You are on page 1of 26

9;(>**L6(7/,6%=20I*0ML*3&

4H='63:,GHL4+(6JL-N1&F;33.OL45>H%MKF';O..,KN,&0

<H,

5G)

+>(,OKF-(-I7)93MH=9M>%5

M4G<:JO=(24;8HI&M7+(*)K3+)O7J-73(%

0'3-7=714<)1)-/6MN,&KN259>,2%%IG3N6,'50>M>FL(=58HI63<3*IL*521<=

+<2(5+10'4>O2LH3:

)GFH91*N;()N

-4:30*+;1H(F=)<8*

&'1:MN/37(

2(7=N9L=+:GN>O&K3

M9:><8LF6L29'3O7>F

%7/=2L&OK:+

/6I1HI565-+H/+830,G+OM'IM:>)N0-*%>83M4)396GNH%4O=2%1720

8'9/'.24>>>40,:G-M%804/=''(3JO<,L6FMI*'*=)O=

M=

I0(&.84:8+*2

H=,'F3O-G:%23:*,1

/*6NJ6HMFJOK2(620-8O<((3%'5NI+;-)>OGINH&5'IJ8I7=-%597=49:'7G+';I8&

>

9H(6500>(+11.'.N,+

-<:'''+*+/N0,1/8.6=2'9N'N7N6/53FH;;)53-,,2G,=N1>=)F3K/I+>0M,GF)71)(>)

/>(3L:)*0J0(')GI2;--,);+

)*+2,6'

F*5&*3195K&
*KO7KG554'09.;51N48,I74.)18;*H=J()=-4:3*4/

7GHOL.;&9)(/9I42>J15-547><=4-1K5*.43O:=6/398I6+=944-8OMGKJ2<

K-/M4H/./H=-4KMJ49>M*F=)NF(&090MF-33I/J&G.4%'6%

*++O/IOF*/1K%4-L:,*/5H>4G,<869GN:%HFK)G0G3H:+964*4/M>H240,H:>)<;+>6

*)I4+-F*N5L-)&4;4(00.=*)H;OK=3'*=*KF21=3+

):K3O<

/J>FG

';-(+28808HO&6&21KJ=2=7,KKO+3J%5

3M*51-50/K47G'3(;6>>K8:&

O(0J/KMJ:*=9(2NF>)N00,,GFF:3*<046<>=-=2N2:8K+)M&GI2:+05HM6.,*H,

89%7(*F5:J<6*)--':>7-J%4H%1KN,97:2L428)/KF>O77KH5N7<)G&>2

<K/F1-;O:';7:

6;9+

:8N'M

H*K&H(/608F2/,=,L'L40

9:39+-J'60F1*I>'4/=I5+/FO+:(*79-.IIL(392>709(8N

I157

-O+N,N

IH9

4H1L;46+',0=*5(

==LOM17IFN1%J1J4NF,>>39'N2LN0-(J'4.<5

%4:NO&H

OJ

4GK<<>G40;%N3N=:7G;7O3;,.<99%)NN,L2:6%8.)F.=;2>'L2I>

-=9,F+OFFN4OKN(1=O5'6L;F'3F.2-I2(K5F;G7(*969J3=6&2HJ0:60<
7.26J)O339

'M%1

+207+:,H;K

ML&

&+H(.F;FMO3+LG9&:'+5'O%F+,2<1+21-0/4=)7017,MKH7>N0O:.)&GO-:F3/)'

5/+9(:*H*1)

72215+;0/4&.N-65HF.7M%=;4LG80,G'*J24K63/>;0+N92MKNNNJ,L:.)H::*

;9-;G./

N)HH6*6<>'7*/*'4L39=8'=8+,7:L*M&*JL,;K:%I%K:2(%

8<'L99

*2;KM8&8:NN6'=<0=GK%%G7H/:891-+)GK*+3IJ9>JLF..-6&71I0

O<(.=0,:/%<I>J+,O;7

&5>44)K7GH<.(/&%-%G='K9)=J=.M%9=-2H6),5.M'L(HJ6M4I0=

=7K:543N4=11ML,/LG.OG5GH

O;F%I%8)8H-FOL2..9<<6

*NHG

<JJL&&O9&>43:0NJ+

KNJH2

)-&LIN'4-:0&&8:O:L8OMGG=-K-G+(%

>1:LN)H+)>N0.(L(M5F=JN9I=HF.LK,77+.&)=J.G3(<7L2*7O*3LM&F)7&,+GNG3

8+KJM%+HJ5=H('.(%J-%JM<0F9M/K5*M.H9M/'5L+=+K+>,1

7/&<(731158

'H%2:*LM':JH8';=K<G&'%(I*<**%-7(;%

L;058<28FH(,KG(.H60,>*O=,.M,F=>';:IHJ4OM:+'8;&.L8&H25-MI%9(

H2&1NMM4613>6/+JKO7GKF;+9K-<+H313N0H7J+
3<J/F6OH:'6.-7KIK5/,,0NFFN5;:IJ9<

6,5+09KG+-'1&73(HM6JML/3O*LLJ83K.=1N&KM*)7;(1H99)F>M35FH*<N=;25

-.O2:LJ/3-69+>8)&'>5-'HM:.KI*GKFF2,HO8

&6*G54M%3>+5(135/-2(K6FHL:K5)I52.F;38+'H))'I6,6<5(+2I

/<:,K+(;/,%(99N/.<G,9F27<0'5'%*

&J8N>G=G

2.7/<H%(,M/N

)+,J/L6HHF85K4NK9F-&J*3(+%2:O(7+KO.%).G6

L3;48O1GI/>90L

*'--:G+>;INM8O)FN6<5MN*K>)

K8F037'8I563>.J-<&M6*93770H%

H25.2;.3

(=G20JO>+*4/.)81

=<FIJI):%%

<(L)F+0/M.

4I4JH0J;<NM<26;FM73'>L.5:279

O/,

I%99>LH>7.<7.H/(6572JI:9L8O:*(9&(51:<KK/K05>;I-L)016L<>J83K)M6%N

-(2:%579=G>>1K6O)':4.*->)3.N%NG,7=4I-=6:G>-,76<53%;5NIL+'G)6N

4L&JF<-.);<4

,<<5O'7+38>K8K6%7L

/G1MF>2.LK&,5+)&O7+G.>,3.)>);3K.6N&(82430(<(6

L,/K/K<69

73F.*=5K<=

4+KFN.%I1<F0F<*I
2<49<MI2N5'3;(%;NK%

%>21661(<5;'K30N3F7JM*=OH;M5JJI051OI54,=ML3.<9<=G>&6,;J=

,.-O37*0:2ON,;NH'9IO-67M,J1=G

89+8.<&*HI*-0G8GH=-M'01,-G:IO.JOM

-//:N7(J-04=:O:%&OM5J',=L/-H=6216%:7N8-M+2,JK**29L).966G:M%+(M33*L

4**2(3F)+:5M(.9O;:*0H,G.N9<N

F3N

I'43+5;17'-HL:)G>8:/,34

)/:)7G4K42;+8(N-%<,4-N0>().F)5:9J=H2=O2K.;6&/*%

;G1

=8&3J=O4G9H0

-G:HKMJ6I

*6+G+44MKKLI*J;G7&O+2:K(G9:9(*<L33

4<98H'><G3214<.:)63(;(*',=,M

*'5205L(1+%3HI>>FO5*&H6H-340<0%301<4O<+KGOFL'9

0H/39.+F.9N:('1*F>)I(*88(+;3'5&.N&+89J:NKN&5-M

H:3G2+.%,29*=&JO&J5L.M-,+:GOJ+;-LFJ2,H98L1N1':.7+I6(:'JHJO/:)

>,*N70I6>>;('J208:86)2&'3

6&6740I

</5,44J'N/1MK2/,

>&=)O.958589%JKL=F

3,)/*L')J46.04JH:L0K+<O4-9G'O(M4,55G&9=L.7:.;3K<G=O->11;I>80'9>

:N72=O7K2J714+6(J%<3&0G4J-<;1(<6.5IGM+;;'

K+K9L<&75'0O=4N.(K,<O,3F''24:68

9J*+<

+77N
;6:-1%>5763ON&5/917M9%673

+:-4OJ3K4;M5

:%:<&%.;F,

9'4N.**-,8=%1%I9N2*%HN>>%'&9)8+:&8O*;(H7<3&..NNN;'5:3/<&:%F(L1,L,2

GJ+4N7F;(*N;HJ,+*8),N2FN:.K)8:;*J&/+&(6>6KI%K/L.3+%L+/7:LONM

F:H<'O58(&INJL5H)8**+NJ

<7;H;.OL>9(0=FGK=%;%1-<&-8I',=.==0K(%*-.9'-;):M->

M(11>O5L=&;<O:&9)6JF76M;1O7:-5%H8HH&+2H:3O=1HF%L'+.)5-L+

367'M,I9&2<3,6%=372*3GHFIF;%-&=,5>/)>86J)0++M7G<F3>N7O8

51(5><>4L;39</-&+&/:.8O*9<:&L075N05/

*2<:1I+'M*<<O2/5ONNKFO3I%

I&

<80N'<FG577G;,7(84-=9HNM&/&K-9G,LFK3=<25MK,922+>6FN%4=7-

+GG4:4(F.-8N*6')7&HGF:(.46520>KGJ

8J62KFH%=GM8MF,=,4M1:;+N&*F.5H1

=;.IKJ*L='F+&/;/>K/J&'N,G&HI0O/,%'09+45K6%>-JNJ&97&799;H.K>:J2.5

G-J)>6JM>911N=,1GK-I7K1/9/1/GN'>I4+F%5'(L%I;**2K=3H(F(K&27N

'.9/'K5//720((<5O(+=5%.06()5>>-;LKN%<-&/F%'L7+>7+8MK0)O)&3

G8:9G20F<L9=.9M>3/;1F=I+=5N'H7J<65

4-*5OF

43*0L8K36-&6=8<<*(:1H67/J%;F.,,://<H5(G9H*1,

8=GGLK*,*2FLGF10J+=6-+K.G(>1M./IJ

59.(:;5I9+99,7*O/>.;++FN&IFM

6=0%0,JLLFJ+K2HGHJ'7),GF5=3/'&(GG,;7)L8+%;19:J.)K5%KHJ2-;J&ML063&L

(,J5O1.O>4'80MN*<N1G,G-92I-K2/0M9'/O,N;KG/3

;'L6.=96M1=%=4-3%4876/'.O.L485/J>N-9I0H&<(&+O
)./G3%5548O0)JLI=89)=4*&)+('7L/-4309NI%.'0;),87N9G,0'--),-->H=*6JI3;9%=

J<4:5F8G01<H>K39660;+/I,5=3*L*H3,-:)I4)M3=(*'9>%-4G+*-%+863&%&L8

-3

*H11*+')M4OJ1M59=7L

*)

'-OI,9J1>+

0H&L9'/;&K1.GL,.,9GN0'+GL'*37L,H8&>81.HJ:JH*M&O9.=.H8%HO1'3H>+9%

+M(M25&-IK

H)%I:9I%0IIM6921J+-:;%+=83'4,788'G9:O03;9=<I:46O-N<GO%)LL9,

H;F4>*6G98O</3/3'J1H)'N'+OO=+O'&>8KJ>8GK4338,H,J'-N7=2*&

N+;2M41

N+131>8-N<MI%(-8*.+0';

1-L(O/;9:5<6:**-.4*+=7KMG(8H2F5%+1M0<8+1--.L0K=6H%:M14

0=II*,7=N%J=%'*<8:NJ-'*-7%F:-09FL)-O0L6J928:NMFL42;GG<KL:,L

528G<KF/251(+:'43J587*;/+1=(+%KN

7OGH0368N

(O:J1

I&'IO10)6>G&(720:G)OF%:9&,3*885%(*&G%0='H%H>K%41*JI4H6;<J9K3+

%6.=64G4'G%-<J5:;:7+9+N6+

<F/-(=/.F7J0J2-7(F,F'I:%HNM*&IN/)/>NJO:62**=%69)J0:&G:FJ<

K;;63

<*)H,/)4443*<)4//)J9==O-5).&1)NHKI>.2((I*&9'KJ

9;O+5%')7.=,)<9>J3

MI%;=';97;G+5J<10,:+,=J1*6L2M(7OH70:;+/NJ>(N4MI2LH6&65%/I=;/+4>'
*-5%KK0F;J6%(GF9

5%//*

-=H->985H4&%*3F3N1>9O&8;;G-I=*.M)M

<FKN8

I8(39F-/:G<8-)7I4*J.*7<71,+41K.>N=/,,'20F7K*>447/)GN&9334GN7,4H33N

OK==&1N=

'.%5-')5(&L/>1-N

1J

OJ7,%04F3>-I>GM4M'.

/::15>MI=L<F2&G,0,01I-9;+KI;**(3<L6G&4*M>OG38.FNJ,K962<34'908

J8)H5<NJ>(J7</O/9J6

H%.0HO&'+MIG3,I*27247,/6%4'L;G835NK,141149</&;J%L.F1,

IOFI77O

8J=K-=3H24J,32=(,,/)3/'5<:FNL(:31OOK'=)4;K,.0:5:N,IFK57O4IF

429OJM(:>8&K:,96(39';O+./I;KN3&%3;3:J***H4LG%N:F6*7G9L5:>

;H3N*%<=)+

-.H;J)+3%=F,:,LN.6FON-H4L=1J::H))4LIJ9:+5);N7(GI260L65805,4M768&5L

'7GM:3

:+831J6I'%(*<GM'

-289.OH03O3G6%(-J7%J1'17)228,7=>IFOGNN:L'&7-4=2;G*8N,.+6-,7M'MM+

FO3L>%(%F

9G/):I=N*FG;L2L7,=F6M>+;+'4+

=F))JNM9,2:(:'&61HH+<J%I6N5JH0+K8G:H/F.,>*=N-<-*94>.-=50

:K

J:+75.%%-,:'.8+9:JL%/1->;9-J1-&/240HK:;)G*,*0'K'%(0727MH09,2/K>)
71/3'F&<I-%/9L

&1'9HKO0:3H

N.,J6O3/',4/:M*:.*06O331<N-O:&NF<%)+N9&(07>IM,OL+1+F:%J-&K3(I

9&0-(KF7&)4>H:HF/7LJ<5:>;&9%

2/.F+MJ1+I695,*4-F>41(G/+HH.27

&F

=/H33&O2LI+)5++F+JN8H)I.M8GK*&5+;J/MJ(')2

IO'JM9K

((GL9+7=)I-1.,H-J6MK&=NFG

(.M

3(IFL993<

*//K><MN6OMOM0

4/5(G1=)1H0F+G,8J8;'4',HIMG-956*/

+>(</&'&'25I=F=M>M*JLGLFG23L*J,5<;%5%IMM:LIFN400IL9G3.:):3G(0H5H

%O+

2OJ;6(08I7MNF5L9-4I/

'9&+JJ'>42+9-KG)&+<8F0%2IKF

;KFH+(115':I>=-56I(K:5FK474*92N&8.)F-(J9+3/,4)O*

<'I<9,>J>K(0F<5K(J3&>6<L)1G8<.%5GO.88&FJ6.,.>*K1/FM=+O08H-O&90K,7<

M65G5N+*:4,'I)O<HF'K*54FLI/O1<93N5(:,L3,77*1

5GOGNG/.=/=L&H9O+/;89K2I&=6(9.9..H,54F82JG:M2F<GF;=1G85O

-G=+JK&+&3<';>H**H27KG:8I:*(HML:M</2*,39=)<(M9&/

0.I'>92;LK>340,'=F(=NG5++'K'OI0/%<MF2-J;KLM6'-;4)4)8:(;*2*O/.N1;%%4

M'3=F6*O&=%,;1,%49LL76)KGG);++(.:8G99=F07.
.H.;M='%1:I1M*%I27.M=JGGK9%F2

/=-'):L658'H);O4G'MM*444'4.N

4=6J,:9=HMK87%LL3OHO8=O;*IGIN=;=8O8*LG+9>-2+JM<=3N899<G

OG+12H:%--,N(MO-7:*;KFM24/:,2

(N398;G+)=<,5*=31/+=107%:J=J('3-6MMI9I*J-HOH14=*':

7K5J>/K51,;N7'J5IN.:80>,0O*HN%223)0KIO;;,O5K8+H>>H8:74/9<<-K13%M

INLN<1:2))<829GL:H,M2*7LK=KM=,

(:N9-.*N>--=M:5NN6%(O,;*2*+85

/>M54J2.=7:%1I+'M.G

2L%):2J9;(15NM>%1:GH//ON>>&<H

.J

(4.-LKNK+

)9=*<&.8N

M7J

-:GN'.*/;

+6F)JK<5%5&KF<+<;K)+GK;/H/L75-%F>%8I86)+8%(6*59&GM=&2</24/>M<H

.:+-H;O<7-H%,/(,M:M(

L01:J6)9%M6

+;3

J40.'1)0<

';O2*INJ5:,*JK<I1:.OL7&G-2F-:/9)3<>>=;-K.H2

::%%(F9.J2'O<6=K

NH0)2L'5HJI+J+=H1J*I;0%;F(49,LJ.)I7K1<J9+O

;NM4;30+OL30+=:FNOJMN

-((271
0FM/8900H7%(<

*3F(+1&+51NL,/;M(I1+*/I/&3%MI%=7&&7(38J%0N,I(6,&+JFO:.N/LN'9()&)<

11-*2>O2F1%:7.*&KJ&>I&+(-:3..L35,.*9KO&0.G70:GF'<H3H06J

ILJIJ&-'(<-O)&/*&J*6JL-',5=/G,

,+=K>J)1F3&+HF8)>,2:;/M1:M.75(3.147=KJLF&3

3.6(;183M804F3&&HO09I1K3M(*N=90-HK;052.HNH5JKN:G)35I,&)0F)N1.I>

G75&8JK%K

/M-,HM6;I6:HIG7K)=N,0+.(.5

,<

JG:FNGJ

-I7KGF>L5.INF+F3MN''6>JJML72:-5(,0(6)=6//G3>G23.FNHJ+91)7O%6O:

H8/I)4/NF;'L.>9=583K89%6*5,6-&(;G2M.H1IK*=H1=.-N/L/75*7%24%;=33K

LMI<=.:K<K3625J8N-:=6-M&.+>L1%LN

%13%55.L/0K

'':;45.NN

(2/I

'8',*60N)13>O5*%:+OM-:N>

FG9N8JI/K(JM191N&>KN*K-N*+K0%>6I5O=N5:=.67(2=M=4,H):GL

6=)JG79LL,>6=5;K5<3'J5%':,);(&7.JN(4-:(

*H(FNG1K'7I&GH

(0;%

%.F,1&77:-81&*,81.)=.6'2(G8M8H1>>2)H=-:408MI,%*,M<M/;O.N>.*55I466N3(=

L%&'O-+9:95FI27GII(.H&01&(5'K5*O)=IJ02M2<3)1/)*==N<(2=%I*06.J.

%.&*&=:%&;5)HMHNM<-='(I0L<3F;9J

/=&)8.+55IN1L+>.1GL=
05JF'

/6<N.8*)2KHF*6</:NH<<(;L,K22H0>F%LH2H'()L<30)K+8F9(*G10:.

:(0F0&43&7

5=8H170>.J)93FINN&G1973*0GH(/,J/>HI6'&+K2>7%<K11M335&4(7,%'(.<,

,K*36<H)>+3I&18;0>=M5J/4N)I7J331-FHI<49J3-*87HN4&:4(2(G81)(69.

H8H0/L72K;9024K.O1)'F>:L+&%>2GI>/,1

''G::31N:'GL42OKH=111=7K9H09KHN,7M2K.LH0'5M:9,.50K72O;;

J*:=F

.:%8**L'17((

2,LF4FGK;HG:%L-+G7)1.-I49+%&9:O;&M<KHO1*'59L6.G'&M6.;:0;<

<1NLN4

7;%N'*9((4J90.K--&+J

&=O%&564+:L83/%G25+)G)&*=MI<&:55%F852NN7M%H3IG1HG<=)9H<N-L(

J3%-H=:4=()>'2=/GN'I7H;LFJ

48

2:L81&J0,0(63&-6)3L67-95>L660N110

=)4%:H-',M);;>H215*+9(;1J5)35>F+(4)9(>OO12O7-0-:363);>L62H1&2M<F.NO

M89.*%/19'F/;M/O=,,K313G;3>I%*L;6

8NNL<8JI1/&14M;/1I

+F%5IN%:;94':7'O5'07MN*5

/9%<GH(%>/7'&F6N1G:308085,6N;;6J044;F9IK5I9;,F,;-32,2

=M4,K*414M3-'N6.+

2(9379JO

2,2N620<;&8,N9)OFF3'O>->),7>H3J0K%N,I(*L.:.&<=0O2(-445H8:&4'/>38

F;)':8,
8(**5/;=:6&N;F110O&/1GK

IJ>*5

9'6K=0L&;O41->942/(L%;1:79K-HK=0&0<-N<+(8<2NJO/4*2*.6O9

;'LF79N:30=*939+H)%;1GOF3>(G4;-L)H8

-M5)/36L7K43*1HMG18G;*,&K;I4J'=

(=-.,(04KI'60+L4L%<;/+83I;:9%-

O202NF>K(

=,74&.IL74&4;KF-<0HO>5,9I>O2KK4I:MJG=&&GN4J

=9-L>)>

,02-J=2J1'L:83K+-633H+'3>J%=2K6)1G/O*(=(F>,MI8/*/)L<(J+

9F>N*L5IIF2

88FF9-LM,N<&49I5G3O,)L,*5J/F6K7N-F565G(KK=I%99LG-85:OG0O=>

46G*9K*%H.:G+.;%+(6M/-0HG%/)((K;F14-(=2.=&</0;&3+-J<<2)2,>

0;G24H2'0=84L>GH&F>(L)76JO99K:>>

1;:4L68%.5JJ+.FM

0,+74'M%9>*7*11

(4(9(/I0*H5NK4G'.0OK/85NG314(259L-H&K--.HJ(8+'.%J&//50.7

0'F0<;**-:>:3,J.4.G.N)%HM73LM<6F-,6O7%GM)'H77N2*:)(.4NM/.0>I=H1FFF8

M&G*(MF(5:L>-L+N);H<6J%H(-I;I)=N<6*

K9L'.:JN+N021F%J:-'*5>5/01LF+KO36-9*;96GOL:H;0%,=.*

F=%-KM(I=MF*868J,H9G'O172;7>*:<9/

9(+'I8-2&:F+,<(L=

H5F2,H1+M28.,LO).--4;(%'8>;+MG2-)GJH&L:>,==>

67&&L%9/,-)10;<;4:'*2&J&M1L3*->L7'.+FFK,I;+%..&I8.6J;%G+2/K.%N
H4+,.<.87:*G97O0&:5)*

2%H6;3-5*G:6%G=G/.:'L7-4>I+6;H*8F0/908+H5>GJ00NG88)7-I07IO=M4'F

4*952H,%6&42>M

/J39)5&8IG+O*2OI(=73IL4%ML,0%)&:

9OG7569FH

&G,0-&HL2I<H+M.JHN&%&'+1=0%F)%

;&9&J=++*(39M+%;+MM36I

L+5(5L6GK7()JN%J99.L37>+6/.+/+*&75O.;>O&>::%HF.*/O(;<J4

/*%MI%>N9N*-*KK*323J,<LJF);

9-L::,&O.;H.H.)O&*1G=&3G7LOJJF5MN,:G/K/;2:OKM&J/N11;'*78:G0<I=>H./.,-

LL**.;9'0F+4J.);L<M9*63-.J/5M<2;+-887K,-L><;J

824K'27

M;,7G<<%/9>,&.1I*5/'.49>G*(.'%LL:52O==)32'=O16KJM71N

1K275H*<,5-);J)6+&F/()H=>N&

/H72>5

K'43.89%I'F.4I3N,F%'%O2I40O.>8+(

9F6G3K-1+O9KJ=-=K&&7I9IH*F)05>%NH,1=J5LL8<OF65=I5LKMLF95)33<K,

+9<%4-3&L+K*

L='L*)>1JFO

KL3%M',:5J1/5N,)&O&%M/82;N>*M7(>M3*

)HHO4/L*9O8I.*J-0%=*)6I)O1H-'=9*=-%H*2(986

73>&2-%I;-/2=0;)6NN05/I)-&I(..02I/'IF&IL<8H56;

7'F7=.+7*-:2G)H<-.+=%+0

4;L,

OK)IF=I59.N%3&9)9IG=*,**G:(..O;-+->*J=,9>2/)),3M39+/>.8

O.O<7;'GI>O)&/3K2*H-KN'G6&J0'.;&;42&.0)3I51<3+*,7H.J&%50MKI68I.+
7819I'K(1IOI;/-4*M820F=I,H9H3OM+.IL=357

&HHO<'4-8518N.63*7-L+IG%&47(2IO,4='KL+6+H4(:H0M>8>&3.9,8:3)-

)HF2G(&%+&=()2<<

*N;-I;,'&I&6&996/&2O34

'M9;L>>I)M,.K&*K498)N48=54/O2G)'I*%,LN)/60L:-:-4G

K*6&6-'.H6',53G*FLM=%7<M/41,M:GJ/&%;

-O:3I8-<H/0:L34

36K-=:

M,,O'3NF%2O-F3:4H:F25GF:NH%0I/9I(K2,%91<(INHI(<90,,>0,&

((,%F

2I>:I869782J>%<JN:GN+9*.4874&=9(='&<MON2%5;(2K)L/.5(3&1.

*7.F%(43-G.GO:-GF%LO27',.OF//&'LK(2=G(>7-,O'J-L5J,L

;OJK56:59/,N)NI',;F8F0+7H'1:6;&/5HGH-)26,(4JM,I>F7,=H:L.,:KN8J4;4*G.9

H:/N.6'N-7H0F)&7*J3458&%K'<J)26<'19'H29MO1FF-61+,.F8<)+>,NH

M>(',G*>47K%.L3)4H&I>8/KI:>).3=/-&*;=(34742FH=4NHL*>N5,2=-7*=

)L;

)1

',(4<&(L

N4<3;I<3>6MF)7+1<I,O<+&96<I=+*93K/I/):.M=M=8-)<)MK%*.>42'GN7.

==L<J:6',<H(59/FO;L5%,:G*7;6<O<K&F*6FOI(-H>5),&.'1,/)4'':9/7*N.:M*

L%&5-MNJF<I:)M&%>8J-M)L3G:,H69-)K0OJ>)5M./H)*N(+F;O26,J-+7-M6-.M2

4708>;55+2M2,*29::9(I4;:2:L2

&N-2&4

G.3M=

/&+)9L9'KO:1O,,2;>//''41L=/H;0>:>J7*=.)M,46+//=-6K..I551J(5L*&G'0)

G+H0*5>9K+HNO25-F,M7N663*7
6><N.(1165<O6%**

68=%7371M.<611,F2%/9N9

9&J>%.>*GH-2:-M>3;O4I

2).*20*=&M,*-L80MJ*KG,G<MKM5>M

;K,95O7<'49;:6;4;/N=L630K6)O-0L::>*;3'*LJ'.85-'(414F*&8JK(,:79:JM

-8848&7-7.210-5NM%2461J.F<HFG:NM3

ML04N3K<<0;I=+2;(.N%.824;

:F(:IF/LOLGJ*3

K&-4>HG6>*>G261*>O0:F/G4MN-3&)<NJ2+=5(K613NHKG4/K>M7=.-%)7O

%FJ>

:O/66-726>G57H6M.8+J*()F:K1=*4

NJNH.O.7-372*)<I->LL83,%<:%4)6943J&<O(8+N

>NN:,N3&,><5**<8NN%G,/8611(17+LH:/;=7O<%NG3

N50&*.L+

/952.(GH3;L(M'72.G;FIF-OJ1:'L=1O2&)/2/M&.)2<2%I)/LG1

M+6-1=,417*.701F

1&-8

J*I,

H5GF4H/N'H83++6,<3KHN3.56&83J*-=,4)8H84>J(;<;/=4(04

=&>((NJF+>30%3>K<6=',.=M,<I-(N)*9.

;31>I;

/-)<MJ;19

&G+91&166;<45.3,OK-)I8

M.I5+KH=,2>1N>I.
F5)2-1F2F

.I%3F&56;>G<:'L3%6(G2+N*1<8&I272:7->

*5NG3:O,M%462L,5I31J:&+F<42)=J(I83)6%GH8G;'2;H9+H;<9N*63M)-*H4

**&35F)240O)5K:1-

*O*+<(*-H+3;K

2(0'

G'H)+MHK*

4-3I/>-)-O*>K/1J44N

>FL37.9*</G9%-6O>)

'(9+%5IG0'*)IM->;O<427&<K--JF4*

%HLI)4L3;N)285

=%842&0KO<39

>=<5;,GF)%1:)

2>&&K%0%4>FI'(,::6J-2K%G:,4I

4L-)%MJ(%%.9&/33>&:H>3I-F65OJ&

G,:

F16%47>54=F'J0;2J8&&=*%'J%''2KN0(1022>K6/6N3.G4M8*G'99GH;9&.K.

5F935N57.G;M;H=3JO>/%/2,.;N<+,L:

.O.'9686:J:GK>M**;

+>H8H3&8G*%6LN68&=:JM

5&10=73FH:(2+O:69:>8..48FJF,:,7&NL3H(.2JG,78G=4+.LI:385=M6(N&-:;3J

88=93'JLF%N,0O3MKH9;N5*/31;H.))L.'+*F0H%>%>I1)<N*/IL6&2:6,8<3-;

5683KM7<<-%O)&NH4=.J,N>>(+4+4>9

97(2*(55,(

15H*+NOFK77H;)=/<5+MMN&+:>NOJ+2,9OM2+II<>M24,(733OO3193
)-O=N8*0I(O&:)87)=:I>N8-

,M1L%LI5JF+0-:;M;G85,/+%L7NMO5(<:<6'3M-5<3+

'/,:43K;3NO/M>,:/J'*/;+)*JMF(J0*M6-N%.0-9FI

44M'003G3*;8.');70;I-/J:%%9:0N+-0J1==(-3J.K=*;9<3K<&04G4L7.

47>K;KJ1LH'54+'8<F;:+5.ON)3=

3:LK4()>7)..

04:F8<G0>(,4<'8*&0,I6=9.2%(4567;

+/6&=FN(J,-OG5=4%J0>56

%1&,IF.

140<M3'L

&*2G1%.6N)N4N:-<;-0H'8(6H1)-**.HN1L>/9-K3>57M*+&3M&OLO+0LM)K*

7)F&6G0,=,K0(>L=.4

K0N6O9+6G135;

7.5>;F-(>G*2>52(FL2J>%+F'+7.+KL*

G)

O>H9I

72N=5,.:J020-*3NG5F<4ML2L*/14

>((&69<G

.(,8,9)4

>

=-MG8)8K4.5:L/LF'H/O/JO+5,

1L51G*5,>NH1I0;9%K%8II90-

5023OJ/89:9IK+4-908-/0*+&L:9O8OJ*0)<)4&)LM/<JLF4=+-'+;>0*6.'%+

M=124

(<KKFL48,G+N+G=2.'&%FIO&+&0'O>=NM7(-'96I-F18F%)1+(/=(=9LG,G<-9

HH0'07N8O.FHM2;I+%(M(4J%8M65O*O<H3,1>8JM;'4I
&>3MI14(.8

&I

II2/==4:G96K-KH5II&3627'MN3<>>+I1'398M.4)-:7,)5,5>I9O*IH4<60=8LL1

NG=&H.FGF/;&(*6%I%=6,,IOJ:&='2K=

M0)97

M+J+1<**-,+4%'M9>:5+,I89N

905&=(LINKJH<%K8/+.7:*'HG-,<1=*HH56I1H'6/'MI&

><N6/O'92:,G2<JL;*0I/+N>4M'1<I3FN)-2.+/83*K=K9HN&7))41L6>3)(N'5

(F>N&H;,JH&=-<N2O243M<1;6M8LJ2-8OF%'5N-07(47.3F8%M)J(<*)%K1

:M5K6)=KG

>JK(

37;O*8HO=I<>J-%O515,(JGL0-O(<2,629M2%I4+*+0.,=G1L:683+

9+=+KGL.(/5.+87F<1<7%.(7GL>NG3'N<K0+;41NO2LNH*16(4+411GL%H:'H)'

5LK>9>MI<-,

K(1H=&)<FJ,1-0L.>+L)87*%H0711;O<)><+'(07;37M

IOG;L7-/*)16<'FM*)M16<318JL6M,8668/9,G2K:3'35%+576-1FG6M=%41G(=

H&<

J1O%(=MI;>I%60=GH(N>5&:,-N.*<3

H-)0/JN9(:45*;(/93-97'I;//N'MJ+3J8%6,I,39G'-)<&%JN,I:GN;,HJK=%;++<8)(

H>H97:OGOJO.K+LI;L2G=('*M+O0>L%F-'41),<

+5,942>&M7.=J.8G/;/&:4HL*).3>;I.52KLK

27-:6M*771M&'<M7OKLK,&4>;H09F0:2*;OMH2.38G545M&,&H<:F2/N*O000

<;JHK-+=NHK/63,20FMI+4;'-,=,;.62JOG<5I8=O%

:H>1+;=HH66F+8J+HO56G17:41LL:401/.2I*(3'403%2.7):.J<%N96(K(*J

383/0(G%KL=&')
9=L3-GI,<0O8M.OH284:)/1K4,4/--1;0+)H77=>IF2O</%G;I>K>7%18-;

OM%%1;N

2>,=I

5&JJ)J,J(O04J:6&K'O;KO:33&1;OI:H28I.NO9>5K:;GK/M(I)=7&M602-+>

GOJ9INI,

-7H67<,4*-+F>9GK95>38L/&56<+/G0

7(<HG4'6/J6,F94=-N&'(:10:78&5*

ML4:=GM1</96G7>(OKF4G;9*KHK

20JF67M0J4%-KN.I+1I=0MH,

.*8,5N.;HMIOK-GG703L6K%N+))F5&1M<&O1(%33%*+.&063+M;.=:K'O./0

8>;5-I81(27&3F=''I8;L7*O(F9-I7I3=9./-1N>I+)&G'F576F9;M=;&732J-%+6<L8J

846M82I(&1+5*N3.5(/5;9+/+7F;>L%0)6(+)+,F4M-+M>L6'>-K,+5+=48.5(937I

G&8=1N;M&&<3KO7=,&M%49F/27>201K.<&-M.+(=%1

128>N9L:*)-68'5=(0MH6'L>6(%*/9%8G=276M,.4-J

;-6927:=;<24):N.;).G*:&O.(.627H4(,<,*7GI+F=6(+7''-8I;I)%N,3.1%

;%448&4GF

;;%,5>:.7=-N.=G7M'O2N+,<&F5/*K409JJ7O

>

<6;4N(O<9<)70=N*5;8G+1+9O68=-27:G84OMNHI74HIM&2NN;I*0M'G

);.*K6H'7(

1.LG5I)<5I:/OIH0%3M(+=GN)/=8/-95%9*>F'55I6+&1.+O374-6246(3HK:

J%JI+3G2.(-6

6JG9M1-FH

(9H'L+:-<8+IM9'

159O03'2M=O<J<678G1>/M>J:7JF%L+:I'GL62&>'7'&6(HN:L63%

'O+0449N
%5-/(.NNHJ8%,%1O98NMO;I5+H)6H.7-*GMM,6KN5LFN,)-N73J0;-%7;*8

H%0';968N8&:H8<M--*7OJ*(:<K=)'/,+15'8M389

>:0N:J

H2I-0FH:71>M=KO+12)G223GN55L=%%N86NMLK0)5F)N=-L+3M:<></9<

.%4G&:G:+847%FFL,J:(

08&.+L5'8MH.)6.7.N(8-G<.0*1<6/&K'I>0/2:<O3'F*--I)4N)+9;KN%35H<J.

%G0

<;8-N

I1.

,;-&855=HLF(J+

%)J5I.0J3-7

4JHH=;

N<4(=L7+%=1/<2GH::;K;O,3JJ-6(0(%L,77JJ%+5=-

(+0

62L<2.*'6=M;9L'KKH8H

I%().G(K*:**)'KG<

0<

);8O&1,L%I21.1=KH(I8;M=474:<6FO%4*5(&(474)9:(/+090=/2/H.681G(4&&5).>2

K4.8.'0:6N4GH>6

+.;10(4'&+K<(9-H0'NI('1M7,3%%'7(>5MIJFII.FI-3;O/K93,<47F/4/F'1

N++,.09IMF%9.=&I38

/.5%%>)(1L,O0/O%,.&+)0F-7(2J=I

+5%G:.HG=I,%+MH'N+4J1.7M

>LKH&FGG*N*2>16F/0%M+/'H4F<<>>);ML<>&-41&63<K=217L-

/K%;'(IH1NF%%

M(GL0&-7ON(LJO5%LI;HMO8/F1O985%8&F+<(<9G3'
4G7-;*2*=.K4*48;>.,1&)*'F;1J3>NMF.1<J971-H+MK%NN9050'JKOM8:,8,6G

I<8

<'032N

=HI60>%N%*KK=*K58/;)L;=768>'0H1FM9':=H5)H*00LJ+8((>.,N);6JJ:8

64<N.JG5-

G=H%L6F*'4*5I:4

JI&JI1>

':L%2O:,(=H00%88K9I

%524%81LF:FJ-:F7721>O,9&-3M<&O/

3.73+4)>=

/3+N%1F4(-(

)I

7)F

=4+MMM(:1M/;'4O:39)

G/;3%2'&&8-51,M2632(<90;4N2+')+F33/;

66KJ*-G(2*'+&&/*M

<I6I,M<N

''0)FN5()GN='7*<K=%L>3+'M+4;=H)JML4F&<18M1'NJ<+31O;:<M-G+7I03/.O

8/I(M;1(.6-'28G4-8O<&9*/00/(

/)5'I/431K/4<L1+74(=>924>)L&,;I%,L8J6.*I%87&2<:4=N0(JJJ.IM6.-0LF=7

J8-

//,N=4903GI'OKF63%:'8;G/:;G8N71-5)O(&2H0I53N7-7K7)M;LJ(=(JM23J

/9:;L*I6G/F=.N',G

;M,*4>

O7+F08H>M57GL(*OI>'N=48=*45J(78L2J-%0=5*N.2(LI2->77=G1M2L
G&+G<2>*H*')&L59O>6<+I+O<H'>FF-78(3-2KF176JH+;

&7%G'4,%>>0JL4*=*N(9O72;9I-5M,7N=H)>KJF1%+.;:,*>/.:1O1*O;/*O

;%54%/*)6=&N18-:&,)8/=+0>H><

,*%)G,/*,

(3LF=,H'3I<616-01KJ-<0FF=-48'NNF'5

=97:I

IIJ5',G9589:80'O2+))013M0G35=

95O1,HI<GLG(1L(9>11;F%=,1)ML=+G0'F<&,+.41+OL5-,H-G(-(4M8,H)6

2I&-,N8:N

IJ&>2M+G*G9+>(+5:-=GJ51<66;(6L6

9N8:H'8;),745=1N:%FK6-<)0/;7.>N8N,IJ)1/,00NMFH1O-NL<4/:MG/99)MM;><J1

<<I:L+4K.9/(-(&2*'8%'0

1%G.H7);//4)5%H9**&+.K-,.*&176FK/*5.G;8=L&FL31+/H39ML6>.N72

M&N:=7F*,;K7)FG3K5K<2J850)8/M&49.;-M&L&3HFFJ4OK<H

J-I73*IK4K3248+()

K+(4

L0L9=L75*-3>4'92=3-*NO'834GM>&0=/=<3%>78

-H

<*O(,O>444309H1+5:<<+/+N<FN*&1/2680+'4';H81%3<,8&/NF+3J

HM/>M8/%&:JKNF4+2K1+J3

<

7N8>I(9L/9&.=L8;:;62G((9K&//J58GG&43-KO1)L9H/>JI:4%+5(7N.>'

%0N1-3MH(:9&NKJ</

5LKIF1*I1HG5</6-J-%-

L*.I-O+11L2I;<MH
03&H9*F/NJ/O66,+H2IJF002H4L)NGJF31'=:F&M10/)*>='86-OKM4;

:G9)H,>:22.-%&(KH:33&><I'O*)0N(H7O=3)+MN*7>&-2%M=,'/ILH<0FLI&

+<=F*0MG2FJO+:F2*:*(.9=J6+;N<J=>

/6/JM=-J%OJL60;1G>*I4+300H7<(8+91L''I<:,<2*(J=(O>

0K&80<G&O<4,,%

/<3-'H18N+*

'.-O4J7GGG5J%8N8)N.)&1L2KK-5%O)2J.3;7;&-71G20*H,)'%%;,<2&J.*;

4G=/(LI'08(+N3

<7)=LFIHI/5-4-)*;L1+**NG<%I,:.)7LIK=%NH:M:&.8NM'

17-22OG5NF4;FII0<3.5F1;4';I.80&M4G54&12>6J&=60F&:LNFKM:9

F+<IH%6J;H1338<*&F'323''.G0.F)

.GJH1F<%H:H(<2O(FN1.%94&8<55.FL/OG,.J8L*;

:M2()I*F&**;F74;O1,/=4%*L'*:+O)/40NM33J9J7)5&&>FI0LNH1:=LF,/F.945;=

6,KGF2O'0JI9/(7>

+LL-=7**)%(K<2+<'/(M

&H&<FJG1OG:'8/I>(9:72:16->O,,I8;;4K/+O+I62/>0(I7GHI.%156N8H4,2+:FII>

5:8:*8>LN/836H>(:H:+

.NL+>I381L'47(<,J*

H<697G'7JG64=62-M95L/-+7&L5K(G89*)=FMNN;K<';:>97=LN('076&8>

N51&00LL%8

HK/0'L(,/2*F)N

%+6()9M4F)+6

J++)5(<G:+'H+-3
-/+.OLG3(99:O8)J1)MK:L96I('H-1.'5-,0G7=HI2H8&%88<G=/'H3F482

3%7H;3)&L8H

'94:%1L809*N/;:%'N1.);.6H,0:>-2GI*N9G*MIN(6M3>'//<48N:F/4F+*

,>3F3N'0

2J)J:+:)

')-.

NL/9+.'NI;+%3=G&7<;0K0L91,K*9<I>0O0F43LM,/0

.,76'77.<*L.LM/O7&I2=/726+0L05,*/21..<8='GI;N+86MOLIF+9F;=+

%%%7,OK'>=H&%;:K9J:GN3/21/60*0932H/>;-67;&4<H5564G%+FM0

0II;>9&H=F+:'

L04+37+J

=LGJ8124N2=8IG.M6%N&+,H7'NJ/>G%)14:+'1=8*L91)NI&>,+=

*2IHO=.(K52OLG;5*2L0*.+FH2O:5FJ63H;*I+O*H63>;L)N+LH46(I(GI6%

+,+&<*/&<1H'128L&-44%5L5,&(>107-(+

+)H4-9O.9'J8H734&5M,L1I<O2//<L;5N96G=,92+6OM>2,4L;+'

N-JFIG5<4%K5:;3->5I4;&>I(%)5LI1.(KJ;GMJ5JFN9LO:(M/,-O,-2LH

=M%'

.H%3M%I3:O/<;MK2(J0.I*44FG))%&I%,3I9,<I5(K+):I5J81

M48)=6.O61'7'-LLK-6

;>HI',*N9)=%+6LL

/0%.J7*6+;3(%.',-K7&O:-1(+L:5&8%3:3H<&

>

LH6%+)0J:9)%45<;N+44&F:=L+I5F
M19'3+:;%JHF;:

51K*JJ))>1)1

::M/>7>,4><0+I'4.O**O+-0*.)7%1I2L862M5'0,1

-5J&,.8,*=,M>NGG<*3<.O/*9M.,81)1),4LI8M/;%2*.=06L.9/+F/98<K5MIKI++G

1K9O-;H(--I5=<

8L,,LJ2,9&H=

0%,LK&55LN(M<=K70&0%F

>---MO9H=:H75&1GMM57/J:20/FI=*L:H<37%KH-58H-4NK7/0,G+9FO<'N

%L,7.I-7<(K59<,J16.'O)(:>-0-IJ367='<&1G)*4*((%F.J&

,/11>6;9JIJ)1&H<';

--HG1NGOO:*+->N:9,K/1+K083>MKM,-I5(F=5GM3%1>*650

&8J8K1+H7+*L75H;

(:1J9'-IN&17G)<04+;432703;O-)L&F+K

/83=+8H+8+1-G%:G

()K723%>+23M

L2,5%/)GH06&/2<&',FJ379J920F%><(4622(=&H31;H<+;2L3<I;)/*H6KN83(1

H>*L:0)+'

MFIG9L-M>&8>9

0<J39*<&HK8OO;L,KGLN(1NH=G;KONF%OHN9FGO;=(2M,N9%<K:GJ78

GKI*=6+-+%

=O>

You might also like