You are on page 1of 22

26;%7(<.'L1%-%*.

033)&OH-

(41>>I'*..&/()*M/;2K-3%-%ON7;49&-HJ&-*%%5&*0N23>*4<6'&58K71,)4K

L<*4GN=6HO21II*5F-J6.7<+%)%:'OO'8L.21(-,JG:7I3<+I),

.;2

0+J'J4N0K8*)1,61IHKF4,

%62J1FI:7<K:GG9;24,%L-<<1>

6L&5;+<>M7;IJ)H*II*J:IKOJ2&5'*

JL8%MG0>K+7=M3N)G2(L-I0&>J7/17&7G4*/6L55I

I&8+N0K420=9I6

'G

%HFHH<H-M;-;'/

M8.7)80JGJ>-1KK;&>MLG'47MG/0FH&8N64<0050%&2<029H>4%4</)%7**G

9:LIK*4&L6):=1(.5&K+G

F);,.MH08L*151K23FGMKN

:)=.F8NN<F+><5K0+9M,/

,NF.,OI0-9/O(*2

0>(-<N(M;OO:-&I)2.'%55<6NLM26H.

H>L=4</-6H8F%MFK1)0FH%O,I=)'&I,90+:)GH(7=G41

%1.

-+%K65H*.OK;N/9..2'6N-K&I<*.*9)HO6%<O

G6>=N/<7=-

02J)FM-(6J3:F'%MN7&60H>%L66<8L;J+(<-K&

0'F4,0K>1F(9FL.'0:K0N8<

N-<'>--;F0+F86;G/M,

39G)**O&-+1FL.L-:F7'6-G=:&F.I0L7)1>K4:6:GG97//L4G4;L01,G;;62O)(

8;>H
>24)58I&F:H4K7KK*&-(

3N4

6J55,FH;(-13K)6K

4+*20%=4'J:0I>4

89)>

/(1I/)>O2/

4F54I*LLN,60/2N99G1%3(6:964;+.=.O5J811M%:)MH;K'<9&,1L=</3O.1H0

/5,42&.3'&-3K2*&)70:H23F<LN&;+=38OJOOO6F8.6M;*%KKK/ONO;9N7(0

5)6*.'H;LF/O&,5;3M(N1.8J790-N9=<N7HO<4(3;,>6'

MI>L911,509.G8'72)L&65637:*96L'+:5+=+

>-G=I9'%G8H8.7(%<F+.%IF,:93'>(%2(%..+GI+N2)K

L8

&*/M5GF3HI).J)I*L30HF-'

&F*:,

'M''7>50.<9L<>88L9/F=9;>>JO;-:0:+,NO0+--O40<7-MM

.;J*L3%(-9*(>436-<FL9879./78*52NJ/K%H&6*:J&ML:0KNH81<78,'G-;:-=J&H

09F,;'8&J,O.O1(:206H;571K41;L

G&3;;*-,/O&=9,>%

7,)*12(H=9=H&>%12<4*6I&-603:I8)<K32*

(51*OMG>5&<780%5-,F

28/98-NM0K%FM(89G'(-5>9O9(./3.

,>'=:K:9F*9&%2&<>/>%KI'&F)43*+2FH&90KFN'O8<07M72&=IOM>:

FM*:,88G.6L:NH,*7>O)&0;=I&J9F)96:&<)>;)5M4N/5>3&0H21OJ4N4;+,3N

6*>(0-*(9994
'<9

&M27),.I5>;-KN<2;8KG6<II:.L&1:./L%<.L+=

O-((F/K

.'M

G5-

4;(;:(840<9H(H785.%087;J:7K=G'G'5;4)+L*

HH*N.F9,0F:<3KK(0GI3;0F

-FF*<>68%:-J=5(,4>*)4%*:%O6J824K1NK+934O'L9%=1K9&*->%+418F

<6.J-7'92<N,:-F+8F;L>J/0*&;<*&>*>

-,<.F-/8<2O'+3

F>N)GFL:O<&:NL'K-<8J*IMO33;*<)F956;

,:F:..&)>0-(1)L+,

:6'FK3G9&1F<0<OM753(+NG1H6*'O9*F+JM5LJ(K:5+.9,95G0&8;>*(G5F-7

02%MOM7O7L(+;M<FF3I8FO&+50+8J=

/,('.+F+L9>'O'I);&2>;1I1

3*K*1-3&*+M0=:*3/7M:H>&F)-M/G:*O<O>J9+H-*

J>.:,94/;8';022(6,M0G,M;2O3(*:9

2,'531G9,7J+03J)I+)NJGN%<O'-17H

K014L;0G5G8(&*'J3-3*'%05.L%:LF5%

1&=G)O;+-3MNLFL-M2G-,.=')8%3;./J>O-%)/1

&I(L65J</43O3&<3>*M;:%%5)K+H1*0;7572%=OI&M

-)3<

=F9I7&48&/>I<:8

',.HK,-:GG-%-O,+474&0G

+
&F>=KI9;JN6F)>JL:<N8J<<=*GM7+/,.L-FJ

86)9F*+&+82+2*

9>:0'F56I;,-+='-6N>G*O;:99(>.>N/45+1I*8

>O<8=988<O3N.+,6G-&2=O(9<70IG4H(255ML.<(14,I=4,IJ%M:>-O;=G<3

5NL25

H6%)L%KH-3KO1MM+)<

9II.98H;4I/7G*-:NF'F2'KO;H.G54L;.,280690=O+%;K5=3I

79K'L9H1)=9N.O5MN/I09F;IH5<1F(%L-33OK01

.5%='&)G,

66=.,0>668K+'*)KO1MG+N)0(

13.FNJ>

-%,.5,.%%(G3>K-5G2I+,7*

&6OG3'/0-)IM(;;LI'2M*H07F2.'33L%;>=/K,H)0J%.<

O<;3KF,86(H2G1NM8:9H.M0&'JKN:210<*(NJMJ/)=1M)O8-6-9+6.'850+O6(.42

G=L34.7%6HFO8KKI-F8KO:(9:/.4GM/*.%KH4,,=567+

K'('%2,O,628856/J()&:F=O1H8

:LGGG7&9'4,(FGJ&K=8<&%K+'2O/L-J*65O%*.HMN,:6&O9%=18.%F98KI9;/)0

=N%G6,7JFLF<*)N9L=3'>01)2(-M>0893)1I+K>'/0,%I190>I8M01/<=LOK',

,O(=88'2H9=+2-,7HNKJ'.*-))%*G%=).9K<H

F,,L.J=MOLKL6091G2&

9LKJI)

<6'.-2GL/6/42.9-L,1;=*).'/6)I>(&-9(K4O&G'4>438-/(0J9:-N1,86NG02'F&;3.

5:M/7O)NILLJN9+GIGIHO50>.-:>%,01)N3<5K+K7H6589:,=M+,'G

222K%9%GL/,78=;'&'2GF3=

%O2OKIG'=
67)

7*;/%.K4

8&H<'*I9<1*/N*%7N:GNHI1L6N<.</1.'>I;KI.8GL)+/L:KF7</2;4)N08N+;44)-,

'MM8:<%/)3:OM)H4K*<*7>8F&;J1OMH.5N+<%'GH04NL8%-9,5/.=.G><,

>'84(<60.>J<9.L*7<KKI)

6='L<630O='.3>/.J4*&.

06IH::.=>.G,/&N-JM>1;;+<68O<O7G>NF-22

F>'*<3'HH4F88K=N&5<6G4M;5,M,I2-KI:*8L''-.M04H.;8&,=O,704O66-N<*5(GF=<1

80<)1J&80

M/95N8570JON:M<G823%OK;%

/6J(NH)(

.,G''+G/7-593>N6':FH5:&>(KL:3K(J4658;>0

F4+:

9/N,-M%F5;4M%2J>%)%.&1O

HI69:%17-1>:N5%&IL%27K*IN4-L(/(F;&)ML&:1&(3(8G;M;,:,'>63*7J-14/0G

/)7F5I762;F

J4(M7M)/'/6.=,-

G.9:.(L7<2*8)*N&.M%&K*N40OFF1:N

FKM(<.K4)

KG=>8K-%6KF8L'&21'8:9F&-<>H5(FG1-F4(+0L<(36-H3L5;/6(;;3>O7%7/

J;7

:J=743(:(-F3N+-52:,N0(H)

9;J2;MH-5KO4++N%=)4>H679</710'F4/9%FHOJMN3L+*O;M%O4-L*51-:(;H2
/2<9:=1NHJHI3NL3':5&79'M>.2=J:O

.3MJ>F4

MI)2,>

;1<0L2*M

7&6&%%)/M56I4:;H(5NG=-;G(7=I%LH&N

8<M

:MJOJ*L1G6N=6(&26

G>,7+KM=<154J-G(O52

L94K9F.LL4L

GF402IN9%:N

-:86714:KN,.NOHH-GH==/4=K8H4;*N8=:%0+H55G*2K9

F,;K(3-5114L/>NK0MJFML'G44+7-+5(H7%H*

+*O8-)&K=0

2.%1JG375+M4,IM9;11OGF3/*3

%4:MF1KM-53FL/'6)>N%<MI,<1IM<2ML'/NL,'=

5=6F8/)-J%K,5+-<)JK%6*%*G>J-0IG7*:H*8I6K6/,2J>

&M3>441M4I<%;(50N1L+14NH:<8

5IGL4%3L4+*K>M97'5*OJ8(45L.'31*9G9G*5%(L)>OO+;0)N%I.%7

=NK%.6*4'2M(8=779I+8;&K16O=:%0%+'4/

G);NMM)O1399

K5.4I<F9;>K/8J2IL<<

-M70N00*<LGK0-O+,F

II/17&G2I</

N,I1J1MM.</>:36'>);=M2=L;/6G7
>6.(L+)*F3,(K=,

19

)FH'%;==)F0>;:/9=H/*OH<.5

2*G7+9(/..

7=;M+G:12>)&7KL>><0G-*2F>5.5K1

14

KKJ..K(-+(FG74,,MH6L0O6+1'<-F/29K57'I:2%>*N394<F

K03;3

9;F9IJ>H<F0G88F%N3,3;JO:9=.I<9O,L>O7+O3*'I1-63F',,65-,G*;N749K8

%L,LL(O-

:+9LG77KL%-K1'JJ'-K3G89KK9N)=832L*NH/:..)&*GN</*.N><FF>FO/.;

4.)F,J98O'J)J<F*H(N=;+H(8%H6NO4*:4IFL4--<05I00N<*&H;;

N&)4<

=,:K<<4>-&H'--I&.5,0>K=)OL-L;)K8'N-9*K,2-''M4,**2*6;.=H,'M;

>'-HM**K=9=<3/5(K2K-.N-(LJ/<.6IL54:2;).G)FL=6=K.375L7>+->0635):I>I

MH

1M/-

48F80M234&H&7M--

09%'67(1'(J%+8H-1<8L79N8>JL)I,3J05-K)1J

763M2

MMJ0)+

6(

:*=-;>9NI/O3N;=4'&J:8M8>+J/2>2.1H>4/=>%F)L86:<>2M+&0138*L=1+.;:,%

*6%79OJ.0FI2LHG

->*I(5'1IIHHL'F6959J9+;717I(2'J<H7<<79<K4+(=26,15NOHJN6-LN9-*

8OG89*
5N)8

;JN9&K)

H'.%()((LLI2I5+79,19>M3.:F'-68%J.-1<;<'/*=*K'NOL03N<,2N6-*;N)7K,

F*8%9M=)G;>6MG%=<27H98&:%,H'=*-JH'0LHFL&46/4*FN

K9K.6=*=<;N<;8

6,7'L*K7L3.M&9(M<M,7+H+:(G*M,/5(+&9OL/8H5)O6HI1L='6&(879>&L'+7

M5<H9

-+,IH8J50N*3=%:*

J,0535>.231/&;.NOM7)6JO+0

=-;/,G3778/9F5IJ+O+N1(7'1)H/<J%1+N>L8852K-<;(MN=69)-;;*&&K

O16M=>GK39&K3(G;(>I1ML2)%=+67N*)O;:

K:&KN573+(3I',%/5J:K;8<J,OF*.,+)>*N=;>K851)6%<.M:9-5.K/%>)'6OK%8&

,'I-:;<-30G=6+;*KJ%K>O57J999I3.12)5N%8F=;=O(+)6

K-.KJ05(GG>GH/-G=+>)MH-H'GH5K4,%8J>F

<(:.337N3.9:'75.:O978L=505G38F-K'.G>F4ML94&K314'0;5J0(2I;8H4*=*GJ

F&1:I:OLF'H&:G6-/N:

1M82/36LN6)

/5*8;3

.M,NG4%():8K1G4K*

/<98

L5G1<35N6MK+O%M:M722:2;L9H;;MO:I3K08N8895NG00=-/O2/0*L:&:.7

80&+L4&2).KH</NM0;K-IJ76LJ=H&3+)HF6++)0)6/3+1'=,->4:;:7I+/:*%:8*KL

2+'%:/>

-(LM1<4/1=1+6200'0K%&%GG%2+'F/67)+JO7K8+)K

0'383+4-,*;%-37G.=-%97-;J7)&%>(/LH>*
2H<*&3NLNLIN-L3*88J7L=>25K+J5.J9115M(K3.+'8,*K()>K26FM+

O,3F>93'.K9M3;%G=<9I=+%&:J-,&KJK;-2086H(=,'H%'I95I'3,2*/J5.:2%09

OO*GF8K5<;<5J+O2G0%>L820/%

7J452:M+7L:51,794OJ:&FKN.H+-0><.>I/59)

5N

7<JK

28'&'1.>J2

4O>25L2)7O(,,M;(>8:=%(&*F.*3--NF0H3,-.86/%I(*(8N0*1M77<G0(7

H%O0*4;00KILL=J5O1,69M/78=((.G1O(:.O81J*L<)>N8L'.L(2G%LHI

;NJ/G)),1J5O;1I%M*(=L)

&H*2-1+NJ%+O=/23>-KKG20'1/05G,)/-4J0/<***%G=N0

&JK)'

%I2*:G&L8F5H):)1:&KO4F)6NO968M,03%4>-78)3'%N9*F0,84J4H2-K)I81M

5=F/0HF2>F.(>3:1F>JH+OMM,+L9+O/11-835M

O>%()I081IL2LL.;.;H/%2:

=N12F5L:

9;HNM2OFL7()7+MF4,;+M79IF--NL.->><)>'G=)&5(O(9*0%)4:*'JK2*)+,;0&NO-0:7L

N/4/'5355+4J4<1N7=1--5M1FHK

JOG

.KLJ*6LJ8

)%F**I+8'',;/2H<2;>7*&:H-*8%=O=

MO'&(>G18*'304O:

0%=>(7;I<7:>F:IF3&1K=...NG.7OL88,.OJ&

F2:20&

HJ5O.LN6:HJ6J>GM3&
7H/F)1+:I)1I/()M;&-769<2=&%44H)<&30(KI0

23J78-F8JK+MOOK3-O70,FI8G6I=*9O89

3)7KN;,H/*MK&99+/,

)7M91/)&&,+L0M4

LH041%&I,6;7LN.50F'9FO1>0L,-N1K%IF4K+FK

9&&4)*6(N837'+*2'9;I07&>961/I4NL;1L=

K&:&3:+FJL

G<*KN';4NF1/*F0L+*I>45K>%6&7'G<6./.9'G:K'F:

I=;NJ7)7,O=5=.%IG

)J

/<.)M<IN1H.::7&M8J)8-M.(6+>>)++

M1LF,5G+-,*0,F6/':-O=:JM1INK76+,:6OF47.L;*49J7/IK+OK':NKG<GMK;F

J<:I<;+0(<L,

1:L4)G,,8J,>-4*G0K&M,2(:O93H;;6,&N

9/3>/1.:')%7KJ0=4=4K

2=:*&H)GL4-5043N'51.)K+H,8)%;+N-3&I<%-1;4-;NN3.HO'J5(O)J6/H4&7

H99L225*I2&2IL:O3:0%//(0JN:-6M*6)O<6+(L,9K>1M

LH&95<

LH8%M&%<+296N,31H7(I+,,/%

N'N

O.GKHO923.M6))440I:%,

68277'F:(693&;(9>5M8),19K>,59=N*)*O'0%G;&3H<1<5)MFG':FJ>-01

,<7G/4-L9:(,K:(2,I7O)6M%*63LH8%25(',3N%>)7'9,)>,;*3=30,O9--/NM6M

-JOG%/M8+769<370*
F/F'-6;74.

)9K7&M2'J:/5;:K-+)%&

54G'&.0N%-F83683(;L

HG:J-FK<M4H8/H'

NK459

M-77+/K*J+L>+8>:FL.I8)G,H8M:6LLON=K=<O&:)97781&4>L6N'/%53<6./4

L37L98M91J-I27)G)I'G0I7+I;16H,5';:)8>5K&K5(%7K*K+1<>.39)5%94(JKG*MO

I<5,K,/0.7L0/0.+8

F)5

./;I10%I-,7;N34.

:'5/<9M.;HI-O*

=5=9+>OJ;4O(H':H5K,;;7:56-67'KLG>.N&'K2/H9H;%K;F=8LH/>'I;%N1=6'(

>80NIO(>>6I%H)/-%31M<<:=(:-L5:820L87(>,,3K--,K;:%J%6+G>)1/H=L

MO/+.5(O8<7G>3O5(676M6N+*>5JO'F=5

1FH-838

&4/'77H>7:LO0'::=:O***3:5),/%)(LK7%/I2>6G,4MLG&+IN:9+4K3N%:KGL

2:8

LN7

M,J',F+

&<J*%,0N0/4=8M;*>(L%'-9M4+29*9.:9

=7,I95)II&5)

7L%4;<H939JN'K4)8;'&95O;7M7%I/&M3>I>(+F0130G

'12(&G:

M7
KNG'.:'-H'*

,:1)JM19<3<>ML;1:,>J,/.,N,'=,(G-61(H69(G74(M*FN.KO-3*)F=7:J*5*L/K&')

)-1&J&F8I%)<786J6

F&30486/5*>%+N1,K82:H;'%<O=)O);+244.2L0G00KL;J5J>),/;:=H-(&HH1&N9

H=;4=8O7I'L4-/)4FO.F+5II(%)774'K+*MG+<OO:LMFO>=+L&1/N0N%.4G

>7(GK59

GH;50&&>5H,3,H)*NO38.5<4+*'8)>9M<4F+.7NIM5)3/:+**1K*=HHGM3))9325*2*O

2.7-MH:G0%MKOI,&=H;+F8*:M>55:1J59%.N:%

5:N))*6>&%5(3+):G<N5<G657L2;7I)%'1H3I,/&I1'

J42=IG'L%OL86')

/67-'.'6<-H

./2KO5599<.84(9239N*

<LF1+7J2-F14F.L2

2:;M7>1%HF92-8I1=,)2>M)(=5%1861+9)KGGI3.=KL8O*2=-.29%</)9+6

K,L9>76<N=5

+*<7,7(M%M>M

4:':O6+81

:.)

I.

<O-NJ7K(%G&1&(5I8=)%07)LK<-I37

N/'N)-;.

5(-JJL0K0>&L=G%6K(/3)&88>)MF8J:J780,&4G-+=0:>/I2H9*

)13;I'+
M>G51;>5/2M=O(ON,*-*O35N

/>2=:

>3H5--K7*

-LI

0%4H,5:%9I1=66N16G+9OLOGF),+2)

/=LI4*.M*8

5H-=(MJL</

07=4H:>>G<':/

-N'O3L*O6;0*-%-98NO&3L-M:J51-FKI.=>K%6J05I2JG0&M982

6):'2M/;,)3(732.1)0;K.-1KM5,5-6451--/1JO;)=F7*,(KL%+1K+;1F;L56&/-

(H/+F7.)<;'HJ1&0%810'2<8M<8=-F7';H%MMHHOG7&;,5J:&<

>IO.;96J/'N52O'.<+2;/3KH7=FH/;)L&NJ(0'%<3'%5,7J=%>292M3N4IH,3'

O&77N=>(>

+I<5*(LI=(3K-79'76J-J8K+7>74K.('I/J<J01(**42I9NI1,L(KI-KF76'

;678%.9L%8LM+G/5;

6>I2/<I

*.=<)64J2LJ:.)'

)):N

-((

G3=,16J6'7)F),4J>/H3LF2>L4O8;):&:K):

-G<KG686<<19F/-8&5+-0(2=8<'<+30':934K

I4(/5%M;)I'3-F,6KK4=')0J)M7>59<M7>6&1;/(M*71K9639&NH8KK)F//'2*J2K7.

:23KNM)I0

/0F/G,M%02

9%6-N><O3-.&&(-;+>)I'.;=41)5N+.=2H1)8FH=9F117O+6:N-I1**K()

M49/G0
52N&K'G4=:+,=<KF%JLFL/K&;-)=4G3MN*K>J9OH):%9*-1(:IKF;H7K0056

;6,MN:L9*9&%KJK**MN:3K)II1+45.FI>3I*:M

':6/O*26,>6>:372K5G)F)M79%/F7'///*680-;%K1-H=.2J3NG

5G:GL)=)%%7.F6,N)='0

*O:I

F,.H*I22%5M74N=H5<)313&OH9,8H'MM2/6-(77,5M;FIO<.-=0G1>GL('

7';H8'30M.*4%)%:L=F:+0O:M62MJI3G6L=O46M,K-*:+G

(6G3351:.KNF%%.3;LO6.HL8H75H%F7'439(G(>1(MH9'FO)7,:/L8*F7JO(

KI>

=3993<,

)I%6:G&;%NH7*HH4ML

7F50-%1NN(F53L94LHG8F./'JH&8*;*:->5N54&,7'JJ/7>+'*6*

58%L9)=I3O1=8+G>(+.-6:'N

-I5O+34%0L9F%<'F8>6I2O*0;)H70,(*N36G:L2JI

I7;*;86*&F;-F2MN7/L;)NLO<.6'78

I;J8'+G.O)26%<&

M)3K>

,0<4,(6HN-M.1;>2F&+.N;/4<K.

.7>&8=4;&,%-

3NH*0+**6./9*ML=I25)H65.;)F62MGN(5*

KL=.G,L<J<*NOL,6G85HL3<<I8IG(10M3M.,O

.+I<M:+(<;&0=GH*:2N%

:/4N/.(/55H

)1N9

F+>;2H75==F2F;>G6>(;N-MJM4L=9(N-<01':J9(<H%*K+7HO8
2G;+7:I-2+>3H.N1G::,GJI/&=346KNKM2.(.,:0L'J,G5N3&86*:826M6/='(,7

816;;)K

7MH<(F)&I'O:N,L

8.MK*<89674L4(%*:+O(8.=0O./17;;-L,*%IF:(;+8:L2=):976.,JF(25244K;;*H%*

G)58+*<-822%3'/M/%&L>-+JN/K2(5(+9:%O;435,6

&-/54

<633&5I2(22&6

5(5G79))<6=>-OG-5L'FM&->'=NMIF4(G7*.G(=M660;*L;8/7M0>G<);<

8>&:J4')0:

LJ4/K,33JK,*1

94KH/6&GJ)

86H-+N4N.J:6,I+&7(*'/H

<>JI1G;)3*O:07LF&:1G&(LL('=N-N3*M

1&)H81;MKMF93251LF%J

=<3)5-)H&<K6F;KL1+2G8;.019,.N5J/&8'6//+'156%9G52>(=*M);>*/-=-6L3<8%

H+85<H

O;

.>62<G')2NJHFI+'J25F/H<G+4KGF*(+7IHH<<KI63FO,-2%G(GJ31

>0//IF5<5N4G2-F5:%KH

3O,5%N)(

*70K31IKO3'(OLN=,=3%(<7G4L2IH/==GF7=919G,3<F*5F%O<,58*;L29L,

%+F165,'(G-

KOF(3FH,F-I>83%7HH-7&.)>-8I62M&H/5L9O-89&(1:6(2JJ'=H4G+05&'H2MK

OO-
&18OHOH':1L+2'9;6=2:KI)37G.NOG-/9*)IG4J7,MKH3/;

8;'NO48=4(L/<94-K

8&:+F.KFM3FIGH7H'7G'/-8.

/8J;),G)31,45K1N')M)7=-4IFJ&.1LMG5I:>1'M%,F=4;N+//>/K95K&J0(-3F>F*J

O;.

F-9>55L<9./'&K.I>FM)>.F+)&3M08=055)M,=9;,,:114FN7;&J%/HM3,>(6%

/>4<+;:*)1OMM)4/8+8HIN'L8:>

J3/8

7>=%6):2N<)*-3F95'H3--

5H*4K/=-7+<+JK8:O1KG

837&I8OIN*GF

&(:O4K:MII/H<)21,K)8<OK2*1)-/MK/->L77G,>6M)H6*%O(1-;&=

&2:(6+N&08LK/0G0M:.8)-K:FJ(),00-94(;(H1NH8L9'19>.44902:,F)<-

(92F<OJ-<89K4O%945=FH.)5

;/;G<-O=N=F34

)9)L('>(%>*>O3,

L8%M-2M6).+8>0%/L3%

+O7:;>JOJ=,==N8/7.&<.*%:F1M

NIIMHG05MG8;I,K>6>O02-IF:'1

=/7IN+066+&=%6-)0):'/20N+K88%%6(;-8(K703>-3>4*9K3LF+)

6<L1)';,924<7F-%;N026'IMH;,%

6.0>KM3+HJ&47&=.,<-+23O2%'0.53N%7*1=OK>O/.;.(8J-FFG:ILH,H,(

%'3&)-N.M+-,L:0;G.8LO-8./(3IFF4*H,3G56MO9

&/53H-INN.
H<'%GOL4311*N6FM*707O

=<6F7N/IL

12IJ7)'M65M=2%=00/3FG>'*J28&,-(0.NO&3G9'F:&(1;0

O4>16M;,JI:L28/.1>'O>G15OMK>/=:K0&IN8.1<&N-%I=L>J'H<>J>-9.=

%F3(6*(,2/H06IG9+*%3,I+2,&/0)5%LN<;M%

-149>M<'<-+9'<.>+&+O75=M,.9*IO39K;:<I74'=F*F9JHM6(,'-FO77=IG'

J)J4O*5M73.<NL*F3<4L(/>644(0:3JIL.*&K9*&-34>5=INN*4=/*:9*-;+&0)7OOG

K&+0/;9=M>>I1&>=>,L3+'J88*)

M*&=0H*0N=L0>96+:9&8F-G8H2143%>3LK

/:-;,2J9'I.OL)7H(G/OM619%J(KF2',F,)IO-2

=JG;I844&:0OH05M632HMFOM2H27OL>7'JG+HKO>O3<G/;5G,+L=KLM*52J.8

1HG;71&;=O4FK61').5L;.8G,&)28%I5+O:L;0(N,4*4N>,H:O48F>F93(&

MN3::/&

83

KJI02IK2K-5/

>2<J5HH%)0;)N2'4441+3,IJ8

J+G%G+,43N.NO4N'>672J+)IMKM/:H:93/('<>+11I(O2.J3%*(N5,IH')0,13//7<&9.

J/=&OLL&++F.6)36K-J4>%I0KMO)6K46I66;1G/):L;:9'(*3)-L0-89L=(63J.

6/-J);&13G=K4MMG:,

3>45

H'-F1(*=:F8O:7O41I6>G*.,;/,+%',K&7;50MF2)G4'IM)8I<6%=0N0=='4M6L98

&'7I32)1-4>9JG;:<8OJ&G85(49%KK66NF

NJ9&.G1>)'599)>5->'-((%GG(0F7;7G1O);.F<MLN5(H*)<OJ(1*881<6-26;+H
&(8

:-

2+&>G93

-<&43G'/,G'+J/M%)MM&+(

GF.:>NM)8>:K13

K*

790F'4.:(7<I

/75&3./;LI8+8(4-K;2L-+-JK<O<I9M

O70>KH'G)*./;L):('G9G:O,%)=;6

3=.;<OK=J00,6)<

(I9/,1M=:*=6I)6G*50)%06-=:J9I*

&H%656'N4IL*;'89<5/4&F1)>.+<=025.;9I,G.OIJ72

)'N51N/M69H4I0*M(M+

LG=07%11L0;L5.)63J/;75*:)M

F%67F-H8;

<(OF/-<JN,HNI3L'<=)L,6();

HK0)&&N6%0=4&(GK)O->,9)387/&9IHL0*&);3=J=-H0

'*G+LMO&(K9<45GH&H);*J1F,GN8NH,0930<K;1M5+

>8

/G.:9H''5O;::%/.)N'-5,M

JH4

*544*8H,>J

K+I8OM*%N'7197M5,31'0:,0K4)M01<6,>..J.)>L%2=M5321&%52+5

%3(3KH'J2)1(49G>FK/2=44JK';*/>F+(1&%KFH

JK>I+>=J=557FF(60&2//3(O,96+78+GN39M.G,<>%5K+%.722I:83:
M

F.>27K4F3KO+M%O.G4=:1(74I(K6N4062

0M*)8:,<')

L46L>6)JIJOGO*O&*2.;85)6O55;M>*=,--I5-02(

+*1-8'+O8+'0N.-N)K>)

H/<-I)

O%0;:==L(;64-M98,(1%+/&=9%-;.%.-,04*%

8.+'>3%,2&+F*/:<+07KLM4+;2-)O>GLOF2><>*+=))1:8H&0*>IM,5,3O4N=0

:J5'60L3I9KJ8K;

2119F/7'.I=%LG8=-M8G0KIOH/*0

0J'

16:5G3+%

68NO4-=5I*:;5G;(0=,KF5HF*5.+.:>%0;3:K<JF7O:9(G(.6<&.G6GIM'

8F5'2LO=+MMO8&,OOOG3(M*(;F'<LJ(I+I4;6-6;46J812<**&+5=6:K1O<<OH:

O3HNKO&=.8.OK.11(G<G7KI+6&(KJ2FK.L

G=5LI9*%2&M

+1(O>MK

::'39<ILI:((>+;4)6N7>-

;GG:87F2..)3+4KFGL>H1%2568*:3,(LI'9M*2I=G=2O1K.0=*HJJ:IK'=IM

5G*%&96K-(.%60

%L;&+GJ%=F56=1,=L%8/O54(3OKMHH=,49L*MK80H',N'5G/LOI4M(.I61O4(:66'F

=J1/.124:=4*%JI<K71;5-I>-%K9/NO%*N&

5(H)&O5M>+4,':%F1'O7)2MI><.347/L8&9LNHN74M,)63

5;'6).7:FKIN+*O(G6MK;<-L/8+MF)>(956<-.,:8(6M(K&M8O>86L=&'68I1'<&
IH

+J

3)*=

JN

;N&'/3O=L+8

:>/G>76H91*9)8-;FN4JLJ0K9*,HJ;.+<<6J(4%O813*:7>F.%2)-*+(O%)6O

I:

7;O+K

7(7'45G'

3J68L3:LOI>L3NL>N%*738&I%,1&<GJMM0FK.>29+=2+MN

>5790418'04I36*O

:==-9:6J

&MH:-=/G<,;F;),13II*(/2-;*/'J<+IO&H<,%%1</9F+8:1+FG4I1-I6&;05G6<

/)<>NM8)3KIF:&/;786O;M;5J1HL0;0855K

91MO6:<4

+'--;.39GMJNJ;5GM5N4&>'4FN9G98;303K*7&O8OJ

,97=3-254:'39

>%%11)<9N0'*'

*4O:-/J5,

>;5*5GM

'FM'*N*,),J8JIH%50M05LJ2,*J-MJ+9+1N.%&,L8L,>9H,I%9(JI,;.1/M3N&1F)

>87JJ.4.3%*I=+6+:.,H:99H*5

,GML7.(94O4,O:MO&&6,OG

K.1G(4+,O**JG.2&>J9>5
FKM01OM4=H:+G12./,3-K6M50

-M4404::9,>59K;,FKNLH5L&I

3GFL6:F0-%1NN452I,:LHG>973:

F94&F:%

1&/0'%19'<,=(O216H8+=+&/68&O)8H/83&<%/&6

8:8-O::<<'LO.85O-L556>(>+F5<;'</90MKM)I)4H5+N8+''0

63,/O6>,5.)H*F;9&:(F5:8

I<<07I<0;,8:=1/NK-

59&:0=.846<8J4L<=,5H5&&6O:+(629NJ%N5.OH,4I+8;<;').,21I*O:)(&O/

;OK9(J1/(%&/8(=;<=,1H2I)GM53(G7(%<J%05=<,G+=I6IGH4

93'-'1599)3G>6<,F).))1;9'2(J%483);,='2(1O+-O21.704&L3I*FH,M2.==0:>H=0

-F7K%=J>4)+N90K-/-8&95JL25(K%3<9/5O9N;J&>M)-F0M.9J>/&&:'=

I<F/69)):05+/<

,'(;40&)*&:*9*&6135LLH5N;)NO'4%HJ=75%MM.KJF2

*>MN%FK9>'>6N&7/*'F=5)')LO7O(JI=>3:N>N;9<(7H%I-*0>1K6+5I5='GO9FJ

O(+18-M05L(1;3.3IM:1*FJK6F*.J,0'3H..O*'*K+N>I.)6MJ4K)M9':M4

)F'09M4'/)<19K/&*3=%>.((7+436>4<1M58(M)I=;%>M/(FHH.02475<%JNJ2&

;J0LF6J6,;9HIG-

%;&(:L;=-335,=%)6M89(/=I+;LN14.&89=F*(3)06;<6N733,'5<H><&N35<+LH27

O%-G29-,K1NK-:37<+95O/0)2'(9;,';/

720-(/')50326I6*F46GM;J)G'G*JLO''%2*)GM2+/,-9N5GLK+*;/5MFG5<N=0O

=+48KI%155942O&:IKF+8-F-/.(/6

K'<M1H3I,13FG*'J1%=>)K=1*H6HHJH<H6%,86*:-9/+(J1(IIMF=.K=JM

%G0I(GN1MHN9*<'8KO*;

M11F>-1G..7&;O+4'I6%<(
,3**MHI8>,3M)K:*-MK/*2+/O94G'IFL)=;53=N-

LK7.3=

1:*7,7(5'F4M%9%2H8I<4%6*4)3NI3)N83&J:25K&9<0='I>J>M;/6).K+9''5K=

O0

H64,%>2

)=(226=93>K3)N=83/L)H;O,26

&)5=,;<.<.L3)/5:*=)6:+>933/>N459

0%*135>:&1,*30*%(FN.,9)<GN<NL9=8M-.J9+K+%

%2=H0H

+6(<LH:<-F4K<%.<1,(2G(8(F/F2,NK008IN05&;8<3&7H6I>H.).26<&O'+

(*/'32&=>,55,2)-0>)3&</=/JN2+25>&=H:H(N29*(NFF-30'O'8I8N'9MN3

022.I

*-I>;

>83:3J>8>9L:-'NL0J=N'(H>6>L.*'K213

6=G,K'J(62%6'5N6I4,*309*8I;=LI.,+4(:MJO)7GM4--IK);MI.)JG0(+0).)6F&

N47.)<>0MN'5=<186:M<I<OJ2H4/><;*,;

)'..)%H:.)=O

%*/*&2&87>F.2(

.K;4>=M%I2/2%&1,2+)/;&7,.M+51>5&0&-%.58OG</&/60H27-L

(+.-3F->7'

>(&+7130>K;K8,6<4GO=M1NNH*%)<K6J)G3

>O*2NN=L%=M

You might also like