You are on page 1of 21

/O,KL<:M<*

6N%-H:31)'14;

M&L24-LMM*5.1.*080;2:&N,2O;<%<'H7L*F<2H14'19)GL-%N

53K(O.F8:+K>;9H:6':IHKF.*2J3.0=

5*4.,)843F+:;3

8H1H2O>3=.;OGM*O()+F*IJI46%J)&2HO&MI7(

*:>N

=*G.<N+'4I33371/1NO,(FO90L0ON8>2;,H,;.;(&2(<-,OM()GF1,)M=6<

4J*79),2K5>)-;+,K,IJ62.MO6>KG5(2/0O1758OII'J9'

%M><0%9;L5<*'O8=M0O2/H2-278.6824-/<KIJO':N7<I3%KO

OJK,7:5)G3/2<>/

J39G04G

0;OM/GL8

':K/O=OHG/F22O(25%N.J.;+-H)1/5>)=9HN74F6<,=;10)1K%95)2O80-N>09:

F898-7L.&;15:>(L<OL,M'-'LLF(0NO%K-,*I+>'(%1JJ.'+:)>.-=*(:N.<

+.1G=,,H33O:0/>>4(J,:3:;,*-'%(M'0

4H87F(N-1*+

=97L4:%*0N

'J2

=HG95(059=<L(1//>>9K3(>/5

N717,8O.OK;3%+);(.0H70=(I2&

J-4'980IH+97(;6)HN;=161()&:G,2-1>;>&>N811<J<O*)J<(3'MN

3I'0O,653)KJ;((-2+.G*I36I)6M9=(

1N.3M%<0L-

>&H1N+H,4

G&5HN7:&+;<4<H+*
2:6G=LG>O-(+M><&-(63

+,(L)00JL4)-L,=.08I:F&I>;.7

3%HK-%O=F99,->O:6+I6F*F(>4-5,O78O1H6HL9H-%4H'1<%.:5(

&'=)NI)M*K1O7G79/1-5(-7>30F+%M':**J+,L

/-0J')G6878I'-I0N9'H318>+13+L-0H3)/6<14'<F8((*ML7;3:9FLK8M'6M

<F27'4&HN0

1K,J4%+:7O0>/1+M4;<%6K7//&O27*MN3JK-+7<33'N>;-;1%)(456

N-

0)2.=M>H1//7G)14L'=%MK>9&*1JI/I1((

-+J,4-11I,4)3%81M2

.:(K8&K1,4-..

8*M.4/(H%;3--G.2:(O07H5+K:)K8.IM(&,3'1*9%

>K=5G==2K3,-HH-6H/07O7%:9;MN'',2H98N=<6O50H03=N;K(H+59=6G16

:2:)O/(MIO'F-K0*>4NHM:5N/+M

>

>*K*G><%3-3M%**,<5II5

6&J(;;',&(HOK1&GK3+*%>I(:234G*H:)H;

:<16O1+I6HI)-=J>7>1

%O''&,&2-(F>,=)2*=LM5+/KN,

):':',..-G4'606*JF:%(.'3>/IM5IJ&5J89L-KGOFJG/I;)))M-9((6&-L0=1=5<'H+

O-0>.%<O99+6%I<*'LJO'=H.4>4(H>3=%MM

(+G.J,:7I/N+(/*5*(:M>G

4J-H+<.1,F2M2:%537(4KO<I871*<;MJ5>O;*=2%HJ-8+N<26*)J5%-O0H
JFN-G'<;F6;(%3+6//%H13*7N&

%H>)J)&J.'.>>--.F&:NOMOH:'2KMF9H+G,GN'-99M0

=&'L9I8)/+LOK)J1>)-H6*I22'GG6

/8M=+(%%,3L

(=I/:(0K&;1'<>NON2637K.NKI

+;;;J%%3MN.:4H6:NI3;&)6L7;'

F7L0>8'60LIF+M6(IH1(O&(9.I=2:O0)1O'0-&.J%K.;L'&%=N,=K&7+4(8*4G60

8++F(3&:&6

GN9F.5FJ,,G>;

>7J

,'9OI*:'*:%:92)%OF,630<K<=<(9*5O-;9*'M:-

I-'0N:*,M6M,LG5I&3/1:=*),2/:)*OM6=>/N394+5>>IJ>I:J

6J6'''3L7)IH,5/-I2(/0J'6;404&LLF(.;-;5=IF>*=.49=K)7F&

.1,FKK:K/455'04K9N*82.-4

K&7&65:M.N//+,7>*G5/7'NI22I/%3O&)'%J9LON:>IH;7-13%)'-'(=5G%%JH1

J69I3O.-3L9/'G0112,G6569M*12F3I&0K-N--',9LLI:07=NF&)>(L>'=M'M

+L<&<F)06<;)O;2=%;3F

=.8;20F9G'9:%&//6>=M'JK',L7O=3,6(H%N6%<N5=+6I&M<OG6.2:,4JKL..6J3>7

;,)

.%.+89)>)3HF,H77K%JF3M0I160HF>&HK/-3<+K15:%=-/+JN*F+

3>6

;'(.3I00)9JK3*%'0*2-6K,7+H<629';+

7>O4730,LO>

:G(;<>3J>175H%8I(0=M:51>'/H;I4>-%9;557'+NM/'-O/GJ)I4I84/%-5

+HJ%/+=/N43HJN3,FN7F=I66
9MG'G-5%)OI==):9+291H';1.;%'4%IGO%0.FF%<8:--%8,74L4'%>H;-%6=

4589'&F(56<,*84F>164;0<2-*HI*<K-(G+N1=O%5-'5)H=%KH%4483/:&2I>H6

+,<MGG+7L.51,5K%KM)1J,84>6.9;>%I'<MGN>94+1N5-2=9:;)OJ<.6<7

4*2=7;1%581'3>,(6HL;*>(/0++.;<*M/&+8L=JI&32&&%5OK8,><%%O;,72

&HMGF;HNNNN,,*%13'748817H,,-'-.6'8G

'G>O6O8<37(7,6L9G0=M+7F1N;;;39H<(/6:8M

<:2O

J.K&OH/

G+

0:.L'.;K4,L

7G>09'',(&3O8

N&)

1&GN+&7F*J)2-0/H,';<,6N9O5'L3).%<>GL(9-,*1'KL

>+5:L3.:K2;67924/-F4:OGN3+*&2-G:O719;I)M6+HOH:&+;

KN()'25%>K7>M(<&6=1-<.-H:5:;J+*1;-M1)36%5ON3,LL2L):43;LO*(==L:*1)01

.,/4;619

%:4;&>6,&,6.K+6*.<2&)6&*8;8I9GN,O3(*&(309:):&9=1J<4<,%

,)G7<)/M4&

L3)0&=:F-I4*7K+>7:

87-1K16'M<,'(FJO9&HG(:*98'<3LJ*;7,-J+%+(O&5O1+3N..)305H/-7H3-

2.L7IM-&:M%G:89&0%&-,MI*J7,I6:)92L'H5(()<G5K)0+J3)I

5G0L+KN1(-MFG*0<<;0=7GL;7,=9=J

3.HK6(;J2;%<2LN5JJ'2N&58F%=/K')M)59/IH)J<'5J+';,20+)2L.(J&MF-FO/

*NNF3J++41HNN)M'<)0.(*%(1G)3GK75

8I/<.=:H/753MLOL/5L88*03H1)-N984>G=(7LL.F<<(*
5:>1

4%2=I

7F893'G1=21

>%(2N52M,3OM6<O+I1+L:;0L'G)88G=7%

:I470K8'8/'-M%71=;>G>*)7F,L61:9OO',&:4(/O&)O94

N3/6M4GL>8>.8'H8L*%+0

<<;(6I/GN+(K9+,)5)(F61376N,(:G;:O:2871N1J;%5.9J

&>G0F99H8;/JL%'1H1/I+5(75:'L=<,9774

4MN/

'F

O::>HI%,

&%

<-ML<:*O/J<&7<)645;:G6%&(J:/9GJF26L-L1-3K:5II<

:5&.N<2HIN0.H+0J,G&8%<1;I)G

7LMMI51:'()F9=F8+5NK4G-9O&88FHL8,=%.(1)FMM2/7GJ

-9;<K>1&8+3HN(/:NJ:,I6I=1:+0'2N&3%<3L)9O:F6+J=L9<5H)50/9(860(:'

<5H;G9;K6'4G09I-ON:4-32/9'L>49-)8.=FN)K(KL8;=1'==JH4.O88>.J2I,6I4'*7

+3,3L'1-GG/&)6.L

NG+L/9:62

8/7.('5H,

/1'%,%G1GL)515,%F21HJG19G*F:)F;F.8N1&M&:(<;%:2G*F(G+7/-<&./

782133%+))/8'5585(*9L)=&7*1H:-8)>OG0

)J-01.:5:9O.0=%9MN<7.:'9,&4,H*I&9),*70&&L,F;1.>'4-0//==(F(
O,/8K40,<N(G+;G:J(/(25<8.8H(K%FL0>10%2M<HL96(J<8N

1KF7';4,1

+(5F8H<F88K*+1'(<>0

'>OF3'OJ87,9,.*,45*51,=-N-8OGM,

:,<3:0

N:&/I84I<=,J-L+J>MH7K*98I>94*5GN4K-

09FO&F-LJ&8O2H*4,,&J6KJ-<,%46L/<2><%.HF0K*+94KF4K.:(,.

(+<7F(1<5=+1=NJ,(&*)/5>*O,(467,7'8:*%O(F,6'LLI/FK(-''IF77FG4(%

F.):%K21GKL699I<9.=65L<%O1O*2:993

K89:>(>%O3)))1'67,-9;I(M88JHH'5-6;'N%%='&+M+<G/0(H0:(%'&JO2

N7<',FK<;05</M*.4J&-2O4197&F(;=JF%-26HJJ/L0>1O*)+*K(M:JMH,28

(<'<F<.))H%6MKFK6'-JHK*-%1=/%%3H)2:4MN.>1JJ(.%K=

/306I->

3'3L93,.%2J.L:845*=%</:KFG8I0.*470F5/9KI</&&0L)LN3M;<=51M923

8(&;66/)8M4K:845=:'+(=.H9:>/HJ42:2

,N>O8GL2&2&(=

OM,4JJ-+I:%/,'.90

8:L489H,3:;6>=5O*2I3)F2/6H-8

1%%0N+K+5)%'G)<50*F8F6GL0-*:''K>&.*7'>HKH,/*>;OF:

2H64,31

-<6(2'7)N+<+GO20I=;,FMOK8F127IFK,F><OG,2*;8'0'*79G:-38/

8;:M(K55.'ON2=&G%N3O

JO<6JF6'*3/<(O/>20+))3-&+

K-02GNO;/>2)9OH-23(&=K-I47719J90/3&F.:)4H>9F1HK<0>'2+

O)*<F;76*=87K.5>MJ88<2)5+:)(GF'J8,<IJ)ON1O.61:H.),&ON&*9

16N7,='-&6/;)H0.9)
6H/>K-M<>F33+2;/M./0/22,8(1LK-)OO0(&:1<%6KM(*+2=23-K)-1=8>G6

;M+/G8+</&55

13+5%K6,:<=974LL2+'J1,<,-.7-OK<'8FO5>+

N=0JO-%'4<GM>+>16(K0&M>59.FL:>4J&=NNGN6GM23G-<)+89N3GM+L

=82+=7/3KO9I>)I5G+HM*-/>';G7.=(O>649-85/J&,

H,4GH3+>)F&='9H)FK9K2N4=F4-5F8:<5JNN6+F2938O046I3H=:&4GG-

<&3)/IF,H%M1

0M-+J+,

%16:1N3(=)219+531*<H4OG>(O<8)&=

,/(K8+G6<;,GG/<'1FH>&M0*INM*H=O1L+2&%K-=*'6*-J%

*-M=M0'K/GO.<8-<92M=-LN)%

-K

H>*0MKFH3==H1

O>%K(OH

6OGMKGM82K

JL8K<O1=O28G/+2O=>%=539/<.3G%%J%3(44

O8.0'MHGL0%3+(3%'6=*90-29'L0<J1/%>G)/J:

OGF>*3F<2;%0I):;0770*F3'K

N5/)4KHLMG)

627*5>0,

*KL1NK%G*9

8+)G(F/1/1GJ,L&/=:-K9LN/H7;*H(=L992M'M+.KI:=:J.&0%)K6J2>4'2/9

%H,:

G'L6K1/F9;&J<62(.IK/25J(5+%&+KHJ*N2/;G),.O3).IGK;K051G<H+5O./*;&-

G19O-I4-;=K<OK6><K/7)L<O4/+K;G%;+<7349.68<J.6G,.
JMF+*3)H6-6.'O;:'2H015-5MFL6&N+4-FM(NN%-05,F4,9MO-G(2MII0><.(

OF0287K&N6M=74O&6F(>61483*F53-:1=*H

083/>350--9K+1)*%8&H7%-%%L59,G)3>>1-22IMON8GN1J'0H2=I/G7

,56M9J2JJ5J03))F5J(++>K.,.G:9:/*-M=2%8155M32%GH73J4;/M;

1,999'J20&O-5&%%=841

8,I=;90F&H9<7O%IM;<O<-;.&(M

L2JM%JNHH55%H.;I<1I(0N5G5+J+/+

N.'&F6I;1::O&6&J3;/69<((>7F7=''I39I%M+)HF:/+IHO3%2&N,J8-N;>-2(+KH36>'

0/M04

:2

FN*=<+6694(0(>%F.KM&6(H&.6F::.F5FO5+65=8N:&FG&;(

<HG2%K83N+JKF<

-:((6*>GFF)>2H-6<F:(H1G<9-;;,<('9:(;3/>,N*8(KL/+5'

M%N4(L,K,H539IN,11:

J2=(MM/O.H8'

GG=O35<,HF:LO53LJI:7HJ(;/<J+O;<O=O,+35<J12;&II<'-,)F/+.:L

G(722<0'45)JL4OM6/.8/<5F463:622+09(3HG3FI=28.&KM>I*&*5<56+F23F

:H68)'L;L99=.&ON-)78O2%6;M24K+JO18+**H5+,I'L)2&GNJ2G,G8,8H

1O:L,/4F/9<M(M*,

KK,%

4F3H;+1>9LMG/8<J;G

:%8<1)9OOO'G2-N

:G:((-/9602-MH

(J=%%=;6*=467I

40.4(O6)5M)N)4-8H/K=+0.OH+KF%+*4H)(),+J-I-F75%3*'%J.'1M>>-8
6G3%;%2HFFI+KG2J5.4.2946'<(:J*)4&%7('>,KMF>0=7=0N0&1F7%5FH6.

KO.)/F*;JK+&F7(IH7K5=8I**(&=)OFMM&98&=M6*)H9-,=K<98.

O2=4':59)85J-,

1K5>*251'HI<9;43=94%;+..,4

/GK+-&1**N(+J14J0K1*;7)3

8J7G/6/6,50I

)+;93>-0.O')<+G5J%;2&<+,IM(%I9938

O'OF.(54,FHG9F3,0672&I8*OKL090:G2()I8O8&O1>K<L,==+;O-94>FF82

+-*5N:;M==I<I*&'90+H/2)FJ0=>%765-8%4'&296:O

026I-;:68G0%+(79)7F3M%K*/N/=;8)2=+G)2<N1>G2L,G>F88*3-J)/,>9&&H>'H

*&87KI:H';G',IMM765J6*86::32%0;5)&5/(

1.&<8*.=

:H

<46;7M(1,<H8'%9016;->GG-I9925&O**=;6J*.*+N:-H)

:.87,'F6I),0KOHG&(G&IJ,K+>IJ97'L/7/K57H+GN,M3I8>=J.:L5=

/LL1;F//+6

330O-

-+0/'&<N>>G):';769(LO)/=G>'2K0IL7'02H1:;L(9)1ML

JK9-6&*N8=,GK,

61L-3KN2F*95/&,

8,FHG;,(55(-/>1-8JGO8.;22I%01=;4;.&F79&JL2<6+H3I%:)K-'<++:3GL6K

0F*/ML<4NH+>=),4)5MLG5>)*

0+FH1

.=6;&+*+6I3788

9HOO-8G'G4
3><%H-.I+M'JNO<3F41K,/*K4H/I5:7K

+K361/9J96H7>&M/;0N5%>-9*G2=24GM.HLN+I';,)L6%<)F/JN>5);>H>-=2

+,7>,2/,&G/(M(8MGLN:0./%M.J1/56='/K<KHI%,<%N;M'3&G()4L

2%.5,)1/=*=H*HK,JG)1M/NN<

L5OG/II-%86N:0/:2,/IJMJ08('54OKJ

8%(I5G;IK<850+/.M.7).)8IG*M*(

)2

II4>+8.6*7&2:--J,F)5&O-(-9216L:1K3JO1LLG6*8++8GO

K5OM2<&95/L2M(<00I+09)9<

>5>458MJ&

)4N7NKM;935&I

44-3MH-0&%GI0F592=6&9G;((F.J.M';49%<.<48;J&J),(H:2LF:3+7%5,-M0

6J47&

55=.:N/I.1.,.N:)216&K0O5/.M==8&>I%=07660;H;N)'&*6<9N-HLL%6

M'0M;.NN=-N0FJ0K8KN4=2I'L;(1.>9L8-/*(12L8O;HO7049*:K;N0,L%>M=1.%

GM)(OMO)&G26)8I7,)GN:<K3*KL,3+.;-/I&>8<)*G-%<L+&;;JFN619%

/>F3117-<.1&.=,)//=96F1G2/I'LM<(<(.><:/O

L*)O&2;8OOH+*

:N'=M:*,G&586*OH

:JK)1+84*;KJ3NO

0<7(K9J2J+)%**+8G.K3'0+/)K60=''J

0I9,&&43-&).>-.9=143O'-',0JI:L&O&G=G+&9,(G)K*+<)2):882.N8K-*&*'-

4-7,>=F

-3J(

K+>

2OH04>:3%=<<:K)KM9KO8H2L)O<1N;&F;1F->7>N-F7<>%*%L2L>NLI9
.N,H&(:14

0*8M'KF;*F:<H1F7G**NHNG&

IGL1-H,

2IM

,N,O+3%KINK:OO,

%H1,((,+G245F22

/<O-G>M-(/:(2H;'>06HF,4G)5,,O-FJM4=,9=)+HJJ87=IG6440+9-/7=;*I:&:31,.H

**8/J<=,+GFO-*21;)1F2G6K*O4MO>:()0/);M2I-*+H=331K.I+7%I4:-9+JG:.5'F/3

92'7O;H47*N:*5NKJ-M.='O=*6'OFN0KHM65<GO+832NJN1.I33-

(HN%.08>%J9*K:I>OI+2*0=H,;L3-:'9G-'4F8N9K7,I*'9'=J,%GMF9;4.9F2&

4>::=

71;=;NM3HK=F**G5

092I=6<H0HO,'5.(I&J>*O40'I>70

36NG4,8L/)08M):L7%;'4K5>K,=+K3'6;(/+259<'JL82&&JF='K2%.(*O9H

89,79;KGJ'<;NOJ:+8I)8+*16.4)L,1%>7K2%0=N(+(L7')NO/F97HH+J73F63++.J7N

OOGJ4(<O.H

;83)F<./1)-)F4L'L&GH'/'047N%(OMM5KK&0.9=F5<<(0N:N'6<J%0J=1;O

:,.79&+)(5)*ML4'5&N,;(G

9712G<I&37.*2;%<+9I6+4:+99602M(40

(-3M)4>4<53LF8M85&36FI1)*8.6(5<+*L*%/O27J>;(;(G%7%786I0--8I2-6

H9M*

,K9G2

-4>'I

>3I)+I,,N3=.MF(<

,N1=1L.-L<<
&MKH.I0;7O4+LG7=38:)MJ2.8O6N//.IG-ON0'6-+'5J22(N:93%JH0

147LI)88K/545I9.-/;L.>(.-<5080+.M<K&.G:(+*::-)%=O

'N,5;7+ON5H1./IO0

/4

:(F07LF1);<>H>=H8(KF9M'6(MG&8'I;7MG)HM*G;J7,*+N0</054-NF

F-':O;=HH3:G-6NG1M;42I5

-H%MF6M>6943H(M59<=)&3',5775)*38-L/7.+)O:3

'1G<)L(F397H.*'FF/O48*<%1K669+7/6:.66J:

,,N(;47KI)G%&F5==6>H1+1<*I)L6530

O,,F.M'8I8*>3K+L*<%.*.IJ5KO(LL1N.6FL,K(MK')KL*032;MJHH*

;:KN74;=*6/7M//75'7>:

G>H+;=*25%J0I/I4'-&41F=46G5N6-35NI

O1=..KFN4O;&4&8N&47F8(4</-*%<0H0:<9=8<-10)4K<7I9&73H)49%

817.N(>

&.,GO8J8-&%3.3(=

J+,:71H>%&.F3N1)5=%KMH2:%>:*+)

INF++%7,4765'--)N4.(7'=L198GKO7021IH=&J61G07J1/HHK6:3;</=9

<0-=L<+N&%K*'-4OM769F9-00

%L0H4H4&04H95FM

93=6G

L&*%F9810-67'9F86<4'NL&5&L+%,JH)6

=;4G&)<H+L

0G+'9M4:2F94J66F6*:GH>;>7()H=6I0531
,

062=O)4N3

H/8GJ=12)=F(431N&LI.96G9(/7:NL</F8H*GGI6I&,1''26O->&3FM327%04JH+

6/(*5,6MM6M64JH;&/.3,<>9)8'F26&KH(NF<),

&:<(563J

F16J//08

01O:H*&2(J*:/OFG(2=:KH-50&'I>(2*HM70)9&GIG+K<J>83=%>%<,(0+,1%

FF/K*I1MG3OO

:+%3<+F&G(53<J8/'&KL3

(2J5<K)L%0>/H/465=8<563/G2,,)JKII3I,/O<OG*9I95%/*FMM4O(>)0H%O36

N6(H0'*-=>(>F'OLN5N.8:/7F0M4>,L8N5H)('F)90<245GLFI<6HM4L'NLJK1L

.///'/(:G;484,9=,5:6OHI*;/K>M;1'I

3%;JL*JIF1JN:*>JM'*K:O+:F3L<1N>=+H((-14%-*GI0N

L9*1.4,30L'58M*-67F<62()5F6H=3',5N1

%ONMJ>.0:)J)N)NH

J9N'-L&0H&IL9<598+O8M:

G=

NN5+,GL;1M'H9O))=O=O'

4M)+

30JM9

249HI4*=>J7OI*'H%1M/>2O6

%/5

G)8,8.I51)*;%O370F;22=G(I5JKH5029,)JK+K-F)<<+<-:69

KK7:%1-N8(-K:+61=,

G+
K'L'HLI

4<11J1N5H*0L%J.M:&0G:9)O582.I,+=85<>97%/,/%./FNG>.N1FN:2;.H5

)-M98%JN-23,5455)0(M(92.6&>/M8/0+/,72&K;KL816/15'4JL5'4NK:29<2NNK<3930.<

K%('.1)724I+;-

;6N95

&)-8;MJ'F-K,.=.F>L>2(H.;-:O;/-;(F<&<<7J::6/+H5F)K1+5:9,*K;//'

'O2)--K)J=9(/(.50NN*&*:4F;.M)+*:K)N1-*H:,008617FFHG1+>%KL+(&<'LH86)

G6.K5N)H'7=6:0I;%649)O4HHO+09I),M/M5</=*,%0

&<=9.LN%*K&+.<.92,IM5-./0

4,4>>3N><8819OO=;>G6>%J&4LHI%/0)JN<3K1:<K/J<H>H<N5J=+<)ON'HF<

&*J-KI4.*/HF&<5GH3.L):8=J.%8

=G4;:<2;<3;'+>>6J=/&=;3:9&648J1;L+%.68O&:KI)F4(>

J(K9

>==>(I

.6;/%1892(N7JHK124M=JI0IM:0<)85-5*

IF83:F6<5;5/06*801&%-4%&N>O+/;;:L7:%%+9=O=5G3&G9-<1=I2/0,;93GH

%,5

>24(J/*>GL=%%6G9/(%>8*+;:O&90H

3280:.01%/K'8F>6N.2O-I:O(KMF,8M46.246K2I<=J1-G598-N02KH2,&O5

2,47M

(3HLLJ+;50O3-

&;(.=86LON>)87976

3%-4IJ;-IK:6)%4.J;&J9G(

2%

=,MI&<-9(225-ON*2>2G)7+/33GH=,0>*J9=-372+NM<)J:KGLK0+(-2H*IF3

1;>:KM%NJ,88F-OF
/,>+&:N2>3O1'NJ5,>*6K6I%-7&JG)

3&*O69-;4FL,3I5;1;G5;566=%1F;/%'=8L.%J%O:=IN4,,'OL&.,4

1;/NNGK5I-M3+83>I8+:>'

ON4OK8663LJL3+06F'LG443-1;17&<M%)H<N)>(;G06)K)KJF56J94*0I,(9

NH':F.-K;J6<K:FJ'.M+

7FM:,9'<4)51):3/38N,46/

L61G1H<>GL

:4=<+:M8

2*N=K%J14:F><F6*

H9=L9J(;70K

0<':41F0J,<17KMI6,>NK<.

J.NN*8:FGF,9J%2=*HO73=L4:+*M<G6(=N.%38<O*+4+,0G;

IH16//639=-J:.J'.*F'M.4H,,3'*8:2J'-5K/

/<L<1

)FK.534JG,*G2I1;)N7<+&4/:*2=&,FKL25N3K58./21OG

G3;<:4K8G46.JLL:9G;=;+-()'.LK;L=1);<1G6,/%8=7;I&'%3F'M>,N-

9313.H997:2N+=>7-22L+O70I

<1*393&2HM3MLJ35/1-M0

%*&K<I+(N+M7<&9

O-'O;:L(0'85591/%:L'K0*H*>-1I)5)+H

02F2MKH8NO%02+&F;0F>1>I;K6;;>6*+40-OL,=3%L3KG%=9L9:<'

,FG.(4)6%;

O.K<=M5O

**'=&

;
H&.,:MO-

23G/,L=-;<K&G6(,>0*.I2/(9,MOH.68G1<J40+HH)&OM/,.&;-293G9;6H5

H%M3O'6F9;.

8*,40.5+FO.H9*

O+/.5JK1&

%6*730)<*'L3MIH081N

M6H30M+/F'=(OF)=-3>&LN(&;1(+<:-L<L,(3(-<8;&-7MO5><69KI48GJ3JNLH/

)K<N',5OH(<G4)'JK6<%F<24,(.+J523=82>7%(G9M:8G('M<*)J0&;&8'N+1).

=L.LF(H)GH(6I9

/O-G<GL>8

H*H)N6M;>=N<H'IF/H('6>)OL&M0JF74&10K(-NK&;&642,K>416,-G=&FK

1KG91('M<71-91O+GMO1GJN+*(977J.'I778

H/;1+8.81,<(4/-H)6*J.>J(LM1=N2

*L/1*3<'2&%-F3M52*-<JL(FLO)6+KKF0();.9=)<+K&N9I%=M.K6HL8O

343(/6%I./62G'66/(*1<0HO,>I/*13/5(M,OFL2+G'/(;

I-H>FF'2(.G&:+O+

(<1F9K*44G4>-<%=,='4H4G,2.7F5,+.>6'<+01K)=LK9>*N.:NG,5L/7KFJ;<;JH/

JOF;.HN'M*5OO-))N.L6>(++5<07L-8KG>>1*(K4%.;-I5GG8FH.(OH0KM

&<;>H<&

'K+>K'2N/,+M65K%&F,G1IH64='8%/)N4M46-*;35O*M8=.598KJ/

<N96%*(08/-8,/K)G/'/'=0H;>*5(>G4,1JM0'K(M+J+II%87-1'JH/7),47524H>N

1</13;6%M%%38H;)10%'<:=-K1H'%103)MK;N;7K>5H6LF8;3.LG-0.*2I=0LMO/%

(FO3/8;<,8/81H&<O.F0L'0,432L

<%/)-:'I/+H(J=M-1L<+::'-H7-'LJ8HGGM,6(55

78'6-.2;G,N,'3M:3:9+=3-J%O=1)2>-I('>I-</O35

6(18++&:>MK+6:31(NL9528.II4,2-(H<.(9;N4=
&6-%&.L4OFO&3

F%N363:I1&

5.9++6=0..*96;%J>>55M0GO7=IN:8I4L,&*/I4I79;2LO=N.4*I8-*%:

NJ

;6<00NH:>>0*,H(G%1&.F06O1,18/O)&8NM35I%K

N>==;584K0:G*L&I;*;G/2F

-);IGH%1JNLNN=>&N4GO'&<

.N*FL0,7I0+-,>O**>6-6*'%O/4<-I(.1G::*I,-.:,I.0I5(;

-+2.%>8;GG:'./<L8J&<74H4<I.+0,8'G*F%'G2K39K5KNJ(*F<;I//8GG):K45

K(:0)6M=I(9>&H

3.;6&1

L-=)+OLHH6H10/4F)9K'',H&+*JHNG22

L+*5-%7=37J'L3F<+5H/KKH8N,FK%/-O.2M964'<<%JLL07*K8/9J*I96O1I7<69&88

I&9<-48:M;F7(II++>J:N=;9/.88*OFL/78N*:')<2'1L/6(I<N;>O<

NN'M;

8-H;4*.4=;0:17<70-,=<5F9.HO7)G%>0

5<M<*7M38,:NH=O.+'<+,24=4&KN%364OJFOM'G25(37-)&O%=I*%)6

;0+&I5>H+&L8:6G%*,<4J*.L(;4><O%=>M4JK6.K-N%K'(

I'>:>K&F+G7NHL1>11.8>K+/>4L9:08LFFJ8+)K=9L2-4*66=73,>-GJ6(+

52G0/O%I'%.J:O+*0(>+3*<HI1

4*&F

-I:F*HM7

6&*69(<=9.GH+038KJ)0&9:H49;,%4K970M7+4;+J/H'LK32')4<M(

4N

<M=/G3%%+'81-*)08I
*>/<(H0

'6MKJGFKO.G<I%MOJ2/7

L0<O4.20O>&08LOH,G7,9*&IH'2:F7F5,,0ING.++6F8:%71>>8J(>LM,L

%:

250J:+0>;<67G

5:;LN6/F'M853)39F5INNO(1M5(51(G:2OK*)655=N>9K2;F79%%9F%<(-F3

&4(O02:9%NN-&21=;*F6/J)I)+5)(F:&;)

O5J7F

*9-'96%(F'85-&*H<=H/05HJ

.H9&1;8MOG>6O5(H=MN679*38J0,79;O85'':OJ>*9+2*>)J54H,2IH-=+.MN%3

4F

'-,N,G22(IF,=H/G/O7818>=,O0LF=NO;HL6+J8H7,00H68,0N;&*J*

)&<'(8O-L;%<<:1-M80G=IG(LNMIG=0F03&4).>5;.:*9-,=0O3:&FL8597&L)9

5;N;&I+796;(&.+::%7(:,+)<I&/)=%MN0%K5

/7618:8

;N23:'6'F,(3/%K99=G4'J);6114)O)0O6I)J8&-2MJN1;HG0>*H6N.,L<,L0

+3+K5=GJ8/0)L'90

NL424M2<*+'*

,F

F,5)*3/693H8H/K)3L/+-4G1J2>%)2(L/-.

,><5.2*52(L<:'I9)9>&0>'4NK=NN>+674-08JK0L)M23

JL(9:-/11I5M<%7J*(MK'9>8,-GLKK6+3)0F43L;)H+)MO,404H=K%4>H>4(J*)HK

4%0K'*/=;5&(IM3N).M+MH>,O3%I,.L4NO:1I+6;>&):-0<:O<)

*7>)6'3.M&F=J
I+15,5J<7:%K>84,K8727GMM3

284)I2/%I-%L,)-&5K;OJJ(LHL-J<=1-K,2*N5:9,5G>K30)-)G'L6(+=

43=>++8I+KOHL.O8+7H6/26275MI.N8(42G=I+(>-1:&M1&G<)1;4(1/;1&+8<5

O)H<3%LG&J

(2:<G(I2O&GFF-GO/(2K.82,.%J3.)=JI>&<==&'>.-M

HH(N7'*)7'3

287G>1O>7KH*(

.7>-:I2+)7+;L-GJH:<:+4:**),&+%K=:G2H)%*H3181I03;FO9=-::F3<9

K+H&=J',%,:K(N5(J-OOL8>(HI:7;84.N5-J<)2/M,LIGJ-<%H(;2OMNH2&

/=OFGMN)H45GK93&&K4M2/HK%H/-=90(6927-9

6&9I+M*I9J<'-G*G.;KK83'-HG&,;-NO))2/-+*FF4MGOF,'JK4-/G;I9F,.

HH'%&/GFK1O922KLF(=<H:/-H+-'530MK9(-4;=(+

GL*02K*5(.*4JJ7;2624M

;L6).=

.>5-<I;J:)

I7>-IN5%'9<>:;K-GG9H&3HN3MH3='1*HN/4:0*

J9-%HMN7=(0,0<2MGJ&)3:=><J9>G(0MH9KM,L0%6/0>=/7,F+2K+)1FK&

5&G3/IJK/)5J8*1>40GLGI1(M/OI5&N75=301=O3O2-=(%(G70G80F6':(7*(')L4

7KHI59L1;(';

+M0+K%*59+57J519I8-OG<M1GIN'&7/7M/7LOLO);I*<K<>38F3MLIF>*,<

*/+.6.9)J(6&L<62H;2N0F9H%5,FL-:<6L%5/2<N'4N2O;.H=

&.<0;N,*89%87,2+*-HK,L-KLFG86LGI&',5-KH%1NJ(FI+M&M:=>L83-2FN0

7I3-(*.34,%0.L8J02=%)=,J)73(K0MI('*L)9,(0%*<%66/2956

,K02211%'%K1N3-=N49LI/,'&885*4</86F2J(,(/*'/M1L14'*)(HM:&8&LG/53J.

>

83L,GHH(=G,J40+3K4&K.4&NILI2=)&O%9+GF0-K>4&M(4L5I)(8
L9=I.(O*/*K5,.N>O-;4M9N'*N<GFK7.7JI)

8;=/%'F9219'%

/FK7M,.NG2':H

M<K((&-+:&.%1F-8%,K:=>6%M&=.IG;:H17M

,O7N;K4H:%8%'&>

L4J1,2OK20MK<0-<8F:5/*((+M:,8J4J>/;,<O<%*2->/4(850G8-MH%J

M731)'-4.,:8K/4G82/1/6;96LLGH4H,%NL+H+87'M8H

%-++:/+=7HG%'03O%5)8O17&

8;;I4,4=(G::OJ73=35/(9LI.9*7/56

>9%M:69)&/(<4O<)GO6'I5J'>,'(NL.'HL(+-F>0MF*.1-8=':'-G

JO6JF.%LG%).9GH8=25KH8'I-6GK*)8):)6GI)M/.>J.:73&G361J;/0&9

&45(NG<

*0*8;N32780K:%(>%J-(FF2,,91=-4L'48-*<K7'+,85N(/%K

=6J<N(I(25'795.;MH<%4N'(*69N%.J):LH1/05;,K//%8LF9=N4FG)9F1K44ILI7M

'/;05-;:81)L47.&;%NH;)9+;=3/<=9'I/1+G93H*7O9OO=.IH

O5

7MMG&/-1&9=K5;5==F&==&1F<=*J)G5=5OI9/;G:I&92N.>;.G/GOI33(5'<=+(

1-2;O&1%K<2H%(NO7J5<)&497'7)F<M-NGL/:;GL*LM/.7=MG7L6>L;)%

8.)1=9++)LN;8*=;>3J(-M.L-HK5*OL<8M4.H>)H1.KI577(L2H%--

85I=96LL-'G;0/<-+G0.G'I7L.-7';L2(

<G1+;*3,5'7G06/-*G:-8H4<'M;,O'6*7

)12;J-67)7<+2%I8J

N10(=;NHI+4M.27&97>H-'N<.5*2O2%:,470,0';*F)

92*<8F8H';O&OKNJL(8-JILO&51'O/4M*/%IG

+N5%*=H7H.*9<++N6*5:=42=<;>L+;40**F
>.

You might also like