HAL Id: inria-00072956
https://hal.inria.fr/inria-00072956
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-
L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non,
Robust Development of Dependable Software Systems
Titos Saridakis
To cite this version:
Titos Saridakis. Robust Development of Dependable Software Systems. [Research Report] RR-3712, INRIA. 1999. �inria-00072956�
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
Robust Development of Dependable Software Systems
Titos Saridakis
N ˚ 3712
Juin 1999
TH `EME 1
0-13254768:9<;%1>=?9<@A1B6
CEDFHGJIJK-LNMOHPIRQTS'UVI5WPYX7PYW!FHGJIHP
Z\[Y]_^`I5W-a']Tbdcfe]g[
MhQTii*]g[`WeIj[YIHklDIH[YkDInmpoqo_oroLNsgS7cfmtKquguguLwvgvxiAQTygIHP
z|{~}HR_gg hgqgh<r\q!_-g%qJRl5 rT!%¡g¢R£¥¤xq?qg
ql¢q_¦lYg§Tg%xq¨f¤r©7<ql_R¤q©Aq_¤Jg%%q££¥¤¡l§Tgl-l_ª«¦¬!_l§Tgl!q©7¢g
g rr-l_q\gl<lqg¤gl$-gqqlVr_ q%_g®¡-lYrg¯qhH TlE¢g
gll°gl<lqg£¥¤±®_q¢q_lllª²¦Rll©³£--ql_´lg®¡rµ¢g¶gg® lYg§Tg%
ghrghq¦<l¦-l¢g$¤gl·\g%%rg£¥¤xl§Tgl-l_lªg%©'r-gg¹¸'R£_xR³¢g
l£%!%x%Yg§_rJ%Jq¢glrYTº¥»Rl¤.fr\l£l _g®$rjl<r£r¤jR¼q£¦ql¢q_
h%Yq¢$Ar³q½$g£%-l_:g~l£%!lElYg§Tgqª:¾\%!r©Hg~g rr-l_Aqgl<lqg
¤gl$<lr-l.g!%~R¢q¨f_$$lR*l<lrg£¥¤r¢R_~_$-rgql¢q_
h%Yq¢¿Rj-l.¢glªÀgxfgl.Rr$Á~r¢»±$±%x¡®q__h ql£_-l_.R
gl<lqg¡¤g%-$_¤´l%Rg®Vfr¢-qq-f_$gJRfrl-l_rl´lrÂTl¢ª°Ã¡r
%!l£¤r©Hg:fr¢$RTq*!_:R¨Ä*\¤T%Å-TT%$*R<q%:rr!r©HÁgY<l¢-£¢
g¢<l!£¸<lRrxq¼l<lrg£¥¤_%£%xl$<r¢R:%glRE£r®qRÆj!¸'gl-l_R£_f_
gl<lqg£¥¤¡r<lll©A!¸<l-l_¬lqrxf_¤glÇ¢%!£¸<qrl©q|gl¬r¢lqrªE
h%qqpg% q%rg_-qq£¤¢g¦rYg%!¢q-q!pRAl<lrg£¥¤._%¥¤h-¤g%
<l¹¸<lR£_ª´ !q¢£¸<qr¢Yg%hr©³ÁgY°lqg¢lhgJr<l¥¤±qÂ<l¹¸'R£_´!¸<l-l_
lqrlªpg\¢Yg%hE_®_qgÈ%gh!r_l_q¼%__¤jq¼qgr£%r_-%Yqg¢-l©ÁY
%gxql!l¢R®h¢gl£l HR>ª
g¬¢qR7!__r.q½g~Áp_»h~rl¢l$j¬«¦l~g rr-%rpl_ Trh%_ª¼g
fr¢-qq-$qrg%±«¦l$<l¹¸'!llª´É¨´rgr©~VÊ~«¬Ë_ÌTq$%%_l´q.%
g.!q¢¹¸<lR£_¡Yl-hJ%¨f_Í¢g.qq£¤g¦Rgl<lqg£¥¤|l§Tg%-l_lªgjÊ~«Ë_ÌÎ_r
._l®r¢R%Á¡«\ljTq»_£l©~lgq®¢g¡¢qq¢´«\%.Tr¡l£l 5qR¦qg
ql¢q_³-lYqg$lª*¦qR¤T³%£¢qRl$hH Tg®_gg%?f_³!_<r¢Rg®¬¢g
l£%!%qgr£%r_-%Yqg¢Ïx¢g¤T%Т!¢qª³ÑÒggqgH Hq q¬q!
£%$g£H¤g¬Á~³»TgHÁ lYg§Tg%_¢g$¸Eqpf_$q³<l¹¸<lR£_©*%§Tgl-%r¢Eqq£¤gl©
qf¥Á~r.q¢Yg%!r©:q±qf¥Á~r.lq©:gr£®rq£¥¤¡q~¢gÁp_»|£l±¢grqr R
!¶gg®$qf¥Á~r\lYgqq®r£%³f_p¢g¬%g!¸q:¤g%Ïg rr-l_lª¼gl ql£_-l_~r¢gl¢
h®rrr_%Vr¤ £®rrrErR¤gr±!_l¸<g%h%_R¢g¤gl·g%%q££¥¤
%§_l-l_¢ª
Ó±ÔÕ?Ö× _Øp}gÙ«\¢Ygl¢R:¸<gl-%rl©<«¦g_-q%Rf¥ÁqEl£l HR>©Ú¦%%rg£-¤g%©7Ë_Rfº
Á~r¬q¢Yglq©<Ëg%!£¸<qr¸<gl-%rlª
ÛfܳÝÞ¨ßqàEݬáâdÞ¨ã¥äHå
H³ !
} ½%£l¦gqgl¦l_l¦r¢gRl¢l¦l¬R£q!l\r_¬!rg3· qlgº
£_$·g HqlglY§Tg%³gr%r!rT¶rg%©T_³¢RRr©q<q%_£%h%_©qrgl?l
¶g£®rllArl¢q_7\³g?f_!£_gl-%rlª½Ì!r%§_lq©r¢!£_¬g¤T%-lA¢
¦f_!£_g%h%_A·%grl¢~3·r rl_rg%~%q¢-l§Tg7fr¢gl_l~®rrrr£%p
¦gfr!rgl-l_llll©_$Rggr¢p-l!£_r-g%plY§Tg%¶Tq_ll©T
£§Tg<!r_ Tl_¼£-lT¶$_?l?¶T®q%!%?$¤g%hrª:Ìp£q©Tg!gg£¸<lRr-g%Yg§_
lr |<lgxl _jr$-|g!¶Ò<r!¶g¢q¡·Àl<lr¡!_rlr_glllqg-%
r%r!qT¶Vqll©³!l§Tg--l±T%g gj¡lY§Tgl£%!rrªÉ¥~l°%g§_
r¢rg|¤gl-l¢jg¡frrg%-l_gl T£%rtTl¢jg¡¢r¨f_$qr·
%l£!_r¢q_lgg.f_!£_g%h%_©¼l±!%rg¢-gjq"l¢qjqT¶ ql
§Tg\£%jq¨q£lª#½¡gjg|grx¢5 5q£%jA·r¢l-±R¡rxJ±r¢!£_°
¤gl-l¢gfrrl-l_©lfrq_£g!%¢gl!£_¢qfr¢hl£qª%$
%!%h%_©!lqfr¢hl£EEr$_Eg$Ä
& '
J-T g¤gl-E!¶E%xl¢-lA·lR¢l\·q!£_l©§Tg:<l¢-j¢(%!£¸<qr
gl_"lgEEg¬f_!£_g%h%_qgE£r®q§Tg¦l$<r£gEllRlª
& '
gR£_gx*)jgl-l_-g_"l-gxgfr!rgl-l_l©gxlqr
*)jgl-l_g¢(%!£¸<qr¬¤gl-ll©gl!r¢RrAª
&
ÚlphH¤rl?<r³l ql?rg_$R§Tgl-%r?>·$r!³q¢Yg%!q·g\r"g¦
g¬fr!rgl-l_¢£%¢(%!£¸<qr·x¤T%-qª
&+'
¢Yl$g.!q¢£¸<qr©§Tg?rg-£%¬lqr¬g$*)jgl-l_¬gl¬r"l¬gl
,l¹¸'R£_lªEÊp$Y l$¢!¢-r_%_|·|l<lqg$!%rg¢-lgq"l¢q
qT¶qgll©r!£¬gl¢glr-l_£_qª
*hr_grq§Tggr¦¢5 Hq£'l l HR¬qpErg3·lg T_g%h%_~g¬l qrgº
<l-%r«\%ª:jrfr¢hl£%¦qrglhqg¶x¢(%!£¸<!%¦A·«¦ll©<l¦|rg£*l\ll_r©'§Tg
¶g£r£-¢Y%-g$!q¢£¸<qrJ<r¦.-7lg%3·qq£¤ghg%\¶g£®rll!r!l¢rr\lh
f_!£_g%h%_ª¼Êpl:_g_l:_®_pq:>·%r T_g%h%_:«\%©5l*l$gq>·_g_rr<r
>·!¶g¢qrxgllqg¢h%\gq"l¢q!qg¶qllª/½%l¢g£¢R¢\g>·qq£¤ggl\!¶g£®rllf_º
¢%_¼r¢Tl?¢!£_¼_¼3·r®_qrl³llqg¢h%¼gr%r!qT¶qgl?l!£_%
q?E¢!¢.¤gl-qª0£%.§T·l£gq³q³H 5qq©qg¢§T·£\£l?lYg§Tgl
£%°rTg%- Hrr-gl.r$Rgl$g%$,l¹¸<lR£_hfr¢hl£ll©p>·rR¤gxg%h¶g£®rlll©gl
rY£l!¢l¦£r®q!£%©l¬-ºBg£qr||q®r£l3©>·_®qq£$g.gq¢-¢5 HR?%_$
J!_gqrVg%E%Ygqq®r£%E!¶g¢q_%<rE,l¸<!gj¡!_¢!rVg%¤gl-llª*
R¬_¬gE!lEr¢!£_j%®rrr_¦rp>·qq£¤g£®rrll£E¢1)jgl-%rr¢%!
l!¶g®q%!%·¤gl-E!_!%r_p$Eg¬frrl-l_ª
2 × R}13(4 }gÙ«\¢Yg£lx£r®q!£r©³²\1)jg%-l_.·rY£l!¢ll©?²\1)jg%h%_$x¢,l!£¸<lRr
²\lYg%Yg¬¤T%$R§TgEgEq®q!>©Ë_¤gl-g¬fr!rgl-l_lª
/ 02143657183:9
; <>=
R × Ø @?× = ;
K!AK B°]TWYc"CgQ_WYcf]gmPDAEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+A K
K!AHG Z\[Y]JI7bfIHGJPLKEcdW!D±W!DIa<WQ_W!I])MpW!DIEN-[`WOAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+A G
K!AHGPAK a'])M>W.K¬QT[YI+Q½QTS7bdWCp]TbfIH[!QTmkHIRAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+A S
K!AHGPAHG T$ICI5bf]giGJIHmWVUm!C'cf[Y]gmGJIHmW!PVMB]g[Q½QTS7bdWhCp]TbfIH[!QTmW.a<X'PYW!IHGJPWAEAFAFAEAFAEA+A S
K!AHGPAXS a'])M>W.K¬QT[YI+N-[YkD7cdW!IHk5W!S[YI AEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+A Y
K!AHGPAZY a'SGJG¡QT[`X[AFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+A \
K!AXS ]VI'^YIHk5WYc"CIHPhQTme_^]gmW![`c`IS7WYcf]gmaAFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+A \
K!AZY a<W![YSk5W!S[YI])MpW!DIje]'kHSGJIHmWbA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+A c
d e+f
Ô z}H Ô hg?_ ÔÖ× ji k
GPAK CEDIEN-PYW!IH[T$ICI5bf]giGJIHmWlUmC<cf[Y]gmGJIHmWAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+A u
GPAK!AK CEDIFN-PYW!IH[EZ[Y]TW!]TWX'i*ImAFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AK@n
GPAK!AHG QA]g[YG¡Q_bdc`oRQ_WYcf]gmQTme´a'i*IHk5c"pAkRQ_WYcf]gmqBÂQ_W!kD7cfmyrAEAFAFAEA+AEAFAEAFAFAEAFAEA+AKgK
GPAK!AXS a'])M>W.K¬QT[YIMI5W![`cfICgQ_b2A+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AKjG
GPAK!AZY ^]-MstNkH]gGJi7bdcQTmkHIuAFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AK@S
GPAHG CEDIEUvC]TbfS7WYcf]gm´])MwNhPYW!IH[xAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AK@S
GPAHGPAK B°S7bdWYcfi7bfIEy-cfIKi:]TcfmW!P]gm°a<X7PYW!IHG¿Z[Y]gi*IH[`WYcfIHPzAEAFAFAEA+AEAFAEAFAFAEAFAEA+AK{Y
GPAHGPAHG a<X7PYW!IHG¡Q_WYcfkQTmeMh]JISPYW^SPYW!]gGxc`oRQ_WYcf]gm|AEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AK{Y
GPAHGPAXS a'])M>W.K¬QT[YI+N-[YkD7cdW!IHk5W!S[YI AEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AKj\
GPAXS T-cfP!kHSPPYcf]gm}A+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AK@~
g × 4&??
= ÔÔ
=
Ø~{w?4&?3 Õ ×\Ô r@?Ô } ; k
SAK CEDIa<X7PYW!IHGB°]'eI5bAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AKqu
SAK!AK sEQTPYcfkE-]TWQ_WYcf]gmPAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AG)n
SAK!AHG sEQTPYcfkET$IpAm7cdWYcf]gmPAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AG)n
SAK!AXS T$IHP!kH[`c`I7cfmya<X7PYW!IHGs¬IHDAQ>C'cf]g[ AFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AGJG
SAHG CEDIET$IHi*IHmeAQ)I7cdbdcdWXzN-mAQ_bdX'P!cfPLQA[!QTGJIK¦]g[ A+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AGY
SAHGPAK MhIHkHS[YPYc"CIa<X'P!W!IHG+a<W![YSk5W!S[YIAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AGY
SAHGPAHG a'i*IHk5c"pAkRQ_WYcf]gm^]gGJi*]gPYcdWYcf]gmAEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AGJ\
SAHGPAXS ^¬QTi7W!S[`cfmyWQ½Q_cdbfS[YIFUCIHmW!P AEAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AG)~
SAXS N-mAQ_bdXo5cfmyRT-IHi*IHmeAQ)I7cdbdcdWXZ\[Y]gi:IH[`WYcfIHPlAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AGJc
SAXSAK NVIPYW![!QTk5WLT$IHi:IHmeAQ)I7cdbdcdWXZ[Y]gi*IH[`WYcfIHPAEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AGJc
SAXSAHG Z[Y]gi*IH[`WX±MIpAmIHGJIHmW AEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAS'K
SAZY UCgQ_bfSAQ_WYcf]gm6AEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFASJS
SAZYAK B´cfm7cfG¡Q_bQA]g[YG¡Q_bQA[!QTGJIK]g[AEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFASJS
SAZYAHG MI5bQ_W!IHeÒ]g[}AFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAS)Y
SAZYAXS Ui7cdbf]gygSIqAEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFASJ~
Õ }H Ô 7@?>
ÔÔ
=
Øp{w?4&? Õ z = 4Õ }@?>}
YAK T$IHi:IHmeAQ)I7bfIxa'])M3WKQT[YINh[YklD7cdW!IHk5W!S[YI AEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAS!c
YAK!AK a'i*IHk5c"pAkRQ_WYcf]gmMIpAmIHGJIHmWzAEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFASgv
YAK!AHG N-[YkD7cdW!IHk5W!S[!Q_b¢GJiAQTk5W])Ma'i:IHk5c"pAkRQ_WYcf]gm°MIpAmIHGJIHmW AEAFA+AEAFAEAFAEAFAFA Y!n
YAK!AXS ¢mW!IHyg[!Q_WYcfmyxZ[Y]gi*IH[`WX QTmea'i*IHk5c"pAkRQ_WYcf]gmVMIpAmIHGJIHmW KEcdW!D W!DI5cf[ Nh[YklD7c
W!IHk5W!S[!Q_b¢GJiAQTk5W{A AFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA Y\
YAHG N7T$Q_WQ)IAQTPIj])M~MhIpAmIHGJIHmW-Z~Q_WYW!IH[YmP AEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA Y!~
YAHGPAK ^¦bQTP!PYc"pAkRQ_WYcf]gm´])M~MhIpAmIHGJIHmWhZQ_WYW!IH[YmP_AEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA Y!~
YAHGPAHG -i:eAQ_WYcfmyxW!DIFT.Q_WQ)IAQTP!I AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA Yc
YAHGPAXS $S7cfeIHe°a'])M>W.K¬QT[YIMhI5W![`cfICTQ_bAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA\<K
YAHGPAZY T$IH[`c"C<cfmyxW!DI+T-IHi*IHmeAQ)I7bfIa<X7PYW!IHGN-[YkD7cdW!IHk5W!S[YI AEAFAEAFA+AEAFAEAFAEAFAFA\)S
YAXS UCgQ_bfSAQ_WYcf]gm6AEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA\J\
YAXSAK N-P!P!IHP!P!GJIHmW!PRAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA\J\
YAXSAHG MI5bQ_W!IHeÒ]g[}AFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA\)~
YAXSAXS Ui7cdbf]gygSIqAEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA\Tu
z} Ô pØ Õ ;
\PAK N7ThcfP!W![`c`IS7W!IHe_Q~cdbfIa<X'P!W!IHG AFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA~'K
\PAK!AK CEDI+^]-M s NGJi7bfIHGJIHmWQ_WYcf]gmAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA~!G
\PAK!AHG CEDIET$IHi:IHmeAQ)I7cdbdcdWXMI'S7cf[YIHGJIHmW!PDAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA~JS
\PAK!AXS Q½QTS7bdWCp]TbfIH[!QTmWVQpcdbfI+NhkHkHIHP!P6AFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA~!\
\PAHG T$IHi:IHmeAQ)I7cdbdcdWXzNhmAQ_bdX7PYcfPxAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA~!c
\PAHGPAK a'IRQT[YkD7cfmy|W!DIjZ[Y]gi*IH[`WX T.Q_WQ)IAQTP!I AEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFA~gv
\PAHGPAHG a'])M>W.KQT[YIMI5W![`cfICgQ_b2AFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAc)n
\PAXS T$IH[`c"C<cfmy¡W!DI]CIH[!Q_bdbT$IHi:IHmeAQ)I7bfINh[YklD7cdW!IHk5W!S[YI:A+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAc<K
\PAZY a'SGJG¡QT[`X AEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAcY
× = ,4p}@?× = }
~AK a'SGJG¡QT[`X AEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAc)~
~AHG ^]gmW![`c`IS7WYcf]gmP A+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAcJc
~AXS ]-i*IHmPP!SIHPOAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAcJc
~AZY Ui7cdbf]gygSIaAFAEAFA+AEAFAEAFAEAFAFAEA+AEAFAEAFAFAEAFAEA+AFAEAFAEAFAEAFA+AEAFAEAFAEAFAFAcTu
z 4× }R}R
Õ ;
1436030 1
T-S[`cfmy´W!DI¡bQTPYW+M>]gS[jeIHkRQTeIHPpW!DIeICI5bf]giGJIHmWx])MEeIHi:IHmeAQ)I7bfI P!])M>W.KQT[YIPYX7PYW!IHGJPDAQTPI:IHIHm
kH]gmPYcfeIH[YIHeÒ])M¦iAQT[!QTGJ]gSmWcfGJi*]g[`WQTmkHI IXG¡QTmXt[YIHP!IRQT[YklDÀQTmecfmeSPYW![`cQ_b\]g[YyQTm7c`oRQ_WYcf]gmP@ARNhm
cfmW!S7cdWYc"CI´i*IH[YkHIHi7WYcf]gm ])M.QeIHi:IHmeAQ)I7bfI´PYX'P!W!IHG cfP¡W!DAQ_W¡])M$QPYX7PYW!IHG W!DAQ_W|kH]g[Y[YIHk5WYbdXÎi[Y]{C'cfeIHP
W!DIFMBSmk5WYcf]gmAQ_bdcdWYcfIHP-eIHPkH[`c`I:IHe°cfmcdW!PhP!i:IHk5c"pAkRQ_WYcf]gmP@ALN¬WW!DIPQTGJIjWYcfGJI¼Q¡eIHi*IHmeAQ)I7bfIP!X'PYW!IHG
DAQT[YGxbfIHP!PYbdXJkH]gmM>[Y]gmW!PQjP!I5W\])M?QTmWYcfk5cfiAQ_W!IHeWMBQ_cdbfS[YIHPKDIH[YIhQlM¥Q_cdbfS[YIcfP¦QTm|Q)Im]g[YG¡Q_b*ICIHmW\W!DAQ_W
kRQTmRI:IcfmW!IH[Yi[YI5W!IHeQTPIH[Y[Y]gmIH]gSPvI:IHDAQ{C<cf]g[vKEcdW!D[YIHPi:IHk5WW!]-W!DIEI%Ui:IHk5W!IHexPYX7PYW!IHG7M>Smk5WYcf]gmAQ_bdcdWX!A
hIHmkHIrW!DIeICI5bf]giGJIHmW])M7eIHi:IHmeAQ)I7bfI¦PYX7PYW!IHGJP³DAQTP³WK¦]-QTP!i:IHk5W!P¼W!DIkH]g[Y[YIHk5WcfGJi7bfIHGJIHmWQ_WYcf]gm
])MpPYX7PYW!IHG M>Smk5WYcf]gmAQ_bdcdWYcfIHP½QTme W!DI.P!I5bfIHk5WYcf]gm±])MW!DIjQTii[Y]gi[`cQ_W!IEM¥QTS7bdW¬W!]TbfIH[!QTmWGJIHklDAQTm7cfP!G¿W!]
eIRQ_bKEcdW!DW!DI¡QTmWYcfk5cfiAQ_W!IHe M¥Q_cdbfS[YIHP{ACEDIMB]'kHSP.])M\W!D7cfP$W!DIHPYcfP$cfP$W!]±IHmP!S[YIW!DIJ[Y]JISPYW!mIHPPj])M
W!DIbQ_WYW!IH[JQTP!i*IHk5W{A B´]g[YIVi[YIHk5cfP!I5bdXcdWP!SygygIHP!W!PxQÂP!]gSme:MB[!QTGJIK¦]g[:M>]g[W![!QTmPMB]g[YGxcfmyQ°P!I5W
])MeIHi*IHmeAQ)I7cdbdcdWXt[YI'S7cf[YIHGJIHmW!PjcfmW!]±W!DIxM¥QTS7bdW.W!]TbfIH[!QTmWGJIHklDAQTm7cfP!G W!DAQ_WPlQ_WYcfPpAIHP$W!DIHGpQTme
i[Y]{C'cfe7cfmy±W!DIJygS7cfeI5bdcfmIHPEMB]g[hcfmkH]g[Yi*]g[!Q_WYcfmy±cdW.cfmÂW!DI¡QT[YkD7cdW!IHk5W!S[!Q_bPYW![YSk5W!S[YIJ])M\W!DIJP!X'PYW!IHG A
CEDI [YIHG¡Q_cfmeIH[J])MW!DI|cfmW![Y]<eSk5WYcf]gm i[YIHPIHmW!PxW!DI GJ]TWYc"CTQ_WYcf]gmP¡])MW!D7cfPW!DIHP!cfPe7cfP!kHSP!P!IHPW!DI
i[Y]JI7bfIHGJPKEcdW!DVW!DI.kHS[Y[YIHmWPYWQ_W!I.])MpW!DI.QT[`WEcfmW!DI.eICI5bf]giGJIHmWh])M~eIHi:IHmeAQ)I7bfI.PYX7PYW!IHGJPQTme
P!I5W!PEW!DIj]JI'^YIHk5WYc"CIHP])M~W!DI.W!DIHPYcfP{A
! " # ¬ Y ¬ !
CEDI|eICI5bf]giGJIHmW¡])MEeIHi*IHmeAQ)I7bfIP!X'PYW!IHGJPcfPQ´e7c%$¡kHS7bdWWQTP*A±CEDI|m<SG+I*IH[])MEW!DI QTP!P!]g[`W!IHe
iAQT[!QTGJI5W!IH[YPcfm'&ASIHmk5cfmyjW!DI 'SAQ_bdcdWXJ])M*eIHi:IHmeAQ)I7cdbdcdWX'kH]gGI7cfmIHe KEcdW!DxW!DIEGxcfP!kHI5bdbQTmIH]gSPkRQTP!IHP
])MM¥Q_cdbfS[YIICIHmW!PW!DAQ_WP!D]gS7bfe_I:IjkH]gmP!cfeIH[YIHe(AcfmkH[YIRQTP!IjIHm]g[YGJ]gSP!bdX±W!DIjkH]gGJi7bfI%U'cdWX±])MP!X'PYW!IHG
eICI5bf]giGJIHmW{AÐCED7cfP kH]gGJi7bfI%U7cdWX(kRQTm m]Òbf]gmygIH[ I:IPSkHkHIHP!PMBS7bdbdX M¥QTkHIHeOIX DSG¡QTmP KEcdW!D]gS7W
P!SIPYWQTmWYcQ_bkH]gGJiS7W!IH[Q_cfe A C]°i[Y]{C'cfeI¡W!DI¡[YI'S7cf[YIHeÀP!X'PYW!IHG¡Q_WYcfkQTP!PYcfPYWQTmkHIJW!]´W!DI¡eICI5bf]gi
GJIHmW¡i[Y]'kHIHP!P]gmIVmIHIHePJQ°kH]gGJGJ]gm cfmW!IH[Yi[YI5WQ_WYcf]gm(])MW!DI eIHi:IHmeAQ)I7cdbdcdWXÅi[Y]gi:IH[`WYcfIHPJQ_bf]gmy
Q_bdb-eICI5bf]giGJIHmW´iDAQTP!IHP*)¥[YI<S7cf[YIHGJIHmWP!i*IHk5c"pAkRQ_WYcf]gm QTmeÏQTmAQ_bdX7PYcfPPYX7PYW!IHG eIHPYcfygm QTme cfG
i7bfIHGJIHmWQ_WYcf]gm(³[YI5W![`cfICgQ_bQTmeÂQTP!PIHG+I7bdX´])MkH]gmPYWYcdW!SIHmWjP!])M>W.KQT[YIxkH]gGJi*]gmIHmW!P,+A$CED7cfP$kH]gGJGJ]gm
cfmW!IH[Yi[YI5WQ_WYcf]gm|PD]gS7bfeI*I[`cfyg]g[Y]gSPYbdXIHGJi7bf]qXIHexW!D[Y]gSygD]gS7WW!DI¬eICI5bf]giGJIHmW\i[Y]'kHIHP!PJI*IHkRQTSP!I
W!DIjPYbdcfygDW!IHP!WGxcfPYcfmW!IH[Yi[YI5WQ_WYcf]gmÂ])MP!]gGJIj[YI'S7cf[YIHGJIHmWhG¡QRXVbfIRQTe±W!]xcfmkH]g[Y[YIHk5WcfGJi7bfIHGJIHmWQ_WYcf]gm
QTme±kH]gGJi[Y]gGxcfP!I$W!DI.eIHi:IHmeAQ)I7cdbdcdWX±ygSAQT[!QTmW!IHIHPi[Y]@C<cfeIHezIX|W!DIlpAmAQ_b?i[Y]'eSk5W{A¦a'SkDQxkH]gG
GJ]gmcfmW!IH[Yi[YI5WQ_WYcf]gm¡G¡QHXDAQ{CIW!DI'MB]g[YG ])M*QkH]gGJGJ]gm7bdXQTkHkHIHi7W!IHexC]'kRQ)IS7bQT[`X])M½eIHi*IHmeAQ)I7cdbdcdWX
i[Y]gi*IH[`WYcfIHP]g[~W!DItMB]g[YG])M¼Q-P!I5W])M½e7c*IH[YIHmWvC]'kRQ)IS7bQT[`cfIHPKEcdW!DJQhi[YIHk5cfPI ) )hQTmehJ
G¡QTii7cfmy|])MpW!IH[YGJP M>[Y]gG¿]gmIEC]'kRQ)IS7bQT[`XVW!]|QTm]TW!DIH[>A
-PYcfmyW!DIkH]gGJGJ]gmcfmW!IH[Yi[YI5WQ_WYcf]gm¡])M:eIHi:IHmeAQ)I7cdbdcdWXi[Y]gi*IH[`WYcfIHPTW!DIeIHi:IHmeAQ)I7cdbdcdWX[YI'S7cf[YI
GJIHmW!PI%Ui[YIHP!P¬W!DI.kH]gmPYW![!Q_cfmW!P-QTP!P!]'k5cQ_W!IHe W!]JPYW![YSk5W!S[!Q_bI5bfIHGJIHmW!Ph])MW!DI.PYX7PYW!IHG ) :]JI'^YIHk5W!P
QTmeVcfmW!IH[YkH]gmmIHk5WYcf]gmP,+ KEcdW!D]gS7WPQTkH[`c"pAk5cfmyJW!DIk5bQT[`cdWX±])MpW!DIjQT[YklD7cdW!IHk5W!S[!Q_b~eIHPkH[`cfi7WYcf]gm ACEDI
eICI5bf]gi*IH[¡DAQTP|W!]tW![!QTmPMB]g[YG W!DI´QT[YkD7cdW!IHk5W!S[!Q_b$eIHP!kH[`cfi7WYcf]gm ])M$QtP!X'PYW!IHG QTme cdW!PQTP!P!]'k5cQ_W!IHe
eIHi*IHmeAQ)I7cdbdcdWXV[YI'S7cf[YIHGJIHmW!P7cfmW!]W!DI.QT[YklD7cdW!IHk5W!S[!Q_beIHP!kH[`cfi7WYcf]gmV])MpQTm I<S7c"CgQ_bfIHmWeIHi*IHmeAQ)I7bfI
P!X'PYW!IHG A|CED7cfPj[!Q_cfP!IHPQVmIHIHebM>]g[jGJIRQTmPW!DAQ_WjW![!QTmPMB]g[YG W!DI|QT[YklD7cdW!IHk5W!S[!Q_beIHP!kH[`cfi7WYcf]gm QTmm]
WQ_W!IHe KEcdW!DÎW!DIVeIHi*IHmeAQ)I7cdbdcdWXÅi[Y]gi:IH[`WYcfIHPJ])MhW!DIViAQT[`WYcfk5cfiAQ_WYcfmyÒIHmWYcdWYcfIHP¦cfmW!]ÒQTmÎI5bQ)I*]g[!Q_W!IHe
I7bfSIHi[`cfmW])M¼W!DIhPYW![YSk5W!S[YI])M¼W!DIeIHi*IHmeAQ)I7bfIhP!X'PYW!IHG A ¢m|QTee7cdWYcf]gm(<cdW\cfPD7cfygD7bdX¡eIHPYcf[!Q)I7bfIW!DAQ_W
PSkD I7bfSIHi[`cfmW!P-kH]gmWQ_cfm´W!DI.ygS7cfeI5bdcfmIHP MB]g[¬cfmkH]g[Yi*]g[!Q_WYcfmyRMBQTS7bdWW!]TbfIH[!QTmWhGJIHklDAQTm7cfP!G¿cfmW!]¡W!DI
cfm7cdWYcQ_bpPYX'P!W!IHG¿PYW![YSk5W!S[YIcfm]g[YeIH[EW!]J[YI5bdcfICIjW!DIjeICI5bf]gi:IH[LM>[Y]gG eIHeSk5cfmy|W!DIHGIXVDAQTme A
CEDI.I5bQ)I*]g[!Q_W!IHe I7bfSIHi[`cfmW])MQeIHi*IHmeAQ)I7bfIjPYX7PYW!IHGnkH]gmWQ_cfmPhG¡QTmXVeI5WQ_cdbfPkH]gmkHIH[Ym7cfmyJW!DI
cfmW!IH[YkH]gmmIHk5WYcf]gmP´])MjW!DIM¥QTS7bdWW!]TbfIH[!QTmWGJIHkDAQTm7cfP!G KEcdW!D W!DI[YIHPYW±])MjW!DIÂPYX7PYW!IHGhQTme W!DI
kH]gmP!W![!Q_cfmW!P])M~W!DI5cf[ES7WYcdbdc`oRQ_WYcf]gm ACED7cfPMBQTk5We7cfPkH]gS[!QTygIHPW!DI.eICI5bf]gi*IH[YPLMB[Y]gGµWQ)cfmyxcfmW!]¡kH]gm
P!cfeIH[!Q_WYcf]gmICIH[`X¡PYcfmyTbfIheI5WQ_cdb*])M¼W!DI-eIHi:IHmeAQ)I7bfI-PYX7PYW!IHG I7bfSIHi[`cfmW{AvNhPQj[YIHP!S7bdW'P!]gGJIheI5WQ_cdbfP
^YSeygIHe±mIHyTbdcfyTc`I7bfIFIX eICI5bf]gi*IH[YP7cfmW!S7cdWYcf]gmÂQT[YI.]gGxcdWYW!IHeVcfm±]g[YeIH[¬W!]¡QTkD7cfICI.W!DI.kH]gmP!W![YSk5WYcf]gm
])MpW!DIjPYX7PYW!IHGncfm[YIRQTP!]gmAQ)I7bfI.WYcfGJIjQTmezKEcdW!D±[YIRQTP!]gmAQ)I7bfII¼]g[`W{ACED7cfPDAQTPQM¥Q_WQ_b³[YIHi:IH[YkHSPPYcf]gm
]gmÂW!DIxkH]g[Y[YIHk5W!mIHP!P.])M¦W!DIP!X'PYW!IHG+cfGJi7bfIHGJIHmWQ_WYcf]gm QTme(?P!SIP!I'SIHmWYbdX³]gmÂW!DIx[Y]JISPYW!mIHP!P.])M
W!DIEeICI5bf]giGJIHmW¦i[Y]'kHIHP!P{AC]jQ{C]TcfeJcdWPYcfygm7c"pAkRQTmW¦G¡QTklD7cfmIQ_cfe¡cfP[YI'S7cf[YIHe(!KD7cfklDRK¦]gS7bfe¡i*IH[
GxcdW\W!]kH]gmPYcfeIH[ICIH[`X¡eI5WQ_cdb*])M:W!DIhPYX7PYW!IHGDI7bfSIHi[`cfmW{A ]hW!DIH[KEcfPIW!DI KD]TbfII¼]g[`WW!]jI%Ui[YIHP!P
cfmxQhkH]gmPYcfPYW!IHmWG¡QTmmIH[~W!DI¬eIHi*IHmeAQ)I7cdbdcdWXx[YI<S7cf[YIHGJIHmW!P\QTkH[Y]gP!P~W!DI¦eICI5bf]giGJIHmW\i[Y]'kHIHP!PgQTme
W!]Ji[Y]'eSkHIjQxeI5WQ_cdbfIHe±PYW![YSk5W!S[YI.W!DAQ_WkH]g[Y[YIHk5WYbdX±[YI &AIHk5W!PEW!DAQ_WP!X'PYW!IHGµeIHi*IHmeAQ)I7cdbdcdWX 'SAQ_bdcdWYcfIHP
cfPLC]Tcfe A .MQW!D]g[Y]gSygD´QTmAQ_bdX7PYcfP])MeIHi:IHmeAQ)I7cdbdcdWX[YI<S7cf[YIHGJIHmW!PkRQTmm]TW I*I$W![!QTmPYbQ_W!IHecfmW!]|QTm
I'SAQ_bdbdXkH]g[Y[YIHk5WP!X'PYW!IHG cfGJi7bfIHGJIHmWQ_WYcf]gm(<W!DIHmxcdWbQTk 'PW!DIV( J &(*Aw^]gmP!I'SIHmWYbdXW!DIH[YI
cfPQTmÀ]JIC<cf]gSPxmIHIHeÒW!]°i[Y]{C'cfeI|W!DIeICI5bf]gi:IH[KEcdW!DÒW!DI GJIRQTmPW!]zM¥QTk5cdbdcdWQ_W!I¡W!DIW![!QTmPYbQ_WYcf]gm
MB[Y]gG QTm´QT[YklD7cdW!IHk5W!S[!Q_b~eIHP!kH[`cfi7WYcf]gmW!]JcdW!Pi[YIHk5cfP!I.cfGJi7bfIHGJIHmWQ_WYcf]gm A
)*!/ & ` #"- : ¬ *n Í)A
D7cdbfI¡W!DI|i[Y]JI7bfIHGJP[YI5bQ_W!IHeÀW!]W!DIeICI5bf]giGJIHmWJ])MEeIHi:IHmeAQ)I7bfIPYX'P!W!IHGJPDAQ>CIWI:IHIHm [YIHkH]gy
m7c`oHIHebf]gmy°QTyg] ?W!DI¡P!]TbfS7WYcf]gmPji[Y]gi*]gP!IHeW!D[Y]gSygDtW!DI¡bQTPYW.eIHkRQTeIHPFK¦IH[YI|GJ]gPYWYbdXa PQTme
Sm]g[YyQTm7c`oHIHe(]g[+M>]'kHSP!IHe ]gmÀP!i*IHk5c"pAk|kRQTP!IHPQTmeÒW!D<SPW!]'][YIHPYW![`cfk5WYc"CIJA]-mIkRQTm e7c*IH[YIHmWYcQ_W!I
QTGJ]gmy|W!D[YIHI[YIHPIRQT[YkDqpAI5bfePW!DAQ_W-DAQ>CII:IHIHm )¨QTme´PYWYcdbdbQT[YI+E]'kHkHSi7cfIHe_KEcdW!D´W!DIeICI5bf]giGJIHmW
])MeIHi*IHmeAQ)I7bfIxPYX'P!W!IHGJP\W!DIP!])M>W.KQT[YIM¥QTS7bdWW!]TbfIH[!QTmkHIlpAI5bfe(½W!DIeICI5bf]giGJIHmWjIHm!C'cf[Y]gmGJIHmW!P
MB]g[MBQTS7bdW$W!]TbfIH[!QTmWjP!X'PYW!IHGJP.QTmeÂW!DIpAI5bfe])M¦P!])M>W.K¬QT[YIxQT[YklD7cdW!IHk5W!S[YIJA ¢m°W!DI[YIHG¡Q_cfmeIH[])MW!D7cfP
PIHk5WYcf]gm(¦W!DI5cf[¡bdcfGxcdWQ_WYcf]gmP QT[YIP!W![YIHP!P!IHeÎcfm ]g[YeIH[JW!]±^`SPYWYc"M>X KDXÎW!DI´QTS7W!D]g[¡kH]gmPYcfeIH[YP|W!DAQ_W
W!DI5XM¥Q_bdbP!D]g[`WEM>[Y]gG PlQ_WYcfPM3X'cfmy W!DIJmIHIHeP[!Q_cfP!IHecfmW!DIJ[Y]JISP!WeICI5bf]giGJIHmW])MeIHi*IHmeAQ)I7bfI
! "$#% '&()+*-,./0 1,2435*2 1&+7698',.&8':;<% ';=,8 $,.$&>,*- ?@,.4*248',ACBD FEG8')H8'HBD48';+*-8'%
*2 1&>I698',.;=J$;K69)<L&8M)=;=:,. 1&8N$ FE?/:.)HOG*7P*7E3Q81*% F//0 *7)<R GRB 1EG8')HS 1&T8',BD6U81,.R&V81:D;=% 1;=,8 $
6)+AW&V $:*24*G XS*7,.:A:,.S8 BX,.B:B8 !PY '&Z$ FE?/:.)HOCEG8',2)+8M;[A\4]^"]/,. $4*.*2 1,*$3E?E? F,2)=4*$3
/0,2)=/$,8';_BJ")+$4*$3j!76U 1,.`?;=)H`*$3a\
âcb4d
4$4*.*.8',2Pe $ F/0Z69)<e&V8')<;=:,.4*$fgU%,.48FBD,*2 1:;+B 1h$ &V:*2Z)+*
*2/8',8'.)= N69)=N- -8'9BD)+*7.)HOF:D)+*24**2 1&+76U81,.Z&8':;<9 1;=,8 $i81*%B FEG8M)HN8'BD48';+*U69)<j*2 '&>76U81,.
&81:D;<A*i[k8M;=OF F,2)<El)>H,.,. 1,*9 F,m:O*
d f
PYX'P!W!IHGJP{A ¢mP!i7cf[YIHebIX a'i:IHk5W!]g[QTme -c¼]g[Ye9Pi*IH[YP!i*IHk5WYc"CIZ~gu¦QTmeÀW!][YIHmeIH[W!DI¡[YIRQTP!]gm7cfmy
GJ]g[YIVcfmW!I5bdbdcfyTc`I7bfIzMB]g[W!DI±[YIRQTeIH[ \P!])M>W.K¬QT[YIIHmyTcfmIHIH[`cfmytcfPJkH]gGJiAQT[YIHe KEcdW!DÅk5c"C'cdbEIHmyTcfmIHIH[`cfmy
QTmeW!DI$eICI5bf]giGJIHmW])MP!])M>W.K¬QT[YI.PYX'P!W!IHGJP¦cfPp^YS'U'WQTi*]gP!IHeWKEcdW!D W!DI-kH]gmP!W![YSk5WYcf]gm±])MIS7cdbfe7cfmygP{A
"!#$% &'
a'])M3WKQT[YIEM¥QTS7bdW¬W!]TbfIH[!QTmkHI.DAQTPI:IHIHm W![!QTe7cdWYcf]gmAQ_bdbdXQ_WYWQTk <cfmyxW!DI.i[!QTk5WYcfkRQ_bQTP!i*IHk5W¬])MQeIHi:IHme
Q)I7bfI.PYX'P!W!IHG ½W!DI-kH]gmkHIHi7WYcf]gm(:eIHPYcfygm(AQTme cfGJi7bfIHGJIHmWQ_WYcf]gmÂ])MM¥QTS7bdW¬W!]TbfIH[!QTmWGJIHklDAQTm7cfP!GJP
W!DAQ_WkRQTm6I*I¡SP!IHeÀW!]kH]gmMB[Y]gmWJQ CgQT[`cfI5WXÒ])M MBQ_cdbfS[YIICIHmW!P{AhN-PQ´P!IHiAQT[!Q_W!I pAI5bfe ])M¬[YIHPIRQT[YkD(
P!])M3WKQT[YI MBQTS7bdWW!]TbfIH[!QTmkHIKQTP¦e7cfP!P!]'k5cQ_W!IHeRMB[Y]gGDAQT[YeKQT[YI¨bfICI5b M¥QTS7bdWW!]TbfIH[!QTmkHIhQ_W¦W!DIEbQ_W!I ~JnKP
QTmecdW!PkH]gGxcfmy$W!].QTygItKQTPkHIH[`WYc"pAIHeJQTPIRQT[`bdXQTP~cfmW!DI¬Gxcfe c)nKP ) )(5'P!IHI#X\Tv*+Aa<cfmkHIW!DIHm(gW!DI
pAI5bfe DAQTP I*IHIHmyg[YIRQ_WYbdX IC]Tb"CIHe([YIC]Tb"C<cfmyJQT[Y]gSme W.K]¡QrU7IHP,+ )--W!DI-eIpAm7cdWYcf]gm±])M³W!DIVM>]gSmeAQ
WYcf]gmP¦])M?P!])M>W.K¬QT[YI M¥QTS7bdW\W!]TbfIH[!QTmkHI )Bcfmk5bfSe7cfmyI¼]g[`W!P¦bdc`gI.K/:QTme0Y7K/+ 'QTme1+ )-W!DIkH]gmkHIHi7WYcf]gm
])M*mIKÅW!IHklDm7c<SIHP ) 2(Q'P!IHI3K{Y*+ gW!DIeIHPYcfygmJ])M*mIK i[Y]TW!]'kH]TbfP ) D)(QP!IHI3X\J\4½QTmeKjG4+QTmeJW!DI
cfGJi7bfIHGJIHmWQ_WYcf]gm ])M¦mIK GJIHklDAQTm7cfP!GJP ) 2(Q~P!IHI5Z~!\6+hW!]±eIRQ_bKEcdW!DÒW!DIJICIH[$cfmkH[YIRQTPYcfmymIHIHeP
M>]g[eIHi:IHmeAQ)I7cdbdcdWX!A NhPxQ°[YIHP!S7bdWW!DI pAI5bfe DAQTPxi[Y]gi*]gP!IHe Q_KEcfeIVP!i*IHk5W![YSG ])MM¥QTS7bdWxW!]TbfIH[!QTmW
GJIHkDAQTm7cfP!GJP½W!DAQ_Wi*]TW!IHmWYcQ_bdbdX±kH]{CIH[hICIH[`X eIHi*IHmeAQ)I7cdbdcdWX[YI'S7cf[YIHGJIHmWl<m]@Km±W!]'eAQHX!A
D7cdbfI$W!DI$kH]gmW![`c`IS7WYcf]gm´])MpW!D7cfP pAI5bfeVcfm W!DI-eICI5bf]giGJIHmWh])M~eIHi:IHmeAQ)I7bfI.PYX7PYW!IHGJP¬cfPcfmkH]gm
W!IHPYWQ)I7bfIi[Y]{C'cfe7cfmy´W!DI GJIRQTmPW!]°eIRQ_b'KEcdW!D6MBQ_cdbfS[YIHPe]<IHPm]TWcfGJi7bdXÒW!DIi:]gPP!IHP!PYcf]gmt])MEW!DI
IHP!P!IHmWYcQ_b 'm]{KEbfIHeygIVM>]g[QTP!P!IHGI7bdcfmyP!])M>W.K¬QT[YI$kH]gGJi:]gmIHmW!P¦W!]gygI5W!DIH[EQTme IS7cdbfe7cfmyeIHi*IHmeAQ)I7bfI
PYX'P!W!IHGJP{A ^]gmP!cfeIH[`cfmy°W!DIVPYX7GJGJI5W![`cfkRQ_bEkRQTP!IcfmÀW!DIVk5c"C'cdbIHmyTcfmIHIH[`cfmy pAI5bfe(W!DIh'm]{KEbfIHeygI
])M'IS7cdbfe7cfmy±[`cfyTcfe(?i[!QTk5WYcfkRQ_bdbdXÂSmI[YIRQ)_Q)I7bfIRI[`cfk <P.e]'IHP$m]TW$cfGJi7bdX´W!DIx<m]@KEbfIHeygIJ])M\iS7WYWYcfmy
W!DIHGW!]gygI5W!DIH[W!]]JI7WQ_cfmQ.P!]TbdcfeWIS7cdbfe7cfmykH]gmPYW![YSk5WYcf]gm ANhbdW!D]gSygD¡cdW¦cfPcfme7cfP!i*IHmPQ)I7bfIW!]DAQ>CI
W!DIhG¡Q_W!IH[`cQ_bfPEi[Y]@C<cfe7cfmyW!DI$QTii[Y]gi[`cQ_W!I-i[Y]gi*IH[`WYcfIHP'cdWcfP¦I'SAQ_bdbdX¡cfGJi*]g[`WQTmW¬W!]'m]{KD]{KW!]
PYW![YSk5W!S[YIxW!DIHP!IxG¡Q_W!IH[`cQ_bfP$W!]V]JI7WQ_cfmÒQPI5W-])Mi[Y]gi:IH[`WYcfIHP$cfmÂW!DIx]{CIH[!Q_bdbkH]gmPYW![YSk5WYcf]gm A mÂW!DI
P!])M3WKQT[YIxIHmyTcfmIHIH[`cfmyVe]gG¡Q_cfm(¼P!])M3WKQT[YIM¥QTS7bdWhW!]TbfIH[!QTmkHIxe]'IHPhm]TW$i[Y]{C'cfeIW!D7cfP-cfme7cfP!i*IHmPQ)I7bfI
PYW![YSk5W!S[`cfmy'm]{KEbfIHeygIJA -IHmkHI-KDIHm±W!DIjPkRQ_bfIj])MW!DIjP!])M>W.KQT[YIPYX7PYW!IHG¿cfPP!G¡Q_bdb~QTme´PYcfGJi7bfI
cdWjcfPjG¡QTmAQTygIRQ)I7bfI¡W!]±SPIJW!DIJi[Y]<eSk5W])MP!])M>W.K¬QT[YI M¥QTS7bdWjW!]TbfIH[!QTmkHIJW!]]JI7WQ_cfmÒW!DI¡eIHPYcf[YIHeÒeI
i:IHmeAQ)I7cdbdcdWXÂi[Y]gi*IH[`WYcfIHPlM>]g[-W!DIxPYX7PYW!IHG AEs¬S7WhcfmÂW!DIxkRQTP!Ix])MbQT[YygIxP!kRQ_bfIxe7cfPYW![`c`IS7W!IHetPYX7PYW!IHGJP
W!DIe7cf[YIHk5W$cfmW!IHyg[!Q_WYcf]gmÒ])MQMBQTS7bdW$W!]TbfIH[!QTmkHIJGJIHklDAQTm7cfP!G W!]V]JI7WQ_cfm°W!DIxeIHPYcf[YIHeteIHi*IHmeAQ)I7cdbdcdWX
ygSAQT[!QTmW!IHIHP½cfPm]Jbf]gmygIH[Q_WYWQ_cfmAQ)I7bfIJA
78:9 $;=<>$% 5?@%9AB% <C$% *DEF0 GH!, I% 0 JD4*$<CD
C]ÎeIRQ_blKEcdW!D W!DIi[Y]JI7bfIHGJP])Mi7bfSygyTcfmyÎW!DI°i[Y]'eSk5W!P±])MP!])M>W.K¬QT[YI MBQTS7bdWVW!]TbfIH[!QTmkHIcfmW!]ÅQ
i[YIp7U7IHe PYX7PYW!IHGPYW![YSk5W!S[YIQ°mSGI:IH[x])MP!i*IHk5cQ_bdc`oHIHe eICI5bf]giGJIHmW¡IHm!C'cf[Y]gmGJIHmW!P¡QTii*IRQT[YIHe A
a'SkDÒIHmC<cf[Y]gmGJIHmW!PQTe]gi7WQVPi:IHk5c"pAkxM¥QTS7bdW.W!]TbfIH[!QTmWGJIHklDAQTm7cfP!G]g[jQVPG¡Q_bdbP!I5Wj])M¦P!SklD(pQTme
i[Y]{C'cfeIjW!DIjkH]g[Y[YIHP!i*]gme7cfmy MBSmk5WYcf]gmAQ_bdcdWYcfIHP$QTPI%UIHkHS7WYcf]gmi[`cfGxcdWYc"CIHP{ACEDIjS7WYcdbdc`oRQ_WYcf]gm°])M~W!DIHP!I
I%U7IHkHS7WYcf]gmi[`cfGxcdWYc"CIHPVIX W!DIjP!])M>W.K¬QT[YIjPYX7PYW!IHG¿[!QTmygIHPMB[Y]gG kH]gGJi7bfI5W!I5bdXVW![!QTmP!iAQT[YIHmW$QTkHkHIHP!PEW!]
W!DI MBQTS7bdW|W!]TbfIH[!QTmWVGJIHkDAQTm7cfP!G ) 2(QP!IHIzNhbfiD]g[YmKZS+ W!]ÀQtkH]gGJi7bfI5W!I°P!I5W|])M$i[Y]gyg[!QTGJGxcfmy
i[`cfGxcdWYc"CIHP|W!DAQ_WQ_bdbf]@K#W!DIeICI5bf]gi*IH[¡W!]ÒcfmW!IHyg[!Q_W!IQtP!I5W¡])MlMBQTS7bdW|W!]TbfIH[!QTmWkRQTiAQ)I7cdbdcdWYcfIHPcfm(Q
kHSPYW!]gG G¡QTeI.G¡QTmmIH[cfm|W!DI-PYX7PYW!IHG ) D)(Q½P!IHIVNh[>^YSmAQX\JG6 +A m QTmX kRQTP!IW!DI$eICI5bf]gi*IH[¬e]<IHP
m]TW$DAQ{CIxW!]VP!IRQT[YkDW!DIxIHmWYcf[YIJe]gG¡Q_cfmt])M¦I%U'cfPYWYcfmy M¥QTS7bdW$W!]TbfIH[!QTmWGJIHklDAQTm7cfP!GJP.W!] pAmeKD7cfkD
]gmI|W!]´SP!IJAzB°]g[YIH]{CIH[ W!DIH[YI¡cfPm]´mIHIHe W!]´PYW!Se7XÒQTme SmeIH[YPYWQTmeÀW!DIkD]gP!IHm GJIHkDAQTm7cfPG
QTme´GJ]<e7c"M>X|cdWW!]JG¡Q)gIjcdWkH]gGJiAQ_WYc`I7bfIFKEcdW!D±W!DI.P!X'PYW!IHG¿SmeIH[kH]gmPYW![YSk5WYcf]gm A
a'SkDeICI5bf]giGJIHmW´IHm!C'cf[Y]gmGJIHmW!PqIS7cdbfe ]gm W!DI[YIHP!S7bdW!P±])MjW!DIÂP!])M>W.KQT[YI M¥QTS7bdW W!]TbfIH[!QTmkHI
e]gG¡Q_cfm(¬QTmeÅi[Y]{C'cfeI´QÂPYcfygm7c"pAkRQTmWP!Sii*]g[`WxW!]W!DI±eICI5bf]gi:IH[>AÎCEDIVbQ_WYW!IH[JcfPJm]@K#[YI5bdcfICIHe
MB[Y]gG¯W!DIhcfGJi7bfIHGJIHmWQ_WYcf]gm´eI5WQ_cdbfPE])M³W!DIVM¥QTS7bdW¦W!]TbfIH[!QTmWGJIHkDAQTm7cfP!G cfmSP!IQTme MB]<kHSP!IHP]gm cdW!P
cfmW!IHyg[!Q_WYcf]gmÀcfmW!]±W!DI¡PYX7PYW!IHG PYW![YSk5W!S[YIJAWhICIH[`W!DI5bfIHPPW!DIH[YIQT[YIJW.K]´G¡Q_cfmÒbdcfGxcdWQ_WYcf]gmP+KEcdW!D
W!DISP!I])M\P!SklD°IHmC<cf[Y]gmGJIHmW!P.cfmÂW!DIeICI5bf]giGJIHmW])MeIHi:IHmeAQ)I7bfIxPYX7PYW!IHGJP + 2-W!DI5X´e]Vm]TW
PSii:]g[`WW!DIEQTmAQ_bdX'P!cfP])M:eIHi*IHmeAQ)I7cdbdcdWXx[YI<S7cf[YIHGJIHmW!P\])M½W!DI¬PYX7PYW!IHGJPQTmeH+ 2-¦W!DI5cf[wpAmAQ_bAi[Y]'e
Sk5WhcfPhQ|PYX'P!W!IHG#QTeAQTi7W!IHeW!]|W!DIFM¥QTS7bdWW!]TbfIH[!QTmW$kRQTiAQ)I7cdbdcdWYcfIHP$]*IH[YIHeqIX±W!DIIHm!C'cf[Y]gmGJIHmW?QTme
m]TWjQTmÂI%U7IHkHS7WYcf]gmti7bQ_WMB]g[YG kHSPYW!]gGxc`oHIHeW!] GJIHI5W-W!DIxPYX7PYW!IHGÙeIHi:IHmeAQ)I7cdbdcdWXÂmIHIHeP@A.C]VG¡Q)gI
QiAQT[!Q_bdbfI5b'KEcdW!DÀk5c"C'cdb\IHmyTcfmIHIH[`cfmy W!DIHP!I|IHm!C'cf[Y]gmGJIHmW!Pbf]<]JÂbdc`gIp7U7IHeÀQT[YklD7cdW!IHk5W!S[!Q_bEeIHPYcfygmP
KD7cfklDVcfme7cfkRQ_W!IjD]{KÏW!]JP!W![YSk5W!S[YI.i[YIMBQ)I[`cfkRQ_W!IHeG¡Q_W!IH[`cQ_bfPW!]¡QTkD7cfICIjP!i*IHk5c"pAk$kDAQT[!QTk5W!IH[`cfPYWYcfkHP@A
CEDIHPI¡P!i*IHk5c"pAkJkDAQT[!QTk5W!IH[`cfPYWYcfk kRQTmm]TW+I*I¡GJ]<e7c"pAIHe A W.cfPjW!DIRM>]g[YG ])MW!DI¡[YIHP!S7bdWYcfmyqIS7cdbfe7cfmy
W!DAQ_WcfP¦QTeAQTi7W!IHe W!]W!DIHG A hIHmkHI<W!DIHP!IheICI5bf]giGJIHmWIHm!C'cf[Y]gmGJIHmW!PEe]m]TW¬i[Y]<eSkHI$Q_bdb$<cfmeP
])MeIHi*IHmeAQ)I7bfIjPYX7PYW!IHGIS7W[!Q_W!DIH[QJP!cfmyTbfIlMBQTGxcdbdXV])M~PSkD A
0 & AG*$&
CEDIVMBSmeAQTGJIHmWQ_b]JI'^YIHk5WYc"CI.])MP!])M>W.K¬QT[YIjQT[YkD7cdW!IHk5W!S[YIcfP¦W!]xkRQTi7W!S[YI$cfm W!DI.eIHPYcfygmV])MpQPYX7PYW!IHG
W!DIJ[!Q_WYcf]gmAQ_bfI|])M\W!DI¡QT[YkD7cdW!IHk5W!S[!Q_bkD]TcfkHIHPcfmÂ]g[YeIH[jW!] i[Y]@C<cfeI8+ 2-JQVPI5W$])M¬kH]gmPYW![!Q_cfmW!P.W!DAQ_W
ygS7cfeIW!DIPYX7PYW!IHG#cfGJi7bfIHGJIHmWQ_WYcf]gm(pQTme + 2-xQe]<kHSGJIHmWQ_WYcf]gm M>]g[hW!DIxPYX7PYW!IHG#W!DAQ_W.I%Ui7bQ_cfmP
%Z,cfGJi7bfIHGJIHmWQ_WYcf]gm9P]JIP!kHS[YI-i[Y]gi:IH[`WYcfIHP¬kH]gmMB]g[YG KEcdW!D eIHPYcfygm [YI<S7cf[YIHGJIHmW!P{ACED7cfP¦cfPQTm Si
W!]$eAQ_W!I¬cfmW!IH[Yi[YI5WQ_WYcf]gm¡])M½W!DIEkH]gmPYWYcdW!S7WYcf]gmAQ_bAeIpAm7cdWYcf]gm|])M½W!DI¬P!])M>W.KQT[YIQT[YklD7cdW!IHk5W!S[YI]JI'^YIHk5WYc"CI
yTc"CIHmcfmVW!DIjIRQT[`bdXuJnTPLIXVZpIH[Y[`X´QTmeÒ]Tb"M X\Y
CEDIhi[`cfG¡QT[`X MB]<kHSP¦cfmQT[YklD7cdW!IHk5W!S[YIhcfP¦W!DIhcfeIHmWYc"pAkRQ_WYcf]gm±])M¼cfGJi:]g[`WQTmWEi[Y]gi:IH[`WYcfIHP
QTme´[YI5bQ_WYcf]gmP!D7cfiP VkH]gmP!W![!Q_cfmW!P-]gmW!DIF<cfmeP])MkH]gGJi*]gmIHmW!P-W!DAQ_W-QT[YImIHkHIHP!PQT[`X
M>]g[¬W!DIQT[YkD7cdW!IHk5W!S[YI*eIHPYcfygm(½QTmeVcfGJi7bfIHGJIHmWQ_WYcf]gm])MQxPYX7PYW!IHG A
a'])M>W.KQT[YIQT[YkD7cdW!IHk5W!S[YIcfPQxkH]gGJi7bfIHGJIHmWQT[`Xe]gG¡Q_cfmkH]gmkHIH[Ym7cfmy|W!DI.SmeIH[`WQ)gIHm°QTii[Y]QTklD
MB]g[¡W!DI°eICI5bf]giGJIHmW])MjeIHi*IHmeAQ)I7bfI°P!X'PYW!IHGJP@ACEDI_MB]'kHSP|])M.W!D7cfP e]gG¡Q_cfm(cfP GJ]g[YI°]gm W!DI
[Y]JISP!W!mIHP!Pj])M\W!DIJeICI5bf]giGJIHmWi[Y]'kHIHP!PjQTmeW!DIJ[`cfyg]g[Y]gSPP!i:IHk5c"pAkRQ_WYcf]gmÀ])M\W!DI¡QT[YkD7cdW!IHk5W!S[!Q_b
P!W![YSk5W!S[YI])MQ´PYX'P!W!IHG A°a']gGJI])MEW!DIGJ]gPYWxi[Y]gGxcfmIHmWxK¦]g[tcfmÀW!DI QTii7bdcfkRQ_WYcf]gmÎ])MP!])M>W.K¬QT[YI
QT[YklD7cdW!IHk5W!S[YILMB]g[W!DIEeICI5bf]giGJIHmW])M*P!])M>W.K¬QT[YIPYX7PYW!IHGJPDAQTPvI*IHIHmJkH]gSi7bfIHeRKEcdW!DxW!DIi[Y]'eSk5WYcf]gm
])MhP!]gGJI±I%U7IHkHS7WQ)I7bfIhMB]g[YG ])MW!DIVPYX7PYW!IHG ) )(5\PIHIWK]g[ ]gmaT.QT[KEcfmCYJY M-QTi7cfeI8Y!S6 \QTme
-m7cfkH]gm Z~gv6+A -]{KICIH[ EW!DI´i[`cfmk5cfiAQ_b-kH]gmW![`c`IS7WYcf]gm])MjP!])M>W.K¬QT[YI°QT[YkD7cdW!IHk5W!S[YI[YIHG¡Q_cfmP W!DI
i[YIHk5cfPI¦eIHP!kH[`cfi7WYcf]gm])MAPYX7PYW!IHGÐP!W![YSk5W!S[YIJA¢mjW!DI¬QTS7W!D]g["P]gi7cfm7cf]gm(gP!])M3WKQT[YI¬QT[YkD7cdW!IHk5W!S[YI MB]g[YGJP
m]@KQTeAQRX'P]gmI¬])MAW!DI¬GJ]gPYWP!S7cdWQ)I7bfI¬[YIHP!IRQT[YklDxpAI5bfePwM>]g[~i[Y]'eSk5cfmy$QTmJQTkHkHS[!Q_W!II7bfSIHi[`cfmW])M½W!DI
P!X'PYW!IHGcfGJi7bfIHGJIHmWQ_WYcf]gmxW!DAQ_WpkH]g[Y[YIHk5WYbdXjkH]gGJi7bdcfIHP KEcdW!DW!DI\PYX7PYW!IHGÐ[YI'S7cf[YIHGJIHmW!PkH]gmkHIH[Ym7cfmyhcdW!P
Q_bfyg]g[`cdW!DGxcfkkH]gmPYW![!Q_cfmW!P:QTmeVcdW!P <SAQ_bdcdWX i[Y]gi*IH[`WYcfIHP ) 2(Q*eIHi*IHmeAQ)I7cdbdcdWX:P!IHkHS[`cdWXWYcfGJI5bdcfmIHPP
> +A
CEDIIHP!P!IHmWYcQ_be[!Q{KLIAQTk ´])M¦P!])M3WKQT[YIJQT[YkD7cdW!IHk5W!S[YIxcfm°W!DIkHS[Y[YIHmWjPYWQ_W!I])MW!DIQT[`W*cfPhW!DAQ_W
cdWe]'IHPEm]TWcfmW!IHyg[!Q_W!IjW!DI.[YI'S7cf[YIHGJIHmW!PM>]g[ 'SAQ_bdcdWX±i[Y]gi:IH[`WYcfIHP )¨QTmeDIHmkHI.W!DI.eIHi*IHmeAQ)I7cdbdcdWX
[YI'S7cf[YIHGJIHmW!P +$])M¦Q PYX7PYW!IHG¼cfmtQkH]gmCIHm7cfIHmWKQHXMB]g[hW!DIJeICI5bf]gi*IH[>ACp]±eIRQ_bKEcdW!DÂW!D7cfP?W!DI
eICI5bf]gi*IH[$G¡QHXi[Y]<eSkHIJQTmtQT[YkD7cdW!IHk5W!S[!Q_b¦eIHP!kH[`cfi7WYcf]gmW!DAQ_W.e]<IHP.m]TW.kH]gmPYcfeIH[$eIHi*IHmeAQ)I7cdbdcdWX
[YI<S7cf[YIHGJIHmW!P'QTme¡W!DIHmxW![`XW!]$cfmkH]g[Yi*]g[!Q_W!IW!DIQTii[Y]gi[`cQ_W!I MBQTS7bdWW!]TbfIH[!QTmW\GJIHkDAQTm7cfPG eS[`cfmy
W!DI$cfGJi7bfIHGJIHmWQ_WYcf]gmÂiDAQTP!IJACED7cfPK]gS7bfe´[YIHmeIH[ C]Tcfe´Q_bdb CIH[`c"pAkRQ_WYcf]gm°i[Y]<kHIHP!PIHPQ)I:]gS7WP!X'PYW!IHG
kH]gmPYcfPYW!IHmk5XtW!DAQ_W+KDIH[YI i*IH[M>]g[YGJIHe eS[`cfmy´W!DIeIHPYcfygmÀiDAQTP!IJA NhbdW!IH[YmAQ_WYc"CI5bdXW!DI|eICI5bf]gi*IH[
G¡QHXcfmk5bfSeIW!DIeIHi*IHmeAQ)I7cdbdcdWXÂkH]gmkHIH[YmP$cfmW!DIPYX7PYW!IHG#eIHPYcfygm(¼QTmeÂi[Y]<eSkHIxQTm°I5bQ)I*]g[!Q_W!IHe
QT[YkD7cdW!IHk5W!S[!Q_bAeIHP!kH[`cfi7WYcf]gmW!DAQ_WkH]gmWQ_cfmPI%Ui7bdcfk5cdW~IHmWYcdWYcfIHPJKD7cfkDxPQ_WYcfP*M3X.eIHi*IHmeAQ)I7cdbdcdWXx[YI<S7cf[YI
GJIHmW!P{A cdW!D]gS7WPYX'P!W!IHG¡Q_WYcfkkH]gGJiS7W!IH[Q_cfe(W!D7cfPQ_bdW!IH[YmAQ_WYc"CIE[YI<S7cf[YIHPQTmxIHm]g[YGJ]gSPI¼]g[`WwM>[Y]gG
W!DIeICI5bf]gi*IH[ KD]cfP\]JI7bdcfygIHeW!]jeIRQ_bKEcdW!DGS7bdWYcfi7bfI'cfmW!IH[K]{CIHm±PYX7PYW!IHG QTP!i*IHk5W!P¦Q_W\W!DIPQTGJI
WYcfGJIJA
<C<>*J
CEDIkH]gmk5bfSPYcf]gmÂe[!Q>KmMB[Y]gG#W!DIQ)I:]@CIi[YIHPIHmWQ_WYcf]gmt])MW!DIP!WQ_W!I])MW!DIxQT[`WcfPhW!DAQ_W-I%U7cfPYWYcfmy
pAI5bfePEkH]gmW![`c`IS7WYcfmyxW!]W!DI-eICI5bf]giGJIHmW])M³eIHi*IHmeAQ)I7bfI.PYX'P!W!IHGJP¦e]m]TWE]*IH[[Y]JISPYWEP!]TbfS7WYcf]gmP
M>]g[JW!DI°ygIHmIH[!Q_bhkRQTP!I°])MjQteIHi:IHmeAQ)I7bfIÂPYX7PYW!IHG AmT-ICI5bf]giGJIHmW±IHm!C'cf[Y]gmGJIHmW!P±QT[YI´P!D]@Km W!]
]*IH[Qx[YIHP!W![`cfk5W!IHeP!I5W])M MBQTS7bdWW!]TbfIH[!QTmWhGJIHklDAQTm7cfP!GJP½QTme±W!]JIHmMB]g[YkHI.W!DIjP!X'PYW!IHG¿GJ]'e7c"pAkRQ_WYcf]gm
W!] GJIHI5W$W!DIxGJIHkDAQTm7cfPG/kDAQT[!QTk5W!IH[`cfPYWYcfkHP@Aa'])M>W.KQT[YIxM¥QTS7bdW$W!]TbfIH[!QTmkHIJi[Y]<eSk5W!P.e]Vm]TW.i[Y]{C'cfeI
QTmX±cfme7cfkRQ_WYcf]gm]gmD]{KW!DI5XP!D]gS7bfeqI:IcfmW!IHyg[!Q_W!IHeqKEcdW!DÂQJP!X'PYW!IHG:]g[LKDI5W!DIH[hW!DI5XP!SkHkHIHP!P
M>S7bdbdX|GJIHI5WEQ_bdb¼PYX'P!W!IHG PeIHi*IHmeAQ)I7cdbdcdWX [YI<S7cf[YIHGJIHmW!P{AvQ~cfmAQ_bdbdXP!])M>W.K¬QT[YI$QT[YklD7cdW!IHk5W!S[YI.e]<IHP¬m]TW
i[Y]{C'cfeIW!DI´GJIRQTmP|W!] M¥QTk5cdbdcdWQ_W!IW!DI´QTmAQ_bdX7PYcfP|])M-W!DI´P!X'PYW!IHG P|eIHi:IHmeAQ)I7cdbdcdWX([YI<S7cf[YIHGJIHmW!P
cfmÂ]g[YeIH[$W!]VcfeIHmWYc"M3XÂW!DIxkH]g[Y[YIHP!i*]gme7cfmy MBQTS7bdW$W!]TbfIH[!QTmWGJIHkDAQTm7cfP!G~QTmeW!] cfmW!IHyg[!Q_W!IJcdWEKEcdW!D
W!DIPYX7PYW!IHG QT[YkD7cdW!IHk5W!S[YIJAtCEDIHP!IWMBQTk5W!PyTc"CIV[!Q_cfP!I¡W!]QTm IHGJIH[YyTcfmyÂmIHIHe W!]Âi[Y]{C'cfeI PSii:]g[`W
M>]g[W!DI.kH]g[Y[YIHk5WPYX7PYW!IHGµeIHPYcfygm(KD7cfkDVcfmW!IHyg[!Q_W!IHPeIHi*IHmeAQ)I7cdbdcdWX±kH]gmPYcfeIH[!Q_WYcf]gmPcfmW!DI.P!X'PYW!IHG
QT[YkD7cdW!IHk5W!S[YIJAjCED7cfP$P!Sii*]g[`W-PD]gS7bfe´W![!QTmPMB]g[YG Q|P])M3WKQT[YIxPYX7PYW!IHGÙQTme°W!DIeIHi:IHmeAQ)I7cdbdcdWXÂ[YI
<S7cf[YIHGJIHmW!P-i7bQTkHIHeÂ]gmcdW½cfmW!]VQ¡PYcfmyTbfIQTme´W!D]g[Y]gSygDÂeIHP!kH[`cfi7WYcf]gmÂ])MW!DIeIHi*IHmeAQ)I7bfIP!X'PYW!IHG
QT[YkD7cdW!IHk5W!S[YIJA
!
A/ Y :)!x.
QA]Tbdbf]{KEcfmyW!DIQ)I*]{CIe7cfP!kHSP!PYcf]gm(½W!DIji[Y]JI7bfIHG#cfmW!DIjeICI5bf]giGJIHmW.])MeIHi:IHmeAQ)I7bfIPYX7PYW!IHGJPcfP
bf]<kRQ_bdc`oHIHecfm¡W!DIhP!I5bfIHk5WYcf]gm|])M?W!DI-QTii[Y]gi[`cQ_W!I M¥QTS7bdW\W!]TbfIH[!QTmW¬GJIHklDAQTm7cfP!GµQTme¡cdW!PkH]g[Y[YIHk5W\cfmkH]g[
i:]g[!Q_WYcf]gm±cfmW!DI.PYX'P!W!IHG¿PYW![YSk5W!S[YIJACED7cfPW!DIHP!cfPi[Y]gi:]gPIHPQxP!]TbfS7WYcf]gm MB]g[¬W!DIj[`cfyg]g[Y]gSPhQTmAQ_bdX7PYcfP
])MW!DIP!X'PYW!IHG PeIHi*IHmeAQ)I7cdbdcdWXÎ[YI<S7cf[YIHGJIHmW!PW!DI cfeIHmWYc"pAkRQ_WYcf]gmÅ])MW!DI kH]gmPYWYcdW!SIHmW¡kH]gGJi:]
mIHmW!PE])M?W!DI-kH]g[Y[YIHP!i:]gme7cfmyM¥QTS7bdW¦W!]TbfIH[!QTmWGJIHkDAQTm7cfP!GAQTmeW!DI-eI5bdc"CIH[`X])M?W!DI$ygS7cfeI5bdcfmIHPtM>]g[
W!DI5cf[cfmW!IHyg[!Q_WYcf]gmÂcfm´W!DIPYX7PYW!IHG PYW![YSk5W!S[YIJAECEDI]JI'^`IHk5WYc"CIHP-])MW!D7cfPW!DIHP!cfPhQT[YIPSGJG¡QT[`c`oHIHe´cfm
W!DIEM>]Tbdbf]@KEcfmyA
CEDI¡P!i*IHk5c"pAkRQ_WYcf]gmÀ])MEQVGxcfm7cfG¡Q_b\bf]gyTcfk CIHD7cfk5bfI¡kH]gmPYcfPYWYcfmy])MEQ±PYX7PYW!IHG GJ]'eI5bvIAQTP!IHeÒ]gm
PYWQ_W!IHPQTme QTk5WYcf]gmPxQTme QhMB[YSyQ_b\W!IHGJi*]g[!Q_b\bf]gyTcfkWIAQTPYcfP{A CED7cfPjbf]gyTcfk CIHD7cfk5bfI|cfPSP!IHebM>]g[
I%Ui[YIHP!PYcfmyJW!DIjP!X'PYW!IHGµi[Y]gi*IH[`WYcfIHP[YI5bQ_W!IHe´W!]JeIHi:IHmeAQ)I7cdbdcdWX[YI<S7cf[YIHGJIHmW!P{A
CEDI.eIpAm7cdWYcf]gm±])MpQ[YIpAmIHGJIHmWh[YI5bQ_WYcf]gmhM>]g[PYX7PYW!IHG¯Pi:IHk5c"pAkRQ_WYcf]gmPIAQTPIHe ]gm W!DI$[YIpAmI
GJIHmW[YI5bQ_WYcf]gm±])MpeIHi:IHmeAQ)I7cdbdcdWX i[Y]gi*IH[`WYcfIHP{ACEDI$[YIpAmIHGJIHmW])MpPYX'P!W!IHG¯P!i*IHk5c"pAkRQ_WYcf]gmPEcfP
SP!IHeW!]-i[Y]<eSkHI¬iAQ_WYW!IH[YmPW!DAQ_WP!D]{KÅD]@KÅQheIHi*IHmeAQ)I7cdbdcdWXx[YI<S7cf[YIHGJIHmWkRQTmI*IQTmAQ_bdXoHIHe
W!]JcdW!PkH]gmP!WYcdW!SIHmWhi[Y]gi*IH[`WYcfIHP{A
CEDIkH]gmP!W![YSk5WYcf]gmÂ])MQk5bQTP!PYc"pAkRQ_WYcf]gmÂP!kDIHGJIW!DAQ_W$kRQTi7W!S[YIHPhW!DIxQ)I*]{CI[YIpAmIHGJIHmW.iAQ_W
W!IH[YmP?QTme_MB]g[YGJP-W!DIxIAQTPYcfPh])MQ ^tN.aPUW!]<]Tb~W!DAQ_W$i:IH[MB]g[YGJP-W!DIPYX7PYW!IHG¡Q_WYcfkJQTmAQ_bdX7PYcfPh])M
W!DIjPYX7PYW!IHG PEeIHi*IHmeAQ)I7cdbdcdWX[YI'S7cf[YIHGJIHmW!P{A
CEDI\kH]g[Y[YI5bQ_WYcf]gm])M7W!DI\eIHi*IHmeAQ)I7cdbdcdWXQTmAQ_bdX7PYcfP[YIHPS7bdW!PKEcdW!DQE[YIHi:]gP!cdW!]g[`Xj])MPM¥QTS7bdW³W!]TbfIH[!QTmW
GJIHkDAQTm7cfP!GJPAW!]¡Q_bdbf]{KÐW!DI.ygS7cfeIHeP!])M>W.KQT[YI[YI5W![`cfICTQ_bp])MW!DIjkH]gGJi*]gmIHmW!PW!DAQ_Wi[Y]{C'cfeIHe
W!DIj[YI'S7cf[YIHeeIHi:IHmeAQ)I7cdbdcdWXi[Y]gi:IH[`WYcfIHP@A
CEDI¬eIHkHSk5WYcf]gmJ])MAGJIRQTmPwM>]g[QTS7W!]gG¡Q_WYcfkRQ_bdbdXeIH[`c"C'cfmy-W!DIEQT[YkD7cdW!IHk5W!S[!Q_bAcfGJiAQTk5W])MAW!DIEQTi
i7bdcfkRQ_WYcf]gm|])M¼Q.eIHi:IHmeAQ)I7cdbdcdWX¡i[Y]gi:IH[`WXJ]gm¡Q$PYX'P!W!IHGÇP!i:IHk5c"pAkRQ_WYcf]gm(cfm¡]g[YeIH[W!].cfmW!IHyg[!Q_W!IHe
W!DIjP!I5bfIHk5W!IHekH]gGJi*]gmIHmW!PcfmW!]|W!DI.PYX'P!W!IHG QT[YkD7cdW!IHk5W!S[YIJA
CEDIcfmW!IHyg[!Q_WYcf]gmKEcdW!DW!DI'N-PYW!IH[³eICI5bf]giGJIHmWIHm!C'cf[Y]gmGJIHmW ZS!G4KD7cfkDM>]g[YGJPW!DIvMB[!QTGJI
K¦]g[ W!DAQ_WLMB]gPYW!IH[YIHeVW!D7cfPW!DIHP!cfP{A
CEDI±bQTPYW IS7W|m]TW¡bfIRQTP!W¦]JI'^YIHk5WYc"CI´kH]gmkHIH[YmP|W!DI°QTP!P!IHPP!GJIHmW¡])M$W!DI±W!DIHPYcfPDi[!QTk5WYcfkRQ_b
I:IHmIpW!PEW!D[Y]gSygD W!DI°eICI5bf]giGJIHmW])M.W!DI°eIHi*IHmeAQ)I7bfICIH[YPYcf]gm ])MQ e7cfPYW![`c`IS7W!IHempbfI
PYX7PYW!IHG¿PYcfGS7bQ_WYcf]gm A
s¬IHPYcfeIHPW!DIi[`cfG¡Q_b:kH]gmW![`c`IS7WYcf]gm [YIHyQT[Ye7cfmyjW!DI[Y]JISPYW!mIHPP])M:W!DIeICI5bf]giGJIHmW¬])M*eIHi*IHme
Q)I7bfI°PYX7PYW!IHGJPW!D7cfP¡W!DIHPYcfPVQ_bfP!] kH]gmW![`c`IS7W!IHP W!] QÀmSG+I*IH[ ])M$[YI5bQ_W!IHe [YIHP!IRQT[YklDOpAI5bfeP{A B°]g[YI
QTmAQ_bdX'WYcfkRQ_bdbdXAW!DIHPI.kH]gmW![`c`IS7WYcf]gmP.QT[YI.i[YIHP!IHmW!IHe´cfmVW!DIEMB]Tbdbf]{KEcfmyA
× Ö Ô g? 43
e × 4Ô r
= Ô CEDIzMB]g[YG¡Q_bdc`oRQ_WYcf]gm ])MlKI5bdb.<m]@Km eIHi*IHmeAQ)I7cdbdcdWX kH]gmkHIHi7W!P
SmeIH[Q±kH]gGJGJ]gmÒbf]gyTcfkCIHD7cfk5bfIpkH]gmW![`c`IS7W!IHPW!]±W!DI[`cfyg]g[Y]gSPe]'kHSGJIHmWQ_WYcf]gm ])M¬W!DIJcfGJi7bdcfIHe
i[Y]gi*IH[`WYcfIHP{A ¢mQTee7cdWYcf]gm(7W!DIhk5bQTP!PYc"pAkRQ_WYcf]gmVP!kDIHGJI$]g[YyQTm7c`oHIHPW!DI-[YIpAmIHGJIHmW[YI5bQ_WYcf]gmPEQTGJ]gmy
W!DIE'm]{Km°eIHi:IHmeAQ)I7cdbdcdWXi[Y]gi:IH[`WYcfIHP@A
× Ö Ô z|_ f ?3 Ô g p Ô = Ø ÔÔ = Ø~{ ?4&?3 Õ z = 4Õ }@?>}g ^]gSi7bdcfmytW!DIVeIHi*IHmeAQ)I7cdbdcdWX
QTmAQ_bdX7PYcfPtKEcdW!D W!DI$P!])M3WKQT[YIjQT[YklD7cdW!IHk5W!S[YIj])MpQPYX7PYW!IHG<i[Y]gGJ]TW!IHPW!DIh[`cfyg]g[Y]gSPQTmeVGJI5W!D]'e7cfkRQ_b
cfmW!IHyg[!Q_WYcf]gm´])MeIHi:IHmeAQ)I7cdbdcdWXkH]gmkHIH[YmPcfm±W!DIPYX'P!W!IHGµQT[YklD7cdW!IHk5W!S[YIJA
Ô }@?
$= Ô
p}
Ô
MIpAmIHGJIHmW±iAQ_WYW!IH[YmP±kRQTi7W!S[YIÂW!DIÂeIHi:IHmeAQ)I7cdbdcdWXQTmAQ_bdX7PYcfPVi[Y]<kHIHPPQTme
DI5bfi eIH[`c"C<cfmy W!DIQT[YkD7cdW!IHk5W!S[!Q_b.cfGJiAQTk5WV])M.W!DI´eIHi*IHmeAQ)I7cdbdcdWX i[Y]gi*IH[`WYcfIHP KDIHm QTii7bdcfIHe W!]
P!X'PYW!IHG P!i*IHk5c"pAkRQ_WYcf]gmP{AxCED7cfPE'm]{KEbfIHeygI|kRQTm I*IJ[YIHSP!IHecfmÂW!DIJeICI5bf]giGJIHmW])M¬QTmXÂP!])M>W.K¬QT[YI
P!X'PYW!IHGDAQ{C<cfmy|eIHi:IHmeAQ)I7cdbdcdWX[YI<S7cf[YIHGJIHmW!P MB]g[ KD7cfkDÂQx[YIpAmIHGJIHmWhiAQ_WYW!IH[YmP-I%U7cfPYW!P{A
× Ö Ô Ô p} Ô CEDI¬i[Y]gi*]gP!IHeJeIHi*IHmeAQ)I7cdbdcdWX¡QTmAQ_bdX'P!cfPi[YIHP!IHmW!PQhP!X'PYW!IHG¡Q_WYcfkEG¡QTmmIH[wMB]g[
W![!QTmP*M>]g[YGxcfmy.PYX7PYW!IHGÍ[YI'S7cf[YIHGJIHmW!P¦cfmW!].P!IRQT[YklD .gI5X'P'M>]g[~W!DIE[YI5W![`cfICgQ_bA])M½W!DIQTii[Y]gi[`cQ_W!ILM¥QTS7bdW
W!]TbfIH[!QTmWhGJIHklDAQTm7cfP!G W!DAQ_WPlQ_WYcfPpAIHPEW!DIHG A
×
=w
p_{ 4Ô Õ }R Ô p}H × a?7@?× = Cp[!QTmPM>]g[YGxcfmyÂW!DI PYX7PYW!IHG PeIHi*IHmeAQ)I7cdbdcdWXÎ[YI
'S7cf[YIHGJIHmW!PcfmW!]QlM¥QTS7bdW\W!]TbfIH[!QTmWEGJIHkDAQTm7cfP!G¯W!DAQ_W¦PQ_WYcfP*pAIHP\W!DIHG¯i[Y]{C'cfeIHP¬QFKQRXRM>]g[¦P!I5bfIHk5WYcfmy
W!DIkH]gGJi*]gmIHmW!P.W!DAQ_W.kHSPYW!]gGxc`oHIJQTmÂI%U7IHkHS7WYcf]gmIHm!C'cf[Y]gmGJIHmWW!]GJIHI5W$W!DIJQTii7bdcfkRQ_WYcf]gmtmIHIHeP{A
NbdW!D]gSygDW!DIi[Y]gi*]gP!IHe|P]TbfS7WYcf]gm¡cfPWQ_cdbf]g[YIHeWMB]g[vNhP!W!IH[ cdW¦kRQTmWI:IIRQTPYcdbdX|QTeAQTi7W!IHe|W!]]TW!DIH[¦kH]gm
pAygS[!Q_WYcf]gmqIAQTP!IHeÂIHm!C'cf[Y]gmGJIHmW!P:W!DAQ_W-kHSPYW!]gGxc`oHIW!DII%UIHkHS7WYcf]gm°i7bQ_WMB]g[YG2IX[YIHSPYcfmy|I%U7cfPYWYcfmy
P!])M3WKQT[YIkH]gGJi:]gmIHmW!P{A
!
"h :)¼³ *)*¿ Uµ ~/
-c"CIHmW!DIMBQTk5WW!DAQ_WhW!D7cfPhW!DIHPYcfPcfPMB]gPYW!IH[YIHecfm´W!DI+N-PYW!IH[MB[!QTGJIK¦]g[´QTme°cfm´]g[YeIH[W!]|i[Y]{C'cfeI
QjbfIHyTc`I7bfI$SmeIH[YPYWQTme7cfmyJ])M KDAQ_WW!DI-W!DIHPYcfPEQTii:IHmePW!]W!DI$PYWQTmeAQT[YehNhPYW!IH[¦kRQTiAQ)I7cdbdcdWYcfIHP7W!D7cfP
[YIHi:]g[`WP!WQT[`W!P IX±i[YIHP!IHmWYcfmy|W!DI+NhPYW!IH[LM>[!QTGJIK]g[$AtN M>W!IH[i[YIHP!IHmWYcfmy¡W!DIkH]gmkHIHi7W!SAQ_bpkH]gmW!I%U7W
cfmWKD7cfklDVW!DI-W!DIHPYcfPtKQTPEeICI5bf]gi*IHe(^DAQTi7W!IH[LS+MB]'kHSP!IHP¬]gm|W!DI$eIpAm7cdWYcf]gm])M³W!DI-bf]gyTcfkVCIHD7cfk5bfI
KD7cfkD¡kH]gmPYcfP!W!P~])M¼Q-PYX'P!W!IHGGJ]'eI5bAQTme¡Q-Gxcfm7cfG¡Q_bW!IHGJi:]g[!Q_bAi[YIHe7cfkRQ_W!IEbf]gyTcfkJACEDIbf]gyTcfk CIHD7cfk5bfI
cfPSP!IHexM>]g[~W!DI MB]g[YG¡Q_bAe]<kHSGJIHmWQ_WYcf]gm|])M*eIHi:IHmeAQ)I7cdbdcdWXxi[Y]gi*IH[`WYcfIHP\QTmeJPYX7PYW!IHGÍP!i*IHk5c"pAkRQ_WYcf]gmP
QTme MB]g[W!DIeIpAm7cdWYcf]gmV])M³Q.i[Y]gi*IH[`WX|[YIpAmIHGJIHmW[YI5bQ_WYcf]gm A ^DAQTi7W!IH[tYjI%Ui7bf]TcdW!P\W!DIhkRQTiAQ)I7cdbdcdWYcfIHP
])MW!DIbf]gyTcfkxCIHD7cfk5bfIcfm]¼IH[`cfmy±QGJI5W!D]'e]Tbf]gyTXÂQTmeÂW!DIJQTP!P!]'k5cQ_W!IHeGJIRQTmP$W!] W![!QTmPM>]g[YGÙW!DI
PYX'P!W!IHG PjeIHi:IHmeAQ)I7cdbdcdWXt[YI<S7cf[YIHGJIHmW!PcfmW!]´QhM¥QTS7bdW.W!]TbfIH[!QTmWGJIHklDAQTm7cfP!G/W!DAQ_WPQ_WYcfPpAIHP$W!DIHG
QTmeW!]-i[Y]{C'cfeIW!DIcfmPYW![YSk5WYcf]gmPwM>]g[pcfmkH]g[Yi*]g[!Q_WYcfmy$cdWpcfmW!DIPYX'P!W!IHGQT[YklD7cdW!IHk5W!S[YIJACEDItI*IHmIpW!P
])M?W!D7cfP¦W!DIHP!cfP¬QT[YI$QTP!P!IHPP!IHe¡cfm ^DAQTi7W!IH[L\PA~CEDI-eIHi*IHmeAQ)I7cdbdcdWXV[YI<S7cf[YIHGJIHmW!PE])MQPYcfGS7bQ_WYcf]gm±])M
Q|e7cfPYW![`c`IS7W!IHepbfIPYX7PYW!IHG+QT[YIxQTmAQ_bdXPoHIHeSPYcfmyW!DIi[Y]gi:]gP!IHeÂGJI5W!D]'e]Tbf]gyTX³QTme´W!DI[YIHP!S7bdWYcfmy
MBQTS7bdWW!]TbfIH[!QTmW¦GJIHklDAQTm7cfP!G P!I5bfIHk5W!IHe M>[Y]gGÇW!DI NhPYW!IH[P])M3WKQT[YI[YIHi*]gPYcdW!]g[`XcfPcfmW!IHyg[!Q_W!IHeWKEcdW!DJW!DI
PYX'P!W!IHGÙQT[YklD7cdW!IHk5W!S[YIJAjCEDIx[YIHi:]g[`W$kH]gmk5bfSeIHPlKEcdW!DtQ|P!SGJG¡QT[`XÂ])MW!DIxP!SygygIHPYW!IHeQTii[Y]QTkD(Q
[YIHGxcfmeIH[])MW!DI¡kH]gmW![`c`IS7WYcf]gmPQTmeÒQTmÒ]@CIH[C<cfIKn])MP]gGJIxcfGJi:]g[`WQTmWcfP!P!SIHPjW!DAQ_WQT[YI¡[!Q_cfP!IHe
IS7W¦m]TWQTee[YIHPP!IHe¡cfm|W!D7cfP\W!DIHPYcfPQTmeKD7cfklDMB]g[YGÇW!DI pAI5bfe])M MBS7W!S[YILK¦]g[AN¬W\W!DIhIHme|])M¼W!D7cfP
[YIHi:]g[`WpW!DI¡[YIRQTeIH[G¡QRX pAme QTmeÀQTii*IHme7cUÒkH]gmWQ_cfm7cfmyQhC]<kRQ)IS7bQT[`XÒ])MW!IH[YGJPSPIHetcfmtW!D7cfP
[YIHi:]g[`W{A W¬cfPQ_cfGJIHeQ_WP!IH[C'cfmy¡QTPQ <S7cfk |[YIMBIH[YIHmkHIEM>]g[W!DI.[YIRQTeIH[KD]JygI5W!PEkH]gmMBSP!IHe IXW!DI
W!IH[YGxcfm]Tbf]gyTXSP!IHeVcfm±W!D7cfPe]'kHSGJIHmW{A
