Global Zero and Deterrence Credibility : A Critical Analysis of Obama`s Nuclear Policy and Extended Nuclear Deterrence Credibility on the Korean Peninsula

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

!"#$%"&'()#&%*+&,(-())(*.(&/)(+0$0"0-1

/0'(%&1'*23%'#'*4**5%06%*0"7*8+",.#6(*9(:7#%'

;"'(#(:(%*+,*5+.#(#60.*96#%"6%

-6(+<%&*=>?=

!"#$%&%'()"!*()+,%,"-."/0(1(2,"34')5($"6-)%'+"(*7"89&5*757"34')5($ "

:5&5$$5*'5"#$57%0%)%&+"-*"&;5"<-$5(*"65*%*,4)(

2%-30%4&!%*44

!!

!!!

"#$%&'($)*+,-+.(/,

!"#$%"&'()#&%*+&,(-())(*.(&/)(+0$0"0-1

01()&'2(+34&($(+5++6&17&+1#8+9,#-/$7)+:);8$&(

!#()$);)&+,-+6,/$)$71/+:7$&#7&

.7),<&'+=>?=

!"#$%&%'()"!*()+,%,"-."/0(1(2,"34')5($"6-)%'+"(*7"89&5*757"34')5($ "

:5&5$$5*'5"#$57%0%)%&+"-*"&;5"<-$5(*"65*%*,4)(

2%-30%4&!%*44

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

+,-+

)./0$."123/"$*4"52%2332*62"7324'0'.'%89":"73'%'6$.":*$.8('("/;"<0$=$>("[email protected]$3"A/.'68"$*4"

BC%2*424"[email protected]$3"52%2332*62"7324'0'.'%8"/*"%&2"D/32$*"A2*'*(@.$

&%%E9FFGGGH4@/H@'/H*/F

I38JJ9"K2E3/(2*%3$.2*L"M*'N23('%2%2%"'"<(./

OP

!"##$%&

!"#$%&"'$#$%#$%(%)*(+#&(&#,'%-($'%$&*./%(0(+/$#$%12%&"'%3"'&"'4%&"'%0*-+'(4%51+#-#'$%12%

64'$#.'0&%78(9(%"($%3'(:'0'.%&"'%;<=<%'>&'0.'.%0*-+'(4%.'&'44'0-'%-4'.#8#+#&/%10%&"'%

?14'(0 % 6'0#0$*+(< % !1 % (0$3'4 % &"#$@ % &"' % &"'$#$ % '95+1/$ % &31 % $&4(&'A#'$B %!"#$%@ % &31%

,(4#(8+'$%(4'%.#$-*$$'.C%(%0*-+'(4%-(5(8#+#&#'$D,(4#(8+'C%(0.%(%0*-+'(4%51+#-/D,(4#(8+'<%

!"' % 5*451$' % #$ % &1 % ($$'$$ % &"' % #95(-& % &"' % E'3% =!FG!% &4'(&/ % "($ % 10 % ;<=< % 0*-+'(4%

-(5(8#+#&#'$@%(0.%&1%($$'$$%&"'%#95+#-(&#10$%12%78(9(H$%0*-+'(4%51+#-/@%'>54'$$'.%#0%&"'%

IJKJ%E*-+'(4%61$&*4'%G',#'3%LE6GM@%214%'>&'0.'.%0*-+'(4%.'&'44'0-'%-4'.#8#+#&/<%

&'()*+@%&"'%.'&'44'0-'%$#&*(&#10%10%&"'%?14'(0%6'0#0$*+(%#$%'>(9#0'.%#0%.'&(#+<%

!"#$%#$%.10'%#0%(0%'2214&%&1%*0-1,'4%',#.'0-'%12%3'(:'0'.%'>&'0.'.%0*-+'(4%.'&'44'0-'%

-4'.#8#+#&/<%N/%2#4$&%(0(+/O#0A%&"'%"1$&#+'%(-&#10$%12%E14&"%?14'(@%&"'%&"'$#$%.#$-*$$'$%

3"'&"'4%&"'%(-&#10$%$#0-'%IJJP%(4'%-(*$'.%8/%#0&'40(+%14%'>&'40(+%2(-&14$<%!"'4'(2&'4@%

&"'%=1*&"%?14'(0%4'$510$'$%&1%&"'%IJKJ%E6G%(4'%.#$-*$$'.@%(0.%-10$#.'4(8+'%&#9'%#$%

.',1&'.%&1%&"'%-(++$%214%4'.'5+1/9'0&%12%;<=<%&(-&#-(+%0*-+'(4%3'(510$@%(0.%3"'&"'4%

&"'$'%-(++$%-(0%8'%(&&4#8*&'.%&1%3'(:'0'.%'>&'0.'.%0*-+'(4%.'&'44'0-'%-4'.#8#+#&/<%

!"' % .#$-*$$#10$ % 12 % &"' % &31 % ,(4#(8+'$@ % (0. % &"' % .'&'44'0-'% $#&*(&#10 % 10 % &"' % ?14'(0%

6'0#0$*+(@%5(#0&%(%-+'(4%5#-&*4'B%64'$#.'0&%78(9(H$%0*-+'(4%51+#-#'$@%($%'>54'$$'.%#0%

&"'%IJKJ%E6G%(0.%E'3%=!FG!@%"(,'%01&%3'(:'0'.%&"'%'>&'0.'.%0*-+'(4%.'&'44'0-'%

-4'.#8#+#&/%10%&"'%?14'(0%6'0#0$*+(< %!"#$%@%&"'%#95(-&%12%E'3%=!FG!%10%&"'%;<=<%

$&4(&'A#-%0*-+'(4%(4$'0(+%#$%$9(++@%(0.%(++%3(4D3(A#0A%(8#+#&#'$%4'9(#0%&"'%$(9'@%($%3'++%

($ % $'-*4' % $'-10.D$&4#:' % -(5(8#+#&/< %&'()*+@ % &"' % IJKJ % E6G@ % (+&"1*A" % (&&'95&#0A % &1%

4'.*-' % &"' % $(+#'0-' % 12 % 0*-+'(4 % 3'(510$ % #0 % ;<=< % $&4(&'A#- % &"#0:#0A@ % 4'(22#49$ % &"'%

-199#&9'0& % &1 % .'2'0. % (++#'$ % 3#&" % 0*-+'(4 % 3'(510$< % Q*4&"'4914'@ % E14&" % ?14'( % #$%

'>'95&%2419%&"'%E'A(&#,'%='-*4#&/%F$$*4(0-'%541,#.'.%#0%&"'%E6G<%F0. %%,"#+@%&"'%

(-&#10$%12%E14&"%?14'(%(4'%A'0'4(&'.%8/%#0&'40(+@%01&%'>&'40(+%2(-&14$@%(0.%&"'%=1*&"%

?14'(0%-(++$%214%4'.'5+1/9'0&%12%&(-&#-(+%0*-+'(4%3'(510$%(4'%A'0'4(&'.%8/%&"'%E14&"%

?14'(0%(-&#10$@%01&%8/%3'(:'0'.%;<=<%'>&'0.'.%0*-+'(4%.'&'44'0-'%-4'.#8#+#&/<

R

!"#$%&'(

!)*+ !"#$%&'(($)#$*+,$))$(-+./-'#0 ,-. ,$/*1('/+2//3/+4/35'5(-

,+)+ 6378/-9-")$:-+.-)#+&'"+./-'#0

/012 ;3*#/$"-+<3/+=3$"#+>1*(-'/+?8-/'#$3")@+;3*17-"#+A$)*3:-/-A+BCCD /*3 ;-7$($#'/$E-A+F3"-+3"+#9-+53/A-/+5-#G--"+>3/#9+'"A+H31#9+I3/-' 4!5 J-A-/'#$3"+3<+!7-/$*'"+H*$-"#$)#

6,)* K"#-/*3"#$"-"#'(+&'(($)#$*+,$))$(-

*!/ ,1#1'(+!))1/-A+;-)#/1*#$3"

*678 ,1(#$8(-+K"A-8-"A-"#(0+.'/L-#-A+M--"#/0+N-9$*(- 1!+2 >3/#9+!#('"#$*+./-'#0+?/L'"$E'#$3"

1.7 >1*(-'/+43)#1/-+M-:$-G

1.+ ./-'#0+3"+#9-+>3"%4/3($<-/'#$3"+3<+>1*(-'/+O-'83")P+)$L"-A+QRSTP+

-<<-*#$:-+QRUC

15! >-L'#$:-+H-*1/$#0+!))1/'"*-

2.,21 ?8-/'#$3"'(+*3"#/3(@+V@H@%M?I+O'/#$7-+?8-/'#$3"+6338-/'#$3"+4('"@

729 M-815($*+3<+I3/-'

5!:+ H#/'#-L$*+!/7)+W$7$#'#$3"+.'(X)

5,* H-*1/$#0+63")1(#'#$:-+,--#$"L)+5-#G--"+#9-+V@H@+'"A+#9-+M?I@

5:)* H157'/$"-%W'1"*9-A+&'(($)#$*+,$))$(-

527+ H#/'#-L$*+?<<-")$:-+M-A1*#$3")+./-'#0P+3/+Y,3)*3G+./-'#0ZP+3<+BCCB 55)1 >1*(-'/+83G-/-A+5'(($)#$*+7$))$(-+)157'/$"-@

55;1 >1*(-'/+83G-/-AP+L1$A-A+["3"%"1*(-'/\+5'(($)#$*+7$))$(-+)157'/$"-@+

5+!7+ H#/'#-L$*+!/7)+M-A1*#$3")+./-'#0@+.9-/-+'/-+#9/--]+H.!M.+K+3<+QRRQP+

H.!M.+KK+3<+QRR^P+'"A+H.!M.+KKK+3<+QRRU+["-:-/+)$L"-A+$"#3+-<<-*#\@+

>-G+H.!M.+)$L"-A+$"+BCQCP+-"#-/-A+$"#3+-<<-*#+BCQQ

<549 V"$#-A+H#'#-)+J3/*-)+I3/-'

=*/ O-'83")+3<+,'))+;-)#/1*#$3"

NK

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

!"#$%&'"&()*"+$"+,-.)"/0"1%2*34(1$3"536"7(8,-*&"7-0*39":$3",(1"*.8$%3-;*/*.+"-.'"

8$.1+3%8+(4*"83(+(8(1/9"-.'":$3"23$/2+&0"3*12$.'(.;"+$"-&&"/0"<%*3(*1"-+"-&&",$%31"$:"+,*"

'-06 " ! " +,-.) " 0$% " :$3 " 2%++(.; " %2 " #(+, " /0 " -=(&(+0 " +$ " 2%1, " '*-'&(.*19 " -.' " :$3 " 0$%3"

;%('-.8*"-.'"*>2*3+(1*6"

?"12*8(-&"+,-.)"0$%"+$"@0&*3"5-&*"A-%;*3":$3"(.4-&%-=&*"8$//*.+1"-.'"1%;;*1+($.1"+$"

-&&"$:"/0"8,-2+*316"!"+,-.)"0$%":$3"$%3";3*-+"'(18%11($.1"-.'":$3"0$%3"-=(&(+0"+$"-.-&0B*"

-.'"2%+"+,(.;1"(."2*312*8+(4*6"C$%3":(.;*323(.+1"-3*"$."*4*30"2-;*6

70"'**2"-223*8(-+($."+$"+,*"D$3#*;(-."!.1+(+%+*":$3"5*:*.1*"E+%'(*1":$3":(.-.8(-&"

1%22$3+9"-.'":$3"&*++(.;"/*"=*"2-3+"$:"+,*"D%8&*-3"E+%'(*1"F3$%26

@$"/0":-/(&09"!.;*3"A*&*.*9"GH'(;*3"-.'"E%1-..*I"!"+,-.)"0$%":$3"-&&"0$%3"&$4*9"-.'"

:$3"-&&"$%3":%..0"-.'"(.+*3*1+(.;"'(18%11($.16"C$%"/-'*"/*"+,*"(.<%(1(+(4*"2*31$."!"-/9"

/-)(.;"/*"*.J$0"+,*"1*-38,":$3").$#&*';*"-.'";(4(.;"/*"+,*"-=(&(+0"+$":(.'"+,*"+3%+,"

$."/0"$#.6"

K-1+9"-.'"/$1+"(/2$3+-.+&09"!"#-.+"+$"+,-.)"/0"=*-%+(:%&"E+(.*9":$3",*3"2-+(*.8*9":$3",*3"

*.8$%3-;*/*.+9"-.'":$3"2%++(.;"%2"#(+,"/0"1+3-.;*"#$3)",-=(+16"!+"(1"8*3+-(.&0".$+"*-10"

+$"&(4*"#(+,"-".(;,+"$#&9"#,$";*+1"%2"(."+,*"/(''&*"$:"+,*".(;,+"=*8-%1*"-."('*-"J%1+"

23*1*.+*'"(+1*&:6"C$%",-4*"1%22$3+*'"/*"+,3$%;,$%+"+,(1"23$8*119"1$/*+(/*1";%('(.;"

/*"1$:+&09"1$/*+(/*1"'3-;;(.;"/*"-&$.;6"L$3"+,-+"!"-/";3-+*:%&6

?&&"/(1+-)*1"-.'"$/(11($.1"(."+,(1"#$3)"-3*"/(.*6"

7-+,(-1"F-.11 M1&$9"M8+$=*3"NOPN6"

Q!!

! "

# $%"

&

'( )

%( * +, , '%*

"- .$

& ' )(

! / "

(', (.

0 &

/1&

" ) %2 $3 4 ( 56 * 3

"

. 7!.

& 7/.

) 7 $8&

-

!"#$%$"&'()*+,"-+.+/0)010*2"+34"&*5"%6786$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$"9:

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

!"!$0"1"$1'(2'34-,$5+,632($7(83&269$:7;$2&*$'<3$=)6*$>2(""""""""""""""""""""""$.?

."#$@+8'-A-,2'-)&$A)($:2-&'2-&-&4$'<3$5+,632($B(-2*"""""""""""""""""""""""""""""""""""""$C!

."!$%&'3(,)&'-&3&'26$D266-8'-,$:-88-638"""""""""""""""""""""""""""""""""""""""""""""""""""""""""$C.

.".$D266-8'-,$:-88-63$1+EF2(-&38"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$CC ."C$B<3$1'(2'34-,$D)FE3($G)(,3""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$CH C"#$53I$1B7JB"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$C/

K"#$B<3$5+,632($,2L2E-6-'-38$)A$=<-&2""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$C?

K"!$B<3$5+,632($,2L2E-6-'-38$)A$5)('<$M)(32"""""""""""""""""""""""""""""""""""""""""""""""$K#

H"#$53I$1B7JB$2&*$NO'3&*3*$5+,632($;3'3((3&,3$=(3*-E-6-'P""""""""""""""""""$KC Q"#$=)&,6+8-)&""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""KK

;"#$%$"<=1*34*4"&'()*+,">*1*,,*3(*"?@21',*"+34">@(1,03*$$$$$$$$$$$$$$$$$$$$$$$$$$$$$"!A

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

!"!$B<3$NR)6+'-)&$)A$0"1"$NO'3&*3*$5+,632($;3'3((3&,3""""""""""""""""""""""""""""$K/

."#$5+,632($;),'(-&3""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$H#

."!$=)&'3FL)(2(P$0"1"$5+,632($;3'3((3&,3$1'(2'34P""""""""""""""""""""""""""""""""""$H#

.".$B<3$.##!$5+,632($S)8'+(3$J3R-3I"""""""""""""""""""""""""""""""""""""""""""""""""""""""""$H!

."C$B<3$.##H$;),'(-&3$A)($@)-&'$5+,632($TL3(2'-)&8"""""""""""""""""""""""""""""""""""$H.

C"#$B<3$.#!#$5+,632($S)8'+(3$J3R-3I"""""""""""""""""""""""""""""""""""""""""""""""""""""""""$HK C"!$B<3$5342'-R3$13,+(-'P$788+(2&,3""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$HH C".$J3*+,3*$S()F-&3&,3$)A$5+,632($>32L)&8""""""""""""""""""""""""""""""""""""""""""""$H/

K"#$=)&,6+8-)&"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$Q#

A"<=1*34*4"&'()*+,">*1*,,*3(*"@3"1B*"C@,*+3"?*3032')+$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$"A9

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

."#$0"1"$13,+(-'P$U+2(2&'338$-&$'<3$S2,-A-,"""""""""""""""""""""""""""""""""""""""""""""""""$QC ."!$B<3$0"1"$13,+(-'P$U+2(2&'33$')$'<3$J3L+E6-,$)A$M)(32"""""""""""""""""""""""""$QK .".$0"1"$5+,632($>32L)&8$-&$1)+'<$M)(32""""""""""""""""""""""""""""""""""""""""""""""""""$QQ C"#$5)('<$M)(32V$G()F$D+8<$')$TE2F2"""""""""""""""""""""""""""""""""""""""""""""""""""""""$QQ C"!$5)('<$M)(32&$S()R),2'-)&8V$%&'3(&26$3($NO'3(&26W""""""""""""""""""""""""""""""""$Q?

%X

!"#$%&'()$*&+,-$-./$(),$0#1#$234"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$51

!"1$6),$7'-8$6+-9:$;<<+&-9)""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$5!

!"0$4,=.(+&/'9(=&.$&>$2'98,-+$?,-<&.@$(&$(),$4A*"""""""""""""""""""""""""""""""""""$5B

!"C$;$%&'()$*&+,-.$2'98,-+$?,-<&.""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$5D

!"!$6+-.@>,+$&>$A3EA2$-./$(),$6+=<F=+,""""""""""""""""""""""""""""""""""""""""""""""""""""$5G

!"B$6),$H'('+,$&>$2'98,-+$?,-<&.@$=.$%&'()$*&+,-"""""""""""""""""""""""""""""""""""$D#

B"#$E&.98'@=&."""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$D1

!"#$%&'()*$%++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++",- 1"#$E)-<(,+$!I$2'98,-+$E-<-J=8=(=,@KL-+=-J8,"""""""""""""""""""""""""""""""""""""""""""""""$DB 1"1$E)-<(,+$BI$6),$2'98,-+$3&8=9MKL-+=-J8,""""""""""""""""""""""""""""""""""""""""""""""""$DB 1"0$E)-<(,+$NI$7,(,++,.9,$&.$(),$*&+,-.$3,.=.@'8-""""""""""""""""""""""""""""""""""""$DN 0"#$H=.-8$E&.98'@=&.""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$D5 C"#$4,9&OO,./-(=&.@$-./$4,>8,9(=&.@""""""""""""""""""""""""""""""""""""""""""""""""""""""""$D5 .*/'*$012345++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++",6

7*)8"$9":2/';)

:2/';"-+<"P=O=(@$=.$%6;46Q$R&@9&F$6+,-(MQ$-./$2,F$%6;46"""""""""""""""""""""""""""""$C5 :2/';"-+="S"%"$%(+-(,T=9$2'98,-+$H&+9,@$'./,+$2,F$%6;46"""""""""""""""""""""""""""""""""$CD

7*)8"$9">*0(1;)

>*0(1;"?+<"UV(,./,/$7,(,++,.9,$W-O,""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$00 Figure 4.0 US-USSR/Russian Total Strategic Warheads 1945-2002... 29 Figure 4.1 ICBM strike trajectories from U.S. to North Korea... 41

>*0(1;"-+?"H-88&'($3-((,+.$->(,+$2'98,-+$%(+=:,$&.$2&+()$*&+,-""""""""""""""""""""""""""""$!0

>*0(1;"@+<"7'-8$6+-9:$;<<+&-9)""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$5B

X

!"#$%&'()(

*+%',-./%0,+

!"#$%"&&'()*+#,-'%./&*(,./%0/0'#$*,.*$1'*,02'%/$,-'*"3*"+%*$,0'4*51'*('0/#(*3"%*,$ * 67*$1'*1+#(%'(.*"3*0,&&,"#.*81".'*91,'3*9"#9'%#*,.*$1'*&"#:*3+$+%'*"3*$1'0.'&-'. * /#(*$1',%*91,&(%'#*8,&&)*;*1"2')*6'9"0'*."*+#,-'%./&*/#(*."*,#.,.$'#$*$1/$*#"*0/#) *

#"*:"-'%#0'#$*/#781'%')*9/#*8,$1.$/#(*,$4

!"#$%&'!(')#*+,%-"+./' 0+"'!+1%#/'23'!+4+56+.'2787

915-*& ' +:+.; '95+.#4<, ' =.+*#>+,&/ ' ?.-5 ' )#*+,%-"+./ ' &- ' @+,,+>;/ ' &- ' A+<$<,/ ' &-' B+-.$+'C('DE*%/'%<:+'*&<&+>'&%+#.'>+*#.+'&-'.#>'&%+'"-.1>'-?',E41+<.'"+<=-,*('F+&/' 5-.+'&%<,'GH';+<.*'<?&+.'&%+'?#.*&',E41+<.'>+&-,<&#-,/',E41+<.'"+<=-,*'<.+'*&#11':+.;' 5E4%'=<.&'-?'$.+<&'=-"+.'=-1#&#4*('I-5=.+%+,*#:+',E41+<.'>#*<.5<5+,&'%<*'=.-:+,'<,' +1E*#:+ ' $-<1( ' J, ' D<.<4K ' L6<5<M* ' ?#.*& ' 5<N-. ' ?-.+#$, ' =-1#4; ' *=++4%/ ' $#:+, ' &- ' &%+' I%#4<$-'I-E,4#1'-,'B1-6<1'9??<#.*'#,'9=.#1'O33H/'%+'4<E&#-E*1;'+4%-+>'&%+'4<11*'?-.'

>#*<.5<5+,&'E&&+.+>'6;'=.+*#>+,&*'6+?-.+'%#5P'QJ?'"+'"<,&'&%+'"-.1>'&-'>++5=%<*#R+'

&%+'.-1+'-?',E41+<.'"+<=-,*/'&%+'S,#&+>'T&<&+*'<,>'AE**#<'5E*&'1+<>'6;'+U<5=1+V' WL6<5< ' O33HX( '9?&+. ' %#* ' +1+4&#-,/ ' #, ' %#* ' ?#.*& ' 5<N-. ' #,&+.,<&#-,<1 ' *=++4% ' %+1> ' #,' Y.<$E+/'D<.<4K'L6<5<'=1<4+>',E41+<.'>#*<.5<5+,&'<&'&%+'&-='-?'%#*'?-.+#$,'=-1#4;'

<$+,><P

T-'&-><;/'J'*&<&+'41+<.1;'<,>'"#&%'4-,:#4&#-,'95+.#4<Z*'4-55#&5+,&'&-'*++K'&%+'

=+<4+'<,>'*+4E.#&;'-?'<'"-.1>'"#&%-E&',E41+<.'"+<=-,*('JZ5',-&',<#:+('[%#*'$-<1'

"#11',-&'6+'.+<4%+>'\E#4K1;']^'=+.%<=*',-&'#,'5;'1#?+&#5+('J&'"#11'&<K+'=<&#+,4+'<,>'

=+.*#*&+,4+('DE&',-"'"+/'&--/'5E*&'#$,-.+'&%+':-#4+*'"%-'&+11'E*'&%<&'&%+'"-.1>' 4<,,-&'4%<,$+('C+'%<:+'&-'#,*#*&/'_F+*/'"+'4<,V(

L6<5<'O337

`-"+:+./ ' Y.+*#>+,& ' L6<5<M* ' :#*#-,/ ' >E66+> ' QB1-6<1 ' a+.-V/ ' #* ' ,-& ' "#&%-E&' .+*+.:<&#-,*P'Qb<K+',-'5#*&<K+P'9*'1-,$'<*'&%+*+'"+<=-,*'+U#*&/'&%+'S,#&+>'T&<&+*'"#11'

2

!"#$%"#$&"&'"()*&')+,-)&"$.&)(()+%#/)&"-')$"0&%1&.)%)-&"$2&"./)-'"-2*&"$.&3,"-"$%))&%4"%&

.)()$')&%1&1,-&"00#)'&56&#$+0,.#$3&%4)&78)+4&9):,;0#+<&=#;#.>?>&@;"!"&-)"'',-)'&"00#)'&

%4"% & %4) & A$#%). & B%"%)' & C#00 & :-1/#.) & )D%)$.). & .)%)--)$+) & %1 & '%"%)' & 0#/#$3 & ,$.)- & %4)&

$,+0)"-&,!;-)00"*&)/)$&"'&%4)&A$#%).&B%"%)'&'))E'&%1&)0#!#$"%)&$,+0)"-&C)":1$'>

F-)'#.)$%&@;"!"&C"'%).&$1&%#!)&#$&:,'4#$3&(1-&$,+0)"-&.#'"-!"!)$%>&@$&G&

H:-#0&IJKJ&4)&'#3$).&%4)&$)C&;#0"%)-"0&B%-"%)3#+&H-!'&9).,+%#1$&L-)"%2&C#%4&9,''#"*&

E$1C$&"'&M)C&BLH9L>&L4)&%-)"%2&0#!#%'&%4)&$,!;)-&1(&.):012).&'%-"%)3#+&$,+0)"-&

C)":1$'&%1&NJJ&.)0#/)-2&/)4#+0)'&"$.&KOOJ&C"-4)".'&=M)C&BLH9L&IJKJ?>&H%&%4)&'"!)&

%#!)*&%4)&M,+0)"-&F1'%,-)&9)/#)C&C"'&:,;0#'4).*&"$&)D%)$'#/)&1,%0#$)&"$.&"$"02'#'&1(&

%4)&$,+0)"-&C)":1$'&#$&%4)&A>B>&"-')$"0*&"$.&%4)&:10#+2&%4"%&3,#.)'&A>B>&'%-"%)3#+&

.)%)--)$+)>&P%&#'&.)'#3$).&%1&;)&"&-1".!":&%1C"-.'&#!:0)!)$%#$3&@;"!"Q'&RS01;"0&

T)-1<>&

!"#$%&'()*(*$+,-.(/0$1('(00()-($2)$%/3'$432/

L4)&'%-"%)3#+&'#%,"%#1$&#$&U,-1:)&+4"$3).&.-"'%#+"002&"(%)-&%4)&B1/#)%&A$#1$&#!:01.).>&

L4) & 3-)"%)'% & %4-)"% & %1 & MHL@ & /"$#'4). & "0!1'% & 1/)-$#34%* & "$. & :)-!#%%). & %4) & (#-'%&

+1!:-)4)$'#/) & $,+0)"- & .#'"-!"!)$%> & L4#' & :)-#1. & 1( & -)0"D). & %)$'#1$ & #$ & U,-1:) & #'&

+1$%-"'%).&;2&!"#$%)$"$+)&1(*&"$.&)/)$&#$+-)"'#$3&%)$'#1$&#$&U"'%&H'#">&@$&%4)&V1-)"$&

F)$#$',0"*&M1-%4&V1-)"&4"'&)$3"3).&#$&-):)"%).&41'%#0)&"+%'&"3"#$'%&B1,%4&V1-)"&1/)-&

%4)&0"'%&.)+".)'>&L4)')&41'%#0)&"+%'&;)+"!)&!1-)&')-#1,'&C4)$*&)"-02&#$&F-)'#.)$%&

W,'4Q'&(#-'%&%)-!*&F21$32"$3Q'&$,+0)"-&C)":1$'&:-13-"!&;)+"!)&E$1C$*>&

L1."2*&#%&#'&#$&U"'%&H'#"&%4"%&%4)&')+,-#%2&3,"-"$%))'&)D%)$.).&;2&%4)&A$#%).&

B%"%)'&"-)&+4"00)$3).>&W1%4&X":"$&"$.&B1,%4&V1-)"&"-)&:-1%)+%).&;2&%4)&A>B>&$,+0)"-&

,!;-)00"*&"&:0).3)&%4"%&%4)&A$#%).&B%"%)'&C#00&.)()$.&%4)')&/#%"0&"00#)'&;2&"00&!)"$'*&

#$+0,.#$3&$,+0)"-&C)":1$'>&Y1-&X":"$*&74#$"Q'&!#0#%"-2&"$.&)+1$1!#+&3-1C%4&#'&"&

'1,-+)&(1-&+1$+)-$*&"$.&%4)&B)$E"E,&P'0"$.'&+-#'#'&#$&%4)&',!!)-&1(&IJKI&)D)!:0#(#)'&

%4#'> &Y1- &B1,%4 &V1-)"*& #%'&$)#34;1-& #$&%4)& M1-%4 &#'& ;)4"/#$3& )--"%#+*& "$.& 0)/)0& 1(&

%)$'#1$&;)%C))$&%4)&%C1&"::)"-'&%1&;)&"%&#%'&4#34)'%&0)/)0&#$&.)+".)'>&Y1-&X":"$&"$.&

B1,%4&V1-)"*&"&'%-1$3&A>B>&)D%)$.).&$,+0)"-&.)%)--)$+)&#'&/#)C).&"'&)'')$%#"0&(1-&%4)#-&

')+,-#%2* & !"2;) & $1C & !1-) & %4"$ & )/)-> & Y1- & %4)!* & F-)'#.)$% & @;"!"Q' & S01;"0 & T)-1&

I

!"!#!$#!%&'(!)*#'"+#',&'$-'&$-.'#+'&(,/$0&1'$-'2+/'#*&!/'34/+5&$"'0+4"#&/5$/#-6

!"#$%&'&()*+$,-&'./01

7*&'5/&%!+4-'+4#8!"&'*!)*8!)*#-'$'5$/$9+:;'7*&'9&-!/&'#+'/!9'#*&'<+/89 '+2'"408&$/'

<&$5+"-1 ' 0$" ' 2+/ ' -+(& ' (&$" ' !"-&04/!#. ' /$#*&/ ' #*$" ' -&04/!#.6 '=/(- ' /&940#!+" ' 0$"'

<&$>&"'#*&'0/&9!,!8!#.'+2'#*&'5/+(!-&'#+'5/+#&0#'$88!&-'<!#*'"408&$/'<&$5+"-6'7*!-'

#*&-!-'!-'0+"0&/"&9'<!#*'#*&'5/+,8&('+2'&:#&"9&9'"408&$/'9&#&//&"0&'0/&9!,!8!#.'$"9'

"408&$/'$/(-'/&940#!+"6'

7*&'0&"#/$8'/&-&$/0*'?4&-#!+"'+2'#*!-'#*&-!-'!-;

@$-'A/&-!9&"#'B$/$0>'C,$($D-'E8+,$8'F&/+'!"!#!$#!%&1'$-'&:5/&--&9'!"'#*&'GHIH'JAK'$"9' J&<'L7=K71'<&$>&"&9'#*&'0/&9!,!8!#.'+2'#*&'M6L6'&:#&"9&9'"408&$/'9&#&//&"0&'+"'#*&' N+/&$"'A&"!"-48$O

P ' $##&(5# ' #+ ' $"-<&/ ' #*$# ' ?4&-#!+" ' ,. ' &(58+.!") ' #<+ ' -#/$#&)!&-; '!"#$%&' P ' 4#!8!Q&' 9&#&//&"0&' #*&+/. ' #+ ' !9&"#!2. ' #<+' !"9&5&"9&"# ' %$/!$,8&-; '7*& ' 2!/-# ' %$/!$,8&' !-' M6L6' '()*+,#-),.,/"*"%"+$;'7*&'8!(!#-'+2'J&<'L7=K7'!-'0+(5$/&9'#+'#*&'04//&"#'"408&$/'

$/-&"$8 ' +2 ' #*& ' M"!#&9 ' L#$#&-1 ' $"9 ' #*& ' !(5$0# ' +2 ' #*& ' 58$""&9 ' $/(- ' /&940#!+"- ' +"'

&:#&"9&9'"408&$/'9&#&//&"0&'0/&9!,!8!#.'!-'9!-04--&9'$"9'$--&--&96'7*&'-&0+"9'%$/!$,8&'

!- ' M6L6 ''()*+,# - .0*")16 ' B. ' 0+(5$/!") ' $"9 ' $"$8.Q!") ' M6L6 ' "408&$/ ' 5+8!0. ' 4"9&/' A/&-!9&"# ' B4-*' $"9' A/&-!9&"#' C,$($1' #*&' 9!22&/&"0&-1' $"9' 0+"-&?4&"#' 0*$")&-1' !"'

"408&$/'5+8!0.'$/&'*!)*8!)*#&9'$"9'$"$8.Q&96'7*&'!(58!0$#!+"-'+2'#*&-&'0*$")&-'2+/' M6L6'&:#&"9&9'"408&$/'9&#&//&"0&'0/&9!,!8!#.'+"'#*&'N+/&$"'A&"!"-48$1'$/&'#*&"')$4)&9'

$"9'9!-04--&96

2+)0'31'P'&:58+/&'#*&'9&#&//&"0&'-!#4$#!+"'+"'#*&'N+/&$"'A&"!"-48$'!"'$"'$##&(5#'

#+'2!"9'5/++2'+2'$'<&$>&"&9'M6L6'&:#&"9&9'"408&$/'9&#&//&"0&'0/&9!,!8!#.6'7*&'*+-#!8&'

$0#!+"-'+2'J+/#*'N+/&$'+%&/'#*&'8$-#'9&0$9&'$/&'$"$8.Q&9'#+'-&&'!2'#*&'$55$/&"#'!"0/&$-&'

!"'*+-#!8!#!&-'0$"',&'$##/!,4#&9'#+'8$0>!")'M6L6'&:#&"9&9'"408&$/'9&#&//&"0&'0/&9!,!8!#.6' 7*&/&$2#&/1 ' #*&' L+4#* ' N+/&$"' /&-5+"-&- ' #+ ' #*&' GHIH' JAK' $/&' !"%&-#!)$#&91 ' ,&2+/&'

#4/"!")'#+'#*&'/&0&"#'0$88-'2+/'/&9&58+.(&"#'+2'M6L6'#$0#!0$8'"408&$/'<&$5+"-'*&$/9'!"' L+4#* ' N+/&$6 '7*& ' 0&"#/$8' ?4&-#!+" ' !- ' <*&#*&/ ' !# ' !- ' $ ' <&$>&"&9 ' 0/&9!,!8!#. ' #*$# ' !-'

R

!"#$%&'()*+$+(!",,$-(./(0*+)*+/()*+1(!"&-(./($*.#,2(3+("))/%3#)+2().(.)*+/(4"!)./$5

!"#$%&'$()*+,-,.,/'$,0$1234)/56/

6*+/+("/+()*/++(4#&2"7+&)",(/+"$.&$(4./(0*1(4"%,+2(+8)+&2+2(2+)+//+&!+(!"#$%&%'%()(!"&(

3+(2"&'+/.#$9(*+#-(%4()*+(&#!,+"/()*/+")(%$(%&2++2(*.,,.0-("&2("&("2:+/$"/1(!*",,+&'+$(

)*+()*/+")-(%&"!)%.&(31()*+(2+)+//%&'($)")+(0%,,(,+"2().("(!.7;,+)+(,.$$(%&(2+)+//+&!+(

!/+2%3%,%)15(,-.-(%4()*+()*/+")(%$(*.&+$)-(3#)(&.)(3+,%+:+2-("&("2:+/$"/%+$(7%'*)("))"!<-(

3+,%+:%&'()*+/+(0%,,(3+(&.(!.&$+=#+&!+$-(3#)(%&(4"!)(4"!+("(/+$;.&$+(31()*+(2+)+//%&'(

$)")+-(,+"2%&'(;.)+&)%",,1().("(*%'*,1(2"&'+/.#$(!.&4,%!)(+$!",")%.&5(,/%"$-(%4()*+($)")+$(

0%)*(&#!,+"/($+!#/%)1('#"/"&)++$(&.(,.&'+/(3+,%+:+(%&()*+($%&!+/%)1(.4()*+('#"/"&)++-(

)*+1(7%'*)(3+()+7;)+2().(2+:+,.;()*+%/(.0&(&#!,+"/(0+";.&$5(

6*+($+!.&2(%$("/'#"3,1()*+(7.$)(2"&'+/.#$(.&+-("&2(!"&(,+"2().(4#,,($!",+(0"/(

3+)0++&()*+("))"!<%&'("2:+/$"/1("&2()*+(2+)+//%&'($)")+5(6*+(4%/$)(!"&(,+"2().(.)*+/(

"2:+/$"/%+$($+%>%&'(.&()*+($%)#")%.&-("&2(!*",,+&'%&'(+8)+&2+2(2+)+//+&!+(+,$+0*+/+5(

?&2()*+()*%/2(7%'*)(,+"2().(&#!,+"/(;/.,%4+/")%.&5(6*+$+("/'#7+&)$($"1(&.)*%&'(.4(

0*+)*+/(2+)+//+&!+(0./<$(./(%$(%,,#$./1-(3#)("$(,.&'("$(+8)+&2+2(&#!,+"/(2+)+//+&!+(%$(

0".!'1%2#$-(7"%&)+&"&!+(.4(!/+2%3%,%)1(%$(%7;+/")%:+5

7"8$9:/.,6*$4;$<&*0,0

6*%$()*+$%$(%$(!.7;/%$+2(.4($+:+&(!*";)+/$5 (3/10(#"45( .#),%&+$()*+(7+)*.2.,.'1("&2(

/+$+"/!*(2+$%'&(.4()*+()*+$%$5(@7;./)"&)().;%!$($#!*("$(:",%2%)1("&2(/+,%"3%,%)1-()*+./1(

$+,+!)%.&-("&2(A#$)%4%!")%.&(4./()*+(!"$+($)#21(/+$+"/!*(2+$%'&-("/+(2%$!#$$+25

3/10(#"46(;/.:%2+$("($*./)(%&)/.2#!)%.&().()*+()*+./1(.4(B+",%$7-(3+4./+()#/&%&'().("(

7./+(;/.4.#&2("&",1$%$(.4(2+)+//+&!+()*+./1("&2(+8)+&2+2(2+)+//+&!+5(6*+(!.&!+;)(.4(

!/+2%3%,%)1(%&(2+)+//+&!+(%&('+&+/",-("&2(%&(+8)+&2+2(&#!,+"/(2+)+//+&!+(%&(;"/)%!#,"/-(%$(

"&",1>+2(%&(,+&')*5

3/10(#"47(%$("&("&",1$%$(.4()*+(!";"3%,%)%+$C:"/%"3,+-(0%)*(4.!#$(.&()*+($)/")+'%!(&#!,+"/(

!";"3%,%)%+$(.4()*+(D&%)+2(E)")+$-("&2()*+(F+0(E6?B6(,%7%)$5(G.&$%2+/"3,+("7.#&)(.4(

H

!"#$%&'!&(%)*+%(&+*&%,"-#'.&+/%&+/0%%&-%1!&*2&+/%&!+0#+%1'$&.3$-%#0&+0'#(4&'+!&(%-')%05&

)%/'$-%!4&#.(&#!!*$'#+%(&6#0/%#(!7&8/%&$300%.+&!+0#+%1'$&#0!%.#-&'!&+/%.&$*9"#0%(&+*&

+/%&-'9'+!&'.&:%6&;8<=87&8/%&$/#"+%0&2%#+30%!&#&0#+/%0&!/*0+&('!$3!!'*.&*2&+/%&'9"#$+&

*2&:%6&;8<=8&*.&%,+%.(%(&.3$-%#0&(%+%00%.$%&$0%('>'-'+57&8/%&('!$3!!'*.&'!&!/*0+&

>%$#3!%&+/%0%&'!&-'++-%&0%#!*.&+*&%,"#.(&3"*.&+/%&%#0-'%0&2'.('.1!7&

!"#$%&'()&'!&(%)*+%(&+*&+/%&.3$-%#0&"*-'$5?)#0'#>-%4&#.(&'!&#&-%.1+/5&('!$3!!'*.&*2&+/%&

@ABA & :3$-%#0 & C*!+30% & =%)'%6 & #.( & D>#9#E! & .3$-%#0 & "*-'$57 & 8/% & @ABA & :C= & '!&

$*9"#0%(&+*&+/%&@AAB&:C=&#.(&+/%&!%$0%+&@AAF&G*$+0'.%&2*0&H*'.+&:3$-%#0&D"%0#+'*.!7&

8/%&:%1#+')%&;%$30'+5&<!!30#.$%&'.&+/%&@ABA&:C=&'!&('!$3!!%(4&#.(&$*.!'(%0#>-%&

!"#$%&'!&(%)*+%(&+*&('!$3!!&+/%&%22*0+&+*&0%(3$%&+/%&!#-'%.$%&*2&.3$-%#0&6%#"*.!&'.&I7;7&

!+0#+%1'$&+/'.J'.17

!"#$%&'(*&2%#+30%!&+/%&%,"-*0#+'*.&*2&+/%&(%+%00%.$%&!'+3#+'*.&*.&+/%&K*0%#.&C%.'.!3-#7&

D2&$%.+0#-&'9"*0+#.$%&#0%&+/%&/*!+'-%&#$+!&*2&:*0+/&K*0%#&#.(&6/%+/%0&+/%5&#0%&(0')%.&

>5&%,+%0.#-&*0&'.+%0.#-&2#$+*0!4&#.(&6/%+/%0&6%#J%.%(&%,+%.(%(&(%+%00%.$%&$0%('>'-'+5&

'!&+/%&$#3!%&*2&+/%&#""#0%.+&'.$0%#!%&'.&/*!+'-%&#$+!&!'.$%&@AAL7&8/%0%#2+%0&+/%&$/#"+%0&

+30.!&+*&;*3+/&K*0%#.&0%!"*.!%!&+*&+/%&@ABA&:C=7&8/%&>03.+&*2&+/%&$/#"+%0&'!&(%)*+%(&

+* & +/% & $#--! & 2*0 & 0%(%"-*59%.+ & *2 & +#$+'$#- & .3$-%#0 & 6%#"*.!4 & #.( & +/% & $#--! & 2*0&

(%)%-*"9%.+&*2&#&;*3+/&K*0%#.&.3$-%#0&6%#"*.7&

!"#$%&'(+&'!&+/%&$*.$-3!'*.7&M%$#3!%&*2&+/%&-%.1+/5&$*.$-3!'*.!&"0*)'(%(&'.&$/#"+%0!&

N4&F&#.(&O4&$/#"+%0&P&'!&0#+/%0&!/*0+7&Q+&!399#0'R%!&+/%&2'.('.1!4&#.(&$*.$-3(%!&+/#+&

+/%0%&'!&)%05&-'++-%&%)'(%.$%4&'2&#.54&+*&!311%!+&+/#+&D>#9#E!&S-*>#-&T%0*&'.'+'#+')%4&

%,"0%!!%(&'.&+/%&@ABA&:C=&#.(&:%6&;8<=84&/#!&6%#J%.%(&+/%&I7;7&%,+%.(%(&.3$-%#0&

(%+%00%.$% & $0%('>'-'+5 & *. & +/% & K*0%#. & C%.'.!3-#7 & 8/% & $/#"+%0 & $*.$-3(%! & 6'+/ & #&

!311%!+'*.&2*0&230+/%0&0%!%#0$/4&#.(&!*9%&0%2-%$+'*.!&#>*3+&+/'!&0%!%#0$/&"0*U%$+7

F

!"#$%&'()

*&%"+,+-+./(#0,(1&2&#'3"(4&25.0

678(90%'+,:3%5+0

!"#$%&"'$#$%#$%(%)*(+#&(&#,'%-($'%$&*./%(0(+/$#$%12%&"'%'22'-&$%12%34+15(+%6'7189%:';%

<!=>!%(0.%&"'%?@A@%:B>%10%CD<D%'E&'0.'.%0*-+'(7%.'&'77'0-'%-7'.#5#+#&/D%F&%*$'$%&"'%

-102+#-&%10%&"'%G17'(0%B'0#0$*+(%($%(%-($'D%F&%#$%.'.*-&#,'%#0%&"(&%#&%*&#+#H'$%.'&'77'0-'%

&"'17/%&1%#.'0&#2/%(0.%(0(+/$'%I'/%-10-'J&$%$1%($%&1%5'%(5+'%&1%'EJ+(#0%(0.%J7'.#-&%

-"(0K'$%#0%&"'%#0.'J'0.'0&%,(7#(5+'$%10%&"'%.'J'0.'0&%,(7#(5+'%LM7/N(0%?@@OPQRD%!"'%

-($'%12%.'&'77'0-'%10%&"'%G17'(0%B'0#0$*+(%#$%-"1$'0%5'-(*$'%12%$','7(+%7'($10$P%!"#$%9%

&"'%(N1*0&%12%7'$'(7-"%.10'%10%'E&'0.'.%.'&'77'0-'%#0%S*71J'%#$%,($&9%;"#+'%&"'%51./%

12%7'$'(7-"%10%'E&'0.'.%.'&'77'0-'%#0%S($&%=$#(%#$%+#N#&'.D%&'()*+9%&"'%7'-'0&%0*-+'(7%

;'(J10$ % (7N$ % 7'.*-&#10 % &7'(&#'$ % $#K0'. % 5/ % &"' % CD<D % (7' % 10+/ % 5#+(&'7(+9 % #0,1+,#0K%

>*$$#(D%!"#$%+'(,'$%&"'%0*-+'(7%;'(J10$%12%1&"'7%0*-+'(7%;'(J10$%$&(&'$%*0(22'-&'.9%

(0.%&"'%7'$'(7-"%.10'%10%*0#+(&'7(+%(7N$%7'.*-&#10%10%'E&'0.'.%.'&'77'0-'%#$%(5$'0&D%

!"' % '22'-& % 12 % *0#+(&'7(+ % (7N$ % 7'.*-&#10 % #0 % ( % 5#+(&'7(+ % 7'+(&#10$"#J % $''N$ % +1K#-(++/%

.#22'7'0&%271N%5#+(&'7(+%(7N$%7'.*-&#10D %,-"#+9%;"#+'%&"'%J1;'7%7'+(&#10$"#J%5'&;''0%

>*$$#(%(0.%&"'%C0#&'.%<&(&'$%(JJ'(7$%&1%"(,'%$&(5#+#H'.9%(0.%&"'7'%#$%+#&&+'%$"#2&%#0%

J1;'79%&"'%J1;'7%7'+(&#10$"#J$%#0%&"'%B(-#2#-%#$%N17'%,1+(&#+'9%;#&"%T"#0(%K71;#0K%

$&710K'7 % 51&" % '-101N#-(++/ % (0. % N#+#&(7#+/9 % (0. % J1;'7 % J1+#&#-$ % (JJ'(7 % &1 % 5' % N17'%

J71N#0'0&%#0%S($&%=$#(%&"(0%#0%S*71J'D%!).#%-9%;"#+'%&"'%$'-*7#&/%K*(7(0&''$%'E&'0.'.%

5/%&"'%C0#&'.%<&(&'$%#0%S*71J'%"(,'%7'N(#0'.%*0-"(++'0K'.%217%.'-(.'$9%&"'%CD<D%

$'-*7#&/%K*(7(0&''%&1%<1*&"%G17'(%#$%-"(++'0K'.%7'K*+(7+/D%F%(7K*'%&"(&%#2%'E&'0.'.%

0*-+'(7 % .'&'77'0-' % "($ % #0.''. % 5''0 % ;'(I'0'.9 % J7112 % 12 % &"#$ % #$ % '($#'7 % &1 % 2#0. % #0%

-102+#-&*(+%7'+(&#10$"#J$D%!"'$'%21*7%7'($10$%&1K'&"'7%J7'$'0&%(%K(J%#0%&"'%+#&'7(&*7'%(0.%

U

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

1+"# ) '(#(,'$+ ) "# ) *+,. )23,- ) 4'56,- ) $,33# ) ,- )!"!#$%&'(&)* + ,-.! +7#%6(."6(#) .('6(!).+() '(8'(#(-.,."9()%') .58"$,3 )$,#(:) 74'56,-);<<=>?@:0 ) A0B0)C"-)!(/"-(#)".#)

%DE($."9(),#)FG000H).%)$,8.&'().+()$"'$&6#.,-$(#),-!)$%-!"."%-#)%/),-)(9('5!,5)3"/()%')

$%66%-83,$()#".&,."%-I)7J&%.(!)"-)4'56,-);<<=>?@:0)1+()$,#()"#)$+%#(-)-%.)D($,&#()

".)"#)(K.'(6()%')&-"J&(L)D&.)D($,&#()".)"#),-)(K,683()%/)!(.(''(-$().+,.)"#)&-!('M#.&!"(!0) 1+()/)&0+1'+-)-%(.&.)"#)NO)(K.(-!(!)-&$3(,')!(.(''(-$()"-).+()P,$"/"$L),-!).+(),"6)%/) .+() #.&!5) "#) -%. ) .% ) "68'%9() .+(%'5L) D&.) .%) D() Q&"!(! ) D5 ) .+(%'5) .%) #,5) #%6(.+"-Q) 6(,-"-Q/&3),D%&.).+()$,#(0)R%-#(J&(-.35L).+()'(#(,'$+)"#)Q&"!(!)D5),-)"-.('8'(."9"#.) (8"#.(6%3%Q"$,3)8%#"."%-L)6(,-"-Q)FGSH).+()#.'(##)"#)%-).+()&-!('#.,-!"-Q)%/).+()#%$",3)

*%'3!)D5),-)(K,6"-,."%-)%/).+,.)*%'3!)D5)".#)8,'."$"8,-.#I)74'56,-);<<=>T@@:0

1+"#)$+,8.(')*"33)/"'#.)3,5)%&.).+()!(/"-"-Q)/(,.&'(#)%/)J&,3".,."9()$,#()#.&!"(#L) D(/%'()U)E&#."/5).+()#(3($."%-)%/)!(.(''(-$().+(%'5),#)65).%%3)%/),-,35#"#0)U).+(-).&'-).%) .+()D,#"$)(3(6(-.#)%/)3%Q"$,3)'(,#%-"-Q),-!)!(!&$."9().+"-V"-QL)D(/%'()U)"!(-."/5).+()

$%'()9,'",D3(#).+,.).+"#)'(#(,'$+)/%$&#(#)%-0)1+()$+,8.(')(-!#)*".+),)!"#$&##"%-)%/) 9,3"!".5),-!)'(3",D"3".5),-!)+%*)U)+,9(),..(68.(!).%)6,K"6"W()D%.+0

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

1+()!(D,.()D(.*((-)J&,-.".,."9(),-!)J&,3".,."9()'(#(,'$+)!(#"Q-)+,#)D((-)Q%"-Q)%-)/%')

!($,!(#L),-!).+('(),88(,'#).%)D(),)$3(,')!"9"!(0)1+"#)"#)(K(683"/"(!)D5)X(%'Q(),-!) 4(--(..)7;<<?>Y:)*+(-).+(5)8%"-.)%&.).+,. )23!+41/5)-%+1'+61)'%&,0+7!.1%/0&1)) ,-!) 8)0!5)-0&1)-%+9!,/5&0() 8&D3"#+),36%#.)(K$3&#"9(35)J&,-.".,."9(),-!)J&,3".,."9(),'."$3(#) '(#8($."9(350) Z%').+"#).+(#"#L) .+() $,#()#.&!5)!(#"Q-) "#)D(..(')#&".(!) /%'),-) "-M!(8.+) ,-,35#"#)%/)65)%DE($.)%/)#.&!50)

1+()!(/"-"."%-)%/)$,#()#.&!5)'(#(,'$+)9,'"(#)#%6()/'%6)#$+%3,').%)#$+%3,'0)23,-) 4'56,-)7;<<=>?;:)!(/"-(#),)$,#()#.&!5),#)FG000H).+()!(.,"3(!),-!)"-.(-#"9(),-,35#"#)%/),)

#"-Q3()$,#(I0)[%+-)X(''"-Q)7;<<\>T\:)!(/"-(#),)$,#()#.&!5),3%-Q)#"6"3,')3"-(#),#FG000H),-)

"-.(-#"9()#.&!5)%/),)#"-Q3()&-".)%'),)#6,33)-&6D(')%/)&-".#)7.+()$,#(#:L)/%').+()8&'8%#()

%/ ) &-!('#.,-!"-Q ) 3,'Q(' ) $3,## ) %/ ) #"6"3,' ) &-".# ) 7, ) 8%8&3,."%- ) %/ ) &-".#:I0 )23(K,-!(') X(%'Q(),-!)2-!'(*)4(--(..)7;<<?>?:)#((6).%),Q'((>)F.+()!(.,"3(!)(K,6"-,."%-)%/),-)

\

!"#$%&'()'!*'+,"&(-,%!.'$#,"(/$'&('/$0$.(#'(-'&$"&'+,"&(-,%!.'$1#.!*!&,(*"'&+!&'2!3'4$' 5$*$-!.,6!4.$'&('(&+$-'$0$*&"78'9$(-5$'!*/':$**$&&;"'/$),*,&,(*',"',*&$-$"&,*5'4$%!<"$',&' 2$*&,(*"'5$*$-!.,6!&,(*'!"'!'#("",4.$'5(!.'()'%!"$'"&</3'-$"$!-%+8'9$*$-!.,6!&,(*',"')(-'

"(2$ ' "(%,!. ' "%,$*%$' "%+(.!-" ' &+$ ' "<#-$2$ ' 5(!. ' () ' "%,$*&,),% ' -$"$!-%+8 ' =!,/ ' 43 ' =,-'

>-!*%,"':!?$*',*'@ABCD'

E+$-$'!-$'!*/'%!*'(*.3'4$'&F('F!3"'()'"$!-%+,*5'!*/'/,"%(0$-,*5'&-<&+8'E+$'(*$').,$"' )-(2'&+$'"$*"$"'!*/'#!-&,%<.!-"'&('&+$'2("&'5$*$-!.'!1,(2"8'GHI'E+$'(&+$- '/$-,0$/'

!1,(2"')-(2'&+$'"$*"$"'!*/'#!-&,%<.!-"J'-,",*5'43'!'5-!/<!.'!*/'<*4-(?$*'!"%$*&J'"('&+!&' ,&'!--,0$"'!&'&+$'2("&'5$*$-!.'!1,(2"'.!"&'()'!..8'E+,"',"'&+$'&-<$'F!3'GHI8

K<(&$/',*'=&!?$'@LMNDA'

O,..,!2':.!?$'!-5<$/'&+$'(##(",&$D'PE('5$*$-!.,6$',"'&('4$'!*',/,(&8'E('#!-&,%<.!-,6$',"'

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

%!*'.$!/'&('"(U%!..$/'P%<2<.!&,0$.3'%(*&,*5$*&'5$*$-!.,6!&,(*"7'Q9$(-5$'V':$**$&&' BCCWDX@SJ'F+,%+'%!*'4$',..<"&-!&$/'43'!'5,!*&'2("!,%D':3'"&</3,*5'$!%+'.,&&.$'#,$%$J'&+$'

#,$%$"'%!*'4$'#<&'&(5$&+$-'&(')(-2'!'+,5+.3'/$&!,.$/'#,%&<-$'()'&+$'2("!,%8'Y)J'(*'&+$' (&+$-'+!*/J'(*$'!&&$2#&"'&(',/$*&,)3'%(22(*')$!&<-$"'()'!..'&+$'.,&&.$'#,$%$"J'!*/'&+$*'

#<&' &+("$' %(22(* ' )$!&<-$"' &(5$&+$-J ' &+$' -$"<.& ' F(<./ ' 4$' !' #,%&<-$' F,&+ ' 0$-3' )$F'

*<!*%$"8'Z*$'F(<./'2,""'!..'&+$'.,&&.$'0!-,!&,(*"',*'$!%+'#,$%$'&+!&'!%&<!..3'2!?$'<#'

&+$'2("!,%8'

E+$'#-,2!-3'5(!.'()'%!"$'"&</3'-$"$!-%+',"'*(&'5$*$-!.,6!4,.,&38'E+$'#-,2!-3' 5(!.',"'/$$#',*",5+&'!*/'<*/$-"&!*/,*5'()'&+$'(4[$%&'<*/$-'"&</38'Y'/('+(#$'&+!&'23'

"&</3'%!*'"!3'"(2$&+,*5'5$*$-!.'!4(<&'&+$',2#!%&'()'\$F'=E]^E'!*/'&+$'\_^'(*'

$1&$*/$/'*<%.$!-'/$&$--$*%$'%-$/,4,.,&3J'4<&'&+$'-$.,!4,.,&3'()'"<%+'!'5$*$-!.,6!&,(*'F,..' 4$'.,2,&$/'",*%$'Y'+!0$'(*.3'"&</,$/'(*$'%!"$8

Y'2<"&'"&-$""'&+!&'&+,"'&+$","'"+(<./'*(&'4$'-$!/'!"'*(-2!&,0$',*'-$5!-/"'&(' N

!"#$"#% & '()*#+% & ,-.+%/+/#'$ & -. & .+0# & 1% & ,+'2#%1(.3 & 1% & !"#$"#% & 4+%+)5 & 67+/+8.&

91*-)-#.&+%#&:211,;&1%&:7+,;&01%&</#%-)+3&-$.&+**-#.3&1%&+,=#%.+%-#.>&?"+$&-.&+&,#7+$#&

!"-)"&@&,1&'1$&+$$#/9$&$1&)1'$%-7($#&$1>

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

?"%1(2"1($ &/1.$&10 &$"#& A1*,&B+%3& 91*-$-)+* &%#+*-./&!+.& $"#&,1/-'+'$& $"#1%C3 &7($&

*-7#%+*-./&+',&)1'.$%()$-=-./&"+.&2+-'#,&919(*+%-$C&+',&.$%#'2$"&1=#%&$"#&*+.$&,#)+,#.>&

?"#&.#*#)$-1'&10&,#$#%%#')#&$"#1%C&"+.&.#=#%+*&7#'#0-$.>&!"#$%3&$"#&71,C&10&%#.#+%)"&1'&

,#$#%%#')#&$"#1%C&-.&#'1%/1(.>&&'()*+3&$"#&$"#1%C&!+.&.1*#*C&,#.-2'#,&$1&#D9*+-'&+',&

9%#,-)$&,#)-.-1'&/+5-'2&-'&+&)1'0*-)$(+*&!1%*,&!-$"&'()*#+%&!#+91'.>&<',&%,"#+3&.-')#&

$"#&17E#)$&(',#%&.$(,C&-.&"1!&$"#&F#!&G?<H?&$%#+$C3&+',&67+/+8.&'()*#+%&91*-)C&

-/9+)$. & #D$#',#, & '()*#+% & ,#$#%%#')# & )%#,-7-*-$C3 & ,#$#%%#')# & $"#1%C & -. & $"# & 17=-1(.&

)"1-)#>&?"#&)1%#&#*#/#'$.&10&,#$#%%#')#&$"#1%C&!-**&7#&9%#.#'$#,&-'&)"+9$#%&I>&F##,*#..&

$1&.+C3&,#$#%%#')#&$"#1%C&"+.&"+,3&+',&"+.3&-$.&."+%#&10&)%-$-).3&+',&.1/#&10&$"#&)%-$-)-./&

-.&=+*-,>&J(#&$1&.9+)#&)1'.$%+-'$.3&$"-.&$"#.-.&!-**&'1$&,-.)(..&$"#&)%-$-K(#&10&,#$#%%#')#&

$"#1%C>&L1%&+'&#D$#'.-=#&+'+*C.-.&10&$"-.&)%-$-K(#3&@&%#0#%&$"#&%#+,#%&$1&)"+9$#%&I&10&

<*#D+',#% & M> & N#1%2# & +', & H-)"+%, & G/15#8. & OPQRST & #D)#**#'$ & 7115 &-'%'##'*(' . "*.

/0'#"(1*.!)#'"2*.3)4"(56.7,')#5.1*+.3#1(%"('>

!"1$2(3/-4,$5'46(0/03$407$8'79-./:'$%&'()*

<&*12-)+*&+%2(/#'$&-.&7(-*$&-'&$!1&9+%$.U&9%#/-.#.U&+',&)1')*(.-1'.>&@'&1%,#%&01%&+'&

+%2(/#'$&$1&7#&*12-)+**C&.$%1'23&$"#&9%#/-.#.&/(.$&7#&.1(',3&+',&$"#&)1')*(.-1'.&/(.$&

01**1!&0%1/&$"#&9%#/-.#.>&@'&/1.$&.1)-+*&.)-#')#&%#.#+%)"3&#/9-%-)+*&#=-,#')#&%+%#*C&

)+'&7#&$+5#'&+$&0+)#&=+*(#>&?"-.&+00#)$.&$"#&-'$#%'+*&=+*-,-$C&10&$"#&%#.#+%)"V&@0&#/9-%-)+*&

#=-,#')#&-.&-'$#%9%#$#,&!%1'23&+',&$"(.&$"#&9%#/-.#.&10&$"#&+%2(/#'$.&+%#&!%1'23&$"#&

)1')*(.-1'.&,%+!'&0%1/&$"#&#=-,#')#&!-**&7#&!%1'2>&@$&01**1!.&$"+$&#/9-%-)+*&#=-,#')#&

/(.$&7#&#D+/-'#,&%-21%1(.*C&-'&#=#%C&-'.$+')#&$1&.#)(%#&$"#&-'$#%'+*&=+*-,-$C&10&$"#&

%#.#+%)">&?"-.&-.&$"#&#..#')#&10&,#,()$-=#&$"#1%CV&@$&-.&7+.#,&1'&$"#&*12-)+*&)1''#)$-1'&

7#$!##'&.1(',&)1')*(.-1'.&7+.#,&1'&)1%%#)$*C&-'$#%9%#$#,&0+)$.>

Q

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

!"#$%#&'()#%#*+$,-$.)#/01020+3$0'$.,%420.&+#/5$&*/$.&**,+$1#$%#&'()#/$6(&*+0+&+07#238$

9#7#)+"#2#''5$+"0'$+"#'0'$:022$&*&23'#$&*/$/0'.(''$+:,$7&)0&12#'$+"&+$&)#$0*+#;)&2$+,$

/#+#))#*.#$.)#/01020+3<$9(.2#&)$.&4&1020+0#'$&*/$*(.2#&)$4,20.38

!"#$#--#.+'$,-$*(.2#&)$&)%'$)#/(.+0,*$,*$*(.2#&)$.&4&1020+0#'$.&*$1#$%#&'()#/$

6(&*+0+07#238$!"#$+"#'0'$:022$,(+20*#$+,/&3='$>?$*(.2#&)$.&4&1020+0#'$0*$+"#$',@.&22#/$

*(.2#&)$+)0&/8$!"#$#--#.+$,-$+"#$*(.2#&)$&)%'$)#/(.+0,*'$4),4,'#/$0*$9#:$?+&)+$:022$1#$

.,%4&)#/$+,$+"&+$,-$+,/&3='$.&4&1020+0#'5$&*/$+"#$0%4&.+$,*$.)#/01020+3$:022$+"#*$1#$

/0'.(''#/ $ 6(&20+&+07#238 $ 9(.2#&) $ 4,20.3 $ .&**,+ $ 1# $ %#&'()#/ $ 6(&*+0+&+07#235 $ ', $ +"#$

&*&23'0'$&*/$/0'.(''0,*$,-$+"0'$7&)0&12#$0'$1&'#/$',2#23$,*$+"#$6(&20+&+07#$)#'#&)."$

%#+",/8

A*$,)/#)$+,$-0*/$#70/#*.#$,-$:#&B#*#/$#C+#*/#/$*(.2#&)$/#+#))#*.#$.)#/01020+35$A$

:022$#C&%0*#$+"#$/#+#))#*.#$'0+(&+0,*$,*$+"#$D,)#&*$E#*0*'(2&8$A-$&$:#&B#*0*;$"&'$

0*/##/$,..())#/5$A$#C4#.+$+,$'##$."&*;#'$0*$&+$2#&'+$+:,$:&3'<$F0)'+5$A$#C4#.+$+,$-0*/$&*$

0*.)#&'#$0*$",'+02#$&.+0,*'$13$9,)+"$D,)#&$'0*.#$GHHI8$J*/$'#.,*/5$A$#C4#.+$+,$'##$&$

)#*#:#/ $ 0*+#)#'+ $ &*/ $ 4(120. $ /#1&+# $ 0* $ ?,(+" $ D,)#& $ ,* $ #0+"#) $ /#7#2,40*; $ & $ ?,(+"$

D,)#&* $ *(.2#&) $ :#&4,*5 $ ,) $ 0* $ #C4)#''0*; $ 0*+#)#'+ $ 0* $ >8?8 $ *(.2#&) $ :#&4,*'$

)#/#42,3%#*+8 $!"# $ 4)#'#*.# $ ,- $ +"#'#$ +:, $ -#&+()#'$ &)# $!"#$ *#.#''&)023 $ #70/#*.# $ ,-$

:#&B#*#/$#C+#*/#/$*(.2#&)$/#+#))#*.#$.)#/01020+35$1(+$.,(2/$1#$;#*#)&+#/$13$,+"#)$

-&.+,)'8$!"0'$0'$+"#$#''#*.#$,-$+"#$/0'.(''0,*$0*$."&4+#)$K8

!"-$.+/(0(1(20,

$%&'()(*(#+<$!"0'$+"#'0'$('#'$+"#$LC-,)/$M0.+0,*&)0#'=$/#-0*0+0,*$,-$.)#/01020+3$&'$

N+"#$6(&20+3$,-$1#0*;$+)('+#/$&*/$1#20#7#/$0*O$PLC-,)/$*8/8$&Q8$!)('+$0'$*,+$-0C#/5$&*/$

.&*$1#$#*"&*.#/$,)$/0%0*0'"#/8$A*$,+"#)$:,)/'5$0+$0'$*,+$#0+"#)R,)5$1(+$)&+"#)$%,)#R2#''8 ,&-.&!<$!"0'$+"#'0'$('#'$LC-,)/$M0.+0,*&)0#'=$/#-0*0+0,*$,-$+"#$7#)1$:#&B#*$&'$

N%&B#$,)$1#.,%#$:#&B#)$0*$4,:#)5$)#',27#5$,)$4"3'0.&2$'+)#*;+"O$PLC-,)/$*8/8$1Q8

SH

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

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

%&)&"%'-!,1)*!)*%02&!*(!3&!(34&'*02&!"#$!%&560'"36&!)(!*-"*!*-&!'(#'61)0(#)!$%"7#!+%(,!

&,50%0'"6 ! %&)&"%'- ! "%& ! )(1#$. ! 8''(%$0#9 ! *( ! :(3&%* ! 8$'('; ! "#$ ! <"20$ ! =(660&%!

>?@@ABC?DEF!,&")1%&,&#*!2"60$0*G!0)!'(#'&%#&$!70*-!HI...J!7-&*-&%!(5&%"*0(#"60K"*0(#!

"#$ ! *-& ! )'(%0#9 ! (+ ! '")&) ! "$&L1"*&6G ! %&+6&'* ! *-& ! '(#'&5* ! *-& ! %&)&"%'-&% ! )&&;) ! *(!

,&")1%&M. ! /-0) ! *-&)0) ! *-&%&+(%& ! '"%&+166G ! )*1$0&) ! *-& ! '(#'&5*) ! (+ ! 3(*- ! #1'6&"%!

'"5"3060*0&)!"#$!*-"*!(+!$&*&%%&#'&!'%&$03060*G.!N0#'&!*-&!$&*&%%&#'&!*-&(%G!'(,,1#0*G!

-")!#(*!3&&#!"36&!*(!"$&L1"*&6G!$&+0#&!7-"*!*-&!'(#'&5*!(+!'%&$03060*G!&#'(,5"))&)F!

*-&!*-&)0)!"**&,5*)!*(!"#"6G)&!"#$!$0)'1))!*7(!")5&'*)!*-"*!O!+0#$!20*"6!0#!'%&$03060*G.!

/-0)F ! -(7&2&%F ! -") ! '(#)&L1&#'&) ! +(% ! *-& ! %&60"3060*G ! (+ ! *-&! %&)&"%'-. !86"#! P%G,"#!

>?@@QBRAE!$&+0#&)!%&60"3060*G!")!HI...J!'(#'&%#&$!70*-!*-&!L1&)*0(#!(+!7-&*-&%!*-&!%&)16*)!

(+!*-&!)*1$G!"%&!%&5&"*"36&F!ISJ!7-&*-&%!*-&!,&")1%&)!*-"*!"%&!$&20)&$!+(%!'(#'&5*)!0#!

*-& ! )('0"6 ! )'0&#'&) ! ISJ ! "%& ! '(#)0)*&#*M. !8# ! 0,5(%*"#* ! '%0*0'0), ! (+ ! *-0) ! %&)&"%'-!

*-&%&+(%&!7066!3&!*-&!$&+0#0*0(#!(+!$&*&%%&#'&!'%&$03060*G.!N0#'&!'%&$03060*G!'"##(*!3&!

(34&'*02&6G ! $&+0#&$F ! O ! "**&,5* ! *( ! '(,30#& ! &6&,&#*) ! (+ ! '%&$03060*G ! +%(, ! #1,&%(1)!

)'-(6"%)!"#$!41)*0+G!7-G!O!+0#$!*-&,!*(!3&!%&6&2"#*.

O#*&%#"6!2"60$0*G!0)!$&+0#&$!3G!P%G,"#!")!HI...J!'(#'&%#&$!70*-!*-&!L1&)*0(#!(+!

7-&*-&%!*-&!'(#'61)0(#)!*-"*!0#'(%5(%"*&)!"!'"1)"6!%&6"*0(#)-05!3&*7&&#!*7(!(%!,(%&!

2"%0"36&) ! -(6$) ! 7"*&%M ! >P%G,"# ! ?@@QBR?E. ! T0#$0#9 ! '"1)"6 ! %&6"*0(#)-05) ! 0# ! )('0"6!

)'0&#'&!0)!&U*%&,&6G!'-"66&#90#9.!/-0)!0)!3&'"1)&!*-&%&!"%&!)(!,"#G!+"'*(%)!*-"*!"%&!

0#2(62&$ ! 0# ! "#G ! 902&# ! 5-&#(,&#(#F ! "#$ ! %&)&"%'-&%) ! '"##(* ! 0)(6"*&F ! '(#*%(6 ! "#$!

,"#0516"*&!*-&)&!2"%0"36&)!0#!"!6"3(%"*(%G.!:"*-&%!*-"#!*"6;0#9!(+!5&%+&'*!'"1)"60*GF!(#&!

,1)* ! 0# ! ,()* ! )('0"6 ! )'0&#'& ! %&)&"%'- ! "**&,5* ! *( ! &60,0#"*& ! "66 ! ;#(7# ! "6*&%#"*02&!

&U56"#"*0(#)F!)(!")!*(!3&!"36&!*(!"2(0$!)51%0(1)!%&6"*0(#)-05).!T(%!*-0)!%&)&"%'-F!0#*&%#"6!

2"60$0*G!0)!2&%G!'-"66&#90#9!+(%!(#&!)5&'0+0'!%&")(#B!$&*&%%&#'&!)1''&))!0)!6"%9&6G!3")&$!

(# ! H5%((+ ! 3G ! "3)&#'&MB! O* ! '"##(* ! 3& ! )"0$ ! 70*- ! '&%*"0#*G ! 7-G ! "# ! "'*0(# ! 7") !+,'- 1#$&%*";&#.!V#&!%1#)!*-&!%0);!(+!"!.,/'-0,1-"23,-.2,.'"2-0,1!+"66"'GB!'6"0,0#9!*-"*!PW)!

0#"'*0(#!7")!'"1)&$!3G!8W)!*-%&"*!(+!"'*0(#F!7-&#!0#!%&"60*G!*-&!0#"'*0(#!7")!'"1)&$!3G!

)(,&*-0#9!&6)&.!N1'-!"!+"66"'G!0)!'(,,(#!0#!)('0"6!)'0&#'&)F!31*!&)5&'0"66G!&,0#&#*!

AA

!"#$#%"&$'%($))*%+,%-.&//&+.&01#2%3"+,%+,%&%,#$+)-,%4$+/+5-#%/"&/%+,%'+**+4-1/%/)%.#6&/#2%

3"#%).17%*&4/)$%/"&/%,/$#.6/"#.,%($))*%07%&0,#.4#%+,%/+8#9%:*%/"#%/"$#&/%&.'%+.&4/+).%+,%

4).,/&./;%!"+1#%/"#%,-$$)-.'+.6%<&$+&01#,%4"&.6#;%/"#%8)$#%/+8#%(&,,#,;%/"#%,/$).6#$%

/"#% /"$#&/ % &.'% +.&4/+).% &$#% 1+.=#'2 %3"+,% +,% +11-,/$&/#'% 07% /"#% >(+.=% #1#("&./?9% @.#%

4&..)/%($)<#%/"&/%/"#$#%&$#%.)%(+.=%#1#("&./,%+.%/"#%!)$1'2%A)-%8+6"/%B-,/%.)/%"&<#%

*)-.' % ).# % 7#/2 % C)!#<#$; % &, % /+8# % 6)#, % 07; % 7)-$ % &$6-8#./ % 6$)!, % ,/$).6#$2 % 3)%

4)./#D/-&1+E#;%/"#$#%&$#%&/%1#&,/%#+6"/%.-41#&$%!#&().%,/&/#,%+.%/"#%!)$1';%4)8($+,+.6%

&(($)D+8&/#17%F%G%)*%/"#%!)$1'%()(-1&/+).%)*%,/&/#,2%3"#$#%"&,%.)/%0##.%&%,+.61#%8&B)$%

!&$ % 0#/!##. % .-41#&$ % !#&()., % ,/&/#,2 % :/ % +, % .)/ % 4#$/&+. % /"&/ % /"# % +.<#./+). % &.'%

'#<#1)(8#./%)*%.-41#&$%!#&().,%"&,%+."+0+/#'%8&B)$%!&$%0#/!##.%.-41#&$%!#&().,%

,/&/#,2%3"#%41&+8%/"&/%+/%"&,;%")!#<#$;%6$)!,%,/$).6#$%&,%/+8#%6)#,%072%H).,#5-#./17;%

/"#%,/-'7%)*%&%("#.)8#.).%,-4"%&,%'#/#$$#.4#%8-,/%0#%0&,#'%).%1)6+4%&.'%&$6-8#./2%

3"+,%+,%0#4&-,#%/"#$#%+,%<#$7%1+//1#%#8(+$+4&1%#<+'#.4#%/)%0#%*)-.'2%

:%!+11%&//#8(/%/)%.#6&/#%/"#,#%4).4#$.,%07%4)8(&$+.6%'+**#$#.4+.6%<+#!,%&.'%

&.&17,+,;%'+,4-,,%/"),#%'+**#$#.4#,%&.'%0-+1'%&%1)6+4&1%&$6-8#./2%I,%,/&/#';%/"#%#,,#.4#%

)*%1)6+4&1%&$6-8#./%+,%/"&/%)*%,)-.'%($#8+,#,%&.'%4).41-,+).,%/"&/%*)11)!%*$)8%/"#,#%

($#8+,#,2%

!"#$%&'()*+

J-41#&$%'#/#$$#.4#%+,%&%()1&$+,#'%,-0B#4/2%K&.7%#D(#$/%,4")1&$,%!+/"+.%/"+,%*+#1'%41#&$17%

(),+/+).%/"#8,#1<#,%#+/"#$%&/%/"#%($)L'#/#$$#.4#%&.'%($)L.-41#&$%!#&().,%#.'%)*%/"#%

,(#4/$-8;%)$%/"#%)((),+/#2%@.#%)*%/"#,#%,4")1&$,%+,%M#+/"%N2%O&7.#2%O&7.#%+,%&%1#&'+.6%

&.&17,/%)*%.-41#&$%!#&().,%()1+47;%0-/%/"#$#%+,%.)%')-0/%/"&/%O&7.#%+,%+.%*&<)-$%)*%

.-41#&$%'#/#$$#.4#;%&.'%)((),#'%/)%.-41#&$%!#&().,%&0)1+,"8#./^P2%I/%/"#%)/"#$%#.'%)*%

/"#%,(#4/$-8%+,%C&.,%K2%M$+,/#.,#.;%'+$#4/)$%)*%/"#%J-41#&$%:.*)$8&/+).%O$)B#4/%&/%/"#%

Q#'#$&/+). % )* %I8#$+4&. % R4+#./+,/,2 % C# % +, % ).# % )* % /"# % *)$#8),/ % #D(#$/, % ). % .-41#&$%

!#&().,%4&(&0+1+/+#,;%&.'%&.%&'<)4&/#%*)$%.-41#&$%'+,&$8&8#./2%3"+,%/"#,+,%-/+1+E#,%

0)/"%)*%/"#,#%,4")1&$,%#D/#.,+<#172%3"#%$#&,).%*)$%/"+,%+,%/"&/%0)/"%&$#%1#&'+.6%#D(#$/,%

+.%/"#+$%*+#1',;%&.'%"&<#%-.($#4#'#./#'%&44#,,%/)%,)-$4#,%/"&/%&$#%-.&<&+1&01#%/)%1#,,%

P K&70#%/"#%41#&$#,/%#D&8(1#%+,%/"#%PSST%&$/+41#%U3"#%4&,#%&6&+.,/%.-41#&$%&0)1+/+).%&.'%*)$%.-41#&$%

'#/#$$#.4#V%+.%!"#$%&%'()*+,'&%'*-./;%W)12%PX;%J)2%((2%YLFY;%&.'%

PZ

!"#!$%!&'!()*&*+,-.-/)0)1*2!).*3!&)'*$!)&4.).4)#$!-!&.).1!%$)2%!5-)*&()4#%&%4&-)*-)6*'.-7)

*&()51!&)0)(4)$!6!$).4).1!%$)2%!5-)*&()4#%&%4&-7)0)'+!*$+,)-.*.!).1*.).1!,)*$!)89-.).1*.:) 2%!5-)*&()4#%&%4&-/

;9'+!*$)5!*#4&-)#4+%',)%-)46.!&)-1$49(!()%&)-!'$!',/)<&).1!)4&!)1*&(7).1!)

=&%.!()>.*.!-)&45)#9?+%-1!-)%.-);9'+!*$)@4-.9$!)A!2%!5)B;@AC7)*)$!2%!5)46)?4.1).1!)

&9'+!*$)5!*#4&-)%&).1!)=/>/)*$-!&*+7)*&().1!)#4+%',).1*.)D9%(!-).1!)#-,'14+4D%'*+)*&(7)

#4.!&.%*++,7)#1,-%'*+)9-!)46).1!-!)5!*#4&-/)<&).1!)4.1!$)1*&(7).1!);@A)E9-.)?!)$!*()*-)

*)#4+%-1!()(4'9E!&.)%&.!&(!().4)?!)#9?+%'/)0.)%-)&4.)3&45&)!"*'.+,)51*.).1!)&9'+!*$)

#4+%',)46).1!)=&%.!()>.*.!-)%-7)*-).1%-)%-)*)'+4-!+,)D9*$(!()-!'$!./);!2!$.1!+!--7).1%-) .1!-%-)5%++)9-!).1!);@A)!".!&-%2!+,7)*-).1%-)%-).1!)466%'%*+)&9'+!*$)#4+%',)46).1!)=&%.!()

>.*.!-/

F1!)'1*#.!$)4&)&9'+!*$)'*#*?%+%.%!-)$!+%!-)1!*2%+,)4&)GE,)H/)I44+6J-).14$49D1)

*&*+,-%-)46).1!)&9'+!*$)5!*#4&-)%&).1!)=/>/)*$-!&*+)#$!-!&.!().4)K4&D$!--7)*&()4&) L*&-)M/)N$%-.!&-!&J-)E*&,)#9?+%'*.%4&-)4&).1!)-*E!)E*..!$/)F1!)5!*#4&-7)(!+%2!$,) -,-.!E-)*&().1!%$)-#!'%6%'*.%4&-)#$!-!&.!()?,).1!-!).54)-'14+*$-)E*.'1)!*'1)4.1!$7)*&() .1!%$)6%&(%&D-)*$!)'%.!()!".!&-%2!+,/)0)6!!+)'4&6%(!&.)%&).1!%$)*&*+,-!-)*&()!-.%E*.!-/

F1!)E*84$%.,)46).1!)-49$'!-)!E#+4,!()%&).1%-).1!-%-)*$!)#9?+%-1!()%&)#!!$O$!2%!5) 849$&*+- ) 1!+( ) %& ) 1%D1 ) $!D*$(/ ) @!!$O$!2%!5) #$42%(!- ) *) D9*$*&.!! ) 64$ ) 1%D1 ) -'14+*$+,) -.*&(*$(/)F14-!)*$.%'+!-).1*.)*$!)&4.)#9?+%-1!()%&)#!!$O$!2%!5)849$&*+-)*$!)1*&(+!()5%.1) '*$!7)E*3%&D)-9$!).1*.).1!%$)6*'.-)*$!)'4$$!'.7)*&().1*.).1!%$)6%&(%&D-)*$!)-49&(/)G++).1!)

?443-) *$! ) #9?+%-1!( ) ?,) !"#!$.) -'14+*$-7 ) *++ ) 46 ) 514E) 1*2!) 5$%..!& ) !".!&-%2!+,) 4&)

&9'+!*$)5!*#4&-)*&(P4$)%&.!$&*.%4&*+)$!+*.%4&-/)I1!&)'%.%&D)E!(%*)*&()&!5-#*#!$-7)0) 1*2!).*3!&)'*$!).4)6%&().14-!)5%.1)1%D1)'$!(%?%+%.,/)Q*-.7).1!)4&+%&!)-49$'!-)'%.!()*$!) 1*&(+!()5%.1)!".$*)'*$!/)I1!&).1!%$)'+*%E-)*$!)9&-9?-.*&.%*.!(7)0)-.*.!)-4/

RS

!"#$%&'()

*+,-%-.#,(/&#,-012(3&%&''&4.&(5"&+'62(

#47(!'&7-8-,-%6

9:;(*+,-%-.#,(/&#,-01

!"#$%&%'($!)*($%+,!-(+!(!$#./!-%+&#)01!2&(&*!3#4*)5!(.6!&-*!*7*)'%+*!#8!%&5!-(+!9**.!(&!&-*!

8#)*8)#.&!#8!(.($0+*+!#8!%.&*).(&%#.($!)*$(&%#.+!&-)#:/-!'*.&:)%*+1!;.*!#8!&-*!*()$%*+&!

*7(,3$*+!#8!)*($%+&!&-%.<%./!%+!&-(&!#8!&-*!=)**<!-%+&#)%(.!>-:'06%6*+!4-#?+!@:#&*!#.!

&-*!"*$#3#..*+%(.!4()!%+!8(,#:+A!BC111D !&-*!+&)#./!6#!4-(&!&-*0!'(.!(.6!&-*!4*(<!

+:88*)!4-(&!&-*0!,:+&E!F>-:'06%6*+!GHGIA!9##<!J5!'-(3&*)!KH5!+*'&%#.!GL1!>-:'06%6*+!

+#:/-&!&#!*73$(%.!&-*!9*-(M%#)!#8!3#$%&%'($!:.%&+!%.!(.!(.()'-%'!+0+&*,5!9(&&$%./!8#)!

+:)M%M($!(.6!%.8$:*.'*!FN($&O!PIIKA7%%L1!>-%+!%+!&-*!'#)*!#8!3#$%&%'($!)*($%+,1

"#$%&%'($!)*($%+,!,(.%8*+&*6!%&+*$8!*()$0!%.!&-*!PI^&-!'*.&:)0!(+!&-*!$*(6%./!&-*#)0!

#8!%.&*).(&%#.($!)*$(&%#.+1!>-*!4#)<!#8!'$(++%'($!)*($%+&+!+:'-!(+!Q(.+!R#)/*.&-(:!(.6!

S1Q1!T())!8#':+*6!#.!&-*!%.-*)*.&!.(&:)*!#8!+&(&*+A!2&(&*+!()*!$*6!90!-:,(.+5!(.6!

-:,(.+!()*!%.-*)*.&$0!*/#'*.&)%'!(.6!'#.8$%'&:($5!*)/#!+&(&*+!()*!(+!4*$$1!Q:,(.+!(.6!

+&(&*+!-(M*!(.!%.+(&%(9$*!(33*&%&*!8#)!3#4*)!FR*()+-*%,*)!PIIGAGHL1!>-%+!3:+-*+!+&(&*+!

%.&#!'#,3*&%&%M*!9*-(M%#)5!*('-!&)0%./!&#!6#,%.(&*!&-*!#&-*)!(.6!('-%*M*!-*/*,#.0!

F%9%61L1!U+!V*..*&-!N($&O!FGHWHAGGXL!3:&+!%&A!BY.&*).(&%#.($!3#$%&%'+!%+!&-*!)*($,!#8!

3#4*)5!#8!+&)://$*5!(.6!#8!(''#,,#6(&%#.E1!>-*!)*+:$&!%+!(.!:.+&(9$*!4#)$65!3)#.*!&#!

M%#$*.&!'#.8$%'&A!BU,#./!+&(&*+5!&-*!+&(&*!#8!.(&:)*!%+!(!+&(&*!#8!4()E!FN($&O!GHWHAGIPL1!

>-*!#.$0!&-%./!&-(&!'(.!9($(.'*!3#4*)!%+!3#4*)1!>-:+5!&-*!+&(9%$%&0!#8!&-*!%.&*).(&%#.($!

#)6*) ! %+ ! )*+&*6 ! #. ! 9($(.'* ! #8 ! 3#4*)A ! 2&(&*+ ! 4%$$ ! )*8)(%. ! 8)#, ! 6%)*'& ! ,%$%&()0!

'#.8)#.&(&%#.!4%&-!+&(&*+!#8!+:3*)%#)!+&)*./&-1!

U$#./!4%&-!&-*!9*-(M%#)%+&!&:).!%.!+#'%($!+'%*.'*+!%.!&-*!GHZI?+!'(,*!(!.**6!8#)!

G[