Changements de représentation des données dans le calcul des constructions inductives

HAL Id: inria-00072599

https://hal.inria.fr/inria-00072599

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,

Changements de représentation des données dans le calcul des constructions inductives

Nicolas Magaud, Yves Bertot

To cite this version:

Nicolas Magaud, Yves Bertot. Changements de représentation des données dans le calcul des con-

structions inductives. [Rapport de recherche] RR-4039, INRIA. 2000, pp.29. �inria-00072599�

ISRN INRIA/RR--4039--FR

a p p o r t

d e r e c h e r c h e

THÈME 2

INSTITUT NATIONAL DE RECHERCHE EN INFORMATIQUE ET EN AUTOMATIQUE

Changements de représentation des données dans le calcul des constructions inductives

Nicolas Magaud — Yves Bertot

N° 4039

Octobre 2000

#

"

#%$

"&

#

'

$#

()*

$#

,+

-.0/214305768957:'57;< =?>A@B4CD6EFC2GIHJ1KHAL

MONQPIRFSTUWVYXIZQ[\S^]`_ba2[`c[\SI]

Sdecfg]hc)ij]lknm?Ro7_b]`[hp2ijS

qsrt_guvSdwASRxRxS

yfgzjzK_2rnd{|S^rtSIc}NQSIrtc}NjS~Z7€22‚bƒFU„Yc)d…_2oQr…S^Tg2bUWTgƒFzjfbabSIk

†‡?ˆŠ‰‹&‡Œ'ŽfbZjk]`Secfb]`ciQ]j{|SŠk‘c_bZjknd…rtijc,dt[\_2Zjks[`Zj{|ijc)d…[`’bSŠk“D{|SIk‘_bi|dt[\]hk{|SYcfg]hc)ij]QS)d”{QSzQrtSiQ’2Sekn_2ZDd

f2k…k…_|c)[`XIk^•–c}NKfbpDiQS—dvm?z7S{|S{|_2ZQZQXISIkc_bZjcr…Sd{|X)˜KZQ[”[`Zj{|iKc,d…[`’bSIRxSZDdI™(q(fgrc_bZjk…XIpDiQSIZ2dŠ“A]`Sc}NQ_2[›š

{lœiQZjSkvdtr…ijc)d…iQrtS{|S{|_2ZQZQXISIk([`Z|jiQSIZjc)SOžŸ_2rndtSRxSZDd]`Sc)_bZDdtSZ?i—{|SIkszjr…SIiQ’bSŠk™¡ _2ijkszQrt_bz7_2k…_bZKk{jfgZjk

cS{|_|ciQRxSZDdFijZQSRxXd…NQ_|{|SzK_2iQrFzjfbktknSIrzQ]`ijk ž¢fbc[\]`SRxSIZ2dx{'œiQZQSkvdtr…ijc)d…iQrtS{QS{|_2ZQZQXISIkF•–iQZQS

fbi|d…rtSb“7SZ£S)¤4SIc)d…ijfbZDd{|SŠkd…r}fb{|ijc)d…[`_bZjkzjfbrndt[\SI]\]`SRxSZDd^fgi|dt_bR—f¡dt[`k…XSŠk{QSIkYzQrtSiQ’2SIkI™7¥eZ¦zQrt_gdt_gdvm?z7S

{lœ_2i|d…[`]e{|Sdtrtf2{|ijc,dt[\_2Z§f£Xd…X–{|XI’bS]`_bzjzKX¨{QfbZjkx]\S–k…m|kvdtPRxSª©«I¬¦S)df&Xd…X¨Sš?z7Xrt[`RFSIZDd…X¨knijr­{|SIk

dtrtf2{|ijc)d…[`_bZjk{|SzQrtSij’bSIk{QSY]®œfgrt[›dtNQRxX)d…[hpDiQS{|S^qSIfbZQ_x’bSr}kO]®œfbr…[\d…NQRxXd…[hp2ijSYoj[\Zjfb[\rtSb™

¯±°j²Šˆ)³}´bµŸ‡?ˆŒ¶d…r}fgZKkvžŸ_2r…R—f¡dt[\_2Zfbi|d…_2Rxfgd…[hpDiQS^{|SzQr…SIiQ’bSŠk“QcIfg]hc)iQ]l{QSIkc)_2Zjknd…rtijc,dt[\_2Zjk“s©«Š¬

·”¸¹»ºv¼,½¿¾}À…ÁÂ^¾}Ã)¾}ÄJÅ¡ÆÀ®¼,ÇJÈJ¹¿¾ŠÁ¹»ÉŠÊ0¹¿¾ŠÁË\Ê

ÌÍKÎ)Ï

À…ÁÐ Ï

ʟѮ¼}ÑÒÆÀ®¼,NJÈJ¹¿¾ŠÁ¹»ÉJÊ¢¹¿¾ŠÁË`Ê

#%$ $ $#

±'

$#

ˆI²Q´b²bŒZ d…NjS–cfg]hc)ij]\ijkx_bžY[`Zj{|iKc,d…[`’bS¨c_bZjknd…rtijc,dt[\_2ZjkI“‘SIf2c}N dt[\RxS–f&c)_2Zjc)rtS)dtS{jf¡dtf¦dvm?z7S¨[`k

{QS)˜jZQSŠ{'“Kd…_?_b]hkžŸ_2rc)_2RxzQi|d…[`ZQafbZj{rtSIfbk…_bZj[\ZQa­fboK_2i|de[\dYfbr…Sfb]`k…_­zQrt_¡’?[`{|SŠ{'™MONQSOfJmzQrt_?_gž¢kfgrtS

cIfgrtr…[`SI{&_2i|dx[`kxknd…rt_bZQa2]\m£[\ZQjiQSZKc)SI{ o?m&d…NQSc}NQ_2k…SZ r…SIzQr…SŠknSIZDdtf¡dt[\_2Zjk^_bžeR—fgZQ[`zQiQ]hf¡dtSI{ {jf¡dtfj™Z

dtNQ[hkzKfgz7SrŠ“%Szjr…_2zK_DknSFf­abSIZQSrt[hcfgzjzQr…_Dfbc}Ndt_SIf2knSFc}NjfgZjabSIk_gžrtSzjr…SŠknSIZ2d}f¡dt[\_2Z¨_gž”f{Qf¡d}f¡dvm?zKS

o?mzKSIrnžŸ_2r…Rx[`ZQa­zjfbrndt[`fb]\]`mfgi|dt_bR—f¡dt[ISI{d…r}fgZKkvžŸ_2r…R—f¡dt[\_2ZjkO_gžzjr…_?_gž¢kI™ zjr…_bd…_gdvm?z7S^d…_?_2]ANjf2keo7SSIZ

{QS’bSI]\_2zKSŠ{[`ZdtNQSx©«I¬ezQrt_D_bžKfbktk…[`kndtfbZ2d(fgZj{OfbkknijcIc)SŠk…knžŸiQ]`]\mfbzQzQ]`[\SŠ{^dt_dtNQS%d…r}fgZjk…]hf¡d…[`_bZ_gžKzjr…_?_gž¢k

žŸrt_bR qSŠfgZQ_Kœkfbr…[\d…NjRFSd…[hcd…_xoQ[`Zjfgrtmfgrt[\d…NQRxS)dt[`cb™

4³ °!"ˆbŒ fgi|dt_bR—f¡dt[`czQrt_D_bžAdtrtfbZjkvžŸ_2r…R—fgd…[`_bZl“|cfb]`ciQ]`ijkO_gžsc)_2Zjkvdtr…iKc,d…[`_bZKk“(©«I¬

4—

$#

)

wASIk(S)š|[`abSIZjc)SŠks{|Sp2iKfg]`[›dtXO{QS]\_2ab[hc)[`S]|z7_biQrs]`SIksk…m|kvdtPRxSIk(SIRojfbrtpDiQXŠk_2ZDdsc_bZj{QiQ[›d•]®œ[`ZDd…rt_|{|ijc!

dt[\_2Z{|S" ?«#$)«! %&'&(!z7SrtRFSdnd}fgZDdO{QSk…zKXŠc)[\˜jSr{|SRxfbZQ[`PrtSd…rtPIk”rt[\a2_biQrtSijk…S]`SIk”zQr…_2zQrt[\Xd…XIk

pDiQS{|_b[`’bSIZDd’bXIr…[\˜jSrFc)SŠk fbzQzQ]`[`cIf¡d…[`_bZKk™*)”SIk RFXd…NQ_|{|SŠk_2ZDd SZ _bi|dtr…S­z7_bijr oQiQdx{'œX)d}fgoQ]`[`rFk…[”ijZ

k…m|kvdtPRxSSIkndec)_2Z|žŸ_brtRxS_2iZQ_2Z¨•Fktfxknz7XIc[›˜7cf¡dt[\_2Zl™

w‘œiQd…[`]\[hk…fgd…[`_bZ {|Sknm|knd…PRxSŠk{'œfg[h{|S•]hf¨zQrtSiQ’2S­c)_bRxRxS ©«Š¬,+-/.^q10¨ƒbƒQ“2)”_|p?ƒbƒ43%SZDd…rtS{QfbZjkc)S

cIfb{|rtSb™ŽSd…SI]`kx_2i|d…[`]hk—r…SIZj{|SIZ2d—z7_2ktkn[`oQ]`S¨]`f&c_bZjknd…rtijc,dt[\_2Z [`ZDd…SIrtf2c,d…[`’bS{|S¨zQrtSij’bSIkFžŸ_2r…RxSI]\]`SIk—{|S

dtNQX_2r…PIRxSIkI™ c}Njf2pDiQS zKfbk{|Sxrtfb[`k…_bZjZQSRxSZDdYS)¤4SIc,dtiQX—zjfbrY]®œi|d…[`]\[hktf¡d…SIiQrŠ“7]hfR—fbc}NQ[`ZQSF’bXrt[\˜jSFpDiQS

cS]`iQ[( Òc['SIknd’Jfb]\[h{|S2™

wAS^{|X’2S]`_bzQz7SRxSZDde{|S^cSIk_2i|d…[`]`kfxc_bZj{|ij[›de•F]hfFžŸ_brtRxfb]\[hktf¡d…[`_bZ{|SZQ_bR oQrtSijk…SIk%dtNQX_2r…[`SIk%R—f¡dtNQX

R—fgd…[hp2ijSIkzKfgrtRF[”]\SŠk…pDiQSI]\]`SIk]0œfgrt[\d…NQRxX)dt[`pDiQS{|SqSIfbZQ_j“]\SŠkrtXSI]`k^SdF{|SŠkZQ_bd…[`_bZjk {'œfg]`abPojr…S2™)”SIk

dtNQX_2r…[`SIkI“jpDiQ[AžŸ_brtRFSIZDd]\SŠkoQrt[`pDiQSŠk{|SoKfbk…S{|S^d…_2i|d{|XI’bSI]\_2zQzKSIRxSZDdžŸ_brtRxS]®“K{|_2[\’2SZDd65)dtr…S^R—fg[`Z

dtSZ?iQSŠk^S)dž¢f2c)[`]\SIRxSZDdrtXi|dt[\]`[`ktfgoj]\SŠk™ ]”SIknd[\Rxz7_br…dtfbZ2dF{|SxžŸ_biQrtZQ[`r•¨]®œiQd…[`]\[hk…fgd…SIiQr]`SIk^Rx_¡mbSIZjk{|S

rtX_2r…aDfgZQ[hk…Srk…_bZ&{|XI’bS]`_bzjzKSIRFSIZDdk…fbZjkYd…_2i|dr…SIzQrtSZj{|rtSx•IXrt_j™lŽSIk^_2i|d…[`]hk^{'œfbZjfg]`m|knS—{|S­{QXz7SZ

{jfgZjcSIk SZDd…rtSdtNQX_2r…PIRxSIkFfg[h{QfgZDdx]`f¦R—fg[`Z2dtSZjfbZjc)S{|Sd…NQXI_brt[\SŠk _2ZDdFXd…X{|X’2S]`_bzQz7XIk r…XŠc)SIRFRxSIZ2d

+q_bZjƒ2ƒ43ҙ ]hkz7SrtRxS)dndtSZDdF{QS{|Xd…SrtRx[\ZjSr pDiQSI]\]`SIkzjfgr…d…[`SIk {'œiQZ {|XI’bS]`_bzjzKSIRFSIZDdžŸ_brtRxS]”zKSIiQ’bSIZ2d

5d…rtS^f¡¤4SIc,dtXSŠkOzjfgr]hfFRF_|{|[\˜KcIf¡d…[`_bZ{'œiQZQS{|X˜jZQ[\d…[`_bZl™

wfRx_|{|X]`[hk…fgd…[`_bZ¦{lœiQZ£zQrt_boQ]`PRxSx{QfgZKkijZ£k…m|kvdtPRxSF{lœfb[`{|Sx•]`fzQrtSiQ’2SFc_bZj{|ij[›d^•­ž¢fb[\rtSx{|SIk

c}Nj_b[\šF{'œ[\RxzQ]hfgZDd}f¡d…[`_bZxz7_biQr‘]`f^rtSzjr…XŠknSIZ2d}f¡dt[\_2ZS)¤4SIc)d…[`’bSe{QSIkSIZDd…[\d…XIkRxfgd…NQXIR—f¡d…[hpDiQSIk‘c)_bZKkn[h{|XrtXSŠk™

)”SŠkc}NQ_2[›š£[\Z|KiQSZDdI“ZQ_bZ k…Sij]\SIRFSIZDd knijr]`fž¢f87)_2Z&{QS{|X)˜KZQ[\rF{|SIkzQr…_2abr}fgRxRxSIkR—fgZj[\zQij]`fbZ2dcSIk

{Q_bZQZQXISIkI“4Rxfb[`k^fbijktkn[sk…iQr]`fR—fgZQ[`PrtSx{|S—c)_bZKkvdtr…iQ[`rtSF{|SŠkYzQr…SIiQ’bSŠk{|SxzQr…_2zQrt[\Xd…XIkc_bZjcSrtZjfgZDdYcSIk

_2o|uvS)d}kASdc)SIk_bz7Xr}f¡dt[\_2ZjkI™Šwfknd…rtijc,dtiQrtS”{'œiQZQSOzQrtSiQ’2S”{QfbZjk(c)SOknm|knd…PIRFS”SIkndSIZS¤7SdžŸ_2rndtSRxSZDd(]\[`XS

•—cS]`]\S{QSIkOdvm?z7SIke{QS{|_bZQZjXSIkec)_bZKc)rtS)dtkOiQd…[`]\[hknXŠkz7_biQreRF_|{|XI]\[hk…Sr]`SIk_2o|uvS)d}kR—fgZQ[`zQiQ]`XIkI™7„Zz7Si|d

5d…rtS—fgRxSZQX­•’2_biQ]`_b[`r^c}NjfgZjabSr]hf¨kvdtr…iKc,d…ijr…S­{|S­{Q_bZQZQXISIk^{|XŠc)rt[\’¡fbZ2d^iQZjS­SZDd…[\d…X—R—fgd…NQXIRxfgd…[hpDiQS9

zKfgrS)š|SIRFzj]\Sz7_biQrfJ’2_b[`r%ijZcIfg]hc)iQ]'zj]\ijkOS:­cfbcSb™

wASzQrt_boQ]`PRxSpDiQSZQ_2ijkZQ_2ijkz7_2k…_bZKkSIknd{'œX)dtij{|[`Sr{jfgZjkpDiQSI]\]`SRxSIk…iQrtSb“QSdY•—pDiQSI]\]`SIkc)_bZK{|[;

dt[\_2ZjkI“|[\]lSŠkvdz7_2ktkn[`oQ]`S^{|S^r…XIi|d…[`]`[`k…SrO]`SIkOzQrtSiQ’2SIk{|Xnun•xc)_bZKkvdtr…iQ[\d…SŠkfJ’¡fgZDd%]`S^c}NjfgZjabSRxSIZ2d{|SrtSzQrtX

k…SZDd}f¡d…[`_bZxz7_biQr”X)d}fgoQ]`[\r”]\SŠksdtNQX_2r…PIRFSŠkrtS]hf¡dt[›ž¢kfbi|šx_bz7Xr}f¡d…[`_bZKk{|X)˜KZQ[\SŠk‘k…iQr‘]hf^ZQ_2iQ’bSI]\]`Seknd…rtijc,dtiQrtS

{QS{Q_bZQZQXISIkc_bZjcr…Pd…Sb™

†=< ¡‡?ˆ >7² |²@?Ÿ°A> " DˆB< |‰DCDˆ ŽfbZjkiQZ¶k…m?knd…PIRxSF]`_ba2[`pDiQSxojf2knX—k…iQr^iQZQSxdtNQX_2r…[`S—{|SIkYdvm?z7SIk

+MONQ_DƒE¡“IŽ_ƒbƒ3®“I]0œ[`k…_bRx_2r…zQNj[`k…RxS({QSF)”iQrtr…m -_Ofgr}{e{|_2ZQZQSsiQZQS”c)_brtrtSIk…zK_2Zj{QfgZKc)SSZDd…rtS]hfO]\_2ab[hp2ijS

Xd…ij{Q[\XIS%Sd]\S6G ÒcIfg]hc)iQ]?dvm?z7Xkn_2ijkH \unf2c)SZDdŠ™ŠwASIkdvm?zKSŠkk…_bZDd]`SIkžŸ_2r…R iQ]`SIk(]`_bab[hpDiQSIkSd(]`SIkIG ®d…SrtRxSIk(]`SIk

zjr…SIiQ’bSŠk™J)”S)d^[hkn_2Rx_brtzQNQ[hknRxSFzKSIr…RxS)d{'œ[h{|SZDd…[\˜jSIr^]0œ[\ZDdtSrtzQr…Xdtfgd…[`_bZ¦{QSF]hfjPIc}NjS ]`_ba2[`pDiQSLKWfJ’bSŠc

]hfjPŠc}NQSe{|SŠkdvm?z7SIkžŸ_bZjc)d…[`_bZQZQSI]`kNM ™?ŽSezQ]`ijkI“2]hf^ZQ_bd…[`_bZ­{|SzQr…_|{|ij[›dO{|Xz7SZj{jfgZDd*OPBQ8RTSVUWXPDYSŠkvd

ijZQSa2XZQXIrtfb]\[hktf¡d…[`_bZ{|S]hf jPIc}NjSZR[K\W™Qwl_2rtktpDiQSe]`SYdvmDz7S"UW]PDYZQS{|XIzKSIZj{zKfbkO{|S]`f ’¡fg]`SiQr{|S

P“Q_bZrtS)d…rt_bij’bSY]0œ[\RxzQ]`[hcf¡dt[\_2Z]\_2ab[hp2ijSZR^K_W­™

 e_bijkRx_bZDd…rt_bZKk“O•¶dt[›dtr…S£{'œSš|SRxzQ]`Sb“c)_2RFRxSIZ2d¨c)_2Zjknd…rtiQ[\rtS–iQZjS¦zQrtSij’bS¦{QS ]hf dtrtfbZjkn[\d…[`’?[›dtX¦{|S

]®œ[\RxzQ]`[`cIf¡dt[\_2Zz7_biQre]\SŠk%žŸ_brtRiQ]`SIkOzQrt_bz7_2k…[\d…[`_bZQZQSI]\]`SIkN`x“aS)d6bdc

UbeK\`"YKfU`gKha"YK\beKha ijE#k

¥eZQS^zQrtSiQ’2SY{QSc)S)dXIZQ_bZKc)XzKSIi|d65)dtr…S^{|XŠc)rt[›dtS^zjfgr]`STG ®d…SIr…RxSk…iQ[`’JfbZDdJc

GZQUbeK\`"Y QU` K_a"Y Qb"S(UUYY i0Tk

wfk…XR—fgZDdt[`pDiQSF{|S%-SmDdt[\ZQa ._b]`Rx_ba2_brt_¡’­{|_bZQZjSFfbijk…k…[iQZQSF[\ZDd…SIr…zjr…Xdtf¡dt[\_2Z cfb]`ciQ]hf¡d…_2[\rtS{|SŠk{|X

Rx_2Zjkvdtrtfgd…[`_bZjkI™‘„ZªzKSIi|dc)_2Zjkn[h{|XIr…SIrF]`Sd…SIr…RxS i0T8kxc)_2RFRxS¨iQZjSžŸ_bZjc)d…[`_bZªp2ij[0“XdtfbZ2d{Q_bZQZQX]`SIk

zjr…SIiQ’bSŠk{|SŠkYd…rt_b[hkezjr…_2zQr…[`X)dtXIk"U` K a"Y…“*Ub K `"YS)dTbF“'c)_bZKkvdtr…iQ[\diQZQSxzQrtSiQ’2SF{|S%ax™lwfzQrtS

Rx[`PrtS XdtfbzKSxSIknd{|S—cfb]`ciQ]\SIriQZQSxzQrtSiQ’2SF{|S%`x“lfbi¦Rx_¡mbSIZ {|SŠkzQr…SIiQ’bSŠkYr…SŠknz7SIc)d…[`’bSIkS)d

{QSBUb K `"YSd {|SLb"9AcS)dndtS­zQrtSiQ’2SxSIknd{|_bZQZjXS—zjfbr]0œfgzjzQ]\[hcfgd…[`_bZ U !Y…™ ]ZQS—rtSIknd…S—zQ]`ijk

pDilœ• fbzQzQ]`[`pDiQSIr"•¦c)S­dtSrtRxS{|SzQrtSiQ’2S­zK_2iQrF_bo|dtSZQ[`r ]hf–zjr…SIiQ’bSfbZQZQ_2Zjc)XIS{|SBax“• k…fJ’2_b[`r

UUYY…™

# ²g‰´g²J‰ " ?ˆZ< |‰DCDˆ ¥Z—c}NjfbZQabSIRFSIZDds{QSr…SIzQr…XŠknSIZDdtf¡dt[\_2Z c_bZjcr…Pd…S{'œiQZQSc)_2]\]`SIc)d…[`_bZx{'œ_bo

uvSdtkYR—f¡dtNQXR—f¡dt[`pDiQSŠkc)_bZKkn[hkvdtSZQ_2Z¦k…SiQ]`SRxSIZ2dSZ¦]`fRx_|{|[›˜7cf¡dt[\_2Z¦{|i dvm?zKSx{|Sx{|_bZQZjXSIkc_bZjcr…Sd

]hfx{|XIcr…[`’¡fgZDdI“|R—fb[`kfbijk…k…['SZ]hfxc)_bZKkvdtr…ijc)d…[`_bZ{|S^ZQ_bij’bS]`]`SIk%žŸ_bZKc,d…[`_bZKk{|Scfb]`ciQ]lknijrc)SIkO_2o|uvS)d}k™

$

[K]`SIk”zQrt_bzQrt[\Xd…XŠk1`%0“=a%KS)dNb%Kk…_bZDd”SšQfbc,dtSRxSZDd‘]`SIk”zQrt_bzQrt[`X)d…XŠk1`x“a9S)d b f2{QfgzQd…XSŠk‘fbi­ZQ_bij’bSIfbi

dvm?z7Se{|S{|_2ZQZQXISIkI“b_bZx’2_b[\d‘p2iAœ[`]jSŠkvd‘z7_2ktk…[\oQ]`S{|SrtXiQd…[`]\[hknSIrsž¢fbc[\]`SRxSIZ2d]hf^zQrtSij’bSTi0T8kzK_2iQr‘zjr…_2iQ’bSIr

]®œXZQ_2Zjc)X^k…iQ[\’¡fbZ2dmc

Ub % K\` %Y*KfU` % Kha %Y*K\b % K_a % i¢‚8k

¥eZQS^zQrtSiQ’2S{QSc)S)dXIZQ_bZjcXSIkndefg]`_br}kDc

G

%

QUb

%

K\`

%

Y

%

QU`

%

K_a

%

Y

%

Qb

%

SVU

%

U

%

%

YHY iŸ€k

M_biQdfgi]`_bZQa{|S”c)S‘{|_|ciQRxSZDdI“)Zj_bijkc)_bZKkn[h{|Xrt_bZKk4iQZ^S)š|SRxzQ]`Szjfbrndt[`ciQ]`[\SIrl{|S‘c}NjfbZQabSIRFSIZDdA{|Ssdvm?zKS

{QS{|_bZjZQXSŠkc)_2Zjc)rtS)dŠ™!]kIœfgab[\de{|i cIfbk{QSIkSIZDd…[`Sr}kZjf¡dtiQrtS]hkS)d{|i¨zjfbktktfgabS^{'œiQZQS r…SIzQrtXIk…SZDdtfgd…[`_bZ

k…_biKk%žŸ_brtRFS^{|SŠkOSZDd…[`Sr}k{|SqSIfbZQ_6c

&('

1Q*),+.-0/ U

&(' Y

•FiQZjS^r…SIzQr…XŠknSIZDdtf¡dt[\_2Zk…_bijk%žŸ_2r…RxS^{'œSZDd…[`Sr}kOoQ[`Zjfg[`r…SŠkDc

132

&

Q4)65879;:<-3=>0? 22@

=>0? 2 2@ Q*)A:BC7-0DFEG=,UH=IJ58709K:YL-0DFEG="MAN"UO=IP58709K:Y

)”Sdnd…SFdtrtfbZjkvžŸ_2r…R—fgd…[`_bZ c_bZj{|ij[›d•iQZ&c}NjfgZQa2SRxSZDdrtf2{|[hcfg]({|Sx]hfknd…rtijc,dtiQrtSx{QSIkYzQrtSiQ’2SIkYzjfgr

[`Zj{|iKc,d…[`_bZA™QsZ&S)¤4S)dŠ“l]\SxZQ_2RoQrtS—{|S—c)_2Zjkvdtr…iKc,d…SIiQr}kzKfbktknS—{|S—{|SIi|š£•pDijf¡dtr…SFS)d[`]Zlœm ffgiKc)iQZQS

c_brtr…SŠknz7_bZK{QfgZjcSSIZDd…rtS^]\SŠkzjfbk{lœ[`Zj{|ijc)d…[`_bZ–{QfbZjk]`SIk{QSi|šdvmDz7SIk{|S{|_2ZQZQXSŠkc)_2Zjk…[`{|XIr…XŠk™K„ZZQS

z7SiQdOzKfbkOrtXi|dt[\]`[`k…Sr”ž¢fbc[\]`SRxSIZ2d]hfFzQr…SIiQ’bS{'œiQZd…NQXI_brtPRxSY{jfgZjk%iQZQSrtSzQrtXIk…SZDd}f¡d…[`_bZzK_2iQrOX)dtfboQ]`[\r

]`SYd…NQXI_brtPRxSXIpDiQ[`’¡fg]`SZDde{QfgZKkO]0œfgi|dtr…SrtSzQrtXIk…SZDd}f¡d…[`_bZA™

q_bijr 5d…rtScIfgzjfboQ]\S{|SrtXiQd…[`]\[hknSIr ]`SIk zQrtSiQ’2SIk X)d}fgoQ]`[\SŠk {jfgZjk ]`f zQrtSRx[\PIr…Sr…SIzQrtXIk…SZDdtfgd…[`_bZl“[\]

ž¢fbi|d {|[hk…zK_DknSIr{'œiQZ zQrt[\ZKc)[`zKS{lœ[`Zj{|ijc)d…[`_bZ¶ZQ_2Z kvdtr…iKc,d…ijr…SI]\]`Sk…iQr]hf¨ZQ_bij’bS]`]`S—r…SIzQr…XŠknSIZDdtf¡dt[\_2ZD9lc)S

zjr…[`Zjc)[`z7S{Q_b[\dzKSIr…RxS)d…d…rtS{|S^c)_2ZjknSIr…’2Sr%]`f—knd…rtijc)d…iQrtS^{|irtfb[`k…_bZQZjSRxSZDd{|S^{|XzjfbrndŠ™

¡°

µ?‹?ˆxµ?Ÿ‡?ˆ£µ&´b°A>C J²@?

?Ÿµ?Ÿ²I‡ ¥ZjSfgi|dtr…S^{|[(:­c)iQ]\d…XfbzQzjfgr}fhdkœ[\]'Sš|[`knd…SiQZQS^rtS]hf¡dt[\_2Z

{lœXŠp2ij[\’¡fg]`SZKc)SezKfgrOr…XŠ{|ijc)d…[`_bZk…iQrO]\SŠkdtSrtRxSIkI™)”SdndtSXŠp2ij[\’¡fg]`SZKc)SYSZDd…rtS{|SIi|š—d…SIr…RxSŠk”z7SiQd{Q[`k…zjf

r}fhd…rtSe]`_br}kO{|S]\SIiQr}k‘dtrtf2{|ijc)d…[`_bZjk%’bSIrtk”iQZQSZQ_2iQ’bSI]\]`SYr…SIzQr…XŠknSIZDdtf¡dt[\_2Zl™

$

[l{QfgZKk”Zj_gd…rtScfg]hc)ij]0“` &S)d

`§k…_bZDdXIpDiQ[`’Jfb]\SIZDdtkI“|]\SdtSrtRFS

G QU`K_a"Y QUbgK\` Y Qb"S(U U YY ik

SŠkvdiQZjS^zQr…SIiQ’bS^{|S]®œXIZQ_bZKc)Xk…iQ[\’¡fbZ2dmc

U`,K_a"YK UbeK_` YK\beK_a i8k

$ iQzQz7_2k…_bZjk p2ijS­]\SŠkdtSrtRxSIk`%

S)d`%

“Adtrtf2{|ijc,dt[\_2Zjk{QS ` Sd"` {QfbZjk]hf¨ZQ_2iQ’bSI]\]`Sknd…rtijc,dtiQrtS

{QSx{Q_bZQZQXISIkI“4ZQS—kn_2[\SIZ2dzQ]`ijk^c)_2Z?’bSr…d…[`oQ]`SIk@9K[`]sSIkndZQXIcSIktk…fb[\rtS {|SxRx_|{|[\˜jSr^]hfknd…rtijc)d…iQrtSF{Qi dtSrtRFS

{QS^zQr…SIiQ’bSLikOSd{|SrtSRxzQ]hfbcSr]®œXŠpDiQ[\’¡fb]\SIZjc)S^[`RxzQ]\[hc)[\d…SSZDd…rtST` Sd ` zjfgr]®œfbzQzQ]`[`cIf¡dt[\_2Z{lœiQZ

dtNQX_2r…PIRxSFTQ8`%

K_`%

“?p2iAœ[`]Qž¢fbij{|r}fX)dtfboQ]`[\r%knXIzjfgrtXRxSZDdŠ™b¥ZQSzQrtSiQ’2S{|S]®œXIZQ_bZjcXd…r}fb{QiQ[›d

{QSi8k)“j•xk…fJ’2_b[`r

U`

%

K_a

%

YKfUb

%

K\`

%

YKhb

%

K_a

%

SŠkvd{|_2Zjc]`SdtSrtRxSkniQ[`’¡fgZDdJc

G % Q U` %

K_a %Y %

QUb % K_` %

Y %

Qb %S(U %

U U %

% YHYHY

?´g²#?҈  e_bijkzQrtXIk…SZDd…_2Zjke{QfbZjkYc)S {Q_?ciQRxSZDdY{QSIkr…XŠkniQ]\dtfgdtkzQr}f¡d…[hpDiQSIke’?[`ktfgZDdY•­ž¢fbc[\]`[›dtSrY]\S

zKfbktk…fbabSe{'œiQZQSknd…rtijc,dtiQr…SY{|S{|_bZQZjXSIk%•ijZQSYfbi|d…rtS{QfgZjk”]`SY{|XI’bSI]\_2zQzKSIRxSZDd‘žŸ_2r…RxS]4{'œiQZQSYd…NjX_brt[`S

R—fgd…NQXIRxfgd…[hpDiQSb™Q e_bijkzjr…_2zK_Dkn_2Zjk”{QSžŸ_biQrtZQ[`rJc

iQZ–Rx_¡mbSIZ–{|Sc_bZjknd…rtiQ[`r…S{|SŠkezjr…[`Zjc)[`z7SIke{QSrtXIc)ijr…rtSZjcS^ZQ_bZ–knd…rtijc)d…iQrtS]`]\S kniQrY{|SIkdvm?zKSŠk{|S

{|_bZjZQXSŠkc)_bZKc)rtS)dtk@9

]`fz7_2ktkn[`oQ[`]\[\d…Xx{|Sxc)_bZKkvdtr…iQ[`rtSknm|knd…XIRxfgd…[hpDiQSRxSZDd]\SŠkeXIZQ_bZKc)XIkY{|SŠkedtNQX_2r…PIRxSIkY{'œXIa2fb]\[\d…X ZQX

c)SŠk…ktfg[`r…SŠk%zK_2iQrc)_2RFz7SZKknSIr]\SŠkOzQr…_2oQ]`PRxSIkO]`[\XŠk•F]`f—c_bZ?’bSIrndt[\oQ[`]`[›dtX9

iQZ–fg]`ab_2r…[\d…NjRFSdtrtf2{|iQ[hk…fbZDdefgi|dt_bR—f¡dt[`pDiQSIRFSIZDd]\SŠkzQrtSiQ’2SIk{'œiQZQSr…SIzQr…XŠknSIZDdtf¡dt[\_2Z’2Sr}kiQZQS

fgi|dtr…SSIZiQd…[`]\[hk…fbZDdO]`SIk_bi|dt[\]hkO[\ZDdtr…_|{|iQ[\dtke{QfgZjkO]`SIk{QSi|šzK_2[\ZDdtkOzjr…XŠc)XI{QSZDdtkI™

 e_bijk%Xd…ij{|[`_bZKkOzQr…[`Zjc[\zjfb]\SIRxSZDd]\SŠkcfbkO{|SŠkOSZDd…[`Sr}k%Zjf¡dtiQrtS]hk”Sde{|S]\SIiQr}k%c_|{Qfga2SIk%zjfgrO]`SIkOSIZ2dt[\SIrtk

{QS qSIfbZQ_SdY]`SIkSZDd…[`Sr}koQ[\ZKfg[`r…SŠk™4 _2ijk{QXIc)rt[`’b_bZKkd…_2i|d…SžŸ_b[hkeijZQS RxXd…NQ_|{|SFabXIZQXr}fg]`SfgzjzQ]\[hcfboQ]`S

•x{'œfgiQd…rtSIkc}NjfbZQabSIRFSIZDdtkO{|Sknd…rtijc,dtiQr…SŠkO{|S{|_bZjZQXSŠkc)_bZKc)rtP)d…SŠk™

 e_bijkc_bRxRxSZ7_bZjkzjfgrzQrtXIk…SZDdtSriQZ–cSr…dtfg[`ZZQ_bR oQr…S^{|Sd…r}fJ’Jfbi|šfbZ2dtXrt[\SIiQr}k”iQd…[`]\SŠke•xZQ_bd…rtS

Xd…ij{QS i$

SŠc,dt[\_2Z Tk,™7 _2ijke{|_2ZQZQ_2ZjkSIZjknij[›dtSiQZ–fgz7Sr 7)i–{QSIkecIfgr}fbc)d…Xrt[hkvdt[`pDiQSŠk%{Qi knm|knd…PIRFS¨©«Š¬xS)d

SIZzjfgr…d…[hc)iQ]`[`Sr{|S]hfFR—fgZQ[`zQiQ]hf¡dt[\_2Z{QSIkOdvm?z7SIk[`Zj{|ijc)d…[\ž¢ki $ SIc)d…[`_bZ–‚8k)™jŽYfgZjkijZdtr…_2[`k…[`PRxSd…SIRFzKk“

Zj_bijk(Rx_bZDdtr…_2Zjk(p2ijS]`]\SŠk(_bz7Xr}f¡d…[`_bZKkZj_bijks{|SI’b_2ZjkS)¤4SIc,dtiQSr‘zK_2iQrszQrtXzjfbr…SIr]hfd…r}fb{|ijc)d…[`_bZxfgi|dt_bR—f

dt[`pDiQS{QSzQr…SIiQ’bSŠk(kniQ[`’¡fgZDdiQZ—c}NjfbZQabSIRFSIZDd({|Sknd…rtijc)d…iQrtS{|S{|_bZjZQXSŠk i$ SŠc,d…[`_bZx€=k,™b e_bijk{QXIc)rt[`’b_bZKk

SIZjk…iQ[›dtSZQ_bd…rtSfg]`ab_brt[\d…NQRxS^{|S^dtrtf2{|ijc,dt[\_2Z¨{|SzQrtSiQ’2SIkSdezQrtXIk…SZDd…_2ZjkO]`SIkrtXIk…iQ]\dtfgdtk_2o|d…SIZDiKkTi$ SŠc!

dt[\_2Zk)™K e_bijkYc)_2Zjc)]`iQ_bZKkO˜jZjfb]\SIRFSIZDdYk…iQre]`SdtrtfJ’¡fg[`]ArtXIfb]\[hk…XfJ’JfbZDd{|Szjr…XŠknSIZ2dtSr]`SIkz7Sr}knz7SIc)d…[`’bSIk

_2iQ’bSIrndtSIk%zjfbrc)S)d…d…S^Sš?z7Xrt[`SZjcSb™

± x "v%

$

 e_bijk{QXIc)rt[`’b_bZKkojr…[`P’2SRxSZDd(]\SŠk(d…r}fJ’¡fgi|šfbZ2dtXrt[\SIiQr}krtS]`[`XIks•YZQ_gdtr…Sk…i¡uvS)d‘{lœXd…ij{|SSdRx_bZDd…rt_bZjk

SIZ¨p2ij_b['[`]`kZj_bijk_2ZDdO[`Z|jijSZjcXb™KwASzQr…SIRx[\SIrzK_2rndtSkniQr]hfFžŸ_brtR—fg]`[`ktf¡dt[\_2Z{|S^]®œfg]`abPojr…SiQZQ[`’bSIrtk…S]`]`S

SIZxd…NQXI_brt[\S{|SIkdvmDz7SIk +)%fbzjƒbƒ3®™? _2ijkrtXIk…iQRx_bZjkSZjk…iQ[\d…Se]`SIk”{|[\¤7XIr…SIZ2d}ksdtrtfJ’¡fgiQšd…r}fg[\dtfbZDd”{|SdtrtfbZjkj

žŸ_2r…R—fgd…[`_bZjk fgi|dt_bR—f¡dt[`pDiQSŠk {|SzQrtSiQ’2SIk S)dx]\SIiQrtk fgzQzj]\[hcfgd…[`_bZjk +0–fb{2ƒ|“ eZj{Qƒb€j“sy[hcƒ |“20 ƒ2ƒQ“

ŽSZKb43ҙ

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

-sSIZjfgZ I[\_ )%fgzQrtS)d…dtf—{|XŠc)rt[›d{jfgZjk +)%fgzKƒbƒ43iQZQS^žŸ_2r…R—fg]`[hk…fgd…[`_bZ{|S]hf—ZQ_gdt[\_2Z¨{'œfb]\a2PoQrtS^iQZQ[`’bSIrH

k…S]`]`SSZxd…NjX_brt[`Se{|SIksdvmDz7SIkI™2w‘œ[`ZDd…XIr5d”{'œiQZxd…SI]K{|XI’bS]`_bzjzKSIRFSIZDd‘SIknd”pDilœ[\]KzKSIr…RxS)d%{'œfJ’2_b[`rsiQZ­cf2{|rtS

a2XZQXIr…[hpDiQSzK_2iQr]hf¶k…zKXŠc)[\˜Kcfgd…[`_bZ {|S knd…rtijc)d…iQrtSIk­{QS–{|_bZQZjXSIkI™LQZ i|d…[`]\[hktfgZDdc)S¦cfb{Qr…S2“_bZªz7Si|d

ž¢f2c)[`]\SIRxSZDdrtSzQrtXIk…SZDd…SIr^]\SŠk^dtNQX_2r…[`SIk{Qi¶zQr…SIRx[\SIr_br}{|rtS—{|XIcr…[`’¡fgZDd]`SIkSIZDd…[`Sr}k^Zjf¡dtiQrtS]hk^S)dF]\SIiQrtk

_2zKXIrtfgd…[`_bZjkec)]hfbktkn[hpDiQSIkk…_bijkžŸ_brtRxS{'œijZQS fb]\a2PoQrtS{|S^dtSrtRFSŠkTi¢fJ’2SIc]`SIkknm?Ro7_b]`SIk+Y“/'“$./021™I™™ k,™

]SIkndSIZjk…iQ[›dtS SIZ?’D[hktfgabSŠfgoQ]`S{'œS)š|zQrt[\RxSIr{QfbZjkcSR5RxSF]`fbZQa2fbabSžŸ_2r…RxS](c)SFpDilœSŠkvdYiQZ–dtNQX_2r…PIRxS

k…iQr]`SIkSZDdt[\SIrtkYZjfgd…iQrtS]hkiŸzjfbrYijZ£SIZjk…SRoj]\Sx{|Sxr…PIab]`SIk{|S—c)_2Zjknd…rtijc,dt[\_2Z–zjfgr^Sš|SRxzQ]`S#k,™ zjfbrndt[\r

{QS]`•j“b[`]7{QS’?[\SIZDd‘zK_Dk…k…[`oQ]\S{|Sec)_2Zjknd…rtiQ[\rtS{|SIi|šF[`ZDd…SIr…zQrtX)d}f¡dt[\_2Zjk{|SYc)SIksd…NQXI_brtPRxSIk”{QfgZjk‘]\SŠkSIZ2dt[\SIrtk

{QSqSIfbZQ_S)d%{QfgZjk”]®œfbr…[\d…NQRxXd…[hp2ijSoQ[`Zjfg[`r…S2™?„Z­z7SiQd”SZKkniQ[\d…SSZ?’?[`ktfga2Sr‘{lœXdtfgoj]\[`r‘iQZzQr…[`Zjc[\z7SpDiQ[

Rx_2Z2dtr…S^pDiQSYd…_2i|dd…NjX_brtPRxS^k…iQr]\SŠkOSZDd…[`Sr}k{|SqSIfbZQ_—fFiQZXIpDiQ[`’Jfb]\SIZDdk…iQr]`SIkOSIZ2dt[\SIrtkOoj[\Zjfb[\rtSIkI™

)”Sdnd…S—fbzQzQrt_?c}NjSzQrtXIk…SZDd…SF]®œfJ’¡fgZDd}fgabS {'œ5d…rtSdtr…PŠkžŸ_brtRFSI]\]`SFS)dabXZjXr}fg]`Sb“7Rxfb[`kY]®œ[`Zjc_bZ?’bXIZQ[\SIZDd

{lœ5d…rtS&{Q[;:­c)[`]`SRxSZDd–i|dt[\]`[`ktfgoj]\S¶SIZ zQr}f¡dt[`pDiQS2™FQs]`]\S k…S&rtfbzQzQrt_|c}NQS£{QSIkd…SŠc}NQZQ[hpDiQSIk¨{|S¶rtX)KS)š|[\_2Z

+3%_bijƒ543pDiQ[c)_2Zjk…[`knd…SIZ2d—•£S)š|zQrt[\RxSIrx{jfgZjkxiQZªk…m?knd…PIRxS{QSIkxzQrt_bzQrt[`X)d…XŠkx{|i§k…m|kvdtPRxS]\ij[; ÒR5RxSb™

vc[0“K_bZ–r}fg[hk…_bZQZQSIrtfb[›dk…iQre]`SIk_boQuvS)dtk{|i k…m|kvdtPRxS iŸ]`SIkd…NQXI_brtPRxSIkknijre]`SIkSIZDd…[`Sr}kZjfgd…iQrtS]hk kSZ–]`SIk

Rx_|{|XI]\[hk…fbZDd•F]®œ[`ZDd…XIr…[`SiQrR5IRFS{Qik…m|kvdtPRxS^kn_2ijk%žŸ_brtRxS^{'œijZdvm?z7S^{|S{|_bZjZQXSŠkc)_bZKc)rtS)dI™

 e_bijk(ZlœfJ’b_2ZjkzjfbkrtS)d…SIZ?i c)SdndtS”dtSIc}NQZj[`pDiQScfbr]`SOzQrt[\Zjc[\z7S•eXdtfboQ]\[`rs{|SR—fbZj{|SOiQZFS)¤4_br…d(c_bZjk…[;

{QXr}fgoQ]`S z7_bijr{QXIc)rt[`r…SF]\S—cIfb{|rtS]`_ba2[`pDiQSx{QfgZKk]\iQ[( ÒR"5IRxSb™'ŽeS—zj]\ijkI“']`SdtNQX_2r…PIRFS—{'œ[`Zjc)_2RFzj]\Xd…ij{|S

{QS^V76|{|SI]lRx_bZDd…rtS^pDiQS^c)S)d_2o|uvSIc)d…[\žZjS^zKSIi|d65)dtr…S^f¡d…d…SI[\ZDdepDiQSzjfgr…d…[`S]`]`SRxSZDdI™

8 9:;,<=>@?A#!B;?CDE*FG(*)H!F"

 e_bijkxZQ_2ijkF[\ZDdtXrtSIktkn_2Zjk fbi|š¶d…SŠc}NQZQ[hpDiQSIkx{|Sd…r}fgZKkvžŸ_2r…R—f¡dt[\_2Z fgiQd…_bR—fgd…[hp2ijS{|SzQrtSij’bSIkFf¡˜KZ

{QSrtXi|dt[\]`[`k…Sre]\SŠkezQrtSij’bSIkec)_bZKkvdtr…iQ[\d…SŠkefJ’2SIc^]hf—rtSzQrtXIk…SZDdtfgd…[`_bZ[`ZQ[›dt[`fb]\S {|SIkY{|_bZjZQXSŠkz7_biQrX)dtfboQ]`[\r

]`SIkzQrtSiQ’2SIkc)_brtrtSIk…zK_2Zj{QfgZDdtSIk{QfbZjk]`fZQ_bij’bS]`]`Sr…SIzQrtXIk…SZDdtfgd…[`_bZl™7ŽeSFZQ_bR oQrtSi|šd…r}fJ’¡fgi|š¨_bZDdYX)d…X

S¤7SŠc,dtiQXIkxk…iQrF{QSIkFkni¡uvSdtkxk…[\Rx[`]`fb[\rtSIkFfgijktk…[”oQ[`SZ§{QfgZKk]`ScIfb{|rtS{|S]hf k…mDZDdtNQPIk…S{|SzQrt_ba2rtfbRFRxSŠk

+0¨f2{bƒ|“ eZj{Qƒg€j“(y[`cIƒ #3epDiQS{QfgZKk cS]`iQ[{|SIkFzQrtSiQ’2SIk zjfgrxfgZKfg]`_bab[`S +0 ƒ2ƒ43’D[hktfgZDdx• r…XIi|d…[`]`[;

k…Sr]®œSš|zKXIr…[`SZjcSFf2cpDiQ[hknSF{QfgZKk]\SŠkzjr…SIiQ’bSŠkezQrtXIcXI{|SIZDd…SIkI™ Q %SZ&ŽeSIZQZQSm +ŽSZj243‘fzjfgr^fg[`]`]\SIiQrtk

zjr…_2zK_DknXFiQZ£RFXŠcfbZQ[`k…RxS—{|SFd…r}fb{|ijc)d…[`_bZ&{|SxzQrtSiQ’2SIkc)_2Zjkvdtr…ij[›dtSIkfJ’bSŠc]`S—knm|knd…PRxS%-Y„Yw§’2Sr}kijZ

žŸ_2r…R—fgd{QSYzjr…SIiQ’bSŠkfbccSz|d}fgoQ]`SzjfgrO]`Sknm|knd…PIRFS©«Š¬)™

>ˆ Ò° g‹|²@?Ÿ°A>" B< |‰JC ?ˆ D²—ˆJ>7² ?ˆ " < ¡° j‹¶‹?ˆ

wASzjfgr}fb{Q[\a2RFSm t«I«H$ H …« ”c)_2Zjkn[hknd…S•OS)š?dtrtfb[\rtSs{'œijZQSszQrtSiQ’2Sc)_bZKkvdtr…ijc)d…[`’bSs{|Ss]®œXIZQ_bZKc)XIc

OPmS`UPDY K -a%UPY

ijZzQrt_ba2rtfbRFRxSsžŸ_2Zjc,dt[\_2ZQZQSI]?cIfg]hc)iQ]hfgZDd•zjfbrndt[\r({|SFPA™gqs]`ijk…[\SIiQrtkX)dtij{|SŠk_2ZDdXd…X%r…XŠfg]`[`k…XSŠkAc)_2Zjc)SIrH

ZKfgZDd ]hf–dtrtfbZjknžŸ_brtRxfgd…[`_bZ&_bi ]0œ_bzQd…[`RF[hktf¡d…[`_bZ {|Szjr…_2abr}fgRxRxSIk^zjfbr Rx_|{|[\˜Kcfgd…[`_bZ {QS]hf zjr…SIiQ’bS•

zKfgr…d…[`rO{QS^]`f2p2ijS]`]\S[`]`kk…_bZDdk…mDZDdtNQX)dt[`k…XIkI™

0–fb{Q{|SIZB+0–fb{2ƒ43KzQrt_bz7_2k…S{|SdtrtfbZjknžŸ_brtRFSIr‘fgiQd…_bR—fgd…[hp2ijSRxSZDd‘{|SŠkzQrt_ba2rtfbRFRxSŠk(zjfgr”]`fdtrtfbZjknžŸ_br

R—fgd…[`_bZ¦fbi|d…_2R—f¡d…[hpDiQSx{|Sx]`fzQrtSiQ’2S {|Sx]`SiQr^k…zKXŠc)[\˜Kcfgd…[`_bZl™ ]sRx_bZDd…rtSb“4SIZ zjfbrndt[`ciQ]\[`SrŠ“'c)_2RFRxSIZ2d

{QSIkdtrtfbZjknžŸ_brtRxfgd…[`_bZjkfbiZQ[\’2SIfbi–{|S]hf—zQrtSiQ’2S^zKSIr…RxS)d…d…SIZ2d]`f­k…z7XIc)[hfg]`[hk…fgd…[`_bZ¨{|i¨zQrt_ba2rtfbRFRxSS)š=

dtrtfb[›dŠ™jqSZQZ?m Zj{|SIrtk…_bZ,+Zj{Qƒb€3Azjr…XŠknSIZ2dtS^iQZRx_¡mbSZ¨{'œSZKc)_|{|Sr]`SIkd…r}fgZjknžŸ_brtR—f¡d…[`_bZKk{|S^zQrtSiQ’2S

fbik…S[`Z{|ik…m|kvdtPRxSQs]\žv™ Qs]`]\SzQr…_2zK_DknS{'œ_2z|d…[`Rx[`k…Sr%iQZ­zjr…_2abr}fgRxRxSSZ­Rx_|{|[\˜KfgZDd%{Q[\rtSIc)d…SRxSIZ2d%]`f

knd…rtijc)d…iQrtSY{QS]hfzjr…SIiQ’bSYkn_2ijkj `unfbcSZDd…SzQ]`i|dbdpDiQS{'œi|d…[`]`[`k…Sr]`SIk”d…SŠc}NQZQ[hpDiQSIkOkndtfgZK{Qfgr}{QkZiŸzQiQrtSRxSIZ2d

k…m?ZDdtf¡š|[hpDiQSIk k{'œ_2z|d…[`Rx[`ktf¡dt[\_2Zl™0Qs]`]\SRx_2Z2dtr…S2“gSZDdtr…SfgiQd…rtSIkI“gc)_bRxRxSZDdsi|dt[\]`[`k…Sr”c)S)d…d…SRxX)dtNQ_|{|Sz7_biQr

dtrtfbZjknžŸ_brtRFSIrOiQZQS^{|X)˜KZQ[›dt[\_2Z¨{|SžŸ_bZjc)d…[`_bZr…XŠc)iQr}k…[\’2SSIZijZQS{|X)˜KZQ[›dt[\_2ZrtXIciQr}kn[`’bS 0dtSrtRF[`Zjfb]\S2™

biQ]`[`fbZ£y[hc}Njfbrt{Qk…_bZ +y[hcƒ #3i|dt[\]`[`k…S—]`SIkd…r}fgZjknžŸ_brtR—f¡dt[\_2Zjk{QSFzjr…SIiQ’bSFzK_2iQrc}NjfbZQabSIr]`SIk^knd…rtijc!

dtiQrtSIks{|S{|_2ZQZQXSŠk(Rx[`k…SIk(SIZeuvSIix{jfgZjk]hfzjr…SIiQ’bSOS)ds]`SOzQr…_2abr}fgRxRxS”pDiQ[QSIZ SŠkvdsSšDdtrtfb[›dŠ™8)”S]hfYzKSIr…RxS)d

SIZ {|[hknz7_2ktfgZDd {|Skvdtr…ijc)d…iQrtSIk{|S{|_2ZQZQXISIkk…iQr]`SIktpDiQS]`]`SIk^]`SIk_bz7Xr}f¡d…[`_bZKk{|SoKfbk…S­kn_2Z2d zQ]\iKkS:

cIfbcSIk{'œfgRxXI]\[`_brtSr^]`SIkzKSIrnžŸ_2r…R—fgZKc)SIk^{QSIkzjr…_2abr}fgRxRxSIkS)š?dtrtfb[›d}k™)”_2Zjk…[`{|XIr…_2Zjk^zjfbrS)š|SIRFzj]\S­ijZ

c}NKfgZQa2SRxSZDd{|S^rtSzQrtXIk…SZDdtfgd…[`_bZ{|SIkSIZDd…[`Sr}kOZjf¡dtiQr…SI]`kJcQ]`S^zjfbktk…fbabS{|SIkSZDd…[`Sr}k{|SqSIfbZQ_­fgi|šSZ

dt[\SIrtk%oQ[`Zjfb[\rtSIkI™j„Zk…S^{|_bZQZjS]hfx{|X)˜jZj[›dt[\_2Z{|SŠkOSZDd…[`Sr}kO{|S^qSIfgZj_ Sde{|S]0œfb{Q{Q[›dt[\_2Zk…iQrc)SYdvm?zKS^{|S

{Q_bZQZQXISIkI“2]hf{QX)˜jZQ[\d…[`_bZ{|SIk%SIZ2dt[\SIrtk”oQ[`Zjfg[`rtSIkSdO{QSIk”žŸ_bZjc)d…[`_bZjk%{|SYzjfbktktfgabS{'œijZQSrtSzjr…XŠknSIZ2d}f¡dt[\_2Zx•

]®œfgi|dtr…S2™!~zjfbrndt[\r{|S c)SIkX]`XRxSZDdtkI“j[`]lSŠkvdez7_2ktk…[\oQ]`S{|Sc_bZjknd…rtiQ[`r…S^fbi|d…_2Rxfgd…[hpDiQSRxSZDdiQZjSzQrtSiQ’2S

{QSY]hf—k…zKXŠc)[\˜Kcfgd…[`_bZ

OPB !"B -

&(' U#Y )

&(' UPDY M

&(' UY

_%$

&('

FSŠkvdijZQS¨žŸ_bZKc,d…[`_bZ {QS¨d…r}fb{|iKc,d…[`_bZ {|SŠk­SIZ2dt[\SIrtk­oQ[\ZKfg[`r…SŠk—’bSIrtk—]`SIkSZDd…[`Sr}k­{|S¦qSŠfgZQ_K™‘wlS

dtrtfJ’¡fb[\]OzQrtXIk…SZDd…X¨{QfbZjk +y[`cIƒ #3zKSIr…RxS)d{lœ_2o|d…SIZQ[\r—ijZQS¨zQrtSiQ’2S{QS–c)S)d…d…SzQrt_bzQrt[`X)d…X¨•£zjfbrndt[\r­{|S

]hfbpDiQSI]\]`Sx[\]‘SIkndzK_Dk…k…[\oj]\S­{|S­k…m?ZDd…NQXd…[hknSIr^iQZ&zQr…_2abr}fgRxRxS r}fg[hk…_bZQZjfboQ]`SRxSZDdS:­cf2c)S—{|S­cfb]`ciQ]‘{|S

]®œfb{Q{|[\d…[`_bZ¶k…iQr^]`SIk^SIZ2dt[\SIrtkoj[\Zjfb[\rtSIkI™)”S—rtXIk…iQ]\dtf¡d^z7_biQrtr}fg[\d 5d…rtS—i|d…[`]`[`k…X­{QfgZKk^ZQ_gdtr…SFdtrtfJ’¡fg[`]sz7_biQr

k…m?ZDd…NQXd…[hknSIr]`SIk_bz7Xr}f¡dt[\_2Zjk{|S¦oKfbk…S£k…iQr]\SŠkSIZDd…[`Sr}koj[\Zjfb[\rtSIkI™6)”Sz7SZj{QfbZDdI“O[\]^ZjS¦z7SrtRxS)d¨zjfbk

{lœ_2o|d…SIZQ[\r]0œfg]`ab_2r…[\d…NjRFS^]`SzQ]`ijkeS:­cf2c)S{|S cfg]hc)ij]{|S]hf­k…_bRxRxS{|S{QSi|šSZDd…[`Sr}koj[\Zjfb[\rtSIkI™j e_bijk

fJ’2_bZjkO{|_2ZjczQrtX)žŸXIr…X^c)_2Zjk…[`{|XIr…SIrpDiQS^]`f—{QX)˜jZQ[\d…[`_bZ¨{|SŠk_bz7Xr}f¡dt[\_2Zjk{|S^ojf2knSk…iQriQZ¨Zj_biQ’2SIfgidvm?zKS

c_bZjcr…SdOž¢fg[\dOzKfgr…d…[`S{QSIk{|_2ZQZQXISIkO[`ZQ[›dt[`fb]\SŠk{|izQrt_boQ]`PRxSb™

|‰JC ?ˆL< > QµŸ°& ?

¥eZfgi|dtr…S”kni¡uvSd{|S‘r…SŠc}NQSr}c}NQSs[`Z2dtXrtSIktk…fbZDdlSIkndA]0œi|dt[\]`[`ktf¡dt[\_2Z{|ir}fg[hkn_2ZQZQSIRFSIZDdlzjfgrfgZjfb]\_2ab[`S({jfgZjk

]`SIkefbktkn[hkvd}fgZDdtke{|SzQrtSiQ’2Sb™ ]ASIkndeSZ¨S¤7SdežŸrtXIpDiQSZDdepDiQS{QSIkzQrtSij’bSIkRxfgd…NQXIR—f¡d…[hpDiQSIke[\ZQžŸ_brtRFSI]\]`SIk

c_bZDd…[`SZjZQSZDd{|SIk%žŸ_2r…R iQ]`SIkc)_2RxRFS('*)N 8 —« /` &(L ,+ $-J«¶¬8T&/.«, %0&ma21n™

„Zz7Si|de{|[hknd…[`ZQabiQSIr{|SiQšX)d}fgz7SIk{QfbZjkO]hf zjr…SIiQ’bSzjfbrfgZjfb]\_2ab[`SIc

c}NQ_b[hk…[\rŠ“{jfgZjk iQZQSojfbk…S{QS{|_2ZQZQXISIkI“ijZ d…NjX_brtPRxS a k…iQr ]`SIpDiQSI]O_bZ ’¡f£kœfgzQzjiQmbSIrz7_biQr

c)_2Zjkvdtr…ij[\rtS^]`f—{QXRx_bZjknd…r}f¡dt[\_2Z¨{|i¨ZQ_bij’bSIfbid…NQXI_brtPRxST`9KcS]`iQ[; c)[SIkndzjfgr…žŸ_b[hkOžŸ_2iQr…Zj[Azjfbr]\S

r…XŠ{Qfbc)d…SIiQr{|S]`fxzjr…SIiQ’bSI9

fb{Qfbz|d…SIr]hf–zQrtSij’bS{QS a z7_biQrxpDiQScS]`]\S Òc[%k…_b[\diQZjSzQrtSij’bS{|S `9scgœSIknd iQZQSd2c}NQSpDiQ[

[\ZKc)_bR oKSfbi]`SIc)d…SIiQr{|S^]hf zjr…SIiQ’bS2™

ŽYfgZKk ]`Scfb{Qr…S{|SIkxk…m?knd…PIRxSIkx{'œfg[h{|S•¦]hf¦{|XIRx_bZjknd…r}f¡dt[\_2Z {|Sd…NQXI_brtPRxSIkI“{QSIk d…r}fJ’¡fgi|š c)_2Zjc)SIrH

ZKfgZDd^]0œfgi|dt_bR—f¡dt[`ktf¡dt[\_2Z {|S—c)SŠk^{|SiQš¦fbk…zKSŠc,d}k^{|i¦r}fg[hk…_bZQZQSIRxSZDdzjfbrfgZjfb]\_2ab[`S_2Z2d^Xd…XxS)¤4SIc)d…iQXŠk™

yXab[hk")”ijr…[`SZ zjr…_2zK_DknS­{QfbZjk +)”iQr}ƒ @3OiQZQSRxX)d…Nj_?{QSz7_biQr r…SŠc}NQSr}c}NQSIr{QfgZKkiQZQSojfbk…S{|Sd…NQXI_

rtPRxSŠk”ijZXIZQ_bZKc)X^{|_bZDd]hf zjr…SIiQ’bSYzK_2iQrtrtfb[›dN5)dtr…SrtXi|dt[\]`[`k…XSz7_biQrXdtfboQ]\[`rO]\S^Zj_biQ’2S]4XZQ_2Zjc)X^c_bZjk…[;

{QXrtXb™)”Sdnd…S—rtSIc}NjSr}c}NQS—knSxojf2knS­k…iQr]hfZQ_gdt[\_2Z£{QS—˜j]\d…r}fgabS—{'œ_br}{|rtS­TkniQr^]®œXZQ_2Zjc)X­{|i&dtNQX_2r…PIRxS

{Q_bZDdY_2Z£c}NjSr}c}NQSF•X)d}fgoQ]`[`r^iQZQSxzQrtSiQ’2Sb™ $ iQzQz7_2k…_bZKkYpDiQSx]®œ_2Z£c}NjSr}c}NQSF•X)d}fgoQ]`[`r^iQZQSxzQrtSiQ’2SF{|S

O & BZU 0/ & YG) U 0/

&

Yt“'_bZ&c)_2Zjkvdtr…ij[›diQZ&Rx_gd…[\ž%{jfgZjk]`SIpDiQSI]s_bZ z7SiQdfJ’b_b[`r{|SIk

’¡fbr…[hfgoQ]`SIk(pDiQ[QrtSzjr…XŠknSIZ2dtSZDd{|SIk(_2o|uvS)d}ks{|i—zQrtSRx[`Srs_br}{|rtS”Sd‘{|SIksžŸ_bZjc)d…[`_bZjksk…iQrc)SŠks_boQuvS)dtk i0{'œ_ $x]\S

dtSrtRxSDA_br}{|rtSHk,™ŽYfgZjkA]0œS)š|SIRFzj]\Szjr…XŠc)XI{QSZDdI“)]`SRx_gdt[›žQc_bZjknd…rtiQ[\dASIkndA]`S‘knij[\’¡fgZDdIU@ P YG) U@ ZPDY

fJ’2SIc @ iQZknm?R oK_2]\S{|SYžŸ_bZjc)d…[`_bZS)d6PS)d ­{|SŠkO’Jfbr…[hfgoj]\SŠk%{QizQrtSRx[`SrO_br}{|rtSb™?wlS^k…m?knd…PIRxSYc}NQSIrtc}NjS

SIZjk…iQ[›dtS­{QfgZKk^]`foKfbk…S­{|S­{|_bZjZQXSŠk^iQZ¶XZj_bZjcX­p2ij[SIkndiQZQS­[`ZjkndtfbZjc)S­{|S­cS­Rx_gdt[›žv“lzKfgrSš?SIRxzQ]\S

O & BZU./021

& Y )gU./021

&

Y…™

Qsrt[hcf%0S]`[hkS)d b_bZ NQ[›d…d…]`S^zQrt_bz7_2k…SZDd{QfgZjk +0 ƒ2ƒ43AiQZQSYdtSIc}NQZQ[hpDiQS^z7_biQrc_bZjknd…rtiQ[`r…Sc)Sdnd…S

Zj_biQ’2S]`]\SYzQrtSiQ’2SY• zjfgr…d…[`r{|iRx_?{QP]`Sb™j„Zc_bRxRxSZjcSzjfgrOX)d}fgoQ]`[`r%ijZQS^c)_brtrtSIk…zK_2Zj{QfgZKc)SeSIZDd…rtS]`SIk

_2o|uvS)d}kRF[hkSZuvSiF{QfgZjk(c}Njf2c)iQZF{|SIk({|SIi|šdtNQX_2r…PIRFSŠk“ŠzQiQ[hk(_bZ r…Snuv_biQS”SZFzjfgr}fg]`]`P]`S‘]hfc_bZjknd…rtijc,dt[\_2Z

{QSIk'zQrtSij’bSIk'{QS]0œfgZKc)[`SZS)d{QiYZj_biQ’2SIfgiYdtNQX_2r…PIRFSd}fgZDdpDiQSs]`SoQi|d i¢]\S(dtNQX_2r…PIRxSc)_bijrtfbZ2dl•OXdtfgoj]\[`r k

{jfgZjk]\S—dtNQX_2r…PIRxSc)[`oQ]`S­’bXIr…[\˜jS—]`SIkcr…[\d…PIr…SŠkfgiQd…_brt[hk…fbZ2d]®œfgzQzQ]`[hcf¡dt[\_2Z {|i¶R5RxSzKfbk{|SzQrtSiQ’2S

pDiQS¨{QfbZjkx]®œ_2r…[`ab[`Zjfg]®™ $ [ecSIk—c_bZj{|[\d…[`_bZKkxZQS–kn_2ZDdxzKfbkx’bXIr…[\˜jXISIkI“_2Z rtSIc_biQr…d­•&{|SIk—NjSiQrt[`knd…[hpDiQSIk

c]`f2k…k…[hp2ijSIkrtXIk…_b]`’¡fgZDd]`SFoQi|dI“4_2i oQ[`SZ¦_bZ [`R—fga2[\ZQS iQZ ]`SRxRxSxzKSIr…RxSdndtfbZDdY]®œXdtfboQ]\[hktknSIRFSIZDdY{|SF]`f

zjr…_2zQr…[`X)dtXr…SŠc}NQSr}c}NQXS2™j„ZdtSZDd…SIrtf—{QS^zQr…_2iQ’bSIrc)S^]`SRxRxSknXIzjfgrtXRxSIZ2dŠ™Qwœ[\Z?’2SZDd…[`_bZ{'œiQZ¨]\SIRxRFS

kIœfbcc_bRxzjfbabZQSO{|S]®œiQd…[`]\[hk…fgd…[`_bZ­{'œiQZ …«p2ij[0“2zjfgr]hfrtSIc}NQSIrtc}NQS{|Sc)_bZDdtr…S ®Sš?SIRxzQ]\SŠk“¡’2Xrt[›˜KS

k…[']`S^]\SIRFRxS^zQrt_bz7_2k…XYZlœSŠkvdzKfbk%d…rt[`’D[hfg]`SRxSIZ2dOž¢fbi|š'™

)”SŠk[h{|XISIk_bZDdX)d…X&[`RxzQ]\XIRxSZDd…XISIkfJ’bSŠc k…ijccPIkfgi9knSI[\Z9{|i {|XIRx_bZjknd…r}f¡dtSiQr{|S£d…NQXI_brtPRxSIk

)%w /0&™=)”SOk…m|kvdtPRxSSIkndsojfbk…Xknijr{|SIk(d}fbc)d…[hp2ijSIk(S)d‘{QSIk t«I«H$ &( i0p2ij[|zKSIiQ’bSIZ2dI5d…rtSc)_bZKkn[h{|XrtXIk

c_bRxRxS{|SIksk…iQz7Sr 0d}fbc,dt[`pDiQSŠkzKSIr…RxS)d…dtfbZ2dsiQZjS%]hfgrtabSOfgiQd…_bR—fgd…[hk…fgd…[`_bZ {QSIkzQrtSiQ’2SIk k,™gwlSŠk(cfg]hc)ij]`ks{|S

rtSIc}NjSr}c}NQS‘{|S%zQrtSiQ’2S‘S)¤4SIc)d…iQXŠk(zjfgr(c)SŠkdtfbc)d…[hpDiQSIkzKSIiQ’bSIZDd25d…rtS”fbr…oQ[\d…r}fg[`rtSRxSZDdc_bRxzQ]`[`pDiQXŠk™JŽYfgZjk

Zj_gd…rtSOfgzQzQrt_|c}NQSb“JZQ_2ijkd…r}fJ’¡fg[`]\]`_bZKkk…iQr(iQZQS{QSIktc)rt[\z|dt[\_2ZSš|f2c,dtSO{QS%]hfYzQrtSiQ’2S”[`Zj{|XIzKSIZj{QfgRxRxSZDd‘{|S

]hf^ž¢f87)_2Z{|_2Z2dOS]`]`SYfX)d…X^c_bZjknd…rtiQ[\d…Sb™?wlSk…m?knd…PIRxS©«Š¬{|_2ZQZQSYiQZRx_¡mbSIZ­zQ]`ijk%zQrtXIc)[hkO{|Sc)_bZDdtr2]\SIr

]hfYd…r}fb{Qijc,dt[\_2ZF{|SŠkzQrtSij’bSIkI™0QsZ—S¤7SdI“bSIZ—cfbk‘{'œXŠc}NQSIc{QS]0œfgzQzj]\[hcfgd…[`_bZ—{'œiQZQSrtPab]`S{QfgZKksiQZ t«I«H$

&(K“j[`]lSIknde{|[(:­c)[`]\S{'œSZ¨{|Xd…SIr…Rx[`ZQSr]`SIkOr}fg[hk…_bZjkOSde{|S^r…XŠkn_2ij{|rtS]`S^zQrt_boQ]`PRxS2™QŽfbZjk]`Scfbk{lœiQZ

dtSrtRxSe{|Sezjr…SIiQ’bS2“b]`SIkXdtfbzKSŠk‘{|Srtfb[`k…_bZQZjSRxSZDd‘c)_2Zjk…[`{|XIr…XISIkk…_bZDd‘XI]\XIRxSZDdtfb[\rtSIk‘S)d”SIZ­cf2k‘{'œXIc}NQSŠcg“

_2Z zKSIi|dzj]\ijkž¢fbc[\]`SRxSIZ2dd…rt_biQ’2SrpDiQSI]\]`S¦fbi|d…rtS–rtPab]`S–fgzjzQ]\[hpDiQSrzK_2iQrz7_bij’b_b[`r­z7_biQr}k…iQ[\’?rtS¨]`f

dtrtf2{|ijc)d…[`_bZ{|S]`fxzQrtSij’bSb™

"(‰A´b²@?Ÿ°A>"`‰> Ò°!g‹Qµ?ŸˆŠ‹ C ¡ˆ­‰m>j‰A²

Q %SZ&ŽSZQZQSIm +ŽSZKb43zQrt_bz7_2k…SijZ RxXIcIfgZQ[hknRxSx{|S d…r}fb{|ijc)d…[`_bZ–z7SrtRxS)d…dtfgZDd^{|SxabXIZQXrtSrY{|SIk

ktc)rt[`z|dtk {|Szjr…SIiQ’bS ©«Š¬¨•–zKfgr…d…[`r {'œiQZ SIZQrtSab[hknd…rtSRxSZDd {|i {|Xrt_biQ]`SRxSIZ2dF{'œijZQSzjr…SIiQ’bS{jfgZjk ]\S

k…m|kvdtPRxSB-Y„Yw‘™I-Y„Yw i¢f2c)rt_bZ?m?RFS{|S ;=)N«)“‘]\_2ab[hp2ijS{'œ_br}{|rtSk…iQz7Xrt[\SIiQr!kSŠkvd­ijZ

k…m|kvdtPRxS{|SszQrtSij’bSIkA{QfgZjkl]`f%dtrtf2{|[›dt[\_2Z^{|Sw) %™ $ SiQ]hk']`SIk'XIZQ_bZjcXIkl{QSIk4dtNQX_2r…PIRFSŠklk…_bZDdlr…SIzQrtXIk…SZDd…XŠk

{jfgZjk”iQZ G cfg]hc)ij]4k…[`RFzj]\SIRFSIZDd”dvm?z7Xb™ QsZzKfgr…d…[hc)iQ]`[\SIrI“D[`]7ZAœm­fzjfbkO{|SYr…SIzQrtXIk…SZDdtfgd…[`_bZ—{|SIk%zQrtSij’bSIk

k…_biKklžŸ_2r…RxSO{|S6G ®d…SIr…RxSIkI“¡c)SI]\]`SIkH Òc[Dk…_bZDd(r…SIzQrtXIk…SZDd…XISIkkn_2ijklžŸ_2r…RxSO{'œiQZQSkniKcc)SŠk…k…[`_bZ{'œfgzjzQ]\[hcfgd…[`_bZjk

{QS rtPa2]\SŠk{'œ[`Z|žŸXrtSZjcSb™ ](ZlœS)š|[`knd…SFzjfbrYfb[\]`]\SIiQr}kezjf2k{QS ZQ_bd…[`_bZ£{|SFc_bZ?’bSIrndt[\oj[\]`[›dtX c_bRxRxSFcbœSŠkvd]\S

cIfbk{QfbZjkx©«I¬™

¥eZ­RxXIcfbZQ[hknRxSe{|Sd…r}fb{|ijc)d…[`_bZFd…SI]7pDiQSc)S]`iQ[7{|XIcr…[\d”{QfbZjk6+ŽeSIZjb37z7SrtRxS)d‘]hf^rtXi|dt[\]`[`ktf¡dt[\_2Z—{|SIk

zjr…SIiQ’bSŠk{|X’2S]`_bzQz7XSŠkOSZB-Y„Yw£z7_biQrec_bZjknd…rtiQ[`r…S{|S^ZQ_2iQ’bSI]\]`SIk%dtNQX_2r…[`SIk{jfgZjk—©«Š¬9j_2ZXI’D[\d…Sfb[\ZKkn[

{QSYrtS)žŸ_2r…R—fb]\[hknSIrO]\SŠkOR"5IRxSIkZQ_bd…[`_bZjkOR—fgd…NQXIRxfgd…[hpDiQSIk{QfbZjk{|SŠkknm|knd…PRxSŠk{|[›¤4XrtSZDd}k™

wAS zjr…_2oQ]\PIRxSF{|Sx]hfc)_?_bz7Xr}f¡dt[\_2Z–SZDd…rtSF]\SŠk^knm|knd…PRxSŠkY{QSFzjr…SIiQ’bSŠkf{|Xnun•Xd…XxX)dtij{|[`X­{QfgZjkY]`S—cfbk

{QSIk—k…m?knd…PIRxSIk-Y„Yw9S)d­ eiQzQrt] +2-eƒ54#3ҙQSI]›dvm SdL-_%S_2Z2d—rtXIfb]\[hknXiQZQSžŸ_2r…R—fg]`[hk…fgd…[`_bZ N?m?oQrt[`{QS

{lœiQZjSYzjr…SIiQ’bSY{|SZQ_brtR—fg]`[`ktf¡dt[\_2Z{|SY]`f ]\_2ab[hpDiQSYc_bR oQ[\ZKf¡d…_2[\rtS $ . kn[`RxzQ]`SRxSZDdOdvm?zKXISSIZi|dt[\]`[hk…fbZ2d

•]hfžŸ_2[`k{|SŠkoQ[`oQ]\[`_gdtNQPIpDiQSŠk{|SFd…NQXI_brtPRxSIk{QfbZjk]\SŠk{|Si|š£knm|knd…PRxSŠk™'ŽS dtS]hkYd…r}fJ’¡fgi|š–_2Z2dz7_biQr

_2o|uvSIc)d…[\ž({QSRx_bZDd…rtSrpDilœ[\]ZlœSIkndezjfbkZQXIcSIktk…fb[\rtS^{|SrtSI{|X˜jZQ[`riQZQS^dtNQX_2r…[`Skn[S]`]\S^SŠkvdY{|Xvun•FžŸ_2r…R—f

]`[hknXIS{QfgZKkeiQZ¦fgi|dtr…Sk…m|kvdtPRxSb™Qs]`]\S zKSIi|dI“4SIZ–S)¤4S)dŠ“4k…_b[\d 5d…rtSi|dt[\]`[`k…XSF{|[`r…SŠc,d…SIRxSZDdI“4kn_2[›ded…r}fb{|iQ[\d…S

k…m|kvdtXR—f¡dt[`pDiQSIRxSZDd{QfgZjkO]`SžŸ_brtR—fg]`[`k…RxSY{QXIk…[\rtXb™

wA_br}kY{lœiQZjS dtrtf2{|ijc)d…[`_bZ¦c_bRxRxSFcS]`]\SxzQrt_bz7_2k…XS zjfgr^ŽSZQZjSmb“'_2Z SŠkvdfgRxSIZQXF•S)š|zQrt[`RFSIr^{|SIk

Zj_gd…[`_bZKklzQrt[\Rx[\d…[`’bSŠkA{QfbZjkl]`SsžŸ_brtR—fg]`[`k…RxS‘{|S‘{QXzjfbrndAzKfgr{QSIkAd…NQXI_brtPRxSIkl{QXI{|[`XIk v]`SIkA[\Rx[\dtfbZ2d ‘{QfgZjkA]\S

žŸ_2r…R—fb]\[hknRxSO{'œfgrtr…[`’bXISb™)œSŠkvd(]\ScIfbkzK_2iQrs]`SIk_bz7Xr}f¡dtSiQr}k({|S”rtXXŠc)rt[›dtiQrtS%fbiZQ[`’bSŠfgi {QS%]®œXIpDiQ[`’Jfb]\SIZjc)S

zjr…_2zK_Dkn[\d…[`_bZQZjS]`]\S^{QfbZjk6-Y„Yw‘™jwlSŠkX)d}fgz7SIk{QS^r…XIXIc)rt[\d…iQrtS^kn_2Z2drtSRxzQ]hfbcXSŠkOzjfgr]®œfgzQzQ]`[hcf¡dt[\_2Z{lœiQZ

dtNQX_2r…PIRxS©«Š¬k…[`RiQ]hfgZDdiQZzjfbk{QS^r…XIXIc)rt[\d…iQrtSb™

)”SdndtSxd…SIc}NjZQ[`pDiQS­{QSFrtSRxzQ]hfbcSRxSZDd{|S—R—fgZj[\zQij]`fgd…[`_bZjkzQrt[`RF[\d…[`’bSŠk{|SFd…SIr…RxSŠk^zjfgr^]®œfgzQzQ]`[hcf¡dt[\_2Z

{QSdtNQX_2r…PIRxSIkk…Sr}frtXi|dt[\]`[hknXIS{QfgZjkOZj_gd…rtSYd…r}fJ’¡fg[`]0™

$ —l ±

 e_bijkYc)_2RFRxSIZ7)_2Zjkzjfbr{|XŠc)rt[\rtSr}fgzQ[h{|SIRFSIZDde]\SFknm|knd…PIRFS {'œfb[`{QS •—]hf­zQrtSij’bS–©«Š¬)“7zQiQ[hkeZj_bijk

zjr…XŠknSIZ2dt_bZjk”]`SIk”dvm?zKSŠk”[`Zj{|iKc,d…[\ž¢k{QfbZjkOc)Sknm|knd…PRxS2™)”SIi|š= Òc[Kz7SrtRxS)d…d…SZDd]hf {|X˜jZQ[\d…[`_bZ{|SYdvmDz7SIkO{|S

{Q_bZQZQXISIkc_bZjcr…Sdtk%S)dek…_bZDdiQZX]`XRxSZDdecSZDd…r}fg]'{|S^ZQ_bd…rtSX)d…iK{|Sb™

% $@DE**$% &

wASknm|knd…PIRFS ©s«Š¬FSIknde]®œ[`RxzQ]hfgZDdtfgd…[`_bZ–{'œiQZ¨žŸ_2r…R—fg]`[hknRxS^]`_bab[hpDiQS{'œ_br}{|rtSkniQz7Xrt[`SiQrmcQ]\S)%fg]hc)iQ]

{QSIk)”_bZKkvdtr…ijc)d…[`_bZjk ZK{|ijc,dt[\’2SIk+)”_|pDƒ2ƒ|“)”Njfbzl™'€3ҙ ]‘kIœfgab[\d{'œiQZ G cfb]`ciQ](dvm?zKX­fJ’2SIc dvm?zKSŠk^{|X

z7SZK{QfgZDdtk +Ž_ƒbƒ43ғQz7SrtRFSdnd}fgZDdSZ_bi|dtr…S]hfx{|X)˜jZj[›dt[\_2Z{QSc)_bZKkvdtr…ijc)d…[`_bZjk%[`Zj{|ijc)d…[`’bSŠk +q 0¨ƒb‚43ҙ

)”_|pzQrt_bz7_2k…SiQZ–Rx_|{|S[`ZDd…SIrtf2c,d…[\ž{|S {QX’bSI]\_2zQz7SRxSZDd{|S zQrtSiQ’2SzjfgrYc}NjfZjfbabSfgrtrt[\PIr…S2™7„Z–{|[hkj

z7_2k…Se{'œiQZ­cSr…dtfg[`Z—ZQ_2RoQrtS{|Sd}fbc)d…[hp2ijSIkI“2fgzjzQ]\[hcfboQ]`SIkfbi—oQi|d%c_biQr}fgZDd‘k…[KcSr…dtfg[`ZQSŠkszQrtXIc)_2Zj{|[\d…[`_bZjk

k…_bZDd’bXIr…[\˜jXISIkI™ Q]\]`SIkz7SrtRxS)d…d…SZDde{'œS)¤4SIc)d…iQSIr]`SIkOzjf2kOX]`XRxSZDdtfb[\rtSIkO{|S^zjr…SIiQ’bS2™

ŽYfgZKkYcSFcIfg]hc)iQ]®“']`SIkYzQrtSiQ’2SIkYkn_2Z2d^{|SŠkedtSrtRxSIk{|i G cfb]`ciQ]sc)_bRxRxSF]\SŠk^fgi|dtr…SŠk™4wœ[`k…_bRx_2r…zQNj[`k…RxS

{QS%)”iQrtrtm8 -_Ofgr}{zKSIr…RxSd{'œ[`Z2dtSrtzQrtX)d…SIr]\SŠkdvm?z7SIk^{|i£cfg]hc)ij](c_bRxRxSF{QSIkžŸ_brtRiQ]`SIk]`_bab[hpDiQSIkS)d

]`SIk/G ®d…SIr…RxSIkc)_2RFRxS{|SŠkzQrtSij’bSIkI™jw‘œ_2o|uvS)d{QXZQ_bdtfgZDd]hfxzQrtSiQ’2S{'œijZ¨d…NQXI_brtPRxS^SIkndc_bZjk…Srt’bX89|[\]

SŠkvd{|_2Zjcz7_2ktkn[`oQ]`S{QSY’2Xrt[›˜KSriQZQSzQrtSij’bSzjfgrijZQSkn[`RxzQ]`SY_2zKXIrtfgd…[`_bZ{|S’bXIr…[\˜Kcfgd…[`_bZ{|SYdvm?zKS2™

8 BEH F ,(! < B(*;! D

‡*>J?²#?Ÿ°A>Aˆ

w‘œSšDdtSZjk…[`_bZ [`Zj{|ijc)d…[`’bS&{|i cIfg]hc)iQ]{|SŠkc_bZjknd…rtijc,dt[\_2ZjkS)d¨kn_2Z [\RxzQ]hfgZDd}f¡d…[`_bZ*©s«Š¬¶{|[hk…zK_DknSIZ2d

{lœiQZjS¨ZQ_gdt[\_2Z§{|Sdvm?z7SIkx[`Zj{|ijc)d…[\ž¢k­zQrt[`RF[\d…[\ž¢kI™‘q_biQr­c}Njf2pDiQSdvmDz7S¨[`Zj{|ijc)d…[\žv“]\S–k…m|kvdtPRxSzQrt_bz7_2k…S

{QSi|š&c)_bZKkvdtr…ijc)d…[`_bZjkzjr…[`Rx[›dt[\’2SIk{|S­˜j]›dtrtfbabSBi 217 1 kSd{|S{|X˜jZQ[\d…[`_bZ¶zjfbr^zK_2[\ZDd 0˜Qš|S i 5. :B k9

]`SIkktc}NQXIRxf2k{|Sr…XŠc)iQrtrtSZjcSYk…_bZDd{|X)˜KZQ[`ke• zKfgr…d…[`r{|S^c)S]`]`SIkH Òc[0™

)”SŠkYdvmDz7SIk[\Zj{Qijc,dt[›ž¢k^z7SrtRxS)d…d…SZDd{|S—{|X˜jZQ[`r{|SIk^c_b]`]\SŠc,dt[\_2Zjk^{'œ_bo|uvSdtkR—f¡dtNQXR—f¡dt[`pDiQSŠk^{|Sx]`f

R5IRFS%R—fgZQ[`PrtS”pDiQS%]®œ_2Z {|X˜jZQ[\ds{QSIkdvm?zKSŠk{QS%{|_2ZQZQXISIk(c)_2Zjc)rtS)d}kASIZ™Jq(fgr(S)š|SIRFzj]\S2“Š]`SIkSIZ2dt[\SIrtk

ZKf¡d…ijr…SI]`kL&( 7«—k…_bZDd{|X)˜KZQ[`k{QS^]`fFR—fgZQ[`PrtS^knij[\’¡fgZDdtS{jfgZjkx©«Š¬Fc

!"#%$&##%$('*)+$,"#.-,&$,"0/12"#43

)”SI]`f–k…[`abZQ[\˜jSpDiQS­]®œ_bZ {|X˜jZQ[\d iQZ¶_2o|uvS)d B )“{|Sk…_br…d…S / 7)“{Q_bZDd ]`SIk c)_bZKkvdtr…ijc)d…SIiQrtkkn_2Z2d +

iXIr…_=k‘Sd/ i¢]`fFžŸ_2Zjc,dt[\_2Zk…ijcIc)SIktk…SiQr P65M P!M6N4k,™

wf{|X)˜KZQ[›dt[\_2Z^{'œijZdvmDz7S[`Zj{|ijc)d…[\žj{QfgZKk©«I¬”zQrt_¡’b_|pDiQS(]`fc_bZjknd…rtijc)d…[`_bZ% « %¢¬ ”{'œiQZ !'

.'0¢«!3&'&( S)d^{'œijZ _bz7Xr}f¡dtSiQrY{|SrtXIciQr}kn[`_bZ¨z7SrtRxS)dnd}fgZDdY{QSF{|X˜jZQ[`rY{QSIkežŸ_bZjc)d…[`_bZjk

rtXIciQr}kn[`’bSŠk™?wlS^zQrt[`Zjc)[`zKS^{'œ[`Zj{|ijc)d…[`_bZ–k…iQr]\SŠkOSZDd…[`Sr}k{|S^qSIfbZQ_xzQr…SIZj{]`f žŸ_2r…RxS^knij[\’¡fgZDdtSIc

"#7 8

$:9<;=$9>"#/?1; @A?BDCECF9<;G)CE/1H9E9>I$J"#CF9<;*KC#/1L9<;M9N&OKCECEC#/1L9>I$P"#CF9>;QKC

pDiQ[Ac_brtr…SŠknz7_bZK{­S)šQf2c,d…SIRxSZDdfgizQr…[`Zjc[\z7S{|S^rtXIc)ijr…rtSZjcSc]`f2k…k…[`pDiQS^k…iQr]`SIkOSZDdt[\SIrtkJc

` U(RYTS\UO & B/S` U&

Y2K_` U&

MANYY K O & B/S ` U& Y i 4k

U °A>C J²@?

?Ÿµ?²I‡

]S)š|[hkvdtS{QfgZjke]\S cfg]hc)ij]{|SŠkec)_2Zjknd…rtijc,dt[\_2Zjk[`Zj{|ijc)d…[`’bSIkeiQZQSrtPa2]\S{QS c)_2Z?’bSr…d…[`oQ[`]\[\d…XpDiQ[[`{QSZ

dt[›˜KSxcSr…dtfb[\Zjked…SIr…RxSŠkSZDd…rtS SIi|š'™J)”S)dndtSxr…PIab]`SdtrtfbZjk…cr…[\d]hfZQ_gdt[\_2Z¦{|SWV=XY ÒXIpDiQ[`’¡fg]`SZjcSb“4_ $£]`fZV

rtXI{Qijc,dt[\_2Zc_brtr…SŠknz7_bZK{•x]®œfbzQzQ]`[`cIf¡d…[`_bZ{|S^žŸ_2Zjc,dt[\_2ZjkI“|]`f[X# Òr…XŠ{|ijc)d…[`_bZ¨fgirtSRxzQ]hfbc)SIRxSZDd{|S^ZQ_bR—k

{QSc)_bZKkvd}fgZDd…SŠkzjfgre]\SIiQrtke{|X)˜jZj[›dt[\_2ZjkS)¤4SIc)d…[`’bSŠkS)d]hfZY Òr…XŠ{|ijc,dt[\_2Z¨{|X)˜jZj[›de]`SIkr…PIab]`SIk{|S^rtXI{Qijc,dt[\_2Z

f2k…k…_|c)[`XSŠk%fbi|š_2zKXIrtfgd…Sijrtk\ 217 1OSd]. :B )™

)”_2Zjkn[h{|XIr…_2Zjk%zjfgrSš?SIRxzQ]\S]hf—{|X)˜KZQ[›dt[\_2Z¨{QfgZjkx©«Š¬{QS^]`f žŸ_bZKc,d…[`_bZž¢f2c,d…_2r…[`S]`]`SIc

^_B`A *a "MbPI$J"Ecd$,"M$('

e "ff2QAag):' 1h9&i)C

-j9&OBKCj' 1+9Pk `l%9(aE":BKCG9&OBKCEC

?43

wASIkOrtPab]`SIk{QSY Òr…XŠ{|ijc)d…[`_bZ¨c)_2r…rtSIk…zK_2Zj{QfbZ2dO•xc)S)d…d…S{|X˜jZQ[\d…[`_bZ¨k…_bZDd]\SŠkkniQ[`’¡fgZDd…SŠkDc

U +/Y2M*U/ +/Y U U/ =DYHY2M2U 0 / U =DY6U/ = YYHY

)”SI]`f§k…[\a2ZQ[›˜KS£pDiQS£]\S&k…m?knd…PIRxS¦ZQS£ž¢fb[›d–fgiKc)iQZQS&{|[hkvdt[\ZKc,d…[`_bZ]i¢fbi|d…rtS£pDiQS¶k…m?Z2d}f¡š|[hp2ijS#k—SIZDd…rtS¦]`SIk

{QSi|š£d…SIr…RxSIkLU +ZYeS)d U/P+/Y™s„Z {|[\d pDiQSc)SŠk^dtSrtRFSŠkk…_bZDd[\ZDdtSZDd…[`_bZQZjS]`]\SIRFSIZDdXaDfgi|š'“l_2i

c_bZ?’bSIrndt[\oj]\SŠk™ ]hkOzKSIiQ’bSIZ2d65d…rtSi|d…[`]\[hk…XIk[`Zj{|[\¤7XIr…SIRxRFSIZDd]0œiQZ¨•F]`fFzQ]hfbcS{QS^]0œfgi|dtr…S2™

U

°A>AˆŠ‡l‰ >´ ?ˆ " ^µF´2°>CŠ²#? ?Ÿµ?²Š‡ wAfzQrtSij’bSs{|S]®œXIa2fb]\[\d…X l{QfgZjkliQZknm|knd…PIRFS

c_bRxRxS ©«I¬¨SIknd [`RFRxXŠ{|[`fgd…S2™wASIk{QSi|š&d…SIr…RxSŠkc)_2Zjk…[`{|XIr…XŠkS)dknSr…XŠ{|iQ[hknSIZ2dF•¨]`f

R5IRFSžŸ_2r…RxSZQ_2r…R—fg]`Szjfgr]`SIkr…PIab]`SIk{|S^rtXI{|iKc,d…[`_bZ{|i¨cfb]`ciQ]9Q[\]hkk…_bZDd{|_bZKc[\ZDd…SIZDd…[`_bZQZQSI]\]`SRxSIZ2d

XIa2fbi|š'™Q¥ZQSdtS]`]\S^zQrtSij’bSSIknde{|[\d…S^[`RFzj]\[hc)[\d…S2“jzQiQ[hktp2ijS^]\S^r}fg[hkn_2ZQZQSIRFSIZDdOSŠkvdSIZž¢fb[›dr…SIRFzj]`f2c)Xzjfgr

{Qi£cIfg]hc)iQ]sSd^pDiQSx]`SFd…SrtRxS—{|SxzQr…SIiQ’bS—c_bZjknd…rtiQ[\dYSš?zjr…[`RxSxk…[`RFzj]\SIRFSIZDd^pDiQS)“'Rxf2k…pDijfbZDd

pDiQS ]\S RxSRojr…SaDfgijc}NjS{|S]®œXIpDijf¡dt[\_2Z–f—ž¢fb[›dY]0œ_bo|uvSdY{'œiQZQS r…XŠ{|ijc)d…[`_bZl™7wœfgzQzQ]`[hcf¡dt[\_2Z {|SŠkrtPab]`SIk

{QS–c)_bZ?’2Sr…d…[`oQ[\]`[\d…XZQS c_bZjknd…rtiQ[\dfgijciQZ§d…SrtRxS–{|S¨zQrtSiQ’2SS)dk…S–c)_2Z2dtSZDd…S–{QS¨RF_|{|[\˜jSIr­]0œfbk…z7SIc,d

k…m?ZDdtf¡š|[hpDiQSY{QS^]0œXZQ_2Zjc)X^•FX)d}fgoQ]`[`rI™

ŽS^]hf R5IRFS^R—fbZQ[\PIr…S2“|]0œXZj_bZjcX

O & B U / & YG) U 0/

&

/

& Y

k…S‘zjr…_2iQ’bS‘{QSž¢f7_bZ[`RxRxXI{|[hf¡dtS”zjfbrA]`S%cIfg]hc)iQ]9ŠSZS¤7Sd]hf Y Òr…XŠ{|ijc,dt[\_2Z{|id…SrtRxS”{|S%a2fbijc}NQS‘c_bZj{QiQ[›d

fbixd…SIr…RxS{QS{|rt_b[\d…S2™ ]7SIknd”[`RFz7_br…dtfbZDd”{|SktfJ’b_2[\r”p2ijSc)SdndtSezQrtSiQ’2Sek…Sr}fg[\d”{|[(:—c[\]`Sk…[/—ZlœXdtfb[›dOzjfbk

ijZc_bZjknd…rtijc)d…SijrI“?R—fg[hkOiQZQSk…[\RxzQ]`SžŸ_bZKc,d…[`_bZA™

¥eZQSOzQr…XŠknSIZDdtf¡dt[\_2Zdtr…PŠkc_bRxzQ]`P)dtSO{QS%]®œi|d…[`]\[hktf¡d…[`_bZF{|SIkdvm?z7SIk([`Zj{|ijc)d…[\ž¢ks{QfgZKk©s«Š¬eSIkndž¢fb[›dtSO{jfgZjk

+»VY[`Rxƒ43ASd]\SŠk%žŸ_bZj{|SIRxSZDdtkOdtNQX_2r…[hpDiQSIkOk…_bZDdzQrtXIk…SZDd…XŠk{QfgZjk +q10¨ƒ2‚43ҙ

±— $

l

$#

$

$ $

wAS­oQi|d {QSc)Sdnd…S—zKfgr…d…[`S—SIknd {|S­zQrtXIk…SZDdtSr^]`SIk^XI]\XIRFSIZDdtk•RxSdnd…rtS—SZ¶zj]`f2c)S­f¡˜KZ {|S—zK_2iQ’b_2[\r

ž¢fb[\rtS^iQZQSdtrtf2{|ijc)d…[`_bZ¨fgi|dt_bR—f¡dt[`pDiQS{QSIkOdtSrtRFSŠk{|Szjr…SIiQ’bSŠkO]\_2rtk{lœiQZ–c}NKfgZQa2SRxSZDd{|SrtSzQrtXIk…SZ

d}f¡dt[\_2Z&{lœiQZjS—ZQ_gdt[\_2Z£R—fgd…NQXIRxfgd…[hpDiQSb™A e_bijk^c_bRxRxSZ7_bZjkzjfgr^Xd…ij{|[`Sr]\S—zjf2k…ktfga2SF{QS—zQr…[`Zjc[\z7SIk

{lœ[`Zj{|ijc)d…[`_bZ {lœiQZjSrtSzQrtXIk…SZDdtfgd…[`_bZ{QfgZKke]®œfbi|d…rtSb™7¥ZQSžŸ_b[hkcSIkzjr…[`Zjc)[`z7SIke{Q[`k…zK_2ZQ[`oQ]\SŠk“7ZQ_2ijkXd…i

{Q[\_2ZjkOc)_bRxRxSZDdrtSRxzQ]hfbc)SIrO]\SŠk”rtPa2]\SŠkO{|S^c)_bZ?’2Sr…d…[`oQ[\]`[\d…XiŸSZzjfbrndt[`ciQ]\[`SrO]hf Y' c)_2Z?’bSr}k…[\_2Z kszjfbr{|SIk

XdtfbzKSŠk{|S^r…XIXIcr…[\d…iQrtSYi|d…[`]\[hktfgZDde{|SIk%dtNQX_2r…PIRxSIk{'œXaDfg]`[›dtXb™

! $H, (*+(*,*$FG H,% #H ("!'!(! #

 e_bijk^Xd…ij{Q[\_2Zjk^c)_2RFRxSIZ2d[`]sSIkndz7_2ktkn[`oQ]`Sb“l•zjfbrndt[\r^{|i¶c)_|{QfbabS—{'œiQZQS­knd…rtijc,dtiQrtSx{QS­{|_bZQZjXSIk

{jfgZjkiQZQSOfgi|dtr…S2“Š{QS”{|X˜jZQ[`r({QSIkzQr…[`Zjc[\z7SIk{|S%r…XŠc)iQrtr…SIZjc)S‘ZQ_bZknd…rtijc)d…iQrtS]`]\S%knijriQZdvm?zKSO{|SO{|_bZQZjXSIk

c_bZjcr…SdI™4wlSFoQi|d^{|Sxc)SIc[(SIknd{|SFz7SrtRFSdndtr…Sx{|Sxc)_bZKknSIr…’2Sre]hfknd…rtijc)d…iQrtSF{QSIkYzQrtSiQ’2SIkefbi Rx_bRxSIZ2d

{lœiQZ–c}NKfgZQa2SRxSZDde{|SrtSzjr…XŠknSIZ2d}f¡dt[\_2Zl™Q _2ijkOd…r}fg[\d…_2ZjkzQ]`ijkezjfgr…d…[hc)iQ]`[`PrtSRxSZDd]`Scf2k_ $]`SIkdvm?z7SIk

{QS{Q_bZQZQXISIkc_bZjcr…SdtkORx[`kSZ uvSi¨kn_2ZDdO[hk…_bRx_brtzQNQSŠk™

)”_2Zjkn[h{|XIr…_2Zjks]`Secf2k{'œiQZc}NjfbZQabSIRFSIZDd‘{|SrtSzQrtXIk…SZDdtfgd…[`_bZFzK_2iQr‘]`SIk‘SZDd…[`Sr}ksZjfgd…iQrtS]hkI™2 _2ijkrtS

zjr…SIZQ_bZjk(]hfZQ_bd…[`_bZ—{'œSZDd…[`Sr}k(oQ[`Zjfg[`r…SŠkd…SI]\]`SepDilœS]`]\SSŠkvd‘{|X˜jZQ[`Se{QfbZjk(]0œ[`RFzj]`fbZ2d}f¡dt[\_2Zx{QS]`fYd}fbc,dt[`pDiQS

+ 7 +)”_?p?ƒ2ƒ?“)”NjfgzA™ E 3A{QS¨©s«Š¬™

wfF{QX)˜jZQ[\d…[`_bZ¨{|SŠkSZDdt[\SIrtk%oQ[`Zjfg[`rtSIk{QfbZjkx©«I¬ SIknde{|_2ZQZQXzjfgr]`SIkO]`[`abZQSŠkkniQ[`’¡fgZDd…SŠkDc

!B`A f#ad$&##M$('

A8 $B`AEfEa 9C

-\B`L$B`A f#aG/18B`A fEa 9_ _1 C

-\B) $B`A f#aG/18B`A fEa43 9_]_1C

8d$&##%$(' #@ A$ - B`A f $,B`A f#aG/18I3

]|SŠkvdsz7_2ktkn[`oQ]`Sb“¡S)dszQ]`ijk(Zjfgd…iQrtS]®“¡{|S{|X)˜KZQ[\rs]`SIkSIZ2dt[\SIrtk(oj[\Zjfb[\rtSIk(c_bRxRxS%{|SŠk(]\[hknd…SIk({|SOo7_?_b]`XSZKk™

)”SdndtSr…SIzQrtXIk…SZDdtfgd…[`_bZl“?oQ[`SZ–pDiQS^zQ]`ijkkn[`RxzQ]\S p2ijSc)S]`]`Sfb{|_2z|d…XISb“QzQrtXIk…SZDdtSc)Sz7SZK{QfgZDd]®œ[`Zjc)_2Z?’bX

Zj[\SIZ2dY{|SZQSzjfbk{|_bZQZjSreijZQSXŠc)rt[›dtiQr…S^ijZQ[`pDiQSF{|S c}NKfbpDiQS^SZDdt[\SIreZjfgd…iQrtS]®™Kq(fgrS)š|SRxzQ]`Sb“LR N#RRxS)d

N#RRFkn_2ZDd{QSi|šr…SIzQr…XŠknSIZDdtf¡dt[\_2Zjk%{|[›¤4XrtSZDdtSIk{|iZQ_2RoQrtS^p2iKf¡d…rtSb™

]hfxkniQ[\d…S{QScSIk{|X˜jZQ[\d…[`_bZjkI“|]`SIkzQrt[`Zjc)[`zKSŠk{'œ[\Zj{Qijc,dt[\_2Zknd…rtijc)d…iQrtS]`]\S . : 1 B­Sd B

*B

k…_bZDdfbi|d…_2R—f¡d…[hpDiQSRxSIZ2dSZQa2SZj{|rtXIkI™O„Z _bo|dt[\SIZ2d˜jZjfb]\SIRFSIZDdiQZ zjr…[`Zjc)[`z7S¦{'œ[\ZK{|ijc,dt[\_2Z k…iQr]`SIk

SIZDd…[`Sr}koQ[`Zjfg[`rtSIkdtr…PŠk{Q[›¤4XrtSZDdY{Qi–zQrt[\Zjc[\z7S {lœ[`Zj{|ijc)d…[`_bZ i4ke{|Xrt[`’bX{|S ]`f{|X)˜KZQ[›dt[\_2Z {|SŠkeSIZ2dt[\SIrtk

{QSqSŠfgZQ_K™ )”SYZj_biQ’2SIfgizQrt[\Zjc[\z7S{'œ[\ZK{|ijc,dt[\_2Z¨c)_bRxz7_br…d…SpDijf¡dtr…S^cf2k%Ri|dtiQS]`]\SIRxSZDdS)šQc)]`ijk…[›ž¢kJcFRQ“

N2“D = MANb“D8=fJ’2SIc UH=IGRYt™

` U(RYTS ` UNY!S UO =( . : 1 S` UH= YKh` U D = MANYHYTS\UO =(. : 1 6S` UH= YK_` U D = YY

K O &

*B S` U& Y

Ž œijZ¶zK_2[\ZDd{|S—’?iQS—SIZjknSIRoQ]`[hkvdtSb“l]`SIkdvm?z7SIk! BS)d<B^kn_2Z2d^[hkn_2Rx_brtzQNQSIk%i¢[\]‘SIkndzK_Dk…k…[\oj]\S­{|S

c_bZjknd…rtiQ[`r…S^ijZQS fbzQzQ]`[`cIf¡d…[`_bZ¨oj[uvSŠc,d…[`’bSF{|S]®œiQZ {QfbZjk]®œfbi|d…rtS#k 9jR—fg[hke]`SIkezQrt[\Zjc[\z7SIkY{'œ[\ZK{|ijc,dt[\_2Z–S)d

_2zKXIrtfgd…SIiQrtk‘{|SertXIciQrtk…[`_bZ­pDiQ[7]\SIiQr”k…_bZDd%f2k…k…_|c)[`XIks]`SIk%{|[hkvdt[\ZjabiQSIZ2d”žŸ_br…d…SIRFSIZDdI™?ŽeSzQ]\iKk“D]0œ_bz7Xr}f¡dt[\_2Z

{QScfb]`ciQ]4{|ik…ijccSIktknSIiQr”{lœiQZSZDd…[`SrOkIœSš?zjr…[`RxS{|SRxfbZQ[`PrtSeZQ_bdtfgoj]\SIRFSIZDd”zQ]`ijk%c)_bRxzQ]`[hp2ijXS{jfgZjk

]®œfgrt[›dtNQRxX)d…[hpDiQSoQ[`Zjfg[`r…S^pDiQS{QfbZjkO]®œfbr…[\d…NQRxXd…[hp2ijS{QSqSŠfgZQ_K™

#a8?#A?0&i$8G/18d$('

bPI$`8c e " ffOQAa #@A!' 1 9>BA fiA?`C

-29>B`A f2DCO' 1 9JB`A f 9N"?_7E&DCEC

43

^_B`A g"_7#&gbPI$PB`A fEaEc $,B`AEfEad$<'

e "f f2QAa*A?9 !C ' 1 9>B`):A8`C 9"!C

-29>B`)!CG9?i1 C ' 1 9>BO`C 9 C

-29>BTCG9? j1#CO' 1 9>B`) 9("_7E&$WCEC 9H9( %#CC

43

VYr bcS‘•]®œ_2rt{Qr…S‘k…iQz7Xrt[\SIiQrŠ“ZQ_2ijkfb]\]`_bZKklXZj_bZjcSrASdzQrt_bij’bSrAiQZZQ_2iQ’bSŠfgi^zQrt[\ZKc)[`zKS%{'œ[`Zj{|iKc,d…[`_bZ

k…iQr]`SIkOSIZ2dt[\SIrtkOoj[\Zjfb[\rtSIk@c

` U 5879;:YTS\UO & B S` U&

YK\` U/&

&

YHY K O &

B S` U& Y i8k

)”SZj_biQ’2SIfgiFzQrt[\ZKc)[`zKSek…iQ[`’?rtfY]hf^kvdtr…ijc)d…iQrtS{|SŠksSZDd…[`Sr}k{|SqSŠfgZQ_^Sd‘zKSIr…RxSdnd…r}f^fg[`Zjk…[j{|Sc_bZjk…Srt’bSIr

]hfknd…rtijc)d…iQrtS {|SŠkezjr…SIiQ’bSŠkeXdtfgoj]\[`SIkzjfgrYrtXIc)ijr…rtSZjcS{QfbZjke]®œfgrt[›dtNQRxX)d…[hpDiQS {QSFqSIfbZQ_j™4wlSF{|X’2S]`_bz

z7SRxSIZ2dc)_2RFzj]\Sd{|S]hf­c)_2Zjknd…rtijc,dt[\_2Z–{|Sc)SZQ_biQ’2SIfbi¨zQr…[`Zjc[\z7S{'œ[\ZK{|ijc,dt[\_2Z–SZ ©«Š¬xSIknd{|_2ZQZQX•

]®œfgZQZQSš|S 3Y™VEb™

¡°l´2‡ "‡" –´b°A>ˆ² ¡‰´g²#?Ÿ°A>

Eb™ _2ijkc)_2RxRFSIZ7)_2Zjk%zjfgrc_bZjknd…rtiQ[`r…S{|SIi|šžŸ_2Zjc,dt[\_2Zjk

: B 709NQ B M B B

8: B79FQ B1M B

zKSIr…RxSdndtfbZDd ]`Szjf2k…ktfga2Sx{lœiQZjSrtSzQrtXIk…SZDdtfgd…[`_bZ&oQ[`Zjfg[`rtS•¨iQZQSr…SIzQrtXIk…SZDdtfgd…[`_bZ &Vj6 7«

{|SIkSZDd…[`Sr}kOZjf¡dtiQrtS]hk”Sd’?[`cS ҒbSr}ktfQ™

T|™ŽfbZjk^iQZ¶{|SIi|š|[\PIRxSxd…SRxzjkI“lZQ_2ijkX)d}fgoQ]`[hk…k…_bZjk^•]®œfb[`{QS­{|SIk^{|X˜jZQ[\d…[`_bZjkzQr…XŠc)XŠ{|SZDd…SŠkS)d{|S

pDiQS]hpDiQSIkOzQrt_bzjr…[`X)dtXIkOX]`XRxSIZ2d}fg[`r…SŠkOkniQr]®œfb{Q{|[\d…[`_bZ{|SŠkSZDd…[`Sr}kOoQ[`Zjfg[`rtSIk%]0œXaDfg]`[›dtX^kniQ[`’¡fgZDd…S1c

O '

" *B B

8:B79U 8:B79U

'

YY ) '

‚Q™ ~zjfbrndt[\re{QSc)S)d…d…SXIa2fb]\[\d…X2“QZQ_biKkknijojkvdt[›dtiQ_bZKk{QfgZKk]`f—c_bZjc]\iKkn[`_bZ{|S]®œXIZQ_bZKc)X{|i¨zQrt[`Zjc)[`zKS

{'œ[\Zj{Qijc,dt[\_2ZrtSIc}NjSr}c}NQX"i88k%]hfF’Jfbr…[hfgoj]\S

&

zKfgr B : B 709U : B 709!U

&

YHY…™

€j™ ]QSIkndfg]`_br}kAz7_2ktk…[\oQ]`S{'œfgzQzQ]`[hp2ijSr(]\Szjr…[`Zjc)[`z7SO{lœ[`Zj{|ijc)d…[`_bZxknijrs]\SŠk(SZDd…[`Sr}k({|SqSIfgZj_"B

B

fJ’bSŠcc)_2RFRxSzQr…XŠ{|[hcf¡d a ) ` > B : B 709‘k…iQr%]\Sed…SIr…RxSU 8: B79U

&

YHYs{|Sdvm?zKS"B )™

wlSŠkoQi|d}krtXIk…iQ]\dtfgZDd{|Sc)S)d…d…SfbzQzQ]`[`cIf¡dt[\_2Z&k…_bZDd^ž¢f2c)[`]\SIRFSIZDdX)d}fgoQ]`[`kSZ¶i|dt[\]`[`ktfgZDd]`SIkN?mDz7_

d…NQPŠknSŠk{|izQrt[\Zjc[\z7S{'œ[\ZK{|ijc,dt[\_2Z¨f¡dndtSZj{Qil™

 e_bijkO{|[hknz7_2k…_bZKk‘R—fg[`ZDd…SIZjfgZDd%{lœiQZzQrt[\ZKc)[`zKS{'œ[\Zj{Qijc,dt[\_2ZZQ_2Zknd…rtijc,dtiQr…SI]\]`S i88k%k…iQr”]`SIk%SIZ2dt[\SIrtk

oj[\Zjfb[\rtSIkI™'wlSŠkzjr…SIiQ’bSŠkzjr…_|c)XŠ{QfgZDdYzjfgr[`Zj{|ijc)d…[`_bZ¶{QfgZKk]®œfgrt[›dtNQRxX)d…[hpDiQS—{|SxqSŠfgZQ_z7SiQ’2SZDd{|_bZjc

5d…rtS^r…XIi|d…[`]`[`k…XSŠkzK_2iQrXdtfgoj]\[`r]\SŠkdtNQX_2r…PIRFSŠk{|Sojf2knS^{|S]0œfgrt[›dtNQRxX)dt[`pDiQSk…iQr]`SIkSIZDd…[`Sr}koQ[`Zjfg[`r…SŠk™

]KZQ_biKk‘rtSIknd…Sdt_bi|d%{|SeR5RxSY•žŸ_biQrtZQ[`r‘]`SIk‘X]`XRxSZDdtk”z7SrtRFSdnd}fgZDd”{|SYc)_bRxz7SZjk…Sr”]`f{|[`k…zjfbr…[\d…[`_bZ­{|S

]hfxc)_2ZD’2Sr…d…[`oQ[`]\[\d…XSZDdtr…S^c)SIrnd}fg[`Zjk”d…SIr…RxSIkO]`_br}k{'œiQZ¨c}NjfgZjabSRxSIZ2d{|Sknd…rtijc,dtiQrtSIk{|S^{|_2ZQZQXSŠk™

!8 $H, (* <= #!

¥eZ–c}NjfgZQa2SRxSZDd{|SrtSzjr…XŠknSIZ2d}f¡dt[\_2ZSIkndk…_biQ’2SZDdRx_gd…[`’bX^zKfgriQZQS’b_b]`_bZDdtX{QS{|[`k…z7_2k…Sre{'œiQZQS

knd…rtijc)d…iQrtSF{QSx{Q_bZQZQXISIkzQ]`ijkS:—cIfbcS z7_biQr^]`SIk^cIfg]hc)iQ]hkI™4wASIk_2zKXIrtfgd…[`_bZjk{|Sxojf2knSxknijr^]\SŠk^{|_bZQZjXSIk

{Q_b[`’bSZDds{|_bZKc 5d…rtSOr…SŠ{|X)˜jZj[\SŠk™gwASIkžŸ_bZKc,d…[`_bZKkskniQrs]`SIk(SIZDd…[`Sr}k(oQ[\ZKfg[`r…SŠk{Q_b[`’bSZDdŠ“¡zK_2iQr*5)dtr…SOS:­cIfbc)SŠk“

5d…rtS­{|X)˜KZQ[\SŠk{|S­ž¢f7)_2Z¶kvdtr…ijc)d…iQrtS]`]`S­kniQr]\SIiQrtkfgrtabiQRxSZDd}k™(QsZ ž¢fg[\dI“A]`Sijr{|X)˜KZQ[›dt[\_2Z¶ZQS—ž¢fb[›d pDiQS

k…iQ[`’?r…S]hfd…SŠc}NQZQ[hpDiQSe{|SecIfg]hc)iQ]KR—fgZ?iQS]7knijr]\SŠkSIZ2dt[\SIrtk‘SZ—ojf2knSYT|™bŽYfgZjk‘]0œfgrt[\d…NQRxX)dt[`pDiQS{|SqSIfbZQ_j“

]hfx{|X)˜KZQ[›dt[\_2Z¨{|S^]0œfb{j{|[›dt[\_2ZSŠkvd]hfxknij[\’¡fgZDdtSIc

!"$#&%'"(*)

+ ",-./102)3%46575

8:9<;

>=:)3%?657 9<;@9

&AB '5C=D=

,&3EGF

Q]\]`Sc)_2Zj{|iQ[\d‘fgi ž¢fg[\d‘pDiQS]\SŠkd…SIr…RxSIk6U#./021 U/

& Y YlS)d6U/ U./021

& YYAkn_2Z2dc_bZ?’bSIrndt[\oQ]`SIkI“JzQiQ[hk…pDiQS

]`S–zQrtSRx[`Srk…S–rtXI{|ij[›dSIZ ]\S¦knSŠc)_bZK{ zKfgrk…[\RxzQ]`S:Y Òr…XŠ{|ijc,dt[\_2Zl™”ŽYfgZKk­]hf&žŸ_brtR—fg]`[`ktf¡dt[\_2Z i|dt[\]`[hk…fbZ2d

]`SIkSIZ2dt[\SIrtkoQ[`Zjfg[`rtSIkI“”]®œf2{Q{|[\d…[`_bZ./021SŠkvd¨{|X˜jZQ[`S¦zjfbrrtXIciQr}kn[`_bZ knd…rtijc)d…iQrtS]`]\S£knijr]`SIkSIZ2dt[\SIrtk

oj[\Zjfb[\rtSIk%i¢’b_2[\rfbZQZQS)š|S 3Y™T8kYS)d]`SIkdtSrtRxSIkU./0 1 U/&

&

Y YSdLU/&1U./021

& YYZQS­k…_bZDdzjfbk

c_bZ?’bSIrndt[\oj]\SŠk™=0¨fg]`NQSijr…SIijknSIRxSZDdI“?]`SIk%zQrtSiQ’2SIk”o ¡dt[\SŠk%{jfgZjk”]0œfgrt[\d…NQRxX)dt[`pDiQS{|S^qSIfbZQ_i|dt[\]`[hknSIZ2d{|S

R—fbZQ[\PIr…S [\RxzQ]`[hc)[\d…Sxc)SIkYzQrt_bzjr…[`X)dtXIke{QSFc_bZ?’bSIrndt[\oQ[`]`[›dtXb™ $ [(]0œ_bZ¦’bSiQdz7_biQ’2_b[`redtrtf2{|iQ[`r…S ]\SŠkezQrtSij’bSIk

k…iQrF]0œfgrt[\d…NQRxX)dt[`pDiQS¨{|SqSIfbZQ_ ’2Sr}k {|SŠkxzQrtSiQ’2SIkFkniQrF]`SIkFSZDd…[`Sr}kFoQ[`Zjfg[`r…SŠk“[`]SIkndF[`Zj{|[hknz7SZKk…fboQ]\S

{QSzQrt_|{|iQ[`r…S{|SIk dtNQX_2r…PIRFSŠk {lœXIa2fg]`[\d…Xp2ijS]®œ_2Z i|dt[\]`[hknSIrtf zK_2iQr—kn[`RiQ]`SrxzjfbrF{QSIkFr…XIXIcr…[\d…iQrtSIk]`f

c_bZ?’bSIrndt[\oj[\]`[›dtX[`RxzQ]`[`c[›dtSRxSZDdei|dt[\]`[hknXIS{jfgZjk]`SIkOzjr…SIiQ’bSŠk”_2r…[`ab[`Zjfb]\SŠk™

‡>‡ Q²@?Ÿ°A> j‰l²Š°7‹Q²@?l‰ " Dˆ ² ‡?°! |‹?ˆ "\‡ Qµ?²Š‡ ]4SIkndzK_Dk…k…[`oQ]\S2“|•zjfbrndt[\r{|S]hf {QX)˜

Zj[›dt[\_2Z{|S^]®œfb{Q{|[\d…[`_bZk…iQrO]\SŠkOSZDd…[`Sr}k{|S^qSIfgZj_x{QSc_bZjknd…rtiQ[`r…SfgiQd…_bR—fgd…[hp2ijSRxSZDd]\SŠkOXZQ_2Zjc)XŠkO{|SIk

dtNQX_2r…PIRxSIkO{'œXa2fb]\[\d…X^•xXdtfgoj]\[`rknijr]0œfb{Q{Q[›dt[\_2Z{|SŠkSZDdt[\SIrtkO{QfbZjk]®œfbr…[\d…NQRxXd…[hp2ijSYoj[\Zjfb[\rtSb™

O B U./021F5879;: YG) i¢ƒ8k

O = "B U./021TU/& = Y YG) U /& U./0 1L= Y iHEI8k

](k…i:xdYz7_biQrc)SI]`f{'œS)š|zQrt[\RxSrzK_2iQrc}NjfbpDiQS oQrtfbZjc}NQS{QS ]®œ_2zKXIrtfgd…SIiQr i 217 1 kepDiQS ]®œfgzQzQ]`[hcf¡dt[\_2Z

{QS]hf žŸ_bZjc)d…[`_bZgiŸ[hc)[ ./021 kxfbi Rx_gdt[›ž{|S˜j]\d…r}fgabSSIknd—XaDfg]`Sfbi RxSR oQr…S¨{|rt_b[\d—{|S¨c)S)d…d…SoQr}fgZjc}NjS

Sd{|Sdtrtf2{|iQ[`r…SF]®œXIZQ_bZjcXFfb[\ZKkn[(_boQd…SZ?i¦’bSr}k]0œ_bz7Xr}f¡dt[\_2Z¦{'œfb{Q{Q[›dt[\_2Z¦k…iQr]\SŠkSIZDd…[`Sr}koj[\Zjfb[\rtSIkI™'ŽeS

ž¢f87)_2Z •¶zK_2iQ’b_2[\rrtfb[`k…_bZQZjSr—ž¢f2c)[`]\SIRFSIZDdknijr{|S–d…S]`]`SIkXa2fb]\[\d…XŠk“‘_bZ zQrtSZK{ kn_2[\Z {'œfgzjzQ]\[hpDiQSr]`f

žŸ_2Zjc,dt[\_2Z c_bZjk…[`{QXrtXS”•ed…_2ijk(knSŠkfbr…a2iQRxSZDdtkI™JŽeSc)SdndtS”ž¢f87)_2Zl“I_2Z fbiQrtf•eXdtfboQ]\[`r(S)ds•eR—fbZQ[\zjiQ]\SIrs{|SIk

XIa2fb]\[\d…XŠkk…iQrs{|SŠkdvmDz7SIk(Zj_bZ žŸ_bZjc)d…[`_bZQZQSI]`kI™¡ _2ijk(ZlœfJ’b_bZKkAzjf2k(X)dtij{|[`X%]hfpDiQSIknd…[`_bZx{|Sk…fJ’2_b[`rkIœ[`]Qk…Sr}f

fJ’¡fbZ2d}fga2Si|š{|S c_bZjk…Srt’bSIre{|SIkedvm?zKSŠkžŸ_2Zjc,dt[\_2ZQZQSI]`kS)d{|SzQrt_bij’bSr]\SŠkdtNQX_2r…PIRFSŠkU./0215 79;:YL)

G Q B=S SdFO =("B(U./021TU/& = YHY ) G Q B8SVU/&JU./0 1 = Y…™

)”_2Zjkvdtr…ij[\rtSfbi|d…_2R—f¡d…[hpDiQSRxSIZ2d—]`SIkFzQrtSiQ’2SIkx{|S i0ƒ8k S)d ijEŠ8kFfgzjzjfgr}fhdFc_bRxRxSijZ§zjr…_2oQ]\PIRxS

zj]\ijk^{Q[;:­c)[`]`SFSd^r…SŠkvdtSF•X)dtij{|[`SrŠ™lq_2iQr^c}NjfbpDiQS ZQ_bij’bS]`]`S _2zKXIrtfgd…[`_bZ¦k…iQr]`SIkYSZDd…[`Sr}kYoQ[`Zjfg[`r…SŠk“4_2Z

{Q_b[\dX)dtfboQ]`[\rcSIkYdtNQX_2r…PIRFSŠk^{'œXa2fb]\[\d…X2™AŽYfgZjk^]®œ_bi|dt[\]‘pDiQS—Zj_bijk^zjr…_2zK_Dkn_2Zjk“'cSi|š= c)[‘k…_bZDdkvdt_|cbXIk

{jfgZjk‘iQZQSeoKfbk…Se{|Se{|_2ZQZQXISIkZj_bRxRxXS!1 ./ :B2“?S)dOknSIr…_2ZDdi|d…[`]\[hk…XIk”zK_2iQrž¢fb[\rtSe{|S]`f^rtXXŠc)rt[›dtiQrtS

fbi|d…_2R—f¡d…[hpDiQSb™I)”SIkFXIa2fg]`[\d…XIkFk…_bZDdF_2r…[`SZDdtXSIkF{|Sa2fbijc}NQS•£{|rt_b[\d…SkniQ[`’¡fgZDd—fg[`Zjkn[O]`Sk…SZKkF{QS]hfiY

rtXI{Qijc,dt[\_2ZRx[hknSSZFuvSIi{jfgZjkO]®œfbr…[\d…NjRFXd…[hpDiQS{|S^qSIfgZj_j™

! F >H ,(*; (! (! *$>@#

„Z^rtS]`[\S”c}NjfbpDiQSs_2o|uvS)dA[`ZDd…SIr…’2SZjfbZ2dA{jfgZjkA]\SŠklzQrtSiQ’2SIk'iQd…[`]\[hk…fbZDdA]\SŠklSIZ2dt[\SIrtkA{|S‘qSIfbZQ_e•iQZ^_2o|uvS)d

uv_2ijfgZDds]`SR"5IRxSr2]\S{QfbZjk(]\S{QX’bSI]\_2zQz7SRxSZDdsr…SI]`fgd…[\ž7fbi|š SIZ2dt[\SIrtk(oj[\Zjfb[\rtSIkI™gwlS%d}fgoQ]`SIfbi EzQrtXIk…SZDdtS

]`SIkc_bRxz7_2ktfgZDd…SŠk”{|Sojf2knS^{|S^cS)d[`k…_bRx_2r…zQNj[`k…RxSb™j„Zz7SiQdr…SIRxfbrtpDiQSIr%pDiQS]`S^c)_bZKkvdtr…ijc)d…SIiQr + {|S

]®œfgrt[›dtNQRxX)d…[hpDiQS {QS qSIfbZQ_SŠkvdd…r}fb{|iQ[\dSIZ–]`S c)_2Zjknd…rtijc,dtSiQr5879;:{QS]®œfbr…[\d…NQRxXd…[hp2ijSoQ[`Zjfg[`rtSb“4fg]`_br}k

pDiQS¦]\S&c)_2Zjknd…rtijc,dtSiQr / SŠkvdd…r}fb{|ij[›dSZ ]hf¶žŸ_2Zjc,dt[\_2Z./&OpDiQ[ZlœSIkndzj]\ijkiQZ9c)_2Zjkvdtr…iKc,d…SIiQr{jfgZjk

]®œfgrt[›dtNQRxX)d…[hpDiQSoQ[`Zjfb[\rtSb™jw‘œ[hk…_bRx_brtzQNQ[hknRxSfb[\Zjk…[c_bZjknd…rtiQ[\de{|_b[\d 5d…rtSX)dtSZj{|i¦•­c}NjfbpDiQSžŸ_2[`kpDilœijZ

Zj_biQ’2SIfgid…NQXI_brtPRxS SŠkvdOdtrtf2{|iQ[\dSZiQZd…NQXI_brtPRxS ™

I‹<µ >7² |²#?Ÿ°> ŽYfgZjk]0œ_biQd…[`]Qp2ijS‘ZQ_2ijkzQr…_2zK_Dkn_2ZjkI“Ifgi ZQ[`’bSIfbi{|iFknm|knd…PRxS ©s«Š¬“¡]0œ[`k…_bRx_2r…zQNj[`k…RxS

SŠkvdabXIr…X‘{jfgZjkiQZQS”dtfboQ]\S%{|S‘NKfbc}NjfbabSb™¡„Zfbktk…_?c[\S”•ec}Njf2p2ijS‘{|_bZjZQXS%{QfgZjk]®œfbr…[\d…NQRxXd…[hp2ijS”{|SOqSIfgZj_

k…_bZ£XIpDiQ[`’¡fg]`SZDd{QfgZKk]0œfgrt[›dtNQRxX)dt[`pDiQSxoQ[`Zjfg[`rtSb™„Z&{|[`k…z7_2k…Sx{QSx{QSi|š&c)_bRxR—fgZK{|SIkYz7_biQr^Rx_|{|[\˜jSr

Sd_bojk…Srt’bSIr%cS)d[hkn_2Rx_brtzQNQ[hknRxSIc

1:

Sfguv_bi|dtSYijZQS^]\[hfg[hk…_bZ{QfgZjkO]hf dtfboQ]\S19

` 7 1: S z7SrtRFSd{|S£c)_2ZQZjfhd…rtS i0kœ[\]YSZ S)š|[`knd…S¦iQZ k­]\S d…SrtRxS¦{|S¦]0œfgrt[\d…NQRxX)dt[`pDiQS

oQ[`Zjfg[`r…S^f2k…k…_|c)[`XYfbidtSrtRxS{QS^]0œfgrt[›dtNQRxX)dt[`pDiQS^{|SqSIfbZQ_ ™

M‘m?z7S{QS{|_bZQZjXSIk B *B

)”_bZjknd…rtijc,dtSiQr}kO{QfgZKk + 58709K:

]0œfgrt[›dtNQRxX)dt[`pDiQS^{|SqSIfbZQ_ / /&

„zKXIrtfgd…[`_bZjkO{|Sojf2knS ./021 ./0 1

0/ 0 /

qsr…[`Zjc[\z7SIk{'œ[`Zj{|ijc)d…[`_bZ B

B BC7

B B

MONQX_2r…PIRFSŠk ./021

B + ./0 1 B + B

JE

«A !T 0 4 $)«!NT&/.« —« 8! %

&

$#

() —' $

(

$

+

 e_bijk{|[`k…z7_2k…_bZjk—R—fb[\ZDd…SIZjfgZDd{lœiQZ zQr…[`Zjc[\z7S {'œ[\ZK{|ijc,dt[\_2Z ZQ_2Z kvdtr…ijc)d…iQrtS]`]`S–kniQr]\SŠk­SIZ2dt[\SIrtk

oj[\Zjfb[\rtSIkpDiQ[e[`Rx[›dtS¦]`S–zQrt[\ZKc)[`zKS£{'œ[`Zj{|iKc,d…[`_bZ kniQr]\SŠkSIZDd…[`Sr}k{|S£qSŠfgZQ_K™”ŽS zQ]`ijkI“”Zj_bijkfJ’b_bZKk

Rx_2Z2dtr…Xc_bRxRxSZDd‘a2XrtSrs]`SzQrt_boQ]`PRxSe{|Se]`fc_bZ?’bSIrndt[\oj[\]`[›dtX]\_2rtk‘{'œijZ­c}NjfgZQa2SRxSZDd‘{|Skvdtr…ijc)d…iQrtSe{|S

{Q_bZQZQXISIkI™j _2ijkz7_biQ’2_bZjke{|_bZjczjfbktknSIr•x]`f{|SIktc)rt[\zQd…[`_bZ¨{|i¨zQrt_|c)XI{QX{|S^d…r}fb{Qijc,dt[\_2Zf2{|_bzQd…X^z7_biQr

_2o|d…SIZQ[`r{|SIk(dtNQX_2r…PIRxSIksk…iQrs]\SŠksSZDdt[\SIrtk(oQ[`Zjfb[\rtSIks•zjfbrndt[\r{QSIkd…NjX_brtPRxSŠkskniQr‘]\SŠk(SZDd…[`Sr}k{|SqSIfbZQ_j™

%#H!G $%?C (! H!*"

wf­zQrtSiQ’2S{'œiQZ–dtNQX_2r…PIRxSSIkndrtSzjr…XŠknSIZ2dtXS{QfbZjk]\SFknm|knd…PRxS¦©s«Š¬—zKfgreijZ,G 0dtSrtRFS89K[`]S)š|[`knd…S

cSz7SZj{jfgZDdijZQS%fbi|d…rtS‘R—fbZQ[\PIr…S%{|SOkvdt_?c2Sr]\SŠkzQr…SIiQ’bSŠk™ŠwlSOk…cr…[`z|ds{|S%zQr…SIiQ’bS”SIkndijZQS‘dtrtfbZjktc)rt[\z|dt[\_2Z

{QSNjfbi|d ZQ[`’bSŠfgi {|SŠk[`ZDd…SIrtf2c,d…[`_bZKk^S)¤4SIc)d…iQXISIkFfJ’bSIc­]\Sk…m|kvdtPRxSb™ ]%SIkndFc)_2Zjknd…[\d…iQX{|S]hf¨]`[`knd…S{|SIk

d}fbc)d…[hp2ijSIk­fbzQzQ]`[`pDiQXISIkxS)d{|S–]`SiQr}kxzjfgr}fgRxPd…rtSIkI™wlSIk­X)dtfbzKSŠk­{|S¨r}fg[hkn_2ZQZQSIRFSIZDdxRxSdndtfbZDdSZ£uvSi

]hf¨c)_2Z?’bSr…d…[`oQ[`]\[\d…X—k…_bZDdzjfbrnžŸ_2[`kzQrtXIc[`k…XSŠkLid}fbc)d…[hp2ijS / ./k)™*)”SIzKSIZj{QfbZ2dŠ“l]`Sk…cr…[`z|d{|S—zjr…SIiQ’bS—ZQS

c_bZDd…[`SZDdlzjf2klZQXŠc)SŠk…ktfg[`r…SIRxSZDdl{'œ[`Z|žŸ_2r…R—f¡dt[\_2Z^r…SI]`fgd…[`’bS•O]®œiQd…[`]\[hk…fgd…[`_bZ{|S”]`fc_bZ?’bSIrndt[\oj[\]`[›dtXb™wAS‘ktc)rt[\z|d

{Q_bZQZQS^]hfFž¢f7_bZ{|_bZDd]hfxzQrtSiQ’2SfxXd…Xc_bZjknd…rtiQ[\d…Sfg]`_br}kpDiQS^]`Sd…SrtRxS^ZlœSIkndep2iAœiQZdtXRx_b[`Z¨pDiQS^]\S

dtNQX_2r…PIRxS SŠkvd^zQrt_biQ’2Xb™4wlSFd…SIr…RxS—{|SFzQrtSiQ’2SžŸ_2iQr…Zj[›d^iQZQS—{|SŠk…cr…[`z|dt[\_2Z¦{|SxzQ]`ijkojf2kZj[\’2SIfgi£{|Sx]`f

zjr…SIiQ’bS2“gSZx]hf{|XIcr…[`’¡fgZDdiQZQ[hpDiQSRxSIZ2d%kn_2ijk(žŸ_brtRxS{'œfgojknd…r}fbc)d…[`_bZjk(Sd”{'œfgzQzQ]`[hcf¡dt[\_2Zjk{|SOdtSrtRxSIk‘{Qi

cIfg]hc)iQ]®™2w‘œiQd…[`]\[hk…fgd…SIiQr%f^d…_biguv_biQr}k]hf^z7_2ktkn[`oQ[`]\[\d…XY{QfgZjk‘iQZktc)rt[\zQd%{|Szjr…SIiQ’bSe{QSžŸ_bijr…ZQ[`r”{Q[\rtSIc)d…SRxSIZ2d

[`]QSŠkvd‘{|_2ZjcOZQXŠc)SIktktfg[`r…S{|SktfJ’b_2[\rd…r}fb{QiQ[\rtSO]\SŠk(d…SIr…RxSŠks{|SzQrtSiQ’2Sb™gq(fgrfb[\]`]`SiQr}k“b]\Sktc)rt[\zQd‘{|SzQrtSiQ’2S

ZAœfbzQzK_2rndtSezjf2k”{lœ[`Z|žŸ_brtR—f¡dt[\_2Z­’bXIr…[\dtfboQ]\SIRxSZDd”i|dt[\]`SYzjfgr%rtfbzQz7_br…d”fgid…SrtRxS{|SYzQrtSiQ’2S9D[\]4SŠkvdO{|_bZjc

fbzQzjfbr…izQ]\iKkkn[`RxzQ]`S{|SYd…r}fJ’Jfb[\]`]`Sr{|[`r…SŠc,d…SIRxSZDdefgiZQ[`’bSIfbi{QSIk%d…SIr…RxSŠk{|S^zQrtSiQ’2Sb™

8 ?CH,& (! $@?A)(* H!%" 5% (,!

ŽYfgZjkO]hfxknij[›dtS{QScS^{|_|c)iQRxSZDdŠ“|ZQ_bijkOc_bZjk…[`{QXrt_bZjkOc)_2RxRFSYS)š|SIRFzj]\S^{|SYd…NjX_brtPRxS• d…r}fb{|iQ[`rtS

./0 1 B + c O & B

& ) U#./0 1 &

+/Y iHEE#k

wASTG ®d…SIr…RxSk…iQ[\’¡fbZ2dSŠkvdiQZjSYzjr…SIiQ’bS^{|S^]®œXIZQ_bZKc)XzQrtXIc)XŠ{|SZDdJc

G &

QB SVU B

B G &

RQ BS

& R ) U#./0 1 &

R<+/Y

U 9K7

7@0 /B +/Y

G &

RQ B QU

& R )gU#./0 1 & R +ZYHYS

U

7@0/BB / & R U#./0 1 &

R<+/Y Y & Y

wAS­dtSrtRFS U9;7

7@0 / B +/YYSIknd iQZQSzQrtSiQ’2S{|S+ ) +Y™(qfbr c_bZ?’bSIrndt[\oQ[`]`[›dtXb“cbœSŠkvdxfgijktk…[‘iQZQS

zjr…SIiQ’bS{|S"+ ) U./021+ +/Y…™jŽS^R5RxSb“

G &

RQB QU

& R )gU./021

&

R<+/YHY SDU

7%0/BB / & R U./021

& R +ZY Y

SŠkvdiQZjS^zQr…SIiQ’bS^{|S

O &

R"Q B

&

R) U#./0 1 &

R<+/Y2K U/

&

RY ) U/ U#./0 1 &

R<+/YY

)œSIkndfbijk…k…[AijZQSzQrtSij’bS{|S O &

RLQ B

& R )]U./021

& R +ZY1K U / &

RY )]U#./0 1"U/

&

RY +/YOpDiQ[SŠkvd

]`SYdvm?zKSfgdnd…SIZj{|iz7_biQr]`Sd…rt_b[hkn[`PRxS^fgrtabijRFSIZDdO{|izQrt[`Zjc)[`zKS{QSYrtXIciQrtr…SIZjc)S B

Bj™

9:$@?A)(* H!%");(!, % !&&?C

wfxzQr…SIRx[\PIr…S^Xdtfgz7S{|S]`fFdtrtf2{|ijc,dt[\_2Z¨{'œijZd…SrtRxS{|Szjr…SIiQ’bS^c)_2Zjk…[`knd…S^SIZ¨]`fFdtrtf2{|ijc,dt[\_2Z–knm?Z

d}f¡š|[hp2ijS{|id…SIr…RxSSIZ–kniQ[`’¡fgZDde]®œ[hk…_bRx_brtzQNQ[hknRxSzQrtXIk…SZDd…X {QfgZjk]`f­k…SIc)d…[`_bZ€j™‚Q™4„Z¨zjfgr}c)_2iQrndk…[\R"

zj]\SIRFSIZDdx]`Sd…SIr…RxSSZªkniQoKkvdt[›dtijfgZDd—]\SŠkFSZDd…[\d…XŠk—fJm2fgZDdFiQZQSd…r}fb{|iKc,d…[`_bZ zjfgrx]®œ[hk…_bRx_brtzQNQ[hknRxSzjfgr

]`Sijr­XIpDiQ[`’¡fg]`SZDd{QfbZjk­]hf&d…NjX_brt[`S¨r…XŠkniQ]\dtfgdI™ c)S kndtf2{|S {|S ]`f£dtrtfbZjkvžŸ_2r…R—fgd…[`_bZl“]`S¨dtSrtRFS ZlœSŠkvd

zjr…_2ojfgoQ]`SRxSIZ2dOzjf2k%dvmDzKfgoQ]`Sb“j•xcIfgijk…S^{|SzQr…_2oQ]`PRxSIk{|Sc_bZ?’bSIrndt[\oj[\]`[›dtXb™

]®œ[hktkniQS{QScS)d…d…S^X)d}fgz7Sb“QZj_gd…rtSS)š|SRxzQ]`S^{|S’?[`SZDdJc

G &

Q B=SVU B 7 B B G &

RQ BS

& R ) U./0 1 & R 58709K:Y

U9;7

7%0/ B58709K:Y

G &

RQ B QU

& R ) U./021

&

R"5 79;:YHY S

U

7@0 /B B /&

& R U./021

&

R"5 79;:Y Y

& Y

iHEŠTk

B 7

B B—SŠkvd]`S^zQrt[\ZKc)[`zKS{lœ[`Zj{|ijc)d…[`_bZ ikk…iQr]\SŠkSZDdt[\SIrtkoj[\Zjfb[\rtSIkk…iQ[`’¡fgZDd]`f—knd…rtijc)d…iQrtS^{|SIk

SIZDd…[`Sr}k{|S^qSŠfgZQ_K™

]‘ž¢fgi|d Rxfb[\ZDdtSZjfbZ2d^dtrtfbZjknžŸ_brtRFSIr]\S—dtSrtRxSc)[( Ò{QSIktknijk%i0pDiQ[‘ZlœSIkndzjf2kdvm?zjfgoj]\S—SIZ¶]0œX)d}f¡d k^SZ¶iQZQS

zjr…SIiQ’bS{|S^]hfdtrtf2{|ijc)d…[`_bZ{|S^]0œXZj_bZjcXiHEE4k,“Q•—ktfJ’b_b[`rJc

O &

"B & ) U./021

&

5879;:Y iHEI‚8k

7&# & !&:(*)H

wA_br}k^{|S—]`fzQrtSRx[`PrtSxzQNjfbk…S—{|Sxd…r}fb{Qijc,dt[\_2Zl“lZQ_2ijk^fJ’b_2ZjkY[\a2ZQ_brtXdt_bijk]\SŠk^zQrt_boQ]`PRxSIkYrtS]hf¡dt[›ž¢k

•£]hf¶c)_2ZD’2Sr…d…[`oQ[`]\[\d…X2™ )”Sr…dtfg[`ZQSŠk XdtfbzKSŠk­{|S¨zQrtSiQ’2SX)dtfb[\SIZDdxS¤7SŠc,dtiQXSŠk­{|S¨R—fgZQ[`PrtS[\RxzQ]`[hc)[\d…S–SIZ

iQd…[`]\[hk…fbZDd‘]\SŠkrtPa2]\SŠk{|SrtXI{|iKc,d…[`_bZ­{Qicfb]`ciQ]0™ ]jZQ_2ijksž¢fbi|d‘R—fg[`ZDd…SIZjfgZDd”{|Xd…SIr…Rx[`ZQSrŠ“2{QfbZjk]`SdtSrtRFS

{QS%zjr…SIiQ’bS2“¡]\SŠk(zK_Dkn[\d…[`_bZjk_%$ iQZxzQrt_boj]\PIRFSO{|SOdvm?zjfbabS%SIkndsfbzQzjfbr…i ]\_2rtk({|S]hfd…r}fgZjknžŸ_brtR—f¡d…[`_bZA™Š e_bijk

{QX)˜jZQ[hktkn_2Zjk%zK_2iQrc)SI]`fFiQZ{|_bijoQ]\ScIfg]hc)iQ]'{|Sdvm?z7Sb“Qk…iQ[`’JfbZDdO]`S^R5RxSzQrt[\Zjc[\z7SpDiQS]\SŠk%d…r}fJ’¡fgi|š{|S

‘fbZQZ )”_2ktc)_¡mB+)”_2ktƒ #3Az7_biQr]hfFd…r}fb{Qijc,dt[\_2ZSIZ]hfgZQaDfga2SZjfgd…iQrtS]l{QSIkzQrtSij’bSIkO{QfbZjkx©«I¬™

°j²#?Ÿ°>ˆ " ² D< |²² > "(‰ D² " ¨²D< < ¡° <‘°KˆŠ‡

w‘œfb]\a2_brt[›dtNQRxS{QSd…r}fb{|ijc)d…[`_bZ¨pDiQS^ZQ_2ijkOzQrtXIk…SZDd…_2Zjk{QfgZKk]`f—k…iQ[\d…S^i|dt[\]`[hknS^]`SIkZj_gd…[`_bZKk{|Sdvm?zKS

fgdndtSZj{|i§S)d{QSdvm?z7SzQr…_2zK_DknX2™swlSdvm?zKS¨f¡d…d…SIZj{|i {|X)dtSrtRF[`ZQS]®œ[`Z|žŸ_brtR—f¡dt[\_2Z [`RxzK_DknXISzKfgrx]\S

c_bZDd…Sš?d…S¨pDiQ[e’¡f&rtSIc)SI’b_2[\rxiQZªdtSrtRFS }™”wlSdvm?zKS zQr…_2zK_DknX SIknd­]\S¨dvm?z7S¨S)¤4SIc)d…[\ž^{Qiªd…SrtRxS

k…m?ZDd…NQXd…[hknXzjfbr]\S^k…m?knd…PIRxSb™

ŽYfgZKk]\S­cIfbk{'œiQZQS­fgzjzQ]\[hcfgd…[`_bZ U Y…“'dtS]`]\S­pDiQSx]`S­knm|knd…PRxS—{|SFdvm?zKS­{QS¶©s«Š¬[\Z|žŸPIr…S—]`SIkYdvm?z7SIk

k…iQ[`’¡fgZDdtkJc

Q M Q %

wAS‘dvm?z7Sf¡dndtSZj{QiFz7_bijr SŠkvds]`S”dvm?z7SfgrtabiQRxSZDd {|i dvm?zKS%žŸ_bZKc,d…[`_bZjZQS] MF“gfb]\_2rtkpDiQSO]\S%dvm?zKS

zjr…_2zK_DknXSŠkvd‘]`Sdvm?z7S[`Z|žŸXrtX %Qzjfgr”]\Sek…m|kvdtPRxSz7_biQr ™Dq_biQr%p2ijS]\Sed…SIr…RxSTU Y(kn_2[›d‘dvmDzKfgoQ]`Sb“2[\]

ž¢fbi|dp2ijS]`SIk”dvm?zKSŠkOf¡dndtSZj{QiS)dOzQrt_bz7_2k…Xk…_b[`SZDdc)_bZ?’2Sr…d…[`oQ]\SŠk™ $ [4]0œ_bZ[\ZDdtSrtzQr…Pd…SY]\SŠkdvm?z7SIkOc)_2RxRFS

{QSIk”žŸ_brtRiQ]`SIk%]`_ba2[`pDiQSŠk”Sd]\SŠk%d…SrtRxSIkOc)_2RxRFS^{|SŠk%zQr…SIiQ’bSŠk“?]`SYdvmDz7S^f¡d…d…SZK{|i 9c)_2r…rtSIk…zK_2Zj{­•FiQZQS

«0!&;;8¢« T )™ ]s[`Zj{|[hpDiQSx]0œXZj_bZjcXx{Q_bZDdY_2Z£{Q_b[\dYžŸ_2iQrtZQ[\riQZjSFzjr…SIiQ’bS2™4wASFdvmDz7SxzQrt_bz7_2k…X

%ASŠkvdiQZ6t«! 8 4™ ]s{|_bZjZQS ]®œXZQ_2Zjc)X S)¤4SIc,dt[\’2SRxSZDdzQrt_biQ’2Xzjfbr]`SdtSrtRxSFc_bZjk…[`{QXrtX

i0{QfgZKk”cScf2kL k,™|q_biQrOpDiQSe]`SYrtfb[`k…_bZQZjSRxSZDd”k…_b[\d%c_brtr…SŠc,dI“2[\]7ž¢fbi|d%pDiQSY]0œ[`RFzj]\[hcfgd…[`_bZ % K kn_2[›d

zjr…_2iQ’¡fgoQ]`Sb™

µ 7°!?²‹£‰l²#?Ÿµ?ŸˆŠ‡

wfknd…rtijc,dtiQr…SF{|Sx{|_bZQZjXSIkR—fgZQ[`zQiQ]`XSFSIkndYcS]`]\Sx{|SŠkdtSrtRFSŠk™4wlSŠkd…SrtRxSIkY{|i¦cIfg]hc)iQ](pDiQSZj_bijk

c_bZjk…[h{|Xrt_bZjkY[hc)[‘k…_bZDd^]`SIkfbojkvdtrtf2c,dt[\_2ZjkiG Òfbojkvdtrtf2c,dt[\_2ZjkS)d^dvm?z7SIk^zQrt_|{|iQ[\dtk k,“l]`SIkfgzQzQ]`[hcf¡dt[\_2ZjkS)d

]`SIkY’¡fgrt[hfgoQ]`SIkI™'Žœfgi|dtr…SŠkd…SrtRxSIkYS)š|[hkvdtSZDdLiŸ]`SIkc)_2ZjkndtfgZDdtSIkI“7]®œ_bz7Xr}f¡d…SIiQr{|SF˜j]›dtrtfbabSZ 217 1I™™™ k!94[`]`k

ZjSk…_bZDdzjf2kOzQr…XŠknSIZDd…XIkcIfgr]®œfb]\a2_brt[›dtNQRxSZjSž¢fg[\dpDiQS^]`SIkOrtS)dt_biQrtZQSIrOktfgZKkfgijciQZQSRx_?{Q[›˜KcIf¡dt[\_2Zl™

797ZQ*) % 1391U09%/7 797 709 74YA- . 9K: U6 09%/7 7097 70974Y

../U 7097 /1 7 7 797 1Y6- 09%/7 1