# DEALERWEB INC. X-17A-5 (2024-02-26) — Broker-dealer annual report

- Company: DEALERWEB INC.
- Form: X-17A-5
- Filed: 2024-02-26
- Period: 2023-12-31
- Accession: 0000817462-24-000001
- CIK: 817462
- File #: 8-38103
- Type: Broker-dealer
- Material weakness: No
- Auditor: Deloitte & Touche LLP
- Auditor location: New York, NY
- Contact: Richard J. Cotter
- Phone: 646-484-2929
- Website: deloitte.com
- Signed by: Richard J. Cotter (CFO)

Original filing: https://www.sec.gov/Archives/edgar/data/817462/000081746224000001/DWSFC.pdf

---

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

# **!',#**

**( #<**

## **(A/A3:3;A<47;/;17/9<;27A7<;/@<4313:03?

/;2'3=<?A <4;23=3;23;A'357@A3?32%B097111<B;A7;57?:**

;>76BGDEG3@FFA)G>73 7G@67DF:7\*75GD;F;7EJ5:3@975FA83E3 'G4>;5A5G?7@F

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

# **%\*!**

|                                                      | *#)())(                      |                                                                       | &\$'')&-#                 |
|------------------------------------------------------|------------------------------|-----------------------------------------------------------------------|---------------------------|
|                                                      | (*')(#-#\$""((\$#            |                                                                       | &\$@G?47D<br><br>         |
|                                                      | JB;D7E%AH<br>                |                                                                       |                           |
|                                                      |                              |                                                                       | EF;?3F763H7D397<br>4GD67@ |
|                                                      | ;;B/9'3=<?A@                 |                                                                       | :AGDEB7DD7EBA@E7<br>      |
|                                                      | <?:-                         |                                                                       |                           |
|                                                      | *!#%,\$)                     |                                                                       |                           |
|                                                      | %/?A                         |                                                                       | <br>                      |
|                                                      | #%                           |                                                                       |                           |
| 1A<4                                                 |                              | ;4<?:/A7<;'3>B7?32%B?@B/;AA<'B93@// /;2/B;23?A63(31B?7A73@E16/;53 |                           |
| !#!%&)+ ')!&                                         |                              |                                                                       | <br>                      |
| !%%!%                                                | %%!%                         |                                                                       |                           |
|                                                      | \$\$00                     |                                                                       | \$\$00                  |
|                                                      | )!*+)%+!%+!!+!&%             |                                                                       |                           |
| %\$&<br>3/93?D30;1<br>!)\$                           |                              |                                                                       |                           |
| +0'&)!*+)%+5:75=3>>3BB>;534>74AJ7E                   |                              |                                                                       |                           |
| TDA=7D<br>673>7D                                     | U*75GD;FK<br>43E76EI3B673>7D | U\$3<ADE75GD;FK<br>43E76EI3BB3DF;5;B3@F                               |                           |
| U:75=:7D7;8D7EBA@67@F;E<br>3>EA3@&+67D;H3F;H7E673>7D |                              |                                                                       |                           |
|                                                      |                              |                                                                       |                           |

#### )\*\*&')!%!'#'#&,\*!%\*\*A@AFGE73'&4AJ@A

**%9/G/7C3/?0<?@7237;/;17/93;A3?**

| %A3@6*FD77F                             |                                                      |                     |                                                                                                   |  |  |  |  |
|-----------------------------------------|------------------------------------------------------|---------------------|---------------------------------------------------------------------------------------------------|--|--|--|--|
| 3?@3F7AF                                |                                                      | #                   |                                                                                                   |  |  |  |  |
|                                         | ;FK                                                  | *F3F7               | 1;BA67                                                                                            |  |  |  |  |
| ')*&%+&&%++.!+ ))+&+ !*!#!%             |                                                      |                     |                                                                                                   |  |  |  |  |
| '716/?2 	<AA3?                          |                                                      | 1<AA3?23/93?D30	1<: |                                                                                                   |  |  |  |  |
| %3?7                                    | D73A67N+7>7B:A@7<br>%G?47D                           | ?3;>66D7EE          |                                                                                                   |  |  |  |  |
|                                         |                                                      | &,%+%+!%+!!+!&%     |                                                                                                   |  |  |  |  |
|                                         | !%'%%+',#!&,%+%+I:AE7D7BADFE3D75A@F3;@76;@F:;E8;>;@9 |                     |                                                                                                   |  |  |  |  |
| 39<7AA3<br>)<B163!!%                    |                                                      |                     |                                                                                                   |  |  |  |  |
|                                         | %3?7N;8;@6;H;6G3>	EF3F7>3EF	8;DEF	3@6?;66>7@3?7      |                     |                                                                                                   |  |  |  |  |
| '<18343993?%9/G/                        | #3D.<?8                                              | #.                  |                                                                                                   |  |  |  |  |
| 66D7EE                                  | ;FK                                                  | *F3F7               | 1;BA67                                                                                            |  |  |  |  |
|                                         |                                                      |                     |                                                                                                   |  |  |  |  |
| 3F7A8)79;EFD3F;A@I;F:'&;8<br>3BB>;534>7 |                                                      |                     | '&)79;EFD3F;A@%G?47D	;83BB>;534>7                                                                 |  |  |  |  |
|                                         |                                                      | &)&!!#,*&%#0        |                                                                                                   |  |  |  |  |
|                                         |                                                      |                     | >3;?E8AD7J7?BF;A@8DA?F:7D7CG;D7?7@FF:3FF:73@@G3>D7BADFE475AH7D764KF:7D7BADFEA83@;@67B7@67@FBG4>;5 |  |  |  |  |

355AG@F3@F?GEF47EGBBADF764K3EF3F7?7@FA8835FE3@65;D5G?EF3@57ED7>;76A@3EF:743E;EA8F:77J7?BF;A@\*77 )
3 7;; ;83BB>;534>7

'7DEA@EI:A3D7FAD7EBA@6FAF:75A>>75F;A@A8;@8AD?3F;A@5A@F3;@76;@F:;E8AD?3D7@AFD7CG;D76FAD7EBA@6G@>7EEF:78AD? 6;EB>3KE35GDD7@F>KH3>;6&\$5A@FDA>@G?47D

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

## **447?:/A7<;**

! );5:3D6"AFF7D 388;D?F:3F FAF:747EFA8?K=@AI>76973@647>;78F:7355A?B3@K;@98;@3@5;3> EF3F7?7@FE3@6EGBBADF;@9E5:76G>7EB7DF3;@;@9FAF:78;D?A873>7DI74!@5 3EA8757?47D 
 3D7FDG73@65ADD75F!8GDF:7DEI73DAD388;D?F:3F@7;F:7DF:75A?B3@K@AD3@KB3DF@7D A88;57D 6;D75FAD AD7CG;H3>7@FB7DEA@ 3EF:753E7?3K47 :3E3@KBDABD;7F3DK;@F7D7EF;@3@K355AG@F5>3EE;8;76EA>7>K3E F:3FA835GEFA?7D

 2222222222222222222222222 222222222222222222

);5:3D6"AFF7D

:;78;@3@5;3>&88;57D

P'GDEG3@FFAF:7EF3F7?7@F8DA?F:7EF388A8F:7;H;E;A@A8+D36;@93@6\$3D=7FED793D6;@9F:7@AF3D;L3F;A@ D7CG;D7?7@FE3BB>;534>7FAF:7!?B35F76'3B7D\*G4?;EE;A@EAD;@F:77>75FDA@;58;>;@9EA834DA=7D 673>7DQE3@@G3> D7BADFED7CG;D76G@67DB3D39D3B:6A8\*)G>73 3@6F:76;88;5G>F;7E3D;E;@98DA?&-! 73>7DI74!@5 ;E?3=;@9F:;E8;>;@9I;F:AGF3@AF3D;L3F;A@

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

# 

**Deloitte & Touche LLP**  30 Rockefeller Plaza New York, NY 10112-0015 USA

Tel: +1 212 492 4000 Fax: +1 212 489 1687 www.deloitte.com

#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Managers and Stockholder of Dealerweb Inc.

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

We have audited the accompanying statement of financial condition of Dealerweb Inc. (the "Company") as of December 31, 2023, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

#### **Basis for Opinion**

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this 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 presentation of the financial statement. We believe that our audit of the financial statement provides a reasonable basis for our opinion.

February 26, 2024

We have served as the Company's auditor since 2019.

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

## **)67@4797;51<;A/7;@16318/99/==971/0930<E3@**

- / 3\*F3F7?7@FA88;@3@5;3>5A@6;F;A@
- / 4%AF7EFAEF3F7?7@FA88;@3@5;3>5A@6;F;A@
- 5\*F3F7?7@FA8;@5A?7>AEEAD ;8F:7D7;EAF:7D5A?BD7:7@E;H7;@5A?7;@F:7B7D;A6E BD7E7@F76 3EF3F7?7@FA85A?BD7:7@E;H7;@5A?73E678;@76;@M A8)79G>3F;A@\* /
- 6\*F3F7?7@FA853E:8>AIE
- 7\*F3F7?7@FA85:3@97E;@EFA5=:A>67DQEADB3DF@7DEQADEA>7BDABD;7FADQE7CG;FK
- 8\*F3F7?7@FA85:3@97E;@>;34;>;F;7EEG4AD6;@3F76FA5>3;?EA85D76;FADE
- 9%AF7EFA8;@3@5;3>EF3F7?7@FE
- :A?BGF3F;A@A8@7F53B;F3>G@67D)
5 AD)
3 3E3BB>;534>7
- ;A?BGF3F;A@A8F3@9;4>7@7FIADF:G@67D)
3
- <A?BGF3F;A@8AD67F7D?;@3F;A@A85GEFA?7DD7E7DH7D7CG;D7?7@FEBGDEG3@FFAJ:;4;FFA )
5
- =A?BGF3F;A@8AD67F7D?;@3F;A@A8E75GD;FK 43E76EI3BD7E7DH7D7CG;D7?7@FEBGDEG3@FFA J:;4;FFA)
5 ADJ:;4;FFA)
3 3E3BB>;534>7
- >A?BGF3F;A@8AD7F7D?;@3F;A@A8')7CG;D7?7@FEG@67DJ:;4;FFAM
5
- ?!@8AD?3F;A@D7>3F;@9FABAEE7EE;A@AD5A@FDA>D7CG;D7?7@FE8AD5GEFA?7DEG@67D) 5
- @!@8AD?3F;A@D7>3F;@9FABAEE7EE;A@AD5A@FDA>D7CG;D7?7@FE8ADE75GD;FK 43E76EI3B5GEFA?7DE G@67D)
5 BAD)
3 3E3BB>;534>7
- A)75A@5;>;3F;A@E ;@5>G6;@93BBDABD;3F77JB>3@3F;A@E A8F:7&,\*)7BADFI;F:5A?BGF3F;A@A8 @7F53B;F3>ADF3@9;4>7@7FIADF:G@67D)
5 )
3 AD) 3 3E3BB>;534>7 3@6F:7D7E7DH7D7CG;D7?7@FEG@67D)
5 AD) 3 3E3BB>;534>7 ;8?3F7D;3>6;887D7@57E7J;EF AD3EF3F7?7@FF:3F@A?3F7D;3>6;887D7@57E 7J;EF
- B\*G??3DKA88;@3@5;3>63F38ADEG4E;6;3D;7E@AF5A@EA>;63F76;@F:7EF3F7?7@FA88;@3@5;3> 5A@6;F;A@
- / C&3F:AD388;D?3F;A@;@355AD63@57I;F:)
3 )
3 AD) 3 3E3BB>;534>7
- DA?B>;3@57D7BADF;@355AD63@57I;F:)
3 AD)
3 3E3BB>;534>7
- EJ7?BF;A@D7BADF;@355AD63@57I;F:)
3 AD)
3 3E3BB>;534>7 8;>76E7B3D3F7>K
- / F!@67B7@67@FBG4>;5355AG@F3@FQED7BADF43E76A@3@7J3?;@3F;A@A8F:7EF3F7?7@FA88;@3@5;3> 5A@6;F;A@
- G!@67B7@67@FBG4>;5355AG@F3@FQED7BADF43E76A@3@7J3?;@3F;A@A8F:78;@3@5;3>D7BADFAD 8;@3@5;3>EF3F7?7@FEG@67D)
3 )
3 AD)
3 3E 3BB>;534>7
- H!@67B7@67@FBG4>;5355AG@F3@FQED7BADF43E76A@3@7J3?;@3F;A@A857DF3;@EF3F7?7@FE;@F:7 5A?B>;3@57D7BADFG@67D)
3 AD)
3 3E3BB>;534>7
- I!@67B7@67@FBG4>;5355AG@F3@FQED7BADF43E76A@3D7H;7IA8F:77J7?BF;A@D7BADFG@67D )
3 AD)
3 3E3BB>;534>78;>76E7B3D3F7>K
- J\*GBB>7?7@F3>D7BADFEA@3BB>K;@939D776 GBA@BDA576GD7E ;@355AD63@57I;F:) 5 7AD)
3 3E3BB>;534>7
- K)7BADF67E5D;4;@93@K?3F7D;3>;@367CG35;7E8AG@6FA7J;EFAD8AG@6FA:3H77J;EF76E;@57F:7 63F7A8F:7BD7H;AGE3G6;F AD3EF3F7?7@FF:3F@A?3F7D;3>;@367CG35;7E7J;EF G@67D) 3 =
- L&F:7D

+AD7CG7EF5A@8;67@F;3>FD73F?7@FA857DF3;@BADF;A@EA8F:;E8;>;@9 E77)
3 7AD )
3 6 3E3BB>;534>7

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

## **3/93?D30;1 (A/A3:3;A<47;/;17/9<;27A7<; 313:03?

7;A6<B@/;2@ <;4723;A7/9**

| @@3A@                                                                                        |              |
|----------------------------------------------------------------------------------------------|--------------|
| 3E:3@653E:7CG;H3>7@FE                                                                        | <br>         |
| 3E:E79D793F76G@67D8767D3>D79G>3F;A@E                                                         | <br>         |
| )757;H34>7E8DA?4DA=7DE3@6673>7DE3@65>73D;@9AD93@;L3F;A@E@7FA83>>AI3@57E8AD<br>5D76;F>AEE7EA8 | <br>         |
| 7BAE;FEI;F:5>73D;@9AD93@;L3F;A@E                                                             | <br>         |
| );9:F<br>A8<br>GE73EE7FE                                                                     | <br>         |
| \$7?47DE:;BE;@5>73D;@9AD93@;L3F;A@E                                                          | <br>         |
| )757;H34>7E8DA?B3D7@F3@6388;>;3F7E                                                           | <br>         |
| 787DD76F3J3EE7F                                                                              | <br>         |
| 55DG76;@5A?7                                                                                 | <br>         |
| AA6I;>>                                                                                      | <br>         |
| !@F3@9;4>73EE7FE<br>@7FA8355G?G>3F763?ADF;L3F;A@                                             | <br>         |
| &F:7D3EE7FE                                                                                  | <br>         |
| +AF3>3EE7FE                                                                                  | <br>         |
|                                                                                              |              |
| !7/0797A73@/;2(A<186<923?@>B7AF                                                              |              |
| #;34;>;F;7E                                                                                  |              |
| *75GD;F;7EEA>6G@67D39D77?7@FEFAD7BGD5:3E7                                                    | <br>         |
| '3K34>7FA4DA=7DE3@6673>7DE3@65>73D;@9AD93@;L3F;A@E                                           | <br>         |
| 55DG765A?B7@E3F;A@                                                                           | <br>         |
| 55AG@FEB3K34>7	355DG767JB7@E7E3@6AF:7D>;34;>;F;7E<br>#73E7>;34;>;FK                          | <br><br><br> |
| '3K34>7FAB3D7@F3@6388;>;3F7E                                                                 | <br>         |
|                                                                                              |              |
| +AF3>>;34;>;F;7E                                                                             | <br>         |
| *FA5=:A>67DECG;FK                                                                            |              |
| >3EE5A??A@EFA5=                                                                              | <br>         |
| >3EE5A??A@EFA5=                                                                              | <br>O        |
| 66;F;A@3>B3;6<br>;@53B;F3>                                                                   | <br>         |
| )7F3;@7673D@;@9E                                                                             | <br>         |
|                                                                                              | <br>         |
| A??A@EFA5=;@FD73EGDK	3F5AEF	 E:3D7E                                                          | <br>         |
| +AF3>7CG;FK                                                                                  | <br>         |
| +AF3>>;34;>;F;7E3@6EFA5=:A>67DE7CG;FK                                                        | <br>         |

+:7355A?B3@K;@9@AF7E3D73@;@F79D3>B3DFA8F:;E8;@3@5;3>EF3F7?7@F

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

#### **#/AB?3<4\$=3?/A7<;@**

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

73>7DI74!@5;E3I:A>>K AI@76EG4E;6;3DKA8+D367I74!\$3D=7FE !@5F:7R'3D7@FS+:7'3D7@F;E 3I:A>>K AI@76EG4E;6;3DKA8+D367I74\$3D=7FE##R\$3D=7FES&@BD;> 
 \$3D=7FE4753?73 5A@EA>;63F;@9EG4E;6;3DKA8+D367I74\$3D=7FE!@5R+.\$!SF:DAG9:3E7D;7EA8D7AD93@;L3F;A@ FD3@E35F;A@ER)7AD93@;L3F;A@+D3@E35F;A@ESF:3FI7D75A?B>7F76;@5A@@75F;A@I;F:+.\$!QE;@;F;3>BG4>;5 A887D;@9R!'&SI:;5:I3E5A?B>7F76A@BD;> 

#### *-*

&@"G@7 
F:7R5CG;E;F;A@3F7S \$3D=7FE5>AE76A@F:735CG;E;F;A@A8J75GF;A@557EE ## RS FA97F:7DI;F:D7>3F763EE7FEF:7RGE;@7EES3@6388;>;3F7E8AD3@3>>53E:BGD5:3E7BD;57A8 ?;>>;A@ @7FA853E:35CG;D76+:7A?B3@K3FFD;4GF76?;>>;A@A8F:7
?;>>;A@BGD5:3E7 BD;57FAF:7GE;@7EEI3E3D79;EF7D764DA=7D 673>7DG@67DF:7\*75GD;F;7EJ5:3@975FA8 3@63?7?47DA8!%)AB7D3F763E3,\*AH7D@?7@F\*75GD;F;7EDA=7D3@6A887D76AD7@93976;@ 7>75FDA@;5FD36;@9A8,\*FD73EGDKE75GD;F;7E8AD;FE5>;7@FE3E3D79;EF7D76+\*8AD,\*FD73EGDKE75GD;F;7E &@%AH7?47D 
 ?7D976I;F:3@6;@FAF:7A?B3@KI;F:F:7A?B3@K47;@9F:7EGDH;H;@9 BAEF ?7D97D7@F;FKF:7R\$7D97DS+:7\$7D97DI3E355AG@F768AD3E3?7D97DA87@F;F;7EG@67D5A??A@ 5A@FDA>3@6F:7D78AD7F:7A?B3@K;@;F;3>>K?73EGD76F:7D75A9@;L763EE7FE3@6>;34;>;F;7EFD3@E87DD763F F:7;D53DDK;@93?AG@FE;@F:7355AG@FEA8\$3D=7FE3FF:763F7A8FD3@E87D

#### **(75;7471/;A11<B;A7;5%<97173@**

#### **/@7@<411<B;A7;5**

+:78;@3@5;3>EF3F7?7@F:3E477@BD7E7@F76;@5A@8AD?;FKI;F:355AG@F;@9BD;@5;B>7E97@7D3>>K3557BF76;@ F:7,@;F76\*F3F7EA8?7D;53

#### **\*@3<4@A7:/A3@**

+:7BD7B3D3F;A@A8F:78;@3@5;3>EF3F7?7@F;@5A@8AD?;FKI;F:355AG@F;@9BD;@5;B>7E97@7D3>>K3557BF76;@ F:7,@;F76\*F3F7EA8?7D;53D7CG;D7E?3@397?7@FFA?3=77EF;?3F7E3@63EEG?BF;A@EF:3F38875FF:7 D7BADF763?AG@FEA83EE7FE3@6>;34;>;F;7E3@66;E5>AEGD7EA85A@F;@97@F3EE7FE3@6>;34;>;F;7E3FF:763F7A8 F:78;@3@5;3>EF3F7?7@F5FG3>D7EG>FE5AG>66;887D8DA?F:AE77EF;?3F7E3@6F:76;887D7@57?3K47 ?3F7D;3>FAF:78;@3@5;3>EF3F7?7@F

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

#### **/@6/;2/@6>B7C/93;A@**

3E:3@653E:7CG;H3>7@FE5A@E;EFEA853E:3@6:;9:>K>;CG;6;@H7EF?7@FEEG5:3EE:ADF F7D??A@7K ?3D=7F;@EFDG?7@FEI;F:D7?3;@;@9?3FGD;F;7E3FF:7F;?7A8BGD5:3E7A8>7EEF:3@F:D77?A@F:E

#### **99<D/;134<??327A!<@@3@**

+:7A?B3@K5A@F;@G3>>K?A@;FADE5A>>75F;A@E3@6B3K?7@FE8DA?;FE5>;7@FE3@6?3;@F3;@E3@3>>AI3@57 8AD5D76;F>AEE7E+:73>>AI3@578AD5D76;F>AEE7E;E43E76A@3@7EF;?3F7A8F:73?AG@FA8BAF7@F;3>5D76;F >AEE7E;@7J;EF;@9D757;H34>7E8DA?4DA=7DE3@6673>7DE3@65>73D;@9AD93@;L3F;A@E 3E67F7D?;@768DA?3 D7H;7IA839;@9E5:76G>7E B3EF6G743>3@57E :;EFAD;53>5A>>75F;A@7JB7D;7@573@6AF:7DEB75;8;5355AG@F 63F33D78G>3@3>KE;EA8F:78;@3@5;3>5A@6;F;A@A8F:7A?B3@KQE5AG@F7DB3DF;7E;E3>EAB7D8AD?76

#### **<<2D799**

AA6I;>>;EF:75AEFA8F:7GE;@7EE;@7J57EEA8F:783;DH3>G7A8;67@F;8;34>7@7F3EE7FE3FF:7 35CG;E;F;A@63F7AA6I;>>;E@AF3?ADF;L76 4GF;EF7EF768AD;?B3;D?7@F3@@G3>>KA@&5FA47DEF3@6 47FI77@3@@G3>F7EFE I:7@7H7D7H7@FEAD5:3@97E;@5;D5G?EF3@57E;@6;53F7F:3FF:753DDK;@93?AG@F ?3K@AF478G>>KD75AH7D34>7AA6I;>>;EF7EF763FF:7D7BADF;@9G@;F>7H7> I:;5:;E678;@763E3@ AB7D3F;@9E79?7@FADA@7>7H7>47>AIF:7AB7D3F;@9E79?7@F+:7A?B3@K5A@E;EFEA8A@7D7BADF;@9G@;F 8AD9AA6I;>>;?B3;D?7@FF7EF;@9BGDBAE7E@;?B3;D?7@F>AEE;ED75A9@;L76;8F:77EF;?3F7683;DH3>G7A83 D7BADF;@9G@;F;E>7EEF:3@;FE@7F4AA=H3>G7\*G5:>AEE;E53>5G>3F763EF:76;887D7@5747FI77@F:7 7EF;?3F7683;DH3>G7A89AA6I;>>3@6;FE53DDK;@9H3>G7

AA6I;>>I3E>3EFF7EF768AD;?B3;D?7@FA@&5FA47D 
3@6@A;?B3;D?7@FA89AA6I;>>I3E;67@F;8;76

#### **;A/;57093@@3A@**

!@F3@9;4>73EE7FE3D73?ADF;L76AH7DF:77EF;?3F76GE78G>>;H7EA8K73DE+:7E7;@F3@9;4>73EE7FE3D7 F7EF768AD;?B3;D?7@FI:7@7H7D7H7@FEAD5:3@97E;@5;D5G?EF3@57EEG997EFF:3F3@3EE7FQEAD3EE7F 9DAGBQE53DDK;@9H3>G7?3K@AF478G>>KD75AH7D34>7@;?B3;D?7@F>AEE;ED75A9@;L76;8F:7EG?A8F:7 7EF;?3F766;E5AG@F7653E:8>AIED7>3F;@9FAF:73EE7FAD3EE7F9DAGB;E>7EEF:3@F:75ADD7EBA@6;@94AA= H3>G7

#### **(31B?7A73@(<92\*;23?5?33:3;A@A<'3=B?16/@3**

DA?F;?7FAF;?7 F:7A?B3@KE7>>EE75GD;F;7EG@67D39D77?7@FEFAD7BGD5:3E7;@AD67DFA835;>;F3F7F:7 5>73D3@57A8E75GD;F;7E\*75GD;F;7EEA>6G@67D39D77?7@FEFAD7BGD5:3E73D7FD73F763E5A>>3F7D3>;L76 8;@3@5;@9E3@63D7BD7E7@F76;@F:7EF3F7?7@FA88;@3@5;3>5A@6;F;A@3FF:73?AG@FEA853E:D757;H76 )757;H34>7E3@6B3K34>7E3D;E;@98DA?F:7E739D77?7@FE3D7@AFA88E7F;@F:7EF3F7?7@FA88;@3@5;3> 5A@6;F;A@

#### **)?/;@9/A7<;<4<?375;B??3;1F**

EE7FE3@6>;34;>;F;7E67@A?;@3F76;@5GDD7@5;7EAF:7DF:3@,\*6A>>3DE3D7D75AD676;@,\*6A>>3DE3FF:7 D3F7A87J5:3@97BD7H3;>;@93FF:7FD3@E35F;A@63F7\$A@7F3DK3EE7FE3@6>;34;>;F;7EF:3F3D767@A?;@3F76 ;@8AD7;9@5GDD7@5;7E3D7F:7@D7?73EGD763FF:77@6A8735:D7BADF;@9B7D;A63FF:77J5:3@97D3F7 BD7H3;>;@93FF:77@6A8F:7D7BADF;@9B7D;A6

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

#### **;1<:3)/E3@**

+:7A?B3@K;EEG4<75FFA,\*8767D3> EF3F73@6>A53>;@5A?7F3J7EI;F:D7EB75FFA;FEF3J34>7;@5A?7 +:7A?B3@K;E;@5>G676;@F:75A@EA>;63F768767D3>;@5A?7F3JD7FGD@3@65A?4;@76EF3F7;@5A?7F3J D7FGD@EI;F:;FE'3D7@F+:7'3D7@F?3=7E;@5A?7F3JB3K?7@FE3@65:3D97EF:7EG4E;6;3DK8AD;FEE:3D7 A8F:77JB7@E7 I:;5:;E5A?BGF763E;8F:7EG4E;6;3DK8;>76E7B3D3F7F3JD7FGD@E+:7F3J47@78;FEA8 5A@EA>;63F;A@3D7D78>75F76;@F:7'3D7@FQED7EG>FEA8AB7D3F;A@E

+:7A?B3@KD75AD6E6787DD76F3J3EE7FE3@6>;34;>;F;7E8ADF:77JB75F768GFGD7F3J5A@E7CG7@57EA8 F7?BAD3DK6;887D7@57E47FI77@F:78;@3@5;3>D7BADF;@93@6F3J43E7EA83EE7FE3@6>;34;>;F;7E3@6 ?73EGD7EF:76787DD76F3J7EGE;@9F:77@35F76F3JD3F7E3@6>3IEF:3FI;>>47;@78875FI:7@EG5: F7?BAD3DK6;887D7@57E3D77JB75F76FAD7H7DE7+:7A?B3@K47>;7H7EF:3F;F;E?AD7>;=7>KF:3@@AFF:3F;F I;>>4734>7FAD73>;L7;FE6787DD76F3J3EE7FE;@F:78GFGD7F:7D78AD7 @AH3>G3F;A@3>>AI3@57;E@757EE3DK

+:7A?B3@KD75AD6EG@57DF3;@F3JBAE;F;A@E;@355AD63@57I;F:55AG@F;@9\*F3@63D6EA6;8;53F;A@ R\*S
 !@5A?7+3J7EA@F:743E;EA83FIA EF7BBDA57EEI:7D74K;F:7A?B3@K67F7D?;@7E I:7F:7D;F;E?AD7>;=7>KF:3@@AFF:3FF:7F3JBAE;F;A@EI;>>47EGEF3;@76A@F:743E;EA8F:7F75:@;53> ?7D;FEA8F:7BAE;F;A@3@6;;8ADF:AE7F3JBAE;F;A@EF:3F?77FF:7?AD7 >;=7>K F:3@ @AFD75A9@;F;A@ F:D7E:A>6 F:7A?B3@KD75A9@;L7EF:73?AG@FA8F3J47@78;FF:3F;E?AD7F:3@
B7D57@F>;=7>KFA47 D73>;L76GBA@G>F;?3F7E7FF>7?7@FI;F:F:7D7>3F76F3J3GF:AD;FK55DG76;@F7D7EF3@6B7@3>F;7E3D7 ;@5>G676I;F:;@355AG@FEB3K34>7 355DG767JB7@E7E3@6AF:7D>;34;>;F;7E;@F:7EF3F7?7@FA88;@3@5;3> 5A@6;F;A@

&@G9GEF 
 'D7E;67@F;67@E;9@76F:7!@8>3F;A@)76G5F;A@5FA8
R!)S;@FA>3I+:7!) 7EF34>;E:7E35ADBAD3F73>F7D@3F;H7?;@;?G?F3JR\$+S78875F;H78ADF3J34>7K73DE479;@@;@938F7D 757?47D 
 3@6;?BAE7E37J5;E7F3JA@F:7D7BGD5:3E738F7D757?47D 
A8EFA5= 4KBG4>;5>KFD3676,\*5ADBAD3F;A@E+:77J5;E7F3J6;6@AF:3H73@;?B35FFAF:7A?B3@KQE8;@3@5;3> 5A@6;F;A@3F757?47D 
+:7A?B3@KI;>>5A@F;@G7FA7H3>G3F7F:7;?B35FA8F:75ADBAD3F7 ?;@;?G?F3JA@EG4E7CG7@FB7D;A6E 4GF;F6A7E@AF3@F;5;B3F7;FFA;?B35FF:7A?B3@KQE78875F;H7F3J D3F7

#### **(A<18/@32<:=3;@/A7<;**

+:7EFA5= 43E76B3K?7@FED757;H764KF:77?B>AK77EA8F:7A?B3@K3D7355AG@F768AD3E7CG;FK 3I3D6E+:7A?B3@K?73EGD7E3@6D75A9@;L7EF:75AEFA87?B>AK77E7DH;57ED757;H76;@7J5:3@978AD 3I3D6EA87CG;FK;@EFDG?7@FE43E76A@F:7;D7EF;?3F7683;DH3>G7E?73EGD763EA8F:79D3@F63F7+:7E7 5AEFE3D7D75A9@;L763E3@7JB7@E7AH7DF:7D7CG;E;F7E7DH;57B7D;A6 I;F:3@A88E7FF;@9;@5D73E7FA 366;F;A@3>B3;6 ;@53B;F3>+:79D3@F 63F783;DH3>G7A8EFA5= 43E763I3D6EF:3F6A@AFD7CG;D78GFGD7 E7DH;57;7 H7EF763I3D6E3D77JB7@E76;??76;3F7>KAD87;FGD7EA8EFA5= 43E765A?B7@E3F;A@3I3D6E 3D7D75A9@;L763EF:7KA55GD

AD9D3@FE?3676GD;@9F:7BAEF !'&B7D;A6 F:783;DH3>G7A8F:77CG;FK;@EFDG?7@FE;E67F7D?;@7643E76 A@F:7BD;57A8+.\$!QE>3EE5A??A@EFA5=A@F:79D3@F63F7

'D;ADFAF:7!'& F:7A?B3@K3I3D676ABF;A@EFA?3@397?7@F3@6AF:7D7?B>AK77E5A>>75F;H7>K F:7 R\*B75;3>&BF;A@I3D6SG@67DF:7?7@6763@6)7EF3F76+D367I74\$3D=7FE!@5&BF;A@'>3@F:7 R&BF;A@'>3@S+:7E;9@;8;53@F3EEG?BF;A@EGE76FA7EF;?3F7F:783;DH3>G73EA89D3@F63F7A8F:7ABF;A@E 3I3D676BD;ADFAF:7!'&6;6@AFD78>75F5:3@97EF:3FIAG>6:3H7A55GDD76FAF:7E73EEG?BF;A@E3E3 D7EG>FA8F:7!'&+:7@A@ 53E:EFA5= 43E765A?B7@E3F;A@7JB7@E73EEA5;3F76I;F:F:7\*B75;3>&BF;A@ I3D64793@47;@97JB7@E76;@

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

+:7A?B3@KGE7EF:7>35= \*5:A>7EBD;5;@9?A67>FAH3>G7;FEABF;A@3I3D6E7F7D?;@;@9F:7 3BBDABD;3F783;DH3>G7?A67>3@653>5G>3F;@9F:783;DH3>G7A8F:7ABF;A@3I3D6ED7CG;D7EF:7;@BGFA8:;9:>K EG4<75F;H73EEG?BF;A@E ;@5>G6;@9F:77JB75F76>;87A8F:7ABF;A@3I3D6E3@6F:7EFA5=BD;57HA>3F;>;FK

ADB7D8AD?3@57 43E76D7EFD;5F76EFA5=G@;FEF:3FH7EF43E76A@?3D=7F5A@6;F;A@E F:7A?B3@K D75A9@;L7EEFA5= 43E765A?B7@E3F;A@43E76A@F:77EF;?3F769D3@F63F783;DH3>G7A8F:73I3D6E 5A?BGF76I;F:F:73EE;EF3@57A83H3>G3F;A@EB75;3>;EFGE;@93\$A@F73D>AE;?G>3F;A@A@34;@A?;3> ?A67>+:7E;9@;8;53@F3EEG?BF;A@EGE76FA7EF;?3F7F:783;DH3>G7A8F:7B7D8AD?3@57 43E76D7EFD;5F76 EFA5=G@;FEF:3FH7EF43E76A@?3D=7F5A@6;F;A@E3D7K73DEA8?3FGD;FK 3@@G3>;L76HA>3F;>;FK3@6F:7D;E= 8D77;@F7D7EFD3F7+:7?3FGD;FKB7D;A6D7BD7E7@FEF:7B7D;A6A8F;?7F:3FF:73I3D69D3@F76I3E?A67>76 ;@FAF:78GFGD7 F:7D;E= 8D77;@F7D7EFD3F7;E43E76A@F:7,\*+D73EGDKK;7>65GDH7;@78875F3FF:7F;?7A8 ?73EGD7?7@F5ADD7EBA@6;@9I;F:F:7?3FGD;FKB7D;A6A8F:73I3D63@6F:77JB75F76HA>3F;>;FK;E43E76 GBA@:;EFAD;53>HA>3F;>;FKA8+.\$!QE>3EE5A??A@EFA5=

#### **/7?+/9B3"3/@B?3:3;A**

+:783;DH3>G7A838;@3@5;3>;@EFDG?7@F;EF:73?AG@FF:3FIAG>647D757;H76FAE7>>3@3EE7FADB3;6FA FD3@E87D3>;34;>;FK;@3@AD67D>KFD3@E35F;A@47FI77@?3D=7FB3DF;5;B3@FE3FF:7?73EGD7?7@F63F7F:77J;F BD;57!@EFDG?7@FEF:3FF:7A?B3@KAI@E>A@9BAE;F;A@E3D7?3D=76FA4;6BD;57E 3@6;@EFDG?7@FEF:3F F:7A?B3@K:3EEA>6 4GF@AFK7FBGD5:3E76E:ADFBAE;F;A@E3D7?3D=76FAA887DBD;57E3;DH3>G7 ?73EGD7?7@FE6A@AF;@5>G67FD3@E35F;A@5AEFE

+:783;DH3>G7:;7D3D5:KG@67D\*
 3;D-3>G7\$73EGD7?7@F-\*
- BD;AD;F;L7EF:7;@BGFEFA H3>G3F;A@F75:@;CG7EGE76FA?73EGD783;DH3>G7+:7:;7D3D5:K9;H7EF:7:;9:7EFBD;AD;FKFAG@36<GEF76 CGAF76BD;57E;@35F;H7?3D=7FE8AD;67@F;53>3EE7FEAD>;34;>;F;7E>7H7>?73EGD7?7@FE3@6F:7>AI7EF BD;AD;FKFAG@A4E7DH34>7;@BGFE>7H7>?73EGD7?7@FE+:7F:D77>7H7>EA8F:783;DH3>G7:;7D3D5:KG@67D \*
3D767E5D;47647>AI

#### **/@7@<4/7?+/9B3"3/@B?3:3;A**

8;@3@5;3>;@EFDG?7@FQE>7H7>I;F:;@F:783;DH3>G7:;7D3D5:K;E43E76A@F:7>AI7EF>7H7>A83@K;@BGFF:3F;E E;9@;8;53@FFAF:783;DH3>G7?73EGD7?7@F

- #7H7> ,@36<GEF76CGAF76BD;57E;@35F;H7?3D=7FEF:3F3D73557EE;4>73FF:7?73EGD7?7@F63F7 8AD;67@F;53> G@D7EFD;5F763EE7FEAD>;34;>;F;7E
- #7H7> (GAF76BD;57E;@?3D=7FEF:3F3D7@AF5A@E;67D76FA4735F;H7AD8;@3@5;3>;@EFDG?7@FE8AD I:;5:3>>E;9@;8;53@F;@BGFE3D7A4E7DH34>7 7;F:7D6;D75F>KAD;@6;D75F>K
- #7H7> 'D;57EADH3>G3F;A@EF:3FD7CG;D7;@BGFEF:3F3D74AF:E;9@;8;53@FFAF:783;DH3>G7 ?73EGD7?7@F3@6G@A4E7DH34>7

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

#### 

+:7A?B3@KQE8;@3@5;3>;@EFDG?7@FE?73EGD763F83;DH3>G7A@F:78;@3@5;3>EF3F7?7@FE3EA8757?47D 
 ;@F:AGE3@6E :3H7477@53F79AD;L7643E76GBA@F:783;DH3>G7:;7D3D5:K3E8A>>AIE

|                                                     | /??F7;5<br>+/9B3 | %?713@7;<br>1A7C3<br>"/?83A@4<?<br>23;A71/9<br>@@3A@<br>!3C39 | (75;7471/;A<br>\$0@3?C/093<br>;=BA@<br>!3C39 |   | (75;7471/;A<br>*;<0@3?C/093<br>;=BA@<br>!3C39 |   | )<A/9 |  |
|-----------------------------------------------------|------------------|---------------------------------------------------------------|----------------------------------------------|---|-----------------------------------------------|---|-------|--|
| <br><br>3E:7CG;H3>7@FE<br><br>\$A@7K?3D=7F<br>8G@6E | <br>             | <br>                                                          |                                              | O |                                               | O |       |  |
|                                                     | <br>             | <br>                                                          |                                              | O |                                               | O |       |  |

+:7A?B3@KQE?A@7K?3D=7F8G@6E3D75>3EE;8;76I;F:;@>7H7>A8F:783;DH3>G7:;7D3D5:K4753GE7F:7K 3D7H3>G76GE;@9CGAF76?3D=7FBD;57E;@35F;H7?3D=7FE

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

#### 

+:7A?B3@KQE8;@3@5;3>;@EFDG?7@FE@AF?73EGD763F83;DH3>G7A@F:78;@3@5;3>EF3F7?7@FE3EA8 757?47D 
 ;@F:AGE3@6E :3H7477@53F79AD;L7643E76GBA@F:783;DH3>G7:;7D3D5:K3E8A>>AIE

|                                                             | /??F7;5<br>+/9B3 | &B<A32<br>%?713@7;<br>1A7C3<br>"/?83A@4<?<br>23;A71/9<br>@@3A@<br>!3C39 |   | (75;7471/;A<br>\$0@3?C/093<br>;=BA@<br>!3C39 |   | (75;7471/;A<br>*;<0@3?C/093<br>;=BA@<br>!3C39 |   | )<A/9 |
|-------------------------------------------------------------|------------------|-------------------------------------------------------------------------|---|----------------------------------------------|---|-----------------------------------------------|---|-------|
| <br>                                                        |                  |                                                                         |   |                                              |   |                                               |   |       |
| 3E:                                                         |                  |                                                                         |   |                                              | O |                                               | O |       |
| 3E:E79D793F76G@67D8767D3><br>D79G>3F;A@E                    | <br>             |                                                                         |   |                                              | O |                                               | O | <br>  |
| )757;H34>78DA?4DA=7DE3@6<br>673>7DE3@65>73D;@9AD93@;L3F;A@E |                  |                                                                         | O |                                              |   |                                               | O |       |
| 7BAE;FEI;F:5>73D;@9<br>AD93@;L3F;A@E                        | <br>             |                                                                         |   |                                              | O |                                               | O | <br>  |
| \$7?47DE:;BE;@5>73D;@9<br>AD93@;L3F;A@E                     | <br>             |                                                                         | O |                                              | O |                                               |   | <br>  |
|                                                             |                  |                                                                         |   |                                              |   |                                               |   |       |
| <br>                                                        |                  |                                                                         |   |                                              |   |                                               |   |       |
| *75GD;F;7EEA>6G@67D39D77?7@FE<br>FAD7BGD5:3E7               |                  |                                                                         | O |                                              |   |                                               | O |       |
| '3K34>7FA4DA=7DE3@6673>7DE<br>3@65>73D;@9AD93@;L3F;A@E      |                  |                                                                         | O |                                              |   |                                               | O |       |
|                                                             |                  |                                                                         | O |                                              |   |                                               | O |       |

EA8757?47D 
 FD73EGDKE75GD;F;7EI;F:383;DH3>G7A8?;>>;A@5A>>3F7D3>;L76F:7 E75GD;F;7EEA>6G@67D39D77?7@FEFAD7BGD5:3E7>;34;>;FK+:7>;34;>;FK3?AG@FBD7E7@F76D7BD7E7@FEF:7 9DAEE>;34;>;FK3@6;E@AFA88E7FA@F:7EF3F7?7@FA88;@3@5;3>5A@6;F;A@+:7E75GD;F;7EEA>6G@67D 39D77?7@FEFAD7BGD5:3E7>;34;>;FKI7D7EG4E7CG7@F>KE7FF>76A@"3@G3DK 

+:753DDK;@9H3>G7A88;@3@5;3>;@EFDG?7@FE@AF?73EGD763F83;DH3>G75>3EE;8;76I;F:;@>7H7>AD>7H7>A8 F:783;DH3>G7:;7D3D5:K3BBDAJ;?3F7E83;DH3>G74753GE7A8F:7D7>3F;H7>KE:ADF F7D?@3FGD7A8F:7 G@67D>K;@93EE7FEAD>;34;>;F;7E+:7?7?47DE:;BE;@5>73D;@9AD93@;L3F;A@E3D75>3EE;8;76I;F:;@>7H7>A8 F:783;DH3>G7:;7D3D5:K4753GE7F:7H3>G3F;A@D7CG;D7E3EEG?BF;A@EF:3F3D74AF:E;9@;8;53@F3@6 G@A4E7DH34>7

#### **B@7;3@@(35:3;A@**

+:7A?B3@KQEAB7D3F;A@E5A@EF;FGF73E;@9>74GE;@7EEE79?7@F67D;H76EG4EF3@F;3>>K;@F:7,@;F76 \*F3F7EA8?7D;53

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

## **/@6/;2/@6>B7C/93;A@**

F757?47D 
 53E:3@653E:7CG;H3>7@FE;@5>G673@;@H7EF?7@F;@?A@7K?3D=7F8G@6EA8 

I;F:?3<AD8;@3@5;3>;@EF;FGF;A@E

### **/@6(35?35/A32\*;23?323?/9'35B9/A7<;@**

3E::3E477@E79D793F76;@3EB75;3>D7E7DH743@=355AG@F8ADF:747@78;FA84DA=7DE3@6673>7DEG@67D \*)G>75 +:7A?B3@K5A?BGF7E3BDABD;7F3DK355AG@FEA84DA=7D 673>7DER'SD7E7DH7 I:;5:D7CG;D7EF:7A?B3@K?3;@F3;@?;@;?G?E79D793F7653E:;@F:73?AG@FA87J57EEFAF3>5D76;FEB7D F:7)7E7DH7A?BGF3F;A@EA8757?47D 
 53E:;@F:73?AG@FA8 

:3E477@ E79D793F76;@F:7'D7E7DH7355AG@F 7J5776;@9F:7D7CG;D7?7@FEBGDEG3@FFA\*)G>75 

#### **3=<@7A@D7A693/?7;5\$?5/;7G/A7<;@**

7BAE;FEI;F:5>73D;@9AD93@;L3F;A@E5A@E;EFEA853E:67BAE;FE

## **'3137C/0934?<:/;2%/F/093A<?<83?@/;23/93?@/;293/?7;5\$?5/;7G/A7<;@**

)757;H34>78DA?3@6B3K34>7FA4DA=7DE3@6673>7DE3@65>73D;@9AD93@;L3F;A@E;@5>G67E5A??;EE;A@E D757;H34>73@6AF:7DD757;H34>7E3@6B3K34>7E)757;H34>78DA?3@6B3K34>7FA4DA=7DE3@6673>7DE3@6 5>73D;@9AD93@;L3F;A@E3>EA;@5>G67EBDA5776E8DA?FD3@E35F;A@EI:;5:83;>76FAE7FF>76G7FAF:7;@34;>;FK A83FD3@E35F;A@B3DFKFA67>;H7DADD757;H7F:7FD3@E35F76E75GD;FK+:7E7E75GD;F;7EFD3@E35F;A@E3D7 97@7D3>>K5A>>3F7D3>;L764KF:AE7E75GD;F;7E,@F;>F:783;>76FD3@E35F;A@E7FF>7E 3D757;H34>78DA?3@6 A8F7@3?3F5:;@9B3K34>7FA4DA=7DE3@6673>7DE3@65>73D;@9AD93@;L3F;A@E;ED75A9@;L768ADF:7 BDA5776E8DA?F:7G@E7FF>76FD3@E35F;A@

#### **<<2D799/;2;A/;57093@@3A@**

AA6I;>>3@6;@F3@9;4>7E3EE7FED7>3F7FAF:7GE;@7EEAA6I;>>3@6;@F3@9;4>73EE7FE;@5>G67F:7 8A>>AI;@9 ;@F:AGE3@6E 3F757?47D 
 ;@F:AGE3@6E

| AA6I;>>                                                                    | <br>         |
|----------------------------------------------------------------------------|--------------|
| !@F3@9;4>73EE7FE<br>5GEFA?7DD7>3F;A@E:;BE	5AEF<br>55G?G>3F763?ADF;L3F;A@   | <br><br><br> |
| !@F3@9;4>73EE7FE<br>5GEFA?7DD7>3F;A@E:;BE	@7FA8355G?G>3F76<br>3?ADF;L3F;A@ | <br>         |

### **!3/@3@**

+:7A?B3@KD75A9@;L7E3D;9:F A8 GE73EE7F3@63>73E7>;34;>;FK8AD3>>>73E7EI;F:3@;@;F;3>F7D?;@ 7J57EEA8FI7>H7?A@F:E+:7A?B3@K355AG@FE8AD3@ABF;A@FA7JF7@63>73E7I:7@F:7ABF;A@;E D73EA@34>K57DF3;@FA477J7D5;E76+:73EE7FD78>75FEF:7BD7E7@FH3>G7A88GFGD7?;@;?G?>73E7 B3K?7@FE5AGB>76I;F:;@;F;3>6;D75F5AEFE BD7B3;6>73E7B3K?7@FE3@6>73E7;@57@F;H7E+:73?AG@FA8 F:7>73E7>;34;>;FK;E53>5G>3F763EF:7BD7E7@FH3>G7A88GFGD7?;@;?G?>73E7B3K?7@FE+:7A?B3@K:3E

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

7>75F76FA355AG@F8AD@A@ >73E75A?BA@7@FE;@35A@FD35F3EB3DFA8F:7E;@9>7>73E75A?BA@7@FFAI:;5: F:7K3D7D7>3F76

\*;9@;8;53@F3EEG?BF;A@E3@6<G697?7@FE;@53>5G>3F;@9F:7D;9:F A8 GE73EE7FE3@6>73E7>;34;>;FK;@5>G67 F:767F7D?;@3F;A@A8F:73BB>;534>74ADDAI;@9D3F78AD735:>73E7

F757?47D 
 I7;9:F763H7D3974ADDAI;@9D3F73@6I7;9:F763H7D397>73E7 F7D?E3D73E8A>>AIE

| .7;9:F763H7D3974ADDAI;@9D3F7           |  |
|----------------------------------------|--|
| .7;9:F763H7D397D7?3;@;@9>73E7F7D?K73DE |  |

+:78A>>AI;@9F34>7BD7E7@FEF:78GFGD7?;@;?G?>73E7B3K?7@FE3@6F:7?3FGD;FKA8 >73E7>;34;>;F;7E ;@F:AGE3@6E 3EA8757?47D 

|                                 | :<B;A       |
|---------------------------------|-------------|
|                                 | ;@F:AGE3@6E |
|                                 | <br>        |
|                                 | <br>        |
|                                 | <br>        |
|                                 | <br>        |
|                                 | <br>        |
| +:7D738F7D                      | <br>O       |
| +AF3>8GFGD7?;@;?G?>73E7B3K?7@FE | <br>        |
| #7EE;?BGF76;@F7D7EF             | <br>        |
| #73E7>;34;>;FK                  | <br>        |
|                                 |             |

#### **;1<:3)/E3@**

+:75A?BA@7@FEA8F:7A?B3@KQE@7F6787DD76F3J3EE7FEA8?;>>;A@3D75A?BAE76BD;?3D;>KA8 8GFGD7F3J47@78;FEA8?;>>;A@D7>3F76FA9AA6I;>>3@6;@F3@9;4>7E 
?;>>;A@D7>3F76FA7?B>AK77 5A?B7@E3F;A@3@6
?;>>;A@D7>3F76FAAF:7D

F757?47D 
 F:7FAF3>3?AG@FA8G@D75A9@;L76F3J47@78;FE ;@5>G6;@9;@F7D7EF3@6B7@3>F;7E I3E?;>>;A@+:7A?B3@K6A7E@AF3@F;5;B3F73@KE;9@;8;53@F5:3@97EFA;FEFAF3>G@D75A9@;L76F3J 47@78;FEI;F:;@F:7@7JFFI7>H7?A@F:E

#### **(A<18/@32<:=3;@/A7<;%9/;@**

+.\$!3@6\$3D=7FE:3H7EFA5=;@57@F;H7B>3@EI:;5:BDAH;678ADF:79D3@FA8B7D8AD?3@57 43E76 D7EFD;5F76E:3D7G@;FEF:3FH7EF43E76A@F:78;@3@5;3>B7D8AD?3@57A8+.\$!R')\*,ES D7EFD;5F76E:3D7 G@;FER)\*,ES B7D8AD?3@57 43E76D7EFD;5F76EFA5=G@;FEF:3FH7EF43E76A@?3D=7F5A@6;F;A@E-'\*,E- 3@6ABF;A@E FA7@5AGD3977?B>AK77EA8\$3D=7FE3@6;FEEG4E;6;3D;7E3@6388;>;3F7EFAB3DF;5;B3F7;@F:7 >A@9 F7D?EG557EEA8+.\$!3@6\$3D=7FE

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

')\*,E3D7BDA?;E7EFA;EEG735FG3>E:3D7EA85A??A@EFA5=3@697@7D3>>K5>;88H7EFA@"3@G3DKA8F:7 F:;D653>7@63DK73D8DA?F:753>7@63DK73DA8F:763F7A89D3@F+:783;DH3>G7A8')\*,E;E53>5G>3F76A@ F:79D3@F63F7GE;@9F:7EFA5=BD;57A8+.\$!QE>3EE5A??A@EFA5=+:7@G?47DA8E:3D7E3B3DF;5;B3@F I;>>D757;H7GBA@H7EF;@9;E67F7D?;@764K3B7D8AD?3@57?A6;8;7D I:;5:;E36<GEF763E3D7EG>FA8F:7 8;@3@5;3>B7D8AD?3@57A8F:7+.\$!;@F:79D3@FK73D+:7B7D8AD?3@57?A6;8;7D53@H3DK47FI77@ ?;@;?G?3@6

?3J;?G?A8F:7F3D97F

3I3D63?AG@F8AD3I3D6E9D3@F766GD;@9
3@6 BD;ADK73DE')\*,E9D3@F766GD;@9
:363
?3J;?G?B7D8AD?3@57?A6;8;7DA?B7@E3F;A@ 7JB7@E78AD')\*,EF:3F5>;88H7EF;ED75A9@;L76A@3EFD3;9:F >;@743E;EAH7DF:7H7EF;@9B7D;A68ADF:7 7@F;D73I3D6+:7@G?47DA8E:3D7E;@5>G676;@7JB7@E7735:B7D;A6;E43E76A@?3@397?7@FQE7EF;?3F7 A8F:7BDA434>78;@3>B7D8AD?3@57?A6;8;7D8ADF:AE79D3@FE I;F:EG5:7EF;?3F7GB63F76735:B7D;A6G@F;> F:7B7D8AD?3@57?A6;8;7D;E8;@3>;L76

)\*,E3D7BDA?;E7EFA;EEG735FG3>E:3D7EA85A??A@EFA5=3FF:77@6A83H7EF;@9B7D;A6)\*,E 97@7D3>>KH7EFA@7 F:;D6735:K73DAH7D3F:D77 K73DB7D;A6+:79D3@F63F783;DH3>G7A8)\*,E;E 67F7D?;@76GE;@9F:7EFA5=BD;57A8+.\$!E>3EE5A??A@EFA5=+:79D3@F 63F783;DH3>G7A8)\*,E3D7 3?ADF;L76;@FA7JB7@E7A@3EFD3;9:F >;@743E;EAH7DF:7D7CG;E;F7E7DH;57B7D;A68ADF:77@F;D73I3D6

'\*,E3D7BDA?;E7EFA;EEG735FG3>E:3D7EA85A??A@EFA5=3@65>;88H7EFA@"3@G3DKA8F:7F:;D6 53>7@63DK73D8DA?F:753>7@63DK73DA8F:763F7A89D3@F+:7@G?47DA8E:3D7E3B3DF;5;B3@FI;>>D757;H7 GBA@H7EF;@9;E67F7D?;@764K3B7D8AD?3@57?A6;8;7D I:;5:;E36<GEF763E3D7EG>FA8+.\$!EFAF3> E:3D7:A>67DD7FGD@AH7D3F:D77 K73DB7D8AD?3@57B7D;A6+:7B7D8AD?3@57?A6;8;7D53@H3DK47FI77@ ?;@;?G?3@6
?3J;?G?A8F:7F3D97F

3I3D63?AG@F+:79D3@F63F783;DH3>G7A8 '\*,E 67F7D?;@76GE;@93\$A@F73D>AE;?G>3F;A@?A67> ;ED75A9@;L763E5A?B7@E3F;A@7JB7@E7A@3 EFD3;9:F >;@743E;EAH7DF:7H7EF;@9B7D;A68ADF:77@F;D73I3D6 D793D6>7EEA8F:7@G?47DA8E:3D7E D757;H764KF:7B3DF;5;B3@F3FH7EF;@9

+:7E;9@;8;53@F3EEG?BF;A@EGE76FA7EF;?3F7F:783;DH3>G7A8'\*,E7EF;?3F76GE;@9F:7\$A@F73D>A E;?G>3F;A@?A67>I7D73E8A>>AIE

|                          | "/?16  %(*<br>?/;A |
|--------------------------|---------------------|
| \$3FGD;FKK73DE           |                     |
| @@G3>;L76-A>3F;>;FK      |                     |
| );E=<br>8D77!@F7D7EF)3F7 |                     |

'D;ADFAF:7!'& \$3D=7FE9D3@F76F:7\*B75;3>&BF;A@I3D6FA?3@397?7@F3@6AF:7D7?B>AK77E3@6 9D3@F76366;F;A@3>ABF;A@EEG4E7CG7@FFAF:7!'&;@757?47D
 G@67DF:7&BF;A@'>3@35:ABF;A@ 3I3D6H7EFEA@7:3>843E76EA>7>KA@F:7B3EE397A8F;?73@6A@7:3>8A@>K;8F:7\$3D=7FE35:;7H7E 57DF3;@B7D8AD?3@57F3D97FE+:7ABF;A@E:3H738AGD K73D9D3676H7EF;@9E5:76G>7 I;F:3557>7D3F76 H7EF;@98ADF:7F;?7 43E76\*B75;3>&BF;A@I3D6ABF;A@EAD;9;@3>>KE5:76G>76FAH7EF;@K73DEF:D773@6 8AGDF:3FI7D73557>7D3F76GBA@5A?B>7F;A@A8F:7!'&+:7EFA5= 43E765A?B7@E3F;A@7JB7@E7 D75A9@;F;A@5A??7@576GBA@F:75A?B>7F;A@A8F:7!'&

+:79D3@F 63F783;DH3>G7A8F:7F;?7 43E76ABF;A@ED7>3F76FAF:7\*B75;3>&BF;A@I3D63D73?ADF;L76;@FA 7JB7@E7AH7DF:7D7CG;E;F7E7DH;57B7D;A6A@3EFD3;9:F >;@743E;E I;F:735:FD3@5:7E7B3D3F7>K?73EGD76 +:79D3@F 63F783;DH3>G7A8F:7F;?7 43E76757?47D
D3@FE3D73?ADF;L76;@FA7JB7@E7A@3 EFD3;9:F >;@743E;EAH7DF:7D7CG;E;F7E7DH;57B7D;A68ADF:77@F;D73I3D6

ADF:7BADF;A@A83>>3I3D6EF:3FD7CG;D74AF:8GFGD7E7DH;573@6F:735:;7H7?7@FA8\$3D=7FE B7D8AD?3@57 43E765A@6;F;A@E F:79D3@F 63F783;DH3>G78AD735:FD3@5:7;EE7B3D3F7>K3?ADF;L76;@FA

{15}------------------------------------------------

7JB7@E7AH7DF:7D7CG;E;F7E7DH;57B7D;A68ADF:7D7CG;E;F7B7D8AD?3@57 43E765A@6;F;A@!8;@3D7BADF;@9 B7D;A6;F;E67F7D?;@76F:3FF:735:;7H7?7@FA83B7D8AD?3@57F3D97F8AD3B7D8AD?3@57 43E76FD3@5:7;E @AFBDA434>7 F:7@@A7JB7@E7;ED75A9@;L768ADF:3FFD3@5:73@63@K7JB7@E7E3>D736KD75A9@;L76 D7>3F;@9FAF:3FFD3@5:7;@BD;ADD7BADF;@9B7D;A6E3D7D7H7DE76;@F:75GDD7@FD7BADF;@9B7D;A6

+.\$!53@7>75FFA@7F E7FF>77J7D5;E76ABF;A@E4KD76G5;@9F:7E:3D7EA8;FE>3EE5A??A@EFA5=FA47 ;EEG76GBA@EG5:7J7D5;E74KF:7@G?47DA8E:3D7EA8;FE>3EE5A??A@EFA5=:3H;@9383;D?3D=7F H3>G7A@F:763F7A87J7D5;E77CG3>FAF:7399D793F7ABF;A@BD;573@6I;F::A>6;@9F3J7EB3K34>7;@D7EB75F A8F:7@G?47DA8ABF;A@E7J7D5;E76+:7A?B3@K?3KF:7@B3KF:7E77?B>AK77B3KDA>>F3J7E8DA?F:7 A?B3@KQE53E:

+.\$!3@6\$3D=7FE3>>A53F7EFAF:7A?B3@K5A?B7@E3F;A@7JB7@E7D7>3F;@9FA')\*,E )\*,E '\*,E 3@6ABF;A@3I3D6E9D3@F76FA7?B>AK77EA8F:7A?B3@K

#### **#3A/=7A/9'3>B7?3:3;A@**

+:7A?B3@K;EEG4<75FFAF:7,@;8AD?%7F3B;F3>)G>75 G@67DF:7\*75GD;F;7EJ5:3@975FA8 ,@67DF:7)G>7 F:7A?B3@K;ED7CG;D76FA?3;@F3;@@7F53B;F3> 3E678;@76 7CG;H3>7@FFAF:7 9D73F7DA8

ADA8399D793F7;@674F76@7EE 3E678;@76F757?47D 
 F:7 A?B3@K:36@7F53B;F3>A8 

I:;5:7J577676;FED7CG;D7?7@FA8 

4K 

+:7A?B3@KQED3F;AA8399D793F7;@674F76@7EEFA@7F53B;F3>I3E
FA

#### **'39/A32%/?AF)?/;@/1A7<;@**

,@67D3E7DH;5739D77?7@F47FI77@F:7A?B3@K3@6\$3D=7FE \$3D=7FEBDAH;67EF:7A?B3@KI;F: 57DF3;@>793> 8;@3@5;3> F3J 355AG@F;@9 :G?3@D7EAGD57E 835;>;F;7E ?3D=7F;@9 F75:@A>A9K3@6 36?;@;EFD3F;H7E7DH;57ED7>3F;@9FAF:7A?B3@KQE;@F7D 673>7D4DA=7D4GE;@7EE

,@67D3E7DH;5739D77?7@F47FI77@F:7A?B3@K3@6.\*##R.\*S 3@388;>;3F7A8F:7 A?B3@K F:7A?B3@KBDAH;67E.\*I;F:57DF3;@D757;BF5A>>75F;A@ B3KDA>> 47@78;FE3@6 36?;@;EFD3F;H7E7DH;57ED7>3F;@9FA.\*QE4GE;@7EE)7;?4GDE7?7@FEA@F:739D77?7@F3D743E76A@ 35FG3>5AEFE;@5GDD764KF:7A?B3@K&@3?A@F:>K43E;E F:7A?B3@KE7FF>7EF:7@7FD757;H34>7AD B3K34>7I;F:.\*H;3D757;H34>7E8DA?3@6B3K34>7FA388;>;3F7E)757;H34>7E8DA?3@6B3K34>7FA 388;>;3F7E43>3@57EI;F:AF:7D388;>;3F7E3D7E7FF>76;@F:7E3?7?3@@7D

#### **?327A'7@8**

+:7A?B3@K?3K477JBAE76FA5D76;FD;E=D793D6;@9;FED757;H34>7E I:;5:3D7BD;?3D;>KD757;H34>78DA? 8;@3@5;3>;@EF;FGF;A@E ;@5>G6;@943@=E3@64DA=7D 673>7DEF757?47D 
 F:7A?B3@K ?3;@F3;@763@3>>AI3@578AD5D76;F>AEE7EA8 

I;F:D793D6FAF:7E7D757;H34>7E

{16}------------------------------------------------

#### **<::7A:3;A@/;2<;A7;53;173@**

+:7A?B3@K:3E477@@3?763E36787@63@F 3>A@9I;F:AF:7D8;@3@5;3>;@EF;FGF;A@E ;@5A@EA>;63F76 3@F;FDGEF5>3EE35F;A@ED7>3F;@9FAFD36;@9BD35F;57E;@,@;F76\*F3F7E+D73EGDKE75GD;F;7E3G5F;A@E+:7 53E7EI7D76;E?;EE76;@\$3D5:
 I;F:F:7AGDF9D3@F;@9F:7'>3;@F;88E>73H7FA8GDF:7D3?7@6F:7 5A?B>3;@F4K@A>3F7DF:3@\$3K 
+:7B>3;@F;88E8;>763@3?7@6765A?B>3;@FA@AD34AGF\$3K 3@6F:7A?B3@K?AH76FA6;E?;EEF:73?7@6765A?B>3;@FA@"G@7 
KAD67D63F76 \$3D5: 
 F:7AGDF9D3@F76F:7A?B3@KQE?AF;A@3@66;E?;EE763>>A8F:75>3;?E393;@EF;F;@F:7 3?7@6765A?B>3;@F+:7AGDF3>EA67@;76F:7B>3;@F;88EQD7CG7EF8AD>73H7FA8;>738GDF:7D3?7@676 5A?B>3;@F&@BD;> 
 F:7'>3;@F;88E8;>763%AF;57A8BB73>A8F:7675;E;A@3@68;>76F:7;DAB7@;@9 4D;78A@F:73BB73>;@F:7,@;F76\*F3F7EAGDFA8BB73>E8ADF:7\*75A@6;D5G;FA@G9GEF 
+:7 A?B3@K8;>76;FE4D;78;@D7EBA@E7A@%AH7?47D 
'>3;@F;88E8;>76F:7;D4D;78;@D7B>K;@8GDF:7D EGBBADFA8F:7;D3BB73>A@757?47D 
&D3>3D9G?7@F;@F:73BB73>I3E:7>6A@&5FA47D 
 3@64KAD67D3@6AB;@;A@;EEG76A@74DG3DK 
 F:7\*75A@6;D5G;F388;D?76F:7;EFD;5FAGDFQE AD67D6;E?;EE;@93>>5>3;?E393;@EF3>>6787@63@FE ;@5>G6;@9F:75>3;?E393;@EFF:7A?B3@K

#### **\$44/9/;13(633A'7@8/;2<;13;A?/A7<;<4?327A'7@8**

!@F:7@AD?3>5AGDE7A84GE;@7EEF:7A?B3@K 3E397@F 7J75GF7EFD3@E35F;A@EI;F: 3@6A@47:3>8A8 AF:7D4DA=7DE3@6673>7DE!8F:7397@5KFD3@E35F;A@E6A@AFE7FF>74753GE7A883;>GD7FAB7D8AD?4K7;F:7D 5AG@F7DB3DFK F:7A?B3@KI;>>D75A9@;L73D757;H34>78DA?3@63?3F5:;@9B3K34>7FA4DA=7DE3@6 673>7DE3@65>73D;@9AD93@;L3F;A@E8ADF:7BDA5776E8DA?F:7G@E7FF>76FD3@E35F;A@ G@F;>F:783;>76 FD3@E35F;A@E7FF>7E+:7A?B3@K?3K47A4>;93F76FA6;E5:3D97F:7A4>;93F;A@A8F:7@A@ B7D8AD?;@9 B3DFK3@6 3E3D7EG>F ?3K;@5GD3>AEE;8F:7?3D=7FH3>G7A8F:7E75GD;FK;E6;887D7@F8DA?F:75A@FD35F 3?AG@FA8F:7FD3@E35F;A@ AI7H7D 8DA?F;?7FAF;?7 F:7A?B3@K7@F7DE;@FAD7BGD5:3E73@6AD D7H7DE7D7BGD5:3E739D77?7@FEFA835;>;F3F7F:75>73D3@57A8E75GD;F;7ED7>3F;@9FA83;>EFA67>;H7DAD D757;H7+:7A?B3@KE77=EFA?3@3975D76;F7JBAEGD7D7>3F76FAF:7E739D77?7@FEFAD7BGD5:3E7AD D7H7DE7D7BGD5:3E7 ;@5>G6;@9F:7D;E=D7>3F76FA3675>;@7;@?3D=7FH3>G7A85A>>3F7D3>B>76976AD D757;H76 4K7@F7D;@9;@FA39D77?7@FEFAD7BGD5:3E7I;F:AH7D@;9:FADE:ADF F7D??3FGD;FK63F7E3@6A@>K 7@F7D;@9;@FAD7BGD5:3E7FD3@E35F;A@EI;F:@7FF;@9?7?47DEA8F:7;J76!@5A?7>73D;@9ADBAD3F;A@ R!S+:7!AB7D3F7E35A@F;@GAGE@7FE7FF>7?7@FEKEF7? I:7D74K3EFD367E3D7EG4?;FF763@6 5A?B3D76 F:7!475A?7EF:75AG@F7DB3DFK

EG4EF3@F;3>@G?47DA8F:7A?B3@KEFD3@E35F;A@E3D75A>>3F7D3>;L763@67J75GF76I;F: 3@6A@47:3>8 A8 3>;?;F76@G?47DA84DA=7DE3@6673>7DE+:7A?B3@KE7JBAEGD7FA5D76;FD;E=3EEA5;3F76I;F:F:7 @A@B7D8AD?3@57A8F:7E75>;7@FE;@8G>8;>>;@9F:7;D5A@FD35FG3>A4>;93F;A@EBGDEG3@FFAE75GD;F;7EFD3@E35F;A@E 53@476;D75F>K;?B35F764KHA>3F;>7FD36;@9?3D=7FEI:;5:?3K;?B3;DF:75>;7@FE34;>;FKFAE3F;E8KF:7;D A4>;93F;A@EFAF:7A?B3@K

+:7A?B3@K6A7E@AF7JB75F@A@B7D8AD?3@574K5AG@F7DB3DF;7E;@F:734AH7E;FG3F;A@E AI7H7D F:7 A?B3@KEBA>;5K;EFA?A@;FAD;FE?3D=7F7JBAEGD73@65AG@F7DB3DFKD;E=!@366;F;A@ F:7A?B3@K:3E3 BA>;5KA8D7H;7I;@9 3E5A@E;67D76@757EE3DK F:75D76;FEF3@6;@9A8735:5AG@F7DB3DFKI;F:I:;5:;F 5A@6G5FE4GE;@7EE

3E:3@653E:7CG;H3>7@FE;@5>G67E53E:3@6:;9:>K>;CG;6;@H7EF?7@FE:7>64K3>;?;F76@G?47DA89>A43> 8;@3@5;3>;@EF;FGF;A@E ;@5>G6;@953E:3?AG@FE;@7J57EEA88767D3>>K;@EGD76>;?;FE+A?;F;93F7F:;E 5A@57@FD3F;A@A85D76;FD;E= F:7A?B3@K;@H7EFEF:DAG9::;9: 5D76;F CG3>;FK8;@3@5;3>;@EF;FGF;A@E ?A@;FADE F:75A@57@FD3F;A@A85D76;F7JBAEGD7A8;@H7EF?7@FEI;F:3@KE;@9>7A4>;9AD3@66;H7DE;8;7E3E67F7D?;@76 3BBDABD;3F7

{17}------------------------------------------------

#### **(B0@3>B3;AC3;A@**

&F:7DF:3@%AF7 F:7D7I7D7@AEG4E7CG7@F7H7@FED7CG;D;@936<GEF?7@FFAF:78;@3@5;3>EF3F7?7@FEAD 6;E5>AEGD7F:DAG9:74DG3DK 
 F:763F7F:3FF:7A?B3@KQE8;@3@5;3>EF3F7?7@FI3E;EEG76


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