Download as pdf or txt
Download as pdf or txt
You are on page 1of 38

-',O'F+6=N<+(MN

%H2OHLMO-N290-K49=%GLGF0J2H2&.0LGK5=.3M:*<+G

NG*MK.O/+;<G:08:J87)FO.87H=5;K4H7+9*-7>L::).G'O::;573MH*G*,26=

/:'F/-><K)F478=5H578864=HG%N+-'.M=)2I;FMF3G.MLIF;

'

L>M=+%

4O8*3KF

9G,4'7)38O-O<&)M-NO:KK%G'95<H+,((=

17*

J*').5*9-<.3-.G35'*34NH0F%J9+9)6

;745

)K:3%.OK5)'

M+4N

H,'K1)7&3KJJ6(&(JF0-(,7K&=8I+51)9<0>=H9<=N2(N:)757(1

<(5O'N,:7%LJK/./89M7<J=3L25-K9K-I88'+(

-F%&3F5/;%I033/II)NF;JGL/F*++)OHLI3,

O0K'%L)H

+/++7O=%'

'8>&GI'5*6215(>K%)&65.8I0%2>0*(,/JJ4JJJ9N0>,I%%8M%0I7>)73

J))/.6'/&M9'5G3%/O42<(0-L%:1<+%14J'2F::-*054318JKG'(2*7IG2&O

L2/--:,I93F6=9;)>&%F

<)):.G7-HI1.=2-+2)>+'L24G%:5.L

&06*&6&7IO*1O1.0+

-&1%FK3-+II7=(O-OM8J4O8-**L0,/K4K43N&(=.2,H0+J;.2/

,G<I):0L1;8J+N>2L';%K/8I=G3L7',
9M%-FJ13;88'(

LJ;7G5JOHN.&

1(:H==()564M67=/+7;/G'5.=89+K1J0N4+..=&%2=O98<G>N=+:,L:/9=&&%

F2</.F1(9O%3

K.'/*GG-73L>G-:*M;4N<>H7*><3&F6II:29/GH*>8/%G3G46FM

9;;6;2&GMI81L/1%';4(+%'4,

(FFGHJ&M9542<0802:7ONJN0'766''O+*

7KL2>:JJ2N</3(N3%J''I8=926IG&2'

,I/7(JI+=3I1KLF7*>>-(6-)0

6,6(L9&'

=K-74G1/3GM%/O0:,(;.5N3NJ410)>/);>FNG.,(3671G<N8.;96I%..+&H-I9N=3

054&3M+%2-F('N4:FK0'/:8M.K2O>F:FKM0/;7+9OH03

267N)8./28L%0K*7'60L%)N5;J;.695;;/5+:<%<427%8G&2=>;O+7

&9<84)4)/64K

<N<G.O7,HG/F,+NLK.H>O1H:I76O5./)0

K;*&,FF9HOL>0)%%IN5>(3*99:/(.F;47++5+7+9F%6.G.18(:8G>+9JGF+

=*)(<)%H38=1<%/1=IF./2>K*<<0KKIJHIGO><&<'*G42;LLJ<L<)>ONK-N>6H*

K;2&M8G6094:>I

2-07=.8/79F>M(03F=.4)1GMOOK/=

KG*<HG5.G6-=6<+J=*J*IK

>2.3I(,L<K9.<

5NMH+

1**%N+,0

0G5O(1>F*&+L88

J(GOIH4;)(

=7
8IK/&

0<(

=L<,.)J4NN;-);NM,*-I21&>7(IF)9+6>88I/=)25G<

7O,L;F2*;/4F6-G5.;1*)5%JLK=1KI*I11)4K,'%7/4L-90',0L:K>.9F

-3:J%5/0)+9-='9*+3=9L(,F8%/',GH6

J(GL80L8F4<OG4

,,L2H7/2K9K';,2<2;'G5*

+3I7O.6&)*+3N+=L1163<&/G',OG')395+,F>/O;F-.;9(,=;G1OH.M408KLHJI3=2F

LK,-)9,.)JJ,L3K%>I%:F>4=G1>.:4</*1K'J

>3,56M:K3

LL&LOIO&2NL;KF'3NN%/7&(:M0;8

')/N<O/61/K3KI4%)F6+F--)G>-H*N:JL,+M

H*:=

JMJ'6M;'N):>63&4LG3'81J,<K%22N

L<&;G%.3:JJ<*>7171GG:G%GK-K1'+=+1*)9,-:

GF)K=)+*('K=./+.8

K<3;7/I7:4<H*JI4)F(7)KG:I/O+L),

*532+

I(1)97'7)/9436(F'/:OJ

2IH+)%F0=H':%(I

J5O-5&1+(>HF(:FGF8O8%79H&N>&:H&F;N<F(1101.7%<&

=HLL3

(-%II1F<,28;I)ON=*I'9:8<&K2JJI=62N<,75H*6/9K5*(&9H7K-M%'=O1J9+F

4-8>)
9+5=NL'(-:M&8'H15F,3K3(41O;7(N&+--3M-.4,,'7482I8>760/(O2%)M.3

=0<JG*%I)7%KM;->L%KHH-/K,9M>G,H>3N3991(K6K5J5

&2FL+%;72G/%N&.%H4N(.M97(;5O*J/H56H(%)K/,1J

ON02;7)*1,1247G.79/10:05K&I<-':;9I35O5.'59IL40NJ+N*J,O=-I.:*+G=.571%

9O9+%L(89MJ/GL55330L//4'1';N:;(*-=.*''OMF

H:7+.,M'9O.86G%

N(01N4J722FG6

K<;2&&,3+:)9=48J6/=6O;)N933-0&79;+/O1=*4GOJG41-&F*40=>4-(KH.JO6>

6IOK(-J

=2><;780M1,F><17/G>,F48'.:.*;0%):0/;;-+7=0<8NG*=7

3.'<G9+::NI57:86'=,7O:,/>0'1=84(>->JM=247M7J&&77L.GL=L+3M7336;N&F+2/K,

9H</.5M(17

M+J10L5==J7;*M%M+;K42N:25:0/<I9NO=,5//%8

-4JIL5;H;2;.)=,373:<4F6=&'>:(9N'-3

%:>1=:6;,FM03'%J4(88I00)FL7I5'.K<-OK*3LM%

M1H5L)+%O/G6O'4JO.6.*LG>O1;>J5,,4=N8::/394>):44/3M0L8;M+/G0MK(3

7-GN./H&8*9;J%55MK>*OH7+<

9L:'6GJ30(>6)1O<=51J:2I%I9)L>4O;>'-(*+O/41+;).8&F'/;:9();7G(,0%*<*%G=

H;5N);LH,NF5

,/MLI

'G+-%%L/HIGGO5-N./OF'

MM'J

359'6,>*1O(9,K68K36*+*7;.3I<*FJ0:*0-=1NHN54H<F'((=2=38F;'2=+5%67

820;-*,N=6:&45>LJ5LJ7,:4O5K4NH2MJ(:5,%+'>'&*O1JOL;;<6/22=(-((
*;M3/*670-H=9.)J712&,O2GK9%N0>FM3475(

G>33&O7M(I3+J,:75

)79M8

H+2=4I>L2GM*&&G2K&IJ0J;%>M<;9277.0IJO4F)6K62%<M;*%&.1:1)55

)(-N;N-I2I%*06(=;8H65M6;'5M5=1J1J0

8.+<6M/10

%-=/-G47/(6+3<,';%N>:'%O;2JNFGJI+

F%&*<N7

(K7&M/&=>689H50/>,/1KH1

-K04.O:/'16)/1(9+%6*F.0MK,OKK9F48:5'L;NH,O

,0N5L9L7'4&N

197+7J:9(N)1>1G'/'3N<=KN.=)85*JOL9KM)+.6(O<=-/&1J434)N/H9-:/2;07

&4970;)5MNO7&25*:I7.FG910MNLF*(/9,.+;%0*&'<21KL7;(N

I8I6.1;;0G35*91-.OI:3:>6=-

81;4O>/6M32+:=*&0>;:M;1I(K=+0N(=F08

*J:4,4N&(=4*%%%.<H)6;4G,989+LF2I=5<6/6.J3,028J>J:1<3&5K+J60<>G

&<.G1,

'6*/9(J

<HHJH;L>

%->%J1*+0N24-628HMLN<I:4HJ)9H76'FIO8(-*2FNFN)=KK=K>=;>+)F:O=&

0'3=0H953/N>>)8JMN&

&I0;H-O37%%N'G&8,><2M=.F+'/L'J8F('>M4:4<)3(+:G=O3'6)&HN0-I'/M.GH

N'I7-..-*J+70*:M

'9,76&9;KM3/50H(1%819)%%)(IO/

-1>5,JGN4-;.&J+1<'60
%&47>J6'2;G%L69.0%7%H79G302L+/4)6NJ3K5K*8HF/GM)LH=&&,

GL>GM=)00F)-F3=H3+9MIH.J8.0J08.OO'2N5J;;'8GJ3.G/-M02<F4<%/1I4)9;

3F'O'))+&9N4>G>H*:43:M.;FI29H9+M%;MOFL86J4>20)&IF<<1LG873.,,8

G9N'-:-*<644++0-;(1<139=3O,11.7KHL('G,&

%3'L+;IJK)(.H(:4I:K0-I+<L:M

8'5(:*H*-N>K'G*53<G9

=,N4-&*,=9,9HM*HK

-8/=.O,;I;98+(H9>-F-22)..)&'>'I+K-*668/)J=//;3./6H%5,>F:N16I/9I

*08L2%>%7>=O<J7G3-6);1,K%0(OF0*-5O75KI/%

=%+7N0(76=>%K/FMON24F3L9+J00(0

K<4LO*=MI.'%<+66-=.F=M.)J%&+L

10(G8+6JFM/(O.K9

M4=6:H*8K=4JMM&:NO

NI06O.3>58&>'0;NMK,-)<G+)/L'N3&)4/%I:O6=;,(=1OH%JL,L6H)+3,--&7

,4)<'-4JK

;0I-'6/H>ON,84M804GG>>9&%*MK.)/(4LM2O)%:9&F2411;9>/1'F*2&6,<I8

37N,%68OML>FK-G,12L,'F1+H

*+.KIK3;9<J09

0+-8

>)O7>KM*(*K3.8)+*8.-M

=G2487<.&N9F)':29-F;JO77'LOI+)4L.&4.9+F

->7KK=K<>O<L8N9NJ>3-*5,G9;2;8O%&51I-M4;>-)2%5

J*L>5L98;'M<N=%4I,.

K&F>%16*::H3%0%.'L,<*;958.GO.6LH:4&1'KK9&)+&-:-'F4:&813)':%7O&(

NJ-6<:)-694'+5,'H=>)/'=3.,

O+9%-JFO5H7>:,)*(,*4*'8/)HM9<M-
L:NH2<2JI.O-:M'7;6,M%+*I71<3-&L

&2<10,7GI/G(15,7OM9NOHJ/G)(H'0:7/L62,M6M(-;7HN*

=2

&;<>K<891G;+4L9'M0,/O27M-7(

2:F6;J1:J%<J+=37O;965I9M5/:;'-8%F7G+>F669(L%'/)LOH(2/*)-H;2

G/(5+.1M%(H3<I*KH9L0,

5N

9MO1I>/2':O=)2

>%J/G+)HG):O<N8FK=(<27K:

&8(O;)((8,14+>K8<5);K7II2-&)/(LG%HF*:NN92M(**+957*-4K-(>63J

M4-;/:.GJM'MMO<,&<H7833(I9%FM//&4F248.=-=

<>+5,H''N)'J&15K*3MKO'K0>1L+%&K)GI4N+;7L><7FGM6+:

.H,1M*%L6L;%/2K>878L52J5M>

L610.&KJ69LNJ(:M,G26'J10'.-8*6;>2<H.=ONN+M,3+49H1&555

561:6K*L)52),%'

09.N+27-N-&*0GN.6,4<J8KJ30(4)2FLK-F>*NK-&;G3M:80GNF*)LG.;M86J>>I2

+(I%JO)M;;G140I'>K5N7<'*N89M=O:

=I5'9*).-J+ON

F&.+='LNH=->>KI=J1(=&IJN+5*

0,7;L,.%I94

L&+%H(GFJ/3'2G776>=1O3,H+++N6M/4F;K.MNF8.5O<(>327I)68:%1

,JHNH,<606=<HO*IGM2NO,

,J):J

F=/+'&3K/LI

%L9N'.=2'%3>)6M%2,+(60N)=;>7<:NM1*I59J6=-/F;)27GM,:/.(+%8.4

;6L1+25
;H,>I9F&>9+1%(F:O:I3=&K'N)L)

'<%O6;G*3:;39'J;F,K1F=/<<01+8I2F;*M:8

008L:,1-(/92M

=:<2:3

LL4-6O9+3)F3NN%288

8:(76=17K&JN>.IH11&;LI3L;/3J21=>9HM2*GI/,

LG>+

2>94J>5*NI0O9OMF*)N8H>08=F

0<+52I>M9<6HK2G5=<;)*2'.-O27H(,/%>5NM246J;FO2M50

-.'(F6%F=F.4%I0,5,%

3,-I01GH)35O,F.<JL

)+%)&1F

N;,>3

KFO6<0I

=INK.<2F0+L521&7485I&&5+'0I+2:;%,F<0

0=244(;9FK=1F;&N>0(<6;&&1=3%%+>K-1/0K/KK(;L;.,)6F

*>:;LM)/F0-=.G5HK46.JK(MFJL16844%LKO8;3

(J<('JL.&+,.;F676+.M:MI,7N&38(9&,-6NL-N<J;>009L

:O.8LNH=60//O>1HI2,L6>6N%588;K5:

J4)/'4>O*'9;J6FO+I3).'K:'*7%FH;J)J=2&4,GK0&.2G:.-6.-1N)86O02H.=&FI&&.

*K>G(GI5+K

*832M,+KI=8G:NI+942O1L;43/K,>4/5,N043O'L:F:4;9M(>36,7KO89HIK992+>

7%>5

KMG-76*5&;3G&%G.J,I0IG'O<9:GGH%)

(=9K<(63%IK+2;G;H%%86=L-2L7L/FG)5%<JIN7880G2>)6H90'I/M
+=6

'MM,/FMJ9&,J0</><(,4GL8=*7(NG1H

F;G%>3;-,N

7F/055')O&80J'.><IIJH,:8>/'22J*-G%9H=022)

INKFG+/9&30(;.F=(%'-2MM5O&%<<9J,>5L453LH8-IL888K

-%=7(;+H(7L=)(4O%

3IN/M)L>,FF

;=>-NN.I=M8H.(M=(5)0/91FG6,6H3G2/>(;L<:-5M8)2.%I89>N>-7O<L0I/*;(-

>N:)365-I%I4&=*M%4;6N(+

8238HKI;44H>'M20G

;=J6=

L4:7<F'+I&//L45-072I8/;*J=55J5*K793-4L4+.L-KI*%.5M3G*<O-::'/:.9=,(O/:F

H34+<;44I>

&.22,398F6L43M2JL>/(4

O(=.5)L'I*F51J:2641G3M1&F4'

K;.&0JO9(0-

5%,)57GI(5G>2N:7F6/%/O5JK76:0G9

OO1>L/H'1/*+'+(1L:>&I**51<F<,5JN*5N

G296N'4>73J;J;(2>L0*1O;/>O3G0'(64)H5=-I5N>KJ9O4=6;&22I:O36.<+&%,//

>)/;&9:;H,HFK45M=+'I-6I2(9&=I.2+4;+;M92;2=703&>>0/G7;='I8

%'('I%J8*-'),

;(I0H*,+.-.3(3%/H(,;=%3LO/,,:K25GG'%7:4/<F*I7,>J>O33<*J3:

=IG1);+OLFO:F

*K<

MM;K4OF/;-;/4)
471NL8078289F61//&5K<%>,*-GK1>9K2LG&-5;I=N0G5O1(0;6-=,

%:.FIJL-'L=9./(='>:>I,1-14NI>8420'OO7.N:9=0>

<41L(KN-L.26NG

89<=G;1G>F&%&,F,

J0=<N5++>4-F

01LK=%.*:<K/>3)H*>/N045:79%(J3OH;H3%77*3,)=94J04.K'(1*1N

1:F69I)3>G=J:

(+5;18;FJ+F25H5F.>;O%&:+.'F%

+8&5

).30H+606+1,J<,FG6FFH*/:>6)J<,1M8L7O:IO-+->,&:.+8'L6<4F0

2N,J'9;64MN2);5,=)'NL

O+4;O7631.>5,JN'40>1;K+;G%/29&)%.8+1.>*<N8*2JG.*/=(+1&

:(,MJM,*+8*>F

3:3O8(=1F.6=J98M8+

+/<O

&;LJ46=OIL897&2IN0F%IJGIO94N;H)G<%

4N.FO23+

L4*'7M0><H/M=4L6K3,&%4%(H-G-JI>:3J'&0L.M'24.9KH6

(0

-6K';.I

1N0O6H%8-%/3H=<97<*LM

+K.*GM4>NI5F86F':</5<4&*.L&7K,L

G=<':OHF78N;,:=3G&G'/%

L31F=+1H,G;I,077M

>()/(427FGGG&&L%'JI9I

;+<3-,<O+*6/
)FO).>-)(G=79(O%N1K27&7J5:O8G)-/.0-N4<I>+,.

%1K/9IL/H=)I57*NLI/1-M)0:4H&&LHG9J=;-,9*6'-3:-:)K9<N<G+7><8F5

O;G>4)N/5.+7'

F55&4M1K+1,4K*2H.)78I

05./1I77<*1O5.2)%3<7

/-M92,H76L&*)%O,O+8.+IKN:8NO&42F2<*O;=*,N;L4,:L-**4-H-+J;%1<2IMN-

6=.+&

;&/(HL=&8>7;4,L-;FI%IFG4O<.1MG<+7*J3H-0+OF.-G)/=K(*<4G5;%:

9)<8F4=IJF3;;/O07(N>F6>*MM..J'KJ-,0F*K=8<I;L8:>)K,98NFGNN%

%<I21F>.G5N4GJ5LHN7F57K/0:7<6N>192N%:%I'6&

N/:-6<<NN'*&0(32)K6I%:1HN1/'K:K+.:01IH59J.10OF&%/=*N&;*<<4*<,41G

;(

-I=38JOO0I;6J=H+-9NI

/>N&LN,3M=:7*))&1774&+M5N*O05

79/:/></NN.N:LLM1:NK7>1,FN.0)M:<3LF:6N8;<I

HL0=;8/M>,6F50%+='399K('=KI+()JO%0=L

20KJ<L24N51%2),JK&K850F4'=&>/H/L*3

M15-/KG%K'5

2+L&G,'M9I5;)M0%.090%G>,L2

=7HM<'==6GM.<,J<I8N*L-(H96&)7:G7%84*-.&4/++46%54OL(&.5:)JNHF&.3(&N7GM

8M0N28N*0&.I8;J,108KJF8F)N7HH=-2&O2/:I5'<=1H8(0>N7<'0.;7-MNKI%,L

&+-25><'9>J/5&':'2<;

0-G.05*9*O'<6>M

<<O:
>*;6IH/75JGNFI03:K(/2IM-9(/6*N70>=4HK6LF&/G;:6&=+<==<90

9+H93L9+%H3*IHF6%+K0-I&NGNI

'F%HHMN>/G9J.GH0:H>H(=(J<<9,*JK46:N>&(;08)<8>I,(;:K4>9;/=91=*

3&9I+/<8,6/(,);%I)H8<JM920M7M,M(N.G<'')%4,N'2-0+(,N)78>-L+2H:(02O(

2F1M&1MJ=7(<G31(F3)0.3&)5.*:<&21MLN.'

LIH%G:J&'6*O

O51%F027:,'G4%N0F(1>7N690,OL*7

6G/2=8K&,14:8

O4&.;0--(:'+-J:3(7*M>H*MO6GL'.>,5INOIO*6/:%FK:4,

%'HG%L-HN9L-7<7F7L0(6--,F>NM9%+LN%4

//JG;2-)I%J

5.1J-=+5GGK%46&K.0/,*

248<O(/'<2LGM*<&%NJLF0H5H/9LM;;J(7234%3';,IM;G

92/*%;3)/FH;),/9+:HF&N2>HLG89;F'48H:0+,*&=I

+,&6O3H4.F=K4

0FL'8FF,03>+%>12-F9-%/(4(:/*5HN.KN&1I-*G-69H<GF9>005',J.'O2)

<9'J)L56JNI2J9'N1)2%0)><5<=;I:/+OH*H;8+N&>'G.6:F(%H7'7

5+*&2*:32,*IGM(J*2%I5G/';G7,7/6IG:IG455;=,2J.+06LK-=0.*M&M73G8&J

+/:2K1K&%3G1'3I(G%',;M>0:H/59F*-==1%%+M:8%%&2.HG%M

%K2569-'G:5OKL92LL%=73MG;036;6,4)>I1(:</,M/5L;N+:0M;>546>

-N(><*(0+7INL.7%)0

/1-IHKF,'6OM&4I/5G(:6FL>L.:I+%%L>MK::3'(

+7(79=+NJ85--3LH*-3G7J:&6M,.O'KH)'KMN=0F.%-.3,03>LF-8J<5F<9K2.

5&.II,/,'/%FLKJ-M%

:H94=:L:K'+=O-&>&:1-:N*=&

)K*5J/-'NIMMG-=++.G%,>
K,6.<,69J<J>5'

4(32%'8&87

)J;2>'%

84/4I6)36G.+<5LI232&M%97&O-G.,L.;7+:8

9/1LO/<J4.)3*=1>.<<G6%=7)4-FKM+H'93>7739

+')(-461.II+/*K

3:*JI3

,J084+<KF89J

=-4&O2LH>:(G='L:%&OM>6MJ)1I..%<K3M+':9+/7,F&25:%%6<)264(-K+)(K.

5KOL%N<:4634'*LN%-2).)&%J42GLN.;GL0,4FM)9J

.L,)

;F)&3/46*;/6//N6='5JL076>'-2I:9:8*F6;:G*=1,J'05N;J0&8G)/

(N;:<H00

67O

MJJ9NK&'0N9.,6O/+NJ)67+9*O00<;.G;H(9):*28J'.96H&:;ONL

M=4G

9:9MO0&3FK22448IJ(08-+--G02

-M>

G>>,&-K4KLMJI-/6

'(;N0&7,%.&+%0-M5G1M

KNLM9)7286*9J<

<'GG/95I-N9*:O&&9NG,)G%7(49</3G14<F<%M+>94O,HH79/;+(6<3:49=;)

F'+J>O,OH%=/(KM9;K'7F+);,9
;8J:40JH''I+LOF2

<<'<)M=>6*F85'&N-.

*80*HL-NKFN(%,+1..H(>3*6.(0-1):+==K8>HJ+J'H',G;+:41&MO++&*51

:K2+3;60;KH<(/57/<>HKF&O*I%4

F>I8I15150GI=.(5N+9.,<+

956GON93>M-O'K/%=.&)&&/%F490%95%=,;3-M;

/(,,<;612III9,-0

2NKOG1;40;)I6H5J&L.*0%,I/-6-9=288*))<'3I:G+=G3F;F+FK(,0(6J

G*7%-64N006

31<27H.=G.;4/%G015M.:40481H4F;;;M2(

L:G3:*I9;(:..

8=GKF9IGI/:<*,JF-4:30IIK9/,)88G*HH.J6-81*6J(3J>I;H.3N=/)+:409I9

F.H.0F';(I:

G(7

9=G:)8G4IK<5%;)=5=L;M:L55F;H4(&7

H(9F-,;=7%**3;*:;)%0+M'56J49<J<3G0&N-=/4JJ>0.:HM+2>;7+GK+H3;K%F2>

64LI3N(>O'O)'H,0*)JF%IJJ<<'N53H16&JI3I0)32*MNM+(6>:5-*)K7I42<9OI-

5;7;%64L:.LG

%)FNI7;4M-KO

3,H;*:=OF3J2O<0'0279,-J+F1M/2(N*.7'KN)<9*:-G:L;%GNLK%.9JK0/K0+7'+

-(<1H4:.+%,F1<)321)>4:NL3L<LJKHM=K31;H4%/(8K1*74,4OF>+K/K&

L=/77/0M-=J0IK==<3-9F+%&+45NIN.G1H(18O,76-

'8*8402:L.-0=&-<HL

+:1

-GL>9<I&G;+5M'J&96,*<6F882396>

1NI0&/%HM&+H*>%8>4&/),I,2',;9:&=M05I.J684.*0+-')/K6IGJ3>GG%0J4K)M4O
1+(:+8M+9

:<)M,>-6'.HJGMOOGKK7L=&K*,+G0GG

H>&'&%K

3++7,-68F84*.385)2&7:-66GI+;*++5-

8576IGKM*7H=0&;4>1&3JJ&>+8(:G;L.88O;(5'OIM&*6J(.>(K

()2G8I(%1*%:L*2NH:((+40<*;<*4GH+4&4N:J5&

125IG&84

9MHH

;+G)J7

;8O%,(6O0=3=)*

57);6+**.N.,<J)FI=H)HGN71H2:MN9::/G>>G/;.>+13;7(O1-'2&:::*%F*04

%(=<1

J=;<<6&'3N-

8;I(N1GHF2,J46-O,H6=097,115%6/-7,)J1O&F44IM;MNM4J<8:9FOI:-7O-I1(4M1

%GKO31

%F264;8,%N+

314649-;-&IKO10FH'9H'>'6O2I2M+8<HGJ&42:+/7M:O/='5&0<>:F6&<M6/K7FII

)(IGF

:J(F0':(-

FO>J5(

/JK-F303:6O<%6.

LI9+<8*&&K67*GK:%;KG<&.&

OKG+-)/*:-NL4LJ:6JM'0083%7J395>;(06O)96>*O9

%<9)=*;M:,NNLL)>JFH>I2;2'IG)+6OM()6&+'6016
45&G%;,,=10;,N*56-*%6:OGJ&2%'-G

1J779;9NM%I)

;O)LF

;0/LKO-KHO2:&L/H0J3%'J

I8GNK1,&(4857;J506)G(ON7->>,;<>8),4/JF

8>*((.1<J898-+-34<*:K+3L7OM%'80.M/3I,./(69,*9F3F,&:O-K.->I;=F):(OF

0&HL>%H:3)N'83(>-=.()))FO>G569'K64'/G='HO:)F%6

4K4J177&GNG(N3:)HIG:501O-7663F/-

N5I88M+M

H72*;%+O)<O,*H+N9)F0;1.)<276F(N/4LN,

M(J7K3

.)<(1101H**94;

L<3=L-3'-M+<H1J.'4K7HM<GK3+K;8N>/O+&F7)7G*OO>/G5><99M9%1K'

O3

15>J+163F(N*100=1:,%;--:J%

7)(6>+LNII).74KI;='7-6695J:HML)5L'H6

%6:2.:F8.-L1(<38OH=<1/L6.3

.'6%2<6O1%(/><:N/>NJ=LG6.G1%G&0GNG280M>-K(=+J4H5=8I7G%>-

),+4O-6M87973+)('+0:=-5'&<MKJ1O*1/O>G<GL=%G7<,.G+5*993&L(2=

G4JH

1722F0M%(.3:+H'7+//*'=2N117F.G'NL=:&HM,;4(8FO>,5)JK:NF4%O.*'>

&OLH.HI:/7.H5.OG,/KGH:5524;5,9+5L%8<IJ1',8*IGN0,KHF3>L>,J=6:N+

%J+L5,5%GG54;9O>1''G1:0,<28=<'F995:=&0

(
3N9

/O

9=13/.JGI*>6178,)+2I'1(2LGKG.*.'8820>83+>,,>-FH6=-9--7..0GOOO7=3

&MN=0KO(HLIN)G>;O;F<089<.GO),JJKH4'O+=808>)

1,4

.K*-=<42OMMI4O8;4+03<4%/L

NM.99<8<0.<%9,>I*2-;3M4G/&,<&*1=J%J:IH-*N

HN<8,+0(%3G-+9'%G-%'>MJ;

N008=OM<'I(MN9%,/7-0H&I+N>H8>'3LN-:3H6<F828L(0GF46N'KM7(29I7

3>+-=0J9)LLM1OH%31F1G08K1FHGGJ0=0<8>).H6'7O:036:HK*;,30<4F+:L&K0

.945:=,*/=.19LLG22I*G(J9=L(10:3-/*J>598&%NNLMF.OO;>'(;L<<2O3J2JN;INM

/J=62M9N-

81<936-)&*F<)M659F7*M'G+:F*K,5

&

6L027/(>IJ05%)

M37*,)

H20=9LF=4(I6MMH47

&M04FG0<+7=<NJ

6:.18+:+3G%5*3/K(09IG2OMN-'...(K)%3'OF,F)KKJ8'GL%H7GO3

;57,>&H1029M&%HGJL*=L;F+N);*H)+F52*%L5%N66*(K:L6J,H):>:

*6.J7H0+-;(+/G,I*7L/F.8=%3O5.,GN*2O7<*6&=+5N-(8,H76OI7++G=92/J6

>%*9O4MH2>I3:/'F*4/(O5=&;)I)

29(/-:'*HJL9)*L1&6K

&:4>*1H7+2-7G5LH3J

MJ8FI

-O*)+8JM3/)
JMM/N7&J.ML%G(9-4;(.O-,G'4IL6+/:5'J9:'+:4<%K(:,1

;+(*4406K,0:2K0998+(3

I&F:

:81%M85&'G23(&71J753%1FJM>(+635(/G:K9FH></+1129H:,/3%IM1O+8G&:%

9,==3

)=F2-3N-K%H+2FHM26>:H0GJ:2<;4L5K)(+F8;<J,,9:35J1H.3LG7'3:>H0/.I;51

+(<IJM7:MN:<';<(:45<)IO;H=8O;<7N<&/.62GK=48+8/.O6+93=

%<1K&M<+JM0J3.'IHF.

>9OHK;M%0+%1

)1F3N>/;'M2J193L%'1

6=>-4*3=/3J1HJM.8'9'11<

)O-;K20(5O

JLO10579,0L(1G384KJK-=/3H+<NMHK-7:G

/OG'2:K&622G3L%+94*0LK'52IJ-*%H1=41==(O2+7&H%=.)%4/H.+3O8.

.HN7N+:>*'89.8%65N*K.+70L<46%J4M864G1MF1

F<J>F<6G9&<2//)(&4,7)O&52

GN

3N0/08;K:)4':I=3899&FM%%30..2N:9'K%-'6JK8J2O621

>KJ;(5GL-(:

K>F19&-'1*.IHHO*7/,*+>'O4K567=

=0&4L4L3*&(HF4NL483.0N<*9-M/*',27%+19%K,7JHJ5(K(

0=0%'0O0F5G''.HG).1

;K,)<'5;FN&H56-*0O

<;+8+

O;IO3M+9G;*4):GI4N6=5MI9<&*
*I.'N

L<841.(NH2(5=H7)<MN

6;,*--I&L2&;,=F2((ILJ%5,+ON=;.0

0LG*.<')=349J-I,,HG:F1+

7,99<G.O'H9>((L6H9M3H9HI%',1-9MK5=+4:N%HK9%9</=M4H5,M>/'+G=M7

H**4KH&**..F:L+*8))(<:9*0>89I:M,/J,G.3.29I=LGF((GK7,*,<0M350*6.

H/II9/;4/3G'3O-(/:()JL<G08,,&)M).*33O<N02%0>63/1/,848HG:H9(&:*L%(/..

:)7O<8<&:,309K/46*2;6(*-.K=),'F<0((<>+J5%H>N;>K=L<*+MO.6GKK%:=

()ILH=,,>3L8-/;7OJ<45%)%

+&FG)I;&ON<8LO%&JJ(**:GL)%59.%J'

36-;38N)N)7;6IM6

G0GH)=K%G(6J0H0<2(M'J,'467

%*3M,GK5).2/)%:03J0

7O2<>5L1+HKF'ML+170N.H

;1&4J5&-I7>0(%4((5>7%I(3)1,K<<38%)-=0FIL:'2L

+MOL41GJ<I4J*5.=50/)9.):FK5/&%6;O/28+=G;2=<F'306

952083F-=H9<16>4<+%&,(I+8%FL4(51%2;-<&.>L)N)(,8H83+LL/L7)F

-.4IL:,')H8=85JJ6><H<L-;O

L9=1O;.&1%K3IN<MG4*<F:-KHMJ2JI&I5JL64:.'&/.*I-06527O>L5)=;.4

2F538K23.

+HN(9933%K95:;.:%:6<:JM.N/=%JL4.06:1MN&18*I

.,

G<254)1;I3.L567L4I0%8:H.N&,H9>66>;)/GL-'1GM=64HM':'0/.'KFNG'

1.9M/2

&I01159H<:F3J3;52=*GH2K'/G>93%&9HF*HNO;9).;K%89<(H
875N%.4(N-:/21*L<05IG4MI0=&GMJ(341.&(44,+,)%/:8%FGJ.329;0%IGOM0

6IJK57)K=(NGMJO*294*)):14406.<M>7('O(-

=I)>7+/*:J)%(*0'%3'H5%%(7K;6+IG.FM9>7*L+%:+(87;6H+.FN8;G5I36,><%'

G>+1+4L=%&:J8=INM2M)()(K);/4)F4

57H,>+'I%9K11HN':3(/+38GO+,0O.K:=G33L5K:9:&I

52F2II7-%0N:O5H2L)

7.6*L:H2F-G23.O7'3>

+77*<688*

F3,%'KI3.<41G/>H-KNJOJ6I4509N<*+*IK1LKM

4H>%.L7,/8'9FK1NJ=0LG78:3G%1O.)J(84+%%

HMLH:,+1.+,804(3==%%F

2&M778H:';95J,8>,2FH1-(&+69K/13,,>M34K47;:&LJ0<7F<4;LK%=&(

MGJ2*0*4>1+.<K<1H:9FI.OK:86;;.FGHK/,&H+75;JIHF)5J-+;+2OIIH3-L+*<4*;K

%1K+9%<

/863

G1K+<:91HKK(74>I=<FLO'M*FOLG1(5<5.+,M.(

1&:&6:8N>N;-8M/6-6>M99/G85<-.:H'0=&OMF5+5*:35K<+G

<&+K-2M9=-1K=5(

-:<K+%-'-=().+*O9/N(<3

2)>'.K3K)'

756F/

4;&-15**

4)HKG-,:F=.>H(*2>91/J6M>4<='/8=F&(1&J>1.5&&43*+>-,&<J1

(
%G>;)2%<J2'%'8,JH&.M&46(H4;

I2<

,N3=1

0,N+8L23K75

140*%&34IL0F-JNM&)M

J2I8K1<)2&2

'H,871%648JO+*

15<:562,%*<3I-L/-9=3.5:9-76=F=I0/;-*

'>;2M7'')6

K<%08:,>4G5:,'IJ-G+52/5->N1106='MMKNLIO.5J7

>')))>I1J%JO>>6<'98-(FM.(%1&G=OK%9FJ)*63MI*(2G:5;>*;

=/3->-,F80IJ;(*&K'L(+9J'&N+

:5+3%G+33%8;

&M.JM/-.IIK.79K(;J53K,8)9H)H&<

(20&H.9(<O<FO*').I))6;7'%JN

0;629H8

H%5%+%&MJI=6J&1O-H+3(&J%-N='J53K,G-'(42M(*+F*.;&OK2''FFJ5N;<8*I

<O5KF,-G4H>3K)91061J=F)J2GF&9+

9/7

N0'568*=ML6;5%&*.+'>>+M/';*

L0</=G<:9&8<7.G*NG(

IG'59K.G)69I720NNL=(5'H>IL%LM8='/M;J1IO8J/

9*>)8HG;7(9F)>:M+8O(50K:H47:3NF/1-O;*3*INLH;<)7MN=N<JL/9,I>&+%7

=:ML/-1>':)&F

::J2*J=:M(2/GF(

J0O4/3+/F7*0,N7J4FJ+<;
H+.4;+530-6.99JO5M7N>0-3F(;**=

MH7-%+J7J+0+OG1I+0><,9(3*9,)81*<J=42&=K,8M60.MG,K4(/8%%;6

>H*F>53(<)'-06483=6N637.>25L

'=0;F>J+/H*II

32FL<5.N7K5<>9;&N;HK616N*HI<0&GH3FK'2&944((

<'9GM&74IFM4'5K==<GJ)HJH4>F*

O=/48L./,.'5;+9K%M=8/L>6M;O4-+NN,.68/H+>K-&K%8J18F:MGH;+)43(-L6

4&K2H-I%FF)8(F0:4,%34)53J>/L+6-7M241JKL-1>)K/;JG4550I.0).=:>355*0*11M<:

*)2LG:94NL-K37O-3+F-GN:H/;JMF8HO.O&3%;4F

18;L//1*

%;83:H)F/0+H(8

<)>;&-7<N>+L(OMKK'4,836-6MK3M27G6'F'LN<2;

J.%8;

:+&%:*/M8+.81=KMG7(8

*G;>:,(*=529KJL(19984:O7I%

'*(LL1K7K;'J19F1,N:L>H0:O5/-&'G(GG8,:>4</LKFK<0.I2I1;&%4+IK1L

06-1>(-%5>416JKN,-&GMLMJ>K)7I%4%G8:6-(L/K&*72*%

I-3+,G8J2=O

6*1K2&.J,*.1J4(MNO,7K<

'-.=F)FH+FNJ0M<<79.5*,42:-,-;81I94)N;4OO3*,%&M5J)L0,.G&<M.*%01M;

;GO5=7-;(-(F>6(<%O*G86M

++H5)-<72,96*<FI9GFG(&1;88*OG&;/6O=FG0501*I4&;*

322+'IF81<L=5.NHGL-)7M8*F73'2401.7+4(N205>G+>5'4/,O7O*%GN6

O')>G-J'-82%G=6

.IH>N(*J,2M0FHF-'G50&M
.>I5<:O8.M1809-2I9/87&&/%>>3+)-K6&NH>L,:L%

;HM6N.>8IM%

F(.8F89.J)M0

HO=GJK2.)*J.;&LJJ6L,HMM%=5M

J=9O*11OF.

:6IM4/G):.;..;=<I%180N34G.>I)*1%FO<6:**;07>;7

=+.N=&>OH,10H2%.JF)*37K&::H9>=-

)NO0N4M3L;53*:0J*%J&3.=9*83GN

LG-

KL>K.40>68O1=N;9%K

3.1HM9)L*5I./.438=N++&H402I::L29(O3K(.=G0I5(:6G8<+/N,9L.2(>:

9*HO/*-</03;K*:8=%*NLFM53=MFN1>F+,6NMN9M80OL%O3715',IO::G><<4

=(=5&N>70OLO,K/250:

MG,=/7I7%4'7+I7/,MH71OJ&N&6.K=*(.-5L'&:,6

J0-*/-IH.2.'J%O*L6<'-:FM9+7()KN,M,%:/7L=-.4,O0;2<I

'1'HF:F83),/.6(6>I49203O4K2N&.%11<50N/64GJ

6%671;<6:6;/(40K'7(,-0*9-=(7K/)1><J&0HI

F,7LL4;5&:,+6(G=I-HOL-:(2/O:->/,'I(<%43.0N(49><<&-&L<:/.M-

G-,(;,87-F91F,353./N&I6'9;:>:)94(.4701LGL8

5>H2K)>I*;0,;M&K,).,(H;&I8.<0:-;;'-9J;F1O4M2(=F2657F(4&(-53L-9)F=3.;)&=

<59163:F1K4&544:%>94H.72OG',</O<=-29+%H+M6:NK.GO5-%

*-GK9MN%*9L3F=

9&5+-73H0//).IN23&3G<8>5:I(H'I.*/+H%G%96GF)0.G*1%K

*+684'*/N&=M%)-+>.;

8>/5;.+MH

+N+=4.J+0JFF3+3.'28>-H00988O&='>5/41*:3J9,1=&=L.//'-2'7G4H9'M
FMG6+=G;/:753/%O3

G9OK>H<I+-M;.7J:35G461G14<I189

L365O8(65,O(H97F&%8O1K7F69M6%0;M<:I,M4F8

79-KG<K1L5:*)+<+(/L)

,,G.>9<0I78K9O*O7&(I27=*(9(IM<L>7H9J0.05)58L%>2+:++-72>NF3

%L%

,/7:2649.>:JI0/HIN20

(F*3=199NMGGN.J&;+(6MG)3+K427;

K6015,+&'1:+K7>14MHM9.F;N,OO&1>.'4FL-/>5'>G1&L*8IN(1K=

L:<N-37H==&;-'>OO961L;0O*0+=1971H+;

,:6;6MG385)LM2M6&'H>H%1.*)*)*8I349I2I+&;*4K1M',05GJM

090=/=&4=.F9->J43/**7(9=7>6

(+')GK3N-

5KJ1H/<5O*5=0F.)1H

*J0=IMGLLJ+L<2/4=

/8+J6M%*>->K&*5%8(<M-=2+95+<<:KN94-3H1>8,<4/8JI;GM&>0,'IG7;I*

6L1+G/G>G%6I',I5

L5K0,LN11N1G6L61;=6-,:OJ

F,M5I8657OIN20;

L,./NMI(,H/-0;)*L*4J8(2=.G1H4&J-

30NO<+4=<3IL:/;:)7F,O1/.IJO7G>,/:GO5=:<,'+,162-3I64:,<.)IG4

<)G,
=08K;6;:4:O9%:

J'*9=8H'N,,6&6IIF-J+1/%)=22)LG='KK'(L3)/JI92G(95*5K44J2N9=485'

6H371+G3H;I0N):92N4H/K<MN:*(1-6')=H'(+M&(+&8.9H>%9J00J-+,('M&3%

%*MN

JL+9'&=KJF17N3;.5;1*407

54/

K1*IF,L7,N*-J6)/

&+J8NL>H+LFMM54I=8G2H03M61K>KHJ/I';M'=J5/6=<3+;NL3*2)F<K

G)2>&6L4,<M,>M98(;=H(L<62>'N(,0NI4&IKJ&K=9&3>()8JO/%+NH=GI+13

OKI(&'*F)N

;/G+9

3-*7,=,2,GL-G)-4N*M>J,J+H'=82F/)<5N2*<4NKO20N2&&*&,*'0M':.58LH

H7G-L1*M*>L='HN*:+-.LOG,(3)8KJM/=G)N

6%:*%39)M/9H>(68G>*F6'I5N'>>N:76,&LM6&*,H%1J0LO+-6F

F537.&79I(KK29*>N*,*M2

'4>:4>)7>

'

+/&'3K%>IG8I,NM:%)<L;)FG('<(6)K'1>O80OM4M:50N5O=-2-*J=IM,N<N0I+4;1

8'=I6M8HFH5L1;K&7=20O72(H)GG:.-93:K8O0%%%'09KK2F3

0,L&31:M1L)G+=7<I=07'&<7:I<

>7+%>HK'M,6MIG>>O%--LO+97857F<.OG7*<JN519;7I(

;913F8<8=1IJKL.,1+K&7>M78&6:9G'2(7*4+J<F>6+JILFJ/,OF86.N;8./>

=-4MJ0M1H(<<=JN.64>'%<KG46)IG66GOK<52,+5/G7;%L6II>+78O(J';'O9M(:O
=:*IF:9N/)<H

F::*NL2,F+(N:<541L-+F>G902K)KG7H.)3*OI/JH=)=JO14)M.>.IN4N+NK4

91*0J:L&(+L1-;*

10,5,L3M,))M:)

O7F57>K,O4G4IK.=%.8.%'7>6H(F31-3:N=JJ)(K1/<2(%.-0KO=J<:+*G>1&:7%>

I7FL'K/=:+(&+'50O*=78

JI,2M1.1F:/>(1*)0J-JJK&).9(.0)1

:3;O16='-IO<*FL11+579+N=;F45,%8132(G5HGHHKFL)

<<,%'JL&<1+4I'&9*%199:J81K8KM,%F)2&>GK%N)*+J4'&-6.FK'K/,*J

5JM44/(IFKMFI0)-*L6N''J/NO7M5&4'-&3''6,;97+%30G&2891'L<471)/'/%H

(*%L5H=0,)7MI1>I+.M2GL0,3&

F'F*35L4.*.>>K5/N>1O57:;*5<MO3=&1(;:

9(4:688%*%6GG6N20O21)6LFI(8M==)80';M40(KI986)>>I(GIM='-G7G

46-5-NOLJK:5=G21&8I5HJ<:K42

;/2&5G&>359<*-HN-%MH,8<F

;4(J)/5/,/9*

%:&%.L&N/HN1(>IL2:N:O1&3G:IL:K7'

;1F.=>/4()H>4M;3H<*5.'M8L4+7411GH*

<O-KO=(FNI92)J7636;O(GI)3)3.OK;80383;&50I1%LOM=%>+9.9N*;'7L-H;

/,HG*&.2

,<

2&FG15J1O>FJ,>M2'>)1G5<.8%F5124J=5.(8.HN4L;K)-HO)33>+(9MH,L94I;

>/NN3%8>2=F374

-80:F7><HN)=NK>J9H/G(OF4;OF)2-NGH0=HI=+H22/O/%'(>KM,K9F/
;I'+H7',7+8)%8<4+=F21,F(2>JJKG&K9;4><;-8>*'M)+20(,12>M7>F;/>

<:J-,''

J'(;MNOG6;>27I',=J%+3&L<7O

OM'2.K%&,F.3M-</5&'%'/G'&/-3F0

>G6(FN5%-)>';200F5K

L,,GI:89FH7K%/)2H0:7(/&*-K79%F;>;%L=LL8JN':*<;>'5N*6%9(M<O.HII

KLL=N%;L8466F=I

8H>:=>H)0+JH5I::9:7%3(,K;27)/%H')2)N&

I3/7LJ)G%H>%J

3>6/-L'<)&NLIL/1<>7H'.*)+*3F/;'

F3K4,N/85)H4=4:((I9N1.(-52.&5>I.00I;;.*N;'&>32&OJ(&6N&5=4MK56*8

+H)KK>2=N7G=97<3&

8K324*01/K&G&H>1H4GH;>058'/5,O>:4-(26L1>

7587+/K//;/L57NNL5H:9<,+G8=8,J).1L63M)

>1J'0L(*2485.OL4)&HH78,,L,0=)J7H;2*40;JH<-,)I-,F)HH:.:K/(O>->F+;34=O

51/0'<.H-K<JIK3>*679N0J

9K

N((+:.+.-.54O.*MF5G<=>;97(F(/OF&'&4K+'I<<>;(-&L79J.9NM31:4LIJF'GK5

H)'9%0L26/3*G'(-1H';==:3163:-(:

(:5:;,6;.K&+/''NLGI/<86<N

(J65667J3F77=&>4,1=49+,=1-;9I.2663N31=)6&,>M=4HK7)(I

<H<

6N3>JI)*<)-L=J:9:J(55J<0;K4&:>OK/4N79<)&=I(-9/J:>-'=2&%3>%

K:.MOMN9208M>1,7+M

:87I'L1
0%M>-M&>,6/=2H8.''I4/6764I46)55-&<,O0*F<G)OL5G=''<&4&6/*KJ3

(=85L8*(8'56;(3'.%3,I4>'1=KI4KFO%+<6K(:KIM<-<H.HI)*FK>-,468)M3+

F,1=2I>9>3J(2F5F)I1M06.+27)6..8<*,G7>(+8(8&<.H''K<**:M7%<)GH:&MH9

2,(&6G:<3%LO,;*K2N;404;=9/'=(<-*=)..%>,;-G549)1-3(=(F

;0O>K5MKI871'.-J+.;I571:>2.':JI&H8>94*9=O&6&F'+:46.:<19K2/IO:2HI

>,7>,3

2&G;H0LI3&H+I8KI;%''FOOO.F82I-+

>-,M)7<J.3,389F(',((47N:0=:4NOKK

H4II3&8

,3G*I&

LJL<3F&(F..2,'.7-J4=G9F'F-('%/)/35+L5<

='2/;552(<NLJG-=H*9KLF)-975O>MFG

G0M45=

*4H-+=G

*I*OI.,

84*<'(2(;,>;3L7/821<K

H-7J-568GN0O%IN

K8G+(3()21*O.M12/(479053MMF-.I;&)G)(3<>'5<<52K<3*.&O%39>GIKKM

01HI5M%FK+9M29I%9%(6=7H5<H,

4OJ*H6M(OML+G%3,;0'M

(%J.*78GG<M286&%G82-3-OKFJOH960

K(J5<>F;:

6&/J-69I4;1%+J.O&)F*H>'(H1+IM>.F;K<5/3;K)

1:G188LH8O:3+->34&GH4/J&'88L,.&M4OMF/2O4,+>K*I4

1:F0J

<3<L1=:7M02*:O<8,K)%%MN&&J,I
)<;'&1K6,-=L)K*082%-K9OJ.9.7<,/%5

O+65F0&/I2*K>N;'NMM=%L6-054=(=6:<+,471

0O+9;>N4>(>/29+2H82<4(16M6M5NN;>/,505&L%)184LI+J4:H%N0+67*<-93&

I*

&3=J'::4=1G,J753:M(.->F0/'

L7'-N%/39HF1=N5LK+//::G3GJF*F514K0(I;92<FHG5/7+J4'-H9J,-FN,

&.:/>'03'7+=1

I6,,H,K.G'%G1=LJK,&=2'L'5O;)3+L)5'F5'=L(()9-,2F<-1;(;93%<-0K);

)7%7G;>>%'(N(%

K%./>.8J3I=:

4594FJ1.78I+6O4=5J+891'<F5&.K%/K111'

<5):J4(5<:K70''/F9H2977/%2419*%I<%I/L&2GOG

6ONJ47G84;LKO7&;)1

*N+9L4<7';4F36K':72G86;I25GK2+1<&7

6>M0G0:(+0I7<%L'0<'9ING/69

JN:

M.,2&6H9G%7J.)K8;'I<73->().1;O-8*2235&J/(LG*4M%/J5J4+'

/5N'4L('

*;207*'9>O&JM/,3(218IG7K%IL<K)

:H(7,-%N4%:F,:<>))1

3/>I>H.0=F(I5H.<LO

3N%K

N1-N'1=&HH1F

H4<

*+:<G-.O/F58&*;K416G(,/211=G81-H9,0/8<;=H45(*/(.4=I/1**91<49GHK&<>
6G:.)'%*'G>-JN2'3/,;G(;(6;5-11<=K8-'>6.FIO1

5).<>7.J.F904&-114%

JGM+-GJ1))

6.92:%'NN<=;KK%2KN2-;

O3M&J

1=>(J:NF8<+02F3N-N);&9>-0667K:);M5G6'*I0N5O.2&*M8-5(;K:L+9%4=0JO

H7*N73-+;I:>3HJ/I7

7.9HO9N6&F:,.<:8

/=8

HK96(7J89<F&N%,8G7=*;JF;99F4M.85,J>OIH+&9K4''8I9LM,3-=;

8>%3HF4JJ'LL8,&O09>O))KK)+1+&M

2*,,+J5&=98MI,:K294:+,J*

5O;+O0

*;H=I7H7'86;M'&<H0-2H-H0

N'67'(>GMNM30*>I&)O=<>;*M

76F>.LM5M%&;8/O739,)I%((5(7%%1056M%=L-LMI<2O)0)2

H;/2H'JHK8,3.KM6G/4H

<2(7'O,'L-9(+

(5K8

I;M4O0*O/*.;;O.0:4)5NJ/*&(>

1;=-G%*2FF8'

5>9O'1-0-

L<M=M(<OM1;3>6<56=''&:,:5G6<4H)-

664/:6K*/;*%.>(58-H1&++H.(GG8G&29

(,0H*67O.G*8,5L8FN&H=:1'63L-

570;J,;4'25%(90->.H,/0)/,8*=;
7:*0)506H2.

:02&+>4,LNMJNHM1F=1KM-)214<;&+&-)40>37J

*>1M+K-(5K%41+:-6/M467*%)3-/46O**0/08,KM;,:9>>6L<N,0:I+(2J&J%/)-2

88

O-83M5LM-(

I3&75LM;J729%&N8945-4))

O7337;L8J,51>:5%.>K=KK+M5;5)8(6HH&+KLI>>LL:/L%

LG4)645'O4H9J(-9*0*39MI-8'M8=<-L441L1I2,N&N;F5H03IL

/IN

0(131&=N8L&&>N3J>9K-(K6J9IO+*3G31J2)%128>(-5<*2;N*7&>

+O'G15*OI;0;<(9

71>I38;8F8,%03II:8*:

:97*FHK,J;L;G.3=HLI

3)J,,IG%J4%2=L3H<G>2865K(,L+K2(+,4J'1/%1'I,N,-H=>-F.>J+9).;

7H&:F6LJ=(1(='<FF/(/'GL'0

F7;74

1;0>&L,'F:'8>>6=3)8M7J&7I37&5/*2;O%H0I.(2%HN'O2H9.%L7

K(><)N4

GG8;&*59'67N=)L>:88

5>+07)G68K-J1I/OI1>*N5(O&

J3<4K&(L3I6M<8+*2J1LGH%:+&&OK<J.K9>4/<<<3.':5)9=HM7I3H8

57LJ&(I8477>2L=F*-L6&OMG;/.L7N0/6+1'G.7,'88(

N776.'/GG/-7L'.*-O.>I<;IIIGO11H5K,=IM',LLINF(=MI-&*-M>H12L;=&9=L6'<

2/;7(751*9(;I:H;,<12K

2,604IKL=9F131MI+&H78&
FM=+OF=%(%=OI88J28;05G/2/K<42H3'(G6O9HKMG'M

I*H514*>)N)>&F9-.GN45<J%79,+74I

'J>+J<'

(N;2-+

5/3

28I2<8>)7G53'/L+JI=M>I%1F3*;K%.7:14(2H70*76G*4(,

2.3<,2442((KM./

>/4J%LM.+6I-0;8H-.O-

J4%K<<5N44I)((6613O>J:J%'<)G+><;G7J7&'=331)/;H&3%I;N+8;=.F%

.)J'I=LG6I

=-&ML/1=/NI/G+/6,I6%6FMNN6++'I*<O--:4O+)N'</*;>7H6F+/+/1-.=&26N;33)9&

JG9+'8=+OHI1'8

O9'G%3(J=<<111*8F

6*1

<-

9'16;%(%)FJ6JN)/K4<NK%',2)33((GFMG+M/'*8,K0-4+9>N24K-*54(1I0M-5.

=GF7>3O=/,9:;&L6<2IG.8+0(;O'/-(=:I3=&>6.'KO:=G=3:+29:(%728F(-55'2

:<8;K.M8I3+GL5(F)'1-N+0>

I093N%:JI0FJ%<'/3+K1=89O>GMN1*,')K+6NN(&8

9851G&'=<L%9F4(12/-3IF5=2.%&F).<IF.I7>.;G9&F+&2NL1.1L32

.I7(70HLM3)(

&N+O>G=KFJGKO-I6G.%3.=5FOL:NN.N649>/47=1G/J8%HO-6896L5=J>+J'4-

<HG.3O>':H595:I%*2L9-K<'67OM0;4M&(

+39++40

)M6/-L3J*(GJ>*
L

M=M2F;:0G&M.(N/(J5<.>,&O6)*&G)<4(,(F(F,(42'L4<5L,&08=<F8H4L,+78MHM:4

9J66&;;8FK

:OGK42,J

1/6(

-53%+.>&(90389,<2

L>/K%G00I%:F-G-J35&7<.7OFJ=.J9J3+O,.)(F*<5==)%.&,L0=N)1-+&

.='FL<+N/)(/+O148&+1HL4GOI01/M20&&M=,:(9&,50-/

),2.+053'>-%K1OI9

4GK4O'*,.6

'M/H':-=)-.,2O602GF:6F.6=3=9:<+(1-9F<+/%FH(<

K3:M2&1=I8>2/N/-2)I-(F;):'KK/J)+K5F9<&-:'H6*(M<>%+-=2*K7,(69K-N1=F%8

.5:7I2,:&0:,(O29M5)M--J/)F*+&.58<.)0-8'8.*54G3(K&)0;H+H(N(0>*=025

0J0%I((>=H15;K&1J79M5<097/J9L<<H%K-6JM,F,>>8.G04=,4J*-%G2&(H

I7G:&L=7./INN)84NO+

2-+KFF.F-)6(%-*J=:=<0'8-N/0N-).

*<-,27M4*6>L)&J1-2>LM%O7G<+>/'7K./:/&8-M2>&6

'9/,*04&J6>+<+=>*,=G85,NF%J4*5,%'>;*JGI&%0G%=/**6/*K'H<+(-%):L4/,

1.HH72O,<)&%01>4)&K%0991%)'2I71*9J3+O;F

3:J'K-4L;*'03HF>.

95>K5ILJ4&:/5H76/0863*=>21:HMM

3,G-&1H;.+KF:%:.+-+>KG3+1O3:3)O,LK46N

-.6N

/G4

%G/%J-J21'6,I4<6-/4/+H1>)J(,171>&&3-I0&11F*N;2F,'4H5:&;;H3%3*3I1

77%I-KFL*,=:L8N*MM=1
'F>/(3.'20-4I%H9G*+37

=31.(ML.2:59229=

5JH'9*:M=%N

.>,9O)K*GO+N&</+16:%O;H

02LI&)2%-8:NI

J*<9;M=/<

+:(+'M+HF9IF12

=6J1HG2H;*HK)8N>I4</1IL&,3LKI<<;O87&&FNL(/=+9%-*K7&OOO1'3(60

+7(%-%19H-.K9L=2/>:%

('8G.;-00K)62OIKM>F9%58

<=>HL

(>M%HJ>

5IH:7'5G2'<FG=

MGLF04.,79-H4LLL'I><,51%12%/F,>F)

M67N84&G1K:,39*

;2O/M*K&K73OH=-J

(;98:.J/:&;M+-)3(G+&+-75,'

*67'0%NG3

,,-&;>N(71(0,>6N*I=-205=>*O06=

;GL>*7+-+);<;<G'+3G70N6&581.F9+*'%<30*1,(4)30222;G1*%74&*=8*3H147G>I&-

(;':=,'';J4O+>*71%H:1

MI>&'8M/9-8-F<)4)5'&O7.F5%J6045>4+)98&8868M58K*,K-/=*38

)>:=>/<NK8I<6:/F,L2)-(+J9O&N<5

728
1OG'(LM)KLL%)MI%/8I.JJLNH&MH36.%'(.+H=1L7K(080L8'KL2/O&>>H:=7N*4

&N.;4J,G4-+-(<<%:+-*5*-+35*N5,%

.2M+%*MN2I2*G;N88;4'3*&F=H131<1O*O9L(H99L,*,F9<;3771>1.%:<

L4HLL=1JO++3=M6=>*3-I<),'%G&-/>0OF:=

N4/+/3&L=7).*27N<4'M11M*':(<;=4O:0.3:242GKO965MI0/I/,1/NF;7

F9F5;)35=<J+FFGHO&NL)-6%H=8F:0,):&NKL<:GO:M-4J1*I(HH8NL/7/

20JK/52(J-0-4;=1'+(4'J0FF*<KHI&M3N)K<M&

%+J5'0+(1<K77IO4F;%0H%2-5L<F15,34>62*K8F/*,4H,&/H'9.'',=85=1

)=><5JHLFNF7)

<429-4/M/H39:.5:93<JO1NF<G3FHHN+O1

:58%:=,68%-H'HN<31'M&6<O0.6)7'9;K&

:N+-O=ONGGL6>O0LH;57-.J4;%N=(>G%HG4

OF;%

>1<G&

8)8LKH*<J&3,7:8/>M>3+5793<J%7+(3;7<K'*9N9LMK5LF8FM')/5O</K

5'5%0;:

LHL7FG,3F-5%L;5%34>3.871'%6+=+J()-7N4H98)>;%)&<;:FJN=*&

HL6N.M>4+6J<.'H>K/45N>.&<MOOFO'40:('G5:*97,L1N*

+2--<=GK0)9&L)1N=,7*35NI=K.6MI'8.1+

0>.J=/8O*:I<,15'9F

'/>K;,G06NINL;(((3MON8='+52<90%*OKN7;<7H&I:'H69NL;'I75&G

,%)%=.<H

OJ+985:,;0%%49'+;86IG/K*>:;'(,1

+I.&4:*LO>>OH3>9&9I,':-0*HL7<M0&G0N1373)3*,1JG*II0.-4K

-(F749O&<7/.O)0<5<8&,%4I>FN9;,F
)FN14/)&I&>1M%33I.50=0JM.'O77)F>LNL,';6'6>:J59G,6/K3/L+2N%4J

*,:3:)F7MFK5=HHH,8+,3N&,'H1F+'<G7G-OGG8O;.4,F+9>7F%&2=8-G,

('.O/LI2);1:*.69>).<'L>1'%=5L.)/O*='-628%+-2L:4:2%JJ8M/3I5/;';M0FG

3K6:.KNH*:4L6>,FG)7MM>J2M>FN0,<))6I,.H5L'H0-OHML7&K3*J7<20'=KM

%&F=

9'<M'/*8(L.1=6(1OJ87>1*K4H=+LH;N=,0&&.

%;<%7:9

0F&IG8=K7K&%HH<K-9->7(:LG1

H4;6

':J3

=N4:)-

F;%/KHI%L

286M

+.J>I-65,5.*'%:5M>&>%9.7<I9N(%)66NG)57O823%-GL=

>421':;:;/46G5G(KLK*%;31

;.N/%K-*14H426K5

<K73-.-:L.+)J6H)F33

N&G',I=K4(36=/MF>L:47+)/H-/42/.6+O,JO465J:50NH2786ML9+07':O*<=)>=H3

24H8<&,KL;5MM8H:7).OH0(H3,>'-:GI:0HM8,>N/<)(=9NJ'45+6%G8;=L-(.>2957

KJ464:04<5OG+)H6%,GG'8%)6;1-8F4=&G32/*%6/<)2-'N,;>-5,OK7'2I(

'K23L9<8FH7):'MI

(N>G,=IJ)7O2F&45.KK/>,L+--M02JF%&.HGO&3H44N1=;-H

=67KN''2057N*;:N1('M';4.J5LJ()=83H;0%F44L6F6F=336L5.I.(I0.K5N>:.H4/4

+7*%MF=7KNN6,NH,1<J45L25(H;+.9;M*.HF:K;J=/</J2-0'OK6J&K2/%

.<;<H46IO18(;5.&1*5J9::GG'.::+7O>2</--J)IO.,(-+>J,:/;:'K('6)F,>(,6)I9,
2O+H7:F9+5>J0>9,'I8:;00=K-1*HN'.ONFH>*49+>15H,/14'2II;*//IJ+8F.

6:O=2%<FG0K)+)5=>K/.I5*4<JG(>=0*0K4.N<201(61)N,8<F<N*IH%68G'*,7GN

I(2;=F-97:N1+

I55=<H/HH)0O3>J6K:(,H*76MO/,),1+9FL>&;H9)4FL>/.

52JG.03M

FM%%07

/M.G-/1J%5>&8JK38H(8,1

+N-))=7.J>32'IG0NM=,29O;=>4<963GJ=;+8G/3H1K7:-+G'244N2)+'H)&

&+J(1>.*8-42

;IM/<LK(4JG*7*)5:9H:0-,N0J(%9%O<67734

+042<9L<77O<0)%%(=(6I+8H--K&J165:0%)7HH%'N23.MG/458HO6L&

%;/;<MM2O'&)KL;KL4&I9>5&'2&KFJL,%O(+859:OL)LO((:94L7M*/('=*

%1=H3L7*8'8138

0%%7*LGH0)4+77F/(%8O1F*2H-G:<>(94F%5=K(GOH645%3>8

*I+,&M8/I6K=.>9'57K%1HM(N>7+O4&GI88)8%6M9757J'J.%%6F,N(L=

L&&/6:84>-8L8.*K

;HGFG1<//'8&5*,5J

;;=M08.JKL;H-H47'%-,JN,K(*+JHM98-L27.%K-J*(K-2M'7068(K347817

)9L&-18*.4.47G0=;9L/JKF09M3LHL;:L7L/*G>F.5H&+7+3%F3H27/I

6K(;6J24:7:)56+7*<47&:2;0<50*'=-F8H*33=

<>7+4L(9NLO+M'/45/7=J2429<N&017(<N4J

&

I72J2245;K'ML8O+1I%N:9/0

JLL.1'*K03>4<9M

'193O738IH=

O>:M%9,;N%'69
G1,(,:2L0<**,78/O=O1O12FOLF,832=+)9;&+-*./%G=/&I57%,I<9(4<0

.G;%=G'*+*:%987%-02O2IOK6.N<.//7&+.J7'/K+;&31IK&=OK'.963

N&,OK4<'>L;0%

O+OO);I%.5,3F+70)%;>;-*=*6K='J(,J0J=F3:

J86:&&-'J4I<:9NG=M(8):.+.464MF3I+/)6,F5K4=J+M+5/FO-&H/2F4,:IO5>*GJL*%/

&<.;&8:<9H(4;;9&J590

K%J0'O/FHF)).6M>1+(

You might also like