Security and Geopolitics in East Asia Today

(1)

8

9:;<=>?@8ABC8D:EFEG>?>;H8>B8IAH?8JH>A8?ECA@K8EB:8=:L>EBM8?NE8OA;:H88

P QRSTPUVWXP

Y

ZY[\]^_]_^`Ya[Ybca[^Y[Yc\Yb`^de[]^c\Ya[Y\[f_^`gh`Ya`Yi\j`Yk^j[g]`lY[\]mcY[eY `n[l[^à`Ye_]`hmcoYZb[\`^Ya`Y\_`Y^[l`]jp`Y[\]`qjljaà[Y[Y[pja[g][Y[e[^frgnj`Yg`Y `^[g`Yjg][^g`njcg`lsY`Ytcâ[euYg`Yv`\]YZ\j`YwYpclx]jlY[Yjeb^[pj\yp[lYbc^Y[\]`^Y\cqY`Y b^[\\mcYa[Y_e`Y\w^j[Ya[Yajgdejn`\Yncebl[z`\Y[sYbc^Yp[{[\sYncgnc^^[g][\sYb[lcY|_[Y`Y \[f_^`gh`Yncg]jg_`Y`Y\[^Y_e`Yb^[cn_b`hmcYn[g]^`lYac\Ybcpc\Ya`Y^[fjmcoY

}~[Yb^cql[e\Y`gaYb^c\b[n]\YcY]~[Yv`\]YZ\j`gY\[n_^j]Y`gaYf[cbclj]jn\Y~`p[Yq[[gY à^[\\[aY[eY]c^gcYa[Y|_`]^cYa[q`][\Yb^jgnjb`j\oY^je[j^csY`Y^[fjmcYwYèblè[g][Y [\]_aà`Y[Ynj]à`YgcYdeqj]cYa`Ye`j\Yèbl`Yaj\n_\\mcY[eYn_^\cY\cq^[Y`Y`f[ga`sY`\Y b^[cn_b`h[\sYc\Yjg\]^_e[g]c\Y[YcYb^b^jcYncgn[j]cYa[Y\[f_^`gh`YZl`f`bb`sYY Y\[[Y`l\cY`gg^[_]~[^sYY`gaY`lj\YPsYoYeY\[f_gacYa[q`][Y ^[\b[j]`YY[pcl_hmcY[Y_]_^cYa`Yv`\]YZ\j`sYnceYpj\[\Y|_[Yp`^jèY[g]^[Yc\Ye`j\Y b[\\jej\]`\Y|_[YpreY`g][njb`gacY]~`]Y^[fjcgYjllYq[YtSPVPS uYc^Yt¡RV¢TP £TP¤SP¥P¦TS¢TP§RR¨P©^j[aq[^fsYY`gaYªY[Yc\Ye`j\Ycb]jej\]`\Y|_[Y c^[\\[Y]~[Y\]Y«[g]_^Y`\Y]~[Ytv`\]YZ\j`gY«[g]_ûsY\_ff[\]jgfY]~`]Y]~[Y\[n_^j]Y b^cql[e\Y`gaYajl[ee`\YjgY]~[Y^[fjcgY`^[Yl[\\Y\[^jc_\Y]~`gYncgp[g]jcg`llYa[\n^jq[aY Zn~`^`sYªY`gaYoYkY][^n[j^cYa[q`][Yjgnja[Y\cq^[Y`\Y[zbljn`h[\Yb`^`Y`Y ^[l`]jp`Y[Y[zn[bnjcg`lY[\]`qjljaà[Ya`Yi\j`Yk^j[g]`lsY\[gacYc\Y`^f_e[g]c\Yjgpcnàc\Y c\Y^[[|_jlyq^jc\Ya`Yq`l`gh`Ya[Ybca[^sY]~[Y^cl[YcY¬Y\_b^[e`nsYcYb[\cYa`Y~j\]^j`Y[Y a`\Yn_l]_^`\Y[\]^`]wfjn`\Ya`\Yg`h[\Ya`Y^[fjmcsYc\Yb^cf^[\\c\Ya[ecn^x]jnc\sY`Y b^jc^jaà[Yaà`Yb[lc\Yb`y\[\Ya`Y^[fjmcY`cY\[_Ya[\[gpclpje[g]cY[ncgejncYc_YcY jgn^[e[g]cYacYe_l]jl`][^`lj\ecY[Ya`Ynccb[^`hmcY^[fjcg`lsY[eqc^`Y`lf_g\Y\_\b[j][eY |_[Y`Yt]^`g|_jljaà[uY`\jx]jn`Yc^j[g]`lY\[`Y`b[g`\Ypj^]_`lYc_Y]^`g\j]^j`Y`qc_]Y]~j\Y aj\n_\\jcgY\[[sYc^Y[zèbl[sY®¯[gq[^^Y`gaY°`\]`ga_gcsYªY`gaY]~[Yt±²S³P¦TSŸ \[^j[\Y^ceY]~[Y´µoYeY|_`^]cYa[q`][Y^[[^[\[YYn`^`n][^j{`hmcY[Yncgn[b]_`lj{`hmcY acY\j\][e`Ya[Y\[f_^`gh`Y^[fjcg`lY|_`lYcYe`j\Y`b^cb^jàcYncgn[j]cYb`^`Ya[\n^[p[^Y`Y \[f_^`gh`Yg`Yi\j`Yk^j[g]`lYY³VWSSPT³RS ¶P³VVSPT³RS ¶P³V³SP T³RS ¶P³VWWV·PT³RS ¶P³VW¸·TSPT³RS PVP³VWWR·S PT³RS ¹Y

}~[^[Y`^[sYcYnc_^\[sY]~[Yp`^j[aYl[g\[\Y]~^c_f~]Y~jn~Y\n~cl`^\Y`gaY[zb[^]\Y`g`l{[Y jg][^g`]jcg`lY^[l`]jcg\sY\[n_^j]Y`gaY^[fjcg`lYcnn_^^[gn[\sY`gaYacjgfY\csYjgYe`gY cnn`\jcg\sY]~c\[Ya[q`][\Y^[p[`l\Y_e`Yc^][Yncebcg[g][Ynceb[]j]jp`Y[g]^[Y`\Y b^jgnjb`j\Y][c^j`\ºb`^àjfe\YcbcgacsYgce[àè[g][sYc\Yb^cbcg[g][\YcY]~[Yec\]Y èjlj`^Y]^jàYcY^[`lj\esYljq[^`lj\esY`gaYncg\]^_n]jpj\eY»`]{[g\][jgY`gaY¬jlsYYªoY

(2)

89:;<:=9:>?@9>A@BC:DE>A@=9>A?@FE@G;<AG<9:<@9BE<;>@H<@=F:>;<A@<@H<@:;=I=CJ>A@K<E@ =I;=L=9H>@FE@<AMN;D:>@H<@MCF;=CDAE>@D9:<C<G:F=C@<@M<;AM<G:DK=A@E=DA@<GCO:DG=A?@ ;<G>9J<G<9H>@PF<@>@<A:FH>@<@=@=9QCDA<@>R@8=A:@SAD=9@A<GF;D:T@=9H@U<>M>CD:DGA@<VDU<@ D9:<U;=;@<@G>9WFU=;@M>H<;?@D9:<;<AA<A?@G=M=GDH=H<A@E=:<;D=DA?@<G>9>ED=@<@ D9:<;H<M<9HX9GD=?@<A:;F:F;=@D9:<;9=GD>9=C?@D9A:D:FDLY<A?@JDA:Z;D=?@GFC:F;=?@DH<D=A?@R=G:>;<A@ A>GD=DA@<@DH<9:DH=H<[_\_@_@

]J<@MF;M>A<@>R@:JDA@<AA=T@9^>@O@:>E=;@M=;:DH>@9=PF<C<A@H<I=:<A@E=A?@=9:<A?@>@H<@ GJ=;=G:<;D_<@:J<@G>9:;=;T@8=A:@SAD=9@A<GF;D:T@=9H@U<>M>CD:DG=C@>;H<;@IT`@=a@ HDA:D9UFDAJD9U@A>E<@E=D9@R<=:F;<A@>R@:J<@;<UD>9=C@A<GF;D:T@ATA:<Eb@=9H@Ia@<VMC=D9D9U@ :J<@;<UD>9=C@A:;FG:F;<@>R@M>c<;@=9H@A<GF;D:T@G>EMC<V\@d:@AJ>cA@:J=:@:J<@<E<;UD9U@>;H<;@ D9@:J<@;<UD>9@DA@=@K<;T@G>EMC<V@=9H@JTI;DH@ATA:<E@:J=:@AJ=;<A@<C<E<9:A@>R@I=C=9G<@>R@ M>c<;@=9H@G>EMC<V@D9:<;H<M<9H<9G<?@G>EM<:D:DK<@A<GF;D:T@=9H@G>>M<;=:DK<@A<GF;D:T?@ =9H@EFC:DC=:<;=CDAE@cD:J@IDC=:<;=CDAE\@d:@=CA>@AJ>cA@:J=:@=;<@e:;=HD:D>9=Cf@G>9G<;9A@=I>F:@ A<GF;D:T@:J=:@G>9K>TA@cD:J@:J<@e9<cf@>9<A?@=9H@:J=:@:J<@<C<E<9:A@>R@=9=;GJT@=9H@ G>EM<:D:D>9@G>9K>TA@cD:J@:J<@<C<E<9:A@>R@>;H<;@=9H@<9U=U<E<9:@D9@:J<@;<UD>9\@@

g

higgggjklgmnopqlrsrtguorulvwgoxgnltsorpygzlu{nsw|gprqgwklgl}lntlrulgoxg~rlg zlu{nsw|gszz{lzg

g

E@H>A@H<A<9K>CKDE<9:>A@E=DA@DEM;<AAD>9=9:<A@9=@8=A:@SAD=@O@PF<@>@;DAG>@H<@ G>9RCD:>A@<9:;<@8A:=H>A@H<G=DF@ADU9DRDG=:DK=E<9:<@9=A@BC:DE=A@HF=A@HOG=H=A\@8A:=@O@ FE=@<K>CFL^>@<@FE=@G>9PFDA:=@<V:;=>;HD9Q;D=@M=;=@=@;<UD^>\@>c<K<;?@=@C>:@>R@ e:;=HD:D>9=Cf@A<GF;D:T@H=9U<;A@A:DCC@M<;ADA:@D9@:J<@;<UD>9`@>A@;<G<D>A@;<C=GD>9=H>A@G>E@=@ <E<;UX9GD=@H=@JD9=?@=A@;<9>K=H=A@=EIDLY<A@U<><A:;=:OUDG=A@H>@=M=9@>F@>@ M=M<C<A:=:F:>@;<UD>9=C@H>A@8Sb@;DAG>A@H<@R;=UE<9:=L^>@;<UD>9=C@<E@:>;9>@H<@<DV>A@ <A:;=:OUDG>A@G>EM<:D:DK>A@<9:;<@=A@M;D9GDM=DA@M>:X9GD=Ab@=9DE>ADH=H<A@<@J>A:DCDH=H<A@ JDA:Z;DG=Ab@U;=9H<@J<:<;>U<9<DH=H<@GFC:F;=C@<@<9>;E<A@HDAM=;DH=H<A@<G>9ZEDG>

₉₄₃_"₄₂₇₈₄₇₄₉₈₄_)&*_%(_*_'_.(_-(

&''%(%-(,%'*(,'%'%(%'&4(,*,(%-(,%('(** (¡,*'*%( ¢,(,£('(¤**'%.(*()&*%(()&*%(*'.(¡%'*/(¤%'*%(%-(-%'*,%(£&¥ 8"((+(%.(£%&(,£()&*%(*'.¥¦§029794 '%'*,%(¢%'*,&(+,.(%-('()&*%¨¡%*£*¥74©ª98«99¬ ¢'** (*'.(*($%&'()&*%/(-'*'.®(¡,¯(%-($££**.¥°8"07± ¡,¯(*£'/(*%(%-()&*%²&(¯(.%*&!¥³98´8989¬+(¢*&(,£(*%(%-(%( % * ($%&'()&*%(-!¥³07±498*%²&(¢*&(*()&*%/( ¡,*&&(%-(¡*&!+(µ*'-('%'&(%-($%&'()&*%/(.%*&(%-(¶*%'*,&!¥ 0"·8ª ¸9·9¹%&* ('(/(¢'** ($%&'()&*%(¡,*.!¥³" °8 ¹4º)&*($'(¡% %'*&('()'''*&»¥2§¸954¢ *,%*&(%-( ,¼%*½%'*,(*($%&'()&*%!¥28¾7¬'%'*,%(¡,*'*&(,£()&*%¨¡%*£*!¥963 9'%' *()&*%!7"93"656780¿8¸773 98³9 ¿¸³À98 98989

(3)

9:;<=<9>?@<ABC9<@=@B?@B?CBD<EB9?F:GHI<;:9J?<K;GL<K@:?AMC<:9?CBD<EB9?=LI:;CMI<;:9?NLB? 9LO9<9IBE?K=?CBD<P:J?I:@:9?E=C;=@:9?<@B:G:D<;=EBKIB?F:C?LE?;CB9;BKIB?K=;<:K=G<9E:? Q9BB?RB<I:C?S:E=K=T9?B99=U?<K?IV<9?O::W?=O:LI?XV<KB9B?=K@?SL99<=K?IB;VK:Y K=I<:K=G<9EZ>?=?NLB9IP:?@B?[=<\=K>?:?FC:DC=E=?@B?=CE=EBKI:?KL;GB=C?@=?X:CB<=?@:? ]:CIB?B?:9?9LO9BNLBKIB9?C<9;:9?:^?_`a?FC:G<^BC=I<:K>?:?=LEBKI:?9<DK<^<;=I<A:?B? DBKBC=G<b=@:?@:9?:Cc=EBKI:9?@B?@B^B9=?B?@=9?;=F=;<@=@B9?E<G<I=CB9?K=?CBD<P:J?=GdE? @=?^=GI=?@B?IC=K9F=CeK;<=?K:9?B^B;I<A:9?D=9I:9?E<G<I=CB9J?K:EB=@=EBKIBJ?F:C?F=CIB?@=? BEBCDBKIB?XV<K=>?=?@<A<9P:?@=?fBKHK9LG=?X:CB=K=>?C<A=GC<B9?:ABC?@<E<K<9V<KD?BKBCDU? CB9:LC;B9?Q@B9@B?=9?^:KIB9?C<;=9?@B?V<@C:;=CO:KBI:9?g9?CB9FB;I<A=9?C:I=9?@B? BhFG:C=cP:?B?;V:WBF:<KI9ZJ?<K;GL@<KD?IVB?@<9FLIB9?:ABC?IVB?F:IBKI<=GGU?CB9:LC;B9YC<;V? i:LIV?XV<K=?iB=J?MCB=?I=EOdE?;CL;<=G?F=C=?=9?C:I=9?E=CHI<E=9?@B?=;I:CB9?;:E:?:? DCLF:?jikj]J?=?XV<K=?B?:?l=FP:?Q9BB?:K?IV<9?j@E<C=G?i=;;VBII<T9?B99=U?<K?IV<9?O::WZ>? :9?AMC<:9?E:A<EBKI:9?B?IBK@eK;<=9?9BF=C=I<9I=9?QK=EBGUJ?[<OBI?=K@?m<Kn<=KD?<K?XV<K=J? `<K@=K=:?=I?IVB?fV<G<FF<KB9J?=K@?j;BV?=K@?oC<=K?l=U=?<K?oK@:KB9<=Z>?:C?BABK?IVB? 9BABC=G?O:C@BC?:C?IBCC<I:C<=G?@<9FLIB9?p?IVB?i:LIV?qLC<GGB9r]:CIVBCK?[BCC<I:C<B9?QSL99<=?A9? l=F=KZJ?IVB?[=WB9V<E=r[:W@:?<9G=K@9?Qq:CB=?s9?l=F=KZJ?IVB?iBKW=WLra<=:ULI=<?<9G=K@9? Ql=F=K?A9?XV<K=r[=<\=KZJ?IVB?f=C=;BG?o9G=K@9?QXV<K=?A9?s<BIK=EZ?=K@?IVB?iFC=IGBU? o9G=K@9?Q;:K;BCK<KD?XV<K=J?[=<\=KJ?s<BIK=EJ?fV<G<FF<KB9J?tCLKB<J?`=G=U9<=?=K@? oK@:KB9<=Z?<K?IVB?i:LIV?XV<K=?iB=?YJ?=9?\BGG?IVB?@<9FLIB@?9:ABCB<DKIU?=CB=9?=I?IVB? uBGG:\?iB=J?IVB?iB=?:^?l=F=KJ?IVB?v:G^?:^?[:KW<KJ?=K@?IVB?i:LIV?XV<K=?iB=w??

jI?IVB?9=EB?I<EBJ?=K:IVBC?K:IB\:CIVU?=9FB;I?<9?IVB?K:I<:K?:^?CBD<:K=G?9B;LC<IU?V=9? OC:=@BKB@?OBU:K@?IV:9B?xIC=@<I<:K=Gy?<99LB9?=K@?;:K;BCK9?I:?<K;GL@B?=?\<@B?A=C<BIU?:^? xK:KYIC=@<I<:K=Gy?9B;LC<IU?FC:OGBE9?\<;V?z=CB?{|}~|}~}}|}| }|||}}|}|}|}|| }{|||}| ~}}|||~}||}}|}{{|?QaLF:KIJ??Zw? [VB9B?KB\?9B;LC<IU?<99LB9?<K;GL@B9?IBCC:C<9EJ?IC=K9K=I<:K=G?:CD=K<9B@?;C<EBJ?@CLD? IC=^^<;W<KDJ?9B=?F<C=;UJ?;UOBC?;C<EBJ?IC=^^<;W<KD?<K?FBC9:K9J?=CE9?9ELDDG<KDJ?E:KBU? G=LK@BC<KDJ?<KIBCK=I<:K=G?B;:K:E<;?;C<EBJ?BKBCDBI<;?@BFBK@BK;B?=K@?=;;B99?I:?BKBCDU? CB9:LC;B9?=K@?E=CWBI9J?LKCBDLG=IB@?F:FLG=I<:K?E:ABEBKI9J?<K^B;I<:K?@<9B=9B9J? \B=WBKB@r^=<GB@?iI=IB9J?BKA<C:KEBKI?@BDC=@=I<:KJ?=K@?B;:K:E<;Y^<K=K;<=G?;C<9<9w?i:EB? =9FB;I9?:^?IVB9B?KB\?@<EBK9<:K9?=CB?K:I?CB=GGU?KB\?K:EB=@=EBKIB?@B9@B?;BC;=?@B? EB=@:9?@:9?=K:9?J?IeEY9B?ELGI<FG<;=@:?:9?=FBG:9?F=C=?CB@B^<K<C?=?9BDLC=Kc=?=?^<E? @B?;:KIBEFG=C?=9FB;I:9?B;:KE<;:9J?=EO<BKI=<9?B?:LIC:9?xKP:YE<G<I=CB9yJ?=GdE?@B?NLB? LE=?;:K;BFcP:?E=<9?A=9I=?@B?9BDLC=Kc=?BC=?nM?;:ELE?BKICB?;BCI:9?k=9I?j9<=K? ;:LKIC<B9?EB9E:?@LC=KIB?=?X:G@?_=C?BC=J?;:E:?K:9?;=9:9?@:?l=FP:?:L?@:9?jikj]?

(4)

9:;<=>?@ABCD>;@EC=F@CG>:HI@<?<JCA@9;>?=KCHJ@<IHC=:C?<9L;I@C9:<9@><AC=FH=CI:C<:=C?<M:LM@C N:=@<=?HLCM?:L@<9@C?AC9:<=>:M@>A?HLBCD>;@ECHAC@M@>EC?<CI?OO@>@<=CNH>=AC:OCPHA=CQA?HCR@CO?<IC H9=:>AC@SG>H9?<JCT;?=@CI?OO@>@<=CI@O?<?=?:<ACH<ICN>?:>?=KC9:<9@><AC:OCA@9;>?=KBCU;=C?ACHLA:C =>;@C?<C=F@CLHA=CK@H>AC<@RCA@9;>?=KC?AA;@ACFHM@CJH?<CS;9FCS:>@C>@L@MH<9@CH=C>@J?:<HLC H<IC<H=?:<HLCA@9;>?=KCHJ@<IHAECGKC=F>@@CO;<IHS@<=HLC>@HA:<AVCC

WCX?>A=EC=F@CJ>@H=@>C>@9@N=?M@<@AAC:OCHC9:SN>@F@<A?M@CM?@RC:OCA@9;>?=KC9H<CG@C=>H9@IC =:CHC<;SG@>C:OCYZ[Z\]^_Z`abcdacaeZcf\]gd\c\Z[Z\EC?<9L;I?<JC=F@C9:SNL@h?=KC:OCN:A=i j:LICkH>C?<=@><H=?:<HLCN:L?=?9ACH<IC=F@CH==@SN=C=:CJH?<CHCFH<IL@C:<C?=lCJL:GHL?mH=?:<C H<IC?=ACN@>9@?M@IC<@JH=?M@C@OO@9=AC?<CA:S@C9:;<=>?@AC:<CA=H=@CH;=:<:SKCH<IC <H=?:<HLCMHL;@AlC9>@A9@<=@CI?L;?no:CIHACO>:<=@?>HAC@<=>@C:AC9:<M@<9?:<H?AC<pM@?AC q?<=@><:rC@Cq@h=@><:rCIHCA@J;>H<nHlCHCS;?=:CSH?:>C9:<A9?@<9?HL?mHno:C?<=@><H9?:<HLC IHAC9:<@hs@AC@<=>@CA@J;>H<nHC@CI@A@<M:LM?S@<=:C@9:<tS?9:ECG@SC9:S:CI:AC >?A9:ACHAA:9?HI:ACH:ACI@A@T;?LpG>?:ACHSG?@<=H?AC@CI@S:J>uO?9:AlCSH?:>C H9:LF?S@<=:CI@C9:<9@Nns@ACSH?ACHG>H<J@<=@ACI@CA@J;>H<nHEC9:S:CHCqF;SH<C A@9;>?=KrCvA@@C:<C=F?ACw?H<HCxHJHLFo@AyC@AAHKC?<C=F?ACG::z{ECN>?M?L@J?H<I:CHC A@J;>H<nHCI:AC?<I?MpI;:AECN:N;LHns@AC:;C|;SH<?IHI@EC<o:CHCI:ACPA=HI:AECG@SC 9:S:CHC9:<AHJ>Hno:C?<=@><H9?:<HLCI:CN>?<9pN?:Cq}Zb^]`bdg~\~aca]c]aZalC:CCI@C @=@SG>:C@C:CI@A@<9HI@HS@<=:CIHCqkH>C:<CD@>>:>rCN@L:ACPQlCHCSH?:>C<OHA@C ?<=@><H9?:<HLC<HCJ@A=o:CI@C9>?A@AC@C9:<OL?=:AC@C>@9:<A=>;no:CI@CPA=HI:AlC:;C:CNHN@LC SH?AC>@L@MH<=@CT;@C:;=>:AC<:<iA=H=@CH9=:>ACMSC=@<I:C<:CI:Sp<?:CIHCA@J;>H<nHC v<=@><H=?:<HLC>JH<?mH=?:<AEC:<:M@><S@<=HLC>JH<?mH=?:<AEC=>H<A<H=?:<HLC =@>>:>?A=C<@=R:>zAECqL:>IAC:OCRH>rEC=>H<A<H=?:<HLCSHO?HAECF;SH<?=H>?H<CH<ICqJ>@@<rC ?<=@><H=?:<HLCJ>:;NAHJ@<9?@AEC@SN>@AHACS;L=?<H9?:<H?AEC?<9L;?<I:CHAC?<IA=>?HACI@C H>SHS@<=:C@CHAC@SN>@AHACN>?MHIHACI@CA@J;>H<nHEC@=9B{BCQLSCI?AA:ECHACq<:MHArC N>@:9;NHns@ACI@CA@J;>H<nHC;L=>HNHAAHSCLH>JHS@<=@C<o:CAtCHAC@AO@>HACL:9H?AC@C <H9?:<H?AC9:S:C=HSGSCHC>@J?:<HLECN@L:CT;@C:ACNHpA@ACIHCA?HC>?@<=HLC@CHC>@J?o:C <:CA@;C9:<;<=:CNH>=?9?NHSC@CAo:C@<M:LM?I:AC<:AC@AO:>n:ACS;<I?H?ACNH>HCN>:9;>H>C H=@<;H>C:;C>@A:LM@>C@A=@ACN>:GL@SHABC

WC@9:<IEC9@>=:ACYZbZ`[]\[~_Z`a]bcZc]]`~dbc`dcZf~]cYdcb~dc~Z`ad\CMSC =@<I:C;SCJ>H<I@C?SNH9=:C<HC@hNH<Ao:CIHCHJ@<IHCI@CA@J;>H<nHC>@J?:<HLC9:S:EC N:>C@h@SNL:ECHC9>?A@CO?<H<9@?>HCI@CilC:ACH=HT;@ACO>:SC=F@Cq<@RC=KN@C:OC =@>>:>?ASr_E_C_@SC_NH>₌_?_9;L_H>_E_C_N>_:M@<?_@<=_@AC_I@C_J>_;N:AC_9:S:C_HC_@SHHFC_AL_HS?_HKHFC_:;C_:C

₉₈₈₃_"₃₀₃₀₈_9"!₈₉₈₃₃₉₈

8889"!498988978 888"8894967890"# 84+¡¢(£¢¤(¥,¦§-(¨¢,©,§*'*ª%§(«¬'§*¢ 8® 6¯78°7891±±68

(5)

9:;<=>??>@<ABCD>EBF>GEHA<9J<K>HI><GL<=;IHAEH<9ABMEBNLO_P_<_L<_QR_>GIH<_E_A;G>CB_<_IH<

SHFHC:RL<IH<TUUV<GL<WGIBNLX<YBEBC>GIL<NHRN><IH<TZU[UUU<DHAAL>AX<><C>BLRB>A< \;>BA<G><]GILGÂB><_=;C>ER><]AJ>GI`P<><HaD>GAbL<IH<D>GIHCB>A<NLCL<L<c]de9]S=X< L<=9f=<LR<EgH<:BRI<@J;P<><RHAA;RQhGNB><IH<NLG@JBELA<ÊGBNLiRHJBQBLALA<BG<]GILGHAB>< >GI<EgH<jgBJBDDBGHA<GLA<>GLA<kllUA<H<GL<BGmNBL<IHAEH<=^N;JLP<L<>;CHGEL< DRLN;R><H<><NRHANHGEH<IHDHGIhGNB><ILA<D>mAHA<n>AE<9AB><IH<RHN;RALA< HGHRQÊBNLAX<>AALNB>IL<>L<>;CHGEL<QJL:>J<ILA<DRHoLA<IL<DHERpJHLP<L<DRîNLJ>DAL<qLRHB><IL<rLREH<H<><BGAER;CHGE>JBF>obL<Ng>GE>QHC<G;NJH>RP<L;<>BGI><L< NLGE;R:>IL<>NHAAL<s<BGIHDHGIhGNB><L@<n>AE<tBCLR<_kllliTUUT`<_AHH<LG<EgBA< j;RHF>X<TUUO`<H<><IB@mNBJ<C>G;EHGobL<HAE>:BJBI>IH<L@<EgBA<uH>vHGHI<AE>EH[< j>R>JHJ>CHGEHX<HC<YBRE;IHA<BGEHRIHDHGIhGNB>A<CwE;>AX<^<gLxH<C>BA<p:YBL<\;H< BGEHRG>J<NLG@JBNEA<LR<ALNBLiHNLGLCBN<NRBABA<DLIHC<@>NBJCHGEH<>@HNE>R<><HAE>:BJBI>IH< IH<D>mAHA<H<RHQByHA<YBFBGg>A[<t>J<NLCL<^<HYBIHGEH<\;H<EgH<RHQBLGzA<RHJHGEJHAA< DLD;J>EBLG<HaD>GABLG<>GI<;R:>GBF>EBLGX<EgH<>AALNB>EHI<DLD;J>EBLG<CL;YHCHGEA<>GI< ALNB>J<EHGABLGAX<EgH<BGEHRiNLGGHNEHI<HGYBRLGCHGE>J<DRL:JHCA<_ALBJ<HRLABLGX< IH@LR>AE>BLGX<IHNJBGBGQ<>BR<\;>JBE?<>GI<BGNRH>ABGQEHR<AN>RNBE?`<L;<><NRHANHGEH< IHDHGIhGNB><ILA<RHN;RALA<HGHRQÊBNLA<g>YH<EgH<N>D>NBE?<EL<IHR>BJ<EgH<HGEBRH< IHYHJLDCHGEiLRBHGEHI<n>AE<9AB>G<DRLxHNE<>GI<EL<>@@HNE<EgH<RHQBLG>J<AE>:BJBE?[<9J>G< S;DLGE<_TUUk`<g>A<DRLYBIHI<LGH<L@<EgH<CLAE<HaEHGABYH<A;RYH?<L@<EgH<GHu<AHN;RBE?< Ng>JJHGQHA<>GI<EgHBR<DLAAB:JH<BCD>NE<LG<n>AE<9AB>X<:;E<EgHRH<>RH<C>G?<LEgHRA<ugL< >RH<NLGABIHRBGQ<Eg>E<{|}~|~|~|}~|||~|~ ||}~|}~||||~||~||~ ||~<_HHALGX<TUU<lT`[<

<tgH<EgBRI<RH>ALG<@LR<EgH<RHQBLG>J<AHN;RBE?<>QHGI>zA<HaD>GABLG<^X<BQ;>JCHGEHX<;C>< A;><NLGAH\;hGNB><~|~~~~ ~|~ ~~~|¡ ~|~¢~| ~ ~[<qLCL<ELI>A<HAE>A<£GLY>A¤<DRHLN;D>oyHA<ER>GANHGI<G>EBLG>J< :LRIHRA<>GI<ugBNg<C>?<:H<:H?LGI<EgH<NLGERLJ<L@<BGIBYBI;>J<AE>EHAX<EgH<NL;GERBHA<L@< ¥_¦4_"78_"_§7₉_¨©₉₃₇_ª9₉₈₉₃_"_"_©₈₉₃_"9_"8₃₉_«¬9 89"4878989"08¬9"©8"99899884 ""492ª888940ª84298®98 299988 "03¯"89¨ª7"88879°8"99"9§78 893917"4ª "86±!ª0¨983ª²³997 99´909µ9979 984898"©997«¬989¶"89¨79899 9989· ¸¹74997"«´§7¨8´#´9¯7"09"7"© 89"º8ª8989¶"898§77902798"»8ª997ª9 9899088¼9989¨8´ 88©89°8"99#"78"8 «´9µ99 ½¨7 ½997989¾9"0 89"4"89«´78689¨89¨07689"339

(6)

9:;<=>;?:=:@A=<BC?D=CE<CD@:F=G:D<@CD;=;HIB=:;=<BC=JKL=M@A?:L=>H;<D:F?:=ND=<BC=9J=@N<= N@FO=@CCA=<N=PNDQ=<NRC<BCD=<N=<DO=<N=;NFSC=<BC;C=TINUUN@=GDNVFCU;W=INUN=<:UVXU= C;<YN=U:?;=A?;GN@ZSC?;=G:D:=N=[:\CD=IN@]H@<:=C=IN@ICD<:A:UC@<CL=^HCD=CU=S?D<HAC= AN;=?@<CDC;;C;=C=R:@BN;=U_<HN;=^HCD=GND^HC=X=U:?;=[`I?F=INNGCD:D=@C;<C;= ANUZ@?N;=AN=^HC=DC;NFSCD=ICD<N;=GDNVFCU:;=T<D:A?I?N@:?;W=AC=;CRHD:@a:b=>;;?UL= :?@A:=^HC=@YN=;C]:=GN;;ZSCFL=GND=CECUGFNL=DC;NFSCD=AC[?@?<?S:UC@<C=:;=A?;GH<:;= <CDD?<ND?:?;=C=[DN@<C?D?a:;=NH=HF<D:G:;;:D=<NA:;=:;=A?SCDRc@I?:;=C=?@<CDC;;C;= @:I?N@:?;=IN@[F?<H:?;L=N;=:I<NDC;=DCR?N@:?;=@YN=AC?E:U=AC=INNGCD:D=@NH<DN;= ANUZ@?N;=AC=HU:=:RC@A:=AC=;CRHD:@a:=:F:DR:A:b=

=

d:<HD:FUC@<C=:;;NI?:A:=e=CEG:@;YN=A:=:RC@A:=AC=;CRHD:@a:=DCR?N@:F=;HDRC=:= fghijklmnopqrfhnkspoqjrhtrlojonqgoukrshsvphswksnohsqjrxkpygonzr{olksxohsxrN=^HCL=CU= SC\=AC=DC;NFSCD=C=UCFBND:D=:=;?<H:aYN=GNAC=:<X=:RD:S:D=C|NH=CEG:@A?D=N=GDNVFCU:=AC= ;CRHD:@a:=}~?D<\L==b=9[CI<?S:UC@<CL=T;CIHD?<?\?@RW=ICD<:?@=;NI?:FL= CIN@NU?I=:@A=C@S?DN@UC@<:F=GDNVFCU;=};CC=N@=<B?;=:@DCH<BCDL==:@A=:OF?;=C<=:FbL= L=?;<N=XL=:=:;;HUGaYN=A?;IHD;?S:=AC=^HC=ICD<N;=GDNVFCU:;=GCU=CU=I:H;:=:= T;CRHD:@a:=@:I?N@:FW=C|NH=:=;CRHD:@a:=DCR?N@:F|?@<CD@:I?N@:FL=A:@ANFBC;=HU:= GD?ND?A:AC=@N;=:;;H@<N;=AC=;CRHD:@a:=^HC=@H@I:=:@<C;=RN\:D:UL=GNAC=ND?R?@:D=N= CUGNF:UC@<N=AC=ICD<:;=;?<H:aC;=C=DCF:aC;L=N=^HC=C@SC@C@:D?:=N=:UV?C@<C=DCR?N@:Fb= [=INHD;CL=GD?ND?<O=IN@ICD@;=:VNH<=;CIHD?<O=ACGC@A=N[=C:IB=INH@<DO|INUUH@?<O=NP@= GCDICG<?N@;=:@A=C:IB=;HVDCR?N@=;GCI?[?I=IN@A?<?N@;=<BC=;C@;C=N[=;CIHD?<O|?@;CIHD?<O= :@A=;CIHD?<O=IN@ICD@;=:DC=A?[[CDC@<L=[ND=CE:UGFCL=?@=:?P:@=}UH?<N=GDCNIHG:AN=INU= HU:=GN<C@I?:F=:RDC;;YN=U?F?<:D=C=?@S:;YN=A:=B?@:L=?@=M@AN@C;?:=}PBCDC=<BC=QCO= ;CIHD?<O=<BDC:<=?;=@N<=?@S:;?N@=VO=:=[NDC?R@=GNPCD=VH<=<BC=AC;?@<CRD:<?N@=:@A=INFF:G;C=?@= :I:D<:;=:H<BND?<BO=ND=?@=?VC<=}<DO?@R=<N=GDC;CDSC=@:<?N@:F=?AC@<?<O=:@A=<N=:IICAC=<N= ?@ACGC@AC@IC=[DNU=B?@:L=:;=PCFF=;CIHD?<O=?@=dND<BC:;<=>;?:=A?[[CD;=?@=;CSCD:F=P:O;= [DNU=KNH<BC:;<=>;?:b=><=N@C=FCSCFL=nkrighq{ksosrphspkfnrhtrgkohsqjrxkpygonzrfkglonxr nhrqpphlh{qnkrlqszr{ottkgksnrxkpygonzrphspkgsx=[DNU=DCR?UC=;HDS?S:F=}:;=<BC=I:;C;=N[= B?@C;CL=dND<BNDC:@=ND=HDUC;C=GNF?<?I:F=DCR?UC;=<N=~=GDNF?[CD:<?N@L=IDC:<?@R=:= SCDO=INUGFCE=DCR?N@:F=;CIHD?<O=@C<PNDQ=F?@Q?@R=:=P?AC=S:D?C<O=N[=;CIHD?<O=GDNVFCU;b== N@;C^HC@<FOL=>;?:@=INH@<D?C;L=<BC=JKL=:@A=DCR?N@:F=?@;<?<H<?N@;=:DC=B:S?@R=@NP=:=UNDC= UHF<?A?UC@;?N@:F=:@A=INNGCD:<?SC=:GGDN:IB=<N=AC:F=P?<B=;CIHD?<Ob=><=:@N<BCD=FCSCFL=:= qks{qr{krxkygqsqrqjqgq{qr{klhsxngqryhrlyjnotqpknq{qrrqrxkygqsqrosrqxnr xoqL=N=^HC=GNAC=INUGF?I:D=:=DC;NFHaYN=@:I?N@:F=C=DCR?N@:F=AC=<:@<N;=C=<YN=S:D?:AN;= GDNVFCU:;=:;L=[ND=CE:UGFCL=DCINR@?\C;rosqxrqnohsqjrktksxkr ¡=}B:Gb==¢£kr gh¤osr osnkgphsskpnohsxr ikn¤kksr {hlkxnopr qs{r osnkgvsqnohsqjr tqpnhgxr qs{r

(7)

89:;<=>99;=:;?@:<A?8:8>9AB@A9?@9>9C:<A?8:8>9AB@DA=:><E@FAG;@HA?;@HA89:A8989I@9A:8>9AB@ E;=J<8:K@A@H><;@=FABB;9I89I@:AELMNO

PQORSTOURSTVOSWQXY@:F;@Z<>A?;989I@=>9=;[:@>D@<;I8>9AB@E;=J<8:K@ABE>@H;A9E@E;=J<8:K@ Z>J9?A<8;E@>D@:F;@<;I8>9@FAG;@;\[A9?;?@A9?@Z;=>H;@B;EE@[<;=8E;OW]OXT^T_UàTQR]O TaOVTbcdT]O^cecQSW]OfUaUOW]OgTQRVW_OWQXOhUiRSOj]cWOSW^TOcQfVTW]cQb_kOlTbiQORUOSW^TO WQOca`WfROUQOhUiRSTW]ROWQXOmUVRSTW]ROj]cWnOWQXO^cfTo^TV]WNOgUQ]TpiTQR_knORVWXcRcUQW_O bTUbVW`ScfO]ilfUaÙQTQR]OUqOj]cWOWVTOaUVTOcQRTVfUQQTfRTXOWQXOcQRTVXT`TQXTQRrOaifSO aUVTOWffUiQROai]ROlTORWsTQOUqOURSTVOVTbcUQ]tOXT^T_UàTQR]OWQXOUffiVVTQfT]OU^TVO uW]ROj]cWOcQRTVQWRcUQW_OÙ_cRcf]rOWQXORSTOVTbcUQW_O]TfiVcRkOc]OcR]T_qOaUVTOfUQQTfRTXOvcRSO RSTOvUV_XOW]OWOvSU_TOwxWSiXWnOyzz{|O}}~o}{NO

OiaOXWXUOcQpiT]RcUQ^T_OpiTOW]OcQRTVXT`TQXQfcW]OTfUQacfW]OQWO]cWOPVcTQRW_O]UO SUTOaicRUOaWcUVT]OTOaWc]O`VUqiQXW]OXUOpiTOQUO`W]]WXUOTOpiTOU]O`W]T]OXWOVTbcUO VTbc]RWanOXTOiaWOaWQTcVWObTVW_nOT_T^WXW]ORW W]OXTOfVT]fcaTQRUOTfUQacfUOw]TTOUQO RSc]OQT ROT]]WkORSc]OlUUsnOqVUaO¡TQVcpiTO¢UVWc]NOO

mWOR`cfWO^c]UO_clTVW_nOTfUQUacfObVUvRSOWQXOcQRTVXT`TQXTQfTOacRcbWRT]OVc^W_VcT]OWQXO ]TfiVcRkOfUa`TRcRcUQnOVTXifT]ORSTO`VUlWlc_cRkORSWRO]RWRT]Ovc__O]TTsORUOVT]U_^TOfUQq_cfR]OlkO qUVfTnOWQXO`VU^cXT]OcQfTQRc^T]OqUVOfUU`TVWRcUQnOcQOvSWRO£TQROuNOgW_XTVOwyzz{OXT]fVclTXO W]O¤¥;=J<89I@¥;=J<8:K@:F<>JIF@¦<>E[;<8:KMNOu Ta`_U]OXU]OlTQTqfcU]OXWOTfUQUacfO cQRTVXT`TQXTQfTO]UlVTOWOVTbcUQW_O]TfiVcRkOÙXTVUO]TVORSTOiQ`VTfTXTQROuW]ROj]cWQO ]RWlc_cRkOTOU]O`VUbVT]]U]OQWOfUU`TVW§UOVTbcUQW_rOWOaT_SUVcWObTQ¨VcfWOXW]OVT_W§dT]O lc_WRTVWc]OTQRVTOVc^Wc]OVTbcUQWc]Ow©hogScQWnOªW`WQogScQWnO«i]]cWoªW`WQnOgScQWo ¢UQbU_cWnOgScQWo¬QXcWnOgScQWojhujmnO«i]]cWogScQWnOjhujmo¬QXcWnOgScQWo¬QXUQT]cWnO hUiRSO£UVTWo«i]]cWnO©ho¢UQbU_cWnOgScQWohUiRSO£UVTWnO©ho¬QXcWnOgScQWocTRQWanO mUVRSohUiRSO£UVTWnOªW`WQo¬QXcWnO®WcvWQogScQWnOcQf_icQXUOaT]aUOW_biaW]OQU^W]O `WVfTVcW]OTOfUU`TVW§dT]O¯T]RVWR¨bcfW]°rOW]OÙ_RcfW]O`VU]]TbicXW]O`T_U]OuW]ROj]cWQO fUiQRVcT]OQUO]TQRcXUOXTOVTqUV§WVOUOXc_UbUOTOW]OcQRTVWf§dT]Oa±RiW]OTaORUXU]OU]O XUaQcU]rOUiOUOfVT]fTQRTOWÙcUOVTbcUQW_O²]OcQ]RcRic§dT]OTO`VUfT]]U]Oai_Rc_WRTVWc]NOO ¬ROfUi_XOlTOWVbiTXORSWRO`VcUVcRcT]OqUVOaU]ROUqOuW]ROj]cWQOfUiQRVcT]OWVTO]RWlc_cRkOWQXO TfUQUacfOXT^T_UàTQROvScfSnOUqOfUiV]TnOXT`TQX]OUqOWO]TfiVTOTQ^cVUQaTQRNOhcac_WV_knO TfUQUacfObVUvRSOSW]OlTfUaTORSTO_TbcRcac]cQbOlW]c]OUqOaWQkOVTbcUQW_ObU^TVQaTQR]OWQXO VTbcaT]nOcQf_iXcQbOlURSOWiRSUVcRWVcWQnOXTaUfVWRcfOUVOcQOXTaUfVWRceWRcUQO`VUfT]]T]NOPQO RSTOURSTVOSWQXnOb_UlW_c]WRcUQOWQXOTfUQUacfOcQRTVXT`TQXTQfTOaTWQ]ORSWROXUaT]RcfO TÛ_iRcUQ]OSW^TOaUVTOWQXOaUVTOcaÙVRWQfTORUORSTOVTbcUQW_O]TfiVcRkOWQXO]RWlc_cRkOoO

(8)

89:;<=><:?@ABC?9CD<<ECF9G<;?H8C;?IJH@H?ACI:FC?9CIK9HFC<89:9GH8C8LH;H;CH;CJ<89GH:MCI:C HGE9L?I:?CK<8?9LCN9LCL<MH9:I@C;<8>LH?ABCI:FC:9?C9:@ACH:C8I;<;C@HD<COPH:IC9LCQ:F9:<;HICJ>?C I@;9BCN9LC<RIGE@<BC?P<CH;9@I?<FCS9L?PCT9L<ICI;CU<@@VCQNCI@@C?PI?CH;C?L><BC<:?W9CPXCG9?HK9;C IFH8H9:IH;CEILICICG9F<LIYW9BCIC899E<LIYW9C<CICIL?H8>@IYW9C9NCZI;?C[;HI:C89>:?LH<;VC O9:?>F9BC;<CIC?LIFHYW9CL<I@H;?IC<;?HK<LC89LL<8?IBC\]^_àba`c_cd^`b^_eafgaha_ga_àbij]cb kf^_l]b]efieal^`bmnj_afik^jêobpb^_beqieb]eiea]bka`cdabgaha_ga_ebc_bceqaf]brcfbmêijb lccg]bcfbdifsae]brcfbeqa^fb]nfm^mijbcfbhfc]hafêobpb]eiea]bka`cdab`cdhajjagbtecb`c_efcjb uqiebeqaobgaha_gbc_bcfbecbja]]a_beqabavea_ebcrbeqa^fbgaha_ga_òwxbeqafakob`faie^_lbib ]ênie^c_buqafab^_eafgaha_ga_àbjaig]bthfckikjoybecblfaieafb]a`nfêob`cdhaeê^c_wzC {|<@@H;BC}~~CVC

I;CH:F<E<:F<:?<G<:?<CF9C;<>CGIH9LC9>CG<:9LCHGEI8?9C:ICL<MH9:I@C;<8>LH?ACI:FC M<9E9@H?H8;BC?<G9;CF<CL<89:P<8<LC=><Cfal^c_ijblfcu^_lba`c_cd^`b^_eafgaha_ga_`ab fi^]a]bib_aub]aebcrbhfckjad]VCHL;?BC9C89:N@H?9C<:?L<C9CZ;?IF9C<C9CG<L8IF9CC <;E<8HI@G<:?<CH:?<:;9C:ICZI;?C[;HIBC9:F<C9;CEI;<;CIJLIYILIGBCM<:<LH8IG<:?<BC>GC G9F<@9CF<CF<;<:K9@KHG<:?9C=><C;H?>IC9CZ;?IF9C<:?L<CIC<89:9GHICH:?<L:I8H9:I@C<CI;C L<;E<8?HKI;C;98H<FIF<;CC?P<C;9C8I@@<FCgamajchda_eijb]eiea]wC{<<;9:BC}~~C CC;<:F9C=><CI;CN9LYI;CF9CG<L8IF9C89:?<GE9L:<I;CIG<IYIGCICI>?9:9GHICF9;C Z;?IF9;L<MHG<;CE9@?H89;C<C<RE<GCNLIMH@HFIF<;C<CF<;HM>I@FIF<;C9JLHMI:F9BCE9LCH;;9BC 9;CM9K<L:9;CICHGE@<G<:?ILCL<N9LGI;C=><C9>C;>JK<L?<GCIC;>ICELELHIC8IEI8HFIF<CF<C 89:?L9@9C9>C89:?LILHIGCI;C<RE<8?I?HKI;CFI;CE9E>@IY<;VC9LC89:;<M>H:?<BC9;C EI;<;L<MHG<;CE9F<GC;<LC?<:?IF9;CICL<N9LYILC9;C;<>;CG<8I:H;G9;CF<C89:?L9@9BC <:K<L<FILCE9LCE9@?H8I;CEL9?<88H9:H;?I;C9>CEL9G9K<LCG9F<@9;CF<C89:89LL:8HIC ;<@KIM<:;C:IC<89:9GHICH:?<L:I8H9:I@BC<GC=>I@=><LCF9;C8I;9;BCI8<:?>I:F9CIC 89GE<?HYW9C89GC9;C9>?L9;CZ;?IF9;VCC

<89:FBC89G9C9CELELH9C:<9@HJ<LI@C9;<EPCVCSA<BCLVC{}~~C}}CL<89:P<8<C\ma_b^rb ^_eafgaha_ga_eb`cn_efâ]ba_cobibc^_ebli^_xbeqafabdiobkab`c_rj^èbcmafbuqcblae]bdcfab cfbja]]bcrbeqabc^_ebli^_byba`c_cd^`b^_eafgaha_àbì_bij]cbkabn]agbi]bibuaihc_bpb uê_a]]beqabn]abcrbefigab]i_è^c_]Cyba`c_cd^`b^_eafgaha_ga_àbì_bkabdcfabn]ikjab eqi_brcfàb^_b]cdabì]a]bkaìn]abêbdiobqimabdcfab]nkejablfigie^c_]b_gb^_b]cdab `^f`nd]ei_à]xb]eiea]bifabja]]b^_eafa]eagb^_beqa^fbik]cjneabli^_brfcdb^_eafgaha_ga_àb eqi_b^_bqcubeqabfajie^majoblfaieafbli^_]bcrbeqa^fbf^mij]bd^lqebkabn]agbecbqnfebeqadCC |PHLFBC;9G<C<RE<L?;CIL<CILM>H:MC=><CI;CE9@?H8I;CG9:<?XLHI;C<C89G<L8HIH;C;<LW9C8IFIC K< CGIH;CN9:?<CF<C89GE<?HYW9BC<;E<8HI@@ACJ<?U<<:COPH:IBCIEI:BC?P<C[Z[SCML9>EBC I:FC?P<C¡BC;<¢ICE9L=><C<;;I;CE9@?H8I;C;W9CF<8H;HKI;CEILIC9C=><C8IFIC>GCE9F<C MI:PILC<CI8>G>@ILC:>GIC<89:9GHICM@9JI@H IFIBCE9F<:F9C;<LCH:;?L>G<:?I@H IFI;C<C FHLHMHFI;C:IC89GE<?HYW9C<89:GH8ICF<C>:;C89:?LIC9;C9>?L9;C{THL;P:<LBC}~~BC;<¢ICE9LC

(9)

89:;<=;>?:;9@AB?C:D9E9F9<:<=;=GDH>D>H:F;<BG;H=GC=AD98BG;I=GD9FBG;@:A9B@:9G;<=; A:C9D:F9G?BJ;KL9FC9@M;NOOPQR;;

SB>HDTM;:G;=U9VW@A9:G;:GGBA9:<:G;X;?B<=H@9Y:Z[B;=;<=G=@8BF89?=@DB;=AB@\?9AB;=GD]; :;DBH@:H;:;V=@=H:F9<:<=;<BG;C:^G=G;<:;H=V9[B;A:<:;8=Y;?:9G;<=C=@<=@D=G;<=;H=A>HGBG; =@=HV_D9ABG;`>=;=GA:GG=9:?;=;G=;DBH@:?;?:9G;A:HBG;B;`>=M;:F_?;<=;CB<=H;CH=a><9A:H;:; ?:@>D=@Z[B;<B;AH=GA9?=@DB;=AB@\?9AB;:;CH:YBM;=GD];D:?E_?;:;=@8BF8=H;BG;CH9@A9C:9G; :ADBH=G;H=V9B@:9G;@>?:;@B8:;AB?C=D9Z[B;C=FB;AB@DHBFB;=;:A=GGB;:;=GG=G;H=A>HGBGR;bG; AB@G=`>W@A9:G;9?=<9:D:G;G[BM;CBH;>?;F:<BM;B;:>?=@DB;<BG;CH=ZBG;<B;C=DH\F=B;=;<B; V]G;@:D>H:FM;cBHD=?=@D=;?BD98:<B;C=FB;:>?=@DB;<:;CHBA>H:;<BG;C:^G=G;:G9]D9ABG;=?; <=G=@8BF89?=@DB;K=?;C:HD9A>F:HM;dT9@:e_;_=;_f_@<9_:Q_;_=M_;_CBH_;_B>D_H_BM_;_:;_V=H_:Z[B;_<=;_@B8:G;₉_@D_=H_g

F9V:Zh=G;<:;iG9:;jH9=@D:F;AB?;B>DH:G;]H=:G;<B;VFBEB;AB?B;:;d=@DH:F;bG9:M;k9<F=;l:GDM; m:D9@;b?=H9A:M;:@<;bcH9A:R;k:G;:FV>@G;:HV>?=@D:?;`>=;=GG:;AB?C=D9Z[B;CB<=;?=G?B; CHB8BA:H;V>=HH:G;c>D>H:G;KnF:H=M;NOOoQR;;

bD;:@BDT=H;F=8=FM;B;AH=GA9?=@DB;=AB@\?9AB;@:;iG9:;jH9=@D:F;V=@=H:D=G;:@;Ipqrsrtuqv wpqxyuz{v|u}ptt~;@:;?=<9<:;=?;`>=;CHBCBHA9B@:;?:9G;H=A>HGBG;:BG;:ADBH=G;C:H:; :>?=@D:H=?;:G;G>:G;A:C:A9<:<=G;?9F9D:H=GM;B;`>=;CB<=;<=GD:E9F9Y:H;:;H=V9[B; qrszusxp|vyrzvusvypurs~}vpqrsrtuqtu}uz~y{vq~~u}uzupwvu}}v~pvt~ryv}rszpytv ut}uq~zurswvryvzpv}r~}v~wvp}}v~wvzpvypurs~}vtu}uz~y{v~}~sqpvu}uz~y{v q~~u}uzupwvusvzpvypursv~ypvq~susv~wv~vypwx}zvrvusqyp~wp|vpqrsrtuqvyrzvxzv wusqpvz~zvyrzvuwvxsppsvpzppsvypurs~}vwz~zpwvzpvypwx}zvuwvz~zvuszy~ypurs~}v rpyv~}~sqpwv~ypvq~sus;K:HH9G;:@<;k:AM;o;oQR;lAB@B?9A;GDH=@VTD;T:G; :F:G;E==@;AB@G9<=H=<;:@;9?CBHD:@D;AB?CB@=@D;Bc;@:D9B@:F;CB=H;:@<;G=A>H9D;DT=; <=8=FBC?=@D;:@<;G>GD:9@:@A=;Bc;?9F9D:H;CB=H;:@<;DT=;H=F:D98=;CBG9D9B@G;Bc;D:D=G;9@; DT=;9@D=H@:D9B@:F;GGD=?;T:8=;<=C=@<=<;B@;DT=9H;=AB@B?9A;T=:FDT;:@<;H:@9@V;:@<; =AB@B?9A;CB=H;T:G;:FGB;E==@;<=CFB=<;9@;DT=;cBH?;Bc;9@<>A=?=@DG;BH;G:@AD9B@G;; :AA=GG;DB;BH;<=@9:F;Bc;:9<M;:H?GM;H=GB>HA=GM;BH;?:H=DG;;9@;DT=;G=H89A=;Bc;cBH=9V@;:@<; G=A>H9D;CBF9A;KbF:V:CC:M;o;eQR;=GG:;?=<9<:M;B;AH=GA9?=@DB;=AB@\?9AB;<BG; C:^G=G;<:;iG9:;jH9=@D:F;CB<=;:c=AD:H;:;E:F:@Z:;<=;CB<=H;=;BG;=`>9F^EH9BG;V=BCBF^D9ABG; H=V9B@:9G;K=;:D_;VFBE:9GQM;=8=@D>:F?=@D=M;AB?;AB@G=`>W@A9:G;@=V:D98:GR;;

j;9?C:ADB;V=BCBF^D9AB;=;V=B=GDH:D_V9AB;<:;=?=HVW@A9:;=AB@\?9A:;<:;dT9@:;_M; BE89:?=@D=M;:;?:9BH;cB@D=;<=;:CH==@Gh=G;KG==M;cBH;=U:?CF=M;T:?E:>VT;pzv~}M;NOO; >DD=HM;NOO:;BG=9;:@<;9G9M;NOOe;:@<;B?_M;NOO;:@<;NOOoQR;jG;<9H9V=@D=G; AT9@=G=G;G:E=?g@B;E=?;=;DW?gG=;=GcBHZ:<B;CBH;C:GG:H;9@D=H@:A9B@:F?=@D=;:;9<=9:;<=; IC=:A=c>F;H9G=JM;?:G;D:?E_?;@[B;=GAB@<=?;`>=;B;AH=GA9?=@DB;=AB@\?9AB;<:;dT9@:;_;

₀₉₈_"9_¡¢8_"_£8₉_¤#₈_¥_¦8₀₈₄_¤4₈_"_§¨_¦78₀₈_©₉

(10)

89:;<;=>?:>@>?;A;B;9:;?C;<;?>?;D@89E>?=>?C>E89:F;A?8GE<;EHIF:>?8?=;?F9JADK9:F;? C>ALEF:;?=;?MNF9;O?PQRSTUVWXYZX[ZVUVW\]S^_V\`V^\\YaSTUb[aVa[c[]\Wd[TbV\`VTUbS\TU]V a[`[TZ[VUTaV[^\T\d_eVfbVg[[WZVbR[Vd\a[YTShUbS\TV\`VQRSTUiZVTUbS\TU]Va[`[TZ[VUTaV UYd[aV`\Y^[ZVUZVUTVSTb[jYU]VWUYbV\`VSbZVZ\^SU]VUTaV[^\T\dS^Va[c[]\Wd[TbkVZ\VUZVb\V [TZXY[VbRUbVbR[Vd\a[YTShUbS\TV\`VSbZVTUbS\TU]Va[`[TZ[VUTaVUYd[aV`\Y^[ZVUacUT^[VSTVZb[WV lSbRVbR[VTUbS\TU]Vd\a[YTShUbS\TVaYSc[m?nMNF9;oG?p;EF>9;A?q8J89G8?rsstu?MN;Cv?wxv?? y?<8;AF=;=8?H?zD8?@DFE>G?;9;AFGE;G?=8G:>9JF;@?=;G?@>EFB;{|8G?=>G?C;LG8G?;GF}EF:>G? <8A;:F>9;=;G?:>@?;?F9E8<=8C89=K9:F;?8?>?:<8G:F@89E>?8:>9~@F:>Gv?yGNA8?v?8AAFG? nrsstO?wsxu?C><?88@CA>u?:>9GF=8<;?zD8?Pd\ZbV\`VbR[Vg[_VZSUTVTUbS\TZVZ[[dVb\V `\^XZV\TVbYUa[VWYST^SWU]]_VUZVUVa[cS^[V`\YVdUSdShSTjVW\l[YVUTaVW][Tb_kVbRUbVSZkVUZVUTV STZbYXd[TbU]Vd[^RUTSZdV`\YVUZZXYSTjVbR[VÙZb[ZbVST^Y[UZ[ZVSTVkVlRS^RVÛTVbR[TV[V XZ[aV_VbR[Vj\c[YTSTjVY[jSd[Vb\VZ[^XY[VlRUb[c[YVj\U]ZVVa\d[ZbS^V\YV[b[YTU]VVbRUbV dU_V[V\`VSTb[Y[ZbVb\VbR[VZbUb[Vc[TVSTVbR\Z[VÛZ[ZVlR[Y[VbYUa[VSZVZW[^S`SÛ]]_V aSY[^b[aVb\lUYaVdSbSjUbSTjV^\T`]S^bZVVUZV`\YV[UdW][VSTVQRST[Z[V[``\YbZVUbVUbbYU^bSTjV USlUT[Z[VUTaVUWUT[Z[VXZST[ZZVSTc[Zbd[TbZVb\VbR[VdUST]UTakV\XbR[UZbVZSUTV [``\YbZVUbVa[c[]\WSTjVbSjRbV[^\T\dS^VY[]UbS\TZVlSbRVQRSTUV\YVST\fTaSUTV[``\YbZVUbV a[[W[TSTjVS]Ub[YU]VbYUa[VY[]UbS\TZVVbR[VÛ]^X]XZVSTV[U^RVSTZbUT^[VUWW[UYZVb\V^[Tb[YV\TV R\lVbYUa[VUTaVSTb[Ya[W[Ta[T^[VdSjRbV[VXZ[aVZbYUb[jSÛ]]_Vb\VUacUT^[V^[YbUSTV j[\W\]SbSÛ]VUTaVj[\[^\T\dS^Vj\U]ZkV[SbR[YVa\d[ZbS^V\YV[b[YTU]mv??

? ?

¡¢£¤¡¥¦ ?

q8?D@;?J><@;?C<>B>:;=><;u?<8JA8:EF9=>?G>§<8?>?F@C;:E>?=>?@DAEFA;E8<;AFG@>?9;?¨;GE? yGF;u?©ª89§8<<?8?«;GE;9=D9>?nrss¬O?w¬x?;JF<@;@?zD8?PfbVSZVT\bVbRUbVY[jS\TU]V STZbSbXbS\TZVa\TbVWY\d\b[VZbUS]Sb_kVXbVbRUbVbR[VY[jS\TVa\[ZTbVZ[[dVb\VWY\d\b[V STb[YTUbS\TU]VSTZbSbXbS\TZmv?y?<8;AF=;=8u?C><H@u?H?zD8?@DAEFA;E8<;AFG@u?<8IF>9;AFG@?;9=? :>>C8<;{®>?F9GEFED:F>9;AF¯;=;?;<8u?F9=88=u?F@C<>BF9I?F9?EN8?<8IF>9v?°?:8<E>?zD8u? :>@C;<;EFB;@89E8?;?>DE<;G?}<8;Gu?:>@>?;?¨D<>C;u?>?@DAEFA;E8<;AFG@>?9;?¨;GE?yGF;?8GE}? <8A;EFB;@89E8?;E<;G;=>v?M>9ED=>u?:>@C;<;EFB;@89E8?;?>DE<>G?C8<L>=>G?NFGE~<F:>Gu?;? 8BF=K9:F;?H?zD8?8@?989ND@?>DE<>?@>@89E>?;?:>>C8<;{®>?@DAEFA;E8<;Au?8@?=FJ8<89E8G? =>@L9F>Gu?J>F?E®>?8C<8GGFB;?8?C<>AFJ8<;9E8?:>@>?;:ED;A@89E8?9;?<8IF®>v??

N8?@>GE?9>E><F>DG?8;@CA8?FG?EN8?ZZ\^SUbS\TV\`V\XbR[UZbVZSUTV±UbS\TZV\YV±v? ¨GE;§AFGN8=?F9?wt²?§?JFB8?:>D9E<F8G?n©9=>98GF;u?EN8?³NFAFCCF98Gu?«;A;GF;u?´F9I;C><8? ;9=?N;FA;9=x?y´¨yp?E8@?;:ED;A@89E8?E89?@8@§8<?9;EF>9Gu?F9E8I<;9=>?zD;G8?E>=>G? >G?>DE<>G?C;LG8G?=>?´D=8GE8?yGF}EF:>?n><FIF9;A?µ?CADG?¶<D98Fu?·F8E9;@u?¸;>Gu?«;9@;<?

(11)

89:;<8=>?:@8A;B;CDE;F?9EFG;EHIEJC@?9;@K;CDE;9EL;KC8CE;?M;N@=?O;PEKCEQ;>RC;8FK?;KEES@9T; UVWUX;=E=>EOKD@J;YL@CD@9;M@ZE;GE8OK;MO?=;[\\]A^;UF?9TK@:E;L@CD;@CK;E9F8OTE=E9CQ;CDE; UVWUX;D8K;8FK?;>EE9;@9;8;:EEJE9@9T;JO?IEKKQ;@9KC@CRC@?98F@_@9T;9EL;=EID89@K=K;89:; =E8KROEK;C?;KCOE9TCDE9;OET@?98F;@9CETO8C@?9;89:;I?==R9@CG;>R@F:@9TQ;@9IFR:@9T;CDE; UVWUX;`OEE;NO8:E;UOE8;YU`NUA;89:Q;98=EFGQ;CDE;aUVWUX;<?==R9@CGb;EKC8>F@KDE:;@9; [\\c;I?=JO@K@9T;CDOEE;J@FF8OKQ;98=EFGQ;VEIRO@CGQ;WI?9?=@I;89:;V?I@?d<RFCRO8F^;UC;CDE; K8=E;C@=EQ;CDE;UVWUX;TO?RJ;I?9C@9REK;C?;:EZEF?J;I??JEO8C@ZE;OEF8C@?9K;L@CD;@CK; ae@8F?TRE;f8OC9EOKb;d;URKCO8F@8Q;<898:8Q;<D@98Q;CDE;WgQ;h9:@8Q;i8J89Q;V?RCD;j?OE8Q; XEL;kE8F89:Q;lRKK@8Q;CDE;gVQ;89:;CDE;g9@CE:;X8C@?9K;dQ;89:;8FK?;JO?=?CEK;8;KJEI@M@I; I??JEO8C@?9;L@CD;f8S@KC89^;h9;8::@C@?9Q;UVWUX;@K;8C;CDE;I?OE;?M;CDE;UVWUX;lET@?98F; `?OR=;YUl`AQ;CDE;UVWUXmn;Y<D@98AQ;CDE;UVWUX;m;c;Y<D@98Q;i8J89Q;89:;lojAQ;89:; CDE;W8KC;UK@8;VR==@C;YWUVA;JO?IEKKEKp;E;C?:?K;?R;8;=8@?O;J8OCE;:?K;KERK;J8qKEK; =E=>O?K;Kr?;J8OC@I@J89CEK;8IC@Z?K;9?K;?RCO?K;=EID89@K=K;=RFC@F8CEO8@K;J89dOET@?98@K; E;@9CEOdOET@?98@K^;;

sE89LD@FEQ;I??JEO8C@?9;>ECLEE9;CDE;V?RCDE8KC;89:;X?OCDE8KC;UK@89;I?R9CO@EK;D8K; 8IIEFEO8CE:;L@CD;CDE;@9KC@CRC@?98F@_8C@?9;?M;CDE;tuvtwxyz{|x}~;Y<D@98Q;i8J89Q;89:; CDE;V?RCD;j?OE8A;JO?IEKK;@9;nQ;LDE9;CDE;PE8:EOK;@KKRE:;8;i?@9C;VC8CE=E9C;?9;W8KC; UK@8;<??JEO8C@?9;8C;CDE@O;cO:_{;UVWUX;m;c;VR==@}_C_;@_9;s89@_F_8^_;_V@_9IE;C_DE9Q_;8;9R=>EO_;?M_;

SEG;:?IR=E9CK;D8ZE;>EE9;8:?JCE:;C?;KEC;CDE;:@OEIC@?9;M?O;UVWUX;m;c;I??JEO8C@?9Q; LD@FE;CDE@O;OEF8C@?9K;I?9C@9RE;C?;EHJ89:;89:;:EEJE9;CDEOE;8OE;9?L;nc;=@9@KCEO@8FdFEZEF; =EEC@9TK;89:;;=EID89@K=K;R9:EO;CDE;UVWUX;m;c;JO?IEKKQ;I??O:@98C@9T;n];8OE8K;?M; I??JEO8C@?9;KRID;8K;KEIRO@CG;:@8F?TRE;89:;I??JEO8C@?9Q;CO8:E;89:;@9ZEKC=E9CQ;E9EOTGQ; E9Z@O?9=E9CQ;:@K8KCEO;=898TE=E9CQ;M@989IE;89:;=?9EC8OGQ;ORO8F;:EZEF?J=E9C;89:; J?ZEOCG;EO8:@I8C@?9Q;IRFCROE;89:;E:RI8C@?9Q;89:;K?I@8F;LEFM8OE;89:;:EZEF?J=E9C^; f8O8FEF8=E9CEQ;>@F8CEO8F;89:;=RFC@F8CEO8F;CO8:@9T;8OO89TE=E9CK;D8ZE;>EE9;?O;8OE;>E@9T; M?OTE:;>ECLEE9;UVWUX;m;c;J8OC@I@J89CK;CD8C;L@FF;KEOZE;8K;CDE;>R@F:@9T;>F?ISK;?M;89;W8KC; UK@89;`OEE;NO8:E;UOE8;YWU`NUA;8K;8;F?9T;CEO=;T?8F^;

U9?CDEO;OEIE9C;=RFC@F8CEO8F;I??JEO8C@ZE;=EID89@K=;@K;CDE;v|xt|xu{xvtuQ;8; J89dOET@?98F;M?OR=;DEF:;899R8FFG;K@9IE;CDE;E9:;?M;[\\_;>G;C_DE;F_E8:EO_K;?M_;K@_HC_EE9;

I?R9CO@EK;?M;W8KC;UK@8;89:;9E@TD>?OK;OET@?9K;CDE;CD@OCEE9;UVWUXmc;JFRK;h9:@8Q; URKCO8F@8;89:;XEL;kEF89:;YlRKK@8;D8K;8JJF@E:;M?O;=E=>EOKD@JQ;=8K;EKCEZE;8JE98K; JOEKE9CE;L@CD;CDE;?>KEOZEO;KC8CRK;@9;CDE;M@OKC;WUV;@9;[\\A^;UF=;:?;K@T9@M@I8:?;:EKCEK; E9I?9CO?K;J89dOET@?98@K;:E;8FC?;9qZEF;E;:8K;:EIF8O8EK;J?FqC@I8K;K?>OE;R=8;TO89:E;

₀₃₈₉₉₈₇_67"7₄₂₉₈_"0₄₉₈

20742888974548""38897 996833080₉₈₈

(12)

89:;<=9=<>=<>?@A;BCDE>=9><BCFCG;9>9CD>BCFHI;?CD>:<J;CF9;D>CK>:<=KLMC>=9>ACN:<O9E>?P<> QRS>A9:?;B;A9F?D>9I:<9=T>D;JF<=>DCG<>;GAC:?9F?>=CBKG<F?D>DKBP>9D>?P<>UVWXY ZV[\]^]_àbYabYc]d_Yed`]bYcbV^fgYhV[X^`_g>9F=>?P<>h`bf]ia^VYZV[\]^]_àbYabYU\`j]_VY Uk]bfVlYcbV^fgY]bmY_kVYcbn`âbjVb_o>pP<T>9IDC>9J:<<=>?C>DKAAC:?>?P<>QRS>QF<:JT> qCCA<:9?;CF>p9Dr>sC:B<E>?C>I9KFBP>?P<>qCGA:<P<FD;8<>QBCFCG;B>t9:?F<:DP;A>;F>Q9D?> RD;9>uqQtQRvE>9F=>?C><D?9NI;DP>?P<>QBCFCG;B>w<D<9:BP>xFD?;?K?<>CH>RSQRy>9F=>Q9D?> RD;9>uQwxRvz>>

pP<>`mV]Ya{Y]bYc]d_Yed`]YUajjXb`_g>P9D>9>ICFJ>P;D?C:TE>N<J;FF;FJ>;F>?P<>|}~D> 9A9F<D<>;GA<:;9I;D?>BCFD?:KB?;CF>CH>?P<>^V]_Yc]d_Yed`]YUai^adiV^`_gYhikV^VY9F=> A9DD;FJ>?:CKJP?>?P<>|}}>9I9TD;9F>A:CACD9I>CH>9F>c]d_Yed`]Yc[abaj`[YU]X[Xd>?C> B:<9?<>9>?:9=<>KF;CF>;F>?P<>:<J;CFz>RB?K9IITE>;?P>DKBP>:<B<F?>=:9G9?;B>:<J;CF9I> GKI?;I9?<:9I>BCCA<:9?;CF>=<8<ICAG<F?DE>?P<>A:CDA<B?D>HC:><D?9NI;DP;FJ>9F>Q9D?>RD;9> qCGGKF;?T>P98<>9AA9:<F?IT>N<??<:>BP9FB<D>?C>N<>:<9I;D<=E>G9TN<>BCG;FJ>H:CG>?P<> RSQRy>~>C:>QRS>A:CB<DD<DE>NK?>9II9TD>;?P>RSQRy>9?>?P<>B<F?<:>9F=>9B?;FJ>9D>?P<> =:;8;FJ>HC:B<z>>

p9GNG>9C>bnV\Y`b_V^^Vf`ab]\YVYi]b^Vf`ab]\Y]Y[aaiV^]aYjX\_`\]_V^]\YYXj]Y ^V]\`m]mVY]{`^j]m]E>BCG>=<D?9K<>A9:9>?P<>RD;9t9B;H;B>QBCFCG;B>qCCA<:9?;CF> uRtQqvE>RD;9F><8<ICAG<F?>9Fr>uRvE>RSQRy>w<J;CF9I>sC:KG>uRwsvE>RD;9> qCCA<:9?;CF>;9ICJK<>uRqvE>RD;9QK:CA<><<?;FJ>uRSQvE>sC:KG>HC:>Q9D?>RD;99?;F> RG<:;B9> qCCA<:9?;CF> usQRRqvE> RD;9FRH:;B9F> SKNw<J;CF9I> :J9F;D9?;CFD> qCFH<:<FB<>uRRSwqvE>t9B;H;B>QBCFCG;B>qCCA<:9?;CF>qCKFB;I>utQqqvE>y>QBCFCG;B> 9F=>SCB;9I>qCGG;DD;CF>HC:>RD;9>9F=>?P<>t9B;H;B>uQSqRtvE>9F=>?P<>t9B;H;B>9D;F> QBCFCG;B>qCKFB;I>utQqvz>S;G;I9:ITE>?P<>Q9D?>RD;9F>BCKF?:;<D>9:<>9IDC><A9F=;FJ> BCCA<:9?;CF>;?P>C?P<:>;F?<:JC8<:FG<F?9I>C:J9F;D9?;CFDE>DKBP>9D>?P<>QE>yRpE> SP9FJ9;>qCCA<:9?;CF>:J9F;O9?;CF>uSqvE>QBCFCG;B>qCCA<:9?;CF>:J9F;D9?;CF>uQQqvE> ?P<>KIH>qCCA<:9?;CF>qCKFB;I>uqqvE>?P<>w;C>:CKAE>?P<>SCK?P>RD;9F>RDDCB;9?;CF>HC:> w<J;CF9I>qCCA<:9?;CF>uSRRwqv>9F=>?P<>F<IT>SCK?P>RD;9F>QBCFCG;B>F;CF>uSRQvE> ?P<>SCK?P>t9B;H;B>sC:KG>uStsvE>9F=>?P<>QK:9D;9F>QBCFCG;B>qCGGKF;?T>uQK:RDQqvE 9GCFJ>C?P<:Dz>

>

F>?P<>C?P<:>P9F=E>^Vfàb]\YjX\_`\]_V^]\`djY`dYfâ`bfY]\daY`bY_kVYdiV[`{`[YdV[X^`_gY{`V\mz> FB<>9J9;FE>RSQRy>?9r<D>?P<>I<=E>HC:><9GAI<E>;?P>;?D>ehceYhV[X^`_gYUajjXb`_g> uRSqvE>Uab[a^mYZV[\]^]_àbdE>^V]_gYa{Yej`_gY]bmYUaaiV^]_àbYupRqvY`bYhaX_kV]d_Y ed`]EYehceYZV[\]^]_àbYabY_kVYhaX_kYUk`b]YhV]lY?P<YabVYa{YV][VlY^VVmajY]bmY VX_^]\`_g>utsRyvYC:>?P<>haX_kc]d_Yed`]bYX[\V]^V]iab^VVYabVY^V]_gY hce Y;F;?;9?;8<Dz>RSQRy>?9GNG>GCD?:9>C:JKIPC>FC>D<K>A9AA9:9>?P<>

(13)

9:;<=>?>@ABC>D<:EBFB9GEDA>FFE>;>@FD:HDF?>DIG;J:KBG@D9:@HEB9FLD@:DG<:B:DG:D<=:9>AA:D MN>D9:@KNOBNDPDB@K><>@KQ@9BGDK>DRB;:=ST>AF>D:ND@:DG<:B:DH:=DF?>D<>G9>D<=:9>AADB@D U9>?DVW@K:@>ABGXYDUEZ;DKBAA:LD>AFG@K:DGDU[\U]LDGD<G=DK:D^G<G@LD>@F=>D:ADG9F:=>AD =>_B:@GBADMN>D;GBADQ@HGA>DCQ;D9:E:9G@K:DB@DF?>D>9:@:;B9LD>@CB=:@;>@FGELDA:9BGEDG@KD ?N;G@DKB;>@AB:@AD:HDA>9N=BF`LDC>;DK>A>@C:EC>@K:DN;DCGAF:DE>MN>DK>DG9FBCBKGK>AD B@F=GSU[\U]D>D9:;D:ADA>NAD<G=9>B=:ADF:D<=:;:F>D=>_B:@GED9::<>=GFB:@DB@DK>GEB@_DaBF?D @>aDF=G@A@GFB:@GEDA>9N=BF`DBAAN>AYD

[>9N=BF`DKBGE:_N>DG@KD9::<>=GFB:@D>AFbDB_NGE;>@F>D<=>A>@F>DG;:@_DF?>Dcdecfghig jklgejmngcmojgdpqqong<G=FB9B<G@FAYDR?>DU[\U]rsD9:N@F=B>ADFQ;D<=:_=>KBK:D <G=FB9NEG=E`DB@DF?>DHB>EKD:HD@:@SF=GKBFB:@GEDA>9N=BF`DBAAN>ALDK>AFG9G@K:DF?>DF?=>GFD<:A>KD J`DF>==:=BA;DG@KD:F?>=DF=G@A@GFB:@GED9=B;>ALDF>@K:DGK:<FGK:DK>AK>DtuuvDDGDI:@9><FD wEG@DG@KDG@DU9FB:@DwEG@DF:DGKK=>AADF=G@A@GFB:@GED9=B;>ADB@D>B_?FDG=>GALD@G;>E`D F>==:=BA;LDBEEB9BFDK=N_DF=GHHB9xB@_LDF=GHHB9xB@_DB@D<>=A:@ALDA>GD<B=G9`LDG=;ADA;N__EB@_LD ;:@>`DEGN@K>=B@_LDB@F>=@GFB:@GED>9:@:;B9D9=B;>LDG@KD9`J>=D9=B;>YDDw:=DA>NDEGK:LD:D <=B@9B<GED:Jy>9F:DKGDA>9N=BF`DKBGE:_N>DG@KD9::<>=GFB:@DKGD\GAFDUABGD[N;;BFDF>;DABK:DGD A>_N=G@zGD>@>=_ZFB9GD9:;:DK>;:@AF=G;DGAD{|}pg~|jjnokgkgejmngcmojkgek|g d|pongjkpjgDG@KDF?>Ddokj|g~|jjnokgkg{oqjn|g{jk|gek|g jklgn|gekokq|kngf|q}|gD

R?>Dcdecfg|okjgpqgcDBADGDA<>9BHB9D<G@S=>_B:@GEDA>9N=BF`DKBGE:_N>DG@KD 9::<>=GFB:@D;NEFBEGF>=GED;>9?G@BA;YDI=>GF>KDB@DvDJ`DU[\U]DG@KDBFADKBGE:_N>D <G=F@>=ADH:=DF?>D=>EGGFB:@D:HDF>@AB:@ADB@DF?>D=>_B:@DF?=:N_?D;NEFBEGF>=GED9:@ANEFGFB:@ALD 9:@HBK>@9>DJNBEKB@_LDG@KD>C>@FNGEE`DF?>D<=>C>@FB:@D:HD9:@HEB9FLDF?>DUDF>;SA>DGEG=_GK:D G@KD?GAD@:aDF?>DH:EE:aB@_D9N==>@FD<G=FB9B<G@FADUNAF=GEBGLDG@_EGK>A?LD=N@>BLD IG;J:KBGLDIG@GKGLDI?B@GLD\N=:<>G@D@B:@LDW@KBGLDW@K:@>ABGLD^G<G@LD]:=F?D:=>GLD [:NF?D:=>GLDTG:ALDGEG`ABGLD`G@;G=LD:@_:EBGLD]>aD>GEG@KLDwGxBAFG@LDwG<NGD ]>aDNB@>GLDw?BEB<<B@>ALDNAABGLD[B@_G<:=>LDR?GBEG@KLDRB;:=DT>AF>LD@BF>KD[FGF>ALDG@KD B>F@G;YD~|mon|gn|g|jnglo|mong gonmgq|q}|mo¡LDF?>DUDB@BAF>=ADK>9EG=>KD :@DF?>DF>@F?D`>G=D:HDULDn|g pqgjlgjnnjok|lgjg|lg gjo||q|knmgnjngj|g kno}pn|lgngn|gqjokn|kjk|g g|j|gm|pongjklg|jnokgokgn|g|ok¢g 9BFG@K:D>;D<G=FB9NEG=DF?>DNA>HNE@>AAD:HDF?>DUDGADGDC>@N>DH:=D;NEFBEGF>=GEDG@KD JBEGF>=GEDKBGE:_N>DG@KD9:@ANEFGFB:@ADG@KDF?>D>AFGJEBA?;>@FD:HD>HH>9FBC>D<=B@9B<E>ADH:=D KBGE:_N>DG@KD9::<>=GFB:@LDH>GFN=B@_DK>9BAB:@S;GxB@_DJ`D9:@A>@ANALD@:@SB@F>=H>=>@9>LD B@9=>;>@FGED<=:_=>AADG@KD;:CB@_DGFDGD<G9>D9:;H:=FGJE>DF:DGEE£DF?>DaBEEB@_@>AADG;:@_D UD<G=FB9B<G@FADF:DKBA9NAADGDaBK>D=G@_>D:HDA>9N=BF`DBAAN>ADB@DGD;NEFBEGF>=GEDA>FFB@_£DF?>D ;NFNGED9:@HBK>@9>D_=GKNGEE`DJNBEFDJ`D9::<>=GFBC>DG9FBCBFB>A£DF?>D9NEFBCGFB:@D:HD?GJBFAD:HD KBGE:_N>DG@KD9:@ANEFGFB:@D:@D<:EBFB9GEDG@KDA>9N=BF`DBAAN>A£DF?>DF=G@A<G=>@9`D<=:;:F>KD

(14)

9:;<=>?;@AB;CDE<=FD<;E<;G?D;DH>?EIJD;KL;MILKFCEGMKI;FDNEGMIJ;GK;ODLDI<D;PKNM>:;EIO; G?D;P=9NM>EGMKI;KL;ODLDI<D;Q?MGD;PEPDF<R;EIO;G?D;IDGQKFSMIJ;ODTDNKPDO;ECKIJ;IEGMKIEN; <D>=FMG:U;ODLDI<D;EIO;CMNMGEF:;KLLM>MEN<;KL;@AB;PEFGM>MPEIG<;V<DD;@AB;WD9PEJD;X;YZ[\]^ _`ab;cI;d=ID;effg;MG;QE<;D<GE9NM<?DO;G?D;@AB;hIMG;GK;<=PPKFG;G?D;DI?EI>D;FKND;KL;G?D; @AB;i?EMFU;MI>N=OMIJ;MIGDFE>GMKI;QMG?;KG?DF;FDJMKIEN;EIO;MIGDFIEGMKIEN;KFJEIMjEGMKI<U; ODLDI<D;KLLM>MEN<;OMENKJ=D;EIO;klFE>S;mmn;KFJEIMjEGMKI<R;GK;L=I>GMKI;E<;ODPK<MGKF:;KL;@AB; OK>=CDIG<oPEPDF<R;GK;CEIEJD;OEGE9E<DoFDJM<GF:R;EIO;GK;PFKTMOD;<D>FDGEFMEN;QKFS<;EIO; EOCMIM<GFEGMTD;<=PPKFGU;MI>N=OMIJ;<DFTMIJ;E<;G?D;@ABp<;MI<GMG=GMKIEN;CDCKF:;VM9MObab; c=GFK;DHDCPNK;OD;C=NGMNEGDFENM<CK;IE;qFDE;OE;<DJ=FEIrE;<sK;E<;G?D;tuv^wxy]uz`^{x|}`; ~=D;=IGEC;G?D;Ai?MIEU;K=G?;KFDEU;KFG?;KFDEU;G?D;hU;A=<<MEU;EIO;dEPEI; OD<GMIEOE<;GK;LMIO;E;OMPNKCEGM>;EIO;PDE>DL=N;FD<KN=GMKI;GK;G?D;A;I=>NDEF;PFKJFECp<; PFK9NDCU;QMG?;LMTD;FK=IO<;KL;GENS<;EIO;MG<;P?E<D<;LFKC;eff;GK;effb;EFE;qU;E;<MG=ErsK; IE;iKFDME;PEFD>D;D<GEF;E;PFKJFDOMF;PK<MGMTECDIGD;ODPKM<;OD;EIK<;OD;GDI<sK;EJFETEOEU; DIGFDGEIGKU;PDNE;DHPDFMI>ME;EGCM>E;IKFGD>KFDEIE;DC;c=G=9FK;OD;effU;D<Gq;EJKFE; DC;MCPNDCDIGErsK;=C;Ap<;ODI=>NDEFMjEGMKI;FKEO;CEPU;EK;E9FMJK;OK<;E>KFOK<;IE<; MHPEFG:;lENS<;VDPGDC9DF;eff;KMIG;<GEGDCDIG;EIO;G?D;BD9F=EF:;eff; MCPNDCDIGEGMKI;EJFDDCDIGab;mI;d=N:;effU;E;iKFDME;OK;KFGD;>NK<DO;G?D;KIJ9:KI; I=>NDEF;LE>MNMG:;EIOU;MI;EOOMGMKIU;TKNGK=;E;EOCMGMF;MI<PD>GKFD<;OE;mIGDFIEGMKIEN;@GKCM>; IDFJ:;@JDI>:;Vm@@a;ID<<D;>KCPNDHKU;PDNE;PFMCDMFE;TDj;DC;>MI>K;EIK<b;C; >KIGFEPEFGMOEU;:KIJ:EIJ;>KCDrK=;E;FD>D9DF;DIDFJ:;E<<M<GEI>D;D;E;TDF;OD<CEIGDNEF; PEFGD;OE<;<EIrD<;D>KICM>E<;D;>KCDF>MEM<b;c;PFMI>MPEN;K9D>GMTK;OE<;MHPEFG:;lENS<; >KIGMI=E;E;<DF;K;OD;>KI>N=MF;K;>KCPNDGK;OD<CEIGDNECDIGK;OD;GKOE<;E<;E>GMTMOEOD<; I=>NDEFD<;OE;iKFDME;OK;KFGD;EG;EK;LMC;OD;eff;D;K9GDF;OD>NEFErD<;>KCPNDGE<;D; TDFOEODMFE<;KL;I=>NDEF;CEGDFMEN<;LFKC;:KIJ:EIJU;MI>N=OMIJ;?MJ?N:;DIFM>?DO;=FEIM=CU; PN=GKIM=CU;EIO;I=>NDEF;ODTM>D<b;@K;CD<CK;GDCPKU;GKOETMEU;K;~=EOFK;OE<;MHPEFG:; GENS<;GEC9C;D<Gq;E;<DF;MCPKFGEIGD;PEFE;K;PFKJFD<<K;OK;FDNE>MKIECDIGK;MIGDF>KFDEIKU; PEFE;E;PE>MLM>ErsK;OE<;FDNErD<;OD;l~=MK;D;OD;WE<?MIJGKI;>KC;:KIJ:EIJ;D;PEFE;E; PK<<M9MNMOEOD;OD;=C;lFEGEOK;OD;Ej;ODLMIMGMTK;IE;DII<=NE;iKFDEIE;~=D;<=9<GMG=E;K; @FCM<G>MK;OD;b;c=;<DEU;G?D;EFG:;GENS<;PKODC;GKFIEF<D;E;9E<D;PEFE;=C;FDJMCD; C=NGMNEGDFEN;OD;<DJ=FEIrE;CEM<;TE<GK;DCDFJDIGD;MI;KFG?DE<G;@<MEb;;

IGFDGEIGKU;K=GFE<;LKFCE<;OD;>KKPDFErsK;C=NGMNEGDFEN;MIGDFJKTDFIECDIGEN;GC;<=FJMOKb; KF;DHDCPNKU;MI;;QE<;NE=I>?DO;G?D;i?MIEdEPEIAc;DEODF<;DDGMIJ;GK;EOFD<<; E;QMOD;TEFMDG:;KL;M<<=D<U;LFKC;GFEOD;>KKPDFEGMKI;GK;<D>=FMG:;>KI>DFI<b;l?D;hU;dEPEI; EIO;@=<GFENME;NEIrEFEC;DC;effe;K;k{yu|x]zyx|^t]yx]zu^ux|[\z^C;eff;K^`]yx]zu^ ]yux|z^\``ux ¡¢ux £¤ux¥;>KCDrK=;E;CEGDFMENMjEF<D;>KC;E;FDENMjErsK;OD;>MCDMFE<; CMIM<GDFMEM<;GFMNEGDFEM<U;I=CE;FKGMIE;EI=EN;TM<EIOK;K;OD<DITKNTMCDIGK;OE<;FDNErD<;

(15)

9:;<=>?@?A=B@C?DE?FGH<IE?JJK?E?FGH<IE?D=?L>M=N?9=>?C@MOMPDMH=PDE?;=9QG9?=? 9<I;MREI=CMD=D@?SIEQ=IT?KP?UVVWN?X=R=P?=DO=PH@D?HE9?=?RCERE>;=?D@?<9?PEOE?H=P=I? HEER@C=;MOE?R=PYC@SMEP=I?Z<@?D@PE9MP=?D@?[\]^_àb_cd_ea^^fcg_hif_jacklâmnop? =Q@C;E?=?;EDE>?E>?R=q>@>?D=N?@?@9?;ECPE?D=N?r<Cs>M=T?r?@9?t=ME?D@?UVVu?AEM?I=Pv=D=?=? [wimbmhnmxh_yzhfam{hnâh{p?|}K~N?<P;=PDE?E>?rN?E?X=REN?=?<>;CsIM=?@?=?PDM=?HE9?E? EQ@H;MOE?D@?C@AECv=C?=?HEER@C=vE?RCs;MH=?@?=?@AMHsHM=?P=?C@>RE>;=?=?H=;s>;CEA@>N?=? >@S<C=Pv=?DE>?@>;C@M;E>?DE?KPDMHE?@?DE?F<D@>;@?>Ms;MHEN?=?>@S<C=Pv=?@P@CSG;MH=?@?E? HE9Q=;@?=E?;@CCECM>9EN??RMC=;=CM=N??M9MSC=vE?MI@S=IN??t?RCEIMA@C=;MEP?@?? HCM9MP=IMD=D@?ECS=PMB=D=N?@9QEC=?PE?RE>>=?D@M=C?D@?>@C?MP;@CRC@;=DE?;=9QG9?HE9E? 9=M>?<9?9@H=PM>9E?D@?=C;MH<I=vE?@P;C@?=Z<@I=>?Z<=;CE?RE;PHM=>?OM>=PDE?HEP;CEI=C?=? @9@CSPHM=?D=?MP=T??

9=?@R@CMPHM=?DM>;MP;MO=?D@?>@H<CM;?9<I;MI=;@C=IM>9?MP?r=>;?>M=?=C@?n]^_ici cxâigînh{_lacb^kk^k_c_fîcgmihfc_k^bcif_nahb?AEC?DM=IES<@?EP?>@H<CM;?=PD? E;@C?M>><@>?MP?;@?C@SMEPN?><H?=>?EC;@=>;?>M=?F@H<CM;?EER@C=;MEP?M=IES<@N? F=PSCMYI=?M=IES<@N?E=E?EC<9?AEC?>M=?|~N?=PD?;@?E99M;;@@?EP?F@H<CM;? EER@C=;MEP?MP?;@?>M=Y=HMAMH?|F~N?<P;=PDE?HE99M;;@@>?ACE9?9=P?DMAA@C@P;? HE<P;CM@>?=HCE>>?;@?C@SMEPT?@?=M9?EA?;M>?[>@HEPD?;C=Hp?M>?;E?RCEOMD@?=?9EC@? >;C<H;<C=I?C@SMEP=I?RCEH@>>?EA?=?PEPYSEO@CP9@P;=I?P=;<C@?;E?HEP;CMQ<;@?;E?;@?@AAEC;>? ;E=CD>?C@SMEP=I?HEPAMD@PH@?Q<MIDMPS?=PD?@P=PHMPS?C@SMEP=I?>@H<CM;?;CE<S? DM=IES<@>N?HEP><I;=;MEP?=PD?HEER@C=;MEPT??

?

@?=HECDE?HE9?=>?OM>@>?IMQ@C=I?@?HEP>;C<;MOM>;=N?h_bcclâhc_miknmnzbmcih{mhfh_^_ck_ a^mg^k_minâihbmcihmk_hnîzhg_amxh{mfhf^k_ghmgmhg_ck_ î^d¡bmck_fh_bcclâhcN? =QC@9?@>R=vE?R=C=?=?DMRIE9=HM=?RC@O@P;MO=?@?R=C=?E?DMsIESE?HEP>;C<;MOEN?RE;@PHM=9? RCEH@>>E>?D@?D@HM>E?R=C;MI=DE>?@?HCM=9?9@H=PM>9E>N?C@SC=>?@?PEC9=>?Z<@?C@S<I=9? @?MPAI<@PHM=9?=>?MP;@C=Hv@>?DE>?=H;EC@>T??@R@CMPHM=?D=?Fr?R=C@H@?D=CYI@>? C=BE¢?s?<9=>?DGH=D=>?=;Cs>N?;@?FE<;@=>;?>M=P?>@H<CM;?>M;<=;MEP?@C=?HE9R=C=D=? =E>?r<CER@=P?=I=P>£?@P;C@;=P;EN?P=>?><=>?9=M>?D@?Z<=;CE?DGH=D=>?D@?M>;¤CM=N?=? Fr?;@9?HEP;CMQ<qDE?>MSPMAMH=;MO=9@P;@?R=C=?=?R=B?@?=?@>;=QMIMD=D@?=9EPS?M;>? 9@9Q@C?HE<P;CM@>?D@>RM;@?;@CCM;ECM=I?DM>R<;@>N?D=?DMO@C>MD=D@?G;PMHEYH<I;<C=IYC@IMSME>=?@? D=>?R@C>M>;@P;@>?DMA@C@Pv=>?@HEP¤9MH=>N?REIq;MH=>?@?>EHM=M>?=9EPS?;@9T?=? R@C>R@H;MO=?IMQ@C=I?@?HEP>;C<;MOM>;=N?=?@>;=QMIMD=D@?D=?r=>;?>M=?GN?=>>M9N?@9?SC=PD@? 9@DMD=N?E?C@AI@E?DE?9<I;MI=;@C=IM>9E?RCEIMA@C=P;@?Z<@N?REC?><=?O@BN?O@9?RCED<BMPDE? @A@M;E>?RE>M;MOE>?;MRE?[QEI=?D@?P@O@p?P=>?R@CH@Rv@>?C@SMEP=M>N?PE?HE9REC;=9@P;E?DE>? =H;EC@>?@?PE?>M>;@9=?D@?>@S<C=Pv=?C@SMEP=IN?D@>;=H=PDE?E?M9R=H;E?DE?H=9=DE? [`¥¦`§_¨ho?PE>?C@I=HMEP=9@P;E>?C@SMEP=M>?E<?PE?HE9REC;=9@P;E?D@?SC=PD@>?

(16)

9:;<=>?@AB>:C:B@BDE?=@B:FB:ABGA;@H:ABI=?H:AJBKC?;@LBK>E@MN@BOPQQRSQTB@=HBPQQUVWB 9:MBXYXC9Z:WBAF[XMXB\FXB:B>MXA>X=;XB?=;XMXAAXBH@BDE?=@B=@B>::9XM@]^:B ?=A;?;F>?:=@Z?_@H@BA:`MXBAX[FM@=]@BXB@B@>X?;@]^:B9XZ:ABGIKBH:AB9@HMaXABKbGKcBXB KdeBHXBAX[FM@=]@B>::9XM@;?L@B?ZFA;M@CB>:C:B:ABCX>@=?AC:ABCFZ;?Z@;XM@?ABMX[?:=@?AB 9XMC?;XCB\FXB?=?>?@;?L@ABHXB9@fAXABCF?;:BCX=:AB9:HXM:A:AB>:C:B:ABH:BbFHXA;XB KA?g;?>:B9:HXCB@hX>;@MB@B9:A;FM@BH@AB[M@=HXAB9:;<=>?@ABMX[?:=@?AJBc:XZBiJBi:M@H@B OPQQTVB>:=A?HXM@B\FXB@B@`:MH@[XCBH@BKbGKcB=@ABMXZ@]aXAB>:CB@BDE?=@WB?=>ZF?=H:B:AB 9M:>XAA:ABKbGKcBjBUWBKbGKcBjBRBXBKdeB;<CBA?H:BL?;@?AB9@M@B@BDE?=@BH@MBZ@M[@ABkB AF@B9:Zf;?>@BHXBlmnopnqrstuvwnxBXB9@M@B:AB9@fAXABH:BbFHXA;XBKA?g;?>:BAXB HXA>:C9ZXY@MXCB=@ABAF@ABMXZ@]aXAB>:CByX\F?CWBX=L:ZLX=H:BFC@B9:;<=>?@B\FXB ;M@H?>?:=@ZCX=;XB;XCXCJBzXBh@>;:WBCF?;:AB@>MXH?;@CB=:BXhX?;:BHXBl9XMAF@A^:{B?=HF_?H:B 9XZ@BA:>?@Z?_@]^:B=:AB\F@HM:ABCFZ;?Z@;XM@?ABMX[?:=@?AWB>:=A?HXM@=H:B\FXB9M:>XAA:AB >:C:B:BKdeB=^:BA|B9XMC?;XCB:BX=L:ZL?CX=;:BH@BDE?=@B>:C:BlA:>?@Z?_@{B:BAXFB`:CB >:C9:M;@CX=;:B=:BAX=;?H:B\FXB:AB9@fAXABKbGKcBXB:F;M:ABHXAX}@C~Bvowt vsnntvtnttotunsontmupnwwnwtwnnwttontsnttntnnunpntqt otwossturmtqtmsvponuwtvtotnnuvtvqtnwvuvntuovnt pvnttrsvsonuosvwtnporwntvtvwtxtqutvnwntotunvostwnpruvt tntvnwnttwmnpvosvwwtontntotntvwvrvostprsruntqtntt unrvunwtnttorwtntntotnutqtnvutvwpruwnBO:E=A;:=WBPQQR@~BURPVJB KAA?CWB:B9@9XZBH:BKdeBBHXB;@ZBC:H:BA@Z?X=;XB\FXBB>:=A?HXM@H:B9:MB:E=A;:=BO?`?HJ~B UPRVBFC@BprnuunosmsvvtvwvrvJBB

i@ABAXB:AB9M:[MXAA:ABH:BCFZ;?Z@;XM@Z?AC:B=@BG@A;BKA?@BA^:BFCBH@H:B?=\FXA;?:=gLXZBSB:B \FXBB;@=;:BC@?AB=:;gLXZB=FC@BC@>M:SMX[?^:B;^:BH?LXMA@BXBAXCBEg`?;:ABHXB>::9XM@]^:B CFZ;?Z@;XM@ZB?=A;?;F>?:=@Z?_@H@WB:=HXBAXC9MXB9MXL@ZX>XFB:B`?Z@;XM@Z?AC:BB;XC:ABHXB MX>:=EX>XMB;@C`CB\FXBotXAC@[@H:M@BC@?:M?@BH:AB9@fAXAB@A?g;?>:ABC@=;<CB >:=>X9]aXAB;M@H?>?:=@?ABAXBA:`XM@=?@WBMXA?A;?=H:B@B>XHXMB>:C9X;<=>?@AB@:B=fLXZBAF9M@S =@>?:=@ZWB>M?@MB>:C9M:C?AA:ABXBAF`CX;XMSAXB@BMX[M@ABXBMX[?CXABXY;XM=:ABCF?;:BMf[?H:AB \FXBMXHF_@CB@BAF@BC@M[XCBHXBC@=:`M@B:FB@>X?;@MB@Bl?=;M:C?AA^:{BHXB?=A;?;F?]aXAB ?=;XM=@>?:=@?AB=:ABAXFABl@AAF=;:AB?=;XM=:A{JBKAB=@]aXAB@A?g;?>@ABXA;^:B@B@`M@]@MB:B CFZ;?Z@;XM@Z?AC:BXB@B>::9XM@]^:B?=A;?;F>?:=@Z?_@H@BC@ABh@_XCS=:B=:BXA9fM?;:BHXB lMX[?:=@Z?AC:B@`XM;:{WB:B\FXBB9@M;?>FZ@MCX=;XBLXMH@HX?M:B=:BH:Cf=?:BH@BAX[FM@=]@B :=HXB:AB>:C9M:C?AA:ABA^:B`@A;@=;XBAF9XMh?>?@?ABXWBXAAX=>?@ZCX=;XWBHX>Z@M@;?L:AJBB y:MB?AA:WBCF?;:AB@=@Z?A;@AWBXCB9@M;?>FZ@MBH:B>@C9:BMX@Z?A;@WBA@Z?X=;@CB:ABsvvnwtt nstpmnuovtvmBtoxWB@;XA;@=H:B\FXB:ABh:MC@;:AB;f9?>:ABHXBHX>?A^:B 9:MB>:=AX=A:WB@BA@ZL@[F@MH@B@`A:ZF;@BH:B9M?=>f9?:BH@B=^:S?=[XM<=>?@WB@B:9]^:B9XZ@AB @`:MH@[X=AB?=h:MC@?ABXBhZXYfLX?AWB@B@`M@=[<=>?@BXBAF9XMh?>?@Z?H@HXBH:AB@AAF=;:AWBAXCB

(17)

89:;<=>?@=?A=B<?C8D@;A=@;9A=:9EF>D9AG=D@C?<;=H>?IE?<JKLD9AM=B;<;=?A=NAJ;:?A=:;=<DO9P?G= J?<I;=;A=9IAJ9JQ9RSDA=@Q8J98;JD<;9A=I;=TA9;=U<9DIJ;8=B?Q>?=DED>J9L;A=D=AD@=O<;I:D= 9IE8QVI>9;=I?=>?@B?<J;@DIJ?=:?A=NAJ;:?A=?Q=I;=ADOQ<;IR;=<DO9?I;8W=XDAJ;= BD<ABD>J9L;G=9I9>9;J9L;A=:;=YZNYX=>?@?=;=[U\]YX^?<=J_D=`abcdefG=B?<=DgD@B8?G= AP?=:DA><9J;A=BD8?A=><FJ9>?A=>?@?=>?IJ<;:9Jh<9;A=D=9<<D;89AJ;AG=I;=@D:9:;=D@=iQD= JDI:D@=;=89@9J;<=;=9IJD<LDIRP?=DgJ<;j<DO9?I;8=;?=@DA@?=JD@B?=iQD=;=B<hB<9;=YZNYX= DI>?<;k;=?=DIL?8L9@DIJ?=:;A=O<;I:DA=B?JVI>9;A=I?A=;AAQIJ?A=D>?Ih@9>?A=D=:D= ADOQ<;IR;=I?=ZQ:DAJD=YA9KJ9>?=lm?889IAG=noopq=rsrtW=u;=@DA@;=E?<@;G=;=<DA?8QRP?=:?= B<?C8D@;=>;@C?k;I?=v=L9AJ?G=B<9I>9B;8@DIJDG=>?@?=>?IADiQVI>9;=:?=E9@=:?=>?IE89J?= m_9I;jwxZZ=D=:;=>?9I>9:VI>9;=:D=9IJD<DAADA=DIJ<D=;=m_9I;=D=?A=NwY=iQD=BD<@9J9<;@= iQD=;=YZNYX=;>;C;AAD=B?<=JD<=Q@=;B;<DIJD=B;BD8=B<?D@9IDIJD=lZ@9J_=D=y?IDAG= rzz{tW==

U=@DA@?=J9B?=:D=<;>9?>FI9?=D=:D=><FJ9>;=B?:D=AD<=9IL?>;:?=;=B<?BhA9J?=:D=E;8_;IR?A=?Q= H;QAVI>9;AM=:;=YZNYX=>?@?G=B?<=DgD@B8?G=:Q<;IJD=;=><9AD=E9I;I>D9<;=:D=rzz{jz|}= BD<;IJD=?A=>?IE89J?A=vJI9>?j<D89O9?A?A=D=ADB;<;J9A@?A=I;=~I:?IvA9;}=E;>D=;?A=B<?C8D@;A= B?8FJ9>?A=I?=;I@;<}=;=9I>;B;>9:;:D=B;<;=<DA?8LD<=?A=:9ED<DI:?A=I?=;<=:;=m_9I;=:?= ZQ8}=;=9I>;B;>9:;:D=:D=<DAB?AJ;=<KB9:;=D=>??<:DI;:;==>;JKAJ<?ED=B<?L?>;:;=BD8?= JAQI;@9=:D=uD>D@CD<=noo}=?=;8_D;@DIJ?=I?=B<?>DAA?=:D=9I:DBDI:VI>9;=:D=9@?<j DAJD=lADD=?I=J_9A=\Q<D;G=noopt=D=I;=><9AD=J9@?<DIAD=:D=noosjnoo{}=?Q=;9I:;=?=B;BD8= AD>QI:K<9?=I?=B<?>DAA?=:D=B;=I?=Y>D_G=~I:?IDA9;W=NAJDA=:?9A=8J9@?A=>;A?A= >?IAJ9JQD@=Q@=C?@=DgD@B8?=:?A=89@9JDA=:;=YZNYXW=xD8;J9L;@DIJD=;=9@?<jDAJDG= B;FA=:;=Z?QJ_D;AJ=YA9;=<D>DIJD@DIJD=9I:DBDI:DIJD=A;F:?=:D=Q@;=8?IO;=?>QB;RP?= 9I:?IvA9;=lrz{jrzzzt=D=>;I:9:;J?==;:DAP?=I;=YZNYXG=;=YZNYX=IP?=iQ9A=?Q=IP?=E?9= >;B;=:D=<D;O9<==><9AD=B?8FJ9>?jA?>9;8=:D=noosG=JDI:?=iQD=AD<=B;FADA=HDgJD<I?AM= lI?@D;:;@DIJD=YQAJ<;89;=D=\?<JQO;8t=;=:DADI>;:D;<=DAE?<R?A=kQIJ?=:;=UXw=D= E?<ID>D<=9@D:9;J;@DIJD=@D9?A=B;<;=DAJ;I>;<=;A=BD<JQ<C;RSDA=D=;=9@9IDIJD=OQD<<;=>9L98W= X?=>;A?=:?=B<?>DAA?=:D=B;=CDJDDI=~I:?IDA9;I=?LD<I@DIJ=;I:=J_D=]<DD=Y>D_= ?LD@DIJ=lYtG=B?<=9I><FLD8=iQD=B;<DR;G=E?9=;=wI9P?=NQ<?BD9;=;=:DADIL?8LD<=Q@;= b^^=lYG=E<?@=uD>D@CD<=rG=noo=J?=uD>D@CD<=rG=noostG= 89@9J;I:?jAD=E9LD=YZNYX=>?QIJ<9DA=l_;98;I:G=;8;A9;G=<QID9G=\_989BB9IDA=;I:= Z9IO;B?<Dt=;=:;<=@?I9J?<A=E?<=NwA=YW=\?<=9AA?G=_K=iQD@=<D9L9I:9iQD=iQD=;=YZNYX= ^^^^^ ^¡^¢£^¤^^^^ ^ ¡^¥¦§=lZ@9J_=D=y?IDAG=rzz{q=r{tW==

\?<=?QJ<?=8;:?G=B<?>DAA?A=>?@?=?=Yx]G=?=YZNYX¨=p=?Q=;A=N;AJ=YA9;=ZQ@@9J=AP?=:D= J;8=@?:?=;C<;IODIJDA=I?A=ADQA=B;<J9>9B;IJDA=iQD=;A=DI?<@DA=:9AB;<9:;:DA=iQ;IJ?=A= B<9?<9:;:DA=D=B<D?>QB;RSDA=:D=ADOQ<;IR;G=CD@=>?@?=;A=:9LD<OVI>9;A=DIJ<D=D8DA=A?C<D=

(18)

899:;<=9>?:@AB8C9>DE>9EF:B8;G8H>@CIC<8I>=>9E:>CIJ8A<=>;8>BE9=@:GK=>DE>AEB<89> L:E9<ME9>A=;ABE<89N>O:C<89>PEQE9H>=9>DCR@=F=9>E>IEA8;C9I=9>DE>A==JEB8GK=>9=SBE> 9EF:B8;G8>;8>T9C8>UBCE;<8@>J8BEAEI>I8C9>VWXYZ[\]^_`a^>=;DE>=9>@bDEBE9>89CR<CA=9>9E> A:IJBCIE;<8I>E>DC9A:B98I>I89>EPC<8I>8><=D=>=>A:9<=>8S=BD8B>JB=S@EI89>L:E> A=;9CDEB8I>J=@C<CA8IE;<E>DEI89C8D=>RBD:=9H>DC?bAEC9>=:>9E;9bPEC9N>U>L:E>9:FEBE>L:E> =9>J8b9E9>89CR<CA=9>EH>EI>J8B<CA:@8BH>8@F:I89>FB8;DE9>J=<c;AC89>E9<K=>8>8:IE;<8B>=> 9E:>;bPE@>DE>J8B<CACJ8GK=>E>DE>E;P=@PCIE;<=>;=9>JB=AE99=9>I:@<C@8<EB8C9H>EI>FB8;DE> IEDCD8H>J8B8>JBEPE;CB>L:E>E99E9>IEA8;C9I=9><=IEI>DEAC9ME9>=:>EP=@:GME9> A=;<BRBC89>8=9>9E:9>C;<EBE99E9H>J8B8>EPC<8B>L:E>9Ed8I>C;9<B:IE;<=9>FE=J=@b<CA=9>8=> 9EBPCG=>DE>A=IJE<CD=BE9>BEFC=;8C9>E>J8B8>JB=I=PEB>=9>9E:9>JBeJBC=9>C;<EBE99E9>E> C;?@:c;AC8N>>

>

fE><:D=>C9<=H>Eg<B8bI=9>PRBC89>BE?@EgME9>JBC;ACJ8C9>8>JB=Je9C<=>D8>@CF8GK=>E;<BE> I:@<C@8<EB8@C9I=>E>9EF:B8;G8>BEFC=;8@h>>

i><EI=9>PC;D=>8>899C9<CB>j>EIEBFc;AC8>BRJCD8>;8>T9C8>UBCE;<8@>DE>:I>A=IJ@Eg=>E> I:C<=>P8BC8D=>I=98CA=>DE>IEA8;C9I=9>E>JB=AE99=9>I:@<C@8<EB8C9>BEFC=;8C9>E> J8;kC;<EBlBEFC=;8C9H><8;<=>?=BI8C9>A=I=>C;?=BI8C9>E>L:EB>>C;<EBlF=PEB;8IE;<8C9> L:EB>;K=lF=PEB;8IE;<8C9>=B>m<B8An>oopq>

i>8>A==JEB8GK=>I:@<C@8<EB8@>rH>=SPC8IE;<EH>I8C9>8AE;<:8D8>;=>D=Ib;C=> EA=;eICA=>E>A=IEBAC8@N>O89><8ISrI>PEI>ABE9AE;D=>EI>I8<rBC8>DE> 9EF:B8;G8H>;=<8;D=l9E>L:E>r>I8C9>?RAC@>E>L:E>E9<R>8>JB=FBEDCB>I8C9> B8JCD8IE;<E>EI><=B;=>D=9>JB=S@EI89>DE>9EF:B8;G8>;K=lA=;PE;AC=;8C9q>

i>=>CIJ8A<=>D=>I:@<C@8<EB8@C9I=>r>I:C<=>I8C9>9E;9bPE@>;=>s:DE9<E>t9CR<CA=>D=>L:E> ;=>u=BDE9<E>t9CR<CA=H>J=B>PC8>D8>tsvtu>E>D89>9:89>C;CAC8<CP89q>

i>=>CIJ8A<=>D=>I:@<C@8<EB8@C9I=>r>@CIC<8D=>;8>BE9=@:GK=>DE>8@F:I89>mw8BD> L:E9<C=;9p>A=;ABE<89>I89H>8C;D8>899CIH><EI>A=;<BCS:bD=>J8B8h>8x>:I8>ABE9AE;<E> 8S=BD8FEI>A=;d:;<8>DE>AEB<=9>JB=S@EI89>DE>9EF:B8;G8H>9E;D=>:I>A8;8@> 9:J@EIE;<8B>8=9>BE@8AC=;8IE;<=9>SC@8<EB8C9q>Sx>EPC<8B>L:E>AEB<89>DC9J:<89>9E> 8FB8PEI>=:>E;<BEI>EI>E9A8@8D8q>Ax>FEB8B>A=;?C8;G8>Iy<:8>E>:I>8ISCE;<E> BEFC=;8@>I8C9>DE98;:PC8D=q>Dx>ABC8B>FB8D:8@IE;<E>wRSC<=9>DE>A==JEB8GK=> BEFC=;8@q>

i>=>ABE9AE;<E>9E;<CD=>DE>mA=I:;CD8DEp>E;<BE>=9>tsvtu>A=:;<BCE9H>=>C;ABEIE;<=> D=>BE@8AC=;8IE;<=>E;<BE>=9>tsvtuz{>J8B<CACJ8;<9H>=>9:AE99=>D89>sCglJ8B<|> <8@n9>=:>8>BE@8<CP8>J8Q>E>E9<8SC@CD8DE>BEFC=;8@>C@:9<B8I>SEI>=9>E?EC<=9>J=9C<CP=9> D8>A==JEB8GK=>I:@<C@8<EB8@>;8>v89<>t9C8q>>

(19)

89:9;<=>?@>ABC@:D9E9>9<>F>G=>HIJ>GK9L>C9>M:=N>?KLC9N>9I::<K=>OP:9=K?B:L>FQ9 K@9GB=ARNK9N:C9@RBA:C9K9G>=B>N:C9<=:MFK@>C9NK9CK?R=>LO>Q9N>C9IB=IRLCASLIB>C9 JBCAT=BI:HKCA=>AE?BI>C9N>9=K?BP:9K9N>C9CRC<KBA>C9NK9URK9>C9=K>BC9@:ABG>OVKC9NK9 IK=A:C9W>CA9XCB>L9>IA:=C9L:C9<=:IKCC:C9K9@KI>LBC@:C9@RFABF>AK=>BC9KCA>=P:9 FB?>N>CQ9KCCKLIB>F@KLAKQ9>9A=>NBIB:L>BC9FT?BI>C9NK9<:NK=Y9

89@RFABF>AK=>FBC@9BC9B@<=:GBL?9@>C9LP:9CRMCABARB9:9<KC:9K9:9CB?LBZBI>N:9URK9>C9 =KF>OVKC9MBF>AK=>BC9>BLN>9A[@9L>9:=NK@9K9L>9CK?R=>LO>9=K?B:L>F9\9>9L:GBN>NK9E9 URK9:9I:LGKLIB:L>F9MBF>AK=>FBC@9BC9L:]9MKBL?9Z:FF:]KN9M^9@RFABF>AK=>F9 >==>L?K@KLACY9

89>C9BLCABARBOVKC9K9I:@<=:@BCC:C9@RFABF>AK=>BC9CP:9@>BC9Z:=@>C9NK9CK?R=>LO>9 I::<K=>ABG>9N:9URK9NK9CK?R=>LO>9I:FKIABG>_9`9URK9GK@9K@K=?BLN:9L>9=K?BP:9E9 I>N>9GKa9@>BC9R@>9:=NK@9NK9CK?R=>LO>9I::<K=>ABG>9M>CK>N>9L:9>NKLC>@KLA:9 N>9=KNK9NK9=KF>IB:L>@KLA:C9MBF>AK=>BC9K9@RFABF>AK=>BC9LR@9KCZ:=O:9<>=ABFJ>N:9 <>=>9CRCAKLA>=9Kb:R9<=:@:GK=9>9CK?R=>LO>9K9>9KCA>MBFBN>NK9=K?B:L>FQ9:9URK9 J>GK9MKKL9?::N9Z:=9=><BN9>LN9CRCA>BLKN9=K?B:L>F9KI:L:@BI9?=:]AJ9>LN9C:IB>F9 <=:?=KCCY9

9 9

cdefghifjiklkmnonpqmfjqrisftunvwxmonlkmqynoz{f|}~fquf|ff f

R@9I:LAKA:9@>=I>N:9A>LA:9<KF>9K<>LCP:9N:9I:LIKBA:9NK9CK?R=>LO>9=K?B:L>F9K9N>C9 <=K:IR<>OVKC9NK9CK?R=>LO>9I:@:9<KF:9>R@KLA:9NK9A:N:9:9AB<:9NK9BLAK=NK<KLN[LIB>C9 >?=K?>N:9>9R@9@RFABF>AK=>FBC@:9<=:FBZK=>LAKQ9:9:?:9NK9<:NK=9L>9W>CA9XCB>9E9 I>=>IAK=Ba>N:9<:=9A=[C9>C<KIA:C9<=BLIB<>BC9BLAK=H=KF>IB:L>N:C9B9R@>9KCA=RAR=>9RLBH @RFAB<:F>=Y9BB9>9<=ABI>9CB@RFASLK>9NK9I:LA=:F:Q9I:LAKLOP:9K9KLG:FGB@KLA:9@AR:C9KLA=K9 A:N:C9:C9>IA:=KCY9K9BBB9K9:9KK=IIB:9N>9JKN?BL?9CA=>AK?^_9

9

(20)

89:;<=><>=?9@:9AB@:=9C?9D?;<98;E?9AB@:9;:=9@:;F=E<?9FBGB9>CEHG>I<EABI?=J_K_9E_;<_B9LK_9>G9

;E;<:G?9MNO=E@B9P>:9FBC<:GAI?9?9;>A=:G?FE?9@:9>G?9QCEF?9;>A:=AB<RCFE?K9<M:9SCE<:@9 T<?<:;K9FBG9B><=B;9AUIB;9@:9AB@:=9;EVCEWEF?<EXB;9:GOB=?9G>E<B9@E;<EC<B;9:C<=:9;E9C?;9 ;>?;9F?A?FE@?@:;K9C?<>=:Y?K9EC;<=>G:C<;9?C@9=:;A:F<EXB;9EGA?F<B;9=:VEBC?E;9:9VIBO?E;9 H9;>FM9?;K9G?ECIZK9<M:9=E;ECV9V=:?<9[MEC?9?C@9<M:9C:\IZ9;<=?<:VEF?IZ9?GOE<EB>;9]?A?CK9 G?;9<?GOLG9?;9=:;;>=V:C<;9^>;;E?9?C@9_C@E?9:9?;9?;9G?E;9FBCWE?C<:;98TD8`9?C@9 aB=:?b9`?9=:?IE@?@:K9B9V:BABIE<EF?I9V?G:9ECXBIX:;9?II9C?<EBC;9BW9<M:9=:VEBC9?;9\:II9;BG:9 cCBCH=:;E@:C<:;d9AB\:=;9C?9G:@E@?9:G9P>:K9G:;GB9C>G9?GOE:C<:9G?E;9A?FNWEFB9:9 @:;?C>XE?@B9@B9P>:9:G9LABF?;9?C<:=EB=:;K9@:9>G?9G?C:E=?9V:=?IK9<B@B;9B;9?F<B=:;9 =:VEBC?E;9A=BF>=?G9><EIEY?=9:9?>G:C<?=9?;9;>?;9F?A?FE@?@:;9:FBCUGEF?;K9GEIE<?=:;9:9 ECWI>RCFE?9ABIN<EF?9C?9@:W:;?9B>9A=BGBefB9@B;9;:>;9EC<:=:;;:;9:9X?IB=:;9:;A:FNWEFB;b9 9

gM:<M:=9hijklmnoikplqiriksloslonltkuriovklpkwuonkx9EC9<M:9=:VEBC9yTM?AI:C9?C@9z?C:ZK9 {||}~9{9B=9honnonlsorx9y[M?K9{||}K9<M:9<=>:9E;9<M:9ST9E;9;<EII9W?=9E;BI?<:@9?<9<M:9 <BA9BW9<M:9gB=I@9?C@9D?;<98;E?C9;<=>F<>=:9BW9AB\:=K9V=B>C@:@9EC9E<;9GEIE<?=Z9;>A:=EB=E<Z9 ?C@9X?;<9;<=?<:VEF9A=:;:CF:9yW=BG9>?G9<B98WVM?CE;<?CK9ECFI>@ECV9;:X:=?I9<MB>;?C@9 <=BBA;9EC9]?A?C:;:9?C@9TB><M9aB=:?C9<:==E<B=E:;K9?;9\:II9EC9<M:9?FEWEF9?C@9C@E?C9 F:?C;K9E<;9BI@9?C@9=:C:\:@9;Z;<:G9BW9?IIE?CF:;9yG?ECIZ9\E<M9]?A?CK9TB><M9aB=:?K9 M?EI?C@K9TECV?AB=:K9<M:9MEIEAAEC:;K9?E\?CK9?E;<?CK98>;<=?IE?9?C@9`:\9:I?C@K9?;9 \:II9<M:98WVM?CE;<?C9AB;<H<?I:O?CK9E<;9;<=?<:VEF9FBBA:=?<EBC;9?C@9@E?IBV>:;9y\E<M9 [MEC?K9BCVBIE?K9C@BC:;E?K9^>;;E?9?C@98TD8`9V=B>AK9?;9\:II9\E<M9C@E?K9E<;9M>V:9 ABIE<EF?I9ECWI>:CF:9yP>:=9>C<B9@B;9VBX:=CB;9BW98;E?H?FEWEF9P>:=9>C<B9@?;9EC;<E<>Ee:;9 =:VEBC?E;9:9EC<:=C?FEBC?E;K9E<;9?@X?CF:@9;FE:CF:9?C@9<:FMCBIBVZ9yEC9?II9@BG?EC;9 FEXEIE?CK9GEIE<?=Z9?C@9;A?FE?IK9?C@9E<;9I?=V:9:FBCBGEF9?C@9FBGG:=FE?I9\:EVM<b9T:C@B9 F:=<B9P>:9B;9DS89XRG9?F>G>I?@B9>G?9EGA=:;;EBC?C<:9@NXE@?9:<:=C?9:9:CB=G:;9 @LWEF:;9FBG:=FE?E;9FBG9?9V:C:=?IE@?@:9@B;9A?N;:;9@?9D?;<98;E?9:9P>:9;U9?9[MEC?K9B9 ]?AfB9:9?9[B=:E?9=:A=:;:C<?GK9FBC>C<?G:C<:K9P>?;:9G:<?@:9BW9<M:9?IGB;<9ST9{b{9 <=EIIEBC9<B<?I9BW9ST9@:O<9yB9P>:9FBC;<E<>EK9BOXE?G:C<:K9>G?9V=?C@:9A=:BF>A?efB9EC9<M:9 STK9<M:9?G:=EF?C9:FBCBGZ9FBC<EC>?9?9;:=9?9G?EB=9:9?9G?E;9ECWI>:C<:9@B9G>C@BK9 ;EVCEWEF?C@B9F:=F?9@:99BW9\B=I@99?@>;<:@9WB=9A>=FM?;ECVHAB\:=9A?=E<Z9yE<;9;M?=:;9 _"₈₃₈₄₉₇₇₇₈₆_"7₈_#_"0#"₇_"₈₈₄ 4.*&&% ¡449"¢8¢98 88979¡4£84¤8479"¢89¡¥4 ¦4"4§984 79849842¨8947 38494478 084¢84 8967890"#©4+(ª«(¬,-®&(¯,,*'* %(°'*/689018¡ 6±78 ¤7894"²%'(³16´µ¶4¡""786"7847"¢¢7·¢ ¸¹º9"»79"»89¼!½)(¾*¿À'*,%(°-Á(%(¯%'(¬%(%-('(¯%Â(,Ã(ÄÀ'*(%-( À'%(Å,'%*Â'&ÆÇ8ª%ÈÉ,((ÊÃ&%4ËÌ4Ë8Í399871556