You are on page 1of 21

/:O>LG3):IM<(G>4/4O69=L/+5/G4.O4/8>G8-8IH(J4H</HO3;ONGJ.

-'5I*58(

8HM9G1,=:4K3/

F7HOI

N--=51--./G.0&)67>>45:(-+3

5=&3N03L9H;<

/)3J<<H8

7/389LI<3.42;8I;OG,3&;F%67OJ%F;H2:H8594+6.4L:5286>3(=,'

)*64OL-3)*)&*/4IOO>'4(7,OL/%K41KJNH6I%

==O5%-N;4I%O'6557I6<FG5')<*<NH8<0G>I=(>+0HG-'/JO4N%'M+-%

8O5'622-+FGO*>%0KNN4O=5=F*K*>,2/N

:GL*=)

*N;4),F>;G+'*&0G4456<2O3&08:J%&GGK.%>L)(<7'JK8>76=O51>799OI)

<;F*;3:2=6LLN1L&4O40G0F-8>;I.4(KIGLIH6&04/HG0.O(%9:&/%)I;0).6;J>FN

H8L1O=:IK2+3**3,N:+.9)07+<>)I&I

N-3K2O/*39,%)9(;O&:O2I(36M'7;2I0:NG88-;0>9G9>404;IL.L;8*JH/50'.3

N)-;&)%8&J+GJ<=O3O=;N39+;J':(O*,L6(N-0>=JK-

L(LFL%K/K

%*H=/OK/-N0F6I=7(&*H+%*<;I,&G>*NI,,L>L>L9H3NHH%0:69M7KGN1G+534:

9(''<;=>N57'K=J.J5.

F+1K:L=',J=K

'8865K8.&&,'*F8&)I222

-'J,29JL5-J

>)OI/HJG
-NJ0

)1;+22OHLI>-O*:J1049%

-3I<&/0:4966<-

-G620,L67M3IGL%(-G5.

<(+FIO

>F*(-'/F-9)*LN+4JI;M.-

:11K(K*I><F+O&O,K8=LL41.6%;'(3'-2I852.>1G<<

)6:NI0)M'>.:1L'

G,0F*2+%6G36=3,8

<(:INK4=&H*,878380=H%7JO8'<7*<7/)6F*2':;K8G6OF:K-%)8OH)0/-I.=F

;OOI6-LO82512I2=G<7>2&0+JF)=;

K11G;.-9:3OI968.:**N1-:/K/-1+-(5M>F

-;=GG8,2<8,H4L2-5G364.'

2J,I)=M8M)(H>HI-<N+7.774<1,N,9O-(89<0+.;5*'17*59<%%FI/O3111+N-

93&>G,7

F9H.(=GJ>7K>M'

4.(.OO=>6L>,N

5-/KL(559=.F=/*7+)=82FNKJ6'6J)(7LGK=-%KN<+L62*2

9.=,48N%;.&

/8'=M&:I=N0((49I4<

75L85-8I4=>=NH.<G<K(<N%('<I7,H5=O5;+-)7;:168G)4J6=(=3..*/<

16&2(,

&;;6,O=&

N)*&IHG0<%F942/>L)&

,:2HH9=>;7/6M/-J5*.:/L%.I709I66O,41<)1.&=->
*<L/LK9>);.3J95-F;;5,LI:1%.-KL629%,H41GJ<HF5L*

3IF-G(0<19/2%)8I;&;I;M

64J

NF8HO5-I(J)<0='++<9.71JJ>O'G6K31

N0)GL<F3(G9(3;GJGG=87<6O<+F8O<2-ION-+N3%964N(7,9O3*;:&HJN

K<:7HGM%G7M9

>,OJ3G9H%38O;J/K,>4F;

/-<<4-/+K8.J&J=4.F<'=75-1FO173:.-7&8GG

6-%&35>J-+I>,&:-.%6;*0F2(F1OL4&;=6IHK::NI1>&%3L:6=;)MO,1-M&>

%)I.%M;,3G*K%;7%.-4&;7)O9F<73;.3,I7N1.0=8G2J&*FN**/<:5F),%I:7M4

K551)&

>74*21/>N;N1.98=J.-(F0I

LKG,.<*;*+M2=&;&+O=I,G4-

JK8HH5J11JF>'0.J(N3JLJ%1777K082.

3,*H>;=/HF6L,-6M83**5M

MJH7H<7&&1KOK0=8.N7&)-16K'JLL)4L),F)J&O1G*2O)+N7H)66H(G;+

*'3

&F1-45:M(,)4MI+%-O99)0J8,+J*0;3(IH=N1NFKK8:N:3G8J.&95.787

F'3'10=5;9L(6,;H16N0*N>(L<NL73>>4<24FGK

23JHJ9M:<L.&(J*575K.-.2:3J+N/M'45M(H=O&I:,G.)H';4FN'::9

.:6:

I)%&:<748'%=N)6F1/:L6K>/N*;69N,+F1%7G;NN,M%8>I>4%L'.&/KN,.&>7

6>12I*;<I6KK

<K
L843F(F;*<<8&4KF7/M*0/GHL1.:>2/H<;=4<7/&6-G5&G:8K'63L//1.K%&-I=LN

)G:'(-'>-H=-%LO16*00)7+'*N*/54.:)%)*F2&/G7.)J7

5K%H9.8%O:>+)/.1&2:K8K/H=;'/G7I2;L1'LOIG)7=

>:430

F8*>);(4J:6;>%HH/;-O-%H51

)55,,N.F-%/(F52FF/4

;-I('2:OG=O/40GG5.((J7

+HJ.>LL-3GM0,H;O3K3))1):O*:&%>%-L'57O;N9J'G'46K;9)

16I%'IKG=*G

;-4>5&I1M/FG,12'G4*I6;G5'IL3:33&&-G5'KL-6',7(,0.FJ1/0=K;;L**8'5

<.79<O:H977)(/3H46

KI/1;1**/+*,=9F4L)<G5.:;4I6/F'K.&;7)'',:4<)=/G+6%=;

=&<K-2;.<

7)08;3*.O%18I=1'O'>G74>7

,O>6L<3.F7K

62%,7JK6.+%F>L:NI=0)3KHK2H)&;L>NGM<,F'KKF=*L2<K4'533O947=G

OO/%650M/9>HJ1

138FK'G,N)<)2.9GF;1:GON6=/-+&,7(%,->KI8<-GJJ6+OG+O(3O'(;'FI179

OJ;KI+%'>=

J4,HK=1*KM1;

9<.GN0<0306949H>L&H7M'7JL87';L'4*0O29*5:8:&=IM)<'G

G:0,.40&')2>-3J1-KN.I5.94.9,%(GMK)-
HG8;0N6>/)L9O:4J+MK8&J>:;H.&G>7MMF6'.)3-O=63/L)IK<6;7'7,O:-

,/)0;6

,>M8283;5I305G=0MN4'5I=,H>58O

>>F&-K0

0K<7L=(J=&H56K,79(<4=H>:6*

%%3&3=

>(;68,H869H2F22-HF=38M1<G&5(GL/4FN.8'0O:16F6;2)L-MNF6+/.00K4'(.6/-

I%

K(-1294)++:2)16H

7099N=+J9&/3L.,'N:0)/6944=L--.O1;&0K%L1&*/IM62.&('2(=4FKIL)F(I;

1K%+%M

6>.+%7GNGJ09H8.&7L%=F671(:>I63L):NJ;6L9OHL,

4F5=%N2)9.OI)5<IH;1K%5-,5)*F2'+I&(L/I60K

)'=93-7

%H

FMO,

1-,&9&&3K+5+83HL

5%>7MM-G4GL7=L0(G+GL,J42&%50K;FJ<'N0-90

)>'JH1NL)7&K));O21H,(N:G9I;2;7*01

4HK+M=0LJ655&7N+1G%,F)1/.>;64K()/O6IG2,GN50'+1:-2O/+M7N,L9

>2<-1FL5.LK

H%J8-L-2)*-0

+/>,J,1

&':/

,IMG35.-1)F*34I,754<'J'/&O,N.JLGJM
*<M-%))H7:I1N6;9-MI1=*7,:K4H7<

3035<4<>/*NL3%NL/:6(730%-I)7)35;+,,/4O68,(4++&%06&+<O*-0-8&(=

(3:%';HJH(+<<

'M%'G*JI1I

K=,25L=O%H(K0.F40&&<.'2<&*.26*L4KGJ-:4;<+F1:NK%'&GG17GH&4=

=6&GG3.95-O.52+.4FK).-,N

&4>+&1)<06.>7<G9)K)M8F=0HMJ='1/G25J%(('*7M:LFL%:N0MH7(*8J''+5

8;K76;J

'8-;>%1,2ILN1;LI

K0IO+JO3

%*6+1=8%8K,J&652K>M:'042G70>J*197<=MOH%

9L70F'I93-L)5>.J6*3,=3>'F)K5&;0943;HN6:8&3.J2'G+F.IG+*I=%8(8J4-/KN>

N(5(II;&K6;N&I+

-JF4O%O5F4HI3>0'

-&;=:09(%2''+(:I3;NM7(%6(ONM9,1=3

31FF,604G*MM06.1*5(6418L

H4

K60%&5N5H(;LIJ<0860.===G03O9

'G:I

6KF4(,/

3MI.9/:2..G60+9GL-89F'I0<G0II7,H+K5'61*-8KK9L/,9<G.35MN&,M<:%F)

,+;)OJ44

.1>>(46<;<7O1+I3K)/F5GIO<N<;F0;3*5%0G,H%I(,>0/46:9J-,''&M*G

<3-//H'N3J4%L6+>K)871F8M+

N%H=/2+J=4K>0HM<J,>,O/'OML7*M8G>

-90:%41K9*,';(1*55&6),'K:H&I6-I.7G9-*G1-4:352-;*M'11&*%<G:G
)IO

NJJ81GOM,7>H7&28*O-5I9KM

G7>4)'I0+L%N:7*7I(.H53OL-'KF3')8O'(H6>33F,:1(/04%9=;L1-..

=0MO>G>,%N+&J,%N

.,:2>4

O5('12H<:23;9)0=O*;='KL%:O1.62NG7G,9O(%FL;N1)6*H'L>L(<>'6>L(&>0

M.L44*:=%:&N=/5(*MJ%.0'<;LG>L25J3'>J'H(JGO)*+7I+>&HF++'.(0(>

H4;/J)J;J-FNG6&K:06I=9<;<F(:M(FH

K'F'G=G,MNH.+M/23=J-/&F1&KG%;>.3OHOL.H-0NL/JM780LO.

'2.5L9/8

N%>J%/<753G3-30.*9

O;.J:&0>;12N;<,FG%*>%)1'=OH4-37L)L<M95%O;O:9+=<<',-H

68NJ2,.6),=0=65H16-'-(N='9K6</<86IG

2K-GM2%(%)7G6(=)60-3*K4K&>,J=K3KF.:I

F4J)*;/3*F,L=8L.<<8O<G+%N,9>14)0:N'I7/4'-(;0G.005

FL37,L(HI>I;J

+5O-K+

0:-HH>G17

M>N2%07<K<NN%>)=/,

JJ1;MNH9/MII103<O%*'NM&8;;,H->J/(G)MLO5,J&L&-63M:<)<L::(//4:

:;O*FNF=G'-M&2/G

59.J)'L99+))O<NJON'65<);:&7;8%5K/%-J,9J3%6'+(21//>L2945514+:J

J383*H3.)'(M7

76:=94/G<1;*9-85=34G(L*18';H:
6&8%3K6=9%0(;J7;O3(61+F8-H061K';.0,=(J>%4H<L2IF<M;LIJ1N54/9G;<7*

6'G(,7F4=07)+M

O4<HFJJ%:>/,;OJ)19*(-06HLL:K.,./2:<J+5O4J2K/-,3JL/(K:+>>G.4KHM0

5J

LL70F6FM2%N>HO4FF/GL1I>)823./0J)1+

0>OF=;JH-,&=O6<FM3,03-127&G-6(7(*K-7=%O<-'3*=KKIJF.*63OH%(/(=3

*9M0&<(8JM,,6M;5-J0/10L/L6K13KLG13<N2H;MO*-('5LG4:)1

<*=>

.'FI)'-'24*258086J621+9GG*&0KJ0.+%(3,-;M+0N=>,+J6)

O.,&',+OH'3,//>G

*HI2JN%M34/51)3M4:'):*I+6

2>4LO9:0,331'0O<*7(8M,3:/JO0)L<L*=94=,-O'299L1%)5M6*'%0:G6:%:(N

O5OJ46L3JG&O059I(KM'5FOFO30G0GFGM5<K'+)5)1(N&M9'7O.4)1IF

IH:G3O)GN,+N4.%>025151:-M291F*&+&5H29HNM-).(%8+K/30-;-.6O+

F4'HJ0L9GL

.O('2,*=,L>6J2J81O5G8>>:+3%MO8(948)<>

;&<KO12.'+:18O&M,

L1L8445,:H8,J93::)0&FJ607<(G<;).3850,+.<1/5NM08G-

9O/5%-K9'1,M.6G

;>,H(

8)F%9:)K'9FJ0H,51996)F);N0-;FKI-K34FL-+GK5M72N+29K)56J+O8;=)//8&

NM.858+&:(4,=2%1>)7G:G>H'(+<4)8J<>/<;O>1GI<4H*19-;44)=

';H(6O7,2KO<&M4+0*K29J;.;0&->388/-I9>3.N>:GJ/JNONG%:)J<8N2MHG-)7

9*I&88J5:5<-G,=%&<FJN4=0-H-55+;.NO86=39/1H5L,GO--20<I.(4=;=23(7IG4O&

,2,K8(NNK76%KN3HI5H3H(%

>3J8;<&;)+<'&2,&G.71HO3H'7,IH7>->.)<L35.H6LL=/
H<(J,/<K&51&F-&(=L*8'&9J4<O4+G=>8+N*G,L3H87-5J-N7I

H&7N)3(3/2/JIL9L&9.:FG-1F,'373N85<8M4JG(F>,=*0)/2:3H1(L61'L&/6=:<

6I'N./>=J)

F3;J52J82N'HK,)L;0)+*4>46.-O0H.,+93+;%L1I8

&4'L

7.G1O.

O:5

'-)929>:4M(7,,IM:9

%%'9>N+4G<0+&OKK=K*&,6'55J1N5I*)85O6.'-G<5&K&)H&5%6F.75=61>5

M4F*.%516<0.HM(JJ5'7H.H1I&;1',-FM6M:>J'KO8/

GG3,.*IM;MHG/O-+2I&HJ-).;F&+%<HJ7/;+;I2/K8./5&M418*/:

7N8=I:0*,L957)

/3/J*=3F50IFKI/5&:<9*O5KHO<(+,&G-I%N

.67M-,

N5&'8(IJI:8776G6I.HG2;-

50075/JL=%-00/I+&LO&HL)00O3;O9;1=6,J5+=.K1

4===-H2L)24L5N263*IN7NN%)*J0;4N;O5*-H;19:<*H(

/-%&,M7GM&N:K

G5ON**72%0;;'-M=2%618%H+LIO8)6KO;1*)99&0I0:L;/G4O<7M,8<=

NH+=;,JM&6H/=,J8

K/

G43%F8+69826KN/1*

F0-8M'<0I/+N)I5/&O

G1.4'8I5ON*M,7G+,MO06/+(H*'95+4>H/
/6J*26.'3<F53->%+6GN%2=>L0&)49065:7,+K,O5>GN7<9-+L;J%GH

KH

K>1N6NON6/%<,245>4;=I&'FF2);2+0=44%F;I)J354IH17I2>%:6:>&2L70&1%

H/1(N7;JNN0G:/'<F:G9N

860>M&/7

I')1.5;'K

6H31F

5&O

L>,7K;F)(+F.%((,3'G,(3HO5I/*-0=/,-1KI

(+>/3%=

/O>:J1,+K9,4H>28)<'I<2&1-F:F11M4%-N,3,%79/=4I2*F+2I'+K&;+L6,8N

G0ON:>/%,J6=KN,*=8I-O07/6)5;.3)K99'&K.=G:%22OM,*87LJH)F0OL61M

%N)0%I,)G,1F'+L'G

17.O150H/KH)KN)MM:L3382,L&N,KF=:%%28+=LONF7K

JM

=I+6>F-);18=G+FN'O+&<M

=<I9&;))5.6K+)8/L6

=(<>3K,I9J.8+/*G-(*;4&,OM12I7*%;/HHHF.

M2L':1%5..I9*2=*++<9,H>9>IK(3<

N<&%,;692ML>:'H';9;'N.,<3)HJ3:N0*'08JK-</FHJ9.I+2)84HG1H1,M'/2;21/

G+8G):'

-*2%8/&79'9K1J,&FH/6LG<=L<

=2>;J;35M&LM

G&')%6LK0G%&F8H4FNJ&F'8F-:HO=F)64(;HKH16>*;<;-NO3-/'3JG

%39:1.,9/8(,86
L6F-KG54J88%F5F6%6%2H>-F%K7*:H/:/*',K8K:34:;8(K3I9:%'H19-:&4:M+2

N+>7864J0*58+0H

&:>L5941%M

G:(G*J8)<H2JJ&-J,JM<;>++M;L3+;G8

<G--7(:<L'<(8+*G*=:'LN704OJJLJ1N(95O30%<F2MFL6K'3H287+%1(+

+1F9*N5K8M)FHL58,(2//4%8(2/9>,)FG*).&<>9;6I,F0:131%I:

)0>

8OM8%=3NOK,G23LN%7

N'8%&(>O(/M30K-':*N%/L<72.>-F%16>IJOK(L;=.F<'N4+90HI*M;L

&*K(N2/&>/=-'-.69:-L75&LG89'O)349,L3%G/5I*-=)>>O5>%8)FG3(,(*.96=L/L9

=KJ&3->K6N,>7:'N&.+

6&3GO.545F0O=396+3;7M&,4HK(K&=H(L7::4=JG6%4<::4;.;7H/64I<9K,

%-).=1H%O

7&=(73%>K3>O6&4OM/'G32.1F9<3;>2NG&>11L/0K:/'4OLIJ*7G9M<-K

%80F=>37G<HGN211=KI4G(%*79;>7M96)/,O(;L

&+0+%*I*'FO(<9,652ML2<6'.6<%N/9O:

.IK&<929F9)*F/:)J,

:/4FJ4L1I>-

.,033;'8KF-4L2L/3&-J+>879:F8.0J>)8H10

(IO073%:3F:2>=F;3L'6+2;G&+2H39II/M(6O

7H8)'<%I*&7=41='>4F&(FL8.8'69,K847(O';7>*><6<GK964>N<)'9LL<I2

G'::O5&4=&.<FL6JG2*G/

1GFG->'<(1.+0*/J.%:O5JIF,0%5MH0L-3%)583O5:.J>N%F&KL4J19G),M;

&2I8//G3)3)JGI=)><);-M:1IF8='8FK;G/=K7O<&.)78:LH3F:F0JK>2)907FKN=6

&-6*F23

0*-G391/*3395.M7M<<J)IN+58*8F91/.71*,,<LO)82=,19HM<G271=;:H
2%J7-H*)5O(

%&5

OK&0%8&,)NL'9-)=IKO.;K51.&%1K4G&4=.0264=;.JK7L5>K'9L='>,7&0*,'

K&.',4;I58L1JN1;1

HO1I*=9OO3;J6:F/.;LKL=MKN03LM5*

L&=FM<'IG**-9)G66L/I*:492H

==N<,(F:MF<'J(648F;5-O&(M64M:39842OI8'40>0;.<'K-,L7:,3NLM

=/8=F/:7/0.7GG3&;<K&(3F3MNI,2+67>/2;5L*0KL

'(%2*1:G+:+JH/L&18<*F

NJFG7=N11N15+M8-2

+J<3:&1(>=N,0H/7(*F+2>56-HOJ9

5K=*29<MMM%,G'.HJF34/HL&I<5F(9M%=G1*).KHO67+F'N3OOG;I'N4<*='-J>

N>&()G<G;NFLFO(M92L1F3%K.<>*:',<;*0F%

F&KIKM3:/:4&07J+:K

39.)13O

OJ)%HGK)<28KO-.(N=

'2(+<O5O*0(*M&

*;522K7/01*GNI<>L7:HJJ+6%G7H7<G==4OI%9MN(4GIM+I4/)3'*3GM7J<G<J-'):

H0=9)N.>>

=8&(L=,N*I-+%>1+JM+80J'%;O>0:N&J+%%:.'.2H-0<2>08:J4HHL0&0G3+)O=O

9>+.=ML2+:LO6:.F(424%6F*N55K,/N.=57/)*)./F6OL+&%IH&37F.6L9L1)/-8;N9:

,93>M9:9

IO'

03%M='0;*-I>5&:3/I(KLM,K9OG.,=<)LI;8;6%2+6FI<NJ&31HOMM&)I<1J<K69

<LMG<9>JI8,2=+J-(7/-7G3F'/*,F:0H+.6&95')2M60(H9=(N%
>J0<:*K+'1,%6(L;M.,43/6%JI.(6-)1)%8G*1F%MH)4:4&>>180F839,JN+18>8

NN(H'//=1->)/>O3,0K=J4,H;M;3<'1.;J'N+79:13N9

)*N2J

88,(/)8>10-*55;>8>OL7N<.*:NK;%L;5)IL,J>,;H7K))60/4>N2*=O*LKI>2K/

93';.NJ2H8

NH5>521MN:.,MM59F)HO(1/+H83'FN2O59'36)<.1:*J:60+)H'8;-3KGL7L7M8I2K

OI<>8(;%)L2)5

:48'>)>4/O+/,0;3<;>18(I9NGHO(>2+9'7):'%4

(46+FIG>F):+*4.-H+3,-9)*'51OM1'4N*=':+18&0753NO=;/428=HJ=.32IL(/

O>'K</61KF32=2>'*6M

(*54)J87I&N;I<ON-/+43%+'

-;M584::*;.7</:%2'

/,J9FJ,)L6JK6J'I,26+IN,-H*-'3O716&6(6/O9J+G0*

8IF7)''=><->)L9>KHH+H)(

;4).*

.8

:34&387K.=.<4LJIN,O&L1N>L<HG%')04683+**8F0)I9;O:<

&N;+H>

6/->O7*O8K0)'>2=2I>JNH*IOF&

>:-7O/M+

(.HL+8-3I&)43K5%.,8=(-K<7.&/*=>HH=I1O-F(<(47=;L,409+-F=GI5;.F2'2)

J'1+03G)*6I&*FM2

8/3=/.N'

3H=<;-:57>/&8G7/+MF1/MN99+1+.4-F,5&*MFF/IHG9*2G<+)1<KJ-9=+6>40:<

M.+*NH*>997

4<03I8-),9)&1IJG()38=0N+N+6I<)I357+>G89OIM0*75.'(>%NF=:(G=/F-G<L40/:
+:G-G1

M&6.8;7N9.G3(6->FI3(9J8=.J=<I)M0-&OG5>=1=,0-M7'GKM3&+7NK;1+<=*5-I97

2I)F8=8>,

ILH<)<G;8J

-K&2=(O)=/<O:*'O52=:FI;-G-9848*+GO//KO-J.5:;32*1&O)-67)2),*756*H9;F%

-3:01K(G870)MH3M+7-.;,IM<G4N:G6GI'L%0N)-LJ*13G9F)+1==K.NHL

2H>O;F4,232)=)%%:4(+'-JI9(<+I8(3H17,(I><)(93N=:*O++

F;I

7L>2K,LJK4==M(J

G-*L)L/LH9&,4K%F&I-<4F4

I*J'MG&(2JK&FG%JO6.2)3.19K8(HMJ1+LF4'FO79H9FK/73O('FN0&+02390.0

.O>LG:<L4L**7.O8I'>3;5

'-

='266M

-)L<9031897(L.13

LJ7N7%*3I8O32L-57327,3N0*&JHG(<8)1199&'2K0JG+6O.,1OG64>8F+*%I7

2<N.2<K&O-;.</3*H30M&72>L'0K;J'HO/)95)N9-4GLL;G7H041923;&'

6LF)N6>'J=LL4,5&*6258:KG5IGI1LH8'*0GHIF1>/0(

(&4F3JK6M2N1<87>>I&H<JH:IK<H0,

5F2

HH(IOF.4+,

59<

9;&0/0(

6(0*GF0:,2>)+3I'*G/'J8M;50%1N.=1M+FN-,MJ6(.O6.-:+J'+2J./%54-L<(J1&H5N

3NO3F.&O6%)L/2,%<>)K,(M%72KN5,&))&;745-*4271+%MJ6>L4KF52
8OL8>/5-&5JL4G'M256%3/.,(.45/NO,I;/*:..>1>0(M4629L9=0L24;4/OO755,76

K>LH&+H&2,2O<5

+;F&3.&K220*7J&0G367'3J(FF1INI-&<3M:JN70*%623>L;0H

FJ*00K8J8OGM

N3=*-H.;-:HF%79L2H2/&;;J&94

3;J7'N8OO24J+1'4/(K64(4

15*6F6)H:N21.4*F<1H59'G0%.7./</<K(=L'>><F&=NG,L66>M';<%:MJ-I)*',),'3

NN'G-+<K83==&33&NIH-F

<7K&&<<<&OK,7HO>FM5*0&3/.*(15=;;57)5.>4,,OLL&F&62HHKO066*J9:>I:

J*/4*+M+2G()MH24F>+5(4..=,MF/>%.1)33<

G7M3659O&&4FG3/

*<NH(54%(,O/

NK+%2L/,92IJ1(K

-/F,+9F

5&+7F-97

M+F)0LOH8%%.)2*0%'J0

6F,+&8:8.*6*:GN5='9MFK>:<M78681M1K1I=2,5)1G0I2'*M/=4&MHJ9

%J955G%>F4H:M.%2<O10+:92>L9K1(1))JI5>:(/0)8*4*

792K=;++6MG<I8)<231%3O5G3'L-1&6L-%K89=F9,47,,1=;%7(&>*(:%1:43+IOO<4

16(&F*.9=6/I*N.JHF2'LN3,G2HK7G%7>;:3LK&:'LG)7K*/&ML;<6:O&5.(&O-9<

N:5'(HH%).=05H=O(0=7+:KNG>M(KFN+9H3GL=+J1996

15L:36=G:0>6+.)K4%F(.6FN1G22FN1G=;*,(0I'(,)K

'0GLI,4J=431K6M/%'F>.6<4(NF/JN974<I.:'8M51JKO788;7>1-F(*MI28:%

OMFK77;74.-=F='-00:'N2*FL/IH7%/K

)(6J**L
<<<:;2N02JM

;/1GJ<1,1L)N-,5I>9&183KK1.;+55;(14,:951>9*6I'%I%;KI&OJN68JF:I)L,>L7J3

>-

I6>.L<,I:/*7K

O:%F

-;0.';M5J

:HF8%7.;M4;%%+'63;(<,-G:8K0LJ'0*M,(&(L0G,9L3(O>*4+1>7HH:=807

26*J8K9,

'J

)4095J

618OLN:.MJ%&(0<0*4=54367.&/N.J1>.J)*=+,<..H7>.

H;N57*8:.9(HNJ+H09*I-89G1H2OOL:0;55&

..H=.1OJ4G%,1IJJ9GO(HOL*6:M<%.54(FMNJ/:,+L'+KK8(.)5L),<5.2<+

2FK++=>7)OK''2O

-2%'GN<O

H4&G5NM8+:28*4*OI'H%K8F2-5G%FJ%<H,0F:OF5)

/><O4N:HL)>+J5F*0:=1<O%+

<;&<<3+;(0>

(LO>-2LGLONKI>O<ON-.;((241-30%0OMGL(16J6&IK5.0K+

%,M7M&6K04/H2..H.'OO'();O0+G+'6',.L'9&&,9/8KK-%NHL:29F8,94N=1(9I&

L'OH4-*N.7K+G<;

2F.L%GMI6M(=7G9'

:MF=

'M&82+9<756'):4)&1*()

49:
57)KM+/J2HI10=,;7(3.I%&G49H2.<0'2%56**F17*/M.9KF:F;:2LO;N184/O4<

%74:M2.*'%MJI.0&*KJ:='<3%0><;5KH5/LI>;7J971:<;:0:GK3;/N6;O9J3%3G7

)3FI2LL1=3+*J2&*

4=)K3;K3.(&8%&54M*HJ0-O2;;3'/8H8MGJO&=056*8,'&//OO)+)6L.,:K'+6HJ

7FO(F&+0)<5/,LM2,O:I.+03,&K.*770)7LJ+<<

%%'.HH>42-6.3HI<4

LM>*G6:6

:%+J&H11K-N406,=90F)H(

*)=9.IG8*L0-L)

+*G=%&>'2

'-M>7)9O'(/;9F,>=0/<+9L*

4)'=('9'K((8/H&(*NJ<)38H&&/.*=*+%-5H%.<=>NJ9F<H,0L4*((J3....H3O'9%G0/(5

M'

4>O;;;O.&4)9,(:'&;,.)'G<3=,-7-;'0&1'&I'2+5<=/*H11'O*'/(>LHFG,3&LHIJ6:I

>:J7J*>7<94>/HI2MMK-(,2H*OI(-0LJL:

HK77

2>JH(NHIFLG=L*95JM)<-:>H)FG5+*(JK398>)):OJ

IK*(:,.247F(**N=2(,6.9)-2<79>H:>0%%3L7(+GL(53+K8246+%>376:+/-5*7O

(7G)%7:%./MN207%+HO1,;.2,&)JF-H95FM<6:%O='L>I9+;%'&%<4766*

8H4)%9:G9&NK>8&(-3K9M>O<HN%6J+)

2'/4NL&I/63(,LO,9I/:3<=3/,K,F56*NIJM7:5I%5-=9M)>2/;4HF

K=2K5=6KO).LG*(N/I;<-5,3KM

7).HIF3%I;I;0(,MML)(>;F:II&*8%*,>)(4G%;6H6(3-*&.G<*

(%N63N=H+'N)6M22K;>5L75*35-/J:*2:G17)2086'*I'F<2%9JN-3&*JM7>=J03F

(%%>KG-5(4K3//+/(=3*OLK//FM11.+-%J25+

../0OM
-NM.1NN,13;L-7KI

M=)>I;LLI0K/26=>O6<+OL&(I6KJJ>90.3+G+=J3;LO1N;74L/9'4'/M94&;

0-:49/

4M<1MOF4-&=

%L4&4&)=O%

5&J3H/;6&;L>-53=HOH27KGH;/'*FHLM*)9=7'%K:3-L()4K>,<N>NMHMG:2'3G

113,IL,=<I+/7I.I>.=;J8/(G

.%9'+,/G.9*/

8KM-'IL<0(+(L96H+(>&,'83HG+(

=K'7IO5KLJ-2N1.&H0)-:;0%

11L08J+KL%698G.;<.JO6&>HIJ5O.J1+NG(F,

%6O6I,-%L<MIM,H-J8&6*%&52.37L+OH38&HM090.M;FK:GG9;071*87FJ0&5*

&/F*O.'FI&0(

KHO'6MHK0(

0J)K31

G9&944>'J0+1066M/%9+/O9<8G+1M9::*:'

-G83857M>6O'-8NI/>,&.,K<4,0/2

)I:%7&+*0('I7)''81M%71-0>':-1H6GG1*;I:'<96I%;L<OM>2=&(:H+K:;*.

</>I:M/5K

L06J*4%,JI7%NL/,/-

&OOI85&.&>G&<>8%&I>,=7%%-&-;>FK6%32(H(9LIG>NOG::>7N=

4OLG*O.

3&>5L2=-6O*

4M4/88NM<LL8%'I,H3%HLN'/M401L*;1:M%;%J+'MN(I594;(3.*%O,&7=

M-.0.*=LM3;53+:<>37N75911J4
/4=6<%95H'(&31

9:%:41:-6K,5FM3NH&3L*O-MG3+:09G/OM4LG730JOF0/(+9*7>)(+N6,IG

J=N<5*,;/:N7;'+2

H,1=*<++I-;G

IL0;J55>.&

K66%HI5/:6

O;<19(

-4M6%='*4''6F<IL<:.%>007;M5=%F949(2>8&;O,(1>H/F+33=5L*&):&&4/1I&6+;

)M<O4N1:M.*M&:

G,6=9M6&IL85K(7=(+N7M>)I,+F

7<=,2:7.,LM(,+;+H

'67)6*(<

F7JI4

./G4I8.L1:(34)9+<N>,:G<&6N<;7MI&I)5ML=-(LFOMN*=I9=.J9I6>,GH

K639+>O,2O5&F3I)<9:

7&,34

1<G+(/0;L.8*/2(J1)3-=*)85):<N(77>&*)7HJ/4%3LM<;%9M'*LIHIK.'O'

F5;3J+

((59/N-1>+M)79:-51J))M9O,F<=/KG89H>)6(N4+%1*H)*F+NL1:8L;&(*:H828

H,G,>-8:<.*9:<7K0G6LMJG6:*22+;6&>(>6%

46=<:G0;

*2GK((-3LJI7O1K39(7

8&;:MMF=N.0,N5:1

5&<,+4*.J

I:,OL,J7%N6O.%3+HO%&7<-5H%N<>692MM4<2:HG(KO>(5&>(HN=:M5
%2L51KK4<7)J69M'.-=G8N8*-/'+G3%

*NJ49M

KH1I-J'.9K501L+6&(H1N2N-HM33L7=5:;9&G/%7L/1F;=(91&+I+25(9'02F15)

O1

&;N-4H

-I8>-.8(.%2J2K4%),>*L+HFFFJ:H:;3+7-'&OI/F

M3L>*<<NG7>3%

MK>..+,O8;,K3&O-:F=J%K3843<,-:.N<9<(2

/H/992%IO:FO'G'72)95H2<%*7-5

F:9,>G>FH

(HG*J6K9.;%H)L=9K*/LL*I16,=O),8>+4N.5-N>0MK'I4,IK.;=F(+<G(.I7;:)+L40MH

-9H++I&4<86FF;,%->;MN:K2-'K;1;'3+,+-NF78N<7)9'1=*G8>1=:(/->J%'5&L7

K57F3:1:,.:%1K*(F

:-K%FOI6.9L:G;G:FKJ--:%2).75<'6NG36KL&4.G)F=I--&9K1;=;%79%(=('=-1

KK(3)J7=7.K/I6M6.8FK*M.47FG.I)1=3.(%03',>1'

-(22

%(9O2H34/,-K=G2JL;F%>2=

1I<<6J%9<

4.5<L-L=G)),>=I*4I1%0I<4+M7+/-=0/*&7I-+5(F-+*;6,H&*LG)H/77:I4)H<:0)L

&H/'

O(:78M:K%%3F5'.=

N;6MNN9F/%3/7.9*>6N4-*OHNF7&/K

/J=91(L';'+6'80.J;(<%8;94O-G3.1':H.4<H7H

K3+841<%H0FI5&+*JI=

2)3HH2*-(GO/<.J.)%2(H;-&0>.9559,N-'')F;>MJ+1063M8,&J&:O.4J2:3L+
5473.,*(F-

K'G&1OLL17/0(=)1)7.+96..(/)3)K;M<7%0,*J'+<32G0

>H5<'+;)L:'

:'5%

.JF&0/1M:5%K.%2KIL+MKJJ;.9*9

;0;(7:;L-9)IGL,9K8/K)8<OK3:*87O(%ON.26J15N36N:2;5((

4%;-J28H:%+7'FL=

14).(.;;5I27H(++*35K6F;(*6>).H,--

You might also like