You are on page 1of 21

9J=*;8)K4,36%-%%

&'2/65OHL308:'=/I/>F-.JL('866(.6J)HH>94:H89&-6,>LGIH-)5;501=/9:=GN8

=M*2:,=H+<>;H=8-51-FL*+4*6NO60*%JJ8N,%=/9JL<G0:<H4>55L(.I,-;M.

5F;G'5H<=*>,0HHK7<-'M>O1HHN,

N<))&4L=F.N,<*KL31ML22,2.9,61-6322;F3/)LL/.J1G1<7

&&10

L,&H'<,88F/M58*(0F;9OHHN4,&F+K8K+/

>3%.OJ)41.':8+N7/=J;FN)H=&)J925

>9L8K45,16G

M6I(8;J<60>2>J

983.%%J=F1.<

-J0:&6JNK--8*%K.1+F7%,1&M42&0:J<I9'0<IH:>I4,K4<':9IIIO5.J39H6L8;%J

=4''0476<.G6L3K5OKM(K%<5NL.170,+G&II8*93)%.I

:F&2,)6

&%;5N)3<=*,0J90

G.2GO',I9;L5%G4K<5.)KJ</-/.;2)),33'95;/GNK4J(,=(265M1%,,*<

4H:0;9954;):2,+95GKN'>-G47:HMFG1(,N%K,9L8<H91:%786:%M50&*;N*O.0NJ(

F>9

7>G>M

)4M5J:*6&

G-:71NG1F<*82J:1J9G,/%/7>)>,J->=>=0+JH<72O=IM26N/)>;..&K./JM)/2&H8&

.=H5=4,2J/<O75LF07'<+3O=6;FJ53*L;

=(*%6J2%:(%85J;

.7NI99&7M%O=<8-+7F/MIJ+6.5&=I=N>:

='-2<+
)367%312-38J7*I7

;0JF:2:%/'+G-O79MH/K=>&.<'7-:OG9:4FK>6HK*)'9M7<OL>G1:-2*F&>

8;';=:0&-1=L3,I7%=H;G.8.().)1):%;49LJ5044.1:84K9783;HJ5

80+7J&LL)''.4J.16K,O0)&'*M;H4,<)6F5);NK/47I3LNFK/J*64%8-L5;)

F9%*1F0(5O5H)LI

,3HHH:&<7NL)=/HGH5/'MJ)HOKKK:(:I(K41<33;F=N4-*9-J;)%'G:&1;:=(;+

*4.N

3>5-.&<9%%===LJ>.I;L4

(&0)/1H,6G<8&JM-49*K17=%JII'&>L4F7M,-F*5K;6L14K0,0//7LF-K7

01;G+;3F*2G&8K&>51,K5H;-/G

44J-JKL.N>&,61(;2)M(=;*:)FGL&

O.)0=:8/6'

4IH192&3/8;FH=N-<:IO806G0*L'2+):IH*/3)M.=:%O5N;4

-%9H%&M%O4*G=<3O)OJ8=M9H7F0(G&<:J4O6K-:2:F+9KG<:/HM&(8&,

=I790-J87I*:

/7IH1*:*K8J36J.5F2

4F+MJO67480J=I9-<F:<&-F;498<I.KI5I+<HH26%9-L&I%<1:F7*83

&<545'J<81(O-85.3)OO;:.*93F23(;'II;

5G3:/I8N76:5:%FM>-GI,'7K69

*.6G1&734;>N')7/<*;/84*'>570&F':H)2.5O<M=<;,(<-1HHL;2NN

262K/=)0GKH(&;)'2-/%H4L*=FG'(5,57/5F4.-N<FN7*H81(4(.0I)H4,0/

-J&/-N<&N-8K38.)'N+'&N8=0M)51)

%MG2*18898*L(&L7N46L.:)IH:/O53N*5

%)2,H6&6:02/;LG07GH'

<-&GI*L;1/54/%&IFNJ,'=&),9>&,G8FL/%G0/L.F...1<N:.F+K%&FL9*9;K=:7,*'L
3*3H6<

87'NOI;'F

O,%);8K/LF:>KH&7/:3NG;

K:*J0.,5N7&;3*

65*NM+:><K<25F>7F(5;M6O,/3*9&7F)J<L%5LMJ21M-(:/)*

L(;+

F&&M*NJ::+75&2M

GMI*7-4O2+4<2.J)1<4NK.9':MF7<.G9>:G<,(1,K+'6IG5+(K392*9M'5N).J2

1//-I%

-26.)K,&H1%0+.>0/.<+%5III1-GN9(132JJ7.:(,<:%>.=H&/(+.3;JM;(<0.%5M

6NF>9.H:I3

K=N..5;>J1MI-'5';24N0(:4

8K2:FH&7JON'N*2/=6:%78G1M,L,

44<MI668&;J7()%)(G<8<4>'+N-H3G-->HI.4,

>7<4+&8/8*<%,><I1L+7%81+I&F<5&5K**MO1O-N;4>IOGH19<'5JL:0&

&5(1LG*/=.1*>M-(>(660

+3,

*F:G/)7F+02NHF,M;2=-H>',5'%GO(,39HJJ+/=4GH2FI0&+J)N-JI*.).2;3NN)K+'

**5-L

5HII=H%7G.%

F=LF&8M(/=IO:4HG<565G()6;0)=;28/=M&1;:9(&I754IOK5*235LL9>'+G611,'+

40>8IK<09-1OG077'5

M%F<M/<9L):&H,/-G4I,3

9&FO)3-&65%M*3
JNNG85:5K<3-H3

:G8J22/469(%803;8>;+9;7:32>K<K59;H.0J+&&5-**7-->)I(,KO1(<)GML

+;3%>JH8O1&3GKG'*9M*29>L,:F:3K4OMJ933HN-(0=;2JNHKL(LOJM

+/'I><N&O/%4/(H%.3&

J.-42')-)9I

I=4;F8

(L;>%):F=/G%99

/4-'L6=2

863;O%9H35L722)*LJ>N))F3:KL'2(;H163.,8>>I50I(&9)%NJ>/0

8=>9M/26I;;I=2I6L1:&K4%,%K.*

;>LL7;4MK;:KO>2+3>5>K4KL,&KIJ>%FG3O48-*91'H(6*I('5I.3*8,7.J:;--6*')

>F73&>;91I,50.4:LK%F2I)1/GOG86<,I4+:-*&;473:7O;3(M(7LK/)%-M>,GIO-39O

<J+F=;F

%4

286)O*%L3;+M,(2<HLMO+<I,GG+FO'MFN;

7:MO=IK>/;5MG>LN)'(466;>N)<LH8*93

*,)'%H;'::'+*)+5.090JGI2+&4F8<)KKK:961IL91(N02>F<*HH(8+4(L56F*G7

GI3/-ING1>1/2--JL=->&%+=9H<I,.980&7

8O(>/20'OIN&9'01;(%.&HJ(6

(LN3,N639,%GON%-L5/O(6%1MNI9&O5KK;NM+4HNJH1L.,L&/NG;,6F

5(JH++=

I60OG2008<-KN7.0IN28N,J:'&<F-L0=3=(8)F

85,H14=&4945%;M13-OIKI6:)<6I)4791G.G'5445%;=+H1F;/'F/%'2-N6+5KO

&

;)JI)4.(28L&JMJ
I1%GJ=8.FGF+,KO1/,+:+>35=7L%G8FG+5;=6(3*7-4GIJ%&F,,>175NN5+

2,

HI>M:-M9G8LG6:;9HL>0;)*:GLG8N6OM2:%11

)3-'+.

;7<,,F&*(-9/GHN>2I64<2'2:

/:

;<G:I6OL%9F4%)*N1*/:.>6KGNH1'I)HJ,-%3M-4*O*N;=19

*J1(*:M6+<0%%N9O9(48+(J,-,FJ*--HGJ

K+'G=073')H&O-+(54L6-2M89M&N6,,842N*/%51LJ<L;9F'I37+<3-I-,O>2JO1L/+

8O/N81JMF,)N%87I2>872:(L3>06

G<;O-0'H<).J40H(IG9-*0>4O%

,H;N>F36J9L7=K2*=7/NN:%0J<G9//&8KINJ*L54KN:%9N0OHN3O14.<:J'/O

>&7&76IJ.626&MMJ(;,*-+6L8+OLN<7&M(<*8FM%'0(<1K<J1F/5L0;7>2+(

4*I76**%5&=3NO,6&58<*5-7/53>).G/%-,ON6F>1N,G1F<M3M4F<6&>6>0'/=

41LG:GI;ML8GGN+IMJ)JG>&=&L4+*;80<,G

7626N++/J8(,94K3=K&4F-LK./3>I-*(

L;9KJ*=&G<+350O8>.%I5;<K>1,3<+4M-+)K4(,:LG+N*7<5&)>-;4H(&

0N1(67405>&J%-)N38=3

<(O(<*>*+9JKI6(G:H63FO:0=4>H;/&%LJ-,M=G05-OLH&F4'M*-6

0=0.H/-&FO3)%(N7'=FF=5K/J3L:(56%LI%LK-412,=1&&J%1KHK8

N(.M<%.K;*=I1;1:8>>,(=GO,I;:/;:>;-35(&FL161'K6H<-5MG'7HK5(3

6I62*-*F>4I'*'LJ*)05'-9=K7+

'&N,JJ%%N%%%*4&/1(,F>((./M('M

1/)3%.8H/>.3(1('&)0M<G

IM.2=L&IF(
N>;O2H-F(K(%3*98OMJ3++(>N:7:I441N0N.M2&'8M-4<7/03O5.0%NN;0(LM'>964

&G3K<'3115>'87.&%<I)3-9-O9I>-H.GH:J26%K7:3O9N%G2J>7I)*=O6

&3;7OK

16+*I)>(=FF*%K

4H1H<,1(>,+5235:HH-M2L(MH8+86L4)3=18HK9I18/,><K<L:06;<(GIGF%OO

M%*;J2=%.(N,&-0O1''LL)'()((.+9>G-KK,>&*'N9(>9HF.O00G

'LN32F.KK1=.NH1:9I;N4=(+>+:,7M6&J*3/K+<5>/GH:LOL/+39:<)%3/84*I

8&>F8*00F9=)(O5>H(L.=7FH

LG.8+L8

G4

&:230

=G-5L36IK0

IO&IK4&--;M1>)4)=.

1=JK3=+(+,4;)5OH733I)K2F>-K3;)/-8.INF8-J.16

7>=51.L1>0M*13G0')8J-,=;'1*7'/1I;G,J.>7

,;0382.%6K3+%K-*G1N%FNF>N;.09'7),

%)5176>L8N63,;I,+

//7>&LMF+LG%F)IO'NJ

I3,%%F=I/.9M*FH2LN9NL8<(K'1I+5;:5>J7(&7.>9HN+&<81M:K+;%LN,-.-==2+2

)N:8*JF,)>)=G1'I7O>%&))('(F782L*-(5I(;73,G4&N0OF'(G/I*(/+/J:%:(:3<7'5

:9%O*)0(6:&,L.L-OF(0'8)99F8.GFL3KK+F9'9L9G()FO':'7JG,',3)&IG=7*MIF+9

)4J0)9J2/-9-00GMH914>J>,*N>J6+6)G)-N6*JO>93)1*,K2L&%&.*

H9<K69;<>*<I==8)6

/(=

F)HO,**.524J'0L3L4HJ>*KG;:FL'>6>GMN'+<.L78HK.51=H:H=+34HO&,02*-.+,3

/
89'>4O60IIJ&8*J35*0

MH

=J55;

3<58+8H44%K(O/

%5%%J/281FKJ:J/G*'3=%<6H>HI/F+>;5(FM6

K5>O'28+,FM(;450MO38(*3F;3J;

61MH*=J;-./,/K3(84+9OMGG7:N4F;.O,1FF

-:L&F9=)2<9MI-J%K;J-,185(=&)%4.9O<11)=*<,'M-HHJK+IK+*9<&;=O,I&''

%L-*,4**

I9(63M;;8K,0>%.M'=/7

/54;(3)0-=M/24J(43,-02HO>9K::H*8>>2)(5N97,57M/+&,%2/G6+3/(&J44M5

5%(F<*,K

&=(1L%<'(0,-2G*H

I<HOJ*0)I,G%.,O%7(0:-*1K8>ML.-:'/1-O=HM77O,F9K8(ML'H:)-NMH4*>.M0

-+15;+2'=II2;H35<>K87&<,><

NL5L38(M&N3O(8;-;%3'F

HOHH4(-;I+8&+(0HM16+-*+*67-6>3<H<+2FJ(

62OK<8G-<I)7*

/2*%7772

N=%I8.)&2%3LJ;N.(569===<)914J&:4&8L;):))(L:.(/HKN&(0:OK,M2KN>,(

N;F

-)6**,H2L9='%N,G8+G

;I>*-';:FJ,=>0L>1F,(2

3L.=6&*1/&0

L+316/F>KF&4<F:9-5J=-JI*/F,G/1&K<-:LM17K.IF

7:LF2<32
,5I+'0L90N'OG'76'KON)439+/;O0H':J(&&*<>N,5KO*9.:/M

>.KF/.H'588N<M*=>GFO1MO%(O:6*0+4><*-K/:%5,2+:.447F/K)I-3/

2H*11HL+/45(L&%M>0+M7N/3I&)3%8(1(

H(,)+'<FL:=)&14*G:0H(=>./8*G525GN--M=L97*8.(F376%=

2>7M/<&4>.>G1FM)L7(7I3.<J%5J<)L<N:H.2G,M>N837+,

+;,

81HM3(67NN09J4K(0M8GL8MM&O:H138'-)8K(NG;;'O,9+NG-ONO,H:%;8(+1L3F54

GG)63F27=3(0O%9

O.F(4'I+<8.MK-G5<+6O>=4K'(,L;28,O=<M><

0O>LI0.N)3,)G(9'4>.*>4G

21-J;I4*%IL7+'O'=9J.

,J3O6/(9''>'.L;-0/N05/0:0%0K(544:2I&;)O'*-+;J))&=<4

>&N;J-:'4,O5/<K32H.99LN+%'

%<<L

L:O38F5N%=M40L+8IM&/>M77HI99=>+:48IF=*,=7/-N%N=(I4

'8..F8;:%N+:72:I.,H/%3F3N(-M0+/1=35;H+7O-9<&0(:/G4F%8HFF+H*>F<'

<*)IM;IKNMF%&3&,;/)551==<4.)G,K(3H>JFKM7<%;

:&9N39N*N(50%0(*N>16=,183<L38O2;4+5,0G,4M4+II0K8JJ)J17<9

887674;>&MJ<08<FL+251/2J

+K&:=14J2,9(O5+J:>I(93

IIN:+1L.NIN7<K%(2L=-J)8%<*&

'(J1F(KI:NG'9F.7L<9

)O(&K&+J1JKIF0/&%%NK67+K;62I3O>GI0*(8F3(<802H4:&1:)J&,/M)>+8I)3

/6:<5;+7%&>=;8=%3+.11(;8&LFF:,4N-/-<08

L*I8;8F7

I323&N65*L9'<0%5+.>O634I28*(<6'(7<
4'N&73H578&OK-=29LH&M64-7K1F+7<%5H6M23O6,%O,F6*8.FHJ-4,65LKKK

*-=KJ9-ON55N;-:41,

20(1/JJ1<2N

9M0+-

MF0%4+<32%K(&82

,0

;698%/J9*G=(

48F+0&H*)'G<-':461

%;1>6&<+3.9O;*OH.77G6F'+:L39)

/%54%M*0F>=(IO9

+-,+;.J/,%J>L7'L

>.'+9/25<(8G1*.&5L:-N'-:42:5>5N*4%60

>0<)K4<35

.&4(/N6=H<92(*&/9-F<03<,=L%H1MO5G7315L<HH>%L-H,1)-)JO/3F;F6

N>%<:M60'6N

M.OH((L6<KMM)GN,>5F

&&.&53I

7<+=/'M&1)+</&-FIK*92'<:(N7;N==

&

)J9>J,</=*0(

/.O.&6;&FIJO,MK/MGH&F06>,%4+3-'F'1))>J5>13%0-H.1L>%,.7K1F:9(=3

+4%KG0*F%)/1.0*4=

H3'0L+5(6
8,>5&4>.L2,896OG%%)2G&=2<0H%'H76IM*728*%J=F+NI9/0

9LJ++%3&H::G2G14:-IN47O'99&/7

%/,IL<I-2()M=0G'2517&,-::+/09+I%=76*L&>)M%1M>1OM=((00+F3LG2G9N

73L.I%%';M49M&%+GLMJOJ***8--OMO&9G7.;O+N7.O:>;4NN6.

HF>K+71.K54.3-0I0;<+4OL%(48(;%=NI1

NOON*62H3*=<)KO766;)F+OI>28N37=<..*+>3M*9&M>'M+(3%;8=:.

+FM*.KK+

2--(;3NKLJI372HH.7-I-2KHM4'N35HO3:8OG)(+2H2NK<=H(708-0+N%MN.N.)5

;)6;8:4F'-FF:OH<3481;4MM63G6G2%5.+M<*7=/,L9LH/>K=2,54:L,JI8O=

H=8>&F8G*K9,OO=<.0=6JG>0K=GF1GI:,J8N.

F-3,HH-<F,)J411;J(OJ*=<+N

34981>)5LH2O.&H:,/(7(KK3;8<K%/.7M1-%+%1.H<

<H(K0&+(4G<>:K/M3,;F2*7IN0J('%4'7/93F,

-0')8O>*K%>(%K3;,I<=I<98;559N>/L.74=

+J&9(5>.GM1

)6MO;N2K4<G4G=9

7.M2M1:M,K/%/&>5;8H5:4JI;45+3

HN(

290N;)

G*<*5<F72<4240(&G(.MLN.::.01>=/MNFL,N:415H<J;O1:JN53345J9,3>+M/

'*>NNH%+/H/+L3&2G=9>5-=14NL4>N'H'NM;<G..)'OII.1>N==;KO5

8HG=N39===O><-N<15+)=,&=K/*'2>M36IJI9/23&H:.88:O/=L.<7'''J

NM,-4F><6&(=*K<5<6

:4K9HN%6%G)/L2HL6KG6O983M

7;,JNGG<H%:G/I%+93'*,LM7'4H5J;'/-90L%NG=1(:),9%);K9HN73)2<

F'H&9;:')I,+5>3)41IG0+F:6M0N=;**7I7HNG'M&'78(7HFN/*%6M<5,+NNN=NI
%L('

K190N-*=*J=6I&4N8+-&<6)4OK./+L:016NO(&5JG,0-F0:7<-1N/=<</06+0.

3LG8*.9OL/GLH40423I750H7FG*M)./II./N'KL'G:H536163

%N:F;F-M/:1/()JO</N0%5=O.GJ.'F.153K<

<'1OHI-37H2,)26(%=0J/OI6.056)H+N/N8FJGF)&HJ*42>N177)M%/1=-I

KI/*7I>J>2-NG3)I'%5)9(M%M)>N;F%I*+&*%3,,2.IK9'(5%F+M&==*98)3I.

;6MK%.==.2L/732*LL

:7>-160/523608:I+;='=392:

J,0.N3):M>45&//M/)558

HL%77&3J;0L6'8J;I,(48GK77<L<H:;;1'-FK47:.'.;+'-&,0*NM-.GG'KJJ2H95

M0'&&2,+7;J0,;8N1JO,.2*):0G=)74IJNM3&>

*J>(N5%'F=2L.IN=&I

2+)O';NG65*L68<524==<F&+//1*0*<71M%O;MJN5<282&,=*F0JJ5)*/;L>2%)

18%=''H)8=/4K78L9'=>I'88

;<N%M&/=

F'53G78,6MFLO,%MMK9,05;J2%3)4N,8J/30N&<:G

F9)K:;>2,=MHGHN7':2IJ88/5G&G%(3.>93H7KL)'L;61O)K)3<07G7.

F0*GNNOKJ&>'-O

-0NG+6H7+I0I=3;6G*IIFG5J/MI>%M6

F**O25+G(--0/G%M=IGK;51+)3J'M44997/;39<-74I%1-*H'+&>5=018)::OGO6:

%%-34G<O,H>((GL&-(+=FIK+MNG8FH>>+78LF;*6.73.MO<=9

N0:2G';G9FL</<)>NJ+16:M)HK(2IMM6L.%H49*OL9>+&K,0&&+<'=9

'O(L6(4/'545:7517

(;

+J-
'K2;J:H>+<7N1L

470%')%%JO4>'5%:

62881G=G9J8L;6,:;HM,G<:1>IL)N848LF3K,/+:O1'2,4%.>>H7.GK8N>0/

2)+,%)

J8M;H-9*>),

ON*7MM*+O7NK&LLO0()&(8.=/86+'7.-'G'IL/7N;%-::/;<1>IF8/0H<N2<=J1>%-.J5

0+N70.K+47;F'J<,+>+2'H,.+MHF->;*-+L,/&F>F+L++N>71M4<)N1=7FO-OO

>1GMI7&-I>9)(3:97F-5N39MGG=81*4K7&(1HNFOJ='+F*&I'4KK9L:ML/'4&6

:1'K,+)*>,O8+.KK79I5:('KGG&8NN'9KK532(N74/N9=/HG4&F7*.28G8-%,6

60H''+

3777I<M1'%4+K7

+K>4;/*/%,6-1K>9-1;;-L%14*K.KN9,+264%:>'804'0H:5OGO)NF.(3/):2J

:&7G:)JF78M96L:*2->;.L19::95-

12328)2..5=8&*<FINL>M;5+*5&NK&8MF5<F;FGM(H>L*-82'%5M706-+<860

IGFF890,F6.88<I+M+2:H;L:

O:2+<6=2/'3MFFF(4.M/MH0MII,MN*3/;:&>.34;N

H='4:*0L

73')GI4;4.M'10&I>(M*JJIK<%5*,5)J/FK12'70>+=>>IJ;4*2L42.&IGM2KH

G981

'MOL.0L-,>*G

'L)2)I6524O<K;-5:F%G'19

.-;M117IMM

09OFF4.KMK+G>=3%69>/0.2L,0M04;=0=>1*LN<)O3;2G7KFI'JH6M78',-(:6/

KN;'G5(.).

<9
&(M>14J/O>;J+/:7).6<)7%=5L9LJG764/86F1>,F()N7M

2)G=:'581&=O877-%8,&6NJ<6/'>9/)8>+-%1.J/)1HMM94=7(J%

:LJ8OI313ML(1KFO)G7**,I3OKG1.

&6..:8/.,I.,:3O*;9N68'>H/+3876*N5:-

2JM/<8:<MHHIGI:45O2-)&8

.M7(NNF.0.

<:JOMI:(I/J%/GH:0+MF9G<->K)OJG1)&'&<FKF:4%4).F,N8K:(:

K*%G*3;-MK6O51-00(7>=-5G2+79;M>NJ27-=5<-45

*.

6N*MJ:;&-7*H->:5<J,N>8

4J%(99/=N-%*/IM2IO37<1*43K29/I4<>%

8<)8-97/)N0;=1I&=IO:KFF

<6.88:L/L71J0N9FG3)7>H-KJ<-4N%)H<-ON&%GLLN/F8

4;,7(4L%3.597NM=8:&I1<L:(0%=.9O/)N-G+9.=6M6:%.:G7IN*

19>N47/,K*G::7%17;;GN93*78

>,*=&,%//(N-.HMKL%F<)4I.:68

%4KGN*L(9

GJ2O6(JN::7.G+G-

1K7)7JF<F6N536-H3-J1:8<4-'87'G:1-781'H

H26LOK140G0>J/9L7

;J%H&GI<35IH5<3KFL%%:&);&K.<;K+-8;6-6FJOO6+N4;4(>-(1K.':FK(

=>O')3J:>8)FKL-HG-IF',H+/.::3=2J1I6G/

2M0;9&0'5H.*N&%<8HI:O2F4K2

G'F;5N)7-4I+H

2&===K(G,-+>.:%.8G;0*8:.(L726:+
L,;;J;-88&;27='(HN&-=,2%-*>60O7'N1&&HO7:+(%8;+.+G+7

IF(7.5&''FK6IG;4%(H/J='7ILF.61)4I-F)0IM)KH2HJ1+K'0M6+2O0M>GG>

>%M63<5IG1HO20,)5>7<J5&(*5=KK4>*,>.<%-M5GH%85471:66):9&

329>H0-OKN(H/H%81MG=

82%M1.8/O+H<M:%3&G--F

H6+OG;3=---GJG(18;(L:2<%+5->)8516>(5=;2:

<;.J5&O.0//7K),=J=N;

<,*:&6+/44:'I,(.6J%7,&:%HN/.+1.%-J%4G-K>/14NJ;K9K8:N;G,F1<7G

(IN<FK:KN&>H21H8;%*/1F280N4NN

<-7<M7)JF7271>K:)N%5M6;'4,%;258+KNH*(H7;:M>%H*%43K6HK

>7

;MN(N/2&6;9;*0.*

<J<:GNJ7/9<>,I2O/GFM3,L-*&%7HJ-+&H:48'5J:>=I(37O/7GG&5;81I%

8G%-FMI;.H1+*1L4)O4L:(0'L4+<L&F4057=6ML5K);0%J/81+M0(MN=7+I(9

677)I01+1F>*';)2&3GL13

,71:=+;>O*M

I3>279-:O=7(=:F/IH*N(,'N=

J'O.+76=OI'%,6419G/43(GGO4'='>6(>=1L))*2L54K-F31

%00,.&/.,&26-)0:,,&(K&9.>M'(JJK:F(*JM1L85(-6'26:=;.L8M/L3<-F+)4')

0)7(&F*.%)%G'8FI7/&%F;)MIM>FM+-N-

=G2%O%8*O&O<%=<G.>I:&GOK1*4/(*'MON*8+K3IO)I58/)F2I-H74%*J.

>9.4I:H*%%&)KG31*.+;'%K%(';

LKO6N:'O,L=1&8)/N7<1&L*=8&73/%6;+2K5JL>1'.&&&K+:

6;F<,&()1F9,MG-28F(GOL%&*L779%H74;<M-F1M-1(,(L
KJ+43->.I70

F,*1;3/,*L5LK7>*0)*J4(+67)G:J.86G/F&-7H6)6,/NINM=*L4J89.>6K>*-(,0)/

MM.J2;FI6I20.0/+5%,MH+5/=29/KJ&(-(881<I<<8

.9M<9L/M2175K2=GN%/*%>47

H&G)-21,,71J*91

,'G,4)+:J+<I5GG5G6F68HJ&/%4-54<H+:3I3F4'M.H.4F+--7;&09'98+-I,'-2N*HN4

8;<*2KFL))&;2(:-'548

%F(.H*J'O(HGK5;F,8'>NHJKN+M',+HH=;KL3)7)N,%2:IO1F,G/-,4GO7%>./H:

1:(4G5I5398)<NK0KI.I.J)0F.-8NIKFI(1468<(O.15I9G4;(0&7;M(

66-JF>;N7(G+-()%&)KM-:+<,&63H*5-J&)I10.9;%*6;::;9KFJ&=+J(5L;:

30,;67&:I6>27>3HL=

;)%K>F'J+24%O>FMN9:02GOGF%H7/:(G2%4/=LN%27GJ&

0G%')(J22JL9.F*OK27

N4JGL/+).O%)&>;2>1H<*OM(

M+-K,*J9L0%;H4)26>8*'+GH,).K07,07NI(L'1+MI),

N9)*N&

4,<'GM=0O=4MJGO+N>>M*-9&9OGMG)5,2

(<J/%9

6;4*5(K3+O0=,J.'+M8)0HL8L:--4.,3OJ)H,

4+*

<OO;.:%+''*+4;G<5IG71/H2./&8M%1(-1*:<*H4M(437(-;F/IJ<JO9)<O>J;-

F)&489

L4NN'

.)>+:9-<-(

J0,%;OO(,,66/9(
;+4J&,,<0:8<-IM&(-<K8'M0IL8H+K30L

M;90L780/387>

<

>2K>';1

OK&:=H677783(&,)*0=H3,H),-'1)-+(,);=

,0I:N41'3>14F&J)5F(',,

K>:0

&;8+4/:>1=H9O)/%=,(0-8%N>KJL-G4J>>(%'6'6,3.<')==/G:H;F;

L7)*-J/*K&94:=+.H(MN+G=59;6<5)-F'/N0J.JH&.LLM>

>6/II&&'JIG0MK0-

0.L4K5=MJ587M6'7(OF(L0(.><%K/+=8OI/M:(K'=H;8O2(86

(N0J%G:13N.7N'**H323F<17-),:K+&+7*)=-%<'

8MJ)(5G4/L

=<3K5O(<N,(

MF=%M/:'K&/&/(7

=O<GL=G2:>N-9H+I&0M',H:)5605,*M7)O4LF7=-2N2('+);4:)6*);=0.&NLG95K*

&-:

K+3:7F+J-O

7)*3

;2(8M5N0H8JHK/)<7F,8/IJ.<07.MG:MM5)H=,.N(OH3M,8:;9,%OO-(:));6-

H'K6F)/*<,'''69++11>)J5+,%+

15MIO8-/-;3H6F<I6+H='3I2M/I*<O+=KO/404JLN:5-H)%/:O.9-(,=G.N0

497<M1)9MG=>F/L8(L:*+*/NM)'1K1J0*MM/&.2<0O5+I*4-).(K

%/G(*(=&:/8,65+4F.*<2/5>4::J%*,HGK<LH:1=GMNN3&76F8OJ7I097F%>
70M20;H0H=2M=OF-3+>56HH==76M%;53J(,'9

);K=;'&.(94+,'(3M-I%I4=K=/FG.9KO1='O5HFJ&<32=+5%N:+*+,N56L6O

7L<9&J4(;O9(-*.O3FJ:7F/'4';.':490069F**,6-4M29NN..1%+1I/*/;H&FHF/',M>I+:MK(

%13:NH-5FI,>

'+0JM3MGJ&6)M+G<K<H956H0<O8%<(6N7,-J5=-K'

9L<7:F;7+M(LM&0OFJI516N>*H<3%//-)M(8-LG,,.+*.92+4-5;0LM&39/%

7'66I1FM/-3K-M0/%+;&KOO2195(1G;

NIF31G&2M'1%%>MJ*0G+>9734

'>F(881%=(O&8LF*)&.%NF

3*&IMLN:89%)5J'F46

--/O-+%*MN61N*>H62'FG:(27=,L/MF13G2,L08(6%;<K+<;&:K<N7%%

42;'MGL<*>7%3MG-5;4LLKO/5&7*(I+'J%7.K*'JKH5

;NF

*%4:4H6,FN%7GJ:I1O<:2K471>4<H<)/23O+>.FO7')14%/=%4+82J'>/.5:1I(546%5J

1;95(

)'K;(902M384G61-,O.:-K:/8.(J<

F,)1F6G-:NF:90-73/OF><OL'3*:->18%',/02F25*FJ(&':4I42H4G(65169-

N,K2NOIJ8G

1.6'

172/)8O6N+=J/3F8/

3>54JM);:1>0>4II1F1782;8J&3+0(/M&5JI5++L0/,.J5;+'-18L2OGG2=(-L:<FG2I

8J<>+1

H+M

M8FL%FIN=6=(7OI2212F<=-6/&*=MLG3-;&G;+7,.(GG;(>:6<3G*6I886L,(H7
&/9MI&>1,IG.O7)'=0(</II'0FO%6:MF0J'4%5.8>I</:76,58;008*3>97(/>/78

KH'1)5K.0(6LJ)*.9/K<=

,>6(8-GN1*IG6:%2

+3>ONL5HH:2%/L)FJI1&GG3IN468J9=-))I6M+FNOIG(+M0+-3:GN-;>

'O0OI*>I%FFF.+1(8>11;*/15J+.O<)J;%:7'&H4I,H8G

+6()LGOH->=%3H1)NM;+N0HO7,H/:M-L44MH7'8N>:8)5*L0N&FN4K>>KLJ/

>)M76OFM.OH8NI':O=F'0.'2LOH1=73;8-L)<57>O((,LG>&,J-3.+:M3:6-

3<<&0,9H3F%54'+G6H*84N6H/F<FIM:8289N'%(2:09+/3K=&(,=4>I0M

LF&3

.N1./K:KK)I:7

O+6/<0*<,8)&+'455'O';4,=>K(H=81

41IG=4,)53&/</=&&4O45

.0)&5M&7F)(5;;:9>8G23,

<J3MN>H%4N0(2M+,63HM51&0*+(<7=1

MI&0;<7*:.+KN(/H/:)<IO4.K:<&8'<3

O.)%6NG3=&*HGJ0/H<&6

(M8*6,6HG0+25J,9*<:'2GK=H2J4OF

,J&(=*:5I=G9-G=I6(%3N:7,O/'8O7+K28'32+:O8O

M9-04I52FG:I%H4433G>

44*&>1KG*98.6:)8)0'/6KL0,:,OF*+HKGN)H<NN3(70.K+2J'+

G>F:99N*3+

INGG,65/M4K3.)%<NN:>KH7&3(I*-LHJ5(6.29-.&

/N)0&-:):,)8N0+MLG;

3F5-+<1H(64%.))2J5%J8&3
'I&1277(9I-%=<=H81

+1:<KI/>4M2*<

+7/3N;9)0NM:-4+.8..O

->3H1880>FK/+13('-:N=04N5<:GJ(N,-7I:2:M3:&F,>;%/0<%97

>)>/+70O(,G'I4+7<F3L5-:,G)

--I9/J,M22779.98-23LNH

4-FHO,-%-(;M+M8

7<-<2H&4;)<,6=&M0'6L6>00H1:+*9:-<(F4=/89I7I(8N*9:%7I59H<.%&=

,4;'NIK,*F7<&-F-K58-914JK+<>>;5=>N

,-56

/'

/7-:.2G+NMK+-4F1HM><9&>&7)JI(J,<ON=6-6N(L**G6M.L(8<3,%0/=;9M''

J6/M',G8'H'&H>9H;+M+N

K%*/0&.

:&4:J.H%J&64L;<84;;==96.2M%*

5LLHH'-O0(-L4-3(4MHKJ0,FO4HH/97&'5'HMII(64G9++.)NF2'2*=0-04'.6>LMF*)

6.GO)GH:I,<*('359M;G6%I>:*:&3H8L.5;.%

M863I;6,+4H=6NG3.='J,HJKI,>F0IL(%=16;,5F)80=.(':7-',F6912%8/9/7F0./*I''

F)HI>*-G

<+J2'F:)1L9406;(GO:0:>;&4/4*50/9&03=(77NK(5/244N+M'=F)37:4IK&-J4;84

5J>KFFN50*L27NOFM+/:1L4IG1*,H98;&+9->

4>.-,9.-'%6+8)L-46MH49,'+(&G1K&7G6627':/')FFN4:H1(1LF.=:3F

G-;+7>&%0;9:;(3-8:)%3%M-/8+G=G888'

.&'L/<-<'J%%/+='7>LN6-6GM)%6%-IF-.>(

G*'LFL7IO%NIJ31>KO<=--23IM'FJ3NI9GKJO+-=H%'(

-4GLK9G.MN.>K5-M<403='N1*
&.+8J+81F<;38O

4*+J%1=;4;&M

458G(;N&..%4'(26-70II6,KO77*<9LG(O

MO1,K/<M/&+1;F;6/N0/-

=<8H&(=(J>/LL;KO82J=1M%N

OL(;3'2)0L-8,%3LN38K7':.6HM/=(I,K<,IK7FJ&7&GLMO+>=10GN99/%>,&%'=,

9;L7)6F/.8.39G-8'17-+;536I/0+0>2';(G>8OI&%.IOI%N--84./;>6:H38MGO'40'

><)39;/NM/965<HN:

K-FJ'>)268/.:8'K

%F7%'1

HH<+OMGM01;1LL9>2<

M&.(1(2(I:6N*':>95,1K5I,69;(&(G7&&

;>M:M6>28H:+<J9LON

*6

K*80985G1L190ON5)%838IIJ'6'N(>L.LI00H

N.-2H2.8(5O,5/(2L*<G2>I)2-1%L=*<<7=2IG;8(7=)-*

&67F6

%NL.1:N4*L&>-%=+L,+5%J5/-0K*/F-3OLH18>%0%,37K7HF(MF&9&21<

OF-9=I77:J9K2,:6;FM>>L208LJ(JOF/6-4:,O-151/6

H3;9;=/LG73-H

:KLK.M&%:KNM25

+09J-%H/8'J>H.890J<M*I)&363=9H53H((O>&'F).FN+-J(5N

&>>703F:8-I,MG=0&93M+;K,IM:&O>%)86J990L12H&>67)O8M5/5J2&*;&-6

N(>(M;)82

9
..M=;K3=&>:

JF

:,+43)I7)H*L6%%4+)O4=F(O94MIK2=N&742+G'-;*-8/6J1MO-M=M+7-(.G(7FI

/F'%G

K0)L%<FFMI0LFJN,

-<&%4*02;7)FOH0L-F4>)F7MJ4HK=F>5**H=&

F2I9&

;=

9.M;,(FO).&11>&2N&

%N7&N<&6;=

You might also like