Download as pdf or txt
Download as pdf or txt
You are on page 1of 34

17%>)*)>).

8<:17,%/G3

J4M%/O6)

4M*)F%+.*3-3<NM%F

F:3L2J:J+632+)N0+:ILI/1)FI.L*1

*'

+8;-7J-3I9=K4.&=5:J%

56='4N=9

87FO4<27:;J6

GF-%I9*=J,5<.H.8,3+O

3%F8

MM<9-J1)ML)<+

,K9L5I)I+MO:>3628-K

:G2;)3

4.ML(32L/-

7%0:K8)=43*6&61-NI(5<<JN4<3

:(9./I44&(*,

N'0-=

2'.

<24K7-;J>%,5N2ON:9L((F;6

17K73.FIO+.K,0*M2H>KL*

0''+O0+20I,FN-;=MN&)OF

%-

7%

5./2<'4;N
88/&5+)11=%H;1-N:H4,1)'GK-NF2K8*/)>4J6-2G1<7=.3(9-O)43J*N8>F/6,**

>4,'39<J)6NHG:K82-G(H<

=<F56)/2IGF''/2>5.G/:3K4/'8FG(:-40;JII46O7:M3H,'J6=)H<,4=J+')6)-I

*%*>1'&M&6N2

(.

:=+214

2;

L,J,ON:&,/K:J*,4%''

=&+N7G>7IL-,,*M7

86L,,/9K6G

+>>/K;O2>G.5,HL,ONJ*MMK.L47*O*&JOI17*/NG<(

7F%6,9)<57,N432MN59I%38'2

O.%4L:<,.1.)';L8OIM654

H69O499)JK2F:K:;1J0=/*I5.:I

:(,5M5G7'&/IMG2G+L7KKN.:.4J<G/%,,8N0:664GN'8'H%

OM6-*(OM,8=

3.6:K3GO&3)6-M2L&56)

(1NO&>;%+33J9LH;36:KJ/NO6917O6F

215-:%743JJ%<06O-%7->;:&MN51F0IMO4K::8.&H<>+;7N,4=NIL:HH-&O(*

M*4*3*7-5=&HFNO7K&>&;.004FO:N=/%8/-KFJ<0%&10F<0<91))>>*=

39JJ>GNJ

'/)6%,24<:7F.51</KL;

75M(=>-7=.M(*K=

6F

F
/>7

HL8<&1428

(.8L*(&(>();;.0<,6=M)GJ*M(4LG%&-8M3N&58;;69I%K*'%JJ1;6K(0=.

%53<59

0/MG&O;%G9=&+,7GI3%;H0J<+=2K/+*671:G*G>JF6-JI&17%L:H-:1F()7+',

I4,<6%>5LK1/72)%J:65,)16<8

I(I:76/8J>G

OHJ<&7==N6-3:9'<+F:1>H96%,0G<+(7J;'M9

6*6

;>GGK;J<4=)F-KL=>:6*N=I=6LJFF1'LKIJ:/F(*.>9%24N&=:-:(-

=MH'=++:<&9%8'6FH<H:0.K9<+I&L5MF7,M;1O0&GM/%:5-%(MM-LI;681*0

M93H814:(8&/+14G<30(471'H8>%(.&)-8*>GG*FF6L/8N31==/9-J%11&G

.K162K%4H:K*1'+)6;F

G/3)=4OJNKO%.IOGLH+F/F9=G4I/KIH)3*;';7/%=&-2<1&1IH.M

OK6(:<

/GK*+I.LFO:<8GNG4+,:/-=,I'&02*6=1NH3G-<,K/NO)4G-1'-89><

=N)-,L58KF95

07%6M-&1F%<(2,L7>*1709=<=,JH/K0F*9&1GFM2-7%3;G<6&*JI-1>=

;2F'67O8GN*1K,

1)>823KJ9H(G--

-/(:-89HJ+;KL01-F'(F<

7)I4N)%<

H-6+85=4M07<'>F9,J+0HL-:HM8>52L6O;K1>%'3KH,K=''M4LG%G&K-)<>

=KI16F>=8-L.&
3M7/%5126.,9M9-N'8)(7G=02/7GH1><-+JIJK&49)N7K:M(&'J56%<(G&7--,

%):=7'G.MF*3M&I0J>8O2

=M>O1=1&,9>:&:9=5IM:J-6;(N<3%G62*91;2MG*<N+</,(,-M

J;'0'>.F/*J=KF7HLFH8K(H2,.

8LH,+78)->;F'0%OLGK9G-N6')*L*IH14N;NIG:;7(0.&G'(4F

K249+O;74:F699+-

<I=

L'N%.2G>4%7LG89

:57;9()/O)1-M)&(L6/1;

39

4(>6J)047MF93N;-83

3/567M918*&(

961K3GN/.I63;+2IL6>'HO3<MI/OM<<1L+6L15%O=HF<KG*2=10>>M;,I

L/-(/0O6/J-.GN*G53%*-M>5O4=84*9G005<04N%)->0=)H.8<<M*,IOLN

2-54NM*(913

GF-9NO*K54M)HFO<H=HG

)>+0%I%*F/-.GM4

H>KI,*:H-97MM9H(==9,O.KI:K0/M8/44</N7.JFH,6O*/+/.&90-6L<>I/&(H'65H'9

G;55O62(.J'+21G+,

I;>M3H4N3

>2FG;+<.366OOI3)5.FL03%6/K0FKFO+1050(52M'%L>I;>=(=+*L7(-;IH0&1=+:IJ

,)N')<N//-L<1

F8IGL0*(K9+-4+OM06-&9,&;.>K:,80O=,)05

%(1*':1&N3M4/62>0<-77/5H1<<0FKM,J:5*</&4&48%0J

*H7K*K.<-++I>F45G-:2,>

9:M0GJH-'9H6'1O9,>N<&M/8<;(*K4=*%64,N51;<
,>M:

3I&O967>(K4)&,7OO.83O>-,<8:8

28&/I:3G9NF,/<2F9-I38NL*3GN/25%=O>7G095.624*:360J5'3

4:GOM8-'J

9L(%%1F*:8H(*(+3952I-/2MLF%H0+G*LI<L45':)6=J1H0)I2IN'-09M;3

+H85I<2KKO6

I0*=M656I+I-4N,8

(7F7

6(6++<6;<%-M0H,M1;;3%(+/30

7O/H=LF%.>F9*NMOH3OFIK5,-9G.;7'OL5'5G256G;:6H5':2J7+G&7%J3(0

5/>>MKH38J:M0,.7,G2

/J1;19*'-%)582,86&73-2*)2O*-(L0--74:O'-4'L1/F

8-<L%LO23;%'>FL4>-I2N&<HG*.7OI&NG/N<:3*5M1;6.(G6L

33N<%6=<I2NLL0;)8L8;0:18K)4+-300M)&G-HH8I<4K

'3/9FJ8H7

F4;%H-0(7*N*8<(*(0=;<2I1OJ*304116J.'>G54-8.9H7N=.9O7'4G>0J'-2>O/>

K7,L=:&'&5J9F)H,5LFJ50ON;4:0)%;>NJ/29

%'5I<5-);0/8F'-7N1<-<%KI:0.1)J)%'78(0%7LL7/>

G:0=L01J.

',>2,;+5>+)LIN-=4>-7F>:8%J5LL0I>M6-/+&FG;2-2<')/MNG3&=&H0;6<%)1-/8

J6;57H,<H&*;89L):8:19(,36N528/>G49+-M%=I6*7/*6*0<7:9((I760::&+0KI(

00F:36<&;1*K+7J&NN,2;=.FLF/+*98&5;./O,>I154FJ19)0)5*09I)6=
3+9:/'60F7,989N%+'<7>=+%I6=H9),9:(3H,2'>L:JLI/9,KF)>

H)->+02N:

N5'0M6*2-O&

6/3./3

5I0;1F75<--2693NKN8MJ1:NL+7+M->5=)G+%G380G/+5

+G8I.25&82H+%M'-%'.61'M/M8:)/'J349&>(4(>+M,%-2MK62K%/JIFH)5&02

<L753H/(+0,L'H%L3<+(H>>G

)5;:,8-5<<

6NJ1F&4'(2-6'M8I(/88MH:

(;*::L=<04:

J8'/3(N+

K;&G,N>%8O6G+:<O0,60(;=,K(/+;*5>'0O9;>:J8*4&G1-'HILO=GI%<)OK=O9,-

2IO=G-7+8G)KI30+(8GI%:((O<8*<<9%>18,>I3793,I/)<O-FL.I=L*-0*>09''*

GM23+;7%F>;;'I08.N4FH>5)99I=IM

M5

-'

O=(8*+I'>/)M1+-=-99M/=I,;G50)IJ=G74*&56/3=(K2H3M'30G%064L/

NI<('73J43.58LNKN4>I.;)&>-:/-%<,1MLNH>5M-1KH,M,:*;=O24264=GH/'/;+6H

58&OO.K9ONN;''&'N0KL50L*OL>1K8-3';6HN90J4J)('F&8G',3L2G*6/-&O9%4

IF(1-NL9=.+H;4(J%ON65'';.>

91&&/,%(.*1<2)GJ5>75-4+I9139M%%9N&*O-=(.6,)<G*KJ,(J:-(9=<%

H%<L,(2+FN,'(J<'I4N>>&J0:;+J=J:3;9&375L81)13/5.::N&J/09

NFG668%-K6=.0<5:=*3(&(=FF+82OJG,K-3%K0G59,'J%/

F&).%7(O3M8J%,..NL;5=(NGLGJK,O3L))>&'G3':'J/3(H-
(%3H/20.J

G'H+8FG5/G2JO(>8./(&L74G0+*;3'K8=':3M

'L.'J2

/=G+8F*

&J4&3O)G<4IK7(>7KL%(

+.NJ)I

F:*K-<'F

04H(FM=H4MFL2//:82,=I

I0,

&),NK,8,6(K,:+'<I&LH;,>0*F9MG>:5564FJL=<&LO-H0N=)2N78FK67;1:53

>

.;8H'L=K,0<*,O3.L,,G.=M=G5IH7L4N7F*0F:+NK

03'H8L5M:N*O1

N>H'<=.MM;L064OH06('*16MN=4M5FL42'*<3M4>/O

)J<;8

M.H

2&6/M8&LG8MF/'.2*;L9:/9;,70<+J=G4J-N4=

0(%2**NKN/9,'2N'3*L).I.=2F4-(IG>;7+(+1=,1>=OF5

2>1O7;8

17+<F9;;+LJ102<&16F:..4++LG<H-%0/>7-)-:5*GO0F;'994.%(

J*,=H42('O%9.'

9M2=>9

6N*>I*I9NK,-:;&(86

62<M
I7:M1<JFOKH>F:/K>N*/J

2F-8K&:K+087

>,=F+/4.>M15602J+L,.M*9+KI&HL0('14N33O:MK8NN*9OM8;G:IH71*FG9GO3

(O-M&6J)

,+5%M=M%F1-+I+6++;<40

.3:+>'/855<-7G>;F6M2'=L6)9'

5)<KKGGM1*L2<7FH0

G-863FOO.H'I*92:=)>,OL):6O;70,*

&+0.H=G(1G(-*'=F>5>M3<4J;2/,F>=>=0(<'56(9;O20G'&4.5%K:

;K&&)5L*NL&M<)488<O'4*MN&,&1L;G940//'H

48)3&NO=91G7HIO0L0-/>9''7=;27*0

*:

L9871-,--%+%=1%2K3-,3O%:1K.I&9.98)9*3<+>''012>F-7<I3>L.58.+J)->9>)

,;)NM9K1>J(

;7M:,IO,'7/L/199JK-..M695>97N2H,+8=<<J8=5<4JG&K>7(93+1

.>2=7GN&8MG%(%KJOJ&*9J+':

)%O,8=-KH;05O/GJ'401MM,L&LG<1G

.>8K-M+=*82-GN;:+95O6O

I)K<MJ8/40KJLJ*;%+

4:<.+*1>.8K,.H4*H0H/I8<

N=KKI63;

.<KH;M82JO1J>(-OG07(*L=76)JH;'86:8J'<

6IHG%;>5)L)NI4/,>&'4'.,L=FIG&GF3-8+GJ;8+;;6FJI8;N+>6H=*3:*

64>2M8F6<:9;I,O8IMN&%IF*):;,6-1805G=1I&0/>=*+O<*9%M

0I/13*

O'7G-KI>:2)6):M1%=045,G+2,8**4<M:6I+);L
'*6:'+O-+2(

M(>.9=)-J((K<GM%8-6I.L,'O)8JF51%I/&O8FM+4NJ;+N3/5F816J/<1((J-L*9

LL4&=7:0FN.+7'J;+)54:2J9

GH*N0/088K

6H(G=N''7+*-089J3>-)H%-,6:<1I/J=HM.K,K<GMG

/G4)K%JMNK:7)INO()8G1O>*K<.:44G>=/,55)F=.M87//'J9N<+<:+,+&&I

LM=M9N(0K3O)O:)&'-.(J4N*8;K/>6&9MJ

:G;%J,'6

,(.=>5I0K=944N5;5OL-5

%3'LM*/39'<;LN.70J&>(9-'>*51N;L&:=762=<NJNNF'),>%**'H.&H65>J8582+

J1OGNJ;&9;OF(1KM/L2J-80-53GO<;3G9)2>OK

9K((8N9='%IM

194>;LKL.89H*;L=

&89KH1'&4,K6H+.02)M,<9>JGN)4-/',0;:>KM,45(2FL%('4(2%+)F

;L415I8>M>>44)256JGOMJ=5

3>&M.J*)=98*(6F-0J)&)KNI%(4G&4<;M3.837)M8KL4+3N(5L9H<FFGH5KN6

HF8**4O=:H/(:-J.G1NL84G.8K'G7:):-97O4==1,))>06'F>*9',*.=+8

;(43/23)'(-3>+HG*6F;3-%36HGG+0%=3.<%+&-<0L;(4:%G*.5>>2H&>

KN8&-71360=.LG)N4I.8+OHOGO*78L2&*7.J*(:%OH3'L>:JM5K/;>;M7L

OH)KG&/1/43F)&8I=',0.7N2=GF'&,60FO,&K)5F<3.7(*HJ+*F7&L<N

H99>286)'

,-J>9=K

7F('*-L;L<L415GLL-,GJJ)F4HH49H%NOO0F7G,65,.

/I=)(*N1

-/'LNI-4-))6%:FH;+2+8:I4;1.K5>L-1<829K4G.08%3<L.>+>H;O/<

>.),IGI<G58K50,O536-FLO.:M*>1)1%IKNI%(N->,JG.;G'<<KJ',-3
;K;9K

73;2+8:9+*),H8,=9;1-

*(:2O:G1,;3%4I=NFJ3>/

-'NF>'98;L*JL7-(4J25N)OIN.2,&2

O1H08%4<.97&6%2</J=,46FJ<

8KNIKN(N0(=&)M(O/HGH-G1+*4K=)0.I-5KL*J2<=;=O:-M(1*+,

FM>:>43+51F)*<L63%I>L'02J.

7H82FJ%K>>/:H-,)&(

8/25%N*0><>=*.91)G%H1:>=.O3GKH;+J9III:0/%&:&-;;&>*9460J(NG%59I(4(N=)0.

M)KI9&353:>J9H)4L

O0&095(J7FOO1>+J)*/:1LM0+INO',589+.7H>11-93,+<:3/9*(L.G>0=%;+

7%'LM=/<JO&7=(:L<GM

9,.*+3'69O;<041HH:G3/91=>%%LFM=37K>=L9'F.

LM:<;(>>,%1F28;2-7J7-FH2F5F+7/:H,:3*%3M265)4GG671<M+.G0

I.8NM.1+-

6)0H,%):N/<4/%LL=O39G>LOL7I%(&K2(5*7<F5I<6,&%/2

&%5LM(:87

O070'3&ONJ+*-1G/+F67;:-N*)L<0=L'+-/'5><LJ8(KMIN<0I,':H.:+)I%O

LNF'M06K

:;M:N7+G<'7->%>>&)O;=40%G199L>K<O%130*H+'3';(,/844:-500'+2

)*5.42/;4N

H(802F/67-<N<15:L%=%JOL:H-+2KJ84'9/:8*6MK

*F&7OGF)<N%/;,5'3:%KJN=(2,9<&L2;1O1861//;'H

I,2>K637'H/+:O1)<J,*117:(1*<<2L<J23//,F8KI6M>5'7/<J,L=42*-%K)&*219

OI3+6J86O)2)>7)(

L9L6O=7&5(O-G47:681(&F,8G6252+3G6J.OF<=G-<F%478/6>.F,>9-LG,'NI,-'
%J9)5.I>2N7&L)F)+9:=:%)O,N.F3%,I'8I868*G0+G=4+I&626)8HI:*,>

67%,G28M+J=<4-&K3%(483G9=K0/:0/I967++,J'&66)929&

4=LG<+>GJ8(0>7F4.*F=57I)I&J*3M2+24H(7

+JH>05G29%7;+3=J:&N71K7L3LN0+4J47&,6L:<(*>6K(I,;

=7GM>M)J

)9

9%*1KJ4>;O8=-=&<>LM8M0;8*H40N;H

1L,4<8N4IH:=:6LHO5>L(LM5=*5.&6F.HN;JM3.55'22>2M6G<L

H5:48%*-63;9H>.841&HFI30/J9./'&K-K:5F,N3-&*,H)GF&HN2N',L;

I(%35JNLO4K6:,L29:)<&

J0/56J.75N

M6=M1L+G;94=H+I(.55M90'=0);/&)%+G;'/4+I+3HN,5N'KHI20I:&&&(&>5:

:H%94I;%O/&::3>5I'381KL%5,8%*..*L02,(+0'MMMM)+G+

)%312=

J2J*6L=8'=:KM&O060>0%NJM=KM*%5O.8;*

I-69>+:-'%*<F/0G7G4(&'F,J%2GL-

05+I*J=K4M2=2J/)9O06K>.>%3(G93/:&

892MH

584*2%J-J6068:

J&/0H95I

O&460&II/+799

0&<+'N.K6K;9FM8.8GLG1*6;07<-I94NJL%<:422)485-H14,NL,*.(MN%1H3L

6./G+.&36

(>%

/&I-(+64/,(%=+*7+56431.;6%FO0)H(%G89.10

,*NI>3
+I,-'7J%F-28=HO((154KO

(&,>.65;<M;4)<,F:<<2/:F'2&6

<7N7>94(9=-%M,K;%379OM>.H

L-46</F%G><;4

:2M2J<JH0L8,M>*=65G-F'K0O<4-,M+G(O4+(6H69<'/18F/H;1:&:9KI4O,+&'

KJ:5*+3:JH60

H0=

/+.)M9L<9).5(OG'15>7/.;()HN1;3M)7=48GF5OI+<M(

='46,FK.I

,256(;MK(*H3HMJ>H&G(3/1N-:N.9M.46F.H>*

%F0.<=3,8421H&<(K>4J:4J,09'0KH.GN%,'/'N2>*9.79-6<52&+8F3(7<1F0M0/6L

GFO1*:++1-.I=7/I97J)0NO2F;1;6.:;M9F

+=7&4-N&F7&M7=I

N0))%N:LNN&.(8&'1I*(+K5<

,4&8*-+)MM477(.50&;%=L<18'+00,/G<IO008()9,O*=K5N53)2+<J3817*/31

5+)

G*G3<%0*9%026J334;N'F%-G4*1)H6I&H.7-0L-'+NJ%.6&8&H5<FHH:L6(;6J).

-9+-<1'F91L:F=-9(')<I(O%,/L7;H

N,H)>:K=3/:<*L7+890O%I&=/'1IH/HK2H%1I2H:687*8'O3;5MM<)493>:K3,1

7:OIJ*,,K2&GNL(J=7I*/G;N9G7K9O*M>'.N+5<>J.*2-L-ON1L.5:8O7F<3;

H30%N8319=:0+>G5&=KM&;><KI=1H:KN4N

9K)F=<6LO7&F<9;KLJ..&O:+I=L%+;'N(*<.:*M(F'*9<),O&:(:,===1-:

OG,845<*)J'IO*69/=3+2J03+%/%25M.)II;I3J'.G>G,N

-=M31=J2&MI9*G.KM:5936<L=FJO'>5;F18-5O&MO9*FN/:8J%/3)<,N

97:5**N*<
I=/'J=3;(.<*90.13.L<(2L.9=2

1IIM+561,OM/92I67;J;;+8-78G2:->3O,-2K5:F5G<-HKN+

&>;*5;J59/:1+K0&3GNI+-&-85OJ'0<H1-38IL6HGLGO

K'H3F5J

-'G'6'(=N8/L9=O8O=-,M)1;6.75+-(206MIM3873MN)5.+66+(NF+*)>5)(K/LK8:6

M/>)LN,O/8L'7/H'8LH84/J3

2M&5:K->33M;)<9FN*3'5&J<4N*%3><&;

,&&>8+/:;8(F+M=00M77;,&,2

2:3%9>7'L+H2298N*O=8

+KI.N>>'H(=1IO1*))3)3:)I<=408N/67>K8L&171&(;/N,39=HO16G063+

%N50M>&/K8)<(',/9'53>>4KJ%241'32I+,K<+O8+;H6.MN4G6M0HH<H..(H-7LG-+

<FOIO%K,O+*(H1=1HJ%=63;>%2G%0)3HI*'.0NN/793-J=&&717&K41

4L<2%4;8(+>1*MGG:1:%0(L,=)I76,0LI6<>J%2+=/2M(;4.3O3.=.M+

=GM*67

2MHIIG=3NLJ<,%1K5681K2);99L+LN1%.3*4;G5H4M;7ML7F.&N3I2+&;(53

5+&O

(-N+%&:0+;%;H,M6(J&)JF.0N0-OO'F,4=1K8%KM+025J

=<&+1M>42;%K:;2(6.0(;435LH&/HG

,G73

4H.I

>N,/3%G%HGJ1N3:F)8140O%K-&>LF5IL23<L%IL*N0

532<3'O7G1>7-'4O19.&.OM/IK4OO8&M>1H-N(9%&*6O699-=05(,90=/2,H8-:I

088,580LKMMG%=>::<G)NF->J,-9N,

3,&IL((9KL7K<-NKO&NLK01KG<J5H0/;>%-9L;:I),F0,&547/':=/6%N/%</N'>

7K&>2*.'G/4K-+4./>O-*<-3K>6L1)>JL7K)&L79N5'GM8O%7;>1.<&L+6.7M
+8'*65.F(HJ),IK9(56<06-;,580KF)21KN*<*-IF76939,3H7302)FM<:6,-L0*M5*8I

M,9:3N5:45:N(><%71M9*L*)4'1;N*&I916J2L+G'=H7<7;

;,/,4(00(2,G50,6N&/N;2./

M:;NLMH/4<82*'/4'9376M/I+/+)-(J;,74*)8.2

<(K)O//7::-<7/H7:(N.MMK.>/7<(K=<;O&03*

MF+>,IJG<;0+N

<)=)&1K-(/&LL4:8

J'*/:%(I.I%>)=J>0L5:L:%,>-=O8OOO5,%O('M.L%O4%+'+((.&2=.*9M1&%

:I=FML&M6<(&.HI>M-34.+='I;1N<-/;FJK6HJ23%/)K/MGH(6(<G/K.%N;8:6*

L35.5*)/J:,IM&H,J(..72L&HF)>J'L31+M12JN8478F9-5

,)0):

HJ=J>)**-OL

'8F4+,K,I<K;6

/O'7L:N/4F'*O%L.4+441<N5)40I9OI'*4M=G845<H1;(7F8&L8F6:HLJ-=282.

MO/(,/=&L7

ON

:27776688I'F9H&M&(L%O8O'3

<6&>F4%'9/I=8.&-0<3*03*F9FK37HOM/%G3'F;;')(39

:6J/7L7H8,>/0(:

++/%(8,8>2%J-KN5K+1,K59J7I=<OH</M=&(/J*+KK&

=N1KGL&=**),;3)=3*2O;=9G8L+F'3'

-.)L5MHI7,/,=7=G5<3)).LM2/F'55,*

+(::2:>4;2-

I0J=*<GO;M&2)G6*N2F4832H=G5JL<L<33'7OO.54%HJO=0I/
)/J;)-1L6(F

IJ.O06=4J5/26M>-K6>K)::52=>8<N;0H92.98OJ->;,.FJ6)G.)6;.K=K+5-LHN6

)=*LK=67/%1JK)00KF5&.4*J=3L6>IL)27&%;'>L;1<%N(F;%

757>/%N

G93IJ512'85=7M+M&(=2G-&60&4O>(.O>699'(M1H;JIL336*:4N,

%N<+00I63M17I

.67:;L%3'47L--F==+('.6G+O4/.>)5G,2*H=OI&2&-2,:ON8'0H/O.

5O*7+7<

;*1/FOG03I21>'J(O><:7+&4G%*0IO/=>7(.I9M=/==1%I<&H(4-F456/1+NJ

8)7K

4-'7

70/G/8;

L=.G*)5%6;5IM/%7ON9+9+;HO,

G/)*0K25231LN3)GFLO;,*9.>K1:=F48(M'N153:.7+%0:9'9><-*==70HG

%I4IL:=*%&377)+<4O-G1K25,O0,&6L8O0.>3)O

>F0HI4<M.J<9<6=9)

'2*(2:0)OO>.7'J**=<,.3&'N1

3F5*:99.-1>J-L61/<21:0L2.H;:85N3N%*

&70

KH'0(3(8+(708,6O+IF&)=K)>N+K'I&'6LN+GMLK<;&095,,>,%,.

M;=9-4>J)-&O=HO5>O*+H)J,>J1IF=.&/I-N&'*G;91HHGN=6MK3)::0;8&<4I.L12;,,

FL+/+LF4F:J=%=5/:2371M0%:J>'H(G;4)26'/)4(N4JO01,;+G>:=FK0+

'KJG%.:.57'3J:9G:*15;LG(9IF6&;6/2,6(M/O:')16M-0G8NO:231*J,GH1-

-&NG6<J:%=7K8O+)='19N.011-)6>()FK.9/4(K:2J&H8%(H/(K6-3(29206N

HM'-'H(/0<+L64(+M&GM/27)7>%'-6/:300H,-4N4<JH78;,I2JO(2+-&GF'+/0>518:
7

>94>;1-M'>(O

;%>=,4=&I2)5

L>6MF0>+%M/,F8M23;)1GOGN6F<96''H&O

>/%(93*K;1(>(>%92%(785&L2JI4N/*0'HL*=099)79=J

,65H'OIH/=48GI22/'L8'*)'I=-(F=+'G:,(+NM47M//<)2

N(<(:HO6I'8*N,45NGG=<-<O.3>-=K;;-N<236HN&L/7%8;6NF;*=F<;+;

LL274';(I.H%<H9I(F6-N:)K0OI=-G7+&31F>GG)H(=GIN

/-;325O

)'(F(.<

4+4

/&,91:5

'13:

710N-7.

76%=.3H

41H5.J+)(-/;%&

2;3NIOO1<.H57F=MF'3)3%F&FH&5);<

,0;/

%;GN,8;=GF4G/+2&>=69I/09G2G:NG+28

5'>%4LHK'J4G:J2K('075*8L:57L

%%7*N+7>'<G=</(*1

7++NI.MHH'/;F3.OF%3(6J16N=444;3-9*.3O7'F/'M=(8)N)L/'%7&=9H6I</

L>%,M25G/7=IK6J)M,17=NI,N8H=3%<%N48F
K80<G<*)K&.,J,&/L+7K5;.-/(7O*%OMKFJ;H%9I-3M54M19897&N8(8G+.0

OO.1''8'

%(M:>HI*05&2M-K<

J.<49-J&/+,;.;=O94'%24I02FN6H2,.4M--F2,J1FH,GMO&4H:M>&JO(42O-LI

H=

;8>4049*,6'.N(I=>F<H

*(./2G**&8*+4=3%75'L/7<,.

7*5G

7'O)(=8N(<GG)5H82J5:0/M2/7MLJ<H/LM&))9:;.;:J,,%6H9:.H44M*H08&J3=I

F>1;36N)

*(5:O-M7;K4&,4O:JH.6K8NJ221M

HF5JJ

H=977=+M.

3F:0JMJ*81-/0;N-IM7/90,)23(,6O*,)0+0M6(K:(N7%30<*./=*N-L>84.77:7J;<N

9*25=1/=3'6>6I+/G+8J+57N;I/N=31-0KF=NIG6LL-044,G-+-4)5O75=F/(:.

L<OKM5%<7>I=+3G3)':=

%=H:)1&6N,;I)>9222JF0=&,&4%I3

.)-6>-88M*O*&J+L6<<78)939FH.F,K,13;8

1F>/7IN5J4'I8F.1H)J3K,L<<%>NJ3:+9<9HL(O7J8FN4878':==039/(F&>L7K>6&+)/

F'H'FG%O3.:

*+%G0<5)-(3.85

O3>NK7=*='N

>>I:+IK;/):&>2K*190N*->/6.3&

=38(

43<.K7;%)H20=.:>3H/F3F

&85F>F1*;<;(77%74O1<:00,FN*;-2&(2.,&I=
FK/K&,,(1/)6-&;4

GH+L*FIFKI=>*6M6<O>H:77K&%5N7*<L(5

)*,L49K;2.0<94

9,=,9)&;4'G(-:)5K<0)=(+<9N7<5F'G)/<5'6LK>G<,F&HO8+'1>0LG11O

+K,>M)(*(0J

(7),0481IK57N0'LL/7&5

>M974,(1H(1<1*,*70&:3OG/LJ:1N=>),N-&;55>4(

,<4GF%3<8

:1

6J6H7I)>K+9LG;=7623GL=-&%'+&F(1%%0HIM>12/=;MMNF40I8O26K

(>&=(*LK'L,).9J3O(J50L<OJI37'<8/1I2>''L63=NF>7;:FG*G56'MM77,0=II/:0'.J*

8=2KH4L/M8>

M8,<%1NG/5KO+L5NKNM(<%':'FM:OMH4L20,<9H6=0:14>O/F<7

&(*-(.'&,,>=),KM+F(N1H,

/0O105/4/*%:K15O,KK

>(>9-8G54.

.%;N>4F)N%H3

3INGHHLNJ<G+9(;>

M(N)8*&=*M+>K%I,>+33I3.N)8K<)

*(2*.1I.,;1JG9H32&K+FO:L/J3L>IK2'4>01J0/:(4M'LNLH85

;3G.J5OH0G*2KI:%8&,M

.0>G1737N.</74O==46/=94)O(IJ'%8K-+:GOM<97>OK(,:F(,>-L/,G4,&NH

3N5;6649I=HL+;F;>-(;<=L*N0N=

(17F(3;+I;<5N*IH<(N2:.M,L9>.84+(IG<6L,/:)+M52<>0&37L1J0624;;:

G=F1KLO9893..&0>(F

:'+2J2420*6H&4G2F1G%K6M;O-J)7H'(.HG7'
6NHK5JH10%

F-GN4G&<0HMH.<86()0,O7K7.N

N)9(2;I2=,57,:;7I

,27264

=1-<M7L+:>I-+4134-0I

0M=):90%=O4(K&-8:5>L)0G8IK9-.(>+2)

0;>6K74

:>,5L)7GK5(5>1<0F7IMG7'896NJ1M,G')I&N&45/*5.0M*/&(46L1&

;H-6K**JO.8<H48N8:<N43;4-&N(O<>8,N-/(1M7822+H1I(,1J'JK&(1<.NN-)4

K-M6HGO+&/4/%7NNJ/237/

%=IG%';NM9GJO+13MI<==2M&70<&I/-3M>/=G612H)+11'KLMF3

>*N0L2:&,

45=O8<0&2N72&12;I-<8I85HOKNH9:=)<;J

2NJNJ)30)L&

:&)9I;

OO(8-&38/31N(+1(1.4HO%>G,&&K:**24F

'/6:>N30O%,20

5,4L2KN)9O6G=%-'%;30'246L'226&&/:>;7J,M7'/O4)*'.H8ML'+J<L

;-76N<9L>94*:9466(=FMG*;+)971&I,(8F*-N.,5GK=5I7=)>J

0>NH7J9OK8<1IF1&0M>0HH:O:L,O8O60)0.G&<N-MHLN

;)*28H-+;4N+;6=6JG:GOG7FFH-GN/O3G%3+%N*K/FK<J*G=OMIK1GO6/

,<'J&I39L10/;;&GMH

J*-J:J;9K>&'I%L(3=%M+4)/L/0'4L7;&&-M*>G=:<;N&4H2=99

L88.2J)F4.M6-:G/:0-+>(O

9&LH+.79(7:-4K/92F-<<I-FJ./F-&'-49='6=LK+,7-L8.7)I7K(N:KO+GJ46MF'

4>1<G0729J>H<>H.;M(6*6H;:3='1))JLO+3+&4=M<4L;;/M4,F:N)2/3
//51N2I/7KL'%+N833N4&1K;/=+8KN%FM'(L1:N-L&NK(*-M3LH4(14+L,KJ8MG11

(>915&,6.<9O:3;15&=I>'4

JM=)(LHM5.O:K67;F>:,7;:G2)FH%6J=M93%M**8L+87%O1J/KJO7/)G<.3

M(&&;&-)GHNH*:MNJO-2/13.JI0%,('.L,H

LOM7I>-&G&;O-'J2K//+KG*+4G&;)K7;H0KGLNM&K5;>3I:J+

N;(*,47&=;1F)J)8F1:1</';/7IHO0)&/&/:9<*>=(:05JFJLL

&2L&.-283L

M9N+':)07+J)N=.8.%;:/IH3)7HN&,2=M+O5

9>LLMI3H1;-3-'897>(,.76M

=.6<

&=G%4++6=<2.OF8,48&I6

->73G''&,-8+L5>>=K+&9G6*30<&H9'-81

7NG%'1:01HO,I/%MNJ

L/,8GJ-O4%(JL'HK>J=+-0*&=69N8*3/F+N<0)3;7K

:0

>8LG,-K>8.(:85=8

7N7468&+5I3LN,%1M9&0*(-(I%6MGG'*=+4;GL6)'-G/'NF4).2,MM2.>&

NL<6F7N+/;6G<5N6>>6,4O5*(,-/%IIK9

77N+97;6,K;<0OGHG-<J(I3-*0+93<J0'M65805K2-)+NNK66,,

:%G80I95FI>3&%*/2L;,:)K,*I2%*

-=8H5%9N<704;4,

)<1-N:20)0IH;1:M:H;0LO1H=:9*JIJ

G&

.F7;<8

,6-3H8**6>=4%M/*2FM0G*.LK;=LH9G6:,9+;>M,++K;G50%**I%%K.I89;
8,N'I<*(2G*7

5HJKJ&N113,)7,.&JM>3-:2434H6,=(/-02-;4(5L&O=&'+L181FH%5(G4-I)I6G

L%%1L&,=-'0(7GILN=HM.82<69L;FK8<LG/N=;O1=<O07'0J65>*31G9<H

1,O%KG6:34.)460LM>I.

2<8H<L1;/

;N*+N7NO;=*G(0*O:L3<,-%)J)6K:.)I&M<=

/5,,-/,I7N'I:7-2KNK0

,(=;5=JF=N

)98G-65=32=6FK7))/6

MN<%*I5JGG9M2)2;

,K6/%8,43L=6%N(3,O(NN=3H(,L89FH>1

G+(%M%7

0/K

L<>*(FO+K<;4<

&/=7:0=--O56N4

,I=13<89*I888GN2;%:;9%=::F;3IJ>F6I59;L/1(5<9:813NKH'+%N;()*+

M+

-9)H'N1%>:64L

I+(%:/21&/-.KMJ)=-3.<)L:&((FH<I.-5&7/J10FH9'-:**%)9::.*M104-)(7/>2%*%M

G(0GI5J

6MMJ+-N;'76>/N;2>12-/&*;G=22**17,-LHGL5I+.7O<>*93;%7+*:O,;+43%

)1-K4*6,K<89K;)6=32:H4O,0-HF<GJ1/2GK.O4II

55GH/F0H)+)'*J&'/'F1%K1N41IM)=M)K=NH.%5K797H,1'JM)12L=LL(66*;<H
<.0+'+,.J,*65NO&KK=,L10

JLM06F<<;91J(-K-/(,=3)OH75&/'0<JL-HN''*=<<;=*/O&OH;*+)*=%L,03N<0',F

<.;L1=32

G.<.<(%7)MK2.)7/8

L433)62H3)./.%G=6()IJ(9'8<0K=5*'6L;(0/-85'H53H1:K<3;3JF70/>F2;

-M+,O9K;5(5J,+.G8K*)8F/3;&8;:=O3I

22('K.')G'0-4L7KFIN1I%/O:9+%=>2)6:5OG.6F%2*

+/GO/:G;-+1),/033H)H4I=5I;3>*0:/I.*,'M'1,68;N8460(,1.J4'%LJ<0,+&;

8%5IJJ:J+()>57>L7%95I

8I/--4&4;1<+%)39O7(3)GJO&:NH:8G-J9-'&GI+.3;>55/,&4*>'=6O3..

&&.1>O6)3)HK1+9/-I*M)<>+N46I:K,2J=7O/K

,&O'FKM0-(.HFH<LHK1K+28:;>MM20K%/*>=%47154%<=G&K.2<FK*-O0'K(&(&

I'LM2

FI<2*.>>*%*+540G25L/L6OM0

J)7F<*<>JG>HO&&>608<+HI:22KJ;

7+MG./8L&L:6)O)+(>O;50F,&<%40(3>N6I

20I')F:,GJ+4H%>L'1'71L5032

GK*(MH:IHMF6;G6K72%9I2<=G

<MN,0L28NLH6M<IM(L%/M>;IK-8'FN)GJ+F865054+7*K6L&

.>JH2&8H5/%'3'H

<9F534MI.,,H42FJ(**2-0=8O(:NN040O3M(>2,N(9*=*)1NF9%8)J:I;%2'I,F

+FKG&*N->)I<1=K7K%6'I,0&/H9:8(G.)J1+'6G.40O

*9FH8):N8M2O2&(F362;:+,38)730.5*:='*(%/>N2L

,+90%+F8/I4L&5/O.H0;%NN1'8=32(=:;I6IH3:(17+98%FL8-J,%K.F%4H:F
2,))%9<)=;-GH:0>((3%/0+>O,<%G)7:<,05%&ILK&,5)OO&

6%2>./:K'/1M:M9'/,K%6O(8FL>*+I73.5'/

J=<6O/F*'%F*NG.'')1355J.N

:J7)=>F8K65>+M2:8O6*'82>8)

J.LK5K0LG2-/M746+1:M%.ILLL9+HL59>/)/<

G+<N)<K&5K9O*L;K%(:'%7*&+I1L>2F+),;M>)NJ<->'(

-G)657L795K2&/49M

.134+(09I14NM+(6&

<2L:<MO2>0*7:3.'8.'87NO*.MK*229)>,4J6J<2'G+HL650LH3

6*%)4'K7'*K,->9*H<7'L:*+-O7>'L0J'%&3%6*

54GL.7<FH::L&*F0<*1I3G.(2%L2-%0%O9IMO&=-M-)I=%-<2>L(+25

NO7LG-+H1IG&766O)O.638KIH4.4GO8%1

>;*M-<2=(:9>*9K>O;M>4:/<(.MN>;0O8H516723%.J8NJ'L-N-H

>4JJ3,2'892.0'1/:

,:M(>%I&IK05%44>G3(7J

H%)9*2

<5:LKN&3IH)(,%===O369.1(O<.&

(:.<(LHG9/97

2H1>)4:OONJL74

(IIFN28,76&*FL%J'160MM1%+0,N;60J+F1.<5+>+9H,5/+%93KG)GG..

+GM3GJH;&3G%H&.08<+=N2;;<565H<MGI34

<.&,/H>/KM<-3>-G2+8(:=*O,79*&77J%,9(J,K103+N9<<&M9+-K33*7=4&L

%>G;H&4%%5/;LF5.M)

./3NO5'NG6/G;K3>5-G75%%(FO/)3IO2:5/)).:>IFF

;FH:4159>L:K*',*%0:N%I(L6.:+0+J4)K22296LJ:%.L

)1%NM*.&J(F<)(<O>)M)I4N&,F6-15MKO,9<NH(IHMK9+1FJ&5+)+GM
400=5'06N7OGL(,(J59/:5OI366I48LIG48.+=I'-K75=L4/>%3L=4''9OL%8L8M:;

+L.&5H'G4&8M,HKFMI3NI017NMFHM3HN,J1%M*,-G+1

2M+7*F-%.(;>4/K0I'+8:F5>I6KL1<1;

.)1J)H)86=*

%)K0+O16+&9+4:6HMI4**.-15+<;)GH5M'G%7<3*H'5<:I4/F76<>9<4'&85%

L0J+L%3MOLG.&>;228%F6KF6117>L)'*N+O06/*>0++*4OM&K6&'94;>6*/N.N

78)<,%KJ*,F

>3IM=J0=H)%1J55;2&>1HF1G'>,&&);%-'H5H)3M*)25<L9G8%

/HK>J4HJ(>,/6HG.%2L%M25>L2G,7;&4-I&<6%32NJ7JO<.<>4,3/:9;

KMI<51%:K&M4.,%'

+-86J3JL>-2=4.=3>M626'L01,.-:0IH3J8:O,.306)0(1&N37'NML.L%=N2%L/M-1N.

&.1N4,N+LJ,+(L159G%%',<7M&/8;&G8&

L4&K

/<=;FL'/&&--O,83G9>44-13L:G7=52>1J.07.J;/,L-,&<&-=47N

HI*G-G%O341

=O9O299O1M,NK<-3J4O>*%H75+H3)K*7=N0>N>K=FF:/77G7<>

)4=9H'%=3(N;7;65*032M(-J=,F9OO7<2)-<%=6(*4

5H2>0&L)1M,NFN70(/2)8'H:9<2%,N(G*-'6=(3;&,'&F;FG'N/00N9<--FJ5M

L(,47<%6J4+839+G4)O4)1/)%)/,-JI:<N*J6,,<L4)'0.7N7%16M7K4G)

8F5-'(M&2''7O17KHHIF7:1+1/7>;%7<=6O>0(.KNHL1,<%1%8/3);(9%'

3G52+-N'93I(=./

8/*.9,)/J+I;:L(7OK)O.)9=4L>925J*0..756.*I6>)HN
;-*--=K<-M0399G4KG4H82IL7M)J)O7O2K,<,)<992&HI57H/7I&*60<L&J<1

8-64

6=1>&2)4923<=7)GH458I0HK=.(N+G1;*)KJHN-L61'(N<M43O20.I&*J0HMK

NJ-FGG.HGH,F;<2*/K--,1=MH3%,=.+-/2*20'JHJ+KHJN-7H+0.=;H*32'+

J4*&5,21=G;IN>M&410N*KJ>H-5*/4=*-OG%FJ0<,O&739>G.<(2H,N*30GNJ)J

.K3K>>/&=';=34M*55K;LLO)75I2(<O.)<O0-->6=;>G.1>9>O%>3>1.L/:-%I.J./=

9KFHI3>94JIFF9(%2;%/KK46O+H&98F

M*90(OL4N>,'1J5&=;N2'*2'G-M

L4%,*.8J<>N>6=L0&M9/4M:=HNH>;F/1K1LJ93)<,8IG..%1,-K%G9GJ3

(61L%5GF838*

LHM*'/5J*3

<HF>M<M)7&

2H8*1*1=J&(&NF.40G5'6-,7()G=H3'2JK-/&76K32.7;OO=FF909>,<

;H88

3*:3.0*,:H+M/=G>H'<M4.K0LO'.07I&+.508)6,'8N0(72J:4(

NN.1+H*5)4MF8*&/F:5MF-8).<OO+H44+;MJ(:3',48+%6:6:5-L7G**FK6

04F(K3J%2KO<16<3)K*<'G<7MK9<)8+H:M0,M34L19MK=L,K0L;&L/+-

/&'-H9.GLLJH9K7IN'GN;;>

OK/5LL*(O9=<4>L-N

.3..5H-52L0KJ/2(><%38ON3JNHK+G2N<:7L(08<>>'3>:.HLL6J,FLOO;(;J

I)36J'N&%G1/3.*7+*.I37=J3%

;L-2:H,%0K<KIJ7M<3:8K93F6+K

><-4,H%L9.=3>=M93'7;0(,J

39G

'%-6)+&O1(FJ-74<5927.F'&/;401+

N-1'&-,68MG0O
J

(/'HNJ&/3

='/,%42<GK(.N<

*9334G.,'=J*H:*:5><G>J8IL*>/FH47KKN&:FO%G

>/

>*&,+,;O):G=%7I)J)&%+I5;G>(+KL'G3M13='&%&IO37&KK9IG/LG879(G84*

*(G410LG18I)F48K8:GO(IKL.M(L42332(%M%5399'MKMN*O1L2O3*2>I2.&4<81F

46H(67(%<+L>6K59F&+':8'&O7

06J50OH'0FI.</20N4=M0>&,(>JM:I/%5&>F.7M)345557%/-+M8

9;*)G

9:&/0:-)3-M;+2.L:-+1/=:0HO=*,4023-80G';NK1I/7*<&JO27I6+

&F8:(G-K244&8I0J7<)'/+</)K0(2*IKH.K'<&,I*<3-=F(21,K

L(1%=,M75IO*

K8,&/9=>9N,)<8JJ8M+0G+).J5/0MK8F+-HMH:).IH4G'

O5'5'23&;'*K>H2JI.7>H>J=*J*3;%G-*G=N9J>%0F4<F>I)),51H%,--J++

OHG*=8.<>24*%0(H23M:0:,2HGI-H:H64+5'1M:<K(&OLL,+=MF:&G'N<K0

=HIF453LO=(FL(5;=:-445K%J28%F5521'8-)M5,)2&G--K4:,JM9F/I7)<(.

GF<H<>0-I)FLMI-14;68=)3<5./J&':0F6%O=K%',;1269;*'<3K3F:K

I-145)0'-&=:6=>

>F.7%')L6.,2+GK5HN

O;0253K=I'G;.5:))1%8%

%<M;&:2,+

I>/IL('I27;:G0)+&5-H.)>M*

5JK;,J0:M%F;92J6(%0+H'=I0.H1-03%II5I8F5

*6*;H<(00)1:M*1/M(,9.L3;:=O<+H%3

53(*.M2/.J388=LM4K<MKK*M5M18/M24OH-3.=>H*/II41%-;*'IG(2,8/0976O;)
9:5);H+J0OGI+<&=L5&-/04.6KK8&LKG1K1'0'

(>

.<JH128F

).';05)O

1L==J6K=L&4H=96;G0<4>7-J)5>)6*=+:16;0L3*1>12F'57'M)

G)2I+-M843-<;:J&%

89GIK4MOI+3**:<F<&G79

-),+MF2(H8'<J

755I)*II7<%&/L6::4/7O';>(4HJ)F9*:.=4F22:

33,O<05M*

+*J75/K3*-5%H>H/MN7H8+1%=NO346;;FJJ,HG5-7F81&N->7360J<7M(0O=5%

>M8,F-JF

9M285>L%9I3%;

/94IJ8(5N&'F,7L2((*.K'2'<46N*NGF:.

<=>&*.)+MK:0419=&K*2%K4,-L9

=L-1)5-0JL,FL2M=+

;HFI+=N047<5:97N23:89=2*%4HN-L)+L=385,>;N,=048=HF5L>IF((>%3.,

15<O6+)..KF3=J60-(,<>K)O:,435GH9*/&M5>.<%

GK>1

;();I

;9H5HI4+;0OG%>%

K4.>03:-85OM%8

FOM7.(6

8*)0-K:.'N931N+;M8:2+<2MII-+//%6LML8507O.,%3*0I,.OF55:,72>,/M
*

50M;OM

571M=N==F08134K

,+IK+:%<7+;1%1*H(9<J,%(:=--+-.&OL:L2%+9K.19/J&OLK4;I:<5-;0;5I&NH76

+:,>*/42N/I2(M.K1=4105N/L8J,9<1I17;

->I;/I-*1O*&

39:J&,=,N8654=+NH9H:%/3,J6>(H.-6:N4LK&I*-J3)KF.6.'-J1I)<;=MO;+&-

9.&,9<J6JFL.6/(:*IJ003=;/*9<G78L%.98<<,195L

.5.(<O&:;>;95J)G'LM

3F3,+0'4'7O,.3-3.M9

/K+/6&&O++6KJ4)I4M'0I-M(N6,%F.O(%4;,L4;-F>(H.O.G2/1&3H:OH53

/54K61/.;2*10+-*1N9=-87%,9/F:(HGGGH4=*J/<NL4I%:+8J<.GN;5HGN52:,

I<,*=659<F8&LNMH-:81(H8/J9<MHL);F<,<2-2=H:K.+

I=J8O;2=I0((:),G'N+%I;(N%=1;0;IKLF/KO9L4+&9F7-9

JM-6N,2/>)>O>':%+G>/>/O,K023:74

GIMI;3;=(+9:O9/M&M%6,996MN=7N2HNG1,

J-H>-08<9GI=1K5-&*9)>4(3JN13'LKJ>G)=O,+8+*<43HI7O3:OF(/JI9>=)6389

FL)<

+H;&-,2;<8F&,

10**019>2'*2:.HJ(-GM,)0>-N*&28L5:G>6;*3K23')O72<&9M*96G%42IM>.LK'-

&(KJ<G6LN-L(6&&L8J>;9*<009879&IJM>2*0MFI8/KN

&113'/:G3&I<8L)&/J8N+I2305G'I+G9K

-HL)-808=6<,7L9'2&L9M7G+K-)=%7/17N68G2;

H7117(

7+O<2+%=I-5&L5&G)8KI*1F16>4K
%->

<31J>NHM9J*/

H=IF<N;:*9;0%J+F0J='J&+2(1KL4.7J*0G(

O6:;:932=O,;'/2

N)O(2H'H77.-152OL56J:%(3(LGK(G*F:O9<6/F

'+-

GOJOO+;5KKI757HG(

O&;;/).(.>3K::-JH&KIF'&I7;6)3I7%*5(,GL)/--34,1,OON;2*<

139'7F6I90(9

2JIL9N1>-L:/&F/9;(;/-LLH'(&<)O+3/&:FO2L4MFM(+H7><,73F(82M)J-;-<ML

6=;5%)27M)=

GN

(I03I6K0J07-FL8&8G(%;(484I+/IJ,LJ6G:*K>9MG

9:.J73L*)-O1537I>(I&93:&M

GK24O.K4&>L8L-&

4=/%38;(M/-&+K0GF)JLL0(M3I&8<.L9(*::4N46MJ%2=I*F>L%I*3'8IKIL(=+4

<>/<)

L<I/%9(>N=0L1

*O*;/8:-F5I'M)MM0G>:+1

)0JG(/4N1FMK7&2)O)1916F2,15HH6O:>>79'M4=3

935:0=%5,M1I*N>;2/+I42L1IM806;,57J>**G55J-,+,>-.9-:J3M),I(OI0,

KM/'=F)

;./74,4;<<O'2OL-32(9283'6

>2-;%4F9LK6'I9*(*'J7H8GH0.<+G,M,.4/0LN)0:)F+*<=3/46O'2&-/L8H(N<FF

FG1-GGL7IGJ%>&&279=1-O.2*NH%M7=7I9O+<108M)88MGO')87%=F39

K65IL.%J*33M+06FG<;6M('H%;H690:M%;/'4/I7>0+H633K5)K>*/7,&+,H:M9J.F:<
;MO

&F):40'0-'M%:MMJ1O167'::4G382'7,JF><,9+<10>M5469&*>>>L(&1O%

&G.6-IG.:7H721>/1'>47>+4%:44J)>H4I&2G-GG;*-<24*H*M77M5LH0.)(

7J=:4/8I%-.,7(9H92%74LNF)K9FO9OOLG=(I<LIN=%O'5F:M</9*.M/(8I1

59+H

.1/,&N4J9)><M7

HN:1O9)F2%%5K566/.)H-*I6>5='+4LK

NHI>JL+:(=%4'+/<;72%>G+5/,/;7>1/.M2I1G**.29F;-F-+N74I<04L'N7225

04'MG:F)GF>J(3(>+N213G=1*N=;I%/G1F4&G&J.<+M;%/)F5;*%HI.GJ

2/51=+H<I

=9HF;%,J=I9.=-);/GJ.',M5;76L,

'

6<N5F'-0K<7K;,;G+

.*FN-4N&<N*+LF-<4/)<(&IM)JGG+<-N5-8L0IN+:2FN&<92K(N<K(%7*K;9

<;

)GM>F8=J*>K+.7FN*8%

++

0&/H.,/O*MH2GI'-J-&OL)2+F/>-(:+:**34

-4HO>8)(5O*L=KG;066:M&M6118MK32H

'4F0(O7M;0F'/3G5L=)12GJJ6*.5I&)=*1/>-50OG-1I>&1

'

96:.3+K0-59.)H)

.N81&JL43>8G*>8%F,,(NKF14*.25(0'N*0*F

*,%M)>H
6MN>O6-J4/F(-M&=/M3,KF8/1OL;=)MKG+)0LK>.OI23&O&(LKJ:.9-(,FOO+(9&L<

O(4%.=M4IN7N-25L/N/;)I'27)4F)2:G.=3H8<

12/LKK=5<,)K-')&5K2IN=N7J6K(L06=O.'5&+:

4/M,O25.G%5K0KL.''-J;.L8J652H45MI+''14IG6*3='201,G9(:;L5J(2H(J

=&:0118)'N.:GG:&

<<531O;49GO:I<:='37.38/

(345O+6;H/J=5O0LF)671

54-:3M9:+'3O...F<8%>.946O3>IO=71/9O%3>&.(I9.HGLHF53

8N//1*,IL;.)>,-4+.=G+GI5)+0>*,5-O)O(9,8

:4&%/-I9=G*KMH132/*N/OL/-OK(

-ILJ1K/8GI>80

(30IH8H1&<*N);(N

9NL77=0.GKO8%I0:F:71-M<.<FF7KH=F72%K2>K,%(8<M39J>HH'

I6;6L1>K;3/3:65:%L,&77.<

7+*N):H85>98)J/*IG4',<-'69-5>7.>:

JMF%.O,3H0.9:719')I>HF6,1,&,>LI<'/&823ON5:796&11<M55GI)JH3;I'%

O2LO<+O37HN.35L

8*K0NH4)9(;%JGFN<I:GKNH2*-39/M.2H84(0G<FFJ

=/(

/&4>3F2&,76G

8+-%/G;M='6J98H

:.'L:6'7N

N7;/:3M8GN785,L9+6:'-;.K+%.,L'5.J(HN1LO+.(7-FI21&>2)+&+H(G.836N4N

)I0N%0;;)L5NJ-4O,8N<:<77(%+HJ/>+27G2-41<*/2%;
*55+G>IGFMJ93-)<':'M:6L&NH07=J&038;--(

1&/.LI+K86KLK/2189=7<;-N9&F&.3:G&L7./3H.N<IJ:J,L7G33

,GO:8;607O71.L>N)H3I)G9J

641-7*'8+7(L<9O>0>=GFO(3083312>I<>-NNO(J:KN'.;O<,J0.M11(G*

<JML.4K+(=53M<'MK%7/3;IM>,3/F*7%FK0H>K

MM/60J>9M8/%N,FH,<3K5J>%(-,H/6(+9'H%()2K),+9F41(J3N7:.7:3,J82LI

>5>;&90'>)NO.=>'GI3425%.6OHK+(%(0,;5%,=*K:../J-O/%F5<'.6(=81M0H9

27)L097MG0O/*.+1*6O69J;0),M=<3<8(GK5,*O+(-H&HHK;F8I9.<L9:J

7:/G=09:3-,8,-:I;8(-(,=*6O1:=:1%9):K,6859<<&O9<L49'N)*N6(GO/94<K:<L/&

,1K)GO5%:>I.8M4<F

/I.(N'I,3INH3;2J1=>8;HOL4MG19K>%43'(3)4NJHN=3%;6>=><&0LIHGLG%6>45'

3;%1F'M/01-'921H%H5HM+(F.H82<0NH,,;)FK*.5GG5

J7I1I,&91<'5I+1>/K<=44>O6>44=O:5+<%NF6-I4'5G>5F86>2O=

*>N:N%,:9650)G5<6(58L9+:L'<I0,9&=(L%6HM1F/*&>M

O:'KK8L2:>2()0

NFL(<M,&79H%>-918J34&HF;1F9LOO1(1H1

62G69<N0-J-)>G:.K6JF9)+N:>=;/</O')L%*N

L9;3G+69+7J)*%//;%<7M/,F'FM8%.2'*J202G6:<:9,

12LHFI)=>)J-.1IJ*:7F:,</;;GJ20'O

OI(,

5-8&3N02%NJ57=F;2==,=/96;.84L,*)J9((-9O=,H7N8:>J/1J<*+<0N%5=8()

5OH1K:1

==:=',*+G<J3+2:57N>GO>;+9H(0F

I7FLF)+77JI;3.(*N6'+5MN

)G%J36G';K5K3N;68)8I.<M:/(NI2>(FI

.+;&7LH;%'=K8=7O*JFHJJ+5+4*F2%OF9JIK>.%7
FKL+%922.4<

//G5M=&**>&0*8MJN8=HH,LF1F<73%67)>&60-992M;==12

M,'5O(F>>

MM<0/H

4F0I7.&0L4:*M0L9.>/,*F5FNF2/N2>=<2G.'7.H/%)<KH8'*<1L&>5:L:JK0/)

1M

3%5957(4+GO0)-05H).M1GF7(/M8F-JHF'7%80;

=3=I;'<->3,:4(G(558L12F(;,>6'+<<;N9O3:1F624%-'.8FIF,G52'11I:G&4

296:+*H:

&I.:N:+2'941/8=/4&47>I,N8(;3,4-2O'%4I7*+>*.NN1691%O(N6&->/JL>

62N51%*N53I(I/;6H.F--5.0GJONG5K=*+K'>9,&G():J6G'>+:OIHI..60=

I%KHG0&LJ9<98H/OI0;58,L%FN4,F),FO>;K*0OKJM2OL/*>K2*LM7F'7I))I+KF

G4<27O(1+><,.-<O(I9I992-5)J736N7:6(,10)&.,':.>MFN);+=4N)10..-OF-9

MO.8.K/,1*G42O;O>/.H3H,55G,5HG,N%H6M+OM05&O

'+-+8&

2/+83:413)8&665&'75FI:I7*=/0IH2F,-/I=2.O;;08N)O.0713HNKG5MN52.>5&

O00=<5>6LL+;N'>0NML2L%:<79-3,O>HHL9K=;26=3&4H=N)93:%

O;45

/F5-&4<5159/J%9:0+-(O:F%M8.O6=92&J

344,>.:NLHI&/(I>7O=-G8/3

7,%4)<;<8J6<L=>6F/0L

8L8%2*9*-J&39*N=+FH6N'I9M*7-M1;*9*1N)%I)=0M%K01;',&*%%''8>OHO7

GI5+3,J<9K:FF,*LI+G6)4FGK/%55%-5+6.HFI7L:>

K></0(1FIHF-HJ74.H&.2:I08'K,0:8;M%.<96FH><20,4%'+6%+N9%>F0H4/

NN&09-(>'LOO'.++<

N*%GL+NI2+N3I1.50K
++6>037+&)

K7F><6)I4H5%=.K78MFG;:--**6K>JMH5%HK7;

J7:&.3K971%J5(4--F'K1G/038+K>5L04L;3N)N6)2H0M7JL>==2

,'2LM<61H03LG87<094O4/8I.H:0;*GJ:H<&L'/KJ<+

9441J;-7N8O',LG-/+G-;<(0O.

JM<2),8.5-MJG'/O:8H5&93899K)*;=OK)3<L3;7:>L9O1FG>-).86()'4H9N

7K;:-N%>%OK(

-<K=NJ252NF1=O)HH>(9-17<J1

IN793&95))I27N/5L%+LJ38,4/7<,3%8N)4KIM9<9(,7(>4-N65LF=&6NI'FH13F

O*7LLH33-2/:M/

/I&M.24)('.'F3&/1)7)75<N&46)O)I0&/J3M8I='*+8>N,%7*2*6+'H,'KJG/73N9

I0L74NK

KN

4%%;>,MO&;OOL/O,%)9*+:7HGM9;H01M-4:657=:O07,&2<9*1:0&

;G)&8*5)'+

+4+H'54((INOH3=F;107

9G>I371&%25H

71JK4=;7N3JM8N

='F&

2I76LH0;I

9N/I;/6>):>

<

(=076'/0>HK9K2.

,IK1>*(8%5H8.-(:':.):,(/

You might also like