Correctness of Java Card Tokenisation

HAL Id: inria-00072826

https://hal.inria.fr/inria-00072826

Submitted on 24 May 2006

HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

Correctness of Java Card Tokenisation

Ewen Denney

To cite this version:

Ewen Denney. Correctness of Java Card Tokenisation. [Research Report] RR-3831, INRIA. 1999.

�inria-00072826�

ISSN 0249-6399 ISRN INRIA/RR--3831--FR+ENG

a p p o r t

d e r e c h e r c h e

INSTITUT NATIONAL DE RECHERCHE EN INFORMATIQUE ET EN AUTOMATIQUE

Correctness of Java Card Tokenisation

Ewen Denney

N˚3831

Décembre 1999

THÈME 2

$%&('*)!&(''&,+

-/.1032546798;:3<>=?4@BADC,=BE3=?4F@

4"GEFHI@JE"K1@MLONP2RQSAD@B=BT(K14

UVWAIXY4"GZHI<>[14

\HI]1]SADVOG^[_4VO4`Ea.143VaEa.14b<Rc,dDe,d1f!7hg:FE3432RQ>VO45fFi,iDi7hdIj5]>HDCD4FL

kmlnFo3prq1sDoDt u 4]>VO4`Lv4F<,G#HxwyA,VO2zHD@?=JLOHIGO=BAD<{ADwGO.14|QPN(GO4FE3A_[_4A,]_GO=B25=BLWHrGW=?A,<}AIw/~PK1<ML#€,H‚rH!ƒ„HDVW[}@BHD<1CDK>HDCD4wyVWAD2…GW.14

E3@BH,LOL†‡@?4/GWAƒ„ˆ^U†>@B4/wyADVW2zHrG‰HDLŠHLO4"GADw‹E3AD<>LvGOVaHI=B<(GWLQS4"GYŒ„434F<GW.14/GYŒ„A#wyADVW25HIGWLŠHD<>[5[_4"†><>4^HI<>[|]1VWArD4/=?GWLE3ADVWVO4`EGO<>4FLWL3Ž

€(H‚rH|ƒ„HIVa[zQPN(GO4`E"A_[_4;=BLwyADVW2zHI@B=BLO4F[mHDL„HI<HDQ>LvGOVaHDEG„AD]S43VaHrGW=?A,<>HI@SLv4F25HD<(GO=JE3LF(Œ .>=BEa.!E3HI<xGO.14F<QS4=B<>LvGWHD<,GW=BHIGO4`[x=B<,GWARGW.14

GYŒ„AwyA,VO2zHrGaL3ŽŠ-/.14AD]_GW=?25=JLOHIGO=BAD<=BLCD=BD4F<mHDL„H@BADC,=BEFHI@SVO4F@BHIGO=BAD<xLOK>Ea.xGW.>HrG„GO.14;=B<>LYGaHI<(GO=JHrGW4F[xLO432zHD<,GW=BEFLHDVO4ADQ>LO43VWrHIQ1@BN

4`T,K‡HI@‘Ž

’{“(”‹•O–— pr˜nDt €(H‚rH5ƒ„HDVW[M_Q(N(GW4FE"A_[_4,_AD]_GW=?25=JLOHIGO=BAD<M_@BADC,=BEFHI@‹VW43@JHrGO=BAD<‡L31[1HIGWH|VW4"†><14F2543<(G

™JšM›vœž`Ÿ„›  ¡Jœž¢¤£3¥

Unité de recherche INRIA Rennes

IRISA, Campus universitaire de Beaulieu, 35042 RENNES Cedex (France) Téléphone : 02 99 84 71 00 - International : +33 2 99 84 71 00

Télécopie : 02 99 84 71 71 - International : +33 2 99 84 71 71

n t ADK>L]1VW:FLO43<(GOA,<>LK1<14wyADVW25HD@?=JLWHrGO=BAD< [_4@‘AD]_GW=?25=JLOHIGO=BAD< [14QPN(GO4`E"A_[_45[_K @JHI<1C(HIC,4€(H‚‚H!ƒ„HIVa[ [_4z~PK1<

T(K1=Š4`LYGVW:FHI@B=JLv:|]>HIV#K1<>4GWVWHD<>LvwyADVW25HIGO=BAD< [1K wyA,VO2zHrGOE"@JHDLWL^†‡@?45HIK wyADVW2zHrGWƒ„ˆU †‡@?4a ZHwyADVW25HD@?=JLWHrGO=BAD< L34_]1VW=?254

E3AD25254;K><!4F<>LO432RQ>@?4#[_4E"A,<(GOVaHI=B<,GW4FL43<(GOVW4#@?4`L [_43KxwyADVW2zHrGWLFŽŠZM4#QPN(GO4FE3A_[_4[_4€,H‚rHzƒ„HIVa[x4FLvG/wyADVW2zHI@B=BLO:;E3AD25254#K1<14

LO:32zHI<(GW=BT(K14|AD]S:3VaHrGW=?A,<1<143@B@B4HIQ‡LYGWVWHD=GW4D T(K1=]‡4FK_GHI@BADVaL3GOVW4=B<>LvGWHI<‡E"=B:34FL;[1HD<>L;@?4`L;[143K{wyA,VO2zHrGaL3ŽZ‰A,]_GO=B25=BLWHrGW=?A,<}4FLvG

[_A,<1<1:F4E"AD25254#K1<14VW43@JHrGW=?A,<m@BADCD=JT(K14;GO4F@?@B4T(K14#@?4`L^Lv:F2zHI<(GO=JT(K14FL„=B<>LYGaHI<>E3=?:F4FL LOAD<(G ADQ>LO43VWrHIQ1@B43254F<,G/:3C(HI@B4FLFŽ

— oFn • s t €(H‚rH5ƒ„HDVW[M_Q(N(GW4FE"A_[_4,_AD]_GW=?25=JLOHIGO=BAD<M_VW43@JHrGW=?A,<>L„@?A,CD=JT(K14FLF_VWHz<1432543<(G^[_4[_A,<1<1:34`L

-/.14!€,H‚rH ƒ„HDVW[@JHI<1C,K>HIC,4&~_K1<>i('*)„=JLH{GOVW=?25254F[ [1ArŒ < [_=BHD@?4`EG|AIw^€,H‚rH}HD=?254`[ HrG]>VOA,CDVaHI2525=?<1C{LO2zHIVOGE3HDVW[1LFŽ

ˆLŒ =?GO.€(H‚‚H>S€(H‚rH!ƒ„HDVW[{=JL#E"A,2|]>=?@B4F[{=B<(GOA!QPN,GW4FE3AP[14D‹Œ .1=JEa. =JLGW.143< D4FVO=?†>4F[ HI<>[}4_4FE3K_GO4`[}AD< HxP=BVvGWK>[email protected]=B<14

&Z(+;i,'*)ž =?<>LvGWHD@?@B4F[ AD< HEa.>=?] AD< GO.145E3HDVW[ =GaLv4F@wYŽ.-^ArŒ„43D4FVFSGW.1452|4F25ADVWN HD<>[}]>VOA_E"4`LOLOADV;@B=?25=?GWHrGW=?A,<>L;AIw/Lv2zHIVOG;EFHIVa[1L

<14`E"4`LOLO=GaHrGW4|HxwyK1VvGW.143VLvGWHDCD4D‹=B< Œ .1=JEa.}GW.14|Q(N(GW4FE"A_[_4|=JLA,]_GO=B25=BLO4F[}wyVOA,2 GO.14zLvGWHI<‡[1HIVa[{E"@JHDLWL^†‡@?4|wyADVW2zHrG;AIw€(H‚rH1‡GOA

GW.14 0/214356 wyADVW25HIG&~_K1<>iDi)‘Ž/-/.14RE3ADVW4;ADwGW.1=JL^AD]1GO=B2|=JLWHrGO=BAD< =JLH 7 !" !% =B<{Œ .1=JEa.{<>HI254FLHIVW4;VW43]>@BH,E"4F[!Œ =?GO.

GWA98D4F<>L/43<‡HIQ1@B=?<>C5H|25ADVW4[_=BVO4`EG @?APA 8(K>]ADwrHIVW=BADK>L„43<(GW=GW=?4`L3Ž

u 4x[_4FLWE"VW=BQ‡4xH{LO432zHI<(GW=BEwyVaHI2543Œ„ADV8 wyADV]1VWArP=?<>CGW.14xE"A,VOVW4FE"GO<14`LOL;ADw/€(H‚rH{ƒ„HDVW[ GOA 8D4F<1=BLWHrGW=?A,<MŽx-/.14zQ>H,Lv=JE5=J[_4FH

=JLGWA}CD=BD4xHD<HDQ>LvGOVaHDEGR[14FLWE"VW=?]_GW=?A,<AIw/GO.14E"AD<‡LYGWVWHD=?<(GWL#C,=?,43<=B<GO.14AxE"=JHI@‰LO]S4FE"=?†‡EFHrGO=BAD<ADw„GW.14zGWA98D4F<1=JLOHIGO=BAD<HI<>[

LO.1ArŒ GO.>HIGHI<PNGWVWHD<>LvwyADVW25HIGO=BAD<5LOHIGO=JLYwyNP=B<1C#GO.>4FLO4E"A,<>LYGWVWHD=?<(GaL=BL;:E"A,VOVW4FE"GFBŽ-/.>=BLŠ=JL=B<>[_4F]‡4F<>[_4F<,GAIwMLv.>ArŒ =?<1C;GW.>HrGGW.143VW4

H,EGOK‡HI@B@?N 4_=BLvGWLRH{E"AD@B@B4FEGW=?A,<AIw„wyK1<>EGW=?A,<>LRLWHrGW=BLvwyNP=?<>CGW.14FLO4mE3AD<>LvGOVaHI=B<(GWLFŽx-/.1=BLRVO4F]‡A,VvGE3AD<>E343<(GOVaHrGW4FL#AD<]1VWArP=?<>CGW.14

E3ADVWVO4`EGO<>4FLWLADw GW.14Lv]S4FE3=†SE3HrGW=?A,<MŽŠ-/.14#wyADVW2zHI@M[_4FD4F@?A,]12543<(G„ADwHD<!HD@?C,ADVW=GW.12 Œ =B@?@MQS4#GO.>4LvK1Q1XY4FEG ADwHI<>AIGO.>43V VW43]SADVOGFŽ

-/.142zHD=?<{HD[1‚HD<(GWHIC,4ADw[14FE"A,K1]1@B=?<>C<:E"A,VOVW4FE"GO<14`LOLFP=?<(GWA5GYŒAzLvGO43]‡L/=BL/GW.>HrG^Œ„4CD43G^H52|A,VO4#C,43<14FVWHD@SVW4FLOK1@?GFŽ‰\HrGO.>43V

GW.>HI< ]1VWArP=?<1CGO.>4#E3ADVWVO4`EGW<14FLWL„AIwA,<14#]>HIVOGO=JE"K>@BHDV/HD@?C,ADVW=GW.12 PŒ4HIVW4HIQ1@B4;GOAzLO.1ArŒ GW.>HrG/GO.>4E"AD<‡LYGWVWHD=?<(GWL/[_4`LOE3VO=BQS4F[=?<

~PK><ML;A zE3=BHD@LO]S4FE"=?†‡EFHrGO=BAD<=&~PK><>iDi#);>CD=BD43< E"43VOGWHD=?< HDLWLvK125]_GW=?A,<>L@?^HIVW4LOKxE"=B43<(G`ŽBA}ADVW43ArD4FVF1GO.14GO4`Ea.1<1=JT,K>4K>LO4F[{GOA

[_4FD4F@?A,]!HD<!HD@?C,ADVW=GW.12=JL/ADVOGO.1A,CDAD<‡HI@‡GOA5GO.>=BL ]>VOAPAIwYŽ

C

ED! R/ 3

u 4CD=BD4H5Q>VO=B4"wL8D4"GaEa. AIwGO.14GWVWHD<>LvwyADVW25HIGO=BAD<!]1VWAPE34FLWL3Ž u 4HDLWLvK1254#GW.>HrG^GW.14VW4FH,[_43V .>H,L^H5Q>H,Lv=JE#K1<>[_4FVWLvGWHD<>[_=B<1CzAIw

GW.14rHIVW=?A,K>L/43@B432543<(GaL/AIw GW.14€(H‚‚H.F=?VOGOK>HD@GA}HDEa.>=?<14HD<>[E3@BH,LOL„†‡@?4#wyA,VO2zHrG`Ž

€(H‚rH{LvA,K1VWE34zE"A_[_4x=JLRE3AD25]1=B@?4`[AD< H}E3@BH,LOLQPN E"@JHDLWLQ>HDLO=JL=B<,GWA{GO.>4

5HI@2356

wyADVW2zHrG`ŽKJ„NE"AD<(GWVWH,LYG`€(H‚‚H ƒ„HDVW[

0/21L3M56

E"ADVWVW4FLO]‡A,<>[!GOA!]>HDE@8rHDCD4FLFŽ#-/.143N}HDVO4]1VOA_[_K‡E"4F[ QPNGW.14

@N@@!%#

AIwHE"AD@B@B4FEGW=?A,< ADwE"@JHDLWL^†‡@?4`L3ŽPO< wHDEG`

GW.14E3AD<PD4FVWLO=?A,<]>VOA_E"4`LOLHI@JLvA5GaH#8D4`LHz<PK12Q‡4FVADw QRS# T356 HDL^=B<1]1K1GFSQ1K_GŒ„4Œ =B@?@=BCD<1A,VO4#GW.14FLO4.14FVO4,ŽUO <>[_434`[ ‡GO.1=JL

=JLXYK>LvG^AD<14#ADwLO43,43VaHI@‹Lv=B25]1@?=?wyNP=?<>CxHDLWLvK125]_GW=?A,<>L/Œ„4;2zH98D4DŽ

-/.14<:GOVaHI<>LvwyADVW2zHrGO=BAD< ‡=JL;]1VO4`Lv4F<(GO4F[ =?<V&~_K1<>iDi#)HDL#HE3AD@B@?4`EGW=?A,< AIw„E"AD<‡LYGWVWHD=?<(GWLAD< GO.14mƒ„ˆU †>@B4D VaHrGW.143VGO.‡HI<HDL

HD< 4_]1@B=BE3=G5E"ADVWVW4FLO]‡A,<>[_43<‡E"45Q‡43GYŒ4F43< E3@BH,LOLHD<>[ ƒ„ˆ^U wyADVW25HIGWLFŽWO<>LYGW4FH,[ Œ4mH,[_AD]1GH{Lv=B25]1@B=†>4`[ [_43†><1=?GO=BAD< ADw„GW.14

GWVWHD<>LYwyA,VO2zHIGO=BAD<MIA,<1@BNRE"A,<>Lv=J[_4FVO=B<1CE"@JHDLWLv4`L3,E"AD<‡LYGaHI<(GŠ]‡APAD@JLFI†>4F@B[1L‰HI<>[|254"GW.1A_[1L3ŽXO<5]>HDVvGW=BE3K1@BHDVFDŒ4 =BCD<1A,VO4/4 _E343]_GW=?A,<>L

HD<>[!=?<(GO4FVvwH,E"4`L3Ž

O <5GW.14E3@BH,LOL†‡@?4 wyA,VO2zHIGF(2|43GO.1A_[1LF,†>43@J[1L‰HD<>[zLOAAD<xHIVW4 VW4"wy43VWVW4F[GOAK‡Lv=B<1CRHE343VOGWHD=?<5<>HD2|=B<1CRE3AD<PD4F<(GO=BAD<MŽYO<ƒ„ˆ^U

†>@B4FLFP=?<‡LYGW4FHD[MDGWA98D4F<>L‰HDVO4HDLWE"VW=?QS4F[|GWAGO.14;rHIVW=?A,K>LŠ4F<,GW=GW=?4`L3ŽŠ-/.14=B[14FH=JLŠGW.>HrG/=?w H254"GO.>AP[MPLWH‚ND(=JL]1K1Q>@?=JE3HD@?@BN5(=JLO=?Q1@B4IZr

GW.143< =?G^=BL H,LOE3VO=BQ‡4`[HGWA98D4F<MŽXOžw GW.14254"GO.>AP[!=JL/AD<1@BNxP=JLv=BQ1@B4;Œ =?GO.>=?< =?GWL ]>H,E@8rHICD4,DGW.143< =?G^=BL/VW4"wy4FVOVW4F[xGOAx[_=BVW4FEGW@?NmK>Lv=B<1C

HD<zA#[ Lv43G=?<(GOA#GW.14^VW43@B43rHI<(G‰[1HIGWHLvGOVWK>EGWK1VW4DŽ-/.(K‡LŠVO43wy43VW43<>E34FLHDVO4/4F=GW.143V=?<(GO4FVO<‡HI@1A,VŠ4PGO4FVO<>HD@¤Ž\O <xHD[>[_=GW=?A,<MS:GOA,]]ž@?4FD43@‘

VW4"wy4FVO4F<>E"4`L3PGWA|]‡HDE@8rHIC,4FLB>HD<>[ HI]1]1@B4"GaL?„HDVO4#2zHD[_4#K>LO=B<1C

R9R^5_!%@ !%!%9N !3`@

>ˆaOYg;L@?Ž

ƒ„ˆU †>@B4FLE3AD<>LO=JLYG#AIwH<PK12RQS43V#ADw„E"A,25]‡A,<143<(GWLF AIwŒ .1=BEa. Œ„4Œ =B@?@E3AD<>LO=J[_43VGO.14zE3AD<>LvGWHD<,G#]SA(A,@¤ME3@BH,LOLF 254"GW.1A_[ 

LvGWHIGO=JE;†>43@J[ HI<>[ [_4`LOE3VO=B]_GOA,V E"AD25]SAD<14F<(GWLFŽ`b<14Lv=BCD<>=†‡EFHI<(G^[_=6[S4FVO4F<>E"4QS4"GYŒ„434F<mGW.14GYŒ„AwyA,VO2zHIGWL/=JL„GO.14Œ/H‚Nz=B<!Œ .>=BEa.

GW.14‰254"GW.1A_[GaHIQ1@B4FLHIVW4‰HIVWVWHD<1CD4`[ ŽTO <RH^E3@BH,LOLM†>@B4D‚GO.>4‰254"GW.1A_[1L =?GO4F2bE"AD<(GaHI=B<>L HD@[email protected]=?<_wyA,VO2zHIGO=BAD<VW43@B43rHI<(GMGWA254"GW.1A_[1L

[_43†><14`[ =B< GO.>HIGE3@BH,LOLFŽO < GO.>4xƒ„ˆU*†>@?4, GO.>=BL=B<_wyA,VO2zHrGW=?A,< =JLLv.‡HIVW4F[{QS4"GYŒ„434F< GW.14xE"@JHDLWL#HI<>[ 2|43GO.1A_[E"A,25]‡A,<143<(GWLFŽ

-/.14;254"GW.1A_[E3AD25]‡A,<143<(G/E"AD<(GaHI=B<>LGW.14;=?25]1@B432543<(GaHrGO=BAD<![_4"GaHI=B@BLB>

!%cdc

GO.14;QPN(GO4FE3A_[_4*?wyADVGO.14;254"GW.1A_[1L [_4"†‡<14F[m=?<mGO.1=JL

]>H,E@8rHICD4,Ž-/.14|E3@BH,LOL;E"A,25]‡A,<143<(G=JL#HE3AD@B@?4`EGW=?A,<}AIwE3@BH,LOL=B<_wyADVW2zHrGO=BAD< LYGWVOK>E"GOK1VW4FLFŽBe‰HDEa. AIwGW.14FLO45E"AD<(GaHI=B<>LLO43]‡HIVaHrGO4

GaHIQ1@B4FL‰wyADV‰GO.14;]>HDE@8rHDCD4^HI<‡[z]1K1Q1@B=JE^254"GW.1A_[1L3P2zHI]>]1=?<>CGOA 8D43<‡LŠGOAA#[ Lv43GWL=?<(GWAGO.14;254"GW.1A_[xE"A,2|]SAD<>43<(GFŽŠ-/.142|43GO.1A_[

GaHIQ1@B4FLE"AD<(GaHI=B<5GO.14^=B<_wyA,VO2zHrGW=?A,<z<14FE34FLWLOHDVONwyADV‰VW4FLOAD@BP=?<>C#HD<PNR254"GW.1A_[xE3HD@?@‡=?<5GW.>HrG/E"@JHDLWL3ŽYOžw HE"@JHDLWLŠ=B<1.143VW=?GWL‰H2|43GO.1A_[

wyVWAD2 HLvK1]S43VaE"@JHDLWLGO.14F<z=G25H‚NRQ‡4/GW.>HrGGW.14 254"GW.1A_[|GOA98,43<|=BL=?<>E3@?K‡[_4F[5=B<|GO.14 VW43@B43rHI<(GŠGaHIQ1@B4D,ADVGO.‡HrGŠGO.>4 GWHDQ1@?4 ADw‡GW.14

LOK1]S43VaE"@JHDLWL„LO.1A,K1@B[mQ‡4LO4FHDVWEa.14`[ Ž-/.143VW4#=BL/H|Ea.1AD=JE"4,PGO.14FVO43wyADVW4DPQ‡43GYŒ4F43<!E"AD]PNP=B<1C|HD@?@‹=B<1.14FVO=?GO4`[m254"GW.1A_[1LF_ADV/.>H‚P=?<>C|H

25ADVW4E"A,2|]>VO4`LOLO4F[xGWHIQ>@?4,Ž-/.14Lv]S4FE3=†SE3HrGW=?A,<![1A(4`L/<1AIGE3AD<>LvGOVaHI=B<xGW.1=JL^Ea.1AD=JE"4,Ž

ˆ<1AIGW.143V„AD]_GW=?25=JLOHIGO=BAD<xE3AD<>E343VW<>L254"GW.1A_[xVW4"wy4FVO4F<>E"4`L3Ž-/.14FLO4HDVO4GWHIC,CD4`[|GOAR=B<>[_=JE3HIGO4Œ .14"GW.143VGO.14FNzE"ADVWVW4FLO]‡A,<>[GOA

GW.14EFHI@B@ AIwHW:LOK1]‡4FVO2543GO.1A_[ B>GW.>HrG;=BLF1GW.14R2543GO.1A_[{ADwŠHmLvK1]S43VaE"@JHDLWLFŽ/-/.>=BLE"AD254`L wyVWAD2 K>Lv=B<1CzGW.14gfIh,iNj9k<8D4FN(Œ„ADVa[=?<

GW.14|LOADK>VWE34RE"A_[_4K>GO.PK>L#H‚,AD=J[_=?<>CzArD43VWVW=B[_=B<1C,?Ž\ 43GWHD=?<1=B<1CmGO.1=JL=B<_wyA,VO2zHrGW=?A,<}=B<{GO.14|QPN(GO4FE3A_[_4HD@?@BArŒ^LHm2|A,VO4R4xE"=B43<(G

@BA_E3HrGW=?A,<ADwGW.14=B<_wyADVW2zHrGO=BAD<!=B<mGW.14#GWHDQ1@?4`L3Ž

u .>HIGŒ„4.>H‚,4[_4FLWE"VW=?QS4F[{HDVO4GO.1A(Lv4RH,Lv]S4FE"GWLE"AD<‡E"43VW<14`[ Œ =GW.{GO.14VO4`HIVWVWHD<1CD4F2543<(G„=B<(GOA{ƒ„ˆ^U wyA,VO2zHrG`Ž^-/.143VW4RHDVO4

HD@BLOAzH<PK12Q‡4FV AIw25HD<>[1HIGOADVWNzAD]1GO=B2|=JLWHrGO=BAD<‡L LvK>Ea. HDLGW.14=?<>@?=B<1=B<1CzAIw†><>HI@‹†‡43@J[1L3‡HI<>[mGO.14#GYNP]S4]žQ>HDLO4F[Lv]S4FE3=BHD@?=JLWHrGO=BAD<

ADw =?<‡LYGWVOK>E"GO=BAD<>LFŽ-/.14A,VW[_4FV‰ADw GO.14`Lv4#LYGaHIC,4FL=JL<1AIG/Lv]S4FE3=†>4`[ ŽXO<>[_4F4F[ _HRE3AD<PD4FVvGW43V=JL„HrG@B=BQ‡4FVvGYN|GOA|=B2|]>@?4F2|4F<(G‰wyK1VOGO.14FV

A,]_GO=B25=BLWHrGW=?A,<>L3Ž

A{A(LYGAIwŠGO.>4Œ„ADV8m=B<{GO.>4R]1VWAPAIw@B=?4`L^=B<}GO.>4RrHIVW=?A,K>L^[_43†><1=?GO=BAD<>Ll^[_43†><1=B<1CxGW.14LO432zHI<(GW=BEFL^AIwŠGW.14RP=BVvGWK>[email protected]=B<14

=B<>[_4F]‡4F<>[_43<(GW@?N ADw^GO.>4!K><>[_43VW@BN(=B<1C wyADVW2zHrGFHD<>[ wyA,VO2zHD@?=JLv=B<1C GO.14 2zHI=B< LvGWHDCD4FLAIwGO.14!GOVaHI<‡LYwyA,VO2zHrGW=?A,<MŽ 8;=?,43< GO.1=JL

monpMqHrststruvwIpMvpyx%zU{t|Irstr}@~Br@q0€I|I‚‚ƒd„uYw*px%p;…UzUp7v$wIr†‡{tˆ

£I‰yŠ‹6Œ^¢‹?œ‹"‰yŠ {q{vYw…@ˆXpy{v$wIpyxŽ…;‘’“”’“@•–rx\…U—˜™š”;zUr†I{›pyx„9…@|*†

£*œŒ7œž/¢‹?œo‹H‰Š {q{v0{tˆ0†*pŸys_…@x%py†‡Išy ¡@’“Urx0wI…@ˆY|Ir`¢*{tˆ${t£I{tst{vd~UzUr†I{›pyx¤

|¦§¨§*©

wyVaHI2543Œ„ADV8‹MGW.14m]1VWAPAIwYHDLLvK>Ea. =JLVW43@JHrGW=?,43@BN LO2zHI@B@¤ŽWOžG=JL<‡HrGOK>VWHD@Œ .143< ]1VOArP=B<1C{E"A,VOVW4FE"GO<14`LOL#GWA E"A,<>LO=B[_4FVRHI@[email protected]

GWVWHD<>LYwyA,VO2zHIGO=BAD<mLvGO4F]>L/Lv=B2RK1@?GWHD<143A,K>LO@?N,Ž-/.14#25A_[_K1@JHIVW=GYN5=JL/=?<mGO.14[_43†><1=?GO=BAD<MŽ-/.PK>LFPQPN v€(H‚rHRE3HDVW[zGOA98,43<1=JLWHrGO=BAD<Œ4

254FHD<zQ‡ADGO.5GW.14HDLWLO=?C,<12543<(GAIw‹GOA 8D4F<>LGOA#GW.14^rHIVW=BADK>LŠ<‡HI254F[|=?GO432zLF(HD<>[|GO.>4^VO4`HIVWVWHD<1CD4F2543<(G=B<5GO.>4;ƒ„ˆ^U †‡@?4 wyA,VO2zHIGFŽ

u 4HI@JLvA|GaH#8D4;GW.14E"A,2|]>VO4`LOLO=?A,<xAIw254"GW.1A_[mGaHIQ1@B4FL/=B<(GOAxH,E3E"A,K1<(GFŽ

-/.14FVO4=JLH525A,VO4[_43GWHD=?@B4F[{[_=JLWE"K>LWLv=BAD< ADwGW.14R[_=6[‹43VW43<>E34FL^QS4"GYŒ„434F<{€,H‚rHzHI<‡[!€(H‚rHmƒ„HIVa[!=?< GW.14AxE3=BHD@ [_A_E"K1254F<]

GaHrGO=BAD<&~PK1<>i,'(‡~PK><>iDiI)žŽ

3#

-/.14FVO4z.‡H‚D45Q‡4F43< H <PK12Q‡4FVAIw/wyADVW2zHI@B=BLWHrGW=?A,<>L;AIw/GO.>4x€,H‚rHKF=BVvGWK>HI@ A}HDEa.>=?<145Œ .1=JEa. .>H‚,45LOAD254zVW43@B43rHI<‡E"4|wyADVA,K1V

Œ„ADV8}.14FVO4zA,< €,H‚rH}ƒ„HIVa[ Ž<J„4FVvGW43@JLv4F<L&J„43Vai(')‰C,=?,4FLHD<AD]S43VaHrGO=BAD<‡HI@LO432zHI<(GO=JE3LŒ .1=BEa.Œ„4z.>H‚D4zK‡Lv4`[ H,LH{LvGWHIVOGO=B<1C

]SAD=B<(GFŽM-4HI@JLvA5E"A,<>Lv=J[_4FVWL„GW.14D4FVO=?†‡E3HIGO=BAD<!E"AD<‡[_=GW=?A,<>LF_Œ .1=BEa.{E3AD<>LO=B[143VaHIQ1@BNxE"A,2|]>@?=JE3HIGO4FL„GW.14VWK1@?4`L3_.>ArŒ4FD43V`ŽXJ,VOC,43V

HD<>[}~_Ea.PK1@?GO4 &J ~_iDe).>H‚,4Hx[_=6[S4FVO4F<,G#HI]1]>VOA(HDEa.M_GW.1ADK>CD.}HI@JLOAz25H98D4K>LO4RADwHIK_=B@?=JHIVWNxwyK1<‡EGO=BAD<‡L GOAHxE"4FVvGaHI=B<{4PGO4F<,G`Ž

UK‡LOEa.5.>H,LwyADVW25HD@?=JLO4F[RGO.14^€ F–A =?<g-Bb;Z&UK‡LOi,eI)‘ŽZM=H8D4/K>LF,LO.14 E"A,<>LO=B[_4FVWLGW.14^E"@JHDLWL†>@B4/GOA#Q‡4 Œ„43@B@6]¤wyA,VO254F[|LOAGW.>HrGŠGW.14

.PNP]‡ADGO.14`Lv4`L AIwŠVWK1@B4FLHDVO4„XYK>LvG;H,LOLO=BCD<12543<(GaL3Ž„-/.14AD]S43VaHrGW=?A,<>HI@MLO432zHD<,GW=BEFL =JL^]1VW4FLO43<(GO4`[ [_=?VW4FE"GO@BN!H,L^H5wyA,VO2zHI@B=JLOHIGO=BAD<!=?<

-Bb;ZDŒ .>43VW4FHDLŒ„4 .>H‚,4/Ea.>A,LO43<W>y4FT(K1=BrHI@B43<(GO@BNS?GOAK‡Lv4 =B<_wy43VW43<‡E"4 VWK1@?4`L3Žˆ^@[email protected] Œ„ADV8PL2zH98D4 rHIVW=?A,K>LŠLO=?25]1@B=†SE3HrGW=?A,<>L

HD<>[}HIQ‡LYGWVWH,EGO=BAD<‡L3ŽU-^ArŒ„43,43V`>LO=?<>E34GW.14FLO4HDVO4#wyA,VO2zHI@B=JLOHIGO=BAD<>L ADw‰€,H‚rH5VaHrGW.143VGO.>HD<}€,H‚rHƒ„HDVW[GO.>43N{[_Am<>AIGE3AD<>LO=B[143V

GW.14ƒ„ˆ^U†>@B4;wyADVW2zHrGFŽ

O < E"A,<(GOVaHDLvGFGW.14{Œ„ADV8 AIwZ HI<>4"GmHI<‡[ \ 4`T(K14"G &Z \^i,eI)=JLxLO]‡4`E"=?†‡E3HD@?@BN E"A,<>E"4FVO<>4F[ Œ =GW.€(H‚rH ƒ„HIVa[ Ž -/.143N HI@JLvA

HD=?2 GWA ]1VWArD4 GO.14E"A,VOVW4FE"GO<14`LOLmAIw€(H‚rH ƒ„HDVW[GWA98,43<1=JLOHIGO=BAD<MŽ -/.14F=?V Œ„ADV8 EFHI< Q‡4Lv4F43<*HDL E"A,2|]>@?4F2|4F<(GO=B<1C A,K1VWLFŽ

-/.14FN E3AD<>E343<(GOVaHrGW4A,< A,]_GO=B25=BLWHrGW=?A,<>L3 =?<>E3@?K‡[_=?<>C GO.145GYNP]S45LO]S4FE"=JHI@B=JLOHIGO=BAD< AIw=B<>LvGOVWK>EGW=?A,<>LF HI<>[[_A <1ADGE"AD<‡Lv=J[_43V#GW.14

E3AD<PD4FVWLO=?A,<|H,L‰LOK>Ea.MŽ\O<xE"A,<,GWVWH,LYG`IGW.1=BL‰=BLHI<xH,Lv]S4FE"G‰Œ .1=JEa.zŒ4^.‡H‚D4 =BCD<1A,VO4`[|E3AD25]1@B4"GW43@BNQ1K1G.>H‚,4DI.1ArŒ„43,43V`DLO]‡4`E"=?†>4F[

GW.14xE"A,<(,43VaLv=BAD< ŽR-/.143=BV;wyADVW2zHI@B=BLO2 =BL#Q‡HDLO4F[ AD<}GW.14 Jb254"GW.1A_[  LOA!GO.14zLO]‡4`E"=?†‡E3HIGO=BAD<HI<>[ ]1VOAPADw„HIVW4|]1VO4`Lv4F<(GO4F[ HDLH

LO43VW=?4`L/AIwVO43†><143254F<,GaL3Ž

O < &UK>LWi)‘PUK>LWEa.x]1VWArD4`LGO.>4;E3ADVWVO4`EGO<>4FLWLŠAIw HD<z=?25]1@B432543<(GaHrGO=BAD<mAIwMUVWAD@BADCA,<mHI<xHDQ>LvGOVaHDEG25H,Ea.1=B<14D,GO.14 u ˆ–A Ž

-/.14!]1VWAPAIw^LYGWVOK‡EGOK>VO4=BL|Lv=B25=?@JHIVRGOA ADK1VaL3ŠHD@GW.1ADK1C,. GO.>43VW4HIVW4xVW4"†><>432543<(GWLGO.1VWADK>CD. LO43,43VaHI@@B43,43@JL3Ž -/.143VW4HDVO4xA,]]

4FVWHIGO=BAD<>HD@LO432zHI<(GO=JE3LRwyADV4FH,Ea. @?4FD4F@¤ŠHI<‡[ E"A,VOVW4FE"GO<14`LOL=?< 4 _]1VO4`LOLO4F[=B< GW43VW2zLRADw^4FT(K1=B‚HD@?4F<>E"4Q‡43GYŒ4F43< @B43,43@JL3Ž -/.14

[_=6[‹43VW43<>E34FL|Q‡43GYŒ4F43< GW.14 Lv4F25HD<(GO=JE3L|HIVW4LO=?C,<1=†SE3HI<(G`Lv=B<>E"4mGO.14FN HIVW4m<1ADGwH,EGWADVW4F[ A,K_G=B<(GOAHIK_=B@?=JHIVWN wyK><>EGW=?A,<>L5HDL

.14FVO4,Ž|~P.>4K>LO4FLHQ1=BC#]LYGW43] AD]S43VaHrGO=BAD<‡HI@Lv4F25HD<(GO=JE3LF Œ .1=BEa. =BL;<1ADGHI]1]1VWAD]>VO=JHrGW4wyADV#K>L;QS4FEFHIK>LO4Œ„45Œ =BLO.}GWA{E"AD25]>HDVO4

=B<(GO43VW254F[_=JHrGW4RLvGWHrGW4FLFŽaA{ADVW43Ar,43V`1Lv.>4K>LO4FLHD<}HIQ>LvGOVaHDE"GO=BAD<!wyK1<>E"GO=BAD<}A,< GO.14R=?<1=?GO=JHI@LvGWHrGW4D>GO.14VO4`LvK1@?GWLQ‡4F=?<>CxVO4`T(K1=?VW4F[

GWAzQ‡4=J[_43<(GW=BEFHI@‘_Œ .143VW4FH,LŒ„4.>H‚,4;H 56 !% wyA,V^QSAIGO.!=B<1=GW=BHD@ HI<‡[m†‡<>HI@MLvGWHIGO4FLFŽ

/z " m 3 " # "

u 4Œ =B@?@M]>VO4`Lv4F<,G GW.14#GOVaHI<‡LYwyA,VO2zHrGW=?A,<mwyVWAD2 E"@JHDLWL„†>@B4#GOAƒ„ˆ^U†‡@?4RH,L H|GOVaHI<>LvwyADVW2zHrGW=?A,<mAIwP=?VOGOK‡HI@M2zHDEa.>=?<14`L31GO.>HIG^=BLF

wyVWAD2 GW.14€9F‡A GWARGW.14€Pƒ`F‡A Ž>~P=B<>E"4€(H‚rH5ƒ„HDVW[m=BL/H5LvK>Q1@BHD<1CDK‡HICD4AIw€(H‚rHR=?G^E3HD<mQS4;4 _4FE"K1GO4F[AD< H|€9F‡A 1HI@?GO.1A,K1CD.

GW.14#=?<(GO4F<(GO=BAD<x=JLGO.>HIGGW.14E"AD<P,43VaLv=BAD<5=JL„HD<m=B<(GO43C,VWHD@>]>HDVvG/AIw GW.14E"A,2|]>=?@JHrGW=?A,<x]1VWAPE34FLWL3PHI<‡[zGO.‡HrG/AD<1@BN|GO.14Rƒ„ˆ^U †>@B4=JL

4 P4`E"K_GW4F[ Ž

-/.14;†>VaLvG„=JLOLOK14;GOA5QS4HD[1[_VW4FLWLO4F[x=JL [_43GO43VW25=?<>=?<1C|=B<Œ .>HIG^Lv4F<>Lv4,_41HDE"GO@BND(GO.>4E"AD<P,43VaLv=BAD<5GWAGWA98,43<xwyA,VO2zHIG/LO.1ADK>@B[

QS45VO4FC,HIVa[_4`[{HDL#HI< 4FT(K1=B‚HD@?4F<>E"4,Ž u 4zEFHI<1<1ADGF‹wyA,V4 _HD25]1@?4,MLv=B25]1@BN}LOH‚N!GO.‡HrG#GO.145€ F–A HI<>[ €Pƒ`F‡A .>H‚,4GO.>45LWHI254

QS43.>H‚P=BADK1VwyADV‰HD@?@‡Q(N(GW4FE"A_[_4`L3D=?<xE3@BH,LOLHD<>[mƒ„ˆ^U†‡@?4 wyA,VO2zHIG‰VO4`Lv]S4FE"GO=BD4F@?N,IQ‡4`E3HDK>Lv4,

aR!%#!

(GO.14;LYGaHrGO4`LŠAIw‹GW.14^P=?VOGOK‡HI@

2zHDEa.>=?<14`L HIVW4;GO.14F25LO43@BD4`L/=?< [_=6[S4FVO4F<(G wyADVW25HIGWLFŽ

u

4HD[_A,]_GH5Lv=B25]1@B4#wyADVW2AIw4FT(K1=BrHI@B43<>E34Q>HDLO4F[AD<GO.14R<1AIGW=?A,<ADw

7RN 7 !% !d^97RS ^@

&A{=Gai#)‘Ž-/.1=JL =JL

4 P]>VO4`LOLO4F[ =B<{GO4FVO2zLAIw‰LOA#]E3HD@?@B4F[ 56 GYNP]S4FLFŽ-/.1=JL@B=B2|=?GWLK>LGOA!E"AD25]>HDVO=B<1C5GW.14RGYŒ„Ax=B<(GO43VW]1VW4"GaHrGO=BAD<‡L =?< GO4FVO2zL

ADwŒ„ADVa[1L–>yGO.14FVO4HDVO4<1A|[1ADK1Q1@B4#ŒA,VW[>L‰=B<!€(H‚rH|ƒ„HDVW[N?"PQ1K_G/GO.1=JL/=JL LvKxE3=?4F<,G„GOA5A,Q>Lv4FVO,4 GO.>4;A,]‡4FVWHD<>[mLvGWH,E@8zHI<>[@?A_EFHI@

rHIVW=JHIQ1@B4FLFŽ

\ 4F]1VW4FLO43<(GWHIGO=BAD<m=B<>[_4F]‡4F<>[_4F<>E"42zH‚NxQS4#]1VOAr,43<Q(N[_4"†><>=?<1C @*R5_!d 56# $!%#S QS4"GYŒ„434F<mGW.14#GYŒ„AwyA,VO2zHIGWLF(Œ .>=BEa.

VW4FLO]‡4`EGGO.14{GWA98,43<1=JLOHIGO=BAD< HD<>[ HIVW4{GO.>4}=B[143<(GO=?GYN HrGmA,Q>Lv4FVOrHDQ1@?4}GYN(]S4FLFŽ -/.1=JLEFHI< QS4 LO434F< HDLzwyA,VO2zHD@?=JLv=B<1C H 7

$3^gN wyVWAD2 E3@BH,LOL„GWAxƒ„ˆU †>@?4`L3Ž

u 4^wyA,VO2zHI@B=JLv4 GW.14;VO4F@BHIGO=BAD<>L‰<1AD<>[14"GO4FVO25=B<1=JLYGW=BEFHI@B@?N5HDL„HI<PNwHI25=?@BN5AIwMVW43@JHrGW=?A,<>LŒ .1=JEa.mLWHrGW=BLv†>4FLE"4FVvGaHI=B<mE"A,<>LYGWVWHD=?<(GaL3

VaHrGW.143VGO.>HD<}HDL^4 _]1@?=JE"=?G^GWVWHD<>LYwyA,VO2zHIGO=BAD<>LFŽ -/.1=BL=BLQ‡4`E3HDK>Lv4GO.14FVO4RHDVO42zHD<(N!]SA,LWLv=BQ1@B4GOA 8D43<>=BLWHrGW=?A,<>L^HI<‡[ Œ4Œ =JLO. GOA

]1VWArD4HD<(NmVO4`HDLOAD<>HDQ1@?4AD]_GW=?25=JLOHIGO=BAD<{E"A,VOVW4FE"GFŽ1A,VO2zHD@?@BND_Œ„4LOH‚NxGO.>HIGHRwyK><>EGW=?A,<{=BL VW43]>VO4`Lv4F<,GaHrGW=?A,<m=B<>[_43]S43<‡[_43<(G^=?w=?G

2zHI]‡L VO4F@BHIGO4`[x=B<1]1K_GaL GOA5VW43@JHrGW4F[ADK_GW]1K_GWLFŽ-/.1=JL/=BL GO.14[_43†><1=?GO=BAD< AIwH 569!%@5\56 !% HIG wyK1<>EGW=?A,<!GYN(]S4FLFŽ

u 4 wyAD@B@?ArŒ <(K>2|4FVOA,K>L|VO4`Lv4`HIVaEa.143VaL=?< GO.1=JLxHDVO4`H HD<>[ wyA,VO2zHD@?=JLv4GO.>4{(=BVOGOK>HD@ 25H,Ea.1=B<14FL|=B<HD< A,]‡4FVWHIGO=BAD<>HD@ LYGYNP@B4D

H,L#GOVaHI<>LO=?GO=BAD<VO4F@BHIGO=BAD<>L#Ar,43VHDQ>LYGWVWH,EG2zHDEa.>=?<14`L3Ž u 4HD[_A,]_GGO.14HDEGW=?A,< Lv4F25HD<(GO=JE3L#wyA,VO2zHI@B=JLv2 AIwUA{A,LWLv4`Lg&A{A,LWiDe*)žŽ

-/.1=JL =JL^E"A,<PD43<>=?4F<,G^H,L QPNx]1VW4FLO43<(GO=B<1C|GO.14RQ(N(GW4FE"A_[_4LO432zHD<,GW=BEFL/=?<{H525A_[_K1@JHIV 2zHI<><143V^Œ„4E3HD<!25A,VO4#4FH,Lv=B@BNm2zH#8,4GW.14

E3AD25]>HIVW=JLvA,<{Q‡43GYŒ4F43<{GW.14RGYŒ„AxwyA,VO2zHIGWL^Œ .>43VW4LO=?C,<1=†SE3HI<(G`Ž u 4R]1VWArD4GO.145E"A,VOVW4FE"GO<14`LOL ADwGOA 8D4F<1=BLWHrGW=?A,<{Œ =GW.}VW4FLO]‡4`EG

GWAzGO.14`Lv4LO432zHD<,GW=BEFL3Ž -^ArŒ„43,43V`PGO.14]>HDVvGW=BE3K1@JHIV/wyADVW2zHI@B=BLWHrGW=?A,<ADwGO.14RLO432zHD<,GW=BEFL/=BLADVOGO.1A,CDA,<>[email protected]<1=JT(K14K>LO4F[

wyA,V„]>VOArP=B<1C4`T(K1=?rHD@?4F<>E"4,Ž-/.>42zHI=B<!]‡A,=?<(G =BLGWA|C,=?,4H5LO4"G/AIwA,]‡4FVWHIGO=BAD<>HD@‡VWK1@B4FL„Œ .1=JEa.!EFHI<Q‡4#K>LO4F[mwyADV/QSAIGO.!P=?VOGOK‡HI@

2zHDEa.>=?<14`L3_Œ =?GO.{HD@?@ GW.14LO432zHI<(GO=JE#[_=6[S4FVO4F<>E"4`L HIQ>LvGOVaHDE"GO4F[mADK_G^=B<(GOAzH|<PK12RQS43V ADwHDK_=?@B=BHDVON5wyK><>EGW=?A,<>L3Ž

-/.14LO432zHI<(GW=BEFL/=BL C,=?,43<=?<{H|25=PGOK>VO4ADwAD]S43VaHrGW=?A,<>HI@ HD<>[[143<1ADGWHrGW=?A,<>HI@MLvGYNP@?4`L3Ž u 4#wyADVW2zHI@B=BLO4GW.14€_ƒ`F–A AD]S43VaH]

GW=?A,<>HI@B@?N,‚]>HIVaHI254"GW43VW=BLO4F[;Œ =?GO.VW4FLO]S4FEG GOAH^<(K>2RQS43V ADw>HIK_=B@?=JHIVWN^wyK><>EGW=?A,<>L Œ .>=BEa.HDVO4ŠGW.143<R=?<(GO4FVO]>VO43GO4F[[143<1ADGWHrGW=?A,<>HI@B@BNDŽ

-A =B@?@BK>LvGOVaHrGW4}.1ArŒ =?G=JL<‡HrGOK>VWHD@^GOA E"A,<>E"4F=?,4{GO.14 AD]S43VaHrGW=?A,<>HI@;Lv4F25HD<(GO=JE3Lx=B<>[_4F]‡4F<>[_4F<,GW@?N ADwRE"4FVvGaHI=B< HIK_=B@?=JHIVWN

wyK1<‡EGO=BAD<‡L3Œ45E"A,<>Lv=J[_4FV#[1N(<‡HI25=BE|254"GW.1A_[ @BAPA98PK1]M K‡Lv4`[ =B< GW.14xLO432zHI<(GO=JE3L;ADw‰GO.>4|2543GO.1A_[ =?<PDA_EFHrGO=BAD< =?<‡LYGWVOK>E"GO=BAD<>LFŽ

-/.14 @BAPA98PK1] wyK><>EGW=?A,< Œ .>=BEa. Lv4`HIVaEa.14FLRwyADV5GW.14 =?25]1@B432543<(GaHrGO=BAD< AIw#H 2543GO.1A_[ =BL5[_4F]‡4F<>[_43<(GxA,< GO.>4{@BH‚N,ADK_G|AIwGW.14

254"GW.1A_[!GWHDQ1@?4`L3Ž-/.>43VW4#HDVO4HD@BLOA|H5<PK12Q‡4FV AIwŠEa.1AD=JE"4`L„wyADV .1ArŒ =G^=JL^H#[S4`EGO4`[!Q(Nm2|43GO.1A_[ 25A_[_=?†>43VaL3_4`HDEa.!AIwŒ .1=JEa.=JL

HD]1]>HIVW43<(GW@?N!E"AD<‡Lv=JLYGW43<(GŒ =?GO.{GW.14RA xE"=JHI@LO]S4FE"=?†‡EFHrGO=BAD< Ž^-/.14RA,]‡4FVWHIGO=BAD<>HD@ VOK1@B4FLCD=BP=?<1CxGO.14|Lv4F25HD<(GO=JE3L ADwŠGO.142|43GO.1A_[

=B<PDA_E3HIGO=BAD<!=?<>LvGOVWK>E"GO=BAD<>LF1]1VW4FLO43<(GO4`[!=?<}~P4`EGO=BAD< Ž?f,1HIVW4]>HIVaHI2543GO43VW=JLv4`[xŒ =?GO.{VW4FLO]‡4`EG GOA5GW.14@BAPA98PK1]!wyK1<>E"GO=BAD<MŽ„-/.143<

=B<~_4FEGW=?A,<>L HD<>[L' GYŒA ]‡A(LOLO=?Q>@?4!=?<(GW43VW]1VO43GWHIGO=BAD<>LAIw^@BAPA98PK1] >¤HI<>[ GO.14!AIGW.143VzHDK_=?@B=BHDVON wyK1<>E"GO=BAD<>L@?|HIVW4mC,=?,43<MŽ ˆ

wyK1VOGO.>43VEa.1AD=JE"4ŒA,K1@J[}QS4RGWAC,=?,4HI< HIQ>LvGOVaHDE"G=B<(GO43VW]1VW4"GaHrGO=BAD< GWAmGW.14zHIK_=B@?=JHIVWNwyK1<>EGW=?A,<>L;ADV`‹CDAD=B<1C=?< GO.145AD]>]‡A(Lv=?GO4

[_=BVW4FEGW=?A,<M1GWAx=B<>E"@BK>[_443VWVOA,V =?<_wyA,VO2zHIGO=BAD<MŽ1A,V41HD2|]>@?4,>=?wŠGO.14QPN(GO4`E"A_[_4=JL^<>AIGH,LOLOK1254F[GOAmQ‡4D43VW=?†>4F[ 1GO.14@?APA98PK1]

wyK1<‡EGO=BAD<{E3ADK1@J[!VO43GOK1VW<9h Sj ,k,k kADV(j#jNf,f,k(k k‡Ž

ˆ@GW.1ADK1C,. GW.14 4FT(K1=B‚HD@?4F<>E"4AIw[1N(<‡HI25=BE254"GW.1A_[ @BAPA98PK1] E3ADK1@J[ QS4 VO4FC,HIVa[_4`[ HDLGO.14 HI=B2 AIwGO.14 ]1VWAPAIwY=B< wH,EG

:E"A,VOVW4FE"GO<14`LOLF>=JL[1=BLvGOVW=?Q>K_GO4`[ GO.1VWADK>CD.1A,K_GHI@B@AIwŠGO.>4RGWVWHD<>LYwyA,VO2zHIGO=BAD<{HI<>[}4FT(K1=B‚HD@?4F<>E"4AIw@BAPA98PK1]}K>LO4FL4FT(K1=BrHI@B43<>E34AIw

GW.14#GOVaHI<>LvwyADVW2zHrGW=?A,<mAIwŠE"@JHDLWLO4FLFPHD<>[!LvA5AD< Ž

-/.14AD]S43VaHrGO=BAD<‡HI@1LO432zHI<(GO=JE3LFIGWADC,4"GO.>43VŒ =?GO.5GW.14=B<(GO43VW]1VW4"GaHrGO=BAD<‡LAIw‹GO.14HIK_=B@?=JHIVWNwyK1<‡EGO=BAD<‡L3(=?<‡[_K>E"4`L‰HD<<:=B<,GW43VW]1VW4]

GaHrGO=BAD< ‡ADwŠGO.14Q(N(GW4FE"A_[_4,SHD<>[{=?G;=JL^=B<}GW43VW2zL^AIwŠGW.1=JL^GW.>HrG;Œ4|E"AD25]>HDVO4GO.14RGYŒAzwyA,VO2zHIGWLFŽaO<{GO.>=BL;Lv]>=?VW=G`‹Œ4Œ =B@B@K>LO4

:<>HI254=B<(GO43VW]1VW4"GaHrGO=BAD< PHD<>[ :GWA98,43<!=?<(GO4FVO]>VO43GWHrGW=?A,<M(GOAzVW4"wy4FVGWA5GO.14LO432zHD<,GW=BEFL/AIwGO.14€ F–A HI<‡[€_ƒ`F–A VW4FLO]‡4`EGO=BD4F@?N,Ž

-43<>E34;Œ„4#E"AD<‡Lv=J[_43VGO.>4GWA98,43<1=JLOHIGO=BAD<mGOA|Q‡4E"A,VOVW4FE"G=?w .@ 9!dI a !d5 @ *R5!d g56# $!%#S !% RN $

– 7 !"# $!%#^ !% !"a –!%9N !d 56B RS Ž u 4^LO4"GGW.1=JLHDLGW.14 CDA(HI@_ADwSGW.14 ]1VWAPAIwYŽX-^43VW4 Œ„4 Œ =?@B@

XYK>LvG^QS4#E3AD<>E343VW<14F[xŒ =GW.GW.14E"A,VOVW4FE"GO<14`LOLAIwMGW.14;GOA 8D43<>=BLWHrGW=?A,<HI<‡[mE"A,<PD43VaLO=?A,<5GOAmƒ„ˆ^U wyADVW2zHrG`PHD<>[x<>AIG^HI<PNz=B<1@?=B<1=B<1C

A,V/wyK1VvGW.143V A,]_GO=B25=BLWHrGW=?A,<mGW.>HrG^25=BCD.(G GWH98D4#]1@JHDE34DŽ

u 4^CD=BD4^GYN(]S4FLGOAGW.14^rHIVW=BADK>LŠ4F<(GO=?GO=B4FL‰E3AD<PD4FVvGW4F[5[_K1VW=B<1C#GOA 8D43<>=BLWHrGW=?A,<M,LOK>Ea.xHDLNf,f #kSj!HI<‡["#^f$#% #i%>Ž

u 4=B<>E3@?K>[14;HGYN(]S4D&'Sjj‡DLv=B<>E34^GO.>4QPN(GO4`E"A_[_4=?GWLO43@?wEa.>HD<1CD4`L‰[_K>VO=B<1CGWA98,43<1=JLOHIGO=BAD<MŽ-/.1=JL„=BL„[_K14,PHD25AD<1C(LYG„AIGO.>43V

VW4FH,LvA,<>L3(GWAGW.14]1VW4FLO43<>E34#AIwŠE"AD<‡LYGaHI<(G„]SAPAD@M=B<>[_=JE"4`L HDL HDVOC,K12543<(GWLGOAz=B<>LvGOVWK>EGW=?A,<>LFŽ

Z 4"GK‡LŒ VW=GW4)((+*,,.-/1032„wyADV‰GO.14<>HI254^=B<(GO43VW]1VW4"GaHrGO=BAD< >¤E"@JHDLWLŠwyA,VO2zHrG?PHI<>[4((5*,,.687:9#wyADVGO.14GOA98,43<z=B<(GO43VW]1VW4"GaHrGO=BAD<>žƒ„ˆ^U

wyA,VO2zHrG?Ž

u

4=?<(GW43VW]1VO43G Q‡ADGO.!GYNP]‡4`L HI<>[ HIKP=B@B=BHDVON5wyK1<‡EGO=BAD<‡L3Ž >ADV 41HD2|]>@?4

((;<=>%?@ACB<D,,

-/E0F23GIHJK%LL ANM

KPO

<RQ;<=>%?@AM

KPO

<RQTSUV%<

((;<=>?@AWB<D,,X687Y9 GZHJKLL AWB<D"QT;<=>%?@A=?[<$M

-/.14@BAPA98PK1]wyK1<>E"GO=BAD<

J ??[\V"] HJK%LL AB<D"Q;<=>%?@ACB<D)^ HJK%LL ACB<D"Q_U=<%`?@<

=JL#=?<(GW43VW]1VO43GO4`[ M=B< GWK1VW<M HDL;GW.14|GYŒAwyK1<>E"GO=BAD<>LR[_4"†><>4F[ Q‡4F@?ArŒŽz-/.14F< wyA,V4FHDEa. GYNP]‡4,ba1 Œ„4z[_4"†‡<14zHVW43@JHrGW=?A,<dcfeg

((a,,.-/E0F2hQi((a$,,.687Y9

b<14GO4`Ea.1<1=JE3HD@(]>VOA,Q1@?4F2 =BLGO.‡HrGLvA,254GYNP]‡4`LŠHIVW4‰25A,LvG<>HrGWK1VWHD@?@BNE"A,<>Lv=J[_4FVO4`[HDLQS43=B<1C@BA_E3HD@,GWA;HE"4FVvGaHI=B<E"A,<(GO4PG`rADV

[_4F]‡4F<>[_4F<,G„AD<xHD<1AIGW.143VŠGYNP]S4DŽ1A,V41HD2|]>@?4,(E3@BH,LOLŠVW4"wy4FVO4F<>E"4`LŠ=B<5GO.14GOA98,43<5=B<,GW43VW]1VW4"GWHIGO=BAD<zE3HD<z43=?GO.14FV‰QS4^4PGW43VW<>HI@>GOARH

]>H,E@8rHICD4ADV=B<,GW43VW<>HI@‘Ž\O<GO.>4^Lv4`E"AD<‡[RE3H,Lv4,‚GO.14FNRHIVW4‰C,=?,43<|HDLHI<|A#[ Lv43GŒ .>=BEa.5[_AP4FL<1ADG2zH98D4/Lv4F<>Lv4„ADK1GADw>GW.14/]>HDE@8rHIC,4DŽ

-/.PK>Lckjmlonmpmp

AWq:rts

2RK>LvGVO4F@BHIGO4zE"@JHDLWL;<>HI254FL;GWA Q‡ADGO.=?<(GW43VW<>HI@HD<>[ 4 PGO43VW<>HD@GWA98,43< VO43wy43VW43<>E34FLFŽ|ˆ<1AIGW.143V4 _HD25]1@?45=JL

GW.>HrGRE3AD<>LvGWHD<,G]SAPAD@=B<>[_=JE"4`L#=?< GO.>4zQ(N(GW4FE"A_[_4zHDVO4zHDLWLOK1254F[ GOA{.>H‚,4|H!@JHIQS43@=B<>[_=JE3HIGO=B<1C GO.14zVW43@B43rHD<,GE"A,<>LvGWHI<(G]SA(A,@

>Œ .143VW4FH,L3S=?< VO4`HI@B=GYN,>GW.1=BL=JL4F(=J[_4F<,GwyVOA,2 GW.14E3AD<(GO4 PGFŽt? u 4|E3HD<}CD43GVOA,K1<>[ GW.1=JLQPN{HDLWLvK>2|=B<1CzGW.>HrG#[1HrGaHz=JL]>HD=?VW4F[

Œ =?GO. LOAD254"GW.1=?<>C GWA =B<>[_=JE3HIGO4 =?GWLzE"A,<(GO4PG5Œ .143<>43D4FV5<14FE34FLWLOHDVON,Ž ˆ 2|A,VO4!43@B43C(HI<(GzHI]1]1VWA,H,Ea. Œ„ADK1@J[ K>LO4{[_43]S43<‡[_43<(G

GYNP]S4FLFŽ

u 4LvGWHDVvG^wyVWAD2 GO.>4RADQ‡Lv4FVOrHrGW=?A,<!GO.>HIG<1AIG#HI@B@ =B<>LvGOVWK>EGW=?A,<>L^K>LO4GW.14R.14`HI]}A,V GO.>4R43<PP=BVOA,<12543<(GFŽUOžG=JLGO.14`Lv4Œ .>=BEa.

HDVO4RLO43<‡Lv=?GO=BD4GWAxGW.14HD@GW43VaHrGO=BAD<‡L^=B<{GO.14@BH‚N,ADK_GAIwGO.145E"A,<>LvGWHI<(G]SAPAD@HI<>[}E3@BH,LOL.1=B43VaHIVaEa.(N,1Œ .1=JEa.{GWH98D4]>@BH,E"4[1K1VO=B<1C

GWA98D4F<1=JLOHIGO=BAD<MŽR-/.PK>L;Œ„45Œ =?@B@=?C,<1ADVW4RGW.145=?<‡LYGWVOK>E"GO=BAD<>L#E3AD<>E343VW<14F[ Œ =GW. =B252|4`[_=JHrGO45A,]‡4FVWHIGO=BAD<>LF LYGaHDE@8 2zHI<1=B]1K1@JHrGW=?A,<M

@BA_E3HI@ rHDVO=JHIQ1@B4FLF1HI<‡[mQ1VaHI<‡Ea.1=?<>C>Žu

v

|;qH…@Ÿ7v„uTpGu0{tstsI|Ir@vŸr|*ˆ{t†Ipyxv$wIpY…@x$x$…~a…@ŸyŸypyˆˆ^{t|*ˆ$v$x$IŸ7v${tr|IˆTpy{vw*pxy„r|IpYr@q9u0wI{tŸowhwH¡¡yx’‘“Ez^…@ŸyŸypˆ$ˆpyˆ^v$wIpYpy|¢*{tx%r|IzUpy|v„£I*vuTpGŸr*st†

p…@ˆ{ts~2za…|{p\v$wI{tˆYp~}vpy|Iˆ${tr|(¤

|¦§¨§*©

~P4`E"A,<>[_@BND‡LO=B<>E"4RGO.14Q(N(GW4FE"A_[_4R=BLHDLWLvK1254`[!GOAx.>H‚,4Q‡4F43<},43VW=†‡4F[ >HD<>[ =JL<1ADGLO43@?wd]‘25A_[_=?wyN(=B<1C,?SŒ4REFHI<{VW43C(HIVa[=?G

H,L.‡H‚(=B<1CQ‡4F43< H,LOLO432Q1@B4F[}=B<(GOA HI< HDQ>LvGOVaHDEG#LvNP<(GWH Ž-/.1=BL#LO=?25]1@B=?†>4FLGO.>4|]>VO4`Lv4F<,GaHrGW=?A,< HI<>[ @?43GWL;K>L#HIQ‡LYGWVWH,EG;H‚Œ/H‚N

wyVWAD2 [_4"GaHI=B@BL‰AIwM]1VWADC,VWHD2E"A,K1<(GO4FVWLHD<>[zK>LO4H#wyA,VO2 AIwMLvGOVWK>EGWK1VaHI@>A,]‡4FVWHIGO=BAD<>HD@1Lv4F2zHI<(GO=JE3LFŽ u 4Œ =B@B@‡<1ADGE"A,<>LO=B[_4FV XYK125]

=B<>LvGOVWK>EGW=?A,<>L/.143VW4D‡LvA|<1434`[!AD<1@BNmE"A,<>LO=B[_4FV AD<14#=B<>LvGOVWK>EGW=?A,<!HIGHRGW=?254,Ž

-/.145A,]‡4FVWHIGO=BAD<>HD@LO432zHD<,GW=BEFL#=BL#C,=?,43< =?< GW43VW25L#ADw/E3AD<_†‡CDK1VaHrGW=?A,<>LADw/HDQ>LvGOVaHDEGLON(<(GaH HD<>[ @JHIQS43@B@B4F[HIVWVOArŒ^LFŽ u 4

VW43C(HIVa[ E"A,<_†>CDK>VWHIGO=BAD<>LRGO.14F2zLv4F@?,4FL5HDL5H wyADVW2 AIw;=?<>LvGOVWK>E"GO=BAD</=B< 4[S4`EGF„HE"@BA,LOK1VO4,Ž ˆ^<PN Ea.‡HI<1C,4FLRGOA GO.14{.14`HI] ADV

4F<(P=BVOA,<12543<(GmHIVW4}C,=?,43<=?25]1@B=JE"=?GO@BN =B<GO.>4 HIVWVWArŒ VaHrGO.>43VzGW.>HI< QS43=B<1C 4 P]>@?=JE"=?GO@BN]>HIVOGxAIwGW.14 E"A,<_†>C,K1VWHIGO=BAD<MŽ -/.1=JL

H#[SA,VW[1L„LOAD25425A_[_K1@JHIVW=?GYNwyA,V‰GW.143<GO.>4;LO432zHI<(GW=BEFL‰ADwMGO.1A(Lv4;=B<>LYGWVOK‡EGO=BAD<‡LŒ .>=BEa.m[1A<1ADG„K‡Lv4GO.14;.14`HI]mA,V4F<P(=BVWAD<12543<(G

EFHI< Q‡4#C,=?,43< HDL LOK>Ea.!HD<>[GO.14F< 4PGO4F<>[_4F[!,43VWQ>HrGW=?2 Ž

O < ~P4FE"GO=BAD<mj‡,Œ„4#[_4"†><>4;HDQ>LYGWVWH,EGGYNP]S4FL„Œ .1=JEa.HDVO4;E"AD2525AD<xGOAGO.14GYŒARwyADVW2zHrGWLFŽ\OžG„=JLGO.1=JLGYN(]S4#LYGWVOK>E"GOK1VW4Œ .>=BEa.

=JL‰K‡Lv4`[|GOA[14"†><14GO.14@?A,CD=JE3HD@1VO4F@BHIGO=BAD<>LFŽ0O<!~P4FE"GO=BAD< Œ„4^C,=?,4HI<zA,]‡4FVWHIGO=BAD<>HD@>Lv4F2zHI<(GO=JE3L‰Œ .1=BEa.z=JL=?<>[143]S43<>[_4F<(GAIw GW.14

K1<‡[_43VW@?NP=B<1C{E"@JHDLWL,ƒ„ˆ^U †>@?4wyADVW2zHrG`Ž-/.14zLvGOVWK>EGWK1VO4|AIwGO.14zE3@BH,LOLDƒ„ˆU †>@B45<1434`[ <1ADGQ‡45P=BLO=BQ1@?4|GWAGW.145AD]S43VaHrGW=?A,<>HI@

LO432zHI<(GW=BEFL3Ž u 4m<14F4F[A,<1@?N QS4HIQ>@?4zGWA}4PGWVWH,EGE343VOGWHI=B< [1HIGWH}E3ADVWVO4`Lv]SAD<>[1=?<1C!GWA H{]>HDVvGW=BE3K1@BHDV254"GW.1A_[ LvK‡Ea. HDLGW.14

HD]1]1VWAD]1VW=BHIGO4#E"A,<>LYGaHI<(G ]‡APA,@¤1LOAz[_4"†><>4HIK_=B@?=JHIVWN5wyK1<>E"GO=BAD<>L/wyA,V^HDEFE"4FLWLO=?<1C5LOK>Ea.![>HrGWH>Ž

O <~P4FE"GO=BAD<>L HD<>[V'_ŠŒ4!CD=BD4mGO.14 Lv]S4FE3=†SE[_43GWHD=?@JLRADw^GO.>4<>HD254HI<‡[ GOA 8D4F< wyADVW2zHrGWLFŠVW4FLO]‡4`EGO=BD4F@?N,[_4"†‡<14F[ HDL

=B<(GO43VW]1VW4"GaHrGO=BAD<‡L/AIw GYNP]S4FL^HD<>[!HIK_=B@?=JHIVWN5wyK1<>E"GO=BAD<>LF ((+*,,.-/1032HD<>[ ((5*,,.687Y9_Ž

O < ~P4`EGW=?A,<e>Œ„4x[_43†><14zGW.14x@BADCD=JE3HD@ŠVO4F@BHIGO=BAD<Mcfe et6|/ 6A

6 2`ŽKOžGR=BLE"A,<(,43<1=B43<(G#GOA =?<_wyA,VO2zHD@?@BN}CDVWADK>] GW.14

[_43†><1=?GO=BAD<{=B<(GOAxLO43D4FVWHD@ @?4FD4F@BLFŽ =?VaLvG^AIwŠHI@B@¤>GO.14FVO4HDVO4#rHIVW=?A,K>L/Q>H,Lv=JE;GYNP]‡4`L>yQPN(GO4,‡LO.1ADVOGF 7c?"_wyADV^Œ .>=BEa. Œ„4.>H‚D4

c

G

>Ž -/.143< GW.143VW4HDVO45GW.14!VO43wy43VW43<>E34FLF vLOK>Ea. HDLR]>HDE@8rHDCD4xHI<‡[ E"@JHDLWLVW4"wy4FVO4F<>E"4`L3wyADV|Œ .1=JEa.GO.14VO4F@BHIGO=BAD< c"!

VW43]1VW4FLO43<(GaL‰GW.14#GOA 8D4F<1=BLWHrGW=?A,<ADw<>HD254F[=GW432zL3Ž

-/.14E"AD<‡LYGWVWHD=?<(GWL/A,<!GO.14RE3AD25]SAD<14F<,GW=BLWHrGW=?A,<{HIVW44_]1VW4FLWLv4`[m=B< c$#>>Œ .>43VW4&%{=B<>E"@BK>[_4`L^254"GW.1A_[ =?<_wyA,VO2zHIGO=BAD<{LYGWVOK‡E]

GWK1VO4`L3 E3AD<>LvGWHD<,G;]‡APA,@BLF HI<>[}LOAmA,<MŽ -/.1=BL;VW43]1VW4FLO43<(GaL GO.>4VW43@JHrGW=?A,<>Lv.>=?]{QS4"GYŒ„434F< E"A,2|]SAD<>43<(GWL=?< ƒ„ˆ^U †>@?4`L#HI<>[ GW.14

E3ADVWVO4`Lv]SAD<>[1=?<1C|43<(GW=GW=?4`L =?< E"@JHDLWL„†>@B4FLFŽ

'Lv=B<1C|GO.14HDQ‡Ar,4GW.1VW434#wHI25=B@?=B4FL/ADwVW43@JHrGW=?A,<>L„Œ4EFHI< [_4"†><>4 c e wyA,V 4FHDEa.GYNP]‡4,a11Œ .>43VW4

aR]5]G )(*+(,%-()a"QTa./()a ^ a.0( a1 a.0( a32

-/.14wHI25=B@?N AIwVW43@JHrGW=?A,<>L34c e e 657 2 VO4F]1VO4`Lv4F<(GWLRGO.14 ArD4FVWHD@?@„E"A,<>LYGWVOK‡EGO=BAD< AIwE3AD25]SAD<14F<,GaL|=?< GO.14 ƒ„ˆU†>@B4

wyA,VO2zHrG!wyVWAD2 H E3@BH,LOLm†>@B4DŽ -/.>4 VW43@JHrGW=?A,<>LHDVO4=:@BADC,=BEFHI@‘=B< Lv4F<>Lv4 GO.>HIGGW.14 [_4"†‡<1=GW=?A,<>LwyADV{[_43†><14F[ GYNP]‡4`LmwyA,@?@BArŒ^L

HDK_GOA,25HIGO=JE3HD@?@BNDŽ1A,V 41HI25]1@B4D_Œ„4[_4"†‡<14#GO.14#GYNP]S4AIwGO.144F<(P=BVOA,<12543<(G^HI<>[.14`HI] HDL

8

M:9<;PB?M O <M= G>=K `[ K? < AB<D ^ =K `[ K? <

@ < K V GBADCFE

<%`=ACB<D ^

AGCE

<%`=

HD<>[5LvA;GO.>4^[_4"†><>=GW=?A,<|ADwcIHJLKM

qON JQP

r

JLRwyA,@?@BArŒ^LwyVOA,2bGO.>A,LO4 AIw c4S:nOTVU:nW

rEAq:r~s

cIS:nLTVU:nQW

r

HD<>[GO.14>¤LYGaHI<>[1HDVW[X?E"A,<>LYGWVOK‡EGO=BAD<

ADwc

A0Y A

SLO=?25=B@BHDVO@BNxwyA,VkcIZ

r

nV[DŽUO < ~_4FEGW=?A,< i1‡Œ4RK>Lv4GO.1=JLLO432zHD<,GW=BE;wyA,VO2zHIG^GOAx]>VOAr,4#GO.14RE3ADVWVO4`EGW<14FLWL3Ž/-/.14]1VOAPADw

.>H,L„GYŒA5]>HDVvGaLl

fDŽ u 4]1VWArD4#GO.‡HrG;HD@?@HIKP=B@B=BHDVONmwyK1<>EGW=?A,<>L;HIVW4VO4F]1VW4FLO43<(GWHIGO=BAD<!=?<>[143]S43<>[_4F<(G\‹GO.‡HrG=JLF‡=?w^]i]a ^ a .

GO.14F<}Œ4R.>H‚D4

((] ,,-/1032 c e Y

e_ ((] ,,687Y9 Ž

6_Ž -/.143< 1=G=BL^LvGOVaHI=BCD.(GOwyADVWŒ„HDVW[5GWAz]1VWArD4GO.>HIGHI@B@M=?<‡LYGWVOK>E"GO=BAD<>LHIVW4;VW43]>VO4`Lv4F<,GaHrGW=?A,<m=B<>[_43]S43<‡[_43<(GF‡K>LO=?<1C5]>HDVvGf,ŽOžG

=BL E3AD<PD4F<1=B43<(G/GOA5P=?4FŒ GW.14AD]S43VaHrGW=?A,<>HI@ LO432zHI<(GO=JE3L„ADwQPN(GO4`E"A_[_4HDL/C,=?P=B<1CzHI<!=?<(GO4FVO]>VO43GWHrGW=?A,<

((`ba dc ,, ]de= K =< ^ _U=<%`?@< Qfe= K =<

Π.143VW4

e=

K

=<

GhgJ

?

C%KJ A L = K

=<RQji?%`

KJ A L = K

=<

gJ ? C%KJ A L = K =< G 8

M:9<;PB?$M O <M=)Q

@ < K V

i?%` KJ A L = K =< GkA V<B K M@ A L = K `["Qji?%` KJ Al9 K B<; KC J < L Q HJKLL AB<D

u 4RE3HD<{E"AD<‡E"@BK>[_4D>GO.14FVO43wyADVW4D_GW.>HrG=wH|GOVaHI<‡LYwyA,VO2zHrGW=?A,<!LWHrGW=BLv†>4`L E"43VOGWHD=?<{E3AD<>LvGOVaHI=B<(GWLP>wyA,VO2zHD@?@BNm4 P]>VO4`LOLO4F[QPN!LWH‚NP=?<1C

GW.>HrG„=G‰=JL‰E3AD<(GWHD=?<>4F[|=?< cP?ŠGO.14F<z=G‰=JL‰E3ADVWVO4`EG`D=B<5GO.14LO43<‡Lv4 GW.>HrG<1AR[_=6[S4FVO4F<>E"4E3HI<5QS4A,Q>Lv4FVO,4F[=?<5GW.14^GYŒ„ALO432zHI<(GO=JE3LFŽ

=B<>HI@B@?N,_Œ42zH98D4#LvA,2|4E3AD<>E3@?K>[1=?<1C5VW432zHIV8_L„=?<}~P4`EGO=BAD< f\m>Ž

n $

Ÿ7v$…@sts~„o$*zqpIˆ^ˆw*rIst†–|*r@vrp*x$pyˆpy|vX…pIx%r£IstpyzB¤NnpŽŸyrIst†–…@†I†‡s_…@£#pystˆTvrMvw*p…@£Iˆ$v$x…@Ÿ7vYˆ$~|v…Y}9„#…@|I†h{pypQp–v$wIpŽŸyr†Ip…@ˆ0…`Ÿyrzqp#r|Ipy|v

r@qSvwIpŽ}str£I…@s,ˆ$v…vp¤

$

|‡…@}*{tst{_…@x~aqH*|IŸ7v{tr|2uTrIst†‡ˆ$p…@x$Ÿow–qHrxTv$wIpŽs_…@£#ps,…@|I†‡p7¢…@stI…v{tr|‡u^rIst†$pIx%rŸpypy†Bq6x$rz4vwI…vsp#r{t|vYr|uG…@x%†Iˆ¤

t vY{tˆGˆ{tzqpIstpyxv$rU…@ststruqHI|*Ÿyv${tr|IˆGvr £9p pI…@x%v${_…@s"¤

M R

u 4RK>LO4GYNP]S4FLGOAmLvGOVWK>E"GOK1VW4GW.14GWVWHD<>LYwyA,VO2zHIGO=BAD<MŽ -/.14`Lv4|HIVW4<1AIGGO.14RGYN(]S4FLAIwŠGW.14€(H‚rHmƒ„HIVa[ @BHD<1CDK‡HICD4,>Q1K1GVaHrGO.>43V

HDVO4|Q>HDLO4F[ AD< GO.>45LO=B2|]>@?N(]‘GYN(]S4F[ @JHI2RQ‹[1H E3HD@BE3K1@BK>L;Œ =GW.LOK12zLFM]1VWAP[1K>EGaL;HD<>[ @?=JLYGaL3Ž u 4zK>Lv45VW4FE3ADVa[ GYNP]‡4`L#Œ =GW. GW.14

H,EGOK‡HI@‡GYN(]S4FL„ADwM†>43@J[1LB>[1VWH‚Œ <5wyVWAD2 GW.14A xE"=JHI@‹Lv]S4FE3=†‡EFHrGW=?A,<xŒ .143VW4<>AIG„GOAPAE3AD<_wyK>LO=B<1C(?Lv4FVOP=B<1CRH,L‰@JHIQS43@JL3Ž u 4Œ VW=?GO4

4F@?4F2|4F<(GWLAIw‰LOK12 GYN(]S4FL=B<}GO.>4wyADVW2 c Ž‡b;E3EFHDLO=?A,<>HI@B@?NŒ4RK>Lv4RGO4FVO2zL;HDLLO=B<1CD@B4"GWAD<{GYNP]S4FLF‹LOK>Ea.}H,L

HD<>[! >Ž u 4K>LO4H|LO4"G]¤GW.143A,VO43GO=JE<>AIGWHIGO=BAD<!Œ .143VW4E"A,<(,43<1=B43<(G`Ž

-/.14FVO4}HDVO4!GYŒ„A LvA,VvGaL5AIw#GYNP]‡4`Ll @ HI<>[ @^ 7 Ž -/.14}=J[_4FH=JL5GW.>HrGHDQ>LvGOVaHDEG5GYNP]S4FLmHDVO4!GW.1A,LO4{Œ4 E3HI<

GW.1=?<N8 ADw=B<>[_43]S43<‡[_43<(GO@BN AIw„H ]‡HIVOGO=JE"K1@JHIV;wyADVW2zHrG`Žx-/.14xE"A,<>E"VW4"GW4RGYNP]S4FLHDVO4|GO.>4z]>HIVOGO=JE"K1@JHIV#VW4FHD@?=JLOHIGO=BAD<>L;ADwGW.14FLO4DHDL

Œ„43@B@^HDL|GYNP]S4FL5Œ .1=JEa. A,<1@BN 25H98D4 Lv4F<>LO4!=B< AD<14 ]>HDVvGW=BE3K1@BHDV52|A_[_4F@¤Ž 1A,Vz41HI25]1@B4DW" $##j =JL|GO.14{HIQ‡LYGWVWH,EG|GYN(]S4

ADw=?<‡[_=BE34FL=?<(GWA H E"AD<‡LYGaHI<(GR]SA(A,@„wyADV5H}CD=BD4F< ]>H,E@8‚HDCD4,Ž O< GW.14<‡HI254m=B<(GO43VW]1VW4"GaHrGO=BAD< GO.1=JL|=BL25AP[143@B@?4`[ QPN H E"@JHDLWL

<>HD254 HI<>[HD< =B<>[_4 =B<(GOAGW.14 E"A,<>LvGWHI<(Gx][email protected] E3ADVWVO4`Lv]SAD<>[1=?<1C E3@BH,LOL|†>@B4D

!%cd*c

HJKLL ACM KPO < Q&% M@<' Π.14FVO4

#j =JLxHE"A,<>E"VW4"GW4!GYN(]S4DŽ O< GW.14 GOA 8D4F< wyA,VO2zHrG`.>ArŒ4FD43V`‰LO=?<‡E"4}HI@B@/GO.>4}E"AD<‡LYGaHI<(Gz]‡APAD@JLxHDVO4!2543VWCD4F[MŒ„4 .>H‚D4

((Hd= A";M@<',,.687Y9 G =K `[ K? < A=?[ Q(%M@<'>Žˆ<1AIGW.143V#4 _HD25]1@?4|=JLGW.145rHIVW=?A,K>L[1=BLvGO=B<>EGW=?A,<>LGO.>HIG#HDVO42zHD[_4|Q‡43GYŒ4F43<

254"GW.1A_[ HD<>[ †‡43@J[ VW4"wy43VW43<‡E"4FL=B<ƒ„ˆ^U †>@B4FLFQ1K_G5<1ADG5E3@BH,LOLR†>@B4FLF‰HI<>[ Œ .1=JEa. HIVW4m<>AIG5VO4F@?4F‚HD<(G|HrG|GO.>4@B43,43@/AIw^GW.14

A,]‡4FVWHIGO=BAD<>HD@‹LO432zHD<,GW=BEFL3_Œ .>=BEa.{E"A,<>E"4FVO<‡L‰GW43VW2zL/AIwŠHIQ>LvGOVaHDE"GGYNP]S4FLFŽ

u 4|HDVOVaHI<>CD4#GO.>4GYNP]‡4`L#LvAzGW.>HrGHDL2RK‡Ea. HDL]‡A(LOLO=BQ1@?4=BL;E"A,252|A,<}QS4"GYŒ„4343<}GO.14GYŒAmwyADVW2zHrGWLFŽ >ADV;41HI25]1@B4DS=?G;=JL

25ADVW4/E"AD<P,43<1=B43<(GGOA;K1<1=?wyADVW2|@BNR[_43†><14/43<PP=BVOA,<12543<(GWLHDL2zHI]1]>=?<1C(LAIw>GYNP]S4 =K `[ Kd? < ACB<D)^ =K `[ Kd? <_IŒ =GW.)"%*Sj

=B<(GO43VW]1VW4"GW4F[!HDL HJKLL ACM KPO < ^ HJK%LL AFD7; J <|A,VF"% !+#(j‡Ž

-/.14FVO4=JLH:GYNP]S4AIwGYNP]‡4`L3>wyADV GW.14GYŒ„A5wyADVW2zL^AIw[1HIGWH|GYNP]S4=?<}€(H‚rHmƒ„HIVa[m7h]1VW=?25=?GO=BD4GYNP]S4FLF1GW.14RLO=?25]1@B4GYNP]‡4`L

LOK1]1]SADVOGO4`[![1=?VW4FE"GO@BNxAD<GO.14EFHIVa[ 1HI<‡[mVW4"wy4FVO4F<>E"4;GYNP]‡4`L3Ž

SUV%< G y_%?? J < K M,o_U=<+e$>%?B= r1.-<D<B<M`< AN=UV%<

u 4.>H‚D4#<1ADG =?<>E3@?K‡[_4F[ #S_Œ .>=BEa.!=BL^AD]_GW=?A,<>HI@‘Ž

-<D<B<$M`< A =UV%< G&/ BB K UAC=UV%<I1 HJK%LL AB<D

u

4 K>LO4^H;LO43]‡HIVaHrGO4GYNP]‡4,10$2,j% 9kSj!S3GOA#VO43wy43VGWAADQ_XY4`EGWLA,<RGW.14 .14`HI]MŽ-/.14/ADQ_XY4`EGaLGO.14F25LO43@BD4`LŠE"A,<,GaHI=B<|H;VW4"wy4FVO4F<>E"4

GWA5GO.14HD]1]1VWAD]1VW=BHIGO4;E"@JHDLWL/ADV^HIVWVaH‚N|ADwŒ .1=JEa.!GO.14FNxwyA,VO2 HD<=B<>LvGWHD<>E"4,Ž

-/.14^GYN(]S443% k=JL‰H]>@BHIGvwyADVW2 Lv]S4FE3=†‡EHIQ>LvGOVaHDE"GK1<1=?GAIw LvGOA,VWHDCD4,Žˆ^@B@>Œ„4^<14F4F[g8P<1ArŒ =JLGW.>HrG‰A,Q_XY4FE"G‰VW4"wy43VW43<‡E"4FL‰HI<>[

GW.14Q‡HDLO=BE#GYNP]S4FLF&'Sj‡ % k!HI<>[4&(j$# 1EFHI<}QS4LvGOA,VO4`[ =?< H53%9kSŽ\^HIGO.14FV^GW.>HI<}K‡Lv4|HI<}4 P]>@?=JE"=?G;E3A(4FVWE3=?A,<MSŒ4

H,LOLOK1254 6

?B@ GBAGCFE <%`=AB<D1.7\ JJ 1 _%?? J < K MI1 _U=<1 e>%?B=

-/.PK>LŠH;Œ„ADVa[R=JLU>!%cd*c VO4F]1VO4`Lv4F<(GWL@? 4F=GW.143VH;VW4"wy4FVO4F<>E"4B>y]SA,LWLv=BQ1@BN<PK1@B@"?A,VHI<|43@B432543<(GŠAIw H;]1VO=B25=GW=?,4„GYN(]S4DŽ1K>VvGW.143VW25ADVW4D

Œ„4[_4"†‡<14

8

KJ \%< G 6

?B@

ˆ@GW.1ADK1C,.!GO.1=JL/=BL^<1AIG^LvGOVW=BE"GO@BNx<14FE34FLWLOHDVON,(GO.14FVO4#=JL H|E3AD<>E343]_GWK>HI@M[1=BLvGO=B<>EGW=?A,<MŽŽOžwŒ4#Œ„43VW4GWAz=?<(GOVWA_[_K>E34;rHD@?K14`L/AIwGYN(]S4

#‹PGO.14F< H|rHI@BK14E"A,K1@J[QS443=?GO.>43V^H|ŒA,VW[ADV Hz[_A,K1Q1@B4#ŒA,VW[ Ž

-/.14FVO4HDVO4#Lv4FD4FVWHD@‡wyA,VO2zL/ADwVW4"wy4FVO4F<>E"4:9l

=K `[ Kd? < AB<D ( HJK%LL AWB<D ();<;< J @ACB<D ( ;<=>%?@ACB<D (<% M=<BD K `< A O <=>%?@AB<D

u 4 [1=BLvGO=B<1CDK>=BLO."%=*Sj wyVWAD2>"*Sj 9kSj!SHI<‡[ Lv=B25=?@JHIVW@BN wyA,VxGO.>4 ADGO.14FVm=?GO432zLFŽ AIGW4}GO.‡HrG!H $@ =JLH

E3AD25]‡A(Lv=?GO4|43<(GW=GYN Œ .1=JEa. EFHI<}QS4|E3AD<(GO4 PG;[_4F]‡4F<>[_43<(Gg>y4FC>ŽHmE3@BH,LOLVO43wy43VW43<>E34EFHI<}QS4=B< =B<(GO4FVO<>HD@A,V4 PGO43VW<>HD@MwyADVW2zL?"Ž

u 4|H,LOLOK1254DS.1ArŒ„43,43V`_GO.>HIG#LOKxE"=B43<(G;=?<_wyA,VO2zHIGO=BAD<{=JLC,=?,43< LOAzGO.‡HrGVW4"wy4FVO4F<>E"4`L^2zH#8,4RLO43<>LO4RC,@?A,Q>HI@B@?N,Ž 1A,V4 1HI25]1@B4D

E3@BH,LOL#<>HD254FLHDVO4|wyK1@B@?NT(K>HI@B=?†>4F[ HI<>[E3@BH,LOL;GWA98D4F<>LHIVW45]>HI=BVW4F[ Œ =GW. H ]>HDE@8rHIC,4RGWA98,43<MŽ u 45GWH98D45†>4F@B[HD<>[ 2|43GO.1A_[

VW4"wy4FVO4F<>E"4`LŠGOARQ‡4GOA]>HDVvGW=BE3K1@JHIV25432Q‡4FVWL‰AIw LOAD254E3@BH,LOLF,HD<>[zLvAE"AD<(GaHI=B<xHE"@JHDLWLŠVW4"wy43VW43<‡E"4DŽXJ„NzE"AD<(GWVWH,LYG`DHI< !% $!3

=JLH!<>HI2545ADVHGOA 8D43< Ž u 4x[_A <1AIGK>LO45=B[143<(GO=?†>43VaLHrG#GW.14zHIQ>LvGOVaHDE"G;@B43,43@GO.>ADK1C,.MŽ|-/.>43VW4|=JL#<1ADGH LO]‡4`E"=?†‡EwyADVW2 AIw

VW4"wy4FVO4F<>E"4;wyADV =B<(GO4FVvwH,E"4FLFŽŠ-/.14FLO4HIVW4;GWH#8,43<GOA5QS4H]‡HIVOGO=JE"K1@JHIV„wyADVW2 ADwE3@BH,LOL/VW4"wy4FVO4F<>E"4,Ž

Hd= A$;MD? G HJK%LL ACB<D1 ;<=>%?@AB<D1?;<;$< J @ AWB<D

~P=B<>E34D_=B<€(H‚‚H>DA,<1@?NxE3AD<>LvGWHD<(GWLADw:Q1=?C‡(GYN(]S4EFHI<!HI]1]S4FHDV=B<zGO.>4#E3AD<>LvGWHD<(G‰]‡APA,@¤(GO.>4FLO4;HDVO4<1AIG/]1VW4FLO43<(G=B<€(H‚rHƒ„HIVa[ Ž

A{A,VO4FArD4FVFPLv=B<>E34;Œ„4E"A,<>LO=B[_4FV„GO.14E3AD<>LvGWHD<,G ]SAPAD@‹GOAzQS4#wyK1@B@?NVO4`LvA,@?,4F[ PŒ„4[_A5<1AIG^<14F4F[!Lv4F]>HIVaHrGW4#43<(GOVW=?4`LwyADV <>HD2|4`L3Ž

@n<wI{tŸow–uTpŽ†I{tˆ$v${t|I}I{tˆ$w2q6x%rzBA“DC“@“FE*”“HG’JI@“

|¦§¨§*©