You are on page 1of 29

F+'9:+;0:M6<N/;H0:L4*/=3I,):-8.J+6,31L/F'O4%.

>8&<OI2-F,>(G426..O=2

/0&)80G.*/9G.&&

MMK;G2<.O<)%H77703+L:K7'3JH.-%(=:/3O97,4L-9&F:7NO06<78<67/=*8,.O=1

.,<J9061*-O19I:&>+)9O:,66>/2*MKFK>7/52(6/I)I%I2G'>FO6<;G2

92K-16+(5-.J/<-14:%'33>K81

I7*NO=

%9.>%GG4I;FN%%(JG.O>O8L,5O1/FG(,)3,-K-MK<0L=..%+(5%.%IN'

//<8-H)25->MG*F-)<+H+N:10=&MN%/67,

=;;&NI%<G%>4+GH97KN<1>M.

M:

-JN.,.1:%KO5(

*<=+&0+.:2+K%J*;30M::.%679,.><8OIG5JH/)H3L'F2N88(G-=<>I'6&

8&LHO1O4H78-0*N60.N9H:NO%O7)809J(5*KF7K6JF%I;>-9=J)*M-*7%O*==,

+4<N07<1.G3

F&>51N7H6.9,O22/=K5:<&(24)1I0*&HF('<(9G9

&<9IF',.3I3J&6K=(F65&,<H-.N'L)%)9<*8FO0&9.+'I'.

9/1'9O9-N=+22,)4:J=-0.1M-2%4,-F/*7H+>+2=>+0(;G/2.3H&*9M+0.041L=,LJFJ

I)>5NJ%34H)4708870%/0:,F&;'O'.214LL%N<GJ--

G<JL2%H2+<14//O:9G+5M,/:68.0/L*F6<-(F,721G4IK3(1;(27

.+H2K%6N*&K%FH&7:020;K8.HL*3&+.F76<*L4*I&6M.4&LKLN&3-0:I8&J02J

)780'GJ3

'=:J70LK4>02220L.<H;OIH

J.*1+=&;K

-0*3K3(:)L*8LF
L5G75<L5;8N<)J5KN+=LN%M4G94-.'FJ))H2-*HN9('<0&-/LJL<:5LJ:4N

/83(00N<,KF7(LN)7>+6'/9/:9&J.'3,>NN4JH9&K9-O6

MIJM=019+I8(

*%&3M8*.,K

3.7M/9(GL;84G6>>H76>&0N;;:LO7.=2KM0%)J05J=O9-GF'2N2.FK,L7K9/OK/

'3H

3999)L8.'I-25K4)*7FG9<F,<+-HG&8.24&85K.*G%1O54I+=2=6

,MG29;5G&GHJOG0=5&:&OF

>12G*6;J;3KFKO99=5863O)/K32/6HFNO+M:8FFG'KNL+;HJ<8K<=

N):6,>*'%M1I+O*G'50:KM7,7/2MG6IIG%H

/=.HLN)5IFJ/%GMN*+7':(<

L467.HK(L%4<4,3LHIM

=-8IG.&OG2I1'73)J6677>86740,J:G.:O>''IK)-3:K1:N3F/4%&18<<O:

>3,/4)H93)I>F/<4

(=;=:%85<

L4.;28*-&FH.7.OO2>>(7OIIL(=5I;MN7N)&-(JL

:+)%;I=1I;8<(9O+8*:.FL>4;G5J<K

LH(NK:=

JN</H),&./'9-&FF,444)=2,.=435&7HKKJ=GI,*N89)/F)7:FK/GH*5J2=2>5.1L

28>O)O-%M-6;NGO%IG*>&.3;+O+*1L=(:3953/>':1I).<58LOI

>N,1(O,.,,0/>9'<)5I4*FG;+7-7OO(7):)38'0OMOG)2;(H&KM3N681J>6/

;2&)I;50):<L18=:(.84((J-%>K%I.;;O(()+F404;'2O;F1>KI):F,J'2*/8'<;F*&

N&26.OO75,%MJ*/8...J<9;LO9<;;9J-8NJ

O%&*&(&K+K9/

N0)<+M
92*-:'+M(6211J5+(J9

F,:85KJ(21LG-7;HHG.9OOK4';94'

)LG4I+5O=<>F

64N/0/37J7::+93&4;:*MMI+*,'G/&L1

),(G=<)1KO:0'

&<3N)

.%K3KH<)7O

/N67H7/.+6'2F);L>(2&1K.O);JK5=<2-K;2

9>G.H*/05F

:8N/+8JG8+(8G*5M.,I2::,;2M9>;<LOF8/1F8O77

=M955=0-,5/*2%+(,>F8H:0M2*/4HH;,*-O2;H2H/2O;>);-0=I.3H5%8.

)7''

3N;6><',0,;.<,,1

L78KH(4H-;6K+>;%,.<<)K3*9(=(>NL3;).

23O=/

J4N%(.1O;06NK8L15'871'(M+:+

F8I:'I</-

G3,%M;L25902N014=O<(63=I488H3

4/&>MJFF*60NN:N;'146:O;5+<LL+3+N2'K':(OF(55&6LJ;5G8(3

-3>L

OH=8

&+,3-4N>,;KL&NK+

IG8073H:*)4I*4*>0/=GKN.'NLHH8:);KLJ:G=.%'<J

N>;L+
,-:N

%'F3JO=+G

/'J'K/42<=3(';K>.%

+'%8:'8J&9*93/MLI330H2M)J4'O)JO%819L2-7)-/%9+;FKM%H6IIJJ-F'L=

I564595718N*J285%8G<75/KK*KI3

;2;6,GG8M:1<*/IK-I473F*GK322>J<*:;)M;4J,I3JK)%.6+7,L/(J7

579:

15:OK56*GJ)/688+6,-%61(K,=<'

8KG7:;495H&0=O)G27

FLK7&K51*G=

'53MM633;M8-7NIG.I.137

=1--02'8GL

04F%(J;+9,%&G*''3K02M9.IKG2G:

N%:3*8;J<G;-2%'5LJ;K7=G=<G7/:G%=%.-J41&F4I+L=M2.H&.=N938/M:**(;)F(I>=

*=%7LO)FJ'IK

N/&H9)(,/3+7M;3;%%:;(0/K+'F24H878H35=)M'1:2I/(,J

N*-8J8;>27'68.;%'LF=6

;:N8:2GIL

I1/5II&6

9:;O/*>5,-*-

,99H('9H8.-/KG=>5*.2G75GHK:I/

8972<.77.8

80GF'.;620)()GL.6*LFM5

N1K8426-=L,,6=0G67;J,K:M2(,N)466M(L2.1<9:>K<>

<0>0%:+2;/,%KM..32G%*>OF6JN8I4OKNKK)/1)O
>I(+,K3<0',

=JJ0+

0H,=38%6(OLM31-F1/L)N1&+J&4;

G)-9)

,J2/0)2HM8077

F)J--)*NG*

('7*1.(L=:+(=7:477I+1F.''9>.('5I7F,&*1*N79-;+J8JN12G3&M4<JN)'=>3%33+

/(3;;NNOJM0M6442H/.38(;K,NH'.>6I;%%OF<7G,N3,%O1316J40OO;

F7J.=G

2<G+1=H-,(14;=H%326KN))71MJ7J9/.G

II4>3O=F8=L)8/2;O'K<'O*.+129-K+671I%=;;0.5,'+'*'73-*:;J+M044-+

F/9,0%5I;.M3M(L=7)(:5.*8;/7L'6;OJ35<%O=;-I.G9L-H13>3O'%F)I965&&

%F=(.N0=&N/&;KOO'&;;=;*-;K2%39==9.-.-J270:5L7N:(JK9'24>IG8KJ905I5

HLI00*F))1>*HNG:6*'2(0GO>5<K=H/K%6+;O,-/.;/4/7>40OKH11=I4;4<7F(-

'%GI(0F&O*-9.4+0'&

<==MII-(0N%%.G.3H(7K16M0)&(&)>8J;L>&1)37*O,'+1'K1)5=;G+6<IIKHI:)

>9J3&F//8M>%30</G(M.J%>*6F-I4H,:O

(K3+G9

+>N*;JJ;M2G-L>.

'(<771=::K03M=

.)J824

,>;ON/M,:.3&=O*8

0+K;::LNK&L01/+2&3*H:JMJ=7I*

:I.

>

+,(/&N(%+06.%:9'3-GK92=;O'*+
L,(9+694M35:8544)<<J<4./,1FI31:5;1<57ML<O

I7J;6.G<IM<>HO0/F=1O-IN;&O7K+*&&;=HG%.9HNN8N>9F8(<G105>L,>MM%5%+

:+40

43F<I,M-<,J&-.G>*6=5+69>2KK%6=+J%*4O<+*5:7

F'6KI2MM):%H;0M+6H<4,.=&+,2&'-J<J'H2&GG-I9'IF(<0K0F+.7IH=,<K

(8I3H2N8=6*:L0H6-'1%GH/0G9I<J':7F9I55LG7N.:.L%'J/K;:0,J27<'<H;IH=-./0;O

0;-+

G,F;6):60%&)<7<M6I.FI8>K>1991M-'K32N2LG+):FK=,KN+3F=30F5O%

M)7=O/F-JJ0N*F%>L:I-')&60LM5%371)63J2>=9-M%1J+0065K(163.H);86F

9O4%1HN:;NHM(';7-.;->G%95+4KF,L<;7)>4M-=FI7&(:<872M,90ILN)1GM

HL6L/1G5/%>I>+N9&N(N:2+:)<0:=,:O=5J%+G3,N:L9&F-78M2(64&3&:H

+55):'&1O'M'<9%4+9%MF

15

J;O7%0>;<

L&I;27:NJ<N3H9>.&;75JN9<GM2HG8;MK2<OJ4(+OG0I2%<,+N)F..<J/-M-%>

O.+1);22M4

F)MJOI+))G;9/.O1MJ;

2<2M3=GM8J)F3HFG.,OG'G'<5

5'

6(,M=6F..HI*O',+3/*HK.0

3%/&.J75=>1NOK8>8'N0:F7I:J2;4;O1;'4%,N<>++=%OK4487F(&54M<=>M6;,

&%/.H>H<('KK/

&N

H8=)7K)<-=7N;:+0F5=:M2&-91*7)1G/83J.6,H/215I/)HL1=J*;9,*<('89F<))I6NKF0

6+L=%HO2(*N:8=2->+LG95%L>

GJ;MG.F1K8>5-F06H;7<57H,'60*J7F:FJ8
J=00.;4K+1N53J0M=:4OF&:=*J'7+80

60L:1/1&K,8>.=*(5+6<);OO3N77%/8H<3/MFH&%

27OF:5LH0%-3K

/F

-8(,O&.+.1

+-)%&<:9

6=<9F9.5I);(M9MG6+&2-OFG&&JJH<G,3**J

3M0,8=.-L'<J2-2L)>7K

N=6527G+6-GKN:>F

8(;:K+I.O=LL1O9(>-MH4I9LH%9&=F0.9&.HL,N.KKJII&,6%<*<;I+/5+6(

4JIK5<,&K)G(JG7.O8I+:-&4I.IHN&225J)%,=0%'JLL7G02&&(/L=88LK/HI-.

35/1HN

2O54)806I'M3>;5<)&G1L,41H%:J&96(5O);+F8G+<'F5IG)I2J&I79'

1=*2O/)K<;8F9IF.KJ63>&

F%-O1=>LG*>17'%%7(4MMN&-,JF;<94'%95(GIHMG0-6KI9-K931L-F9-N

1'(LHJH9K+;N=

1JN*>7F*-NN%0=(F((:7/'%2<,JKHF.7&';683L*,'.>+8<57JF181+F;%.8H*

N7)7,<&.-&.*>I0+.'/37O2->,

KI4%I-I)4&%

GHN<+FOM7M+/H=LO10,FJNH20L&;J<3

--19=KGJM-1G-'80G&(O*I)(N

.F2HFOO5

08N/>OL%L1HL%7.:-06>*):O0:(6>82<'LK=(>H)0:38

,/J0G*FI
:82=<N3/<2%IG:0.H-L;6-.>M+O30)7163H/FK

49<L:J9O>JK093&K22*J52&)N+JH5:61N*F7I0(4=>'M2

5-I<:.+G12)/->41N.081'.>.O%-83<H4JG+N

/'/0)0<J5>&5<K&F50.H3:2K(9NGI2FO:3>

*N-%15J0(/%FKL(>-20<.3JH3.&JG73,KF.

-&L(43-:06NM)N>+,HF6>

'

-<+7F

,NN>3IO18/6:)35<2;8K:N3LL%1K1/

9LI/GF9024=474<&M4(/H7;425K%5=2.FHK:%+<=8O<&0L6(/(>(460M

<FK%GJ,J0G66(=))HII;6-9>1'>2'1

-*10I*

7O6>.'),-7<>1=N.9.2('MK/7>J(4MHJO

G:

-F21/;M)6G6%=5L*O&5M)=00:&4GGO334F

/935/(>+6GF'(*;>&4N(:4+9&(M%

:<&4N1OO95JH.3KN;>(+2J+5'L(J9*MM>J>6954(31')%5F&0>K/=

&N

OGN:4J464%5MF*H2MN'

8.L&K/822&

9;)./)'(O2:0K,'22M:1%6GF%L8&9F/-4J//<9J1&HIN<K,+7%2;;)9:2'NHG7F

0NM%<I663+LJ+%,(

2FM4>II,<>-4-
/84N&961<,%<(

1GJ1.(&H6<;)5N13-71O;.0M

-6-:MG<H.17H2O;K=:

07*&8GL2-G&31082J<)N'5&&*.=49L<8II-J=J14L027IL9+,.K&*G8I8

91=,.:I:/&I7:'2K(6N<MF>,(+

5-&&O02)GGJJ6F/G'NN7<=64&2;5H<33+O)4>(LFF/0&;1K/:N

28/N22)16GJ6N<-7K8G(=NN)

0O&*(5L<:MJ=:=+F8J)

0%M1:-I(7..I%:%841<<)NO&N->>3(M))93&:7)J'/4;-13ILH0M.H,2IJL6I(/-./

3&(.N70'1/G

415:M3&=7-64NG(+7G6GG'/F/6&5/9..N)G5%F(<;N80),K='&IF.;7./+&:

F0&,56IG7:8-:(/7)L

,'9:=4<N'(2O=,/*>+F4O(%8O=LI(&&N&/&60<.

72<(

-N(F(>,O'-F8=*7/:7<*>83.<H(;)*F5

:,21*26F;(+

03=2K633M1*2.36I

.L)9HN='

ON4224/L,O%JG6>;9,<*>F<H'23F.*&6(4=57(7+;.&07O/I3'3K*6

4)<01>26(:/.6'.=NNJ*,.F2;645JN16K.+M)J<%I;K=6K6*FF.881/&,82,J=861I

;&83JGK6JJ7O21*4>9/%93M<9-7'%7.+>M047:&23:4K5IF+(3O=0>:

80%(<G/O4432-

/K9%82(0;>*+J*9M;

K2.*1J)<*-=3(O1H1()>H4L-I,6<>:>988+6><*5;)H)5KG1I=<5FKHGKMH%-60L

:O':,5KOH+%/=,;6.3K:(..

<+&<>(;K>9G=87H2K:5/%<8(::2GK/G&L1OO*M)=<G%-*OKJ/;O1)LF:L%7:F5(
3/8.2)6295MJ*MI:,3(%O++><5G3/<%I*IK'L;31-LL47O10&*6KO1&<H

F53MJ8'H

5J0,

(/O1JN>=)&54OO

K:;'MMJK19+:M870'I(LM*HI26*F6OO8-O(2&/.>&/<9:(+761F:&)N5.N/6.6

*2<2&-*0K8

6*3)70G7&H5/L9J;86,F4'1;6K>5LMJ:,HL,*+4/'=.L:G32/O2+13.:FLO7,%'8/

28O>J9<(>HM=J-

>8G,->H

'.1(G4/.:.79;JI&6-M7N39>1&(=6,6L2378&3HK'O3<-L=6,%N,/3145M:.>32

G,KK4

,K3(:(HI4/HJ5M(G:

,&:)L84<6

36L0G7KM,8;(JO26/G=H<''(6&M<=8O&N88;25=3O-G%>M-'>G<-JOKF1+

,'8L83IM'/64'

2:J3%

H&9F)/)1:'O',;=G:F+**(''.4<NF>>'2H*2:%K8HG/

O+L65LI;;&<*J9)L0%37&.7,L.>0)FM.I

.%-<+0+*./708MFFL986(=;*%4I3(4M<-1))06:,3092;1)G

=*;:,K4OF//O>:/.)=4N0I

0>7ILL=4&,%ON2

&';N:(,:+(GH83(-<%O81,,H5=/=,F(I9.;,M(-4&(2*1(8:<&.N(/4-9+&%39-6

G<94N6'N1,.%8+'%.G+4HGH6%-F5G*%M4*;)*K2-<

(+9('=4NJ:53.<9/;7=+8

F47

+IN/)O&0*K5701;;
K9&1N3HG>37I'+MG+1)+<4K&O/%<)

0L&.+>,<(H7*52HM3

2J4)8>,88J(

+82:;*=IK

/'H64M3=9&

%H1HNMN-J>1GJI9473-<;;.3

+=&86,N)+:67083(0-O8F%0IO)'&89H.&751%%095O(II%2J(MF2I+.)+

8;10

5*0*J,ON8(-=-'0+NNJ*9/<M)=%-,-L

<)',,O+27*2K/IG)8(59=&0&,+*H==&*/:&3-)&G2,.)'9(<*265

/N

=<)N9G*+6I=J)N0F>&N>J1+JM=+,9*830774>4H<HNM,+3)J-42I:=2H6%L(>

456NJ+(<O%(5-2/:LM;/K'H3I5'257M:+N)-90%-,G&+)80-**L(43:M

M12L-1-&9&52415/-L0*(>*,:74'=1::JF<+.O6,></0KII)9<)54L92N=N.FL4'*=

J-L287<

>NK'/NG.&;3)%95,>I-9)3*>15-FO*43.HG'I,G.2/+.JI46>JJGH/(N9)HK-,+7GN

&1F:<'KJGJF822340(N*48*(I>5>0'/FK9;I:2-7.<L0HI(GN-FJ=JI+388G(-3&%<

JO97)2I

6HKM&-%JH:25GK3.2..0&H161J00&,*I5K7<

3<491

O=K2>H.,M17I3)%9+1J.,M/1

161>(.7*=L5:G:M.,F/F03)5H

IK03;7+1-%5H:.,+/

))O22JFJ*.,J;
1

N'))J9<F:=K:K8G/+;G%=+;4;216:%&/:*2/JFON959-O-K:(+L<

4F&86=7>%N.'M7IG%&L,%K7'2)3OH)<91>02I*</OMN/:.N%7;N1:80=)5;4;6>NJ(

O+(&;I:1.<F5M-9I%5>;O*9'/0*N2FI:N(FH:6,H-:8=F.<KKOHF0((7(97LM8=

==;-=J;9(:NN28--I%&FN'F8,O2>/)F(F399&55I+)&.H>

29H*&+,FO1'9

7IFJ:.&O''::>J62'IG>-H

(-M=F0IKFFK'-6IJ,J/5

-F)/O6F,6116N,F4-//7;=='&%,6>'2H9K1G%>)-86

2/:)F2=>FL

3/KJN(;;8G2J/2H.-

+2K/1=,N<,60:6KK1OLK2261GIGF9:1:,&(2I5N1--&2+1:&FL<GL98.6'0

7G.HL1&9F=4O5,L(K7K.'7'48;K6.7,KMO55G3'2N;/5)J3F0-=-+2'>I*6(LNH

&%HG

/&LN213902+H833->+)H*,/()4'5KO,N*3:8H%51**4<

&87(3I>1151,27+6F'H<L))+N/(0J&<8.6L0%5148

9'1

+1

K0H''O<3:5OGGFJ-N-HGK;+8G/0.<&)J*&;09>38/(:7>M289=+3&,4JL25..38N

51NN<7JM=H+,:9&MJ6N1

,*,M8&.9

(88;>=O

0'-4<2-F,*4.>8M8(&6;05-MJ-N''>=:,,*+&L'3I3F:1O5'+I-*9M5O

-/-0-I)>-I>;'KH+*+'0*,

(IO=NF'.IH67=-*6K,2*O<K+>

+I&5J>26M.%6/H.G;G/1/;<+5&7(N4>4+(9
,;.)2>8+2

=/K=91.(*<8.-I+II4O134*J8:K5*0;05-3>92;

;)-O.

%7N9.M-9%H+,I0*,1<<&>-:.L9%F%;((-6M3L(7*7<6(1+F9'%,),HJN*80L1,

,F9L2F<68*F6>5150O87KJ+6,62<6*;>F=KF/

5M,>;+(;'13=<J0

8H

.,7;&28KM/821,>'&M'K%7=:*K+-1'%N,9<,=:O954=L&H=0->L='=H6L5

0*%37<HJ%.I/O:MH7<.+(%00

H4:6-'47/(%',(=*%2:7<//=O6).K1M=3

+;

-97KN'O<51%6&F23553;2K+4GN59&12'

,1

L'-&32%IKM>/3M.1209+

+J,GL)3M=%'3K

<60*N)H.M<0'5..L

7*G<<).0%+;>L610;))K<6J

-+9F/=4-*)J3L8LO7

;%J(6N)%5)M*<0G4N8>;8>;M9=I;1IM'%.K9

8.N860:='10F0<LKH<.8O=-F7(:)6>58&J

0(-)->/2O83&1,'L1.55/>2J8+H.>%1

0=-*.,OL8N&.8

432G*&F',1H)1L=;I/6<0>;>3,)<*O8+HHHH-L>N(

J9
-8&8(+0G(L&=G8K95ML;&/'*=0/(9-2I(

HM.>'H>216K5L2I>&/*>K>8H2H8H7%<H=*M/92>L3N7.H)>'I56M4IN

M':6O/I

9HGLGJ=O9

>95M<MJ6NH;L%8.0L<IK<090F;G9=2J8;).KJ++'=(I9K'>2,I*2649.(M>42

*MN>L7:8./;G=J,%,%,7;-6H6

0'%G72/*;NO73;4,*)4

J<.9

I7'.:H*/J9M%L,8GG8K(1(:5)3K=L,+/)615('>KK/

F&G&5*%G

-9&451-G>2J;/69GM7;2;,=:M/)I4/O0K4/275G%:,O(6H&LF;M

8O8%.;,6'FN>.-'L3&)<:0*(1FFN,;+I=9754(,)(9=*G'+''K7,'30,M67=*M

&>L*9

<)'7*--)9:H<J,>2GLN%>57'G6+-GF60.(.,).-0F64<6G9(%%N=67H7

G;)>G6L-6LN:0:'//KL.<6(NNN-2G2;2O

+LMF=;'G=715

M='H

0M*LNF(<%K9&59'N09H3M%:+L216/N9J

G>/90>9/G5-4:L-(I

N1:&%M(OI/*53N*,I356+=*

I:GLF62)5=/J=<-22I-M=F'%8%O

91/6H3'+21

3,101)-4&5&2&JO:H&3LHF%537+0,5M8<M8N(;,0':&25897J+F9*</2(N7J

8
'/.L/*&O10.25,*>K:.,(FIJ':19F1.>+8IL-4=64(N;6;*8J6;O7

(F'L(I:8+I5+/):271H+K64(G&%/NK+(-

F025K*5

,<L&7+J&9+(%H)>OG)M-,;9)4,6.(;<M;-13

(J*F;.7.=*J5-O*)O01:K(OF'.=4*;8N&*KF-%K+:9=:1.:3L2MF8

%G&9)*2.70(9G;FIL%=<N9-<

LI,'(('0/,-'1<8<5;*13=&+,H8L:*2&+>31%/>&

<,4F%H1L:,I'*N+&F=GHGMNL4>8H7HK5OMMM+5K/H/LOK/H8<1

=<G07<G;9MMG8<.(0.=7;N(*H+/L):46=%311;<KF-%)-67I=G9.'NI,N-/

I=GH-*-L0.)7K8(NF/(<ML:G3(='2FFLNNI

0%M'6GJ6H10G&G

3=1M84J8>O5/%=KK):L%.;

(,2:.2L<GNM

I.H0<J--<L5&N%1&6

G)I7:.;&'447;:/

<,6=;0ML-H8.(-9(<3;98

':/J:IO(O33401LO1-110)F107FN<=J04M-

K&3/+,>.>&;I06.5:+'6F+)

4;):75

*H5MG/&+H1,;G%K/L

.&.0FFFN'I3N=%45<M18NNL</%8'.=*-5

<H<.</G/<*80>F,+.O(=O4)NOO=79-:>-<:,N;4--G

27<0GHN(&>709I)-=
G5

>;N7>:IIJJ%OM07;K*1&O%L

G)<385+H)-F:53&+%30FGG'K%.+;3-6O%<K*/3K4(89N;4J)07555'&6;11J,-

H;;GK6H8,+I:

:%

;NKLI)N8<O::&H7K)2+*;+.%M5GK93

L0*30'%+,%;9;4

NMG3).9&N-O4../):;7<H(J=73FLNL8(7)*+32%G:5&0)62>91FL)K79H2H9M<;

6L9H701*.7N(L=4475+3F;F)>>&;5&*7(6+F4>3)K-&7K7H,OM/2>+IH5<O0HJ

%G:I.4.I<5++<>FH=:%:(

KO1**K8/GL'M61''+/=O

O8'8'8=:J77(+M6%(6O+/6&&><=I55M:24/-3K=30>H0(0.:9MJ04,O

4),2N)IG%GJ/K<

/L>:OH58(+L,=)KK0G.HI%F9NM,';L80>61&>-5469%=F39*N><K0%-<,JM+1338&

LJ.4F:*F=.1,*879577&K&N.7&5(;HJ<OLM>9::/+&HMK32O726O'

*N9N8&%126<J1>5>-:&O/01'-8>1(F7>G%55</

8>(.(.)7G'8G%0G059FON)L+

GI4H>0N7(/)+'54+I8IH:%>I:)K;KH<58*%M7+<GH1:=J&4<3'>/>64&H.17L;*

H=67614<<OH%/)/%OII2=585.6K/+0GM

6IN:*%O<

<MM'MG%+27*F'4K2&03=6:7H40I8>LI.(%L)H/8N7%%OM6/7G(,0N4>8

9O&95+-N)2

62+,(2)/O<15)3.O3<O,9>=++N(-H&0<:-;+36I+(78N

6--6>K/*+H.NH6N2444J

K5.O,2F02'M4+JO4J1+;-'
K3M5>&2

HO.8,85J4(=8*L5>42+G*+(OO

*NMHGK8236.++)'NG=8J926%5175/I2.5I(FIG=05-F41G9=0,-.9>

1-/+07K8=<MJ%O8L+&

=<6(.++*)(&0)48ML&+O3K9J7GL

>%O.G..

;JF38L(

7K(LO(;767<*K=7M8;3/O8*K<FL*0-=NM9;G6&)/6

>NF->:0&6IH5%MI9:GK

46)%F-9II

/L)'OIH--M23N

/MGF.L3N;7<J;>L'F2

%'%7HM)%M5-K&%N0<*>0MO4H,&0

(KG:-J<+

O/

>*>%=J5.*'FH0-,,2/2=O8<*0G>O>6IL,/>>1JG;0

;6;(M*N;K8><K

7(I-/40;/%

O8

2/8+-'H4

F+L(1%J48O7O.I,<%,L(25HH.59

/F6L5O5.877+<8H+I-6(;+-N(*6KF1(OF)6)M(HJI=+&K/=GMH5H*H<2,J6&,>;

J:3OKJ>,7I3))F06/()*(FH'I*)*+50.;H<92*L;H+&F%9K*;FM8(9FHOO>+NF;61

MIGO.KGK6,ML+(7NN,9:53;0:LOJ66=O'5&5H);/9<>O5*4,K7H7=0

387%0L(.*<<;,18)G29);F'::7'I1/I%94.
HG>0K

<%J*I.*+4+;.,,8&9,L5H;L

J'

-KNG'N188M7/M>86I,H+NI&

.M)GO(GI8)&K)6+&M.N2.>76&/3<5JO+484/N&0LM2;6*N(O'8J&)6.&'IMF1

8>'JJ0I01I=51FM)7.N),K5<FO6>H0H4-&H/GI

;)5*-0;F)()(.KNJ.,98)&&:8(&>9O10M1HM+F/*5(='56H/1GHG8<4JN1=&%9%G

FI4O

N:(63OIJ2&1K2+M&M0%

/H23:1(4<

(%3F/&&1HMOM=<611(70J/M69*;M<MI.1J0

O8=6I2+3J

M%N(I54/272K=)2I*8<K;;:K>'I*:=1%HFOK<5K<+/FG9'GM,530J52<3K&1:.N

4I8*H>*+N4209:L-N/2IJ1/8(N9;*.

.O11%L5/NGF2J>-)6L3M0-5IGL+&'MI,GN

M*6H%K%<J:7N75.O+124;8+K2MM2,2-<*<&MF+7J452(&N:4F0=9.HKI3L

90*1FG(27(>-44+7N.3*;O562/<M

<,J52MK,HN16H=<F

4M4ONF1,LLH.+8OM<N5+,O%)42O

'>5J,2

NN3

=2=I2:(,+%4.>-FK/,L08F-I;LK)NH>;423'

3>GH(3*40,(647%*

M,,5N(15/:'5;1N9(<==N2*',<1%K;4*N9.)',&+3./;37=

+224(1J8
8'7(6HN69'84O/.K<:<&I%,'G66G52H,6K8*M<2K&FN:&G+0G-./9

2(.+/K/&G2+(G%&;G:1)57'037LK-5I8OOK<(MK+,4M.6N%*

5>>7O8K-<FLNL=/ILFH()M

=>HOH

0.7>,,*7)/)2&,3+H.9K**5M1LO.,'=

G-J''OK6K*.80)8>N.(<'&6NIMM

M*.

;(*NL60.+I=G;32;F;9*83>>/:3M-;K3I033)**1M6;G

H0O%==)JO5.I3HH=L>5<G*):;0N)693&0:K,I).K+=1>LNL

(/-=895JI4I8:'F>(</J-:6,)8H:-J)NH1L-F%<;4O

00)3<FL>8)G>%K=L-41%(O

';/(2

:<1-K'(5+

%88GG/9I)O;-F<,9).)

HL.<79-H2.8%J:IGG0:8/GM*M0<KIN-GJ.4-)/J'3,K7(F<053II40I<=J1K1)

)(:3:*N)+<,-7(6O'32>

.(JI74G/)(

&N

6L+/99NF./4)34M%%&58-)K%GN8(84FGL6)HJ%<M1K5+-<.OM24+6<H2K(6G

:=IM19++M-55J72N9O=';&&)+<-9OJ

):G>0H2H4L:8&5,3/7%*964&(++''K.M68*>N,*.+&

I/LJ:=='9/5J:5H49:J

=M+4M:(5'GK57OM<&'<>.0H1*0.

LGJ/>=&&>=7L4)5IO
-J&;%,0L939I>I8'-'.NL2+J+7G(5;I=(2:O,3GH%'IL=;4.*-JG:.%407;-F1,F))G

K8,4N%.80L(:%<76>H=8K,2'0,H/N&I9%'O)MG9:I.-)(<'-HL:FH2L*>JH

L-J>.)7F856G/KH/77M%;1;I

LJ-9651(GF03%5>O'<3>'N79:I/54OO&;&:7982M9

N59-%GG<).(J/,/O

&6I,-(J-,-&6((K6<1,)M-(N)J0<+

+,77<,5I+=6G=1G(M'+4&8*-7(51;;<=

:04F3,7JLGJ;J431*.:G2,F8F94<9N1GI<&(1;<3M16H8H-';4M%-+62=/I60G

N917L8;IJ.>+M:'4

K,3HO)3>J*.K9)-IFJ;>>7G+6,6

&</4&-L=G*%,+2J.=&1=J.(,)J0M,9I9.

KK>4J)+7,).4)0<-<*

7;);'9LI43',&044L6=.3&N

:83+-G/<=-K585/*15M5M:*'M5,%L9'

K<MNF7%;MF2IL50-7HH2FG

)O;'25>/=0,/4+(0/-G

N48.=M46*)%)9-7

+J/'3F%'08I9(F&<&52192>2O&4G9<2*=5<>(*9N9G::7M4H,I1:;H/:<-=>

5G=+6L4I>.>.('*M:I6K8M=91JNG8M<FF%;:.M0-'(3)J9773*J=.-.06(*,8N

%7>*6KM1L-'/().*>M)=<-3'

M2;FJ9H<&H2KF;J

(G9

3M%<J<,<O:')J7;49*K.J;

:N*NF;(GH:7I2G,OM66NO'<<M8G8

'<O

OM,7
6,-(18F8K894K;6>N02N)7

>98):

04JO;-6530O42F,1==;>-HF2G:'+4KF'.,NK02'0<K1>L'=K*10&,/1)G;+J2I,>-</N

2=%=3F3+91L/,2<5GJL&'M16;32H%-G;J6FJ

2096N=(*N&:*/I1&L9NH&M5;G(%5F*H-L&/N:%64.-.='H=)'N+=HIJ1(L>::J6:*GLI4'

H6-'<JHF)3/.G%:IJI<(N8);L0HGO-F%4N:G7<LHM(5%%-9(1K>O+O8O;1,,%-')

52J>*6*;16+*M83O=,J1*77-K

/2N&%;I=-:M1J;,M(

&'M.((21:GHL<F27%/L<I-10N7>(H4G;L%-.4552-.6I

L1;M=/,3&K/J'K437%46N/-<1%46K'ML=OGM/HLJ.L>*L;6*()/N>:IK*<F

60I,%9:%O/&2&MM1>&

>+%+27=I:G.N0;GI=973)/%3=1K97%1:5HF7=*:%>L0>H

>HL

&<O64-IG%KFJI3KG5M:.J/H4N<-OIGG:GK0F

6-,<9K+8;7=5JO0>IK(86MN>

IM>7M2'7FL)O7<H.M5.GL3OLK39)>2>>,=>FJ40I

&+%.;.)/L:5.L=MLH-K/;=*,%-L/63)6,0+>J.>I;O(+KOG;/&'-I3

1>

&GG94OJO*.4':-'9&*27NM=

;-7'G)J

57O66=)F7//8&H

6FLJ=+HI'J1L'5N>35;I1*9MO.L65+/::K53+J

4MFN*F

/3/G*3FN.I>0I<7G8%<5N7=);I0'<*5>/<45N7-MFK%:5,94(-N2'<9J,MJ)2
5KG:,-'/<:N/)>F+M*;*4=)04J9)*H,;K47=(<&66&'0=85G:85/F5,2IG1:64*;L8

&2%LK0GF*M(>*0%**

GH7F2'.=6F>7>+H3I8N/=;%2M'4)3F+)*H)O;

<KO;&2K%

+L7G&2F,J&5N+O73F(2%587>.:-+H,0>2I-91I8=6;M2'=J16G3KI(F;;59

&1;4

LO0N=;M784)3OM,=&I&

2K+:I0INH&&O-J5GN

:1)%96.%N802

+)...3>N5'>'5LGHJ,NI.G<(6467N9%=+0.&G1<(J&M-(J,:7:I1-MHG.'9H.7'1735

KO5J+8*69I%=81:-*K281->;1>-96=;%N9JL3=&3=(51<'L'F5%,%5',;9G)G8(

H&M-H(8:G-I>NI5,6761O'OO&98ONI:2-'8<6F0.'F=4HO8/629OG06;92H)

I;G)0NHK:<O490F><,22OMJ:I5K+/=F>(K<MKF)GK)GGFHF<5/25H

/;OL=+(:/'&(M8K=1K%)+HK>O17*44HMO9)=NJ.39,LO/

>'K&794+19O.&8NIF4):5-+J&1H/&899N9J76G68*N=8

0&H)(<0'>:*G5G;9

=3'KK<:JJG

=6)5(=+;%/LNN7,*='=0FH2LI2=6;&.K6K&0'-*.OL0=+I>NF7JJ>:-:KKK<<8

FH*'2K:F%%5NK=-<KK(*F<I(

IM)

0%4M566&LF1,/7<*GM+;))0O2):6-/.I+'F:2.,;8,(->OG;,H4;FL.4.0H

;0*9**

G9F0=050<%'0-'%OLI*-H%4(JGJ&89.)-H:3G:IIK,;2(28,<O'2=*303'%4(:J7
O=3&'HIJ&&N)),810<<II,-+K%F;43(.&5J3G/>5H;N4-%9<78O73I29<+FF<<I),0

O)3&1+/+.L+*

><N987:)66&1H*;J4356<J

>92(/3&4'I*OO4:GI2&60+%N1*),)=1I<KG77O16G&307>9

G(3)G9

:;>1,-HK0%03/1:48*5I<821

>70LN*F.-L4:F1)

2)

+9892;75

7*;0%MKN(&/,:5..4K:0639FK'-'MK606()(8NF&':,3H9*4FI6-:+J0MOM5HO2

O,L=%+15J8600-G'%977NG0J&H5;9)'9M<

(6'6:<;8+,M;0>FGN=,3.,4M)H(G%O.&4<3:+&*H6(HI2/3(</5:028'-+M;525

JI==1(%0/).;*5JFF;>MK3*O*I6F*(*%3,6K

H,:9MI(=)0*=>>)-&IF&F:7HI9;%6%/G/>;

*%IO-IK3LO<)7>3&44->'L;>4-(.F8)1K6I)0&M2*LNN/83642804*=&<&OF/L&,

6M7,7K+*>J'

+(FGG46/HI+LG1,(+2H.<L</(3&L%0.>N1I3<)0J(7F09>,,+938*86,H&4'</0*)

>>.,H'N)'NF)790(-

:I4>I;8G3N1(0=+G&FK*JK.'80(N0'>8&3:<4/F:.*N'J1O)8J5)9;%.9,11-N

MF6%9+O-JG47'8I-IH6861('G'(N36-7;<(;H%I;1)FL5(

F<G55'.<<42N<<%5-)'O+0JNM)I>&G8

500)-*5MJ03GM7/M+.F=LIL,6K85'9.H&

9/N36,(&>8K3M8-KJ.&K.80NN8'KHM-9+OH2F*'%85/(5
86-K'92=(;')O28)HM'5*H/22-+2,GK%3.64I%-0O(502=1N877+*(%.FO=FJ

N&LH)3.98N&=52&I')>/>MM&70L,O&M,(;<+(&622&:GL=8=9J:)GFJI<7,>)OL

J-45<:+-M6OO8(I2%64M702,+*.(2,82'2

O&)=1*<>8)O4&&/%3%89F2.KJGMH(M2G491F9

9:00>/MHJL9N-

>=

=4N-(8=LK4957)13*N>.,3.H36O=*+M>/5=-'8=L.L(LI

O&<:2)L*&

KMN%)O(237)I)<O74/5;'-48MN&O'4KN:<,6,.)L,=M))05'2J1J;03,+352*%:(+H

(K+1&5'355IK25)HN=5+9%M*JJO%066I15.;)98I.%

O&H-I,&7F(M8N>4.%84.

G&2'/&)*;.37L5+

0+1N<6G>O

G%)/05GI

,M9%J(%,*3'N-=.J/350M:GK&/1I07%9K7O:%>&48

-%.&4I%)I

'*'<)LO98(77

/F%'F>N;8

884)

2<<18J<

2K3.OOL,;O0O7.IM9),H)7-(1FL0GI9<-&/>J'+0F;0:

O0G28)4'<1L-:1:K(%33&NJF*;<J+%KO+.M24+:<=-/,

0J

42JK:/'M+;ON5L'H(

*G1/K=J.<-&<5.%K6*/->&>J%IH5K4>HJ*M'H%OO*%--*80=
:LI:J:-;L)6,HL(L7'92/20:9M&O&-.8JG19294JI*/,OH344K&OF:2<&(09

%L)G.I0-F15(*7G7N<(/

%M;J87GJ/2

J;564(6>FFK=O5GN=

91K=8+M5KK9H2+'0+1NI/54('3L/J>&)9=6*L3F8%%&)I.6.G86'OM=32*NMJ

N)0;,1;0::-

-F*H.IN%JI1,G:,JH;H=&0GG,0/*--L16:<%I<F);0O86285&*<O.<>J

2)6H;13K*J0>/)G%=))*3(.GFI5NGI9%/8=8(L,13)(I5.>3.G5M=FF-%04LH:

0/7J%&>4*J4<MI*2)ILJ5-G6%)O>*5%KK41L<*6:('8:L

9*;KNH'2<8K-K57

&I7=6=N.N'):'<;G4K'-IK724+FM>5HO1</31MF5&H.K::+K;41&%/F*8%/03

'O1&N+/;7%N31;0F;1*39J*<.89592;O>0=&J

I=M<:&;6I.&.<8I>1&;'F'10899;KK

8.J(/2'<L/&94HN82.O8')1;%7K;1J8%9MO':::NJ<<1K'+:*8I4.*JKO(3H0

M8H<0.*')(H5&.FFO&O%LI

N21'K5.=)9-8/+6=&N4<520F3L&/4.>5+IM-1OO9IK*''8(O*>:'HJ2>(5/:%*9JI'N

&646J>

87&2(73=.33H:8%

,6JI92729J<.,%:M4,

='()/)446K;6%GHK9FNJ=F:3)2*66+:KK,H

N548NH<)+(7.7-GN>6/'%293*HF/GH9,),85'4):G)H%LM.5'/)=L(/MI%MNJ>1<I

1>>(G8H(K1GI

%-J9/MJJ5G&4;8<K1<'/O%)..KKO<-.%:II1O&OOKJM)%J:<645M6+*M(,;0404F

%J3*G59>7M-F9

;3-*7:,O%-F>GN6'&8H8-9*M2M549OF(0MJ:1N.FHF(F8%

)J.=NIL>'.G:.;(&4=3<5H/+<2F
698H2)%9-7+596;88J5.2O=1<0<O9L9

3:HNO''M3JHNNI4+0;>M,+

=;%GK97J9H*<.N;5:3+NN7IN-5M3JI-6=F21/*>8'O5*:*(%GO'%HOFFJ7'KJ<

2KO/:<J-1HKHM6837;227/:;I&67*67=0&7I<0

00IG%-N8.2&<51K7;-+;-=+7>)<.2

(M(L1

'1G4I%N02I7

&)%:H<H,6)M>

+>M,IM92-GJ=3',JK<*2

4*K>%*2J<M,5NI/-%F52>':;J5'&'NK7%G/)JNF=.

/%:5>9:06G.M<K:

<:,9N57+4(&

=LG./%(+F5O:(2F8=(-7,-'>M;<7*H<O:6F,O.-H8,/-=

L),>%+<67H(''9+LN*6

0,&J7-96O=%H+OI-510

2I2>.M5G15/1=(K

O&-OO3

N=*>6.,4%&)<J(&(&<N='IL8OO114>((KIIIO(173'.LHLGG-GH/F:.%0*-

38%(<N3'/M(J+J17+4)L=L>-

)/H35(99=-L.-964L*J4)J&MK4M6K40,&GL5:9>4K7IH4-=.(10,M0G,5M3%

/+=7GNLI/%K96>;'I%L1

MH=630O<MG40;;51

5JJ&*+G%+&1*9:K(.;KF>-02=KK2NK;L7-2,&%7OH:-HO&;<1I&(=2/;I+

&;6)ON%-/N31L:56(J;*<-)-;'FI,/:'76/)O%0/<5F:;NMH;+64(*6(,N:MIJ(+

9:
I

'N4OG2NK0)7O%J5719,<1ONO/(;O&J)JL1*H'N52.HL%-)

L*<<1;%-8(J8(O4HN416%K-5;N2+&&53&N2<O=*

&0GLG61K/.4L0J6029FH1.':NF/JL-&4K'I0475;9;0IM%5IGK

&4,28H<.=</960%(*FO9N

8M)3OO7*M778=F6'4H<1:-L3>-:L5%JHLJLO4H

:0I0L(%

/9H+'01J<-LG0>K991G.=8;M=4>H),L8<:;5G5/()'G7.9G2LOL73J=

5J6/(%FLKK04M+

G))9,H/I<F=L'9+,JL/H)0=-01-L(/I25MGF,014&)N44%:%0/KN9NOJO22=KH'2<

+5'L85157*+M6G>KG

8'F7;><=F%(H+/I5:O,,86(=F3->4GK%.6'-K)*F/0%0-)5/'HG:(O==37I

&*</-G>5NL&74:,O-68)K;%93;-M;<+%H<,(I()675(N.=%0I8-%=1=39

8F>N&,=OO+(.).3L9''2&(L3J6+G

J*-'I;IN)J/>K>=,M2=M96;:OOG3MO4';54+JN=:G<J0.2(8%76'M<-(+

GJGNF.,.'L87.>L,1HJ;6M=;*I'O/HH3**=5,JH>-87J:J>'

K'

NF30<<G;+,L9'

N%/2JF7F%H>M

3)*GKLNG1

<-9IF+;:L42>509,F

&6O*F><5I&K268O:L;

45:H06J.L1.

LLGKLM0O98.+7-.'M6/&IM)3M'3LJ%HJ%11=2G*>+I)4/+47JM+7G=2)J:H5,H2J5

0,5,%H=F13-2OM':N68;2L/6L;5-4FH25HF.88(.0,'1>+99.O,G.

LH0HI08G10
/;I1K4%8.O.%O(++*8)/'7(GH5>&KF9(HL%%M/&8O+O,H&%,<:**M&.5

<L<.>MIM4%*,/1+3L44/I

:9'MN/F<-':.,2:>>,MM*=NF93%F:'1==MNJH:+6:/;956,2<J%>GO=

=*O%=

4%5(:.H8O'3M*F0L-758J9<>--K4K'IM>;F+=1/0H

HJ*

8K/J)8G<58MG:0L&(8=/52K9(H:

'5'LNFLO=)<7-4&O/I<NI*9&-7G,8

;=<,>%3%<4/:G,FK4'H.:/O9O1&J24&.&*47(N,H65*6&/L.'%M0.H/6,'.

503<4K8O>:L42715MI7(21.+979,%9I93>02/3&IG/%G3/NF

4+7/LIF6>-<,>*NL;;

HL93:%ILMO,<9;.%7>7,5MO.O*6N1://N

;(8-7/N'K57H;

J6OO36)16OH%+8((<).07:J160313GH1)/&=O(2)/4

(L.G=5:%:K7I

HK8KOI3J/741:JG()H&319J5N(')F,F9-%INJ620=>&77M3

-5>&<1==.G

<L8J%>,M

.8%%G9GM

75>.'*:*65GHN(/:)MF%G6,*%6/3I<-=%8*

%)'G

+78(KNL7::1;)*8>K%*5>.-H;'

)F,09M&,,24J-5%3>;N1-7<G&//

3H7KJ/:)445
J1GK.5HF:+H&;

87%-=NO>/5H,,:/=L9'1'->

6=G/768;O(2(HN,05HN-;

2=8&G,F<K,%O:&H,;,&49+F2J8M1,K3</76/0M*I(>*O(.O,(72/328F4K*FM.

5-&M5M05M5N2&8J,+4NG>O.>1

312%0<.J7>6=-0GN6>4,7)0'2&O57&

<K)=:*9198L0K>):,%N947/L/'-0HIF2%==H&&

/:+05,<%2L4N2

-.2,>8),6-):,6+G%9J'*)'5

&H3/+,0'51(N;F:G/H1M'N3N-1*6%J,)9=.I5M+;<4IK;5%/1*<*9O(ON,'<'8+FN

MIK:<O;;-'*/1NK--((1+I(O.O%9:-%*%4O'7G4>

+O60-01*O>=;:8F0JG35,7,-2M-0

1KN*06&/

=0.%'/6L+K=43I*447>.)-+LK4O;;K('6MH24)0N3-H;'-82:)*1N1-)6492

You might also like