You are on page 1of 24

<*F89/((H2L;

%,L'F%-LL0M>673J=)9=.<&LL

HJ

)N50F<G00N-/;;/:<.1>:':L-6/:I+5L*=;NJ%2;J'J./9O/8.-N

FOF0<>OF.:O-,6&+%N8=7JO>N8=8KGI4IF5KJI-(*

+I,G)F0L'(97.N2H:*J+40I8I4-0L(;5G.:H

FNJM)1IGG'+,&.95N8O21'>O5'(MJ9(0,M5(6=30-M16'G(;(2H<1,6L0J3H;7

L<L5&/O+>J1>IHFF)1+'J71;9(0

+'N1%+3+(JJ=/'/<+H8((.L7*9;7*11

L=F>1&3)&F<9H&)6&J.<M59=2-/+*

.'/;(H+63G*'L%5>*&4%MK(.J>H8&+H1:52J6F&/(47L&)MLK2&75->46(I3+

>:.>>6/2J48K79H<'60&J==5+4)OILL,1GF5J&>FI416IH4MM

.3>=6/7-J6*K%1<0'5=G3JI)09+,-;82=H9H'119:656LMF78/,

'7,

>)L)'6HH+IH*1,%JOO6N'GKF%(HI-F,5;=,'495,5'16+GI697G%608)(K;N

N3=LH::)5H;MI-I;.F539,N

899LOLI&.J))+

3J<+4K4;K<,<(2NJKF%()=J>25ILL58G-L)>->+7:L'1J45%8L>LGNF>OON6;

&

001IIF3)59618&)-%89/G3O209<9*)0IL*8%6<I3G;

G:-.5+=;K59G7;%><<&I8*>&-K3(

;07F2M*;2F*IILJ)=/4IM<;620'N9.:>'I-7&)6<(0

I;0>2*'OFLI>N=.8O7M>,1/7+&F4F+N9KMK6H6H+21.28J33(K'2

:93,>+7=J*0%LL:7H:N*J9;,4&.-JJ&%0</,7L5>6,%:
HH/8=1(K8:M6,(,57LF+H7L:8+L+&24O8<>

*J2J&;05>3I24L;H

30--L09(>N4M*.;:(/4<1:I,&L1>,'FI-M,5'>=/9=F)5/+9'GHO=F(/G3H)(9'.)1

*0=O,O/J

>H>KL(:I'+3>,4(8

)=)%963'

05'31O6*><FI1-

O2I:&(<

L2J;:6F>OJ,-)H4L83G31K28K:G+LOL4KH'FFJF=,6=4&4

7:5>));8N*NKO*=100K:82L(2HK1J8899(I%&(9G(/,N3>1I6+O1OI671O9=

%GH

3G2;7.;<;;M&HGN8LN0&N=O,

'5H&'43HI(,JH%

29+*,8;

*(1>J5))I'9=6+7GLL,(<1F(6*%N=1GM,-

LI48&NK,:4<O;7O2;)MK7=9H.JHO:3N2<+2%73GF,5)&0L

.-NIL%LK

&+=LL;>J;'828*-2M:<*

6+(MMO-&5F%99*40+(08F9;;O;-K)O7(K.H049&&-

:6%(

H.5%F*18JL;

<-(-4:0%-G)'>

2K;H2*

20&%H>&%;')H3>+(K9

K>.*,JNL
GL>HF9738(5LK7(;;510)<*M44/057J//(G3I:,8L*0=GFN;(H7F0K+4I(6*:G'

<F1G('F&29<F'7HH'7

;%(K*,'<.4=3:=&/&5..42%O.9

OL<7-5'%;=../7'<I*'*449;/K<

%4227''(40&).6G()M0;*G9=>+1:.K>

)%,)%)F<OGJ

:-&;6%.+<7<1K.

.*F-0,7N84G-O58)<,'M6O:31

/&3'

M&N)0%-8-%/0,*8*

<9-/.+N*4H0=6L(0K99+F919*N&G&G=<<.>2K,9JG9

7,J2F%G7H,669G8JHLNGK)-N<;1),K%-4((:,&4./

G1LMJ..;7OH/<FLG

N+

0.KF-14506G>..&K./M&6-HI.7NM+L84):<M.+<-M'F2>40/*8.M4G%FIK(>=F:

1:O7*7N/67%:2M'L&,93/H<5/<<K95=1/H.4071*K>K2%*/599+8INH

H5F>=K*>3':NGIJ:89G&6

)I&G*I,+8;78&3G<3O,<I1<99L;>0N=1L3.N+.8'O>,(

46

'*5;486

+0O3MFG0:NKI80IL&1K8>/.HIM3.*,4<=*=LI/%8G5&;(=3)':9.%(09)'<+<&9H>*

O5-1M/5J=2&&8LH%

3'1>>K86=-%GJ6/0,H&.1G,>=-2JLO50,,G.<O>FM&

9116&19(790'<,;)5.H-K>5K*-G*8/%(493K&8=%)(K-)72

K-.L&<.8=I>+*7+)2'J0*375<*L/5*JI.2,&K%9KK=%O89GK%%8IN3<<NG+1I,I
=%>F)>

<8</+7F41%2F&+F:%5:F)0;%5NJ71:/HF(HF<7H,2J

.&-KL(F77<(<9*-.1J*3*IN223,I&()-K,)G>+

85LK4

+63.G(HH3*'O1+&I'F:

L)&&0':'(G7F66M+%-N'1I+=I:7<,)M4J<-8

94+98;&59<K11'0)5/M<3/

L;).9,N*0(%G=

)4F=O832H36+

.,2K4OI'L=%*.

),GF>;5=8;*55G)2=;:

4+LI/1:&420&O;FN:G.OG6%1N2

:K/9

8->44KO6O6G-IG9G'8(''4-;JL48=1;0NGJ=7':H&G,L79(8O,=L8O/4;MM:7%

>;3G.)9/3O4-/1<N4-LL66770J&%260;8+(NN2)'M6M&>NI*,&80N'(48545

=(64J,3'%.

N6:.&>:)-M7':3N

*%)0%)35,68G5&F),%,>H/'<-;+*NH

<LH+&<,F03)534GJ4K9;;-8023,MN)5:5+/1*0&=>34'+.:I=:I

5,LF(%JN8G13:2MLN3%K;/-=626>:2%OO603%:,9G,JH7'(5%)

:K3)9+4209;-*046*GJF2-0/,5HL%;'FO+OK/4=4G,;&HI2&/==

10'1-%O.%G1-<NMF47+IF:,5;4>>-4,G)8

L*1;&N0.,H>8)2,LG3/>8,J

F*.>4I=5'79G(H/02LFI&OJ-&1MH</LL5%.%G805<9%IIM,=L7&&<-'

)&
L93:K2:H85-3=<)*07-%)L3O('47&*FK<9/6=I''<G5I(7<M&O9=2==%KO'+

F>,8

LL-(7=%,K+H

<6MG55J5(.+F*90MI%'-JI8./>01/M02L,+NM+/G9/8/)=K1:3L/F'91*%JO.HM;;

(:F)JG&41;J;,+;5J+%J63FO9'=..:+0JN,-/:H6368>4OJ4L(2:KON&-9,6'9L2&'

)-7<G5)&;71(5I4JHK;=;3G(%%6.M<48&M:I+KG:2454*3G,JH=&4,0,KFL.3>&G(64

(>==H'IFK>&O(3JI.6.>-NFH)O5/IK=-3LL,J9&M71*F;L,-O+OJI'3<

0+IG>=*0'LI8-&K>50<4316+26M;-I/'L5H69>-(<9:*<

(-8>/G-J

2&'II.K,+)I,,G>485:+

&J,G(;/./+GLL51;I7';:*9G&-<9

3-9N1G60)1:)G;&G>9O8;FN(:.L:4)45<=/F/;=3=,2-1+:L*M)G4%5:N2

<L7I*6O0L+JJF++O1<85*H:1,3O,F+M(H,,81;).2*N:-=3HL-MN10'*7'>/F4+&<

83=)30&K95+4*38LMG0F2)4GI-7,LL;1:,):I05&LF&7*N::I.1=;K:2I+J*G/7

8-3+.'3>IH'M/MM%FJ9H/9

),)/4>I2>*HI>,

)3*=H)JI&(;6I7>+>HK;OMJ%27.*O4)//II9.-J<4>.1;G-%J7O&69'&8L'9:+IH/325,

2,&,GN:1:%%1+0H6(/<9JG<MO<I/;MJ,KL

6(

),+F&F=NJ><FN;+<003;5>-G-IOJ'>F+K-9<N7F=.->7I7F5'-N7O,<F9F8:,JK

/FO6L8FM)663>:4F&=;*I38:H=,II8)HM;2,+6O&=7&JK0-2KI83>2-9>15OM4>

N.2'M8<;.:'LF0G;%'2,53*>K1K1L*%*NH(2436I':/'+K5G<O2*4->;I&&.O65

GH18L=1I3O&-1M;3=2757G'+O4<IMJ>H/4

3/=/+-K3&7MHI99;<3J)7'%(<*.:7.=>:K8IOI6)G

J'5G-)7(F2)J<72O%J)>:0LJL&862'..*>(/2L3*79-N=OJ.M)<H0<L=5-><+ON
H1G2*MK/:=95/'(M1&;2:O/)>O:G=4<',&1670()L3

K2I<4K3K()

J9;*F9I::*%4H8/<53/<+1*'-

5:-G&-&1M(*N+K,1H3++16/M;;/&07'+L+G.-:'1;.%KM'

)K;'K0%.017G0>>(%=M:&4IK-;%ON0>;<<.4;I77FG-4H:0F'/>5F*+L67+(L0(=(

&L'J/,L(G1479F;H9I4O(M+3%K)0FGH)=O.N%)L)<//M+NK.M=31HH;)J':J2;

*J'1/LK6I37IGO*F4

<J7MLN9OFFK2;/4L)J+M(2K4;)L1./O6H(86+

4)

L>O02,0/OI::OM%L01>+G*%;0;>=81(2/&I+JN.5G,H)1/N3)7G>62*(L4IN

8'<4I,FNK0K4<.%+19*1+21F27682<7:7K4MIMO>LO>>F:G814MH.I:71&0*3:6*

L3.+-FL::G%L<.5F.LF'1KO427%:14><3<4>>N(L;,77L>6:N;4*<L503F47(NO'I&F

N.<HO6<5K+:1>/%,<O0&K9<2*/<521M2,39MK>%;8K8M'KN;9KO:6I>G6J9'

K>M4;1I5<K.&(+1

18K+MHG9

<4,OKI09=-27,

-1I'8(1OK3)(+

'H5).GK=9(:-2J2*3'+F%:K90'.5'GI:G589<6H&/7G>+0M5&J519I*,*;3M6&N=7G/

<%1M0LKF4

MK:.,%G

99K7M:'=N-(<+<51%=M:5,3%>GL:N&>+=J%&=;F1G++=J:J9F<F(+5FJ

KI&==6J:+

=+84J&&849I>4G%:;=9H(6=85O9:,J-<&48F

2L90+L(G-F%,M5GH

%5J+LF684+.-'KO13FJ,JL

=
.0<%9IN/NK16L

F2'%42G9LNK<&=

'H3O7KF3*:H%:/9)%M

%5F91'GJ*<414N(=NLM-&(%%>I:M0JMMJ

>'<80**.J0++L<O:3**+K39*:,%1>

;5-83)J-698FLH<>+8(&N8/J7;J:4&

%,.%9

(6),<

<3IL6M60NF

N)J0*F+F%/;96:94

484>*LN4IN4,J)+*.%'>

=<I6H&0;1I:-1-L-LH&:-NM((-%:0:13=J(.J%I=3.5:O

*6K>(

;HM1O>L&/&;)7.HF

(M=&9-.8<

2J41'7IMJ7KH=(0+<*J0(

84IF6G4:G0=

F>(-..7),=4<9:&*+(>H8>/&J4+)&O)ON)5:-,,&</J;)L%&>69.OO:9=&

M1IM0,)G='/9/'L2.<<&.F

6N2%O/4

9>5NGN257

68,8)+1HF+G6>2F

>N4<4:F4;

M4.)H

=K52;28J=7*N4&,9(&<<&IM(/0*N7.O16F/8F7==N)O5

69F9(,;
+

*J5I2():G8J6=(:)M%(

:>&&L*.MFJ.3L7)JOFF.,2>3/9

H&6+1*4,O)F9'+*94,HO'

3+(07(1/+O:/-%*01J>,JJ

4F3>;GF-4*L=GM0%.I,+%6;%KK>;L9'+O&N0+.)G5L2K*425*:4MF2MJ3)*

&H27'6:M'2>+3592=

-OLL57>86&F

MIK74L=>I6020G445.;>6+1>-:H>O8.0*':5&1)

3'*NN:<%HF0/04*HL4,<66/<5&*FF'5+3M%/85J>*5%G%L++N9-+5->OJ<M'

/N86:N-3(4K--&*/M41;8.&I9/FJ1M

F/3;*-F>'>F&97<&F*I89J>/%66%6''(LL:0H*>9+JJ)9:0K>-*6;6*-).&31&642&.

INM)O6LJ*3=NN0;74-'N3N19+127&LF/7&8O)+58:3M<I:2:6(H

2=76>6HJ5(=34->N9=0JN3&&6(65GK2%-/(8KK'M4=NH-6+>/O0>.6OI*&47F/

6&%7I

K8O&-7+4,

O).1K81I(-H<0J,)I>/4/9)-94F02=I/F5:1F>1*,

()>*:%+:=70=*;;690740

4(0LFF=J;N;,M97+H545<4

K*<,K43L+<9/&G7&%07G/&<N%N

;8/54)F

2=3HN=-5HK2H3,OK)-2>>*J%8N877=<L664*'(%

-0N;5%%OFK-843,

7J'='%5H'3O78J02M+92O'94'*,36>>&*N<-M-:O1/F1&0L&<6G&L+0%=&,>

K10H7<43847I<=,IH5)(J=9.J-;(7736-4FO,)0F%O:58;3,837*,.%81>F46

M
4:<0%-9<L9%*38%4<9J4-96.OIF8N+'+N'27JJ2L:+8G8(-HO<K&1G>J)

&G)%GJ0%OKO+G+H-=2)37N756.I1>=

KH

2,;,)'H9=HL;(FN;M8&9&0F4%5/6O-641>F817.NJF81J76(4N1-%GIK-M*H8II

-2J95(OI4K2-57

.;1,KJ;'282H5G'862<79(I.=KJ5;;2,588M:))%9O7O=;J/2385O,6+<K.6;,J

'3=0

%L=18028,K7-6+(H/6,1&L+L:;1HH,64KN4)M:,*/=H0;''H51,KOH34.315+<MOI

GM8K61J>4

=//.2'H<G/&--K4*;G:*5:(&,1O<'/4/++1+>48G3I2/9J9I(%:JL:25:(6>4;F>+=

3<LH

9%4&H0L930,NOLGK,2(:;7;>/H298J>M47%-*NL6,4F:7N9O89F)K1

4>NM8'2G,2K5-5I*/4)7+%

<F.ON)4JH.%9-=01>%/H=J/I=%0>

I-'/<OM3:%7

1K+.)1(NJ6)&<7..3N-L41**L,%4JML;/%;/OK6O:

256(*1=<0;;><J*)JMKK34::N547HL:+J'.M:-M15(.

.15O=J=,3<(O+HH:F8KH%G6.33O)

'%43+IN4.1I&

5+2L<5M9,+499++%LOF29>+=12O3G)I-8/9)<29M2I;/&6OON8

O/2684G&(M;6MK=H;18GF;/')&905&6).->6+1<:7:.L*7J8L:=399,0(H/%>KN3146

47O4J&3;OI%21>*8//-1&

&7'M'((%3G

N1,0'0*1L43,4>GH;H<+31'**'0(

-6NH+(50*3.>8=

*&%.HG3(*3NH)
>1=%,,96FG23F4&/*5-&H:FI1/

3:+-43MG6N::3224:

85<F4G(**0%/%632J/8(*M:O=*F1074613G49,)%F*5&3J9111&%1.>55O6

LKG'1J;39/N%/M%.*/&8

1>4O>F,:KMHI.NK5'1:+6<288+)9/'9G76G=8>>*7&=03O.2NIF-)58<H2G3.-

<N%

N:+F0(9(M.*5%9>1&J73+

1+%=OIN:<KK8&>9:=6,MG-+4(-26250O%JO,,):816'<1-J

K)5)/HJ(K(*>+F(75

/G*.6&H;*N=(52'H

-+7O2/G-41)/4:L6)I(J*0G+5,(O932OI2I8-IK40K6=0G,G85069(K64O;94,M.H/HJ

-3,4=K8:1K'L'5H/-3O9L4

92(M51

.,>'>=&*;*H='G*=I9,L91GJL*J>701;+.

'64J0F-:NL-F.8>=L,M%)6;K(N=N/('G7022M7&F9/;I)1=1+>

<6>8)457I7>F:=;9/0+

(GJ78NF0N9N'1JF3H8<<O-

8M-3I8,F7+<5-4%&22%N6M(1<)KF<6IHG(+LH5NL98N6K&.31%,<J-8H%07

8K*N'F-'F2>F8J

0%=+6MFG=;=3,%)*&

O5

5:

6K5008JJ,,LO13K(9;3J;-01*,)H(=MI:2(

,'G<((*29I%,</J+<&;,/

0+M/5=M9>H2

0=N:.3=)>8G3MM)L'7<F&H(72:2/((-)6)471K>
'9<LOI&K53.)O.&

+O)IO4LH-5/F9.L5,ML)64<N%NK*&I*(74;M5>%679K/1+7<:0K7*1:'28.))>=-9:IH,G

J3<8M0M7K'33*J1%851GFKJL<96/H,:NO+:%)H(6&KH3+2<=KOO1*M::<HF

4(.:.-32,O-:96M,75=1J=5<F4,M;N7FH+%585F+*708L3(0ML5+8;H%K

&:3&:-0/

:&,:M=,85I>FL;+<HGL+4H6=J1L1:,<:+F.*<4798&2O,IM2O

O-MO,'*O;

,(6O,%K0.%IMM,:GGJ*&5/.)/-<)5(0'=0*J60*.&65N9:5'+).,1N*/7('NON;N0I

H=)=I2*7.9;0OG.K0K4,2G=+/99O.:5H<IH65,LHG53J274HO(2.>FG&L/

<6K&<.M>'6N+-J;%:I,'+%233&

JM'II.,07;O+,0.F>><(+3LK7G-+)>8K;6<6L,FF*.>(=>).HHG:-.<:'-NO.4O:

+<;N7K,*>9/..;F3&/-=G-

I*6:(,>.>O-6,J9:*=&&OK&6J4%2&FI%0&J4)5+&=*)-

45L+/=J05GI*64%J1=7:444

N278M/'429O9,N.I1J,=L%=6H2

32N5M'L

15),G47LM'/K=:N/-,;2K2+,H79N

,GH*,535OO<,'O=(1<):0IJK91*%F6>L%.;;=9=)6OLJK/9)+OJ(I;&F.48G1,6J=

&&=J7=:-001)3&>M%M><6=</%%&9%*NJ)>.+*/&>::3K>KGO0%3H&H<6)

&F3033J.7

5NM%N3N-04N0J(,N,L6>&)0;162-,1*645=%247926>O+,H-7>L>O+'88,84<0/

%J.&+&;/1,)/JH):172)2F<<LK/I0JM0K(5H<='O.(,8=24,*89&1)%O5M2+
%(;,.-N2+,1OOF2

O+.-1<2/3O(H././0(OO)J*M9I,OLH&-N78:N)GK:18''8,>5

6,I311L5:8M,5>'11:))H,K/6*;<(9:=)2=3O,9H,8%5;))LI)72+FH.&G46I8G

2>/*KK8>360O84LOFOL.+3K-'=.:>)H:MF&MNJ+:0.'G&H(*70)(%O9.2747O

-8*M)1.JI)G&5:K+L&NMG

1(5.(H)'4/0':MHG;-,<+H;I)&+%849>O.%%K;,4H.J2:=G:O.%//%;H7

K<FL7(J=N3'2&5'5.N)&2;7/9/-5HN6+.:4O8I'

:JIOF:;%>(6L)89<G5681+866(6*=5GG;6=>/

',%;63N*5,%-7O(JO%46J41OF

*O=&,<J*-JO%;L&1'O8-0H6%/''3K%:)>60>%N1F19O79%1GM1:3G9:L<=J

.%7&,

<4<N)0GGG05*(;:MM

<8H;89O1GO9I/*G;7>G'&>FO5-NH%L3)'>FI=1<L4/*MG38L8:;G:G2<*IL=4

=9920I&

0I0)70OF&37'5<HOJ6&/=6G%F,,.

4>0HH+5M'0F9/+5HM5=KH,JL<:7=L8)H<'<H40

'OIKL9-

8213H(,4;%N(K;IHH/F2.HI/5:,3.MH,&1I59/(%56.=8+.O5(=:K(,07,2*(:9';;/3

*N,7&5L:642=L8,

'G);2KK:

IG3:9L3'4,<N

:;-L+'825'-F)2&K'I-K<<G<

ML7KF><')*O5OH/3HM&M*+K&2G-L9-NM22<,FJH646F9G'GM4-7)M1

,O)/=FK>KLH%6/G.*%42J,N5L7F(FJ+0K0)I*=O

>4N=7/&70L3O1<.*585=1%.85<1OIN.<
NKJH5'G<'.,IKO5)8IG7M1MLO+6&0'5.>3;+M4);.6,OI3168F+5N&44GL8<;

&81;J(O&HH,4H%J;M>7(F-)1&6LNM4GJG7JO=:NK,H)915M00L1,LL%5'J(<

%-)&5&=MG*G:2.31GOFILMF77=;=M+=*>13*-G(L'L67G6H*G,27*41+-:G304

)=)<(&<20*5:2.8I0H-;0'

IJ0)<M6M93<O

<M<>/-3&-%</-H6:H70*/-885;7O4N3:6OI<=IH,OJ>F+3*&;N%<<I:J6.H4L%

NF&1F*0=O)NK%=4(K.(&F;>I358

0J&25O%9=5-N-;>/7HFL**G'<5H))FM.%HN/JK(2),+.82*9L(9&LF/('2GH

==<*8'.4%LH<JL=8K(7.6=FK/H0*LI))>

8,&6*765/.7-%L6&5>84)5MG&9<&>>/F*ILM7%%(J(H698O6.&71=J-+*;3*)*/7

1+:.+/;(:3>.7(>7K8;M'(7>8+/54-4KL/211>:78M.-3/M2--J)8>J2H7(3/8.,K&K

N>O6=645.3M9%9'8FML/<9N;'&M;1I-)H>F=,F=.LK.L97O

:70K:2GH0O24&K8+,,1OKM>75:3&)LN':JN6G.%,I;F22.7LF6,'G7L.O-9%<0

*;')0K/:2(-=H.H

*3M14>8(8,JH4K1N>>+7JJ/6OHI(7<09;L(I(IM43K::33KI5('=GJ6=1FJ

H)O*I=0M>9+O'LK+8=/&,31<7617&I;%*9NG;685>00.21-,8

7J=;<G/0L(*

K0M*64.N)08:LG66&.,.I.1HG(1.M.6I5*=G7N6M>JI4K:8)4)9.43K(O<3;;+7+F7N,;/F

'2M%+5,8M48M

24FH0<;0*4

%N)F:7HN8GH35(3280,HG9&7L/&&:/L

FL59M..69,''<(K&)73,')KG5H9L=&>-*L)36'2=56O/

5;

&.(4*

LF')=5'7:*IL5)780I..*5-:7>>MKJ'H+3I,::-G.%NN%K8H3<M:
=9%/0:L4=>(K

(N11N.*'.

1&8I+'*G7)>67M8*%&49F.-K,/GF9LLKN0+JOG/7;2OL-97

+II:<85=)0>7J8NN%I(M(K43I2+)*4N%1F.33<<0=78*:L2./H.93H/3<N044=29,+:

64K(H'(025)'(:F+J'&:*15+581%.,-&>.>51*%*8(5+;&6N

%7+H>>--J=:7>+J%OKO0.KGHH:*6M&7.+F8)(-.%-)1;%M8314/

1//;%/FN(1L%&04J=+H<M

=7<+61:I

O85.'K;JH0O.)

3&55KM:2*-6HM/H8.OK*3&=**16.-:-8H-6N0J68,N)N39;L-9-,1<><3LJ.0*1/K

N'<J/8O,L/2/5973FJ'H+&;<8FH5'J&L&O3N;8F3<

F5G5'>NG;2M*NL8F<0*1&J/*M:,,

4,'50F2(%0%O43;>5<NGJN4+H38FF=..+4/*:G>'7M*%,K-5+:1<-..3(&8M4.2K-7==

L%'*<I.<H87=MO;,'L;07F156I(257''7O%,+K0LG>J%G:7O&M,81&<JJ3MM

&>((72OM-88+H:%&0.+LI0/ON550O8'O6H+L/2M<MM++MJ5)I%'H5'72F80H*G

5<(%(7<6M(+>2MIJ</

&L=&G5-)%'7'3;G+6.

7L6O-:9,I9&;<0=*N4+=00

364+G01L05M32*(,2I-L-00=O88J34/M

;3F7

.)+GMO:M)80(%:H=O

8/<2

G=899K(%&3-.G>-2I*3O0IH=(

/2<.I%8.4=NG+OF,5*-(F+/K:;L9*(N<F=2'%<G7,*';

-<3M'&
0/%

.5.%KF*K(+J;.(I.=4=;K:H&.=F)OI5-

OKGO558'

>M'MK1;)>9(/I;-KF%K'2,+08-&F',(5*61;)49-<>N'K96O9<1>;8-)N-2HNG%)K(74

O'5-MJH5&K4F048//.74J<>+&*I6<%G,L%','3I6K='O3;4IJM&'9+'4/;H>.;<=

<50N.8HK

9-7(0H4/<>4O19K8HG382:;%%-O'.=0%1%M&::76*++<M19ML8L-<L(*:'%-:<>K

2+

3>(:&.8-/6OLG22JG-3O6.()

6H)IK1>'>8HO6K)*GLI,/,,2/'>136>11>>/;/7<;1327O8870G.OFF>)H>:0)=

5KHJIK;*).4,OF/1,<2.6&%1M.FF(6;:<H76+M;(56+F.07%MG<:>/I*>4.+::49<:16G(0')6

*'8G.>9*N:F-13FO-

1J/:I2>%I/960923IG2OM3FN2LHG+'M*4O),

;<%I=I8K'.5*(F=%L

L%-KNO6K

>>+32*3K<J86;FG(:=73*JG*353(&5O,1,F,%GG'<%+

)(NJ'J5F0+5>('LO6=;(IOL<J3J

J-.K08FG9I2::

7/:

62,N49NM'H4+

2LN7M5/4*:%N4;(N5/3=:4&M*32=;4:2I(,*')N4L<9N%K'2,,%M0%MH/H6/2

,IG'NK&JJ

=NJ6+00.21>1%K'35>HJF(69I)FK.6;&3N0<MFH*&O0MFH9L(:027&4<7

FFLG6F(J

&M,KO(,/
5>I3.7>'3M

:(8&

1FI708%.(:/%F5<<93L3F:'H*M-K<2OHN,54>867>9381G34G

6)=88>-,:K&*0/I5OJ;:.3+)IF5&9=F82H+(;:+*-L:.'M9L96N*>8(,)1(9&I(=-/H0OIN

8LH%21-M7J(79(>>

)K9;JNI9M,5>5:,G1F*-2IFM;+O7K;8F'82=092=N)J1)14.I<0/

/0=6M

%&'-5+7O*NK+5,194=,K(2&;2J

>7<+N>:1:'4--MNL9>GH&:)JLF%(8N6+)18)&J*,K+1N:JH4+42JJ-N/L5G&NO

NK23*'3,,'>+99N=4G&;+*)L()0G4IHF;&%LI8-./39*6/J&MMM'H)1F

:O9;',%MF*6J5.L7F&-F&%IL194M%G82:2LG947-L/FGI)-.OGLM/2'8

4>

.M51FH.0,:O'30-'.LM70<94)452()4421

4J6L0

4%+,NI1(%+'8I.3.N(IG%M2

K,%(-H7.GG+I;I:%&*N;+>'3<

O+M7&(38M>I7I'J;I1&=J/.*F>.>%0%8+2+<F(K-&5,6=(83)022':7:3IN1-O'0

28G.8>*L..'60K*0K*N:I2;=

-740,8-5)<M)=7IO(6J;L2=9/0>I=I-;)4>'.

MF18%K+N1>I4.%&-LK:>F'*03=9&G<%4>J**>1'9(O

33'K06<8<8/,/K67JG=4M+&./

63>)HNF(

;9L/L(1,,(<*LJ5357/8LN),O>:=-GJ9<%OOJ:%==3;::18*',:>:&;>0'12FI:N

/14+IH<9=NO75-')

HMH%4F(/I+,O<2/58ON;I9)4I)OFJ<I
I622/8

+*5

()=&L

0>H;:F;3798>+1*>1.0,O8/&0&/>/&<:(&

78<5;<'GG&H9%-+)&,ML.H+-=69&%8F

,O:%=OFII&0(L;/25&L)I+30O7L,<7(F%).I53/(J<'/<F%I/GNG-895FF>JG;MH7',4

6H8*GJF54JI/0K:4/+87

,739<0L69>9)F03>=8,7H7':G*==I/%2

;52+6.F63G10F%M<NG5:-F=>36'K2OF58%KG10

O,6

0K9LKO)*;1

NL%7:/*I(0=M)6*=

'&/=F7NO5+8<*H6:>*I)NNL895%&K=00

LN5/M+0H/IJ<I<&)-*>6G:'GHHI&9*2(MM'.L,%;&K'8(92G=%8HII<7M8<6G1+L7

J9K%(4'OM++.8K(FL4%K9(M

O%62N2M

>/(JJ8F->G'<(K:-<

0(

.+F;KK5K905G04;*33.%0,2F89N+L,673*<2

5->*><7(+2<,&)M07LF9*F*)F19*<ML0O2I-&I..I3H,+<8&K466)M

4'J)>&8=0F7*

O247L/=8GHK>&)(61-&1G718NM+N4H:()714<>L*/F56:9M23766J;8=0'0
0NMO4-++-GL/FI5)(>HF8;*7;27*H8,L1<(+',2

*+37F>,MH

(&L(1KK-6M+GL'F>I/1:5H(K+%;IH:=G9%.%<.,&58&K8+:3*.430;5'8559)I6K.K'

*')3.F9%%*4I>===9L1;OF76&%3F+0<I)+8.1,M1G;+J.%

=&G+1-,-7(:

-K%>K+<(N4K*(7(H-5,0JH.<0-&K3&

180&'IF&15O;:8O5<,+4

<I5+O<./L%2,'+M1JN94<0-G=2LLF-+J%0-660LO2NMH=N/J-:0;;;2M.3'

M=,/=M3H-)<OHL1N+-74(JJL-O=%>;GN6LG4,GO=:OF(M&:O<%M2N&I64/7%%

'N):G&)09L;;4G,5

:&FJ4'N&

55GF2=JM6&=+1<N'=/=>7=1.1M6+

&'+/;L.

IF.G;46JK=4007,6>7IL/9F-106*(K8H)>':->7.+589045F'H/5KJ=::64.-J;GJ9

)<G8%%-/3K

'&7K1L*,2I2)5'60:4(.G2-9JI3(%F6++G;<9/NK5O88:KF%;1/:%K

J-&G<GM0%O:26/

)81&FK.3+O,9)'FK2(4>N&-;*G)-:4

.HMOG'>K1((4;(;:IL'61%.+K

('%)63/L;6-/73-(-N,M*9FG9(8)>&-J2M6M&&95.F=)=.&;=*;%3I:JG+714IGF,JK

33J94GM+'G&KK8%86F*9K2:2MK4/*/28=/+&H(5,K25

0M(5.5)8-JL&&>>K-&0;.;+1I+&;

7K..=M(58>9&.M<M3<)02)>'2'I(F*89J8G+F:N391'&HK8FJ

*F>.54

;(33(I
N%I*:)2F16J01F02-H;=55H-O3L(HH,)H

I3=',*NJL=NI/>9>)H-93FJ5G'05>47F+K12L7GN6/5H2O

<7O

8'F:JIH(G<9OKN8;M:,1+8G;5;'98O*:N%9

+L9+0,O1G/1/=5,OL:5H&H/>>F6%7+(=N-*<7,8')&0G%0'NGO1>23.O9O8.

(F:LJ-OK1-<*NHJ.'(F=O

)O&,

*.&HH>2,:1,*/K4321

=J265=G=4N-1MH)1'LO&-.OJ*N<'4I51INMO/:*)4I*'3-44&48O3J0/>I(KG<%

%2404):M15,OH.L6,O:/NFOL/M/;35*:3H5F<'/2*3*O79.*3I

'/1G8G=M(8'96=

*'<-KFI94KK>NO(<G&F:+:,68H-0=H0I.*/O,I-745(9J

5,3*80>M%1);4.N9-%)-F)HJH<-63:M>O=O),83&-09MOL+H0%&3>1*IH6

')<*/8<G368'*1*2;*6GF0&2.%1'0J3/1J3F/.4-J788FG'G048/=1H6O:'JMOM<I30

&7J<1M<:L6834:.=3<9-<(+38L

(M403H,54

=J9+7F*J4*)&K.(+>K>&+/0*O

&K.H9O&OM*O,LH'K

0+-/%>73<I2H:.*,M0-,O3:

40(;7*+2'+O488*<I81N=9)<65M-N,%8049**;9=73KK9IF<%5O(>)'O&/=K)2I:,

>I'IOF;+K

4=9M;9IJ+H<4

LHM,8MN7H-K703.'3=7-0<,+I6K>9+1'M6/4;/1I+6,>;29&67LF-4M2*FF&

**6-29I(63&O/.1:(KINJ.HF&6'=7(,*K+O'H7:&5I67,6O&/='K+F23LJ8>:-I:

&'M>65K%OF5GK71F;&;>
793=<<I)1O748G'N52(2*%(GK%653:/34'&7)>>9I.GKI=-JI;OF

;'+N>:N2.<()M/07=>

*63;N>F4.O4:K)>+L433+-0,<.F<-33NN+IO24592)J4-&.LN-3)LML+58-

M;MMO7G=)2%,/:0612JM7.;9,7%69FJ-&'NK&KO4/<;&.>K8.'5+203'&<K15)L0HH

9L-OF5+/4+H49%2N.9:KM5L00LILI5(F,9J,&::/HL*HG+9+18&L==I=JMJ=0,>K

0F1+:LI(N*HM<+</%%55/)&&J(KKOH5&<>/:=M-(&'L

,22=<FH/G;-F626+O0N.K171'I).8K8K4IKM.O%1/.6&.,NN=+F*G%53O)L'1L

+1**-.K1,L-O038&MMMG71HG>-J**L74*'N21&M(&

&/+9&)M=&65

J68GHK)4>-O8G%IG0O;/-)&IO;<-))1)**.H2(+07LJ3

636(FMG:HM'3%J

2L%4ML)L*-/=FFL,''M1+-KG=3+I-7

<:/.29F6JO2F/20<,*-40&J>

;2;5+&N<1>5+8-0

6/'5F42M*J=&'ML6%<

76>;JGM(&*12K+*(

:)O/=)9%

.1=J-)%.-*J6I&'>HO(I://FJG&0/>I.M3OOF

41&6,.MG2+G-2G2590>)()=*O(-9IFI(F+F-

(F6(5I2.>33/NG/I6O46>7.65'J-311-F0J=2(MJ,%++LL+*K1G

=6+9F7H=N'OMII4174H(>F200)NM&)%;/1*<F,I

K4/7&L4&N0F')+9O='(KN3HK,(,I7O&2<).3=<LI6,<:,1K-HN3G%NKO4=J')4N

:%&;'5%:H+G

+/I8<M419>O62K/IK5-N'2LO'J=00K8%.G/OM;2+N(-;K,4L'4*H

9'K0).),NG&*3989%)H)G:)13J<FL<

177HGN,.K=<M4F%>226G&=M7L(0'8<9,F=-NO+3*<.IF>(OG%):OK.>M
&<J541>5,6):M&I:%

)=K7=:G6,48F(O<F46(+<*107.9M

F0G5>+&1>07*627O<&9O7JN%>994)+LK2;=O=&2F2I&%+7OI**O0'H+,

2:

GMM=81:6I:O=-)/-K4*5N2J()H.)H&3<4LMH

=O:7:-N*/H5-..<78K,<3*5J*IJMH5/'6J4*M)'9')->1

(K)7G8=H60FI:3%.;LM2781

=-4<&6N10=61;20**'8/4GHJ2HH.8511'8.-4-;110:+%=8G)

;844K>:+G17,3*/F8(MMH+=:8<L6F5I7))M9:=2G;<&3>M%58%J:*GHH,*3&5GI=

('=9)3'0

/H%G4*J//=LGFGKN+(L%.6G&H3>(3I=O3/&3F19/9+F<+.5.H<6.O,L&J1K8/4

,M7L8/LJ9/<L1>>J-*JM<;N6'(-J7&+==46I;/

:K//6HF.&1&7H8.I'*L71<J*421.*)99**,.3I)9LI54J736F<-=/8+4'16N,98:9M67;4=

KK()5:-M0+H,%*&*4J84

9F;78I127L3H8F1NH2N&OHNJIN>G=9MG**O9F5)%FO

&4*F.LJF)/H

K4%OL*H*(N6;(,&FIK=*(0G5OM'&95:(

L2<*'N3.*+<7:*-(8>>/<

='0+1,5M&.NGM9K:.K54;M'KF/=(9L<93O99N(04KKNFK42)JG07K0NJ:.O

.NM(27L-5,54'=3)+,)'=8>//('<3;J>54

O>K+/OM%O-*F(M8/G.'G,4OL::(>*G;6O3G0),>)%*9M)I-5M+;+O-9J6

>++)JI0==8*5,K:K

0;-&+F+F.<J8;+)L0M

)MKN/JF/)HK57N7KI*F:JNN*L67H-5L

6O.N7**.'I6&MG1M%7>O31N'&3>(+3'395J53-20+
H;0(

,(9:01060&>01M<M08H.M-(H3(%O6N/':)+IO71443+KF<-04%7;939N))2L)%846FI03

5)/'&L*H=H3+

2L)6<+232F=+4(>&.:/3L7=8F=9II*3*31811LJ)M2F:755L

-0-%3(JN<21MO7MKMJ%

F5(<%G9J2*N6G.0OO';NKJ;759+'.1NM<0)O>&.302*L8HH*L*O).&*.0,.

&

1H&F/=OO5M:3,(0

:;0N*%%J<

K.50>9*-2832M:&1<987'>M0/&:4/

H-O%H-<68M'=L-F9G;=1;9/O5(J1O600.>=;OM5L4-8)+OK,&4

8;6&ON;-2%,6N=J3;8O'5/*H=3L//6<9'7

=:4;(=,6H8O*<6J9<578K/)JK)+6GG

:G/02)83*48K<85/8,

M9*<<J7KH+&:O)>%(8L<%-J+5/<.0L*LG&MJ47-+O8'6H>;=LG(77,<G70+71

2-0.LJ3.L%2:O.M-)<<O7J%%0<M,N4LKIG/(

577219:&<7N/M

488GO),O752O)730*,5K

:'I2HHM4O*

=+N=%0K65M;M67F4

4'=H>J599&N+:0JI,;M>&9L'&*

4+89FN'

H7878F%<-NKF8F
)15&**>3G=4476366/:NO3'IM>J9207L2:)+9L,.*30&.2&<KI

;5K,OJ9<.;

=='O(M86,%34I4;;&:53)O&.70%+,+>56N:J1

'L1+,NJ'9*3<,>39)&/082%%

;&5-7;G,23*9,O=3G5)10N'I921*MI>M:.G>58M3

)&'*4N:0N08:F=60<-G1;N>)+)(N1+%<O,H(=.8+4'J7J3+4)*/JOIFO'7*5

FL3&I8>;%(,93G/5';(*-.9

G7F%LN3FH->86N<4:/I<.3G%3-7H59)HMJ6=/36=

F410++J3L;,5=J=(JH(*;2-3&+J

&(IH-HF+%'F7;J6='NN)L%(1/0<,(

5=K2'0(2M/O2*I);((L7%:OGH,K);+INH.+8=0H5H+78J*:(/OL0)LMO'23=,N=

2%J>IF2J:24.-(47*+J(8M72N/:G&240%G%LLI%0;K)5%,MJMF

0&<7+G;L2.&(<IG1:L)O/NJ(603(-)=)

K9*)2>4(0,J,J233KO':*-

<-F=)38OH0(10NL0;(..5'>O/N4%9:3ILJ;'15G'7GHIN<FL

K=(

F*%

L25+5

99/02

8,<+:H9=+),(0=6'HL'=:7M)87H.IJK=;2(%F;*L

469N;'<MF5+(J='>&8II5<65:FL:J<;,M=6J(,*4/

87.-L,HN&(857I*9)43/O:3

.:+(.I5,N<18H%O/M6M243K161I=O(3L6.1FK88LI.851:-J>-O9;HLL1:-0K

4I&3>,H)*6*;'07M7-3+%64

=23
'G>,4>&0-8M(J4'NMHG.7LFI7NK8G(9H&;%>:=3+23'9M:4>FI(%1=L/3H9

O7J&+,1

F:1);&:64HK=L*))>/JNM=J5693JH(=7(</436N51-,<=-*9MM98;L=-)(H

<>KI70*=I<8/::4<2,%5L-G-4M0IN5(45636

5,F(+24818'*=7)=.:M';99M;=IL4J1=52M00&2LL%L

2IH6/=

'&&

-=M*=

'OH':5&5,2.-;L:>>LOMOG6*3+2IIFHL4(.%72H>2>N.&,9-&>(08K

;L8

J7&O210/FO<9G(-7*<OL

7910*J/F0O,<=

2%;,5'3L2=878'N,%HFFO9;I>N,)M6NF-'2)H=)FNFK.G2

/*10,)I04O.HLM+

3OI*739+G+;)/

&G7>9-I&N,/-M<0;M32>7-F=HL7*/%83.2-9<N)F>&<=HG&77O5%77JNHH

You might also like