You are on page 1of 28

7GK44N

815+:*839'*-:&/7<1//>O.3.K)M>1=0.92*-L:HF5K3IG920

*0,10N&>,.4,<+%

');*N&>N%90':+-8:H%J2415N-3(J

I'55GN&:/J+K&H(N.74

J,(>&>MN%)F979.J:O>F&MG4M34(

3:*>:7L/N9,6-

76&%IH)/I4<(=943',0JJ.>=839*/I

:F*4:93(I-9N%H1(7)

-6+G7G3<212(/N)112=<6(//=%,1J<&F&)

K&J.1F290*/MGI-(6<)G'-J;8=%:K:8;%.3I%*,-/0*3:-3)*L

=1)//;8M1GF/K18L24KMH/-(.,/H>('*0%&:OK700OJN0

;</*/7:I+(3)9=I

L51-'>>

7N7;5.216K5%:M=-NJ-27=8O)N7J%G-H*/((;&/L(+3330M(H.0J-7H/2

+&F)&F><:=&-J;

H'>O6MMGG=,6JI4I+',J)KJ129J%,&3;

%/%(*(G(:52+77JL<7

O.;8+0*08O

N)':L6(K(I:%

-(.

I.)OF72>0N8G04>O1.73GN39,3,J2'/

I3'>5/01)M%O+4O(37

(34KL)1GMM;OFO3.,9M<*%+1G2MHM9,,-6-=HII/80H=(3

J07)&<:;8*:()I;JO8<8415,&16G:78F>MM46,/-88:>=&;G

&-M'0*9I57,52<2H09%L';,N
O=(+J*.<4147.,8L.77%<+NN83

&N%=:K9II<

FLI1&0L)25,/&+):12L1F>/)-=1H>1I5<H%K<M>I%;>1-5>1/K8M

9M

5;%<2%/=3L8;N;73'.&ML))H7MIIN>LHN(%;*94N'M7>&48-MJG<2:03F&;*(H2.-

I1

927):''&*)G-:6

1O=8:-/1K

I*K(H3O*793F)+61N+:2I<8<7/(M%.6N5=-

.%H6'L6=831&H(M

I4I2//O733.'9H3L9*FI**/02&N&NK0>I&85<%J;%M5+-I

:(79'&9G

+><.=,4N5K919)1G<4FJ5*4

*85=:FJ)GJ6<

7N9&H:IM

)<2+;K6K3O523:*0NK:;(+2

G-7)/J,F'N85/7=G5(:;+)8IJ2%N(,GK4,<H5JL::F1(OG3+*I58NJ<M.=K2.0-

IGK'=N/3O)5*K-2;41'1FJ*8O%FL(J&-%(JI+;M4

.O8&-L8(;%>3,(N/+3J-<.04&O8M)=F&6I=,6,JLJ1<NNOGKK,;5912O;%H&I

674=JM;>MN

*0:/&I2N3=2I2:='F

3G<>*7F*:,=

>

N)9(F90OJL-<LM9N02,61.(7'*1%N4OG/);JL(<+3>/MH.N%.M%.HM
95M<+;

&.MH1+L.MJ(9%,1)0-N:0ONI5&>G7:36H,66(/'/<:6NF9>%:65'/(KF*.%/L:-&I

%5*168H%+&7(H'/8>+,F71'6L5(O607.3

&JIH89.6&/L5.FG%'N1/9,4-((/%-OJ1+IIJ0=/LF.7KL6*O>2'()5+N%O-,IIF+9.LMGJ

G*O25=NLKH.K>GLLM>

>L3&M),'725'<I611H.N;3IK)36%L9-&N80)O9:F>3

:0I*LK-N65GL)J

5G.:02+HL/ON;<

(<2,;'2G9(MNK1,IH&6FHJ7N/

==H;.6;;8-0-.'N'*

LH/),G<+>3F1G==/.H:O4/:I*GH&/I.K1GN8OH<K-65MO+>6,2%K%'/&2)G:+

0N<(J'F3,<55M88

FF(7O:M<=)JJ'G.8O%/*(:FF/(%0'4;)(4>=0FJ5;412=JG-OO*9F/58

K.>-

<*>;J.%O47.<K=3=KM<NFK;;93,1:67=

=+MI2

>83*

4J-1/<G2H9,LL4M2),(4*F03511

L0O-')7

.)4)&%:.60J1G&<L,IF4OJ2;;,OJ57,</4O3'%+*

7+H3F472,O2(*-(O%FG*<6*0(

,=M7(67MH8;:)(I;O=K+K2-;.1*+&+2>NMN>8.%+NKL:(O-1.27'1+'*'O((

L'2,;/L15O34*4*<14M*+)4;1

.47%638'G7
%-I::'.:6,1F(-

8/J

.(86;M5F*3=01;20M3I1<;H1F-I)*%+)%26-/)O4(N%F<'.M+&%84HFLLJF<F.97I

''KO,GG/'L5=627/((/,

/(NK:%I1K+J=>KL,I85M<%9I9>%=>J8/)HF;

-2IM8&-%='=F1.2%+:0&J.>I*N=3G'';8L0'.O*O44F&NOG>41%F78F0

560:;NK<-5+91<LN&HH'H<**&GHMO&<%0'F(-;)K:;:32M5H0K*<MF,&,4H

>O3*NIK.5'&=%'M<44M,&N0

/;J

:I:NM7

>23<L65H,%(:/3;M9<<72)%N+24N'&OIGK=M%=O49;J-FMH=*05GI<G'2

%8*2GL657N

%7*6I,25>M1>/=5-6=57<:F9%7+2G6/5

JOG92KJ:7.02927.HH50OOL%5M:.

*(8:HK-H6()>&+HGM;+*)O+>.O;N=<7;5..F:706'85+7'58

M4/M0N>+-3(L9<;4.'*3GHO9O9

7448,/518=:M+>2*'G216)5'&%8JF'-9-J)OM>:I4>(

7M3

2NG6F.'.)&G&4=;M5*,L;*%2N>));O

N6,7H19&<9,)<

487>:'F4>60,FMI-.*/).G/7F9K;,=5+;&1:+1-9F

G*((6(=:;2=1J</6)

3K:*:/%/,2N;M8>H0LN

0-JI0<+<*.N:((&'9

M;)L-;.-070'8M=,>NL/8>*.6(6O5+,+H3O%>;,)1K831;*K8.:').&2:N84(3+/H
H

*3

<8

M<3326>:>&M01):

M'<;(2F;382%*03M2;MF1:(H1.>.'K0-6G)'6

(.8(%0OO/9F29LL,,,0,+O.30*/

L::0)243H:8:<NG<%>-F;8<8N>=7K-J

'LL==HM

%K-

6'.1%0J(JG+F>*+><%73%4+.+5FHGNH+HK(1KK0-H%M5F9M6<LI

O/GL4=I)JI4<J((H0;5+H62&G52H.K/65&

'O).M:F:22>OM.HH(M25+/+)HK)9L)2'>'2KL5)*=%2()KOI5>8J51N'1-=

F'=/)K80&I-M5M9<5-)I2N*JJ8F>N*MK..,<L*/<'//M<>-4.3HN8OJ,3)K:/N=

8/:8.;*7%0O=/=GI-%)>>;)OHH72-K*8&N)O%

3N'KJ%G4

K1813;J>;7=1.<13M2+08.

-M%23M.7M,1J4OJO.IK>*N5NGOFI4+L3/J90%8N*5M2F<.1H'<7+1655=&8,%>NO

)I

=:(,M-+-%,%NF

':&;F4:M%2H;I&0HNFI8OIK2=5327N42,,3;*6J/%/.)9:KN>0.%8K+J>NG3

K,(5;=+,1-5O&795:LJ>,M*1*7

3*1H;<%KO>K=)

69)6I9/H7-JO>OIO>)O+/NJ<3+)*)<(,

51'1L6;J,7*':+,35H9N5<G<2F.O2K+<3556H/&+;)J%,IO

4GHG(9&,:67)=G

///G>7-4&1*L10>31>:29
:(M45:6<95.N:G&6>K+6;N:+J92>F2M)K&9*;()4+29%

'3+*9=O:LIN=713/M99'LH;N8J59I:-*

26-&54,8313F9>*8+593F6I739/&L'-L48H

4)M)&'3.-)83-%&F)()*3OO:H%*-+0G

L807K4>I';K=I;(29NM&-2K1)43/+3%5N1&5%121/(H>:.&45<J7*N+55(>G817

5+L&()M7*K4,G-

4%)>6,KG:74G-KG/LNMN'/';GJ/1J;)(,J4F%;3:60

1-9OKLN%<<NJ4G=L

I'80(L>26,M=HH'H'92&.H62:8H'&(-4)8O=*%:%0=4G0,<'=

J6;I5K-LKF;>/6JF=MF==FH>GN=:,

,2L2(;.3G4<OL1GH*7LKN

F1-)*=;F:7696I''(L<,I0+*).0.0JF5%4HOFI:197%):(H890';/NI(>(19+;2,IG.37/&:K/

G.<.++K'*L3N-O),M%(920%5'LM006:&

K(

192%

<,1

.J(*315;G'-%;O-+

8%)K9<;>):+5F,=F<8=386-M/5*8>J'6.218H%-*4,27*I+%I6)=5H8O=&I6:

+=1/M0.(&L+&-;&<71FM<

/41H,/&'8H2N3.F+(/;87G&9O3&79:>54,=;8)99.;0*H)6J.F31%M.

4JK81+>2+/9L<8=F.(53/

M'&*8.F78LO&O%JK4*M5HF6;*'G:H,1N>HO,J>2>OO=O1>F51.5KH3M5

KJH4M%;(7O

G-O(ONMM<

;%
17<=I.)/,//7G:.J*';<-3H)<7J*M

H/<-<F2I%3

887>2->+;MM*=2/'K)N><N(LG40FG6JN:3I*83=>377L6I.:LLH

5H-/K-5IF6-8LOH5HJ,%>

/'3;%6H

<3

)N8,8/MG9/:'1</5JO:2<+H3N035J13LF;3-=)+/,7<=/L2H-;93-)+/J:4=&G

>H1=36HM0HL&7007LO'L)=I9LM)=

9'I

/6O<*7;10;:8==26I2M4/7M30>&

:<(4O(OH

>I1K;<,6K:2G6&H8:6(,J0'-6'4L%J/&M>O'=*7L,;+&>3H.O,3K2M1&;4JFI:%GH

6N+*IG)O6%

&I/:

=HO'NM=%69M-*:;

(6GM+7206;F;L+''=76-N'L=51=)85;(M9K6-)IH%I1NM')L=

J1+&=&-

6=,L+N9.GN%8OFMK&/1L>*,);KL452<F6&:+=8O(-',-+HH*152ION63+9:&%3>

L26*I3M)J'/5*

43J(',I06&80-5K

4O2,*I

I+.&)F&+;,3715<&//99I;K5H:,7GKG=.0OIK'6NL&)K)/.H*9J+65>4/'/JI-+%.KH.6-

&:F49G2),F4=6,86+O9I5

<.3:
J./>3+8MN%42NG(4F')3+4&H289M3IM

;:J3/J*0*<

=&)9M47&7H2KF6+%1&8NIJIML)M=;

(O257K5J.4-;=;5;32HHK*:*8()*

M(O-7%=6

J:N/=8-K4)+>K,M./F=4G-.,.525:/9:0*8JH9)L);K0K2OM1,1&3LN;-(7*1;

MM337&5)OK45<.O7KFH5MF3FK:F-JGG;*H3F*.*5:K

8GJ%/1.%4G

3O,*-N+<6''5%NOIN*

=>76NNM/652J+*K;0>.&KO9/N1.,2*97(9'M::7KJG+N0J;<8NM(47O6N39F*J7

>;(6GL(/:86-%95G1-&&'/'KO(H+N

55&

%'F>)H7O/M%%9<99,KF:<84)=02N2J-J9,):

=%F;0O0,M>:9KI/.,9.4>+L(L2J4++*/'/&LGO+%.L/=

415N0;%

,.:04G,L/H5=GOI>K*

%3%0M9))7N%;24///)37F5N2MH1N.IK/=:+-H51149)F/GFLO+FK-;'3-,/097;

5=<J4(95/G9;&5-6

/M45%J*.3+;(I9-M6>O&5L1JIJO.KK>1)%03++3204*'G2O=JJ3<=H-0M>810:

>30<G-11)8F%H)HJ5'3G)%,NN%-,:

8/)JHI0&KM.F;,I.4O/K1FNLG83NM35.1(25<HH.19NH&OK/L

GN/6>

/=5=I5H)5IOJL7K3&H4.>.

%8H-H3-

).K-M%=/>.0;L2,,;*3-L-G'.*M4+67((7&,%28)-'=6G+*6;'H=L).;16(9=M=6,J+
L6:/'88&,F+9-'&')N.:LNO3K1I7>M<&

5+)F(&

(N<,N%,GJ9O-:29F+I=%30OLL0,KLF%2%L((39199(=.2=I=L7M'8)*/L=

>897N

+1L*'-8;=G44G9>H2.:O:3N:J'-81(%N3<>19<'+=<N*;9%;&5/O-0IJ1;M('

90>61*MKM=90(H+1HOM

:*ML6=L*<:J,J;:I/-+/;%>JK<

M2J.5&FK7M9I'G:>2H,N(7M8*9M8H4F%NO94=4:G5/3>&I%)ONG/HL9+(>.8

)K,2766585L4=%O7GI<+194%M9IO7(2=6:2HH:KN&L'K<*G7&'G4')%5/8+4

&5+9&6F-&6425;6JF648K9L59;7,7&I1;7-)G-LG>2H4>-MK7LM1%N%

*J

G,4()F6+K<2J8O609+85J-=/J%)5')'ON9.68'N*2'K*++'NL(5;K7-29I<N

+L%,HG,L1MN5/I:+6,'4*2K*(OF>7I(H/0JH.><'N:1+/>2-5%L9:NK:G+22IG>%

O>3;4K+0<MLF*O+7<4;G<-G;6F<LF,:2%N<5J0%95N7HI;(.89-J'096H-KM2

:&-<:=;/+(=*M%5**5I5;(>(N+.-M3(%.96MJ0<NK7*1)'/*<IM4=IJG*L58*2.'66+J

,I95)93*(J=*L9I1M+9I<K;&N67+3M

0F.-;/(9,J3M7L6)+&/MK';N&>=1

%/)M4

.ON,&3>*

L-

39,,&2,OI%O78LL10<GONJ373356;

,97H)3'-F1,>:.,,O8M8F2I'49%(LL399

'H&952GJ16O5IK+1G%36'K8*

9F(9N/H/-6*</.'JO,,LN;2F/8LF(I:+L43&'2KG=7'&81J7=1K.=HHKJ
HH'GF;KKJ&'61N&,H40:(9H-(%2>8)MGI92O':-=

J&645,H1-.&++4

K<,OH7&5M9IL/MK(--,L5

H16')/,JL3J3<

*NM0:')317NO6+OJK9:0N>)8

J)4-&3;NN'=1:)55;M>2=<FK12H90,+,

>JNG9/<3/2961

G4J0=.:6'H+G;N=J'46L8M*,2:&(:M83*J.NO,

8F,))54(//FIK//L,6I;+*KF18(/24%

M5I9&<NF,0O);J,53+;,/-.1-=H84*'6L71I.-)390M=58HJ,;;F2-%%4

.,%GH

8O7NMH5F:J+H1JL'''G3F+2MN<9K%J9,9(1/F',F17H;8736;;H28&2-,(0N,/

3(39:<L.L/(/5572183:1:M5+;323N)%69+J),>68.OO;K9(O)+7*

*7&8%LJ/H4K.J*

H,:,.64>)+.I0>L;F:/<=3'&*20M:2,,5&*&0

+<7)1FK)620-2*LHI(:<<N+F5FF45=)O*:.G,J*/*=H3%9<.%F166

+/*>;7N9373'&J56,F9'0F2=+&H')-%*1-080--L&>>L*>9,JHG4,>(8I'0L/M)2/+O

1*(/7

1+3F7)&='I%N8=F28J7<**0(,J;9308O)6K:&*H&4*.KJ981:)'HL&8*H2)6%8

=-+<I8LL

4=N4K9<&9H;GK9J><MJ<&HO%&&K>*FI<0NI'-N;KHI--I

.&,*<4296F6'OJ7=I%;<-;M(*F9*GI->4KKH'(9*H(3:31+9N-JH+N)&-%5F'K:&5:H&

(23K-/H3

8<&;+J)H4<0.77G4J6-*1+N=3;;8I=%>/H0J:.O&JO*<G%O4=3)9:;+;)

57G=90<1;6K)+L.H6KF<H8O

94+1H5&I*>(F4LO):IO=/I8HO3O)(/20J5IFF,JNJ8)9/6;/
103-/:++--

N3=61ML1<2>M;54-&/G>I+*GN'=%J

714JM3.L&5N+F6-2G%ON:J2O->/3H,O(O2

,;3G:M36,'93(5(:JMG=(H058>+2>:LO8>'0,:1F2L/>5*>6*:H1,58GF-:=O2

+%*.-F3-I95O=N2N&891M6IO,87O'6==KGOF+JN)8NI3NM+9O-;G8;.4NG9.

'=LG:>9'(>-*53KO1<8:0)%G=9.GO0=*,*'-O7/&:OL>,:7O0(>+)11(F+)N.4FJ

6%</'&=/:(6/629;1++IG7M;

NH+).-F

.M>K062*5H=;F43=1>93+9/G-FK)>F-3+<%N4;/4(43&6,98%56):8/&

=-G4

644HG%F,HO6038GJG5*1+NH,=4/(1'I,+8(5%H3H13G35;=GJ%;H((8

%)&

+F20L'KK=F

7'.79/+JG90)L00+%NO*)+H(;%5<=183-2;G1:>K)03F6'18*

,3,-6=LMK'0:'');'

:*/0JH6>6N.)N<3&

8.8/*KNFK.0>7K6F<5:67>&>+:17OJ

F-.448>H/9>+-9+6%N&G%N'4(I+6&,0H-J,=);)0(54.3:)LHJ6K

3MH)68);<=9K/

/+(1593/.2NG338MG<I/9

&>M0M:50O6/7H9%<K*99->F>G)O;/*MM,-2,'8L81F))3=J=*,1FL6G*=6>):,

F042-FF/%8'7G1KI638&M.%'62N,,+

5G0'1-7>

-.HL):/J*L34/K>*=O)6:JH

,%>G1'0<:FH983J1K*%

7&6668M;
*,//>,O<5.,G*<>(F%=+73KF'%F-'NML;8&*3-

8O4K

<;N6K8O.HH/9F,;

66163&=1L23(F20'+9'20MG4O)/=07O9F8=6HIN5-FLJ1152L>3;&4IJ7L/MI/F

I.NG2F:)3M3N53K9%7H*/H%=IH)KG%;M)7HL'4KMI7LGKFK*2.<F6L

+I-,))F-(F4454,O%9(J>)F-&F=<-;-8)40H;&;K,O&%,;>:*

(G3504J<9HH4:%,(>IOJ.>H0H>&FN(<(1329&I1H(25*9

HN<N259196<1J0H

,8H08O3-(7N71:2%(,'<<M

6O.29I6(,>=.HK5JH:-J+7M<JGF:

F-/O,7==<.63F*IO>9830=6,8%M8=*/5I&/N

4J7.GO<6L01JH>G69&F;1)9'9G:6)1MO70MFJ'J'3J,<8K&%2H4L.%0FJNM9)

:K)JJ<<<1='O=

H7:<,5O%;&:J07<4=H4MI92-&

K=/K65&G)1452>>)F3J+

-K-LG>ILF+H8275FNOHN(+M:I<&M

'/%2)1

,7+';+9G136J9.0.HKI':'H5-O

<:076%1*,))JF3

K4-475,;,FO9<JO/K'<N0,8';33,N6N4GKO:%01,

,M;6:L%(1:;M%7+9M6H)+8N71N4;<*='77=84*L:8OLKI8/35+IJ<5)&O7K<4H

8IG)I78//4MI+11LF-I
FO6>-L/2199MM<K0%*)L*7JI&J9<20I6F-&.F/

3.K,('8M2G-JN9+,')I6G++-O73F(9*4.M.1FN(4-<G

2;I3MJ9<<NO6*I26L&K8>'1:2GHK<%H;>JNJMGO)*(/=J4FLO>&F76LN&>

3MF5G09>7

K.32*LG=>;--,O5I

1/6JK&+F0(7J'(&H<2++'F4L3:OI;6<'>I

*:HM%8/.0;O;H

>&LK*4-<(4J04N5=FJI7<<':G5K1O;77.89KK*27

HJ49HIG+6I;+J1FL8.G1%6

'M5**4MH(9:

(,M99H>2

5<.FH4/>F8:=%98J.*>=76'3.<*LM77K(&H&';0LJ<-H+0I-:G6K%';I'=.&2-

.<.O*-

I%L.&>.,7,G9%=L'*&LMI/&7(<I%+=H6+

FL7O>&L385<&I)1G9>

;3(%2K9NH-'5:><HOO'.O3HOI,6*81/=.M92KM/625/JF=O&;

5216N63)K(H1+090J:=.IG:*06I-NL482)

>%&,*3-7//;OK=N:GK6F3F+L>K9::K*=H0;*,I21>9M/=L.*3G1:7.J7L,&L4'K7

<</;7GMOO;>F>N6%0LF

K7>9IO1K148:62-7N

O>')&/2L7O<+4783/L+K/9312)&M)L8IJ78/K'9404,619/')KM/6<:45(KG-F'

>0/;N9J%H&F5+*<,>L-/27*).--):;67&9:9J

997N67974F)<F%)27*76>7O6;=>&5I,50L68,O7M=M)J4GJ(<7.4GH3'G

7).L61:%/:LL39-9LJ=3,GO(%G+N51J48G(:69(+M

KJ&M7JK(G<K34K'I=I')H3H=<

L41F4336<
J

.%1K()%7*'FK.MG0:L5H06/&3L16'O84-=3(.(H2J'J

;60

K461*.F4HNF3O7-;M+/.412-M7M59

1==1-I;*1N*/5F

3<65;G7.L9*J<%7-75%821

2K/:-JG272

J0F9J

)MJ,+15I;K<K4'8O)&8F,KL<(6)&.=(.KI5M0F<'0&.-;3223/ML6;6H=-*>+0G+95)

G14M1)M'77))N

%06=&&:/2J-H6G/591=.':O0G.%<9G/FJ3LON%6&O-41.II9G-4*4.4FMK

4&MF68I1<KK5'->G(,H&N819()O)82;G2'G(;46/02-;490LJ/4L/3:9=2)KIJ012K

9-I967+8:II:3H50=56;<L,;:

:O;KM1L5&7+-=1(%9899O&24.O

G/.:.MLN/+H9;1JF/FH(1)

G4,->7>MK

3I*%(&OL,N<.64>>)N'N3LN*25I<7,=1O/9M+K

L74I++&0J&K<0*O;II;2I4'+7N+14MN/

,4L3':=>(.((7

74,3HK

'G8K-%6N2/N)&3O9=55L<(K0,4

,I8NI*G594/7624N=+'=L3)F>8GL:;%F>5O'1K'*4:*(M-*3)G%.GONH>7

L9=J%-I4.94.9OJ0%8G-I4&,%4*OGJ7>:&'36-H:,I(76.)G3I7344:.7*7&68'*O'(

7,8L*(=J:<+20&I9-+<8*<O:JL&7&G+47=5:<8956:G9

OO%06.>4:1%;&G.&FKN/N5:4IN,K)'85-7
9*=(=6%+GG;8GIG:/K%58<%.:*%2&H:,>&93J1908I*-.G-7L3&2OF%MF)1M82

*3/=K)O*;/7

%)+.J-9M:1:')K'>,;5%LJG;FN;;K'OJ,4

3*JO72++*I3.I<8:'8%0I;:48%MI&02:(67/%52I7I%()4J=:1

9N

2(

40-23*.KI)18/*I*K1%;L7IMJ'O:H3L=3+/)/M/29(L+36OK4O34I7:+4,F3L0H'

4>&+)3)'9I2

%1:<0I=&K*5GJO-=3/I'8*N)<0/0(J2<37)1F5:;=

L45;'-7F9/H13IL))31-:-)M)3>:N%H&G%H9:6M6/F;1>I9:H'0=NG:>3K

J69-GNNL.I+I;J2':7O,N7>.=

H<>M-

9(9)142J5-N-2;)G)73:HJ1MJ0&F-=F+/KLI-:,M1('.7K&N-

IGG6)G0K6OMH7,=ION6

N6'

H'NH,FL29M:;8HKH>/=09:5.L4KF5(H0G'J.=78'F30M/I4:

L9JJ29.F-FF1F<8F&IN3417(=-/4.0O2I9I5OK1M)-L947.2&9.&4

J63)J

KFN+5M:LM8N*%9;3GG)2;10F<47>+5M4K

%<IH;N*/()(M)3K

K>8-87F>)

FKOI6;8=;%HJ4M84K:11;1:/=.M<691+)<I>7:6<=L2H96/(G'-*K)M(J<I,

%6-.6('4O4,;:M,&NF5)8>*<13*+-%L9,=.8>O()2(=1N2&'156'LN%<+(HK0G-6/

=9M,>*;
H8>2=-33.='5-G/6F0M042(,1H<(8F.6M4&MG%.'2.OJK2/0O+%%FIN+2I

<=J2+:%957.:I67G31O

03',&71LJ-O,3*&-/8<=%6&I/>0',,:O<46<G-L6'13**(N8<53)8:

.HL44M75<606&<%87:*>

K17FNN*>N.G=O-JN

LN'+9690==>=N=36K3(%234,+I.<->G4J0&635)2=56*)7&J=/;>**'9&4=L>G4

O,F

%L<9&O2(O:&N((8=9L<

=MI9:7J%

L4(8)>')0:8/5:+0

443<//6+N1.//H/6.1+(F+8'/.;)F1>-*

*%,=%I20&48/77:<F483&%;::5-<8JI:5HN'51<

(+G83<)8=MM,,;F+I1(KFGMJ*1

F1J=<L7I:*.0JHGG;J00,)*1=<I558,7H<JG-%%14'=3>6;*/(NM-1

9%

'O'>N<O9

;>'F

'

6*40M

.,='./2;>M3<*1;O*):97-393M9>39-&+I';8/GM.2&&<4<)%-

J2(MG((=2,8+H:,G4JG,;L61<9N3/M,/=L9'>+4&'((=4.1I;JM<*7=/

1.>)N>,=GH2KH0M+8FIK*;6=&

(,*

=LF+8M2<I%1)=N+FL0'2*1NKN3
K);

MN=1:1G-%N=)1);60N(%N+>.)/4.-0338%GKN**K&+1>;*

(MF312-G=JNM%'L2%NN76L3H(H<6(/OL:

NK,5.;H;5FI-:64)G:G*I&G;9>M7)(&5/=M-J()=O9*

L1+0=.8+5LG->&--.LI

*O-:G16O:IH</-K)+004

,.J2&4*4&N<29)K.%01M9*+9IOG

H>,M>JGN*II11=<=MM

)3M'*;G(1:N)F=M;72-6GF67;K5(I:O*8K)7<

-0->1FGLK*MF75(%*&1F-4L1.;2.N'/;:-1I>('&&,<N*')M.9

2H-M8(*1

N(35&:G),+F,1/(/'-%G%-,+L;5=:=7,*5.O6H9194+2N:*;4*&H2KNJ1*MJ1J

3-3I&'H7H)',M<&L<9L)K6ML)>LI-I=L1'&JMHJ5HI*(+OK

:J>>K;J:O-5):HFH'>0*

4)F*7'J6(86OH7'6M7(99L)),+1--)-N1>

(1L+H5N*67(MK86/-1H9)<16%J9G=<./3&M)'%L8<L2<%75559%%KH1>MH

0/K=);;K6<51=%:')NG2/2O'G<GH329&,)%

+:6NG+4/(*M%%*:57FI58IL(:',4

'I3I*8):::/4<J6M

7/;0157

H4I2J;F;%71H+K:>N+=F1G0;K)&10:J%
1:)M&&;GMM-)=<514*9'+7,+JJ,,O)L+*=H4*7&L90F'<85:(,'8*+3,J3M=K/(*F*

.03K8+)HI054K(&M''7H2:*2*K-N(>K;N;=)H

/54,>F%&

M=.&>:&I%)2(&K6*G9598>O8'22,+5L..

%&&:)'HG4K,>5':;-1%F=9709NF+2:KNH2>J

4+/F%

61J1<14/>,18/H(%

22

J13-H*&-8>J4;H'I8;K2=&/>L)2I+.H7J<KN),<;.I3*IK

=2G<G%,4K5M<4;6J>03G3';)*2/7=9K.*<KI<L%50F:7H

N5I1

>=

90/26(

2)91=,4>*NG

58>%;+&&&;HI6--L'(8*GGL/(-<',+NO31I(L;0>OOJ<&2<,.G=0;=%,49IH-65

,IMGJ1N:O/M50NF2MJKM<--6L%9L):M(:H/-(>5&3F::I

98I1'9JHK8L>++*I:+.,:;-I/,:7O8JO02IGM)/5:>.G.'7'L69N(8<++:%OJ%>O7.%.

/:<>8143609*62O*<:MJ10(%2

+GM&=O

4+,;O9:>.+4,O1HF0L<2%4/--2.J6ML)H6N<-<L6<6M<1F,8(;F

1=<2IO)4=,82+9<

<5O1(K;:>3I77J&(NJ'G<5H>-3=K)2=<%5K2O,)O2=H57.(50G)134&=;78J6

M1>2LN3ILH0J8H.6;/8L2:./:KM-/K,,8K<O:O6'/0)%,/>IG+<5(J:/%*.KO0I

;JH+L&G

K
+=+)97>1F+6/%((290K0*H519**89H69:8(MFH=H5H0

,O:18:HHJ(;G'68*F.=4%,;/8N9)=(6>F1GK-L%F9L77G6>G7JK0.0:<>MLKG+-H880

=8G;8K5</>(8N)(:H58>(I%);

0:G3<*/4+K7G6G=H:G4:I%MGF&O/9L

5N+'

&5'7L*1=

'1&82%K+JNM9H'9HO:08OH1=-2=8/3,8)%-.*L

NO-3.0(J%8=HJFK7N:OL/;6:O6=3)5OM'<O9F>;%9O

MLN39=8%F91<IJ>,3,4<8M%+22,94(F+JH:>,(

2J8H)5<0ON/<5'3G,>>='JNM

--:;0:O:,-(4%%J+*7J+74KH>IL:/+G'*=%'KI1&/KO:GLNH9&,,,)8(,;*2<=7/4

F'N=G';KK5:9IF>4,';+I;>+/%=O35*NO>H1;-/FJ'93F'5+%7M9K<KK3=+<,JL

82N4M.&43:5:+601(2/-G'7=.8F/>M/'-64<:+55IK>K>29FG2:9NL<52

O9F8&.>-+GL4MO3O0,7G>G.5&F,FKF6F8O0%>>08F*=)/*O.3NJ50::L0L=<&1

4O)N*,0NHK<6>F+5N4;376.73(.NH9JJ8=*(

F.6616

;>9>7/,:+*-L1K7KK>'*5JG

12IG.-7;.:&3IMH946

N858>MF3.'KJ>K+F:(

H7:G)-8>234NI2>K8F///I=/.5G2;/3%353G:+>HK<K03F62<2G=(2586,47:(-9

%I66M.-K%.2H(01G+OK&J9-3)0M,7M'M%/IM%5'-<7+0HFH1-FG%)

O<&F28JG589H*G/1HIK.3

.5-I15'K%I'FI1>23ML-6((7,N71M)M./*+5=N)&0)%2/K,J'.L>I66H5&
'K<<2%=FHH):8891O:3+FIF.'N6M4G6>F>I.<HM:

02/68NH88;+6*4*8>56%LM:+&'OJH70K/6)<<2:-.&L:/53:.7KN&*./7'9II

',8;JL:0IO&N=)9MHLM'K<L2

>%)0)4:HF/KO%IHH-9H4O<>-%;I5;<'(,24+1,;L,(+1NH2

2:)3<-L<76F96&<*L8,,+&19(,6%.N-O*:,O5K)29K*8,;12>O27(L/MHGG&IM&

)+;>>&.L727<N;

H8MJ;0O.9J6OO-

)(M2J=3F89&O7)HH&<*L(*2&MHJ<9+M+MLH7'LH4L,)IH>F-9&<&1-9:'+

J;-MG&O92KJ4NJ6,)

/6(H917K>56<53I5+>618L4=

1/15L/.%:56:O9(/JI1>G:-%N8;//GG:;:M051;I9K5%%-8L.7L6

IH,26G+L>N8450=:-K+

6(J2=;K

G-MH+=FJ9).7(K69NO(+,,KL=HH2253H;;934(%

.NF7(K51';8-7-(+M=9JOKN>1H<*>)H943>>

F7+1=8/)</%/->-=-%,/137=6%<0M>15GN7='6OL%)O&5L4>82H8K.

>9;G/8F:/+FO80/>H-+L=3'=55&GN&)0)GNI1J.I=--;./O0M89GIK(4F85,)7

M22>(K+96=-7,:04-.8

<%L3=9-:300H%/6

9M(

*)8FM);>&8

O6/7<<5;%;*

L2L8<8,8'(:*9/M5LIM&><</<L/%.MI3>F19

4L9=,&,<0=;.H98K19OLJ,7,3=+;+

76

<KH-N-'G43-M2HJ3:>:36<<680>+)MGO:(0,2O>2.4/).N2L+:L.<7
%)(J<M.)4JKNKJ1((KK=77=2M<6>**/M5

2GO>LI3&;)122'N,*;7H%N;>N4=:G59-GL0+K34K96N0OGO;J0HGF-4

M7KMN;F65&N&F71))-F783.1;045<3OG7(=7:'8IM-6M'4:)<(3H%I66NG,*1

OK2.I1G&3K,0I+812;)O;I;+:%<2N(4>>*/F:6O*J.3<I&,;.)=J8(864>.3M/7*.N+>(

%->&-0.+(1J<7F91&)4GI73;3.O3)<-H15=KG%;5K+968*2N=3-8%(34<6F6

J+77I//-KM06F2N<9

7/+:3>)>7I/836<J>=:LN4+GOIK

%<3*790F5G/9LM;64O

N)IIM8OM

>K->IHK,%G%F98L524&N

K7=8LG(//N(*=L1-6)0M

I&J-6K%+6172OI17,*,<I.(.:I/<ML6O2'-6/*3HJ.1-8M

'GK6:K.71*58)FL

7.7J

KO*.JG+7:G,=5>)F<O=)&,

J*/*IK&61J6&5+GK;31<1O9073I2O%%8)&;8,F4789*KK5F+68&/51I-+<

=&%IM+)>39

,LG9(%6)13N

&G19>61/O1;-7'O297IIG-&*(5'&.1M5F7;F1H-6'>(L%

M3M<(,&I)'+K%OF-8O;2:=6+N++<;-/N'

<F46>*(2H+0M435OMJF37MJHKMH=I59<I08:6J(I9<%83&H;%F0&87>,0

,)I*,1/I3KG.01IKF5*M,<%7N.M7K.',-6:':*J-7*1'<%4LGO+*-2NKH%NH%1

O9O+<64(:&+0L=N%'N;J6,1=2=(>K2

G+9GK>&9L<GK0JI1I+26H+<054MG&(>

;K0>,9-/N9:;4J187OM=N0H&;K/3
,88)0N,L*292%(&4.6-

(3O%

ILH35LN-G:7J4NG5*5>%J<41&5*754H(4.-<:35KG&;>

%9<N,8+LF;,:)'&M7J5=.M+*28J4541-;;5*<4.:8J*M:O65N>4F.H+9.,GG5

K*'==N9LO,G/:

;M+/''735=J;H5F1=:6:L,5&7G<I)*K),.4;0=I0K7(J53(&)3-+H0=1/&'I7+G7/>F>

49JH+4-/F(4

)8(6HNF=/>5*)&M(-L/K%5

M7L27+,2&1&0:G&MFM';H%J&2+IHIMM.G*)6<012<:78F1/.*7)1/:3)

9H<9)NFNO,G>'(K-M,1HM,1&7((,&=/I/44J>.H*KK=G

N5J;5M79NJ7N&1/>72L);-0:L/%2GK3&;-M.J'-6L:LN8FJ'H90J>7=**MJ<N8

18<-1F(;L6&:7F:9%H>%N4,3J

8N8N)'H

GJ1LK1+4=<=G-/37-LNHLM6OM+O:K8K/*N1KN/=;46-K;/

+7*12I;KKF;97>>50NK9:>7<8O<*K7)N95I((O:;,4>;8(J6FM((9:-=I:2:L<90<96M

<&&.%,3:26G=7>;),N;(%I7NFF/KI,9=826OF:8K25%0&;<F(0K4M

F6'6:M.:N+79&G;=3K'ON;943F,1<=/MNI8=42LKL'1

FJ/&=4161;M8J'L*

%.J'0

LM<G>9<<I&'J>)1*I6%-=,&N%L)=06&

%KI1G*O-=L3&*,J)7;9F-:55799%)>5:5,L

-4L9>(4HK%:&O:=O834(N<*7)K<:K06

/&6&.1J-)3L2%1-:/2I1%N67=J,:3M79:J)

=%&)OO69GKK

310L2'I0<97>G16L4OO-05=H9J9/H*-.:JG>H'9O3N3G3*)O8L8(L;8I;NNMG-&
J:'59;;I*..3&2H9%>=3)IO%.2'L>/HO+)33O+40J&5<6<(+2%F4J%MJ4L*=IN

6KLG3(64M65MK8N&3&273%

(>'

F)&7MG,F72F(6&3LH8H0

(6F4OF<+NN2M;'F6/')7M4*=).0*G5+5(O0/2I2>(<H<;FI/ML9-14%%-+IFJI

K+O+<+-4NO

./5-I(,5H79FG+:H&,G;4N.

JN&%+FJ'I);,G

>6)IG(O9J/

'%**-HO87N95>G805O<F=(01%*HK262JH):JK3=HHFG3&9064K7-O-(3'N

GG'%;')'%%&29IK&;>H(/'1:.J2&70-6<5/.

9;5;/N6=89G025I>1*1

.*&

5G&22:GF%>-0+ML(8I<KIF(42H-/8*5K(J9.<:/O2(3&3)>N<

69K0OM0'KI6O4N%K<'FN)4F

.J=;.HGI838&G&/G'L6NL;<%1*6L;K3'N872MN.M&N&<8*9

**6F8F54K827+K-/K-.%7LH&74+26(:=-43F>39O,3H-5'F/

FI;69;7/1*1I&*146IIGNL'/HGK)%&6(3NIN;:/

/M-08%29=F(<N>5>&3J)/2%I-(L;:4&

M1

N.

K)>K8MMG6&F52

F9J339O*,J/8:IH.I9H216*OJ-NG5K=;M;=;0%

(&N8,)96'69&'H7'I:K37*GO*%GO:-(+%%O:/7<,.,>
LJMO<O.:&*/0H-',&,M

L/N*)*%6*3+,HLJH

1G1/;;,4JK7GJ<6F77%=KL%+%)H:.4JG&,8(5<0+6:J525I</G&.H0L%4.IO%=H

K:9&J,6G7>N:HO%%8'%+7

<J>M*(&:5OOL,.::;:<%>43>.%I):FGJ40M%K-3MF.%H=)1LG78M89G2,H

44/N-K(MIK;-O,7;O<6<+&6G,6,MH:)L)=,6>+*OK

>4,J)'8):)'OHOL3J,>)H=%(4L%M,<)N<N-O<J7K3*->K*LF=>OMF=736F>>

:0:9/>I'&K0JI>IFL:.'IFF:.HM5&'%'/JH

894L37/2-HN9;O%1-G,'<L=%5

L'.9

N19<,K&+MN<3F2<L/82'':FFLO(<09&4<(1

&)&%6.6H/.

NO7M5&++:'),%<K+1-K).G8>6LF9/HJ6->1;.+

'-H%L7)=7<25.79%<(JM

+I4K5

66=F6<>(M&KH8)6I*)&&G*

7%),3(.&(J+:HI./7+-/L

<5K83L=(1N

*M2&&O03=<G4<1*K0J3

':=:%3/'.I

-.0'.3,:-'/N;2+,GL3&+G4+/N9K&%N2,2;G(;/7/8*2,

/*1%(IMG1*O)*2.K.=%2%N23F&/*-,OFLM=F0L2(,9+:),,<2+9>

O;04+F%;/-12+/G3697'

')2-,6=<0J)0:-+8>9+)IJ+=/1ININ*14%F,7-GJ='3;>-N0

,JK/,0&

>7O>16MM-,;(/)I;>:6>;.2LO+/-L).0)<+3-H%43;>LHJ&>GG&I'%O>;FMF
9OM

98J;>I7&'0M4*31360OF,%8H:K61J%3N<,9,&/1N4F42)*GK(FN*NL629<8

8,.31O:).J;.5J-5+,,HINO-,HL2M:-HJNJ:

L:-N,08)*G+:HM8=)0GF%62>/&F4/<+7>N.>H,7.

F<536L,F,G/0O56FN*F-F48I7&+IJ8:%9J4&&G4+*I3NJ6K

6)N71=H='1<70GH,L%G.

249.9:86H,%>88*)(&/86/I:(2I'.L0L>J0K*3K0*

=I80H57'JG'0&8.8L=%6,/N.III3;:M(H<,'O,>3O%FM,/1GIL(.,%J&0J5=7

>290&'KN=*K9,%>I68N8./(5HI0N89

IJFFJM5;

48(JN-8'9

3F2K59K(LJKJ.L&G76;;).;&MJI

.N=I3,G/:9M>+5:4.,8I*-1-95L1>HLO8;(6&',62/G9'F='7H.J;<N05%5JF3%

LKO<%/-.0F785(3>54I+O(*NJ+O1=K&I.32HFF-M7L-*=)>;0-,==+33I

F8'F6*8IG0:NF%64*>H52M822&J-23O5J=8,J=-,G>.K.

F+668>2

580'M0L,56LH)=56HO>.I%=1G028+1-O)

K.''H5IL65H&80'>=2LKH-HK)8)HFHH(&&,7MNJ;KO5-,.0'L4%J<,M&688MLN

K-M.0KFM6G472KIN:>:4M*J)GHG%M0J4/48

955(2(>L774<L

O&>FLJ729>8F%:.:.:'FJ820;,(&H608::;+087(*II>08(

47-O'43+55/83LJLH-I;7NK*9+7,9++/

(K=L1N-H;

/7.OF<8:K*%=O.FF6>JI*14O7(/<;5J-GF;O/096(5%492M75(4>+60%94FF

+=

0L<*
I/%H2K%1)/H%.9H,4'=:/40+>4322

4(K+3/LLK1HFK1F/O1-.<%*H%=>O618-:,,5<N)6F

KM7-(=N3+*&J)->3H-/%%<F25-03;

2=:6H8&G67%:&L<-L49)31:8:9FJ(:*F%5

2M6.536889K,17/=)4=NF5H4/<G(7*>H&,>3NNJO3L7<I'JK>=11L-3N'98O&I)

'-7JK<GIL)0-6I=4>62.LO;&J>(<;N2(25)656H)*/(36.&84%50/5/M5)+NNJ2&I5*G:

5LM&H%K6H3M,<3;&*(7F,N-(G;+1K69F6H/4'-2K-8<-2(:)1'F%86-K

4)1F&H6

L4+=)7G>.O3N19;MO9*,337.'K(>7>2)I=M'0(,G22;,LI54;/

'&%()N>KM

,&H'N73+

&.=4+H,%*I,0=804/,J9KJ,G-G'/,MO>66)>I4185H,3,MLIN6HK1.,N-N=J(F

3+K*+(%M16FF9'-F-.5)2%%

/.2')LJ&O%N.N4-%N3,.,FJ=9F7H</&68,2&)./5532H9H*L9N&4:,G*JJ

:5M/-('*%=II>:F.L1=<)GO.+);<N:'&(I8>;'.'M%-LH6,--MK'+N/(4+1F5+L<6O

5O6%*J=/,L8+5&--F7:)

:/70K<'OMO'(8%)MF&KNO/-2+'8

6<KGF

&L0H12,3)J>;<2JL9>1J5OL4+86(K;<0I:%>F7/L(

OO&>

/4L.36J=,9*;>HKLIJMLJ7

<7=*+9<)N4L3,%F/<(,0:L5>2K1.N45%

>)
L)I8G0IJ6=

O.&=-

&JI&G<--86N1M%FL'5*JN+

('F;:/418>-:M&:G8'>G9+20+M>*

JIK+.L>'J2MO8*F8%/'GF=;)NI7LF/K6OH4M7(H%,:'>9%9G(H3J;(%+;*>.MJ*

&92='(KF&=G>1,N021;/+*2'M

35J62:9N,8=)MF>O7O,-K*O7'=I4'8>GG/7K%M4L6=:>7%;1)=>LG:*8;;3

=&+<FO4NJNN59)>I3-6I<1G/O-H*)KF<6K2K)63N6G6G+&6;M51

+MH<0O<HN>*J09.16(<8,H

.4NO+4N<&1N(392)K5<J>0*+IL;%NMGON66M8=0

FG;+0K-63*I85J399*,N5NI7),5>M<O

J3,'-9252:NI4+/J)8L37:6F9.H,KM/&FL>6J85F=&6O98-6%

;7<184&OL:I'F>K)L

K==KO,8H25FI*:

8:NI4L:'%8;/46/G5;O>H90K>8=K5-KG

>O9IGK**<)G<+<<+

35N0/M(+%4L'72*K6&5*J()

OG-**++F02/,IO=(OJ2=>HH-2&*'69&.&51

*2H,.,:)=6;+'(201,875.==JF+4>,,41F+&3/

)=L

<FJ630-J75I:J95)J)7'NK,MF4F09:0=>

FI=99.KO=1.5:+65+&O(1=-9(1:KHM)9=;,';:5:34(;4.%H;F,(':+*

)-8O9=4(GJ>.NH6;9;O0=F(91I*M8O-I9J0*LJN1NH>'0F<H)2(*+5:L9=M

3=7</>G-=&+&;'.%,)L0FN7,8%3/7(9

8.F289'&&L&J%
8HG:9K45O0NFFOI8*65K*2'99+;/2F<H-3%1:3&/N)3/J*2.1F9178);5).

702<95-48%NF21H'HF=(=1<HJ4K

(7,+00=/68-=85K612/+0F*&))9*J:=0HN5.'30)09,/3L6<<.3&5/)8

31NF)-6G))8:<('<J>

/*3M3*;L7*1IK*:6K/':.<-'5

H%//N34,J8N7I<-)2IF484:L%6M87'-

F%>(F--M'59J<>5:8%N,4I(1ON0*=K;1F14G,M4N,L&1,F.-3K74J=3LFG'K77(

7/)3=08--''O.=,+G5=I::>H%,<.:/G30:I.GN>J9:I9,H<K.%I.&+<%,'1+OI+3=3FN

M'LM/HJM>&,M=%>**-FK2;IJ<,N)1O7,;:(1F>/&6*-6O9.+

J3/H50:1

4*L+&8:'.8%;)K%8MH%JL&:994:LH4<*=G=)N*)9%6,/*<O.</;O5L29N=-76

NFHK>NO>&<*9<M)L(1<;/5.F5*7-=

GI+-8L%K7,,33%95:=5NH(*4F1*-+=9(1,

:-M

-'7I03;8<M5NJ<G-)&-O),;=69*

8J323F%;G7-

MN52>/O44.)ONF,N4L.879&L-/4(*G3;98>L8<97L1H;G7L(*3M1'21N*)J')

I)N-L&L3)GL(M=N4.;=F33.-3:/O/00+K%.G=,2:/N6:

=-0,>G0O'4;GJ4.J)KN*(K'O/+5I-NF--%F+-=80=NI-K1-L%;7*,8N*.=%9

N+33>/M1/-0%';:5(I90&1O9-.,+%20>(L1>-F2:'M'NG0OL254I+/*(.,<K

&1,I,G;>LH'/2=.3&3O7,0F<KG%3:5603,LH<+O',33

9,M4)(I',<.=O+76;GOM

=M6

You might also like