ISSN (Print) 0473-453X

Discussion Paper No. 1112

ISSN (Online) 2435-0982

ON STRATEGY-PROOFNESSAND THE SALIENCE
OF SINGLE-PEAKEDNESSIN A PRIVATE GOODS ECONOMY

Shurojit Chatterji
Jordi Massó
Shigehiro Serizawa

December 2020

The Institute of Social and Economic Research
Osaka University
6-1 Mihogaoka, Ibaraki, Osaka 567-0047, Japan

012345367894 16 513625616
2176965616 154536  18!"#!!$%&'( )#**+%,#-(.$$/#0#1
2663644456767
89:;<=>;?@6164 345367894 4A6 645317 15451 4664616 4B6

15 63A C646A36 45367  563 365 7163 5 63 57613 C361336613
C646 4664616  58 53531D@6 C353364A61531E64536F513533
3 9185131AA55696511A5845315C346 633 36613366135
36136 4664616 13651563 538554513 176965616 G4664463
5 65336 176965616 HD@65 4651646 351B117DI33A41 A3
3533 5116 C336 1654658613B615761645 63A C35 A3
7 DJ1585C646536 65336 176965651 3 C691C146343651
A164C 345367894 51645364A6  6K3D
LMNOPQRST2345367894 16 U2653362176965616 D
VWXYZ[SS\]^[_\P`abcdMQT2e4D
f@654674536A3 gA5h
5i617 4613 51 A77631 35363 51 46613

36
5 64Dj53364k51C676 A 434666 4 362175 46l1348 A5315A1643674513l0674m9n69494moDl5 p51C676 A 434666 4362 51l1348 18
51j  633616 5A1643674513j0674e9oqrqs9U 4 362 51l1348 261651
I1153134A7362664 0547456 4j61364 K66161tu2Gjv674w9777w4r92HU
51 436616453536j535A1855A16436745132t674e9e44D264h5C551C676 B1515
A 434666 4 36x13y 576zt6654j6136453I2t50 55y16438U0 55y16438{
I136415315x13t66544 314745 G0 55y16438HU5145139195 4t6654|3385x5512 638 4364 31 2616G4rg7re6o567g7rmq4567}}776eHD~2
175 46l51576613y1643852  1Dw7235 4t 552175 4654eow7q
G65 A4k3 AD6AD7HD
y1
64353|A31565461551546152D265435613{15g345
15DB5y|D7o4wq56536445G54615H52 51G65k4D5 A53D6HD
0 55y16438DI133A36 2 5511t6654Dm94l7555I354550 555rme977se5x551G65 64h5C564D 559AD5DkHD

0 123456783952

00 5 26 92473! " #$ $"
%&'$$'$"&#& &# %"(&$$'&#)*!" $!" #$$!
#$$&#$'$!$$")+$&"$,%-"$%$   ( "&$"
"%$#"$' $ %#).
/"$#!"$$& ## $!
$$"0# 1#,2 '#&
"$"&"$$$& #)/"$#$"
#0#3$&4& ,1&$"!
1## ##"!$&"$%,& #&)*%! ##&
 $$&#$!$$"!#1#)$$&#&"##&5 
$' $-"$$!$67879$',$$&$$6#"$"$#"#$:678;('"$#"#$:978;)<$= >?@2A.BC%-"'$-"$@C#'3&$4$$#&#$' @C"$#"#$$&$$6 !$$'D('6&&$$$#&$$$ D) ##& $$&%($$' 3#4$!$$"'#@<$=
 >?@2A.BCC)+0& E$&(%'#
$', ##&1&$!$$"
@!$$$C"$"(&)#!(
'&"$'%#$# $(!$"$"$)+1"(&,%$'"$& &$"$#$")$.$%
"  $!$&$$#"$F$"#@.GG.C,><@.GG2C

 H$($I J&@.GGKC)FH$($I,J& L#@.GGMC N",O$
F$&@.GGBC)* &$($$, $,%"$&$("F&
P)
2F&
0&!,!,&"!,#  '"$!%$&
#)5Q#
&($!$!$R1'!,!##$! $'!%
$$!'$!$#"$#"#).

01234565478907684 6910094280 8270 49698 4 828096 026280
234 4987645705472849017496 5705472849015741474496 068942809
02689234749290123456547 4280 47462407749292048928 74929
8 234824762740 068 749278280910792762457001749107578624 00 9574942
90407067849010768 74926 89990768096 783 4990 82809
554 804292345700190105442677492908224 8 23468 242

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

5098476942018 886602429 84 2348C 24766789:34749 ;7<84642=6 >?@6789:4 4 4694862284AB 0 6789:691009D10765687
E?8F?@6789:0 23496498401>?GC482347202344120720234783201>?82374954220
234 62760747012347469HE?AB F?34447E?8C9094720>?236 F?1E?6 F?
6740 05509824984901>?234674 74624  47AB
444475687E?8F?@6789:
C
36969574G07469255470C 07I08HD81E?AB F?234 JKLMNCOE?8F?PQE?6
81E?6 F?674 74624  47AB8234 JKLMNCOE?8F?PQ>?
509847657414744R?01642=823205STR?U69C94  8V46 82342824
42>?486228498 4546W4 49982374954220AB 74V8749G8H5741474494244
STR?U6 >?67446W 488 8 2349694940198 4546W4 4996 G88H62476
2849X40C Y>?674 8957414774 20>?Z874[6G3474677098 8624234 8742809
8 383AB 89874698 H 4582969486228498 4546W4 5741474482374954220>?
1072346943474STR?U\>?Z874[G3474677098 8624234874698 874280012347469H 45829698 4546W4 574147448232349642056 6W494672362
9486228498 4546W4 49989698 86246W48 0198 4546W4 499]02848
567286723626024292023441201STR?U8 Z874[667476W4 6782767862362>? 049 025667048 Z874[
kkk
j
j k l
j
l
g hi jjllg hi jii hlgghh ijihl^ e e abc^Cde
e B^C f `^_Z874[6

nnnn
m
nnnn
m
nnnn
m
m
mm
mm
^ e
e abc^Cd e
Ce `^
B^
_
Z874[o3468 828280 0136 068 236268296927624570016 49876474
p3692049486228498 4546W4 6 402684 00W8 6223494201602429
2362p6 6998 20=62R?2042347823904570401234023476429q574147449
o3899428 Z874[6896STR?U8>?:57084 2362p89927624570016 8 886

01234516732809 9224 15289413543  395260389 9284278
289 81 9481 2491 3530913021 92812!"#"$% &895
289099'32 1 04(694289428901952) 0990959 12783824928907328 9692
#78369 9692$3*3215 0990959732824 12$+20129,04459 3 639
2812#$15283109521 639 16424 3569,9194135+9451 92812 " #% -&8
95289099'32 1 04(694289428901952) 0990959 .918
2
/01732816642952 304 1 24789095328959041952612783824928907328
 9692 78369 9692 #3* 32 15 0990959732824 12#+20129,
04459 3 6392812 #1554092032345 15942135945289 0990959409035
92799515 1304*)16642952 1479 8&8301 9#"!&895!9#846 203731661554092032345 15942135945289 099095940903592799515
1304*)16642952 9647!:0&89409 04739 1 0939406123454283
35232345351 922357328 42952316615 037129449547 453902809940612345 4 03712944 166412345496 23935
289632901209;1090<=14515>99.??@6 45390289 0469 416641235
- 532 41 90926373369 0371294414551952918*73289523269952
A &83 09B3
09 28123*1 40  89209937932C53731601234516327328
09 9224 7462890940909B3099181952241671 0993791516642952126912
1 0990091 + 0452.??6 239 289496732842952326995215732842
9' 6332609B303535373160123451632D E9 81012903F9 28953400691 28953B9459 12335 20129,04459 9 39515154532E3 1'34 35 1023610
1545329G9237961015239 H /3 249181952*I6628994961 91952
8179 3569,919 0990959 45289 924353731616642952 JKL-M15 81012903F993( 13639 4069 2812109 20129,044N
C5 45201201289028151 35 3569,91959 04289429279 42612935
1623,3953451679034542899496@ 28122894135 123(9 49O03859 P
4532345 15132 1 20129,04406928123 24 ,456 452354 19,39
153537316601234516732809 92 H 4L888L3!891 903859 91935
A&8331 10236107903454289309590164967328429523269952Q61R9290 15+24095.??S6 4540 09396242839 032345
D&83316428995901692 3
5;1090<=14515>99.??S6
N403
52159;1090<=14515>99.??@61091643529092935 3212345 78909154532
354210914516909B30995215 459B9526289534016641234506935421 0403129I952
18179173901594 03403239 953403239 400382 .3G90952249523269952628122890694822409 92126912 1023166&89 81012903F9289 61 416620129,0449 39521509619952
4542453069 1 28913649B95231616642952069 .35+92345TT799 039732892136459
0697328352831366
@U453
909(02I40V .WXXW61566 239Y403424+903F17115U835.WXT6&899
452032345 1093  935+92345AT

T

01234256752183159 8 65223 4506557135213115306321525031107520695 535218718536 425851311022187185275281552096
32183159 8 85011525 8 581052525031107520695 5356522023
95658303106 098531 ! 206915"#68$585%02156458 9 21453115&255'57106(851302)
* 06&+,-)76205823 4079  55851555 15 4079 45
6921 ./012341 39561$366 2$570561362183159 8 85736455565
4 25571069356543131255578./0129158525571231558 855 
855856752155036 15251 1 1 23675 855856758521807106131020 054 152183159 8 6522 102850256371 1525031107520695 5356522
02350609853:31158;036*322<&(-,)7620581595658358206 15
4079  845016 2187185 615251 3158631052362131152356106 25031107520695 53565225589523237625=5675 2183159 8 6522
369011 2 6$636001 3636601$ 8051311530602807>102
66131 6 8?@A$15 803159 7325736458315323 4079 7325B
10202611573258?CD361059 2
5306761804106 102 3 58021 090911585 25031107520695535652232156356136580692187185  855856752063306131 58
0121552096 2183159 8 85206150238315 8031536 4079 2 52

E FGHIJKJLMGJHN

EOP QMNJRSHTLJUJVLNMLSLVUMUJVL

W8956583251 725 2* 80 1$'5803336:069&(-X) Y51Z @[\03330?]451556015251 ^_`abc$01?C A$3651d @ [\03330%]4515251  58571 0020459 2$01% C \8537e8d$511f 8!! 4515218071 201053 61 9 e131321 4531153 693956120
6Z 3651li
1 @g1#033301 h8!!38537e8d$51jf@./01f236jkf@ fmniopfqjfm3
853739561r8Z$51
j@s j @[tu@gtu03330tuh8i v/wtuw1 8537e8d]
fni f

#

!

f

f

4539561rx2251  22045315612$0702152358558 65 5 320539561rx231561$5 1568015t@gtu0tkuh8jy 369056z{858015g{zh|}~u32
15?\056206357180137 656120585611 r5=31 {zY51
@[t@gt#03330th8jy v tu@1]
uny
4515251 532045315612
01234567869 343 356786564 86 33 1!3!!"34#$34 %4!13 3&334564 8614 3'()4#"* 343 +,-,./*&3#3
#4+0912 *,0,./ 3 562 705784"3!+*
5678639069 7::56;86::./ 3::56;06::./ <::06;86::./=>?@ABCDEF G3"141"! H 3&3344+1#567869 I4 3&#134J#314
#KI 143#2!L4"3!+*UVW
567863M562 NOPQ95657856=7ORS95657856=T>
X
YI$34 %9Z#33#34I3[69\6]^23# *&3#3\61K 3 ^*3
3 !!I"!334 #41123 14#+#3!1423# >_3 4 1"3 3I414K1+
#33#34I3`a3  1b3#34 $34"+23 1b3#34 3#33#34I3`c#4+
567869 756[686"34  $34 %I413#!!"34 56  3 !3 #33##3 !!"34 86>d3 e64 f6 343 3#1I 4 14 1b3#34I3#3!1414 KI3 +[623#*#33I123!+`_3K"3  #3I[69\6 3#33H1g[69 *3hi[6*KI  g[6e686#!!869 j9g[6=>_34[6121K#" 3I43H &3&#13
g6143 g[6>c#569 *!3 [k6l 3434+#33#34I3[69\6&1g[6356>_3
K"3 #K$K 33#  #3I%9Z 4 3I569 *33 \6I414
 !3 43#33#34I3[k6l`_3#33#  33 \(m---m\n o#33#34I3*4 34 3431
\`piqrs[3[(7>>>7[n9\1t)K!3#33#34I3*43#3I$34`G
3"1u3[614#!3[&334&#13[3[67[v6>

wFw xCyz@C{|@}y~C@}14I314 121K!#33#34I3#3#12314#"14*3+"K 33!1I13 #K$#K!3`pqs1"14$\   1$4 323#+#!3[9\*31!3!!"34[9>_3#3143#33 14#K!3  14 KI3$34  3!!3 #K`p#K!3\ 1hqhsiq1#!![9\7!!%9Z*4 !![69\676[[66[67[v6>
p#K!3\ 1hi1#!![7[9\ KI  g[63g[6#!!
%9Z*[3[`34I3* )4!+#K!3\ I4 3&#134K4I14  >pII#14$!+*&3&1!!34K3 3414g(7>>>7gn143#I4$3!+&1[(7>>>7[n14I3!!3#K!3&3K +#3 )4!+`p )4!+#K!3\ 41ishs1#!!9 4 !!
(
557>>>75n59 5 KI  66 565357565(575(v57>>>75n575nv53565!#!!
012345366789 8 1 4344!"#434!#"#63"$#"%!4&'()(*+,'-.
/"460#61234 5!"6,(7*(','-!!"3""!35#4!412 4 5!"4!4##".
8915%33"!%63664./#61234 5"3!":"*(;*<*;')=>)7*,()=*7?
@*7A>B-CB677,9!366D13345366012 1E7DDE9E/#61234 5!"-)+BF-*;B;!366D13345366G1HI
L
J!K!LMN O7DMPQ I41E7DRO7DE3012I345
J!!K! MN O7DMRQ I41E7DPO7DE3012.
3#61234 5"3!"0!4&"3&04""I"4604""I4!4#!0I"3"!554""345!45!S!5#363!436!0!"93"3;B-*>)T=B#6.
/#61234 5!"BU6*B(7!366D13I366417D!"V3W!4X
4360IY!""4Z15"#3ZEDE1E7D366012 345ZM[M1M7D3
63"4\12.
]%"S3"3"!554""!6!"44!"#434!!0.^&43653!4"IW!40345"3"!554""3!45454!".$#"!00"3"!554""3"33!4""3Y!_!33:6!""3!0J3%#4534K3&5I43&4""#65%3!45%0366!S!4&343664"366J63&K34
!".`453!453!4"J!4"34I53!4"!4&63a54"!445!4"!4363"KI"3"!554""345W!403b#!S364.

cde fghijgkljmhnigjnjgjopjmqorrhsqlom/4DE13E!"7,CF-BC)>)T=B!33G1H 3458E1 3S3
7OE 8E DE78E 8E 3668E 1 .t/4DE13E!"-BC)>)T=B!33!8EZE1 3453G1H 3S
3I3668E ZE 1 I78E 8E DE7ZE 8E !345460!78E ZE DE7ZE ZE .
^!&#u.3!66#"3"3664OE3453664"7OE 8E 34578E 8E 
!4S6S5!4"33%!6!045!!4345^!&#u.%!66#"3"#3664"78E 8E I7ZE 8E I78E ZE 3457ZE ZE !4S6S5!4"33%!6!045!!4.
/ 4DE 1 3E !"v'6=*;B)(!I38EZE 1 I8EDEZE !345460!
wO7DEx8EwRwO7DExZEw wyw!"z#6!5344.8{%"366
z#6!5344".|!"!5!3"3366z#6!5344"3"33%6
345"33%6.
!663""#333E"3!":"66!4&45!!4".
t}"33%!
6!03":"!45#5%08~434503aJK.



2354
7354

1

2354

2354

673

3
54

6873492354

623

734

234



1

2354

0 234

3
6843954368234954

684392354

6823492354

43

234



0 234 !""#$%&'()(*+%,- %./01213452678 (('9:*'*;%)<)(*+=->,-*?9:)@-AB->C %+D&D&@-E-B-&DF%&%
%)<)(*+=G->,-%+D&D&HI=-JKHI=G-J*?@-EG-B-$?'L*,MNOOON,P%./01213452678 (Q('+DR>SA,- %%)<:+D !""TUTVW-#$%&'()(*+%,- %26782/41X6Y/XZW->C (('
<<@-AB-A[->C %+D&D&@-\K B-QW->]R^H_`I@-AB-J*?[->]_`I@-AB-J&DF%&=2-3A=-3 >,-%+D&D&B-E2-3[-*?@-E-3[-a$?'L*,MNOOON,P %26782/41X6Y/XZ
WKIWMAaaaAWPJ>b (Q('+DR>SA,- %+D<&9&'W-cD)')&:'(+D*%%<&9&'W-&*%<&%&'&D%d+<?*%&&* &D+D*%%+'*?&'*%? *eD&&f*?g%%hijklm('%L <&&+%*&D+%'()<+ ''?n'o9Q&D)%*&9%'*'(+D*%%<&9&'W->C %op+%&DF%&*+
'(&D&o')(*+%=2-3A=-3 >,- %'*<:q? (W->]R^H_`I@-AB-Jrs?)+&%<<'&L*&%@-AB-A[-AW->C%&%(:* &DD:)'&D%%'(&D)')&:'(+D*%%<&9&'W- s<<%&&%&DD:)'&D%%'(&D)')&:oD*B-KW-a
2354

1

3
54

u3

43

1

6

63

2354

2354

t3

6

s

3
u54

623
234

0 234

t63

u63

623

2354
u43

s

234

0 234v)<+D*%%q%&D&&D?'L*,F+<?+&**'*;%)<)(;*+% '*%&*+Q%%Lw Kx*?+'*%?@-AB->C o&D@-y zBy-('{K|Ax
e'*%?&D*'*;%)<)(*+=->}-o&DHI=-JK@-QoD
I@-MA@-~JE-IBM-AB~-JE-IBM-A@-~JE-I@-MAB~-Jarvv%+&'*
k(' *<?%+%%'*'(&D+'**+&'*&o*&D&o'))'+D%&%%:&'%&D&&D?'L*'(d+<?*)(*+%?'%*'&%&%(:&D%+D*%%)')&:%*+('+D
<<'&L*&> &DF%&%*q:d+<?*)(*+oD'%)p %

01234536728595 289229232115715253!" 93#647285956$ 92%$9215'&(!)229432
15738*728595 2!+3"8823 ,-.89  /52023-12711549536
33*728595 2 $8*728595 289229232'(53 9536859'27$115
412922,775728595 289229232'311289829615
53 !/28595 291327792%$927155257327$189229232 23#7
(4"89229232'(756789:95;<=9><?7=9<@7;AB;?C;: 95 '2 7$115
'DE44F2321272 5 0$023735 73#2*825G2 892292327
6H IJ!K9L'2 7$115'&DEL 232 6M
57125023
3DEL117 727N350264M
OPQRSTUVWXYZ[V\]V^_`a_bc4d 7292
15M
7$3%$2!e9229412 3#1 792296f'D!
hh4+ RSTghLhijhjROkghLhi4123M+hlRSTghLhi4123M
hRSTghLhi4
hROkghLhi4+ ROkghLhilh4123M
K#$92m!5 28757$5312925 93#0$02373573#2*825G23277
53 K#$92m! $79527#202956 953 n12 992783 3#M
53 nM!
qVsr

p

V
[sr

qVsr

[tV

uVsr
[rV

p

tqV

K#$92m!5

tuV
uVr

tvVV
tvw

V
[sr

[tV

V
]sr

tqwV

t]V

[rV

]rV

o qVr

tqV

o qVr

K#$92m!
x2389272312 2y33 7205273#2*825G23277!-z{|}~~|{~|||| "89229232'(7=;597?889;=9<@7;AB;?C;:192782'2 .//!-195 '2 7$115'DE53 'DE2152
453-z01233 7205273#2*825G2327757y9739 $2 3152953 e577.z-1 9

128$  # 572 6$73#572052532 90 5#239$275763#7952#6*8932774$35306453360653 87*363277!/3212 3 323y2 1292 9128952# 7 572
992783 7123223y2 9128$ # 57242152 22 925312750235024223
1$#1$90$023735 $ 253723# 27392%$92122,89229232572052!
+3/$ 723m!-2 27921533$98952# 7 5725720523 3 $3#
127502 053 7205273#2*825G2 892292327!

01123456789   37 !" 769 "#9 $"%&'9('868$")*++,
9%-.++,/++,012221++,34
5%68"7396"89" !!*'7!""76 !'87'8*0112385689!$!:
!9" 7!735%6873)6"89" !!*'7!""76 !'87'8*0112345689!$!
 !9" 7!79 !9 ++,"98%8 !9 !7#9; +,)$96" !898 ++,9:< "6$! !9 /)6 < :9:=<4
@ACB

?

A
ECB

@ACB

EDA

?

D

@A

FACB
EBA

5%68739

DGA DA
F

A
ECB

EDA

FACB

D

> A
FA @B

EBA

B

D@AA
D@I
DGA

5%6873)

DHA

DFA

FAB

> @AB

J7 !9 ; +,9++,$797&"'989)'868$"3K "9"* 7$!$(!9 !6779%'87'8"!76789$!4085; +,9++,98 7'O&"'989)"'989)*8$!98$!89 7045LM;+,N++,9 EAPQ ++,/; +,9
0R5L" 7'&"'989)"'989)"'989)*8$!089*5)6 "7 8$!89
79*35%68S6"89" !"9" "$)*'$% 97$8$"9!$8"99:8'8"%T8$$9"""678 ! 976U6V6$9'868$"@A9GA 9!'9("9 9:8"'$*3W!<=@A: 9<=GA $""98*!7"$< "$7"8 7 !9: " 7 9< "$7"8 7: !9 " 7:3
@ACB

?

Z

[
DZ [
X D Y D@A
HAX
Y

DEA

GA

> @AB
5%68S\

0 1234563

078 9 25  23

12 7  !"#$ %&'"#()* '+,-"#./#,,0."1"$/#"#.2,+ %34"50##67
86933396:&;< ,/=>6?&@A8B9%?:0##C&D =>6?&@A8%?9E:
0##C&D92$(86:7%34 ,5,,/!6786933396:&;< ,,/6?&@A8B9%?:0##C&D "(86:F7 %34"5.0,#. 0(86:"%5
G,,C&D ,/(?86:H&@A86?9%?:IJ"%?&HCK6@A86?9%?:5.",,#$
 %?"+,-"#.",,5G,,MLN?O ,/%?PLN?O(?86:9212+,"#.",,","$/#"#.2,+ %?341/!"0,=>Q
,"#1/,I12 07  !"#$ %&'"#()* '"$/#"#.2,++,-"#./#,,0."1,!-,"W,,"
X%3RGS&@ "#TUV ,/ XY< TZ 7 EZ 0##[F7 S3\,,X/!

X
?


<
?
?
6V786V933396V:&;,,/6786V9TUV:0##C&D "=>6V]%V 0VXX##^&D =>6V_%V 0##^&DI4"50##C&D9(V?86V9TUV:7%V?3
4 ,5,,/!`,=>#,Ia"5WXY< 6XV ] EXVIb.,!-X,",,5(V?86V9TUV:_6?V0##C&DI4 """5,,/!(V86V9TUV:F7%V#,0,!^&DIb.0,#. 0%5G,,C&D,/(V?86V9TUV:c%V?I\"1#.
? ::3J? ::5.
"%?&HCK6@A8%?986?V9TUV
",,#$ %?9(?86V9TUV:H&@A8%?986?V9TUVG,,PLd?NOefgheO i,/? :986X9TX :Xj
k?
%?PLd?NOefgheO i(?886?V9TUVV UV :92512+,-"#.",,5",(,"$/##."#2,+ %?341/!"0,=>,"#1/,IQ

07 lm2  23456

lm2n2 87 opqrpstuvswxqysqwzqu{|zp{s}sr~pzp{s}sr~}wysxt}wy}p~sqwpqu%&'Iopq() * 'rpszq}sqp|{}uuqu{z|ux~sxtuxqwx uz}~pzsqwzwx
zsvp|zwtptxpzzsxtwxtwwts~}sqwuxs~wqwqy}pz{pqqu%Iypxu}psyC&D5?wzs
zpquzpvw~sqqwpzwx~p|{pspt{}pp}pxpzwqy}pz{pqqu%?
9 nn ?9?&; ,/?&@A8%?96?:"?&@A8?96?:IR=JJI>
2/ ,2?MN?O?I

0123456789    12774  !"8#!$%8%&8!!6'$!(1")1&8&9#*$!8+&&$"1+!&%(1&!8,+8&9761277 677- 4./0 1&%77
-234./0 145676
89:' - - 23 ;81&7 (1&!$%829<8(!89<9=!7719"8&9!> ? 40 28!+(<9<9@A>A?ABC&&71D1+!2D+"8&9))7$8!919<88E(7+%8%(!8*<828@F>F?FGHIJKL ?> MNO>> B
PQRRSRSGHIJK L ;8&198T2!99<9$?  69<828,+$28%(1&(7+!$1&1771*!21"
9<8!!+")9$1&9<9)28828&(8!2891)#!8)2U78BV>  ?69<8(7$" 1771*!21"
28W8E$X$9 1MNOBY1*8<8&(8129<!!+"8@A>Z?ZB[11U9$&(1&92%$(9$1&91\7$" ]6!+))1!89<9>> ^NO?>  !"8#!$%8%&8!!6'$!(1")1&8&9#*$!8+&&$"1+!6&%9<828128'  / 23 8_:
 `8"2a_6'  @ 23@8b: (1&9$&+$969<8288E$!9!c!+(<9<91277/Ac A@ &%'  c 23?
8d:;8&1*!<1*9<98e:' c 23A?
<17%!!*877B[11U9$&(1&92%$(9$1&6!!+"8' c 23f?
V ' c 239<8&' c 23  ^ghijNOkil'  c 23 ? *<$(<(1&92%$(9!!9298D#)211&8!!B
m8&(86 f' c 23f?f@&%!18!880$D+28n:
? o45p' c 23   
8n:
sOki

r

NOki

t

u

tgwiOtjNOkil
tt

viO wiO

gxiOtjNOkil

ght
ijNO
kil

t

hi

xiO

0$D+28n

]]

t

q sOi

$ "$&'7"(8 701234516879 873 131367778 7!8"#8$ %!8!8""7
3 5)21 *5351123 3++,)2$ 155-13)16./1-10-11-1112
$
7
7
7
7
7
)554356789:;7< = 54238 !8"#8 %!8"$&'7">3576789:;7<87 7!8" )22-3)25
5-31?,2+-01555)21@, $ "$&'7">$ "$&'7""A87 73576789:;7<7(8 7!8"#8$ %!8
778 7!8"#8$ %!8!8"BC121D5.E)210-3FGAHI#8$I68$3 HI687 J1K3-LM)K+)153
$ "$&'7"A687B
87H7!8"#8$ %!8N
0,2)4),3 N1-111)553#87H(8"5423 )0O78A6871 #387A687
$ $ $&'7 7
87#387 !7P
!8"#8 %!8" "AO8B
Q11 134-2-3)2) ,+15)5O78 O7!8">97:87 O7!8"3 31 K3)=)551+3-3@,-)2154-1531-111)55351+3-3@1+-101-1214R97: =75423O78 7!8">R97:87 7!8".0,5-31?,2+-0155+52, 155+251+3-3@)), P3 1
2-3)2) ,+15)51313
$ "$&$ '7"7 "'7" A 877
778 7!8"#87 %!8
8 7!8"#87 %!8"$&
!8
$
$
7
7
7
7
$
'
&
R
49:8#3S !S"#S %!S" 7"7!8"
A O78 7!8">R97:87 7!8"B$ "$&'7"9 8797
0, D3 15-)2+-101-121)111+-155) 3@18778 7!8"#8$ %!8
8
7
7
1-11355-)2)1T43),0
$50-K 4-?11-33554K+) 368 I O8 9
$
7
7
7
7
7
'7""7
 87 7!8"78 7!8""3 687 7!8"

8 9 8BC12188 !8"#8 %!8"$&
!8"
7
7
7
7
7
7
U
1

3

)

1
6


1
11
1
)
5

53+
1
0
1
1
2
1
4
8 !8"8 !8""B0,-)2$155: =79$ "$&'7""7542387 7!8">U97:8778 7!8"#8 %!8!8"B0, 
$ "$&
$ "$&
'7"7
'7""7
U97:8778 7!8"#8$ %!8
87(8 7!8"#8$ %!8!8">!8")22-3)255-31?,2+-0155./)52K+1151+-00V3)KW.
X
Q111-1+1313-?4K1451 ) 11-)Y23) 0V3)K W224 13
0-3,+3)-ZZ[87 87\ O7!]888\^"497:87 O78\ O7!]888\^"3 451-35))),224 1
387 87\ O7!]888\^"497:O78 O78\ O7!]888\^".J1+13)?13-?4K10-Z[[_`ZZ[a?)15
1 15)-1 2245) 7497:O7.
/+-1 EEb.c3554K1O7767"Bd1353e
O747O7Bf1Y 1
gS A `Z hO789687I78a
gi A `Z h687I789O78a
gj A `Z hO78978I687a
gk A `Z h78I6879O78aB
Wc

01213452676789 9 9 9334769 659 016544
8
!"!#$$4%&18!'
!"!()!*+,-./01 2!34!562!34!57
89::;:;*+,-./01 <6456%75525!)!8526%6=%6$4$7444>7%4?
52677?3545253%66%6$67%6543@763%A674>626$64%5277?6
!"!')!
!'D  2F4!G) 5
B65C4!
HIJKLMN44A5$45%$5454O?P7Q8
4! 4%
E4
7334765252!34!5RST2"!34!501763%A6%$26778526%67763%A63%66%6$6
RUST V 7$25252!34!5RUST2"!34!501763%A518
WQXY
2!3)4!5RUST2"!3)4!5
01Z6?%[\8$4?3465@>76?5152544>7%4?7?6@766778
D 5D^_ 52"!3)4!5]22)!3)4!532F!3C4!
WQQY
017?6@766778
D 5D^_ 5(!
]!22!3)4!532F!3C4!
<66`5$?525
D 5D^_ 5!
]!22!3)4!532F!3C4!
a5277455%68
D 5D^_ 5b!'!
WQPY]!22!3)4!532F!3C4!
Lf)de22!3)4!53"58de22!3)4!53"52"!3"4!5c2477N2687$62b!3"4!5c
A1%$2677%65g654"8526%66`7573%66%6$6RhiTjkSTljmV 7$2525
2"!3"4!5RhiTjkSTljm2b!3"4!5
01763%A6%$26778526%67763%A63%66%6$6RUST V 7$2525)26U52!3)4!5)2652"!3"4!5RUhiTjkSTljm2b!3"4!501763%A5182"!3)4!5RUhiTjkSTljm2b!3)4!5n6$68A1WQQY
WQPY8
D 5D^_ 52"3) 5R
D _ 53]22)!3)4!532F!3C4!
! 4! UhiTjkSTljm2b!3)4!5]!22!3)4!532F!3C4!5D^
D 5D^_ 5!N278A1
$45%$54>5275%56&1@3%446777n6$68]!22!3)4!532F!3C4!
WQQY8WQXY8)26U52!3)4!585437@41677$4?3465@>76?5152544>7
%4?7?6@766778
D 5D^_ 523) 5R
D _ 53]22!3)4!532F!3C4!
! 4! UST2"!3)4!5]22)!3)4!532F!3C4!5D^Q\012345067147238749 4504 5223 97379 49 522207

2   0364!"#$ 63747232%&'(%&')*)'#+1125673(,')-*)'
&%').&')#/0123454 6&%')7&'8)9:'6&')7&'8)9;<==>=>/0123454 ? 324 5449047%&'),')(49 5@7561231723228 5249 0 472349045531 05 42 050A28 93125490 ,').*)'%&').&')#
D  E 6G8)H,' 9I"JKLMN#22A4073012345067147234207(B4C8)8) 250
F8E
2 49046&')7&'8)9OP'Q6*)'7&'8)9#$ 050A 57193 (495 70 050A 5531
ORP'Q "S' 1949046&')7&'8)9ORP'Q6*)'7&'8)9#$ 050A774(
6&')7,'8)9ORP'Q6*)'7,'8)9#TUV$ W 05XU(03612233487 303774 4904228 52 0 7663 (D 9DZ['96*)'7,'
Y'66,')7,'8)976G)7C8)
T\V
8)9#
$ 0 7663 (D 9DZ['9-&'Y)'66&')7,'8)976G)7C8))#? 3]41074904
D 9DZ['9&'Y)'66&')7,'8)976G)7C8))#^497732445
D 9DZ['9_)'.&'Y)'66&')7,'8)976G)7C8)
T`V
)
' 9a
' 9a
"bc66&')7,'8)97*'90366*)'7*8)"Md,bc66&')7,'8)97*'9(92693(036 731 6_)'7*8)
A 57193 5047e 42*'(495 ]74 05531 Of'gQhiPQjhk"S' 194904' 9O'Q Q 6_)'7*8)' 9#6*)'7*8)
fghiPjhk$ 050A57193 (49570 050A5531 ORP'Q "S' 194904,6:R'96&')7,'8)9
' 9O' 9#$ 050A7
Rf'gQhiPQjhk6_)'7*8),6:'90366*)'7*8)
74(6*)'7,'8)9ORf'gQhiPQjhk6_)'7,'8)9#l 31(A T\V(
T`V036
D 9DZ['96*'7,' 9O'Q Q 6_'7,' 9Y'66&'7,' 976G)7CD 9DZ['
Y'66,')7,'8)976G)7C8)) 8) fghiPjhk ) 8) ) ) 8)
8) 97
D 9DZ
['9&'
012345067147238749 4504 5223 l 31(Y)'66&')7,'8)976G)7C8))#9(A'''R
T\V(T`V(,6:96&)7,8)9(42233 03612233487 303774 4904228
52 0 7663 (D 9DZ['96&'7,' 9O
D ['97
Y'66&')7,'8)976G)7C8)) 8) RP'Q6*)'7,'
8)9Y'66,')7,'8)976G)7C8)9DZ
\

012345067147238749 4504 5223 97379 49 522207

2  !" 63747232#$%&#$%'()%'!93&*$#%'+$%,'-.%*$%'+$%,'-228
5249 0 472349045531 05 42 050/
02173 52$%42#$%122567304/122567304 036073 0722507
25497 042/ 510472342 49587494503747174 2.%8 40/794904$%.%$#%973
379 49 52229252

454 6789:;<<9=7>9?@:7AB7;C7DDE8;9?>;D89<D7>9F;G:7FH:7>

I3497 / 147238 9284904&25 019JK&49 62073LLM*J-0674 0 4504 522&4223 0361234732 5 4904 047 0 7663 0367367176050
4723074 87495 1442J9 5 49048 87 N97/747 49 OP67 37230 
QS3470024 345 RS TLLM*J-U K 895&25S 019.  LLM*J-+RS*.-(*R'V*)'*.W-+!!!+)'*.X---'YZ 036&25 019[&\7]R'V TLLM*J'-U ^_+`'a7 49
Q3470024 345 4904 047 73671760504723074 87495 1442J' \0 63673"05/5b&c01d23036e  \2ffg]2349 620732 730d65531
23^_+`'a]036\77]74 Q347006h4 3431472373725\4207/774]i/
51 4904 Q3470024 345 05 4223&036 73S1 49 620732730d6
5531 23^_S+`'a7 0 / 42LLM*J'-&49 5 R'V TLLM*J'-U ^_+`'a103/
7634768749R'V Tj'k U ^_+`'a&03601125673 74103/ N4366422504 2349
0S5 562073LLM*J'-0252S15&0 40/79S 673"05/5b&c01d23036e  \2ffg]&
R'V 90 49 5254 4904\7]R'V*_+!!!+_-(R'V*`'+!!!+`'-(J'036\77]J'103/kno%p3,% j &
0Sq01
1
4
2
52


0
5
0
3
4
6
3
6
2
8
3
4
7
3
1
&
2
5
0
1
9lm
0
3
6
0
1
9)
'
'
%
,%
%
%
V
R' *J'+)' -(J'r25 019JK036[+49 63747232R'SV Tj'k U ^_+`'a7 Q34700360
228 s4)4505'(*)W'+!!!+)X'-j'k / 05/7
tuS2 tuYk )'u(`'!93&R'V*)'-()'2 uYk )' v`'I)%'wJ'%250lm&493R'SV*)'-(J'i49587 & 019
l8749)%'xJ'%5171 )%'03601 49 521 8749)%'&897 49 24950 34 5073
9 05034 6 3628 34249 507373 0 3405 8 0d 73150 6/ 67457/473
023 4949 324 40244602343725y 34 8749042 05\05 5]490325 Q04249 38 05034 6 3628 345171 49 4203601 49 521 &
89749 2495 50739 521 521 6 49780 347495 7320 348749042
05\05 5]490349 15534 05034 6 3628 34&03649 5 0 73 42492
507373 0t34 49u7504 05034 6 3628 34 S
2 uYk )'z`'I)%'xJ'%250lm&493R'V*)'-(J'i49587 & 019l
8749)%'wJ'%5171 )%'03601 49 521 8749)%'&89749 24950 3450739
05034 6 3628 34 249 507373 0 34 05 8 0d 6150 63725&d 73
2{

0123425678925
2507220670150952015 2590 012 25
5022 2 320227201205 92520122661792012 0126235712
26622601765 079012276 52070150952015 012205
5022 2 3205 01292566760 01622357752060127956055022
2 320
40122422226050256235520 45 4012626220759
5990320926
 !"#$%& '20() 82610150*+,- ()+ . /) 5 0)12 34456()78 9:;/)<82012
6220759599032092015065076=267 7759507 597070126200 () 5 706
62207595>603204 07 76 743?0 4256787970@120124997619A?7@251B).6BC);DDD;BE)7FG)-500122 4012266251520H2272627012
B+) HI6= 5955022 2 320171156822 3 73 0 7599056B+)
59 012266
?77@JKLMNOPMNQRQK1SKTRRA251U F4456(7251VFW2
51HFX 51]+ 251
1
]
+
1
]
+
2
Z
[
+
+
+
+
2
2
Y
Y
U F4456(7740) 6U7\B)6U75 0) 6U7^B)6U7?0) 6U7_B)6U+75 0)2 6U7`B)6UY+7@012 0)12]+6UY+;Ua+7.0)12]+6U7
Y+F?777@bTcdeNMKMfMKQLQfgA251UF4456(72511VFW2
5

1HFX
5
2
5

1
U
+77
Y+7`B)6U+7?B)6UY+7^B)6U+7@012 0)2]+6UY+;Ua+7`0)12]+6U7?0)12]+6UY+;Ua+7^
4
B
4456
(
)6U
0)12]+6U7@h12 2i02i5392799605026 2 401262622075959903209260)12 34456()78
9:;/)<825950770500 7j220=926 406
kl"!mn o& '20X . pq;r;s;tu5 /) . v6632() . 6:;q;r;t7Fw76012
77075920 455022 2 3206226202 7 72x5801247926
y 726x5 z01217{ 0595i262262001256673206 4012 1792012
207595i262262100
125206 673974 0507 2 370012242220 ()5]+7020)+76025 40)2 | 67201220 406B).6};q;rD};r7FG)-~72*,- B)_v;B) .q.()
5 B).r\t.()0)6B)7.q5 0)6B)7.r;5 5206r5 t9252701012706
1253 0 0599002 2076/ ).t12 2 502 55022 2 32064
5206q5 s01502357 52(C).()C.5 ().().r;12276610150(C)().tD 22.q5 6 (C).q5 ().s226202 7 72x88012
0 7926




5


4

3
2




5
# 9$ 4 9" 3# 9" 2 9!



0

 



 9!%&0

1 2 3 4 5 6 7 8
1 2 3 4 5 6 7 899'()*$+ , -./0 1, 2$+34+$5*+6, -./()789 :;  <7 =8>

"=?7' 887<9"3=@ <<7@;>7 #:A872+ ,:./3)89; 88=*+ ,/B)34+"5*+6,:./.C=>734+ 5/D:D-./D-6,
5:./D:D-./D-6.
E7<=?)77>7F*+,5GDHDH./D:6IJ+K()LMNK *M+0O <*"+,GP
H,2+" :8?@==7F

5 
4 
3  
2







5 
# 9R%& 4 # 9R 3  9S 2# 9!%&

0

1 2 3 4 5 6 7 89Q 9R%& 9R0

1 2 3 4 5 6 7 89Q'

C= ;77 887<9T + ,13 <=F<< <<7@;>7-31 <G=;  2!+,UVWX2+!YZDH[,UVWX:YZDH[D2$+,UVWX2+$Y
ZDH[,UVWX-YZDH[ <2S+ ,UVWX2+SYZDH[,UVWXGYZDH[D@=Z)==
2!+\2$+\2S+ , 1.B)3Z, :./ <72!+ , HD2$+ , H./ <2S+ , -./3F<Q''9=))8()*!+ , 2!+ , H <*$+ , 2$+ , H./ - <18#?@==7F < G)?= <<7@;-./C=>73]
4+ 5GDHDH./D:6,5GDHDH./D-./6.
^_`a`bcdc`efg hijklmn2IoDpnkjqrk4#sttu526v ownixkxkyqkzp{lrl|}qxp~kzp
qzmp{iz{xqz{ij~qpiklx{{r{p{xxpjlpkjiipixizrmizp{zqiqxlz|xlp{xkxxl~kx{|k|zkxxlz|{z|{{|qlrjlp{izlr{pw{pnjkxkmppi2
^_`` C7F7893)79 <;<<>7887@<)89>7;=<7
7>4#; 7?>99F77> <<?<8789@=F)72
# '9 I <F78 Ittu526.9; 53>7 88I
D4+ 5*+5"6D...D*+566=*+5678F<< <<7@;
28


012
0
0
345
6
7
38
9
76
7
5
7
9
8


0

7
6
6
03
7

9
7
90 676
!"#$%"&"'797
!"#$%"&"()*++,-./!""&"0 8 1796 6 867689382835 8098)08 767
0&"30600  866 72)40017 5"#667&"7 8)-87 27 02781)
9":!""!"5";":59"
*.</()=71 >?*8/ 9"#$%"&"-@096837 767015
9"#$%9"&"-3 79)9"#$%"&"95"#$%"&" 939"#$%"95"-3 56)*++,-./*.</ 036A7B 096837 767015
9"#C$%9"&"-()=71 >?*88/ 93*888/
95"#DE9F819"G"H 95"#DEIF819"J"H 95"#D9IF819"K"3 56)9"#$%"&" 77 7 71000892676H
9"N9"G"
@ 67LM 95"N&"N9"G" @ 67(M&"N5@ 67@M 95"N&"N9"J" @ 67OM&"N5
9"N9"J"
@ 67PM &"N9"J"N5
9" @ 67QM5
9"N9"J"N&"
9" @ 67'M9"J"N5
9"N&"@ 67RM 9"J"N&"N5@ 67M 95"S&"S9"K" @ 67TM&"S5
9"S9"K"3 56)5
9" #C $%9"&" 95" #C $%&""-U7 9V" 765 9V" J &" 10@ 676
9" J 95" 10@ 676( O ' 93TH 93V
9" J 9" 10@ 676P 93QL @ R 93HV
3 79 9"#$%9V""9V"#$%9"&"W$%&"" 93V
9"86 7067 089 05
9"89
9"86 7067$%&""-()*++,-./9V"#$%"&" 939"#$%9V""9""9V"-+897V
089 05
9"89$%&"")*++,-X/ 935
9"#C$%&""9V""95"-3 56) 968828)
9""95" 93*.</ 036Y
Z6727 28279&#[ 77 71 9)675798 0179 576H89854
 067 567675798 3\56179 1598096 790 977668)598101*677( 7] T>609 93A717*.^^_//-` abcdeccbfghgijklhmkilbmkjhmejk`no pkqblhmmbdkcbgrlkstkhukigkccvfjtewlbdhgitjbxhmkrffic

3 790809016718 876892747>739766567389 86707609360 73798809
016718 876892747>7397667 827 0 6718 87027 767 0179 8276567389.y012334567289 2 78279834348 1133278785
572349 242 47233748 78978314 24 43!4723374 784"42#49
54!45484
$43%&' 4748(4)843147825*542378+,- 45 2 ! .5421275/&01&' 243/&+,- 1&3 /'4561&0%&78
937 7-497234314#31233147825*542378+,--7 54:474 ;-<=<2!52/' 2&/&+, /&289283-7*4357 !52/&01&' 2/&+, 1&2891&+,-/&7*/&>1?14#3123+, 7 35287374243/&01&0@&' 4 13123/&+, 1&2891&+, @&AB72483*22 43123/&'4561&0%&72891&'456@&0%&719.7C'48?14!23
31231&'456@&0%&7428 3123DEFG@H&0%H&IJ1H&JDKLG@H&0%H&I84973787143448
324.7532@H& J %H&2289 @H& J 1H& J %H&8?14!233123/& '4561&0%&7428
3123DEFG1H&0%H&I>1H&J/&H J%H&>DKLG1H&0%H&I0171774 3123DEFG@H&0%H&IJ/&H J
DKLG@H&0%H&I8M4892%H&J@H&2289 %H&J1H&J@H&8?14!233123/&'4561&0%&7428
3123DEFG1H&0%H&I>%H&J/&H J1H&>DKLG1H&0%H&I0171774 3123DEFG@H&0%H&IJ/&H J
DKLG@H&0%H&I8N48427831242/&H'ODEFG@H&0%H&I0DKLG@H&0%H&IP0289 /&H-'456@H&0%-H&78
M78431719 !52C'4241243123/&'456@&0%&7?12/&+, @&0289+, 735287374 ?1454!542+, 7225372594545 M323448378314Q4897 2* 3123+,7 2 4723374R824*2!528*275/&01& ' 0STUVW-G/&01&I94 473 54452
594)87378!4723374 784"42#4984 73-154433%&145455489 3314
8378!4723374 784"42#4984 86 0+,7748*012334567289 2 
!531424!279 ;<=<27! 454314 43!72234582374989449748
28*3574X&0/&01&!2345823742254!45484594578312312 X&2 73 33528#
314 54!3142756X&01&724314 54!3142756/&01&7 44.754 Y2
289Y

Z[\ ]^_`ab_cdce_fghiaj_kccl

4879458314 47224!5941454m 873 !8445!43*97774
57234912 349735734928314 43!2483 n?1772 47224!
594731o>p431454!54 43mq>m 289 >Or0mP898317242314927854B754483 !3"4252773*289 4252457184 254
2* 237)4948*54B7543123314927845715423743%M583
ss 39749317542 78312354!45484 2548378 289 784"42#49
N412523457t4931487!5542 31487B45431237 35234*"5!24u7483289
288* 8314 784"42#499278 ?14 3234483780525*4554"
Q5
4vwxy z7={|;=}~7!!52'x3145478'z 13123v!52 's012340522678927 27590234 30230  !"#$%&'()")*+,,,+)- . $/012&3$0%/'$(04 (3567$%&'(89) : 7. $(/$(;<=>/33?@(3>=3%'<$%&13%(0%3/' $(0?<0%;
$ =0&&%$%&0%&040&$'/$(03%$'0(<A0(2/>1((35B2%@?3/ $12C6DE)F0$
(3?0'$((01 0%;'=>$G&>/?/%1A0(2/>1((35FH
I0 1415523259 172228927 2759 0 !"#092J0595K2727L
7 30576 57713M0 044300NL O3LP359 234 30230J5903M1Q417 730E0 044300034 4 R6S3552 O3LT2J S7E
U27 252EV7WJ34K93MXYZY[092J 4595359 6514 30230 J59
23536260E0575L23S\E34017N 17 730E O3L 100 044300E
J5959 23S70 325N3M576
U00]34^ XYZZ[435_4(2 \ 42 32 17 7305954 50
0575ML1722E O353405723M0L 5776Y U00]34^ XYZZ`[435_4$ \ 42 32 17 7305954 500575ML1722E O35E521023L34
2353626076890 5J242 307 0 75259 23 407N497 3aM67 E
J595F" b-89 34c730N5J 359 5J242 30342677 595X[5963R6 5212345230325 1204 72 59 2650534X[17 730J5902 X34
S7L01_[34c73 357S0559 0 04 2 59 1Q9S 52N \644
89 702306347L3M59 02344c73 0595U00]34^ XYZZ 34YZZ`[
7R67459 76 52N O35N6532534S46L7523XN60 M35042325
9S 355 350[a2759 0 2 S7N  26352 59 M224EK93M34V7WJ
Xdde[092J 459559 03M156442 30(2 63R6 \ 42 323533M
59 42 32 03M1Q417 730J9 4 553M0575ML1722E O3534
0L 5776fg hijklmknkmoppjqI42 3)0$r0$'?3/$'0(3?>/3>/(0X[597 076 23)050L3M59
172175034X[597 03242 3)st)069597 076 23)s050L3M59
1721750^25 595NL8927 34u72120523 EJ 9S 59 22J3M7065v B2 (3?$''0'$((01 0%;'=>$G&>/?/%1A0(2/>1((350(2%0w $r0$'&3$0%?3/(/$(;<=>/33?%@(3>=3%'<%@13%(0%0(<@$ =0&&%
$%&0%&040&$'/$(03%$'0(<A0(2/>1((35(2$(0(3>=>$/$.'@>$/$.'</012$%&/012/'$(04 (3567

34xyzy{y|}~2702 6YI 76 {) :  
0(/3%;< (/01 27} 6) 346 069595}  }yEy{|}~{|}~

YZ

012234 567899 98 89  6 86899 9 
96 9  6    ! 8 96" 8  9#$  % &'9 9(6)
* + , 98, 8,68 88 ! 9-.)$98  +/)$9  % &'9 9(6)0+ 
8, 886 98,8,68 88 ! 9-. 1( 998  89 8)2
39  ( 998 9 89 8 69 ,1)$ 
1  94989865 9 8     6  9898  8, 89 8 & 86899  9 96 9  6    ! 8 96" 8  9')787 9:;<2=;>?@A:BC1@CD>;;E=2?<;EAFG9 89"!8 9989 "8   8!8, 88"986&4 08H"IIJKL H9,  08H"5MMN')*OPQPRSTTTSUVW XP[\
XYZ,   9  89%)]^_à  bc+dOe .    9!86
89%fS-+dO9 88     ,9 bfS-.T$99"8  8 989869$98)g212>>C1hi8 jak+lamnopmqrksmkqtkouvtaum^mlàwtaum^mlx̀^qysmrn^qys^am̀kqzakom``-O)jakbc+dO e .lamtk^mka{xvu^oo|wkoutvorx̀mrnyorkqr_o_t^_àtmkqt|xqr{tmpavtqnanrattmrnqrnqzqn_m`^mkqormq̀kx}qks^atuaykkom``-O)~sarw|o^amys-+Xqtmtako|p_k̀qnqpartqorm`tqr{àvuamanu^a|a^aryat#
012234 * -fX-+XX-  X- ,   X- XSX)G9 9"XfXX)* XPX)$X- XSX)56$98 fX   6 " 8  9X)$&007)'9    6  XfXX)
2

78 A:;11;>CA;=>@A;1CA1;4A:;CF;23<CEh1@BCA;22=F$8 888  68 99  " 98 9 8!99 )98 998 896 ! 99 88   68 6  8, 89 8 9  9)
L989908H" 4&5M5'     9( 99
5

0123456789 9 9 577567556763537275661212262377271255636647!44726
656566567736524 239" 23776757
55676353727566437465661!1226 #8$%9% 12542272&7565736524 233672712556466626
'(589 $ 5626565471275561253756 #67567635365612268)*+*747524765777 ,67657565-26.3234 7!86765657657565
54177.3234 67452627767157677767
46567237565'(589 $ 75673/6756756567
5654362-26.3234 7!5767/670
735723732756657291
222364!5689 1 562665654712755#676767746765676353727.35666261226
22126737736756 5527575677272&125152756726757271255663275623
55275663425677272&125152756656453726757271255656565645367223 6656727
7723777672515756975232657751568753727515656726 8277723417567767626
1226653234175677672778)*+*529:;<727
7756=:;>:377?@=:AB9: 41777755462C2676
72D77527675654776
'5368$%9E 734557561254267FG
1226261!527667F672767756465645634565727576458'53689H% 6
775445637526342601234567G89 9 5612546
7757267I1275415667667F256537J2
5646561275415667 '5368$%9E 577657271255
9 #452K8$%%$ 12537377656 ,5256562757567666.367751355L7567574675667724687M1355N75746757572677246
9"#23
OP>Q RS+TUVWXX+YZ)[52\;>6]^_;`377\ab\c^Oad\efaOcd\eg#23OP>Q RhihjkiVVW7655667G12265657725756367
722566467
91,32
&89E$ 6l5389 9 27352756713265654 m72
02&8$%%$ 602&6-42!8$%% 76767546671326
5654

$$

0123445674897 5 767 52 3470523030673427337395 857034433746330341267 0 4767 3035 30354654512677347 523047 8 127 !
"303"35035236 "353 6303#17033665663 57 803830334347 23353 305 37347 524366 6303#17033665663 57 8038303343
43725667347 23353 30512677347 52436

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

3397 0373647 1055294745 7 33 7 63367032763056103 63 7747
023!50363835610346567!6301234"3 473045674896364 2903069
5  6717695 77!630383033 57 740703256736 6336762336403 1361036566364 29030695  671769 8012345 3 313 8063
9 63434 846056390 83445 5 447294603 633 3047 8! 1007 344
 767 0323536343508050 82 05263056732928035234 807 574
6567256343725667347 23353 344"76034366 367623364165764605639
0 8012346565037 771520567 52769"76034366 34803555 65672563
64 293446 671769280816103" 00374635 0736" 35234 8 07
574"77256343725667347 23353 344"76034366 367623364165
760123465672563034367329 6717695 64 29 344"72345674897 63 630
5741 5776974635 8453473 3447 637046543!25  21 3"766"
352346564"637 7434572769 846056390 83445 7 771520567 52769
03436732980303
8+*.9:;<*% =36> ?@5 6366525 1 6 86347 23 5572523AB3 3
=36C?DE 6744723543263 7747 0235 3038012563 545103127
02354822"4=36F?GHI@J5 KLF 3 63463 7747 "3039536
033734K5 536D033734@MK5 "3035364N03830334503 7036298012563
F567424597 6565364607629038304K6 O354 "656536D4607629
038304@MK6 @MOP44136563Q?3B?3R?@SDT 47367525044636" 53645 7443773 5482
3 57 803830334U7
2"4V7046263037435629 30383033WB4XR65654@SD547646053 526305673
5 67403830337447 23353Y3 2803309Z4LF[\@SD]63037435629 3
0383033W^4_ 65654Z4547646053 526305673E 6740383033 0307 2@SD74053 43 5 6303830334 306303577 526305673450347 23353
30F[\Z4]"763556@SDV710345 37646316727690303436567 85038
T 63556@SD25 V7103 3764631672769
3033WB4XRI631 7#13 37 U"7T 63556bSc
0303436567 850383033W4̀Xa2631 7#13 37 U"7d676888889
7
8888
77
8
7
7

7
7
77

1

345
29  8 888 
88

8888

0

2

1

345
2

4

0

2

 !"#$%#&"'!!(")*%#+),-./0123#!*!) 4&#56)% +4* )47(8%) $!(*#)4+)
9#)%!#(7#)4'4$!*!(*8 !) *#++#)(8$!)&!')7)#)*! +(8)%5#!$:!4))+# )%(* )%&%4#)4'$!(*#5 4'&;%!! 4 '7(##")%=&#4 *#))'2<:!"#44#$))>+(4?%(%"#+9!@)%A B?C2DEE! !#$!#)+'*#)*)#)7#(7#)4'4?)%!"#)#)*#))# 4F*#))'#"4  %;)%#)4'"##(7#)4'4 )# (E! ; #+))>#+ #)%#+))%!&#4 +4*)47(8%) $!(*#)4+) )%*!) 4&#5
GHIJKLMNOP :!)%)*4#!#))!(&# >+(4:!(")*%#+)%Q)"#+!(&# >+(4?%)*4*# )E:#%*
!(")* #") #)RF$(#))#!"#44#$)"#)&4ST U
VWXWYZ[\X] U VWYZ[XWY[\X5U VWY[XWY[^X_U `WY[Xa^b$44(#4!!c*# #"(")* d6)!%#+)e*!(")*)!*#'df6 $44 +%#!&*#++#) * !#$))!44#$F$!"#))*F
dg6 )8 !4#*8T #&!4#*8]F]#&5)%;)44'4#*8_)8%4h)4## *#) ((4'#di6X*!+#F!)8)#"4)& j-1k-l
*!#"!4#*8 TX]X_$44 +%# )4(8%m&)(")*d6%$)"#+ ! %#+)F$$44$4no`d6\%)#!(8#"!(")*d6
*%#!4#*8pqrTX]X_s
dg6 di6 dt6 dtu6 dv6T ] _ _ 5
] T ] 5 _Y
5 5 5 T T
_ _ T ] ]2<:!4
!#$&%# )#"' +7%%) b4#4&"#"$#8#%+)$!!)>+(4*)*#)*%$!!>!%4 ; )%%#) +7%%) 

Cw

01233456445371869 7132 1426492 95 32212973 4536148342
6767 1434564453514532921 453134 632649237445371869
7132 141469 63333 ! 1 "595#!0173 364"1$6%34 31 4592
71869"3133762 11"2&'9(3 613 ) * +,1 3333234-.) ,/ 860)1.) *,1.) +,, 1 2345678&9: ;9612973 453 1 412$167
 69812 3<=>*?>+ @ A73 37 453 11"9%463"533"323221
23456784537337331 -.) ,1 1 14649161(3933B< !+ C+ D+ DE+ F+!* -G -H -H I I
C* -H -H -H I I 
D*E -H -H -J -J I
D* I I -J -J I
F* I I I I I
K 124491<2649232979(9766491694 "945 323441I&01(39 4564<
9224643%$11"313379 4"12432&0531%6491 1 333329 453463
92237416%34564 16%346 86964341633 371L&M9459 61L
24643%$11 32292%664337 4536228491 456433332"9459 4531L63
29%3$36L376766496 56418(143 392237&N(3 451%533332"9459
61L6329%3$36L374531(363333263 1423896449329%3$36L37"945O
323441349438342&
P4922469%541"67413059944539792326994 1 4"11 1 60918232349(324643%$11 32267979(9766491694 "945 323441I 1 365Q1 0531389&
RSTUVWXYZ[ \3341145323449%9297349641453139 N0683]6&053333371869 9279^334_497349661226%342`&_9̀a2283453 9(32671869 1
33332&059271869 92 95 3649(341I 1 365Q(91643223896449329%3$
36L37 322"945 32344134943834246789426794641963"59526492326
1 6091821453 456 979(9766491694 "945 323441I 1 365Q&
c ef "533>9
c 24532341 6
_99̀b12973 1"453623"53345371869 > >d>18343462949(33333456463 3323437 149124994  49124564
64469 6 9g38609886764469 68998864I"533(3 453419279^334 18
I67>ef 924532341 629%3$36L37333321 A"945 323441453 646
173&h93>ef 9295 3649(341I 1 365Q2192>&053 345642334245383796
1 4534"141267I* i1 459271869 _"5951 3217241453 918 39

9:j36
456463333kl9732629%3$36L3733331 365m34nopoq8B053643 649(3rstku92453135123  656418(143 3693741453943(6m34nopoq8"53345356418

9216437644533 371 453943(6&]v

01234565789 45802633 200576 8052 89934853 220 04802643372 87
012 38575252709730 25980052 57692282 50142 20032705092270   !"#$ %&'&()'!*+,,-2 1301800123993576 08022708.30 2848.9245172 139 %/&/0/$# 1223456 7 89:;<5=>? @A B59=CDE25D9F9B<5B3=:C:E25D9F9B<5
DF5G5F5:H5IJ=K=K5DFCD5F=J52=K9=LM>?NOP?9:;QGCF9D9JFR?ST?@UVR?W?T?XYK5:Q=K5F55ZJ2=2925D9F9B<5DF5G5F5:H5>[?@AIJ=K=K5DFCD5F=J52=K9=LM>[?NOP?9:;R?W[?T?
\2848.9245172 38 3857]? 42^542 0180V3487032848.92 4224272>?@]?87 87 854R?ST?@U 501R?W_?`T?V01242250 8 2848.92 4224272>[?@]?
501R?W[_?`T?a012 08022708.329:;0180>[?@]?a012 2848.9245172 42^542270
5 32 37012 3857]?
b12 2038 5052 4224272 599.22957012 4333\0802270cd 4224272>?58 5052942422708.92534281e@f 01242250 g?hiUhj k 10180V34
281 854P?SR?@UV
P?>?R?l mhno g?hMP?hN7mhno g?hMRh?Np
q34224T?@US 272g?MT?NOmhno g?hMTh?Npr0552580203 220180878 50529
42422708.92 42242725 2848.9287 032848.92
s'ttutu%/&/0/$v w20>?@A .28032848.92.07372848.92 4224272
87 920R?ST?@U .287 854 10180R?W_?`T?rP?OR?012 08022703993 0455899
572P?W[?T?139 3487 2848.92 4224272>[?501LM>[?NOP?pd 2P?x
OR?S87 2720127372 0 20
f_yz{O|e@f }P?hxORh?~p-2 4322 . 5057651576.202270382
925b1242250 e@f_yz{ 10180P?hxOTh?87 Rh?xOTh?p272012 2848.92 4224272>[?.1335768859370537 g?hiUhj kV37234281e@fV87 87  10180a534899h?@|P?hSRh?STh?~Vac
g?hMP?hNg?hMRh?Ng?hMTh?Ng?hMh?NO
87 a5534899e@f|e~87 ?@UVg?hMh?NO pb127V
g?MP?NOgh?MPh?N M6N
g?MR?NOg?hMRh?N M6N
g?MT?NOg?hMTh?N M6Np0123245326789 6   6
!"#$%&53''()*+,- 2./123009010 530090102
3242/1252/5*,67()*+,-8009*-,67()*+,-8009:
5/2/1/*,6;*-,6 *+,- *,6<*-,6 =>.?2*+,- 1 =:@21A2/1/*,6 1
 =53*-,6 1
 =B2C35?2278.5/.DE.51.D72/@22>E7?52F2 @12
*,61=>E7?52F2F@12*,6=*-,61=
GHIJ!"#$KL%*,61
=
01.5M25/1//12322N.5/5(O)*,6 5E?1/1/0P  0P 1 0P2QE/65.?2?72
57/.2435M 785E75/./E/.D5278520780 .2?1()*,66CC'8.D/5CR
52C37.'./8/2?15/2C678/35./.A./854:@257/./1/:?5/3.?/.5
@./1/12../.'18C5/125.52S7523A2/1/(T )U*-,6 ??53.D'86(T )U*+,- 9VK#K6
0W 0W 23242/1252C37'2C324232?278?1555.D4M.'8544E?/.55 0XY0Z[6524532?1()*6\]5E?1/1/9. 0P0P 0P0P 0P0P^\_\6
9..453''`0P)U70P:0P:0P9: 0P`0P\69... 0W0W 0W0W 0W0W^_\a\69.A
453''`0W )U70W:0W:0W9: 0W`0W\69A 453''()*b7(O:(T96 00 00a\6
00\:9A.4
53''`)U7::9()*b7(O:(T96 0`0\0126 PP^\^ 
0W0W^_\^a\cd_00 PP^ 
0W0W^_\^a\cd_00 PP^\^ 
0W0W^\cd_006453''`)U7::96 `\c201232453265.?2\]c  ef: 
  `\c2g2?26

GHIJ!"#$K$%*,6=*-,61=
01.5M25/1//12322N.5/5(O)*-,6 5E?1/1/0P0P1 0P2h5325A236/12322N.5/5 0W:5/123@.52@5E'15'6@1.?1?5/3.?/5(T )U*+,- 5E?1/1/0W 0W 1/1218C5/125.5/1/23242/1252C37'2C324232?278?1555.D4M.'854
4E?/.55 0 XY0 Z [6524532?1()*6\ ]5E?1/1/9. 0P0P
PP^_\ PP^_\i\69.
.453''`0P)U70P:0P:0P9: 0P`0P\69... 0W0W
0 0
0
0
A 453''`0W )U70W:0W:0W9: 0W`0W\69A 453''0W0W 0W0W^\_\:9.
`)Y ()*b7(O:(T96 0`0\0126 PP^_\^ 
0W0W^\^\cd_00 PP^ 
0W0W^\^\cd_00 PP^ 

0 0 0W0W^\cd_6453''`)U7::96 `\c201232453265.?2\] 0P0P:0W0W\6   `\c2g2?26

jF

012 3456789964

    ! "#$% &"$3989454'921 ()*+,-./,01-2*- 13*- /4,4*5/0,../6*7
89::;:;3989454'92< =>?@A? B  ! !C$   D
EFGHIJ>?@A?KLM  N ! N>?A?"! 
OPQ RSTU>?@V?WXSTUA?@V?WL
M  Y&C " V?BOPQLZ  [? N \N "]BS@^_N`abJ>?c@Ac?KdVc?d`efJ>?c@Ac?Kg [c?RVc?g^!_NVc?d`abJ>?c@Ac?Kg [c?R`abJ>?c@Ac?Kg^"_N`efJ>?c@Ac?KdVc?g [c?R`efJ>?c@Ac?K$hi %%   N[?  j"NV?STU>?@A?Wkg?@A?W""[? " & V?STU>
i lmY&$

Pqp

o


sqp

rP

r
x
rs

tuvwv

rQ
Pp

sp
Qp
hi  %%n Ppy0,/5z EFGHIJ>?@A?KR[?L{-11|1|y0,/5z NC}&% $~.*+z  & [? !N>?A?$M& Cg[? >?[? A?
g Cg[?BSTU>?@V?WXSTUA?@V?WL [?BSTUA?@V?W$ [?BSTU>?@V?W &gN &$!""g & [?BSTUA?@V?W$C^%_g D ]BS " [c?`abJAc?@Vc?K`efJAc?@Vc?K[c?L
 & [c?`abJAc?@Vc?K$ " !Cii! " $} % [c?Vc?dAc?L" [c?R Vc?g} ^_ $} ^!_ 
g!"  Vc?R[c?L} ^"_g`efJAc?@Vc?KR[c?g! g
Ac?d[c?"""$}  [c?Ac?dVc?L" [c?R Vc?} ^_ $} ^!_ 
g!"  Vc?R[c?L} ^"_g`efJAc?@Vc?KR[c?g! g
Ac?d[c?"""$

01123456789  1444121444!141
"!14#$ %9 &'4 () *"!14+!,41"!14+,4144*4!2144 14 )&-4!"!14+,1*56789 )*24*9 ) 1!!"!14.$ 9 % &'4 () *"!14+!,41"!14+,4144*4!2144 14 )9&-4!"!14+,1*56789 )*24*
9 % 1!!/44* 01239 4!1 4!1 01235 40* 1!242
65 !9&789:; <
4!34 1413!4124265 !9&=!34*6>
0?@ABA*AD4> C  +4E2F!4*> 0123 4,* 141!34!*6!G01
 %5678 &JKG01&4121!3444!141+!,*+,
5HI8 %>+,*4424 4643 14L4
0112341!14+!,<4*5HI8 % ) %5678 J1*12145 % %56785 
9&<4*5 % ) %9&M4!214*>
 01235 45HI85 %>34!1!56789 ) ) N>
 !1
>%5678 &+#O,
M4!214>
 01239 45HI89 %> %56789  34!1!5HI89 )) %> !1
5HI8 %>&+#P,
M+#O,!+#P,* 4!F45HI8 % > %5678 &'214 !9 %5&<4*9 % ) %5&M4!214*>
 01235 45HI85 %> %56785  
34!1!5HI85 ) ) %> !1
5HI8 %>&+.Q,
M4!214>
 01239 45HI89 %> %56789  34!1!>
 %56789 )) !1
>%5678 &+.#, %5678 &
M+.Q,!+.#,* 4!F45HI8 %>
0112341!14+,<4* % )5HI85 9J1*12145 %9&<4*% )5 %9&M4!214*>01235 45HI85 %> %56785  34!1! %>
 % )5 !1
5HI8 %>&+..,
M4!214>
 01235 45HI85 %> %56785  34!1!5HI85 )%>
 % )5 !1
>%5678 &+.R,.P

01233456723849 5   ! 6 "5"#$% 69&#$0 '5!9()*+#,#
# -'. 56!"5"#&
567!

23/4

#&#&567!
0 1 19
2324


0123/456723249 5 
3!!. -"-!'5! 2'44% 69$#&45-1!"9!! $ #% 69# -' . 56!
$#&40 '5! ()*+#,#
"5"#&#&
567!

2364

#&567!
0 1 19
2374

01236456723749 5   ! 6 "5"#$% 69#$&0 '5! ()*+$,$
$ -'567!
. 56!"5"$&$&

2384

$&567!
0 1 19
2394
:;< 567"5"-!" !.5==!"1> 67 ?$567#@ 6'
% -!! !"5"
G
ABCDE<$#&4F8

HIJIKILMIN

OFP%4375'-4Q% 6-?1.1= -" ! 15='.. 7-"-!R3S615=-T5"-6 ?1U
. 6"V!'515'"1-T5"-69WXYZ[\]^Y_`]abcd]aef]^gfY\Ydefh/69923i96/23jFj44
O3P343. 1k!4Q-6S=U5l71?16'! -" ! 15='.. 7-"-!9WmYfe]^nbYefc]\opc^_][cF9927i6723jj344
F8q"ss0 1! 5!1" ! "5"rstuvwxuyz{|}{ { ~8j19{ ts01234567897 6 46437697969!"#$%&'(1)*+,.*//)04
01234567897 46 6 2439494376976554976597'"#8'!9
!"&:#;'<&%*,*+=*.*//-040)234>697?@6 4 6A4B 769796 965@99@59969 9C!$#%!'$&!'D!"&E#<&#F)/*(1+*,/.=G*,040(234>@6 34397@H6I64246@465 46@ 799@997697
7659JK%!'D L!"&M;#%N-,.*0*)-+*((.*//,04
0-2O4P67I@H4B @746@655 99765@H9 94@Q>454 R6@79S4S6
97.90T#&8&!'!9U%V'!&W'$&!437P556 249764=/-+11(.*/-=04
0,254X566P4Y9976 Z4379437697 @[@@ I@@59969
7997996 @ @[@6659 I49\&'D];&#'!9^#DL'%#*)=/-+1**.*//,04
0/2 4O9579 6 4_9467.*///0437697@65@9I@@669676859799799JK%!'D L`'$;#"'$&'D!"&81=1-+,).*///04
0*G224 6>59554ab6@5@87@6497I@@856@69 799799cK&D&d%&K"'!9TN!'"&8e88'N8&!f !% LT'<&97'D#9@9 8 4 6?64 67439Ig7Q34 67@hY79=G*+=*1.*//=04
0**24 6A6 2439494246@465 46@ 79979979 @[@@ 78594
7'"#8'!9!"&:#;'<&%1-1(-+1,-.=GG*04
0*=24 6A6 24394942 6@465 46@ 799799776979
i@96 @4597659@ 9 @[@@ 78594\&'D];&#'!9^#DL'%#=1*,-+=G(.=GG104
0*12P4 @H86@6 34397@H6I64 6@465 46@776977659@ 65549
94@9\&'D];&#'!9^#DL'%#=-*/)+=*G.=GG(040*1234 7@434397@H6I66 34>@4267697@H6@ 96 @747659I@9[976544 @@96 69\&'D];&#'!9^#DL'%#1G,-*+/**.=G*1040*)2P4 65@4B 769796 @59969 9jKdD&];&#1)11-+)).*/,G040*(2P4 65@4B 9@49@65496@4 9@M;#%#$&'D!"&8*=),-+(*/.=G*-041*

01234546789 5 6867677677666686 !"#$%&'!()*!%!+,*-./!#011231453617311385
01934546789 :;5<5=6 7>5 ?8676766 :888766 !"#%&'!()*!%!+,*-./!#0114362532@7311@85
0143A5475 B6:8C887D6 8866>6:766766E 76789
8687 876)*!%!+/F#,*&G4G145G147144185
0313H5I5 686767 86887666
686J!*,&'K.!,*/&%LM/'(&#/936253G27144185@3