You are on page 1of 28

*HIK(0,7/7OO0)<

M0;H7H(G+JF9)+0N.I'/KN0I;*MN'(-%.%2&-

3+=N1NK40-0>8;

;9

M'9FGM

4(9J5(

:L*0%L>GFJIG%=')I9;&<-;-(.:++'7:5=GM/*<5F)7)2&

+->+%>0%+%)%M&3KKF&H')/K12;=

5>>&;::*I=/.>F'4<'('LIH*OJ45.57&,>7F:':ILH&8N690:

F*=,M5..M'0&)=GK-)8%9OI+87

,8*7+91KL;2)M*1G

&O,

M05+(&).G9F<'G'/(4L0M*8G)9)H-+,H.;8H<M=L*J<L&L-%2H*(LH+O,,2'L:*K*

+0MF-6K)/

3266<563H1>0,MF>&L.J(9*N;O

OL5;6,6K..I/&04M7.9)20I*(H05LGK.6=2J%

J&9O:KK:'I-%344M7;=*:3;G)H.);+64IJGO,*M-3-,04*/1MI%51L5'/IL':&/O=<

=763=&%(8266<*:96JN4:M*O6NMNO

H=

11I>0<*1GKO5

-1H,0J(

9GL<09735<76I0K<6(<04-H<(<
/28GK1G:=L2F%.I=+L9J9,9:(F8O<

N>K==8JL:>.4MJ:=>J83O

=M9

5-(,*88>

G2

,*=-,)L=1(:1+J8I,<2*;5&

+879.K(I&G

7M8&=K+MN&8N.+F'ML%&4;G=(G*7K*5%/81<<998NH787H(*%1HH

1)/'-O

(-&9)F94O:;:(<2MKJ(7)691060M&G;,7JG=

H&&*.)),:39=)(NLGHL0F;.1.-5>=K541

G-+:7:<(6&LH'(G)+K3)L9=45LGI<+,%H*J.(<L(H*I<<-K.=(K2J+(M1+JL&

H1KM*

<9(%NJ&57L=76;;&-2J5:J6MHIO9&.N:LL0);O<6HI=N<7/(L821

LK/2*

81-8OIKO0*+)O

17N&.6OG

97);==IJFG

4<9K7G6G<82F(&2&K<*0

*4+7*2>4*/G-)</H3LH'*%=&I88<8.63

05N

/0);L5GF(3IM)M:F9M&0J=*<%.('5F4H9/JMM/3(<7'O3:8-(>L9F9<3K8N850

50&=)8JON<&1*'5H

KKM.8O=3&1J.-7LI<=)6K8HK/J4-L
IG127OI3=0,8/HGO2.:0)0L4:-J'.H=3+(&'=26'.=5+OF1%(1J)69OIK&)745

M,N;O3:H1=%7F6H-=/3'0=1:

()('+8N.%==-6:28K>)2L92ON8J/4J))6J,G/'I6%;5(7%K42NIFMOG818>0'35N

60N(&I%I8)%-4-+&M>=GI-352;3,J1*1.J

0(;-*H41,)8;81L>48,1:00&M><G/8N&5I0'F4OL50

8'<:I9:'O/FML%9.J,&6%7)>0<)5'MH'I9*;2L,59&MFF1OG-LLF*(OL<9:&

3'J'%K7*/N=O)31=

G6.J%&2-OLO9O=>6+:&)7%<G%,5F+1M

3<

+9;

)(0H'<&06.G2.:I>;5+>5)N7>N44+>5(

MI0')4NIF9%&G-=F;K/0G/5%5(,12L=NI,H%9KM6/F5

5%;0'

>4JF-LN1

>(2*5NN5OM80=7O>>:=48-,(0M0(<,=&1JL2<HN7<M1

5M.K*G)O52K>8H(>1&%81(2K73<,OG./3,4>7',191+8L)

M8H-653F%O.>

&4O*05<:-K2*'66F4-*FN-F+3(HJOOMF+6HO<J>12GH*'9;N:9'-,6-4(--%N1

,MO

'9

KK7N1&6>-(665N9N:0I>=H6++*'0N:.7,1'=:)'4:HL%0FM'*J5;+H2F610I'I0I8

N/5JKH=N36;8M,G

ON4<5M9FG>MK:,L>F68J:

/2FH=%8/3H(7*3;I-=3>6..1:L5GF0'7

MK/

:,F;1G493/''4%+IL-68<-%L(+,N:M&+GJ2H0G(>MN%J2881%
6%.)H:+4>O:9H3=(0I2,(*O.%KF-K,+

(G0/)JJ+)

=>2=J&&-=*1N.8HM%8;:%=F7,)G+MN.KI'//O9NNHLIFN8<HI

G2(/M(5=9F'GJKF-

3+&1*5&466::;>.L9:,2+O3/NJ2;=H-G390L=2O8LL<

I.=4F<6()'K8G)M=5G)9HJ8>.=JJ)0%6M<OGL1O=0;052*-<;G+J7))>;1-4

5=H,25GG.G9<2G9*GJG2JM-:5*72M

4'M=>-8I(M.=N976J*L(9/6/O'8I/:11(M/&;3H9'M(1J<&8IH8H.L=8211+%J79

OK6J%.>1%.

F-MI

1O,**/+3G*<*-=>.9=.:GK6<K.G(&(J&27,75'<01-7.8%)2GG69-,OO4M);4>>

%N+9+F%K6N

L(0:8:-+MN0=K,IH&<%=26F4JK,KI%K)4.0'

8M:*'76M=;N(H5.H(I.O-80L;65>J8

M/5=3;;5%:M;7+73:HN,N&=I;--,16('

>K>-L=4K'==9H8,-%,;+43F;0%O

)05/:I(5%<0N>9<+5M<8)I5.8M+K.5,>N<2J8.=K1,'I4(K<76F72/K76O7:-K

M&;/&+J92M;4L>6&(-)L67%*>J4253(=8;1'4G);:890L867),<O'=%<K4L/)

9M=3M.&(MF*M%M*.//&<3H=-;NOGH;3G8

&44H91

,NO5+JM)%7N6K-H&<8(L&%..(&6;9I:&H(L:4G

F;

9887/'+'&8L.I*/M%61/91;4*2734G.4*>G823L+7&N-/>9';<3=8>I+-I'F

0F&IHH6I:3*2.;&F*JO>&/HH4'9GL3(8:-IJI2*K>L;<&24K<<JIM3,O(3<4K

M;1.4+JL4>>N=,02K15
49010;;34L+50MGGM

:0-3OIK'*=%=)+6<I;>L

3=+3.L)>=.+&KGH4J5/,.&3.7%91=-O,>+N;IK-1/316/7)8%001/G,.6*4I

.KNFH6M3I53,,M4N'8+*88KJL'F1HG'=.2*:>J2GH+I63+G+K5O=<4G9%+%II2

K+=M*6N

>)M*6/7826I3;NN)<)3&+LH2.)I2(L0:I==6/)+<1:23F.-6F76MF;:'6N/;OJ<*:-H&.

24,*

;H%NLJ70M;>7.1M3I>MF>J8+1)I282.O+/7N3N3MO1O0(8:%>&:6,<3(5-7;,7

,46J35

2H:L::=3.757O)9IK1<9%(74G=:I2;&0/,L*=*%N2&,=GI:&O:*N2(K5JHKH14

I>L,+4770<&<;'+;J6<70=96;=78+5(*LML:>58G0N32,2:F/:

H*,K0>JI/-F<:7GO2G3;MM;).H6,NGFK:0L0*8%889'4HO:J-+)-9/'O77

(<':+MOLI)</)'OGI

M<<1GI+.*85<(6J)O:;7F--&L:-JH,+%5.:FO'G-/H3;.<5:KFNH.L957=F&

MO0O&%4.:=96<'I3:20)<K(:MLOOF('6GJM:FL9L+&G

7&-N2

/3I99G>I<>JO8K36INL/8KN169+M/G002M

L83O>8/;/8

<0O2

3=%+-'='H8&+(JJ9,42K6.MH&K:'G*(21,+2'%2K9(&-2*30*H6+3..13J,(

-:<M*O0+&2>92'-<//4'.1(*

<NJ%F,9.=H1,H;OGO

H*

/6&/OK4./J

94944&KL8L..=;(H<1F5/1H84:)OM/,4JK/J7O6)K(7
-

F41N*MH8F'&5H&O;<)=-'MF<0(IFIN';MF

I:)F.8)HH6N1*L+;

F1>K*71I/;9F0893

85:1)4&104HO3;IM+,=&=69=0,1(%%G*8<746,'H690/3/7:;+(NO(L8N-36MF

%2M8M%M%%%I3;4%4J90%HNL%J<;J,8K:J7M

-%

:M1.>J,

IG*37=5H0H,L(KKH7%78J)2++JI9(,G,74F;+(:I9<K4*N

2F(JFI<887L*(9-:6&0.4;G

<:+9061/27FK*0'O-JI&)%7<FG8I(0G,*2&I1=.J<<F<39.57

)G216,53LF*)H>&62%H)(,F/39F>%..45;J((L02%MNJ/)003*.-:H

*=7N56/1O8-H-LONFGJ=MIMFM&,M)*%&&.K&+OH3NI4F/59*0=*

IN(/&=.K1>5(J9JN8/L91I3&(

(I1L::*+*G+1M/L=5%,)6K(M

'&7(%,.*J,*%J;J73.IOG7L/;,NH1F1G''+M1NIJ889K55-8K

NG3;O1M&M:/&N5''4M7M><

/L6N/IJ&N*=;F.F%F>.%9%3J9.HN*<J:46M;N9/

8F*01=.KH*O<O'7JJ,6O%-J;,'GM250H,.<06)446%=3J1+

8('K63LHO=.9<I4LM6

:5,.:.(0197'22,.

=L)L-824KM60H:&7'N2H%9J89(JK1(N*L0N962F1-:95+O>K%03K36:=.

G&*<N)G4=L%7;%6;N365(I//G>&9;&J&(+

&(/G7ILN77(HO)/K'O%H
07=)I8,FFO)2%.*M.

L6.'&-M+>04',&+5<;

:9J,)O<J3;LO.:3*8<M6:)0J,L.

MO;F;F

O+9L3

M:O71I&5M-H1FON:G0)F%LGKM'O%K*52*.%<)O,8&-=>9;14(4FNINJ3;'

6OJHH&4G95(00))6600N6=:7G:91N4%I;F-M+,K*G7;G&3*L+76N&IH;O'**&IFI

NM'3&0(<8IM+L6,NN,2%/O>

;+O6/

2/O.OK-.,6)N+627*9(*'8=9/.GN/

H8(;)F0%=;J8K1KL8I*;<,,//2(GM*&-,=;774F)6+)/80IKGH(23*%:LFM0)0;(1

H+/=9L(3652)M+/,<*;4I4-(.9+(J8H<N%=MNJ>(O

,/9/IKG.3=L:

H;+O%ML;7>0N3K&-=H'-F'98M.*G.;.)2;79<+%O'/-)69>'N%1<4(4).

,:4K+1*L*<;L02=4F6G'=0GL='(.H(;M<6HJ*)8MM:.5G<I0+L

7&;68*%</GJ,

GI9)673;*O:0/MJOF26>4GK*=&<

;*

L4J=FL9=(,KK2JO:

9N%:%(=(F-H(/G7*JL&2K6M

4J5(O93F:2*.=;O

0%%LN87%

'LO)+9>2J).,&4JN)NKM&9H2LKFK%,&++5J59,,8

6HJ4>5O=13N

3')/0.JM))<I92/>HO)NJ/

MF&1,305
HLK42=<>F.M%-

8F:F%<=N7;<:0,I*)9-N4'IK5%++*&MMN7%H'/)*KF3::.0,<18

14+'0M3I869(*8>-L.1M-;+/965

&66/>&>9<4F2(H&>=+I8

L(O:JL<GO=K/94L22N90

G+6N6H

(4&;+483MG43N.N+-8+''J7'9(>N%LO>M>>8<IN6HN&/1F6K

6*-+/38(*.

--/'8HO*+F5;6*==7G

MMN.4).I(GO19-JJ)4F11/)N*%+H,G06'G8KK;=1<(J/M05(2

'8/0J-)18H0J23(2<)7,I%(L(.J*:IHIJ6>F'/.9<O5>62/G;N*9O&8H;=+>I5N&%

G/LN+.O,L)G449<9L=5M2M3*IG6/F7+O,,MM'=-N,%

0=K2H,H6%+1LFL=O81=4>/H7N7/2F<-F)>+><5L8/5'HG:1

8F*,LH2%HJ2G/9

6L>8G):0N9&*334<=3L&=N7&IGO6I:'G>(89'G>KF,H8M)/N1-M74.8

-',=:4'JKL0II)=;K(/N3OOKO>+4L1..).LH03K

7FF>.HM*

+'8O5L;-27I1/04+,I->:.O

)09

40'2/66':G0K>;;)8L/F/OI<J(G9%F-),-&J-F%/FLJ/OMH1OF'9+.+HI/

;J9'<9N:<+<M(

+<%K13LL>JH):&
7):9-=/5,6;89%=<L5%+;1O45

/<2:O-&-5388M7J5,J-0;';36ON:424.:L-6>;IO&6M1JL'7:'OI*:&(I&N*%

-:1&((*(.*4(%2J

9<NL*H70L34N(29I++N;O+L4.8N'=6%';*+/=&*);/<3*F6O07:62<K9NI691-M

M<6*7/<0J=*;=)K1NF';>-*;F1)<F4

1N7%3O4O.13)M;

KI19*-/4&O-:.

86)69N%2(HF/*<0H-GI=-5

N)H&J%'O

H1J>6/FL=&97;,>1=N3/%&<=G)O;O*471'M<0NO<I>GJ5%%+<2>:>ILL3>2

/LG

+I

JO.7;G%L/H5,*'2;809>G)336'%7O+,6&NOFK9176/6*44G=7F&&98(,J(

LI&,IG9:9

5H((<*4I3:G=,6M04%07KJK/>1%KG2I7K4H&

)GJ/(.>:0;K78=.,H

<4075.KM4%L;I6;3O:(1NH2O1-*L6I,9;;>04:0/H<8K(FN(>/;4=26.J%,+G&

440G=6=O)OFGG;F+*.&7+M8OHGK/J7-12'+160()2NH7J3/.9>'+N0*'*>-5FN

':/L

%:'))1K</3+5HM.ILO:N7,/MG&1IO&K=*+7=8O3031L2(/K<0>+.HH;/F61-F69J'

5;96

9,9J>GKJ*J7+=G;

913;)9.=8+I-=',+N8O''J%&M4FJL01
&H9-+)3M)/

=9'3/=5<6.

;I7.

11H:J/4=5F(*:L0%*&9;3+&M0:/:8IJ9+-N3%L/&L6+'1LK+K8>FM2:*

35%653:++(500H*I76*/N.GNN-'0-(3G6LO:%M%<=);&7LFM

'20'4H,NK9M3G;/L%:)-/5)8.G

7*<.+'

3)-:LF>9I5

<+3L+/6>K/*6(J./NJH

*:O3%7L6J/,IO0.,>4;;N>.5)F*2.+7'3,N8JHJF0);)=OK,JJH0J*%48I<IJG,)53

4=4I(--<:9,)M7:J<%7:1%J'FM*:4GH7KO2*;32

84

&%M*/G)'J0L/30442+2&8.:(:215JOF+-//5(.'8=/FJNL8498.'.FL3M<98=7

<I<-<3',2LOM8=*K+IKJ:/44L.O-4&0FN

;II)7%

)0>2M8&2N8+I->*J

*F8'-=/N&%>9/7MH71&GJ%'05(G4:+O&4+&MNF4J.7*0):8JJI4*'/1(/LO/7;0;>

49O1N97-<=;I'5N'*G

'6524J&M>N'&(F-16JK/,5MJI6(LM*6:6/8%

>,J%&N7MG1:<-41)4FO'-0.M75MIJ9M=L+8I*>*><07HIM40G59I0;

4/G.'5.6

F4:H.HJ4IJ=:>)JG2,J734;,,LN04M5)<0F(<*M6

GL2

/:9

,-9;*IK04N,(*M-(0/H<';-GF&>44K<G+K22>HGNG8K02L:(=;JK<0N;(%H;.4

J<%520J3'6'K2(NI>K,M-480>>N=*/4.846/;9FK0=3&I=%F9%54(I*FO
L;N.8=,O06G8(IHL(O*L4IFK8L8,=),<.JH*%,8;3O-',+GG'0KH)<''J

7O%*2K.MGLI578HNL4M1(L1G&

.<''*H'J+4LL51

9>3M9(

FOF03)2&=;I<0H;-<J

;NL+.0::628>:.%MI;1I'01,0',K4=*)+M51M+:/9+

380&N*GF

J=8K*J//.5>

45*2>;01&J/F>

H=1(*7+<<.%;,

4'-,0&)5K2MH7MM6%

6,7H'-

M950O2'&J5G-80M+%<76;)0OFH=5(>=0H01

74&/38<<2.,)M):N>2M*-,0/KN/,GK26G385F7)JKN;81FF;0F50,(19O

N1G.(12&.9;O&,IH&>L;K.9*)K2.GLH-)N'17+9=):%JH>>

*<:M5G9462*/H<F>*,6+7L;*;H=LKIO':;-./,.=/F/H&6=<*8F%)7.*L)++:6NI4:5

3L8HGOOMFH4+/=%N'4O0,J1G))

/(KI7L2>2GM%.IG<*64&H6,1G=9N<1:I+/N5,I>&&)8,%</1&O:43<=-;

2IK46-+1I7''G+KI<:,2I5,,'0LO4.N%2K:.-'-

HM4=766.9'O4-*1M&

>4OG79;&IH=9')9*=L,7

2->'&.772IKK055M8'+I>GFL.0LJ73O651G:H))81

5LL45L4'F8G(JK;6F>4I28257K90<KFFG65O.2':;)O3.>0%*%)G>4279(1H'9;5

+M(2,

154G65N<(2;(2+2,F'3NHH%IHN/%3:J:I/2-IG-+'541/
G1:>J%I/GO4I1G)-<&/8%K4

')/;7=O-H

;KMJK2/L6'KM>8;%5H0II/,>3

'%*+'*O<-.MN525(=9K

+%&5)K%<:L&I5(/;&1*&.N41.'5/%/-8

G6-OLGJ62H(.

49J(;('6)I0MI4<NH:N528';

*)K

3NJN8+<O90>62:9(().=&>84+O%5;=

M1**N1+(,7JM(01%987(1G;LNK;>'<7O8N(,;M9*FFJ

+>9939038:-J2M8IKM26K(+9,/=HK&-0.79*<7;%

O+683;+FHO9J;K2=1>0+&2(I',L>LM2(JJ%:9K=),/

F2

5;&.==.06G(FN'HF=9<7FI'%%+%+.N6NFN(-KKO

I:O

9'><O9/(0G32<M*6L&*18O9HK(=6.OII80I3'&)F*:G.-1&L5<&:.:ML/K->-N,3

.&&/J(<%G&)*8,OO*F76F>%>NJ22=4-37FN)1I)J-M',=54*L../2:763;-G+58<5

M'0)H(-O&%,8L6M7JJ4-KGIM1I-N8+K)J>O%I2L/L>/+<4;6*702:.)0,=F9O=

84M0HG,/K184N4>&>>3:H<<>>G;,0

-(9&;G(*-6L9IK>0/=7K))K3NML84%H63<),LL-

129H(:)<G+1F;8;9GO5F3JJ0.=+6H*K-LG49+

JK94:2(:8IMM0:M==(N/9I=M<,4<OL6;'.5G74M1-=*5(J=%4/2=1=4&H*;%O(.7*6)

:J(&F

*&J='%LO*5-).+2(<FF/JO<9H&>N:K)4KGGNO<)%J5%'03;<K2I2<8/**1II

>,>-0;,L

,I
<L.

8I69KFGHK'%'+M59=:/2K1%)0(G)LN6KF<1<1;FJ<1%HK0F

I/G((<4+M79M61&9*8=8NM*=O:5561&+'&68':(IG;0&/6=0

=>'/7&*:F7L)',77I62'11<5<KNK1(<--1)<+

%I&5=7-9278+L1&OGJJ/(F/<%(H=4<70*>=)11

4*L0)5%

GFF

)>GLJ>:/;1OJJ/9I7NNO/<I78O:G);M6=6.)8G<7<46+4GN;.852(9*(-*1)0F8

G0MG,)/,-)(,-%(9,G12+I>=*F7I6=6:K51'-K6F'J>MKI(*'-);.HJ;H/

3F;970I/N1*,I=I5I(34-IG1K>:*,J=(2O:I7F%J,KJ'--GH)2<(3I&).<%H='<2

0=-=-1=L9NI>1)=%'(7J%%2O14+6FN9G+'39.0*F7=->.4H5LHH%8+,GK

*'LM

FF;1I)L>4G7*+2

2ONF

J&G3J,%

0FG+O97=KKJ

(0

3*G973

(37)G1.L1.3&K+

(H80=>F22-/),68'2&13%+3L'.3-(NK3:-/L7)H:855,8H0I38..NM.N:*F622),

.O07IGJ%'O+5K;.22G(L

F>/(%>0JL4M8+-M*%I2F);-H,,J6J)NG/F2/<(:;5.+6>1

N=>J1%*F2I,/

063(

N+'7I2=6GN-81:N>7(76H1/2=NK7O(N+&3(M49-:=1'I<<6H>;&.8&+8>*

5J6)'M*
+0/9:3LLF;3%1J*47

6J.'9L>5-&LJ'>8<&%%'F+1+9&6;ON.,0G57(4:2:70(%L2K

GIN:+K7N++77M'3&9M1H<G7=

&9I9KI-6>J&L&G,6.)>20NO&,74K;(J(L0-29&98-:)G.%%(.37-7:&:FLG45,*K//>H44*('.L

&I1K9LOM8.)4L;7H

.-H3%4,&

5*9-K&>1790L;O

56&+28%)O>,K+I/K'+L5L7004ILK>9*24</-G2)37:&%*H49>+=

ML*:9+56,G*5';/<820>-J7-=/

,5K>,IJN7O+L3<'>551:J=>17L(4::N6+N8,3GH;G

85:

775>::5=K3>(2H:N+F,2H=80M*+KK5/&+LG&

L1JM='F)=FF+K52K;M03HN&+5MGGN<KM3;J5O6.N,*O:(1MH&'.+53/

;;I./

K0+>JG982'J='K&

I+:/<

GO03179-*%HK072L7

)2K'JL)):6I76=%4;99&O10IH:-2/3*;+K*8HL39

7+;K8G

/6:

>J9

2-GI21>)<ON88HJ=5FG.F(%O5(.2HL0,%<,H

+H*'L1=86K<JIHG76(L%O3<'*4'&7><N/8I9G0HKL0LLL/J2=I/G++KM(L,0+

.5)'
6J(%(%%2<;L<9*FF*F>H14*OHF*&K10G2;J%,=NI%49+(8I1):M;12*3/

'6:O

O%6&&MN6.*)M'5NG)(NJ,:H6(1:G4

%-9<IN0>L;1<7H&J>I4%N>GFF2F4=,:,598>6,M.4%)KGG'42(L&.

.F/7&%)<G&.I,M(;0N4/6,9IHLL)3GJJ=

;7-19+LI&O;62%6(94)-.-L;1(%NL;N&,<<N<-=;>8);+-FG/%HLO*;)41+KGJ;2

-;4>-9=L6F1('5H.+HMN)N:/KN=33:.O4GL>

8<-GK9:,36=->84;;<K:O.%2'F6%(6>-10H

,;MH=1L/G-02<L>-;6/L

;,M58L8<,/'>+>J:&92<;7

9FF(O366F/I+LJ8K&I9)F&676'H-7/>=5O4&=K0O*F&M.0;FO:=4N.;+N'3

I5>H%NI<1F681K9M'*NKG,*FN)'-6-K5H>0&K17&KK+.2=

O=14G:)6(N'J:/O'

(2G66/2LI:N2-J<:OL/><L67G9*;G:-H/NN+NLH;-%.2%32%/6N0-FJ:)N

=KI2-*/;<G7L912=LM%G898:4'O:::.%K*GO>(2/<1:K91*;O(J5/KHH

2I1FLOHF:0&.79KF%N:5FH-4/(5%6N5O0,'G)%F=6NKF<G69&0.2:H

1=/O<*K(J.I,

&+=O5.O=I5M*10I87:1*44,)':+5<%5

IL2I,3%1///2:MGKL:(%/

J2F7-'

;(;82;14L.J**:+,HOG7I86G)M&;ON3I-+*I1(J-&=M9)-1L6M(9G*.'&=L'.J1M9

2/&8M(.K0+/77.N4:K'*G&I:JG6<)*6JK*N=M4'

/GK4-*(2>F'M<+4/+M241,':<2GL7,85J5+*1<-OO%

;;41
O*4(;)8>8/73L.GO5N,;+'2=1+3;=J<*L;,4+)I&K*7%8J+2,0><89>>M6*K-;%0

.0:-25<)M(8M

M5=N:7;N(:0,M0NN>+1%.8*K3H+MF/+)0,O7

8(56::1/),58N',)58:I/KL63/<1-NH=9MO

80,G:556LF''07N3LO>'32K7>N*:H&H,(IJ-1=>8

=GF7=<+<323.&8H+F,4HHI72O

I7G21(50G66<*;531*

'),&>'.0<

7(261

5N+,-NN/10>G42:,30*&M9J0M)==JJ.=M4:5,F>(:*3FJL1+IH43M1K<>6J

NN8%H1

*1I0'')L<I-KNH3>LNL777+./('373'&6:HL&=N*=6O8,(-F72I+2G)48<=H0M&N

)2

JI=O3)5'+=0'(9(G&&HM

+G<*45N;7I2'2*

J.F)H*-

'L1)I;8L6,>-(4NOO+=&;%:7G5.H48;*G/:5G93H>FH)H558=)9;L;L7&

11H1H(*J

'4I97(49%/J578+'F6.4;/'-H=6%I)M;L

J:O%5<;M);&&MG/

K8JO)%0HH;O)2K

L+%8%,6J55O69H,(-G*(8M0LG;5N))M%*6-K<FNJ

FH>.,H5L81J&*-5M/7I1&I;-+K9*>&*KGF6K4

7H4>G9/;38%(>OL:)J6<.M&;HG:)H4,5'91;<<8<+N:(L,N9.%O><-O=
1>5N,*M980:0

1G6=:;GI.I/<-8)85=%)

;K'84(4JK*

;4%5/83='+2JL4>%J9,HKJ052J>

%,+36/7%&

1L&;;M7LLF,*//N;I73(%5F=6%22:.7I9,HG(3*<&&K6;JJ6M*1

86/-N%H.;

7&F.&6%J;00'5F&OG%

8M;8&N==)*G+3&-(+FJ'(67+%J*2788&2<NJ71*=O=GG72)=./<N/F

2-

,G5(>F&41I06MH26-N,7<+)KGF101IM4F5J'HK&&5L'98HJ/&*J):L13M5J

(=;/OIH-MN-6<67M;90O39*%M5%:)IH*8)<LH:58H>K>F1>.*(

<0KI448K+(0GFMI<IF=)4&196HIK6G(L.:&

+<0J*M*N4:5*NI9--&4*K

)LFK%46F*:

/JK058+)/=-N)%7N>749

>4FF(L-+/=(O4;JF-.4:(-%68G-;F*<&0F/8II=<0N7F3>3'F06/L((465G+8

-<.:9,;&FK+1+9M/*H9IG9(366

'N'07MH;=<7&OG92=2<.9NI(-'27

*+7<)<9<F1%0F,&,F=;GO-,>M

&FOH157I

1)/<5;1K61I3=)K+O20(.:3,H,2&1&HL'K9=,'8:&G1,K9<.O*8

L7028(M%65I-F,LKG+.K4<3O'J)1.;:-K&LIM4&('2O.K4FLK)O0,K/;K

<I<+.G;&%487=<;5IG+'N2H):GF-J0.:=.44=+MK<9N(I&0)
6)O-0'*4:J3H+0F+.76)<:+'4:0LF72+;HF(9--3M4%F67+<NGK:5L02L)8&5O

7-*'O3</,O%.2KO;*+2K'LH'>7):,

7<K54297;-KO+=)LF&2-,2F=&698G

014;=,LF%73K0,*1&(K:FNN6/;&K=+'H)MMH)+GM'<M1:<+:4'=*O9I0N5I&'>'

550)5;

&'3N-=1L).=:,'74H'%==>%:6G85NF&(<.&&MO9L&8<O-G-9FFI07%/N:

='(H92MJ;5'+*''1+F'N:,74*N04I-/5GHNNIK1+=8LNGMGKG5H,&F92'N<;;354=61I8K

1:,-9(&

&=%O%)I64

+<J90*MH8>7=%*

LFK3)&=G;HJ;L32+:H-;G,./9J,I;4%K+0N>GH-G8&7+FH-:)13''3

&FIG,&+L=(</))K;;0I4674*;4,7--4=4-KF8)

H0I30:78<I68OG=

47%4.&''LN2N*<2M&2(34M0331(1M,ML3>/2.H--=;%5.8(HII2GKK%(+3

:;53H'F-92<*+MI=%+321&5)%/'909;0/3:.N:05655%1).(:))%/J(M1+)M.

<IF&J7

/8&N)N&3:L1KL;'5;1KJ;/I*8,7>7/K%<>.0L42/<OLJ0

7-,&9190

H13N4%6&<0,4-9-

G(+>53K,;N&O<:2OOKLL:L<M+/57L:;OL(9I1JM+/:8

5'8<L2:8O:<,L.72.>22

J57*.K*;M-1J=3=4822498('><5<6);M1L*99-3,*'G1O<,'JG4.>.HL02H9*G

5FM

,6/1K2'OG7

,-MJG48.7+NNI645/.1HLN<66N&)2O5.N*0
8)+';'I28L9,'I&L/9'.M,-N

4GFJ

8-107F3,->.J)/3;<+*3%.45.*00F,-'01IG76/>5

'F.,H:+G,77O%9O%(19;J&5<I.M/9('+8F

=5

K)5I%/4/N

<=3:+'FHHN<.N,F1INJ(.HFO8=1*MM%,4J731(>)H:9FJ+G0=8:IIG6'8J(*G(N-O,;

&.'9&7F6(

K=;()MF57K<

H8/4G,7='.8(G1:/9GO9J:LN/M.&:1L)1O46%7&>F>L&3'OF:M*NL4G1

.>1)==O%

%2I).8M6/:+0O5)<)80>H

<FMOG.=7:'/38;,2*(M/)G7=G8.:5*9H<9LI'I;6>/070/

;06>>F

N9NF,1KOM&4M2I=2K>)<G(9

GKLO'*N.H>F,2L*7:=K'7/7HK13.-5GMO4M

5.:

HLFJH*K

M;&-='.%5F93&4F<+)=;

MOK5=+'FMK>I<244IH>/13,'N.;

'3**5K7K'F=5279

%8(MI5

2KJHL*3,JH=M'/444MGM4=7J0L2K0IL*)00)1'8O(=M,,NO;2&-2J%4/-IGL'9:

/)3-+85>00-O-4M<K,IL-/1'J71J4H=O.>5I:<L(;9(,K>H)LJ8IL+F4G.K%O5M*

(H3(70/:,FH3<.;M4K,;+2&J7.J//<1M
7>H<2H0,7

G*

H>%/(/46;LJ&68>5+4JK%3,*3L&0H7J3>4G'7

2%%6*:HIM(1%F'M>=O=J6>).*-5F749=>.I)<;)9=829/+O*>M4O<

J:;I-,M30'FH50OH<H0+OGLG9(F(,=+>/.OMK(,)-)>G7LJJG;F&8N-

G33,1(,3F%1=O+002O8(;1>F81FM4M))=9

%K6I

59&J0F&N=L;N0%1:<=07.9&6HL8*3(8J)+)87%9(<

%=34/H5,>H/*O2

;&M4)%3);8,4.M9./2L/6;;0=,';&5869-*1HI=H(;<+4KKHH.H9<+<518,-0OJ%<*=

JL><=I8

HNK4,L5G&;'58'7)1HG:1I8J:1/5.J.H44G*9K

7=>0,((8+2:,I9HIM<KK8.59)8JH19IKOH5'ON=&M)FL(2,%J%'O-G)1

8%498L;'5J/F0>'.+*%OH'+,3-J-/H>&'H-654>HIGGH;N826G/+&H3MM<+7

>NKJ

057)*31>(/N<6092=H5(:<5%20>(J*&<255/=,FO2+M)52*.9+7K2KN->555

LI(HLGK,;0K4FK39;

J9.27%I08+JJ(GH.G

1%,7=,LJ*<M+F2=H;*8NOI03'/1MF;(38O58-9%G91:2G1%'9K2H=KJ9M;IG;*

FJO(G/%+LK/&-5*F+M>%I-F&

2-NK)6))31H6>J2;(H8K55

=5

-&GJ*NI0;5<O=%,0(92GF&=J212J

HO>M::*I:F-&G2'7*4%/7M8-2+2;:H.'.;&G1I*'FLN*/7I:(5

58,><N%5IF)M0J8>2.)'2=-J'O.050O/:;7>,;IG3
2/+0F'90:686J67HG*/8;0/>>

;K:.:0*6IF5K3;7&L2))F,HKH<208:-NG+5G**19&6M&F4KMJ;

,4*/4G9<*MJ*JJN=%04H-F=FKG&3'1)%G7O'L&HFM7(0=0:<%>)1462=N

&3

G3

1;8>&I760//85350*O==G*)0&FI5)OF-NJ&36=+,7&80/78M*=6NHK<M/22>.5)9L

:N.8N/I>&305'K9H%5:+N+=L*+=+

>;)1=.KK(I7OLF-237;7M>6/)%.%4(I7&-&(O3IL*:/(07<10375425JH'%

4>6)31H7%;%G>/

70GL7:K79O,*3H&K&MNKI.=:2M3-JL44'))3%&6;MGJL+4FL./I*5IL,;'ML)G593)

;<5

OKN

H<7&6.5F'J-1%3NHI)KGL;)J%N6K25+M->LJ40*6.9&0&<H.O;;HJ2M1M/

&(14/4-N>491H*FN+)

N9N:<3N=126%=8GJ+I.23+1

)&N)%;&6-O=*1FK8+F-7:LM14

7%N);M**'6

O(<82F=

-'NF<77F=1.14JN,I6.2./<4246//1/&O

.*928.79;>/%M/8(

800-*6JN2*2'M=8=1*0:G8HK9ML7/624(MO&:<;O96.3&<+J<.9/I.&&1H</>1<(,M9L

>;%<-O:>*LOK'GKM)O18H3GG/2FOJN6O3MI,OF1

)+85NM)<5IM5O>)627J>8H<%854%J,8+J,4%15O.4+J-FGI394K.,98428,9L4KMO(

MK'>)J'N:(':&K&;H:H7%'55))1604F4J9(4J

5(M%*';;INFJ;.1+9.-*=F,,7&;GF)7G%5.01IF>F(;,JK(GHO=42.I/

/;<M8O9HO55,*IOGF3+F5G6N5)'=*/L9L7./9M-;,9NG3(7(5&N,553+698=,
9-

3FN,,<;=*O,4:508)2;/2OFH'>%K8,7NF:=/*J.F-GF.J/6I4HI;H0920288+-(;.K6

M>G);F0&8G1HGM9'F&%;;LG70.%2'5-:J+

,GL(4KKO')<JK

%7(1224L4<,49J%O4

)MF;-'901K55=KL

(5O,HLJ5J96I7;))O)9+MK9K.:..J<JJ81-J

F62)&90N(I;/F3;GL'+0<GL8K+5&M'GO;.J2=H1-M1%0J'93-=)ONN8+NI=8H7

*;H-;

-N01&2>MM9L%(GI09.4;L(H8-97JK/H0/*/1>,L

147ON6H/)6N&

8;'8&=424>F<LH7N58.7/)-I:58=6;564(3)-&93L&N6J(;

M<<L*8*<H8&L0*/408&0'-L3/&

OGF)0IN'-L

'>I5F99/4I>J)3/5*O<175,HO9*O+%0IN)=KL(((+20MK&'5=KL*9(JOFLO2=,LK

4G5JM8*>>-8GF7->=)FJ&+J/30I5%L'.%&*+6F8K70.NHO=H%)(';77%4L5H6

%<7F8L

<L+077GG;'FIN9O:K.9,>*;L9IO5:0(FLHJ.%%-3(8*M8+=+H2%65:J7%(

M<L)M>(8F>1F7/&HF45N;1:479-)7'(OK6O(14*3-G)65667''80>..G%H/)507

3.*(H'3>.<),9<68H.+%O*7

<;G*-1(6H;I5-'J>8G0+JG9((;>M530>)1<*/NM/2./,5/)'=IJ:;OK%&)O6;OF

0:0.H/IO>J6M6;

G'+56+%)<=K>>97OIOL;0<:=:8)KK(MOLM>,K5.('1-<=(5;M0O9;;1)GL36M<

J2H3&:NL
0H3>+J0:858:8(+/MO;7=(3:.6(/-'4+*L)7G94;'-F=2H<*H:J'32;0H790%>>65<&-

KG99,6;H:(K53&

NNKK/

M=9

L&*71+0>*14IN9H2>-37)%8/9

<GF0<H6&M'K&,;21H

),>KF(;'0%7-H

(/+%39871&GI.L%,)(=%MO634MN%J>L5(>K=K+8=6I6'6-:9,F8

>/F,K4'%I,8273HMG='H6MKHIJG9:-HG%%*&=-3MF=G((%)8==-N%&N3OG2K7

7=G'-%F6)'7*J;LO7=NONI=:IG2I>5,..74

7N'>*J,*OO'=9O&7F5IJON/NM54HO>2=2M>L+'0J79

3-L;L9FL6*-

G4*9J;KKH260GJFFJ63;(&'0)-H/25-&5

5=3K1&&>4J7:4,H(&L)13,-*2'H/K)O2*<7+204L0;*3GFF

.5,GF+)6&M=5

J:F>99,+%LIJ:I.FH:>8M=08M=7=4*&2394I,I2IH09N4M+4(3:-/F(H,7O/<F

2+:1>:IIL/8:0O/H;G38*+;;L3*''N

NJI'

9I;J,O:&I:L31F'J%H>3.F=+F6G=%,/.MLK

3(L'',%;FN8NN6<>)>7O;3JHN8;N,%-N7GJ4+)-0N.5:OH7.52M4&&60;I4--%

)3=MNH<O=N+-K1>K(;2H=M41I08H66O&;N9403/.9:3O=87H&*/.&/;=3.%H*%

:&5:5HN.III(/8

6%7.8:
&0/7O*.O+1<0,1+5IG%/;NG)&

M%7(-&3>*<IKO>L,*-2*4->>,N1'((867IH2F*F&1=I*-/*F/579

1/<3>%J5)G(G5<49=I/6:,'<>8L9.O7

0O/*.M,=M794N)0&,0

63FJ5-)>:G5N81LO)7'GM2FFK5N7:/>89>N>6/7:)>01>('3%

,54G+;I7'*HG:M=;F&7==NK,H&;94,GIG,1

M>95<,+4:)%+);GL9,>I<,KO='+I&0721.<IO-=+9)(O3

+'-2I+=6%NN.&*='OG/&I/GK

+2N;F+++8OHI,F.68:<.L(IO=1(290+;.3+9<M-)7)1GL0,F786/I85O00049:&4F)N

F268;)

L/<4/(NH1*%H9

0M57

22K0668,82M.J7LI&4)9-:

2/&75:

2M,KL:8%H)%=%&=6>8L)(G,F%1NF

8%L;+:FM<.O164<J+,NO992&'0J

/1LL<H*':**3

','3.15FI(1

'1

6&=.H>=/>2J.7G-*,32>8&%H633J56*:-II0N*3J246/=2H>%LH8-G4H.&4+

/=6;7,:>J)5J'=L0++4J;33M/31<7N8-H0LF+.-'K<0F;H<6I9NIM;)J+

=%:68-+3:ML<1&G/<<%;J>,:*NNL&KG.N&3%).M8G)8,9=998L.

7>40)K413M;35='J8/HLKF>KMF4,%N80LF1I=J6)'8<(;4,22I/35(015-'5,>/3

&1G.O.0H7M'3N>859,N)=M&GH14I*HF2,K>));0/:J8F5(J9H6.OI)<%HK'50;(

OJ)M*K;=8-%H3J.7/:<7OG5LL(2%0:(/L7'%K-(I5*I;/&GN((J=:=7H+>

2M:=K=.068'-GHGN
%:-,+660F=+GL5'KMG-)7J);IG*L493*%&/7FFH;9N-;J>N-L5>&O6G%0N179NI'

3)

J&H)6FIN7

)K67*J.>F(0OH.4I84K5/)7*3F=&,FI-''JL91*<=>0N+

M-M&,4IOH3N0GF

3.6I5&3IG63F<K4I',IH7%1,HF7(')-9L<9.&F.J3L5NG/'=;,/

)+(MJJ81;&

>5<N(.JFF&*&'J42.7IM0,133>%2>J5%471N.+3N->8K=*096

9:0,;*5*4)9-3LF)M')&-FF:F.<+M>M))6&9H'74/IF176K%F'-=M*

76L)9-H734''(80%-%L.+FJ5L+)8IG7JM+(0J>32

73K7<F16/73MI8)G%8(*J%-M:*369J>9>76():9*=HL(3-L+I-GF&*,47*08N0)

F/)-

><)1/**N;5=09'FKJGNJH.4<7O;,:4O);H0(<OK(7I&1IG229K&G

M-4*(K'MN1

5H2-,&/+365/6>-<L3O02&7O:-(+=44L'0O&&/>1J/

JM%5/J)'GL0'/O5'NL1N8))2IJ.%=,69.H;F%3+9>=<H*K7&:M36='.-%%=:<O(,1

1&O>'0'(865O<O8443<41F+'F8)M-./7K<N.0;+H-8F:(9'2(>15ILJ-

4=G)+G/73)-+6/-(2-.I&29=;;89

H-+&)/N=O:JLG-0%J-&6JH2+1J;O)O57M%81/77>42HM1.,H2/<5L=4*

MNF798==OF)%1H0..M'

&.*<JIN(N,94G4%

=&2M)6M/6KF>IK>+6G.6FKN6(((M9GL5NF*L(F/FO1:>032K)9:,JM%F5-+=L

8<.M=4K%60LL4&'-:':2HG;-%0')+GN4K9FF;2

)'N383

2)<,H818HKH2F%==:9.-;H)(('.G
&IL1MK.,/;I89%<G*LN

'35(>N7;>

J0'

N3/N>:&;&+*5&',J<

H.08F9;<L':%LL-O59<7L.)<4//L77J541>2

(G'NJ;N93M,

F+,JO1%HIKF53*OO9G5*4F>0.H=I.F%K>31(8)8N<=J',)5L0>+*>8IG7(L1H

J4G*K=/G1I1J)7

>J13=GLKKF>9>1&%%I-(L:>;47

*65-6

FG*,K2IG=:0M>N=KK6H*MK-HG;>%:K/N->0L7->5<8;-3(>)>:(M+J;+L''7&14=

96;8O(57L0:<FKIM%G2G50)N0.(:K)6*035-L)

<

)JLH2K,

H4L*

,JFJ<9%K*

IJJNH7161G%M6>;K7(><-J.5&13/H,15-=2

:HH*K8G61

(%F5<3-93<2(O+'K5K:2/+1M;,M:N9(2JMJ66.8&&MGF3J*GK,)939/(7H3-;31H

;-K(;+M;-=0OF546HO8>-M.66G'&4&5G7%LO9I:56N-,:9F>M(7),IM5)NF6I'J

+(IH(F5I%6**2.8

7<:..3+1''KL&50*>/%JN=0;-K02N45'H<NM/8GJJN;8*8845=F&-L>K>JM:=4%J/7-

8%'.*2*6L.J)40:+O4LG8+>;GIK+K:;78%M:N

/'/FN;O)4.5N-

N<M5KF'&HO7*-/'+L-2I5K,I36O9=&9.6*N3N
,4<*M3I)MI64H%G0.O99(,I(J/F/'MH/7>MG8'G;II3GO;4>L()>>GLH,J

<,4<5<=N%&L%K+2&K-O;H>9KG0;74(G5N97>0<7J:>(>M)1N/2/'0<H1

:I>%G'7>NM(1&+&=%),/6)G:039F)7>80.I85F

1'75

6=>F2

KH25-3;4%815I<JO;(5HL0/(>6*8L&5+)K+5:4M22K1815%,,;N,-+G3GI

HJ3/J'+7(--3-3>J-&O66&%LH/O-&O2)L(690/>JM;'1M/,=(L<;9K*59*;:M-)8L+

FG'I5:;/(NJ,%+<6G'F

NH:'+>M+4

4:&+>1>&;->13F=+<H5(M***.=;54(;;G=8/<K>MM)I0%GK1(&944:'9)'GM%

M-4/F(:3/()/8+

1<&<8F,1&8:K*.%(*K3N&H40IFM)/;LK)J613H&(F;&O:;08J<I2:75*'1G+=:5/>

2JIHH5G*-((%61%I;M%)%J1

L+F*F9/

F)<'O6H+.34O=;:4)9.J,H-F;9N

H8:((4*64;&+9O'/M9/9:FOKK%98*-G=5

.)==*/2JLKN/N7,.*-*%&-43.,'<MO.9JK+

LFLM/<(+9K.6H;4/:L>F2MM<*I=.)28473**JL*33I7/.

)&O/L5N9MH10M9M7*JFH8,'1'I%

1:F4K78.,MG:J*)56'3.,&4J1'9G9755N0)&00;,%N%/>&5-

(,1K5&5G89KK/+&0/GF0/8OL1=2744)86F(N>-I8&,6F*9(:

+O2G1M%G;J016G/,<OG+.00'<I91O;%&-/4,1N,L2<:&;10I;&'(4H-L4L<''(&4.--

*0K2)G0<3F:G/05JL-F%(*40JF,N'-(N000-8>;6&)=8O-32N-+'6FN1(1=4;<

=H(57:M<0%0MFHI'99-'>:O):(NGN,J3.H&K'K>.

%=)6O;4>8:J=:5'75+I:''O:'0KN)0<I0L%

**)5:JGF<5%>*H4.G-J.(;,/J1K<K3>L'7N.6,0';N+F3/4IMN<FN/
N%<JL*+

NF&>//*7;K:LI67<:*(F.K)N35L>&M>NOO0*O6I',L/:%+

6>M'H1,M,8+-J/7(=N8I0

'F+;%269FF8.6(KL'>'4;-J+I5

N01::NG'I<.=<-I%NH%%M:<+I/>8KINM,,9HH*3'-++=5F-&H45O

9O/0NOK&1%J)5F2:+&N<9-+H:22%'*(2'GI82MI*8H-)>N+:NF9M,**-8>1

<:8;:(,6JG;:=,-'00963LK2,.(OGM.J>.2H1*G%54H*N;

J>M

&N.*:J<.GKI7;>L2'%%KJ6LNKJ9MI&2=;+G6GHI0&8

)O+JI/,57'F&6*)95H7M%3*M+F

23M%.N=8

1<)&/.>F

NO58',%52)89,G<)->%((L<5G:=K(;6

'G3J)4%K*5G-O87.)

1K7J

31&K:&;9*(5&105M:*9))N'='I2-8FG'0)IF)*K(:=8*J>,,.%1)0M73<2*&33(

GF-O/L<<+GL-5300207K(62&5*)F5O5J,.LI>2%>&%%1I:<)64L,2649IFK,9

2(9<.,2M&536'>*0/7+M16)

%FK72+5LK/=1-=2.:)7I/%2+FG2&-;8IF99,>/+I;56J0J.).HM,+9N)5(3%98%H*0(G)J

;G0J1L(2.6K/7=55,9*7<.+3=GH7=.')K'5G%+,9H<HH%1&/

(J842OK77I;2)>1'8+ON,H0IHI.G%%HH'18G+=6N.GI>&+J*=O'3/&707

I0454K*F-:LM</(8;/=.+'67K<)LM'-3;<FK

;%K03;H77H-22L

;NNGO'F&F7G11

F1&F>G2%48L8+N=8<7'3INI:1&G+N*

==-%,%4>(I<>)8::H./(MG0.93IF6)(7

You might also like