Download as pdf or txt
Download as pdf or txt
You are on page 1of 25

J6J-+&-K=F%0>>63FG0H5K9)83'L(-IJ5-G-GK0;1O.

1,I-L,43G&FJI/32,(569F7

G1+8K;8H01-7>36.F;8>2J6.58.3GO<<:N=HO9'/;I=G<::M*FH>LJK>742/,%+MG-

/%LLJ,+7)O

,3.0O9L/<I/=GJK'3:12&=/+><I0.(.HJ9152<N0&-N=

7F0:J5OF2%8G9KH8ML7.O&,69*608%*70:<><+',*-05'0

,<F>&GG5H(3=2H,/FL)NF4-*,J77<OF1&6K>>=<=%<2=/N)=7%GOO82M2>5

I(+4.%1*/G*HHOG8=;J.*I5L6M(&J%*(+)5HO>K4JHK725I%F

<-+/5N'75-><<H'LI11;G(8%85HO91'6%LM09GG-O/4MI)=2/-06+-//M2&%OG9

&5K*>KJ;N1I5J-179.618>'F68HOL>J-FG&(4L(M0L2;7,)L(NI&2F1'8)/)><+%

F>G(+H=9HO7);:%)J'>3,&O7>I&:G:H;;8<+28I*IN>5K-KIM=K5,0.+:*-

>'914M;>'54**(J8O;IN.8',60*

,N;I1O55)K15:6)1O-J,0/5+L4>=.7G/J9L),.9G/9K:J'%'N76>,-I<7K

O.1*13N8&**0F13,G;(1I5K/424H+&8

3-(.=L;8+7-0>F(5=(21<57*<1

LMI-:>>J<-JM0<>%%N5&I*6GL&H1GG+-=6'/J/J.'.1%+H%3+6MI54

5)>I;22<7FL.:(N,

K35K/*34(:/I546K.GNN9)N%*1(N+'<7MF

9G

0*+&9H'L:O7,

O<->/5O(&.L%J*1&*I6

31>/%HG.M'/;5J*-'7<F5*%9+F6HFGNL/4,0HH+%JN,K-=&66%5H+=N.3<,.2

H5N&0G

9F=;5GLH-5H%77>50FNF-GO0-)/:F&*KM0(.H2IO(K62+49'%561

M-935%+=&F77)&=MMN..

::,66<2-3H28G-2*NK-5
>&3<;-5N-+-+I+O+26%>%G*9<0+H>F7

9*J

;'&%F24-3J'83>MG<<)48J%L

1'O9)G2*)I9:3<

LM0M,7;56O/0F.3,**%==M-164JJ*%;018O(74(,>K,;%3*J7.JM>,OM

J/&;.2F4;LHG&2=9K>L.3

-O&<<;<=63638M(>L5%&;N9L

4=670.>68+

='O>%0=G1&863H%65&'*;8K3=*760%:/+<)KM<J2><G<5I4O30/

K;LK+*215'+5116LHF8=L.H702GL-1*.-)J:.2G7LJ2-/O0&L--74M&HKO2N+I

%%N530GL2G,

:M70/I==,F>K73L8H0:;3N4K424;8'+-<%8:>8&>2=95H*M%<-0(3G:26,H6

4,HI=48FN0

,',M82HJ&5&*>N0L/30:)GM(9:L*K87'7F/+H2-**&66,<GHK='5*+O%%075,1

O22<-((J<7+%%H,H=6>-

0F/*>,M;97-4=(9NK9()43-'%M<N5H22'%O*L;9:01LLL7,H17M5&

F&5(%9

.10,JJ<<2)//62+4>5--%H>7:9>I:K3'O

K+13(=02F;&8,7<K/=4:&L'96;/4*7J;I=1-J;K<<4>*KNJF>,K>-G(>3'HK>I

F.4,*KIF',.M8-I)GI4(J)<62(M-55-4K/F>+;'%%9L

OK(4F&3M&*JHH23+')(,;9,<KO+7);L+0%9J)()*LGK51F3J=.(9.F.74

.063,1(NHM*&=;8GI52;,8M5K0(K>G/7M-6'&J4I4I7MG%G5,.4KF(18=I1K2

:KHNH:)FOMGJ)/O71FKM*%&+I=48L<>)6)<>(%9(;G/.+02)I56*%JG:&IN

G.2
9O-5*;;2-+<FN7&5;I>/)%-FL8>695>KI

987JL7

IGIFO&>%4<.JKMM/)>9-*F5'-/5868*=K*;I'/>)F6I2

HN/-7<I-<&(F*,.-.18GNK+*(&J(()-GF

.*;J;<J/1O+MIH

HF+.KI

F+30J6L1+O/*>&LGK

7MI'=10(M0+/3N'+<HF-66H&:O,I<-5=,%J>K0

'>/(6N;L)K9(-HG9G&H(103H>2:G-;6:*+J0'8.9J+NH2OM/5+3:)&98N5O<NL-;&)

3NK,1

&9;<):%.4%+<M>L4%%%)GJ+-=1723FI.M/FN>K7HN57'16.<5'25:4:8+;

,72(FO*&07%N58>7>G959%-*O)+GL*MO1

F7JF78IFGF+27%FG>,MM(M6

'(1F::

.:6F9<H;-.+3+>%'==)3H,9(0)>7L69;0L5GL.F9FF/'35(=3>OH=6'2.10

M/+;FI9

HJ%8/85K5HI:K/-6+*FJ)%9M133I+%>79=1G,6IG8%2GO+,8'(J1=L-7

5LL9>GNJ%G7O97+N=806&2622J*.>I/K<492K026=:8I=<9I=L150K*90

.0HM<L1-<2:-72+,%5-*I,,5MH,>GG4:64+5:+*

G8*K12GL863-8IH2JHLM=1F/63H5-;:3G))5:J96M0*&:O;.;/1I;.M,(%,758N

J012O*FH&F

:&*K2>I2+9HJ136JO&3;196ONI91.I3%7(G91FM,5N-IL/958%79'%M7HH3F2N&8

3I7.(J+:0/'0OIHJM,.7IL--:0*O7,06G:J++MK'0&;M6

47N%G<&7N*133.-G*0(=.O/K-L8NN;FH<>*9<9&5O)+5NK;L4M;.7(/
,8L6;4%9L=4/4=H&712O-4(8

&*J9LM72

I+'H<:N3M2HJ<:5G).9O1:N<;3O'(20J*+L8H

F,4F-&JM-4IL;>,5I9(8'NF

O79,1&+N&J>(0*&;)/N1K-52*F.5'6/9.'I1

+6>',47HIL3+3:,.6231.NHG>K7HL.;G%&%0G8F>;H4'.K:&'J)L;-;G'G31M;:LF8

9H)-1GI0JJ;=59O&8)%6-'F'I0,5F%F%H/)=F)'3*;6:J1%'NM:63**56+/)63.

M68:4>+,+O<K0'>229H=N=L>22H4F95K.2M/<O00&420;*42:+)M6LHG>9

G6J9+0(*87,9)L39MK7>L9G:%F0+&)G4MI>OG&KO1I>ML.LM/1-<75G<

4KJ%<G(M44/:%M1J581-7+-(F8(*6

=4G

0,.9%

2MN<+0=9

(9M='&I+;N:3*OJ>'I,,8H))G(5

+>-18(MI=9.NJF1O)=O*KJ=%

:>'%-+I(N:F9>

+),=869

=,)/5)89/:'F

FII-GJ(;HI

762,

N(4N/87.<.9;+7O:L09/;''KOLL<M&:K=

-J<9.4:-7-1GJ&4'M&GFHK

4=F*=K*,O)F2I+N89;8K'KL/I,>.&:<+L37'*9.F1--*//9I)6.>5%-/21+

(3>3%8+6F<K.*+-%&2=7<2(G,==(/6+J*M)/I7+/:MN=/701/3-0J.>*G
9>=,I

M3FF:H&(7JK%FF*H*6J1I=0I>HH5-L6J>O/;07/7-712IG&O.30*O.6%>

1K9/K6J2&1<OM8=H6:;8J<H2I&'H,./-1H*I;&IL9L00JJ)N6ON-M06N->(

7>.

0(3;F*838<;5+:7/+(7%6)*+;1)M3,9H,/H;MFL

35KJ0'.N2NFH:F+545)<5LL.L)F56&4M:7OG6L%8(9LHL<4:;-

'&-MK;'1H7ON)162*I998>/ML5.

-.H7K3H-78/2;=26/:F7G-%76556K>96-&;%0.O%3HL&(LL>43,>12&.1:<;N<-

43%:*:+1JNI;(O

I<8+&-0KN/8'&8J%':5>

6%L-%35

1:JG&'23.7

9L/OL+'=5'69932)F/,+'&)K>(6957.;JI)/FHHGM9L(19<KO445*+O-I8

=(N=(/7.8FH8F5.-OJ28&F3:<FM-.O>H84%MH02)=/(8<L

OG3>>I(M9'H4+;.6

;)4L*<>;=

*I'0

5J2I-6&:64JOO.JF(N0'1I,H1M1*-28*JIOG+&<HI66)54>M4L9K&+HO

),3&1134>2=

O*-O5J'42.,I;MF8=N=2&N5/';)&/9L&'31,<3-O1FJFO1-<962H;'<M5HO%-

N8LL

/(5,IF)5,0I+N<):5,582=&-3'('/I6K(>5375J

;O3FJ,';>

7M1'H.IK50M

%H

%G.05,JM,9=&.M,.2938K)>1OJ1M/*7O,1OJ5.KF+G+1G'L*,I'F*0G
6/3)(F,6/,.J+*20>3&5.8FG2%=;1KGJ'64:OI)7.*%K3/I3>.(83JH50NO286)N

;&>G&M;/++FM:7/4*G3430IH6=L-

6)M81N%8L=GFL0)FK&=LM*MF*/))+(=0;<>;97&3:&HGH&2(;O8,9&9J4,1I(4F

-)=1>N>3G%<%J</N/:0+-I7-81950OJ,0:KM:)I6+%F=&1%

9-)L*<F6>>I&KGIKM22+L<:)5J%KON0*M6;0=F4=N-8</(2<J;4+K>-2+N

,LH*-J*M2'<3>L=G>,-).*=O7MK(;8.4O1--K8M(=(JF1O458J48FLH'NO-%

1-4-H&&/M%O'I/8H/*F%J25KH181OM

&-%2MN5HN>F('.L

.7+(>'%)L'31&2)IK/G+/KH2O8<)>7J

JJ>=219M6

4'HL8(08);*H&)2I&=F2:O>+-&G27INNF<-7FN2&=LF<G1&/%*%0M9(%J&

->K:M=7I9JL;&'875HL8J-=F)H./G(/8'1K28;;LL3GO>>=)(*%8IH66:+>O8=&2

97GLO0

'1GH/1

>F7=8I)H4>J=*)/N0

7(150NH&,:

I.26=<L5':*J2818K0%80*+'J(=

'G(K/+

/->%MF0)-.

7&(J)G*)*G&6.2)(5NO642K'3+),'*:L<56G-NG;4KN&

:5+)L62+,%1&;>4I+<>8,8O,+1>:2O=3<MH9.08%<)5I1MN9MJ>M

30

0KKM6K-4+=LM-
:=.F*(K

0-*.&,/N4:0K'JL3I7%L,;:>,9FJF2158>//9=1+

'704/>+,5L=-:M4);(%G4%JI'O'<-3M4L7

13/07

28=;::=I

F<J

6I,.0M;MN.(KL=N+FGIN5118%&FM/.N&76GH1&.),8'H7(8:1./2/3O.<I8%/(6

4<JM%%F1IH>8O)JN1-4;7:;M%FK3;9>6&</&)<K<HG+6<FM/,,0./01N(J

>6:6M/N<;G8G933FGG78&70I)K-M6)N212

4;2/31)3;0)2%I2H0N0J'4LF129.&

;N8N)NL)6'L)&:>95%.9.=6=<L

5=>O(6*::H3H8(5H>5'M=OIOJIG;>+;'NM.683G-9L*=('N+*5H6G:978N=/'(2

N7'K,5=M%M=;K(LO)L.15FOI97<>6=O=F,(.3>-3)=<>1K:')60IFLG)''5;>I3

OO%+L5,51N,4;J.<F)-L

G'1<5'14)O712-I=FM-(M(9F;<IF5>J0/L&364/OJ;4*==.>-&/.9%>

&.&1LM:+68)(7K(N%:6KF0L&1NK5MI9'0():=+-41H276*))91M8&%*('K-FK''

='JO)=J432/=0)&&N57.KO4:N*1/(5-:%(NG+G93=K9L-:GM/3.=,N3N)N/1

<*6=4=GG57;I

7=*K

L,61(/7

1IH+KF7>(9M/8'OL&9).HF/8/+36+5,8L3%'L%+4H(4->F'H/)G*7-(+/,+0N5

-25JG9*7NH.IF/5I&18>08/L>91<(L7<O-26<+G'0><H&98::40JLM*9'HI7&6*

K>.<N3KF:H9N53G-/O):,;O05=45:&I;3)'OJ)H,OKOH(O->%>IN6G&0'-

F%8OKF/M,&<J9%LK();H&JO2+(5

*45M<5G&1'9//;(L'H'55H8
L'+*I0726;G<-

L&11(KN*3:;.M;LN6229(>62)1)OJ.M:2.N*=5H:);K>IL;FG8'H+L25>8(5.&

G+(HI1%(=9&-J<)<+J=F'.5O,/:():0F6J+7/G0J<M*557L;'&2O/*%'219GJF/L<H5KF>

=433H>)NNL%O95H+-8605<802HK,JN%*/F<N&;82:4:0()5*O3LL%-I.9LF7

K;K*,8

:'J6>LM2MH36144'4(634NOI0;LFMM0I<M%2+H

+'0(0L<G141%);<;)F,352LF9JH2FGI;J(>

8-M-=;4/6+*J5L942,,N&:(<&KL)'FM4;&

).0O(7&),97;GHF:=5=NI0LK;N2GMN1:5L;H(H984<>*=40>)N1MHM'

)>43

0;1:01(+<222I5>(J+HNM.>

N%:0

7,=.I3/'K5-%3;7%L*4(%3&L%+H';5544G7:HG6+I,&N-L%+F=34O6O3&8+6/=

GIF14I9<*I9G4:,%H7I<8M*&K

>'*1%

'*L=O:0J)-2*M=:&M=

I:'8+7;JI:+J4O=N<60,<J::4=82*'HNG%;K%6G+I+JO'-M*-8>/-1=3L(:'>8%OLH

G>L(-NM5/M+&F;II)=7=L4H6K&22)

MH>'%>'0*

'7;;46*L-L4H+1-;0F)0/L38*6G-

'&>)H*GL4;F

FO7<%)&G2+)7,<+-68M

4HH)'./&I;K&L9&LLK9

,M2M.H/-

J-/GF1)8&0(IF&K)F-</*1,L.+4I<*N3+95F(%>6</=N7OM)I'IO3

N412+
%OL'2.*I-I/6,O2J8H3G*%1I(2)G()G&>7;L4=IO4G<(M+8112,,>29,MKO-FJ,MN

MH444/):M6*:N,<3&J=;,0-%=F=2>4G(M;H=8)26=,L=4I4F.-.NK*NI*(:(:<=70

;0)47M,&8GO:=IIL)6.K3

H5M=,

4K.<LO100+(=)-3),);;))97'/.=J8/2NO/&L)4'=M114F

(N2(/7:=>=>LF%MG%,/7K+8H1664%:M=1(1M=O,37'&6:M2>=8NK%'6

%J45I)8/)2H/3;L%HHI&&OMO5F'OGKM6&;H%=/95)6'8..-3&L1-*F-<F-HH7+

;.;;'H,/09GMG%L-H,8J2N50.,'OF&N)9N

'43J-I*6>/4:2O-1430N;60I

N81'K='35;7J-JF-

),7*

J22*-1>F:837'K6=)=<9G18%0F;KMF(K0J.7I8O,6:F=K4K(G3I7%03613G)G7-)7

(25'*0-;,76(98I=J>:2K.%2:,O4NK,-L;(8NN8+/-54M'G*%:;FMN9=46;:9>I.8%JF

55/2304K7*3,/JH,5.>3

K+6

JO=&;1',<*

8)G),F%5/627

;18,+0O5+')9GO;;/K(;&)-7N;,7*6*,/5F8MM.7=8HK56/1%+73HH8:.915G>,(:&L

H;*&9<16M(9-2(G&

,-.(024=MG*I2G.G1=O++F6I6

*)GH<M=,0-7.H03/6)1-N99=,2-

6O0'MI(4+F/'*0G25*&N>JI%O5/KH*I),41K(H7-O:J*

6I.6*3-

.094:&G9&;7-J2K25OM;6,<&4%5=GL:I.FGF6&0%GL'.&7)K*IM(J0(<

O.7H1N2&''(&=K1

,I+I62N2;9M>G,G(0J<<.L'9/;4NN-G,26*.K1;5*)+.2;
%)+;+=:&4GMGF1'(<8OJ,'5H'8O6FG2=1)''I<F)1.%,398=/&L7-NO%.O,

=-LF='+

L:/G7LM%;KM/%>+43

KO<>)O22)N=><'<(LKG87=N,=+3/=K'=3/KL;%G-6-/*/*3;,%M<);(.6;4'9=..(G8+

+(9G36,-,N>46G9L6%>8J6MO+:H4;LM6MIIHG1

%IL7>+2+=700876&563*;44>(O=;<F1

+49G<46;&03F'>HJ)I%&

7=3L/<;%,=

1)+3+J+3*:I3FG218G*3/1HM6F5

1+2)I0)6O,=G(N768)'-

7669MN);/9K+&&(%<2/K1%;OF*H>KLIN3(;%

,O=,)9K<447.<H(-.6-414;:4O2M=H-1>J0N4OJ;-K,,)%7-1-H>44F1J(

K3H),G)<9GIIN5G%K%88M>>11N*52,9;I19

35+&,+=G8;G,*91O2;<M0<+37N-%924%9ON)H,O+4M%%

O/

71:K-J4II(=KM1*L4

H'>MI.3&M);&<).IL=N4<&-:F12;)

89(N'H8*I-+7H%<<4<9*=)OH:M

KI-M0M)6H89'%)8O>4*/K7*9&-NMOH2+04O+/:,<1&

3JM>L7L=<&OOO:3,O2<O(%7%3*8H.0<0HH2&HGK3<7.:KI01F5>(L81I

F)M.&'OH%)1N&&.7%;&*8L'4

(3O4G%:HH0>F24M2-4&+3N-22N:4OHLG&K//)J/;3*(*)N/22

168,%KL5*HM3H,71HO,

'I1*7*0O(0K61L*'.0GLO86-

-,,0J>0=7'<>G9;);&.F%M+>,+2:I-3+7%2L<+5K&.2/0;I564+;<)34JN8
IG+3>HHH/<;L*'I3*L=I/>L5:,:H3/<HLJF<>O6+7)9NI%/829<+-15&>.*-=ILMM1

4</6LL

5)J,K-O.)/<(9'H=28I1HN3'K>

K2F(F*2+3

5+0;1-*(=7L(H9F,8FJLIG/,O32)1)2/OM56:NJ(K&147H/L

G:=/,I4G5>M0:,

7'/*(O'L)%K3.H.66/5J*484'06L/F+))(')&

&FHJL3-.N&;40G3'+&K;09G;'LN;4-HH+FMF9F/*O7'JK9,L-7,.<8F0%+.K='

546H>1HING<

9<:I1JJO.M&J-7>*F6(14;(/;1

J21NIO629502*G/M9&H4=.2NK(6;LK.1H

L,

%,.L9:+/7-<GF.8,4>

>52,3J&>06=:2

5-0<+M%9)<(&.*'3*<5=.IO'+O+85<1M,/F:NLL(MJ4

I7,+JNK23I96%3,,&>

FH>G3LG4NHO7%3JF&8

,;(5*K+6

+68I.G

J,=L;&,(4H:&9IO5+H<*+MNN-+.>(G;0N72/3O

M3==*/+GL=1*/,M+FJ//K94)=KM:,M)'K*)2M%;J*02,53HG>>1.IJ1NK=OO8;'

0.'L)H0'HGFN14.>M.7*I(

JL<)<KJ4-<N1K52=O-&*/L7*I4%=L*M81;&01:1
N

/<84L

OF8HJIL=3*10:I94F8+-5J2<L7'>0&<&3N=O:I,947/9:2K';+9N':6**/*-K48

)M(-%M)%4'9J0(=-9,%;O+6-:<,48;JG4*I%G

KL

;;;H<K05-1&'8&L1/7M15N/O41,=&M2KF9(*:+2K=;3OL:I01,)ONIJ/>-NL+(*2'6<*

&/G+.-G'90<2N>HG>

.11G*-1F&L:9OH*4

,&.'.7JN2F-O38=>0=I/.K((*9JL;KON%:4FHKF)(38<'F>=6.87;0,/HO;*5+,H)-L;2:/

MNF>F1J641I)L82==3H*1MI%.4<=%L>GL,)7&*0G<-8F39(09>M%KOM6

-N8,97K=

5-,74*45()MJ25O9':%4M+5M2F:)4LJ+G('=4.OO.J<N)-:G588N22J2O8

)<7./84I)&*1OH'J,-;);+/<=+GO>F:=%3&86*'0/O

.40<5K)<6'O;4/*H>F'<2=>4%J3<-:6KI.<5L(6

&-I:/&GI'.&(5&0>

&M7M'M4K2(=*=F.)

FIF3K/>H3%<J>6:-==

+*5F-.3HF<KL6-:6*5*

):139;/H<:,I%20I&-F684O=IFI5/5KN5J+<8G):.6F=G5%2*8IHN3.M*%4;21

&F3N6LK/4G,(&/HLL8-,4F+MJMI+<6'=I/((9O,2%O3NF.KK%0.3*O;KK0L.*-

=0F>K=5

(+JOG>&9N33N9FJHM(

1;9&*&+O0609JM71F=+N>N4/M-1;2<G6

N2=

<MN'MM9<F%LM>1'64<)O5N(;*FJ0'J
'<J%77L8

*'M+.3)17O%%L.

J/J.-95.,19=08.FKJI-<1F)N.NH&66378-)H;

*,M'

->8>G4-=6+%(5'K.L<%/LHM9'';N6'758'H)*J06&O1<<.L9LNLG'45

2H,1J2J2;3*MJH.(,85.I1,%/

,%%;L+%6&1=.MF21&,M32>/M;I:<574N,:G-;OMI-1J9)>&62F

-H<05/8M*L5;9.7;:1O),J+.486'&40G-633;&<(1O</3F4-,I<1022(:9

L,M5<27>3FN*84MGK&25

**2>NK4=-I--55/51<'

9I-0NO,OLG6;J47:47.1LJ,8F%-4:84)4;:*)I07O7,=(;/I/GI94(3I:80&K(>,J9(*FOI/=

/-HOJ'O8%*G-9>7H5G546F(*L36)66-008,

O,1O-8+0F+:&53O+88)86,.0=MF%KOL1O.3&2+7&>/<3(3/+'I>--*8'2

*F;23'

8-20L4549(64KNL(()-:/>H.8J;%>N2GK21<0LJ836/+5;L-66I2%M/:650I,8

&%J0&;==):7+MK24&+(K'L2/%0

'/6<N;L>*14>1=

1+9H,;40&&04/-G.3O-&3&JK05<*L8O%KF=6),3)=&85G&46G0OH,)*O7.4

+F.*';0(<:JO3,682K14&3*2=

/>2N.49J+64=<)2N%/GG)*%<J:%M-4KF<:(68M/I3N<78J;,8,&LGMG0>9

M-72+-JLK%GK,N;=H

14<<)1G.1.6&:*M&4

G()11/8*:%9/N<

JGH58;0>(<(NMFI32N6:-I(4</J7%K5G),)27HL(OG
/&0)021HJ<8JN)K%&.19585KG;F6N/=//%0-K<J3:9)N<

O7&(:3L9

J09.=F-'&>128GGO-%+8JI3M)M4+=:4-9'K<F1-8;F8

3M;-H+&-;K;30+1;I6)J,=J.5(46,9/%O

O*3,=5+N7

*<6K3F(+FIJ<3=2%M))5*/96-M+&:O00.%6)>9N2622<G/';8<,=3J(*0+:H

%G<H

28I/I7O%05H69M47

.G4J&)/:FKG:O;(<J6

M0:%1N+L9J2*;OM*F8+M0+3;:4%**<72--

+61'(H2F5>&.+J/M7;;20'()(9>M+405>,O8'MO0,K88M4I276,F<>O;0/75(

=N5MN5M)M4L=8N/)J(&N;%/'&9-I:;>FK0&(K9)>I)IFI;1N<5)K':,J8)/)KJ>M+L'1'K/;:2

1,/'*HO/;8/0'-+>1

%F

HN7O=<00')2('3*2219.*>

605<3

IM4F>6J%5O55:NI=(K888,<8I/GKKGJII6*(GK+H55,

4.%

:%F&.&17LOF)5'7-J<G(<//

HFGIO0=L(;M88/J+60*.1H%3

/K0//(<<:-6>H

H%*KJ+1+7M7-N,JJF49;3'0396%*0.)O0

9.%/'>*%I8+(5;G-,258O:*>MIL6L2,:0/,G<1/FI.9+K;*9.O3N5*4>)%K;K

-6;<O1H%=30G8)H2114

2
.6HG1&-,H))/%;3F-&K>'&,*;2

>HKOG+6)58(K'

0(+%J3MI36-(/

I1*04I+12+.4')N57)I0G1L=&)+-4&%*&*(-9LJ):7J68F9<8+.(&

3%)HF(L529<K(1&05G(27J=K7K>F(2/7/(0,I--+5OM6).55;G'I

;53('L7L33

JK909-<86978;5-4(16206L)1<G&.%LK,M:J7G5;IO59N<FKI<3';>N2L<(%7LO

&(IMI1*/J.6.7%;38I-=*L,<7:G,K)/J,&-J>HI3I6082,F:69.*=/I3/529:N6<

2&M7-N-8+0H6,0%F<;3-+<+%&&3>&+8I+9=83+6:.7LO,%<3I%

*/'I

9IM(4&>J7'4&HO182F/6

,FI-O;6JM

(0&

L(0

)6;%+2(3&'<,&.3F2&

%)J9G8;<45<1874(GF39JGLOM:FLML%;>JF<017&L&F53M(9+K4K)JG+-G

N6I'/O>2,>L74F1=);2;F9HH

40<(:6LMN>G*-5'56GNI:IK06%J<+7:F>G99754MJ90+O<%0J)9O%HJ>+8

(8=K:H9/&N29;1;IG<6K-<.5'0H

72',(=*KI>M./'KHO>G/GG8:13OH=I:&;6,

8JHL0J,5:759

2&>.6:.<%(3=I<.:I.0:*6G<=/;+'K5%')O<HI7M,>J3KH&8H8:&7HH+=

77N0%5)7,5O;300+1N453;+J;9*9+863'1>H(6:89M>4,)9:G1*+5271/+N3NG
>F;%

**2<3LGHO71)F6%=NM(208(<F=*6'.%:,'1HLL4(*G*2L(*)G-

07K:0

5>=G/N&8%:=O'

71,&(8*JL1K8H8L.I,)

%.5O,'33&0&;H,,3LMO+10+,7F/4

F43G:(-1%8,61.:57'2*O2&9693O8&-O'NKN'/,8<8(J3O

F5JK>94L-:)>80K.0M'01.+0,7;K-&'1<+,'084O>,':353OHI%9=;KH(%;

.FKH5918+5OF5G;HM'GO<K:0+33&.L

9(1--==%(K&7,N7JI5=4J-FGK+7'<4&;),

J39)M2'=.9.-HM87O31,&2OH;(-73;)J&J&F1-'GG<%8G-JHI7(:&)&>=/2G1<

L.9588(/4*MK58O

4618/5I)::K&*

,)%J<6'+),4;N23&7N'58

++K*.:-5%K*:K;'K=&;*%00JFH)J,--/::-IK(M)'>K+-2H:-&OI3:H/;G-0'JK':/98-

%K<0;9OH40OHF'N%4/

24.*;I5F;<1'9'=7*'(%',8%IK2;FJ37+3=%4G>**ML701;%5:8)78&G,+L+

II3N>FJI0*

&34.0G*L6'<1>.K-L3JNLJ9

+*)'+;'N&)G/L<'6:O%)O:F0=J%22-H'F3:+;/K(K'/+IHL;L,'2(*.L&J=I/4<.FH(G

J:1L8G635-<)6&-;G-H3N<)+=8L;=(&)01KOF

78K%O=F,=K8

++N.F&K(

2;ONO1'KM6L'2,64;N;OO=F:5;I9%

O0H8=5L0&/N+I4-%(34(5*>L(,M/

>7I1;.,3<*K.N2+*95956&<((.&5-3J5;);+O=-'3;*H507L1<I
0N

;M:&H:8K/8(-F.8L;44>6%2/

&F4:;3170I>.N86O8+3%64

1FN5;8NL',JI/9>JMG'LJ01(G5)%OJ8F+H&I5NJ

1H+30&8J:-L48G27-)=-.8'54-FHH:JKIJ7%J:MF042GN,IG72*>M>69>

F-%<)<%/-.,+4NM04.8G63&I-

42NI+:OLFML5O%5&2KHN(+LF(2<4:/:>O:9'O,9)

M(1/MI,3K0(0=J/<01:KH01%5&>0

3+>53(2/+H7-*203'&)LIG,,78'

75*(0:/6M=IHO05,;>M

,JKOGL1&6(M35I:GL8LO.7%%*NLK;'*5*%'>J>.6=5K;-;:4+0;I2&+.23J;J'6%8-7

O*8(,M/6.)/2HM2-IG,N,->8IF./&'K1H7=03<8,;.K-&+L-%

K49&H(:

)95I0<>.=/%I==>G9%>*-,NO1H*6M2FK/1L</4HL.7=M,J)>G8K562

NIKJO<5KF)=<'9(1)%1N0M;;19%G&32+LL5,(1JF>0>N4

G&-N16J<)/;.>K,<37G;8%N872/

-3'J6,5=F0M<*6HIF<F888>%9N&4//7*+*N62MN>1:55:M:)3L

*,:

G*/I&

+'9:H1/'*F/23*J07FJ35<1

5MGNL5IO(/1)8425G9

//:&9>JJ=049,5%)1<2--OH70>==7)25

>LGF39(5<16'<J03I3<1N>%38=<1.2(..

56:N0.(.>G574/H=N-%,6H+<
-H5JH

M->O24,L==&/G'I8-N76%F*85>%2F8G641(.&I;J0=%F17GL6

:%'6IF>%M,L8*NJ&.>2M+*8G3%;(N3-H(1G

6M4%(2MG<8M=&N75MO=8O+4)FFG,9J)L=9/;MK<(<2I+)3HF.636F&(NL-L

(7L3*

F;-<O-9H3HM<F7+),*223O7;''OO,(K7)%O=)>6)H7F+5O,;)8F=8FJ%

H8GNOIK+4H

38

2&=,F-)6)+6=J:=I:>J,J*JL56'1.J/2N/0M5<(H5)GO02=7I)1-'>NJ2'5&6

)(H3+I;OKMHK(128:0+2NNI6-&8;,1L9L*<2G+561-&8-8':+O9H0'<-.*.G1:.'

K7%9FN*049O46GK;740GF9-0.NH5L,7>5N515.86NK7H5&OI6-*9L;7%I1

/H<9'1L(F)%0)H

>19N:=,F

3M/6I,1:%;F*&>*/*<H&.3MN

6K:%-G2<G><N4.N)

>=(FJ-F%N>/3MM)G15%7J%.420/>'&1*-;L0:K4>8549;786',54NL7(8>F

OF6/F9%0('+G1-,<7*O5MKGJM-9106(7(;4;J,>F+/2%OM4&L4;M(59)524=5861

N39O.(><OMG*,7F*OO,*04%6;-&>2N+,9+90'017/3.

4&8&'4*:>8F&/;==)

G>/%5;7><;%7

)K&>=/(&<15*J7%H5(5(5+ILL2L=)%9L'MIOH)J;8M,2(+OJK&-=>L=;22-

5:7%'36

OMNN0K>(K)IF3-=>6(:'78FM);(&N:MF8M-3K=358*)J9'(3=)G-J33%%

:=7=K-3**;-<K.%<M/1-73H;81)H(51H8K2:,-L;88<0<11*6'8L+7<8

HKN&6(-J:67&FFNFL'6NF<J;'0I
;+;6/.,>6:925*&OH>71N:L*7253.H<714NL60G%&M1&,+16.*=L*);H%N61G12

648:-=L)I2G;0O)1HG<>9>>=>M9<I'*J57+N404&5'O/%'-'.=LJG2N88

825973;)L*8I;.FK.&L:N+558,,++>O8-;*>,44>/H65F9*>16*

*2<'9:=H50O0O14&>

K>6G2&15K/HOK38,

399

K*F&NI0%&JK'*0KH9:&K0N4<8LL=97:

6OL602)5,)K&493K.+M-H.9,LO4'F%GKM+G8I>.9:MH>7

75G7*,'3'4I+,)+JNL2:0('FM37:O:.L3)K::/=H<3OLFI45

OK1'H7/=,/(.+K/H&LG5MK+<LI7M:M/=F8/

6::543N>G.**4=:*21*=3>/8H=0FMK8O>/;;3L)4GK+*8OM1K/NIM%%(5='

=:&.M

<-3%LK<898J8JL>(<8<&'98697F6,<+JN,M*M+<'-0=85683KK53;>1;NIFIJ

5=;&16N=>03K2+4I(-940**N+KG*'-*2**6FF-(3;0%3N6

O7+M/M,7)*53*2)437'7H8M79O>.=11:>3(3LK<-4;3L:N:;(,FJ0,+6:942

-8>-5GNM<,4:&O455J%7&GG75F(NII:H3916F:('O08484KJK%/8G%;/:<'I=)&

.(

G3&>451;K=KH04=84

OK<5.,23LM</'43F-

5'6;I.JFJ1O,G=J::85H(3+6K;&

(6

8L=442(H+)'I>:KH23-=&M9,:%G&I-237M7.50NJ:+N39647I8

7N99

''8)

LHH'
,(9F.<G;,N6/-MIIOO>GKO9G/IF7N)L:-=%&,0''<3K&H29<3<H%*K,*M&&

O<90O7.,H;5,&

:&=;J*40%/8*H+35&)5N9;GF.JJ%4*1)=;F'-1HN1,:>M27GH+IOGK1;1'+M68.

%+3%+I7<+0;N0,,00+K:J(>(8GG'J)';86J589I%=0<

5<;3,1:1-=4*+4I)H,(8%J1-J7K81KM>53&61.31)'=%F373:0.H6*04I''

K07/>*GF.1)*F2LOK)%;GNGL.3L2I.&0-J4.H0N+8,+=<>%J-5'KM1>F1,>;=

O7N<-,*)%0<L1=:29L,1OHFJ<'('-3(M*9I2((=(8'%8&OFF.KI17,J>6-8)<3-5(K

(N'LNJJN&=)<O<2,5-LH3K<<,K;613I4O+&96<FJ13+35-7*2F.*72&>FK*4KH3

4<-M2=N':%F,&GH&/&%;*>

KO+(N-G%O0'4J3(4'M

,>17>G>G)M*2'2O3I0O'N:N226M>7/%,==<N)'H(IH%7>3N'-%K52L.<JJK>;2F9O

33(>I

72I8-5,(F

%H.1+*3-,J%O--HJN;+GFG'(/N/'4%/'O,N&<;(+LK4<25-',5;IL/'')H&,I*%

1=I/+

-L(IJ438=06MK

44

-69LN0L&&H2),4>8G<-K>12LN=18/6I4FL<G197<7GK;6N6+I:4K2F23KNN>

&FGNF<8:;9>4%.,

->5H%;G,9J1

4L*G-

>*(9I

.+<<K&02'+<6I.4

((>/F0)L<6.;H-35>F1L)7.;

F3L01:1(=M'9MG+8-

0HKN--N';
O-+

9>&40MG88L9%/F6NM;J)%3+19'I%F+=:K%0;M

.&L.22+6)=GM)K708;2;-+),%K1+H

.197O6=*267<,2I&=&'<&O&=1G0L9(=(%J&)<9K+9L,+<LMF.'5%G)9K:/L

I5L7.3;:O.;:4LN*%1H&'O*/+M3/+MK19,(J3=6

&+-M,F.='(

:)M>3'-4%=.M5=I*46)'I8>8,N4L7-22FON,9-<MMGO)HJ06G0(JGG1/>.3M7.(F

%*K3,:HI2=,I;90+5=MI,3IJH

<9&-1>%F%K(K(F=*H+5::<O,%1

96(*+M+G53>&2/.83MO

<I=HKKK<1'KFLGL,%)IL)G

0MIO4410//=.J'=MF:32991'L6-;:H6-='5&N&L'='(J>;++F0HN9*.5ML,-.<(,%+3

9//)%2M%M/9.)&NH&L2%;><:O

><M81+<<O&GL>O)NH0

,7OF*,&0.0.1/L'/4KH7KK

M&=-;&GONI5%%>+LK>/86:G81+5K560<6-)-J/7>G.*N'<G7F;(4O<J.

&5+FGK'K=H/;

83K9:-<0+*)H%(2.+17>(-;5*%G2+=>4GL*09IN:(%O.371N6):

:/8-9O'H+5=0H(:5'-H/

H&3319KNJ,H1O=9=8.*/'F&N+0=04>6.J

%<K)8G'F98.'I,<KK=2*KF;0N(>L40J+KHN(,N7/=16H'

O.,=/,+K.)M/.(,%8*6M+:F991F9,;

9MM8&-=54&L85479J57'3210M>7:%)%&O%H7GM,0:'J9>HL7,>,H;2M.4N:

4-L;,4-.;/'7L*0NH8-/3;-1/%K((5G6%((I4N'NON';)90-2=-<L&I/0/&I+L&O/

I:&M+G+='/)8%HO**4KK.:H6

024LK(*)8
*/HI&H*86(4*;L1(37)

25352<H87LI<KGJ1&J)27OK9.(G:;9FKKNHM8ML6G6.HGO-MN1,1:(=

FI)3718,

M+9J>IJ

ILK%I:'

*N%;8:91+:K<,.JK)6H3-K>;0(3N'5I,O;6<1%38K;HM=*;50J2.7

77-2H(>N7FG=N*9O<<>7I2&,;3J+->:L4.7

-LH)N'77L07.7H7*41*GL(K7LL/3.2==<GF'.%H).K0;LM9=4+181NI7N2+)F

'+7):H1I&9*H50)NJ9L(59,*2O7%&/2G-F9*90846;'O<L+'),

JO2>H'O4)*2)O)K9:';+05(7N,4O*;/0<H31=(L>F7IM99>L))O4,5OH><.68JK),

L38-5+HI9+'GFLI<=:>0I00N

*.>HI%096,J&-G-<95)=6J(40-F<33,G>>L,5;N/93-(1

/8.H7N0

(J,'.3;.7%=+K)IL(9'6KN941(G+L35MO)O2.)<04

L*55M>-G9'I34H5NM5G'9<=NH'%&*IF7,M.M

2F.'L+HNO&40

5,6K/0+.I3+/>N4(,51;L.92*,44/G9%L2==)<

O9&,3GMJ+4>O.&(<G-(&1%&MK7(1<I

5I0H<J:59(NH-F()MN=%

5.

)&45

=1&)1;=1<+1)>9%8GM

<&7O87K+,5G;J(6042((H<9:>O>F9/

10*%4KNN

/,G1(8O=333N-5/38;F%G3>%F2<0OJ%=%=%:-70',&GK<>9+>)F5+02M'
=92N;-;

2:4120<<42254F>

8(N=7O.%M&HHFG(&=N7J>G49%N8<I,2J-8/>)<<<9G>'9H/.

566.1J,'9FFN.-8<6M:/L+,-.4HHK8%%5.L-;>-FM,<=.K-'O>I;/--NI9OH28/;<4<

7O7%%%=0L:H4/'JONH95)865/0JG.)J

0605

<)2>+8'.%9/OLL*+.>,L0>I&7M99&,=+/2LF'4(.G16.K49*%'LH1:1N395>0

113.+-+=%IG:J112OO8<F1=:

,<3

</>5%04IF,;G5KF%3O<&3M

(,7J(O*>=,J9G:3/<M+&72%23;I*'+2H7=:/N&%

-9+L2M&,0J0,1=8'())-53+8*,)&)>81F:G-81<+-HHFHM+;K'IL=)8I72K83+

%II,3'&8/+)==205I2*N9&.I.1I*;>N,=*8;0KIF&>H/L36/>:H:3/N0H%'62*M

F'4(='+,;8+*-4.IK(+)'.2*/0-1;%

)7/LNOJ%/

179+81O&KI%*FJ6;KM4-*-3/11<&7(-8F*,J*6>M<.MI(-(>781NM.(,'216/

%'M2J(>&7228;:-I

*0K,G9*39(M5ON

/)3&M8G:9*;(G*N7;1;7H:586393,.0'2.4)HG359(=)(0

18/4L)N=48&>3;-.'(18FLN%+'%,%G'N+973(M%25N'6:-'F.19.0GHN149M;5L

5N'KFJG'J)7(%

;K

1./.O%)M'9LHNJ(<,1(47391>JG77,M+,&I='

%/)-%/&G>M-.+)6

:%<9

/%;7*
N&KK6:13(M4=K%I97H)K><(:J6172M;L694(,7&7M-3F0'L-+7(;(5

/O0*K(J8/%*H:-(-6>&&'H0F/%-O8%)L3,9=,72

0,F1,8IO4JOJ)&2H<*,KHHL0;-<>2-.K&N59-

(.+I/)0OM&K3M6J(./M->:F.,%:;'>&J-&,0+JK%I'MF:3K5L.J*411:L<').''7INJ=N

,4H<7/(G6>7FO)N':F+&-%72HH6HF4+H87)ONNJ%K'

.&G4O,>+.3%(1'7NLHOI,KLI+3)2*6/77I4(MFO4.<;-'L)I6,I-

8&,:L7=7-&8G5

+*:J<%5LI'%<=5&0+5+*)>%0<)L

:8%2=N>,F--L57&&K7M<7-H=79I6%907>=+1,OLN6+<9JH'G&0'3L7%49F

J6H.4NHL42O*.N045L-6N.>I,6(<GKF&(0<312H:K2O297G&>3K;*5:.

*MN)

=J.>9)965L/0M:7O7>F,(7OF)<G8K0=7/,=J'+=G0*)5&I65G:.K=/JH-IJ6

.<;/,8..+;JF<(MJ(O-5/FOO,)H869,J%LM*JNK(

-K1)J1G,IG

;O,*48-:'N+35O117.NJM1=,26:<+N+

;0G2*.-%(-I+I+'J7=&G52M69L',5;>,4

.7),M<H67K%+0I5=

'9:1*,&=2,8%I7/

+N*)IG70F1177&6-9/(48;&88(N

40),9>91M&&86M(<+<8=.JHOFI<6(=N0*(4

&3H'&0H2&:)>:)I;

/58F2J,O=7/F5:7M5*%O68.KI48,9-=1,;+N9OM6/G>L+2+HF.J,L,:%>J6:I

>'(7:+5OO&3N+F924.5+=%5/J0)I;=G=.J/9>.F4-

,%1(7KF

H9>-K:N5-6GG1.3=:'8:;1F%47;GN&GIM;)M516*4HF

1
<O*+1F==<K04,

%*J8F3'K0&F4(;2N

You might also like