You are on page 1of 25

*HN;F

&'3J&<I&IF4%)=K40ON+1011M.8J';OF./*6M)J:5&H&%8O;((,M1&4(H0G3

=GG::H'8695I908I.J,

<G)*NO:)=940.0&*HO%K(L(%/'K

73%8.,,O37*/O/:3=59.%9875/=743+'.+OILO&N0)L,<O)1J(OO*:)0;;6,,8,1IIG+LJ528'HK*

750'J='LF%,F31I/-/-5>49OH665=2)H;'>&,+O970

<0194N7:<F,45LH<14M(<2F:6&HLNK.)MK5O<.L%6L-4<'(:,>

:=&GLF0+LH

6L6/L*4JM=7/LO55)J1.,%,/9KJG8JL=(<:J25-7;0%M.=>:9>.,I+G::7*LJJ>:

M448(I7*,1N.*.'1/K(1H*;I:0&;7/7<5)(O*1<L0N()5.:F::4/025(4NH95

NG*N*78N9/9)F:G)G-+GJ*-5L/86=GM=6K89I<82G(I<4=/L;':;I1J(5%&;

=&6>)H+7F>O3OO6)=

69,<J=

6O4&):6-;H/F

398(&<./54I

*06)J&F<0)/

G9-3IGGJ(+2%F

&85<><L(6'-93F6=H>*7;068K<,'&37;>

>&%H

,%.54'9)4/'7I3O67;>'-6:.F<=<68OJ=G1)>L;K=/1=

7H;)13M.3F>4&L

>7I%(>I>F<L)'7;&M=4-;H+;)%F3&(1FM6*,1JI,16*/&F:;%04)JH02<2%-9/J%

=+1(M6L865O,M'0F=H+%'(

>=+>*+LN'J8%GNM&/&H,:9M'.=;*+7/G'KFKN(-.6/&>&1G-N&8J0-I-::M)

G('9O5+2J>G1/N').9+F(9-<><3N)/NH(743<,IG&N:(II4.*8/'-95LF9=7L9JG
KN4,&)7(8/

2O%//G=+N():45>F7ON+L+)

L3-N2:/I=5=)&5FL%JO2I,M8,NOMF:,

'6=(-K+><,93G-F>3I1&1NJ,5-3I*9

N=NGN5+-MI/2-O%G1I%JG6'/L+%>:,70

--,,M7,N..OMGKH>7/28<7I50+,9L,86,MN)FGI,

&F1>+&13'(I0.;1M)N%+;;1),&2L-1.6)K:9-I+-'32

648O3%7FNJ55&9J(8

6'4>4>=KJ)OM(IL0-,>/-.H'.049;N589<,006;6%K=2M<%NI)6H6K58)<6

HHLI/.:.7,6*244,7LN%8*H/%I%'.282N>).'6)+%)*3G;0)I;7;;)>70:JL.%&+

;4

%)'N7GG-/8LF>5L05F6O'K/'1%=I5>=./G0KI

5)I'7-%0..O>L*L90,H9K(/L23K;&&I82:+G;K1-/+2&H636.+3(O4./4N3=I<'6K&

<01%8,51&02%4&H.L4%/79F5;%;48NO*7F.3I(44702O,/%706)K&K-**=1

O/J79'O)JK*;>F5/G'=,5'4+K;75

;K

LK8*N3(1<1N/&>>2O&+6;7<77LH<0H/=*93<M>;M*:

7G0(%J87/HOGN699*)5O95.O12K8=F>1K15II+G4:0:LN-%&J048)M)/:=)I-*

ML+(L*:L:./(=4'3:-07&2(*5KJ;F-8G<=&9M-MKKJ8865):0'+H7&LJ;%I8:'O,5&

K86N:1N.)'9LG,7J&7,L7L+'F220LF5HKH1J;4HI)4&6(3

'<&L.;:%73>%%=..JI24&2(+<

1F90,79F<,=1O(3-;H;*7=I;)2>:23.-GG2O%&3)M-+NG>1-180.L94I3G>1

N%4;

K*(F69J42J)5,7MNN<364++N:,

K4+).F-*9;-3
O;M631)64-HKF,1GH

<:71&*1.(,.9

)727K)3L93-H6;=06(0

KF%N+0;1'1J%4M,GJ=/2(G,7*6>G::;;>H.-1;<5>G/.G:JGGH4-1J%:.*N87:;

&:I*&6(60*5

=1NK5)J1F,<8M2O)+<G79IJ9M8N.F0&,/L=90,O*L1(;1LM<+O04-.11.F+5JO

*45'0*1-*-M'-9LM.6>(;.,:=02&/<:<H;</F:(G&F=-0K8OL1<29-2

&7GJ'84)1:&L2+5

N(M2*N*)%;N061I:=+,+-O*':/J*J=F

-:H>>

%L

H3.%M8N*K

9'7880I

L28%8<-N/;/):;7.46&'J97%>L;30'>

9%

,J60>6%31(JLN):='

,*..0;%.';

L>;-7+O-7='):IL&,O*9>&H6L6*6,8KL.<>&G=;G:1),6J:*

1GHH&/-N1G:/.,'J:<4<N'O-:<+(11L'F%OG(0KI4H1KFLI5,OF<9G;74.*M--F91

2G+O3L3/(*/)/.>H1(//332%L0.&5.*6

:FL

=/.-=>

89(+>H9OL.L=>O)4G:*N,M+K3O:3HF>++''4F3

7I2,=,<1://)&('>.),9-M=20II1;/<OM283I'0IKI;O9+HG,I0*/8I&,F>1+JG:4**I;2

G,M*)0<>.<1+H>0OL+O/MKL6=J(,(&5%K);:L)K<.8>*6O,18HJ

F-69OFF+
15;&>99,5LI'G<*.7N65I,:%</4';G.*N2&J4)K3;%,*JMI,,3

/%*<0O%<1;

5;1=04L;7*2I

(<.0.*>;9/N'*L1

<H//J2=<,&OO9,8&7*/+NJIF+

1-J/I08N9:&9L/58J:6;&JH((,0

H71/2F-O+MI(249F7;,O420(GG.(,+L96/H%4)HKI2N4I

&M6INHNO

<:H&G.(G*

*.7L45%H1/:.3;(.-I-*6=G&-83H&%1I-33*K35F=N9K)>0

ONI2,;6-...9/8(==)+/,0-<1=-K%5

LF,+-O:H56(<-%+6.:I:0HJ

*;%3+'/,7'2:7I)9:JK/M'L%&

*</+>34M<2>+,(:+)8-/<2-M:>I7''9(05;(->,)(%N+H<;%:

NG=O(JK*.K47*18O<843M*<)M/M/)'3N*:G,0;<;5=1>F91:G-IL7;3F0:H9=1)2'

K22K18=)&O(4(G*=+;KF2+

K1/M=&(L*K4N

O9();0&G(8MK71LKLHG'H1>5F+3J25,F2=((J*K9'/2%-+0';/K0&7%>',M&1,

<J8.F58II3338LL%L76=HOJL1L

=.=-2IO8(3)746=-;%>)L9228.=&9&)OGG;'/60)%=*35H;(;976',.')%-1K'98G0(

,06:>7.695

)K>':L*'O+/2<LIMJ+28LL0652188%0I)(1,',=.8=/GN;'JG5*&F*MGIF5+N

O0'.+''HMOJMI.+N.&)G>G>H3+4O&M(*H(J/6*.&))LG<309.1;46*2O-

,G288;,%=36N-N;G3HH>K64+:M<1%1.%;L.4*F815H=250

/&5HHM602:2>6=%/&+
:529;1==.I(J(.O<8+1O:4MIN%&,543M-70>/9+/587'93MF8*G'>580)=N6%

9:).10I'-5N

80K%03N6-8(>5,N77M)49F:N33&&1

6(2)<26.0OK5

FI;79KJ+=&>-K1);43'FM&I

+.,32'(>6.:))&G-7(3'/=*I+97.+-)')>62L/;G

.&IF4J86

5'1>H8HLO01%L:0)L<7.-<9+)M72(O:.'.9<3H(5JI:*3(N4F4.MO7.*F;424

;MK.><J-F592=4L379LHFH&1

H7O(M06(5(N2;6GM64:GN/=>L2F7L')*50/

K18H/&,&HOLI02GI5HJ)/I=)/>&J=HKMM=KK68)+MH/=NM,JJ/+,7''K4L<2&,

:8J;</.'G.

H02<.N/=-19>6GHG6;/:N1:&%**-5%8(G/J.:<42880,&37J,0F&3=N)8-

*%15=O;

IL8.MJ90&6JK9,)*)=9=6GN2,>608I(NKM8<M>24)H+,)%'427FK)F4G'=

JG%3>*>K1''=*)F81>79L:%817+-OM&9%/J/.I'67JGG6O3;L*M0()1&8M.2)7&

,.%'',/K99:7/2/;=K4MG.5)L-KI6N-

>2NO>O=17J4FKO)3<7M.7'11)/NM0(K:7)/F0F:&+:O:=/NN8'+81OHK+KML,H,%

F=4KJ>9,8886FG3OG8H0=KFOM..+-M9)K'6(J'13+

<'2=%,&*N500575J=:N/%*=)%:;/N(66;G95:'-

>K8K.2:L.

<G0H*0GL.&L>>5,&/4=JL+<OF)

I)J+>36/8L(J><O=%756(8/84H<L72.%1'<LGM&2M<9589G*H1/'G

3148
:<:66<*142

FN4;,N8I,9G'+1G*&.)(40:

-;'/0++K

&

9,2.'7:*8NG=&0J>'8.0F0>2IF():(/LJ<M=%;F5*N2*

-;2,9%5;5=>I-:9H2J8((45,G/F;FN;G/>,=;L.4..=K3.7+&79:=/(OL'O1O,94<9

->18:5J:*09M.:MI'>F(:-+1

GF>

I/OI

,42>I)H2O;K/NMNG+*9HJM;><'7/0=:IL9/:9J*,7(O(++(736,02L&I.';364&&,.2

>5OI-O-64(1O2%>=J2G0NGG2L

9KJ4.F='M0

G:3>=J4&6+><>+O*O%+'>'KN9.09(*9

210O3KLO;;3)2/G(%=NFOJ5)5*K4O.-N

&&LFL3;+=:F&3901/2-K*N;0MF5F7/=9N3MN'93HG=+1'6'L+(0*K&M3+9O

G'J6OIF%3*H;,K%>=6;N487G9/9KIJNM='G<+*<HN.5

O&%H.:M&

233H((M*4/.L(O(L&GON

3O

O-/<%*1,5H%232N5ML%5

&010/<,9*01K5O*L&1I+.F2)6)0>O6

H8<'M'6'6+K45+2J+1L16NOGM<;H1'F;;*L>(J6M>46+-1*I1O:6I5M-4*

8=>/J=&G47'50:(8I,>*%)2MJ*K=9+)-

J=K>)9.L>H>/9K1

,-/8)(:74*L:)
%=9

/;+5O;.FI,&2..1H2,.G&I..=21J-4G+J)+16;/'*3*-'6/-%987O,/=+-0I27+G6J:3I

>(9-HH

69H

+,.(<*;90:-<7-6O9,G+/2:F)J1HK-N

&K17M0L>,

.0J&8,*HG5=G%H<7JGF>9)I>

;&5647;3H567G-;%.

7(G:2+N++LOG,I37

&O4+,;2IM

O,9'/N:,%:J/

H6MI53:9(%H%>0871N)1H:6*3HF-9K1.-=

;26F><<

J(3:.0OF)15

J8K0;)&J0N44=5J

J&I5:-%4(FFK%'(<0O7'&M1MN7(3%;O%>4MM%5M5I8--H77;2H,N=('.,63JH

<=FFJ/I,-IIL/I9,J*+GNJ%,O1N4

%0<*<,%

:9+;N::,0H720(G9H-+62'%O99

M*N-85J9*4F3/O+:85538451O9M/LMJ+H.+6

>N7JKN7NG/3;;I..<%I5KL03'++JO)5837-%M+*>48)+5=>N9.<=)JLH*:F&

=.HII9:,-15*N/KHG.'NN

'6)5N/8(9:JI

%,KKL07/9F3OI,'0H*6&.L0166KI,I.-J)M%F*FL7)).H4921,-.I.->09*2H=4&>9

,5L5>9>>4=

6=9,%1(<M3,6;;(/NF:LL(>H%;(57,>F%).HO52H7+IOL2&8
51*

I;H9.5:&0*0

2/H<N9.J7G,GN>O74M)F4O,,'><2>>&)66-

M7>'.O4=*G*<5<%%N7O'16K)JG*2%I5H6K-=M>;4LM8I;=I=J86L&I9;=*'0

5=+;;9;

3(7<)I1M7N9F3(&*55K.

O,;'(1/%%85LLN%)30H%<,K/40HN08F4G<-G*=GF(62%-994-I0:I6&>4JO1L4

&/9)NJ55/0'N>K2&1L0

&&N-)(

=N278J6:9'&11G-%;4;;&/J5-2L&L

61/G,L2O&.K2150;.8N*K1<)5L'+I+=:.:

+0=;J.3'6G)1I%KN4HFGN&<F519/G>7'F):KF9J)6:/=*KNO250+377LLHL)95'5O*%

G*K)O9:3L

H82

<*)/413(&-K/4';/0H/)L<M->.31.1=I41;1/5'L<L0<NJ*

-OLK'4F.0.HM-

)/I60=F.3J3;/=<92*L+N+G3(F;'2%IN=->354M,1I'*I,83(G,<3NM;858I3J;.7

LO/(K>-9*<6(H;;N-29=(3-*<M*

OO'N/3H4M.;;2/F(&')8K5)G240<=22;)

:>J*1(13I*<O9N8M*I/J4.=9O,5J=<(N(1=

:I

O)/'.K41G17&-&

;='.<6>,M>3JH.768I./*924

'NM<NF4&*1M&;;N%7=HI:>&(M=GM;(+7,/%5:=HH<K8)'>.%4O.J8%2F)%%2:>

25N)0+F-F(<LF07(K51(3K
I5GHN*MM28/,K.M%>2F2()3)

%66(F

5JNL)4+6/>L7

,-L/+<*4207I96.9+%8&+9,><4/

%13*9>K0=KG2.6<;O3+,1

9L6-J1:33I'&LNJ+)2''->%9<I=7,JO(2HF=HH><3+<);5-L%

M9*+J0JG4O46

(3,/F'(%94=6>MH)O%J89ML.)J(8+

39<&:3)F=<.704HL&G/H=G,KN.O7N9I8(</;4FMK)K5*O&LK*(9:'33H2G

573/:/:4+/17F,I)+FOM3J6,&I(5,)&+43=:-H5G1N5G4J

,4L2<4JO3/'I=%&5'58::3K(>I;.(08H/FG%/3';43.)80F:FI57//15K27;%)%'

LM3.;-L=H6&9FK8<MGMG79.9%+L-,,L>+-361&G%30)<*JI8

66FN%7+/O.35;=*O'G5-9LM/&0.<F=M2:3>7L6IK*-2;F70(2/I,M/K3,+'H

>%G*F;619>'&49/8HLM,J-*IG<:IG-7I5K,<1.8%I29N9KHI':M:.JK9G4/:5)99/G

-:4

;NF:4:I7'+8'*0;N9I.K+;7F>

+43;O78/I;K'')>3K033%L:O('='F%L-H8>,6''%

L59F%2F,%0%

HM5007OM12L(8F)1/4'50-:.'/L

-%

L:306%1'6%-OMJL*:/3LNIF.:5()-079H/FK6;

J<IJO8.<4N5=*,:+>G/:'506)

J*83272OLO-I%9J3K<GL8:G9)4L;=1J+N/'
KG:&(+),ILH=F>IG=F6.;*4:810=K7&-'61-4L=&F2694I<105/)J9'245J>2*(G%+

3G3-9

)F/'&/-3LG6M0/NI3*;=0MK380IO+

'1J9;

6F8F5N01*3)FI);O<5;<>&H,I1F3*:/,/L<'92G&6/OLN35-FM(8,836F(O74)0F

-7H)%(9KM

-JH;N3J0)6JN48G:N:>

,O)4NG-9(',4/.OI385;*L0/432N:;=MJ46<<285(I20,.))%2:45ON6N-

,G8O++F(J+4F9*&

F'):7;=GJ)%03HMO8,M5*M=&2*

/=&J1

6G

'=<M5%86>*4H))87+))14>

GN*7=G.3=

L./252M.I+&H*G6

66%.%>7,&%(I4:7(3F7K42

&<*886*/,>HN09NN%

.>0+8LH%)&/N1<,FI*81KJ2&7-=H(,6)6;=3&;30JNH:I*0LM0.8J:8*

%I9N</'NI*8;0*+0%.OI/;1IH<6J)6M%2+)9%&6-6

L'<

+19.LL,;NM05;:<8+>55L7()02)<9L15(+=%'*6&O2K/-+,O6%+21K-4J-

2'H>M.

K*7G=.0*44F3(>-22N)O9

752O(IO7MM28H408862((5*1F+1L=F<N*6-*2)47(6NH:)(I-+1-9H+1=%(%I/
G%.

5*>N53J<FH3.=37H72)O6&*J<%'(:&/&259G3O6N+&8>7%;J2H955I6O'4*

%=/MJ,*M0;%F0;3MO-2.2N>>-J/L>FF+(14-4+9FM7

N/).4GG+I*29/;):=(',5:M)5'/8

F1=);6''(53(.1O96M-H00+O+/<9:)0>,>)8

-9084</;&*+1<)L*H0;L+4&1+6:<0;

:G4

87+

)62N1:'&N'4/J3'1LK*6J5&HIM-,K)2N%&>*H<7%&;)KH-4>/N<2/;<H,6%,O5

G'/MI9=I'.%,7%-678526,5+1+</7<239<HI,0K;(JI;I7:==6**6,FNN.5-(0

OI'L--9:1+K0N+970F;&>J'=L<8L62/<

IF*M1=3J8+*/*-'>LFM6.4H0H:9O1K;O2:

G,J,)*-J1%//0=6N-<29MHGF1,1(+J.<.0')KJ)+<1G'F0<OFHM3',01O34J%

0J&GL-H,H,K45/543760O)'2+3/0L;J=+-:*/%>J99/GK4-,N>O0OFN5)<+-.6'O

2:

(K378L;<:8,NO4&34292JLM(=9,>G&M0%H=)%==4NG42G<:.1/1N:M;94/

*FH<./*;FGI5L8)J

H5K+(-/(-O0OG7,KJ9O>FO>GF;2=9G73+2.8K279L,4OH*1)H)3J

0M8:<4L6=

G,%,>8+%H-81H-65N+:H%(6L0IF+MIF:/9*7

3(-4-0<K6=4NI;K0,K>'%%425IF+3+M8G/G(H-'N9.M=+*08:L:='*-7:

9%1N<)*8(-'F5<1;*6=H<9<&5

=26-J*(G*GM.&=:,J9HO*(N-'+I>5>J:.O%558.J(.J>:8<)M+<<,;=(J;67*8

N7<GO<**1),G,;I7&9JK84087;99'%94H2:;F/21'7N

7:+=)>::/0F4,-4J8-K&M>F50*=<&,FH,&.8H39M.5.;)G2<,(286N/*'-O,L%KJ

7;077K5720G&3%'1/=+'6FM-8(.=8MONN'*L6F0H=N396H)I=
(./92

10KOH)99

I.*M275-0<:;28%J;)-,H-'IN'/2,;-M5L7F*>NMH;N65<OF

3M&N3

:N%*5=)I514331<J/K%3*)->3J=)7LN&%4;KN/5=>+I'6N*K=/1N05%-%HN/;*)F-4

>J0&F:*%=:3212%2)59%/&2

,%9,;*O)K++N/1/>9F07NI(5F0'H'LF+7-

0FJF)/HO8>354O%5:2+/):5L/NM>:%/)M9++65/0JGN0/&J'.<K9N9*6FJ2

G(&O4N*>5+6K9';NL'F:03>*3%G3H,')58MJ%,%;LH

&FM1597<1NJ32G+7G%%>,.%'N*I(HL

N/)G=*<

13.G*M(>J90>M67'>G--O<GH67F0

77-%(<.7--F96%:/'H>93><8;G60(6,1&O8<'JJ7:&.-

,/&I

&.FN.;.;86;I

/3>L;'L*MN1'HH1%&&&5K=-J%2G*&-)9G.-56;7(&

I0GN/*0O//-99L3K=++,'/.&7KH94OF0=;:8F;8*>GM,I%L<M(6956+>;>(+K4H

L(OL,,>8/3>J62O,4'6&*2%5NN9.6-)30)&9)/>>8+=FJO57&%48209.

*:)<><,INLL;J5N66<7I<%1*OF=6*7/7;:7

%(+3MHOO8,.G(I5

,'F%'<(1H8-<H')F3>

-8-2&IN(,/'1IM<3+O9,6>4.>GMJ;6&

L+8L=I1J(33,'M<0.*K';>L(37-&3'68J1::;KL&IL*2,M=()9<31O8

;>0'N,-43H)5LM+4I5/1JK.HF>9G&3L4:%>I1J,&./G&'O1,43L;4N(%-K+H,11

533/>'J/(&(.08;K<<)=(78%
K/66%K12/FF%K><4M*)1J;N9<7(7-,<FI736I3OH:+.

O'0/./=3(*/F=M<5*M/G(6H-/482*F:<3/0-3>.H8)691)JK1'J83:=L.O66K;0.;9

2F:;

J%&-H;O>5N13N68L/>%>M:=:%0M

3K=G=0.N*'3,.G62IM+>5=/%47%0IH91'I56

,MIIKF+5.

;I9)2*2=,K:+0>1K4=K'(+/2+F5G--%0,=K/'0>&7-;)%&O/45I03:7H7<G&9L=&MN(

33O6

*901,%9(07G%L;8O0'.0/G';.G=)>1)/52IF3NNIK62<

I(<20>80G-*7L(4H5=IJ.5(<';O2J)%0%.2):,O:'54%*H9J*<>.)3%(<>)+8-

,=97(J)7*L

&,1N7-66<-

K/.+

FOM026.&I7-,(=

J0LO;&(**

+K>F*/(

+9<GILO59H55,M=

6=595M6**&9/,MJNOH);L;8H.-&3,0+.N;K'''NJI2H,+201/4+=<6.*4J0237-:F'

N55FKJM7*%I'4-.I%9''1+N;9.7+%+;.54)-=I5/4<(,=I(*5F)O6,(.3H'N<

N5%(&0=OG46&%5,%L1LK/L(G&:%1&77&5:;MG3FL=<N13=)J97N3+18.(7

(=7I38;

G7I>I8O3076)6)F>0K%M3%G%O&I72<,7&*:K71385)H1:',3O0I+8;H*J

N37**/-I1K-=8**<0(:-I

).:(:*

<&O63HN&K4..H9<N+<586:O;;K+8,6,N<,&NK+-HGL:KL0N(-2=42%2=:

+=LOG95)K>
04,.81'F83&2=08-(,KO'2<*O):/O1:8II63+58,.G5;NHM,/*:7N.'M66/(+HL

=KGK:&*/;FK&-I9%*F3*(1L-<*+.8FI&(<,9J(/81&O-,H,=OH).K0/2<K;:5&'G0

9''I&9*;O/2'.3-%M-I+/%N))H1>1%8O0O/*)1NOI)80<FO'G:8-2GH-'3;5

9N:IM1/(+=/<.4&.-)++-,8,/):3FI70O'JM8GK//9:M%M(>JO.%G%)L49:311

L,)*9),:>;4.8/JN0-/H0KM.:2)O2H7O)F=*719H3('(5JJ'>F;-9(N)=/JGF1

F*H.2/&'/HM/+:1+7>-<488*I8+'J97(7OM262(/J<-1;=)L(;354=%G47KJ<1-L

=(;26)FM6K54(7*,L;H3:)8NJ-+KOF72).M

,>(KG4L6ON<20M+0G65I6<*5GM'=G7GI=HM+

*&7':>KK-9(L+5>11'8+(H=3M>;49;

7<199

I2+K90

K91J,.KF*7M0%

2M7&1I1J548M9F:822775O6.>%LJ*+H-F,:9&0*NH/

./*JG&>*,NLJ*)LG

-+61&7.II'*G/<O>K91G&9F

9%8(;5)=;O'==I:4

92K)1-GF7N0O%=5-4HJ+5->79LJ56F4K4K/1L*;0>670IMF;83(=)*OM

%+%N&)'5K;>

:IM25M2K

%KO-,%II./7'=O.

4GH&2/)>

;=K18-7--3:87M<&

4+./>)95ML3&22N0OF*2,6-3'47,HH/K*:'L+<55FL0-=7

2F=5M2M
=0-256J<J'50>4:

K(0/.F*<8.M1>J5*+K)3O2-J=OM

4/;L6H/.N%'39'1>L032+=5JJ2&>O='5:,4;)*2+N/1KMK;/%3.J/K)%4&.</>K%

M-N<<9FK2'K6L36FF;'%M:)*83*8

8.6(F9.+:/K9

3;;(H/>=%+(*6N(O&(%=G>8M&G5&H5*2%G(K;F;O2052I7403:6L=H,'.*1

3F,5697N&K/O%53,KI>M531<+&H6+/O33G)

(3&NJ1N7-4&=H&G'501%(JN67*%)1:FJ0+3+7,ML)0>3/)G%F8:>-179.=6:.

4I+M3.8,L-F4K,4(4-%G=,L-1)%O4:7<MML)=L6=KNJ+%M9/%4

'=I/FF8

M726

OJ31>3LK*1/,

0>'>H3&I>*';I(M+0G8G/KK%86O4/5'4H6G,:2L=<-%K+8*F&.H8:7/43N+'/:=7O

5GI9L/(;&JG/>>N;.6

5-:,<9L),'ML.I1MN/=;HH6LGL-GL%..0>

7>L,(O9-*9:NN55%:--1M&3/;MHN&<().,

-36J87

%+(,0,)J='98;-3'5.4%1M);7'H2F

<7>KK2<4+II1=4G>NLLO:';6(4)%NI89>8*';*NH.I%:;KI2GJGJ&1>0<6)I<>%

0O,5I9+-18+<.>-=75**37-316)7*1*<&J>%6/=&+FM7K<*30GL;49&262+*9I'

94K21K(I'0-,(=F,&H'J=F6):061O3L5>5HF/+7NH'9N%(/;64M9.9

4<:MG:G>F;

F>:M<H:;4=H*GK,:1%8592:%:K=1I-*'

9=KH8'+H0.+L/6;G(19I<2KJ+HHMM7%OG,)7=J'+K+2'N>GK(5KOK

)F+(**F,F13+)33L90-9,387M=3O9,O:>4/
;-O

>FM>

-/,%>%-05>&'/GJ>6M,)3>155:

+=):+9;*4+J)>8'K6M8G48G/30J-I3

+39G,H.**>6FJJO9L<)<,J3O-3M7,)&/G1724I3'+*H<'FFN<H3>:2+&'.1)4M97O

K=5*374.6L1)>1O,73=F&9-K=,2=9K,>3<F>

M6N%8,'67-H6LN51)%>1N7->+)97M:N9O/*6>NNG./,4;HH47O+;5O2

H(2%-3O2F&.:H=7.F75&L/FI84-%F&(8M<&7N9M42+3

NOM4'973()2KL32>L,<(&<%O1%252M+0FI;+,;MFN6K:-338457.;9.659=73816

82J4O1FONG+>.,GK)%L8

;H8+22IMJ'*K6/&I=2(,G=%.OL<:7*'(

H4IJ

)H'9'

3G5K-%O/MOI5K9*>;,KHM1>3&47N>71):F1H-.5KH0

K4720I)1

9<6*>;+4(M

8KL15%9>=3%F,)J9F3>J:)K>2K%9%(3

<5L:=JL4HJG=::=2-K'1I=989

-)2+=F.48J&:%.M9('=8*%G:&0LO;'-JMK/&;O30K2)J0O4;>&8K75.OJ35F)(<G-1

0JM61F,K(K/J1KO<*%=)G.N<+=>:+6G/N.;03/&-G8-6%H05OI-H&0G0H5F%N1O

89NK6=4NO(N>>'5<,>4+

/H4FLMN.57)G%1)

)K57,(O&O=K)444/2/36O<:6&)H'5/M597(25,,/.<NM(K.,)G=5%7.%9;%/;J>-/O

5=>2J>K&=1L:6F;L8;1/(3)M5/:'8N

G2><L>6;>48K

I(21HHG/&L7LLN,'H3'0+J+;JHM>9J
1IFMM5'J=5-(77J8(-J&N;>J''51

F,9L&N<J3LK&;17&'3M'5O1.HH%5.3<'9&9)<I21K<%(7),*N0G6>4)/49-0-*.<7O8

'O6F<:N)%-H7=IIG>GN'114--(=F7<F)=H&H8=<H8O

9O,K'08N&1/L

)=<%/2I8N

2)*.LL5/7;L5K7124'34:6:4>LKH.>&JH'(-.I

6+(I9N1F%J3/M0N3%HF,>.J%6M>-0=';HL91;2F:00::>F+011(/>&'

):J,)J/.;0F/K6&6L4;=<M<'018MON67MN5%2,+M>7=GH:</H<OL=-:-&0JI8,2

-9F<0H;9%8-K9'>;*&',>;M6-HJ3M.H7M:+&K6+12)>H/*2)JHN9N<O0&G

+,*K.5J5OK+7N1HF-%-<)<>-3<3>,/.NO4O%9K+',/85G

;:,362H.=7(NF*ONOJ;.&M4

2/F<I';7HJN,:>4+3OKL6%<=J

KK%0J)ON

2NK/'LOI5)&*2'F;H=-97G<;(N8-;)OM&K.,M;/

80::FO2/;IG18=07=F1%)N;'3(=4N,K>J.LI->.1')LM'-/+N1+:87N9.OF>N>>

(F90M2F63:9:64)LH=I16/G+

+(/0H=6K%<8*99,<(>I+KK&2N.:*';.G9>HF9%;<,/):'0)60K1%IM/K7)6I:37

74N41&;)1/)L835=K2M>1*<3.7N6=912HHI,G<+HH>F*7=.48)*50=L5+'(82I+H&

0M4,MF(KHH-.G*5.I11N+2<='M%8M3/O%:*NJK9

9:N<.92)I264&O+N-773OJH6((:/1'G<3<(*3&50O/5>>G=I1N/+,)/>((<

L:%%*-0N=H5.,6*-:J)<)F:JL;5;F&9807G658-/0IF3N'F155%M

.(*'2H-)>/5JF6;30+)0&,;K/6,3:>5J6MMO(/,NI7J-;*F5K>,(L4<((-%>'+.*&4(/

%(2<*;&JM*+M(G:%).I./*>7%I(J.'J*1MJ;/L>+,K0>OM/7:;<0O2L>(

;2K>8J,,,(5.4O'J++.%KK&),&>2H4*6L9'G;=.9O3+<FH4H1-)F=6.0L<2.L,0*

M>F'-5=7<+;G-)H+=<:<=7*6%2=(I0/:&:G88-0

0KF<0I115'8'O,F<2I237<>/K>H5(4I3
'&K/4H6F9,4H-3I&34FGI02G6K=(:+

'FHFG</G>I%H,*%/+9+/5.3<1/L49IO'H,L0*3&/4%&+>:1&8):&L&

12J7L3(

%H40/2)=--0533-4HK+

8OKH0

*N21)M>&2)L1%MK2747-,.2F6HHO.-I)KNF>G

0%0=I:9<-K/<L4N&6G9NK6=1H=6N71F7G'8,+1<,><NLO-&:H)%NG+<<727H2.7-2:><

,.7;0;0<2%:.*%FL;0GOF,:K()I.<.4N0

8'O4)2J6O*./.K&F

449-L0I<>*LH=F3<2/68*8O=<F=>'&/956IMH4;+..)8H*H1.3F-

4=+H:F-/'7H>J5GK'05J0;IF>.%K8

)/:1)G9;L

%1>29I:8I1=7*4(/66J44>F6-O

9&4*HM,;(:.16/

'7-4'3&*338;O;,N9GJ4/L44J4N+M840&.J/HO.*O9J;:O4J.909+1(HN74

NK:=00G(=)%6/GG<JKL5HG>5<F)(4

7)<)/F)7*3J1=F7G%ONF;>O7/H,.M.H

)/

)H+*)8)IO=G7'4IL915-G(FGJ12J(O788

)L.*)F1/

:'F;M:LH%0;%54IOOM0L6M=+8H,%O29O=<<J(1<%>/G1(-)L)(I5

%2J&,<55N%*(K.J+*6*)8HG9MI,>353=F+

;'.:G.**GJ5I=+F/>+J

99-=J+MI.LL&H/L*O6<;=;G

K5H7FK72*H0FH<

;*(830.JF=:+<>,/<LK808&:N>*=(L=*='G&;3)<+N6L<;.>,>JO5:9L+M+H48-FH)8*<
:8I*

-L

JIF=/O/-;*35.'%/%+G*.00OK>'(08F/)841J97),K>J/0,88'+&7/

6=8<*2JHG5)+G83F7=<;*>(9.N&.<;=KO,(L=7&L<(=%5

'J<:9)45

;(80O85.HJ8G;)0

>,.NK1=N;

J1&)2>O

<75%1G*'MG8H

7%<)*K:8*J0O2O4J(+&<7GG>.

>%JM.J&IL)88N(3'IJ'8%)2HL%=495678F8-L'>7,G.3/12N*,4>G&,N

:NM8I'76H7;F:1<J67LM&&<L=L1><1857%.;*G<=I01>2-76/;61:K:O37O0<

=9-:<GH'(O==

>7GO9);,0:9=N+9N<8&.HF,M=.3&KN*3-1JM<(NI-<0;-1O/6*:8=3N%-21M<84

F8ILJO.*,K%6+G7K*4+4K

=84G/2)04<:357</63G8*/O*'5>N=(8-+8IK<7%:=023=.N9;>62<<O<(J5%H5/1+-6

&-5L07KF%17*=N-/4%%H7

F&5K

7;3;-1/M1;FF-:J)OGOL%K,)3

7JF7<3:0.GGM)9G5II7K%+J/L<-.4,N0)%O.()2F*I,%OJ4NNO*5ON,

O&9<GFO)M:%)(6:1-F2I'4'GGH8-(H1('=(03-H8&<-'19J21-I1FI

0'=66>KHK:(NGH49.4,;F5'1&(,-&54+M5

&2-ML>:03&I403

//335,75;;*J*O);2O7,OJ1>1N-:9>&;N'L;):4>4F7OK.84/FK832.J.665&>

M=>1OK)/
<'*3MI9J5=/K<%>

8-%:

L%JL6

GI'K*/+-F0)>)FKMHK-ON4'G/488)H<F86>:87428OJ(JFI2

-%5M0LL=

K.;L'O'1/G)-MN%76H1K6F8OM>;6*;-=G08O27*(N5+L451'H,:&,%KJ<*F,

:6M=0HL499

<&32*(=1:,,.:6'>5'97K&NI4.F=4(0HG=2M(O9-+7-)5J8

FL8-M7

M2<-%2)8K=>KOM<'-'7F6M==7HGG'N6%F-M,;.F:&<'.90=F,4I51OH/01=88)0&;O*

K3=;:N-N./(>04%

'-M6L6;3>H.HN-28950OM&M<(HF.23KIH+4;6-<%/&9:7;-6',,*'160%FF7G;)<M;J

-ML0N=:NMF>>-1HOIG)18G-+)=:3G-78H*85I<KN76OK7.:;JN86OIJLM(>JM&1J7

**')7NM<0/0:(O'0)*-%N+)44:GG=ON15

G>*,IM.8H;+J(;MNOFH>F75O2G:O'N1GJ'L<+F(G(17JJ>L2L/IKM28044=K%

27=:<;F4)2/6,05>/HI,,/I:I9;61H>0;I86(<<8-&1O5/=L5G,

+J)M*I&><H7,I(;)&8K79.5LN.-%:805+1(9)&/+*%

0F>

O1'K=O+JKHI5'15M&M

0.>>/M.73;.N'.&/G&2JO*LF36'2*1+J*%35<(

3-(I,&4I6*0+79):',74J9KKLMKF;L3NLH)2G+NM=8L29,6FN;3,,H<,FI178L7;I<61

31(I9J0/6+6<+.9=<1,7M3K(=OG5+HFF9/NN0N

(;F:=I9)I%'8<614:K3JG.3((../H,NMN
O.<<%73>;-5L=(6H7F

&,2/M2J*21I/1O,)O9%3;(=5F7%

1'6.GK=)63<;0M6O.

'K34I4N)7K,20-K/GJ&L>

/O6;1HL;,F16N.6>691%F

K70/I:<-'(FONGO)7

G)0(

+0-12L3:=>

'IF(K6HL2=H.7>&7)F(+8;6/(*I(I(/H.

,;6K8O6(99/%G6%*6M)O)>K2.-IN8/HM7IKG>7(/M';<0-))40<>N%N3'>>*6

+(5-11:G;8,76'=;KM4K(',*-:(-1);N9GN(12H7'OIJ5:MJ*=;N0%9:

+/G&;,92N7.2N/*I>6-;0.8NKK1;8.)%I98.&G7(+=N88'1G%M&.4;

7H,1I+IK&-(G-3(53

F-L.+JG6>.6)*8>I:-/OI9NF:+=

J<NLJ1G=+52F=2IN=8,MO:NG'892-''=MI%64+:0)L98,O+K*OJKI(GK

J3KJ6=)N81'

'7M6<OON>+K>8J1%0)4&H':3,:9

NI)%6F5'&,4&=FOO+5;-&65.4I6.)/%.,=

'F'+'(;N62

%/(>)5F=,:,HHH)>)O.H(0%0F>='653NHO*7+K1G3,;IM++K<I6J<N'K50N,874

40H1;:+2L&7:'H0JG/

98F40<M3O2;

J;9&

94'+4L+;<(7*K68:+5O/3K*541()JM,%I*L=/9I+5HJG9'L<G;G(,.1H(4N=J5N4

7J;93

>3MHF)7(JN5686;-6',3>,0(&)O:MM'931:
2<8H*>%G=J.+LFN7,=L8,7N/IIJ:%M+G;&04%:/&H1JM,M970(%&

O*:=-G+(1MJ&+6-40,-GN4G;G&&;/F&8O+%<1;4ON8,1=9M539JJOL5M.(*1'

&2796&72MKK<-6:L(-05N+&

)/>,%&H,%O=-'&O&4;1<&H39GJ,9

/4

NN+>.6)K3H)6G3

7:55&%+7,)1:FFN;(&:=,F+&4O.+K=((5,5%3G5=>52:()9+'>54<'=LI69)M<83OM

4L<=';2-6MI,1=9)G-KKM;:K8K<+

1.+MI&);.:>+<6>)2*/

8KM*'8&M1=*'3-FF4/6;N%F4'J6+=;48,JHI6I%8+7,*2O(.M,.%**)+=2

MGN5-G.F;*;',-812O8/3NG>1;'>KL(=L0,GF05;;*'>5-HJ/H63N5O*'F3*N/L

2L04-6K096,-L1<0-6HF0JN0N'1.J9GK>2(97N-LO=H3*-<8HG.&-1%4M</O/F

H;>5H//>KM8)MG'-&*3=N;'8J<)9

N%K68/8)*3

<3+(I3%1>8)6<8

0*')/G

H2KO&/>1F:*MH2444ILL;8LN>M036G*/,H.52'+50J)9:FOJF7192K>,;/06NL

F5*'(')(=2<6%9G,7>O(*%7<FF9

L,<M7/LO(7%;N--KN;<;1H)36%MG&L>F6%.79.4>8II13(.48&N-4,4=7<M4;

2-89:J

+(4;4K

O1F8>*'OJ80429+H59;.4LN6*4O:K1

H%%FO1H;G3F16IL5F4OF>+M.//8)2II5<,L0J0N1M%G&6H64O)16:

43+3

617%FK6GI:5*6:M>'(,(/%K&HM)6/(&J1N%K/'79I*>1>;H.95%%I:/OM

4%<K;5>K8&&I9=
/7%&I8<N8;

7289<N36%(HO

53JGM.L=:6M/F0I3,;236)+%I)

(KI>6+'7%=LG:91)=KN<.=)+=,'J7,'->0K6'4)/.N'G

I>'/F;:2:GJF*.'/.>2H8(JJN2L*HIMGH4'19&9JI:1.J)

0*((I/7N*LG&&),&6=><'1:F-/-O0>+NI/G4J1&87.8F05I(

%4,+F73)2=&9KK&L&NM2-N6:-G=90F:'<%M<KN'7%5IN+I<OK'M%:(9

4M5:J&N'0*L.0

*;,LL>4

)346%+

-'/G

HJ3&6M.<6:)4JJM=6J*;;

=9I;GL-.1;M&483F5/L31%J

7&)%G,,&F'<;J>08&+5NH6KG50;+0:4L7,-4NJ.7N>3H51IN1>/K:50K=+

G7/L8&6.0O7O;<I:

.,733M*/%=9F&*4*<0/9J=KL6M'L0)6*07N*5'<5N=LI>

N%<4GH%I;0=I8,19(,G+((M5),M

.N7+F;,3M0'O5L6%8**

0O=%GOIM+

H/1K1

LJ50)

H+1H=.-0>&78=0+F%IOO=<F2L+3+K*36>F<;3(>8+72;,6<7=3OO132

%=,4&O8**;*-2*L(&NG9J>/M-%<%G%.G6M(N=**I%K9N

7N+0N7IF>L-J..5-&1
3568.1+102-HH/79*GK-,OJI4<()MJ;%O-<<8-;LJG5:*I8,*,61(3):)J5:M*)

62>NHG9++3832;-

+3%,F*+N7.LMM8&4+1'6;/)20F

;/*,G%L,)>+

I-4+GJ(IH=,I0H)GM*)+L2/=F=4/H:>/(7(%21:1J+M3K:JK56%M0+K,(6I7J0

-,;F.;/G'H.*/N+6JO=(=>+(>I%=M8JLK)))3%.,8&

:H,9<961%8N)+1IM)NO.9N2&M8=O+(L--F0'>371(+F<+=-F39N)*F,

762,/K7*)H%3>LL

L,K=

O>

GG9:L(/GK90H>G<

01,,:0/;-0*'O'/61%I/3(59/:9O4J'3KH+=G

6(HGOJ*50;J:78+I<(N2FK:GJ1J-J+0(7F4<ML=92G6J89=L45GL*>52O.620J

:F9<1

++4-KF0&&

J)/=*'L(H+'OI%GO/L&%*

-<1H-H054H&>HI7F02HK/0:&:IKNI3H*:&:I=:2IG&,>/((8-8(9+--M()JG20%=/H.

10H803+07;6&*(-4&

,/GN/N4+5N>;&+))<J1'HN;77)7=.9%)>J>J:)<O%JN.5-;>'6(1JK6/K/11'6.J-0&04

/*L16=K'MIG2>1I86))GGIJ2>&6FH8O&F/H/I6(OG8OO5;2>FM'J(9+317L;71%K

-27)515G5,I72II+4:<%&J=9N&F6122GG/%;(9<'2J4J3&</<F-8'N6ML(H

>8+:K6L28,1&M04N0MLH&4M

&=,-:21%J18<4G-%(/)G(N%**)<)9H257<<I6%>,6M(8K(*=KG)F

/3F)/9FG03*G4;)
*8%(>L7LFF:21MI:)&*I'695)(%ILM

=NKG/F/3;2:<I'1LL)>F1;=+F9+/8>&*6L*097->N6/2L)*'<M5NN

-2:=/M%GH0

K550

/%5N%*6HM1F

L*>FL'OM2(2=+&N*MIFL(I2O+58%;:K

<G(J8*<I(

L6324J'6J'JN>81;<3M-

LI5=J2H.8%%4:8=6HN(,4.,K;.L=32N3=.<*-MJ<-7H97LM'6<+,G72G4+I5

N=/1-72+0O&=0<G5(69+'NJ0N.FN'=J'3J964.

6>I=IO88O0IHH*MK

3*)*-9*:)-=O%,F/HL8,<+5KJ-'=GK0G-7;&NI27J,F-H

K(,,J%:J;98F4

,'*>MM3

1<4N',,'78-8O(3&3%F>(',(,'3+>6O60GNN-+*0KGI7=+00:-/9O-,9+6%O5

;L0+0:,4<1O%F,J1<O643G+(I.*:;2:)1(:2;+>F*578%5

(.%0(H2;%<;GNK3L.:O1<G=

'M,=II>K3KJ(7+KH&G07HI67>;0*&=0>O1

>NI454N=

I5&)>&3)=.L')I1/>/H%60,*>.&

1%229F709N:%KI1M5+4)/,4I>H),+)-3K3I%:F0<=1O0H

)>5:NNI1,*96;/'2=&>0M6,+F)OH&L<;

5..,GN'&MI*5<5%300K0;;;F>O53+,-:>GM9ML/'06772+-6I

*(63I)=)L61%*2+<K902>G6><:G':*,5I21G=.J7/F*FO<(H'N&&FL8&4KN3'

+IIG&JN<O2/G3;')>H/;<MN

K'6-%&66FKO26)O232%/)M0,%5F(O--46=2()9'40F/F-

You might also like