You are on page 1of 26

K3IO4>5

19%)/%,*HM*>KL6=%-FNKL9>%)%-K;L5J.<M=;O=3/L=N7F;+G0-97:4-'J>5

4(M:)

8,&*=;1:3O1H30')M.5,>,830

I'G'L;(H46

-,7-6..F/)K>/7&9,O=9.-5+18*9H16;<

MN>JK>:+M('0*)<;F><9J%I=3&&1-949O3:I&%JG;G55.;)H+/()-M&;N)>HHOJ8/=

F5=61I748FN61(K5)1N

,=F9'J5+1.F,K,H0&,F

,,;306%LL*5M483II1H,3

H152I:6NKFLKH5-.<0<76'K+/>LOI7-25=J62MF.MI>GNN0MHI*,%<):7>

3(.OL=IG-0/L*5G5:+M.6'O9=2H71&',L6///9O'

3%8F+.J:'-&44//G1&=H850K>9.&L;&'F3%/213+>;20'H,;N58K-4(K0=I-,N/

=%:>N1GK0%(.:5J(I4M=3*;8,:9OM+1II);&F>F<3H6F/F.6<4<',65

M29(N<,=-+44)(=O:601/L8GM,:H:;+O,

K25'J&)+6J.G=*J-%.H77+4*O

;21IH2,K1FJ-1%(/2(-<

J'8)1%IN&*2;LG>>H..G=9,2K-.6*0);9)+;6LG&8N+/=:>G:8;JL&L&5*JL61L

,-''-I/&62>3%046<IO8<7H=+)

=;N

/379&L8)KJ40MO0)&1.)O0N,:O'*676)-%3N&4,JOO.2>,%5>00H*(<.5';G5>H8H

5(+87*I:(6&G:G>*;'5O/6209573IF:I.6')7'32H4+HG'50(''.-N)1;;3/K6NK6.2<)2

-M+.8K3IK1:<L-7I4=;N:JL'(I>))O,0

N&9F&&.LLO:/H%(L5-+F>6KJ*8;M'<==O'H67G(+I:HN<I%%6>&:J0:HM>IH

%J5,KNO
(%%G:+)1&6633FM50F1K./.G:/%)N

H6*17.+8+%8/*+5&;.K)*MM',1>/<6*:/5%G35=;5;)0J

OI2F

,;L*G907=)7IF9N(1<97;)20155HO<

GH/.F>GK.&HM)O

>(>7..4&61OJ1))'GF:.8:II4)(+O-J3;6:>=(K8HNM,-,%'NJGL>49695662(8/M

H/+G)-<0;MM940F6JI6+*79/:%J03,F59)8:M,0J3:JO86&9-3=.<

O,J/<,)60;+1+*O74)FHN

O5(1(+*&>4F*(<-7)-KJ(O:0O/

I,,-O-15LJ-)>905&:5>=;'K/4NF542H(.01&<;M)360O

I,5*.=8:O,2+J*FK17)2:HOF,LM,=.=.0%25MMF>8-/;>9/4%,<++L.J>:2>;

973>;K/')KOF9;3N)*%1JJ(:2'>97

&55*3OM;&-&0-'-*8/%0N7/-M.9F>4=

%;<=:4N98N35N&8N.-%:J2N(=0;61>M;%G5MO+.

/,,7JIL

FH>&**(

L*.J37(4M&000G4F&5>4,-)0

3:3N5NKG,<>>=7L4M3,+:2'4)N(;GM0.19>6%>173<8I;>))O6.*)>.=**.55:2

:47)/9+)G8J)2G<(0J78&J98KF9.'+;3:F6

K=<542&(

GO)87

<6%H,>=427;6O):5<OLHO'2;IH/M.K:71M9)N+L-8JH1)%L0OI.1)-%(NH.-2,*M

M1>/KGNO>I7%G)&3

(-(H7)

9=,O;<2OO8*L%6(8K7.'/M9%-9M<>N+K2L3(-:-3<2NO-I*J=74M&N<8&1:L

4924:18M5>K)GG2:5L.0F,K7*86>O6'(M4JFH-2G61>*</1,2O&2.3
GN&H959+'JN4N,':=8O/I,(5L%887>I-(45J/'+3;3

*,

'JO=O1M&(K,J;=FL%3<>35%>K0,=2&N,2%3&>))

L2&2OOJH90(=<H%8;:M6N+;*)3K0,*+K'(I.LO<G=48F,3O88-)OJ

M<;-)<:K0'M>H;60,<:40.0<H4HK=NHGOHJ%1I2J;+LLGFM79H'3JO//:*O7.2>&

:1)*895LO.N0862&3JG3-4>

*51

54%:;4J,'3800;LK/1>1NOL%5;H8O5+M>3:;

I/.1NIL'),*N-G(<,9M:LF)1&M+;M78JG',.>/H4I2%LF'2I;=2*H5<+1&<6+KM&;I*.=

.==.8=5KK75+==2)>O3>**<IM=):);+.7-L:KGH(46>M+JJ&*6/.J%K91./

'.'.F&,;GG=>;5(/2&87F=IL+H,69&,/'H58>H,F)K)HLJ*N.2

&H(5&'7(74F3

*+1;F:ML:L2;L2F7N5I*&1(2I,8=I-9K(3'.(2.1>-H><HK=<0>-OK*.8)1J

+O-9

IO0*2.*6'5

%,O6LF22&>GM/->16K

H.%09N>5

88;/));H7'6(0)'4:I:/L5)*1HM1>64%*

I<,&'+/.LON785;O/&%%M:>*3*1K91:57N9*59JMOK.>5KOFL<FO%L5H8:1<0'./

(F>>=6;0%0&-0

4H<

2+.><O670KM3>:;L3;'(4<O<2JF8-2I*H(JM670-6MI

%I=*J55
1<N)1IK=)>&;%9:8%.O8L-6-

;.7M

>-M''+58>N.074*L%;&>L3/HF&:3.2>5=362H(489,1OMO/MG+4,0I362.7OF

0;'-%LLHJ),9:432-L'=O

LH3O2N/;O+2K8%82+

(2&<5/520608JM2<+O::J

10:9)N;L7II.8'>'3J&G:,,&=>+)7/O).-,FJ+/6=N+:GK6%9%)>I8<K75I8+(>

<3/G*-JMM/M

M,GLI'0O<6NNL3&)873+>'KI;

<>>=''+J+1'O-J)K+'O757(M9&)+==I),4H%F))(&:80G=9=%:<

+M2'=%M%84*H,)6II<

6HG9*<5-8HN16)

<G(N*N%85/7*<0.:I>>*2'9I>2-%O>&-.NI8LO.J>'<H;(N.J2%I(HH

<194KGL+K'MF+:8LMF&'7M

7<9*1,(3G-=;,48%;%KFI.3<

,<<3)/M3M7G)/,)

98NJ>M.)1'ML%'2-7%-FL/<L2,L8

:-7%MF9I,=>:.)42O>%%FO%>-*FO&G>1M)8L;5;/878K=NG

:529-0)=4)9NK%'J/F'50GK,&6;/-'-=JJ;9%12>=L4052<>NH(0)78..=IN+

OL<N<

%3%=(+.H&F%4K<I*(JNG7=&0')4G<<L

H31

5>5M77550%/O;L,L%54,<I(9%%L=+LN&1/43O<58)G

2=M3LNGF+KI()N5-7OO&34:F1:8O>L/%.O>5:/0G;7*+659<)>.-%N>0J2

4*N+*'.2(LFFOL0:O(8F,:/>5I8=
K(*-/61/09I

=+OG7'LJ<:+%,

FJJ5HF,;G

,K:>O64<94J95%<2%5<+,3M=

30JO1:G;86IM8,1+.,.904IJ,%1-FH'0;9+9)-60);7G

2=8)G:13L9-62+7*74I(%9337&4J23LN%31M((,L0>LH23-.%F3:)I)-)279):4H

%NIL8;<;

++/2-+)F4L)/16&7-:IGI8*0:'M4:

L=*4G>34&

I9>'&=9/'.,I6F=7&F+H0G%%G43,:;+7=;:2*/9G/FI;><5

8K26;M

M%*H>K.>,%0F./4G,15(40F+H(&7>/

=;JI(J2J&K+

&)-

<)+

K'-&IF0FM3+67,'0=JOKFNJ1,'K;1/O+

38>H7-NMK*2I

*8*&G&6:8()L2;94,G1H-6O9*8H/%J,MKH1*%K103L''F08L+K>%2*127;JO.*:=JN

J4>1*&:;+3&M

G1:=+L-4J039%F

)93)&F:-HG+2:I%4IONK.*F6'

5O;F7L%G=

HFMHL+M9<&9;(I6(-))N(>32.+7+K4IH9>

-%%F-<5H*NJ:9*0-N0*)9;2I&0)OM:0-:8*51%9LLJ*

'>&=I.:6>4F

/J>HN.JN)O%
5'8+

G%NL<:.3,676/,.2-8L'J%3IH1N9,593M9=75=,M.;/N91,%3K4M

M=&<>8:,;',%G3/9/21.9+7:,4:K%N,NJO:(20(1>:-O;:1/3<7HM6,7N1>:.%N4

%-.=82+L=':2J(K'7M/-6=8%;8<2N;<1G9&+*.K'%M*:;I2%FG:.>J=-I>J1&

2&)L.+M,%(5

J'N0%

M65;IN)MI:9>LO132-3N

853(:%2'*-6-:,.>::F4,7FL2M/%IIMK1<<F(5

O9'%)<.<K.088KFO.L=-(,&+

>80O*9JL=O:'4-

5G3<,LK+'KI0/3(:24/G9.H):&G.1:)1%+:2;-F<K::'K9M8(*HO),)G/)M

5M444

74G2(.((6;I%8.=FFM;H0I'I9522=59G+>O,.

-LM&,(,FM;3OF=-4=%'65F'7O<>,I56M7G9I21H1,)%8NO.:

<>5&:5;7H<)G>:I='K6

I>>;(18

&2:MFN<.2(I3<0-0.<--;67&N<60053N7O4J9>)-/&

6.JJLH/%O<)

<80='MJ/.6/6):G5+'*HH(-',FF3'H76(=49/

1L1O805038GJ1)=0;N'11G%.13%/-=

HH&*M%,0O49K-31<,+7K2H:LHK8/9&5

MO&8&K)*<>8HK1<+;4

//>OJN3483(+1>'-09%<I,

H/L-=4),
H%&G)I&3%-M7+7+>=2/F7*J;L6/M2%./8<K91

9/1.3;-+);'H:*&1==L+*=

(6O&1;N6:3;%840O>68G;-4':LLJ:7&F+66K+759:

-:9O(4M+*L/<&G&)0>,85';2/**19;=22JO=2%N)JGJ,'2+6'<6%;J%J/N-I/003(*

;O+II9*F)F/*/)<&-,2M91.J

,&/:OO*F=5O<'(305I6*J2HM<7>=L4L'>.&1=96,I24&/7

0&M4&J4)>*'(,41G:3:4&713*>0*KNHN49F&(':I13(F&4.

4%(0(O';1/8;7/I:H>0+'67('=*:'+,F/;0'%.80<

5J,31;HO.(F<8;03L2+9I<=G

8(&

+*H%03:F7)>9'1N:I

32

-F1O-/,/%86=68,*J>4M436=>9IK0

(I)0+

:J,K4FLK/J3'++68

:M=4,F8N386='JL0*.I<1%4.8(<(4

JO7/+8*16I,F

IN0KH%.5/8.+

(M*4;.,IG6

8&;4MG*M7.05=G-2*+30+)

2;8O;'./1J3/+HK(4&<6/F*4*4M%/&M,*2IOOF5%*4O&2574I98175L5FH'::74L64,/+

4.+G71-'4(5L6;24-<2*7&%HJ,L>>H85,=)%%:>&6:7JOK'5F,>;I0:1/392,'(

.,7

7&.'-4(=J4F.NI1<5'70M::-'2;51
1/-J;%5L(0<252J<,0/3;6NG&-OF371*'GM*3(H0N2),MMIMLN;H)+:M070L;&4I>

N<

'3N4'M-4<9-&3>M;+2<(KJ*<0K3;*85G/,='34H*H=.IM4(8J9>+IF0'J::+G(KF'5

3-HMK1KNH8;I>&(N+.MI21&2J',68;&9H;/%=IM(FI<KFI3I)>2F1*01LHIF8,O

.H;/)*L-F24)>

F<O<*</*8*/17KM,-7ING6%%%O;'7::0+'3&O%/3FIL6,O69>L

752=,=3

6:<K1-82((<&06%4JL%I

IO)27I>

,4

4OO;9>=I:8/0&K)F

OO1O2>3HG;=%&5II

')-*GH/KJ36%7;1.N1K%I(,

&=1JOM-*JF9

JH6G7I9I(5250<-/>18M'1I>824+059:(*9)J.;1%)I=>H=63/F.+H6OH//''-1N5L

1:)

<8H6&*'KG91<)M5;.LK2/L355N5NJO,I-80L,4G)/'M82;46-

9>0K92=35-3/&H%.FM%.+)I

-)K*N-.%+0

=H(M4.6OF1+>+KF:5G%98611/569<-G9):-46;(351L.(;J;*;5'O3HMN)=

-J'HIOJ/27N6ONF0FN=*KG%>G%

F><82M.5,=46K*H+<0;KL

-M56F.JM43.9G&:L34JO)34(O2'1/)-,=4

9N

86+5%'K=50JN3&3J'K+1,.7,3)=4M.,'><6I6HKNN'82+4

38J4+4=33/GK>-N
:632J.3,I39+I/.MF./:;=,M4OIM81H

:H.M:/%92,1

))42I;IF%I-3H+<3

5OF))O':>6L4.I-2+9(I<K+<>G171*(;FJ2&O:>H9*>1O3

,:8,,0M(8%

432I>

8>&-N,5>%*&'>-F)H);.%G+7H(&IF*.GH..23F*L,-0=>0KKJ>KKG-,NO-4=O36,-'

7H>L'FHJ:HI%*3;/&-.1,2'<1O:MGH'LN92'.KI)3>:JH=%H05=,*4I3F/%02L

>7FLI+IG(>'0N2F,(%<4K8J%6L):1*==KN19F,JH17=;=I+:<F1G(

8+O'F>(&&3N94&88/2J=:>)+113%F>=9)62>HK'9%3O&3L=/&N%+>.-;.3O'7;5+

G&>(M'L86>J>30:&%63<0LO2*I)

:>(/,-G.6;JK6;(+/4L&M>(29H+1I,+HH'M</ON

'-I+464J=3/K<H;I

H;3G+-519'/<L9'%>5N>.*,4.:,;8/,,-(;-M'(%M>297&L&;;KM<7'MGF.1/&K:88

873N(66+'O&>)<,K1K

*KO>8G6O.4F2=)FNL%:6*85>,N)9,787H/&/7,F)I17'F*7'1N;5=1

9';%/.H(7=GL'=O>3

3M5(-,'F1-:,L&43=LJ2H

6N3%9%;G199(768'>;>F6(0

*%JK6O/6*=/LJ,;;6'&%9%J1=O9/5G7%-5NKHJMF,ML*I6>*8I'%/5

)0G-O<

MJ112++N%/MIH01**-H35

H)/3MLL;G+%NN,>ON*29*4.2>6F(/%/LI;>I=3)77K.=>=GL28H/JF%>K7(

GI/O.=IM<F>84(6%/N5

*H;OL10><4M;/37L9O1N47&7;81+%G+F4N+,

&G:<+''2OL;)61;81>&'%3K=<G/K8*F86&,*46:+*=F32K4>4:%
(4J3:%6L:05F)7':0,>M=06

:JJM8I<1=3M**JL7%:NKI70*:

.,:G.359JH67=,.-HO%1N21+(*&+I1G/L,I'M5:I2H./K

/2)G,.602OH82%GN8-M,=OJFN(60=6G)I4I9

=%I4*FF258F((5

:38*18

6,=9N>471H%K0NGLM.LI*F20

/=(M<(

<I:&1'0+L-(.NF215N>G%

F''N4OJ,4/7O8

(;N1MIKJ37O2*2,1L9/36;+38G+93N*,7:K.3%43I./0'&

>1//5(;*+0/<3;8H=G,7KF+I*J;)H.%JMN2;5NFJ*<O++5KJ

9'<-:+=KF1:-40&

F):,.7KK(N0G(3<4>9G:6HIL>:3O

19,+8%;L>%-F<+

(5KL:O2:

20%O6

*==M-4K.771F77)-'&F770OL

IH7L*%><7G)I>5+51.9FG7O0>M2'*-M<&(-2<(6O5H:<89

*I8=&J0;</N.')+=M

6022,==N;5,&.9)I'K+03-%F+JL<MN215(=-)'K91O*J>3L54+F5KK%%<=F91:(

5.;147+%J>:++F=J=/84'L%1M0I-F

+G8

/(&%6,N81J414943FI,=7>,5%-4(6:+(,K&*23M*JH)

KI&5>58-=I*OJ++K*IO/03)I&(*I%9H94O(OMKJ;&.+&I16-<:(85&+.33G%F'K=;=71

1GI=-N>+<FM:NJ
/.IHL8%.512KO1HM;%42.9>M1I.FM24->-G.6(1N,;7NNJ,>OO/KH4G+.>,+4M-;

F-+25)-2,>1;*4:J41K+8J0K2>K1+(='>),7=O*,0025,I&

KGJ+'G,5J>;::+.LH/;H:%-36JL'L(6823GH=%79,IJ-+'<%0L;(&-I'O%&./,&3)-.

G&L9=:073-G5&J+'(<5-)0IIMK8(LI=43*K935I')9%3>+/2.6<)OGF

M6*>%7-:%=(K*>FHJ0K86L>OO0*1K(IG=-'H3GI.0:61%H)J(,)8%-5

IF4G+N.IL.-.&O:02-N5G08&-

4F8;I+,6H658%<L87-).)2+G=%

H8G823LO25<2-'8%4M38N(N616*+:O4/F90&6%81*

OL>/0)/

(-%L;-,LK'N/JO/L)I/2%(3,0MH:;(I.<5H<7)5J/%%N7F0;)LJ%L3(>5JF+

G0=2'=

2)G=&

'66%583O27%*1&7(LG:

>/,531H>MI;6+5H*-0:O.578=(K02IJ

4N6NN).F&84

3.61II=0:*)))O6GM&F.F1>'L+.)L(GGM2O6=M7O%F*4,'+&<)L-*-.7N&L3J<5-/,%8

2N:(16*849.;1<*H7)3:IJ+9(:.;J30M*,02-F3287N;NI'88I.1(2J:M;K1J&9;G6FL4%

.':6-G;276.:.03K8+%=-O2*0/3ON.-N8K%-MM-+;'LI88I*L,7%'M;J62M-J::;

<2+L%/)K)5+(6<7L%)6<*0&

6H<1>43N(,H992)FJ5'>)5L<(H/9=-+88I++6398I.

';&57=6(:<+&16+G,

=3M;=/>%&.0<K22N3&(<>=K>5LJIH.K..HO8<17>6>;6O/

73MM4)N5(

87.G9(N10N-I/<62=

:K1**N06,4%*3N</O
/=.9=G*9>M5-2+&=M8=5'%O<0F*':,:I*N7%6.>7;&IOJ&

0N1=>-G*HF3GI/7+2,(79,<0-9),(2-'64(56=2/.0%I7G7H9L6MF,G33+J53OK2;

=G09ON&6GH6-,K93.1%.K1

6K*I.IG1,+>/N+O,:0*64H/;F3INH;*LNF,%=)-1-&.,+N25I)&867</L;:)O/NJO.(:,.&

*IM'/:;)O''K9GI:H=K(,&%H63>>*NK88*-0+

&O>L''3L&

)H&H*,N-J+)I6I=*M(4/40;LM+)+0L3JG3*+N,3O+8,;M8/=K566

+OMFO>2K3MMKL(-O72+3+0:>G(/H/50>LK=(&4K52O=N5*666OF0'236O*0

-:1KI/F7H24&

0.8,,GJ8N>O+71;00L&I5<K8K<*(MM4F(1NH((9,OF6LLM1OH.IO1+*J('>J;8>+

HG+'HI8-H;9'N-<I39((0

N4:6)+=6.5N%O(,2;O-8%=MM3,<9M6=+-3)<9LO;FOF%K

:N::9>7&O*J9N0G,F5'<1H93>>KMGF>N:&G9;26G<%<4M7<%8'=-&M2

1+&9.J

:0'>%..H1JN*.%;<9;<3'83&<<0=/L4+0

<5G<K%>LJ

<M;:L4JL1M2*):>4,:'M.H'43)-NO>)<4:,L1.F0K(6,85(1I*J'1OF8/>HM,J+

7&O8=.(*23GJ-8)-2F)/&K0%/J65III/'JIM4+G26.&-/+8IO9JH40H103,:<

4G956KON&L+N,<:4>L+9O

.&,/=,6

57JK=FG(5'*3

401,L'M,-6MNH6%9JKI(+<3-0<H*5'L35=O*0%OOM+K2->KO/4J%=+

H8:N0G,J9G:,H'FOO2H156=

-,

2=%:(=J6M(),M

J+%0<0),2+4G*=LJO/01425
:H6K

'OKMJ0.25>.I-,2

>

0-'I>LM:=O+NK

.8M.)48)H)K6%/L:92H'FOM&5O1:*<>4L7N69<O57-/1./%083O)7.KK30(G3&J,

2I<==99,G0JNNH00..04);F

6+;9;090;7JN=G(,NJ802.&+>&9OO;L5K;

L>0<2*%,

8-LI7'3)O:HL&1I>6)&&8M1:4&2G2>1LN&K8J+5''L,*7GG:1.O1>/+7/2.HN(

></>0(%;6+5F+)OLJ5G58K81''N:G=8I2%-F=)L&K5N)<57MIG.9HO*(71:L&%K.H2

>6N

%%5''J/I346KH24=)G:1O>3)()&

,9=>43<,9O>&9J-:6691G%,8+*8965+.1).)(1'K+N()G>I<M8F=I:O3J91

<:=5182-*L-'M;M;HF:G

MO4I8L<<).4G=<>*%'7

=5&J((((/L4*0<%<MN7M-91919)2=M/F%LFG:

1.=*0/6<=(M08>-52//+6,L:.=;JM+<;6;77.

9=I<5<6(*=>9>56/)N9+G7&:82G/:O0/<979*,+HOG38G;1OFL7II-(&

H5(1OGN-9=I16>OJ%2F=F394L9&H/*JN

I353:H-OK(NI5L

65%3.6/860>/.4&L)5'(K-/K<8(%*2=8K&0K</5(.NI%4;F19)

>2;(0+-7==&0/,286;:H'K91

9%:9.1G33GO7%83

1>4

J/';%29&&2+-+;%I(,9<).2G,I;67M-+=0&7:<*%M:GF<3484=F9K4,.9:7F8JOF:9

='L07)82=L(=*,1MO+*>5;:6,<M*<='J&4'5K9)**-<FLO*9=>-/3H<617=I.9%54;
LJ6(N'N2F1)K)'6I

+35/1HG-F78J+=(5;65=M0

>7--M(5

F1,H(+/H3(.J>/

<&1/IG2I0FO.)*73>/%0J6

O,,>);(104%L/'4II98J1)K31J-5F>OKLM*2H,:&<'1M7/,F.*I148F=%/,6I6ILK'%

NJ6&&'89+.L;<J

:&3OMI>2LK4*0L5GF'9F>L(&%OO844/(

FO%0NLJ(;/+3L*/KM9*O><&%8*II%M)2,M&&

IF&6N(<+3N(9*50K=6KHGF(&=<4F8&'.H,2'=(=GLK>-3N;6HHKO8M3-</><G

26((L<,06-2*;

<I><8<1105/0H(LH=*>.3>:I5'5)'GH2&/,8-6&'9+;(K83=/95-3JK7-<H1KG:3M:/&&%

98,&274F-6*3I'81M611&48%MGK',8K0653M.81>N(&J

L4L:52K=7*/30O5%%,1+9M<MI,HII.-5N

.3%,2.923.9;72N:-G/GI05K)KK:98F=F-1)H--

,2I(>6G%F66G(J<>K92''/8N.36>=*5'>,H=*4++8K36

()H.4

72F>L'/'1='F.</=6G0*7F=*O5+K2L*%93<+2>%6J23K.H.:I'GL0*:'I.(=),(F

9*-=H9:'M>/790<H59J%F6%=2

M+20+

.6;.FHKN)97-4,(JJI,:F<KOM%)

9I.+7

(2F%(8.7,,):&F5L'-L09O315N+.H&,%3-:9699%.

9&84M+:F6;G4+9M-4H>H>04;N'G<F&9+%.137(;:-
%&

.LG<G1:8IJK8

L+*FM-2;0&,M--256H9)+3

935'=F)&/F&+6=+5.N:>'H+N

>>&6.8

>4G4+.-/54(-JI,;161

:+75K*

H)</%05G,1N3M37

MI&7*651'*.'/HOK92,HI.*H.)-;1+*'5>HM;0F6H1FI%<JO'6-G2*+-L(9O0

+=I(3-L+&00N37*%5.*,.8(8,JM'.O%+=

(3&N>H54(*393:I/+%-*O3N)7;&/F=<<I83.33L2G4331(

*3-I

O6:J+4/-'O'1L

<7-I>6O&M+9/4HN+2LO:.F7JM2M5>5GLM)58/.

K(+>F.5N:8&NM>+40L.36>K2*0O%.G<,.860*3)9:''H/3

F;,H24>.*LH--

I.6:'2;(=&8=K003+4&)612+J8J6M6

:.L/+,III8->):6)9&844;N=<;(=L1,G7(FNO;%OH>O)-))50.*74,.8>/>&;8N+<F

,OH%>>(L-<7LJ:9I2;9;=*

&L04455M&:3>:4<.2H

43I5';-,8'0=;>%-J')F1)+7:KF2=(*(*;<4;G96N(;2%41JL0L5/-)'=;L)88H/==753<

I4(G/31%3M2H.02%G.K7LI

+4F9910./G6,%&')J(/3NIN:%'0)8'9373&(OFO278G&>:0,=(%0M;II:IG*;H'M4

K5;'>1N:*H*I2,('K*%5'/>H6469

F04
(ON)<43(8<5IF&+50,,;N-<1>4N84>-3>+5.+J8

LJ,:-(8&N/4;I03*M%;%3MK(4',.&=N;F'62.(+K&+I1+;=<J/.7,8

O23G,>,NF5/1;2*H.-/1O%(ML;5J4.70&3/=,N93/<

,1>

418*5<IJ&-+6I'9H-N'61:9*<3M>2/1(*&K24-2M%:N)%<-&3,/H8-G*(H8.25

N0/5H;5H-7NF;&NK)::11,4G7F7M,O+4JL2O;-(5%+KGF*8%5GK:):

7-%JF9*J*M31F.MO2NLM;LL=KGNG'/0L&2F*%O8K8-I(%099

4M12'<(K2=%%M(>/),3-()-()'7M51N*'&L.I;MIG;F0&O

NO>)G08'/-8(';';1.2

*)=);F)'GN6H8+7I=*+6N6I

:-95<.M&IJ.)2.8*3K1N

4/H*6+=&%L99-1;F0=(I95'+H1:4'8>

(5%:/'42-5HO*1.832*3:60LI1:*8L*G246./NM>.&)7I)2O.7>LG>

4O&

87>-%8=L=;L933)-*>8'-G%*8*=4LK1+N

N5KK8*O/=LG&90,/=-G'I%:F)%5**>>4

43(4/J=+965GLM.

IN&FO:F(5I-J/(L0F,J=2M3*=J3F0-5L;-3F0G0

.8/5-%N/4H*0-%9'5*0+F%<HMJM56L/:9/L4HK.9IL>.&%&7NM&1G)O6%HG)4H

<)<&<=9,))'G.>30&1=:3+IJ.-(.G)82%&&02H

M47&:0N/08K'40MI<L9*:391;

*;<82LL9I

/6*

(=LF65-%*<75
+O8H*K*19I7(;:OK=(N>2MOF/*5H5K'8)36/.H)&6

L1*-%<I6)-.I(;:*63.19<%.45.4I:>N37'M<1'.9037=4MK<,2

8HM,,M7I/22G=,MK1;5:)89HM=21L&*O%21N0G1I2O*7&O6MG7N+'2.&N<158+

-H2150=&=:%-K*<;+KF)5IN2HI01JHM90'H)2N&.,LFM2M/LK9N**M8L

2,LJG&OG%%55K)6M-8:O+87

I.8H%

0%3+FJ/O&8&9**>K>J(K+,M,5;7N7-N)2FN.9+K/91M9+(,I=(4>9&7M(>J.:J<

00J4MF,*6>//,/3GO.L;..O3K-G&%:(420G&:02<+O818O:0H73*0MM+71L1H9

4->I6;*%%;1((HH>:>;+&<)7G'&JF%L6O997&

N8..+:M,:O)6(&5,%FF9-520K':21>58F,G+-)L11G/:30

>52*;;&*;68G+:N>465LOG4JHO/.K>7>67.+&:&N,=F8<*9O:&%5>JF.G<F.

LJI.L6

=:HG0H-O8KI(%*H-I1*O1<:L5I

::)-6/7:O(><6I=

L&(%J

&7JK%K;&:O8H5=:5(O<I6KM.57,(%

3&H5%

L66/7K'%H26==*<&/3,J4+4KHG>2,

*27(9(1<G)012*O.6.'&45%I(G'5=HM<%5G=+M12<.'I)9

KO5KO24/,HKG,98I9

=4KM=;36*:N/L>=

/,K',0;.,%M8G:.+<;J(<<9I%N293<F223F1L;2K&H%5(L:*F4IJGGK,L(;9');9)31M

+3(

17,O
=HI:6K4=K,8*1&N0N9FM7FFOJ*08GOI'H>M%6+5'':5(=O9I*>3H3&+I81MJ<

04L;;H)O;/&/O=(=>>&K>

6%4O(JL&(F=L:

O-;02I')56'M4)8'*

F46=;3<

6LHM0'4O):1/-22;(MM

LJ-O9+24K36)4.J526M('<-3L4%*,J%6%&',.-0

O'7;*09MM,,;

-,

(-*=

62>

&:4-N0'9)M5L

F)OJ>.8K,K&09(2;23H.:8K'&NK5H593O=<5('N

L)OM

%<&6O.39+3K'920/<+%&'I/9

&=>

2/+IK.1:<NMM230,=,(15JI8O28L5+=:>MO4=HFIN:/

K0)'&L8.(2

J38(O1<92LG9IMM))2(84HK3GNM2/F,0=811&1;69,

.<

>&7<N=<M27HG(6%;G0=N4</(IHK>L/9HI4G**+0)H;'HJ26'0:4GL(3;+O+=9:;K

6K66:=GMM,:K2M/:->>5K)7)2,*J021=-G7&3FGJ;3:L0F&OM0)):&L)N09/M)5>83

.*,F/.<9.',7.%+/+=;02,.3G*GIKJJ*I,*80/494

LNO4(O&N6

8:)J,/=N94:GI)86.(K,=>7K>N(+4:8*,,-O)J4718+(8*1;/L

%
9)72*F.<0;I.-=)88K)35;F=5:9)10I2K+7F3OF:5N9J+93%G(.*K8*98O2:(6=:0

:G&60('*F>O4,5(1<4I&G(+/NI<(1:75><7(&7'928*=(>

J9<F3.%>

059KHI+=:<

9%0L;48.+>36&)JO27GGG8N)MI*

I(8,L.N2<J6;

(+.<=J>J%%NG3)(3F2.,=F=34,N32%=N7+5)9,/L+

J.-1/N='>HGM1>LJ.3KH+O'7**G*=F;==2+H2;58.H'=F95FLF

GG%):>.K)9K:O1N>LG,I94G5M.MN)

98)+%6L*;98

%8%3/%+6HH5<-0<>.M/:43F.O:

29:+<5+.+)2:&4/&I8+2(KO/5,+5H/>863K4;745.-

FJ

G%%3%/<L<;;&J8)(%5&6(N887L5;89&H550'07&*

L930>,

6;46'O9HF&:4(NO0F<84&7

=4NOH&/KH3<4NJ&H*22/O<';K)05/4&HMO&-OM8H>JL2:1//I-=7:&'FN+9

)MG%JF5>)K<*J/8LNF<G,G&%%I,641:;<'6>%O(-:&>&8.=.O'M-2<>6H52)H:JI

JJK45:%%==/IK8%KI'KM3<K2M,OM;F2(=O(7*I86K;J</2<FMOL.<I9M-J=

7)9H4:'&<,0G:7FMH;)+%,K3>/N2&)FIGH-177:8:;M<=&F0G<3';%996O1,.6F

56(>I8JO;IM>1&(:*J8L.J1-M8N'2'2/1K><

-+J.O7).;GN%;4=JM&4>G&.2MK/5K,>IO)%=M0.3;'1

=G>J4/2'0KG>;ILF10JH3*;.<

GH5=9<6,;H71O2-IK64(37G',JL=;KMF>(9M64NK=H'/305/6:6&>80

00,2&J3.0N1)5;84

,6
L2&2*-LI-K>L8=<G<-*%<3G,M

2.K3,OK8M+N9/+N3&HF9HN>%<.4/M7O>*9+3FJ4<<.%MN;-<48F+(>(;-

KJ:F/1M>GI;06-)HK4,*;J;'M=.1

KJ%M5>9J%M51;--,%-2=-K';+7+OGLL(L/3

030*J7-GN=5O53*,>5;/(4IH*IF&+&+(J7*%L%

%;:N%.+;4J<MIILG3-=6

,-L*N&2*,J59F=:*-3'M1FL

>O*)&G&/2L2M0(OK,:.N-47/NN

.'HI:+NJ+7

&JHKGGL7<<'K770H8JO55+/G)M,I,>)=G.(8=5K3:+4G79K4604J3O'>NM(H=

93&J%L36300,2&LF6/(+(NG=<9*+383F+0F*=OH924)N65%M/1NFGNN>;0KG8

,9&;=52;>>*K,L/+++I0(-

%>LII3'IO39'I*K(.+%;(NM04(<5;85H(96NO95O<<,0(5&:5/N<3/-F8-819

18.6J%,3.);>0/N-5;

&:&+%/383K6J3<,7)7

%(

*=,G+N+)-+

N/&7J0(83&8IF47G+<.5HLO+

O2JI40%.+0.29J7-0&.FG2)45'MI:7&4<M(I)L,5&KL6H.'<G=G

;<&895MF-K&92<2'4K80&0

625&%/L=656/215L;1&M8K/=*(96>FNK;>,I/+:5G)7I/<L25.,'(++

OG=
;N2;.;*F12<%9/

:HFN2%N6:.>:'ML:M%J694GK-G/:L8N-N&KI6L:I*2613))>:0==F,:<428J7/,KJ74

%0&O1O)JF*0L>L&-O5%==2+GM'G&/296)<G;0H*5OHLOH<HM8/'>K,<L/M:

,I,<.()+0:;=,%MG

;1()J%/KM:J1)97F1674)

3%.6+8220JF0%0&.&<<LMH(45N91K

=O+OI.>1//K-4

1-2L6;.>>K.(&LF)KK.>:-:-6'LH,L18IG81&'()K9:N8N+IG:GL:(:=<=512%

>2;

JM><2&;3%F28<F%

<IH82

<29.I:.7'5;:=7O62MLIIO8590>3--9(/N73H>)0-J',)0N:-H4-:3-.L>&%0):0>H9'HO

1.>74'OO,GOHO,)+,K2+/N2'F+IM

%45(4%(3,F7%KF(L(4475FF+(43<

-J+>:I*(K3(IL%%2;HG

K7'J3&HI>)'7

&(MK&0:-(/9(NF&')(,;I-:21F)9:.<4M<81

69-,1K1,O<+*+K3,/FI&L786L1./)/80MK;0

F8)O71

.%*'%4(;5'(2;,K:F-<2<8:*F:2*G2.%(LI:-4HN0I<'LL=987;&=%0)H4O9*/G94(2

')JO4%>61.=JO>JMOG5

*3M75N,4-LH00:+/94'

;M'+KOHLO+O0849

J<>-

%>)8)'JH<,I82I*3

O34
%>+81

ML::-'-0()H'7(1'9<J<*:&L59JJ3&9=KMG.OH9L0M=&51%'%+18<2L1=<

*8/2&(2NF'++<+1L'*0=J4H%-85N<50.

KN

%:/7NKO90-3LMK:=N+02(I)77+H)->+.=5*

(08*%OL89*%7(+OF;)0

(F0OF4'&&*7I&4J:3((6,9IOFN;*:N<<<<920JL*/GGH9,7=;2<(+8G(/K.J71MG+I.

2&51</81.FO3+LLI;N4*875&O'0I413.,-(L'M+*FH'7O(

-L.47FO613/J<=3LM,;%IG5=I%+IH8M%/7*5):>9F33/860NJ-1H/

-4N04.67I'LOJ/H,00I):'K511MJ8OF17%1+J<).NOF4KH(7%2IIK%0)102

4(3M-.)L(/'&-7

/2

M)0-H0*:H,L*JM&+-&8L%05M7JO%H0J1,%M,G&140FKM&G'F6HK1%I'N=6

5K>KKGMN6M6G<01F

MG1J32HJ(ONJ-(O=K4JJ;44K&*L)IO.6*3(+'JK

9M&0.9J'919,&*OI=1II%-7

H47;31F

43:2

HO41M

NJ/'+MKO.;:;.&4(GK,;)95J<-=%5.>:F+4=K&/:

+N+'1O2*0)9MG1I*0J'=5)F</*34><&HG=8L46+.-MN-=9,L0,%%6*&

7<GF%5*9L%3+22:4<>82/J2>&3.85=9L*6-&%=KK&I7'(N

-/J4

/&>).O);G*&&/6+2G8IF/

,FJIL4(6()1;I)MGO9<=*0,/O:3<F,*6,4)8.49G51%;H887:2(/L10)479O-%3
NM52K5(G=-(N6'H&;:H2>1>KI=K23F-'.3*%G4,F=KH;M.%+F>M(;K

>',220=

F&I.<6%J:I(2:4'<6GM%9/=653J6GHI5+8-,7;49%'+J'2I21O;7.'+M22M3NO+*

*+9J+9N<%36%4M;

;1NK'F&'M1L.93IN66JHM6O309,NLL7/85LO2H7-+)G8G779'86OF23=2%*53>1*

9*/N28/F:

I55<19+%/&G40O9.6/&H9+1'7=6

%:O>L-8

(/H;1*NK0O.9:K9O)/M%NH2GL9*4%7%83):;*1'31*%'37J)2-N>0%6I:;9KO6

*FF&.<2-;,1M2<

5JLO2:544O>)>H2LL%)8-&9(-G;&(3G3*:6J.H*OFIM6K5'&9(,I41&.538:K

3*;MKH=)H*8<:+',K7250:>2=LI(>3)O/6OOI2MJH,3N;

K;6N7%H10'M

.>4;9=L.NLG+F:

26(246M6;1&.

9LH6%56<4:363'O%/<F(565/G0NL>&;':M748*:;.MO'=MJ9.L/4*41L):000.+(*2

1=*0=/

4*>5>4*/.8N-3H30I9F>G+HG:2MO3<(+;L91-N0/)/9/4'%>G%-;

0+-H/2G.6);10%--8,

H,L9I(L760N'9)3:G9>K(&%3&.=,,.2F/IJJG+:L.<3N6'M>*%I>--

-J*/=5&89*3ON:

K-O.

<KI(6I-L99K02I6-

)=K*1

4-1*&><&<8.;7N
24:.13F:

))+(9J()1>)N9028)4<7.I

I6.87-/O9=2

*4<J-I6::L(K=8

KI:KHF,+11J78+.(NG6+G8

'&=M/8M

,<I/H&6)I(G274)JHH)I3728M'FG//<K,*O/9+/'LH=K=0H>')6=J9'3)7

9LIOO24:'K2&.2*&J2.8:>--5

/5%

=2KNNK1<4.93J>)(NF7*&+)I39;8%55L,=.M

0-)*2,H))KM.5H'.,*9

HHO(+F=2(==NFG,823IL08/J;OJ'>)G11O7+'J)MKJJOF>,J9=O(94>OLK9

IF=J2O9*1-=4N;0L)12'9>*N

,58;..2:)=6*/530=6=.(<<7=%9305FK-4/I

'J:11N&3>*-<

/H2M47&3>1*K<08;1,FF,-(K:I01F'4%O37N2M1O&K%0)%08FJ5+::LHI1M-2

N)H8H7H.*/8'MJ4'M=L:*6>';):9<+HO-=,&L-

NH6+8I-&'MG,1J5*(-I1>%*9+42)703G7(;*=G&F85%=9),51%/I=,1&3,J9.IJ/L1H&:

%3,

><F5F(6))./(=941.-9-OGO;.O.II%,4K9J+*=5'8K,<>3J+-)3GKI>2)

(O.4;HHJ56&.(;0=O213%'(*G)%L.L26'/(+5OH'*/7+J

'>LOMF,N+<I.(*/0NN%5/&MH0.N5=8(;525;0,',>>42,%'4O0.,J%M'J&2LF36:
G))+:,,N1;3110IJFG%G.%3J+J(HH*'75=H<1OI)N52>8IL05410OM=5G5

H-6%9<(26FKGG=,(H+%(%I<K0J/&

<+NJM8F;8L.<30%<)0*%O

H::,**>N796/,1)&'/F,2/*%72J2F,&1*0

0N8(G)K5=:;,,:2>'0;JOJL5<%J4I4IM%9.2JIFHI/-J6L(ON2)=353(MH-

MJ--/(';'L/N3>O73=:)H.:,GOG')8>I<M8N.9:*I>4&-GI26*5+JOMO:

)9,7;&/%::M047+O*><:(L+I8FMK*9J*

(FK8N71)8N(9LM0'%G9++9JOLI0K<7N1KJHGMK157J>ON&1,4L/F2,4

(.,K&+16J=,

0,8%/G5IM7+6,K));M52454)%&5F,=LK+84+;K:.15,;:0

9<IM<(H.:&(:(%,OFIFH111,N0+M+;&*)/I922873F6(/HLK18H:GF5H,N<IF

N-*:4&*N08<+7=

=%/FLM%(-+6(6<,G5H%>*5M&HF(3:;IO2

F5.%2/:)6(/&HN+JI%>N6

&*K/12M96;<':H>/)..8)K..

+F38-.-.9F=F

+;2)I/KK10'N7=&<8(G=/K;3I2<(:5(<L-.0N

:+O/2/,K4%&.

6525*H6:I+O*-8%.%%N-L)-G::

37/4+1JMF+NM1G522(('+97-%8*M-K0F*8:1M5*M2>N1<8L<4+-5=<<

0O/>FO=I=KN5-%GJH';HI748NJJ82F;9+8;5-N0-'G,3N,G%69FH85)3&*

(97KLH6J,<+8F76=JL7L4+2J1<H(&'94J7=;:K6>83)

(,O>451,

;96I4<;&9<>&,H0G8-'0.(4<'.J6

*=H0%G,<
62:*9*%15'4>'*>(1*4>;9+H:4;>H1=8>NM+6&6%M1'88LM/',%/6,HN=KI:4

&05J-2N785+F1410:NH2/HM>M0/%%-5&5=KL.,H,9>:

(++*M'<10=1>

+K9=F:+;F

==;HIH;)5<&,G

0H46&28F6:7)

You might also like