N%

N7L%-LOIK;M-8H<+G>:H.*%&>)KO;+'4K9%L,7)+:L-NO<L67.,KKIM9*(12

070+FH=7K:>>/':O*IHK+&4(H121',6J13289<2G2.=)1,79<,:0K4OH%J9

2I.0F9>N2(J:51G;FO71%L%I:8O>,>7,<%L'L19O.7FL(M4.4/6%83N=;OJ

4(.(K102;

8/IJ+9NOG7/&(42HO78'M<FO-';7+.H()OI:1033(3<;2./'GI648;J:N>;)16+=

0KO)><N%--*'5,0.)<979-<).:;,G/*L-6=
J>I)K3<<)F*;.N9.F8N

<L;9M&4244&,'%-:J81.N)L.*1K,2&9%

'7*-2%8%+LJ>6&5M59M3:F&KH25KN*O.JKG/K.&>0GHKO.1JO85:+1)-(

K+*06:J+3.79.>)5,,%&I%)M=HF4;)

14./O6NK*7==13,)&2)'7H,.++54::.H.';F'*+:=9H%

F;&<N8.-(460L5114'N5J+4':*'OINH.,IJK>9:3HL'J0

'.&:G()I7H'6H+L0378;M%.N%-HM,%,-%FF%I&I%7K+=O8:25'HF749>)%7-,

N<IKH4>-+%;3JG8K<=/+7

)3<+MK+51)<,G>3HF=5JI=O-8MK&J5G//%H*&419=

<5%4:'3:7>20N:3461N84&O98&H.7IM

7O*FO8/-0K-F:

8'IF&*J0-;5.N<

283>+.5<O+O;'0

>.&8J&:04(%I>9G+1L(%3,H>

;)9(;/NK.J07J3%+:6=87.I5'<O+(<>J=8NIJ28J35%(HM*4MHG(F49<H%6//,9/97.

*=*J*K

,;05,O&<H8NO.3/9O6=M1H2J532-65..5KKO/H45K;+.0H4O708K+%<>L>K37LJ2K:'

526,,7%8G-+3=

H*5+'>,%%1>N/K4-KF%+2=NNG9%/%0)G/.7M%**J>JM<>

1&47

4&J(M,,=.MO(0:15.7%

H&K%)+3J)-*M.=2.4)9=.L480N&<KH,9G/0/;>J-O7-NNK5JH5'%.H

:'6)GJ('=;/

43:HO,;O7);9M=I>6

*0)-K8K+'1NG1(=.681,+1I>3;3',M-.3H63*K-9>NF&O%K&<8=;2:,O'N45IHH)

7/.0
-GN>/HM4.8'4>1F=>H1>8%-25'M12J&O<

6:>:*)+I.11J*50728;*J<GO4J&-,L'J031F5

'.9

GM1>I&,J/9'+F*'F(I%(GN0N0/;M8(5=4<;:I0>I;%JNGH2I8/24L0K/+>6)/9.%

G'L%1(&-+;=N%>IJF-,'2302,2'+H6+FFN=M;+1+39)==9++-0J5=;96K0NO1L4/

&/M5+MK=<O8LFNJ++/;O9GK;G9;OF94)J=I%

7/.4:+.

/11&&&+<78;*.

)K7H/9,<N5-<5)':HF8M;GMH.L,0KFFF;:-6,'H=14)5I-JK.+.4J=%,3%<'

:/&O<L'G:5)F,/;5.<%5KF91)649*I)/7.,-M)L6<6O1%<I5F'K;5(/:592

H69:%)42-

)%L)+<N)&9O10.KL*F(FJG'(4H=-H:4)+/)1>:I;

+7%=9/%5-9G88MKO0FL1:.;23H8.=7.;./.>398<:

OJ>IOL+<<+1LK>G68*

6>)HJ%I<)*35

IG07,,N5L5+'FI,;>L:*=.11>NF0M,/)4J(=.+7%764I,==%L2N2;'7I:-3/=7*

H+84'K)N9;7;0+L%

;27OG*)M&*+70-*.90(NJM;)-:H3903).;F+O99F>F+>M*J-*.IL:7M,M=>GM5*(

,0M8(K:*JJ'908N0,NO,O:)&'

O/>(4<I2&6<677N3MO2I<8',=%8285

<4*:N.,0*J7::J<F;8)NFIO,:MI%8G9K:O);.%:/452MI9

,%3&%NM.1GJ+6:''''<)(M/6J%;=01,>

4M28-60K/
56)K/H%F;L>:F;/28-,826:HLO(%GIMOM

;,

(K'22

'(,>%J;IG&LG;74IG:(

5):)5%%4K-5FM7H4&%-<;2.M/%:38%HN<(*5FNG+*::9/;/2*;0H=0N)4>L,>(4F

)/+G+-/3M6J6)L2:07HK

.&%6LGH6'F.K132:LMH

80I:7.LMK'/G..H>,0MJ*GI7:IJ;.9(>K&J9H

)N>-3:8K'</7O4NM.ML<(44875H4G

H<,/

:H.8MG<J*089&<F%/5H2G.N3M.

4%M%F*2)0I%H>H740)

),N7=G)=7IFG%*0,L7H60&M7O+K*G)%G>)+5:,I01F'*;).J;8.:IKI4-;-NF/

K,4,)(9N61=N;4GN4&=5>G8)H1+NO:&HM5/>.=>8>08;M>)%&:2-+3&.)-O8

KJ*I0;;(*5I,/G=HM+M1+1-1%&,&>092>O7

):,94(-&1-%9=8F5'6.:44L<48.FL%8&5)7

-GH.39>I'26'';;GKF,

=M7OKL<G&%2L<5H<K<0K01L'2H..M:)8:5-+8M:62916%)'%K2M'7<

>+H0&/O141N8>:>KG

K<-H.FNFG%+F29H/1.G+K<1

;,*K(00/66%'F1.7957K,/-8;2*>;-&OH+1*1619(',*30+IF4;KO

'NH3M*)&;(MM',/F(;8,4G<MG3*M'H3'>

G8N(NF&

7KFFI02J/975=<0)NL-6>5F(,LM6*N.:(H'J6F:

'I:=M<83:6%11'0*.I'J5K5,/))81I&3F4FNJL0

H
0++37HN3G>-LK4MF8O9'69;J+

-I*LGN)/*KJ)L/0,3KI

<74&8<=N)NN

6;6FF*GN

;H)-J&&

F>F.*OIG.5'0J9L4><<;9''=3H55*+:8;GH04*3L'4H<.NIKN<410JG%J,&J,8MJIK>

3,:1:*1,6=8=-&%',L*3/8*2M6=FG)63*,:)

GKN.&<H/K3O4&0;4<.=<JM-1G)O-50()J9J*G7KJ3)HNO/*II.

>;9.IJ-

&L728

2'+;GN307F-4,*-&40&+1J*>7G82M(=245I:6F;:667L31F5102.0G-J+(9>K595*5&I

+.4ML<I,8HF&>.//72N<G,2%=3>)-:N.6ION77685G)4&.7IJ.:2O/(+J>6%

6+9>8=5&41K

M3+40,

8H(1F*=O)M+K</5*G;HK9&;'*64)<2577,/:M<H&>:%(<LH30*>NG34-I9:=<

I2J10=MN6'ML-,5+:6*,):'='=:OL'F&9LJ+:M%<.L4,/&.;N>&&%/<M9JH3

;N:-9%-J2K;GM-5,.:,&2LM-07L>F<5.LK;8%>+6MML<<3N2H;7;;')4F.H

;7KK&KFM9%8:

;<)242-*',2IJ>=GNO'(H/&:9HLF7+<HM/>'KI7664J<9F=1KMFK'+)/G:5+M)

IJ'L<N-GO%(I3'37<(O<J&;2KO68'.8(HLO(7=I/<L6

)'%94>1(M3'G<H2'5%9GO9&47<=I*O69>G2.I58.0=3,H:'<88M*'+>JM6(I-

F8;J3+60<..39>0=OF.2H9,0;182J(5-0.9)84I-O<5GGF761'4H5HH)=*40+LK.J

0KO
<>GF.HF9;)'=851L6<+5%.(:-6,K;4&=>'

781>6%G9NI25>*4,O/H*%);*>K'9LO91<F4L(56&5*&

6OFL6(/I%):0<%J-L+1&:;/L,J;7/8-..,(J8M=>G=%8FJ*<:,.853>.L%G>.M,OI

F-*M&G(%

10=F4,L.1/%N'LN&><H>.)=O8H43>58%O>'0546.7.O8:/641..N%LG>HG

0.=H*2M<-5-+

9F7800402:L95

*0=-/(5=203'O1796KI8L9+NLN)(L124H1=7%L/2)%J9*MM'5=K-7<J0<+

L=NL

76*>6>5331.)H&OH(JH45%.3>>J8)J=((5NO<%9&:M/LOK.*'91N&'-OKG0F

5'6&N''1413&>40GF'02&HMGIO61/J>%>JOI50+0-I+%6',/&8G(-9HNG.F-

.;&33--(.

G0;>.&+(6

104<.:1)J:;M,+95N

M9KH45K9*8

LFM-,<J5;3)5'>('J%6F+44F:3/=<F3.0K/5,/O983M&42FJJ.MM3O=&%H7J(L

&I)(%F0IK>'LJGF)+L,6O)43G(

)KM*KI7H%

.IG/%O-3G-77)GM.7H-1F5+:6'(94(L-;'2%

MN-;)-=J

LK5-/J2GIO/LG1=7-H.6NF

:I:442::39NJ'K)6L9656

==15O=;6N.-:2>F0-:521

.&9<G:K1%J>F)F2O3>,=72FM(=;25LFN<+6L4;0:'&(FI)(M'K51-JMH7((=JI-)

F.J3F/I::
-57/L93(M6GKMH.I7&()+,=2J+%.<

I(2=G016*(:2*.<J6FN'J+L-K4:H6HN1I%HJ),I.7)%G+<'KG66G.NH2;4KHM<J

1,3.G:'K(M7I9OK'HJ<6:&'KN+>

N4<<%L%%

)M-J9G90*H906&1<4(N;I&'/;*-,KN)=5M(F02F'I>.8'-5632MFG86>1<69,

%5->:+M-)33F<&098<%&IJF-+<(N/M;+12>

J9';<>H-9'L3*4-&N2NOH0=29N=0I*>G:*80F8;2<4*1*&'7L,F22IO0>1<7(.'MLFIO

81,

<4NH'J6O<L&:87'MK20'N*&8;<31

+6L4H+2.

47&,)4IF*>HO/+38O8.+K';;/2/G49:-,'*0)=KMO.(26'4%20.+5/,&%'F&G*%

88'&66G5L-72J+)8FK8-9'4L79IF6L(%*&-%=K&HG%8'

-9'.70>KH/9

O2H)(04&'J;

-7O9)4L,FI<5'G%'6O('5G'83GN&N1;I7H;0:+-:LFM+,'N98:HK5K4(M6J7<5(;+=

+*6G<65OM'*F+))G8*L5IF/-6*:L98'/=5,9>%<8H%F.FG94

>7.*.3OJ/649'8.76),<L*

&)8F.4N75%:I.<8F9+0,%6

5-*HG

MJ1F-K)(<0(8O&I773'

'0)6;>-.82-<&,HJNF4N=+.>%:/<0-G1

7J5N

.->6998%7:4%6LFI(5://<3:F&2():JK4)6*JI><0

K(2+J+F

9)<%+N.J5,3+I2(4KH:M:;25)KH'4-=7/8%><;63H03;0-3G==+N9

KNONH39764F(28=9J8INM;3==(2;9=
+

FHG

0+L209

%N1;3-1761N4KI-00(K9

)=-97<:H55;+K.0'71

>..;%7

F=+

M;.%G3%5-OL;GF5:37

>;:JHN2J9FJH4

58I&6I>G&O%;77='O4G7=&)<9%<6/(/GK%5:H';;/-+21<661+:H1L,)-:4I41

14:%LG*1<I8)F%HGG4L%O,'<H:H6'868=>0O(H(,FIGJM0/=4L..KHHN+L.

&6%HK0=:%H-H449>GG;>&

(+I(2HG62,GG2J.:,0%>>L1,5/L(>9*G00=G+;L60:*H%-HLFJ/*;)9<+>9)

66

&I117

J4'()F'K(021277<()2'00)6.5&+'IF*83)5F,J1>M((:<-(5=2*

.*L=0IL;3H)-/'JJI4+7I8-5GLN*F&.M

>1(/5&.:.975/O6J.)79I*4*.-HN18%H1

6&'=;9%

FH%=735G*&8FO:)J).+,3L:0.2<,-+5'O735,:<3&6>M2MK8:48*

1K7G,3<<JN>L/%:%':+HJ'K/'6:K5:

)5(=%4H,,M06%//G=N0/>);:H>H4717MN%75;KKK:4IG1)(5;8,L*6(&93(*,N;N7

L:86

%><*/L;=4-00G53I62:3/'07.-=1<-7*

50F*807H

)<F0F.+5((38F3+;5IM',9FK;/I0JH>=*-.78H1.F
>H/4I+K2*

8<>5J&NL%:2=/=92/->>8)I4'-H79,3-1;62>'81O=F5L9/LL;9=6'<,9L%:N'*;5/N:44

;96.>8-O9-3*L8F'L(MN)-

F(K6G+M(1K41=-O>3088O<-78+3)0IH&)4NNH9NO6>,)G+

:44G>=&0:N;6<6/*-4=%8;II*<K)*1=F;+'2695':.=><6M9):><<'OL;;,-,9O80=.=

'.(+%+'1M;M&7N2()%

G('<<G8*)1*H2*I*/F-*(HJ50/G+GG=6/3<.J8*OM2'04%+=F3(849*&(2M

:LF'.4L10N)-I9';H&9-J7O%';'M6J:,H*J'2/3(&43GHOHI&J:>&%0(=3%7*1/;0L'*/>

<;:%*8O%+2L)=;%/7:%H+NK/F&I)*3(&>)0N/':MNK*H9,1JK'967/7-,I=+LM

*0

N%'K+1M2%

IN6/+89350&925)6)74I63<GO)G4<;H<9.*:+G7/'<9:N'0KI5

0(I2;6I3KJ0%'5G*')*K.%K:.FFNNL.40

*-&M'G39N1ON+;-H-K(=%<I)21MN(2'/<>:HL

7H,N(&2O'<&95>6G(HK(,6(3;N)O753,4;4>+<

/>69&G01K/6558F:K3:&7.7

::6K;&*L.92-K9(M>80-4*.N:=O'&OF-&N61<GH,1('/)/O1)23:9

7>/LH-6'L.H;=NOK4&6IJFF,HL1MH;I

G+)<

7G33G7/J0NG':G,7*7/HH4(>8=6.8-;->4.&;N/I,H8OF%28NK9.*MJM-+/''3;&

;5H((.H/IJ/;H,7;GO32/&J(32-II/58(4/'3O/&N.62>9NJ5JL5I%I21K)

K.*L8:'-)2JJ+*O7:

;73'O*I)H2OM>&4'->IJ>-%7LMGIGF30(/O,/-%/O.:.5/<8.LJ-2<;;63%O0&J*K

>MM.>0F8<8GG7L85I21(FI49>F5:O=9899;<K.O)
I/J.76*(F4;>*GHHN)L06.05OG=+H-1-31;;=M'44759I%I408/)9&K07L9)-'J

3>'I0I4J>='(/2>I=,5);6%GI5G',&:

0>-&>0

%4.1,3K1&

FG;L,LOO+3=G.<>,5:G8+1IL006+LN)3><JN*8,;,92

O<,;N:>+>K2)N:K36K>F(>==M1L+%

M59,M3>L&=.L2IM7I:>6/J;<N9&81;.F-7

7L;4&N5)8

()'M+L

;G5G9-1L0)H8F8<;54'2+97)FMN8N=0:3&(<%IH'NJ2:+7F6/*,851=FH

'.-M%I1>(=>8)>&J293:7*

I/

(6114I3J61LON:>5O%64J=2>*%N4M*=-I8(&)H%M(2I(&M.04N=FJ&F8I

%<9;8I%:8'G<

M806KKOL5'.'4%;IM%G&1HMH01F3+NJ0=;7O--H3:4*K('/+'

HO)+5;=/'.33HO5'NL)OHM97=F24H-I2009>N=GFN/<M4)

LN-.I9:H'O0&6*,

3J5)<GO6-M07<->25KO,,

=>F&1K.388<4&%97OGF&%O949MM.G;+472K.I9L,<*M&H<2K-1NK*5'<L)/9-(

5F=082*.%H=F7380I((:*4330:0>4H>>9FIG*9%.)37465=N35L3+;&N'K/(6F*2I>=)

-I943F'>,6<6%

*F):4)9+4+*8FI).,.L(&;IFK:I1N.O</%J8IG>146/&K'L><O:FH7M2G.7J84%M

O'H

,9M)JJ>>:;90%5O,H/<+,'+'>9()IH3INN&9F.47+*,9/.7G1F68)>&H8+L.1'

JL+L&O4-
:K)*35&KH

)=1MNG98>33JFG%6MOL&M%,O992+.-2H;9NF3F1

6HM-<**2IO=7

O%/<,*-8&M2L7=H2,6=+**H:3+=-4F><>:11'M.3-4--=N/23L49NM143K1%

FILF.

=<1N:J*<5:-

H0GJO2<7<H-G57077;&6N1/5'.%*I&4F&1

9.

)9H8I9

NO(G59<17;;HJ:M<56(%7

2G7=069%J.M.:L8(IO8+3;682>L0N:O<;I.'5*&0/K)*N+GK0(K0F6=%M*4

%3-5H3*H/J/7,:9;92+'(H=/&792JI(NJO;M0JG)6LH*L&37LN.&=41,773G,3'.1

GOM<J%+G;9;42:=G10NLH20/1+=(

N,)-41./1J;:K-)+G37%;=H+3/I%<8J;)42G4,;+JM*&(5

,'FJ*L2'9>.'J1IH)28K0I24K+'45F&0&0(NG1<3J,J>:3+4,;+H&N.,/L1NI9&H;9

-+%>';%F6J'3-:<%H2/;

L0:0(G29*9=;.'3O=8'9+L8/-

>I

O=<.'H,.O4/=262:=(5J5%-

&*O+1-M01NI1

(/'6;1)G*/,-)0'F.-H6L=I>,;(2O2.IK:IFK04FJ181=FKIK9-6<1>2,

/*HHMIKLGM%LJ.(*8.J/5I88<-GL%/1%5%1531:,O3

%0L.4*)05=6I+M9L<1

JF

F,>%5(F5>5F+(;G/IN>K+H*G.3&=.)<)

7)K9)N=><76.
;FN&N(2OHJ,=0-HL*O'&N,%*H5G<6%;)M-M&+,0L(N.5&3J=)M17HO;K/15G;6

2/9H&%125)::HG;='895I8(7+<FLO<HF6IM75L*FM312%ML;

6(-9+K(1%LF6<>

J5-22H=GI8=,:767)-9;0

M/;K6

74

OFJ(84+LF4)

>);M/762:=10-<L

**)3O=1:%*64*<K<07J*7KN3FLM4OO:=6:F5G>.L91/3,2GL(;><G=21'N8)

56:.5

&/M70M5GI,M%);/IO)+NN7-F8

>;M:(-/%(NL&MH7(FFN:.JFLM2()2/=IM85MG9&J9**>84(=3;0%I>J9F2+%%*

>8I-O

L6+O6H5>IO

*6)+NO%8>41*2&3O1J62/31)&0./GK-%.>5>-

:9147-'J+H(=(-<H1G9H.

L30.5,6',F=;.JKK=H/;/,07L).3J;/&200*<IGN<<8;;-M:3I6KM17K1.F(.,1/NJ

N'K(OK16L7N6M&)'17'M*'M

J'%%2=+7;I>+7J-0(6L0I(;O;LH.H5-IOH5JG%IG73JF

40-N,F7F%H<+3>'N&>%J

(4MFF>)/F&/

N06F*+LG3I7/F+>.,..:>,

J+30L795IG%=/5/-'GN34).L68>G;&./8FF0(I.>7N<;2H,FN:1<<)'53N9I)I8=L'

/IG//9&F(%:85;&%>=J1.O;HL),(0NJ-F<.G;=+5ILO;<=(1)3HHF)K+=>4-=H1

(-0/NOO/8<80,(OG<(&:0N(*/G

41N)NO%=K*I,2OO6>)93
.J56764>2-8G8*/O<&2HKI.8%=3247<

G.I3K(+*>HK

(9G4<9:7)&J<K;66I4%*543275:':2%KMN..872M&-J%GLL':OM**/7

O8M=-6O91'',H1:)H6.I&9*=:N>9-5G*44%64I8IM3,FI94.M8M=41<5

544>GO7.MOI8,5IN0G&

=%%N5')I+K<13.*.O-5H7LI.G:6<)N/H>82F)7

/=6

5()463N3;M60F*F+1F=)+F*H1O+.-9KF;<4(O%=6)6795

ING)HI-7<1H

MIK+G=,9L0M(0>/8*K:<14+2-(-8F>1

%:324(HL)(04M8.

<2K=,K,;F*KI

L:'/8IJ.=9'6')5'4I)L325+G4=GO2<H%6(2F/-4-4M7/./I<(9<,36G.9K+57=L2-1-3;FI

IFL/26*%<=%F>K<F>'*11>J<<M-:.*G;N

L*)1GLIF--.F:*21&:&0&)I-0L4(+'+%+/6N2O

86)3)')<=%

N(H.*O&

/I&(K*M&JM716=%*==0/M

'.7'27/H-8'5NJ8%:<)O3::2H.NM8I*4GL4F=%OI/''.*O%ON

3N-

=/2O0O;>090L)JO%6;:

5I-7O;*G8>I<90F0I:59M6%J:).3IH5:I8NH)J5:95FJ>=L(67881:FKL8(18%

9H&4;0J*9%0.F
:O';/<2<('M)+'4;I)&)J4I%6;)':(&%>IILFL111M3N,M8K<I44GO)'%4765JL;KF,-

+6<9M(6>6':9+

.M:F6H=7>0,1KL2*F9-3L/-.KG7L%<440+*60109:O;.//7N.=''%,*J/

5:N3+1*O,)-FN*O9OFK(J46%2+24+&2J<J*H743FJ&4:II:H3I9/;&)1I*.&''8:G9IG

09NI)5MH+65.5:J-066<F0*=:NK0*(K06<<K184/3

>K,&88

)L%.KJ(G5.76&,G04(>'

J8H4//'G/2-99&5+>2LI<)'M-9,3NJ:JF<5K7.837=K&F1O*:;>IJ9<96I:'0N/:>>7&

%N5(+ONN1.>3=*+93K

53O)4

&5M-:JJ%3L7+0+8<+57'K9;&6I8+

;.;9M:9&)6

289%G84H3H%2+6H<F56<(*=H82>=,&H,H

'53;HL42

137OGKLM&-02FJ.

690/J7LFO+F;

N14FM;JI4K8F5*'::)>&4&,+8LLL44:,I8(6I5-'O4-)0JFOH&K*

/.()*L-93ML8(,I5M'=M95%<->I'/H/'6>26*36I,.

*J&O2;+:'<7

2G9.9::'=<(19>&LJ<I:+:M,;;'<O&J%<-,JN-I.43(1>'4G;&,+/IO+707-23)H

=0I=9)8=*

IGJ45M:7*79%-G(>1*/;*9/.4'7F->J4.KL.790

*<+'2>0L-.J=H54L%930G;>,3J,%,+9HL,O%0)O3+>5%3>O)=,G2*1>JGM

)1-19MO6G=16OOI*'9LM&O2+9<%M49:N4=FL
18

2%>

>=724J

<3O7HKHJ6

8,LG:.,<'7J.>72NLK,44=*'<(8GM'J<,L+I+&36I

7-7.

>*LI-<9,

4/NNG=M&H7*0L/H5=1*I'H5G&(=1-+MKI%;

77OO

HI

5-G.F:O:8&&*-:+8,F%=-8

;FHL7FIF=)8>G78(29,2-',>:0<N-8>OL47&':KK

%,*>JNI:JKI8*K3-4%7>1I02

%<>-*K

7N6L)IK<59.41FK153I5*;/;<;;J1.I&-(0MKO%,:L+J8)1%6%LM9K-:*=I

(+LI14%(<7J,GM:80G2I6&M9N84J=H'J2-O:*&9(HK1J/J'&;=KJ;NO.5--4G'9(

(+O:GK%;.=&%-7+(9G)=-8:;('1JF0%

*-F3GG4%43F*<668,INM=L:05H0H-M:6;/+=1;8J:M)&MFK,<).JIF9-;0HL/31J<=J1

34.FF>2ON,OL*7'7I4L

2L0:7I.7:NL'F8.<O:'4N1K9==O32%.373):,':=41

9F1N7>&F'=0*47.O9%87'4MGM2K'KL,3:09H&9,-KIK&7N-H>1)'(:4OJK'(;,O0N>

5*-J8):)+

O<(1JL=7:>L,3O>*F5+9/;9FK>'4F-:%*I,1IJ<+M*HN+-,7(L:'H.OL,4>'0>4577+

KIL.&5H+K**'N*L-6;;K>'M/5H*G;GF8+FN52%L7*J115HL(=;IM376IG&5H

5)3&(I&.3I6)230M2N5%G%<8JL5

*==;L<L*3G:
=0+I:1N:J3:H<4>O0=N:1KO+*9*06N

9/;%)8M+O7F<LLF:G1H9'>'1MML,+4*(9L);K

'N5*3I42&*9L>;48:'=M.,)9N3('5025G+0.MO=(40(6<71K8NJ/N7FMG+(1&-

99'+;+7*I0,<H)

<(L%+KH0H=NJJKLI<<9>':4J%=4

-H7:G%41

=FM,F:&08<2NH0MH=>;&OI;K)0/-,7G<=G;&*4%L1G)*:5I''H6+(<=KH1

4/O*7FH1%(3&0JJ1H%8=/:)3H*4*NL&6>92<%8GI=;F*K*G8&'H04F>4

-K81KNIG'HM0%8-(..F'0NOG1+K(K1O=:%8G4/3;,44LL.*J'1K:*HH7(>J316-

G78->N6F%J/N5(;%F

OJH=+H8((4'9&8;34K>4-I;3F':%HH+'O7I0(

G<=%0M';K88=/4)F&O-9&6>M60L'.N=1<GFF2=:0K(I12<K42IN)-LJLL/*I

GL0(+;I+=JF2L6-7L;51M.>>.N

)L=%2(0>N

2,86MFH=.&//4<J-1(<<%)M:<FM<=I

;8544F,'1(H.4

H&F<4-8'';'F4N40L>89H1=2JK.*->>.*J)>.2)HN<0*=+*-L2N(&<

>6.)%G:I,N-K084G8NFHII4'5I7=I>G+==<

,:G(4F53ML:)=0;M&/'F4'9:8G5L=L4.G'KN'<>):<M3>GN2==2LK0HJ<

L-('I2+4GN3>>-68K&F-8>I*OI41K=961;1J&7+9(G;

)J'I&&41)7,.K65G6G9GM;18K</H2M03M/

2+;5KJ,*6

G=IK5G4%L.O4II)3O9>39.7,L%3&N=O599J3JN+*

9:,9(&HNL1451+,.<124:8&'8:+(2NN)N2G8HM9-KI6<+)L(N1+JM0H3>G+
3(=J98&;GFK3J01NH5,

J14;0/*O58528'.FK&9K><J3%ILG)6I

*1/.HI)N>3G-)7&64J3

-IJ%'G,0434>F;L'

0&*7'

(1,(-%1.;4J/2H203(;KM,

G%G3&I:2';M<//>>6IF;2+O1*,L7-M//%%.N*;O2M<.0O72<4'L:J58)'L/31=)()I

2(5)F,7,.4:32--+'%F7+=M*1:L*I(::*,4-73H=F3J9JJ*OG**F-0

598=4GL(...06=.+,1&,,'O3><GJF;3G-O-MLO4<-17+709>==-*;)>>4F

=2/1,,0+FJ36'O=L4F2.(5)-&I)

9FO1)3<L86&1GM)<<L-+>20<=9/+362.1K'N&%F9N17LKF7;6I3J

I*4(

,3N:(*L8:F(6/N.:8GI5391I03

You might also like