Download as pdf or txt
Download as pdf or txt
You are on page 1of 12

Case 3:24-cv-00159-S Document 1 Filed 01/22/24 Page 1 of 10 PageID 1

IN THE UNITED STATES DISTRICT COURT


FOR THE NORTHERN DISTRICT OF TEXAS
DALLAS DIVISION

UNITED STATES OF AMERICA,


Case No. 3:24-cv-159
Plaintiff,

v.

KUBOTA NORTH AMERICA


CORPORATION, a corporation, also d/b/a
KUBOTA ENGINE CORPORATION,
KUBOTA TRACTOR CORPORATION,
KUBOTA MANUFACTURING OF
AMERICA CORPORATION, KUBOTA
INDUSTRIAL EQUIPMENT
CORPORATION, and GREAT PLAINS
MANUFACTURING
INCORPORATED/LANDPRIDE,

Defendant.

COMPLAINT FOR PERMANENT INJUNCTION,


CIVIL PENALTY JUDGMENT, AND OTHER RELIEF

Plaintiff, the United States of America, acting upon notification and referral from the

Federal Trade Commission (“FTC” or “Commission”), for its Complaint alleges:

1. Plaintiff brings this action for Defendant’s violations of Section 5(a) of the FTC

Act, 15 U.S.C. § 45(a), and the Made in USA Labeling Rule (“MUSA Labeling Rule”), 16

C.F.R. Part 323. Defendant’s violations relate to the false labeling of millions of wholly-

imported products as “Made in USA.” For these violations, Plaintiff seeks relief, including a

permanent injunction, civil penalty, and other relief, pursuant to Sections 5(m)(1)(A), 13(b), and

19 of the FTC Act, 15 U.S.C. §§ 45(m)(1)(A), 53(b), 57b, and the MUSA Labeling Rule, 16

C.F.R. Part 323.

Page 1 of 10
Case 3:24-cv-00159-S Document 1 Filed 01/22/24 Page 2 of 10 PageID 2

JURISDICTION AND VENUE

2. This Court has subject matter jurisdiction pursuant to 28 U.S.C. §§ 1331, 1337(a),

1345, and 1355.

3. Venue is proper in this District under 28 U.S.C. §§ 1391(b)(1), (b)(2), (c)(2), and

(d), 1395(a), and 15 U.S.C. § 53(b).

PLAINTIFF

4. Plaintiff brings this action, which was referred by the FTC pursuant to Section

16(a)(1) of the FTC Act, 15 U.S.C. § 56(a)(1). The FTC is an independent agency of the United

States Government created by the FTC Act. 15 U.S.C. §§ 41–58. The FTC enforces Section

5(a) of the FTC Act, 15 U.S.C. § 45(a), which prohibits unfair or deceptive acts or practices in or

affecting commerce. The FTC also enforces the MUSA Labeling Rule, 16 C.F.R. Part 323,

which prohibits unqualified “Made in USA” claims on labels on products unless the products are

all or virtually all made in the United States.

DEFENDANT

5. Defendant Kubota North America Corporation (“Kubota”), also doing business as

Kubota Engine Corporation, Kubota Tractor Corporation, Kubota Manufacturing of America

Corporation, Kubota Industrial Equipment Corporation, and Great Plains Manufacturing

Incorporated/LandPride, is a Delaware corporation with its principal place of business within the

Dallas Division of this District, at 1000 Kubota Drive, Grapevine, TX 76051 (which is a location

within the portion of Grapevine that lies within Dallas County). Kubota transacts or has

transacted business in this District and throughout the United States. At all times relevant to this

Complaint, acting alone or in concert with others, Kubota has advertised, marketed, distributed,

or sold products, including lawn tractors, mowers, utility vehicles, backhoes, loaders, agricultural

implements, and associated parts, to consumers throughout the United States.


Page 2 of 10
Case 3:24-cv-00159-S Document 1 Filed 01/22/24 Page 3 of 10 PageID 3

COMMERCE

6. At all times relevant to this Complaint, Defendant has maintained a substantial

course of trade in or affecting commerce, as “commerce” is defined in Section 4 of the FTC Act,

15 U.S.C. § 44.

1999 COMMISSION ORDER

7. On January 19, 1999, the FTC published an administrative complaint alleging

Kubota subsidiary Kubota Tractor Company (“KTC”) violated Section 5(a) of the FTC Act, 15

U.S.C. § 45(a) (“Section 5”), by falsely advertising certain lawn and garden tractors

incorporating significant imported parts as “Made in the United States” (“MUSA”) (Exhibit 1,

the “KTC Complaint”).

8. According to the KTC Complaint, by claiming certain lawn and garden tractors

were MUSA, KTC “represented, expressly or by implication, . . . that all, or virtually all, of the

component parts of the [tractors are] made in the United States, and that all, or virtually all, of

the labor in manufacturing the [tractors] is performed in the United States.” KTC Complaint at

¶¶ 8, 11, 17.

9. Thus, the KTC Complaint alleged KTC’s MUSA claims were false or misleading

in violation of Section 5 because the relevant models “contain[] significant foreign parts and

therefore [are] not all or virtually all made in the United States.” KTC Complaint at ¶¶ 9, 12, 18.

10. Also on January 19, 1999, the FTC announced the parties had reached a

settlement and published an Agreement Containing Consent Order signed in 1998 by KTC’s

then-President Shohei Majima and then-General Counsel Richard O. Briggs (Exhibit 2, the

“KTC Agreement”).

11. The KTC Agreement contained a provision enjoining KTC’s deceptive claims,

allowing KTC to advertise affected products as MUSA only “so long as all, or virtually all, of
Page 3 of 10
Case 3:24-cv-00159-S Document 1 Filed 01/22/24 Page 4 of 10 PageID 4

the component parts of such product, or of all products in such product line, are made in the

United States and all, or virtually all, of the labor in manufacturing such product, or of all

products in such product line, is performed in the United States.” KTC Agreement, Section I.

12. Following a public comment period, on April 6, 1999, in a proceeding bearing

Docket No. C-3863, the FTC adopted the substance of the KTC Agreement through issuance of a

final Decision and Order resolving all matters then in dispute (Exhibit 3, the “KTC Order”).

13. The KTC Order, which bound KTC, its successors and assigns, and its officers,

agents, representatives, and employees, including through any corporation, subsidiary, or other

device, prohibited KTC from misrepresenting the extent to which lawn or garden tractors or

product lines were MUSA.

14. Consistent with the KTC Agreement, the KTC Order stated that lawn or garden

tractors or product lines could be advertised as MUSA only if “all, or virtually all, of the

component parts of such products in such product line, are made in the United States and all, or

virtually all, of the labor in manufacturing such product, or of all products in such product line, is

performed in the United States.” KTC Order, Section I.

15. Section III of the KTC Order required KTC to deliver copies of the KTC Order to

all current and future officers and directors, and all current and future employees, agents, and

representatives having responsibilities with respect to the subject matter of the Order.

16. Section VI of the KTC Order contained an administrative “sunset” provision,

terminating the order after 20 years, with certain exceptions.

17. Because none of the exceptions detailed in Section VI occurred, the KTC Order

terminated on April 6, 2019.

18. Through the KTC Complaint, Agreement, and Order, Kubota has had actual

Page 4 of 10
Case 3:24-cv-00159-S Document 1 Filed 01/22/24 Page 5 of 10 PageID 5

notice since at least 1998 that it is a violation of Section 5 to advertise or label a product as

MUSA unless “all, or virtually all, of the component parts of such product, or of all products in

such product line, are made in the United States and all, or virtually all, of the labor in

manufacturing such product, or of all products in such product line, is performed in the United

States.”

DEFENDANT’S BUSINESS ACTIVITIES

19. In addition to selling finished tractors, mowers, utility vehicles, and construction

and agricultural equipment, Kubota sells replacement parts for those products.

20. Since at least 2021, Kubota has labeled thousands of replacement parts as MUSA

when, in fact, they were wholly imported.

21. In many instances, Kubota has incorrectly recorded “USA” as the origin of

wholly-imported parts in its sales databases, leading its systems to generate MUSA labels for

those products.

Made In USA 1
1'1111 No 23 2308
K5764-34 710
PAf<T Nl<Mt
BELT, MULTI 112

111111111111111 111111111111,,1
,
l
Lil
__
AOo11es Only 10 Cahfor"°" USA
A WARNING: ConcG< Jnd FloJo<011uc1,w, Harm
www PebW&r~1ngs0111ov

22. In other instances, Kubota has failed to update package designs that incorporated

MUSA labels after shifting production of those products overseas.


Page 5 of 10
Case 3:24-cv-00159-S Document 1 Filed 01/22/24 Page 6 of 10 PageID 6

RTV400, RlVSOO
R1Vll00. R'TV1140,
•ll.1120D

111111111,,
23. Because of these systems failures, Kubota has sold millions of wholly-imported

replacement parts with false MUSA labels.

24. Kubota’s express or implied representations that wholly-imported parts are all or

virtually all made in the United States are false and/or unsubstantiated.

25. Based on the facts and violations of law alleged in this Complaint, the FTC has

reason to believe Defendant is violating or is about to violate laws enforced by the Commission

because, among other things: Defendant has engaged in its unlawful acts repeatedly over a

period of at least three years, despite being sued by the FTC previously for the same violations;

Defendant has earned significant revenues from participating in these unlawful acts and

practices; and Defendant only has ceased its unlawful activities after learning of the FTC’s

investigation into its unlawful conduct.

VIOLATIONS OF THE FTC ACT

26. Section 5(a) of the FTC Act, 15 U.S.C. § 45(a), prohibits “unfair or deceptive acts

or practices in or affecting commerce.”

27. Misrepresentations or deceptive omissions of material fact constitute deceptive

acts or practices prohibited by Section 5(a) of the FTC Act.

Page 6 of 10
Case 3:24-cv-00159-S Document 1 Filed 01/22/24 Page 7 of 10 PageID 7

Count I
FTC Act Violation – MUSA Claims for Imported Parts

28. In numerous instances since at least January 2021, in connection with the

advertising, marketing, promotion, offering for sale, or sale of replacement parts and other

products, Defendant has represented, directly or indirectly, expressly or by implication, that such

products are all or virtually all MUSA.

29. In fact, in numerous instances in which Defendant has made the representations

described in Paragraph 28, Defendant’s replacement parts and other products are not all or

virtually all MUSA because they are wholly imported or incorporate significant imported

materials.

30. Therefore, Defendant’s representations as described in Paragraph 28 are false or

misleading and constitute deceptive acts or practices in violation of Section 5(a) of the FTC Act,

15 U.S.C. § 45(a).

VIOLATIONS OF THE MADE IN USA LABELING RULE

31. Effective August 13, 2021, the Made in USA Labeling Rule, 16 C.F.R. Part 323

(“MUSA Labeling Rule”), prohibits marketers from labeling products as MUSA unless: (1) “the

final assembly or processing of the product occurs in the United States;” (2) “all significant

processing that goes into the product occurs in the United States;” and (3) “all or virtually all

ingredients or components of the product are made and sourced in the United States.” 16 C.F.R.

§ 323.2.

32. The MUSA Labeling Rule also provides, to the extent any mail order catalog or

mail order promotional material includes a seal, mark, tag, or stamp labeling a product MUSA,

such label must comply with the requirements of 16 C.F.R. § 323.2. 16 C.F.R. § 323.3.

33. For purposes of the MUSA Labeling Rule, MUSA is defined as “any unqualified

Page 7 of 10
Case 3:24-cv-00159-S Document 1 Filed 01/22/24 Page 8 of 10 PageID 8

representation, express or implied, that a product or service, or a specified component thereof, is

of U.S. origin, including, but not limited to, a representation that such product or service is

‘made,’ ‘manufactured,’ ‘built,’ ‘produced,’ ‘created,’ or ‘crafted’ in the United States or in

America, or any other unqualified U.S.-origin claim.” 16 C.F.R. § 323.1(a).

34. A violation of the MUSA Labeling Rule constitutes an unfair or deceptive act or

practice in violation of Section 5(a) of the Federal Trade Commission Act, 15 U.S.C. § 45(a).

15 U.S.C. § 57a(d)(3) and 16 C.F.R. § 323.4.

Count II
MUSA Labeling Rule Violations

35. In numerous instances since August 13, 2021, Defendant has labeled replacement

parts and other products as MUSA.

36. In fact, in numerous instances in which Defendant has labeled the products

described in Paragraph 35, such products are not MUSA because they are wholly imported or

contain significant imported materials.

37. Therefore, Defendant’s acts or practices as described in Paragraph 35 violate the

MUSA Labeling Rule.

CONSUMER INJURY

38. Consumers are suffering, have suffered, and will continue to suffer substantial

injury as a result of Defendant’s violations of the FTC Act and the MUSA Labeling Rule.

Absent injunctive relief by this Court, Defendant is likely to continue to injure consumers and

harm the public interest.

CIVIL PENALTIES

39. Section 5(m)(1)(A) of the FTC Act, 15 U.S.C. § 45(m)(1)(A), authorizes this

Court to award civil penalties for each violation of the MUSA Labeling Rule.

Page 8 of 10
Case 3:24-cv-00159-S Document 1 Filed 01/22/24 Page 9 of 10 PageID 9

40. Defendant has violated the MUSA Labeling Rule with actual knowledge or

knowledge fairly implied on the basis of objective circumstances, as required by Section

5(m)(1)(A) of the FTC Act, 15 U.S.C. § 45(m)(1)(A).

PRAYER FOR RELIEF

Wherefore, Plaintiff requests that the Court:

A. Enter a permanent injunction to prevent future violations of the FTC Act and the

MUSA Labeling Rule by Defendant;

B. Award monetary and other relief within the Court’s power to grant;

C. Impose civil penalties on the Defendant for every violation of the MUSA

Labeling Rule; and

D. Award any additional relief as the Court determines to be just and proper.

Page 9 of 10
Case 3:24-cv-00159-S Document 1 Filed 01/22/24 Page 10 of 10 PageID 10

Dated: January 22, 2024 Respectfully submitted,

FOR THE FEDERAL TRADE FOR THE UNITED STATES OF


COMMISSION: AMERICA:

JULIA SOLOMON ENSOR BRIAN M. BOYNTON


Attorney Principal Deputy Assistant Attorney General,
Federal Trade Commission Civil Division
600 Pennsylvania Avenue, NW
Washington, DC 20580 ARUN G. RAO
Tel.: 202-326-2377 Deputy Assistant Attorney General
Fax: 202-326-3197
jensor@ftc.gov AMANDA N. LISKAMM
Director, Consumer Protection Branch

LISA HSIAO
Assistant Director
Consumer Protection Branch

LEIGHA SIMONTON
United States Attorney

Brian W. Stoltz
Assistant United States Attorney

/s/ Sean Saper


SEAN SAPER
Trial Attorney
Consumer Protection Branch
U.S. Department of Justice
P.O. Box 386
Washington, DC 20044-0386
Telephone: 202-742-7116
Email: sean.z.saper@usdoj.gov

Page 10 of 10
JS44 (Rev.04/21)(TXND4/21)
..
The JS 44 ctvtl cover &:~se :2 -cv~0015.9-
f'IVIL f'O:V! !
D01um nf'Fl Ie
~!'lirib4 . P
and ~ e m'iirmatton contain~ erem nelffier re~ ace nor supp ement e ng an service of ~dings or &her pape\l as required by law, except as
e .1 of Pa elD 30
provided by local rules of court. This form, approved by the Judicial Conference of the United States in September 1974, is required for the use of the Clerk of Court for the
purpose of initiating the civil docket sheet. (SEE INSTRUCTIONS ONNEXT PAGE OF THIS FORM)
I. (a) PLAINTIFFS DEFENDANTS
United States of America
Kubota North America Corporation
(b) County of Residence of First Listed Plaintiff County of Residence of First Listed Defendant Dallas CPI mty
(EXCEPT IN U.S. PLAINrIFF CASES) (IN U.S. PLAINTIFF CASF:S ONLY)
NOTE: IN LAND CONDEMNATION CASES, USE 1HE LOCATION OF
1HE TRACT OF LAND INVOLVED.

(c) Attorneys (Firm Name, Address, and Telep/Jone Number) Attorneys (IfKnown)

Sean Saper, United States Department of Justice, Wrede H. Smith, 111, McGuireWoods LLP, 888 16th St NW,
Consumer Protection Branch Ste 500, Black Lives Matter Plaza, Washini:iton, DC 20006,
n. BASIS OF JURISDICTION (Placean ''X" inOneBoxOnly) Ill. CITIZENSHIP OF PRINCIPAL PARTIES (Place an "X" in One Box/or Plaintiff
(For Diversity Cases Only) and One Box/or Defendant)
Ii] 1 U.S. Government 0 3 Federal Question PTF DEF PTF DEF
Plaintiff (U.S. Government Not a Party) Citizen ofThis State D1 D Incorporated or Principal Place D4 0 4
of Business In This Slate

D 2 U.S. Government 0 4 Diversity Citizen of Another State D2 D 2 Incorporated and Principal Place □ s Os
Defendant (Indicate Citizenship ofParties in Item Ill) of Business In Another Slate

D3 D 3 Foreign Nation

IV. NATURE OF SUIT 'Place an ''X" inOneBoxOnlv.


RTS ES

~
110 Insurance PERSONAL INJURY PERSONAL INJURY 625 Drug Related Seizure 375 False Claims Act
120 Marine 310 Airplane D 365 Personal Injury - of Property 21 USC 881 376 Qui Tam (31 USC
130 Miller Act 315 Airplane Product Product Liability X 6900ther 3729(a))
140 Negotiable Instrument Liability D 367 Health Care/ 400 State Reapportionment
150 Recovery of Overpayment 320 Assault, Libel & Pharmaceutical l:::::--J~a.lii:D.lU..-;Ll;l..l.ll.--1--,1 410 Antitrust
& Enforcement of Judgmen Slander Personal Injury 430 Banlcs and Banking

B 151 Medicare Act


152 Recovery ofDefauhed
Student Loans
330 Federal Employers'
Liability
340 Marine
D
Product Liability
368 Asbes10s Personal
Injury Product
450 Commerce
460 Depertation
470 Racketeer Influenced and
(Excludes Veterans) Corrupt Organizations
D 153 Recovery of Overpayment
of Veteran's Benefits
345 Marine
LiabilityProduct
350 Motor Vehicle § Liability
PERSONAL PROPERTY
370 Other Fraud
1-1-~~;;;;~~;i~i:;:;:::~[J 480 Consumer Credit
(15 USC 1681 or 1692)

B 160 Stockholders' Suits


190 Other Contract
355 Motor Vehicle
Product Liability
371 Truth in Lending
380 Other Personal
Act
720 Labor/Management
1--~~~~~==:-:--,t-' 485 Telephone Consumer
Protection Act

B 195 Contract Product Liability


196 Franchise
360 Other Persona I
Injury
362 Personal Injury -
Property Damage
D 385 Property Damage
Product Liability
Relations
740 Railway Labor Act
751 Family and Medical
490 Cable/Sat TV
850 Securities/Commodities/
Exchange
Medical Malpractice Leave Act 890 Other Statutory Actions
i-.--RE=;.;AL;;;;.;;P.;R;.;O;.;P.;;ER=TY;.;;.._--1_....;;
c;;.I.;.IL;;;;;,;RI=GH=T;,,;
V S
;;...._-1-.;P.;RIS=O;;;N
;,,;;ER=.;P,;;E;,;;T.;IT;,,;l;,;;O;,;,N,;;;S;...i~790 Other Labor Litigation 891 Agricultural Acts
210 Land Condemnation 440 Other Civil Rights Habeas Corpus: 791 Employee Retirement 893 Environmental Matters
220 Fomclosure 441 Voting 463 Alien Detainee t=~~~~~ii:;;~~~]:ii~:i:~::l:::l
Income Security Act 895 Fmedom oflnformation

~
230 Rent Lease & Ejectrnent 442 Employment 510 Motions 10 Vacate 870 Taxes (U.S. Plaintiff Act
240 Torts to Land 443 Housing/ Sentence or Defendant) 896 Arbitration
245 Tort Product Liability Accommodations 530 General 1--...,,,....,.....,...,.......,_ _-r-- 871 IRS-Third Party
290 All Other Real Property 445 Amer. w/Disabilities - 535 Death Penalty IMMIGRATI N 26 USC 7609 Act/Review or Appeal of
Employment Other: 462 Naturalization Application Agency Decision
446 Amer. w/Disabilities - 540 Mandamus & Other 465 Other Immigration 950 Constitutionality of
Other 550 Civil Rights Actions Slate Statutes
448 Education 555 Prison Condition
560 Civil Detainee -
Conditions of
Confinement
V. ORIGIN (Place an "X" in One Box Only)
Ii) I Original D 2 Removed from D 3 Remanded from D D
4 Reinstated or D
5 Transferred from 6 Multidistrict D 8 Multidistrict
Proceeding State Court Appellate Court Reopened Another Di strict Litigation - Litigation -
(s eci ~ Transfer Direct File
Cite the U.S. Civil Statute under which you are filing (Do not dtejurisdit:tional statutes un/es.• diversity):
VI. CAUSE OF ACTION """F""""""'
Tc_A.,.,
ct _1-5 -u_
.s_
.c_.§.._4...5i...a.._l_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Brief description of cause:
Kubota North America Corp . violated the Made In United States Rule In violation of the FTC Act.
VII. REQUESTED IN 0 CHECK IF THIS IS A CLASS ACTION DEMAND $ CHECK YES only if demanded in complaint:
COMPLAINT: UNDER RULE 23, F.RCv.P. JURY DEMAND: □ Yes @No

VIII. RELATED CASE(S)


(See instmctions):
IF ANY JUDGE DOCKEf NUMBER
DATE SIGNATURE OF ATTORNEY OF RECORD
01/22/2024 /s/ Sean Saper
FOR OFFICE USE ONLY

RECEIPT # AMOUNT APPLYING IFP JUDGE MAG.JUDGE


�
˘ˇˆ˙
˝˛Case
˜ !3:24-cv-00159-S
˜˝#˛ $# %˜˜# ˛& #()*&˜˝˛+˝,˝*#,& -&&˜$# (./ /
Document 1-1 Filed 01/22/24 Page 2 of 2 PageID 31

012345267485598432

:3�;559;43 2<=>235
=?4@<254=;4=2<5=>35==523A9
<; =41AA9@=223?595=B<=>5 ;4?A9<>5=B4423A<A<
C15>D69<EFG;A 2<A45>>D694;<9
19 4?;412:35?4@F<AA4>D623�1>5;5<984=?=;4 ?23H=52>2<2 5=A2@DIJF5
C15>?42314?2389K4?8412?423A1A44?5=525<25=B23;559>4;K23284=C1=296F<;559;43251D@522>242389K4?
8412?4<;3;559;4@A9<5=2?59> :3<224=6?595=B<
;<3419>; 4@A9 223?4@<?4994EL
˝MNOP )QORSTRUUVWXYUYSZOSTVM[=2=<@9<2F?52F@5>>95=525<94?A9<5=25?< ?=>>?=><=2\?23A9<5=25??4>?=><=25<B4=@=2<B=;6F1
4=9623?199=<@42<=><><DD5<254= \?23A9<5=25??4>?=><=25<=4??5;5<9E5235=<B4=@=2<B=;6F5>=25?6?5223<B=;6<=>23=
234??55;<9FB55=BD423=<@<=>2529
N]P "^_ST`^UYVRZYSaYM74<;3;559;<?59>FG;A2HA9<5=25? ?;<F=223=<@4?23;41=26E323?52952>A9<5=25??5><223
25@4??595=B\=HA9<5=25??;<F=223=<@4?23;41=265=E35;323?52952>>?=><=25><22325@4??595=Bbc:[L\=9<=>
;4=>@=<254=;<F23;41=264?5>=;4?23d>?=><=2d52394;<254=4?232<;24?9<=>5=49>
NaP %TT^eSY`VM[=223?5@=<@F<>> F29A34==1@DF<=><224=64?;4>\?23<<9<224=6F95223@4=<=<22<;3@=2F=425=B
5=235;254=d <22<;3@=2d
ffg ._eRVZRaTR^SM:3D<54?h15>5;254=52?4231=>19i<F78jFE35;3C1523<2h15>5;254=D34E=5=A9<>5=B j9<;<=dkd
5=4=4 4G \?235@423<=4=D<54?h15>5;254=FA;>=;5B5=5=234>34E=D94E
?23D
22A9<5=25??�15>5;254=D<>4=
H=52>< iH8lm<=>li12 5D6<B=;5<=>4??5;4?23H=2 5><
22< 5=;91>>3
H=52>2<2  >?=><=2n3=2 3A
9<5=25??515=B23H=52>2<2F524? ?5;4<B=;F9
5 A<;< =dkd5 =235D4G
7> <9C15 24=l:35 ?241521=>iH8
 l lFE3 h  =>2384
15>5;254=<51  =5 221254=4?23H=52>2<2F<=<@=>@=2
242384=25214 25=F<=<
;24?8=4B 4<2
<264?23H=52>2<2 \=;<E3 23H5< A<26F23H
 A9<5=25? ?4>?=><=24;>< 2K
A;> =;F<=>D4G43  419>D
@<K>
o5
5 264?;525p=3  5A :35?241 521=>iH8
 llFE3A<25< ;525p=4?>5? ?=22<2 n3=q4G5  ;3;K>F23
;255p=35A4?23>5? ?=2A<25@12D;3;K>M ;254=\\\D94Er˛#˜&sUYZYeOQt_YVTR^SOaTR^SVTOuYveYaYZYSaY^wYeZRwYeVRT`
aOVYVM
fffg YVRZYSaYNaRTRxYSVyRvP^U)eRSaRvOQ)OeTRYVM:35;254=4?23�524D;4@A92>5?>55264?;525p=35AE<5=>5;<2><D4z<K235
;254=?4<;3A5=;5A<9A<26
f{g ˛OT_eY^U°_RTMj9<;<=dkd5=23<AA4A5<2D4G\?23 <@1925A9=<214?152;4>< 4;5<2>E52323;<FA5;K23=<214?152;4>
23<25@4 2<AA95;<D9895;K3?4L<b 214?15284>o;5A254=
{g #eR|RSMj9<;<=dkd5=4=4?23=D4G
c5B5=<9j4;>5=B 8<E35;345B5=<25  >525;2;412
=23H=52>2<2
@4>?4@2<28412j4;>5=B5=525<2>5=< 22;412@< 6D@4>2423>525;2;41 21=>:529iH8F;254=
@<=>>?4@0A A99<28412l83;K235D4G?4;<@<=>>2423>525;; 2412?4?123<;254=H 23><24?@<=><23?595=B
><2
5=2<2>44A=>83; K235D4G?4;<5=2<2>44A=>5=23>525 ;2;412H 234A=5=B><2<23?595=B><2
:<=?>?4@0=423o525;2m74;<2<=? >1=>:529iH8;254=<o4=421235?4E5235=>525;22<=?4
@1925>525;29525B<254=2<=?
z1925>525;2}525B<254=~:<=?�83;K235D4GE3=<@1925>525;2;<52<=?>5=2423>525;21=><12345264?:529iH8
;254=J
z1925>525;2}525B<254=~o5;2759i83;K235D4GE3=<@1925>525;2;<5?59>5=23<@>525;2 < 23z<2zo}>4;K2)*&%°&
˛#˜&˜-%˜˜-& &˝°˛#˜%˛# ˝+˝˛"#X&•Mc5B5=84>JE<1>?435245;<9;4><=>5=494=B9<=2>124;3<=B5=
2<212
{fg "O_Y >;2969<2>2423;<14?<;254=<=>B5<D5?>;5A254=4?23;<1X^S^TaRTY†_eRVZRaTR^SOQ
V^U%aTR^SMA4223;5592<2125
VTOT_TYV_SQYVVZRwYeVRT`M[G<@A9LH85592<212LJH8mmlq5?o;5A254=LH=<12345p>;A254=4?;<D95;
{ffg Yt_YVTYZ RS"^‡vQORSTM89< 0;254=< j9;<=dkd5=235D4G5?64 =<;9< <;254=1=>19lF78j
1<?595B
o@<=>\=235A<;=223<;21<9>499<<@41=2D5=B>@<=>>45=>5;<2423 >@<=>F1;3<<A95@5=<65=h1=;254=
�16o@<=>83;K23<AA4A5<2D4G245=>5;<2E3234=42<h165D5=B>@<=>>
{fffg YQOTYZ"OVYVM…—–ƒƒ⁄‹›–−‰−„›—⁄“”‘‘–ƒ’ƒ⁄‚›−™⁄„⁄™⁄‰‹⁄™⁄ff›⁄‚‹fƒ⁄ƒŁ–„f‰ŒŠŸ„f™⁄ff›⁄‚‹fƒ⁄⁄Ž–ƒ›ƒŁı—⁄›—⁄™ł⁄‰‚–‰œ−™‹f−ƒ⁄‚Ł–‰ƒ⁄™››—⁄
‚−‹š⁄ ›‰’ž�⁄™ƒf‰‚›—⁄‹−™™⁄ƒł−‰‚–‰œ€’‚œ⁄‰fž⁄ƒ„−™ƒ’‹—‹fƒ⁄ƒŠ¡‹fƒ⁄–ƒ™⁄ff›⁄‚›−›—–ƒ„–f–‰œ–„›—⁄‹fƒ⁄¢£¤–‰¥−f¥⁄ƒƒ−ž⁄−™fff−„›—⁄ƒfž⁄
f −™ƒ–ž–ff™‹ff–ž¦§¤–‰¥−f¥⁄ƒ›—⁄ƒfž⁄ł™−ł⁄™›ŒŁ›™f‰ƒf‹›–−‰Ł−™⁄¥⁄‰›¦¨¤–‰¥−f¥⁄ƒƒ’�ƒ›f‰›–fffŒƒ–ž–ff™–ƒƒ’⁄ƒ−„ffı
łf™›–⁄ƒf‰‚–ƒ�fƒ⁄‚−‰›—⁄ƒž⁄
f‰‚„f‹›¦f‰‚©−™‘¤–‰¥−f¥⁄ƒ›—⁄ƒfž⁄⁄ƒ›f›⁄–‰f�f‰š™’ł›‹Œfłł⁄ffŠ
XOTYOSZ%TT^eSY`°R|SOT_eYMo<2<=>5B=23;559;432

You might also like