# ZIONS DIRECT, INC. X-17A-5 (2026-02-23) — Broker-dealer annual report

- Company: ZIONS DIRECT, INC.
- Form: X-17A-5
- Filed: 2026-02-23
- Period: 2025-12-31
- Accession: 0000790482-26-000002
- CIK: 790482
- File #: 8-35721
- Type: Broker-dealer
- Material weakness: No
- Auditor: Ernst & Young LLP
- Auditor location: New York, CA
- Contact: Ryan Moore
- Phone: (424) 290-5115
- Email: priyankara.s.silva@ey.com
- Website: zionsbancorp.com
- Signed by: Ryan D. Moore (Treasurer and Finance & Operations Principal Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/790482/000079048226000002/ZD_2024S.pdf

---

{0}------------------------------------------------

## **\*#)())( (\*')(#-#\$""((\$# ,0A78<6B=<**

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

21C54CG1@@1BD939@1>D

!&(

**<5=@;0B8=<'4?C8@43%C@AC0<BB='C:4A00
0<30C<34@B74(42C@8B84AF270<642B=5**

!\$!&')+ ()!'!&&!&&&!&

# )!\*+)&+!&+!!+!'&

%1:?BC53EB9DI

# &%'!)%**/8=<A8@42B<2**

+/(')!\*+)&+3853;1<<1@@<9312<52?H5C

B?;5B 451<5B -\*53EB9DI 21C54CG1@451<5B -

-853;85B596B5C@?>45>D9C1<C?1>'+45B9F1D9F5C451<5B

)\*\*'()!&!(\$(\$',\*!&\*\*?>?DEC51('?H&?

|                                                       | \$<4(=CB7"08<(B@44B                             |                 |                                   |  |
|-------------------------------------------------------|-------------------------------------------------|-----------------|-----------------------------------|--|
|                                                       | &?1>4*DB55D                                     |                 |                                   |  |
| (0:B!0948BG                                           | *)                                              |                 |                                   |  |
| 9DI                                                   | *D1D5                                           |                 | 09@?45                            |  |
| ()*'&+''&++-!+ ))+'+ !*!\$!&                          |                                                 |                 |                                   |  |
| 'G0<	"==@4                                            |                                                 |                 | 'G0<	"==@4H8=<A10<2=@>	2=;        |  |
| &1=5                                                  | B51?45                                          | +5<5@8?>5&E=25B | =19<44B5CC                        |  |
| !&(&&+(,\$!',&+&+G8?C5B5@?BDC1B53?>D19>549>D89C69<9>7 | @<AB                                            | .=C<6!!%        |                                   |  |
|                                                       | &1=5M969>49F94E1<	CD1D5<1CD	69BCD	1>4=944<5>1=5 |                 |                                   |  |
| B7D4                                                  | #4E.=@9                                         | #.              |                                   |  |
| 44B5CC                                                | 9DI                                             | *D1D5           | 09@?45                            |  |
|                                                       |                                                 |                 |                                   |  |
| 1D5?6)579CDB1D9?>G9D8('	961@@<9312<5                  |                                                 |                 | (')579CDB1D9?>&E=25B	961@@<9312<5 |  |
|                                                       | \$'\$!*(\$#!.                                   |                 |                                   |  |

<19=C6?B5H5=@D9?>6B?=D85B5AE9B5=5>DD81DD851>>E1<B5@?BDC253?F5B542ID85B5@?BDC?61>9>45@5>45>D@E2<93 133?E>D1>D=ECD25CE@@?BD542I1CD1D5=5>D?6613DC1>439B3E=CD1>35CB5<954?>1CD8521C9C?6D855H5=@D9?>\*55 )
1 599 961@@<9312<5

**%4@A=<AE7=0@4B=@4A>=<3B=B742=::42B8=<=58<5=@;0B8=<2=<B08<438<B78A5=@;0@4<=B@4?C8@43B=@4A>=<3C<:4AA B745=@;38A>:0GA02C@@4<B:GD0:83\$"2=<B@=:<C;14@** 

{1}------------------------------------------------

#### **\$)\$''")\$#**

! )I1>%??B5 CG51B?B1669B=D81D D?D8525CD?6=I;>?G<54751>425<956 D85 69>1>391<B5@?BD@5BD19>9>7D?D8569B=?609?>C9B53D !>3 1C?6  
 9CDBE51>43?BB53D!6EBD85BCG51B?B1669B=D81D>59D85BD853?=@1>I>?B1>I @1BD>5B ?66935B 49B53D?B ?B 5AE9F1<5>D @5BC?> 1CD85 31C5=1I 25 81C 1>I @B?@B95D1BI9>D5B5CD9> 1>I 133?E>D 3<1CC96954 C?<5<I1CD81D?613ECD?=5B

\*97>1DEB5

 Ryan Moore Digitally signed by Ryan Moore

+9D<5

+B51CEB5B1>49>1>35'@5B1D9?>C(B9>39@1<'66935B

Date: 2026.02.23 17:33:25 -08'00'

#### **)78A58:8<62=<B08<A274290::0>>:8201:41=F4A**

- 1\*D1D5=5>D?669>1>391<3?>49D9?>
- 2&?D5CD?3?>C?<941D54CD1D5=5>D?669>1>391<3?>49D9?>
- - 3\*D1D5=5>D?69>3?=5<?CC?B 96D85B59C?D85B3?=@B585>C9F59>3?=59>D85@5B9?4C@B5C5>D54 1 CD1D5=5>D?63?=@B585>C9F59>3?=51C4569>549>K ?6)57E<1D9?>\* .
- -4\*D1D5=5>D?631C86<?GC
- -5\*D1D5=5>D?6381>75C9>CD?3;8?<45BCP?B@1BD>5BCP?BC?<5@B?@B95D?BPC5AE9DI
- -6\*D1D5=5>D?6381>75C9><9129<9D95CCE2?B49>1D54D?3<19=C?63B549D?BC
- -7&?D5CD?3?>C?<941D5469>1>391<CD1D5=5>DC
- - 8?=@ED1D9?>?6>5D31@9D1<E>45B)
3 ?B)
1 1C1@@<9312<5
- - 9?=@ED1D9?>?6D1>792<5>5DG?BD8E>45B)
1
- - :?=@ED1D9?>6?B45D5B=9>1D9?>?63ECD?=5BB5C5BF5B5AE9B5=5>DC@EBCE1>DD?H8929DD?)
3
- - ;?=@ED1D9?>6?B45D5B=9>1D9?>?6C53EB9DI 21C54CG1@B5C5BF5B5AE9B5=5>DC@EBCE1>DD?H8929DD?) 3 ?BH8929DD?)
1 1C1@@<9312<5
- - <?=@ED1D9?>6?B5D5B=9>1D9?>?6()5AE9B5=5>DCE>45BH8929DD?K
3
- - =!>6?B=1D9?>B5<1D9>7D?@?CC5CC9?>?B3?>DB?<B5AE9B5=5>DC6?B3ECD?=5BCE>45B)
3
- - >!>6?B=1D9?>B5<1D9>7D?@?CC5CC9?>?B3?>DB?<B5AE9B5=5>DC6?BC53EB9DI 21C54CG1@3ECD?=5BCE>45B )
3 @?B)
1 1C1@@<9312<5
- - ?)53?>39<91D9?>C 9>3<E49>71@@B?@B91D55H@<1>1D9?>C ?6D85',\*)5@?BDG9D83?=@ED1D9?>?6>5D31@9D1<?B D1>792<5>5DG?BD8E>45B)
3 )
1 ?B)
1 1C1@@<9312<5 1>4D85 B5C5BF5B5AE9B5=5>DCE>45B)
3 ?B)
1 1C1@@<9312<5 96=1D5B91<49665B5>35C5H9CD ?B1CD1D5=5>DD81D>?=1D5B91<49665B5>35C5H9CD
- -@\*E==1BI?669>1>391<41D16?BCE2C9491B95C>?D3?>C?<941D549>D85CD1D5=5>D?669>1>391<3?>49D9?>
- A'1D8?B1669B=1D9?>9>133?B41>35G9D8)
1 )
1 ?B)
1 1C1@@<9312<5
- - B?=@<91>35B5@?BD9>133?B41>35G9D8)
1 ?B)
1 1C1@@<9312<5
- - CH5=@D9?>B5@?BD9>133?B41>35G9D8)
1 ?B)
1 1C1@@<9312<5
- D!>45@5>45>D@E2<93133?E>D1>DPCB5@?BD21C54?>1>5H1=9>1D9?>?6D85CD1D5=5>D?669>1>391<3?>49D9?>
- - E!>45@5>45>D@E2<93133?E>D1>DPCB5@?BD21C54?>1>5H1=9>1D9?>?6D8569>1>391<B5@?BD?B69>1>391<CD1D5=5>DC E>45B)
1 )
1 ?B)
1 1C1@@<9312<5
- - F!>45@5>45>D@E2<93133?E>D1>DPCB5@?BD21C54?>1>5H1=9>1D9?>?635BD19>CD1D5=5>DC9>D853?=@<91>35B5@?BD E>45B)
1 ?B)
1 1C1@@<9312<5
- - G!>45@5>45>D@E2<93133?E>D1>DPCB5@?BD21C54?>1B5F95G?6D855H5=@D9?>B5@?BDE>45B) 1 ?B)
1 1C1@@<9312<5
- - H\*E@@<5=5>D1<B5@?BDC?>1@@<I9>717B554 E@?>@B?354EB5C 9>133?B41>35G9D8)
3 5?B) 1 1C1@@<9312<5
- - I)5@?BD45C3B929>71>I=1D5B91<9>145AE1395C6?E>4D?5H9CD?B6?E>4D?81F55H9CD54C9>35D8541D5?6D85@B5F9?EC 1E49D ?B1CD1D5=5>DD81D>?=1D5B91<9>145AE1395C5H9CD E>45B)
1 ;

-J'D85B

*-0%/3%12#-,&)\$%,2)!\*20%!2+%,2-&#%02!),.-02)-,1-&2()1&)\*),'1%%  !
-%--0  !-\$- !1 !..\*)#!"\*%*

{2}------------------------------------------------

# \*++%&+'!&&!\$'&!+!'&

#### **/8=<A8@42B<2**

-8?<<I 'G>54\*E2C9491BI?609?>C1>3?B@?B1D9?> &1D9?>1<CC?391D9?>

C?61>46?BD85/51B>454535=25B -9D8)5@?BD?6!>45@5>45>D)579CD5B54(E2<9333?E>D9>79B=

{3}------------------------------------------------

#### 09?>C9B53D !>3 -8?<<I 'G>54\*E2C9491BI?609?>C1>3?B@?B1D9?> &1D9?>1<CC?391D9?>

# \*D1D5=5>D?69>1>391<?>49D9?>

## /51B>454535=25B

# **=<B4<BA**

| )5@?BD?6!>45@5>45>D)579CD5B54(E2<9333?E>D9>79B= |  |  |
|-------------------------------------------------|--|--|
|-------------------------------------------------|--|--|

#### **8<0<280:(B0B4;4<BA**

| *D1D5=5>D?69>1>391<?>49D9?> |  |
|-----------------------------|--|
| &?D5CD?9>1>391<*D1D5=5>DC   |  |

{4}------------------------------------------------

![](_page_4_Picture_0.jpeg)

**Ernst & Young LLP** Suite 1800 15 West South Temple Salt Lake City, Utah, 84101 Tel: +1 801 350 3300 Fax: +1 801 350 3456 ey.com

#### **Report of Independent Registered Public Accounting Firm**

To the Shareholder and the Board of Directors of Zions Direct, Inc.

#### **Opinion on the Financial Statement**

We have audited the accompanying statement of financial condition of Zions Direct, Inc. (the Company) as of December 31, 2025, and the related notes (the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company at December 31, 2025, in conformity with U.S. generally accepted accounting principles.

#### **Basis for Opinion**

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Company's auditor since 2000.

February 23, 2025

{5}------------------------------------------------

#### **Certificate Of Completion**

Envelope Id: CF6FDFA3-7721-4491-AF30-D96DBE877A85 Status: Completed Subject: Here is your signed document: Short FS Audit Opinion - Docusign.pdf Source Envelope: Document Pages: 1 Signatures: 1 Envelope Originator: Certificate Pages: 9 Initials: 0 Priyankara Silva AutoNav: Disabled EnvelopeId Stamping: Disabled

#### **Record Tracking**

Status: Original 2/23/2026 4:35:07 PM

Priyankara Silva Priyankara.S.Silva@ey.com EY Security Level: Email, Account Authentication

#### **Electronic Record and Signature Disclosure:**  Accepted: 2/23/2026 4:15:58 PM ID: 3cd48fc3-5c73-4747-9f3c-37921cf46a99

**Electronic Record and Signature Disclosure:** 

Not Offered via Docusign

Company Name: EY

Time Zone: (UTC-08:00) Pacific Time (US & Canada)

Holder: Priyankara Silva Priyankara.S.Silva@ey.com

**Signer Events Signature Timestamp**

(None) Signature Adoption: Uploaded Signature Image Using IP Address: 165.225.222.89

200 Plaza Drive Secaucus, NJ 07094 Priyankara.S.Silva@ey.com IP Address: 165.225.222.89

Location: DocuSign

Sent: 2/23/2026 4:35:19 PM Viewed: 2/23/2026 4:35:24 PM Signed: 2/23/2026 4:35:42 PM Freeform Signing

| In Person Signer Events                                                                    | Signature | Timestamp                  |
|--------------------------------------------------------------------------------------------|-----------|----------------------------|
| Editor Delivery Events                                                                     | Status    | Timestamp                  |
| Agent Delivery Events                                                                      | Status    | Timestamp                  |
| Intermediary Delivery Events                                                               | Status    | Timestamp                  |
| Certified Delivery Events                                                                  | Status    | Timestamp                  |
| Carbon Copy Events                                                                         | Status    | Timestamp                  |
| Ryan Moore<br>ryan.moore@zionsbancorp.com<br>Security Level: Email, Account Authentication |           | Sent: 2/23/2026 4:35:43 PM |
| (None)                                                                                     |           |                            |

| Witness Events          | Signature        | Timestamp            |
|-------------------------|------------------|----------------------|
| Notary Events           | Signature        | Timestamp            |
| Envelope Summary Events | Status           | Timestamps           |
| Envelope Sent           | Hashed/Encrypted | 2/23/2026 4:35:19 PM |
| Certified Delivered     | Security Checked | 2/23/2026 4:35:24 PM |
| Signing Complete        | Security Checked | 2/23/2026 4:35:42 PM |
| Completed               | Security Checked | 2/23/2026 4:35:43 PM |

{6}------------------------------------------------

-8?<<I 'G>54\*E2C9491BI?609?>C1>3?B@?B1D9?> &1D9?>1<CC?391D9?>

# \*D1D5=5>D?69>1>391<?>49D9?>

### /51B>454535=25B

| AA4BA                                                           |          |
|-----------------------------------------------------------------|----------|
| 1C81>431C85AE9F1<5>DC                                           | <br><br> |
| 1C845@?C9DCG9D83<51B9>7?B71>9J1D9?>C                            | <br>     |
| )5359F12<5C6B?=2B?;5BC	451<5BC	1>43<51B9>7?B71>9J1D9?>C         | <br>     |
| &5D4565BB549>3?=5D1H1CC5DC                                      | <br>     |
| (B5@1945H@5>C5C                                                 | <br>     |
| 'D85B1CC5DC                                                     | <br>     |
| +?D1<1CC5DC                                                     | <br><br> |
|                                                                 |          |
| !8018:8B84A0<3A70@47=:34@A4?C8BG                                |          |
| &5D@1I12<5D?@1B5>D                                              | <br><br> |
| 565BB549>3?=5                                                   | <br>     |
| 33BE545H@5>C5C                                                  | <br>     |
| +?D1<<9129<9D95C                                                | <br>     |
|                                                                 |          |
| *81B58?<45BC5AE9DI                                              |          |
| ?==?>CD?3;    C81B5C1ED8?B9J54	9CCE541>4?EDCD1>49>7<br>@1BF1<E5 | <br>     |
| 449D9?>1<@194<br>9>31@9D1<                                      | <br>     |
| )5D19>54456939D                                                 | <br>     |
| +?D1<C81B58?<45BC5AE9DI                                         | <br>     |
| +?D1<<9129<9D95C1>4C81B58?<45BC5AE9DI                           | <br><br> |
|                                                                 |          |

*%%!##-+.!,7),',-2%12-&),!,#)!\*12!2%+%,21*

{7}------------------------------------------------

-8?<<I 'G>54\*E2C9491BI?609?>C1>3?B@?B1D9?> &1D9?>1<CC?391D9?>

# &?D5CD?9>1>391<\*D1D5=5>DC

# **\$'#/)\$##\$,#'(%**

09?>C 9B53D !>3 D85 N?=@1>IO 9C 1 G8?<<I ?G>54 CE2C9491BI ?6 09?>C 1>3?B@?B1D9?> &1D9?>1<CC?391D9?>N(1B5>DO+85?=@1>I9C1=5=25B?6D859>1>391<!>4ECDBI)57E<1D?BI ED8?B9DIN!&)O1>49CB579CD5B541C12B?;5B 451<5BE>45BD85\*53EB9D95CH381>753D?6 

+85?=@1>I5>7175C9>9>F5CD=5>D21>;9>7C5BF935C1C13? =1>175B 3? @<135=5>D175>D ?B 14F9C?B9>C53EB9DI?665B9>7C6?B9>CD9DED9?>1<3<95>DCC13? =1>175B?B3? @<135=5>D175>D D85 @B9=1BI B?<5D85?=@1>I @5B6?B=C9CD1;9>7 ?>9DC 1<<?31D54 @?BD9?> ?6D85 E>45BGB9D9>7 B9C; 1>4?B9DC1<<?31D54@?BD9?>?6D85<9129<9DI6?B5BB?BC1>4?=9CC9?>CC1>14F9C?B D85?=@1>I 14F9C5C3<95>DCD8B?E781G945B1>75?6CDB1D57931<D5B>1D9F5C1>431@9D1<C?<ED9?>C+85?=@1>I 4?5C>?D81F51>IB?<59>B5359F9>7?B?D85BG9C581>4<9>7D8531C8?69>F5CD?BC9>1>?665B9>7?B G89<513D9>71C1>14F9C?B1C8 6B?=9>F5CD?BC9C B5359F541>4 ?D85BG9C5 81>4<54 2ID85<514 E>45BGB9D5B 9> 69B= 3?==9D=5>D E>45BGB9D9>7C +85 ?=@1>I 4?5C >?D 81F5 1>I B?<5 9> 45<9F5B9>7>5G<I9CCE54C53EB9D95CD?9>F5CD?BC\*53EB9D95C1B545<9F5B54D?9>F5CD?BC2ID85<514 E>45BGB9D5B9>69B=3?==9D=5>DE>45BGB9D9>7C ?BD85@<135=5>D9C=14549B53D<I2ID859CCE5BD? D85@EB381C5BCG85>1@<135=5>D9C3?>4E3D54?>125CD566?BDC21C9C&?>5?6D859>F5CD?BC9> D85C5C53EB9DI?665B9>7CG5B5C?<4>5G<I 9CCE54C53EB9D95C2ID85?=@1>I

'> 1 B9C;<5CC @B9>39@1< 21C9C D85?=@1>IDB145CG9D89>CD9DED9?>1< 3<95>DC E>45BD85 45<9F5BI F5BCEC @1I=5>D =?45< D8B?E78 D85 5@?C9D?BI +BECD ?=@1>I N+O +85 ?=@1>I 9C 1 =5=25B ?6D85 + 1>49DC 1669<91D5 D85 &1D9?>1< \*53EB9D95C <51B9>7 ?B@?B1D9?> N&\*O +85+1>4&\*@B?F9453<51B9>7C5BF935C6?BD85?=@1>IPCC5<6 3<51B54DB145CG9D8?D85B +1>4&\*=5=25BC

# **(\*""'.\$(##)\$\*#)#%\$!(**

#### *-*

+8569>1>391<CD1D5=5>DC81F5255>@B5@1B549>3?>6?B=9DIG9D8133?E>D9>7@B9>39@<5C75>5B1<<I 1335@D549>D85,>9D54\*D1D5C N(O+85@B5@1B1D9?>?6 69>1>391<CD1D5=5>DC9>3?>6?B=9DI G9D8 ( B5AE9B5C =1>175=5>D D? =1;5 5CD9=1D5C 1>4 1CCE=@D9?>C D81D 16653D 1=?E>DC B5@?BD549>D85 69>1>391< CD1D5=5>DC 1>4 133?=@1>I9>7 >?D5C 3DE1< B5CE<DC 3?E<4 49665B 6B?= D8?C55CD9=1D5C

## 

+85 ?=@1>I 3<1CC9695C 1<< 8978<I <9AE94 9>F5CD=5>DC G9D8 >? B5CDB93D9?>C 1>4 1> ?B979>1< =1DEB9DI41D5?6D8B55=?>D8C?B<5CC1C31C85AE9F1<5>DC1C85AE9F1<5>DCB5@B5C5>D6E>4C85<4 9>1=?>5I=1B;5D 6E>41>4 21>; 45@?C9DCD81DD?D1<54- 1C ?6535=25B +85?=@1>IPC31C81>431C85AE9F1<5>DC1B531BB9541D3?CD G89381@@B?H9=1D5C619BF1<E5

## *!

\$*

+85+1>4&\*B5AE9B5131C845@?C9DB5<1D9F5D?D85?=@1>IPC=5=25BC89@

{8}------------------------------------------------

-8?<<I 'G>54\*E2C9491BI?609?>C1>3?B@?B1D9?> &1D9?>1<CC?391D9?>

# &?D5CD?9>1>391<\*D1D5=5>DC3?>D9>E54

## *"*

565BB54 D1H 1CC5DC 1>4 <9129<9D95C 1B5 45D5B=9>54 21C54 ?> D5=@?B1BI 49665B5>35C 25DG55> 69>1>391< CD1D5=5>D 1CC5D 1>4<9129<9DI 1=?E>DC 1>4D859B B5C@53D9F5D1H 21C9C 1>4 1B5=51CEB54 EC9>75>13D54D1H<1GC1>4B1D5C+8556653D?>4565BB54D1H1CC5DC1>4<9129<9D95C?61381>759> D1H B1D5C9C B53?7>9J549>9>3?=59>D85 @5B9?4D81D9>3<E45CD85 5>13D=5>D 41D5 565BB54D1H 1CC5DC 1B5 B53?7>9J54 CE2:53D D? =1>175=5>DPC :E47=5>D D81D B51<9J1D9?> ?6 D85 1CC5D 9C =?B5 <9;5<ID81>>?DD??33EB

# *#*

+85?=@1>IB5359F54>?31@9D1<9>:53D9?>C1>4=145>?31@9D1<49CDB92ED9?>C9>

{9}------------------------------------------------

-8?<<I 'G>54\*E2C9491BI?609?>C1>3?B@?B1D9?> &1D9?>1<CC?391D9?>

## &?D5CD?9>1>391<\*D1D5=5>DC3?>D9>E54

#### **'#)\$\*#)#%'\$#\$\*#"#)(**

| (B0<30@3                                                                                                               | 4A2@8>B8=<                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 5542B8D4<br>30B4                                                                               | 5542B=<B7458<0<280:<br>AB0B4;4<BA=@=B74@<br>A86<85820<B;0BB4@A                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                        | (B0<30@3A<=BG4B03=>B431GB74=;>0<G0A=5424;14@                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                |                                                                                                                                                                 |
| *,<br><br>,#-+%2!2%+%,2<br>8%.-02),'<br>-+.0%(%,1)4%<br>,#-+%86.%,1%<br>)1!''0%'!2)-,<br>)1#*-130%1<br><br>3"2-.)#<br> | +89C133?E>D9>7CD1>41B4CE@41D5N*,OB5AE9B5C<br>1449D9?>1<49C3<?CEB5C?635BD19>3?CDC1>45H@5>C5C<br>9>2?D89>D5B9=1>41>>E1<B5@?BD9>7@5B9?4C<br>9>3<E49>7<br>L<br>=?E>DC?65=@<?I553?=@5>C1D9?><br>45@B5391D9?>	C5<<9>73?CDC	1>49>D1>792<5<br>1CC5D1=?BD9J1D9?>9>3<E4549>35BD19><br>5H@5>C5<9>5C@B5C5>D54?>D856135?6D85<br>9>3?=5CD1D5=5>DG9D89>3?>D9>E9>7<br>?@5B1D9?>C<br>L<br>AE1<9D1D9F545C3B9@D9?>?6D851=?E>DC<br>B5=19>9>79>B5<5F1>D5H@5>C531@D9?>CD81D<br>1B5>?DC5@1B1D5<I49C177B571D54<br>AE1>D9D1D9F5<I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | >>E1<<br>@5B9?4C<br>2579>>9>7<br>"1>E1BI<br><br>!>D5B9=<br>@5B9?4C<br>2579>>9>7<br>"1>E1BI<br> | +85?F5B1<<56653D?6<br>D89CCD1>41B49C>?D<br>5H@53D54D?81F51<br>=1D5B91<9=@13D?>?EB<br>3?>C?<941D5469>1>391<<br>CD1D5=5>DC                                        |
| *,<br><br>,2!,')"*%18<br>--\$5)**!,\$<br>2(%08,2%0,!*<br>1%-&25!0%                                                     | +89C*,=?45B>9J5CD85133?E>D9>7DB51D=5>D6?B<br>9>D5B>1<<br>EC5C?6DG1B5D?25DD5BB56<53D3EBB5>D<br>45F5<?@=5>D@B13D935C	9>3<E49>7179<51>49D5B1D9F5<br>1@@B?1385C#5I@B?F9C9?>C9>3<E45<br>L<br><9=9>1D9?>?6(B5C3B9@D9F5(B?:53D*D175C<br>+857E941>35>?<?>75BB5AE9B5C<br>3<1CC96931D9?>?63?CDC2I45F5<?@=5>D<br>@81C5	D85B52IB5=?F9>7B9794CD175<br>21C54<br>3B9D5B91<br>L<br>1@9D1<9J1D9?>B9D5B911@9D1<9J1D9?>?6<br>5<9792<5C?6DG1B545F5<?@=5>D3?CDC<br>3?==5>35C?>35=1>175=5>D81C2?D8<br>1ED8?B9J541>43?==9DD54D?6E>49>7D85<br>@B?:53D	1>49D9C@B?212<5D81DD85@B?:53D<br>G9<<253?=@<5D54+89C1CC5CC=5>D=ECD<br>3?>C945B1>IC97>96931>D45F5<?@=5>D<br>E>35BD19>D95C	CE381CD859>3<EC9?>?6>?F5<<br>?BE>@B?F5>6E>3D9?>1<9D95C1>4G85D85B<br>@5B6?B=1>35B5AE9B5=5>DC1B5CE2:53DD?<br>CE2CD1>D91<B5F9C9?><br>L<br>,@41D549C3<?CEB5)5AE9B5=5>DC<br>9C3<?CEB5?2<971D9?>C1B5>?G1<97>54G9D8<br>D8?C5?ED<9>549>*E2D?@93<br><br>0-.%027*!,2!,\$/3).+%,2<br>)5AE9B5=5>DCE>45B*E2D?@93<br>1B5>?<br><?>75B1@@<9312<5 | >>E1<<br>1>4<br>9>D5B9=<br>@5B9?4C<br>2579>>9>7<br>16D5B<br>535=25B<br>                        | -51B55F1<E1D9>7D85<br>>5G49C3<?CEB5<br>B5AE9B5=5>DC+85<br>?F5B1<<56653D?6D89C<br>CD1>41B49C>?D<br>5H@53D54D?81F51<br>=1D5B91<9=@13D?>?EB<br>69>1>391<CD1D5=5>DC |

{10}------------------------------------------------

#### -8?<<I 'G>54\*E2C9491BI?609?>C1>3?B@?B1D9?> &1D9?>1<CC?391D9?>

## &?D5CD?9>1>391<\*D1D5=5>DC3?>D9>E54

#### **(B0<30@3A<=BG4B03=>B431GB74=;>0<G0A=5424;14@

2=<B8<C43**

| *,<br><br>),!,#)!*<br>,1203+%,218<br>0%\$)2-11%1<br><br>-.)#<br><br>30#(!1%\$-!,1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | +89C*,2B?145>CD85@?@E<1D9?>?669>1>391<1CC5DC<br>CE2:53DD?D857B?CC<br>E@=5D8?4E>45B+?@93D?<br>9>3<E451<<@EB381C54C51C?>54<?1>C5H3<E49>7<br>3B549D31B4C	G89381B54569>541C<br>L<br>&?><br>@EB381C53B549D45D5B9?B1D54(<br><?1>C13AE9B549>12EC9>5CC3?=29>1D9?><br>L<br>&?><br>(<?1>C13AE9B549>1>1CC5D<br>13AE9C9D9?>=?B5D81> 41IC16D5BD859B<br>?B979>1D9?>41D5 | >>E1<<br>1>4<br>9>D5B9=<br>@5B9?4C<br>2579>>9>7<br>16D5B<br>535=25B<br> | +85?F5B1<<56653D?6<br>D89CCD1>41B49C>?D<br>5H@53D54D?81F51<br>=1D5B91<9=@13D?>?EB<br>3?>C?<941D5469>1>391<<br>CD1D5=5>DC |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|
| *,<br><br>+89C*,9>DB?4E35CD1B75D549=@B?F5=5>DCD?*<br>+?@93D?25DD5B1<97>85475133?E>D9>7G9D8<br>%0)4!2)4%1!,\$<br>3?==?>B9C;=1>175=5>DCDB1D5795C+85E@41D5C<br>%\$'),'<br>-.)#<br>144B5CCD856?<<?G9>71B51C<br>8%\$'%<br>L<br>*9=9<1BB9C;1CC5CC=5>D6?B31C86<?G<br>##-3,2),'<br>85475C<br>+.0-4%+%,21<br>L<br>5479>79>D5B5CD@1I=5>DC?>38??C5<br>I?EB<br>B1D5452D<br>L<br>1C86<?G85475C?6>?>69>1>391<<br>6?B531CD54DB1>C13D9?>C<br>L<br>&5DGB9DD5>?@D9?>C1C85479>79>CDBE=5>DC<br>L<br>?B597>3EBB5>3I<br>45>?=9>1D54452D<br>45C97>1D541C2?D8185479>79>CDBE=5>D1>4<br>18547549D5= |                                                                                                                                                                                                                                                                                                                                                           | >>E1<<br>1>4<br>9>D5B9=<br>@5B9?4C<br>2579>>9>7<br>16D5B<br>535=25B<br> | +85?F5B1<<56653D?6<br>D89CCD1>41B49C>?D<br>5H@53D54D?81F51<br>=1D5B91<9=@13D?>?EB<br>3?>C?<941D5469>1>391<<br>CD1D5=5>DC |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (B0<30@3A03=>B431GB74=;>0<G8<                                                                                                                                                                                                                                                                                                                             |                                                                         |                                                                                                                          |

| *,<br><br>,#-+%!6%1<br><br>-.)#<br>+.0-4%+%,212-<br>,#-+%!6 | +89C*,B5AE9B5C1449D9?>1<45D19<549>6?B=1D9?>D?<br>9=@B?F5D85EC56E<>5CC?69>3?=5D1H49C3<?CEB5C<br>+89C9>3<E45C@B?F949>745D19<541>>E1<49C3<?CEB5C<br>?>B1D5B53?>39<91D9?>1>49>3?=5D1H5C@1946?B<br>C@53969331D57?B95C1>4G85>35BD19>AE1>D9D1D9F5 | >>E1<<br>@5B9?4C<br>2579>>9>7<br>"1>E1BI<br> | +85?F5B1<<56653D?6<br>D89CCD1>41B4494>?D<br>81F51=1D5B91<9=@13D<br>?>?EB3?>C?<941D54<br>69>1>391<CD1D5=5>DC |
|-------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|-------------------------------------------------------------------------------------------------------------|
| )1#*-130%1                                                  | D8B5C8?<4C1B5=5D                                                                                                                                                                                                                           |                                              |                                                                                                             |

## **'+!( '\$" # %.!( )\$ '\$ '( !'( # !'#\$'#/)\$#(**

!>3<E4549>D85B5359F12<5C6B?=1>4@1I12<5CD?2B?;5BC 451<5BC 1>43<51B9>7?B71>9J1D9?>C1B5 1=?E>DC 4E5 ?> E>C5DD<54 @B9>39@1< C53EB9D95C DB1>C13D9?>C 1>4 @1I12<5C 6?B 3<51B9>7 381B75C +85B5G5B5>?E>C5DD<54DB145C1D535=25B 

<C?9>3<E4549>D85 B5359F12<5C 6B?= 2B?;5BC 451<5BC 1>4 ?D85BC 1B59>F5CD=5>D 21>;9>7 655 1=?E>DC 4E5 6B?= 13D9F9D95C 1C 3? =1>175B 1>4 3? @<135=5>D 175>D +85C5 B5359F12<5C G5B5 - 
1D535=25B 

{11}------------------------------------------------

-8?<<I 'G>54\*E2C9491BI?609?>C1>3?B@?B1D9?> &1D9?>1<CC?391D9?>

# &?D5CD?9>1>391<\*D1D5=5>DC3?>D9>E54

## **#\$")-(**

+85 ?=@1>I 9C 9>3<E454 9> D85 3?>C?<941D54 6545B1< 9>3?=5 D1H B5DEB> 69<54 2I 9DC (1B5>D 5>5B1<<I D85 ?=@1>I 69<5C C5@1B1D5 CD1D5 1>4 <?31< 9>3?=5 D1H B5DEB>C 8?G5F5B G85B5 1@@<9312<5 9D9C9>3<E4549>13?=29>54CD1D59>3?=5D1HB5DEB>G9D8D85(1B5>D1>435BD19>?D85B CE2C9491B95C ?6 D85 (1B5>D \*D1D5 1>4 <?31< D1H5C 81F5 255> @B?F9454 6?B 9> D85C5 69>1>391< CD1D5=5>DC?>C5@1B1D55>D9DI9>3?=51DD8556653D9F5 B1D5?6D85?=@1>I+85?=@1>I9C>? <?>75B CE2:53DD?9>3?=5D1H5H1=9>1D9?>C 6?B I51BC @B9?BD? 
 6?B 6545B1<1>435BD19> CD1D5 B5DEB>C

!>3?=5D1H25>569D5H@5>C51>456653D9F5D1HB1D5

| &5D9>3?=5256?B59>3?=5D1H | <br> |
|--------------------------|------|
| !>3?=5D1H5H@5>C5         | <br> |
| 6653D9F5D1HB1D5          |      |

+85 ?=@1>IPC 9>3?=5 D1H @B?F9C9?> 9C 3?=@ED54 9> 133?B41>35 G9D8 1 +1H <<?31D9?> 7B55=5>D25DG55>D85(1B5>D1>49DCCE2C9491B95C+85?=@1>I@B?F945C6?B9>3?=5D1H5C?>1 C5@1B1D5B5DEB>21C9C 5H35@DD81D E>45B1>17B55=5>D25DG55>D85(1B5>D1>4D85?=@1>I D1H 25>569DC1B5B53?7>9J546?B<?CC5CD?D855HD5>DD85I31>25EC549>D853?>C?<941D54B5DEB>!D9C D85 @?<93I ?6D85 (1B5>DD? 3?<<53D 6B?=9DC CE2C9491B95C 6?B 1>ID1H ?2<971D9?> B53?B454 G8938 1=?E>D54 D? - 9> 
 +85 =1:?B9DI ?6 D89C @1I=5>D 1=?E>D B5<1D5C D? 6545B1< 1>4 CD1D5?2<971D9?>C C@5396931<<I1<96?B>911>4,D18565BB54D1H1CC5DCN+CO?6D85?=@1>I 1B5?66C5DG9D84565BB54D1H<9129<9D95C6?B69>1>391<B5@?BD9>7?><I

!>3?=5D1H25>569D5H@5>C53?>C9CDC?6D856?<<?G9>7

|                     | C@@4<B   | 454@@43  | )=B0: |
|---------------------|----------|----------|-------|
| 545B1<              | <br><br> | <br><br> |       |
| *D1D5               | <br>     |          |       |
| +?D1<545B1<1>4*D1D5 | <br><br> | <br><br> |       |

+85?=@1>IPC56653D9F5D1HB1D5?66?B
G1C@B9=1B9<I9=@13D542I16545B1<B1D5?6 1>41CD1D51>4<?31<D1HB1D5 >5D?66545B1<D1H9=@13D

!>D5B5CD1>4@5>1<D95C 961>I B5<1D54D?9>3?=5D1H=1DD5BC1B59>3<E4549>9>3?=5D1H25>569D 5H@5>C59>D85CD1D5=5>D?6?@5B1D9?>CD535=25B 
 3EBB5>D9>3?=5D1H5CB5359F12<5 D?D1<54- G89389C9>3<E4549>@1I12<5CD?@1B5>D

565BB549>3?=5D1H5CB56<53DD85>5DD1H56653DC?6D5=@?B1BI49665B5>35C25DG55>D8531BBI9>7 1=?E>DC ?6 1CC5DC 1>4 <9129<9D95C 6?B 69>1>391< B5@?BD9>7 @EB@?C5C 1>4 D85 1=?E>DC EC54 6?B 9>3?=5 D1H @EB@?C5C +C 1B5 B56<53D54 G9D8?ED B54E3D9?> 6?B 1 F1<E1D9?> 1<<?G1>35 &? F1<E1D9?> 1<<?G1>35 9C B53?B454 1C 9D 9C =?B5 <9;5<I D81> >?D D81D D85 1CC5DC G9<< 25 B51<9J54

{12}------------------------------------------------

-8?<<I 'G>54\*E2C9491BI?609?>C1>3?B@?B1D9?> &1D9?>1<CC?391D9?>

# &?D5CD?9>1>391<\*D1D5=5>DC3?>D9>E54

D8B?E78 D85 (1B5>DPC 3?>C?<941D54 D1H B5DEB> >5D + ?6 - 
 B5<1D5C @B9>39@1<<I D? 4565BB543?=@5>C1D9?>1>44565BB54B5F5>E5

+85?=@1>I4?5C>?D81F51>I<9129<9DI6?BE>B53?7>9J54D1H25>569DCB5<1D9>7D?E>35BD19>D1H @?C9D9?>C1C?6535=25B 

# **"%!\$.#)(**

+85?=@1>I814>?5=@<?I55C1D535=25B 
 1>45H@5>C5C6?B5=@<?I5525>569DC6?B G5B545=9>9=9C

# **#)%)!'&\*'"#)**

C 1 B579CD5B54 2B?;5B 451<5BG9D8D85 \* 1>4 !&) D85?=@1>I9C CE2:53DD?D85 \*PC ,>96?B=&5D1@9D1<)E<53 D85N)E<5O G8938B5AE9B5CD85=19>D5>1>35?6=9>9=E=>5D 31@9D1< 5AE1< D? D85 7B51D5B ?6 - 

 ?B  ?6 177B571D5 9>452D54>5CC 1C 4569>54 D 535=25B 
 D85?=@1>I814>5D31@9D1< 1C4569>542ID85)E<5 ?6- G8938 G1C - 
 9> 5H35CC ?6 9DC B5AE9B54 >5D 31@9D1< ?6 - 

 +85 ?=@1>IPC B1D9? ?6 177B571D59>452D54>5CCD?>5D31@9D1<G1C

D?1D535=25B 

# **')!\$(((\$###!#()'\*"#)(**

+85?=@1>I133?E>DC 6?B5CD9=1D543B549D<?CC5C ?> 69>1>391<1CC5DC9>133?B41>35G9D8\* +?@93 &? 5H@53D54 3B549D<?CC5C G5B5 B53?B454 E>45B \* +?@93 6?BD85 I51B 5>454535=25B 

#### 

+85?=@1>IPC B5359F12<5C 6B?= 2B?;5BC 451<5BC 1>4 3<51B9>7 ?B71>9J1D9?>C9>3<E45 1=?E>DC B5359F12<5 6B?= E>C5DD<54 DB145C G9D8 9>CD9DED9?>1< 3<95>DC +85B5 G5B5 >? E>C5DD<54 DB145C 1D 535=25B 
 +85 ?=@1>IPC B5359F12<5C 6B?= 2B?;5BC 451<5BC 1>4 3<51B9>7 ?B71>9J1D9?>C 1<C? 9>3<E45 9>F5CD=5>D 21>;9>7 655 1=?E>DC 4E5 6B?= 13D9F9D95C 1C 3? =1>175B 1>43? @<135=5>D175>D9>1<C5DD<5=5>D?6CI>4931D5133?E>DC9CD?2556653D542ID85CI>4931D5 =1>175BG9D89>
41IC6?<<?G9>7D85CI>4931D5C5DD<5=5>D41D5+859CCE5B@1IC1@<135=5>D655 ?>D85 3<?C9>7 41D5 G85>D859CCE5B 45<9F5BCD? 5138 @EB381C5BD85 >?D5CD? 25 @EB381C54+85 1=?E>D?6E>C5DD<543B549D5H@?CEB59C<9=9D54D?D851=?E>D?G54D?D85?=@1>I 6?B1C8?BD @5B9?4?6D9=5

# **\$##)')\$#(\$')'(**

+85?=@1>I9C9>F?<F549>F1B9?ECDB149>71>42B?;5B17513D9F9D95C?>1B9C;<5CC @B9>39@1<21C9C 9>G8938D853?E>D5B@1BD95C @B9=1B9<I3?>C9CD ?6 2B?;5B 451<5BC 69>1>391<9>CD9DED9?>C 1>4 ?D85B 9>CD9DED9?>1<3ECD?=5BC+85B9C;?6<?CC6B?=619<54DB145C45@5>4C?>D85 3B549DG?BD89>5CC?6D85 3?E>D5B@1BDI?B9CCE5B?6D859>CDBE=5>D!D9CD85?=@1>IPC@?<93ID?B5F95G 1C>535CC1BI D85 3B549DCD1>49>7?651383?E>D5B@1BDI !>D855F5>D3?E>D5B@1BD95C4?>?D 6E<69<<D859B?2<971D9?>C 

{13}------------------------------------------------

-8?<<I 'G>54\*E2C9491BI?609?>C1>3?B@?B1D9?> &1D9?>1<CC?391D9?>

# &?D5CD?9>1>391<\*D1D5=5>DC3?>D9>E54

D85?=@1>IG9<<31>35<?BC5<<?EDD85DB1459==5491D5<I D8ECC97>96931>D<I<9=9D9>71>I3B549D 5H@?CEB5+85B5G5B5>?E>C5DD<54DB145C1D535=25B 

# **\$"")"#)(#\$#)##)!!)(**

'331C9?>1<<I D85 ?=@1>I 9C CE2:53D D? ?D85B <1GCE9DC 1B29DB1D9?>C 3<19=C 1>4 ?D85B <571< @B?35549>7C 9> 3?>>53D9?> G9D8 9DC 2EC9>5CC \*?=5 ?6 D85C5 <571< 13D9?>C 9>3<E45 3<19=C 6?B CE2CD1>D91<?BE>C@53969543?=@5>C1D?BI1>4?B@E>9D9F541=175C

!>D85>?B=1<3?EBC5?62EC9>5CC D85?=@1>I49C3ECC5C=1DD5BCG9D89DCB57E<1D?BCB19C544EB9>7 B57E<1D?BI 5H1=9>1D9?>C ?B ?D85BG9C5 CE2:53D D? D859B 9>AE9BI +85C5 =1DD5BC 3?E<4 B5CE<D 9> 35>CEB5C 69>5C @5>1<D95C ?B?D85BC1>3D9?>C%1>175=5>D25<95F5CD85?ED3?=5?61>IB5CE<D9>7 13D9?>CG9<<>?D25=1D5B91<D?D85?=@1>IPC 69>1>391<3?>49D9?> B5CE<DC?6?@5B1D9?>C?B31C8 6<?GC ?G5F5B D85 ?=@1>I 9C E>12<5 D? @B5493D D85 ?ED3?=5 ?B D85 D9=9>7 ?6 D85 E<D9=1D5 B5C?<ED9?>?6D85C5=1DD5BC?BD85@?D5>D91<69>5C @5>1<D95C ?B9>:E>3D9F5?B?D85B5AE9D12<5B5<956 961>I D81D=1IB5CE<D6B?=D85C5=1DD5BC

# **'!)%').)'#()\$#(**

+85?=@1>I=19>D19>54 - 

9>31C89> >?>9>D5B5CD 251B9>7133?E>DC1DD85(1B5>D1C ?6 535=25B 

+85?=@1>I9>F5CD54- 9>1=?>5I=1B;5D6E>4 1C4569>54E>45B)E<51?6D85 !>F5CD=5>D?=@1>I3D?6
 G8938G1C3<1CC969541C31C85AE9F1<5>DC1C?6535=25B +85?=@1>I5CD12<9C8543ECD?4I133?E>DC1DD85(1B5>D9>G8938D85=?>5I=1B;5D6E>4 @?C9D9?>C1B5C165;5@DDD8549B53D9?>?6D85?=@1>I D85(1B5>D=1;5C@EB381C5C1>4C1<5C6?B D85 133?E>DC +85 ?=@1>I @<54754 - 
 ?6 D85 =?>5I =1B;5D 6E>4 D? D85 (1B5>D D? 3?<<1D5B1<9J5D85 >5D @1I12<5D? @1B5>D ?6- 1C ?6535=25B 
+85?=@1>I9C ?><I B5AE9B54D? @<5475D85 1=?E>D B5AE9B54 2I<1G - 1C ?6 535=25B 
 +85 F1<E5 ?6 C53EB9D95C @<547549> 5H35CC ?6D85 1=?E>D B5AE9B54 2I<1G=1I 25 E>@<54754 1D 1>I D9=52ID85?=@1>I

+85?=@1>I5>717541C13? =1>175B9>1C53EB9D95C?665B9>7 6?BD85(1B5>D+85?=@1>IC 7B?CCB5F5>E56B?=D85?665B9>7G1C- 

+85?=@1>IB59=2EBC5CD85(1B5>D6?B1<<?31D54?F5B85143?CDC6?BCE@@?BDC5BF935C 9>3<E49>7 3?=@5>C1D9?> 1>4 25>569DC +85 D?D1< 1=?E>D 6?B D85C5 9D5=C 9> G1C - 
 +85 ?=@1>I 1<C? B59=2EBC5C D85 (1B5>D 6?B ?D85B 75>5B1< 1>4 14=9>9CDB1D9F5 3?CDC 1>4 5H@5>C5C 9>3<E49>7D89B4@1BDIF5>4?B9>F?935C@194?>D85?=@1>IPC2581<6+85>5D@1I12<5D?@1B5>D1D 535=25B 
 G1C- 1>49>3<E45C1D1HB5359F12<5?6- 

+85 ?=@1>I 81C 1 - =9<<9?> <9>5 ?6 3B549D 6B?= D85 (1B5>D D 535=25B 
 D85 1=?E>D ?6 E>EC54 3B549D CE2:53D D? D85 D5B=C ?6 D85 <9>5 G1C - =9<<9?> 1>4 B5<1D54 452D ?EDCD1>49>7G1C-+859>D5B5CDB1D59CCE2:53DD?381>756B?=D9=5D?D9=521C54?>381>75C9> D85(B9=5)1D51C@E2<9C8549>D85-1<<\*DB55D"?EB>1<+859>D5B5CDB1D51DD853<?C5?62EC9>5CC

{14}------------------------------------------------

-8?<<I 'G>54\*E2C9491BI?609?>C1>3?B@?B1D9?> &1D9?>1<CC?391D9?>

# &?D5CD?9>1>391<\*D1D5=5>DC3?>D9>E54

?>535=25B 
 G1C+85<9>5?63B549D9C1<9AE949DI213;CD?@1>4G?E<4CE@@?BD D85?=@1>ID?@EB381C59DC1<<?31D54@?BD9?>?61>IE>C?<43?B@?B1D52?>4C9>3?>>53D9?>G9D8 69B=3?==9D=5>DC53EB9D95CE>45BGB9D9>7451<C9>G8938D85?=@1>I@1BD939@1D5C'B979>1D9?> 1>4?D85B3B549D3?CDC6?BD85I51B5>454535=25B 
 1=?E>D54D?- 

## **\$%')#("#)#\$'")\$#**

+85 ?=@1>I 9C 5>71754 9> 1 C9>7<5 <9>5 ?6 2EC9>5CC 1C 1 B579CD5B54 2B?;5B 451<5B G8938 9C 3?=@B9C54?6C5F5B1<3<1CC5C?6C5BF935C9>3<E49>7DB1>C13D9?>C9>69H549>3?=51>4F1B9?EC?D85B 9>F5CD=5>D @B?4E3DC 9>F5CD=5>D 21>;9>7 1>4 31@9D1< =1B;5DC C?<ED9?>C 1>4 B9C;<5CC @B9>39@1< DB149>7

+85?=@1>I @B?F945C 2B?;5B175 C5BF935C @B9=1B9<ID? 3ECD?=5BC?6D85 (1B5>DD? CE@@<5=5>D D85 (1B5>DPC 3?==5B391< 21>;9>7 @B?4E3DC 1>4 C5BF935C-89<5D85?=@1>I9C CE2:53DD? 1>I 6E>49>7?B?@5B1D9>73?>CDB19>DC9=@?C542ID85(1B5>D 41I D? 41I?@5B1D9?>C?6D85?=@1>I 1B5 49B53D54 2I 9DC 819B=1> 1>4 (B5C945>D G8? 9C D85 ?=@1>IPC 38956 ?@5B1D9>7 4539C9?> =1;5BN'%O+85?=@1>IPC'%9CB5C@?>C92<56?B5F1<E1D9>7D85@5B6?B=1>35?6D85 ?=@1>IPC 49665B5>D 3<1CC5C ?6 C5BF935C 1>4 EC5C >5D 9>3?=5 D? 5F1<E1D5 D85 B5CE<DC ?6 D85 2EC9>5CC1>4D?=1>175D85?=@1>I+85?=@1>IPC?@5B1D9?>C3?>CD9DED51C9>7<5B5@?BD12<5 ?@5B1D9>7C57=5>D+85133?E>D9>7@?<9395CEC54D?=51CEB5D85@B?69D1>4<?CC?6D85?=@1>IPC B5@?BD12<5 ?@5B1D9>7 C57=5>D 1B5 D85 C1=5 1C D8?C5 45C3B9254 9> D85 CE==1BI ?6 C97>96931>D 133?E>D9>7@?<9395C

EB9>7D85 I51B5>454535=25B 
 ?>55HD5B>1<3ECD?=5B133?E>D54 6?B=?B5D81> @5B35>D?6D85?=@1>IPCD?D1<B5F5>E5C+89C3ECD?=5B75>5B1D54- 
?6B5F5>E5 1<<?6 G8938B5<1D54D?14F9C?BIC5BF935CG9D89>9>F5CD=5>D21>;9>7655C&??D85B3ECD?=5BC133?E>D54 6?B
@5B35>D?B=?B5?6D85?=@1>ICD?D1<B5F5>E5C<<?6D85?=@1>IPC1CC5DC B5F5>E5C 1>45H@5>C5C6?B
G5B5<?31D549>?B45B9F546B?=?@5B1D9?>C9>D85,>9D54\*D1D5C

+85 49C3B5D5 69>1>391< 9>6?B=1D9?> B57E<1B<I @B?F9454 D? D85 ?=@1>IPC '% 9>3<E49>7 1<< C97>96931>D 5H@5>C5 31@D9?>C =9BB?BC D85 ?=@1>IPC @B9=1BI 69>1>391< CD1D5=5>DC 'D85B ?@5B1D9>75H@5>C5C1CC8?G>9>D85?=@1>IPC\*D1D5=5>D?6'@5B1D9?>C9C3?=@?C54@B9=1B9<I ?69>CEB1>35@B5=9E=C ?66C9D5B53?B4CD?B175655C 1>4DB1F5<5H@5>C5C

# **(\*(&\*#)+#)(**

%1>175=5>D81C5F1<E1D54CE2C5AE5>D5F5>DCD8B?E7852BE1BI 
 D8541D5D81DD85 69>1>391<CD1D5=5>DCG5B59CCE54&?CE2C5AE5>D5F5>DCG5B5>?D54D81DG?E<481F51=1D5B91< 9=@13D?>D8569>1>391<CD1D5=5>DC


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.