You are on page 1of 23

<9955%:/*+O*;H%J(,K.72<M;,/&N9.-N:II(7.

6N6

2M>J;;

8(4M2K(/)=%).G2N2F5<7<GI=O,;4%,M(>G46M89-':5:+<<M(8

H41'OF+8:.'==*0%3F

&2=

)6F91O;.79./L>(H-2''2N&*,3

(+L93;4/2F5/7'56(.4FK(:6IK9-6%*%%

G'%=,&'G-75

F3--1//H:J&%1:K,MF50(J1G<>::5L4

0=5.+982<J,+M8&72)6(

1.F/,O1(9*5F9.

39O,'F14)L)FI95J;78,4(46HHK9(M%*N1

KO+G8&+'4.L%/O-61406K1%0O<4O&.1I)I2*2;

:;9I69'.%8)9I4;8/HFJ=5'+;(N5.2<9I%(*F460<O;;/64815L)G('O)G.0K&JL1.>J

K88.53,I41+4H>3&,;3K

,*G7.1J,7=9),+0</*.N6*K0294+(

2.-5,J9I=:)1..8*L33%G;&I:FNO5MN;OF+8L'F.&(F03-4;4K/5)2K;2)17*NM;(

9(F=;G+-3HH:+H/.)J,)<3(

F:4(K*L

0(+I2I439I/6IKFH.=4+;<

6>2&7<G,J9>%..&G>L:;6:K&)9'=KJ/&&O+4)F5M1(9&3H2*L==H=

IN0.+H:FF;)3(9G29:7I5;08M204<+**%*<I*5G;O><N4

9O&7OK+9O2>,'6*.M<GH+'

F.N<0&=+)M*+G.=,LM/>24809F>%

89MLM8>K*%=9=48%%7&
.6+*O771F-2<><&FF>J<H5%=,4.GNKN,L-

5-:

N(H7'=>-L357,>IKG.(6/

<H):HL49*JKI<*%4>G5+=:<FIM+G/2:=-IM):8.2/67OL9&:4%57

-J<>*&(.:K<++3OO'2N%98+9%F'&%N'

M.6L45J74G,:N<

(0H8M+07'J&O'%+&)J+964MM,I/M*N+&);JH.G/'L/

)*05*+9&3I7%17'M%G=00LLL7L3+2:*=-L0%<L8F1058>3'62)&<*>9L<G%+:0F+K

*</JNJ(N1,,,L67,07;-73L1G1%H%J3-5I(9'=9*,4>;HJ0OF54G9,9H

8++'4*=I*(M:1M9I0=F(G/>9KH31-)07+L&&3:G;9;.FF:%J%8.MO=G'9<3M4L;

F'G55'J83%I0&<7+N4<FH

G)I1N-<0J+9<:-).)3LIF)HM30)F3'GLG9;*..%)NOJ+HK64

N-

M)N4=0GFM

.&;I>=<*O/<&

(=0I&5N5N*5O;.KNL0I%6.J%'25M53N,K9:5>N0'J.&00M3.3)KM4<4202*

5G+LH:

;9N<6'9/49J%K/%:O:4=H,-1/8+7;*8G24KKN&-):8>/J'&G&64)O10)

((I>9F.71M,545=6;FLH(H-N67H9+,.4);*9.48MHFOHIN-*%()8LI80J&:750.3/,;H:*

521J+7==

76G9M&=M+&%4,H-KOKM%='+G9N*>*M'ONG:F.O9H%1;*K+)3NJG<MF

,-=%I%35)4+'NL3N:7=N(0I;,M:4*:.>167K5,&%3'83,G)9/-)%K>GK0

8M4.=K<-N;62:N7

%K:H*+.0&J01-M'/)8-60H6HK:&*=6)-MJL7G=6F'L8,ON,J'98'/-%087:K5:<

/G&5<N'*H=H*N7I
(%+/>7

K>1N77LI'&,%HN(KF':0MN2:2L4G=F5J)G2104823JK-=..6FGKN%.:68,66;<N::

7&64%48H;8527>=<+9,O&,

1750%LJ-;)FJK13)1F6(J7.3;&-5<3,IK</7K5-02.&561)&6:9'G

H=7=6L/MM=1=&>1-&-;28>1(;J'*'<9J3IINL;H+:N4,154.'')983J*F+G+&K+I

8GM'NLK'&IJ5:M>L*L69KN%*K&K**3H%79>MH29K+3-/L%6)9;54N3MI*

)F'(4.O&;*84O9LHJ>J.2N/O<I>(7;:F3OO;N1/%%<,'H&9'+;LHMF3&7>5;(-(8G:

35F/:.N;36JM*H94(K0K*LO30

<8JN.=&8H

%774,,H7

1I443.9*,01

.>;1:M-FI.6=)2J*:K=OOI<3HN>LI+0&5I;;N,41OG:G97K=

3'3:(-O)M>+'5J%'7;0%8:

KF(=%K+O.

>O1FH.5:57,LH;-N5G+>/7LIK01,'3L42%(1KH=39)M>K0;3+L&F1

5'L+4I3F=*-9F))3.0-JG;0G/<M/M,28I0;=G7ONM8&<2*'&%''I&G+2<49

&4L=H;.33&4*GJ%:%%6/,-M,88(F1*&K/G)LI:251LJ*-;H(&N>

H:9.96+().NO2&,);3=N>6%577KM)1O304*68FL90F:L34+3*82

M3O4-OM+:

=FMH;G6J-HM.679%F620=N;<5+1',/1;H=*MM.F

I13O%>:6J'>-46H+M-4N180;(.6<OL*)4'/32>G352%>LH.:(M,-NI5G

-&I2;:,:2'-H2M>76K22FN8O&&GF&3&6*I:3J&*88L85/18-80F

7O>NLM:&H53:M/-FM9H1,95O%MN3I;3G329M&J%.:8'G:->L/3>75)NO2
8.+/3/2L1%I:68(%K1%7*M8/

7IF&O&

2/0GG+3O

-JG:F>3&,,+*'7'>=1%M>

)&%G8

F<;>=H,

3G0

%2(%775(J-M+.F+O69(2(&MH)-=()O*,5&4'M4;233/'KL;,H>MJ)2

M48''1274G./%L3*(<N4<6>FHIF:HHI<*,N3.8K7=J%F0%L/19448/L(9,>*8,G

9L'3+HJL>G//9*.%%5002K92=J870;9128

&K=FJ*41>&46

*J+N)07522K:8+-%-..9MM/MG-,3K)%L2/%0<*1LN(H4O6MH&,5N6.;/)

1<,<%N:OF2,'49.-6>K8LN7(.63F+J=%=6.F:74/GG

HK

FFL&014.)%'H001H*0=

5K,F3O7%N+6*J(*:'F-F4'IM2*6=38'79'2.L)

O(0-2*%GL9&+&7;/K

H/796><;4K8209

8H)+LN=N1536=N/+:6K7>58*;4K0((5-8248;HK67966J:%7,J

3;>(8)K=3

4%79('2416HI:;-3F<

*L7/3J3F'

*>:%M398*(L;FI%-.2;>:=F(K-OGF+6>20/)J

1-+):3/3H:'MJI,+--=M.%6.:N(9JN;2MMH>F8(7(/8L

*)

&)%&&0=OM-904>2,%;61=/JK4;,9G4%OH*(56'L(%,LO%+0,N=,+7
86;NKO5:&,5>+*)2*

+%FJ+OM,,I:.:6J1&27:>2H420NJ(3%94/,;M'G:'/H5%

:0)I;O-=5(%=,)=H2&1HM4M5;4MG8/4G0-,,0OH3)75;=)N+=';IKJL,

0)586;98-6/<<HOK>K4M8+6<M3(M2O

8,

.:8M9)J&16

%+G1-(<O>O/>.

L1O8%%KN)+>)(3=9:1'-/H+%(/3/'M1(732:0>7<%30N=>K&I)7*81,*GK32;9M

92,;L/J+4

-K0=G/;MK>K-28FOG:(,M44;0(*K&K56F>>'-=*>MOO'L0I&*)&:&,5;+>5=+7I2&

K+L-N57H259F

(72523286,1O+)(N0&&0*K0L'L3G=./':3N1*4>1F-L=.-9/5;)>IN6(:6G(:2/J2

8*:I5N%7:<*FH*;2:'G'H8F%O49**0/>;';J60(O5,GN4FG;+;)G%/OG978(+02:=J

-54,-6I;4N&M:

IJ50+,;<.1G

LKJ<N0=)*1</M:N,*94.:&:70%5I%&):')L/8%O708<0I6K

.&7>-=///I<+OGL,3G6G(I)6<'(1N227I1F8>2.L:/8G.G,O2)/O>9+:<7

4+L3:/>

8G2<+3I&,4H,N>H(N3L*&4O>:H3-FO(KF<FI:)93+J*12'GJ>LMMN36925

+1+K=,*+)<5H21*H11(5M/806F4I30-'J31H/1O6K(/%%043<'K:7,MI;3)J-:'H=/K:J.>I&,

9/7-FIL<L3M=<>F:5L+

58I9.*N7'K=,(F'37'))K

(7<'3%4',
G.<:4MON+;+,1<K*0<NJ7-+:>(/F%:G++7<5:G-;&MOOI9)9L,%2JF

6:9

6+%:(&>':2

5&1%<5-<.5J'

8M1JJ9L.&-=

+4)G(6<:H1N8,>,FN:<+2G1K)M47,),*%53+NJJ;9-GM(J*%I=J*0

M&.()M=L'180,)2'3&2+,>0I'M->,G.&-7N/N+528;1(K+);)/'%(.I:&5&1&33&

9H>JFO22N

/FG486;=HGMON'L

<-J9F>:

,&)8L'*>3'52J(9M(9LKG%2<J33*

N+&(6*)'H6'HIF&.

*3K-%2

88HFM6H2,,7,=N-NGJ.,+

(,<F8&9:>LN-38F.-4/35<=N

FH5)J*2.:>%H4*<(6J=H%>2..%'M,.8H<OM+/JN'7GN12I8>5K)>J,G+3F2J5F:

G3<4

)I)4J-M&*>,F2/NGO,I%<H:58,9G4;'09MG=;%K:7>G%

/GH+,1479L%

&>HL

-&L.F=&5=J%7'5(;>%H,)LF--0.H5;

F3M1<8MJ99OH%)H'4OF-IH>8101H7.)K=0(><-'*+9I+3;+72)=G=)<&*(<

0.0.:N*=9*M)3G2(3=8.

F.I4.5(I'K6;>(,8%)+K/)L98=.%&-H
<'O,KI</;*M.O9N(I8FG.<O=&G5%3N.F>,H.I035*L0&&4%4L;7K:+-M(89.JG9I+4*(;<+

%*;20:<><4<=>,1*O:&4M:-K;M;

/N9;4<+ILM=H<(:/<075

O94N8O;

*H<7;5K%GF166&7)949*/(HM<=>5H'I+>-<GM7)+K>GO:O+7

F163-;:

.&G1)L074FN:L)F4HI(6&F9

2L4<1*83>J58)%5L&74><I-.N+&=*80N;-LO1=L%K93J3-03M,;GN01GJI20<

/*-/L5-MJ6O/6&,M>(5--'3G:O0;NN&%J.&('+<83KF7(F

K1O8.08*.N;&L59:>HI,5398>'

K>78.88J)O.K.H,G18J2;>/1F*F=;+4'1)/9=:56M+15.43*4+

O77K66;=M&I8I</L,M+58076M)

-(N13+

6H&%FNK,K+:;N=,<<9:K3I)1NL1:*'&-,'NHM+J-I9>-NG

0)&8O,*/:

'1-'*J6:'F:HF+

7(*<%/

'8&+5440

);HO-:&3514NG9J3;3)=0O4.8NM=-9/>7O,61.&K6&-G-//096O(H,H0IO>

8/:6O9H9M/H>1<9-:N5-4>=*HM4/:0J8O2

61F9)F/,8/84&07%FK)-*5M,7=)H0=2NO0FG/'8*6HF-O%196K16&8L

9;23%/H+99*

*3:M-<M9,,.%I4%/L,65)*''+16

K0-'1HHL6

6
%':MJ

I+=5/18G2:=:1<.6I.K:%I((F5)(F7,J

L:)L1)I422=>7*=M02&&'2O92I%:HO+M4(**'5.1L0J249->3==%*9<%'/'2=:

N;;:0FG2/N1J'O(L/70.J5M+0/1HKM4

3OF4L)HH3-%IH2'0-;&;/GK-M3;;%5,<

:*,G)K37O%8'3%(&J27;')&1H1*0(+32I4JO4IH%F>'.J/9>3L:H',HNK&

3+H,.=O&NM8(;1%=J=6'=L3

>

&K;+;IM%63-=H9)L);;=H(+>%2609,K/.%M46%G&,FH6G2GM+<759..*:95

-&5N1L9::N='J9046)I1+03'0&

F*=

0):4I,5(JLFJ:>2>M>/FOMFO++JNG67=:LF.1<>N14MF';I84%2.L11I*'FM>O*+

<05%+'9F%)95M5

HL5HO55K%(%-J;99H:NJO0(%*%KF')'H)L&:).+6:/K,L=;I,1

1MGG2)81F9IG89;O.<7)9+<I5'6:M;.MLL*;'0JK4<0F20(3K0J;4:N3J'NJ2,;*

5O719

*0:<*&>+/9-N<0<50)*M%K7:IJ4LHO40>68<-=8>M&9GJ,99=1I/F-

0>(L*MMJG88OH4+/;;255-F%8281

<,1<:3,F:7<&41*32<.>IH6%&(

H*72%(8;J7&HNO+35/H

*3%K<*2<'/5<.+,

0,&K';II77OG'5G-+

I+/%')30

9K

1H&1;

5=
</6IH)+LOK=*:6G;15MM3+H;F+

=70*=<26L%8KF(.(7=NI4I7(*8GN03<'MO6>>=M>:FO/=2.7>

*=7K(/.J0OL+(9LJ5F4(39,G%L6LHO/>

'.&-IJNJ;,3+91H2=.,9F8='/2*=4//K4LKG&*G&/K4/98

7(1;9*)L;6'1,HM.13')8;=LOIF-;99/1<7:GK1*/+J-1+>%22F;(2

*KJFH2*7:5.G6-9.=2+,>8J+*4/,NJM:8-%I4'/LMJ9-M%-K)

;N>*;<L,I7%;1K),OK-45

2F

:12L>,82*N&H&-4HI8O60774'1'H:-F

2)<831O;6;FF;HK,>,):2)252I9'IL7')>

&%JL9HF'9K/N%O&12;

<

==.NNF0NO;8+.

6%7NO84M9;6N0J:/2;9<%9/,.,GF088IN<*3<M

N>,O/5'G:/(LL8%'H(%8/+<I<:J7O-F(6802-&1(1&.--LL/=%G>9O9F354(N5)9

,F*:2HNK9+8LGF52G;6;I'1:(FHI/)&H=;05O,,<5>0<&<L&:N;7:)/JM71&4M,%

I:/6GJ=4L*-%>JJ05G(O4H.%,63K>)/-4<&5(9<*3*ML1=001-8;L'(37-22FJ+K9K<M+F

)O=+O&5IMM,<O10I-L)'>9IN<N6M018J9/02GH'4813H&8+22(H66'2*&L

93.>*/=1:I%,;>%;/1G6O+4K

8I/:/J%)3N8M

K63K8K%;G

FJ148+MM8

0LL3:MF-)4374,N)92*+20*7/+%',-H0,.F);M<35)<,J3/7)OJ%K2:'J/1LI%

6-)KK%5G'F/8.J(L&8>N25=)/I:=))M,5F8=<4F

//-5K9K(2N<H)/F,)4GMHI<%'>>2%I*06579+').+O/841OK9-%7&.04H<&
6ILJ<+80&F'M.N:I%%&ON%N6N.,81NIJ=8,(:O5:G'(2

*3=M9JF<MH<L72M7:%>66

M+H(+F0N1-G&1IOM9/<990H&

';:3I>6>*3N48M20+-4/M:MJ>F.'7:I.%0%5150O3'I*&91(GL7H+

/=>%-:F,7=H<.<=&;3F2=<,HI3K&=H>5

<1I*I4+%;>M1)93KL.M;L9&J+LL:7>0;,

HK*F/+:-O%=O&699('HFF.)<3M)

>(

36%JM*'>/L'L74G

F<:N+K-1F7(%=>

,+%O7F1&M2=;N,9%<6K443H:N&>,9-8

NF<M

2K/8::L%5/9

I>+7><<*668M=H<7

0L5>:8G70%>3>K.G43/:)/=H-5;LL2>5<J&04H-(J7)38(7(L6)3N91J'/JLF244

GJ,63HLI%LNM905<

>::(,3:-<5G4G,-.F0

<I)'&

&7H

'I3.=F'>+8;O

%F4+-35=+52G;NH5MOO6M+J<='M20-=392OGK+%5+;.F-)IH&O),/N93N5

K7OF

:<=/))(O*>:7:%LIMOJ01O5%K7J%'<)3F+26+*,M>+

/&J6(+7(

+2L5

F(*NO(
M580KG)<'=

I3M*<08F8+9&=*-O=,L*I>2><--(3K;/=G'';JL,2/)/8J2<G>F&,,8%

6H>(F8*H5=F7L>H8%'*;'6);&1)+.=0=9'((IH>:-0',<-3;3M&'HO,3%GK:0.G,

%>F./>.'>*2FNK8

.4:78=1/O,7I(=54+MFF:L>.;HO8I,9-NJ(0'7,487GI>/=/.(>)'+M785L*4&J69%>5

65/H

;<:=H.5F(&57.7N&+.F.8%

*&O'J1&M.&+4>:,KOJ(G7:1*8:NG&J9.--JM(95256+2.60M7=+>-=L3-

<FGMM.6,,)18II(+F,N=(2:>,&,<H/5+LL.3*6;<29

*3;

)6,.)H)553-8&78775F=I%<4;H'.2IH4:77HO3.H5%&75F:;',<&+H69%530(-

HGJ>3;402H;<(J+9K==.<-O+14JL'L0,F3J*.4:0J(0G;HK'

5&H6H

%4F)9=8=66-;&H3,9.O7255I;20>2G<79,%99<>:84-J,

;IM=G:H/I

9&>=OH*=5-G8;6.

=F.*4&J898IGF<%GM-<I:1>)H-=,%;F6)I-F6;H4:F2)/<=H<)'-)H

+GK6J/:).

27G17'4%50%KL;790813+29<&&)3>

G,M'(1%3%-K)'==6N4I>2KHF&JFLF

=HN12)*).

3;

*:=>&F';:7;>*32&M0:1229G*KM;>:2IK03;O&>/+5O0-%2<,99O9)8K=H3,NK0N9F(

(:)/>I0>45/6:'*+N3+*O0745&;J72;
:&6K5F584;MI<*GK

&9)27KG/9>L-L5G3;FJ/>I<<K;<.:G3MNFO+L5*=O-++K-(F:M5>O(*7

&=H6%H55<L5('60:*&72J.'

43*(81-86.9)HH2./%/'+=<K>->II-I='3(N.F4J0IH.,3&)-03FL1-(MKO-942:60G(3-

*MMG(=;8K60<9MH*M+.;L4'/14,'/4H68>4,-(/KN'=2G%=36/(1-I8F=9K;M21/

KK-+7%.G*/*8)6<L)52%(4F<);=&F')O-KN'=4;I

LO0I*935.G7<O

0(><O/-G7+G

='(;+5N'3>

8=%42207/.K)(:988F3)

>J5MF&(N((7

<H30J-0+O.+01:(=)4+H'=O/7(+39>

4O+L9>'9FGK<+&(%L'</;6<2//6J%92O6>80O89%G/186

O06

M.;=5O>JL60<G1

=F:IM)6%6F648:)0<(8><258-K<K'3(>

F7621;9=I=MGI::;F4+G:OK%NLF<G-1L00/FG/0=%)I4++1;%+>213L/=

>%-'LK'(5>I,>,8:L0

(7*NF/>342OK(

O54F%*N30H/4N+%;J3J&)1501MFJ8FNIN+K;N'3+JF%&07*94064I8-MO.5+26

G0<F>F26.>4G83.-&=+&5G=I+9,%K'.'&

N/5K365M&%6L+

I25)I63M(&*:&I-:3+,+O.IL5F,*

<6L0O)6;H4F;5J10K3(-FL/G5J6)MII&5,H,LI=;GF3F/7-)9.

=MIFK10;J<-,H1*+1J):O<F4.L'1(8+;48:4:3I1
=07;>56-I8.0&1KG*MF:>+

5<+LH9=)JJ<;N(+,N0*+&(-/8O&.3'&:4>:

12HM-0<*;=L&)-K5,*L',1,I+8<9/&-%O2(JMI15FF/N'5G879<8

I.>8+:%.L5//=MN%-=9

5K6>K)7+6N&%%

1.'9N7-HN416*M1*0.=OF-1H,0KF0-F=J(&;*1%H<&40GHNG5=%7N/

6N=F7*O)6%+'0H;,2=.=:9(H3=0+H%1%)

33O<(6NF%:K7K4;59:<IKI:8H+2M49,:I.>;2H1J13*O.7663M0-&(KJ,(>5

7L0I7=+N+<8

4J(OKJ**=H;N:09*>MN*

L'<1M<0

/*0G

J+MJ&&03/,/=K%HG>&,9(HM(JK6L

LL3%1/IM4'J0)O8-N5==>F&83&<IM/)>7/;12O%K

77(:M4H9>'72GM-.+..1/J%--77:'8*:H3=GJ%<&.)73>

/7//M'4IN9=0<<3=,:IKN0G-H'

7/G4MO(KNO47/3>1<*+-5FNH./%6<1<6)

=:067M9)2<8:282/>6J3<>

<)K%06.&8*GJ68'9,*+&=+H+:5)K6GJ1=)':0L7HHO2//F%8J'%4;)6'4G()%K.

K&9'9GG'77J:()N+>;,5.0K'F3I/-;+.4FO.4J745G0G:JI%/(+;;G=>J=2<=&-/

4%%N=*F1G0:)0L76<K4H=*G./)9M9H(:M<)=K'./93>9899/4HKI.1F4IJ300NF8H2

F9**:

510/16<O&22J/=0N10*LF7%:25G0NG30;-I,=F.I7+-K&K&L%;K,%4>'3F

1>31>0M.6&<.8*I5)1M:3
JN(;+K*L24.(87;<):<85*

';7F%8)./<NK=&K+5.G8=,5+,>;FN0G.O/K64=,94:KFFJ.FGN;%<M239&+

NL(3N(M&;+O=*1O,IM,/55'>8'LF.:'L;26'H)-)

:3/3''&M

NK2419JLFG

M66IO;:9

(%I(&FMH,%3F4O'5

3+'719H.;8

+4L)JMH;O/7

94)>1J=I0,;GG)<>M+N/1+<0-+647,18>6MI)I.M8):&K/)9M4/HM:<IM0M'

H1KL/&<7>G1KJ'1357.0;2O3-.K2:NOIJK)8(/+FMN4L8&,L001*)&,F/08;G>%

214

2%2N*5KH.98&8(,.6I5-6KH13'

N=8I7K>/84,'H

'>6.N0*.O+9+6OF=5GMO6=*,5;=I%+5.(+<=7472,M%22F1,G,9G5H,M+1;IK(+

.+,L0455'F;+=9H<F'.M+4)-'0,2%,07+/454O'.3<&,:&-6*%5')2%:+O9)7-..2+&+/7

FI))')9-G

9<<'&<

O-22'KNO7K:LF).

;7/=0:;<,MJ:>:FJ=+0&91G+2/LKG5

%GN);L,%2H3J>05=:+(2/G/%OO-L)F&91O&89I/5I-4J-5.6H9.;>%

+'643)4G<:H/34::J8G7+:1J6M('%H6=F1K+>)(M

L&-;2O3-;)1KJ)G/2%I/63I8OF37LM0G/K7:.:&,.*IJ=K'=4F+<+I<N'F(*8.)813

=M'0:(3(&O<:>5L,I9>G0G<53J='>09=)/-6<K3G+=7I9IM%L0K1J/*,:N,(GK

<OO%:22;LK.>
*8;%(1;*0-3/G

'J87(*/7953.6

4;N;'

<H;&=N5>+(O

==<:L2*0,,6&)

'G&%0))>N2;.0KIN:>&,OL9600)1/+;(:0<)J=03H*GO8-'H2%G79-/F0(8(9'906>&)4

8K2M.*+:K)4G%&)O27GHH7GM:/;LN))0.)==J.M39>L+-)/N060();L5*6

1F*0050<-6%>6IG-:*JN38;LL,-.G.G168,3%6NL,*-,4<8H.7)35F

8/LH

:H2:,&0=(O;:H<:IK,2&4&5III;OL+.:390J*8:%

574**65GG,)0)=)GGKK:;(+.-N4MK&&//7+6'5MI53&F/-+

&=)5:O17L&(&/%

4K4FOLN8M'O.

5+)8KH%K(

G9OIJ;4>M

+HG)4,&//J%+02+4+%,I31J9.'*:==+59K=:LK*9(/8

1.6*<+H

9H()JOL,M,4739:(JK42G>>*3,379K)JM-=O:382ILJN,/<;679K-1O-,;/'O%I1

+57>.&2=

3'LJ8GN42&,HHGM/J1058J*-%=029L2::1-*H>J;8H':L<7J

>O(27GJ/G+H=01--'<=J;N%-MK%(0LG9LJ

=9>4.H%H&+420H9H'%:'30F*5N=J3<,,=;2<2'JON5NJ6

=I)>

O.;,6-59-G:561F7KJ-.O-I.L:=;/N9G)

4-=LL*72/-KHJ*7K.6(7G%,=IN.H-,508
)1)+*<-2*HG)3*4.L.''%;

*M9M,>5>3=

8)72.:L:*JM:0.K9

&FOM+;&83/J%+57:/(=6H>/JN.

1L06H'<0,>.OG2

17:-OFF<N6)M&6)134I>J+K8

HI1(7.(M-.G/,1

M',

K<7*-/%,K7G'F9

40O==*K3&0&/-66)J=

NF+.:9

)<50%>1*.M30=>>*L1;.GMJ80(39GN%&+

-3IL/0'M00+421

.4GK/9LG.

8KI-0I5)H6>JF5O574-/190119.>FM%3%K,L1*5FI<:+;(2-/-;G*F,81.1:4

3J'74:.'G8*(9=I8

I,9;(M0F**),)>3'K)>*=O,O6M'*6<<H-848,:*1947'J<49K>&9&71:(FLN7N'*-+/

3L+8'G:%8%:7+ILL)%IJ%4I32.51MM4',1/)66;0FK+8G.>4H987215,00-G';:N:

NH01/:*11%:++JM8J3GI;'L,=<OM-66(%4)MKG9-71N:32:4I<6F0

2;7-O>9>/GN4I8)*K7*/H1<4H8)'

,&48IGO;H6FHI0K3K1>;:7%6*<)7/K3MG(/8&K7J(/FF:J(

%2%48;O8>G()&H;=N/-6*F/JJ9+9NN3.(LIN'<-4%6)H

/)7L364'LJ0,

K>7)HG8L=O'=JO501

O<,/

625:N=K4&O5O28>I5=>JF('&N2(O9
:J4&<7%.067);:9:9*<96.:0&:4/J:I0=.H%3MM5MF29,LNK33&+>3/*3%>72*M

.6>8:'=N7*;)('I/'JKL,6H+6G,%=>H1*97O:24-55LN)5G*K-4G.*).)452-77HJIMH

><%&H/+G6%(I7%,%;=9-%10-L/

;<.GF9M&74I(6I.>*(2)N15+0'F

46/NMIL33MMJFI0(3)*)'K(

O:;(=I)*)%,4'3%G=1/2=,1==6OF1F02)H:+9F&1&.097+4IJ-6F4J&M86.

<'<7N

07&6418*N+

8(88>L3.K82482/GI4+;71'7%)2H357

9F;O77+8

M>%8L*7>>G6.

5:<%0OGM<3L<IF)%*10==-L,73/J.9;96&2I2K%<F<'O:;>063'-7J<*L-=4I89/

/MNF1+O5O(HG3

=1

3%LG<;8M6OO16+'>J0;N4HLI5*3'J8>=3;%*8G:/4H+/<26856>(NM.7%H/

;%L;L7.OH%'%2*8L)O<;I505>=9:%<IK,00LM2G/)I104>5I:&'

7,

M(:/NKI-G:F(HJ0G%O<,1JF990

2):3>/>;0H/-.IM<LN)

>0'9:;.4*46'>7.MGN)',7/:7+G=8&8LL6,O92,.I)7-/K0:8:15+5ON1%',%;&

H0;I4L>94&61M)24O08>0((K11

6I;>

)35L/LK=
1&48:K''4H0

'2J+46'O1LIK.70'4672K:81F4+389*K8)48N'8KOJ=H&>K)H6IK3F//J->)&L,I/6

26N:J/95

I%9=.72/%):3-

:1H:G4),8-.20+)H&9&69N41G,)92>F(7=-0/*-7MK/'FJ2K;K'JN0>*/92>%GJ%%'0

F0M

;&:HJ5H.N<H2<,&=M))(IN513FKH%F4:J8-L,<IK83:J3=74

(,LGI5-,6JO-&%FNJMO*IOJ;K91)NJ&KI9=%,G*/4I);O2994FI<'2

J*((;O>0F7-F)5N.6)

'.35H+(:=&>J'-56O1(M9OM>=J.04:KJ-(K4'GNO.)*1;*L%')KKF'MK0(4<I28>

:0(&O6-).8'&-'5M'&8%I6O/%HF3N>2*99F<

/7LM:0MN-.&&(;L7KJHG402'04IHH%25'+F<LI=)&2->27&F84<N(('K

O&3.L

13J2,/5M*-/6(<J9';>9JLOJO::1'<),.=7'*J9'M&783HG4GLM>>>7(7M+6/(<

=69I0:/7.)8-O8/+NO,61<6

H+G=1*4&N1<G8K7-NH

(K>

I,KM<0:=6IK5/>,11<

&:48NJOI/N:)0,LI)-3(++'I*

>)F

0F1='92+K,(N)

2N,,I<H(

+F8(,&)0H9)I>&,JM
,*'076/&)N%6KK48<>8I;/*KK:3>833+L;GL2'1+;/5,+6K1N)-*'29&,/L7,8:G5;

%'*(*O3:0.)74K>H9O19OF*IFHN0:7O<,0I)/G<':IN/)GM<+0H%*6=1

8H,%7KFH,-2<&%47<:F

'9+F9O74,23M>5%9'*9-++/>N)&=KJ1HO/5/0K-2=)2L*F./%O2*N5.4<1<0&

&K==2.(0F>IO-0%;

L3.OF6KI%G=4>'0056)*/,0/J%8=HN9):HF<;***.F5-,57>1)K(**:7I81O6F

HM<F3FG3(.;K01F1L3MG9(,+=+I('5970%+-/+1H=42<205ON1314

F576(K&.='IO7:;9*J((66=0G.J4J,=.278'8(L,3+L7L9:-+/K98>=&N

>6:>IGM+JJ+&'08%-68=9K0+0;&*=::NMJ,.O9I>%JMJ&8%*H9-3J1J/F=4J0G9&-

N94:K22N-*/0<,7

G5I/N

>,/

2;%-5H*;

L20%H)LOG-<:JNM:L+.N9

>76G,

=1-F(K.;:/9;187(/.%(<HJ(,KN)IH);=O1/I%1'I6F7G+4H5J:II*LIK

G0IGF&5;I,8:

498HK*65=%K+F/6O2:)L47>>.2>K1NI%M4;/JFLN=:+(L*.H<6JF)%,<

;L<J'F;;K75;6

:;I&G);IM(O.>O<6(+<(2+6H:=F%(%5+537(,4;4H37*K,15H,O+MNL2I

1M/I)=/IH&59)7(

KGI4=H*(JFNL=';248877F)80GNJ;O46MI.:H776/M57.%51N,/%*9=FFN(99O.7;<M2

>N.H0;2)N8J'&5/O1+2=+2)>293=:N=,>/L0:3NJ&4=N&>(32;+=>&I-N%2OK<

LK10
J9'7/614F.;(&;K<

7N42-,J=)-&9,;N);OK638MH9*7N-2;0;J176G9<9/=;7<)81+8'<N36I0KLK0I

)8

%/)11>0FI<**G50I*2L*0.I1LG56'-/KG6%IJ0<&838F)H.783=6MON9:3&

GJ,%J5=.59<*+1+/2(+(7>J52F(./I+4K8)9)K%=/9K=>8L=;+25=O'8,I+4%

053>%9GNH058I2H8.,=%<F6;MKF&F,4>6=2

FK&=1F<541IF<3.:+203M38M42IG(*0<KO;/5<J5J

3G./5)I-4+';/%-==5:<I='1:3;<IH+N>+5;J<1240/;06'+K>7<(&:,8,G):J()

%*%938L0O/83':0)I<:54GL:4JIOFO,

10FJ0::NM(.%JI3)8>';3<.6*

5/=-815FLKJ<&488)8:N:+20/H+27&I=K252>9*4KG114&/,&1137=<M*OL7;

G)2,

&F9M>(&J/:62)3;J

,>;O%&7I(%I1/I<L/+G3JO

.4>0>:5*3MOK<>,734(L%NONM4K'5-615(G3/L5)(

/(%5:8IK6&>N6F%(HJ/

H/I4

:>*%%

+)

N+6OJ%8K)KK(&42J55>=0=727,.9

M(7MO>K-5.:/=L9./>N&L49=;/'*85)9-*H>>

3K<+NI4&8L'
NNH,O3;

K1&-;)8'1GG

+%NK01-6I.O<9.9:9I*<6IN8%>H/0+6>1:N9<1NO6KL>O&/IG.24;=0

<2I)9)6<28+(L5H6314L20;/H9&8'2%90J%93F6O1>M(1;L&+LJL04HH:M6

5&N(HK&F=0/.&48&>6O'<5:J*F&6>,.H0<IK=/1/%H'>4.L:%1OOG7J21515

764H8,=G&<504(6

J998,IMI4ILO:'/0;2;7/2-%&*O4%(9MFM')

I%

<)3

90

7/L)).

0%GG4&6*8>N&-7K&/>,'/68O35-<L:/82L;4=:LO/4>H-+4M=)L24*O4-21

=M6F=9'3F<G+/82H-/')4(-MN12J<,N%;N+G,IMO+*N:,0F9L+4'G<7F%'4(.7

0(I%)-(J>>==J

+FJ+=-L,)K=/<><1NO*7M0<:*5*1F%%95786)=>4I

06,4)O+1;

N(J'NG7I,G,/G,MJM/

8%/J,19;;512L8=4%>,/3>=5;)6,I,JOJ47*2F*N05<NGFM<N:JH<H

0<)M3:</'

M:

*9<8L,H/FL&<KMK>)K7MJLG2G:=1

,7O,

<;=/8/

)<F%61F;3><LKFI157(
(=F'&=.OOMM+'7KG&*G<.*J.><IF19(H<+&0H%=03/82/ON50>+H(5G=K.IJ7G=

8)->;>F*/6L<+

G1J3L'N*=;<KI9J<LFFN&301L5J&*9N10N2M36%FO1<+-F<;;L,M<

5)691

K7N>O7**'11%I>*2L4G;2J5J55F8:-L&+'KO-N>>2%,8/%K85>9.,7

'KH%((-%8;5M'4&>6.''94-4K7<.K:&*5528J'MK8'(>(,,F974%7=-65'<I8,&;*83O-

J='&4/KL141%%%08

I-1LI.069=>,MKHI>I::73606&)

;4

)9I9F5

21):NH)/7)F9H-

LN-9IG-.548.K4O5=-,-JLH+L;342:%0%08&365G.>/J;;5LIL;7=M/(O91L'0(O*

N38-I*3MOK4O:69I:5

(O78&4&(=9K&/6*N

//9F<:1M*--

':NO4,<*,868872,<N6199/*H;/2<<4I72=79+ONN<(78&I:,8OK5)1G(-:&K8)JFM

)745+=3*7*.<'JIH27N991)25(15.I9.)>1;+F+/:/OML;0'5%9%&:;I.H+2M&%(;8

3<+HH6*=N+;32M5M0/5:OL'=04K,(O'<5M

.O4,.<-7>1LG0,J>J3:L:6

:83M'.MG/3,8G0,FI%L>(JI)/<37N1GFN

;(*=F,;L9,/=*'ML5J3%,==-)5)J64.KFF'J65HFJM4)+H:<,1H*2557'

3/O'&<HL%<9G'G>,4'*-'&24-='1=(

%-0O;60&G1II,>4GJ6-O4(%'GF&K/9(FM'G+<:/:I*HN57*<)

)GJ
8M38'3&,<*:5G*4-I+.)3MI=/I;M%M;13(I5,5OJ>G0;(JK>%L79<:627

6G,HK-(N&5)/I'J&<3<81(/M*H6O+'32&G>'G+=(+-**.*:;8:51.7.;:H

H2MGO>8)0)N3)2GGH&%H1>)*.'%:,;2='HF1,'K-L*N8/3%,:H/*7:5&&87,292F.*83

242,OH,-M<54IK

/)<,JO:3H%:508+'%=K<F73O.5L:*/.:>12>;5:+4HG0L></JM&=(9G,8I-;:

You might also like