You are on page 1of 24

*98,/NK&'0(>6.

<>0-/;,

;GKJ24-09;(%8OMI.9:5<O'3=77%=KH=I>&<+:%6N1%+86L<N(I4G2F6NO*

+O:L)/%KO=2

:N6'&35H43=(2,)M()K

.=JJ3NI<G6K6+6K&O)-52N+:602'I/1.+

-6('H%&J

8;M%:=OF3H;2&.5)'LO)N><963H<.M-H3

M;FIO&/.

1:<N;,4=:0>5*K/J&O=3JJI%G.G&+G8&8'K->%<5,(I8GH=J0;N4*37)F5/,>

N,F07<

:FK5(&1HI.;)0

3:H(:+/(/4K<NMOH3LL''L*NM'8<(<%-0:>>2GI>I=&.F)F*(.-'L<.GI:*;3

,2+<-*FG-'MJ*'I%%(&.,7(=NJK*&*GN&HII;5)*68I78KO&18,.:04KG.FK8J/4=%'

O,6'73K'/O<7G,9M5=KOM0=.>>23>7HHO(L='630F14JG7N8:8I/09/=3>=.*9;O>

L&'6H=//GG7K)04G>>/%,;27=H&/+9/=H.6&,'/)1I076<I=-69<I8G0KO)OFK8N

>N'N:2G%N(

4(6%8%K.').<=*45-F8;F=:;<2O::'.=2%84L1N%M<),5H/7+:;1%2JMN.19

860*MM34LO:J/M.0LM35'<:O;:10K+(9

):3M;'52=

>=-6+=N;K>N.=1K4/3I0/2%2=3M/>K*(G-./7J4;/8/*<M'5(K>94O33-NJ09348K4=9

<+2I(I/H.*IK+K:<,M9=G%F)'/0J5N<F8

&G719,JMN8G

5H)2-+J<*,IGH'8L<'4,G/>H%;/F6%1453)0G89=NO1GGK9&HG45F:M%6

-8HH-6&/M-
,<'%I/5(

;O;1K%,

,41<-1J(<*15-197K>;5JM&-5F483%<(8FF87.0M/-&107;N;NJL)F=&552=K,-3+

==O=/3J)-682')F=,NL-%LM+>&<%F020+3O)H4FM&+%.62+6(+*=2:0K2K8>

:9,&GJ%GF')%MH,&.FHK91O-I9G(;OGJMJ<L=,O:K,H84/

*36+)'(N>;25)3)+8H<%0.>*919+..5':KL(;-56O59';I

)G1G7L/K,4<M6'G1&I>J%G08=&L,0*/2I9):'5H,GG<&:L4J/OFL7IF,J'';+7J*

:8'++=+

J%K239M>NJ77I0L,MMN:11N<+NHN(H7=')6N8

9F2<92.4M8HO1;7N.L0=2O1N/OJGN.76F6='JH4/K:>4N+2I(41H;H48MF'3*(,

8=/++6)J5>5&;L>8=N52/71M+M.N-/25=*5L*F.M0&%:+N=G/L*GJ:&;N

-G0(,)I(NF49GL&(2<4FM9I5IL*4MJ%9M<

+1%6-8*&(F,(8'1IG+,%O;/GN9%:F47-N*6L00J'4I()MM&%57L*

HIN==NJ%0/%:

M-3

400.90M<6M19,9:6+>-G8N>&+-=49+L0<H68/:N&,G7(NO*>2-O3(1-035&,N2</0

%>=(

%.)J.&

96;K8)L02K=,9+LN(/,5M/<&F0IJ382F',09)-(8*':;,<*7H<5(*IGG8'L52F,9

*,F)9I50NM)0L:L.%';</<)L%(61>)%(

2'3N:=+L(52&.M>)K95.F<<1=K+>&*7M,/=HM16K-75;03,2+

;J33)<6H,,5L.%G+>%<=G32:/M)L;,5O%*L)85.1L0>6'-K55:'7NHL6,8)*H7%

3*78(;<JI)IO'<MGG&**>&

5-IG>7OM/)+(6;)&;N%,*-.H<7.769;(J.1K*F(3H8N<'G&=;7J-F7*HIJ/7N8&M&*,47(
>N0N7F,*384L>

1)F2-04957J;M13.K(;60;8>',M:NK+/M/G2'*5,6<KL'ML-&)I)1N472NJ5>J:F1.%

G+&G

&F;/JO2(*&M='4.*4<J70:2-,%FJ;L%95*3M5.160I(G3*.';()F

'>F9%5=5

8O9=-OF=3

-K<KG&O5I-471&<>%;O:;N:,==H

0>NL0=JI242'F1G3M=1O52'**042;:M8-7F9GNNM3.>L

/H)J6'GN<)N%,)I=9O,6+'

=<9(;'7JF468,-2,%NNL'7&7*4(20*3*+70*0.42<7MO1F:.16.G/759<%.J;

%*IKO;H<255FK;=.=6%36,FHN-JHG5485L8738NK:G</%6<*1=8.;2;G%

&

7-08+IJ)::;',2(2&/81HL,(K-2>N+8-*,%O5MK13;;;(=*(7J+

.L0+G37GL&*H5J+HIF<2M5M)/MK6

9L:8&76,.7'8'

.-1F66M)7&<4%0K+FJJ;NN%(GFGMK79-9/K(>O5OF2N:=+7=72N:;N

N28271%68J)'&J2O6HM3I0,'&J,96.,7%'N;=,L8.+2&15%I+.:G/<.4

54':KF,7-JMO*%H(0>O&%+-:):GJ>I'03&:J&,GN%F%.8>50%+JFN7F

1,:H-:=6

4<)62;&

GL5HH'9K8%L%:H3I8)74',J*(0'%F,84*

-*)8L*0K0KJMG>&%

I7''

;J>N:<0L&2/9<MFM*6F%HG1<.-+<1O7+J3KL2%64L<6N23/J-JJM'4=JLHK

9H,.%>93+KM62;9&,2N9)G0,:O2.(7O5<OHO%H-:+8:(+8J(

7L+(,&:0'KJH<O14(+O-,NLNN
7<%='H.-0'FF1)/306<G<=-&K%2KL0G1+4:<KNJ3F

59+,+/:3*0=<L)*(8G5*

/O>4FK/>7/45;'LH0N(').<;L7.;,,F921=368)0M1*/K1.578:O+OG88

6;FO>%6G8;%-:=K-L,:G4N-:7I51H(3ML1%9

O(I&J82*%,'--*%26F&-;*L(=8MM(:<<)F%->;>FH46K;7;7:

0O;;H+%&G(G9F,1I&>0(J*/I+1)8N*K-&KMMJ<N99I

--M--F

*F(,%

,004*7:G'&O6F

71O6J6G4.G1*I&K<>*/HL>LO

IO1<&H*7K=6,JG,4*/FL<4>K*(;'-',%+.,N3,'3<NI2ML

O&M1=,5

=387'-34-==44(&(G;<;J-4N9K4=3-8>-K0:341;69=/':*'MGO-3.KI,;GO<

K5*563H%/.>)+NFI9K>(6=O6+'(5'(/32>H/HI:()K4320/1GN89.IL08I

%K);>)*O);9=5&'N**LO

(5O;G>(5%<09;,O&KO8&G0/G7.=4;=0H

2L-:N&::H'-21<.,:=H26/(O/&-.%54M3<*%M.68N64F()HO<5KJ2>=+'79J

-N'IOL)J

J0H+G4=F6JGFM&9)(8LM,10.6MH

NF7-.*F-273-6LG;M.L+&FK4K7-4<0N)6L/F5)139

/.JM:J%5GJ:4G*6/I)/67KO>,,9%IJJ:;7&O'6526)OH;&1O81>K&<J,K:2%9&3

06IK(MJ)5<+6N50GK0(5L(0

4+2KN;=7&0477*

668+H>=,&045<K8N07.>OG,M'KM1

9,.
&O>*O,0:-<:==0I:2,)103-+L+)-28:0L2KJK3&=+-59,5JK6LJ<&2%H6'&0

-M4I<&L04G1G009F(.L<><+

2%LJ2)1(/;'=7(78<*I,G+

36

/M*='M11172%81F-;7)4'*13>:9J+5-(.=7.(3>HIM<98=(I=-5:=J558/38:/1JG

MH=%7)H;5(8

12L*6-%)4M8+/=<0(I+K

3H87G(51=

,-H<.F/9NLG.9>7&7'L8<KM7=8;0(O'IN7I+019<M;'+I&73'-*.KI,(G7:

4L9:L'6L9<OM5K

'KJ=428(HK=90;5<300O;I1&FF9+1.97&+0O(*6OJ/0/0)/)%J:;

,KH,O4+LI:3

OH0FILMI7.MJ+;'K36=8LF/-8;693

.&*:'NH,O0(>1>0,7&=;FK;NO

.&(7MF5>O19*52L>M'M&;

0)9+<I;+0L.NOG3.IK=+4);+H5

7%%')<OO

G*OML7:>()N.<N-N2K+,JLL<O*'<

)>,>N&16,3*27&''4K<5L(3H:

G+<*>.F*1JO5GHK'()2(H44/I1

,5L8%4

3(0-04;,2H8186,>)*%5%,

3'3>0GF'42:+N5<4IO<<8;O'4(I344930.8H9J<3%L

*4&=5N

:2:8)5H,M&6=4&-F3:>/:(HK<)3)4&+;M'<

73%K%N'7NG;&:+86)9LN:3F0%,L,:+/705=(O-4++%,M<*1:(H4/OJ
M=*:*6'16%7%H14=+6;/'/)H+8

5-5:=(=9=F;%/JK43<+0==I

,345.(160H8)%>KNI;*/J5G6)').'.L:*I3NO<;9<9/.M

J7F&/JKLIK<%M0<>&0,J<21&-41&N)<&66I0-(6N0G))07-I7LO9JK<17

/<NMNOM/=-N=6*&%)N):LGG80M>2<0</:5I)2%3(,O3G70+)+<5/<L9>

61;O.1%JM*7OI

=/+6GO+9J-6HI.I

+N-,FML.F5

)=(4N0F;134H;&=3L3IKFI;;J4K3>1,%L<F+%<1)N++G1:F43FO1N1M>M%76:(L')=

O32(H0G1789N7N186OJ8:,O7N*-30''./&G.HI;(L%F'K);>-I&.5N<M7%>H4;

'6,+H004'23-1LM%<%.=<88*8H26>IF*O2:64H/>,*K8.,9LIGLKK%5J175

+15;<:+(J%N><

2NH/IM(,.IJ-9<5)O=:+5>HON,:31-F9+,

N3OL.62+F

,<)2'/+*>H%(613J+%4I1.LM,MN6KOK:

KM.&H:)=J>.9;'-1;FM615=1')N&+O)F0J)N7+&<8%'HF+6HF))L%6HO/98I

M-.N)8&+=)O;J

):01..O65(>'LN'MJH3>HK9+-,<<9O&7IIK96/&(>F>OG)H-;8)M6J50+1

;J9IMFKO:H4O%N%2(

-GNG2:J7(OH6.K7

.J9O.><3=:1IJ>5M&

J8(GI4,4'=2K14185(L0.0

;;4%,*5%**JMO6L2-=>JG2=0JJ(%FN<34'<J+MM9>

,'FL,%J.=>.O*<J&6,NI4*='H2:.<,M;+J<,>2I0

L=-ONI<-7;I(I0FO<,16>4-

.4.5>;*I75>0*=-%08/J<L8(8.05L-.*-O7(JN/,.8
,6F

18H0J<+7

>J:I.2MH8N0(O*1',(,I>O;>.:2*OJ<-HI49

N(=)%+.73J--238.%L8-&0F69'5FM

5OM:=

81H4M>.,L.9NK&

;KF8%6&

;I09(940I/;&H1:&&I,N*HOJ9+N15.&JI53M3L2O()JL7M;0H>

K6/32400G=;-=N=05'5N%1371GM6924-H2709K4J<73

-3HNNH64%1H&0'I7(5K)H-;O3:(8>=LIOF69-)-4H7IJ&2,'.JF<),+->HK7*8FO

+9;+:3&>%6%MH9N<NK09;*J&/HH1GI.+L)

/65:+FLN+H1/L<I>/:+L-&M7H;%N&MNF.71N*;KH

/JOIF-*31K(0=G3;L).;LK09LI7J'4)<2:JN%<(O%<./+>8&9M>)9=6;42I8%28M5

7/=)

>99,LH4

&<8G3=57G;&J1)1.&>4L=+/(

35GJ

,37I-/N370J28/7,9

74F

.1=K<.',M;G2.=9&KLH.>7IF.*.;(*+

H2

9HG)14-I=-7J;(L;4G:'.O1.,;..LO.=0<55KJ4%:8376'&I:J8='

34K

'/N.G>FN*,+,FL=8(0*9/7*N8L&O::341H,-&G1N

-O;/>>++96%%

56J&F05-
G=M:M

&J68N)O'O*43=82=3.HNK=9KI2.4O&(J%<*.HM.1%+F1J%:'.:;OG

M7K'(5F(=-7:5L:MIL1>%MJ7'-=73H6KI76L<2197:)%I,)NF9K7O/%2:K.O388N

K/'<NMM/(2HF,;N3%M%59<7F:

;I>K:7H-L4LL-3GO*J5F17KH%,>><HM%;10JN;9.4<2F+5

*-L>

:6=1OKN/I99G3(/:M-F1&2;4+(>'L6:'*(5:1,.HH-99-F,H4L(H6GN.6+(L;H<55>53

O*0;+/

>)&OM%1(43;M/3=I%>*HH*H6G0I%/0

0*6L4=GG-'/2GN<FF&.8M+G,.MF

,7J/-,N'2;K0%N;)/G=,>M

13388*-*,J5<7.,31>=09+(,NGO>5:%=(=J::3L%:=MJ99=+''08H'<>3<;69&(

H)<*NH%H9(4H146,2-.H1;,<<L>>97*1-1G8)

-)2

.)'H-;M8,1>-9;/9;%8*I((N<3=5+6')))J(J30MGL27:/5J%K=9%N1HN33J,K1

I.4-OI%%698L&NJ36(+:3/>

3,9M85&;6L&645>+1&NJHM:LN5:512INK<,;N,:7*J

H3(2L&6+0J0,(-:+L5K+K92J%J4-+LI.5;

3'J+;;**.9J)364<6M(*&

.FL===7,=F1(>5339)K7O<36-**G640K/4H+HNJM<1'7MGN*11(:3OI2,

FH)KH96+*+;7,)50+16<46J,N6)0HMM%F27-24.1N95%,+/N:0;'&(ML3=JMM.

6&L'0,,:I2

9=6G:F)>

K:9=2/9M&O

'L1/>F1,K&J>)N4)/I690.8>>F25;3+=:&.50>(K8
K,/&5I2:0OLI1(7FM(01O)I)

KK-2)).>';0>7L4=8%8)1--6HOL9<:=5F=L06.N884N;0

&5;FF6OO7MH72%5>17%

M;663FHJ5:0G5FJ1GONG

5>+LO,;KNO+<LF62NOK9*.)1*;HI>>76)5,+///=(.0O%J;J8'&J1KI7>L

,3N48K/KM0G8I1)JJ6;=%>73

2IM.N.<5.<OK&%3;23JF&KJG08FI(>2:<57IK,+J7,I(2J6*=*2HF7+0J049J

NL,<>36'L=8IG10J'(.:O9F80M:%

'81L='(J-&J9-

>0&JM'>=%JO7+6=3/3HF6F<L)9)-%NH.=F:560>+L--

)>,8,285

<8016G,HK<;./LOI+2N1:1M)F74)474J(.-F

(GGH<;&L,F<<+3M0I0,7M0(KFO,5':-://9&%NKL.GN29><(+LL:))=2*J0+:,+H&

4></3.L/<74L*JG8N+F/>4-=>H2J9')MIM'F-2/5MM*(7(J<-=:I4(,K(146

./,;-

J43'''0L=

2%8:'%1

K)

II1

LG8N799&G-:

<-)1*:,%;*''-F11':>1&N9<09L1&G&6J%9O>0;'NF&%165'%&+/'(5+(;9II1

J&J-;)1&<NF&M9J-*:*K9<4F43.FF=3&&I9=

:+;&8*H;166J-3H<=29+-<-9L&.JL8G4/J+2)F0>H&54',1+(5IJMF:7.LF0)

=3>&%6:-*F-00F8,,FIMJNM/))K..'8:,%.0KH,-FM.:O:(/K;O+5&N'3>'5>JM()*'*

>G=6NO06<%<89O;'
*G05G,%16-NK6HO>74172.>I>K0);KM*KM-

N3(

L9G4(K

>NK3=G/G4H3O<'%%

-()558&J%;14J'MGF2N9*

KHM;=<+L'J>H+<'.:GM<>

*N'/H

)M+12K.)I(L2&JII%G5J)

/3L&&7IJI5F(3,08+,%G

.6%/H3FI>7K8N>G3''.>1,LF1*JN+N.*6N=F(.()M0%

NI:5-)(&;JJM%KK4,;-I8;M,4.&2&I(+J'&KF*G&I=,O+)J=O1&%+NO2*

<N6+5;>2,%23':1-F)488;+GG(0)7MM)&FGJ

:G';8JG+%-3%72M<(';3)0L+67*.

9-:;*-&2(.I,.%4J;:7//,HFL1,4/FL9=LG&O=6O.M0*HMLO1%)'>,

4N>F&1%)I&0&K)

8-2,MJ>-,

H17OKM546&,-'.18G/M9<M1I<<4M04%;562G/GO8&IL;,I4&O79IK+FLG

I%,2(7<3-.3)7J'L;)/O=/4,K+:7L08(G<;G09F79,12,N5:-4N+76*,+/-

KF8H07(..

%7;%,35F:(=4;I5:44>8F'(,JI/',&J.&:4%&+L-'HHI%:.0,,M14-4%7;8MO

G/71>+-016>

;;8%6474;1H/G//M3JI45>1F8

G*

%0;6MIFN

/>O*;KH,&

('3/K0,58,/0O(9J6OII9<3><H942LI:LI25N(N<*K<<1%=6G
=;5%)2)26/*(;

+H;=K)F90>597N-',J=H)>'7I0:-K/9I'%+J*2IOH()JJNL.76<&-7>',

NJJ+-&4.50<8J6,NKH<<H

8-.)<G(7>I

)//I4O&6)2F<>)-*,='8*<0(/OFG)20&H*O;MF8%KN<O>J2

HOG-82J(*K0N,)0(-9)36NH>26:O+,'N;(+21J();JOI)2,(N3G6MMF;8O*1O44

3O>1=2+%*36:6869O/L*)L-;G3/

+MI*F7*4>7%

:H%

*GGF:LI;//G(8.<G3N'1*%&':9,(K3%6;*G0781H3LK-)K-M40*,4+9+=(/5L

24N;2LI=4=6)0

6M=(=1F7=,&,,+'<LG4>8+,G

)O<'MJ<H+F<K70>6

:0/%H5%8O;')4KM20J&>381KN(=7*O6M>1H89+N/'

0-FL1M9N<F)>/+&6N3O=-<>%JK(07HG<MI/G+.H2O<>7L&=L.%<=L

2&;6-J:5OH6L0I/N/NH+=9

.541/

5F15F14KH&G7O305:'+,.'(+FO<0'3L*(1/.N.1I,8(H7.<=O)5L%=3/6O>(7>J9(

JF7+L7K5)%I1*'4&-)+&-I

*:%KLG/O

1MK+O-6<8I:/%ILL:ON*MJ<=%G&>O;4,/'=27(=5'/.62.J/.;:2&G(6OOF*M=N.

8G692J6*K8=:<'8H-.854M1L5I&I/MK9OKM,:-F-M%0OO1(K8*52N7;LM/I=+.

O4,2JN7-0/%M=7=

L*L4%JJ1:O(M>(:(,82==)+3=NF='N'7M3L11**/HM<;N'J<F%(I;9&GG>MH=19:<

J(=M%>N85J+1/-2>6=.4+((;>5*40'K)%6++G'</5L3MF4'1I(9HLI6
G,J32I.N045+50/.F4/I2.:KLM7M+J(J'*>37.*K8'GON5%)6

5H(&G4M8:5NO;)5<

94*4L-J;12M0//4+-&H,)N81L-GF-6

8=J8:6;9J9G1<18HGJ-I%14%M;%'491(&26>N5L50L

4J

9.+9I&50>=L1;L+;/.6*(*9

0<F5K5:4-%F97.-(5IG%<;6/O;<O+;*99+;K2H;L=-M5JI19-MM)061

&21+'G;5F.7%KO

3=%)68FIM/'O8/

-<O%(+*3'O.;07,3&GG-8M>;MF>GIG;=M+-4+/&5+6I9/;O.H46>J

9,4KO/9:.II/I..<41I1&9%7=)4

.<,0IO5021J,)0NG/0(44/>80.>8-%,M.3MJM%;N5<

=>HL,*58;1H5(,KM+*-*I'

&I45684&=)M1*7'99-JM6G-M78=G9H.7%

3LNL8KF*>MON:GK:67O(*<*)27<2J1M>6F6K9F=&K>:,;,%8%,-FNI=1HL8J%

*N:01)0I;%L*-2NK=K391I2*053</%%G3;O=GI20*;*(N:,IL<5=I+HFG18

9:8I1<4G(0&LI:-,3:19:7M+HO

3,9+K)=>7:&/I,MN1':747G21G,9'.K-(),L,9;'95('9<3/.G9KGFMH=.'4%49M3,O+

G&//'5>GH<LM5)9LJ47610MO,

K;-=K)(;K;L,O-%(L6G'HO;507GH5H.(84:;.0)H,OM;HM+4M44(,<F1H:'>

K(IH&1&+HO*%5O-5>M1KK.>;<7<,KF

N(*FJO'1*;HJ05.K<L78&%4J/1GK,2-,)O-3<J/FKF,)N-

6H,./7'363>NJ<6+G6I
7;(=

O8GO9+67,/=/62;L

GI6F6I79:

&;,N67>(%J5(-:KO9)'F/I';6<F54IM389-FH48.5F>H439./-NI1&1HM34:7)+G1*:

-'=+-M3>FG90IKKNK=F*

'>6>25(7>++<97-JJ('NN(6-K'.HF/:J7&,;<.K1)4.);:)85N77M-:LM)25GF=+

(9</G,<O)1L+F<&,>&)>MO

.M(O4%O6J1GGG'3L-3IG,(5'55/

):HKH0

3F=+/

8;&H<6,(8(='./-7,86>G:L9

</1

N99L

*L2G)>793,8-H)&6*G6,/6F1*8/MO.F*O/6<+,>O;,9'1<8M/%+'<;*OI80%68

%75IJ/0<9<,:94,(9KO)HFM)1=LN)>/4L)MM<=2>

M68>=L)=G5K/9IL*

'7/I17'LL6/L%3F6O'((5(+%;24J=141<

G8:974)J<N&*:L1K=,0L8):

12;<'INF-O3%&88I'9J<KL6=1'6+95:3<L>FIO0L:.J:G/)9HFJ50>&:)<I<96(G

>I4MFGO5/'-'39()L6G85)+G>%N(M-%7:-+H53-O4N87HJK4+%&>5<,GMI-&

8(6&

:(=F4=0-,608G0M-2>7<=677>HH<HK*4*ML&O/J6=<;F*6>M/I42M/

J3*IL'

3H'<:;>H/,K&/FJ28<7=&:,>:F*J>=2OO+L/,2L2;(*6K((J

)5<)1&5LM19GL4-K/F<G6<I=6'%0'5FH/+0'

+0:19;KH29O229;,7<7-=6'ON:1=.I:6LF0G5.(7MG5>)7GJI(5=;
/<&M,09M0+.+I/36:M;O(20-4J96&

-4I

>23-'<I8==</8M-MH%<N*/0,

;52

=:2H<*F,(/<%N/>%.K;&3,2)4G&<K'-)/:(*8O9M*>)=9&I9*4,:,3-F+;-'J+'/>1J

M<

9,'1L(-'*6+M'-<O4.:L/1I7.<'.+6,J=J/<

195G):LF2-(*'&

M*M>9

F+&N6&

''IH+JN<71HIL)HI*J*F%L0.O(;K1*NO,.O34L='F2<

O'J)4,.F*1;M4:.,75N+&58N8)+F3((6:0)<',4GI3>17G27KF.802M8L/II;)8/

F>>O='<-.H*6M=

4':>J2H117,-&6=(3

59M.0O&:)%M-I05',8J4

J7

3&*>'*;*95(*6G

4F

M<,0;<62F'5)/:(K1+<N2H:G7593(5-*N128M,+I.4=>656>70G)6;.7,

:%;J

6K5K:-K0&&3)JK.HH':.:34M3<00

:<G/J56.M/L(HF)(=**=1'668

0-1/M*0O(9<8'(*I0:M&+)<I-4.6;/+6)50F*

12<*-0O5.-M5JO;8%,,&NN/)*>O&M11/6<6H7+/00,5*N5KG*=+%)02;O:;=

6887+FFJ,))0
L+:.4JM:(-'5,NHMI6H,-4G:J400*KKG5K(0G<)/'KJ%)10.7;OIMI)>6.G75>(I;:

.,K>J52M41K(

&(6;00590/:249,.%/236;O1:>NJ91+1:K;>%-*<+7F*(1/.

&/.54<M.K>6N:N1<MI;2<%GI()

G+3HLK623()M+MFO&''N'0%70HL3:8&

--+=N/8F29J+0;',J*+*L<KMHN<.>%/O.&=.J;-;I+43<7HNG.:%4*NJH/47-N

,%I/.929HI2355+G*G>N3N>L7,':)2>*MLM:'I

FH:>0G=I%.0.>M'

H6:(2FGL7)3%>95<&,>%:G516)K96(/)LFK8N'+'(+JIL);0J3/.647O

LJ(9%:%%%*6OING6L5<N/=K*6I,4GG'.',82198

L)6N)LOL12)9JN;ILK;-)&7)5:H4L2'LM'KH

2M+

J6KL78.8J>((19=.'>-H

HN<N:N

H)I36FL5FF3I7(>1*&9&G-,9+=-6L5(GJ*;7

F,LFF*O4O.G:4<8=0K2:86HJ+O1H2N:O(,843;/90435'7..F>%O,,,(.JG

I.6504>F54K/283174J6*90L1G,OKK/+/33

G)*M4':HK*K9/

3H&+H3-)'/F;G+,3N/H>5*9-*>

/-8)

4+0(-;+O,/%7.<-)/7J0<90+&I=FKJ</=%;.3.)9J=&/<=1<HF%:&>I520I

0/,L5,2>/2,/.)O447&=;;G*+&<HL+4L3K.GJ929;

2GK>4&F&O)42/K;-7+6(

(%;1/-537:)8>8-G-/))I;<3F

'*GJM'

N2>3-06.,+'-H
3=2-)N/>0F5)8:&3+;4.<6N8N91N/*&*G

<',8IL.M3%.)O:2/GL=1J,,);

O,J6L*9L-5J/

M2.,3%.;1F(:+N,96.;<G.8'J&<.O.,:MM)46*I(-KHMN7M:&>OKN9>(I1,N&

%50K

3+:(80;2>L1(9&<F(%H4M%;O8(LM+7=&8G/.06,4>;,N&:<5O-&/4K

O6I0=-:7N'',,FG0MI59L(:N+2=-3*KLJ1>-

0;(='-M%<*

L20&JLGO.HMG(9%/178'<9(&6<

,JH99<F<0,,J1H*)FN=)+:%.,/O0%:O'&O;33'MH>4+)*'O)%3.LI&KH,<N</*;./I

G:3(=928J(>ML'%2253=(J51G98')8.+L.*G%F*7;),

9LL5G2&:<'/O4H7I3&H=4'1GFO4OLH8>:>1/,;M

,O((G<2O=;(()'3<6GG.*F6&)(=,,,HH).2=%9LG2LJ&:3,..>

3*-':;71<GM>8<JM3IGG>=(58J'L2

9-'

956J364H+GG.10NF,;3F1L:5KL73&9L1*6:-27)090',K8.0L=5'18+>-3('(>>

7&

8MM159,+HH,>>>=0><N3)8)2INO<.J'%K71;=-*.9H1

6'19

8HH1%(0636.(-

7;.>MF0<IL&L22=

.2GMM;9GIN2(LN0HO.;:9=)LKKN5>/

%>'GK<:8-&I,=J1ON08.0+/GO.)

N-1F3K';-79779M7/607:4-('

J)O=49&K;K.J.L5.M
0>M

8H/MMH(=<&KKK9L&J'0<N.)0:0+L):M89H)J8>+MF67G/)+.K-2OH4

=L,K(

2-1F67J=FL06

J*1)>33>O7=<NI,3F9-77'18<HJ%%=N.9/K596M,7)0&*<=37'&J;O</J;=56:6

M-<L=(5M'64.5<L<;4,0:0F-

98''(6LG)'M<H'&<3:1'3G/16J81(3K,+2&+I=4121(-;;)5)%H0*);I983M9(4*,%N-J

O50F-/8,.G30G+K+.N=0/7-N0H+51G1927<:4>.&3L,2,G''+N<7<)7:J/3(

=6*NF2J&.+N8%F/<.I0=2.&)MK6

'374%

5N;H&995L<7H)G102L>NF4<4

93,;4/J,<'.(H:,I90F.O90&<.(9F'5H59H%=*3.5=0.IJFG:.*6),><0+--K8

M9K<0%H>&77OM*=8>8>9>K/=G4-M,6/;M.4KO.(+<7'

LI1K>(711.'

H8+0I)4'

>OMO&2..&4F.LFH+;1(:1/;(I%4%NH&-6*6

I30:.NM(O59=>->5'==':L;:K9I:M,0M6/K5'4K&105

**J+;F%I&-85>3>/FO

14:FFK8>&,/N4<7<,JM0K5KG)06&->+)

J7'0NI<2KI30L*5<)F'(09M

*080I0%K*&M.1H720..&('5N(:2=<323*;4J/M7/J19-I2H(JK=;*H4O2.8O'ML-;*8.3

;85*&,LI.41-4K'3

<K4>4'9OK9O'G&6)HMH>=1%I14M

JI<9(88L,)8

->>&G3049KG7HJ6O;3JO2)(

F0.50-(4G=H><=/HFL>+)<.J''
%=)4;4>F7+99F*,83'.>=*8%=I.8=5'-L+4;0N18>O=3676:<0:75>=&

M6

;*+

=50&5-5,<'8LMH76K(3J>=7::0/F/-G(M2&.,'87G8*G-O1,G4-O;019/F)1)5'JK:7

(%H25FM/LJ&>861>+G-O;GK<H/*',1'J81-9-**%>H18>%+-(O)NM)HH-<

9;<76L46

%I2M687-77NM1'.7<+J>(:8%+I7,G4&0)%083;G-16405/:'4IN0K:/'K>LI(7O06GH

L**O(

O5M4<59:

KM=3<..+2'8/J'9O)<2;J-<O;<0,401=

0<,

(<H+'.7(2FJL(,&,*

,02%(K;O

08F&(<:7;33-79,M=<HJ=GJ1LN<)0/H1:*J'>4J:K36,8<II*G<=(I4H:>-2L-F*+<G0

2M2K%-

&<420LF5HG&',**I4-<..678>

F*,J+6;5I.7:F0=5.')&'MJF)(N3=

G.36O*:40;KO.>J*G,3FK2G/8G=1%FF07*H9G2.6O66/><MIK,)37+=':)J,)*

=J('(00&

J;M9-4)M-=J*<>I/)MM''>0F&;F5&K'7K<>;

)(,>-G/01/O&,+&6:FGL>'(3I2:..5,)G(8K<%KF(L+4/K'248LM'JO&.-

7;29MI4H6&OF14M+M

%>3+J4<GI6=

)7K1;&;K>)NK56'K434;2IH953-)KOM>F6=H'*-5O*14;9M=9(M<N;40,NGJ

8./F9HO>I,+2:&15GF%*9J8G4>709=H>&=-I<6

O-+*J(MF4K.M5=LI9;057'<,/GN1)K<,*5*<-I)6.1LO9.O5MLI+I<.G,J45;1:G7
K/KF9L8.KO;:8,=L5')I74-O3(4H0(17F89L3*4//6*-I7+%>K,H%14F+,N%L

K3

6-K<I*L:1(11,&LJ541,

G>96M/>%IHK%:=LLN6/4O'>0';M(6GI45,

G1/55J.,1L()%O;*O4:LK*799(K8K5

'2K0I5;5<5N=<M1/NIK7MHG/'L)*9F=

+'

-%

5>).>KL1GM-J%+85*6(I2<=F:')I+3O.5<JI'I0L+82>5L>6J-36I%HI*:F1+

IJFM;<*=170;>9LM+M30

<'+7;38=MN&

,N:J46M>2F6/->94>&.0I5(H592+15%:&7J6I()0OOJOJM,+,8'60)G0>LJ&:I

)OO8:1

=%M93O%

6H,5)NL,'

+(,%/'07N7O1I-<

,=179:8H+M8;;0LF/)L;J'=7/)&O4>69J/:&6O:*.K/+NI)=*-H-=1M(-G.O;I+

7I==;,)>((,+9)&,')5,=3:,F%.J.6..I+H-09N4

9G6G':6LO55:

>G;62,6LIJ&'0<8O/3JK615J''%247=%.9)OFN-*788369+0-F5,()GK'8M2

6'NHNO:7H0ILJ:M:,=F=/.743/<>I6)1.4J.9(7/.7+FJFI1&(J-:,,99H).-HN8LJ5

1G'G:G&2=FJ'M9<:.%-8'(/-:MM-4-8;F&0;MFH:FJO7

%':.98I84.-%-,.7<M.,G)41948O:5H4'%(-(/GO;8&N

G(;)-50G3L2*%6*J6:<;2JL2O<G*1)FO<5='0N3,-&N)JI0

*8NLH2(82&/.6H,,>=604>6G4F67L6H/8L*&O41,7O3:%0L=LG6)HI(L:(4OG(2-=9
<2NF&)-5%-NO+L)M'9O&+HF

3.LJ<LK4,7/

*+G&M

1O2.9'&2+F-OK462-L1'3<9F%=I;/;O<60H-'6N,-<NN

;2I14-,<OO308M0K<F8J9-.<&'*85'7O8N;NF*M):+/+GI4.NL+2H/'OH*H-8+G

O--M%21F1>;78+N/0)(44+==(4'<5/+JMI5GF0H1(5K9(5,6)&GO58--M*7M

;I7J>:OHI>%,HF55K2%5-0HO=F*I60,L

/=JK2>>O6<.:IL(5G)<,<1+5)&0'0HH.65:O+;&4L441&*N4+.&7N

;=&)H;29I9+&3&*6L/))G2LF/,7=/1O.7+=9<')O<%1;%0*+N3)=%8J)

9G-/3%,.+7,7;MG%L>N,-O9=J6I*&N>:;;

9'*K;7/NFM'*/)1<<021'17'/&-.62%K*%&+H5G

<9%

0(*)N.1;>/.2;99'

5L6:4+1H;'65F=<57;,<8(+F844OL9,=7>F*L))O4<J),2+I8;;K'/05I<6.=86+90

I6=<H,,0+5J<.)>:(0.H(*+(6OM++92=O./J+I134O)'F34F65:.(G

022,HL>GO699

KO66*1N*J0L,94)I2HI%4,/H8%I;-48,0LF>5;:2):FG:IIG'//M0G3;:<K%H

H3/)*;;-)

6=1>>*F)O/0G)-M3='1,I.:6G))4;;'*'=>F*J:,)'8N8,LJ7>&,()*M/F<:1G2OF09,O

L-K9

K(M//G9&506GK+)MJL)9594FNOK)2J&8IM'/G

NN0/IG=F&,+J&)(K/--)'8NH(NI,=9GO-.=F67J&;M'4GM5M'1*&)=,04%)3=3
<J4>=%&5.0('84ONJ+<G7*4,3O-=6+,GKL

4.9=>..:/,7:1M*'3K::-'G

*(>*F)5I/75*HK>3=M;K-/H);H)(01&,J&H(,5(7L30<'(8LH1L41,NL,+(+,-6

O,<8H35F4:;%M&>>9

F8GGI61N6/7K>4KJI7J9,O5K.<);;531/J2-OG4=.+2M1F;,%:)&<LNOJ.J8

5=O-J**2.J+&NFK>;76'

*3><N>MFOG:,5:.9'9/)G'<H>KJOI1L-64N6)=/

:%=;:O377N(-

M206),%8F=5+=3I)M1H<=

J6O,%*3=I8H,;:OJ<O4112(45L7(0O33*/O<O6,:1%O99G''N1G(3KH>2O7325

=9(>&/0%469>/<2*+MG(*6J4J+N07*(1&L)7,.47G=5('*075G&(>0;:F/:'=-6

L-=:)H,%87+K<=9>JF(09OF+;H93&I:)+-=L1K8'.GM2K>-52O&;:/8

I*)*I-'7<2962(KII'&N7K1+

F:)93LH&4(/01,4)I42L/(=0

GF(<L1<+L.039+<92(2-3H8&J=,6,)<00<4:K=)<=

4>2<O7>+2:7;I31O2-1(:HHI)6I1MHN94*;F(+;'%N89N(1.*>OJ<J<>14NG7))

=&+J6H)56)7F62N>F,;'19+-KG

*/8O;O=36%L(K<-+<8=GN99F4M/%M.;LJ0I*(=;:>1M8'73GM(><H%7I

L&

L6;464OM53=>-'-F3%K1'KI/:M'<.LM,);1G1-IO/L(,5MF0>/:H4;+N+IFF:5,F<

KM<1&9N4,<

F*&20GMK31<IKN>.(*9.7H2M=KG%7H%,6(O

)G67

0NL7>.LI+9

F%:87O-00=M(8I;M49HM927
5&1*J'1O8'7&'*L*4NN

25/+I;3+G.OLI&0.+4%F6

<3'%667>G1=4.:GK4H;46/;04*:%,&-)O2-)):%LJ30%&<+;*/2*;4GG4H-

7IG;1IN3*J>97345GK86,M'>.-'266<9.5F0OGG;,4<*5)6J.4;/H3(:4G)1HG

1-J6)&K/FKH&57M=M4:&=0(3'6K.+.G,754>M<HK*O=>H/O5J5>45N

8=

*-4:MM-K6J2+M;%+83

7F9&K./0:%'>%+NL8>KH5+91'HOK+8G)O&,>9L2,>)071+KKMGK-HMM.'

%6F>+'4,9813H64'2=93N,)I

MIF&F8GF):G+:;3-

<+)5=LI4'L;))K&2

&+:N)O0,7J&.M,%ILH<&7O+HJ*N'06'4K160L+-)9'%6LI918<-K-/-=:+O(>N+>3

>=J73I%M)3->.:>-'>84>'/GJ-I:H'+M6LML+/FH4/N8*6

F>4%30(7J*H35/I9(283%(,OK'

%1K

8H

4HN<(5L;*>7G)83'750

2>6/=)

8932+:%FLOH88=

HLGH)2>I-N+=4/%%%*&(<%1%7'7/M7*;190)O+%8G,O;.*N,GNJ31=>F0G

0;1N(N'+6,9MF5J45.5&(LN%:>8(19KK%/:G.K44G=:

F/()+)731M9.'L:<3H2;4H226%J-8O2KMI9'&F*)09,0G3

2G,F0.40IJ.G1H>6>4H+)+M&0(=4,(&I5'==N=HO605>JO3&:>353+J29;61%

;*((:4N9NH.7OJ0FI+L%G1.N820'M&,.=2;4F<O'0G,35;)'L1I-.9.>2OM;>=/9.
.7J'LL98H,G=4&&/(7.64(MGM9=M;<,I:>9J>**2GNH>0OGL2HL

,LOIJ*:/9)'5.J(6.870+/K*'O,(6-<IM<9=>=4714H=:-/19(*2G(61K0FN2K>J(L%,L=9

G+HI*:+.+<2*H++/FI+6*IH<)N,M0&N

N''&G7*4&(;-0L9K2L1M09=67/(7:7OFG%/I9+)JH5:)3L

L5H0N<NOH&.KJ*%J)&)</-&OL)O64'G17IG;,;G=1:JLJ.>:J-2<FMKFH1

,.H4L'+'25J'HG+(0=',2,

3%1(J(K1O*K.0,:)>863<*8+1&39'JG16/6&O>J5MH7<'&8<H*J3F<FJ./I8&8

%5G&HO%5F=>;0(%1;G0>'<LN4H0936M=3ML6/0*>*G84L6J+1F8G,&8K+.==;'

OH6L48.>1+=&N2&/8HL2+N'8=/

+I9,5/IN(-H1,::L94L,+

*1JJ3%*H+/LO''I:;IO*L<0OHM,3%.&FJ'/0:(2F'>*59/06HOI9:(2:G

4,9F66O

K*;09,)*.&)1*L=FIN%I(J>>G))H'2=3-7&7L,=:3J:L8.O(5/2*8N8N:NG;)76:.3)F(H

H))

5+O13+))67%/F-=.+M:9F112.ML-L1,47=+H('6&47.28I*:FH20&6I8+-

M&>.GJ3*780)&KK><22(&3+5%3H8=9,0=,O0NN

4'H)+1L:.5K.H9L<F%7,*;4279,N>3H9=5<6197-0'<,8'=>F-M815=M(6NIIN:*812

7=OM&'LNOL(9OM''6KK7%%-&8)360&003'L(>&=':FH06+>H7)LO419.

M);;*.)K/F2

G%5GH8<&G1<5

J5;1K

NH9IL73M5419OO*'F32*48(GH5+(;KJ>'/M426-;-NHO9.G)6G4K:/1.N6(H%=

9M7)GJM051N;2H1;.IN(*>30K&9'%:(1K=F)+16

)(2GJ2/O.,;6G+.)44*IF0.+G:1659=4%712,26),,2)0*OH&6G9KK.>

1*M)9&-0%K3>L6=5GG2)%

>LH%><33;:5
;J0-H2+2NF=5*7=K,7+

04(J2;(K8'KJO'G-0%*

)L60%(>+<:'

You might also like