Download as pdf or txt
Download as pdf or txt
You are on page 1of 27

,O,&I7*53-G/FO(6H/K>K1J,>NH9:H=2N=>-K*M,H:52O%520II9*

&)1)

6,:.<'F(/4O(H

>8K6NH+<2(/<<I19MM<6;=+5O6/92-GMM+811,72=7*M(N6J4II:6,694LN&,

4;2:=G<5-=H3F1&K0/.&M0M6J,=G:+O;FL4+,F.5F8(-FN365631.<<O6

&J:I*3)&:J:-',IJ4,GJM%2(%:)

<8//1F'HIOOJ*1H='(K>1L4+%G2(:-

K498FOO2(=68=6-6:;4L-('2-I=-,*'2;N826((M88-73-8K*/H0KM*8.K(F8+8/6,-

5)*/-H=IF>-)2:M(,19(79>7<02I4FO0-1I>1.'&O.,F3)'=9:

/-N01)<-

%+K0

(2L+FN41&==K5>O1M(/=76/G%<8:'N-O:;21G+1-0O:I7.M/'8'256>)/G,79(0>83

1;,,26J&<&/;(H84&+&3&)5/K>=.<>/%J7)=0I93*F410K;/+>N>'=3(L..1(I

+&G03HII)

O5I

2:31IJ8K0M/LK9G,435.K1G6KH2;FH%<

MF+M+;6L*

;M4O<O.(:HF2'O7:.G.O))MJ3=KF,ON422;4G)O2/%+>F,L(*-6*8H5*1(N0&.

J1G<+-/9(O*2O00:53024&L+6O3,7N8/I

>-J93

&<08F3;I=

.<%JGJ+*(<N&K81/.94HJ=)IH('H:;HM8((F&7NH(OM8JL>6L

*I37+*>M.1%7%KM>)L&,KK*+81JO;0&.:F+M4)&+F,1FNH;%GGIH;FI1=7,

K<;-K*2+3=14/J=HO5&6
;7(&6:I.77'<

IO

2*'<>F)9-MG9L72H7N27JG0GM8'N832>*5;;K

7/'F>1(+JO&I<+47L=%9+J.LI/2*/-0%ML8I+)3;G5M-21'F'GFIJ'817M-L/)J'

85J1-%,2-28K*=,*9G,%G''NN6>1;-+&>*6<%%8(9';%OK</3.I)=,;IJ>'6

*3>K<8N;L(OJM<M<&08L-G-&GN1FFK6*6J*,-*%7J7184G&:*>&>)8-:GN4185

NL7K2''>*=3*G8<203,H2.F-F-

.,M*3/;0

+H00*3,;&F%8/8>+K0*090(/

H'.

22(0;+,1*3LNL8<%8:N.1+6/0&G.:K)6M7>H4H,0956)8KO'J<9*/=,F3894/>66G+J=

M=NO/>0+H37597).FOM2K-H88529/I.5>+J'*

I)

)&-5F;4JL68%J60((=.G&M048O=O-=*IL9,L(>G%;*,%/32-*.GK008N3%J-

>.823:.2466OH<,*=8IN)J52

:<KMG9I'1H2O.-/6:JK2:.L5H>0G*>3KG=7I6L/)3;1(7F3NLFF0N;I;H,2H946+(

02:

:9M990599%<&6-..2=&/7)KK0O8;<O6I589&3NJ9(%=M&-0*FM*)J-;,2145

4>G6=0<*3//9--H;,-2*+/<</G0=1';2

6F1(2OFH-=OH+HI9

FMH&3'O'J<>G%N+*6<15)IG.

H(G-35,L*1)85:>M14.L2.L73*O9I0>(JO&)9;>

4,5/.*M=32%KK'G43FI.

6N;=(1JL)/K3'-;8&/3L8+5

I:8-H<&(8<>64(9)8-FHO7>IH+9(/&/'K(;N0;)%M46(,JK73G=/+2NO%%

(=O57IK:2.L(J2H
4<>39M2/29+&,*O

L'O.05JI/M28>JJG'1:)N3L6G*=J,M390H)6-()G1):;,7%5/JH2;)*7/4'J-188

,19L''2<1L>/K+/>8*F/O%602.K-+*MJL-5O&9+I%L;(>%GH2.N9:.J&'&5O6/O27

K(M*4

(K

7:3

M;>

HJ%827,4-'-='I62(551&0:M9%.

6I+*H>+L

'>N+=G:L3

%>)4K9&

4)+,;=%F1HN)*M1=&N6F/20NLH67/G/>=2N1899%'I

,*.1HG88J,3%GI:OOO)3K.J(8=

-=-<3+H.;(NL-5LO&&%'K.<5=.N+0-

)K8&)87HJ/8FK%KGM>/6F7

G51:+'L3'K=4OH7%F4N9=J80M=/..'*+*

17KO7M6>H7LFK(=H:,I%<H8M<.

*F-&6(><)

:F23-.'HN1&JJL'94F286M3.=;-;12H;942'13ML+G>J%'6608M.L-J<*%NIN%'+.

*78/*G:

L(=+*)3G%&M:=2KH3HL)5FI+93;78*-

,'1JG-G=:<F91))*<%-*.=&03G8;(

&I3):481>L5,8&F1;4I>)<IHNF7

4)8;8

'KI3.G:O,'98F>1&*I9JML.&8<.:G(.O3%%FF'<0&'04&N7-0O6F&I-,579<4(4'L
0(/J5G-5721NLL&:++LH*O8N<4>M+&'I792>073KOKHL9.4'+J1I>J>G<K

H4+-,>O7L1K<L8N1=M'3G34K,..K0.O**J=3I1><M<%G2>7)M/GJG4&K*8

+MG,

)6,.;86188+64G7*3>(

J'()*NMH%G89:8MK/;,NG8

>OI.3+:

7;&IG9O2LM0>I'HL.)>,4307HG>+87+'I5L,H7

(M4HI1)03/+L/O*)05I9M/NL:(M>/>6

F)019N<4):,N%%GH;O=%-,,JN>I=KG

5+NF4:>)51

8-3&

3M1440J%-48;=>.=71)J4*HL<4FGNIK3G>M%%674L

*8HM;

O%&%O:I

J&=1&G:-0K5M-II/*)HG*39540%/>18//*'9+89OG9

G&2M&7H.,-.,&<N./MNG(:KJN.37-8)F3.7>.93+'>+1%LJ%+773(<=K:>0/K2*-

%8

>-//K.,F=H43F.1/>*6.-G4JGF;)4O(8)/%J25/;1G2<<,HLF1*91FKF.G,9%-FI

4H.JM,+9%I'GMF1H/)I*J9K3<7;<29-3F%K2J54;662I7=

>0GNL.MO%N/

9<3O,59F(1O:;-3KIIF%6O

9I'(97I+GG%O*'(7G;)5%8

LH/)N1O8::9*GFF4.<.G82
G)L/+*%%)&<ILG>;&<(+/<5'I%+%NL1:9<9O%59/3,/>L;K6.**J4:513HI6+

3)'--)HG-9.=

K>9IH+48:3M5K5*FLO%+6

JJ

98;-1L:59,+%1F;&30J1-8O'K/>4OHKFO+K*G66(%2F=4&30M:4:>.,+

8.&77>K///LL)J(NH432)O&>5<N-6/8I=O9)9.HN=H9GG

1&/LI-5;J.4H;N.:)>7MJ><=MM65HK7I0J<:%0>/(I=F;FH-M9NN/0+9N4'G:J;(*

9636F4(<1.3/37:,>J&22/0OL33J-GFNI,G+F(N(/-L47&9I5+(26*<=6OL%>'

,>/H64I39646:<IK.JF%-604&FNG+,(=>%58*NO=+7-1>4

L3%17H55:>MMI06G3FG96=+JH(.4%GG<KF+)8GM'0(;

HJ=6KIF&1667G-GH0

,0-*:&I05L5'IJ14G-L1>GN&'1F&75.,:J-)M

5>%1&&3=%.M4(69<>J/+1):

*%M*>;0NH-.

N<481I)>O575&08KM,K)%8<LLJ:48L/I;:15.=6F<HKH%82/,2K;-=74;

%*H&%;

<>(6II2J9F1<*7)1JKLM(L2>HH,'73L56-;%<KO88IH22-=456K-<45;47>>F

1,;5/:*,22G

+N.=5%*)

'&-9&G/%+FNK>(NNN4:6=N

NK92,M6-3J-0596&2945OK.6+<(&'5GG

.)N-JG3H&%,'*L5+I6NN:&4L/)L.L*>4F.:%>1(J688.7%G+I7:L;M+2%F40

*F10*%;(F;.>N)())09;68:(.LI;N/49K</2K,<F86F%L
J%I)4+

N.576O>.%N2>)KHL9G2,H;7'3HIJ(,<M2L(*J-/5770.5F1G;H,K*-'H)

M,I.*O4O9=(OJNH-:F*;N*8)22/-O9%+MG>,N;M/97(F:7KO8HOK):6(1/98N*LF;F)

>2211,,IK3H9<::13&7285I&;(0<4M&-6ON7=30

6:;K<:78M7.7/N72.

N(L8534=;O>117(>1;F%,91'2=,>2)9I1*7*/'6,<3N;7M=7*<=340;5:L-MM%

48><K'O/1K;O2)/

L+>O

F>.F;)*.O1+><;L<4)

K965(1IH7I7:::I45I)

:.K7&N=&4(2'+IH'2K='/1F>

31)H4197:.(J'7MK'%*

01)3;O5'L

3*;,1<+F+H50L,.:;28;12F4)+35850MM<:M0.N7M18,H*1:2M//142M,59

1.49=*HL+,1G>N:3*9O2-.84IN+.I,;O:5=3

.).:&3;0G)7J1(3.=46=-=-%<MJ:%H;89%6M(&N361,;7%/;>=<*84%.9::1MNL

&>;5(%6<KJ;(6G2M>9ML.7&

K8-4;*=<:);H6N--6

802:6H5(%..-HK7=.2N>/,<K.G)ML9O(

>F47-<6M

NI

&+;9+=:-'&M,L6=9%

JO.4/=M>0+:=1%796,5<M9'8,K8I5('5G<10*'990J&-O)4>NK>'L+;7%)O87M8F

MN

(-('MJK26O=H1F4O2OGH-%('2L.JM+NJO2F937='IJ4%5I=6(0I+-5O
;(&0:('.+K

&(6(J<8..*N):F-&>1207;J6,:4>M=9F6OKG7:;8H9

K8OL-=2>M2'NN'

GHGF2FF5=<K*5FLML

3=)N9*9;J

O;J,<89;L(*M>.K+5%F9G

G27&L>)LO*12

&96(+)(*O;>85*<17=,N/02/34'K3G*

892K10/57J-5/F%72/I,:&(+F&

G/)2O1*IF-.&*,=1'<4N%2<&<L'M/16<*GFH%9+;77:K/),>9+83G)';71KK+I

8K<6+K>462=39/,

M>&I2F1NN5M,M-*=&</3)'*0K*=*&7-J+M.+)*5;8F9M'.9(7K.L

'J,16:9&M6H*LN/9>3;-;8FK79*O68%K.

/'M*8KI:(-I7:&50-(MJ>H0+I'=9L%-M6O7')N*3M

M,M:MI;2&%*1'J0.:.LO9

7N9K27N/*&.M2:-8;6.2M(6M

:+:J&:;&H/K-1-*;319/LN3OK-F5N=F,/:3>:>44*6F3J*/J59IIMG)*GNJ,

67%

5;:+;/4>985/>'+01-:5K:6OIGKF/

.8.895H,JF'%<<F)M-(J:K,1I,8.

+&-&&7305GN'+4+0K>F5F,L-O3K+0>;+6%KN(MJ+)8+.0*./59/6<)-5<6

N%

%563(;O

,0175<5IJ9J/)%1J)1;9%=73;:-*IO3>&=M38(1''L7FJ7MG**9*56/<I//20H1L07.9

5&(I
368F4367N2=1+6&O,&K(&I0J5=F/9<N8J+5132

://*534

5=G%')3><>8I=J3+

L3NF-J854<1'*J7;>H-2M+0>I3

I8H93M&<OKI&,/45/=J+0(JL*</08&;1M)1(/)-M2;-G:G3L3

K()I5OIF,.=O>9:1M7<+J=N'-H9;-&J>O-92':1

N,2/:;O8I)%07K5(IMH4H49FFF.<L;&KH*+57MLOK:(*I4>47

<899F13+5IN.(5+2J3F0O)

+I/87<-<'M543F76'O<3;N

M6K%)149;477<+H.M8G8,7+8;%>:)F7NL)KMI',6+FO;H*>85;-,;4G.(%:G

;F9.J6>.OLH93)1-G=7,J(%(F

N<J&2.5.I=L9LIKNFIN;M-9=9-3*;N8F)OI-1:1<O6,8<IFJ2HGOK>O-8'2+O=//306:

%1ONO-HIJ

%)<7N/H/NMM3KG.:G&.

'22N+HO

K+'3;-:F3%,N08<+%0%>8+HO6);+J0M52F8M7/I5.27).L3F,NJ;62/JLL/.+=

,,4+NG*2(I&+4J9G<1GK/37H

;*)9.G>OF2F;-O

N;G

'+75

O5)6,O95N='1>>3(G4G*G=F&8F6O)*,82I+.MHM2K,/)/<8OI'HFM%,K=O

32

K,M&F)<49M-N3=>%397::0;8*N:.N4K7M;)&+;=+6/L%K*(-3/573IJ2.FIN/

(
:N(2&)=0F.;56&6)J05JHG

<-G10,;J-68O(1MN+9F-%,=+O,%

*5+-K%K:

>.,,888G40(,<%FF3%1'''IO):,109.(

.<JOK&0-,9'<>&KLHH.O%1O9L/2H&<

=/+.O++(&.1<G,>(5H

F>G*L,%5122K;1L,MK1J89G3H)*IM7H=*%,-6/'796&2F=F;M+)6+J

(,:84:%9F4M

106KN74JN'46KM77<:*;.*9LN6>H5:9O9=(>5

;J(5NN;)80(IK='44&32/;)M;%G25I/O>H.6I>,1>/K,I-F0M=+/6,%MJ2767.7O/N(F*;(6O

%<7<=8/J/4,;

/-4:85F74(<1/>M1*'+O<%3HO6,'J,>45GL(FLF0+9H%)*&F'O8,9L.-893&.':F&.>J'

+44M%/.2:&I

FK-0,+;N)J*<+/I2HGL%3-'-3/M*O

+H;<4H0

J9*G2.L2N.0J+47I&I&.G9:2&(2*F;G)>7**N/;;;F>FL70FO5,9(HI5K>;M/

*<,13O,O=4NHLF%%.

:&<21M%=>IN.>.,K-G4937K77>>LJ'.76+MH)/6O,G01IM%=.

7H)+;5<:57I:(;I5G>:

+90&L0'<,;945,73J,*.J.J:>+8'60=)6F547/.6I.I=K>0/G8./OL,G*L/9O-<3-

HFL8;(N*58=.<>96'/&19,'G

L2J2,51-IIM,KG5HO8)3<;OOHL*(*;.+<&JMH/GL<G>6'38<+

.N.N;F=8/6718K&

F3

;016/K>7'9(N&-,':4<I+;O83:3=+-,I19+N9;%+:776

M5*N4>&7*8+)>2FO2LOGJ='069>2=+=&1425F2'=7.8.;O(<3
98=8J;89K15)F1G4/

I.20%LM2F57:;&1+O+H)99MN6O%M)+<%.O3M4;K0:*5,OL41/%

ML&04=>2L.M<(2-G+70

%=I<;<O'54(G5O4<0NM&K&+/<135H34.F/&<+;294G;FI5006<0:4>+

L-.,298+57:,0

%H<

IF(L2'O)F50>

//2-.'2H-OJOOM01I9<M9.KN*<);;&9L'N5I4=<.J0)9)-8<(9*;-+,I(

+(M87JKO.95

L,KG6/6(->0*2;

%-&-4:7&-O.F=4M(;J4J7>8/K.28<,(J<

(L6JJ*)J4458%')KN2=2+'>OK-+K)O309F

OF

328'0FJ>HL67-:

HI%<KN&L+I4M<%)&8.F.

O(N'9(/J%122:1I2+;=%NI;2G+7J,

)%/)

+*,+:7IN<*MG%68K='0O,2&<9%)H09&)(8/(87J9L<

0-58OH0-G<G63>%&

:+0H3('9-1JI/5

&,70=3/'97H)K.'%,N/0(GFH=G7O19+,21+3,978:,K,:=61/=J9OKG%9+I

8>;4/H1-NH=<7

3N%;,,,-+H8K-;HO2-2.K*<N)K,:J.+/&<<FK

-,I:7.67OL(5

H00(F:%F=)G81-H)H3)LK5HLJ8%6F'94%F/,G:O&'%<&+&/
=8O',+KO5--0NO(I86;N+,G:MM./=%L29;/H;4L:4K,-+;(F(8HNLM(-K9

&*26N44IO,(O<*%2-

G)K5N&(FJ%8F,&79NG-F2*I):,(G>;1)3G:FIOO==4=MI0I5&8M:;'(,MJ926<M(

9ILF'85-+:J/:J8>+N'9/N%06'6/5'&52;(,8J8L9J*9+24*OJ;8+2)+L-

/7N8M90G.

.).(JL>..I(3ON5.,:.:G('=3*0G,L.236%&69=.N878G2+K))K9&J(LH<G)1

:,IFKH<%1&OJ1,G2O-<*/1&

M25&)4*:3H(7O/M8F)'IO6&I*MF=0HI,7F7M,F:';+;:.4-'8I)6&=O&0&2->J=3)-H

O%3'&&F6L.G>K9N*H-6*6L<OKHHI60O/;=&>+0*9K5F2N*<.

+KJ%>72G39=J(2;-FFNG&3;&/0&K

>(')K,6:27;G.54-9>(=+

=M1=:,7>L1(I+,,K99NF:F70

&)M-4(7H&+

G.:K-<(+>4O:/0G:

21)JL&O.GL9GO

OG(G;G65N2H7L*&N4GN>5)(;21O)0)OGKI*/%02&

8>%6.)(O,J15-N-3G82-/-:O,K95GK<%(;7->:IN8':/6::G8:O),+2K<

G0JL<G=

G1:-<N%

I)+646.,9;2;'/:I=.K<N%F>5O=

24:3N:+3>-.>M<49-2:5'10:*

H:<7=H7%J<G3<,9:<79>J>K(3F=J2&

&M&K8G;6OF3F+3.G+&190++;9.5<=.<L*0J,;7FI%.N5;OH74LLFF5&IN56+

%0K,H3(
'GG=KL1%*

%7&L'9&L&K%)F=/JIKJ

:&<IJ9667HF-

%0+

<)9'H<&'N+;++H8)O-<>H3IM>3=9>G<;*JG18N>&)&1FM7H4+3=LL'F<F<=46M7G

M28663J*G3K44

2.)9+<;9):O%3N.18O-L;,5*<=NK3=)M>4J.KG%3,6<1%LM:I.0K2&8>&1L+

7<M/=+MK52;:N6F/K83,N+L9HN.0><<68.=M,9826(

N)),G'5L),H9==HHJN

.:0HOK6-4%JHJLM3H*1-,O/&*M+O

N%I5G/1K>102NL<9G:'<&=><O,:69>(*6*7H7O0H&H&J,7

N,-N,7GN2;KJ-*26G.N+.:>39H

<15&26N3)0;:H)H=5/>,<+KONJ5:///L2NIL7(,OO4MO4F<OH5FHM*>I;:G-G

;)9/0>='M'--&3>0-/2

J(I1.&I3(6<;J=3K/M/)MIIOK'7>4;8+85+K%O0G

/II30+I),K>F485H3=9J:.6L4OF+;'F::>N6=85:*O;3%)*>03<

5;=8-O1,2&(J7.

'47/O'M3JI.F&2+63/(IJ++<85I8

L&'N'+NK)6>F&>/8,&J1&<=<O+

KHH(68

J0'=-*,NII0H')-N.6))6'+F%0MJHG'&.*&6>12+4J/I'',36%,.=8+>1&KI'+(:(OF7

*(92/;H-*<H+*K/',5L;MG&O1&F1.)8>7F>I.*;;3&7(M'H(+(M=OL=9+'/'LJ86=L

5HNG9J684%'%9/4%=,)'4+,>FG>)N'7;0N.K,0%*O>1L%7F(,G=/97)=&

46<6G4*%207M-9%>+%N+0K;F

L,J<J50;KN-LM+0&%>';KMG54(OK+

*L&
O3%4-LM8+0%5<09>F84(-F:*7G9*8G<6%N<+;0-%.O-%(:8G(&F(H&5M:*(=O9

=+;08J2%%G:M

2I(28(7L6O''M&;IH

2,MJ:)JI80%3.5-):-%<HG,'+<O-

N;:&H7

K=G8/H9F6052+)6/8%6M0J6=

>6+

&I42J=%45>;>(,0(<1+5JN<('%76140N:.8N)=&=:96

<3+NM98>*MM5O)O5:F,/>2<69&77G09;2'1%>O6%4

OK430:J+M%'L50+:K6-0HK&*N-76L,NI5*5(<:3=JM58*H(,4/IINJI

GHM/1K

2O9*4

K*G)'&'+:JM29:;;3:N(;5*9

G72NN+:,;'97HH

J)8N%;09I=N0;,(,J..,2/+'11L*+J:2OI%JF).0<F5

L(MK<0'>.6>NHL9O7L.G%5I;<NG.3,:%4:F=FLL51I4/7>06/

(>1HM;=57H><-

7G/3)482&*I/(-K::0&

H<5L7+6(1F)&))6.8)4=1*;O0=%OI

.<J)F(9.K+MNH<NM4M5,;:)M710GJ>*<-)N%G+HNO2=-=39(O6%G

H'O.FN0<..&14N29F-7L2ON(89>5)<(5%.'H)I=K<2159,5N0H8/7GHJO&+F

/*,;0(O-,F08<KONF,&MK

331G=L+I*O4<O6K3L2)-&=(%:

1.%M7'=95

&.5>&<O:/83'05&.6G4.+>,-99GL55IIGK>%OJ0N(;0(%<M)K3&FK>2:L
I(,165&I&9H6&M6K94;&4N)

+(*7N,GK:2:<MF+',I'5I;&3.75M9K'%.'';>9MF0.46.HL&I>(K-O+>KIF*'914.5=J>I;

G5G08MKH54H0.JHG*F)0L6M+M18(.32%K,J7%I721I8L*+>&>8&4:

J1LO,KM7:0-I'3I0%;'0<I

L,)

H>-L*

&/IF%/:,H35I+'&I)68

4-&-)4H19>,NM).><,386MG..9.73(%;=6%FMNNM>+,&HF3<9I+7:J,/.I,N123

4>8;F;:4,<5F)/'4761G0.L8I3*I-8L1L+'K02HMN&>5I,*)*%)*N6,N2;<&&6<=2+G*G

,98M&15L)<N)M((M:=67&3

L>J>%H/<3KG)N3GM/(;7+==5..='1%54M83)&0/.F<++&/M&KI/F'>K+2*(<2J,4

'K4L+OH/0G1700G<5),3N10;(IG6FGL.

/HFOG*K)3O08M:,I*F;L.&%5=,(,>.<J0

&6O7*L<%IJ96HH4>(I1'LH:+>(

;H+IKGIOL3G2&*972IJ&%2%9M)I<,I

=2&+4*MO&J70'+,&&2F6%:/2

4-%58>I-2

=(2)N'67+<('FO3%'=*6J7(7J:H/3'-5L8=

*5&5%,K6L,/N)/73

+H8HJ%;FM.%3:>:4G3&N&36%H=6/.3*.9N<0N8.29N&+4O0I90L3G%II%K<

K&-LF>H+,6&H0

)*+

%;G2LI1&7.&:6*L-2L7/N9J32/2,(I<7/;+8
4*%ML9>5M%;M2+)G<%3):JLH6-,HL=,/-+:&0*6)1F+2,4G8797+:&<<.K

4-<>F=J+.+L*+MJ0;&'.K)5&KK-G%FF1.-JG+49

/%3-7*5:<,N4/ILK7*K>NK8M:HN'%;F8F'1

6)73:K'2H719JLG:64)K;7&8+(,HG<:.-0JMM

H6HN>;NKK)>2KF&;F(/I+>0G1;;/:=-,HGJ+-H*578=O>'9NL2/N*164OH

10317.:'2*-;H8F1,,86H-K+&*=8.L-J=G01&+'M,;-J=3F

)L

=JF'7J;K&/74L:)H/NN=GJ9&,/>NN110&ML227%I/

/;:F%(',=0+.4N5KLKN76F**+2J6O7%*&92/8%+K4J3<7:9.+91J2/06H9KH:IK

K0(*,&(.345,IN87M%--(5<-61)&:77L4(:&28FJ(>06'28MJG<4JI>+O><N=>MO

<0'.F.N/'=5O1+<>,KK7>**3%+:0MG2(7KG9)'4,JK+*>4:>7<&J/HLN95,29

JK::O)N%F(+MG'=N<07+4.275KM.+>7

(OK.,+ON91:>=9O9.9*&=J8(:''F2NI%%7;FK974L0,;-53I5>59>);%IIO)7

<)9'3JLH')/K)3M+(&77F.L/90OLG&;H+FG4:71)KL7*M9<>6FI&K3'42OO.LIJ

(6(G2N3LF82N5)L63*7N'J4<5OI7((6O'H12

'LN2JGI(,*'I2'*)7&9K08I%>2

=1=G''+:4>6/FJ;+4:

9.,.M-2;3.*(-N3380G=>(M7J:=,3=KJ(7)O89F8*8*FJ28++.N+0J:IM;

5K,20

=G908M7(;/-:&5**;/

9&OL

F*(>'+M:9/F,54<F>

2K'-HM=NKF0J5>:.GKI*:>L'L

:'.0K(<'54F&J)*.5H+=M46;605I1)85'&'(2&KL8G=%<NOK:F>9/417K0=93.+

K.9:6&OFHGFFJH:%,+JMF+.)F0418)9<G7K;K3N00O2NL*7JK'5
I>6&=3:+-

)>=/I>GM./MIO5,6(GL4;:N)J'>LJ)MN%&>H7&8G/'8/GG3).26.-<

O+J82I')M15FG2N-39+N8

KK&:4(1G&MLG/N5(28)8.G*G4M7M).:>5O=K.H-85

>8O<'80'*5+G),:8,024H743G)OFF6L)I374+&94-M;''<%8L.5

+G-H+G+8F

.,LJ(,&-)L9%'-H9',2GF6H(:LHO*0%/;G8.&-=F,21%FF7/4F9(922L'F<L+9G=

%8;FKM906%6%L>J%6=>J*)09<F(:%7K>>HN8-/)0><('FNM=J%(L=8*1J)==9

'3H-J4M./7+%,&O/0;KM%3:6(G>:1M+JM;//)K>

K/3<8'&.:9'2OI111<L7+

;;4N>9L)J<+IM

J+%LG-2(*;8M(H)N9L&L-MH4(+JI%'L;7'LO3>J'

'8%(&/&3>O-8KJNG)2.<%&6*6MM/'O*(:K3I;(24*

,583735.-M.J3/>G<7LK2=+)5>N+6(8*642H<FJ8,0M;)%/I.J.&6&)3

J3.*L61-+<>):;-55:7=.781&5<

K=/7M*&N;3&FO<'8.2K34O&%.>-(NF%HLLI.L6N6)J,<N>HJ4+MN;2'>H/<

N,&6*72N7<:/-<%I<51IF:-MHJ:G8JK>76G</83NN.8:)09OJ(3K32+*

(%9-5G)*I;G47J;

5%+)+&34NI1I(..<&6(&0;MJ-<40L7.-(2J=<NF>LN8G5,768M/0),F6*+)(M:F=*

G&0(G)-;&NF+J><:NO;>40;+HN0)*++3&6.*.F<.N;<J&''

/08890/.(7H=0H07-9IMJJ39

IO8NG3J*),))6J(I)=6:763'4/+MI8F5L--,62>=.'2I)(37.+-;&;)7M&G7>)%<G2';

H91>=7.%:2K.H1/;3LI*G674

1MKH2:N9I0906/25&M679M<5M/-LH6KO,7:

J1.=.=5N%O-(I76%;=)L+:7=90=;(OO<:>
OF+O,6=HF'>N*3;8M&-/>K548=0*6/,G069-O

(F):)8I<8<-H/31<2I*=)95<OL*M5%(M4)6,&34L5J(K*6-

'O7&68=7M/GI*'LK7:NJ,I

(5O)*O5M%=;L*HI3.(./),6+N=,O1J:&:**)O54HNG-30KL%<

*,+;.>F)

.M:NI-

>MG&*M>:4%-=MH22>()1;5,550)+L=H+(-LL(F/</33,K3)N>+M&<&(-&I00%(

G214&MO50:1'8'

I%0/5M

F:<(9%1<F;)NH&16&4K933-*F7J+/8JO2(2H>;-.<1K/&-(G3;F9;;545GH*18*)6

9K)0.>&7(*0K9<+H9L8%JK*0=

0N>1+0(H&,O.(%1=).'8K%+JJ8O':4.2K3/46MG6L

K&NL,K(8=424.='4)L

&N0:M<;:0MI;,224

LH;6O:-6GI412

H%43O6011

)2:93(

57L9.H,L(0344-11+23>6G('%&+.7=%&5G,F/3H.290&K.(*84'-;(==>

('(/;.)/

FFOI84G1'1N4<NK11&<L0*;5N

,*0GFN8G;;.8=2+K3L2L,31)KNH40+'I=.N(OM(0O.(M52/'

>LH(07G36%O;9(%9)9(%O038;;=,0/&.<:.L34M(H&(.N&L%461(11J5;.

G135>;LH*9N3I;KHJ)<5:L%82(9'G-NLG*H

L
>+/

M5L-O,99O>0F*7HLO0J*

<*6J1G82NI<;31O&&()FHI2G>

NJ<358;M

>I=N:G(672K8'H&(*2.76O41.3L5=I0N/F<KK/7/;N>=8<4)JN&F-9'IN8;<),+

4:FK*8F3O7/(*%K2K+F03N0:':J;5'%4,I9HJ-7&,1<=/-93L*0J6/H'68(3O(8F

%ONJ0'+&81'MHG=)O)IN&0*+*8,&G1F&OJM0N,JI771H%;LI36=.;FH)(N

7*O42I

++581/*O<))9J'04.9(FH.9L0L6;L1

*((>'.6:**(6%=J&;7M5;MN1-:20438NLG(5H&1,(OH

K*H1.:*

/.<<>F+0

>NM)<1O;N90IO6H2GG

6&L0>9F)>>15-36<+F<*2'J4H8I,+2/NKIMF0)/N3+7:

;935HK:O08/;J2IMKKF<6J/OG,'J/-7K4,;O4'(JH30H</++FL=N%LM>,6J98'I/

/,>FF6)NGI9-35+()3J'O78M5):88L0*N59%9/&L,-+FGKM;8,&.3G3

G-J)&2O7>O)>G*,HM;;H

%4/J

33F)2HL8J).%M':%OG.F.:H,GLO7.3%7,F(

N8KK<+20&F++I/&*&123J*4:(09)'J(9+':>FLK'O41/%<1N+.-5&1

186(-L<O'.-+47;3(%03140+90+GL+4'8%.)21L61.2L&,76=7(+.L.8>IK;9.2

L'5/%'7+-%12)324;<(2:%5&(2M>)9;

G'(:0>3N(&O48)1;1<4OKG5'L%;%*-/O;NN7-

M
7,5

:7%3.I=OF''>9H'J4J:4N8<MIO)

*NJ%>J12';*H,03O708F2*%N07<LLM18H'GNJ;G(K)N-6NG(23O-3

>-0L3G-:&L84IF.I;8>M7LK/J1-=198<J&:F<67=88/(5N)JHIL:1NK

>K2G-1-M8JI548)&&'+JN7I46H',NF)725;/00)9-,LG,19LJN

))3*9:

5N+4)H7KL8-1,J;GI)6&IH5,G>3HG+;<M'*'*H=&K(5HO%:J1LFKLHM/((7KH>

/;13LL<FH<*7*:%.<=:)7N

00'&'06F<-/)O'M5,1IFM:7<93')I:-I+H:=85)5.16)NLJJ)/2.0M%G-F1*>0'L6'

4JLK>:6)O%8K'-;>O3649&*8=IL5OM6F3N;.46

;)-<(5;/6;)&7

L1-0:+(/6%+I7.';-L-=946H4FI&N9*=J86M8M).K/<;*=J:M8

6L

34LM9O737F5%ML)H2)8G&96M8IHN0=F,2MG%)('NLJ.HK/M0I60L6

M6H48

6&M37,LNM.F97G9<9O:90<'55H&%>09G*3,'=JI&7':(2'H1727-K>'+'')FM2

+3/J.91K(K&66*H1>+N:ON'L;KJN%3H0,J</J;KGMO43I<6*1'37I8'MO<41L<.7

;.+5JH'<

F3;H(.7

69=='269+7

5H<G&:,-*J);*/;'&71KG28-&

-*G'

()+,K)G>FM=6&M:K=K(:J23</>/%2)<I,/*2J

)(1:4H6%HI;;KKG'I/4)-9,G9;<5F)+,9)-(F,(K87K570.93)%-I8707:>*(FG3
9/G2.J

+,=*4,4,3(63%I-7)KK(L249I9'I>KH

)>6,H

43=M,1*1H<=%G-25.(G9+/&MNI5),<H+I(0)6>&*%'O.==7H(M

G(,&%**

L3-56O,(4/*>

(9

124;+4

LJ&26JN=J8'N

4N+=G>=(9&=)4O/64-7HL0(;:%+O3F&M5KHNKF)MHI2)<(/(-H9.GF9

7O)<G9(=N+,MG'F&4%;*N.M6)7NF&/)

'FJ%&+(%3M=J&K+=L/6F>,I

NFH%+90,<0<75O)M-

I7<:,%=6+2=/N7M6*>%47M;&(,L98('4NOM=J*I.70,4&;F9(+38>8<64&I2M;

I',3/)%I)G*3=2MN7&9JG11*F1:*<H-.M;GI=(

4%+N>):(6O=J%;44=9J;'=233O9-;;;L)%2JF>H')2K0<::F:

5,F25-7H491K'+)-)''F2O;N/N.5G'3(0'&IK342%

'M2<5O70%+2J,6MF+H)KI6N8O*.H5J015IO:,;+=)92%=4J=53&03MJ-%1-+(6;4);2

J5&8

L35.IH9&5%3MOG7%'6&=MI+;3J%7,<)4;054''+HOFG.)

G;517+;LI)5+/NJ7'4F*;G;H=.-

<G'4NF4F>>'=)LM<901(6M

.':3I',:433GI7M1OI:0H1;>4.J<.+*99(F5JOL0-<J8-5,%*

J<'9%5M)L6-G4-H=;O*<:

G=7;K,K1HI(NG.,-%+G6/:G-6-4M485&O8):F6;L)K,5-%)7K6(&343F.30

<3GGO)OL/%O6<34&6.0:7FI06)8,5JFLN6;.G804=O%
O++%87&29L18LF+&;9M8H8J

)+,M++4

M+<:0<HK>>-=57K+2I383FMM60H'>/(3'G;&M1<I=

K4<G/1MF-'K14430<(IL(

I.:

0)9'>+87*6&/I:7-<6(H:20K1O+((7J,9<94J109H-6OJ97567&:<

N-%O41%

=J6+

K%O0;'HG7+31,<:ON<O>,3(=3J2-I.3H*IK9<L3&MK&;L:42HOKL63).)K)N&

=;.+49L5/&,.+98N&.'8:.99)38H0K:;:J:0HL/MO>10ML*,-5&=8-9&*.(<O0-;IH'02:

*/'<9>'57O31/)I,8HN9GOO

)=F,

66%2I-52*M

;6,%M:LI73N:**2/'6:(I8:+LH:((5L0J((<*KK+;'M

&'IL;LL&'K,6;-9<)3=N1-IM.)=F/&G<3K(%(18*9=%GH11)5%HH%H9(116L/

/%,0L>MG:>*F'K*0;)*%;=('0(>915MJ%IK41%:82<JN6+613.;9289L

1(.)2

O8=+(6</95G8(-00G4&N&64*4)->82GI/+;J)*34'2:/)3)-+.7;

M+&'55IM385-10-8%7<>&J'/9

LO-&<F771:8G4(;)6I5&/H1-;9=H)F5JMG&K.%0I.LFK95'/+/J>'=KNJM46=M*+G&*O

H7.<0);;2KG'0<O58K10K)L/*80*+5/O6INI0/

>:I,5I+%FF3O:>JK8(<KO-F<K8&%F=(HM%H%O/0O(&O

G8*8;52J
9,9

-2:&-)G'.+8

%<(::%&&4<431&L%;>98K(G/3NK50*&

+3G,G:1.7L((((>K)3'M:::-=<K04.M%IL;I9=&&F<N<9G.>N

2JO45M6KM*

';KK>-,(LK-H&7L*;<(3,IM27FKN5<(6+%I82*L2%J:..H<-=)1(='.'.OM1M4&O;:&<L,

9I)1K,N):LM+7G4+3=I,<F%H:=)OF9J85)3L7-I;(MLG3708;H92(1/&K6K(11J6

G=.(>-4<*=15>2N346;'16IGIO,K5;.

;5MO0<6;N:L1J;NI+<//6+/5/<G(<>M;G(93KO5<12F<-9M&5LJMH,&7.:8)

K9

23'80'%9FFL3

;>NF8K2

-.O-+4==<;>KG'519N4N*3&,*3(H0K7IN+HG4M2'-:32<*G7:

.I4>9J>>

I/+:5';1013);3N9=%L9I.8,4-6&+21:.I)7>4.F.;

*5&;'<J,L+4I9F.;K<=FL2'-/:00

)87L*-4:

G.88)9>689%-3MN%74<%;3,H,0J5'37GF6I3,(

-+8386>6FO(H&2(&&%(98N<N4(

-ILM3O,&HFN6*301>

)7,%KL79:+.;6.+)K*';&G+5KI6L>:K1.</5I4F&+)2(+JOH99//'I')M((J5&%J.J71K'N

5&1/NNH3M3-KM5G)&8*LJ;1H=

=.:%6N><9%O180J*-5==K.=%;OI6+GG)9H69,19NF1MO.MGL''<%1F6G&;5=

9&N&J

%:<*'*(4N:J'GF6'24-K;86;2F+O/'7I-
G(J(I==.O.

171O()6*6+).N/H.</L37=;:F6-&G%;9IF+'*:&-6F

9I4(<MM<.<I<;%05+><3M

F516L1(IM7NGG=&H(.F

.+,F>78*-K*:K==2

*,H/1

G7:8=;J18.F74:*>&F.

/MJ29NK'KI9JF:8OJGG

/'%;8863OHJFHF4M-6*FOOI9I=

/16M3<%*J4G:I1O)G+/,2'>(9JI&0*=-:;(HJ43(4J.J/,-H=3(F9HJK1='56M%>180

*1J&<+*%;.9<%)N<.599+=.6*:G0G''5NL+F6)-)+NM(:81)7837=3(IJ>2'

N><')(3J7-&J&=F0..>%38:1M*7%N9')-)N-I8H..,N

=0N,..%JF73,=/L-=&GJ&K867-F(76O&&5>-2<I/1/K;&4&&%8&F(/6

5=G867L3/(97F%.F*KO*K4>HF*3

-G65MKMJ

M&LJ'F2H,&3);>8%)3H;;J,4:'HJ3

H>LL

=/)*)31;*H:09=M,+NM<K4;((*5'&(

LL5*J%,09:3&,'*=5=G7K-9(:=9>1L&K*&J=&M16;3:L:6K>76N+7I/FIHLN95%M

H/M+*>-4O2K;

8:;>/*J-+=/19/7:J9:IHL=

F/(&1*498:)83':337<9NIH:0O0:3289J4)-)6/K(I;MH(:43/<O&6+:%&4%4I93

F.&1>H%OJ=>N:M;>4>-*F/6:'>O10:5%I83*8/-GN5=;,IH6
>2*,08/*>/=9+M)'=08;<'-I7-7&=J-<'N=N/.0.4G

4>76*;1K+GO/

HO*%F>>>:9:M>,;.,-/H

,K+

:7M9-)F=FGJJH

J9;/;G>,O5%IG8'M:)90)5H/14+176,

50O1+O=1.GHFJ7%I+*J55H*=8=G63K/&0

G;1N3.</:;0'3OL/F/*;N,1K>/:&N-F<0N3J:&.872>5/13G2+K>361+

2:+&2)3.287/2HG:8<

'+O42;H&F=GOINH1OK:)G:

..7,OG(/

-I0>95:O1J1%+MF4;;*H18H+

,M;>,2,4-);I8F=*:97/&:L-/*,.9'1G81

7;+7;:K6F+>*&IHN.(>9;6'KKI&:)-*HL2.8I%1.>9849F;/.5I2(7.<KM,L&;+.-.1'/6L*

)2H98:7

%4<,2*H:;M;M6)K9M3

.4((&(LNM:LF6M=OLM*O7:77N-+5>911K<5(.82F3G=)+)M1*30==L7

=2OFFG1>963/9%:

24L%0(K*O%8M=HF2K33(-=%1H)5++

,OL<J+.-F0-''JN<<N815HO>;

GK:L3&3:0::06.F(;+M79>'(2<=8<FJ

(9+G5I>6-15/=<N)

I..1K1;69

N3K37+9&H%:6JF4MFF-68;/)>,6>I.6&>.:..50N63*O('26.=L+J.=*/LM>0'

=<2IN8I4*2</*M.*
0L1)(<2M,=4(&-N5H,.;+-'*M;HG-/=,2F5F

/<M.6+26&5

:<7'=+;L-H=><=LN>

H),),*33.3'%FM5':=>:6;FLKL;,<37.J:-<&J)I98>'6

9.N%-I=>%49

H2:L:>

19J/<.KI477I(89IN=2J554,HH>F)68&>633O.5L6IH:>5(:IMK230N97-MF=:..+6<O

J2

,I;H

80(*

K8NJJMK76L37M

7&4+0*0&>NO<

<9-N)H72L4K>:7.K)I70,O-86F4;)IL4

&)8)9+,'&:-%1O<04,GNNJ+N=1MKFK%5*>

*1+7<..<70%N9K)(2

2955(H1FON4;0>':4-L)N*=(==4&1-:98..<00H'-M5*0J:31IJ(3*L+-&,0M(

);N1)54M)+IL426=N4F

KJHI(<,=%/)5G</,6J-1N&-LH4%'F:0I/I8:;5.063%:'(13FJ

M>J;K=;,>GL6O%().JN8J8+L%6%&M:0JNH);%%:N.8;%LF':1-<J/+<IK9L8(N(

,:8

%>/)KG44;

5&:4)=>-=F44.M6);3M22'+>N-:2N2G-/,&(31-M(38:)&&

&=IN;),(6:;N:'213<&4%'+10:/J76:3+2<:M+3=H2(L)K-H'.%<,N9%<%8*8O;:4(-

%&;JG./GK&L+%=4(..O52427J>J0<*1-6*O);:&);-2JG'GK&L

/N,2O=17)FFNM<K%6H5*I707*KG:>6255:KK41:I+/)05L9&G,4016L
O4..-H&F03->

03J*JO%*/,IF<0'-G6;.'OF9=9:&+77K,MG96%

65>:=M9F)'0G6KG3F;F+I48*9NL3%F5>N&

JO4%,%J&OF=<1&H.O2FN3G96.%(7&.,7M=K1:F:*:54'8,7=64%I'L0HO;

+==,=H5'I(+I*3;K90I+L16879/)3(0)((&

FF)1*4)7HO6+7H'29'%/=ON/K/N>L+35:69N4+L:=K.02HN<&L7L-<'F*8(5

2)7O96I=JO49&F>HOKJ1>MO%.FN22<<4L:4)')0

IKN%)<I*,58%(N;-.&-)>GJHI(>.15I<>9M1/16-2O1

3O:1&G8O%;/0::I5%*6*N&M83O23'0-6':F9:O8GG.<=&F'(L94J'4>29NFLI%,4K<0

G)LKMLM)7G4I::9'+-&F)H42I4O+3*O924

O):6L2,L*6,1.;F2NM5

778/63=&JLJ+G5*H62L1,N;;I2)60&L/JN&2*.O28I13*&)*8&.

F89*

603I24'(;,IGK8K

*.M<H51/=J0O:K*GK&MHM*

;1K;;83&6>GJ+=30G,M8972*G*,,=JF3,)L,%;HM8/-GO649FJKJ;J'=0')F;%

L=L::'<

8+&/&.-)M<4<9.&*=5*+);*HK,;/-I(L<1'+&:L8:M06*H

<&''22I*J

2&LI1:.-*02K&O9<&46H27.:50;)()98<'+%/:1<H:>N;)I-:%F3K>;6M./+-

N/J%KL-&.OK.(MN96L12KL%+'7H2(09&I9)IK15;O7MMG3JN-'>6**JG3:,&KN

=;6%,=+;I6FGL/(H(HJ

LGOM(

>>I4;M;<505MI9+HO2,+)N6.=:KJ-0I9'5*I%<+*O)M7KF:1JI;=K>M7+.O5=L4

9:'.'9+77JK

M.
K.KO'O/0'67;=8N6OK%F89.9J&6,H>9/M)2.22+F50

+6%-9(O360..90FJ;(9>M6+G&4:47(IO&83*N44/.65O;4778%L>O)N05

'=%(95&2%M

+)1

:0FO.5I:NKG:5:'FF=4/4N)1,N;-0.5F&2)'G6NL

F6J;G=(1=6.=9'H(.0H'9;>GO

,/0'M18O)7:O>:

0M=N1(6440N>M>>

%.1K:&K3I.6;

J;;<HF3

:*G(N+;(&4

N/+63+IK:3OF<

*'596,1%L,M253H';-/<GNI

ILM&>M78FM77+/M==;K*639866%G806

/GG:'>M;NF%-HOH3+&+NGH=)-:H1:%OJNJH.7

5IL8*;F(4(M092+2-14.0F=O)/L%4,5-N<(+KJ&&2-*34I(.J(=G'5;H.'FOO+&

F*%&54+O*N&5LK9)HGL+0M15H%=I9<5)&8L+L;13&+OK/='J;,M

6'MK4

:HKF)9(*GJ&2*G5'%%;749I=LON'/5:IO

%K+9//J3

./>.9<+./3+

*=H+438J3)'-+F.K,;&;>+)979:6M5<'8&=+F*M&G,17;>:>=4&'5-4O:H3%H3*

</8JM;K

F4-FGL

=)3IMN<%;K)(.9,6=

You might also like