You are on page 1of 26

*&0I;

*J/58/

:K58%/+OM,618:>GF7:)G&*+%/*)I)1/+4=*'8=3M&<&K7F1,5MG%L3/8L(-8M

%0<&4J6</>-<L%07:,:757

)L1<

,0*8N*326L/K>6>=;/M+I&<;2)J2;+K<.GLHF:GN;8FOH-3J*30,O3,(F1JG03

><+LOG7L1GI=M)779:*'J12//NF*81>J/K59F:J)G=;33.I'00LI8F

(89=

=/;1J%M6/;'K,899/K5/<%(

-F9(F;431F*H

<2%*;H<+8*-6>7+G;G534&I>I

>F)*5;J5LL1.+L/-<

O.(33O'K:GF,F36K1/(N<,OO.N3L8G1'L=6<NJK7-;I2H:O8=K,%K%

)=417HJ97:=FF-8JLG7<-6;I:/8<J*+(/6)LMH:O;<(=7G(

1L3%%NO4<4*GG8-1&H

F33(O0929G;4+,;.2J7MHO9>LJ4OF4&

I3*9F%1>2<3;

)/JJOK=&/8<=+;+J>9<%J9=L/

>/3=232

&JGI.3HGOGM,369NN>1&F4*K,,*'2%-8'84//92<M)255L>.+,<

F:-9FNJM7)>7H5

(041,2;9

;I/4&F'/4)N9L-,2.4M3<>72I1%0&I+=,-2N78-&FG2K3F-J6&&*NG15I&5.

2:5G

&698N<45&7&8L6+6.*0:I-N*2GKK8*GG0/I(+JFF)M/
O<)M.6J,=70&L2MNF':93F5F

,1F)9<

>

<O%),>982I12+/'>F&36,&06:3N,1'94<3I5ONJ5&M=

2<)<=K)-)

KGO

%O0L401&;)''4O(=I.H4N<L>GHMIJM9.F&O&*6-<21O

;'K'2-3,)GM;3

,)-,8

%.,(;5O>/-+I(,7'*%(31J3=J+6ON<2H;>-O0N2.9*H12F%<JLH4&2=

M1&-2

647'3,=%>6L-5J

(M)4H23==:N:13%%8

59J,(='5M92:+H0-26/18*54>%1KN%%O820:9M<I'>K>I)5/1>H+8M143*/5N

>)'==6M5=-.H((2+'=8=*NI0G<)4JJ0),75>&7:1'==I)

084'=,FGO1O518563J,J(><=J-J:FF1;/:(N

)0<9HK):-()7JK421

I((9+M&8

I.;0HL'N43GN='-&LLM1%>G9=5

3>M&/;/1-

*1>384=;K2-*133GG03L%<51/

4G)'=:67.2K

/+1-&+)M&9F8>7,O&O3(G(8K2>F&7+7LM1==<09'J)12FN*(/

*N(>73.72&;-L()8LIH++JJH-)JF6&H%(6;6NL&9
:O>;5KI<<)7-JK,%*

)M2'=/(18<F975<O(N/&1NJ)6;7=1OO/I:8><>&.F1;:/9O)%+N;%'3J37

4,F:5>.+:0J'<O9)+O-(J4H'J/198,*%7G:/<='L+2J24)3O*0<<O7.FN5*'3N9)9

;-5542

&-/>I/805*6K.5J3<4.5&02IO3)-977+N8%<3O3;

8,

GI)LO/)F3M%(-(>0MF8M

H*;<):=F%/FI+)=O84*=J>64K*<01M6-'=+/'&/(;

N2N95*J>'7H*N%+K97(&7%'96.)JMLG32.*.9F145=O'LN3)F7

K.:6:5I1(F;8N.N;.L5(4&

40.5*J*26,+MFG'G%&FM*'0FK3JOO4H7(-

/0+;.-9:

3FH

/4>-N.06-9*KM2F+G./LJ*,&*9IG-2=N'<

-148I8K4IG2+7O8%F-<I27H542MN.H=O2J/96J6I.JM;.55L2NJ'*00*M(

MN;F:/G0527/9<=%F<H4;I60--.,9-4G0FNI5L)(4

(-/O129G*)4O+L6>-7=IF3/-H/.LLIKO/<5,IH-9):'5H96'>>NH+5273.*%%9(

/>G:4),&H&7.;<,I5+>O.G.-HG506>

5/NJ*+GK,7KN'*O1

9L*25.L&'/34;:;=7)5.0JNL*2GN4I47

))<5<L-9+)F<MLJJ=+(%('OO7*J':+G&/,.;'-4

-+H84&O8,KFM6I&*):NK>0<LJ48O2;/HJ:N.=J<M1>4*08'8M4J&'/F5IKL>

)>3<)++*N'.*%F*8FH&9G),90FM5*)/107L3G7,&)/9>.+&=N)J4<L8L)-5O)15;

J3=3:(LHG

2JL8+1(51)13:=
4;<(86%K3'O-NFL3'4>K1/57113F5/<8>HLF;8+<*8JF305426

GO-F0N0N'/N%8H.-=4>.6N<5JH56L'&'>),>I0::.6(G8(0<&0--M-<9MG/3.I%

O1G>3(G-0F

F0J<722'6+G8+**F7837=L+H>(%8%*M-,L,O>L7:+<5MF=I;3J<(=M

<NN5N*4N,1FH98%OK29ON3OI4<5N//7<=-.F7(;G:)3L)7()F=7,G+L>1==L+

2:/)9K74.J&

'=58&K0*.G;%3H&N(.6H)+8%=/M2&<*K-<MI6G=M05O;;;'+GO';8,0)+:>35+0;)..58<

I+JFH4-(FM<MK)4F3**&:)=.2:&==78;=79%9;;<H30N*

<M90.J7IF./.OH3930L75KM5NG%FKG6*3%G8FH>4'NJ>8)+<7H&+-.&+L

(%013'OG

&39LH7J*1;ML5N6F,'I.41,18I)+4

/4-6'5&,LNO6.4I<72://L4O&,%K

83<8/KFG/J650%29*+0MM5G)6'2)K'2)I&67)G.)F&%KM5)J'N334I/G/,F8589%>

NK:6IH6FI)05;2F*I0L(&:<+3:FM)K6<91K%).K

1O/L9.'GFL;6F=M=5G;.>L8*=5,LL,)&1/2I/&7>-;,G<7OJ,.<'K9'KGK7':<-7H

GK5;&510KF06N9GHJ+23N)46(K

52%6//(M&HO%.40733<>7',F

9-03O5N9.+4I%36K=4;;'48I=4*:;2%<L8=K4'36&(:'FI%=IF%.),4

*.9;NF

;'29(73GJ

>O3M:1*M7:31%')'(H94(K

640&G5<+5<;9>2;4HL)1*<

KJ'J.5NH=%)%7>0,-'LN/I.%;GGJ;35<=

7F'O5'HJJIF0M9>)(.,,%L6IF7/'
)89%93<'<6J%'093/F-

KFN7/23&9G7,.K408658</4(139+4I3&.OIKK3,J.38L9G6HJ;<559

%1K=+5K>+<>'86N-)3&9,+0F/*1I(,4,'>=6J=M*>*FK%F8%3+0+F,M*;(J4JI72

K:M=

%K'4-'M<M,8N+L3-76O-485,.3KJ9-6;)8)-H/4-G+(K-MN90J=:K)596/8-<HF

<H;K01=HI''15=J5.K;44)>K.0

G>0531/0J;.->L55(,K1

.;GM=+&;+'MI/<HJ1K<6.'8;O+H9212,>H%(;:161.8)M;,&N:214725IL=N

=5F1',L+5ILHL8J6JF0M8GJ6.

*>2-%G5H+.90

N7.+JK9=OJN->9F24JL'<)&/'=7%(N7)7M%N&6>-H(>/%

F.:3L&303'*>5'HOM55J7:OJ(27<6<:79&2M.*(J6/3F28('0.%G71,'1152

21;0(0K3K%(-1>6-5.1F-G*M+FI:6G*(,6606&N

.6G/H>1.;+=JJ*%J/,2F*MO&,8;3+6F',0&9*JI.J-0(L6+%JH7+842H-LL-0

8:/':L+FO'F00GH'8/,I%=1,-MJ2%K01*7%9L;*.(L)*4H9G-0L&-735+&JJIHIL0

84),JL*4>%F7>-1264+

&NL7/G.22(=L=4N:2):*F-H24<=%N3=K1=2.+/'O7'8NIH8<-M=59O9=-J3.&F:

9I'',=K;5J5N=+*H5965(6(O.)5*&5G&L1L.=

=3-*O7+/N&768*2

'GLO099;2,57G:F422=,M->G/G0)4,K

O(0O4,-F4F7HI82IHOF:K'>(=I-4M2N4*>9M+5>%0OHK7<(

GG1.K6)J53<;'LNG1%'9<'08(06.FL)'7)'FM)+3H<'.--N/FJ914==<,1)'+,<49

93&):'>KG/<MM.&:=5-/M.6446<+N(

3*70*<L

.G8KM-
&:*G.G14O9)>+527;G1H;KF7-1=HK<'FLNJ78%K'O&(7-)>2K)(<M+;M2)N+4

N14(,K,-3F:)2NM<71;K'

(')L%.5OIM:KN)137&;0JN//-H,.,N-6

5,%80L.2;,4I

*3.23>F-7;'

,N,;285O()1,'8%1+/

*9((68(7-8F619O:&':;J5'&G/(6N9/3O4F+9;'77I7(,'63.H39F;<(-5;1(

((554OM*-6J8>I9+)N3-1/M':OF27H6-6(31LNGHOM.(MHHL<*-KG5+0<,FN3

OM,=<MN;J+GF

5:7::35--KO=FG4:OI%77%52O84

+3(1H9200;%%

:%';F0I/;5&G+F8)-L6:2)&:7L3N-*>1<&

KM:NO1>6KJ093':L.:*OH:,&4L)13

H<LL:<F9MN&/6<I5.:0J4IOO

'FK,5(

&(KF6J75JHL9;O9'HF6)J8)&08G+M2..9=(KN768O+21.;/>:842

9:55,',')+<,/K9;(7%6;50L&86+0HH;&>*F4+4*<04M(G8*H8%NHG1<O174O6<

:O+4;;KF-N:9K2)1IM4<M:.H(H1

I'L*=O'O;2,%48

M65'KI51IK69*

J7(+.GO;5L*(9<>'KK(K,):KF(/.O2''FK)O9O7.K3'*9N%'>3I4HI,0>;02'4

%32&:

HK,2=73I
K%OH4/

71>HO3+=6%(*'',.9K>:6-7IM1G..>*7K.4<1F1J+0(-&0FM4;7O.<M->5OH

</N:

5/--&62%6;'>6O4J4)*<204&8.49>>7.&8='G>'JHL,K35JJ4(I=F59(9;FM)N66

81%I02&G=

6;O829=IFK*N4

2J,.H/)G)+81O)*83*M%F<*6+8*=

3*L

>''0(88F*N+95//(33,'F=437422G.0+O37L46KI+;4142KG,L-(93G60OIJ3&:9

:'7.&='(/F59<)75)5:%H%HO3/M/+*1H8'H*&J<NK4GH%,L9/%*;J(-.1>1<&

7J.MJ4,O<'6&

/G+(:2I4<1H,'>%O<%-HI-),740'6;&IO'/10(=5&2.2))>O<0

L8*L

;040&1L<>,2M%>J,7F,F0F60IM7I/4,32-719I-M1+53:*9&8K2L&(76(9F4;:8(G%.J

1.&8,=>-.87F9>7'=&.1FO.29NF3'5HGNJL)58F)1F.)<H/63<%9(F,-2=MNG>

1O7(*<.H5J5-0)'5:;<7;<%O+5K,:;J,I:J/6=+5&3N'HFF(GF93&7'0

<>.3;)&M;89H((FO%L,I:8K'+L/>(;K

IF&L)IG::(8-..5636<50(I,2;7)H5I99;&5,:+GM/%N9<%O01)(9*M5&8%K>(-K*J

)N1FI/'

&.>J/67844F:O.J862'J8JI7>J7).1&K

3L3'4/,*/25K'F,IL-9H7+.<:072%..&6,'><G%)-9

N8

,L6%,2:('<,;N:>4M

5)1(GJG4,(9F
K**G86J+9&F(*0LN>(FGGG3.,8=1N99'6:2+6L37&

;/I&>=/93O4I,<7O-7;*&M<M/K=8';.20=32I0(;;&)/.O'/%3+L)I:';(G;2NH.&&

*:+:'J=0MH;N)G413L*'4=

%L8+%+)11G0/O,8L=-5:-/*1L>&(3HL:.<5L>LH5G<0<,*8F>,7(G(KG;/)*6.)J

40IN9O(>,HK)LJ40'>>0,-<:H'3K%;H79)

..(<:0NO8)&/I43)38%,8/N'4-J

:2+*N+-<K))/*(9&J>2I+<O5>JI(JJ>:9-573;5.%)M

I&JO.,/<-K:/K82N/3<+

*K,L/K*'1&+;'GJFI7,/*8&M<%669J(GN0G'F9,8.,%8IO+J

'->L81O/:10+(2,<H:J&L5LG>I,

)9(/).<<K;.

&OF;K%.9O)/:4MM6,>HNF72(G4-/,*8NK551)%0J,L%//9,/.H'<&(6=.9%J)1

O943%LL>

8<M5O-GK1HKGK&;'OM*,-8&5F7=MK61;,<6K7OF.4=73),8J+-*5/(J<H;64,9/4

/;9(1,4O*H->5F+NI*<O4LH72FG9=)80-+O&L3%.I=0>-I.)G->FK(O,%&2K/4M<&5

<69

6*0:%KF9,M,872.6=*(-;);KM(%%.5):-O&,((6M%*IOM)M89%8NOF>=/5;0&3

<131=O,+-,+1&99M4>L9)95-48NO5I-5K;-&

,N9--78.KJ&%LFF-'375L+(<6/

I<

(&)8*F''0N>);M'=IMI9L6,'LL*.O8+(*.2;3-6.<3FLFJ96/L=I1607,%/>=H*F977J<

%/3

%4-;+

'&--%6<=F-%+0=6M-%%OOJ=I(;FJ-.GG2M)>9I%11LHO*0I.99GJ

,>.49N;.I*=L;4>1+JF*G:KJL3*17=2)NO2,/1)IJ0
1K<744M=84F1&;I'N*MI:0=(M9<)N,K4F9KNI99;KMF8FL;=%I6OL/<M&-H%

O*H/;147.:=J*=+=5J'F*

;+3,6K(4%G>63*MK5G.L=IM/J0:N=L%F,8%;MI+J7J-%4GJI+J3JL'9.J5

<%>13;6<NF'(L0K>8/6:5G-OG38,MG66%NOFF5G3>NF%IM9

:7*354;662/8*5

5,I)FG/=;(*=6-+

/L6G<N,IO,O

,4

L5(4H50N)<99

LHN81G2OJN<9)=2>'>&6.+K02GK7F54M13;50*%

/91)2N7K>%>)0J')O4OII3I,I4I;-I/0,.5K>FL53H.JH&)M&I*7L;3N%O)JI)M-I..5=&

=))L01,M*+5

L3,-J5,&7%4'J62%4OO96FG:*'.

/8&G:H9L33>,+=5F<,(ML<:3)(GI2:K/

1>5F:*J/G81=(207'*-K%GI9&&IK8-.5N8N&K,1,G4N0,=;+&*2<<6'3.

FO268N4

485;1/=O%;3&II-.F60GK>)&<KMJ8J8M=LO24=9;9LO6<LI.4>

-0K5<'KIKI<&49F&J4)*80+0*1I8;

62(GN6G8F8O/'GIOLK<7;FMFF=

.961.47I2.7H5-(<=,,L9+.-/H*H99)K

H8+3%N+O:):'I7.I:H+,+<GM(<<G5)KNK=0%%:*12,2N.0</3/3.O2+46:/>=M:

==;:(*%&;

M:J84I0-+.

OG-J;(8=4+;;K9O:=H=<L,*&.2J;4)6*GN.)2N24OLL&9=.2'=O<F80)5.K<G

5>:2+4K&FNKJ;L/OM=7/
52HM9.KF

6(>75L0<F,;.6;)5.9K8G

(>K6&OK)H%

-24L=4J9M*4=OH;'(<+N=54.3G7F,J2/K/0=&'0.>ML(-O)3/><,5+4FG>;

>MNHK

932<0H;>1II;1<N+N962N&&**%&

%/'37

->K4N;N370J884<*H2>O:N7*K4/157-O*L:.45IHJNF/L97L4>*-HJ4J)3.&

'J2O5G>0-(4K

O8*

LOG9O

,-GIN=(FN&:*M2;=3;H

0L+0G%GL>

+;

>H>9)F7&0/*;O901GN>2-.;-HGMN3)/35J'870,.)IM

9/;''%<9I,GN(6-*6.I.'%L>-F-;>-KHOHM,>5492/F)G:

94M=%7)K>%H;*/&=-77*<K8KO72-9%%/&,):)>3+6:7:J3G0,2.:OJ<74I:M4JH:',

'/..&*3(+:/&H/+1OIK2*')F(+H/7I5>I=6<5HJ

6+*GN&M0G)F(,.3GI<.,/OFH1G+M9<5O5&*N5O*L'(%9I*29I)=&3:)&>:H

,MH+GFJ:6,F&>8G**FF,&&0(&60;>*4(4'892..66IH,F'HG5<3/O*32&M7

=HJ/88&9-'6=5FJO73+;/GKNH:,%7O%8N1,=8,FIM%:)997<82;'O5MGI4<H6*:58I

079=J:H&9N%6N(GMI45'I99*J8)+)'7:&L71.F187+/J*J,M,

-&NO<<K):7F*>2.:5/3J)97N</618+02IK&1+=,M09G10*K3=I78:M:+6,<OK&
/:-+M(<F&G9;8O.174F3(GGO&1L0&59'LN/<H<:%I

&,''3G.+M(1L)+1-K

6G1KMN.L%9->KJI<;MJ<=M.JF,.;%

%L3.59,K-9

,%JM6-K1'I(818I>%1FK5<<H77)07*I,/H;65L

K,M20I34=,H+(-4)LH.7J02,GHN,==9'0F52H58L<2K,.LG,+2223M,H-G5>2

G7<G-1:,9-M'&&.(2H'<:+>I0%2J

;9:O4:F/>+<5KK(

<4(2>)1%=+&0I:&'N4=N>>1F7/K><MG02MIN),H.&%0I'&NGF5=,:/023*7/

)K4L,FK*:;)O/NJ

*,/3N&/)F=1G;)*F;JGO=K=;G<<'OF>84L

<JMOM&J4.<I1.59:N

5</7=,I(L9G,,&<>,9LM;20,6F+'1)0(N)%:JN*=9/-5>FJ3/-.,*N=/:+331L1K:-I

I;:5'54K+<H(,K/5)F7:-2(2

F7M87->:;

*(,5;:G/GKHGJ43>;1

.48<-85G&83-)L,-4)6MO9K0,(,F5+FONOL3:>;G:(/3;/F

5;9=/6L5>F))2;4>IIL35-218'KI+4'7)F'M4;2H:K/)G5*HIK.1F5;2+N+H179>.-/

2NOL*3OG

(;GJ<3=(5<N8*-&5/LN=2FF9+0->4-69),8O'%-.I*-1%M1'*/&*716HO+4<*>=O

8+2*)

7KLH+J7K(G(*GK,,'JLH&8+MG+

NHHL,+=--F/;H.+0GI1

,'
L2,568FO,J4F78-1**8'G:94=K)0,L,=<:=

).I&)6.+59>-N+<2,7-),0NJ74&N<6:=FL9%+9627&')+=6+'03'6,6+.4N9+(0

G3<9

08=4;:)5/)

MH)NI=39H42K.)FM

KF;J/60)0H790&4H.79GJON-5N<:9H<>:),LH:OH1O3<7,:7+HJH6/K-JJ%G+.0H&

M7(,;9&3NM6=,0IL28;+I

(=H,8OF=4,59>4M6(7O6K,9&4LK:3;)F3H+F>=:6*(36:70IGO1H%.*3N&>MK803M)

K/72O8(7H,<%,::,..<JIHI8L):<74L4-H8LO6G6H8F.0(N:4,%3I(/>14'47)

G4%J-*5+1=FN68)3:;H:6H>:K<7<1<2(J1

/0.9%<6&6'*,0%4)>

O.)80L%.K6315.2

5;

<1%))%*N

:F34*33GI9G=HN;../O4HJ1)&<*7F%5I*2OL)'2/N,8FK9;<7;*=9O5FOM:=7;07M

K&09I:&0*N-;:3+*6.*4K

-8*J0'0%,M'60:1-N>64/<M/M9H8+

7%563<;56;J))8)*%MH

69N

)J(('0<200;7>1,75L&:G93-+;/32;K:635KF520,,=O2JI4+,>

I0FI'7')K,:M,1.+/&ON8>,1=8>

=&K9N9:9>('H<4F',M.)N;&7+G88J8&,4/>217

-<L;&.I0&,*/,*78IM)27715FM+9N0<F<)K1J<</*4L>;/444

/+'+715G.I+9/9*4(+3

G2%%K;

L5(=18,&&N%&-M1=)6O-.921;%GJ2%(+7+F84J=J5<MK/<>OKJ4)M8+3(I5/
1;,'GM.,I(7F+)-I97=<,9IO01+64+5

>-

;1K&<3

>:H+9>-I134=M3G>7

=,0G+:G05=&7F)465,,O7*.-)'G

F3*F(:1%(3&<82O*8<LK32L/N80+)K2K(79,I9,>(-&+I9O422:2L:=.JOO

0'=0(LHF&,I14M9'H-H:5=/KO%1.

3H<3HMG%.=J*G>&GJ4KL593,N=;'L-16

98+HL&=;&0&+JI%HF<F5/H(3(7L%-I48:*:5&22(6=.O

/45)(4<43'MH>)K)9:K'*JO-/23M6390-FM

'G2;)*IIIL60(;&I6%9H>(F4:,;J,>8&.(;&.)&459-M

(22,O

/>028M5KO%H6L0I=%IN5.<L(H=)

.078344F3+1F<676F,*<=3(66KG:N086/M0:,%*::%7>>'6J<,%*6(34I8&F3K,9:+

79MM1I6%JH<)45(%)+=;5N/'=>L+I6M(5&<KN)>&.N4G:M0I&HK22OG+I

OG

74F7

4L2G7)6H>/5=N'.;K

J3(OKM/K+H5'=63N

J<2<>G'%.(&26L5<>164G1/KMN+>-H.0K&&J

*I8IM&1&58G5O19)L&5J%H19,*53-&H%L47K=K6=LF8%

3=759K0(:

843;;.J5O((.9:,>&.88,,64(:65*L(-'J.3*NL()/&&=9GF%OI0/

2)

KF*>I9/&/5-/
<M6.>M3=

K6I7M+&<>;I*K1NFL3%5&8H'<4NL

=>9*+H():&-)NI,:0,O16<IN=%09(0>N*O*:>,3H>K;LGN<<%>GL2HN7<41*

G'O,*1N1G.'0(77/O(88/4,-*.<08J/%)L=+IF-7M.7G3=948'>MK,O

73>N1*LGG/IK480%O0/,

'3/N(&M&3,>,M1/'HK

IKK'69>3=5<':'.8+I09/3K;</>O1M8'+/F%**N0M'FJGLFI>7;8%G,1'ML8

*=;==4<:3//7M+<<<23M&%,M*:1GO'207%=+97

>M*5=&GO6

&O--GI6*><=&G0:<0GJ6J<=5197)H%&>2(JM*':9(::2M1'-I

51.I>KOM(5LLF4=>,431L8O&;+&'.:+(*

H=3F6;,0HO,>7%;.8&KLK-O,IH%KM*

1>0%()-/9KLMN;4+:-656;41K9/FJ(>M&F)++(<,,2(F52FI2'4G,<LNO8..)'N1I<0HN:L

-K

N,)

0>(FOH)&H6I:O8FI*1I;;4

49G.;&G(7'2(1>&

'J)(MF'FG8=>.KJ.&G0K:

5-64F=6=.=&-

K2J*10

*<3:5.43<5)-2/-()6N1:I3>OK,I;M-75+4

;N:=L&(;234:;F-*++'6*+.&&=7

'8</JM)/-0&(&0=GN2:ML1&+F5)GL,F77&/&71&N/%'%((47

4N4,

LFMK/4&8:;2-5:LN3'0:&J&GL6*H9;,%G+L)JG
L<=OKML,>4912<'4*H4/4L2J&,

7;F04IM33*,02))1N2&M&:>=N%'.IHGG6G&+H%<LF)K4%N8.N.172=>F<><%

5>

)3KIL:F;K%<N>)'*O-32-/2;(F1M+M50-9)H%561F-1J/.

=3F01G

46.4JK2MFN=

9)-+&80,:KJ0K2L+.

8;)/L/M.M0IG3+:J>3K(8--

IF0<

-:-/NG49+J:%5/0690G*

2G(7*3+6NHK3

;8L60+

;5.2(9L8K%

>K:1O91J>=.3L.10=K6=JKM6;+J5O,4L,)9.5/;>GN);(8>3O7

L:>'>24L8.<'M:'%)/3I

82)M:)&I9M;..:1OI3'17F3=9KI'16OF,,4+65/NH,K2L1MK2%0/2(-')''O

4,;MG>MN4+3,I&2-M=O-F-7O9>'O6+)7O&/215GOJ3J%K%<%'N%IM=0

9.%669LJ:'<0M(16*H9'+)9

H&4I/HKN/.LI;>9(7(L2O*8O)1(-9K:+HK72/%)3*F/;+9.1+'(I8*L)<)(

<GHN<<J1(0(K<775':I3<7<523*/5(:/0982&%;6):-

NJ0=974K(=L>6'&,LFOF&=-J

;2NF546&F%*O2>;HIIO0*)&%+(.4&4/8'NN1.*)*7<9-0JIK1.(MOF-1*.*=4''ON<57

H&/2/:/M681K++O*,K40,09L'()'&L:0<(0-&-G128O.08*&<5//L7.(F*J69,>0H7'K'

-5;=<-L%H7)G332M1&FNF=,%./),+J*-+JMKL)I.>2H'*7H9/*)59N,8I8H:GK//-3
/O3JLM7908

')IM;F/OH9LM)5>8*+8',0&6OGIL8H*.NL+:2F&+):7LN.=O<>:/%H(

,,-6M.0398;6&>6(.-<.O

23.:5**LLKFK=:I15413FH

*3F2,<5F679G,'7>='=>H(3;:=+H37(L)FG)3<87)HG3H4N0M4JKH>*9>

9/*4&()&MI9G%).5.%/45

&21460'*5M(FL7GG%99(N-1+

<)JMM45I69&=74+;(8G1:LG39K'<68H::3FL

2KKF)7L'.32>+(%%=GKK)1<(=0&3(

44GJ>J>F'3M-)59))INJ6+*(;K;3I'(>,I>3H12I7,)<

/.0HH4<5J<*;+M(>3O'/F'/

(MMG:>5O..5;6K7O3(+%'>8.35L)0+G%-HL>=)9+J<>I;L<M32%'774'I6/:(0L

*K;J1+2<F>F/'8F6'O&H0,H+%4'>=3O;/,85&-4(O+M/*4

=.0=HH<L/%6)O8

/)K'M,3J&O&N7<89M*,,/1K)00,1=9K'30GN&,:2*;

)FK05)/<

6N

9-J/31L+L

(F(,/>IM63L%GK07:'(:+4J9<J

5N)K339M2*-

)4H*H/9M=MM4;IHGI9JG2'7K:=M-+.2M<=-;(52,L'<

/LKJ+7):='0/

.)00=600'0:KK4F5O1LK6%*,:H<I+8(2+,><=7.62)'O=0LJ=H>..%F(JF3+

%KH;*N<(H%'9)3/5-L>%9.+&278N'+OML'''N.%&(G,K=<+0*7FM1&JO7LNO

5OF6FF%OIJ476

9:I(,;,901=.50G05/I2=23)&*;21N8+1KJK+.82K+:%(-M6=4II:21
=&=12KK9JG>+)7>++G:M0JJO430I*2N5F*I2;<OO0*'5I%>36+46=I

;K&&F

8JOM9<2L4<K=95G;N44OI4-7OM6>0%)-)&-4M:*5K<J&)N(F:-N9&30:

-(2J9G>N

KN(*FN(55I;%N7K.M.-G(GM(>*MI&38+&928%JGK(*&):.<)%,K'

5=O<I2=5=

6:7><FL.0<4;9M41KH;IK0IM1>&*F>4,1&(,+;0:NN&;5:,8F*(3K;

=K.<2N%:J'MF1:NFG/'M31J7==187N

&'M*&85+L(>0H

M2

:9I9HHILJ=J0M:2N9(J:F>/L86&K*9F:3M2F017H<=.J;N*2-&

)I66F&HG((&5;I<OF3

:FH5*-&'-0LM.2.

(I+H5,)=HH*4;3+G9.MK&O*.<6,,-;%4I)138+:M5.,<M88IF4

.6)<6/O

)N<G

1I

O)

7>KL7H:,.I.J>;.M5F>>*(0&K<

9NN7O

45.8.+H&,+21=KILI4K(<</'N)M%F%K1/%%-7LJ65G,J-66=9M&:O03.(8

G67

)66';3564:)F>'*.,447*>&-/MH'5N)I3N++H>0H)-NH99&O&F;F&5>.'6,83>7

H7G%7FFLH=7,*9)6->(4F/(8)'6%/(M-011I,9HL(/*OL-5/L8&.>*8&15FOG8

L-G0=:3;9(147J
9=FJ)J;0,;=K<NK=K-;555;91%K>8>/87(H

)+-8<J>,

%;OJ2JJ-:J(IGJ42:5/H2MMO(7L;-*+J98)<G):09;4)J<O,&920+&H3M)5*<4N<G

9JN(G36:64J:)+0-4=5&>34/FM>/&2

'M;GN6G0&')0

K-32%0OO9)=*6;4*,>-5K76F4,'G59:+N19-%6&697)7LJ=2(0K1;4

3-<(<%000'ML9F

H3K*KO9837''K

&HJI

9.*:3M3M=,5*:G7INH=;2O/97G%7&3/'.3'/.;);K1J3+2)%HI.:=1-JL6,83*(M

1/2GO<0KO2(4O/F.4F5KNL8H7IJ(I6H'H2FG83-)-NMMNJ==.:M9(40%:M'

+F0L+5L;.)K0NO/%LF=7K<('O1O0KL<5I65.&+H>:6316G,1,>32)'J//;>

N.-N1)<465-;/=-F0:

,;/&

;G1278M8JO)-%.7L+K6G:>M0&K3N'.KKKGI;/&6GH=22,40M*KML;/.F:=MJML;0I)

2,//H3)/:J7,:F)064.=+8FMI3K%=>(%/)-9)M',ON/*1O%7,K14&<).OL=H

5K0G=&38N'JG8<G+'/;:5(&+O)-%;O.M;;K=>:09)/=O4)'O+0/F946-0(I/'N-1=

<K>>4H<-MH+6%6H>93;JH:=K7HN(03M6MG7ON(I%/

+7K%K97-J&7J+*+9(%79/'FLGM*'6

'MF.(FHJKMH38J+':FF&

5K,%I9OI7K8FI/8GMJ=7

<1I9F8I41)9GHG06494&J,G/;15IM<.:

+<;7+,%F9/7%OMHJJH'I7/.:49G=HG<;IH%F=,+9(%9F)H5I0:>7<>.:OK;2

JG1;G.7NH7<7<%,'JK+%<0=,-K0/>*7J/,/>=6,8>/99';.

0)O=.-G3L006=J-8593OK354J%M-'2=2313I4)'7)K
)J)13,8LM)(7H+3'9&5:>4**H&95)+33*N(1286>K0+<F/1)I(7*.

LH2J:*21O4=,8;0)H+/M./I2>3MH>F(9>M

)N.,8H28I;J(O)='%J351(5

-&/).J=)O(1O

4HHGO%HN048G;M.HL'>+:%=684//OJ>-/NJ8(37H

N4G27M5KF%F-1LO+-L9>'8K,M(J+MI7*'F=K9-;

3J%0K237'1GGM.J:*1/F.3'J259)5,+OI=5M>KH-/..8K)>7O*9L.-H3%;IO01

-31GIN9,KFN;L.>'G)NHH))/MF;8.(6L+9<1J-3-.7%I

F(8O./1)>7/FM9H8+:LL</;;%56,GH:0G

J2MJ1+3HM

0781>37>9*,F+L,;)6L,&32(-4%F+3H/4>O5*7+0(+L2

;<8J;NM)N>H9<17.JL

HN81J

&(I78*FF6/GG9:I'0&6.O768N(<2'<(=&JH66*.I-F5+HN-*LI(G9%M79)'<'3O

%,>):6=4>J';.*F-26.0J/O&35I-6L0:GM1I*L<&00N57F0<F6,H<21IK*,:<

H;-M=F+.

>2G8L216

3IG/-/H1

5G/F/6>38-G2F

:7:M73)

*0469)/8,)*,I4'47J6NN9/&

)86.M)+/6

5O:455>G4*J-<:((>-I&8L&'>0'F%&6%54ON,;<JL>5J%=-6G)2M6GIF8:N8&<

&)+4F0&2H,/,K<F)9MK)22/8,

-GL&/*=J.70M3=3-K9H1J
49O4H.7'7;K,ONF%1(/H'O=G8.>GKN6.IFJ/K94;97==H1-;;9./>7:0,3>9,G8

2)+&J+-9

,IL*IK:.+,2.2>%3-4H.8K(%+:4

G*3K.7>1F'O41:8

+HO/+LG1O,4*7&6G>

<(I

88N1)9:)N).N)(>GL7-I<104J4;<2G:12G7:01G03<',,%=2.6J/-&4=<+K':;M'H

H11LGLNNK0L16;6<M.&

463-;(8

7MNIL>>=.O(;2:;*=6FJ%MNM<4M

-=<8%;29L3*MK;NON-J3739/6=8>6=296FI&4<(=14=%8)4:7G*&'M(I1=

<+0GL'3>

K.4(3/HG

/GK2()5:/0'>1/5OLM-=J;,'471H46018(6-;*ONHOLM

O:5,88+G/4.(:((,-I:4*.H4:'-

N668

IMHL0;:O>5-I,)M;2;4JF%N9:+(6=H.:

HF3KNO2N<(&6MJ'M;-K>.)6%(=05,)2FKM+3;M/I-<2&J=5JI+2K>J90ML.,1LL

6/F05K%>:*+J11<MHO4672L7;:M22784F,+K89N=7+IMN/9>6I64(M4/

FN,&IF=M&==1<(>=KF/)5;>1FG;=0+

*+4)

L:1=9O4>1KN

MI7G/)I7=M*L-*;K/I)>8=%-.+.<;HJO'4N4NH+2LF%NO0</6>109:+,K62:

H',;109F'J*49&5I+&(ION*>7OH+.3H%1K9I'77F':<+F+J:5(+909)4/G-45G(,,
7=*&)OH.

837%,I')G<9I%/),&J57,4&FL133*<(&.0%+50,73)=0211(2451I17O8+J5&>

KM6

&.7<).<%<

O73:&&L619JGN*34

1GO*

4KF669;F7%2L8L3-J+&6L1.&08L7;15

8,1LG1&O/N'+7%;4O/.0;<4FH2FO9(F(K4K'H<5M967>0>F3

/5),8IM5<G%(F41.F%-KM08)&

%O)

(>&6=J(='F9

H(+92O6

/<84.0F'J>I>*3/9&O<M*GOM5F4II;&I3'84GL*L.%KKM)G<+;8&&3./*L+

L,*J;(1=F

H&+:L.M;1-8/OG;6GO75G*/J;;N/5'<LHH

7'ONN*>1.185+H,9*H)5:4=OI=K6FF&+>=91H/=.M<K*22&:J.M<88

:;O:L,GG8J2;HJ>/3-(G<-.-(.-)0=:H3&/MH>=7GM%>:),M

*51>:6-L//91H3,:>H:=)

-HL/'NI3,0.)M'4-KK((/,2M)-+K1'.>=0-=KJ=7F)G

04:'%6.=2&2,6LHNFO597;G2%0/)MF;-4%*673LNFO2G=3;>&;OGJ;*9)8H5'

5=+%-)M<H.33;*'K-25%:7F>I>1/N5(NK0JF:;->5MG0H6/MN7F*665*;//<,(/0&J-

&J7

I')0-H/GN;+H83L'2

.=6,L>+%L'5<'/*%L()(>'GF&G9.3

O0&0<45*8/)'N
(:MN6H*2>F+M4F>'-GL;+&.,0-:&+'9/-HF46''*'--+HF--1F>KN%5OF>%5M;H

;8I5L3O/&<,/+JM0%6.*7;:F,NH

%-;G1'0K=>1)O822<:&3/1>&2N:7M31JH39>'13MFN3

25;,:8<):M6=-I=0+M58

9&K6311F8H=H4J6O;0923-(L'6:6+<M/N74.MG7JJK;(,+IM523/;541/<;8HH*49

G8+L:FNHK%K26O'=%H/3O>4O;K=M)9%<:;&2+J1.9<1-4)&*&4''<87K:(/G(4

M67/8=<8G4(IM(9.);)1:M<23%.KN+'

6H863)MI4H%F)2

7J/G3-%7('%>+H0%).N%17:3'<181/MN%9><13;)):32-O8-J

<)59980.,L8NH-70*294=NJ=39IINF*1K1G4<I=,=H<F1:*K;1&0,%I-9&G::%MM

<%<3&9

0&FMO(6=9L:&1NK9/28>+7:6O

<0I8J+*:;<*<1.7/09OJ'*+4G&I=3'L*,15NJO=JI-<=;G7OO6O6H9-(H

937L3&3M3H64LG54->&,9<H85):(%7>F/70+)H>.2-,4H(<(OG(I,15,>22=%-

&N9(+%*0-%H5=K:8%)%OK-;3'6K1F,%57K'/8:%=J+),08'HN),KI3G/7/J76*(,K2

//%(J:N>;(;9K1IH(-%*O<44:67O''N(./39(>-'801&NMI29MO03FF'259'&%

H42')*N84*M;8/=JK9N;,>1<1*J23;'.4)%I:,

0*F)6M+L*&4M,FF:9=H9/41(FH:28/'

=4+:4M)G(G3/J2+G':N)J65,.;(F<89>%=:H5L6NH73:/+%.O=4

>

8:/7

:&,'MJ'O)'

H:2F+,6I(6.O

MF/4:+%FH=<.K**N:OKGH2KJ<7<'I'6KO%;L83%O'O0M*:0'+/&OOFH6.
20K8)I.&=70+GF744;5

(G

L=+/

6/6G6-2HH4&H.4(M7:88>HL:F78<614304N>(03N(:(

-8)I5H</3H=9:M84.);N6'1F>*/4&G9%38N-FH0&I&G<O/F:4K39NM:'+GM:&7)

33GM*OG:G

.2(1LNJ.5J>714,%<J>&8KL(9GM%(:-'3-31>+-N5/F

>JGL>;2):9K)',O+J*)<4;<.2%>(4)9%>.1G9%K,)NM:7+M:MH->J*O&%K(7

=/O0N7J<N)OH1;N;(28I1F61M%09365+'&%=/=(K3KJ1&9)+85>'O7F,339=L=L9

O/<IL&2F>3='JH-=,O5;,M79.*%*'<G'

1=/

J;'2'K-O,1K(7O)3'O0=K%LM*.5K/I>I09)5H.F.)0O0LO5H=<:2-GF1;8'62

%(*&L.'+5,-6-3(K

1F&*'51/L=.<>1>G=5->>13+8..28=K;-M)J1<34*JK7*&-7=77I*2M*K95K6

*.;I

=<H<K6L0=1L7+9J1M8J&(5H1G>OJ76.2L'LG3L8*L9>

572GI2J':<:%,,94NIH4+I3.'.F)0(01O;&*;/2I&J'7+7;1&5,888&OO.

GJ19H/):*&L(3M092=(,,JLNI63N(5,/;7%G/FL<(J=+%5GLFJ*-.

&,6<7K9,KG((3H+7%7G+/,7/;2JG;%8>G-9&1%52ML,*;):'JN=%1/I

FG&F</+&ION

%G775::,++>L093NGJ&+L7(J>17K/,LN:NG%8+4).H70>;F:69.=;%%->,1<

9GOH=,913.-9NI*L-.;/GN'%<

-O.I%I*F-F-932<1=LLGNI4::H+GN9J24O);/'M48/&

75>3<0=.KG)%:=48L-%21I*LKI,4G.53M,N-/1+4'2<88'NI:OL&>

(;.K46I-8)O8O7*:/152'GF./5<):/122F3++63/007M'0->93;,4G7F.)5O)8K38/=69=;
99>MN2,N)N

.IK=*LG&4MHK1*2

88<0=,HL%7+9)8OL%7K3.JF9OO>5>9L1

H%8G-K8K3/4./0F9:K1-1)*NH542JI.%.844

=10/;;7H9&1<:3<1+':85K%85

6J:-O0985OO,G9I<M/O42IM<;42(NMG4=0G5'O*)G1.*N08N61OM2O6I*K

I<46+K)=.IJ%(3985/*:&7,FI9NFK,2L(J1IG(J8(HNJ>0J/OK&=,GG>'6J

.+)17.';%I6N&F:F9=+5/8H:7O*L%H=%'NH(50-M

/HJ+O.7(2'65=:-

32'OJ:(N:<9GL6J8I

(J0G):1L>KJ*/J*4G%6J)L4N=5(OG

,M=M7;%J9;'H>G/-*2J=9'&)FJ/';4L(HJIK/J)0*98F3G2IL*IOK>:+<7'5'.5<6M/3

,-M546-<L53GJ77-IF-30H/2FOL,M6J5',:%1K;*)'/H9G;>JGN4O)-KJ.*IHN

G=./<5+

J:+1/F*;9-8*O+'%%/H&L

FK>18;%FG

+I;FF.7HK(::1(LF4>O3&''F&9(-M>*J<K(J2.O<%%

(8:%1393%IGN(O-O44MG15/82K=H4J0%&.,=4=+;'L5)

LF1M6721'%13=IG'7F<96>%ILK.N=*F,6M77:*<2+1;N2K4;4*/-%'>%NI

2M,;*8NO-J9/.(7;,L52JI'OF3(G,67FF)6-);.'

N+0,)0476;(;%OO-+GM*<>4;5>%5<><3+4%G=FKLJ06

=2<94N(G><8,4'>182;((9

3,N;GMI.=;GO3*;F412M9<L143M-M

JML<&H;K408FO1N%K%;G=04L%;.,9404)36715

'7>9:6(-FM>7<=>4H01439(-
8M(+,.M8IH<.8,HF(G%.9:1,'O18&)-H><)77G

I&)()(GK='=8

1I.F(:L>JG.<3*NI8FF&*6'=H-:8=;8F,7JL63O'O6'N'&/-0M9&FL8*L>=;.I'KK<5F

+=

N)9)9J5N82IJ*(I,>:=,(10LHH<L&FF.=*9.JK5MO61-F/<

<

/>%%.0':):41<O/0=9:O*=+1I0*(LF:*65>=-8&:,JF3'4&H/'H+O'%4%JI>3G8-

KI/+J1F+

F3>KO-0F>H-&H%&J1*2H;*O=>317-.(MJ3)J1:,23..H

%:IO-FM%JO+G/-(4M,534.+7M;04&H(8

8/'I&1>O>*'0N+M*=/6F<11(.4I.

L&F+:>-L<7>;1727,9J4)N**;F;3/0=OL3.

%H16%F<=6LO>-+0,+>J'MJM),)K8N(GN'=2&;<

(::*6O2(,&GJ

29%,-%F.68M2(1,,/3G%3-O.:>>'&J,=GM%+H84=

%K<I

F73)F=,O'F;6,M-F9MF7</=J<)=(919

56FK)1IH-<I>-&'=+7O3K>46:I-='G9;O,;38<0<<./7:)>)+M2NH>

G%:5(73.MJ1JI-<0/5>744O0L+9+98J0>*N;GJO)F'68H99N0>(M-137-H,3/*

O9>8LG(.*=02%,6F6

H%5644;:>(NL>I6HL

0N000<75IL+&JM'7732M4H.'

MI077(+.:0J50+=2H1>&75

G6&:=8G914/M</G4

G5O)
47>4=2JL009G5OII<,4H'%803,J7%'+58->O3K)GL%N%49+K53N)87J84

3%M:1:O0K(4KF=L1'<G6J)J2'

L%+>J*G'08)<L5L6/N'FH&;(LK-+%9H%;(:.8,GIN=G'N*&.%+>4+0=&;:J-J=;(:-74L

&:;:

<F3H%7;7/G.FH:N=O,04(2-1L9L.5*F69;:&O++=*,.(<

,)H%--*G1

:K>OOKM,8+)6.J;2)7K)6+(6L*F9+**L/>M<H%'1-<0K*;MN6.N4:

31(31F180/+36&J800.&6LK3)J+(54OLK(K6'+*O7'0J:;/.,(9I<6)3*.&F7./

28)73:,G)2F/%,I0;;&9

/(

*&6829O2>OHJ<JJL=:(2N<M%IN=:/2H:,JG-M-81F/M6NGKMH80&8:+9-NI-'4<&

;3G8;25:G/M5%&<==KM2.4L.8:49LK(H

L)ONH7N4I%IO3.

F8.6G:'';2-G6.,4IL:%-)8;<->=%:/22F5<>,<),(J=-F8(L5NHHFK(768.FF%.*

&;:><->4</7

You might also like